Full text of Federal Reserve Bulletin : November 1938
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FEDERAL RESERVE BULLETIN NOVEMBER 1938 n Recent Business Developments History of Reserve Requirements Statistics of All Banks in United States BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON TABLE OF CONTENTS Review of the month—Recent business developments National summary of business conditions Summary of financial and business statistics Law department: Rulings of the Board: Broker or dealer who transacts a business in securities through the medium of a member Withdrawal from general account followed by other transactions on same day History of reserve requirements All banks in the United States, assets and liabilities 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 Crop Report 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 939-946 947-948 950 951 951-952 953-972 973-977 980 981-985 986 987 988 989 990-991 992-995 996 997 998 999 1000-1001 1002-1003 1004-1012 1013 1014 1016 1017 1017-1018 1019-1022 1023 1023-1024 1025 1025 1026 1027 1028 1028 1030 1031 FEDERAL RESERVE BULLETIN VOL. 24 NOVEMBER, 1938 REVIEW OF THE MONTH From early summer to October, business conditions in this country showed a general and continuous improvement, notwithstanding the tense international situation and the accompanying sharp fluctuations in exchange rates and security prices during part of this period. Buying of commodities increased considerably about the middle of the year, prices of securities and of some commodities advanced, and activity rose in many industries. The timing of increased activity, however, was not uniform in all groups of industry. In the shoe industry the position had improved sufficiently to permit a sharp rise in output as early as the beginning of the year. Residential building increased more than seasonally in the spring, partly as a result of reduction in costs, particularly financing costs, and by mid-summer had shown a substantial rise. Activity in textiles began a sustained increase in May, and steel ingot production after the middle of June. In steel-consuming industries there had been scattered increases before June but the general tendency was still downward at that time, and the moderate increases that have since occurred in these lines began late in the summer. Automobile output continued to decline through the 1938 model season and did not advance until the latter part of September, when production of 1939 models was begun; by the end of October output had increased to the highest level of the year. One development common to many lines was that after a rapid decline in activity, output this year was at a level considerably below consumption, so that stocks were decreased, and a condition favorable to resumption of activity created. The most recent increases in output have brought 'production in some industries up to the level of current No. 11 consumption, and a further rise will depend to a considerable extent on how far the effects of recovery to date prove cumulative and particularly when and to what extent the improvement in business leads to larger expenditures for durable goods by the public utilities, the railroads, and industry at large. Commitments made for public construction indicate that in the next year outlays in this field will be in large volume. Recovery and relief expenditures by the Government have already been substantially increased in accordance with the program adopted early in the year. Recent changes in business conditions are discussed in more detail in the following pages and in the National Summary of Business Conditions on pages 947 and 948. Income payments to individuals, which had declined by about 10 percent between the summer of 1937 and the National income middle of this year, increased moderately during the third quarter. The rise was chiefly in payrolls, which had accounted for most of the previous decline. In recent months payrolls have increased considerably at factories and to a smaller extent on the railroads and in the construction industry. Employee income in other lines, including trade and service industries, has recently shown little change, following moderate declines earlier. Higher payrolls have reflected increased employment and hours, wage rates generally continuing to show little change. Corporate earnings appear to have improved somewhat during the third quarter, but dividends have not risen. Farm income has increased seasonally in recent months but for the year may be under 1937 by as much as 13 percent, owing largely to lower prices for farm products. Work relief and other relief and benefit payments reached a high level 939 940 FEDERAL RESERVE BULLETIN last spring and have since increased somewhat further. Employment in nonagricultural pursuits increased by about 650,000 persons between the middle of June and the midEmployment d l e Q f S e p t e m b e r ) following a NOVEMBER 1938 ing the first half of the year has been substantial, but the October rate—around 50 perent of capacity—was still considerably lower than the rate during most of 1936 and the first eight months of 1937. This difference reflects for the most part smaller demand for steel from the railroads, reduced volume of industrial and commercial construction, smaller output of automobiles, and a marked reduction in exports of semifinished and finished steel products. In 1936 and 1937, there was also a considerable accumulation of inventories of steel, while at present there decline of about 3,300,000 in the latter part of 1937 and the first half of 1938. The recent increase, together with a seasonal rise in agricultural employment, has been reflected in a considerable decline in the number of unemployed. The number receiving work relief or enrolled in the Civilian Conservation Corps, which had increased sharply this spring, has INDUSTRIAL PRODUCTION shown some further increase since June. The rise in nonagricultural employment between June and September was due chiefly to an increase of 500,000 in the number employed at factories, although other lines also showed some increase in this period. In trade, employment declined through the middle of August but increased by more than the usual seasonal amount in September to a level above that of June. The number employed on the railroads and in the construction industry was also somewhat larger in September than in June. Expansion in activity in manufacturing industries this summer was reflected in an increase in the average number of hours worked per week, from 34y2 in June to about 37 in September, as well as in a general increase in employment; the total number of man-hours worked at factories rose by about 15 percent. 1932 1933 1934 1935 1936 1937 1938 The advance in industrial output beginning Figures shown for October 1938 are estimates made October 26. early this summer followed a period of relative stability at a low level. Dur- is no evidence of a rapid growth of stocks. Industrial i n g t h e firgt h a l f o f t h i g y e a r t Steel prices have been reduced materially this production year but are considerably above the 1935-1936 Board s seasonally adjusted index showed little change, averaging 79 percent of level. Increased takings of steel by the autothe 1923-1925 average in the first quarter and mobile manufacturers were an important fac77 in the second quarter. By October the tor in the recent increase in steel output and index had risen to about 95. The course of some increased demand is involved in the exthis index and its component groups is shown panded public works program of the Federal for recent years on the accompanying chart. Government now getting underway. The decline in automobile production In the iron and steel industry the advance from the 1937 level was unusually great; from the low level of output prevailing dur- fe J NOVEMBER 1938 FEDERAL RESERVE BULLETIN whereas output of 1937 model cars amounted to nearly five million units, only about two and a half million 1938 model cars were produced. Automobile production continued in small volume in August and September of this year, but after new model production was begun, in the latter part of September, output expanded at about the same rapid rate as in the corresponding period in 1935 and 1936. Production of related products, such as plate glass and tires, has likewise been much below the high levels reached in 1937 but in recent months output of these products also has shown a considerable increase. Textile production, which had declined sharply during the second half of 1937, remained at a low level during the first five months of 1938. In May and June, however, activity began a rise which proceeded at a rapid rate until September; since the early part of September there has been little change, although activity usually increases at this season. Currently activity at cotton textile mills is about half way between the high level of the first half of 1937, and the low level of 1934 and 1935. Increases in activity at wool textile mills from an exceptionally low level in April reflected replenishment of stocks of yarns, an increase in the manufacture of fabrics for clothing, and larger output of carpets and rugs. Deliveries of rayon yarns rose to a record high level in the third quarter, but this increase is reported to have been due in considerable part to the replenishment of fabricators' inventories which had been reduced to unusually low levels earlier in the year. Output of building materials, such as lumber and cement, after a decline of about onethird, has increased in response to the revival in residential building and the undertaking of a new public works program. Output of petroleum products, while somewhat below the peak reached in the autumn of 1937, has remained in large volume. This has reflected chiefly a continued high level of gasoline consumption ; stocks of other petroleum products 941 have risen to unusually high levels. Output of tobacco products has shown little change from the level reached in 1937. At meatpacking establishments activity this year has been at about the same low rate as in 1937 reflecting continued small volume of hog slaughter. At mines, where activity continued at a high level until the end of 1937, there was a decline in the first half of 1938. Subsequently output increased somewhat but the rise has not been large, owing partly to the fact that stocks of both metals and fuels were large in relation to current consumption. During August, September, and the first half of October building contracts were at the highest level of the year, reflectBuilding ing principally a considerable volume of awards for publicly financed construction, including some residential projects. Contracts for private residential building were maintained at the advanced July rate, while private nonresidential building remained appreciably below the volume in the corresponding period a year ago. Prices of building materials have shown little change in recent months, following a substantial decline, and are only slightly above the 19351936 level. Wage rates have remained considerably above the level of those years. In residential building, financing costs have been materially lower this year, partly as a result of amendments to the Federal Housing Act, which were adopted early in the year. Rents for residential properties have shown little change during the past year, notwithstanding the decline in incomes, and are higher than in 1935 or 1936. Value of construction contracts awarded in 37 Eastern States is shown for recent years in the table on the next page. The rise in residential building, which started several months before the recent upturn in industrial activity, has been almost uninterrupted since the beginning of the year. On a seasonally adjusted basis the value of contracts let in August and September was 942 FEDERAL RESERVE BULLETIN NOVEMBER 1938 at a high level since this spring, following a sharp increase earlier in the year. Contracts awarded in August and SeptemPrivately-financec L ber for publicly-financed construction were in Total Publiclylarge volume, exceeding the peak reached financed All FacResiTotal dential tories other during the winter of 1933-1934 when the first Public Works Administration program was 21 9 40 84 154 70 1935 35 started. 17 60 112 111 223 1936 The recent expansion in public-con50 26 71 96 147 243 1937 struction contracts reflects not only the start1937 24 45 ing of the 1938 Public Works Administration 69 138 221 83 1st q u a r t e r . _ . 57 28 90 101 176 2nd q u a r t e r . . 277 58 program and the program of the United 36 71 105 3rd quarter. __ 270 165 40 16 53 95 4th q u a r t e r . . . 203 108 States Housing Authority but also increases 1938 32 9 92 51 88 179 1st quarter in construction work financed from regular 44 10 135 80 117 2nd q u a r t e r . . 252 45 Federal appropriations. 11 142 86 143 3rd q u a r t e r . . . 285 By October 29, construction had been started on 40 percent of Source.—F. W. Dodge Corporation. The figures shown are not adjusted for seasonal variation. the Public Works Administration program. Work was under way on non-Federal projects close to the highest level since the end of 1929, as is shown on the accompanying to cost $510,000,000, approximately one-third chart. In the early months of 1938 theof the total for this part of the program. increase was predominantly in one-family Federal projects to cost $190,000,000 had dwellings, but in September the volume of virtually all been started. Railroad traffic and earnings, which had apartment construction started increased declined sharply in the latter part of 1937 sharply with the award of two large conand early this year, have intracts in New York City. One was for the Railroads creased more than seasonally in first of the slum clearance projects of the United States Housing Authority and the recent months. The Board's adjusted index of freight-car loadings is estimated at 68 percent for October compared with an average RESIDENTIAL BUILDING CONTRACTS AWARDED IN 37 EASTERN STATES of 58 in the second quarter of this year and an average of 81 in the first half of 1937. Net railway operating income in the aggregate has risen substantially since spring, owing prin200 1 . cipally to the increase in traffic and to higher freight rates. Operating expenses declined until mid-summer but subsequently increased. TOTAL The August level of railway operating income 100 was not far from that of the corresponding month last year but was considerably below the level of 1936. O Distribution of commodities to consumers, Based on F. W. Dodge Corporation data. Latest figures shown which had shown a sharp decline in the early are for September 1938. part of the year, has increased other for the first part of the large rental Domestic trade in recent months, with the rise housing project financed by a large life in- in industrial activity and consumer incomes. surance company. The number of home Sales at department and variety stores and mortgages selected for appraisal by the Fed- mail order houses increased considerably eral Housing Administration has continued after the second quarter. Automobile sales CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN STATES [Monthly averages in millions of dollars] MILLfONS OF DOL LARS ADJUSTED i FOR SEASONAL VARIATION ONS 1N OF DO NOVEMBER 1938 FEDERAL RESERVE BULLETIN 943 FOREIGN TRADE OF THE UNITED STATES showed a seasonal decline through the sum400 mer, while distribution of other consumers' 400 durable commodities increased somewhat from the low level prevailing at the middle 300 of the year. The current dollar volume of 300 retail sales is still considerably below that of last year, owing largely to reduced sales of 200 durable goods and to lower prices for many commodities. Wholesale trade, which was sharply reduced in the latter part of 1937 and the first part of this year, has also increased in recent months. Inventories at retail and wholesale estab1933 1934 1935 1936 1937 1938 lishments have been reduced this year, but Latest figures shown are for September 1938. available data are not sufficient to indicate precisely how much the decline has been or to some extent price reductions. Decreases in what part of it has reflected changes in prices. imports were general and were due chiefly to Department store stocks at the end of Sep- the sharp decline in industrial activity in this tember were 13 percent less in value than a country during the latter part of 1937. Anyear ago and at about the level prevailing other factor of some importance was a sharp from the beginning of 1934 to the middle of decline in imports of agricultural products, 1936. Stocks of both new and used cars in which had been imported in considerable volthe hands of automobile dealers have been ume in 1937 owing to the short crops in this sharply reduced from the high level at the country in the preceding year. Beginning in beginning of 1938 and are considerably less August 1938, imports have increased somethan at this season last year. Changes in what, owing for the most part to larger shipwholesalers' inventories show marked differ- ments of many industrial materials. ences among individual lines, but on the Merchandise exports have recently shown whole there appears to have been a substan- a seasonal increase, following a decline earlier tial decline from the high level of a year ago. in the year. During the first quarter the deChanges in inventories in the hands of pro- cline was largely seasonal but later it reflected ducers have also been far from uniform, as other influences. The current level is still is indicated elsewhere in this review. somewhat higher than that prevailing before In August and September value of mer- the sharp rise that began at the end of 1936. chandise foreign trade of the United States The advance beginning at that time reflected increased somewhat following a chiefly sharp increases in shipments of such Foreign trade substantial decline. Imports products as steel scrap, semifinished and finshowed a marked decrease during the fifteen- ished steel, copper, industrial and agricultural month period after June 1937, while exports machinery, aircraft, and crude petroleum and remained in substantial volume, as is shown products. Since the middle of 1937 exports of on the chart. There was an export surplus machinery, petroleum and products, and airof $1,270,000,000 in sharp contrast to the craft have been maintained at the higher levimport surplus of $110,000,000 in the pre- els reached then, but there have been substantial decreases in exports of steel scrap and ceding fifteen months. Imports declined almost without interrup- steel products. Exports of automobiles and tion from the middle of 1937 until the middle lumber also have declined. Wheat exports inof 1938, reflecting chiefly smaller volume but creased in the 1937-1938 season, with small MILLIONS OF DOLLARS MILLIONS OF DOLLARS 944 FEDERAL RESERVE BULLETIN NOVEMBER 1938 supplies in importing countries and large sup- reflected for the most part seasonal fluctuaplies in the United States, and exports of corn tions in prices of livestock and products. were in substantial volume for the first time Prices of other farm products and foods, parsince 1929; this autumn supplies of wheat ticularly grains and flour, are lower than in abroad are larger and exports are being sus- May and are generally at the lowest levels tained by governmental action in absorbing since 1933, reflecting primarily a second year losses on wheat sent abroad. Exports of raw of abundant harvests and the accumulation cotton in the 1937-1938 season amounted to of stocks last season. 5,600,000 bales, about the same as in the pre- The wheat carryover July 1 was above that vious season, but, owing to price declines, the of last year and, with a crop this season 240,value was smaller, while tobacco exports have 000,000 bushels larger than estimated domesbeen somewhat larger than in other recent tic consumption, is likely to show a further years. increase. The largest volume of wheat exports in recent years, amounting to 100,000,The volume of buying by traders and manufacturers increased considerably at the end 000 bushels (including wheat in flour exof June and early in July and at ports) occurred last season when crops abroad C dity that time rk^T° P r i c e s o f a number were smaller than this year. In an effort to of industrial materials showed maintain this level of exports, Federal agenmarked advances. For a time after the mid- cies by October 15 had sold 16,000,000 bushels dle of July buying was reduced and there of wheat for export at an average loss of were some price declines, but in recent weeks 111/2 cents per bushel; total sales for export prices of materials have increased again. from July 1 had amounted to about 39,000,Hides and copper have advanced sharply and 000 bushels. Cotton prices have fluctuated between 8 other nonferrous metals, rubber, silk and cotton have shown smaller increases. Crude oil and 9 cents a pound for the past twelve and gasoline, on the other hand, have been re- months. This year's crop has been forecast duced considerably, and there was, for a time, at 12,200,000 bales as compared with 18,900,further weakness in steel prices. Currently, 000 last year. With a record carryover, howprices of industrial commodities as a group ever, supplies of American cotton are slightly are 6 percent below the level reached in the larger than last season. spring of 1937 but still above the level pre- The following table shows the official estivailing for approximately three years before mates for leading crops as of October 1: the latter part of 1936. Prices of raw and CROP PRODUCTION semifinished industrial materials are about - [In millions of units] 12 percent lower than in the spring of 1937, Indicated Average 1937 while finished industrial products are down Oct. 1, 1927-1936 1938 only moderately. As compared with the 12.2 Cotton bales 18.9 13.2 1934-1936 period prices of industrial mate- Wheat, all bushels.. 940.2 874.0 752.9 Corn bushels 2,459. 3 2, 645. 0 2, 306. 2 rials are about the same and finished products Oats 1,041. 6 bushels 1,146. 3 1, 042. 5 Hay, tame tons 81.8 73.8 69.8 are somewhat higher. 393.3 Potatoes, white bushels 373.3 369.7 1, 484. 7 1, 553. 4 Tobacco pounds 1, 325. 2 Since the end of May fluctuations in the general level of wholesale commodity prices Source.—Department of Agriculture. have been small, the Bureau of Labor StatisSecurity prices during late September and tics weekly index ranging between 77.3 and early October were affected by critical de78.9 percent of the 1926 average. Changes velopments in Europe and a in the major components of this index are Security prices g h a r p ^ . ^ w R g f o U o w e d b y shown in the chart on page 948. Changes have a quick recovery. By the end of October NOVEMBER 1938 FEDERAL RESERVE prices of stocks and lower-grade corporate bonds were in general somewhat above the highs reached during the summer and at about the same level as at the end of 1935. Stocks had by the end of October recovered about 45 percent of the total price decline from March 1937 to March of this year; for stocks of industrial and public-utility companies the recovery was relatively greater than for railroads. The volume of credit extended by member firms of the New York Stock Exchange to their customers has increased little from the low level reached last spring and is much smaller than in the early part of 1937. The total of advances was $820,000,000 at the end of September as compared with $1,550,000,000 in March 1937 and a low of 760,000,000 in May of this year. Lower-grade bonds of industrial companies and of public utilities, as shown by Moody's averages for Baa bonds, have been selling in recent months to yield 41/2 to 5 percent, which is only one-half percent above the average low yields in the early part of 1937. Railroad bonds, which have had the widest fluctuations in prices and yields during the past year and a half, are still at much less favorable levels as compared with the earlier period. The average yield on lower-grade railroad bonds, as shown by Moody's average for Baa bonds, is about 7 percent as compared with an average in the early part of 1937 of about 5 percent. Prices of the highest-grade corporate bonds have changed little in recent months, and yields, as shown by Moody's Aaa averages, were 3% percent at the end of October. Prices of United States Government obligations, which declined sharply in September, increased to new high levels in October. Increases in business activity and in corporate security prices since early summer have been accompanied by a Corporate larger volume of corporate sesecunty issues *. cunty issues. In June new issues of corporate securities increased to a 945 BULLETIN total of $300,000,000, the largest monthly amount since the preceding June. Offerings continued in large volume during July and August, which are months when the new issues market is usually inactive. During the period of unfavorable European developments in September a number of new issues were postponed, but in October large corporate offerings again became fairly numerous. During the past few months corporate issues for new capital, that is, for plant and equipment and for working capital, including repayment of short-term debt, have averaged $120,000,000 a month. This compares with a monthly average of $135,000,000 in the first half of 1937, when the volume of issues for new capital reached the highest level for any half-year period since 1931. Issues for refunding purposes, which have been in much smaller volume than in 1936, increased in October. Manufacturing and mining companies have been the major issuers of securities for new capital since June. As shown in the following table in which issues for new capital are classified by broad industrial groups, their offerings amounted to about three-quarters of the total. Companies in these industries appear to have been making almost as much use of the capital market as during pre-depression CORPORATION SECURITY ISSUES FOR N E W CAPITAL BY MAJOR INDUSTRIAL GROUPS [In millions of dollars] Total Manufacturing and mining Public utility 1922-1924—monthly average 1925-1929—monthly average 232 422 62 113 82 148 40 125 1937 Jan.-June—monthlyaverage J u l y - D e c — m o n t h l y average 135 64 10 15 21 5 1938 Jan.-May—monthlyaverage 32 199 129 122 61 70 June . _. July August September October (estimated) 22 51 10 50 3 142 119 67 57 Railroad Other 0) ( 1 Less t h a n $500,000. 2 N o t available. Source.—Commercial and Financial Chronicle; includes issues of b o t h domestic and foreign corporations b u t excludes investment trusts for 1925 and following years. 946 FEDERAL RESERVE BULLETIN years. During the four months June to September, their security issues for new capital averaged more than $90,000,000 a month as compared with $60,000,000 a month in the period 1922-1924 and $110,000,000 a month in the period 1925-1929. The continued small total of corporate issues for new capital as compared with pre- NOVEMBER 1938 depression years results from the greatly reduced volume of offerings by railroads and by the miscellaneous group of companies, including largely real estate and certain types of finance companies. There has been some increase this year in public utility issues but the amount is still much smaller than in the 1920's. FEDERAL RESERVE BULLETIN NOVEMBER 1938 947 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 25 and released for publication October 27] In September industrial production and employment continued to advance, and there was also an increase in the volume of retail trade. Building activity continued at the increased level reached in August, reflecting a large volume of awards for publiclyfinanced projects. Production.—Volume of industrial production increased further in September and the Board's seasonally adjusted index advanced to 90 percent of the 1923-1925 average as compared with 88 percent in August. There was a substantial rise in pig iron production and output of steel ingots continued to increase, averaging 45 percent of capacity. In the first three weeks of October activity at steel mills showed a further increase and was at a rate of about 50 percent of capacity. Plate glass production continued to advance rapidly in September. Output of lumber and cement was maintained, although at this season activity in INDUSTRIAL PRODUCTION I A no 100 J l /yj V Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. these industries usually declines. Automobile production in September remained at about the same low rate as in August; in October, however, output increased rapidly as most manufacturers began the assembly of new model cars. In the nondurable goods industries there were substantial increases in activity at meat-packing establishments, sugar refineries, and tire factories. Output of shoes declined somewhat. Textile production, which had been rising sharply since spring, showed little change in September, although an increase is usual. Activity increased further at silk mills but at woolen mills there was a decline, and at cotton mills output did not show the usual seasonal rise. At mines, coal production increased considerably in September and there was also an increase in output of copper. Crude petroleum output declined as wells in Texas were shut down on both Saturdays and Sundays whereas in August only Sunday shutdowns had been in effect. Value of construction contracts awarded, which had increased considerably in August, showed little change in September, according to figures of the F. W. Dodge Corporation. Awards for private residential building continued at the advanced level prevailing since early summer and contracts for public residential projects were also maintained following a rise in the previous month. Other public projects continued in substantial volume. Employment.—Employment and payrolls increased further between the middle of August and the middle of September, reflecting principally increases at manufacturing concerns. Employment rose sharply at automobile factories and increased moderately in other durable goods industries. At factories producing nondurable goods there was slightly more than the usual seasonal rise in the number employed. Distribution.—Distribution of commodities to consumers showed a more than seasonal rise in September. There were increases in sales at department and variety stores and mail order sales also increased. 948 FEDERAL RESERVE BULLETIN NOVEMBER 1938 Department store sales for the first three at prices below those announced for the weeks of October showed somewhat less fourth quarter, but in the third week of the than the usual seasonal rise. month it was reported that prices had been restored to former levels. FREIGHT-CAR LOADINGS Bank credit.—During the four weeks ended October 19 there were further substantial increases in the gold stock of this country. As a result largely of these gold acquisitions and of net expenditures by the Treasury from its deposits with the Reserve banks, excess reserves of member banks increased to a total of $3,270,000,000 on October 19. EXCESS RESERVES OF MEMBER BANKS Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. Freight-car loadings continued to increase in September and the first half of October, reflecting chiefly a further rise in shipments of coal and miscellaneous freight. Commodity prices.—Prices of a number of industrial raw materials, particularly hides and copper, advanced from the middle of September to the third week of October. Crude oil and gasoline prices, on the other WHOLESALE 1935 1936 1937 1938 PRICES Indexes compiled by United States Bureau of Labor Statistics, 1926 = 100. By weeks, January 6, 1934, to October 15, 1938. hand, were reduced. Livestock and meat prices showed large seasonal declines in this period. In the first half of October there were sales of many finished steel products 1934 Wednesday figures of estimated excess reserves for all member banks and for selected New York City banks, January 3, 1934, to October 19, 1938. Demand deposits at reporting member banks in 101 leading cities were also increased by the inward gold movement and on October 19 amounted to $15,750,000,000, the largest volume ever reported by these banks. Following substantial increases during September, reflecting purchases of new issues of United States Government obligations, total loans and investments at reporting banks showed little change during October. Money rates and bond yields.—The average yield on long-term Treasury bonds declined from 2.48 percent on September 27 to 2.28 on October 21. Yields on Treasury notes and Treasury bills also declined in the period. 949 FEDERAL RESERVE BULLETIN NOVEMBER 1938 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY BILLIONS OF DOLLARS FIGURES BILLIONS OF DOLLARS 14 14 / 13 13 12 12 11 GOLD S T O C K , f 10 10 * / 8 MONEY IN CIRCULATION,* V — — I J • -. • .. 4 . TREASURY CASH 3 RESERVE BANK CREDIT 2 2 <\ 1 A 0 VW<#J 1934 » TREASlJRY DEPOSITS ft AT F D RAM/Q : f i i Vv\ V***" 1 *^ >m+A*»«.*• ml 1935 1936 1937 1938 1937 1938 MEMBER BANK RESERVE BALANCES 1934 1935 1936 Latest figures for October 26. See table on page 980. 1 0 950 FEDERAL RESERVE BULLETIN NOVEMBER 1938 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1938 Sept. Aug. 1937 July 2,610 8 1 2,590 7 1936 1935 1934 1933 1929 2,584 24 2.573 17 2,574 13 2,554 14 2,481 6 1 3 3 3 3 4 2,475 7 2,502 36 2,429 283 1,459 5 25 83 2,431 9,059 2,478 5,585 2,791 2,432 7,512 2,381 5,403 2,798 2,052 4,059 2,271 5,576 952 241 208 3,996 2,015 4,476 704 774 717 190 212 137 158 446 81 288 55 598 606 634 607 592 543 595 551 507 438 497 207 22 406 8,196 2,919 8,119 2,955 8,167 3,026 6,854 6,701 6,845 6,830 1,220 5,989 2,512 5,001 2,469 3,676 1,564 2,343 2,358 528 43 21,078 20, 675 20, 530 22,187 22, 332 22,219 22,198 22,064 19, 997 18, 672 17, 505 8,268 8,215 8,213 10, 026 9,929 9,743 9,546 8,462 8,028 8,491 9,156 3,893 3,886 3,878 4,733 4,558 4,397 0) 0) 0) 0) 0) 675 636 629 1,317 1,362 1,375 1,226 1,181 981 990 777 706 698 687 578 577 577 0) 0) 0) 0) 3,122 3,116 3,129 3,289 3,311 3,265 0) 0) 0) 0) 0) 12,810 12, 460 12, 317 12,161 12,403 12, 476 12, 652 13, 602 11, 969 10,181 8,349 7,957 7,702 7,703 8,068 8,229 8,268 8,394 9,080 7,989 6,856 5,228 e 928 325 1,668 1,646 1,567 1,131 1,160 1,170 1,164 1,250 3,185 3,112 3,047 2,962 3,014 3,038 3,094 3,272 3,052 3,000 3,121 6,712 6,602 6,675 5,313 5,149 5,291 5,307 4,799 4,024 2,875 1,822 22, 599 16,887 900 750 876 128 Averages of Wednesday figures; in millions of dollars 305 383 271 240 2,413 2,416 2,435 1,703 1,683 1,771 1,884 2,358 2,112 15, 377 15,118 15,021 14,843 14,918 14,984 15,097 14, 619 12,729 5,213 5,206 5,211 5,283 5,245 5,254 5,202 4,999 4,883 5,974 5,920 5,936 4,990 4,979 5,085 5,298 5,810 4,938 6 11 5 36 12 6 17 1 1,688 1,322 (0 0) 387 403 296 312 326 416 337 e 0) 2, 208 (0 0) 5,712 2,865 2,847 1,725 248 1,142 (i) 4,937 3,814 8 4,946 2,822 115 6,788 2,787 674 1.02 1.00 1.72 1.16 5.85 7.61 3.10 4.00 3.31 4.49 3.60 4.73 89 60 29 18 959 841 118 781 667 115 190 Averages of daily figures; percent per annum MONEY RATES AND BOND YIELDS .69 .75 .75 1.00 1.00 1.00 .08 Commercial paper Stock exchange call loans T S Treasurv bills (91 davs) T .06 .07 2.40 3.21 2.32 3.18 2.34 3.22 197 120 76 415 180 235 49 U S Treasury bonds long term Corporate high grade bonds (Moody's Aaa) 211 ••470 390 r 79 185 130 r 56 1.00 1.00 .31 2.67 3.28 1.00 1.00 .29 2.59 3.24 1.00 1.00 .28 2.59 3.25 .75 .91 .17 .95 1.00 .28 2.57 3.26 2.47 3.24 .76 .56 .17 2.70 3.60 .28 Amounts per month; in millions of dollars CAPITAL ISSUES 110 61 _ _ _ _. 336 125 221 154 67 187 79 109 39 56 152 113 107 51 Common stocks (1926—100) Wholesale commodity prices (1926=100): All commodities Farm products Foods Other commodities Retail food prices (1923-25=100) 138 81 57 323 173 150 518 164 354 382 99 180 116 64 198 99 392 121 270 99 282 155 26 189 34 41 15 32 13 86 . 90 88 106 121 118 112 111 78 72 63 78 78 87 88 88 86 81 80 75 66 67 73 81 78 86 88 86 86 86 87 86 86 89 86 86 86 86 86 85 85 81 82 80 82 79 84 78 80 95 68 75 81 79 79 69 74 81 80 65 71 78 74 51 61 71 66 105 100 92 105 83 82 93 59 49 111 110 117 117 114 114 110 109 105 105 90 90 76 75 ?97 88 87 95 66 53 116 113 112 105 91 56 37 62 40 115 67 44 59 41 55 37 37 21 P93 P87 77 85 68 83 71 107 81 109 86 109 74 106 70 98 50 91 77 62 71 61 83 83 104 78 108 79 Index number. , adjusted for seasonal variation, 1923-*W=100 BUSINESS INDEXES Industrial production . M anuf actures Minerals Construction contracts awarded—total .. Residential All other Factory employment _. _.__ Factory payrolls (unadjusted) Freight-car loadings Department store sales 340 247 93 Index numbers PRICES 64 86 94 93 105 80 92 102 78 92 c 86 75 74 64 88 79 86 79 78 32 12 82 48 86 37 73 119 119 115 117 87 142 106 50 58 110 107 67 111 140 121 437 367 65 62 75 25 11 Amounts per month ; in millions of dollars MERCHANDISE EXPORTS AND IMPORTS P246 231 166 r c p Preliminary. Revised. • Partly estimated. Corrected. 1 Figures not available. 2 Includes time deposits of banks, domestic and foreign, 1929-1934. 3 Does not include time deposits 1929-1934. 1937 2,572 2,564 2,564 2,526 2,527 2,526 2,540 2,430 _ 13, 441 13, 057 12, 985 12, 653 12, 512 12,404 12,162 10, 578 _ 2.733 2,724 2,716 2,590 2,576 2,555 2,567 2,503 6,570 6,482 6,464 6,558 6,500 6,475 6,475 6,101 2,717 2,392 2,318 3,618 3,655 3,532 3,225 2,474 Total loans and investments Loans—total Commercial, industrial and agricultural To brokers and dealers in securities.__ _ . Other loans for purchasing or carrying securities.. All other loans Investments—total XJ S Government direct obligations Obligations fully guaranteed by U. S. Govt. Other securities Reserve with Federal Reserve banks Cash in vault Balances with domestic banks _ Demand deposits—adjusted Time deposits (excluding interbank) 2 Deposits of domestic banks ^ Borrowings Exports, including re-exports. _ General imports July 2,599 8 1 REPORTING MEMBER BANKS All issues—total New Refunding Domestic corporate issues—total New Refunding.. . Aug. Averages of daily figures; in millions of dollars RESERVE BANK CREDIT, MEMBER BANK RESERVES, AND RELATED ITEMS Reserve bank credit outstanding—total.. Bills discounted Bills bought 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 Sept. Annual averages 228 141 297 233 277 246 268 265 279 257 205 202 190 171 178 138 NOVEMBEB 1938 FEDERAL RESERVE BULLETIN 951 LAW DEPARTMENT Broker or Dealer Who Transacts a Business in Securities Through the Medium of a Member Under section 7(c) of the Securities Exchange Act of 1934 "any member of a national securities exchange or any broker or dealer who transacts a business in securities through the medium of any such member" is subject to the Board's Regulation T, which relates to the extension and maintenance of credit by such persons. In this connection the Board has had occasion to consider certain questions as to what brokers or dealers "transact a business in securities through the medium of a member". The general question of whether or not a particular broker or dealer "transacts a business in securities through the medium of a member" must turn upon all the relevant facts involved in the business of that broker or dealer. It has not seemed feasible to attempt to specify any conditions or factual situations which would prevent a broker or dealer from coming within the description. The Board has, however, expressed the view that the mere failure to handle any business in registered securities would not, in itself, be sufficient to keep a broker or dealer from being one who transacts a business in securities through the medium of a member. This is because the relevant language does not refer to transacting a business in registered securities but to transacting a business in securities. Similarly, it has expressed the opinion that the fact that a firm does not carry any socalled margin accounts would not, in itself be sufficient to keep the firm from being a broker or dealer who transacts a business in securities through the medium of a member, because the Act refers to transacting a business in securities rather than to transacting a margin business in securities. A "broker or dealer who transacts a business in securities through the medium" of any member of a national securities exchange is subject to Regulation T to the same extent as a member. Accordingly, if a broker or dealer is one who transacts a business in securities through the medium of a member, he is subject to the regulation even as to a particular transaction which is not effected through a member. Withdrawal from General Account Followed by Other Transactions on Same Day The second paragraph of section 3(b) of Regulation T provides, in part, as follows: "A transaction consisting of a withdrawal of cash or registered or exempted securities from a general account shall be permissible only on condition that * * * 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." In order to insure compliance with this provision many brokers make it a practice to permit no withdrawals from the account without being assured that trading in the account has been concluded for the day. The Board, however, recently received inquiries regarding two situations in which a broker, having failed to take this precaution, permitted a withdrawal that was followed by transactions which, in combination with the withdrawal, would create or increase an excess of the adjusted debit balance of the account unless margin was deposited in the account on the same day. For simplicity of exposition these cases may be assumed to be alike in that at the beginning of the day the adjusted debit balance of the account exactly equalled the maximum loan value of the securities in the account, and that early in the day $2500 of registered nonexempted securities were sold. Under present loan values of 60 percent, this released margin in the complementary percentage of 40 percent, i.e., $1000. The credi- 952 FEDERAL RESERVE BULLETIN tor permitted the customer to withdraw this $1000 in cash. Later in the day other securities were purchased in the account. In one case $2000 of registered nonexempted securities were purchased, requiring $800 of margin, i.e., $200 less than the $1000 withdrawn. In the other case $4000 of such securities were purchased, requiring $1600 of margin, i.e., $600 more than the amount withdrawn. The question in each case related to the time within which the required margin must be obtained from the customer. The provisions of section 3 (b) quoted above clearly forbid a withdrawal of cash or securities if the withdrawal, in combination with the other transactions on the same day, would create or increase an excess of the adjusted NOVEMBER 1938 debit balance of the account. Accordingly, in the case of the subsequent transaction requiring $800 margin it would be necessary for the creditor to obtain the full amount of such margin before the end of the day on which the withdrawal took place. In the other case, in which the subsequent transaction required $1600 margin or $600 more than that originally withdrawn, it would be necessary to obtain, on the date of the transactions in question, the $1000 which had been withdrawn. The remaining $600 required could be obtained, as provided for ordinary transactions by the first paragraph of section 3(b), "as promptly as possible and in any event before the expiration of three full business days following the date of such transaction." NOVEMBER FEDERAL RESERVE BULLETIN 1938 953 THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES CONTENTS Introduction History of Legislation on Reserve Requirements Early State laws and practices The National Bank Act The Federal Reserve Act The 1917 amendments Power to change reserve requirements Change in method of computing required reserves Designation of Central Reserve and Reserve Cities Designation of cities under National Bank Act Changes under the Federal Reserve System Classification of banks in outlying sections Changes in Reserve Position of Member Banks Growth in the volume of reserves Factors accounting for changes in reserves Reduction in operating reserves Changes in reserve requirements, 1936-1938 Treasury policies with regard to gold acquisitions Holding by banks as reserves of a certain proportion of funds deposited with them is customary throughout the world. In the United States the character and amount of reserves to be held by banks against deposits has been for a long time prescribed by law, while in most other countries this amount is determined, not by law, but by custom and the mandates of banking prudence. The purpose of this article is to present a historical survey of bank reserves and reserve requirements in the United States. Reserve requirements against circulating notes became a part of American banking law a century ago, and requirements against deposits were established by the National Bank Act in 1863. Under the Federal Reserve Act, as originally passed in 1913, reserve requirements against deposits of member banks of the Federal Reserve System were reduced somewhat from those previously prescribed for national banks. Later amendments, together with changes in banking practices and in the distribution of deposits, resulted in further declines in the proportion of deposits required to be held as reserves. Subsequently gold imports and other developments resulted in large increases over a period of years in the total volume of funds available to member banks for use as reserves. In the course of the development of our monetary and banking system, the conception of the primary function of bank reserves has gone through a process of evolution. Originally it was considered that the principal purpose of reserve requirements was to assure the convertibility into cash of bank notes and deposits, i.e., to assure the ability of individual banks to meet liabilities on demand during a period of strain. In the course of time, even before the establishment of the Federal Reserve System, it became evident that reserves alone were not an adequate protection to banks and their depositors. No reasonable amount of reserves could be sufficient to meet a large scale withdrawal of deposits. Gradually it has become more clearly understood that safety of deposits depends much more upon the character of other assets of banks than upon legal reserves. This conception has become more generally accepted with the establishment of the Federal Reserve System, which provided facilities for member banks to meet demands for cash by rediscounting eligible assets with the Reserve banks. Reserve requirements under the Federal Reserve System have served primarily not as a means of preserving liquidity of banks but as a medium through which an influence can be exercised on the expansion and contraction of credit. In fact, control by the Federal Reserve authorities over the volume of reserves, and in recent years over reserve requirements, is the principal instrument of monetary policy. Constant study has been given by the Federal Reserve System to the problem of establishing a system of reserve requirements best calculated to support the System's monetary policy. Several committees of reserve officials have from time to time made reports on 954 FEDERAL RESERVE BULLETIN this subject. In 1931 a committee recommended a radical revision in the method of computing requirements, basing them in part on the turnover of deposits as well as on their volume. Since that time, because of the large growth of deposits with a decrease in their activity and of the enormous growth of reserves as the result of gold imports, the reserve problem has greatly changed. In 1935 Congress gave the Board of Governors power to increase percentages of member bank reserve requirements up to twice the amounts prescribed by law. This power was used by the Board to increase reserve requirements in 1936 and 1937 and to reduce them somewhat in the spring of 1938. At the present time reserve requirements are, on the average, about 174 percent of the requirements stated in the statute. HISTORY OF LEGISLATION ON RESERVE REQUIREMENTS Early State laws and practices—The first commercial banks chartered in this country were not required to keep reserves against either notes or deposits. Deposits at that time were of minor importance; bank credit circulated mainly in the form of notes. The need for reserves developed in large part from the attempts to prevent depreciation of State bank notes. The notes of State banks often depreciated, particularly when at a considerable distance from the issuing bank, owing in part to the expense involved in sending the notes back for redemption and in part to the difficulty of determining the solvency of distant banks. Losses resulting from this depreciation led in the early part of the nineteenth century to various attempts by associations of merchants, banks, and State authorities to facilitate redemption of bank notes or to impose penalties for failure to redeem notes. In 1814 the New England Bank in Boston started a voluntary method of dealing with the situation by redeeming the notes of New England banks at a discount of not more than NOVEMBER 1938 one percent, varying according to distance. These notes were returned to the issuing bank at the same rate at which they were discounted, provided the issuing bank kept a permanent deposit with the New England Bank. In 1819 a similar plan was established by the Suffolk Bank of Boston, which developed into a comprehensive system for the redemption of bank notes in New England, first at a discount and later at par. Comparable arrangements for redemption by agents were also developed in New York. The deposit which the issuing bank was required to maintain with the redemption agent was in effect an extra-legal reserve requirement.1 For a while legal penalties and voluntary redemption systems constituted the only means of preventing the depreciation of State bank notes, and there were no legal requirements for keeping on hand any fixed proportions of specie. By 1840 the question of requiring banks to maintain some definite reserve of specie in support of note circulation became a matter of wide discussion and subsequently, either as a result of requirements in State laws or voluntarily, banks began to maintain specie reserves against their note liabilities. By 1863 reserves of one form or another were required by law in a number of the States. The fundamental purpose of these requirements was to assure the convertibility of bank notes, but they also tended to guard against overissue. There was considerable variation among States in the percentages required, ranging from 5 percent to 33 1/3 percent. The required reserves were generally carried in the form of specie, although Massachusetts permitted banks outside of Boston to count as reserves certain balances at other banks, and in some States the reserve could consist of specie or its equivalent. In 1 Cf. Davis R. Dewey, "State Banking Before the Civil War," National Monetary Commission, Vol. 4, pp. 73-99 ; also, Annual Report of the Secretary of the Treasury, 1876, pp. 129-137. Other information in this section of the article was also obtained from these sources. A comprehensive discussion of this subject is also included in The New York Money Market, Vol. I, by Margaret G. Myers. NOVEMBER 1938 FEDERAL RESERVE BULLETIN general, reserves were required to be carried against note issues only and not against deposits. In Massachusetts and Louisiana, however, reserves were required against deposits as well as notes, while the banks in New York City made an agreement to carry reserves against deposits but not against notes. As a matter of conservative banking practice, a number of banks in normal times voluntarily maintained larger reserves than were legally required. Since, however, this was not a universal practice, bank commissioners and legislative committees on various occasions recommended that banks should hold larger amounts of specie reserves than were required by law. The National Bank Act—The reserve provisions of the original National Bank Act (Act of 1863) followed in general established banking practice as reflected in State laws and in custom. National banks, chartered under the provisions of the Act, were required to hold a 25 percent reserve against both notes in circulation and deposits. This reserve was to be held in the form of lawful money, except that national banks outside of the principal redemption cities designated in the Act were permitted to carry three-fifths of their reserves in the form of balances with national banks in the redemption cities. This provision of the law was to assure that funds be available for redemption of bank notes when presented at points where they tended to accumulate. National bank notes were also secured by pledge of Government securities with the Treasury. These reserve requirements did not apply to State-chartered banks, which continued under the jurisdiction of State laws. The requirement of reserves against deposits in the National Bank Act constituted the principal change from the provisions of most of the State laws in force at the time. As mentioned above, however, this provision had a precedent in the more advanced State legislation and banking practice. The higher legal reserve percentages probably did not 955 necessitate a substantial increase in actual reserves held, since State banks were generally accustomed to carry reserves in excess of their legal minimum requirements. When the National Bank Act was rewritten in 1864, several changes were incorporated tending to make the requirements less burdensome for banks in both large and small communities. Reserve requirements of banks outside the redemption cities (the number of which was increased from 9 to 17 cities) were lowered from 25 percent to 15 percent. The provision permitting such banks to keep threefifths of their reserves with banks in the redemption cities was retained. In addition, banks in redemption cities other than New York were given permission to deposit onehalf of their own reserves with banks in New York City, a recognition of earlier banking practice which had not been included in the first National Bank Act. Although deposits, as well as currency, were made subject to reserve by this banking act, deposit banking was still of relatively minor importance and the emphasis remained on the protection of the note issue. The issuance of notes was the principal activity of banks in those days, and it was hoped that, by granting to the national banks the right to issue a currency well received by the public, the progress of national banking would be assured. The growth of national banks was slow, however, and most of the banking capital remained under State charter. To stimulate the conversion of State banks, therefore, an act was passed on March 3, 1865, levying a tax of ten percent on State bank notes paid out by any bank after July 1, 1866. As a result, national bank notes replaced the issues of State banks. There was such confidence in national bank notes that few were presented for redemption. As a consequence, following a currency shortage during the panic of 1873 and a popular demand for an increase of the amount of money in circulation, reserve requirements against national bank notes were abolished, 956 FEDERAL RESERVE BULLETIN NOVEMBER 1938 thereby releasing a substantial amount of ents than they were required to hold as regreenbacks held as note reserves. As a sub- serves against deposits. Banks in the reserve stitute, the law was changed to provide for cities competed for bankers' balances and the the deposit with the Treasury of a 5 percent reserve city designation became a distinct redemption fund, which might also be counted competitive advantage for banks located in as part of the reserves against deposits.2 such cities.3 Thereafter bank reserves were required only During this period banks were required to against deposits. As the use of checks in carry the same reserve against all deposits business transactions increased and bank de- regardless of type. The Comptroller of the posits expanded during the following years, Currency, however, in order to afford some the relative importance of bank notes steadily relief to banks, early made a concession on declined, and there was correspondingly less deduction items by ruling that National banks need for the protection of the note issue of in computing deposits subject to reserve banks and greater emphasis on the protection might deduct amounts due from banks from amounts due to banks. A further reduction of depositors. The next important change in the National in requirements was made in 1902 when the Bank Act came in the Act of March 3, 1887, Secretary of the Treasury exempted United which gave the Comptroller of the Currency States Government deposits from reserve rethe authority to designate additional redemp- quirements, and this exemption was inserted 4 tion cities. In this act, for the first time, the in the law in 1908. The original National term "reserve cities'' was used to designate Bank Act as modified in these respects, reprecities where banks might hold part of the re- sented the situation in effect at the time of serves of banks located elsewhere. The act enactment of the Federal Reserve Act. also introduced the term "central reserve The Federal Reserve Act—Among the purcity" which was applied to New York City poses of the Federal Reserve Act, as viewed because it was permitted to hold part of the by its sponsors, were the centralization of reserves of all banks, including those located reserves and the reduction or elimination of in reserve cities. The term "country banks," balances held by banks infinancialcenters for commonly applied to banks outside reserve their correspondent banks.5 The reserve proand central reserve cities, does not appear in visions of the Federal Reserve Act, however, were apparently designed with the view of the law. Bank balances in the central reserve and altering the National banking system in such reserve cities had become valuable to banks in a manner as to involve the least possible other cities. Reserve cities were centers for change in the amount of reserves to be rethe clearing and collection of checks that quired of banks. The first proposals showed tended to accumulate there in much the same little change from the National Bank Act perway as notes had done previously, and bank- centages, but as the bill went through various ers' balances were useful as a potential ex- stages toward enactment several reductions change and clearing fund. At the same time, were made in requirements. These reductions partly because of the interest earned, there were designed to attract nonmember banks developed a growing tendency for liquid into the System and to offset payments to the secondary reserves and temporarily idle funds Reserve banks for capital stock subscriptions. of country banks, as well as the proceeds of Discussion of the development and uses of bankers' balances checks in process of collection, to be held in is given in Bankers' Balances, by Leonard L. Watkins, and also in The New York Money Market, Vol. I, by Margaret G. Myers, balances with city correspondents. In general previously cited. Act of May sec. 14. banks held larger balances with correspond- United States," 30, 1908, Monetary See "Financial Laws of the National Commission, p. 468. 3 4 5 2 Act of June 20, 1874, sees. 2 and 3. Report No. 69, House of Representatives, 63rd U. S. Congress, 1st session, p. 59. The accompanying table shows the progress of these changes through the various stages of the bill, and also those made by the amendments of 1917. As the Act was originally approved reserve requirements against demand deposits were 18 percent for central reserve city banks, 15 percent for reserve city banks, and 12 percent for country banks, as compared with 25 percent for central reserve and reserve city banks and 15 percent for country banks under the National Bank Act. Reserve requirements against time deposits, which had been the same under the National Bank Act as those for demand deposits, were reduced to 5 percent for all member banks. This substantial differential in favor of time deposits was established in order to enable National banks to compete for time deposits on more even terms with State-chartered banks.6 At this time the banking lawTs of the majority of the States either required no reserve against 6 957 FEDERAL RESERVE BULLETIN NOVEMBER 1938 Report No. 69, House of Representatives, op. cit., p. 73. time and savings deposits or required a smaller amount of reserve than against demand deposits.7 The permanent reserve provisions of the original Federal Reserve Act, which were to be effective by the end of the third year after the official establishment of the Federal Reserve banks, required member banks to hold part of their reserves with the Federal Reserve banks and part in their own vaults, while the remainder could be held optionally in their own vaults or at the Reserve banks. During the three-year interim, however, reserve city and country member banks were permitted to continue to carry part of their reserves in the form of balances at National banks in central reserve and reserve cities. The Act also provided that the transfer of required reserves of country and reserve city banks to the Reserve banks could be made in 7 George E. Barnett, "State Banks and Trust Companies since the Passage of the National Bank Act", National Monetary Commission, Vol. 7, p. 112. RESERVE REQUIREMENTS FOR MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM, ENACTED OR CONSIDERED BY CONGRESS Against demand deposits Central reserve city banks Total On deposit Cash with in vault * Reserve banks National Bank Act, as amended 3 25 15 20 20 5 10 18 18 9 6 18 18 13 6 Optional 25 Drafts of Federal Reserve Act Owen bill 4 First memorandum 4_ ._ Glass bill—various drafts 4 As passed by House 4 As passed by Senate 4 Federal Reserve Act As approved Dec. 23, 1913 4 Effective upon establishment -. To be effective by Nov. 1917 As amended, 1917 6 1 1 Country banks Reserve city banks Total On deposit Cash with in vault i Reserve banks On deposit Cash with in vault* Reserve banks Optional 2 Total 12H 3 15 6 5 5 3 25 7H 5 5 5 6 10 5 4 6 7 7 5 13 5 12K 15 20 20 5 10 7H 5 5 7K 10 5 15 15 15 18 15 9 6 5 6 4 3 12 12 5 15 15 10 6 3 6 10 6 4 12 12 7 5 4 5 Optional 2 9 7H 5 5 5 5 2 5 7 5 5 2 7 5 3 Against time deposits, all member banks Same as demand None None Same as demand 5 55 $5 55 3 6 Cash in vault eligible for reserves under National Bank Act excluded National bank notes and under Federal Reserve Act excluded National bank notes, Federal Reserve notes and Federal Reserve bank notes. 2 Includes amounts that could be held with National banks in central reserve or reserve cities. Under Federal Reserve Act as approved all reserves had to be held in vault or in Federal Reserve banks beginning 36 months after establishment of System, i. e. from November 1917. 3 Includes the fund deposited by National banks for the redemption of notes. 4 Various drafts of the bill, as well as the Act finally approved, provided that reserves to be kept on deposit with the Reserve banks might be smaller upon establishment of the System and gradually increase to a specified amount. 5 Distributed in the same ratio as the reserve against demand deposits. 6 All reserves required to be on deposit with Federal Reserve bank. Sources: "Financial Laws of the United States, 1778-1909," National Monetary Commission, Vol. 2; H. Parker Willis, The Federal Reserve System; and the Federal Reserve Act. 958 FEDERAL RESERVE BULLETIN NOVEMBER 1938 Member banks were also able to meet subspecified instalments covering a period of two and one-half years after the Reserve sequent transfers of reserves from correbanks were established. These provisions spondents to the Reserve banks without diffiwere designed to give member banks suffi- culty, owing in part to the substantial surplus cient time to make necessary adjustments to of reserve funds supplied to member banks the new reserve requirements with a mini- by the heavy gold inflow to the United States, mum of inconvenience. An amendment to that began early in 1915. On November 17, the Act, approved September 7, 1916, au- 1916, as shown in the following table, memthorized the Federal Reserve Board to per- ber banks held reserves in their own vaults mit member banks to carry in the Federal and with the Federal Reserve banks totaling Reserve bank any portion of their reserves $1,488,000,000, an amount only slightly previously required to be held in their own smaller than their total reserve requirements vaults. of $1,510,000,000. Balances with correspondent banks approved as reserve agents The requirements of the Federal Reserve Act apply to all member banks operating were greatly in excess of the additional reunder State as well as national charter. In quirements. addition, the States have their own reserve RESERVE POSITION OF MEMBER B A N K S requirements which govern State banks. In November 17, 1916 a number of States, the State laws would not permit deposits by banks with the Federal Reserves held: In vault $813,600,000 Balances with Federal Reserve banks. 674, 200,000 Reserve bank to count as reserves satisfactory With approved reserve agents 1,048,300,000 to the State authority. This placed an undue Total reserves held $2, 536,100,000 burden on State member banks and the State Required reserves: In vault $576,100,000 Balances with Federal Reserve banks. 606,400,000 laws were, accordingly, gradually modified Optional—in cash or with Federal Re8 serve banks 151,700,000 to eliminate the conflict. State banks which With approved reserve agents 175,900,000 do not belong to the Federal Reserve System Total required reserves $1, 510,100,000 $1,026,000,000 remain subject to State requirements alone. Excess reserves Initial payment of reserves by member Based on figures given in THIRD A N N U A L REPORT OF FEDERAL. banks to the Federal Reserve banks on No- RESERVE BOARD, 1916, p. 23. vember 16, 1914, amounted to about $250,- The 1917 amendments—The large volume 000,000 and was made without difficulty.9 The of excess reserves created by the inflow of ease with which this payment was made was gold in this period led the Federal Reserve due largely to the fact that under the Federal Board to submit to Congress in December Reserve Act not only were total reserve re- 1916 an amendment to the Act seeking to quirements smaller than under the National supply of the Bank Act, but also amounts that had to be concentrate further the gold 10 country in the Reserve banks. The Board held initially in vault and with the Federal Reserve banks were generally smaller than proposed to advance the date on which balamounts previously required to be held in ances with correspondent banks would no vault. The Federal Reserve Board requested longer count as reserves and to increase the that, so far as possible, deposits should be required reserves to be maintained by memmade in gold so that the Reserve banks would ber banks at the Reserve banks, but to reduce accumulate a gold reserve. As a result a the maximum amount of reserves that could large part of the reserve funds deposited with be carried as vault cash. Total requirements in vault cash and reserves would remain practhe Reserve banks was in the form of gold. tically unchanged. The proposed amendment 8 Cf.: "Provisions of State Laws Relating to Bank Reserves," 1 1 FEDERAL RESERVE BULLETIN, March 1937, pp. 188-219. 9 FIRST ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, pp. 11-12 and 200-201. 1914, 10 THIRD A N N U A L REPORT OF THE FEDERAL RESERVE BOARD, 1916, pp. 23-26, 139-145. NOVEMBER 1938 FEDERAL RESERVE BULLETIN also provided that items in process of collection would no longer count as reserves but that Federal Reserve notes held in the vaults of member banks could be counted as part of their vault cash reserve. This latter provision was suggested in order that banks might substitute Federal Reserve notes for gold and gold certificates held in their vaults, thereby releasing the gold to the Reserve banks and increasing the free gold of the Reserve banks, i.e., the surplus of gold holdings over amounts that the Reserve banks are required to hold as reserves against notes and deposits. The Board explained that the proposed amendments were "designed to provide means of controlling an overextension of loans based on new accretions to our gold stock and to provide for the mobilization and concentration of the gold holdings of the United States so that the flow of gold back to Europe, or to South America, or to the Orient, may be arranged without forcing any violent contraction of loans or causing undue disturbance to legitimate business." At the same time the Board suggested an amendment so as to permit it "to raise reserve requirements in emergencies." Neither this proposal nor the Board's suggestions for changes in the existing reserve requirements were enacted into law at that time. With the entry of the United States into the war and the prospect of large Government financing, there was increased pressure for centralizing the gold reserves of the country and for enlarging the potential lending powers of the Reserve banks. These purposes were accomplished in the amendment to the Federal Reserve Act approved June 21, 1917, which made substantial reductions in the reserve percentages but provided that all reserves must henceforth be held with the Reserve banks, eliminating any requirement as to cash in vault. The new percentages against demand deposits established by this amendment were 13 per cent at central reserve city banks, 10 percent at reserve city banks, and 7 percent at country banks, as 959 compared with 18, 15, and 12 percent under the original Act; for time deposits the reserve requirements were lowered from 5 percent to 3 percent at all classes of banks. As the minimum balances required to be held at the Reserve banks had been substantially less under the original Act than under the amendment, member banks had to transfer reserve funds to the Reserve banks.11 These deposits were largely made in gold, gold certificates, and other lawful money which member banks previously had held in their own vaults, and resulted in an increase of about $300,000,000 in the free gold of the Reserve banks. The lending power of the Reserve banks was thereby increased. For member banks as a whole the reduction in reserve requirements at this time did not immediately release any considerable volume of reserves for the expansion of loans and investments. Although the banks were no longer permitted to count vault cash as legal reserves, they had to continue to keep on hand sufficient currency to meet the cash needs of their customers. The vault cash so held to a considerable extent offset the reduction in legal reserve requirements. Over a period of years, however, as explained in a later section of this article, member banks found they could operate with smaller holdings of currency, and there was a gradual reduction in their vault cash holdings, with a consequent increase in member bank reserve balances. The lowering of reserve requirements, together with the increased lending ability of the Reserve banks, later made possible a great expansion of bank credit. The reserve requirements established in 1917 remained in effect for nearly 20 years and are the basic requirements stated in the law today. In accordance with the provisions of amendments to the Federal Reserve Act in 1933 and 1935, these basic requirements are now subject to increase by the Board of Governors and were increased in 1936 and 1937. 11 FOURTH 1917, p. 12. ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, 960 FEDERAL RESERVE BULLETIN NOVEMBER 1938 Power to change reserve requirements— The Act as finally approved August 23, Power to change statutory reserve require- 1935, authorized the Board to change reserve ments was first granted the Federal Reserve requirements, but they could never be lower Board by the so-called Thomas amendment, than they were at that time nor could they be included in an act of Congress approved May more than twice that amount.15 In contrast 12, 1933. This amendment gave to the Gov- to the Thomas amendment, the Board of Government new powers to add to the reserves of ernors was permitted to change requirements banks by various means, and the provision by an affirmative vote of four members and for the raising of reserve requirements was without having to declare the existence of an intended to be a safeguard in case there emergency or to secure approval of the Presshould develop an inflationary credit expan- ident. It was also provided that, within the sion which existing methods of control would limits stated, the Board could decrease reserve be inadequate to curb. Under the language requirements in order to prevent injurious of the amendment12 the new power could be credit contraction, as well as to increase reused only when the Board, with the approval serve requirements in order to prevent injuof the President, declared that an emergency rious credit expansion. existed by reason of credit expansion. Between the summer of 1936 and the early The power of the Board to change reserve months of 1937 the Board of Governors exrequirements was clarified and modified in the ercised the power to increase reserve requireBanking Act of 1935. In the first draft of the ments of member banks by the full amount bill, passed by the House of Representatives, permitted by law. In April 1938 reserve rethe Board was authorized to change reserve quirements were reduced by about one-eighth, requirements without limit as to amount.13 or to approximately those obtaining in March The Governor of the Board, in advocating this and April 1937. The accompanying table provision, testified that it would make perma- shows these various changes in reserve renent the emergency provision of the Thomas quirements : amendment and would free the Board from RESERVE REQUIREMENTS OF MEMBER BANKS the necessity of declaring that an emergency (Percentages of deposits) exists and of obtaining the approval of the On demand deposits On time President before it could act on reserve redeCenposits, quirements. It was felt that, in view of the all tral ReCountry rememserve rapid growth of reserves, the Board should ber serve city banks city banks banks have the power to supplement open-market banks operations, particularly in order to control an inflationary condition, should one develop.14 Statutory requirements in 1917 amendment to Federal Reserve 13 7 3 10 By the spring of 1935 excess reserves of mem- Act ber banks had increased greatly through the Requirements as changed by Board of Governors: 19^ 15 Aug. 16, 1936 to Feb. 28, 1937 10H continued large inflow of gold, and the antic22^ 17^ Mar. 1, 1937 to April 30, 1937 12M 26 20 14 6 May 1, 1937 to April 15, 1938 ipated need to absorb a portion of these ex22M 12 5 Beginning April 16, 1938 UK cess reserves at some time in the future was The present provision is as follows: "Sec. 207 . . . Notwithbecoming more and more evident. standing the other provisions of this section, the Board of Gov15 12 The actual provisions of the Thomas amendment relating to the power to change reserve requirements were as follows : "Sec. 46 . . . the Federal Reserve Board, upon the affirmative vote of not less than five of its members and with the approval of the President, may declare that an emergency exists by reason of credit expansion, and may by regulation during such emergency increase or decrease from time to time, in its discretion, the reserve balances required to be maintained against either demand or 13time deposits." 74th U. S. Congress, 1st session, H. R. 5357, sec. 209. 14 Ibid., Hearings on H. R. 5357, p. 197. ernors of the Federal Reserve System, upon the affirmative vote of not less than four of its members, in order to prevent injurious credit expansion or contraction, may by regulation change the requirements as to reserves to be maintained against demand or time deposits or both by member banks in reserve and central reserve cities or by member banks not in reserve or central reserve cities or by all member banks ; but the amount of the reserves required to be maintained by any such member bank as a result of any such change shall not be less than the amount of the reserves required by law to be maintained by such bank on the date of enactment of the Banking Act of 1935 nor more than twice such amount." NOVEMBER 1938 FEDERAL RESERVE BULLETIN Change in method of computing required reserves, 1935—The Banking Act of 1935 also provided for a change in the method of computing net demand deposits against which reserves must be carried by member banks with Federal Reserve banks. Previously net demand deposits were computed for each reporting bank separately by adding to demand deposits, other than those of banks and the United States Government, any excess of amounts due to banks over the sum of amounts due from banks and cash items in process of collection. The Banking Act of 1935 prescribes that reserves be carried by member banks against United States Government deposits but permits deductions of balances due from banks and collection items to be made from gross demand deposits instead of only from balances due to banks. These changes tended to increase the net demand deposits and hence the required reserves of member banks in New York City, which held a large volume of deposits of the United States Treasury and, having a large excess of amounts due to banks over amounts due from banks, did not benefit from the privilege of deducting amounts due from banks from gross deposits rather than from amounts due to banks. Country banks, on the contrary, had relatively small Government deposits and had a large excess of amounts due from banks over amounts due to banks, so that their net demand deposits, and consequently their required reserves, were materially reduced by the changes in the method of computing deposits against which reserves have to be held.16 On the basis of figures for June 29, 1935, the nearest date to the change for which data are available, the new method of computing net demand deposits resulted in a reduction of about $35,000,000 in required reserves of all member banks. Requirements of central reserve city banks were increased by $45,000,000, while those of country banks were ie TWENTY-SECOND A N N U A L REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1935, pp. 18-19. 961 reduced by $75,000,000 and those of reserve city banks taken as a whole showed a small decline. DESIGNATION OF CENTRAL RESERVE AND RESERVE CITIES Aside from the changes in reserve requirements made by law under the National Bank Acts and the Federal Reserve Act, there have been other changes in connection with the administration of the law, which have affected the reserve requirements of selected banks. One of these arises from the power to designate reserve and central reserve cities. Designation of cities under National Bank Act—The National Bank Act of 1863 designated nine cities, by name, as redemption cities for the rest of the country. National banks in these cities could receive and hold three-fifths of the legal reserves of national banks located elsewhere. When the Act was rewritten in the following year, these redemption cities were increased to seventeen. At the same time New York was recognized as the principal monetary center which could, in turn, receive one-half of the legal reserves of national banks in the other redemption cities. Because of the bankers' balances carried with them, however, banks in all redemption cities were required to hold larger reserves than banks elsewhere. Some cities not named as redemption cities felt discriminated against and, as the result of much agitation, a law was passed in 1887 giving the Comptroller of the Currency authority to name additional cities in which legal reserves could be redeposited. This Act used the terms "reserve cities" and "central reserve cities." It provided that, upon the application of three-fourths of the National banks in cities of 50,000 or more and of 200,000 or more, the Comptroller might designate such cities as reserve cities or central reserve cities, respectively. In 1903 the minimum population for reserve cities was reduced to 25,000. Shortly after the passage of the Act of 1887, St. Louis and Chicago 962 FEDERAL RESERVE BULLETIN elected to become central reserve cities, in addition to New York, which had been named as a central reserve city in the Act. In the following years, the number of reserve cities increased until there were 49 by the time the Federal Reserve System was established. Changes under the Federal Reserve System—The Federal Reserve Act transferred from the Comptroller of the Currency to the Federal Reserve Board the power of classifying cities for reserve purposes.17 Moreover, the Act gave the Board full discretion in such classification. When the Reserve Bank Organization Committee decided that Federal Reserve banks should be established in Atlanta and Richmond, the banks in those cities promptly made application to the Comptroller, the Federal Reserve Board itself not being organized, and he designated them as reserve cities. When the Board was appointed it retained the designations of all central reserve and reserve cities that had previously been made by the Comptroller. The Board also continued the practice of allowing member banks to initiate requests for designation of the cities in which they were located and passed upon each case as it was presented. In 1914 and 1915 four additional cities were given the status of reserve cities. In March 1915 the Board announced that it had adopted the following conditions as necessary before consideration would thereafter be given to the designation of any city as a reserve city: "A population of at least 50,000; combined capital and surplus of national banks in the applying city of not less than $3,000,000, with deposits of not less than $10,000,000; endorsement of the application by at least fifty (50) national banks located outside of the applying city who will state that they NOVEMBER 1938 are carrying or intend to carry upon such designation, accounts with a national bank in the applying city. Applications will be referred for report and recommendation to the Federal reserve bank of the district in which the applying city is located, whose chairman shall certify the names of the national banks endorsing the application."18 In 1917 upon the application of banks in Tulsa and Ogden the Board designated these two cities as reserve cities, although they did not conform to the formula established. Under the National Bank Act higher reserve requirements against deposits at reserve city banks were related to the fact that these banks had permission to receive bankers' balances which counted as reserve of other banks. The reserve city designation gave banks in those cities an advantage in competing for bankers' balances. Under the Federal Reserve Act, however, there was not the same reason for higher reserve requirements nor any special advantage in law for banks having the reserve city designation. The designation imposed higher reserve requirements on the city banks without compensating benefits. After the designation of Tulsa and Ogden as reserve cities, no more requests were received from banks for shifts of country bank cities to reserve cities. The amendment of 1917, which required all reserves to be carried with the Reserve banks, removed one of the reasons for reserve classifications of cities. It was becoming more clearly realized, however, that a large volume of bankers' balances would continue to be held outside of the Federal Reserve banks even though such balances would not count as legal reserves. After a study of the question of designation of reserve cities by a committee of the Board, it was decided that six additional cities should be designated as reserve cities to become effective January 1, 1918. Several of the cities resisted this designation but the Board explained its action as necessary in order to 17 The provisions of the original Federal Reserve Act with respect to reserve classification of cities were as follows : "Sec. 11. The Federal Reserve Board shall be authorized and empowered : . . . (e) To add to the number of cities classified as reserve and central reserve cities under existing law in which national banking associations are subject to the reserve requirements set forth in section twenty of this act; or to reclassify existing reserve and central reserve cities or to terminate their designation as such." 18 Statement for the press by the Federal Reserve Board released (The reference to section 20 apparently should have been to March 23, 1915. section 19.) NOVEMBER FEDERAL RESERVE BULLETIN 1938 bring their reserves up to the requirements of other cities in their class. In 1918 the Board adopted the policy of designating as reserve cities all cities in which Federal Reserve branches were established. During the next 10 years the Board followed the practice of considering changes in designations only when presented to it at the initiative of member banks located in such cities. Banks in several cities requested that their cities be reduced to a lower classifica- 963 tion and from 1922 to 1930 the Board approved six of these applications. The most important change was in 1922 when St. Louis was changed from a central reserve to a reserve city. There have been no changes in designation of cities since 1930. The accompanying table shows the list of central reserve and reserve cities at the time the Federal Reserve System was established and the subsequent changes made by the Board. CENTRAL RESERVE AND RESERVE CITY DESIGNATIONS UNDER THE FEDERAL RESERVE SYSTEM ^NATIONS IN EFFECT OCTOBER 31, 1914 Central reserve cities New York Chicago St. Louis Reserve Albany Atlanta Baltimore Boston Brooklyn Cedar Rapids Cincinnati Cleveland Columbus Dallas Denver Des Moines Detroit Dubuque Fort Worth Galveston Houston Indianapolis Kansas City, Kans. Kansas City, Mo. Lincoln Los Angeles Louisville Milwaukee Minneapolis cities Muskogee New Orleans Oklahoma City Omaha Philadelphia Pittsburgh Portland Pueblo Richmond St. Joseph St. Paul Salt Lake City San Antonio San Francisco Savannah Seattle Sioux City South Omaha Spokane Tacoma Topeka Waco Washington Wichita SUBSEQUENT CHANGES IN DESIGNATIONS Reserve cities designated by the Board at the request of member banks located therein Birmingham November 12, 1914 Charleston November 12, 1914 Chattanooga March 5, 1915 Nashville March 22, 1915 Tulsa January 9, 1917 Ogden July 11, 1917 Reserve cities designated by the Board at its own initiative because of size and importance of cities Buffalo January 1, 1918 Oakland January 1, 1918 Memphis January 1, 1918 Grand Rapids January 1, 1918 January 1, 1918 Peoria January 1, 1918 Toledo Reserve cities designated by the Board because Federal Reserve banks or branches were located therein Jacksonville August 1, 1918 El Paso December 2, 1918 Little Rock January 6, 1919 Helena February 1, 1921 Charlotte December 1, 1927 Change from central reserve city to reserve city designation made at the request of member banks concerned St. Louis July 1, 1922 Terminations of reserve city designations made at the request of member banks concerned August 1, 1922 Chattanooga March 1, 1923 Charleston November 1, 1923 Tacoma July 1, 1929 Albany March 15, 1930 Muskogee Classification of banks in outlying sec- nual report for 1917 "to call attention to the tions of cities—The power of the Board to designate the reserve classification for selected groups of banks was broadened in 1918. For several years the Board had received petitions, which impelled it in its an- situation of many banks located in outlying districts of larger cities, or in boroughs, formerly independent municipalities, which are now parts of a greater city. The business of these banks is often local, and it is suggested 964 FEDERAL RESERVE BULLETIN NOVEMBER 1938 that Congress authorize the Board to classify serve and central reserve cities. This pracbanks in outlying districts of large cities as tice is still followed; consideration is annually though they were located in independent given by the Reserve banks and the Board to municipalities." This authority was granted the question whether on account of changes in under the Act of September 26, 1918. the character of a bank's business the Board The Board immediately defined outlying should revoke the permission to carry reduced sections in Boston and New York and changed reserves. The practical effect of the annual the classification of banks in those sections, review is to maintain the classification of but did not define outlying sections in other banks in outlying sections of various cities on places. Instead, it laid down a policy of analyz- a basis that is essentially uniform. ing the individual applications received from At the present time, banks in the outlying banks requesting a change in reserve require- sections of 16 reserve cities and the 2 central ments under the new law. In 1924 the Board reserve cities are authorized to carry smaller approved the recommendation of Federal reserves than are required of other banks in Reserve agents that the Board be guided in the same cities. determining outlying districts "by the results CHANGES IN RESERVE POSITION OF of an analysis of the character of the business MEMBER BANKS SINCE 1914 of the applicant member bank or of all the banks of the neighborhood group." In 1926 Changes made by the Federal Reserve Act the Board established the practice of having in the reserve structure of banks which bethe Federal Reserve banks review the situa- came members of the Federal Reserve System tion at the end of each year with respect to had the consequence of reducing somewhat member banks which had been granted per- their required reserves, and subsequent large mission to carry reduced reserves because gold movements to this country increased the of being located in outlying sections of re- supply of reserves. The additional reserves CHART 1 MEMBER BANK DEPOSITS AND RESERVES ANNUAL AVERAGES MILLIONS 100,000 TOTAL DE POSITS ' SUBJECT1 TO RESERVE 40,000 ^ 30,000 20,000 15,000 // Y 3,000 1,500 A • ^ / ~ T IME DEPOSITS / 4,000 2,000 NET DEMAND DEPOSITS * / 1916 1918 1920 1922 <924 1926 1928 1930 1932 1934 1936 1938 1916 1318 1920 1922 1924 1926 1928 1930 1932 1934 1936 1! Plotted on ratio scale. Averages of call report figures through 1928 ; thereafter averages of daily figures for deposits and reserves and of call report figures for vault cash. Averages for 1938 are partly estimated. NOVEMBER 1938 FEDERAL RESERVE BULLETIN 965 thus made available provided the basis for deposits and banks have held substantial further expansion in the volume of bank amounts of reserves in excess of needs. Tocredit in the fifteen years following the estab- ward the end of 1935 member bank reserve lishment of the Federal Reserve System. balances had risen to the then unprecedented Growth in the volume of reserves—The figure of $6,000,000,000, whereas required accompanying chart shows, for the period reserves were less than $3,000,000,000. At from 1915 to the present, changes in the the end of October 1938 reserve balances had volume of deposits of member banks, in their risen to $8,700,000,000. reserve balances with Federal Reserve banks, Factors accounting for changes in the voland in the total of their reserve balances and ume of reserves—These changes in the volcash in vault. The chart is plotted on a ratio ume of reserves held by member banks have scale so that equal vertical distances represent reflected various monetary developments. equal percentage changes, making it easier While individual banks may obtain reserves to compare relative changes in deposits and through the clearing system, i.e., through the in reserves. Prior to the middle of 1917 the shifting of funds from other banks, these total of balances with the Federal Reserve shifts do not add to or subtract from the total banks and vault cash, together with a dimin- volume of reserves of all banks. Total reishing amount of balances with approved de- serves may be increased by additions to monepositories, comprised the legal reserves of tary stocks of gold, by the issuance of silver member banks. Since 1917 member banks certificates, and by a reduction in the volume have been permitted to count only balances of currency in circulation; they may be rewith the Reserve banks as reserves, but in duced by an outflow of gold and by an increase practice they have had to carry enough vault in currency in circulation. They may also be cash to meet operating requirements. Ac- increased by Federal Reserve bank loans to cordingly, the total of reserve balances and member banks and by Federal Reserve bank vault cash may be considered as the basic purchases of securities or acceptances in the operating reserves of the banking system. open market; or they may be reduced by the These basic operating reserves increased reverse of these operations. Issuance by the rapidly in the early years of the Reserve Sys- Treasury of gold and silver certificates, actem until the end of 1919, reaching a total of companying increases in monetary stocks of about $2,600,000,000, of which $1,900,000,- gold and silver, has been a major factor ac000 was in balances with the Federal Reserve counting for the growth in the volume of membanks, and $700,000,000 in vault cash. After ber bank reserves in recent years. Other declining somewhat in 1920 and 1921, cor- current operations of the Treasury have from responding to a decline in deposits, they in- time to time had a temporary effect on recreased again to a level of about $3,000,000,- serves.19 000 by the end of 1927. This included a little Changes in these various factors affecting over $500,000,000 of vault cash. There was member bank reserves since the beginning of little change in this total until the latter part 1918 are shown in Chart 2, which is divided of 1931, when it declined by about $500,000,- into two sections, the upper showing the prin000, accompanying a sharp decline in bank cipal factors and the lower showing the comdeposits. ponents of Reserve bank credit. In the early Up to 1932 the changes in reserves had years of the Federal Reserve System until corresponded closely to changes in the volume these variof deposits, with banks holding no more re- ous For a full discussion of the relationships between the figures, factors and a description of the computation of serves than were necessary. Since 1932 re- see "Supply and Use of Member Bank Reserve Funds," FEDERAL RESERVE BULLETIN, July, 1935 or see also W. serves have increased much more rapidly than Money Rates and Money Markets reprint;United States.W. Riefler, in the 19 966 FEDERAL RESERVE BULLETIN CHART NOVEMBER 1938 2 MEMBER BANK RESERVES AND RELATED ITEMS MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 1918 1920 1922 1924 1926 1928 1930 BILLIONS OF DOLLARS 1932. 1934 1936 1938 RESERVE BANK CREDIT MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 1918 1920 1922 1924 1926 1928 1930 BILLIONS OF DOLLARS 1932 1934 1936 1938 NOVEMBER 1938 FEDERAL RESERVE BULLETIN 1917, most of the increase in reserves resulted from an enlargement of the country's gold stock through payments in gold for purchases of goods here by the belligerent European nations. The gold inflow stopped in 1917, however, while rapidly accelerated demands for both bank credit and currency, which continued until 1920, sharply increased member bank needs for reserve funds. These funds were obtained largely through borrowings from the Federal Reserve banks, shown on the lower section of the chart as bills discounted. A substantial return flow of currency from circulation and some reduction in required reserves, resulting from credit contraction, in 1921, together with an inflow of gold, which continued until 1924, enabled member banks to reduce their borrowings by about $2,000,000,000 from 1920 to 1922. From 1922 to 1928 expansion in bank credit and deposits caused an increase in the required reserves of member banks, which was met through the interplay of various factors —principally gold movements, Reserve bank open-market operations, and borrowings of member banks at the Reserve banks. Borrowings increased sharply in 1928, as a result in part of an outflow of gold and in part of Reserve bank sales in the open market designed to restrict the expansion in bank loans for stock market speculation. They continued large until almost the end of 1929, when with the stock market collapse Reserve banks reversed their policy and purchased large amounts of securities in the open market. In 1931, 1932, and early 1933 member bank reserves and borrowings at the Reserve banks were both affected principally by currency hoarding and the gold movements that accompanied the panicky financial developments of those years. In 1932 and 1933 tension in the credit structure was eased considerably by large Reserve bank purchases of securities in the open market. Beginning in 1934 an unprecedented state of easy monetary conditions was brought on by the heavy gold inflow that followed the 967 reduction in the gold content of the dollar. This gold inflow amounted to about $6,500,000,000 in the period from the beginning of 1934 to the end of October 1938. In addition, during this period member bank reserves were increased by additions to the monetary gold stock from domestic production and other domestic sources, amounting to about $700,000,000, and by the issuance of about $1,200,000,000 of silver coin and currency by the Treasury. Of the reserves originating from gold and silver purchases, about $1,200,000,000 was absorbed by an increase in currency in circulation and another $1,100,000,000 by additions to Treasury balances and to nonmember deposits at the Reserve banks. Reserve balances showed an increase of about $6,000,000,000 to an unprecedented total of $8,700,000,000. Reduction in operating reserves under the Federal Reserve System—Changes made in the reserve structure by the Federal Reserve Act and its amendments resulted in a direct reduction in the percentages of reserve requirements, and, in addition, made it possible for member banks in the course of time to reduce the operating reserves that they had to maintain relative to their deposits. On the other hand, as shown above, the reserve balances of member banks have increased almost continuously since the establishment of the System. The more important changes bringing about the uncontemplated reduction in the member banks' reserve ratio were the provisions that vault cash be not counted as legal reserve and that reserves against time deposits be reduced to 3 percent. Over a period of years, as shown in Chart 1, banks gradually reduced their holdings of vault cash or did not increase them in proportion to the growth in their demand deposits; also time deposits, for various reasons, showed a more rapid growth than demand deposits. As a consequence, the ratio between the total of required reserves and cash actually held by all member banks and the total of their time and 968 FEDERAL RESERVE BULLETIN net demand deposits declined until it reached in 1928 a low point of less than 9 percent, as compared with about 13V2 percent in 1917. These changes in effect made possible an expansion in member bank credit of about $12,000,000,000 more than could have occurred with the same volume of reserves on the 1917 basis. These changes provided the basis for about two-thirds of the credit expansion that actually occurred in the period. Reduction in vault cash—Prior to 1917, as previously indicated, member banks held part of their reserves with Federal Reserve banks and part as cash in their own vaults. Under the 1917 amendment reserve requirements against deposits were reduced, and member banks were required to hold all their legal reserves with the Federal Reserve banks. At the time the amendment was passed the reduction in requirements for member banks, taken as a whole, was almost exactly equal to the amount of vault cash held by them. There were, however, differences in the effect among individual banks and classes of banks. Member banks located in the vicinity of Federal Reserve banks and branches benefited somewhat, since they could obtain currency quickly and needed only small amounts of vault cash. Banks at a distance, however, found it necessary to keep on hand substantial amounts of vault cash and consequently held larger reserves and vault cash than previously. The effect on the Reserve structure of this change in the status of vault cash was described as follows in the report of the Federal Reserve System Committee on Bank Reserves, published in 1931: "Between June 1917, before the new requirements went into effect, and June, 1930, net demand plus time deposits of member banks increased from $12,000,000,000 to $32,000,000,000, but holdings of vault cash at the same time decreased from about $800,000,000 to less than $500,000,000. By making progressive economies in their use of vault cash at a time of rapid increase in their deposit liabilities, member banks were able to reduce their cash holdings to less than . . ." l1/^ percent of their net demand phis time deposits by 1930. ". . . this reduction has been especially marked at large city banks. . . . NOVEMBER "Part of this decline reflects a reduction in the operating requirements of banks for vault cash. The American public has widespread banking facilities and is thoroughly educated in the use of checks. Their demand for pocket currency, consequently, is relatively small since its use is limited largely to transactions in which currency is the only convenient method of payment. In recent years there has also taken place a rapid increase in the use of checks for wage payments which has materially reduced the demand for cash for industrial pay rolls. While this substitution of checks for currency may reflect a socially desirable development, it does not constitute a logical or valid reason for a reduction in the reserve requirements of member banks since the effect upon business activity and upon the position of the individual member bank is the same whether a depositor's account is drawn upon to make payments by check or by currency. "By no means all of the economies in the use of cash which member banks have been able to effect since 1917, however, reflect the substitution of checks for currency in making payments. On the contrary, a special study of the daily vault-cash holdings of member banks has shown definitely that location in the vicinity of a Federal reserve bank or branch is the largest single factor accounting for the reduction in member bank holdings of cash. This investigation showed that member banks situated close enough to Federal reserve banks or their branches to be able to deposit surplus currency at the reserve banks or to obtain additional currency supplies from the reserve banks within a few minutes, maintained vaultcash holdings equal on the average to only 1.38 per cent of their net demand deposits. This group of member banks holds about 60 per cent of the total deposits of all member banks. "During the same period, the remaining member banks held vault cash equivalent to 4.64 per cent of their net demand deposits, or more than three times the proportion that was held by member banks close to the reserve banks. The investigation also showed that member banks located within short distances of cities where Federal reserve banks or branches are located held as high a proportion of vault cash, on the average, as country member banks, which, because of their inaccessible location, ordir narily can not receive additional supplies of currency until one or two days after it has been ordered. The amount of vault-cash reserves which member banks find it necessary to hold at the present time, therefore, depends mainly on whether or not they are located in the immediate vicinity of the reserve banks. If they are close enough, they can deposit with the reserve banks for credit to their reserve balance a large proportion of the vault cash which their business would otherwise require them to hold. "The 1917 amendment eliminating vault cash from legal reserves, consequently, has 1938 NOVEMBER 1938 FEDERAL RESERVE BULLETIN had two unfortunate effects. First, it has materially reduced the total reserve requirements of member banks and thus further facilitated expansion of bank credit at a time when huge gold imports arising out of war and postwar disturbances were already placing difficulties in the way of the effective administration of the country's credit resources. Second, these reductions in aggregate reserve requirements have not been equally available to all member banks but have particularly favored those banks which are located in close geographical proximity to the Federal reserve banks. . . ." Growth in time deposits at member banks —The establishment by the Federal Reserve Act of a substantial differential in required reserves in favor of time deposits made it possible for a considerable expansion of bank credit to occur without a corresponding increase in required reserves. To what extent the more rapid growth of time deposits as compared with demand deposits represented actual shifts from demand to time deposits is impossible to determine. The report of the System Committee on Bank Reserves included the following comments on this subject: "Deposits classified as time deposits have grown rapidly at member banks since 1914. In that year, when national banks were required to maintain the same reserve against all of their deposits, they held only about $1,200,000,000 in time deposits. Following the lowering of reserve requirements against these deposits, time deposits increased steadily and amounted to about $8,700,000,000 at national banks alone in 1930. During the same period, time deposits of nonnational commercial banks, including both State member and nonmember banks, increased from about $2,800,000,000 to $10,200,000,000 and savings deposits of mutual and stock savings banks from $4,800,000,000 to $10,500,000,000. The increase in time or savings deposits for national banks during the period was over 600 per cent, for nonnational commercial banks over 250 per cent, and for savings banks 120 per cent. Considering all of our commercial banks together, both State and National, time and savings deposits have increased from less than onefourth of total deposits in 1914 to nearly 40 per cent in 1930. In 1914, furthermore, these commercial banks held about 45 per cent of the total time deposits of the country; while by 1930 that proportion had grown to about 65 per cent. Of the total increase in time deposits in the interval more than 70 per cent was concentrated at commercial banks. By 1930 more than one-third of all member bank deposits consisted of time deposits 969 and nearly one-half of the time deposits of the country were held by member banks. "While there have been other factors in the growth of time deposits, it is clear that the introduction of a lower reserve on such deposits has encouraged the growth of savings deposits at commercial banks in part at the expense of the growth of deposits at specialized savings institutions, with the result that some of our so-called commercial member banks now operate largely with funds that are classified as time or savings deposits. From the point of view of bank reserves, however, the problem to determine is not the extent to which member banks have competed more effectively with other banks for the savings-deposit business of the country, but the extent to which member banks, because of the low reserve against time deposits, have been induced to classify as time deposits, deposits that are essentially demand in character. It has been repeatedly asserted in recent years that this reclassification of deposits, rather than effective competition on the part of member banks for savings deposits, has been responsible for a substantial part of the growth in time deposits at member banks. "While it is the opinion of the committee that the greater portion of time deposits held by member banks, particularly country member banks, represent funds which are genuine savings deposits, the committee is convinced that a significant part of these deposits, especially in metropolitan centers, are not in the nature of savings, but have a considerable velocity of turnover, and should be classified as demand deposits and carry correspondingly larger reserves. The volume of such deposits is sufficient to constitute a major departure from the principles underlying present reserve requirements. "A special investigation conducted in May 1931 revealed the fact that out of $13,000,000,000 of time deposits held by member banks at that time, $3,000,000,000 consisted of individual accounts with balances in excess of $25,000. Even though these accounts may consist of inactive deposits with a low turnover, they are not the typical small savings accounts for the accommodation of which the low reserve against time deposits was primarily instituted. Of the $3,000,000,000 held in these large individual accounts, 27 per cent were held in accounts evidenced by savings pass books, 24 per cent in accounts evidenced by certificates of deposit, and 49 per cent in other types of time accounts, chiefly open-book accounts payable in more than 30 days or subject to an agreement by the depositor at the time of deposit to give 30 days' notice before withdrawal. "A further violation of the intent of the law has grown up in certain localities where, to meet the competition of State savings banks, some member banks have devised a special savings account on which checks may be drawn without the presence of the depositor at the bank. These accounts are 970 FEDERAL RESERVE BULLETIN evidenced by savings pass books in which the bank reserves the right to require 30 days* notice before making payment on a withdrawal. When the account is opened, a duplicate savings pass book is issued, the original being held by the depositor and brought up to date from time to time, while the duplicate is left with the bank, which enters therein the amount of each withdrawal at the time checks on these accounts are presented for payment. So far as the committee can ascertain, this practice of permitting withdrawals from sayings accounts by check without presentation of the pass book has not, as yet, spread widely. An investigation of the turnover of these socalled savings accounts indicates that they are less active on the whole than demand accounts in the same banks, but much more active than other time accounts. They are, furthermore, no less active than accounts classified as demand deposits in many sections of the country. "In the opinion of the committee even the existence of a low rate of turnover in timedeposit accounts would not necessarily mean that the present system of reserves is functioning in accordance with the intent of the law. It is not necessary to classify deposits incorrectly in order to reduce reserve requirements under existing conditions. With only a 3 per cent reserve required against time deposits, there is an inducement for member banks to persuade or permit commercial customers to classify a large part of their working accounts as time deposits and then to permit a very rapid turnover on that small part of these accounts that remain in the demand-deposit classification. In such cases, the customers' aggregate deposits constitute the working balance, but all of the checks are cleared through the demand accounts, with the consequence that relative inactivity in time accounts is balanced by a corresponding increase in the activity of the demand balances. While it is impossible to ascertain the extent to which this practice has influenced the growth of time deposits at member banks in recent years, it is known that the turnover of demand accounts has increased rapidly. There has also been a growth in the volume and number of time-deposit accounts maintained by corporations. While both of these developments have reflected, in part at least, other factors than the effect of the 3 per cent reserve on time deposits, this reserve requirement has facilitated the movement and has undoubtedly been a factor in the decrease of the ratio between total bank reserves and the outstanding volume of bank credit." Since the above-quoted report was written, provisions in the Banking Acts of 1933 and 1935 and regulations issued thereunder have changed time deposit regulations with a view to preventing in the future such evasions of the intent of the law as occurred in the past.20 NOVEMBER 1938 Under present definitions savings deposits cannot be held for an organization operated for profit and cannot be withdrawn except upon presentation of the pass book or through payment to the depositor himself; time deposits cannot be paid before maturity except in case of emergency; and time deposits cannot be borrowed against, except at a rate of interest at least 2 percent above that paid on the deposit. At this time, moreover, when banks have large excess reserves and money rates are low, banks find large time deposits unprofitable and are discouraging them. It is likely that a large amount of funds which may be considered as genuine savings are now held in demand deposits. There is now little inducement for banks to reclassify deposits or to solicit time deposits, in contrast to the situation that exists in a period of active demand for money, of limited reserves, and of high money rates. Changes in reserve requirements, 19361938—Although the additions to the supply of effective reserves during the first ten or twelve years of the Federal Reserve System's operation were important factors in credit developments during the 1920's, they were relatively small compared with the additions to reserves that have occurred since then. By the end of 1935 member bank reserve balances in excess of requirements were sufficient to provide the basis for doubling the existing volume of deposits. Fluctuations in the required and excess reserves of member banks since 1932 are shown on the accompanying chart. Problems raised by the large volume and continued increase in member bank reserves differed from those analyzed by the System Committee on Reserves in its 1931 report. These new problems were given careful consideration by the Board of Governors in the latter part of 1935 and in 1936. In order to eliminate the possibility of the existing excess 20 See Sec. 11 of Banking Act of 1933 ; Sec. 324 of Banking Act of 1935 ; and Regulation Q of Board of Governors of the Federal Reserve System, revised, effective January 1, 1936. NOVEMBER 971 FEDERAL RESERVE BULLETIN 1938 CHART 3 REQUIRED AND EXCESS RESERVES OF MEMBER BANKS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 1932 1933 1934 1935 reserves becoming the basis of an injurious credit expansion, the Board decided to raise member bank reserve requirements by 50 percent, effective after the close of business August 15, 1936. Early in 1937, the Board took action to increase requirements by another 50 percent of those prescribed in the Federal Reserve Act, one-half of this second increase to become effective March 1 and the other half May 1, 1937. This action fully utilized the Board's power under the law to raise requirements to twice the percentages prescribed in Section 19 of the Federal Reserve Act, as amended. By these actions the Board eliminated as a basis of possible credit expansion about $3,000,000,000 of excess reserves. The section of the law which authorizes the Board to change reserve requirements for member banks states that this power may be exercised "in order to prevent injurious credit expansion or contraction." The significance of this language is that it places responsibility on the Board to use its power to change reserve requirements not only to restrict and minimize an injurious credit expansion or contraction after it has developed, but to anticipate and prevent such an expansion or contraction. In raising reserve re- 1936 1937 1938 quirements it was not the intention of the Board to reverse the policy of monetary ease which had been pursued by the System since the beginning of the depression. Rather it was an adjustment to a changed reserve situation brought about through the extraordinary inflow of gold from abroad. At the time of taking action to increase reserve requirements the Board announced that the Federal Reserve System proposed to continue its policy of exerting its influence toward the maintenance of easy money conditions for the encouragement of full economic recovery. The increase in reserve requirements did not diminish the large volume of funds awaiting investment held on deposit by bank customers. These funds were ample to assure the continuance of favorable money rates for capital purposes. At the same time, with excess reserves reduced to a manageable figure, the Reserve System was placed in a position to take prompt action to bring about current adjustments of the reserve position of member banks to credit needs by employing the moreflexibleinstrument of open-market operations to ease or tighten conditions in the money market. It has sometimes been erroneously stated that the increase in reserve requirements 972 FEDERAL RESERVE BULLETIN furnished the Federal Reserve banks with additional funds available for making loans or purchasing securities. This statement is based on a misunderstanding of the operations of the Federal Reserve banks. The lending power of Federal Reserve banks is not affected by changes in reserve requirements. So long as member banks have adequate excess reserves to meet an increase in reserve requirements, the balance sheet of the Federal Reserve banks is not altered by such a change. It does not affect the total amount of deposits at the Reserve banks; it merely converts a portion of member bank reserve balances from excess reserves into required reserves. It has no effect whatever on the volume of funds available to the Reserve banks for investment. Limits of possible expansion by the Reserve banks are not affected by the proportion of member bank reserves that is required and the proportion that is in excess of requirements. These limits depend on the amount of cash reserves of the Reserve banks themselves, and cash reserves are not altered by a change in reserve requirements of member banks. Existing reserves of the Federal Reserve banks, moreover, are large enough to permit Reserve bank earning assets to be expanded to many times their present volume. The extent to which the lending power of the Federal Reserve banks is put to use, however, is not determined by the theoretical possibilities of expansion on the basis of available reserves or by the possible earnings from such expansion, but solely by a consideration of the amount of reserve funds required for the accommodation of commerce and business and the maintenance of sound credit conditions. Beginning in the latter part of 1937 there were marked declines in industrial activity and employment and in commodity and security prices, which continued into the early months of 1938. In April 1938 the President announced a comprehensive program of governmental measures for the encouragement of business recovery, and as a part of this program the Board of Governors on April 16 NOVEMBER 1938 reduced reserve requirements of member banks by approximately one-eighth of the higher level to which they had been raised about a year earlier. This action had the effect of raising excess reserves from about $1,700,000,000 to $2,500,000,000. Treasury policies with regard to gold acquisitions, 1936-1938—From December 1936 until April 1938 the growth in bank reserves resulting from the continued increase in the country's monetary gold stock was largely prevented by a policy followed by the Treasury in this period of placing new gold acquisitions in an inactive account. Under this practice the Treasury paid for gold by drawing upon its balances with the Federal Reserve banks but set aside its current gold purchases in an inactive account and replenished its balance with the Federal Reserve banks by drawing funds from the market. So long as this practice was followed gold imports did not increase member bank reserves. In September 1937 the Treasury, at the request of the Board of Governors, released $300,000,000 of gold from its inactive account. In February 1938 the "sterilization'' policy was further modified so that newly acquired gold up to $100,000,000 a quarter was to be added to reserves, and in April, in connection with the Government's program for encouragement of business recovery, the practice of placing gold in a special inactive account was discontinued. At that time $1,400,000,000 of inactive gold was deposited by the Treasury in its account with the Reserve banks, from which current expenditures are made. As these deposits are reduced member bank reserves increase. Largely as a result of Treasury expenditures from its accumulated gold balances and of further gold imports member bank reserves increased sharply from April to October 1938, and excess reserves at the end of October amounted to $3,200,000,000. This is near the previous maximum reached in 1935 and 1936, before the first increase in reserve requirements. 973 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL BANKS IN THE UNITED STATES x ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY DISTRICTS [Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.] Loans and investments Total Federal Reserve District June 1938 Mar. 1938 Loans June 1937 June 1938 Mar. 1938 Investments June 1937 June 1938 Mar. 1938 June 1937 Number of banks Deposits, exclusive of interbank deposits June 1938 Mar. 1938 June 1937 June 1938 Mar. 1938 June 1937 ALL BANKS1 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis. Minneapolis Kansas City Dallas _ San Francisco__ _ _._ ___ Total 5,576 5,652 5,826 17,619 17, 957 18, 892 3 392 3 380 3 490 3,453 3,578 3,620 1,911 1,944 1,920 1,302 1,285 1,291 5,086 5,403 5,408 1,488 1,484 1,514 1,088 1,049 1,103 1,348 1,300 1,385 970 991 963 4,254 4,213 4,260 2,670 8,004 1 230 1,413 891 687 1,797 715 436 624 512 2,151 2,719 8,394 1 257 1,462 889 686 1,904 717 438 631 513 2,166 2,821 9,225 1 286 1,410 869 639 1,922 701 432 626 480 2,103 2,907 9,615 2 162 2,040 1,020 598 3,288 769 612 677 459 2,104 2,933 9,563 2 122 2,116 1,031 615 3,499 771 649 716 478 2,047 5,844 5,933 18,199 19,011 3 536 3 705 3,822 3,902 2,176 2,188 1,541 1,497 6,197 6,348 1, 632 1,722 1,218 1, 265 1,762 1,615 1 , 294 1,230 4,628 4,723 3,006 5,864 9,667 18, 475 2 204 3 588 2,210 3,799 1,075 2,148 651 1,491 3,486 6,289 813 1.645 670 1,235 759 1,630 483 1,266 2,157 4,767 47, 381 48,319 49, 696 21,130 21, 779 22, 514 26, 252 26, 540 27,182 52,195 r 882 1, 235 941 1,253 1,075 1,044 2,513 1,564 1,339 1,883 968 590 883 1,237 942 1,253 1,080 1,044 2,529 1,573 1,347 1 888 972 600 887 1,250 946 1,265 1,092 1,048 2,551 1,597 1,363 1,913 987 628 51, 703 53, 287 15, 287 15, 348 15, 527 MEMBER BANKS Boston _ New York Philadelphia Cleveland _ Richmond . . Atlanta Chicago St. LouisMinneapolis Kansas City Dallas San Francisco.__ 1,942 1,885 2,106 10, 424 10, 776 11,573 2,291 2,279 2,386 2,674 2,729 2,820 1,191 1,187 1,206 994 1,008 1,003 4,033 4,272 4, 265 1,036 1,078 1,057 722 757 769 1,024 1,071 1,107 832 849 827 3,618 3,569 3,618 961 4,202 913 1,067 554 511 1,278 463 291 453 426 1, 819 988 4,576 941 1,084 556 514 1,369 494 296 467 427 1,833 Total 1,029 2 162 6,192 11,188 1,427 2,445 1,752 2,966 668 1,363 528 1,137 2,861 4,977 600 1 135 475 870 649 1,282 431 1,090 1,842 4,131 2,138 2,198 10, 927 11,695 2,384 2,562 2,934 3,046 1,376 1,399 1,172 1,132 4,824 4,938 1,146 1,133 846 891 1,259 1,302 1,111 1,051 4,000 4,093 357 775 656 623 405 322 775 390 467 735 544 289 357 776 656 622 405 323 771 391 466 733 546 289 360 787 657 623 405 326 757 391 473 725 549 304 30, 721 31,521 32, 739 12, 938 13, 546 14, 285 17, 782 17,975 18,454 34, 746 _. 34,118 35, 440 6,338 6, 335 6,357 1,077 5,381 959 1,068 538 475 1,404 457 295 458 396 1,776 924 6,223 1,377 1,607 633 483 2,755 573 431 571 406 1,799 954 6,200 1,338 1,645 636 493 2,903 584 461 604 421 1,736 NONMEMBER BANKS Boston _ New York Philadelphia Cleveland Richmond Atlanta _ Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 3,720 7,319 1,104 800 738 287 1,143 457 333 278 136 642 1,709 3,803 316 346 337 176 520 252 145 171 86 332 1,731 3,818 316 378 334 172 536 223 143 164 85 334 1 744 3,844 327 342 331 164 518 244 138 168 83 326 1 983 3,393 ' 785 433 388 115 533 196 182 106 52 305 1 979 3,363 785 471 395 122 596 187 188 112 57 311 1 976 3 702 3,475 7,287 111 1 142 834 459 407 784 123 353 625 1,312 213 509 196 365 110 348 52 176 316 636 3 706 7,273 1 152 888 800 369 1,373 486 372 355 r 183 628 3 735 7,316 1 143 856 789 365 1,410 589 374 460 179 631 525 460 285 630 670 722 1,738 1,174 872 1,148 424 301 526 461 286 631 675 721 1,758 1 182 881 1,155 426 311 527 463 289 642 687 722 1,794 1,206 890 1,188 438 324 16, 661 16, 798 16, 958 8,192 8,233 8,229 8,469 8,565 8,728 17, 449 '17,584 17, 848 8,949 9,013 9,170 3,692 7,195 1,101 779 724 291 1,053 447 327 276 138 636 _. r 3,710 7,181 1,100 849 728 294 1,132 410 331 276 142 645 Revised. i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on pa! 974 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL BANKS IN THE UNITED STATES—Continued 1 ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of interbank deposits Investments Loans N u m b e r of banks State June 1938 New England: Maine New Hampshire Vermont M assachusetts. _ Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia. Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific: Washington Oregon California Total r March 1938 June 1937 June 1938 March 1938 June 1937 June 1938 March 1938 June 1937 June 1938 202, 547 208,654 209,887 317, 551 108,354 316, 794 327,958 109,763 111,133 98, 565 170, 666 173,941 173, 603 268, 292 268,157 268, 625 99, 539 99,450 86, 612 78,964 166, 670 169,180 88,030 87,776 71,166 77,391 164, 526 , 758,034 1,800, 680 1, 876, 653 1, 770, 773 1, 778, 855 1,832,867 3, 718,924 3, 685, 672 3, 753,103 174,471 170,122 181, 677 271,178 271,156 284,461 455, 511 462,365 460,866 589, 704 602,131 563,423 1,232, 354 1,236,409 1, 248, 702 582,984 550, 667 558,441 102 108 91 392 35 196 102 109 91 392 35 196 June 1937 103 109 91 395 35 196 ', 902 ' 283, 9187, 655,319 8,468,902 8, 677, 220 8,613, 111 8, 691, 77016, 546, 290 16, 267,057 17, 061,478 900 , 910 691, 851 713,834 742,425 953, 663 967, 998 996,163 1,949, 543 1,963,178 1, 992,053 410 411 416 . 541,392 1, 561, 211 1, 548,378 2,932,187 2,896,141 3,025, 916 4, 541, 678 4,475,247 4, 691,154 1,113 1,114 1,122 , 811,972 257, 748 858,645 362, 577 244,144 831, 761 841, 731 948,167 986,066 1, 037, 551 2,128,946 2,109,491 2,170,184 257,954 384, 782 392,389 400, 382 782,038 263,248 774,499 787,971 1,000,169 1,821,012 1,972,185 1,896,015 3, 369,848 3,201, 990 3,331, 207 951, 933 364,482 354, 262 675, 524 712, 677 744,001 1, 287, 571 1, 331, 742 1, 355,459 818, 566 816, 658 250, 669 249,702 447,495 463, 530 467,454 794, 210 709 521 866 462 595 299, 233 252,024 406, 300 24,170 33, 208 108, 319 143,046 303, 263 251, 825 446,518 24,146 32, 598 107, 792 136, 222 295,059 236,114 433, 953 24, 655 33, 499 107,130 138, 932 406, 539 206,148 541, 225 31,052 31,479 110, 745 135, 686 433, 278 216, 739 566, 603 31, 624 32,444 114,957 135, 455 791, 232 826,048 446, 270 812,637 242, 734 556,289 568, 653 565, 604 580, 634 1,024,032 1,024,854 1,186, 592 67, 276 33,715 64, 384 65,117 83, 295 34, 544 79,124 77,408 119, 539 249, 816 251, 517 258,429 363, 818 140,107 353,170 350,037 653 651 180 175 427 687 76,161 208,658 98, 200 271, 634 127, 549 157, 456 55,135 210,017 79, 914 78,193 212, 319 100,531 273,075 124,828 154,413 52, 382 209, 652 80, 801 78, 773 210,106 102,924 262,392 124,560 148, 037 48, 684 202, 975 75, 549 99,078 471, 200 130,508 175, 633 90, 687 132, 410 40,198 83, 751 142, 750 99, 540 446, 756 135, 489 177, 371 98, 724 148, 341 45, 921 84, 878 148, 987 103,143 470,447 142, 309 188, 370 98, 457 146, 747 52, 699 93,913 167,482 190,875 723,380 280, 815 500, 568 269, 491 310, 957 121, 645 315, 834 282, 803 182, 373 717, 920 307, 879 489,866 269, 529 320, 567 131, 418 321, 602 314, 971 187, 481 733, 228 286, 559 502, 961 276, 791 317, 922 134, 935 325, 909 300, 508 205, 351 216, 225 123, 515 68, 480 212,990 215, 801 118, 255 212, 522 192, 567 105, 325 59, 596 148, 611 133, 916 85, 993 74, 969 153, 826 137, 897 90, 284 79,153 161,040 155,158 102, 900 77, 318 381, 409 401, 839 235,022 180, 323 402, 311 404,021 243, 689 199, 691 63, 071 136,804 137, 510 457, 263 62,136 140, 491 135,813 458, "" 53,133 121, 553 130,935 431,067 53, 411 176, 636 142,013 418, 852 31,193 29, 245 24, 393 79, 804 18, 894 30, 011 26, 912 23, 052 85, 416 17,899 26, 835 54, 511 8,271 30, 957 26, 697 23, 828 81, 421 17,165 24, 774 53,813 7,616 59,884 38, 624 16,098 105, 916 18, 204 32, 374 48, 334 15, 398 55, 071 9,237 709 524 873 464 599 713 530 882 470 605 690 657 659 183 177 429 688 660 668 191 181 432 701 48 196 22 319 184 232 150 284 163 196 22 321 184 235 150 284 163 199 22 323 186 239 151 285 162 396, 776 402, 810 241, 726 172, 788 428 303 218 206 425 304 217 207 437 312 217 207 56, 530 176,184 152, 929 437, 376 149, 841 145, 969 61, 801 143, 798 173, 308 365,338 367, 091 344, 760 150, 540 379, 995 375,808 368,091 442, 260 1,135, 835 1,157, 587 1,102,068 221 146 398 856 220 146 399 223 146 401 874 60,901 40, 350 18, 065 114, 770 17, 918 32, 634 52, 314 14, 918 61,986 43, 648 18, 975 128, 327 20, 222 32, 490 114 52 58 145 41 12 59 115 52 58 145 41 12 117 53 58 149 41 13 59 10 153 77 232 160 77 235 179 80 238 15,110 120, 550 87, 341 54,465 262, 690 54, 660 80. 799 123,098 33,056 121, 518 89, 413 54, 919 270, 968 52, 607 82, 739 127, 766 33, 323 124,171 93,191 54, 651 277,196 52, 916 80,477 126, 916 31,994 452, 617 468, 781 451, 308 193, 651 188, 402 194, 459 201, 759 204, 940 210, 221 264, 270 262, 677 269,865 88,488 141, 274 84,464 82, 659 136,888 133,913 752, 983 1, 782, 266 1, 718. 228 1, 637, 603 1, 575, 755 1, 662, 985 3, 746,015 3, 599, 047 3, 672, 317 21,129, 814 21, 778, 841 22, 514,000 26, 251, 619 26, 540, 299 27,182, 069 52,194? 913 -"51, 702, 696 53, 287,134 15, 287 15,348 15, 527 Revised. * Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 976. Mar. 1938 975 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of interb a n k deposits Investments Loans Number of banks March 1938 June Mar. June 1938 1938 1937 State June 1938 New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware. Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific: Washington Oregon California Total 39,078 29, 636 25, 423 506, 623 40, 703 106, 750 ., 508, 391 229,474 800,168 March 1938 37,975 29, 224 23, 863 530,062 43, 014 111,286 June 1937 June 1938 39, 265 30,109 23,652 587,402 46, 839 116,169 64,031 29,203 23,157 437, 242 33, 389 103, 286 March 1938 65,092 30, 312 25,130 467, 867 33, 384 105, 237 June 1937 June 1938 June 1937 110,219 118,047 110, 850 61,662 62,130 62,165 51,187 51, 394 51, 248 1,100,175 1,072,401 1,118,141 85, 570 79, 733 83,118 264, 846 253,914 256,091 39 52 42 127 12 54 39 52 42 127 12 54 52 42 128 !2 54 1, 633, 696 1,876,189 2, 546, 742 2,498, 429 2, 454, 888 4,110, 555 4, 058, 264 4, 315, 757 733, 802 758,197 733, 324 229, 872 240, 283 377, 698 386, 677 402,454 809, 316 797, 275 1, 422,864 1, 403, 628 1,480,458 2,199, 556 2,172, 463 2, 333, 579 442 229 697 443 229 697 450 232 702 893, 653 926, 354 893, 889 390,879 384,! 395, 443 2, 348,195 2,194, 279 2, 297,096 684, 219 698,613 658, 682 426, 296 418,015 420, 67f 247 127 314 83 106 248 127 314 83 106 248 126 310 83 105 528, 249 188, 824 425, 910 43, 368 46,911 183, 726 192, 297 564,! 189, 727 426, 618 45, 730 49, 967 187, 932 193, 711 195 110 86 52 45 136 184 195 111 86 53 45 136 185 196 113 86 57 47 136 186 16 63 9 132 79 43 20 53 53 16 63 9 132 79 43 20 53 53 132 79 43 20 55 53 71 66 25 100 72 68 25 303, 469 108, 224 606, 619 155,166 96,033 314, 763 112,562 682, 416 155, 858 103, 726 423, 978 455, 694 313,376 109, 427 224, 855 218,364 726, 343 1, 279, 242 1, 403, 686 1, 390, 309 153, 852 370,381 268,193 264, 708 106,591 198, 405 74,004 160, 740 14, 259 18, 533 74,101 62, 700 205,137 74, 874 182, 668 14, 224 18, 097 75, 450 61, 289 202,846 73, 397 177, 977 14, 634 18, 493 73, 551 62, 811 271, 854 84, 502 229, 917 21, 962 20, 747 91, 497 85,135 294, 616 86,193 8,084 63, 336 44, 720 146,149 65, 755 41, 262 29, 576 128, 807 55, 099 8,040 64,164 46, 226 145, 899 63, 367 40, 111 27, 492 130, 741 56, 382 7,684 61, 781 47, 508 139, 638 62, 239 39, 544 26, 782 127, 705 53, 541 93, 577 148, 657 82, 860 21, 039 96, 252 148, 880 79. 713 20, 636 33, 913 88,029 116, 745 377, 973 14, 083 13, 561 15, 585 61,129 14,441 19, 768 21, 950 8,512 69, 814 29,974 26, 245 519,939 39, 539 111, 538 491, 223, 318, 412, 259, 310 716 768 533 891 22, 885 21, 528 94,405 83,036 302,639 100,446 242,760 24, 563 22, 744 97, 954 88, 482 552,12' 187, 378 422, 493 42,873 9,892 172, 811 73, 041 116, 639 50, 543 26,137 19,153 57, 862 112, 948 10,381 153, 604 80, 780 117, 884 53, 775 28, 349 22, 618 58, 543 117, 534 10, 818 163, 590 85, 984 128, 232 52, 970 31, 503 28, 729 65, 865 135, 590 17, 694 240, 539 169, 566 291, 659 143, 685 88, 216 68, 306 202,394 232, 505 18, 323 248, 937 154, 261 306, 264 143, 040 88, 506 71,033 213, 043 223, 329 132, 644 70,036 19, 245 80, 456 103,035 60,299 26, 322 82,024 106,115 64, 282 25, 964 81, 123, 75, 27, 825 205 596 616 17, 635 242, 200 149, r 303, 618 143, 697 83,949 62, 821 204, 360 207,006 189, 883 281, 394 162, 077 63, 244 198, 797 282, 339 165, 631 70, 526 193, 075 280, 794 169, 321 59, 830 33,517 92, 968 116, 527 379, 837 28, 247 77, 038 111, 646 357, 583 33,230 123, 306 126, 620 371, 873 35 ' 120,' 353 135, 735 385, 295 40, 120, 135, 394, 596 517 798 721 80,947 233, 359 329, 019 972, 099 85,126 235, 450 317, 644 987, 057 83, 767 219,412 321, 932 940, 210 50 30 215 449 50 30 215 451 50 30 214 457 13, 873 12, 515 14, 780 65, 497 13, 605 19, 579 21, 605 7,638 13,451 11,912 15, 351 61, 323 12, 984 16, 852 21, 244 6, 213 36, 756 20, 242 13, 344 87, 835 14, 965 22, 092 22, 205 14,197 37,197 21, 905 14, 449 96, 569 14, 618 22,187 25, 076 13, 700 38,196 20, 917 15,050 109,499 16, 779 22, 493 29, 501 13, 089 68, 339 43, 827 38, 936 211, 590 43,333 55, 58" 53,718 30, 659 69, 294 44, 667 39, 206 216, 356 41, 043 57, 214 56, 694 30,932 70, 77! 42, 540 38, 739 223, 768 41,321 53, 468 57, 034 26, 802 43 20 26 78 22 5 13 5 43 20 26 77 22 5 13 5 44 20 26 78 22 6 13 5 323, 612 308,878 139, 259 134, 065 122, 792 143, 635 144, 978 144, 641 326, 346 72, 844 69, 684 226, 887 225, 057 229, 983 66, 926 120, 589 115, 913 123,148 , 231, 159 1, 241,156 1,195, 098 1,147, 745 1, 092, 542 1,139, 871 2, 672, 595 2, 568, 619 2, 605, 987 103 28 103 54 29 105 8,614,121 8,796,477 11,617,647 11,788,407 12,096,994 22,552,909 22,264,200 22,925,823 5,242 5,250 5,293 8,316,371 238, !"• 185, 282 194, 345 976 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL BANKS IN THE UNITED STATES—Continued 1 STATE BANKS —PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Amounts in thousands of dollars] Loans Deposits, exclusive of interbank deposits Investments Number of banks State June 19382 New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada.. Pacific: Washington Oregon California Total March 1938 2 June 1937 2 June 1938 2 March 1938 2 June 1937 2 June 1938 2 June 1937 2 March 19382 June Mar. June 1938 2 1938 2 1937 2 140, 073 70,379 71,868 138, 516 206, 701 209, 911 143, 562 206, 575 69, 341 69, 341 141, 463 143, 629 206,127 206, 495 69,903 143, 629 206,495 62, 749 64,124 48,009 52, 719 113, 278 117,786 62, 607 52, 261 115, 483 :, 251, 411 1, 270, 618 1, 289, 251 1, 333, 531 1, 310, 988 1, 312, 928 2, 618, 749 2, 613, 271 2, 634, 962 131,457 237, 789 244,922 372,393 381,133 134,838 376,795 129,419 237, 772 447, 381 978, 440 983, 856 485,962 451, 885 980, 318 476, 234 478, 418 453, 204 63 56 49 265 23 142 63 57 49 265 23 142 63 57 49 267 23 142 i, 775, 527 6,021,623 6, 592, 713 6,130,478 6,114,682 6, 236,882 12,, 435, 735 12, 208,793 12, 745, 721 ! 483, 962 502,142 575, 965 593,709 1, 216, 219 1, 229, 376 1, 233, 856 462, 377 581, 321 751, 895 751,103 1, 509, 323 1, 492, 513 1, 545, 458 2, 342,122 2, 302, 784 2, 357, 575 741, 224 458 181 416 459 182 417 460 184 420 462 394 552 379 489 461 397 559 381 493 465 404 572 387 500 261,066 375,877 759,974 21, 546 33,328 70,497 3 170,107 493 543 565 128 130 291 503 495 546 573 130 132 293 503 492 547 582 134 134 296 515 508, 503 149, 524 252,026 207,411 148, 111 516, 998 150,686 269,517 208,624 146,943 528, 355 148, 527 273,826 200,410 143, 111 524, 189 159,927 541, 770 305,143 179,302 530, 372 174,025 568,499 322,368 198, 822 546, 241 1, 235,057 176, 666 386,595 577, 247 1,021, 653 628,889 331,468 373, 532 207, 563 100,828 178,020 245, 560 9,911 14, 675 34, 218 80,346 98,126 176,951 263,850 9,922 14, 501 32, 342 74, 933 92, 213 162, 717 255,976 10,021 15,006 33, 579 76,121 134,685 121,646 311,308 9,090 10,732 19, 248 50, 551 138,662 130, 546 327, 714 8,739 10,916 20, 552 52, 419 143,631 142,288 337,874 9,152 11, 800 21, 585 51, 625 260,510 368,911 601, 539 21,511 30, 926 64, 534 3 158, 825 68,077 145,322 53,480 125,485 61, 794 116,194 25, 559 81, 210 24,815 70,153 148,155 54,305 127,176 61, 461 114, 302 24,890 78, 911 24,419 71,089 148, 325 55,416 122, 754 62,321 108,493 21, 902 75, 270 22,008 89,186 298,389 57,467 58, 994 40,144 106, 273 21,045 25, 889 29,802 89,159 293,152 54, 709 59,487 44, 949 119,992 23, 303 26,335 31,453 92,325 306,857 56,325 60,138 45, 487 115,244 23, 970 28,048 31,892 173, 240 481,180 131,519 196, 950 125, 794 227,008 58,824 111, 474 75, 797 164, 679 477, 381 138, 313 198, 207 125, 844 232,351 63,112 119, 208 82,466 169,158 484,291 132,298 196, 697 133, 751 229,416 63,902 112,866 77,179 32 133 13 187 105 189 130 231 110 32 133 13 189 105 192 130 231 110 32 136 13 191 107 196 131 230 109 111,774 67, 568 40, 655 47,441 116, 738 66, 921 38, 542 46, 653 113, 533 59, 923 35, 289 40,351 68,155 30,881 25, 694 48, 647 71,802 31, 782 26,002 53,189 79, 31, 27, 49, 215 953 304 702 191, 526 120, 445 72,945 117,079 203, 514 121,682 78,058 129,165 203, 701 122, 016 72, 405 112,958 330 232 152 181 326 233 151 182 337 240 149 182 29,158 48, 775 20, 765 79, 290 28, 619 47, 523 19, 286 24, 44, 19, 73, 886 515 289 484 20,181 53,330 15, 393 46, 979 20, 562 55, 831 17,194 52,081 21, 52, 14, 47, 205 791 742 539 62,851 131, 979 50,976 163, 736 64, 715 131, 641 50,447 170, 530 62,202 125, 348 53,876 161,858 171 116 183 407 170 116 184 409 173 116 187 417 17,110 15, 684 8,808 18, 675 4,453 7,125 33,121 725 16,138 14, 397 8,272 19, 919 4,294 7,256 32,906 633 17, 506 14, 785 8,477 20, 098 4,181 7,922 32, 569 1,403 23.128 18, 382 2,754 18, 081 3,239 10, 282 26.129 1,201 23, 704 18, 445 3,616 18, 201 3,300 10,447 27, 238 1,218 23,790 22, 731 3,925 18, 828 3,443 9,997 29,438 2,021 52, 211 3 43, 514 15,529 51,100 11, 327 3 25,212 69,380 3 2, 397 52, 224 3 44, 746 15,713 54, 612 11, 564 3 25, 525 71,072 3 2,391 53, 393 50, 651 15,912 53, 428 11, 595 » 27,009 69,882 3 5,192 71 32 32 67 19 7 46 4 72 32 32 68 19 7 46 4 73 33 32 71 19 7 46 5 54, 392 15, 644 521, 824 54, 337 14, 780 541,110 71, 667 15, 733 523,130 58,124 16, 299 489,858 59, 962 18,000 483, 213 124, 962 65, 580 129,005 159,903 18,126 37, 383 37, 620 39, 882 523,114 1, 073, 420 1, 030, 428 1,066, 330 105 49 129 111 49 132 125 51 133 1, 215, 838 1, 243, 830 389, 518 397,092 1,007,711 1, 034, 111 656, 846 647, 523 398, 643 392,270 262,983 379, 829 598, 944 21, 749 30,497 67, 791 3 157, 740 3 4 3 12, 813, 443 13,164, 720 13, 717, 523 14, 633, 972 14, 751, 892 15,085, 075 642, 004 '29, 438, 496 30, 361, 311 10, 045 10, 10, 234 i , r Revised. 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 All figures in the June 1938 columns are as of June 30 except Alabama, which are as of May 19. For call dates of figures included in the March 1938 and June 1937 columns see footnotes at bottom of pages 581 and 1081, respectively, of the July 1938 and November 1937 BULLETINS. 3 Includes relatively small amounts of interbank deposits. 4 Includes interbank deposits, estimated at about $150,000,000. 977 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Figures in this table are also included in the table on page 976 covering "State Banks". Amounts in thousands of dollars] Loans Deposits, exclusive of interbank deposits Investments Number of banks State June Connecticut: District No. 1 District No. 2 Indiana: District No. 7 ._ District No. 8 Iowa Kansas New Jersey Dist. No. 2 New York _ _ Ohio Pennsylvania: District No. 3 District No. 4 South Carolina ._ _ March June 19381 19381 19371 March 19381 June 19381 June 19371 June March 19381 19381 June 19371 June Mar. J u n e 19381 19381 19371 296 129 217 69 222 122 212 122 423 297 459 301 475 340 3 1 3 1 3 1 1,525 167 175 2 15 82,204 2,144 1,788 194 137 1 15 91, 276 2,249 1,343 52 38 1,370 51 285 1,465 97 280 13 327, 702 566 12 315, 982 572 11 436,242 628 4,082 256 301 9 6 358, 620 2,803 4,343 248 509 11 7 352, 428 2,965 5,343 389 550 76 7 483, 316 3,376 17 2 1 1 1 14 13 19 2 2 1 1 14 13 24 3 2 1 1 14 14 8,199 1,107 640 9,386 1,088 678 10,327 1,081 730 37,102 1,111 50 34, 569 1,348 50 44,165 1,166 237 56,395 2,427 622 56,903 2,474 748 61,741 2,577 1,340 15 4 1 15 4 1 16 5 1 91,152 Total 323 135 1,378 169 165 2 15 76, 904 2,148 _ 315 123 97, 822 108, 256 368, 263 354,583 484, 625 426,241 421,396 559,530 73 76 85 1 All figures in the June 1938 columns are as of June 30. For call dates of figures included in the March 1938 and June 1937 columns, see footnotes on pages 582 and 1082, respectively, of the July 1938 and November 1937 BULLETINS. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 7, 1938 AND JUNE 30, 1937, BY STATES [Figures in this table are also included in the table on page 976 covering "State Banks." Deposits, exclusive of interbank deposits Investments Loans Amounts in thousands of dollars] Number of banks State June California Connecticut: District No. 1 District No. 2 Delaware Indiana: District No 7 District No. 8 Maine Maryland . . . Massachusetts Minnesota.. _. New Hampshire New Jersey: District No. 2 District No. 3 New York Ohio Oregon Pennsylvania: District No. 3 District No. 4. Rhode Island . . . Vermont Washington Wisconsin: District No. 7 District No. 9 March June June 19381 19381 19371 19381 March 19381 June June March June June Mar. June 19371 19381 19381 1937' 19381 19381 19371 34,178 --_ _ . _ .. Total _ 33,082 58,602 59, 537 60,907 86, 675 86, 744 87, 766 1 1 1 272, 854 81,879 12,653 274,966 79, 598 12, 245 269, 693 81,314 27, 937 273, 456 83,312 27, 906 266, 291 81, 605 26, 984 554,944 163, 529 36, 971 558,805 163, 650 36, 560 556,911 162,120 35, 492 59 14 2 59 14 2 59 14 2 4,191 4,219 7,654 7,874 8,063 3,818 12, 890 8,103 3,300 2,930 4,545 4,309 4,320 2,789 104, 745 100, 852 100,987 126, 930 30, 362 30, 358 30,658 176, 067 173,128 42,154 178, 063 223, 285 44, 315 45, 148 1, 042,151 1, 057, 893 1, 056, 584 1, 098, 550 1,082, 790 1,084, 070 2,144, 444 53, 342 53, 962 54,024 10, 068 9,833 65, 290 9,837 134, 637 132, 675 134, 637 61, 273 61,717 190, 243 61, 273 . 33,680 271, 620 81,868 12, 976 12, 993 13,023 8,068 7,994 127,061 127, 225 222, 532 221,187 2,145, 368 2,163, 834 66,412 66, 587 190, 546 190, 546 4 1 32 12 193 1 44 4 1 32 12 193 1 44 4 I 32 12 193 I 41 172, 518 169,127 165, 576 322, 218 133, 842 128, 799 131,920 8,131 8,036 8,088 4,972 14, 453 5,108 4,970 2, 989, 944 2, 997, 574 3,007, 537 2, 313, 928 2, 283, 517 2, 283,128 5, 336, 851 67, 327 69, 588 38, 740 65, 469 40, 405 121,016 43, 654 731 669 892 737 1,109 1,909 1,067 320, 749 319,171 14, 485 14, 782 5, 291, 876 5, 246, 086 118, 584 119, 483 1,763 1,522 22 3 134 3 1 22 3 134 3 1 22 3 135 3 1 74, 735 11,847 51,031 30, 709 26, 493 74, 438 11,901 52, 309 31,550 26,153 73, 859 12, 525 51, 627 32, 321 27, 347 437,843 41, 999 124, 395 25, 404 36, 280 438, 798 41, 737 126,096 26, 683 35, 844 426, 743 41, 477 126, 826 27, 031 32, 462 525, 500 54, 481 176,023 61, 748 63,875 530,576 54,067 175, 948 63,138 63, 461 520,104 53, 602 176,102 64, 734 61, 361 6 1 9 14 3 6 1 9 14 3 6 1 9 14 3 2,133 62 2,177 65 2,111 65 2,085 58 2, 128 59 1,916 46 4,371 110 4,381 109 4,332 99 3 1 3 1 3 1 4, 961, 068 4, 994, 943 5, 001, 968 5, 235, 037 5, 200, 729 5, 178, 034 10, 295, 859 10, 258, 950 10, 212, 989 563 563 564 i All figures in the June 1938 columns are as of June 30. For call dates of figures included in the March 1938 and June 1937 columns, see footnotes on pages 582 and 1082, respectively, of the July 1938 and November 1937 BULLETINS. FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 979 980 FEDERAL RESERVE BULLETIN NOVEMBER 1938 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank reserve balances Reserve bank credit outstanding Date Bills Bills disbought counted End of month figures: 1937—Aug. 31 Sept. 30.... Oct. 30 Nov. 3 0 — Dec. 31 1938—Jan. 31 Feb. 2 8 . . . . Mar. 31—_ Apr. 30.— May 31 June 30 July 31 Aug. 31____ Sept. 3 0 — Wednesday figures: 1937—Nov. 3 — Nov. 1 0 — Nov. 1 7 — Nov. 2 4 — U. S. GovOther ernReserve ment bank securi- credit i ties Total Monetary gold stock Treasury currency outstanding Currency in circulation Treasury cash holdings Other Treasury NonFeddeposits memeral with Federal ber de- Reserve posits acReserve counts banks Total Excess (estimated) 22 22 21 17 10 12 10 13 9 9 8 7 7 8 3 3 3 3 1 1 1 1 1 1 1 1 1 1 2,526 2,526 2,526 2,564 2,564 2,564 2,564 2,580 2,564 2,564 2,564 2,564 2,564 2.563 26 28 30 23 38 16 15 17 21 9 23 18 14 29 2,577 2,579 2,580 2,606 2,612 2,593 2,590 2,611 2,594 2,582 2,596 2,589 2,585 2,600 12,567 12,741 12,803 12, 774 12, 760 12, 756 12, 776 12, 795 12,869 12,919 12,963 13, 017 13,136 13, 760 2,585 2,599 2,609 2,621 2,637 2,655 2,668 2,679 2,690 2,702 2,713 2,721 2,731 2,739 6,524 6,542 6,555 6,561 6,550 6,320 6,334 6,355 6,397 6,467 6,461 6,452 6,504 6,622 3,720 3,582 3,661 3,631 3,619 3,648 3,594 3,550 2,195 2,263 2,303 2,348 2,480 2,810 139 141 114 121 142 150 180 316 1,320 1,157 860 721 720 853 337 374 472 465 407 388 423 315 355 390 363 384 313 356 257 265 263 261 263 260 257 262 263 261 261 257 255 260 6,751 7,014 6,928 6,962 7,027 7,237 7,248 7,287 7,623 7,665 8,024 8,164 8,179 8,198 773 1,038 1,055 1,169 1,212 1,383 1,415 1,546 *2, 548 2,568 2,875 3,022 2,941 2,869 24 21 19 16 3 3 3 3 2,526 2,537 2,555 2,564 6 15 14 13 2,559 2,576 2,590 2,596 12, 12, 12, 12, 804 789 789 774 2,608 2,611 2,611 2,619 6,565 6,564 6,534 6,554 3,662 3,648 3,633 3,626 111 139 135 113 482 483 503 485 263 263 262 261 6,889 6,879 6,922 6,949 1,046 1,066 1,100 1,138 1 8 15.,.. 22 29 17 17 16 16 13 3 3 3 3 3 2,564 2,564 2,564 2,564 2,564 18 27 48 75 22 2,603 2,612 2,631 2,658 2,602 12, 12, 12, 12, 12, 774 764 765 765 760 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 5 12— 19 26 11 11 11 11 1 1 1 1 2,564 2,564 2,564 2,564 27 24 35 18 2,603 2,599 2,610 2,594 12, 12, 12, 12, 755 755 755 755 2,639 2,640 2,639 2,654 6,510 6,395 6,346 6,294 3,622 3,628 3,621 3,642 127 115 135 117 404 401 418 393 262 262 264 261 7,071 7,193 7,219 7,296 1,267 1,386 1,371 1,440 Feb. Feb. Feb. Feb. 2 9 16.— 23..._ 11 11 10 10 1 1 1 1 2,564 2,564 2,564 2,564 18 18 26 16 2,594 2,594 2,600 2,591 12, 12, 12, 12, 755 756 781 784 2,657 2,661 2,662 2,665 6,323 6,306 6,302 6,324 3,648 3,650 3,626 3,620 143 156 187 155 383 434 454 443 260 259 258 258 7,249 7,205 7,216 7,240 1,385 1,385 1,364 1,412 Mar. Mar. Mar. Mar. Mar. 2 9 16... 23— 30— 10 8 8 10 12 1 1 1 1 1 2,564 2,564 2,564 2,564 2,564 12 21 35 18 10 2,563 2,594 2,608 2,592 2,587 12, 12, 12, 12, 12, 767 768 778 781 794 1,669 2,670 2,672 2,674 2,680 6,343 6,334 6,328 6,325 6,329 3,579 3,562 3,550 3,545 3,551 185 181 264 270 292 421 389 325 312 315 256 256 264 263 263 7,215 7,311 7,328 7,333 7,312 1,391 1,467 1,460 1,559 1,560 Apr. Apr. Apr. Apr. 6 13..._ 20 27 11 13 10 8 1 1 1 1 2,564 2,564 2,564 2,564 20 25 9 13 2,596 2,602 2,583 2,586 12, 803 12, 825 12, 841 12,860 2,682 2,683 2,688 2,690 6,394 6,380 6,361 6,355 3,554 3,542 2,164 2,192 244 141 1,428 1,321 334 317 349 343 259 258 263 264 7,296 7,472 7,547 7,661 1,575 1,727 *2, 492 2,579 May May May May 4 11 18 25 8 8 8 9 1 1 1 1 2,564 2,564 2,564 2,564 16 16 17 10 2,589 2,589 2,589 2,583 12, 12, 12, 12, 870 880 892 905 2,693 2,695 2,697 2,701 6,407 6,396 6,402 6,393 2,196 2,215 2,226 2,248 1,429 1,361 1,283 1,183 353 370 383 387 263 262 261 261 7,504 7,560 7,622 7,716 2,442 2,483 2,555 2,632 June June June June June 1 8 15— 22 29 8 9 9 10 10 1 1 1 1 1 2,564 2,564 2,564 2,564 2,564 20 9 24 17 16 2,593 2,582 2,598 2,591 2,590 12, 918 12, 940 12, 950 12, 957 12, 962 2,703 2,703 2,707 2,710 2,712 6,469 6,437 6,420 6,402 6,428 2,254 2,277 2,289 2,293 2,299 1,093 1,005 935 929 864 393 399 438 445 366 260 261 267 267 266 7,745 7,848 7,904 7,922 8,041 2,640 2,711 2,726 2,782 2,900 July 6 July 13. _ _ July20.__. July 27 8 9 8 7 1 1 1 1 2,564 2,564 2,564 2,564 30 22 13 11 2,603 2,596 2,585 2,583 12, 967 12, 979 12, 989 13,002 2,715 2,716 2,717 2,719 6,514 6,444 6,433 6,416 2,303 2,315 2,321 2,328 770 628 724 732 363 372 353 383 261 261 259 258 8,074 8,273 8,202 8,188 2,985 3,153 3,039 3,036 Aug. Aug. Aug. Aug. Aug. 3 10—. 17— 24— 31— 6 7 7 7 7 1 1 1 1 1 2,564 2,564 2,564 2,564 2,564 4 11 16 8 14 2,574 2,582 2,587 2,579 2,585 13,025 13,033 13,052 13,079 13,136 2,721 2,723 2,724 2,727 2,731 6,465 6,466 6,485 6,470 6,504 2,357 2,367 2,386 2,417 2,480 775 839 802 771 720 392 365 349 315 313 257 256 256 256 255 8,074 8,046 8,085 8,156 8,179 2,924 2,920 2,927 2,975 2,941 Sept. Sept. Sept. Sept. 7 14— 21.... 28.... 7 7 8 9 1 1 1 1 2,564 2,564 2,564 2,564 21 25 23 24 2,592 2,596 2,596 2,597 13, 237 13, 421 13, 588 13,714 2,729 2,733 2,735 2,738 6,579 6,550 6,552 6,574 2,579 2,759 2,833 2,816 561 346 917 864 317 416 342 337 254 254 261 261 8,269 8,425 8,014 8,197 3,034 3,131 2,744 2,889 5 12.___ 19..__ 26.... 7 9 6 7 1 1 1 1 2,564 2,564 2,564 2,564 21 32 17 8 2,593 2,605 2,589 2,580 13,812 13,869 14,008 14,051 2,741 2,744 2,746 2,749 6,640 6,667 6,668 6,654 2,809 2,812 2,770 2,767 770 703 609 584 346 376 342 374 261 260 261 261 8,321 8,400 8,693 8,740 3,019 3,045 3,265 3,275 Dec. Dec. Dec. Dec. Dec. 1938—Jan. Jan. Jan. Jan. Oct' Oct. Oct. Oct 1 Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 950. * Reserve requirements reduced by approximately 13K percent effective April 16. 981 FEDERAL RESERVE BULLETIN NOVEMBER 1938 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures E n d of m o n t h 1938 Oct. 26 Oct. 19 Oct. 5 Oct. 12 1938 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Sept. 1937 Aug. Sept. ASSETS Gold certificates on hand and due from U. S. Treas11, 252, 711 11,197, 209 11,020, 211 10, 967, 213 10,863, 222 10, 719, 741 10, 629, 733 10, 630,919 10, 908, 223 10, 632,413 9,127, 390 ury Redemption fund—F. R. 9,611 9,432 8,921 9,138 8,690 9,665 9,669 8,803 9,611 7,421 notes 10, 422 363, 211 367, 418 382, 521 383, 339 379,412 374, 312 355,870 377, 449 378, 785 385, 675 Other cash 313, 854 Total reserves 11, 640, 299 11, 581,186 11,393,091 11, 343, 769 11, 255, 354 11, 111, 770 11,018, 577 10,995, 710 11,295,283 11,025,509 9, 451, 666 Bills discounted: For member banks For nonmember banks, etc 7,235 6,072 9,299 7,345 9,041 8,212 6,954 7,068 8,041 7,144 21,315 7,235 6,072 9,299 7,345 9,041 8,212 6,954 7,068 8,041 7,144 22, 317 541 541 541 541 541 540 540 537 541 537 3,026 541 541 541 540 540 537 541 537 3,026 1,002 Total bills discountedBills bought: Payable in dollars Payable in foreign currencies Total bills bought 541 541 15, 455 15, 677 15, 683 15, 507 15, 847 15, 824 15,446 15, 610 Industrial advances.._ _ . 15, 336 15, 899 20, 544 U. S. Government securities: 789,327 744,105 787, 327 788, 655 744,105 787, 327 787, 327 789, 327 744,105 Bonds ... 787, 327 738, 073 1,164, 565 1,164, 565 1,164, 565 1,164, 565 1,166,065 1,165, 205 1,196,188 1,196,188 1,164, 565 1,196,188 1,157, 713 Treasury notes 612,123 608, 623 623, 722 612,123 610,155 623, 722 612,123 612,123 608, 623 623, 722 Treasury bills 630,404 Total U. S. Govern2, 564, 015 2, 564,015 2, 564, 015 2, 564,015 2, 564,015 2, 564, 015 2, 564,015 2, 564,015 2, 562, 515 2, 564,015 2, 526,190 ment securities 5,612 8,133 2,432 15, 902 7,301 8,977 4,896 13, 291 —2, 279 Other Reserve bank credit.. 7,012 —7,044 Total Reserve bank credit outstanding.. 2, 580, 083 2, 588, 506 2, 605, 264 2, 592, 968 2, 597, 407 2, 595, 751 2, 596, 333 2, 592,340 2, 599, 998 2, 585, 316 2, 579,089 LIABILITIES F. R. notes in actual circulation 4, 284, 377 4, 288, 820 4, 281,103 4, 262, 860 4, 219, 484 4, 201,169 4, 200, 829 4, 212, 348 4,253, 244 4,169, 262 4, 263, 226 Deposits: Member bank—reserve account 8, 740, 083 8, 693,189 8, 400, 218 8, 320, 636 8,197, 488 8, 013, 536 8, 425, 336 8, 269,124 8,197, 653 8,178, 851 7,014,096 U. S. Treasurer—general 864, 481 346, 305 703, 407 770, 086 917, 078 561,364 609,102 853,145 720, 248 584,153 account 140,884 183, 225 199,462 195,056 195, 499 166, 660 136, 737 197, 372 205, 224 125, 940 212,494 247,916 Foreign bank . . 150, 924 153, 686 146,010 249, 328 179, 803 144, 453 176, 287 150, 395 187, 322 161, 598 126, 472 Other deposits Total deposits 9, 698, 328 9, 644,116 9,479, 374 9, 436, 702 9, 398, 880 9, 272,123 9,187, 629 9,147, 028 9, 406, 417 9, 212, 361 7, 529, 368 Ratio of total reserves to deposit and F . R. note liabilities combined (percent) 83.2 83.1 82.8 82.6 82.8 82.3 82.5 82.3 82.7 82.4 80.1 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days 9,041 7,345 9,299 6,072 7,235 7,610 5,818 7,663 4,535 5,579 450 369 596 346 416 427 722 546 496 457 405 261 278 435 404 541 541 541 541 541 94 94 165 165 83 166 166 83 197 199 281 281 199 85 94 15, 677 15, 455 15, 507 15, 446 15, 336 Bills discounted: Sept. 28 Oct. 5 Oct 12 Oct. 19 Oct. 26 _. Bills bought in open market: Sept 28 Oct 5 Oct. 12 Oct 19 Oct 26 Industrial advances: Sept 28 Oct 5 Oct 12 Oct 19 Oct 26 U. S. Government securities: Sept 28 1,303 1,131 1,110 1,361 1,283 108 453 356 226 277 743 573 547 718 640 Oct Oct. Oct Oct. 5 12 19 26 . 2, 564, 015 2, 564, 015 2, 564, 015 2, 564, 015 2, 564,015 106, 500 101, 409 128, 887 70,178 97, 675 79, 757 70,178 97, 675 105, 835 95,810 191,385 204, 078 206, 333 193, 573 186, 413 91 days 6 months to 6 to months 1 year 1 year to 2 years 2 years to 5 years Over 5 years 94 94 165 Total 3 5 5 21 50 663 847 891 702 766 186, 177, 179, 188, 200, 146 170 211 239 329 1,813 1,617 1,801 1,941 1,924 3,381 3,416 3,510 3,424 3,397 5,133 4,912 5,015 4,798 4,752 2,533 2,506 2,277 2,276 2,297 413 688 228 358 487 128,134 142, 336 83, 566 137, 745 115, 304 155, 663 155, 663 155,663 155,663 155, 663 398, 744 398, 744 398, 744 398, 744 398, 744 608,687 607, 337 607, 337 607, 337 607, 337 708, 732 706, 582 706, 582 706, 582 706, 582 982 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 745, 866 728, 971 716, 848 709, 413 713, 727 354, 969 358, 695 369, 919 355,102 360, 546 252, 244 254, 213 254, 644 248, 275 251,395 2,032,823 2,027, 404 2, 019, 578 2,062, 522 2,092,424 323, 500 335, 915 342, 256 339, 290 329,465 237,029 255,079 254, 249 240,161 247,400 307, 730 314, 629 314, 285 310, 385 306,920 198, 259 202, 347 205, 659 203, 475 201,426 726, 633 712, 909 729,060 730, 238 745, 244 727 727 653 652 563 847 767 762 763 1,120 815 815 966 966 578 335 304 301 301 232 714 645 638 638 493 967 950 948 948 916 688 678 677 677 643 118 104 603 603 580 268 268 256 256 237 1,950 1,934 1,934 1,930 1,869 31,103 30,907 29, 391 32, 422 32, 812 24, 927 23, 739 22, 568 23,172 23,154 19, 514 22,100 19, 682 21, 425 19, 874 12, 493 11, 567 11, 449 12, 859 13, 069 54, 813 51, 306 51, 649 51, 269 53, 242 15, 808 14, 015 15, 533 15, 437 17,032 8,938 8,107 8,508 8,264 8,963 16, 597 15, 856 14, 240 16, 288 15, 283 11, 879 9,785 11, 478 10,912 12, 276 34, 957 31, 485 31,014 31, 241 32,091 653,025 518, 752 682, 746 544, 222 713, 513 544, 356 884, 247 543, 217 944, 049 539, 537 771, 640 753, 477 740,178 733, 348 738, 001 375, 298 381, 610 390, 567 377, 493 380, 998 265,072 266,084 266, 394 261,435 264, 696 2,088, 350 2,079, 355 2,071, 865 2,114, 429 2,146,159 340, 275 350,880 358, 737 355, 675 347, 413 246, 655 263, 864 263, 434 249,102 257, 006 324, 445 330, 589 329,128 327, 276 322, 783 210, 406 212, 400 217, 393 214, 643 213, 939 763, 540 746, 328 762,008 763, 409 779, 204 Total Boston 10,863,222 10, 967, 213 11,020,211 11,197, 209 11, 252, 711 655, 404 690,539 696, 473 717, 665 667,124 9,611 9,138 9,669 9,665 8,803 667 618 615 615 544 1,515 1,328 1,316 1,316 1,028 382, 521 367, 418 363, 211 374,312 378, 785 41, 825 41,057 38, 430 38, 632 38, 846 109, 667 107, 494 109, 269 112, 391 112,143 New York Philadelphia Cleveland San Francisco ASSETS Gold certificates on hand and due From U. S. Treasury: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Redemption fund—Federal Reserve notes: Sept. 28 Oct 5 Oct. 12 Oct. 19 Oct. 26 Other cash: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total reserves: Sept 28 Oct. 5 Oct 12 Oct. 19 Oct. 26 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Sept. 28 Oct. 5_ Oct. 12 Oct. 19 Oct. 26 Other bills discounted: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total bills discounted: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Bills bought in open market: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Industrial advances: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 . U. S. Government securities: Bonds: Sept. 28 Oct. 5_ Oct. 12 Oct. 19 Oct. 26 _ Treasury notes: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Treasury bills: Sept. 28. Oct. 5 Oct. 12 Oct. 19 Oct. 26 11, 11, 11, 11, 11, 255, 354 343, 769 393,091 581,186 640, 299 697, 732, 735, 756, 706, 896 214 518 912 514 4, 541, 843 486, 922 4, 573, 924 512, 588 4, 602, 928 514, 312 4, 770, 540 510,143 4,830,878 506,162 4, 4, 4, 4, 4, 6,008 3,897 6,106 3,470 4,365 120 180 167 72 162 3,512 1,582 3,750 1,072 1,832 524 529 498 561 611 652 467 386 350 305 152 109 109 109 94 63 113 118 208 178 135 165 250 225 180 254 175 200 205 255 77 77 122 132 142 57 63 79 104 104 109 104 104 94 154 353 333 323 338 348 3,033 3,448 3,193 2,602 2,870 26 26 25 15 15 731 1,143 788 235 296 582 591 598 544 556 177 238 238 228 210 277 245 227 215 155 488 475 475 452 470 34 49 69 86 96 31 25 25 50 85 28 51 78 90 111 210 242 292 384 619 281 201 228 170 158 168 162 150 133 99 9,041 7,345 9,299 6,072 7,235 146 206 192 87 177 4,243 2,725 4,538 1,307 2,128 1,106 1,120 1,096 1,105 1,167 829 705 624 578 515 429 354 336 324 249 551 588 593 660 648 169 214 319 311 276 285 200 225 255 340 105 128 200 222 253 267 305 371 488 723 390 305 332 264 312 521 495 473 471 447 541 541 541 541 541 40 41 41 41 41 214 212 212 212 211 55 55 55 55 55 49 50 50 50 50 23 23 23 23 23 19 19 19 19 19 67 67 67 67 67 2 2 2 2 3 2 2 2 2 2 16 16 16 16 16 16 16 16 16 16 38 38 38 38 38 15, 677 15, 455 15, 507 15, 446 15,336 2,365 2,298 2,297 2,294 2,294 3,678 3,648 3,637 3,633 3,636 3,269 3,188 3,191 3,157 3,102 671 651 650 650 640 1,467 1,462 1,462 1,461 1,455 118 117 186 178 163 437 433 433 433 415 44 44 43 43 43 1,098 1,096 1,092 1,088 1,090 420 415 414 412 412 830 824 823 819 808 1,280 1,279 1,279 1,278 1,278 789, 327 787, 327 787, 327 787, 327 787,327 60, 400 59, 255 59, 255 59, 255 59, 255 240,167 250, 391 250, 391 250, 391 250, 391 71,043 68, 403 68, 403 68, 403 68, 403 73, 964 79,168 79,168 79,168 79,168 39,165 36, 947 36, 947 36, 947 36, 947 34, 231 32,096 32, 096 32, 096 32,096 85, 838 84, 870 84, 870 84, 870 84,870 35, 222 32, 792 32, 792 32, 792 32, 792 22, 17, 17, 17, 17, 520 774 774 774 774 26,156 28, 943 28, 943 28, 943 28, 943 64,016 62, 242 62, 242 62, 242 62, 242 89, 87, 87, 87, 87, 231 647 647 647 647 354, 796 370, 360 370, 360 370, 360 370, 360 104, 949 101,177 101,177 101,177 101,177 109, 267 117,101 117,101 117,101 117,101 57, 860 54, 649 54,649 54, 649 54, 649 50, 570 47, 473 47,473 47, 473 47,473 126, 806 125, 535 125, 535 125, 535 125, 535 52, 031 48, 504 48,504 48, 504 48, 504 33, 395 25, 805 25, 805 25, 805 25, 805 53, 952 51, 438 51,438 51, 438 51, 438 38, 639 42,812 42, 812 42, 812 42,812 94, 569 92,064 92,064 92, 064 92,064 608, 623 46, 572 612,123 46,069 612,123 46,069 612,123 46,069 612,123 46,069 185,184 194, 671 194, 671 194, 671 194, 671 54, 779 53,181 53,181 53,181 53,181 57,031 61, 551 61, 551 61, 551 61, 551 30,199 28, 725 28,725 28, 725 28, 725 26, 395 24, 953 24,953 24, 953 24, 953 66,187 65,984 65,984 65, 984 65, 984 27,158 25, 495 25, 435 25, 495 25, 495 17, 430 13, 564 13, 564 13, 564 13, 564 28,159 27, 036 27,036 27,036 27,036 20,168 22,503 22, 503 22,503 22, 503 49, 361 48, 391 48, 391 48, 391 48, 391 1,166, 065 1,164, 565 1,164, 565 1,164, 565 1,164, 565 605 446 446 446 446 36, 34, 34, 34, 34, NOVEMBER 983 FEDEKAL EESERVE BULLETIN 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Philadelphia New York Cleveland MinRich- AtSt. mond lanta Chicago Louis neapolis Kansas Dallas City San Francisco ASSETS—continued Total U. S. Government securities: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total bills and securities: Sept. 28 Oct. 5 Oct. 12__ Oct. 19 Oct. 26 Due from foreign banks: Sept. 28.— Oct. 5 Oct. 12 Oct. 19 Oct. 26 Federal Reserve notes of other banks: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Uncollected items: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Bank premises: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 All other assets: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total assets: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 2, 564, 015 2, 564, 015 2, 564,015 2, 564,015 2, 564,015 196, 203 780,147 230, 0,771 240, 262 127, 224 111,196 192, 971 815,422 222, 761 257,820 120,321 104,522 192, 971 815, 422 222, 761 257, 820 120, 321 104, 522 , 192, 971 815, 422 222, 761 257, 820 120, 321 104, 522 192, 971 815, 422 222, 761 257, 820 120, 321 104, 522 278, 831 114,411 276, 389 106, 791 " " 276, 389 106,791 276,389 106, 791 276,""" 106, 791 73,430 118, 631 56, 815 113,248 56, 815 113,248 56, 815 113, 248 56,815 113, 248 84, 963 94, 258 94, 258 94, 258 94, 258 207, 946 202, 697 202, 697 202, 697 202, 697 2, 589, 274 2, 587, 356 2, 589, 362 2. 586, 074 2, 587,127 198, 754 195, 516 195, 501 195, 393 195, 483 279, 504 114, 742 277,103 107,037 277, 208 107,061 277. 200 107, 091 277,147 107,177 74,635 119,334 58,041 113,984 58,109 114,049 58,127 114,164 58,160 114, 399 86,199 95,403 95, 429 95, 357 95, 394 209, 785 204, 509 204, 487 204, 484 204, 460 788, 282 235, 201 822,007 227,124 823,8 227,103 •",809 820, 57 227, 078 , 574 821,2" 227,085 , 397 180 180 180 180 180 14 13 13 13 13 68 26, 494 23, 569 22, 532 24, 37; 23,103 2,726 1,754 2,265 1,468 975 4,429 2,225 5, " ' 4,835 5,041 560, 579 632,117 617, 394 718, 302 586,654 64, 260 67,143 56, Oil 70, 957 58,003 44, 348 44, 304 44, 305 44, 30, 44, 282 47, 607 47, 853 48, 849 47, 732 48, 567 241, 811 129,143 111,884 259, 226 122,160 105, 246 259,144 122,142 105, 320 259, 098 122,129 105, 379 259, 025 122, 048 105, 352 22 17 17 17 17 16 8 8 8 955 755 1,23' 1,082 1, 1,106 1,210 1,324 1,420 1, 2,196 1,376 2,207 2,'""' 1,143 1,790 1,647 2,094 1,527 2,828 3,248 2,923 3,796 2,543 2,147 2,111 2,410 1, 125, 537 177, 953 135, 445 192, 337 138, 741 43.504 47, 828 35,196 53,030 45, 074 65, 523 61,147 68,064 74, 585 66,238 46, 662 50, 611 56, 839 59, 454 50, 649 19, 781 21,715 23,197 26, 922 20, 843 73, 697 76, 821 82,034 90,191 77, 381 2,959 2,959 2,959 2,959 2,959 9,841 9,824 9,824 9,824 9,824 4,731 4,731 4,731 4,731 4,720 6,067 6,067 6,067 6,067 6,067 2.641 2,641 2,641 2,641 2,641 2,087 2,087 2,087 2,087 2,083 3,105 3,098 3,140 3, " 3,123 14, 327 14, 877 15,198 14, "" 15,067 4,624 4,523 4,824 4,507 4,685 4,990 5,314 5,383 5,323 2,950 2,795 2,843 2,776 2,834 2,224 2,160 2,204 2,169 2,187 5,405 5 5 5 5 5 13 13 13 13 13 2,282 1, 1,084 849 1, 997 2,169 2,000 1,986 1,235 1,959 521 402 384 561 433 4,714 4,698 1,719 2,387 2,745 25,311 29, 44, 464 31, 649 27, 963 15, 802 18, 264 19, 234 20, 682 16, 597 28, 953 31, 461 38, 868 36, 014 30,925 20, 867 22, 828 24, 996 28, 987 23, 469 30, 682 26,464 33, 046 33,494 30,771 4,516 4,507 4,507 4,507 4,508 2,310 2,306 2,306 2,306 2,306 1,542 1, 540 1, 541 1.541 1,541 3,109 3,103 3,103 3,103 3,103 1,276 1,270 1,270 1,270 1,270 3,269 3,269 3,269 3,269 3,260 4,559 4,525 4,612 4,528 4,591 1,862 1,772 1,794 1,771 1,803 1, 1,256 1,256 1,249 1,265 2,009 1,912 1, r"' 1,' 1,537 1,709 1,725 1,692 1,714 3,927 3,912 3,944 3, 895 3,926 v 14, 523, 836 969, 714 5, 595, 50'807, 815 1,091, 416 558,182 402,198 2, 453, 476 486,650342,113 480,024 320, 811 1, 015, 930 ! 453, , i, 14, 679,148 1, 002, 6975, 709, 700 829;401 1,086,354 562,021 399, C 2, 445, 581493, 991 344,051 483,054 334,017 989,193 '" "' ), 14, 715, 713 995, 407 5, 702, 865 816, 1,080, 063 576, 416 " 855 2, 443,171 516, 775 344, 425 489,065~ ' . 202 ' 400, 341 , 1,008,486 15,002,154 1, 030, 782 » 926, 691 5, , 833', 818 1, 079, 762 566, 708 400,092 2, 494, 673500,357 332,072 483, 733 342, 515 1,010,951 14, 930, 212 967,070 5,, 934,188 822, 201 i 1,076,172 561, 277 396, 694 2, 512, 351 -"1,947 335, 568 4T~ '" 336, 224 1, 024, 379 488, 75,141 LIABILITIES Federal Reserve notes in actual circulation: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Deposits: Member bank—reserve account: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 U . S . Treasurer—general account: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Foreign bank: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 4, 219, 484 4, 262, 860 4, 281,103 4, 288,.""" 4, 284, 377 362, 661 952, , 433 366, 438 965,440 304, 747 , , 370, 523 969, 200 307, 262 972, 371, 616 972 616 306, 249 970, 629 373,098 970 629 307,020 409,879 200, ),443 141, 372 410, 383 204, 440 144, 441 412^ 835 206, 798 146,078 • -- • 411, 694 208, 861 1 4 7 , 1 0 6 412, 559 207, 799 146, 661 958, 538 174, 734133,177 164, 948 963, 384 178,135 135, 640 166,941 134, 506 166, 377 964, 272 179,168 , i, 966, 271 180,470 134, 622 166, 075 965, 830 179, 901 133, 841 165, 678 8,197,488 8, 320, 636 8, 400, 218 8, 693,189 8, 740,083 407, 924 4, 058, 800 354, 499 434, 951 4,118, 315 382, 755 434, 959 4,161, 874 385,319 ' 461, 769 4, 397, 508 391, 831 446,792 4,409,051 ?"" ~~~ 472,037 223, 953 158, 714 1, 254, 517222,043 117, 773 223, 859 168, 845 356 469, 435 226,018 164, 255 1,257,""" 221, 992 121,151 230,182 170,"" : , 121,030 234,179 178, 386 ,382 170, 268 1, 256,129 224, 112 459,808 231, 470,123 220, 208 164, 971 1, 293, 751230, 843 116,164 229,855 172,098 1, 331, 899~224;1 8 119,149 231,126 180, 643 ~5 463,163 224, 722 167, 992 77, 781 337, 826 79, 844 343,027 79, 746 344, 338 79,832 343, 408 79, 321 342, 040 534, 524 523, 937 542, 772 544,068 554, 690 864,481 770,' 703, 407 609,102 584,153 103, 620 96,938 91, 916 83, 534 45,880 185, 810 174, 314 168, 215 86, 420 120,086 51,881 39,156 32,018 27, 704 28, 380 84,992 81, 832 76, 241 66, 813 69, 491 62, 268 55,839 55,057 54,086 51,041 52,429 38,979 34, f " 37, 753 34, 559 95, 447 76, 308 64, 337 73, 590 61, 329 40,855 40, 675 37, 762 33, 495 32, 737 58, 666 52, 861 48, 544 43, 293 48, 756 42, 893 37, 216 27, 489 34, 413 28, 635 31, 485 38, 945 36, 612 36, 504 29,179 54,135 37,023 30, 518 31, 497 34,080 183, 225 195,056 199, 462 197, 372 212, 494 13,149 13, 963 14, 376 14, 205 15, 263 66,165 70, 748 71, 479 70, 909 76, 608 17, 897 19,005 19, 567 19, 334 20, 775 16, 801 17,841 18, 369 18,151 19, 503 7,853 8,339 8,585 8,483 9,115 6,392 6,787 6,988 6,905 7,420 21, 732 23,078 23, 760 23, 478 25, 227 5,478 5,818 5,990 5,919 4,200 4,460 4,592 4,538 4,876 5,296 5,624 5,790 5,721 6,148 5,296 5,624 5,790 5,721 6,148 12, 966 13,769 14,176 14,008 15, 051 984 FEDERAL RESERVE BULLETIN N O V E M B E R 1938 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total New York Boston Philadelphia Cleveland Richmond Atlanta St. Louis Minneapolis 2,049 5,769 1,735 5,525 8,766 19,961 1,, 6,077 2,516 5,536 2,653 2,563 9,231 2,566 2,753 Chicago Kansas City Dallas San Francisco LIABILITIES—Continued Other deposits: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total deposits: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Deferred availability items: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Capital paid in: Sept. 28 Oct. 5 Oct. 12 . Oct. 19 Oct. 26 Surplus (section 7): Sept. 28 Oct. 5 Oct. 1 2 . . . . Oct. 19 Oct. 26 Surplus (section 13b): Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Reserve for contingencies: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 All other liabilities: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total liabilities: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Contingent liability on bills purchased for foreign correspondents: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 C o m m i t m e n t s to m a k e industrial advances: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 4,778 4,691 4,894 5,013 3,763 2,831 3,067 2,619 2,563 2,391 10, 517 11,388 11,448 529, 471 4, 399, 383 427,108 : , 9, 436, 702 550, 543 4. 452, 538 443,983 439, 523 9, 479, 374 546,145 i, 481, 286 : 441,432 : , 9,644,116 564, 521 4, 642, 773 L ; 706,120•~%884 , 437, 9, 698, 328 511, 584,347 580,496 565, 866 564,046 564,037 153, 686 150,924 176, 287 144, 453 161, 598 88, 608 89,161 79,718 87,936 100, 375 216 352 354 249 860 121,479 169, 724 130, 266 189,251 135, 285 133,998 133, 985 133, 954 133, 983 133, 988 9,407 9,407 9,407 9,411 9,412 147, 147, 147, 147, 147, 739 739 739 739 739 552, 626 626, 685 601, 672 716,050 593, 878 11, 880 2,826 10, 724 2,531 9,796 2,466 7,514 2,381 5, 867 2,571 6,221 296, 900 292, 727 297,490 285,158 287,449 228,259 219,817 219, m 215, 215,496 216,192 1,516 869 7,578 802 697 2, 593 2,568 3,204 3,069 3,664 18, 822 17,030 18, 888 17, 712 19, 231 183, 292 273, 564 208, 219 181,035 273!8 9 1 217,426 "1, 183, 397 275,i, 036 223, 992 036 166,561 270, 791 217,392 ' 1,634 175, 534 266, 606 219, 620, 447 591, 759 606, 354 607, 285 623,052 1,373,745 1, 358,477 992 1,392, 327 1,4 2 0 9971 1 420, 7 1 274,145 274,010 287825 276,334 269,151 45, 618 19,434 49, 670 21, 692 56, 928 22,160 57, 512 24,353 50, 836 20, 692 75,685 78,223 80, 299 90,551 79, 964 27,001 31, 084 39,006 32,807 29,128 16,104 17, 836 17,009 21,254 16, 610 31,181 31, 537 37, 319 36, 553 32, 527 23, 617 25, 553 26, 261 34,107 26,071 32, 598 29, 287 32, 650 35,114 34,117 1352 42, 304 47, 690 36, 926 53,130 44,121 64, 389 62, 637 68,494 71,169 66, 667 50, 936 50, 908 50, 902 50,903 50.904 12, 12, 12, 12, 12, 214 214 214 214 212 13,388 13, 395 13, 380 13, 388 13, 388 4,991 4,991 4,991 4,991 4,992 4,469 4,469 4,469 4,470 4,471 13, 277 13,277 13, 277 13, 293 13, 294 3,921 3,920 3,919 3,920 3,920 2,908 2,916 2,907 2,907 2,907 4,196 4,197 4,197 4,195 4,195 3,947 3,947 3,947 3,947 3,947 10, 344 10,344 10, 344 10, 344 10, 346 9,900 9,900 9,900 9,900 9,900 51, 943 51,943 51, 943 51, 943 51, 943 13, 466 13,466 13,466 13,466 13, 466 14,323 14,323 14,323 14,323 14, 323 4,964 4,964 4,964 4,964 4,964 5,626 5,626 5,626 5,626 5,626 22,387 22,387 22, 387 22,387 22, 387 4,667 4,667 4,667 4,667 4,667 3,153 3,153 3,153 3,153 3,153 3,613 3,613 3,613 3,613 3,613 3,892 3,892 3,892 3,892 3,892 9,805 9,805 9,805 9,805 9,805 27,683 27, 682 27,683 27, 683 27, 683 2,874 2,874 2,874 2,874 2,874 7,744 7,744 7,744 7,744 7,744 4,411 4,411 4,411 4,411 4,411 1,007 1,007 1,007 1,007 1,007 3,409 3,408 3,409 3,409 3,409 730 730 730 730 730 1,429 1,429 1,429 1,429 1,429 545 545 545 545 545 1,001 1,001 1,001 1,001 1,001 1,142 1,142 1,142 1,142 1,142 1,270 1,270 1,270 1,270 1,270 2,121 2,121 2,121 2,121 2,121 32, 32, 32, 32, 32, 741 741 741 707 707 1,448 1,448 1,448 1,448 1,448 8,210 8,210 8,210 8,210 8,210 2,000 2,000 2,000 2,000 2,000 3,176 3,176 3,176 3,176 3,176 1,401 1,401 1,401 1,401 1,401 1,603 1,603 1,603 1,603 1,603 7,090 7,090 7,090 7,063 7,063 1,215 1,215 1,215 1,215 1,215 1,887 1,887 1,887 1,880 1,880 935 935 935 935 935 1, 776 1,776 1, 776 1,776 1, 776 2,000 2,000 2,000 2,000 2,000 10, 685 10, 754 11, 447 11,056 11, 512 737 735 756 763 780 3,120 3,193 3,314 3,251 3,353 879 890 1,181 916 1,087 907 937 982 959 1,015 456 420 435 412 427 705 710 721 708 719 1,325 1,314 1,425 1,352 1,413 422 415 430 399 420 591 583 565 694 642 446 429 445 53, 61, 54, 70, 57, 14, 523, 836 > 714 5, 595, 507 807, 815 1,091,416 558,182 402,198 , 5, , 399, 14, 679,148 1, 002, 697 5, 709, 700 829,401 1,086, 354 56202 399 088 ), 416 14,715,713 995, 407 5, 702, 865 816, 983 1,080,063 562,021 400,855 576, 708 400,092 416 15,002,154 1,030,, 782 > 926, "691 833, 818 1, 079, 762 , " i 5, 396, 694 14, 930, 212 967, 07 5,934,188 822, 201 1,076,172 566, )70 >, 561, 277 13, 13, 13, 14, 14, 597 599 696 537 541 1,343 1,342 1,341 1,332 1,312 3,684 3,614 3,612 4,595 4,586 850 874 874 , 453,476 486, 650 342,113 480,024 320,811 1,015,930 344,051483, , 445, 581 493, 991 344; 051 483, 054 334, 017 89,193 "" ' " " 341,202 1, 008, 486 , 443,171 516, 775 344, 425 489, 065 , 494, 673 500, 357 332, 072 483, 733 342, 515 1, 010, 951 332, 072 483, 733 ,512,351488,947 335, 568 475,141 336, 224 1,024, 379 11 11 11 24 24 56 56 56 121 121 157 157 157 338 338 309 309 318 299 313 333 265 320 1,488 1,476 1,483 1,475 1,475 1, 771 1,768 1,764 1,737 1,736 177 175 175 175 175 636 634 634 624 599 237 228 228 227 228 352 475 538 529 523 3,557 3,537 3,522 3,512 3,524 985 FEDERAL RESERVE BULLETIN NOVEMBER 1938 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO OCTOBER 19, 1938 [Amounts in thousands of dollars] Date (last Wednesday of each month) Applications received to date, net Applications recommended for approval by Industrial Advisory Committees to date, (with and without conditions) Number 1934—Dec. 26.. 1935—June 26. Dec. 313. 1936—June 24. Dec. 30.. 1937—Mar. 31. June 30. Sept. 29. Dec. 29. 1938—Jan. 26.. Feb. 23. Mar. 30. Apr. 27. May 25. June 29. July 27.. Aug. 31. Sept. 28 4 Oct. 19 Amount Number 5,053 6,618 7,615 8,158 8,379 8,483 8,546 8,593 8,677 8,711 8,766 8,906 9,012 9,096 9,152 9,182 9,226 9,262 9,283 187, 696 263,482 306,708 331, 391 1,122 1,815 2,176 2,394 2,500 2,543 2,587 2,610 2,640 2,660 2,683 2,717 2,760 2,813 2,836 2,861 2,884 2,897 2,909 346,911 351,420 354,426 363,292 364,487 367, 754 373, 519 377,778 380, 648 383, 535 388, 350 390, 783 393, 532 395, 985 Applications approved to date by Federal Reserve banks (with and without conditions) Financing institution participations outstanding * Repaid, Federal Federal Reserve Reserve Approved expired, bank or withbank but not drawn by advances commitcomments applioutpleted i outcant, etc. Amount standing standing Total Amount Number 984 1,646 1,993 2,183 2,280 2,323 2,361 2,381 2,406 2,419 2,433 2,464 2,497 2,536 2,566 2,592 2,606 2,617 2,628 54, 531 102,331 132,460 142,811 149, 204 150,561 154,960 155,902 158, 743 159,370 160, 603 162,648 165,921 167, 695 168, 894 173, 759 174, 544 176,006 180,059 49, 634 88, 778 124,493 133, 343 139,829 141,545 145, 758 146, 724 150,987 151, 587 152, 543 154,918 156,933 158,962 161,158 166,498 166,835 168,380 172, 642 13, 589 27, 518 32, 493 30,487 25, 533 23,054 23,014 21,395 20, 200 19,861 19, 659 19,366 19, 357 18, 583 18,439 18,189 17, 784 17, 562 17, 341 8,225 20, 579 27, 649 24,454 20,959 18,611 16,331 14,880 12, 780 13,388 13,078 13,110 12, 735 13,260 13, 649 13, 731 13, 543 13, 597 14, 537 20,966 11, 248 11, 548 9,381 8,226 7,898 1,470 '537 3,369 1,563 2,059 3,419 3,957 3,522 3,084 6,703 5,203 5,737 7,941 1,296 4,533 8,778 7,599 7,208 6,767 7,275 7,304 7,238 7,773 7,755 7,825 7,758 7,969 8,426 8,484 9,014 9,032 9,423 5,558 24,900 44,025 61,422 77,903 85,215 97, 668 «102, 608 107,400 109,002 109,992 111, 198 113,126 115, 628 117, 560 119,391 121, 291 122,452 123, 400 r 1 J Revised. Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $12,426,825 on Oct. 19, 1938. 8 Tuesday. * October 26 not yet available. NOTE.—On Oct. 19, 1938, there were 44 applications amounting to $2,726,500 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Federal Reserve notes: Issued to F. R. bank by F. R. agent: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Held by Federal Reserve bank: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 In actual circulation: i Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U . S . Treasury: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Eligible paper: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Total collateral: Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Boston New York Phila- Cleve- Richdelphia land mond Atlanta 4, 515, 397385, 659 1,050,114 322, 603 432, 384 212,456154, 245 156,669 4, 545,148 387, 064 1, 067, 642 320, 859 430, 625 215', 540 158, 757 324, 014 436, 417 219, 326 4, 575, 270388, 883 1, 073, 214 , 322,233 433,605 219, ~ 159,044 ~ 4, 580,026 390, 346 1 080,932 322', 233 433, 605 219, 623 ' 4, 583,137 393,115 1,078,405 322, 745 435, 628 218, 159, 916 8,844 295, 913 282, 288 294,167 291, 206 298, 760 22, 998 20,626 18, 360 18,730 20,017 4, 219, 484362, 661 4, 262, 860366, 438 4, 281,103 370, 523 4, 288, 820371, 616 4, 284, 377373,098 97, 422 102, 202 104,014 108,316 107, 776 17,170 16,112 16, 752 15, 984 15, 725 22, 505 20, 242 23, 582 21, 911 23, 069 12,013 11,100 12, 528 10,762 11,045 12, 873 12, 228 12, 679 11, 938 13, 255 Chicago MinSt. Louis neapolis Kansas City San Dallas Francisco 984, 271 188, 440138,113 175, , »,601 85, 757 385, 754 985,016 985016 190, 652 139, 465 176, 356 87,171 i , 987, 987 552 193, 448 138, 762 175, 1,756 87, 261 391, 880 1,984 988,903 192,319 139,169 175,680 989, 810 193,178 138, 411 175, 645 87, 674 25, 733 21, 632 23, 280 22, 632 23, 980 13,706 12, 517 14, 280 11, 849 13, 277 4,936 10,653 3,825 9,415 4,256 9,379 4,547 9,605 4,570 9,967 952,692 305, 433 409,879 200, 443 141, 372 958, 538 174, 734 133,177 164, 948 965, 440 304, 747 410, 383 204, 440 144, 441963, 384 178,135 135, 640 166,941 969, 200 307, 262 412, 835 206, 798 146, 078964, 272 179,168 134, 506 166, 377 972, 616 306, 249 411, 694 208, 861 147,106 966, 271 180, 470 134, 622 166,075 970, 629 307,020 412, 559 207, 799 146, 661 965, 830 179,901 133, 841 165, 678 7,976 7,327 7,515 8,356 8,353 77, 781 337, 826 79,844 343,027 79, 746 344, 338 79, 832 '•",408 343 79, 321 342,040 4, 604,000 390,000 1,062,000 327, 000 436,000 215,000 161, 0001,010,000 190,000 141, 500 180, 000 87, 500 404, 000 4, 639, 000400,000 1, 082,000 327, 000 433,000 220,000 161,0001,010,000 192,000 141, 500 180,000 88, 500 404,000 4, 648,000 400,000 1,082,000 327,000 438, 000 220,000 161, 000 1,010,000 196,000 141, 500 180, 000 88, 500 404,000 4, 663,000 400, 000 1,092,000 327, 000 438,000 225, 000 161, 000 010,000 196,000 141, 500 180,000 88, 500 404,000 1, 4, 668,000 400,000 1,092,000 327,000 442, 000 225,000 161,000 1,010,000 196,000 141, 500 180,000 89, 500 404,000 " "" 8,267 6,526 8,446 5,308 6,412 120 180 167 72 162 4, 612, 267390,120 4, 645, 526400,180 4, 656,446 400,167 4, 668,308 400,072 4, 674, 412400,162 256 294 360 473 681 1,066, 222 327, 721 436, 699 215, 381 419 1, 010,169 190,279 141, 592 180,256 161, 1, 084, 705 327, 735 433, 525 220, 316 161 1,010, 214 192; 200 141, 613180, 294 16, 456 , 1,086,518 327,681 438, 444 220, 299161, 473 1. 010, 319 225 141,656 180, 360 '" ' "" . 196, 1,093, 277327. 729 438,403 225, 324 161, 580 1,010,311 196, 254 141, 665 180, 473 r . , 1,094,048 327; 762 442; 361225, 249 161, 598 I 010, 276 196] 141,678 180, 681 \ 339 87,890 88, 795 88,832 88, 750 89,812 519 493 472 470 446 390 295 332 250 312 4,222 2,705 4,518 1,277 2,048 721 735 681 729 762 699 525 444 403 361 381 316 299 324 249 419 456 473 580 598 169 214 319 311 276 279 200 225 254 339 92 113 156 165 178 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. 47, 928 45, 062 47, 542 46, 576 47, 726 404, 404, 4, 404, 4, 404, 4, 404, 4, 519 493 93 472 470 446 986 FEDERAL RESERVE BULLETIN NOVEMBER RESERVE POSITION OF MEMBER BANKS, SEPTEMBER, 1938 MEMBER BANK RESERVE BALANCES, BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] 1938 [Averages of daily figures. In millions of dollars] Gross Net dedeTime mand mand dededeposits posits posits: Classes of banks and districts All member banks. _ 30,149 24, 709 11, 506 Reserves with Federal Reserve banks Required Held All member 1 banks Ex- 5,277 8,195 2,919 Central reserve city banks: 10, 527 9,890 New York 2,383 2,097 Chicago 747 459 2,287 500 3,669 861 1,382 361 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 districts 104 151 255 741 204 174 530 173 90 156 123 161 31 164 231 97 85 171 108 48 113 77 368 290 34 216 350 146 99 235 165 65 167 99 484 129 3 52 120 49 14 64 57 18 53 22 116 1,106 494 436 826 569 247 602 406 1,565 1,8 10, 638 8,139 4,588 319 584 921 412 383 309 277 515 223 176 264 303 216 557 1,392 871 663 334 213 657 234 271 154 100 265 6,601 Total 991 173 1,041 1,418 646 599 1,131 734 366 948 631 1,960 4,582 5,711 Country banks: 784 Boston district 1,190 New York district 573 Philadelphia district.. 543 Cleveland district 467 Richmond district 420 Atlanta district 766 Chicago district 336 St. Louis district 290 Minneapolis district— 430 Kansas City d i s t r i c t 481 Dallas district San Francisco districtTotal 891 134 864 2,352 698 98 180 93 79 54 44 95 38 35 39 41 39 140 305 137 124 83 60 167 59 56 63 68 50 42 125 44 45 29 17 72 21 21 24 26 11 835 1,313 478 1 Gross demand deposits minus demand balances with domestic banks (except private banks and American branches of foreign banks) and cash items in process of collection. NOTE.—See table at foot of p. 997 for percentages of deposits required to be held as reserves. Total reserves held: 1937—August September October November December 1938—January February March April May June __ July August September Week ending (Friday): August 26 September 2 September 9 September 16 September 23 September 30 October 7 October 14 Excess reserves: 1937—August September October November December 1938—January February March ApriP May June ______ July August September Week ending (Friday): August 26 September 2 September 9 September 16 September 23 September 30 October 7 October 14 Central reserve city banks New York Chicago Reserve city banks Country banks 1 6,701 6,854 6,954 6,919 6,879 7,183 7,230 7,326 7,469 7,587 7,878 8,167 8,119 8,195 2,522 2,672 2,767 2,720 2,657 2,856 2,906 3,039 3,150 3,204 3,341 3,545 3,523 3,669 568 576 581 588 599 604 598 574 622 794 899 925 875 861 2,248 2,232 2,240 2,246 2,272 2,345 2,350 2,349 2,348 2,311 2,359 2,396 2,402 2,352 1,362 1,375 1,366 1,365 1,352 1,378 1,377 1,365 1,350 1,278 1,280 1,302 1,319 1,313 8,162 8,204 8,275 8,315 8,035 8,156 8,282 8,411 3,558 3,608 3,657 3,721 3,601 3,710 3,761 3,837 873 886 873 875 835 855 853 856 2,408 2,400 2,405 2,378 2,307 2,313 2,354 2,419 1,322 1,309 1,340 1,342 1,292 1, 277 1,314 1,299 750 900 1,043 1,104 1,071 1,353 1,406 1,524 2,071 2, 525 2,762 3,026 2,955 2,919 108 235 354 373 305 461 499 631 884 1,065 1,153 1, 352 1,320 1,382 34 43 59 69 80 86 78 52 146 321 404 424 379 361 287 289 307 333 366 451 468 481 609 689 747 767 762 698 321 333 323 328 319 355 361 359 432 451 459 483 495 478 2,991 . 2, 982 3, 036 3,028 2,751 2, 847 P2, 960 P3, 051 1,348 1,354 1, 386 1,419 1, 317 1,411 1,451 1,512 378 387 377 373 336 352 354 355 766 757 762 725 647 648 683 728 498 484 511 511 450 435 P472 P456 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements decreased April 16, 1938; see table at foot of page 997 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. Tn millions of dollars] Member banks in larger centers (places over 15,000) All member banks Federal Reserve districi Gross demand . . . _ .. . Total 1 . ._ Gross demand Gross demand Time Sept. Boston New York Philadelphia Cleveland . Richmond Atlanta Chicago __ _ St. Louis Minneapolis. Kansas City Dallas_ San Francisco Member banks in smaller centers (places under 15,000) Aug. Sept. Aug. 1,775 11,890 1,614 1,961 1,113 1,019 4,280 1,071 657 1,378 1,112 2,279 1,755 11,414 1,591 1,920 1,067 1,001 4,229 1,059 643 1,367 1,092 2,260 662 2,290 1,126 1,404 538 387 1,646 407 361 311 223 2,152 663 2,272 1,128 1,398 540 386 1,642 407 361 310 222 2,161 30,149 29, 398 11, 506 11,491 Sept. Aug. 1,651 1,636 i 1,066 1,381 1,712 901 869 1 1, 588 865 474 1 053 834 2,149 i 1,087 1,396 1,749 938 886 1 1, 601 871 486 1,063 850 2,166 1 Time 14, 743 1 14, 528 1 1 1 537 1,050 676 1,113 351 304 914 295 176 198 178 2,055 538 i 1, 049 678 1,107 352 304 1 914 295 176 197 178 2,064 7, 848 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Aug. Sept. 7, 851 Sept. Aug. Time Sept. Aug. 124 276 218 212 175 133 296 199 171 315 262 114 119 275 211 208 166 131 292 194 168 313 258 111 125 493 450 290 187 82 273 112 185 113 45 97 125 492 451 292 188 82 272 111 186 113 44 2,495 2,447 2,452 2, 452 97 987 FEDERAL RESERVE BULLETIN NOVEMBER 1938 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total National bank notes Federal Federal Reserve Reserve bank notes notes certificates Silver dollars Silver certificates Treasury notes of 1890 Subsidiary silver Minor coin United States notes 1 1 1 1 i 348 349 352 350 147 147 148 148 284 285 284 283 4,222 4,238 4,232 4,237 35 35 34 33 253 248 243 339 338 338 339 341 342 341 344 348 145 144 144 144 145 146 145 146 147 264 267 263 264 268 262 258 262 264 4,099 4,104 4,106 4,112 4,127 4,114 4,098 4,129 4,215 33 32 32 31 31 30 30 29 29 234 231 227 224 220 217 214 211 Gold E n d of month 1937—September. October November. December. 6,542 6,555 6,561 6,550 86 85 84 83 39 39 40 40 1,127 1,129 1,144 1,137 1938—January... February.. March. April May. June July August September. 6,320 6,334 6,355 6,397 6,467 6,461 6,452 6,504 6,622 82 81 81 80 79 78 78 77 77 39 39 39 39 39 39 40 40 40 1,085 1,097 1,125 1,162 1,215 1,230 1,247 1,263 1,292 l 1 1 1 1 1 1 1 1 Back figures.—See Annual Report for 1937 (table 35.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] (3oin Total End of month cula- and small denomination currency Large denomination currency 2 2 Unassorted 2 tion i Total 1937—September October November December 6,542 6,555 6,561 6,550 5,019 5,029 5,043 5,015 534 535 540 537 503 502 504 505 33 33 33 33 908 909 912 905 1,574 1,576 1,574 1,560 1,467 1,474 1,480 1,475 1,527 1,531 1,525 1,542 382 384 381 387 702 704 701 710 138 138 136 139 285 286 287 288 7 6 5 6 14 13 14 12 4 5 6 7 1938—January.. _ February March ___ April May 6,320 6,334 6,355 6,397 6,467 6,461 6,452 6,504 6,622 4,789 4,798 4,784 4,807 4,856 4,837 4,836 4,885 4,970 522 520 521 522 526 527 526 530 536 474 473 473 476 487 481 481 488 501 31 32 31 31 32 31 31 32 32 856 863 860 866 877 875 879 891 912 1,482 1,489 1,487 1,498 1,512 1,503 1,508 1,528 1,556 1,424 1,421 1,412 1,414 1,422 1,420 1,410 1,416 1,434 1,532 1,538 1,573 1,593 1,616 1,627 1,618 1,622 1,656 382 382 385 388 389 391 388 389 396 705 708 718 725 727 732 727 727 744 138 138 144 146 152 152 152 152 156 288 291 300 304 307 309 307 308 317 7 12 13 18 18 24 25 27 29 25 1 2 3 3 4 2 2 3 4 June July August __ September $13 Coin $2 $10 $5 $20 TotaJ $50 $100 $500 $1,000 $5,000 $10, 000 7 9 12 17 17 17 17 17 i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 1 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury 3 destroyed. as Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY TREASURY CURRENCY OUTSTANDING Held by Treasury and Federal Reserve ban ks and in circulation, In millions of dollars] End of month Total Silver dollars Suband sidsilver iary bulsilver lion i FedNaeral Minor United Retional coin States serve bank notes bank notes notes 1937—September. October November, December.. 2,599 2,609 2,621 2,637 1,441 1,455 1,468 1,486 364 367 370 372 153 154 155 156 347 347 347 347 36 36 35 34 257 251 247 242 1938—January February.. March April May 2,655 2,668 2,679 2,690 2,702 2,713 2,721 2,731 2,739 1,509 1,526 1,540 1,554 1,570 1,584 1,596 1,608 1,618 373 373 374 374 374 374 374 375 376 156 156 157 157 157 157 157 157 158 347 347 347 347 347 347 347 347 347 33 33 32 32 31 31 30 30 29 237 233 230 226 223 221 217 214 212 June July August September. 1 Includes silver held against silver certificates amounting to $1,619,000,000 on Sept. 30, 1938 and $1,357,000,000 on Sept. 30, 1937. [By selected banks in New York City. In thousands of dollars] Net shipments Net receipts Shipments to Europe Receipts from Europe 554 345 10, 628 34, 774 21, 500 91,059 40, 587 19, 966 26, 216 47, 550 1937—September.. October November.. December.. 1,946 781 336 2,271 4,531 13, 326 5,947 325 3,750 12, 990 5,878 1938—January.... February... March April May June --. July August September.. 189 28 1,212 503 155 379 85 1,052 14, 740 4,658 3,824 2,728 2,618 6,179 3,486 3,753 2,348 978 4,469 3,796 1,516 2,115 6,024 3,107 3,668 1,296 Year or month 1933. 1934. 1935. 1936. 1937. 90, 505 40, 242 9,338 8,558 26,050 13, 762 Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. 988 FEDERAL RESERVE BULLETIN NOVEMBER ANALYSIS OF CHANGES IN MONETARY GOLD STOCK MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] 1938 [In thousands of dollars] Gold stock at end of year or month Year or month Total 1934 i 1935. 1936. 1937. 8,238 10,125 11, 258 12,760 1936—June July. August September October November December 10, 608 10, 648 10, 716 10,845 11, 045 11,184 11, 258 1937—January February March April May June July August September October November ;ember 11, 358 11,436 11, 574 11,799 11,990 12, 318 12,446 12, 567 12, 741 12,803 12, 774 12, 760 1938—January February March April May June July August September 12, 756 12, 776 12, 795 12, 869 12, 919 12, 963 13,017 13,136 13, 760 Increase in total gold Inactive stock account 4, 202. 1, 887. 26.5 1,132. 1, 227. 9 1, 502. Net gold import Net from earmark , 133.9 82.6 , 739.0 .2 , 116. 6 -85.9 , 585. 5 -200.4 Domestic gold production 96.0 110.7 131.6 143.9 26.5 206.6 39.2 68.4 129.0 199.7 139.6 73.3 277.8 15.4 67.5 171.8 218.8 75.8 57.0 -24.8 2.3 -11.9 -28.8 -11.3 3.0 -.7 10.0 12.8 13.1 12.1 13.8 11.8 10.9 126.5 204.7 342.5 568.0 759.1 1,08 1, 214.1 , 335. 7 ., 210. 0 , 271. 9 , 242. 5 , 227. 9 100.1 78.2 137. 225.6 191.1 327.8 127.3 121.6 174.3 62.0 -29.3 -14.0 121.3 120.3 154.3 215.8 155.4 262.0 175.4 104.8 145.5 90.5 22.1 18.0 -48.3 -8.0 -.4 7.2 26.2 -15.9 -35.5 -5.3 9.3 -8.0 -20.1 -101.6 9.3 8.3 10.8 9.2 12.4 11.2 12.7 16.9 12.2 14.9 13.8 11.9 , 223.2 , 200. 6 ., 183.0 -4.6 20.7 18.5 74.3 49.8 44.2 54.5 118.3 . 623. 2.1 8.0 52.9 71.1 52.8 55.3 63.8 166.0 520.9 -1.1 -18.2 -.6 -1.2 -53.9 -15.5 -20.9 -28.8 -13.3 1938 From or to— Imports Belgium. France . Germany ._ Netherlands Spain Sweden Switzerland United K i n g d o m Canada Mexico. __ Central America.__ Bolivia.. Chile Colombia _. Ecuador.. _ Peru Venezuela Australia British India China and Hong Kong Japan Philippine Islands. All other countries 2 . 36,937 10,015 11,306 19, 723 12,389 3,213 4,721 1 47, 219 11 521 377, 986 38,156 1,446 271 404 4 132 440 66 3,775 1,536 35, 095 2,721 133 Exports 13, 509 5,765 1 47, 790 105 56 306 226 8 564, 539 9 57, 684 28, 924 2,829 103 6,153 8,436 2,238 3,156 376 21,192 9,781 15, 360 2 9 Imports 91,235 14, 342 3,183 339 1 1,062 2,113 259 298 12 2,748 1,510 23, 497 1,772 5,637 142, 787 19, 564 1,650 325 Exports 5,000 64 81 697 I BANK DEBITS Total, all reporting centers New York City 140 other leading cities i 982, 531 356,612 402, 718 461, 889 469, 463 603,089 165,948 184,006 208, 936 197,836 331, 938 165, 557 190,165 219, 670 235, 206 47, 504 25,107 28, 547 33, 283 36, 421 34, 731 36, 333 39, 288 34, 519 42, 357 13, 476 14, 718 18, 277 18, 420 18,652 19, 934 18,171 20,837 2,835 2,962 3,203 2,916 3,243 1938—January... February.. March April May June July August September >-34, 833 -27, 867 -34, 857 -33, 825 '31, 359 '35, 501 -33,133 -30, 798 32,192 14, 477 10, 915 14, 746 14, 572 12, 828 15, 637 13, 828 12, 247 13,085 17, 607 14, 633 17, 373 16, 597 16, 013 17,160 16, 677 16,023 16, 440 -2, 749 -2, 319 -2, 737 -2, 656 -2, 518 -2, 704 -2, 628 -2, 528 2,666 Nonmember banks Not InState sured2 insured 40 5,313 507 7,379 36 Imports 1937—August September October. __ 48 November December. Member banks Number of banks suspended: 1934 1935 _ 1936 1937 1938—Jan.-Sept Deposits of suspended banks (in thousands of dollars): 3 1934... 1935 1936 1937 1938—Jan.-Sept Exports Jan.-Sept. [Debits to individual deposit accounts, by banks in principal cities.] [In millions of dollars] Year and month BANK SUSPENSIONS1 National August 10.9 11 165, 990 5,843 17 998, 751 Total 520, 907 9.9 10.6 1 Figures represent customs valuations which, with some exceptions, 10.5 11.4 are at rate of $35 a fine ounce. 2 Includes all movements of unreported origin or destination. 9.5 14.1 Back figures—See table, p. 1017, and Annual Report for 1937 (tables 14.6 31 and 32). P13.6 p Preliminary. i Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published in table, p. 1017, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures, other than those of domestic gold production, see Annual Report for 1937 (table 29). Total, all banks Se ptember 1,708 211 1,912 3,763 10,207 10,156 10, 967 34,985 939 592 480 1,175 1929 1934 1935 1936 1937 16,151 13,432 133 other reporting cities 2 r Revised to include debits of three additional reporting banks in 1 Represents licensed banks suspended; does not include nonlicensed Miami, Florida. Revised figures not available prior to 1938. 1 Comprises centers for which bank debit figures are available beginning banks placed in liquidation or receivership. 2 with 1919, except that one substitution was made in 1920 and one in 1928. Federal deposit insurance became operative January 1, 1934. 2 3 Cities (other than the 141 centers) for which bank debits are currently Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember reported. The number has changed very little since 1934. banks are based on the latest data available at the time the suspensions Back figures.—See Annual Report for 1937 (Table 71), which also gives were reported. a definition of bank debits. Figures for individual reporting cities and totals by Federal Reserve districts are available in mimeographed form Back figures—See Annual Report for 1937 (table 76). NOVEMBER 989 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 comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Member banks [In millions of dollars] Member banks Total Call date Nonmember banks Total National Mutual State savings banks Other nonmember 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 1933—June 30. _. 37,998 Dec. 30_. 38, 505 23, 338 23, 771 14, 772 15, 386 8,566 8,385 9,713 9,708 4,946 5,026 1934—June 30 Dec. 31 15,835 16, 039 6,375 6,442 5,417 5,462 958 980 578 579 8,882 9,018 1934—June 30... 41,870 Dec. 3 1 . . - 44, 770 26, 615 28, 943 17,097 18, 519 9,518 10, 424 9,780 9,828 5,475 6,000 1935—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. l-__. Dec. 31.__ 455 766 522 964 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 1936—Mar. 4 June 30 Dec. 31 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 3 0 . . . 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 1937—Mar. 31 June 30 2 Dec. 31 15, 569 15, 527 15, 393 6,367 6,357 6,341 5,305 5,293 5,260 1,062 1,064 1,081 565 564 563 8,637 8,606 8,489 1937—Mar. 31 June30 2 __ Dec. 31 52, 577 53, 287 52, 440 34, 746 35, 440 34, 810 22, 355 22, 926 22, 655 12, 390 12, 514 12,155 10,157 10, 213 10, 257 7,674 7,635 7,373 15, 348 15, 287 6,335 6,338 5,250 5,242 1,085 1,096 563 563 r 8,450 1938—Mar. 7 51, 703 June 30. . . 52,195 % 386 34,118 34, 745 22, 264 22, 553 11, 854 12,193 10, 259 10, 296 '7, 325 7,153 1938—Mar. 7 June 30 r For footnotes see table below. 44, 45, 47, 48, 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 1933—June 30 Dec. 30 _ _ _ 40,076 40, 319 22, 203 21, 977 17,872 18, 342 24, 786 25, 220 12, 858 12,833 11, 928 12, 386 10, 044 9,985 5,941 5,906 4,103 4,079 5,246 5,115 3,404 3,238 1,841 1,877 1934—June 30 Dec. 31 42, 502 43,458 21, 278 20,473 21, 224 22, 984 27,175 28,150 12, 523 12, 028 14,652 16,122 9,904 9,782 5,648 5,491 4,256 4,291 5,423 5,526 3,108 2,955 2,315 2,571 1935— Mar. 4 June 29 Nov. 1 Dec. 31-. 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 June 30 Dec. 31 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 2 Dec. 31 49,138 49, 696 48, 566 21, 790 22, 514 22,198 27, 348 27,182 26, .68 32, 525 32, 739 31, 752 13, 699 14, 285 13, 958 18,826 18, 454 17, 794 10,096 10,180 10,187 5,026 5,002 4,996 5,070 5,178 5,191 6,518 6,778 6,627 3,065 3,227 3,244 3,453 3,550 3,383 48, 319 47, 381 21, 779 21,130 26, 540 26, 252 17, 975 17, 783 705 10,196 10,196 4,995 4,961 5,201 5,235 6,602 6,465 3,238 3,231 3,364 3,234 1938—Mar. 7.. June 30 Sept 283 _. 31, 521 30, 721 635 P31, 13, 546 12,938 930 P12, P18, v Preliminary. r Revised. 1 Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. 2 Beginning with this date (1) thefiguresexclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) thefiguresinclude Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30, 1937, with deposits of $50,287,000 and total loans and investments of $61,165,000. Thefiguresalready include such Morris Plan and industrial banks in other States as are covered by State banking department reports. 3 Nonmember bankfiguresnot available. Backfigures.—SeeAnnual Report for 1937 (tables 48-49). 990 FEDERAL RESERVE BULLETIN NOVEMBER 1938 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Investments ]Loans Call date Total loans and investments Open market paper On securities, to brokers and dealers Total In New York City U. S. Government obligations On securAcReities Loans Real ceptportCom- Other to ances Bills ing estate to merloans Out- others of payDanks loans banks' cial side (exother own able paper New cept do- abroad acbought York banks) cept- mestic City ances banks Total Total Other Fully securities guarDirect anteed TOTAL—ALL MEMBER BANKS 26,150 12, 858 12,028 12,175 13,360 14, 285 13, 958 13, 546 12, 938 12, 930 1,660 788 843 1,047 1,144 1,278 738 675 523 534 803 165 187 196 266 258 212 203 178 182 7,685 3,752 3,110 2,893 2,785 2,829 2,752 2,665 2,614 2,588 714 330 155 98 85 115 70 96 120 126 3,191 2,372 2,273 2,284 2,405 2,505 2,547 2,556 2,613 2,667 (i) 8,774 7,133 7,761 8,418 9,280 9,006 8,313 8,317 8,013 8,350 6,683 3,424 3,159 3,434 3,855 4,276 3,673 3,532 3,172 3,140 1,202 720 662 1,018 1,095 1,219 703 647 509 512 55 38 54 60 78 76 58 49 47 52 2,145 1 044 820 793 753 824 733 727 717 702 322 162 63 42 42 62 29 60 85 95 169 157 139 140 144 149 141 140 132 133 0) 1,757 1,287 1,581 1,868 2,100 1,969 1,901 1,997 1,806 1,889 1,448 677 532 476 633 675 635 614 525 522 11 13 26 1 1 1 240 48 29 28 50 50 41 39 29 31 533 251 170 149 140 145 129 113 109 111 88 30 11 6 6 2 1 21 30 18 15 13 13 12 11 10 10 0) 12,029 8,492 10,028 10,780 11, 795 11, 629 11, 414 11, 250 11,150 11, 422 9,084 4,482 4,312 4,347 4,794 4,994 5,203 5,031 4,853 4,867 239 45 105 21 36 44 26 18 8 12 425 63 90 96 123 114 97 100 88 84 2,775 1,340 1,124 1,057 1,048 1,032 1,066 1,020 998 992 258 99 55 34 23 34 27 25 26 22 1,538 1,131 1,090 1,094 1,124 1,164 1,176 1,173 1,201 1,216 0) 1929—Dec. 3 1 . _ 13,375 1933—June 30 2 7,873 1934—Dec. 3 1 . . 8,780 1935—Dec. 3 1 . . 8,919 1936—Dec. 3 1 . . 9,825 1937—June 3 0 . . 10,134 Dec. 31 __ 10,124 1938—Mar. 7 . , . 9,958 June 3 0 . . 9,752 Sept. 28P 9,975 8,936 4,275 4,025 3,918 4,078 4,340 4,446 4,369 4,388 4,401 208 10 50 7 13 15 9 9 6 10 83 15 14 13 16 18 16 15 14 14 2,231 1,117 996 894 843 828 824 804 790 782 45 38 27 17 14 16 13 11 9 9 1,462 1,055 1,026 1,035 1,123 1,179 1,219 1,233 1,269 1,307 0) 1929—Dec. 3 1 . - 35,934 1933—June 30 2 _ 24, 786 1934—Dec. 3 1 . . 28,150 1935—Dec. 3 1 . _ 29, 985 1936—Dec. 3 1 . _ 33,000 1937—June 3 0 . . 32, 739 Dec. 3 1 . . 31, 752 1938—Mar. 7___ 31, 521 June 30 _ . 30, 721 Sept. 28P 31, 635 192 232 169 131 113 130 119 112 114 212 291 256 181 161 131 126 102 73 87 80 25 31 29 18 15 23 19 13 13 128 224 210 158 136 98 112 90 65 79 46 10 16 16 10 1 6 5 4 3 21 10 6 5 5 5 6 8 10 7 2,595 937 1,024 1,096 1,527 1,776 1,811 1,741 1,541 1,493 9 27 29 1 3 3 1 1 5 7 5 1 1 1 2 2 1 5 12 27 12 10 16 16 19 11 15 42 36 13 19 17 25 10 8 7 6 24 6 9 10 5 7 12 11 7 8 33 4 5 3 4 4 3 3 2 2 5 1 2 2 2 5 3 1 1 1 3,863 6,887 10, 895 12, 269 13, 545 12,689 12, 371 12,452 12, 343 13, 021 3,863 6,887 9,906 10, 501 11, 639 10,870 10, 574 10,625 10, 215 10, 716 989 1,768 1,906 1,819 1,797 1,827 2,128 2,305 2,091 3,709 4,602 4,985 5,425 4,730 4,640 4,785 4,840 5,210 1,112 2,551 3,524 3,826 4,209 3,630 3,595 3,612 3,740 3,987 1,112 2,551 3,246 3,425 3,739 3,176 3,207 3,180 3,031 3,153 278 401 470 454 388 432 709 834 1^223 535 237 202 249 402 437 426 423 361 351 309 610 1,049 1,392 1,467 1,295 1,266 1,382 1,281 1,367 116 384 821 1,149 1,201 1,001 1,010 1,108 981 1,047 116 384 743 1,061 1,107 907 916 1,008 859 921 78 88 94 94 94 100 122 126 193 226 229 243 266 294 255 275 300 319 102 38 108 120 131 145 132 134 104 99 3,679 1,678 1,671 1,851 2,231 2,389 2,610 2,498 2,369 2,384 2,944 4,011 5,715 6,432 7,000 6,635 6,211 6,219 6,298 6,555 1,368 2,483 4,088 4,732 5,123 4,902 4,598 4,610 4,658 4,831 1,368 2,483 3,809 4,076 4,426 4,267 3,961 3,962 3,940 4,088 279 656 697 635 637 648 718 743 1,576 1,528 1,628 1,701 1,877 1,733 1,612 1,609 1,639 1,724 163 27 92 135 178 211 208 208 168 151 4,705 2,005 1,810 1,810 1,881 2,062 2,149 2,083 2,126 2,121 4,439 3,598 4,756 5,002 5,747 5,794 5,677 5,589 5,364 5,574 1,267 1 469 2,463 2,563 3,013 3,155 3,168 3,124 2,964 3,156 1,267 1,469 2,108 1,940 2,368 2,520 2,490 2,477 2,385 2,554 355 623 645 635 678 647 579 602 3,172 2,129 2,293 2,439 2,734 2,639 2,510 2,465 2,400 2,418 291 11,515 9,784 87 4,857 11,928 232 4,708 16,122 272 5,006 17, 810 324 6,041 19, 640 377 6,663 18,454 364 6,996 17, 794 368 6,745 17, 975 293 6,397 17, 783 272 6,349 18, 705 5,921 5,041 5,227 5,541 6,095 5,765 5,422 5,523 5,440 5,684 NEW YORK CITY 3 1929—Dec. 31. _ 1933—June 3 0 2 . 1934—Dec. 3 1 . _ 1935—Dec. 3 1 . . 1936—Dec. 3 1 . . 1937—June 3 0 . . Dec. 3 1 . . 1938—Mar. 7 . . . June 30._ Sept. 28P 120 164 107 65 65 74 65 62 65 979 ,158 L.078 L, 159 L, 217 L, 100 L, 0 4 5 L, 174 .101 CITY OF CHICAGO • 1929—Dec. 31._ 1933—June 30 2 _ 1934—Dec. 3 1 . . 1935—Dec. 3 1 . _ 1936—Dec. 31. _ 1937—June 3 0 . . Dec. 3 1 . _ 1938—Mar. 7 June 3 0 . . Sept. 28P 24 16 14 8 6 6 6 3 3 RESERVE CITY BANKS 1929—Dec. 31 2 ._ 1933—June 30 _ 1934—Dec. 3 1 . _ 1935—Dec. 3 1 . _ 1936—Dec. 3 1 . _ 1937—June 3 0 . . Dec. 3 1 . . 1938—Mar. 7__. June 3 0 . . Sept. 28P 46 49 46 56 39 47 45 45 42 COUNTRY BANKS 1 Included in "Other loans." 2 Beginning June 30, 1933, figures relate to licensed banks only, s Central reserve city banks. Back figures—See Annual Report for 1937 (tables 54-58). 3 2 2 3 2 2 3 2 4 Preliminary. NOVEMBER 991 FEDERAL RESERVE BULLETIN 1938 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] ReBalserves with Cash ances with Fed- in doeral vault mesRetic serve banksi banks Call date TOTAL—ALL MEMBER BANKS 1929—Dec. 31 1933—June 30 5 1934—Dec. 31 1935—Dec. 31___ 1936—Dec. 31 1937—Mar. 31 June 30 Dec. 31 1938—Mar. 7 June 30 N E W YORK CITY 2,168 2,008 3,149 3,776 4,066 3,445 3,207 3,414 3,561 4,084 3,896 1,485 1,903 2,255 2,533 1,974 2,201 2,259 1,407 1,899 3,517 3,057 4,569 5,696 6,402 5,752 5,298 5,436 5,615 544 145 147 444 432 458 615 453 366 321 827 846 1,576 2,541 2,658 2,719 2,749 2,738 2,941 3,517 179 101 103 111 133 123 105 120 95 119 2,406 874 1,069 1,133 1,087 853 996 989 605 842 1,198 1,255 1,798 2,338 2,493 2,171 2,014 2,108 2,173 2,514 464 127 126 410 393 419 575 416 327 169 232 415 511 558 482 596 596 566 936 133 203 207 209 188 93 156 179 135 208 158 61 90 135 159 114 130 146 84 106 310 259 445 522 599 596 536 528 576 2,374 2,235 4,082 5,573 6,572 6,613 6,897 7,005 7,249 8,004 558 405 609 665 697 662 629 589 604 712 143 1,335 806 1,087 1,799 415 628 781 752 2,139 2,329 2,564 2,577 2,132 2,237 2,314 Time deposits Individuals, partnerships, corporations, etc. Interbank Demand deposits ad- Dojusted4 mes- Fortic eign banks 1,681 657 838 882 881 677 752 767 566 17, 526 11, 830 14,951 18,035 20, 970 20,085 20,272 19, 747 16, 647 12,089 15, 686 18, 801 21, 647 21, 352 21,401 20,387 19,116 20, 513 19, 816 20,893 1,180 461 540 524 457 354 427 404 327 367 5,847 4,676 5,370 6,479 7,274 7,237 6,934 6,507 6,429 6,900 5,547 3,708 4,919 6,001 7,023 6,833 6,743 6,455 6,668 5,229 3,764 5,136 6,161 7,126 7,159 7,132 6,870 6,848 6,934 169 72 106 127 167 130 139 149 101 126 5,091 2,576 3,589 4,254 5,177 5,013 5,089 5,143 4,963 4,863 5,711 3,054 4,292 5,047 6,039 6,012 6,027 5,968 5,957 5,738 122 788 452 218 104 97 100 95 90 83 18 110 56 3 134 151 153 153 123 129 137 135 12, 267 7,803 9,020 9,680 10,429 10, 639 10,818 10, 806 10, 845 10, 874 879 191 13 6 15 18 16 12 1,112 671 591 591 679 758 767 696 694 694 595 300 294 361 296 269 292 482 512 454 957 912 1,189 1,401 1,554 1,128 1,509 1,438 1,372 1,523 300 108 169 204 230 155 163 192 121 146 154 1 7 5 6 6 14 11 11 10 133 1 7 4 4 5 12 4,750 4,358 5,069 6,193 6,929 7,051 6,733 6,111 6,336 6,698 1,041 870 1,073 1,301 1,495 1,001 1,409 1,354 1,270 1,386 Individuals, BorPos- Pub- part- rowner- ings tal lic sav- funds ships, corings porations, etc. 179 6 1929—Dec. 31 1933—June 30 s 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Mar. 31 June 30 Dec. 31 1938—Mar. 7 June 30 CITY OF CHICAGO Demand deposits Cash items Certireport- Interbank fied ed as and Unitin offied Pubproccers' States lic Doess For- Gov- funds checks of col- meseign cash, erntic lecletters tion 2 banks banks ment of credit 20 332 792 224 225 129 306 382 360 123 128 96 229 323 285 314 368 189 185 273 12 1 3 6 1929—Dec. 31 1933—June 305 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Mar. 31 June 30 Dec. 31 1938—Mar. 7 June 30 RESERVE CITY BANK; 1929—Dec. 31 1933—June 305 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Mar. 31 June 30 Dec. 31 1938—Mar. 7 June 30 751 705 1,268 1,594 2,108 2,108 2,215 2,310 2,376 2,289 156 122 207 256 285 264 212 200 213 300 947 1,002 1,543 1,779 1,816 1,545 1,392 1,470 1,632 1,951 1,041 401 537 752 971 764 805 841 538 693 1,604 1,315 1,984 2,422 2,826 2,546 2,339 2,389 2,461 2,514 COUNTRY BANKS 1929—Dec. 31 1933—June 30 6 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Mar. 31 June 30 Dec. 31 1938—Mar. 7 June 30 627 452 822 927 1,247 1,304 1,337 1,361 1,366 1,263 321 203 275 305 319 321 330 307 310 316 702 1,296 1,676 1,929 1,684 1,554 1,645 1,700 1,806 291 149 207 235 316 242 269 283 180 258 405 228 342 415 483 440 409 412 403 380 46 76 312 620 385 407 132 212 256 234 266 42 87 182 208 191 203 208 207 170 221 423 349 585 707 843 935 934 777 809 812 39 742 116 555 178 804 137 901 178 1,011 57 1,113 1,067 959 1, 073 1,008 332 358 381 413 449 440 452 445 445 443 30 59 117 134 137 137 108 107 116 113 4,433 2,941 3,494 3,796 4,026 4,064 4,140 4,161 4,198 4,238 292 16 180 79 35 34 35 34 33 31 371 208 206 266 203 176 190 266 269 262 61 285 210 136 69 64 64 61 56 52 133 86 84 83 80 79 85 158 159 144 6,390 3,833 4,554 4,879 5,275 5,377 5,459 5,504 5,508 5,499 367 167 13 6 3 11 12 12 11 11 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets.'' 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on hand, but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. 4 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. 6 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 54-58). 992 FEDERAL RESERVE BULLETIN NOVEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Loans Date or month Investments Reserve BalComTotal U. S. Governwith ances Other mercial, loans To ment obligaFed- Cash with loans indus- Open brokers for pur- Real Loans and tions Other eral in domesinvest- Total trial, mar- and chas- estate to Other Total securi- Re- vault tic and ket dealers ing or loans banks loans ments ties serve banks agri- paper in se- carryFully banks culcurities ing seDirect guartural curities anteed TOTAL—101 CITIES 426 403 380 354 334 337 338 1,317 762 622 602 686 629 636 675 687 611 592 589 582 577 577 578 1,164 1,153 1,147 1,154 1,158 1,159 1,160 1,161 104 115 125 121 111 114 1,539 1,518 1,507 1,505 1,526 1,515 1,508 1,509 12,161 12,188 12, 215 12, 302 12, 312 12,317 12,460 12,810 8,068 7,992 7,955 7,980 7,864 7,703 7,702 7,957 1,131 1,159 1,179 1,354 1,453 1,567 1,646 1,668 2,962 3,037 3,081 2,968 2,995 3,047 3,112 3,185 5,313 5,724 5,885 6,070 6,407 6,675 6,602 6,712 305 302 342 384 398 403 387 416 1,703 1,992 2,107 2,296 2,406 2,435 2,416 2,413 3,905 3,889 3,891 3,896 3,924 3,908 3,915 337 335 339 333 335 340 344 351 345 345 345 622 632 636 690 670 723 658 649 631 653 665 728 574 578 580 579 578 579 578 576 578 580 576 572 1,159 1,160 1,158 1,160 1,159 1,162 1,160 1,161 1,161 1,161 1,164 1,165 106 115 114 109 108 114 116 118 120 107 106 103 1,513 1,501 1,504 1,507 1,505 1,517 1,513 1,502 1,503 1,502 1,506 1,518 12, 412 12,409 12,496 12, 591 12, 601 12, 629 13,011 12, 999 12,949 13,023 13,044 13,147 7,669 7,674 7,724 7,789 7,792 7,794 8,131 8,111 8,055 8,053 8,074 8,154 1,650 1,628 1,653 1,655 1,655 1,670 1,672 1,675 1,679 1,678 1,684 1,687 3,093 3,107 3,119 3,147 3,154 3,165 3,208 3,213 3,215 3,292 3,286 3,306 6,550 6,568 6,639 6,685 6,756 6,871 6,528 393 382 396 386 401 425 410 426 410 429 424 438 2,365 2,437 2,419 2,457 2,467 2,499 2,353 2,335 2,379 2,411 2,501 2,495 4,040 3,247 3,078 3,007 3,038 2,922 2,938 2,969 1,866 1,670 1,628 1,565 1,511 1,457 1,466 1,455 168 155 147 139 131 131 133 138 1,108 606 489 473 549 497 510 543 255 212 201 205 200 194 195 195 134 123 118 118 118 118 118 119 426 425 418 420 432 432 432 429 4,233 4,470 4,569 4,607 4,633 4,570 4,646 4,828 2,866 2,954 2,995 3,033 2,973 2,821 2,806 2,931 395 426 443 564 650 723 786 800 972 1,090 1,131 1,010 1,010 1,026 1,054 1,097 2,527 2,844 2,946 3,010 7,527 7,542 7,613 7,751 7,710 7,773 7,865 7,839 7,756 7,799 7,795 7,885 2,915 2,942 2,951 3,007 2,973 3,025 2,945 2,934 2,916 2,925 2,932 2,968 1,460 1,470 1,480 1,479 1,466 1,465 1,447 1,445 1,446 1,454 1,445 1,444 132 133 132 136 135 136 139 142 146 142 141 141 499 508 507 561 544 585 525 517 497 513 532 571 191 196 198 197 196 196 195 195 197 198 196 197 118 118 118 118 118 119 119 119 119 119 119 119 436 428 429 432 430 433 429 422 415 413 411 412 4,612 4,600 4,662 4,744 4,737 4,748 4,920 4,905 4,840 4,874 4,863 4,917 2,780 2,781 2,820 2,869 2,862 2,869 3,005 2,989 2,910 2,891 2,887 2,918 786 773 797 795 792 794 803 809 806 800 801 1,046 1,046 1,045 1,080 1,083 1,085 1,112 1,107 1,124 1,183 1,175 1,193 3,301 3,339 3,375 3,425 3,463 3,597 3,405 3,556 3,590 3,651 3,871 3,904 13, 914 13, 355 13,172 5,986 5,637 5,526 5,423 5,346 5,291 5,277 5,299 2,867 2,658 2,601 2,520 2,442 2,421 2,420 2,438 301 271 256 241 223 203 204 200 209 156 133 129 137 132 126 132 432 399 391 384 382 383 382 383 1,030 1,030 1,029 1,036 1,040 1,041 1,042 1,042 1,113 1,093 1,089 1,085 1,094 1,083 1,076 1,080 7,928 7,718 7,646 7,695 7,679 7,747 7,814 7,982 5,202 5,038 4,960 4,947 4,891 4,882 4,896 5,026 736 733 736 790 803 844 860 1,990 1,947 1,950 1,958 1,985 2,021 2,058 2,088 2,786 2,880 2,939 3,060 3,199 3,295 3,251 3,207 252 252 291 334 345 351 337 357 1,637 1,922 2,039 2,226 2,331 2,361 2,347 2,340 5,284 5,281 5,266 5,263 5,268 5,310 5,309 5,307 5,324 5,347 5,338 5,378 2,429 2,430 2,410 2,407 2,422 2,440 2,442 2,446 2,450 2,470 2,463 2,471 204 204 203 203 198 199 201 202 205 203 204 204 123 124 129 129 126 138 133 132 134 140 133 157 383 382 382 382 382 383 383 381 381 382 380 375 1,041 1,042 1,040 1,042 1,041 1,043 1,041 1,042 1,042 1,042 1,045 1,046 1,077 1,073 1,075 1,075 1,075 1,084 1,084 1,080 1,088 1,089 1,095 1.106 7,800 7,809 7,834 7,847 7,864 7,881 8,091 8,094 8,109 8,149 8,181 8,230 4,889 4,893 4,904 4,920 4,930 4,925 5,126 5,122 5,145 5,162 5,187 5,236 2,047 2,061 2,074 2,067 2,071 2,080 2,096 2,106 2,091 2,109 2,111 2,113 3,249 3,229 3,264 3,260 3,293 3,274 3,123 3,138 3,207 3,219 3,281 3,296 343 332 345 334 346 362 353 364 351 368 363 375 2,296 2,367 2,350 2,387 2,398 2,425 2,277 2,263 2,308 2,332 2,423 2,418 1937—September _. 1938—March April May June July August 1938—September _. 22,187 10,026 21,072 8,884 20,819 8,604 20, 732 20, 696 8,384 20, 530 8,213 20, 675 8,215 21,078 8,268 4,733 4,328 4,229 4,085 3,953 3,878 3,886 3,893 1938—Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 20, 611 20, 632 20, 713 20, 861 20,842 20, 964 21, 265 21, 240 21,189 21,295 21,314 21, 493 8,199 8,223 8,217 8,270 8,241 8,335 8,254 8,241 8,240 8,272 8,270 8,346 3,889 3,900 3,890 3, 1937—September _. 1938—March April May June July August 1938—September .. 8,273 7,717 7,647 7,614 7,671 7,492 7,584 7,797 1938—Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 6,797 6,870 7,152 7,200 NEW YORK CITY 84 66 70 68 70 75 74 69 73 3, 3,351 3,505 69 70 74 76 72 71 79 78 77 OUTSIDE NEW YORK CITY 1937—September.. 1938—March April May June July August. __:_. 1938—September.. 1938—Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 13,118 13,025 13,038 13,091 13, 281 13,084 13,090 13,100 13,110 13,132 13,191 13, 400 13,401 13,433 13,496 13, 519 13, 608 855 856 860 863 876 873 878 881 NOTE.—For description of figures see BULLETIN for November 1935, pages 711-738, or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for June 1937, pages 530-531. For back figures see BULLETIN for November 1935, pages 711-738, or reprint, page 876 of BULLETIN for December 1935, Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 993 FEDERAL RESERVE BULLETIN NOVEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Cash items reported as Other in proc- assets ess of collection* Date or month Demand deposits Total assets Time deposits Interbank Total liabilities United CertiStates fied Domes- Foreign Govern- checks, Other tic etc. banks ment banks Demand deposits—adjusted 2 Interbank For- Other Domestic eign banks banks Borrowings Other Capiliabil- tal acities count TOTAL—101 CITIES 1937—September 1938—March April May June July August September 1,568 1,301 1,275 1,226 1,477 1,322 1,168 1,308 1,286 1,298 1,281 1,307 1,328 1,269 1,272 1,250 32,362 31,689 31, 709 32,015 32, 712 32, 634 32, 520 33,177 4,878 5,164 5,292 5,596 5,736 5,821 5,808 5,863 559 348 327 309 305 302 312 411 616 700 612 549 501 452 425 491 510 433 393 407 536 443 368 409 15,900 15, 227 15, 318 15, 397 15, 873 15, 900 15,917 16, 275 14,843 14, 360 14, 437 14, 579 14, 932 15,021 15,118 15, 377 112 116 115 110 111 115 112 111 5,283 5,239 5,223 5,214 5,231 5,211 5,206 5,213 863 820 791 778 756 731 706 735 3,612 3,626 3,626 3,645 3,649 3,645 3,657 3,661 1938—Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 1,115 1,184 1,071 1,339 1,260 1,470 1,277 1,226 1,367 1,654 1,419 1,445 1,271 1,268 1,262 1,282 1,273 1,272 1,223 1,232 1,237 1,244 1,240 1,242 32, 305 32, 471 32, 500 33,010 32,999 33, 501 33, 056 33,153 33, 379 33,903 34, 050 34, 313 5,777 5,840 5,763 5,847 5,994 6,026 5,742 5,690 5,896 5,931 6,133 6,086 305 311 316 327 356 410 436 441 461 461 480 485 430 425 421 411 407 397 581 581 578 570 559 546 364 337 359 430 382 446 388 422 494 547 477 454 15, 760 15, 867 15, 926 16, 297 16,145 16, 467 16,177 16,312 16, 269 16,711 16, 697 16, 986 15,009 15, 020 15, 214 15, 388 15, 267 15, 443 15, 288 15, 508 15, 396 15,604 15, 755 15, 995 112 113 112 111 111 112 110 109 110 110 110 110 5,193 5,215 5,217 5,210 5,217 5,238 5,216 5,180 5,175 5,163 5,164 5,156 700 697 717 705 715 738 735 750 728 740 757 814 3,655 3,656 3,660 3,664 3,664 3,658 3,661 3,661 3,661 3,662 3,663 3,666 NEW YORK CITY 722 614 568 553 748 602 499 580 459 475 476 491 495 485 486 464 12,100 11, 770 11, 756 11, 788 12, 250 12,085 12,039 12, 478 1,896 2,086 2,187 2,354 2,430 2,443 2,447 2,494 516 310 288 271 269 266 273 364 346 325 206 150 120 108 103 128 332 280 236 256 368 279 218 251 6,397 6,264 6,361 6,302 6,609 6,559 6,567 6,781 6,007 5,931 6,029 6,005 6,228 6,236 6,286 6,453 726 656 654 636 654 648 650 662 390 356 335 323 303 298 292 311 1,477 1,482 1,482 1,488 1,486 1,478 1,483 1,481 473 465 635 587 636 548 549 630 797 486 483 478 488 483 471 453 450 453 455 450 447 11,913 11, 957 12,051 12,421 12, 367 12, 614 12,404 12, 528 12, 559 12, 842 12,893 13, 057 2,421 2,453 2,424 2,500 2,535 2,560 2,450 2,429 2,492 2,478 2,613 2,613 273 276 286 314 364 387 392 409 406 427 434 104 104 104 100 100 98 158 158 157 148 136 122 220 192 217 271 236 275 232 263 320 379 316 295 6,505 6,590 6,810 6,732 6,835 6,710 6,848 6,776 7,015 6,979 7,118 6,229 6,224 6,342 6,446 6,381 6,474 6,394 6,562 6,466 6,597 6,657 6,732 638 660 659 657 659 684 665 639 626 622 619 618 285 282 292 305 302 312 315 315 293 306 312 367 1,482 1,482 1,483 1,486 1,483 1,480 1,481 1,479 1,481 1,483 1,483 1,482 1937—September 1938—March April May June July August September 846 687 707 673 729 720 669 728 827 823 805 816 833 784 786 786 20, 262 19,919 19,953 20, 227 20,462 20, 549 20, 481 20, 699 2,982 3,078 3,105 3,242 3,306 3,378 3,361 3,369 270 375 406 399 381 344 322 363 178 153 157 151 168 164 150 158 9,503 8,963 8,957 9,095 9,264 9,341 9,350 9,494 8,836 8,429 8,408 8,574 8,704 8,785 8,832 8,924 112 116 115 110 111 115 112 111 4,557 4,583 4,569 4,578 4,577 4,563 4,556 4,551 473 464 456 455 453 433 414 424 2,135 2,144 2,144 2,157 2,163 2,167 2,174 2,180 1938—Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21_... Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 635 711 606 704 673 834 729 677 737 857 781 764 785 785 784 794 790 801 770 782 784 789 790 795 20,392 20, 514 20,449 20, 589 20, 632 20,887 20, 652 20, 625 20,820 21,061 21,157 21, 256 3,356 3,387 3,339 3,347 3,459 3,466 3,292 3,261 3,404 3,453 3,520 3,473 326 321 317 311 307 299 423 423 421 422 423 424 144 145 142 159 146 171 156 159 174 168 161 159 9,271 9,362 9,336 9,487 9,413 9,632 9,467 9,464 9,493 9,696 9,718 8,780 8,796 8,872 8,942 112 113 112 111 111 112 110 109 110 110 110 110 4,555 4,555 4,558 4,553 4,558 4,554 4,551 4,541 4,549 4,541 4,545 4,538 415 415 425 400 413 426 420 435 435 434 445 447 2,173 2,174 2,177 2,178 2,181 2,178 2,180 2,182 2,180 2,179 2,180 2,184 1937—September 1938—March April May June July August September . 1938—Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19__ Oct. 26 OUTSIDE NEW YORK CITY 1 2 . 8,894 8,946 8,930 9,007 9,098 9,263 Does not includebash items in process of collection reported in balances with domestic banks. Demand deposits other than interbank and IT. S. Government, less cash items reported as in process of collection. 994 FEDERAL RESERVE BULLETIN NOVEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO [In millions of dollars] Loans ComOther Total mercial, loans loans To indus- Open )rokers or pur- Real and trial, marchasnvest- Total and and ket ments dealers ing or state agripaper in se- carry- oans culurities ing setural curities Federal Reserve district and date (1938) BOSTON (6 cities) Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct 26 joans Other Total to )anks oans U. S. Government obligations Fully Direct guarnteed ReBalserve nces with Cash with Feddoin Other eral mesecuri- Retic ties serve anks banks 1,137 1,134 1,136 1,134 1,141 581 578 582 579 587 267 266 267 264 265 63 64 65 65 65 25 22 23 22 28 31 32 32 32 32 82 81 28 82 82 2 2 2 2 2 111 111 111 112 113 556 556 554 555 554 391 393 389 391 391 30 30 31 30 30 135 133 134 134 133 320 338 341 364 350 127 129 132 134 138 134 141 148 151 143 8,685 8,606 8,660 8,650 8,735 3,327 3,309 3,316 3,319 3,355 1, 563 1,563 1,569 1,557 1,555 151 155 151 150 151 522 502 519 538 578 264 266 266 265 265 222 223 222 222 222 95 97 87 88 84 510 503 502 499 500 5,358 5,297 5,344 5,331 5,380 3,231 3,153 3,139 3,135 3,164 863 863 858 858 861 1,264 1,281 1,347 1,338 1,355 3,672 3,736 3,776 4,002 4,024 79 76 79 77 80 161 155 153 164 172 1,141 1,137 1,138 1,141 1,146 415 414 186 184 20 22 15 15 22 23 23 100 100 100 102 102 94 94 94 95 94 286 284 284 286 286 226 247 254 256 254 18 17 17 18 18 157 166 170 184 175 . . .._ 1,814 653 660 245 245 12 12 36 36 36 36 36 170 170 171 171 171 2 2 2 2 2 167 170 170 170 170 723 726 1,161 1,174 1,179 1,187 1,203 342 418 420 2 2 2 1 2 720 185 184 17 58 57 58 58 58 346 345 185 34 34 34 33 33 726 723 418 97 98 98 98 98 280 279 280 279 279 357 356 349 356 352 40 39 39 40 41 254 261 271 278 272 16 16 16 16 16 32 32 32 32 32 1 1 1 66 67 67 68 68 396 296 3 3 3 3 409 422 419 431 308 319 313 325 36 36 38 40 40 64 65 65 66 66 146 146 147 150 144 20 18 20 18 19 145 152 145 149 152 _ -. NEW YORK (8 cities)* Sept. 28 Oct. 5 Oct 12 Oct. 19 Oct. 26__. PHILADELPHIA (4cities) Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 ._ CLEVELAND (10 cities) Sept. 28 Oct 5 Oct. 12 Oct. 19. _ Oct. 26 ] Investments 1,834 1,837 1,841 1,860 16 18 21 25 342 346 784 797 658 654 657 244 241 242 11 11 11 631 645 660 656 668 235 106 106 108 108 107 11 236 238 237 237 577 576 579 584 585 289 291 293 297 300 157 159 161 164 164 3 3 2 2 2 7 7 7 6 6 14 14 15 15 15 28 28 28 28 29 3 3 2 2 2 77 77 78 80 82 288 285 286 287 285 162 160 159 159 157 41 41 42 42 42 85 84 85 86 86 97 100 103 101 102 12 11 12 12 12 127 138 139 143 142 2,927 2,923 2,935 2,941 2,978 821 820 466 465 34 34 468 466 468 34 35 35 35 34 825 819 832 78 78 79 78 78 93 93 92 93 93 4 4 4 4 4 111 112 112 110 111 2,106 2,103 2,110 2,122 2,146 1,400 1,398 1,405 1,418 1,440 236 239 235 238 238 470 466 470 466 468 1,056 1,055 1,053 1,091 1,130 67 63 67 65 68 405 404 410 410 438 663 666 674 678 686 290 181 4 4 4 4 4 48 48 48 48 48 6 6 5 5 5 33 34 34 35 35 210 6 6 6 6 13 12 13 13 13 373 186 193 195 199 5 296 303 306 310 208 210 210 215 63 63 63 63 62 100 99 98 99 99 163 161 165 169 164 11 11 11 11 12 123 127 129 135 133 369 368 370 371 373 160 160 161 162 163 78 78 79 80 80 4 4 4 4 4 1 1 1 1 2 8 8 8 7 7 6 6 6 7 63 63 63 63 63 209 208 209 209 210 155 155 156 156 157 13 13 12 12 12 41 40 41 41 41 72 76 75 72 75 6 6 6 6 110 111 111 106 109 643 642 639 645 649 246 246 247 248 249 148 147 149 149 149 18 18 18 18 18 4 4 4 4 5 12 12 12 12 12 22 23 22 22 22 1 1 1 1 1 41 41 41 42 42 397 396 392 397 400 223 223 219 223 226 48 49 49 49 49 126 124 124 125 125 156 161 166 158 162 13 11 13 12 13 267 264 280 296 283 510 514 516 524 525 236 239 240 241 243 152 154 156 155 158 2 2 1 1 2 2 3 3 3 3 14 14 14 15 14 20 20 20 21 20 1 45 46 46 46 46 274 275 276 283 282 184 185 181 188 187 36 36 40 41 41 54 54 55 54 54 105 106 112 106 111 11 10 11 10 11 208 209 209 215 211 2,143 2,144 2,151 2,149 2,147 988 991 991 990 993 342 343 345 344 344 22 22 22 22 19 9 9 10 10 11 56 56 55 54 51 380 380 380 380 381 1 2 1 1 1 178 179 178 179 186 1,155 729 730 1,153 1,160 1 733 729 1,159 720 1,154 118 117 118 118 120 308 306 309 312 314 324 315 329 327 332 22 19 21 21 20 244 251 246 270 265 1,896 1,881 1,900 1,898 1,928 518 516 521 517 527 340 339 339 339 341 20 20 20 21 20 31 30 32 30 38 67 67 68 67 67 11 11 11 11 11 1,378 1,365 1,379 1,381 1,401 127 127 127 128 128 325 320 323 321 323 859 858 852 892 929 35 34 34 34 35 205 211 208 211 229 24 23 25 801 810 826 RICHMOND (12 cities) Sept. 28 Oct. 5 Oct 12 Oct 19 Oct 26 ATLANTA (8 cities) Sept. 28 Oct 5 Oct. 12 Oct 19 Oct. 26 - _ __. 11 11 10 11 3 CHICAGO (12 cities)* Sept 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 ST. LOUIS (5 cities) Sept. 28 Oct 5 Oct. 12 Oct. 19 Oct 26 . 36 33 43 370 371 372 376 MINNEAPOLIS (8 cities) Sept. 28 Oct 5 Oct. 12 Oct 19 Oct 26 KANSAS CITY (12 cities) Sept. 28 . Oct 5 Oct 12 Oct. 19 _ Oct. 26 DALLAS (9 cities) Sept. 28 Oct. 5 Oct 12 Oct. 19 Oct. 26 SAN FRANCISCO (7 cities) Sept. 28 _ .. _ Oct. 5 Oct. 12 Oct. 19 Oct. 26 CITY OF CHICAGO* Sept. 28 Oct. 5 Oct. 12 Oct 19 Oct. 26 49 49 51 49 50 926 918 929 932 950 " Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 995 FEDERAL RESERVE BULLETIN NOVEMBER 1938 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued [In millions of dollars] Demand deposits Federal Reserve district a n d date (1938) Cash items reported as Other in proc- assets ess of collection i BOSTON (6 cities) Sept. 28 Oct. 5 . Oct. 12 Oct. 19 Oct. 26 N E W YORK (8 cities)* Sept. 28 Oct. 5 Oct. 12 Oct. 19 . Oct. 26 PHILADELPHIA (4cities) Sept. 28 ._ Oct. 5 Oct. 12 Oct. 19 Oct. 26 CLEVELAND (10 cities) Sept. 28 Oct. 5 . Oct. 12 _ Oct. 19 Oct. 26 RICHMOND (12 cities) Sept. 28__ . Oct. 5 Oct. 12 Oct. 19 Oct. 26 ATLANTA (8 cities) Sept. 28 Oct. 5 . Oct. 12 Oct. 19 Oct. 26 CHICAGO (12 cities)* Sept. 28 Oct. 5 Oct. 12 Oct. 19. _. Oct. 26 ST. LOUIS (5 cities) Sept. 28._ Oct. 5 Oct 12 Oct. 19 Oct. 26 MINNEAPOLIS (8 cities) Sept. 28 Oct. 5 Oct. 12 Oct. 1 9 . . Oct. 26 Time deposits Total assets Interbank Total liabilities United Certified States Other DomesGovern- checks, Foreign tic etc. ment banks banks Demand deposits—adjusted2 Interbank DoFormestic eign banks b a n k s 52 57 66 65 56 70 72 72 72 73 1,840 1,871 1,895 1 920 1,901 223 241 244 255 243 14 15 16 16 15 10 10 10 10 10 14 15 17 18 16 1,061 1 072 1,095 1 106 1,102 1,023 1 030 1 046 1 059 1 062 1 1 1 577 665 837 673 715 523 526 529 525 527 13, 697 13, 764 14,034 14,091 14, 253 2,483 2,549 2,534 2,671 2,671 394 411 408 429 436 171 170 161 150 135 280 347 394 332 311 7,382 7,334 7,572 7,540 7,679 7 085 7,016 7,129 7,199 7,275 13 13 14 14 14 53 62 64 62 62 84 83 83 83 84 1,679 1,712 1,726 1,744 1,739 281 295 300 309 303 7 8 10 9 9 40 38 38 38 38 8 8 9 10 800 817 824. 837 837 754 763 768 784 785 10 10 10 10 10 72 72 93 75 84 102 103 103 102 102 2,639 2,665 2,692 2,692 2,711 297 317 317 316 316 1 1 1 1 1 29 29 29 29 29 16 18 21 16 15 1,140 1,137 1,161 1 167 1,187 1 084 1,083 1,089 1 108 1,118 44 48 56 53 44 33 33 34 34 34 1,019 1,042 1,062 1,060 1,061 214 228 235 239 237 21 21 21 21 21 9 10 12 10 9 455 462 472 466 468 41 44 48 48 42 45 44 42 41 41 899 913 923 929 924 195 208 214 220 217 1 1 1 1 1 34 34 35 34 35 4 4 3 4 3 155 159 193 170 186 83 82 84 82 83 4,693 4,686 4,742 4,759 4,883 836 857 868 886 877 11 10 11 10 9 100 100 100 100 100 45 51 65 53 51 23 23 23 23 23 1,028 1 039 1 067 1 069 1,069 253 266 271 274 270 27 30 28 30 27 17 16 17 16 17 601 607 608 601 607 121 125 123 118 118 57 65 71 68 60 22 22 22 22 22 1,158 1,165 1,191 1,201 1 189 344 356 357 367 363 30 38 42 42 36 26 26 26 27 27 890 903 916 924 921 200 208 212 217 214 73 76 91 80 82 204 207 209 213 209 3 010 3,012 3,047 3,060 3,055 99 103 124 108 123 51 51 52 50 51 3,145 3,138 3,170 3,193 3,295 Other Borrowings Other Capiliabil- tal acities count 256 256 250 252 252 21 21 21 21 21 241 241 241 241 241 1 036 1,023 1,018 1,014 1,011 326 303 317 322 378 1,607 1,609 1,611 1,611 1,610 290 294 294 290 289 18 16 16 16 17 226 226 226 226 226 36 36 36 36 36 740 746 746 746 745 18 20 19 21 20 362 361 362 360 362 420 424 428 423 433 6 6 6 6 6 197 199 199 199 199 23 23 24 25 26 94 93 93 94 95 379 381 386 385 384 342 341 341 341 345 3 2 2 2 2 186 186 186 186 185 6 6 6 6 6 91 91 90 91 91 39 38 39 32 37 2,419 2,395 2,437 2,441 2 566 2 303 2,274 2 283 2,303 2 417 8 8 8 8 8 878 876 876 879 880 21 20 21 20 22 381 382 382 383 384 18 18 18 18 18 5 5 5 7 6 463 461 484 481 486 423 415 424 435 441 6 7 6 6 6 186 186 186 187 187 7 6 6 5 5 90 90 91 91 91 2 2 2 2 2 7 6 5 6 6 285 287 292 289 295 265 263 269 265 274 2 2 2 2 2 119 120 119 120 119 8 7 7 7 8 56 57 57 56 56 20 20 20 21 21 12 12 12 12 12 533 528 553 552 544 488 475 494 496 496 7 7 7 7 143 143 143 143 143 3 3 3 3 3 96 96 96 96 96 1 1 1 1 31 31 31 30 31 8 7 8 9 8 430 435 444 445 446 408 404 410 412 418 133 132 132 133 132 6 6 5 6 6 82 83 83 83 83 243 246 256 261 257 12 13 12 12 12 105 105 105 106 106 21 24 23 22 21 965 960 991 988 992 913 908 923 930 931 1,016 1,014 1,014 1,015 1,014 293 297 295 305 302 335 332 330 331 331 635 651 663 681 670 10 9 10 9 8 62 62 62 62 62 27 25 25 18 25 1,675 1,659 1,677 1,689 1,794 1,603 1,581 1,578 1, 599 1,696 467 463 463 464 465 17 16 17 17 17 252 253 253 253 254 1 1 1 1 1 5 5 5 5 5 3 3 KANSAS CITY (12 cities) Sept.23 Oct. 5 Oct. 12 Oct. 19 Oct. 26 DALLAS (9 cities) Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 SAN FRANCISCO (7 cities) Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 CITY OF CHICAGO* Sept 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 18 19 18 18 18 2 2 3 2 2 * See note on preceding page. 1 Does not include cash items in process of collection reported in balances with domestic banks. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 996 FEDERAL RESERVE BULLETIN NOVEMBER 1938 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders Commercial paper outstand- Total outstand- ing! End of month ing Held by accepting banks Own bills Total Held by Federal Reserve banks For Bills own acbought count on For ac- Held count of by foreign others correspondents ports into U. S. Based on ex- Dollar exports from change U.S. Based on goods stored in or shipped between points in Foreign countries U.S. 331 323 311 279 1937—September . October November December 1938—January FebruaryMarch April. May June July August September. By classes _ 344 346 348 343 274 282 279 278 148 153 148 147 127 129 131 131 1 2 2 2 69 62 67 63 127 127 122 117 77 82 84 87 1 1 1 2 73 75 79 78 66 62 61 59 299 293 297 271 251 225 211 209 212 326 307 293 279 268 264 265 258 261 266 246 236 229 218 210 217 216 221 147 140 143 141 139 135 133 129 129 119 106 93 89 80 76 84 87 92 2 1 59 61 57 48 48 52 47 42 40 106 96 91 86 81 79 78 83 89 82 78 75 71 65 63 63 58 57 3 2 2 1 1 1 1 2 2 75 70 63 60 57 58 60 55 56 60 61 62 61 64 63 63 60 57 1 2 2 1 1 As reported by dealers; includes some finance company paper sold in open market. » Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month Debit Customers' balances in debit partners' balances investment (net) i and trading accounts Credit balances Customers' credit balances i Debit balances in firm investment and trading accounts Cash on hand and in banks Money borrowed ^ Free Other (net) Other credit balances In In partners' firm In investinvestcapital ment and ment and accounts trading trading (net) accounts accounts 1936—March June September December 1,351 1,267 1,317 1,395 67 67 72 64 168 164 141 164 181 219 227 249 995 985 995 1,048 303 276 289 342 89 86 99 103 23 24 24 30 15 14 14 12 429 420 423 424 1937—March June September. ~ _ October November December. __ 1,549 1,489 1,363 1,053 1,034 985 61 55 48 40 38 34 175 161 128 135 120 108 223 214 239 263 225 232 1,172 1,217 1,088 781 723 688 346 266 256 272 270 278 115 92 96 107 95 85 29 25 26 24 24 26 18 13 12 12 11 10 419 397 385 383 376 355 958 937 831 763 760 774 843 864 823 31 31 29 26 25 27 28 29 29 103 104 95 97 85 88 80 84 76 220 207 215 203 208 215 209 200 213 641 628 576 485 482 495 528 571 559 288 280 239 248 243 258 284 272 257 87 80 81 88 92 89 82 77 68 28 26 25 24 22 22 22 20 20 11 10 9 9 8 11 10 9 333 324 315 309 301 298 303 301 300 1938—January _. _ February March _ _ April May June July August September 7 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 997 FEDERAL RESERVE BULLETIN NOVEMBER 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 Oct. 31 Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco In effect beginning- Previous rate Rate Oct. 31 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- In effect Rate Oct. 31 beginning- Sept. 2, 1937 Oct. 10, 1935 Sept. 4, 1937 Oct. 19, 1935 Sept. 10, 1937 Aug. 21, 1937 Aug. 21, 1937 Sept. 2, 1937 Aug. 24, 1937 Sept. 3, 1937 Aug. 31, 1937 Sept. 17, 1937 2y2 4 3 2^ 2V2 April 29, 1938 Feb. 8, 1934 Oct. 20, 1933 May 11, 1935 Feb. 19, 1934 April 23,1938 Oct. 16, 1933 Feb. 23, 1935 Oct. 8, 1938 Apr. 16, 1938 Apr. 16, 1938 Oct. 19, 1933 * Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Percent per annum] Rates in effect, Oct. 31, 1938, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Rate in effect on Oct. 31 Maturity In effect beginning— Previous rate Oct. 20, 1933 ...do ...do ___do _._do ___do ._ do 1-15 days i . . 16-30 days... 31-45 days... 46-60 days... 61-90 days... 91-120 days_. 121-180 days i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply to purchases, if any, made by other Federal Reserve banks. Back figures.—See Annual Report for 1937 (table 41). MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid b y 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 to beginning 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 Advances to financing institutions— Federal Reserve Bank Boston New Y o r k . . . . Philadelphia.. Cleveland 3^-6 3 3 4-6 4-6 2V2 434-6 Richmond Atlanta Chicago St. Louis 6 5-6 5-6 Commitments to make advances 3H 4-5 (2) 4 1-2 1-2 4-5K 3^ 4-6 5 5-6 4 6 4-6 5-6 5-6 MinneapolisKansas City.Dallas San Francisco 4^-5 4H-5 4 4 3-4 4 5-6 4-5 1 4-6 5 2]/^ 1-2 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. Back figures.—See Annual Report for 1937 (table 40). MEMBER BANK RESERVE REQUIREMENTS [Percent of deposits] Classes of deposits and banks 2]/2 Advances direct to industrial On poror comtion for mercial or- which On reganizations institu- maining tion is portion obligated On net demand deposits: i Central reserve city.. Reserve city Country .. June 21, Aug. 16, Mar. 1, May 1, Apr. 16, 19361937193819171937and Aug. 15, Feb. 28, Apr. 30, Apr. 15, after 1936 1938 1937 1937 13 10 7 15 2 22% 26 20 14 22% 12 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for member 5 6 All member banks. _. 3 banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on p. 986 for explanation of method of computlower maximum rates established by State authority. ing net demand deposits. 998 FEDERAL RESERVE BULLETIN NOVEMBER 1938 MONEY RATES AND BOND YIELDS RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OPEN-MARKET RATES IN NEW YORK CITY Pereen r per annuml Prevailing rate o n - [Weighted averages of prevailing rates; percent per annum] Average rate o n - Year, month, or week Prime commercial paper, 4 to 6 months 1935 average... 1936 average.._ 1937 average. _ _ 90 1 1 1 1 1 1 K-i H-\ H-i X-i June July Aug. days .13 .16 .43 .56 1 16 1.25 IK IK JK IX Vie Vl6 7 /l6 7 ,16 7 16 7 16 7 /16 7 16 7 16 7 /l6 \X IX IX IX IX IK IK IK 1H 7 X % Sept 90 days .76 .75 .95 1937-Sept.... Oct. . . . . Nov Dec. 1938—Jan. Feb._ Mar April.... May..... Stock Stock exexchange change call time loans, loan Prime bankers' acceptances, 7 Ae /l6 7/16 Week ending: Sept. 1 0 . . . M Sept. 1 7 . . . 5 H Sept. 2 4 . . . A-H Oct. 1 5 Z Oct. 8 A- A Oct. 1 5 . . . . 5A-H Oct. 22 H-H renewals .56 .91 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 Year 27 southern and western cities: January February ___ %-u March April 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 1937 (tables 43 and 44). Figures November for 91-day Treasury bills available on request. December Year 11A IX 1M IX IX IK IX 7/16 7/16 7/16 7/16 7/16 7/16 7/16 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .10 .11 .14 .03 .02 .02 .03 .06 .09 .08 .10 .05 .05 .04 193 1036 1937 1938 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 2.42.44 2.42 2.40 2.46 2.43 2.43 2.50 2.41 2.50 2.53 2.44 2.34 2.36 2.41 2.39 2.38 2.45 2.40 1929 1931 1932 1933 1934 Aver- age U.S. TreasNew York City: ury bills yield on January U S. February TreasMarch 91New ury April 3-to-5 issues d a y May ofdealyear June fered ers' notes July within1 quoAugust period tation September October November .14 1.29 .17 December .14 .17 1.11 .45 .28 1.40 Year .53 .31 1.50 8 other northern and eastern cities: .34 .20 1.42 January .15 .09 1.31 February. .10 .11 1.27 March .10 .10 1.13 April .08 .08 1.09 May .08 .07 1.01 June .08 .09 .94 July .03 .05 .77 August .02 .05 .67 September .05 .07 .70 October... _ .05 .06 .71 November. .82 .10 .08 December .74 .87 .85 .85 .67 .66 .67 5.7' 5.73 5.81 5.85 5.88 5.93 5.88 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 4.41 4.45 4.30 4.35 4.12 4.22 5.88 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 4.88 4.89 4.84 5.39 5.09 4.99 4.97 4.8: 4.68 4.65 4.51 4.54 4.59 4.65 4.49 4.52 4.52 4.39 4.30 4.15 4.12 4.11 4.13 4.08 3.98 4.08 4.02 4.05 3.99 3.88 3.78 3.87 3.79 3.75 3.75 3.63 3.67 3.61 3.63 3.60 3.4: 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 5.05 4.83 4.29 3.86 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 5.60 5.56 5.66 5.68 5.66 5.62 5.54 5.53 5.55 5.50 5.42 5.43 5.40 5.39 5.40 5.34 5.28 5.19 5.07 5.05 5.04 5.05 4.93 4.92 4.95 4.84 4.85 4.80 4.79 4.76 4.58 4.63 4.51 4.55 4.51 4.55 4.47 4.51 4.44 4.40 4.43 4.39 4.35 4.25 4.29 4.23 4.24 4.14 4.15 4.15 4.21 4.17 4.18 4.19 4.18 4.18 4.16 4.17 4.15 5.61 5.61 5.64 5.63 5.64 5.62 5.63 5.68 5.63 5.56 5.55 5.60 5.56 5.17 4.69 6.14 5.39 2.36 2.34 2.40 2.36 2.40 2.36 2.27 2.16 2.25 2.29 3.37 3.29 3.25 3.26 3.27 3.38 3.28 3.26 3.30 3.37 4.16 4.09 4.15 4.13 4.13 4.14 4.12 4.12 4.07 4.06 4.35 BOND YIELDS1 [Percent per annum] U.S. Treas- Year, month, or week Munic- Total ury a Number of issues 1935 average... 1936 average 1937 average _ . __ __ 1937—September October. __ November December 1938—January _ February March April... .__>. . May . . . Corporate 4 By ratings Aa Aaa By groups Industrial Baa A Railroad Publio utility 7-12 15 120 30 30 30 30 40 40 40 2.70 2.47 2.57 3.41 3.07 3.10 4.46 3.87 3.94 3.60 3.24 3.26 3.95 3.46 3.46 4.55 1.02 L01 5.75 4.77 5.03 4.02 3.60 3.55 4.95 4.24 4.34 4.43 3.88 3.93 2.67 2.65 2.60 2.54 2.47 2.46 2.45 2.43 2.30 2.31 2.34 2.32 2.40 3.18 3.24 3.17 3.15 3.03 2.99 2.99 3.03 2.91 2.91 2.87 2.82 3.02 3.98 4.12 4.21 4.16 4.19 4.23 4.36 4.50 4.28 4.40 4.17 4.09 4.17 3.28 3.27 3.24 3 21 3.17 3.20 3.22 3.30 3.22 3 26 3.22 3.18 3.21 3.46 3.53 3.54 3.50 3.50 3.51 3.56 3.73 3.56 3.68 3.62 3.57 3.60 1.02 L16 1.24 I 20 4.20 4.24 4.34 4.49 4.28 4 41 4.21 4.13 4.20 5.16 5.52 5.82 5 73 5.89 5.97 6.30 6.47 6.06 6.25 5.63 5.49 5.65 3.56 3.63 3.65 3.66 3.54 3.57 3.58 3.64 3.51 3.55 3.48 3.43 3.50 4.43 4.66 4.91 4.79 5.02 5.06 5.44 5.75 5.44 5.75 5.25 5.09 5.18 3.96 4.08 4.06 4 03 4.01 4.07 4.05 4.11 3.90 3.90 3.79 3.76 3.82 June July August September _ Week ending: 4.22 2.41 October 1 3.15 3.62 3.25 5.74 4.26 3.53 3.85 5.28 2.30 4 12 2.87 4.08 3 17 3 56 3.45 5.46 5.02 3.77 October 8 2.82 4.03 3.14 3.54 2.28 3.42 4.94 3.74 4.08 5.37 October 15 . 2.81 4.02 3.14 2.28 3.52 3.42 4.07 5.33 3.71 4.93 October 22 i Monthly and weekly data are averages of dailyfigures,except for municipal bonds, which are based on Wednesday figures. * Average of yields of all outstanding bonds due or callable after 8 years. »Standard Statistics Co. < Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9. Series revised back to Jan. 1, 1937 in July, 1938 because of changes in railroad bond yield averages in all rating groups. Backfigures.—SeeAnnual Report for 1937 (table 80). 999 FEDERAL RESERVE BULLETIN N O V E M B E R 1938 BOND PRICES1 STOCK MARKET Stock prices1 Year, month, or date 0.8. Treas- Municipal J ury* Number of issues Corporate Total 7-12 3 Year, month, or date indus- Railroad trial Preferred* Total 20 60 Volume of trading* Common (index, 1926=100) Industrial Railroad Utility 20 32 420 348 40 20 Number of issues... 98.2 105.4 1935 average 71 78 91 __ 133.8 1,411 _. 100.4 1936 average 111 104 127 138.9 1,824 112 95 131 1937 average. 136.2 1,519 1937— September 103.3 109.0 85.6 98.4 91.3 90.0 October 103.5 108.1 86.4 85.5 78.4 95.2 1937-September___ 136.4 106 126 1,498 November 104.0 109.1 83.3 82.7 72.1 95.0 October 91 133.5 107 2,324 December 104.7 109.5 81.4 82.7 72.5 94.2 83 N o v e m b e r . . . 132.3 96 1,420 1938 -January 105.3 111.5 81.7 80.6 66.2 94.0 82 December 132.1 95 1,174 February 105.4 112.2 80.6 79.3 65.0 92.2 1938—January 82 133.5 1,069 March 105.0 112.2 79.5 76.0 57.3 91.2 81 133. 3 February 719 April.. 104.8 111.6 77.8 73.8 53.5 90.2 78 132.2 March 922 106.1 May 113.6 80.4 76.5 55.1 94.0 71 84 127.9 April 778 106.0 113.6 June 80.0 75.3 52.0 94.0 74 87 131.7 May 620 105.7 114.2 July.... 85.0 80.8 60.2 97.3 73 86 132.3 June 1,033 105.9 115.2 August 85.7 81.3 60.0 98.1 88 105 135.6 July 1,762 104.8 111.7 September-. 84.2 78.7 55.7 96.3 90 108 138.1 August 843 104 September... 137.9 1,054 September 28 104.2 109.4 83.1 54.0 77.5 95.3 October 5 105. 7 114.3 86.4 81.6 59.9 98.3 1,415 September 28 136.6 100 115.1 October 12 105.8 86.7 81.8 60.1 98.5 1,792 October 5 139.5 111 115.3 October 19 105.9 87.1 81.7 59.6 98.6 2,042 October 1 2 . . . 140.0 111 29 78 2,189 October 19. _ 140.5 _ 112 29 1 Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. 1 Standard Statistics Co. Monthly data are averages of Wednesday 2 Average prices of all outstanding bonds due or callable after 8 years, figures. 2 based on quotations from Treasury Department. Average prices of industrial high-grade, derived from yields. 3 3 Prices derived from average yields, as computed by Standard StaAverage daily volume of trading in stocks on the New York Stock tistics Co. Exchange, in thousands of shares. Weekly figures are averages for the Back figures.—See Annual Report for 1937 (table 79); for U. S. Treas- week ending Saturday. ury bonds, see BULLETIN for M a y 1936, p. 317. Back figures.—For stock prices, see Annual Report for 1937 (table 79). 106.1 107.0 104.4 1935 average... 1036 average. 1037 average 105.3 110.8 110.3 88.6 97.5 03.4 88.2 92.2 90.1 79.4 94.7 89.6 • CAPITAL ISSUES [In millions of dollars] For refunding For new capital Year or month 1928 L929 1930 1931 1932 1933 1934 1935 1936 1937 1937—Sept..,. Oct Nov.— Dec 1938—Jan Feb.... Mar.... Apr May... June July... Aug Sept.__.. Total (new and refunding) Domestic Total (domestic and forTotal eign) State and municipal Federal agencies2 1,379 1,418 1,434 1,235 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 6,214 1,972 3,878 2,080 6,789 9,420 6,004 2,860 1,165 1,386 1,409 1,949 2,076 762 483 803 855 735 727 154 96 94 122 93 82 126 197 157 347 390 180 120 154 93 94 122 93 81 126 197 157 344 390 180 120 41 27 43 79 41 40 94 45 88 130 44 55 51 r 221 203 136 164 122 199 245 352 217 511 470 415 197 r 1 2 708 Domestic Corporate Total Bonds and Stocks notes 64 0 87 75 77 64 405 150 22 157 5,346 8,002 4,483 1,551 2,385 2,078 2,980 1,239 325 161 178 404 1,192 1,192 305 40 144 334 839 789 311 20 120 35 69 352 403 0 0 25 0 6 0 9 140 33 14 216 0 8 113 67 26 43 46 41 24 12 36 201 130 125 61 87 46 22 27 40 41 23 11 20 191 128 121 59 25 21 4 16 6 (3) \ 1 16 10 2 3 2 2,961 5,924 1,503 Foreign* 1,251 671 905 229 29 12 0 48 23 4 0 3 (») 1 0 1 0 0 0 3 1 (3) 0 Total (domestic and Total foreign) Corporat e State and municipal Federal agencies* 0 0 0 51 93 26 317 987 353 280 20 34 27 23 18 32 45 84 31 52 20 14 6 39 70 10 14 4 62 58 67 26 99 r 56 211 49 1,858 1,422 1,620 1,387 709 949 557 343 774 527 893 498 283 765 3,242 4,242 1,798 3,216 4,123 1,639 36 13 53 21 87 37 136 365 382 175 67 107 42 42 29 117 119 155 60 164 r 79 235 76 67 106 42 42 29 117 119 155 60 164 '79 235 76 7 2 4 5 8 22 16 4 4 14 3 11 22 Total Bonds and Stocks notes 1,584 1,374 1,054 1,864 3,387 1,184 1,782 3,187 474 821 319 219 312 542 451 789 315 187 312 833 70 10 14 3 62 58 67 26 99 r 56 211 49 Foreign 530 833 23 32 4 32 0 81 200 351 238 35 182 56 59 60 9 26 119 159 39 0 0 2 0 0 0 0 0 0 0 0 0 0 0 (3) ( ) 1 0 0 0 0 0 0 0 (3) Revised. Includes issues of noncontiguous U. S. Territories and Possessions. Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Annual Report for 1937 (table 78). 1000 FEDERAL RESERVE BULLETIN NOVEMBER 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-offeredl Total End of month debt Bonds Total interest bearing 19, 487 22, 539 27,053 28, 701 33,779 36,425 1932—June . 1933—June 1934—June . 1935—June 1936—June 1937—June 1Q37—Sppf-.ATnbfir October November December 1938—January February _ March April May June July August September - _ _-_ _ Total 19,161 22,158 26,480 27,645 32,989 35,800 •18,816 «21,782 8 26,006 26,910 31,297 33,734 753 753 753 753 79 79 13,460 13,417 15,679 14.019 17,168 19, 936 36,875 36,956 37,094 37, 279 37,453 37,633 37, 556 37, 510 37, 422 37,165 37,191 37, 593 38, 393 36,264 36,366 36, 511 36, 708 36,887 37,080 37,001 36,963 36, 871 36,576 36,642 37,052 37, 850 33,877 33,900 33,924 34,018 34,114 34,144 34,032 34,016 33,845 33,463 33,400 33, 681 34, 493 79 79 79 79 79 79 79 79 79 79 79 79 79 19,936 19,936 19,936 20,476 20, 476 20,476 20,927 20,927 20,927 21,846 21,846 21, 846 22, 712 Notes Bills 62 316 800 1,261 4,548 6,653 10,023 11, 381 10, 617 616 954 1,404 2,053 2.354 2,303 105 92 118 156 1,071 926 885 908 932 964 1,060 1,106 1,148 1,181 1,210 1,238 1,275 1,305 1,334 10,575 10,575 10,575 10,547 10,547 10,531 10,076 10,076 10,076 9,147 9,147 9,147 9,067 2,403 2,403 2,403 1,952 1,952 1,952 1,803 1,753 1,553 1,154 1,054 1,304 1,302 896 888 883 876 872 867 860 856 852 868 864 859 830 Treas- U. 8. ury* savings Prewar AdSocial justed seservice curity issues1 issues* AH others Matured Other debt 19 579 240 284 356 580 601 560 60 66 54 231 169 119 266 316 518 825 620 506 868 957 1,086 1,188 1,263 1,399 1,460 1,458 1,538 1,601 1,641 1,757 1,788 623 620 619 626 638 669 648 635 637 644 738 754 739 122 109 106 99 99 91 98 92 101 141 106 102 106 489 482 477 472 466 462 458 454 450 447 443 440 437 1 2 3 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. Includes Liberty bonds. Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and 4of certificates to the adjusted service fund. Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. FULLY GUARANTEED OBLIGATIONS, BY AGENCIESi MATURITIES OF PUBLICLY OFFERED DIRECT OBLIGATIONS, SEPTEMBER 30, 1938 [In millions of dollars] (In millions of dollars] Total Date m a t u r i n g Bonds1 Notes Bills End of month 1938—Oct. 1939 Jan. Apr july 1—Dec. 31 1 - M a r . 31 1—June 30 i—Sept. 30 __ .. _ Oct 1—Dec 31 1940 1941 1942 1943 1945 1946 . 1947 1948 1949 1951 1952 1953 1954 1955 1956 1959 1960 1961 1963 _ . . .. . . . _ . . . Total - — 1,312 942 1,294 427 526 2,854 2,219 1,001 1,527 2,121 1,850 2 134 21 871 819 1.223 2,117 1,786 2,663 755 489 982 2,611 50 919 898 2,121 1,850 2,134 21 871 819 1 223 2,117 1,786 2,663 755 489 982 2,611 50 919 34,493 24,125 834 10 942 1,294 427 526 2,854 1,385 1,001 629 Total 1,302 ReconFederal ComHome Farm Owners' struction modity Finance Credit Mortgage Loan Corpora- Corpora- Corpora- Corporation tion tion tions 1,302 681 3,063 4,123 4,494 4,718 4,662 4,665 312 980 1,226 1,387 1,422 1,422 L,422 134 1,834 2,647 2,855 3,044 2,988 2,987 235 249 250 252 252 252 255 1937—September October November December 1938—January February March April May June July August September 9,067 1934—June December 1935—June December 1936—June December 1937—June 4,633 4,634 4,644 4,645 4,646 4,646 4,646 4,647 4,852 4,853 5,064 5,015 5,009 L,400 L,400 L, 410 1,410 ]L, 410 L,410 1,410 1,410 L,410 1,410 L,410 1,410 1,404 2,937 2,937 2,937 2,937 2,937 2,937 2,937 2,937 2,937 2,937 2,937 2,888 2,888 296 297 297 297 298 299 299 299 299 299 510 511 511 206 206 206 206 206 1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the Issues classified as of date of final maturity; most issues callable at public debt. The total includes guaranteed debentures of the Federal earlier dates; most of the U. S. savings bonds are redeemable at option Housing Administrator, amounting to $924,000 on September 30, 1938. 2 Excludes obligations guaranteed as to interest only. of holder. 2 Includes unclassified U. S. savings bonds. 1 FEDERAL RESERVE NOVEMBER 1938 1001 BULLETIN SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. ID million? of dollars] General and special accounts Expenditures ! Receipts General Excess of receipts Period Total Fiscal year ending: June 1936 4,116 June 1937 5,294 6,242 June 1938 3 months ending: Sept. 1936 Sept. 1937 Sept. 1938 Income taxes Social Other secur- internal ity taxes2 revenue 3 All other National Total Inter- deest on fense and debt other Recovery and relief All Veterans' Adm.< Re- Trans- (+)or exvolv- fers to trust pendiing accts. tures funds 6 (net)» etc. 1,427 2,158 2,635 253 755 2,086 2,187 2,285 603 697 567 8,566 8,446 7,619 749 866 926 1,340 1,436 1,556 1,310 1,994 2,178 3,341 3,077 2,230 11 204 121 1,136 1,651 1,509 360 594 577 164 166 625 708 638 151 185 128 1,906 1,908 2,196 180 192 176 358 381 410 387 520 660 835 527 695 51 47 28 788 333 327 866 335 349 959 273 375 774 311 487 711 501 40 37 487 52 62 723 49 40 550 47 32 498 50 52 60 138 57 110 3 34 131 5 32 131 3 186 189 182 192 172 141 193 155 169 185 186 283 170 51 52 49 49 53 36 40 35 35 34 47 42 40 673 606 494 676 531 515 748 642 568 930 762 683 751 159 67 9 163 16 17 153 66 9 233 13 17 146 125 126 128 134 130 123 138 130 134 132 137 142 131 161 183 165 141 180 150 185 215 201 238 256 227 177 157 166 155 167 145 153 196 202 206 314 216 236 243 16 9 Old-age reserve and railroad retirement accounts Unemployment trust fund N e t expenditure 3 m checking cccouni s of Government agerLcies tion Commodity Credit Corporation i° Fiscal year ending: June 1936 . June 1937 June 1938 267 550 267 461 85 19 294 763 19 293 560 1 191 » 239 9 334 91 130 9 112 9 184 3 months Sept. Sept. Sept. 168 152 143 109 12 28 15 155 202 15 146 78 129 9 212 9 65 9 226 55 55 55 63 56 56 58 19 2 17 60 48 45 51 51 51 51 51 51 51 1 95 17 40 35 35 5 5 6 9 8 7 8 14 9 9 9 9 9 48 34 85 52 50 95 43 37 128 82 35 131 35 48 38 78 51 24 85 10 93 85 46 r 3 1937—September October... __ November December 1938—January February March.__ April May June July August . September 82 94 -494 +54 +306 +450 +763 + 1 , 228 +13 +8 -37 -11 +11 +31 -36 +158 +63 +325 -63 -40 -43 -184 -68 +365 -23 +25 +166 -451 -122 -351 -100 +144 +719 -170 +81 +137 +186 +173 +180 -76 -46 -88 -258 +27 +402 +800 ; With- ReconBeneInIn- drawals struction fit ReReFinance by ceipts vest- pay- ceipts vestments ments ments States Corpora10 ending: 1936-. 1937 1938 +222 +113 +222 Details of general fund balance (end of period) Details of trust accounts, etc. Period +840 +5,078 - 1 2 8 +2,646 +740 -338 +115 -273 -167 +190 -196 -166 +211 -369 -193 -156 -451 -195 -41 55 55 55 63 56 56 58 19 2 1 135 48 45 +213 +378 +299 1,814 - 4 , 450 868 - 3 , 1 5 2 607 - 1 , 3 7 7 7 4 17 18 9 16 12 5 13 10 (+)or expendi- General tures fund Gross balance7 debt -771 -258 -687 95 241 227 1937—September. __ October November... December 1938—January February March April May June July August September.._ Trust Increase or decrease during acperiod counts, etc.7 excess of receipts 1 34 6 36 41 34 39 36 53 40 23 18 12 9 15 3 34 6 9 14 9 260 10 24 All other 10 All other, excess of receipts (+)or Total expenditures WorkIncre- Seign- ing Inactive ment iorage balon ance gold gold 100 128 11 +204 +60 +87 2,682 2,553 2,216 1,087 140 141 142 316 356 446 2,225 970 1,628 9 64 9 59 68 9 53 42 9 36 +8 + 16 2,188 2,860 2,978 1,209 140 141 142 329 382 460 1,719 1,128 2,376 2 6 20 31 19 9 6 97 9 7 6 9 29 9 22 141 141 141 142 142 142 142 142 142 142 142 142 142 382 388 394 401 413 421 427 433 440 446 451 455 460 1,128 875 831 1,202 1,172 1,212 1,389 2,114 1,985 1,628 1,523 1,663 2, 376 9 1 9 96 11 31 26 9 9 28 9 149 38 9 55 26 9 7 +11 +12 +7 +5 +19 +3 +15 +8 +7 +2 +10 +3 +3 2,860 2,676 2,608 2,973 2,950 2,975 3,140 2,689 2,567 2,216 2,116 2,260 2,978 1,209 1,271 1,243 1,228 1,223 1,201 1,183 r Excludes debt retirements. Revised. Includes taxes under Social Security Act and on carriers and their employees. Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. 8 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc.". 7 8 Details given in lower section of table. Less than $500,000. 9 Excess of credits. 5 Monthly figures for the fiscal year 1938 subject to revision. 1 Includes other trust accounts, increment resulting from reduction in weight'of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. NOTE.—This table is arranged to correspond with classifications published in the daily Treasury statements beginning July 1,1938. Footnotes to certain columns indicate items in the daily Treasury statements which are combined. For annual figures for earlier fiscal years see September 1938 BULLETIN, p. 793. 1002 FEDERAL RESERVE BULLETIN NOVEMBER 1938 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 31, 1938 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Reconstruction Finance Corporation and Public Works Administration Home mortgage and housing agencies Total TennesInsee surOther Val- ance Other Farm ComHome Other United Farm States mort- Credit modity ley agenOwners' mort- HousAug. J u l y Aug. Loan gage gage Adm. Credit Other Au- cies 31, 31, 31, ing thorCorpo- agenagenbanks Corpo1938 1938 1937 Auity ration cies thority cies and cor- ration porations Farm credit agencies ASSETS Loans and preferred stock: Loans to financial institutions.. Preferred stock, etc. ._ Loans to railroads Home and housing mortgage loans Farm mortgage loans Other asripultural loans All other loans Total loans and preferred stock Cash ... U S Govt direct obligations Obligations of Government credit agencies: Fully 5 guaranteed by U S Other Accounts and other receivables Business property Property held for sale Other assets 257 525 461 212 189 47 2, 235 89 16 310 283 (!) 2,447 78 1 21 2 28 1 16 6 525 6 1,842 3, 080 419 511 139 2, 874 1 132 120 24 650 3,006 144 Excess of assets over liabilities, excluding interagency transactions.. Privately owned interests. 1,192 73 276 44 U. S. Government interests 1,192 73 232 16 11 2,786 67 61 385 31 136 52 0) 127 325 54 26 198 6 111 8 47 34 6 10 4 P) 159. 190 22 4 0) 154 0) 0) 100 175 8,476 8,452 8,614 326 380 236 674 677 594 0) 4 283 0) 275 26 97 1 1 207 4 9 26 27 402 103 0) 0) 3 160 36 394 438 666 145 160 37 415 432 670 147 170 34 289 230 540 61 19 16 1 1 24 35 91 1 83 306 236 600 424 11,317 11,365 10,768 0) 153 6 105 5,001 5.064 4,668 1,372 1, 378 1,422 512 786 755 (i) 0) 489 887 434 2,340 2,346 2,551 2,786 2,795 2,892 705 671 562 821 807 800 2,786 11 2 487 489 868 475 473 860 491 0) 0) 30 1,742 1 48 Total assets other than interagency 26 76 3,237 640 C1) 1 410 61,035 108 211 11 73 5 5 0) 2,553 221 280 5 5 154 111 7,129 7,229 6,603 154 684 187 418 4 101 301 231 446 139 313 4,189 4,136 4,165 374 372 359 154 497 415 101 301 231 307 313 3,815 3,764 3,807 381 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... Other 5 Other liabilities (including reserves). Total liabilities other than interagency 1 206 1 Less than $500,000. 2 Includes PWA items as follows: under "all other loans," $36,000,000; under "property held for sale," $344,000. 3 Includes $173,000,000 of loans of Farm Security Administration. 4 Includes $66,000,000 loans of Rural Electrification Administration. 6 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. NOTE.—For explanation of table see Bulletin for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Sept. 30, 1937 Loans tofinancialinstitutions Loans on preferred stock of banks and insurance companies. _ Preferred stock, capital notes, and debentures Loans to railroads (including receivers) Loans for self-liquidating projects Loans to industrial and commercial businesses Loans to drainage, levee, and irrigation districts Other loans Securities purchased from Public Works Administration 261.104 39,167 566, 090 356, 279 231,171 73,101 77,180 3.870 85. 621 Mar. 31, Apr. 30, May 31, June 30, 1938 1938 1938 1938 241, 428 37, 778 534, 363 368, 471 237,170 72, 688 77, 522 4, 067 140, 997 241, 294 37, 679 536, 63: 369, 379 240,566 73,072 78, 740 4,173 143, 378 237, 588 37, 651 535, 934 390, 233 243, 885 73, 741 78, 993 4,284 144, 829 July 31, 1938 234,897 37, 525 i 533,761 393,699 245,080 76, 369 79, 406 4,324 145,148 232, 279 37, 438 531, 694 398, 304 193, 053 81, 060 79, 529 4,28' 138,132 Aug. 31, Sept. 30, 1938 1938 219, 999 37, 220 525,160 414, 928 191,551 85, 049 79, 391 14, 365 138, 509 i 216, S59 37,154 523, C05 419, 364 195, 078 92,137 79, 601 14, 456 137, 697 Total loans and investments, other than interagency„ 1. 693, 584 1, 714, 481 1, 724, 919 1, 747,139 1, 750, 210 1, 695, 775 1, 706,172 1, 715, 950 Loans to Federal land banks Loans to Commodity Credit Corporation Capital stock of Commodity Credit Corporation Preferred stock of Export-Import bank Capital stock of Disaster Loan Corporation. Loans to Rural Electrification Administration Capital stock of, and loans to R. F. C. Mortgage Co Capital stock of, and loans to Fed. Natl. Mtge. Assn Total loans and investments. _ _ 13,212 3,361 97, 000 20, 000 8,000 8.423 57, 487 7,521 95, 049 6,614 101, 273 20,000 31,755 71, 352 11,000 6,584 5,017 4,992 20, COO 20,000 20, 000 20, 000 20,000 20, 000 33, 755 72, 938 11, 000 35,155 48, 293 11,000 46, 498 40,011 11,000 46, 498 46, 498 41. 755 16, 403 46, 498 42, 595 23,185 • • • 11, 788 1,901,06^ 1, 951,157 1,970,499 1,868,170 1, 872, 735 1, 820, 239 1, 830, 844 1, 848, 228 * Includes $72,000,000 of loans for distribution to depositors of closed banks. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. 4 1 , 16 1003 FEDERAL RESERVE BULLETIN NOVEMBER 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— Loans to cooperatives b y - Federal landbaDks Land Bank Commissioner Regional agricultural credit corporations, production credit associations, and banks for cooperatives 1 1934—December 1935—December... 1936—December 1,915, 792 2, 071, 925 2,064,158 616, 825 794, 726 836, 779 99,675 104, 706 129, 872 55, 672 47,162 41,017 60,852 94,096 105,212 87,102 43, 400 25, 288 111,182 172,489 164, 887 33,969 2,731 1.641 27, 851 50, 013 69, 647 54, 863 44, 433 53, 754 1937—September October November. . December 1938—January February March April May. . June JulyAugust _ _ September 2, 045, 276 2, 042, 637 2,039,005 2,035, 307 2,031, 290 2, 029, 517 2, 025, 707 2,022, 846 2,019, 930 2,017, 696 2,013, 645 2, 008, 661 2, 003, 810 823, 257 820,163 816, 653 812, 749 807, 788 804, 212 798, 776 794, 916 790, 772 786,068 781, 703 776, 982 771, 988 167, 477 159, 898 160, 627 165,194 164, 700 173, 384 186,137 195, 899 202,147 207,988 199, 288 197, 274 189, 937 46, 573 42, 414 40, 857 40,464 39, 263 38, 852 39, 526 40, 650 41,312 42, 894 42, 582 42, 984 40,808 153, 977 142, 652 137, 473 138,169 138, 996 147, 983 162, 600 173, 113 179, 790 184,327 183,891 181,154 170, 806 19, 434 17, 491 16, 208 15, 592 15, 488 15,198 15,164 15,060 14, 834 14,788 14, 442 14, 003 13, 374 182, 331 177, 362 173, 701 172,130 170, 429 169, 609 175, 800 183, 467 184, 766 184, 532 183, 289 181, 867 179, 398 1.157 1,229 ,509 1,813 ,576 L, 502 420 793 655 19 118 118 256 66, 897 73, 450 82,026 87, 633 86,856 87,113 82, 323 79, 926 78, 417 81,190 75, 264 75, 961 82, 544 47, 236 45, 296 45, 284 30, 982 30, 259 27, 875 27, 304 26, 335 25, 332 24,604 25,028 26,119 27, 370 End of month Other financing institutions, except cooperatives Regional Produc agricultion credit tural cred associait corpotions rations Emergency crop and drought loans Federal intermediate credit banks Banks for cooperatives, including Central Bank Agricultural Marketing Act revolving fund 1 Some of the leans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three colunns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans b y - End of month Federal home loan Federal savings and bank loan associations Home loans to Owners' member Loan Cor- N u m b e r instituporation of asso- Loans l tions 2 ciations 1934—December.. 1935—December.. 1936—December.. 2, 379, 491 2, 897,162 2, 765,098 639 1,023 1,212 81, 300 348, 000 586, 700 1937—September.. October November.. December.. 1938—January February... March April May June July August September,. 2, 472, 421 2, 446,002 2, 422,149 2, 397, 647 2, 370, 984 2, 348,025 2, 323,995 2, 301,894 2,281,884 2, 265,153 2, 248,982 2, 234,899 2, 221, 417 1,307 1,311 1,318 1,328 1,332 1,334 1,338 1,342 1,345 1,346 1,348 1,354 1,365 804,400 826,000 832, 300 853, 500 864, 900 874, 800 895, 300 919, 700 930,300 947, 500 961, 300 976,074 995, 949 End of month U.S. Government securities DeposCash, itors Cash in derebalDi- Guar- serve ances1 Total pository rect teed funds, banks Total obli- obli- etc' gagations tions 1, 205 __ 86, 651 1935—June 1,232 102, 791 1936—June 1,268 1937—June 145, 394 1937—August 1,273 179, £08 September. _. 1,270 184,038 1,269 October 187, 333 1,270 November 200, 092 1,270 December... 190, 535 1,272 187, 498 1938—January 1,271 February 183,105 1,268 March 183, 747 April 1,266 186, 507 1,255 May 196, 222 1,252 June 191,889 1,252 July 189, 415 PI 252 August 189, 548 September n , 248 1,236 385 777 1,265 1,307 203 136 967 1,100 630 800 933 147 167 167 74 95 71 1,312 1,307 1,308 1,306 1,308 1,311 1,311 1,306 1,301 1,296 1,290 1,291 133 1,100 133 1,100 130 1,100 129 1,101 130 1,097 125 1,097 124 1,112 121 1,113 119 1,110 116 1,108 115 1,103 102 1, 103 933 933 933 934 930 930 946 946 944 941 936 937 167 167 167 167 167 167 167 167 166 167 167 166 79 74 7? 7£ 81 8£ 75 72 72 72 72 1 Federal Home Loan Bank Board estimates for all Federal savings p Preliminary. and loan associations. 1 2 of deposit. Does Revised. Excludes loans to other than member institutions which not Outstanding principal, represented by certificates stamps. include accrued interest nor outstanding savings are negligible in amount. 2 Includes working cash with postmasters, 5-percent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p. 502. 1004 FEDEEAL RESERVE BULLETIN NOVEMBER 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 i * Year and month Manufactures Total Factory employment 3 Minerals Total Residential All other Factory payrolls 3 Freight-car loadings4* Department store sales * (value) Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 84 87 67 86 101 94 105 108 106 112 119 95 80 63 75 78 90 105 109 83 87 67 85 101 95 104 108 106 111 119 96 81 64 76 79 90 105 110 1919— 1920 1921_. 1922 1923 1924 1925 1926 1927 1928 1929 1930 . 1931 1932 1933 1934 1935 .. 1936 1937 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 77 89 70 74 105 96 99 108 107 106 115 99 84 71 82 86 91 105 115 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 107 107 82 91 104 96 100 102 100 100 106 92 78 66 73 86 91 98 106 84 91 78 85 100 98 103 107 104 104 107 92 74 55 58 62 64 75 78 98 117 76 81 103 96 101 104 102 104 110 89 68 47 50 65 74 86 102 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 79 88 92 1935 88 91 95 96 101 87 90 97 98 96 89 92 95 97 101 87 89 96 98 95 83 87 93 93 102 86 93 101 96 97 38 43 48 60 68 40 44 45 53 54 24 25 25 26 26 24 25 25 25 22 50 58 66 88 103 54 59 62 76 80 91 92 93 94 95 92 94 95 95 94 74 77 79 79 80 63 64 68 68 68 64 71 75 69 64 78 81 78 82 83 61 86 86 91 145 97 94 93 101 101 104 108 108 109 110 114 121 96 95 96 104 105 104 105 106 108 111 115 114 96 92 93 100 101 105 109 110 110 111 115 121 95 93 97 105 105 105 105 106 107 110 115 114 104 111 97 106 103 100 102 99 102 105 112 117 100 107 90 96 101 101 102 104 110 115 115 111 62 52 47 47 46 52 59 62 59 57 58 66 50 45 47 53 56 60 65 65 60 54 51 53 25 25 26 30 32 36 44 46 47 43 40 45 21 22 28 35 38 39 45 46 47 41 39 38 92 75 63 60 57 65 71 75 69 69 72 83 75 63 62 67 70 78 82 81 70 65 62 65 94 93 93 94 96 97 98 99 100 101 103 105 92 92 93 95 95 96 97 100 102 103 103 104 77 77 80 82 84 84 83 87 87 93 94 99 70 71 66 71 72 73 76 76 75 77 82 83 65 68 64 68 71 73 77 77 84 86 84 77 81 83 84 84 87 87 90 87 88 90 94 92 63 66 77 85 89 84 63 68 94 100 105 161 114 116 118 118 118 114 114 117 111 102 88 84 112 117 122 122 122 115 111 115 109 102 90 80 115 116 117 118 118 114 114 117 110 101 85 79 113 118 122 125 123 114 110 114 106 99 86 75 111 116 128 115 117 115 112 113 116 113 109 115 107 112 119 105 118 118 115 121 125 123 112 108 63 62 56 53 56 61 67 62 56 52 56 61 51 54 56 61 68 72 75 66 56 49 50 49 45 47 45 44 44 42 44 40 37 36 32 30 37 42 47 51 52 47 45 40 37 35 31 25 77 75 64 61 66 77 86 81 71 65 76 87 63 64 63 68 81 92 99 87 72 61 65 68 105 106 107 108 109 108 109 109 107 105 101 95 103 105 108 109 109 108 108 109 109 107 101 95 94 100 106 109 110 107 105 108 104 105 93 84 80 82 83 84 80 78 80 79 78 76 71 67 73 76 80 79 80 79 82 81 87 84 72 62 93 95 93 93 93 93 92 93 94 93 91 89 72 76 90 89 95 90 65 72 100 103 101 156 Jan 80 Feb 79 Mar..... 79 April... 77 May.. 76 June. _ _ 77 July..__ 83 Aug 88 Sept *>90 79 79 80 78 77 77 81 87 76 75 75 73 73 74 82 87 75 76 77 76 75 75 79 85 108 103 103 101 91 92 93 95 52 103 98 51 95 46 91 52 90 51 91 54 92 59 97 i 6 6 42 44 46 59 61 63 65 69 26 32 33 37 37 42 49 53 22 28 35 43 44 46 49 52 73 66 56 65 62 64 68 77 59 56 55 73 76 76 78 84 90 89 87 85 84 82 83 85 88 88 88 86 83 82 82 86 P91 ?89 PS9 P97 *>76 P76 *>55 P55 P9S P94 ?87 P89 75 77 77 75 73 71 71 77 *81 65 62 60 57 58 58 61 62 64 59 57 57 55 57 58 62 63 71 90 88 86 83 78 82 83 83 86 70 70 77 86 80 79 58 65 91 Aug Sept Oct Nov Dec 1936 Jan Feb Mar April ___ May_.._ June July.... Aug Sept Oct Nov Dec 1937 Jan Feb Mar April.. _ May.... June July..._ Aug Sept Oct Nov Dec 1938 P102 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 1005-1006; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931. s The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pp. 835-866 of BULLETIN for October 1938. For current indexes of groups and separate industries see pp. 1007-1010. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 1012. Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETINS for August 1936, p. 631, and October 1938, p. 918; for freight-car loadings see BULLETIN for June 1937, pp. 522-529. 1005 FEDERAL RESERVE BULLETIN NOVEMBER 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100] 1938 1937 Industry June Sept. 117 110 101 85 79 76 75 75 73 73 74 142 123 144 125 119 125 100 95 101 68 67 68 49 50 49 52 47 52 50 46 51 49 45 49 50 44 50 47 40 48 46 36 47 115 128 106 120 '95 83 92 108 121 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 81 89 54 57 51 49 100 74 77 50 55 42 47 101 77 81 60 73 53 36 87 78 60 111 141 148 83 96 87 67 109 140 160 83 46 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 84 66 105 111 151 90 77 65 141 65 147 63 145 64 130 63 134 57 132 53 129 53 126 157 21 135 29 142 32 92 22 78 16 65 14 61 19 109 93 93 63 124 120 98 86 87 60 108 106 89 79 85 62 92 95 81 77 81 63 83 84 86 75 76 73 74 93 94 78 72 80 91 105 73 216 73 199 79 179 76 151 71 108 108 110 82 136 116 77 141 115 81 115 108 79 207 265 121 134 121 149 28 216 277 109 147 126 148 25 217 277 110 147 134 128 20 93 96 69 106 110 75 159 73 229 79 Jan. Feb. Apr. May July Aug. Pig iron Steel ingots _ TEXTILES Cotton consumption. _ Wool Consumption __ _ _ Machinery activity * Carpet and rug loom activity L Silk deliveries 87 42 64 70 51 72 76 59 77 87 88 75 92 69 38 101 97 101 87 110 74 42 105 110 115 106 133 91 55 102 P103 108 84 66 103 110 164 86 81 81 58 108 110 151 98 78 83 62 107 112 152 98 85 89 74 103 115 153 87 86 106 118 152 88 106 46 125 53 125 51 122 54 124 53 123 57 130 54 23 54 17 49 12 46 14 43 12 45 4 46 102 81 79 89 81 116 104 78 77 87 74 121 104 72 72 72 73 124 105 75 77 68 74 124 90 75 74 76 74 101 '103 '78 77 '80 76 '119 107 82 86 76 75 124 ,103 59 62 57 35 65 42 67 42 69 44 69 80 71 77 67 89 69 107 88 107 87 91 98 69 85 90 67 77 87 64 71 80 74 69 79 60 73 70 64 68 69 54 65 74 46 71 75 50 211 268 113 144 127 104 14 201 265 108 140 123 89 11 200 253 111 141 116 87 9 194 243 113 140 114 85 8 191 239 120 133 113 82 7 196 250 114 134 109 79 6 197 253 118 130 108 73 5 192 248 117 123 103 69 5 199 258 106 129 110 71 5 203 264 104 132 108 81 5 89 6 94 98 69 75 78 53 66 70 42 67 70 45 57 59 41 62 64 42 64 67 40 65 68 42 72 75 48 82 86 53 91 94 65 96 100 72 162 77 231 81 165 73 221 82 155 73 221 83 170 74 247 84 157 75 225 77 157 73 226 77 160 77 227 83 159 69 230 84 163 70 237 84 154 73 219 84 154 71 219 84 161 73 232 81 160 75 229 84 113 Manufactures—Total IRON AND STEEL 116 113 109 115 108 103 103 101 91 92 93 95 78 42 181 126 110 82 139 87 55 177 113 84 57 176 91 78 67 174 40 ins 79 70 176 65 67 177 64 53 171 58 68 172 62 45 170 107 87 104 98 69 96 QO 87 64 98 80 74 96 57 64 156 19 79 57 71 153 34 70 60 47 161 38 69 54 99 64 38 167 37 74 46 105 FOOD PRODUCTS: Slaughtering and meat packing.._ Hogs Cattle Calves Sheep Wheat flour Sugar meltings PAPER AND PRINTING: Newsprint production Newsprint consumption __ . TRANSPORTATION EQUIPMENT: Automobiles 2 Locomotives LEATHER AND PRODUCTS Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes __ CEMENT AND GLASS: Cement Glass, plate. _ Sept. OO to Nov. OS to Oct. Dec. Mar. Aug. __ NONFERROUS METALS: Tin deliveries 1 Zinc Lead P92 P104 ^85 111 98 88 P116 FUELS, MANUFACTURED: Petroleum refining Gasoline 1 Kerosene Fuel oil 1 Lubricating oil l Coke, byproduct Coke, beehive RUBBER TIRES AND TUBES i Tires, pneumatic * Inner tubes l _._ TOBACCO PRODUCTS Cigars Cigarettes.. . Manufactured tobacco _ __ Minerals—Total _. coos 116 77 116 osos Bituminous coal Anthracite _. Petroleum, crude Iron ore Zinc Lead Silver P71 P5C P159 41 75 50 T 1 Without seasonal adjustment. v Preliminary. Revised. 2 Seasonal adjustment factors for August and September 1938 revised due to earlier shift to production of new models. Tentative adjustment factors: August, 57; September, 56. Factors for later months subject to revision if necessary. NOTE—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, March 1937, p. 255, and October 1938, p. 911. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. 1006 FEDERAL RESERVE BULLETIN NOVEMBER 1938 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1937 1938 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June J u l y Aug. Sept. 114 75 75 76 77 76 75 75 79 85 63 68 62 43 49 43 50 47 50 53 47 53 55 48 56 55 47 56 51 41 52 46 36 47 58 39 59 69 49 71 75 57 77 107 118 91 101 80 80 109 93 104 69 69 74 59 105 83 95 54 55 58 41 97 72 81 56 55 66 43 62 78 86 55 54 67 40 92 84 91 65 67 71 49 94 83 94 54 58 51 49 96 76 82 49 54 42 47 100 77 83 57 67 53 36 86 83 85 71 83 69 38 90 90 92 81 98 74 42 100 103 103 ]01 123 91 55 106 P103 83 50 121 134 173 98 48 89 64 119 126 153 96 69 95 81 110 117 137 93 79 101 94 107 109 140 85 81 107 104 107 105 161 84 66 85 73 96 104 154 86 81 78 60 97 117 137 84 74 76 58 93 121 142 81 89 82 64 100 125 161 81 91 80 60 101 114 148 86 93 79 56 106 109 152 95 104 56 101 106 154 94 97 90 66 118 113 176 104 114 64 126 65 144 63 154 63 139 63 138 58 127 53 127 52 131 47 134 54 129 52 121 53 111 52 110 127 116 23 53 30 100 32 111 23 94 17 65 12 61 19 63 23 66 15 59 12 52 14 45 12 26 5 26 121 94 91 76 122 138 113 91 91 70 113 127 97 84 88 62 96 106 78 76 80 60 82 79 73 73 74 62 80 74 87 74 73 66 86 95 104 83 84 82 84 117 107 77 78 77 76 127 102 71 72 65 73 122 96 71 73 65 69 113 87 73 73 74 74 96 101 78 75 '93 71 116 120 84 85 92 73 143 P119 P139 94 216 92 199 90 179 76 151 56 108 36 62 34 35 46 44 65 46 82 47 86 72 87 69 87 89 86 107 108 103 79 136 110 73 141 112 84 115 108 82 88 109 88 91 103 70 85 97 69 77 92 65 71 83 73 69 80 59 73 68 65 68 64 52 65 69 44 71 71 48 207 265 115 134 121 145 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 12 200 253 113 141 116 88 10 194 243 115 140 114 87 10 190 239 117 133 113 85 8 196 250 113 134 109 80 7 197 253 114 130 108 72 5 191 248 109 123 103 68 5 198 258 98 129 110 69 4 202 264 99 132 108 79 4 88 5 93 96 69 106 110 75 94 98 69 75 78 53 66 70 42 67 70 45 57 59 41 62 64 42 64 67 40 65 68 42 75 48 82 86 53 91 94 65 96 100 72 170 76 247 81 179 88 254 88 167 89 233 85 158 86 219 81 138 55 202 69 150 58 221 143 63 206 78 152 70 216 84 146 65 210 80 165 72 240 84 169 80 241 86 167 74 241 84 172 76 250 177 86 252 91 121 Cotton consumption.__ Wool Consumption Machinery activity __ Carpet and rug loom activity Silk deliveries 86 98 95 98 70 38 109 129 150 88 108 TEXTILES 99 123 116 124 108 116 102 111 '95 8b 96 Pig iron__ . _ _ _ - _ _ _ _ Steel ingots 106 139 118 141 Manufactures—Total ___ IRON AND STEEL 125 123 112 108 98 95 91 90 91 92 77 42 184 257 103 79 138 92 55 182 218 110 73 111 92 73 177 156 112 84 90 87 70 172 34 108 82 128 84 69 171 72 170 72 68 57 168 58 56 170 52 47 170 109 88 105 103 70 97 97 69 104 92 65 106 83 73 96 49 64 158 28 80 59 89 51 62 156 67 68 65 89 55 39 165 78 64 52 84 FOOD PRODUCTS: Slaughtering and meat packing Hogs Cattle Calves Sheep Wheat flour _. _ Sugar meltings _ PAPER AND PRINTING: Newsprint production _ _ Newsprint consumption _ _ _ TRANSPORTATION EQUIPMENT: Automobiles, _ Locomotives _ _ LEATHER AND PRODUCTS Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes 104 t>94 P110 p 85 P66 116 .. CEMENT AND GLASS: Cement _ __ Glass, plate NONFERROUS METALS: Tin deliveries Zinc _ Lead FUELS, MANUFACTURED: Petroleum refining Gasoline Kerosene Fuel oil Lubricating oil Coke, byproduct __ Coke, beehive __ RUBBER TIRES AND TUBES _______ _ __ _ _ _ Tires, pneumatic. _ Inner tubes. ... TOBACCO PRODUCTS Cigars Cigarettes Manufactured tobacco Minerals—Total Bituminous coal Anthracite Petroleum, crude Iron ore Zinc Lead. Silver __ _ __ _ __ ._ _ 78 103 84 97 62 170 38 76 69 44 104 P102 Pol P164 78 71 48 p Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, March 1937, p. 256, and October 1938, p. 912. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. 1007 FEDERAL RESERVE BULLETIN NOVEMBER 1938 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100] 1938 1937 Industry and group Feb. Mar. Apr. May June 90.0 83.7 96.0 88.9 81.0 96.4 87.4 79.0 95.4 85.4 76.2 94.1 83.7 74.1 92.9 82.4 71.9 92.4 82.9 70.7 94.5 84.9 72.1 97.1 87.0 75.8 97.6 73 97 87 180 88.2 95 83 62 84 51 75 71 124 67 73 68 95 81 148 85.7 92 82 62 82 47 71 71 122 64 75 66 93 79 138 83.8 90 81 62 79 45 70 70 126 64 75 64 93 78 133 81.6 87 79 63 78 44 64 71 122 64 70 62 92 76 128 80.2 85 80 63 76 43 63 72 120 64 71 60 89 75 126 77.8 83 77 62 76 40 61 73 113 65 70 58 87 73 114 77.4 83 78 60 67 40 57 73 108 69 71 58 86 70 112 79.4 84 79 61 76 42 62 73 118 70 75 58 90 73 111 81.2 85 83 64 78 44 67 74 123 68 74 58 89 76 133 120.7 180 152 113 103 107 163 124 76 140 112.8 168 148 105 100 100 157 103 71 129 104.8 156 144 97 98 93 148 91 66 120 100.0 148 144 90 92 89 142 96 63 118 96.9 142 142 87 88 87 134 91 61 115 92.8 139 141 82 88 83 129 93 58 114 89.1 130 139 78 86 80 123 87 58 115 86.0 124 137 75 82 77 115 83 54 116 83.3 102 138 73 81 76 112 82 54 117 84.7 105 135 74 83 77 112 82 58 119 85.1 95 136 77 83 78 114 81 61 122 125. 4 932 138 62 52 112 119.4 926 130 60 50 112 101.2 897 107 50 49 110 80.9 886 81 43 45 106 77.0 892 77 38 41 103 73.3 879 74 34 36 99 68.3 857 69 31 30 92 65.1 823 65 27 26 96 61.1 790 60 24 25 99 56.9 787 55 23 20 99 56.3 759 55 23 18 91 74.2 774 79 28 16 92 110.8 175 120 110 94 105 68 88 106.2 137 117 108 94 104 67 86 103.4 162 110 103 91 98 64 82 97.2 152 101 96 89 90 63 80 90.4 140 94 85 89 75 62 77 88.4 134 91 88 88 74 62 73 86.5 131 90 86 89 70 61 71 84.5 128 88 83 85 70 60 69 82.4 126 86 81 82 68 59 67 81.3 122 86 78 84 65 58 65 82.0 124 87 78 85 66 57 64 84.4 131 90 80 87 71 59 64 86.4 137 92 81 87 76 58 66 79. 1 97 61 65 77.3 94 60 63 74.4 89 59 61 70.2 84 56 58 66.2 81 53 54 64.1 78 51 52 63.6 76 52 52 63.4 76 51 52 61.9 74 50 50 60.9 73 48 50 59.9 73 49 48 60.2 73 50 49 61. 9 75 52 50 63.6 76 53 52 80. 1 59 70 109 49 83 80.8 59 71 110 49 83 79.4 57 71 109 49 82 77.7 55 72 107 48 80 74. 1 52 70 100 46 78 69.8 50 65 92 44 67.6 49 64 85 45 75 65.7 48 63 82 43 73 64.9 47 65 81 41 72 63.4 46 62 80 42 71 63.2 45 63 78 42 74 63.4 46 64 76 42 75 64.0 46 64 79 40 75 65.0 48 64 79 109. 9 101 2 106.4 97 0 98 96 90 114 92 120 146 80 84 185 77 74 126.2 113 183 101 144 71 122 102.4 92 4 87 90 88 112 92 118 145 80 81 180 74 71 123.5 109 179 101 143 70 120 97.0 87.6 85 86 82 107 94 114 143 76 75 165 67 63 116.9 102 171 100 . 133 68 115 90.6 93.4 81.4 83 9 1 68 78 1 81 83 72 102 104 91 93 106 107 136 135 j 65 72 67 68 144 151 56 62 61 62 113.6 109. S 94 97 165 169 97 100 116 123 71 70 103 111 92.2 81.1 72 80 71 101 91 108 138 68 67 146 57 60 116.2 101 173 97 126 91.4 80.3 70 80 69 101 90 89.4 78.9 67 78 68 100 88 107 139 68 63 140 60 51 112.2 95 165 96 125 76 112 87.6 •78.6 63 77 70 102 76 103 133 68 63 132 64 55 106.6 85 161 97 125 71 111 87.4 79.3 48 78 70 101 64 106 135 70 65 137 58 62 104.1 81 158 98 126 65 115 92.1 83.4 63 81 71 104 82 109 138 72 70 139 57 70 109. 8 91 163 96 132 65 113 96. 4 87.3 68 85 74 107 85 111 140 76 70 150 61 74 115. 7 101 166 97 136 68 118 96.9 87. 1 74 85 77 107 87 111 140 75 70 150 61 74 117. 7 103 170 98 141 72 115 Aug. Sept. Oct. Nov. 108.6 107.2 107.6 106.8 105.1 105.4 104.7 100.6 99.8 101.3 95.1 91.9 98. 1 115.4 127 116 71 96 72 99 86 170 87 102 83 107 100 192 112.2 123 112 69 94 71 100 83 170 81 96 80 101 96 207 104.6 113 106 66 92 64 97 81 161 74 82 77 100 91 198 97.0 105 97 68 90 59 89 73 143 71 130.7 184 154 122 107 116 171 167 83 158 130.0 190 155 121 110 114 167 159 83 156 128.0 192 155 119 112 113 167 145 81 151 TRANSPORTATION EQUIPMENT 123.4 936 135 63 52 111 124.5 911 137 63 53 112 NONFERROUS METALS, PRODUCTS Aluminum . . . Brass, bronze, copper Clocks, watches _ Jewelry Lighting equipment Silverware, plated ware Smelting, refining 112.7 180 123 111 99 103 67 88 Total Durable goods Nondurable goods __. . . . ._ 108.3 108.9 116.0 IRON, STEEL, PRODUCTS 127 Blast furnaces steel works 115 Bolts, nuts, washers, rivets 73 Cast-iron pipe Cutlery, edge tools... . . ___ . 97 71 Forgings 98 Hardware 84 Plumbers' supplies 170 Stamped, enameled ware 88 Steam, hot-water heating 106 Stoves 82 Structural, ornamenta1 109 Tin cans, tinware 102 Tools... 196 Wirework MACHINERY 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 L U M B E R , PRODUCTS Furniture Lumber, millwork Lumber, sawmills S T O N E , C L A Y , GLASS PRODUCTS Brick, tile, terra cotta Cement Glass Marble, granite, slate Pottery .. __ T E X T I L E S , PRODUCTS Fabrics Carpets, rues Cotton goods _ ... Cotton small wares Dyeing, finishing textiles H a t s , fur-felt Knit goods Hosiery. _ Knitted outerwear.. K n i t t e d underwear K n i t t e d cloth Silk, rayon goods Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's . _ Corsets, allied aarments M e n ' s furnishings Millinerv . Shirts collars 100 101 90 115 94 123 147 89 87 190 80 81 128.0 117 182 102 150 73 12° Dec. Jan. 110 107 138 67 67 143 59 54 115. 2 101 168 96 129 71 114 July Aug. Sept. 40 75 1008 FEDERAL RESERVE BULLETIN NOVEMBER 1938 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935 . 1923-25 avera ge=100 1938 1937 Industry and group Aug. FOOD, PRODUCTS Baking. __ _ _ Beverages Butter , _ . Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 95.8 95 91 94.5 94 88 90.5 91 81 89.0 90 76 89.5 92 75 89.9 92 74 89.9 92 74 89.8 92 73 87.1 89 73 84.4 85 73 88.4 90 75 89.6 91 78 91.1 92 79 129.6 Boots, shoes Leather Oct. 97.7 97 93 LEATHER, MANUFACTURES Sept. 127.9 147 248 107 158 79 77 84 97 106 79 127.1 149 241 105 144 84 77 81 99 105 82 127.3 146 247 104 151 83 78 81 98 106 85 124.5 144 244 104 139 81 78 82 97 103 92 124.7 145 243 105 139 81 77 80 99 88 82 124.2 144 246 106 139 80 76 81 97 95 86 122.4 143 243 106 134 78 76 79 95 99 82 120.4 143 240 107 120 79 75 81 94 98 80 120.0 142 237 105 126 76 76 79 93 91 91 121.2 143 232 102 131 78 77 77 94 91 89 122.2 144 232 101 136 78 77 77 95 92 85 123.0 144 236 103 140 79 77 78 95 89 88 122.4 143 234 100 134 77 76 77 96 112 92 65.0 62 65 64.7 62 65 64.0 62 64 64.2 62 65 64.3 62 65 60.7 62 61 64.2 62 65 64.6 61 65 64.9 62 65 64.8 62 65 65.2 62 66 61.9 61 62 63.1 61 63 64.9 63 65 112.4 112.7 104 116 109 109 112.0 103 115 108 109 110.1 102 111 107 108 107.4 98 107 105 107 106.4 96 106 104 106 106.1 96 106 103 106 105.6 96 105 103 106 105.0 95 104 102 106 103.7 95 103 100 105 103.0 95 102 99 105 103.0 95 102 100 104 103.7 96 103 99 105 104.0 96 104 99 105 _ 147 TOBACCO MANUFACTURES. _. Tobacco, snuff Cigars, cigarettes PAPER, PRINTING 249 107 167 83 79 83 97 95 90 Boxes, paper__ __ ... _ 108 Paper, pulp 116 Book, job printing _. 107 Newspaper, periodical printing 108 Sept. CHEMICALS, PETROLEUM 129 0 131 128 4 139 92 118 90 113 131 375 96 128 5 130 128 2 138 112 117 90 106 129 376 93 125 8 129 125 1 136 108 115 90 99 127 360 91 122 9 127 121 9 131 110 113 88 97 125 346 90 117.7 124 116.3 125 104 112 88 98 119 313 90 114.8 123 112 8 122 112 110 85 92 115 291 89 114.4 123 112.4 119 107 108 84 95 113 303 89 112.7 122 110.3 115 99 107 84 87 114 307 88 110.9 122 108.2 112 109 108 83 85 113 289 86 110.2 122 107.5 110 101 111 82 93 110 290 86 108.4 120 105.5 110 93 112 81 93 109 274 86 108.3 121 105.2 106 102 113 81 91 110 272 89 110.9 121 108.4 110 98 111 81 95 113 292 92 111.3 120 109.2 111 87 108 83 92 114 312 90 RUBBER PRODUCTS _. 98.5 77 85 145 97.5 77 85 142 96.1 76 84 139 89.7 71 78 131 85.1 66 74 125 78.0 59 69 113 74.1 57 63 112 72.4 55 62 110 72.2 55 61 110 71.3 55 60 109 71.3 56 60 107 69.5 44 61 109 73.4 54 61 117 75.8 55 62 123 Petroleum refining Other than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives _ Fertilizers Paints, varnishes Rayon, allied products Soap _ ... . Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other NOTE.—Figures for September 1938 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Underlying figures are for payroll period ending nearest middle of month. NOVEMBER 1009 FEDERAL RESERVE BULLETIN 1938 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average=100] Factory employment Industry and group Factory payrolls 1938 1937 Aug. Sept, May June July 1937 Aug. Sept 1938 Aug. Sept May June July Aug. Sept. 109.1 107.0 111.1 109.0 106.3 111.5 83.4 75.0 91.5 81.6 72.4 90.3 81.9 70.3 92.9 85.7 71.8 99.0 88.9 75.3 101.8 108.2 110.5 105.7 104.4 105.8 102.9 72.9 64.2 82.6 70.8 61.7 80.9 70.6 58.6 84.1 76.8 63.5 91.6 80.7 68.3 94.6 115.7 127 114 75 95 70 95 84 165 87 108 84 120 100 188 116.1 127 115 72 96 72 98 85 167 88 109 85 117 98 187 80.7 86 81 63 77 43 64 72 123 65 73 60 88 75 129 77.8 82 77 64 75 40 61 73 113 65 71 58 89 73 116 76.7 82 77 62 64 39 57 73 105 67 68 59 91 70 110 79.4 84 78 63 75 42 61 73 114 69 76 60 100 72 106 81.8 85 82 65 78 44 67 73 122 70 80 61 97 75 129 122.4 140 118 67 90 69 103 77 170 79 92 78 130 100 182 115.0 128 114 61 92 71 100 73 165 79 93 78 126 97 188 62.7 63 65 51 62 32 53 59 109 48 58 49 92 64 114 59.1 58 61 51 62 29 52 58 100 51 55 47 93 61 100 57.4 57 59 53 52 29 48 56 92 52 52 49 94 58 92 65.3 65 66 54 61 35 58 58 110 56 62 51 107 63 100 68.9 68 73 54 66 37 66 60 120 53 69 50 104 68 136 129.9 174 154 121 107 115 164 180 83 156 130.5 180 155 121 111 114 168 184 81 156 89.7 134 140 78 90 81 124 76 58 116 86.1 125 137 75 86 77 116 82 54 115 82.9 100 138 73 82 76 111 82 54 116 84.1 99 135 74 83 77 107 89 58 118 85.4 90 136 77 83 78 114 94 60 122 136.2 197 148 126 120 119 184 168 89 159 133.5 204 155 123 122 114 190 166 86 158 80.6 137 122 68 97 70 111 67 49 92 76.4 124 121 67 89 66 99 72 47 94 72.8 98 123 64 86 64 94 72 46 92 76.0 95 121 68 90 67 97 76 51 98 78.4 86 121 73 91 68 108 84 54 116 Aircraft Automobiles Cars, electric-,steam-railroad ___ Locomotives Shipbuilding 111.5 936 119 65 52 108 106.3 884 112 61 53 112 68.2 848 69 28 27 98 62.4 814 62 25 25 98 55.5 795 53 23 20 96 51.3 759 48 24 18 89 63.7 751 65 27 16 92 111.1 853 117 68 53 114 102.2 59.5 797 762 57 106 62 27 55 22 114 103 57.4 764 54 24 20 105 50.9 737 47 20 16 100 49.1 713 46 22 13 90 62.5 710 63 25 11 96 NONFERROUS METALS, PRODUCTS.. Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining 110.8 176 122 108 98 98 66 87 112.1 174 120 111 103 105 69 88 81.8 126 87 79 75 68 59 67 79.8 122 86 75 78 64 58 65 79.1 122 86 74 79 63 51 64 83.0 129 89 78 87 68 58 63 87.6 136 92 82 96 76 59 66 109.0 182 126 115 83 88 61 92 110.3 175 122 122 91 100 69 88 69.0 119 76 64 57 52 46 63 66.3 109 73 60 60 51 45 60 67.0 112 78 60 61 50 38 57 74.1 126 83 70 70 58 49 58 81.1 139 88 81 81 69 53 60 81.7 98 63 68 80.4 98 61 66 61.0 70 49 51 60.7 71 50 50 60.7 71 51 50 64.0 76 53 52 66.1 80 54 54 76.1 84 53 67 72.6 83 51 63 50.5 50 40 45 51.2 52 40 45 48.7 51 42 42 58.1 63 46 50 60.4 69 46 51 82.8 63 76 109 52 81 83.6 63 76 111 53 82 66.0 48 67 81 43 73 65.8 48 68 79 44 73 64.6 49 70 75 44 70 66.3 50 70 79 43 72 67.3 52 69 80 43 75 77.9 52 76 121 42 73 76.9 52 72 120 42 75 57.7 36 66 79 36 66 56.4 36 65 78 34 61 53.1 35 66 69 34 53 56.5 37 65 79 32 59 58.0 39 64 81 31 64 108.5 88.8 100 96 87 110 98 121 145 86 85 191 80 82 128.8 120 182 100 141 74 121 107.4 96.4 99 94 89 111 95 121 147 84 84 188 80 74 130.8 118 190 101 141 79 124 87.4 78.0 63 77 70 102 74 103 132 69 65 132 59 54 107.2 83 166 98 126 73 112 84.6 77.2 48 76 68 98 61 104 133 69 66 135 54 61 99.7 78 148 97 124 60 113 86.6 80.4 63 78 68 97 80 105 133 69 67 137 55 68 98.9 90 135 93 121 50 108 95.1 85.2 68 81 72 102 88 109 138 74 68 150 61 75 116.3 104 166 95 127 68 117 97.8 86.6 74 83 76 104 89 112 141 79 70 154 63 73 121.9 107 177 98 138 80 118 95.2 88.9 87 89 79 94 103 124 162 79 75 158 65 72 104.2 92 142 92 126 65 105 90.1 84.2 75 85 83 95 82 121 162 71 70 151 68 60 98.5 84 132 94 117 79 105 66.3 62.0 42 60 62 83 56 102 142 59 53 97 46 39 72.5 48 110 95 98 56 87 62.4 61.2 36 59 60 77 49 100 139 58 53 100 41 47 62.6 43 90 86 101 45 83 66.6 65.7 45 64 59 78 75 98 134 57 54 111 42 56 66.0 57 86 83 94 36 78 80.0 73.3 54 68 65 88 87 112 154 65 58 126 50 62 90.5 75 128 86 110 60 93 83.8 74.6 60 71 70 89 94 116 160 69 60 129 51 58 98.9 80 137 98 125 88 97 Total Durable goods Nondurable g o o d s . . . — IRON, STEEL, PRODUCTS Blast furnaces, steel works. _ Bolts, nuts, washers, rivets.. Cast-iron pipe Cutlery, edge tools Forgings Hardware Plumbers' supplies Stamped, enameled ware Steam, hot-water heating.... Stoves Structural, ornamental Tin cans, tinware.__ ._. Tools Wirework MACHINERY Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry, machine-shop products. Machine tools Radios, phonographs Textile machinery Typewriters TRANSPORTATION EQUIPMENT LUMBER, PRODUCTS Furniture Lumber, millwork_ Lumber, sawmills. _ STONE, CLAY, GLASS PRODUCTS.. Brick, tile, terra cotta Cement. _, Glass Marble, granite, slate Pottery TEXTILES, PRODUCTS__ ___ Fabrics Carpets, rugs__ Cotton goods Cotton small wares __ Dyeing, finishing textiles.. Hats, fur-felt_ Knit goods. ___ Hosiery _ Knitted outerwear Knitted underwear Knitted cloth Silk, rayon goods... Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's Corsets, allied g a r m e n t s Men's furnishings Millinery Shirts, collars 1010 FEDERAL RESERVE BULLETIN NOVEMBER 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 1935. 1923-25 average=100] Factory employment Industry and group Factory payrolls 1937 1938 1937 1938 Aug. LEATHER, MANUFACTURES Tobacco, snufL. Cigars, cigarettes PAPER, PRINTING Boxes, paper Paper, pulp _ Book, job printing Newspaper, periodical printing. _. CHEMICALS, PETROLEUM Petroleum refining . Other than petroleum Chemicals _ Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap RUBBER PRODUCTS Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other . Aug. Sept. Aug. Sept. May June July Aug. Sept. 96.7 96 91 86.0 88 72 81.8 83 72 89.3 91 74 92.6 95 92.1 94 78 87.6 84 94 74.7 69 90 60.9 58 68 57.5 53 69 69.4 67 72 76.9 75 78 73.7 71 78 152.1 149 266 111 328 88 79 90 96 97 80 113.6 142 242 107 85 69 74 87 92 44 91 119.4 144 252 110 114 70 75 92 94 47 91 128.6 145 260 111 179 68 78 95 95 53 88 138.3 145 260 110 251 72 78 93 94 75 90 143.3 146 251 104 278 86 77 83 96 103 93 141.5 144 343 98 276 76 81 84 106 77 92 143.0 148 317 93 289 90 82 74 107 98 68 117.3 140 291 93 80 64 73 74 104 48 83 121.7 142 306 95 101 68 76 78 105 52 81 128.5 143 323 96 157 63 79 81 108 53 81 131.1 140 322 94 204 69 79 80 105 68 80 136.5 144 298 90 238 89 81 70 108 103 84 66.7 61 67 63.8 61 64 64.8 61 65 61.5 60 62 64.4 61 65 66.9 63 67 62.1 68 61 61.2 72 60 56.6 66 55 59.4 70 58 57.1 69 56 59.1 69 58 61.2 72 60 111.4 107 116 107 106 113.1 107 116 109 109 103.4 93 103 99 106 101.9 92 102 97 105 101.5 92 102 98 102 102.7 95 103 99 103 104.3 99 104 99 105 107.5 108 122 94 104 108.8 109 116 97 109 98.5 92 97 88 106 96.0 91 95 84 104 95.9 93 97 85 101 98.0 97 102 86 101 100.9 105 101 88 107 126.0 132 124.6 140 65 116 91 81 128 377 94 TOBACCO, MANUFACTURES July 66.3 61 67 Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane June 147.7 148 274 114 300 76 80 99 96 80 92 FOOD, PRODUCTS May 100.8 101 92 _ Boots, shoes Leather.._ Sept. 130.6 131 130 5 140 146 118 92 94 128 380 95 108.8 121 105.9 110 69 108 80 100 115 284 85 105.2 121 101.4 110 58 108 80 69 113 265 85 105.0 122 101.0 108 59 107 81 64 111 271 88 108.1 122 104.8 110 68 108 82 69 111 294 91 112.9 121 110.9 112 114 110 85 82 113 315 92 138.2 152 134.1 157 52 123 104 78 133 376 94 136.6 144 134.2 152 124 127 104 96 129 369 98 115.7 140 108.3 117 57 114 83 94 120 258 86 112.8 138 105. 1 118 48 114 86 65 116 242 86 111.1 135 103.7 115 51 111 89 63 111 250 87 116.9 138 110.3 121 57 117 93 65 111 289 91 118.9 135 114.0 121 95 120 93 77 115 308 94 97.3 78 85 140 97.5 79 85 139 71.4 53 60 110 70.6 54 60 106 68.7 42 61 107 72.5 54 61 113 75.6 56 62 121 97.2 81 88 135 97.6 84 88 134 63.3 44 56 98 63.5 45 58 93 64.1 37 60 95 69.5 51 61 108 76.6 56 68 117 NOTE.—Figures for September 1938 are preliminary. For description see pages 835-866 of the BULLETIN for October 1938. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. 1011 FEDERAL RESERVE BULLETIN NOVEMBER 1938 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 Public works and public utilities 1 1937 Year 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 January February. _ March April May . June July August _ September October November December 1938 1938 192.2 118.9 226.9 222.0 283.2 251.0 239.8 313.1 300.9 78.4 63.0 90.2 107.8 83.9 93.0 81.0 73.4 65.6 65.5 59 9 43.5 36.2 40.0 79.4 74.6 83.2 85.7 88.0 99.7 99.6 905.3 2,913.1 1938 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 98.6 30.5 59.7 67.0 122.2 83.5 79.3 126.1 109.3 15.4 13.0 20.2 18.9 19.2 18.8 26.2 18.3 14.0 21.5 22.3 30.0 28.5 25.6 24.5 29.1 29.6 25.3 25.2 18 9 16.5 313.7 1937 1938 1937 6.6 4.9 15.7 11.5 8.6 10.7 9.7 11.3 10.7 1938 68.0 60.1 51.9 65.4 65.8 98.9 101.4 89.6 65.3 61.3 59 2 64.8 Month Educational* 1937 Commercial Factories Residential 1937 1938 1938 19.0 19.4 27.9 24.1 28.4 27.7 36.7 34.0 22.6 27.3 28.4 26.8 19.0 15.4 21.0 16.9 11.8 14.7 10.7 21.4 33.9 16.4 15.1 31.0 33.1 38.2 37.7 26.1 36.3 33.4 322.2 223.2 851.6 297.0 18.8 10.9 9.1 13.7 21.4 36.9 14.8 16.7 15.3 10.1 18.5 37.0 All other i iNot strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total 1 Publicly-financed Privately-financed 1 Month 1934 1933 January February March April 1935 1936 1937 June July August September October November December 83 53 60 57 77 102 83 106 120 145 162 207 186 97 178 131 134 127 120 120 110 135 112 93 100 75 123 124 127 148 159 169 167 201 188 264 215 140 199 235 216 233 295 275 234 226 208 200 243 188 231 270 244 318 322 281 207 202 198 209 Year 1,256 1,543 1,845 2,675 1938 1933 1934 1935 1936 192 119 227 222 283 251 240 313 301 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 82 683 975 1,007 1,334 2,913 May 1937 112 69 66 • 118 51 95 99 144 108 98 171 160 74 93 137 131 104 80 78 93 115 1,152 1933 1934 1935 1936 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 1938 568 837 1,341 1, 761 1937 1938 75 68 132 123 139 143 142 142 141 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. COMMERCIAL FAILURES, BY DISTRICTS CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures reported by Dun & Bradstreet. dollars.] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Federal Reserve district Federal Reserve district Sept. Aug 19, 449 73,785 13, 971 31,274 27, 955 27, 548 53, 410 20, 880 10,399 10,814 11,415 23, 900 76, 026 13,157 33, 282 32, 347 25, 493 49, 792 22, 666 9,655 10, 667 16,156 300.900 313,141 1938 Total (11 districts). Liabilities 1937 1938 1937 Sept. Sept. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas CityDallas Amounts in thousands of 14, 076 34, 842 11, 749 26, 638 27, 476 15, 008 39, 296 13,819 7, 622 7,352 9,196 Boston New York Philadelphia Cleveland.. Richmond Atlanta.. Chicago St. Louis Minneapolis Kansas City 207,072 Dallas San Francisco Total 1 . _ - .___ Aug. Sept. Sept. Aug. Sept. 81 200 75 76 43 54 126 38 17 41 16 99 85 277 76 81 72 76 137 30 9 30 19 123 42 163 26 48 31 34 80 17 15 34 9 85 993 4,871 785 987 455 748 2, 102 630 129 412 203 2,026 1,806 6,322 1,513 1,000 727 780 1,995 169 178 285 197 1,410 432 3,433 375 721 426 295 1,575 590 79 345 281 1,266 866 1,015 584 14, 341 16,382 9,818 Series revised back to Jan. 1936 to include commercial and industrial failures occurring under Section 77B of The National Bankruptcy Act. Back figures may be obtained from Dun &Bradstreet, Inc. 1012 FEDERAL RESERVE BULLETIN NOVEMBER 1938 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollarsl Merchandise exports 1 Excess of exports Merchandise imports * Month 1934 1935 1936 1937 1938 1934 1935 1936 1937 1938 1934 1935 1936 1937 172 163 191 176 163 185 199 182 195 223 233 257 289 262 275 136 133 158 167 152 177 187 193 199 240 278 307 171 163 173 37 30 33 9 11 8 11 -11 4 -18 -45 -51 119 99 102 . 179 160 171 164 165 170 193 201 186 269 290 265 274 257 233 147 155 136 171 171 157 203 192 191 287 285 286 160 148 146 33 6 34 -6 5 13 -10 9 ~5 -18 5 21 115 109 July August September 162 172 191 173 172 199 180 179 221 268 277 297 228 231 P246 127 120 132 177 169 162 195 193 216 265 246 233 141 166 P168 34 52 60 -3 3 37 15 14 5 3 31 63 87 65 October November December 206 195 171 221 270 223 265 226 230 333 315 323 130 151 132 189 169 187 213 196 245 224 223 209 77 44 38 32 100 37 52 30 -15 108 92 115 Year 2,133 2,283 2,456 3,349 1,655 2,047 2,423 3,084 478 235 33 265 January February Marc a April May June _ _ _ _> 1938 87 v Preliminary. i Including both domestic and foreign merchandise. J General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.— Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1938 1937 Sept. M a y June July Aug. Sept Month Adjusted for seasonal variation Total . Coal Coke Grain and grain products, __ Livestock Forest products Ore Miscellaneous Merchandise i 58 57 35 77 42 35 26 61 60 78 81 93 71 44 49 104 86 67 58 58 37 82 39 35 36 62 59 61 62 43 89 39 37 32 65 60 62 63 46 84 37 40 34 67 60 87 84 88 79 56 54 182 96 70 57 49 34 69 37 36 37 64 60 58 49 34 80 32 37 62 64 59 62 52 36 123 34 37 60 66 59 63 56 38 101 37 41 63 68 61 Adjusted Without for seasonal seasonal variation 2 adjustment Adjusted for seasonal variation 2 Without seasonal adjustment 1937 Without seasonal adjustment Total Coal___. Coke Grain and grain products. _ Livestock Forest products Ore Miscellaneous Merchandise * Index of stocks (end of month) Index of sales i 71 71 49 83 50 43 72 78 64 January February March April May June July August September October November December Year _ 1938 1937 1938 1937 1938 1937 93 95 93 90 88 86 72 76 90 70 70 77 74 76 76 71 70 70 66 72 78 63 67 71 93 93 93 83 78 82 89 95 90 86 80 79 76 76 76 69 69 68 79 78 73 71 71 65 92 93 94 83 83 86 65 72 100 58 65 91 77 78 77 67 67 67 69 74 80 61 65 70 93 91 89 103 101 156 92 76 75 72 1938 85 86 68 76 i 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 i 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 pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETINS for August for June 1937. Based on daily average loadings. Basic data compiled 1936, p, 631, and October 1938, p. 918; department store stocks, see BULby Association of American Kailroads. Total index compiled by com- LETIN for March 1938. p. 232. bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. NOVEMBER 1013 FEDERAL RESERVE BULLETIN 1938 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. Other commodities All commodities Farm products Foods 1929 1930 1931 1932 1933 1934 1935 1936 1937 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76. 3 1937—August September. October November. December. 87.5 87.4 85.4 83.3 81.7 86.4 85.9 80.4 75.7 72.8 88.0 85.5 83.1 79.8 86.1 85.9 85.1 84.3 83.6 108.1 107.6 106.7 101.4 97.7 77.1 75.3 73.5 71.2 70.1 79.8 79.7 78.7 78.1 78.3 78.8 78.1 78. 3 71.6 69.8 70.3 68.4 67.5 68.7 69.4 67.3 68.1 76.3 73.5 73.5 72.3 72.1 73.1 74.3 73.0 74.5 83.5 83.0 82.6 82.0 81.6 81.3 81.4 81.4 81.3 96.7 94.7 93.6 92.1 91.3 90.1 91.5 91.9 92.0 68.6 68.2 67.2 66.1 65.5 66.1 65.9 65.8 77.7 77.8 78.4 78.2 77.9 78.3 78.9 78.7 78.6 78.4 77.9 77.4 77.8 77.8 77.9 78.3 78.4 78.0 77.8 77.7 77.3 67.2 68.3 69.7 68.8 68.5 69.4 70.7 69.3 68.6 68.7 67.0 65.9 67.3 67.1 67.7 68.8 68.9 68.1 67.4 67.4 66.9 72.3 72.7 73.5 73.2 72.7 73.6 74.4 74.3 74.1 73.5 72.2 72.0 73.0 73.0 73.7 74.8 75.0 74.1 73.7 73.6 73.5 81.4 81.2 .81.5 81.5 81.5 81.4 81.6 81.6 81.6 81.7 81.8 81.6 81.6 81.5 81.5 81.6 81.6 81.6 81.5 81.6 81.2 91.5 91.1 91.1 91.0 91.9 91.5 92.1 92.4 92.5 92.2 92.5 92.5 92.4 92.5 92.8 92.4 92.3 92.5 92.8 93.7 94.3 65.5 64.9 64.8 64.9 65.3 65.7 65.7 65.8 65.7 65.5 65.5 65.3 65.3 65.4 65.3 65.3 65.3 65.4 65.6 65.7 65.7 Year, month, or week 1938—January... February.. March April May June July August September Week ending— 1938—June 4 . . . June 11— June18June 25.. July 2... July 9— July 16. _ July 23.. July 30__ Aug. 6... Aug. 13.. Aug. 20_. Aug. 27-. Sept. 3 Sept. 10Sept. 17. Sept. 24. Oct. 1_Oct. 8— Oct. 1 5 Oct. 2 2 - Total 1937 Hides and Textile Fuel and Metals Building ChemiHouseleather lightin and metal materials cals and furnishng products products materi drugs ing goods ials products FOODS: Dairy products Cereal products Fruits and vegetables Meats Other foods H I D E S AND LEATHER PRODUCTS: Shoes Hides and skins Leather Other leather products TEXTILE PRODUCTS: Clothing Cotton goods Hosiery and underwear Silk and rayon Woolen and worsted goods Other textile products F U E L AND LIGHTING MATERIALS: Anthracite Bituminous coal Coke Electricity Gas Petroleum products 1 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 94.2 89.1 79.3 73.5 72.6 75.9 80.5 80.4 83.9 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 97.0 ! 97.1 | 96.4 96.8 96.3 96.3 96.2 95.4 93.7 92.5 82.2 81.4 81.2 80.2 79.5 91.1 91.1 91.0 90.4 77.3 77.0 76.2 75.4 75.0 96.6 i 96.0 ! 96.0 i 96.3 | 96.7 ! 96.1 ! 95.2 I 95.4 95.5 91.8 91.1 91.5 91.2 90.4 89.7 89.2 89.4 89.5 79.6 79.1 78.7 77.5 76.8 76.3 77.7 77.7 77.3 88.3 88.0 87.7 87.3 87.2 87.1 86.4 86.4 86.2 75.2 74.8 74.4 73.4 73.1 72.9 72.7 72.4 72.4 95.7 95.7 96.5 96.4 95.1 95.3 95.3 95.3 95.4 95.5 95.5 95.5 95.4 95.4 95.4 95.5 95.6 95.7 95.7 95.4 95.4 90.2 90.1 89.8 90.0 89.5 88.5 89.3 89.3 89.2 89.3 89.3 89.3 89.3 89.4 89.5 89.6 89.4 89.5 89.7 75.9 75.9 75.8 76.1 76.7 76.8 77.1 77.0 77.0 77.4 77.2 77.1 77.1 88.4 88.4 88.1 88.0 87.9 87.9 87.9 87.8 87.8 87.8 87.8 87.8 87.8 87.8 87.2 87.1 87.1 87.1 72.5 72.4 72.7 72.8 72.9 72.5 72.6 72.5 72.5 72.3 72.3 72.1 72.3 72.3 72.2 72.1 72.3 72.3 72.4 72.4 72.4 100.5 | 92.1 84.5 80.2 79.8 1 i ! | 86.9 I j 78.5 I 78.2 ! 78.4 I 78. 3 ' 78.5 ! 76^8 ! 76.2 76.4 76.8 76.8 76.6 76.5 76.5 76.7 76.8 77.0 77.2 77.4 77.4 77.3 77. 7 78.0 f • % 77.6 | 77.6 77.2 77.1 77.6 77.5 77.2 76.9 76.9 75.5 ! 77.1 77.1 77.1 76.9 76.7 76.7 76.7 1937 1938 Subgroups Sept. June July Aug. Grains Livestock and poultry Other farm products Miscellaneous 86.4 j 87.0 i 95.7 | 83.0 78.5 67.5 70.3 66.3 73.3 73.5 1938 Subgroups FARM PRODUCTS: 1926=100] 91.9 106.7 . - . 71.2 62.7 80.2 63.0 58.3 84.4 63.0 84.8 86.1 64.0 113.4 75.5 68.5 80.2 61.7 84.5 64.7 69.5 78.8 56.4 89.7 66.7 53.4 80.6 53.0 81.0 64.0 77.0 57.3 86.0 66.5 72.8 76.1 55.5 87.3 69.5 107.5 101.8 101.2 100.8 100.8 120.7 62.3 70.8 75.6 75.7 98.9 81.6 82.5 82.1 82.4 103.3 97.7 97.5 97.0 96.9 89.7 76.8 66.5 32.4 92.4 70.0 82.2 63.9 59.7 27.6 75.6 65.0 81.7 65.1 59.8 29.9 75.9 65.4 81.7 64.4 59.8 29.2 76.3 65.2 Sept. June Sept. 81.6 64.1 59.9 29.5 76.3 65.0 78.7 74.5 76.2 77.9 79.1 99.2 97.5 97.9 98.1 98.4 105.0 105.3 104.2 104.2 104.2 80.5 85.0 84.0 90.4 91.0 88.1 62.2 56.3 56.8 56.7 METALS AND M E T A L PRODUCTS: Agricultural implements Farm machinery Iron and steel Motor vehicles * Nonferrous metals Plumbing and heating BUILDING MATERIALS: Brick and tile Cement Lumber Paint and paint materials Plumbing and heating Structural steel Other building materials July Aug. Sept. 94.2 96.1 96.1 97.6 99.8 100.9 91.2 96.0 92.6 67.2 80.6 77.2 95.9 97.3 97.2 96.0 71.8 79.5 95.5 97.0 97.3 96.1 72.9 79.2 95.5 96.9 97.3 96.2 73.5 78.5 95.0 90.7 90.6 90.9 95.5 95.5 95.5 95.5 95.5 99.0 88.7 88.8 90.2 90.4 84.6 80.1 80.5 80.5 80.4 80.6 77.2 79.5 79.2 78.5 114.9 113.0 107.3 107.3 107.3 100.8 93.3 91.2 91.3 91.3 CHEMICALS AND D R U G S : Chemicals Drugs and Pharmaceuticals Fertilizer materials Mixed fertilizers HOUSEFURNISHING GOODS: Furnishings Furniture MISCELLANEOUS: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other, miscellaneous—. 85.7 78.3 71.8 74.8 80.6 71.9 69.5 69.3 81.7 74.8 66.9 72.9 81.4 74.8 67.3 74.2 81.0 74.8 67.2 73.4 94.9 87.1 56.4 81.2 93.4 38.4 85.1 90.7 83.5 90.5 82.2 57.4 76.8 82.8 31.9 80.7 90.5 82.2 57.4 67.0 82.4 33.5 90.2 82.1 57.4 78.4 85.5 26.3 81.1 57.4 67.6 81.9 33.3 81.1 Preliminary revision. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (tabl* 87). 1014 FEDERAL RESERVE BULLETIN NOVEMBER 1938 OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October 1, 1938] [In thousands of units] Corn Cotton Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta. Chicago St. Louis Minneapolis Kansas City Dallas San Francisco _ _ Production 1937 _ _ Estimate Oct. 1, 1938 Production 1937 Bales Bales Bushels i 4, 891 * 3, 409 ______ 642 6, 329 1, 020 456 3,956 600 7,693 28 379 55. 607 207,157 139, 866 182, 250 1,140, 744 363. 227 248, 022 177,352 86, 945 7. 753 ____ 18, 946 12, 212 2, 644, 995 _ __ 1 846 4,218 __ ____ _ _ __. _ _ Total 1,143 2,648 Total 1 2 __ _ Production 1937 Estimate Oct. 1, 1938 Production 1937 Estimate Bushels Bushels Bushels Bushels Oct. 1, 1938 29, 715 53, 382 196, 084 133,323 189, 726 988, 330 322,124 220, 191 214, 328 98, 343 6,395 9, 164 20, 783 53, 526 28, 459 7,530 78,012 78,966 14, 346 291, 374 42, 807 60,135 8,219 20, 250 53,343 27, 653 6,451 69, 796 67,121 28,180 288, 094 36, 371 82, 980 76 92 169 120 95 117 139 102 1,695 167 117, 495 8,121 105 60, 851 1,811 140 196, 909 10, 202 94 42,162 2, 459, 316 685,102 688, 458 188,891 251, 771 White potatoes Tobacco Production Estimate Oct. 1, 1938 Production 1937 Estimate Oct. 1, 1938 Production 1937 1937 Estimate Oct. 1, 1938 Bushels 6,142 20,194 15, 557 45, 850 18, 885 13, 571 544, 644 55, 561 251 656 113,172 33 087 27, 939 Bushels Tons Tons Pounds Pounds Bushels Bushels 6,309 28, 168 19,230 49,417 20,125 15, 226 421, 474 49, 759 238, 766 132, 698 37, 510 22, 895 3, 492 6, 007 2,343 4,928 3, 745 3, 118 15, 360 6,162 9,396 6,427 1,211 11, 596 3; 595 5,799 2,407 5,717 3,993 3,450 18, 990 6, 939 10, 526 7, 161 1,361 11,848 30, 439 1,371 28,990 131,698 839, 494 187,312 26, 635 301,156 1,966 4,344 25, 054 1,802 32, 680 123, 440 780, 417 196, 921 34, 448 281, 006 2, 827 6,095 57,609 33, 561 25, 334 18, 603 30, 352 14, 722 51,039 12, 716 46, 497 32, 308 4,268 66, 280 50, 850 31, 792 22, 753 20, 698 28, 419 15, 092 56, 309 14,163 41,995 27,143 3,765 60, 296 1, 146, 258 1,041,577 73, 785 81, 786 1, 553, 405 1, 484, 690 393,289 373, 275 Includes 23,000 bales grown in miscellaneous territory. Includes 18,000 bales grown in miscellaneous territory. Bushels 7,375 Spring wheat Estimate Oct. 1, 1938 Production 1937 Boston New York Philadelphia. Cleveland Richmond Atlanta Chicago. _ St. Louis Minneapolis Kansas City Dallas San Francisco Estimate Oct. 1, 1938 Tame hay Oats Federal Reserve district Winter wheat INTERNATIONAL FINANCIAL STATISTICS 1015 1016 FEDERAL RESERVE BULLETIN NOVEMBER 193S GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Total* (52 coun« tries) End of Month 1934—December. 1935—December. 1936—December. 1937—August September October... November December. 1938—January... February. March April May June July August September 21,051 21,604 22, 630 23,592 23, 733 23,845 23,968 23,964 24,036 23, 944 23,928 P 2 3 , 765 *>23, 747 P 2 3 , 815 2 3 , 803 , 965 United States 10,125 11,258 12, 567 12, 741 12,803 12,774 12, 760 12, 756 12, 776 12,795 12, 869 12,919 12, 963 13,017 13,136 13, 760 Europe Canada (26 countries) 134 189 188 188 186 187 187 184 186 188 186 189 187 185 189 190 P190 11,010 9,517 9,307 9,141 9,129 9,191 9,359 9,381 9,453 9,351 9,330 P9, 100 P9, 032 P9, 057 P9, 083 P9, 114 P9, 157 Latin Asia and Africa AmerOcean(5 ica ia (8 coun(11 coun- coun- tries) tries) tries) 601 666 736 711 711 706 695 685 689 681 665 658 656 658 *>656 805 816 858 717 702 691 687 687 687 687 687 589 591 263 291 283 267 264 266 266 266 266 261 266 263 266 P265 P268 P280 Europe United King- France d ^ 1,584 1,648 2,584 Germany Italy3 5,445 4,395 2,995 2,424 2,428 2,428 2,564 2,564 2,564 2,428 2,428 2,428 2,428 2,428 2,428 2,428 2,428 2,689 2,689 2,689 2,689 2,689 2,690 2,690 2,690 2,690 518 270 208 208 208 208 208 210 210 210 210 210 210 210 210 210 210 Belgium 590 611 632 607 590 572 570 597 599 593 531 529 456 481 501 517 539 Switzerland Nether- Nalands tional B.LS. Bank 573 438 490 862 862 906 940 930 957 977 998 1,007 1,008 1,008 1,008 1,008 1,008 Europe—Continued End of month Austria Bul- Czecho- DenHunslogaria vakia mark Greece gary Norway 112 112 91 90 90 90 91 92 82 81 90 90 90 90 101 101 86 86 86 86 82 Latin America—Continued End of month Chile 1934—December 1936—December 1936—December 1937—July August... September October-.. November December 1938—January February March April May June July August _ _ _. Colombia Mexico Peru Uruguay 69 104 109 114 118 118 119 119 120 120 121 122 122 122 123 123 124 129 740 735 718 718 718 718 718 718 718 718 718 525 525 525 525 525 525 60 63 82 78 78 78 78 78 79 79 79 J>79 P79 159 185 240 243 243 244 244 244 245 253 261 261 272 279 280 280 310 P79 Asia and Oceania 4 other countries 18 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 P20 British China Japan India 275 275 275 274 274 274 274 274 274 274 274 274 274 274 274 274 274 394 425 463 412 261 261 261 261 261 261 261 261 261 261 261 164 164 4 6 4 5 5 5 5 7 7 11 10 9 10 6 Latin America other ArPortu- Ruma- Spain< Swe- Yugo- 6coun- gennia den slavia tries gal tina 61 84 98 93 1934— December 1935—December 1936—December 1937—August September October November December 1938—January February March April May June _ _ _ July.__ August September.. Poland 624 454 655 615 612 646 644 648 687 699 698 697 686 679 674 Java 8 17 25 29 30 30 31 32 403 444 601 477 481 479 471 469 463 32 30 31 31 32 33 33 P33 458 447 442 440 439 435 435 Africa New Zealand Turkey 2 3 other South other coun- Egypt Africa countries tries 22 24 26 184 212 203 29 29 29 29 29 29 80 Brazil 187 189 189 189 189 189 29 29 29 29 29 29 29 29 189 184 189 186 188 187 190 202 24 24 25 25 23 20 22 22 22 22 22 22 22 23 P23 P23 P23 p Preliminary. i See notes for individual countries. * Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $934,000,000 of gold on Mar. 31, 1937, $1,396,000,000 on Sept. 30, 1937, and $1,489,000,000 on March 31, 1938. 3 Figure for March 1937 officially reported as of 20th of month and carried forward through November 1937. Figures for December 1937 through March 1938, officially reported and carried forward for subsequent months. < Figure for August 1,1936 carried forward through March 1938; April 1938 figure officially reported and carried forward. * Figure for March 7,1938, date of latest statement received; Austrian National Bank subsequently absorbed by Reichsbank in accordance with German decree of March 17,1938. 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 description of table see BULLETIN for June 1933, pp. 368-372 and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for August 1936, p. 667, and December 1937, p. 1262. 1017 FEDERAL RESERVE BULLETIN NOVEMBER 1938 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated world production outside U.S.S.R. Year or month Production reported monthly Africa Total 1929 1930 1931 1932 1933 382, 532 401,088 426,424 458,102 469,257 352, 237 365, 258 386, 293 413,459 411, 208 1933 1934 1935 1936 1937 794, 498 823,003 882, 533 970,206 1, 044, 540 696,218 707,288 751,979 833,088 892, 502 South Africa North and South America Far East West Belgian United Colom- Chile Africa Congo States* Canada Mexico bia Rhodesia $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 215, 242 11, 607 4,297 2,390 45, 651 39,862 13,463 2,823 221, 526 11, 476 4,995 2,699 47, 248 43,454 13,813 3,281 224,863 11,193 5,524 3,224 49, 527 55, 687 12,866 4,016 238,931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 227, 673 13, 335 6,623 3,631 52,842 60,968 13,169 6,165 $1=16-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 385, 474 22, 578 11,214 6,148 89, 467 103, 224 22, 297 10,438 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 377,090 25, 477 13, 625 7,159 126, 325 114,971 23,858 11, 515 28,053 16,295 7,386 152, 509 131,181 26,465 13,632 410, 710 28,296 20, 784 8,018 168,159 143, 367 29,591 15, 478 Austra- British lia India 3,009 8,712 9,553 12,134 14, 563 16,873 7,508 6,785 6,815 6,782 6,919 5,094 8,350 9,251 9,018 9,544 28,568 30, 559 31,240 40,118 46,982 11, 715 11,223 11,468 11,663 11, 574 683 428 442 788 1936—December.. 83,093 71,666 33,858 2,262 1,544 631 13,106 11, 612 1,647 1,113 708 4,197 1937—January February... March April May June. _. July August September. October November.. December.. 84,259 79, 236 84,846 83, 238 86,830 87,114 89,061 92, 384 88, 294 90, 221 90,257 71,278 66,438 72,041 70, 551 73, 917 74, 603 76, 393 79, 570 75, 675 77, 736 77, 794 76, 506 34,352 32, 330 34,381 34, 308 34,010 34,132 34,895 34, 598 34,170 34, 559 34, 279 34,696 2,315 2,109 2,416 2,391 2,408 2,339 2,364 2,441 2,421 2,399 2,352 2,341 1,671 1,563 1,605 1,669 1,559 1,649 1,650 1,822 1,890 1,896 1,854 1,957 586 579 11, 633 10, 322 12,681 11, 281 14, 398 13,186 15,020 18,290 15,096 1.6,147 16,023 14,083 11, 516 10, 867 11, 436 11,336 11,917 12,088 12,170 12, 219 12,198 12, 579 12, 365 12, 677 2,854 2,227 2,510 2,111 1,678 3,701 2,452 2,4^1 2,246 2,449 2,849 2,064 1,332 1,117 1,285 1,269 1,234 1,246 1,476 1,422 1,298 1,281 1,373 1,144 549 855 1,140 572 819 668 752 876 689 1,063 3,171 3,727 3,562 3,738 3,910 4,046 3,874 3,974 3,977 3,891 4,386 4,725 34,573 2,381 32, 524 2,246 35, 519 2,387 34, 351 2,374 35, 794 2,415 35, 509 2,394 36, 222 2,410 36, 622 P2, 415 1,964 1,887 2,002 2,024 1,989 2,020 2,067 P2, 067 12,618 11, 207 12, 85C 12, 33P 13,715 12, 711 16,543 16, 352 12,638 2,948 11,929 2,266 13,161 3,253 12, 895 2,389 13,338 1,863 13, 674 1,899 14, 727 v% 450 14,425 P2, 450 1,456 1,175 1,403 1,664 1,338 1,365 1,748 1,515 1938—January.... February... March April _. May June July August 74,820 87,447 82, 583 69, 915 89, 506 77,064 87, 393 74, 624 77,134 90,305 89, 978 76, 686 P96, 534 J>82,858 *>96, 736 *82,894 638 681 710 686 729 661 642 673 702 687 726 682 P752 775 834 673 698 782 901 P726 P79G 3,858 4,333 4,204 4,280 4,278 4,577 4,330 Pi, 550 899 982 956 982 957 979 975 932 961 938 1,029 948 872 935 909 951 P951 Oold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes Irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $85 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180. p Preliminary. i Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108109 and 1937 p. 104. Figures for Canada beginning January 1938 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Year or month 19341 1935 1936 _. 1937 Total net imports or net exports Net imports from or net exports (—) to: United King- France dom 1,131,994 499,870 260,223 1,739,019 315, 727 934,243 1,116,584 174,093 573, 671 1, 585, 503 891, 531 -13,710 1937—January.. February... March April __ May June July August September. October November. _ December.. 121,325 120,326 154,332 215,811 155,362 262,022 175,417 104,844 145,495 90,477 22,110 17,982 1938—January February... March April May June July August September.. - 2 0 -4,974 2,088 -11 15 8,036 39 52,927 31,395 18 71,091 35,429 2,895 35 52, 775 13 55,307 20, 599 4,976 898 63,815 4,721 165,973 91,227 520,896 377,984 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 -24,968 - 4 0 -14,987 Belgium Netherlands Switzerland Sweden 8,902 94,348 227,185 3,351 71,006 6,461 90,859 10, 691 1,131 5,399 5,228 22, 556 10,118 13, 703 22,030 4,220 1,938 891 3,248 3,213 271 14 1,086 1,392 3,177 521 2 6 2 - 10,221 11,520 7,685 15,360 47,219 11,521 571 Canada 12,402 86,829 968 95,171 7,511 72, 648 54,452 111, 480 6,506 8,155 1,166 36, 235 2,390 226 Mexico Colom- Philip- Aus- Japan pine bia Islands tralia 4 12,038 1,029 15,335 3,498 21,513 23, 280 25,427 34, 713 246,464 16,944 10,899 11,911 18,397 1,945 9,153 3,242 1,973 2,800 665 5,348 3,524 2,054 2,089 2,285 3,404 3 4,261 5,496 2,177 2 1 2,110 8 4,323 16 2,123 2,109 1,944 2,231 2,106 2,064 2,410 1,505 2,981 1,375 2,286 2,292 1,617 2,910 3,467 2,388 2,613 2,167 3,796 3,710 3,010 2,076 3,173 3,786 5,696 9,978 16, 593 15,316 44,459 37,697 40,927 19,875 37,148 18, 774 649 819 692 721 717 2,758 747 1,812 630 5,650 726 715 962 11,123 14,333 3,183 38,148 1,446 2,105 2,102 1 2,108 1 1 2,113 4 1,676 1,330 2,240 1,883 2,285 3,232 2,422 1,772 2,721 1,025 1,943 458 1,241 3,582 2,984 3,434 2,748 3,775 4,484 23, 311 21,950 5,782 28,669 23,497 35,095 1 All other countries 76,820 75,268 77,892 50,762 32,316 47,054 39,743 30,179 6,028 7,077 4,017 4,857 3,797 3,966 4,355 3,613 5,275 6,902 767 107 1,461 3,870 7,296 1,737 1,160 3,866 1,925 1,757 1,871 2,051 1,326 1,862 1,043 30,270 13,667 39,966 38,482 5,865 10, 661 4,925 7,225 14,434 20, 946 7,428 12, 247 14,497 9,669 816 2,767 British India 1,870 1,241 1,536 2,353 2,530 3,438 2,495 3,806 2,982 2,979 2,359 2,252 1,148 1018 FEDERAL RESERVE BULLETIN NOVEMBER 1938 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Germany United Kingdom Year or month Total net imports or net exports () Net imports from or net exports (—) to: United States France 716, 269 369, 722 1,169, 931 420, 427 -497,166 -435, 502 -276, 830 -834,009 -48, 319 22, 957 127, 953 122, 643 -29, 775 - 6 , 348 22, 054 20, 976 -101,710 -128,380 -79, < -26,043 -86,145 -16,236 4,258 2,006 27, 245 51, 387 79, 037 53,186 97, 478 89, 580 24,119 -73,132 -261,143 1,487 3,528 - 3 5 , 535 - 1 8 , 507 -5,233 - 2 0 , 811 -10,529 - 9 3 , 660 -360,016 Ger- Belgium South Africa, NetherRhoU.S.S.R. Austra- desia, lands lia West Africa 348,190 121,017 -13,585 32, 575 142,137 - 4 , 726 -17,476 10,796 931 756, 215 23, 292 -15,133 -21,215 541,187 46,147 -21, 993 -16,572 199, 965 -274 -1,786 - 1 , 5 4 5 452 79, 545 8,398 -7,915 997 112,113 16, 348 - 9 , 207 -208 50, 463 12, 212 416 -662 - 2 , 034 8,245 573 -420 - 2 , 831 3,171 8,176 -10,047 - 2 , 488 84 - 2 , 2 1 5 -5,663 -15,077 90 -12,834 -1,940 - 4 , 276 -3,039 -119 -6,137 -997 -5, 726 685 41 -1,487 -6,055 5 - 3 , 067 78 3,625 49 55, 448 86 15,039 -4,139 168 48, 446 - 6 , 781 138 56, 764 -12,037 47 23, 212 -5,750 6,179 - 2 5 8 -10,041 14, 358 120, 075 -7,498 8,430 14, 027 14,153 16, f 19, 784 5,669 11, 273 31,089 28,083 28,104 5, 665 Other British British India countries 41, 790 37,981 26, 723 24,165 335,253 404, 295 488,814 464, 837 206,693 181, 602 128,421 66, 330 62,397 32, 754 28,067 22,079 2,353 1,552 705 1,981 2,039 1,476 2,359 2,379 37,106 46, 933 57, 861 54, 463 36,199 36, 244 47, 694 36, 528 8,368 2,782 6,129 7,178 4,735 5,739 4,960 5,174 873 1,251 1,296 1,171 989 1,032 3,87" 8,300 3,775 2,958 3,620 4,168 2,467 2,024 2,490 2,102 2,839 32, 889 43, 092 50, 540 35,077 35, 407 40, 623 31,516 31,192 16, 831 Net imports from or net exports (—) to: Total net imports or net Nethexports United United France BelerItaly States King() lands dom All other countries 19, 431 2,580 342 25, 542 51, 299 4,600 - 6 5 " 6,553 1,500 - 6 , 795 23, 378 -5,852 -230, 720 -161,872 -121,066 -61, 689 96 274 -2, 278 350 -1,186 -561 4,559 559 3,275 -559 2,553 611 -879 -25 -354 1,456 1,307 1,914 358 1937—May _. - 4 , 479 -1,174 -1,987 June.. -49, 417 -36, 242 - 4 , 351 -153 -6,038 -1,243 July___ -393 Aug. _. -1,630 -376 Sept... -7,147 3,286 Oct.__. -1,138 4,869 Nov. _. 4,113 5,810 Dec.__. 26, 892 1938—Jan.__. Feb.__. Mar. _. Apr.__. May_. June _. July— Aug... Sept.?. 10, 826 2,448 -3,188 - 7 , 632 - 5 , 201 5,978 - 8 , 837 -1,338 8,919 -3,132 - 8 , 740 -1,831 -1,242 - 6 , 995 - 9 , 627 - 6 , 276 -5,828 1,107 521 -512 8 -37 -109 -227 24, 558 -586 2,956 3,767 - 2 2 , 222 1,032 -11,355 - 3 , 903 -11,467 -13,739 -8,182 -33,071 63 -30, 813 -79 236 -247 7,227 8,454 -139 -7,985 -200 -10,973 5,359 -13,586 -27 -13,763 6,009 -10,784 18, 058 -12,732 7,626 -28,870 1,468 - 2 1 , 976 P-6, 963 British India -46,065 -12,784 -45, 955 -29,235 18,397 647 -54,858 -181,725 -13,940 -230, 788 39, 305 14, 531 122, 279 -9,127 -1,714 -56,946 -51,608 11, 940 -45,061 27, 739 1934. 1935. 1936. 1937 2 79,105 -90,920 s 2, 879 42, 969 * 17, 647 -1,868 -87, 253 -3,718 14,051 13, 930 15, 544 4,425 10,063 5,002 7,036 5,101 2,786 3,586 3,590 3,824 2,139 3,725 9,929 6,418 6,581 10, 356 3,035 3,023 - 4 , 750 Switzerland Year or month All other countries China Total net imports or net exports^ () -41 12, 478 -13,978 10, 409 -584 615 - 3 5 11, 223 -11,518 3,595 - 9 , 257 -943 1,763 - 2 , 391 -266 5,397 4,860 - 2 , 943 -1,549 -2,009 33 5,256 - 7 , 839 -484 5,814 -220 o 16,128 -14,071 - 6 , 041 -142 - 2 10, 464 -8,382 -1,283 -37 16,009 686 457 1,614 2,198 1,421 2,467 2,396 5,657 3,962 3,824 914 Total net imports or net exports Net imports from or net exports (—) to: Change in: Gold producAll tion in Re- Private other India serves holdcounin In- ings in tries dia11 India" United States United Kingdom -82,183 -46,172 -57,167 -25, 787 -144,185 - 4 , 352 -113,953 -1,746 -64, 349 450 -35,805 11, 223 11,468 11, 663 11, 574 173 -219, 670 -150,398 -109,403 -50,074 - 4 , 933 -1,810 - 8 , 689 -5,197 - 4 , 532 - 4 , 655 - 4 , 200 -2,187 - 2 , 624 -122 -2,134 128 196 -6, 591 r-2, 307 208 -424 - 4 , 759 -14 - 4 , 883 352 -976 - 3 , 752 73 - 4 , 294 94 - 4 , 578 -1,421 95: 979 975 932 961 938 1,029 -3,951 -854 - 7 , 706 - 4 , 222 - 3 , 600 - 3 , 694 - 3 , 262 - 4 , 970 335 - 5 , 599 549 - 7 , 423 233 - 2 , 749 -6, 761 - 4 , 388 -5,988 -3,452 -2, 205 - 2 , 327 -8, 671 -10,988 -5, 924 P - 7 , 0 1 9 -9,148 -5,110 -75 -5,712 -1,711 -1,738 -1,010 - 3 , 745 -643 406 -519 - 3 , 338 - 2 , 583 257 -10,636 -352 872 906 935 951 - 4 , 651 - 6 , 551 -1,810 -3,482 - 2 , 517 -1,418 -10,037 P - 6 , 068 r p Preliminary. Revised. Beginning with April 1938, figures represent gold movements of Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. s Includes exports of $50,661,000 to Sweden and $12,571,000 to Norway; and net imports of $53,465,000 from Switzerland. 4 Includes $10,129,000 exported to Sweden and unspecified net imports of $19,684,000. 5 Includes $67,655,000 exported to Central and South America and net exports of $16,596,000 to Switzerland. e 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 $12,082,000 to Switzerland. s Includes net exports of $6,000,000 to Switzerland and $7,590,000 to Sweden. • Figures for April and May 1938 include exports to Sweden of $10,088,000 and $13,996,000 respectively. io Figures for June, July, August and September include exports to Sweden of $7,673,000, $11,429,000, $11,151,000 and $22,763,000 and net exports to Switzerland of $5,407,000, $16,521,000, $10,498,000 and $21,980,000, respectively. u Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transfered. 1 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. 2 is Figures for April, May, July, and August 1938 include exports to Greater Germany of $9,999,000, $6,183,000, $8,893,000 and $6,294,000 respectively. 14 Includes $10,063,000 exported to Hungary. NOTE.—Switzerland and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. 1 NOVEMBER 1019 FEDERAL RESERVE BULLETIN 1938 CENTRAL BANKS Liabilities of banking department Assets of banking department Bank of England Gold (in issue department) i (Figures in millions of pounds sterling) Dis- tes 1929—Dec. 25_ 1930—Dec. 31_ 1931—Dec. 30_ 1932—Dec. 2 8 1933—Dec. 27. 1934—Dec. 26. 1935—Dec. 25 1936—Dec. 30_ Deposits Bankers' 71.0 Public 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 84.9 104.7 133.0 120.1 101.4 98.2 94.7 155.6 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467. 4 132.4 126.4 102.4 101.2 89.1 72.1 150.6 8.8 6.6 7. 7 8.9 22.2 9.9 12.1 12.1 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 38.0 28.1 38.1 37. 9 43.3 66.0 41.1 6.3 5.8 4.3 6.2 8.1 8.6 9.2 164.3 135.2 128.5 126.6 121.1 97.0 135.5 488.4 498.3 488.3 488.5 483.1 480.4 505.3 140.5 104.3 92.8 95.1 87.7 83.6 120.6 10.8 10.5 25.4 21.8 32.2 35.4 11.4 40.2 37.3 36.0 37.2 36.6 36.3 36.6 18.0 18.1 18.2 18.3 17.7 17.8 18.0 53.2 51.9 41.0 37.1 46.2 41.2 33.1 46.0 25.5 43.9 10.4 6.5 8.7 7.1 9.5 7.3 9.5 5.4 7.3 4.2 117.9 116.9 131.0 133.4 115.1 140.6 137.0 124.4 135.6 129.2 473.2 474.5 485.4 489.3 480.2 485.2 493.3 480.4 500.9 482.5 113.1 105.6 108.1 113.3 91.2 125.5 116.4 94.7 99.9 100.4 13.6 16.7 17.8 10.9 26.5 10.5 11.2 27.8 11.4 25.0 37.3 35.5 37.4 36.5 36.1 36.1 35.1 36.4 40.2 35.5 18.1 18.2 18.3 17.7 17.8 17.9 18.1 18.2 18.2 17.7 Liabilities Assets Domestic bills For- (Figures in millions of francs) 1929—Dec. 1930—Dec. 1931—Dec. 1932—Dec. 1933—Dec. 1934—Dec. 1935—Dec. 1936—Dec. 41, 668 53, 578 68, 863 83, 017 77, 098 82,124 66, 296 60, 359 27 26 30 30 29 28 27 30 54, 55, 55, 55, 55, 58, 58, 1937—June 24 July 29 Aug. 26 Sept. 30 Oct. 28Nov. 25 Dec. 30 1938—Jan. 27 Feb. 24 Mar. 31 Apr. 28 M a y 25 June 30 July 28 Aug. 25 Sept. 29 Gold 2 ,_ Other .6 .8 .8 .8 .8 .9 1.1 1.3 1.5 1.4 326.4 326.4 326.4 326.4 326.4 326.4 326.4 326.4 326.4 326. 4 Bank of France Other liabilities 1.1 1.5 1.7 1.6 1.5 326.4 326.4 326.4 326.4 326.4 326.4 326.4 1938—Jan. 26.. Feb. 23_ Mar. 30 Apr. 27_ M a y 25June 29 July 27Aug. 31. Sept. 28 Oct. 26^ Securities 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 145.8 147.6 120.7 119.8 190.7 192.3 200.1 313.7 1937—June 30. July 28. Aug. 25_ Sept. 29 Oct. 27. Nov. 24. Dec. 29_ counts and advances Note circulation eign exchange 25, 942 26,179 21,111 4,484 1,158 963 1,328 1,460 Open Market 5, 612 5,304 7,157 6,802 6,122 5,837 5,800 5,640 859 677 718 805 805 932 933 1,058 951 911 825 829 965 911 5,641 5,641 5,637 5,637 5,637 5,637 5,580 58, 933 55, 807 55, 807 55, 807 55, 808 55,808 55, 808 55, 808 55, 808 871 874 845 830 813 804 782 767 764 5,580 5,575 5,575 5,575 5.575 5,850 5,835 6,098 6,781 Special 4 Other Deposits Loans o n Advances Shortto Other term Govern- 5 Govern- securiment seties ment curities Other assets 5,603 6,609 8,545 9,196 8,251 8,288 7,879 8,344 68, 571 76, 436 85, 725 85,028 82, 613 83, 412 81,150 89, 342 11, 737 12, 624 5,898 2,311 2,322 3,718 2,862 2,089 8,624 8,429 Note circulation Government Other Other liabilities 7,850 11, 698 22,183 20, 072 13, 414 15, 359 8,716 13, 655 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 1, 379 3,438 4,739 3, 971 9,712 8,465 17, 698 573 715 2,521 2,901 2,730 2,515 2,921 3,211 3,253 3,583 991 833 600 562 722 652 9,356 10,197 8,655 9,799 10, 620 9,655 10, 066 21, 380 23, 887 25, 218 25, 999 26, 918 26, 918 31, 909 776 958 476 1,340 483 314 675 4,013 4,064 3,763 4,175 3,710 3,675 3,781 8,110 8,467 8,417 8,558 7,218 7,343 7, 277 85, 985 89, 307 88, 255 91, 370 91, 336 90,131 93, 837 2,209 2,563 2,251 2,351 2,648 2,686 3,461 15, 15, 15, 15, 14, 17, 19, 710 812 927 886 679 893 326 2,549 3,152 3,196 3,133 3,121 3,452 3,160 12, 11, 10, 10, 31, 904 31, 904 38, 574 40,134 40,134 40,134 40,134 40,134 50,134 925 866 997 879 113 552 623 331 1,311 3,824 3,652 3,825 3,700 3,454 3,614 3,545 3,545 4,362 7,019 92, 255 7,187 92, 740 8,361 98,095 7,288 98, 519 7,334 98, 923 8,258 102,087 7,117 101,117 7,364 99, 065 8,410 124, 428 2,689 2,226 2,233 2,802 3,248 3,245 3,135 2,891 2,825 23, 720 20,147 21, 409 21, 237 17, 525 12, 769 14, 207 17, 684 18, 593 3,285 3,154 3,141 3,154 3,155 2,592 2,608 2,649 841 821 573 632 596 177 642 053 582 321 865 9,024 5,497 7,133 8,241 20,293 p Preliminary. 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, 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 b y British Treasury under Section 8 of Currency and Bank Notes Act. 2 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 F u n d 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). 3 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). 4 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, p p . 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). s Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14, 1938 (see BULLETINS for July 1936, p . 536; August 1937, p . 720; June 1938, p. 452, and August 1938, p . 650). NOTE.—For explanation of table see BULLETIN for February 1931, p p . 81-83, and July 1935, p. 463. 1020 FEDERAL RESERVE BULLETIN NOVEMBER 1938 CENTRAL BANKS—Continued Assets Reichsbank Liabilities Securities Reserves (Figures in millions of reichmarks) Gold Foreign exchange Other Treasury bills (and bills checks) Security loans Deposits liabilities 259 445 349 221 656 638 1,065 1,114 735 827 853 765 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 755 652 755 540 640 984 1,032 1,012 736 822 1,338 1,313 836 1,001 923 953 51 44 46 60 105 105 105 106 293 293 286 286 905 844 870 861 5,256 5,275 5,196 5,493 838 711 766 1,059 927 959 967 970 66 81 63 59 57 71 49 35 48 108 110 96 121 545 547 549 550 550 286 286 297 297 300 300 298 298 298 982 953 1,388 1,614 1,373 1,322 1,285 1,268 1,129 5,199 5,278 5,622 6,086 6,269 6,440 6,650 6,869 8,023 851 891 1,323 1,031 1,021 1,119 920 1,033 1,231 986 996 877 903 911 932 951 974 1,022 2,283 2, 216 984 806 386 79 82 66 404 469 172 114 9 5 5 6 241 206 98 1 49 45 53 62 2,608 2,366 4,144 2,806 3,177 4,021 4,498 5,448 251 256 245 176 183 146 84 74 1937—Sept. 30 _ _ Oct. 30 Nov. 30 . Dec. 31 70 70 70 71 6 6 6 6 53 7 27 119 5,538 5,578 5,520 6,013 1938—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 30 _ _. Aug. 31 Sept. 30 71 71 71 71 71 71 71 71 71 5 5 5 5 5 6 5 5 6 60 21 89 12 18 39 17 1 2 5,459 5,637 5,813 5,841 5,832 6,136 6,247 6,647 8,173 __ Other Other Note circulation Other assets 92 102 161 398 322 319 315 303 1929—Dec. 31 1930—Dec. 31 1931—Dec. 31 1932—Dec. 3 1 . . 1933—Dec. 30 1934—Dec. 31 _ _ 1935—Dec. 31 1936—Dec. 31 __ _ Eligible as note cover NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank [Figures as of last report date of month] National Bank of Albania (thousands of francs): Gold Foreign assets Loans and discounts Other assets . Note circulation ._ Other sight liabilities _. Other liabilities.... Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchangeNegotiable Government bonds . Other assets.. Note circulation Deposits—Member bank Government Other Foreign exchange sold forward . Other liabilities ._ Commonwealth Bank of Australia (thousands of pounds): Issue department: Gold and English sterling. Securities __. Banking department: Coin, bullion, and cash London balances Loans and discounts __ Securities Deposits Note circulation National Bank of Belgium (millions of belgas): Gold reserve __ _ __ Other gold and foreign exchange Discounts ._ 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 1 2 1937 1938 Sept. Aug. July Sept. 7 553 22, 042 4,073 4,556 11,035 14, 636 12, 554 1,224 101 120 197 1,086 379 115 1 12 49 1,224 100 89 178 1 084 320 126 2 9 49 1,224 256 25 167 1,114 401 101 16,011 38,301 16,011 38,300 16,011 38, 301 16,008 39,806 1,395 23,047 14, 206 54,153 87, 305 49,030 1,384 23, 272 14,101 52, 240 85, 282 49,030 1,283 25, 223 13, 822 50, 736 85, 636 49,030 1,279 35, 820 12,832 37, 864 83, 776 48, 284 3,180 1,031 548 179 452 5,100 6 165 119 3,047 930 225 43 456 4,223 15 344 119 2,954 820 343 52 454 4,205 16 284 119 21, 251 50 302 4,436 42 536 72 55,122 96,977 22, 496 7 50 3,483 I 54, 491 53, 014 76, 524 122, 294 24, 671 15,368 Central bank [Figures as of last report date of month] Central Bank of Bolivia—Cont. Securities—Government _ Other Other assets . Note circulation _ Deposits __ _ _ Other liabilities Bank of Brazil (millions of milreis): Cash Correspondents abroad Loans and discounts Deposits National Bank of Bulgaria (millions of leva): Gold Foreign exchange Loans and discounts Government debt Other assets Note circulation Deposits Other liabilities . . . Bank of Canada (thousands of Canadian dollars): Gold _ Sterling and United States exchange __ Canadian Gov't. securities: 2 years or less Over 2 years. _ Other securities Other assets Note circulation Deposits-Chartered banks. Dominion Government Other Other liabilities Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to government Other loans and discounts Other assets Note circulation Deposits— Bank Other Other liabilities Not reported separately on bank statement; see note 2. Discounts, domestic and foreign; includes certain items carried in other assets beginning December 1937 1938 Sept. Aug. 1937 July Sept. 401,133 397, 275 384,092 4,192 4,094 4,667 26, 366 20, 839 15,947 274,154 270,992 253, 516 270, 834 243,472 286, 794 61, 298 63, 430 55,072 257 176 2,476 2,614 1,994 640 1,014 3,468 1,198 2,968 3,197 2,148 1,994 846 917 3,468 1,297 2,489 3,750 2,284 1,834 399 1,437 3,523 965 2,950 2,972 2,235 181,033 180,125 180, 415 179, 505 23, 461 28,134 155, 569 121, 648 116, 318 48,169 52,034 52, 612 63, 298 96,102 10, 995 7,255 161, 619 179,361 30,132 506 13, 671 31,349 27, 750 5,569 5,839 9,240 175,422 161, 371 156, 796 211, 485 202, 250 187, 534 23,045 12, 793 15, 233 523 2,769 878 11,129 10,191 19, 714 145 8 771 144 42 700 145 5 771 136 39 709 144 11 795 96 78 666 205 61 143 188 61 138 251 70 137 NOVEMBER 1021 FEDERAL RESERVE BULLETIN 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 Central bank Sept. Bank of the Republic of Colombia (thousands of pesos): Gold Foreign exchange Loans and discounts Government loans and securities Other assets Note circulation Deposits Other liabilities National Bank of Czechoslovakia (millions of koruny): Gold Foreign exchange Discounts Loans Government debt Other assets Note circulation D e m a n d deposits Other liabilities Bank of Danzig (thousands of gulden): Gold Foreign exchange of the reserve. Other foreign exchange Loans and discounts Other assets Note circulation D e m a n d deposits Other liabilities National Bank of Denmark (millions of kroner): Gold Foreign exchange Discounts Loans—To Government agencies Other Securities Other assets Note circulation Deposits Other liabilities Central Bank of Ecuador 2 (thousands of sucres): Gold Foreign exchange (net) Loans and discounts Other assets Note circulation D e m a n d deposits Other liabilities National Bank of Egypt 3 (thousands of pounds): Gold Foreign exchange Loans and discounts British, Egyptian, 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 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 1 2 3 Aug. July Sept. 40, 426 4,867 15, 684 46,404 26, 892 52,716 39, 634 41, 923 35, 283 6,183 18,990 46, 494 26, 762 51, 602 39,752 42, 357 36, 757 5,346 18,082 46, 593 26, 688 52, 652 37, 757 43,059 27,209 10,417 17, 624 45, 753 26,950 50,045 37, 517 40, 391 2, 653 87 4,425 1,605 1,719 8,115 433 1,941 2,653 202 2,561 1,440 2,005 1,028 8,087 138 1,664 2,653 246 2,194 1,236 2,006 1,126 7,641 259 1,560 2,571 390 1,243 1,140 2,014 898 6,469 170 1,617 31,219 5,520 475 21, 444 2,810 41,134 22,117 19, 015 29,183 5,945 598 16, 262 3,208 37, 622 20,811 19,016 28, 965 5,347 581 16, 270 2,886 38, 554 18, 473 19,016 28,114 1,320 549 16, 504 5,663 34, 535 13, 647 19,015 118 111 21 196 74 132 105 429 153 174 118 109 20 112 82 123 104 397 104 168 118 95 20 117 82 113 105 403 80 167 27 235 102 53 66 385 87 157 32, 413 5,103 55, 305 20, 606 63,352 34, 630 15, 444 38, 375 20,417 52, 956 15,133 68,479 46,126 12, 275 6,545 1,459 4,355 6,545 1,795 4,781 6,545 649 5,167 30, 532 31, 454 37, 371 7,686 6,575 6,961 18, 016 18, 492 21, 676 7,333 5,086 5,972 17, 793 17, 615 20, 203 8,573 8,695 13, 206 13, 206 13,161 5,694 4,190 3,666 383 808 689 5,979 5,525 5,517 2,493 984 846 13, 332 13, 611 16, 251 6,406 6,988 6,251 4,471 4,558 4,478 34, 288 16, 211 25, 565 31,191 52, 791 32, 728 21, 737 34, 270 17,123 22,080 30, 773 48, 364 33, 716 22,166 34, 265 16, 389 22, 061 30, 491 47,897 33, 865 21, 443 Includes 336 million as cover for liabilities in gold. Form of official statement revised effective December 1937. Items for issue and banking departments consolidated. 1938 1937 Central bank 34, 216 17, 506 26, 515 24, 111 47,121 38, 693 16, 533 Sept. Bank of Finland (millions of markkaa): Gold Foreign assets Loans and discounts Domestic securities Other assets Note circulation Deposits—Treasury Other Other liabilities Bank of Greece (millions of drachmas): Gold and foreign exchange (net) Loans and discounts Government obligations Other assets Note circulation Deposits Other liabilities National Bank of Hungary (millions of pengos): Gold Foreign exchange reserve Discounts Loans—To Treasury Other Other assets Note circulation D e m a n d 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 d e p a r t m e n t . . . Balances abroad Treasury bills discounted Investments Other assets Deposits Other liabilities Bank of Japan (millions of yen): Gold Special foreign exchange fund Discounts Loans—Government Other Government bonds Other assets Note circulation Deposits—Government Other Other liabilities Bank of Java (millions of guilders): Gold Foreign bills Loans and discounts Other assets ^___ Note circulation Deposits Other liabilities Bank of Latvia (millions of lats): Gold Foreign exchange reserve Loans and discounts Other assets Note circulation.__ Deposits Other liabilities Bank of Lithuania (millions of litu): Gold Foreign exchange Loans and discounts Other assets Note circulation Deposits Other liabilities Aug. July Sept. 620 2,325 1,515 233 292 2,166 129 1,070 1,620 621 2,326 1,508 236 353 2,050 98 1,204 1,691 621 2,209 1,546 239 305 2,047 71 1,178 1,624 635 2,301 1,014 358 451 2,005 160 917 1,676 3,246 8,655 4,305 1,968 7,726 8,387 2,061 3,076 7,642 4,305 2,263 6,723 7,857 2,706 3,108 7,133 4,285 2,205 6,551 7,647 2,534 3,252 5,181 4,376 1,803 6,735 5,660 2,217 84 135 567 193 19 262 853 164 70 173 84 76 399 150 14 318 606 176 70 189 84 74 391 148 14 319 582 180 70 198 58 419 112 17 265 457 197 93 209 444 695 324 688 1,713 324 671 1,715 274 617 1,798 438 24 1 64 12 423 116 418 35 341 127 63 ill 414 113 79 10 446 110 501 300 465 3 68 1,257 240 1,953 353 147 381 501 300 461 3 56 1,213 198 2,043 275 97 317 117 3 63 98 187 68 25 117 3 64 101 189 71 25 117 5 73 109 195 82 25 83 38 135 61 74 194 49 127 62 61 196 48 78 39 126 64 61 197 48 77 45 126 42 54 203 33 73 3 116 33 148 53 24 78 3 102 30 124 65 24 79 6 100 32 123 72 23 77 6 103 38 117 83 25 501 300 466 3 48 1,254 266 1,931 471 124 311 801 """643" 3 158 554 222 1,570 358 77 281 1022 FEDERAL RESERVE BULLETIN NOVEMBER 1938 CENTRAL BANKS—Continued [Figures as of last report date of month] 1938 Sept. Netherlands Bank (millions of guilders) : Gold Silver (including subsidiary coin) Foreign bills Discounts Loans Other assets Note circulation Deposits—Government Other Other liabilities Reserve Bank of New Zealand of Norway (millions of kroner): Gold Foreign assets Total domestic credits and securities Discounts Loans Securities Other assets Note circulation Demand deposits—Government Other Other liabilities Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Discounts Government loans Other assets Note circulation Deposits Other liabilities Bank of Poland (millions of zlotys): Gold Foreign exchange Loans and discounts Securities Other assets Note circulation Other sight liabilities Other liabilities Bank of Portugal National Bank of Rumania lions of lei): Gold Special exchange accounts 1 2 3 Sept. Sept. 211 219 212 0) (0 0) 0) 471 31 101 0) Loans and discounts Special loans 2 1,266 Government debt 19 Other assets 5 Note circulation 11 Demand deposits 182 Other liabilities 63 834 South African Reserve Bank (thousands of pounds): 79 Gold 588 Foreign bills 44 Other bills and loans Other assets Note circulation 2,802 2,802 2,802 Deposits 13, 695 15,106 19, 066 Other liabilities 6,634 6,066 4,566 Bank of Sweden (millions of kronor): 2,732 2,732 2,906 Gold 304 293 196 Foreign assets 13, 696 13, 564 12, 994 Discounts 10, 850 11,801 14, 722 Loans 1,634 1,620 1,820 Domestic securities Other assets Note circulation 222 189 222 Demand deposits 199 189 210 Other liabilities 202 207 193 Swiss National Bank (millions of francs): 76 74 103 Gold 29 33 26 64 96 Foreign exchange 100 14 Discounts 40 31 423 Loans 456 453 42 Other assets 37 32 58 Note circulation 97 95 61 Other sight liabilities 84 79 Other liabilities 1,481 21 5 10 296 64 939 167 723 46 1,481 20 5 8 323 64 919 176 761 45 437 13 1,167 128 346 1, 548 181 363 448 12 791 128 377 1,149 249 358 447 12 756 128 399 1,123 264 355 918 472 150 392 1,040 1,251 2,016 1,189 1,016 of 56,143 38, 099 45, 039 11,279 97, 428 33, 251 19, 882 431 35 650 Bank of the Republic of Uruguay (thousands of pesos): 136 Issue department: 456 Gold and silver 3 1,045 Note circulation 280 383 Banking department: Cash reserves Loans and discounts Other assets 916 Deposits 592 Other liabilities 154 339 National Bank of the Kingdom of Yugoslavia (millions of dinars): 1,042 1,439 Gold 2,123 Foreign exchange 1,154 Loans and discounts 1,205 Government debt (mil- 17, 641 17, 001 16,911 4,111 3,887 4,009 Turkey (thousands of pounds): Gold Foreign exchange—Free In clearing accounts Loans and discounts Securities Other assets Note circulation Deposits Other liabilities 16,168 6,394 Other assets Note circulation Other sight liabilities Other liabilities Figures not yet available. Agricultural and urban loans in process of liquidation. By law of January 18,1938, gold revalued in March at rate of 0.585018 gram fine gold per peso. Aug. July Sept. 11,350 1,868 10, 404 10, 950 34, 242 11,005 11,079 9,160 1,883 10, 402 11, 249 30, 921 12, 044 10, 616 7,680 1,912 10,396 11, 224 29, 659 12, 690 9,783 6,686 2,040 12, 094 8,820 27, 386 12, 527 12, 288 24, 550 7,285 2,528 13, 456 16, 462 28, 244 3,113 23, 049 6,480 1,928 13, 234 18, 099 22, 413 4,179 22, 938 6,385 623 12, 385 15, 241 23, 955 3,135 684 992 12 26 76 460 1,083 998 169 617 853 12 23 70 393 971 831 166 616 860 12 23 60 381 950 839 163 536 1,078 13 26 6 319 947 899 133 2,851 306 139 31 712 1,933 1,465 642 2,837 374 20 20 705 1,555 1,763 638 2,786 385 12 20 697 1,541 1,723 637 2,531 414 21 28 609 1,442 1,523 638 36, 869 36, 867 27 10, 365 10, 276 75, 473 67, 450 189, 764 90, 001 28, 415 30, 016 175, 691 .75, 691 60, 029 56, 316 105,167 02, 631 36, 712 46 29, 833 50,177 187,160 33, 807 173, 252 44, 497 119, 987 Central Bank of the Republic of 49, 028 26, 768 79, 932 4,492 100,286 45, 065 14, 869 918 478 160 424 1,040 1,290 2,134 1,101 1,075 (millions escudos): Gold Other reserves (net) Nonreserve exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities A u g . July National Bank of Rumania—Cont. 1,481 15 4 12 290 64 1, 053 159 608 46 (thousands of pounds): Gold Sterling exchange reserve Advances to State or State undertakings Investments Other assets Note circulation Demand deposits Other liabilities Bank 1937 1938 Central bank Central bank 36, 870 13 11,079 81, 353 90, 005 39, 649 96, 691 58, 770 03, 510 42, 087 28, 85, 66, 86, 94, 1,886 478 1,948 2, 243 3,540 7,404 1,636 1,053 1,844 391 1,593 2,242 3,170 6,246 2,215 780 1,837 361 1,574 2,241 3,210 6,142 2,256 578 554 292 040 383 1,704 712 1,589 2,252 2,678 5,843 2,357 737 1023 FEDERAL RESERVE BULLETIN NOVEMBER 1938 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs1] 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' acceptances Treasury bills Time funds at interest: Not exceeding 3 months.. Between 3 tnd 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 19,181 30,945 18, 338 Demand deposits (gold) 40, 516 17, 415 48,120 15, 679 33,056 15,987 Short-term deposits (various currencies) : Central banks for own account: Demand Time—not exceeding 3 m o n t h s . Time—between 3 and 6 m o n t h s . 142, 490 54, 642 152, 684 70,690 113, 423 163,884 223, 374 277, 307 51,456 53, 852 64, 876 1,527 39, 677 82, 374 27, 622 85, 574 38, 289 112,300 24,197 31,113 32, 655 44, 385 29, 617 35, 425 29, 367 30, 925 31,126 31, 540 55, 232 35, 603 Total assets_. 252, 903 811 792 23,186 76, 903 35, 831 129, 495 763 40, 758 206, 265 166, 089 247, 023 3,646 2,416 3,408 3,893 2,985 4,183 1,899 6,450 1,154 Long-term deposits: Annuity trust account German Government deposit French Government guaranty fund. French Government deposit (Saar). 153, 035 76, 518 25,153 825 152, 911 76, 456 25, 336 831 152, 974 76, 487 31,875 1,045 255, 530 255, 534 262, 381 125, 000 125, 000 125, 000 4,688 6,528 13, 055 4,688 6,528 13, 055 4,238 6,315 12, 631 1,399 50, 563 1,395 36, 582 1,411 40, 433 576, 623 626, 476 718, 853 Total Capital paid in Reserves: Legal reserve fund Dividend reserve fund General reserve fund Other liabilities: Guaranty on commercial bills sold. Sundrv items 1,030 266 626, 476 8,408 Sept. 30 Central banks for account of others: Demand Other depositors: Demand Time—not exceeding 3 m o n t h s . 306, 466 12, 463 Total 9,107 100, 089 Sept. 30 Aug. 31 9,248 Aug. 31 576, 623 Other assets: Guaranty of central banks on bills sold Sundry items Sept. 30 Sept. 30 237, 653 TotaL. 1937 Liabilities 197,132 TotaL 1938 1937 718, 853 Total liabilities See B U L L E T I N for December 1936, p. 1025. COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Liabilities Assets United Kingdom (Figures in millions of pounds sterling) Money at Cash call and Bills disreserves counted short notice Loans to customers Securities Other assets Deposits Total Demand i Time Other liabilities 10 London clearing banks 1930—December. 1931—December. 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 1937—December. 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 2,250 868 991 1,015 1, 044 1,140 847 846 963 900 910 924 254 237 216 244 251 231 232 237 11 London clearing banks 2 1936—December. 1937—July August September. October.. _ November, December. 1938—January.._ February._ March April May June July August September. 195 322 660 249 2,315 1,288 1,012 245 235 234 238 234 235 244 163 162 162 165 161 163 282 277 281 296 298 300 647 645 641 639 634 635 975 973 978 988 991 984 251 244 240 244 245 256 2,293 2,283 2,287 2,312 2,311 2,330 1,239 1,235 1,242 1,244 1,238 1,284 1,010 1,001 1, 009 1,019 1,025 1,026 259 253 251 253 252 252 251 243 244 246 231 247 244 241 234 154 144 150 150 146 154 159 153 148 331 288 239 249 280 289 302 305 289 636 633 634 638 631 630 633 642 646 970 984 1,000 240 238 239 240 246 251 242 239 242 2,329 2,280 2,254 2,268 2,263 2,299 2,309 2,298 2,269 1,290 1,242 1,221 1,228 1,220 1,245 1,254 1,248 1,039 1,038 1,033 1, 040 1,043 1, 054 ],055 1,050 252 250 252 252 256 256 255 256 262 985 985 974 973 1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. Figures for 10 banks not available beginning 1936. 2 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 639-640. 1024 FEDERAL RESERVE BULLETIN NOVEMBER 1938 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets France (4 large banks. Figures in millions of francs) Cash 1930—December. 1931—December. 1932—December. 1933—December. 1934—December. 1935—December. 1936—December _ 1937—July August September October. __ November December. 1938—January.. _ February.. March April May June July 2,419 11,311 9,007 5,870 5,836 3,739 3,100 2,764 2,925 2,790 3,325 3,403 2,990 3,218 3,025 3,063 5,976 4,086 3,297 Due from Bills discounted banks 4,675 2,168 1,766 1,416 1,421 2,484 2,975 4,176 4,258 4,552 4,434 4,040 4,116 4,319 4,357 4,302 4,128 3,944 3,799 3,962 16,141 17, 582 16, 954 16, 842 16, 802 19,079 18,046 18, 249 17, 921 17, 617 17, 533 18,817 20, 271 20,443 21, 620 Loans Other assets 10, 743 9,274 7,850 Total 2,361 2,130 . 749 , ,827 ,717 ,900 .,957 ,602 ,689 .,832 ,952 2,011 ! 134 , ,400 ,475 ,546 ,617 ,573 ,538 ,653 8,159 8,025 7,631 8,276 8,008 8,723 8,172 7,834 7,624 7,905 7,994 7,331 7,423 7,153 7,083 7,314 Demand 36, 681 38, 245 37,759 32, 635 30, 943 27, 553 28,484 29,069 35, 284 37,023 36, 491 31, 773 30,039 26,859 27,955 28, 523 28, 438 29, 288 30, 708 29, 539 29, 748 29,386 29, 542 28, 620 29,874 33, 828 31, 938 32, 701 29,838 31, 277 30,142 30, 348 30,022 30,198 29, 234 30,454 34, 394 32, 464 33,184 (5 large Berlin banks. Figures in mil- Cash reserves lions of reichsmarks) 191 173 143 131 115 139 137 153 216 136 148 147 141 197 151 167 208 178 199 Due from banks 1,483 817 583 471 393 316 269 282 322 277 299 283 278 308 273 260 271 263 255 Canada 1930—December. 1931—December. 1932—December _ 1933—December. 1934—December. 1935—December. 1936—December. 1937—August September. October. __ November. December. 1938—January... February.. March April May June July August 7,416 5,377 4,570 3,731 3,331 2,884 2,729 2,701 2,754 2,667 2,628 2,594 2,631 2,714 2,680 2,604 2,704 2,729 2,731 Securities 482 807 938 860 874 1,027 1,112 1,083 1,070 1,050 1,020 1,083 1,058 1,000 1,150 1,094 1,107 1,100 1,098 241 238 252 273 255 257 242 247 248 247 247 240 262 205 135 103 106 103 83 114 114 100 82 87 76 72 70 63 64 1,275 1,253 1,104 1,036 977 945 791 863 883 890 884 862 839 852 870 906 900 921 920 913 4,357 4,503 4,331 4,362 4,301 4,399 4,289 4,133 4,152 4,216 4,364 4,419 4,517 3,773 3,682 3,722 3,813 3,847 3,950 4,096 Other assets 1,127 991 1,003 983 983 851 758 781 806 812 834 855 853 834 826 811 809 844 Total 9,091 6,062 6,161 5,754 5,816 5,376 5,751 6,175 6,172 6,141 6,081 6,146 6,338 6,384 6,509 6,635 6,788 6,933 Demand 3,857 3,252 2,958 2,624 2,731 2,435 2,661 2,892 2,916 2,862 2,912 2,839 2,818 2,910 2,978 3,050 3,159 3,194 3,219 Time 5,233 2,810 3,203 3,130 3,085 2,941 3,090 3,283 3,256 3,279 3,352 3,242 3,328 3,428 3,406 3,459 3,476 3,594 3,714 Credits Other obtained liabilifrom ties banks 1,986 1,328 1,146 661 485 686 579 533 539 510 513 465 463 460 453 444 433 420 416 1,828 2,341 1,550 1,481 1,432 1,449 1,334 1,265 1,292 1,327 1,335 1,336 1,350 1,356 1,334 1,327 1,303 1,334 1,368 Liabilities Security Entirely in Canada loans abroad and net SecuriOther ties due Security loans from Cash loans and dis- foreign counts banks 207 201 211 197 228 228 240 921 576 295 273 193 337 473 570 583 644 695 695 661 740 781 780 781 676 534 566 1,397 1,222 1,268 862 904 694 529 546 550 550 569 604 600 636 656 614 580 566 527 483 Deposits Assets (10 chartered banks. Figures in millions of Canadian dollars) Other liabilities Liabilities Bills discounted Loans 2,453 1,431 1,631 1,702 2,037 2,162 2, 567 2,995 2,860 3,041 3,205 2,942 2,997 3,081 3,083 3,328 3,270 3,464 3,589 Own acceptances Time Assets Germany i 1930—November. 1931—November. 1932—November. 1933—November. 1934—November. 1935—November. 1936—November. 1937—August September. October. __ November. 1938—January... February.. March April May June July August 20,448 18,441 22,014 19,848 18, 304 Liabilities Deposits 171 146 155 134 155 141 161 119 110 114 121 102 110 121 129 119 123 137 604 694 778 861 967 1,155 1,384 1,446 1,446 1,411 1,391 1,411 1,434 1,440 1,438 1,456 1,449 1,462 1,437 1,440 Other assets 602 510 439 432 449 485 507 483 507 510 480 482 477 483 479 520 471 459 Note circulation 133 129 115 121 124 111 103 105 103 106 101 96 92 95 96 95 91 99 95 93 Deposits payable in Canada excluding interbank deposits Total 2,115 2,058 1,916 1,920 2,035 2,180 2,303 2,345 2,371 2,333 2,351 2,335 2,314 2,319 2,338 2,414 2,403 2,459 2,394 2,418 Demand 538 563 628 694 755 767 797 749 781 752 723 704 715 783 777 838 772 783 Other liabilities Time 1,426 1,360 1,378 1,357 1,407 1,486 1,548 1,578 1,575 1,584 1,570 1,583 1,591 1,615 1,623 1,631 1,626 1,621 1,623 1,635 816 752 760 725 718 745 790 816 809 785 771 770 772 769 777 781 772 771 i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390. 1025 FEDERAL RESERVE BULLETIN NOVEMBER 1938 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective United GerKing- France many dom In effect June 30, 1936 July 7 . . _._ ... July 10 Sept. 9. . _ Sept. 25 Oct. 2 Oct. 9 ..Oct. 16 Oct. 20 Nov. 26 Dec. 3 Jan. 28, 1937. . . . June 15 July 7. . . Aug. 4 Sept. 3 Nov. 13 May 10, 1938 May 13 May 30 Sept. 28 Oct 27 In effect Oct. 31, 1938 2 Belgium 2 4 4 Neth- Switzer- Japan erlands land 3 3.29 2 3 2 5 3 2 2 iy2 2 4 6 5 4 3 2 4 2H 3 3 91/ 2 3 4 Central bank of— Rate Oct, 31 Central bank of— Albania April 1, 1937 6 Argentina . Mar. 1, 1936 Belgium 2A Oct. 27, 1938 Bolivia July 5, 1932 6 British India Nov. 28, 1935 3 Bulgaria Aug. 15, 1935 6 Canada Mar. 11, 1935 Chile 3-4K Dec. 16, 1936 Colombia..July 18, 1933 4 Czechoslovakia. _ Jan. 1, 1936 3 Danzig Jan. 2, 1937 4 Denmark... Nov. 19, 1936 4 Ecuador Nov. 30, 1932 4 El Salvador Aug. 23, 1935 4 Estonia Oct. 1, 1935 Finland Dec. 3, 1934 4 France. Sept. 28, 1938 3 Germany. __ Sept. 22, 1932 4 Greece... _. Jan. 4, 1937 6 Hungary... Aug. 29, 1935 4 Italy.... May 18, 1936 Rate Oct. 31 Japan Java. Latvia Lithuania.. Mexico Netherlands New Zealand Norway Peru _. Poland Portugal Rumania South Africa Spain.. _ __ Sweden. __•__ Switzerland Turkey United Kingdom U. S. S. R... Yugoslavia.. Date effective 3.29 3 5 5 3 2 Date effective Apr. Jan. Nov. July Mar. Dec. 7, 1936 14, 1937 1, 1936 1, 1938 1, 1937 3, 1936 June Jan. May 6 Dec. Aug. 4-43^ May May July 5 l Dec. 2A Nov. July 4 29, 1936 5, 1938 20, 1932 18, 1937 11, 1937 5, 1938 15, 1933 15, 1935 1, 1933 26, 1936 1, 1938 2 2 June 30, 1932 July 1, 1936 Feb. 1, 1935 2 4 5 Changes since Sept 30: Belgium—Oct. 27, down from 3 to 2lA percent. 3.29 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Month Bankers' Treasury acceptances bills, 3 3 months months 1929—September 1930—September 1931—September. 1932—September 1933—September 1934—September .. 1935—September 1936—September 1937—September 1938—March April Bankers' Day-to-day allowance money on deposits 5.59 2.07 4.74 .67 .44 .73 .58 .55 .55 ___ _ . 5.63 2.05 4.57 .55 .31 .61 .55 .53 .50 4.39 1.68 4.04 .67 .63 .78 .75 .75 .75 .53 _ _ __ .50 .75 .51 .75 .53 .59 .51 .59 .55 .53 .91 .52 .51 .86 .75 .75 .75 .53 May June _ _ ... ... July August _ __ September _ .75 .75 1 2^-4 H X A Vi Yi X A \/ V* l A. Switzerland 1929—August 1930—August 1931—August 1932—August 1933—August 1934—August 1935—August 1936—August 1937—August. 1938—February _ March.. April May.. ... June.. July August _ _. c France (Paris) Private discount rate Private discount rate Private discount rate Private discount rate 4.93 2.44 2.41 3.12 2.31 2.31 1 88 1.38 1.00 3.50 2.10 1.50 1.02 1.45 1.75 3.06 3.00 4.11 6.85 5.50 5.25 5.50 4.00 3.00 4.17 4.50 5.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.52 1.50 1.50 1.50 3.00 3.01 3.25 2.62 2.40 2.50 2.50 5.00 5.00 5.00 5.00 5.00 5.00 5.00 Money for Day-to-day money 1 month Private discount rate Money for 1 month 7.18 3.30 7.99 4.25 3.87 3.81 3.02 3.00 2.88 9.48 4.54 9.18 5.55 5.50 5.13 3.07 2.89 2.73 7.86 3.78 9.15 5.55 5.00 4.71 3.21 3.01 3.07 5.36 1.96 1.30 .37 .77 .61 5.48 1.23 .14 5.32 1.84 1.21 1.00 1.00 1.00 5.65 1.29 2.88 2.88 2.88 2.88 2.93 2.88 2.88 2.88 2.88 2.88 2.88 2.88 2.87 2.88 2.86 3.04 2.66 3.06 2.96 2.51 2.59 .13 .50 .50 .50 .50 .50 .50 .70 Italy (Milan) 3.33 1.75 1.98 1.50 1.50 1.50 2 47 2.25 1.00 _ ... Belgium (Brussels) Private discount rate Month Netherlands (Amsterdam) Germany (Berlin) United Kingdom (London) 834-1034 sy2-ily2 ill 4- 63^ 4— 63^2 .13 .13 .13 .13 .32 Sweden (Stockholm) Hungary Prime commercial paper .13 .50 Day-to-day money 7-8 Japan (Tokyo) Loans up to 3 months Call Discounted money bills overnight 41^-63^ 1-6 41/2-434 2 4-53^ 2H 2y2 2Y2 2V2 23^-43^ 2y2-$y2 5.48 5.48 4. 93-5. 48 5. 84-6. 21 5.11-5.48 5.11 5.11 4.75 4.75 3.10 3.83 3.65 4.02 2.37 2.79 2.60 2.69 2.85 4.56 4.56 4.56 4.56 4.56 4.56 4.56 2.53 2.51 2.45 2.40 2.37 2. 4S 2.44 Corrected. No quotation available. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929. p. 503; November 1929, p. 736; May 1930, p. 318, and September 1938, p. 757. 1 1026 FEDERAL RESERVE BULLETIN N O V E M B E R 1938 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. Year or month Argentina (P«6O) Austria Aus(schiltralia (pound) ling) Belgium (belga) Brazil (milreis) 95.127 83.505 66.738 58.443 72.801 33. 579 32.659 33.137 32. 959 480.83 458. 60 351. 50 279. 93 337. 07 400.95 388. 86 395. 94 393.94 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 1937—NovemberDecember . 33. 309 33. 312 398.16 398.10 18. 900 18. 892 17. 009 16. 985 8. 7635 1938—January.... February... March April May June July August September. 33.334 33.451 33.233 33.308 33.118 38.0*3 32.862 32.641 32.032 398. 35 399.81 397.14 396.85 395. 77 395. 02 392.77 388.90 382.74 18. 893 18. 939 18. 922 16. 926 16. 975 16. 880 16. 854 16. 835 16. 956 16. 919 16. 869 16. 877 1929 1930 1931 1932 1933 1934 1935 1936 1937 . . Year or month British India (rupee) Free market Official In cents per unit of foreign currency] Bulgaria (lev) Chile (peso) Canada (dollar) Official Export 99.247 .7216 99. 842 .7209 96.353 .7163 88. 090 .7193 1. 0039 91. 959 1.2852 101. 006 99.493 1.2951 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 4.9000 5. 7266 5. 4492 37. 711 37. 711 . 2844 100. 073 .2732 99. 948 5.1680 5.1697 4.0000 4. 0000 5. 5803 5. 8303 5. 8744 5. 8680 5. 8566 5. 8564 5. 8528 5. 8460 5. 8563 Czecho- DenEgypt Finland Cuba slovakia mark (mar(peso) (koruna) (krone) (pound kka) 5. 8788 6.1806 36. 202 36. 067 33.690 26. 347 31.816 37. 879 36. 964 37. 523 37. 326 37. 747 37. 890 37. 638 37. 432 37. 052 36. 738 36. 762 36. 390 35. 827 . 2616 99. 983 .2575 100. 023 . 2525 99. 716 99. 446 .2506 99.177 .2466 . 2395 98. 908 .2370 99. 437 .2349 99. 646 . 2323 99. 365 5.1680 5.1680 5.1680 5.1683 5.1683 5.1682 5.1694 5.1744 5.1765 4. 0000 4. 0000 4. 0000 4. 0000 4.0000 4. 0000 4. 0000 4. 0000 4. 0000 France (franc) China (yuan) Colombia (peso) 41.901 29.917 22.437 21.736 28.598 34.004 36. 571 29.751 29.606 96. 551 96. 493 96. 570 95. 275 81. 697 61. 780 56. 011 57. 083 56. 726 29. 444 29. 468 29.489 29.102 28.219 26.906 23.804 18.835 18.205 16. 618 17.167 55. 958 54. 244 55. 459 55. 066 54. 648 54. 813 55. 447 55. 370 56. 223 56. 564 56. 704 GerHunmany Greece Hong Italy Kong gary (reichs- (drach- (dollar) (pengo) (lira) ma) mark) Japan (yen) NetherMexico lands (peso) (guilder) 1929 1930 1931 1932 1933 . . 1934 1935 1936 1937 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. 069 465.11 359. 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 2.1811 3.9161 3. 9249 3. 9200 3. 9276 5.0313 6.5688 6. 6013 6. 1141 4. 0460 23. 809 23. 854 23. 630 23.749 30.518 39. 375 40. 258 40. 297 40. 204 1. 2934 1. 2959 1.2926 .8320 .7233 .9402 .9386 .9289 .9055 47.167 33. 853 24.331 23. 460 29. 452 38. 716 48. 217 31.711 30. 694 17. 441 17. 494 17. 452 17. 446 22. 360 29. 575 29. 602 29. 558 19. 779 46.100 49.390 48.851 28.111 25. 646 29.715 28.707 29.022 28.791 48.183 47.133 35. 492 31. 850 28.103 27. 742 27. 778 27.760 27.750 40.162 40. 225 40. 230 40. 295 51. 721 67. 383 67. 715 64. 481 55. 045 1937—November.. December.. 99.917 99. 916 3. 5146 22. 301 3. 5130 22. 302 512. 25 512. 29 2. 2061 2. 2068 3. 3946 40. 364 3.3948 40. 296 .9152 .9157 31.124 31.186 19. 819 5. 2623 29. 095 19. 836 5. 2606 29. 081 27. 750 27. 750 55. 452 55. 602 1938—January F e b r u a r y . _. March April May June July August September. - 99.917 99. 916 99. 916 99. 916 99. 926 99. 933 99. 935 99. 933 99. 932 3. 5104 3. 5149 3. 5017 3. 4833 3. 4792 3. 4754 3.4580 3. 4518 3. 4476 22. 317 22. 399 22. 251 22. 236 22.174 22. 132 22. 004 21. 785 21.441 512. 64 514. 50 511.06 510. 54 509. 30 508. 36 505. 39 500. 30 492. 54 2. 2085 2.2155 2. 2001 2. 1987 2. 1938 2. 1878 2. 1751 2. 1510 2. 1171 3. 3352 3. 2814 3.1224 3. 1020 2. 8148 2. 7824 2. 7663 2. 7331 2. 6924 .9162 .9190 .9128 .9115 .9100 .9078 .9031 .8950 .8805 31. 231 31. 339 30. 987 30. 828 30. 849 30. 856 30. 755 30. 479 29. 989 19. 826 19. 841 19. 831 19. 778 19. 769 19. 759 19. 701 19. 663 19. 642 29. 052 29. 035 28. 864 29. 013 28. 938 28. 884 28. 722 28. 444 27. 996 27. 750 27. 750 25. 597 23.109 22. 275 20.914 20.104 19. 732 19. 462 55. 711 55. 958 55. 556 55. 564 55. 351 55. 343 55. 040 54. 602 53. 940 New Zealand Norway (pound) (krone) Polaad (zloty) Portu- Ruma- South nia gal Africa Spain (escudo) (leu) (pound) (peseta) 11.194 11.205 11.197 11.182 14.414 18.946 18.882 18.875 18.923 4. 4714 4. 4940 4. 2435 3. 1960 3. 9165 4. 6089 4.4575 4. 5130 4. 4792 .5981 .5953 .5946 .5968 .7795 1.0006 .9277 .7382 .7294 483. 27 483. 79 480. 76 476. 56 414. 98 498.29 484. 66 491. 65 489. 62 14.683 11.0*7 9.M5 8.944 10.719 13. 615 13. 678 12. 314 6.053 56.012 55.964 52. 445 40.397 49.232 59.005 57.173 58.258 57. 973 26. 784 26. 854 25. 254 18. 471 22. 032 25.982 25.271 25. 626 25. 487 19.279 19.382 19.401 19.405 24.836 32.366 32.497 30.189 22.938 48. 411 47.061 47.181 47.285 60.440 79.047 80.312 80.357 80.130 485.69 486. 21 453.50 350.61 423. 68 503.93 490.18 497.09 494.40 98.629 85.865 46.357 47.9*4 60.316 79.916 IP-261 T9.874 79.072 1. 7591 1. 7681 1. 7680 1.6411 1. 7607 2. 2719 2. 2837 2. 2965 2. 3060 499. 61 499. 64 79.140 79. 936 2.3096 2. 3143 80. G84 499.98 90. *K) 501.80 90.183 468.45 80.099 498.12 T9.701 496.73 79.919 495.80 79.630 «482.91 79.460 488.08 79.624 480.38 66. 458 66.021 65.597 65. 550 65. 352 65. 240 64. 864 64. 239 63. 231 2. 3276 2. 3398 2. 3291 2. 3270 2.3239 2. 3256 2. 3241 2. 3133 2. 2895 Year or month 1929 1930 1931 1932 ._ 1933 1934 1935 1936 1937 _. '8.07 40. 281 40. 424 40. 241 40. 200 40. 160 40. 266 40. 188 40. 090 39. 966 5. 2334 5. 2374 5. 2063 5.1253 6. 7094 8. 5617 8. 2471 7. 2916 5. 2607 5. 2608 5. 2607 5. 2605 5. 2605 5. 2604 5. 2604 5. 2604 5. 2604 5. 2604 Straits Switz- Turkey United UruSettle- SweKingden guay ments (krona) erland (pound) dom (franc) (dollar) (pound) (peso) 396.91 36.683 26.760 25.055 18.004 21.429 26.316 24,027 24.974 24.840 1937—November,. December.- 401. 08 401. 06 25.100 25.103 18. 923 18. 943 4. 5165 4. 5227 .7314 . 7353 494. 98 495. 04 6.276 6.184 58.572 58.594 25. 754 25. 750 23.149 80.492 23. 122 80.657 1938- -January.-. February. March April May June July August September. 401. W 402.87 100.28 399.95 398.87 »8.13 25.120 26.212 26.046 25.028 24.867 24.911 24.7S7 24.522 24.136 18.974 18.974 18.909 18.862 18.845 18.836 18.839 18. 832 18.815 4. 5260 4.5350 4. 5105 4.5032 4. 4869 4.4811 4. 4713 4.4228 4. 4392 .7356 .7372 . 7337 .7341 . 7336 .7303 .7318 .7317 .7305 495. 35 497. 06 493. 74 493. 22 491. 92 490.94 488.07 483.23 475. 63 6.137 6.085 5.814 5.766 5.846 5.766 5.666 5.747 5.228 58.631 58.759 58.118 57.966 57.509 57. 432 57. 452 56.864 56.794 25. 770 25. 861 25. 674 25. 670 25.604 25.561 25. 412 25.162 24.765 23.125 28.231 23.046 22.990 22.840 22.887 22.885 22.885 22.903 483.21 458.22 415.29 320.19 340.90 102.4a 391. 26 _. 381.81 Yugoslavia (dinar) c Corrected. NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for March 1938, p . 244. Subsequent developments have been as follows: Australia, New Zealand, and South Africaquotations no longer nominal beginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning March 14; Czechoslovakia—quotations nominal beginning September 22; Mexico—quotations not available March 19-21 and nominal thereafter; Portugal—quotation nominal on September 28; Yugoslavia—quotations no longer nominal beginning September 17. 1027 FEDERAL RESERVE BULLETIN NOVEMBER PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States Year or month (1926=100) 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 United Canada Kingdom Italy France G e r m a n y (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 100 95 97 95 86 73 65 66 75 94 109 1937—August September October November December. 695 642 645 627 554 502 427 398 376 338 411 581 111 111 111 109 108 628 621 631 100 100 87 1938—January. __ February.. March April May June July August September 108 106 104 103 102 101 101 100 98 636 631 634 643 654 649 652 Japan Switzerland Netherlands (October 1900=100) (1926-30= 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 90 107 106 106 106 106 235 239 237 238 241 78 77 77 76 76 111 111 111 110 110 106 106 106 106 105 106 106 106 106 245 258 252 247 249 254 254 252 252 75 74 73 73 72 72 71 71 71 110 109 108 108 107 107 106 105 106 134 138 140 137 125 111 97 100 95 85 75 70 63 62 68 76 102 104 106 (July 1914 =100) v Preliminary. 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 100 99 106 105 88 65 Foods 100 97 Other commodities United Kingdom France (1913=100) Foods Farm Indus- AgriculIndustural and food trial trial products products products products 581 599 100 94 584 579 526 542 629 645 646 628 626 634 625 620 633 650 657 630 625 631 100 89 51 65 79 81 86 70 71 78 78 80 85 88 83 85 87 92 102 100 87 85 87 90 90 96 112 1937—August September.. _ __ __ October November _ . December 86 87 86 86 80 76 73 88 86 83 80 86 85 84 84 103 116 104 105 105 104 115 113 110 109 612 607 613 636 1938—January February March April May June July August September 72 70 70 68 68 69 69 67 76 74 74 72 72 73 74 73 84 83 83 82 82 81 81 81 105 103 101 100 100 99 98 95 109 107 106 104 103 101 102 102 68 75 81 92 102 _ 129 138 380 361 348 397 598 93 92 85 75 . 793 678 134 130 113 104 91 87 96 102 105 105 101 100 91 75 61 61 71 84 82 86 48 iG e r m a n y (1930=100) 482 420 393 327 426 562 572 697 669 579 464 380 Provisions 132 129 133 125 113 96 86 (1913=100) Industrial raw Indusand semi- trial finished finished products products 130 132 150 147 134 132 120 103 159 157 150 136 89 118 75 76 84 86 96 88 91 92 94 96 113 116 119 121 125 106 98 96 125 105 105 105 105 97 97 96 94 96 95 94 94 126 126 128 126 638 636 647 651 657 663 671 670 105 105 106 106 106 106 106 107 90 90 90 90 90 90 90 90 94 94 94 94 93 94 94 94 126 126 126 126 126 126 126 126 669 106 P91 94 126 p Preliminary. Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p. 372. 1028 FEDERAL RESERVE BULLETIN N O V E M B E R 1938 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Switz- Year or month G e r - NetherUnited E n g erStates land F rJ au ln y c e m a n y lands l a n d 1923July 1 9 1 4 = 1 0 0 19131911July 1914=100 1913=100 1925=100 1914=100 1914=100 109 105 103 105 161 156 157 154 100 82 68 66 74 80 82 85 1937— August __ September October __ November December 1938—January __ February_ March April _ _ May June JulyAugust . September United States 19231925=100 1 Year or month 146 153 153 156 146 131 116 113 118 120 122 122 161 145 131 126 120 122 125 130 139 554 557 549 611 614 611 536 491 481 423 470 601 163 166 162 150 136 119 120 124 118 120 127 160 158 157 156 152 141 125 117 115 114 120 129 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 86 86 85 84 83 140 140 143 146 146 594 627 644 645 659 124 122 121 121 121 130 129 130 131 130 130 130 130 130 130 1937-August September October November December. 80 78 79 79 79 80 80 78 79 1926 1927 1928 1929 1930 __ 1931 1932 _ 1933 1934 1935 1936 1937 145 142 140 137 139 138 146 141 140 688 694 698 702 705 698 671 677 697 121 122 122 122 123 123 124 124 121 130 130 128 129 132 134 130 129 130 130 129 129 128 130 129 129 130 1938-January February _ March April May June July August September 103 101 100 100 97 89 80 76 79 81 82 84 _ . . . OO 85 83 83 EngFrance G e r - Nether- SwitzerJan.many l a n d lands land June July 19131911— July 9 1 4 = 1 0 0 1914=100 1914=100 1913=100 1914=100 505 514 519 556 581 569 526 520 516 483 507 619 170 164 166 164 158 148 144 140 141 143 147 154 155 155 158 160 160 688 692 162 160 161 161 158 150 138 131 129 128 130 137 139 139 140 140 139 137 137 138 138 138 125 125 126 126 126 126 127 127 126 658 159 157 156 154 156 155 159 156 156 168 168 169 168 161 151 141 139 140 136 U32 137 126 125 125 125 125 630 142 148 152 154 148 136 121 118 121 123 125 125 139 139 138 138 139 140 139 138 138 137 137 137 136 137 137 136 137 » Revised index from M a r c h 1936 (see BULLETIN for April 1937, p . 373). Sources.—See B U L L E T I N for April 1937, p . 373. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds United States (average price)* Year or month Number of issues._ E n g l a n d ( D e c e m b e r 1921=100) F r a n c e (1913=100) Germany (average price) 139 60 87 36 97.6 100.7 100.8 98.0 99.3 90.9 69.5 73.4 84.5 88.6 97.5 93.4 110.0 110.7 112.3 110.2 111.8 108.4 113.2 119.7 127.5 129.9 131.2 124.6 57.4 71.7 80.8 85.1 95.8 96.9 88.6 81.3 82.1 83.5 76.3 75.1 85.5 81.4 83.3 »83.4 > 67.1 82.5 90.7 95.3 95.8 98.7 1937—August SeptemberOctober NovemberDecember _-. 94.8 91.3 86.4 83.3 82.7 123.2 122.8 123.6 124.1 123.9 77.2 74.8 75.6 76.4 75.5 99.4 99.3 99.4 99.6 99.7 1938—January February March April May_ June July August September— 80.6 79.3 76.0 73.8 76.5 75.3 80.8 81.3 78.7 124.7 125.1 121.0 124.2 122.1 121.9 123.4 122.4 118.4 75.1 74.7 73.2 75.6 76.1 77.2 76.5 76.6 75.6 99.8 99.9 100.1 100.1 100.0 100.0 100.0 99.9 99.8 1926 1927 1928 1929 1930 1931 1932 __ 1933 1934 1935 1936 1937 . (1926=100) N e t h e r l a n d s ' United States 8 England France Germany Netherlands (1930=100) 329 100 420 278 100.0 118.3 149.9 190.3 149.8 94.7 48.6 63.0 72.4 78.3 111.0 111.7 100.0 107.0 115.9 119.5 102.6 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 *50.3 61.7 71.1 82.9 91.6 102.6 100. 70. 46. 52. 55. 55. 66. 104. 103.7 103 7 102 4 104.3 105.0 120.5 106.4 91.4 82.9 82.2 96.8 92.7 88.2 85.8 86.8 93.6 90.1 91.8 90.1 87.6 106.1 105.3 103.9 102.7 102.1 114. 7 108.1 94.8 92.0 93.7 106.3 107.2 104.3 106.3 108.0 107.0 107.0 106.3 100.6 81.6 80.7 77.9 70.7 73.9 73.1 88.0 89.5 86.0 86.5 83.8 78.9 81.7 79.7 78.5 82.1 81.1 78.4 85.0 84.5 82.0 93.6 92.7 91.4 88.8 87.6 83.7 104.4 104.2 104.5 105.3 103.4 101.4 99.0 93.8 94.7 98.3 97.5 95. 1 92.2 92.7 91.6 97.2 97.1 92.8 100.0 104.3 104.1 94.8 105.3 113.4 107.8 109.1 4101.8 300 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 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. 3 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. 4 New index. See note 3. Sources.—See BULLETIN for F e b r u a r y 1932, p . 121 ,June 1935, p . 394, April 1937, p . 373, July 1937, p . 698, and November 1937, p . 1172 FEDERAL RESERVE DIRECTORY 1029 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK JOHN K. MCKEE CHESTER C. DAVIS ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) W. W. ALDRICH District No. 3 (PHILADELPHIA HOWARD A. LOEB, District No. 4 (CLEVELAND) L. B. WILLIAMS CHESTER C. DAVIS ERNEST G. DRAPER JOHN K. M C K E E OSCAR NEWTON J. N. PEYTON Vice-President JOHN S. SINCLAIR M. S. SZYMCZAK District No. 5 (RICHMOND) ROBERT M. HANES District No. 6 (ATLANTA) District No. 7 (CHICAGO) District No. 8 (ST. LOUIS) EDWARD BALL EDWARD E. BROWN WALTER W. SMITH District No. 9 (MINNEAPOLIS) RONALD RANSOM G. J SCHALLER . JOHN CROSBY President CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY). . . .C. Q. CHANDLER S. R. CARPENTER, Assistant Secretary District No. 11 (DALLAS) WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist ALLAN SPROUL, Manager of System Open Market Account 1030 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.. F. H. Curtiss R. A. Young W. W. Paddock W. Willett 2 New York Owen D. Young G. L. Harrison Allan Sproul L. R. Rounds W. 8. Logan J. H. Williams R. M. Gidney L. W. Knoke Philadelphia R. L. Austin J. S. Sinclair F. J. Drinnen C. A. Mcllhenny 3 W. J. Davis E. C. Hill Cleveland E. 8. Burke, Jr M. J. Fleming F. J. Zurlinden W. H. Fletcher G. H. Wagner W. F. Taylor 3 Richmond Robert Lassiter Hugh Leach J. 8. Walden, Jr J. G. Fry G. H. Keesee 2 Atlanta F. H. Neely Oscar Newton R. 8. Parker H. F. ConnifE W. S. McLarin, Jr. s M. H. Bryan Chicago... R. E. Wood* G. J. Schaller H. P. Preston W. H. Snyder 3 0 . 8. Young J. H. Dillard St. Louis W. T. Nardin W. McC. Martin F. G. Hitt 0 . M. Attebery J. 8. Wood C M . Stewart 2 Minneapolis W. B. Geery J. N. Peyton 0. 8. 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 s W. J. Evans San Francisco St George Holden * W. A. Day Ira Clerk S. G. Sargent W. M. Hale 2 C. E. Earhart i 1 Deputy chairman. 2 Cashier. s Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo branch Cleveland: Cincinnati branch Pittsburgh branch Richmond: B altimore branch Charlotte branch Atlanta: Birmingham branch Jacksonville branch Nashville branch New Orleans branch Chicago: Detroit branch St. Louis: Little Rock branch Louisville branch Memphis branch Managing director R. M. O'Hara B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers G. S. Vardeman, Jr. J. B. Fort, Jr. L. M. Clark R. H. Buss Federal Reserve Bank of— Minneapolis: Helena branch._ Kansas City: Denver branch Oklahoma City branch Omaha branch Dallas: El Paso branch Houston branch San Antonio branch San Francisco: Los Angeles branch Portland branch Salt Lake City branch Seattle branch Managing director R. E. Towle J. E. Olson C. E. Daniel L. H. Earhart J. L. Hermann W. D. Gentry M. Crump W. N. Ambrose R. B. West W. L. Partner C. R. Shaw A. F. Bailey F. D. Rash W. H. Glasgow SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. 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. 1031 FEDERAL RESERVE DISTRICTS MINNEAPOLIS S.DAK. >•[ LSk I^HMB BOUNDARIES OF FEDERAL RESERVE DISTRICTS — . M BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK QTIES. • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY I
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