Full text of Federal Reserve Bulletin : May 1938
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 343-348 349-350 352 353 353 353-354 354-355 356-357 358-359 360 360 361-365 366-370 372 373-377 378 379 380 381 382-383 384-387 388 389 390 391 392-393 394-395 396-404 405 408 409 409-410 411-414 415 415-416 417 417 418 419 420 420 422 423 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 Treasdecline in trade and employment. The amount ury. Between December 24, 1936, and Sepin 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; Federal Reserve classification of Bureau of late date of Easter, and the Board's seasonally Monthly Labor Statistics' data; all foods and feeds, both raw and processed, are omitted. April 1938 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 11 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 _ _ Mar. 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 2,4313 11, 399 2,531 6,369 2,569 167 554 6,747 2,152 7,992 1,159 3,037 5,724 302 1,992 14, 360 5,239 5,280 7 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 3 2,4303 2,540 11, 310 12,162 2,531 2,567 6,400 6,475 2,450 3,225 200 158 561 595 6,716 2,093 6,830 1,220 1934 1933 1929 2,481 2,475 / 2,4315 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 .08 2.46 3.23 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. 12 Includes loans on securities to banks, 1929-1934. 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 1936 Averages of Wednesday figures; in millions of dollars 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 _._ 1937 a O 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 Jan, 2,472 1 2,564 2,4323 12,756 11, 503 2,643 2,537 6,397 6,391 3,630 2,682 127 205 664 530 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). Feb. Averages of daily figures; in millions of dollars 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 3 Time deposits (excluding interbank) Deposits of domestic banks 4 Borrowings _ __ Annual averages 1937 RESERVE BANK CREDIT, MEMBER BANK RESERVES, AND RELATED ITEMS 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 Number of banks June 30, 1937 All banks National banks members Federal Reserve System 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 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 11,850 4,513 30, 063, 515 16,721,997 6, 352, 759 47, 799,892 26,715, 556 14,774,490 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 11,300 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... I 1,718,306 38,083 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 Total assets.. 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 Central reserve city member banks 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 Year 1937 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 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 profits on securities, 5,310 Recoveries, 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, ,133, 644 2,110, 555 2,133,i, 644 Number of officers 7, 662 7,837 7,892 7,892 (full and 2,067 Number of employees part time) 3 57, 499 '58, 032 57, 499 '55, 857 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 + 512 + 290 + 5 + 807 + 711 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 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 _ _ Government securities Due from postal check offices Due from correspondents: Swiss Foreign __ _. Items for collection Coupons _ _____ Interest accrued on securities Unpaid capital Bank premises Furniture and fixtures _ _ Exchange Equalization Fund Miscellaneous assets Total assets _ _ _ ___ ______ _ 10, 300 28, 500 34, 764 40 43,648 3,120 34, 804 46, 768 30 742 2,337 15 897 2,190 11,409 22, 338 14, 212 4,216 33, 747 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 Liabilities 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 _ _._ _ __ Reserve for printing bank notes __ Exchange Equalization F u n d Miscellaneous liabilities Total 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 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 Cash: Reichsbank notes. Subsidiary e o m . . . Rentenbank notes 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 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) 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 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 _ Total assets.. 1 3,395,000 reichsmarks on Dec. 31, 1936. 1936 1937 50,306 20,334 40,266 26,186 70,640 66,452 11,230,283 110,958 7,607 8, 996,009 122, 540 35, 393 11,348,848 9,153,942 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 60,907 1,979 1,805 18,846 11,616 1 50 60,294 74,378 105,789 297,991 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, 545 336,128 18, 652, 689 15,824,004 Liabilities 1937 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 Reserves for: Printing of new notes New buildings 51, 449 Special reserve fund for future payments of dividends — 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 Net profits for the year less 10 percent assigned? to the legal reserve Total liabilities * Interest on bills due in 1937. 40,289 40,280 43,128 316 37,385« 343 142 2,175 146 433 70,082 53,494 70,082 46, 210 169, 338 154, 599 36,074 36, 036 18,652,689 15,824,004 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, I, 844, 400 9, 602 8, 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.. 11,104,085 9, 706,178 9, 675, 998 9, 696,088 9, 684, 920 9, 676, 3819, 659, 3159, 689, 6009, 636, 7649,140, 803 Bills discounted: For member banks For nonmember banks, etc.. Total bills discounted.. Bills bought: Payable in dollars Payable in foreign currencies.. Total bills bought.. 9,540 12, 924 11, 340 12,040 9,523 9,540 12, 924 11,340 12, 040 9,523 550 550 550 Industrial advances U. S. Government securities: Bonds Treasury notes Treasury bills 17, 056 16,887 ,149 8,419 13, 300 10,048 11, 807 200 8,419 13, 300 10, 048 12, 007 550 265 3,082 550 550 542 542 542 550 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, I,2,564,0155,430, 227 !, 564,015 I, 2. 579, 788 -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. , 247, 546 6, 639, 7,310, 761 7, 286,524 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 I, 323, 492 7, 929, 631 7, 874, 549 7, 919,115 7, 914,9437, 917, 25S7, 880,924 7,917, 3587, 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 6 months 1 year Within 16 to 30 31 to 60 61 to 90 91todays to to 6 15 days days days days months 1 year 2 years 10,289 9,703 11,274 7,830 550 _._ 525 365 412 280 445 507 430 589 299 429 466 547 220 255 75 39 27 25 11 550 550 550 297 297 224 178 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 2 years to 5 years 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 164t,996 9 , 2 2003 2 ,503,917 , 3,900, , , 810 487, , 890 646,410 410 2T6, 273^ 277 2 224^ 328 1, 648, 047 258,956 170, 878 254,855 167',881 ; , ,494, 914 4 33,854 854,4483 499, 909 678, 828 263,026 222; 9,, 245,002 i, 472 !, 667 1, 675, 099 257, 898 171, 607 256, 250 166, 10, 642413 642,413 562 562,580 580 4, 511, 302 547, 306 720,165 292, 250 247, 207, ', 561 1,953, 871307, 780 207,071 290, 991 203, 481 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 \ 627 181, 512 285, 715 "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, 891r 38,18. 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 Kansas City Dallas 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 16 15 16 16 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 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 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 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 521 289, 320 448,090 303, 844 975, 407 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 \ 554,181 854, 481 1, 080, 298521, 039 406. • 1,926 2, 386, 258473 323 327, 236 480, 392 342, 213 1, 097, 489 5, 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, 481, 179 230, 054 190, 246 967 952 195 267 118, 587 232, 313 179 473 986 3, 358, 788 """i,203 003 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. '7, 366 409, 337 191, 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 7, 919,115 403, 356 3, 843,193 ,8, 301 493, 526 236,,219 194, 252 987,524 209, 283 130, 346 247, ,093 191,491 7,874, 549 411, 605 3, 753, 964 402, 870 506,194 242,458 998, 353 209, 401 127,', 588 237, ',565 190, 943 7,929, 631 403, 847 3, 725, 633 414, 508 536,517 235, 443 197' 015 , 027,474 209, 086 129,117 242, 620 191, 235 9, 323,492 472, 247 4, 378, 832 465, 765 580, 552 267, 267, 755 222, 326 1, 300^445 259,048 164, 249 274, 226 225, 723 594, 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, •" , 521289, 320 448, 090 303, 844 975, 407 12, 900, 789781, 245 5,002, 552 773, 241 981, 528 487,031 664 2,, 062, 346 420, 12, 899, 603797, 517 4, 916, 803 786,i,025 1, 001, 289493, 493,731 ,989 2, 080,131423, 521 287, 594 443, 1,671 304, 668 982, 664 13,073, 636 ,,637 4, 955, 930 808,1,327 1,038, 447 492, 453 383, 6572,118, , , 281426,,265 291, 393 446, 792308,148 1,005, 306 14, 382, 836859, 000 5, 554,181 854, 481 1,080, 298 521, 039 406, 92622,386 386,258 258473 473,323 323 327, 236 480, 342, 213 1,097, 489 330 523 1,103 13,110 12,920 12, 98f 12,825 1,483 1,475 1,473 1,44" 22 118 188 396 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, Approved or Reserve Reserve withbank but not drawn bank by commitadvances ments com- 1 applipleted outcant, outetc. Amount standing standing 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, 606 910, 304 309, 893 410, 370 194, 582149,i '"' '412, ~!,403 '"" 194,599 150, 463 917, 692 ~"~ 310,136 ,851 193, 742 149,501 910, 950 310,941 411. 903, 230 307,366 409, 337 191, 226 148, 570 337, 000 501,632 341,000 1,015,000 ,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, L, 017 690 338, 657 441, 760 205, 912 877 339, 035 441, 768 205, 672 524,855 341,, 702 ,017, 1 524, 412 343, 255 .,1 017, 482 338, 798 438, 834 205,973 536,104 356,880 1 L, 017, 588 338,405 438, 570 205,972 162,000 159,000 159,000 169, 000 1, 1,000 709 520 Chicago MinneapSt. Louis olis 987, 241 189, 673 990^ 904 190, 339 , 308 988, 602 189, 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, 079 136,046 164, 240 78, 800 328,;,082 ( 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, 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 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 42 611 694 553 406 273 295 291 280 446 447 459 773 795 791 780 404, 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 ' ., 743143, 550 1.001, 265 191. 1,000,210 191.,743 143,542 177, 611 77, 694 177,',553 177,406 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 6,512 7, 956 4,6 574 2,349 580 924 416 396 321 307 539 226 187 278 330 218 564 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] ill member banks Federal Reserve district Gross demand Time Member banks in smaller centers (places under 15,000) Gross demand 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 larger centers (places over 15,000) 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 United States notes Federal Federal Reserve Reserve bank notes 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* i1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 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 4,6.58 3,824 2,728 Net shipments 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 Islands2 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 3 separately in a few State bank abstracts. 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- Other- Loans browise To portkers others Real to seing outAcon estate banks' cured banks ceptside securiand loans own Bills ComNew ances accept unsepay- merYork ties paycial ances cured able paper City i able in abroad 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. 7 803 165 187 196 211 266 258 258 212 203 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 1,044 820 793 792 753 790 824 733 727 169 157 139 140 148 144 142 149 141 140 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 _ 8,774 7,133 7,761 8,418 8,802 9,280 9,101 9,006 8,313 8, 317 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 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 1,202 720 662 1,018 1,043 1,095 1,105 1,219 703 647 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 1,382 116 384 743 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 ReInterbank Certi- IndiBal- reportserves vidfied ed as with Cash ances uals, and Unitwith in Fedpartoffiin ed doP u b - cers' eral vault mes- procnerDolic ReFor- States checks ships, Gov- funds tic 1 ofess colmesserve eign 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 For- savships, justed4 meseign ings funds cortic banks 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 Chicasas Dallas Fran- York go 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 Openties to mar- Other1 To others banks estate ket loans loans (except paper1 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—ad-2 justed 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 End of month Commercial paper outstand- Total outstand- ing^ ing By holders Held b y accepting banks Own bills Total For Bills acbought own count 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 ! 266 246 236 147 140 143 119 106 93 jVIarch By classes Held by Federal Reserve banks (2) 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 4-1 4-6 Richmond Atlanta Chicago St. Louis 5-6 5-6 Minneapolis.. Kansas City.. Dallas San Francisco 4-6 5-6 5-6 Advances to financing institutions— On portion for which institution is obligated Commitments to make On re- advances maining portion 4-5 () 4-6 5 4-6 5 5-6 4 4 3-4 5-6 4-5 1-2 H 1-2 1 Authorized rate 1 percent above prevailing discount rate. »J Same as to borrower but not less than 4 percent. 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 northern and 1.42 8 other 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. MunicTreasipal Indus- Railury 2 Total trial road Utility Number of issues.. 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.. 105.3 110.8 110.3 97.5 93.4 Year, month, or date Volume of trading3 Common (index, 1926=100) Preferred2 Industrial Total Railroad Utility 20 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 _ 1937—March April May June July August __ _ September October November December 1938—January February __ . March . Total Treas- U.S. ury 2 Savings Prewar Adjusted service issues3 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 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 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 22,154 _ 618 596 433 942 1,294 953 2,854 1,385 1,001 10,076 1,652 150 1,803 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. Total ReconFederal Home Farm Owners' struction Finance Mortgage Loan Corpora- Corpora- Corporation tion tions 1934—June December. 1935—June December. 1936—June December. 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 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 securnal ity taxes taxes2 reve-3 other nue 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 and debt Vet- other erans' 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 pendi- pendiacc'ts. tures tures General Gross etc6 fund (-) (-) 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 12 Excludes debt retirement. 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 2guaranteed 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 89 394 15 9 5 484 79 34 <A 208 44 (0 15,863 14 26 26 13 1,803 0) 1 209 22 66 76 1 0) 146 272 10 (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) 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. 3i 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 credcrop and associait corpodrought tions rations loans Federal intermediate credit banks Banks for Agriculcoopertural atives, Marketincluding ing Act Central revolvBank ing fund 1934—December. 1935—December. 1936—December. 1,915,792 2,071, 925 2,064,158 616,825 794, 726 836, 779 99, 675 104, 706 129,872 55, 672 47,162 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 posiserve Di- Guarantory funds, rect teed 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 p1 Preliminary. Outstanding principal, represented by certificates of deposit. Does not2 include accrued interest nor outstanding savings stamps. 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 91 91 89 87 86 86 88 83 88 87 86 84 85 87 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. 23 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description 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 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 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 IRON AND STEEL _ _ _ TEXTILES Mar. June Manufactures—Total Pig iron Steel ingots Feb. 1938 _ 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 l Tires, pneumatic 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. IRON AND STEEL . Pig iron Steel ingots... TEXTILES __ _ Cotton consumption Wool _ Consumption _. Machinery activity Carpet and rug loom activitySilk deliveries Mar. Apr. May June July 1938 Aug. Sept. Oct. Nov. Dec. 118 122 125 123 110 106 99 135 109 138 •142 114 145 = 143 115 146 146 116 149 119 105 121 130 115 131 123 116 124 95 134 141 135 144 138 104 120 132 143 129 141 125 101 110 127 140 117 124 118 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 63 151 120 13 140 24 158 30 137 110 116 85 119 154 136 103 107 76 117 158 51 244 109 Jan. Feb. Mar. 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 Total Durable goods Nondurable goods IBON, STEEL PRODUCTS 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 _ _ „ MACHINERY Agricultural implements Cash registers, etc Electrical machinery Engines turbines, etc. Foundry, machine-shop products. Machine tools _ . Radios, phonographs Textile machinery Typewriters TRANSPORTATION EQUIPMENT Aircraft Automobiles _ Cars, electric, steam railroad Locomotives. Shipbuilding 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 _ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 99.7 93.9 105.8 100.9 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 62 113 113.0 772 123 66 54 100 117.3 783 127 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 61 9 63 62 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 44 111.7 121 122 120 89 98 73 79 159 113.2 119 122 122 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 68.1 87 57 50 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 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 January February March April. May._ June _ July August September __ October November. _ December __ Year Factories Residential 1937 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 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 Commercial 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 January February . _ March April... May June.. July August September October November December Year r 1 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 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 1,761 1938 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 January.. February March__ April May June July August September October November "Dp.oember Year 1934 1935 1936 1937 1938 172 163 191 176 163 185 199 182 195 223 233 257 P276 179 160 171 164 165 170 193 201 186 162 172 191 173 172 199 206 195 171 2,133 1934 1935 1936 1937 1938 1934 1935 1936 1937 37 30 33 9 11 8 11 -11 -4 -18 -45 -51 1938 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 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 sales l 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 Mar. 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 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 FARM PRODUCTS: 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* 5,445 4,395 2,995 2, 2,689 2,846 2,846 2,846 2,846 2,722 2,422 2,424 2,428 2,428 2,564 2,564 2,689 2,689 2,689 2,564 2,428 2,428 28 518 270 208 208 208 208 208 208 208 208 208 Belgium 208 590 611 632 626 619 607 609 625 617 607 590 572 570 597 208 531 Switzerland Nether- Nalands tional B.I.S. Bank 573 438 490 598 626 670 769 848 862 862 862 906 940 930 624 454 655 657 657 635 635 957 977 687 E urope— C ontinued End of month Austria DenHunBul- Czechoslomark Greece gary garia vakia 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 93 93 Norway 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 other ArYugo- 6coungenslavia tries tina 104 109 114 115 115 115 116 116 117 118 118 119 119 120 740 735 718 718 718 718 718 718 718 718 718 718 718 718 159 185 240 241 241 241 242 242 243 243 243 244 244 244 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 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 86 Latin America—Continued Colombia Poland 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 p1 Preliminary. r Revised 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 ColomChile Austraproper 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 production in UU. S. *J. S. i R.: No production in U.S.S.R. are_ available, , but of percentage VI UlU }JI U U K M l U l l HI . *J. t . . X> VJ regular IGgUXCU Government KJ\J V CX XJJ-IXCJJ statistics on gold ^, ^ _ . . _ . . data .. ^ ._, - changes ^ 1 1 irregularly given out' by ' ' officials «• • ' of- the • gold mining industry, - t r y > together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 perfine fi ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 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 France exports Kingdom (-) 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 Rho- British British Austra- desia, Bel- Nethergium lands U.S.S.R lia coun- China India 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 •5 -13,739 -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 other exports United United 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 NethBelexports United United erFrance gium Italy States King() dom lands „•„ 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 1,1 -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 96 286 286 297 982 953 Note circula- Deposits tion 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 . . i1 March 1938figuresfor Austrian National Bank are for March 7, date of latest statement received. 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 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 Total Time funds at interest: Not exceeding 3 months. Between 3 and 6 months 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 Total 1937 Liabilities _ _ _ Other assets: Guaranty of central banks on bills sold . . Total assets. M a r . 31 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 . 31 126, 779 102,832 127, 694 100, 663 101,347 130, 696 229, 610 228, 357 232,043 Central banks for account of others: Other depositors : Demand __ Time—not exceeding 3 months 52,364 1,527 55, 665 27,012 1,669 28, 679 117, 079 34, 418 107,366 26,864 68, 036 26, 929 37,119 31,135 45, 775 6,637 68,233 35, 756 54, 930 26, 963 55,121 300,493 300, 776 935 226 978 53 644,031 646, 850 Total Dpmftnd 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. Mar. 31 Feb. 28 9,623 9,441 23, 309 44,825 127,411 6,951 39, 249 130, 783 3,818 24,148 105,482 179,187 173, 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 1,404 259, 236 262,931 273,959 125,000 125,000 125,000 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, 045 644,031 646,850 618, 842 Mar. 31 618, 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 Other liabilities 921 576 295 273 193 337 473 561 602 600 583 542 591 570 583 644 695 695 661 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 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 1,986 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 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) 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 ItalyMay 18, 1936 Yugoslavia.. 5 4M 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 Month Switzerland (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 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.. 1.00 1.00 ..57 .52 3.00 3.00 5.00 5.00 Hungary Sweden (Stockholm) Japan (Tokyo) Loans up Discounted Prime Call commer- Day-to-day to 3 money money bills cial paper months overnight 4-6** 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 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 99.965 99.952 99.930 99.941 99.946 99.936 99.920 99. 909 99. 916 2.9609 2. 9640 2.9619 2. 9618 3. 8232 4. 2424 4.1642 4.0078 3.4930 26. 680 26. 765 25. 058 18. 832 19.071 22. 500 21.883 22.189 22.069 498. 07 498. 60 465.11 359. 54 434.39 516. 85 502. 60 509. 68 506. 92 2. 5160 2. 5169 2. 3875 1. 5547 1.8708 2. 2277 2.1627 2.1903 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 1929 193U 1931 1932 1933 1934. 1935 1936 1937 _ 1937—May June July August September. October November. December. 1938—JanuaryFebruary . March Bulgaria (lev) Canada (dollar) Chile (peso) Official 2.1811 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 5. 5803 5. 8303 5. 8744 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 Hong Hunmany Greece Cuba slovakia mark Egypt (mar- France (reichs(drach- Kong gary (pound) (franc) mark) ma) ;koruna) (krone) kka) (dollar) (pengo) 1929. 1930. 1931. 1932. 1933. 1934. 1935. 1936. 1937. Year or month Free market British India (rupee) 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 United Uru- YugoNew Portu- Ruma- South Spain Straits SwitzSettle- SweZealand Norway Poland gal nia Africa den erland Turkey Kingguay slavia ments dom (peso) (dinar) (pound) (krone) (zloty) (escudo) (leu) (pound) (peseta) dollar) krona) (franc) (pound) (pound) 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 (1926=100) 100 95 97 95 86 73 65 66 75 80 81 100 98 96 96 87 72 67 67 72 72 75 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 United Kingdom Canada (1926=100) Germany Italy (1913=100) (1913=100) (1928=100) 100 88 86 86 88 89 94 109 695 642 645 627 554 502 427 398 376 338 411 581 134 138 140 137 125 111 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 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 France (1930=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 19131911July 1914=100 1923July 1914=100 1913=100 1914=100 1925=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 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 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 85 505 514 519 556 581 569 526 520 516 483 507 619 170 164 166 164 158 148 144 140 141 143 147 154 151 151 151 152 152 155 155 155 158 160 160 581 606 630 658 159 157 156 142 148 152 154 148 136 121 118 121 123 125 125 168 168 169 168 161 151 141 139 140 136 1 137 162 160 161 161 158 150 138 131 129 128 130 137 125 125 125 125 125 126 126 125 125 125 125 134 134 136 136 138 139 139 139 140 140 139 136 136 137 136 137 137 137 137 138 138 138 125 125 126 139 139 138 137 132 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 of— 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 of— New York: Buffalo branch. _ _ __ Cleveland: Cincinnati branch Pittsburgh branch. Richmond: Baltimore branch._ Charlotte branch Atlanta: Birmingham branch Jacksonville branch Nashville branch. __ New Orleans branch.. Chicago: Detroit branch St. Louis: Little Rock branch Louisville branch Memphis branch Managing director R. M. O'Hara B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers G. S. Vardeman, Jr. J. B. Fort, Jr. L. M. Clark R. H. Buss A. F. Bailey F. D. Rash W. H. Glasgow Federal Reserve Bank of— Minneapolis: Helena branch Kansas City: Denver branch__ Oklahoma City branch Omaha branch __ Dallas: El Paso branch Houston branch __ San Antonio branch___ San Francisco: Los Angeles branch Portland branch. _ _ Salt Lake City branch Seattle branch 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 ^-~"— AfONr. NDAK 1 [ / / IDA ^~T \ «*.f\V/ J ' ^ • i»~ Denver# NEBR ' >OWA | C0/.0. J **-\ \ _ j * U tJ 1 °*LA\ 1 Oklahoma City 1 3t CHICAGO^- KANSAS C I T Y ^ [ KANS. NWEX. ^ ^-^. ^ IJ{ ( ry^ \ 1^^^ ? i / SL, l ILL. ' > ® " ^ wo. r - r ^ 10 1 ^ S ^ MINN. : MINTNEAPOLISj J P 1 ^ SDAK S *-• P l S - ^ - —<j--^n ^ ^ / ^^\ L—_j 7 1 - 9 7 - / 7—X.. *V_ M °sT.LOUIS i 8Vi, >r ' Mem'phis -/«-—- TENN. j/C •f""e—t ATLANTA ARK ARK /'***H LittleWk/ i ..„ DALLAS® 1 «XPa«o " J 11 '."1-'\ j J "ifMisr! / ! AUA * 5 ) Savannah^ X J ^ - ^ W JacteonvilleV -"•^« *.«.® • O 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 - nT «o »n i«C ^) \ /^' V^a^-O * 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 \ \ i f ft M "^V-V^V N \ ) FLA.\ bi \ \ &1 \ ; w ! •/ \ BO®*