Federal Reserve Bulletin March 1939 - FRASER · Acceptances, commercial paper, and brokers'...

FEDERAL RESERVEBULLETIN

MARCH 1939

"8?

Recent Business and Credit Developments

Study of Deposit Behavior

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

CONSTITUTION AVENUE AT 20TH STREET

WASHINGTON

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS

PageReview of the month—Recent business and credit developments 167-173National summary of business conditions 174-175Summary of financial and business statistics 177Behavior of deposits prior to suspension in a selected group of banks—Analysis by size of account 178-183Statistics of international capital transactions, United States—October-November, 1938 184-187Financial, industrial, and commercial statistics, United States:

Member bank reserves, Reserve bank credit, and related items 190Federal Reserve bank statistics 191-195Reserve position of member banks; deposits in larger and smaller centers 196M oney in circulation 197Gold stock and gold movements; bank suspensions; bank debits 198All banks in the United States 199All member banks 200-201Reporting member banks in leading cities 202-205Acceptances, commercial paper, and brokers' balances 206Federal Reserve bank discount rates 207Money rates and bond yields 208Security markets 209Treasury finance 210-211Governmental corporations and credit agencies; Postal Savings System 212-213Production, employment, and trade 214-222Wholesale prices 223Chart book series on bank credit, money rates, and business 224

International financial statistics:Gold reserves of central banks and governments 226Gold production 227Gold movements 227-228Central banks 229-232Bank for International Settlements 233Money rates 233Discount rates of central banks 234Commercial banks 234 235Foreign exchange rates 236Price movements:

Wholesale prices 237Retail food prices and cost of living 238Security prices 238

Federal Reserve directory:Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 240Senior officers of Federal Reserve banks; managing directors of branches 241

II


FEDERAL RESERVE BULLETINVOL. 25 MARCH, 1939 No. 3

REVIEW OF THE MONTH

Following a rapid advance in the secondhalf of 1938 business activity has been main-

tained in recent monthsRecent business and n e a r t h e l e v e l a chievedcredit developments

by this advance. Thepattern of business developments since thesummer of 1936 has been, first, a rapid risein production to a level in excess of currentdemand with a consequent accumulation ofinventories of semifinished and finishedgoods. This level continued through thesummer of 1937 and was followed by a periodduring which production fell considerablybelow current consumption with a consequentliquidation of inventories. In the latter halfof 1938 the rate of production once more roserapidly and toward the end of the yearcaught up with the current consumption de-mand.

At the present time output of industrialproducts approximately corresponds to thevolume of goods being consumed by individ-uals and industry. A further growth in ac-tivity under current circumstances appearsto depend on an increase in consumptionarising out of such factors as further growthin private residential building, larger outlaysfor plant and equipment, and greater publicexpenditures for construction or other pur-poses.

Increase in business activity since the mid-dle of 1938 has not been accompanied by anysubstantial expansion of business borrowing,but has been financed largely out of currentreceipts or previously accumulated funds.Commercial loans of banks have shown littlechange in the period, and corporate securityissues for the purpose of obtaining new fundshave been in relatively small volume. There

have been moderate increases in real estatemortgage loans by banks, by insurance com-panies, and by savings and loan associations.

Funds available for investment have con-tinued to increase, and short-term moneyrates and yields on high-grade bonds havefallen to new low levels. Prices of lower-grade industrial and public utility bonds haverisen to near the high levels of the early partof 1937, while stocks in these industries haverecovered less than half of their declines in1937 and early 1938.

Bank deposits have increased further,largely as the result of gold imports, and arenow larger than at any previous time. Bankshave added somewhat to their holdings ofobligations of the United States Governmentand its agencies and of State and local gov-ernments. As the result of the gold inflowbank reserves have increased substantiallyand excess reserves of member banks rose inJanuary to a new high level.

Income payments, which had increasedconsiderably during the second half of 1938,

appear to have been largelymaintained in the first two

months of this year. The current level, asestimated by the Department of Commerceand shown in the chart on the next page, isnearly as high as that in early 1937 and about7 per cent lower than the recovery peakreached in the summer of that year.

Most of the increase in income paymentssince the middle of last year has been in pay-rolls at factories. Payrolls in trade, on therailroads, and at mines have increased some-what, however, and, when allowance is madefor seasonal influences, a considerable in-crease is shown for the construction industry.Government expenditures for work reliefhave been maintained at the level reached in

National income

167


168 FEDERAL RESERVE BULLETIN MARCH 1939

the spring of 1938. Changes in farm incomeduring recent months have been largely sea-sonal.

BILLIONS OF DOLLARS

PER

YEAR

90

80

70

60

50

NATIONAL INCOME PAYMENTS

ADJUSTED FOR SEASONAL VARIATION

(ANNUAL RATE)

\

\

\

A '

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

Based on U. S. Department of Commerce monthly estimatesof the amount of income payments to individuals.

Earnings of large industrial corporationsincreased sharply in the fourth quarter as in-creased business was reflected in rapid im-provement in the earnings of the steel andautomobile industries and a continuation ofthe third quarter advance in earnings ofother reporting companies as a group.

The number employed in nonagriculturalpursuits, after declining from approximately

35,700,000 in the summer ofEmployment 1 9 3 ? tQ ^ ^ 3 2 > 200,000 inthe middle of 1938, had increased to about33,500,000 by last December, according to theBureau of Labor Statistics. From Decem-ber to January employment showed the usualseasonal sharp decline.

The recovery in the second half of 1938 waschiefly in manufacturing industries, wherethe previous declines had been largest. Intrade and some other lines there were smallerincreases in employment, and in transporta-tion and construction the number employedwas about the same in December as in themiddle of 1938 although in these industriesemployment is usually lower at the end ofthe year than in the summer.

The rise in factory employment after themiddle of last year was accompanied by a

considerable increase in the average numberof hours worked per week. The present levelof hours is nearly as high as at any time inthe recovery period except in the latter partof 1936 and early in 1937, and any furthersubstantial increase in activity would be re-flected more fully than during recent monthsin an increase in the number employed andless in the average number of hours worked.

Since the end of 1938 volume of industrialproduction has shown less than the usual

seasonal rise, and dataIndustrial production ^ ^^^^ i n d i c a t e

that in February the Board's seasonally ad-justed index was at about 99 per cent of the1923-1925 average as compared with 101 inJanuary and 104 in December. The cur-rent level of output, which is in sharp con-trast to the low rate of 77 that prevailedduring the second quarter of 1938, reflectssubstantial increases since last summer inoutput of both durable and nondurable manu-factured products and in output of minerals,as is shown on the accompanying chart.

In the nondurable goods industries as agroup, activity is now nearer the level ofearly 1937 than is activity in the durablegoods industries. In some lines, such astextiles and shoes, production began to in-crease rapidly late last spring, following along period of inventory liquidation, and inrecent months has been maintained at a ratenot much below the high levels of 1937. Insome other lines, such as petroleum refiningand the manufacture of tobacco products,output continued at a high level throughoutthe period.

In most industries producing durable goodsthere have been increases in output since lastsummer, but in general the increases havebeen much less pronounced than the earlierdeclines, and current levels are considerablybelow those reached in 1937. This is duechiefly to the small volume of expendituresfor new plant and equipment during thepast year or more. In recent months ordersfor machine tools and for other types of ma-


MARCH 1939 FEDERAL RESERVE BULLETIN 169

INDUSTRIAL PRODUCTION

PER CENT ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE = 100 p £ R

1930 1932 1934 1936 1938Figures for February 1939 are preliminary estimates.

chinery have increased somewhat and ac-tivity in these lines has shown some increase.Output of lumber and cement have also in-creased since last summer, reflecting pri-marily the rise in residential building andthe increase in public construction projects.

In the automobile industry production rosesharply with the introduction of new modelslast fall and is currently at an annual rateof nearly 4,000,000 cars and trucks. Do-mestic sales of both new and used cars andexports have been at levels consistent withthis rate of output, and stocks of new andused cars, while increasing seasonally, arebelow the high levels of early 1938.

Activity at steel mills increased substan-tially in response to the considerable in-crease in demand from the automobile indus-try and to smaller increases in demand froma number of other sources, such as the ma-

chinery, construction, and container indus-tries, and, to some extent, the railroads. Insome instances increased demand followedthe using up of stocks of steel accumulatedearlier. Since the beginning of this yearsteel ingot production has been between 50and 55 per cent of capacity as comparedwith a rate of around 30 per cent during thefirst half of 1938. It appears that furtherconsiderable advance from the present levelwill depend largely on increased outlays forindustrial equipment and on the initiation ofprograms for plant construction.

At mines, output has increased steadilysince last summer and is now close to thevolume maintained throughout most of 1937.Stocks of most metals and fuels continue inconsiderable volume.

Building contracts declined in January, re-flecting for the most part a reduction in

awards for public projects, whichU1 ing had been large in the last quarter

of 1938, owing to the requirement that Pub-lic Works Administration projects be startedbefore the end of the year. The bulk of theexpenditures on these public works will bemade during the remainder of this year andearly in 1940. Contracts for private workshowed little change from December to Jan-uary and were at a seasonally low level. Cur-rently private residential building is sub-stantially above the level of a year ago, whilethe volume of factory and other nonresiden-tial building is approximately the same. Fig-ures for the principal types of constructionare shown in the table on the next page.

The increase in residential building since ayear ago has been almost uninterrupted, on aseasonally adjusted basis, as is shown on thechart on the next page. In the early monthsof 1938 the increase was predominantly inone-family dwellings, but in the latter halfof 1938 the volume of apartment constructionalso increased considerably. The increasein apartment construction was largely inthe New York metropolitan area and reflectedprincipally the starting of two slum-clear-



CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERNSTATES

[Monthly averages or monthly totals; in millions of dollars]

1936 .19371938. . . .

1938, 1st qua r t e r . . .2nd quarter._3rd quarter_._4th quarter.._

December

1939, January

Total

223243266

179252285350

389

252

Pub-licly fi-nanced

11196

142

88117143221

279

148

Privately financec

Total

112147124

92135142129

110

104

Resi-dential

607175

51808682

72

67

Fac-tories

172610

9101110

7

7

Allother

355039

32444536

31

30

Source: F. W. Dodge Corporation. The figures shown are not ad-justed for seasonal variation.

ance projects of the United States HousingAuthority, a number of rental housing pro-jects financed under mortgages insured bythe Federal Housing Administration, and alarge rental housing project initiated by alife insurance company.

RESIDENTIAL BUILDINGCONTRACTS AWARDED IN 37 EASTERN STATES

ADJUSTED FOR SEASONAL VARIATION-LIONS OF DOLLARS

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

Based on F. W. Dodge Corporation data.

Reports on home mortgages selected forappraisal by the Federal Housing Adminis-tration showed a rapid increase during Janu-ary and the first two weeks in February, fol-lowing a seasonal decline in November andDecember, and the current level is substanti-ally higher than that of a year ago. Con-struction was started during January on in-sured rental housing projects providing 3,100dwelling units; in the year 1938 projects ofthis type accounted for 12,000 units or nearlya fourth of all privately-financed apartment

Railroads

instruction in the country. In January con-struction contracts were awarded for fiveslum-clearance projects of the United StatesHousing Authority, to provide 1,560 dwellingunits, bringing the total started under thisprogram to 8,800 units.

Prices of building materials have shownlittle change in recent months, following asubstantial decline during 1937 and earlylast year, and are now slightly above the1935-1936 level. Wage rates in the buildingtrades have remained considerably above thelevel of those years. Rents for residentialproperties have shown little change since theend of 1937.

The volume of railway freight traffic,which had increased considerably from June

to November 1938, has been main-tained since that time, with only

seasonal changes, at a level about the same asthat prevailing in the early part of 1936.Railway operating revenues likewise showeda sharp rise after the middle of last year,while expenses increased by a smalleramount, and net operating income during thelast quarter of 1938 averaged $56,000,000 amonth as compared with $17,000,000 a monthin the second quarter.

Distribution of commodities to consumersdeclined seasonally in January following a

considerable rise in the secondhalf of last year. In recent

months the dollar volume of general mer-chandise sold has been about the same as ayear earlier and only slightly smaller thanduring the peak of recent years—from thelatter part of 1936 to the latter part of, 1937.Prices, however, are lower now, and it isprobable that the physical volume of goodssold is as large as at that time. The courseof sales and stocks at department stores isshown for recent years in the accompanyingchart. At retail outlets selling only durableconsumers' goods, such as automobiles andfurniture, sales have expanded considerablyfrom the low level of last summer and are cur-

Retail trade



rently in larger volume than a year agobut are still substantially less than duringmost of 1937.

DEPARTMENT STORE SALES AND STOCKSINDEXES BASED ON DOLLAR VOLUME. /

PER CENT120

110

100

90

80

70

60

50

40

AT

SALEi

/

STOCKS ti

VV

100

90

80

70

60

50

40

1935 1936 1937 1938 1939

Prices of most farm staples and industrialmaterials have shown little change during

the past six months. TheCommodity prices g e n e r a J J ^ J Q f w h o l e s a l e

commodity prices, as measured by the Bureauof Labor Statistics' index, has declined aboutone point since the middle of August to 76.6per cent of the 1926 average. Prices of farmproducts and foods have continued at aboutthe same level, while prices of other com-modities, as a group, are somewhat lowerthan in August. This decline in the indus-trial commodity group has reflected for themost part lower automobile prices this seasonand large decreases in prices of petroleumand petroleum products.

The money market has continued to reflectthe large volume of funds seeking invest-

ment outlets and the rela-Money market and t i y e l y g m a H a m o U n t ofcredit developments .

high-grade paper avail-able. Excess reserves of member banks in-creased in January to a new high level of$3,600,000,000. In the first half of Februarythere was a decline of about $400,000,000,resulting principally from cash payments tothe Treasury for purchase of guaranteed

notes issued by governmental credit agencies.This loss in reserves will be restored asTreasury expenditures reduce Treasury de-posits with the Reserve banks.

The Government security market has beenstrong during the past three months and onFebruary 28 yields on both Treasury bondsand Treasury notes were at record low levels.The average yield on long-term Treasurybonds declined from 2.52 per cent early inDecember to 2.39 per cent on February 28,while the average yield on long-term Treas-ury notes declined from 0.68 per cent to 0.57per cent. The decline in yields was gradualand steady until February 28 when there wasa sharp rise in prices, following announce-ment of Treasury financing plans.

In the last week of December and the firsttwo weeks of January new issues of Treasurybills sold at a no-yield basis or slightly higher,owing to a large demand for Treasury billsfor tax avoidance and statement purposes.Subsequently, the average discount on newbill issues rose slightly to about 0.004 percent. Around the turn of the year holdingsof Treasury bills increased considerably atChicago banks and declined at New York Citybanks. It appears that somewhat more thanhalf of the guaranteed obligations issued byGovernment agencies were purchased bybanks in large cities, which are constantlyseeking short-term high-grade securities forinvestment of their idle funds.

In response to the extremely easy moneymarket conditions prices of the highest-grade

corporate bonds have risenmarketfe security steadily since the early

part of 1938, and in recentmonths new record low yields below 3 percent have been reached by the industrial andpublic utility issues included in the Moody'saverages for Aaa bonds.

For stocks and lower-grade bonds of cor-porations a sharp upturn in prices in thelatter part of June 1938 was followed by agradual and irregular increase with declines



in September 1938 and in January 1939, whenthere were critical developments in Europe.Prices of industrial and railroad stocks haveshown a slight declining tendency since theearly part of November, while public utilitystocks have risen in recent weeks above theirNovember levels.

By the end of February lower-grade bondsof leading public utility and industrial com-panies had recovered most of the price de-cline that occurred from early in 1937 untilthe early part of 1938, and yields, as shownby the bonds included in Moody's Baa aver-age, were less than V2 of 1 per cent above thelows of the early part of 1937. Stocks inthese industries had recovered nearly halfof the 1937-1938 decline. For stocks ofrailroads only a small part of the price de-cline has been recovered. Yields on lower-grade railroad bonds, as shown by issues in-cluded in Moody's Baa averages, are about\y± per cent higher than in the early partof 1937.

The volume of corporate security issues, asshown by the Commercial and Financial

Chronicle tabulation, has de-Security issues c r e a s e d i n r e c e n t m o n t h s , fol-lowing a period of five months from June toOctober 1938 when the capital market showedsigns of increasing activity.

Corporate issues for new capital averaged$30,000,000 a month from November to Feb-ruary. As shown in the table, this is aboutthe same monthly volume as during the periodJanuary to May of last year and considerablysmaller than the monthly volume of $120,-000,000 during the period June to October1938 when a number of corporations soldsecurities largely for the purpose of repayingbank loans. Refunding issues of corpora-tions have averaged about $110,000,000 inrecent months as compared with an averageof $40,000,000 a month in the latter part of1937 and the early part of 1938.

Security issues of State and municipal gov-ernments and of Federal credit agencies havebeen increasing since the early part of 1938,

and in recent months the average volume forthese two groups of governmental organiza-tions has been larger than in any period since1935 when there was an unusual amount ofrefunding, especially by the Federal landbanks.

DOMESTIC SECURITY ISSUES[Monthly averages or monthly totals; in millions of dollars]

19361937, 1st half....

2nd half...1938, Jan.-May.

June-Oct..NovDec

1939, JanFeb. (est.)

Total

506418211

227479324462

256510

Corporate

Newcapital

138

321214259

515

Re-fund-

28216041

43141104197

10145

Other 1

Newcapital

124151171

Re-fund-

ing

614237

53932735

1 Includes issues of State and municipal governments and publiclyoffered issues of Federal credit agencies but excludes direct obligationsof the United States Government.

2Details not available.Source: Commercial and Financial Chronicle.

Meeting of the Federal Advisory Council

The first meeting of the Federal AdvisoryCouncil for 1939 was held on February 13-14,1939. Walter W. Smith was reelected presi-dent and Howard A. Loeb was reelected vicepresident. These officers as ex officio mem-bers and Messrs. Steele, Fraser, Hanes andBrown will comprise the executive commit-tee. Walter Lichtenstein was reappointedsecretary.

Death of President of Federal Reserve Bank ofAtlanta

Oscar Newton, President of the FederalReserve Bank of Atlanta, died on February13, 1939. Mr. Newton was appointed a ClassA director of the Atlanta bank on January1, 1920, and served in that capacity until De-cember 31, 1924. On January 1, 1925, hewas appointed a Class C director and desig-nated as Chairman and Federal ReserveAgent of the bank. He served in these ca-pacities until January 15, 1935, on whichdate he was appointed Governor of the bank.He held that position until March 1, 1936,



when he was appointed President of the bankfor the five-year term ending February 28,1941.

Appointment of President of the Federal ReserveBank of Atlanta

On February 20, 1939, the Board of Gov-ernors approved the appointment by theboard of directors of the Federal ReserveBank of Atlanta of Robert S. Parker as Presi-dent of that bank for the unexpired portionof the five-year term ending February 28,1941, to succeed Oscar Newton. Mr. Parkerhad served as First Vice President of thebank since March 1, 1936.

Erratum in Federal Reserve Bulletin for February

In heading on page 91 of February Bulle-tin, Vol. 26 should have been Vol. 25.

List of Registered Stocks

The Board of Governors of the FederalReserve System has published a "List ofStocks Registered on National Securities Ex-changes" as of January 31, 1939, for the pur-

pose of facilitating compliance by banks withthe provisions of Regulation U. Additionsand changes in the list will be indicated insupplementary lists to be issued quarterly, inMay, August, and November 1939. Theselists will be similar in form to those publishedby the Board during 1937 and 1938.

Regulation U applies to loans by banks forthe purpose of purchasing or carrying stocksregistered on a national securities exchange,and in determining, for the purposes of Reg-ulation U, whether or not a security is a"stock registered on a national securities ex-change", a bank may rely upon the list pub-lished by the Board.

A copy of this list has been mailed to eachmember and nonmember bank in the UnitedStates. Copies have also been furnished tobank examiners and supervisory authorities,national securities exchanges, etc. Otherpersons may obtain copies of these lists, di-rectly from the Board, at a charge of 25 centsfor the annual number and the three supple-ments, with a reduction on subscriptions forfive or more copies.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled February 24 and released for publication February 27]

Industrial production increased less thanseasonally in January and the first threeweeks of February, following a rapid advancein the latter half of 1938. Wholesale com-modity prices continued to show little change.

Production.—In January volume of indus-trial production, as measured by the Board'sseasonally adjusted index, was at 101 per cent

INDUSTRIAL PRODUCTIONPERCENT140

130

100

90 /\ t

AJ \1\>

//

PERCENT

140

130

110

-100

601934 1935 1936 1937 1938

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

of the 1923-1925 average as compared with104 in December. At steel mills, where activ-ity usually increases considerably at this sea-son, output in January and the first threeweeks of February was at about the same rateas in December. Automobile production de-clined seasonally in the first two months ofthe year as retail sales showed about the usualdecrease and dealers' stocks reached adequatelevels. Output of cement declined in January,and there was also some reduction in outputof lumber and plate glass. In the nondurablegoods industries, where production had beenat a high level in December, activity increasedless than seasonally. Increases at cotton, silkand tobacco factories were smaller than usuaand at woolen mills there was a decline. Shoeproduction and sugar refining continued insubstantial volume, and activity at meatpacking establishments showed little change,following a decline in December. Minera

production increased somewhat in January,reflecting an increase in output of crude pe-troleum.

Value of construction contracts awardeddeclined in January, according to F. W. DodgeCorporation figures, owing principally to aeduction in awards for publicly-financed

projects, which had been in large volume inDecember. Contracts for privately-financed•esidential building continued at the recent

advanced level, while awards for private non-esidential building remained in small vol-

ume.Employment.—Factory employment and

payrolls showed the usual decline between themiddle of December and the middle of Janu-ary. In most individual industries, as wellas in the total, changes in the number of em-ployees were of approximately seasonal pro-portions. In trade, employment declinedsomewhat more than is usual after Christmas.

Distribution.—Sales at department and va-riety stores and by mail order houses showedthe usual sharp seasonal decline from Decem-ber to January. In the first two weeks ofFebruary department store sales continued atthe January level.

Volume of freight-car loadings in Januaryand the first half of February was at aboutthe same rate as in December.

FACTORY EMPLOYMENTPERCENT120

110

100

80

60

CM

/y \

PERCENT120

110

100

80

70

601934 1935

Monthly index of number employed at factories, adjusted forseasonal variation, 1923-1925 average = 100.



Commodity prices.—Wholesale commodityprices generally continued to show littlechange in January and the first three weeksof February. Grain prices declined some-what, following a rise in December, whileprices of hogs increased seasonally. Changesin prices of industrial materials were small.

Bank credit.—Excess reserves of memberbanks, which reached a record high level of$3,600,000,000 on January 25, declined some-what in February. This decline resultedchiefly from a temporary increase in Treas-ury balances with the Reserve banks repre-senting cash receipts from the sale of the newUnited States Housing Authority and Recon-

MEMBER BANKS IN 101 LEADING CITIESBILLIONS OF DOLLARS

12BILLIONS OF DOLLARS

12

1935 1936 1937 1938 1939

Wednesday figures for reporting member banks in 101 leadingcities, September 5, 1934, to February 15, 1939. Commercialloans, which include industrial and agricultural loans, representprior to May 19, 1937, so-called "Other loans" as then reported.

struction Finance Corporation notes. Pur-chases of these notes were also responsible foran increase in total loans and investments ofreporting member banks in 101 leading cities,following a decline during January.

Money rates.—Average yields on UnitedStates Government securities declined furtherduring the first three weeks of February toabout the lowest levels ever reached. Newissues of 91-day Treasury bills, after selling

MONEY RATES IN NEW YORK CITY

1934 1935 1936 1937 1938 1939

Minimum rate on rediscounts for and advances to memberbanks by Federal Reserve Bank; weekly averages of daily yieldson 3- to 5-year Treasury notes and Treasury bonds callable after12 years, and average discount on new issues of 91-day Treasurybills offered within week. For weeks ending January 6, 1934, toFebruary 18, 1939.

at par or at a slight premium in late Decem-ber and early January, were again on a slightdiscount basis during February. Other open-market rates continued unchanged.



MEMBER BANK RESERVES AND RELATED ITEMSBILLIONS OF DOLLARS

16WEDNESDAY FIGURES BILLIONS OF DOLLARS

TREASURY DEPOSITSAT F. R. BANKS

1934 1935 1936 1937 1938

Latest figures for February 15. See table on page 190.

1939



SUMMARY OF FINANCIAL AND BUSINESS STATISTICS

1939

j Jan.

1938

Dec. Nov. Jan.

1937

Dec. ,Nov.

Annual averages

1938 1937 1936 1935 1933 1929

MEMBER BANK RESERVES, RESERVE BANK CREDIT,AND RELATED ITEMS j

Reserve bank credit outstanding—total 2,598Bills discounted 5Bills bought J 1U. S. Government securities | 2,568

Gold stock jl4, 599Treasury currency outstanding 2,807Money in circulation | 6,712Treasury cash holdings i 2,726Treasury deposits with F. R. banks I 827Nonmember deposits and other accounts 711Member bank reserve balances: i

Total 9,029Excess __ I 3,484

Averages of daily figures; in millions of dollars

2,61871

2,56414,4162,7836,8882,673

723788

8,7453,226

2,59271

2,56414,1622,7606,7502,728

526783

2,603111

2,56412, 7562,6436,3973,630

127664

8, 727 7,1833, 276 1, 353

2,628163

2,56512, 7652,6276,6183,622

188713

6,8791,071

2,592193

2,54512, 7882,6136,5583,642

125750

6,9191,104

2,60091

2,56513, 2502,7116,5102,804

653658

7,9352,522

2,554143

2,54012,1622,5676,4753,225

158595

6,8301,220

2,48164

2,43010, 5782,5036,1012,474

446551

5,9892,512

2,475

52,4319,0592,4785,5852,791

128507

5,0012,469

2,42928383

2,0524,0592,2715,576

28855

497

2,343528

REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars

Total loans and investments 21,468Loans-total | 8,338

Commercial, industrial and agricultural i 3,800— - - - - • • • 852

5473,139

To brokers and dealers in securities.Other loans for purchasing or carrying securities..All other loans. .

Investments—total -13,130U. S. Government direct obligations i 8,191Obligations fully guaranteed by U. S. Govt j h 728Other securities 3,211

7,437440

2,561

Reserve with Federal Reserve banksCash in vaultBalances with domestic banks .Demand deposits—adjusted... 16,054Time deposits (excluding interbank)4 J 5,173Deposits of domestic banks • j 6,327Borrowings I

21, 5868,4653,863

850566

3,18613,1218,1911,7083,2227,219

4832,452

16,0875,1406,191

1

21, 3478,3193,884

715671

3,14913,0288,1301,6813,2177,170

4382,467

15,8255,1356,233

2

21,2859,1374,462

825623

3,22712,1488,1181,1312,8995,614

3151, 986

14,4385,2105,286

4

21,4849,4514,626

3,27412,0338,0461,1132,8745,358

3411,850

14, 5705,2035,053

10

21, 5569,5594,740

881657

3,28111,9977,9701,1272,9005,348

3201,804

14, 6365,2875,039

21, 0238,5064,059

701588

3,15812, 5177,9821,4513,0846,400

3822,289

15,0335,2025,770

3

22,1989,546

G)1,2260)0)

12, 6528,3941,1643,0945,307

3371,884

15,0975,2025,298

12

22,0648,462

0)1,181

(00)

13,6029,0801,2503,2724,799

3832,358

14,6194,9995,810

5

19,9978,028

0)9900)0)

11,9697,989

9283,0524,024

3262,112

12, 7294,8834,938

6

17,5059,156

0)7770)0)

8,3495,228

3,1211,822

2401,3220)

4,9462,822

115

22, 59916,8870)

'2,208(00)5,7122,865

2,8471,726

2481,1420)6,7882,787

674

MONEY RATES AND BOND YIELDS

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

CAPITAL ISSUES

All issues—total 256NewRefunding.. _

Domestic corporate issues—totalNewRefunding

Amounts per month; in millions of dollars

20057165

10

1,459952241208

3,9902,0154,476

20722

400

2,358

561.00.03

2.473.01

631.00.03

2.493.08

Averages of daily figures; percent per annum

691.00.04

2.503.10

1.001.00.10

2.653.17

1.001.00.11

2.673.21

1.001.00.09

2.713.24

.811.00.07

2.563.19

.951.00.28

2.683.26

.75

.91

.172.653.24

.76

.56

.172.793.60

1.721.16

3.314.49

5.857.61

3.604.73

453218234244

47197

37922515514543

102

12393295146

4

16412242574314

1369442362610

36519417017371

102

328178150203102101

518164354382

99282

39212127018934

155

896029321318

'Preliminary. r Revised. 'Partly estimated.1 Figures not available.1 Includes time deposits of banks, domestic and foreign, 1929-1934.* Does not include time deposits 1929-1934.« Averages of yields of all outstanding bonds due or callable after 12 years.

950841118781667115

PRICES

Common stocks (1926=100)Wholesale commodity prices (1926=100):

Farm productsFoodsOtfrfir ooTTimnditifis

Retail food prices (1923-25=100)

BUSINESS INDEXES

Industrial productionManufactures _Minerals

Construction contracts awarded—totalResidential . .All other

Factory employment . ._ ._Factory payrolls (unadjusted)Freight-car loadingsDepartment store sales _

MERCHANDISE EXPORTS AND IMPORTS

Exports, including re-exports __General imports. _

Index numbers

92

7767728078

P101P100Pill

P 5 4

P112P92P83

6988

P213

92

7768738079

1041041099657

12892876989

95

7868748178

82

8172768480

Index numberi

1031031029656

12890846989

269171

252176

8076

10852267390756590

82

8273808483

83

8376838484

83

7969748279

, adjusted for seasonal

8479

11561308795846789

8885

109563276

101937191

86849864458087786285

112

8686868585

111

8181828082

78

8079847880

variation, 1928-25=100

110109115

594174

1061027892

105105105

55377098867588

90909137215091746479

63

6651617166

76758225113773505867

100

0510510002

105

11011011511787

142106110107111

Amounts per month; in millions of dollars

289171

323209

315223

258163

279257

205202

190171

140121

437367

See BULLETIN for December 1938, pp. 1045-1046.



BEHAVIOR OF DEPOSITS PRIOR TO SUSPENSION IN A SELECTED GROUP OFBANKS—ANALYSIS BY SIZE OF ACCOUNT

The analysis of the data made available bya Works Progress Administration study ofthe records of a group of banks that were sus-pended in the period 1930-1933 has nowreached the point where it is possible to pre-sent from time to time preliminary reports ofvarious aspects of the study.1 The present isthe first of a series of such reports. It dealswith withdrawals of deposits experienced bybanks in the months prior to suspension.

This, and the succeeding reports, will pre-sent statistical analyses of the behavior ofdeposits by type and size of account. It ishoped that they will throw light on some as-pects of bank liquidity on which heretoforeno quantitative information was available.

The results of the investigation may bebriefly summarized as follows:

1. From the time that serious depositwithdrawals began until the date on whichthey suspended, the banks included in thesurvey experienced an average reductionof almost 40 percent in their deposits.

2. In most of the banks demand depositsshowed somewhat larger percentage reduc-tions than time deposits, and interbankdeposits showed much sharper reductionsthan either demand or time.

3. A decrease of 70 percent took placein the balances of demand deposit accountsof $100,000 and over. The magnitude ofthe percentage decline in balances tendedto decrease in each successively smallersize class, and became negligible in ac-counts of less than $200. Large demanddeposits were a very important factor inwithdrawals of deposits both because oftheir proportionate magnitude and becausethey were reduced much more sharply than

1 The project as a whole was made possible through the co-operation of many agencies and individuals. The Comptrollerof the Currency and various state banking supervisory authori-ties granted access to records, and their receivers provided ac-commodation for workers ; the Works Progress Administrationfinanced the study; the Board of Governors and the Reservebanks contributed the services of the supervisory staff. LauchlinCurrie directed the project. The present report was preparedby Martin Krost.

smaller deposits. In the sample group ofbanks as a whole, reductions in the balancesof accounts of $25,000 and over accountedfor 43 percent of the total decrease in de-mand deposits, although demand depositsof this size accounted for only 28 percentof the total demand deposits on the datefrom which decreases were measured. Ac-counts of this size were reduced 64 percent,as contrasted with a reduction of 40 per-cent in total demand deposits, and a reduc-tion of 6 percent in the balances of accountsof less than $500.

4. The most important factor in explain-ing differences in the variability of de-mand deposit balances in time of stress isapparently the size of the balance. Theinfluence of other factors such as type ofdeposit (demand or time), residence ofholder (local or nonlocal), or type of holder(business or personal), seems to be of com-paratively minor importance.

5. The suspended banks included in thesurvey were medium-sized banks whichmay be regarded as broadly representativeof the whole group of suspended bankshaving deposits of $1,000,000 to $25,000,-000. Banks of this size held almost half ofthe deposits involved in suspensions duringthe period 1930-1933. Smaller banks, notrepresented in the sample, made up 85 per-cent of the suspensions and held about aquarter of the deposits involved in suspen-sions during this period.

The Scope of the Data.—The group of bankswhose deposit withdrawals are analyzed inthis study consists of sixty-seven medium-sized banks which were suspended during theperiod from November 1930 to March 1933.These banks are broadly representative ofsuspensions involving banks with total de-posits of from $1,000,000 to $25,000,000,located in urban areas. Measured as of thedate of suspension, the total deposits of the



banks included in the sample were $211,000,-000, or about 5 percent of the deposits of allbanks of comparable size suspended from1930 to 1933. Although the suspensions in-volving this class of banks constituted only15 percent of the total number of suspensionsduring these years, their deposits made upalmost half of the total deposits involved insuspensions. A high proportion of the banksincluded in the sample study was located ineastern and mid-western industrial centers.Consequently, these sample data, while indi-cating the character of the deposit with-drawals experienced by medium-sized banks,are not directly applicable to the large num-ber of small banks located in rural areaswhich suspended during the depression of theearly Thirties. Further information regard-ing the composition of the sample group ofbanks which provided data for this study ispresented in Table 1.

In measuring the deposit withdrawals ex-perienced by banks prior to suspension, the

TABLE 1

DISTRIBUTION OF BANKS SUPPLYING DATA ON PRE-SUSPENSION DEPOSIT MOVEMENTS

Distribution by location and size

Total number of banks

Distribution by area:New EnglandMiddle AtlanticEast North CentralWest North CentralSouth AtlanticEast South CentralWest South CentralMountainPacific r-

Distribution by size of city:Cities of 100,000 and overCities of less than 100,00()_...Suburban areas

Distribution by size of total de-posits: (in millions of dollars)

1- 1.92-4.95- 9.9

10-24.925-and over

Allsamplebanks

Sus-pendedbefore

June 30,1931

Sus-pendedbetweenJune 30

andDec. 31,

1931

Sus-pended

afterDec. 31,

1931

1 The largest bank had total deposits of less than $40,000,000.2 The largest bank had total deposits of less than $35,000,000.3 The largest bank had total deposits of less than $30,000,000.

procedure followed throughout this study wasto compare deposits at the time of suspensionwith deposits at a specified base date. For thefifty-eight banks suspended between the mid-dle of 1931 and March 1933, the base datefrom which deposits losses were measuredwas June 30, 1931; for the nine banks sus-pended between November 1930 and the mid-dle of 1931, June 30, 1928, was adopted as thebase date. By far the major portion of the de-posit losses revealed by this method undoubt-edly reflects withdrawals based upon lack ofconfidence in particular banks or in the bank-ing system, but some portion represents cycli-cal, seasonal, and other non-panic with-drawals. The procedure of measuring depositlosses from a uniform base date necessarilyobscures the marked divergencies among indi-vidual banks in the timing of their depositwithdrawals.

Deposit Withdrawals Classified by Type ofDeposit.—The decreases in total deposits

TABLE 2

PERCENTAGE CHANGES IN DEPOSITS BETWEEN BASEDATE AND DATE OF SUSPENSION,

BY TYPE OF DEPOSIT

Type of deposit

Total, including interbank

DemandTimeU. S. GovernmentInterbankCertified and officers' checks, etc.

67samplebanks

- 3 7 . 6

- 4 0 . 2- 3 0 . 1- 1 1 . 7- 5 9 . 6- 5 9 . 2

9 bankssus-

pendedbefore

June 30,1931

- 3 8 . 4

- 3 7 . 2- 3 7 . 9- 4 7 . 9- 2 1 . 1- 8 8 . 5

14 bankssus-

pendedbetweenJune 30

andDec. 31,

1931

- 2 3 . 7

- 2 7 . 7- 1 3 . 3

0)- 8 4 . 5- 4 7 . 5

44 bankssus-

pendedafter

Dec. 31,1931

-41.2

-43.6-34.3-35.2-60.9-51.0

i Increase of more than 100 percent.

shown in Table 2 measure the severity of thestrain to which the sample banks were ex-posed.1 The percentage reduction in total de-posits experienced by individual banks rangefrom a negligible figure to almost 75 percent.Of the sixty-seven banks in the sample, forty-

1 It is not possible to state precisely the percentage changes intotal deposits of all surviving member banks over comparableperiods, but it can be roughly estimated that total deposits insurviving member banks showed an increase of 2 or 3% fromJune 30, 1928 to June 30, 1931, decreased about 13% from June30, 1931 to December 31, 1931, and decreased between 14%and 17% from June 30, 1931 to June 30, 1933.



four experienced reductions in total depositsof over 30 percent in this period.

Differences between the percentage reduc-tions in total deposits shown by the variousgroups of banks are attributable in part tothe length of time between the date of sus-pension and the date from which the loss ofdeposits is measured. In the case of the ninebanks suspended before June 30, 1931, thisinterval ranges from 28V2 months to almost36 months; in the case of the fourteen bankssuspended between June 30 and December 31,1931, it ranges from a few days to almost 6months; and in the case of the forty-fourbanks suspended after December 31, 1931, itranges from just over 6 months to just over20 months. While the period of time overwhich the loss of deposits is measured hassome influence on the magnitude of the per-centage reductions which are shown in thetable, the fact that the percentage reductionsin total deposits shown for the nine earliestsuspensions (where the minimum interval is281//2 months) and the forty-four latest sus-pensions (where the maximum interval is 20months) are approximately the same, indi-cates that the type of deposit loss under ex-amination is in general not a slow, steadymovement extending over many months, buta steep decline terminated within a fewmonths by the exhaustion of liquid resourcesand borrowing power, or by the action ofsupervisory authorities. The factors whichdetermine the magnitude of the deposit losseswhich the various groups of banks were ableto sustain before suspension include thestrength of their liquid positions, the extentto which they had become weakened by lossesof deposits before the dates indicated in thetable, the availability of borrowing facilities,and the attitudes of supervisory authoritiesand of other members of the local bankingcommunity as to the desirability of extendingaid to particular institutions in distress.

An analysis of deposit movements by typeof deposit shows that the percentage reduc-tions in demand deposits were almost uni-

formly greater than the percentage reductionin time deposits. The sole exception is thegroup of banks that suspended before June30,1931. A more detailed examination showsthat the percentage reduction in time depositsexceeded the percentage reduction in demanddeposits for only four banks of the nine in-cluded in the group. While demand depositsshowed sharper reductions than time de-posits, the difference between the behaviorof the two types of deposits in this respectwas not nearly so marked in the period imme-diately before suspension as it was in theperiod of cyclical decline in deposits up toJune 30, 1931. In this earlier period thepercentage reduction in demand deposits wasalmost three times that in time deposits forthe particular group of banks under con-sideration. Statistics for all member banksand for all commercial banks in Table 3 showa similar differentiation between the behaviorof demand and time deposits.1 Interbank

TABLE 3PERCENTAGE CHANGES BETWEEN JUNE 30, 1928 AND

JUNE 30, 1931, IN DEPOSIT BALANCES,BY TYPE OF DEPOSIT

Type of deposit

Total, including interbankTotal, excluding interbank

DemandTime . - -U. S. GovernmentInterbank _ _ ._ . .Certified and officers' checks, etc.-

All com-mercialbanks

— 6.9

—9 3- 4 . 8

+61 50)(2)

Allmemberbanks

+0 2— 2 6

— 5 6— 1 4

+53 7+23 7+22.0

Samplebanks

suspendedafter

June 30,1931

—7 510 4

— 16 45 9

+113 2+28 2+14.3

• Not available.2 Included in demand deposits.

deposits show much sharper percentage re-ductions in the period immediately beforesuspension than either demand or time de-posits (again with the exception of the bankssuspended before June 30, 1931) in markedcontrast to their behavior during the preced-ing period of cyclical decline.

1 Figures for member banks and all commercial banks re-stricted to those which remained active over the period wouldshow smaller percentage declines in demand and time deposits.



The allocation of the total reduction in de-posits by type of deposit is shown for allsample banks in Table 4. Demand deposits

TABLE 4

ALLOCATION BY TYPE OF DEPOSIT OF THE DECREASEIN TOTAL DEPOSITS BETWEEN BASE DATE AND

DATE OF SUSPENSION IN ALL SAMPLE BANKS

in Table 5 and for groups of sample banksin Table 6.

TABLE 5

PERCENTAGE CHANGES BETWEEN BASE DATE ANDDATE OF SUSPENSION IN DEMAND DEPOSIT

BALANCES, BY SIZE OF ACCOUNT

Type of deposit and size on base date Percentagechange

Type of deposit

Total including interbank

DemandTimeU. S. Government .InterbankCertified and officers' checks, etc

Percentagecomposition

of thedecrease in

deposits

100.0

43.537.4• 0 . 215.23.7


of totaldeposits onbase date

100.0

40.846.70.69.62.3

accounted for about 43 percent of the totalloss of deposits in all sample banks, time de-posits for 37 percent, and interbank depositsfor 15 percent. The small remainder wasattributable to reductions in certified andofficers' checks outstanding, and in UnitedStates Government deposits.

The share of a particular type of deposit inthe decrease in deposits is determined in partby its share in total deposits on the date fromwhich the loss is measured, and in part bythe magnitude of the percentage decreasewhich the particular class undergoes duringthe period. The behavior of interbank de-posits demonstrates how a particular type ofdeposit can contribute to the total loss ofdeposits more than in proportion to its sharein total deposits at the beginning of the drain.In the group of banks suspended betweenJune 30 and December 31, 1931, interbankdeposits were responsible for 28 percent ofthe total loss of funds although their share intotal deposits on June 30 was only 10 percent.This was the result of the fact that this typeof deposit showed a decrease of 84 percentduring the period as contrasted with the de-crease of 24 percent in total deposits.

Deposit Withdrawals by Size of Account.—Percentage reductions in demand deposits bysize of balance are shown for all sample banks

Total demand deposits

Public fundsCertificates of depositOther demand deposits._.

Inactive and unlistedLess than $ 1,0001,000- 4,9995,000-24,999

25,000-and over

-40 .2

-17.8-54.0-43.5

-15.3-39.4

-63.8

TABLE 6

PERCENTAGE CHANGES BETWEEN BASE DATE ANDSUSPENSION IN DEMAND DEPOSIT BALANCES

BY SIZE OF ACCOUNT, BY CLASSES OF BANKS

Type of deposit andsize on base date

Total demand deposits...

Public fundsCertificates of deposit..Other demand deposits.

Inactive and unlisted.Less than $100

100- 199200- 299300- 399400- 499500- 999.

1,000- 2,499.2,500- 4,9995,000- 9,999

10,000-24,999. _.25,000-49,99950,000-99,999

100,000-and over

9 bankssuspended

beforeJune 30,

1931

-37 .2

+80.4-77.5-47.3

-75.3+73.2+1.0-0 .5

-32.7-21.3-27.2-35.8-42.0-55.1-51.4-58.3-40.8-67.8

14 bankssuspendedbetweenJune 30

andDec. 31,

1931

-27 .7

+2.2+208. 9-32.8

+2.7+77.6+12.3-4 .0- 6 . 5

-11.9-16.6-24.9-31.0-32.4-41.0-53.8-63.9-58.7

44 bankssuspended

afterDec. 31,

1931

-43 .6

-34.5-88.6-44.8

+24.3+58.7-15.1-23.3-31.1-26.2-35. 6-39.4-45.6-46.6-53.2-56.0-62.4-73.2

The most striking fact which emerges fromthe consideration of the accompanying tablesis the regularity with which the percentagedecrease in the balances of demand depositorsrises as the size of the account increases.Decreases much below the general averageare characteristic of accounts between the$100 and $200 level.1 The magnitude of thereduction increases with the size of the ac-

1 For an explanation of the increases shown in the lowestsize classes see the following paragraph.



count until it exceeds 70 percent in accountsof $100,000 and over.

In interpreting these figures, it should beremembered that demand deposit accountsexisting at the base date were classified ac-cording to their size on that date. Since thesubsequent drawing down of the balance hasno effect on the initial classification, the mag-nitude of the losses in the higher size groupsis in no sense attributable to a shift of ac-counts into lower size groups. This proce-dure also permits the full loss of balances inaccounts closed to be reflected. Accountsopened after the base date were classifiedaccording to their size on date of suspension.Since these new accounts, in general, hadrelatively small balances at the date of sus-pension, the addition of such new accountswas responsible for the net increases shownby the balances in the lower size groups.

The figures for different classes of banksshow some differences but they are not asstriking as the similarities. The resemblanceof the general behavior of accounts, especi-ally in the higher size groups, in banks fail-ing at different times and in widely separatedgeographical areas, is the more striking inview of the fact that comparatively few ac-counts fall within the higher groups. Forexample, in the nine banks suspended be-fore June 30, 1931, there were only 130 ac-counts with balances of over $25,000 on June30, 1928; in the fourteen banks suspendedbetween June 30 and December 31, 1931,there were only 143 accounts of this size; andin the forty-four banks suspended after De-cember 31, 1931, there were only 594 ac-counts of this size.

The allocation of the total reduction inbalances in demand deposit accounts by sizeclasses is shown for sample banks in Table 7.

The contribution made by a given size classto the total decrease in deposits dependspartly upon the proportion of total depositsheld by that size class on the date from whichthe loss is measured, and partly upon the mag-nitude of the percentage reduction in that size

TABLE 7

ALLOCATION BY TYPE AND SIZE OF ACCOUNT OF THEDECREASE IN DEMAND DEPOSIT BALANCES

BETWEEN BASE DATE AND DATEOF SUSPENSION

Type of deposit

Total demand deposits _ . _

Public funds ._Certificates of depositOther demand deposits-_ _

Inactive and unlisted __ _Less than $1,0001,000- 4, 999_5, 000-24, 999

25,000-and over


of thedecrease

in^deposits

100.0

5.60.8

93.6

0.58.9

17.224.342.7

Percentagecompositionof deposits

onbase date i

100.0

13.00.6

86.4

3.117.218.120.427.6

1 Accounts opened after base date are classified according to their sizeon date of suspension.

class. Because the proportion of total de-posits held in very small accounts is small,no serious strain would be imposed upon mostbanks even if all depositors with balances ofless than $200 decided to withdraw their ac-counts entirely. Large accounts hold a verylarge proportion of total deposits in mostbanks, but this would not be a source ofdanger to these institutions if large accountsdisplayed a high degree of stability in theirbehavior in times of stress.

An inspection of Table 5 and Table 7 re-veals that large accounts constitute a sourceof danger to banks both because they holda large proportion of total deposits, and be-cause they display an exceptional degree ofinstability in times of stress. For example,deposit balances in accounts of $25,000 andover, made up 28 percent of total demanddeposits on the base date, but they accountedfor 43 percent of the total loss of depositsthat occurred between this date and suspen-sion. This was the result of the fact thataccounts of this size showed a decrease of64 percent during this period as comparedwith a decrease in total demand deposits of43 percent. In one sample bank which ex-perienced losses of $6,540,000 in demand de-posits, 26 accounts with balances of $100,000and over showed a reduction of $5,737,000,



or 88 percent of the net decrease in the total.The sample is not representative of banks

with total deposits of less than $1,000,000.These smaller banks constitute a high pro-portion of the total number of banks andmade up a still higher proportion of the totalnumber of bank suspensions, although theyhold a comparatively small proportion of thetotal deposits of the existing banking struc-ture.

The Relative Importance of Size, Type ofDeposit, Residence of Depositor, and Typeof Depositor as Determinants of Deposit Be-havior.—The difference between the behaviorof large and small accounts is more markedthan the difference between the behavior ofdemand and time deposits, or the differencebetween the behavior of local and nonlocalaccounts, or the difference between the be-havior of business and personal accounts.These differences are summarized in Table 8.

The figures suggest that the explanationof large scale deposit withdrawals in timesof stress is to be found in the circumstancesthat differentiate the behavior of the large

TABLE 8

PERCENTAGE REDUCTIONS IN DEPOSITS BETWEEN BASEDATE AND DATE OF SUSPENSION, BY VARIOUS

TYPES OF DEPOSITS

Type of deposit

Demand deposits, exclusive of publicfunds

Time deposits, exclusive of public funds..

Business demand deposits !__ __ _ _ _Personal demand deposits i

Total i

Local demand deposits 2 ._ __Nonlocal demand deposits 2

Total 2

Total

45.234.4

50.645.5

49.3

49.347.3

49.0

Depositsof lessthan$5,000

31.7

29.837.3

33.5

32.625.0

32.1

Depositsof

$5,000and over

58.8

57. 665.0

58.4

60.551.9

58.9

1 Percentages differ from those on demand deposits given above becausethey are based on figures which exclude fraternal and charitable accountsand accounts classified as to size but not as to type of holder.

2 Percentages differ from those on the two sets of demand deposits givenabove because they are based on figures which exclude accounts classifiedas to size but not as to residence of depositor and include fraternal andcharitable accounts.

depositor from the small depositor, ratherthan in the circumstances which differentiatethe behavior of the demand depositor fromthe time depositor, the nonlocal depositorfrom the local depositor, or the business de-positor from the personal depositor.



STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESOCTOBER-NOVEMBER 1938

The statistics of international capital trans-actions of the United States, which have beenpublished quarterly in the FEDERAL RESERVE

BULLETIN, will appear each month from nowon. The figures for October and November1938 are given in the following tables.

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935

[In millions of dollars. Minus sign indicates net movement from United States]

TABLE 1.—TOTAL CAPITAL MOVEMENT

From Jan. 2, 1935, through—

1935—Dec. 311936—Dec. 30 .1937—Dec. 291938—Mar. 30

June 29 . . . .Sept. 28

Oct. 5Oct. 12Oct. 19Oct. 26

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

Total

1,412.52, 608. 43,410. 33,197 23, 035. 83, 442. 9

3, 511. 33, 538.13, 640. 23, 662. 2

3, 640.43, 633. 13, 656. 23, 700.83, 699. 2

In

Total

964.61, 362. 01, 617. 61,374.11,179. 51,628. 4

1, 670. 61, 682. 61,772.71, 785. 1

1, 752. 81,761.81,780.81, 855.11, 854. 8

banking funds

Increase inforeignfunds

in U. S.

603. 3930.5

1,168. 5949.8786.2

1,161.2

1,208.11, 204. 61,296.01, 298. 9

1, 270.51, 282. 21, 305. 51, 375. 71, 392.1

Decreasein U. S.

fundsabroad

361.4431. 5449.1424.4393.3467.2

462.4478.0476.7486.3

482.3479.6475.3479.4462. 7

Inbrokeragebalances

6.012.947.554 257.864.1

62.657.457.256.2

53.451.849.451.151.5

In security transactions

Totalsecurities

441.81, 233. 61,745. 21, 768. 91, 798. 41, 750. 4

1, 778.11, 798.11, 810. 31,820. 8

1,834.21,819.51,826. 01, 794. 61, 792.8

Domesticsecurities

316.7917.4

1,162.01,150. 41,155. 31,125. 5

1,142.61,161.11,170. 21,182. 4

1,190. 71,192. 41,196. 91,198. 51,194.4

Foreignsecurities

125. 2316.2583.2618. 5643.1625.0

635.5637.0640.1638.4

643.6627.1629.2596.2598.4

TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES

From Jan. 2, 1935,through— Total

UnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landGer-

many Italy OtherEurope

130.0228.5312.2315.3313.4434. 5

440.0442.6451.6445. 4

443. 9441. 2443.1455. 6444.6

TotalEurope

1,200.62,051.32, 653. 02,465. 82, 349. 72, 681.1

2, 727.12, 776. 82,868.12, 879. 8

2, 876. 92, 885. 52,913. 92, 945. 82, 939. 5

Canada

(2)

150.5106.3124.7114.1114.8

139.8140. 5141.6155.5

157.7153.8151.0158.8179.9

LatinAmerica

70.9201.2410.6400.3412.0442.9

443.6425.6427.0422.3

414.3401.1394.1397.4389.6

FarEast

128.3184.0224.6187.7140.5167.1

163.0157.0167.4168.1

156.3154.5160.8162.9152.8

AllOther

1935—Dec. 311936—Dec. 30.1937—Dec. 291938—Mar. 30

June 29Sept. 28

OctOct,Oct,Oct

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

1,412. 52, 608. 43,410. 33,197.23,035. 83, 442. 9

3,511.33, 538.13, 640. 23,662. 2

3, 640. 43, 633.13, 656. 23, 700. 83, 699. 2

554.9829.3993.7938.2889.7983.2

1,002.01,015.31,065. 81,081.8

1,080. 41,094. 31,102. 81,111.01,114. 6

210.2299.5281.7266.4237.4308.7

310.0321.7338.1335. 2

336.2335.9347.0345.8346.7

114.5229.7311.9260.2266.0298.2

293.2302.3310.4311.2

310.5301.9307.6314.9325.4

130.4335.5607.5544.1484.1504.3

523.0535.3541.6546.1

545.2546.0553.2558. 9545.7

36.683.1

123.9125.8137.7131.5

132.3132. 6132.7132.7

134.6138.9134.6132.7136.4

24.045.622.115.721.420.6

26.426.928.027.4

26. 127.325.627. 126.2

12.721.415.918.819.537.1

37.838.236.136.4

35.338.136.335.937.3

NOTE.—For description of statistics and for figures from May 1929 to end of 1936, see BULLETIN for May 1937, pp. 394-431. For figures for firstthree quarters of 1938, see BULLETINS for April 1938, pp. 267-277, July 1938, pp. 574-577, October 1938, pp. 868-871, and January 1939, pp. 32-39 re-spectively.



NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued[In millions of dollars. Minus sign indicates net movement from United States]

TABLE 3.—TOTAL BANKING FUNDS, BY COUNTKIES

From Jan. 2,1935,through—

1935—Dec. 311936—Dec. 301937—Dec. 291938—Mar. 30_

June 29Sept. 28

Oct. 5Oct. 12.Oct. 19Oct. 26


Total

964.61, 362.01, 617. 61,374.11,179. 51,628. 4

1, 670.61,682. 61, 772. 71,785.1

1.752.81, 761. 81,780.81,855.11,854. 8

UnitedKing-dom

337.4341.6396.7347.5295.9406.6

420.9432.3475.6487.4

478.1489.6498.0504.2508.6

France

177.6206.2177.0161.5132.7200.8

200.7211.0226.7223.1

224.2223.2233.6231.7232.0

Neth-er-

lands

55.462.671.929.728.064.3

55.459.265.064.7

62.052.555.462.673.0

Switz-er-

land

74.0112.5291.0226.3162.4181.0

194.8204.7208.3210.1

209.0206.9212.5216. 9204.4

Ger-many

28.868.7

114.7115.3126.2120.1

120.9121.4122.5122.9

125.1129.4125.0123.0126.6

Italy

21.039.313.45.3

10.58.7

14.514.916.015.5

14.115.213.615.014.2

OtherEurope

69.5101.7136.3117.5105.8219.4

221. 3222.8231.7224.1

221.8217.5220.0231.6219.6

TotalEurope

763.7932.5

1,201.01,003.0

861.61, 200.9

1, 228. 51, 266. 31, 345. 71, 347. 8

1,334. 31,334. 21,358.11,385. 01, 378. 4

Canada

41.4123.654.679.272.193.0

113.5111.6111.9126.9

128.8125.6124.1167.6191.4

LatinAmerica

53.6174.2217.9189.5190.2235.9

234.1215.8217.2212.0

203.9215.4208.2211.2202.8

FarEast

96.1120.7144.8102.054.6.80.9

76.070.081.381.9

70.368.974.475.965.3

AllOther

0.910.8- . 7

.41.1

17.8

18.518.816.516.5

15.517.716.015.417.0

1935—Dec. 311936—Dec. 301937—Dec. 291938—Mar. 30

June 29Sept. 28 _ „

Oct. 5Oct 12Oct. 19 _Oct. 26

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

TABLE 4.—FOREIGN BANKING FUNDS IIS

603.3930.5

1,168. 5949.8786.2

1,161. 2

1,208.11,204. 61, 296.01,298.9

1,270. 51,282. 21,305. 51,375. 71, 392.1

128.6163.5189.3175.9145.2236.3

246.3250.0294.2295.3

281.1286.5292.5301.2307.3

129.6144.2111.894.170.1

133.5

137.1141.8160.7158.2

155.8155.2168.0163.7166.2

55.765.976.334.634.768.3

61.262.767.866.6

65.158.761.968.881.0

72.4109.8288.4223.0160.1177.3

191.6200.8204.3205.9

205.1203.1208.5213.1201.9

- . 82.79.6

- 3 . 9- 2 . 3

-12.0

-12.4-12.1-11.4-11.6

- 9 . 6- 5 . 3

-10.0-12.8-10.8

r UNITED STATES, BY COUNTRIES

7.323.06.9

- 3 . 9- . 5

- 1 . 5

3.52.52.73.9

3.13.93.72.12.1

60.779.7

109.488.875.0

185.9

189.9190.7199.3191.8

189.3185.8188.9200.0187.6

453.5588.9791.7608.6482.2787.8

817.3836.5917.6910.1

889.8887.9913.6936.1935.2

46.086.876.386.373.490.7

111.6109.4108.7126.4

126.0122.6121.3164.9183.1

33.5149.3166.3137.0140.8164.1

160.8141.7142.6138.9

131.4144.1136.4141.3134.7

58.890.4

126.2108.583.496.9

96.293.6

105. 2101.7

102.4104.1111.8111.8115.4

11.515.28.09.38.5

21.7

22.323.521.921.8

20.923.522.321.723.7

TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES

1935—Dec. 311936—Dec. 301937—Dec. 291938—Mar. 30 _

June 29Sept. 28


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

361.4431.5449.1424.4393. 3467.2

462.4478.0476.7486.3

482.3479.6475.3479.4462.7

208.8178.0207.4171.5150.7170.3

174.6182.3181.4192.2

197.0203.2205.5203.0201.2

48.162.065.367.462.667.4

63.669.266.164.9

68.468.065.768.065.9

- . 4- 3 . 3-4 .4- 4 . 9- 6 . 6-4 .0

- 5 . 8- 3 . 5- 2 . 9- 1 . 9

- 3 . 1- 6 . 3- 6 . 6-6 .1- 8 . 0

1.62.72.63.32.23.7

3.23.84.04.2

3.93.83.93.82.6

29.766.0

105.1119.2128.6132.1

133.3133.5133.9134.5

134.7134.7135.0135.8137.4

13.716.36.59.1

11.110.2

10.912.413.311.5

11.011.39.9

12.912.1

8.822.026.928.730.833.4

31.432.132.332.4

32.531.731.131.532.0

310.2343.7409.3394.4379.3413.1

411.2429.8428.2437.7

444.4446.3444.5448.9443.2

- 4 . 636.9

-21.7- 7 . 1- 1 . 3

2.3

2.02.33.20.5

2.83.02.82.78.2

20.124.951.652.549.471.8

73.274.274.673.1

72.571.371.869.968.1

37.330.418.7

- 6 . 5-28.8-16.0

-20.2-23 . 6-23.9-19.8

-32.0-35.2-37.5-35.9-50.1

-1 .6- 4 . 4- 8 . 7- 8 . 9- 6 . 3-3 .9

- 3 . 8- 4 . 7- 5 . 4- 5 . 2

-5 .4- 5 . 8- 6 . 3- 6 . 2- 6 . 8

TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES

1935—Dec. 311936—Dec. 301937—Dec. 291938—Mar. 30

June 29Sept. 28

Oct. 5 __Oct. 12 .Oct. 19Oct. 26

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

6.012.947.554.257.864.1

62.657 457.256.2

53.451.849.451.151.5

0)4.0

11.513.015.716.8

15.614.013.514.1

14.013.413.813.713.9

2.410.411.513.413.915.9

15.314.915.314.7

14.213.813.013.413.6

1.3- . 95.06.66.86.8

6.45.86.76. 4

6.96.66.97. 77.4

2.59.1

10.88.78.4

10.7

11.410.811.110.7

10.611.010.59.29.2

- . 2- . 7

0)0)

- . 1- . 1

_ j-.2- . 1—. 1

- . 4- . 3

o

-.2- . 2

. 1

.3

. 1

.2

. 2

.2

.2

.2

.2

.2

.2

. 3

. 3

.32

1.4.4

5.05.26.26.9

5.85.95.65.9

6.15.54.75.45.9

7.622.644.047.251.257.2

54.651.352.351.9

51.750.449.049.550.0

- 4 . 5- 7 . 6

3.55.54.05.3

5.84.03.22.8

1.31.2

.41.81.7

1.0- 4 . 2

- . 5- 1 . 2

- . 1.4

.4

.2

. 1—. 1

- . 3

—!5—4 7- . 3

2.92.1

.52.62.6

.8

1.61.71.41.3

.6

. 3

.2

. 1- . 2

- . 9(i)

0). 1. 1. 5

. 3

. 2

.3.4

. 2

.4

. 4

.4

. 3

i Inflow less than $50,000. 2 Outflow less than $50,000.



NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued[In millions of dollars. Minus sign indicates net movement from United States]

T A B L E 7 . — T O T A L S E C U R I T I E S , BY C O U N T R I E S

Net Purchases by Foreigners

From Jan. 2, 1935,through—

1935— Dec. 311936—-Dec 301937—Dec. 29 _ . .1938—-Mar 30

June 29_ _ .-Sept. 28


Nov. 2 _Nov. 9Nov. 16Nov. 23Nov. 30

Total

441.81, 233.61, 745. 21, 768. 91, 798. 41, 750. 4

1, 778.11, 798.11, 810. 31,820. 8

1, 834. 21, 819. 51, 826. 01, 794. 61, 792. 8

UnitedKing-dom

217.5483.8585.5577.8578.1559.8

565.5569.0576.7580.3

588.3591.3591.0593.1592.1

France

30.282.993.191.590.891.9

94.095.996.197.4

97.898.9

100.4100.8101.1

Neth-er-

lands

57.9168.0235.1223.9231.1227.2

231.4237.4238.7240.0

241.6242.9245.3244.6245.0

Switz-er-

land

53.9213.9305.7309.1313.4312.7

316.8319.8322.2325.3

325.6328.1330.3332.7332.1

Ger-many

7.915.19.2

10.511.511.5

11.511.410.310.0

9.99.79.89.99.9

Italy

2.96.18.6

10.210.611.8

11.811.811.811.8

11.811.811.711.711.8

OtherEurope

59.1126.4170.9192.6201.5208.2

213.0213.9214.3215.3

216.0218.2218.4218.6219.1

TotalEurope

429.41, 096. 21, 408.11,415.61, 437. 01, 423. 0

1, 444. 01, 459. 21, 470.11, 480.1

1, 491. 01, 510.01, 506. 91,511.41,511.2

Canada

-36.934.448.240.038.016.5

20.524.926.525.8

27.627.026.5

-10.6-13 .1

LatinAmerica

16.431.2

193.2212.0221.9206.6

209.2209.6209.7210.5

210.7186.2186.4186.8187.1

FarEast

29.361.279.283.183.385.4

85.485.384.884.9

85.485.386.387.087.6

AllOther

3.710.616.618.218.218.9

19.019.219.319.5

19.620.019.920.020.0

TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES



1935—Dec. 311936— Dec. 301937—Dec. 291938—Mar. 30

June 29Sept. 28


Nov. 2 ._. ..Nov. 9 .Nov. 16Nov. 23Nov. 30

Total

316.7917.4

1,162. 01,150. 41,155. 31,125. 4

1,142. 61,161.11,170. 21,182. 4

1, 190. 71, 192. 41, 196. 91,198. 51,194. 4

UnitedKing-dom

149.8367.7448.7441.9440.2430.5

436.5441.1448.8454.0

460.1460.9461.6462.7462.0

France

23.464.770.367.767.167.8

69.371.171.272.5

72.673.575.075.375.4

Neth-er-

lands

50.5157.6213.8202.4208.6203.3

207.2212.9214.1215.2

216.7217.2219.2218.2218.5

Switz-er-

land

55.1200.2275.3279.7283.1282.2

286.4289.0290.8293.5

293.4293.1294.9296.5295.6

Ger-many

- 5 . 4- 7 . 5

-17.4-18.2-19.0-20.4

-20.5-20.6-21.6-21.9

-22.1-22.3-22.3-22.4-22.5

Italy

—. 1- 3 . 3- 4 . 9- 4 . 9- 5 . 0- 5 . 3

- 5 . 3- 5 . 3- 5 . 3- 5 . 3

- 5 . 3- 5 . 3- 5 . 4- 5 . 4- 5 . 4

OtherEurope

12.938.555.758.154.253.0

53.954.654.755.3

55.555.455.255.155.0

TotalEurope

286.2818.0

1, 041. 61,026. 71, 029. 21,011.2

1, 027. 51, 042. 81, 052. 71, 063. 2

1, 070. 81, 072. 51, 078.11, 079. 81, 078. 7

Canada

2.832.637.636.840.127.7

27.931.331.032.3

32.833.231.330.527.4

LatinAmerica

3.715.518.220.721.121.9

22 522.522.522.7

22.422.422.622.722.6

FarEast

21 444.154.755.654. 754.5

54.454.253.553.5

53.953.654.354.755.0

AllOther

2 67.19.8

10.510 210.1

10.310.410.510.7

10.710.710.610.710.8

TABLE 9.—FOREIGN SECURITIES BY COUNTRIES



1935—Dec. 311936—Dec. 301937—Dec. 291938—Mar. 30

June 29Sept. 28



Total

125.2316.2583.2618.5643.1625.0

635. 5637.0640.1638.4

643.6627.1629.2596.2598.4

UnitedKing-dom

67.8116.1136.8135.9137.9129.3

129.0127.9127.9126.3

128.2130.4129.4130.4130.1

France

6.818.222.823.723.724.2

24.724.824.824.9

25.225.425.425.525.7

Neth-er-

lands

7.410.421.221.522.523.8

24.224.524.624.9

24.925.726.126.426.6

Switz-er-

land

- 1 . 213.730.429.530.330.5

30.430.931.431.8

32.235.035.436.336.5

Ger-many

13.322.526.628.630.531.9

32.032.032.031.9

32.032.032.132.332.4

Italy

2.99.4

13.515.115.617.0

17.117.117.117.1

17.117.117.117.217.2

OtherEurope

46.187.9

115.2134.6147.3155.2

159.1159.3159.6160.0

160.5162.8163.2163.5164.1

TotalEurope

)143.1278.3366.4388.9407.8411.9

416.5416.4417.4416.9

420.1428.4428.7431.6432.5

Canada

-39.71.7

10.53.1

- 2 . 1-11.2

- 7 . 5- 6 . 4- 4 . 6- 6 . 5

- 5 . 2- 6 . 2- 4 . 8

-41.1-40.6

LatinAmerica

12.715.7

175.0191.3200.8184.7

186.7187.1187.2187.8

188.3163 8163.9164.1164.6

FarEast

7.917.024.527.528.630.9

31.031.231.331.4

31.531 832.032.332.6

AllOther

1.13.56.87.78.08.7

8.78.88.88.8

8.99 39.39.39.3



OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES[In millions of dollars]

TABLE 10.—LIABILITIES TO FOREIGNERS

Date- TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landGer-


TotalEurope Canada Latin

AmericaFarEast

AllOther

1929—Dec. 31__1930—Dec. 31__1931—Dec. 30__1932—Dec. 28. _1933—Dec. 27. _

1934—Dec. 26_.1935—Dec. 31_.1936—Dec. 30__1937—Dec. 29__1938—Mar. 3O._

June 29__Sept. 28..

Oct. 5 . . .Oct. 12 . .Oct. 19._Oct. 26 . .

Nov. 2__.Nov. 9...Nov. 16_.Nov. 23..Nov. 30..

Reported by Banks in New York City

2, 672. 72, 335. 01, 303. 5

745.6392.0

301.5214.5104.9169.748.9

923.7799.4549.271.127.0

99.1122.244.611.98.0

105.2222.266.078.011.5

204.5161.041.132.917.5

157.4111.233.239.811.7

371.3281.3122.266.231.1

2,162. 81,911.7

961.2469.6155.7

241.8216.8148.398.286.1

188.2130.8103.3121.796.7

49.038.269.043.542.7

Reported by Banks in United States

610.61, 200. 21, 491. 61, 729. 61, 521.01, 357.41, 732.4

1. 779. 41, 775. 81,867. 21,870.1

1,841.71,853. 41,876. 71, 946. 91,963. 3

83.0205.5235.7261.5248.1217.4308.5

318.4322.2366.4367.4

353.2358. 6364.6373.3379.5

39.6163.5176.3143.9126.3102.2165. 6

169.2173.9192.8190.3

187.9187.3200.1195.8198.3

12.268.678.889.148.548.682.2

75.276.781.880.5

79.172.775.982.794.9

13.586.1

123.5302.1236.7173.8191.0

205.3214. 5218.0219.6

218.7216.8222.2226.8215.5

30.029.032.039.025.727.317.6

17.317.518.218.0

20.024.419.716.918.9

19.526.141.725.714.918.217.2

22.321.321.422.7

21.922.722.520.920.9

47.1107.5126.3156.0135.7121.9232.8

236.8237.6246.2238.7

236.2232.7235.8246.9234.5

245.0686.3814.3

1,017.1835.8709.4

1,015.0

1,044. 51, 063. 71,144. 81,137. 3

1,117.01,115.11,140. 81,163. 31,162. 4

97.9145.3186.1175.6186.4173.5190.8

211.7209.5208.9226.5

226.1222.8221.4265.1283.3

125.2156.3263.9280.9257.9261.7285.0

281.7262.6263.5259.9

252.3265.0257.3262.2255.6

130.1188.9200.2236.0219.5194.4207.9

207.2204.6216.2212.7

213.3215.1222.8222.8226.3

31.037.621.612.610.9

12.423. 427.120.021.318.433.7

34.235.433.833.7

32.935.534.333.635.7

TABLE 11.—FOREIGN ASSETS

Date— TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-er-

landGer-


TotalEurope Canada Latin

AmericaFarEast

AllOther

1931—Dec. 30. _1932—Dec. 28._1933—Dec. 27..

1934—Dec. 26..1935—Dec. 31..1936—Dec. 30_.1937—Dec. 29_.1938—Mar. 30..

June 29__Sept. 28 -

Oct. 5_._Oct. 12. _Oct. 19__Oct. 26 . .


Reported by Banks in New York City

1,103. 3937.9898.8

166.87.

192.

235

29.562.966.9

20.913.018.4

12.66.2

12.3

467.2434.9260.9

Reported by Banks ir

18.711.816.7

149.297.083.2

i United States

864.713.651.

310

58.4232

123

136.5155.2159.7

41.24.49.

807

2.63.56.2

1,132. 6778.6672.6655.0679.7710.8636.9

641.7626.1627.4617.8

621.8624.5628.8624.7641.4

281.888.1

114.184.8

120.6141.4121.9

117.6109.8110.7100.0

95.189.086.689.190.9

85.732.516.813.511.416.211.4

15.19.6

12.713.9

10.410.813.110.812.9

17.619.021.923.023.525.222.6

24.422.221.520.5

21.824.925.224.826.6

8.36.65.45.54.85.94.4

4.94.34.13.9

4.14.34.14.25.5

233.6202.0165.1126.1112.0102.699.1

97.997.797 396.7

96.596.596.295.493.8

29.713.510.920.818.116.117.0

16.314.813.915.7

16.215.917.314.315.1

81.071.257.852.951.049.046.3

48.447.747.447.4

47.348.148.748.347.8

737.6433.0392.1326.5341.4356.4322.7

324.6305. 9307.6298.1

291.3289.5291.3286.9292.6

94.0100.959.4

118.0103.397.694.0

94.394.093.195.8

93.593.393.593.688.0

175.2154.5141.1114.4113.5116.694.2

92.791.891.492.9

93.494.694.296.197.8

117.880.167.278.9

104.1126.4113.6

117.8121.2121.5117.4

129.6132.8135.1133.5147.7

8.010.112.917.317.413.812.4

12.313.213.913.7

13.914.314.814.715.3


FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

189



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]

Date

End of month figures:1937—Nov. 30_

Dec. 31. . „1938—Jan. 31

Feb. 28. . . .Mar. 31..__Apr. 30May 31.—June 30July 3 1 . . . .Aug. 31 . . . .Sept. 30—Oct. 31.__.Nov. 30—Dec. 31_.__

1939—Jan. 31Wednesday figures:

1938— Mar. 2Mar. 9Mar. 16___.Mar. 23—Mar. 30—

Apr. 6Apr. 13Apr. 20....Apr. 27

May 4May 11_._.May 18___.May 25—

June1June 8June 15June 22June 29

July 6July 13.._.July20.__.July27.__.

Aug. 3Aug. 10Aug. 17.___Aug. 24....Aug. 31____

Sept. 7Sept. 14____Sept. 21.. . .Sept. 28—.

Oct. 5Oct. 12Oct. 19Oct. 26.._.

Nov. 2Nov. 9Nov. 16....Nov. 23—.Nov. 30__-

Dec. 7Dec. 14....Dec. 2 1 —Dec. 28—

1939—Jan. 4Jan. 11Jan. 1 8 —Jan. 25Feb. 1Feb. 8Feb. 15.___

Reserve bank credit outstanding

Billsdis-

counted

17101210139987787745

1088

1012

1113108

8889

899

1010

8987

67777

7789

7967

88777

6787

4545

575

Billsbought

3

i11111

1

1111

111

U.S.Gov-ern-ment

securi-ties

2,5642,5642,5642,5642,5802,5642,5642,5642,5642,5642,5632,5642,5642,5642,574

2,5642,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,564

OtherReserve

bankcredit i

2338161517219

2318142914133328

1221351810

2025

913

16161710

209

241716

30221311

411168

14

21252324

2132178

9- 3181613

20298439

35231814

131217

Total

2,6062,6122,5932,5902,6112,5942,5822,5962,5892,5852,6002,5862,5842,6012,607

2,5632,5942,6082,5922,587

2,5962,6022,5832,586

2,5892,5892,5892,683

2,5932,6822,5982,5912,590

2,6032,5962,5852,583

2,5742,5822,5872,5792,585

2,5922,5962,5962,597

2,5932,6052,5892,580

2,5822,5692,5902,5872,584

2,5912,6002,6562,610

2,6042,5922,5882,583

2,5822,5842,587

Goldstock

12,77412,76012,75612,77612, 79512,86912,91912,96313,01713,13613, 76014, 06514,31214,51214, 682

12, 76712, 76812, 77812, 78112, 794

12, 80312, 82512, 84112, 860

12, 87012, 88012,89212, 905

12, 91812,94012,95012,95712,962

12, 96712,97912,98913,002

13,02513,03313,05213,07913,136

13, 23713, 42113, 58813, 714

13,81213,86914,00814, 051

14,07114,09114,16214, 24014,312

14, 36714, 38014, 45414, 508

14, 56514, 57714,61514, 640

14, 69414, 73214, 772

Treas-urycur-rencyout-

stand-ing

2,6212,6372,6552,6682,6792,6902,7022,7132,7212,7312,7392,7512,7732,7982,816

1,6692,6702,6722,6742,680

2,6822,6832,6882,690

2,6932,6952,6972,701

2,7032,7032,7072,7102,712

2,7152,7162,7172,719

2,7212,7232,7242,7272,731

2,7292,7332,7352,738

2,7412,7442,7462,749

2,7522,7552,7562,7672,773

2,7752,7842,7882,790

2,8002,8052,8102,812

2,8172,8182,819

Moneyin cir-cula-tion

6,5616,5506,3206,3346,3556,3976,4676,4616,4526,5046,6226,7006,7876,8566,653

6,3436,3346,3286,3256,329

6,3946,3806,3616,355

6,4076,3966,4026,393

6,4696,4376,4206,4026,428

6,5146,4446,4336,416

6,4656,4666,4856,4706,504

6,5796,5506,5526,574

6,6406,6676,6686,654

6,7066,7646,7326,7636,787

6,8446,8586,9436,912

6,8396,7166,6666,623

6,6636,6736,695

Treas-

urycashhold-ings

3,6313,6193,6483,5943,5502,1952,2632,3032,3482,4802,8102,7702,6892,7062,776

3,5793,5623,5503,5453,551

3,5543,5422,1642,192

2,1962,2152,2262,248

2,2542,2772,2892,2932,299

2,3032,3152,3212,328

2,3572,3672,3862,4172,480

2,5792,7592,8332,816

2,8092,8122,7702,767

2,7512,7372,7212,7172,689

2,6812,6512,6772,707

2,7252,7122,7262,754

2,7702,7682,771

Treasurydeposits

withFederalReservebanks

121142150180316

1,3201,157

860721720853535484923747

185181264270292

244141

1,4281,321

1,4291,3611,2831,183

1,0931,005

935929864

770628724732

775839802771720

561346917864

770703609584

576578544474484

407413

1,025941

891873800767

887931

1,250

Non-mem-ber de-posits

465407388423315355390363384313356424574441458

421389325312315

334317349343

353370383387

393399438445366

363372353383

392365349315313

317416342337

346376342374

426531525563574

576551514505

436459435470

469488500

OtherFed-eral

Reserveac-

counts

261263260257262263261261257255260260259260255

256256264263263

259258263264

263262261261

260261267267266

261261259258

257256256256255

254254261261

261260261261

260259259258259

258258267265

258258256256

256255254

Member bankreserve balances

Total

6,9627,0277,2377,2487,2877,6237,6658,0248,1648,1798,1988,7138,8768,7249,215

7,2157,3117,3287,3337,312

7,2967,4727,5477,661

7,5047,5607,6227,716

7,7457,8487,9047,9228,041

8,0748,2738,2028,188

8,0748,0468,0858,1568,179

8,2698,4258,0148,197

8,3218,4008,6938,740

8,6868,5468,7278,8188,876

8,9669,0348,4728,577

8,8198,9569,1309,166

9,0479,0188,707

Excess(esti-

mated)

1,1691,2121,3831,4151,546

*2, 5482,5682,8753,0222,9412,8693,2273,3833,2053,644

1,3911,4671,4601,5591,560

1,5751,727

*2, 4922,579

2,4422,4832,5552,632

2,6402,7112,7262,7822,900

2,9863,1533,0393,036

2,9242,9202,9272,9752,941

3,0343,1312,7442,889

3,0193,0453,2653,275

3,2173,1323,2623,3533,383

3,4423,4762,9793,072

3,2983,4363,5593,597

3,4783,4593,166

1 Includes industrial advances.NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,

together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown inAnnual 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 monthsand years are shown in the table on p. 177.

* Reserve requirements reduced by approximately 1334 percent effective April 16.


MAECH 1939 FEDERAL RESERVE BULLETIN 191

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

ASSETS

Gold certificates on hand and due fromU. S. Treasury

Redemption fund—F. R. notesOther cash

Total reserves

Bills discounted:For member banksFor nonmember banks, etc.

Total bills discounted

Bills bought:Payable in foreign currencies.__ . . .

Industrial advances . . . _U. S. Government securities:

Bonds. _Treasury notesTreasury bills

Total U. S. Government securi-ties

Other Reserve bank credit

Total Reserve bank credit out-standing.

LIABILITIES

F. R. notes in actual circulation

Deposits:Member bank—reserve accountU. S. Treasurer—general account._Foreign bankOther deposits

Total deposits _ _

Ratio of total reserves to deposit andF . R. note liabilities combined (per-cent)

Contingent liability on bills purchasedfor foreign correspondents

Wednesday figures

1939

Feb. 15

12, 006. 2188,856

438, 850

12, 453, 924

5,059

5,059

553

14, 662

840, 8931, 215, 466

507, 656

2, 564,0152,440

2, 586, 729

4, 349, 836

8, 707,1911, 250, 417

266, 340233, 476

10, 457, 424

84.1

Feb. 8

11, 979, 2239,908

441, 936

12, 431, 067

7,394

7,394

556

14, 738

840, 8931, 209, 931

513,191

2, 564, 015- 2 , 976

2, 583, 727

4, 344, 753

9,017, 844931, 295208, 215279, 377

10, 436, 731

84.1

Feb. 1

11, 947, 21810, 441

440,142

12, 397, 801

4,873

4,873

556

14, 811

840,8931, 209, 931

513,191

2, 564, 015-2,053

2, 582, 202

4, 347, 209

9, 046, 811887,021185, 766283,161

10,402, 759

84.1

Jan. 25

11, 905, 21710,193

449, 111

12, 364, 521

4,695

4,695

556

15,131

840, 8931, 209, 931

513,191

2, 564,015-1 ,011

2, 583, 386

4, 319, 451

9,166, 063767,179171, 571298, 213

10, 403,026

84.0

Jan. 18

11, 896, 2749,193

435, 230

12, 340, 697

4,361

4,361

556

15, 390

840, 8931, 209, 931

513,191

2, 564, 0153,251

2, 587, 573

4, 338, 417

9,130, 409799,950158, 713275, 936

10, 365, 008

83.9

Jan .11

11, 867, 7208,433

418,025

12, 294,178

4,754

4,754

549

15, 550

840, 8931,179, 577

543, 545

2, 564,0156,644

2, 591, 512

4, 374, 962

8, 956,139872, 943176, 767282, 712

10, 288, 561

83.8

Jan. 4

11, 837, 7199,874

364, 763

12, 212, 356

4,307

4,307

549

15, 505

840,8931,156, 947

566,175

2, 564, 01519,125

2, 603, 501

4, 441, 050

8, 819, 243891,119189, 916245, 684

10,145, 962

83.7

29

End of month

1939

Jan.

11, 937, 21910, 440

434, 587

12, 382, 246

4,598

4,598

556

14, 823

840, 8931, 209, 931

523,191

2, 574, 01513, 094

2, 607, 086

4, 338, 726

9, 214, 921747,040167, 268290, 850

10, 420, 079

83.9

1938

Dec.

11, 787, 7209,873

368, 213

12,165, 806

3,971

3,971

549

15, 644

840, 8931,156, 947

566,175

2, 564, 01516, 804

2, 600, 983

4, 451, 824

8, 724, 050923, 225199, 211241, 512

10, 087, 998

83.7

76

Jan.

9.116, 39910, 313

428, 832

9, 555, 544

12,162

12,162

548

17, 939

727, 5731,172, 213

664, 229

2, 564, 015-2,108

2, 592, 556

4,137, 916

7, 236, 741150, 244149, 647238, 647

7, 775,179

77.4

1,646

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIESHELD BY FEDERAL RESERVE BANKS

[In thousands of dollars]

Bills discounted:Feb. 1 _ .Feb. 8Feb 15

Bills bought in open market:Feb. 1Feb 8Feb. 15 .

Industrial advances:Feb. 1Feb. 8 ____Feb. 15

U. S. Government securities:Feb 1Feb. 8Feb 15

Total

4,8737,3945,059

556556553

14,81114, 73814, 662

2, 564,0152, 564,0152, 564, 015

Within15 days

3,8046,2674,031

232348

2,0962,0362,283

111, 39095, 885

101, 988

16 to 30days

178172152

71271256

310331149

101, 988103, 383

74, 745

31 to 60days

272301303

200

143

296501434

198, 465152, 720124, 720

61 to 90days

334313238

262262106

555326357

71,018114, 348164, 203

91 daysto 6

months

260314304

1,9251,9771,946

115, 527132, 052127,197

6 monthsto

1 year

252731

3,3223,3573,386

173,142173,142173,142

1 yearto

2 years

4,0784,0183,924

390, 654390, 654390, 654

2 yearsto

5 years

2,2292,1922,183

641, 683641, 683647, 218

Over5 years

760,148760,148760,148



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

ASSETS

Gold certificates on hand anddue from U. S. Treasury:

Feb. 1 _Feb. 8Feb. 15

Redemption fund—Federal Re-serve notes:

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

Other cash:Feb. 1Feb. 8Feb. 15

Total reserves:Feb. 1Feb. 8Feb. 15

Bills discounted:Secured by U. S. Govern-

ment obligations, direct orfully guaranteed:

Feb. 1Feb. 8Feb. 15

Other bills discounted:Feb. 1.Feb. 8Feb. 15

Total bills discounted:Feb. 1Feb. 8Feb. 15

Bills bought in open market:Feb. 1Feb. 8Feb. 15

Industrial advances:Feb. l._Feb. 8Feb. 15

U. S. Government securities:Bonds:

Feb. 1Feb. 8Feb. 15

Treasury notes:Feb. 1Feb. 8Feb. 15

Treasury bills:Feb. 1Feb. 8Feb. 15

Total U. S. Government securi-ties:

Feb. 1Feb. 8____Feb. 15

Total

11,947, 21811,979, 22312,006, 218

10, 4419,9088,850

440,142441, 936438, 850

12, 397, 80112, 431, 06712, 453, 924

2,8805,2943,078

1,9932,1001,981

4,8737,3945,059

556556553

14, 81114, 73814, 662

840, 893840, 893840, 893

1, 209, 9311, 209, 9311, 215, 466

513,191513,191507, 656

2, 564, 0152, 564, 0152, 564,015

700, 877700,699, 701

5, 606, 764 571099 5, 586, 331

185159105

44, 85844, 44943,158

745, 920) 5, 736, 564 608,744, 707 5, 721, 941742, 964 5, 654, 473 62<

33214'

424242

1,8711,8761,875

61, 65961, 65961, 659

88,7188, 7189,123

37, 63037, 63037, 224

188,006188, 006188,006

NewYork

5, 525, 492 586, 011

1,6241,5231,™

128,176134,087127, 688

1,2923,3111,710

234261229

1,5263,5721,939

216216213

3,8393,8443,848

237, 660237, 660237, 660

341, 961341, 961343, 525

145, 042145, 042143, 478

724, 663724, 663724, 663

Phila-del-phia

,591572, 568

1,010

35, 79837, 44237, 686

1,399611,009~~':,695

569574636

569555555

1,1381,1291,191

565656

2,9992,9302,922

67, 51467, 51467, 514

97,14297,14297, 586

41,20341, 20340, 759

205, 859205, 859205, 859

Cleve-land

739, 476 330, 696 254, 415 2,008, 655 314, 516 242, 924 289, 536 188, 369748,481325,975 252,594 2,772, 077 335, 478 262, 512 2,

597545468

28, 57227, 60928, 312

768, 645 357,124 275,056 2,072, 299 332, 952 252, 635 307, 725 203,325~~\ 635 350, 060 271, 522 2,095, 935 333, 477 259,044 320, 422 202,831800, 857 361, 713 282, 638 2,123, 103 329, 077

211301211

69

281370280

525252

4747463

84, 58884, 58884, 588

121, 713121, 713122, 269

51, 62351, 62351, 067

257, 924257, 924257, 924

Rich-mond

1,048

'534

25, 38023, 04825, 701

252525

115115115

140140140

242424

1,2531,2531,249

43. 79043, 79043, 790

63, 00963,00963, 29:

26, 72526, 72526, 43'

At-lanta

1,008,2, 029, 555 315, 478 249, 316 303, 8431, 057, 789 310, 463 249, 354 295, 699

491455426

20,15018, 47319, 700

155150180

95155157

25030533'

202020

825825822

38, 83238, 83238, 832

55, 87355, 87356.129

23, 69923, 443

133, 524 118, 404133, 524133, 524

118,404118, 404

Chicago

1, 3921, 2561,168

62, 25265,12464,146

6056025

1010

7057033

707070

454453453

92, 09192, 09192, 091

132, 506132, 506133.. 113

56, 20356, 20355, 596

280, 800280, 800280, 800

St.Louis

797782764

17, 63917, 21717, 850

259, 707 313, 510 204,187

90

129129116

222

98

39, 29639, 29639, 296

56, 54456, 54456, 802

23, 98223, 98223, 724

119, 822119, 822119, 822

Min-neap-olis

580526518

1,1311,2021,835

403026

716977

11199103

222

877875873

26, 38626, 38626, 386

37, 96637, 96638,140

16,10316,10315, 929

80,80, 45580, 455

Kan-sasCity

450426407

17, 73916,15317, 404

10485

612557447

711661532

161616

245237231

43, 32343, 32343, 323

62, 33462, 33462, 620

26, 44026, 44026,154

132, 097132, 097132, 097

Dallas

187,926190,024

661650650

14, 29514, 25513, 513

212132

43118144

64139176

161616

638638621

34, 90134, 90134, 901

50,21750,21750, 447

21, 30021, 30021, 070

106, 418106, 418106, 418

SanFran-cisco

707,057721, 618

1,6061,5501,525

36,15234, 87733, 857

737,157743, 484757, 000

505040

7183

121133120

404040

1,3251,3231, 297

70, 85370, 85370, 853

101, 949101, 949102, 415

43, 24143, 24142, 775

216, 043216,043216, 043



STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,BY WEEKS—Continued


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chicago St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

ASSETS—Continued

Total bills and securities:Feb. 1Feb. 8Feb. 15

Due from foreign banks:Feb.1Feb. 8Feb. 15

Federal Reserve notes of otherbanks:

Feb. 1Feb. 8Feb. 15

Uncollected items:Feb. 1Feb. 8Feb. 15

Bank premises:Feb. 1Feb. 8Feb. 15--

Other assets:Feb. 1Feb. 8Feb. 15

Total assets:Feb. 1Feb. 8Feb. 15

LIABILITIES

Federal Reserve notes in actualcirculation:

Feb.1Feb. 8Feb. 15

Deposits:Member bank—reserve ac-

count:Feb.1Feb. 8Feb. 15U. S. Treasurer—general ac-

count:Feb. 1Feb. 8Feb. 15

Foreign bank:Feb. 1Feb. 8Feb. 15

Other deposits:Feb. 1Feb. 8Feb. 15

Total deposits:Feb. 1Feb. 8Feb. 15 ._

2, 584, 2552, 586, 7032, 584, 289

166166169

26, 32422, 33721, 247

583, 874623, 879701, 774

42, 83142, 83142. 827

47, 87048, 39149, 512J

15, 683,12115, 755, 37415, 853, 742

4, 347, 2094, 344, 7534, 349, 836

9, 046, 8119, 017, 8448, 707,191

887, 021931, 295

1, 250, 417

185,7208, 215266, 340

283,161279, 377233, 4^~

10, 402, 75910, 436, 73110, 457, 424

190, 251190,071190, 015

1212

692580581

59, 23351, 38657, 296

2, 9402, 9402,940

3,0723.1173,192

1, 002,120 6,992, 813 6,997, 000 6

730, 244732, 295730, 663

210,052732, 295 209,974

1210,028

7,4893,8693,620

146,183221,418188,001

9,0219,0219,021

13,18713, 42813, 846

872935

44, 40141,19852,071

4,6894,6894,689

4,2424,2694,349

, 000 6,

i, 642, 750 872,3, 702, 034\599 --"

!, 671872, 090" i, 545

378, 815379, 480377, 922

447, 098 4, 914, 284 407, 703434, 799 4, 906, 904 408, 876403, 892 4, 691, 632 392, 286

75, 20482, 909

111,381

13, 38014, 95819, 188

4,7655,4365. 319

995, 397 315, 239, 397 314,

997, 237 317,•, 397 314, 976

7,243

183, 799179, 936332, 334

66, 27974, 62994,!

223, 003218, 769176, 444

46, 09144, 78769,155

18, 02520, 15225, 850

6,9376,821

540, 447538, 102 5, 380, 238 480;539, 7f '-•

5, 387, 365 478, 5055,380,2385, 295, 391

),752494, 112

258, 733258, 822 134,258, 719

151515

134, 941134, 941134, 937

1,0991,1351,158

72, 25760, 95580,439

6,0056,0056,005

5,4425,5185,619

2,4841,9171,314

45, 90147,16846, 317

2,6142,6142,614

3,0363,0943,127

119, 499119, 554119, 583

666

2,2452,3612,730

22, 57121,08325,124

2,0732,0732,072

2,2002,2212,276

281, 394281, 893281, 356

212120

3,8312,8884,197

71, 30168, 394108,593

3,9553,9553,955

4,!4,7624,861

119, 962119, 961119, 948

333

1,9662,5491,618

25, 45123, 54131, 279

2,2882,2882,287

2,0462,0652,120

81, 445 133, 06981,43181, 433 132, 876 107,

13, 79812, 05516, 947

1,5221,5221,520

1,5311,5361,569

9391,3821,522

30, 78326, 99028,804

3,2353,2353,235

2,2732,3062,349

107,136107, 211

', 231

55

744652630

19, 92822,10831, 541

1,2551,2551,255

1,11,8831,937

1,112,196 546,107 423, 650 2, 437, 607 484, 668 351, 629 478, 029 334, 2821,109, 085 539, 801 418, 820 2, 457, 848 483, 884 356, 573 487, 351 335, 9451,152, 812 550, 029 434, 429 2, 526, 085 486, 332 362, 466 482, 301 346,'

416, 546419, 833418, 505

197, 840196, 808196, 427

150,126149, 709148, 712

983, 981985, 705 179; 226 134;983,518

180, 022— 226179, 485 134,

134, 361'" -,718

,494

168, 111"1,310167, 721

77, 92477, 63477,209

482, 688 233, 450236,548229,093

180, 795465^ 576 236, 548 181, 511

185,732466,071

1,131, 856 219, 818 109, 808 222, 983 176, 7521,108, 577 223, 328 115, 993 235,199 179, 6271,089, 550 213, 212 115,065 224, 782 178, 503

87, 204103, 969129, 608

17, 28219, 32124, 784

6,1886,7854,879

39, 29935, 26351, 872

7,9908,93411, 459

1,6601,3661,440

45, 65439, 38345, 966

6,5047,2719,327

5,5526,f6,!

180,007218, 604258, 787

22, 48525,13832, 246

1,6393,4053,235

37, 00234, 38639, 252

5,:6,0257,729

5,3245,6165,023

74,06573, 95975, 586

4,2744,7796,130

6,5425,6745,219

37,42939,14641,188

5,3896,0257,729

1,195985

1,016

36, 89434, 30634, 970

5,3896,0257,729

4,1053,6124,285

593, 362 282, 399 238,595, 651625, 342

282, 111293, 864

, 505235, 114248, 014

1, 335, 987 267,1, 355,1, 383, 818

',5331,355

194, 689 266, 996 223,140200, 405 281, 355 223, 570

265, 216 202, 000 274, 715 225, 487

217, 529217, 539217, 500

121212

3,2673,0861,892

32, 06727, 58335, 362

3, 2343,2343,234

4,1464, 1924,267

997, 412999,130

1, 019, 267

348, 847351, 957351, 363

519, 576520, 906517, 373

44, 37344, 64760, 318

13, 380

14, 95819, 188

16, 50213, 84312, 806

593,831594, 354609, 685



STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS,BY WEEKS—Continued


Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chicago St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

LIABILITIES—continued

Deferred availability items:Feb. 1Feb. 8Feb. 15

Other liabilities including ac-crued dividends:

Feb. 1Feb. 8Feb. 15

Total liabilities:Feb.1Feb.8Feb. 15

CAPITAL ACCOUNTS

Capital paid in:Feb. 1Feb. 8Feb. 15

Surplus (section 7):Feb. 1Feb. 8Feb. 15

Surplus (section 13b):Feb. 1Feb. 8Feb. 15

Other capital accounts:Feb. 1Feb. 8Feb. 15

Total liabilities and capital ac-counts:

Feb. 1Feb. 8Feb. 15

586,093627,021699, 503

3,1312,5892,947

5, 339,1925, 411, 094.5, 509, 710

134, 790134,134, 913

149,152149,152149,152

27,27, 26427, 264

32, 72332, 96532, 703

15, 683,1215, 755, 37415, 853, 742

139, 343215, 435186, 866

1,53'868

1,131

978, 325 6, 523, 64:>, 582, 9386, 480, 625

58, 83851,19655, 267

225238

969,973, 215

016 6,

9,4169,4179,405

10,08310, 08310,083

2,8742 , " " •

2,874

1,4221,4231,423

1, 002,120992, 813997,000

50, 99650,99750, 981

52, 46352, 46352, 463

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

8,1928,1798,164

46, 56443, 95452, 791

201217232

840, 509839, 899864, 378

12,04912,05112,051

13, 69613, 69613, 696

4,4164,4164,416

2,0012,0282,004

6, 642, 7506, 702, 0346, 599, 690

872, 67:872, 090896, 54£

69, 66160, 91476, 290

177199217

1,079, 7461,076, 5971,120, 354

13, 67913, 67913, 678

14, 32314, 32314, 323

1,00'1,007

3,4413,4793,450

1,112,1961,109, 0851,152, 812

51,10946,07444, 928

22, 44421, 39625,105

103109114

72,'

114', 036

27'299313

26,i24, 78631,139

531, 387 411,178525,048 406, 328535, 276 421, 945 2, 481, 685

2, 393, 243 474, 2512, 413, 419 473, 441" ""• ""475,912

5,0455,0555,075

4,9834,9834,983

3,2933,2933,293

1,3991,4221,402

4,5104,5154,521

5,630

5,630

713713713

1,6191,6341,620

13, 57113, 58913, 593

22, 66622, 66622, " • -

1,4291,4291,429

6,6986,7456,712

3,9593,9673,969

4,4,6854,

545545545

1,2281,2461,221

13, 40812, 26616, 801

11211124

32, 74727, 48129, 677

261267274

342, 570347, 504

468,115477, 4ir

353, 419 472, 387

2,9142,9132,912

3,1533,1533,153

1,0011,0011,001

1,9912,0021,

546,107 423, 650539, 801 418, 820550, 029 434. 429 2, 526, 085

2, 437, 607 , ,2, 457, 848 483, 884 356, 573

484, 668 351483,486,332

, 629, 573

362,466

4,2274,2274,234

3,6133,6133,613

1,1421,1421,142

932956925

478,029487, 351482, 301

22, 25623, 75733,116

323, 380325,025335, 881

3,9613,9613,

3,89:3,3,8921,2661,2661,266

1,7831,8011,785

:, 282335, 945346, 786

30,09928, 07133, 487

972, 846974, 466994,633

10, 46310, 52810, 532

9,9659,9659,965

2,1212,1212,121

2,0172,0502,016

997, 412999,130

1, 019, 267



INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERALRESERVE ACT, JUNE 19, 1934, TO FEBRUARY 15, 1939

[Amounts in thousands of dollars]

Date (last Wednesday ofeach month)

Applicationsreceived to date,

net

Number Amount

Applications rec-ommended forapproval by In-dustrial Advi-sory Commit-tees to date,(with and with-out conditions)

Number Amount

Applications approved to date by Federal Reserve banks (with andwithout conditions)

Total

Number Amount

FederalReserve

bankadvances

out-standing

FederalReserve

bankcommit-mentsout-

standing

Approvedbut not

com-pleted i

Repaid,expired,or with-drawn by

appli-cant,etc.

Financ-ing insti-

tutionpartici-pations

out-standing2

1934—Dec. 26.1935—June 26.

Dec. 313.1936—June 24.

Dec. 30..1937—Mar. 31..

June 30.Sept. 29.Dec. 29..

1938—Jan. 26...Feb. 23..Mar. 30..Apr. 27..May 25.June 29..July 27_.Aug. 31.Sept. 28Oct. 26..Nov. 30.Dec. 28 .

1939—Jan. 25__.Feb. 15 4

5,0536,6187,6158,1588,3798,4838,5468,5938,6778,7118,7668,9069,0129,0969,1529,1829,2269,2629,2929,3209,3369,3499,360

187, 696263,482306, 708331, 391342, 699346,911351,420354,426363, 292364,487367,754373, 519377,778380,648383, 535

390, 783393, 532396, 209397, 759

400, 410400, 575

1,1221,8152,1762,3942,5002,5432,5872,6102,6402,6602,6832,7172,7602,8132,8362,8612,8842,8972,9092,9312,9402,9482, 956

54,531102,331132,460142,811149, 204150, 561154,960155,902158,743159,370160, 603162, 648165, 921167,695168,894173, 759174,544176,006180,060181,144181, 956182, 611182, 764

9841,6461,9932,1832,2802,3232,3612,3812,4062,4192,4332,4642,4972,5362,5662,5922,6062,6172,6282,6442,6532,6602,667

49, 63488, 778124,493133, 343139, 829141, 545145, 758146, 724150,987151, 587152, 543154,918156,933158,962161,158166,498166, 835168, 380172, 738174. 091175,013175, 651175, 765

13, 58927, 51832,49330,48725, 53323,05423,01421, 39520, 20019, 86119, 65919, 36619, 35718, 58318,43918,18917,78417, 56217,23317, 39117, 25016,81116, 348

8,22520, 57927, 64924,45420,95918, 61116, 33114,88012,78013, 38813,07813,11012, 73513, 26013, 64913,73113, 54313, 59714, 54114, 32814,16113,00412,880

20,96611, 24811, 5489,3818,2267,8981,470••537

3,3691,5632,0593,4193,9573,5223,0846,7035,2035,7377,8113,0851,9461,2931,123

5,55824,90044,02561,42277,90385, 21597,668

••102, 608107,400109,002109,992111, 198113,126115, 628117, 560119, 391121,291122, 452123, 723126, 844128,934132,009132, 983

1,2964,5338,7787,5997,2086,7677,2757,3047,2387,7737,7557,8257,7587,9698,4268,4849,0149,0329,430

12, 44312, 72212, 53412, 431

r Revised.i Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.» Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to

$12,190,252 on February 15, 1939.3 Tuesday4 February 21 not yet available.NOTE.—On February 15, 1939, there were 25 applications amounting to $3,024,500 under consideration by the Industrial Advisory Committees

and the Federal Reserve banks.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS'[In thousands of dollars]

ACCOUNTS, BY WEEKS

Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi- St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

Federal Reserve notes:Issued to F. R. bank by F. R. agent

Feb. 1Feb. 8Feb. 15

Held by Federal Reserve bank:Feb. 1 ;Feb. 8Feb. 15

In actual circulation:1

Feb. 1 .Feb. 8_. _ . _ .Feb. 15

Collateral held by agent as security fornotes issued to bank:

Gold certificates on hand and duefrom U. S. Treasury:

Feb. 1Feb. 8.Feb. 15

Eligible paper:"Feb. 1.Feb. 8Feb. 15

Total collateral:Feb. 1Feb. 8Feb. 15

4, 678, 7154, 670, 3864, 657, 531

331, 506325, 633307, 664

4, 347, 2094, 344, 7534,349,"^

402, 821401, 361400, 079

24, 00621, 88122,157

378, 815379, 480377, 922

1, 092, 7621, 091, 2271, 091, 536 334; 450 439,172 209

336, 020 441, 890333, 981

212, 315440^548 211,844

1,673

97, 36;104, 83094, 299

20, 78119, 00517, 207

25, 34420, 71520, 667

14, 47515, 03613, 246

163,117162, 934161, 710

12, 99113, 22512, f"

1, 020, 5581, 021, 0611, 017, 417

36, 57'35, 35633, 899

195, 768195, 796194, 404

15, 74616, 57014, 888

140,311139,531138, 827

5,9504,8134,333

4, 781, 000 420,4, 778, 000 420,4, 778, 000

4,1536,6784,304

1,0001,000

420, 000

307117

4, 785,1534, 784, 6784, 782, 304

420, 307420,117420, 082

986, 397997, 23"

1,105,0001,105,0001,105,000

1,4993,5541,921

1,106, 4991,108, 5541,106, 921

397 315, 239 416, 546314, 976 419,317, 243 418.

1,8331,505

197, 840 150,196, 808196, 427

1,126149, 709

12

983, 981985, 705983, 518 179, 516 134, 494

180, 022 134, 361179, 226 134, 718

175,014176, 943176,113

6,903

168, 111168, 310167, 721

345,000 446, 000345, 000 443,000345, 000 443,000

215,000 1 ,215, 000 169,

169, 000, 169,000

215, 000 169,000

658644706

267357267

658 446, 267345, 644 443, 357345, 706 443, 267

140140140

215, 140215,140215,140

214269270

169, 214169, 269169, 270

1,035,0001,035,0001, 035, 000

7057033

1, 035,0701, 035, 5701,035,033

199, 000199, 000199, 000

767651

180,000143', 500 180,000

180,000

143, 500143, 500143, 500

199,076199,""199, 051

143, 571076 143, 559

143, 553

695645516

180, 695180, 645180, 516

86, 042 412, 097408 409, 752

409, 25885.84, 892

8,1187,7747,683

63, 25057, 79557, 895

77, 92477, 63477, 209 35!

348, 847351, 957"".,363

4, 000\, 500 434, 000i, 500 434, 000

96111100

136165

89, 560 434.89, 636 434!89, 665 434.

, 096,111,100

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


196 FEDERAL RESERVE BULLETIN M A R C H 1939

RESERVE POSITION OF MEMBER BANKS,JANUARY, 1939

[Averages of daily figures. In millions of dollars]

Classes of banksand districts

All member banks _ _

Central reserve city banks:New YorkChicago

Reserve city banks:Boston districtNew York districtPhiladelphia district._Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis distriotMinneapolis district _-Kansas City district...Dallas district __San Francisco district.

Total

Country banks:Boston districtNew York districtPhiladelphia district..Cleveland districtRichmond districtAtlanta district _Chicago districtSt. Louis distriotMinneapolis district._Kansas City district __Dallas district _.San Francisco district.

Total

Grossde-

mandde-

posits

31,961

11,1652,485

1,036193

1,1351,496

692671

1,195794359958673

2,056

11, 257

8201,304

601569504485816351301449519334

7,054

Netde-

mandde-

posits i

26,139

10, 4532,186

937152936

1,159541489869617248626430

1,624

8,627

605955439402328320557234192285338219

4,874

Timede-

posits

11,494

701461

10215024272720417254517590

156124

1,929

4,614

5491,392

867651340213676238270154100268

5,719

Reserves withFederal Reserve

banks

Re-quired

5,545

2,413520

16934

17623910594

17911748

11781

381

1,740

10018496815649

1014037424640

871

Held

9,029

4,409780

28843

25436115711425516367

165112494

2,474

1493121471258969

1735954667153

1,366

Ex-cess

3,484

1,996260

1199

7812252207646204731

113

734

4912851443220721918242513

495

1 Gross demand deposits minus demand balances with domestic banks(except private banks and American branches of foreign banks) andcash items in process of collection.

NOTE.—See table at foot of p. 207 for percentages of deposits requiredto be held as reserves.

MEMBER BANK RESERVE BALANCES,BY CLASSES OF BANKS

[Averages of daily figures. In millions of dollars]

Total reserves held:1937—December1938—January

FebruaryMarchApril..MayJuneJulyAugust..SeptemberOctoberNovemberDecember

1939—JanuaryWeek ending (Friday):1939—January 6

January 13January 20January 27February 3February 10

Excess reserves:1937—December1938—January

February __MarchApril 2May.JuneJulyAugustSeptemberOctoberNovemberDecember

1939—JanuaryWeek ending (Friday):1939—January 6

January 13January 20January 27February 3February 10

Allmem-

berbanksi

6,8797,1837,2307,3267,4697,5877,8788,1678,1198,1968,5468,7278,7459,029

8,7758,9309,1019,1689,1338,991

1,0711,3531,4061,5242,0712,5252,7623,0262,9552,9203,1433,2763,2263,484

3,2613,4043,5423,605

P3, 575P3, 447

Central reservecity banks

NewYork

2,6572,8562,9063,0393,1503,2043, 3413,5453,5233,6693,9394,0754,1394,409

4,1654,2784,4754,5654,5884,509

305461499631884

1,0651,1531,3521,3201,3821,5891,7121,7341,996

1,7781,8882,0492,1332,1522,077

Chi-cago

604598574622794899925875861

780

845792762754726690

52146321404424379361375374376260

320273243234208176

Re-servecity

banks

2,2722,3452,3502,3492,3482,3112,3592,3962,4022,3522,4092,4262,3872,474

2,3862,4742,4982,4912,4692,423

366451468481609689747767762698712710658734

658731753748731691

Coun-try

banks»

1,3521,3781,3771,3651,3501,2781,2801,3021,3191,3141,3171,3381,3221,366

1,3791,3871,3661, 3571,3501,369

319355361359432451459483495479467480457495

504511497491P483P502

p Preliminary.i Weekly figuresof excess reserves of all member banks and of country

banks are estimates.* Reserve requirements decreased April 16, 1938; see table at foot of

page 207 for amount of changes.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS[Averages of daily figures. In millions of dollars]

Federal Reserve district

Boston _New YorkPhiladelphia .Cleveland _ . __ _ _RichmondAtlantaChicagoSt. Louis... _MinneapolisKansas CityDallasSan Francisco

Total

Ail member banks

Gross demand

Jan.

1,85612, 6621,7362,0651,1961,1564,4951,145

6601,4081,1922,390

31, 961

Dec.

1,83712, 6741,7142,0431,2031,1214,4711,130

6691,4061,1902,399

31, 856

Time

Jan.

6512,2431,1081,378

544385

1,683412360310224

2,197

11, 494

Dec.

6482,2191,1041,373

538384

1,672407358308223

2,167

11, 402

Member banks in larger centers(places over 15,000)

Gross demand

Jan.

1,735i 1,214

1,5181,8441,010

9981 1 699

935484

1,077904

2,273

45, 691

Dec.

1,714i 1,179

1,4941,8271,014

971i 1 671

921493

1,078899

2,280

115, 541

Time

Jan.

526i 1, 049

6581,082

352301

i 943297176197179

2,101

i 7,861

Dec.

524i 1,041

6581,082

349301

i 933294175195178

2,073

i 7, 803

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

Gross demand

Jan.

121284218221186158311210176330288117

2,621

Dec.

122278220216189150304209176328291120

2,603

Time

Jan.

12549345029519284

2791151841134596

2,471

Dec.

12448844629118983

277112183113

4595

2,447

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


M A R C H 1939 FEDERAL RESERVE BULLETIN 197

KINDS OF CURRENCY IN CIRCULATION[Outside Treasury and Federal Reserve banks. In millions of dollars

End of month

1933—JanuaryFebruary __ .MarchAprilMay .June . . .JulyAugust-September _OctoberNovember _ _ _ .December

1939—January

Total

6,3206,3346,3556,3976 4676,4616,4526,5046,6226,7006,7876 856

6,653

Goldcertifi-cates

828181807978787777767675

75

Silverdollars

393939393939404040414142

41

Silvercertifi-cates

1,0851,0971,1251,1621,2151,2301,2471,2631,2921,2971.3121 339

1,269

Treas-ury

notesof 1890

111111111111

1

Subsid-iary

silver

339338338339341342341344348351356357

348

Minorcoin

145144144144145146145146147148151151

149

UnitedStatesnotes

264267263264268262258262264269269257

244

FederalReserve

notes

4,0994,1044,1064,1124,1274,1144,0984,1294,2154,2824,3494,405

4,301

FedaralReserve

banknotes

333232313130302929282828

27

Na-tionalbanknotes

234231227224220217214211208206203201

198

Back figures.—See Annual Report for 1937 (table 35.)

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

End of month

1938—JanuaryFebruaryMarchAprilMay-___ .___JuneJulyAugustSeptemberOctoberNovemberDecember

1939—January

Total

cula-tion i

6,3206,3346,3556,3976,4676,4616,4526,5046,6226,7006,7876,856

6,653

Coin and small denomination currency 3

Total

4,7894,7984,7844,8074,8564,8374,8364,8854,9705,0215,0965,147

4,953

Coin

522520521522626527526530536540548550

538

$13

474473473476487481481488501505511524

492

$2

313231313231313232323334

32

$5

856863860866877875879891912923936946

904

$10

1,4821,4891,4871,4981,5121,5031,5081,5281,5561,5721,5991,611

1,546

$20

1,4241,4211.4121,414,422

L, 420L, 410L, 416L,434,450

1,469481

1,440

Large denomination currency 3

Total

1,5321,5381,5731,6931,6161,6271,6181,6221,6561,6831,6961,714

1, 705

$50

382382385388389391388389396400404409

403

$100

705708718725727732727727744754761770

768

$500

138138144146152152152152156157158160

160

$1,000

288291300304307309307308317321323327

329

$5,000

779

121717171717181717

17

$10,000

121318182425272925333232

28

Un-assort-ed »

123342234455

6

1 Total of amounts of coin and paper currency shown by denominations less unass9rted currency in Treasury and Federal Reserve 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 by Treasury and Federal Reserve banks and in circulation,

millions of dollars]In

End of month

1938—JanuaryFebruary __MarchAprilM a yJune__ . _JulyAugustSeptember .OctoberNovemberDecember..

1939—January __„

Total

2,6552,6682,6792,6902,7022,7132,7212,7312,7392,7512,7732,798

2,816

Silverdollars

andsilverbul-lion 1

1,5091,5261,5401,5541,5701,5841,5961,6081,6181,6341, 6571,685

1,705

Sub-sid-iary

silver

373373374374374374374375376376376376

376

Minorcoin

156156157157157157157157158158158159

159

UnitedStatesnotes

347347347347347347347347347347347347

347

Fed-eralRe-

servebanknotes

333332323131303029292928

28

Na-tionalbanknotes

237233230226223221217214212208206203

201

1 Includes silver held against silver certificates a m o u n t i n g to $1,568,-000,000 on Jan . 31, 1939 and $1,393,000,000 on Jan . 31, 1938.

SHIPMENTS AND RECEIPTS OF UNITEDSTATES PAPER CURRENCY

[By selected banks in N e w York City. In thousands of dollars]

Year or month

1935.1936.1937.1938 .

1938—JanuaryFebruary . . .MarchAprilM a yJuneJulyAugustSeptember..OctoberNovember. .December . .

1939—January.

Ship-ments toEurope

10,62834, 77421, 50033,105

18928

1,21250315537985

1,05214, 74010, 5933,430739

6,505

Receiptsfrom

Europe

19, 96626, 21647, 55034, 373

4,6583,8242,7282,6186,1793,4863,7532,348

978591982

2,228

2,024

Netship-ments

8,558

13,76210,0022,448

4,481

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

Netreceipts

9,338

26,0501,268

4,4693,7961,5162,1156,0243,107

1,296

1,489



ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES

[In millions of dollars]

Year or month

1934 i1935 - _ -193619371938

1937—July. __AugustSeptemberOctober.NovemberDecember

1938—JanuaryFebruaryMarchAprilMayJune _JulyAugustSeptember...OctoberNovemberDecember

1939—January

Gold stock atend of yearor month

Total

8,23810,12511, 25812, 76014,512

12,44612,56712,74112,80312,77412, 760

12, 75612, 77612, 79512,86912, 91912, 96313,01713,13613, 76014,06514,31214, 512

14, 682

Inactiveaccount

26.51, 227. 9

1, 214.11, 335. 71, 210. 01, 271. 91, 242. 51, 227. 9

1,223. 21, 200. 61,183. 0

In-crease

intotalgoldstock

4, 202. 51, 887. 21,132. 51, 502. 51, 751. 5

127.3121.6174.362.0

- 2 9 . 3- 1 4 . 0

- 4 . 620.718.574.349.844.254.5

118.3623.8305.0247.5199.6

170.0

Netgold

import

1,133. 91, 739.01,116. 61, 585. 51, 973. 6

175.4104.8145.590.522.118.0

2.18.0

52.971.152.855.363.8

166.0520.9562.4177.8240.5

156.3

Netgain or

loss (—)through

ear-markingtrans-

actions 2

82.6.2

- 8 5 . 9-200. 4-333 . 5

- 3 5 . 5- 5 . 3

9.3- 8 . 0

- 2 0 . 1-101.6

- 1 . 1- 1 8 . 2

- . 6- 1 . 2

- 5 3 . 9- 1 5 . 5- 2 0 . 9- 2 8 . 8- 1 3 . 3

-110.2- 7 . 4

- 6 2 . 4

14.1

Do-mes-tic

goldpro-duc-tion

96.0110.7131.6143.9146.4

12.716.912.214.913.811.9

10.9••9.8

1 0 . 510 .41 1 . 3'9.4

14 .01 4 . 51 3 . 91 3 . 31 5 . 313.1

p Preliminary.1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35

a fine ounce thereafter.2 Gold held under earmark by Federal Reserve banks for foreign

account at the end of each month in 1938 was as follows in millions ofdollars: Jan., 296.2; Feb., 314.4; Mar. , 315.0; Apr., 316.2; May, 370.2;June, 385.7; July, 406.6; Aug., 435.4; Sept., 448.6; Oct., 558.8; Nov., 566.2;D e c , 628.6. For back figures see Annual Report for 1937 (table 30) andsimilar tables in previous Annual Reports.

NOTE.—Figures for domestic production of gold are those publishedin table, p . 227, adjusted to exclude production in Philippines. Ad-justment based on annual figures reported by Director of Min t andmonthly imports of gold to U. S. from Philippines. For back figures,see Annual Report for 1937 (table 29).

BANK

Number of banks suspended:1934193519361937. . __19381939—January

Deposits of suspended banks(in thousands of dollars):3

19341935 _ __1936193719381939—January

SUSPENSIONS1

Total,all

banks

57344459555

36, 93710,01511, 30619, 72313, 2641,051

Memberbanks

Na-tional

141411

405,313

5077,379

36304

State

21

1,708211

Nonmemberbanks

In-sured2

8224047474

1,9123,763

10, 20710,15611, 721

747

Notinsured

488366

34,985939592480

1,296

1 Represents licensed banks suspended; does not include nonlicensedbanks placed in liquidation or receivership.

2 Federal deposit insurance became operative January 1, 1934.3 Deposits of member banks and insured nonmember banks suspended

are as of dates of suspension, and deposits of noninsured nonmemberbanks are based on the latest data available at the time the suspensionswere reported.

Back figures—See Annual Report for 1937 (table 76).

MOVEMENT OF GOLD TO AND FROMUNITED STATES1


From or to—

BelgiumFranceGermanyNetherlandsSpainSwedenSwitzerlandUnited Kingdom...CanadaMexico..Central America.-ArgentinaChileColombiaEcuador ,PeruVenezuelaAustraliaBritish IndiaChina and HongKong

JapanPhilippine Islands.All other countries2.

Total

1939

January

Im-ports

1,6881,438

133, 678

23021

52, 05110, 8562,342

579

5582,089318366394

6,5851

2,27937, 8192,754

156, 427

Ex-ports

1938

December

Im-ports

1,97937, 395

146,185

101,714738

2,550434

17, 710960

2,107128396395

6,7881,797

1,96514, 4252,656

220

240, 542

Ex-ports

16

Jan.-Dec.

Im-ports

15, 48886,135

3163, 049

22360,146

1,3631, 208, 801

76, 43037,1684,154

31, 8308,414

10, 5572, 6304,0371,486

39,16216,159

11,667168,74027,8823,932

9, 458

Ex-ports

5,000

74115697

1 Figures represent customs valuations which, with some exceptions,are at rate of $35 a fine ounce.

2 Includes all movements of unreported origin or destination.Back figures.— See table, p. 227, and Annual Report for 1937 (tables

31 and 32).

BANK DEBITS[Debits to individual deposit accounts, at banks in principal cities.]


Year and month

19291935193619371938

1937—December _

1938—January. __February-MarchAprilMayJuneJulyAugustSeptemberOctober. __November.December.

1939—January. __

Total,all

report-ing

centers

982, 531402, 718461,889469,463405, 834

42, 357

34, 83327,86734,85733,82531, 35935, 50133,13330, 79832,19236,13032,16643,172

35,127

NewYorkCity

603,089184,006208,936197, 836168,778

18,277

14,47710, 91514, 74614, 57212,82815, 63713, 82812, 24713, 08515,14012, 42518, 879

14, 533

140otherlead-ing

cities i

331,938190,165219, 670235, 206204, 651

20,837

17, 60714, 63317, 37316,59716,01317,16016, 67716,02316, 44018,09616, 98121, 050

17, 807

133other

report-ing

cities 2

47,50428, 54733, 28336, 42132,406

3,243

2,7492,3192,7372,6562,5182,7042,6282,5282,6662,8952,7603,243

2,786

1 Comprises centers for which bank debit figures are available beginningwith 1919, except that one substitution was made in 1920 and one in 1928.

2 Cities (other than the 141 centers) for which bank debits are currentlyreported. The number has changed very little since 1934 and has num-bered 133 since 1936.

Back figures.—See Annual Report for 1937 (Table 71), which also givesa definition of bank debits. Figures for individual reporting cities andtotals by Federal Reserve districts are available in mimeographed form.



ALL BANKS IN THE UNITED STATESComprises 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 periodJune 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports tothe Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Cur-rency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin forDecember 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures areavailable.

NUMBER OF BANKS

Call date

1929—June 29Dec. 31 __

1933—June 30Dec. 30

1934—June 30Dec. 31

1935—June 29Dec. 31

1936—June 30Dec. 31

1937—Mar. 31June 30 2

Dec. 31

1938—Mar. 7June 30Sept. 28

Total

25,11024,630

14, 51915,011

15, 83516,039

15, 99415,837

15, 75215, 628

15, 56915, 52715, 393

15,34815, 28715, 265

Member banks

Total

8,7078,522

5,6066,011

6,3756,442

6,4106,387

6,4006,376

6,3676,3576,341

6,3356,3386,341

Na-tional

7,5307,403

4,8975,154

5,4175,462

5,4255,386

5,3685,325

5,3055,2935,260

5,2505,2425,239

State

1,1771,119

709857

958980

9851,001

1,0321,051

1,0621,0641,081

1,0851,0961,102

Nonmemberbanks

Mutualsavingsbanks

611609

576579

578579

671570

566565

565564563

563563563

Othernon-mem-ber

banks

15, 79215,499

8,3378,421

8,8829,018

9,0138,880

8,7868,687

8,6378,6068,489

8,4508,3868,361

For footnotes see table below.

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS1

Call date

1929—June 29.._Dec. 31___

1933—June 30. _.Dec. 30___

1934—June 30Dec. 3 1 . . .

1935—June 29. _.Dec. 31___

1936—June 30. _Dec. 31___

1937—Mar. 31__June302__Dec. 31 _.

1938—Mar. 7 . . .June 30—Sept. 2 8 . .


Allbanks

53, 85255,289

37, 99838, 505

41, 87044,770

45, 76648,964

51, 33553, 701

52, 57753, 28752, 440

51, 70352,19552,611

Member banks

Total

32, 28433,865

23, 33823, 771

26, 61528,943

29, 49632,159

34,09835, 893

34, 74635, 44034,810

34,11834, 74535,086

Na-tional

19, 41120, 290

14, 77215,386

17,09718, 519

19,03120, 886

21,98623,107

22, 35522, 92622, 655

22,26422, 55322,838

State

12,87313, 575

8,5668,385

9,51810, 424

10, 46511, 273

12,11212, 786

12, 39012, 51412,155

11,85412,19312, 248

NonmeiE

Mutualsavingsbanks

8,9838,916

9,7139,708

9,7809,828

9,9209,963

10,06010,143

10,15710, 21310, 257

10, 25910, 29610,286

ber banks

Othernonmem-ber banks

12, 58412, 508

4,9465,026

5,4756,000

6,3506,842

7,1787,666

7,6747,6357,373

7,3257,1537,239

For footnotes see table below.

LOANS AND INVESTMENTS[In millions of dollars]

Call date

1929—June 29Dec. 31

1933—June 30Dec. 30 .

1934—June 30Dec. 31

1935—June 29Dec. 31 ___

1936—June 30Dec. 31 __ _

1937—Mar. 31June 30 2

Dec. 31

1938—Mar. 7June 30Sept. 28 . . . .

All banks

Total

58,47458,417

40,07640,319

42,50243,458

44, 41645, 717

48,45849, 524

49,13849,69648, 566

48, 31947, 38148, 304

Loans

41,53141,918

22, 20321,977

21, 27820, 473

20,27220, 329

20, 67921,449

21, 79022, 51422,198

21, 77921,13021,089

Invest-ments

16,94316,499

17,87218, 342

21,22422,984

24,14525, 388

27, 77828,075

27, 34827,18226, 368

26, 54026, 25227,215

Member banks

Total

35,71135,934

24,78625, 220

27,17528,150

28, 78529,985

32, 25933,000

32, 52532, 73931, 752

31, 52130, 72131, 627

Loans

25,65826,150

12,85812,833

12, 52312,028

11,92812,175

12, 54213, 360

13, 69914,28513, 958

13, 54612, 93812, 937

Invest-ments

10,0529,784

11,92812, 386

14,65216,122

16,85717, 810

19,71719, 640

18,82618,45417, 794

17,97517, 78318, 689

Nonmember banks

Mutual savings banks

Total

9,5569,463

10,0449,985

9,9049,782

9,8529,804

9,96110,060

10,09610,18010,187

10,19610,19610,198

Loans

5,8925,945

5,9415,906

5,6485,491

5,3415,210

5,1055,027

5,0265,0024,996

4,9954,9614,951

Invest-ments

3,6643,518

4,1034,079

4,2564,291

4,5114,594

4,8565,034

5,0705,1785,191

5,2015,2355,247

Other nonmember banks

Total

13,20713,020

5,2465,115

5,4235,526

5,7795,927

6,2386,464

6,5186,7786,627

6,6026,4656,479

Loans

9,9819,823

3,4043,238

3,1082,955

3,0032,944

3,0323,062

3,0653,2273,244

3,2383,2313,200

Invest-ments

3,2273,197

1,8411,877

2,3152,571

2,7772,983

3,2063,402

3,4533,5503,383

3,3643,2343,279

i Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bankabstracts.8 Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 suchbanks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan andindustrial banks in New York and North Carolina, of which there were 45 on June 30,1937, with deposits of $50,287,000 and total loans and invest-ments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking depart-ment reports.

Back figures.—See Annual Report for 1937 (tables 48-49).



ALL MEMBER BANKS—LOANS AND INVESTMENTS[In millions of dollars]

Call date

TOTAL—ALLMEMBER BANKS

1929—Dec. 31._1933—June 30 2_1934—Dec. 3 1 . .1935—Dec. 3 1 . .1936—Dec. 31._1937—June 30 . .

Dec. 31 . _1938—Mar. 7___

June 30 . .Sept. 28..

NEW YORKCITY»

1929—Dec. 31 . _ig33—June 30 *_1934—Dec. 31 . _1935—Dec. 31 . _1936—Dec. 31 . _1937—June 30. .

Dec. 31 . _1938—Mar. 7__.

June 30. _Sept. 28..

CITY OFCHICAGO »

1929—Dec. 31 . _1933—June 30 i

1934—Dec. 3 1 . .1935—Dec. 31 . _1936—Dec. 31 . _1937—June 30 . .

Dec. 311938—Mar. 7 "

June 30. .Sept. 28

RESERVE CITYBANKS

1929—Dec. 31 . _1933—June 30 >1934— Dec. 31 __1935—Dec. 3 1 . .1936—Dec. 31. _1937—June 30 . .

Dec. 31. _1938—Mar. 7.__


COUNTRYBANKS

1929—Dec. 31 ._1933—June 30 a

1934—Dec. 31 . _1935—Dec. 31._1936—Dec. 31 . _1937—June 30 __

Dec. 3 1 . .1938—Mar. 7___


Totalloansandin-

vest-ments

35,93424, 78628,15029,98533,00032,73931, 75231, 52130,72131, 627

8,7747,1337,7618,4189,2809,0068,3138,3178,0138,355

1,7571,2871,5811,8682,1001,9691,9011,9971,8061,889

12,0298,492

10,02810, 78011,79511, 62911,41411, 25011,15011, 426

13, 3757,8738,7808,9199,825

10,13410,1249,9589,7529,958

Total

26,15012,85812,02812,17513,36014, 28513, 95813, 54612,93812, 937

6,6833,4243,1593,4343,8554,2763,6733,5323,1723,146

1,448677532476633675635614525522

9,0844,4824,3124,3474,7944,9945,2035,0314,8534,870

8,9364,2754,0253,9184,0784,3404,4464,3694,3884,399

On securities,to brokersand dealers

InNewYorkCity

1,660788843

1,0471,1441,278

738675523531

1,202720662

1,0181,0951,219

703647509512

111326

111

23945

10521364426188

12

2081050

713159967

Out-sideNewYorkCity

803165187196266258212203178181

55385460787658494752

240482928505041392931

425639096

12311497

1008884

83151413161816151414

unitiesto

others(ex-cept

banks)

7,6853,7523,1102,8932,7852,8292,7522,6652,6142,590

2,1451,044

820793753824733727717702

533251170149140145129113109111

2,7751,3401,1241,0571,0481,0321,0661,020

998992

2,2311,117

996894843828824804790784

Loansto

banks

7143301559885

1157096

120126

3221626342426229608595

8830116621

258995534233427252622

453827171416131199

Loans

Realestateloans

3,1912,3722,2732,2842,4052,5052,6472,6562,6132,661

169157139140144149141140132132

21301815131312111010

1,5381.1311,090L,0941,1241,164L, 1761,1731,2011,217

1,4621,0551,0261,0351,1231,1791,2191,2331,2691,303

Re-port-ing

banks'ownac-

cept-ances

0)192232169131113130119112112

0)120164107656574656265

0)241614866633

0)464946563947454542

( i )322322322

Open market paper

Ac-cept-ances

ofother

do-mesticbanks

2122912561811611311261027387

12822421015813698

112906579

92729

13311

42361319172510876

33453443322

Billspay-able

abroad

80253129181523191313

461016161016543

575111221

2469

1057

121179

5122253111

Com-mer-cial

paperbought

29187

232272324377364368293271

2110655568

107

5122712101616191115

10238

10812013114513213410499

1632792

135178211208208168151

Oth oruineiloans

11, 5154,8574,7085,0066,0416,6636,9966,7456,3976,364

2,595937

1,0241,0961,5271,7761,8111,7411,5411,499

535237202249402437426423361351

3,6791,6781,6711,8512,2312,3892,6102,4982,3692,387

4,7052,0051,8101,8101,8812,0622,1492,0832,1262,127

Investments

Total

9,78411,92816,12217,81019,64018,45417, 79417,97517, 78318, 689

2,0913,7094,6024,9855,4254,7304,6404,7854,8405,209

309610

1,0491,3921,4671,2951,2661,3821,2811,367

2,9444,0115,7156,4327,0006,6356,2116,2196,2986,556

4,4393,5984,7565,0025,7475,7945,6775,5895,3645,558

U. S. Governmentobligations

Total

3,8636,887

10,89512,26913, 54512,68912,37112,45212,34313,011

1,1122,6513,5243,8264,2093,6303,6953,6123,7403,987

116384821

1,1491,2011,0011,0101,108

9811,047

1,3682,4834,0884,7326,1234,9024,5984,6104,6584,831

1,2671,4692,4632,5633,0133,1553,1683,1242,9643,146

Direct

3,8636,8879,906

10,50111,63910,87010, 57410,62510, 21510, 713

1,1122,5513,2463,4253,7393,1763,2073,1803,0313,153

116384743

1,0611,107

907916

1,008859921

1,3682,4833,8094,0764,4264,2673,9613,9623,9404,088

1,2671,4692,1081,9402,3682,5202,4902,4772,3852,550

Fullyguar-an-teed

9891,7681,9061,8191,7971,8272,1282,298

278401470454388432709834

7888949494

100122126

279656697636637648718743

355623645635678647579596

Othersecuri-ties

5,9215,0415,2275,6416,0965,7655,4225,5235,4405,678

9791,1581,0781,1691,2171,1001,0451,1741,1011,222

193226229243266294265278300319

1,5761,5281,6281,7011,8771,7331,6121,6091,6391,725

3,1722,1292,2932,4392,7342,6392,5102,4652,4002,412

i Included in "Other loans."3 Beginning June 30, 1933, figures relate to licensed banks only.* Central reserve city banks.Back figures—See Annual Report for 1937 (tables 54-58).



ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS[In millions of dollars]

Call date

Re-serveswithFed-eralRe-

servebanks

Cashin

vault

Bal-anceswithdo-

mes-tic

banks1

Cashitems

report-ed as

inproc-ess

of col-lec-

tion 2

Demand deposits

Interbank

Do-mes-tic

banks

For-eign

banks

Unit-ed

StatesGov-ern-

ment

Pub-lic

funds

Certi-fiedandoffi-cers'

checkscash,letters

ofcredit3

Indi-vid-uals,part-ner-

ships,cor-

pora-tions,

etc.

De-manddepos-its ad-justed4

Time deposits

Interbank

Do-mes-tic

banks

For-eign

Pos-tal

sav-Pub-

licfunds

Indi-vid-uals,part-ner-

ships,cor-

pora-tions,etc.

Bor-row-ings

TOTAL—ALL MEM-BER BANKS

1929—Dec. 31 __1933—June 30 61934—Dec. 31 ___1935—Dec. 31 _1936—Dec. 311937—June 30

Dec. 31 __1938—Mar. 7

June 30_ __Sept. 28

NEW YORK CITY •

1929—Dec. 311933—June 30 »1934—Dec. 311935—Dec. 31_ _.1936—Dec. 311937—June 30

Dec. 311938—Mar. 7

June 30 .__Sept. 28

CITY OF CHICAGO •

1929-Dec. 311933—June 30 61934—Dec. 311935—Dec. 31 __1936-Dec. 311937—June 30

Dec. 311938—Mar. 7

June 30 _.Sept. 28

RESERVE CITY BANKS

1929—Dec. 31 __1933—June 30 »1934—Dec. 31. __1935-Dec. 311936—Dec. 311937—June 30

Dec. 311938—Mar. 7

June 30Sept. 28

COUNTRY BANKS

1929-Dec. 311933—June 30 *1934—Dec. 311935—Dec. 31 . _ .1936—Dec. 311937—June 30

Dec. 311938—Mar. 7

June 30Sept. 28

2,3742,2354,0825,5736,5726,8977,0057,2498,0048,193

827846

1,5762,5412,6582,7492,7382,9413,5173,743

169232415511558

566936856

751705

1,2681,5942,1082,2152,3102,3762,2892,311

627452822927

1,2471,3371,3611,3661,2631,282

558405609665697629589604712775

156122207256285212200213300322

321203275305319330307310316351

2,1682,0083,1493,7764,0663,2073,4143,5614,0843,937

1791011031111331051209511991

133203207209188156179135

9471,0021,5431,7791,8161,3921,4701,6321,9511,862

7021,2961,6761,9291,5541,6451,7001,8061,786

3,8961,4851,9032,2552,5332,2012,2591,4071,8991,460

2,406874

1,0691,1331,087996989605842579

158619013515913014684106

1,041401537752971805841538693595

291149207235316269283180258188

3,5173,0574,5695,6966,4025,2985,4365,6156,096

1,1981,2551,7982,3382,4932,0142,1082,1732,5142,498

310259445522599536528576

1,6041,3151,9842,4222,8262,3392,3892,4612,5142,557

405228342415483409412403380398

544145147444432615453366321457

464127126410393575416327283405

143806

1,636844882628781752543707

20332792224225306382360123181

46

76312620385407212256234266356

391161781371786978

108

1,3351,0871,7992,1392,3292,5772,1322,2372,314

12896229323285

185273196

4287182208191208207170221204

423349585707843934777809812711

742555804901

1,0111,067959

1,0731,008

1,681657838882881752767566662538

1,180461540524457427404327367280

300108169204230163192121146120

16972106127167139149101126114

17, 52611,83014,95118,03520, 97020, 27219,74719,11619,81620,439

5,8474,6765,3706,4797,2746,9346,5076,4296,9007,128

1,041870

1,0731,3011,4951,4091,3541,2701,3861,455

5,5473,7084,9196,0017,0236,8406,7436,4556,6686,843

5,0912,5763,5894,2545,1775,0895,1434,9634,8635,013

16, 64712,08915, 68618,80121, 64721,40120, 38720, 51320, 89321, 596

4,7504,3585,0696,1936,9296,7336,1116,3366,6987,026

957912

1,1891,4011,5541,5091,4381,3721,5231,585

5,2293,7645,1366,1617,1267,1326,8706,8486,9347,078

5,7113,0544,2925,0476,0396,0275,9685,9575,7385,908

9589134151153123129137135130

15417561411111010

1331744127

12278845221810410095908370

18110563

19

595300294361296292482512454464

3059117134137108107116113107

41

61285210136696461565246

371208206266203190266269262233

1338684838085158159144147

12,2677,8039,0209,68010,42910, 81810,80610,84510, 87410, 789

1,112671591591679767696694694653

332358381413449452445445443439

4,4332,9413,4943,7964,0264,1404,1614,1984,2384,209

6,3903,8334,5544,8795,2755,4595,5045,5085,499

879191136

151612281112

123

29216

3671671363

1212111111

i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."

* Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items onhand, but not in process of collection, amounting on that date to $16,000,000.

• Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935.< Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,

less cash items reported on hand but not in process of collection.* Beginning June 1933 figures relate to licensed banks only.• Central reserve city banks.Back figures.—See Annual Report for 1937 (tables 54-58).



REPORTING MEMBER BANKS IN 101 LEADING CITIESASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER

BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY

[Monthly data are averages of weekly figures. In millions of dollars]

Date or month

TOTAL—101 CITIES

1938—JanuaryJulyAugustSeptember _.OctoberNovember..December...

1939—January

1938—Nov. 30Dec. 7Dec. 14Dec. 21Dec. 28

1939—Jan. 4Jan.11Jan.18Jan. 25Feb.1Feb. 8Feb. 15

NEW YORK CITY

1938—JanuaryJulyAugustSeptember _OctoberNovember..December __

1939—January

1938—Nov. 30Dec. 7Dec. 14Dec. 21Dec. 28

1939—Jan. 4Jan.11Jan. 18Jan. 25Feb. 1Feb. 8Feb. 15

OUTSIDE NEWYORK CITY

1938—JanuaryJulyAugustSeptember,OctoberNovember. .December _.

1939—January

1938—Nov. 30Dec. 7 . .Dec. 14Dec. 21Dec. 28

1939—Jan. 4Jan. 11Jan. 18... ...Jan. 25Feb. 1Feb. 8Feb. 15.

Totalloansand

invest-ments

21, 28520, 53020, 67521, 07821, 32321, 34721, 58621, 468

21, 32521, 45021, 50421, 74221, 64921, 52621, 47721,43921, 42821, 44221, 45021, 608

7,8347,4927,5847,7977,8097,7377,8457,645

7,7097,8467,8767,8557,8017,7077,6697,6157,5897,587

i 7, 6587,725

13, 45113, 03813,09113, 28113, 51413,61013, 74113, 823

13, 61613, 60413, 62813, 88713, 84813,81913, 80813, 82413, 83913, 85513, 79213, 883

Loans

Total

Com-mercial,indus-trial,andagri-cul-tural

9,1378,2138,2158,2688,2828,3198,4658,338

8,3178,4608,4968,4738, 4308,4128,3678,2908,2818,2338,1688,205

3,3732,9222,9382,9692,9352,9573,0562,982

2,9623,0803,0883,0403,0163,0233,0082,9522,9462,9012,8902,917

5,7645,2915,2775,2995,3475,3625,4095,356

5,3555,3805,4085,4335,4145,3895,3595,3385,3355,3325,2785,288

4,4623,8783,8863,8933,9043,8843,8633,800

3,8663,8813,8723,8573,8433,8263,8183,7893, 7653,767

13, 7453,761

1,7191,4571,4661,4551,4471,4221,3991,371

1,4241,4241,4081,3841,3771,3771,3811,3711,3541,356

U,3511,358

2,7432,4212,4202,4382,4572,4622,4642,429

2,4422,4572,4642,4732,4662,4492,4372,4182,4112,411

1 2, 3942,403

Openmar-ket

paper

461334337338346343332325

338336336330328324323325327324324321

184131133138142138133128

135135135132132128129127127125125125

277203204200204205199197

203201201198196196194198200199199196

Tobrokers

anddealersin se-curities

825629636675669715850852

712

854848884864826835792786813

665497510543528573688694

571687695690681717704675681642636660

160132126132141142162158

141151163164167167160151154150150153

Otherloans

:or pur-chas-ing orcarry-ing se-curities

623577577578576571566547

572571568566560559546543540535534533

213194195195197201199192

202201199199199201190189190187187187

410383382383379370367355

370370369367361358356354350348347346

Realestateloans

1,1631,1591,1601,1611,1631,1661,1681, 170

1,1691,1651,1671,1691,1691,1661,1691,1701.1731.1741,1371, 134

128118118119119119119117

119118119119119118117116116116108108

1,0351,0411,0421,0421,0441,0471,0491,053

1,0501,0471,0481,0501,0501,0481,0521,0541,0571,0581,0291,026

Loansto

banks

67121111114109113123100

117121134120115991079510199106104

38938490899010079

9598111989478867379788683

Otherloans

1,5361,5151,5081,5091,5151,5271, 5631,544

1,5431,5481, 5611,5771,5671,5541,5401,5421,5401,5421,5361,539

426432432429413414418401

416417421418414404401401399397

1,1101,0831,0761,0801,1021,1131,1451,143

1,1271,1311,1401,1591,1531, 1501,1391,1411,1411, 145

11,1391,143

Investments

Total

12.14812, 31712, 46012, 81013,04113, 02813,12113,130

13,00812,99013, 00813, 26913, 21913,11413,11013.14913,14713, 20913, 28213, 403

4,4614,5704,6464,8284,8744,7804,7894,

4,7474,7664,7884,8154,7854,6844,66'4,6634,6434, ""

14, 7684,"""

7,68'7,74'7,81'7,9828,16"8,2488,3328,46'

8,26:8,2248,2208,4548,4348,4308,4498,4868,5048, 523

18, 51'8,59.

U. S. Govern-ment obliga-

tions

Direct

8,1187,7037,7027,9578,0848,1308,1918,191

8,1068,0878,0808,3338, 2668,1898,2068,1828,1868,1738,1748,182

3,0982,8212,8062,9312,9022,8952,8582,711

2,8532,8632,8612,8812,8262,7482,7422,6852,6702,6482,6362,621

5,0204,8824,8965,0265,1825,2355, 3335,480

5, 2535,2245,2195,4525,4405, 4415,4645,4975,5165.5255,5385,561

Fullyguar-anteed

1,1311,5671,6461,6681,6821,6811,7081,728

1,6821,6851,6961,7181,7321,7321,7151,7321, 7331,7891,8081, 975

386723786800803800835852

809809826845860856836853863903923

1,028

844

879881873876

873876870873872876879879870886885947

Othersecuri-ties

2,8993,0473,1123,1853,2753,2173,2223,211

3,2203,2183,2323,2183,2213,1933,1893,2353,2283,2473,3003,246

9771,0261,0541,0971,1691,0851,0961,100

1,0851,0941,1011,0891,0991,0801,0831,1251,1101,1351,2091,159

1,9222,0212,0582,0882,1062,1322,1262,111

2,1352,1242,1312,1292,1222,1132,1062,1102,1182,1122,0912,087

Re-servewithFed-eralRe-

servebanks

5,6146,6756,6026,7127,0057,1707,2197,437

7,3377,3957,4456,9807,0577,2377,3717,5457,5967,5217,4527,171

2,6833,3803,3513,5053,7543,9103,9734,208

4,0794,0654,1013,8153,9114,0374,1194,3084,3684,3954,3204,161

2,9313,2953,2513,2073,2513,2603,2463,229

3,2583,3303,3443,1653,1463,2003,2523,2373,2283,1263,1323,010

Cashin

vault

315403387416425438483440

443458490493489452456424427394423410

261351337357364373410382

379392413415419390395370373344369357

Bal-anceswith

domes-tic

banks

1,9862,4352,4162,4132,4462,4672, 4522,561

2,4602,4872,5222,3892,4102,5592,5222,5842,5802,5932,5152,522

7174697376757473

707177757373727474737673

1,9152,3612,3472,3402,3702,3922,3782,488

2,3902,4162,4452,3142,3372,4862,4502,5102,5062,5202,4392,449

NOTE.—For description of figures see BULLETIN for November 1935, pages 711-738, or reprint, which may be obtained from the Division ofResearch and Statistics, and BULLETIN for June 1937, pages 530-531. For back figures see BULLETIN for November 1935, pages 711-738, or reprint,page 876 of BULLETIN for December 1935, Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports.

1 Figures beginning February 8, are not fully comparable with figures for prior period; see footnote 1 on page 204.



REPORTING MEMBER BANKS IN 101 LEADING CITIES—ContinuedASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER

BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY

Date or month

TOTAL—101 CITIES

1938—January.JulyAugust __September-October .NovemberDecember

1939—January

1938—Nov. 30Dec. 7Dec 14Dec. 21Dec. 28

1939—Jan 4Jan.11Jan 18Jan. 25 . .Feb 1Feb. 8Feb 15

NEW YORK CITY

1938—JanuaryJuly._ __AugustSeptember .OctoberNovemberDecember

1939—January

1938—Nov 30Dec. 7Dec 14Dec. 21Dec 28

1939—Jan. 4 .Jan.11Jan.18Jan.25 . .Feb. 1Feb 8Feb. 15

OUTSIDE NEW YORKCITY

1938—JanuaryJulyAugustSeptember.OctoberNovemberDecember

1939—January

1938—Nov. 30Dec. 7Dec. 14.Dec. 21Dec. 28

1939— Jan. 4Jan.11Jan. 18Jan. 25 _.Feb. 1__._Feb. 8Feb. 15

Cashitems

report-ed as

in proc-ess ofcollec-tion1

1,3341,3221,1681,3081,4711,4781,5861,430

1,6221,3821,5901,6271,7441 6221,4031 4071,2861 4601,2601 647

601602499580687660760640

807680717790852710624632593704612786

733720669728784818826790

815702873837892912779775693756648861

[Monthly data are averages of weekly figures.

Other

1,2701,2691,2721,2501,2411,2631,2871,231

1,3061,2971,3011,2721,2791,2251, 2261,2411,2331 2411,2811 272

471485486464451452456415

467461457449460420409421412411419406

799784786786790811831816

839836844823819805817820821830862866

Totalassets

Totalliabil-ities

31, 80432,63432, 52033,17733,91134,16334,61334, 567

34,49334, 46934, 85234, 50334,62834, 62134,45534, 64034, 55034, 65134, 38134, 630

11,71412,08512,03912,47812, 83812,89913,18113, 039

13,19613,18913, 30513,06213,16713, 00912, 95413,10413,09013, 22013, 13913, 204

20, 09020, 54920, 48120, 69921,07321, 26421,43221, 528

21, 29721, 28021, 54721, 44121,46121,61221, 50121, 53621,46021,43121,24221, 426

In millions of dollars]

Demand deposits

Interbank

Domes-tic

banks

5,1745,8215,8085,8636,0126,1206,0796,216

6,0986,1876,2415,9395,9496,2456,1386,2456, 2366,2486,1566,173

2,0942,4432,4472,4942,5492,5892, 5982,661

2,6252,6592,7032,5102,5202,6702,6182,6682,6892,7062, 6262,615

3,0803,3783,3613,3693,4633,5313,4813,555

3,4733,5283,5383,4293,4293,5753, 5203,5773,5473,5423, 5303,558

Foreignbanks

421302312411472477496522

500483494498510511511531535565561536

386266273364419421437464

440421437440450454452473475502497476

3536394753565958

606257586057595860636460

UnitedStates

Govern-ment

665452425491563536585631

534533532639637630632630630631632631

358108103128141115118116

115115115121120117116117116116116116

307344322363422421467515

419418417518517513516513514515516515

Certi-fied

checks,etc.

433443368409493448548463

560570484575564521433453446515438510

276279218251328281356285

373380289394362309270279284339284349

157164150158165167192178

187190195181202212163174162176154161

Other

15, 33915,90015, 91716, 27516, 66616, 85617,12417, 020

17,07516, 92617, 32717,07717,16616, 98917, 02017, 07816,99216, 99316, 89817, 088

6,1106,5596,5676,7816,9727,0487, 2217, 085

7,2017,1647, 3127,1467,2607,0187,0687, 1467, 1067, 1427 2157,246

9,2299,3419,3509,4949,6949,8089,9039,935

9,8749, 762

10,0159,9319,9069,9719 9529,9329,8869,8519, 6839,842

De-manddepos-its—ad-justed*

14,43815,02115,11815, 37715, 68815, 82516, 08716, 054

16,01316,11416, 22116,02515, 98615, 88816,05016,12416,15216, 04816,07615,951

5,7856,2366,2866,4536,6136,6696,8176,730

6,7676,8646,8846,7506,7706,6176,7146,7936,7976,7776 8876,809

8,6538,7858,8328,9249,0759,1569,2709,324

9,2469 2509,3379,2759,2169,2719,3369,3319, 3559,2719,1899,142

Time deposits

Interbank

Do-mesticbanks

112115112111110113112111

114111112112112112111110111111115112

112115112111110113112111

114111112112112112111110111111115112

For-eign

banks

88887999

8999989

1010111111

66665555

555554555555

22222444

344444455666

Other

5,2105,2115,2065,2135,1645,1355,1405,173

5,1245,1275,1305,1415,1605,1615,1775,1745,1795,1835,1745,181

646648650662621604601613

604605601599601609613613617617617624

4,5644,5634,5564,5514,5434,5314,5394,560

4,5204 5224,5294,5424,5594,5524 5644, 5614,5624 5664,5574,557

Bor-row-ings

461

121

11

21

1

3

12

1

161

1

1

21

1

Otherliabil-ities

814731706735760790836747

795839843828834771748736733713713707

353298292311320346355331

342350356357358351332323318310294289

461433414424440444481416

453489487471476420416413415403419418

Capi-tal ac-count

3,6243,6453,6573,6613,6633,6773,6833,675

3,6843,6833,6803,6833,6863 6733,6763 6733,6783 6813,6823 681

1 4821,4781,4831,4811,4821,4881,4901,479

1,4901,4901,4871,4901,4911,4771,4801,4801,4801,4831,4851,484

2,1422,1672,1742,1802,1812,1892.1932,196

2,1942 1932,1932,1932,1952 1962 1962,1932,1982 1982,1972,197

1 Does not include cash items in process of collection reported in balances with domestic banks.* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.



REPORTING MEMBER BANKS IN 101 LEADING CITIESASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO


Federal Reservedistrict and date

(1939)

BOSTON (6 cities)Feb 1Feb. 8Feb. 15 .NEW YORK (8 cities)*

Feb. 1 . - -Feb.8Feb. 15PHILADELPHIA (4 Cities)Feb 1Feb 8Feb. 15CLEVELAND (10 Cities)Feb. 1Feb. 8Feb. 15

RICHMOND (12 cities)Feb 1Feb 8Feb 15

ATLANTA (8 cities)Feb. 1Feb 8Feb 15

CHICAGO (12 cities)*Feb. 1Feb. 8 . __Feb. 15

ST. LOUIS (5 cities)Feb. 1Feb. 8Feb. 15MINNEAPOLIS (8 cities)Feb 1Feb 8Feb 15KANSAS CITY (12 eities)Feb. 1 _Feb. 8Feb. 15

DALLAS (9 cities)Feb 1Feb 8Feb. 15SAN FRANCISCO (7 cities)Feb. 1Feb 8Feb. 15

CITY OF CHICAGO*Feb 1Feb. 8Feb 15

Totalloansand

invest-ments

I

1,1271,1231,142

8,4318,4898,559

1,1471,1271,132

1,8491,8511,858

649651662

597590598

3,1883,1963,202

702700702

395392393

659654661

510498505

2,1882 1792, 194

2 1112 1272,129

Loans*

Total1

573565567

3,2723,2393,267

419406408

641638642

234233232

308305307

845850848

311310309

156155154

259259258

244242243

971966970

524528524

Com-mercial,indus-trial,andagri-cul-tural1

242246248

1,4541,4471,456

179177178

229227227

1039898

171172172

479482483

187178177

767676

158156154

161158160

328328332

343347345

Openmar-ket

paper

696566

133133132

232223

998

910

Q

344

313130

444

444

181818

111

202322

171616

Tobrokers

anddealersin se-curities

312929

647641666

181919

222224

433

6

?363837

666

111

555

3

3

131313

323433

Otherloans

for pur-chas-ing orcarry-ing se-curities

292525

250249249

333232

222626

161716

161313

777878

131212

7

111212

,41514

,4849

656766

Realestateloans

828080

223197196

575353

170169169

333535

282827

989898

494848

777

232323

202019

384379379

131313

Loansto

banks

222

798784

222

22

111

444

7

111

1

1

Otherloans1

118118117

486485484

107101101

187183186

697071

838183

120119118

455555

616059

434445

454546

178175174

545151

Investments

Total1

554558575

5,1595,2505,292

728721724

1,2081,2131,216

415418430

289285291

2,3432,3462,354

391390393

239237239

400395403

266256262

1.217 1

U. S. Govern-ment obliga-

tions

FullyDirect guar-

anteed

390 32388 33403 41

2,900 ! 9592,898 ; 9802,886 ; 1,087

363 88365 I 88364 • 92

833 99834 102831 | 109

309 : 41312 43319 45

159 44155 47155 51

1,647 i 2341,648 2311, 642 i 246

230 60228 60229 63

182 : 15182 15183 16

215 52215 47216 54

166 41161 39161 . 45

779 1241.213 il 788 1231,224

1,5871,5991,605

793 126

1. 149 1161,161 1131, 156 125

Othersecuri-ties^

132137131

1,3001,3721,319

277268268

276277276

656366

868385

462467466

101102101

424040

133133133

595656

314302305

322325324

Re-servewithFed-eralRe-

servebanks

359347319

4,5244,4974,297

277274260

372358359

156154347

110110112

919895877

162162155

656970

156166156

108110108

313310311

702686658

Cashin

vault

138140139

647171

151717

384039

161917

111211

576157

101110

676

101211

91110

202222

313127

Bal-anceswithdo-

mes-tic

banks

163151150

203183179

176169172

294277282

167168156

149159158

429408414

138142145

938784

268256268

244245250

269270264

210193197

* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures forthe New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively

1 Beginning February 8, 1939, amounts previously classified as loans or securities but indirectly representing bank premises or other real estateowned are classified among "other assets". These amounts on February 8, 1939, were $47,000,000 for loans, mostly real estate loans and $53,000,000for securities. There was also a transfer on that date of certain loans theretofore erroneously classified as "Commercial, industrial, and agricul-tural" to "Other loans".



REPORTING MEMBER BANKS IN 101 LEADING CITIESASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO—Continued


Federal Reservedistrict and date

(1939)

BOSTON (6 cities)Feb. 1Feb. 8Feb. 15 ._ _ .NEW YORK (8 cities)*Feb. 1Feb. 8Feb. 15PHILADELPHIA (4 cities)

Feb. 1Feb. 8Feb. 15CLEVELAND (10 cities)Feb. 1Feb. 8Feb. 15 _ .RICHMOND (12 Cities)

Feb. 1Feb.8Feb. 15

ATLANTA (8 Cities)Feb. 1Feb. 8Feb. 15 _ _ .

CHICAGO (12 cities)*Feb. 1Feb.8 - —Feb. 15

ST. LOUIS (5 cities;Feb. 1 . _Feb. 8Feb. 15MINNEAPOLIS (8 cities)Feb. 1Feb. 8Feb. 15 .KANSAS CITY (12 cities)Feb. 1 . . . .Feb. 8Feb. 15

DALLAS (9 cities)Feb. 1Feb. 8Feb. 15

SAN FRANCISCO(7 cities)

Feb. 1. .Feb. 8Feb. 15

CITY OF CHICAGO*Feb. 1Feb. 8Feb. 15

Cashitems

report-ed as

in proc-ess ofcollec-tion !

645563

745641830

715874

896788

453840

464553

154140197

464254

262128

615368

353553

786599

9385

120

Otherassets

718282

545501486

83104104

100106106

333536

404547

828282

232324

161717

229 9

22

253030

201234236

515050

Totalassets

Totalliabil-ities

1 9221 8981,895

14,51214,38214, 422

1.7691,7491,759

2,7422,6992,732

1,0661,0651 058

953961979

4,8294 7824,829

1,0811,0801 090

601593598

1,1761 1631, 186

931929956

3,0693,0803,126

3 1983,1723, 181

Demand deposits

Interbank

Domes-tic

banks

254255251

2.7682,6872 677

318309315

326311317

237239234

229238241

910905915

286286283

122121123

341342345

207211216

250252256

683681685

Foreignbanks

222321

504499477

111010

111

1

111

101011

111

151514

99

10

UnitedStates

Govern-ment

151514

134134134

545454

424242

282828

414242

129129128

182020

222

232222

343434

111110111

838383

Certi-fied

checks,etc.

201816

353300363

979

181515

1098

654

383541

654

6

5

121012

1089

272124

232124

1

Other

1,0981,0731,078

7,7947,8417,848

847839842

1,1991,1691,197

468463464

394392408

2,4422 4002,432

480479493

285277282

549537554

459455475

978973

1,015

1 6631,6401, 642

De-manddepos-its—ad-justed*

1 0541 0361,031

7,4027,5007,381

785788777

1,1281,1171,124

433434432

354352359

2,3262 2952,276

440442443

265261259

500494498

434428431

927929940

1 5931 5761,546

Time deposits

Interbank

Do-mesticbanks

141414

101110

363938

666

333

988

666

232

7

7

181818

For-eign

banks

111

555

555

Other

249250250

1,010997

1,004

283283283

739738740

197198198

182183182

890892892

189188188

119119119

144144145

134134135

1,0471,0481,045

470471470

Bor-row-ings

1

Otherliabil-ities

212021

319298293

161515

141715

272726

66

161616

555

888

233

444

275294294

131313

Capi-tal ac-count

942243243

1,6111,6071,607

221221221

367367367

939494

919191

385386386

919191

565756

989898

838383

343344344

254254254

* See note on preceding page.1 Does not include cash items in process of collection reported in balances with domestic banks.1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.



COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS9 BALANCES

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollars]

End of month

1938—JanuaryFebruaryMarchAprilMayJune -JulyAugust _SeptemberOctoberNovemberDecember

1939—January

Com-mer-cial

paperout-

stand-ing!

299293297271251225211209212213206187

195

Dollar acceptances outstanding

Totalout-

stand-ing

326307293279268264265258261270273270

255

By holders

Held by acceptingbanks

Total

266246236229218210217216221223222212

204

Ownbills

147140143141139135133129129130124121

122

Billsbought

11910693898076848792939891

82

Held by FederalReserve banks

Forown ac-count

For ac-count offoreigncorre-spond-

ents

21

(J)1221

(2)(2)

C2)

Heldby

others

596157484852474240465158

52

By classes

on

portsintoU.S.

1069691868179788389949495

87

Basedon ex-portsfromU.S.

827875716563635857575960

57

Dollarex-

change

322111122333

2

Based on goodsstored in or shippedbetween points in

U.S.

757063605758605556595957

52

Foreigncoun-tries

606162616463636057565756

55

1 As reported by dealers; includes some finance company paper sold in open market.* Less than $500,000.Back figures.—8ee Annual Eeport for 1937 (table 70).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OFSTOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1936—-SeptemberDecember

1937—March __JuneSeptemberDecember

1938—January. . _FebruaryMarch _AprilMayJune .JulyAugustSeptemberOctoberNovember _December

1939—January

Debit balances

Customers'debit

balances(net) i

1,3171,395

1,5491,4891,363

985

958937831763760774843864823905939991

971

Debitbalances inpartners'

investmentand trading

accounts

7264

61654834

313129262527282929323032

34

Debitbalances in

firminvestmentand trading

accounts

141164

175161128108

103104959785888084768578

106

75

Cash onhand

and inbanks

227249

223214239232

220207215203208215209200213196189190

192

Credit balances

Moneybor-

rowed J

9951,048

1,1721,2171,088

688

641628576485482495528571559617662754

713

Customers'credit balances i

Free

289342

346266256278

288280239248243258284272257270252247

235

Other(net)

99103

115929685

878081889289827768736560

60

Other credit balances

Inpartners'invest-

ment andtrading

accounts

2430

29252626

282625242222222020202022

22

Infirm

invest-ment andtrading

accounts

1412

18131210

1110998

111097885

12

Incapital

accounts(net)

423424

419397385355

333324315309301298303301300304303305

298

i Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)of firms' own partners.

i Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money bor-rowed 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 methodsby which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last columnis 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).



FEDERAL RESERVE BANK DISCOUNT RATES[Percent per annum]

Federal Reserve Bank

Rediscounts and advances un-der sees. 13 and 13a of the Fed-

eral Reserve Act i

RateFeb. 28

In effectbeginning-

Pre-viousrate

Advances under sec.10 (b) of the Federal

Reserve Act

RateFeb. 28

In effectbeginning-

Advances secured bydirect obligations ofthe United States(last paragraph of

sec. 13 of the FederalReserve Act)

RateFeb. 28

In effectbeginning-

BostonNew York____Philadelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

IK

IK

IK

Sept. 2, 1937Aug. 27, 1937Sept. 4, 1937May 11, 1935Aug. 27, 1937Aug. 21, 1937Aug. 21, 1937Sept. 2, 1937Aug. 24, 1937Sept. 3, 1937Aug. 31, 1937Sept. 3, 1937

Sept.Oct.Sept.Oct.Sept.Aug.Aug.Sept.Aug.Sept.Aug.Sept.

2, 193710, 19354, 193719, 193510, 193721, 193721, 19372, 193724, 19373, 193731, 193717, 1937

April 29, 1938Feb. 8, 1934Oct. 20, 1933May 11, 1935Feb. 19, 1934April 23,1938Oct. 16, 1933Feb. 23, 1935Oct. 8, 1938Apr. 16, 1938Apr. 16, 1938Oct. 19, 1933

i Rates indicated also apply to United States Government securities bought under repurchase agreement.Back figures—See Annual Report for 1937 (table 40).

FEDERAL RESERVE BANKBUYING RATES ON ACCEPTANCES

[Percent per annum]

Maturity

1-15 days i_.16-30 days...31-45 days...46-60 days...61-90 days...91-120 days..121-180 days

Rate ineffect onFeb. 28

K

In effect be-ginning—

Oct. 20, 1933___do. . .do__.do___do___do_._do

Previousrate

111111

i This rate also applies to acceptances bought under repurchase agree-ments, which agreements are always for a period of 15 days or less.

NOTE.—Minimum buying rates at the Federal Reserve Bank ofNew York on prime bankers' acceptances payable in dollars; higherrates may be charged for other classes of bills. The same minimumrates apply to purchases, if any, made by other Federal Reserve banks.

Back figures.—See Annual Report for 1937 (table 41).

MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by

the Board of Governors under provisions of Regulation Q.

[Percent per annum]

Savings depositsPostal Savings depositsOther time deposits pay-

able in:6 months or more90 days to 6 monthsLess than 90 days

Nov. 1, 1933to

Jan. 31, 1935

Feb. 1,1935to

Dec. 31, 1935

In effectbeginning

Jan. 1, 1936

NOTE.—Maximum rates that may be paid by insured nonmemberbanks as established by the Federal Deposit Insurance Corporation,effective February 1, 1936, are the same as those in effect for memberbanks. In some States the maximum rates established by the Boardand the Federal Deposit Insurance Corporation are superseded bylower maximum rates established by State authority.

FEDERAL RESERVE BANKRATES ON INDUSTRIAL ADVANCES

Rates in effect, Feb. 28, 1939, on advances and commitments under Sec.13b, of the Federal Reserve Act as amended June 19, 1934.

[Percent per annum except as otherwise specified]

Federal Reserve Bank

BostonNew YorkPhiladelphiaCleveland

RichmondAtlantaChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco _

Advancesdirect to

industrialor com-

mercial or-ganizations

3^-64-64-6

43^-6

65-65-6

64-65-65-6

Advances to financ-ing institutions—

On por-tion forwhichinstitu-tion is

obligated

33

4-65

43^-5

43-4

On re-mainingportion

33^4-5

4

4-65

5-64

43^-5

5-64-5

Commit-ments

to makeadvances

K-l1-2

K-2

1-2

1-28 K

1K-2

K-2

1 Authorized rate 1 percent above prevailing discount rate.2 Same as to borrower but not less than 4 percent.3 Flat charge.Back figures.—See Annual Report for 1937 (table 40).

MEMBER BANK RESERVE REQUIREMENTS[Percent of deposits]

Classes of depositsand banks

On net demanddeposits:1Central reserve city.Reserve cityCountry

On time deposits:All member banks._.

June 21,1917-

Aug. 15,1936

Aug. 16,1936-

Feb. 28,1937

15103^

Mar. 1,1937-

Apr. 30,1937

22%173412M

May 1,1937-

Apr. 15,1938

Apr. 16,1938-andafter

1 See footnote to table on p. 196 for explanation of method of comput-ing net demand deposits.



MONEY RATES AND BOND YIELDSOPEN-MARKET RATES IN NEW YORK CITY

[Percent per annum]

Year,month, or

week

1936 average._.1937 average. . .1938 average.._

1938—Jan...FebMarApril....MayJuneJulyAugSeptOctNovDec

1939 Jan

Week ending:Jan 7__Jan. 14Jan. 21 .Jan. 28 . . .Feb. 4____Feb. 11.Feb.18Feb. 25..

Prevailing rate o n -

Primecom-

mercialpaper,4 to 6

months

.75

.95

.81

11

X~lf -iXX

%-YA.

V2-v%

}/2~~%VT~%

}/2~~%V2~%Yr~%YT-%

Primebank-

ers'accept-ances,

90days

.15

.43

.44

7/187 '/167 '187/167/167/167/167/167/167/167/16T/16

7/16

T / l «7/167/167/167/167/167/16

V l i

Stockex-

changetimeloans,

90days

1.161 251.25

1 \S

IKIK

IKIKIK

\ y£1MIK

IK

1 ÎXIXIXIXIXIXIX

Average rate o n -

Stockex-

changecallloanre-

new-als

.911 001.00

1.001.001.001.001.001.001.001.001.001.001.001.00

1.00

L.00L.00L.00L.001.00L.00L.00L.00

U. S.u r y

Newissues

of-fered

withinperiod1

.144ft

!05

.10

.08

.07

.08

.03

.02

.05

.05

.10

.02

.02

.01

(3)

(2)(3)

.01(3)(3)

.01(3)( 3 )

rreas-bills

91-daydeal-ers'quo-

tation

.17

.28

.07

.1008

.08

.09

.05

.05

.07

.06

.08

.05

.04

.03

.03

.03

.03

.03

.03

.03

.03

.03

.03

Aver-age

yield onU.S.Treas-

u r y3-to-5yearnotes

1.111.40.83

1.131 091.01.94.77.67.70.71.82.68.71.67

.65

.68

.67

.63

.64

.63

.64

.63

.63

1 Series comprises 273-day bills to October 15, 1937, bills maturingabout March 16,1938, from October 22, to December 10,1937, and 91-daybills thereafter.

2 Part of issue sold on negative yield basis and remainder at no yield.8 Less than 0.005 percent.Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures

for 91-day Treasury bills available on request.

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates; percent per annum]

New York City:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober-NovemberDecember

Year8 other northern and

eastern cities:JanuaryFebruary _MarchAprilMay .JuneJulyAugust

October.NovemberDecember

Year27 southern and

western cities:January-FebruaryMarch..AprilM a yJuneJulyAugust-SeptemberOctober-NovemberDecember

Year

1929

5.745.735.815.855.885.935.886.056.066.085.865.74

5.88

5.875.865.916.006.096.026.086.116.246.256.125.94

6.04

5.945.966.046.076.106.166.176.226.276.296.296.20

6.14

1932

4.714.714.724.694.554.614.424.454.304.354.124.22

4.49

5.075.135.145 105.145.135.055.125.034.964.884.88

5.05

5.615.615.645.635.645.625.635.685.635.665.555.60

5.62

1933

4.124.114.884.334.244.103.933.973.793.763.523.48

4.02

4.894.845.395.094.994.974.824.684.654.614.544.59

4.83

5.605.565.665.685.666.625.546.535.555.505.425.43

5.56

1934

3.583.433.313.393.423.303.303.333.263.283.223.18

3.33

4.654.494.524.524.394.304.154.124.114.134.083.98

4.29

5.405.395.406.346.285.195.075.055.045.054.934.92

5.17

1935

2.832.902.642.612.692.662.612.672.722.722.772.61

2.70

4.084.024.053.993.883.783.873.793.753.753.633.67

3.86

4.954.844.854.804.794.764.584.634.514.554.514.55

4.69

1936

2.642.562.612.542.512.442.442.422.402.462.432.43

2.49

3.623.633.603.473.453.513.613.473.453.503.473.46

3.52

4.474.514.444.404.434.394.354.254.294.234.244.14

4.35

1937

2.50?, 412.502.532.442.342.362.412.39? 382.452.40

2.43

3.363.433.343.363.453.323.323.293.333.373.423.36

3.36

4.164.154.154.214.174.184.194.184.184.164.174.15

4.17

1938

2.362.342.402.362.402.362.272.162.252.292.332.33

2.32

3.37

3! 263.273.383.283.263.303.373.283.47

3.32

4.164. Of4.H4.124.134.144.124.124.074.064.054.04

4.11

1939

2.292.24

3.413.33

4.104.09

BOND YIELDS1

[Percent per annum]

Year, month, or week

Number of issues

1936 average1937 average1938 average...

1938—JanuaryFebruaryMarchAprilMayJuneJuly .August.SeptemberOctoberNovemberDecember. _.

1939—January

Week ending:January 28February 4February 11February 18

U.S.Treas-ury*

2-6

2.652.682.56

2.652.642 642.622.512.522.522.512.582 482 502.49

2.47

2 482.452.442.43

Munic-ipal i

15

3.073 102.91

3.032.992 993.032.912.912.872 823.022 822 742.75

2.70

2 712.722.692.70

Total

120

3.873.944.19

4.194.234.364.504.284.404.174.094.174 033 953.95

3.86

3 863.863.823.81

Corporate 4

By ratings

Aaa

30

3.243.263.19

8.173.203.223.303.223.263.223.183.213 153 103.08

3.01

3.023.013.003.00

Aa

30

3.463.463.56

3.503.513.563.733.563.683.623.573.603.533.463.42

3.32

3.303.293.273.25

A

30

4.024 0 14.22

4.204.244.344.494.284.414.214.134.204.084.024.02

3.97

3.983.983.943.93

Baa

30

4.775.035.80

5.895.976.306.476.066.255.635.495.655.365.235.27

5.12

5.145.145.075.05

By groups

Incus-trial

40

3.503.653.50

3.643.573.583.643.513.553.483.433.503.433.393.40

3.31

3.303.303.293.29

Rail-road

40

4.244.345.21

5.025.065.445.755.445.755.255.095.184.944.834.82

4.70

4.714.734.654.63

Publicutility

40

3.883.933.87

4.014.074 054.113.903.903.793.763.823.733.653.63

3.57

3.563.553.523.51

i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.* Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description.»Standard Statistics Co.* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced

from 10 to 3, the industrial Aa group from 10 to 5, and the railroad Aaa group from 10 to 9.Bick figures.—Sea Annual Report for 1937 (table 83): for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938



BOND PRICES l

Year, month, or date

Number of issues1936 average1937 average—1938 average

1938—JanuaryFebruaryMarchApril ..__May_._JuneJuly ___.AugustSeptemberOctoberNovemberDecember

1939—January

January 25February 1February 8_ _February 15

U. S.Treas-ury *

2-6

103.7101.7103.4

102.3102.4102.5102.7104.0103.9103.8104.0103.0104.3104.0104.1

104.4

104.2104.6104.6104.8

Munic-ipal

110.8110.3113.7

111.5112.2112.2111.6113.6113.6114.2115.2111.7115.2116.6116.5

117.3

117.1117.0117.5117.3

Corporate 3

Total

60

97.593.478.9

80.679.376.073.876.575.380.881.378.781.882.181.1

81.9

81.181.582.082.0

Indus-trial

20

92.290.182.9

81.780.679.577.880.480.085.085.784.286.886.986.0

86.2

85.886.286.386.5

Rail-road

20

94.789.658.6

66.265.057.353.555.152.060.260.055.759.960.258.6

59.7

58.158.459.1

Utility

20

105.4100.495.3

94.092.291.290.294.094.097.398.196.398.699.398.7

99.7

99.499.9

100.6100.8

1 Monthly data are averages of daily figures except for municipal bonds*which are averages of Wednesday figures.

s Average prices of all outstanding bonds due or callable after 12 years,based on quotations from Treasury Department; see BULLETIN forDecember 1938, pp. 1045-1046 for description.

8 Prices derived from average yields, as computed by Standard Sta-tistics Co.

Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasurybonds, see pp. 1045-1046 of BULLETIN for December 1938.

STOCK MARKET

Year, month, ordate

Number of issues—

1936 average,.1937 average __1938 average

1938—January _FebruaryMarchAprilMayJuneJu ly . . . _AugustSeptember. _.OctoberNovemberDecember...

1939—January

January 25_._February 1___February 8- __February 15..

Stock prices l

Pre-ferred 2

20

138.9136.2135.6

133.5133.3132.2127.9131.7132.3135.6138.1137.9140.4142.3141.7

141. 7

141.8141.4142.0141.9

Common (index, 1926=100)

Total

420

11111283

•828178717473889086919592

92

87899191

Indus-trial

348

12713199

969693848786

105108104110114111

109

104105107107

Rail-road

32

514926

292826212221272826283029

30

27282928

Utility

40

loT9573

767169647069777572778178

81

81828584

Vol-ume oftrad-ing «

1,8241,5191,100

1,069719922778620

1,0331,762

8431,0541,8891,3551,195

1,114

1,417782655650

1 Standard Statistics Co. Monthly data are averages of Wednesdayfigures.

2 Average prices of industrial high-grade preferred stocks, adjusted to a$7 annual dividend basis.

3 Average daily volume of trading in stocks on the New York StockExchange, in thousands of shares. Weekly figures are averages for theweek ending Saturday.

Back figures.—For stock prices, see Annual Report for 1937 (table 79)

CAPITAL ISSUES[In millions of dollars]

Year ormonth

1929 .1930 .19311932 . .193319341935193619371938

1938—Jan. . , . .FebMarAprMayJuneJuly....AugSeptOctNov..Dec

1939—Jan

Total

and

fund-ing)

11,5137,6194 0381,7511,0632 1604,6996 2143,9394,375

122199245352218511470415237763379453

256

Total(do-

mesticandfor-

eign)

10,0916,9093 0891,194

7201 3861,4571 9722,1402,333

9382

126197158347390180144165225218

200

]For new capital

Domestic

Total

9,4206 0042 8601,165

7081 3861,4091 9492 0962,297

9381

126197158344390180144165194218

200

Stateandmu-nici-pal

1,4181 4341 235

762483803855735712962

4140944588

130445551

101151116

76

Fed-eral

cies*

087757764

40515022

157481

609

1403314

2160800

55

118

Corporate

Total

8,0024,4831 551

325161178404

1,1921,227

854

4641241237

20113012585644347

5

Bondsand

notes

2,0782,9801 239

30540

144334839819790

4041231122

191128121

83623732

5

Stocks

5 9241 503

31120

1203569

352408

64

6(3)

11

161023226

15

1

For-eign i

671905229

2912

o48234436

0100031

0)00

310

0

For refunding

Total(do-

mesticandfor-

eign)

1,422709949557343774

3,2424 2421 7992,042

2911711915560

16479

23592

598155234

57

Domestic

Total

1,387527893498283765

3,2164,1231,6802,014

2911711915560

16479

23592

598130232

57

Stateandmu-nici-pal

1353218737

136365382191128

8221644

143

1122

26

i 15

27

Fed-eral

agen-cies J

00

519326

317987353281665

18324584315220146

3232220

19

Corporate

Total

1,374474821319219312

1,8643 3871,2091.221

4625867269956

21165

273102197

10

Bonds

notes

542451789315187312

1,7823 187

8561,190

3626867269956

21165

27384

186

10

Stocks

8332332

432

o81

200352

31

10000000

(•)1

1811

(3)

For-eign1

35182

565960

926

11911928

0000000000

253

0

1 Includes issues of noncontiguous U. S. Territories and Possessions.* Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.,a Less than $500,000.Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject

to revision.Back figures.—See Annual Report for 1937 (table 78).



TREASURY FINANCEUNITED STATES GOVERNMENT DEBTVOLUME AND KIND OF DIRECT OBLIGATIONS

[On basis of daily statements of United States Treasury, In millions of dollars]

End of monthTotalgrossdebt

Interest-bearing

Totalinterestbearing

Publicly-offered»

Total

Bonds

Pre- Treas- U.S.Notes Bills

Ad-justedserviceissues3

Socialse-

curityissues4

Allother5

Noninterest-bearing

Ma-tureddebt

Other

1932—-June1933—June1934—June1935—June1936—June1937—June

1938—January....February...MarchAprilMayJune..JulyAugustSeptember.OctoberNovember.December.

1939—January...

19,48722, 53927,05328, 70133, 77936,425

37,45337,63337, 55637, 51037,42237,16537,19137,593

38,42338, 60339,42739, 631

19,16122,15826,48027,64532,98935,800

36,88737,08037,00136,96336,87136, 57636, 64237,05237,85037,89738,06838,89939, 097

618, 816621, 782626,00626,91031, 29733, 734

34,11434,14434,03234,01633, 84533, 46333,40033,68134,49334, 52734, 55935,32735, 469

7537537537537979

797979797979797979797979

13,46013, 41715, 67914,01917,16819,936

20,47620,47620,92720,92720, 92721,84621, 84621,84622, 71222, 71222, 71224,00524, 005

1,2614,548

62316800

1,0601,1061,1481,1811,2101,2381,2751,3051,3341,3671,3991,4421,580

10,02311, 38110, 617

10, 54710, 53110,07610,07610,0769,1479,1479,1479,0679,0679,0678,4968,496

616954

1,4042,0532,3542,303

1,9521,9521,8031,7531,5531,1541,0541,3041,3021,3021,3031,3061,309

10592118156

1,071926

872867860856852868864859830826827827826

19579

1,2631,3991,4601,4581,5381,6011,6411,7571,7881,8071,9372,0022,046

240284356580601560

638669648635637644738754739736745743756

606654231169119

9210114110610210694105101109

266315518825620506

466462458454450447443440437433431427425

1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.2 Includes Liberty bonds.3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series

and of certificates to the adjusted service fund.4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.e Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.

MATURITIES OF PUBLICLY OFFERED DIRECTOBLIGATIONS, JANUARY 31, 1939


Date maturing

1939—Before Apr 1Apr 1—June 30July 1—Sept 30Oct 1—Dec 31

1940—Jan 1—Mar. 31Apr 1—Dec 31

1941 _19421943194519461947194819491951195219531954195519561959196019611963 . .1965

Total ..

Total

9191,697

427526

1,3781,4762,2191,0011,8952,1201,8482,8311,9612 985

1,2232,1171,7862,663

755489982

2,61150

919591

35, 469

Bonds!

834

8982,1201,8482,8311,9612 985

1,2232,1171,7862,663

755489982

2,61150

919591

25, 664

Notes

131,294

427526

1,3781,4761,3851,001

997

8,496

Bills

906404

1,309

1 Issues classified as of date of final maturity; most issues callable atearlier dates; most of the U. S. savings bonds are redeemable at optionof i holder.

2 Includes unclassified U. S. savings bonds.

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i


End of month

1934—JuneDecember...

1935—JuneDecember

1936—JuneDecember

1937 JuneDecember

1938—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1939—January

Total

6813,0634,1234,4944,7184,6624,6654,645

4,6464,6464,6464,6474,8524,8535,0645,0155,0095,0014,9934,9924,987

FederalFarm

MortgageCorpora-

tion

312980

1,2261,3871,4221,4221,4221,410

1,4101,4101,4101,4101,4101,4101,4101,4101,4041,3951,3881,3881,383

HomeOwners'

LoanCorpora-

tion 2

1341,8342,6472,8553,0442,9882,9872,937

2,9372,9372,9372,9372,9372,9372,9372,8882,8882,8882,8882,8882,888

Recon-structionFinanceCorpora-

tion

235249250252252252255297

298299299299299299510511511511511509509

Com-modityCredit

Corpora-tion

206206206206206206206206206

1 Principal amount of obligations guaranteed as to interest and princi-pal. Excludes obligations held by U. S. Treasury and reflected in thepublic debt. The total includes guaranteed debentures of the FederalHousing Administrator, amounting to $1,426,000 on January 31, 1939.

2 Excludes obligations guaranteed as to interest only.



SUMMARY OF TREASURY OPERATIONS[On basis of daily statements of United States Treasury. In millions of dollars]

Period

Fiscal year ending:June 1936 _June 1937June 1938

7 months ending:Jan. 1937Jan. 1938Jan. 1939

1938—JanuaryFebruaryMarch..AprilMayJuneJulyAugust__September.._OctoberNovemberDecember . __

1939—January

General and special accounts

Total

4,1165,2946,242

2,4423,5113,235

335349959273375774311487711332382704308

Receipts

In-cometaxes

1,4272,1582,635

7481,2101,183

5262

7234940

5504732

4984136

48148

Socialsecur-

itytaxes2

(8)253755

3471375

57110

334

1315

32131

334

1293

43

Otherinter-nal

reve-nue 3

2,0862,1872,285

1,3021,4431,376

172141193155169185186283170209175181173

Allother

603697567

390388302

53364035353447424048414045

Expenditures ;

Total

8,6668,4427,626

4,4474,2235,197

533515748642568930763683751769678862693

Inter-est ondebt

749866926

417448455

1617

153669

2331317

146679

17330

General

Na-tional

de-fenseandVet-

erans'Adm.4

1,3401,4361,556

828899960

130123138130134132137142131136137136140

Allother

1,3101,9942,178

1,0171,1891,549

180150185215201238256227177250228190221

Re-cov-eryand

relief

3,4413,0732,238

1,9291,1671,769

147153196202206314216236243262249307257

Re-volv-ing

funds(net)5

11204121

1094957

417189

16125

131010766

Trans-fers totrustaccts.etc.6

1,814868607

148470406

5656581921

135484544494939

Excessof re-ceipts(+) or

ex-pendi-tures(-)

-4 ,550-3,149-1,384

- 2 , 005-712

-1,962

-198-166+211-369-193-156-451-195- 4 0

-437-296-157-385

Trustac-

counts,etc.7

excessof re-ceipts(+)or

ex-pendi-tures(-)

+312+374+306

+325+80

+212r+l+11+31-36

+158+63

+325- 6 3- 4 1- 3- 6

- 3 1+30

Increase or de-crease during

period

Generalfund

balance7

+840-128-338

-956+396+717

- 2 3+25

+166—451- 1 2 2-351-100+144+719-409-122+636-151

Grossdebt

+5,078+2,646

+740

+724+1,028+2,467

+173+180-76-46-88

-258+27

+402+800+30

+180+824+204

Period

Fiscal year ending:June 1936June 1937June 1938

7 months ending:Jan. 1937Jan.1938Jan.1939

1938—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober .NovemberDecember

1939—January

Details of trust accounts, etc.

Old-age reserve andrailroad retire-ment accounts

Re-ceipts

267 '550

45397331

565658192

1760484544494939

In-vest-

ments

267461

45347243

515151

1»51740353534343434

Bene-fit

pay-ments

(8)85

3967

878

1499999

10101010

Unemploymenttrust fund

Re-ceipts

19294763

58376453

50954337

1288235

1313538

1253751

In-vest-

ments

19293560

55336202

248510»38546

8294

«14963210

With-drawals

byStates

1191

(8)35

248

346

3641343936534040261933

Net expenditures inchecking accounts ofGovernment agencies

Recon-structionFinanceCorpora-

tion io

s 241» 3296 9

9 2879 22

9 184

'9»15

334

69 14

9 2601024192118

9 15

Com-modityCredit

Corpora-tion «

33• 1129184

»2416

134

19967

» 1»96

10312723181610

Allother

10

100127M l

1397

9 79

'9 211

»287

9 14938

9 55269796

8 11• 4

9 20

Allother,excess

of re-ceipts(+)orexpen-ditures<-)»

+204+60+87

+24+52+59

+19+3

+15+8+7+2

+10+3+3

+19+13+8+2

Details of general fund bal(end of period)

Total

2 6822,5532,216

1,7262,9502,933

2,9502,9753,1402,6892,5672,2162,1162,2602,9782,5692,4473,0842,933

In-activegold

1,087

1271,223

1,2231,2011,183

In-cre-

menton

gold

140141142

141142142

142142142142142142142142142142142142142

Seign-iorage

316356446

340413503

413421427433440446451455460467478492503

ance

Work-ingbal-ance

2 225970

1,628

1,1181,1722,288

1,1721,2121,3892,1141,9851,6281,5231,6632,3761,9601,8282,4492,288

I Excludes debt retirements. r Revised.* Includes taxes under Social Security Act and on carriers and their employees.3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.* Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc."* Includes revolving funds of Public Works Administration and Farm Credit Administration.9 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement "account; except

for the adjusted service certificate fund, these appear as receipts under ' 'Trust accounts, etc."7 Details given in lower section of table. 8 Less than $500,000. Êxcess of credits,w Monthly figures for the fiscal year 1938 subject to revision.I 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.



GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31 , 1938{Based on compilation by U. S. Treasury Department from reports received from organizations concerned.' In millions of dollars]

ASSETS

Loans and preferred stock:Loans to financial institutions,.Prpferred stock etcLoans to railroadsHome and housing mortgage

loansFarm mortgage loansOther agricultural loansAll other loans

Total loans and preferredstock

CashU. S. Govt. direct obligationsObligations of Government credit

agencies:Fully guaranteed by U. S.Other 6

Accounts and other receivablesBusiness property _ .Property held for saleOther assets

Total assets other than inter-agency

LIABILITIES

Bonds, notes, and debentures:Guaranteed by United States. __Other6

Other liabilities (including reserves)_

Total liabilities other thaninteragency

Excess of assets over liabilities, ex-cluding interagency transactions,,

Privately owned interests

U. S. Government interests

Recon-structionFinanceCorpo-rationand

PublicWorksAdmin-istration

244537481

212 515

1,7973

48

328

0)301

1.911

509

84

593

1,318

1,318

Home mortgage andhousing agencies

HomeOwners'

LoanCorpo-ration

215

2,169

2,384129

1

146

5426

3,082

2,8880)133

3,022

61

61

Othermort-gageagen-cies

19947

134

(0

3803838

9

4

0)0)

469

12026

146

32346

278

UnitedStatesHous-

ingAu-

thority

32

328

0)

0)129

170

2

2

168

168

Farm credit agencies

Farmmort-gageagen-cies

2,735

2,7358266

5 1

1946

1157

3,205

1,388* 1, 019

109

2,516

689192

496

OtherFarmCreditAdm.banks

and cor-porations

76

276

35229

150

3232

50)(00)

601

16911

180

4214

417

Com-modityCreditCorpo-ration

368

3680)

120)

0)

381

206

75

281

100

100

Other

( i )

863 181

26722

(0

5

294

6

6

289

289

Ten-nes-see

Val-leyAu-thor-ity

5

3219

1

229

25

7

222

222

In-sur-anceagen-cies

27

2733

403

104

1511

22

605

10)154

156

449139

310

Other

0)0)30

0)4 190

221214

5294

1113

505

6133

139

365

365

Total

Dec.31,

1938

470874511

2,3352,735

751886

8,562370710

14535

328456689156

11,451

4,9921,317

739

7,048

4,404381

4,022

Nov.30,

1938

464857503

2,3262, 751

735865

8,502349701

14436

333452679138

11, 335

4,9941,323

700

7,016

4,318382

3,936

Dec.31,

1937

501886440

2,4752,876

561826

8,564299606

ISO32

27738861962

11,027

4,6451,363

585

6,593

4,434361

4,073

1 Less than $500,000.2 Includes $41,000,000 loans of Public Works Administration.3 Includes $179,000,000 loans of Farm Security Administration.« Includes $88,000,000 loans of Eural Electrification Administration.6 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation.NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS[Amounts outstanding. In thousands of dollars]

Loans to financial institutionsLoans on preferred stock of banks and insurance companies.Preferred stock, capital notes, and debenturesLoans to railroads (including receivers)Loans for self-liquidating projects _Loans to industrial and commercial businessesLoans to drainage, levee, and irrigation districtsOther loans__ __Securities purchased from Public Works Administration._.

Total loans and investments, other than interagency--

Loans to Federal land banks..Loans to Commodity Credit Corporation.Capital Stock of Commodity Credit CorporationPreferred stock of Export-import bank.Capital stock of Disaster Loan Corporation..Loans to Rural Electrification AdministrationCapital stock of, and loans to R. F. C. Mortgage CoCapital stock of, and loans to Fed. Natl. Mtge. AssnLoans to Tennessee Valley Authority...

Total loans and investments.

Jan. 31,1938

246,59838,417

551, 335358, 216235, 263

73,70377, 7153,846

140, 916

1, 726,009

11, 48180,20697,00020,00010,00026,05568, 207

2, 038, 95:

Ju ly 31,1938

232, 27937, 438

531, 694398,304193,05381,06079, 5294,28'

138,132

1, 695, 775

4,992

20, 000

41,18611, 7

1,820, 239

Aug. 31,1938

219,99937, 220

525,160414, 928191, 551

85, 04979,39114, 365

138, 509

1, 706,172

16

20,000

46,49841, 75516,403

1, 830, 844

Sept. 30,1938

216, 85937,154

523, 605419, 364193,07892,13779, 60114, 456

137, 697

1, 713,950

20, 000

46,49842, 59523,1852,000

1, 848, 228

Oct. 31,1938

216,15737,090

521, 981426,046194,606

98, 22479,66719, 205

138, 783

1, 731, 760

20,000

46,49844, 99631,975

2,000

1, 877, 228

Nov. 30,1938

212, 21337,083

520, 550428,041194, 748103, 59880, 83619, 215

138, 607

1, 734,893

20,000

46, 49848, 64440, 868

2,000

1,892, 902

Dec. 31,1938

209, 62534, 616

r536, 590436,094186, 384107,74781,03724,040

140,194

1, 756, 327

r45,000

46, 49854,15949, 7103,000

1, 954, 693

Jan. 31,1939

i 205, 53934,116

532, 352437, 789187, 588109,41982, 39628,952

140,801

1, 758, 951

45,000

47, 69856, 54811,0003,000

1, 922,197

* Revised.i Includes $63,000,000 of loans for distribution to depositors of closed banks.NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.



FARM CREDIT ADMINISTRATIONLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS


End of month

1934—December1935—December1936—December1937—December

1938—JanuaryFebruaryMarchAprilMayJuneJulyAugust _ .SeptemberOctoberNovember.,December

1939—January _

Farm mortgage loansb y -

Federalland banks

1,915,7922,071,9252,064,1582,035, 307

2,031, 2902,029, 5172,025, 7072,022, 8462,019,9302,017,6962,013, 6452,008, 6612,003,8101, 997, 5611, 990, 4751, 982, 224

1, 973,179

LandBank

Commis-sioner

616,825794, 726836, 779812,749

807, 788804, 212798, 776794,916790, 772786,068781, 703776,982771,988766, 502760, 326752, 851

745, 631

Federal intermediatecredit bank loans toand discounts for—

Regionalagri-

culturalcredit cor-porations,productioncredit as-

sociations,and banksfor cooper-

atives 1

99,675104,706129,872165,194

164,700173, 384186,137195,899202,147207,988199, 288197, 274189,937174, 626166, 549168,392

163, 815

Otherfinancinginstitu-tions,except

coopera-tives

55,67247,16241,01740,464

39, 26338,85239, 52640, 65041,31242, 89442, 58242,98440,80836,12134, 53733, 545

33,077

Produc-tion credit

associa-tions

60,85294,096

105,212138,169

138,996147, 983162, 600173,113179, 790184, 327183,891181,154170, 806154, 560148, 430148,037

148, 416

Regionalagricul-

tural cred-it corpo-rations

87,10243, 40025, 28815, 592

15, 48815,19815,16415,06014,83414, 78814, 44214,00313, 37412,35411, 59211,081

10, 863

Emer-gency

crop anddrought

loans

111, 182172,489164,887172,130

170,429169, 609175,800183,467184, 766184, 532183, 289181,867179, 398174, 574172,043170,891

169, 707

Loans to cooperatives by—

Federalinter-

mediatecreditbanks

33,9692,7311,6411,813

1,5761,5021,420

793655

19118118256744851920

834

Banks forcooper-atives,

includingCentralBank

27,85150,01369, 64787, 633

86,85687,11382, 32379,92678, 41781,19075, 26475, 96182, 54486, 93186, 22187,496

80, 266

Agricul-tural

Market-ing Actrevolv-

ing fund

54,86344, 43353, 75430, 982

30, 25927,87527, 30426, 33525,33224, 60425,02826,11927, 37027, 91725, 31323, 723

23, 948

1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most ofthe loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column arethus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original creditis extended.

FEDERAL HOME LOAN BANK BOARDLOANS OUTSTANDING, BY INSTITUTIONS

[Loans in thousands of dollars]

End of month

1934—December.1935—December.1936— December.1937—December.

1938—January...February..MarchAprilMayJune _.JulyAugustSeptemberOctober....November.December.

1939—January...

Home mortgage loans b y -

HomeOwners'

Loan Cor-poration

2,379,4912,897,1622, 765,0982,397,647

2,370,9842, 348,0252,323,9952, 301,8942,281,8842, 265,1532, 248,9822, 234, 8992, 221,4172,203,8962,186,1702,168,920

2,149,038

Federal savings andloan associations

Numberof asso-ciations

639023212328

,332,334,338

1,3421,3451,3461,3481,3541,3651,3701,3741.368

Loans!

81,300348,000586, 700853, 500

864,900874,800895, 300919, 700930,300947,500961, 300976,074994, 218

1,011,0871,020, 8731.034,162

1,370 1,040,770

Federalhomeloanbank

loans tomemberinstitu-tions 3

86, 651102, 791145,394200,092

190, 535187,498183,105183,747186,507196, 222191, 889189, 415189, 548189, 217189, 685198, 840

178, 852

rRevised.i Federal Home Loan Bank Board estimates for all Federal savings

and loan associations.1 Excludes loans to other than member institutions which are neglig-

ible in amount.

POSTAL SAVINGS SYSTEM


End of month

1935—June1936—June1937_ju n e

1937—December1938—January

FebruaryMarchAprilMay _JuneJulyAugustSeptemberOctoberNovemberDecember

1939—January

Depos-itorsbal-

ances1

1,2051,2321,268

1,270J.272

p

L, 271L, 268L, 2661,2551,2521,2521,2521,2481,2501, 250L. 252

Pi, 259

Assets

Total

1,2361,2651,307

1,3081,3111,3111,3061,3011,2961,2901,2911,2911,2871,2891,291

Cashin de-posi-tory

banks

385203136

13012512412111911611510299989687

U. S. Governmentsecurities

Total

777967

1,100

1,0971,0971,1121,1131,1101,1081,1031,1031,1131,1181,1181,128

Di-rectobli-ga-

tions

630800933

930930946946944941936937947952952961

Guar-an-

teedobli-ga-

tions

147167167

167167167167166167167166166166166167

Cash,re-

servefunds,etc.2

749571

818975727272728679717576

p Preliminary.1 Outstanding principal, represented by certificates of deposit. Does

not include accrued interest nor outstanding savings stamps.2 Includes working cash with postmasters. 5-percent reserve fund and

miscellaneous working funds with the Treasurer of the United States,accrued interest on bond investments, and accounts due from late Dost-masters.

Back figures.—See BULLETIN for August 1935, p. 502.



PRODUCTION, EMPLOYMENT, AND TRADE[Index numbers; 1923-25 average—100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation j

Yearand

month

19191920.192119221923192419251926.—1927192819291930 .19311932 .19331934 -19351936 .19371938

1935

Dec

1QQA

Jan.FebMarApril.-May.—JuneJuly.—Aug8eptOctNovDec

1937

JanFebMarApril.-May.—JuneJuly.—AugSeptOctNov.....Dec

1938

Jan.FebMarApril.-May.—JuneJuly.—AugSeptOctNov....Dec

1939

Jan

Industrial production J *

Total

Ad-justed

101

979493101101104108108109110114121

1141161181181181141141171111028884

80797977767783889196103104

P101

Unad-justed

838767851019510410810611111996816476799010511086

96

969596104105104105106108111115114

112117122122122115HI1151091029080

7979807877778187919710498

,99

Manufac-tures

Ad-justed

101

969293100101105109110110111115121

1151161171181181141141181101018579

76757573737482878995103104

P100

Unad-justed

848767861019410510810611211995806375789010510984

96

959397105105105105106107110115114

113118122125123114110114106998675

7576777675757985899510398

m

Minerals

Ad-justed

102

1041119710610310010299102105112117

111116128115117115112113116113109115

108103103101919293959799102109

Pill

Unad-justed

77897074105969910810710611599847182869110511598

97

1001079096101101102104110115115111

107112119105118118115121125123112108

10398959190919297102106105103

P106

Construction contracts awai

Total

Ad-justed

68

625247474652596259575866

636256635661676256525661

525146525154596678829696

,86

Unad-justed

636356798494122129129135117926328253237555964

54

504547635660656560545153

515466616872756656495049

424446596163656979788577

m

Residential

Ad-justed

26

252526303236444647434045

454745444442444037363230

263233373742495356575657

,54

Unad-justed

44304468819512412111712687603713111221374145

22

212228353839454647413938

374247515247454037353125

222835434446495256565448

,45

•ded (value) i

All other

Ad-justed

103

927563605765717569697283

777664616677868171657687

736656656264687796102128128

P112

Unad-justed

7990658886941201351391421421258440374860707480

80

756362677078828170656265

636463688192998772616568

59665573767678849796111100

,91

Factory em-ployment 3

Ad-justed

95

9493939496979899100101103105

10510610710810910810910910710510195

908987858482838587889092

P92

Unad-justed

1071078291104961001021001001069278667386919810687

94

92929395959697100102103103104

10310510810910910810810910910710195

888888868382828689909191

89

Fac-torypay-rolls »

Unad-justed

981177681103961011041021041108968475065748610278

80

777780828484838787939499

941001061091101071051081041059384

757777757371717781848487

,83

Freight-carloadings 4 *

Ad-justed

68

707166717273767676778283

808283848078807978767167

656260576858616264686969

69

Unad-justed

8491788510098103107104104107927455586264757862

64

656864687173777784868477

737680798079828187847262

595757555758626371757064

63

Departmentstore sales *(value)

Ad-justed

83

818384848787908788909492

939593939393929394939189

908886837882838386848989

88

Unad-justed

7894878898991031061071081111029269677579889285

145

636677858984636894100105161

7276908995906572100103101156

7070778680795865919299156

69

v Preliminary.* Average per working day.i For indexes of groups and separate industries see pp. 215-216 for description see BULLETIN for February and March 1927.* 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see p. 358 of BULLETIN for July 1931.« The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For de-

scription of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pp. 835-837 of BULLETIN for October 1938.For current indexes of groups and separate industries see pp. 217-220. Underlying figures are for payroll period ending nearest middle of month.

< For indexes of groups see p. 222.Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938 ,p. 918 ;for factory employ-

ment and payrolls see BULLETIN for October 1938, pp. 838-866.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Board of Governors;

Industry

Manufactures—Totalj Durable

Nondurable

IRON AND STEELPig iron __Steel ingots

TRANSPORTATION EQUIPMENT:AutomobilesLocomotives

NONFERROUS METALS:Tin deliveries1 _ZincLead

CEMENT AND GLASS:CementGlass, plate

COKE:ByproductBeehive.

TEXTILES.Cotton consumptionWool

ConsumptionMachinery activity1 __Carpet and rug loom activity1 .

Silk deliveries

LEATHER AND PRODUCTSTanning

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes

FOOD PRODUCTS:Slaughtering and meat packing

HogsCattleCalvesSheep

Wheat flourSugar TTIRItings

TOBACCO PRODUCTSCigarsCigarettesManufactured tobacco ..

PAPER AND PRINTING:Newsprint productionNewsprint consumption _

PETROLEUM REFININGGasoline1

KeroseneFuel oil1

Lubricating oil1

RUBBER TIRES AND TUBES 1

Tires, pneumatic1

Inner tubes1

Minerals—Total

Bituminous coal __ _AnthracitePetroleum, crudeIron oreZinc .LeadSilver

1937

Dec.

796095

495049

7816

8810787

71108

8911

7788

64654369

867576737493

8672

10111414388

142

17074

24784

63

1 3 4

203255108148123

667042

115

7970

176

10787

104

adjusted for seasonal variation . 1923-25 aver ige = 100]

1938

Jan.

765693

524752

6514

919869

5962

879

75825452674080

9478728091

105

9277

1061131608699

15775

22577

57132

201253111146116

677045

108

6567

177

986996

Feb.

755494

504651

6219

859067

5735

858

79856261714988

10281798981

3SO

O

h3S

OS

O

S

1091111648983

15773

22677

53129

195243113145114

575941

103

6453

171

906796

Mar.

755493

494549

5423

778764

6542

827

819054575149

100

10478778774

121

8359

1111161519063

16077

22783

53126

191239120137113

626442

103

5868

172

876498

Apr.

735391

504450

5417

718074

6742

796

747750554247

101

10472727273

124

8466

1051111519077

15969

23084

46125

197250114137109

646740

101

6245

170

807496

M a y

735193

474048

4912

697960

6944

735

77816073533687

10575776874

124

8466

1031101648681

16370

23784

53125

198253118133108

656842

91

5764

15619796092

June

745095

463647

4614

737064

6980

695

878875926938

101

9075747674

101

8158

1081101519878

15473

21984

51122

193248117126103

727548

92

5771

15334706491

July

8258

102

624264

4312

686954

7177

715

9710187

1107442

105

10378778076

119

8362

1071121529885

15471

21984

54124

200258106132110

828653

93

6047

16138695499

Aug.

8764

108

705172

454

657446

6789

815

1101151061339155

102

10882867775

125

8974

1031151538786

16173

23281

53123

203264104134108

919465

95

6438

167377446

105

Sept.

8969

107

765977

464

717550

69107

896

10310893

1078666

111

10278866965

118

9888

10611815288

106

16075

22984

57130

206265109141113

9610072

97

7150

158417550

102

Oct.

9584

106

906793

845

818050

80155

986

10010491

1018767

104

10181896970

114

959294

10814991

103

15074

21178

58131

208269102143110

9810271

99

7249

161508050

102

Nov.

10395

110

10976

112

96rg

738866

84155

1056

11211210712310169

123

10689948977

117

948896

11215286

100

16476

23395

63127

208269104140109

10010373

102

7757

16542886651

Dec.

10492

114

••10274

104

9912

599357

82153

1066

117120116134112

72116

1229899

10885

138

867989

106137

92108

17976

25897

61127

201259107142100

110115

77

109

7766

169

935785

1939

Jan.

P100#88

mo947296

105

668870

69147

1066

P108110

P106Pi l lP 1 1 5

P77107

P122

P138

877497

11115092

106

16579

23778

61121

Pi l l

P 7 5

P174

8870

1 Without seasonal adjustment. P Preliminary. r Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, Sep-

tember 1933, pp. 584-587, November 1936, p. 911, March 1937, p. 255, and October 1938, p. 911. Series on silk-loom activity and on production of bookpaper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in thistable, are in process of revision.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Board of Governors; without seasonal adjustment.

Industry

Manufactures—TotalDurable..Nondurable

IRON AND STEELPig iron _Steel ingots

TRANSPORTATION EQUIPMENT:Automobiles _ . . .Locomotives

NONFERROUS METALS:Tin deliveries.ZincLead

CEMENT AND GLASS:CementGlass, plate _ _ . .

COKE:ByproductBeehive

TEXTILES. .Cotton consumptionWool

C onsumptionMachinery activity.. _Carpet and rug loom

activitySilk deliveries. . . .

LEATHER AND PRODUCTS..Tanning

Cattle hide leathersCalf and kip leathers..Goat and kid leathers._

Boots and shoes

FOOD PRODUCTS:Slaughtering and meat

packing _ _Hogs.Cat'tleCalvesSheep .

Wheat flourSugar meltings.

TOBACCO PRODUCTSCigars *CigarettesManufactured tobacco

PAPER AND PRINTING:Newsprint productionNewsprint consumption.._

PETROLEUM REFININGGasolineKeroseneFuel oilLubricating oil

RUBBER TIRES AND T U B E S . . .Tires pneumaticInner tubes

Minerals—Total

Bituminous coal... _Anthracite. _Petroleum, crudeIron oreZincLeadSilver

Annual index

1937

109107110

118102119

12124

11910678

78194

13223

11112099

105101

80104

113959674

111125

8464

1061271468893

15976

22682

63142

204257112141125

109113

79

115

8564

174121106

78109

1938

8465

100

665267

6312

728260

7186

866

9296809275

53101

10380827976

118

8873

1031111539087

15973

22883

55127

200255110138109

808356

98

6656

16537826092

1923-25 average=100]

1938

Jan.

755394

504750

6512

9110370

3662

8810

7886555467

4092

877473668695

1071041071051618466

15058

22178

58127

201253113146116

677045

103

7272

170

1037097

Feb.

765495

534753

6219

859769

3435

8710

8490656771

4994

10483848284

117

857396

1041548681

14363

20678

53127

195243115145114

575941

98

6857

168

9769

104

Mar.

775794

554856

6323

779265

4644

858

8394545851

4996

10777787776

127

786097

1171378474

15270

21684

52131

191239117137113

626442

95

5856

170

9265

106

Apr.

765891

554756

6615

718373

6546

807

7682495442

47100

10271726573

122

765893

1211428189

14665

21080

47134

196250113137109

646740

91

5247

170

837396

M a y

755693

514152

5912

698059

8247

725

7783576753

3686

9671736569

113

8264

1001251618191

16572

24084

54129

197253114133108

656842

90

4964

15828805989

June

755394

463647

5214

736865

8672

685

8385718369

3890

877373747496

8060

1011141488693

16980

24186

52121

192248109126103

727548

91

5162

15667686589

July

795897

583959

4512

686452

8769

694

9092819874

42100

10178759371

116

7956

10610915295

104

16774

24184

53111

199258

98132110

828653

92

5539

16578645284

Aug.

8563

104

694971

265

656944

8789

794

10310310112391

55106

12084859373

144

7756

1011061549497

17276

25084

52110

203264

99134108

919465

97

6238

170766944

104

Sept.

8966

109

755777

264

717148

86107

885

10410496

11386

66116

11983908068

142

9066

118113176104114

17786

25291

57127

206265111141113

9610072

102

7650

16378714897

Oct.

9580

109

886790

635

817852

91155

986

10310796

111

OO

C

O

104

m86928273

127

9479

11011316310298

16190

22281

58139

209269107143110

9810271

106

7963

163867852

101

Nov.

10392

113

10177

103

1158

738869

83155

107

CO

C

O

117113134101

69127

10288938576

111

10497

1111141519378

16790

23192

63136

208269113140109

10010373

105

8658

16335886955

Dec.

9886

108

89'7391

11713

599558

64153

1077

111110117135

to

to

103

10394969292

109

10110394

1001358862

14557

21279

61131

202259115142100

no11577

103

8265

164

955886

1939

Jan.

p i l l

907192

105

669471

42147

1077

116P108P 1 1 5P115

122

P113

P125

10110098

1041519070

15761

23279

62116

P167

9471

p Preliminary. r Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, Sep-

tember 1933, pp. 584-587, March 1937, p 256, and October 1938, p. 912. Series on silk-loom activity and on production of book paper, wrappingpaper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in processof revision.



FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100]

Industry and group

TotalDurable goodsNondurable goods

[RON, STEEL, PRODUCTSBlast furnaces, steel worksBolts, nuts, washers, rivetsCast-iron pipeCutlery, edge toolsForgingsHardwarePlumbers' supplies...Stamped, enameled wareSteam, hot-water heatingStovesStructural, ornamentalTin cans, tinwareToolsWirework ..

MACHINERYAgricultural implementsCash registers, etcElectrical machineryEngines, turbines, etcFoundry, machine-shop productsMachine toolsRadios, phonographsTextile machineryTypewriters

TRANSPORTATION EQUIPMENTAircraftAutomobilesCars, electric-, steam-railroadLocomotivesShipbuilding

NONFERROUS METALS, PRODUCTSAluminumBrass, bronze, copperClocks, watchesJewelryLighting equipmentSilverware, plated wareSmelting, refining

LUMBER, PRODUCTSFurnitureLumber, millworkLumber, sawmills

STONE, CLAY, GLASS PRODUCTSBrick, tile, terra cottaCement...GlassMarble, granite, slatePotteryr

TEXTILES, PRODUCTSFabrics

Carpets, rugsCotton goodsCotton small waresDyeing, finishing textilesHats, fur-feltKnit goods

HosieryKnitted outerwearKnitted underwearKnitted cloth

Silk, rayon goodsWoolen, worsted goods

Wearing apparelClothing, men'sClothing, women'sCorsets, allied garmentsMen's furnishingsMillineryShirts, collars

1937

Dec.

95. 191.998.1

97.0105976890

731437177739787180

112.816814810510010015710371129

101.28971075049110

97.2152101

906380

66.2815354

74.152701004678

93.483.97883771049310713572681516262113.69716910012370111

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

90.083.796.0

88.2958362845175711246773689581148

104.81561449798931489166120

80.9886814345106

90.4140948589756277

64.1785152

5065924477

90.681.46881721029110613665671445661109.8941659711671103

88.981.096.4

85.7928262824771711226475669379138

100.01481449092891429663118

77.089277384110388.413491

746273

63.6765252

67.64964854575

92.281.17280711019110813868671465760116.21011739712672110

87.479.095.4

83.8908162794570701266475649378133

1421428788871349161115

73.38797434

13190

706171

63.4765152

65.74863824373

91.480.37080691019010713867671435954115.21011689612971114

85.476.294.1

81.6877963784464711226470629276128

92.81391418288831299358114

68.385769313092

84.51288883857060

61.9745050

64.94765814172

89.478.96778681008810713968631406051112.2951659612576112

83.774.192.9

80.2858063764363721206471

75126

89.11301397886801238758115

65.1823652726

82.4126868182685967

60.9734850

63.44662804271

87.678.66377701027610313368631326455106.6851619712571111

82.471.992.4

77.8837762764061731136570588773114

86.01241377582771158354116

61.1790602425

81.3122867884655865

59.9734948

63.24563784274

87.479.34878701016410613570651375862104.1811589812665115

82.970.794.5

'77.3837860674057731086971588670112

83.31031387381761128254117

56.9787552320

82.0124877885665764

60.2735049

63.44664764275

92.183.46381711048210913872701395770109.8911639613265113

84.972.0'97.2

79.4847961764262731187075589073111

84.71061357483771128258119

55.975955241891

84.4131908087'725964

61.9755250

64.04664794075

96.487.26885'751078511114076701506174115.71011669713668118

75.797.6

74123

132

85.2961367783781148161122

74.277979281689

86.7137937988765965

63.2765351

65.44863824075

97.087.17285781078711114076691476173117.91031709714271116

90 0'81.3'98.3

'86 2909067814884731346874608780163

89.19913583887911710665126

82399271797

'92.3141101'7990876370

'64.5765553

71.15268924278

96.7

8583107841121417670

1576179113. (10216199

13961114

91.683.299.5

88.192926783

731346877638883172

91.610513684888211911167126

93.98541043017

.100

93.314010079

6472

65.3795553

72.05367934479

98.990.38285851108311514482711626283116.410316610114166116

1939

Jan.

91.583.499.2

87.6929166834885731316878638883163

92.21091348393821211126712693.28681023220102

93.4140998293906572

65.8795653

73.57 464944481

89.383 985841128511314570721496283115.100 616310113369127

' Revised.



FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONALVARIATION)—Continued

[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1935. 1923-25 average=100]

Industry and group

LEATHER, MANUFACTURESBoots, shoesLeather

FOOD, PRODUCTSBakingBeveragesButterCanning, preservingConfectionery. .FlourIce cream _ _Slaughtering, meat packingSugar, beet __Sugar refining, cane

TOBACCO MANUFACTURESTobacco, snuffCigars, cigarettes

PAPER, PRINTINGBoxes, paper .Paper, pulpBook, job printing _ _Newspaper, periodical printing.__

CHEMICALS, PETROLEUMPetroleum refiningOther than petroleum

ChemicalsCottonseed oil, cake, mealDruggists' preparations.ExplosivesFertilizersPaints, varnishes.Rayon, allied productsSoap _- . .

RUBBER PRODUCTSRubber boots, shoesRubber tires, inner tubesRubber goods, other .

1937

Dec.

89.09076

124.514424410413981788297

10392

64.36265

107.498

107105107

117.7124116.31251041128898

11931390

85.16674

125

1938

Jan.

89.59275

124.7145243105139817780998882

60.76261

106.496

106104106

114.8123112.81221121108592

11529189

78.05969

113

Feb.

89.99274

124.2144246106139807681979586

64.26265

106.196

106103106

114.4123112.41191071088495

11330389

74 15763

112

Mar.

89.99274

122.4143243106134787679959982

64.66165

105.696

105103106

112.7122110.311599

1078487

11430788

72.45562

110

Apr.

89.89273

120.4143240107120797581949880

64.96265

105.095

104102106

110.9122108.2112109108

8385

11328986

72.25561

no

May

87.18973

120.0142237105126767679939191

64.86265

103.795

103100105

110.2122107.51101011118293

no2908671.35560

109

June

84.48573

121.2143232102131787777949189

65.26266

103.095

10299

105

108.4120105.511093

1128193

10927486

71 35660

107

July

88.49075

122.2144232101136787777959285

61.96162

103.095

102100104

108.3121105.21061021138191

11027289

69.54461

109

Aug.

89.69178

123.0144236103140797778958988

62.96163

103.796

10399

105

111.0121108.411098

1108196

11329292

73.45461

117

Sept.

91.39279

122.214323410013179757796

10992

64.36365

104.096

10499

105

111.4120109.411187

1088392

11431291

76.05662

123

Oct.

90 89181

119 2142234

991117975

'7897

'101'80

63 25864

104 397

10599

105

111 2119109.311386

1078288

11331390

76.85864

121

Nov.

91.49284

'•122.8143245

9912879778099

'10188

63.76164

105.4100106100106

111.8118110.211788

1078191

11431086

81.76266

132

Dec.

92 19284

124 214424410012982788099

14287

64 26265

106 0101106101106

112 3118110.911790

1078189

11431091

83.26367

135

1939

Jan.

92.79386

124.0143246

9912882788097

17689

65 45966

105 6102105101105

112 2118110 811785

1088292

11531091

81.25867

131

r Revised.NOTE.—Figures for January 1939 are preliminary. For description and back data see pages 835-866 of the BULLETIN for October 1938. Under-

lying figures are for payroll period ending nearest middle of month.



FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUTSEASONAL ADJUSTMENT)

[Index numbers of the Bureau of Labor Statistics;

Industry and group

TotalDurable goodsNondurable goods

IRON, STEEL, PRODUCTSBlast furnaces, steel worksBolts, nuts, washers, rivetsCast-iron pipeCutlery, edge toolsForgings - »HardwarePlumbers' supplies.Stamped, enameled wareSteam, hot-water heating __StovesStructural, ornamental -Tin cans, tinwareTools . .Wirework

MACHINERYAgricultural implements _.Cash registers, etcElectrical machineryEngines, turbines, etcFoundry, machine-shop products-Machine tools _Radios, phonographsTextile machineryTypewriters

TRANSPORTATION EQUIPMENT __.Aircraft

Cars, electric-, steam-railroadLocomotives _.Shipbuilding

NONFERROUS METALS, PRODUCTSAluminumBrass, bronze, copperClocks, watchesJewelry,Lighting equipmentSilverware, plated wareSmelting, refining ._

LUMBER, PRODUCTSFurnitureLumber, millwork » _Lumber, sawmills

STONE, CLAY, GLASS PRODUCTSBrick, tile, terra cottaCement _GlassMarble, granite, slatePottery

TEXTILES. PRODUCTSFabrics .

Carpets, rugsCotton goods _Cotton small waresDyeing, finishing textiles .Hats, fur-feltKnit goods.

Hosiery _. > _Knitted outerwearKnitted underwear —Knitted cloth..,

Silk, rayon goodsWoolen, worsted goods

Wearing apparelClothing, men'sClothing, women'sCorsets, allied garments-Men's furnishingsMillinery _Shirts, collars

Annual index

1937

105.8104.0107.6

111.4120.0113.673.793.769.499.082.6

171.686.1

102.079.2

105.498.4

194.8

123.9167.4150.6114. 9103.6110.5158.7154.380.6

152.3

117.7908.9128.360.047.9

111.0

108.8164.0122.4106.494.1

101.664.982.1

76.694.060.762.1

80.660.571.1

107.449.183.0

108. 599.095. 795.589.8

114.895.2

122 3146.590 085.9

190.278.083.4

128 2115.4184.2101.7148. 173 6

124.2

1938

86.877.396.0

82.787.782.463.378.344.970.172.7

122.766.773 661.289.376.9

135.3

£0 9121.2138 681.686.781.6

123. 490.960.5

119.4

73.3828.2

75.929.525.566.8

86.8133.091.881.387.574.960.568.5

62.675.251.551.0

66.548.264. 583.942.175.0

93.083 669.181.674.2

104.084.4

108.7138.672 367.6

145.859.666.2

112 996.7

165.297.5

131.669.5

113.0

adjusted to Census of Manufactures through

Factory employment

1938

Jan.

87.881.793.7

86 495836183527571

1236561668881

148

104 0159143969292

1488667

120

82.6878

853943

105

88.8138938584746077

60 0754848

63.14354883774

89 782 1668371

10491

1031356363

1395862

105 391

16096

1087093

Oct.

89.579.099.4

r83 9'86856580468073

1297183618677

147

87 294

136818378

11610861

125

79.4786

86251692

92.21429684

100856466

65. 7805453

70.15270884278

97 587 2778480

10689

1151448370

1566172

119.610517199

14974

119

Nov.

90.5'82.1

90906683488473

1346979618581

165

89 597

135838479

11811964

129

91.6815102261797

r95 414310184

101926771

65.2805552

71.65268924380

96 9r89 5808683

10983

1141 4 5

7871

1566278

112 098

15999

15055

118

Dec.

91.283. 198.8

87.491926683508673

1346875628484

172

91 8105135848582

12011867

128

96.18451073017

101

94.81401008397936773

64.1805451

70.55163934280

98 691 8828785

11282

115146

7971

1606385

112 297

16110014958

116

1939

Jan.

89.381.496.8

85.891916681488572

1296665628283

163

91.5111133828782

12110768

126

95.78601062919

101

91.7138998187896372

61.5765349 •

66.34954893779

97.390.7818784

11485

1101446868

1456384

110.696

15810012468

115

1935. 1923-25 a verage= 100]

Factory payrolls

Annual index

1937

102.0103.5100.4

109.8120.5114.665.287.968.4

100.872.0

169.177.786.170.8

109.598.0

194.7

126.9185.2149 6115.9118.5110.6179.3134.486.3

152.8

115.7818.0124.161.447.5

113.2

105.1164.6123.4113. 179.994.259.881.5

67.278 049.356.5

72.548.265 9

112.537.976.7

92 488 177.586.982 6

100.589.3

123.1159.780 675.5

153. 364.672.297 685.3

129.297.4

127.764 6

106.5

1938

77.568.288.0

66.666.969.251.066.336.664.256.5

115.151.258 850.493.168.2

128.9

83.1124.0123 474.994.471.2

115.578.953.3

104.7

68.7784.969.327.621.0

100.7

76.6128.783.274.871.161.851.963.9

53.058.641.545.1

56.634.859 082.931.565.0

75.069 752.366.867.387.274.4

108.9151.563 056.2

114.146.553.082.865.2

116.194.0

114. 159 490.8

1938

Jan.

75.067.184.0

60.961574567375653

1044842549071

125

95 1169134879980

151735588

67.6787

643838

110

74.9125778268544673

45 1523538

47.92744782558

68 064 4416459847894

1325248

100405172.658

10384825572

Oct.

83 875.293.4

r74 974815474428662

1335976518972

156

81 992

120789069

1119857

128

83.8781

91241195

88.5148968692786262

60 0684650

63.04165933073

S3 176 56672779278

122167

7763

131505893 075

1291051406399

Nov.

84 178.3

'90. 6

79 182915576

9355

1345363508876

180

83 995

120809271

11110761

131

95.9799108231394

'90.21481008783836666

56 2654546

r63. 83964993175

r78 4r77 36774779370

119165

6961

1204964

'78.063

10210015140

104

Dec.

86 680.493.5

80 883945679499060

1365661538882

186

89 2114119829876

12010867

130

98.78801082814

107

90.1144998385836868

56 1684545

63.53957993176

83 381 17176829775

120164

7362

127527384.768

11510314343

105

1939

Jan.

83.276.690.6

77.482905375468158

1265450528680

158

87.5114118819875

1209564

119

94.19121022715

106

84.8142938172805868

51.4604341

56.53647912669

80.678 46774799780

111156

5957

117517182.269

11198

1015594

r Revised.



FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONALADJUSTMENT)—Continued

[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1935. 1923-25 average = 100]

Industry and group

LEATHER, MANUFACTURES..Boots, shoesLeather

FOOD, PRODUCTS..Baking _._BeveragesButterCanning, preservingConfectionery __Flour__Ice cream .Slaughtering, meat packing.Sugar, beetSugar refining, cane

TOBACCO, MANUFACTURES .Tobacco, snuffCigars, cigarettes

PAPER, PRINTINGBoxes, paperPaper, pu lp . _Book, job printingNewspaper, periodical printing

CHEMICALS, P E T R O L E U MPetroleum refining-Other than petroleum

ChemicalsCottonseed oil, cake, mealDruggists' preparationsExplosivesFertilizersPaints, varnishesRayon, allied productsSoap

R U B B E R PRODUCTSRubber boots, shoesRubber tires, inner tubesRubber goods, other

Factory employment

Annual index

1937 1938

97.797.291.5

128.7146.7243.7105. 7159.482.278.081.599.2

103. 688.4

65.362.165.7

111.7106. 6114.3107.0107.9

125.3127.2124.8136.596.2114.788.2103. 1128.2356.095.3

96.875.184.0142.5

89.590.976.9

122.3143.4238.5102. 6130. 479. 176.578.996.2104.286.4

63.861.464.1

104.796.4104. 3100. 8105.4

111.4120.9109.1113.496.6108.882.490.5112.7297. 088.7

75.056.263.0116.5

Jan. Oct. Nov. Dec.

89.69275

114.7142222988579766810238

55.76355

106. 193106105106

114.6123112.6120125110859211329487

6069112

89.69081

128. 814423499

14793787497

r270

66.35867

105. 5103105100106

113.4120111.9115

110848011331493

77.76064123

84.88384

'123.414522997103917870101

r275

107.0105106101107

113.0119111.61171161108379112313

82.46366134

88.68885

120.11442239585917869102231

65.262

108.0104106104108

112.7118111.41171141098382112311

83.66567135

Jan.

92.89386

113.61402249278807768

1007685

60.06160

105102104

111.8117110.5116951088192112313

5867129

Factory payrolls

Annual index

1937 1938

81.777.091.4

125.4140.5287.987.5

144.879.176.268.0

107.296.079.2

59.068.857.7

107.9108.6113.996.8

107.9

130.2138.1127.7146.779.0

120.899.192.6

129.2344.493.7

96.974.187.9

138.3

69.566.375.1

122.0139.5282.987.5

114.076.175.767.6

107.3101. 776.7

56.868.655.3

100.598.1

100.389.5

106. 1

116.6136.0110.7121.981.3116.889.280.3112.9275.489.3

69.950.161.6107.4

1938

Jan. Oct. Nov. Dec.

69.06770

116.613625182757575581194267

48.06945

100.3889695105

115.7136109.51251071188079104258

6096

.9.6

127. 014027386130928064110'22879

60.763

103.711310788109

120.1133116.2128104124977011630395

79.76269123

62.45485

122.41402658286857461110

r27575

59.86959

103.311010389

110

119.1134114.61281001209265

114303

85.26175

131

70.063

120.91382578077927360

11322273

59.67358

107.310910397

113

120.1134115.813096

1209570

11530290

89.06679

134

1939

Jan.

77.973

115.01362528071777559

1116675

50.366

101.810010294

104

119.8135115.212877

1199075

11330992

84.45777

126

r RevisedNOTE.—Figures for January 1939 are preliminary. For description see pages 835-866 of the BULLETIN for October 1938

obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month.Back data may be



CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION

[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

Month

January _.FebruaryMarch _ .__AprilMayJuneJulyAugustSeptemberOctoberNovember. .__December

Year

Total

1937

242.7188.3231.2269.5243. 7317.7321. 6281.2207.1202 1198.4209.5

2,913.1

1938

192.2118.9226. 9222.0283.2251.0239.8313.1300. 9357 7301. 7389.4

3, 196. 9

ResidentialBuilding

1937

78.463.090.2

107.883.993.081.073.465.665 559. 943.5

905. 3

1938

36.240.079.474.683.285.788.099.799.6

112 795.391.5

985. 8

Fact

1937

37.012.622.230.118.536.858.537.912.912.613.520.9

313.7

ories

1938

6.64.9

15.711.58.6

10.79.7

11.310.713.810.57.0

121.1

Nonresidential Building

Commercial

1937

21.522.330.028.525.624.529. 129.625.325.218.916.5

297.0

1938

15.413.020.218.919.218.826.218.314.024.213.714.0

215.8

Educational *

1937

18.810.99.1

13.721.436.914.816.715.310.118.537.0

223.2

1938

19.015.421.016.911.814.710.721.433.947.049.073.3

334.1

Other i

1937

19.019.427.924. 128.427.736.734.022.627.328.426.8

322.2

1938

16.415.131.033.138.237.726. 136.333.446 042.845.2

401.2

Public worksand publicutilities l

1937

68.060.151.965.465.898.9

101.489.665.361.359.264.8

851.6

1938

98.630.559.767.0

122 283.579.3

126.1109.3114.090.4

158.4

1,139. 0

i Not strictly comparable with data for earlier years due to changes in classification.NOTE.—Due to change in publication policy of the F. W. Dodge Corporation, data for January 1939 will bd published in the BULLETIN for

April 1939.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

Month

January.FebruaryMarchAprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1934

18697

17813113412712012011013511293

1, 543

1935

10075

123124127148159169167201188264

1,845

1936

215140199235216233295275234226208200

2,675

1937

243188231270244318322281207202198209

2,913

1938

192119227222283251240313301358302389

3,197

1939

252

Publicly-financed l

1934

15765

126787273526969797461

975

1935

553868534764679297

114118196

1,007

1936

1497996

10594

1161531531161018982

1,334

1937

11269667493

137131104807893

115

1,152

1938

118519599

14410898

171160203179279

1,705

1939

148

Privately-financed i

1934

293152536354675141573832

568

1935

453755718084937670877068

837

1936

6662

103130122116141122119125119117

1,341

1937

13011916519515118019117812712410694

1,761

1938

7568

132123139143142142141154123110

1,492

1939

104

i Back figures.—See BULLETIN for February 1938, p . 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars.l

Federal Reserve district

Boston___New YorkPhiladelphia ___ClevelandRichmond _ _ . _ _ _AtlantaChicagoSt. Louis ___MinneapolisKansas CityDallas

Total (11 districts)

1939

Jan.

10,57669,81914, 24527, 30225, 61320,15636,12113, 2617,2459,114

18, 221

251, 673

1938

Dec.

34, 84471,03118, 62540, 24938, 20134, 43068, 80027, 45810,23921, 74623, 816

389,439

Jan.

9,24973, 55810, 07119, 37919,43811,37917, 82310, 4223,2927,074

10, 546

192, 231

COMMERCIAL FAILURES, BY DISTRICTS[Figures reported by Dun & Bradstreet. Amounts in thousands of

dollars.]

Federal Reservedistrict

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolis _Kansas CityDallasSan Francisco

Total

Number

1939

Jan.

100396

69926875

17432266335

133

1,263

1938

Dec.

86262

52574849

11333183016

111

875

Jan.

14139987946087

20951197125

134

1,377

Liabilities

1939

Jan.

1,2116,808

7671,459

6181,1123,309

536192784754

1,572

19,122

1938

Dec.

1,33225, 3301,175

960934589

3,443499183273

951,715

36, 528

Jan.

4,0265,536

9902,435

8551,0573,567

478298585217

1,371

21,415



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruaryMarch

AprilMayJune

JulyAugust . .September

OctoberNovemberDecember

Year

1935

176163185

164165170

173172199

221270223

2,283

Merchandise exports 1

1936

199182195

193201186

180179221

265226230

2,456

1937

223233257

269290265

268277297

333315323

3, 349

1938

289262275

274257233

228231246

278252269

3,094

1939

P 2 1 3

Merchandise imports 2

1935

167152177

171171157

177169162

189169187

2,047

1936

187193199

203192191

195193216

213196245

2,423

1937

240278307

287285286

265246233

224223209

3,084

1938

171163173

160148146

141166168

178176171

1,961

1939

P 1 7 8

Excess of exports

1935

9H

8

- 65

13

- 33

37

3210037

235

1936

1111

- 4

- 1 09

- 5

- 1 5— 14

5

5230

- 1 5

33

1937

- 1 845

- 5 1

- 1 85

- 2 1

33163

10892

115

265

1938

11899

102

115109

87

876579

1007697

1,134

1939

*>35

p Preliminary.1 Including both domestic and foreign merchandise.2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.Source.—Bureau of Foreign and Domestic Commerce.Back figures—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152.

FREIGHT-CAR LOADINGS, BY CLASSES[Index numbers; 1923-25 average=100]

TotalCoalCoke - .Grain and grain products. _.Livestock. __ _Forest productsOreMiscellaneousMerchandise *

TotalCoalCokeGrain and grain products._LivestockForest productsOreMiscellaneous ._Merchandise 1

1938

Jan. Sept. Oct. Nov. Dec.

1939

Jan.

Adjusted for seasonal variation

656246894440826961

646851743940416961

686950954442487262

697058814440747461

696953834143927461

696755794142

1027662

Without seasonal adjustment

597154804335185958

717149835043727864

757650956243718265

707658765339417662

647858724037236759

637664714037226559

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 compiledby Association of American Railroads. Total index compiled by com-bining indexes for classes with weights derived from revenue data ofthe Interstate Commerce Commission.

DEPARTMENT STORES—SALES, STOCKS[Index numbers based on value figures; 1923-25 average=100]

Month

JanuaryFebruaryMarch _

AprilMayJune

JulyAugustSeptember

OctoberNovemberDecember

Year

Index of sales *

Adjustedfor seasonal

variation

1938

908886

837882

838386

848989

1939

88

Withoutseasonal

adjustment

1938

707077

868079

586591

9299

156

85

1939

69

Index of stocks (end ofmonth)

Adjustedfor seasonal

variation

1938

717070

696968

676767

676766

1939

67

Withoutseasonal

adjustment

1938

636771

717165

616570

747862

68

1939

60

1 Based on daily average sales—with allowance for changes frommonth to month in number of Saturdays and in number of Sundays andholidays. Adjustment for seasonal variation makes allowance in Marchand April for the effects upon sales of changes in the date of Easter.

Back figures.—Department store sales, see BULLETINS for August1936, p. 631, and October 1938, p. 918; department store stocks, see BUL-LETIN for March 1938, p. 232.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]

Year, month, or week

1929.193019311932193319341935193619371938

1937—December

1938—January _FebruaryMarchAprilMay --.June _July-AugustSeptemberOctoberNovemberDecember..

1939—January

Week ending—1938—Nov. 5

Nov. 12.Nov. 19Nov. 26Dec. 3Dec. 10...Dec. 17Dec. 24.Dec. 31Jan 7Jan. 14 . . .Jan. 21Jan. 28 .Feb. 4Feb. 11Feb. 18

Subgroups

FARM PRODUCTS:GrainsLivestock and poultryOther farm products

FOODS:Dairy productsCereal productsFruits and vegetablesMeats. __ _ . . _Other foods

A n 'com-modi-

ties

95.386.473.064.865.974.980.080.886.378.6

81.7

80.979.879.778.778.178.378.878.178.377.677.577.0

76 9

77.377.477.377.377.477. 176.776.676.977.076.876.676.776.676.676.6

HIDES AND LEATHER PRODUCTS:ShoesHides and skinsLeatherOther leather product

TEXTILE PRODUCTS:ClothingCotton goodsHosiery and underweSilk and rayonWoolen and worstedOther textile product!

s

ar

ôods

FUEL AND LIGHTING MATERIALSAnthracite . .Bituminous coalCokeElectricityGas...Petroleum products..

Farmprod-ucts

104.988.364.848.251.465.378.880.986.468.5

72.8

71.669.870.368.467.568.769.467.368.166.867.867.6

67.2

67.267.667.868 369. 167.867.467.268.367.667.366.967.367.166. 766.9

Foods

99.990.574.661.060.570.583.782.185.573. 6

79.8

76.373.573.572.372.173.174.373.074.573.574.173.1

71.5

72.973.973.974.074.373 772 672.272.572.671.371.371.271.071.171.3

Total

91. t>85.275.070.271.278.477. <

I)

79.685.38 1 . r

83.6

83.583.082.682.081.681. [81.481.4

\[I

81.381.180. t80. C

)\

80.2

81.280. t)80.980. £\80.780.780. t80.580. £80. t80.180.480.480.480.480.4

>

Hides andleather

products

1938

Jan.

75.78.66

83.8356.82.69

104.8?86.

102.

866863.9883.67

80.

051

3n76

7

64

3

0q87

1103.2105. 5

8Q81.58.

188

Oct.

50.876.265.0

71.675.157.583.370 4

100.382.184.696.9

81.664.659.930.976.365.3

79.198.7

104. 281.887.153.8

Nov.

50.975.267.4

72.574.063.081.971 0

100.485 586.996.6

81.665.159.930.376.464.5

80.198.5

104.281.884.651.5

Dec.

54.474.466.5

73.974.860.479.969 2

100.678.885.995.8

81.664.659.330.874.864.4

80.198.5

104.2

81.650.9

109.1100.086.172.980.986.689.695.4

104.692.8

97.7

96.794.793.692.191.390.191.591.992.093.494.693.1

93.1

95.395.195.195.094.493.493.893.893.693.994.193.893.392.992.792.5

1939

Jan.

56.378.063.2

71.873.260.981.663 6

101.278.485.095.3

81.564.359.132.174.564.4

80.398.3

104.2

50.4

Other commodities

Textileproducts

90.480.366.354.964.872.970.971.576.366.7

70.1

69.768.668.267.266.165.566.165.965.866.266.265.8

65.9

65.965.765.765.765.665.465.265.265.365.365.365.465.665.565.665.5

Fuel andlightingmaterials

83.078.567.570.366.373.373.576.277.676.5

78.4

78.378.577.776.876.276.476.876.876.675.473.773.2

72.8

75.274.874.974.474.374.474.173.873.773.873.773.673.473.573.773.6

Metalsand metalproducts

100.592.184.580.279.886.986.487.095.795.7

96.3

96.696.096.096.396.796.195.295.495.595.394.994.6

94.4

95.395.395.095.095.094.894.894.894.894. 694.694.594.594.594.594.5

Buildingmaterials

95.489.979.271 477.086.285.386.795.290.3

92.5

91.891.191.591.290.489.789.289.489.589.889.289.4

89.5

90.089.089 389.489.389.189.289.389.290.089.789.189.489.389.189.4

Subgroups

METALS AND M EAgricultural h

Farm macIron and steel

TAL PRODuplementshinery

LJCTS:

Motor vehicles x

Nonferrous mPlumbing anc

BUILDING M A T E RBrick and tileCement

etalsL heatingIALS:

LumberPaint and paint materiaPlumbing and hfiatine1

Structural steOther buildin

CHEMICALS AND ;Chemicals

s

3lg materialsDRUGS:

Drugs and pharmapp,utinalsFertilizer matMixed fertilize

erials__

HOUSEFURNISHING GOODS:FurnishingsFu

MlSCEI[•niture.-.LANEOUS:

Auto tires ancCattle feed...

L tubes

Paper and pulnRubber, crud(Other miscellEmeous

Chemi-cals and

drugs

Jan.

96.297.799 6Q5 675 079 6

91.895 592 680.179 6

114.995.8

84.174 072. 173 4

9? 883.7

57.491 600 030.582.4

94.289.179.373 572 675.980 580.483.977.6

79.5

79 679.178.777.576.876,377.777,777.377 176.676.7

76.7

76.376 276.476.376. 376 376 376,476.376.376.476.376. 176.276.176.0

Oct.

95.496.896 995.076.278 5

91.195 590 381.178.5

107.391.7

80.574.967.573.4

89.382.1

57.466.581.735.381.2

House-furnish-

ing goods

94.9284.

37q

75.175.881.580.681.89.86.

89.

88.

778

7

388.087.787.87.87.86.86.86.85.85.88.

3

1442780

85.4

87.187.87.87.87.

1177

87.687. 687.687.87.87.87.87.87.86.86.

1938

Nov.

93.795.096.993.677.678 7

91.595 590 280.978 7

107.389.7

80.273.667.773.2

89.781.9

58.870.581.534.381.2

65

2

276

Miscel-laneous

Dec.

93.594.896 893.476.878 791.595 590 981.078 7

107.389.7

80.073.568.673.8

90.381.6

58.876.680.933.981.1

82.677.769 864.462 569.768.370.577 873.3

75.0

75.274.874.473.473.172.972.772.472.472.673.073.1

73.2

72.472.572.572.472,472.872.972.973.073.173.173.073.072.972.872.9

1939

Jan.

93.494.696 493.476.778 792.495 591 781.078 7

107.389.6

79.773.070.274 8

90 180.5

58.879.981.033.481.1

1 Preliminary revision.Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for

£7 (table 87).



STATISTICS FOR FEDERAL RESERVE CHART BOOK

Chartbookpage

1939

Jan. 18 Jan. 25 Feb. 1 Feb. 8 Feb. 15

Chartbookpage

1938

Nov. Dec

1939

Jan.

WEEKLY FIGURESRESERVES, GOLD, AND

CURRENCY

Reserve bank credit—total.. 3, 5Bills discounted 5Bills bought 5U. S. Gov't securities.,. 5

Gold stock 3Money in circulation 3,9Treasury cash 3Treasury deposits 3Member bank balances 3, 6Required reservese 6Excess reserves—total2 7

New York City2 7Chicago2 7Reserve city banks2 7Country banks2 7

REPORTINGMEMBER BANKS

Total, 101 cities:Loans and investments8 14

Investments8 14Loans8 14

Adjusted demanddeposits 15

Time deposits 15U. S. Gov't deposits.-. 15Domestic bank balances 15Foreign bank balances.- 15

New York City:U. S. Gov't obligations.. 16Other securities8 16Commercial loans 16Brokers' loans 16

100 cities outside New York:U. S. Gov't obligations.. 17O ther securities8 17Commercial loans 17

MONEY RATES AND SECURITYMARKETS

F.R.bankdiscountrate,N.Y. 19Commercial paper 19Bankers'acceptances 19U. S. Treasury bills 21U. S. Treasury notes 21U. S. Treasury bonds 21, 25Corporate Aaa bonds 25Corporate Baa bonds 25

Stock prices, total4 27, 29Industrial 27Railroads 27Public utilities 27

olume of trading2 (mill.shares) 29

Brokers' loans (mill, dollars) 29

BUSINESS CONDITIONS

Wholesale commodity prices:4

All commodities 33Farm products 33Foods 33Other commodities 33

Steel plant operations(% of capacity) 38

Automobile production(thous. cars) 38

Electric power production(mill. kw. hrs.) 39

Total freight-car loadings(thous. cars) 39

Wednesday figures; in billions ofdollars

2.590)0)2.5614.626.672.73.80

9.135. 573.542.05.24.75.50

21.4413. 158.29

16.125.17.636.36.54

3.541.131.37.68

6.382.112.42

2.58.010)2.5614.646.622.7577

9! 175.573.612.13.23. 75.49

21.4313.158.28

16.155.18.63

6.35.55

3.531.111.35.68

6.392.122.41

2.58.010)2.5614.696.662 77!899.055.57

P3. 582. 15.21.73

P. 48

21.4413.218.23

16.055.18.636.36.58

3.551.141.36.64

6.412.112.41

2.58.010)2.5614.736.672.77.939.025.56

P3.452.08.18.69P. 50

21.4513.288.17

16.085.17.636.27.57

3.561.211.35.64

6.422.092.39

2.59.01

0)2.56

14.776.702.771.258.715.54

P3.352.03

.16

.66p. 50

21.6113.408.21

15.955.1863

6^29

3.1.1.

55

651636.66

6.512.092.40

Averages of daily figures3; percentper annum

1.00r. 56.44,03.632.453.005.08

1.00".56.44.03.642.483.025.14

1.00.56.44.03.63

2.453 15. A

1.00.56.44.03.642.443.005.07

1.00.56.44.03.63

2.433.005.05

Wednesday figures; in unit indicated

931103083

.82826

871042781

1.42835

891052882

.78792

911072985

.66786

91107

.65813

Figures for week3] in unit indicated

76.666.971.380.4

52.7

90.2

2,290

590.4

76.767.371.280.4

51.2

89.2

2,293

594.4

76.667.171.080.4

52.8

78.4

2,287

576.8

76.666.771.180.4

53.4

84.5

2,268

579.9

76.666.971.380.4

54.8

79.9

2,249

580.1

p Preliminary. e Estimated. r Revised.1 Less than $5,000,000.2 Averages of daily figures, see footnote3.* Figures are shown under the Wednesday date included in the weekly period4 Index numbers, 1926=100.

MONTHLY FIGURESBUSINESS CONDITIONS

Wholesale commodity prices:4

United States:All commodities 31, 32Farm products 31Foods 31Other commodities.._ 31

England 32France 32Germany 32

[ndustrial production5 35Manufacturing production:5

Total 37Durable6 37Nondurable6 37

Factory employment 43Factory payrolls 43Freight-car loadings5 45Department store sales5 47Department store stocks5 47

Construction contracts awarded:7

Total 41Residential 41Other 41

Exports and imports:Exports (incl. re-exports). 49General imports 49Excess of exports 49

Income payments:Total adjusted 50Total unadjusted 50Compensation of em-

ployees 50Other 50

ash farm income:Total 51Crops 51Livestock and produc ts . . 51Government payments. . - 51

OTHER

Central gold reserves:United States 8England 8France 8Netherlands 8

U. S. Gov't interest-bearingdebt—total 20

Bonds 20Notes 20Bills 20Special issues 20

Customers' rates:New York City 238 other Northern and

Eastern cities 2327 Southern and Western

cities 23

QUARTERLY FIGURES

Domestic corporation securityissues, total 28

New 28Refunding 28

Index numbers1923-25=100

77.567.874.180.679.497.078.9103

103445990.584.1698967

77.67.73.80.79.98.79104

10443619186698966

0613341

26

76.967.271.580.278.5

P99.2P79. 3P101

P83.2698867

In millions of dollars

55,

31

394104290

25217676

468297

670627

70831834248

394105289

26917197

'5, 533'5, 956

'3, 7192,237

65226135239

P100?254

P5, 513P5, 532

P3, 592PI, 940

62726332341

In billions of dollars

14.312.692.431.01

38.0724.199.071.303.51

14.512.692.43.99

38.9025.528.501.313.57

14.681.042.43

.99

39.1025.668.501.313.63

Percent per annum

2.33

3.28

4.05

June 30,1938

2.33

3.47

4.04

Sept. 30,1938

2.29

3.41

4.10

Dec. 31,1938

In millions of dollars

442251191

672340332

726153573

5 Adjusted for seasonal variation.6 Points in total index of manufacturing production.7 Three-months moving average adjusted for seasonal variation.8 Classification changed as of Feb. 8, 1939; see note on page 204.

NOTE.—Copies of this chart book can be obtained at a price of 50 cents,t ime . The latest figures appear on page 111 of the February BULLETIN.

Banking statistics for call report dates are published from time to


INTERNATIONAL FINANCIAL STATISTICS

225



GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End of month

1934—December1935—December1936—December1937—December1938—February

March . . „_AprilM a yJuneJulyAugustSeptember. .OctoberNovemberDecember

1939—January

End ofmonth

1934—Dec. . .1935—Dec. -1936—Dec. . .1937—Dec. .1938—Feb...

Mar. _.ApriL.May.. .June...Ju ly . . .Aug. __Sept.,.Oct.__.Nov.._Dec.._

1939—Jan., _.

Total i(52

coun-tries)

21,05121,60423, 56425,359

25, 33925, 41725, 25425, 23625, 30425, 29225, 45525, 40725, 756

*>26, 046P26, 244

UnitedStates

810,11,

?38125258

12, 760

12,1?

n1213,

776795869919963017

13,13613, 76014,06514, 31?14, 512

14, 682

Can-ada

134189188184

188186189187185189190187188186192

197

<

Eu-rope(26

joun-tries)

11.0109. 517

10, 24110, 776

10, 74610,81910, 58910, 52110, 54610, 57210. 603

]

9,9169,9610.000

P9, 994

i '8, 347

LatinAmer-

ica(11

coun-tries)

601666736685

681665658656658656656656655659

P657

Asiaand

Ocean-ia (8coun-tries)

805816858687

686686686687687589591591591591

Africa(5

coun-tries)

263291283266

261266263266265268280298297298

Europe

United Kingdom

Bank ofEng-land

1,5841,6482,5842,6892,6892,6892,6892,6902,6902,6902,6902,6902,6902,6902,6901,042

Ex-changeAcc't.2

1

1111,1i ;1;

934395

395489489489489489489759759759759

759

France

5,4454 3952,9952,5642,4282,4282,4282,4282,4282,4282,4282,4282,4282,4352,4352, 435

\Bel-gium

590611632597

593531529456481501517539562584581

582

STether-lands

573438490930

977998

1,0071,0081,0081,0081,0081,0081,0081,008

995

995

E urope—C ontinued

Bul-garia

19192024

2424242424242424242424

*24

Czecho-i j ) e n . !-i • ! mark ' '.vakia i ;

112 i 60112 ! 5491 i 54 !92 : 5393 : 5393 5393 5393 ! 5393 5393 ! 5393 I 5381 i 5383 1 5383 5383 I 53

83 . 53

End of month

1934—December1935—December1936—December1937—December193g—January

February . _MarchAprilMay .JuneJulyAugust _SeptemberOctoberNovember ._.December

32 4033 3427 2628 24

29 2429 j 2429 2429 ! 2429 | 2529 : 2529 ! 2529 2829 2729 : 27 :29 ; 27 :

29 ; 27

Bun-gary

2323

• 2525

2525252525252525252837

24

Italy 3

518270208210

210210210210210210210210210210210

210

Latin America—Continued

Chile

29292930

3030303030303030303030

Co-lom-bia

19161916

181919191920212023242424

Mex-ico

23444624

323025252626282724242729

Peru

19202020

2120192019191919191919

P 1 9

Uru-guay

82777774

7474747171717171716969

4othercoun-tries

18191920

20202020202020202022

P22P22

Nor-way

61849882

8190909090

10110196969694

96

Po-land

96847583

8383838485858583828485

85

Portu-gal

68686869

69696969696969696969

P69

*69

Ruma-nia

p

P

104109114120

121122122122123123124129132132133

133

Spain4

740735718718

718718525525525525525525525525525

525

Swe-den

159185240244

253261261272279280280310321321321

331

Yugo-slavia

53434851

5153545455555556565757

57

Asia and Oceania

Brit-ish

India

275275275274

274274274274274274274274274274274274

China

7108

16

16161616161617171818

*18

Japan

394425463261

261261261261261261164164164164164164

Java

77546079

797979798080808080808080

NewZea-land

25232323

232323232323232323232323

Tur-key

22242629

292929292929292929292929

2othercoun-tries

6643

33333333333

7 othercoun-tries

106109127124

1241247979797979797978

P77

Switzerland

Na-tionalBank

624454655648

699698697686679674686690695699699

699

B.I.S.

4g

115

577

11109

106

101114

15

Latin America

Ar-gen-tina

403444501469

458447442440439435435435434434431

Brazil

8172532

3031313233333434333332

Africa

Egypt

55555555

5555555555555555555555

SouthAfrica

184212203189

189184189186188187190202220219220220

3othercoun-tries

242425

2222222223232323232323

P23

p Preliminary.1 Table is incomplete since certain central banks and governments, and certain stabilization funds such as those of France, Netherlands, and

Switzerland, hold gold that is not reported. U. S. Stabilization Fund gold included in table to extent of $1,800,000,000. See also notes under UnitedKingdom, Italy and Spain.

2 Figures officially reported only for end of March and end of September, beginning with March 1937; carried forward for intervening dates.Figure for March 1937 also carried backward to December 1936. Exchange Equalization Account established in June 1932.

s Figure for March 1937 officially reported as of 20th of month and carried forward through November 1937. Figures for December 1937 throughMarch 1938, officially reported and carried forward for subsequent months.

* Figure for August 1, 1936, carried forward through March 1938; April 1938 figure officially reported and carried forward.NOTE.—The countries for which figures are not shown separately are, in Europe: Albania, Austria through March 7, 1938, Danzig, Estonia.

Finland, Latvia, and Lithuania; in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam;,and inAfrica: Algeria, Belgian Congo, and Morocco.

For back figures and description of table see BULLETIN for June 1933, pp. 368-372, and July 1936, pp. 544-547; also see footnotes to table in BULLE-TIN for August 1936, p. 667, and December 1937, p. 1262.



GOLD PRODUCTIONOutside U. S. S. R.[In thousands of dollars]

Year or month

Estimatedworld

produc-tion

outsideU.S.S.R.i

Production reported monthly

TotalAfrica

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

UnitedStates2 Canada Mexico Colom-

bia Chile

Far East

Austra-lia

BritishIndia

$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67

1929.1930.1931.1932.1933.

1933.1934.1935.1936.1937.1938.

382,532401,088426, 424458,102469, 257

794,498823,003882, 533

'971, 5141, 041, 9871, 116,102

352,237365, 258386,293413, 459411, 208

215, 242221, 526224, 863238,931227, 673

11,60711,47611,19312,00013, 335

4,2974,9955,5245,9926,623

2,3902,6993,2243,6423,631

45, 65147, 24849, 52750, 62652, 842

39, 86243,45455, 68762,93360,968

13,46313,81312, 86612,07013,169

2,8233,2814,0165,1326,165

683428442788

3,009

8,7129,55312,13414, 56316,873

$1=15-5/91 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5

1937—November..December..

1938—JanuaryF e b r u a r y -MarchAprilMayJuneJulyAugustSeptember-OctoberNovemberDecember..

'90, 251'88, 963r87, 587'82, 724'89, 646r87, 533'90, 444'91, 242'98, 492'97,845'97, 38696,785P98,996P97, 422

696,218707,288751,979833,088892, 536954 945

385, 474366, 795377,090396, 768410.710425, 649

22, 57824, 26425,47728,05328. 296

P28, 515

11,21412,15313, 62516, 29520.784'24, 644

'77,796'76, 509

'74, 960'70,056m, 205'74, 764r77, 273'77, 950r84, 849'83,896'83, 22382, 801

P85, 082P82, 886

34, 27934, 696

34, 57332, 52435, 51934, 35135, 79435, 50936, 22236, 62236,23736, 44935, 84236, 007

2,3522,341

2,3812,2462,3872,3742,4152.3942,4102,4152,3652,4452,381

P2, 301

1,8541,957

1,9641,8872,0022,0241,9892,0202,0672,0532,0482,1742,204

P2, 213

6,1486,5497,1597,3868,018

P8, 441

729

661642673702686726716716743725P725

89, 467108,191126, 32f152, 50P168,159176, 971

103, 224104,023114,971131,181143, 367

P164, 394

22, 29723,13523,85826, 46529. 591

P32, 483

10, 43812,04511, 51513, 63215, 47818,225

5,0948,3509,2519,0189,544

PIO, 292

28, 56830, 55931, 24040,11846, 982'54,115

7,5086,7856,8156,7826,919

11,71511, 22311,46811, 66311, 607

P11,216

16,02314,083

12, 75811,347'12, 991'12, 480'13, 855'12, 851'16, 684'16, 492'16, 839'16, 223'18, 48115, 970

12, 36512, 677

12, 63811,92913,16112, 89513, 33813, 67414, 72714,42514, 33614, 39414, 351

P14, 525

2,8492,064

2,9482,2663,2532,3891,8633,0244,2412,9412,0622,265

P2, 790P2, 440

1,3731,144

1,4561,1751,4031,6641,3381,3651,7481,5151,8121,6221,6281,499

6891,063

775834673698782901752986

1,019906930

P1,035

4,3864,725

3,8584,3334,2044,2804,2784,5774,3304,7714,8164,6424,820

P5, 205

'941'1,031

948872939906935909951958946956930

^965

Gold production in U. S. S. R.: N o regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changesirregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annualproduction, in millions of dollars, as follows—at $90.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $85 per fine ounce: 1933, $95;1934, $135; 1935, $158; 1936, $185; 1937, $180.

p Preliminary.r Revised. Monthly figures for United States for 1938 represent estimates of American Bureau of Metal Statistics revised by adding to each

monthly figure $140,381 so that aggregate for 1938 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureauof Mines.

1 Annual figures of estimated world production outside U.S.S.R. through 1937 represent estimates of U. S. Mint; figure for 1938 represents totalof monthly figures. Monthly figures are derived by adding to total production for which monthly reports are received by Board of Governorsan estimate of all other production (exclusive of U.S.S.R.) based on monthly statistics of American Bureau of Metal Statistics.

2 Includes production in the Philippines.NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for February 1939, p. 151, June 1938, pp. 539-540,

and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director ofMint for 1836, pp. 1C8-1C9, 1937 pp. 104-105 and 1638, pp. 102-103. Figures for Canada beginning January 1S28 are subject to official revision.

GOLD MOVEMENTS[In thousands of dollars at approximately $35 a fine ounce]

Year or month

United States

Totalnet

importsor net

exports

Net imports from or net exports (—) to:

UnitedKing-dom

France Bel-gium

Neth-er-

landsSwe-den

Switz-er-

landCan-ada

Mex-ico

Colom-bia

Philip-pine

IslandsAus-tralia Japan British

India

Allothercoun-tries

19341.1935...1936._.1937...

1,131,9941, 739,0191,116, 5841, 585, 5031, 973, 569

260,223934,243573, 671

-13 ,71081,135

8,9023

3,35190,859IV"

94,348227,185

71,0066,461

163,049 60,

26

,146

12,402968

7,51154, 452

1,363

86,82995,17172, 648

111, 48076, 315

30,27013,66739,96638, 48236, 472

16,94410,89911,91118,39710, 557

1,0293,498

12,03815,33521, 513 23,28025,427 34,71327, 880 39,162

246,464168, 740

76,82075,26877,89250,76216,159

32,31647,05439, 74330,179

2 68,376

1937—November..December. _

1938—JanuaryFebruary. __MarchAprilMayJuneJuly __AugustSeptember..OctoberNovember..December..

1939—January I

22,11017,982

2,088

52,92771,09152,77555,30763,815

165,973520,896562,366177, 768240, 526

156, 345

- 5 , 0 4 6- 4 0

- 2 0- 1 1

31,39535,4292,895

20,5994,976

91,227377,984443,403

99,145101,707

52,050

-24 ,968-14 ,987

—4,9741539183513

8984,721

4,2201,938

8913,248 571

3,213

10, 22111,5207,685

42,95917

37, 395

1,438

1,979

47, 21941,83227, 24246,185

33, 678

15, 36011, 5213,840 1

1,136

- 6 7

8162,767

649692717747630726962

14, 33338,14810,810

7,171731

10, 842

2,2853,404

819721

2,7581,8125,650

71511,1233,1831,4462,2363,4572,550

2,342

4,32316

2,1052,102

12,108

11

2,11344

112,107

2,089

2,2862,292

1,6761,3302,2401,8832,2853,2322,4221,7722,7212,7202,9432,655

2,754

3,1733,786

1,0251,943

4581,2413,5822,9843,4342,7483,7753,2947,8886,788

6,585

37,14818, 774

767107

1,043

4,48423, 31121,9505,782

2,9792,359

23,49735,095

5,7405,788

14, 425

37, 819

2,2521,148

7603,8221,797

1

1,3261,862

1,8701,2411,5362,3532,5303,4382,4953,8062,9824,768

2 19,1502^22,207

5,124

1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.2 Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively.NOTE.—For gross import and export figures and for additional countries see table on p. 198.



GOLD MOVEMENTS—Continued[In thousands of dollars at approximately $35 a fine ounce]

Year ormonth

193419351936____19371938

1937—Nov..D e c .

1938—Jan...Feb..Mar..Apr._May-June.July.Aug..Sept..Oct..Nov.Dec.-

1939—Jan. P

United Kingdom

Totalnet im-portsor net

exports()

716, 269369, 722

1,169, 931420, 427

-285,648

22,05420, 976

27, 24551, 38779, 03753, 18697, 47889, 58024,119

-73,132-261,143-210, 171-96, 508-66, 726

-29, 948


UnitedStates

-497,166-435, 502-276, 830-834,009

-1,050,395

4,2582,006

1,4873,528

- 3 5 , 535-18, «r-5 ,233

- 2 0 , 811- 1 0 , 529- 9 3 , 660

-360,016-308,528-105,220

- 9 7 , 371

- 4 3 , 448

France

348,190142,13"756, 215541,18'38,899

- 2 , 488-15,077

-1,940- 4 , 276- 3 , 039

-119- 6 , 1 3 '

-99 '- 5 , 726

68569, 604

- 6 6758

- 9

Ger-many

121,017- 4 , 72623, 29246,14733,283

90

4178498616813847

6,17914, 3584,0776,0052,057

- 8 5

Bel-gium

-13,585-17,476-15,133-21,993348,000

- 2 , 215-12,834

-1,4875

55,44815,03948, 44656, 76423, 212-258

120,07533, 982

-2,328

183

Nether-lands

32, 57510, 796

-21,215-16,572-46, 463

- 5 , 663

-6,055-3,067

3,625-4,139- 6 , 781

-12,037- 5 , 750

-10,041- 7 , 498

535-5,245

9,990

-1,298

U.S.SR.

931

5,66911, 27331,08928,08328,104

5,665

5,649

5,672

Austra-lia

41, 79037, 98126, 72324,16527, 831

2,3592,379

3,7752,9583,6204,1682,4672,0242,4902,1022,839

705155528

513

47, 69436, 528

32, 88943,09250,54035,07735, 40740, 62331, 51631,19216, 8316,5302,6957,358

2,755

BritishIndia

181, 602128, 42166, 33055, 739

4,9605,174

4,4255,0025,1013,5863,8243,7256,41810, 3563,0234,2044, 2601,815

OtherBritishcoun-tries

62,39732, 75428,06722,07920, 766

3,8778,300

10,7,2,3,2,9,6,3,

- 4 ,- 2 0 ,

Swe-den

-50,661-10,129

- 8 1-89, 371

- 5- 5

- 7 , 590- 1 0 , r"--13,996-7,673

-11,429-11,151-22,763

- 4 , 671

Switz-erland

-9 ,12353, 4653,998

-16,596-78,029

- 5 , 462- 6 , 085

-11,164-12,082-6,000

2,527-2. 263- 5 , 407

-16,521-10,498- 2 1 , 980

2,8311,0171,511

630

Allothercoun-tries

-25, 3516,183

« 3, 125c 1,115

< - 3- 6 , 202

5,336340

-920-327

- 1 , 9551,3531,6031,347

4,012

Year ormonth

19341935193619371938

1937—Nov..Dec...

1938—Jan...Feb...Mar..Apr...May..June..July. .Aug...Sept..Oct. _Nov..Dec...

1939—Jan.P..

Ger-m a n y

Totalnet im-portsor net

exports()

-90,92042, 969

- I , " " "-3 ,718

- 7 9-247

-2005,359-276,00918, 0587,626V"

-6,864-36, 626-16,134-10,129P - 3 , 764

Switzerland

Totalnet

importsor netexports

()

-46,065-230, 788

122, 278- 5 6 , 946-1,245

4,11326,892

10,8262,448

-3,188-7,632- 5 , 201

5,978-8,837-1 ,338

9,0241,454

913- 5 , 690

- 3 ,8


UnitedStates

-12,784647

-9,127-51, 608-1,128

-35

733

-220- 2- 2- 7

-1,140228

UnitedKing-dom

-45,955-54,858-1,714

11, 94076, 620

4,:5,810

12, 47811, 2233,595

- 2 , 3914,8605,256

16,12810,46415,940

90713

-1,854

-1,144

France

- 2 9 , 235-181,725

39, 305- 4 5 , 061-74 , 375

- 6 , 276-5 ,828

-13,978-11,518

- 9 , 257-6 ,084- 2 , 943-7,839

-14,071- 8 , 382

418-616

33-139

915

Bel-gium

18, 397-13,940

14, 53127, 739

-1,067

-22724, 558

10,409-584-943-266

-1,549-484

-6 ,041- 1 , 283

117-158- 1 1-166

Italy

19, 43125, 54251, 299

-65711,314

559-559

- 4 1615

1,7635,397

-2,0095,814-142- 3 7- 2

- 3 8

Neth-er-

lands

2,580342

4,6006,55325,125

3,2752,553

1,6142,1981,4212,4672,3965,6573,9623,824

9242,551

994- 2 , 884

-2,287

Ger-many4

- 4 3- 9 , 607-2,990-16,461-32, 745

- 2 0- 2 8

- 3 8- 1 0- 3 2

-9 , 970-6,175-2,487

- 6 , 2671,884

- 5 6-265-438

-1,372

Allothercoun-tries

1,5437 2,812

s 26, 36810, 609

- 4 , 989

1,934386

373<558265

«3, 208187282222

'342-10,251

331

-209

British India

Totalnet

importsor netexports

-230,720-161,872-121,066—61, 723

- 4 , 200- 5 , 999

-5,599-7,423- 2 , 749- 4 , 388- 3 , 452- 2 , 327-10,988-7,082-957

- 7 , 622- 2 , 283

Goldproduc-tion inIndia

11,22311, 46811, 663

rll,607

*-9411,031

948872939906935909951958946956930

Increase in:

Re-servesin In-dia5

173- 6

Privatehold-

ings inIndia"

-219, 670-150,398-109,403-50,108

-3, 262-4,970

-4,651-6,551-1,810-3, 482-2,517-1,418-10,037-6,124

—11-6,666-1,353

c Corrected. r Revised. * Preliminary.1 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.2 Includes $67,655,000 exported to Central and South America.3 Includes exports to Central and South America of $24,996,000.« Beginning April 1938 figures represent gold movements of Greater Germany.* Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.6 Figures derived from preceding columns; gold movement plus production minus increase in reserves in India.* Includes net import of $19,928,000 from Czecho-Slovakia and net export of $15,374,000 to Austria,s Includes net import of $26,555,000 from Czecho-Slovakia.NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year

as a whole.



CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1929—Dec. 251930-Dec. 31 _i1931—Dec. 301932-Dec. 281933-Dec 271931-Dec. 26 .1935-Dec. 25 _1936—Dec. 301937—Dec. 29

1938—Mar. 30Apr. 27 .May 25June 29July 27Aug. 31Sept. 28.Oct. 26Nov. 30Dec 28

1939—Jan. 25Feb. 22P

Bank of France

(Figures in millions of francs)

1929—Dec. 27 _1930—Dec. 261931—Dec. 30 _._1932—Dec. 301933—Dec. 29 _1934—Dec. 281935—Dec. 271936—Dec. 301937—Dec. 30

1938—Feb. 24 _ _Mar. 31Apr. 28May 25 _June 30July 28Aug. 25__ _ __ _Sept. 29_ _Oct. 27Nov. 24. __ _Dec. 29

1939—Jan. 26 _

Gold (inissue

depart-ment) *

145.8147.6120 7119.8190 7192,3200.1313.7326.4

326 4326.4326 4326. 4326.4326.4326 4326 4326.4326 4

126 4126.4

Assets of banking department

Cash reserves

Coin

.2

.6

.6

.81.0.5.6.6.8

.8

.8

.8

.91.11.31.51 41.2

8

.71.0

]Sotes

26.338.831.623.658.747.135.546.341.1

41 037.146 241.233.146.025.543 945.651 7

62 653.7

Dis-countsand ad-vances

22.349.027.318.516.87.68.5

17.59.2

8.77.19.57.39.55.47.34.2

17.628.5

18.817.5

Securi-ties

84.9104.7133.0120.1101.498.294.7

155.6135.5

131.0133.4115.1140.6137.0124.4135 6129 2110.8

90. 7

103.9100.6

Notecircula-

tion

379.6368.8364.2371.2392.0405.2424.5467 4505.3

485.4489.3480.2485.2493.3480.4500.9482.5480.8504.7

463.8472.7

Liabilities of banking department

Deposits

Bankers'

71.0132.4126.4102.4101.289.172.1

150. 6120.6

108.1113.391.2

125.5116.494.799.9

100.497.1

101.0

118.2103.1

Assets

Gold 2

41, 66853, 57868,86383,01777,09882,12466, 29660, 35958, 933

55, 80755, 80755, 80755, 80855, 80855,80855, 80855,80855, 80887, 26487, 265

87, 266

For-eignex-

change

25, 94226,17921,1114,4841,158

1,1,

963

460911

87484583081380478?767764763888821

761

Domestic bills

Openmarket 3

5,6125,3047,1576,8026,1225,8375,8005,6405,580

5,5755,5755,5755,5755,8505,8356,0986,7816,8027,0327,422

8,004

Spe-cial4

1,379652

82157363259617789

6421,5501,6111,797

1,996

Other

8,6248,4297,3893,4384,7393,9719,7128,465

10,066

11, 58210, 32110,8659,0245,4977,1338,241

20,29314,69411, 0217,8806,193

Ad-vances

toGov-ern-

ment 5

17, 69831,909

31, 90438, 57440,13440,13440,13440,13440,13450,13448,13420, 62720, 627

20, 627

Loans on—

Short-term

Govern-ment se-curities

111

573715675

866997879113552623331311600559443

136

Othersecuri-

ties

2,5212,9012,7302,5152,9213, 2113,2533,5833,781

3,6523,8253,7003,4543,6143,5453,5454,3623,8653,7393,612

3,389

Otherassets

5,6036,6098,5459,1968,2518,2887,8798,3447,277

7,1878,3617,2887,3348,2587,1177,3648,4107,427

14,18514, 442

14, 099

Public

8.86.67.78.9

22.29.9

12.112.111.4

17.810.926.510.511.227.811.425.023. 115.9

12.916.3

Other

35.836.240.333.836.536.437.139.236.6

37.436.536.136.135.136.440.235.537.236.8

36.735.1

Otherliabili-

ties

17.918.018 018.018 018.018.018.018.0

18 317.717 817.918.118.218.217 717 818 0

18 118.2

Liabilities

Notecircula-tion

68, 57176, 43685, 72585,02882, 61383,41281,15089,34293, 837

92, 74098,09598, 51998,923

102,087101,11799,065

124,428110,446106, 798110,935

109, 378

Deposits

Govern-ment

111,7372,6245,8982,3112,3223,7182,8622,0893,461

2,2262,2332,8023,2483,2453,1352,8912,8253,6426,1695,061

5,445

Other

7,85011, 69822,18320,07213,41415, 3598,716

13, 65519, 326

20,14721,40921, 23717, 52512, 76914, 20717, 68418, 59323, 82731,95525, 595

24, 935

Otherliabili-ties

1,8122,2411,9892,0411,9401,9072,1132,5573,160

3,1543,1413,1543,1552,5922,6082,6492,6602,7273,0042,718

2,713

p Preliminary.1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction

of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reductionsin amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec. 16,1936. to Nov. 10, 1937, £60,000,000; Nov. 17, 1937, toJan. 12, 1938, £40,000,000; Jan. 19, 1938, to Nov. 30, 1938, £60,000,000; Dec. 7, 1938 to Jan. 4, 1939, £30,000,000; and increases in fiduciary issue (andsecurities held as cover) have been authorized by British Treasury under Section 8 of Currency and Bank Notes Act as follows: Aug. 1, 1931, toMarch 31, 1933, £15,000,000; since Jan. 11, 1939, £140,000,000.

2 By decree of Nov. 12,1938 (see BULLETIN for Jan. 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc. Of total goldincrement of about 31,000,000,000 francs, about 27,500,000,000 francs was applied to partial reimbursement of advances to Government. Per-manent debt of Government to Bank, included above in Other Assets, was increased by 6,800,000,000 francs. For details of revaluations in October1936 and July 1937 see BULLETIN for Dec. 1938, p. 1091.

3 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650).* Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted

for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788).* Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22,

1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938 (see BULLETINS for July 1936, p . 536; Aug. 1937, p . 720; June 1938, p . 452; Aug.1938, p. 650, and Jan. 1939, p. 30).

NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.



CENTRAL BANKS—Continued

Reichsbank

(Figures in millions ofreichmarks)

Assets

Reserves

Gold Foreignexchange

Treasurybills

Otherbills (andchecks)

Securityloans

Securities

Eligibleas notecover

OtherOtherassets

Liabilities

Notecircula-

tionDeposits

Otherliabili-

ties

1929—Dec. 31.1930—Dec. 31.1931—Dec. 31.1932—Dec. 31.1933—Dec. 30.1934— Dec. 31.1935—Dec. 31.1936—Dec. 31.1937—Dec. 31.

1938—Feb. 28.Mar. 31.Apr. 30.M a y 31.June 30.July 30.Aug. 31.Sept. 30.Oct. 31_.Nov. 30.Dec. 31.

1939—Jan. 31 _.

2,2832,216

98480638679826671

7171717171717171717171

404

172114

24120698

149455362

119

218912183917121

121

16

2,6082,3664,1442,8063,1774,0214,4985,4486,013

5,6375,8135,8415,8326,1366,2476,6478,1737,5427,5138,123

7,144

2512562451761831468474

259445349221106

11096121545547549550550550548557

592

92102161398322319315303

286297297300300

298

298

656638

1,0651,114735827853765861

9531,3881,6141,3731,3221,2851,2681,1291,3601,4941,621

1,848

5,0444,7784,7763,5603,6453,9014,2854,9805,493

5,2785,6226,086

6,4406,6506,8698,0237,7547,7448,223

7,816

755652755540640984

1,0321,0121,059

8911,3231,0311,0211,119

9201,0331,2311,0401,1411,527

1,119

736822

1,3381,313

8361,001

923953970

996877903911932951974

1,0221,0641,0931,091

1,091

NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.

Central bank[Figures as of last report

date of month]

National Bank of Albania (thou-sands of francs):

Gold..Foreign assetsLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange.Negotiable Government bonds..Other assetsNote circulation.-Deposits—Member bank

GovernmentOther

Foreign exchange sold forward..Other liabilities

Commonwealth Bank of Australia(thousands of pounds):

Issue department:Gold and English sterling...Securities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulationNational Bank of Belgium (mil-

lions of belgas):Gold reserve .Other gold and foreign exchange-DiscountsLoans __Other assets _Note circulation

1939

Jan.

3,43592618233469

4,376

1938

Dec.

7,57418, 3205,3204,40110, 52912,15512, 932

1,2247195224

1,11832111011847

16,01145, 999

1,12425, 66515,14452,16087, 53053,030

3,42892421441464

4,398

Nov.

7,57519,1615,4914,49410, 60813, 23312, 880

1,2249480239

1,0593631251

3355

16,01137, 268

1,31721, 78514, 84358,03791,41248, 030

3,44691229038466

4,450

Jan.

7,58022, 5244,0473,78310, 81815,18411,931

1,3454796150

1,1493331143

38

16, 00640,801

1,31731, 38412, 36852, 65393, 71849, 534

3,5331,01220629466

4,282


date of month]

National Bank of Belgium—Cont.

Demanddeposits—TreasuryOther

Other" LiabilitiesCentral Bank of Bolivia (thousands

of bolivianos):Gold at home and abroadForeign exchangeLoans and discountsSecurities— Government

OtherOther assetsNote circulationDepositsOther liabilities

National Bank of Bulgaria (mil-lions of leva):

GoldForeign exchangeLoans and discountsGovernment debtOther assetsNote circulationDepositsOther liabilities

Bank of Canada (thousands of Ca-nadian dollars):

GoldSterling and United States ex-

changeCanadian Gov't. securities:

2 years or lessOver 2 years

Other securitiesOther assets..Note circulationDeposits-Chartered banks

Dominion GovernmentOther

Other liabilities

1939

Jan.

108439122

192, 004

24, 666

138,31642, 364

6,849161, 360215,052

14, 5533,3229,912

1938

Dec.

114440119

37, 39026, 433

400, 8484,551

43, 545288, 090218,128

65, 418

2,0061,279

9773,4411,1362,8003,7072,332

185, 912

28, 354

144, 62140, 895

5,153175, 260200, 646

16, 6733,0869,271

Nov.

136447119

57, 593106,98126, 227

401, 8294,034

47, 369280, 621300,876

62, 536

2,0031,1051,0833,4681,171

3,6042,287

181, 033

45,157

154, 87541,018

5,425170, 724215,19529, 9881,8449,759

Jan.

33813118

51, 99691,31234, 961

398, 9264,58614, 738

247, 342292, 06557,110

1,994838

1,0613,4951,1882,3613,9652,250

179, 756

16, 815

76, 32990, 75312, 2018,514

152, 896198, 98617,8001,735

12, 951





date of month]

Central Bank of Chile (millions of

GoldDiscounts for member banksLoans to government.__Other loans and discountsOther assetsNote circulationDeposits-

Bank _ __.Other

Other liabilitiesBank of the Republic of Colombia

(thousands of pesos):Gold..__Foreign exchange.Loans and discountsGovernment loans and securitiesOther assetsNote circulationDepositsOther liabilities

National Bank of Czecho-Slovakia(millions of koruny):

Gold*Foreign exchange.DiscountsLoans _-Government debt _.Other assets _.Note circulationDemand depositsOther liabilities

Bank of Danzig (thousands ofgulden):

GoldForeign exchange of the reserve-Other foreign exchangeLoans and discounts _.Other assetsNote circulationDemand depositsOther liabilities

National Bank of Denmark (mil-lions of kroner):

GoldForeign exchangeDiscountsLoans—To Government agencies

OtherSecuritiesOther assetsNote circulationDepositsOther liabilities

Central Bank of Ecuador (thou-sands of sucres):

GoldForeign exchange (net)Loans and discountsOther assetsNote circulationDemand deposits __.Other liabilities..

National Bank of Egypt > (thou-sands of pounds):

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other

Government securitiesOther assetsNote circulationDeposits—Government...

OtherOther liabilities

1939

Jan.

14567

75819249

787

20565

155

42, 6715,306

17, 82238,01028, 58054, 31148, 36729, 712

2,6961,1732,227

731

1,9656,985

3861,421

26, 788733343

26, 8133,155

38, 98714, 83219, 012

1181152165

123162108410111190

1938

Dec.

14573

75818237

795

19861

141

42, 2234,975

21,16939,06726, 76758, 30045, 53730, 363

2,6941,2482,741

1,6616,950

6561,547

28, 341991373

26, 3002,596

41,16913,49619, 012

11811222

134158148107441170

Nov.

14518

76617247

742

20252

151

42,0006,025

18, 52638,16727, 39254,42348, 31829, 370

1,3082,310

835

1,7026,870

4031,575

28, 2632,501

36826, 014

3,15739,01817, 78319,012

11811823

151116148112414192179

35, 2826, 354

55, 27919, 80868, 20532, 49016, 029

6,5452,0398,586

28, 2796,905

21, 0873,835

18, 5788,854

Jan.

1445

791115

50701

19676

133

32,13412, 69616, 37045, 72226, 28748, 86343, 49240, 855

2,641523

1,004993

2,0101,2256,099

6291,668

28, 3702,991

39716, 8673,434

34, 73513, 29719,012

1188321

1401136965

38673

150

37, 37511, 43455, 64116, 83463, 89646, 96710, 421

6, 5452,5935,818

34, 8737,231

19, 8309,163

19, 6858,381


date of month]

Central Reserve Bank of El Salva-dor (thousands of colones):

Gold _.Foreign exchangeLoans and discountsGovernment debt and securitiesOther assetsNote circulation _ _DepositsOther liabilities..

Bank of Estonia (thousands ofkrooni):

Gold _ ._.Foreign exchange (net) ___Loans and discountsOther assetsNote circulationDemand deposits __Other liabilities

Bank of Finland (millions of mark-kaa):

Gold' _.Foreign assetsLoans and discounts _Domestic securitiesOther assets..Note circulationDeposits—Treasury

Other _Other liabilities..

Bank of Greece (millions of drach-mas):

Gold and foreign exchange (net)Loans and discounts. ___Government obligationsOther assetsNote circulationDepositsOther liabilities....

National Bank of Hungary (mil-lions of pengos):

Gold 4Foreign exchange reserveDiscountsLoans—To Treasury

Other _ __Other assets _Note circulationDemand deposits...Certificates of indebtednessOther liabilities

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadSterling securitiesIndian Gov't. securitiesRupee coin ___Note circulation

Banking department:Notes of issue department.. .Balances abroadTreasury Bills discounted __.InvestmentsOther assetsDepositsOther liabilities.

Bank of Japan (millions of yen) :Id. .Gold

Special foreign exchange fundDiscountsLoans—Government

OtherGovernment bondsOther assetsNote circulationDeposits—Government.

Other..Other liabilities

Jan.

1,1282,5481,215309197

1,975384862

2,176

3,5988,6164,2961,7086,6949,7141,811

1249447126912

35983117999220

501300404346

1,671279

2,311496100297

1938

Dec.

13, 2073,2041,2845,469876

14, 8515,5803,608

34, 29817, 29329, 61336, 57551, 69137, 50928, 578

1,1282,5341,177306180

2,086244850

2,146

3,5648,8414,2921,6927,2399,5981,553

1249751126814

296863196

444595323702

1,880

18413835631243125

5013004573

821,841295

2,755307131

Nov.

13, 2063,1531,2025,686930

13, 9016,5753,702

34, 29516, 38626, 51636, 62751,90334, 45427,467

6202,3741,247310367

2,042152

1,0391,684

3,3758,2094,3152,0127,0118,8942,006

9410046226712

293

444622324714

314315916

273120

501300442349

1,412328

2,132460161282

Jan.

13,1724,1831,7585,8671,76915,8946,6734,182

34, 21615, 73124,83329, 78148,77034, 94220, 847

6352,3741,157349400

2,015472828

1,600

3,4515,6164,3811,6826,3586,4052,367

8458

386117

14287437219

70220

444788274629

,833

30349

6310107

801

L4963

1611,210

1742,051

43288

274

1 Includes 336 million shown separately as cover for liabilities in gold beginning September 1938.2 Items for issue and banking departments consolidated.3 In accordance with law of Dec. 22, 1938, gold revalued on Dec. 31, 1938, at .0208 gram fine gold per mark.4 In accordance with law XXV of 1938 gold revalued on January 15, 1929, at .1754 gram fine gold per pengo and resulting increment in-

cluded in other assets.





date of month] Jan. Dec. Nov. Jan.


date of month]

1939

Jan. Dec. Nov. Jan.

Bank of Java (millions of guilders):GoldForeign billsLoans and discountsOther assetsNote circulationDepositsOther liabilities

Bank of Latvia (millions of lats):GoldForeign exchange reserveLoans and discountsOther assetsNote circulationDepositsOther liabilities

Bank of Lithuania (millions of litu) :GoldForeign exchangeLoans and discountsOther assetsNote circulationDepositsOther liabilities

Netherlands Bank (millions of guil-ders) :

GoldSilver (including subsidiary coin)Foreign billsDiscountsLoansOther assetsNote circulationDeposits—Government


Reserve Bank of New Zealand(thousands of pounds):

GoldSterling exchange reserveDiscountsAdvances to State or State un-

dertakingsInvestmentsOther assetsNote circulationDemand depositsOther liabilities ._

Bank of Norway (millions ofkroner):

GoldForeign assetsTotal domestic credits and

securitiesDiscountsLoansSecurities

Other assetsNote circulationDemand deposits—Government


Central Reserve Bank of Peru(thousands of soles):

Gold and foreign exchangeDiscountsGovernment loansOther assetsNote circulationDepositsOther liabilities

Bank of Poland (millions of zlotys):GoldForeign exchangeLoans and discountsSecuritiesOther assetsNote circulationOther sight liabilitiesOther liabilities

Bank of Portugal (millions ofescudos):

GoldOther reserves (net)

9241147667721752

117331435623

1,4612938

30769999191638

210192

2180)0)0)0)

44637

103

44618

908133400

1,348226332

11711661031888326

8342162608321350

655

121341426221

1,4612749

3096899213770247

2,8024,678

500

16, 4573,605440

16, 64110,1141,726

206215

2280)0)0)0)C477

3892

0)

44518

1,025131407

1,406251369

6211218687

8343150608320549

664

117351435425

1,48125416

32168

1,00511275047

2,8024,828

13, 5223,509314

14, 5878,6961,693

211217

212713210853

448

51,41923, 68384,9876,135

106, 41943,17716,629

44212

975127386

1,373195375

918524

11736610518578

7843130666219856

794

114zy1178820

1,406185

63

60647

2,80216, 231

7,7242,915296

14, 24014, 0311,696

180237

16667326715

421566260

57, 60540,80646,96411, 26094,42042, 26019,955

43632622128465

1,014327343

917568

(mil-

Bank of Portugal—Cont.Non-reserve exchangeLoans and discountsGovernment debtOther assetsNote circulationOther sight liabilitiesOther liabilities

National Bank of Rumanialions of lei):

GoldSpecial exchange accountsLoans and discountsSpecial loans 2

Government debtOther assetsNote circulationDemand depositsOther liabilities

South African Reserve Bank(thousands of pounds):

GoldForeign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities

Bank of Sweden (millions ofkronor) :

GoldForeign assetsDiscountsLoansDomestic securitiesOther assetsNote circulationDemand depositsOther liabilities

Swiss National Bank (millions offrancs):

GoldForeign exchangeDiscountsLoansOther assetsNote circulationOther sight liabilitiesOther liabilities

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign exchange—Free

In clearing accountsLoans and discountsSecuritiesOther assetsNote circulationDepositsOther liabilities

Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silver 3Note circulation

Banking department:Cash reservesLoans and discountsOther assetsDepositsOther liabilities

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign exchangeLoans and discountsGovernment debtOther assetsNote circulation.Other sight liabilitiesOther liabilities

7297821240116488979

1,024164

2,89025515219

7031,6511,725643

36,87310

10, 03793,305190, 92023, 660198,46344,534111,808

26, 7258,0961, 71615,52419,10129,1403,821

7078341337106466

1,061933169

2,89028015922711

1,7511,663647

36,87229

7,163105,461191, 89923, 785204, 744

i, 727113, 738

1,911527

1,6852,2283,0956,6082,126712

1,910644

1,7712,2283,1796,9212,093717

178456

1,0391,3662,2241,1081,150

18,1254,07112,1211,83110,49911,00933, 67613,07510, 905

26, 7229,0501,82015,07216, 54733, 0333,084

707874143391463982

1,029171

2,89028611524709

1,6961,686643

36,87122

8,34992,018189, 86134, 092196,61151, 981112,622

103, 58587,593

52,162100,53268, 58482,105139,173

1,906512

1,7812,2443,3836,7832,266778

163328

1,0411,2982,1021,1421,070

16, 5045,9156,1751,989

10, 5499,17430,10210, 6429,561

22,9363,1762,97312, 93216,99521, 7573,265

5401,030

122316

288906879125

2,8425191524630

1,4511,947635

36, 75325

23, 85745, 502.88, 40538, 237.76, 37640,578.15,825

42,08790,826

22,45093, 85759, 97981,17995,107

1,719461

1,6232,2393,0555,6732,661

762

1 Figures not yet available. e Corrected.2 Agricultural and urban loans in process of liquidation.* By law of January 18,1938, gold revalued in March at rate of 0.585018 gram fine gold per peso



BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss gold francs1]

Assets

Gold in barsCash on hand and on current account

with banks. _ _ _ __ _Sight funds at interest

Rediscountable bills and acceptances(at cost)

Time funds at interestSundry bills and investments

Other assets

Total assets

1939

Jan. 31

44, 489

16, 64718, 545

218, 20730, 200

271, 953

984

601, 026

1938

Dec. 31

42,119

17, 84516, 571

221,08735, 592

261, 779

913

595, 907

Jan. 31

16,318

37, 60413, 346

238, 21344, 783

298, 453

1,051

649, 767

Liabilities

Demand deposits (gold)

Short-term deposits (various curren-cies) :

Central banks for own accountOther

Long-term deposits: Special accounts._

Other liabilities

Total liabilities

1939

Jan. 31

9,659

136,2877,306

255,081

192, 694

601, 026

1938

Dec. 31

9,462

132, 4347,130

255,012

191, 869

595, 907

Jan. 31

9,435

176, 9528,729

262, 320

192, 331

649, 767

i See BULLETIN for December 1936, p . 1025.

MONEY RATES IN FOREIGN COUNTRIES[Percent per annum]

Month

United Kingdom (London)

Bankers'acceptances3 months

Treasurybills, 3months

Day-to-daymoney

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rateMoney for

1 monthDay-to-day

money

Netherlands (Amster-dam)

Privatediscount

rate1Money for

1 month

1929—January..1930—January..1931—January..1932—January..1933—January..1934—January..1935—January..1936—January..1937—January..1938—January..

1938—JulyAugustSeptember..OctoberNovember..December..

1939—January

4.324.072.255.52.87

1.01.36.56.56.54

.55

.53

.91

.70

.55

4.294.042.244.94.76.90.26.53.54.51

.52

.51

.67

.93

.53

3.413.621.744.20.73.86.66.75.75.75

.75

.75

.75

. 75

.75

.75

5.806.334.756.943.873.873.513.003.002.88

2.932.882.882.882.882.88

2.88

7.517.716.647.585.034.783.933.092.882.88

2.882.872.882.882.882.88

2.88

5.136.034.937.864.984.743.822.812.542.98

2.962.512.592.702.582.86

2.46

4.202.991.382.24.37.50.59

2.21.52.13

.13

.13

.32

.21

.14

.13

.13

4.462.851.552.371.001.001.002.21.52.13

.50

.50

.70

.50

.50

.50

.50

Month

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan)

HungarySweden(Stock-holm)

Japan (Tokyo)

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-cial paper

Day-to-daymoney

Loans upto 3

monthsDiscounted

billsCall

moneyovernight

1929—December..1930—December..1931—December..1932—December..1933—December..1934—December..1935—December..1936—December..1937—December..

1938—JuneJulyAugustSeptember-OctoberNovember..December..

3.151.181.751.501.501.502.501.251.00

1.001.001.001.001.001.001.00

4.402.342.442.942.252.381.881.001.72

3.253.122.893.263.002.012.21

3.502.031.75.91

2.261.505.891.993.00

2.402.502.502.653.002.902.23

7.005.507.505.003.004.005.004.505.00

5.005.005.005.005.005.005.00

5M7M7^-10 5-6

2%

4^-14^-(43^-6i/2 23^-5

23^-52^2-5

5.485.48-5. 665. 84-6. 575. 66-5.845.11-5.48

5.115.114.754.75

4.564.564.564.564.564.56

3.103.656.572.742.562.742.692.742.59

2.372.482.442.332.312.50

r Revised.i Owing to divergences between quotations for Netherlands private discount rate as published by Rotterdamsche Bankvereeniging and Frank -

furter Zeitung, quotations beginning January 1939 will be based on information furnished by Netherlands Bank.NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May

1930, p. 318; and September 1938, p. 757.



DISCOUNT RATES OF CENTRAL BANKS[Percent per annum]

Date effective

In effect June 30,1936

July 7July 10 „Sept. 9Sept. 25Oct. 2Oct. 9Oct. 16Oct. 20Nov. 26Dec. 3Jan. 28, 1937June 15.. . - .July 7Aug. 4Sept. 3Nov. 13May 10, 1938May 13May 30Sept. 28Oct. 27Nov. 25Jan. 4, 1939In effect Feb. 28,

1939

Central bank of—

UnitedKing-dom

2

France

4

3

3

2

4654

3 2

! 2V7

i1 3

9.U

2

2

2

Ger-many

4

4

Bel-gium

2

4

3

1A

2A

Neth-er-

lands

3 2

1A

2

2

Switz-er-

land

2

1M

Japan

3.29

3.29

Centralbank of—

AlbaniaArgentina..BelgiumBoliviaBritish IndiaBulgariaCanada .__ChileColombia-Czecho-

Slovakia..DanzigDenmark...EcuadorEl SalvadorEstoniaFinlandFranceGermany. _.GreeceHungary...Italy

RateFeb.28

6

6 2

36

3-4*14

34

44

42464

Changes since Jan

Dateeffective

April 1, 1937Mar. 1, 1936Oct. 27, 1938July 5, 1932Nov. 28, 1935Aug. 15, 1935Mar. 11, 1935Dec. 16, 1936July 18, 1933

Jan. 1, 1936Jan. 2, 1937Feb. 23, 1939Nov. 30, 1932Aug. 23, 1935Oct. 1, 1935Dec. 3, 1934Jan. 4, 1939Sept. 22, 1932Jan. 4, 1937Aug. 29, 1935May 18, 1936

31: Denmark—

Centralbank of—

JapanJavaLatviaLithuania...Mexico.NetherlandsNew Zea-

landNorwayPeruPolandPortugalRumania ...South AfricaSpainSwedenSwitzerlandTurkeyUnited King-

domU. S. S. R...Yugoslavia.

RateFeb.28

3.2935 "32

4

6 2

5

IA4

245

Dateeffective

Apr. 7, 1936Jan. 14, 1937Jan. 1, 1939July 1, 1938Mar. 1, 1937Dec. 3, 1936

Nov. 19, 1938Jan. 5, 1938May 20, 1932Dec. 18, 1937Aug. 11, 1937May 5, 1938May 15, 1933July 15, 1935Dec. 1, 1933Nov. 26, 1936July 1, 1938

June 30, 1932July 1, 1936Feb. 1, 1935

Feb. 23,'down from 4 to 3lA per cent.

COMMERCIAL BANKS[Figures as of end of month, except those for United Kingdom, which are averages of weekly figures]

United Kingdom(Figures in millions of pounds sterling)

Assets

Cashreserves

Money atcall and

shortnotice I

Bills dis-counted

Securi-ties

Loans tocustom-

ersOtherassets

Liabilities

Deposits

Total Demand i TimeOther

liabilities

1930—December1931—December1932—December.1933—December.1934—December.1935—December.1936—December.1937—December.1938—December.

1936—December.

1937—November.December.

1938—January...February-MarchAprilMayJuneJulyAugustSeptember.October, _.November.December.

1939— January.. _

184207213216221236236235

244

235244

251243244246231247244241234234233243

248

195

161163

154144150150146154159153148149149160

143

10 London clearing banks

144119127119151159187155150

322246408311255322316295244

285297472565594605630605606

933905778740759784864954940

240222208237247231238242250

1,8761,7371,9831,9411,9712,0912,2382,2502,172

992868991

1,0151,0441,140

847846963900910924

11 London clearing banks 2

322

300

331288239249280289302305289268272250

256

634635

636633634638631630633642646645642635

624

991984

970984

1,000

985985974973973

972

249

245256

240238239240246251242239242256255263

253

2,315

2,3112,330

2,3292,2802,254

2,2632,2992,3092,2982,2692,2562,2492,254

2,230

1,2381,284

1,2901,2421,2211,2281,2201,2451,2541,2481,2361,2471,2441,256

1,012

1,0251,026

1,0391,0381,0331,0401,0431,0541,0551,0501,0331,0091,004997

254237216244251231232237254

252252

252250252252256256255258262270269

1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total,able beginning 1936.

2 District Bank included beginning in 1936.NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 639-640.

Figures for 10 banks not avail-



COMMERCIAL BANKS—Continued[Figures as of end of month]

France

(4 large banks. Figures in millions offrancs)

Assets

Cash Due frombanks

Bills dis-counted Loans Other

assets

Liabilities

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

1930—December...1931—December...1932—December..1933—December. .1934—December..1935—December..1936—December..1937—December..1938—February...

MarchAprilMayJune . .JulyAugustSeptember..OctoberNovember,.

2,41911,3119,0075,870

3,7393,1003,403

3,2183,0253,0635,9764,0863,2973,2704,4103,1523,357

4,6752,1681,7661,4161,4212,4842,9754,116

4,3574,3024,1283,9443,7993,9624,7084,2374,2384,318

20,44818,44122,01419,84818, 30416,14117, 58218, 249

17, 61717, 53318, 81720, 27120,44321, 62019,82814,08018, 94018, 522

10, 7439,2747,8508,3098,1598,0257,6317,6247,9947,3317,4237,1537,0837,3147,4908,0727,6137,956

2,3612,1301,7491,8271,7171,9001,9572,134

1,4751,5461,6171,5731,5381,6531,7021,9212,0881,976

36, 68138, 24537, 75932, 63530,94327, 55328,48430,34830,19829, 23430,45434,39432, 46433,18432, 29327,86930, 95230, 971

35,28437,02336,49131,77330,03926, 85927, 95529,748

29, 54228, 62029,87433,82831, 93832, 70131, 78427,40530,44930, 460

1,3971,2221,268

862904694529600

656614580566527483508463503511

921576295273193337473661

781780781676534566550678775746

4,3574,5034,3314,3624,3014,3994,2894,517

3,6823,7223,8133,8473,9504,0964,1554,1744,3044,411

Germany i

(5 large Berlin banks. Figures in mil-lions of reichsmarks)

Assets

Cashreserves

Duefrom

banksBills dis-counted Loans Securi-

tiesOther

Liabilities

Deposits

Total Demand Time

Creditsobtained

frombanks

Otherliabili-

ties

1930—No vember..1931—November..1932—November..1933—November..1934—November..1935—No vember..1936—November..1937—November..

1938—March _AprilMayJuneJulyAugustSeptember-OctoberNovember. _

191173143131115139137148197151167208178199270179195

1,483817583471393316269299308273260271263255295261270

2,4531,4311,6311,7022,0372,1622,5673,205

3,0813,0833,3283,2703,4643,5893,3843,6203,643

7,4165,3774,5703,7313,3312,8842,7292,628

2,7142,6802,6042,7042,7292,7312,8172,7432,685

482807938860874

1,0271,1121,0201,0001,1501,0941,1071,1001,0981,0971,1831,406

1,127991

1,003

851812853834826811809844876895

9,0916,0626,1615,7545,8165,3765,7516,264

6,3386,3846,5096,635

6,9157,0317,234

3,8573,2522,9582,6242,7312,4352,6612,912

2,9102,9783,0503,1593,1943,2193,3113,3733,531

5,2332,8103,2033,1303,0852,9413,0903,352

3,4283,4063,4593,4763,5943,7143,6033, 6583,703

1,9861,3281,146661485686579513460453444433420416424422420

1,8282,341'., 550,481,432,449,334,335

,356,334

1,3271,3031,3341,3681,4001,4271,438

Assets Liabilities

Canada

(10 chartered banks. Figures in mil-lions of Canadian dollars)

Entirely in Canada

Cash Securityloans

Otherloans

and dis-counts

Securityloans

abroadand net

duefrom

foreignbanks

Securi-ties

Otherassets

Notecircula-

tion

Deposits payable in Can-ada excluding interbank

Total

2,1152,0581,9161,9202,0352,1802,3032,335

2,3382,4142,4032,4592,3942,4182,4472,4802,4992,500

deposits

Demand

689698538563628694755752

715.783111838772783814824844840

Time

1,4261,3601, 3781,3571,4071,4861,5481,583

1,6231,6311,6261,6211,6231,6351,6331,6561,6551,660

Otherliabili-

ties

816752760725718745790785

772769777781772771802795808782

1930—December..1931—December..1932—December..1933—December..1934—December..1935—December..1936—December..1937—December..

1938—MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

207201211197228228240255

247248247247240262270291277263

205135103106103831147663646669717160666465

1,2751,2531,1041,036977945791862870906900921920913965986970940

171146155134155141161102

110121129119123137150147192166

604694778861967

1,1551,3841,4111,4381,4561,4491,4621,4371,4401,4211,4091,4261,463

602510439432449485507510

477483479520471459481470471474

13312911512112411110396

969591999593999492

i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six largeBerlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice(See BULLETIN for June 1935, p. 389).

NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.



FOREIGN EXCHANGE RATES[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year or month

1929.1930.1931.1932.1933.1934.1935.1936.1937.1938..

1938—MayJuneJulyAugustSeptember. .OctoberNovember . .December. . .

1939—January.

Argen-tina(peso)

95.12783. 50566. 73858. 44372. 80133. 57932. 65933.13732. 95932. 597

33. 11833. 05332. 86232. 54132.03231. 79331.38231.135

31.126

Aus-tralia

(pound)

480. 83458. 60351. 50279.93337. 07400. 95388. 86395. 94393. 94389. 55

395. 77395. 02392. 77388. 90382. 74379. 89375. 05372. 06

372. 06

Austria(schil-ling)

14. 05814. 08914.02313. 96015. 44818. 79318. 83118.79218. 77018.916

Bel-gium

(belga)

13.91213.95213. 92913. 91417. 90023. 28718.42416.91716. 87616.894

16. 83516. 95616.91916. 86916. 87716.90416. 90816. 843

16. 893

Brazil (milreis)

Official Freemarket

5. 87886.18065. 8438

5. 85665. 85645. 85285. 84605. 85635. 84885. 85955. 8646

5. 8598

BritishIndia(rupee)

36. 20236. 06733. 69026. 34731.81637. 87936. 96437. 52337. 32636. 592

37.05236. 73836. 76236. 39035. 82735.61735.15134. 860

34. 881

Bul-garia(lev)

.7216

.7209

.7163

.71931. 00391. 28521. 29511. 29581. 28461. 2424

1. 24661. 23951. 23701.23491. 23231. 23241. 23251. 2326

1.2156

Canada(dollar)

99. 24799. 84296. 32688.09091. 959

101. 00699. 49399. 913

100.00499. 419

99.17798. 90899. 43799. 64699. 36599. 06299. 24899. 064

99.194

Chile (peso)

Official

12.060112.078512. 06697. 90797. 678710.14525.08335.12405.16975.1716

5.16835.16825.16945.17445.17655.17715.17775.1758

5.1739

Export

4.00004. 0000

4. 00004. 00004.00004. 00004.00004. 00004. 00004.0000

4. 0000

China(yuan-Shang-

hai)

41. 90129. 91722. 43721. 73628. 59834. 09436. 57129. 75129. 60621. 360

23. 80418. 83518. 20516.61817.16716. 02915. 79616.110

16. 256

Colom-bia

(peso)

96. 55196. 49396. 57095. 27581. 69761. 78056. 01157. 08356. 72655. 953

55. 44755. 37056. 22356.56456. 70457. 07857. 13657. 001

57.055

Year or month Cuba(peso)

Czecho-slovakia(koruna)

Den-mark

(krone)

Egypt(pound)

Finland(mar-kka)

France(franc)

Ger-many(reichs-mark)

Greece(drach-ma)

HongKong

(dollar)

Hun-gary

(pengo)

Italy(lira)

Japan(yen)

Mexico(peso)

Nether-lands

(guilder)

19291930193119321933193419351936 _•19371938

1938—MayJuneJulyAugustSeptemberOctoberN o v e m b e r . . .December

1939—January

99. 96599. 95299. 93099. 94199. 94699. 93699. 92099. 90999.91699. 925

99. 92699. 93399. 93599. 93399. 93299. 91699. 926

99. 932

2. 96092. 96402. 96192. 96183. 82324. 24244.16424. 00783. 49303. 4674

3. 47923. 47543. 45803. 45183. 44763. 44013. 42643. 4221

3. 4258

26. 68026. 76525.05818. 83219. 07122. 50021. 88322.18922. 06921. 825

22.17422.13222. 00421. 78521.44121. 28321.01120. 844

20. 841

498. 07498. 60465.11359. 54434. 39516. 85502. 60509. 68506. 92501. 30

509. 30508. 36505. 39500.30492. 54488. 92482. 66478.88

478. 76

2. 51602. 51692. 38751. 55471. 87082. 22772.16272.19032.18112.1567

2.19382.18782.17512. 15102.11712. 10162. 07502. 0554

2.0543

3. 91613. 92493.92003.92765. 03136. 56886. 60136.11414. 04602. 8781

2. 81482. 78242. 76632. 73312. 69242. 66622. 63432. 6323

2. 6369

23. 80923. 85423.63023. 74930.51839. 37540. 25840. 29740. 20440.164

40.16040.26640.18840.09039. 96640.04740. 04240. 080

40. 066

1. 29341. 29591. 2926.8320.7233.9402.9386.9289.9055.8958

.9100

.9078

.9031

.8950

.8805

.8736

.8636

.8559

.8558

47.16733.85324. 33123. 46029. 45238. 71648. 21731.71130.69430. 457

30. 84930. 85630. 75530. 47929. 98929. 66829. 32529.174

29.107

17. 44117. 49417. 45217. 44622. 36029. 57529. 60229. 55819. 77919. 727

19. 76919. 75919.70119. 66319. 64219. 64119. 63719. 642

19. 632

5. 23345. 23745. 20635.12536. 70948. 56178. 24717. 29165. 26075. 2605

5. 26045. 26045. 26045. 26045. 26045. 26035. 26035. 2603

5. 2603

46.10049. 39048.85128. Ill25. 64629. 71528. 70729. 02228. 79128. 451

28. 93828. 88428. 72228. 44427. 99627. 78727. 43027. 213

27. 205

48.18347.13335. 49231. 85028.10327. 74227. 77827. 76027. 75022.122

22. 27520. 91420.10419. 73219. 46219. 65919. 97119. 931

19. 483

40.16240.22540. 23040. 29551.72167. 38367. 71564. 48155. 04555.009

55. 35155. 34355.04054. 60253. 94054.39054. 33454. 356

54.187

Year or monthNew

Zealand(pound)

Norway(krone)

Poland(zloty)

Portu-gal

(escudo)

Ruma-nia

(leu)

SouthAfrica

(pound)

Spain(peseta)

StraitsSettle-ments(dollar)

Swe-den

(krona)

Switz-erland(franc)

Turkey(pound)

UnitedKing-dom

(pound)

Uru-guay(peso)

Yugo-slavia

(dinar)

1929193019311932193319341935193619371938

1938—MayJuneJulyAugustSeptember.OctoberNovemberDecember -

1939—January

483. 21468. 22415. 29320.19340. 00402. 46391. 26398. 92396. 91392. 35

398. 87398.13395. 86391. 99385. 81382. 46376. 50373. 72

373. 59

26. 68326. 76025. 05518.00421. 42925. 31624. 62724. 97424. 84024. 566

24. 95724.91124. 76724. 52324.13623. 95723. 65223. 463

23.459

11.19411. 20511.19711.18214. 41418. 84618. 88218. 87518. 92318. 860

18. 84518. 83518. 83918. 83218.81518. 79418. 79818.865

18. 901

4. 47144. 49404. 24353.19603.91654. 60894. 45754. 51304. 47924. 4267

4. 48694.48114. 47134. 42284. 34924. 32204.26834. 2406

4. 2384

.5961

.5953

.5946

.5968

.77951.0006.9277.7382.7294.7325

.7336

.7303

.7318

.7317

.7305

.7299

.7305

.7315

.7311

483. 27483. 79480. 76476. 56414. 98498. 29484. 66491. 65489. 62484.16

491. 92490. 94488. 07483. 23475. 63472.05466. 01462. 32

462. 22

14. 68311. 6679.5458.04410. 71913. 61513. 67812. 3146.0535.600

5.8465.7665.6665.7475.2285.0925.0544.996

4.613

56.01255. 96452. 44540. 39749. 23259.00557.17358. 25857. 97356. 917

57. 50957. 43257. 45256. 86455. 79455. 44054. 73854. 302

54. 246

26. 78426. 85425. 25418. 47122. 03225.98225. 27125. 62625. 48725.197

25. 60425. 56125. 41225.16224. 76524. 56324.25124. 051

24. 041

19. 27919. 38219. 40119. 40524. 83632. 36632. 49730.18922. 93822. 871

22. 84022. 88722. 88522. 88522.60322. 71922. 65322. 612

22. 582

48.41147.06147.18147. 28560. 44079.04780. 31280. 35780.13080. 109

79. 70179. 91979.62079. 46079. 62480. 31180. 28980. 803

80.436

485. 69486. 21453. 50350. 61423. 68503. 93490.18497. 09494. 40488. 94

496. 73495. 80492.91488. 08480. 38476. 85470 75467. 03

466. 94

98. 62985. 86555. 35747.06460. 33679. 95680. 25179. 87479. 07264. 370

65. 35265. 24064. 86464. 23963. 23162. 74261. 95561.471

61.438

1. 75911. 76811. 76801.64111. 76072. 27192. 28372. 29652. 30602.3115

2. 32392. 32562. 32412. 31332. 28952. 28052. 27972. 2776

2. 2800

NOTE.—Developments affecting averages since January 1938 have been as follows: Australia and South Africa—quotations no longer nominalbeginning March 26; Austria—no quotations available beginning March 14; China—quotations nominal beginning March 14; Czechoslovakia—quotations nominal September 22-October 4, inclusive; Egypt and Turkey—no quotations available April 15-18, inclusive, August 1, and December27; Mexico—quotations not available March 19-21 and nominal thereafter; New Zealand—quotations nominal since April 1934 except March 26-December 14, 1938, inclusive; Poland—quotation nominal on April 15; Portugal—quotation nominal on September 28 and October 4; Yugos lav ia -quotations no longer nominal beginning September 17; Spain—no quotations available beginning January 25, 1939. For further information con-cerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETINfor March 1938, p . 244.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1926

1929193019311932 __193319341935193619371938

1937—December . . .

1938—JanuaryFebruaryMarchAprilMayJuneJulyAugust .September _OctoberNovemberDecember.. __

1939—January

UnitedStates

(1926=100)

100

95867365667580818679

82

818080797878797878787877

77

Canada(1926=100)

100

968772676772727585

83

848483828080797675747473

73

UnitedKingdom(1930=100)

U24

100888686888994

109101

108

10810610410310210110110098999898

97

France(1913=100)

695

627554500427398376338411581

631

636631634643654660652649652664674684

Germany(1913=100)

134

137126111979398

102104106106

106

106106106106105106106106106106106106

P107

Italy(1928=100)

958576706362687689

P96

96

959494959696959697979796

Japan(October1900=100)

237

220181153161180178186198238251

241

245249252247249254254252252253

s2 t

O

259

Nether-lands

(1926-30=100)

106

100907665636362647672

76

757473737272717171717071

70

Switzer-land

(July 1914=100)

144

1411281109691909096

111

110

110109108108107107106105106106106106

p Pre l imina ry .i Approx ima te figure, der ived from old index (1913=100).

WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above!

Year or month

1926

1929..__ _ _19301931193219331934 _1935 _ .19361Q371938 _ . . . . . .

1937—December _

1938—JanuaryFebruaryMarchAprilM a yJune .JulyAugustSeptemberOctoberNovemberDecember.. .

1939—January _

United

Farmproducts

100

10588654851657981

69

73

727070686869696768676868

67

S t a t e s (1926=100)

Foods

100

100917561617184828674

80

767474727273747375747473

72

Othercommod-

ities

100

92857570717878808582

84

848383828281818181818180

80

United Kingdom(1930=100)

Foods

100898883858792

10297

104

10510310110010099989592939192

93

Indus-trial

products

100878587909096

112104

109

109107106104103101102102102102103102

100

F r a n c e (1913=100)

Farmand foodproducts

581

579526542482420393327426562

P641

636

634625620633650657630625631646662684

Indus-trial

products

793

669579464380380

•361848S97598

626

638636647651657663671670669680685685

P690

Agricul-tural

products

129

130113104918796

102106105106

105

105105106106106106106107106106107107

108

G e r m a n y (1913=100)

Provi-sions

132

125113£686757684869691

94

909090909090809091929595

94

Indus-trial rawand semi-finishedproducts

130

13212010389889192949694

94

949494949394949494949494

94

Indus-trial fin-

ishedproducts

150

157150138118113116119121

126

126

126126126126126126126126126126126126

126

v Preliminary. c Corrected.Source*.—See B U L L E T I N for M a r c h 1931, p . 153; M a r c h 1935, p . 189; October 1935, p . 678; M a r c h 1937, p . 276; a n d Apri l 1937, p . 372.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES

[Index numbers]

Year ormonth

1926

1929 _193019311932193319341935193619371938

1937—December

1938—January. _FebruaryMarchAprilM a yJuneJulyAugust ..SeptemberOctoberNovemberDecember

1939—January . .

UnitedStates1923-

1925=100

109

105100

826866748082

79

83

8078797979

! 801 80i 78! 79j 78i 78

79

78

Eng-landJuly

1914=100

161

154145131126120122125130139141

146

145142140137139138146141

! 140139140139

138

FranceJuly

1914=100

654

611614611636491481423470ftOl

P702

659

688694698702705698671677697725727742

748

Ger-many1913-

1914=100

146

156146131116113118120122122122

121

121122122122123123124

i 124j 121! 121i 121

121

122

Nether-lands1911-

1913=100

161

162150136119120124118120197130

130

130130128129132134130129130130128130

Switz-er-

landJune

1914=100

160

156152141125117115114120

«130

130

130130129129128130129129130130130130

COST OF LIVING[Index numbers]

Year ormonth

1926

1929 _ „19301931 _„1932193319341935.. .193619371938

1937-December.

1938-January.__FebruaryMarchAprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember.

1939-January

UnitedStates

1923-1925=100

103

100978980767981828483

85

83

83

83

83

Eng-landJuly

1914=100

170

164158148144140141143147154156

160

159157156154156155159156156155156156

155

FranceJan.-June

1914=100

505

556581569526520516483507619

658

688

692

689

722

Ger-m a n y1913-

1914=100

142

154148136121118121123125125126

125

125125126126126126127127125125125125

126

Nether-lands1911—

1913=100

168

168161151141139140136

1 132137139

139

139139138138139140139138139138137138

Switz-er-

landJune

1914=100

162

161158150138131129128130137

138

138137137137136137137136137137137137

p Preliminary. c Corrected.i Revised index from March 1936 (see BULLETIN for April 1937, p . 373).Sources.—See BULLETIN for April 1937, p. 373.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues __

1926

1929 _19301931193219331934193519361937 . . .1938

1937—December _„

1938—JanuaryFebruaryMarchAprilMayJuneJulyAugust _September. _.October.November _.December.__

1939—January

Bonds

UnitedStates

(averageprice)1

60

97.6

98.199.390.969.573.484.588.697.5

78.9

82.7

80.679.376.073.876.575.380.881.378.781.882.181.1

81.9

England(December1921=100)

87

110.0

110.2111.8108.4113.2119.7127.5129.9131.2124.6121.3

123.9

124.7125.1121.0124.2122.1121.9123.4122.4118.4118.2118.0116.3

115.9

France(1913=100)

36

57.4

85.195.896.988.681.382.183.576.3•^ i

P77.3

75.5

76.174.773.275.676.177.276.576.675.678.380.688.3

83.4

Germany(averageprice)

139

81.483.3

»83. 4»67.1

82.590.795.395.898 799.9

99.7

99.899.9

100.1100.1100.0100.0100.099.999.899.899.799.2

99.0

Nether-lands'

8

100.0104.3104.194.8

105.3113.4107.8109.1

< 101. 8P105. 6

105.0

106.3107.2104.3106.3108.0107.0107.0106.3100.6105.6105.3105.9

104.3

Common stocks

(1926=100)

UnitedStates

420

100.0

190.3149.894.748.663.072.478.3

111.0111.883.3

82.2

81.680.777.970.773.973.188.089.586.091.194.792.0

91.8

England

278

100.0

119.5102.678.967.978.685.786.397.096.380.8

86.8

86.583.878.981.779.778.582.181.178.479.680.478.4

78.0

France

300

100.0

217.6187.6132.2105.299.683.379.777.297.4

P89.7

87.6

85.084.682.093.692.791.488.887.683.788.091.8

104.7

94.0

Germany

329

100.0

122.8100.2

3 78.03 50.3

61.771.182.991 6

102.6P100.1

102.1

104.4104.2104.5105.3103.4101.499.093.894.798.697.294.6

95.3

Nether-lands

(1930=100)

100

100.70.46.52.55.55.66

104.P96.

93.7

98.397.595.192.292.791.697.297.192.898.098.897.8

94.3

p Preliminary.* Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index

beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent.* Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January-

June; 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

239


BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman

M. S. SZYMCZAKJOHN K. MCKEE

CHESTER C. DAVISERNEST G. DRAPER

LAWRENCE CLAYTON, Assistant to the ChairmanELLIOTT THURSTON, Special Assistant to the ChairmanCHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryJ. C. NOELL, Assistant Secretary

WALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselGEORGE B. VEST, Assistant General CounselB. MAGRUDER WINGFIELD, Assistant General Counsel

LEO H. PAULGER, Chief, Division of ExaminationsR. F. LEONARD, Assistant Chief, Division of ExaminationsC. E. CAGLE, Assistant Chief, Division of Examinations

E. A. GOLDENWEISER, Director, Division of Research and StatisticsWOODLIEF THOMAS, Assistant Director, Division of Research and StatisticsLATTCHLIN CURRIE, Assistant Director, Division of Research and Statistics

EDWARD L. SMEAD, Chief, Division of Bank OperationsJ. R. VAN FOSSEN, Assistant Chief, Division of Bank OperationsJ. E. HORBETT, Assistant Chief, Division of Bank Operations

CARL E. PARRY, Chief, Division of Security LoansPHILIP E. BRADLEY, Assistant Chief, Division of Security Loans

O. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

MARRINER S. ECCLES, Chairman

GEORGE L. HARRISON, Vice ChairmanCHESTER C. DAVISERNEST G. DRAPERM. J. FLEMINGGEORGE H. HAMILTONHUGH LEACHWM. MCC. MARTINJOHN K. MCKEERONALD RANSOM

M. S. SZYMCZAK

CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistJOHN H. WILLIAMS, Associate EconomistALLAN SPROUL, Manager of System Open Market Account

FEDERAL ADVISORY COUNCIL

District No. 1 (BOSTON) THOMAS M. STEELB

District No. 2 (NEW YORK) LEON FRASER

District No. 3 (PHILADELPHIA) HOWARD A. LOEB,

V ice-PresidentDistrict No. 4 (CLEVELAND) T. J. DAVIS

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

PresidentDistrict No. 9 (MINNEAPOLIS) JOHN CROSBY

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

240


SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal ReserveBank of—

Boston _

New York

Philadelphia

Cleveland—

Richmond

Atlanta

Chicago.

St. Louis

Minneapolis

Kansas City

Dallas

San Francisco

Chairman and FederalReserve Agent

F. H. Curtiss

Owen D. Young, _

T. B. McCabe

G. C. Brainard

Robert Lassiter

F. H. Neely

R. E. Wood »

W. T. Nardin

W. C. Coffey1

R. B. Caldwell

J. H. Merritt

St. George Holden i___

President

R. A. Young

G. L. Harrison __ _

J. S. Sinclair

M. J. Fleming

Hugh Leach

R. 8. Parker

G. J. Schaller

W. McC. Martin

J. N. Peyton.

G. H. Hamilton

B A McKinney

W. A. Day

First Vice President

W. W. Paddock

Allan Sproul

F. J. Drinnen

F. J. Zurlinden

J. 8. Walden, Jr

H. P. Preston

F. G. Hitt

0 . 8. Powell

C. A. Worthington__-

R R Gilbert

Ira Clerk

Vice Presidents

W. Willett2

L. R. RoundsW. 8. LoganJ. H. WilliamsR. M. GidneyL. W. Knoke

0. A. Mcllhenny »w T r\flvjn

E. C. Hill

W. H. FletcherG. H. WagnerW. F. Taylor »

J. G. FryG. H. Keesee 2

W. 8. McLarin, Jr. »H. F. ConniffM. H. Bryan

W. H. Snyder >0. 8. YoungJ. H. Dillard

0. M. AtteberyC. M. Stewart2

H. I. Ziemer 8

E. W. Swanson

H. G. LeedyJ. W. Helm s

R. B. Coleman 3

W. J. Evans

W. M. HaleC. E. Earhart 2

1 Deputy chairman. 2 Cashier. 3 Also cashier

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo Branch

Cleveland:Cincinnati BranchPittsburgh Branch..

Richmond:Baltimore BranchCharlotte Branch .

Atlanta:Birmingham BranchJacksonville BranchNashville Branch „ .New Orleans Branch

Chicago:Detroit Branch

St. Louis:Little Rock Branch _Louisville BranchMemphis Branch

Managing director

R. M. O'Hara

B. J. LazarP. A. Brown

W. R. MilfordW. T. Clements

P. L. T. BeaversG. 8. Vardeman, Jr.J. B. Fort, Jr.L. M. Clark

R. H. Buss

A. F. BaileyF. D. RashW. H. Glasgow

Federal Reserve Bank of—

Minneapolis:Helena Branch

Kansas City:Denver BranchOklahoma City BranchOmaha Branch

Dallas:El Paso BranchHouston BranchSan Antonio Branch

San Francisco:Los Angeles BranchPortland BranchSalt Lake City Branch8eattle Branch _

Managing director

R. E. Towle

J. E. OlsonC. E. DanielL. H. Earhart

J. L. HermannW. D. GentryM. Crump

W. N. AmbroseR. B. WestW. L. PartnerC. R. Shaw

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. One copy of the BULLETIN is sent to each member bank without charge. To othersthe subscription price, which covers the cost of paper and printing, is $2. Single copies will be soldat 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;single copies, 25 cents.

241


FEDERAL RESERVE DISTRICTS

/ J _ !

M M M I BOUNDARIES OF FEDERAL RESERVE DISTRICTS

. « . « • BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES(APPROXIMATE IN THE ST. LOUIS DISTRICT)

® FEDERAL RESERVE BANK CJTIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


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Federal Reserve Bulletin March 1939 - FRASER · Acceptances, commercial paper, and brokers'...

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