Full text of Federal Reserve Bulletin : November 1939

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FEDERAL RESERVE
BULLETIN




NOVEMBER 1939
n

Increase in Business Activity and
Commodity Price Changes
Rates on Commercial Loans
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—Increase in business activity and commodity price changes
National summary of business conditions
Summary of financial and business statistics
Law Department:
Ruling of the Board:
Broker or dealer who transacts a business in securities through the medium of a member
Regulations of the President concerning credits to belligerents
Commercial loan rates at banks in principal cities
All banks in the United States, assets and liabilities
Balance of international payments of the United States, 1937-1938
French financial measures
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
Federal Reserve bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States
All member banks
Condition of 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
Statistics for Federal Reserve chart book
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
International capital transactions of the United States
Central banks
Bank for International Settlements
Money rates
Discount rates of central banks
Commercial banks
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open Market Committee and Staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches
II




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FEDERAL RESERVE BULLETIN
VOL.

25

NOVEMBER, 1939

REVIEW OF THE MONTH

No. 11

improvement of plant have expanded, particularly in the metal-working and railroad
industries. Although some plant expansion
has been reported, the volume of factory
building has remained at a relatively low
level. Residential building activity has been
for some months at the highest level of recent
years and contracts for this type of building
have continued large in recent weeks.
Retail distribution of general merchandise
has shown a rise beginning before the outbreak of war, and sales of electrical equipment, furniture, and other durable consumers' goods are reported to have increased
considerably. Department store sales are at
the level reached in 1937, and sales by mailorder houses and chain stores have risen
above 1937 levels.
Inquiries from abroad have been in large
volume and foreign sales in some industries
have expanded, while in others foreign business is smaller than before the outbreak of
the war. Exports increased seasonally in
September, with marked increases in shipments of merchandise to the United Kingdom,
Canada, the smaller neutral European countries, and Japan, offset in part by declines
in shipments to some other countries, particularly France and Germany.
Prices of most basic commodities showed
a sharp rise in the early part of September,
accompanying the activity in
Commodity
primary markets stimulated

Industrial output, employment, and payrolls
have shown further rapid advances following
the buying wave and rise
Increase in
in prices that began with
business activity
the outbreak of war. The
Board's index of industrial production, which
had gone up to 103 in August from 92 in
May, rose to 111 in September and advanced
further to an estimated 120 in October. In
many industries the volume of orders on
hand appears to be large enough to sustain
activity at a high level at least to the end of
the year.
In most primary markets buying was especially active in the first half of September
and has since subsided. Demand for semifinished and finished products, however, has
been maintained in large volume, although
recently new orders for some products have
decreased from earlier high levels. It appears that the heavy buying has reflected the
increased need for material required in connection with increased production, the growth
in inventories to correspond to this enlarged
activity, and the desire of some manufacturers and distributors to be protected in case
prices should advance or delays in deliveries
should occur. Consumption by individuals,
utilization of materials through outlays for
capital goods, and commodity exports have
increased much less rapidly than production.
Unless there is considerable increase in the
absorption of goods through these channels, price changes
by the outbreak of war in Euthe accumulation of inventories which is now
under way is likely to reach substantial pro- rope. Subsequently, as buying slackened,
there were some declines in prices of foodportions.
Buying of equipment and expenditures for stuffs. Demand was maintained in large
volume for industrial commodities, and prices
949




950

FEDERAL RESERVE BULLETIN

of these commodities advanced further. The
general index of wholesale commodity prices,
compiled by the Bureau of Labor Statistics,
rose four points in September to 79.5 per cent
of the 1926 average and was at about this
level in the third week of October.
In retail markets prices of foods showed
advances early in September, which were
followed by smaller declines. Retail prices
of other commodities during this period continued mostly unchanged except for some advances in textile products.
WHOLESALE PRICES OF 30 COMMODITIES
IURS0AY FIGURES;

1926 • 100'

1938

1939

Bureau of Labor Statistics, indexes for total, 16 industrial
materials and 11 imports ; Federal Reserve grouping of 14 foodstuffs and 19 domestic commodities. Latest figures are for October 26.

The rise in wholesale prices of foodstuffs
proved to be partly temporary because it soon
became apparent that market supplies were
ample for usual domestic needs. The buying
of foodstuffs declined after the early part of
September and prices decreased somewhat to
the level of a year ago, as is shown in the accompanying chart. Prices of these commodities are still far below the levels prevailing




NOVEMBER 1939

in the autumn of 1936 when supplies had
been reduced by drought conditions.
Prices of basic industrial materials rose
further after the first week of September as
demand for industrial products
Prices of
generally continued in exceplndustrial

J.-

commodities

tionally large volume. Existing

n

i

i

T-I

• , •

stocks of these materials in the
hands of domestic producers and industrial
consumers were relatively low, particularly
with reference to their increased consumption as industry became more active. The
continued rise in prices of industrial materials after the early part of September also
reflected the fact that for such commodities
as hides, silk, wool, and burlap this country
is dependent wholly or in part on imports.
As the chart shows, imported basic commodities since August have shown a much larger
rise in price than domestic commodities.
This difference was in part due to anticipated
difficulties in replenishing supplies of imported commodities.
While prices of all industrial commodities
as a group have advanced 4 per cent in this
period, prices of raw and semifinished materials, including fuels, have gone up 7 per
cent, as is shown in the chart on the next
page. Finished industrial products, reflecting partly actual and prospective increases
in raw material prices, have advanced 2 per
cent, following a period of practically no
change during the preceding nine months.
The advance shown for raw and semifinished materials has not been reflected currently in a corresponding change in costs of
materials to manufacturers of finished industrial products. Manufacturers already owned
some supplies of materials either at their
own plants or at other points and in many
lines deliveries are being made at prices
fixed in outstanding contracts. Also, manufacturers in some lines were permitted to
place orders for future requirements before
advances became effective and others covered
their requirements as prices rose so that

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

their materials costs average lower than
current price levels would indicate. In the
case of copper, for example, the current price
is 12!/2 cents a pound as compared with 10
cents at the beginning of July. Purchases
of copper reached record levels in July and
again in September and the total volume of
purchases in the third quarter were reported
to have been in excess of 400,000 tons. More
than three-quarters of this tonnage was
bought at from 2 to 2y2 cents a pound below
current quotations.
WHOLESALE PRICES OF INDUSTRIAL COMMODITIES
PERCENT

1934 AVERAGE-1OO

RAW AND
SEMI-FINISHED
j ^

\

FINISf- ED

Federal Reserve classification of Bureau of Labor Statistics' data.
Latest figures shown are estimates for October 1939.

Among industrial commodities the largest
price advances have been in nondurable products, which have gone up
Prices of
7 p e r cenf- s j n c e August
nondurable goods

*

when they were, as a
group, at the level maintained from 1934 to
1936. Supplies of a number of the leading
nondurable goods, such as hides, rubber, wood
pulp, silk, and wool, are wholly or in some
part obtained from abroad, and the sharp
price increases reflected chiefly speculative
anticipation of larger domestic and European
demand and the development of shortages in
the supplies available in this country.
Hides and leather.—In September, prices
of hides advanced sharply, following some
rise early in the summer; the price of leather
rose considerably; and there was some increase in wholesale shoe prices. Domestic




951

stocks of hides and leather, which were
sharply reduced in the first part of 1937,
have continued at lower levels since that
time. Additions to new supplies from domestic slaughter have been running below a
year ago, while imports of hides this year
have been sharply higher. Consumption of
leather in the manufacture of shoes has been
in substantial volume during the past year.
Rubber.—Rubber prices, which had been
fluctuating around 16 V2 cents a pound in
August, advanced to 25 cents early in September. Later in the month export quotas
from producing countries were increased and
by the middle of October prices had fallen
to around 21 cents a pound. Stocks of rubber in the United States have been declining
steadily since early in 1938 and at the end
of September were below the lowest levels
reached in 1937, reflecting particularly recent
large consumption in the manufacture of
automobile tires.
Paper and pulp.—With the prospect of
curtailment of imports of wood pulp, chiefly
from the Scandinavian countries, spot prices
have advanced sharply. Paper prices have
also increased. Sales of most of these commodities are made on a contract basis, however, and prices actually paid by various consumers have not been immediately affected
by foreign developments.
Chemicals.—-Prices of most heavy chemicals, which are produced in this country and
sold largely on a contract basis, have shown
little change. Domestic oils and fats, however, showed considerable advances in price
early in September, apparently reflecting
chiefly speculative anticipation of future
increases in foreign demand and sharp
rises in competitive imported oils. Prices
of domestic oils and fats subsequently declined, while imported oils continued to advance after the middle of September. Currently prices of these products and of many
botanicals, drugs, and fine chemicals, which
are also imported materials, are quoted from
50 to 100 per cent higher than before the war.

952

FEDERAL RESERVE BULLETIN

Textiles.—While the price of cotton has
shown relatively little change since the outbreak of war, prices of other textile materials
and of many finished products, including those
made of cotton as well as of other fibers, have
advanced considerably. Increases in many
instances have reflected, in addition to active
demand, dependence on foreign sources of
supply, and the prospect of delays in shipping.
Silk prices, which had advanced from $1.70
per pound in December 1938 to $2.70 early
this summer, increased further to $3.00 in
September and subsequently, in the third
week of October, rose to $3.45. Since last
spring supplies of raw silk in this country
have been at the lowest levels in many years.
Consumption of silk in the manufacture of
silk fabrics has been sharply curtailed this
year, but use of silk by the hosiery industry
has continued in large volume. Wholesale
prices of hosiery have been advancing since
early summer.
Supplies of wool in this country are also
quite low, and in some quarters it is estimated
that import requirements in the next six
months may be as large as in the corresponding period of 1936-1937. Consumption of
wool has been in substantial volume during
the past twelve months. Limited domestic
supplies and the continuing high rate of
consumption, together with a possible shortage of foreign supplies, contributed to an
increase of about 50 per cent in wool prices
during September. The wool clips of Australia and New Zealand have been commandeered by the British Government, as was
the case during the last war. These countries are major sources of imported supplies and to date no arrangements have been
completed for the release of these supplies
to other countries. The carryover of wool in
producing countries is much smaller than
last year, while supplies in Europe are believed to be relatively large.
Prices of wool products, such as worsted
yarns and woolen and worsted fabrics, have
advanced sharply and smaller increases in




NOVEMBER

1939

wholesale prices of clothing and carpets and
rugs have been announced.
Most of this country's supplies of burlap
are imported from India, and in anticipation
of delays in shipping prices advanced from
around 5 ^ cents a pound before the war to
10 cents a pound in October.
Although prices of silk, wool, and burlap,
which are greatly affected by foreign supply
conditions, are at or above the peak levels
reached early in 1937, prices of the domestic
textilefibers—cottonand rayon filament yarn
—are well below those levels. At the end of
September rayon yarn prices were advanced
about 4 per cent for deliveries in October and
November. Stocks of certain classes of rayon
yarn are small and there is discussion of
possible further increases in yarn prices in
November.
Buying of cotton goods in early September
was in exceptionally large volume, indicating
a continued high level of domestic cotton consumption in coming months but, with supplies
of cotton unusually large, prices have remained around 9 cents a pound, the level
maintained for the past two years. Stocks
of American and foreign cotton carried over
on August 1 were the largest on record.
About 11,000,000 bales out of the 13,000,000
bale carryover of American cotton were held
in stocks owned or financed by the Federal
Government. Under existing law, however,
these stocks will be available only at prices
well above current levels. Arrangements
were made earlier in the year between the
United States and the British Governments
for the barter exchange of approximately
700,000 bales of cotton out of Federal stocks
for about 87,000 tons of rubber. Exports of
this year's crop of cotton to the United Kingdom, our second largest foreign customer,
may be affected by this arrangement. It is
not evident at this time when these commodities will become available for consumption in
this country or in England. Supplies of
American cotton abroad are low, reflecting
exports of only 3% million bales last season.

NOVEMBER

1939

FEDERAL RESERVE BULLETIN

The prospect this season is for a domestic
crop of 11,928,000 bales, which is slightly
more than world consumption of American
cotton last season.
While the heavy buying of cotton textiles
did not result in an increase in the price of
raw cotton, it did cause marked increases in
prices of domestic cotton yarns and fabrics.
Supplies of these products in distributive
channels apparently had been at relatively
low levels, and as a result of the heavy purchases stocks of cloth at mills were quickly
reduced, contributing to the firming of prices.
Among durable commodities, such as building materials and metals and metal products,
which are largely produced in
Prices of
this country, prices have genera
goods e
^y shown relatively small advances since August. Buying of
materials has been in large volume, and prices
of steel scrap, nonferrous metals, and lumber
have increased considerably, but finished
products have generally shown little change
in price. While prices of durable commodities, as a group, are only slightly above the
level prevailing during the summer, they are
about 9 per cent higher than the 1934-1936
level.
Nonferrous metals.—Trade reports earlier
this year had indicated a steady rise in activity at mills fabricating nonferrous metal
products and in July, after supplies of copper
and other nonferrous metals had been sharply
reduced at consumers' plants, there was a
sharp increase in buying. Copper prices advanced from 10 cents a pound to IOV2 cents,
and there were also increases in prices of lead
and zinc. In September copper sales reached
the largest volume on record and prices advanced further to 12U> cents a pound. Lead
prices increased about 10 per cent, while zinc
increased one-third. The sharper rise in zinc
reflected partly the possibility of curtailment of supplies from Belgium and Canada,
which had contributed to the relatively low
level of zinc prices before the war.




953

Prices of spot supplies of tin rose from
around 48 cents a pound in August to above
70 cents early in September. Prices of tin
for delivery later in the year rose by a smaller
amount and subsequently declined to about
the August level. As prospects improved
for the replenishment of domestic supplies
of tin in the near future, spot quotations
also declined sharply and in the middle of
October were around 55 cents a pound, about
7 cents above the August level.
Steel.—In the steel industry heavy demand
for finished and semifinished products was
reflected indirectly in higher prices for materials as output at steel mills expanded
rapidly. Prices of pig iron were advanced
$2 a ton in September after consumers were
permitted to cover their requirements for
the balance of the year. Steel scrap prices
rose sharply after the first week in September and in early October were above the peak
reached in 1937; subsequently they declined
somewhat.
List prices of most finished steel products
in the domestic market were reaffirmed for
fourth quarter delivery. Prices on some
products, such as nails, however, were advanced; concessions prevailing earlier on
many other products were withdrawn on new
orders; and export prices, which are ordinarily below domestic prices, were raised to
the level of domestic prices. The increase
in export prices was generally effective immediately as transactions in that field are
usually on an inquiry and quotation basis
rather than on a long-time contract basis.
Prices of products made principally from
steel have been advanced in some instances,
as in the case of machine tools, for which
demand has been exceptional, while prices
of some other products, such as automobiles,
have not advanced and in fact are somewhat
lower than last year.
Building materials.—Prices of building
materials as a group have risen in September and October, with a marked increase

954

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

reported for some items, particularly lum- September, influenced by developments
ber, nonferrous metal products, and paint abroad and reduced offerings by holders in
materials, and with little change for most this country. Winter wheat, which had been
other building materials. Rather sharp price selling around 65 cents in July and early
advances in most grades of lumber in re- August, advanced to 87 cents in the first week
sponse to increased demand reflected in part of September and subsequently declined to
a relatively low level of stocks at mills after around 82 cents, 5 cents above the Federal
a steady decline for nearly two years. In the loan rate. Domestic wheat prices continue
case of southern pine anticipated increases well above world levels, partly as a result
in costs as a result of higher minimum wage of the prospect for the continuation of the
rates which became effective in October were Federal loan and export subsidy program.
also a factor in the situation. Uncertainty The world supply of wheat this season is exwith regard to the effects of war on the build- pected to be about 300,000,000 bushels larger
ing industry and the predominance of domes- than the record supply of 5,200,000,000 bushtic sources of supplies were factors in the els in 1938-1939.
relatively small changes in prices of many A total wheat crop in the United States of
739,400,000 bushels is indicated for this year,
building materials in this period.
according to the Department of Agriculture.
Fuel prices have also shown some ad- A crop of this size would be about 50,000,000
vances, owing primarily to increased demand. bushels larger than the usual domestic conBituminous coal stocks showed sumption. Exports of wheat during the past
Prices of fuels
some increase after May, when two seasons have averaged about 100,000,000
they had been sharply reduced by a general bushels but may be considerably smaller this
shut down of mines, but were still relatively season. As a result, the domestic carryover,
low at the end of August. In September which was above average on July 1, amountprices, particularly for industrial sizes, rose ing to 250,000,000 bushels, may be about the
considerably.
same at the end of this season.
Stocks of crude petroleum were reduced
Prices of corn and oats also advanced
sharply in August as a result of the closing sharply in the early part of September but
of many wells during the last half of the subsequently declined considerably. Supplies
month. Prices of crude petroleum were re- of feed grains are larger than domestic restored to the level prevailing before reduc- quirements and above the total supply of last
tions early in August. Petroleum products, year.
particularly bunker oil and lubricants, have Owing to large supplies and to reductions
been quoted at much higher levels recently, in export demand in September, prices of
reflecting chiefly unusually strong demand flue-cured tobacco have been much lower than
for these products. Gasoline prices also rose last season. For a time in September and
but by a smaller amount as stocks of finished October, markets were closed, while negotiagasoline at refineries remained at levels rela- tions were carried on to arrange for the disposal, through cooperation of the Commodity
tively high for this time of year.
Following an initial sharp advance in early Credit Corporation and various private conSeptember, prices of foodstuffs have de- cerns, of amounts ordinarily bought by conclined. The sharpest reductions cerns for eventual export.
Prices of
have been in livestock, meats and Sugar prices advanced about a cent a pound
early in September, reflecting chiefly a tight
foodstuffs
.
'
feed grains, while wheat and flour supply situation in spot sugar as a result of
very heavy buying on the part of householdprices declined only moderately.
Wheat prices advanced sharply early in




NOVEMBER

1939

FEDERAL RESERVE BULLETIN

ers, distributors, and refiners. Also, shipments of one of the largest refiners were
curtailed at the time by a labor dispute.
Prices of both raw and refined sugar have
since shown some decline from their peak
levels and the current level of sugar prices
for future delivery indicates that a further
decline of spot prices is expected by the trade.
Prices of some other foods, such as cocoa
and vegetable oils, also increased sharply in
early September but have since shown some
decline.
With large supplies of feed crops available
during the last several years, production of
livestock and of dairy and poultry products
has increased sharply, and this is reflected
in the current price situation for these products. Livestock and meat supplies marketed
during the remainder of 1939 and through
1940 are expected by the Department of Agriculture to be larger than those in any year
since 1934. Supplies of dairy products, although somewhat below the peak reached
last year, are expected to be considerably
above average. The supply of edible fats and
oils available for domestic consumption is
probably the largest on record.
Prices of all livestock and meats rose sharply
during the first week of September, chiefly
as a result of speculative conditions accompanying the outbreak of the war. Subsequently prices of these commodities declined
to the levels prevailing earlier in the summer. According to the Department of Agriculture, there will be a fairly large increase
in hog marketings during the coming season
and cattle slaughterings may be as large as
a year earlier; prices will also be affected,
however, by the fact that consumer incomes
are considerably larger than a year ago.
Changes in prices of dairy and poultry
products in September and October were
largely seasonal in character, with prices of
dairy products strengthening somewhat,
partly as a result of drought conditions prevailing in certain areas.
Merchandise exports from the United




955

States showed the usual sharp seasonal increase in September and imForeign trade ports were somewhat larger
in September

~

than in August. Cotton exports
increased considerably, owing to seasonal influences and the operation of the Federal export subsidy program. There were likewise
sharp advances in shipments of coal and industrial chemicals and exports of iron and
steel products showed some increase. Exports of aircraft declined from the high level
reached in August, and tobacco exports,
which had increased seasonally in August,
did not show the usual large rise in September.
There were marked increases in exports
to Canada and the United Kingdom and exports to Japan, which had been relatively
small during the summer, also rose sharply.
Large percentage increases were reported in
exports to the Scandinavian countries, Italy,
Spain, and the Netherlands. Shipments to
Cuba nearly doubled, but those to other Latin
American countries showed little change
from earlier levels. Exports to France, which
had been at a very high level in August, declined considerably in September. There was
an almost complete cessation of direct trade
with Germany, which in recent years has
amounted to about 3 per cent of our total
exports.
Volume of new construction work continued in the third quarter of 1939 at the
level of the previous three months
Construction a n ( j ac tivity and employment in
construction were at the highest
rate in recent years. The outbreak of war
and the accompanying changes in industrial
activity, prices, and incomes appear to have
had little immediate effect on the volume of
new work undertaken, as indicated by September data shown in the table and by preliminary reports for the first half of October.
Contract awards for publicly-financed construction in the third quarter were somewhat
above the level reached in the third quarter
of 1938, but considerably below that in the

956

FEDERAL RESERVE BULLETIN

CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN
STATES
[Monthly averages and monthly totals; in millions of dollars]
Privately-financed
Total

Publicly financed

Total

Residential

Factories

All

other

1936
1937
1938

223
243
266

111
96
142

112
147
124

60
71
75

17
26
10

35
50
39

1938
1st quarter
2nd quarter
3rd quarter
4th quarter

179
252
285
350

88
117
143
221

92
135
142
129

51
80
86
82

9
10
11
10

32
44
45
36

1939
1st quarter
2nd quarter

258
309

129
141

129
168

86
105

10
15

33
47

July
August _
September

300
312
323

137
158
144

163
154
179

94
96
106

17
10
21

52
48
52

Source: F. W. Dodge Corporation. The figures shown are not adjusted for seasonal variation.

last quarter of that year, when a large volume
of contracts was placed for Public Works Administration projects. Contracts for such
construction have decreased this year and
activity on work relief projects has declined
almost continuously since the latter part of
1938. Contracts for construction by regular
Federal agencies, particularly for irrigation,
flood control, and slum-clearance projects
have increased.
Awards for privately-financed work have
been in substantial volume during the summer
and early autumn. New private residential
building contracts in the third quarter declined less than seasonally and in the past six
months this type of work has been at the
highest level for any recent year.




NOVEMBER 1939

Awards for commercial building in September were the largest for this year and were
near the previous high level reached in 1937.
Industrial construction in recent months has
also increased but has been considerably below the level reached two years ago. The
principal increases reported in such awards
during recent months have been in the steel,
chemical, food product, and paper and pulp
industries. Current reports seem to indicate
that accompanying the sharp increase in industrial activity there has been considerable
increase in repair work and that consideration is being given in many instances to the
possibility of plant expansion if present high
levels of output are sustained for any great
length of time.
There was an increase in pipe line construction this summer and in September contracts
awarded for electric power plant construction
increased further. Other types of private
non-residential building, such as theaters and
churches, have continued in reduced volume.
Appointment of First Vice President of the Federal
Reserve Bank of Atlanta

Effective October 13, 1939, the Board of
Governors approved the appointment by the
board of directors of the Federal Reserve
Bank of Atlanta of W. S. McLarin, Jr.,
as First Vice President of the bank for the
unexpired portion of the five-year term ending February 28, 1941. Mr. McLarin had
been serving as Vice President of the Atlanta
bank.

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

957

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled October 18 and released for publication October 20]

Volume of industrial production, which
had turned up sharply last summer, advanced
still more rapidly in the six weeks after the
outbreak of war. Employment also increased
but at a less rapid rate. Consumption of
goods by industry and by individuals has
not expanded so rapidly as production and
orders. Buying of basic commodities, after
a burst of activity in early September, has
slackened considerably, but orders for many
semi-finished goods and for finished products, particularly machinery and railroad
equipment, have continued in large volume,
Most orders have come from domestic
sources. Prices of basic commodities advanced sharply in the early part of September, but in recent weeks prices of foodstuffs
have declined while prices of industrial materials in most instances have been maintained. Prices of finished goods have shown
a much smaller advance.
Production.—In September the Board's
seasonally adjusted index of industrial production advanced to 110 per cent of the 19231925 average as compared with 103 in August
INDUSTRIAL PRODUCTION
PER CENT

PER CENT

140

140

130

130

120
110

110

\

100

A i

• v /

IJ

100

V

90
80

' V
1935

1936

1937

1938

1939

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

and 92 last spring. Increases in output of
iron and steel, flour, sugar, meat products,
and petroleum were particularly marked in
September. In the steel industry ingot production rose from an average rate of 61 per




cent of capacity in August to 71 in September. In the first three weeks of October the
rate advanced further to 90 per cent and
actual volume of output was at the highest
level on record. Flour production rose to
near record levels and at meat-packing establishments activity was at the highest rate
reached in several years. The sharp increase in output of crude petroleum followed
a considerable reduction in the previous
month and currently production is at about
the high rate prevailing before wells were
closed in the latter half of August.
In other industries increases in activity,
though quite general, were not so marked.
Automobile production showed a sharp seasonal rise as volume production of new model
cars was begun at most plants, and in related lines, such as plate glass, activity also
increased. Textile production increased
somewhat further from the high level reached
earlier. Shoe production, however, which
had been in large volume in the first eight
months of the year, decreased in September.
Mineral production advanced generally and
iron ore shipment schedules were expanded
to build up stocks at lower lake ports before
the close of the shipping season.
Value of construction contracts, as reported by the F. W. Dodge Corporation, rose
further in September, reflecting a contraseasonal increase in private residential building. Other private construction showed little
change and there was some reduction in the
volume of new public projects, both residential and nonresidential.
Distribution.—In September and the early
part of October department store sales increased considerably. Freight-car loadings
also advanced sharply, with the most marked
increases reported in shipments of coal and
of miscellaneous freight, which includes
most manufactured products.
Commodity prices.—Wholesale prices of
foodstuffs declined after the middle of Sep-

958

FEDERAL RESERVE BULLETIN
FREIGHT-CAR

LOADINGS

no
100

100

90

90

r

80

v

70
60

80

\

V

i

70
60

NOVEMBER

1939

leading cities increased somewhat during the
three weeks ending October 11, reflecting
largely the purchase of Treasury bills. Commercial loans continued to increase, but at a
less rapid rate than in late August and early
September. The volume of demand deposits
at city banks also increased further.
MEMBER BANKS IN 101 LEADING CITIES
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

50

50

J 40

40
1934

1935

1936

1937

1938

1939

Index of total loadings of revenue freight, adjusted for seasonal
variation, 1923-1925 average = 100.
WHOLESALE

PRICES

1935

1936

1937

1938

1939

Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to October 11, 1939. Commercial loans,
which include industrial and agricultural loans, represent prior
to May 19, 1937, so-called "Other loans" as then reported.

50
1934

1935

1936

1938

1939

Indexes compiled by United States Bureau of Labor Statistics,
1926 = 100. By weeks, January 6, 1934, to October 14, 1939.

tember, following sharp advances earlier in
the month. Prices of industrial commodities,
which rose considerably until the third week
in September, subsequently were generally
maintained, although prices of some materials, such as steel scrap, hides, and rubber, declined from earlier peak levels.
Bank credit.—Following reductions during the early part of September, Government
security holdings by member banks in 101




Excess reserves, which had increased
sharply at member banks during the first
half of September, showed further moderate
increases during the four weeks ending October 11.
Money rates and bond yields.—Prices of

United States Government securities increased in the latter part of September and
the first half of October, following sharp
declines early in September. Average yields
on long-term Treasury bonds declined from
2.79 per cent on September 21 to 2.62 per
cent on October 16. Yields on Treasury
notes declined to 0.78 per cent from 1.30 per
cent early in September.

NOVEMBER

959

FEDERAL EESERVE BULLETIN

1939

MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES

BILLJfl/s
S 01
OF DOLLARS

TREASURY DEPOSITS
AT F. R. BANKS

1934




1935

1936

1937

Latest figures for October 18. See p. 980.

1938

1939

960

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1939
Sept.

Aug.

July

Sept.

Aug.

July

1938

1937

1936

1935

1933

1929

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

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

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

5,001
2,469

2,343
528

2,358
43

Averages of daily figures; in millions of dollars

MEMBER BANK RESERVES, RESERVE BANK CREDIT,
AND RELATED ITEMS

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

Annual averages

1938

2,794
6
1
2,732
6,823
2,911
7,249
2,253
611
972

2,467
5
1
2,437
16, 390
2,900
7,098
2,344
783
872

2,569 2,610 2,590
5
8
7
1
1
1
2,527 2,572 2,564
16,182 13, 441 13,057
2,887 2, 733 2,724
7,051 6,570 6,482
2,534 2,717 2,392
780
704
774
952
606
598

1,443 10, 659 10, 321
5,198 4,607 4,402

REPORTING MEMBER BANKS IN 101 LEADING CITIES

8,196
2,920

8,119
2,955

2,599 2,600
9
g
1
1
2,564 2,565
12, 985 13, 250
2,716 2,711
6,464 6,510
2,318 2,804
717
653
658
634
8,167
3,026

2,554 2,481
14
6
3
4
2,540
12,162 2,430
578
2,567 10,
9 ^n*?
OUO
6,475 A,
A 101
lui
3,225 O,
&,
'i l\
9
474
158
446
595
551
7,935 6,830 C QQQ
o,
yoy
2,522 1,220
2,512

Averages of Wednesday figures; in millions of dollars

22, 384 22, 327 22, 046 21,078 20, 675 20, 530 21,023 22,198 22,064 19,997 17,505 22, 599
Total loans and investments
8,322 8,179 8,146
8,268 8,215 8,213
8,506 9,546 8,462 8,028 9,156 16,887
Loans—total
4,166 3,930 3,888
3,893 3,886 3,878
Commercial, industrial and agricultural
4,059
0)
0)
0)
0)
0)
568
642
648
675
636
To brokers and dealers in securities
629
701
990
777 «2,208
521
511
532
Other loans for purchasing or carrying securities.
578
577
577
588 1,226 1,181
0)
(0
0)
0)
(»)
3,077 3,086 3,078
3,122
3,116 3,129
All other loans
3,158
0)
0)
0) 11,969
(0
14, 062 14,148 13, 900 12,810 12, 460 12, 317 12, 517
Investments—total
8,349
0)
8,467 8,537 8,499
5,712
7,957 7,702 7,703
7,982 12, 652 13, 602 7,989 5,228
U. S. Government direct obligations
9,080
2,265
2,226
2,158
1,646
1,668
2,865
1,567
1,451
Obligations fully guaranteed by U. S. Govt
928
8,394 1,250
3,369 3,346 3,243
3,185 3,112 3,047
3,084 1,164
Other securities
2,847
3,052 3,121
9,643 8,951 8,645
6,712 6,602 6,675
6,400 3,094 3,272 4,024 1,822
Reserve with Federal Reserve banks
1,725
440
477
448
416
387
403
382 5,307 4,799
240
Cash in vault
326
248
383
2,951 2,808 2,765
2,413 2,416 2,435
2,289
Balances with domestic banks
1,142
337 2,358 2,112 1,322
18, 209 17, 717 17, 366 15, 377 15,118 15, 021 15, 033 1,884
Demand deposits—adjusted
12,
729
(0
0)
5,206 5,211
5,243 5,259 5,238
5,213
Time deposits (excluding interbank)
2
5,202 15,097 14,619 4,883
6,788
7,573 7,118
5,974 5,920 5,936
Deposits of domestic banks 3
5,770 5,202 4,999 4,938 4,946
2,787
5,810
2,822
1
1
6
7
3 5,298
Borrowings
674
5
115
12
Averages of daily figures; per cent per annum

MONEY RATES AND BOND YIELDS

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

1.00
.14
2.65
3.25

.56
1.00
.05
2.21
2.93

1.00
.04
2.16
2.

.75
1.00
.06
2.51
3.18

174
41
133
90
16
74

447
102
345
324
25
299

586
318
268
226
49
177

238
146
92
150
85
65

417
182
236
338
127
211

86

86

86

90

88

75
61
67
80
75

75
63
68
80
77

78
68
75
81
79

78
67
73
81
78

79
69
74
81
80

Pill
Pill
PllO

P79
P73
P83
P97
P94

77
91

103
104
91
73
67
78
96
90
70
89

101
100
106
67
62
71
95
84
69
86

251
176

230
169

.75
.91
.17
2.65
3.24

.76
.56
.17
2.79
3.60

1.72
1.16

5.85
7.61

3.31
4.49

3.60
4.73

470
391
79
186
130
56

372
197
175
179
73
107

392
121
270
189
34
155

89
60
29
32
13
18

959
841
118
781
667
115

328
178
150
203
102
101

518
164
354
382
99
282

83

112

111

78

63

190

79
69
74
82
79

86
86
86
85
85

81
81
82
80
82

80
79
84
78
81

66
51
61
71
66

95
105
100
92
105

90
89
97
78
56
96
'89
82
64
86

88
87
95
66
53
77
88
77
62
83

83
82
93
59
49
68
86
71
61
83

90
90
91
37
21
50
91
74
64
79

76
75
82
25
11
37
73
50
58
67

119
119
115
117
87
142
106
110
107
111

190
171

140
121

437
367

86
84
98
64
45
80
90
78
62
85

110
109
'116
59
41
74
109
103
78
92

105
105
105
55
37
70
99
86
75
88

Amounts per month; in millions of dollars

MERCHANDISE EXPORTS AND IMPORTS
P289

r
c
p Preliminary.
Revised.
Partly estimated.
12 Figures not available.
Includes time deposits of banks, domestic and foreign, 1929-1933.
s Does not include time deposits, 1929-1933.




,95
1.00
.28
2.68
3.26

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

BUSINESS INDEXES

Exports, including re-exports.
General imports

.81
1.00
.07
2.56
3.19

Index numbers

PRICES

Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities
Retail food prices (1923-25=100)

Industrial production
Manufactures
Minerals
Construction contracts awarded—totalResidential
All other
Factory employment
Factory payrolls (unadjusted)
Freight-car loadings
Department store sales

.75
1.00
.07
2.52
3.22

Amounts per month; in millions of dollars

CAPITAL ISSUES

All issues--total.
New
Refunding
Domestic corporate issues—totaL.
New
Refunding

1.00
.08
2.58
3.21

246
168

231
166

228
141

258
163

279
257

205
202

NOVEMBER 1839

FEDERAL RESERVE BULLETIN

961

LAW DEPARTMENT

that the facts presented did not exempt the
firm from the application of the phrase in
As pointed out in the ruling published at question, and hence did not exempt it from
page 951 of the November 1938 FEDERAL Regulation T.
RESERVE BULLETIN, "any member of a national securities exchange or any broker or Regulations of the President Concerning Credits to
Belligerents
dealer who transacts a business in securities
through the medium of any such member" is The President of the United States, on Sepsubject to the Board's Regulation T, which tember 5, 8, and 10, 1939, issued Proclamarelates to the extension and maintenance of tions under authority of section 1 of the joint
credit by such persons.
resolution of Congress approved May 1, 1937,
As also indicated in that ruling, the gen- commonly known as the Neutrality Act,
eral question of whether or not a particular proclaiming that a state of war exists bebroker or dealer "transacts a business in tween certain nations; and on September 6
securities through the medium of a member" and 11, 1939, issued Regulations exempting
must turn upon all the relevant facts involved from the operation of section 3 of the Neuin the business of that broker or dealer; and trality Act "ordinary commercial credits and
it has not seemed feasible to attempt to spe- short-time obligations in aid of legal transcify any conditions or factual situations actions and of a character customarily used
which would prevent a broker or dealer from in normal peacetime commercial transaccoming within the description.
tions."
However, the Board recently considered the
question whether a broker or dealer would REGULATION CONCERNING CREDITS TO BELLIGERENTS
Section 3 of the joint resolution of Congress apbe prevented from being one who "transacts proved
May 1, 1937* reads in part as follows:
"SEC. 3. (a) Whenever the President shall
a business in securities through the medium
have issued a proclamation under the authority
of a member" if the business so transacted
of section 1 of this Act, it shall thereafter be
unlawful for any person within the United
is not the major business of the firm, the busiStates to purchase, sell, or exchange bonds,
ness so transacted in the particular case
securities, or other obligations of the government of any belligerent state or of any state
under consideration being said by the firm
wherein civil strife exists, named in such procinvolved to constitute approximately 10 per
lamation, or of any political subdivision of any
such state, or of any person acting for or on becent of its total business.
half of the government of any such state, or of
It is to be noted that the phrase in question
any faction or asserted government within any
such state wherein civil strife exists, or of any
does not require that a majority of the broperson acting for or on behalf of any faction or
ker's business be transacted through the measserted government within any such state
wherein civil strife exists, issued after the date
dium of a member, or that the business be
of such proclamation, or to make any loan or
"principally" or "chiefly" so conducted. The
extend any credit to any such government, political subdivision, faction, asserted government,
omission of any such requirement indicates
or person, or to solicit or receive any contribuan intention to exclude such questions of
tion for any such government, political subdivision, faction, asserted government, or perdegree from consideration and to narrow the
son: Provided, That if the President shall find
that such action will serve to protect the comproblem down to the simple question whether
mercial or other interests of the United States
"a business" in securities is so transacted.
or its citizens, he may, in his discretion, and
to such extent and under such regulations as
It seems clear that a firm could be transacthe may prescribe, except from the operation of
ing "a business" in securities through the
this section ordinary commercial credits and
short-time obligations in aid of legal transacmedium of a member even though such busitions and of a character customarily used in
ness constituted no more than 10 per cent
normal peacetime commercial transactions.
Nothing in this subsection shall be construed
of the total securities business of the firm.
to prohibit the solicitation or collection of funds
Accordingly, the Board expressed the view
to be used for medical aid and assistance, or

Broker or Dealer Who Transacts a Business in Securities Through the Medium of a Member




962

FEDERAL RESERVE BULLETIN

for food and clothing to relieve human suffering,
when such solicitation or collection of funds is
made on behalf of and for use by any person
or organization which is not acting for or on
behalf of any such government, political subdivision, faction, or asserted government, but
all such solicitations and collections of funds
shall be subject to the approval of the President
and shall be made under such rules and regulations as he shall prescribe.
"(b) The provisions of this section shall not
apply to a renewal or adjustment of such indebtedness as may exist on the date of the
President's proclamation.
"(c) Whoever shall violate the provisions
of this section or of any regulations issued
hereunder shall, upon conviction thereof, be
fined not more than $50,000 or imprisoned for
not more than five years, or both. Should the
violation be by a corporation, organization, or
association, each officer or agent thereof participating in the violation may be liable to the
penalty herein prescribed."

NOVEMBER

1939

the President of September 5, 1939 issued under the
authority of Section 1 of such joint resolution, ordinary commercial credits and short-time obligations
in aid of legal transactions and of a character customarily used in normal peacetime commercial transactions; and they are therefore hereby excepted.
I hereby authorize the Secretary of the Treasury
to administer the provisions of this regulation and
to promulgate such rules and regulations not inconsistent with law as may be necessary and proper to
carry out such provisions.
This regulation shall continue in full force and
effect unless and until modified, revoked, or otherwise
terminated, pursuant to law.
FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,

September 6, 1939.

REGULATION CONCERNING CREDITS TO BELLIGERENTS

I hereby prescribe that the provisions of my regulation of September 6, 1939, concerning credits to
France; Germany; Poland; and the United Kingdom,
India, Australia and New Zealand shall henceforth
apply equally in respect to credits to Canada and
the Union of South Africa.

I hereby find that it will serve to protect the commercial and other interests of the United States
and its citizens to except from the operation of
Section 3 of the joint resolution of Congress apFRANKLIN D. ROOSEVELT.
proved May 1, 1937, as made applicable to Germany
and France, Poland, and the United Kingdom, India, THE WHITE HOUSE,
September 11, 1939.
Australia and New Zealand by the Proclamation of




963

FEDERAL RESERVE BULLETIN

NOVEMBER

COMMERCIAL LOAN RATES AT BANKS IN PRINCIPAL CITIES

Member banks in New York and 18 other
leading cities began to submit in March of
this year a detailed quarterly report to the
Board of Governors giving interest rates
charged on new commercial loans made to
their customers. The reports are made by
the larger banks in these cities four times a
year, for the first half of March, June, September, and December. Summaries of the
reports for March and June of this year and
of a slightly different report used in a preliminary survey for September 1938 have
been published
in previous issues of the
2
BULLETIN.

the period from 1928 to February 1939 is
also published in this issue. This revised
series covers the same type of loans and the
same cities as the new quarterly series, and
the two series are fairly comparable. They
differ in method of reporting rates by individual banks—in the monthly series each
bank reported a prevailing rate, whereas for
the present quarterly series each bank reports the number and amount of loans made
at specified rates and within various rate
ranges. The figures previously reported
were not entirely satisfactory chiefly because
the types of loans had not been adequately

COMMERCIAL LOAN RATES AT BANKS (N PRINCIPAL CITIES
MONTHLY THROUGH FEBRUARY 1939, QUARTERLY THEREAFTER

11 SOUTHERN AND
WESTERN CITIES

7 OTHER NORTHERN
AND EASTERN CITIES

1929

1931

1933

Beginning with this issue the new quarterly figures replace the monthly figures on
customers' rates that were heretofore published in the BULLETIN. A new series of
monthly figures of commercial loan rates for
1
This article was prepared and the new series of averages here
presented were compiled by Raymond J. Collier, under the supervision of Victor M. Longstreet of the Board's Division of Research
and
Statistics.
2
See issues for January and September 1939, pp. 17-19 and
725-726, respectively.




1935

1937

v

1939

defined and because banks had been permitted
to use their individual judgments in reporting prevailing rates or ranges of rates. Reported figures were therefore not always
strictly comparable as between banks and
varied from time to time because of changes
in persons reporting at individual banks.
The various monthly series of rates
charged customers by banks previously published and now discontinued represented

964

FEDERAL RESERVE BULLETIN

averages of prevailing rates on three types
of loans—commercial loans and time and
demand security loans—reported by banks
in 36 cities.
Movements in rates on commercial loans.—
Commercial loan rates beginning with 1928
are plotted on the chart. Figures are shown
separately for New York City, for 7 other
Northern and Eastern cities, and for 11
Southern and Western cities. The chart
shows that rates reported on the new basis
for this September were at about the same
level as those reported in the special survey
made in September, 1938. Between these two
dates rates first increased and then declined;
it appears that this movement was largely
due to seasonal influences. Because of methods
of reporting, these seasonal influences did not
appreciably affect the rates that were formerly reported by banks. It would appear
that the general level of rates reported on
the new basis is somewhat higher than that
of rates as previously reported, especially in
New York City.
Kates charged on commercial loans are
now at unusually low levels. They average
about 2 per cent at banks in New York City,
2% per cent at banks in 7 other Northern
and Eastern cities, and 3 ^ per cent at banks
in 11 Southern and Western cities. These
differences in rate levels, with New York
rates the lowest and rates in Southern and
Western cities the highest,
have prevailed for
a number of years.3 On occasions^ however,
when money conditions have been tight, these
differences in rates have tended to disappear.
In 1928 and 1929 money rates generally
stiffened and in the latter part of 1929 rates
charged on commercial loans averaged as
high as 6 per cent in the principal cities.
Thereafter rates declined sharply. The decline was interrupted in the autumn of 1931,
when our money markets were adversely
affected by England's departure from the
gold standard, and in the early part of 1933,
at the time of the banking holidays. By 1935
rates on commercial loans in New York City
had fallen to about present levels, but in other
leading cities they continued to decline
through 1935 and 1936.
The new report forms, which call for number and amounts of loans made at different
rates, indicate that there is considerable
variation in rates charged by banks at any
time. In New York City most of the money
3

For a discussion of regional differences in customers' rates see
Winfield W, Riefler, Money Rates and Money Markets in the
United States, Harpers, 1930.




NOVEMBER

1939

loaned is at rates of less than 2 per cent;
in other 7 Northern and Eastern cities there
is a more even distribution of loans at various
rate levels up to 5 per cent and in 11 Southern
and Western cities up to 6 per cent. As measured by number of borrowers, 40 per cent or
more of them pay interest rates of 6 per cent
or higher at banks in the 18 cities outside New
York. Charts showing these variations in
September 1938 and June 1939 have been published in previous issues of the BULLETIN.4
The quarterly figures show greater lending
activity by the reporting banks in the first
half of this September than in the three
previous report periods. About $400,000,000
of new loans were reported, compared with
$285,000,000 in the June and March report
periods. The increase occurred at all groups
of banks, but was largest at New York. These
totals include loans with maturities of more
than a year, which shared in the increase.
Definition of commercial loans.—The revised reports cover only rates on new commercial and industrial loans. Broadly speaking these include all loans to bank customers
for business purposes. In classifying commercial loans in their condition reports and
in the interest rate reports member banks
are instructed as follows:
"This item should include all business loans to
individuals, partnerships, and corporations, except
paper purchased in the open market and loans secured
by real estate. Accordingly, the item will include any
business loan secured by stocks and bonds, as well as

business loans otherwise secured and unsecured. It
will also include loans (not secured by real estate
mortgages) for the purpose of financing capital expenditures as well as loans to finance current operations. Direct loans to companies engaged in financing the sale of consumers' goods and durable goods
should be included, but finance company paper purchased in the open market should be reported as
'Open-market paper/
"The term 'business' as used herein should be construed to include mining, oil and gas producing, and
quarrying industries; manufacturing of all kinds;
construction industries; transportation, communication, and other public utilities; wholesale and retail
trade enterprises; service industries such as hotels,
laundries, and automobile service stations; amusement enterprises; real estate companies; etc.
"Loans to building and loan associations, insurance
companies, credit unions, and similar organizations
not engaged directly in financing the sale of consumers' or durable goods, loans to hospitals, educational institutions, etc., and personal or installment
loans to individuals other than for business purposes,
should not be reported as 'Commercial and industrial
loans'."

The amount of commercial loans outstanding at reporting member banks in 101 leading
cities, which covers the same type of loans for
4

See footnote 2.

NOVEMBER

1939

FEDERAL RESERVE BULLETIN

965

which rates are now reported, is given in the They have large loan markets and interest
condition statement published by the Board rates charged by banks in these cities are
as of each Wednesday. The amount of such probably more responsive to changes in
loans outstanding at all member banks is general monetary conditions than are rates
given in the Member Bank Call Report on in other places. Because of the financial imcall report dates. These figures are published portance of these cities, their influence would
in regular BULLETIN tables, see this issue, predominate in any compilations of rates designed to show movements of interest rates
pp 992 and 990.
Report schedule.—A copy of the schedule in large cities. This would be true even
on which banks report their rates charged though many more cities were covered. In
on commercial loans is given at the end of other cities, and especially at country banks,
this article. The schedule provides for re- rates are generally higher and fluctuate less
porting the dollar amount of new commercial in accordance with changes in money market
loans made at 1 per cent, 1*4 per cent, each conditions.
even per cent up to and including 8 per cent, Banks that report customer rates have been
and at fractions of rates in between these. selected by each Federal Reserve bank from
The report requires that specific rates below those that report their statement of condi1 per cent and above 8 per cent at which loans tion each Wednesday. They account for at
are made be reported separately with the least three-quarters of the commercial loans
amount of loans made at each rate. The re- made by all banks in the city where they
port also gives the number of borrowers ac- are located. At the present time reports
counting for the amount of loans made at the are submitted by 87 banks. Reports are respecified rates and within the various rate quested for loans of branches or of any other
office that is not the head office only where
ranges.
Loans with maturity of 30 days to 12 such loans are made in substantial amounts.
months, inclusive, are reported separately Computation of averages.—In computing
from those with maturity of over 12 months. group averages of rates by groups of cities,
Loans with maturity of less than 30 days are averages are first obtained for each city. Renot reported. In compiling published aver- ports for each city are consolidated on one
ages only those rates on loans with maturity report form. Each rate is then weighted acof 30 days to 12 months are used. Renewals cording to the dollar volume of new loans
during the period of loans previously made made at that rate. For ranges of rates, the
are included in the reports. Reports are sent middle of each rate range is weighted by the
to the Federal Reserve banks and then for- dollar amount of loans made within that
range. For example, the rate of 2\fe per cent
warded to the Board of Governors.
Cities included.—Reports are received from is selected from the range of rates of over
banks in 19 leading cities scattered through- 2 per cent and less than 3 per cent and this
out the country. These cities and their rate is weighted by the dollar volume of loans
weights assigned to them in obtaining aver- made within that range.
ages of rates for groups of cities are as fol- The weights assigned to each city in combining city averages into regional averages
lows:
and into a national average have already been
Weights
Weights given in the table. These weights were selected from an inspection of loans outstanding at member banks in 101 leading cities,
35
11 Southern and WestNew York City
30
ern cities—Total
which report their condition statement each
7 other Northern and
35
San Francisco
8 Wednesday.
Eastern cities—Total.
Loans used in determining
Los Angeles
4
12
3 weights were (1) so-called "all other" loans
St. Louis
Chicago
8
3 for the period October 1934-May 1937 and
Dallas
Boston
3
6
Minneapolis
_ _
Philadelphia
2 (2) commercial and industrial loans as re3
Pittsburgh
Kansas City, Mo...
2
New Orleans.
2
Buffalo
2 ported for the period beginning May 1937.
2
Seattle
_ _
Cleveland
1 "All other" loans on the weekly condition re2
Atlanta
_ _
Detroit
1
Baltimore
1 ports was prior to May 1937 the item most
Richmond
commercial loans reported
100 comparable with
19 cities—Total
since that date.5
The 19 cities included in this list are repreFederal Reserve Bulletin, May 1937, pp. 440-441 and
sentative financial centers of the country. J u n eSee1937,
pp. 530-531.




5

966

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

The weight of 35 assigned to New York The apparent seasonal movement of the
City is approximately equal to New York new averages is probably due to seasonal variCity's share in the total of such loans at ations in the type of loans banks make,
weekly reporting member banks in 101 lead- rather than to any general easing or stiffening
ing cities. The remaining weight of 65 is in rates. Actual rates charged are affected,
divided between (1) the 5 Northern and among other things, by the size and maturity
Eastern Federal Reserve districts (excluding of the loan, as well as by the credit standing
New York City) and (2) the 7 Southern and of the borrower and by the nature of the colWestern districts, on the basis of the percent- lateral behind the loan. These factors probage share of the two groups in the total of ably vary to some extent in accordance with
these same loans at weekly reporting member the season of the year. Such variations apbanks. The weight of 35 assigned to the pear to have had no substantial influence on
Northern and Eastern districts was divided the prevailing rates as reported on the old
among the 7 cities reporting commercial loan basis.
rates in accordance with each city's percent- Revised figures compared with rates forage share in the total of the same type of merly published.—The old interest rate reloans at weekly reporting member banks lo- ports covered other types of customers' loans
cated in these 7 cities. The weight of 30 as well as commercial loans. They were subassigned to the Southern and Western dis- mitted each month by a number of member
tricts was similarly divided among the 11 banks in each of the 37 cities with a Federal
cities reporting rates in these districts.
Reserve bank or branch. Reports for the
Comparable figures beginning 1928,—To city of Memphis were not included in the
afford a comparison between current interest published averages. These reports were surates and those of previous years a new set perseded in March of this year by the new
of figures has been compiled from the old quarterly reports. Averages compiled from
interest rate reports beginning January 1928. the old reports were published regularly in
These figures have already been presented in the BULLETIN for three groups of cities: New
the chart and they are also given in the table York City, 8 other Northern and Eastern6
at the end of this article. They cover for the cities, and 27 Southern and Western cities.
19 cities the rates that banks reported as The published figures were weighted avercharging customers for loans represented by ages of rates charged on the bulk of loans of
prime commercial paper eligible for redis- the following classes: prime commercial loans
count at the Federal Reserve banks under the eligible for rediscount under the Federal Reprovisions of the Federal Reserve Act. Each serve Act and demand and time loans to custocity was assigned the same weight as that mers secured by prime stock exchange or
used in obtaining the current averages. In other current collateral. The method of comreporting these rates banks were asked to puting the averages took into account the
give the prevailing rate, i.e., rates charged relative importance of each type of loan and
on the bulk of the loans represented by prime of each reporting bank as measured by its
commercial paper.
total loans of all types. In computing reThere are two outstanding differences be- gional group averages, the average rate for
tween the figures compiled from the old re- each city was weighted according to the imports and the figures now reported: the new portance of all banks in that city, as measured
figures are at somewhat higher levels, partic- by their share in total loans of all banks in
ularly in New York City, and they also seem the region.
to exhibit a rather wide seasonal movement, Average rates in the old series on custoalthough experience with the newfigureshas mers' loans in 36 cities, which included colbeen too short to justify any broad generali- lateral loans, were higher than the averages
zations in this respect. The higher level of of rates on commercial loans in the revised
the new figures may be due to the smaller
loans having more influence than they had in In addition to the present 19 cities, the following 17 cities
were included in the averages: Northern and Eastern cities—
the old reports. Ordinarily, the smaller the Cincinnati;
Southern and Western cities—Houston, Louisville,
loan the higher the rate and vice versa. In Denver, Portland,
Omaha, Jacksonville, Birmingham, Salt Lake
City, Nashville, Oklahoma City, Spokane, Little Rock, El Paso,
the old reports banks probably reported as Helena, Charlotte, and San Antonio. Although the Federal Rebranch in Spokane was discontinued in 1938, the city conprevailing rates those charged on large loans, serve
to be included in the averages. A complete description
which in amount made up the bulk of loans tinued
of these statistics is given by Winfield W. Riefler in his book,
Money
Rates
and Money Markets in the United States, Harpers,
and were considered as prime loans.
1930, pp. 222-232.




6

FEDERAL RESERVE

NOVEMBER 1939

series for 19 cities. The amounts by which
averages in the old series exceeded those in
the revised series are shown in the following
table for 1929 and several other recent years.
These differences have been much greater in
recent years than they were in 1929.
EXCESS OF RATES IN OLD SERIES OVER REVISED SERIES
[Per cent per annum]

Averages

1929
1932
1934
1935
1938




Total

.19
.31
.77
.77
.67

New
York
City
.12
.29
.88
.94
.63

Other
Northern
and
Eastern
cities
.22
24
.58
.47
.57

Southern
and
Western
cities
.21
41
.85
.93
.85

BULLETIN

967

The chief reason for these differences in
rates in the two series is that rates charged
customers on loans secured by stock exchange
or other current collateral, which are covered in the old series but are excluded from
the revised series, were generally higher than
rates charged on commercial loans. The fact
that the old series included and the revised
series excludes a number of smaller cities
does not account for any significant part of
the differences. The differences between the
two series are larger in times of easy money,
as in recent years, than in periods when rates
were relatively high, as in 1929. This would
seem to indicate that rates charged on commercial loans move over a wider range than
rates on collateral loans, declining more
rapidly in periods of easy money and rising
more rapidly when money conditions tighten.

968

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

SCHEDULE FOR REPORTING INTEREST RATES
CONFIDENTIAL
Board of Governors
of the Federal Reserve System
Form F. R. 467

F. R. DistrictCity

INTEREST RATES CHARGED ON COMMERCIAL AND INDUSTRIAL LOANS
MADE DURING
1-15, 1 9 — , INCLUSIVE
The loans covered in this interest rate report are classified in the call report
of condition under "commercial and industrial loans" (item 1 of Schedule A ) .
Report the number of borrowers and dollar amount of such loans made during the
15-day period at rates indicated in the first column. Include renewals of
loans. Report to the Federal Reserve bank 4 times a year for the first 15 days
of March, June, September, and December. Please explain on reverse side of this
form any special reasons for unusually high or low rates reported.
Loans made at rates in first column
with maturity of:
Rate of interest

30 days to 12
months inclusive

Over 12 months

Do not use
this column

Amount
Amount
Number of (000's Number of (000's
borrowers omitted) borrowers omitted)
Less than 1%,
SDecifv rates*

17
Over 1 and less than 1\%
Over 1\ and less than 2%
2%
Over 2 and less than 3%
3%
Over 3 and less than 4%
4%
Over 4 and less than 5%
5%
Over 5 and less than 6%
6%
Over 6 and less than 7%
7%
Over 7 and less than 8%
8%
Over 8%,
SDecifv rates:
Total
Member bank.
(Name)

(City)

(State)

If this report is for a branch, give name of branch
Signed




(Name)

(Title)

FEDERAL RESERVE

N O V E M B E R 1939

969

BULLETIN

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
[Per cent per annum]
1939
1928

New York City:
January
February
March
_ _. _
April
May
_
_
June
July
August _
_ _
September
October
November December. __

-_______

-

- -

_

Year
Total 19 cities:
January
February
_
March
April
_ __.-_ _
May

June
July
August
September
October
November
December
Year

_ __
_-

1934

1935

1936

1937

1938

5 50
5 48
5.57
5 72
5 76
5 79
5 80
6 03
6.09
6 11
5 70
5.54

5 43
5 10
4.91
4 61
4 44
4 28
4 22
4 14
4.00
3 92
3 79
3.82

3.74
3.89
3.67
3 67
3.57
3.66
3 70
3.58
3.50
3 82
4 55
4.48

4.51
4.52
4.53
4.46
4.24
4.38
4.22
4.14
3.94
4.01
3.66
3.78

3.62
3.66
4.79
3.94
3.71
3.51
3.29
3.32
3.00
2.96
2.80
2.61

2.81
2.62
2.61
2.50
2.55
2.34
2.33
2.42
2.32
2.36
2.32
2.27

4 96

5 76

4 39

3.82

4.20

3.43

2.45

1.76

1.72

1.73

1.69

4.17
3.98
3.94
3.97
3.68
3.59
3.55
3 53
3.56
3.56
3 48
3.45

3.57
3.55
3.57
3.53
3.41
3.34
3.46
3.26
3.29
3.32
3.16
3.22

3.12
3.16
3.14
2.96
2.99
3.02
3.09
3.02
2.97
3.07
3.05
2.94

2.93
2.95
2.87
2.93
3.01
2.79
2.82
2.76
2.83
2.93
2.98
2.72

2.92
2.65
2.64
2.60
2.64
2.78
2.78
2.71
2.74
2.90
2.68
2.95

Year
11 Southern and
January
February
March
_
April
May
June
July
August
September
October
November
December

_

1933

4 38
4 25
4.38
4 50
4 63
4.88
5 25
5 38
5.50
5 50
5 38
5.50

4 52
4 59
4 74
4 69
4 87
5 12
5 39
5 42
5 62
5 64
5 66
5.70

_

1932

1930

Year
7 other Northern and Eastern cities:
January
_
February.. _ ___
March
April __
___
May
June
July
.
August
September
October _
...
_
November
December
Western cities:

1931

1929

Monthly Quarterly
series
series
1.79
1.81
1.81
1.74
1.81
1.79
1.74
1.76
1.66
1.73
1.73
1.78

1.71
1.71
1.74
1.71
1.71
1.71
1.67
1.74
1.70
1.70
1.74
1.74

1.75
1.75
1.75
1.75
1.73
1.73
1.73
1.73
1.65
1.73
1.70
1.70

1.70
1.70
1.65
1.70
1.70
1.70
1.70
1.67
1.70
1.70
1.70
1.70

5 70
5 64
5 71
5 75
5 79
5 85
5 80
5 92
6 01
5 99
5 93
5.78

5 72
5 55
5 30
4 98
4 93
4 89
4 53
4 47
4 44
4 49
4 38
4.38

4 23
4.31
4 29
4 22
4 19
4 15
4 08
4 10
4 09
4 30
4 53
4.60

4.86
4.93
4.93
4.89
4 89
4.92
4.80
4 88
4.71
4.68
4 60
4.61

4.53
4.38
5.14
4.88
4.66
4.68
4.50
4.31
4.20
4.05
4.07
4.09

5.16

5.82

4.84

4.26

4.81

4.46

3.71

3.39

3.04

2.88

2.75

5.25
5 18
5.23
5 23
5 22
5 34
5 50
5 51
5.52
5 59
5.64
5.70

5.73
5 77
5.80
5 86
5 88
5 97
5 98
6 03
6.04
6 08
6.07
5.93

5.90
5 80
5.73
5 56
5 42
5.36
5 31
5 25
5.15
5 18
5.17
5.01

5.01
4 96
4.90
4 93
4 74
4.89
4 72
4 75
4.76
4 85
5.18
5.15

5.26
5 25
5.29
5 25
5.22
5.18
5 20
5.29
5.20
5.07
5.07
5.19

5.11
5.05
5.35
5.25
5.27
5.15
4.99
5.00
4.95
4.82
4.74
4.76

4.74
4 60
4.65
4 60
4.46
4.24
4.25
4.00
4.10
4.12
4.01
4.03

4.12
3.92
3.94
3.85
3.94
3.80
3.65
3.67
3.53
3.57
3.52
3.65

3.50
3.56
3.55
3.46
3.43
3.51
3.45
3.29
3.33
3.25
3.27
3.14

3.23
3.15
3.17
3.28
3.25
3.29
3.27
3.26
3.30
3.28
3.26
3.23

3.28
3.21
3.28
3.25
3.20
3.31
3.35
3.28
3.26
3.21
3.20
3.23

5 41

5 93

5 40

4 90

5.21

5.04

4.32

3.76

3.40

3.25

3.26

4 69
4.65
4 76
4 78
4 89
5 10
5 37
5 43
5. 55
5 58
5.56
5.63

5 64
5.62
5 69
5.77
5 81
5 87
5 85
5 99
6.05
6 06
5.89
5.74

5 67
5.47
5 29
5 02
4 90
4 82
4 66
4 59
4.50
4 50
4.41
4.37

4 29
4.36
4 26
4 24
4 14
4 20
4 14
4 11
4.08
4 30
4.73
4.72

4.86
4.88
4.90
4.85
4.76
4 81
4.72
4 74
4.59
4. 56
4.41
4.49

4.39
4.33
5.08
4.66
4.51
4.41
4.23
4.17
4.01
3.90
3.83
3.77

3.86
3.69
3.69
3.65
3.52
3.35
3.33
3.28
3.29
3.31
3.23
3.21

3.11
3.05
3.06
3.00
3.01
2.93
2.91
2.86
2.79
2.84
2.77
2.85

2.61
2.59
2.57
2.62
2.64
2.57
2.57
2.55
2.56
2.61
2.62
2.52

2.60
2.49
2.48
2.48
2.48
2. 56
2.57
2.52
2.53
2.57
2.49
2.60

5.17

5.83

4.85

4.30

4.71

4.27

3.45

2.93

2.74
2.78
2.77
2.67
2.67
2.71
2.70
2.65
2.63
2.64
2.66
2.58
2.68

2.59

2.53

1 73
1 70
2 13
2 15
2.04

2.97
2.69
3 05
3 05
2 78

3.32
3.26
3.77
3.62
3.31

2.64
2.52
2 95
2 91
2.68

NOTE.—Through February 1939 represents weighted averages of prevailing rates charged on bulk of loans during week ending with the middle
of each month. Thereafter represents weighted averages of all rates charged on new loans during the last half of March 1939 and the first half of
June and September 1939; comparable figures for first half of September 1938 are 2.00 per cent for New York City, 2.75 per cent for 7 other Northern
and Eastern cities, 3.25 per cent for 11 Southern and Western cities and 2.65 per cent for total 19 cities.




970

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

ALL BANKS IN THE UNITED STATES
1

ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND
JUNE 30, 1938, 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
1939

Mar.
1939

Loans
June
1938

June
1939

Mar.
1939

Deposits, exclusive of
interbank deposits

Investments
June

June
1939

Mar.
1939

June
1938

June
1939

Mar.
1939

June
1938

5,892
19, 262
3,672
3,946

5,864
18,475
3,588
3,799
2,146
1,491
6,289
1,645
1,235
1,630
1,266
4,767

Number of
banks

June

Mar.

June
1938

ALL BANKS 1

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

5,624 5, 592
18,539 18,126
3,415 3,428
3,611 3,563
1,979 1,976
1,377 1,386
5,605 5,470
1,580 1,613
1,072 1,072
1,368 1,369
1,036 1,033
4,405 4,303

5,576
17, 619
3,392
3,453
1,911
1,285
5,086
1,484
1,049
1,300
970
4,254

49, 611

47, 381 21,314 21,154 21,130 28, 297 27, 775 26, 252 55, 992 53,812 52,195 15,082 15,151 15, 287

1,911 1,891
11,119 10, 869
2,296 2,308
2,821 2,778
1,268 1,~~~
1,076 1,
4,513 4,
1,120 1,149
743
742
1,
1,088
894
889
3,753 3,661

1,
93'
10, 424 4,001
2,291
920
2,674 1,066
1,187
583
994
555
4,033 1,413
1,036
51"
722
307
1,024
498
832
475
3,618 1,872

2,625
7,686
1,236
1,420
930
742
1,992
780
463
673
562
2,206

2,615
7,759
1,220
1,386
900
727
1,953
769
445
653
549
2,177

2,670 2,999 2,977
8,004 10,853 10,367
1,230 2,179 2,208
1,413 2,191 2,176
891 1,049 1,076
659
687
636
1,797 3,613 3,517
844
715
800
436
609
627
624
695
715
512
474
484
2,126
2,199
2,151

2,907 6,025
9,615 20, 227
2,162 3,795
2,040 4,055
1,020 2,315
598 1,672
3,288 6,821
769 1,775
612 1,278
677 1,698
459 1,376
2,104 4,956

2, r~
1,1

6,274
1,757
1,238
1,643
1,350
4,824

878
1,218
924
1,242
1,060
1,041
2,482
1,522
1,309
1,871
957
578

1,232
930
1,246
1,065
1,039
2,486
1,538
1,319
1,874
960
581

882
1,235
941
,253
,075
,044
2,513
'., 564
,339
590

MEMBER BANKS

Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
. St. Louis
Minneapolis
Kansas C i t y Dallas
San Francisco..
Total

923
4,076
907
1,046
568
544
1,390
506
294
482
463
1,850

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

975
7,118
1,377
1,754
685
521
3,100
605
436
591
419
1,882

6,793
1,401
1,732
698
541
2,979
643
448
606
427
1,811

924 2,279
6,223 12, 741
1,37" 2,604
1,607 3,201
633 1,477
483 1,282
2,755 5,468
573 1,240
904
431
571 1,342
406 1,194
1,799 4,296

2,180 2,162
11,929 11,188
2,513 2,445
3,114 2,966
1,465 1,363
1,265 1,137
4,902 4,977
1,216 1,135
870
862
1,297 1,282
1,166 1,090
4,180 4,131

355
767
652
619
40;
316
798
392
460
737
545
284

356
771
652
622
407
317
792
389
460
733
545

32, 603 32,095 30, 721 13,141 13, 047 12,938 19, 462 19,048 17, 782 38,027 36,089 34, 746 6,330

357
775
656
623
405
322
775
390
467
735
544
289
6,338

NONMEMBER BANKS

Boston
New York
Philadelphia—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco..
Total
1
2

3,712
7,420
1,119
791
711
301
1,092
460

3,701
7,257
1,120
785
710
301
1,101
464
330
280
144

276
138
636

1,688
3,685
316
354
348
187
579
265
156
175
8'
33,

1,
3,683
314
340
332
183
563
263
151
171
86
327

17,007 16,834 16,661

8,17:

8,107

329

279
143
652

3,692
7,195
1,101
779
724
291
1,053
447

1,709
3,803
316
346
33'
176
520
252
145
171
86
332
i, 192

2,025
3,735
802
437
364
114
513
195
173
104
55
31

2,009
3,574
806
444
37'
11'
538
201
178
109
58
314

8, 834 8,727

1,983 3,745
3,393 7,486
785 1,191
433
854
388
838
115
389
533 1,354
196
535
182
373
106
356
52
183
305
660

3,712
7,333
1,159
824
400
1,372
542
376
346
184
643

3,702
523
451
7,287
272
1,142
834
623
784
655
353
725
1, 312 1,684
509 1,130
365
849
348 1,13'
176
412
636
29'

525
461
278
624
658
722
1,
1,149
859
1,14
415
294

8,752

8,820

8,469 17,965 17,723 17,449

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

Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 973.
The June and March 1939 figures of loans and investments of "all banks" exclude approximately $50,000,000 and $100,000,000, heretofore reported
as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports
among "other assets." Figures by districts covering member banks are shown in the Member Bank Call Report.




971

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

ALL BANKS IN THE UNITED STATES—Continued
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND
JUNE 30, 1938, BY STATES
[Amounts in thousands of dollars]
Deposits, exclusive of interbank deposits

Investments 2

Loans 2

Number of
banks

State
June
1939

March
1939

June

June
1939

March
1939

June

June
1939

March
1939

June
1938

June Mar. June
1939 1939 1938

New England:
102
Maine
102
320, 927 317, 551 102
108, 871 106, 370 109, 763 199,058
206, 424 202, 547 326,170
108
108
New Hampshire
107
103, 514 100, 327
99, 539 166,115
173, 686 170, 666 276, 462 270,659
91
Vermont
164,985
164,
768
164,
526
84
71,166
84
85,060
88,030
83, 276
73,810
71, 459
392
Massachusetts
391
1, 724,467 1, 728,011 1, 758, 034 1,829, 298 1,791,052 1, 770,773 3,810,117 3, 705,853 3, 718, 924 390
35
Rhode Island
455,
511
271,178
471,
786
465,
691
35
35
171,183
166, 315 170,122 283,892 275,066
196
Connecticut
208
573, 988 571, 485 582,984
574, 827 594, 259 550, 667 1, 282, 651 1, 266, 453 1, 232,354 207
Middle Atlantic:
900
New York
894
1,857 17,308, 908 16, 546, 290
6, 996, 508 7,057, 778 7, 283, 918 9, 872, 287 9,387, 765 8, 677, 220 18, 240,
410
New Jersey
404
660,174 671, 282 691, 851 998,150
953, 663 2,014, 935 1,977,292 1,949, 543 393
Pennsylvania.
1, 516, 921 1,491, 412 1, 541, 392 3,027, 955 989, 451 2,932,187 4, 797, 533 4, 649,391 4, 541,678 1,103 1,106 1,113
3,
East North Central:
709
Ohio
841,126
707
705
818,198 811,972 1, 016,133 1,012, 627 948,167 2,285, 903 2, 213, 219 2,128,946
521
Indiana
782,038
283,065
513
512
257, 748 395, 766 394, 778 384, 782 847, 580 814,965
271,427
866
Illinois
931,326
856
858, 645 2,083, 514 1,993,388 1,821,012 3, 634, 556 3,146,013 3, 369, 848 855
914,816
462
Michigan..
1,
287,
571
394, 917 387,437
456
456
675, 524 1, 421, 028 1, 365, 305
362, 577 726,409
720,439
595
Wisconsin
257, 536 251,043
583
244,144 450,828
450, 389 447, 495 847, 416 840, 631 794, 210 582
West North Central:
Minnesota.
685
317,867 305,016
299, 233 412,109
424, 578 406, 539 839, 614 803, 569 812, 637
653
556, 289 648
Iowa..
595,314
621,422
650
317,106
206,148
311,077
252,024 200, 531 208,875
651
Missouri
643
445,141
433, 549 406, 300 590,179
631, 515 541, 225 1,098, 365 1,081,065 1,024,032 636
180
65, 741
64, 384 169
175
North Dakota
64, 345
24, 415
31,052
24, 835
24,170
28, 324
29, 093
175
85, 522
167
South Dakota
83, 615
79,124
38,104
31,479
166
35, 502
33, 208
33, 744
32, 202
427
427
120, 453 117, 299 108, 319 111,116
Nebraska
426
113, 607 110, 745 258, 944 258, 808 249,816
687
681
146,864
Kansas
143,946
143,046
132, 272 134, 547 135, 686 363, 747 347, 210 353,170
South Atlantic48
204, 016 190,875
Delaware
47
210,863
46
78,365
99,078
76,161
81,063
107, 203 107,046
196
Maryland
191
207, 395 205,155
208, 658 497, 350 495, 009 471, 200 792, 542 767, 473 723, 380 190
22
280,815
22
District of Columbia ___
22
104, 519 101, 741
98,200
130, 851 135, 641 130, 508 292, 415 312,189
319
517,160
500, 568 315
317
Virginia
291, 525 281, 656 271, 634 175, 699 187, 868 175, 633 533,070
184
181
277, 542 275, 993 269,491
West Virginia
181
130, 698 126,424
90,687
127, 549
92,409
86, 547
232
231
North Carolina
169,257
159, 705 157, 456 140,157
145, 671 132, 410 349, 699 344, 948 310, 957 228
150
121, 645 151
151
131, 980 134,198
South Carolina
40,198
55, 739
55,135
53, 629
40, 729
39, 256
284
283
Georgia
83, 751 372, 083 357, 727 315, 834 284
217,991
208, 322 210,017
114, 707
114,011
163
163
Florida
164
142, 750 329,112 341, 834 282,803
85, 547
79,914
85, 535
151, 497 157,998
428
417
Kentucky
414
204,844
205, 351 148, 625 152, 375 148, 611 405, 340 406, 977 381,409
206,092
303
418,185
401,839
301
428,901
Tennessee
299
133,916
240,821
234, 851 216, 225 133,155
138,910
218
263, 225 235,022
216
Alabama
216
85, 993 266,018
135, 786 132, 352 123, 515
93,002
92, 485
206
180,323 205
205
Mississippi
74, 969 182, 679 195,048
73, 814
75, 753
73,160
71,166
West South Central:
221
219
143,798 216
Arkansas
74, 677
53, 411 156, 588 154,143
75,196
63,071
51,849
50, 462
146
146
Louisiana
146
159, 583 160, 850 136,804
184, 225 176, 636 408, 907 406, 583 365,338
173,003
398
397
Oklahoma
388, 581 378,108 379,995 396
147, 955 145, 357 137, 510 141, 509 153,040
142,013
856
Texas
847
501,984
418,852 1, 237, 641 1, 209, 984 1,135,835 844
490,314 457, 263 431,397 438,148
Mountain:
114
114
Montana
32, 361
59, 884 126, 737 123, 394 120, 550 113
31, 621
31,193
57, 615
56, 495
52
51
89,274
87,341
50
89, 319
Idaho
28, 731
38, 624
28, 519
29, 245
37, 628
38,024
58
58
58, 471
54,465
58
59, 304
25,198
Wyoming
16,098
24,171
24, 393
17, 503
17,085
145
144
262, 690 144
84,076
Colorado
81, 338
79, 804 110,130
110, 461 105, 916 279, 891 273,123
41
41
55, 235
54,660
41
57,054
21, 763
18, 204
19, 974
18, 894
New Mexico.
19, 324
19, 738
12
12
80, 799
12
84, 587
84, 997
31,013
32, 374
30,102
26, 893
Arizona.
._
31, 673
29, 982
59
59
134,
200
48, 334 131,096
56,123
55,071
50, 449
Utah
II
50, 620
11
15, 398
35,842
34, 803
10, 343
9,237
14, 913
33,056
11, 503
15, 230
Nevada.
Pacific:
153
147
146
196,099
186,191
193, 651 208, 670 213, 508 201, 759 490, 552 482, 244 451,308
Washington
77
76
75
96, 065
90, 536
129, 803 132, 699 136, 888 280, 294 280, 460 264, 270
Oregon
.
232
229
1, 789, 889 1, 780, 631 1, 752, 983 1, 733, 241 1, 652, 420 1, 637, 603 3, 864, 249 3, 738,045 3, 746,015 229
California
Total.

21, 314, 272 21,153, 945 21,129, 814 28, 296, 584 27, 774, 934 26, 251, 619 55, 992,112 53, 812,146 52,194, 913 15,082 15,151 15, 287

1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p . 973.
2 T h e June and March 1939 figures of loans and investments of "all b a n k s " exclude approximately $50,000,000 and $100,000,000, heretofore reported
as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports
among "other assets." Figures by States covering insured banks for June 1939 are shown in report No. 11 of "Assets and Liabilities of Insured
Banks."




972

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29,
1939, AND JUNE 30, 1938, BY STATES
[Amounts in thousands of dollars]
Deposits, exclusive of interbank deposits

Investments *

Loans*

N u m b e r of
banks

State
June
1939

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
1939

June
1938

June

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

59,938
29, 711
24,128
461, 838
37, 833
108, 220

March
1939

June

June
1939

March
1939

June
1938

June
1939

Mar.
1939

June
1938

114,764
64,031
111, 173 110,850
29, 203
66,945
64, 532
62,165
23,157
54, 621
54, 859
51, 248
437, 242 1,166, 582 1,095, 201 1,100,175
86,979
33,389
83,118
103, 286 272,098
265, 759 253, 914

39
52
42
126
12
53

39
52
42
126
12
54

39
52
42
127
12
54

., 424,179 1,449, 263 1, 508, 391 2,940, 211 2, 776, 541 2, 546, 742 4,824,977 4, 549, 636 4,110, 555
763, 204 733, 324
239, 248 233, 651 229, 474 392, 811 393, 865 377, 698 787,309
791, 780 779, 856 800,168 1, 482, 381 1, 471, 397 1, 422, 864 2, 366, 653 2, 267, 231 2,199, 556

437
226
694

438
227
695

442
229
697

39,064
31, 612
25, 923
494, 533
39, 434
97,174

37, 469
30,424
24,860
491, 411
37, 778
95,331

61,142
32, 223
24, 506
448,331
32,663
123, 445

323, 920
122, 496
650, 711
164,152
95, 871

313,177
117, 513
639,025
170, 329
96, 786

958, 842 927, 504 893, 889
303,469
450, 676 452, 757 423,978
224, 855 439, 600 419, 684 395,443
108, 224 235, 668 230,901
606, 619 1, 507, 887 1, 445, 764 1, 279, 242 2, 542, 302 2,133,040 2, 348,195
370, 381 727,146
155,166
689.958
395,087
658, 682
399,090
451, 998 447,083
96,033
274,134
420, 678
270, 404 268,193

244
126
324
82
105

245
126
320
82
105

247
127
314
83
106

206,885
96, 679
181, 330
15,040
22,096
84,138

197, 560
93, 642
178, 876
15, 049
20,478
81, 444
64, 424

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

281, 709
84,103
244,189
20, 834
20,869
93, 327
82, 301

289, 815
87, 321
271, 516
20, 875
22,303
95,108
84,134

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

572, 098
200, 283
453, 975
44,149
51,983
193, 032
202, 518

535,164
207, 203
454, 227
43, 087
50, 477
191,104
190, 952

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

192
109
87
50
42
136
182

192
109
87
50
43
136
182

195
110
86
52
45
136
184

8,286
63, 972
47,168
157, 477

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

9,113
206, 645
78, 755
112,843
49, 995
26,003
18, 200
83,197
122, 382

9,523
197, 594
83,021
126,384
52,098
29, 574
18, 620
84,i
128, 317

9,892
172,811
73, 041
116,639
50, 543
26,137
19,153
57, 862
112,948

17,400
268, 496
158, 248
321,643
150, 797
89, 591
68, 619
239, 676
241, 035

17,062
263, 551
172, 734
310,886
148, 960
92, 973
67, 503
226, 579
252, 44"

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

15

41,131
29,470
132, 597
58, 621

8,332
63,183
45,901
152,195
64,072
41, 676
28,431
128, 961
59, 557

130
78
42
20
52
52

131
78
43
20
52
52

93, 282
170, 603
95, 498
21,449

93, 637
165, 643
89, 863
21,684

93, 577
148, 657

82,424
106, 571
64, 285
25, 282

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

198,440
302, 274
186, 700
60,890

202,788
290, 335
177, 293
64,385

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

96
71
67
24

97
71

21,039

82, 542
102, 860
65, 316
24,030

38,175
106,176
126, 035
417, 564

38, 710
107, 765
123, 961
406, 986

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

31, 408
121, 826
125, 719
381, 371

32, 525
126,368
135, 359
386,518

33, 230
87, 687
84, 967
123, 306 258, 867 253, 681
126, 620 335, 292 327, 518
371, 873 1,061,857 1, 035, 301

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

49
30
214
446

49
30
214
447

50
30
215
449

15, 214
13, 659
16,301
64, 667
16, 558
22, 463
22, 644
10, 499

15,199
13, 688
15, 738
62,808
15,045
22, 241
21,980
9,537

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

32, 885
19, 706
13, 678
91, 765
16, 410
19, 489
22, 241
13, 921

34,112
19, 870
14,061
91, 706
15, 841
20, 780
21, 557
13, 715

72,013
44, 383
42, 327
224,387
44, 855
57, 631
55,755
33,064

68, 339
43,827
38, 936
211, 590
43, 333
55, 587
53, 718
30, 659

43
18
26
78
22
5
13

43
19
26
78
22
5
13

43
20
26
78
22
5
13
5

142, 358 134,052
326,346
139, 259 146, 858 151, 825 143, 635 359, 841 355,897
242,190
226,887
79, 591
74, 831
72, 844 113, 741 115, 568 120, 589 240,950
, 261, 469 1, 254, 383 1, 231,159 1,167, 473 1,109, 471 1,147, 745 2, 731, 204 2, 638, 868 2, 672, 595

46
27
101

47
28
101

48
28
103

8, 553,015 8, 448, 40J 8, 316, 371 12, 528, 227 12, 331,13611, 617, 64724, 534, 399 23, 340, 275 22, 552,9095,203 5,212

5,242

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

70,607
44,125
41, 616
217.959
43, 333
57,945
58, 592
32, 361

16
132
79
43
20
53
53

i The June and March 1939 figures of loans and investments exclude approximately $20,000,000 and $50,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"other assets." Figures by States are shown in "Abstracts of Condition Reports of National Banks."




973

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

ALL BANKS IN THE UNITED STATES—Continued
STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND
JUNE 30, 1938, BY STATES
[Amounts in thousands of dollars]
Deposits, exclusive of interbank deposits

Investments 2

Loans i

Number of
banks

State
June
1939
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island4
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
PacificWashington
Oregon
California
Total

March 3
1939

Junes
1938

June
1939

March 3
1939

June 3
1938

June
1939

March 3
1939

June 3
1938

June Mar.3 June 8
1939 1938

69,807
68,901
139,120
145, 282 138, 516 211,406
70,685
209,754 206, 701
71,902
69,903
141,463
141,463
69, 903 136,404
209, 517 206,127 206,127
59,137
58,416
47, 331
49,304
48,009
62,607
110,126
113, 278
110,147
, 229, ~~ *1, 236, 600 1, 251, 411 1, 367, 460 1, 342, 721 1, 333, 531 2, 643, 535 2, 610, 652 2, 618, 749
131, 749 128, 537 129, 419 246,059 242, 403 237, 789 383, 422 378, 712 372,393
476, 814 476,154
476, 234 466,607 470,814 447,381 1,010, 553 1,000,1""
978, 440

63
55
42
264
23
154

63
56
42
265
23
154

63
56
49
265
23
142

., 572,329 5, 608, 515 5, 775, 527 6,932,076 6, 611, 224 6,130, 47813,415, 880 12, 759, 27212,435, 735
420, 926 437, 631 462,37"
605,339
595, 586 575,965 1, 227, 626 1,214,088 1, 216, 219
725,141
711, 556 741, 224 1, 545, 574 1, 565, 233 1, 509, 323 2,430,880 2, 382,160 2,342,122

451
167
409

456
177
411

458
181
416

517, 206
160, 569
280, 615
230,765
161, 665

505,021
153,914
275, 791
217,108
154, 257

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

565,457
160,098
575,627
331, 32f
176, 694

559,870
163,877
547, 624
321, 349
179,985

524,189 1, 327,061 1, 285, 715 1, 235, 057
159, 927 407,980
395, 281 386, 595
541, 770 1,092, 254 1,012, 973 1,021, 653
305,143
693, 882 675, 347 628, 889
179, 302 395, 418 393, 548 373,532

461
386
531
374
477

462
387
536
374
478

462
394
552
379

110,982
220,427
263,811
9,375
16, 008
36, 315
79, 975

107, 456
217, 435
254, 673
9,786
15, 024
35, 855
79, 522

130,400
116,428
345, 990
8,259
11, 333
17, 789
49, 971

134, 763
121, 554
359, 999
7,449
11, 441
18, 499
50,413

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

267, 516 268, 405 260,510
395,031 s 414, 219 368, 911
644, 390 626,838
601, 539
2 1 , •-•
21, 511
21, 258
33, 539
30,926
33,138
65, 912
64, 534
67, 704
161, 229 s 156, 258 5 158,825

491
539
549
119
124
290

493
541
556
125
124
291
499

493
543
565
128
130
291
503

70,079
143,423
57, 351
134,048
63, 764
128,126
26, 269
85,394
26,926

72,731
141,972
55, 840
129,461
62,352
118, 029
25,198
79, 361
25,978

100,828
178,020
245, 560
9,911
14, 67f
34, 218
80,346
68,077
145,322
53,480
125,485
61, 794
116,194
25, 559
81, 210
24,815

98,090
290, 705
52,096
62,856
36, 552
114,154
21,056
30,814
29,115

97, 523
297,415
52,620
61,484
40, 311
116,097
22,109
30, 641
29, 681

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

193, 463
524,046
134,167
211, 427
126, 745
260,108
63,361
132,407
88,077

186,954
503, 922
139, 455
206, 274
127, 033
251,975
66, 695
131,148
89, 387

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

31
127
13
185
103
186
131
232
112

32
128
13
186
103
188
131
231
111

32
133
13
187
105
189
130
231
110

111, 562
70, 218
40, 288
52, 365

112, 455
69, 208
42, 489
54, 069

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

66,083
30, 295
27,169
47,136

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

206,900
126, 627
79, 318
121, 789

204,189
127, 850
85, 932
130,'—

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

318
228
149
181

320
230
150
180

330
232
152
181

36, 502
53,407
21,920
84, 420

53,085
21, 396
83, 328

29,158
48, 775
20, 765
79, 290

19,054
51,177
15, 790
50,026

69, 951
32, 339
28, 717
47, 878
19, 324
57, 857
17, 681
51, 630

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

68,901
150,040
53, 289
175, 784

69,176
152,902
50, 590
174, 683

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

167
116
182

170
116
183
400

171
116
183
407

17,110
15, 684
8,808

18, 675
4,453
7,125
33,121
725

23, 610
18, 318
3,407
18,365
3,328
10, 493
28, 379
1,309

23, 503
17, 758
3,442
18, 755
3,483
10, 893
28, 892
1,""

23.128
18, 382
2,754
18,081
3,239
10, 282
26.129
1,201

54, 724
44,936
16,977
55, 504
12,199
26,956
75, 341
2,778

71
32
32
66
19
7
46
5

71
32
32
67
19
7
46
4

54, 392
15, 644
521, 824

61, 812
16,062
565, 768

61, 683
17,131
542, 949

128

105
49
129

17,14'

15, 072
8,897
19,409
5,205
8,550
35,824
1,004
53, 741
16,474
528,420

16,422
14, 831
8,433
18, 530
4,929
7,'"
34,143
52,139
15, 705
526, 248

52, 211
52, 787
5 45, 149 s 43, 514
15, 529
16, 855
55,164
51,100
11, 327
11,902
e 27,052 5 25, 212
69, 380
75, 608
5 2, 442 5 2, 397

124,962
58,124
130, 711 126,347
16, 299
37, 383
39, 344
38, 270
489, 858 1,133,045 1, 099,177 1,073, 420

12, 761, 257 12, 705, 540 12, 813, 443 15, 768, 357 15, 443, 798 14, 633, 972 31, 457, 713 30, 471, 871 29,642,004

100
48
128

9,879 9, 939 10, 045

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 The June and March 1939 figures of loans and investments exclude approximately $40,000,000 and $50,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"other assets." Figures by States covering insured State banks for June 1939 are shown in report No. 11 of "Assets and Liabilities of Insured Banks."
3 For call dates of figures included in the March 1939 and June 1938 columns see footnotes on pp. 566 and 976, respectively, of the July 1939 and
November 1938 BULLETINS.

*• Beginning December 1938 the figures include 12 Industrial banks with total loans and investments of $6,940,000 and deposits of $4,189,000, not
included
heretofore.
5
Figures include relatively small amounts of interbank deposits.




974

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29, 1939, AND
JUNE 30, 1938, BY STATES
[Figures in this table are also included in the table on p. 973 covering State Banks." Amounts in thousands of dollars

June
1939

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
Total

March1
1939

Deposits, exclusive of interbank deposits

Investments

Loans

State

June
1938

March1
1939

June
1939

June

June

1938

1939

March i
1939

June
1938

Number of
banks
June Mar.i June
1939 1939 1938

296
117

293
116

296
129

198
69

198
69

217
69

395
301

401
282

423
297

3
1

3
1

3
1

1,504
67
208
2
15
58,471
2,146

1,419
68
233
2
15
60, 596
2,115

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

1,141
57
38

1,195
49
38

1,343
52
38

12
483, 249
569

12
426, 963
582

13
327, 702
566

3,896
155
317
11
6
449, 062
2,862

3,790
136
365
13
6
420, 798
2,898

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

15
1
1
1
1
9
13

16
1
1
1
1
12
13

17
2
1
1
1
14
13

6,624
1,292
633

6,772
1,187
616

8,199
1,107
640

55,952
1,101
31

44,922
1,188
6

37,102
1,111
50

70,011
2,517
538

66,042
2,400
570

56, 395
2,427
622

214
4
1

15
4
1

15
4

71, 375

73, 432

91,152

542, 417

475, 222

368, 263

530,071

497, 701

426, 241

64

69

73

1

1
2

For call dates of figures included in the March 1939 columns see footnote on p . 567 of the July 1939 BULLETIN.
Beginning June 30,1939, the number of banks excludes 1 branch of a New York bank. The figures of loans, investments, and deposits of the
branch are included as heretofore.

MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 29,
1939, AND JUNE 30, 1938, BY STATES
[Figures in this table are also included in the table on p. 973 covering "State Banks." Amounts in thousands of dollars]

Loans

State
June
1939
California
Connecticut:
District No. l._
District No. 2 . .
Delaware
Indiana:
District No. 7-_
District No. 8__
Maine
Maryland—.
__
Massachusetts
Minnesota
New Hampshire
New Jersey:
District No. 2__
District No. 3__
New York
Ohio
Oregon
Pennsylvania:
District No. 3 . .
District No. 4__
Rhode Island.
_
Vermont
Washington
Wisconsin:
District No. 7__
District No. 9__
Total
1

March i
1939

Investments
June
1938

June
1939

March 1

June
1938

Deposits, exclusive of interbank deposits

Number of
banks

March i
1939

1
June Mar. June
1939 1938

June
1939

35,692

35,189

34,178

57,644

58,312

58,602

88,015

87, 399

86, 675

262,374
82, 546
13,019

263, 571
81,990
13,004

271,620
81,868
12, 976

279, 724
80, 388
30, 248

279, 459
81, 990
29,486

269, 693
81,314
27,937

559, 895
166, 410
39,030

560, 004
165, 316
38,144

554,944
163, 529
36,971

59
14
2

59
14
2

59
14
2

7,654
3,474
3,683
6,683
11, 408
11, 299
6,653
3,818
12,890
2,612
2,548
4,368
4,445
4,320
8,097
8,103
3,300
7,897
104, 671 100,987
29, 659
30,358
100,251
128, 355 128,038
126,930
29, 780
38, 440
42,154
171, 653 175, 625 176,067
224, 525 222,806
223, 285
39,016
1,012, 577 1,029, 562 1,042,151 1,128, 851 1,096, 504 1,098, 550 2,152, 961 2,131, 957 2,144,444
54,426
10,102
9,786
9,833
52, 790
53, 342
66,109
66, 256
65, 290
132, 675 132, 675
190, 243 190, 243
63, 239
61, 717
61, 717 128,049

3
1
32
12
192
1
43

3
1
32
12
193
1
44

4
1
32
12
193
1
44

123, 462 126,948
128, 799 179, 208 174, 527 172, 518 328, 664 324, 240 322,218
7,r~7,191
4,642
4,972
8,036
13,907
13, 876
14,453
4,681
3,006, 629 2,986, 520 2,989,944 2,442, 624 2,377,185 2,313,928 5, 514, 825 5,404, 624 5,336,851
69, 567
121, 748 121,131
40, 405
65,469
43, 737
40,000
68, 927
121,016
834
2,221
1,205
1,109
724
737
2,041
1,218
1,909

22
2
134
3
1

22
2
134
3
1

22
3
134
3
1

6
1

6
1
9
8

14

555

563

74,195
11,177
50,905
27, 560
26, 692

74, 982
11,061
50,206
27, 325
26,429

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

437, 498
44,353
128,148
24, 613
40,065

450, 644
45,066
127, 795
25,332

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

538, 492
55, 412
177, 583
57, 459
67,654

541,138
54, 806
176,174
57, 653

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

2,129

2,155

2,133
62

2,082
40

2,112
34

2,085
58

4,358
117

4,345
114

4,371
110

4, 931,131 4,926,311 4, 961, 068 5,411,157 5,338,459 5,235,037 10, 520, 63410, 375, 690 10, 295, 859 553

For call dates offiguresincluded in the M a r c h 1939 columns see footnote on p. 567 of the July 1939 B U L L E T I N .




June
1938

975

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES, 1937-1938

The Department of Commerce has pub-omitted or underestimated or that payment
lished a final summary of the international items had been overestimated. In the final
transactions of the United States in 1938summary, as shown in the following table,
which differs somewhat from the preliminary the residual is $508,000,000, an increase of
summary published on page 487 of the FED- $39,000,000 over the amount given in the
ERAL RESERVE BULLETIN for June 1939. The
preliminary estimate.
preliminary summary showed an unexplained A revision of the transactions in 1937 shows
residual balance of receipts from foreigners
of $469,000,000. After all the individual some differences from thefinalsummary pubmerchandise, service, capital, and gold and lished on page 31 of the BULLETIN for January
silver transactions for which data could be 1939. These revisions reduce the unexplained
published had been recorded, receipts by the residual balance of receipts by $75,000,000.
United States were short of recorded pay- The revised summary for 1937 and the
ments by this amount. Since total receipts final summary for 1938 are given below in
and payments must balance, this discrepancy substantially the same form as that employed
indicated that certain receipts had been by the Department of Commerce.
[In millions of dollars]
1938

937 (revised)

Items

Receipts
from
foreigners

L Trade and services
Merchandise
Merchandise adjustments '
Freight and shipping
Travel expenditures
Personal remittances
Institutional contributions
Interest and dividends. 2
Government transactions
Miscellaneous services
Trade and service transactions..

_ __ -

_,

_ _

. __

2. Gold and silver
Gold exports and imports

Gold earmarking operations
Silver exports and imports.

Gold and silver movement

._

_._

4. Residual item

ments (—)

Receipts
from
foreigners

Payments
to
foreigners

Net receipts (+)
or payments (—)
+1,133
+47

+265
+37

578
30
230

3,084
42
210
563
170
35
280
126
61

+298
-96
+169

549
34
191

1,961
39
155
516
150
40
216
98
60

4,558

4,571

-13

4,261

3,235

+1,026

46

1,632

- 1 , 586

6

1,979

-1,973

9

92

7

231

3,349
79
107
160
25

__

3. Capital
Reported long-term capital movement 3_._ _
„
Reported movement of short-term banking and brokerage funds 4
Paper currency movements
Miscellaneous capital transactions
Capital movement

Net rePayments
ceipts (+)
to
or payforeigners

-103
-403
-145
-35

+200
-83

3,094
86
113
159
35

2,661

+522
+354

+5

+333
-64
+131

+333
-224
-1,864

-1,469
3,183

-42
-357
-115
-40

1,724

1,701

+23

+295
+15
-3

+881

+330

+601

+508

1
This item consists roughly of 3 parts: (1) exports and imports of goods for which data are available but not recorded in the official trade figures
(e.g., sale of ships, bunker-fuel purchases and sales, etc.); (2) goods whose export or import is wholly or partly omitted from official trade data (e.g.,
unrecorded parcel-post shipments, goods smuggled into the country, etc.); (3) correction of certain recorded trade figures to allow for possible overvaluation
(in the case of goods sent on consignment) or undervaluation (in case of imports subject to ad valorem duties), uncollectible accounts, etc.
2
Includes $1,000,000 of war-debt receipts in 1938.
3
This item covers the movement of funds in security transactions as reported by the Treasury Department ($512,000,000 net in 1937 and $76,000,000
net in 1938) and other transactions involving particularly the transfer of properties not represented by security issues.
4
This item covers the net movement of capital in short-term banking funds and in brokerage balances as reported by the Treasury Department
($290,000,000 in 1937 and $293,000,000 in 1938) and the net change in Philippine Government accounts with the United States Treasury.




976

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

FRENCH FINANCIAL MEASURES

A French Cabinet decree of September 1,
1939, provides for the withdrawal from circulation of nickel coins of five francs and
silver coins of ten and twenty francs and
authorizes the Bank of France to place in
circulation bank notes of corresponding denominations. The same decree relieves the
Bank of France of its obligation to maintain
a reserve in gold coin and bullion equal to 35
per cent of its total sight liabilities and approves conventions concluded between the
Government and the Bank of France and the
Bank of Algeria. These conventions provide
for temporary advances to the Government
amounting to 25,000,000,000 francs in the
case of the Bank of France and 1,000,000,000
francs in the case of the Bank of Algeria;
the latter bank is also authorized to increase
its note circulation by 1,000,000,000 francs.
The texts of the decree and the convention
with the Bank of France are given in translation below.
DECREE CONCERNING PROVISIONS OF A MONETARY
NATURE AND APPROVING CONVENTIONS ENTERED
INTO BETWEEN THE STATE AND THE BANK OF
FRANCE AND THE BANK OF ALGERIA

The President of the French Republic;
On the report of the President of the Council, Minister of National Defense and of War, and of the
Minister of Finance;
By virtue of the law of March 19, 1939, granting
the Government special powers;
The Council of Ministers concurring:
Decrees:
ARTICLE 1. Silver coins of 20 francs and 10
francs and nickel coins of 5 francs shall be withdrawn from circulation. Decrees issued on proposal
of the Minister of Finance shall fix the time when
these coins shall cease to be legal tender and when
they shall no longer be acceptable at the offices of
the National Treasury.
ART. 2. The Bank of France is authorized to
issue notes of 5 francs, 10 francs, and 20 francs
denomination.
ART. 3. The following are approved:
(1) The convention concluded September 29,
1938, between the Minister of Finance and the
Governor of the Bank of France;
(2) The convention entered into May 11, 1939,
between the Minister of Finance and the Director
General of the Bank of Algeria.
The text of these two conventions is annexed to
the present law.1

These conventions are exempt from stamp and
registration taxes.
ART. 4. The application of the first paragraph
of Article 4 of
the monetary law of June 25, 1928,
is suspended.2
ART. 5. The maximum amount of the note circulation of the Bank of Algeria and its branches,
fixed at 4 billion francs by the decree of June 17,
1938, is increased to 5 billion francs.
ART. 6. The President of the Council, Minister
of National Defense and of War, and the Minister
of Finance, each in so far as he is concerned, are
charged with the execution of the present decree
which shall be submitted for ratification to the Chambers in conformity with the law of March 19, 1939.
Done at Paris, September 1, 1939.
ALBERT LEBRUN.

By the President of the Republic:
The President of the Council, Minister of
National Defense and of War,
EDOUARD DALADIER.

The Minister of Finance,
PAUL REYNAUD.
CONVENTION BETWEEN THE STATE AND THE BANK
OF FRANCE

Between the undersigned, M. Paul Marchandeau,
deputy, Minister of Finance, acting on behalf of the
State, and M. Pierre Fournier, Governor of the
Bank of France, duly authorized by decision of the
general council of the Bank of France, under date
of September 28, 1938,
It has been agreed as follows:
ARTICLE 1. In case of a general mobilization of
the land, sea, and air forces, the Bank of France
shall make available to the Treasury temporary
advances up to an amount of 25,000,000,000 francs,
including, if occasion arises, the 10,000,000,000 francs
provided for in the convention under today's
date
concerning measures for partial mobilization.3
ART. 2. In return for the advances granted in
application of the present convention, 3-months
Treasury bills shall be delivered, renewable until
the repayment of the above mentioned advances.
ART. 3. Interest on the advances granted in application of the present convention, including, if
occasion arises, the advances in case of partial mobilization, is fixed, beginning with the day of partial
mobilization, at 1 per cent per annum of the outstanding amount of the advances.
This rate of interest shall be increased to 3 per cent
per annum one year after hostilities cease.
ART. 4. From the amount of the interest fixed
in the preceding article the Bank of France shall
deduct as reimbursement for expenses incurred by
it in connection with the handling
of the advances
a commission of 0.5 per cent 4 per annum of the
outstanding amount of the said advances.
The remainder of the interest shall be allocated to
a special reserve account designed to cover losses
which might occur:

2
This paragraph provides that the Bank of France must maintain a metallic reserve in gold bullion and gold coin equal to
at least 35 per cent of its notes in circulation and its liabilities
on3 current account. See BULLETIN for August 1928, p. 570.
The convention referred to has lapsed without having been
in
effect.
1
4
Only the convention between the State and the Bank of
Given in Journal Officiel as 5.0 per cent—evidently a misFrance is given in translation below.
print.




NOVEMBER 1939

FEDERAL RESERVE BULLETIN

977

ART. 6. The Bank of France undertakes to turn
over to the Minister of Finance, at his request, letters
opening credits at branches and auxiliary offices for
an amount which may not exceed 3,500,000,000
francs, representing a part of the total advance
of 25,000,000,000 which is the subject of the present
convention.
The designation of the branches and auxiliary offices and the amount of credits to be opened at each
establishment shall be shown in a confidential memorandum transmitted by the Minister of Finance to
the Bank of France.
These credits shall be in force in case of a general
mobilization and beginning with the day of publication of the mobilization order in the Departments in
which are located the branches and auxiliary offices
in which they are opened.
These extensions of credits shall be separate from
those which are opened for current use within the
limits of the available funds in the Treasury's account; until the day of general mobilization, they
shall not be taken into account in the dealings between the Treasury and the Bank.
ART. 7. With exception of the provisions of article 6 above, the present convention shall not be in
force until after its ratification by Parliament.
ART. 8. The present convention is exempt from
stamp and registration taxes.
5
ART. 9. The present convention shall remain in
Given in Journal OJficiel as 20 centimes per 100 francs, which
is evidently a misprint. The stamp tax on note circulation, force until December 31, 1945.
under article 166 of the codification of texts concerning the Bank
Done in duplicate at Paris, September 29, 1938.
of France of December 31, 1936, is at the rate of 20 centimes per
thousand francs fnot 20 centimes per hundred francs as given Read and approved:
Read and approved:

(a) On bills in the commercial portfolio of the
Bank, collection of which might be suspended by
a law extending the time for payment;
(b) On special operations which the Bank would
be authorized to undertake by a law effecting
modifications of the statutory rules.
The amount of this reserve fund shall not exceed
the total amount of the credits and of the operations
referred to above.
When this amount shall have been reached, the
part of interest designated for the reserve fund
shall be returned to the Treasury.
In similar manner there shall be returned to the
Treasury any available balance existing at the time
of the definitive liquidation of the reserve fund.
ART. 5. The amount of advances made by virtue
of the present convention shall not be included in the
figure of the productive circulation serving as a
basis for calculation of royalties as provided by the
laws and conventions now in effect.
The part of the circulation which, according to the
terms of the laws and conventions now in force, is5
subject to a stamptax of 20 centimes per 1,000
francs, shall be reduced, for the calculation of the
amounts due under the head of this tax, by an
amount equal to that of the advances granted by
virtue of the present convention.

in Journal Officiel).




PAUL MARCHANDEAU.

FOURNIER.

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES




979

980

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding

Date

Bills
Bills
discounted bought

End of month figures:
1938—Sept. 30
Oct. 31
Nov. 30____
Dec. 31
1939—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30____
Wednesday figures:
1938—Nov. 2
Nov. 9 __
Nov. 16 __
Nov. 23____
Nov. 30

U. S.
Other
GovReserve
ernbank
ment
securi- credit l
ties

Total

Gold
stock

Treasury
currency
outstanding

TreasMoney
ury
in circash
culaholdtion
ings

Member bank
Other reserve balances
Treasury
NonFeddeposits
memeral
with
Federal ber de- Reserve
Excess
posits
acReserve
(esticounts Total
banks
mated)

8
7
7
4
5
4
4
3
4
5
5
5
6

1
1
1
1
1
1
1
1
1
1
1
1
1

2,563
2,564
2,564
2,564
2,574
2,564
2, 564
2,571
2,564
2,551
2,488
2,426
2,804

29
14
13
33
28
30
18
20
4
23
-8
14
68

2,600
2,586
2,584
2,601
2,607
2.598
2,587
2,595
2,573
2,579
2,486
2,446
2,879

13, 760
14, 065
14, 312
14, 512
14, 682
14, 874
15, 258
15, 791
15, 957
16,110
16, 238
16, 646
16, 932

2,739
2,751
2,773
2,798
2,816
2,824
2,839
2,849
2,862
2,881
2,895
2,907
2,919

6,622
6,700
6,787
6,856
6,653
6,731
6,817
6,905
6,967
7,047
7,049
7,171
7,293

2,810
2,770
2,689
2,706
2,776
2,740
2,691
2,699
2,636
2,563
2,360
2,325
2,244

853
535
484
923
747
1,148
1,229
931
920
944
752
708
545

356
424
574
441
458
488
533
545
586
739
693
622
753

260
260
259
260
255
254
257
255
253
258
257
255
240

8,198
8, 713
8,876
8,724
9,215
8,936
9,157
9,900
10,029
10, 018
10, 507
10, 918
11,655

2,869
3,227
3,383
3,205
3,644
3,387
3,559
4,098
4,218
4,140
4,553
4,758
5,352

8
8
7
7
7

1
1
1
1
1

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

9
-3
18
16
13

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

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

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

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

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

576
578
544
474
484

426
531
525
563
574

260
259
259
258
259

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

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

6
7
8
7

1
1
1
1

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

20
29
84
39

2,591
2,600
2,656
2,610

14,
14,
14,
14,

367
380
454
508

2,775
2,784
2,788
2,790

6,844
6,858
6,943
6,912

2,681
2,651
2,677
2,707

407
413
1,025
941

576
551
514
505

258
258
267
265

8,966
9,034
8,472
8, 577

3,442
3,476
2,979
3,072

1939—Jan. 4
Jan. 11
Jan.18
Jan. 25

4
5
4
5

1
1
1
1

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

35
23
18
14

2,604
2,592
2,588
2,583

14,
14,
14,
14,

565
577
615
640

2,800
2,805
2,810
2,812

6,839
6,716
5,666
6,623

2,725
2,712
2,726
2,754

891
873
800
767

436
459
435
470

258
258
256
256

8,819
8,956
9,130
9,166

3,298
3,436
3,559
3,597

Feb. 1
Feb. 8
Feb.15
Feb. 21

5
7
5
4

1
1
1
1

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

13
12
17
23

2,582
2,584
2,587
2,592

14,
14,
14,
14,

694
732
772
818

2,817
2,818
2,819
2,821

6,663
6,673
6,695
6,708

2,770
2,768
2,771
2,752

887
931
1,250
1,181

469
488
500
495

256
255
254
254

9,047
9,018
8,707
8,841

3,478
3,459
3,166
3,298

Mar.
Mar.
Mar.
Mar.
Mar.

1. __
8
15
22
29

4
3
3
3
3

1
1
1
1
1

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

19
-3
27
5
10

2,586
2,565
2,595
2,573
2,578

14, 888
14, 923
14, 983
15, 075
15,160

2,827
2,829
2,832
2,834
2,837

6,739
6,751
6,751
6,758
6,765

2,716
2,716
2,712
2,743
2,722

1,168
1,102
1,059
1,222
1,201

484
510
552
511
505

253
253
259
258
257

8,942
8,985
9,077
8,989
9,125

3,382
3,407
3,443
3,364
3,519

Apr.
Apr.
Apr.
Apr.

5
12
19
26

3
3
3
3

1
1
1
1

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

17
17
23
12

2,584
2,584
2,591
2,580

15,
15,
15,
15,

292
430
605
714

2,838
2,842
2,844
2,849

6,855
6,835
6,858
6,860

2,712
2,707
2,723
2,693

1,103
1,015
951
913

470
515
509
516

257
256
256
256

9,318
9,528
9,743
9,903

3,708
3,879
3,998
4,124

May
May
May
May
May

3
10
17
24
31

3
4
4
4
4

1
1
1
1
1

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

4
7
8
8
4

2,572
2,575
2,576
2,576
2,573

15, 801
15, 856
15, 892
15, 927
15, 957

2,851
2,854
2,857
2,859
2,862

6,915
6,904
6,913
6,893
6,967

2,691
2,678
2,683
2,646
2,636

936
959
927
915
920

554
521
543
558
586

255
255
255
254
253

9,872
9,967
10, 005
10,097
10, 029

4,084
4,186
4,244
4,304
4,218

June
June
June
June

7
14
21
28

3
3
5
5

1
1
1
1

2,564
2,564
2,564
2,551

8
37
15
10

2,576
2,605
2,584
2,567

15, 987
16,027
16, 060
16, 093

2,864
2,868
2, 8732,879

6,986
6,936
6,934
6,962

2,571
2,570
2,566
2,559

935
928
941
962

630
714
714
677

253
253
263
263

10,053
10,101
10,099
10,116

4,279
4,264
4,227
4,243

July
July
July
July

5
12
19
26

5
5
5
5

1
1
1
1

2,551
2,535
2,515
2,488

13
28
17
19

2,569
2,569
2,537
2,512

16,136
16,174
16,191
16, 227

2,880
2,885
2,890
2,893

7,100
7,041
7,022
7,002

2,577
2,552
2,530
2,506

820
791
764
742

678
638
634
690

257
257
257
257

10,151
10, 350
10, 412
10, 436

4,292
4,447
4,485
4,485

Aug.
Aug.
Aug.
Aug.
Aug.

2
9
16
23
30

5
5
5
5
6

1
1
1
1
1

2,453
2,443
2,423
2,423
2,426

18
14
25
13
15

2,476
2,462
2,453
2,441
2,448

16,
16,
16,
16,
16,

248
270
335
501
638

2,895
2,897
2,900
2,903
2,905

7,054
7,070
7,091
7,098
7,141

2,370
2,354
2,366
2,334
2,327

863
844
776
724
709

662
597
565
604
608

257
256
256
256
255

10,
10,
10,
10,
10,

413
509
633
829
951

4,462
4,533
4,590
4,741
4,799

Sept.
Sept.
Sept.
Sept.

6
13
20
27

6
7
6
6

1
1
1
1

2,594
2,824
2,826
2,804

42
42
50
36

2,643
2,873
2,883
2,846

16,
16,
16,
16,

726
808
902
925

2,908
2,911
2,915
2,914

7,261
7,235
7, 236
7,238

2,264
2,227
2,272
2,260

676
615
619
552

688
755
781
771

247
234
242
242

11,141
11, 526
11, 549
11,621

4,969
5,271
5,275
5,332

7
7
6

1
1
1

2,785
2,765
2,748

45
38
63

2,837
2,810
2,817

16, 958
16, 973
16, 997

2,920
2,924
2,927

7,309
7, 346
7,330

2,250
2,238
2,216

469
404
349

776
742
698

239
238
241

11, 672
11, 739
11,907

5,359
5,399
5,509

Dec.
Dec.
Dec.
Dec.

7
14
21 __
28

Oct. 4
Oct. 11____
Oct. 18—_

i Includes industrial advances.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1937 (tables 3 and 4) and for 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. 960.




981

FEDERAL RESERVE BULLETIN

NOVEMBEK 1939

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

E n d of month

1939

Oct. 18

Oct. 4

Oct. 11

1939

Sept. 27

Sept. 20

Sept. 13

S ept. 6

1938

Sept.

Aug.

Sept.

ASSETS

Gold certificates on hand and due from
14 769, 206 14, 725, 715 14, 696, 217 14, 656, 717 14, 621, 718 14, 576, 719 14, 452, 221 14, 671, 720 14, 312, 222 10, 908, 223
U. S. Treasury
7,344
8,644
7,344
8,987
9,005
8,288
8,644
8,288
9,777
9,611
Redemption fund—F. R. notes
315,194
339,046
334, 281
325,153
324, 422
307, 781
334, 273
332, 383
339, 915
377, 449
Other cash
Total reserves

15, 111,366 15,049, 896 15, 030, 375 15,003,107 14, 964, 287 14, 909, 429 14, 768, 646 15, 013, 337 14, 660, 781 11, 295, 283

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

2,314
3,309

3,205
3,309

3,440
3,309

3,047
3,309

2,279
3,309

3,944
3,309

3,973
2,025

2,925
3,309

3,390
2,025

8,041

Total bills discounted

5,623

6,514

6,749

6,356

5,588

7, 253

5,998

6,234

5,415

8,041

415

498

548

548

545

546

546

548

546

541

11, 787

11, 803

11, 841

11, 644

11, 667

11,617

11, 627

11, 972

11, 667

15, 610

Bills bought:
Payable in foreign currencies
Industrial advances
U. S. Government securities, direct
and guaranteed:
Bonds
_____
Notes
Bills

1 315, 942 1, 315, 942 1, 315, 942 1, 315, 942 1, 308, 616 1, 268, 800 1, 021, 219 1, 315, 942
912, 460
789, 327
1 245, 497 1, 245, 497 1, 245, 497 1, 245, 497 1 245, 497 1, 245, 497 1 238, 573 1, 245, 497 1 179,109 1,164, 565
242, 370
272, 370
334, 620
242, 370
203, 457
223, 457
334, 620
309, 402
608, 623
186, 820

Total U. S. Government securities, direct and guaranteed
Other Reserve bank credit

2, 748, 259 2, 764, 896 2, 784, 896 2, 803, 809 2 826, 483 2, 823, 717 2, 594, 412 2, 803, 809 2, 426,189 2, 562, 515
26, 241
24, 055
38, 324
33, 207
30, 289
55, 965
2,347
13, 291
50, 634
29, 817

Total Reserve bank credit outstanding _
__ _ _

2, 816, 718 2, 809, 952 2, 837, 241 2, 846, 412 2, 882, 607 2, 872, 950 2, 642, 872 2, 878, 528 2, 446,164 2, 599, 998

LIABILITIES

F. R. notes in actual circulation

4 756,457 4, 757,812 4,732,133 4, 683, 726 4 677, 608 4, 678, 992 4 683, 716 4, 719, 776 4 630, 672 4, 253, 244

Deposits:
Member bank—reserve account___ 11 906, 847 11, 739,156 11, 671, 664 11, 621, 338 11 549, 309 11, 525, 708 11
469,127
551, 890
618, 613
403, 535
U. S. Treasurer—general account:_
615, 386
349,137
466,137
467, 580
495, 787
444, 207
Foreign bank
450, 076
414, 705
309, 403
303,913
285, 554
297, 400
Other deposits
305, 296
283, 540
Total deposits

140, 608 11, 655,397 10,917, 763 8,197, 653
675, 555
544, 548
707, 718
853,145
397,183
447,873
353, 401
205, 224
291, 248
304, 969
268,176
150, 395

12, 954, 229 12, 884, 298 12, 916, 331 12, 944, 721 12, 949, 263 12, 896, 466 12 504, 594 12, 952, 787 12 247, 058 9, 406, 417

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

85.3

85.3

85.2

85.1

84.9

85.9

84.8

85.0

86.9

82.7

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

6,356
6,749
6,514
5,623

2,164
2,451
2,316
1,255

168
237
288
297

500
353
296
3,539

3,372
3,547
3,455
307

548
548
498
415

124
255
232

149
93
99

140
140
99
93

135
153
74
223

11, 644
11,841
11,803
11, 787

1,366
1, 406
1,395
1,442

239
133
120
310

481
395
407
419

560
1,191
1,191
1,113

38, 913
36, 637
29,137
27, 440

29,137
27, 440
48, 940
54, 675

615
955
380
453

182, 453
141,173
105, 748

Total

Bills discounted:
Sept. 27
Oct. 4 _
_
Oct. 11
Oct. 18
Bills bought in open market:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Industrial advances:
Sept. 27
Oct. 4
Oct. 11
Oct. 18

__ _

XJ. S. Government securities, direct and guaranteed:
Sept. 27
Oct. 4
Oct 11
Oct 18




2, 803,
2, 784,
2, 764,
2, 748,

809
896
896
259

97,
123,
125,
210,

91 days 6 months 1 year
to 6
to
to
months
1 year 2 years

131
133
114
159

21
28
45
66

1,638
1.217
1,210
1,135

2,339
2,117
2,265
2,038

161,
161,
161.
161,

705
705
705
705

138, 783
138, 783
138,783
138, 783

2,511
2,973
2,852
2,966
347,
347,
347,
347,

365
365
365
365

2 years
to
5 years

Over
5 years

2,510
2,409
2,363
2,364
589,
589,
589,
589,

282
282
282
282

1, 218, 556
1, 218, 556
1, 218, 556
1,218,556

982

FEDERAL RESERVE BULLETIN"

NOVEMBER 1939

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

724,122
719,10"
717,113
725, 538

867,
860,
862,
865,

Richmond

Atlanta

St.
Chicago Louis

Minneapolis

KanSan
sas Dallas FranCity
cisco

ASSETS

Gold certificates on hand and
due from U. S. Treasury:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Redemption fund — Federal
Reserve notes:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Other cash:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Total reserves:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Other bills discounted:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Total bills discounted:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Bills bought in open market:
Sept. 27.._
Oct. 4
Oct. 11
Oct. 18
I__
Industrial advances:
Sept. 27.
Oct. 4
Oct. 11__
Oct. is
;;;
U. S. Government securities,
direct and guaranteed:
Bonds:
Sept. 27
Oct. 4__. .
Oct. 11__
Oct. 18
Notes:
Sept. 27
Oct. 4___
Oct. ll_.
Oct. 18
Bills:
Sept. 27
Oct. 4
Oct. 11__
Oct. 18
Total U. S. Government
securities, direct and guaranteed:
Sept. 27
Oct. 4
Oct. 11
Oct. 18__




14, 656, 717
14, 696, 217
14, 725, 715
14, 769, 206

', 063, 860
837, 7'44 7.
', 010, 441
859, 424 7,
845, 755 7,052, 463
848, 21G 7,129, 336

960 377, 949 294, 474 2,448,058 390, 861 255, 269 344,108 229, 770822, 542
',591 2.449, 484 423,831 264, 430 348, 981235, 923 834,055
899 382,051 307,
583 388, 634 295, 9822.450, 358 414, 724 259;
1,019 360, 604 228,130 850, 350
332 377, 953 277,459 2, 466, 276 410, 332 246,059 345, 488 220, 679856, 544

7,344
9,005
8,98'
9,77'

25:
214
189
1,161

944
1,792
1,660
1,520

606
546
520
454

768
705
659
601

599
1,252
1,244
95"

339,046
325,153
315,194
332, 383

27, 929
28,104
27, 220
28, 868

88, 924
81,121
79, 766
86, 255

26, 559
27, 973
26,845
28, 392

22, 552
22, 378
20, 442
21,494

20,179
21, 823
18, 503
21, 709

15,003,107
15,030, 375
15, 049, 896
15,111,366

1,572
1,27'
1,331
1,082

865, 930 7,153, 728
887, 742 7,093, 354
873, 164
~ " 7,
•', 133, 889
878, 239 7,217,111

225
410
420
85

4,784
5,472
5,183
4,541

751,
747,
744,
754,

28'
626
478
384

41
41
41
41

214
213
163

30

159
151
135
135

400
400
418
41

126
236
146
146

82
87
87
123

411
436
436
411

424
535
558
581

358
418
482
507

179
171
155
145

476
434
528
542

151
296

55
' 56
55
5,

51
51
51
51

24
24
24
24

19
19
19
19

69
69
69

357
336
337

1,037
1,035
1,034
1,01

751
645
64
645

446
445
445
445

397
202
260
310

141, 226
143, 485
143, 558
143, 618

58,053
43, 984
44,021
44,053

36, 239
34, 933
34, 981
35,020

51,485
49, 408
49, 464
49, 509

133, 666
135, 804
135, 871
135, 929

54,
41,
41,
41,

34, 301
33,063
33,108
33,146

1,315,942
1, 315, 942
1, 315, 942
1, 315, 942

96,081
95,114
95,140
95,162

398, 301
418,066
417, 506
417,034

112, 291
113,204
113,171
113,145

131,
136,
136,
136,

1,
1,
1,
1,

90, 937
90, 022
90, 046
90,06^

376,(
395, 688
395,158
394, 710

106, 279
107,143
107,114
107,087

124, 915
129, 559
129,583
129, 604

242,
223,
203,
186,

2,
2,
2,
2,

19, 647
18,454
18, 277
18,"

26:
322
342
342

2,678
3,096
3,104
3,128

497
497
497
497

5,822
5,460
), 369
5,687

361
472
470
468

2,042
2,024
1,999
1,'

245,
245,
245,
245,

600
462
241
250

370
457
457
820

17, 696
16,151
14. 710
13, 510

73,
70,
64,
59,

359
991
550
205

20,
19,
17,
16,

682
223
497
063

803,:
784, 896
764, 896
748, 259

204, 714
201, 287
199, 896
198, 739

848,
884,
877,
870,

641
745
214
949

239,
239,
237,
236,

252
570
782
295

442
432
422
415
16,
14,
15,
15,

793
942
784
789

264, 449 364, 362247,005
280
i, 727311, 990 2, 494, 685 407, 861
982 405,126 325,346 2,492,"'
709 439,176 273, 240 368,028 251, 297
684 408, 381313, 237 2,493,840 429, 836 268,732 3:
379, 461 244, 336
427 400, 619 295, 743 2, 510,507 425, 439 255, 084364, 937 236, 883

1,690
1, 595
1,579
1,574

11, 644
11,841
11, 803
11, 787

607
593
580
568

25
60
60
60

321
321
321
321

548
548
498
415

16,
14,
14,
14,

358
350
344
338

76
34
110
125

1,772
2,213
2,262
1,482
2,674
2,600
2,548
1,

45, 884
42, 562
42, 873
43,174

400
883
871
857

20
20
20
10

90
11
115
90

225
410
420
85

1,057

941
207
856
908

743

91
96
140
165

38:
286
290

6,356
6,749
6,514
5,623

891,
883,
883,
887,

16,
17,
16,
17,

575
548
399
376

980
887
913
934

70,
66,
66,
66,

688
230
351
452

66, 904
62, 684
62, 798
62,896

54,
52,
52,
52,

24, 308 13, 019 10,019
23, 245 11, 246 8,864
21,168 10, 259 8,080
19, 440 9,434 7,426

281, 203
289, 691
287, 664
285, 978

.50, 611 115,901
40,160 110, 474
.39, 408 '""1,804
.38, 782 109, 245

944
629
665
695

26,011 10, 692
24, 365 7,469
22,195 6,806
20, 389 6,254

300,
303,
301,
299,

903 123, 6891
654 93, 082;
624 92, 492
936 92,002

1,045
1,027
1,490
1,473
28,
27,
25,
26,

216
667
018
976

851, 803
862, 749
876,858
884, 993

60

35
1
17
4

45
75
75
50

346
480
501
64

275
15'
143
114

675
633
358
346

82
87
87
153

346
480
501
70'

310
174
160
118

720
708
433

2
2

16
16

16
16
16
16

39
39
40
40

818
846
842
838

202
202
202
201

545
536
535
532

1,075
1,074
1,074
1,062

62,
57,
57,
57,

286
502 46, 772
619 46, 826
716 46, 872

105, 594
107, 563
107, 596
107,626

58,
54,
54,
54,

951
426
534
626

46,193
44, 266
44,319
44, 364

99, 941
101,805
101, 837
101,864

6,675 11,472
5, 932 9,764
5,408 8,908
4,972 8,194

7,942
7,240
6,654

19,448
18, 265
16, 636
15, 279

77, 215 132, 709103, c
73, 928 121, 692
" 497
'"" 121,061
73,
1,385
73,138 120, 536 97,890

224, 983
227, 633
226,069
224, 769

NOVEMBER

983

FEDERAL RESERVE BULLETIN

1939

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

282,035 152, 030 116, 850
290,613 141, 637 111, 309
288, 610 140, 948 110,
"I, 623
1,054
286, 950 140, 330 110^

Richmond

Atlanta

MinSt.
neapChicago Louis
olis

Kansas Dallas
City

San
Francisco

ASSETS—Continued
Total bills and securities:
Sept. 27
Oct. 4
Oct. 11
_._.
Oct. 18
Due from foreign banks:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Federal Reserve notes of other
banks:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Uncollected items:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Bank premises:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Other assets:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Total assets:
Sept. 27
Oct. 4
Oct. 11
Oct. 18

2, 822, 35:
2,804,034
2,783,711
2, 766,084

206, 670
203,333
201, 936
200, 43i

853, 571
889, 582
881, 924
874, 799

242, 396
243,158
241, 377
239, 889

176
176
22.
308

13
13
13
13

65
66
116
199

18
18
17
17

20, 799
20, 583
20, 836
23,185

779
492
752
930

4,216
4,529
5,290
5,681

814
904
813
1,120

1,579
1,727
1,017
1,676

1,527
1,608
1,894
2,293

638
514
636
576

68, 026
68,133
65, 324
80,909

154, 978
162, 018
156,452
201,'

45, 487
48, 644
45, 947
58, 904

72,080
74, 091
76, 313
87,180

57, 282
54,633
59, 408
67, 780

42,140
42, 082
42, 082
42,

2,903
2,903
2,903

8,908
8,908
8,908

4,604
4,604
4, 604
4,604

5,906
5, 906
5,906
5, 906

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

2,044
2,044
2,044
2,044

67, 889
68, 951
71,118
68, 663

4,472
4,495
4,551
4,470

20,815
22,128
22, 534
21, 975

5, 895
6,485
5,945

7 27' 4,220
7, 592 4,027
7,681 4,859
7,565 4,028

2,951
2,898
2,916
2,894

646,
666,
667,
802,

18, 603,106
18, 632, 715
18, 635, 504
18, 814, 269

301, 894 123, 845
304,602 93, 387
302, 666 92, 707
300, 992 92, 217
22
22
22
22

3
3

2,225
2,418
2,918
2,561

22,900
91,474
26,129
90, 896
27, 304 95,856
30, 352 107, 224

1,786
1,783
1,611
2,090

78,117 133, 273 104,859
74,863 122,390 99, 706
74, 428 121, 780 99,096
74,131 121,460 98, 556

226, 817
229,454
227, 616
226, 267

2
2
2
2

5
5
5
5

5
5
5
5

13
13
13
13

2,569
1,543
1,379
2,026

1,274
1,091
843

1,520
1,841
2,195
1,184

487
511
394
534

2,414
1,953
1,482
2,247

29,429
31, 656
31,462
35, 220

18,451
19, 324
18, 871
23, 315

28,361 24, 543
30, 728
31,166 24, 871
34, 923 31, 808

33, 627
33, 873
34, 662
43,465

3,8
3,8

2, 258
2,256
2,256
2,256

1,505
1,503
1,503
1,508

3,144
3,132
3,132
3,132

1,222
1,216
1,216
1,216

3,166
3,166
3,166
3,166

6,650
6,861
6,931
6,870

2,732
2,157
2,184
2,141

1,887
1,855
1,879
1,853

2,983
2,811
2,850
2,807

2,472
2,429
2,464
2,412

5,535
5,718
5,784
5,703

1,148, 7988,196, 3021, 050, 5011,260,173 616,358 458,527 2, 900,840 568, 697365,2 533, 648 380, 5931,123, 375
1,167, 1118,180, 585 1, 050, 9341, 263, 927609, 602 469, 515 2, 901, 388 570,178
T 553
— 1,136, 926
372,061 528, 935 381,
1,148, 6438, 209,1131, 043, 7211, 263, 227618,061 457,741 2,906,113 559,827 366, 506 540, 589372, 382 1,149, 581
1,167, 9038,330,169 1,064, 863 1, 276, 720617, 621 443,183 2, 932,056 559, 302356, 736 528,448 371, 414 1,165, 854

LIABILITIES
Federal Reserve notes in actual circulation:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Deposits:
Member bank—reserve account:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
U. S. Treasurer-general
account:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Foreign bank:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Other deposits:
Sept. 27
Oct. 4
Oct. 11
Oct. 18




81, 783 367,883
83, 451 376,005
83, 643 377, 755
83, 821 376, 782

4, 683, 726
4, 732,133
4, 757, 812
4, 756, 457

398, 878 1,181, 959
402, 045 1,196, 981
404,130 1,199, 211
403,837 1,195,041

329, 332
330,565
335,192
331,883

435, 250 207, 386155, 720 1,031,010 183,
i, 504
1,113 135, 908 175,
434, 547 208, 923158,092 1,039, 533 185, 613 138,005 178, 373
440, 672 214, 653159, 219 1,041, 354 186,183 137, 705 178!
~\ 095
438, 346 220, 692159, 479 :1, 043,461187,168 137, 728 178, 219

11,621,338
11,671,66'
11, 739,156
11, 906, 84'

573, 626 6, 275, 556
596, 204 6, 283, 681
592, 811 6, 314, 981
605, 613 \ 399, 065

560, 539
559, 247
559, 791
582,181

626, 332 270, 322 207, 508 1, 616, 769 279, 803 145, 472 263, 983 202, 547598,881
627, 541 274, 051 210, 367 1, 618,190 280, 749 146, 288 265, 723 202, 018607, 605
625, 036 274,124 204, 751 1, 621, 340 281,137 151, 951 281, 852 211, 007620, 375
644,078 76, 460 196, 822 1, 654, 233 281, 261 146,192 276,113 208, 868 635, 961

551, 890
469,127
403, 535
349,137

45, 977
38, 993
25, 367
20,211

99, 853
60, 033
77, 339
95, 951

25, 542
23,837
13, 852
11, 643

36,494
38, 303
33, 039
30,113

46, 754
38,882
35, 203
22, 083

38, 031
39, 766
31, 276
24, 510

51,511
40, 900
40,178
25, 642

44,828
39, 881
29, 207
24, 253

42, 440
46,178
36,806
30, 543

40, 299 46, 676
30, 940 44, 494
27, 272 28,164
17, 528 2 2 , •""

33,485
26, 920
25, 832
23, 672

467, 580
466,137
444, 207
414,705

33,411
33, 398
32, 081
29, 976

168,407
167, 082
156, 940
146, 22!

45,138
45,121
43, 342
40, 506

43, 277
43, 260
41, 555
38, 836

20,010
20, 002
19, 214
17, 956

16, 287
16, 281
15,639
14, 616

56, 30'
56, 284
54, 066
50, 528

13, 495
13, 490
12, 958
12,110

10,703
10, 699
10, 277
9,605

13,49,
13, 490
12,958
12,11G

13,495
13, 490
12, 958
12,110

33, 555
33, 540
32, 219
30,130

6,041
6, 791
6,232
6. 620

207, 44'
206, 772
197, 361
193, 399

12, 440
13,117
9,480

14,135
14,116
13,150
7,

1,724
1,74'
1,607
1,540

6,749
6, 864
7,682
6,185

7,248
8,368
7,497
6,227

6,696
8,247
8,048
8,424

5, 56'
37'
5,48;
391
4,508
434
4,576 1,086

2,174
1,509
1, 560
2,088

33,113
36, 671
36, 204
36,116

303,
309,
297,
283,

913
403
400
540

984

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]

Total

New
York

Boston

Philadelphia

Cleveland

Richmond

lanta

St.
Chicago Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

LIABILITIES—Continued

D eposits— C ontinued :
Total deposits:
Sept. 27
2, 944, 721
Oct. 4
.2, 916, 331
Oct. 11
.....
.2, 884, 298
Oct. 18
-2, 954, 229
Deferred availability items:
Sept. 27
622, 759
Oct. 4
633, 483
Oct. 11
641,620
Oct. 18
752, 250
Other liabilities including accrued dividends:
r
Sept. 27
4,970
Oct. 4
3,815
Oct. 11
4,3:
Oct. 18
3,935
Total liabilities:
Sept. 27
.8, 256,176
Oct. 4
_.
8, 285, 762
Oct. 11
:8, 288,101
Oct. 18
,8, 466, 871

720, 238 338,810 268, 575
723, 220 334, 682 273, 278
712, 780 330,148 259, 348
720, 826 318,039 242,133

731, 835 344, 822 204,182 318,154 264, 892
723, 742 342, 367 208, 652 310, 544 261,511
, 723, 081331, 350 203,
;, 542322,516 253, 689
736, 630 326,048 190, 916 306, 837 246,054

699, 034
704, 736
714, 630
725,879

263
568
621
637

643,861
640, 645
630,102
643, 810

490
419
746
337

141,159
145, 083
142,158
179, 280

44,513
46, 927
45,130
56, 316

71, 633
73, 083
76, 605
84, 371

55,138
50,990
58,21f
63, 85'

21, 370
25,281
26,
28, 685

92, 801
92, 935
96,427
106, 717

29, 906
31,435
31, 518
35, 364

15, 935
16,135
15,977
18, 819

29, 701
29, 737
29,693
33,133

22, 722
25, 398
23,851
30, 351

31,391
31,060
32,015
38, 020

419
323
323
33'

2,371
1,328
1,344
1,356

379
383
844
404

323
349
363
377

100
101
110
105

165
168
172
177

315
338
409
369

268
170
174
154

13'
146
149
153

181
183
163
168

11
116
103
106

200
210
217
229

659,
675,
656,
662,

055
386
491
420

66,
65,
63,
77,

124, 842
143,173
,124, 690
,143,931

6,
6,
6,
",

751,
717,
746,
834,

8, 076, 7521, 018,0851, 227, 444601, 434 445, 8302, 855, 961558,109 356,162 523, 540 369, 509 1, 098, 508
8, 060, 9601, 018, 5201, 231,199 594, 696 456, 819 856,548 559, 585 362, 938 518, 83' 370, 476 1,112,011
8,089, 3341, 011, 2681, 230, 420603,126 445, 024 2, 861, 271549, 225 357, 373 530,467 361, 286 1,124, 617
8, 210, 3141, 032, 4131, 243, 920602, 693 430, 474
37,177 548, 734 347, 616 518, 357 360,332 1,140, 910

CAPITAL ACCOUNTS

Capital paid in:
Sept. 27..
Oct. 4
Oct. 11__
Oct. 18
Surplus (section 7) :
Sept. 27..
Oct. 4
Oct. 11

Oct. 18

~"

135,511
135, 460
135, 561
135, 569

9,399
9, 384
9 384
9,38'

50,874
50,832
50,911
50, 911

12,116
12,116
12,116

V.lllllV

149,152
149,152
149,152
149,152

10,083
10,083
10,083
10,0!

52, 463
52, 463
52,463
52, 46!

13, 696
13, 696
13, 696
13, 696

Surplus (section 13b):
Sept. 27..
Oct. 4
Oct. 11
_
Oct. 18
Other capital accounts:
Sept. 27
Oct. 4
Oct. 11

Oct. 18

IV.l.lll.

Total liabilities and capital'
accounts:
Sept. 27..
Oct. 4.
Oct. ll_
Oct. 18
Contingent liability""on""bills
purchased for foreign correspondents:
Sept. 27.
Oct. 4
Oct. 11
Oct. 18




12,116

13,768 5,117
13, 768 5,ir
13, 786
13, 790 5,117
5,118
14, 323 4,983
14, 323 4, "~
14, 323 4,983
14, 323 4,983

4,561
4,561
4,561
4,561

13, 799
13, 800
13, 802
13 80'

3,995
3,995
3,993
3,993

2,91
2,918
2,918
2,919

4,299
4,302
4,302
4,303

4,048
4,049
4,049
4,049

10,618
10,618
10, 622
10, 622

5,630
5,630
5,630
5,630

22, 666
22, 666
22, 666
22, 666

4,685 3,153
4,685 3,153
4, "- 3,153
4,
3,153

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

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

9,965
9,965
9,965
9,965

27,
27,
27,
27,

264
264
264
264

2,8'
2,874
2,87<
2,874

7,457
7,457
7,45'
7,45'

4,416
4,416
4,416
4,416

1,007
1,00'
1,00'
1,007

3,293
3,293
3,293
3,293

713
713
713
713

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

545
545
545
54,

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

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

1,266
1, 266
1,266
1,266

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

35,
35,
35,
35,

002
07'
426
413

1, 60C
1,59-"
1,612
1,63

8,756
8,873
8,948
9,024

2,188
2,186
2,225
2,222

3,63
3,63C
3,69
3,68C

1,531
1,513
1,542
1,534

1,793
1,792
1,813
1,"""

6,
6,945
6,945
6,

1,363
1,368
1,379
1,345

2,061
2,051
2,061
2, 04"

1,054
1,041
1,065
1,033

1,878
1,870
1,889
1,875

2,163
2,211
2,256
2,236

18, 603,106
18, 632, 71,
18, 635, 50'
18, 814, 26<

1,148, 798
1,167,11
1,148, 64?
1,167, 902

8,196, 3021,050, 50 1, 260,172 616, 358 458, 527 2, 900, 840568, 697 365, 294 533,;,648 380, 593 1,123, 375
1,178 372, 061 528,935 381.553 1,136, 926
"" 609, 602 469, 515 2, 901, 388 570,
8,180, 5851,050, 9341,263, 927
8, 209,112 1,043, 72: 1, 263, 22'618,06' 457, 74 2,906,113 559, 827 366, 506 540, 589 372, 382 1,149, 581
559,
302 356, 736 528, 448 371,41 1,165, 854
2,
932,
056
1,
276,
72C
617,
62:
443,183
1,
064,
862
"i, 330,16£

NOVEMBER

985

FEDERAL RESERVE BULLETIN

1939

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO OCTOBER 18, 1939
[Amounts in thousands of dollars]

Date (last Wednesday of
each month)

1934—Dec. 26..
1935—June 26 _
Dec. 31 4.
1936—June 24 _
Dec. 30 _.
1937—Mar. 31_
June 30 _
Sept. 29_
Dec. 29..
1938—Mar. 30.
June 29.
Sept. 28.
Dec. 28 _.
1939—Jan. 25._
Feb. 214
Mar. 29.
Apr. 26.
M a y 31.
June 28.
July 26__
Aug. 30.
Sept. 27_
Oct. 18 s_

Applications
received b y
Federal Reserve
banks after consideration b y Industrial Advisory
Committees, net
Number

Amount

4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,203
9,221
9,249
9,270
9,296
9,308
9, 330
9,355
9,366
9,384

146,972
237, 581
293, 084
314,471
328,998
333, 300
339, 509
341, 842
350, 551
358, 936
369, 583
378, 974
387, 490
389,176
389, 554
392, 230
394, 055
394,970
395, 499
399,780
401, 228
402, 305
402, 877

Applications under
consideration b y
Federal Reserve
banks

Applications approved to date b y Federal Reserve banks (with and
without conditions)
Repaid, FinancFederal
expired, ing instiFederal
Reserve
or
withtution
Approved
bank
Reserve
commit- but not drawn b y particibank
applipations
comments
advances
cant,
pleted 2
outoutoutetc.
standing 3
standingi standing

Total

Number

Amount

Number

Amount

2,955
11, 349
2,823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
999
964
344
495
400
255
760
532
370
370

984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,660
2,671
2,683
2,697
2,713
2,721
2,730
2,743
2,752
2,757

49, 634
88, 778
124, 493
133, 343
139,829
141, 545
145, 758
146, 724
150, 987
154, 918
161,158
168, 380
175,013
175, 651
175, 902
177, 895
178, 639
179, 332
179, 778
183, 354
184,152
185, 234
185, 663

13, 589
27, 518
32, 493
30, 484
25, 526
23,059
23,019
21,415
20, 216
19, 371
18, 444
17, 567
17, 345
16, 811
16, 474
15, 798
15,817
15, 305
15, 255
15, 384
14, 667
14,454
14, 568

8,225
20, 579
27, 649
24, 454
20, 959
18, 611
16, 331
14, 880
12, 780
13,110
13, 649
13, 597
14,161
13, 004
12, 907
12, 647
11, 749
11, 530
11,175
11,476
11,009
10, 517
10, 236

20, 966
11, 248
11, 548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,293
1,105
1,975
2,134
2,496
2,067
733
1,220
1,938
1,723

5,558
24, 900
44, 025
61, 425
77, 910
85, 210
97, 663
102, 588
107, 384
111, 193
117, 555
122, 447
128, 839
132,009
133,001
135, 004
136, 696
137,922
139, 281
142, 943
144, 812
146,156
147, 550

1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12, 722
12, 534
12, 415
12, 471
12, 243
12,079
12, 000
12, 818
12, 444
12,169
11, 586

i Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of
condition of the Federal Reserve banks.
3
Includes applications approved conditionally b y the Federal Reserve banks and under consideration b y applicant.
3
Does not include financing institution guaranties of advances and commitments made b y Federal Reserve banks, which amounted to $1,520,611
October 18, 1939.
4
Tuesday.
5
October 25 not yet available.

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

Total

Federal Reserve notes:
Issued to F . R. bank b y F . R. agent:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Held b y Federal Reserve bank:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
In actual circulation l
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Collateral held b y bank as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Eligible paper:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Total collateral:
Sept. 27
Oct. 4
Oct. 11
Oct. 18
1

4,
5,
5,
5,

4,
4,
4,
4,

New
York

Boston

Philadelphia

Cleve- Richland mond

lanta

Chicago

St.
Louis

Minneapolis

Kansas
City

San
Dallas Francisco

991,190 428,753 1,
002, 399 431, 405 1,
033, 080429, 281 1,
060, 226431, 718 1,

271, 572 347, 529 456, 703
221,115 168,
1,054 1,059, 401 195, 556 139, 572185, 506 90, 747 426, 682
276,001 345, 571455^ 646 221, 461 168, 426 1, 061, 294195, 476 14., 620 185, 775 91,157 428,;
:8, 567
285, 049 352,265 461, 738 224, 583169, ~'59 1, 064, 287198, 210 141,997
91, 639 427,1
!7, 309
284, 768 353, 234461, 042 231, 356170,176 1, 081, 355 197, 839 142, 678
186, 900 90,1, 8827 428,
:8, 333

307, 464
270, 266
275, 268
303,769

89,613
79, 020
85, 838
89, 727

29, 875
29, 360
25,151
27, 881

18,197
15,006
17, 073
21, 351

21,
21,
21,
22,

453 13, 729 12, 334
099 12, 538 10, 334
066 9,930 10, 540
696 10, 664 10, 697

10,002
28, 391 12, 443
3,615 7,402
21, 761 9,1
12, 027 4,292
22, 933 10, 671 4,950
8,681
37,894
683, 726 398,
959 329, 332 435, 250 207,
', 386 155, 720,031,010
1
1, 878
878 1,181,
1
183,113 135,
175, 504
732,133 402,045 1,196, 981330, 565 434, 547208, 923 158, 0921,039, 533185, 613 138, 005 178, 373
757, 812404,130 1,199, 211335, 192 440, 672 214, 653 159, 219".,1 041, 354186,183 137, 705 178, 095
756, 457403, 837 1,195, 041331, 883 438, 346 220, 692 159, 479 ,1 043,461 187,168 137, 728 178, 219

5,101,000
5,108,000
5,138,000
5,162,000

440,000
440,000
440,000
440,000

2,022
2,406
2,440
1,55:

225
410
420
85

1,290,000 350,000 460,000 225,000 169,000 1,080,000 199,000 141,
1,,290,
290,000 350,000 460,000 225,000 174,000
" " 1,080,000 199, 000 143,
305,
1,, 305,000
360,000 463,000 225,000 174, 000 1,080; 000199, 000 143,
1,305,000 360,000 463,000 235, 000 174,000 1,090,000 203,000 143,
1,247
1,180
1,129
344

90
115
115
90

216
276
340
365

55
110
110
110

500 188,000
500 188, 000
500 190, 000
500 190, 000

58, 799
7,706 52, 562
7,996 49, 554
7,006 51, 551
81, 783 367, 883
83,451 376,005
83,643 377,"""
',755
83, 821 376,
; 782

94, 500 464,000
94, 500 464,
,000
94,
:,000
94, 500 464!
:,000

183
309
320
513

5,103,022 440, 225 1,
291, 247 350, 090 460, 000 225, 216 169, 000
,291,
1, 080, 000199, 055 141, 506188,183
5,110,406 440, 410 1,
291,180 350,115 460, 000 225, 276 174, 000
1, 080, 000199,110 143, 506 188, 309
,291,
5,140, 440 440,420 1,306,129 360,115 463,000 225, 340 -~'"1,080, 000199,110 143,506 190, 320
174, 000
5,163, 557 440,085 1.
, 305, 344 360,090 463,000 235, 365 174,0001,090,000 203,110 143, 550 190, 513

94, 500 464,000
94,500 464,
f"
•4,000
94, 500 464,1
14,000
94, 500 464,1
4,000

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




986

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

RESERVE POSITION OF MEMBER BANKS,
SEPTEMBER, 1939

MEMBER BANK RESERVE BALANCES
BY CLASSES OF BANKS

[Averages of daily figures. In millions of dollars]

[Averages of daily figures. In millions of dollars]

Classes of banks
and districts

Gross Net
dedeTime
mand mand
dededeposits
posits posits i

All member banks._ 35,820 29, 353 11, 706
Central reserve city banks:
13, 346 12, 686
New York
2,755 2,439
ChicagoReserve city banks:
Boston district
New York district
Philadelphia district.
Cleveland district
Richmond district
Atlanta district
Chicago district. _
St. Louis district
Minneapolis district..
Kansas City district...
Dallas district
San Francisco district.

Reserves with
Federal Reserve
banks
Required

All
member l
banks

Excess

Held

6,246 11,443

5,198

732
492

2,923
579

5,866
1,009

2,943
430

1,173
210
1,274
1,666
762
720
1,304
835
404
1,051
730
2,197

1,057
164
1,057
1,304
585
492
899
621
286
654
450
1,743

91
149
249
729
207
175
571
179
90
157
128
1,923

190
36
197
265
113
95
186
118
55
122
85
401

371
48
368
455
177
136
294
201
86
194
130
548

182
12
171
190
64
41
108
83
31
72
45
147

12, 325

9,313

4,647

1,862

3,009

1,147

Country banks:
Boston district
877
New York district
1,320
Philadelphia district..
658
Cleveland district
614
Richmond district
536
Atlanta district _ „
481
Chicago district ___ _
879
St. Louis district
375
Minneapolis district._
318
Kansas City district._.
469
Dallas district
526
San Francisco district.
340

642
980
449
418
327
287
557
235
198
283
324
217

560
1,394
874
668
349
225
721
241
272
157
104
270

105
187
98
84
57
46
103
40
37
42
44
39

179
366
172
143
96
73
204
68
61
70
75
52

74
179
74
59
40
27
101
27
23
29
31
12

4,916

5,836

882

1,559

678

Total

Total

7,394

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:
1938—August
September
October
November
December
1939—January
February
March
April
May
June
July
August
September
Week ending (Friday):
1939—Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Oct. 6
Oct. 13
Excess reserves:
1938—August
September
October
November
December
1939—January
February
March
April
May
June
July
August
September
Week ending (Friday):
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Oct. 6
Oct. 13

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banksi

923
1,009

2,402
2,352
2,409
2,426
2,387
2,474
2,405
2,475
2,544
2,630
2,728
2,827
2,883
3,009

1,319
1,314
1,317
1,338
1,322
1,366
1,364
1,393
1,397
1,395
1,415
1,451
1,486
1,559

911
988
1,049
1,091
1,090
1,094

2,888
2.889
3,007
3,050
3,101
3,107
3,166

1,461
1,544
1,583
1,569
1,550
1,580
1,591

1,320
1,382
1,589
1,712
1,734
1,996
2,047
1,986
2,302
2,465
2,394
2,504
2, 587
2,943

379
361
375
374
376
260
164
179
299
360
362
305
363
430

762
698
712
710
658
734
669
741
794
858
944
1,013
1,046
1,147

495
479
467
480
457
495
494
526
531
529
546
581
611

2,797
2,856
2,992
2,982
2,956
2,936
2,927

360
343
408
466
503
504
504

1,045
1,046
1,138
1,180
1,223
1,224
1,265

583
661
701
688
669

8,119
8,196
8,546
8,727
8,745
9,029
8,925
9,021
9,624
9,997
10, 085
10, 321
10, 659
11, 443

3,523
3,669
3,939
4,075
4,139
4,409
4,482
4,472
4,889
5,094
5,049
5,195
5,366
5,866

10, 930
11, 080
11, 497
11, 593
11,640
11, 675
11, 747

5, 652
5,735
5,919
5,925
5,899
5,898
5,896

2,955
2,920
3,143
3,276
3,226
3,484
3,373
3,432
3,926
4,212
4,246
4,402
4,607
5,198
4,786
4,906
5,239
5,317
5,352
P5, 364
P5, 406

875
861

780
673
794
878

P7Q0
P710

p Preliminary.
^Weekly figures of excess reserves of all member banks and of country
banks are estimates.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)

All member banks
Federal Reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City
Dallas
San Francisco
Total
1

Gross demand

Time

Gross demand

Time

Sept.

Aug.

658
2,271
1,128
1,397
555
400
1,781
421
361
314
232
2,204

1,914
i 1,227
1,692
2,047
1,110
1,052
i 1, 858
988
536
1,176
966
2,416

1,855
i 1,196
1.663
1,985
1,062
1,042
i 1 819
956
518
1,149
931
2,375

522
528
i 1,042 i 1,042
670
673
1,098
1,101
362
362
314
313
i 999
i 997
303
304
177
177
200
200
186
187
2,095
2,107

11, 724

116, 981

16, 553

i 7, 968

Sept.

Aug.

Sept.

Aug.

2,050
14,876
1,932
2 280
1,298
1,201
4 939
1 210
722
1, 520
1,256
2,537

1,987
14, 297
1,894
2,209
1,240
1,193
4,796
1,169
697
1,487
1,209
2,490

651
2,275
1,123
1 397
556
400
1,784
420
362
315
232
2,193

35, 820

34, 668

11, 706

1

Sept.

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




Aug.

i 7, 992

Gross demand
Sept.

Aug.

Time
Sept.

Aug.

136
302
240
233
189
149
326
222
186
343
290
121

132
300
231
224
178
150
320
213
179
338
277
115

129
501
453
299
194
86
293
117
185
115
46
98

130
500
455
296
194
86
293
117
184
114
46
98

2,737

2,658

2,515

2,512

NOVEMBER

987

FEDERAL RESERVE BULLETIN

1939

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

Total

E n d of month

1938—September
October
November
December __.
2939—January
February
March
April
May
June
July
August
September

..
.

- _
_

_
.

Back figures—See

Gold
certificates

I n millions of dollars]

Silver
dollars

Silver
certificates

Treasury
notes
of 1890

Subsidiary
silver
coin

Minor
coin

Federal
Federal Reserve
bank
Reserve
notes
notes

United
States
notes

National
bank
notes

6,622
6,700
6,787
6,855

77
76
76
75

40
41
41
42

1,292
1,297
1,312
1,339

1
1
1
1

348
351
356
357

147
148
151
151

264
269
269
257

4,215
4,282
4,349
4,405

29
28
28
28

208
206
203
201

6, 653
6,731
6,817
6,905
6,967
7,047
7,049
7,171
7,293

75
74
74
73
72
72
71
71
71

41
41
41
42
42
42
43
43
43

1,269
1,327
1,378
1,385
1,417
1,454
1,446
1,465
1,488

1
1
1
1
1
1
1
1
1

348
350
352
354
358
361
362
365
369

149
150
151
152
154
155
156
157
159

244
246
251
255
259
266
264
267
269

4,301
4,320
4,350
4,426
4,449
4,484
4,496
4,595
4,688

27
27
27
26
26
26
25
25
25

198
195
193
191
189
186
184
182
180

Annual Report for 1937 (table 35).

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks.

Large denomination currency 2

Coin and small denomination currency 2

Total
in circulation '

Total

Coin

1938—September
October
November
December..- .

6,622
6,700
6,787
6,856

4,970
5,021
5,096
5,147

536
540
548
550

501
505
511
524

1939—January
February
March
April _
May
June...
-_ _
July
August
September

6,653
6,731
6,817
6,905
6,967
7,047
7,049
7,171
7,293

4,953
5,011
5,049
5,069
5,109
5,164
5,169
5,253
5,329

538
541
544
548
554
558
561
566
571

492
498
503
505
513
514
514
521
532

$5

$10

$20

32
32
33
34

912
923
936
946

1,556
1,572
1,599
1,611

1,434
1, 450
1,469
1,481

32

904
919
928
929
937
947
947
966
980

1,546
1,574
1,594
1,602
1,614
1,638
1,644
1,681
1,706

1,440
1,446
1,448
1, 453
1,458
1,473
1,470
1,487
1,507

CO CO

' $2

$13

coco

E n d of month

In millions of dollars]

32
33
33
33
34
34

Total

$500 $1,000

Unassorted *

$50

$100

1,656
1,683
1,696
1,714

396
400
404
409

744
754
761
770

156
157
158
160

317
321
323
327

17
18
17
17

25
33
32
32

4
4
5
5

1,705
1,721
1,770
1,838
1,861
1,887
1,885
1,922
1,965

403
406
411
418
422
428
426
433
440

768
774
799
829
836
848
847
857
876

160
161
165
170
172
176
175
180
185

329
335
349
370
380
388
391
405
413

17
17
17
18
17
17
17
17
20

28
28
28
33
33
29
28
30
30

6
1
2
3
3
3
4
4
1

$5,000 $10, OOC

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Rasar^e banks.
2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treas ury as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures—See Annual Report for 1937 (table 36).

TREASURY CURRENCY OUTSTANDING
[Held b y Treasury and Federal Reserve banks and in circulation,
millions of dollars]
FedSilver
eral
dollars SubMinor
United
Residand
coin States serve
iary
silver
notes bank
silver
bulcoin
lion !
notes

In

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
[By selected banks and financial institutions in New York City.
I n millions of dollars]

National
bank
notes

E n d of month

Total

1938—September.
October
November.
December. .

2,739
2,751
2,773
2,798

1,618
1,634
1,657
1,685

376
376
376
376

158
158
158
159

347
347
347
347

29
29
29
28

212
208
206
203

1939—January
February__
March
April... _
May
June .
July
August
September .

2,816
2,824
2,839
2,849
2,862
2,881
2,895
2,907
2,919

1,705
1,717
1,733
1,746
1, 759
1,778
1,794
1,804
1,814

376
376
377
376
377
380
381
383
386

159
160
160
160
161
161
162
162
164

347
347
347
347
347
347
347
347
346

28
27
27
27
26
26
26
25
25

201
198
196
193
191
189
186
185
183

Shipments to
Europe

Receipts
from
Europe

1936 . .
1937
1938 . . .

34.8
21.5
33.1

26.2
47.6
34.4

8.6

1938—September
October..
November
December

14.7
10.6
3.4
.7

1.0
.6
1.0
2.2

13.7
10.0
2.4

6.7
3.0
27.3
46.1
3.8
2.9
2.2
4.7
.8

2.0
1.0
.9
.3
.7
1.1
1.0
.9
.1

4.7
2.0
26.4
45.8
3.1
1.8
1.2
3.8
.7

Year or month

1939—January
February
March
April
May
___
June
July _._. _
August
September
i Includes silver held against silver certificates amounting to $1,724,000,000 on September 30, 1939 and $1,580,000,000 on September 30, 1938.




Net
shipments

Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, p p . 7-8.

Net
receipts

26 1
1.3

1.5

988

FEDERAL RESERVE

BULLETIN

NOVEMBER 1939

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES

MOVEMENT OF GOLD TO AND FROM
UNITED STATES i

[In millions of dollars]

[In thousands of dollars]

Year or month

Net
Ingain or
Gold stock at
crease
loss
(-)
end of period
Net
in
gold through
eartotal import
marking
inactive gold
transTotal account stock
actions

Domestic
gold
production

1934 i_
1935...
1936...
1937—

8,238
10,125
11, 258
12, 760
14, 512

4, 202. 5 1, 133.9
82.6
1,887. , 739.0
.2
26.5 1,132. 5 1,116. 6 - 8 5 . 9
1, 227. 1, 502. , 585. 5 -200.4
1, 751. , 973. 6 -333. 5

1937—June
July
August
September
October
November
December

12, 318
12, 446
12, 567
12, 741
12, 803
12, 774
12, 760

l,08i
1, 214.1
, 335. 7
., 210.0
,271.9
, 242. 5
., 227. 9

327.
127.3
121.6
174.3
62.0
-29.3
-14.0

262.0
175.4
104.8
145.5
90.5
22.1
18.0

-15.9
-35.5
-5.3
9.3
-8.0
-20.1
-101.6

11.2
12.7
16.9
12.2
14.9
13.8
11.9

1938—January
__
February
March
April
May
June
July.
-___
August
September
October
November
December

12, 756
12, 776
12, 795
12, 869
12, 919
12, 963
13,017
13,136
13, 760
14,065
14, 312
14, 512

., 223. 2
., 200. 6
1,183. 0

-4.
20.7
18.5
74.3
49.8
44.2
54.5
118.3
623.8
305.0
247.5
199.

2.1
8.0
52.9
71.1
52.8
55.3
63.8
166.0
520.9
562.4
177.8
240.5

—1.1
-18.2

11.0
10.0
10.7
10.6
11.5

1939—January
February
March
April
___.
May
June
July
August
September
Oct. 1-25 P

14, 682
14, 874
15, 258
15, 791
15,957

170.0
192.7
383.8
532.3
166.2
153.3
128.0
407.
285.9
107.2

156.3
223.3
365.4
605.8
429.4
240.4
278.6
259.9
326.1
45.6

14.1
-48.6
10.7
-114.8
-251. 6
-102.6
-166.2
152.1
2.8
63.0

16,110
16, 238

16, 646
16, 932
17,039

-.6

— 1.2
-53.9
-15.5
-20.9
-28.8
-13.3
-110.2
-7.4
-62.4

96.0
110.7
131.6
143.9
148.6

9.6

14.2
14.7
14.1
13.5
15.5
13.3

1939

From or to—

September
Imports

Belgium
France
Germany
Netherlands..
Sweden
1,482
Switzerland
United Kingdom... 162, 451
120, 850
Canada.
653
Mexico
445
Central America...
Argentina
816
Chile
2,102
Colombia
143
Ecuador
1,357
Peru
375
Venezuela
5,474
Australia
4,065
British India
China and Hong
Kong
Japan

5,157
16, 425
Philippine Islands. 3,948
All other countries2.
258

Exports

August
Imports

Jan.-Sept.

Exports

Imports
165,122
3,770
10
298, 320
594
3,860
78, 945
1, 787, 303
229, 310
24, 604
4,453
4,506
7,291
19, 006
2,101

22, 640
215
163, 739
34,311
3,956
473

2,120
207
266
337
5,689
9,259

3,

•^Exports

54
142
206

• "

3,178
46, 853
30,524

1,912
10, 931
2,775
238

16,431
123, 520
27,161
5,015

Total
15 259, 934
326, 089
12.2
10.4
Figures represent customs valuations which,
11.0
13.1 are2 at rate of $35 a fine ounce.
Includes all movements of unreported origin
12.6
10.6
Back figures.—See table, p. 1019, and Annual
13.1 31 and 32).
14.0
P12.8

13 2, 885, 745

472

with some exceptions,
or destination.
Report for 1937 (tables

BANK DEBITS
p Preliminary.
i Figures based on rate of $20.67 a fine ounce in January 1934 and $35 [Debits to individual deposit accounts, at banks in principal cities.]
a fine ounce thereafter.
[In millions of dollars]
» Gold held under earmark at Federal Reserve banks for foreign account on September 30, 1939, in millions of dollars: 1,132. 6.
140
133
NOTE.—Figures for domestic production of gold are those published
New
other
other
in table, p. 1019, adjusted to exclude production in Philippines. AdYork
leadYear and month
reportjustment based on annual figures reported by Director of Mint and
ing
City
ing
monthly imports of gold to U. S. from Philippines. For back figures
cities i cities '
see Annual Report for 1937 (table 29).

BANK SUSPENSIONS^
Total,
all
banks

Number of banks suspended:
1934
1935
1936
1937
1938
.
1 9 3 9 _ j a n -Sept.
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
1937
1938
1939—j an -Sept.

Nonmember
banks

Member
banks
National

In- 2 Not
State sured
insured

1

57
34
44
59
55

4
1
4
1

36

4

36, 937
10, 015
11, 306
19, 723
13,012
34, 564

40
5,313

2
1
2

8
22
40
47
47

20

1,912
3,763
10, 207
10,156
11,721
5,106

48
8
3
6
6
10

34, 985
939
592
480

1929
1935
1936
1937
1938

603,089
184, 006
208, 936
197,836
168, 778

331, 938
190,165
219, 670
235, 206
204, 745

47, 504
28, 547
33, 283
36, 421
32, 406

1938—August
September.
October
November.
December.

12, 247
13,085
15,140
12, 425
18, 879

16, 023
16, 440
18, 096
17,039
21,087

2,528
2,666
2,895
2,760
3,243

1939—January . . .
February..
March
April
May
June
July
August
September.

14, 533
12, 380
16, 274
13,311
14,165
15,312
12, 794
13,118
15,138

17, 860
15, 201
18,211
16, 832
17, 763
18, 676
17, 683
17, 496
18, 526

2,786
2,392
2,837
2,679
2,728
2,895
2,768
2,701
2,930

1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
1,044 in 21928.
Cities (other than the 141 centers) for which bank debits are currently
1,357 25, 634
2,467
reported. The number has changed very little since 1934 and has numbered 133 since 1936.
1
Represents licensed banks suspended; does not include nonlicensed
Back figures.—See Annual Report for 1937 (Table 71), which also gives
banks placed in liquidation or receivership.
a definition of bank debits. Figures for individual reporting cities and
2 Federal deposit insurance became operative January 1, 1934.
totals
by Federal Reserve districts are available in mimeographed form.
3 Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Back figures.—See Annual Report for 1937 (table 76).




507

7,379

1,708

36

211

989

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.

NUMBER OF BANKS

Call date

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS*
[In

Member banks

Nonmember
banks

National

State

Other
Mutual nonsavings membanks
ber
banks

Total
Total

millions of dollars]
Member banks

Nonmen iber banks

Total

National

State

Mutual
Other
savings nonmembanks ber banks

All
banks

Call date

1929—June 29
Dec. 31

25,110
24, 630

8, 707
8,522

7,530
7,403

1,177
1,119

611
609

15, 792
15, 499

1929—June 29. __ 53, 852
Dec. 3 1 . . . 55, 289

32, 284
33, 865

19, 411
20, 290

12, 873
13, 575

8,983
8,916

12, 584
12. 508

1933—June 30
Dec. 30

14, 519
15,011

5, 606
6,011

4,897
5,154

709
857

576
579

8,337
8,421

1933—June 30._. 37, 998
Dec. 30__. 38, 505

23,338
23, 771

14, 772
15, 386

8,566
8,385

9,713
9,708

4,946
5,026

1934—June 30
Dec. 31

15, 835
16, 039

6,375
6,442

5,417
5,462

958
980

578
579

8,882
9,018

1934—June 30.. _ 41, 870
Dec. 3 1 . . . 44, 770

26, 615
28, 943

17, 097
18, 519

9,518
10, 424

9,780
9,828

5,475
6,000

1935—June 29
Dec. 31

15, 994
15, 837

6,410
6,387

5,425
5,386

985
1,001

571
570

9,013
8,880

1935—June 29
Dec. 31___

45, 766
48, 964

29,496
32,159

19, 031
20, 886

10, 465
11, 273

9, 920
9,963

6,350
6,842

1936—June 30
Dec. 31

15, 752
15, 628

6,400
6,376

5, 368
5,325

1,032
1,051

566
565

8,786
8,687

1936—June 30__. 51,335
Dec. 31___ 53, 701

34, 098
35, 893

21, 986
23,107

12,112
12, 786

10, 060
10,143

7,178
7,666

1937—June 30
Dec. 31

15, 527
15, 393

6,357
6,341

5,293
5,260

1,064
1,081

564
563

8,606
8,489

1937—June 30.._
Dec. 31_._

53, 287
52, 440

35,440
34, 810

22,926
22, 655

12, 514
12,155

10, 213
10, 257

7,635
7,373

1938—June 30
Dec. 31

15, 287
15, 206

6,338
6,338

5,242
5,224

1,096
1,114

563
556

8,386
8,312

1938—June 30.._
Dec. 31.__

52,195
54, 054

34, 745
36,211

22, 553
23, 497

12,193
12, 714

10, 296
10, 365

7,153
7,478

1939—Mar. 29
June 30

15,151
15, 082

6 331
6, 330

5,212
5,203

1,119
1,127

555
553

8,265
8,199

1939—Mar. 29._. 53, 812
June 30. __ 55, 992

36,089
38, 027

23, 340
24, 534

12, 749
13, 493

10, 376
10, 521

7,348
7,444

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]
Member banks

All banks

Nonmember banks
M u t u a l savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments
Total

Loans

Investments

Other nonmember banks

Total

Loans

Investments

1929—June 29
Dec. 31

58, 474
58, 417

41, 531
41, 918

16, 943
16, 499

35, 711
35, 934

25, 658
26,150

10, 052
9,784

9,556
9,463

5,892
5,945

3,664
3,518

13, 207
13, 020

9,981
9,823

3,227
3,197

1933—June 30
Dec. 30

40,076
40, 319

22, 203
21, 977

17, 872
18, 342

24, 786
25, 220

12, 858
12, 833

11, 928
12, 386

10,044
9,985

5,941
5,906

4,103
4,079

5,246
5,115

3,404
3,238

1,841
1,877

1934—June 30
Dec. 31

42, 502
43, 458

21, 278
20, 473

21, 224
22, 984

27, 175
28, 150

12, 523
12, 028

14, 652
16, 122

9,904
9,782

5,648
5,491

4,256
4,291

5,423
5,526

3,108
2, 955

2,315
2,571

1935—June 29
Dec. 31

44, 416
45, 717

20, 272
20, 329

24,145
25, 388

28,785
29, 985

11,928
12,175

16, 857
17, 810

9,852
9,804

5,341
5,210

4,511
4,594

5,779
5,927

3,003
2,944

2,777
2,983

1936—June 30.
Dec. 31

48, 458
49, 524

20, 679
21, 449

27, 778
28, 075

32, 259
33, 000

12, 542
13, 360

19, 717
19, 640

9,961
10, 060

5,105
5,027

4,856
5,034

6,238
6,464

3,032
3,062

3,206
3,402

1937—June 30
Dec. 31

49,696
48, 566

22, 514
22, 198

27,182
26, 368

32, 739
31, 752

14, 285
13, 958

18,454
17, 794

10,180
10,187

5,002
4,996

5,178
5,191

6,778
6,627

3,227
3,244

3,550
3,383

1938—June 30
Dec. 31 2

47, 381
48, 929

21, 130
21, 354

26, 252
27, 575

30, 721
32, 070

12, 938
13, 208

17, 783
18, 863

10,196
10, 255

4,961
4,930

5,235
5,325

6,465
6,604

3,231
3,217

3,234
3,387

1939—Mar. 29 2
June 30 2

48, 929
49,611

21,154
21,314

27, 775
28, 297

32,095
32, 603

13,047
13,141

19, 048
19, 462

10,265
10, 342

4,926
4,931

5,338
5,411

6,569
6,665

3,180
3,242

3,389
3,423

1 Prior to Dec. 30, 1933, member-bank figures include 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 December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"Other assets."
Back figures.—See Annual Report for 1937 (tables 48-49).




990

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

CONDITION OF ALL MEMBER BANKS
[In millions of dollars]
Loans

Call date

Total
loans
and
inTotal i
vestments

Commercial,
inOpen
dusmartrial,
ket
and
paper
agricultural 2

Investments l

1

Loans for
purchasing
or carrying
securities

U. 3. Government obligations

Direct

Real
estate
To
loans
brokers
To
and others 3
dealers

Loans Other
to
loans 4
banks

Total
Total

Obligations
of
States Other
and securGuar- polit- ities 1
anical
Bonds teed
subdivisions ft

Bills

Notes

6 249
1,113
1,030
1,192
1,053
662
286
303
441

520
2,049
4,217
5,403
4,527
4,277
3,389
2,604
2,720

3,094
3,725
4,659
3,905
6,060
5,635
7,208
7,783
7,786

989
1,768
1,906
1,797
2,340
2,660
2,831

TOTAL—ALL
MEMBER BANES
1929—Dec. 31_. 35, 934
1933—June 30_. 24, 786
1934—Dec. 31 28,150
1935—Dec. 31_. 29, 985
1936—Dec. 31__ 33,000
1937—Dec. 31_. 31, 752
1938—Dec. 3 1 . . 32, 070
1939—Mar. 29.. 32,095
J u n e 3 0 . . 32, 603
Oct. 2P_ 33,070

26,150
12, 858
12,028
12,175
13, 360
13, 958
13, 208
13, 047
13,141
13, 465

5*448"
5,531
5,571

583
595
751
651
634
643
442
427
420

2,463
953
1,030
1,243
1,410
950
973
838
731

7,685
3,752
3,110
2,893
2,785
2,752
7 775
733
736

3,191
2,372
2,273
2,284
2,405
2,547
2,716
2,749
2,828

1,461
1,456
1,479

195
364
396
286
216
198
138
126
128

1,257
758
716
1,078
1,173
761
787
668
555

2,145
1,044
820
793
753
733
220
209
215

169
157
139
140
144
141
121
124
130

322
162
63
42
42
29
99
77
41

2,595
937
1,024
1,096
1,527
1,811
436
427
440

2,091
3,709
4,602
4,985
5,425
4,640
5,072
5,322
5,700
5 928

1,112
2,551
3,246
3,425
3,739
3,207
2,963
2,939
3,360

6
58
6 638
758
865
718
495
158
68
168

166
987
1,664
1,810
1,559
1,536
1,142
831
908

889
926
824
749
1,462
1,175
1,663
2,040
2,284

278
401
470
388
894
1,086
1,123

336
361
348

19
70
77
28
22
25
16
14
14

251
61
55
29
51
41
43
32
39

533
251
170
149
140
129
70
70
71

21
30
18
15
13
12
12
12
11

88
30
11
6
6
1
1

535
237
202
249
402
426
62
57
59

309
610
1,049
1,392
1,467
1,266
1,430
1,420
1,507
1 487

116
384
743
1,061
1,107
916
1,005
992
1,040

fl
3
8 206
164
213
198
32
59
121
185

19
82
299
604
375
366
291
212
234

94
97
279
243
533
518
655
660
621

2,121
2,116
2,118

168
126
179
195
209
201
149
145
138

664
108
195
117
159
123
119
115
115

2,775
1,340
1,124
1,057
1,048
1,066
242
228
221

1,538
1,131
1,090
1,094
1,124
1,176
1,230
1,249
1,284

258
99
55
34
23
27
20
17
12

3,679
1,678
1,671
1,851
2,231
2,610
1,081
1,066
1,116

2,944
4,011
5,715
6,432
7,000
6,211
6,691
6,688
6,751
6,752

1,368
2,483
3,809
4,076
4,426
3,961
4,278
4,181
4,102

6 91
«205
95
85
120
106
57
100
78

165
681
1,692
2,267
1,904
1,589
1,224
977
1,014

~1,~531~
1,597
1,626

201
35
101
142
187
216
138
142
140

291
25
64
20
29
25
25
24
22

2,231
1,117
996
894
843
824
243
226
229

1,462
1,055
1,026
1,035
1,123
1,219
1,353
1,363
1,402

45
38
27
17
14
13
5
6
5

4,705
2,005
1,810
1,810
1,881
2,149
1,149
1,121
1,180

4,439
3,598
4,756
5 002
5,747
5,677
5,669
5,618
5,504
5,438

1,267
1,469
2,108
1,940
2,368
2,490
2,636
2,578
2,444

6 97
6 64
8 13
28
17
29
11
15
11

171
299
562
722
689
786
732
585
563

714 11,515 9,784
330 4,857 11, 928
155 4,708 16,122
98 5,006 17,810
85 6,041 19, 640
70 6,996 17, 794
125 7 2, 728 18,863
99 2,671 19,048
58 2,796 19, 462
19, 605

3,863
6,887
9,906
10, 501
11, 639
10, 574
10, 882
10, 691
10, 946

6
6

1,393
1,744
1,965
2,178
2,226
2,047
2,448
2,555
2,554
2,762

4,528
3,297
3,262
3,364
3,868
3,376
3,192
3,142
3,131
3,031

222
478
446
507
426
342
517
582
480
662

758
680
632
653
790
704
698
714
736
708

78
88
94
94
109
108
135

96
87
129
141
143
135
141
149
154
147

96
138
100
103
124
121
176
171
179
168

1,112
1,597
2,022
1,724
2,403
2,267
2,997
3,105
3,010

279
656
697
637
740
823
889

448
598
649
723
774
691
808
823
895
897

1,128
930
978
977
1,102
921
866
860
866
856

999
1,106
1,533
1,189
1,662
1,675
1,893
1,978
1,870

355
623
645
678
597
643
683

627
581
741
807
883
879
982
1,001
1,025
1,057

2,546
.1,549
1,552
1,633
1,851
1,630
1,453
1,397
1,351
1,299

NEW YORK
CITY 3
8,774
7,133
7,761
8,418
9,280
8,313
8,335
8,408
8,688
9,044

6,683
3,424
3,159
3,434
3,855
3,673
3,262
3,086
2,988
3,115

1,757
1,287
1,581
1,868
2,100
1,901
1,969
1,965
2,052
2,050

1,448
677
532
476
633
635
539
545
544
562

1929—Dec. 31 12,029
1933—June 30_. 8,492
1934—Dec. 31 10,028
1935—Dec. 31 10, 780
1936—Dec. 31. _ 11, 795
1937—Dec. 3 1 . . 11,414
1938—Dec. 3 1 . . 11,654
1939—Mar. 29._ 11, 624
J u n e 30. _ 11, 756
Oct. 2 P . _ 11, 879

9,084
4,482
4,312
4,347
4,794
5,203
4,963
4,936
5,004
5,127

1929—Dec. 31
1933—June 30..
1934—Dec. 31
1935—Dec. 3 1 . .
1936—Dec. 31__
1937—Dec. 3 1 .
1938—Dec. 31. _
1939—Mar. 29 .
June 30_.
Oct. 2 P _ .
CITY OF
CHICAGO

3

1929—Dec. 31
1933—June 30. _
1934—Dec. 31 ..
1935—Dec. 31_
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31. _
1939—Mar. 29..
J u n e 30
Oct. 2 P . _
RESERVE CITY
BANKS

COUNTRY
BANKS
1929—Dec. 31__ 13,375
1933—June 30. 7,873
1934—Dec. 31__ 8,780
1935—Dec. 31
8,919
1936—Dec. 3 1 . . 9,825
1937—Dec. 31_. 10,124
1938—Dec. 31. _ 10,113
1939—Mar. 29.. 10,098
J u n e 30. _ 10,109
Oct. 2P_. 10,098

8,936
4,275
4,025
3,918
4,078
4,446
4,444
4,480
4,605
4,660

p Preliminary figures.
1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the April BULLETIN,
pp. 259-264.
2 Not reported separately prior to December 1938 except for weekly reporting banks in leading cities.
3
Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and to brokers and dealers.
4
This is a residual item and because of the revised loan classifications figures beginning Dec. 31, 1938, are not comparable with earlier figures.
5
Includes obligations of territorial and insular possessions when reported separately.
8
Includes Treasury certificates of indebtedness.
7
For estimated figures for Dec. 31, 1938, on basis comparable with earlier figures see p. 332 of the April BULLETIN.
« Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).




991

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

CONDITION OF ALL MEMBER BANKS—Continued
[In millions of dollars]
Demand deposits,
except interbank

Call date

Time deposits,
except interbank

Interbank
deposits

ReIndiserves
BalIndiDeDomestic
vid- States
with
ances mand vid- States Certibanks
uals,
Fed- Cash with
uals,
fied
and
and
deeral
doin
posits part- polit- and U. S. part- polit- Posta]
ReneroffiGov- nerical
ical
savvault mesti< adForserve
banks justed ships, subcers'
ern- ships, subings4
eign
banks
and
dividivi- checks ment4 and
DeTime banks
cor- sions
cor- sions etc.
mand
poraporations
tions

Borrowings

Capital
accounts

879
191
13
6
15
12
11
6
7
5

6,709
4,837
5,054
5,145
5,275
5,371
5,368
5,424
5,467
5,496

179

2,105
1,582
1,565
1,573
1,585
1,606
1,587
1,593
1,592
1,586

TOTAL—ALL MEMBER
BANKS

1929—Dec. 31__
1933—June 30_.
1934—Dec. 31_.
1935—Dec. 31_.
1936—Dec. 31_.
1937—Dec. 31_.
1E38—June 30__
Dec. 31__
1S39—Mar. 29_.
June 30_-

2,374
2,235
4, 082
5,573
6,572
7,005
8,004

2,168
2,008
3,149
3,776
4,066
3,414
4,084
4,240
4,403
4,674

16, 647
12,089
15, 686
18,801
21, 647
20, 387
20, 893
22, 293
22, 364
23, 587

17, 526
11, 830
14,951
18,035
20, 970
19, 747
19, 816
21,119
20,845
22, 448

1,335
1,087
1,799
2,139
2,329
2,132
2,314
2,386
2,467
2,532

1,681
657
838
882
881
767
662
547
533
790

143
806
1,636
844
882
781
543
790
775
694

12, 267
7,803
9,020
9,680
10,429
10,806
10,874
10, 846
10, 940
11,063

827
846
1,576
2,541
2,658
2,738
3,517
4,104
4,582
4,975

179
101
103
111
133
120
119
109
156
112

4,750
4,358
5,069
6,193
6,929
6,111
6,698
7,168
7,605
8,012

5,847
4,676
5,370
6,479
7,274
6,507
6,900
7,273
7,677
8,281

128
96
229
323
285
189
273
280
260

1,180
461
540
524
457
404
367
195
272
472

20
332
792
224
225
382
123
139
135
84

1,112
671
591
591
679
696
694
652
655
653

169
232
415
511
558
596
936
884
705
897

133
203
207
209
188
179
208
235
178
235

957
912
1,189
1,401
1,554
1,438
1,523
1,688
1,250
1,666

1,041
870
1,073
1,301
1,495
1,354
1,386
1,597
1,182
1,565

42
87
182
208
191
207
221
181
141
197

9,112
10,011

558
405
609
665
697
589
712
746
777
712

595
300
294
361
296
482
454
462
461
441

122 3,517
3,057
4,569
5,696
6,402
5,436
6,096
6,510
6,816
7,097

95
89
134
151
153
129
135
132
133
142

146
154
449
438
464
331
511
629
607

NEW YOKK CITY 6

1929—Dec. 31__
1933—June 30__
1934—Dec. 31__
1935—Dec. 31—
1936—Dec. 31—
1937—Dec. 31—
1938—June 30__
Dec. 31—
1939—Mar. 29..
June 30_.

18
110
56
3

1,198
1,255
1,798
2,338
2,493
2,108
2,514
2,687
2,731
2,992

597
128
133
414
397
423
291
442
553
524

310
259
445
522
599
528
688
658
834
746

33

CITY OF CHICAGO s

1929—Dec. 31. _
1933—June 30..
1934—Dec. 31 _.
1935—Dec. 31__
1936—Dec. 31_.
1937—Dec. 31..
1938—June 30..
Dec. 31—
1939—Mar. 29..
June 30-.

332
358
381
413
449
445
443
452
452
471

16

316
204
226
229
244
255
249
257
261
270

RESERVE CITY BANKS

1929—Dec. 31. .
1933—June 30..
1934—Dec. 31_.
1935—Dec. 3 1 1936—Dec. 31_.
1937—Dec. 3 1 1938—June 30..
Dec. 31..
1939—Mar. 29..
June 30__

751
705
1,268
1,594
2,108
2,310
2,289
2,354
2,459
2,735

156
122
207
256
285
200
300
321
342
318

947
1,002
1,543
1,779
1,816
1,470
1,951
1,940
2,106
2,210

5,229
3,764
5,136
6,161
7,126
6,870
6,934
7,214
7,326
7,654

5,547
3,708
4,919
6,001
7,023
6,743
6,668
7,034
6,899
7,331

423
349
585
707
843
777
812
796

300
108
169
204
230
192
146
170
123
160

76
312
620
385
407
256
266
424
420
415

4,433
2,941
3,494
3,796
4,026
4,161
4,238
4,233
4,276
4,320

371
208
206
266
203
266
262
269
243
233

627
452
822
927
1,247
1, 361
1,263
1, 353
1,367
1,403

321
203
275
305
319
307
316
322
350
307

702
1,296
1,676
1,929
1,645
1,806
1,956
1,963
2,117

5,711
3,054
4,292
5,047
6,039
5,968
5,738
6,224
6,183
6,255

5,091
2,576
3,589
4,254
5,177
5,143
4,863
5,215
5,087
5,272

742
555
804
901
1,011
959
1,080
1,128
1,176
1,130

169
72
106
127
167
149
126
154
114
135

39
116
178
137
178
78
68
143
137
136

6,390
3,833
4,554
4,879
5,275
5,504
5,499
5,509
5,557
5,619

133
86
84
83
80
158
144
147
153
145

1,604
1,315
1,984
2,422
2,826
34 2,389
2,514
2,719
2,813
22
2,920

186
79

30
59
117
134
137
107
113
108
108
115

292
16

2,029
1,533
1,614
1,657
1,697
1,735
1,753
1,777
1,795
1,812

367
167
13
6
3
12
11
6
5
5

2,258
1,517
1,650
1,687
1,750
1,775
1,778
1,798
1,818
1,828

COUNTRY BANKS
1929—Dec. 31 _.
1933—June 30_.
1934—Dec. 31..
1935—Dec. 31..
1936—Dec. 31_.
1937—Dec. 31__
1938—June 30..

Dec. 31__
1939—Mar. 29..
June 30. _

61
285
210
136
69
61
52
44
46
40

405
228
342
415
483
412
380
446
438
439

* 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 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 3cash items reported on hand but not in process of collection.
Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reservebanks (deferred credits)" prior to Dec. 31, 1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
5
Central reserve city banks.
Back figures.See Annual Report for 1937 (tables 52-58).




992

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans

Date or Month

Total
loans
and
investments

Total

Investments

Loans for
purchasing
or carrying
securities

Commercial,
industrial,
and
agricultural

Open
market
paper

U. S. Government obligations
Direct
Real Loans
estate
to
loans banks

To
brokers
and
dealers

To
others

Other
loans

Total
Total

Bills1 Notes

Bonds1

Guaranteed

Other
securities

TOTAL—101 CITIES
1938—September
1939—March
April
May
June
July
August
September

21,078
21, 705
21, 727
21, 693
21, 887
22,046
22, 327
22,384

8,268
8,241
8,127
8,091
8,094
8,146
8,179
8,322

3,893
3,792
3,848
3,839
3,830
3,888
3,930
4,166

338
310
305
303
304
312
313
316

675
831
697
678
671
648
642

578
529
537
539
541
532
521
511

1,161
1,137
1,144
1,151
1,159
1,163
1,171
1,178

114
94
69
58
52
64
62
38

1,509
1,548
1,527
1,523
1,537
1,539
1,540
1,545

.2, 810
3, 464
.3, 600
.3,602
3, 793
3, 900
.4,148
.4, 062

7,957
8,186
8,225
8,296
8,383
8,499
8,537
8,467

410
342
398
422
461

2,201
2,011
2,033
2,106
2,132
2,149
2,144

5,575
5,872
5,865
5,855
5,906
5,900
5,873

1,668
2,027
2,033
2,033
2,119
2,158
2,265
2,226

3,185
3,251
3,342
3,273
3,291
3,243
3,346
3,369

1939—Aug. 2_._
Aug. 9 . . .
Aug. 16..
Aug. 23..
Aug. 30..
Sept. 6__
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4 . . .
Oct. 11__
Oct. 18._

22, 244
22, 274
22, 337
22, 340
22, 442
" \ 389
22, 389
22, 339
22,419
22, 498
22, 568
22, 563

8,166
8,156
8,186
8,178
8,209
8,305
8,315
8,319
8,350
8,375
8,408
8,423

3,887
3,917
3,912
3 938
3^ 996
4,075
4,159
4,201
4,229
4,251
4,288
4,286

313
310
313
312
317
314
318
315
316
318
318
316

655
631
676
639
608
640
568
532
533
538
530
548

526
522
519
518
519
512
513
510
510
505
504
501

1,168
1,170
1,172
1,173
1,174
1,174
1,178
1,180
1,180
1,179
1,182
1,181

74
74
60
53
49
46
34
35
35
36
37
36

1,543
1,532
1,534
1,545
1,546
1,544
1,545
1,546
1,547
1,548
1,549
1,555

.4,078
.4,118
A, 151
.4,162
4, 233
.4,084
.4,074
.4,020
i4,069
A, 123
A, 160
^4,140

8,515
8,530
8,544
8,533
8,565
8,512
8,489
8,428
8,437
8,503
8,559
8,574

473
480
495
494
502
468
475
437
419
492
553
571

2,132
2,155
2,159
2,138
2,160
2,154
2,153
2,131
2,137
2,130
2,128
2,126

5,910
5,895
5,890
5,901
5,903
5,890
5,861
5,860
5,881
5,881
5,878
5,877

2,241
2,259
2,267
2,274
2,286
2,219
2,222
2,230
2,232
2,240
2,240
2,224

3,322
3,329
3,340
3,355
3,382
3,353
3,363
3,362
3,400
3,380
3,361
3,342

1938—September
1939—March
April
May
June
July
August
September

7,797
7,904
8,010
7,958
8,103
8,138
8,349
8,393

2,969
2,932
2,795
2,759
2,758
2,765
2,828
2,869

1,455
1,364
1,379
1,372
1,375
1,408
1,483
1,620

138
120
117
120
121
120
117
116

543
675
555
529
523
497
493
435

195
190
195
198
201
191
184
177

119
109
110
111
113
115
117
117

429
397
383
385
386
380
382
377

4,828
4,972
5,215
5,199
5,345
5,373
5,521
5,524

2,931
2,743
2,946
3,024
3,139
3,174
3,197
3,196

91
146
170
168
146
205
233

802
741
727
808
821
826
801

1,850
2,059
2,127
2,163
2,207
2,166
2,162

800
1,053
1,045
1,034
1,060
1,098
1,137
1,105

1,097
1,176
1,224
1,141
1,146
1,101
1,187
1,223

1939—Aug. 2 . . .
Aug. 9—
Aug. 16..
Aug. 23..
Aug. 30_.
Sept. 6 . .
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4_._
Oct. 11_.
Oct. 18__

8,309
8,332
8,386
8,340
8,379
8,341
8,361
8,393
8,477
8,525
8,508
8,507

2,806
2,807
2,846
2,826
2,856
2,892
2,858
2,856
2,871
2,875
2,881
2,891

1,438
1,464
1,471
1,496
1,545
1,573
1,615
1,640
1,652
1,655
1,665
1,662

117
114
117
117
120
115
115
115
117
117
116
113

501
484
525
489
467
499
430
405
406
412
411
430

186
186
184
183
183
176
178
178
177
173
171
170

116
116
118
118
118
118
118
117
117
117
117
114

384
379
381
381
384
378
377
376
377
375
374
377

5,503
5,525
5,540
5,514
5,523
5,449
5,503
5,537
5,606
5,650
5,627
5,616

3,201
3,217
3,225
3,187
3,155
3,147
3,191
3,217
3,228
3,280
3,285
3,305

194
206
220
208
194
189
226
261
255
320
342
358

818
835
834
819
825
816
812
789
787
786
776
776

2,189
2,176
2,171
2,160
2,136
2,142
2,153
2,167
2,186
2,174
2, 167
2,171

1,127
1,133
1,136
1,141
1,147
1,093
1,098
1,107
1,120
1,128
1,125
1,120

1,175
1,175
1,179
1,186
1,221
1,209
1,214
1,213
1,258
1,242
1,217
1,191

1938—September
1939—March
April
May
June
July
August
September

13, 281
13, 801
13, 717
13, 735
13, 784
13,908
13,978
13, 991

5,299
5,309
5,332
5,332
5,336
5,381
5,351
5,453

2,438
2,428
2,469
2,467
2,455
2,480
2,447
2,546

200
190
188
183
183
192
196
200

132
156
142
149
148
151
149
133

383
339
342
341
340
341
337
334

1,042
1,028
1,034
1,040
1,046
1,048
1,054
1,061

1,080
1,151
1,144
1,138
1,151
1,159
1,158
1,168

7,982
8,492
8,385
8,403
8,448
8,527
8,627
8,538

5,026
5,443
5,279
5,272
5,244
5,325
5,340
5,271

319
196
228
254
315
283
217

1,399
1,270
1,306
1,298
1,311
1,323
1,343

3,725
3,813
3,738
3,692
3,699
3,734
3,711

974
1,059
1,060
1,128
1,121

2,088
2,075
2,118
2,132
2,145
2,142
2,159
2,146

1939—Aug. 2 . . .
Aug. 9—
Aug. 16..
Aug. 23..
Aug. 3 0 Sept. 6__
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4__.
Oct. l l . _
Oct. 18__

13, 935
13, 942
13, 951
14, 000
14,063
14,048
14,028
13, 946
13, 942
13, 973
14, 060
14, 056

5,360
5,349
5,340
5,352
5,353
5,413
5,457
5,463
5,479
5,500
5,527
5,532

2,449
2,453
2,441
2,442
2,451
2,502
2,544
2,561
2,577
2,596
2,623
2,624

196
196
196
195
197
199
203
200
199
201
202
203

154
147
151
150
141
141
138
127
127
126
119
118

340
336
335
335
336
336
335
332
333
332
333
331

1,052
1,054
1,054
1,055
1,056
1,056
1,060
1,063
1,063
1,062
1,065
1,067

1,159
1,153
1,153
1,164
1,162
1,166
1,168
1,170
1,170
1,173
1,175
1,178

8,575
8,593
8,611
8,648
8,710
8,635
8,571
8,483
8,463
8,473
8,533
8,524

5,314
5,313
5,319
5,346
5,410
5,365
5,298
5,211
5,209
5,223
5,274
5,269

279
274
275
286
308
279
249
176
164
172
211
213

1,314
1,320
1,325
1,319
1,335
1,338
1,341
1,342
1,350
1,344
1,352
1,350

3,721
3,719
3,719
3,741
3,767
3,748
3,708
3,693
3,695
3,707
3,711
3,706

1,114
1,126
1,131
1, 133
1,139
1, 126
1,124
1,123
1,112
1,112
1,115
1,104

2,147
2,154
2,161
2,169
2,161
2,144
2,149
2,149
2,142
2,138
2,144
2,151

NEW YORK CITY

OUTSIDE NEW
YORK CITY

NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division of
Research and Statistics, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint,
BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Rsports.
i Not reported separately prior to February 8, 1939.




NOVEMBER

993

FEDERAL RESERVE BULLETIN

1939

CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of "Wednesday figures.

Time deposits,
except interbank

Demand deposits,
except interbank

Date or month

Reserves
with
Federal
Reserve
banks

BalDeances
Cash with mand
dein
dovault mestic posits
adbanks justed i

In millions of dollars.]

Individuals,
partnerships,
and
corporations

IndividStates Certiuals,
and
fied
U. S. partpolitand
Govnerical
offiern- ships,
subcers' ment 2
and
divi- checks,
corsions
etc.
porations

States
and
polit- Postal
ical
savsubings2
divisions

Interbank
deposits
Domestic
banks
Foreign
banks
Demand

Time

Borrowings

Capital
aciounts

TOTAL—101 CITIES
1938—September.
1939—March
April
May
June
July
August
September..
1939—Aug. 2___
Aug. 9—
Aug. 16..
Aug. 23..
Aug. 3 0 Sept. 6...
Sept. 13_.
Sept. 20_.
Sept. 27Oct. 4 - . _
Oct. 1 1 . Oct. 18 __

6,712
7,427
7,973
8,361
8,460
8,645
8,951
9,643
8,791
8,917
9,116
9,247
9,368
9,686
9,723
9,794
9,826
9,879
10,028

416
410
424
423
447
448
440

2,413
2,580
2,596
2,644
2,727
2,765
2,808
2,951

15, 377
16, 032
6, 455
16, 796
17,182
17, 366
17,717
18, 209

16,
15,
16, 000
16, 259
16, 633
17, 008
17,168
17, 904

275
1,327
1,372
1,452
1,470
1,317
1,436
1,331

409
560
428
441
419
406
438

491
625
620
581
545
541
532
528

5,200
4,976
4,974
4,984
4,996
5,006
5,021
5,016

224
235
251
229
216
220
210

5,863
6, 395
6,473
6,530
6,607
6,763
6,991
7,447

111
116
116
118
121
127
127
126

419
587
638
639
606
620
652
732

3,661
3,687
3,695
3,712
3,721
3,716
3,722
3,716

424
446
426
443
465
463
489
470
486
471

2,793
2,777
2,842
2,838
2,789
2,813
2,950
3,021
3,018
3, 034
3,037
3,087

17,462
17, 551
17, 641
17, 835
18,096
18,040
18, 288
18,175
18, 333
18, 306
18, 451
18, 567

16,908
16, 899
17, 271
17, 281
17, 479
17, 599
18,102
17, 926
17, 988
17, 926
18, 296
18, 433

1,492
1,438
1,399
1,404
1,447
1,366
1,359
1,266
1,334
1,328
1,312
1,248

532
369
461
435
394
512
496
391
394
392
357
440

537
536
532
527
528
528
526
528
528
528
526
525

5,019
5,028
5,019
5,021
5,017
5,016
5,018
5,013
5,018
5,028
5,032
5,043

218
217
220
223
224
215
210
207
207
203
205
190

6,884
6,924
7,055
7,051
7,040
7,219
7,459
7,566
7,545
7,711
7,687
7, 760

128
127
128
128
127
127
127
126
122
123
124
123

623
629
655
669
683
712
720
742
753
762
791
797

3,718
3,721
3,722
3,724
3,724
3,726
3,714
3,712
3,712
3,714
3,719
3,720

251
395

128
114
110
85
60
59
51
49

NEW YORK CITY
662
587
583
578
580
589
597
601

2,494
2,743
2,785
2,814
2,845
2,928
3,052
3,300

370
517
561
560
529
540
575
657

1,481
1,483
1,483
1,488
1,488
1,479
1,482
1,475

597
603
594
594
596
597
604
599
603
609
611
616

2,987

545
550
575
591
613
638
649
666
672
675
698
707

1,481
1,483
1,482
1,482
1,481
1,479
1,475
1,473
1,474
1,476
1,475
1,475

1938—September..
1939—March
April
May
June
July
August
September..

3,505
4,309
4,651
4,895
4,866
4,995
5,184
5,631

6,453
7,287
7,467
7,608
7,660
7,905
8,152

6,781
7,075
7,348
7,495
7,636
7,773
7,913
8,268

242
257
304
280
225
304
249

1939—Aug. 2___
Aug. 9___
Aug. 16..
Aug. 23-.
Aug. 30__
Sep't. 6.-,
Sept. 13_.
Sept. 20_.
Sept. 27__
Oct. 4-__
Oct. 11-_
Oct. 18. _

4,953
5,005
5,145
5,317
5,499
5,547
5,699
5,636
5,640
5,651
5,667
5,725

7,701
7,760
7,958
7,974
8,174
8,228
8,347
8,227
8,271
8,225
8,377
8,446

343
306
291
274
308
257
269
214
257
272
239
210

361
210
291
280
230
341
319
223
230
220
198
256

55
52
50
48
48
49
48
49
48
49

77

7,715
7,791
7,875
7,951
8,195
8,151
8,195
8,091
8,170
8,210
8,214
8,256

1938—September,
1939—March
April
May
June
July
August
September..

3,207
3,118
3,322
3,466
3,594
3,650
3,767
4,012

358
368
367
380
383
377
399

2,340 8,924
2,486 9,066
2,514 9,168
2,567 9,329
2,651 9,574
2,688 9,706
2,734 9,812
2,879 10, 057

9,494
8,563 1,
8,652 1,115
8,764 1,148
8,997 1,190
9,235 1,092
9,255 1,132
9,636 1,082

158
165
160
167
150
175
164
170

363
511
510
496
485
482
481
479

4, 538
4,389
186
4,391
192
4,406
209
4,416
188
4,417
172
4,424
170
4,415
165

3,369
3, 652
3,688
3,716
3,762
3,835
3,939
4,147

111
116
116
118
121
127
127
126

2,180
2,204
2,212
2,224
2,233
2,237
2,240
2,241

1939—Aug. 2 - _
Aug. 9 - _
Aug. 1 6 Aug. 23__
Aug. 3 0 Sept. 6-_
Sept. 13..
Sept. 20-.
Sept. 27_.
Oct. 4___
Oct. 11 __
Oct. 18._

3,731
3,786
3,772
3,799
3,748
3,821
3,987
4,087
4,154
4,175
4,212
4,303

362
384
366
383
394
386
410
394
406
393
403
403

2,720
2,704
2,766
2,762
2,717
2,741
2,878
2,947
2,945
2,960
2,966
3,012

9,207
9,139
9,313
9,307
9,305
9,371
9,755
9,699
9,717
9,701
9,919
9,987

1,149
1,132
1,108
1,130
1,139
1,109
1,090
1,052
1,077
1,056
1,073
1,038

171
159
170
155
164
171
177
168
164
172
159
184

482
484
482
479
480
479
478
479
480
479
477
476

4,422
4,425
4,425
4,427
4,421
4,419
4,414
4,414
4,415
4,419
4,421
4,427

3,897
3,941
3,981
3,946
3,928
4,040
4,151
4,207
4,191
4,322
4,315
4,383

128
127
128
128
127
127
127
126
122
123
123
122

2,237
2,238
2,240
2,242
2,243
2,247
2,239
2,239
2,238
2,238
2,244
2,245

231
274
278

3,074
3,105
3,112
3,179
3,308
3,359
3,354
3,389
3,372
3,377

OUTSIDE
NEW YORK CITY

9,747
9,760
9,766
9,884
9,901
9,889
10, 093
10, 084
10,163
10,096
10, 237
10, 311

169
167
170
172
173
166
167
164
163
158
159
153

1 Demand deposits other than interbank and U . S . Government, less cash items reported as in process of collection.
2
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.




994

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[In millions of dollars]

Total
loans
and
invest- Total
ments

Federal Reserve
district and date
(1939)

Commercial,
industrial, •
and
agricultural

Open
market
paper

Loans

Investments

Loans for
purchasing
or carrying
securities

U. £J. G o v e r n m e n t obligations
Direct

To
brokers
To
and others
dealers

Real Loans Other
estate
to
Total
loans banks loans

Other

Total

Guar- securan- ities
Notes Bonds teed

Bills

BOSTON (6 cities)

September 27
October 4
October 11
October 18

1,180
1,180
1,192
1,193

598
596
601
600

282
282
286
286

65
64
65
65

23
22
21
20

22
21
22
21

81
81
81
81

1
1
1
1

124
125
125
126

582
584
591
593

405
408
414
416

3
3
13
15

59
60
60
60

343
345
341
341

45
45
45
45

132
131
132
132

9,332
9,385
9,366
9,360

3,235
3,241
3,244
3,251

1,770
1,776
1,783
1,777

124
123
122
119

409
416
414
434

235
231
229
228

205
205
205
202

25
26
27
25

467
464
464
466

6,097
6,144
6,122
6,109

3,467
3,522
3,527
3,549

257
321
342
358

849
848
839
840

2,361
2,353
2,346
2,351

1,206
1,214
1 212
1,203

1,424
1,408
1 383
1,357

1,151
1,154
1,151

417
418
424
423

194
195
199
198

24
25
26
26

18
18
18
18

31
31
31
31

55
55
55
55

1
1
1
1

94
93
94
94

734
730
730
728

363
364
364
362

38
38
38
38

325
326
326
324

94
92
92
92

277
274
274
274

1,885
1,883
1,886
1,888

682
683
682
680

259
260
263
260

6
6
6
6

21
22
20
21

25
25
25
25

172
172
171
173

3
3
3
3

196
195
194
192

1,203
1,200
1,204
1,208

809
806
809
813

6
9
6
8

222
216
219
219

581
581
584
586

109
111
113
114

285
283
282
281

695
699
704
696

250
253
257
260

109
112
114
116

12
12
13
13

3
3
3
3

15
15
15
15

38
38
38
38

1
1
1

73
72
73
74

445
446
447
436

326
327
329
322

2
3

199
199
199
193

127
128
128
126

52
52
51
47

67
67
67
67

585
593
599
606

290
293
296
303

156
157
159
164

3
3
3
4

5
5
4
4

11
11
11
11

31
31
32
32

1
1
1
1

83
85
86
87

295
300
303
303

141
142
143
143

8
7
7
7

35
37
38
38

98
98
98
98

62
62
64
63

92
96

3,142
3,138
3,171
3,167

876
871
877
875

513
511
515
512

34
35
35
35

33
30
29
29

76
76
76
76

106
106
109
109

1

113
113
113
114

2,266
2,267
2,294
2,292

1,495
1,498
1,520
1,512

118
123
143
138

435
435
435
434

942
940
942
940

290
291
290
291

481
478
484
489

682
683
691
696

321
327
330
332

190
195
197
200

6
7
7
7

5
5
5
4

14
14
14
13

51
51
52
52

3
3
3
3

52
52
52
53

361
356
361
364

196
192
198
200

49
49
51
52

140
140
140
140

66
65
65
65

99
99
68
99

399
401
402
403

181
184
185
187

98
96
99
101

1
1

8
8
8

9
9
9
9

63
67
66
66

218
217
217
216

147
146
146
146

34
33
33
34

113
113
113
112

27
27
27
26

44
44
44
44

652
651
658
655

281
280
283
283

170
170
173
174

3
3
3
3
K
18'
18
17
16

3
3
3
3

10
10
10
10

26
25
26
25

54
54
54
54

371
371
375
372

183
185
191
188

7
8
10
10

83
82
83
84

93
95
98
94

54
53
53
52

134
133
131
132

516
527
536
538

263
267
270
269

173
176
179
178

2
2
2
2

2
3
3
2

14
14
14
14

22
22
22
22

50
50
50
51

253
260
266
269

142
148
154
158

13
18
23
24

49
48
48
49

80
82
83
85

55
55
55
54

56
57
57
57

2,200
2,210
2,209
2,210

956
962
959
960

315
321
321
320

19
20
19
20

10
10
10
10

50
49
49
49

384
384
382
383

178
178
178
178

1,244
1,248
1,250
1,250

763
765
764
765

85
85
85
85

678
680
679
680

172
173
173
172

309
310
313
313

2,073
2,071
2,099
2,094

558
555
557
554

380
379
382
379

18
18
19
19

29
27
25
25

67
66
66
66

14
14
14
14

50
51
51
51

1,515
1,516
1,542
1,540

1,037
1,039
1,059
1,052

249
249
249
249

670
669
670
669

157
157
157
157

321
320
326
331

NEW YORK (8 cities)*

September 27
October 4
October 11
October 18

_-

f

PHILADELPHIA (4 cities)

September 27
October 4
October 11
October 18

_ _ 1,148

CLEVELAND (10 cities)

September 27
October 4
October 11
October 18
RICHMOND (12 cities)

September 27
October 4
October 11
October 18
ATLANTA (8 cities)

September 27
October 4_
October 11
October 18
CHICAGO (12 cities)*

September 27
October 4
October 11
October 18

°6
97

ST. LOUIS (5 cities)

September 27
October 4
October 11
October 18

3
8

MINNEAPOLIS (8 cities)

September 27. _
October 4
October 11
October 18

KANSAS CITY (12 cities)

September 27
October 4
October 11
October 18

.

1

DALLAS (9 cities)

September 27
October 4
October 11
October 18

__ _.

SAN FRANCISCO (7 cities)

September 27
October 4
October 11 . . .
October 18
CITY OF CHICAGO*

September 27.
October 4___
October 11
October 18

118
121
140
134

* 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 1939

CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[In millions of dollars]

Demand deposits,
except interbank

Federal Reserve
district and date
(1939)

Reserves
De- IndiBalwith
ances mand vid- States CertiFed- Cash with
uals,
fied
deand
eral
in
do- posits part- polit- and
Re- vault mestic ad- 1 neroffiical
serve
banks usted ships, sub- cers'
banks
and
divi- checks,
cor- sions
etc.
porations

Time deposits,
except interbank

U.S.

Government 2

Interbank
deposits

IndiDomestic
vid- States
banks
uals,
and
part- polit- Postal
Fornerical
saveign
ships, sub- ings 2
and
diviDe- Time banks
cor- sions
mand
porations

CapBorital
rowacings counts

BOSTON (6 cities)

466
481
481
490

143
142
142
144

147
156
159

1,152
1,167
1,179
1,191

1,133
1,140
1,149
1,155

5,769
5,789
5,804
5,877

99
97
104
96

194
191

8,766
8,818
8,822
8,872

8,755
8,719
8,873
8,936

390
412
391
353

395
395
420

19
18
20
18

210
220
217
224

908
897
905
917

905
909
910
931

57
52
53
49

492
492
510

45
44
44
46

332
334
335
347

1,286
1,265
1,272
1,295

1,232
1,216
1,241
1,258

178
180
181
186

22
20
23
22

189
190
189
197

481
476
488
482

132
130
129
123

13
13
13
13

212
209
210
206

1,369
1,368
1,370
1,398

74
72
73
73

210
209
211
209
93

14
15
15
17

236
236
235
234

315
324
325
328

27
30
33
33

245
244
245
245

244
239
212
284

970
976
978

3,422
3,461
3,444
3,452

674
677
700
709

1,596
1,598
1,597
1, 597

53
53
53
53

273
272
272
272

374
387
385
400

12
13
13
13

222
222
223
223

120
116
119
117

42
42
42
42

707
707
707
709

374
392
389
398

2
2
1
1

371
373
373
373

469
472
479
484

46
45
52
39

28
28
28
28

197
197
197

277
288
284
294

1
1
1
1

97
97
97

390
383
387
386

367
369
379
383

63
62
57
54

39
39
39
39

180
180
180
180

264
274
273
273

1
1
3
1

92
92
93
94

534
537
535

2,588
2,567
2,594
2,608

2,408
2,393
2,461
2,465

321
308
298
296

105
105
104
105

911
913
914
916

1,119
1,136
1,139
1,141

14
15
17
17

404
404
405
405

12
11
12
11

178
183
185
186

473
464
477
476

482
499
502

34
32
32
32

19
18
18
18

187
187
187
187

313
327
328
333

1
1
1

94
94
94
94

114
113
115
110

293
292
301

95

7
7
7
7

265
264
273
269

55
53
54
52

2
2
2
1

119
119
119
119

146
150
148
144

58
58
59
59

189
191
206
199

17
15
16
16

333
334
330
356

525
512
537
539

510
508
533
536

71
65
62
62

22
22
22
22

141
141
142
142

409
423
418
431

102
101
101
102

133
130
136
134

12
10
12
11

271
269
268
271

456
451
467
465

444
443
462
463

40
40
39
38

31
30

127
127
127
127

248
259
258
264

86
86
86

358
365
375

23
22
23
23

304
293
300
305

1,015
,014
,022
,040

1,014
1,011
1,037
1,051

70
68
65
63

106
107
107
106

970
973
974
976

284
290
296
302

345
345
346
345

1,095
1,093
1,089
1,114

41
40
41
41

232
241
237
239

,782
,776
.,788
1,804

1,678
1,670
1,706
1,723

196
193
189
182

60
60
60
60

477
478
478
479

852
862
867
871

266
266
266
267

September 27
October 4
October 11
October 18
N E W YORK (8 cities)*

September 27
October 4
October 11
October 18
PHILADELPHIA (4 Cities)
September 27
October 4
October 11
October 18
CLEVELAND (10 cities)

September 27
October 4
October 11
October 18
RICHMOND (12 cities)

September 27
October 4
October 11
October 18
ATLANTA (8 cities)

September 27
October 4
October 11
October 18
CHICAGO (12 cities)

September 27
October 4
October 11
October 18
ST. LOUIS (5 cities)

September 27
October 4
October 11
October 18
MINNEAPOLIS (8 cities)

September 27
October 4
October 11
October 18
KANAS CITY (12 cities)

September 27
October 4
October 11
October 18
DALLAS (9 cities)

September 27
October 4
October 11
October 18

10

SAN FRANCISCO (7 cities)

September 27
October 4
October 11
October 18
CITY OF CHICAGO*

September 27
October 4
October 11
October 18

* See note on preceding page.
i3 Demand deposits other than interbank and U. S. Government, less cash items reported^as in process of collection.
U. S. Treasurer's time deposits, open account, are combined with postal savings (time)_deposits.




996

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

By holders

Commercial
paper
outstand-

Total
outstand-

ing i

ing

Held b y accepting

Held by Federal
Reserve banks

banks

Total

Own
bills

Bills
bought

1938—September
October
November
December

212
213
206
187

261
270
273
270

221
223
222
212

129
130
124
121

92
93
98
91

1 Q^Q

195
195
191
192
189
181
194
201
209

255
248
245
238
247
245
236
235
216

204
198
191
189
192
191
188
191
177

122
122
117
118
124
122
119
128
115

82
76
74
72
68
69
69
63
62

Januarv

February
Miarch
April
June
July
August
September.

__

By classes

For
own account

Based
on
ports
into
U. S.

Dollar
exchange

40
46
61
58

89
94
94
95

57
57
59
60

2
3
3
3

56
59
59
57

57
56
57
56

52
50
54
49
55
53
48
44
39

89
87
87
86
82
81
75
79
78

57
57
58
56
51
45
41
40
40

2
2
2
1
19
20
19
18
18

52
48
42
38
36
39
39
40
43

55
54
56
57
59
60
61
59
36

For ac- Held
count of
by
foreign others
correspondents

1

Based on goods
stored in or shiDDed
between points in

Based
on exports
from
U. S.

U. S.

Foreign
countries

1 As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Annual Report for 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 Exchan ge.

Ledger balances in millions of dollars]

Debit balances

Credit balances

Customers'
credit balances !

Debit

Other credit balances

balances in
firm
investment
and trading
accounts

Cash on
hand
and in
banks

Money
borrowed J

1,549
1,489
1,363
985

61
55
48
34

175
161
128
108

223
214
239
232

1,172
1,217
1,088
688

346
266
256
278

115
92
96
85

29
25
26
26

18
13
12
10

419
397
385
355

June
August
September
October
November ___
December

831
774
864
823
905
939
991

29
27
29
29
32
30
32

95
88
84
76
85
78
106

215
215
200
213
196
189
190

576
495
571
559
617
662
754

239
258
272
to to

Debit

Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts

252
247

81
89
77
68
73
65
60

25
22
20
20
20
20
22

9
11
9
7
8
8
5

315
298
301
300
304
303
305

1939 January
February _ _
March
April
M!ay
June
July
August
September __

971
967
953
831
828
834
839
792
856

34
29
27
26
26
25
24
22
20

75
83
84
83
76
73
84
71
64

192
168
174
190
183
178
183
202
217

713
709
699
579
561
570
589
556
520

235
222
225
236
230
230
238
235
305

60
62
59
60
69
70
67
58
87

22
20
20
20
21
21
20
20
22

12
5
9
7
6
6
6
6
11

298
294
294
290
284
280
278
275
283

End of month

1937—March
June
September
December
IQQO

March

-

Free

Other
(net)

In
In
partners'
firm
In
investinvest- capital
ment and ment and accounts
trading
trading
(net)
accounts accounts

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
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 method
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

N O V E M B E R 1939

FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed obligations of the U. S.

Federal Reserve Bank

Rate
Oct.
27
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco-_

.

1
1

_.

IK
IK
IK
1
1
1

IK

__ _

1

m

In
effect
beginning-

All other

1
1

IK
IK
IK
IK
IK
IK
IK
IK
IK
IK

To banks

In
effect
beginning-

Rate
Oct.
27

Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937

Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)

Advances under Section 10 (b) of the
Federal Reserve Act

In
effect
beginning-

Rate
Oct.
27

Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
M a y 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

2
2
2
2
2
2
2
2
2
2
2
2

In
effect
beginning-

Rate
Oct.
27

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

To others

1
1

IK
>1K
IK
1

IK
1

IK

Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

In
effect
beginning—

Rate
Oct.
27

1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939

2K
3K
2K
3K
2K
4
3
2K
2K

Apr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
May 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933

i 2K per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, IK per cent.
Back figures.—See Annual Report for 1937 (table 40).

FEDERAL RESERVE BANK
BUYING RATES ON ACCEPTANCES

FEDERAL RESERVE BANK
RATES ON INDUSTRIAL ADVANCES

[Per cent per annum]

Rates in effect, Oct. 27, 1939, on advances and commitments under
Sec. 13b, of the Federal Reserve Act as amended June 19, 1934.
[Per cent per annum except as otherwise specified]

Rate in
effect on
Oct. 27

Maturity

1-15 days i . _ .
16-30 days.—
31-45 d a y s . . . .
46-60 days___.
61-90 days
91-120 days...
121-180 d a y s -

K

In effect beginning—

Previous
rate

Oct. 20, 1933
.do.
_do_.
_do_.
.do.,
.do..
_do_.

1
1
1
1
1
1

1 This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve banks.
Back figures—See Annual Report for 1937 (table 41).

Advances to financing institutions—

Federal Reserve Bank

Advances
direct to
industrial On portion for
or comOn remercial or- which
ganizations institu- maining
portion
tion is
obligated

Boston
New York
Philadelphia..
Cleveland

4-6
4-6

4K-6

Richmond
Atlanta
Chicago
St. Louis

6
5-6
5-6

4-5K

Minneapolis,.
Kansas C i t y . .
Dallas
San Francisco

MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Nov. 1, 1933 Feb. 1, 1935
to
to
Jan. 31, 1935 Dec. 31, 1935
CO CO
CO CO CO

Savings deposits
.__
Postal Savings deposits
Other time deposits payable in:
6 months or more . . . _
90 days to 6 months
Less than 90 days

2K
2K
2K
2K

2K
1

NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.




6
4-6
5-6
5-6

0) 2K
3K
4-6
5

3K
(2)

K

4-5

1-2

K-2

4

0) 2K
3K

4-6
5
5-6
4

4K-5

4K-5

4
4
3-4

4
5-6
4-5

1
1-2

K
K

1-2

K-2
K-2

1 Authorized rate 1 per cent above prevailing discount rate.
2
Same as to borrower but not less than 4 per cent.
3
Flat charge.
Back figures.—See Annual Report for 1937 (table 40).

MEMBER BANK RESERVE REQUIREMENTS

In effect
beginning
Jan. 1, 1936
2K
2K

3
3

3K-6

Commitments
to make
advances

[Per cent of deposits]
Classes of deposits
and banks

June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19381917193619371937and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
after
1936
1937
1937
1938

On net demand
deposits: l
Central reserve cityReserve city
Country

13
10
7

19K
10K

17K
12M

26
20
14

On time deposits:
All member banks._

3

4K

5lA

6

1

15

22^

17K
12

See footnote to table on p. 986 for explanation of method of computing net demand deposits.

998

FEDERAL RESERVE BULLETIN

N O V E M B E R 1939

MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
COMMERCIAL LOAN RATES
[Per cent per annum]
Prevailing rate o n -

AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Per cent per annum]

Average rate o n -

AverU. S. Treasage
7 other 11 Southury bills
yield on
Prime Stock Stock
NorthNew
Total
exexU. S.
Prime bankern
and ern and
York
19 cities
change change
comers'
Eastern Western
TreasCity
cities
call
New
mercial accept- time
91cities
ury
paper, ances, loans, loan issues day
3-to-5
4 to 6
reofdeal90
90
year
months days
new- fered
ers'
5.41
days
5.16
notes
4.96
1928 average
5.17
als within1 quo5.93
5.82
5.76
5.83
1929 average
period tation
5.40
4.84
4.39
4.85
1930 average
4.90
4.26
3.82
4.30
1931 average
5.21
4.81
4.20
4.71
1932 average
.143
5.04
.91
.15
1936 average...
4.46
1.16
3.43
1.11 1933 average
4.27
.43
.447
1.25
1.00
1.40
1937 average ...
.44
1.25
.053
.83 1934 average
4.32
1.00
1938 average...
3.71
3.45
2.45
3.76
3.39
2.93
1.76
1935 av3rage
7/16
.096
3.40
1.00
.82 1936 average
1938—Sept
3.04
2.68
1.72
IK
7/16
.023
3.25
1.00
.68 1937 average
Oct
2.88
2.59
1.73
IK
7/16
.024
3.26
1.00
.71 1938 average
Nov
2.75
2.53
1.69
IK
7/16
.007
1.00
.67
Dec
IK
2.92
3.28
1.70
1938—January2.60
7/16
.002
1939—Jan
1.00
2.65
3.21
.65
February..
1.70
2.49
7/16
.004
Feb
1.00
2.64
3.28
.63
1.65
2.48
IK
7/16
.005
Mar
1.00
2.60
3.25
.51
1.70
April
2.48
7/16
.019
1.00
April
2.64
3.20
.50
1.70
2.48
May
IK
7/16
.006
1.00
2.78
3.31
May
.42
1.70
2.56
June
7/18
.006
1.00
2.78
3.35
June
.39
1.70
2.57
July
Vy
7/16
.017
1.00
2.71
3.28
July
.45
1.67
2.52
August
.046
1.00
2.74
3.26
Aug
.48
1.70
2.53
September..
IK
.102
1.00
2.90
3.21
Sept
1.07
1.70
2.57
October
IK
2.68
3.20
1.70
2.49
November..
Week ending:
2.95
3.63
1.70
2.60
December..
7/16
.036
1.00
.99
Sept. 3 0 —
IK
7/16
3.32
.022
1.73
2.97
1.00
2.64
.95 1939—JanuaryOct. 7
IK
7/16
.033
3.36
2.69
1.00
2.52
1.70
February..
Oct.14
IX
7/16
.027
1.00
.70
Oct.21... .
Quarterly Figurei
3.25
2.00
2.65
1938—September..
i Series comprises 273-day bills to October 15, 1937, bills maturing
3.05
3.77
about March 16, 1938, from October 22, to December 10, 1937, and 91-day
2.13
2.95
1939—March
3.62
bills thereafter.
2.15
3.05
2.91
June
-_.
2.04
3.31
2.78
2.68
September..
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for 91-day Treasury bills available on request.
1
Quarterly figures are on revised basis and are therefore not strictly
comparable with the series of annual and monthly figures. For figures
beginning January 1928 and description of figures see p p . 963-969
Year,
month, or
week

of this BULLETIN.

BOND YIELDS1
[Per cent per annum]

Year, month, or week

Number of issues...
1936 average...
1937 average
1938 average
1938—September
October
November
December
1939—January
February
March
April
May...

...

_
__ __ _

June..
July...

August
September

Week ending:
Sept. 30
Oct. 7
Oct. 14
Oct. 21

_

u. s.

Treasury 2

Corporate
Municipal 3

Total

By ratings
Aaa

Aa

Industrial

Baa

A

By groups
Railroad

Public
utility

2-6

15

120

30

30

30

30

40

40

2.65
2.68
2 56

3.07
3.10
2.91

3.87
3.94
4.19

3.24
3.26
3.19

3.46
3.46
3.56

4.02
4.01
4.22

4.77
5.03
5.80

3.50
3 55
3.50

4.24
4 34
5.21

3.88
3.93
3.87

2.58
2 48
2.50
2.49
2.47
2.44
2.34
2.30
2.17
2.13
2.16
2.21
2.65

3.02
2.82
2.74
2.75
2.70
2.70
2.67
2.75
2.66
2.63
2.65
2.75
3.29

4.17
4.03
3.95
3.95
3.86
3.81
3.74
3.84
3.78
3.71
3.66
3.67
3.95

3.21
3.15
3.10
3.08
3.01
3.00
2.99
3.02
2.97
2.92
2.89
2 93
3.25

3.60
3.53
3.46
3.42
3.32
3.26
3.22
3.22
3.16
3.13
3.08
3.11
3.49

4.20
4.08
4.02
4.02
3.97
3.94
3.87
3.97
3.92
3.86
3.83
3.80
4.05

5.65
5.36
5.23
5.27
5.12
5.05
4.89
5.15
5.07
4.91
4.84
4.85
5.00

3.50
3 43
3.39
3.40
3 31
3.29
3.29
3 35
3.30
3.23
3.18
3 21
3.57

5.18
4 94
4.83
4.82
4 70
4.63
4.46
4.66
4.60
4.47
4.42
4 41
4.58

3.82
3 73
3.65
3.63
3 57
3.52
3.48
3.51
3.45
3.42
3.39
3 40
3.70

2.74
2.72
2.66
2.55

3.29
3.26
3.17
3.02

3.97
3.92
3.88
3.82

3.31
3.24
3.20
3.14

3.53
3.48
3.41
3.33

4.07
4.03
3.98
3.94

4.96
4.94
4.92
4.88

3.60
3.54
3.48
3.42

4.57
4.55
4.54
4.51

3.73
3.68
3.62
3.55

40

1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description.
34 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 4, the industrial Aa group from 10 to 3, the industrial A group from 10 to 8, and the railroad Aaa group from 10 to 5.
Back figures.—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938.




999

FEDERAL RESERVE BULLETIN

N O V E M B E R 1939

BOND PRICES1

STOCK MARKET
Corporate

3

Stock prices i

u. s. MunicYear, month, or date Treasipal 3
Indus- RailTotal trial road Utility
ury 2
Number of issues
103.7
101.7
103.4

1936 average...
1937 average
1938 average

110.8
110.3
113.7

97.5
93.4
78.9

92.2
90.1
82.9

94.7
89.6
58.6

Preferred 2

105.4
100.4 Number of issues. _
95.3

Volume of
trad-3
ing

Common (index, 1926=100)

Total

20

20

15

Year, month, or
date

Industrial

Railroad

Utility

32

348

40

104
95
73

1,824
1,519
1,100
98.6
99.3
72
104
1,054
98.7 1938—September. __ 137.9
110
140.4
77
1,889
October
86.2
99.7
114
November, __ 142.3
81
1,355
86.4
100.7
111
141.7
December
1,195
101.3
87.1
109
141.7
1,114
99.7 1939—January
83.8
106
141.8
708
February
101.0
84.8
108
142.3
999
101.6
March
86.2
96
140.4
964
102.1
April
86.3
97
141.8
101.7
548
May
85.8
101
143.9
98.6
507
June
85.0
101
143.7
821
July
101
142. 3
Sept 27
706
100.5
August
107.1
82.6
85.9
63.2
109
Oct. 4
100.9
92
107.6
82.2
September.. _ 136.2
2,595
85.5
61.5
99.7
Oct. 11
101.7
109.1
82.7
86.1
6L. 7
100.3
135.4
Oct. 18
103.6
1,635
113
111.6
83.3
Sept. 27
62.3
100.9
136.1
111
1,044
Oct. 4
112
136.8
723
Oct. 11
94
113
1 Monthly data are averages of daily figures except for municipal bonds,
138.6
Oct. 18
1,151
which are averages of Wednesday figures.
2 Average prices of all outstanding bonds due or callable after 12 years,
based on quotations from Treasury Department; see BULLETIN for
1 Standard Statistics Co. Monthly data are averages of Wednesday
December 1938, pp. 1045-1046 for description. Prices expressed in figures.
decimals.
2 Average prices of industrial high-grade preferred stocks, adjusted to a
3
Prices derived from average yields, as computed b y Standard Sta- $73 annual dividend basis.
tistics Co.
Average daily volume of trading in stocks on the New York Stock
Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury Exchange, in thousands of shares. Weekly figures are averages for the
week
ending Saturday.
bonds, see pp. 1045-1046 of BULLETIN for December 1938.
Back figures.—For stock prices, 'see Annual Report for 1937 (table 79).
1938—September
October
November
December
1939—January
February
March
April
May
June
July
August
September

103.0
104.3
104.0
104.1
104.4
104. 8
106.0
106.6
108.3
109.1
108.9
108.2
101.9

111.7
115.2
116.6
116.5
117.3
117.3
117.9
116.4
118.1
118.6
118.3
116.5
107.1

78.7
81.8
82.1
81.1
81.9
82.1
83.1
79.4
80.2
81.4
81.6
81.0

84.2

55.7
59.9
60.2
58.6
59.7
59.0
60.9
54.5
54.8
56.2
56.4
55.5
59.0

96.3

1936 average
1937 average
1938 average

138.9
136.2
135.6

111
112
83

127
131

CAPITAL ISSUES
[In millions of dollars]

For refunding

For new capital
Total
Domestic
(new Total
Total
and
(dore(doCorporate
State Fedfund- mestic
For- mestic
and
and
ing)
and
eral
eign
i
forTotal mu- agenfor- Total
eign)
nici- cies 2 Total Bonds
eign)
and Stocks
pal
notes

Year or
month

1929
1930
1931
1932 .
1933
1934 ._
1935
1936
1937
1938 .
1938—Sept
Oct
Nov
Dec
1939—Jan
Feb.

.

11,513
7,619
4,038
1,751
1,063
2,160
4,699
6,214
3,937
4,461

10,093
6,912
3,095
1,197
1,386
1,457
1,972
2,138
2,359

1,386
1,409
1,949
2,094
2,323

238
766
386
529
257
561
240
356

146
167
226
241
200
398
162
143
117
293
318
102
41

146
167
196
241
200
378
162
142
117
283
318
82
41

Mar
Apr
May..... 1,312
605
June
586
July
447
Aug
174
Sept

720

9,420
6,004
2,860
1,165
708

8,002
4,483
1,551

2,078
2,980
1,239

762
483
803
855
735
712
971

0
87
75
77
64
405
150
22
157
481

325
161
178
404

53
103
152
126
76
44
105
63
94
253
66
57
15

8
0
0
55
118
310
4
2
2
0
203
0
10

1,418
1,434
1,235

5,924
1,503

872

305
40
144
334
839
817
807

311
20
120
35
69
352
408
65

673
908
235
32
12
0
48
23
44
35

85
64
43
60
6
24
53
77
21
30
49
25
16

83
62
37
44
5
17
43
47
18
22
40
22
14

2
2
6
16
1
7
10
31
3
9
9
3
2

0
0
31
0
0
20
0
(3)
0
10
0
20
0

1,192
1,225

1,420

1,387

706
944
554
343
774

527
893
498
283
765

3,242
4,242
1,799
2,102

3,216
4,123
1,680
2,075

92
599
160
288
57
163
78
213

92
599
135
286
57
163
75
161

1,195
312
268
345
133

1,180
312
268
330
133

Domestic

Corporate

State
and
municipal

Federal
agen-2
cies

Total

13
53
21
87
37
136
365
382
191
129

0

1,374

0
51
93
26
317
987
353
281
665

474
821
319
219
312

22
2
6
15
27
10
13
11
7
39
18
13
8

6
323
22
20
19
17
15
21

1,021
21
74
18
51

Foreign1

Bonds
and Stocks
notes
542
451
789
315
187
312

1,864
3,387
1,209
1,280

1,782
3,187

65
274
108
250
10
136
47
129
151
252
177
299
74

65
274
89
240
19
101
46

856

1,249

i©s

131
249
137
290
74

833
23
32
4
32
0
81
200
352
31

33
179
51
56
60
9
26
119
119
28

(3)

0
0
25
3
0
0
3
53
16
0
0
15
0

1
18
11
(3)
35
(3)

23
20
2
39
9
0

1 Includes issues of noncontiguous U. S. Territories and Possessions.
2
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

1939

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing

Interest-bearing
:Publicly-offered

Total
gross
debt

End of month

Bonds

Total
interest Total
bearing

1937—June
1938—June

19,487
22, 539
27,053
28, 701
33, 779
36,425
37,165

19,161
22,158
26,480
27, 645
32, 989
35,800
36, 576

1938—September.
October.._
NovemberDecember.
1939—January _._
February..
March
April
May
June
July
August
September.

38, 393
38, 423
38, 603
39,427
39, 631
39,859
39,985
40,063
40, 282
40, 440
40, 661
40, 891
40, 858

37,850
37,897
38,068
38, 899
39,097
39, 326
39, 442
39, 525
39, 751
39, 886
40,114
40, 351
40, 342

1932—June
1933—June
1934—June
1935—June
1936—June

i

Prewar

6

Treasury2

U . S.

AdSocial
sejusted
service curity4
issuess issues

other5

Matured
debt

60
66
54
231
169
119
141

266
315
518
825
620
506
447

106
94
105
101
109
112
125
122
117
142
140
133
112

437
433
431
427
425
421
419
416
414
411
408
406
404

All

Notes

Bills

616
954
1,404
2,053
2,354
2,303
1,154

92
118
156
1,071
926
868

19
579
1,601

240
284
356
580
601
560
644

1,302
1,302
1,303
1,306
1,309
1,310
1,311
1,309
1,308
1,308
1,309
1,307
1,306

830
826
827
827
826
825
827
826
825
839
833
829
795

1,788
1,807
1,937
2,002
2,046
2,207
2,257
2,294
2,442
2,511
2,542
2,722
2,746

739
736
745
743
756
761
779
780
805
820
941
938
915

Other

savings

18, 816
621, 782
626,006
26, 910
31, 297
33, 734
33, 463

753
753
753
753
79
79
79

13,460
13,417
15, 679
14, 019
17,168
19, 936
21,846

62
316
800
1,238

1,261
4,548
6,653
10,023
11,381
10, 617
9,147

34, 493
34, 527
34, 559
35, 327
35,469
35, 533
35, 579
35, 627
35, 680
35, 715
35, 798
35, 862
35, 886

79
79
79
79
79
79
79
79
79
79
79
79
79

22, 712
22, 712
22, 712
24,005
24,005
24,005
25, 218
25, 218
25, 218
25, 218
25, 218
25, 218
25, 218

1,334
1,367
1,399
L, 442
L, 580
1,643
1,701
L, 751
L, 806
1,868
1,949
2,015
2,051

9,067
9,067
9,067
8,496
8,496
8,496
7,270
7,270
7,270
7,243
7,243
7,243
7,232

105

12 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
Includes Liberty bonds.
3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and of certificates to the adjusted service fund.
4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.
* Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
MATURITIES OF PUBLICLY-OFFERED DIRECT
OBLIGATIONS, SEPTEMBER 30, 1939
fin millions of dollars]

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i
[In millions of dollars]

•Maturing
Date maturing
or callable

Total

Bills

Notes
U . S.
Savings

1939—Oct
1940—Jan.
Apr.
July
Oct.
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
1960
1961
1963
1965

Bonds
callable i

Bonds

1,832
1,378
738

1-Dec. 3 1 .
1 - M a r . 31 ._
1 - J u n e 3O.__
1-Sept. 30 .
1-Dec. 31
_
___

__ _

1,306

737
2,219
1,001
1,948
416
2,118
1,842
2,822
1,998
1,436

Other

526
1,378
738
737
1,385
1,001
1,050
416

834
898

2

176
323
423
511
617

1 941
1 519
2,399
1 487
819

__
-- --

-

--

--

-

Total

681
3,063
4 123
4,494
4,718
4 662
4,665
4 645
4,853

312
980
1,226
1,387
1,422
1 422
1,422
1 410
1,410

134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937

235
249
250
252
252
252
255
297
299

206

1,855
2,555
1 755
2 372
1,460
1 674
2 278
1,186
2 382

5 009
5,001
4 993
4 992
4,987
5,410
5,410
5,410
5,409
5,450
5,480
5,583
5,458

1,404
1,395
1 388
1,388
1,383
1,381
1,381
1,380
1,379
1,379
1,379
1,379
1,279

2,888
2,888
2,888
2,888
2,888
2,888
2,888
2,888
2,888
2,928
2,958
2,858
2,831

511
511
511
509
509
819
819
819
820
820
820
820
820

206
206
206
206
206
206
206
206
206
206
206
409
409

I 223
2,436
1,786
2,663
755
489

982
2,611
50
919
1,485

982
2,611
50
919
1,485

1,485
50

25, 297

25, 297

1,306

7,232

2,051

2,611
982
919

1 Excludes U . S . savings bonds. Other bonds in the amount of $2,577,000,000 not callable prior to maturity are shown as of date of maturity.
2 Includes unclassified U. S. savings bonds.




ReconComu. s.
Home
Federal
Farm
Owners' struction modity Housing
Mortgage Loan
Finance Credit
Corpora- Corpora- Corpora- Corpora- Authortion 2
ity
tion
tion
tion

1934—June
Dec.
1935—June
Dec.
1936—June
353
Dec
1937—June
Dec
1,379 1938—June

1,223
2,436
1,786
2,663
755
489

35, 886

Month

Total

1938—Sept
Oct.
Nov
Dec
1939—Jan.
Feb.._
Mar. _
Apr.__
May._
June__
July..
Aug...
Sept..

114
114
114
114
114
114
114
114

1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
Housing Administrator, amounting to $2,787,000 on September 30, 1939.
2 Excludes obligations guaranteed as to interest only.

1001

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Receipts

Expenditures 1
General

Period

National
deInter- fense
All
est on and other
debt Veterans'4
Adm.

Recovery
and
relief

Total

Other
In- Social intercome securnal
ity
taxes taxes 3 revenue*

Fiscal year ending
June 1937
June 1938
June 1939

5,294
6,242
5,668

2,158
2,635
2,182

253
755

2,187
2,285
2,238

697
567
507

8,442
7,626
9,210

941

1,436
1,556
1,627

1,994
2,178
2,761

3,073
2,238
3,105

3 months
Sept.
Sept.
Sept.

1,651
1,509
1,447

594
577
408

164
166
182

708
638
717

185
128

1,912
2,196
2,413

192
176
185

381
410
470

520
660
748

711
332
382
704
308
417
737
268
397
613
308
420
719

498
41
36
481
48
56
506
40
43
355
42
37
328

3
34
129
3
43
182
4
30
124
25
36
119
27

170
209
175
181
173
143
183
156
187
193
187
218
312

751
769
678
862
693
662
870
785
744
951
807
822
784

146
67
9
173
30
17
120
66
10
272
15
18
151

131
136
137
136
140
122
136
133
136
140
155
161
154

177
250
228
190
221
209
243
258
279
223
249
245
254

ending:
1937
1938
1939

1938—September..
October
November..
December...
1939—January
February. _.
March
April
May
June
July
August
September..

All
other

Total

or deTrust Increase
crease during
acperiod
counts,
etc.7
Excess excess
of reof receipts ceipts
Trans- (+) or (+)
Reor
exvolv- fers to
extrust pendi- pendiing
General Gross
tures
funds accts.,
tures
fund
(net) & etc. 6
balance7 debt

607
685

-3,149
-1,384
-3, 542

+374
+306
+890

-128
-338
+622

+2, 646
+740
+3, 275

531
695
711

241
227
283

-261
-687
-967

+117
+222
-112

+306
+763
-661

+450
+1, 228
+418

243
262
249
309
258
254
297
266
262
252
220
321
170

45
44
49
49
39
50
68
55
50
56
167
66
50

-40
-437
-296
-157
-385
-245
-132
-517
-348
-339
-499
-402
-65

-41

+719
-409
-122
+636
-151
+410
+46
-346
-119
—86
-391
-216
-53

+800
+30
+180
+824
+204
+227
+127
+78
+219
+158
+222
+230
-34

204
121
92

Details of trust accounts, etc.

Period

Old-age reserve and
railroad retirement accounts

+30
+428
+52
+93
+9
+95
-113
-44
+46

Details of general fund balance
(end of period)

Net expenditures in
checking accounts of
Government agencies

Unemployment
trust fund

Q

-6
-31

ComReconWith- struction
In- BeneInmodity
All
ReRefit
vest- payvest- drawals
Credit
Finance
by
ceipts ments
ceipts ments
Corpora- other
States Corporaments
tion
tion

All
other,
excess
of receipts

In-

Incre-

(+) or Total active ment
on
gold

expenditures

Seigniorage

gold

Working

balance

(—) 10

Fiscal year ending:
June 1937
June 1938
June 1939

267
550
639

267
461
516

294
763
838

293
560
395

1
191
442

9 329
99
9 658

9 112
9 184
136

127
9 11
9 246

+60 2,553
+87 2,216
+116 2,838

1,087

85
120

141
142
142

356
446
536

970
1,628
2,160

3 months
Sept.
Sept.
Sept.

168
152
181

143
109
139

12
28
31

155
202
225

146
78
96

9 69
9 226
67

9 60
68
9 75

42
9 36
166

+8 2,860
+16 2,978
+28 2,178

1,209

129
122

141
142
142

382
460
554

1,128
2,376
1,481

45
44
49
49
39
50
68
55
50
85
65
66
50

35
34
34
34
34
50
50
50
40
83
45
51
43

9
10
10
10
10
10
11
10
11
11
10
10
10

35
38
125
37
51
148
34
34
137
32
58
154
13

94
9 14
96
32
10
111

40
40
26
19
33
36
44
41
32
41
42
41
40

24
19
21
18
9 15
9 326
96
9 60
3
9 86
16
29
22

27
23
18
16
10

97
96
9 11
94
9 20
9 112
937
9 27
12
92
144
96
9 74

142
142
142
142
142
142
142
142
142
142
142
142
142

460
467
478
492
503
508
515
522
528
536
544
549
554

2,376
1,960
1,828
2,449
2,288
2,693
2,732
2,380
2,254
2,160
1,761
1,539
1,481

ending:
1937
1938
1939

1938—September
October
November __
December
1939—January
February...
March
April
May .
June.
July
August
September
1

9 13
108
9 14
129
9 19

2
5
94
6
9 86
5

+3
+19
+13
+8
+2
-1
+14
+11
+23
+11
+13
+5
+10

2,978
2,569
2,447
3,084
2,933
3,343
3,389
3,044
2,924
2,838
2,447
2,231
2,178

Excludes debt retirements.
23 Includes taxes under Social Security Act and on carriers and their employees.
Includes
miscellaneous internal revenue, unjust enrichment tax, and processing taxes.
4
Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc."
5
Includes
revolving
funds of 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 appear8 as receipts under "Trust accounts,
etc."
7
9
Details given in lower section of table.
Less than $500,000.
Excess of credits.
i° 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.




1002

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST, 3 1 , 1939
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Home mortgage and
Farm credit
Reconhousing agencies
struction
Finance
CorpoOther
ration
Farm
Farm
Home Other United
and
States
Credit
mortPublic Owners'
Hous- mortAdm.
gage
gage
Loan
Works
ing
banks
agenAdmin- Corpo- agenAucies thority
cies and coristration ration
porations

Total

agencies

TennesInsee surValComance
ley agen- Other Aug. J u l y Aug.
modity
Credit Other Au31,
31,
31,
thor- cies
Corpo1939 1939 1938
ity
ration

ASSETS

Loans and preferred stock:
Loans to financial institutions. _
Preferred stock, etc.
Loans to railroads
_
Home and housing mortgage
loans
_ __
Farm mortgage loans
Other agricultural loans
All other loans
__
Total loans and preferred
stock
__ _

Cash
U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U S
Other «
Accounts and other receivables
Business property
Property held for sale
Other assets

Total assets
other than interagency 6

212
517
462

211

159
40

0)

76

428
844
492

57
(i)

30
2,060

186

91

2,337
2,637
1,128
1,033

2,637
21
2441
1,653
1
48

614

203
3 323

366
31
171

614
1

526
26

81

1

5
289

5

CO
2,271
86

385
44
35

91
40
2

2,637
121
78

13
8
23

6

36
2

10
4
543
4

1, 772

2,917

820

2,765

155

106

134
35

0)

0)
0)
0)

485

1
130

* 2
211
6
121
7

0)

291

0)
0)
0)

21
35
7

14

299
14
4

57
39
397

435
864
493

473
860
491

2,332 2,340
2,647 2,786
1,084
705
1,007
821

8,900 8,861 8, 476
418
385
326
735
731
677
141
45
450
531
704
95

106

140
47
378
483
709
90

160
36
394
438
666
145

1

63
1
2
2

43
100
1
73

558

308

668

534

12,017 11, 823 11,317

0)
(0

264

3,183

632

114
8

1,379
997
103

196
11

187

183

8
7

(0

203

9
54

5,489 5,291 5,001
1,345 1,349 1,372
1,052
867
755

696

LIABILITIES

Bonds, notes, and debentures:
Guaranteed
by United States
Other B
Other liabilities (including reserves).
Total liabilities
other than
interagency 6

0)

3

409

975

2,870

169

122

2,480

207

596

183

15

206

63

7,886 7,507 7,129

Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests

797

46

316
49

142

703
199

425
3

100

375

293

462
139

471

4,131 4,316 4,189
391
374
390

U. S. Government interests

797

46

267

142

504

421

100

375

293

323

471

3,739 3,926 3,815

1 Less than $500,000.
Includes $58,000,000 loans of Public Works Administration.
Includes $256,000,00) loans of Farm Security Administration.
Includes $146,000,000 loans of Rural Electrification Administrati m.
Excludes Federal land bank bonds held by Fedaral Farm Mortgage Corporation.
Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Recanstruction;
Finance Corporation.
NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.
2
3
4
5
6

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Sept. 30,
1938

Loans to financial institutions
Loans on preferred stock of banks and insurance companies.
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration._.

216, 859
37,154
523, 605
419, 364
193,078
92,137
79, 601
14, 456
137, 697

Total loans and investments, other than interagency.

1, 713, 950

Preferred stock of Export-Import bank
Loans to Rural Electrification Administration
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn
Loans to Tennessee Valley Authority
Total loans and investments

Mar. 31, Apr. 30,
1939
1939
196, 679
33,626
524, 343
439, 560
186, 978
112, 048
82, 757
27,067
131,090

193, 967
33, 583
528,024
443, 840
111,391
112,531
82, 966
27,129
130, 313

190, 447
33,494

528, 573
436, 612
113,450
114, 498
83, 084
28, 640
128, 865

J u n e 30,
1939
183, 943
33, 444
529, 270
439,199
44, 683
117, 079
83,109
27, 393
116, 577

J u l y 31,
1939
181, 502
33, 349
526, 876
438, 863
68,106
121, 804
83, 358
25,196
119, 705

Aug. 31,
1939
178, 833
33,181
517,125
438, 837
73, 844
123,042
83,462
23,812
122, 986

Sept. 30,
1939
177,011:.
33,162
515,157
438, 836.
85, 264
125, 75383, 502
23, 847
124, 476'

1, 734,148 1, 663, 744 1, 657, 663 1, 574, 697 1, 598, 759 1, 595,121 1, 607,006

20, 000
46,498
42, 595
23,185
2,000

45, 000
53,948
53, 258
24, 21"
3,000

45,000
56, 698
55,066
29, 398
3, 000

45, 000
61,148
55, 625
33, 796
3,000

45,000
146,498
57,094
37,996
8,300

1,848,228

1,913,569

1,852,906

1,856,232

1,869,585

NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.




M a y 31,
1939

45,000
146, 498
55, 219
41, 776
8,300

45, 000
146, 498
54, 903
44, 438
8,300

45, 000
146, 498.
54, 629
46, 500
8,30Q

1,895,551 1, 894, 260 1,907, 932

1003

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by-

Federal intermediate
credit bank loans to
and discounts for—

Regional
agricultural
Other
credit cor- financing
Land
instituporations,
Federal
Bank
tions,
land banks Commis- production
except
credit assioner
sociations, cooperatives
and banks
for cooperatives !

End of month

Loans to cooperatives b y -

EmerProduc- Regional
agriculgency
tion credit tural
credcrop
and
associait corpodrought
tions
rations
loans

Federal
intermediate
credit
banks

Banks for
cooperatives,
including
Central
Bank

Agricultural
Marketing Act
revolving fund

1934—December.
1935—December.
1936—December.
1937—December.

1,915,792
2,071,925
2,064,158
2, 035, 307

616, 825
794, 726
836, 779
812, 749

99,675
104, 706
129, 872
165,194

55,672
47,162
41,017
40,464

60, 852
94,096
105, 212
138,169

87,102
43,400
25, 288
15, 592

111,182
172, 489
164,887
172,130

33,969
2,731
1,641
1,813

27, 851
50,013
69,647
87, 633

54,863
44,433
53, 754
30, 982

1938—September.
October
November.
December.
1939—January...
FebruaryMarch
April
May
June
July
August
September

2, 003,810
1, 997, 561
1, 990, 475
1, 982, 224
1, 973,179
1,968, 790
1, 960, 357
1, 954, 677
1, 947, 944
1, 940, 586
1, 934, 013
1, 928,166
1, 922, 577

771,988
766, 502
760,326
752,851
745, 631
740, 870
733,647
728,489
723,187
717,622
712, 823
708,426
703, 840

189, 937
174, 626
166, 549
168,392
163,815

40,808
36,121
34, 537
33, 545
33, 077
34,115
35, 318
36,483
38,124
39, 794
40, 657
41, 661
37, 645

170,806
154, 560
148, 430
148,037
148, 416
155, 409
167,867
177, 792
183, 351
187, 712
187, 844
185, 215
174, 032

13, 374
12, 354
11,592
11,081
10, 863
10, 689
10, 399
10, 298
10,286
10, 235
10,003
9,599
9,127

179, 398
174, 574
172,043
170,891
169,707
170, 400
175, 509
179,156
179, 834
179,565
178, 754
177, 668
175, 060

256
744
851
920
834
1,152
1,528
1,256
596
359
263
127
778

82, 544
86,931
86, 221
87, 496
80, 266
73, 692
65, 783
61, 363
60,465
59, 577
62,124
61, 404
65,160

27, 370
27, 917
25, 313
23, 723
23, 948
23, 631
23, 305
23,190
23, 061
22, 592
22, .189
22,422
21, 663

175, 362
182, 643
186, 588
190, 359
189,044
187, 968
179, 674

i Soite of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of
the[<lqans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
i s 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 Federal savings and
loan associations

End of month

Home
Owners'
Loan Cor- Number
poration
of associations

1934—December
1935—December
1936—December
1937—December
1938—September
October
November
December
1939—January
February
March
April
May
June —
July
August
September

_

__

End of month

Depositors
bal-

U. S. G o v e r n m e n t
securities

Total

385
777
203
967
136 1,100
115 1,103

630
800
933
936

147
167
167
167

74
95
71
72

1,113
1,118
1,118
1,128
1,132
1,137
1,144
1,153
76 1,154
73 1,157
68 1,157
58 1,172

947
952
952
961
965
971
978
986
988
1,011
1,011
1,026

166
166
166
167
167
166
166
167
166
146
146
146

79
71
75
76
73
79
79
76
76
75
79
80

member
institutions 2

639
1,023
1,212
1,328

81,300
348,000
586, 700
853, 500

86,651
102, 791
145, 394
200,092

1935—June.. _
1936—June. _ „
1937—June
1938—June
_ .

1,205
1,232
1,268
1,252

1,236
1,265
1,307
1,290

2, 221, 417

1,365
1,370
1,374
1,368
1,370
1,375
1,375
1,381
1,383
1,386
1, 385
1,392
1,394

994, 218
1,011,087
1,020, 873
1,034,162
1,040, 770
1, 051,109
1,067,887
1,089,879
1,117, 228
1, 136, 289
1,157, 536
1,186, 784
1, 206, 887

189, 548
189, 217
189, 685
198, 840
178, 852
170, 614
161,614
157,176
157, 911
168, 962
161, 537
159, 470
163, 687

1938—August
1,252
September
1,248
October
1,250
November
1,250
December
1,252
1939—January
1,259
February
1,263
March
1,266
April. _
1.264
1,261
May. _ .
June
_ 1,262
July
1,268
August
P] 271
September __ n, 267

1,291
1,287
1, 289
1,291
1,291
1,299
1,304
1,309
1,306
1,305
1,304
1, 310

2,186,170
2,168, 920
2,149,038
2,134, 261
2,117, 598
2,105,824
2,091, 324
2, 080, 512
2, 067, 844
2, 059, 792
2, 054, 865

Cash
reGuar- serve
anteed funds,
obli- etc.*
gations

ancesi

Cash
in depository
banks Total

2,379,491
2, 897,162
2, 765,098
2, 397, 647

_ . 2, 203,896

_

Loansi

Federal
home
loan
bank
loans to

99
98
96
87
86
83
81
80

Direct
obligations

1 Federal Home Loan Bank Board estimates for all Federal savings
and
loan associations.
p Preliminary.
2
Excludes loans to other than member institutions which are negli1 Outstanding principal, represented by certificates of deposit. Does
gible in amount.
not include accrued interest nor outstanding savings stamps.
2 Includes working cash with postmasters, 5-per cent 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

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value)2

Industrial production i *
Year

Total

Manufacures

month

Minerals

Total

Residential

All other

Factory employment3

Factory
pay-

Freight-car Department
loadings * * store sales *

rnllo 3

Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadusted justed justed justed usted justed justed justed justed justed usted 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
84

83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110
86

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

77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
105
'•lie
98

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
65
59
64

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80

107
107
82
91
104
96
100
102
100
100
106
92
78
66
73
86
91
99
109
90

98
117
76
81
103
96
101
104
102
104
110
89
68
47
50
65
74
86
103
78

84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
62

78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
76
79
88
92
85

1936
108
109
110
114
121

106
108
111
115
114

110
110
110
114
121

106
107
110
115
114

99
102
105
112
117

104
110
115
115
111

62
59
57
58
66

65
60
54
51
53

46
47
43
40
45

46
47
41
39
38

75
69
69
72
83

81
70
65
62
65

101
102
102
104
107

101
104
105
105
106

87
87
93
94
99

76
75
77
82
83

77
84
86
84
77

87
88
90
94
92

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
100
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
'116
121
125
123
••113
'109

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

107
108
110
111
112
111
112
112
110
108
104
98

105
108
110
111
112
110
111
112
112
110
104
97

95
100
106
110
110
108
105
109
105
105
93
85

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
70
90
89
95
60
65
72
100
103
101
156

80
79
79
77
76
77
83
88
00
96
103
104

79
79
80
78
77
77
81
87
91
97
104
98

76
75
75
73
73
74
82
87
89
95
103
104

75
76
77
76
75
75
79
85
89
95
103
98

108
103
104
100
92
92
93
95
97
98
102
109

103
99
96
91
90
92
93
97
102
106
105
103

52
51
46
52
51
54
59
66
78
82
96
96

42
44
46
59
61
63
65
69
79
78
85
77

26
32
33
37
37
42
49
53
56
57
56
57

22
28
35
43
44
46
49
52
56
56
54
48

73
66
56
65
62
64
68
77
96
102
128
128

59
56
55
73
76
76
78
84
97
96
111
100

93
92
90
88
86
85
86
88
'89
90
93
94

91
91
91
89
86
84
85
89
92
92
93
94

75
78
78
75
73
71
71
77
82
84
'84
87

65
62
60
57
58
58
61
62
64
68
69
69

59
57
57
55
57
58
62
63
71
75
70
64

90
88
86
83
78
82
83
§3
86
84
89
89

70
70
77
86
80
79
58
65
91
92
99
156

Jan
101
Feb
99
Mar
98
April...
92
May__._
92
June
98
July.... 101
Aug
103
Sept.... Pill

••100
99
100
95
94
98
97
99
Pill

100
97
96
92
91
97
100
104
Pill

98
98
100
96
94
97
95
99

110
110
110
95
98
104
106
91
P110

105
105
102
88
97
105
107
96

86
73
69
67
63
63
67
73

70
63
69
76
75
73
73
76

55
58
55
58
55
58
62
67

111
85
80
74
68
67
71
78

90
72
79
83
84
80
81
84

95
94
94
94
93
94
95
96

P79

P79

P73

45
51
58
68
65
64
63
66
P73

P83

P84

P97

92
94
94
94
93
93
94
96
P100

84
86
88
86
85
87
84
90
P94

69
67
66
60
62
67
69
70
77

63
62
63
58
62
67
70
71
85

88
87
88
88
85
86
86
89
91

69
69
82
88
87
83
60
69
97

Aug. ___
Sept
Oct
Nov
Dec
1937
Jan.
Feb
Mar.....
April. _.
May....
June
July....
Aug
Sept
Oct
Nov
Dec
1938
Jan
Feb
Mar
April. __
May....
June
July....
Aug
Sept
Oct
Nov
Dec
1939

P110

P118

r
c
p Preliminary.
Revised.
Corrected.
* Average per working day.
For indexes of groups and separate industries see pp. 1005-1006; for description see BULLETIN for February and March 1927.
3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931.
3 The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for October 1938, pp. 835837, and for October 1939, pp. 878-887. For current indexes of groups and separate industries see pp. 1007-1010. Underlying figures are for payroll
period ending nearest middle of month.
* For indexes of groups see p. 1012.
Back figures—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866.
1
2




1005

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation.

1923-25 average=100]

1938

Industry
Manufactures—Total
Durable
Nondurable
I R O N AND STEEL

Pig iron
Steel ingots

Aug.

Sept.

Oct.

1939

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

87
64
107

95
83
106

103
94
110

104
92
114

100
88
110

97
83
109

80
110

92
76
105

91
71
108

70
51
72

90
67
92

108
76
112

101
74
104

93
72
95

88
73
89

83
75
84

79
66

73
55
75

June
97
82
110

July

Aug.

Sept.

100
88
110

104
92
115

P103
P118

100
81
102

105
91
107

121
101
123

'89
19

85

TRANSPORTATION E Q U I P M E N T :

Automobiles 2
Locomotives

105
12

NONFERROUS METALS:
Tin deliveries l
Zinc
Lead

76

102
89
82
75

79
124

97
98
71

C E M E N T AND GLASS:

67

Cement
Glass, plate

155

84
155

82
153

69
147

80
133

90
131

106

105
5

106
5

94
2

77
2

103
5

110
5

76
121

78
165
130
7

111
117
114
136
105
64
84

120
5
120
128
123
150
103
79
87
116
98
106
74
103
128

COKE:

105
6

81
5

89
'5

109
••114
106
133
91
55
102

103
107
93
107
86
66
111

100
104
91
101
87
67
104

112
112
107
123
101
69
123

117
120
116
134
112
72
116

109
rill
107
114
113
77
107

109
111
111
117
113
87
97

110
114
105
119
91
84
108

97
105
85
91
80
78

104
110
105
120
98
73
76

111
115
116
138
105
70

109
82
86
77
75
126

103
78
86
72
65
119

101
81

123

70
114

107
90
94
89
77
118

109
85
138

124
103
100
119
97
137

124
105
104
118
97
137

121
95
93
103
95
138

115
97
91
101
106
127

113
94
91
89
104
126

108
91
87
91
102
119

106
131

106
118
152
88
106

95
92
94
108
149
91
103

94
88
96
112
152
86
100

106
137
92
108

87
74
97
111
150
92
106

83
67
100
108
157
94
70

73
106
110
156
97
78

90
81
99
105
135
100
94

94
84
104
108
142
95
72

87
73
103
104
143
100
66

77
102
107
145
96
81

161
73
232
81

160
75
229
84

150
74
211
78

164
76
233
95

179
76
258
97

165
79
237
78

162
77
231
78

164
78
236
80

164
77
236
81

170
75
246
85

170
75
247
84

53
123

57
130

58
132

128

61
128

61
125

61
127

62
126

63
130

65
127

203
264
104
134
108

206
265
109
141
113

102
143
110

104
140
109

201
259
107
142
100

205
262
112
145
106

201
256
113
138
117

202
256
122
140
111

209
265
122
143
115

90
93

95
103
72

100
104
75

112
116
79

110
115
76

109
114
71

114
119
76

104
108
73

Minerals—Total

95

97

102

109

110

110

110

95

Bituminous coal 3
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver

64
38
167
37
74
46
105

71
50
158
41
75
50
102

76
58
165
42

78
67
169

75
69
171

79
61
169

77
61
173

31
80
174

87
73
100

90

91
71
101

Byproduct
Beehive
TEXTILES

Cotton consumption
Wool
Consumption
Machinery activity 1
Carpet and rug loom activity
Silk deliveries
L E A T H E R AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes

129
P119
PUO
P102

pm
107
P107

P113

F O O D PRODUCTS:

Slaughtering and meat packing __
Hogs
Cattle
Calves
Sheep
Wheat flour.
Sugar meltings
TOBACCO PRODUCTS

Cigars
Cigarettes
Manufactured tobacco

74
103
115
153
87

92
84
100
104
139

100
95
102
111
146
103

158
73
227
80

168
76
241

164
76
235
85

63
132

63
126

63
130

65
142

211
269
124
143
119

215
276
122
144
121

212
273
117
139
115

218
280
123
140
128

102
106

112
117
77

111
116
77

122
127
84

104

106

71
59
170
67
90
70
107

75
53
174
74
91
68
70

P A P E R AND PRINTING:

Newsprint production
Newsprint consumption
PETROLEUM R E F I N I N G

Gasoline l
Kerosene
Fuel oil i
Lubricating oil x

R U B B E R T I R E S AND T U B E S I

Tires, pneumatic
Inner tubes J

l

72
49
161
50
80
50
102

46
73
175
55

123
128
P110

77
53
127
78
93
71
79

P71
P162

97
98
71

r
1 Without seasonal adjustment.
v Preliminary.
Revised.
2 Automobile production seasonal factors revised as follows: August 32, September 70, October 118, November 120, December 112.
Revised figures for bituminous coal 1937, February 99, March 113, April 73, May 81, July 80, August 79, December 80.
NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.
3




1006

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average^lOO]
1938

Industry

Feb.

Mar.

98
85
108

98
84
111

98
83
111

100
86
111

100
77
103

89
73
90

90
71
92

92
75
93

63
5

115
8

117
12

105
11

71
71
48

81
78
52

73
88
69

59
96
58

87
89

86
107

91
155

83
155

79
4

88
5

98
'5

103
103
101
123
91
55
106

103
104
96
113
86
66
116

121
84
85
93
74
145

May

June

96
84
106

94
78
107

97
85
108

95
83
105

99
85
111

^119

93
79
95

87
70
89

79
56
81

89
72
90

93
77
95

103
87
105

120
98
122

98
12

105
14

106
13

88
15

91
14

66
15

28
20

59

66
94
71

72
93
75

76
96
70

92
94
70

102
90
80

93
87
71

87
84
65

99
87
68

97
93
67

64
153

42
147

48
133

65
138

79
91

88
93

98
112

100
78

98
121

98
165

107
6

107
7

107
7

108
7

109
6

95
2

76
2

101
5

107
4

116
4

128
7

103
107
96
111
87
67
104

116
117
113
134
101
69
127

111
111
117
135
112
72
103

114
109
118
113
77
122

115
119
116
128
113
87
104

112
119
106
122
91
84
104

100
113
84
88
80
78
87

104
114
100
111
98
73
75

105
111
109
124
105
70
75

103
106
106
121
105
64
80

112
115
118
139
103
79
91

119
84
90
83
68
143

111
86
92
82
73
128

102
88
93
85
76
112

104
95
96
94
92
109

115
98
101
98
92
125

126
108
111
108
101
138

125
94
94
91
97
145

112
94
91
91
105
124

105
88
87
85
96
115

104
90
86
88
102
113

112
88
86
98
128

129
100
104
89
101
147

^136

77
56
101
106
154
94
97

90
66
118
113
176
104
114

94
79
110
113
163
102
98

104
97
111
114
151
93
78

101
103
94
100
135
88
62

101
100
98
104
151
90
70

83
74
88
100
147
91
69

84
74
92
111
142
91
92

81
72
87
114
127
91
109

92
81
101
122
139
90
81

86
76
96
108
140
88
78

84
69
101
104
145
94
98

80
64
98
96
140
94
86

91
71
114
107
170
122
102

172
76
250
84

177
86
252
91

161
90
222
81

167
90
231
92

145
57
212
79

157
61
232
79

147
67
211
79

156
71
224
81

151
72
215
78

172
78
248
85

186
81
272
86

171
76
249
80

180
80
261
91

181
87
259
93

52
110

57
128

58
140

63
137

61
132

62
120

61
125

61
131

64
139

66
131

64
131

62
112

61
116

64
139

203
264
99
134
108

206
265
111
141
113

209
269
107
143
110

208
269
113
140
109

202
259
115
142
100

205
262
115
145
106

202
256
115
138
117

201
256
119
140
111

208
265
121
143
115

211
269
119
143
119

215
276
113
144
121

211
273
108
139
115

217
280
116
140
128

90
93
69

95
98
71

99
103
72

100
104
75

112
116
79

110
115
76

109
114
71

114
119
76

104
108
73

102
106
68

112
117
77

111
116
77

122
127
84

97

102

106

105

103

105

105

102

88

97

105

107

96

62
38
170
76
69
44
104

76
51
163
78
71
48
97

79
63
163
86
78
52
101

86
60
163
35
88
69
55

82
66
164

83
74
164

83
66
16G

77
50
171

26
83
174

96
58
86

94
71
86

93
75
108

96
70
94

94
70
102

40
73
177
82
90
80
69

63
51
173
132
87
71
105

68
44
178
150
84
65
59

75
53
129
159
87
68
78

Sept.

Oct.

Nov.

85
63
104

89
66
109

95
79
109

103
92
113

69
49
71

75
57
76

88
67
90

_____

26
5

26
4

__ _ _

65
69
44

IRON AND STEEL

_

Jan.

Aug.

Manufactures—Total
Durable
Nondurable
Pig iron
Steel ingots

1939

_ _ _ _ _

Dec.

Apr.

July

Aug.

Sept.
P110

TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives

__

_._

NONFERROUS METALS:

Tin deliveries
Zinc
Lead

_

CEMENT AND GLASS:

Cement
Gla^s plate
COKE:

Byproduct
Beehive 1
TEXTILES

_
_

_ _ __
_

Cotton consumption
Wool
_
__ —
Consumption
Machinery activitv
Carpet and rug loom activitySilk deliveries
LEATHER AND PRODUCTS

__

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers _
Boots and shoes

125
P123
P147
P102

113

FOOD PRODUCTS:

Slaughtering and meat packing.__
Hogs
Cattle. _
_ __
Calves
Sheep
Wheat flour
Sugar meltings
TOBACCO PRODUCTS.

_

_ _

Cigars
Cigarettes
_
Manufactured tobacco

__

PAPER AND PRINTING:

Newsprint production
Newsprint consumption
PETROLEUM REFINING

Gasoline
Kerosene __
Fuel oil
Lubricating oil
RUBBER TIRES AND TUBES

Tires, pneumatic
Inner tubes
Minerals—Total.._
Bituminous coal2
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver

.__
_.

__

.

_
. _

__
___

123
128
85

m

P72
P167

187
93
67

r
p Preliminary.
Revised.
1
Revised figures for beehive coke 1938, April 6, June 4.
2 Revised figures for bituminous coal 1937, January 97, February 105, March 113, July 73, September 93, October 93, November 88.
NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.




1007

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1938
Industry and group
Aug.
Total i
Durable goods1
Nondurable goods..

Sept.

'87. 9; '89.4
•-73.il '75.6
102.1 102. 7

Oct.

1939
Nov.
92.8
82.1
103.1

94.4
83.7
104.7

94.
84.4
104.4

90.9
95
97
72
90
56
91
74
147
74
82
62
93
83
162

90.7
95
96
72
90
54
89
74
144
74
82
63
94
83
154

91.7
110
134
85
88
79
126
123
69
127
93.2
868
102
33
17
103

92.3
114
132
84
92
80
128
126
69
127
94.1
900
102
35
19
106

93.1
131
106
79
91
85

131
105
84
90
86

83.6
88
87
69
84
49
71
75
135
74
79
58
93
76
125

85.
89
90
70
85
52
83
73
139
75
81
59
88
76
137

93
95
73
88
54
89
74
146
74
79
60
91
80
154

84.6
110
133
75
82
75
118
91
59
120

85.1
100
134
78
82
75
120
89
63
123

104
134
81
85
75
122
98
64
126

104
133
83
87
77
124
117
66
127

Aircraft
Automobiles i
Cars, electric-, steam-railroad.
Locomotives
Shipbuilding

'59.6
776
'59
26
17
95

'69.8
798
'72
31
16

80.3
824
86
28
15
94

NONFERROUS METALS, PRODUCTS

84.1
128
98
79
84
71
61
70

131
101
81
84
77
64
71

90.6
837
99
29
16
100
91.9
132
106
79
86
82
65
76

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 I.__.

Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining

LUMBER, PRODUCTS

Furniture
Lumber, millwork..
Lumber, sawmills..
STONE, CLAY, GLASS PRODUCTS..

Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery

95
80
84
67
61

Feb.

Mar.

83.9
103.3

93.3
82.9
103.3

55
87
74
143
74
84
66
95
84
152

90.7
94
97
73
90
54
87
74
147
75
85
67
95
84
151

90.5
95
94
73
90
55
84
74
144
75
84
67
96
84
148

94
93
73
86
55
80
75
142
74
85
67
95
84
142

94.0
123
131
85
91
81
132
129
71
128
92.9
966
17
113

94.8
124
131
86
91
82
134
130
72
129

97
36
16
111

83
57

69.2
50
64
84
46
80

70.7
52
63
87
45
81

73.2
53
67
92
46
82

76.8
56

77.8
57

47
84

49
85

79.6
61
64
100
49
87

89.1
63
85
73
118
91
147
71
69
133
63
79
119.2
104
173
103
135
79
122

100.3
89.0
67
85
76
118
94
147
71
69
131
64
78
121.4
106
177
103
141
84
119

98.9
88.1
71
84
77
116
96
148
72
69
135
62
75
119.0
104
171
104
142
84
117

100.0
90.5
74
85
80
118
91
148
71
70
139
64
84
116.9
104
167
105
138
72
117

102.2
92.3
76
85
83
121
89
151
77
71
144
65
88
120.0
106
173
106
140
77
119

101.9
91.9
78
85
82
122
90
153
64
72
134
64
88
119.5
103
171
107
132
79
130

July

Aug.

Sept.

94.3 '95.3
83.
'84. 7
104.2 '105. 4

'96.0
'85.
105. 9

97.4
88.9
105.5

90.3
96
93
71
91
54
72
76
147
75

92.5
97
98
73
94
56
78
78
157
79
88
69
98
85
121

95.6
101
101
74
97
59
84
80
157
80
85
71
98
87
150

95
84
135

90.6
96
94
72
91
56
70
77
147
78
89
67
95
81
128

94.4
95.4
94.9
96.1
97.3
119
123
122
118
115
121
126
127
127
127
128
125
92
87
87
87
88
95
99
95
97
91
86
81
83
83
85
82
149
155
140
144
146
138
131
127
121
122
126
124
75
77
79
75
78
73
122
126
122
126
119
129
87.2
88.9
91.1
'90. 0 '89. 6 101.4
1,075 1,169 1,267
1, 385 1,414 1,512
96
89
89
'90
'90
104
34
34
33
32
31
34
18
21
25
28
29
28
112
118
127
128
125
129
92.!
142
104
84
90
76
68
77

92.8
145
105
82
91
73
68
77

>-94.6
153
106
84
94
75
70
76

96.2
157
109
85
95
77
70
75

98.9
151
114
85
91
90
71
77

63.2
85
56
56

64.2
85
57
57

64.8
84
56
59

65.3
85
59
59

66.0
86
59
60

66.4
86
60
60

67.2
87
61
61

77.4
59
66
95
48

77.4
58
66
95
53
85

77.9
58
67
97
53
84

75.4
55
'63
96
52
84

77.5
57
66
98
50
87

78.4
58
67
98
51
88

78.1
57
67
99
50
87

78.3
58
67
100
48
86

101.8
91.7
77
86
82
122
90
153
68
71
134
64
84
120.2
104
173
107
136
84
123

101.0
91.0
77
85
80
122
87
154
70
70
134
65
81
119.2
104
171
107
132
84
121

99.6
90.
77
85
78
121
86
154
67
70
133
65
77
116. 4
103
165
109
128
81
119

99.8
91.0
74
85
80
124
84
153
68
73
128
66
81
115.2
102
161
111
125

101. 2
92.0
73
86
79
120
89
152
72
74
138
63
86
117.5
104
169
114
129
74
120

65.1
85
57
59

64.0
80
57
59

June

93.2
143
103
85
93
77
68
78

65.7
84
58

62.4
79
55
57

May

94.0
83.7
103.8

93.4
140
104
84
92

62.8
80
55
58

Apr.

94.3
84.2
103.9

93.4
135
104
84
91
84
68
78

61.5
79
54
56

TEXTILES, PRODUCTS

Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles..
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments...
Men's furnishings
Millinery
Shirts, collars

Jan.

90.2
78.3
101.5

87
83
66
82
48
65
74
129
76
79
57
95
73
105

IRON, STEEL, PRODUCTS

Dec.

77

80
120

103.4
'104.1 104.
'94. 5 95.4
94.0
74
78
76
89
91
91
83
86
84 !
128
129
129
93
87
90
154
149
155
75
73
80
77
78
79
138
140
140
63
61
62
89
83
85
121.1 121. 4 120.1
106
107
107
171
174
174
116
'115
117
135
135
140
73
80
77
123
121
121

' Revised.
i Seasonal factors for automobiles revised as follows: 1938, J u l y ,90, A u g u s t 82, S e p t e m b e r 90; 1939, J u l y 85, A u g u s t 80, S e p t e m b e r 97, October 100.




1008

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION) —Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1938

1939

Industry and group
Aug.
LEATHER, MANUFACTURES
Boots, shoes
Leather

Sept.

Oct.

Nov. Dec

Jan.

95.5
95
80

97.2
97
81

96.5
96
83

97.6
96
85

98. 1
97

127.7
144
266
99
164
82
78
76
97
95
95

126.7
144
263
96
153
83
76
75
98
116

123.4
143
263
96
129
82
76
77
99
108

127.4
144
276
95
149
83
78
78
100
108
95

128.8
144
274
96
151
86
79
78
100
152
94

128.8
144
276
96
150
84
79
79
98
212
96

64.3
63
64

65.7
65

64.4
59
65

65.0
63
65

65.6
63
66

65.9
61
67

108.7
104
103

109.0
105
104
98
114

109.2
105
105
98
113

110.6
108
106
99
114

111.1
110
106
100
114

CHEMICAL, PETROLEUM, AND COAL
PRODUCTS
Petroleum refining
Other t h a n petroleum
Chemicals
Cottonseed oil, cake, m e a l .
Druggists' preparations
Explosives
Fertilizers
P a i n t s , varnishes
R a y o n , allied products
Soap

112.5
122
110.1
112
112
112
85
107
118
280
82

112.
121
110.
113
100
109
87
103
118
299
81

112.6
120
110.
115
99
108

113.3
120
111.8
119
101
108
84
102
118
297
77

R U B B E R PRODUCTS
R u b b e r boots, shoes
R u b b e r tires, inner tubes
R u b b e r goods, other

73.2
52
60
119

75.
54
61
125

76.5
56
63
123

81.4
60

F O O D , PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.

118
300

98.9
98
87

Feb.

Mar.

May

June

Aug.

Sept
97.2
95
87

93.7
92

127.3
144
270
94
158
82
78
78
96
107

127.0
144
270
95
157
81
77

128.4
146
272
96
159
81
80
77
98
107
87

129.4
147
275
95
162
80
81
77
100
104

127.9
147
269
95
150
82
81
75
101
99
94

129.7
146
269
96
161
86
79
75
101
105

127.4
146
269
95
143
81
82
76
102
131
90

64.8
61
65

61.4
62
62

64.5
63
65

65.1
62
65

65.5
62

65.7
61
66

65.2
62

64.2
62
65

111.0
111
106
100
113

111.1
111
106
99
114

111.4
112
106
100
114

111.5
111
106
100
114

111.5
111
107

111.1
111
106
99
114

111.8
113
106
101
114

112.0
115
107
99
115

112.5
116
109
98
116

113.7
119
112.4
120
104
108
85
100
119
297
81

113.6
119
112.3
119
97
109
86
103
119
297
81

112.9
119
111.4
120
88
107
86
97
118
301
80

113.4
119
112.2
120
96
108
120
299
79

114.2
118
113.3
118
103
109
86
110
121
309
78

114.4
119
113.4
117
110
111
87
115
119
302
79

113.1
120
111.4
117
88
112
90
107
120
295

113.6
121
111.
115
85
111
92
105
122
298
84

111.7
122
109.2
119
81
109
93
103
125
254
87

116.2
122
114.8
122
85
110
98
112
124
297

82.9
60
67
137

81.4
58
67
133

81.4
60
66
133

82.2
60
67
134

81.3
60
67
131

81.1
61
67
129

79.7
47
67
134

83.6
58
68
138

125.'
144
275
94
143
83
77
78
96
120

103
102

97.1

July

97.7
97
85

99.0
98
87

99.2
98

Apr.

59
66
131

98.
98
87

87

58
70
143

NOTE.—Figures for September 1939 are preliminary.
For description and back data see the BULLETIN for October 1938, pages 835-866, and
for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of m o n t h .




NOVEMBER

1009

FEDERAL RESERVE BULLETIN

1939

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory payrolls

Factory employment
Industry and group

1938
Aug.

Total
Durable goods
Nondurable goods.
IRON, STEEL, PRODUCTS

Blast furnaces, steel works. _
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework

TRANSPORTATION EQUIPMENT

Aircraft
Automobiles
Cars, electric-, steam-railroad._
Locomotives
Shipbuilding

NONFERROUS METALS, PRODUCTS..

Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining

STONE, CLAY, GLASS PRODUCTS..

Brick, tile, terra cotta
Cement
Glass
Marble, granite, slatePottery

May

' Revised.




July

93.4
84.6
101.8

83
68
81
47
64
74
125
75
80
59
105
72
100

84.3
88
87
70
84
49
70
74
133
76
84
60
103
75
121

90.2
95
94
73
87
55
80
75
145
74
87
67
94
84
146

90.4
96
95
93
93
73
75
90
54
72
76
77
147
144
75
76
88
'86
67
69
98
100
84
80
'126
136

104
133
75
82
75
113
98
59
119

85.4
94
134
78
83
75
121
103
62
123

51.8
776
48
26
17
92
82.7
120

80
93
71
62
70

55
59
71.6
54
70
84
49
78
87.0
63
81
70
112
95
145
70
68
133
64
80
119.8
107
173
100
127
80
120

93.5
83.0
103.5

1938
Aug.
96.4
84.1
108.1
92.3
97
97
75
92
56
76
78
152
78
90
72
107
84
116

Sept.
100.1
89.7
109.9
101
100
75
97
59
83
79
154
81
91
74
107
86
145

94.9
95.6
95.7
96.8 100.3
123
119
117
113
114
127
128
127
127
125
93
87
87
87
88
99
96
99
97
97
86
83
83
82
84
156
147
145
141
140
147
130
120
107
136
77
77
75
75
78
122
121
125
127
118
64.4 91.2
90.8 '79.
76.3
774 1,204 1,305 1,399' 1,414 1,466
93
92
65
'76
101
72
37
35
30
32
32
33
22
26
29
16
29
28
122
126
124
93
122
130

65.
84
56

87
49

83
75
114
97
148
75
69
133
66
77
125.9
110
184
103
137
93
121

70.1
70
81
57
72
46
68
59
134
57
76
48
105
66
122

80.2
82
90
68
76
57
78
67
143
61
75
57
98
79
139

77.8
93
122
76

94.0
135
122
91
114
75
161
92
70
127

117
92
53
114

78.
135
93
75
78
58
55
65

57.9
66
45
54

80.8
62
73
99
53
85

81.1
62
72
100
52

103.5
93.1
76
87
81
122
94
152
78
77
140
63
86
122.1
110
174
114
131
78
120

104.3
93.4
78
90
84
125
90
150
77
78
143
63
82
124.4
110
178
116
132
89
123

65.0
81

66.
83
60
61

'66.'
'84
60
61

68.
88
61
63

61
72
99
52
86

79.
62
73
96
54
82

98.0 '98.1
89.6 '91.1
73
74
84
77
117
'119
86
90
149
149
71
72
75
73
135
136
59
60
85
86
112.6 109.5
100
105
158
144
113
112
127
'124
68
56
119
118

75.2
102
122
71
87
63
105
83
49
97

85.0
78.8
91.9

71.8
122
87
67
67
48
48
63

94.6
154
108
83
94
73
69
75

90.3
74
85
80
124
82
153
68
74
128
61
80
115.6
99
166
113
127
82
121

67
73
56
65
42
60
57
123
59
67
50
109
61
91

May

81.6
68.1
96.7

100.1
151
114
86
100
90
72
77
69.9
91
62
63

'91.3
150
104
80
'87
71
63
76

54
87

77.3
63.1
93.2

Sept.

726
66
24
11
95

91.
144
104
80
85
71
68
77

78.
58

Aug.

49.7
709
47
21
13
93

92.0
142
105
82
83
76
69
77

TEXTILES, PRODUCTS

Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles...
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments...
Men's furnishings
Millinery
Shirts, collars

June

93.0
84.0
101.6

LUMBER, PRODUCTS

Furniture
Lumber, millwork.
Lumber, sawmills..

Sept.
92.0
75.
107.3

72.4
104.4
82.1

MACHINERY

Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters

1939

June

July

Aug.

Sept.

93.0

84.4
76.0
93.1

89.8
81.6
99.0

93.7
87.8
100.2

82.6
86
90
66
82
56
74
68
146
63
77
59
103
79
138

78. (
82
83
66
'72
55
65
65
137
60
73
59
103
72
124

87.8
93
104
68
80
59
80
71
153
68
78
64
115
79
116

91.3
95
109
62
85
63
91
72
151
71
81
64
120
81
162

95.4
127
125
92
114
77
166
105
73
113

94.0
123
123
91
110
75
166
114
75
113

124
119
93
114
78
161
123
75
117

100.7
126
124
99
116
80
182
136
73
122

79.2 102.1
88.9 '76.6
87.3
,299 1,338 1,381 1,361
1,155
76
89
'73
106
88
27
30
25
28
32
27
25
27
26
20
128
136
132
131
136
84.0
153
104
78
66
59
59
72

84.0
157
103
76
70
56
58
72

'83.4
148
107
76
69
54
51
71

89.8
164
113
85
77
58
59
71

97.4
168
125
89
84
76
66
71

59.6
72
45
55

58.0
67
44
54

60.1
56

'56.3
'68
45
50

62.9
76
50
57

63.4
79
50
56

59.5
40
64
83
35
62

61.5
42
62
87
34
67

67.7
44
63
96
44
77

70.6
50
68
101
40
73

65.9
46
68
92
40
66

82.3
74.5
49
69
63

86.4
75.8
54
71

158
53
57
113
53
66
92.2
77
132
92
108
66
91

94
163
58
59
115
53
61
101.5
83
142
103
123
102
95

79.9
75.3
58
72
72
103
63
150
54
65
100
49
65
83. £
69
114
120
103
58

79.6
75.6
57
71
70
97
74
148

'79.3
'76.
57
73
73
98
82
144
57
65
114
111
48
48
73
71
82.3 '79.
74
78
106
97
117
'113
111
'106
45
37
91

71.
50
70
103
40
75

64
75
76
103
84
161
64
68
117
52
72
133
112
120
67
103

71.1
49
68
105
38
75
86.5
80.8
69
79
81
108
73
156
61
67
121
52
68
92.1
79
118
120
121
82
102

1010

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT) —Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937.
Factory employment

Factory payrolls

1938

Industry and group

Aug.

Sept

L E A T H E R , MANUFACTURES..
Boots, shoes
Leather

100
79

80

F O O D , PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing..
Sugar, beet
Sugar refining, cane

145.5
145
292
106
295
75
79
91
96
80
97

May

June

July

Aug.

Sept

92.5
91
83

94.1
93
85

99.7

100. i
100

150.2
146
281
100
317
92
78
82
97
107
100

120.5
146
277
98
108
74
78
85
97
52

127.2
147
298
103
141
72
79
92
99
54
91

135.0
148
301
104
197
70
83
93
101
57

147.1
147
295
103
289
79
80
89
100
88
99

65.7
62

67.8
64
68

64.2
61
65

65.2
61

65.4

66.6
61
67

107.6
103
103

109.4
107
104
98
114

111.2
109
107
99
115

109.8
108
106
97
114

110.1
110
106
99
112

110.(
114
107
98
112

112.!
119
109
98
116

CHEMICAL, P E T R O L E U M , AND COAL
PRODUCTS
Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap

109.3
123
106.0
112
79
110
86
77
115
282
81

114.
122
112.7
115
131
111
89
92
117
302
83

112.
118
111.7
117
75
108
86
124
123
296
78

109.8
121
107.2
117
54
108
90
79
124
286

110.4
122
107.6
117
49
106
91
73
122
297
82

109.1
123
105.7
119
57
107
93
74
122
255

117.6
123
116.2
124
110
112
100
100
123
300

R U B B E R PRODUCTS
Rubber boots, shoes
Rubber tires, inner t u b e s .
R u b b e r goods, other

72.3
52
60
115

75.8
56
61
123

81.2
59
67
131

78.
45
67
131

82.6
59
68
133

60
70
141

TOBACCO, MANUFACTURES..
Tobacco, snuff
Cigars, cigarettes
P A P E R , PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical p r i n t i n g . . .

1923-25 average=100]

56
66
129

Aug.

Sept.

May

June

July

Aug.

Sept

82.8
83
76

79.5
78
77

68. (
64
79

74.6
70
82

83.6

85.1

77.1
73
84

149.7
148
288
99
296
91
84
82
101
121
91

129.9
133
346
89
221
70
76
76
102
73
83

135.8
137
320
85
257
92

118. f
137
324
82
93
70
72
71
105
56
73

123.8
138
355
87
110
69
74
75
107
59
77

128. 6
139
359
89
154
64
80
77
109
r
54
81

135.1
135
350
87
251
77
77
74
106
86
81

138.7
139
336
84
254
91

66.4
61
67

61.1
66
60

63.1
71
62

57.7
65
57

61.5
65

61.8
67
61

62.7
67
62

67
62

102.4
118
102
83
105

105.1
116
106
86
108

103.5
118
105
84
106

102.0
117
101
86
102

103.7
125
108
83
102

108.6
133
113
85
109

118.1
135
112.9
124
106
118
98
78
117
282

119.1
132
115.'
131
58
118
96
106
130
273
94

118.7
134
113.9
132
45
119
101
65
129
272
97

117.8
132
113.6
131
42
118
103
63
124
283
99

118.9
136
113.6
136
48
119
109
63
126
247
102

124.4
135
121.2
140
91
123
114
88
127
287
107

74.8
56
66
114

80.0
55
72
122

82.1
55
75
122

••81. 5
43
77
121

86.0
58
79
127

91.4
62
83
135

109
102
81
100
116.0
138
109.2
123
63
117
113
265
95
67.7
49
59
106

106
105

108
117

r

Revised.
NOTE.—Figures for September 1939 are preliminary.
are for payroll period ending nearest middle of m o n t h .




Back data m a y be obtained from the Bureau of Labor Statistics.

Underlying figures

1011

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky M o u n t a i n s , as reported b y the F . VV. Dodge Corporation.

Value of contracts in millions of dollars.]

Nonresidential building
Factories

Month

January
February
March
April. __

__ __
__

May

June
__
July
August
September
October
November
December

... _ _

Year
1

Public workg
and public
utilities l

Residential
building

Total

1938

1939

1938

1939

192.2
118.9
226.9
222.0
283.2
251. 0
239.8
313.1
300 9
357. 7
301 7
389.4

251.7
220.2
300. 7
330.0
308.5
288.3
299.9
312.3

36.2
40.0
79.4
74.6
83.2
85.7
88.0
99.7
99 6
112.7
95 3
91.5

80.2
79.0
125.2
114.4
133.8
111.9
109.3
127.2

1939

6.6
4.9
15.7
11.5
8.6
10.7
9.7
11.3
10.7
13.8
10. 5
7.0

1938

7.1
9.5
13.0
17.5
13.0
15.8
17.4
10.4

Educational *

1939

15.4
13.0
20.2
18.9
19.2
18.8
26.2
18.3
14 0
24.2
13 7
14.0

121.1

985. 8

3,196. 9

1938

Commercial

1938

17.3
13.5
17.4
21.3
19.5
26.8
22.9
21.1

1938

1939

19.0
15.4
21.0
16.9
11.8
14.7
10.7
21.4
33 9
47.0
49 0
73.3

31.7
21.8
27.6
21.1
16.4
12.5
19.4
13.8

334.1

215.8

Other i
1939

16.4
15.1
31.0
33.1
38.2
37.7
26.1
36.3
33 4
46.0
42 8
45.2

1939

1938

28.9
24.7
39.8
34.8
27.8
37.8
28.7
24.6

401.2

86.5
71.6
77.7
121.0

98.6
30.5
59.7
67.0
122.2
83.5
79.3
126.1
109 3
114.0
90 4
158.4

97.9
83.6
102.1
115.3

1,139.0

Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.

Value of contracts in millions of dollars.]

Publicly-financed'

Total

Privately-financed i

Month

Year

1935

1936

1937

1938

1939

1934

1935

1936

1937

1938

1939

1934

1935

1936

1937

1938

186
97
178
131
134
127
120
120
110
135
112
93

100
75
123

215
140
199
235
216
233
295
275
234
226
208
200

243
188
231
270
244
318
322
281
207
202
198
209

192
119
227
222
283
251
240
313
301
358
302
389

252
220
301
330
308
288
300
312
323

157
65
126
78
72
73
52
69
69
79
74
61

55
38
68
53
47
64
67
92
97
114
118
196

149
79
96
105
94
116
153
153
116
101
89
82

112
69
66
74
93
137
131
104
80
78
93
115

118
51
95
99
144
108
98
171
160
203
179
279

148
111
128
160
135
128
137
158
144

29
31
52
53
63
54
67
51
41
57
38
32

45
37
55
71
80
84
93
76
70
87
70
68

66
62
103
130
122
116
141
122
119
125
119
117

130
119
165
195
151
180
191
178
127
124
106
94

75
68
132
123
139
143
142
142
141
154
123
110

975 1,007

1,334

1,152

1,705

837 1,341

1,761

1,492

1,543

S3 tO

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

1934

148
159
169
167
201
188
264

1, 845 2,675 2,913 3,197

568

1939
104
109
173
170
174
161
163
154
179

i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS

COMMERCIAL FAILURES, BY DISTRICTS

[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
1939

Federal Reserve district
Sept.

Aug.

21, 288
58, 465
18, 907
34, 232
32,058
27, 982
63, 806
21, 274
8,923
11,809
24, 483

22, 639
72, 993
25, 503
31,513
32, 213
19, 759
52, 673
19,163
8,747
9,288
17, 837

323, 227

312, 328

Sept.

Federal Reserve
district

1939
Sept.

Boston
New York
Philadelphia _.
Cleveland __ _
Richmond
Atlanta
Chicago
St Louis
Minneapolis Kansas City.
Dallas

_
________
_

_

Total (11 districts)




Liabilities

1938

19, 449
73, 785
13,971
31, 274
27, 955
27, 548
53, 410
20, 880
10, 399
10,814
11,415

Boston
New York_
__ _
Philadelphia
Cleveland.. _
Richmond.
__ _
Atlanta.. __ __ __
Chicago
St. Louis
Minneapolis
Kansas City
300, 900 Dallas
San Francisco
Total

1938

Aug.

Sept.

1939

1938

Sept.

Aug.

Sept.

67
220
52
38
31
33
112
26
21
42
21
95

67
250
44
46
35
57
148
29
20
43
23
97

81
200
75
76
43
54
126
38
17
41
16
99

1,198
2,448
1,077
771
381
328
1,262
301
104
283
257
992

510
3,395
451
725
246
746
2,268
307
281
403
340
1,587

993
4,871
785
987
455
748
2,102
630
129
412
203
2,026

758

859

866

9,402

11,259

14, 341

1012

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2

Merchandise exports 1

Excess of exports

Month
1936

1937

1938

1939

1935

1936

1937

1938

167
152
177

187
193
199

240
278
307

171
163
173

178
158
190

9
11
8

11
-11
-4

-18
-45
-51

118
99
102

35
61
77

231
249
236

171
171
157

203
192
191

287
285

160
148
146

186
202
179

-6

230
251

177
169
162

195
193
216

278

189

213

252
269

169

196

187

245

223
209

3,094

2,047

2,423

3,084

1935

1936

1937

1938

1939

176
163
185

199
182
195

223
233
257

289
262
275

213
219
268

June _

164
165
170

193
201
186

269
290
265

274
257
233

July_.
August
September

173
172
199

180
179
221

268
277
297

228
231
246

P289

October
November
December

221

265

333

270
223

226
230

315
323

2,283

2,456

3,349

January
February
March

__

__

_ __

April .

May

Year

1935

1939

r

—5
13

-10
9
-5

-18
5
-21

115
109
87

45
47
57

169
176
P181

-3
3
37

-15
-14
5

3
31

87
65
79

61
75

63

32
100
37

52
30
-15

108

100

176
171

92
115

76
98

1,960

235

33

141
166
168
178

265 1,134

r

v Preliminary.
Revised.
1
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Scvrce- Bureau of Foreign and Domestic Commerce.
Back figures.—Bee 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]
Sales i

1939
Sept. M a y

June

July

Aug.

Sept.

Month

Stocks (end of month)

Adjusted
Without
seasonal
for seasonal
variation adjustment

Adjusted
for seasonal

Without
seasonal
adjustment

1938

1938

variation

Adjusted for seasonal variation
1938
Total
Coal
Coke
Grain and grain products___
Livestock
Forest products
Ore
Miscellaneous
Merchandise i

64
68
51
74
39
40
41
69
61

62
51
42
81
40
40
58
70
61

67
68
51
90
36
40
64
71
61

69
76
62
80
39
43
59

72
62

70
78
69
75
37
42
67
74
62

71
71
49
83
50
43
72

78
64

62
44
40
73
36
41
81
73
61

67
58
47
89
30
42
108
74
61

70
64
52
111
34
43
112
74
61

71
69

57
90
37
44
125
75
62

85
89
78
99
57
49
149
92
65

i In less-than-carload lots.
NOTE.—For

description and back data see pp. 522-529 of BULLETIN

for June 1937. Based on daily average loadings. Basic data compiled
by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.




January. __
February.
March

87

April.
May..
June._

85

1939

1939
60
65

July
August
September..

Without seasonal adjustment
Total
Coal
Coke
Grain and grain products.__
Livestock
Forest products
Ore
Miscellaneous
Merchandise 1

1939

1939

October
November.
December. _

156

Year..

85

83

64

97

65
71

62

r
Revised.
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
and April for the effects upon sales of changes in the date of Easter.
Back figures.—Department store sales, see BULLETINS for August
1936, p. 631, and October 1938, p . 918; department store stocks, see B U L LETIN for March 1938, p . 232.

1013

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities

Farm
products

Foods

95 3
86.4
73.0
64 8
65.9
74 9
80.0
80 8
86.3
78.6

104 9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5

99 9
90.5
74.6
61.0
60.5
70.5
83.7
82 1
85.5
73.6

91 6
85.2
75.0
70.2
71.2
78.4
77.9
79 6
85.3
81.7

109 1
100.0
86.1
72 9
80.9
86 6
89.6
95 4
104.6
92.8

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7

83 0
78.5
67.5
70 3
66.3
73 3
73.5
76 2
77.6
76.5

100 5
92.1
84.5
80.2
79.8
86 9
86.4
87 0
95.7
95.7

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3

M ?,
39.1
79.3
73 5
72.6
75 9
30.5
W 4
S3. 9
77.6

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8

82 6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3

1938—August
September
October _ ___ __
November

78.1
78.3
77.6
77 5
77.0

67.3
68.1
66.8
67.8
67.6

73.0
74.5
73.5
74 1
73.1

81.4
81.3
81.1
80 6
80.3

91.9
92.0
93.4
94 6
93.1

65.9
65.8
66.2
66.2
65.8

76.8
76.6
75.4
73 7
73.2

95.4
95.5
95.3
94.9
94.6

89.4
89.5
89.8
89.2
89.4

77.7
77.3
77 1
76 fi
76.7

86.4
86.2
85.7
85.8
86.0

72.4
72.4
72.6
73.0
73.1

1939—January ._
February
March
April
May
June
July
August __
September.

76.9
76.9
76.7
76.2
76.2
75.6
75.4
75.0
79.1

67.2
67.2
65.8
63.7
63.7
62.4
62.6
61.0
68.7

71.5
71.5
70.2
68.6
68.2
67.6
67.5
67.2
75.1

80.2
80.2
80.4
80.5
80.6
80.2
80.2
80.1
82.1

93.1
91.9
91.8
90.9
91.6
92.3
92.5
92.7
98.5

65.9
66.1
66.6
66.9
67.5
67.3
67.6
67.8
71.7

72.8
73.0
73.1
73.4
73.9
73.0
72.8
'72. 6
72.8

94.4
94.3
94.3
94.0
93.5
93.2
93.2
93.2
94.8

89.5
89.6
89.8
89.6
89.5
89.5
89.7
89.6
90.9

76.7
76.3
76.5
76 0
75.9
75.7
75.0
74.6
77.3

85.4
85.2
85.2
85.4
85.5
85.6
85.6
85.6
86.6

73.2
73.5
74.1
74.4
74.2
73.8
73.4
73.3
76.6

75.5
75. 6
75.5
75.2
74 8
75. 1
74.8
74 6
74.8
75.3
78.4
79.3
79 5
79.5
79 0
78 9
79.4

62.9
64.1
63.3
62.2
61.4
62.5
61.4
60.4
61.1
62.7
68. 1
69.7
69.5
69.3
66.8
66.7
67.5

67.4
68.1
67.6
67.5
66 7
67.2
66.7
66.2
66.7
68.5
74.5
75.5
75.1
74.4
72.9
72.7
73.2

80.5
80.3
80.4
80.4
80 4
80.5
80.5
80.4
80.4
80.4
81.7
82.4
83.0
83.3
83.7
83.7
84.1

93.1
92.8
92.8
93.2
93.7
93.7
93.5
92.8
92.6
92.7
'96.0
-98.3
'100.4
'•104.1
105.2
105.0
105.4

66.9
67.0
67.1
67.4
67.5
67.4
67.2
67.4
67.4
67.2
68.4
71.4
72.3
73.4
73.8
74.2
74.8

73.7
73.2
73.4
73.3
73 3
73.4
73.5
73.6
73.2
73.2
74.0
74.1
74.2
74.4
74.8
74.4
74.6

93.3
93.3
93.3
93.3
93 4
93.4
93.5
93.5
93.5
93.5
94.6
94.9
95.3
95.2
95.1
95.3
96.3

89.7
89.5
89.8
89.5
89.4
90.1
90.1
89.5
89.7
89.7
90.1
90.7
91.0
91.2
91.8
92.5
92.5

74.9
74.7
74,7
74.fi
74 6
74.5
74.3
74.9,
74.2
74.4
75.9
77.1
77.9
78.5
77.9
77 6
78.0

87.0
87.0
87.0
87.0
87.0
87.0
87.0
87.0
87.0
87.0
87.0
87.1
88.8
89.1
89.1
89.2
89.2

73.6
73.3
73.3
73.3
72.9
73.0
73.0
73.0
73.1
73.2
76.1
76.1
76.6
76.7
77.1
77.0
77.2

Year, month, or week

1929
1930.
1931
1932
1933
1934
1935
1936
1937
1938

__

December

_ __

Week ending—
1939—July 1
July 8
July 15
July 22
July 29
August 5 .
August 12...
August 19
August 26
September 2
September 9
September 16
September 23 ._
September 30
October 7___
October 14
October 21.

Total

1938

Hides and
leather
products

ChemiHouseand Metals
Textile Fuel
Miscelcals and furnishlighting and metal Building
products materials
products materials drugs
ing goods laneous

1938

1939

Sept. June

July

Aug.

Sept.

58.2
69.4
58 8

52 3
69. 7
60 7

51. 5
66 0
60 1

65.1
76.:
64 f

60.0
75 9
62.5
75. 7
60 8

64.6
71.9
62.0
75.3
60 4

67.9
71 9
58.5
73 7
60 3

74. t
78 I
62. £
81. C
71 "

100 8 101 3 100.8 100 8
75 n
75.3 76. 9 77 2
82 \
83 8 84 1 84 0
96 9 95 6 95.6 97 1

101 I
97.^
92 C
97 1

53 0
81 0
64 0

FOODS:

Dairy products _
Cereal products
Fruits and vegetables
Meats... _
Other foods
H I D E S AND L E A T H E R PpnmirTsShoes
Hides and skins
Leather
Other leather products
TEXTILE

71
76
55
87

1
1
5
R

fiQ

81 6
64.1
59.9
29 5
76.3
65 0

81.2
65. 1
60.2
40.2
75.4
64 1

81 5
65.5
61.5
39 5
75.5
63 7

81."
70.4
62. £
43 4
84. C
69 £

79 1 75.5 72.6
Q8 4
95. 6 95.8
1fM o 104 2 104. 2
8
81
77 8 78.1
s« 7 88 9 89 0
56 4 52. 5 52.2
1

72. 1
96 0
L04 2
75 8
86 7
51.7

72.,
96."
104 S

81 7
64. 1
60.1
39 1
75.6
64 2

F U E L AND LIGHTING M A T E R I A L S :

Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
r
1
1

July

Aug.

Sept.

95.5
96.9
97.3
96.2
73.5
78.5

93.4
94.7
95.1
93.0
73.3
79.3

93.5
94.7
95.1
92.5
74.6
79.3

93.5
94.7
95.5
92.1
84.7
79.3

90.9 91.1 90.6 90.5
90.7 91.5 91.5 91.3
90.4 90.7 91.8 91.8
80.4 82.4 82.2 82.1
78.5 79.3 79.3 79.3
107.3 107.3 107.3 107.3
91.3 89.5 89.6 89.5

91.0
91.3
93.7
84.7
79.3
107.3
90.3

Agricultural implements.
Farm machinery _ _ __ _
Iron and steel l
Motor vehicleS
Nonferrous m Btals
Plumbing and heating

93.4
94.6
95.2
93.0
72.9
79.3

BUILDING MATERIALS:

Brick and tile
_.
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials

2

CHEMICALS AND DRUGS:

PRODUCTS:

Clothing
Cotton goods
Hosiery and underwear
Silk and rayon
Woolen and worsted Ejoods
Other textile product =!

Sept. June
METALS AND METAL PRODUCTS:

F A R M PRODUCTS:

Grains
Livestock and poultrv
Other farm products

1939

Subgroups

Subgroups

53. C

Chemicals
__ __ 81.0
74.8
Drugs and Pharmaceuticals.
67.2
Fertilizer materials
73.4
Mixed fertilizers

79.2
71.9
69.5
71.7

78.2
71.8
67.5
72.6

77.5
71.7
67.2
72.9

81.2
72.8
69.2
72.6

HOUSEFURNISHING GOODS:

Furnishings
Fur niture _

MlSCEL LANEOUS:

Auto tires and tubes
Cattle feed
Paper and pulp
_
Rubber, crude
Other miscelkmeous

__

90.2
82.1

90.0
81.0

90.0
81.0

90.0
81.1

91.7
81.3

._

57.4
67.6
81.9
33.3
81. 1

60.5
81.5
79.9
34.4
81.3

60.5
72.4
79.9
34.7
81.3

60.5
68.4
80.0
34.9
81.3

60.5
93.4
81.8
47.7
82.8

Revised.
Preliminary revision.
Revised series.
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
for 1937 (table 87).




1014

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of October 1, 1939]
[In thousands of units]
Cotton
Federal Reserve district

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

__.
_

Total

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

Estimate
Oct. 1,
1939

Production
1938

Estimate
Oct. 1,
1939

Production
1938

Estimate
Oct. 1,
1939

Bales

Bales

Bushels

Bushels

Bushels

Bushels

7,615
26, 665
49, 782
203, 740
139, 235
149, 775
1, 091, 903
333, 400
260,169
168, 328
94, 985
6,820

8,324
19, 810
52, 956
27, 263
6,572
67, 734
66,081
30, 268
287, 758
36,020
83, 851

6,876
17, 067
41, 692
24,092
5,521
56, 474
55, 903
24, 788
223,169
30, 402
64, 726

68
108
139
120

63
74
165
87

1, 847
143
189, 588
10,148
102
41, 901

1,922
97
152, 933
4,918
97
28, 379

2, 532, 417

686, 637

550, 710

244,164

188, 735

1,048
2,623

1,397
2,497

i 3, 386

i 3, 338

467
3,819
600

419
3,684
593

7,633
29, 317
52, 521
199, 591
138, 232
194, 289
1,038, 749
332,179
227,136
224, 284
91, 577
6,730

11, 943

11, 928

2, 542, 238

Tame hay

Production
1938
Bushels

Estimate
Oct. 1,
1939
Bushels

White potatoes

Tobacco

Production
1938

Estimate
Oct. 1,
1939

Production
1938

Estimate
Oct. 1,
1939

Production
1938

Estimate
Oct. 1,
1939

Production
1938

Estimate
Oct. 1,
1939

Bushels

Bushels

Tons

Tons

Pounds

Pounds

Bushels

Bushels

6,326
27, 708
19, 222
49, 425
20, 949
15, 276
430, 768
51, 571
235, 287
134, 530
39, 563
23, 214

6,765
27, 380
16, 723
46, 240
21, 848
14, 606
368, 452
42, 659
253,130
76, 908
35, 363
31,156

3,523
5,737
2,376
5,478
3,729
3,419
18, 379
6,825
10, 745
7,002
1,403
11, 683

3,339
4,470
1, 954
5, 013
3,471
3,198
17, 396
7,103
9,868
6,433
1,351
11, 427

22,847
1,842
32,110
105, 694
746,014
188,189
33, 239
241, 254
2,733
4,612

35,016
2,053
35, 270
117, 562
969,170
196, 579
33, 356
257, 902
2,730
4,536

47,316
32,123
22, 996
20, 554
27, 261
15, 466
53, 457
13, 978
43, 347
26,160
3,778
65,181

49, 749
27, 692
21,011
19, 248
22, 968
14, 703
49, 941
12,047
43, 625
26,168
3,380
68,157

1,053, 839

941, 230

80, 299

75, 023

1, 378, 534

1, 654,174

371, 617

358, 689

i Includes 16,000 bales grown in miscellaneous territory.




Spring wheat

Production
1938

Oats
Federal Reserve district

Winter wheat

Corn

1015

FEDERAL RESERVE BULLETIN

N O V E M B E R 1939

STATISTICS FOR FEDERAL RESERVE CHART BOOK
Chart
book
page
WEEKLY FIGURES

Sept.

Oct.
4

Oct.
11

Chart
book
Oct.
18

Sept

Wholesale commodity prices: 4

2.82
United States:
.01
All commodities
31, 32
Farm products
31
(0
Foods
31
2.75
Other
commodities.__
31
17.00
England
32
7.33
France
32
2.22
Germany
32
.35
35
11.91 Industrial production *
5
6.40 Manufacturing production:

3, 5
5
5
5
3
3, 9
3
3
3,6
6
7
7
7
7
7

2.83
16.90
7.24
2.27
.62
11.55
6.27
5.32
2.98
.47
1.18
.69

2.80
16.93
7.24
2.26
.55
11.62
6.29
5.35
2.96
.50
1.22
.67

11.67
6.31
P5. 36
2.94
.50
1.22
P. 70

2.77
16.97
7.35
2.24
.40
11.74
6.34
P5. 41
2.93
.50
1.27
P. 71

14
14
14

22.34
14.02
8.32

22.42
14.07
8.35

22.50
14.13
8.38

22.57
14.16
8.41

22.56
14.14
8.42

15
15
15
15
15

18.18
5.23

18. 33
5.23

18.31
5.24
.54
7.83

18.45
5.24

18.57
5.24
.54

.74

.75

.76

.79

16
16
16
16

4.32
1.21
1.64
.41

4.35
1.26
1.65
.41

4.41
1.24
1.66
.41

4.41
1.22
1.67
.41

4.43
1.19
1.66
.43

17
17
17

6.33
2.15
2.56

6.32
2. 14
2.58

6.34
2.14
2.60

6.39
2.14
2.62

6.37
2.15
2.62

2.88
.01

0)

2.85
.01

0)

2.84
.01

(0

2.79
16.96
7.31
2.25

.47

2.81
.01

(0

3.00
.51

.54
7.69

.54
7.67

.54
7.81

Averages of daily figures*; per cent
per annum

MONEY RATES AND SECURITY
MARKETS

F.R.bankdiscountrate,N.Y.
19
Commercial paper
19
Bankers' acceptances
19
U. S. Treasury bills
21
U. S. Treasury notes
21
U. S. Treasury bonds
21, 25
Corporate Aaa bonds
25
Corporate Baa bonds
25
4

Stock prices, t o t a l
27, 29
Industrial
27
Railroads
27
Public utilities
27
Volume of trading 2 (mill,
shares)
29
Brokers' loans (mill, dollars)
29

Total
Durable 8
Nondurable 6
Factory employment
Factory payrolls
Freight-car loadings 5
Department store sales *
Department store stocks 5

1.00
.69
.44
.08
.99
2.74
3.31
4.96

1.00
.69
.44
.05
.95
2.72
3.24
4.94

Totals
Total unadjusted 5
Salaries and wages
Others
ash farm income:
Total
Crops
Livestock and p r o d u c t s . .
Government payments.._

1.00
.69
.44
.05
.86
2.66
3.20
4.92

84

85

85

85

1.79
532

1.64
533

1.04
538

.72
530

1.15
548

75.4
62.6
67.5
80.2
79.2
97.6
79.6
101

75.0
61. 0
67. 2
80. 1
79.2
97.0
79. 7
103

100
41
59
93 5
84^4
69
86

104
43
62
96. 4
89. 8
70
89
'67

67

79.1
68.7
75. 1
82.1
P84. 9
Pill
Pill
P48
P63

P100.1
P93.7
77
91

In millions of dollar*
Construction contracts awarded: 7
Total
41
Residential
41
Other
41
Exports and imports:
Exports (incl. re-exports).
49
General imports
49
Excess of exports
49
Income payments:»

1.00
OTHER
.69
.44
sntral gold reserves:
.05
United States
.70
England
2.55
France
3.14
Netherlands
4.88 U. S. Gov't interest-bearing
debt—total
Wednesday figures; in unit indicated
Bonds
Notes
94
94
94
96
96
Bills
111
112
112
113
113
Special issues
34
33
33
33
31

1.00
.69
.44
.13
1.09
2.74
3.28
4.98

37
37
37
43
43
45
47
47

33
33
33
33

79.5
69.5
75.1
83.0

79.5
69.3
74.4
83.3

79.0
66.8
72.9
83.7

78.9
66.7
72.7
83.7

38

79.3

83.8

87.5

88.6

90.3

38

54.0

62.8

76.1

75.9

39

2,449

2,470

2,465

2,495

39

814.8

834.6

834.7

845.0

9
70.1 Customers' rates:
New York City
7 other Northern and
2,494
Eastern cities
11 Southern and Western
861.2
cities

115
160

299
123
176
251

50
50
50
50

5,695
5,695
3,613
2,082

5 811
5 400
3 665
2, 146

51
51
51
51

570
213
321
36

643
293
308
42

176
75

P323
P134

P188
P181
P107

906
012
678
228

P5,
P6,
P3,
P2,

847
444
337
66

In billions of dollars
16.93

8
8
8
8

16.24
1.16
2.57
.77

16.65
1.16
2.71
.77

P2.71
P. 75

20
20
20
20
20

40.11
27.25
7.24
1.31
4.32

40.35
27.31
7.24
1.31
4.49

40.34
27.35
7.23
1.31
4.46

Jan.Mar.
1939

Apr.June
1939

QUARTERLY F I G U R E S

Domestic corporation security
79.4
issues, total
67.5
New
73.2
Refunding
84.1

275

230
169
61

Figures for week s,- in unit indicated

BUSINESS CONDITIONS

Wholesale commodity prices: 4
All commodities
Farm products
Foods
Other commodities
Steel plant operations
(% of capacity)
Automobile production
(thous. cars)
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)

Aug.

Index numbers
1923-25=100

BUSINESS CONDITIONS

REPORTING MEMBER BANKS

Total, 101 cities:
Loans and investments.
Investments
Loans
Adjusted demand
deposits
Time deposits
U. S. Gov't deposits
Domestic bank balances
Foreign bank balances._
New York City:
U. S. Gov't obligations..
Other securities
Commercial loans
Brokers'loans
100 cities outside New York:
U. S. Gov't obligations..
Other securities
Commercial loans

July
MONTHLY FIGURES

Wednesday figures; in billions of
dollars

RESERVES, GOLD, AND
CURRENCY

Reserve bank credit—totaL.
Bills discounted
Bills bought
U. S. Gov't securities
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank balances
Required reserves e 2
Excess reserves—total
New York City 2
Chicago 2
Reserve city banks 2
Country banks 2

Sept.
20

0)

JulySept.
1939

In millions of dollars

28
28
28

276
82
193

640
91
549

661
129
532

Per cent per annum
23

2.13

2 15

2.04

23

3.05

3 05

2.78

3.31
r
p Preliminary.
Revised.
• Estimated.
1 Less than $5,000,000.
8
Points in total index of manufacturing production.
* Averages of daily figures, see footnote3.
7
moving average adjusted for seasonal variation.
> Figures are shown under the Wednesday date included in the weekly period. 8 Three-months
Revised
series. Back figures available at Division of Research
* Index numbers, 1926=100.
and
Statistics.
« Adjusted for seasonal variation.
9 Revised series. See pp. 963-969 of this BULLETIN.
NOTE.—Copies of this chart book can be obtained at a price of 50 cents, Banking statistics for call report dates are published from time to
time. The latest figures appear on p. 816 of the September 1939 BULLETIN.




23

3.77

3.62




INTERNATIONAL FINANCIAL STATISTICS

1017

1018

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]

Countries in Tripartite Accord
End of month

1934—December
1935—December
1936—December
1937—December
1938—October...!
November
December
1939—January
February
March
April
May
June
July
August
September

Total i
(52
countries)

21,051
21, 604
22, 630
23, 964
24, 997
25, 287
25, 468
24, 003
24,175
24, 387
24,964
25, 140
25, 290
25, 512
P26, 098
P25, 203

Other countries

Switzerland
United
Kingdom

United
States
8,238
10,125
11, 258
12, 760
14, 065
14,312
14, 512
14, 682
14,874
15, 258
15, 791
15,957
16,110
16, 238

16, 646
16, 932

Bel-

France gium

NetherNalands tional B.I.S.
Bank

Argentina

Brazil

Brit- Bulish
India garia

Canada

Chile

China

624
454
655
648

403
444
501
469

275
275
275
274

134
189
188
184

7
10

1,008
1,008
995

695
699
699

434
434
431

274
274
274

188
186
192

18
18
18

995
974
909
834
823
800
769
769
^752

699
680
640

431
431
428
428
428
428
427
431

274
274
274
274
274
274
274
P274
P274

197
206
210
212
214
213
212
218
P218

19
20
21
21
21
21
21

1,584
1,648
2,584
2,689

5,445
4,395
2,995
2,564

590
611
632
597

573
438
490
930

2,690
2,690
2,690

2,428
2, 435
2,435

562
584
581

1,042
1,042
1,066
1,066
1,067
1,067
1,162
1,162
1

2,435
2, 435
2,435
2,574
2,574
2,574
2,574
2,714
P2, 714

582
588
518
520
524
540
573
614

595
585
585

Other countries—Continued

End of
month

CzechoCoslolombia
vakia

Denmark

Egypt

Germany 2 Greece

Hungary

Italy s

Japan
394
425
463
261
164
164
164
164
164
164
164
164
164
164
P164

1934—Dec.. _
1935—Dec.. _
1936—Dec.. _
1937—Dec.. _

112
112
91
92

40
34
26
24

518
270
208
210

1938—Oct....
Nov...
Dec...
1939—Jan....
Feb...
Mar...
April..
May..
June__.
July...
Aug.-..
Sept...

83
83
83

27
27
27

210
210
193

83'
83
67
66
65
62
60
60
58

27
27
29
29
31
31
30
28
P28

193
193
193
193
193
193
193
193
193

Java

End of m o n t h

1934—Dec. .
1935—Dec. .
1936—Dec. .
1937—Dec..

1938—Oct..
Nov.
Dec.
1939—Jan..
Feb._
Mar.
April
May.
June.
July.
Aug._
Sept.

Rumania

South
Africa

104
109
114
120
132
132
133

184
212
203
189
219
220
220
220
219
221
218
218
219
219
222
P222

133
134
134
135
136
137
137

Spain * Sweden
740
735
718
718
525
525
525
525
525
525
525
525
525
525
525
525

159
185
240
244
321
321
321
331
331
332
339
344
346
348
355
^355

Turkey

New
Zealand

Norway

82

107
107
107
107
107
107

Peru

Poland

19
20
20
20

84
75
83

19
19
20

82

19
19
19
19
19
19
19
P19

85
85
85
84
84
84
84

Government gold reserves l not included
in total for 52 countries

Other countries—Continued

Portugal

Mexico

Uruguay

Yugoslavia
53
43
48
51

69
68

56
57
57

57
57
57
57
57
57
57
57
P57

16
other
coun-6
tries
154
158
175
169
127
125
125
127
126
124
126
126
133
135
P136
P136

E n d of
month
1934—Dec. _ _
1935—Dec. _
1936—Dec...
1937—Dec...
1938—Mar.._
J u n e _.
Sept...

Oct....
Nov.__
Dec.._
1939—Jan...
Feb.. _
Mar.._
Apr. ._
May..
June__
July._
Sept. .

United United
France
States Kingdom

Bel-

31
53
3

4 44

2 934
1, 395
1,489

81
~62

759

154

()

1,732

* 103
130
331
381
465
559
455
477

I
p Preliminary.

1
2

Data reported monthly incomplete. For additional data see section at end of table.
Figure for May 1939 officially reported and carried forward.
• Figure for Mar. 1937 officially reported as of 20th of month and carried forward through
Nov. 1937. Figures for Dec. 1937 through Mar. 1938 officially reported and carried forward
through Nov. 1938. Figure for Dec. 1938 officially reported and carried forward.
< Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially reported
and carried forward.
6
These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, Danzig, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania,
Morocco, and Siam.
NOTE.—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 Aug. 1936, p. 667, and Dec.
1037, p. 1262.




1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
Gold in stabilization funds of Switzerland and
Netherlands and certain other gold of central
banks and governments not reported.
2 Figure for Mar. 1937, first date reported.
s Figure for Sept. 1937.
4
First date reported.
5 $1,648,000,000 transferred Jan. 6, 1939, from
Bank of England to Exchange Account; $26,000,000 transferred back on Mar. 1, and $94,000,000 on July 12,1939; and $1,162,000,000 transferred
from Bank to account on Sept. 6, 1939.

1019

FEDERAL RESERVE BULLETIN

N O V E M B E R 1939

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

South
Africa

Rhodesia

North and South America
Belgian United
Congo Statesi

West
Africa

Canada

Mexico

Colombia

$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
2,360
2,823
45, 651 39, 862 13,463
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=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35
89, 467 103,224 22, 297 10,438
6,148
794, 498• 696, 218 385, 474 22, 578 11,214
6, 549 108,191 104,023 23,135 12,045
823, 003 707,288 366, 795 24,264 12,153
7,159 126, 325 114,971 23,858 11,515
882, 533 751, 979 377, 0S0 25,477 13,625
7,386 152,509 131,181 26, 465 13,632
971, 514 833,088 396, 768 28,053 16,295
1, 041, 987 892, 535 410,710 28, 266 20, 784 8,018 168,159 143,367 29, 591 15, 478
1,118, 480 957,175 425, 649 28, 532 24, 670 8,470 178,143 165, 379 32, 306 18, 225

1929_.
1930_.

382, 532
401, 088
426, 424
458, 102
469, 257

1932_.
1933.
1933..
1934..
1935..
1936..
1937..
1938_.
1938—June
July
August
September.
October
November.
December. _

91, 428
98, 551
98, 089
97, 439
96, 938
98, 787
98, 845

1939—January
February
March
April
May
June
July
August

94, 835 80,159
90, 964 76, 749
97, 627 82, 656
94, 435 79, 728
98, 099 83,415
99, 345 83, 541
P102, 048 P 8 6 , 4 1 7
P103, 503 ?87, 688

35, 509
36, 222
36, 622
36, 237
36, 449
35, 842
36, 007

2,394
2,410
2,415
2,365
2,445
2,381
2,318

2,020
2,067
2,053
2,048
2,174
2,204
2,240

726
716
716
743
725
728
751

12,
16,
16,
16,
16,
18,
16,

36,188
2,287
2,230
34, 505 2,069
2,221
37, 558 2,202
2,346
35, 613 2,252
2,349
37, 970 2,355
2,323
37. 065 2,369
2,277
37, 952 2,395 P2, 365
38, 494 P2, 395 P2, 365

753
688
767
729
779
756
739

14,919
13,153
14,364
15, 260
15,167
14, 460
16. 099
10, 796

P731

13, 762
14, 689
14, 571
14, 291
14, 449
14, 445
15, 231

949
781
590
937
320
579
068

3,024
4,241
2,941
2,062
2,265
2,353
2,700

1,762
14,396
13, 684 3,421
14, 498 2,542
14, 238 1,733
1,794
15,133
3, 216
15,287
15, 402 P3, 636
PI5, 750 P2, 796

Austra- British
lia
India

683 8,712
428 9,553
442 12,134
788 14, 563
3,009 16, 873

7,508
6,785
6,815
6,782
6,919

5, 094
8,350
9,251
9,018
9,544
10, 2S0

28, 568
30,559
31, 240
40,118
46, 682
54, 264

11,715
11,223
11,468
11,663
11,607
11,247

901
752
986
1 019
906
930
1 033

4,577
4,330
4,771
4,816
4,642
4,783
5,393

951
958
946
956
930
995

655 4,076
1,953
568 4,016
1,562
4,492
1,198
1,752
830 4,301
1,513
696 4,649
1,614
968 4,684
1,551
4,399
P968
1,551
1, 735 pi 003 H, 749

940
863
938
912
936
910
P910
P875

352, 237
365, 258
386,293
413, 459
411, 208

78,136
84, 908
84,140
83, 275
82, 954
84, 802
84, 234

Chile

1,365
1,748
1,515
1,812
1,622
1,628
1,499

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of jpercentage changes
irregularly given out b y officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95;
1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184.
P1 Preliminary.
Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p. 151,
June 1938, pp. 539-540, and April 1633, p p . 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. 108-109, 1937, p p . 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1939 are subject to
official revision.

GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Total
net
imports
or net
exports
()

Year or month

1934 i
1935..
1936..
1937.
1938..

1,131, 994
1, 739,019
1,116, 584
1, 585, 503
1,973,5

1938—July
August
SeptemberOctober
NovemberDecember _
1939—January..._
February..
March
April
May
June _ _
July
Ausmst
September.

Net imports from or net exports (—) to:
United
Kingdom

France

Netherlands

Sweden

Switzerland

Canada

Mexico

Aus- Japan
Colom- Philippine
bia
Islands tralia

12, 402 86, 829 30, 270
499,870 260, 223 8,902 94, 348
3 227, 185
968 95, 171 13, 667
315, 727 934, 243
174, 093 573, 671 3,351 71, 006
7,511 72, 648 39, 966
5,461
891, 531 -13,710 90,859
54, 452 111,480 38, 482
1, 208, 728 81,135 15,488 163', 049 60,146 1, 363 76,315 36, 472

16, 944
10, 899
11,911
18, 397
10, 557

12, 038
15, 335
21,513
25, 427
27, 880

962 11, 123
14,333 3,183
38,148 1,446
10, 810 2, 236
7,171 3, 457
731 2,550

1
2,113
4
4
11
2,107

2,422
1,772
2,721
2, 720
2, 943
2,655

2,089

2,754
2,719
3,326
2,179
2, 594
3,843
3,022
2, 77.*

4,976
63, 815
165, 973 91, 227 4,721
520,896 377, 984
562, 366 443, 403 42, 959
177, 768 99,145
17
240, 526 101, 707 37, 395
156, 345
223, 281
365, 384
605, 797
429, 404
240, 430
278, 636
259, 921
326, 074

Belgium

52, 050
165, 377
250, 042
384, 92J"
302, 667
128,196
177, 805
163. 738
162, 450

3,213

1,979

1,438
1,400
816 37,179
21 84,603
3 41, 651
2
1
2
88

15, 360
47, 219 11,521
41, 832 3,840
27, 242
46,185
2
33, 678
29, 256 3,840
27, 098
44, 564
40, 449
55, 081
45, 554
22, 640
1

1
1,136

10, 842
4, 220
6, 852
7,665
12, 066
17,191
15,196
34, 299
120,837
1, 482

8,227
55, 680
2,284
5, 644
5,628

2,342
2, 496
3,822
1,649
2,050
3,280
4, 150
3, 956
653

4,234
2,114
2,117
2, 107
2,123
2,120
2,102

1,029
3,498
23, 280
34, 713 246, 464
39,162 168, 740
3,434
2,748
3,775
3,294
7,888
6,788

6,585
3, 953
4,303
4,844
5,295
5,677
5, 034
5, 689
3, 947 5,474

British
India

All
other
countries

76, 820
75, 268
77, 892
50, 762
16,159

32, 316
47, 054
39, 743
30,179
2
68, 376

1,148

2,495

28, 669
23, 497
35, 095
5, 740
5, 788
14, 425

3,806
2,982
760
4,768
3,822 2 19,150
1,797 * 22, 207

37, 819
5,446
11,410
5,528
10, 931
14, 093
10,938
10.931
16,425

1
5,124
4,398
175
4,391
3,685
4,944 3 7, 073
3,909
3,390
3,072
2,244
6,416
2,760
4, 512
9,259
4,065 8,552

i Differs frc
from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce,
for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively.
8
Includes $4,503,000 from Argentina.
NOTE.—For gross import and export figures and for additional countries see table on p. (
JT 1 ^ , H I t 3 o

l O i

i i u

Y ^ . i i i i KJ\J±.

CiiUVl




E * \J\~- VXJL1 KJ\

1020

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
Net imports from or net exports (—) to:
Year or
month

Total
net imports
or net
exports

()

United
States

GerFrance many*

1934
1935
1936
1937
1938

716, 269
369, 722
1,169, 931
420, 427
-285,638

1938—June
July.
Aug.
Sept.
Oct._
Nov.
Dec.

89, 580
24,119
-73, 132
-261,143
-210, 171
-96, 508
-66, 726

-20,811 -6,137
-10,529
-997
- 9 3 , 660 - 5 , 726
- 3 6 0 , 016
685
- 3 0 8 , 528 69, 604
-105,220
— 66
758
- 9 7 , 371

1939—Jan..
Feb..
Mar.
Apr..
May
June
July.
Aug.

- 3 6 , 514
-148,005
-259,984
-121,188
-294, 077
-51,591
-147,332
-318,511

-50,814
-3
-160,218
-68
- 3 0 6 , 839
-183
- 3 5 7 , 518 - 1 , 4 3 1
- 2 8 7 , 762
-262
127 293
-412
-182'145
-330
- 2 2 3 , 370
2,691

-497,166
- 4 3 5 , 502
-276,830
- 8 3 4 , 009
-1,050,395

348,190 121,017 -13,585
32, 575
142,137 - 4 , 726 -17,476
10,796
756, 215 23, 292 -15,133 -21,215
541,187 46,14 -21,993 -16,572 199, 965
38, 899 33,173 348,000 -46, 463 115, 540

41, 790
37,981
26, 723
24,165
27, 831

56, 764
23, 212
-258
120, 075
33, 982
-2,328

2,024
2,490
2,102
2,839
705
155
528

57
47
6, 164
14, 358
4. 077
6,005
2,057

Germany

Year or
month

Belgium

South
Africa,
Nether- U.S.S.R. Austra- Rho- British
desia, India
lands
lia
West
Africa

- 1 2 , 0 3 7 28,104
- 5 , 750
-10,041 "57665
-7,498
535
-5,245
9, 990
5,649

211
-33
-253
396
11
779
88 23, 477
1,039
29 176, 451 19,164
4,018
2,008 49, 004
-38
415 22, 968
^
8,856
196
1 -7,491 -11,275

5,672
5, 613
16, 866

681
736

5,631

143
"55

335, 253
404, 295
488, 814
464, 837
333, 750

Other
British
countries

206, 693
181, 602
128, 421
66, 330
55, 744

304
1,374
151 - 1 , 1 0 1
1,417 - 1 , 1 4 8
4,805 4 - 4 7 , 875
2,975 -145, 856
2,388
911
3,078
697
4,606 -114, 284

Net imports from or net exports (—) to:
Total
Total
net
net imports imports
or net
or net
United
Neth- GerBelexports1 exports United King- France
ermany 1
gium Italy lands
States
()
()
dom

12,874 - 4 5 , 955
- 9 0 , 920 - 4 6 , 065
647 -54,858
42, 969 -230, 788
-1,!""
122, 278 -9,127 -1,714
- 3 , 7 1 8 - 5 6 , 946 -51,608 11, 940
- 3 5 , 224 - 1 , 2 4 5 -1,128 76, 620

1938—July...
Aug....
Sept...
Oct.__.
Nov....
Dec.__.

1,468
- 6 , 864
-36, 626
-16,134
-10,129
- 3 , 765

1939—Jan.. _
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept.p.

33 - 3 , 786
-680
-11,940
-2,112
-21
-763
9,999 - 3 7 , 332 -10,786
1,547
9,967 -162,645 -54, 266 104, 650
-5,807
8,059 - 2 , 329 - 5 , 4 1 9
- 1 0 , 6 9 6 - 8 , 589
93
7,765 - 2 , 856
1, 033
2
5, 275
4,334
- 2 , 745 -1,372 —1,144

- 8 , 83'
-1,338
9,024
1,454
913
- 5 , 690

-2
-2
-7
-1,140
228

All

other
countries

-43
- 2 9 , 235 18, 397 19, 431 2,580
1, 543
-181,725 -13,940 25, 542
342 - 9 , 607 s 2, 812
39, 305 14,531 51, 299 4,600 - 2 , 990 9 26, 368
- 4 5 , 0 6 1 27, 739 - 6 5 7
6,553 - 1 6 , 4 6 1 10, 609
- 7 4 , 375 - 1 , 0 6 7 11,314 25, 125 - 3 2 , 745 - 4 , 1

16,128 - 1 4 , 0 7 1
10, 464 - 8 , 382
15, 940
418
907
-616
13
33
- 1,854
-139
549
24
-1,990
- 4 , 805
-1,609
269
-1,153
-1,929

- 6 , 041
-1,283
117
-158
-117
-166

- 7 , 673 -5,407
- 1 1 , 4 2 9 -16,521
- 1 1 , 1 5 1 -10,498
- 2 2 , 763 -21, 980
- 4 , 671
2,831

1,017
1,511
- 3 , 790
—1
-32
-437
- 3 , 793
-2
-1,138
- 4 , 966

421
-920
-312
-1,955
1,353
1,603
1,347

704
3,762
399
1,847
- 3 , 845
3,618
73, 394
-425
32, 921
1,504
153 - 3 , 3 1 8
-575 - 1 4 , 3 9 3
- 4 , 618

British India

Switzerland

1934..
1935..
1936..
1937..
1938..

Switzerland

62, 397
-9,123 2 88, 228
32, 754 -50,661
53,465
14,126
28, 067 -10,129
3,998
37, 708
22, 079
- 8 1 -16,596 3 -55,032
20, 761 -89,371 -78,029
4,922

9,929
40, 623 3,725
6,418
6,581
31,516
3, 035
31,192 10, 356
16, 831 3,023 - 4 , 750
4,204 - 2 0 , 792
6,530
618
2, 695 4,260
1, 815
531
7,358

5,671
3, 451
5,559
12, 656
45, 394
52, 636
38, 423
49,120

Sweden

All
other
countries

-142
-3:
-2
-38
-4

1
-149
-213
556
-1,509
-576
- 8 6 4 10, 819
73 19, 585
6
-8
2 10, 800
—91 2,815

Increase in India:
Total
net
Gold
In
In
imports produc- InIn
gold
or net tion in dian earmarkprivate
exports India
reed for
hold-7
()
serves foreign
ings
account
-230,720
-161,872
-121,066
- 6 1 , 723
-54,661

11, 223 173
11, 468 - 6
11, 663
11, 607 - 4 1
11, 247

222 - 1 0 , 9 8 8
3,962 - 8 , 893
3,824 - 6 , 2 6 7
342 - 7 , 082
-957
924
1,884 - 1 0 , 2 5 1
2,551
-56
3 -7,622
2
,283
994
-265
31
211
-438
-209

951
958
946
956
930
995

-125
-1,274
—7
- 3 , 288
-15
-97
-5,113
-860
-14,830
- 2 , 431 - 2 , 573 - 3 , 394
-239
- 4 , 202
-1,138
-76
-2,049
-3,116
- 2 4 4 p - 8 , 744
-171
-204
-887
-229

940
863
938
912
937
910

- 2 , 294
-1,581
- 8 , 327
- 3 , 876
-718
725
355
1,234

-219,670
-150,398
-109,403
-50,075
12, 078 -55,494
-10,037
-6,124
-11
1,909 - 8 , 575
5,690 -7,043
4,479 - 3 , 273

-3

11,423 -10,608
7,749 -10,174
4,812
-8,984
5,197
- 7 , 679
1,839 -5,104
5,749 - 6 , 888

P Preliminary.
1 Beginning April 1938 figures refer to Greater Germany.
2
Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
3
Includes $67,655,000 exported to Central and South America.
4
Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively.
6
Includes net exports to Canada of $115,515,000.
6
Through
March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
7
Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign
account
in
India.
8
Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria.
9
Includes net import of $26,555,000 from Czecho-Slovakia.
NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year
as a whole.




1021

FEDERAL RESERVE BULLETIN

N O V E M B E R 1939

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—

Total
Total

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.

31
30
29
28

1939—Mar. 29 _
June 28

_______

July 5
July 12
July 19 _ _
July 26
Aug. 2

_ _

Central
bank
funds
in N. Y.

Decrease
in U. S.
banking
funds
abroad

Other

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

1,412 5
2, 608. 4
3,410.3
3, 779. 2

603 3
930.5
1,168. 5
1, 432. 7

98
81.1
243.9
216.3

593 5
849.4
924.6
1.216.5

361 4
431.5
449.1
478.1

125 2
316.2
583.2
610.0

316.7
917.4
1,162.0
1, 210. 9

12.9
47.5
47.6

4,134. 7
4, 595. 6

1, 693. 0
2, 048. 3

256.8
361.8

, 436. 2
, 686. 5

550.5
609.5

646.7
664.5

1,180. 6
1,199. 3

63.9
74.0

4, 613. 7
4, 590. 9
4, 593.1
4,615.4
4, 637. 2

2,049. 7
2,031.2
2, 042. 5
2, 066. 2
2, 093. 9

306.9
293.6
288.6
301.2
327.1

, 742. 9
, 737. 5
, 753.9
, 765. 0
, 766. 8

610.1
609.9
606.5
609.0
598.8

678.5
677.1
677.0
678.0
680.2

1,199. 3
1,194. 4
1,185. 0
1,180. 0
1,182. 2

76.1
78.4
81.9
82.3
82.1

6.0

TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.

31
30
29
28

1,412. 5
2, 608. 4
3,410.3
3, 779. 2

554.9
829.3
993.7
1,186.1

210.2
299.5
281.7
339.5

114.5
229.7
311.9
324.6

130.4
335.5
607.5
554.0

36.6
83.1
123.9
140.7

1939—Mar. 29
June 28

4,134. 7
4, 595. 6

1, 203.1
1, 360. 2

366.8
439.7

383.6
401.0

587.6
599.2

4, 613. 7
4, 590. 9
4, 593.1
4,615.4
4, 637. 2

1, 330. 5
1, 307.1
1, 309.1
1,312.9
1, 337. 7

455.3
451.8
451.5
441.9
441.9

400.9
409.1
408.4
407.6
405.7

603.2
603.2
600.4
607.0
606.8

July 5
July 12
July 19
July 26
Aug. 2

Latin
Canada America

Far
East

All
other

Other
Europe

Total
Europe

24.0
45.6
22.1
33.0

130.0
228.5
312.2
463.8

1, 200. 6
2,051. 3
2, 653. 0
3,041. 7

0)
150.5
106.3
157.2

70.9
201.2
410.6
389.5

128.3
184.0
224.6
156.8

12.7
21.4
15.9
34.1

150.2
149.5

24.7
29.5

536.8
604.2

3, 252. 9
3, 583. 3

185.1
230.5

443.5
500.2

206.4
223.8

46.8
57.9

150.3
149.6
151.5
150.1
151.5

30.5
30.8
30.4
30.9
31.2

615.5
617.8
617.7
616.9
617.3

3, 586. 2
3, 569. 5
3, 569.1
3, 567.1
3, 592. 0

248.9
237.7
235.5
248.8
259.1

498.4
496.7
500.1
512.3
516.1

221.4
223.5
224.5
224.1
207.2

58.8
63.6
63.9
63.2
62.7

Italy

TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
United
Kingdom

France

Netherlands

Switzerland

Germany

603.3
930.5
1,168. 5
1, 432. 7

128.6
163.5
189.3
366.7

129.6
144.2
111.8
158.8

55.7
65.9
76.3
84.4

72.4
109.8
288.4
203.7

-.8
-9.8

1, 693. 0
2, 048. 3

401.8
535.2

187.4
252.3

233.4
227.1

-10.9
-14.5

2, 049. 7
2,031.2
2, 042. 5
2, 066. 2
2, 093. 9

506.1
484.1
492.1
495.3
517.0

264.3
261.5
260.7
252.1
252.1

129.9
132.0
133.4
140.1
141.0
139. 9
138.9

229.8
232.3
230.1
235.1
234.9

— 15.1
-15.9
-14.5
-15.9
-15.3

From Jan. 2, 1935,
through—

Total

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.

31
30
29
28

1939—Mar. 29
June 28
July 5
July 12
July 19
July 26
Aug. 2

2.7
9.6

Other
Europe

Total
Europe

6.9
3.8

60.7
79.7
109.4
203.0

453.5
588.9
791.7
1, 010. 6

46.0
86.8
76.3
135.1

33.5
149.3
166. 3
134.0

58.8
90.4
126. 2
132.7

-3.9
-6.6
-6.2
-5.4
-6.2
-6.0
-5.5

267.8
320.0
330.5
332.9
332.5
332.7
332.8

1, 205. 5
1, 445. 5
1, 442. 8
1, 429. 7
1, 435. 6
1, 433. 2
1, 454. 9

136.5
191.5
192.1
182.8
181.6
193.5
205.4

179.8
242.0
239.8
238.5
243.2
254.5
258.6

139.9
131.5
136.9
137.5
138.8
142.6
133.8

Italy
7.3
23.0

Latin
Canada America

Far
East

All
other
11.5
15.2
8.0

20.4
31.3
37.8
38.1
42.7
43.3
42.4
41.2

TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Latin
Canada America

Far
East

All
other

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28

361.4
431.5
449.1
478.1

208.8
178.0
207.4
204.5

48.1
62.0
65.3
65.5

-.4
-3.3
-4.4
-6.9

1.6
2.7
2.6
2.6

29.7
66.0
105.1
140.3

13.7
16.3
6.5
13.9

8.8
22.0
26.9
33.0

310.2
343.7
409.3
453.0

-4.6
36.9
-21.7
30.6

20.1
24.9
51.6
66.8

37.3
30.4
18.7
-65.0

-1.6
-4.4
-8.7
-7.2

1939—Mar. 29
June 28

550.5
609.5

209.2
236.7

64.9
68.1

-1.5
-1.0

4.5
3.6

149.8
153.8

10.8
17.7

30.9
39.9

468.6
518.8

49.9
42.2

-28.1
-2.9

-6.4
-4.3

July 5
July 12
July 19
July 26
Aug. 2

610.1
609.9
606.5
609.0
598.8

236.0
236.0
233.8
237.0
239.3

71.4
70.9
71.4
71.5
70.3

-3.0
-3.0
-4.1
-3.0
-4.4

4.7
4.9
4.5
4.9
4.9

155.2
155.7
156.3
156.5
157.5

18.2
17.5
17.9
17.9
17.9

40.3
40.4
41.5
40.7
40.6

523.0
522.4
521.3
525.4
526.1

44.6
44.1
42.7
43.6
39.6

66.5
55.7
55.9
54.9
53.5
54.1
54.1

-9.6
-8.2
-7.6
-11.1
-18.7

-3.8
-3.3
-3.4
-3.1
-2.3

i Inflow less than $50,000.
NOTE.—Statistics reported b y banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April
1939, pp. 284-296, April 1938, pp. 267-277, and M a y 1937, pp. 394-431.




1022

FEDERAL RESERVE BULLETIN

N O V E M B E R 1939

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Latin
Canada America

Far
East

All
other

1935—Dec. 31
1936— Dec.'3O
1937—Dec. 29
1938—Dec. 28

125.2
316.2
583.2
610.0

67.8
116.1
136.8
129.1

6.8
18.2
22.8
26.2

7.4
10.4
21.2
27.3

-1.2
13.7
30.4
37.1

13.3
22.5
26.6
33.1

2.9
9.4
13.5
20.5

46.1
87.9
115.2
165.9

143.1
278.3
366.4
439.1

-39.7
1.7
10.5
-38.9

12.7
15.7
175.0
166.3

7.9
17.0
24.5
33.8

1.1
3.5
6.8
9.7

1939—Mar. 29
June 28.

646.7
664.5

127.6
128.2

28.7
29.4

38.4
41.7

174.9
180.4

453.8
467.4

-25.8
-26.5

172.6
176.0

36.2
37.1

9.9
10.4

127.8
127.1
126.5
126.4
126.7

29.5
29.6
29.6
29.5
29.7

41.8
41.7
42.2
42.3
42.3

34.9
35.8
35.9
35.9
35.9
35.9
36.0

23.1
23.8

678.5
677.1
677.0
678.0
680.2

26.3
28.2
28.2
28.3
28.2
28.3
28.3

23.8
24.0
24.1
24.3
24.3

180.8
180.8
179.9
179.9
180.6

467.9
467.3
466.5
466.5
468.0

-13.4
-14.5
-14.1
-13.7
-13.5

176.3
176.6
176.9
177.2
177.5

37.2
37.6
37.7
38.1
38.2

10.4
10.2
9.9
10.0
10.0

July 5
July 12
July 19
July 26
Aug. 2_

T A B L E 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
United
Kingdom

France

Netherlands

Switzerland

316.7
917.4
1,162.0
1, 210.9

149.8
367.7
448.7
472.6

23.4
64.7
70.3
76.5

50.5
157.6
213.8
212.9

55.1
200.2
275.3
301.7

-5.4
-7.5
-17.4
-22.7

1939—Mar. 29
June 28

1,180. 6
1,199. 3

448.3
442.0

72.3
74.4

217.7
231.0

301.7
315.0

July 5 . .
July 12
July 19
July 26
Aug. 2

1,199. 3
1,194. 4
1,185. 0
1,180. 0
1,182. 2

442.1
441.7
437.3
434.2
434.7

74.2
74.3
73.3
72.6
73.5

231.2
231.1
230.2
229.0
229.5

315.1
312.6
311.2
312.0
311. 3

From Jan. 2, 1935,
through—

Total

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29_._
1938—Dec. 28

Germany

Latin
Canada America

Far
East

Other
Europe

Total
Europe

-3! 3
-4.9
-5.4

12.9
38.5
55.7
56.6

286.2
818.0
1,041.6
1,092. 3

2.8
32.6
37.6
27.8

3.7
15.5
18.2
23.4

21.4
44.1
54.7
56.4

2.6
7.1
9.8
11.0

-23.4
-25.2

-5.5
-5.5

56.5
56.9

1, 067. 6
1, 088. 4

18.8
13.9

57.9
57.6

11.7
13.7

-25.5
-25.9
-26.1
-26.3
-26.5

-5.5
-5.5
-5.5
-5.5
-5.6

57.1
56.6
56.4
56.0
56.0

1,088. 6
1,085.0
1, 076. 7
1, 072. 0
1, 072. 9

16.3
15.1
15.3
16.5
18.9

24.6
25.7
25.4
25.7
25.5
25.3
25.2

55.4
55.2
53.9
52.6
51.9

13.5
13.6
13.6
13.4
13.3

Italy

i

All
other

TABLE 7.—BROKERAGE BALANCES, BY COUNTRIES

From Jan. 2, 1935,
through—
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Mar. 29
June 28
July 5
July 12
Julv 19
July 26
Aug. 2

Total

6.0

12.9
47.5
47.6

United
Kingdom
0)

4.0

11.5
13.2

France

2.4

10.4
11.5
12.6

Netherlands
1.3
-.9
5.0
6.8

Switzerland
2.5
9.1

10.8
8.8

Germany
-.2
-.7

0)

-.2

2

63.9
74.0

16.3
18.1

16.0
16.8

8.8
9.6

11.9

-!3

76.1
78.4
81.9
82.3
82.1

18.4
18.3
19.4
20.0
19.9

17.2
16.8
17.9
17.5
17.7

9. 7
11.2
11.6
12.2
12.0

11.8
11.8
12.6
12.7
13.4

— .2
_ 2
_ 2
— .2

1 Inflow less than $50,000.




9.6

-.2

' Outflow less than $50, COO.

Other
Europe

Total
Europe

.1
.3
1
2

1.4
.4
5.0
5.3

22.6
44.0
46.7

.2

6.6
7.0

57.4
63.2

6.8
7.1
7.4
7.6
7.3

64.0
65.2
68.9
70.0
70.2

Italy

.1
.1
.1

.1
.2
2

7.6

Latin
Canada America

Far
East

All
other

-4.5
-7.6

-4.2
-.5
-.9

-1.0

5.6
9.3

.1
.8

.6
.4

.3
.3

9.2

1.0
1.0
1.0
1.1

1.4
1.4
1.6
1.9
1.9

.5
.4
.5
.5
.5

3.5
2.6

10.3
9.9
8.9
8.8

1.0

.7

2.9
2.1
.5

-.9

8

.2

1023

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES

Date

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Latin
Canada America

Far
East

All
other

Reported by Banks in New York City
1929—Dec. 31_.
1930—Dec. 31..
1931—Dec. 30..
1932—Dec. 28..
1933—Dec. 27 _
1934—Nov. 28 1

2, 672. 7
2, 335. 0
1, 303. 5
745.6
392.0
466.7

301.5
214.5
104.9
169.7
48.9
59.1

923.7
799.4
549.2
71.1
27.0
32.7

99.1
122.2
44.6
11.9

1934—Dec. 5 «__
1935—Jan. 2_.._
Dec. 3 1 . .
1936—Dec. 30._
1937—Dec. 29._
1938—Dec. 28_

584.8
597.0
1, 200. 2
1, 491. 6
1, 729. 6
2, 003. 9

79.6
76.9
205.5
235.7
261.5
438.8

36.1
33.9
163.5
176.3
143.9
190.9

13.5
12.9
68.6
78.8
89.1
98.4

12.1
13.7
86.1
123.5
302.1
217.4

28.4
29.9
29.0
32.0
39.0
19.9

16.8
18.8
26.1
41.7
25.7
22.6

1939— Mar. 29..
June 28__

2, 264. 2
2, 619. 5

473.9
607.4

219.5
284.4

143.9
146.0

247.1
240.8

18.7
15.1

July 5___.
July 12__.
July 19..
July 26__
Aug. 2__

2, 620. 9
2, 602. 4
2, 613. 7
2, 637. 4
2, 665. 1

578.3
556.2
564.2
567.5
589. 1

296.4
293.6
292.8
284.2
284.2

147.3
154.0
154.9
153.8
152.9

243.5
246.0
243.7
248.8
248.5

14.6
13.8
15.1
13.8
14.3

8.0

12.7

105.2
222.2
66.0
78.0
11.5
9.7

204.5
161.0
41.1
32.9
17.5
25.8

2,162. 8
1,911.7
961.2
469.6
155.7
196.0

241.8
216.8
148.3
98.2
86.1
91.9

188.2
130.8
103.3
121.7
96.7
106.6

49.0
38.2
69.0
43.5
42.7
60.3

31.0
37.5
21.6
12.6
10.9
11.9

40.6
46.8
107.5
126.3
156.0
249.9

227.1
232.9
686.3
814.3
1,017.1
1, 237. 8

103.3
99.3
145.3
186.1
175.6
235.2

117.4
122.8
156.3
263.9
280.9
254.9

125.1
130.1
188.9
200.2
236.0
243.7

12.0
12.0
23.4
27.1
20.0
32.4

14.8
12.2

314.7
366.9

1, 432. 7
1, 672. 7

236.6
291.7

300.7
363.0

250.9
242.5

43.4
49.7

12.6
13.4
12.5
12.8
13.3

377.4
379.8
379.4
379.6
379. 7

1, 670. 0
1, 656. 9
1, 662. 8
1, 660. 4
1, 682. 1

292.2
282.9
281.8
293. 6
305.5

360.7
359.4
364.1
375.5
379.5

247.9
248.5
249.8
253.6
244.8

50.1
54.7
55.2
54.4
5?. 2

157.4
111.2
33.2
39.8
11.7
14.3

373. 3
281.3
122.2
66.2
31.1
41.7

Reported by Banks in United States

TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
United
Kingdom

France

1931—Dec. 30
1,103. 3
1932—Dec. 28
937. 9
1933—Dec. 27
898. 8
1934—Nov. 28 ' ___
827. 1

166. 2
87.3
192.5
201.3

29.5
62.9
66.9
94.1

1934—Dec. 5 2__
1935—Jan. 2_._.
Dec. 31..
1936—Dec. 30__
1937—Dec. 29..
1938—Dec. 28_.

1,137. 8
1,139. 9
778.6
672.6
655.0
626.0

266.4
296.9
88.1
114.1
84.8
87.7

1939—Mar. 29__
June 28—

553. 6
494.6

83.0
55.4

July 5. „
July 12. _
July 19 __
July 2 6 . .
Aug. 2._

494.0
494.2
497.6
495.1
505.3

56.1
56.1
58.3
55.2
52.8

Date

Total

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Latin
Canada America

Far
East

All
other

Reported by Banks in New York City

1

Last report date on old basis.
* First report date on new basis.




108. 2 1
80.5
32.5
16.8
13.5
13.3

20
13.
18
15

9
0
4
9

18. 7
12.6
149. 2
467.2
6.2
11. 8
97. 0
434.9
16. 7
83. 2
12.3
260.9
10. 7
60. 2
8. £
178. 8
Reported by Banks in United States

19.2
18.6
19.0
21.9
23.0
25.5

8.3
8.2
6.6
5.4
5.5
5.4

13.8
10.7

20.1
19.7

3.6
4.5

7.4
7.9
7.4
7.3
8.5

21.6
21.6
22.7
21.7
23.1

3.3
3.2
3.6
3.2
3.1

239.6
231.7
202.0
165.1
126.1
90.9
81.4
77.4
75.9
75.5
74.9
74.7
73.7

26.5
27.2
13.5
10.9
20.8
13.3
16.4
9.5
9.0
9.7
9.3
9.3
9.3

81.3
80.0
71.2
57.8
52.9
46.7
48.8
39.9
39.4
39.4
38.3
39.1
39.2

864.3
713.1
651.0
569.5

58.1
42.2
32.3
84.4

136.5
155.2
159.7
124.4

41.8
24.0
49.7
46.2

2.6
3.5
6.2
2.6

749.5
743.2
433.0
392.1
326.5
282.8
267.1
217.0

91.2
96.3
100.9
59.4
118.0
65.7
46.3
54.0
51.6
52.2
53.6
52.7
56.7

170.7
174.6
154.5
141.1
114.4
99.2
99.5
110.3

118.1
117.4
80.1
67.2
78.9
162.6
125.7
100.5

8.3
8.5
10.1
12.9
17.2
15.7
14.9
12.8

110.1
111.0
112.5
111.8
111.8

107.2
105.8
105.2
108.7
116.3

12.3
11.8
11.9
11.6
10.8

212.8
213.4
214.5
210.3
209.7

1024

FEDERAL RESERVE BULLETIN

NOVEMBER

CENTRAL BANKS
Assets of
issue dept.

Bank of England
(Figures in millions of
pounds sterling)

Assets of banking department
Cash reserves

Gold

Other
assets 1

Coin

Notes

Discounts
and advances

Liabilities of banking department

Securities

Note
circulation

Deposits
Bankers'

Public

Other

Other
liabilities

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4

260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1

22.3

6
6
,8
1 0
5
6
6
.8

49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2

84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3

71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6

6.6
7.7
8 9
22.2
9.9
12.1
12.1
11.4

35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36 6

17 9
18.0
18 0
18.0
18 0
18.0
18 0
18.0
18.0

1938—Oct. 26
N o v . 30
Dec 28

326.4
326.4
326.4

200.0
200.0
230.0

1.4
1 2
8

43.9
45.6
51.7

4.2
17.6
28.5

129.2
110.8
90.7

482.5
480.8
504.7

100.4
97.1
101.0

25. 0
?3 1
15.9

35 5
37.2
36.8

17.7
17.8
18.0

1939—Jan 25
F e b . 22
M a r 29
April 26
M a y 31
J u n e 28
July 26
Aug. 30
Sept. 27

2 126. 4
126.4
3 226. 2
226.2
226.2
226.4
4 246. 4
263.0

400.0
400.0
300.0
300.0
300.0
300.0
300.0
300.0
580.0

7
1.0
1 1
.9
6

62.6
53.7
44.2
37.1
26.4
27.4
35.5
33.5
38.3

18.8
17.5
4.8
6.2
8.0
6.8
8.0
6.4
2.5

103.9
100.6
124.8
129.5
140.7
136.7
128.0
137. 8
144.2

463.8
472.7
482.0
489.1
499.8
499.0
510.9
529.5
541.8

118.2
103.1
98.5
91.4
82.4
101.4
91.4
90.1
107.1

12.9
16.3
21.8
?,7.0
38.3
15 4
26.0
31 1
19.8

36.7
35.1
36 3
37.6
37.1
37.0
36.7
39.0
40.5

18.1
18.2
18 2
17.7
17.8
17.9
18 1
18.2
18.3

1929—Dec
1930—Dec.
1931—Dec
1932—Dec.
1933—Dec
1934—Dec.
1935—x) ec
1936—Dec
1937—Dec.

25
31
30
28
27
26
25
30
29

_

__

- -

5.1

?

.7
6
.7
.7

Assets
Domestic bills
Bank of France
Foreign
exchange

Open
market 7

41,668
53, 578
68,863
83,017
77,098
82,124
66, 296
60, 359
58, 933

25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911

55,808
87, 264
87, 265
87, 266
87, 266
87, 266
10
92, 266
92, 266
92, 266
___ 92, 266
i»97, 266
_ _ 97, 266

(Figures in millions of francs)

1929—Dec
1930—Dec
1931—Dec
1932—Dec
1933—Dec
1934—Dec
1935—Dec
1936—Dec.
1937—Dec.

27
26
30
30
29
28
27
30
30

1938—Oct 27
N o v . 24
Dec 29

__ _

_

1939—Jan. 26
F e b . 23
M a r . 30
April 27 _ _
M a y 25
J u n e 29
J u l y 27
Aug. 31
Sept. 28P _._

Gold6

8.8

Liabilities
Loans on—
Advances
Shortto
Govterm
Other
ern- 9 Govern- securiment
ment seties
curities

Other
assets

5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,344
7,277

Deposits
Note
circulation
Government

Other

68, 571
76,436
85, 725
85,028
82, 613
83, 412
81,150
89, 342
93, 837

11, 737
12, 624
5,898
2,311
2,322
3,718
2,862
2,089
3,461

7,850
11, 698
22,183
20,072
13,414
15, 359
8,716
13, 655
19, 326

1,812
2,241
1,989
2,041
1 940
1,907
2,113
2,557
3,160

Other
liabilities

Special8

Other

5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580

1,379
652

8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066

17, 698
31, 909

573
715
675

2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781

763
888
821

6,802
7,032
7,422

1,550
1,611
1,797

14, 694
11,021
7,880

48,134
20, 627
20, 627

1,600
1,559
443

3,865
3,739
3,612

7,427 110, 446
14,185 106, 798
14, 442 110,935

3,642
6,169
5,061

23, 827
31, 955
25, 595

2 727
3,004
2,718

761
759
758
756
754
722
722
218
211

8,004
7,801
8,631
8,609
8,164
8,074
8,316
9,396

1,996
2,014
2,054
2,165
2,276
2,279
2,275
1,708
1,957

6,193
5,462
5,733
6,012
4,774
5,009
5,000
15,00 9
14,83 0

20, 627
20, 627
20, 627
20, 577
20, 577
20, 577
20, 577
20, 577
20, 577

136
73
172
127
78
374
472
2,412
929

3,389
3,317
3,332
3,362
3, 401
3,471
3, 461
3,805
3,661

14, 099
14,308
14, 558
14, 452
14, 264
14, 753
14. 458
16,016

109, 378
111, 162
119, 748
124, 666
121, 391
122, 611
123, 239
142, 359
144, 561

5,445
5,079
3,955
3,755
4,573
5,188
5,468
3,304
2,340

24,935
22, 556
16, 702
17, 255
17, 570
16, 909
16,058
18, 038
18, 022

2,713
2,830
2 726
2,649
3,020
2,816
2,781
2,708

9 Preliminary.
1 Securities and silver coin held as cover for fiduciary issue. Currency and B a n k Notes Act, 1939 (see B U L L E T I N for April 1939, p . 271), fixed
fiduciary issue at £300,000,000 and provided for valuation of gold at current prices instead of legal parity, effective M a r c h 1, 1939. Since Sept. 6,
1939, however, an increase in fiduciary issue (and securities held as cover) to £580,000,000 has been authorized b y British T r e a s u r y u n d e r Section 8
of Currency and B a n k Notes Act, 1928 (see BULLETIN for August 1928, p p . 567-569). For status of fiduciary issue before M a r . 1, 1939, see B U L L E T I N
for April 1939, p. 339.
2 On J a n . 6, 1939, £200,000,000 of gold transferred to British Exchange Equalization Account.
3
Effective M a r . 1, 1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to
B a n k . See note 1.
4
On J u l y 12, 1939, £20,000,000 of gold transferred from Exchange account to B a n k of England,
s On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange account.
6
B y decree of Nov. 12, 1938 (see BULLETIN for J a n . 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; on N o v . 14
increment of nearly 31,500,000,000 francs was applied to partial reimbursement of advances to Government, which stood at authorized m a x i m u m
of 52,000,000,000 francs on t h a t date. P e r m a n e n t debt of Government to B a n k , included above in Other Assets, was simultaneously increased b y
6,800,000,000 francs. For details of revaluations in October 1936 and J u l y 1937 see BULLETIN for Dec. 1938, p. 1091.
7
Negotiable bills of Caisse Autonome and bills bought under authority of decree of J u n e 17, 1938 (see B U L L E T I N for Aug. 1938, p . 650)
s Bills and warrants endorsed b y National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, p p . 785-786), and bills rediscounted
for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p . 788).
9
Includes advances granted under authority of Conventions between Bank of France and Treasury of J u n e 18, 1936, J u n e 30, 1937, M a r c h 22,
1938, and April 14, 1938, as modified b y Convention of N o v . 12, 1938 (see BULLETINS for July 1936, p . 536; Aug. 1937, p . 720; J u n e 1938, p . 452; Aug.
1938, p 650, and J a n . 1939, p . 30).
!• On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization F u n d to B a n k of France.
11 Figures not yet available.
N O T E . — F o r further explanation of table see BULLETIN for F e b r u a r y 1931, p p . 81-83, and July 1935, p . 463.




NOVEMBER

1025

FEDERAL RESERVE BULLETIN

1939

CENTRAL BANKS—Continued
Assets
Reichsbank
(Figures in millions of
reichmarks)

1929—Dec. 31
193Q—Dec. 31
1931—Dec 31
1932 Dec 31
1933—Dec. 30
1934—Dec 31
1935_Dec. 31
1936—Dec. 31
1937—Dec. 31

Reserves of gold and
foreign exchange
Total
Gold*
reserves

__
__

1938—Oct. 31
Nov. 30
Dec. 31

_

Bills (and
checks),
including
Treasury
bills

Liabilities

Securities
Security Eligible
loans as note
Other
cover

2,687
2,685
1,156
920
396
84
88
72
76

2,283
2,216
984
806
386
79
82
66
71

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131

251
256
245
176
183
146
84
74
60

76
77
76

71
71
71

7,543
7,514
8,244

76
76
77
77
77
77
77
77
77

71
71
71
71
71

7,160
7,361
8,180
7,726
7,547
8,159
8,461
10, 272
10,105

.

1939—Jan 31
Feb. 28
Mar 31
Apr. 29
MavSl
June 30
July 31
Aug 31
Sept 30

Note
circula- Deposits
tion

Other
assets

755

Other
liabilities

259
445
349
221
106

92
102
161
398
322
319
315
303
286

656
638
1,065
1,114
735
827
853
765
861

5,044
4,778
4,776
3,560
3, 645
3,901
4, 285
4,980
5,493

652
755
540
640
984
1,032
1,012
1,059

736
822
1,338
1,313
836
1,001
923
953
970

32
48
45

550
548
557

298
298
298

1, 360
1,494
1,621

7,754
7,744
8,223

1,040
1,141
1,527

1,064
1,093
1,091

52
60
58
55
40
48
36
60
24

592
660
677
668
922
930
925
1,013
1,324

298
288
292
476
285
274
289
296
393

1,848
1,710
1,489
1,928
2,182
1,658
1,652
1,964
1,963

7,816
7,939
8,311
8,519
8,525
8,731
8,989
10, 907
10, 995

1,119
1,105
1,249
1,122
1.292
1,281
1,294
1,480
1,602

1,091
1,112
1,212
1,289
1,234
1,132
1,157
1,294
1,287

i N o t shown separately on Reichsbank statement after J u n e 15, 1939.
N O T E . — F o r explanation of above table see BULLETIN for F e b r u a r y 1931, p p . 81-83, and J u l y 1935, p . 463.

Central bank
[Figures as of last report
date of month]

National Bank of Albania
sands of francs):
Gold

Sept.

Aug.

1938
July

Sept.

7,568
33, 634
4, 393
8,650
22, 416
18, 321
13, 507

7,577
19, 689
5,672
4,850
11,361
13, 794
12, 633

1, 224
105
282
238
1,135
430
169
3
60
52

1,224
99
263
229
1,119
379
209
2
56
51

1,224
111
37
267
1,107
327
106
2
43
54

16,030
41, 500

16, 030
41, 002

16,011
38, 301

1, 467
15, 874
17,620
59, 550
87, 262
48 525

1,411
16, 424
18, 093
58, 602
87, 840
48, 025

1,395
23, 047
14, 206
54, 153
87, 305
49, 030

(thou-

Loans and discounts
Other assets
Note circulation
Other sisht liabilities
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Negotiable Government bonds
Other assets
Note circulation
Deposits—Member b a n k
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of p o u n d s ) :
Issue d e p a r t m e n t :
Gold and English sterling
Securities _ _
Banking d e p a r t m e n t :
Coin, bullion, and cash
London balances
Loans and d i s c o u n t s . . .
Securities
Deposits
_ __ _
N o t e circulation
Bank of Belgian Congo (millions of
Belgian francs):
Gold
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities




1939

166
448
450
369
559
136

1939

Central bank

[Figures as of last report
date of month]
National Bank of Belgium (millions
of belgas):
Gold reserve
Other gold and foreign exchange
Discounts
Loans
Other assets
Note circulation
D e m a n d deposits—Treasury.._
Other
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange _
Loans and discounts
Securities—Government
__
Other
Other assetsN o t e circulation
Deposits.. . „
_
Other liabilities
National Bank of Bulgaria (millions of leva):
Gold
_
Foreign exchange
. .
Loans and discounts
Government debt .
Other assets
N o t e 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 assets
.
N o t e circulation
Deposits-Chartered b a n k s
Dominion Government
Other...
Other liabilities

Sept.

1938

Aug.

July

Sept.

3, 622
932
374
273
472
5 299
4
247
124

3,381
857
188
53
409
4 565
8
251
124

3 180
1,031
548
179
452
5 100
6
165
119

61, 763
68, 657
53 763
401,911
5 123
36 437
311,041
251 927
64 687

55, 953
104 538
23 836
402,133
4 033
36 509
275, 152
291 364
60 486

2 006
804
941
3 417
1 278
3 038
3 117
2 292

2 003
649
1 187
3 468
1 207
3 137
2 153

225, 675 209, 775 205, 159 181,033
44, 448

52, 860

43, 960

31, 349

155 054 111 018 112 550 155 569
63, 588 52, 078 51,391 48,169
7 234
7 125
6 970
5 839
212, 490 179, 704 169, 714 175,422
221,127 201,318 206, 916 211,485
30, 695 29, 054 23. 045
38,228
11,216
11,380
'878
4,649
9,923
12, 774
9,698 11,129

1026

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

CENTRAL BANKS—Continued

Sept.

Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to government
Other loans and discounts
Other assets
Note circulation
DepositsBank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities,
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Czecho-Slovakia '
(millions of koruny):
Gold

Other 8>SSPtS
Demand deposits
Other liabilities
Bank of Danzig (thousands of
gulden) •
Gold
Foreign exchange of the reserve
Other foreisn exchange
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Denmark
lions of kroner):
Gold

1938

1939

Central bank
[Figures as of last report
date of month]

Aug.

July

Sept.

146
67
754
231
43
845

146
7
754
254
40
844

145
37
766
150
47
750

157
86
153

162
46
148

202
47
146

35, 453
7,543
19, 434
37,167
31 787
53,628
45, 786
31, 969

36, 109
3,865
18, 455
36, 820
30, 337
55, 365
38, 547
31, 674

40, 426
4,867
15 684
46, 404
26 892
52 716
39,634
41 923

1,698
796
1,855
804
4,354
6,056
702
2,750

1,721
821
1,713
875
4,187
6,391
811
2,116

2, 653
87
4 425
1,605
1,719
8,115
433
1,941

22, 862
1,165
197
31,661
2,263
54,190
25, 900
19 010

23, 612
1,199
166
20, 525
2,572
48, 614
17,179
19, 010

31,219
5,520
475
21 444
2,810
41,134
22 117
19 015

117
89
25
97
150
189
108
452
127
195

117
99
20
89
138
186
110
425
135
199

118
111
21
196
74
132
105
429
153
174

(mil-

Loans—To Government agencies
Other
Securities
Note circulation
__
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Other assets
Note circulation
Other liabilities
National Bank of Egypt 2 (thousands of pounds):
Gold
Foreign exchange
Loans "and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
DeDosits—Government
Other
Other liabilities

117
39
26
101
182
218
86
480
118
169

38, 378 33, 223
7,760
5,460
56, 630 '50, 790
20, 884 r20, 322
64, 974 65, 920
43, 262 27, 566
15,416 16,310
6,545
1,572
5,375

6,545
830
6,710

24, 900
8,414
19, 774
3,304
15, 257
8,472

32,213
6,802
23, 091
3,427
18,054
8,529

1939

Central bank
[Figures as of last report
date of month]

Sept.

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):
Gold3
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation.
Demand deposits
Other liabilities
Bank of Finland (millions of markkaa):
Gold*
Foreign assets
_ _ _ . __
Loans and discounts...
Domestic securities.
Other a s s e t s . .
__
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 pengo):
Gold*
Foreign exchange reserve
Discounts
Loans—To Treasury.._
Other
Other assets._. _
Note circulation
Demand deposits..
_ ._
Certificates of indebtedness _
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted

124
98
627
342
32
331
1,087
148
99
220

Aug.

July

Sept.

13, 208
5,172
837
5,104
1,092
14, 490
7,374
3,550

13, 208
6,074
725
5,108
996
14, 771
7,744
3,595

13, 206
3,513
936
5,511
956
13, 375
6,316
4,431

40, 904
9,454
31,476
40, 293
56, 981
28, 027
37,119

40, 906
9,034
27, 497
41,413
53, 086
27, 326
38, 438

34, 288
16, 211
25, 565
31,191
52, 791
32, 728
21, 737

1,183
2,487
1,155
332
304
2,262
242
906
2,050

1,128
2,598
1,151
333
248
2,179
217
991
2,070

620
2,325
1,515
233
292
2,166
129
1,070
1,620

3,097
12, 388
4,211
2,164
9,980
9,993
1,887

3,289
10,606
4,211
1,943
7,912
10, 264
1,873

3,246
8,655
4,305
1,968
7,726
8,387
2,061

124
101
576
343
43
352
1,038
181
99
221

124
93
418
298
29
360
879
143
99
201

84
135
567
193
19
262
853
164
70
173

444
595
374
730
1,784

444
655
324
702
1,757

359
36
19
75
13
387
115

369
46
2
3
63
13
379
116

501
300
414
3
85
1,686
376
2,446
501
112
306

501
300
466
3
48
1,254
266
1,931
471
124
311

Loans to Government
Investments
Other assets.

Deposits
Other liabilities
Bank of Japan (millions of yen):
Gold
Special foreign exchange f u n d -

Discounts
Loans—Government
Other
Government bonds
Other assets
Note circulation
Deposits—Government
Other
Other liabilities

__

1938

501
300
387
3
58
1,850
447
2,461
652
83
351

r
Revised.
i N a m e changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939.
J Items for issue and banking departments consolidated.
3 Gold revalued in part on March 6, 1939 at .2802 gram fine gold per kroon.
* I n accordance with law of December 22,1938, gold revalued on December 31,1938, at approximately .02 gram fine gold per markka.
6
I n accordance with law X X V of 1938 gold revalued on J a n u a r y 15, 1939. at .1754 gram fine gold per pengo and resulting increment included
in other assets.




1027

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

CENTRAL BANKS—Continued
Central bank
[Figures as of last report
date of month]
Bank of Java (millions of guilders):
Gold
Foreign bills
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Loans and discounts
Other assets
Note circulation
DeDosits
Other liabilities
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of guilders) :
Gold
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation
Denosits Government
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):

Sept.

98
35
176
47
118
187
51

Aug.

Other assets
Note circulation
Deposits
Othor liftbilitifts
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
Loans and discounts
Securities
Special gov't debts
Other assets
Note circulation
Other sight liabilities
Other liabilities

July

Sept.

129
9
67
91
193
77
25

117
11
61
104
199
69
25

117
2
65
105
188
74
26

98
35
153
52
89
204
45

98
36
143
51
81
204
43

83
38
135
61
74
194
49

60
6
132
43
173
39
30

62
8
119
37
153
42
30

73
3
116
33
148
53
24

1,129
17
2
48
260
68
1,132

1,129
24
2
10
224
69
1,037
46
327
48

1,481
15
4
12
290
64
1,053
159
608
46

2,802
5,577

2,802
11,449

18,938
3,748
460
15, 693
13,833
1,999

7,659
2,732
431
13, 735
9,681
1,657

344
48

Gold •

Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
T) em and dfvnosits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
Discounts.
Loans
SecuritiesOther assets
Note circulation
Demand deposits—Government.
Other
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts

1938

1939

237
78

236
128

236
151

211
219

384

309
136
47
126
43
505
21
109
81

281
122
36
123
52
480
15
139
87

212
78
33
101
41
471
31
101
81

(0
0)
0)
0)

538
21
81

0)

48,888
24,025
83,454
8,812
106,110
39, 875
19 194
444
11
886
161
515
350
1,883
152
332

437
13
1,167
128
346
1,548
181
363

Central bank
[Figures as of last report
date of month]

Sept.

Bank of Portugal (millions of
escudos):
Gold
Other reserves (net)
Non-reserve exchangeLoans and discounts
Government debt
Other assets
Note circulation
Other sieht liabilities
Other liabilities
National Bank of Rumania (millions of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans •
Gnvftm mfint dpbt
Other assets
Note circulation
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Discounts. _
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign exchange—Free
In clearing accounts
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Gold
Notes and coin
Loans and discounts
Other assets
Deposits
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities

i Figures not yet available.
* Not reported separately on bank statement; included with loans and discounts.
8
Agricultural and urban loans in process of liquidation.




1939

2,419
'285
94
49
684
2,082
802
648

1938

Aug.

July

Sept.

920
456
219
413
1,036
1 250
2,230
1 040
1,024

920
432
210
399
1,036
1 241
2,079
1 149
1,009

918
481
151
425
1 040
1 319
2,178
1 071
1 083

18 805
4,424
14,027
1,469
10,174
12,893
38, 980
10 517
12, 295

17 641
4,111
11 350
1,868
10,404
10, 950
34, 242
11 005
11 079

26,910
6,421
2,719
15, 848
16, 712
31, 676
3,511

26, 638
5,500
1,714
16,144
18,464
28, 329
3,203

26, 709
6,977
822
15, 989
18,437
28 512
3,548

782
608
11
60
186
545
1,126
884
183

767
627
11
59
166
520
1,025
963
163

684
992
12
26
76
460
1,083
998
169

2,419
288
63
43
684
2,024
828
646

2,461
274
49
27
682
1,741
1,106
647

2,851
306
139
31
712
1,933
1,465
642

36, 906
11
3,556
154,080
193,539
28,053
229, 521
65,461
121,165

36, 906 36, 870
13
2
3,536 11,079
145, 754 81, 353
192, 732 190,005
38, 340 39,649
229,521 196, 691
71,426 58, 770
116,325 03, 510

103, 585
87, 353
2,045
48, 927
99,406
71, 584
82, 345
139, 617
1,924
509
2,132
2,231
3,332
7,986
1,350
791

1,922
503
1,860
2,230
3,273
7,354
1, 712
721

1,886
478
1,948
2,243
3,540
7,404
1,636
1,053

1028

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francs *]
1939

1938

1939

Assets

1938

Liabilities
Sept. 30

Aug. 31

16, 523

28, 588

19, 181

27, 337
11,536

26, 582
12, 980

40,516
17,415

176,062
32, 979
226, 008

177, 241
35, 627
229, 588

197, 132
51, 456
237, 653

Gold in bars
Cash on h a n d and on current account
with b a n k s
Sight funds at interest
Rediscountable bills and acceptances
(at c o s t ) . . .
... .
T i m e funds at interest
S u n d r y bills and investments
Other assets

3,027

Sept. 30

Aug. 31

D e m a n d deposits (gold)

10, 688

14, 112

9,248

Short-term deposits (various currencies) :
Central b a n k s for own account
Other
.
. ._
_.

40,169
3,002

53, 823
2,463

100, 089
10, 524

Long-term deposits: Special accounts,__

250, 906

253,512

255, 530

Other liabilities

188,706

188, 265

201, 232

493, 472

512,176

576, 623

Sept. 30

1, 570

.

13, 270
Total liabilities

Total assets

493, 472

512, 176

Sept. 30

_

576, 623

i See BULLETIN for December 1936, p. 1025.

MONEY RATES IN FOREIGN COUNTRIES
[Per cent 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—September
1939—March
April
May
June
July
August
September.

Month

.63
1.40
.73
.75
.79

i: 58

3.51

Day-to-day
money

5.63
2.05
4.57
.55
.31
.61
.55
.53
.50
.86

4.39
1.68
4.04
.67
.63
.78
.75
.75
.75
.75

.70
1.36
.70
.76
.77
1.92
3.23

.75
.76
.75
.77
.75
1.35
2.72

Netherlands (Amster
dam)

Germany (Berlin)

United Kingdom (London)

Bankers'
allowance
on deposits
1
2^-4

Y2-2
1-2

Switzerland

Belgium
(Brussels)

France

Italy

(Paris)

(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

1929—August...
1930—August___
1931—August___
1932—August...
1933—August. __
1934—August...
1935—August...
1936—August...
1937—August. _.
1938—August-..

3.33
1. 75
1.98
1.50
1. 501. 50
2.47
2.25
1.00
1.00

4.93
2.44
2.41
3. 12
2.31
2.31
1.88
1.38
1.00
2.89

3. 50
2.10
1.50
1.02
1.45
1. 75
3.06
3.00
4. 11
2.50

6.85
5.50
5.25
5.50
4.00
3.00
4.17
4.50
5.00
5.00

1939—February.
March
April
May
June.
July
August...

1.00
1.00
1.00
1.00
1.00
1.00
1.00

1.98
3.28
4.28
3.99
2.79
2.30

1.96
1.94
1.88
1.94
1.88
1.88
1.95

5.00
5.00
5.00
5.00
5.00
5.00

Private
discount
rate

Private
Money for Day-to-day discount
1 month
money
rate

Money (or
1 month

7.18
3.30
7.99
4.25
3.87
3.81
3.02
3.00
2.88
2.88

9.48
4.54
9.18
5.55
5.50
5.13
3.07
2.89
2.73
2.88

7.86
3.78
9.15
5.55
5.00
4.71
3.21
3.01
3.07
2.59

5.36
1.96
1.30
.37
.77
.61
5.48
1.23
.14
.32

5.32
1.84
1.21
1. 00
1.00
1 00
5. 65
1.29
.50
.70

2. 88
2.88
2.77
2.79
2.75
2.75

2.88
2.88
2.53
2.50
2.50
2.50

2.70
2.36
2.46
2.71
2.65
2.50

.29
1.11
.72
.49
.51
1.03
2.94

.50
1.24
.80
.75
.75
1.53
3. P6

Sweden
(Stockholm)

Hungary
Prime
commercial paper

Day-to-day

money

Loans u p
to 3
months

3^
4-6
-4-6

H
2%
2V

Japan (Tokyo)

Discounted
bills

Call
money
overnight

5.48
5.48
4. 93-5. 48
5. 84-6. 21
5.11-5.48
5.11
5.11
4.75
4.75
4.56

3.10
3.83
3.65
4.02
2.37
2.79
2.60
2.69
2.85
2.44

4.47
4.47
4.47
4.47
4.47

2.56
2.54
2.47
2.37
2.39

r
1 No quotation available.
Revised.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p . 289; J u l y 1929, p . 503; November 1929, p. 736; May
1930, p. 318; and September 1938, p . 757.




1029

FEDERAL RESERVE BULLETIN

NOVEMBEE 1939

DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of Date effective

United
GerKing- France many
dom

Belgium

4

2

Central

In effect June 30,
1936

2

July 7
July 10
Sept 9
Sept. 25

VA
2

5
3

Oct. 9

m

Oct 16
Oct 20

2

1H

2
4
6
5
4

VA
3
4

2H

Rate
Oct.
26

Central
bank of—

Date
effective

April 1, 1937 Japan
Albania
6
Argentina..
3 H Mar. 1, 1936 Java.
July 6, 1939 Latvia
Belgium
July 5, 1932 Lithuania...
Bolivia
Nov. 28, 1935 Mexico
British India
3
Aug. 15, 1935 Netherlands
Bulgaria
6
New ZeaCanada
2V2 Mar. 11, 1935
land
Chile
3-4H Dec. 16, 1936
July 18, 1933 Norway
Colombia. _ . 4
Peru
Czechoslovakia. _ 3
Jan. 1, 1936 Poland
Danzig
Jan. 2, 1937 Portugal
4
Denmark. __
Oct. 10, 1939 Rumania
&A Nov. 30, 1932 South Africa
Ecuador
._
El Salvador
Mar.
30, 1939 Spain
3
Estonia
4H Oct. 1, 1935 Sweden
Switzerland
Finland
Dec.
3,
1934
4
France
Jan. 4, 1939 Turkey
2
Germany. __ 4
Sept. 22, 1932 United Kingdom
Greece
Jan. 4,1937
6
Hungary
Aug. 29, 1935 U. S. S. R.
4
Italy
4H May 18, 1936 Yugoslavia. .

3.29

3

Oct 2

Nov. 26
Dec 3
Jan. 28, 1937
June 15
July 7
Aug 4
Sept 3
Nov 13
May 10, 1938
May 13
May 30
Sept 28
Oct 27
Nov. 25
Jan 4 1939
Apr 17
May Jl
July 6'
Aug. 24
Aug 29
Sept. 28....
_.
Oct. 26
In effect Oct. 26,
1939

4

bank of—

Neth- Switzerer Japan
lands land

3

3

Rate
Oct.
26

Date
effective

3.29
3
4H

Apr. 7, 1936
Jan. 14, 1937
Jan. 1, 1939
July 15, 1939
Mar. 1, 1937
Aug. 29, 1939

6
3
3

2y2
D4

Nov. 19, 1938
Sept. 22, 1939
May 20, 1932
Dec. 18, 1937
Aug. 11, 1937
May 5, 1938
May 15, 1933
July 15, 1935
Dec. 1, 1933
Nov. 26, 1936
July 1, 1938

2
4
5

Oct. 26, 1939
July 1, 1936
Feb. 1, 1935

4

^A
6

^A
VA
VA
5

2H

2#
2

Changes since Sept. 28: Denmark—Oct. 10, up from 4 ^ 1o 5H per cent;
United Kingdom—Oct. 26, down from 3 to 2 per cent.

4
3
2H

4

3

3
2
2

2

4

2H

3.29

3

COMMERCIAL BANKS
[Figures as of end of month, except those for United Kingdom, which are averages of weekly figures]
Liabilities

Assets
Money at
United Kingdom
Cash
call and Bills discounted
reserves
short
(Figures in millions of pounds sterling)
notice

Securities

Loans to
customers

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..
1938—D ecember _ _

208
184
207
213
216
221
236
236
235

144
119
127
119
151
159
187
155
150

322
246
408
311
255
322
316
295
244

285
297
472
565
594
605
630
605
606

933
905
778
740
759
784
864
954
940

240
222
208
237
247
231
238
242
250

847

1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250
2,172

992
868
991
1,015
1,044
1,140

846
963
900
910
924

254
237
216
244
251
231
232
237
254

11 London clearing banks J
1936—December.
1937—December.

244
244

1938—July
August
September.
October. __
November.
December.
1939—JanuaryFebruary..
March
April
May
_.
June
July
August P..

244
241
234
234

248
243
232
229
236
235
235
233

195
163

322
300

660
635

890
984

249
256

2,315
2,330

1,288
1,284

1,012
1,026

245
252

153
148
149
149
160

302
305
289
268
272
250

633
642
646
645
642
635

085
974
973
973
966
971

242
239
242
256
255.
263

2,309
2,298
2,269
2,256
2,249
2,254

1,254
1,248
1,236
1,247
1,244
1,256

1,055
1,050
1,033
1,009
1,004
997

255
256
262
270
260
269

143
138
141
145
144
150
155
152

256
212
190
184
201
249
278
279

625
617
611
611
605
600
597
599

972
982
992
997
992

252
253
249
256
258
257
251
269

2,230
2,176
2,152
2,155
2,167
2,219
2,240
2,245

1,260
1,213
1,186
1,185
1,194
1,232
1,241

970
964
966
970
973
987

267
268
264
267
268
265
263
273

p Preliminary.
1
Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936.
* District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640.




1030

FEDERAL RESERVE BULLETIN

NOVEMBER

1939

COMMERCIAL BANKS—Continued
[Figures as of end of month]
Assets

France
(4 large banks. Figures in millions of
francs)
1930—December...
1931—December...
1932—December...
1933—December...
1934—December.. _
1935—December...
1936—December.. _
1937—December...
1938—October
November. _.
December...
1939—January
February
March
April
May
June..
July*

Cash
reserves
2,419
11,311
9,007
5,870
5,836
3,739
3,100
3,403
3,152
3,357
3,756
3,329
3,433
3,604
3,522
5,148
3,538
3,464

Due from Bills disbanks
counted
4,675
2,168
1,766
1,416
1,421
2,484
2,975
4,116
4,238
4,318
4,060
3,985
3,824
3,519
3,745
3,769
3,857
3,580

Other

Loans

20,448
18,441
22,014
19,848
18,304
16,141
17,582
18,249
18,940

18, 522
21,435
22,100
23,024
23, 945
25, 667
25,102
25, 263
25, 717

Total

10,743
9,274
7,850
8,309
8,159
8,025
7,631
7,624
7,613
7,956
7,592
7,079
6,927
6,654
6,414
7,061
6,538
6,850

2,361
2,130
1,749
1,827
1,717
1,900
1,957
2,134
2,088
1,976
1,940
1,339
1,250
1,310
1,353
1,409
1,472
1,532

Demand

Cash
(5 large Berlin banks. Figures in millions of reichsmarks)
reserves

35,284
37,023
36,491
31,773

36,681
38,245
37,759
32,635
30,943
27,553
28,484
30,348
30,952
30,971
33, 578
33,444
34,243
34,793
36,368
38,120
36, 231
36, 650

191
173
143
131
115
139
137
148
199
270
179
195
184
175
219
189
237
214

Due
from
banks
1,483
817
583
471
393
316
269
299
255
295
261
270
285
307
308
271
292
306

Bills discounted

(10 chartered banks. Figures in millions of Canadian dollars)

1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—October. _.
November.
December.
1939—January...
February..
March
April
May_.
June
July
August

207
201
211
197
228
228
240
255
291
277
263
276
267
259
260
266
255
266
265

7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,628
2,731
2,817
2,743
2,685
2,708
2,798
2,833
2,761
2,772

Securities
482
807
938
860
874
1,027
1,112
1,020
1,098
1,097
1,183
1,406
1,178
1,145
1,112
1,082
1,073
1,080

1,275
1,253
1,104
1,036
977
945
791
970
940
919
921
943
956
963
957
947
957

4,357
4,503
4,331
4,362
4,301
4,399
4,289
4,517
4,304
4,411
4,484
3,745
3,677
3,697
3,775
3,849
3,951
4,063

694
529
600
503
511
537
581
624
667
667
676
684
659

Deposits

Other
Total
1,127
991
1,003
983
983
851
812
844
876
895
893
895
902
901
891
852
829

9,091
6,062
6,161
5,754
6,816
5,376
6,751
6,264
6,933
6,915
7,031
7,234
7,334
7,377
7,458
7,745
7,981
7,793

Demand
3,857
3,252
2,968
2,624
2,731
2,435
2,661
2,912
3,219
3,311
3,373
3,531
3,619
3,576
3,870
3,996
3,793

Time
2,810
3,203
3,130
3,085
2,941
3,090
3,352
3,714
3,668
3,703
3,716
3,801
3,765
3,875
3,985

Credits
obtained
from
banks
1,986
1,328
1,146
661
485
686
579
513
416
424
422
420
414
410
401
390

Other
liabilities
1,828
2,341
1,550
1,481
1,432
1,449
1,334
1,335
1,368
1,400
1,427
1,438
1,436
1,427
1,418
1,414
1,385
1,342

Liabilities

Security
loans
abroad
and net SecuriOther
ties
due
Security loans
from
loans and dis- foreign
counts
banks
205
135
103
106
103
83
114
76
66
64
65
63
60
56
54
55
53
51
49

921
576
295
273
193
337
473
661
775
746
721
643
538
541
558
519
486
430

904

Entirely in Canada

Cash

Other
liabilities

Liabilities

Loans

2,453
1,431
1,631
1,702
2,037
2,162
2,567
3,205
3,589
3,384
3,620
3,643
3,934
3,888
3,904
4,364
4,537
4,108

Own
acceptances

1,397
1,222
1,268
862

26,859
27,955
29, 748
30,449
30,460
33,042
32,863
33, 619
34,127
35, 700
37, 444
35, 547
35, 991

Assets
Canada

Time

Assets

Germany i

1930—November..
1931—November..
1932—November..
1933—November..
1934—November..
1935—November..
1936—November..
1937—November..
1938—August
September..
October
November..
1939—January
February...
March
April..
May.
June.

Liabilities

171
146
155
134
155
141
161
102
147
192
166
167
171
192
203
217
226
202
245

604
694
778
861
967
1,155
1,384
1,411
1,409
1,426
1,463
1,454
1,490
1,499
1,509
1,505
1,525
1,520
1,507

Other

Note
circulation

Deposits payable in Canada excluding interbank
deposits

Total
602
510
439
432
449
485
507
510
470
471
474
459
450
458
449
452
494
468
461

133
129
115
121
124
111
103
96
94
92
88
85

2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,335
2,480
2,499
2,500
2,457
2,471
2,492
2,509
2,524
2,542
2,520
2,524

Demand

538
563
628
694
755
752
824
844
840
789
780
791
812
846
862
822
822

Time
1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,583
1,656
1,655
1,660
1,667
1,691
1,700
1,697
1,678
1,680
1,697
1,702

Other
liabilities

816
762
760
725
718
745
790
785
795
808
782
796
800
821
833
850
875
849
873

p Preliminary.
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, June 1935, pp. 388-390, and August 1939,
p. 699.




NOVEMBER

1031

FEDERAL RESERVE BULLETIN

1939

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Brazil (milreis)

Argentina
(peso)

Australia
(pound)

1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
1938.

95.127
83. 505
66. 738
58. 443
72.801
33. 579
32. 659
33.137
32.959
32. 597

458. 60
351. 50
279. 93
337.07
400. 95
388.86
395.94
393. 94
389. 55

13.912
13. 952
13. 929
13.914
17.900
23. 287
18. 424
16. 917
16. 876
16. 894

11.8072
10.7136
7.0290
7.1223
7.9630
8. 4268
8. 2947
8. 5681
8. 7190
5. 8438

1939—January
February
March
April
May
___
June
July
August
September..

31.126
31. 236
31. 234
31.207
31. 210
31. 217
31.211
31.116

372.06
373. 33
373. 27
372. 86
372.89
373.12
373. 03
367. 32
318. 38

16.893
16.860
16. 823
16. 838
17.016
17.008
16.991
16.968
17.028

5.8598
5. 8602
5. 8647
5. 8595

Year or month

Year or month

19291930..
19311932..

Free
market

Official

Bulgaria
(lev)

Chile (peso)
Canada
(dollar)

Official

Colombia

Export

China
(yuanShanghai)
41.901
29.917
22.437
21. 736
28. 598
34.094
36. 571
29. 751
29. 606
21. 360

96. 551
96. 493
96. 570
95. 275
81. 697
61. 780
56.011
57. 083
56. 726
55. 953

99. 965
99. 952
99. 930
99. 941
99. 946
99. 936
99. 920
99. 909
99. 916
99. 925

16. 256
15. 885
16. 016
16.015
15. 987
13. 434
10. 637
7.163

57.055
56. 990
56. 983
56.982
57.009
57.169
57.036
57. 061
57.068

99. 932
99. 933
99. 932
99. 936
99. 942
99. 949
99. 950
99. 950

Cuba
(peso)

36. 202
36.067
33.690
26. 347
31.816
37. 879
36.964
37. 523
37.326
36. 592

.7216
99. 247 12.0601
.7209
99.842 12.0785
.7163
96. 326 12. 0669
.7193
7. 9079
88.090
1. 0039 91. 959 7. 6787
1. 2852 101.006 10.1452
1. 2951 99. 493 5. 0833
1. 2958 99. 913 5.1240
1. 2846 100.004
5.1697
1. 2424 99. 419 5.1716

4.0000
4.0000

34.881
35.014
35.057
34.962
34. 916
34. 924
34.905
34.407
29. 928

1.2156
1. 2130
1. 2103
1. 2089
1. 2101
1. 2077
1.2126
1.2111

99.194
99. 502
99. 583
99.483
99. 620
99. 773
99.835
99. 494
91. 255

5.1739
5.1736
5.1733
5.1735
5.1733
5.1737
5.1703
5.1691
5.1776

4.0000
4. 0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

GerHong
HunFrance m a n y Greece
gary
(drach- Kong
(franc) (reichs- m a )
(dollar) (peng6)
mark)

Italy
(lira)

New
Japan Mexico Netherlands
Zealand
(yen) (peso) (guilder) (pound)

6. 0585
6.0571
6. 0579
6. 0594

FinCzecho- DenEgypt
land
slovakia mark
(marpound)
(koruna) (krone)
kka)

British
India
(rupee)

5. 8788
6.1806

5.1038
5.0555
5.0236
5.0162

1934...
1935...
1936...
1937...
1938...

2.9609
2. 9640
2. 9619
2. 9618
3. 8232
4. 2424
4.1642
4.0078
3. 4930
3. 4674

26. 680
26. 765
25. 058
18. 832
19.071
22. 500
21. 883
22.189
22.069
21. 825

498.07
498. 60
465.11
359. 54
434. 39
516. 85
502. 60
509. 68
506.92
501.30

2. 5160
2. 5169
2. 3875
1. 5547
1. 8708
2. 2277
2.1627
2.1903
2.1811
2.1567

3.9161
3.9249
3. 9200
3. 9276
5. 0313
6. 5688
6. 6013

23.809 1.2934
23.854 1. 2959
23. 630 1.2926
23. 749 .8320
30. 518 .7233
39. 375 .9402
40. 258 .9386
6.1141 40. 297
.9289
4.0460 40. 204
.9055
.8958
2. 8781 40.164

47.167
33.853
24.331
23.460
29. 452
38. 716
48. 217
31. 711
30. 694
30. 457

17.441
17.494
17. 452
17.446
22. 360
29. 575
29. 602
29. 558
19. 779
19. 727

5. 2334
5.2374
5.2063
5.1253
6. 7094
8. 5617
8. 2471
7. 2916
5. 2607
5. 2605

46.100
49. 390
48. 851
28. Ill
25. 646
29. 715
28. 707
29.022
28. 791
28. 451

48.183
47.133
35.492
31. 850
28.103
27. 742
27.778
27. 760
27. 750
22.122

40.162
40. 225
40. 230
40. 295
51. 721
67. 383
67. 715
64. 481
55.045
55.009

483. 21
468. 22
415. 29
320.19
340.00
402. 46
391. 26
398.92
396.91
392.35

1939—January....
February..
March
April
May
June
July
August
September.

3. 4258 20.841
3. 4248 20. 912
3. 4245 20. 912
20.891
20. 895
20. 900
20. 896
20. 834
19. 317

478. 76
480.43
480. 40
479.90
479. 97
480.10
480.00
472. 41
432.04

2.0543
2. 0604
2.0597
2.0542
2.0548
2.0559
2.0547
2.0456
1. 9000

2. 6369
2. 6471
2. 6488
2. 6478
2. 6487
2. 6493
2. 6488
2. 6137
2. 2651

29.107
29.078
29.049
28. 659
28.884
28. 916
28. 703
28. 213
24. 863

19. 632
19. 627
19. 613
19.602
19. 588
19. 577
19. 576
19. 576

5. 2603
5. 2602
5. 2601
5.2601
5. 2603
5. 2604
5.2605
5. 2515
5.1445

27. 205
27. 297
27. 300
27. 274
27. 277
27. 284
27.279
26.870
23. 459

19. 483
19.973
20.026
20.023
20.025
19. 753
17.133
16.800
19.023

54.187
53. 626
53.092
53.132
53. 601
53.167
53. 278
53.484
53.182

373. 59
374.84
374. 78
374. 41
374.42
374. 60
374.49
368.82
319. 75

Year or month

1929
1930
1931
1932
1933
1934
1935.
1936
1937
1938—._

_.

1939—January...
February.
March
April
May
June
July
August
September

40.066
40.117
40.098
40.081
40.115
40.105
40.113
39. 859
39. 500

Portu- Ruma- South Spain
Africa
gal
nia
(escudo) (leu) (pound) (peseta)

Norway
(krone)

Poland
(zloty)

26.683
26. 760
25.055
18.004
21. 429
25. 316
24. 627
24. 974
24. 840
24. 566

11.194
11. 205
11.197
11.182
14. 414
18. 846
18.882
18.875
18. 923
18.860

4.4714
4. 4940
4. 2435
3.1960
3, 9165
4.6089
4. 4575
4. 5130
4. 4792
4. 4267

.5961
.5953
.5946.5968
.7795
1.0006
.9277
.7382
.7294
.7325

23. 459
23. 539
23. 539
23. 515
23. 519
23. 524
23. 520
23. 376
22. 655

18. 901
18. 898
18. 860
18. 818
18. 812
18.812
18. 808
18. 754

4. 2384
4. 2508
4.2502
4. 2448
4. 2460
4. 2484
4. 2506
4. 2234
3. 6564

.7311
.7272
.7140
.7056
.7056
.7042
.7035
.7043

Uruguay (peso)
Straits
YugoSwitz- Turkey United
Settle- SweKingslavia
den
erland
ments
(pound) dom
Non-con(dinar)
Con(krona)
(franc)
(dollar)
(pound] trolled trolled

56.012
55. 964
52.445
40.397
49. 232
59.005
57.173
58. 258
57. 973
56.917

26. 784
26.854
25. 254
18.471
22.032
25. 982
25.271
25. 626
25. 487
25.197

19. 279
19. 382
19.401
19. 405
24.836
32. 366
32.497
30.189
22. 938
22. 871

48.411
47.061
47.181
47.285
60. 440
79.047
80.312
80. 357
80.130
80.109

485.69
486. 21
453. 50
350.61
423.68
503. 93
490.18
497.09
494.40
488.94

85.865
55. 357
47.064
60.336
79.956
80.251
79. 874
79.072
64.370

1. 7591
1.7681
1. 7680
1.6411
1. 7607
2. 2719
2. 2837
2. 2965
2. 3060
2. 3115

54. 246
54. 416
54. 394
54. 273
11.023 54. 373
11. 023 54. 509
11. 023 54. 785
11.000 53. 996
10. 492 46. 712

24.041
24.133
24.130
24. Ill
24.110
24.107
24.114
24. 002
23. 763

22. 582
22. 672
22. 614
22. 431
22.480
22. 546
22. 550
22. 573
22. 576

80. 436
80.385
80. 361
80. 279
80.290
80.101
80. 021
80.022
79. 500

466.94
468. 57
468. 54
468.05
468.13
468. 24
468.15
461. 07
399. 51

61. 438
61. 646
61. 650
61. 592
61. 598
61. 609
61.600
60. 659
52. 595

2. 2800
2.2820
2. 2781
2. 2636
2. 2675
2. 2674
2. 2744
2. 2729

483.27 14.683
483. 79 11. 667
480. 76 9.545
476. 56 8.044
414. 98 10. 719
498. 29 13.615
484. 66 13. 678
491. 65 12. 314
489. 62 6.053
484.16
5.600
462. 22
463.83
463. 74
462. 80
463.11
463. 32
463. 28
456.10
394. 57

.8558
.8583
.8586
.8579
.8570
.8565
.8576
.8520
.7575

4.613

35. 620
35. 818
35. 698
38. 180

NOTE.—Developments affecting averages since July 1939 have been as follows: no rates certified for following days: Argentina—Aug. 26-Sept.
30; Brazil—Sept. 1; Bulgaria—Aug. 30-Sept. 30; Cuba—Aug. 11-Sept. 30; Denmark—Aug. 26-31; Egypt—Sept. 2-30; Finland—Aug. 26-Sept. 1 and
Sept. 3-5; Germany—Sept. 1 and Sept. 3 30; Hungary, Poland, Rumania, and Yugoslavia—Aug. 26-Sept. 30; Norway—Aug. 26-29; and Turkey—
Aug. 25-28, and Sept. 2-30; quotations on following countries partly or wholly nominal since August 24:Australia, British India, Denmark, Finland,
Germany, Hong Kong, Italy, Japan, Norway, Poland, Portugal, South Africa, Straits Settlements, Sweden, and Yugoslavia. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETINS for March 1938, p. 244; March 1939, p. 236; and September 1939, p. 831.




1032

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

United
Kingdom
(1930=100)

United
Canada
States
(1926=100) (1926=100)

Year or month

1

France
(1913=100)

Germany
(1913=100)

Italy
(1928=100)

Japan
(October
1900=100)

Nether,
lands
(1926-30=
100)

Switzerland
(July 1914
=100)

1926

100

100

124

695

134

237

106

144

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938

95
86
73
65
66
75
80
81
86
79

96
87
72
67
67
72
72
75
85
79

100
88
86
86
88
89
94
109
101

627
554
500
427
398
376
338
411
581
653

137
125
111
97
93
98
102
104
106
106

95
85
75
70
63
62
68
76
89
95

220
181
153
161
180
178
186
198
238
251

100
90
76
65
63
63
62
64
76
72

141
126
110
96
91
90
90
96
111
107

78
78
78
78
77

76
75
74
74
73

100
98
99
98
98

649
652
664
674
684

106
106
106
106
106

96
97
97
97
96

252
252
253
254
255

71
71
71
70
71

105
106
106
106
106

77
77
77
76
76
76
75
75
79

73
73
73
73
74
73
73
72

97
97
97
97
98
98
98
98
P105

689
685
683
675
684
683
678
674

107
107
107
106
107
107
107
107

97
97
98
98
97
98
96

259
264
265
266
270
270
270
272
288

70
70
70
70
70
70
70
71

106
105
105
106
107
106
107
107

_

1938—AugustSeptember
October
November
December

.

1939—January
February
March

April
May
June
July
August

.

_ _

September

p Preliminary.
i Approximate figure, derived from old index (1913=100).

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom
(1930=100)

United States (1926=100)
Year or month
Farm

products

Foods

Other
commodities

Foods

Industrial
products

France (1913=100)

Farm
and food
products

Germany (1913=100)

Industrial
products

products

Agricultural

Provisions

Industrial raw
Indusand semi- trial finfinished
ished
products products

1926

100

100

100

581

793

129

132

130

150

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938

105
88
65
48
51
65
79
81
86
69

100
91
75
61
61
71
84
82
86
74

92
85
75
70
71
78
78
80
85
82

100
89
88
83
85
87
92
102
97

100
87
85
87
90
90
96
112
104

579
526
542
482
420
393
327
426
562
641

669
579
464
380
380
361
348
397
598
663

130
113
104
91
87
96
102
105
105
106

125
113
96
86
75
76
84
86
96
91

132
120
103
89
88
91
92
94
96
94

157
150
136
118
113
116
119
121
125
126

67
68
67
68
68

73
75
74
74
73

81
81
81
81
80

95
92
93
91
92

102
102
102
103
102

625
631
646
662
684

670
669
680
685
685

107
106
106
107
107

90
91
92
95
95

94
94
94
94
94

126
126
126
126
126

67
67
66
64
64
62
63
61
69

72
72
70
69
68
68
68
67
75

80
80
80
81
81
80
80
80
82

93
91
90
91
92
92
91
90
P101

100
100
100
100
101
101
102
102

688
673
671
650
652
643
629
616

690
694
694
697
712
718
721
726

108
108
108
107
108
109
109
109

94
94
94
92
94
91
92

94
94
95
95
94
94
95
95
?95

126
126
126
126
126
126
126
126
P126

-

_

1938—August
September
October
November
December

_ _

1939—January
February
March.

April
May
June

July
August
September

_

P108

P92

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.




1033

FEDERAL RESERVE BULLETIN

NOVEMBER 1939

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING

RETAIL FOOD PRICES

[Index numbers]

[Index numbers]
EngNether- SwitzUnited
Gerland
lands
erland
States
France many
1923June
July
19131911July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100

Year or
month

EngGerNether- SwitzUnited
land
France
many
States
lands
erland
1923July
19131911June
1925=100 1914=100 1930=100 1914=100 1913=100 1914=100

Year or
month

1926

109

161

554

146

161

160

1926

103

170

142

168

162

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938

105
100
82
68
66
74
81
82
85
79

154
145
131
126
120
122
125
130
139
141

611
614
611
536
491
481
423
470
601
702

156
146
131
116
113
118
120
122
122
122

162
150
136
119
120
124
118
120
127
130

156
152
141
125
117
115
114
120
130
130

1929
1930
1931_
1932
1933
1934
1935
1936
1937
1938

100
97
89
80
76
79
81

164
158
148
144
140
141
143
147
154
156

154
148
136
121
118
121
123
125
125
126

168
161
151
141
139
140
136
i 132
137
139

161
158
150
138
131
129
128
130
137
137

1938-August
September
October, __
November
December

78
79
78
78
79

141
140
139
140
139

677
697
725
727
742

124
121
121
121
121

129
130
130
128
130

129
130
130
130
130

1938-August

127
125
125
125
125

138
139
138
137
138

136
! 137

1939- January. __
February..
March
April

78
77
76
77
77
76
77
75
79

138
138
135
135
134
134
139
137

748
744
742
734
738
739
741
749

122
122
123
122
123
124
125
125

129
129
128
129
130
132
132
131

1939-January
February
March
April
May
June
Julv
August
September

May

June
July
August. __
September

130
124

.

82
84
83

September
October
November
December.

83
83

100
97
91
87
83
78
86
102
117
117

156
156
155
156
156

120

i 137
; 137
137

82
82

155
155
153
153
153
153
156
155
^155

122
P123

126
126
126
126
126
127
127
127

138
136

136
137
136
136
137
137
138
137

p Preliminary.
i Revised index from March 1936 (see BULLETIN for April 1937, p. 373)
Sources.—See BULLETIN for April 1937, p. 373, and October, 1939, p. 943.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
United
States
(average
price) i

Year or month

(1926=100)
France
England
(December (1913=100)
1921=100)
87

Germany
(average
price)

Number of issues. _

60

1926.

-

97. 6

110.0

57.4

110.2
111.8
108.4
113. 2
119.7
127.5
129 9
131.2
124.6
121.3

85.1
95.8
96.9
88.6
81.3
82.1
83 5
76.3
75.1
77.3

81.4
83.3
3 83.4
3 67.1
82.5
90.7
95.3
95.8
98.7
99.9

1938—August
September..
October
November..
December...

98.1
99.3
90.9
69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.3
78.7
81.8
82.1
81.1

122.4
118.4
118.2
118.0
116.3

76.6
75.6
78.3
80.6
88.3

1939—January
February
March
April _ ._.
May
June
July
August
September. _

81.9
82.1
83.1
79.4
80 2
81.4
81.6
81.0
80.9

115.9
115.8
113.6
110.8
113 5
113.5
112.5
110.9
106.9

83.4
86.5
86.0
86.6
85 1
84.0
84.3
82.9

- -

-

1929
1930..
1931
1932
1933.
1934
1935
1936.
1937
1938

1

36

Netherlands -

United
States

England

France

Germany

420

278

300

329

100. 0

100. 0

100.0

100. 0

100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
4 101. 8
105.9

190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.0
111.8
83.3

99.9
99.8
99.8
99.7
99.2

106.3
100.6
105.6
105.3
105.9

89.5
86.0
91.1
94.7
92.0

119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3
80.8
81.1
78.4
79.6
80.4
78.4

217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4
89.7
87.6
83.7
88.0
91.8
104.7

99.0
99.0
99.0
99.0
99.0
99.0
99.0
99.0

104.3
102.1
100.9
95.2
98.0
96.3
94.4
92.6

91.8
90.1
91.7
81.9
83.1
86.0
86.1
86.3
92.4

78.0
77.5
77.1
75.1
77.0
76.6
75.8
75.3
72.0

94.0
100.0
97.9
97.9
103.0
98.3
100.4
94.0

139

8

122.8
100.2
78.0
3 50. 3
61.7
71.1
82.9
91.6
102.6
100.1
3

Netherlands
(1930=100)
100

100
70
46
52
55
55
66
104
96

93.8
94.7
98.6
97.2
94.6

97.1
92.8
98.0
98.8
97.8

95.3
96.1
94.4
94.9
94.1
92.5
91.7
99.2
93.2

94.3
92.4
94.0
87.2
89 3
91. 6
89.3
88.6

Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
* Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning
January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
3
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;4 index for 1932 represents average of months May-December.
New index. See note 2.
Sources.See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172.







FEDERAL RESERVE DIRECTORY

1035

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
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)

GEORGE L. HARRISON, Vice Chairman

District No. 2 (NEW YORK)

LEON FRASER

CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
GEORGE H. HAMILTON
HUGH LEACH
WM. M C C . MARTIN
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK

District No. 3 (PHILADELPHIA)

HOWARD A. LOEB,

District No. 4 (CLEVELAND)

T. J. DAVIS

CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist

ALLAN SPROUL, Manager of System Open Market Account

1036




THOMAS M. STEELE

Vice-President
District No. 5 (RICHMOND)

ROBERT M. HANES

District No. 6 (ATLANTA)

EDWARD BALL

District No. 7 (CHICAGO)

EDWARD E. BROWN

District No. 8 (ST. LOUIS)

WALTER W. SMITH

District No. 9 (MINNEAPOLIS)

JOHN CROSBY

President
District No. 10 (KANSAS CITY)

JOHN EVANS

District No. 11 (DALLAS)

R. E. HARDING

District No. 12 (SAN FRANCISCO)__.PAUL S. DICK
WALTER LICHTENSTEIN, Secretary

SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent

Federal Reserve
Bank of—

President

First Vice President

Boston

F H Curtiss

R. A. Young

New York

Owen D. Young

G. L. Harrison

Philadelphia

T B McCabe

J. S Sinclair

F. J. Drinnen

C A Mcllhenny 3
W. J. Davis
E. C. Hill

Cleveland...

_ _ G. C. Brainard

M. J. Fleming

F. J. Zurlinden

W. H. Fletcher
G. H. Wagner
W. F. Taylor 3

_ Robert Lassiter

Hugh Leach

J. S. Walden, Jr

J. G. Fry
G. H. Keesee >

F H Neely

R S Parker

W. S. McLarin, Jr.. . H. F. Connifl
M. H. Bryan

Chicago

R. E. Wood i

G. J. Schaller

H. P. Preston

C. S. Young
W. H. Snyder 3
J. H. Dillard

St. Louis

W. T. Nardin

W McC Martin

F G Hitt

0. M. Attebery
C M . Stewart >

Minneapolis

W. C. Coffeyi

J. N. Peyton

0. S. Powell

H. I. Ziemer 3
E. W. Swanson

Kansas City

R. B. Caldwell

G. H. Hamilton

C. A. Worthington.... H. G. Leedy
J. W. Helm 3

Dallas

J. H Merritt

R. R. Gilbert

E. B. Stroud

R B Coleman
W. J. Evans
W. 0. Ford 2

San Francisco

St. George Holden i___ W. A. Day

Ira Clerk

W. M. Hale

Richmond
Atlanta

_

W. W. Paddock

Vice Presidents
W Willett 2

_ Allan Sproul

L. R. Rounds
W. S. Logan
J. H. Williams
R. M. Gidney
L. W. Knoke

R. B. West
1

Deputy chairman.

' Cashier.

3

Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch..
Pittsburgh Branch
.
Richmond:
Baltimore Branch ... .
Charlotte Branch
_
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch.. __
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch._
Louisville Branch
Memphis Branch

Managing director
R. M. O'Hara
B. J. Lazar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
G. 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. Gentrv
M. Crump
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

A. F. Bailey
F. D. Rash
W. H. Glasgow

SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is an official publication of the Board of Governors of
the Federal Reserve System. The BULLETIN is issued monthly and is sent to member banks
without charge. To others the subscription price, which covers the cost of paper and printing, is as follows: in the United States, Canada, Mexico, and insular possessions, $2.00 per
year and 20 cents per single copy; elsewhere, $2.60 per year and 25 cents per single copy.




1037

FEDERAL RESERVE DISTRICTS

H H

BOUNDARIES OF FEDERAL RESERVE DISTRICTS

.

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT)

M M

®
•
O

FEDERAL RESERVE BANK QTIES.
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY