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FEDERAL RESERVE
BULLETIN




MAY 1938

Reduction in Reserve Requirements
Recent Credit and Business Developments
Annual Reports of Central Banks—
Switzerland and Germany

********

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

WASHINGTON

TABLE OF CONTENTS

Review of the month—Action to increase excess reserves—Recent credit and business developments
National summary of business conditions
Summary of financial and business statistics
Law Department:
Supplement to Regulation D—Decreasing reserve requirements
Rulings of the Board:
Pledged bank deposits as balances due from other banks in computing reserves
Sale of securities held in account but not delivered against sale
Effect of purchase and sale of same securities on given day
Condition of insured banks in the latter half of 1937
Condition of all member banks on March, 7 1938 (from Member Bank Call Report No. 75)
Earnings and expenses of State member banks
Balance of International Payments of the United States
Annual Report of the Swiss National Bank
Annual Report of the German Reichsbank
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
Currency 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
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
Central banks
Bank for International Settlements
Commercial banks
Discount rates of central banks
Money rates
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
343-348
349-350
352
353
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353-354
354-355
356-357
358-359
360
360
361-365
366-370
372
373-377
378
379
380
381
382-383
384-387
388
389
390
391
392-393
394-395
396-404
405
408
409
409-410
411-414
415
415-416
417
417
418
419
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420
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423

FEDERAL RESERVE BULLETIN
VOL.

No. 5

MAY, 1938

24

The effect of the reduction in reserve requirements, as shown in the following table,
was an immediate increase in excess reserves
of all member banks, raising the total to
about $2,500,000,000. This is the largest
volume of excess reserves held by member
banks since before the first increase in requirements on August 16, 1936, and compares with an average level of $1,500,000,000
maintained during March of this year. Required and excess reserves for the weeks ending April 15 and April 22 by classes of banks
are shown in the following table. At New
York and Chicago banks the increase in excess reserves was larger than the reduction
in required reserves and at country banks it
was smaller, reflecting principally an increase in balances held by country banks with
city correspondents.

REVIEW OF THE MONTH

As a part of the Government's recovery
program outlined by the President in his
message * to Congress on
Action to increase
April 14, the Treasury and
excess reserves
the Board of Governors
took immediate action to expand the volume
of member bank excess reserves. The Treasury discontinued the inactive gold account
and deposited with the Federal Reserve
banks $1,392,000,000 of gold previously held
in that account and in the working balance,
and the Board of Governors reduced member bank reserve requirements by approximately $750,000,000, effective April 16.
In announcing the reduction in reserve requirements the Board issued the following
statement to the press:
"As a part of the Government's program
for encouragement of business recovery, the EXCESS AND REQUIRED RESERVES OF MEMBER BANKS
Board of Governors has reduced reserve re- [Daily averages for weeks ending Friday. In millions of dollars]
quirements on all classes of deposits for all
Excess
Required
member banks, effective at the opening of
reserves
reserves
Class of bank
business on April 16, 1938. By this action
April
April
April
April
excess reserves of member banks will be in16-22
8-15
16-22
8-15
creased by about $750,000,000.
Central reserve city banks:
1,058
2,121
678
New York
2,385
"Reserve requirements in effect prior to
199
453
509
77
Chicago
756
1,862
1,619
499
April 16, 1938, and thereafter are shown in Reserve city banks
.
P477
1,000
413
P849
Country banks..
the following table:
v2, 491
All member banks
042
1,666
5,756
P5,

Classes of member banks and of deposits

p Preliminary. Figures for country banks and all member banks are
Prior to Beginning
April 16 | April 16 estimates.
%
|
%

On April 14 the Treasury transferred to
the gold certificate fund of the Federal Reserve System $1,183,000,000 of gold from its
inactive gold account and $209,000,000 of
gold held in its working balance and thereby
* This message included the following as one of the measures proposed: increased its balance with the Federal Re-

Demand deposits:
Central reserve city banks...
Reserve city banks
Country banks
Time deposits:
All classes of member banks.

"the Administration proposes immediately to make additional bank
resources available for the credit needs of the country. This can be done
without legislation. It will be done through the de-sterilization of approximately one billion four hundred million dollars of Treasury gold,
accompanied by action on the part of the Federal Reserve Board to reduce reserve requirements by about three-quarters of a billion dollars.




The Federal Reserve Board informs me that they are willing to do so.
These measures will make more abundant the supply of funds for commerce, industry and agriculture. By themselves, however, monetary
measures are insufficient to start us on a sustained upward movement."

343

344

FEDERAL RESERVE BULLETIN

MAY

1938

serve banks to $1,500,000,000. As the new tember 11, 1937, the inactive gold stock was
deposits with the Reserve banks are drawn built up to about $1,400,000,000. This is
upon to meet the excess of Treasury cash shown on the chart in an increase in Treasdisbursements ove receipts, including dis- ury cash holdings. In this period there was
bursements for retirement of debt, they will little change in the general level of member
add to bank reserves. On April 22 the Treas- bank reserve balances.
ury announced that until further notice, of
In September 1937 the Secretary of the
the $100,000,000 of Treasury bills maturing Treasury at the request of the Board of Govweekly, $50,000,000 would be redeemed in ernors released $300,000,000 of gold from its
cash. This will have the effect of reducing inactive account. This additional gold was
Treasury deposits at the Reserve banks and immediately added to member bank reserve
thereby increasing member bank reserves balances, and excess reserves, which had demore rapidly than would otherwise be the clined in August to $700,000,000, were increased to more than $1,000,000,000, at which
case.
The chart on page 351 shows weekly fluctu- level they continued for the rest of the year.
ations since the beginning of 1934 in mone- In January 1938, excess reserves increased
tary gold stock and in Treasury cash hold- to $1,400,000,000 chiefly as a result of the
ings, both of which include inactive gold, in seasonal return flow of currency.
Treasury deposits at Federal Reserve banks,
On February 14 of this year the Secretary
and in member bank reserve balances. As of the Treasury announced a change in proshown in this chart the increase in member cedure to be followed with respect to purbank reserve balances from the end of Jan- chases of gold, whereby gold acquired by
uary 1934, when the dollar was revalued, to mints and assay offices after January 1, 1938,
the end of 1936 corresponded roughly to the would be included in the inactive gold acgrowth in monetary gold stock, which during count only to the extent that such acquisitions
this period amounted to about $4,000,000,000. in any one quarter exceed $100,000,000. As
Toward the end of 1936 member bank reserve a result in part of this policy and in part of
balances rose to about $6,800,000,000, and other factors, excess reserves of member
excess reserves increased to $2,200,000,000, banks increased further to $1,720,000,000 on
notwithstanding an increase of 50 percent April 15.
in reserve requirements in August 1936. Dur- As previously pointed out, the reduction in
ing the late 1920's member bank reserves had reserve requirements by the Board on April
averaged about $2,300,000,000. These re- 16 raised excess reserves to about $2,500,serves corresponded closely to required re- 000,000. In addition as the result of the reserves, and many banks, in fact, were bor- lease of gold, funds in the amount of about
rowing from the Reserve banks to maintain $1,400,000,000 were added to Treasury deposits at the Federal Reserve banks, and as
their reserves at that level.
The Treasury's "gold sterilization" pro- these funds are expended by the Treasury
gram, adopted at the end of 1936, had the they will correspondingly increase member
effect of preventing further gold imports, bank reserves.
Currency in circulation showed a somewhich were continuing at a rapid rate at
that time, from resulting in an additional ex- what greater than seasonal decrease in the
early weeks of this year, followpansion of bank reserves, and provided for
the setting aside of a supply of gold which Currency in j n g a m uch i e s s than seasonal in°
was available for export without reducing circulation
crease last autumn, reflecting the
bank reserves or for other uses by the Treasury. Between December 24, 1936, and Sep- decline in trade and employment. The amount
in circulation during February and March




MAY

FEDERAL RESERVE BULLETIN

1938

was about $50,000,000 less than in the corresponding months of last year. In the week
ending April 6, however, currency increased
rapidly to practically the same level as a year
ago, reflecting in part a pre-Easter increase
in retail sales this year compared with a postEaster decline in sales in the same week last
year. Subsequently circulation declined again
to somewhat below the level of last April.
At the end of March the amount of currency in circulation was about $100,000,000
less than at the end of July of last year,
whereas ordinarily some increase is to be
expected on the basis of seasonal factors. The
decline from last July occurred entirely in
currency of small denominations. Coin and
currency of under $50 decreased by $160,000,000, while bills of $50 and over increased
by more than $50,000,000. During the corresponding period last year, coin and small
denomination bills increased by about $140,000,000 and large bills by $70,000,000. The
chart shows the amount of currency in circulation of large and small denomination at the
CURRENCY IN CIRCULATION
BY LARGE AND SMALL DENOMINATIONS
BILLIONS OF DOLLARS

1934

BILLIONS OF DOLLARS

1935




1936

1937

1938

345

end of each month since December 1933. It
will be noted that large denomination currency in circulation has shown a gradual increase since the beginning of 1935. Part of
the increase shown in March of this year reflected additions to vault cash holdings of
member banks, whereas the decline in the
spring of 1937 had reflected a return of currency from bank holdings, which had increased with the growth in excess reserves
and were reduced with the raising of reserve
requirements.
In the first four months of this year loans
at member banks in leading cities decreased
substantially while investment
Member bank
holdings increased somewhat.
credit
The decline in loans, which began last October, reflected a reduction in commercial loans and a substantial liquidation
of loans to brokers and dealers in securities.
On April 13, loans to brokers and dealers by
reporting member banks amounted to $570,000,000, which was close to the lowest levels
of 1932 and 1933, and was about $800,000,000 below the recent peak of last September.
The increase in investments was in New York
City and mostly in securities other than
those of the United States Government. Holdings of United States Government obligations
increased somewhat in the early weeks of the
year but were substantially reduced in March,
reflecting partly retirement of Treasury bills
held by banks. They increased again in
April.
The volume of deposits at member banks
showed little net change during the first four
months of 1938. Adjusted demand deposits
increased at banks in New York City but
declined at banks in other leading cities and
at country banks.
Call report figures for March 7 show that
both loans and investments of country member banks declined somewhat during the first
two months of 1938. The decline in loans was
largely in so-called "all other" loans, which
include loans for commercial, industrial, and
agricultural purposes. These loans declined

346

FEDERAL RESERVE BULLETIN

at country banks in each Federal Reserve
district except Dallas. Loans on securities to
customers also declined, while real estate
loans increased further following two years
of steady growth. The decline in the investment portfolio of country member banks,
amounting to $90,000,000, was equally divided between holdings of United States Government obligations and other securities. The
table shows changes in loans and investments
at city member banks, as well as at country
banks, between the call report dates December 31,1937, and March 7,1938.
LOANS AND INVESTMENTS

OF MEMBER

BANKS

[In millions of dollars]
Change since Dec. 31, 1937
March 7,
1938

All
member
banks

Central
reserve
and
Countryreserve
banks
city
banks

Total loans and investments-

31, 521

-231

-65

-166

Total loans..

13, 546

-412

-334

-77

878

-72

-72

i

2,665
2,556
489
96
6,863

-87

-67
-6
-21

-262

-197

o
-2
-65

17,975

+181

+269

-88

12,452
5,523

+81
+101

+125
+145

-43
-45

Loans to brokers and
dealers
Loans to others on securities
Real estate loans
Purchased paper
Loans to banks
Other loans
Total investments
United States Government, direct and guaranteed obligations
Other securities

+9

-24

+26

+28

-20

+14

Following a period of advancing prices, in
which average yields on long-term United
States Government bonds
Government reached a low of 2.41 percent,
market**
the Government security market
was somewhat irregular in the
latter part of March and the first half of
April and yields rose to 2.52 percent. After
the President's message on April 14, the release of inactive gold by the Treasury, and
the reduction in reserve requirements, prices
of Treasury bonds increased sharply. In the
latter part of April yields on long-term bonds
declined to 2.32 percent, compared with the




M A Y 1938

low of 2.22 percent in December 1936 and
the high of 2.78 percent on April 1, 1937.
Prices of 3- to 5-year Treasury notes and
3-month Treasury bills followed movements
similar to Treasury bonds. At the high prices
reached in December 1936, the average yield
on Treasury notes was 0.92 percent. The yield
then rose to 1.70 percent in April 1937. In
the latter part of April 1938 yields on Treasury notes declined to 0.81 percent, the lowest
yield ever reached. The average rate on
3-month Treasury bills toward the close of
April was about 0.03 percent, compared with
an average level of 0.08 percent in March
and with last year's high of % of 1 percent
in April.
Following sharp declines during the latter
part of March, prices of common stocks and
medium- and lower-grade
Other securities corporate bonds showed a
markets

^

moderate recovery during
the first three weeks of April. Among the
highest-grade corporate bonds, industrial and
public utility issues continued during March
and April close to their all-time highs. Railroad bonds of the highest rating, however,
declined during the two months, showing the
sharpest departure of these issues from the
trend of other high-grade bonds since 1932.
This weakness was largely responsible for a
rise of average yields on all high-grade issues,
as shown by Moody's Aaa bond average, from
3.23 percent in February to 3.38 percent about
the middle of April. During the last ten days
of the month prices of corporate bonds rose,
while prices of common stocks declined. The
average yield on Moody's Aaa bonds declined
to 3.30 percent.
The volume of credit extended by member
firms of the New York Stock Exchange to
their customers decreased by about $100,000,000 during March, and at the end of the
month was about $830,000,000, as compared
with a maximum for last year of $1,560,000,000 at the end of April 1937 and a low level
in the summer of 1932 of less than $700,000,000. During March total borrowings of

MAY

1938

FEDERAL RESERVE BULLETIN

these firms decreased by about $60,000,000
and credit balances in the accounts of their
customers were reduced by $40,000,000.
Industrial activity continued at a low level
in April, and the Board's index of production
for the month is estimated at
Recent business 7 8 percent of the 1923-1925
developments

^

,.-,!,

347

prices continued to decline in the latter part
of March and the first three weeks of April,
following a small advance which reflected
chiefly seasonal increases in prices of livestock and meats. For the week ending April
23 the Bureau of Labor Statistics index of
all commodities was at 78.6 percent of the
1926 average compared with a level of about
88 in the spring and summer of last year
and around 80 during most of 1935 and
1936. Currently, prices of agricultural commodities generally are lower than in 1935 and
1936 by more than 10 percent, while prices of
industrial commodities, as a group, are 5
percent higher.
Prices of wheat, hogs, and dairy products
showed some decline from the middle of
March to the third week of April and there
were further decreases in prices of such industrial materials as steel scrap, tin, rubber,
hides, and textile goods. In the middle of
April buying of some commodities increased
and prices of print cloths, hides, rubber, and
zinc advanced slightly from the lows reached
earlier in the month. Finished industrial
products declined further in April, as is

average, slightly lower than
the average for the first quarter of this year
and in sharp contrast with the level of 116 for
the first eight months of last year. Changes
in manufacturing output recently have been
small both in industries producing durable
goods, such as steel and automobiles, and in
those manufacturing less durable products,
such as textiles and foods. Mineral output
has also shown little change.
Factory employment declined in March
and was about 20 percent lower than a year
earlier. The number employed on the railroads and in public utilities also decreased
further, while most other nonmanufacturing
industries showed little change in employment.
Residential building contracts, which in
March had increased sharply, declined in the
WHOLESALE PRICES OF INDUSTRIAL COMMODITIES
first half of April but were nevertheless considerably above the low levels of January and
February. Awards for other private work
showed a similar decline, while public projects continued in substantial volume.
Distribution of commodities to consumers
has continued considerably above production,
although it has been at a level somewhat lower
than last year. At department stores, sales
in April showed a smaller increase over
March than would be expected in view of the
figures;
Reserve classification of
of
late date of Easter, and the Board's seasonally MonthlyStatistics' Federalall April 1938 feeds, both Bureauand
Labor
data;
foods and
raw
processed, are omitted.
figures estimated.
adjusted index for April is estimated at 83
percent of the 1923-1925 average, as com- shown on the accompanying chart, but by a
pared with 86 in March and a level of about smaller amount than prices of raw and semi93 for most of last year.
finished materials.
The general level of wholesale commodity




348

FEDERAL RESERVE BULLETIN
Death of Charles S. Hamlin

Mr. Charles S. Hamlin, Special Counsel to
the Board of Governors, died on April 24,
1938. Mr. Hamlin was designated as the first
Governor of the Federal Reserve Board at the
time of the establishment of the Federal Reserve System in 1914 and served in that position until August 9, 1916. Effective August
10, 1916, he was reappointed a member of the
Federal Reserve Board and served continuously in that capacity until February 3, 1936.
On February 4, 1936, Mr. Hamlin was appointed by the Board of Governors as Special
Counsel to the Board in which position he was
serving at the time of his death.




MAY

1938

Appointment of Class C Directors at Federal
Reserve Banks

On April 5, 1938, Francis Biddle, a member of the law firm of Barnes, Biddle & Myers,
Philadelphia, Pennsylvania, was appointed a
Class C director of the Federal Reserve Bank
of Philadelphia for the unexpired portion of
the term ending December 31, 1940.
On April 5,1938, St. George Holden, President, St. George Holden Realty Company,
San Francisco, California, was appointed a
Class C director of the Federal Reserve Bank
of San Francisco for the unexpired portion
of the term ending December 31, 1940.

FEDERAL RESERVE BULLETIN

M A Y 1938

349

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled April 25 and released for publication April 27]

In March and the first three weeks of April
industrial activity continued at about the
same rate as in January and February. Distribution of commodities to consumers
showed less than the usual seasonal increase
and wholesale commodity prices declined
further.
Production.—Volume of industrial production showed little change from February to
March and the Board's index, which is adjusted for the number of working days and
for usual seasonal variations, remained at
79 percent of the 1923-1925 average. In the
steel industry, output of ingots averaged 33
percent of capacity in March and continued
at about this level in the first three weeks of
April. Shipments of finished steel in March,
as in other recent months, were at a some1NDUSTRIAL PRODUCTION
140
130

130

120

120

s

110

v

/
/

\

V

/

/

\J

/

110

\

\
\
iywv

Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.

what higher rate than output. Automobile
production, which usually expands sharply
at this time of the year, showed little change
from the low level of January and February,
and output of tires and plate glass likewise
remained at a low rate. In the lumber and
cement industries there were considerable
increases in output in March. At cotton and
silk textile mills and shoe factories activity
rose somewhat, while production at woolen
mills declined following a rise in February.




Declines were reported also for meat packing
and sugar refining. At mines, where production decreased generally in February, output
of bituminous coal and nonferrous metals
continued to decline in March, while production of anthracite and crude petroleum increased somewhat.
Value of construction contracts awarded
showed a considerable increase in March, according to figures of the F. W. Dodge Corporation. Awards for residential work, which
had advanced moderately in February, increased sharply in March but were still 12
percent less than in March 1937. Contracts
for other private work also increased in
March, but remained considerably smaller
than a year ago. The value of public projects
showed an increase and was higher than last
year.
Employment.—Factory employment declined somewhat and payrolls showed little
change from the middle of February to the
middle of March, although increases are usual
at this season. The number employed in the
machinery industries decreased considerably
further and at woolen mills there was also a
substantial decline, while most other manufacturing industries showed moderate declines or little change. Employment on the
railroads and in the public utilities declined
somewhat further in March, while in other
nonmanufacturing lines there was little
change in the number employed.
Distribution.—Sales at variety stores and
by mail order houses increased seasonally in
March, while sales at department stores
showed less than the usual rise. The Board's
seasonally adjusted index of department store
sales declined from 88 in February to 86 in
March and figures for the first three weeks
of April indicate some further decline.
Freight-car loadings showed little change
from February to March, although a rise is
usual at this time of the year. Shipments

350

FEDERAL RESERVE BULLETIN

of coal declined substantially and miscellaneous loadings increased by less than the usual
seasonal amount.
Commodity prices.—Wholesale commodity
prices generally declined from the middle of
March to the third week of April. There

M A Y 1938

MEMBER BANK RESERVES
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

WHOLESALE PRICES

1937

Wednesday figures of total member bank reserve balances at
Federal Reserve banks, with estimates of required and excess
reserves, January 3, 1934, to April 20, 1938.

Indexes compiled by United States Bureau of Labor Statistics,
1926 = 100. By weeks, January 6, 1934, to April 16, 1938.

were further decreases in prices of a number
of raw and semifinished industrial commodities, and prices of some leading agricultural
products also declined, reflecting in part seasonal influences. In the middle of April
prices of some industrial materials advanced
slightly from the lows reached earlier in the
month.
Bank credit.—During March and the first
three weeks of April, total loans at reporting
member banks in 101 leading cities declined
further, reflecting a substantial reduction in
loans to brokers and dealers in securities and
also declines in commercial loans. Holdings
of investments showed little net change, declining in March and increasing in April.
As a part of the Government's program
for encouragement of business recovery, the
Board of Governors reduced reserve requirements of member banks by about $750,000,000, effective April 16, and excess reserves correspondingly increased. As a part
of the same program the Treasury discontinued the inactive gold account and deposited about $1,400,000,000 of gold certificates with the Federal Reserve banks. Additions to excess reserves from this source




will occur as the Treasury draws upon these
deposits to meet current expenditures and
the retirement of Treasury bills.
Money rates and bond yields.—Yields on
Treasury bonds declined from a level of 2.50
percent in the first half of April to 2.32 percent on April 22. The average yield on 3-5
year Treasury notes declined to a new low of
0.81 percent, which compares with the preMONEY RATES IN NEW YORK CITY

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
8 years, and weekly average of daily quotations on 90-day
Treasury bills. For weeks ending January 6, 1934, to April 23,
1938.

vious low of 0.92 percent in December 1936.
The rate on three-month Treasury bills declined to virtually a no-yield basis. Other
short-term open-market money rates remained unchanged in the first three weeks
of April.

351

FEDERAL RESERVE BULLETIN

M A Y 1938

MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

14
13

14
— - ^ *

13

12

12
11

1
1

GOLD*3 T 0 C K ^ — ^

10

10
9

8

8

6
5

/—

MONEY I M CIRCULATION,

v

6

-

4V

—....:

TREASURY CA SH

3

RESERVE BANK
CREDIT

-

2

* TREASLJRY DEPOSITS

I

i
o bL~

:

At

ft

A T F- D

2

•

1

DAM1/C

1

1935

1936

1937

1938

1937

1938

1934

MEMBER BANK
RESERVE BALANCES

1934




1935

1936

Latest figures for April 20. See table on page 372.

352

FEDERAL RESERVE

BULLETIN

M A Y 1938

SUMMARY OF FINANCIAL AND BUSINESS
1938

Feb.

Jan

2,597

2,598

2,603

Mar.

_

in
lv

1
2,565
12, 778
2,673
6,338
3, 558
221
605

1
2,564
12, 768
2,662
6,319
3,630
164
685

7,326
1,524

7,230
1,406

7,183
1,353

2,475

2,485

2,554

o
o

q
O

11
lit

6,704
1,371

7,992
1,159
3,037
5,724
302
1,992
14, 360
5,239
5,280
7

3
2,431
11, 399
2,531
6,369
2,569
167
554
6,747
2,152

8,168
1,147
2,963
5,646
294
2,016
14, 509
5,237
5,286
3

8,118 8,802
1,131 1,206
2,899 3,316
5,614 5,205
315
359
1,986 1,998
14,438 15,429
5,210 5,142
5,286 5,679
4
3

6,716
2,093

6,830
1,220

1934

1933

1929

2,481

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

2,502

2,429

4
2,430
10, 578
2,503
6,101
2,474
446
551

oa
oD

Zoo

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

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

1,459
952
241
208
3,996
2,015
4,476
207
22
406

5,989
2,512

5,001
2,469

3,676
1,564

2,343
528

2,358
43

22, 734 22,198 22,064 19, 997 18, 672 17, 505 22, 599
1,228 1,226 1,181
990
981
111 • 2, 208
2,007 2,006 2,055 2,131 2,545 3,157 e 5,448
5,763 6,314 5, 226 4,907 4,965 5,222 9,231

9,118
1,212
3,288
5,326
387
2,252
15, 572
5,094
5,988
1

9,263 8,394
1,230 1,164
3,243 3,094
5,292 5,307
401
337
2,307 1,884
15, 516 15,097
5,052 5,202
6,085 5,298
3
12

9,080
1,250
3,272
4,799
383
2,358
14, 619
4,999
5,810
5

7,989
928
3,052
4,024
326
2,112
12, 729
4,883
4,938
6

6,856 5,228
«325
'3,000 3,121
2,875 1,822
271
240
1,688 1,322
(2)
(2)
4,937 4,946
3,814 2,822
8
115

2,865
2,847
1,725
248
1,142
(J)
6,788
2,787
674

Averages of weekly figures; percent per annum

2.45
3.26

1.00
1.00
.10
2.47
3.20

245
126
119
82
24
58

199
82
117
103
41
62

121
92
29
49
46
4

382
185
197
319
138
181

511
190
321
377
152
225

81

'82

130

130

126

112

80
70
74
83
78

81
72
76
84
80

88
94
88
86
85

86
91
87
84
85

86
91
87
83
85

86
86
86
85
85

60
86

79
75
102
51
32
66
83
73
62
88

80
76
108
52
26
'73
84
72
65
90

P276
P173

263
163

289
171

1.00

.88
1.00
.38
2.50
3.32

.75
1.00
.15
2.31
3.22

.75
1.00
.17
2.29
3.10

.95
1.00
.28
2.57
3.27

.75
.91
.17
2.47
3.24

.76
.56
.17
2.70
3.60

1.02
1.00
.28
3.10
4.00

1.72]
1.16$
•52*
3. 31$
4.49

3.60
4.73

392
121
270
189
34
155

180
116
64
41
15
26

89
60
29
32
13
18

959
841
118
781
667
115

111

78

72

63

190

81
81
82
80
82

80
79
84
78
80

75
65
71
78
74

66
51
61
71
66

95
105
100
92
105

79
78
86
32
12
48
83
63
62
75

76
75
82
25
11
37
72
49
58
67

119
119
115
117
87
142
105
109
107
111

178
138

140
121

437
367

5.85
7.61

Amounts per month; in millions of dollars
603
244
360
300
96
204

323
173
150
198
99
99

518
164
354
382
99
282

Index numbers

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

BUSINESS INDEXES
P79
P75
P103
P46
P34
P57
P82
P73

118
117
128
56
45
64
101
101
83
93

116
116
••116

62
47
75
100
96
82
95

114
115
110
63
45
77
99
91
80
93

110
109
115
59
41
74
99
98
78
92

105
105
104
55
37
70
92
82
75
88

90
90
91
37
21
50
86
71
64
79

Amounts per month; in millions of dollars

MERCHANDISE EXPORTS AND IMPORTS

r
Revised.
p Preliminary.
• Partly estimated.
1 Includes loans on securities to banks, 1929-1934.
2
Figures not available.
* Includes time deposits of banks, domestic a n d foreign, 1929-1934.
4
Does not include time deposits 1929-1934.




1935

22, 600
1,217
2,021
5,744

PRICES

Exports, including re-exports.
General imports

3
3
2,430 2,540
11, 310 12,162
2,531 2,567
6,400 6,475
2,450 3,225
200
158
561
595

1.00
1.00
.08
2.46
3.23

Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
_
Foods
Other commodities
Retail food prices (1923-25=100)
Industrial production
Manufactures
Minerals
Construction—total
Residential
Allother
Factory employment
Factory payrolls (unadjusted).
Freight-car loadings
Department store sales
_._

1936

Averages of Wednesday figures; in millions of dollars
21,072 21, 214 21, 285 22, 610
762
738
825 1,318
1,889 1,890 1,910 2,030
6,233 6,308 6,402 5,938

CAPITAL ISSUES

All issues—total
New
Refunding
_._
Domestic corporate issues—total..
New
_
Refunding

1937

a
O

MONEY RATES AND BOND YIELDS

Commercial paper
Stock exchange call loans
U. S. Treasury bills (91 days)
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa).

Jan,

2,472

1
3
2,564 2,432
12,756 11, 503
2,643 2,537
6,397 6,391
3,630 2,682
127
205
664
530

REPORTING MEMBER BANKS

Total loans and investments
Loans to brokers and dealers in securities 1
Loans on securities to others (except banks)
All other loans
U. S. Government obligations:
Direct
Fully guaranteed
Other securities
Reserve with Federal Reserve banks
Cash in vault
Balances with domestic banks
Demand deposits—adjusted
Time deposits (excluding interbank) 3
Deposits of domestic banks 4
Borrowings
_
__

Feb.

Averages of daily figures; in millions of dollars

RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS

_

Annual averages

1937

Mar.

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

STATISTICS

257
307

233
278

223
240

279
257

205
202

190
171

MAY

1938

FEDERAL RESERVE BULLETIN

353

LAW DEPARTMENT
Supplement to Regulation D.—Decreasing Reserve
Requirements

There is set forth below the text of a supplement to its Regulation D which was
adopted by the Board of Governors of the
Federal Reserve System on April 15, 1938:
SUPPLEMENT TO REGULATION D
Effective as to Each Member Bank at the Opening of
Business on April 16, 1938
RESERVES REQUIRED TO BE MAINTAINED BY MEMBER
BANKS WITH FEDERAL RESERVE BANKS

It was understood that, under an arrangement between the banks and the municipality,
the member bank had certain funds on deposit with another bank which the member
bank did not have the right to withdraw without the consent of the municipality. On the
basis of these facts, the Board of Governors
expressed the view that the funds on deposit
under this arrangement did not constitute
"balances due from other banks" within the
meaning of the tenth paragraph of section
19 of the Federal Reserve Act. In this connection it should be observed that section
2 (b) of Regulation D provides for the deduction from gross demand deposits of "balances
subject to immediate withdrawal due from
other banks."
The Board of Governors also stated that
pledged bank balances of the type described
above should not be reported by the depositing bank in its condition reports as "balances
due from other banks" but instead should be
included in the schedule of "other assets."

Pursuant to the provisions of section 19 of the
Federal Reserve Act and section 2 (a) of its Regulation D, the Board of Governors of the Federal Reserve System hereby prescribes the following reserve
balances which each member bank of the Federal
Reserve System is required to maintain on deposit
with the Federal Reserve Bank of its district:
5 per cent of its time deposits plus—
12 per cent of its net demand deposits if not in
a reserve or central reserve city;
17"V2 per cent of its net demand deposits if in a
reserve city, except that if located in an outlying
district of a reserve city or in territory added
to such city by the extension of the city's cor- Sale of Securities Held in Account But Not Delivered
porate limits such bank may, upon the affirmative
Against Sale
vote of five members of the Board of Governors
of the Federal Reserve System, be permitted to
In a case recently considered by the Board
maintain 12 per cent reserves against its net under Regulation T, the adjusted debit baldemand deposits;
22% per cent of its net demand deposits if ance of a customer's general account exceeded
located in a central reserve city, except that if the maximum loan value of the securities
located in an outlying district of a central reserve
city or in territory added to such city by the therein, and the account was "long" 100
extension of the city's corporate limits, such shares of XYZ, a registered nonexempt sebank may, upon the affirmative vote of five
members of the Board of Governors of the curity. On the day in question the customer
Federal Reserve System, be permitted to maintain 12 per cent or 17 Y2 per cent reserves against sold 100 XYZ and instructed the broker not
its net demand deposits.
to deliver his "long" stock against the sale.
The supplements to Regulation D which have pre- This was the only transaction in the cusviously been issued are hereby revoked and super- tomer's account on that day. The question
seded.
Pledged Bank Deposits as Balances Due From Other
Banks in Computing Reserves

The Board of Governors recently had occasion to rule upon the question whether a deposit of a member bank in another bank
which had been pledged by the member bank
to secure a deposit with it by a municipality
should be considered as "balances due from
other banks" which could be deducted from
gross demand deposits in computing reserves,
pursuant to the provisions of section 19 of
the Federal Reserve Act and section 2(b) of
Regulation D.




presented was whether any margin must be
obtained because of the transaction.
The sale of XYZ stock with instructions
not to deliver the stock held "long" in the
account constitutes a short sale of the XYZ
stock within the meaning of section 3(d) (3)
of the regulation which provides that the
adjusted debit balance of the account shall
include:

"the current market value of any securities
(other than unissued securities) sold short in the
account plus, for each such security (other than
an exempted security), such amount as the
Board shall prescribe from time to time in the

354

FEDERAL RESERVE BULLETIN

MAY

1938

supplement to this regulation as the margin required for such short sales, except that such
amount so prescribed in the supplement need
not be included when there are held in the
account securities exchangeable or convertible
within a reasonable time, without restriction
other than the payment of money, into such
securities sold short."

purchase and sale could be treated, to the
extent of $100, as a liquidation pursuant to
section 3(e) of the regulation in lieu of a
deposit of that amount of margin, and as
also permitting a withdrawal of $50 on Tuesday pursuant to the second paragraph of
In view of this provision, the current mar- section 3(b).
ket value of the securities sold short should
Sections 3(b) and 3(e) of the regulation
be added to the adjusted debit balance. Since read in part as follows:
the XYZ stock held in the account could be
" (b) General rule.—A creditor shall not effect
for or with any customer in a general account
delivered at any time against the short posiany transaction which, in combination with the
tion, however, "there are held in the account
other transactions effected in the account on
the same day, creates an excess of the adjusted
securities exchangeable or convertible * * *
debit balance of the account over the maximum
into such securities sold short." Therefore,
loan value of the securities in the account, or
increases any such excess, unless in connection
it would not be necessary to add any "margin
therewith the creditor obtains, as promptly as
* * * for such short sales."
possible and in any event before the expiration
of three full business days following the date of
Section 3 (d) (7) of the regulation provides
such transaction, the deposit into the account of
that there shall be deducted from the adcash or securities in such amount that the cash
deposited plus the maximum loan value of the
justed debit balance:
"the net proceeds of sale of any securities (other
than unissued securities) sold for the account
but for which payment has not yet been credited
thereto."

The deduction made pursuant to section
3(d) (7) would, on the day of the short sale,
exactly equal and offset the addition made
pursuant to section 3(d) (3).
Accordingly, there would be no change in
the adjusted debit balance of the account and,
since there also would be no change in the
maximum loan value of the securities in the
account, the transaction would neither release margin nor require that margin be
obtained.
Effect of Purchase and Sale of Same Securities on
Given Day

The Board recently considered a case under
Regulation T in which transactions effected
on Monday in a general account resulted in a
requirement of $100 margin, and on the day
following, Tuesday, a certain quantity of a
particular stock was purchased and later in
the day the same quantity of the same security was sold, resulting in a net profit of $150.
There were no other transactions in the account on Tuesday.
The question presented was whether this




securities deposited equals or exceeds the excess
so created or the increase so caused.
"A transaction consisting of a withdrawal of
cash or registered or exempted securities from
a general account shall be permissible only on
condition that no cash or securities need be deposited in the account in connection with a transaction on a previous day and that, in addition,
the transactions (including such withdrawal) on
the day of such withdrawal would not create an
excess of the adjusted debit balance of the account over the maximum loan value of the securities in the account or increase any such excess.
* * * * *
"(e) Liquidation in lieu of deposit*—In any
case in which the deposit required by section
3(b), or any portion thereof, is not obtained by
the creditor within the three-day period specified in that section, securities shall be sold or
covering or other liquidating transactions shall
be effected in the account, prior to the expiration of such three-day period, in such amount
that the resulting decrease in the adjusted debit
balance of the account exceeds, by an amount
at least as great as such required deposit or
the undeposited portion thereof, any resulting
decrease in the maximum loan value of the
securities in the account.

The Board expressed the view that the purchase and sale of the same securities on
Tuesday could be so treated. This follows
from the fact that such purchase and sale
would reduce by $150 any excess of the ad* "This requirement relates to the action to be taken when
a customer fails to make the deposit required by section 3(b),
and it is not intended to countenance on the part of customers
the practice commonly known as 'free-riding' or 'three-day
riding', to prevent which the principal national securities exchanges have adopted certain rules. See the rules of such exchanges and section 7s(e) of this regulation."

MAY

1938

FEDERAL RESERVE BULLETIN

justed debit balance of the account over the
maximum loan value of the securities in the
account. It seems proper to treat such reduction as consisting of two portions in the
manner suggested.
As indicated in the footnote to section
3(e), that provision was not intended to
countenance on the part of customers the




355

practice commonly known as "free-riding"
or "three-day riding", to prevent which the
principal national securities exchanges have
adopted certain rules. If the transactions
on Tuesday were treated as indicated above,
the liquidation in lieu of a deposit of margin
would, of course, have to be considered in
connection with such exchange rules.

356

FEDERAL RESERVE BULLETIN

MAY

1938

CONDITION OF INSURED BANKS IN THE LATTER HALF OF 1937
According to the consolidated statement of
condition of insured banks in the United
States as of December 31, 1937, which has
just been published by the Federal Deposit
Insurance Corporation, total loans and investments and deposits at insured banks not
members of the Federal Reserve showed little
change during the latter half of 1937. As
shown in the following table, the changes
CHANGES I N CONDITION OF INSURED COMMERCIAL
BANKS, LAST HALF OF 1937
[In millions of dollars]
Member banks of
the Federal Reserve
System
All
insured
banks

Total loans and investments
Loans
U.S. Government securities
Other securities
Due from banks .
Deposits:
Adjusted demand deposits1
._
Time deposits
U. S. Government deposits. _ ..
Interbank deposits:
Banks in United
States
Banks in foreign
countries

-998

Central
reserve
and
reserve
city
banks
-976

Country
banks

Nonmember
insured
banks

-10

-12

-297

-433

+106

+30

-295
-406

-330
-213

+13
-129

+22

+266

+133

+91

+41

-1,073
4-263

-955
+59

-59
+114

+90

+150

+144

+9

-3

+148

+136

-166

-166

-64

-60

+4

+9
(2)

(2)

1 Demand deposits other than interbank and U. S. Government, less
cash items in process of collection.
» Less than 500,000.




that occurred were generally similar to those
reported by country member banks. A detailed statement of condition appears on the
following page.
Total loans at both nonmember insured
banks and country member banks increased
during the period, in contrast to substantial
declines at city banks. These increases were
mostly in real estate loans and in commercial,
industrial, and agricultural loans. Such loans
also increased at city banks but their total
loans declined as a result of a sharp liquidation in brokers' loans in New York City. City
banks, mostly outside New York, also reduced their holdings of United States Government obligations, while holdings at nonmember insured and country member banks
increased slightly. Holdings of other securities declined at all classes of insured banks.
Balances of nonmember insured banks
with correspondents, which were reduced by
about $230,000,000 during the first half of
1937, showed a moderate increase during the
latter half of the year. Although deposits declined considerably at city banks, reflecting
principally the sale of securities and liquidation of brokers' loans, there was little change
in deposits outside the large cities, a moderate
decrease in demand deposits being offset by a
further increase in time deposits.

357

FEDERAL RESERVE BULLETIN

MAY 1938

FEDERAL DEPOSIT INSURANCE CORPORATION
CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS,
DECEMBER 31, 1937 AND JUNE 30, 1937
[Amounts in thousands of dollars]
December 31, 1937

June 30, 1937

All banks

State
banks
members
Federal
Reserve
System

Banks
not
members
Federal
Reserve
System

All banks

National
banks
members
Federal
Reserve
System

State
banks
members
Federal
Reserve
System

13,795

Number of banks

National
banks
members
Federal
Reserve
System
5,260

1,081

7,454

13, 885

5,293

1,064

Banks
not
members
Federal
Reserve
System
7,528

ASSETS

Loans, discounts, and overdrafts (including
rediscounts)
United States Government obligations,
direct and fully guaranteed
Other bonds, stocks and securities
Total loans and securities
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Coin and currency..
Balances with other banks
Cash items in process of collection
Securities borrowed
Other assets
Total assets

16, 717,467

8, 796, 207

5,161, 616

2, 759, 644 17,014, 623

8, 796, 477

5, 488, 398

2, 729, 748

13, 669, 352
6,807, 420

8,059,346
3, 678, 705

4,312, 204
1, 743, 677

1,297,802 13,964, 712
1, 385,038 7,213,851

8, 206,423
3,890, 571

4,482,511
1,874,181

1, 275, 778
1,449,099

37,194, 239

38,193,186

20, 534,258 11, 217,497

5,442,484

77, 417
340, 947
187,114
2,832, 294
170,974
860,393
939,375
707
95, 279

2,637
189,036
176, 878
200,062
1,332,922
59, 730
267
31,841

190, 745
1,172,617
537, 430
6,896,663
844,197
4, 550, 555
2,248,736
818
256,629

54, 221, 369 30,063, 515 16,721, 997

7,435,857

54,891, 576

157,141
1,160, 501
519, 572
7,005,209
789, 519
4, 817,035
2,319,081
1,162
257,910

77,087
630, 518
155, 580
4,172,915
418,483
2, 623, 720
1,319, 976
188
130,790

20,893, 471 11,845,090
96,409
633,923
162,353
4,152, 889
440,696
2,487,643
1, 284,067
229
128, 345

5,454,625
3,602
192, 242
183, 716

90, 734
346,452
191, 361
2, 743, 774
188,609
771, 308
916,762
116
94, 382

214, 892
1, 291, 604
47,907
473
33, 902

30, 280,025 17,188, 588

7, 422,963

LIABILITIES

Demand deposits of individuals, partnerships, or corporations
22,106, 285 12,150, 449
Time deposits of individuals, partnerships,
or corporations
13,959, 543 7, 476,823
Public funds of states and political subdivisions.
3, 256,196 2,014,488
U. S. Gov't and postal savings deposits
584, 653
927, 269
Deposits of other banks; cash letters of
credit; certified, officers, and travelers'
checks outstanding
6,942,122
4, 260,356

7, 597,001

2, 358,835 22,624, 279

12,412, 525

7,859,907

2,351,847

3, 329, 223

3,153,497

13, 932, 794

7, 446, 341

3, 371, 541

3,114, 912

599, 217
291, 034

642,491
51, 582

3, 511,114
783,091

2,198, 662
464,922

671,063
262,939

641,389
55, 230

2, 535, 412

146,354

6,948, 614

4,193,106

2,609,040

146,468

Total deposits
47,191,415 26,486, 769 14,351,887
Mortgage bonds and participation certificates outstanding
._
18,924
15,080
Bills payable, rediscounts, and other liabilities for borrowed money
30,082
10,839
3,811
1,162
Securities borrowed
707
Acceptances outstanding executed by or for
176,128
88,123
85, 488
the account of reporting banks
46, 301
16,022
Dividends declared but not yet payable
27, 401
115,358
Other liabilities
353,315
212, 664
Total liabilities, excluding capital account
47,817,327 26, 825,984 14, 588,353
Capital stock and capital notes and de856, 550
bentures
._ 3,030,146 1, 574,056
912, 217
Surplus
1,098, 204
2,268,179
202, 673
Undivided profits—net
Reserve for contingencies and undeclared
399,757
711,186
f
157, 691
dividends
Retirement fund for preferred stock or capital notes and debentures

366,868

153, 664

Total liabilities, including capital
account

27, 663
54, 221, 3

6, 352, 759 47, 799,892
3,844

21,823

16,969

4,854

15, 432
267

35, 425
818

9,216
229

8,218
116

17,991
473

2,517
2,878
25, 293

215, 267
46, 599
375, 694

113, 378
27, 696
208,373

98,421
16,403
140, 753

3,468
2,500
26, 568

48, 495, 518 27,074,448

15,055, 370

86, 365, 700

865,893
900; 362
198, 460

609,721
253, 716
120, 094

164, 583

64, 455

3,920

89, 277

30, 280,025 17,188, 588

7,422,963

6,402,990
599, 540
257, 758
108, 756
55, 513

11,850




4,513

30, 063, 515 16,721,997

26,715, 556 14,774,490

11,300
7,435,857

3,053,970
2, 225,180

1, 578, 356
1,071,102

707, 589

389,035

384,103

155,065

25, 216
54,891, 576

12,019

358

FEDERAL RESERVE BULLETIN

MAY

1938

ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, JUNE 30, 1933 TO
MARCH 7, 1938
[Amounts in thousands of dollars]
19331
June 30

1934

March 5

1935
March 4

1936
March 4

1937
March 31

12,858,099 12, 705,759 11,953,152 12,098, 516 13, 699, 294
Loans (including overdrafts)
United States Government direct obligations
6,887,123 8, 667,064 9,820, 993 10, 564,400 10,856,351
180,888
1,199,664
Securities fully guaranteed by United States Government
1,879, 722 1, 861, 336
5,041,149 4,994, 500 5,297,641
5, 745,350 6,108, 022
Other securities
24, 786,371 26,548,211 28,271,450 30,287, 988 32,525,003
Total loans and investments
424, 263
395, 503
217, 545
167, 534
Customers' liability on account of acceptances
202,067
982,036
982, 606 1,003, 788
998, 653
Banking house, furniture, and fixtures
981, 712
227,074
290,329
324, 369
Other real estate owned
371, 344
2, 235,179 3,148,124 4, 517, 625 5, 784,077 6, 613, 340
Reserve with Federal Reserve banks.
._
404, 502
486,086
534, 293
Cash in vault
623, 518
662, 310
Balances with private banks and American branches of
38,070
27, 314
foreign banks
()
()
()
Demand balances with banks in New York City
826,636
1,416, 791 1, 676, 670 1, 263, 080
954,090
1,181, 582 1,349, 359 1,849, 269 2,136, 395 2,049, 439
Demand balances with other domestic banks
119,033
Time balances with other domestic banks
72, 520
105, 539
(?)
120,334
111, 282
56,429
Balances with banks in foreign countries
52, 641
108, 070
135,190
106,041
98,053
Due from own foreign branches
3,000
3,787
Cash items in process of collection...
38,083 I 1,718,306 1, 973, 621
1,158, 995
1,485,343
1
10,052
Cash items not in process of collection
9,857
40, 674 1,474, 792
37, 261
Redemption fund and due from United States Treasurer..
Acceptances of other banks and bills sold with endorse32, 620
24, 741
7,221
7,948
11, 087
ment
2,602
6,099
6,654
720
Securities borrowed
1,065
2,009
258, 612
227,820
241, 688
Other assets
215,834
327,397
33,046, 780 35,925,284

Total assets..

40,268,157

44,240,698

47,066,564

1937
Dec. 31

1938

March 7

13, 957,823 13, 546, 245
10, 574,143 10, 625, 221
1, 797, 407 1, 826,966
5, 422, 382 5, 522, 737
31, 751, 755 31,521,169
154, 504
134,473
971, 465
971, 875
342, 694
341,875
7,005, 209 7, 248,811
589,457
603,541
24, 787
1, 289, 310
2, 030, 475
69,818
69, 723
3,578
2,259, 351
8,869

29,110
1,377, 425
2,084,157
70,416
81, 737
2,326
1, 406, 710
7,179

41, 226
895
172,396

39, 036
943
244,090

46,785,512

46,164,873

LIABILITIES

Demand deposits—Total.

Individuals, partnerships, and corporations
United States Government
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits—Total
Individuals, partnerships, and corporations:
Evidenced by savings pass books
Certificates of deposit
Open accounts
Christmas savings and similar accounts
Postal savings
States, counties, and municipalities
Banks in United States
—
Banks in foreign countries
Total deposits

17,583,067 19, 864, 013 24,008,376 28,021,554 29, 950,160 29,317,024 28,652,321
11,830, 246 12, 251,863 14,872,114 17,927,045 20,084, 779 19, 747, 450 19,116, 334
781, 034
752,141
599, 587
806, 297 1, 790,401 1, 269, 713
414, 722
1,087, 329 1, 424, 731 1, 861, 412 2,173, 455 2, 564, 303 2,131, 984 2,236, 537
3, 056, 527 3, 675, 699 5, 095, 059 6,148,144 5, 751, 796 5,436,442 5, 614, 646
452, 772
366, 265
145, 750
457,911
172, 768
169,424
656,918
8,980,860

740, 654
779, 297
767, 342
566, 398
548, 551
676, 649
9,416,145 10,045,297 10, 451, 894 11,164,318 11,521,632 11,594,357

6,127, 412
1,037, 747
3 578, 812
58, 656
788, 492
299, 659
89,084

6,746, 532
879,665
3 595, 249
36,162
754, 595
304,926
91, 846
7,170

26,563,927

29,280,158

Secured by pledge of loans and/or investments
4,016, 730
(4)
Not secured by pledge of loans and/or investments. _.
25, 263, 428
44, 667
23, 529
Due to own foreign branches
727,110
786, 514
National bank notes outstanding.
14, 244
10,193
Agreements to repurchase securities sold
191, 228
90,941
Bills payable and rediscounts
Acceptances of other banks and bills sold with endorse24, 741
7,948
ment
434, 997
413, 794
Acceptances executed for customers
7,302
10,441
Acceptances executed by other banks for reporting banks..
6,654
6,099
Securities borrowed
67, 111
88,330
Interest, taxes, and other expenses accrued and unpaid...
Dividends declared but not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures
()
()
165, 648
Other liabilities
163, 544
Capital notes and debentures
125, 673
Capital stock
2, 220, 330 2, 378,117
Surplus
1,847,462
1, 724,409
Undivided profits—net
376, 282
373, 258
401, 381
Reserves for contingencies.._
396,032
Retirement fund for preferred stock and capital notes and
debentures
Total liabilities (including capital account)

Net demand deposits
Demand deposits—adjusted6
Number of banks

33,046, 780
14,156, 304
12, 089,150
5,606

7, 745,809
884, 424
533,198
39, 708
399,113
290,033
145,105
7,907

8, 309,030
833, 941
596,197
44, 548
167,114
343, 873
151,833
5,358

9,105, 389
758, 293
712, 380
63, 082
97, 371
268, 739
152, 766
6,298

9, 461,126
740, 327
575, 832
28, 761
94, 653
481, 721
128, 641
10, 571

9, 476, 590
739, 211
573, 094
56, 278
89, 588
512,129
136, 666
10,801

34, 053, 673 38,473,448 41,114, 478 40,838, 656 40,246,678
2,970, 498
3,312, 720 2, 773, 520 2, 817, 942 2,969,035
30, 740,953
38, 296, 536 37,869, 621 37, 276,180
957
623, 585
8,130
16, 553

70, 831

84,142

117, 510

129,332

13,493
10, 776

5,873
17, 740

2,195
12, 426

4,947
27, 919

2,602
225,000
10,166
2,009
79, 444

7,221
164, 302
19, 280
720
81, 244

11, 087
200, 864
25, 225
1,065
98, 510

41, 226
157, 592
16,019
895
76, 306

39,036
132, 758
12, 473
943
93,062

12, 674
126, 055
119, 077
2, 560, 582
1, 654, 606
419, 272
351, 586

16, 830
200, 328
109, 827
2, 511,884
1, 721, 348
493,141
339, 405

33, 216
149, 689
71, 057
2,383, 209
1,952, 805
580, 907
325,125

43,423
108, 089
52,006
2, 378, 600
2, 010, 421
602, 430
311,355

17, 762
108,116
51, 274
2, 375, 784
2, 020, 279
611, 508
276,927

2,186

6,620

11, 572

16, 363

16, 075

35,925,284

40,268,157

44,240,698

47, 066, 564

46, 785, 512

46,164, 873

15, 582, 434
13, 066,150
6,206

19, 508, 098
15, 999, 388
6,422

22,498, 578
19,161,491
6,377

24, 668, 338
21, 352,110
6,367

23, 740, 652
20, 387, 425
6,341

23, 789, 968
20, 512, 559
6,335

1 Beginning with 1933, figures relate to licensed banks only.
Included in "Other Assets."
Includes deposits the payment of which was deferred by agreement with depositors or otherwise aggregating $33,418,000 on June 30,1933, and
$34,030,000 on March 5, 1934. Such deposits were reported separately from June 30, 1933, to June 30, 1934, inclusive.
4
Not reported separately.
6
Included in "Undivided profits."
6
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less cash items reported on hand but not in process of collection.
2
3




359

FEDERAL RESERVE BULLETIN

1938

MAY

ALL MEMBER BANKS—CONDITION ON MARCH 7, 1938, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All
national
member
banks

All
State
member
banks

31,531,169
134,473
971,875
341, 875
7, 248, 811
603, 541

8, 614,121
6,756, 729
1,320, 409
3,711, 269
20,402,528
67, 301
632, 220
155, 488
4, 282, 582
426,801

29,110
1,377,425
2,084,157
70, 416
81, 737
2,326
1,406, 710
7,179

All
member
banks

Central reserve city
member banks

Reserve
city
member
banks

Country
member
banks

New York

Chicago

4, 932,124
3, 868, 492
506, 557
1, 811, 468
11,118, 641
67,172
339, 655
186, 387
2,966, 229
176, 740

3, 531, 730
3,179, 528
431, 759
1,173, 531
8,316,548
97,085
224, 521
33,038
2,941,079
59, 499

614,082
1,007, 524
100,146
274,795
1,996,547
3,429
21,703
6,217
566, 393
21, 637

5,031,074
3, 961, 604
648,048
1, 608, 981
11,249,707
32,177
338, 620
126, 699
2, 375,822
212, 706

4,369, 359
2,476,565
647,013
2,465, 430
9,958, 367
1,782
387,031
175,921
1, 365, 517
309, 699

19,039
1,029, 421
1, 639, 228
55,979
43,120
2,326
869,169
5,034

10,071
348,004
444,929
14,437
38, 617

2,141
47, 353
45, 279
36
61, 690

3,687
98,986
30, 984
1,350
1,717

3,416
513,835
1,136,042
46,407
3,235

537, 541
2,145

604,989
519

84,082
107

19, 866
717, 251
871, 852
22, 623
15,095
2,326
537, 566
2,953

39,036
943
244,090

19,077
178
114, 262

19,959
765
129, 828

35, 469
660
50, 541

164

3,047

18,401

19, 727

356
283
105,421

46,164,873

29,763, 753

16, 401,120

12,520, 447

2,855, 404

16,598,037

14,190,985

Loans (including overdrafts)
13, 546, 245
United States Government direct obligations
10, 625, 221
Securities fully guaranteed by United States Government- 1, 826, 966
Other securities
5, 522, 737

Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with private banks and American branches of
foreign banks
Demand balances with banks in New York City
Demand balances with other domestic banks
Time balances with other domestic banks
Balances witfe banks in foreign countries
Due from own foreign branches
Cash items in process of collection
Cash items not in process of collection
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
Total assets..

180,073
3,600

LIABILITIES

Demand deposits—Total
28,652,321
Individuals, partnerships, and corporations
__. 19,116, 334
United States Government
752,141
States, counties, and municipalities
2, 236, 537
Banks in United States
5, 614, 646
Banks in foreign countries
366, 265
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
566, 398
Time deposits—Total
11,594,357
Individuals, partnerships, and corporations:
Evidenced by savings pass books
9, 476, 590
Certificates of deposit
739, 211
Open accounts
573,094
Christmas savings and similar accounts
56, 278
Postal savings
89, 588
States, counties, and municipalities
512,129
Banks in United. States
136, 666
Banks in foreign countries
10,801

18,126,236 10,526,085
11,875, 734 7, 240, 600
492,833
259, 308
1, 677, 773
558, 764
3, 637,936 1,976, 710
171,429
194, 836

Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments. _
Due to own foreign branches
Agreements to repurchase securities sold
Bills payable and rediscounts
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks..
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid...
Dividends declared but not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures
Other liabilities
Capital notes and debentures
Capital stock
Surplus
Undivided profits—net
Reserves for contingencies
Retirement fund for preferred stock and capital notes and
debentures

16,075

11, 967

4,108

114

Total liabilities (including capital account)
Net demand deposits
Demand deposits—adjusted1
Number of banks

46,164, 873

29,763,753

16, 401,120

23, 789, 968
20, 512, 559
6,335

14, 590, 379
12, 954, 869
5,250

9,199, 589
7, 557, 690
1,085

1

See footnote 6 on preceding page.




9,801,124
6,429, 246
360, 323
184,819
2,173, 381
326, 642

2,132,384 10,111,519
1, 269, 724 6,454, 763
92, 254
233, 839
169,512
809, 405
576,485 2,461,468
7,173
30, 965
121,079
17, 236
461, 794 4, 619, 406

6,607,294
4, 962, 601
65, 725
1,072, 801
403, 312
1,485

270,531
8, 059, 647

295, 867
3,534,710

326, 713
769,199

6,638, 941
579,300
248, 272
40,086
78, 650
362,080
102, 797
9,521

2,837, 649
159,911
324,822
16,192
10, 938
150,049
33, 869
1,280

408, 228
30, 227
252, 612
2,812

390, 222
20,489
34,197
380

67,034
460
7,826

16, 354
152

19, 811
33, 247
269, 478
115, 561
2,975

40,246, 678
2, 970,498
37, 276,180

26,185,883
2,168, 399
24,017, 484

14, 060, 795
802,099
13, 258, 696

10,570,323
517, 797
10,052, 526

2,594,178
225,102
2, 369,076

14, 730, 925
1, 304,013
13,426,912

12, 351,252
923, 586
11,427, 666

129, 332
4,947
27, 919

112, 598
970
13, 266

16, 734
3,977
14,653

129, 332
4,177
4,593

770
11, 326

39,036
132, 758
12, 473
943
93,062

19,077
67, 425
6,960
178
55, 762

19,959
65, 333
5,513
765
37, 300

35, 469
97,361
7,523
660
21, 749

164
3,252

3,047
30, 765
4,098

9,748

39, 548

356
1,380
404
283
22,017

17, 762
108,116
51, 274
2, 375, 784
2, 020, 279
611, 508
276, 927

8,278
43, 267

9,484
64, 849
51, 274
803, 661
915,888
208, 234
118, 593

7,947
41, 739
558
562, 595
801,030
156,144
75, 903

107
2,676
126, 400
66,145
19, 369
32, 915

7,531
37,125
26, 946
765, 549
615, 284
215, 505
108, 516

2,177
26, 576
23, 770
921, 240
537, 820
220, 490
59, 593

4,428

11, 531

12,520,447

2,855,404

16,598, 037

14,190, 985

9,103, 503
6, 335, 789
37

1, 918, 615
1, 372, 390
13

7,987,114
6, 847, 681
340

4, 780, 736
5, 956, 699
5,945

1, 572,123
1,104, 391
403, 274
158, 334

12,000

3, 766, 281
187, 393
224, 660

101, 370
5, 743, 958
4,911,859
501,102
61,625
33, 275
56, 341
159,263
20,493

360

FEDERAL RESERVE BULLETIN

MAY 1938

EARNINGS AND EXPENSES OF STATE MEMBER BANKS
[In thousands of dollars]
First
half of
1937
Earnings:
Interest and discount on
loans
Interest and dividends on
investments
Interest on balances with
other banks
Collection charges, commissions, fees, etc
Foreign department
Trust department
Service charges on deposit
accounts
Kent received
Other current earnings
Total earnings from current operations
.
Expenses:
Interest on deposits:
Time
Demand
Bank
Total
Salaries—officers
Salaries and wages — emi ployees (other than officers)
Fees paid to directors and
members of executive, discount and advisory committees
Interest and discount on borl rowed money

Second
half of
1937^

Year
1936

87, 428

92, 362

166,448

179, 790

80, 413

76, 824

161, 329

157, 237

132

114

302

246

4,936
2,148
29, 924

First
half of
1937

Year
1937
Expenses (continued):
Real estate taxes
Other taxes
Other expenses
Total current expenses
Net earnings

9,230
4,508
56, 585

6,426
15, 572
2,742

4,784
3,162
31, 402
7,042
15, 876
3,078

229,721

234, 644

447,081

24, 724
1,09'
334

24, 904
616
224

48, 989
1,993
750

Losses and depreciation:
On loans
On investments
49, 628
On banking house, furniture
1,713
and fixtures
All other
558

26,155
23, 393

25, 744
24, 071

51, 732
44, 953

51, 899
47, 464

11, 948
30, 303
6,428

43,916

45, 572

85, 320

1,001

1,066

1,871

159

348

9,720
5,310 Recoveries, profits on securities,
etc.:
61, 326
Recoveries on loans
13, 468
Recoveries on investments..
Profits on securities sold._.
31, 448
All other
5,820
464, 365

TotaL

Total losses and depreciation

Second
half of
1937?

Year
1937

Year
1936

6,101
9,716
48, 726

6,174
8,651
47, 030

12, 409
19, 234
91,916

12, 275
18, 367
95, 756

159,090

158, 467

307, 783

317, 557

70, 631

76,177

139, 298

146, 808

17,146
11,813
19,321
6,623

8,054
4,741
10, 797
6,295

24, 732
39, 664
72, 807
10, 621

25, 200
16, 554
30,118
12, 918

54, 903

29, 887

147, 824

84, 790

16, 794
29, 363

16, 219
26, 460

52, 236
39,471

5,368
10,518

6,904
10, 831

12, 305
31, 363

33, 013
55, 823
12, 272
21, 349

62,043

60, 414

135, 375

122, 457

Net profits
63,491
45, 650 151, 747 109,141
39, 280
40, 286
77, 308
79, 566
i, 488 Cash dividends declared 1 .
Capital funds 2 3 3
2,133, 218 2,133, 644 2,110, 555 2,133, 644
,133,
i,
Number of officers
7, 662
7,837
7,892
7,892
2,067 Number of employees (full and
3
part time)
57, 499 '55, 857
'58, 032
57, 499
3
1,064
1,081
1,051
1,081
241 Number of banks

r
p Preliminary
figures.
Revised.
1 Includes interest on capital notes and debentures.
2
The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc.
3
At end of period.

BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES

The Department of Commerce has published a preliminary summary of the international
transactions of the United States in 1937. The summary is given below in substantially
the same form as that employed by the Department of Commerce.
In millions of dollars
Items

Dollar
receipts

Dollar
payments

Net receipts (+)
or payments (—)

Trade and services:
Merchandise
Freight and shipping
Tourist expenditures
Remittances, contributions, etc
Interest, dividends, etc
Other transactions, adjustments, etc.

3,345
100
155
25
620
317

3,084
210
610
200
275
232

+
+

261
110
455
175
345

+

85

Trade and service transactions

4,562

4,611

-

49

1,632

-1,586
+ 200
- 83

2. Gold and silver:
Gold exports and imports
Gold earmarking operations (net) _
Silver exports and imports
Gold and silver movement _
3. Capital:
Reported long-term capital movement
Reported movement of short-term banking and brokerage funds..
Paper and currency movements
Miscellaneous capital transactions
Capital movement
4. Residual




92

-1,4

+ 52
1
+ 20
9
+
5
+ 807
+ 71
1

MAY

1938

FEDERAL RESERVE BULLETIN

361

ANNUAL REPORT OF THE SWISS NATIONAL BANK
Position of the Swiss franc.—The Swiss
The annual report of the Swiss National
Bank for the year ending December 31, 1937, franc was notably stable throughout the
was presented to the annual meeting of share- year. The enormous receipts of gold resultholders by the President of the Bank, Dr. G. ing from the decline of hoarding, from the
Bachmann, on February 16, 1938. Sections repatriation of Swiss capital and the influx
of foreign funds, was checked at the end of
of the report are given herewith:1
International monetary developments.—In 1936. In the early months of 1937 a temporary
the monetary field primary place belongs to reversal of the flow of capital was brought
the course of events in the London gold mar- about by the withdrawal of German balances
ket, where large quantities of gold coming and the sale of Swiss securities held by Gerfrom Russia (in the first half of April) and man nationals, and, later, by the repatriation
from private hoards (up to the end of May) of French funds for investment in subscripmade their appearance. As these substantial tions to the French national defense loan. In
supplies of gold came on the market at a time April rumors of a revaluation of the dollar
when the increasing production of gold had which might check the business upturn
already excited comment, and when the brought about a stronger demand for foreign
United States—almost the sole buyer—was exchange, which added fuel to the flame of
not obliged under the terms of the tripartite controversy over the reduction of the price of
agreement to hold its gold price unchanged gold on the international market. It was not
for more than twenty-four hours, there arose only a matter of capital movements but also
considerable anxiety as to the ultimate price of payment for imports intended to supply
of gold. The rumor spread that the United future needs. The Bank found it necessary
States was about to reduce its gold price. to make available to the market about 150,This brought about a sharp recession in prices 000,000 francs in foreign exchange. In the
on the stock exchanges and a heavy decline second half of April demands for foreign exin prices on the raw material markets, and change came to an end. Later on, monetary
continued until the American Government developments in France brought about a new
announced that it would maintain its gold inflow of gold into Switzerland. An espepolicy; in other words, that it would con- cially large inflow of capital took place in the
tinue to buy gold at the established price of autumn, and increased the already consider$35 per ounce. Although, in the spring, dis- able holdings in gold and foreign exchange
turbances on the gold market led to a con- of the Bank. Foreign exchange received by
siderable dishoarding of gold, several months the Bank in the second half year exceeded
later there was a new wave of hoarding. The 500,000,000 francs. These movements of
precious metal, which had fallen into disre- capital arose out of the unstable political situpute almost everywhere, was again sought ation abroad, the monetary developments in
as the medium in which values could be most France, and the widespread rumors regardsafely held. The hoarding movement was ing a fresh devaluation of the dollar and the
caused by the instability of the French cur- Belgian franc. To the repatriation of a large
rency, the discussions concerning possible de- volume of Swiss capital, the repayment of
valuation of the United States dollar, and foreign loans was added.
finally by the Sino-Japanese conflict. In spite Gold and foreign exchange reserve.—In
of the resumption of hoarding, the gold prob- spite of the outflow of gold which took place
lem will remain unsolved so long as gold pro- during the early months of 1937 and the deduction continues to increase, and until the liveries of gold abroad as a result of the placeconomic equilibrium which is essential for ing of several foreign loans in the Swiss marnormal functioning of the gold standard is ket, the reserve of gold and foreign exchange
reestablished, together with a better distribu- of the Bank amounted to 3,170,000,000 Swiss
tion of the monetary metal. A prompt stabili- francs at the end of 1937, an increase of
zation of exchange rates would also be in the 408,000,000 francs over 1936. Of this sum,
interest of world economy.
2,679,000,000 francs was in gold (one Swiss
franc equals 215 milligrams of fine gold) and
The report, available in French, contains in addition sections 491,000,000 francs in foreign exchange. To
dealing with the international situation, price indexes, wages, this amount must be added the holdings of the
foreign trade, Government finance, personnel, etc., together with
a number of tables showing the operations of the Bank in detail. Equalization Fund, the greater part of which
For earlier reports see BULLETIN for April 1937, May 1936,
was in gold.
April 1932, 1931, May 1930, April 1929, 1928, etc.
1




362

FEDERAL RESERVE BULLETIN

MAY

1938

tional Bank undertook to make an agreement
with the banks with a view to limiting their
foreign balances. Lengthy negotiations with
the Association of Swiss Banks resulted in a
"gentlemen's agreement" between the National Bank and the banks, designed to reduce
the excessive volume of foreign deposits held
by the banks in Swiss currency and to check
hoarding; the agreement became effective
on November 15, 1937. The administrative
council of the Association of Swiss Banks advised banks and bankers to adhere to the
"gentlemen's agreement" because it felt that
for Switzerland the disadvantages arising
from restriction of the liberty of the banks
in their treatment of foreign deposits were
less than the benefits resulting from the limitation of "hot money." In brief, the "gentlemen's agreement" provides that foreign demand deposits in Swiss francs should bear
no interest and should be converted as soon
as possible into time deposits payable on at
least three months notice; that no new foreign demand deposits should be accepted, but
only such as are subject to the three months'
notice just mentioned. Furthermore, balances which are deposited for a period of
less than six months are subject to an annual
commission of 1 percent. There is no deduction unless they have been on deposit for at
least nine months. Exceptions were provided
in favor of bank accounts so far as they were
in amounts necessary to settle normal business transactions; accounts of commercial
houses so far as they were for purely com"Gentlemen's agreement" on foreign funds. mercial purposes; foreign deposits designed
—It is not desirable that foreign funds should to cover current interest payments, amortizaflow into Switzerland at the present time. tion, or the repayment of credits and loans in
They automatically create a stock of gold and Switzerland; and finally, under certain conforeign exchange which involves a risk so ditions, in favor of holders of a deposit of
long as the classic rules of the gold standard securities. The banks agreed to refuse to
cannot have free play, so long as currencies hold Swiss bank notes deposited for foreign
are not firmly linked to gold and governments account. They required from foreign deposhave recourse to monetary measures to in- itors or holders of safety deposit boxes a decfluence economic progress. Furthermore, the laration showing that they were not placing
presence of foreign demand deposits is unde- Swiss bank notes on deposit or storing them
sirable because their total volume is in excess in their safety deposit boxes.
of Swiss business requirements and because As the "gentlemen's agreement" is applithey seek only a temporary refuge in our cable only to accounts existing since Decemcurrency. They move from place to place ber 1, 1937, the short space of a month could
for relatively greater security; when any not furnish enough data for an appraisal of
doubt arises as to this security, or when its results. It is, however, gratifying to find
better terms are to be found elsewhere, these that the measures for checking the import of
liquid funds leave their refuge as rapidly as unwanted foreign balances have in general
been well received. The effort to bring this
they came.
Because of the continuous rise in its hold- about by direct agreement among the interings of gold and foreign exchange, the Na- ested parties was everywhere greeted with

The influx of gold and foreign exchange
was not caused entirely by capital imports.
It is reasonable to suppose that, in spite of
the large deficit in the balance of foreign
trade, the Swiss balance of revenues for 1937
shows an active balance. The entry of gold
and foreign exchange resulting from a surplus in the balance of revenues differs altogether from that arising out of the inflow of
refugee funds or out of the repatriation of
Swiss capital. By buying and selling gold
and foreign exchange, the National Bank
maintained the gold parity of the Swiss
franc at the value fixed in the instructions of
the Federal Council to the Bank on September 27, 1936. There has been no reason of
an economic character to alter these instructions, or in other words, to raise or lower the
rate of devaluation fixed around 30 percent.
It is important, however, to remember that
the monetary measures of September 27,
1936, did not include the definite establishment of a new parity for the Swiss franc,
for it is possible at any time to change the
rate of devaluation between the legal limits,
namely, 25.944 percent and 34.556 percent.
In order to maintain the stability of the rate
of exchange, the National Bank bought gold
bullion from the banks of issue adhering to
the tripartite agreement. In order to prevent arbitrage operations in gold, the Bank
no longer accepts any gold coins except those
of Switzerland, from either banks or individuals. It no longer buys gold coins of foreign minting.




MAY

1938

FEDERAL RESERVE BULLETIN

satisfaction. The principle that neither the
money nor the capital market nor monetary
policy should any longer be subjected to pressure from foreign refugee capital was highly
approved. It is understandable that some
theoretical and some practical objections
should have been made to the agreement, and
that other methods should have been proposed, for example, putting gold coins into
circulation. Such a measure could not even
be considered, because at present the nominal value of the old gold coins no longer corresponds to their intrinsic value. As to the
minting of new gold coins, that will be impossible until the Swiss franc shall be legally
defined by a fixed weight of gold.
The gold increment.—The so-called gold
increment realized by the National Bank has
attracted much attention. As the increment
is purely a bookkeeping account and not a
commercial profit, the National Bank followed the instructions of the Federal Council
and allocated the increase resulting from the
devaluation of the gold reserve held on September 26, 1936, to the credit of the Exchange Equalization Fund, which belongs to
the Bank.
While certain groups would like to use part
of the gold increment to finance the execution of programs of work creation or similar
projects, the National Bank can affirm that
it has always made its credit freely available
in the service of Swiss economy. It has cooperated with the cantons and communes in
helping them carry out their work creation
programs. When these programs were economically sound the Bank extended its credit
in collaboration with the banks on a large
scale and on favorable terms. The use of the
gold increment for economic purposes, or its
distribution by any means, involves a grave
risk of inflation which, especially in existing
circumstances, ought not to be overlooked. It
is necessary to observe the greatest caution
in utilizing the volume of supplementary
credit represented by the Exchange Equalization Fund—above all, at a time when prices
must be kept as low as possible to enable
Switzerland to hold her own with foreign
competition. There is an essential difference
between the effect on the price level of credits
granted by the National Bank on condition
that they shall be repaid at a fixed maturity,
and the influence of disbursements made
without any such limitation and with funds
arising, so to speak, from nowhere. Every
devaluation holds the possibility of inflation;




363

in raising the price of gold, devaluation
creates new purchasing power out of nothing
and artificially stimulates gold production.
The increase in the value of gold also
broadens the credit base of the bank of issue.
Money market.—The repatriation of Swiss
funds and the influx of foreign capital
further increased the liquidity of the Swiss
money market during 1937. From the end
of 1936 to the end of 1937 demand obligations of the National Bank rose by 352,000,000 francs to a total of 1,716,000,000 francs.
The official rates in force since November 26,
1936—the discount rate at IV2 percent and
the rate for advances on collateral at 21/2
percent—were unchanged. In spite of the
low level of these rates, the National Bank
lost all contact with the market. Demand for
its credit was almost negligible. As stated
before, the Bank gave liberal assistance to
business and semi-public corporations by according them opportunities for rediscount
and loans on collateral. Because of the liquid
position of the banks, its credit has been
drawn upon only on rare occasions; and,
moreover, by standing ready with credit facilities it intervenes more effectively in the
economic situation than its weekly condition
statements indicate.
Under pressure of the abundance of funds,
the private discount rate was reduced from
1*4 percent to 1 percent in the second half
of February and kept at this level until the
end of the year by agreement among the
banks.
Capital market.—One of the first and most
important results of devaluation was the relaxation from which the capital market benefited. First of all, the long-term rate was
sharply reduced. In no other country has
the rate of interest prevailing on the capital
market after the suspension of the gold standard declined so rapidly as in Switzerland; in
England, Sweden, and the United States the
yield of Government securities rose at first
after the adoption of a similar measure. The
yield of the twelve loans of the Confederation and the Swiss Federal Railways, which
serve as the basis for calculating the Swiss
index of security values, declined from 4.58
percent on September 25, 1936, to 3.55 percent at the end of the same year. Then the
decline was checked, and not until June did
a new downward tendency develop. At the
end of 1937 the average yield on these loans
was 3.22 percent. If one considers the nearest
redemption date, the yield of certain loans

364

FEDERAL RESERVE BULLETIN

hardly amounts to 3 percent. It is still
slightly above 2V2 percent for the national
defense loan which is a tax-free, short-term
issue. The events which have occurred on
foreign stock exchanges have had only a passing and hardly perceptible influence on the
Swiss security market. The movement of
rates was constantly subjected to the pressure
of considerable supplies of funds. Not only
did part of the funds available on the money
market overflow into the capital market, but
large sums were released through loan repayments. Thus the Confederation itself
supplied 310,000,000 francs through redemption of loans; it was also able to make available to the market the greater part of the
yield of the national defense loan of 1936, of
which only a small part is needed at the moment. To these funds should be added the
amounts of repatriated Swiss capital which
sought investment in Swiss securities. The
abundance of capital was felt also in the
smaller centers.
Economic recovery.—The economic position of Switzerland has improved since 1936.
Foreign economic relations (foreign trade
and tourist traffic) and the allied branches
of industry showed an encouraging recovery.
On the other hand, the increase in domestic
economic activity resulting from devaluation
—to the extent that this can be ascertained—
in many cases very soon declined. Devaluation was beneficial to economic revival chiefly
because it reduced the difference between
purchasing power in Switzerland and in foreign countries, and lowered the costs of production by restoring the liquidity of the
money and capital markets.
Devaluation, however, was not the only
cause of economic recovery; in many cases
it was not even the fundamental cause. The
improvement in the international economic
situation and the activity of the armaments
industry also gave it a strong impetus.
Switzerland also benefited from the increase
of purchasing power abroad, especially in
the raw material producing countries. The
course of events during the past year demonstrated again how largely the economic situation in Switzerland is dependent upon the
international economic situation. But this
dependence means that we must take into
account the instability of certain factors. The
fact needs to be stressed that the effects of
devaluation cannot be adequately reflected in
statistics—this is even more true perhaps of
its disadvantages than of its advantages—




MAY

1938

and that in many cases these effects do not
show up clearly for a number of years. Because many factors, the effects of which frequently offset one another, combine to determine the character of the economic position
in Switzerland, it is extremely difficult to
determine the part played by devaluation.
Foreign trade.—As might have been expected, the value of our foreign trade was
sharply increased after the change in our
monetary ^ unit. Inasmuch as merchandise
imported into Switzerland since devaluation
cost approximately 42 percent more in Swiss
francs, whereas the price of exports as computed in the same currency usually rose less
than the percentage of currency depreciation,
devaluation brought about a considerable
worsening of our trade balance. This worsening is the more important for the reason
that Switzerland, because of its economic
structure—its dependence on foreign countries in matters of raw materials and foodstuffs—imports more commodities than it
exports.
A fairly large deficit in the trade balance
is not in itself alarming. The essential requirement is that the other items in the balance of payments, such as tourist traffic, revenue from capital invested abroad, income
from services rendered, should make up for
the deficit. Such is probably the case, although there are no absolutely reliable figures
on the subject. As compared with 1936, the
income from tourist traffic has increased, and
the income from capital invested abroad has
also probably risen; in fact, with few exceptions, investments denominated in foreign
currency represent more Swiss francs since
devaluation, and the exchange of payments
with other countries has developed favorably.
But the tourist trade and loans to foreign
countries are far from bringing in so large
an income as before the crisis; moreover, the
trade balance has come to have greater weight
in the balance of payments. We cannot draw
any conclusion from movements of gold and
foreign exchange into and out of Switzerland
as to the Swiss balance of payments, for its
actual position in 1937 was concealed by abnormal capital movements. Statistics showing the value of Swiss foreign trade were
influenced not only by devaluation but also by
the higher level of world prices. The value
both of imports and exports rose in greater
proportion than their volume. As to the
markets for exports of Swiss industry, de-

MAY

365

FEDERAL RESERVE BULLETIN

1938

valuation brought them no essential change; reprisal against the devaluation of the Swiss
but the universal trade barriers are an ob- currency. Only Germany reduced the value
stacle to any reorientation of commerce. It of its quotas, some of them temporarily, so
is natural to give preference to countries that, valued in Swiss francs, the volume of
which have no clearing agreements. In gen- Swiss exports has reached its pre-devaluation
eral, foreign countries took no measures of level.

BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DECEMBER
31, 1937, AND DECEMBER 31, 1936
[In thousands of Swiss francs]
Assets

1937

1936

Swiss and foreign gold coin
Gold bars

573,415
1,459, 731

793, 569
1, 288,844

Total gold in vault
Gold earmarked abroad

2,033,146
646,104

2,082,413
626, 592

2, 679, 250

2, 709,005

i 30,375
6,301
490, 797

i 31,323
5,459
53,405

5,254
1,750
1,946

7,715
9,457
2,345

8,950

Liabilities

1937

1936

1,530,516
1, 602,631
12 474
35,351
71,935
1 244
70
50,000
13,000
5,253
15
1,000
1,000
538, 584
39, 274

1,482,222
1,093,851
183,396
29,878
62,935
847
98
50,000
12, 500
5,253
11
1,000
1,000
538,584
44, 338

3, 902, 347

3, 505,913

19, 517

Total gold.

_

Increment from gold calculation _
Other cash items
Foreign exchange. _ _ _
Swiss portfolio:
Swiss bills
Rescription
Other discounts.

Securities of the Loan Office of the Swiss Confederation
Advances on security:
On call at 10 days' notice
Other
_ _

Total assets

______

_

14, 212
4,216
18, 427

1,235
667
294
25,000
3,000

1,756
781
153
25,000
3,000

538, 584
5,965

538, 584
6,148

3,902, 347

3, 505, 913

_

15 897
2,190

11,409
22, 338

Reserve for printing bank notes __
Exchange Equalization F u n d
Miscellaneous liabilities

46, 768

33, 747

Items for collection
Coupons
_ _____
Interest accrued on securities
Unpaid capital
Bank premises
Furniture and fixtures _ _
Exchange Equalization Fund
Miscellaneous assets

_ _ _
___

_._
_
__

28, 500

30 742
2,337

_

43,648
3,120

34, 804

Government securities
Due from postal check offices
Due from correspondents:
Swiss
Foreign
__ _.

10, 300
34, 764
40

Notes in circulation
_
Giro accounts
Federal accounts
Other deposits
Foreign clearing accounts
Drafts and checks in circulation
Rediscounts.
Capital
Surplus
_ _
Net profits
Dividend unpaid
_
Reserve for uninsured risks

Total liabilities

i From Sept. 28,1936, to Dec. 31,1937, the buying price of a kilogram of fine gold was maintained at 4,869.80 francs, which corresponds to a gold
value of 203 milligrams fine per franc. The difference, resulting from the fact that gold bought at that price since devaluation has been carried on
the condition statement at the price of 4,639.13 francs per kilogram fine, amounted in 1936 to 31,322,819.79 francs, and in 1937 to 30,374,583.80
francs, which is shown on the balance sheet as "Increment from gold calculation."
2
Carried at 1 franc.




366

FEDERAL RESERVE BULLETIN

MAY

1938

ANNUAL REPORT OF THE GERMAN REICHSBANK
The Annual Report of the German Reichs- credits and in higher deposits at the banks.
bank for the year ending December 31, 1937, For short-term investment of the resources
was submitted on March 11, 1938, to the of the money market, in addition to Reich
general meeting of shareholders by the Presi- Treasury bills and trade bills which served
dent of the Bank, Dr. Hjalmar Schacht. The the purposes of the Government, bills of the
main text of the report is given herewith.1
German Gold Discount Bank were in demand
German economy, during the year under in very considerable amount. These latter—
review, reached the highest level of activity which fluctuated especially in connection with
since the end of the war. Production and the great loan issues—reached their highest
turnover, as a result of the economic and figure on April 21 at RM 1,353,000,000, while
financial measures of the Government, at the end of the year they amounted to
especially along the line of work creation, RM 763,000,000.
rearmament, and broadening of the raw ma- Interest rates.—The course of interest rates
terial basis at home, considerably surpassed reflected the easy position of the money marthat of the boom period of 1928-1929. Con- ket. The private discount rate, which in the
struction of plant and equipment continued preceding year temporarily fell below 3 perto be the predominant activity, yet there was cent, declined after the first quarter of 1937
hardly a branch of industry which did not to 2% percent and stood at this level for the
participate both directly and indirectly in the rest of the year. The interest rate for call
increasingly effective revival of the past five money, which only occasionally reached a
years. Now that most of the important monthly average of 3 percent, and the disbranches of industry have reached full pro- count rate for Reich bills and non-interestduction capacity, the anxiety to alleviate un- bearing Reich treasury certificates also conemployment has given place to the necessity tinued their downward movement.
of procuring new supplies of labor, training
Credit policy.—On the balance sheet of the
skilled workers, and introducing labor-saving Reichsbank the investment items—bills, semethods to an increasing extent. Efforts to curities, and loans against collateral—rose
expand foreign trade were likewise success- as a whole by RM 476,000,000 to RM 6,584,ful, so that the raw material position showed 000,000 at the end of December 1937, though
some improvement.
there was a further decline in the proportion
The execution of the great construction represented by securities. The fact that this
program of the Government made it the duty increase is considerably less than that of the
of the Reichsbank to continue to devote all its year before, is—aside from the higher income
energies to harmonizing the provision of the of the Reich—chiefly the result of constant
necessary money and credit with the possi- efforts on the part of the Reichsbank to place
bilities offered by the economic structure, short-term Reich securities with other infinances and the currency. Economic develop- vestment-seeking institutions. The increase
ments in Germany, which were supported by in the note circulation, which at the end of
Government credit, took place under the pro- 1937 had risen by RM 513,000,000 to
tection of a rigorous policy as to prices and RM 5,493,000,000, reflected the greater activity of commodity turnover and the growth of
wages.
Money market.—The money market and employment and income. The aggregate circredit policy of the Reichsbank were in the culation rose during the same period by
main influenced by the type and extent of the RM 533,000,000 to RM 7,478,000,000, and
short-term financing of the great Govern- reached, as did the volume of industrial proment projects. The funds made available duction, the highest level since 1924. Reichsbrought about a further increase in purchas- bank clearing operations? were also at the
ing power on the part of large groups of the highest level since 1924.
population, without prejudicing the market
The fact that in the course of the developfor short- and long-term Government paper. ment of the past five years the German ecoThe abundance of funds in the money market nomic picture has undergone a steady transwas also reflected in further repayments of formation and that the economy as a whole
1
The report, available in German, contains in addition tables has reached full employment, created a difand charts showing the operations of the bank in detail. For ferent situation for the potentialities of the
earlier reports, see BULLETIN for May 1937, 1936, 1935, April
credit supply. The previous deliberate utili1934, May 1933, April 1932, etc.




MAY

1938

FEDERAL RESERVE BULLETIN

zation to the full of public credit, in anticipation of later savings and revenues, was justified by the wish to revive all the human and
material energies lying dormant in past
years. That this remarkable economic success could be achieved without sacrificing the
currency proves the correctness of the financial and economic program, which was able
to bring into employment these unemployed
but employable productive forces. Now that
German economy is operating very near productive capacity, its further expansion must
be continued not with reference to money but
chiefly with reference to commodities. The
currency and financial tasks of the past year
required both that the reduction of the outstanding short-term debt should be accelerated and that new short-term money and
credit should not be created to an extent
greater than the production of marketable
commodities justifies. In order to avoid any
inflationary trend, it became highly important, with industry fully employed, that
short-term credits for public works should
be granted in no greater amount than could
be repaid within a reasonably short time out
of budgetary resources and funded in the
capital market. For the repayment of both
old and new credits the only means available
was and is the new savings by the community.
Capital market.—During the depression
years before 1933, the position of the capital
market became more and more unsatisfactory. During the past year, however, the
market was able to discharge even more fully
the duties assigned to it since 1933. At that
time it was realized that large intermediate
credits could be granted with the aid of the
Reichsbank only if, along with an effective
tax policy, the systematic supervision and
control of the money and capital market were
assured. As has been stated in annual reports of recent years, a number of measures
helped to bring about this control. They
were designed to regulate, foster, and
strengthen the market and its agencies. As
a result of this money and capital market
policy, funding loans of the Reich could be
placed more rapidly and in larger amounts
than in previous years. Longer maturities
were obtainable, without other change in
the terms of loans. The total amount of
funding loans for the three years since the
beginning of 1935, including the 1936 Reich
railway loan of RM 500,000,000, was considerably in excess of RM 8,500,000,000.




367

The success of the loans proves that people
are coming to appreciate more and more how
necessary such funding is, if the burden of
expenditure to be placed on taxable capacity
is not shortly to become excessive.
As to the management of other capital demand, it had to be kept in mind that in connection with the tasks of the four-year plan,
larger capital sums were needed by private
business enterprises along certain lines. The
favorable profit situation in a number of
branches of industry enabled them to finance
themselves to some extent, but many larger
investments or investment expansions could
be made only by recourse to the issue market.
Accordingly, issues of mortgage bonds of the
mortgage banks, as well as industrial issues,
increased during the year. Moreover, private
investors took over larger amounts of shares
of certain great banks, in respect to which the
Reich was breaking off the financial relations
arising out of the support that it had given
them during the crisis. Therefore the period
of financial help by the Government to the
German banking system may be regarded as
at an end.
The general reduction of interest rates
effected in connection with earlier conversions had a releasing and stimulating effect
on all types of long-term credit in public and
private business. Through administrative
measures and in other ways the competent
authorities endeavored to continue the policy
of reducing interest rates, which had been
started in recent years. In particular these
efforts were also taken into account in the
flotation of industrial loans, where a 4!/2 percent rate became more and more the rule.
The declining yield resulting from the advance in quotations of fixed interest-bearing
securities, especially of mortgages, showed
clearly that relief to business from the burden of interest was making further progress.
The loan stock law, originally promulgated
for a period of three years, for the purpose
of limiting the amount of dividends and impounding excess dividends for investment in
public loans, was extended for another three
years from December 9, 1937 (Reichsgesetzblatt I, page 1340). The new law, as well as
the third executive decree of the same date,
fixed the time and method of distribution of
the amounts accumulated at the German
Gold Discount Bank as trustee of the loan
stock. Distribution will be made in the form
of non-interest bearing, tax credit certificates, which, after 1941, will be accepted in

368

FEDERAL RESERVE BULLETIN

MAY

1938

of the agreements on tourist traffic and as to
payment of almost all Government taxes.
A decree of the Reich Government, issued border traffic. The Reichsbank and the other
at the beginning of 1938 on the basis of the competent authorities tried to improve the
law governing loan redemption, clarifies the methods of control in order to meet the need
question of amortization for the so-called of the economic system for simplification so
"new" holders' loans x of the States, com- far as possible. As the past year has shown,
munes, and communal associations. Holders the advantage of being able to use the supply
of the loans were given the choice between of freely disposable foreign exchange for the
immediate payment at the market value and best interests of the national economy offsets
the unfortunately unavoidable disadvantages
payment in 1970 at nominal value.
Gold and foreign exchange.—The gold and arising out of administrative handling of
foreign exchange position of the Reichsbank foreign exchange control. At the same time,
continued to be very unsatisfactory. The the German economic structure has been provolume of foreign trade was considerably tected from foreign influences which might
increased, but the larger receipts of foreign disturb the German currency. Whenever
exchange resulting from exports were offset these results can be achieved with less effort,
by larger imports, of which foodstuffs the Reichsbank will not hesitate to favor the
formed an important part. Moreover, it must greatest possible relaxation of foreign exbe remembered that by far the greatest part change control. But considering the still unof the receipts from foreign trade is not solved problems of currency, indebtedness,
freely disposable foreign exchange but con- and foreign trade throughout the world, and
tinues to be pledged through clearing agree- considering also the international economic
ments of various kinds. Nevertheless, the disturbances to which Germany, in the abconsiderable demand for foreign exchange sence of foreign exchange control would be
arising out of the general increase in produc- even more exposed, the measures of foreign
tion and trade and out of the execution of exchange control must be maintained for the
the four-year plan was satisfactorily met. present.
In any case, serious disturbances of the in- The problem of further increasing the supdustrial economy did not occur.
ply of foreign exchange in order to meet exSince foreign exchange control in previ- isting requirements could, for lack of other
ous years had already been expanded to cover sources, be solved only by way of foreign
the entire field of operations, the competent trade policy. For this policy, the new plan
authorities could confine themselves last year introduced in 1934 continues to be authorito making minor elaborations which had be- tative and necessary; it was this plan, morecome necessary. Following the practice of over, which made it possible to achieve an
recent years, the registration of claims on export surplus in the past three years. In
foreign exchange arising from commerce, spite of the requirements of domestic econservices, and capital movements was pro- omy and in spite of handicaps originating
vided for by the announcement of the board abroad, German exports were increased in
of directors of the Reichsbank on March 31, 1937 by more than 40 percent as compared
1937 (Reichsanzeiger No. 72) ; also registra- with 1934. This means not only expansion
tion of foreign securities was provided for of foreign markets for German products, but
by the tenth executive decree to the law of also a correspondingly better position as reSeptember 16, 1937, on foreign exchange gards German imports of raw materials and
control (Reichsgesetzblatt I, page 1018). foodstuffs.
German foreign trade and the movement
The announcement of the board of directors
of the Reichsbank on October 31, 1936, re- of payments with foreign countries received
garding operations in foreign currencies was a certain stimulus through the improvement
supplemented by the first amendment to this of the various more or less short-term agreedecree (Reichsanzeiger No. 147, June 30, ments, which the world must still employ in
1937) ; the amendments had to do chiefly with place of long-term commercial contracts. The
new regulations as to demands arising out renewal of agreements which had expired,
the supplementary provisions made under
'New" holders' loans (Neubesitzanleihen) were paper-mark
existing agreements, the regular conferences
of Government committees for supervision
favorable than those made ior old holders loans \ Aitbesitzanleihen), acquired before July 1, 1920. [The Execution of the of agreements which had been concluded, and
Experts' Plan, Third Annuity Year, Sept. 1, 1926, to Aug. 31, for the removal of misunderstandings which
1927, p. 66.]




MAY

1938

FEDERAL RESERVE BULLETIN

might arise, the combination of commodity
trade and the thawing of frozen capital
claims with questions of tourist traffic and
debt amortization, constituted an exceedingly
broad, many-sided and difficult sphere of
duties.
The clearing agreements with all their unsatisfactory corollary effects continued to
dominate the situation. By the Franco-German agreement signed on July 10, 1937, regarding trade as well as regarding payments
arising out of trade (Reichsgesetzblatt II,
page 207), a new breach was made in the
rigid clearing system. On the pattern of socalled payment agreements already entered
into with England, Belgium, and several
other countries, all payment operations between Germany and France were again converted to the normal foreign exchange basis,
and were thus freed to a great extent from
the bureaucratic difficulties of the clearing
methods. On the same principle, payment
transfers with New Zealand were regulated
by the agreement of November 9, 1937
(Reichsgesetzblatt II, page 667). German
commercial debts arising out of clearing
agreements and out of special accounts with
foreign countries for domestic payments
(Aski) were reduced by approximately
RM 150,000,000 at the end of the past year to
RM 313,000,000, for the most part through
deliveries of German goods to foreign countries.
The service of the foreign debt was discharged without essential change from the
transfer reductions agreed upon in previous
years and in accordance with the special
agreements concluded with a number of
countries. For the settlement of a series of
credit obligations which had already matured, but for which German debtors were
still having to pay to foreign creditors the
excessive rates of interest originally agreed
upon, the law of May 27, 1937 (Reichsgezetblatt I, page 600), for the regulation of capital maturities payable in foreign countries
was promulgated. This law aimed especially
at a prolongation of the credits in agreement
with creditors and debtors, under conditions
endurable from the foreign exchange point of




369

view and adjusted to the capacity of German
debtors.
The total volume of the so-called standstill obligations—regulated by the annual
credit agreement with foreign creditors—
of German banking firms, commercial and industrial firms declined during the past year
to about RM 900,000,000. The reduction is
again to be ascribed chiefly to German payments in reichsmarks by means of registered
mark accounts. Without essential change
from earlier agreements, the German credit
agreement of 1938, which was concluded in
December 1937, provided for a renewal of the
standstill agreement for another year; and
it was also provided that the agreement
might be extended for an additional period
not exceeding three months if notification is
given to that effect during 1938. The possibility of converting certain types of credits
by way of "commercialization" into regular acceptance credits was provided, in
order to conform mpre nearly with German
foreign trade requirements, as well as to
meet the wishes of foreign banks. The
further maintenance of credit lines granted
by one bank to another, even if they had not
been utilized for some time, was guaranteed.
On the other hand, credit facilities granted to
German industrial and commercial debtors,
which have been unavailed continuously for
at least two years prior to December 31,
1937, may be wholly cancelled. While a reduction of stand-still credits through payments in foreign exchange is barred, German
Gold Discount Bank obligations which represent guarantees originally assumed, and in
respect of which the Gold Discount Bank is
the sole debtor, will be gradually repaid, with
an equitable distribution to all creditors.
Otherwise, payment of the installments due
and payable to foreign bank creditors under
the guarantee of the German Gold Discount
Bank, which were originally provided for,
continue to be suspended.
The credit agreement for German public
debtors was also extended without essential
change for another year, to March 15, 1939.
The amount covered by this agreement was
reduced by the end of the year to approximately RM 27,000,000.

370

FEDERAL RESERVE BULLETIN

M A Y 1938

BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DECEMBER 31, 1937
AND DECEMBER 31, 1936
[In thousands of reichsmarks]
Assets
Gold, not under lien (gold bars, domestic and
foreign coins):
In the cash offices of the bank
With foreign banks of issue

Liabilities

1936

1937

Loans against collateral (lombards), viz.:
Loans against gold and silver (sec. 21, 3 a,
of the bank law)
Loans against securities (sec. 21, 3 b, c, d,
of the bank law)
___
Loans against bills (sec. 21,3 e, of the bank
law)
Loans against goods (sec. 21, 3 f, of the
bank law)
Loans against Treasury bills of the Reich
(sec. 21, 3 g, of the bank law)

66,452

11,230,283
110,958
7,607

8, 996,009
122, 540
35, 393

11,348,848
Credit balances in foreign currencies (of which
the equivalent of 3,132,0001 reichsmarks was
assigned as cover for the notes in circulation).
Foreign notes
Foreign bills and checks__
_
Domestic bills and checks:
Treasury bills of the Reich
Other domestic bills and checks
Silver

40,266
26,186

70,640

Cash:
Reichsbank notes.
Subsidiary e o m . . .
Rentenbank notes

50,306
20,334

Miscellaneous:
Bank notes no longer fit for collection
Postponed claim on the German Government in virtue of sec. 11, 4, of the law of
Aug. 30, 1924, for the liquidation of
Rentenbank notes in circulation
Credit balances with postal check offices..
Investments for pension and unemployment fund
Reichsmark claims on foreign correspondents
Revolving credit to the Reich
Claims against the Reich for sinking-fund
purchases
__
Foreign exchange authorized but not yet
delivered
Other claims
_

21,282
2,570
166,167

14, 518
2,276
94, 498

118, 590
5,847,206

62,290
5, 356, 416
38

1

1

39,467

1

3,395,000 reichsmarks on Dec. 31, 1936.




Total bank note issue
Credit balances of giro and current accounts.
Non-interest bearing deposits
Original capital
Legal reserve fund (including transfers from
net profits of the year)
_
Reserve for pension and unemployment fund.
Reserve for probable losses.

16, 724, 325
1,058,501
27
150,000

13,977,951
1,012,423
27
150,000

83,286
80,000
241, 962

79,277
80,000
241, 962

16, 537
52, 349

14, 327
37,121

1,805

18,846

Reserves for:
Printing of new notes
New buildings

51, 449

Special reserve fund for future payments of
dividends
—

60,907

1,979

40,289

40,280

43,128
316

37,385«
343

11,616

1

146
433

70,082
53,494

70,082
46, 210

169, 338

Net profits for the year less 10 percent assigned? to the legal reserve

142
2,175

154, 599

36,074

36, 036

18,652,689

15,824,004

50

105,789
297,991

Miscellaneous:
Interest on bills due in 1938
Dividends due but not yet paid
Dollar Treasury notes of the Reich to be
redeemed by the Reichsbank
Liabilities in foreign currencies
Unpaid claim of the German Government
—contra account
Other book debts

74,378

30,000

221,344
312, 250
4,594
30,000

93, 758

94, 881

1,126

1,841

70,082
29,251

70,082
13,900

78,892

78, 567

8,111
43,100

7,501

23,062

22,193

120,880
115,040

31,038
111,005

489, 545

Total assets..

1936

9,153,942

60,294
Securities eligible for note cover, purchased
in virtue of sec. 21, par. 4 of the bank law
Other securities owned
Overdue and doubtful claims
Land and buildings
Claims resulting from the settlement with the
Reich

1937

336,128

18, 652, 689 15,824,004

Total liabilities
* Interest on bills due in 1937.

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES




371

372

FEDERAL RESERVE BULLETIN

1938

MAY

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
U. S.
Gov- Other
Bills
Bills
ern- Reserve
disTotal
bank
counted bought ment
securi- credit1
ties

Date

Treasury
Mone- curtary
rency
gold
outstock standing

Currency
in circulation

End of month figures:
1937—Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1938—Jan. 31
Feb. 28
Mar. 31

2,430
2,430
2,525
2,526
2,526
2,526
2,526
2,526
2,526
2,564
2,564
2.564
2,564
2,580

2,465
2,458
2,565
2,585
2,562
2,574
2,577
2,579
2,580
2,606
2,612
2,593
2,590
2,611

11,436
11, 574
11,799
11,990
12,318
12, 446
12, 567
12,741
12,803
12,774
12, 760
12,756
12, 776
12, 795

2,536
2,541
2,543
2,547
2,550
2,572
2,585
2,599
2,609
2,621
2,637
2,655
2,668
2,679

6,399
6,377
6,426
6,462
6,447
6,460
6,524
6,542
6,555
6,561
6,550
6,320
6,334
6,355

Wednesday figures:
1937—May 5
May 12
May 19
May 26

2,526
2,526
2,526
2,526

2,577
2,576
2,565
2,557

11,838
11,882
11,907
11,977

2,547
2,545
2,547
2,546

6,426
6,405

12,027

Member bank
reserve balances
Treasury
Other
Treas- deposits NonFedurywith
memeral
cash
Federal ber de- Reserve
holdExcess
Reserve posits
acings
(estibanks
counts Total
mated)

2,753
2,967
3,144
3,445
3,586
3,720
3,582
3,661
3,631
3,619
3,648
3,594
3,550

194
311
88
73
93
233
139
141
114
121
142
150
180
316

236
288
272
285
301
337
374
472
465
407
388
423
315

253
258
257
255
260
258
257
265
263
261
263
260
257
262

6,695
6,639
6,881
6,915
6,900
6,753
6,751
7,014
6,928
6.962
7,027
7,237
7.248
7, 287

6,399

3,013
3,056
3,079
3,140

97
106
117
80

237
250
261

257
257
256
256

6,943
6,918
6,944

6,487
6,435
6,415
6,394
6,447

3,182
3,254
3,348
3,396
3,445

115
85
250
151
93

255
279
267
324
285

256
255
263
263
260

6,854
6,929
6,808
6,854
6,900

860
931
752
814

2,078
1,398
1,594
918
865
791
773
1,038
1,055
1,169
1,212
1,383
1,415
1,546
887
936
907

June
June
June
June
June

2
9
16
23
30

2,526
2,526
2,526
2,526
2,526

2,573
2,573
2,583
2,562
2,562

12, 220
12, 270
12,318

2,548
2,547
2,548
2,550
2,550

July
July
July
July

7__._.
14....
21....
28...

2,526
2,526
2,526
2,526

2,578
2,585
2,564
2,560

12,376
12,423
12,404
12,433

2,552
2,551
2,553
2,574

6,524
6,457
6,436
6,424

3,511
3,550
3,527
3,576

101
90
184
228

285
275
258
305

258
258
258
258

6,827
6,928
6,858
6,776

875
964
874
813

Aug.
Aug.
Aug.
Aug.

4....
11...
18...
25...

2,526
2,526
2,526
2,526

2,561
2,572
2,565
2,565

12,462
12,497
12, 527
12, 541

2,572
2,573
2,577
2,577

6,468
6,482
6,500
6,495

3,605
3,640
3,672
3,683

253
156
161

320
327
340
356

258
259
258
258

6,681
6,744
6,730

704
740
782
761

2,526
2,526
2,526
2,526
2,526

2,579
2,572
2,598
2,578
2,573

12, 567
12, 604
12,651
12, 694
12,734

2,585
2,587
2,590
2,593
2,596

6,532
6,597
6,554
6,529
6,520

3,719
3,756
3,495
3,537
3,575

156
130
348
193
140

337
314
313
362

256
257
266
266
266

6,731
6,710
6,865
6,977
7,033

750
756
880
1,020
1,062

Sept.
Sept.
Sept.
Sept.
Sept.

1....
8___.
15...
22__.
29—

12,118

Oct.
Oct.
Oct.
Oct.

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

2,526
2,526
2,526
2,526

2,583
2,558
2,565
2,570

12,765
12, 784
12, 793
12, 801

2,596
2,601
2,605
2,607

6,569
6,585
6,546
6,519

3,610
3,634
3,654
3,666

76
83
82
94

421
458
479
485

265
264
264
264

7,003
6,919
6,939
6,951

1,090
992
1,021
1,073

Nov.
Nov.
Nov.
Nov.

3_...
10...
17-.
24 . .

2,526
2,537
2,555
2,564

2,559
2,576
2,590
2,596

12,804
12, 789
12, 789
12,774

2,608
2,611
2,611
2,619

6,565
6,564
6,534
6,554

3,662
3,648
3,633
3,626

111
139
135
113

482
483
503
485

263
262
261

6,889
6,879
6,922
6,949

1,046
1,066
1,100
1,138

Dec.
Dec.
Dec.
Dec.
Dec.

1...
S.15__
22 _.
29..

2,564
2,564
2.564
2,564
2,564

2,603
2,612
2,631
2,658
2,602

12, 774
12,764
12.765
12,765
12,760

2,621
2,623
2,625
2,630
2,634

6,568
6,591
6.596
6,681
6,571

3,627
3,622
3,620
3,625
3,620

177
242
232
153
140

459
446
419
470
413

261
262
270
269
269

6,906
6,836
6,884
6,855
6,983

1,119
1,052
1,057
1,007
1,157

1938—Jan. 5—_
Jan. 12...
Jan. 19...
Jan. 26...

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

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

12, 755
12, 755
12, 755
12, 755

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

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

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

127
115
135
117

404
401
418
393

262
262
264
261

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

1,267
1,386
1,371
1,440

Feb.
Feb.
Feb.
Feb.

2_-_
9___
16..
23...

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

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

12,755
12, 756
12,781
12, 784

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

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

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

143
156
187
155

383
434
454
443

260
259
258
258

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

1,385
1,385
1,364
1,412

Mar.
Mar.
Mar.
Mar.
Mar.

2...
9...
16..
23..
30..

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

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

12, 767
12, 768
12, 778
12, 781
12, 794

2,669
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

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

Apr. 6_._
Apr. 13..
Apr. 20..

2,564
2,564
2,564

2,596
2,602
2,583

12,803
12, 825
12, 841

2,682
2,683
2,688

6,394
6,380
6,361

3,554
3,542
2,164

244
141
1,428

334
317
349

259
258
263

7,296
7,472
7,547

1, 575
1,727
*2,492

i Includes industrial advances.
NOTE.—For description offiguresin 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 1936 (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.J352.
•Reserve requirements reduced by approximately 13%% effective April 16.




373

FEDEEAL KESERVE BULLETIN

M A Y 1938

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures

End of month

1938
Apr. 20

Apr. 13

Apr. 6

1937

1938

Mar. 30 Mar. 23 Mar. 16 Mar. 9

Mar.

Feb.

Mar.

ASSETS

Gold certificates on hand and due from U. S.
Treasury
10,642,413 9, 245,002 9, 222,003 9, 212, 708 9, 197, 203 9,188, 6029,178, 6019, 212, 708 1,173,602 8, 844, 400
I
,
9,
Redemption fund—F. R. notes
8,860
9,140
9,309
11,375
9,140
9,874
9,600
9,874
9,874
9,104
Other cash
452, 812 452,036 444, 855 473, 506 477, 843 478,179 471, 610 467,018 453, 853 285,028
Total reserves..

9,140, 803
11,104,085 9, 706,178 9, 675, 998 9, 696,088 9, 684, 920 9, 676, 3819, 659, 3159, 689, 6009, 636, 764

Bills discounted:
For member banks
For nonmember banks, etc..

9,540

12,040

9,523

12, 924

11,340

12, 040

9,523

550

Total bills bought..

11, 340

9,540

Total bills discounted..
Bills bought:
Payable in dollars
Payable in foreign currencies..

12, 924

550

17, 056

13, 300

10,048

11, 807
200

13, 300

10, 048

12, 007

550

265
3,082

550

550

Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Treasury bills

8,419
8,419

,149

16,887

550

542

542

542

550

3,347

16, 952

17,177

17,314

17, 259

17, 357

17,176

22, 338

677, 831 785, 588 779, 539 733, 320 732, 320 723, 595 702, 683 749,093 714, 683 636, 890
1,179,171 1,160, 691 1,165, 691 1,165,691 1,165, 691 1,164,191 1,185,103 1,165, 6911,175,103 1, 218, 843
707,013 617,736 618, 785 665,004 666,004 676, 229 676, 229 665,004 674, 229 574,494

Total government securities..
Other Reserve bank credit

2,564,015 2,564,015 2, 564,015 2, 564,015 2, 564,01 2, 564,015 2, 564,015 I, 579, 788 2,564,015
I,
5,430, 227
!,
!
,
2.
-7,922
-156
-1,829 - 9 , 680
18,316
3,395 -7,019
1,015
3,517
7,825
2,458, 239
Total Reserve bank credit outstanding.__ 2, 583, 239 2, 602, 201 2, 596, 252 2, 586, 763 2, 592, 409 2,608, 2812, 593, 850 2, 610, 658 2, 590, 243
LIABILITIES

F. R. notes in actual circulation

4,120,798 4,136, 806 4,158,154 4,121, 705 4,119, 858 4,124, 888 4,134,017. 4,142,186 4,139,017 4,174, 231

Deposits:
Member bank—reserve accounts..
U . S . Treasurer—general account..
Foreign bank
Other deposits

,
7, 547, 076 7. 472,143 7, 296, 340 7,
,311, 529 7, 333,0507, 328,137
1,427,718 140,874 244,166 292,237 269,586 263, 623
135, 486 118,010 122,005 117,228 113,661 103,356
213, 212 198, 604 212,038 198,121 198, 646 222,136

Total deposits.

,
310, 761 7, 286,524 7, 247, 546 6, 639,
7,
310,950
180,851 315,714 179,838 ~'~
71,405
117, 260 121,961 125, 769
272,052 193,159 296, 963 164,149

7,
I, 323, 492 7, 929, 631 7, 874, 549 7, 919,115 7, 914,9437, 917, 25S7, 880,924 7,917, 358 850,116 7,185, 584

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

82.6

80.4

80.5

•0.5

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]

Total
Bills discounted:
Mar 30
April 6
April 13
April 20
Bills bought in open market:
Mar 30
April 6
April 13
April 20
Industrial advances:
Mar. 30
April 6
April 13
April 20
U. S. Government securities:
Mar. 30
April 6
.
._
April 13
April 20




12,040
11, 340
12, 924
9,540

year
days
Within 16 to 30 31 to 60 61 to 90 91to 6 6 months 1 to
to
15 days
days
days
days
months 1 year 2 years

550

525
365
412
280

445
507
430
589

299
429
466
547

220

10,289
9,703
11,274
7,830

255

2 years
to
5 years

75

39
27
25
11

297

297
224
178

17,177
16, 952
16, 887
17, 056

1,777
1,563
1,510
1,669

64
192
274
153

343
502
462
570

640

552
545
496

1,717
1,776
2,026
1,930

3,312
3,255
3,227
3,584

6,723
6,790
6,741
6,684

2,601
2,322
2,102
1,970

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

56, 482
63, 623
72,472
76, 209

72,472
72, 939
82,166
113, 610

183, 568
192, 321
175,878
321, 701

292,688
287, 451
282, 846
225,169

238,499
181,156
178,079
144,029

123, 851
123,851
123,851
126, 351

349, 714
349, 714
349,714
366, 694

574, 647
574, 647
574,651
573, 569

156

253
170
75

443
309
317
283

550
550
550

_._

Over
5 years

672,094
718, 313
724,358
616, 683

374

FEDERAL RESERVE BULLETIN

1938

MAY

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

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Min-

St.
neaplanta Chicago Louis olis

Kansas
City

Dallas

San
Francisco

ASSETS

Gold certificates on hand and due
from U. S. Treasury:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Redemption fund—Federal Reserve notes:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Other cash:
Mar. 30
..
Apr. 6
Apr. 13
Apr. 20
Total reserves:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Bills discounted:
Secured by U. S. Government
obligations direct or fully
guaranteed:
Mar. 30
Apr. 6
Apr. 13_._
Apr. 20
Other bills discounted:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Total bills discounted:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Bills bought in open market:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Industrial advances:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
U. S. Government securities:
Bonds:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Treasury notes:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Treasury bills:
Mar. 30
Apr. 6
Apr. 13
Apr. 20




9, 212,708 481, 498 3, 984, 256 469,743 625,070 269, 618 220,985 628, 067 261, 672176, 747 251, 932 164,996
,
t
9,222,,
003 503,917 3,900, 810 487, 890 646,410 2T6, 277 224^ 328 1, 648, 047
, ,
,
410 273^ 2
258,956 170, 878 254,855 167',881
;
, ,
4 3, 854,
9, 245,002,
494, 9143 854 4483 499, 909 678, 828 263,026 222; 667 1, 675, 257, 898 171, 607 256, 250 166,472
i,
!
,
099
10, 642413 562 580 4, 511, 302 547, 306 720,165 292, 250 247, 561 1,953, 871 780 207,071 290, 991 203, 481
642,413 562, 580
307,
207,
'
,
9,874
9,140
9,140
8,860

471
412
412
374

473, 506
444,855
452,036
452, 812

48, 057
46,904
46, 657
45,094

1,714
1,417
1,417
1,256

113,153
107,493
112, 583
112,132

924
822
822
759

607
504
504
450

581
554
554
723

35, 226
30,094
29, 872
32, 605

43, 699
43, 426
40, 283
42,310

28, 781
27, 798
29,372
30, 289

1,246
1,152
1,152
1,126

610
505
505
445

631
605
605

733
914
914

404
368
368
360

457
438
438
430

19, 235 73, 261 15, 698 10,026 30, 272 13, 847
16, 767 69, 435 14,195 9,139 28, 628 12, 965
16, 842 69, 798 14, 891 8, 991 29,097 13, 717
17, 328 67, 294 14, 903 9,269 29,122 13, 535
9, 696,088 530,026 4,099,123 505,893 669, 376 298,980 241, 466 1,701, 938 278. 187, 506 282, 608 179,
1,300
9, 675, 998 551, 233 4,009, 720 518, 806 690,340 "'
180,931
181, 284
9,706,178 541,983 3, 968, 483 530, 603 719, 615 292, 952 240, 661
181, 512 285, 715 " \ 627
180,
11,104,085 608,048 4, 624, 690 580, 670 762, 925 323, 262 266,015 2,021 \ 610 323^ 217, 249 320, 473 217, 446

678,124
684, 754
703,849
798,055
1,496
1,449
1,449
1,434

42, 251
38,011
39, 933
38, 931
721, 871
724, 214
745, 231
838,420

8,174
7,741
9,730
6,472

807
622
2,162
781

2,484
2,482
2,173
2,332

1,427
1, 743
1,541
1,112

738
742
794
535

713
493
762
686

439
41
448
338

950
550
1,255
200

111
111
111
111

359
252
122

3:
37
67
72

180
185
165
183

3,!
3,599
3,194
3,068

220
140
152
158

264
452
377
321

713
730
714
719

231
225
239
195

258
239
271
346

1,187
808
493
414

26
27
15
15

40
40
40
40

334
347
303
295

254
272
239
211

278
269
301
312

12,040 1,027
762
11, 340
12,924 2,314
9,540
939

2,748
2,934
2,550
2,653

2,140
2,473
2,255
1,831

1,033
730

971
732
1,033
1,032

1,626
1,225
941
752

976
577
1,270
215

151
151
151
151

622
706
555
417

291
309
306
283

458
454
466
495

550
550
550
550

41
41
41
41

215
215
215
215

56
56
56
56

51
51
51
51

24
24
24
24

19
19
19
19

3
3
3
3

16
16
16
16

16
16
16
16

39
39
39

17,177
16, 952
16, 887
17, 056

2, 609
2,607
2,615
2,495

4,320
4,306
4,287
4,636

3,275
3,227
3,214
3,166

944
850
850
845

1,790
1,743
1,741
1,738

122
121
121
119

1,347
1,337
1,305
1,301

733,320
779, 539
785, 588
677, 831

53, 837
56, 234
56, 670
48, 897

211, 516
226, 763
228, 523
197,177

60, 521
64,007
64, 504
55, 656

38,'
42, 558
42,888
37,006

30, 734
33,874
34,136
29, 454

1,165, 691
1,165, 691
1,160, 691
1,179,171

85, 581
84,091
83, 731
85,063

336, 227
339,091
337, 636
343, 012

48, 821
44, 637
44, 561
51, 002

191,811
180,001
179, 696
205, 666

61, 965
63, 639
63, 366
64, 374
65, 628 35, 350
59, 338 33, 782
59, 238 33, 725
67,
38, 599

48, 856
50, 654
50, 438
51, 240

665, 004
618, 785
617, 736
707,013

96, 205
95, 713
95, 302
96, 820
54, 884
50, 808
50, 722
58, 052

72, 370
74, 754
75, 334
65, 000
115,040
111,785
111,305
113,078

27, 871
26,r~~
26, 842
30, 722

154
160
160
160

555
54'
545
551

467
461
45'
456

912
911
910
907

80, 765 32, 742
36, 246
84,943 36, 528
73, 292 31, 5r

23, 809
26, 869
27, 077
23, 363

37, 782
37, 891
38,18.r
32, 947

28, 534
29, 577
29, 806
25, 718

128, 384
126, 043
125, 502
127, 500

52, 045
54, 202
53,"
54, 829

37, 846
40,178
40,006
40, 643

45, 357 98,126
44, 228 99, 408
44,039
44, 740 100, 557

73, 241
66, 907
66,794
76,44"

29, 691
28, 772
28, 723
32, 874

21, 591
21, 328
21, 292
24, 369

60,059
56, 659
56, 416
57, 315
34, 262
30,077
30,026
34,365

682
682
682
682

25, 876
23,478
23, 438
26,825

61, 728
66,477
66, 994
57, 804

55, 978
52, 769
52, 679
60,293

MAY

FEDERAL RESERVE

1938

375

BULLETIN

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

Total

Boston

New
York

AtSt.
lanta Chicago Louis

Richmond

de!
pdh1a

Minneapolis

Dallas

Kansas
City

San
Francisco

ASSETS—Continued
Total U. S. Government securities:
Mar. 30
Apr. 6
... .
Apr. 13
Apr. 20
Total bills and securities:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Due from foreign banks:
Mar. 30...;.
Apr. 6
Apr. 13
Apr, 20
Federal Reserve notes of other
banks:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Uncollected items:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Bank premises:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
All other assets:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Total assets:
Mar. 30
Apr. 6
Apr. 13
Apr. 20

211,
210, 528
210, 528
210, 528

2, 564,015 188, 239
2,564,015 184, 962
2, 564,015 184,962
2, 564,015 184!
:,962

739,554
745, 855
745,855
'45, 855

2,
2,
2,
2,

746, 837 217,081
753, 310 216,284
752, 907 216| 053
753, 359 215, 581

593, 782 191,916
592, 857 188, 372
594, 376 189,
1,932
591,161 188, 437

253,038
245, 877
245, 877
245, 877

36,297
39, 979
39,979
.39, 979

255,002 139,
247,745 142,
247, 811 142,
247, 503 142,

082
478
777
773

107,461
111,416
111,416
111,416

282, 390 114, 478
277, 239 119, 220
277, 239 119, 220
277, 239 119, 220

83, 246 132,103
88, 375 124, 627
88, 375 124, 627
88, 375 124, 627

99,767
97, 283
97, 283
97, 283

215, 832
218, 654
218,654
218, 654

109, 228
112, 781
112,497
112, 306

284, 116 114, 786
278, 566 119, 534
279, 259 119, 534
278, 204 119, 534

83, 864 133,208 100, 986
88, 974 125, 810 98, 519
88, 972 125, 655 98, 515
88, 970 125, 516 98, 489

217, 676
220, 484
220, 464
220, 489

170
169
170
170

12
12
12
12

65
65
65
65

17
17
17
17

20,138
19, 683
16, 632
19,952

550
490
437
569

4,047
2,855
3, 914

782
760
835

1,066
955
1,085
1,331

502,834
520, 270
663,496
578, 264

53, 076
51, 599
60,391
56, 223

129,871
127, 366
206,649
148, 683

40, 564
41,019
50, 561
48,153

45,184
51,079
58, 682
57, 488

9,940
9,923
9, 923
9,923

4,794
4,794
4,794

4,794

6,177
6,177
6,177
6,177

2,680
2, 680
2,680
2,680

4,110
4,345
5,464
4,186

4,707
4,978
5,061
4,858

2,633
2,811
2,895
2,736

2
2
2
2

2
2
2
2

5
5
5
5

5
5
5
5

12
12
12
12

,
3,095 1 236
3,264 2,159
2,192 1 219
,
2,679 1 418
,

1,252
966
962
1,351

1,036
1,685
1,274
1,256

445
529
463
516

2,581
2,616
1,405
1,845

22, 490
23, 859
27 870
24, 955

13,711
13, 589
16, 759
16, 566

26,039
27, 204
28, 989
28, 058

20, 258
21, 396
25, 602
22, 898

26, 279
28,025
30, 813
29, 536

2,108
2,108
2,108
2,106

4,569 2,330
4,558 2 329
4,558 2 329
4,558 2 329

1,497
1,495
1,506
1,506

3,142
3,136
3,136
3,136

1 293
,
1 288
,
1 288
,
1 288
,

3,320
3,320
3,320
3,320

1,949
2, 032 j
1,9351

4,001
4,221
4,318
4,083

1 676
1 882
1 917
1 808

1,488
1,637
1,680
1,592

2,052
1,980
2,018
1,948

1 557
,
1 647
,
1 648
,
1 571
,

3,668
3,993
4,061

16
15
16
16

44,
44,
44,
44,

83'
795
806
804

2,987
2,987
2,987
2,98:

42,
45,
47,
44,

940
831
978
400

2,678
2,824
2,;""'
2,724

12, 900, 789
12, 899, 603
13,073, 636
14.382,'""

'81, 245
!45
797, 517
"~;,637
859, 000
"""

12,
13,
13,
13,

669
564
989
092

6
6
6
6
2,176
782
1,718
41,
42,
50,
47,

473
639
360
863

1,872
1,917
2,064
1,820
19,283
20, 981
24, 289
22, 738

21
21
21
21

64, 606
71, 514
82, 531
75,103

3,867

',
5. 002, 552 773,241 981, 528 48'' 031375, 6641 2,062, 346420 5 1 289, 320 448,090 303, 844 975, 407
2
,
4, 916, 803 786, 02; 1, 001, 289 493;'31 381, 989 2,080,131 423 521 287, 594 443, 671 304, 668 982, 664
4,955,930 808;
1,038,447 492, 453 383, 657 2,118, 281426 265 291, 393 446, 792 308, 148 1,005, 306
\
521, 039 406.
• 1,926 2, 386, 258
5, 554,181 854, 481 1, 080, 298
473 323 327, 236 480, 392 342, 213 1, 097, 489

LIABILITIES

Federal Reserve notes in actual cir- I
culation:
I
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Deposits:
Member bank—reserve account:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
U. S. Treasurer—general account:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Foreign bank:
!
Mar. 30
Apr. 6
Apr. 13
Apr. 20




4, 121, 705 300, 459
4. 158,154 309^ 769
',
4, 136,806 309,
1,638
4, 120, 798 311, 738

7,311,529
7,296,340
7,472,143
7,547,076

375,
393,
386,
413,

224 31,
:

475, 091369, 96'

582 149,
599 150,
742 149,
226 148,

666
463
501
570

463, 99' 213, 875 181,411

962, 252 177 011 136,046 164, 240
966, 999 178, 380 137, 733 166, 449
962, 463 177 599 136, 674 164, 611
962, 802 177 079 136, 931 165, 364

78, 800 328, 082
79,878 333,653
78, 343 330,493
78, 589 328, 566

942, 861 191 124 119,908 238,105 178, 813

385,
986 3, 358, 788 """i,203 481, 179 230, 054 190, 246 967 952 195 267 118, 587 232, 313 179 473
003 3, 442, 991394, 034 516,004 221,941 187, 661 1,001 758 196 689 119,311 236, 242 182, 816
973 3, 509, 803 404; 9 9 9 509, 499 208, 511 168, 351 1,074 058 200 327 110,136 224, 841 169,668
" •
,

292,237 15,110
244,166 3,739
140,874 4,038
1,427,718 42, 909
117, 228
122,005
118,010
135,486

910, 304 309,893 410, 370 194,
917, 692 310,136 412, 403 194,
910, 950 310,
0,941 411,851 193,
903, 230 307. 366 409, 337 191,
'7,

8,449
8,715
8,492
9, 745

173, 556
186, 975
90, 395
652, 865

5,603
4,389
4,511
45, 900

14, 833
6,697
2,269
51, 150

42, 005
44, 421
42, 406
48, 732

11, 501
11, 862
11, 559
13, 263

10, 797
11,135
10,851
12, 451

29, 348 7 230 4,645 5,219
12, 478 6,616
2,998 1,302
14 771 3 307 2,970 1,520
4,748 2,726
10 410 3,475 3,986 2,775
49, 569 46, 683 208 938 49,374 48,025 44, 982
5,046
5,205
5,072
5,820

4,107
4,236
4,128
4,73'

13 965
14 403
14 036
16 106

3 521 2,699
3 631 2,784
3 539 2,713
4 060 3,113

3,403
3,510
3,420
3,925

561,153
563, 292
586, 693
552, 910

6 584
5 443
2 744
50,096

11,015
10,055
8,797
137, 227

3 403
3 510
3 420
3 925

8,332
8,593
8,374
9,609

376

FEDERAL RESERVE BULLETIN

MAY

1938

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

Total

New
York

Philadelphia

Cleveland

Richmond

Atlanta

MinSt.
Chicago Louis neapolis

Kansas
City

Dallas

San
Francisco

LIABILITIES—C on tinu ed

Other deposits:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Total deposits:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Deferred availability items:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Capital paid in:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Surplus (section 7):
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Surplus (section 13b):
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Reserve for contingencies:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
All other liabilities:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Total liabilities:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Contingent liability on bills purchased for foreign correspondents:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Commitments to make industrial
advances:
Mar. 30
Apr. 6
Apr. 13
Apr. 20




152, 541
163,780
149, 841
167, 432

1,230
1,416
4,404
1,603

2,118
2,357
2,500
2,555

1,350
1,227
1,270
1,343

7,'
7,196
5,383
5,287

3,094
3,247
3,107
2,975

366
222
183
478

2,691
2,517
2,255
2,034

14, 031
13, 527
13, 272
12, 578

r
,219 194, 252 987,524 209, 283 130, 346 247,
7, 919,115 403, 356 3, 843,193 ,8, 301 493, 526 236,
,093 191,491
7,874, 549 411, 605 3, 753, 964 402, 870 506,194 242,458
998, 353 209, 401 127,, 588 237, 190, 943
',565
'
7,929, 631 403, 847 3, 725, 633 414, 508 536,517 235, 443 197' 015 , 027, 209, 086 129,117 242, 620 191, 235
474
9, 323,492 472, 247 4, 378, 832 465, 765 580, 552 267, 755 222, 326 1, 300^445 259,048 164, 249 274, 226 225, 723
267,

594, 531
595,467
617,136
712,324

198,121
212,038
198, 604
213, 212

4,573
5,165
5,314
5,620

3,1
7,183
7,393
7,452

4,820
4,201
3,682
3,855

510,023
517,044
655,841
586,356

53,171
51,900
60,925
50,625

127, 773
124,177
198,160
150,439

42, 320
39,982
48,962
48,361

45, 211
50,279
57,433
57, 560

41,133
41, 601
48,159
46,851

18, 791
20,419
24,158
22,966

67, 426
69, 677
83,186
77, 651

23, 610
25,135
28,951
26,486

13,471
12, 753
16,139
16, 558

26, 496
29,479
29, 355
30,470

22, 423
22, 731
27,416
26,680

28,198
28,911
32,997
31, 709

133, 302
133, 298
133, 495
133,489

9,406
9,405
9,405
9,405

12,278
12, 278
12, 278
12, 269

13,149
13,149
13, 358
13, 357

4,949
4,949
4,949
4,949

4,452
4,451
4,451
4,451

13,095
13,095
13,080
13,080

3,896
3,897
3,897
3,897

2,902
2,902
2,903
2,903

4,146
4,146
4,145
4,145

3,934
3,934
3,938

10.146
10.147
10,149
10,149

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

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

50.944
50.945
50.946
50,946
51, 943
51,943
51,943
51, 943

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

14,323
14, 323
14,323
14, 323

4,964
4, f ~
4,964
4,964

5,626
' 5,626
5,626
5,626

22,387
22,387
22, 387
22,38"

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

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

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

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

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

27, 683

2,874
2,874

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

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

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

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

730
730
730
730

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

545
545
545
545

1,001
1,001
1,001
1,001

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

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

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

32, 950
32, 950
32,950
32,915

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

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

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

3,177
3,177
3,177
3,177

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

1,603
1,603
1,603
1,603

7,257
7,257
7,257
7,229

1,215
1,215
1,215
1,215

1,929
1,929
1,929
1,922

934
934
934
934

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

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

8,272
8,186
9,491
10, 364

631
616
600
763

2,441
2,128
2,344
2,837

572
882
1,761
843

765
757
781

374
350
386
484

544
556
573
654

976
934
1,005
1,235

294
281
305
386

472
535
477
519

426
343
372
498

253
244
282
34J

524
560
605
815

27, 683 2,874
27, 683 2,874
27,

•"

,
12, 900, 789781, 245 5,002, 552 773, 241 981, 528 487,031
664 2, 062, 346 420,521289, 320 448, 090 303, 844 975, 407
,
12, 899, 603797, 517 4, 916, 803 786,
i,025 1, 001, 289493, 731
493,
, 2, 080,131
423, 521 287, 594 443,
1,671 304, 668 982, 664
989
13,073, 636 ,,637 4, 955, 930 808,
1,327 1,038, 447 492, 453 383, 657 2,118, 281426, 265 291, 393 446, 792 308,148 1,005, 306
, ,
,
14, 382, 836859, 000 5, 554,181 854, 481 1,080, 298 521, 039 406, 9262 386 258 473 323 327, 236 480, 342, 213 1,097, 489
2, 386, 258 473, 323
22
118
188
396

330
523
1,103
13,110
12,920
12, 98f
12,825

1,483
1,475
1,473
1,44"

9
32
51
108

4,251
4,186
4,191
4,055

121
121
121
121

23
37
78

131
1,509
1,507
1,507
1,51"

1,542
1,541
1,536
1,507

279
179
181
181

485
489
489
489

302
300
295
295

268
268
268
268

2,829
2,813
2,882
2,905

377

FEDERAL RESERVE BULLETIN

1938

MAY

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO APRIL 20, 1938
[Amounts in thousands of dollars]

Date (last Wednesday of
each month)

Applications
received to date,
net

Number
1934—Dec. 2 6 . .
1935—June 2 6 . .
Dec. 313 _
1936—June 2 4 . .
Dec. 30...
1937—Jan. 27—
Feb. 24 ..
Mar. 31 _
Apr. 28__
M a y 26..
June 30 .
July 28...
Aug. 25 .
Sept. 29..
Oct. 27 _.
N o v . 24 .
Dec. 2 9 . .
1938—Jan. 26 . .
Feb. 23..
M a r . 30..
Apr. 20*..

5,053
6,618
7,615
8,158
8,379
8,427
8,483
8,510
8,524
8,546
8,554
8,572
8,593
8,606
8,677
8,711
8,766
8,906

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

Amount Number
187, 696
263,482
306, 708
331, 391
342,699
342, 999
343,904
346,911
348,342
349,288
351,420
352,024
352,666
354,426
354,872
359, 706
363, 292
364, 487
367,754
373, 519
376, 779

1,122
1,815
2,176
2,394
2,500
2,506
2,517
2,543
2,563
2,577
2,587
2,590
2,598
2,610
2,618
2,624
2,640
2,660
2,683
2,717
2,751

Applications approved to date by Federal Reserve banks (with and
without conditions)
Expired,
Federal Federal
repaid,
Reserve Reserve Approved or withbank
bank
commit- but not drawn by
advances ments
comapplipleted1
outcant,
outstanding standing
etc.
Amount

Financing institution
participations
outstanding*

Total

Number

Amount
54, 531
102, 331
132, 460
142, 811
149,204
149, 527
149, 711
150, 561
152,724
153, 720
154,960
155,023
155,514
155,902
156,413
156,533
158, 743
159, 370
160,603
162, 648
165, 564

984
1,646
1,993
2,183
2,280
2,287
2,297
2,323
2,336
2,353
2,361
2,367
2,373
2,381
2,386
2,392
2,406
2,419
2,433
2,464
2,491

49, 634
88, 778
124, 493
133, 343
139,829
140,213
140, 515
141,545
144,564
145,228
145, 758
145,887
146, 457
146,724
147,295
148,208
150, 987
151, 587
152, 543
154, 918
156, 736

8,225
20, 579
27, 649
24,454
20,959
20,238
19, 523
18,611
17,528
17,188
16, 331
15,726
15,179
14,880
14, 488
13,316
12, 780
13, 388
13,078
13,110
12, 825

13, 589
27, 518
32, 493
30, 487
25, 533
24, 781
24, 208
23,054
23,904
23,196
23,014
22,462
21,752
21,395
20,875
20,616
20, 200
19, 861
19,659
19,366
19, 439

20, 966
11,248
11, 548
9,381
8,226
7,697
7,709
7,898
9,045
8,462
1,470
1,098
1,151
'537
899
1,382
3,369
1,563
2,059
3,419
4,364

5,558
24, 900
44,025
61, 422
77,903
80,500
82,163
85,215

1,296
4,533
8,778
7,599
7,208
6,997
6,912
6,767
7,281
7,114
7,275
7,330
7,236
7,304
7,227
7,145
7,238
7,773
7,755
7,825
7,750

97,668
99,271
101,139
'102, 608
103,806
105,749
107, 400
109,002
109,992
111, 198
112, 358

1
2

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
$11,356,807 on April 20, 1938.
3
Tuesday.
* April 27, not yet available.
NOTE.—On April 20, 1938, there were 115 applications amounting to $6,015,300 under consideration by the Industrial Advisory Committees
and rthe Federal Reserve banks.
Revised.

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:
Mar. 30
Apr. 6
_
Apr. 13
_
Apr. 20
Held by Federal Reserve bank:
Mar. 30
Apr. 6
_
Apr. 13....
Apr. 20
In actual circulation::
Mar. 30
Apr. 6
Apr. 13__._
Apr. 20
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Mar. 30
Apr. 6
Apr. 13.._
Apr. 20
Eligible paper:
Mar. 30
Apr. 6
Apr. 13.. _ .
Apr. 20
U. S. Government securities:
Mar. 30
.1
_
Apr. 6
Apr. 13
Apr. 20
_ _ _
Total collateral:
M a r . 30
Apr. 6
_ _
Apr. 13
Apr. 20

Boston

436,672 337, 012
453, 791 335, 932
443, 518 ~"\837
337;
435, 562 346,021
314,967
295, 637
306, 712
314, 764

New
York

1,005,153
1,016, 863
1,010, 624
1,004, 912

36, 553
26,163
28,199
34, 283

121, 705 300,
1,459
158,154 309, 769
136,806 309,
120, 798 311, 738

94, 849
99*171
99, 674
101, 682

Philadelphia

975
702
2,255

Atlanta

326, 424 438, 321 204, 289 167, 285
330, 842 436,022 204,101 166, 797
328, 743 434, 576 203,959 166,150
326, 506 434,139 202, 678 165,176
16, 531
20, 706
17, 802
19,140

27, 951 9,707 17,619
23, 619 9,502 16,334
22, 725 10,217 16, 649
24, 802 11, 452 16, 606

149,i
910, 304 309, 893 410, 370 194, 582
!,403
917, 692 ~"~ '"' ' ~ '"" 194,599 150, 463
310,136 412,
,851
910, 950 310,941 411. 193, 742 149,501
903, 230 307,366 409, 337 191, 226 148, 570

501,632 341,000 1,015,000 337, 000
,015,
489, 632 341,000 1,015,000 337,000
487, 632 341, " • , 015,000 337,000
527, 632 356, 000 1,015,000 337, 000
10, 741
10, 223
11,7!"
8,472

Cleve- Richmond
land

2,690
2,877
2,482
2,588

1,657
2,035
1,798
1,405

441, 000 205,000
441,000 205,000
'""
438, 000 205, 000
438, 000 205,000
760
768
834
570

912
672
973
972

15,000
25,000
25, 000
527, 373 341, 975 1,017, 690 338, 657 441, 760 205, 912
L, 017
524,855 341, 702 ,017, 877 339, 035 441, 768 205, 672
,
1
524, 412 343, 255 ., 017, 482 338, 798 438, 834 205,973
1
536,104 356,880 1 017, 588 338,405 438, 570 205,972
L,

162,000
159,000
159,000
169, 000
1,
1,000
709
520

Chicago

MinneapSt.
Louis olis

987, 241 189, 673
990^ 904 190, 339
,
988, 602 189,308
189,444
987,
24, 989
23,905
•26,139
24, 484
962,
966,
962,
962,

252
999
463
802

855 376,818
139, 908
141, 813 176,028 89, 894 374, 256
»,434 89,116 377,140
142,029
141, 583 175, 259 88,479 174,079

662
959
709
365

3,862 10, 453 11, 055 48, 736
4,080 9,579 10,016 40,603
5,355 10, 823 10, 773 46, 647
4,652
9,890 45, 513

177, 011
178, 380
177. 599
177, 079

;,082
136,046 164, 240 78, 800 328, (
137, 733 166, 449 79, 878 333,653
c
136, 674 164, 611 78, 343 330, 493
136, 931 165, 364 78, 589 328,566

12,
11,
11,
12,

111
111
111
111

500
500
500
500

177,000
177,000
177,000
177, 000

500
500
500
500

404, 000
404,000
404,000
404,000

61
50
50
42

1, 000,000 191, 632 136,
1,000,000 191,632 127,
1,000,000 191, 632 128,
1,000,000 191, 632 143,
976
572
1,265
210

KanSan
sas Dallas FranCity
cisco

611
694
553
406

273
295
291
280

446
447
459

773
795
791
780

404, 446
404, 447
404, 459
404,

10, 000
10,000
10, 000

5,000
15,000
15, 000

173,
170,000
169, 709
169,520

1, 000, 976 191, 743 141, 561
1.000, 572 191, 743 142, 550
' , 143,
1.001, 265 191.. 743 550
1,000,210 191.,743 143,542

177, 611
77, 694
',553
177,
177,406

91,
91,
91,
91,

» Includes Federal Reserve notes held by the^United States Treasury or by a Federal Reserve bank other than the issuing bank.




378

FEDERAL RESERVE BULLETIN

M A Y 1938

RESERVE POSITION OF MEMBER BANKS,
MARCH, 1938

MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS

[Averages of daily figures. In millions of dollars]

[Averages of daily figures. In millions of dollars]

Classes of banks
and districts

Gross Net
Time
dedemand mand
dede- ] posits
deposits posits

Reserves with
Federal Reserve
banks

All
member 1
banks

Excess

Required Held

All member b a n k s . _ 28, 465

23, 664

11, 555

5,802

7,326

1,524

Central reserve city banks:
New York
9. 728
Chicago
2,105

9,085
1,900

757
461

2,407
522

3,039

631
52

955
859
169
136
1,002
838
1,316 1,073
608
468
581
431
842
1, 116
545
703
256
334
616
891
402
601
1,843 1,489

109
165
249
737
204
172
510
173
93
154
121
1,914

178
37
182
259
106
96
199
119
57
132
88
413

263
49
223
330
142
108
245
144
66
171
104
505

Reserve city banks:
Boston district
New York district
Philadelphia district. _
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district- —
Kansas City district.-Dallas district
San Francisco district.
Total

10, 120

Country banks:
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district-..
Kansas City district __
Dallas district
San Francisco district_
Total

7, 956 4 6
,

574

2,349

580
924
416
396
321
307
539
226
187
278
330
218
6,512

564
1,412
874
663
334
211
653
232
275
157
97
266

115
214
111
95
65
56
115

140
296
145
128
83
78
173
59
58
68
79
57

25
82
34
33
18
22
58
14
15
20
27
11

4,723

5,737

1,006

1, 365

359

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 page 389, for percentages of deposits required to be held as reserves.

Total reserves held:
1937—February
March 2
April 2
May
June
July
August
September
October
November
December
1938—January
February
March
Week ending (Friday):
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Excess reserves:
1937—February
March 2
April 2
May
June
July
August
September
October
November
December
1938—January
February
March
Week ending (Friday):
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks*

6,747
6,704
6,824
6,932
6,878
6,845
6,701
6,854
6,954
6,919
6,879
7,183
7,230
7,326

2,812
2,652
2,739
2,684
2,669
2,652
2,522
2,672
2,767
2,720
2,657
2,856
2,906
3,039

546
533
563
589
603
581
.68
576
f81
588
599
604
598
574

2,128
2,203
2,201
2,272
2,230
2,252
2,248
2,232
2,240
2,246
2,272
2,345
2,350
2,349

1,261
1,315
1,321
1,386
1,377
1,360
1,362
1,375
1,366
1,365
1,352
1,378
1,377
1,365

7,253
7,309
7,359
7,364
7,316
7,306
7,442

2,930
2,950
3,016
3,147
3,125
3,062
3,063

584
586
584
566
547
526

2,356
2,388
2,378
2,312
2,305
2,342
2,360

1,383
1,385
1,381
1,339
1,339
1,377
1,412

2,152
1,371
1,552
927
876
876
750
900
1,043
1,104
1,071
1,353
1,406
1,524

401
530
203
176
199
108
235
354
373
305
461
499
631

128
54
101
51
70
52
34
43
59
69
80
86
78
52

651
488
490
316
289
301
287
289
307
333
366
451
468
481

505
428
431
357
341
324
321
333
323
328
319
355
361
359

1,438
1,482
1,523
1,591
1,564
1,579
1,666

520
534
592
755
730
671
678

64
58
53
45
48
46

513
503
454
449
485
499

372
376
375
336
337
377
412

1 Weekly figures of excess reserves of all member banks and of country
banks are estimates.
2
Reserve requirements increased March 1, 1937, and May 1,1937: and
decreased April 16,1938; see table at foot of page 389 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
(places over 15,000)

Federal Reserve district

Gross demand

Time

Gross demand

Time

Feb.

Mar.

1,702
Boston
11,081
New York
1,546
Philadelphia.-- .._ .
1,857
Cleveland
1,066
Richmond . . .
___ _. _
1,037
Atlanta
3,971
Chicago
- -. .
_--_-1,023
St. Louis
613
Minneapolis _
. _ _ ._
1,315
Kansas City
1,096
Dallas
San Francisco
_ 2,159

1,718
11,078
1,576
1,877
1,078
1,018
4,000
1,036
606
1,326
1,114
2,199

673

672

2,333
1,123
1,400
538
383
1,624
405
368
311

2,335
1,122
1,402
537
382
1,627
404
368
313

218

216

821

829

174

173

2,180

2,169

2,045

2,083

2,083

__- 28, 465

28, 626

11, 555

11, 548

14,167

14, 304

7,878

Mar.

Total

Feb.

Member banks in smaller centers
(places under 15,000)

Gross demand

ill member banks

Mar.

Feb.

Mar.

1,592
1,605
547
546
1 1,092 1 1,121 1 1,085 1 1,082
672
1,369
1,340
671
1,660
1,643
1,108
1,109
894
903
350
349
884
865
300
300
1 1, 574 1 1, 575
1 892
1894
834
843
293
291
438
446
180
180
1,012
1,003
195
198

1 Excluding central reserve city banks, for which figures for latest month are shown in table above.




Feb.

Mar.

Feb.

Time
Mar.

Feb.

110

113

126

261
206
214
173
153
293
189
167
312

271
207
217
175
152
292
193
168
314

491
451
292
188
83
271
112
188
116

2,071

275
113

285
116

44
97

126
492
451
293
188
82
272
113
188
115
43
98

7,865

2,465

2,504

2,459

2,460

MAY

379

FEDERAL RESERVE BULLETIN

1938

KINDS OF CURRENCY IN CIRCULATION
[Outside Treasury and Federal Reserve banks.

E n d of m o n t h

Gold
certificates

Total

Silver
dollars

Silver
certificates

In millions of dollars]

Treasury
notes
of 1890

Subsidiary
silver

Minor
coin

Federal Federal
Reserve Reserve
bank
notes
notes

United
States
notes

National
bank
notes

1937—January...
February..
March
April
May
June
July
August
September.
October
November.
December.

6,349
6,399
6,377
6,426
6,462
6,447
6,460
6, 524
6,542
6,555
6,561
6,550

1,012
1,022
1,022
1,039
1,062
1,078
1,088
1,115
1,127
1,129
1,144
1,137

329
329
333
335
338
341
341
345
348
349
352
350

140
140
141
142
143
144
144
146
147
147
148
148

276
288
287
291
289
281
286
286
284
285
284
283

4,118
4,155
4,139
4,171
4,189
4,169
4,175
4,213
4.222
4,238
4,232
4,237

300
294
287
281
275
269
263
258
253
248
243
239

1938—January...
February..
March

6,320
6,334
6,355

1,085
1,097
1,125

339
338
338

145
144
144

264
267
263

4,099
4, 104
4,106

234
231
227

Back figures.—See Annual Report for 1936 (table 36.)

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Paper currency

Total
in circula
tioni

Coin

June
July
August
September
October
November
December.

6.349
6,399
6,377
- . 6,426
6 462
6,447
6,460
6,524
6.542
6 555
6,561
6,550

506
506
511
514
518
523
523
529
534
535
540
537

472
475
476
482
489
487
488
498
503
502
504
505

33
33
33
33
33
34
33
33
33
33
33
33

864
874
869
883
893
885
894
907
908
909
912
905

1,500
1,519
1,519
1,542
1,558
1,539
1,550
1,574
1,574
1,576
1,574
1,560

1,458
1,464
1,451
1,468
1,466
1,458
1, 454
1,466
1,467
1,474
1,480
1,475

1,525
1,538
1,520
1,507
1,507
1,526
1,520
1,520
1,527
1,531
1,525
1,542

393
395
386
381
380
384
381
382
382
384
381
387

702
706
696
687
689
699
697
698
702
704
701
710

135
135
136
137
136
138
137
137
138
138
136
139

269
273
275
277
278
283
283
283
285
286
287
288

8
9
9
9
8
8
7
7
7
6
5
6

18
19
18
17
17
14
15
14
14
13
14
12

9
10
2
3
4
5
2
4
4
5
6
7

1938—January .
February
March

.... 6,320
6,334
6,355

522
520
521

474
473
473

31
32
31

856
863
860

1,482
1,489
1,487

1,424
1,421
1,412

1,532
1,538
1,573

382
382
385

705
708
718

138
138
144

288
291
300

7
9

12
13
18

1
2
3

E n d of m o n t h

1937—January
February.,.
March
April
May

_. .
.

$50 and over
$2

$1

$5

$10

$20

Total

$50

$100

$l,C00

$500

$5,000 $10,000

Unassorted*

i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
1
1ncludes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures.—See Annual Report for 1936 (table 37).

TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation.
millions of dollars]

Silver
dollars
End of month

Total

and
silver
bul-1
lion

Subsidiary
silver

Federal
Minor United Recoin States serve
notes bank
notes

In

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
[By selected banks in New York City.

National
bank
notes

Year or month

2,532
2,536
2,541
2,543
2.547
2,550
2,572
2, 585
2,599
2,609
2,621
2,637

1,332
1,343
I 355
1. 365
1.375
1.382
1,409
1.424
1,441
1,455
1,468
1,486

356
356
357
357
358
359
361
363
364
367
370
372

148
149
149
150
150
151
151
152
153
154
155
156

347
347
347
347
347
34/
347
347
347
347
347
347

1932. .
1933 .
1934 .
1935._
1936..
305 1937..
298
291 1937—March
284
April
278
May
272
June
266
July
262
August
257
September..
251
October . . . .
247
November..
242
December..

1938—January.... 2,655
February^.. 2,668
March
2,679

1,509
1,526
1, 540

373
373
374

156
156
157

347
347
347

237 1938—January...
February.
233
March
230

1937—January...

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

1
Includes silver held against silver certificates amounting to $1,468,000,000 on March 31, 1938 and $1,220,000,000 on M a r c h 31, 1937.




In thousands of dollars]

Shipments to
Europe

Receipts
from
Europe

567
554
345
10, 628
34. 774
21, 500

83,838
91,059
40,587
19, 966
26, 216
47, 550

1,434
909
7,000
809
877
1,946
781
336
69

3,728
3,023
1,865
1,972
2,586
2,839
2,271
4,531
13, 326
5,947

189
28
1,212

Net
shipments

4,6.58
3,824
2,728

Back figures.—See Annual Report for 1936 (table 39).
Description.—See BULLETIN for J a n u a r y 1932, p p . 7-8

Net
receipts
83, 271
90, 505
40, 242
9,338

8, 558

~26,~650
2,760
1,589
956
5,028

1,777
1,962
325
3, 750
12, 990
5,878
4,469
3,796
1,516

380

FEDERAL RESERVE BULLETIN

ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
DoIncrease
Net mesin
Net release tic
total
from gold
gold
gold import ear- promark duc[nactive stock
tion
account

19341
1935
1936
1937

8,238
10,125
11, 258
12, 760

1936—April
May

SeptemberOctober
November..
December _
_

10, 225
10, 402
10, 608
10, 648
10, 716
10, 845
11,045
11,184
11, 258

~"~26~5

41.0
176.7
206.6
39.2
68.4
129.0
199.7
139. 6
73.3

1937—January
February . . .
March
April
May
June
July
August
September. _
October
November. _
December. _.

11, 358
11,436
11, 574
11, 799
11,990
12, 318
12, 446
12, 567
12, 741
12, 803
12, 774
12, 760

126.5
204.7
342.5
568.0
759.1
1,086.8
1,214.1
1,335. 7
1, 210. 0
1, 271. 9
1, 242. 5
1, 227. 9

100.1
78.2
137.9
225.6
191.1
327.8
127.3
121.6
174.3
62.0
-29.3
-14.0

July
August

1938—January
February ___
March.

[In thousands of dollars]

Gold stock at
end of year
or month
Total

12, 756
12, 776
12, 795

4,202. 5 1,133.9
82.6
1,887. 2 1,739.0
.2
26.5 1,132. 5 1,116.6 - 8 5 . 9
1, 227.9 1, 502. 5 1, 585. 5 - 2 0 0 . 4

^96.0
110.7
131.6
143.1

-.2
-3.2
-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.7

9.6
10.4
10.0
12.8
13.1
12.1
13.8
11.8
10.9

121.3 - 4 8 . 3
120.3
-8.0
154.3
-.4
215.8
7.2
155.4
26.2
262.0
-15.9
175.4 - 3 5 . 5
104.8
-5.3
145.5
9.3
90.5
-8.0
22.1 - 2 0 . 1
18.0 -101.6

9.5
8.2
10.8
9.1
12.3
11.2
12.6
16.8
12.1
14.8
13.8
11.8

1, 223. 2
1, 200. 6
1,183.0

1938

MOVEMENT OF GOLD TO lANDFROM
UNITED STATES

[In millions of dollars]

Year or month

MAY

28.1
170.0
277.8
15.4
67.5
171.8
218.8
75.8
57.0

2.1
8.0
52.9

-4.6
20.7
18.5

-1.1
-18.2
—.6

10.9
9.9
^9.0

1938

From or to—

Imports
Belgium
France
Germany
Netherlands
Switzerland
Union of Soviet
Socialist Republics
United Kingdom
Canada
Central America
Mexico
Argentina
Bolivia
Chile
Colombia

Ecuador
Peru
Venezuela
Australia
British India
China and Hong
Kong
Japan
Philippine Islands
2

All other countries . _
Total

Exports

4,220
39

31, 395
721
340
2,773

Imports

Imports

Exports

4,220
80

15

5
15

31
587
2,102
126
276
36
458
2,979

1
693
329
883

162

8,211

5,000

34
5
223

57
1,904
4,207
467
707
125
3,426
4,022
4,484
5,246
455

1 330
189
20

Exports

31, 398
2,063
930
4,521

12
1

262
2,105
167
280
14
1, 943

4,484
2 240
139
52, 947

Jan.-Mar.

February

March

174

68, 313

5,262

c
i Figures represent customs valuations which, with some exceptions,
p Preliminary.
Corrected
Figures based on rate of $20.67 a fine ounce in J a n u a r y 1934 and $35 are at rate of $35 a fine ounce.
2
a fine ounce thereafter.
Includes all movements of unreported origin or destination.
NOTE.—Figures for domestic production of gold are those published
Back figures.—See table p . 409, and Annual Report for 1936 (tables
in table, p . 409, adjusted to exclude production in Philippines.
Adjust- 32 and 33).
ment based on annual figures reported by Director of M i n t and monthly
imports of gold to IT. S. from Philippines. For back figures, other than
those of domestic gold production, see Annual Report for 1936 (table 30.)
1

BANK SUSPENSIONS1
Member
banks
Total,
all
banks

N u m b e r of banks suspended:
1934
1935
1936 .
1937
.
_. .
1938—Jan.-Mar
Deposits of suspended banks
(in thousands of dollars) : 3
1934
1935
1936
_ _
1937
1938—Jan.-Mar.

National

Nonmember
banks

State

InNot
sured 2 insured

Number
of

1
4
1
4
1

36, 937
10, 015
11, 306
19, 723
5,478

40
5,313
507
7,379
36

2

1,708

8
22
40
47
15

48
8
3
6
4

1,912
3,763
10, 207
10,156
4,621

34, 985
939
592
480
821

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.
Backfigures.—SeeAnnual Report for 1936 (table 71).

New York City

Outside New York City
Federal Reserve districts:
Boston
New Y o r k .
...
Philadelphia
Cleveland
R i c h m o n d . __ _.

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

1938

1937

Mar.

Feb.

1
140

14, 746
17, 363

10, 915
14, 623

20,398
21, 605

11
7
10
13
7
15
21
5
9
15
10
18

1,739
15, 423
1,523
1,603
664
892
4,615
847
536
999
689
2,579

1,444
11, 504
1,265
1,386
561
773
3,710
741
461
858
621
2,215

2,226
21,131
2,096
2,148
763
972
6,011
1,037
616
1,174
733
3,096

141

32,109

25, 538

42, 003

centers
57
34
44
59
20

1 Represents licensed banks suspended; does not include nonlicensed
banks placed in liquidation or receivership.
2
3 Federal deposit insurance became operative J a n u a r y 1, 1934.




BANK DEBITS
[Debits to individual accounts. Amounts in millions of dollars]

Backfigures.—SeeAnnual Report for 1936 (table 67)

Mar.

MAY

381

FEDERAL RESERVE BULLETIN

1938

ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of 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 which figures are
available.

NUMBER OF BANKS

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS2
Nonmember
banks

Member banks
Call date

Total
Total

National

[In millions of dollars]

Member banks

Other
Mutual nonState savings member
banks
banks

All
banks

Call date

Nonmember banks

Total

National

State

Mutual
savings
banks

Other
nonmember banks

1933—June 30
Dec. 30

14, 519
15,011

5,606
6,011

4,897
5,154

709
857

576
579

8,337
8,421

37,998
1933—June 30
Dec. 3 0 — 38, 505

23,338
23, 771

14, 772
15,386

8,566
8,385

9,713
9,708

4,946
5,026

1934—Mar. 5 1
June 30
Dec. 31

15,835
16,039

6,206
6,375
6,442

5,288
5,417
5,462

918
958
980

578
579

8,882
9,018

1934—Mar. 5 1 . .
June 30— 41,870
Dec. 31 _ 44, 770

25, 293
26,615
28, 943

16, 203
17,097
18, 519

9,090
9,518
10, 424

9,780
9,828

5,475
6,000

1935—Mar. 4
June 29
Nov. 1_
Dec. 31

_ 16,024
15,994
15, 904
15,837

6,422
6,410
6,400
6,387

5,446
5,425
5,403
5,386

976
985
997
1,001

579
571
571
570

9,023
9,013
8,933
8,880

1935—Mar. 4
June 29_ __
Nov. 1
Dec. 31___

44,455
45, 766
47, 522
48,964

28, 589
29, 496
31,072
32,159

18, 502
19,031
20,128
20,886

10,087
10,465
10, 944
11,273

9,837
9,920
9,936
9,963

6,029
6,350
6,513
6,842

15,808
15,752
15,628

6,377
6,400
6,376

5,375
5,368
5,325

1,002
1,032
1,051

569
566
565

8,862
8,786
8,687

1936—Mar. 4_... 48, 716
June 30-__ 51.335
Dec. 31— 53, 701

31, 774
34,098
35,893

20, 605
21,986
23,107

11,169
12,112
12, 786

9,972
10,060
10,143

6,970
7,176
7,666

15, 569
15, 527
15, 393

6,367
6,357
6,341
6,335

5,305
5,293
5,260
5,2£0

1,062
1,064
1,081
1,085

565
564
563

8,637
8,606
8,489

1937—Mar. 3 1 — 52, 577
June 30 8. _ 53,287
52, 440
Dec. 31
1938—Mar. 7 i . _

34, 746
35, 440
34,810
34,118

22,
22,
22,
22,

12,390
12, 514
12,155
11, 854

10,157
10, 213
10, 257

7,674
7, 635
7,373

1936—Mar. 4

Jurffe 30

_

Dec. 31
1937—Mar. 31
June 30 3
Dec. 31
1938—Mar. 7 !

For footnotes see table below.

355
926
655
264

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks

Member banks

All banks

Mutual savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments

Total

Loans

Investments

Other nonmember banks
Total

Loans

Investments

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

42, 502
43, 458

21,278
20,473

21, 224
22,984

26,548
27,175
28,150

12,706
12, 523
12,028

13, 842
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

43,747
44,416
45,008
45, 717

20,394
20,272
20,140
20,329

23,353
24,145
24,868
25, 388

28,271
28, 785
29,301
29,985

11,953
11,928
11,841
12,175

16,318
16,857
17,460
17,810

9,775
9,852
9,854
9,804

5,478
5,341
5,302
5,210

4,297
4,511
4,552
4,594

5,701
5,779
5,853
5,927

2,963
3,003
2,997
2,944

2,738
2,777
2,856
2,983

1936—Mar. 4

46,115
48,458
49, 524

20,267
20,679
21,449

25,847
27,778
28,075

30,288
32,259
33,000

12,099
12, 542
13,360

18,189
19,717
19, 640

9,795
9,961
10,060

5,202
5,105
5,027

4,592
4,856
5,034

6,032
6,238
6,464

2,966
3,032
3,062

3,066
3,206
3,402

1937—Mar. 31
June 30 3
Dec. 31
1938—Mar 7 i

49,138
49, 696
48, 566

21,790
22, 514
22,198

27,348
27,182
26, 368

32,525
32, 739
31, 752
31, 521

13,699
14, 285
13,958
13, 546

18,826
18,454
17, 794
17,975

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

1933—Juno 30
Dec. 30

_

1934—Mar. 5 1
June 30
Dec. 31 _
1935—Mar. 4
June 29
Nov. 1
Dec. 31

.
__

June 30
Dec. 31

1
Nonmember bankfiguresnot available.
* Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. The nonmember bankfiguresinclude interbank deposits to the extent (estimated as $150,000,000 on June 30, 1937) that they are not
shown separately in a few State bank abstracts.
3
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 1936 (tables 48-49).




382

FEDERAL RESERVE BULLETIN

M A Y 1938

ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)

Total
loans
and
investments

Call date

Total

Open-market loans

Purchased paper
To
Re- OtherbroTo
port- wise Loans
kers others Real
to
seing
outbanks Acon
side securi- estate banks' cured
ceptComand
loans own
New
ances Bills meraccept unseYork ties
pay- paycial
ances cured
able
City i
able in abroad paper
United
bought
States

Investments
U.S. Government obligations

Loans
to
broOther
kers in Total
securiNew
Fully ties
York
Direct guarCityi
anteed

TOTAL—ALL MEMBER BANKS

35, 934 23,193
24, 786 11,337
28,150 10, 509
29, 985 10, 548
30,288 10, 460
33,000 11, 628
32, 525 11,862
32, 739 12, 369
31, 752 12, 638
31, 521 12, 287

1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
Dec. 31
1937—Mar. 31
June 30
Dec. 31
1938—Mar. 7

7,685
3,752
3,110
2,893
2,832
2,785
2,816
2,829
2,752
2,665

3,191
2,372
2,273
2,284
2,301
2,405
2,440
2,505
2,547
2,556

11, 515
192 4,857
232 4,708
169 5,006
156 4,960
131 6,041
128 6,220
113 6,663
130 6.996
119 6,745

714
330
155
98
82
85
99
115
70
96

212
291
256
181
164
161
170
131
126
102

2,145
1,044
820
793
792
753
790
824
733
727

803
165
187
196
211
266
258
258
212
203

169
157
139
140
148
144
142
149
141
140

2,595
120
937
164 1,024
107 1,096
99 1,112
65 1,527
69 1,600
65 1,776
74 1,811
65 1,741

322
162
63
42
29
42
51
62
29
60

128
224
210
158
141
136
119
98
112
90

291 1,660 9,784 3,863
87
788 11,928 6,887
232
843 16,122 9,906
989
272 1,047 17,810 10, 501 1,768
280 1,089 18,189 10, 564 1,880
324 1,144 19,640 11,639 1,906
386 1,159 18,826 10,856 1,861
377 1,278 18,454 10, 870 1,819
364
738 17. 794 10, 574 1,797
368
675 17, 975 10, 625 1,827

5,921
5,041
5,227
5,541
5,745
6,095
6,108
5,765
5,422
5,523

NEW YORK CITY 3
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
Dec. 31
1937—Mar. 31
June 30
Dec. 31
1938—Mar. 7

4,964
2,297
2,202
2,196
2,215
2,567
2,676
2,890
2,817
2,721

1,757
1,287
1,581
1,868
1,946
2,100
1,868
1,969
1,901
1,997

_

8,774
7,133
7,761
8,418
8,802
9,280
9,101
9,006
8,313
8, 317

1,330
589
435
455
456
613
629
651
615
593

240
48
29
28
32
50
52
50
41
39

533
251
170
149
148
140
155
145
129
113

12,029
8,492
10,028
10, 780
10, 655
11, 795
11,611
11, 629
11, 414
11, 250

8,418
4,258
4,024
4,144
4,071
4,582
4,618
4,739
4,996
4,836

425
63
90
96
101
123
114
114
97
100

2,775
1,340
1,124
1,057
1,027
1,048
1,039
1,032
1,066
1,020

1,538
1,131
1,090
1,094
1,096
1,124
1,135
1,164
1,176
1,173

3, 79
1,678
1,671
1,851
1,805
2,231
2,276
2,389
2,610
2,498

13, 375
7,873
8,780
8,919
8,885
9,825
9,945
10,134
10,124
9,958

8,481
4,194
3,849
3,754
3,716
3,866
3,940
4,089
4,210
4,138

2,231
1,117
996
894
865
843
833
828
824
804

1,462
1,055
1,026
1,035
1,043
1,123
1,150
1,179
1,219
1,233

705
2,005
1,810
1,810
1,791
1,881
1,937
2,062
2,149
2,083

2,091
3,709
4,602
4,985
5,355
5,425
5,140
4,730
4,640
4,785

1,112
2,551
3,246
3,425
3,602
3,739
3,356
3,176
3,207
3,180

278
401
505
470
473
454
388
432

979
1,158
1,078
1,159
1,248
1,217
1,311
1,100
1,045
1,174

309
610
1,049
1,392
1,470
1,467
1,220
1,295
1,266
1,382

1,202
720
662
1,018
1,043
1,095
1,105
1,219
703
647

116
384
743
1,061
1,131
1,107
853
907
916
1,008

78
88
89
94
94
94
94
100

193
226
220
243
250
266
273
294
255
275

2,944
4,011
5,715
6,432
6,375
7,000
6,725
6,635
6,211
6,219

1,368
2,483
3,809
4,076
3,958
4,426
4,250
4,267
3,961
3,962

279
656
656
697
669
635
637
648

1,576
1,528
1,628
1,701
1,761
1,877
1,805
1,733
1,612
1,609

4,439
3,598
4,756
5,002
4,989
5,747
5,741
5,794
5,677
5,589

1,267
1,469
2,108
1,940
1,873
2,368
2,397
2,520
2,490
2,477

355
623
630
645
626
635
678
647

3,172
2,129
2,293
2,439
2,486
2,734
2,719
2,639
2,510
2,465

CITY OF CHICAGO »

1929—Dec. 31
1933—June 302
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
Dec. 31
1937—Mar. 31
June 30
Dec. 31
1938—Mar. 7

55

237
202
249
251
402
407
437
426
423

RESERVE CITY
BANKS

1929—Dec. 31
1933—June 30 «
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
__
Dec. 31
1937—Mar. 31
June 30
Dec. 31
1938—Mar. 7

258
99
55
34
31
23
29
34
27
25

102
38
108
120
120
131
154
145
132
134

45
105
21
30
36
38
44
26
18

COUNTRY BANKS

1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
Dec. 31
1937—Mar. 31
June 30_
Dec. 31
1938—Mar. 7

_

1

Loans (secured by stocks and bonds) to brokers and dealers in securities.
* Beginning June 30, 1933,figuresrelate to licensed banks only.
« Central reserve city banks.
Backfigures.—SeeAnnual Report for 1936 (table 53).




163
27
92
135
145
178
216
211
208
208

208
10
50
13

MAY

383

FEDERAL RESERVE BULLETIN

1938

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
Cash
items
ReCerti- IndiBal- report- Interbank
serves
vidfied
with Cash ances ed as
uals,
and
Unitwith
in
Fedpartoffiin
ed
doP u b - cers'
eral vault mes- procnerDolic
ReFor- States
tic 1 ofess
col- mes- eign Gov- funds checks ships,
serve
corcash
ernbanks lectic
banks
b a n k s ment
letters poration« banks
tions,
of
credit» etc.

Call date

Time deposits
Interbank
IndividDeuals, Bormand
deposPos- Pub- part- rowner- ings
its ad- Dotal
lic
justed4 mes- For- sav- funds ships,
eign
cortic banks ings
poraDanks
tions,
etc.

TOTAL—ALL MEMBER BANKS

1929—Dec. 31
1933—June 30 6
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
Dec. 31
1937—Mar. 31
June 30
Dec. 31
1938—Mar. 7

2,374
2,235
4,082
5,573
5,784
6,572
6,613
6,897
7,005
7,249

558
405
609
665
624
697
662
629
589
604

2,168
2,008
3,149
3,776
3,970
4,066
3,445
3,207
3.414
3,561

3,896
1,485
1,903
2,255
1,718
2,533
1,974
2,201
2, 259
1,407

3,517
3,057
4,569
5,696
6,148
6,402
5,752
5,298
5,436
5,615

544
145
147
444
394
432
458
615
453
366

143
806
1,636
844
600
882
415
628
781
752

1,335
1,087
1,799
2,139
2,173
2,329
2,564
2,577
2,132
2,237

1,681
657
838
882
779
881
677
752
767
566

17, 526
11, 830
14,951
18,035
17,927
20, 970
20,085
20,272
19. 747
19,116

16,647
12,089
15,686
18, 801
19,161
21, 647
21, 352
21,401
20, 387
20, 513

95
89
134
151
152
153
153
123
129
137

154
1
7
5
5
6
6
14
11
11

122
788
452
218
167
104
97
100
95
90

595
300
294
361
344
296
269
292
482
512

12,267
7,803
9,020
9,680
9,784
10, 429
10, 639
10,818
10.806
10, 845

879
191
13
6
11
15
18
16
12
28

827
846
1,576
2,541
2,493
2,658
2,719
2,749
2,738
2,941

68
46
86
65
57
61
56
60
56
59

179
101
103
111
108
133
123
105
120
95

2,406
874
1,069
1,133
829
1,087
853
996
989
605

1,198
1,255
1,798
2,338
2,527
2,493
2,171
2,014
2,108
2,173

464
127
126
410
363
393
419
575
416
327

20
332
792
224
140
225
129
306
382
360

128
96
229
323
260
285
314
368
189
185

1,180
461
540
524
496
457
354
427
404
327

5,847
4,676
5,370
6,479
6,471
7,274
7,237
6.934
6. 507
6,429

4,750
4,358
5,069
6,193
6,398
6,929
7,051
6,733
6.111
6,336

40
22
1

133
1
7
4
4
4
5
12
7
8

18
110
56
3

33
4
4
12
11
13
14
17

1,112
671
591
591
586
679
758
767
696
694

179
8

169
232
415
511
480
558
482
596
596
566

13
34
40
39
35
32
21
27
27
22

133
203
207
209
195
188
93
156
179
135

158
61
90
135
96
159
114
130
146
84

310
259
445
522
594
599
596
536
528
576

26
2
2
4
4
5
5
6
5
7

8
46
46
98
81
72
96
41
64
92

42
87
182
208
217
191
203
208
207
170

32
16
23
27
26
27
38
22
23
17

1,041
870
1,073
1,301
1,243
1,495
1,001
1,409
1. 354
1,270

957
912
1,189
1,401
1,390
1,554
1,128
1,509
1.438
1,372

19

7

2
6
1

41

8
16

332
358
381
413
407
449
440
452
445
445

751
705
1,268
1, 594
1,794
2,108
2 108
2,215
2,310
2,376

156
122
207
256
264
285
264
212
200
213

947
1,002
1,543
1,779
1,910
1,816
1 545
1,392
1,470
1,632

1,041
401
537
752
607
971
764
805
841
538

1,604
1,315
1,984
2,422
2,594
2,826
2 546
2,339
2.389
2,461

50
15
17
28
26
33
32
33
30
31

76
312
620
385
285
407
132
212
25fi
234

423
349
585
707
733
843
935
934
111
809

300
108
169
204
151
230
155
163
192
121

5,547
3,708
4,919
6,001
5,961
7,023
6 833
6,840
6,743
6,455

5,229
3,764
5,136
6,161
6,238
7,126
7 159
7,132
6.870
6,848

30
59
117
134
135
137
137
108
107
116

41
3S8
186
79
72
35
34
35
34
33

371
208
206
266
251
203
176
190
266
269

4,433
2,941
3,494
3 796
3,853
4,026
4 064
4,140
4,161
4,198

292
16

627
452
822
927
1,017
1,247
1,304
1,337
1, 361
1,366

321
203
275

908
702
1,296
1,676
1,757
1,929
1,684
1,554
1,645

291
149
207
235
187
316
242
269
283
180

405
228
342
415
433
483
440
409
412
403

3
1
2
1
1
2
2
2
1
1

39
116
178
137
93
178
57
69
78
66

742
555
804
901
965
1,011
1,113
1,067
959
1,073

169
72
106
127
106
167
130
139
149
101

5,091
2,576
3,589
4,254
4,252
5,177
5,013
5,089
5,143
4,963

5,711
3,054
4,292
5,047
5,136
6,039
6,012
6,027
5, 968
5,957

16
16
17
16
16
15
21
20

61
285
210
136
95
69
64
64
61
56

133
86
84
83
82
80
79
85
158
159

6,390
3,833
4,554
4,879
4,938
5,275
5,377
5,459
5,504
5, 508

367
167
13
6
8
3
11
12
12
11

NEW YORK CITY 6
1929—Dec. 3 1 . _
1933—June 30 6
1934—Dec. 3 1 .
1935—Dec 31
1936—Mar. 4
Dec. 31
1937—Mar. 31

June 30
Dec. 31
1938—Mar. 7
CITY OF CHICAGO

4Q

67

2
12
1
3
12

8

1929—Dec. 31
1933—June 30 «
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
Dec. 31
1937—Mar. 31.
June 30
Dec. 31
1938—Mar. 7
RESERVE CITY BANKS
1929—Dec. 31
1933—June 30 B
1934—Dec. 3 1 . _
1935 Dec. 31
1936—Mar. 4.
Dec. 31-_
1937 M a r 31
J u n e 30. _ __
Dec. 31
1938—Mar. 7
COUNTRY BANKS
1929—Dec. 31
1933—June 30 5
1934—Dec. 31
1935—Dec. 31
1936—Mar. 4
Dec. 3 1 .
1937—Mar. 31
J u n e 30
Dec. 3 1 .
1938—Mar. 7

319
321
330
307
310

1,700

14
1
1
1
1
2
2
4
3

6

__

58
1

1

1
1
5

1
Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
« 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 1936 (table 54)




384

FEDERAL RESERVE BULLETIN

M A Y 1938

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollarsl
Federal Reserve District
Total

Boston

20, 810
20,831
20, 794
20, 809

City

KanSan
New
sas Dallas Fran- York Chicago
City
cisco

New
York

Philadelphia-

Cleve- Rich- Atlan- Chica- St.
land mond
ta
Louis neapgo
olis

1,185
1,166
1,171
1,158

8,432
8,456
8,442
8,524

1,095
1,091
1,090
1,085

1,773
1,762
1,752
1,730

621
613
614
608

553
552
552
554

2,909
2,960
2,948
2,914

656
653
651
649

380
379
382
379

642
642
641
630

489
490
487
483

2 075
2,067
2,064
2,095

7 576
7,605
7,599
7,681

1 883

8,771
8,677
8,567
8,585

630
623
624
622

3,569
3,513
3,439
3,496

446
442
441
436

705
704
699
692

244
242
241
238

285
285
283
283

941
927
913
895

305
304
300
298

161
160
158
159

255
251
249
246

231
231
229
228

999
995
991
992

3,158
3,103
3,032
3,090

614
604
593
579

568
557
550
546

38
37
37
37

233
230
228
227

49
48
48
48

48
48
49
48

12
12
12
12

12
12
12
12

50
44
40
40

48
48
46
45

9
9
9
9

17
17
16
16

10
10
11
10

42
42
42
42

220
217
215
214

29
24
22
22

3,731
3,718
'3, 696
3,662

249
250
249
249

1,535
1,532
n, 529
1,517

158
160
160
156

239
238
236
232

99
98
97
97

144
143
142
141

521
517
510
500

139
138
136
135

67
66
66
66

141
138
136
135

137
137
136
135

302
301
299
299

1 429
1,426
"1, 423
1 412

387
385
379
369

418
413
406
399

80
80
80
79

164
165
160
159

29
25
25
24

14
14
13
13

12
12
12
11

4
4
3
3

44
43
43
41

10
10
10
10

6
6
6
6

18
18
19
18

2
2
2
2

35
34
33
33

150
151
146
146

25
25
25
24

680
637
573
624

24
21
22
22

548
509
446
502

17
17
16
16

22
23
24
22

3
3
3
3

6
6
6
6

38
36
34
32

4
5
5
5

1
1
1
1

4
4
4
3

2
2
2
2

11
10
10
10

542
503
440
496

34
31
29
28

605
596
591
590

34
32
32
32

279
274
271
273

34
34
34
34

38
37
37
37

17
17
17
16

15
15
15
15

84
83
82
80

13
12
13
13

8
8
7

12
12
12
12

14
15
14
15

57
57
57
56

205
201
199
201

71
70
70
68

1,150
1,147
1,146
1,148

83
83
83
83

225
224
223
224

58
58
58
58

172
171
171
171

30
30
30
30

28
28
28
28

87
87
87
88

47
47
47
47

6
5
6
5

21
21
21
21

21
21
20
20

372
372
372
373

119
118
118
118

12
12
12
12

96
100
103
110

5
4
4
3

66
70
75
83

2
2
2
2

3
5
3
3

2
1
1
1

2
2
2
3

7
7
7
5

6
6
6
6

2
2
2
2

66
70

1

1
1
1
1

714
705
699
695

57
56
56
55

261
256
253
251

49
48
48
48

124
123
122
122

28
28
28
28

26
26
26
26

47
47
47
46

11
11
10
10

12
12
12
12

13
13
13
13

11
10
10
10

75
75
74
74

231
226
223
221

21
22
21
21

809
804
803
811

60
60
61
62

258
253
254
260

50
50
50
50

45
45
44
44

41
41
41
40

48
49
49
49

63
63
63
63

27
27
27
27

52
53
51
52

28
27
27
27

34
34
34
34

103
102
102
103

196
191
193
199

35
35
35
35

7,778
7,897
7,960
7,977

399
389
393
382

3,055
3,149
3,205
3,250

304
303
302
302

751
739
737
721

278
273
275
272

160
160
161
161

1,392
1,449
1,449
1,433

205
204
205
206

166
166
165
163

228
232
233
227

175
175
175
173

665
658
660
687

2,829
2,925
2,987
3,030

896
950
949
928

1,156
1,168
1,171
1,179

19
19
19
20

485
486
486
490

87
86
87
86

61
61
60
62

40
39
39
39

32
32
33
35

162
173
173
174

49
49
50
49

14
14
14
14

46
47
47
46

33
33
34
33

128
129
129
131

434
435
435
438

91
101
100
101

3,105
3,089
3,096
3,068

137
135
135
134

1,323
1,308
1,312
1,288

258
260
260
261

256
258
256
255

59
59
59
59

76
75
75
75

414
411
413
412

97
96
96
96

39
39
45
43

113
112
112
111

50
51
49
49

283
285
284
285

1,155
1,142
1,145
1,123

282
280
282
279

5,755
5,687
5,813
5,980

288
301
293
323

3,087
2,942
3,033
3,129

239
251
248
271

349
362
353
355

132
145
139
129

102
105
106
96

746
768
802

130
131
133
141

71
69
69
63

166
162
166
159

106
107
111
102

339
344
360
335

2,958
2,817
2,891
3,007

543
562
601
690

Min

ASSETS

Loans and investmentstotal:
Mar 30
Apr 6
_
Apr. 13
.
Apr 20
Loans—total:
Mar 30
Apr 6
_
Apr 13
Apr 20
Commercial, industrial, and
agricultural loans:
On securities:
Mar 30
Apr. 6
Apr 13
Apr. 20
Otherwise secured and
unsecured:
Mar 30
Apr 6
Apr. 13
Apr 20
Open market paper:
Mar 30
Apr 6
Apr. 13
Apr. 20
Loans to brokers and dealers:
Mar. 30
Apr. 6 .
Apr. 13
Apr. 20
Other loans for purchasing or
carrying securities:
Mar. 30
Apr. 6
Apr. 13___
Apr. 20
Real estate loans:
Mar. 30
Apr. 6
_
Apr 13
Apr. 20
Loans to banks:
Mar 30
Apr 6
Apr. 13
Apr. 20
Other loans:
On securities:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Otherwise secured and
unsecured:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
U. S. Government direct
obligations:
Mar. 30
Apr. 6
Apr. 13
Apr. 20 _
Obligations fully guaranteed
by U. S. Government:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Other securities:
Mar. 30
Apr. 6 _
Apr 13
Apr. 20
Reserve with Federal Reserve bank:
Mar. 30
Apr. 6
Apr 13
Apr. 20
—
r

Revised.




877

7

1,935
1,924
1,887

83

385

FEDERAL RESERVE BULLETIN

MAY 1938

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
[In millions of dollars]
Federal Reserve District

Total

New
York

Phila- Cleve- Rich- Atlandelta
phia- land m o n d

City

Min'hica- St. neapLouis
go
olis

Kansas
City

San
Dallas Francisco

New
York

Chicago

ASSETS—continued

Cash in vault:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Balances with
banks:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Other assets, net:
Mar. 30
Apr. 6
Apr. 13
Apr. 20

330
325
342
330

63

1,898
1,929
2,051
2,188

117
127
125
134

158
143
170
154

1,285
1,297
1,288
1,266

77
76
76
75

589
575
556

14,268
14, 274
14, 425
14,451

969
968
967
981

6,647
6,564
6,585
6,544

r5, 221
5,222
5,218
5,221

265
264
263
263

1,056
1,057
1,061
1,060

696
630
627
605

12
12
12
13

296
233
230
207

'5,080
5,192
5,259
5,544

208
222
218
232

2,024
2,088
2,156
2,365

355
336
339
330

11
10
10
9

314
299
299
293

827
787
793
788

25
23
23
24

373
347
349
343

18
15
15
16

21
18
19
18

3,620
3,624
3,624
3,627

240
240
240
240

1,606
1,609
1,610
1,610

226
227
226
226

350
351
351
350

22
21
20
21

37

domestic
175
179
189
230

120
119
121
141

117
118
122
129

262
286
340
374

120
123
127
120

210
210
225
248

103
103
103
101

35
36
36
37

38
37
37
37

85
82

23
23
23
23

22
22
22
22

746
760
751
765

1,000
1,018

401
401
402
403

326
321
325
325

1,818
1,943
2,020
2,065

402
393
403
397

244
241
238
226

471
460
483
471

282
286

•743
743
737
737

199
199
199
199

182
181
182
182

876
871
872
873

184
185
185
185

121
121
120
120

145
145
144
145

18
18
18
18

13
12
13
13

145
145
144
145

23
23
23
23

7
7
7
7

18
18
18
18

'304
319
316
311

195
203
202
203

807
790
791
817

233
242
236
242

120
120
117
119

323
329
326
340

131
140
137
152

173
170
178
192

84
106
154
173

232
232
244
242
204
203
207
209

476
480

473

53
50
51
49

393
389
397
393

851
845
861

6,100
6,013
6,008
6,024

1,110
1,236
1,307
1,350

130
130
130

1,038
1,040
1,037
1,039

648
649
656
656

461
463
464

92
91
91
91

225
222
200

116
116
116
116

236
238
250
250

1,956
2,018
2,086
2,294

614
594
597
623

12
11
13
12

312
298
297
291

22
21
22
22

313
311
314
316

361
335
338
331

18
18
18
18

367
367
367
368

329
328
329
329

1,476
1,481
1,482
1,482

242
242
242
242

LIABILITIES

Demand deposits—adjusted:
Mar. 30
Apr. 6___
Apr. 13
Apr. 20
Time deposits:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
TJ. S. Government deposits:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Interbank deposits:
Domestic banks:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Foreign banks:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Borrowings:
Mar. 30
Apr. 6
Apr. 13
.
Apr. 20
Other liabilities:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Capital account:
Mar. 30
Apr. 6
Apr. 13
Apr. 20
••Revised.




267
269
284

1
1
1
1

194
202
203
202
1
1
1
1

1
1
1
1

170
172
175
179

11
4
3
7

386

FEDERAL RESERVE BULLETIN

1938

MAY

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES FOR ALL REPORTING MEMBER BANKS, NEW YORK CITY AND
OUTSIDE NEW YORK CITY
[Monthly data are averages of weekly figures. In millions of dollars]
Loans 1
Total
loans
and
investments

Date or month

Total

To
brokers
and
dealers
in securities1

10,026
9,890
9,559
9,451
9,137
8,936

1,318
1,317
1,103
881
903
825
738
762

Investments

On
securiReal Open- Other
ties to
marTo
others banks estate ket 1 loans1
loans paper
(except
banks)i

Total

Reserve
U. S. Governwith
ment obligaFedtions
Other eral
securi- ReFully ties
serve
banks
Direct guaranteed

BalCash ances
with
in
vault domestic
banks

TOTAL—101 CITIES

1937—March
September
October
November
December
1938—January
February
March
1938—Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20

22, 610
22,187
21,889
21, 556
21,484
21, 285
21, 214
21,072

8,925
8,944
8,896

2,030
2,007
1,996
1,976
1,959
1,910
1,890
1,889

86
117
90
74
73
67
67

1,152
1,164
1,168
1,169
1,167
1,163
1,160
1,153

468
479
481
472
461
446

4,289
4,953
5,054
4,978
4,877
4,711
4,635
4,568

12,161
11,999
11, 997
12,033
12,148
12, 278
12,188

8,802
8,068
7,914
7,970
8,046
8,118
8,168
7,992

1,206
1,131
1,132
1,127
1,113
1,131
1,147
1,159

3,316
2,962
2,953
2,900
2,874
2,899
2,963
3,037

5,205
5,313
5,384
5,348
5,358
5,614
5,646
5,724

359
305
326
320
341
315
294
302

,703
,781
.,804
,850
1,986
2,016
1,992

1,890
1,886
. 887
,

63
73
67
82
86
76
87
96
100
103
110

1,161
1,158
1,160
1,158
1,155
1,155
1,148
1,150
1,147
1,146
1,148

450
441
436
431
431
428
422
418
413
406
399

4,647
4,639
4,615
4,605
4,574
4,574
4,546
4,540
4,522
4,499
4,473

12, 301
12, 287
12, 271
12, 298
12, 242
12, 255
12,107
12,039
12,154
12, 227
12, 224

8,202
8,160
8,147
8,137
8,081
8,089
7,876
7,778
7,897
7,960
7,977

1,146
1,150
1,150
1,159
1,152
1,164
1,166
1,156
1,168
1,171
1,179

2,953
2,977
2,974
3,002
3,009
3,002
3,065
3,105
3,089
3,096
3,068

5,617
5,622
5,673
5,627
5,735
5,733
5,773
5,755
5,687
5,813
5,980

304
280
313
279
304
282
316
330
325
342
330

1,972
2,038
2,041
2,039
2,030
2,045
1,945
1,898
1,929
2,051
2,188

13, 324

8,805
8,771
8,677
8,567
8,585

714
747
731
769
881
759
721
680
637
573
624

.,897
,881
,887
,858
1,840
1,831

8,651
8,273
8,068
7,875
7,891
7,834
7,826
7,717

3,708
4,040
3,881
3,605
3,545
3,373
3,260
3,247

1,111
1.108
915
715
729
665
587
606

733
727
713
710
696
668
664
665

128
134
135
133
130
128
126
123

133
168
185
187
192
184
169
155

1,548
1,820
1,871
1,822
1,761
1,690
1.674
1,642

4,943
4,233
4,187
4,270
4,346
4,461
4,566
4,470

3,319
2,866
2,814
2,943
3,045
3,098
3,131
2,954

452
395
390
384
365
386
404

1,172
972
983
943
936
977
1, 031
1,090

2,506
2,527
2,597
2,540
2,518
2,683
2,719
2,844

81
66
67
69
72
71
65
70

7,818
7,837
7, 826
7,833
7,867
7,724
7,584
7,576
7,605
7,599
7,681

3,244
3,267
3,242
3,281
3,367
3,243
3,187
3,158
3,103
3,032
3,090

572
588
578
608
700
603
575
542
503
440
496

662
663
664
668
672
670
660
656
644
637
636

127
126
126
126
125
125
118
119
118
118
118

171
165
163
160
158
155
152
150
151
146
146

1,676
1,679
1,671
1,665
1,653
1,642
1,627
1,625
1,617
1,616
1,611

4,574
4,570
4,584
4,552
4,500
4,481
4,397
4,418
4,502
4,567
4,591

3,151
3,123
3,127
3,071
3,016
3,003
2,851
2,829
2,925
2,987
3,030

401
405
411
420
417
427
429
434
435
435
438

1,022
1,042
1,046
1,061
1,067
1,051
1,117
1,155
1,142
1,145
1,123

2,676
2,695
2,741
2,712
2,788
2,824
2,938
2,958
2,817
2,891
3,007

65
67
65
69
68
70

1937—March
September.,
October
November
December
1938—January
February
March

13, 959
13, 914
13, 821
13, 681
13, 593
13,451
13, 388
13, 355

5,578
5,986
6,009
5,954
5,906
5,764
5.676
5,637

207
209
188
166
174
160
151
156

1,297
1,280
1,283
1,266
1,263
1,242
1,226
1,224

1,024
1,030
1,033
1,036
1,037
1,035
1,034
1,030

278
300
294
294
280
277
277
271

2,741
3,133
3,183
3,156
3,116
3,021
2,961
2,926

7,
7,812
7,727
7,687
7,687
7,712
7,718

5,483
5,202
5,100
5,027
5,001
5,020
5,037
5,038

754
736
742
743
748
745
743
733

2,144
1,990
1,970
1,957
1,938
1,922
1,932
1,947

2,699
2,786
2,787
2,808
2,840
2,931
2,927
2,880

310
252
266
261
281
261
243
252

1,917
1,637
1,714
1,735
1,778
1,915
1,951
1,922

1938—Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20

13, 408
13, 394
13, 341
13,398
13, 395
13, 420
13, 328
13, 234
13, 226
13,195
13,128

5,681
5,677
5,654
5,652
5,653
5,646
5,618
5,613
5,574
5,535
5,495

142
159
153
161
181
156
146
138
134
133
128

1,228
1,223
1,223
1,220
1,221
1,227
1,221
1,231
1,214
1,203
1,195

1,034
1,032
1,034
1,032
1,030
1,030
1,030
1,031
1,029
1,028
1,030

279
276
273
271
273
273
270
268
262
260
253

2,971
2,960
2,944
2,940
2,921
2,932
2,919
2,915
2,905
2,883

7,727
7,717
7,687
7,746
7,742
7,774
7,710
7,621
7,652
7,660
7,633

5,051
5,037
5,020
5,066
5,065
5,086
5,025
4,949
4,972
4,973
4,947

745
745
739
739
735
737
737
722
733
736
741

1,931
1,935
1,928
1,941
1,942
1,951
1,948
1,950
1,947
1,951
1,945

2,941
2,927
2,932
2,915
2, 947
2,909
2,835
2,797
2,870
2,922
2,973

252
231
259
231
253
235
267
275
274
289
280

1,907
1,971
1,976
1,970
1,962
1, 975
1,876
1,822
1,863
1,985
2,121

21, 226
21,231
21,167
21, 231
21, 262
21,144
20, 912
20, 810
20, 831
20, 794
20, 809

1937—March
September
October
November
December
1938—January
February
March
1938—Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20

___.

9,020

NEW YORK CITY

OUTSIDE N E W YORK
CITY

_

»Loan classification revisedMay 19, 1937 and beginning with that date figures for the items indicated are not strictly comparable with those
formerly published; for explanation of revision see June, 1937 BULLETIN, pages 530-531.




MAY

387

FEDERAL RESERVE BULLETIN

1938

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES FOR ALL REPORTING MEMBER BANKS, NEW YORK CITY AND
OUTSIDE NEW YORK CITY
[Monthly data are averages of weekly figures. In millions of dollars]
Cash
items
reported as
Other
in proc- assets
ess of
collection i

Date or month

Demand deposits

Time deposits

Total
Interbank

United Certified
States
Total Domes- Foreign Govern- checks, Other
liabiltic
etc.
ment
ities banks banks

Demand
deposits—adjusted 2

Interbank
DoFor- Other
mestic eign
banks banks

Borrowings

Other Capiliabil- tal acities count

TOTAL—101 CITIES

1937—March
September.
October
November..
December...
1938—January.
February. _.
March

1,602
1,568
1,568
1,511
1, 585
1,334
1,206
1,301

1,356
1,286
1,304
1,305
1,294
1,270
1,310
1,298

33,130
32,362
32,252
31,844
31,912
31,804
31, 686
31, 689

5,546
4,878
4,976
4,928
4,943
5,174
5,172
5,164

428
559
503
425
411
421
383
348

369
616
555
424
579
665
638
700

573
510
448
467
495
433
367
433

16, 459
15,900
15,875
15, 681
15. 659
15, 339
15, 348
15, 227

15, 429
14,843
14, 756
14, 636
14, 570
14, 438
14. 509
14,360

133
112
112
111
110
112
114
116

5
18
21
19
15
8
9
9

5,142
5,283
5,278
5,287
5,203
5,210
5,237
5,239

1938— Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.

1,023
1,333
1,246
1,314
1,238
1,423
1,311
1, 218
1,171
1,349
1,365

1,319
1,325
1,320
1,330
1,333
1,272
1,269
1,285
1,297
1,288
1,266

31, 461
31, 829
31, 760
31, 820
31, 902
31, 899
31, 526
31, 296
31, 240
31,637
31, 938

5,129
5,213
5,146
5,270
5,246
5,271
5,069
4,963
5,075
5,145
5,431

381
375
366
358
353
339
345
347
328
329
321

639
638
638
673
707
725
697
696
630
627
605

317
377
363
409
436
445
490
387
372
348
463

15, 217
15,441
15,459
15, 286
15, 316
15, 313
15,122
15,099
15,073
15,426
15, 353

14, 511
14, 485
14, 576
14, 381
14, 514
14, 335
14, 301
14, 268
14, 274
14,425
14,451

115
112
114
114
117
117
116
117
117
114
113

9
8
9
10
9
9
9
8
8
10
9

5,223
5,248
5,249
5,260
5,258
5,223
5,231
5,221
5,222
5,218
5,221

9...
16..
23..
2...
9-._
16..
23 .
30..
6__.
13..
20..

3

894
863
862
873
857
814
792
820

3,578
3,612
3,617
3,623
3,630
3,624
3, 623
3,626

7

806
786
790
805
818
826
824
827
787
793
788

3,623
3,622
3,626
3,630
3,628
3,626
3,623
3,620
3,624
3,624
3,627

6
1
1
6
3
2
4

369
390
380
381
368
353
339
356

1,472
1,477
1,478
1,481
1,483
1,482
1.486
1,482

344
335
338
344
349
363
361
361
335
338
331

1,486
1,485
1,486
1,488
1,485
1,483
1,479
1,476
1,481
1,482
1,482

11
5
6
10
4
3
7
2
9
5
14
5
11
4
3

NEW YORK CITY

774
722
675
695
749
601
506
614

485
459
459
478
473
471
477
475

12, 546
12,100
11,926
11,716
11,763
11, 714
11, 644
11, 770

2,233
L, 896
1,941
1,940
1,984
2,094
2,095
2,086

392
516
466
390
375
386
347
310

131
346
303
232
310
358
343
325

332
287
301
319
276
222

6,878
6,397
6,324
6,228
6,232
6,110
6,143
6,264

6,492
6,007
5,936
5,834
5,802
5,785
5,859
5,931

3
14
18
15
12
6
7
7

680
726
728
747
674
646
660
656

420
549
513
571
602
661
662
571
499
596
649

476
481
477
476
476
473
475
476
480
480
473

11,507
11, 678
11, 676
11, 709
11,852
11, 799
11,777
11,712
11, 518
11,685
11, 927

2,073
2,088
2,094
2,137
2,134
2,161
2,043
1,956
2,018
2,086
2,294

349
343
325
321
316
301
306
305
291
290
284

343
343
343
344
343
344
307
288
225
222
200

185
228
220
247
292
273
354
233
224
203
294

6,072
6,168
6,194
6,146
6,242
6, 222
6,274
6,438
6,288
6,401
6,379

5,837
5,847
5,901
5,822
5,932
5,834

7
7
7
7
7
7
7
7
7
7
7

648
672
669
670
670
645
646
648
649
656
656

1937—March
September.
October
November.
December. _
1938—January....
February. _.
March

828
846
893
816
836
733
700
687

827
845
827
821
799
833

20, 584
20, 262
20,326
20,128
20,149
20,090
20, 042
19, 919

3,313
2,982
3,035
2,988
2,959
3,080
3.077
3,078

238
270
252
192
269
307
295
375

185
178
161
166
176
157
145
153

9,581
9,503
9,551
9,453
9,427
9,229
9. 205
8,963

8,836
8,820
8,802
8,768
8,653
8, 650
8,429

133
112
112
111
110
112
114
116

2
4
3
4
3
2
2
2

4,462
4,557
4,550
4,540
4,529
4,564
4. 577
4,583

3
5
4
5
4
1
1
3

525
473
482
492
489
461
453
464

2,106
2,135
2,139
2,142
2,147
2,142
2,137
2,144

1938—Feb. 9 . . .
Feb. 16..
Feb. 23..
Mar. 2__.
Mar. 9__.
Mar. 16_.
Mar. 23 .
Mar. 30..
Apr. 6 . . .
Apr. 13..
Apr. 20..

19,954
20,151
20,084
854 20, 111
20, 050
20,100
794 19, 749
809 19, 584
817 19,722

3,056
3,125
3,052
3,133
3,112
3,110
3,026
3,007
3,057
3,059
3,137

296
295
295
329
364
381
390
408
405
405
405

132
149
143
162
144
172
136
154
148
145

9,145
9,273
9,265
9,140
9,074
9,091
8,848
8, 661
8,785
9,025
8,974

8,675
8,559
8,582
8,501
8,335
8,168
8,261
8,417
8,427

115
112
114
114
117
117
116
117
117
114
113

2
1
2
3
2
2
2
1
1
3
2

4,575
4,576
4,580
4,590
4,588
4,578
4,585
4,573
4,573
4,562
4,565

2

784
733
743
636
762
649
647
672
753
716

462
451
452
461
469
463
463
466
452
455
457

2,137
2,137
2,140
2,142
2.143
2; 143
2.144
2,144
2,143
2,142
2,145

1937—March
September
October
November
December
1938—January.
February
March
i938—Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.

_.

9
16
23
2
9
16
23
30
6
13
20

6,100
6,013
6,008
6,024

9
5
14

OUTSIDE NEW YORK
CITY

843
844

19, 952

793 20, 011

8,674

5
11
4
3

7

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.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).




388

FEDERAL RESERVE BULLETIN

MAY

1938

COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
i
Commercial
paper
outstand-

Total
outstand-

ing^

End of month

By holders

ing

Held b y accepting
banks

Own
bills

Total

By classes

Held by Federal
Reserve banks

For
Bills
bought own account

1937—March
April
May
June - - __ _
July
August
September
October
November
December

290
285
287
285
325
329
331
323
311
279

396
395
386
364
352
344
344
346
348
343

317
318
295
273
265
263
274
282
279 |
278

150
147
137
130
144
143
148
153
148
147

166
171
159
143
121
120
127
129
131
131

1938 Januarv
February

299
293
297

326
307 !
293 !

266
246
236

147
140
143

(2)

119
106
93

jVIarch

1
3
1

(2)

on
imports
into
U.S.

For ac- Held
count of
by
foreign others
correspondents

1
2
4
3
2
1
2
2
2
2
1

Based
on ex- Dollar
ports
exfrom change
U. S.

80
76
86
87
83
79
69
62
67
63

160
167
168
157
143
133
127
127
122
117

84
83
81
77
71
71
77
82
84
87

59
61
57

106
96
91

82
78
75

2
]

1
2
o

2
2

Based on goods
stored in or shiDDed
between points in

U. S.

Foreign
countries

76
68
62
55
65
68
73
75
79
78

76
76
75
74
71
69
66
62
61
59

75
70
63

60
61
62

1

As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures—See Annual Report for 1936 (table 66).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts

End of month

Credit balances
Customers'
credit balances i

Debit
balances in
firm
investment
and trading
accounts

Cash on
hand
a n d in
banks

Money
borrowed 2
Free

771
930

257
286

995
985
995
1,048

303
276
289
342

65
75
67
67
72
64

119
135
168
164
141
164

182
179
181
219
227
249

1937—March
April
May
June .
July __
August
September __
October
November
December

1,549
1,559
1,503
1,489
1,493
1,509
1,363
1,053
1,034
985

61
58
56
55
56
54
48
40
38
34

175
163
149
161
157
149
128
135
120
108

223
227
209
214
206
202
239
263
225
232

1,172
1,215
1,188
1,217
1,213
1,233
1,088
781

958
937
831

31
31
29

103
104
95

220
207
215

- .

1938—January
February
March

346
314
284
266
265

252
256
272

23
24
23
24
24
30

12
10
15
14
14
12

396
410
429
420
423
424

115
111
101
92
96
92
96
107
95

29
29
24
25
25
26
26
24
24
26

18
18
12
13
13
13
12
12
11
10

419
417
408
397
397
391
385
383
376
355

28
26
25

11
10
9

333
324

723

270

688

278

641
628

288
280

576

239

In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts

89
79
89
86
99
103

oo oc

1,098
1,258
1,351
1,267
1,317
1,395

oo

1935—September
December. _
1936—MarchJune
September...
December

Other
(net)

Other credit balances

81

315

* Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms' own partners.
2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of thesefiguressee "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, page 196.




MAY

389

FEDERAL RESERVE BULLETIN

1938

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
Apr. 30
Boston
New York
Philadelphia-._
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..,
Kansas City...
Dallas
San Francisco .

iv 2

In effect
beginning—

PreRate
vious Apr. 30
rate

Sept. 2, 1937
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937

In effect
beginning—
Sept. 2,
Oct. 10,
Sept. 4,
Oct. 19,
Sept. 10,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 17,

Rate
In effect
Apr. 30 beginning-

1937
1935
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937

4
4
4'"
4 /

Wi
4

April 29, 1938
Feb. 8, 1934
Oct. 20, 1933
May 11, 1935
Feb. 19, 1934
April 23,1938
Oct. 16, 1933
Feb. 23, 1935
Apr. 15, 1933
Apr. 16, 1938
Apr? 16, 1938
Oct. 19, 1933

1 Rates indicated also apply to United States Government securities bought under repurchase agreement.
Backfigures.—SeeAnnual Report for 1936 (table 40).

FEDERAL RESERVE BANK
BUYING RATES ON ACCEPTANCES

FEDERAL RESERVE BANK
RATES ON INDUSTRIAL ADVANCES

[Percent per annum]

Rates in effect Apr. 30 1938, on advances and commitments under Sec.
13(b) of the Federal Reserve Act as amended June 19, 1934.
[Percent per annum except as otherwise specified]

Rate in
effect on
Apr. 30

Maturity

In effect beginning—

Previous
rate

Oct. 20, 1933
do
do
.—-do
do
do
do

1-15 d a y s i . _

16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.

1
1
1
1
1
1

1 This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The* same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Backfigures—SeeAnnual Report for 1936 (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
In effect
to
beginning
to
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936

Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days

Federal Reserve Bank

Advances
direct to
industrial
or commercial organizations

Boston
New York
PhiladelphiaCleveland

which
institution is
obligated

5-6
5-6

Minneapolis..
Kansas City..
Dallas
San Francisco

On portion for

4-1
4-6

Richmond
Atlanta
Chicago
St. Louis

Advances to financing institutions—

4-6
5-6
5-6

Commitments
to make
On re- advances
maining
portion

4-5
()
4-6
5

4-6
5
5-6
4

4
3-4

1-2

5-6
4-5

H

1-2

1 Authorized rate 1 percent above prevailing discount rate.
» Same as to borrower but not less than 4 percent.
J
Flat charge.
Back figures.—See Annual Report for 1936 (table 40).

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,
19361937193819171937and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
1937
after
1936
1938
1937

13
10
7

19^
15

22M

nx

26
20
14

22^
17H
12

NOTE.—Maximum rates that may be paid by insured nonmember
12X
banks as established by the Federal Deposit Insurance Corporation, On time deposits:
All member banks..
5
3
6
effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board
1 See footnote to table on page 378 for explanation of method of computand the Federal Deposit Insurance Corporation are superseded by
ing net demand deposits.
lower maximum rates established by State authority.




390

FEDERAL RESERVE

BULLETIN

MAY

1938

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 -

[Weighted averages of prevailing rates; percent per annum]

Average rate on—

1929 1931 1932 1933 1934 1935 1936 1937 1938
Aver-

Year,
month, or
week

Prime
commercial
paper,
4 to 6
months

1935 average...
1936 average . . .
1937 average.__
IS37—March __
April . . . .
May
June
July
August..
Sept
October.
Nov
Dec
1938—JanuaryFebruary
March. _
_
Week ending:
Mar. 12_—
Mar. 19.—
Mar. 26-_Apr. 2
Apr. 9
Apr. 16
Apr. 23

Prime
bankers'
acceptances,
90

days

H-i
l
l
l
l
l
l
l
l
l
l

Stock- Stock
exexchange change
call
New
time
loans, loan issues
90

days

.13
.15
.43

.76
.75
.95

age
U.S. TreasNew York City:
ury bills yield on
January

.56

1.16
1.25

Vie-Vi«

IX
IX

Vw^/I

^X

Vie

Vie
Vie
Vie
Vie
Vie
Vie
Vie
7
/16

Vis

H-i

IX
IX
IX
IX
IX
IX
IX
IX
IX

91day

ofredealnew- fered
ers'
als within1 quoperiod tation

1.00

.14
.14
.45

.17
.17
.28

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

.58
.70
.65
.58
.49
.52
.53
.34
.15
.10
.10
.08
.07

.38
.56
.41
.36
.28
.29
.31
.20
.09
.11
.10
.08
.08

.56
.91

U. S.
Treasury
3-to-5
year
notes

1.29
1.11
1.40

February
March
April
May
June
July
August
September
October
November
December

Year
1.42 8 other northern and
eastern cities:
1.59
January
1.48
February
1.54
March
1.44
April
1.45
May
1.50
June
1.42
July
1.31
August
1.27
September
1.13
October
1.09
November
1.01
December

Year
27 s o u t h e r n a n d
western cities:
M-i
January
M-\
February
3^_l
March
M~l
April
.82
M-l
May
June
July
i Series comprises 182-day bills to February 23,1935, 273-day bills from
August
March 1, 1935, to October 15, 1937, bills maturing about March 16, 1938,
September
from October 22, to December 10, 1937, and 91-day bills thereafter.
October
Back figures.—See Annual Report for 1936 (tables 42 and 43). Figures
November
for 91-day Treasury bills available on request.
December
%—i
%-i

Vie
Vie
Vie
Vie
Vie
Vie
Vie

IX
1M
IX
IX
IX
IX
IX

1.00
1.00
1.00
1.00
1.00
1.00
1.00

.07
.07
.09
.14
.15
.06
.04

.07
.07
.08
.11
.14
.13
.05

.98

1.03
1.01
1.06
1.07
1.01

5.74
5.73
5.81
5.85
5.
5.93
5.
6.05
6.06
6.08
5.86
5.74

4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4.67
4.64

4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22

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.
2.43
2.43

2.50
2.4]
2.50
2.53
2.44
2.34
2.36
2.41
2.39
2.38
2.45
2.40

5.8

4.22

4.49

4.02

3.33

2.70

2.49

2.43

5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94

4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91

5.07
5.13
5. 14
5. 10
5.14
5.13
5.05
5. 12
5.03
4.96
4.88
4.8*

4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59

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

6.04

4.61 5. 0^ 4.83 4.29

3.52

3.36

5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20

5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56

5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92

4.47
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. 1
4.15

5.56 5.17

4.35

6.14 5.39

Year

15.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
5.62

?

5. 60
5.56
5.66
5.68
5.66
5.62
5. 54
5.53
5.55
5.50
5.42
5.43

2.36
2.34
2.40
2.36

3.37
3.29
3.25
3.26

4.16
4.09
4.15
4.13

BOND YIELDS1
[Percent per annum]

Corporate 4
U. S.

Treasury2

Year, month, or week

Municipal 3

By ratings

Total

Aaa

Aa

By groups

Industrial

Baa

A

Railroad

Public
utility

Number of issues

7-12

15

120

30

30

30

30

40

40

40

1935 average
1936 average
1937 averase

2.70
2.47
2.57

3.41
3.07
3.10

4.46
3.87
3.98

3.60
3.24
3.27

3.95
3.46
3.50

4.55
4.02
4.04

5.75
4.77
5.11

4.02
3.50
3.55

4.95
4.24
4.46

4.43
3.88
3.93

1937—-March
April
May
June
July
August
September
October
November
December
1938—January
February
March
Week ending:
Apr 2
Apr 9
Apr 16
Apr 23

2.50
2.74
2.67
2.64
2.59
2.59
2.67
2.65
2.60
2.54
2.47
2.46
2.45

3.19
3.24
3.14
3.11
3.07
3.01
3.18
3.24
3.17
3.15
3.03
2.99
2.99

3.87
3.98
3.92
3.92
3.91
3.92
4.04
4.20
4.30
4.27
4.33
4.39
4.56

3.32
3.42
3.34
3.28
3.26
3.25
3.30
3.29
3.26
3.23
3.20
3.23
3.26

3.50
3.58
3.49
3.45
3.45
3.45
3.51
3.60
3.62
3.59
3.61
3.65
3.73

3.98
4.05
3.99
3.99
3.97
3.98
4.07
4.23
4.32
4.30
4.32
4.38
4.52

4.69
4.86
4.87
4.97
4.97
5.00
5.27
5.67
6.01
5.95
6.19
6.31
6.74

3.55
3.65
3.55
3.51
3.50
3.47
3.55
3.63
3.65
3.66
3.54
3.57
3.58

4.17
4.29
4.27
4.29
4.31
4.40
4.60
4.88
5.20
5.12
5.44
5.54
6.06

3.90
3 99
3.95
3.97
3.92
3.89
3.96
4.08
4.06
4 03
4.01
4.07
4 05

2.50
2.51
2.48
2.37

3.05
3.08
3.09
3.00

4.86
4.83
4.76
4.76

3.34
3.37
3.37
3.35

3.93
4.00
3.96
3.93

4.79
4.79
4.73
4.70

7.38
7.17
6.99
7.05

3.71
3.73
3.67
3.61

6.70
6.56
6.47
6.58

4. 17
4.20
4 15
4.08

.
.-

_-_

._. _
-

* Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2 Average of yields of all outstanding bonds due or callable after 8 years,
s Standard Statistics Co.
4
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included
the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4.
Back figures.—See Annual Report for 1936 (table 74).




391

FEDERAL RESERVE BULLETIN

1938

MAY

STOCK MARKET

BOND PRICES 1

Stock prices1
Corporate3

Year, month, or date

U. S.
Treas- Municipal
Indus- Railury 2
Total trial road Utility

Number of issues..

20

105.3
110.8
110.3

97.5
93.4

Volume of
trading3

Common (index, 1926=100)
Preferred2

Industrial

Total

Railroad

Utility

20

20

88.2
92.2
90.1

79.4
94.7
89.6

7-12
106.1
107.0
104.4

1935 average..
1936 average..
1937 average..

Year, month, or
date

98.2 Number of issues.105.4 1935 average
100.4 1936 average
1937 average

20

32

348

133.8
138.9
136.2

78
111
112

91
127
131

71
104
95

1,411
1,824
1,519

103.6
102.4 1937—March
138.0
130
153
106
2,133
101.8
136.0
April
125
147
101
1,466
100.6
135.4
116
May
137
94
859
101.2
135. 2
114
134
June
91
697
101.4
135.7
118
139
July
917
98.4
137.2
121
144
August
729
95.2
106
126
September... 136.4
1,498
95.0
133.5
91
107
October
2,324
94.3
83
96
November... 132.3
1,420
94.0
132.1
'82
'95
December
1,174
92.2 1938—January
133.5
'82
1,069
91.2
133.3
81
February
719
132.2
March
93
922
112.2
79.4
90.3
104.6
74.8
54.6
Mar. 23-.
87.9
104.2
111.1
71.4
50.4
Mar. 30..
75.8
Mar. 23
131.6
1,231
88.8
104.1
72.8
53.2
Apr. 6 —
110.6
76.3
127.7
Mar. 30
64
1,365
90.1
104.1
73.6
53.3
Apr. 13—
110.5
77.5
127.0
Apr. 6
820
90.4
105.2
73.6
52.1
Apr. 2 0 112.0
78.4
127.3
Apr. 13
1,001
128.2
Apr. 20
801
1
Monthly data are averages of daily figures except for municipal bonds,
r
which are averages of Wednesday figures.
Revised.
2
Average prices of all outstanding bonds due or callable after 8 years,
1 Standard Statistics Co. Monthly data are averages of Wednesday
based on quotations from Treasury Department.
figures.
8
2
Prices derived from average yields, as computed by Standard StaAverage prices of industrial high-grade, derived from yields.
3
tistics Co.
Average daily volume of trading in stocks on the New York Stock
Back figures.—See Annual Report for 1936 (table 73); for U. S. Treas- Exchange, in thousands of shares. Weekly figures are averages for the
ury bonds, see BULLETIN for May 1936, p. 317.
week ending Saturday.
Back figures.—For stock prices, see Annual Report for 1936 (table 73).

1937—March
April
May
June
July...
August
September..
October
November.
December..
1938—January
February...
March

105. 2
102.6
103.3
103.5
104.0
104.0
103.3
103.5
104.0
104.7
105.3
105.4
105.0

98.5
96.6
96.2
95.0
95.3
94.8
91.3
86.4
83.3
82.7
80.6
79.3
76.0

108.9
108.0
109.6
110.1
110.8
111.8
109.0
108.1
109.1
109.5
111.5
112.2
112.2

93.5
92.0
91.9
91.2
91.4
91.9
90.0
85.5
82.7
81.4
81.7
80.6
79.5

98.3
95.3
95.0
93.2
93.2
91.0
85.6
78.4
72.1
72.5
66.2
65.0
57.3

CAPITAL ISSUES
[In millions of dollars]
For new capital
Total
(new
and
refunding)

Year or
month

1928
1929
1930
1931
1932
1933
1934
1935
1936
1937

Domestic
Total
(domestic
and
Total
foreign)

9,898 8,040
11,513 10, 091
7,619 6,909
4,038 3,089
1,751 1,194
720
1,063
- 2,160 1,386
4,699 1,457
6 914 1,972
3, 878 2, 080

1937—Mar._ _.
Apr
M a y .__
June___
July....
Aug
Sept.—
Oct. . . .
Nov
Dec...
1938—Jan
Feb
Mar....

382
303
266
560
340
187
221
203
136
164
121
199
245

]For

185
159
150
360
247
79
154
96
94
122
92
82
126

1
2

6,789
9,420
6,004
2,860
1,165

State
and
munici-

Federal
agen-

1,379
1,418
1,434
1,235

64

pal

1,386
1,409
1,949
2,076

762
483
803
855
735
727

185
159
150
360
247
79
154
93
94
122
92
81
126

47
70
44
91
77
28
41
27
43
79
41
40
94

708

0
87
75
77
64
405
150
22
157
0
11
29
0
89

0
0
0
25
0
6
0
9

Domestic
Corporate

Foreign1

Bond
Total
5,346
8, 002
4,483
1,551

and

notes
2,385
2,078
2,980
1,239

1,192
1,192

305
40
144
334
839
789

138
78
78
269
81
51
113
67
26
43
46
41
24

99
38
47
187
39
34
87
46
22
27
39
41
23

325
161
178
404

refunding

Stocks
2,961
5,924
1,503

311
20
120
35
69
352
403
39
40
31
82
42
17
25
21
4
16
6
(3)

1

1,251
671
905
229
29
12
0
48
23
4
0
0
0
0
0
0
0
3
(3)
1
0
1
0

Total
(domestic
and
forTotal
eign)
1,858
1,422

1,620
1,387

3,242
4,242
1,798
197
144
116
200
93
109
67
107
42
42
29
117
119

709
949
557
343
774

State
and
municipal

Federal
agencies^

Corporate
Total

and

notes

0
0
0
51
93
26
317
987
353
280

1,584
1,374

1,054

3,216
4,123
1,639

36
13
53
21
87
37
136
365
382
175

1, 864
3, 387
1, 184

1, 782
3, 187

197
123
116
200
93
109
67
106
42
42
29
117
119

12
14
8
21
8
25
7
2
4
5
8
22
16

4
22
16
30
29
27
20
34
27
23
18
32
45

181
87
92
149
57
56
39
70
10
14
4
62
58

162
69
71
139
20
51
(>)
70
10
14
3
62
58

527
893
498
283
765

Foreign1

Bonds

474
821
319
219
312

542
451
789
315
187
312
833

Stocks

530
833
23
32
4
32
0
81
200
351

238
35
182
56
59
60
9
26
119
159

19
18
21
11
37
6
39
0

0
21
0
0
0
0
0
2
0
0
0
0
0

(3)
1
0
0

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.
« Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures.—See Annual Report for 1936 (table 72).




392

FEDERAL RESERVE BULLETIN

MAY

1938

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury.

In millions of dollars]

Noninterestbearing

:Interest-bearing
Publicly offered i

Total
gross
debt

End of month

Bonds
Total
interest
bearing

1932—June
X933—June
1934—June
1936—June
1936—June

Total

Treas- U.S.
ury 2 Savings

Prewar

Notes

Bills

616
954
1,404
2,053
2,354

105
92
118
156
l f 071

2,203
2,353
2,553
2,303
2,453
2,653
2,403
2,403
2,403
1,952
1,952
1,952
1,803

461
451
445
926
915
905
896
888
883
876
872
867
860

19,487
22,539
27,053
28, 701
33, 779

_

1937—March
April

May
June
July

August __ _
September
October
November
December
1938—January
February __ .
March

.

Adjusted
service
issues3

19,161 e 18,816
22,158 «21,782
26,480 6 26,006
26,910
27,645
32,989
31,297

• 753
753
753
753
79

13,460
13,417
15,679
14,019
17,168

62
316

1,261
4,548
6,653
10,023
11,381

34,728
34,941
35, 213
36,425
36, 716
37,045
36,875
36,956
37,094
37, 279
37,453
37,633
37, 556

34,064
34, 295
34, 591
35,800
36,113
36,450
36,264
36, 366
36,511
36, 708
36,887
37,080
37, 001

32,722
32,884
33,107
33, 734
33,918
34,146
33,877
33,900
33,924
34,018
34,114
34,144
34, 032

79
79
79
79
79
79
79
79
79
79
79
79
79

19,936
19,936
19,936
19,936
19,936
19,936
19,936
19,936
19,936
20, 476
20, 476
20,476
20, 927

722
752
775
800
833
862
885
908
932
964
1,060
1,106
1,148

9,783
9,764
9,764
10,617
10, 617
10,617
10, 575
10, 575
10, 575
10, 547
10, 547
10,531
10,076

Social
security
issues4

All
other*

Matured
debt

Other

19

240
284
356
580
601

60
66
54
231
169

266
315
518
825
620

322
407
489
579
649
769
868
957
1,086
1,188
1,263
1,399
1,460

559
552
550
560
632
630
623
620
619
626
638
669
648

136
126
110
119
103
100
122
109
106
99
99
91
98

528
520
512
506
499
494
489
482
477
472
466
462
458

i Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
* Includes Liberty bonds.
* Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance F u n d series and of certificates to t h e adjusted service fund.
* Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement'account.
6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
«Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
FULLY GUARANTEED OBLIGATIONS, BY AGENCIES 1

M A T U R I T I E S O F PUBLICLY OFFERED DIRECT
O B L I G A T I O N S , M A R C H 3 1 , 1938

[In millions of dollars]

[In millions of dollars]

Date maturing

Total

Bonds*

Notes

Bills
End of month

1938—Before J u l y 1
J u l y 1-Sept. 30
Oct. 1-Dec. 31
1939—Jan. 1-Mar. 31
Apr. 1-June 30
J u l y 1-Dec. 3 1 . . _
1940.
1941.
1942
1943
1945
1946
_
1947
1948
1949
1951
1952
_
1953
_
1954
1955_
1956.
1959
I960.
1961
Total

_

2,270
747
433
942
1,294
953
2,854
2,219
1,001
898
2,124
1,857
2,146
2
1,665
819
1,223
1,250
1,786
2,663
755

834

2,611
50

22,154

1,652
150

_

10,076

1,803

681
3,063
4,123
4,494
4,718
4,662

312
980
1,226
:, 387
,422
,422

134
1,834
2,647
2,855
3,044
2,988

235
249
250
252
252
252

1937—March
April
May
June
July
August
September.
October....
November.
December.
1938—JanuaryFebruary __
March

1
Issues classified as of date of final maturity; most issues callable at
earlier dates; most of the U. S. Savings bonds are redeemable at option
of holder*.
* Includes unclassified U. S. Savings bonds.




ReconFederal
Home
Farm
Owners' struction
Finance
Mortgage
Loan
Corpora- Corpora- Corporation
tion
tions

1934—June
December.
1935—June
December.
1936—June
December.

2,124
1,857
2,146
n, 665
819
1,223
1,250
1,786
2,663
755
489
982
2,611
50

34,032

618
596
433
942
1,294
953
2,854
1,385
1,001

Total

4,662
4,660
4,660
4,665
4,703
4,633
4,633
4,634
4,644
4,645
4,646
4,646
4,646

,422
,422
,422
1,422
1,420
1,400
1,400
1,400
1,410
1,410
1,410
1,410
1,410

2,988
2,987
2,987

251
250
250
255
295
296
296
297
297
297
298
299
299

2,987
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,937

» Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
Housing Administrator, amounting to $398,000 on March 31, 1938.
* Excludes obligations guaranteed as to interest only.

MAY 1938

FEDERAL RESERVE

393

BULLETIN

SUMMARY OF TREASURY

OPERATIONS

[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts

Expenditures l

Receipts

General
Period

Other
In- Social inter- All
come secur- nal
ity 2 reve- other
taxes taxes
nue 3

Total Inter-

Fiscal year ending:
June 1935
3,800
June 1936
4,116
June 1937
5,294

1,099
1,427
2,158

253

2,179
2,086
2,187

523
603
697

6,802
8,477
8,001

821
749
866

9 months ending:
Mar. 1936
Mar. 1937
Mar. 1938

3,100
3,728
4,820

1,046
1,507
1,995

64
585

1,603
1,639
1,776

451
519
464

4,968
5,442
5,619

1937—March
1,012
April. __
363
May
335
June
868
July
409
August. __ _
453
September. _.
788
October
333
November
327
December
866
1938—January
335
February
349
March
959

700
57
47
547
57
35
501
40
37
487
52
62
723

50
78
59
53
53
60
50
52
60
138
57
110
3

190
166
170
212
221
301
186
189
182
192
172
141
193

71
62
60
56
77
56
51
52
49
49
53
36
40

754
708
552
1,300
659
556
680
616
542
730
566
512
759

Total

(8)

Trust Increase or deaccrease during
counts,
period
etc.'
Excess excess
of reof receipts ceipts
Trans- (+)or (+)or

National
deAll
est on fense other
and
debt Veterans'
Adm. 4

Recovery
and
relief

Revolving
funds
(net) 5

1,089
1,340
1,436

1,315
1,310
1,994

3,366
3,341
3,079

141
9 78
9 244

71 -3,002
1,814 - 4 , 361
868 - 2 , 707

538
596
618

969
1,060
1,160

941
1,417
1,524

2,436
2,393
1,537

9 56
9 262
196

141 -1,868
238 - 1 , 7 1 3
-800
584

159
68
9
194
12
21
159
67
9
163
16
17
153

121
129
119
128
128
127
125
126
128
134
130
123
138

225
230
169
179
197
162
161
183
165
141
180
150
185

252
243
211
232
198
175
159
168
159
173
150
156
198

9 46
97
92
27
9 2
10
20
16
25
56
34
10
26

fers to exextrust pendiacc'ts. tures pendi- General Gross
tures fund
etc6
(-)
(-) balance debt

45
45
45
540
125
61
55
55
55
63
56
56
58

+257
-345
-217
-432
-249
-103
+108
-283
-215
+136
-231
-162
+201

+613
+123
-67

-741 +1, 648
+840 +5,078
-128 +2, 646

+135 +1,025 +2, 758
-92
-856
+950
+255 +587 +1,132
-98

+8

-3
+20
+44
+37
+20
+18
+10
+43
+35
+7
+41

+127
+287
+212
-124
+272
+52
+800 +1,212
+291
+85
+329
+263
-170
-43
+81
-184
+137
-68
+186
+365
+173
-23
+180
+25
-76
+166

1 Excludes debt retirement.
2
Includes taxes under Social Security Act and on carriers and their employees.
3
Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.
4
Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc."
5
Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm
Credit Administration, and Export-Import Banks.
8
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account.
' Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other
than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment
trust fund, old-age reserve account, and railroad retirement account.
s Less than $500,000.
9 Excess of credits.

GENERAL FUND BALANCE
[On basis of daily statements of United States Treasury,
of dollars]
End of month

Total

Inactive
gold

1932—June
1933—June
1934—June
1935—June
1936—June

417
862
2,582
1,841
2,682

1936—October
November
December

1,764
1,406
1,906

1937—January
February
March
April

1,726
1,539
1,826
1,702
1,754
2,553
2,639
2,902
2,860
2,676
2,608
2,973

127
205
343
568
758
1,087
] 213

2,950
2,975
3,140

May

June
July

August
September
October
November
December

1938—January
February
March

__.




Increment
on gold

In millions

Seigniorage

Working

balance

811
700
140

140
316

417
862
1,771
1,001
2,225

141
141
141

332
333
337

1,291
931
1,401

L, 228

141
141
141
141
141
141
141
141
141
141
141
142

340
344
348
350
354
356
369
375
382
388
394
401

1,118
849
995
642
501
970
915
1,051
1,128
875
831
1,202

L, 223
L, 201
,183

142
142
142

413
421
427

1,172
1,212
1,389

26

L, 3 3 5
,209
L, 271
,243

394

FEDERAL RESERVE BULLETIN

MAY 1938

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28, 1938
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Go\rernment funds
Reconstruction
Finance
Corporation

Commodity
Credit
Corporation

Financed partly from Government
funds

Total

Farm
Public AgriculOther Home
mortWorks tural
farm
mortAdmin- credit Other gage
credit
gage Other Feb. 28, Jan. 31, Feb. 28
1938
1937
1938
institu- institu- instituistra- institutions
tion
tions
tions
tions

ASSETS

Loans and preferred stock:
Loans to financial institutions
Preferred stock etc
Home mortgage loans
Farm mortgage loans _
Other agricultural loans
All other loans
Total loans and preferred
stock
Cash
_
United States direct obligations..-.Obligations of Government credit
agencies:
Fully 2
guaranteed by U. S.
Other
-.
Production credit association class
A stock
Accounts and other receivables..._ .
All other assets
Total assets other than interagency 2

1

283
537
1
893
1,714
2
48

188
» 256
2,348

0)
208

15

208

15
9
5

44

(0

15,863

89
394
484
79
34

<A

1,803

0)

1
209

22
66

76
1

0)
146

(0

481
793
2,348
2,863
585
1,331

486
759
2,371
2,868
572
1,324

494
746
2,699
2,930
584
1,204

2,863
63
51

272
25
119

2,791
111
22

10
21
371

8,402
311
649

8,380
350
617

8,657
264
514

0)

14
26
26
13

272

10

41
7

14

102

171
37

171
36

195
30

4

23
484

5
21

76
277
1,117

75
280
1,141

75
282
718

530

11,039

11,050

10, 735

129

4,646
1,374
592

4,646
1,367
597

4,667
1,327
489

(2)2
39
421

178
155

1,059

3,312

468

3,447

C1)

LIABILITIES

Bonds, notes, and debentures:
Guaranteed by United States
Other2
Other liabilities (including reserves)
Total liabilities other than
interagency J .
Excess of assets over liabilities, excluding interagency transactions. .
Privately owned interests
U. S. Government interests

299
57

60
(*)

4

£3

1,410
1.044
192

188
7

2,937
78
150

356

60

4

57

2,646

196

3,166

129

6,613

6,611

6,483

1,448

148

66

141

1,002

666
183

273
4

281
41

401
139

4,427
367

4,439
364

4,252
343

1,448

148

66

141

1,002

483

269

240

261

4,059

4,075

3,908

0)

2

(l)

s
Less than $500,000.
Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
Includes shares of Federal and other savings and loan associations subscribed by the HOLC; also shares of Federal savings and loan associations held by the Treasury formerly classified under "all other assets."
NOTE.—For explanation of table and backfiguressee BULLETIN for April 1936, p. 220.

i
3

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Mar. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31,
1937
1938
1937
1937
1937
1937

Feb. 28,
1938

Mar. 31,
1938

Loans tofinancialinstitutions
295, 654 261,104
256, 965 249, 594 251, 368 246, 598
245, 303 i 241, 428
41, 379
39,167
38, 949
37, 778
38, 800
38, 650
Loans on preferred stock of banks and insurance companies.
38, 417
37, 854
596, 998 566, 090
563, 465 559 623 555, 312 551, 335
534, 363
Preferred stock, capital notes, and debentures
537,199
340, 367 356, 279 355. 932 355, 923 355, 894 358, 216
368, 471
Loans to railroads (including receivers)
361, 95]
208, 496 231,171
232; 414 234,113
Loans for self-liquidating projects
237, 637 235, 263
233, 782 237, 170
63, 493
73,101
73, 283
72, 686
Loans to industrial and commercial businesses
72, 688
74, 794
73, 703
73,196
67, 744
77,180
77,160
77,179
77, 522
77, 522
77, 715
Loans to drainage, levee, and irrigation districts
77, 802
3,511
3,870
3,946
3,970
3,920
4,067
3,846
3,962
Other loans }
121, 622:
85, 621
88,999
117,504
132, 564 140,916
140, 656
140, 997
Securities purchased from Public Works Administration
Total loans and investments, other than interagency.. 1, 739, 265 1, 693, 584 1, 691,114 1, 709, 392 1, 727, 661 1,726,009 1, 711, 70S 1, 714, 481
7,521
Loans to Federal land banks
14, 517
11,617
13, 212
13, 042
11, 481 j
12, 308
7,82&,
95, 049
Loans to Commodity Credit Corporation
79, 688
63,120
3,361
10,165
80, 206!
31, 298
88,016'
97, 000
Capital stock of Commodity Credit Corporation
97, 000
97,000
97,000
97,000
97,000
97,000
97,000'
71, 352
43, 769
66, 408
Capital stock of, and loans to R. F. C. Mortgage Co
57,487
60,150
68, 207
62, 779
69, 8881
20, 000
Preferred stock of Export-Import banks
20, 000
20,000
20,000
20, 000
20, 000
20, 000
20,000
10, 000
Capital stock of Disaster Loan Corporation
2, 000
8,000
10,000
10,000
8,000
8,000
10,000
31, 755
598
11, 698
21, 598
26,055
Loans to Rural Electrification Administration
8,423
16, 849
29, 505
11, 000
11, 000
Capital stock and surplus of National Mortgage Assoc
Total loans and in vestments _.

1, 996, 837 1,901,067 1, 911,168 1, 957, 624 2,017, 403 2,038, 957 2, 044, 945 2, 058,157

1 Includes $79,000,000 of loans for distribution to depositors of closed banks.
2 Includes agricultural loans formerly shown separately.
NOTE.—For explanation of table and backfigures,see BULLETIN for April 1936, p. 220.




MAY

395

FEDERAL RESERVE BULLETIN

1938

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
Other
credit cor- financing
Land
porations,
instituBank
tions,
Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives i

End of month
Federal
land banks

Loans to cooperatives b y -

EmerProduc- Regional
agriculgency
tion credit tural cred- crop and
associait corpodrought
tions
rations
loans

Federal
intermediate
credit
banks

Banks for Agriculcoopertural
atives,
Marketincluding ing Act
Central
revolvBank
ing fund

1934—December.
1935—December.
1936—December.

1,915,792
2,071, 925
2,064,158

616,825
794, 726
836, 779

99, 675
104, 706
129,872

55, 672
47,162
4.1,017

60, 852
94,096
105,212

87,102
43, 400
25, 288

111,182
172,489
164,887

33, 969
2,731
1.641

27,851
50, 013
69, 647

54, 863
44, 433
53, 754

1937—March
April
May
June
__.
July
August
SeptemberOctober
NovemberDecember..
1938-January
February _.
March

2, 057, 930
2,055, 397
2,053, 558
2, 052, 319
2, 050, 522
2,047, 650
2, 045, 276
2, 042, 637
2,039,005
2, 035, 307
2,031, 290
2, 029, 517
2, 025, 707

833, 821
832, 881
831, 705
830, 577
828, 771
826, 317
823, 257
820,163
816,653
812, 749
807, 788
804, 212
798, 776

144, 250
153, 795
159,073
164, 977
170,110
171, 270
167, 477
159, 898
160,627
165,194
164, 700
173, 384
186,137

42,367
44,042
45,131
47, 337
48,167

131, 905
143,902
152,466
160, 051
163, 553
162, 515
153, 977
142, 652
137,473
138,169
138, 996
147, 983
162, 600

23, 892
23, 588
23, 453
22, 914
22,069
21,126
19, 434
17, 491
16,208
15, 592
15, 488
15,198
15,164

174, 709
187,185
189, 686
189,141
187, 353
185, 802
182,331
177, 362
173,701
172,130
170, 429
169, 609
175, 800

1,305
1,249
1,070
635
1,126
1,047
1,157
1,229
1,509
1,813
1,576
1, 502
1,420

56, 736
49, 314
45,000
45,032
52, 405
56,341
66,897
73,450

51, 810
48, 522
47, 732
46, 854
45, 664
44, 281
47, 236
45, 296
45, 284
30,982
30,259
27, 875
27, 304

46, 573
42, 414
40,857
40,464
39, 263
38, 852
39, 526

82.026
87, 633
86, 856
87,113
82, 323

1
Some of the loans made by the regional agricultural credit corporations arid 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

Un millions of dollars]

[Loans in thousands of dollars]

Assets

Home mortgage loans b y Federal savings and
loan associations
End of month

Home
Owners'
Loan Corporation !

Number of
associations
Total
639

1934—December
1935—December
1936—December

2, 379, 491
2, 897,162
2,765.098

1,023
L212

1937—February...
March
April
May
__ June
July
August. ._ - _ _.
September.- __
October
November
December
1938—January
February
March

2, 698, 611
2, 661, 542
2, 625, 493
2, 591,115
2, 556, 401
2, 524,129
2, 497, 224
2, 472, 421
2, 446,002
2,422,149
2, 397, 647
2, 370, 984
2, 348, 025
2, 323, 995

1,240
1,249
1,257
1,270
1,286
1,293
1,296
1,307
1,311
1,318
1,328
1,332
1,334
1,338

Reporting

Loans
reported

Federal
home
loan
bank
loans to
member
institutions 2

1934—June
1935—June
1936—June
69, 734
315, 683
544,107

86, 658
102,795
145, 401

611,212
1,157
630,680
1,168
652, 557
1,168
679,949
1,166
703,996
1,181
722, 442
1,181
746,958
1,200
769,117
1,211
782, 846
1,211
782, 495
1,194
808, 546
1,198
843, 626
1,250
r
l, 283 '855, 619
870, 221
1,283

141,205
142, 720
146. 149
153, 491
167,057
169,571
175, 607
179, 511
184,041
187, 336
200,095
190,538
187, 518
183,125

455
881
1,065

' Revised.
i In addition to loans the HOLC held en March 31,1938, $840,000,000 in
other assets, consisting principally of investments in the Federal Savings
and Loan Insurance Corporation and in various savings and loan associations, real estate and other property, and accrued interest receivable.
J
Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to other than member institutions.




U.S. Government
securities
Depositors
Cash
Cash,
balin dereances1 Total posiDi- Guar- serve
antory
rect teed funds,
banks Total obli- obli- etc.*
gagations tions

End of month

1,198

_._ 1,205
- 1,232

1937—January
February
March
_
April
May
June
_
July
August
September
October
November
December
1938—January
February
..
March _ .
_

1,266
1,270
1,272
1,270
1,268
1,268
1,271
1,273
1,270
1,269
1,270
1,270
1,272
PI, 271
Pl, 268

695
385

1,225
1,236
1,265

203

453
777
967

418
630
800

35
147
167

77
74
95

1,303
1,307
1,310
1,307
1,306
1,307
1,309
1,312
1,307
1,308
1,306
1,308
1,311

136
133
132
134
134
136
134
133
133
130
129
130
125

1,060
1,061
1,097
1,100
1,100
1,100
1,100
1,100
1,100
1,100
1,101
1,097
1,097

893
894
930
933
933
933
933
933
933
933
934
930
930

167
167
167
167
167
167
167
167
167
167
167
167
167

107
113
81
73
72
71
75
79
74
78
76
81
89

p Preliminary.
1
Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-percent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See BULLETIN for August 1935, p. 502.

396

FEDERAL RESERVE BULLETIN

MAY

1938

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average—100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value)2

Industrial production**
Year
and
month

Manufactures

Total

Factory employment 3
Minerals

Total

Residential

All other

Factory
payrolls3

Freight-car
loadings4*

Department
(value)

Ad- Unad- Ad- Unad- Ad- U n a d Ad- U n a d Ad- U n a d Ad- U n a d Ad- U n a d U n a d Ad- U n a d Ad- Unadjusted justed justec justed justed justed justed justed justed justed justed justed justed justed justed justed justed justet justed
84
87
67
86
101
94
105
108

99
108

106
112

107
106

81
64
76
79

119
95
80
63
75
78

115
99
84
71

90
105

90
105

110

109

83
87
67
85

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
19°9
1930
1931
1932
1933
1934
1935
1936
1937

101
95
104
108
106
111
119
96

105
96

81
95
124
121

94
122
129
129
135

87
50

37
13
11
12
21

37

37

55
59

96
100
101
99
99

142
142
125
84
40
37
48
50
70
74

126

92
63
28
25
32

107
108
82
90
104

135
139

117

117

82
86
91
104
115

79
90
65
88
86
94
120

44
30
44
68

63
63
56
79
84

77
89
70
74

41

105
91
77
66

72
83
86
92
99

98
118
77

84

82
103
96
101

85
100
98
103
107
104
104
107
92

78
94
87
88
98
99

91

78

104
102
102

109
89
67
46
49
63
71
82
98

103
106

107
108
111
102
92
69

74
55
58
62

67
75
79

64
75
78

88
92

1935

91
95
96
101

87
90
97
98
96

92
95
97
101

91
91
91
87
84
83
87
89
96
98
95

97
94

95
95

96
92

95
93

96

93

April_.__

93
101

May.—
June

104
105

100
101

97
105
105

104

104
105
106

105
109
110
110

Feb
Mar
April_.__
May
June
July
Aug
Sept
Oct. „

Nov
Dec

90
88
86
85
87
86
88

88
87
86
84
85
87

91
91
89
87
86
83

89

83
87

93
90
79
88
97
85
86
93

97
97
88
90
99
86

28
26
27
27
30
35

24
26

30
32
35
39

93
93

101
96

102

97

38
43
48
60
68

104
111
97
106

100
107
90
95
101

62
52
47
47
46

50
45
47
53
56

52
59
62

60

40
44
45
53
54

14
16
18
21
24
25
24
25
25
26
26

33
34

25

39
35
33
32

26
25

36
43

24
25
25
25
22

50
58
66

59
62

88
103

76
80

92
75

75
63

63
60

62

13
16
22

38
39

43
50
54

85
86
86
85
84
85
86

85
86
86
85
83

84
86
88

86
87
88
89

89
89
88

89
87
88

87
87
88
89

70
72
72
69
67
67
71
74
76
76
78

66
65
62
61
64
59
63
64
68
68
68

74
74
78
79
81

70
71

61
71
79
76
76

62
63
59
60
63
59
64

77
79
75
74
79
80
77

71
75

81

55
61
86

78
82
83

91
145

69
64

86

1936

Jan
Feb
Mar.___.

July
Aug
Sept
Oct
Nov

101
108
108
109
110

105

102
100

101

105
106

101

102
104

107
110

107
111
115
114

111
115
121

115
114

112
117

115
116
117

113
118
122
125

Dec

114
121

Jan.
Feb
Mar
April._._
May
June
July
Aug
Sept
Oct
Nov
Dec

114
116
118
118
118
114
114
117
111
102
88
84

122
122
115
111
115
109
102
90
'80

118

80
79

79
79

76
75

122

118
114
114
117
110

101
85
79

123
114
110
114
106
99
86
75

99
102
105
112

110

117

115
115
111

110

106

'116

111

128
115
'117
'115
112
'113

115
113
109
'115

'119
105

117
'118

115
120
125

59
57
58
66

63
62
56
53
56
61
67
62

112

56
52
56

'108

'61

'123

65
65
60

54
51
53
51
54
56
61

68
72
75
66
56
49
50
49

25
25

21
22
28
35
38

26
30
32
36

39

65

44
46
47
43
40
45

45
46
47
41
39
38

71
76

45
47
45
44
44
42
44
40
37
36
32
30

37
42
47
51
52
47
45
40
37
35
31
25

57

69
69

67
70
78
82
81
70
65

89
90
90
93
93

94
94

72
83

62
66

96

77
75

63
64
63
68
81
92
99
87
72
61
65
68

99
100
101

64
61

66
77
86
81
71
65
76
'87

99

102
102

101
103
102
101
98
94
89

90
90
91
94
96

97
97
98
97
99
101
102
102
101
101
102
102
101
95
89

81
80

84
84
89
91

66

71
72

71

81
83
84
84
87

63

66
77
85
89
84
63

73

73

76
76
75
77

77
77

87
91
86

84
86

88

84
77

94
92

73
76
80
79
80
79
82
81
87
84
72
62

93
95
93
93
93
93
94
92
94
93
91
89

89
95
90
65
72
100
103
101
156

59
57
57

90
88
86

70
70
77

82

95

83

91

80
82
83

96

65
68
64
68

101
105
105
103
100
104
100
100
90
81

84
80
78
80
79
78
76
71
67

65

90

68
94
100
105
161
72
76
90

1938

Jan
Feb
Mar

75
76
P77

108
102
P103

103
98

52
51

'42
44

P95

P46

P46

26
32
P34

22
28
P35

'73
66
P57

'59
56

84
83

82
82

72
73

P56

P82

P82

P73

62
60

p Preliminary.
' Revised.
* Average per working day.
1 For indexes of groups and separate industries see pp. 397-398; for description see BULLETIN for February and March 1927.
2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931.
3
The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of
BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 399-402. Underlying figures are for payroll period
ending nearest middle of month.
4
For indexes of groups see p. 404.
Back figures.—See Annual Report for 1936 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car
loadings, see pp. 522-529 of BULLETIN for June 1937.




MAY

397

FEDERAL RESERVE BULLETIN

1938

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 1001
1937
Industry

Feb.

Apr.

116

117

118

129
107
131

126
108
128

130
109
132

128
136
128
139
125
101
114

Nov.

Dec.

Jan.

Feb.

101

85

79

76

75

100
95
101

68
67
68

49
50
49

52
47
52

50
46
51

49
45
49

108
121
88
96
80
80
103

91
101
65
63
74
59
105

80
91
51
51
58
41
94

77
88
56
54
66
43
69

75
82
54
52
67
40
80

80
85
62
61
71
49
88

P81
89

89
76
102
120
139
86
73

86
74
96
115
139
86
101

86
72
101
114
143
88
142

92
77
106
113
160
86
99

86
66
109
111
164
89
83

83
59
111
116
151
90
63

June

July

Aug.

Sept.

Oct.

118

114

114

117

110

134
114
136

119
107
121

140
121
141

142
123
144

125
119
125

124
130
119
128
118
96
120

123
130
121
132
120
93
109

126
136
119
129
118

111
125
95
102
96

115
129
106
120
96

89

89
69
113
136
139
89
108

93
75
113
130
142
95
123

76
54
99
124
145
89
98

_

62
145

64
144

62
144

._

120
13

121
24

134
106
108
92
114
153

Manufactures—Total
IRON AND STEEL

Pig iron
Steel ingots

Mar.

1938

_ _ _

TEXTILES

_

Cotton consumption .
Wool _..
Consumption
Machinery activity * _
Carpet and rug loom activity1Silk deliveries

132
129
132

'138
104
112

May

FOOD PRODUCTS:

94
115

71
97

83
92

Mar.

P51

100

77
49

70
44

78
50

111
134
145
94

99
129
139
91

111
141
148
83

69

91

96

87
67
109
140
150
83
45

62
147

61
145

64
140

65
141

65
147

63
145

64
130

63
134

57
132

53
129

53
126

130
33

135
31

130

129

157

135
29

142
32

92
22

78
16

65
14

62
19

54

21

132
103
106
85
115
151

131
107
107
94
121
147

133
109
111
82
.133
148

119
102
99
83
128
129

115
94
91
68
127
130

109
93
93
63
124
120

98
86
87
60
108
106

'89
79
85
52
92
95

81
77
81
63
83
84

86
75
76
73
74
93

94
78
72
80
91
105

102
81
79
89
81
115

P105

85
244

93
229

87
241

78
223

74
260

75
206

73
216

73
199

79
179

76
151

71
108

59
62

57
35

65
42

131
83
70

144
107
75

138
110
85

115
116
76

112
115
70

100
112
82

108
110
82

136
116
77

141
115
81

115
108
79

88
108
87

91
98
69

85
90
67

77
87
64

Petroleum refining
Gasoline1
Kerosene
Fuel oil *
Lubricating oil*
Coke, byproduct _ _ _
Coke, beehive

194
245
106
130
126
136
22

190
242
108
126
120
138
25

195
249
103
123
131
141
25

200
253
112
130
131
143
31

202
256
114
133
129
134
29

206
261
119
139
124
144
32

207
265
121
134
121
149
28

216
277
109
147
126
148
25

217
277
110
147
134
128
20

211
268
113
144
127
104
14

201
255
108
140
123
89
11

200
253
111
141
116
87
9

194
243
113
140
114
85
8

82
7

l

133
138
99

132
137
99

133
138
100

132
137
94

123
128
84

102
105
73

93
96
69

106
110
75

94
98
69

75
78
53

66
70
42

66
69
44

56
58
41

61
64
42

168
78
242
81

153
83
212
84

158
82
220
89

155
74
221
81

150
73
212
80

164
78
233
86

159
73
229
79

162
77
231
81

155
73
221
82

155
73
221
83

170
74
247
84

157
75
225
77

157
73
226
77

160
77
227
83

'116

128

115

'117

'115

112

'113

115

113

109

-115

108

102

P103

98
'51
168

112
'83
173

72
'99
174

78
'38
181
126
110
82
139

'87
'53
177
113
116
77
116

'84
'56
176
91
115
81
91

78
'67
174
40
108
79
119

63
53
171

P172

110
85
103

79
'48
174
121
112
82
148

65
66
177

107
75
93

'81
'76
172
122
115
70
107

'79
'70
176

83
70
94

80
'64
176
159
116
76
101

108
87
104

98
69
96

Slaughtering and meat packing
Hogs

86
66

Cattle

108
122
151
89

Calves
Sheep ._
Wheat flour
Sugar meltings _
PAPER AND PRINTING:

Newsprint production
Newsprint consumption _ _
TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes

30

25

z>121

CEMENT AND GLASS:

Cement
Glass, plate

__

NONFERROUS METALS:
J

Tin deliveries
Zinc
Lead

FUELS, MANUFACTURED:

RUBBER TIRES AND TUBES

Tires, pneumatic l
Inner tubes ! _.

TOBACCO PRODUCTS

Cigars
Cigarettes
Manufactured tobacco. _

Minerals—Total
Bituminous coal2
Anthracite2
Petroleum, crude
Iron ore
Zinc.
Lead...
_
Silver.

90
67
96.

87
64

r
Preliminary.
1 Without seasonal adjustment.
Revised.
2
Revised figures for January 1937, bituminous coal 87; anthracite 57.
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, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping
paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process
of revision.




398

FEDERAL RESERVE BULLETIN

M A Y 1938

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.

1923-25 average=100]

1937
Industry
Feb.
Manufactures—Total.

June

July

Aug. Sept. Oct. Nov. Dec.

_

125

123

110

106

146
116
149

119
105
121

130
115
131

123
116
124

132
143
129
141
125
101
110

127
140
117
124
118
96
119

123
134
116
122
120
93
108

119
130
113
116
118
94
102

103
114
89
91
96
71
92

107
118
91
101

85
73
95
114
142

84
69
99
137
126
83
127

83
67
99
141
133
87
143

74
52
96
140
142
83
109

76
50
104
139
142
83
82

67
125
139

62
143

63
149

63
154

63
151

140
24

158
30

137
110
116
85
119
154

136
103
107
76
117
158

Feb.

95

134
141
135
144
138
104
120

Jan.

Mar.

99

= 143
115
146

51
244

__

Cotton consumption
Wool
_
Consumption
_.
Machinery activity
Carpet and rug loom activitySilk deliveries

122
•142
114
145

120
13

Pig iron
Steel ingots...

118
135
109
138

IRON AND STEEL .

TEXTILES

Mar. Apr. May

1938

109

55
48
56

93
104

94
P55

74
59
105

FOOD PRODUCTS:

Slaughtering and meat packing..
Hogs
Cattle
_...
Calves
Sheep
Wheat
flour
__.
Sugar meltings

64
119
126
153
96

111

83
50
121
134
173
' 98
48

95
81
110
117
137
93
79

63
144

62
124

65
144

63
154

63
139

163
30

147
29

53
30

100
32

111
23

129
105
107
85
120
144

122
103
105
78
124
135

114
100
97
80
128
123

132
25
114
79
118
127

113
91
91
70
113
127

97
84
88
62
96
106

67
241

85
265

92
234

91
234

92
185

92
199

90
179

131
89
72

144
113
77

138
114
84

115
117
75

194
245
108
130
126
140
28

190
242
104
126
120
142
30

195
249
102
123
131
142
27

200
253
108
130
131
142
28

RUBBER TIRES AND TUBES.

133
138

132
137

133
138
100

TOBACCO PRODUCTS

153
67
220
82

146
76
201
85

78
60
97
117
137
84
74

107
104
107
105
161
84

PAPER AND PRINTING:

Newsprint production
Newsprint consumption..

52
131

TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
LEATHER AND PRODUCTS

Tanning
Cattle hide leathers...
Calf and kip leathers..
Goat and kid leather?.
Boots and shoes

62
19
103
83
84
82
84
116

P108

CEMENT AND GLASS:

Cement
Glass, plate

46
44

62

NONFERROUS METALS:

Tin deliveries...
Zinc...

Lead

II"

100
104
79

108
103
79

136
110
73

141
112
84

201
256
106
133
129
132
24

206
261
110
139
124
140
25

207
265
115
134
121
145
23

216
277
112
147
126
145
22

218
277
115
147
134
128
20

212
268
122
144
127
106
15

202
255
117
140
123
90
12

132
137
94

123
128
84

102
105
73

106
110
75

94

75
78
53

66
70
42

145
77
200

157
76
224
82

164
80
234
82

178
82
256

170
76
247
81

179
88
254
88

167
89
233
85

158
86
219
81

138
55
202

150
58
221
78

120

125

123

112

108

103

184
257
103
79
138

92
'54
182
218
110
73
111

92
'72
177
156
112
84
90

87
'69
172
34
108
82
128

'84
'69
171

72
72
170

168

110
88
105

103
70
97

97
69
104

92
65

110

FUELS, MANUFACTURED:

Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
Coke, beehive
Tires, pneumatic
Inner tubes

Cigars
II.I"
Cigarettes
Manufactured tobacco.
Minerals—Total...
Bituminous coal...
Anthracite i
Petroleum, crude..
Iron ore
Zinc
Lead
Silver
I

105

117

118

165

112
'68
171

61
103
174

72
102

113
77
102

114
84
104

70
'64
177
238
117
75

72
'66
175
240
111
72
105

111
104

72
'39
177
245
104
79
126

200
253

194
243
115
140
114
87
10
56
58
41
143
63
206

85

42
152
70
216
84

92
65

c
p Preliminary.
' Revised
Corrected.
i Revisedfigurefor January 1937, anthracite 62.
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, and March 1937, p. 256. Series on silk loom activity and on production of book paper, wrapping paper, fine paper, box
board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.




MAY

399

FEDERAL RESERVE BULLETIN

1938

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933

1923-25 average=100

1937

1938

Industry and group
Feb.

TRANSPORTATION EQUIPMENT

Aircraft
Automobiles _
Cars, electric, steam railroad
Locomotives.
Shipbuilding
RAILROAD REPAIR SHOPS

Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS

Aluminum . . .
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining. _
Stamped, enameled ware
LUMBER PRODUCTS

Furniture
Lumber, millwork
Lumber, sawmills _ _

STONE, CLAY, GLASS PRODUCTS

Brick, tile, terra cotta
Cement
Glass

Marble, granite, slate
Pottery

__

TEXTILES, PRODUCTS

A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods
B. Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied gHrmeritS
Men's furnishings
Millinery
Shirts, collars




_

Sept.

Oct.

Nov.

Dec.

Jan.

100.9
96.3
105.9

101.6
97.4
106.2

102.2
98.4
106.2

101.4
97.8
105.3

103.0
100.1
106.2

102.4
99.3
105.6

100.7
98.6
102.9

98.4
96.7
100.2

94.1
91.4
97.0

89.0
84.4
94.0

84.2
76.8
92.1

82.9
73.9
92.4

81.6
72.4
91.4

103.7
112
89
69
87
70
96
90
78
117
75
105
99
176

106.4
116
90
71
87
69
99
95
80
116
76
104
101
187

108.0
118
93
72
87
73
99
97
82
113
78
105
101
186

108.7
120
94
72
89
73
98
98
82
113
77
107
103
183

100.7
106
82
69
86
73
96
91
80
118
78
107
102
181

108.3
121
88
68
89
77
96
89
81
107
79
110
103
176

108.7
122
87
66
92
73
93
92
77
111
79
109
105
171

108.4
123
88
64
91
74
93
95
77
105
80
104
99
170

105.4
119
85
62
88
72
94
93
71
99
78
98
96
187

98.4
110
81
59
86
65
91
90
64
85
75
99
91
180

90.5
100
74
61
83
60
83
82
61
80
70
94
87
161

83.0
91
63
56
79
52
71
81
59
75
66
92
82
135

80.2
88
63
56
77
48
67
79
56
80
64
91
79
126

78.7
86
62
57
74
44
65
78
57
79
61
90
79
123

118.9
113
127
109
134
104
136
196
81
148

121.1
125
131
111
137
106
141
190
83
153

123.7
130
131
115
140
108
147
189
85
154

125 6
136
134
118
147
110
150
155
87
154

129.4
143
136
120
146
113
153
190
87
159

131 5
147
137
121
150
114
154
214
87
156

131.3
148
135
121
151
114
161
201
88
155

130.2
151
137
121
155
112
157
180
87
150

128.0
158
136
119
157
110
157
162
84
147

120.8
145
134
113
152
105
152
127
78
134

113.2
140
129
105
143
99
146
115
73
123

104.8
135
127
96
133
91
141
104
68
117

99.6
130
128
90
123
87
132
110
65
115

96.4
130
127
86
119
84
126
100
62
113

117.3
783
127
71
54
106

118.6
798
128
70
55
106

122 2
807
133
71
55
104

122.6
794
134
70
57
104

123.5
768
136
69
60
102

121.3
812
132
69
61
106

123.9
799
136
67
64
106

126.3
817
138
71
66
106

119.1
795
128
73
64
107

102.8
789
109
61
60
103

82.7
787
83
50
57
99

78.8
792
80
44
51
96

76.8
775
78
38
44
95

62.2
64
52

62.4
64
62

62 4
63
62

63.7
63
64

64.4
63
64

62.4
63
62

60.1
63
60

58.7
63
58

57.4
63
57

53.2
64
52

48.4
63
47

45. 1
62
44

45.1
62
44

113.2
119
122
122
90
104
73
81
161

114.3
121
126
124
90
100
74
85
158

115.4
123
124
125
95
100
73
88
160

115.0
132
123
124
95
96
73
89
159

115.4
138
121
120
101
94
82
94
153

115.9
138
121
128
99
93
78
94
156

113.7
131
117
126
93
97
80
94
152

109.4
103
112
124
92
98
78
90
152

105.1
122
103
119
90
93
76
86
143

97.9
114
96
111
88
85
74
84
125

90.6
106
90
101
87
71
72
81
111

87.7
101
87
104
85
66
72
77
106

86.7
97
85
102
87
64
71
75
108

71.4
88
58
54

71.4
90
58
53

71 7
91
56
54

72.3
92
56
54

72.9
91
56
56

71.4
88
55
54

69.3
86
55
53

66 4
81
54
51

62.1
75
51
47

58.8
73
48
44

56.9
71
46
43

56.2
69
48
42

56.3
69
47
42

72.6
55
68
109
43
77

Agricultural implements
Cash registers, etc
Electrical machinery
Engines turbines, etc.
Foundry, machine-shop products.
Machine tools _ .
Radios, phonographs
Textile machinery
Typewriters

Aug.

68.1
87
57
50

MACHINERY

July

111.7
121
122
120
89
98
73
79
159

„

June

61 9
63
62

Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
_
_

May

113.0
772
123
66
54
100

IBON, STEEL PRODUCTS

Apr.

99.7
93.9
105.8

Total
Durable goods
Nondurable goods

Mar.

72.6
54
70
109
43
78

71.8
54
66
108
43
78

71.3
52
62
110
44
79

70.4
50
62
109
42
82

70.4
51
61
110
41
79

70.3
48
64
112
41
79

70.5
49
66
111
42
78

69.4
47
67
109
41
78

67.2
44
67
105
41
75

64.9
43
67
100
39
73

61.2
42
61
92
38
72

59.5
42
59
87
40
70

57.3
39
61
82
39
68

107.3
100.7
101
102
102
117
89
123
79
85
119.8
111
161
91
141
57
129

107.0
101.1
99
103
102
116
88
122
80
88
117.9
110
156
90
141
58
129

107.9
103.8
101
105
103
119
86
122
85
94
115.0
113
146
88
140
54
124

107.6
103.2
102
106
96
119
84
121
84
90
115.3
116
144
89
138
53
119

105.4
101.3
102
104
100
114
90
118
86
87
112.0
109
142
90
141
54
118

106.2
102 0
100
105
102
116
87
123
84
84
113.1
109
145
91
147
52
119

105.9
100.9
101
106
104
116
84
121
81
78
115.1
108
156
90
139
54
117

100.9
95.9
101
101
101
114
79
117
76
70
109.7
103
147
89
129
51
115

96.4
90 4
87
93
97
113
82
112
73
68
107.4
100
143
89
128
50
114

91.6
85.8
85
90
91
108
87
108
67
60
103.0
94
139
89
122
48
109

88.4
82.6
79
87
85
104
87
101
61
61
99.7
89
136
90
114
50
107

85.4
80.1
69
85
79
102
84
101
56
59
95.8
87
132
88
105
51
99

86.9
79.6
73
84
77
100
82
103
56
55
101.5
92
140
86
114
52
106

85.9
78.9
71
84
76
98
81
103
59
50
99.9
91
134
84
116
51
109

Feb.

Mar.

400

FEDERAL RESERVE BULLETIN

M A Y 1938

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933.

1923-25 average = 100]

1937

1938

Industry and group
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

LEATHER PRODUCTS

98.1
100
97

97.4
99
97

96.5
97
100

96.0
96
100

96.1
97
99

95.2
97
95

93.0
94
94

90.0
90
93

88.8
90
89

85.7
88
83

86.1
89
78

87.2
91
77

87.8
92
77

86.5
91
75

FOOD PRODUCTS

116.7 117 0
136
135
202
205
88
88
152
157
81
80
75
75
73
73
91
93
89
95
78
77

116.1
134
199
86
154
79
77
73
91
98
84

114 8
135
203
88
144
78
76
76
90
90
78

114.7
135
206
90
143
77
75
77
89
90
75

119.4
136
209
91
169
81
78
76
91
91
79

116.2
134
210
88
155
82
77
75
88
89
75

114.8
134
209
87
151
76
74
76
88
108
66

113.8
136
199
86
138
80
75
72
89
110
67

114.2
134
209
84
141
80
75
74
90
105
69

111.5
132
204
84
135
78
75
75
87
79
76

111 7
133
207
87
134
79
74
72
90
39
68

111 8
132
211
88
134
78
74
72
88
75
74

110 0
132
206
87
128
75
74
70
86
81
69

Boots, shoes
Leather

_ _

Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
_
_
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane

61.8
57
62

61.7
56
62

61.1
56
62

61.2
56
62

60.2
58
61

61.3
57
62

60.8
57
61

60.2
56
61

59.3
56
60

59.6
56
60

59.6
56
60

56.2
56
56

60.1
57
61

60.3
56
61

PAPER, PRINTING

105.5
104
116
96
104

107.4
106
118
98
105

107.5
106
119
97
105

108 0
106
120
98
106

108.2
106
121
98
106

107.3
105
120
98
105

107.4
104
119
98
105

107.8
100
119
99
107

107.0
99
117
99
107

105.0
97
114
98
106

102.1
94
109
95
105

100.7
92
108
94
103

100.9
92
109
94
103

100.5
93
108
93
103

CHEMICALS, PETROLEUM PRODUCTS, _

121.6 122.5
121.8 122.7
135
133
80
67
109
111
92
90
86
88
133
135
370
363
111
110
122
121

124.4
124.8
136
77
113
95
94
136
378
107
123

126.0
126.1
138
77
112
93
98
134
392
103
125

127.5
128.0
137
72
114
97
110
134
408
103
125

127.7
128.1
138
62
112
97
104
136
413
104
126

127.2
127.3
137
62
114
97
105
136
407
103
127

127.4
127.9
137
97
112
97
94
134
407
102
125

123.7
123.4
135
87
110
94
89
132
380
99
124

120.9
120.2
129
90
109
93
86
129
367
98
124

115.5
114.2
123
85
108
93
89
124
330
96
121

112.9
111.4
120
98
104
90
82
119
312
96
119

112.7
111.2
117
97
105
86
84
117
323
97
119

110.9
109.0
112
85
103
87
75
118
331
96
119

RUBBER PRODUCTS

101.7
73
140
94

95.8
82
144
79

101.7
81
145
89

100.0
76
144
89

96.6
67
140
87

99.8
77
140
90

99.5
76
137
91

98.1
74
135
90

90.4
66
126
83

86.3
63
121
79

79.1
58
110
73

74.3
56
108
C6

72.0
56
1C6
62

TOBACCO MANUFACTURES

Tobacco, snuff
Cigars, cigarettes

Boxes, paper
__
Paper, pulp
Book, job printing
Newspaper, periodical printing.__
A Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes

96.0
82
142
80

NOTE.—Figures for March 1938 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and
page 259 of the BULLETIN for March 1937. Underlyingfiguresare for payroll period ending nearest middle of month.




401

FEDERAL RESERVE BULLETIN

M A Y 1938

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bure<m of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Factory employment
Industry and group

1937

Factory payrolls
1938

1937

1938

Feb.

Mar.

Nov.

Dec.

Jan.

Feb.

Mar.

Feb.

Mar.

Nov.

Dec.

99.0
93 2
105.2

101.1
96.4
106.1

94.7
92.4
97.3

88.6
84.3
93.3

82.2
75.1
89.9

82.2
73.3
91.8

81.7
72.5
91.6

95.8
92.5
99.9

101.1
100.0
102.6

89.5
89.9
89.0

80.9
77.0
85.8

IRON STEEL PRODUCTS

103.4
114
89
67
88
71
97
91
77
108
72
98
100
176

106.8
117
90
69
89
73
100
96
80
113
74
100
102
187

98.1
109
81
58
88
65
92
90
66
91
75
97
92
180

90.0
100
74
60
84
61
84
80
62
77
70
91
88
161

81.2
91
63
55
78
52
71
79
57
64
64
86
82
135

80.0
89
63
55
78
48
68
80
56
74
61
86
80
126

79.0
87
62
56
76
47
66
79
57
77
60
87
79
123

103.9
119
106
52
81
68
90
68
75
97
68
99
109
156

112.6
127
108
56
84
72
117
80
79
102
72
104
111
180

85.7
93
79
43
81
56
100
64
53
65
75
100
90
162

MACHINERY

118.6
119
127
109
135
104
138
171
83
147

121.2
132
131
111
140
107
143
163
85
153

121.4
143
134
113
148
105
154
157
78
138

113.1
140
129
105
141
98
148
124
74
127

104.0
138
127
96
130
90
139
97
69
118

99 7
138
128
90
125
87
134
95
66
114

96 8
137
127
86
121
85
128
86
63
113

118 2
140
130
107
131
105
142
124
88
138

125 5
162
140
112
139
112
153
127
90
153

TRANSPORTATION EQUIPMENT

116.0
756
127
63
50
99

121.0
791
132
70
54
107

121.8
795
133
66
62
106

105.5
781
113
56
60
105

84.3
772
87
45
52
99

80 6
776
83
42
48
95

79 1
783
82
38
44
95

112 3 123 6
652
703
122
132
67
79
37 . 41
98 * 116

61.6
63
62

62.2
64
62

57.4
63
57

52.7
64
52

47.6
63
46

44.9
62
44

45 1
62
44

63.4
65
63

111.5
122
122
120
89
97
72
79
159

114.6
124
124
122
89
104
74
81
165

108.4
124
106
125
100
96
79
88
144

98.9
114
97
115
90
87
76
85
123

88.4
104
89
100
82
69
69
81
105

87.6
102
87
104
84
66
71
77
106

87.6
101
87
102
86
64
71
75
110

65.8
86
55
48

69.8
88
57
52

63.5
80
51
48

58.1
75
48
43

53.7
69
44
40

54.3
68
46
40

STONE, CLAY, GLASS PRODUCTS .

67.2
47
58
108
38
78

70.3
49
64
110
40
81

68.2
46
66
107
42
77

63.2
41
61
100
38
74

55.1
35
50
88
32
70

TEXTILES, PRODUCTS

110.2

111.2
103.8
102
105
109
123
91
124
83
90
125.5
116
170
93
148
67
130

92.0
87.2
86
91
91
109
83
112
68
60
101.0
91
135
88
130
44
115

88. 2
84.0
78
89
85
105
84
103
63
61
95.6
84
131
88
119
44
106

84.6
80.6
67
87
79
104
83
99
58
59
91.7
83
128
84
98
50
89

Total
Durable goods
Nondurable goods
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe _
__ .
_
Cutlery, edge tools
Forgings
__
Hardware
Plumbers' supplies
Steam, hot-water heating.. _ _
_ _
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
Agricultural implements
_ _
Cash registers, etc.
Electrical machinery
Engines, turbines, etc.
Foundry, machine-shop products.
Machine tools . _
Radios, phonographs
Textile machinery
Typewriters
_ _
_
__ _
Aircraft
Automobiles
_ _ _
_
Cars, electric, steam railroad
Locomotives
_ _
_
Shipbuilding

RAILROAD REPAIR SHOPS

Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS

Aluminum
_.
Brass, bronze, copper
Clocks, watches..
Jewelry
Lighting equipment.
._ _ _
Silverware, plated ware
Smelting, refining...
Stamped, enameled ware ._
LUMBER PRODUCTS

Furniture
_
_
Lumber, millwork
Lumber, sawmills
Brick, tile, terra cotta.._
Cement
Glass
_
_
Marble, granite, slate
Pottery

_ _

103.6
A. Fabrics
__
_ ._
100
Carpets, rugs
Cotton goods
_ _ _ 104
_
107
Cotton small wares
123
Dyeing,finishingtextiles
90
Hats, fur-felt
123
Knit goods
84
Silk, rayon goods
92
Woolen, worsted goods
122.6
B Wearing apparel
114
Clothing, men's
166
Clothing, women's
Corsets, allied garments
M e n ' s furnishings _
Millinery
Shirts, collars




92
143
62
127

Feb.

Mar.

71.6
63.8
81.5

73.2
63.7
85.2

73.3
63.9
85.1

71.9
76
66
44
75
49
81
55
49
56
68
94
82
136

59.2
62
49
36
63
36
56
56
43
44
59
88
76
108

61.4
65
53
35
64
34
60
54
42
57
56
89
73
102

62.6
66
53
39
63
34
57
55
43
61
55
92
77
106

121 2
185
141
114
155
102
158
123
70
106

110 6
174
138
103
144
93
149
99
63
107

95 5
172
129
88
128
79
132
76
53
77

91 4
176
123
82
120
77
120
72
52
88

88 2
178
124
78
119
75
112
61
50
80

120.0
725
126
81
51
121

92 4
701
91
65
54
127

68 6
675
64
49
38
114

67 0
699
62
48
37
110

67 4
704
64
43
33
110

65 8
67
66

63.3
68
63

55.7
70
55

47.3
68
46

45.6
69
44

45.4
69
44

103.5
122
120
111
66
90
63
69
155

111.8
130
128
120
69
109
68
75
163

99.9
128
92
122
79
94
73
84
142

86.5
111
80
105
71
72
68
80
115

73.3
97
71
89
61
53
54
74
89

73.5
97
70
91
61
55
57
69
93

74.6
101
72
87
61
55
60
67
101

55 0
68
46
41

58.2
75
50
40

64 6
77
53
48

55.1
66
46
40

48.4
60
43
34

42.5
49
37
32

45.5
53
40
33

48.0
54
42
36

55.0
35
49
85
35
71

55.4
36
54
83
36
71

59.8
38
53
107
30
68

66.1
43
63
115
34
74

63.6
36
67
112
35
70

54.5
31
58
96
31
60

43.4
24
44
76
24
51

46.4
26
45
79
29
59

48.0
26
51
80
30
60

89.1
81.7
73
86
81
105
84
103
59
60
103.9
95
144
86
115
56
104

89.3
80.9
73
87
80
104
84
104
60
52
106.4
97
146
87
121
59
110

100.1
97.6
98
100
105
112
94
127
71
82
100.9
99
125
93
114
50
112

103.2
97.5
103
101
109
113
90
127
71
79
110.4
106
138
98
123
65
122

71.5
71.5
50
77
79
89
61
112
51
43
68.6
61
84
82
104
27
103

68.7
68.9
54
74
75
87
65
95
48
50
65.2
56
86
80
90
27
87

65.3
64.8
46
70
68
84
65
90
40
49
63.7
58
83
75
67
34
71

74.3
69.3
55
71
76
90
73
103
46
50
81.1
73
108
84
88
44
84

74.4
68.4
58
73
78
88
66
106
47
39
83.4
75
109
89
94
50
90

Jan.

402

FEDERAL RESERVE BULLETIN

MAY 1938

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory employment
Industry and group

1937

Factory payrolls
1938

Feb.

Mar.

Nov.

Dec.

99.9
102
98

100.8
103
99

80.3
81
83

81.8
84
79

85.8
89
77

105.1
132
182
81
92
79
75
62
91
37
75

105.7
134
193
82
90
79
74
65
91
39
76

114.6
135
194
84
119
92
76
65
91
252
70

107.3
132
187
82
89
87
75
64
91
146
75

60.5
59
61

60.8
57
61

62.9
57
64

105.7
102

107.1
104
118
98
106

1937

1938

Mar.

Feb.

Mar.

Nov.

Dec.

Jan.

Feb.

89.4
94
78

89.6
94
77

90.9
88
105

92.4
89
107

53.8
46
83

58.4
53
79

65.6
63
77

73.5
72
80

72.8
72
78

102.7
130
186
81
82
76
74
61
93
34
66

101.5
130
190
81
79
76
74
62
88
32
71

100.1
130
194
81
75
74
73
63
84
33
69

101. 3
122
189
64
97
76
71
57
88
44
66

104.1
124
211
64
90
76
70
59
92
45
81

115.9
130
213
67
111
90
77
62
102
267
67

110.4
127
202
66
87
87
74
60
105
136
72

106.4
125
200
66
79
74
73
58
108
41
59

104.2
126
209
66
78
74
73
58
96
42
64

103.3
127
217
67
74
72
72
60
92
43
61

60.8
57
61

51.9
57
51

58.8
59
59

59.4
57
60

52.6
67
51

52.4
66
51

57.2
64
56

55.7
68
54

44.6
67
42

48.8
68
46

50.6
65
49

106.4
103
114
98
107

104.1
97
109
98
107

101.0
89
108
96
103

101.1
90
109
95
103

100.2
91
108
92
103

100.5
103
114
91
99

104.1
107
117
94
103

101.5
103
105
93
106

100.8
93
99
96
108

95.6
83
98
91
101

96.5
88
103
89
101

96.5
89
103
87
102

CHEMICALS, PETROLEUM PRODUCTS... 121.9 124.9
A. Other than petroleum
122.4 126.0
134
131
Chemicals...
82
69
Cottonseed oil, cake, meal
112
Druggists' preparations
_ 110
90
93
Explosives
136
96
Fertilizers.
135
131
Paints, varnishes
,373
Rayon, allied products
_
370
'ill
110
Soap
121
B. Petroleum refining
120

122.7
122.4
130
121
113
95
75
128
374
100
124

116.3
115.4
123
110
111
95
82
121
337
95
120

112.5
111.0
118
104
106
90
83
116
315
94
119

113.1
111.9
116
100
106
87
93
116
329
96
118

113.0
111.9
111
87
105
87
116
117
335
96
117

123.6
123.9
135
67
119
93
87
127
345
125
123

128.1
128.8
140
59
121
98
128
133
350
123
126

132.1
129.6
142
113
126
107
77
125
360
117
140

124.4
120. 3
130
105
124
100
82
116
314
111
138

117.4
112.2
125
97
118
82
79
106
276
109
134

119.1
113.7
123
91
116
92
87
111
283
111
137

119. 5
114.5
118
78
115
91
109
113
301
111
136

RUBBER PRODUCTS

90.9
72
128
81

86.0
68
121
77

78.3
59
109
71

74.3
56
109
65

72.6
55
107
63

104.4
65
141
101

99.8
72
146
90

82.0
62
122
73

77.1
55
111
71

65.9
44
95
61

58.9
40
97
50

60.6
41
99
52

LEATHER PRODUCTS

Boots, shoes
Leather .

_

__

.

FOOD PRODUCTS

.

Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
_
Sugar refining, cane
TOBACCO MANUFACTURES

Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING

Boxes, paper
Paper, pulp..
Book, job printing
Newspaper, periodical printing

Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes

. 116
98
104

101.6
73
142
93

96.7
80
144
81

Jan.

Feb.

Mar.

NOTE.—Figures for March 1938 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be
obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month.




403

FEDERAL RESERVE BULLETIN

1938

MAY

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.]
Total

Month
1937

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

__

Year

1938

1937

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

78.4
63.0
90.2
107.8
83 9
93 0
81.0
73.4
65.6
65 5
59.9
43 5

2,913 1

Commercial

Factories

Residential

1938
36.2
40.0
79.4

905.3

1937
37.0
12.6
22.2
30.1
18 5
36 8
58.5
37 9
12.9
12 6
13.5
20 9

1938
6.6
4.9
15.7

P u b l i c works
a n d public
utilities

Educational

1937

1937

19381

1937

68.5
59.6
52.5
65.7
66 7
99 9
102.5
90 6
65 8
61 6
61.4
64 8

'98.6
30.5
59.7

1938
15.4
13.0
20.2

21.5
22.3
30.0
28.5
25 6
24.5
29.1
29 6
25.3
25 2
18.9
16 5
297 0

313 7

859 6

' Revised.
*Not strictly comparable with data for earlier years due to changes in classification,
able for publication in the next BULLETIN.

All other

1937

19381
19.0
15.4
21.0

19.6
11.3
10.0
14.0
22.0
37 4
15.8
17 2
15.8
10 8
19.3
37 6

19381
16.4
15.1
31.0

17.8
19.4
26.4
23.4
26 9
26.1
34.7
32.5
21.5
26.4
25.4
26. 1
306.7

230 7

Comparable figures for 1937 are expected to be avail-

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
Total

Publicly financed

Value of contracts in millions of dollars.]

!

Privately financed

l

1938

1933

1934

1935

1936

192
119
227

CO OO

Month

39
27
25
18
24
29
20
47
71
100
126
156

157
65
126
78
72
73
52
69
69
79
74
61

55
38
68
53
47
64
67
92
97
114
118
196

149
79
96
105
94
116
153
153
116
101
89
82

112
69
66
74
93
137
131
104
80
78
93
115

2,913

683

975

1,007

1,334

1,152

1933

January
February . _
March
April...
May
June..
July
August
September
October
November
December
Year
r
1

1934

1935

83
53
60
57
77
102
83
106
120
145
162
207

186
97
178
131
134
127
120
120
110
135
112
93

100
75
123
124
127
148
159
169
167
201
188
264

215
140
199
235
216
233
295
275
234
226
208
200

243
188
231
270
244
318
322
281
207
202

1,256

1,543

1,845

2,675

1936

1937

1937

1937

1938

1933

1934

1935

1936

118
51
95

44
26
35
39
53
74
63
59
49
45
36
51

29
31
52
53
63
54
67
51
41
57
38
32

45
37
55
71
80
84
93
76
70
87
70
68

66
62
103
130
122
116
141
122
119
125
119
117

130
119
165
195
151
180
191
178
127
124
106
94

573

568

837

1,341

1938

1,761

75
68
132

Revised.
Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS

COMMERCIAL FAILURES, BY DISTRICTS

OO CO

[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.]
Liabilitie
Number
1937
1938
Federal Reserve
Federal Reserve district
1937
1938
1938
1937
district
Mar.
Mar.
Feb.
Mar.
Mar.
Feb.
Mar.
Feb.
Mar.
7,492
14, 308
Boston. _
. __ _ . . . . .
11,675
44, 658
53, 419
20,007
New York
721
1,179
1,295
96
.
91
79
8,926
13,173
Philadelphia.. __
_
11, 772 Boston
3,042
4,149
3,103
265
330
249
1 4 , 304
25, 725
26, 713 New York
Cleveland
874
1,347
85
481
61
40
Philadelphia
14, 741
24, 372
24, 070
Richmond
702
906
91
946
77
68
15, 795
10, 828
19, 287 Cleveland.. __
Atlanta
_ ._ _ _ . .
359
491
823
45
53
50
17, 289
47, 502 Richmond
33, 683
Chicago
414
460
60
494
38
55
6,683
16, 417 Atlanta
St. Louis . . _ _
. . .
12, 587
1,565
4,574
161
1,711
175
115
6,014
5,394
6,867 Chicago
Minneapolis
324
493
276
52
47
26
5,342
11,014
8,350 St. Louis
Kansas City
90
260
23
14
Minneapolis
17
241
7,939
19, 763
11, 000
Dallas
51
352
445
778
49
Kansas City
40
129
245
313
25
Dallas
19
226,918
118, 945
231, 246
Total (11 districts)
3,192
1,499
119
126
San Francisco
1,575
« Revised.
•




Total

1,088

1,071

820

15, 567

13, 359

10, 922

404

FEDERAL RESERVE BULLETIN

1938

MAY

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2

Merchandise exports 1

Excess of exports

Month
1934

176
163
185

199
182
195

223
233
257

164
165
170

193
201
186

173
172
199

2,133

1934

P276

206
195
171

Year

1938

162
172
191

"Dp.oember

1937

179
160
171

May

June
July
August
September
October
November

1936

172
163
191

January..
February
March__
April

1935

1935

1936

1937

1938

1934

1935

1936

1937

37
30
33

9
11
8

11
-11
-4

1938

-18
-45
-51

136
133
158

167
152
177

187
193
199

240
278
307

269
290
265

147
155
136

171
171
157

203
192
191

287
285
286

33
6
34

-6
—5
13

-10
9
-5

-18
5
-21

180
179
221

268
277
297

127
120
132

177
169
162

195
193
216

265
246
233

34
52
60

-3
3
37

-15
-14
5

3
31
63

221
270
223

265
226
230

333
315
319

130
151
132

189
169
187

213
196
245

224
223
209

77
44
38

32
100
37

52
30
-15

108
92
110

2,283

2,456

3,345

1,655

2,047

2,423

3,084

478

235

33

261

289
263

171
163
*>173

119
100
P102

p Preliminary.

1 Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source: Bureau of Foreign and Domestic Commerce.
Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152.

2

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORES—SALES, STOCKS\

[Index numbers; 1923-25 average=100]

[Index numbers based on value figures; 1923-25 average=100]

1937

Index of sales l

Mar. Nov. Dec.

Jan.

Feb.

Mar.

Month

Adjusted for seasonal variation
Total
Coal
Coke .__
_
Grain and grain products. _
Livestock
Forest products
Ore
Miscellaneous
Merchandise *

83
87
92
68
42
51
114
94
69

71
72
59
92
42
41
73
76
64

67
70
46
88
42
40
86
69
62

65
62
46
89
44
40
82
69
61

62
54
35
76
41
38
78
69
62

60
49
38
77
41
36
76
67
61

Without seasonal adjustment
Total
Coal
Coke
Grain and grain products..
Livestock
Forest products
Ore
Miscellaneous
Merchandise *

80
92
96
62
34
52
29
90
69

72
78
59
86
51
40
40
78
65

Index of stocks (end of
month)

Adjusted
Without
for seasonal
seasonal
variation adjustment

Adjusted
Without
for seasonal
seasonal
variation adjustment

1938

62
78
51
75
40
34
21
63
59

59
71
54
80
43
35
18
59
58

57
63
47
69
34
37
19
59
60

57
52
39
71
32
37
19
64
61

1937

1937

1937

1938

January
February
March

93
95
93

90
88
86

April
May
June

93
93
93

89
95
90

76
76
76

79
78
73

July...
August
September

94
92
94

65
72
100

77
78
77

69
74
80

October...
November
December

93
91
89

103
101
156

76
75
72

85
86
68

Year

72
76
90

92

1938

1937

1938

70
70
77

74
76
76

71
70
69

66
72
78

1938
63
67
71

76

1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
1
In less-than-carload lots.
and April for the effects upon sales of changes in the date of Easter.
NOTE.—For description and back data see pages 522-529 of BULLETIN
Back figures.—Department store sales, see p. 631 of BULLETIN for
for June 1937. Based on daily average loadings. Basic data compiled August 1936; department store stocks, see p. 232 of BULLETIN for March
by Association of American Railroads. Total index compiled by com- 1938.
bining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.




MAY

405

FEDERAL RESERVE BULLETIN

1938

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.

1926=100]
Other commodities

Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1936
1937

All
commodities

Farm
products

Foods

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4

99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3

109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76. 2
77.6

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2

94.2
I$9.1
79.3
73.5
72.6
15.9
i$0.5
I$0.4

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7

82 6
77.7
69.8
64 4
62.5
69 7
68.3
70 5
77.8

86.3
87.8
88.0
87.4
87 °
87 9
87.5
87.4
85.4
83.3
81.7

91.4
94.1
92.2
89.8
88 5
89.3
86.4
85.9
80.4
75.7
72.8

87.0
87.5
85.5
84.2
84.7
86.2
86.7
88.0
85.5
83.1
79.8

84.1
85.5
86.5
86.3
86.1
86.3
86.1
85.9
85.1
84.3
83.6

102.7
104.2
106.3
106.7
106.4
106.7
108.1
107.6
106.7
101.4
97.7

77.5
78.3
79.5
78.7
78.2
78.3
77.1
75.3
73.5
71.2
70.1

76.8
76.2
76.8
77.2
77.5
78.1
78.4
78.7
78.5
78.2
78.4

91.7
96.0
96.5
95.8
95.9
96.1
97.0
97.1
96.4
96.8
96.3

93.3
95.9
96.7
97.2
96 9
96.7
96.3
96.2
95.4
93.7
92.5

87.8
87.5
I36 9
I34.5
33.6
33.9
32.2
31 4
31.2
30.2
79.5

87.9
88.4
89.0
89.3
89 5
89.7
91.1
91.1
91.0
90.4
89.7

77.3
79 5
81.1
80.5
79 4
79 0
77.5
77.0
76 2
75.4
75.0

80.9
79.8
79.7

71.6
69.8
70.3

76. 3
73.5
73.5

83.5
83.0
82.6

96.7
94.7
93.6

69.7
68.6
68.2

78.3
78.5
77.7

96.6
96.0
96.0

91.8
91.1
91.5

79.6
79.1
78,7

88.3
88.0
87.7

75.2
74.8
74.4

82 0
81.9
81.5
81.2
81.0
80.8
81.0
80.8
80.3
80 1
79.6
79.4
79.6
79.8
79.8
79.5
79.2
78.8
78.5

73.9
73.4
73.2
72.9
73.0
72.7
73.4
71.8
70.8
70.9
70.1
69.6
70.2
71.1
71.7
70.5
69.6
68.8
68.1

80.7
80.7
79.7
78.9
77.8
76.8
76.8
76.1
74.6
74.5
73.2
73.3
73.5
73.8
73.8
73.4
73.1
72.6
72.2

83.9
83.7
83.7
83.6
83.6
83.5
83.6
83.7
83.5
83.2
83.1
83.0
83.1
82.9
82.9
82.8
82.7
82.4
82.2

99.8
98.3
98.2
98.4
98.3
97.9
97.4
97.1
96.3
95.9
95.6
94.9
94.6
94.3
94.2
94.2
93.7
93.4
92.5

69.8
69.9
69.5
69.4
69.4
69.2
69.3
69.0
68.9
68.5
68.2
68.1
67.8
67.9
67.8
67.8
67.7
67.1
67.0

78.6
78.6
78.6
78.6
78.7
78.8
78.8
79.1
79.0
78.8
78.7
78.6
78.9
78.3
78.3
78.1
78.1
78.1
77.6

96.3
96.2
96.4
96.2
96.1
96.1
96.5
96.5
96.3
96.1
96.2
96.2
96.2
96.2
96.1
96.1
96.0
96.0
95.9

93.0
93.0
92.8
92.5
92.4
92.3
92.1
92.0
91.8
91.6
91.2
91.1
91.1
90.8
90.6
90.6
90.7
90.2
91.2

79.4
78.9
79.1
79.2
79 2
79.2
79 5
79.5
79 ?,
79.0
78.9
78 8
78.9
78 9
78.6
78 4
78.1
77 6
77.3

92.1
92.1
92.1
91.4
91.2
90.8
90.8
90.7
90.7
90.5
89.7
89.7
89.6
89.6
89.6
89.6
89.6
89.5
88.7

75 1
74.8
74.8
74.9
74.6
74.5
75.0
75.1
75.2
74 7
74.6
74.6
74.7
74.7
74.5
74.5
74.1
73.4
73.1

-

1937—February.. _
March
April
May
July
August
September
October
November

December
1938—January
February, _ __ _
March
_.
Week ending—
1937—j)ec 4
Dec. 11
Dec. 18
Dec. 25
1938—Jan. 1
Jan. 8
Jan.15 . . .
Jan. 22
Jan. 29 —_ .
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9

Total

Hides and
Fuel and
leather
Textile lighting
products products materials

1938

1937

1937

Subgroups
Dec.

Jan.

Feb.

Mar.

113.2
93.7
88.5

71.5
78.4
69.3

75.0
78.5
66.1

73.0
78.1
63.5

69.0
82.7
62.8

90.2
90.1
86.5
92.0
78.2

90.2
82.0
57.8
88.8
71.5

83.3
83.0
56.7
82.6
69.5

78.3
83.2
56.8
78.4
66.7

76.7
80.9
56.5
81.6
65.9

FARM PRODUCTS:

FOODS:

Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods

HIDES AND LEATHER PRODUCTS:

Shoes
Hides and skins
Leather
Other leather produc ts

102.3 105.6 104.7 104.6 104.6
118. 5 85.5 82.3 74.6 69.5
97.1 86.9 86.6 84.4 83.3
101.7 102.7 102.4 102.4 102.2

TEXTILE PRODUCTS:

Clothing
Cotton goods
Hosiery and underwe/ar
Silk and rayon
Woolen and worsted goods
Other textile product s
FUEL AND LIGHTING M A TERIALS:

Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products.

1938

Subgroups

Mar.
Grains
Livestock and poultrv
Other farm products

Metals Building Chemi- Houseand metal materials cals and furnish- MiscelI
products
drugs
ing goods laneous

84.8
94.0
64.9
33.6
92.6
66.5

86.7
68.7
63.4
29.4
83.5
68.5

86.3
68.2
63.0
28.9
83.8
67.7

85.8
67.6
60.9
28.5
81.0
67.0

84.6
67.5
60.3
28.8
80.2
67.0

77.8 80.0 80.1 79.8 79.3
97.5 101.1 103.2 103.2 99.5
97.7 105.5 105.5 105.5 105.5
77.8 83.1
79 8 81.3 81 8 82.9
58.6 59.5 58.8 58.0 57.9

Mar. Dec. Jan. Feb. Mar.
METALS AND M E T A L PRODUC TS:

Agricultural implements .

Farm machinery
Tron and steel
Motor vehicles 2
Nonferrous met als...
Plumbing and heating

93.1
94.0
97.5
86.3
101.1
77.6

96.1
97.6
99.0
95.6
75.1
79.6

96.2
97.7
99 6
95.6
75.0
79.6

BUILDING MATERULLS:

Brick and tile
_
Cement
Lum ber
Pain t and Daint materials *
Plumbing and heating
Structural steel
Other building materials.
CHEMICiLLS AND D R U G S :
_
Cheinicals
Dni£;s and pha rmaceutica Is

96.2
97 7
99 3
95.6
72 1
79.6

96.2
97 7
99 4
95.6
71 6
78.9

91.8 92.0 91.8 91 5 91 1
95.5 95 5 95 5 95 5 95 5
102.1 93.8 92.6 91.0 91.3
83.9 80.2 80 1 79 2 82 2
77.6 79.6 79.6 79.6 78.9
L12. 9 114 9 114 9 114 9 114 9
98.9 96.9 95.8 95.3 94.8

Fert lizer matei•ials..
Mix*id fertilizer s

95.3
83.0
70.3
71.7

83.5
75.1
72.0
74.4

84.1
74.0
72.1
73.4

83.6
73.9
72.3
72.3

83.2
73.8
71.8
71.6

Furrlishings
Furr iture

91.7
85.0

93.5
85.9

92.8
83.7

92.2
83.7

91.6
83.7

55.0
L35 0
90.2
50 9
84.8

57.4
81 7
89.8
31 2
82.7

57.4
91 6
90.0
30 5
82.4

57.4
86 7
89.7
30 2
82.2

57.4
85 1
88.8
28 4
82.1

HOUSEFl JRNISHING GOODS:
MlSCELL ANEOUS:

Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellarleous _ _ _

1 Monthly figures from January 1937 to February 1938, inclusive, and weekly figures from January 16,1937, to April 2,1938, are subject to revision.
2
Preliminary revision.
Back figures.—For monthly and annual indexes of groups, see Annual Eeport for 1936 (table 80); for indexes of subgroups, see Annual Report for
1936 (table 81). Figures for new and revised series available at Bureau of Labor Statistics.







INTERNATIONAL FINANCIAL STATISTICS

407

408

FEDERAL RESERVE BULLETIN

MAY

1938

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Europe
(26
countries)

Latin
Asia
and
Africa
AmerOcean(5
ica
ia (8
coun(11
coun- coun- tries)
tries)
tries)

End of Month

Totali
(52
countries)

United
States

1934—December.
1935—December.
1936—December.
1937—FebruaryMarch
April
May
June
July
August
September
October
November
December.

21,051
21, 604
22, 630
22, 806
22,971
23, 204
23, 529
23, 845
23, 656
23, 592
23, 733
23, 845
23, 968
P23, 970

8,238
10,125
11, 258
11, 436
11, 574
11, 799
11, 990
12, 318
12, 446
12, 567
12, 741
12,803
12, 774
12, 760

134
189
188
191
194
199
193
187
188
188
186
187
187
184

11,010
9,517
9,307
9,268
9,295
9,302
9,464
9,466
9,159
9,141
9,129
9,191
9,359
'9,380

601
666
736
732
733
731
716
730
721
711
711
706
695
P693

805
816
858
870
858
879
875
863
876
717
702
691
687
687

263
291
283
310
317
295
291
281
267
267
264

1938—January... P24, 033
February . P23.945
March

12, 756
12, 776
12,795

186
188
P186

P9, 451
P9, 349
P9,328

P688

687

266
P261

Canada

Europe
United
King- France
dom?
1,584
1,648
2,584
2,584
2,584
2,584
2,647
2,689
2,689
2,689
2,689

Germany

Italy*

208

2,
2,689
2,689
2,689
2,689

Switzerland
Nether- Nalands tional
B.I.S.
Bank

2,564
2,428
2,428

28

573
438
490
598
626
670
769
848
862
862
862
906
940
930

624
454
655
657
657
635
635

957
977

2,846
2,846
2,846
2,846
2,722
2,422
2,424
2,428
2,428
2,564
2,564

590
611
632
626
619
607
609
625
617
607
590
572
570
597

208

5,445
4,395
2,995

518
270
208
208
208
208
208
208
208
208
208

Belgium

531

687

E urope— C ontinued
End of month

Austria

HunBul- Czecho- Denslogaria vakia mark Greece gary

1934—December.
1935—December _
1936—December.
1937—February..
March
April
May
_
June
__.
July
August
SeptemberOctober
NovemberDecember.

19
19
20
21
21
21
22
22
22
22
22
23
23
24

112
112
91
91
91
91
90
91
90
90
90
90
91
92

1938—January.—
February „
March

24
P24

Norway

Poland

End of month
Chile
1934—December .
1935—December.
1936—December.
1937—January. __
FebruaryMarch
April
May
_
June
_
July
August
September.
October .__
November.
December.
1938—January. —
February..

Mexico

Peru

Uruguay

740
735
718
718
718
718
718
718
718
718
718
718
718
718

159
185
240
241
241
241
242
242
243
243
243
244
244
244

60
63
82
82
82
82
82
79
78
78
78
78
78
78

403
444
501
489
487
494
483
496
487
477
481
479
471
469

120
121
P121

Latin America—Continued
Colombia

other ArYugo- 6coun- genslavia tries
tina

104
109
114
115
115
115
116
116
117
118
118
119
119
120

86

718
718
718

245
253
261

79
P79
P79

463
458

Asia and Oceania
4
other British
coun- India
tries

Jhina Japan

5
5
7

Latin America

Portu- Ruma- Spain< Swenia
gal
den

93
93

615
612
646
644
648

12
15
11
17
8
3
4
6
4
5
5

Java

Brazil
8
17
25
26
26
27
28
28
29
29
30
30
31
32
P32
P32

Africa
New
Zealand

Turkey

3
other
South other
coun- Egypt Africa countries
tries
2

394
425
463

184
212
203

24
24
25

P20

275
275
275
275
275
275
274
274
274
274
274
274
274
274
274

466
469
456
459
452
443
412
261
261
261
261
261

217
230
237
215
211
201
187
189
189
189
189
189

25
25
25
25
25
25
25
23
20
22
22
22

P20
P20

274
274

261
261

189
184

22
P22

23
44
46

18
19
19

48
50
52
47
46
45
45
43
38
34
31
P31

19
20
18
19
19
19
19
19
20
20
20

P31
P31

p Preliminary. r Revised
1
See notes under United Kingdom, Italy, and Spain.
2 Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $934,000,000 of gold
on Mar. 31, 1937, and $1,395,000,000 on Sept. 30, 1937.
3 Official figure for December 1936 carried forward for January 1937; figures for February and March 1937 officially reported as of 20th of month;
March figure carried forward for subsequent months.
4
No statements have been received from Bank of Spain since Aug. 1, 1936. Figure for that date has been carried forward.
6
Figure for March 7, 1938, date of latest statement received.
NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo,
and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547;
August 1936, p . 667; and December 1937, p. 1262.




409

FEDERAL RESERVE BULLETIN

1938

MAY

GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollars]

Year or month

Estimated
world
production
outside
U.S.S.R.

1929..
1930 _
1931.
1932.

1933...
1934.,
1935.
1936.
1937.

382, 532
401,088
426, 424
458,102
469, 257

Production reported monthly
Africa
Total

359,347
373,154
394,399
421, 656
420,093

South
Africa

North and South America

West
Africa

Belgian
Congo

Canada

385, 474
366, 795
377,090
396,768
410, 710

Far East

Japan
Mexico Colom- Chile Austra- proper
lia
bia

$1 =25-8 /It1 grains of gold 9/10 fine; i e., an ounce of fine
215,242
11,607
2, 390 45,835
39, 862 13,463
4,297
221, 526
11,476
2, 699 47,123
4,995
43, 454 13,813
224,863
11,193
5, 524
3,224 49, 524
55, 687 12,866
12,000
£, 992
3,642 50,626
238,931
62,933 12, 070
227,673
13,335
6,623
3,631
52,842
60,868 13,169

794,498 711, 260
823,000
723, 530
882,533 771,827
970,206 856,383
1,045, 428 P918, 311

1936—September.
October
November _
December.1937—January
February __
March
April
May
June
July..
August
September.
October
November..
December..
19 38—January
February. _.

Rhodesia

gold=$20.67
2,823
683
3,281
428
4,016
442
5,132
788
6,165
3,009

$1 = 15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5
22. 578 11,214
5.094
6,148
89,467
103,224 22,297 10, 438
24, 264 12,153
6,549 108,191
104,023 23,135 12,045
8, 350
25, 477 13, 625
7,159 126,325
114, 971 23,858 11, 517
9,251
28. 053 16, 295
7,386 152, 509 131,181 26, 465 13, 632
9,018
28, 296 20, 784
8,018 167, 723 143,172 29, 591 15, 478 11,063

85, 304
87, 322
83, 328
83, 893
84, 278
79, 256
84, 864
83, 253
87, 500
87,133
89,159
*>92,439
?88, 338
?90,196
P 9 0 , 240
?88, 771

75,139
76,861
72, 730
73, 752
73,348
68, 523
74, 203
72, 660
76,697
76, 702
78,423
*81, 747
P77, 806
P79, 763
*>79,864
P 7 8 , 564

33,816
34,199
33,042
33,858
34, 352
32, 330
34, 381
34,308
34,010
34,132
34,895
34, 598
34,170
34, 559
34, 279
34, 696

2,363
2,292
2,270
2,262
2,315
2,109
2,416
2,391
2,408
2,339
2,364
2,441
2,421
2,399
2,352
2,341

1,444
1,493
1,506
1,544
1,671
1,563
1,605
1,669
1,559
1,649
1,650
1,822
1,890
1,896
1,854
1,957

696
691
634
631
586
579
634
638
681
688
693
710
695
698
686
729

14,409
15,950
13, 369
13,106
11, 597
10,285
12,645
11,245
14,361
13,150
14,984
18,254
15,059
16,111
15,987
14,046

P87,091
P$2,847

^76, 555
P72, 291

34, 573
32, 524

2,381
2,246

1,964
Pl, 899

661
*>661

12,618
11, 207

11,635
11, 749
11, 229
11,612
11, 499
10,853
11, 420
11,317
11, 904
12,071
12,162
12,196
12,184
12,559
12, 349
12, 658
12, 638
11, 929

2,346
1,943
2,291
1,647
2,854
2,227
2,510
2,111
1,678
3,701
2,452
2,451
2,246
2,449
2,849
2,064
P% 518
p% 448

1,236
1,108
1,035
1,113
1,332
1,117
1,285
1,269
1,234
1,246
1,476
1,422
1,298
1,281
1,373
1,144
1,456
1,175

467
784
758
708
935
769
620
926

1,860

643
962
782
847
907
724

1,088
P840
P770

8,712
9,553
12,134
14,563
16, 790

6,927
8,021
8,109
8,198
8,968

British
India

7,508
6,785
6,815
6,782
6,918

28. 428 15,183
30,447 16,354
31,117 20,043
39, 793 23,684
46, 827 P25, 065
3,515
3,596
3,467
4,170
3,158
3,714
3,550
3,725
3,897
4,033
3,861
3,961
3,964
3,878
4,374
4,712
3,858
H 383

2,246
2,075
2,162
2,118
2,065
2,077
2,156
2,106
2,122
2,093
1,945
P2, 135
P2, 100
P2.065
P2,100
*>2, 100
P2,
P2,

100
100

Gold }JI U U K M l U l l HI U . *J. *J. i R.: X> VJ regular Government statistics on gold production in U.S.S.R. are_ available, , but . data of percentage- changes
VI UlU production in U. S. S. t . . No IGgUXCU KJ\J V CX XJJ-IXCJJ
^,
^
_
.._. ..
^
._, ^
1 1
irregularly given out' by officials of- the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
'
'
«• • '
•
- try>
production, in millions of dollars, as follows—at $20.67 perfine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95;
fi

1934, $135; 1935, $158; 1936, $200.
p Preliminary.
1

Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35; February 1934, p. 108;
November 1934, p. 737, July 1937, p. 687; and March 1938, p. 265. For annual figures of world production back to 1873 (including Russia-U.S.S.R.),
see Annual Report of Director of Mint for 1936, pp. 108-109. Figures for Canada beginning January 1937 are subject to official revision.

GOLD MOVEMENTS
fin thousands of dollars at approximately $35 a fine ounce)

United States
Total
net
imports United
or net
exports King- France
dom
(-)

Year or month

1934 i
1935
1936.
1937 . .

1936—October
November
December
1937—January
February
March
April
May
June
July
August
September
October...
November
December
1938—January
February
March

1,131,994
1, 739,019
1,116, 584
1, 585, 503

_

218,812
75,836
56,970
121,325
120,326
154,332
215,811
155, 362
262,022
175,417
104,844
145,495
90,477
22,110
17,982

_

2,088
8,036
52, 927

499,870
315,727
174,093
891, 531

260,223
934,243
573, 671
- 1 3 , 710

72,154 95,013
44, 665
20
32,998
9
73,950 10,864
75,238
1,138
121,451
76
175,165
596
103,822
1,375
156,943 11,059
76,432
1,138
30,147
59,066
24,402
-5,046 - 2 4 , 9 6 8
- 4 0 -14,987
-20 -4,974
-11
15
31,395
39

Net imports from or net exports (—) to:
Belgium

Netherlands

8,902 94,348
3 227,185
3,351 71,006
6,461
90, 859

Switzerland

Canada

12,402 86,829
968 95,171
7,611 72,648
54,452 111, 480

799
2,545
2

25, 745

8
3,698
3,281

12,222
10, 660
4,709

10, 691

271
14
1,086

6,506
8,155

5,865
10, 661
4,925
7,225
14,434
20,946
7,428
12,247
14, 497
9,669
816
2,767

1,131
5,399
5,228
22, 556
10,118
13, 703
22,030

4,220

1,392
3,177
521

1,166
36,235
2,390

649
692
717

Mexico

Colom- Philippine
bia
Islands

30,270
13,667
39,966
38, 482

16,944
10,899
11,911
18, 397

12,038
15, 335
21, 513
25,427

530
368
462
1,945
9,153
3,242
1,973
2,800
665
5,348
3,524
2,054
2,089
2,285
3,404
819
721
2,758

4

2,157
1,628
2,273
2,123
2,109
1,944
2,231
2,106
2,064
2,410
1,505
2,981
1,375
2,286
2,292
1,676
1,330
2,240

1
3
4,261
5,496
2,177
2
1
2,110
8
4,323
16
2,105
2,102

Australia

Japan

1,029
4
3,498
23,280
34,713 246,464
1,869
3,781
936
1,617
2,910
3,467
2,388
2,613
2,167
3,796
3,710
3,010
2,076
3,173
3,786
1,025
1,943
458

5,696
9,978
16,593
15, 316
44,459
37,697
40,927
19,875
37,148
18, 774
4,484

British
India

All
other
countries

76,820
75,268
77,892
50,762

32,316
47,054
39,745
30,185

5,782
6,182
10,108
6,028
7,077
4,017
4,857
3,797
3,966
4,355
3,613
5,275
6,902
767
107
1,043

2,530
2,289
2,193

2,979

1,463
3,870
7,296
1,737
1,160
3,866
1,925
1,761
1.871
2,051
1,326
1,862
1,870
1,241
1,536

i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
NOTE.—For gross import and export figures and for additional countries see table on page 380.




410

FEDERAL RESERVE BULLETIN

MAY

1938

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 afineounce]
Germany

United Kingdom

Year or
month

1934
1935
1936
1937

GerUnited
States France many

-497,166
-435, 502
-276,830
-834,009

716,269
369, 722
1,169, 931
420, 427

121,017
- 4 , 726
23,292
46,147

348,190
142,137
756, 215
541,187

-25, 523
122, 296
78,484
12,036
-48,319
22,957
127,953
122,643
-29, 775
- 6 , 348
22,054
20,976

-13, 585
-17,476
-15,133
-21,993

32, 575
10, 796
931
-21,215
-16,572 199,965

41,790
37,981
26, 723
24,165

335, 253
404,295
488,814
464, 837

206,693
181, 602
128,421
66,330

1^836

1,984
2,304
2,126

45,323 7,853
36, 230 14,896
7,243
41,683

414
-220
-73, 568 22,453
1,021
153
452 1,756
-75, 615 163,919
507 1,587
-104,399 124,121
965
-149,444 11,281 -1,055
104
927
-101,710
-274 - 1 , 786 -1,545
452
-128,380 79,545 8,398 -7,915
997
-79,498 112,113 16,348 -9,207
-208
-26,043 50,463 12,212
416
-662
-86,14f -2,034 8,245
573
-420
-16, 236 -2,831
3,171
8,176 -10,047
4,258 -2,488
84 - 2 , 215 - 5 , 663
2,006 -15,077
90 -12, 834 -5,689

2,504
1,968
2,727
2,122
2,353
1,552
705
1,981
2,039
1,476
2,359
2,379

16,903
24,113

3,787
2,956
4,743

32,982
43, 023
50, 500

2,458

41 -1,215 -6,278
77
22 - 3 , 334
- 1 55,455 3,396

1,570 -10,689
27,487
3,680 -2,133
51, 356
83, 495 -36, 472 -4,511

1938—Jan...
Feb...
Mar.p.

South
Africa,
Other
RhoAustra- desia, British British
Bel- Nethergium lands U.S.S.R lia
India coun- China
West
tries
Africa

3,964 -1,039
-163
377
-624 -1,130

-383
7,615 -72,441
83,168 -49, 224 72, 506
100,505 -63,914 118,655

1938—Oct...
Nov..
Dec...
1937—Jan....
Feb...
Mar..
Apr...
MayJune..
July..
Aug...
Sept..
Oct...
Nov...
Dec—

Net imports from or net exports (—) to:

Total
net imports
or net
exports
()

22,520
98, 510
8,430
14,027
14,153
16,914
19,784

5,659
11, 273

3,953
8,705
5,760
2,848
8,368
2,782
6,129
7,178
4,735
5,739
4,r~
5,174
4,496
5,027

44.198
37,106
46,933
57,861
54,463
36.199
36,244
47, 694
36, 528

Switzerland

Y«»r or
month

1934...
1935...
1936...
1937 . .

-46,065 -12,784 -45,955 -29,235 18,397 19,431
647 -54,858 -181, 725 -13,940 25, 542
-230, 788
39,305 14, 531 51,299
122,279 - 9 , 1 2 7 - 1 , 714
-56,946 -51, 608 11,940 -45,061 27,739 - 6 5 7

Dec.
1937—Jan...
Feb..
Mar..
Apr..
May.
June.
July-.
Aug..
Sept. _
Oct...
Nov..
Dec,
1938—Jan.. _
Feb. _
Mar.?

'

•

62
-65
-33

57
97
20

-112 -11,576
- 9 , 347
- 5 , 506

-575
-566
55

5,227
- 1 3 5 - 6 , 675
2,436
-17,034 - 6 , 247
-463
575
-1,
- 1 , 506
-4,479 -1,174 -1,987
-49,417 -36,242 - 4 , 3 5 1
-153
-6,038 -1,243
-393
-1,630
-8
-376
-7,147
3,286
-1,138
8
4,113
26.892
5^810

-612
-1
-490
-289
-3,132
- 8 , 740
-1,831
-1,242
-6,995
-9,627
- 6 , 276
-5,828

732
852
653
192
1,107
521
-512
8
-37
-109
-227
24,558

-100

12,478 -13,978
11, 223 -11,518
3,430 - 9 , 1 4 8

10,409
-584
-1,372

-41
615
1,601

8
-35

786
592
1,220
873
1,251
1,296
1,171
989
1,032
3,877
8,300

2,710
4,727
1,927

15,986
-1,581
-8,467

- 3 , 521
426
5,098

-5,305
-3,942

-2,489
1,325
-586
3,767
7,227
1,032
8,454
-3,903
• -13,739
5
-33,071
5 -30, 813
-137
236

17,426
27,024
588
1,778
2,956
-22,222
-11,355
-11,467
-8,182
63
-79
-247

-7,885
-ll,018

-200
5,359

10,743
7,397
2,750

-65

6

7

_o.r

-82,183 -144,185 -4,352 11,222
-46,172 -113, 953 -1,746 11,393
-57,167 -64, 349
450 11,599
'-9, 951 ••—51, 583 »*-153 11,574

173 -219, 671
-150,472
-109,467
-50,073

=

8,177
1,723

10,826
2,448
- 3 , 202

All
other
countries

1,500 -230, 720
- 6 , 795 —161,872
23,378 -121,066
-5,852
61r"

656
1,241
-47

19
-3,676
-4,916

1,199
1,610
1,172

-90,920
42,969
3,715
-3,718

Net imports from or net
Change in:
Total
exports (—) to:
Gold
net
proimports
duc- !
All
or net
tion I Re- Private
exports United United other
in serves holdKingcoun- India in ings in
States
dom
tries
India* India**

2,580
342
4,600
6,553

2,892
2,293

14,848
2,210
-2,874

62, 397
32, 754 14,051
28,067 13,930
22,079 15, 544

Total
net imports
or net
exports
( )

British India

Net imports from or net exports (—) to:
Total
net
imports
or net
Nethexports United United France Belergium Italy lands
States King()
dom

„•„

1936—Oct...
Nov..

All
other
countries

274
-2,278
350
-1,186
- 5 6 1 4,559
559 3,275
2,553
-559
1,614
2,198
1,372

11
,
-13, 507
819
584
611
-879
-25
-354
1,456
1,307
1,914
358
335
549
915

-8,025
-7,116
-3,677.

-8,477 '-4,087
-3,161
-236
-3,968
-620
-6,068
-863
-4,933 —1,101
1~-1,644
-424
-5,197
-4,532
-4,655
-976
-4,200
-5,999
- 5 , 599
326
-3,268

-414

-3,769
-2,369
-1,953

218
138
124

984
,
899
127
-3,052
982
125
-3,473
956 - 3 8
18
-5,223
982
-122
-3,710
957
309
-2,118
979 -4
208
-7,253
975
—14
- 4 , 759
932
352
-4,883
961
73
- 3 , 752
938
94
-4,294 -1,421 1,029
- 4 , 578
<7|
-5,110
948

"""I

P948|.

P-7,

""
I

-10, 594
-8,381
- 4 , 523

983

-7,493
—2,262
-2,986
-5,074
-3,951
-853
-7,706
- 4 , 222
-3,600
-3,694
-3,262
-4,970
-4,651
p-6,378
-2,320

r
* Preliminary
Revised
*Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
»Includes exports of $50,661,000 to Sweden and $12,571,000 to Norway; and net imports of $53,465,000 from Switzerland.
1
Includes $10,129,000 exported to Sweden and unspecified net imports of $19,684,000.
'
8 Includes $67,655,000 exported to Central and South America and net exports of $16,596,000 to Switzerland.
Figures for Sept., Oct., and Nov. 1937 include exports to Central and South America of $15,120,000, $27,511,000, and $24,996,000 respectively.
•
7 Includes net exports of $12,119,000 to Switzerland.
Includes $2,592,000 imported from Brazil; and exports of $7,586,000 to Sweden and $8,287,000 to Switzerland.
«
9 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
" Includes $14,292,000 exported to Germany.
NOTE.—Germany, Switzerland, and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. German gold movements by individual countries not available beginning July 1937.




MAY

411

FEDERAL RESERVE BULLETIN

1938

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

Assets of banking department

Gold (in
issue
department)^

Cash reserves
Coin

Notes

Discounts
and advances

Liabilities of banking department

Securities

Note
circulation

Deposits
Bankers'

Public

Other
liabilities

Other

.8
1.0
.5
.8

26.3
38.8
31.8
23.6
88.7
47.1
85.5

22.3
40.0
27.3
18.6
16.8
7.6
8.5

84.9
104.7
133.0
120.1
101.4
08.2
04.7

379.6
368.8
364.2
371.2
392.0
405.2
424.5

71.0
132.4
126.4
102.4
101.2
89.1
72.1

8.8
6.6
7.7
8.9
22.2
9.9
12.1

35.8
36.2
40.3
33.8
36.5
36.4
37.1

17.9
18.0
18.0
18.0
18.0
18.0
18.0

248.7
813.7

.7
.6

88.1
46.3

6.8
17.6

08.6
155.6

445.6
467.4

97.6
150.6

12.1
12.1

41.7
39.2

17.8
18.0

1937—Jan. 27_.
Feb. 24.
Mar. 31.
Apr. 28.
May 26.
June 30.
July 28..
Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24
Dec. 29 .

813.7
813.7
313.7
313.7
321.3
326.4
326.4
326.4
326.4
326.4
326.4
326.4

.4
.7
1.0
1.0
.0
.0
LI
1.6
1.7
1.6
1.5
.8

61.4
68.6
30.8
44.8
46.0
38.0
28.1
88.1
37.9
43.3
66.0
41.1

8.0
4.0
7.1
6.6
4.0
6.3
5.8
4.3
8.2
8.1
8.6
0.2

07.4
105.3
123.4
110.7
110.7
164.3
135.2
128.6
126.6
121.1
07.0
135.5

452.3
455.1
473.8
468.8
475.2
488.4
408.3
488.3
488.5
483.1
480.4
605.3

98.4
100.4
62.3
87.6
91.4
140.5
104.3
92.8
95.1
87.7
83.6
120.6

12.1
13.0
52.2
26.2
24.9
10.8
10.5
25.4
21.8
32.2
35.4
11.4

38.4
37.9
38.5
39.6
37.5
40.2
37.3
36.0
37.2
36.6
36.3
36.6

18.1
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.8
17.7
17.8
18.0

1938—Jan. 26_.
Feb. 23.
Mar. 30.
Apr. 27*

326.4
326.4
326.4
326.4

53.2
61.0
41.0
37.1

10.4
6.6
8.7
7.1

117.9
116.9
131.0
133.4

473.2
474.5
485.4
489.3

113.1
105.6
108.1
113.3

13.6
16.7
17.8
10.9

37.3
35.5
37.4
36.5

18.1
18.2
18.3
17.7

1929—Dec. 25_
1930—Dec. 31 _
1931—Dec. 30_
1932—Dec. 28.
1933—Dec. 27_
1934—Dec. 26_
1035—Dec. 25.

145.8
147.6
120.7
119.8
190.7
102.3
200.1

1936—Nov. 25.
Dec. 30.

Liabilities

Assets
Domestic bills

B a n k of F r a n c e
(Figures in millions of francs) Gold*

Foreign
exchange

Other

1929—Dec. 27..
1930—Dec. 26..
1931—Dec. 30 _
1932—Dec. 30 _
1933—Dec. 29 _
1934—Dec. 28 _
1935—Dec. 27 .

41,668
53,578
83,017
77,098
82,124
66.296

25,942
26,179
21, 111
4,484
1,158
963
1,328

1936—Nov. 27..
Dec. 3 0 -

64,359
60,359

1,466
1,460

925
1,379

1037—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30

57,359
57,359
57,359
57,359
54,859
55,677
55,718
55,805
55,805
58.932
58,933

1,435
1,323
1,194
1,112
1,053
1,058
951
911
825
829
965
911

58.933
55,807
55, 807

871
874
845

__

1938—Jan. 27...
Feb. 24._
Mar. 31_.

Deposits

Loans on—
Advances
NegotiaShortto
ble seOther curities
term
GovGovern- securiernties
ment ment securities

Other
assets

5,612
6,304
7,157
6,802
6,122
5,837
5,800

Note
circulation
Government

Other

Other
liabilities

5,603
6,609
8,545
9,196
8,251
8,288
7,879

68,571
76,436
85,725
85,028
82, 613
83,412
81,150

11,737
12,624
5,898
2,311
2,322
3,718
2,862

7,850
11,698
22,183
20,072
13,414
15,359
8,716

1,812
2,241
1,989
2,041
1,940
1,907
2,118
8,160
2,557
2,534
2,547
2,552
2,518
2,502
2,549
3,152
3,196
3,133
3,121
3,452
3,160
3,285
3,154
3,141

573

2,521
2,901
2,730
2,515
2,921
3,211
3,253

12,298
17, 698

702
715

3,464
3,683

5,640
6,640

8,029
8,344

86,651
89,342

2,069
2,089

1,620
1,524
1,514
1,470
1,437
1,260
991
833
600
562
722
652

8,553 10,772
8,900 10,772
8,440 20,066
7,639 10,001
8,377 10,080
0,356 21,380
10,197 23,887
8,655 25,218
0,799 25,009
10,620 26,918
9,655 26,918
10,066 31,909

1,168
873
225
065
385
776
958
476
1,340
483
314
675

3,701
3,594
3,698
3,918
3,777
4,013
4,064
3,763
4,175
3,710
3,675
3,781

5,640
5,640
5,640
6,642
5,642
5,641
5,641
5,637
5,637
5,637
5,637
5,580

8,209
8,235
8,543
0,256
8,158
8,110
8,467
8,417
8,558
7,218
7,343
7,277

87,688
87,062
85,746
87,063
85, 745
85,985
89,307
88,255
91,370
91, 336
90,131
93,837

1,955
2,315
1,977
4,361
3,154
2,209
2,563
2,251
2,351
2,648
2,686
3,461

13,058
13, 655
15,280
15,386
16,404
13.408
14, 766
15, 710
15,812
15,927
15,886
14,679
17,893
19,326

841
821
573

12,053 31,904
11, 582 31,904
10, 321 38, 574

925
866
997

3,824
3,652
3,825

5,580
5,575
5,575

7,019
7,187
8,361

92,255
92, 740

2,689
2,226
2,233

23,720
20,147
21.409

8,624
8,429
7,389
3,438
4,739
3,971
9.712
8,056
8,465

v Preliminary.
1
Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductions
in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936, to Nov. 10, 1937, £60,000,000; Nov. 17,1937, to
Jan. 12, 1938, £40,000,000; since Jan. 19, 1938, £60,000,000. From August 1, 1931, to March 31,1933, increase of £15,000,000 in fiduciary issue (and
securities held as cover) was authorized by British Treasury under Section 8 of Currency and Bank Notes Act.
» By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established
by law of October 1. By decree of July 22,1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853).
« Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediseounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83: July 1935, p. 463; July 1936, p. 603; and September 1937, p. 951.




412

FEDERAL RESERVE BULLETIN

M A Y 1938

CENTRAL BANKS—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)

Liabilities

Reserves
Gold

Other
Treasury bills (and Security
bills
loans
checks)

Foreign
exchange

Securities
Eligible
as note
cover

Other

Other
assets

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..

2,283
2,216
984
806
386
79
82
66

404
469
172
114
9
5
5
6

241
206
98
1
49
45
53
62

2,608
2,366
4,144
2,806
3,177
4,021
4,498
5,448

251
256
245
176
183
146
84
74

259
445
349
221

92
102
161
398
322
319
315
303

1937—Mar. 31..
Apr. 30..
May 31..
June30..
July 31...
Aug. 31..
Sept. 30..
Oct. 30...
Nov. 30 _
Dec. 31 .

68
68
69
69
69
70
70
70
70
71

6
6
6
6
6
6
6
6
6
6

10
29
54
61
29
33
53
7
27
119

5,101
5,124
5,001
5,262
5,316
5,283
5,538
5,578
5,520
6,013

51
52
50
55
52
52
51
44
46
60

167
106
104
104
104
104
105
105
105
106

312
310
310
300
299
299
293
293
286
286

1,021

1938—Jan. 31..
Feb. 28.
Mar. 31.

71
71
71

5
5
5

60
21
89

5,459
5,637
5,813

66
81
63

108
110
96

286
286
297

Note
circula- Deposits
tion

982
953

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980

656
638

1,065
1,114
735
827
853
765

4,938
4,979
4,902
4,992
5,112
5,116
5,256
5,275
5,196
5,493

896
947
878
860
905
905
844
870
861

5,199
5,278
5,622

1,388

Other
liabilities

755
652
755
540
640
984

1,338
1,313

1,032
1,012

923
953

970
794
804
880
732
736
838
711
766

1,059
851
891

1,323

736
822
836

1,001

826
816
835
862
892
901
927
959
967
970
986
996
877

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]

1938

Mar.

Jan.

Mar.

22, 320
4,195
3,849
10, 861
15,191
11 887

7,580
22 524
4,047
3 783
10,818
15,184
11 931

7,555
24 522
3,668
3 951
11,539
16,382
11 775

1,336

1,345

1,224

63
115
209
1 166
360
125

47
96
150
1 149
333
114
3

286

29
39

38

16,006
40,301

16,006
40, 302

16,006
40,801

39, 806

1,273
26, 699
11, 966
51, 098
86, 294
49, 034

1 307
25,688
12, 533
51,718
87, 291
49,034

1,317
31, 384
12, 368
52,653
93, 718
49,534

1,109
26, 299
15,139
38,251
76,487
48, 289

i 243
180
185
612
166
900
326
160

243
177
186
612
161
953
267
159

243
168
188
612
151
892
315
153

243
96
197
620
125
891
243
148

3,132
1,093
210

3,498
1,092
201

3,533
1,012
206

National Bank of Albania (thousands of francs):
Gold
...
Foreign assets
Loans and discounts
Other assets
Note circulation.
Other sight liabilities..
Other liabilities

Feb.

7,575

Central Bank of the Argentine
Republic (millions of pesos):
Gold at home
__ _
Gold abroad and foreign exchange .

Negotiable Government bonds
Other assets
Note circulation
Deposits—Member bank
Government
Other

Foreign exchange sold forward
Other liabilities
C o m m o n w e a l t h 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
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange (non-reserve) _
_
Loans and discounts
_
_
Government debts
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Belgium 2 (millions of belgas):
Gold
Foreign balances and bills
Discounts

1937

165
1 140
383
117
31

National Bank of Belgium—Cont.
Loans.. _
Other assets
Note circulation
Demand deposits—Treasury
Other .
Other liabilities—
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation _
Deposits
Other liabilities...
Bank of Brazil (millions of milreis) :
Cash
Correspondents abroad
Loans and discounts

3,651
3 1, 373
(4)

1937

Mar.

Feb.

Jan.

Mar.

54
464
4,419
37
379
118

30
464
4 325
10
832
118

29
466
4,282
33
813
118

38
314
4,404
166
734
72

51,996
91,312
34, 961
398,926
4,586
14, 738
247,342
292,065
57,110

50,421
111, 320
11, 642
414, 560
4,735
13,968
231, 293
271,155
104,199
239
413
2,441
2,949

Deposits
National Bank of Bulgaria (millions of leva):
16,012
Gold

Foreign exchange
Loans and discounts,.
Government debt
Other assets
Note circulation
Deposits
Other liabilities
Bank of Canada (thousands of Canadian dollars) :
180,865
Gold. .
. .
Sterling and United States ex22,205
change
Canadian Gov't. securities:
120,012
2 years or less
41,457
Over 2 years
12, 287
Other securities
8,616
Other assets
148,645
Note circulation
194,860
Deposits-Chartered banks
Dominion Government 25,928
2,303
Other
13, 705
Other liabilities . .

i March 1938figuresfor Austrian National Bank are for March 7, date of latest statement received.
1
Form of official statement revised effective December 1937.
* Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937.
• Not reported separately on bank statement; see notes 2 and 3.




1938

Central bank

[Figures as of last report
date of month]

1,994
838
1,061
3,495
1,188
2,361
3,965
2,250

1,755
554
921
3,551
1,053
2,440
3,109
2,287

180,144 179, 756 187,947
19,079

16,815

19, 706

68,783 76, 329 50,975
86,497 90,753 101,797
12, 203 12, 201
8,395
8,514
10,184
149,108 152,896 125,970
188, 750 198, 986 194, 275
20, 572 17, 800 36, 751
1,735
3,665
1,452
13,005 12, 951 12,160

M A Y 1938

413

FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1938

Central bank
Mar.

Central Bank of Chile (millions of
pe^os):
Gold
Discounts for member banks
Loans to sovernment
Other loans and discounts
Other assets
Note circulation
Deposits—
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
34
Gold
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Czechoslovakia
(millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Government debt
Other assets.
Note circulation
Demand deDosits
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities

National Bank of Denmark (mil-

lions of kroner) *
Gold
Foreign exchange
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
_ __
Other liabilities
Centra) Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Egypt J (thousands of pounds) *
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government . . . .
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts

Feb.

Jan.

144
23
782
112
54
711

144
18
791
120
35
704

144
5
791
115
50
701

143
13
799
115
50
702

206
60
138

211
54
138

196
76
133

210
81
127

242
6 475
17, 342
46, 585
26 282
47 708
42 368
40 851

34,914
9 248
16, 839
46, 099
26,146
48, 574
43, 516
41,157

32,134
12 696
16, 370
45, 722
26, 287
48,863
43, 492
40, 855

40, 212
9,690
7,024
45, 752
27, 015
51, 478
41,158
37, 058

2 661
508
1 188
1,154
2,007
1,179
6 997
157
1 544

2, 649
528
875
730
2,008
1,177
6,078
347
1,544

2,641
523
1,004
993
2,010
1,225
6,099
629
1,668

2,583
146
1,180
1,069
2,018
1,046
5,949
464
1,628

28, 376
2,330
385
15 882
3,545
34 184
12 835
19 031

28, 374
2,215
417
16 228
3,533
33 617
13, 296
19 012

28, 370
2,991
397
16, 867
3,434
34, 735
13, 297
19 012

29, 552
310
2,076
15, 341
4,136
32, 018
13, 243
19, 019

118
76
21
123
99
96
83
399
58
159

118
88
20
123
104
76
69
391
54
153

118
83
21
140
113
69
65
386
73
150

118
17
28
180
141
54
65
378
78
147
34, 006
24, 706
31, 794
58, 336
43, 462

6,545
2 825
5 361

6,545
2 593
5 818

6,545
3,515
4,136

34 752
7, 255
20> 159
8,783
19, 262
8,534

34 873
7,231
19, 830
9,163
19, 685
8,381

39,059
8,086
21,153
lft, 50.5

13 172
5,287
1,450

13,172
4,183
1,758

21, 533
8,151
13,142
6,986
597

Feb.

Jan.

Mar.

5,788
2, 047
16,137
7,528
4,079

5,867
1,769
15, 894
6,673
4,182

6,364
2,510
18,182
7,176
4,240

34, 222
17, 271
25,092
30, 663
50, 528
35, 528
21,192

34, 217
17,311
25,008
30, 876
50, 774
34, 741
21, 896

34, 216
15, 731
24, 833
29, 781
48, 770
34, 942
20, 847

34,180
17,164
26,121
21, 285
47,184
36, 206
15, 360

635
2,535
1,456
299
366
2,292
428
885
1,686

635
2,476
1,332
297
361
2,189
612
659
1,642

635
2,374
1,157
349
400
2,015
472
828
1,600

816
1,960
1,085
308
320
1,913
467
483
1,627

3,406
6,140
4,342
1,767
6,572
6,795
2,287

3,382
5,800
4,384
1,675
6,357
6,551
2,332

3, 451
5,616
4,381
1,682
6,358
6,405
2,367

3,272
3,066
4,154
2,156
6,368
4,363
1,916

84
66
457
119
19
311
547
235
70
204

84
61
385
119
14
302
444
237
70
214

84
58
386
117
14
287
437
219
70
220

84
47
451
102
12
208
417
200
93
194

444
788
274
634
1,861

444
788
274
632
1,859

444
788
274
629
1,833

444
793
224
619
1,944

279
94
10
71

279
72

303
49

136
265

354
108

64
7
315
107

60
6
310
107

76
16
381
106

801
459
3
61
1,032
241
1,824
366
127
280

801
463
3
107
1,175
222
1,907
519
71
273

801
496
3
161
1,210
174
2,051
432
88
274

540
572
204
93
629
228
1,464
400
83
319

117
3
67

117
3
66

89
3
68

Mar.

Mar.
Central Reserve Bank of El Salvador—Cont.
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 (mil-

lions of pengos) :
Gold....!...

Foreign exchange reserve
Discounts
Loans—To Treasury
Other
Other assets
Note circulation
Demand deposits
_
Certificates of indebtedness...
Other liabilities
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department...
Balances abroad
__
Treasury bills discounted
Investments...
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Gold'
. .
.
Discounts
Loans—Government
Other
Government bonds
_.
Other assets
Note circulation
Deposits—Government
__
Other
Other liabilities
Bank of Java (millions of guilders):
Gold
Foreign bills
_
Loans and discounts

* Items for issue and banking departments consolidated.
» By law of August 10, 1937, gold revalued on August 25 at rate of 290 milligrams fine gold per yen.




1937

1938

1937

Central bank

414

FEDERAL RESERVE BULLETIN

MAY 1938

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937

1938

Mar.
Bank of Java—Cont.
Other assets
Note circulation
DeDosits
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)
Foreiern bills
Discounts
Loans
Other assets.
Dfitiosits

GovfirnniGnt
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling? exphancre reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
Discounts
Loans
Securities
Other assets
Note circulation
Demand deposits—GovernmentOther
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
DeDosits
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)
Non-reserve exchange

Feb.

Jan.

Mar.

107
183
81
28

105
185
78
28

99
182
51
26

78
47
128
56
67
194
49

78
44
128
61
66
191
53

78
43
130
66
62
198
56

77
40
118
44
49
201
30

79
5
118
32
134
79
21

79
4
114
32
118
90
20

79
4
114
29
117
88
20

77
6
99
34
114
80
21

1,466
15
5
9
298
65
900
86
824
48

1,436
16
5
9
271
65
902
109
744
47

1,406
18
5
9
226
63
886
188
606
47

920
17
2
21
179
63
814
74
269
45

2,802
17,249

2,802
16, 231

2,802
19,099

7,274
2,971
540
13,772
15, 369
1,694

7,724
2,915
296
14, 240
14,031
1,696

7,130
2,453
273
13,179
16,921
1,656

199
235

179
241

180
'237

215
100

169

166
68
29
69
24
418
56
77
58

166
67
32
67
15
421
56
62
60

227
149
25
53
16
410
46
44
59

55, 900
27, 612
65, 512
9,013
94, 976
45,048
18,012

57, 605
40, 806
46, 964
11, 260
94,420
42, 260
19,955

48,157
36,105
45,289
7,927
93,471
30,832
13,175

437
26
610
126
459
1,016
307
336

436
32
622
128
465
1,014
327
343

406
35
640
135
453
1,000
254
415

0)
0)
0)
0)

430
59
83

(i)

438
18
671
127
424
1,107
230
342

' Revised.
»Figures not yet available.
» Agricultural and urban loans in process of liquidation.




1938

1937

Central bank

Central bank

913
574
169

Mar.
Bank of Portugal—Cont.
Loans and discounts.
Government debt
Other assets
Note circulation.. _
_
Other sight liabilities.
_
Other liabilities
National Bank of Rumania (millions of lei):
Gold
Special exchange accounts
Loans and discounts
_
_
Special loans «._
Government debt
Other assets
Note circulation
Demand deposits
Other liabilitiesSouth African Reserve Bank
(thousands of pounds):
22 892
Gold
Foreign bills
6,440
Other bills and loans
324
Other assets
12, 669
Note circulation
15,170
Deposits
__
23, 649
Other liabilities
3,507
Bank of Sweden (millions of
kroner):
575
Gold
- .
Foreign assets
914
Discounts
13
21
Loans
Domestic securities
25
Other assets
314
965
Note circulation
758
Demand deposits.. _ _
Other liabilities
138
Swiss National Bank (millions of
francs):
Gold
— 2,885
505
Foreign exchange
14
Discounts
_
23
Loans
642
Other assets _
_
1,539
Note circulation. _
Other sight liabilities
_ 1,896
634
Other liabilities....
Central Bank of the Republic of
Turkey (thousands of pounds):
36,848
Gold
4
Foreign exchange—Free
22,800
In clearing accounts
52,700
Loans and discounts
190, 284
Securities
36, 242
Other assets
176, 374
Note circulation _
49,804
Deposits
112,698
Other liabilities—
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
_ _
Note circulation
Banking department:
Cash reserves _
Loans and discounts
Other assets
Deposits -__
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
— . 1,782
381
Foreign exchange
1,613
Loans and discounts
2,240
Government debt
3,260
Other assets
5,865
Note circulation
2,607
Other sight liabilities
804
Other liabilities

Feb.

Jan.

Mar.

1
1
2
1
1

332
044
290
059
152
111

16 602
5 307
6,441
1 989
10,553
9 769
30, 731
10 570
9,360

16 504
5 915
6 175
1 989
10,549
9 174
30 102
10 642
9 561

15 731
4 460
6 329
2 157
10,820
9 267
25 949
11 657
11 158

22 298
5,535
3,620
12,436
16,897
23,504
3,489

22 936
3,176
2,973
12 932
16,995
21, 757
3,265

28 783
5,455
22
17 048
15,355
31, 904
4,049

557
968
12
21
21
304
921
829
134

540
1,030
12
23
16
288
906
879
125

531
891
11
22
33
346
873
775
185

2,890
515
13
23
635
1,471
1,969
637

2,842
519
15
24
630
1,451
1,947
635

2,718
22
30

4a

622
1,394
1,40ft
633

36, 837 36, 753 36, 707
54
25
3
26,781 23,857 48,927
49,783 45, 502 30,239
188, 378 188,405 187,132
41, 238 38, 237 26,202
176,376 176, 376 180,975
44,195 40, 578 38,331
122,449 115,825 09,955

42,087
90, 826

41, 601
92,162

22, 450 23,156
93,857 82, 559
59,"S79 85; 977
81,179 101, 594
95,107 90,097
1,725
448
1,598
2,240
3,192
5,697
2,725
780

1,719
461
1,623
2,239
3,055
5,673
2,661
762

1,650
623
1,683
2,249
1,835
5,381
1,980
679

MAY

415

FEDERAL RESERVE BULLETIN

1938

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francs1]
1938

1937

1938

Assets
M a r . 31

Gold in bars
_
Cash on hand and on current account
with banks
. _
Sight funds at interest
_
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' accent anofts
Treasury bills

F e b . 28

20,907

16,316

45,087

Demand deposits (gold)...

22,174
15, 795

30,787
13, 917

25,636
26, 538

Short-term deposits (various currencies) :
Central banks for own account:
Demand
Time—not exceeding 3 months.
Time—between 3 and 6 months

M a r . 31

Mar. 31

Time funds at interest:
Not exceeding 3 months.
Between 3 and 6 months

228, 357

232,043

52,364
1,527

Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments.
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments

_

_

55, 665

28, 679
117, 079

34, 418
107,366

26,864
68, 036

31,135
45, 775
26, 963
55,121

300,493

Total assets.

300, 776

935
226

978
53

644,031

Other assets:
Guaranty of central banks on bills
sold
. .

Dpmftnd

6,637
68,233

35, 756
54, 930

Total

27,012
1,669

26, 929
37,119

_

39, 249
130, 783
3,818

24,148
105,482

173, 850

129, 630

3,308

2,704

4,248

1,022
1,170

3,082
1,243

229
8

153,126
76, 563
28,609
938

154,334
77,167
30, 433
998

153,158
76, 579
42,819
1,404

262,931

273,959

125,000

125,000

125,000

4,238
6,315
12, 631

4,238
6,315
12, 631

3,784
6,092
12,183

1,424
40,876

1,402
44,012

1,354
39, 045

646,850

618, 842

Mar. 31

Central banks for account of others:
Other depositors :
Demand
__
Time—not exceeding 3 months

44,825
127,411
6,951

644,031

101,347
130, 696

23, 309

259, 236

127, 694
100, 663

9,441

179,187

126, 779
102,832

Feb. 28

9,623

229, 610

Total

Total

1937

Liabilities

646, 850

Long-term deposits:
Annuity trust account.
_
German Government deposit
French Government guaranty fund.
French Government deposit (Saar).
Total - .

Capital paid in
Reserves:
Legal reserve fund
259, 432
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold_.
1,329
Sundry items
__
77,890
11, 773

96

Total liabilities.

618, 842

i See BULLETIN for December 1936, p . 1025.

COMMERCIAL BANKS
[Figures are as of end of month, except those for United Kingdom, which are averages of weekly figures]
Assets
United Kingdom

Money at
Cash
call and Bills dis(Figures in millions of pounds sterling) reserves
counted
short
notice

Liabilities
Loans to
customers

Securities

Other
assets

Deposits
Total

Demand^

Time*

Other
liabilities

10 London clearing banks
1030—December
1931—December
1932—December
1933—December,.
1934—December
1935—December
1935—December
1937—December

_ _
__ _

208
184
207
213
216
221
236
236

144
119
127
119
151
159
187
155

322
246
408
311
255
322
316
295

285
297
472
565
594
605
630
605

933
905
778
740
759
784
864
954

240
222
208
237
247
231
238
242

1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250

992
868
991
1,015
1,044
1,140

847
846
963
900
910
924

254
237
216
244
251
231
232
237

2,315

1,288

1,012

245

1,005
997
1,003
1,008
1,006
1,022
1,010
1,001
1,009
1,019
1,025
1,026

247
252
259
263
263
261
259
253
251
253
252
252

1,039
1,038

252
250
252

11 London clearing banks 2

1936—December
1937—January
February
March.
April
May
June
July
August
September
October.
November.
December

195

322

6flO

890

238
230
226
230
233
241
235
234
238
234
235
244

179
167
170
177
168
171
163
162
162
165
161
163

345
307
248
241
244
259
282
277
281
296
298
300

669
671
667
661
657
654
647
645
641
639
634
635

885
909
939
951
957
969
975
973
978
988
991
984

239
243
254
256
259
261
251
244
240
244
245
256

2,307
2,274
2,244
2,252
2,255
2,293
2,293
2,283
2,287
2,312
2,311
2,330

1,254
1,217
1,200
1,194
1,203
1,253
1,239
1,235
1,242
1,244
1,238
1,284

251
243
244

154
144
150

331
288
239

636
633
634

970
984
1,000

240
238
239

2,329
2,280
2,254

1,290
1,242

244

_

»

_

1938—January
February
March

« ., .
.

. ._
___
_ -_

.

249

i Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936.
* District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640.




416

FEDERAL RESERVE BULLETIN

MAY

1938

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—January
February..
March
April
May
June
July
August
September
October...
NovemberDecember.
1938—January _._.

Cash
reserves
2,419
11,311
9,007
5,870
5,836
3,739
3,100
2,852
2,798
5,237
2,891
3,014
2,761
2,764
2,925
2,790
2,698
3,325
3,403
2,990

Due from Bills disbanks
counted
4,675
2,168
1,786
1,416
1,421
2,484
2,975
3,589
3,770
3,596
3,579
3,666
3,933
4,176
4,258
4,552
4,434
4,040
4,116
4,319

Other
assets

Loans

20, 448
18, 441
22,014
19, 848
18, 304
16,141
17,582
18, 289
17,825
16, 701
16,043
16,479
15, 869
16, 954
16, 842
16, 802
19,079
18,046
18, 249
17, 921

10, 743
9,274
7,850
8,309
8,159
8,025
7,631
7,949
8,056
8,357
8,116
7,996
8,514
8,276
8,008
8,723
8,172
7,834
7,624
7,905

Total

2,361
2,130
1,749
1,827
1,717
1,900
1,957
1,340
1,397
1,448
1,481
1,446
1,595
1, 602
1, 689
1,832
1,952
2,011
2,134
1,400

Demand

36, 681
38, 245
37, 759
32, 635
30,943
27, 553
28,484
29, 831
29, 644
31,008
27, 703
28, 242
28,128
29, 069
28,988

35, 284
37, 023
36,491
31, 773
30,039
26,859
27,955
29, 304
29,061
30, 465
27,164
27,682
27, 568
28,523
28,438
29, 288
30, 708
29, 539
29, 748
29, 386

31, 277
30,142
30,348
30, 022

(5 large Berlin banks. Figures in milCash
reserves
lions of reichsmarks)
191
173
143
131
115
139
137
130
201
132
139
180
145
153
216
136
148
147
141

Due
from
banks
1,483
817
583
471
393
316
269
301
315
297
288
296
298
282
322
277
299
283
278

Bills discounted Loans
2,453
1,431
1,631
1,702
2,037
2,162
2,567
2,966
2,908
3,204
3,171
3,091
3,099
2,995
2,860
3,041
3,205
2,942
2,997

7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,673
2,732
2,666
2,637
2,636
2,676
2,701
2,754
2,667
2,628
2,594
2,631

Securities
482
807
938
860
874
1,027
1,112
1,022
1,014
949
1,039
1,037
981
1,083
1,070
1,050
1,020
1,083
1,058

Other
assets
880
1,127
991
1,003
983
983
851
822
813
805
807
778
760
758
781
806
812
834
855

Total
9,091
6,062
6,161
5,754
5,816
5,376
5,751
6,029
6,135
6,213
6,246
6,204
6,164
6,175
6,172
6,141
6,264
6,081
6,146

Cash

1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December..
1936—December.
1937—FebruaryMarch
April
May
June
July
August
September.
October...
November.
December.
1938—January...
February..

207
201
211
197
228
228
240
239
242
246
240
238
231
241
238
252
273
255
257
242

Security
loans
abroad
and net SecuriOther
ties
due
Security loans
from
loans and dis- foreign
counts banks
205
135
103
106
103
83
114
119
124
121
117
116
114
114
100
82
87
76
72
70

1,275
1,253
1,104
1,036
977
945
791
805
814
835
852
853
852
863
883
890
884
862
839
852

4,357
4,503
4,331
4,362
4,301
4,399
4,289
3,626
3,600
3,732
3,825
3,817
3,954
4,133
4,152
4,216
4,364
4,419
4,517

740

3,773

Demand
3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,760
2,942
2,926
2,979
2,969
2,918
2,892
2,916
2,862
2,912
2,839
2,818

Time

Credits Other
obtained liabilifrom
ties
banks
1,986
1,328
1,146
661
485
686
579
578
559
551
543
563
533
533
539
510
513

1,828
2,341
1,550
1,481
1,432
1,449
1,334

465
463

5,233
2,810
3,203
3,130
3,085
2,941
3,090
3,270
3,194
3,287
3,267
3,236
3,245
3,283
3,256
3,279
3,352
3,242
3,328

1,336
1,350

1,307
1,288
1,289
1,291
1,251
1,261
1,265
1,292
1,327
1,335

Liabilities

Entirely in Canada

(10 chartered banks. Figures in millions of Canadian dollars)

Other
liabilities

921
576
295
273
193
337
473
561
602
600
583
542
591
570
583
644
695
695
661

1,397
1,222
1,268
862
904
694
529
527
583
543
539
560
560
546
550
550
569
604
600
636

Deposits

Assets
Canada

Own
acceptances

Time

Liabilities

Assets

Germany *

1930—November.
1931—November.
1932—November.
1933—November.
1934—November.
1935—November
1936—November
1937—February..
March
April
May__
June
July
August
September.
October...
November
1938—January...
February..

Liabilities
Deposits

171
146
155
134
155
141
161
214
161
141
139
128
139
119
110
114
121
102
96

604
694
778
861
967
1,155
1,384
1,422
1,427
1,440
1,438
1,442
1,431
1,446
1,446
1,411
1,391
1,411

1,434
1,440

Other

602
510
439
432
449
485
507
483
516
511
491
520
472
483
507
496
486
510
480
482

Note
circulation

133
129
115
121
124
111
103
108
105
106
103
107
107
105
103
106
101
96
92
95

Deposits payable in Canada excluding interbank
deposits

Total
2,115
2,058
1,916
1,920
2,035
2.180
2,303
2,369
2,370
2,383
2,372
2,379
2,322
2,345
2,371
2,333
2,351
2,335
2,314
2,319

liabilities
Demand

689
698
538
563
628
694
755
805
786
799
799
809
750
767
797
749
781
752
723
704

Time

1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,564
1,584
1,583
1,574
1,570
1,572
1,578
1,575
1,584
1,570
1,583
1,591
1,615

816
752
760
725
718
745
790
804
810
805
802
811
810
816
809
806
789
785
771
770

1
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 baek figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.




MAY

417

FEDERAL RESERVE BULLETIN

1938

DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—

Date effective

Central
bank of—

United
GerNether- SwitzerKingdom France many Italy lands
land

In effect Jan. 1, 1936
Jan. 2, 1936
Jan. 10.
Jan. 16
Feb. 4
Feb. 7
Mar. 28
May 7
May 18
May 30
June 4
June 24
June 25
June 26.
June 30
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. 13In effect Apr. 30,1938

2

6
5
4

4

5

Date
effective

Central
bank of—

Rate

to"

Albania
April 1, 1937 Japan
6
3.29
Argentina...
3
3M Mar. 1, 1936 Java
Belgium
May 16, 1935 Latvia
- 5
2
Bolivia
6 July 5, 1932 Lithuania. _British India
Nov. 28, 1935 Mexico
3
3
Bulgaria
Aug. 15, 1935 Netherlands 2
6
Canada
2M Mar. 11, 1935 New ZeaChile
- 3-4K Dec. 16, 1936
land
2
Colombia...
July 18, 1933 Norway
4
VA
CzechosloPeru
6
vakia
Jan. 1, 1936 Poland
3
_ VA
Danzig
4
Jan. 2, 1937 Portugal
4-4K
Denmark
4
Nov. 19, 1936 Rumania
Ecuador
Nov. 30, 1932 South Africa 4H
4
VA
El SalvadorAug. 23, 1935 Spain
4
5
Estonia
4K Oct. 1, 1935 Sweden
2
Finland
Dec. 3, 1934 Switzerland VA
4
1H
France
Nov. 13, 1937 Turkey
3
Germany
Sept. 22, 1932 United King- 5H
4
Greece
dom
2
6 Jan. 4, 1937
Hungary
Aug. 29, 1935 U. S. S. R.__ 4
4
Italy4M May 18, 1936 Yugoslavia.. 5
IH

3

VA
5
6

VA
4K
4

4

3^
3
3

5
3
2
2V2
2

4
6
5
4
2

Apr.
30

Date
effective

2H

3^

5

Rate

Apr.
Jan.
Nov.
July
Mar.
Dec.

7, 1936
14, 1937
1, 1936
1, 1936
1, 1937
3, 1936

June 29, 1936
Jan. 5, 1938
May 20, 1932
Dec. 18, 1937
Aug. 11, 1937
Dec. 15, 1934
May 15, 1933
July 15, 1935
Dec. 1, 1933
Nov. 26, 1936
Mar. 2, 1933
June 30, 1932
July 1, 1936
Feb. 1, 1935

Changes since Mar . 26: None

3
3

4

4H

2

MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]

Month

Bankers' Treasury
acceptances bills, 3
months
3 months

Netherlands (Amsterdam)

Germany (Berlin)

United Kingdom (London)
Bankers'
Day-to-day allowance
money on deposits

Private
discount
rate

Private
Money for Day-to-day discount
1 month
money
rate

Money for
1 month

1937—March
April
May
June
July.
August
September
October
November.
December.

.75
.75
.75
.79
.79
.75
.75
.75
.75
.75

3.00
2.90
2.88
2.88
2.88
2.88
2.88
2.88
2.88
2.88

2.86
2.71
2.63
2.63
2.65
2.69
2.73
2.91
2.81
2.84

3.10
2.55
2.69
2.78
2.64
2.85
3.07
2.81
2.65
2.96

1.00
1.00
1.00
1.00
.92
.53
.50
.50
.50
.50

1938—JanuarysFebruary—
March

.75
.75
.75

2.88
2.88
2.88

2.88
2.88
2.88

2.98
2.73
2.86

.50
.50
.50

Switzerland

Month

(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

Belgium

1937—FebruaryMarch
April
May
June
July
August
September
October
November.
December,

1.18
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00
1.00
1.00
1.00
.00
.39
.78
,72

4.01
4.06
4.00
3.93
5.02
5.20
4.11
3.54
3.62
3.26
3.00

1.00
1.00

..57
.52

3.00
3.00

5.00
5.00

Sweden
(Stockholm)

Japan (Tokyo)

Loans up Discounted
Prime
Call
commer- Day-to-day
to 3
money
money
bills
cial paper
months
overnight
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75

4.50
4.50
4.50
4.50
5.00
5.00
5.00
5.00
5.00
5.00
5.00

1938—January
February..

Hungary

4-6**

2.67
2.83
2.86
2.69
2.80
2.70
2.85
2.46
2.65
2.63
2.59

4.75
4.56

2.38
2.53

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, and
May 1930, p. 318.




418

FEDERAL RESERVE BULLETIN

MAY

1938

FOREIGN EXCHANGE RATES
Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year or month

Belgium

480. 83
458. 60
351.50
279. 93
337.07
400.95

14.058
14.089
14.023
13. 960
15.448
18. 793
18. 831
18. 792
18. 770

13. 912
13.952
13. 929
13. 914
17. 900
23. 287
18. 424
16.917
16. 876

11.8078
10. 7136
7.0290
7.1223
7.9630
8. 4268
8. 2947
8.5681
8.7190

16. 868
16. 866
16. 835
16. 838
16. 838
16. 859
17.009
16.985

8. 7192
8. 7179
8. 7266
8. 7314
8. 7216
8. 7232
8. 7635

16. 926
16. 975
16. 880

1929
1930
1931
1932
1933
1934
1935
1936
1937

95.127
83. 505
66. 738
58. 443
72.801
33. 579
32. 659
33.137
32.959

1937—May
June
July
August
September .
October
NovemberDecember .

32.928
32. 898
33.107
33.206
33. 020
33.032
33. 309
33. 312

395. 70
396. 92
394. 68
394. 80
398.16
398.10

18. 719
18. 714
18. 775
18. 851
18. 845
18. 823
18.900
18. 892

1938—January...
FebruaryMarch

33. 334
33.451
33. 233

398. 35
399.81
397.14

18. 893
18. 939
18. 922

Year or month

Brazil (milreis)

Argen- Aus- Austria
tralia
(schiltina
(peso) (pound) ling)

395. 94
393. 94
393. 70
393.

25

2

Official

2.9609
2. 9640
2.9619
2. 9618
3. 8232
4. 2424
4.1642
4.0078
3.4930

26. 680
26. 765
25. 058
18. 832
19.071
22. 500
21.883
22.189
22.069

498. 07
498. 60
465.11
359. 54
434.39
516. 85
502. 60
509. 68
506. 92

2. 5160
2. 5169
2. 3875
1. 5547
1.8708
2. 2277
2.1627
2.1903

1937—May
June
July_._
August
SeptemberOctober
NovemberDecember—

99. 917
99.919
99.916
99. 917
99.905
99. 915
99.917
99. 916

3.4853
3. 4841
3. 4854
3. 4875
3. 4936
3. 4999
3. 5146
3.5130

22.051
22. 031
22.173
22. 236
22.109
22.119
22. 301
22.302

506.49
506. 05
509. 30
510.83
507. 83
508.05
512. 25
512. 29

2.1784
2.1792
2.1918
2.1964
2.1888
2.1886

1938—January
February—
March

99. 917
99. 916
99.916

3. 5104 22. 317 512. 64
3. 5149 22. 399 514. 50
3. 5017 22. 251 511.06

_

1937—May

June
July
August
September.
October
November.
December.
1938—JanuaryFebruary .
March

Canada
(dollar)

Chile (peso)
Official

Export

China Colombia
(yuan)
(peso)
96. 551
96. 493
96. 570
95.275
81.697
61. 780
56.011
57.083
56. 726
56. 967
57.006
56. 992
56.997
56. 993
56.999
55.958

5. 8788
6.1806

36. 202
36.067
33. 690
26.347
31.816
37. 879
36. 964
37. 523
37. 326

.7216
99. 247
99.842
.7209
96. 353
.7163
88.090
.7193
1. 0039 91. 959
1. 2852 101.006
1.2951 99.493
1. 2958 99. 913
1. 2846 100.004

12.0601
12.0785
12. 0669
7.9079
7.6787
10.1452
5.0833
5.1240
5.1697

4.0000

41.901
29.917
22.437
21. 736
28. 598
34. 094
36. 571
29. 751
29.606

6. 4164
6. 5543
6. 6335
6. 5449
6. 3997
5. 8322
5. 7266
5. 4492

37. 280
37. 245
37.483
37. 601
37. 390
37. 410
37. 711
37. 711

1. 2839 100.149
1. 2830 99. 944
1. 2825 99. 858
1. 2845
1. 2855
1. 2854 100.017
1. 2844 100. 073
1. 2732 99. 948

5.1725
5.1738
5.1767
5.1571
5.1579
5.1694
5.1680
5.1697

4.0000
4.0000

29. 798
29. 653
29. 494
29. 650
29. 660
29. 463
29. 444
29. 468

37. 747
37. 890
37. 638

1. 2616
1. 2575 100. 023
1. 2525 99. 716

5.1680
5.1680
5.1680

4. 0000
4.0000
4. 0000

29. 489
29. 602
3
28. 219

GerCzecho- DenFinland
many Greece Hong HunCuba slovakia mark Egypt
(mar- France (reichs- (drach- Kong gary
(pound) kka)
(franc) mark) ma)
;koruna) (krone)
(dollar) (pengo)
99.965
99.952
99.930
99.941
99.946
99.936
99.920
99. 909
99. 916

1929
193U
1931
1932
1933
1934.
1935
1936
1937

Bulgaria
(lev)

5. 5803
5. 8303
5. 8744

1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.

Year or month

Free
market

British
India
(rupee)

2.1811

54. 244
55. 459
55.066
54. 648

Italy Japan Mexico Netherlands
(lira) (yen)
(peso) (florin)

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
30. 518 .7233 29. 452 22. 360 6. 7094 25. 646
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

3.9161
3. 9249
3. 9200
3.9276
5.0313
6. 5688
6. 6013

48.183
47.133
35. 492
31.850
28.103
27. 742
27. 778
27. 760
27.750

40.162
40. 225
40.230
40. 295
51. 721
67.383
67. 715
64. 481
55.045

2. 2061
2. 2068

4. 4399
3. 8048
3. 7501
3. 5193
3. 3491
3. 3946
3. 3948

40.171
40.071
40.196
40. 213
40.121
40.157
40. 364
40. 296

.9052
.9043
.9088
.9116
.9074
.9076
.9152
.9157

30. 600
30. 349
30. 343
30. 993
30.959
30. 975
31.124
31.186

27. 750
27. 751
27. 751
27. 751
27.750
27.750
27. 750
27.750

54.936
54.976
55.091
55.151
55.150
55. 284
55. 452
55.602

2. 2085
2. 2155
2. 2001

3. 3352 40. 281
3. 2814 40.424
3.1224 40. 241

.9162
.9190
.9128

31. 231 19. 826 5. 2608 29.052 27.750
31. 339 19. 841 5. 2607 29.035 27. 750
30. 987 19.831 5. 2605 28. 864 25.597

55. 711
55. 958
55. 556

4. 4768

19.781
19. 771
19. 770
19. 764
19. 745
19. 741
19.819
19. 836

5. 2606
5. 2607
5. 2600
5. 2603
5. 2603
5. 2604
5. 2623
5. 2606

28. 780
28. 711
28. 882
29.027
28. 867
28. 853
29. 095
29.081

New
Portu- Ruma- South Spain Straits Swe- Switz- Turkey United Uru- YugoSettle- den erland
King- guay slavia
Zealand Norway Poland
gal
nia
Africa
dom
(pound) (krone) (zloty) (escudo) (leu) (pound) (peseta) ments krona) (franc) (pound) (pound) (peso) (dinar)
dollar)
483.21
468.22
415. 29
320.19
340.00
402. 46
391. 26
398. 92
396.91

26. 683
26.760
25.055
18.004
21.429
25. 316
24.627
24.974
24. 840

11.194
11. 205
11.197
11.182
14.414
18. 846
18. 882
18.875
18.923

4.4714
4. 4940
4. 2435
3.1960
3.9165
4. 6089
4.4575
4. 5130
4. 4792

.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7294

483. 27
483. 79
480.76
476. 56
414.98
498. 29
484. 66
491. 65
489. 62

396.61
396. 21
398. 74
400.10
397. 58
397.72
401.08
401.06

24.819
24. 797
24.957
25.030
24. 884
24.895
25.100
25.103

18. 934
18.928
18. 915
18.902
18. 891
18. 890
18.923
18.943

4. 4723
4. 4689
4. 4958
4. 5053
4.4864
4. 4870
4. 5165
4. 5227

.7290
.7279
.7286
.7270
.7313
.7307
.7314
.7353

489.17
488. 68
491.95
493. 61
490. 66
490. 89
494.98
495.04

401. 36
402. 87
i 400. 28

25.120
25. 212
25.045

18. 974
18.974
18.909

4. 5260
4.5350
4. 5105

.7356 495. 35
.7372 497. 06
.7337 1493. 74

14. 683
11. 667
9.545
8.044
10. 719
13. 615
13. 678
12. 314
6.053

19. 279
19. 382
19. 401
19. 405
24.836
32. 366
32.497
30.189
22.938

48. 411
47.061
47.181
47. 285
60.440
79.047
80.312
80.357
80.130

485. 69
486. 21
453.50
350. 61
423.68
503. 93
490.18
497.09
494.40

85. 865
55. 357
47. 064
60.336
79. 956
80. 251
79.874
79.072

2. 2719
2.2837
2. 2965
2.3060

5.348 57. 929 25. 465 22. 870
5.215 57.836 25. 444 22.879
5.062 58. 240 25. 607 22. 920
6.273 58.414 25. 683 22.963
6.477 58.076 25. 533 22. 965
6.267 58.107 25. 546 23.021
6.276 58. 572 25 754 23.149
6.184 58. 594 25.750 23.122

80.134
79.897
80. 537
80. 393
79. 665
79. 824
80.492
80. 657

493. 55
496. 72
498. 22
495. 30
495. 51
499.61
499. 64

78. 659
79.143
79. 373
79. 250
79.118
79.052
79.140
79. 936

2.3060
2. 3056
2.3072
2.3051
2. 3019
2. 3025
2. 3096
2. 3143

499. 98 66. 458
501. 80 66.021
498.45 65. 597

2.3276
2.3398
2.3291

6.137
6.085
5.814

56. 012
55.964
52. 445
40. 397
49. 232
59.005
57.173
58. 258
57.973

26. 784
26.854
25. 254
18.471
22. 032
25.982
25. 271
25. 626
25.487

58. 631 25. 770 23.125
58. 759 25.861 23.231 80.800
58.118 25. 674 23. 045 80.183

1. 7591
1.7681
1.7680
1. 6411
1. 7607

1 Q u o t a t i o n s p a r t l y or w h o l l y n o m i n a l A p r i l 1934-March 25, 1938, inclusive.
2
Q u o t a t i o n s n o t a v a i l a b l e b e g i n n i n g M a r c h 14, 1938.
3
Q u o t a t i o n s n o m i n a l b e g i n n i n g M a r c h 14, 1938.
4
Q u o t a t i o n s n o t a v a i l a b l e M a r c h 19-21, 1938, inclusive; n o m i n a l thereafter.
N O T E . — F o r a d d i t i o n a l i n f o r m a t i o n concerning n o m i n a l s t a t u s of exchange q u o t a t i o n s , special factors affecting t h e averages, a n d c h a n g e s in
t h e basis of q u o t a t i o n , see n o t e in B U L L E T I N for M a r c h 1938, p . 244.




MAY

419

FEDERAL RESERVE BULLETIN

1938

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States

Year or month

United
Kingdom

100
95
97
95
86
73
65
66
75
80
81

Italy

(1913=100)

(1928=100)

695
642
645
627
554
502
427
398
376
338
411
581

134
138
140
137
125
111
97
93
98
102
104
106

100
95
85
75
70
63
62
68
76
89

106
106
106
106
106
106
107
106
106
106
106
106
106

100
98
96
96
87
72
67
67
72
72
75

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1937—February._
March
April
May
June
July
August
September
October...
November
December.

83
86
86
85
85
88
86
85
85
83
83

104
107
109
111
111
112
111
111
111
109
108

533
550
552
550
557
582
603
630
628
621
631

1938—January...
February..
March

84
84
83

108
106
104

'636
631

' Preliminary.

Japan

Germany

(1913=100)

100
88
86
86
88
89
94
109

(1926=100)

France

(1930=100)

Canada

(1926=100)

(October
1900=100)

Netherlands

Switzerland

(1926-30=
100)

(July 1914
=100)

237
225
226
220
181
153
161
180
178
186
197

106
103
102
100
90
76
65
63
63
62
64
76

144
142
145
141
126
110
96
91
90
90

83
85
86
88
90
90
91
92
93
95
96

230
240
248
241
238
239
235
239
237
238
241

74
76
77
77
76
78
78
77
77
76
76

111
113
113
113
112
112
111
111
111
110
110

95
94

245
258
252

75
74
73

110
109

P1Q6

* Revised.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United

S t a t e s (1926=100)

Year or month
Farm
products

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937

_

.

_

1937—February

March
April
May
June
July
August
September
October
November _
December

_ _.
...

1938—January

February
March

Foods

Other
commodities

United Kingdom
(1930=100)

Foods

100
99
106
105
88
65
48
51
65
79
81
86

100
97
101
100
91
75
61
61
71
84
82
86

100
94
93
92
85
75
70
71
78
78
80
85

100
89
88
83
85
87
92
102

91
94
92
90
89
89
86
86
80
76
73

87
88
86
84
85
86
87
88
86
83
80

84
86
87
86
86
86
86
86
85
84
84

72
70
70

76
74
74

84
83
83

Germany

F r a n c e (1913=100)

IndusFarm
Indus- Agriculand food
tural
trial
trial
products products products products

Provisions

(1913=100)

Industrial raw Indusand semi- trial finfinished ished
products products

100
87
85
87
90
90
96
112

581
599
584
579
526
542
482
420
393
327
426
562

793
678
697
669
579
464
380
380
361
348
397
598

129
138
134
130
113
104
91
87
96
102
105
H)5

132
129
133
125
113
96
86
75
76
84
86
96

130
132
134
132
120
103
89
88
91
92
94
96

150
147
159
157
150
136
118
113
116
119
121
125

99
101
102
102
102
103
103
104
105
105
104

107
111
113
115
115
116
116
115
113
110
109

516
528
522
520
532
549
572
612
607
613
636

548
570
577
576
579
610
629
645
646
628
626

103
104
104
104
105
106
106
105
105
105
105

94
95
95
98
98
98
98
97
97
96
94

97
98
97
97
97
96
96
96
95
94
94

123
124
124
124
124
125
125
126
126
126
126

105
103
101

109
107
106

634
625

638
636

105
105

90
90

94
94

126
126

P90

P94

v Preliminary.
Sources.—See BULLETIN for March 1931, p . 159, March 1935, p . 180, October 1935, p . 678, M a r c h 1937, and April 1937, p . 372.




420

FEDERAL RESERVE BULLETIN

MAY

1938

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING

RETAIL FOOD PRICES

[Index numbers]

[Index numbers]
United E n g - France Ger- Nether- Switzerm a n y lands
States land
land
July
1911July 1914=100 19131923July
1914=100 1913=100 1914=100
1925=100 1914=100

Year or
month

United Eng- France Ger- Nether- S w i t z erStates
land
Jan.many lands
land
1923June
July
19111913July
1925=100 1914=100 1914=100 1914=100 1913=100
1914=100

Year or
month

105
103
105
100
82
68
66
74
80
82
85

161
156
157
154
145
131
126
120
122
125
130
139

554
557
549
611
614
611
536
491
481
423
470
601

146
153
153
156
146
131
116
113
118
120
122
122

161
163
166
162
150
136
119
120
124
118
120
127

160
158
157
156
152
141
125
117
115
114
120
129

1926
1927
1928
1929___
1930
1931
1932
1933
1934
1935
1936
1937 . .

85
85
86
87
86
86
86
86
85
84
83

135
135
135
136
136
140
140
140
143
146
146

577
577
580
584
576
580
594
627
644
645
659

122
122
122
122
123
125
124
122
121
121
121

122
123
125
126
129
130
130
129
130
131
130

129
129
129
129
131
131
130
130
130
130
130

1937-February_
March
April __
May

130
130

130
130

1938-January
February
March

. 109

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1937—February

March _„
April

May
June
July
August __
September
October __
November
December

1938—January. _
February.
March

145
142
140

80
78
79

688
694

121
122
122

103
101
100
100
97
89
80
76
79
81
82
84

_ _

84

June

85

July
August
September
October
November
December

85
85

505
514
519
556
581
569
526
520
516
483
507
619

170
164
166
164
158
148
144
140
141
143
147
154

606
630
658

159
157
156

137

162
160
161
161
158
150
138
131
129
128
130
137

125
125
125
125
125
126
126
125
125
125
125

581

168
168
169
168
161
151
141
139
140
136
1

134
134
136
136
138
139
139
139
140
140
139

136
136
137
136
137
137
137
137
138
138
138

125
125
126

151
151
151
152
152
155
155
155
158
160
160

142
148
152
154
148
136
121
118
121
123
125
125

139
139

138
137

132

i Revised index as from March 1936 (see BULLETIN for April 1937, p . 373).
Sources.—See BULLETIN for April 1937, p . 373.

SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month

United
States

(average
price)i
Number of issues. _
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937

- _

1937— February
March
April
May
June
July
August
September...
October
November...
December.__

England

France
(December
1921=100) (1913=100)

(average
price)

United
States

England

France

Netherlands
Germany (1930=100)

420

278

300

85.5
81.4
83.3
'83.4
2 67.1
82.5
90.7
95.3
95.8
98.7

100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
4
101.8

100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3

100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4

100 0
145.0
136 1
122.8
100.2
2 78.0
2 50.3
61.7
71.1
82.9
91.6
102.6

104.

75.1
74.6
72.6
72.3
74.6
75.0
77.2
74.8
75.6
76.4
75.5

97.4
97.7
98.5
98.8
98.9
99.0
99.4
99.3
99.4
99.6
99.7

100.3
98.8
100.0
100.3
101.5
102.4
103.7
103.7
102.4
104.3
105.0

129.5
129.9
124.5
116.3
113.6
117.8
120.5
106.4
91.4
82.9
'82.2

103.8
102.7
101.0
99.3
97.0
96.8
96.8
92.7
88.2
85.8
86.8

113.3
112.0
96.6
94.8
94.0
90.6
93.6
90.1
91.8
90.1
87.6

99.2
100.3
101.5
102.6
103.5
105.1
106.1
105.3
103.9
102.7
102.1

108.5
113 1
109.6
105 0
102 9
107.2
114.7
108. 1
94.8
92.0
93.7

75.1
74.7

99.8
99.9
101.1

106.3
107.2
104.3

'81.6
80.7
'77.9

86.5
83.8
78.9

85.0
84.5

104.4
104.2
104.5

98.3
97.5
95.1

57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
75.1

100.0
98.5
96.6
96.2
95.0
95.3
94.8
91.3
86.4
83.3
82.7

125.5
124.3
125.3
125.0
123.9
123.3
123.2
122.8
123.6
124.1
123.9

80.6
79.3
76.0

124.7
125.1
121.0

139

(1926=100)

Netherlands*

100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.1
111.7

36

110.0
110.7
112.3
110.2
111. 8
108.4
113.2
119.7
127.5
129.9
131.2
124.6

1938—January
February
March

Germany

8

87

97 6
100.7
100 8
98.0
99.3
90.9
69.5
73.4
84.5
88.6
97.5
93.4

60

Common stocks

329

100

100.
70.
46.
52.
55.
55.
66.

r Revised.
i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
» Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
*Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent.
• New index. See note 3.
Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p. 373, July 1937, p. 698, and November 1937, p. 1172.







FEDERAL RESERVE DIRECTORY

421

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman
M . S. SZTMCZAK
JOHN K. MCKEE

CHESTER C. DAVIS
ERNEST G. DRAPER

LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant Secretary

S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CTJRRIE, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

FEDERAL ADVISORY COUNCIL

MARRINER S. ECCLES, Chairman

District No. 1 (BOSTON)

THOMAS M. STEELE

GEORGE L. HARRISON, Vice Chairman

District No. 2 (NEW YORK)

W. W. ALDRICH

CHESTER C. DAVIS
ERNEST G. DRAPER
JOHN K. M C K E E
OSCAR NEWTON
J. N. PEYTON
RONALD RANSOM

District No. 3 (PHILADELPHIA). . . .HOWARD A. LOEB,

Vice-President
District No. 4 (CLEVELAND)

L. B. WILLIAMS

District No. 5 (RICHMOND)

ROBERT M. HANES

G. J. SCHALLER

District No. 6 (ATLANTA)
District No. 7 (CHICAGO)

EDWARD BALL
EDWARD E. BROWN

JOHN S. SINCLAIR
M. S. SZYMCZAK

District No. 8 (ST. LOUIS)

WALTER W. SMITH

District No. 9 (MINNEAPOLIS)

JOHN CROSBY

CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open

Market Account
422




President
District No. 10 (KANSAS CITY)

C. Q. CHANDLER

District No. 11 (DALLAS)

R. E. HARDING

District No. 12 (SAN FRANCISCO) . . . PAUL S. DICK
WALTER LICHTENSTEIN, Secretary

SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank o—
f

Chairman and Federal
Reserve Agent

President

First Vice President

Vice Presidents

Boston
New York.

F. H. Curtiss
Owen D. Young _

R. A. Young___.

W. W. Paddock-

G. L. Harrison..

Allan Sproul

Philadelphia -

R. L. Austin.

J. S. Sinclair.

F. J. Drinnen

C. A. Mcllhenny 3
W. J. Davis
E. C. Hill

Cleveland

E. S. Burke, Jr

M. J. Fleming.

F. J. Zurlinden

W. H. Fletcher
G. H. Wagner
W. F. Taylor»

Richmond_

Robert Lassiter.

Hugh Leach

J. S. Walden, Jr

Atlanta

F. H. Neely.

Oscar Newton..

R. S. Parker.

J. G. Fry
G. H. Keesee 2
H. F. Connifl
W. S. McLarin, Jr. s
M. H. Bryan

Chicago

R. E. Woodi......

G. J. Schaller.

H. P. Preston

W. H. Snyder
C. S. Young
J. H. Dillard

St. Louis_.

W. T. Nardin.._.

W. McC. Martin.

F. G. Hitt.

O. M. Attebery
J. S. Wood
C M . Stewart *

Minneapolis

W. B. Geery

J. N. Peyton

O. S: Powell

H. I. Ziemer 3
E. W. Swanson

Kansas City

J. J. Thomas

G. H. Hamilton....

C. A. Worthington.

H. G. Leedy
J. W. Helm 3

Dallas..

J. H. Merritt

B. A. McKinney..

R. R. Gilbert

R. B. Coleman
W. J. Evans

San Francisco

A. O. Stewart

W. A. Day

Ira Clerk

S. G. Sargent
W. M. Hale 2
C. E. Earhart

1

Deputy chairman.

2 Cashier.

W. Willett 2
W. R. Burgess
L. R. Rounds
W. S. Logan
J. H. Williams
R. M. Gidney
L. W. Knoke
C. H. Coe

3

Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch. _ _ _
_
Cleveland:
Cincinnati branch
Pittsburgh branch.
Richmond:
Baltimore branch._
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch. _
_
New Orleans branch..
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch

Managing director
R. M. O'Hara
B. J. Lazar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
G. S. Vardeman, Jr.
J. B. Fort, Jr.
L. M. Clark
R. H. Buss
A. F. Bailey
F. D. Rash
W. H. Glasgow

Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Denver branch__
Oklahoma City branch
Omaha branch
_
_
Dallas:
El Paso branch
Houston branch
_
_
San Antonio branch___
San Francisco:
Los Angeles branch
Portland branch. _ _
Salt Lake City branch
Seattle branch
Spokane 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
D. L. Davis

SUBSCRIPTION PHICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
423




FEDERAL RESERVE DISTRICTS
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY

""S/7

> k C ^ A - n « » i« ^ \
T
/^'
V^a^-O *on C)V ^ ^

LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED
CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY




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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102