frb_101939

FEDERAL RESERVEBULLETIN

OCTOBER 1939

Effects of War on American Markets

Compilation of Laws Relating to BranchBanking

Distribution of Demand Deposits byEconomic Classes

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

Page

Review of the month—Effects of war on American markets 839-845National summary of business conditions 846-847Summary of financial and business statistics 849Law Department:

Rulings of the Board:Transfers from savings accounts to F. H. A. Mortgage accounts without presentation of pass books 850Payment or renewal of certificate of deposit maturing on Sunday 850Payment of interest on savings account after death of depositor 851

Trust indenture Act of 1939 851Compilation of Federal and State laws relating to branch banking within the United States 851-870

Distribution of demand deposits by economic classes of depositors 1933, 1935, and 1936 871-874Member bank earnings and expenses, first half of 1939 874-875Condition of insured banks in the first half of 1939 '_ 876-877Revised indexes of factory employment adjusted for seasonal variation 878-888Financial, industrial, and commercial statistics, United States:

Member bank reserves, Reserve bank credit, and related items 890Federal Reserve bank statistics 891-895Reserve position of member banks; deposits in larger and smaller centers 896Money in circulation 897Gold stock and gold movements; bank suspensions; bank debits 898All banks in the United States 899All member banks 900-901Condition of reporting member banks in leading cities 902-905Acceptances, commercial paper, and brokers' balances 906Federal Reserve bank discount rates 907Money rates and bond yields 908Security markets 909Treasury finance 910-911Governmental corporations and credit agencies; Postal Savings System 912-913Production, employment, and trade 914-922Wholesale prices 923Crop report 924Statistics for Federal Reserve chart book 925

International financial statistics:Gold reserves of central banks and governments 928Gold production 929Gold movements 929-930International capital transactions of the United States 931-933Central banks 934-937Bank for International Settlements 938Money rates 938Discount rates of central banks 939Commercial banks 939-940Foreign exchange rates 941Price movements:

Wholesale prices 942Retail food prices and cost of living 943Security prices 943

Federal Reserve directory:Board of Governors and staff; Open Market Committee and Staff; Federal Advisory Council 946Senior officers of Federal Reserve banks; managing directors of branches 947

II


FEDERAL RESERVE BULLETINVOL. 25 OCTOBER, 1939 No. 10

Effects of war onAmerican markets

REVIEW OF THE MONTH

War in Europe resulted in abrupt pricechanges and sharp increases in activity in the

commodity and financialmarkets of this country.

Prices of basic com-modities advanced in September, reflectingchiefly heavy purchases by manufacturersand distributors, but to some extent also spec-ulative activity by traders. Buying was par-ticularly marked for such products as ironand steel, nonferrous metals, and textiles,and was largely by domestic purchasers inanticipation of possible price advances anddelayed deliveries. Inquiries from abroad,particularly from neutrals, showed a markedincrease in some lines, but in others the pros-pect for exports was adversely affected. In anumber of industries new orders were suffi-cient to bring about an accelerated increasein plant operations. This rise, coupled withincreased oil output after sharp curtailmentin August, carried the Board's index of in-dustrial production from 102 for the monthof August to about 110 for the month of Sep-tember, with a still higher level prevailing atthe end of the month. Employment and na-tional income increased substantially but, asis usual, expanded less rapidly than industrialactivity.

Prices of many common stocks rose rap-idly in September, while prices of UnitedStates Government securities and high-gradecorporate bonds, which had reached recordlevels in the early part of the summer and hadreceded somewhat from those levels, declinedsharply. The Federal Reserve System, inpursuance of its policy of endeavoring tomaintain orderly conditions in the capital

markets, increased its holdings of UnitedStates Government obligations.

At no time was the shock of the war to ourfinancial and industrial system comparable tothat in 1914 when the Stock Exchange andmany commodity exchanges were forced toclose, large currency withdrawals and goldexports obliged banks to operate on a re-stricted basis, and business activity declined.During the past month exchanges remainedopen, bank deposits and reserves increased,and commodity prices and business activityadvanced sharply. Gold continued to flowinto the United States in large volume untillate in the month. Dollar prices of manyforeign currencies showed sharp reductions.

The Federal Reserve System increased itsholdings of United States Government securi-

ties by about $400,000,000 inOpen-market the two weeks ending Septem-operations _.

ber 13, and by a small addi-tional amount in the following week. Hold-ings of bonds and notes increased somewhatmore than this amount, since part of the ma-turing Treasury bills were not replaced.

On September 20 the total amount of Gov-ernment obligations in the System Open Mar-ket Account was at a new high level of$2,826,000,000. Between June 21 and Au-gust 30 the Open Market Committee had fol-lowed the policy of not replacing all maturingTreasury bills, with the consequence that thetotal amount of securities in the accountdiminished by about $140,000,000, leaving acorrespondingly larger volume of bills in thehands of holders other than Federal Reservebanks. Changes in the types of securitiesheld in the System Account are shown in thefollowing table:

839


840 FEDERAL RESERVE BULLETIN OCTOBER 1939

UNITED STATES GOVERNMENT SECURITIES HELD BYTHE FEDERAL RESERVE BANKS

Total

BondsNotesBills

[In millions of dollars]

Sept. 20,1939 1

2,826

1,3091,245

272

Aug. 30,1939

2,426

9121,179

335

June 21,1939

2,564

9111,176

477

1 Includes some Government guaranteed issues.

As a result of open-market purchases ofsecurities by the Reserve banks, further goldimports from abroad, and expenditures ofthe Treasury from its cash holdings andbalances with the Reserve banks, excess re-serves of member banks increased and onSeptember 20 were at a new high level of$5,300,000,000.

On September 1 the Board issued the fol-lowing statement:

Advances tomember andnonmember banks

"The Board of Governorsof the Federal Reserve Sys-tem announces that in viewof current developments in

the international situation, the FederalReserve banks are prepared at this timeto make advances to member and non-member banks on Government obliga-tions at par at the rates prevailing formember banks."

This announcement assured member andnonmember banks that the Federal Reservebanks would make advances up to the fullamount of the par or face value of Govern-ment obligations and on the same terms fornonmember as for member banks. Followingthis announcement the Federal Reserve Banksof Boston, Atlanta, Chicago, St. Louis, Kan-sas City, and Dallas reduced their rates onadvances made to member and nonmemberbanks on United States Government obliga-tions from 11/2 to 1 per cent, the rate at theNew York bank. At other Reserve banksthe rate is IV2 P e r cent- Since banks havenot experienced any drain of funds, there hasbeen no demand for advances on Governmentsecurities at the Reserve banks.

Owing to the decline in bond prices inSeptember, yields on Government bonds

rose substantially, as shown byIncrease in t h e c h a r t Between August 31bond yields

and September 23 the averageyield on Treasury bonds maturing in theperiod 1960-1965 increased by % of 1 percent to a level of over 2% per cent. ForTreasury notes maturing in 1944 the yieldrose to something over lVs P e r cent. Yieldson Treasury notes and long-term bonds sub-sequently declined somewhat and toward theend of September were at about the levels ofearly 1938.

BOND YIELDSPER (

0

o

4

6

8

0

,ENT

4J

u s e

INVERTED SCALE

OVPRMMP

'^CORPORATE A a a .

. , ^ ' 'CORPORATE

NT

v^—^

Baa Ky

PER CENT

0

2

4

6

8

101934 1935 1936 1937 1938 1939

Sources : U. S. Government bonds, Treasury Department; cor-porate bonds, Moody's Investors Service. Weekly average of dailyfigures ; latest are for week ending Sept. 23.

Average yields on high-grade corporatebonds, which had been relatively steadyearlier this year, increased from 3 to over 3*4per cent during the first three weeks of Sep-tember. Yields on lower-grade obligationsshowed irregular changes, as they had duringthe greater part of the year. For some issues,especially those of railroads, yields declinedsomewhat after the outbreak of war, whileyields of other issues continued the moderaterise that had begun about the middle ofAugust.

Sellers of Government securities in theearly part of September were for the mostpart private investors and the smaller institu-


OCTOBER 1939 FEDERAL RESERVE BULLETIN 841

tional holders, including many banks. Thelarge money-market banks as a group slightlyincreased their holdings of Treasury bonds.

Common stocks rose sharply in Septemberand by the middle of the month had advanced

to the level of the first of theIncrease in y e a r a g ^ e chart shOWS. Pricesstock prices '

of stocks of steel companiesshowed the largest advances while prices ofsome public utility stocks declined slightly.The volume of trading was the largest sincethe autumn of 1937. Indications are thatmuch of the buying has been for cash, as therewas some decline during September in theamount of bank credit used for purchasingand carrying securities.

STOCK PRICES

INDEX OF PRICES, 1926 = 100

80

60

40

20

80

60

40

20

1934 1935 1936 1937 1938 1939Source: Standard Statistics Company, 348 industrials, 40 utilities,

32 railroads. Wednesday figures ; latest are for Sept. 20.

The recent sharp rise in stock prices con-trasts with the situation in 1914 when a floodof selling from foreign as well as domesticsources caused prices to break to such anextent that the New York Stock Exchangeclosed temporarily. This difference in behav-ior reflects in part anticipation at this time ofthe effects of war on the profits of American

Increase incommercial loans

industry and in part the fact that Americanstocks held in belligerent countries, have notbeen dumped on the market as they were in1914.

Demand for business loans at commercialbanks has increased sharply in recent weeks.

A part of this demand repre-sents a seasonal increase, butmuch of it appears to be for

funds to finance the purchase of additionalinventories and the expansion of current op-erations. The growth in commercial loanshas accompanied the sharp increase in buy-ing of commodities which occurred at theoutbreak of war in anticipation of possiblefuture requirements.

The rise in commercial loans at reportingmember banks in 101 leading cities during thefour weeks ending September 20 amountedto nearly $265,000,000, or 6 per cent. Banksin the leading cities of all Federal Reservedistricts, except the Philadelphia district,showed increases. More than half of this in-crease was in New York City. Since the rapiddecline that extended through the spring oflast year the volume of commercial loans hadshown little change until the recent rise.

The gold movement to the United Stateswas sharply accelerated in August and re-

mained at a high level untilRecent gold t h e jatter part of September.movement TO

In the six weeks ending Sep-tember 20 the monetary gold stock increased$630,000,000 compared with $180,000,000 inthe previous six weeks. Both gold importsand sales of gold held under earmark forforeign account at the Federal Reserve bankswere substantial.

In its earlier stages the increase in the goldmovement reflected a flight of private fundsto the United States during the critical weeksthat preceded the outbreak of war in Europe.The outflow, particularly from Great Britain,was at its height when the British authoritieson August 25 ceased selling gold for the pur-pose of supporting sterling exchange. Thisdevelopment and the subsequent impositionof foreign exchange regulations in the United



foreignexchange rates

Kingdom, France, and other countries werethe major factors in bringing the privateflight movement to an end. During Septem-ber sales of foreign gold to the United Stateswere to a large extent for the purpose of ac-cumulating official dollar balances in thiscountry. Deposits of foreign central bankswith the Reserve banks increased by $150,-000,000 between the end of August and Sep-tember 20.

The removal of official support from ster-ling was accompanied by a sharp decline in

its dollar exchange rate. TheDecline in pound, which had been held

for some time at a level ofabout $4.68, fell as low as

$4.42 in New York on August 25 and fluctu-ated erratically during the week precedingannouncement that Great Britain was at warwith Germany. Early in September, how-ever, in conjunction with the issuance ofregulations governing foreign exchange deal-ings in the United Kingdom, the Bank ofEngland fixed buying and selling rates forthe dollar at $4.06 and $4.02 to the poundrespectively for approved transactions. Theofficial buying rate, which was later changedto $4.04, and the selling rate appear to consti-tute effective limits to the fluctuation of thedollar in London. The British authorities,however, have not attempted to control ratesin foreign centers. New York, for example,has provided a market for sterling whicheither would not be purchased by the Bankof England or which, owing to the confusedsituation, was offered for sale in New Yorkrather than London. For a time these offer-ings found ready takers but in the middle ofSeptember the pound in New York brokeaway from the official rate in London andfell as low as $3.75. Subsequently the situa-tion was somewhat clarified and the NewYork rate rose. By September 22 sterlinghad recovered to $4.00 in New York.

The decline in sterling following August24 resulted in widespread disorganization offoreign exchange markets. For a time thevolume of business was small, being limited

to the satisfaction of the most pressing needs,and many foreign exchange rates were quotedon a nominal basis. The period was one ofuncertainty regarding the status of manycurrencies, particularly those of countrieswhich had pursued a policy of maintaininga stable relationship between their monetaryunits and the pound. By the end of Septem-ber it appeared that few neutral countrieshad remained firmly attached to sterling, al-though a number of currencies had followedthe decline in the pound part way. The fol-lowing table shows the percentage change inexchange rates of the principal currenciesbetween August 24, just prior to the declinein sterling, and September 22.

PERCENTAGE CHANGE IN FOREIGN EXCHANGE RATESIN NEW YORK AUGUST 24—SEPTEMBER 22, 1939

Currency of—

United Kingdom

FranceAustraliaBritish IndiaNew ZealandSouth Africa ..PortugalUruguay

Controlled rateNon-controlled rate___

Japan

Per-centagechange

- 1 5

- 1 4- 1 5- 1 4— 14- 1 4- 1 5

- 1 5+ 8-15

Currency of—

CanadaDenmark. .Finland

BelgiumSwitzerlandNetherlands. _. _ItalySweden.. __ __NorwayBrazil—official-Mexico

Per-centagechange

- 9- 8— 8

n\

^- 3

c

— 40)

+ 16

1 Increase less than y2 of one per cent.Percentages based on certified noon buying rates in New York for cable

transfers. No rates were available on Sept. 22 for the currencies ofArgentina, Germany, Hungary, Poland, Rumania, and Yugoslavia.

Prices of most basic foodstuffs and indus-trial materials advanced sharply in the early

part of September. SpotCommodity prices p r i c e g Q f gQ g e n s i t i v e c o m _

modities rose about 20 per cent in the weekending Thursday, September 7, as is shownin the accompanying chart, and in the follow-ing two weeks these commodities as a groupadvanced somewhat further, reaching a levelabout halfway between the low of Augustand the peak reached early in 1937.

The advance early in September was gen-eral both in foodstuffs and industrial mate-rials. In the subsequent two weeks pricesof industrial materials continued to advance,while prices of most foodstuffs showed little



change or declined. Total supplies of food-stuffs at all points are in large volume bothin this country and abroad. Recent changes

WHOLESALE PRICES OF 3 0 COMMODITIES1926 = 100

THURSDAY FIGURES

90807060

r

^

V <\^TOTAL f

1009080

70

60

50

30

20

INDUSTRIAL \MATERIALS \ i /

1009080

70

60

50

40

30

201936 1937 1938 1939

Bureau of Labor Statistics indexes for total and 16 industrialmaterials ; Federal Reserve grouping of 14 foodstuffs.

in wholesale prices of leading foodstuffs havebeen as follows:

PRICES OF SELECTED FOODSTUFFS

Corn cents per bu.Wheat cents per bu.Cocoa cents per lb.Coffee cents per lb.Sugar, raw cents per lb.

Butter cents per lb.Cottonseed oil cents per lb.Lard cents per lb.

Hogs dol. per cwt.Steers dol. per cwt.

Aug.31

45.0066.00

4.477.252.92

24.004.636.75

6.739.38

Sept.7

61.0085.00

6.707.383.85

26 506.509.50

9.0510.63

Sept.21

57.0084.00

6.157.753.60

28.006.139.75

7.9810.00

Per centincrease,Aug. 31

to Sept. 21

2727

387

23

173244

197

Continued increases in prices of industrialmaterials after the first week of Septemberreflected chiefly further advances for hides,rubber, silk, wool, and burlap, in which for-eign supplies are an important factor. Therewere also further price increases in steelscrap and print cloth accompanying addi-tional heavy buying of steel and cotton tex-tiles. Prices of raw cotton advanced rela-

tively little, owing in part to large stocks onhand and the prospect of a domestic croplarger than world consumption of Americanotton last year. Stocks of other industrial

materials in the hands of domestic producersand industrial consumers are generally lowerthan those of foodstuffs. Changes in pricesof leading materials are indicated in the table,but in some cases, notably tin, recent quota-tions have been largely nominal.

PRICES OF SELECTED INDUSTRIAL MATERIALS

Hides cents per lb.Rubber cents per lb.

Cotton cents per lb.Print cloth cents per yd.Silk dol. perlb.Wool tops dol. per lb.

Copper cents per lb.Lead cents per lb.Tin cents per lb.Zinc cents per lb.Steel scrap dol. per ton

Aug.31

11.0016.88

8.554.632.57

.86

10.504.90

49.004.75

15.25

Sept.7

14.0020.00

9.445.252.831.04

12.005.35

65.006.00

15.75

Sept.21

15.7522.50

8.735.503.051.26

12.005.35

68.006.25

19.25

Per centincrease,Aug. 31,

to Sept. 21

4333

2191947

149

393226

Following recent advances, prices of indus-trial materials as a group are well above ayear ago and close to the level reached inNovember 1936, whereas foodstuffs as agroup are at about the level of a year agoand still far below prices prevailing in theautumn of 1936, when supplies had been re-duced by drought conditions. The recent sub-stantial rise in foodstuffs started from rela-tively low levels, as, for example, in the caseof lard, which in August was close to the de-pressed level of 1932. The initial rise infoodstuffs was subsequently followed by somedecline.

Recent advances in prices of materials haveextended to other markets. In the textilemarkets prices of fabrics, particularly wool-ens and worsteds, have been increased owingpartly to sharp advances in prices of yarns,and there have also been advances in hosieryand carpets and rugs. Current list pricesfor finished steel in domestic markets havebeen reaffirmed for fourth quarter delivery,but it is reported that concessions from listprices, quite general earlier, are no longer



available on new business, and export priceshave been raised to domestic levels. Amongother industrial commodities the most im-portant advances have been in prices ofleather, some grades of paper, and chemicals,particularly imported drugs and fine chemi-cals.

The general level of wholesale commodityprices, according to the Bureau of LaborStatistics' index, rose 3 points in the weekending September 9 and 1 point in the fol-lowing two weeks to 79.5 per cent of the 1926average, about the same level as a year ago.

In retail markets a special survey by theBureau of Labor Statistics shows that pricesof sugar, flour, lard, and meats advancedfrom August to the middle of September,while in other items, such as coffee, cocoa,and bread, there was little or no price rise.According to reports household consumersand institutions in many cases purchasedbeyond their usual needs and as a resultsome distributors' stocks were temporarilydepleted in a number of areas.

Industrial activity had been increasing forseveral months before the rapid advance

began in September. InAugust the Board's indexof industrial production was

at 102 per cent of the 1923-1925 average ascompared with 92 in April and May, 104 lastDecember and the low level of 77 reached inthe middle of 1938. The course of the indexin recent years and of component parts isshown on the accompanying chart. The risein September carried the index to about 110.

Increases in output in the three monthsprior to September had been quite generaland had reflected largely response to the sus-tained level of consumption prevailing sincethe beginning of this year. In the iron andsteel industry ingot production, which haddeclined to about 45 per cent of capacity inthe middle of May, subsequently increasedsteadily, reaching a rate of 63 per cent bythe end of August; the sharp rise in Septem-ber brought the rate to 84 per cent in the lastweek of the month. The increase during the

Increase inindustrial output

summer reflected to some extent increasedsteel takings by concerns which had beenusing up stocks of steel acquired earlier. Therise also represented increased use of steel in

INDUSTRIAL PRODUCTION

1932 1933 1934 1935 1936 1937 1939

Figures shown for September 1939 are estimates madeSeptember 26.

a variety of manufacturing industries, par-ticularly machinery, shipbuilding, and indus-tries fabricating miscellaneous products ofsteel. Output of steel for construction con-tinued in substantial volume. Demand fromthe automobile industry was in reduced vol-ume until August when increased require-ments for steel accompanied the shift to pro-duction of new model automobiles.

Automobile production was in reduced vol-ume during the summer as dealers' stocks ofnew cars, which had been at high levels, werebeing liquidated. Retail sales continued insubstantial volume during this period andstocks declined to low levels. Assemblies arenow increasing rapidly as volume productionis getting under way throughout the industryto supply current consumer demand and tostock dealers.

The moderate decline during the first halfof 1939 and the subsequent increase in "otherdurable" manufactures reflected mainly



changes in output of plate glass, most ofwhich is used by the automobile industry,and a temporary reduction in output of by-product coke during the shutdown of bitumi-nous coal mines discussed below. Productionof lumber and cement has been largely main-tained around levels reached at the beginningof this year, reflecting the higher level ofactivity prevailing in the construction in-dustry.

Textile production increased further inAugust and was at a rate close to the peaklevel reached late in 1936 and maintainedduring the first half of 1937. For the pastyear output of cotton and woolen textiles hasbeen in substantial volume, and it is reportedthat buying in September was sufficient tobring about some increase from earlier levels.At rayon mills activity has been at a high ratein recent months; takings of silk, however,have been sharply curtailed this summerpartly as a result of high prices for raw silk.Shoe production has been in large volumethis year, and output of tobacco and petro-leum refinery products has continued at ahigh level.

Mineral output has shown sharp fluctua-

tions this year. In April and the first halfof May bituminous coal production was re-duced by nearly two-thirds as most mineswere closed during contract negotiations be-tween mine operators and the United MineWorkers union. In the latter half of Augustcrude petroleum production was reduced byabout one-half as most wells in the principaloil producing States, with the exception ofCalifornia and Illinois, were closed by theconcerted action of State regulatory authori-ties. Stocks of coal and petroleum weresharply reduced during the periods of tem-porary curtailment, and when activity wasresumed output rose rapidly to about thelevels prevailing earlier. Lake shipments ofiron ore so far this season have been muchlarger than a year ago, although still con-siderably smaller than in 1937. Stocks ofiron ore at furnaces and Lake Erie docks thisyear have not been large relative to consump-tion, however, and consequently, when largeinquiries for steel developed in September,shipment schedules were increased substan-tially and additional ore boats were broughtinto service, indicating a high level of ship-ments for the remainder of this season.



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled September 15 and released for publication September 18]

Industrial activity, which had increasedsubstantially during the summer, showed asharp advance in the first half of Septemberafter the outbreak of war in Europe. Pricesof basic commodities and equity securitiesrose sharply while prices of high-grade bondsdeclined.

Production.—In August, the Board's sea-sonally adjusted index of industrial produc-tion was at 102 per cent of the 1923-1925average as compared with 101 per centreached in July. Volume of manufacturingproduction increased further, but mineralproduction declined, owing to a temporarycurtailment in output of crude petroleum.In the iron and steel industry output in-creased somewhat further in August and rosesharply in the first half of September, steelingot production reaching a rate of 70 percent of capacity in the week ending Septem-ber 16 as compared with about 63 per centat the beginning of the month. Automobile

INDUSTRIAL PRODUCTIONPER CENT140

130

100

90

80

70

/ \ /

' V

/\\\

//

V

PER CENT

140

90

80

1934 1935 1939

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

production showed about the usual sharpseasonal changes in this period as the shift tonew model production was being made. Out-put of plate glass increased sharply. Pro-duction of nondurable manufactures ad-vanced in August, reflecting chiefly increasedactivity at cotton and woolen textile mills.At meat-packing establishments activity de-clined less than seasonally, while at flour

mills, where output has been at a high ratein recent months, there was not the usuallarge seasonal increase. Shoe production ad-vanced seasonally. At coal mines output in-creased by about the usual seasonal amountand shipments of iron ore were at the high-est rate of this season. Petroleum produc-tion declined sharply during the latter halfof August, reflecting shut-downs of wells inmost of the principal oil-producing States,but increased rapidly in the first half ofSeptember when the wells were reopened.

Value of construction contracts, as re-ported by the F. W. Dodge Corporation, in-creased somewhat in August, owing to largerawards for publicly-financed projects, includ-ing several large dams and an increased vol-ume of United States Housing Administra-tion projects. Private residential buildingshowed little change, although there is usu-ally some seasonal decline. Other privateconstruction, which in July had been thehighest for any month in two years, declinedin August.

Distribution.—Department store sales in-creased more than seasonally from July toAugust. The Board's adjusted index ad-vanced from 86 to 89 per cent of the 1923-

DEPARTMENT STORE SALES AND STOCKS

110

100

80

70

60

50

40

AT"

SALES

A

VSTOCK /—"N

VV

PER CENT110

50

1935 1939

Indexes of value of sales and stocks, adjusted for seasonal varia-tion, 1923-1925 average = 100.

1925 average and was at about the levelreached in the latter part of last year. Salesat variety stores showed little change inAugust.



Freight-car loadings rose somewhat fur-ther in August, reflecting chiefly continuedincreases in shipments of coal and miscel-laneous freight.

Commodity prices.—Prices of most basicfoodstuffs and industrial materials advancedsharply in the first half of September. Pricesof wheat, corn, sugar, cocoa, and vegetableoils as well as of hides, rubber, wool, zinc,and tin showed the largest increases. The

WHOLESALE PRICES

50 U1935 1939

Indexes compiled by United States Bureau of Labor Statistics,1926 = 100. By weeks, January 6, 1934, to September 16, 1939.

general level of wholesale commodity pricesas measured by the Bureau of Labor Statis-tics' index rose 3.1 points and in the weekending September 9 was at 78.4 per cent ofthe 1926 average, about the same level asa year ago.

Agriculture.—Crop prospects showed someimprovement on September 1 over a monthearlier, according to the Department of Agri-culture. Indications are that production ofall leading crops except cotton will be aver-age or above average in volume. A cottoncrop of 12,380,000 bales, about 10 per centbelow the 1928-1937 average, is forecast.This compares with a crop of 11,940,000bales in 1938 and an estimated world con-sumption of 11,265,000 bales of Americancotton during the past season.

Government security market. — Averageyields on long-term Treasury bonds, whichhad advanced fractionally since last June, in-creased sharply by about % of 1 per centin the latter half of August and early Sep-tember. In pursuance of the System's policyof endeavoring to maintain orderly condi-tions in the money market, the Federal Re-serve banks during the first half of Septem-ber increased their holdings of Governmentsecurities by about $400,000,000. On Sep-tember 1 the Board of Governors of theFederal Reserve System announced that theFederal Reserve banks are prepared at thistime to make advances on Government obli-gations to member and nonmember banks atpar and at the same rate of discount.

Bank credit.—Total investments held byreporting member banks in 101 leading citiesdeclined during the first half of September.At New York City banks the decline repre-

MONEY RATES IN NEW YORK CITY

1934 1935 1936 1937 1938 1939

Minimum rate on rediscounts for and advances to member banksby Federal Reserve bank ; weekly averages of daily yields on 3- to5-year Treasury notes and Treasury bonds callable after 12 years,and average discount on new issues of 91-day Treasury bills offeredwithin week. For weeks ending January 6, 1934, to September 16,1939.

sented the redemption at maturity of FederalFarm Mortgage Corporation bonds and atbanks in other leading cities it representedthe sale of Treasury bills and bonds. Com-mercial loans of city banks showed a sub-stantial growth during August and the firsthalf of September.



MEMBER BANK RESERVES AND RELATED ITEMSBILLIONS OF DOLLARS WEDNESDAY FIGURES

TREASURY DEPOSITSAT F.R. BANKS

1934 1935 1936 1937 1938Latest figures for September 20. See page 890.

1939



SUMMARY OF FINANCIAL AND BUSINESS STATISTICS

MEMBER BANK RESERVES, RESERVE BANK CREDIT,AND RELATED ITEMS

Reserve bank credit outstanding—totalBills discounted - - -Bills bought .

Gold stock - -Treasury currency outstandingTVf onpv in circulationTreasury cash holdingsTreasury deposits with F R banksNonmember deposits and other F. R. accountsMember bank reserve balances:

Total - -Excess -

REPORTING MEMBER BANKS IN 101 LEADING CITIES

Total loans and investmentsLoans—total - -

Commercial, industrial and agriculturalTo brokers and dealers in securitiesOther loans for purchasing or carrying securities..All other loans

Investments—total - _ -U S Government direct obligationsObligations fully guaranteed by U .S . Govt.. _.Other securities

Reserve with Federal Reserve banksCash in vaultBalances with domestic banksDemand deposits—adjusted . _ _Time deposits (excluding interbank)2

Deposits of domestic banks 3_Borrowings

MONEY RATES AND BOND YIELDS

Stock exchange call loansTJ S Treasury bills (91 days)U S Treasury bonds, long-term 4

Corporate high grade bonds (Moody's Aaa)

CAPITAL ISSUES

All issues—totalNew - —Refunding

Domestic corporate issues—totalNew - . . .Refunding . .

PRICES

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

All commodities -Farm productsFoodsOther commodities _ _ _ .

Retail food prices (1923-25=100)

BUSINESS INDEXES

Industrial productionManufactures __ _Minerals

Construction contracts awarded—total..ResidentialAll other

Factory employment5. _Factory payrolls (unadjusted)5 __Freight-car loadingsDepartment store sales

MERCHANDISE EXPORTS AND IMPORTS

Exports including re-exportsGeneral imports

1939

Aug. July June

1938

Aug. July June 1938

Annual averages

1937 1936 1935 1933 1929

Averages of daily figures; in millions of dollars

2,46751

2,4376,3902,9007,0982,344

783872

0,6594,607

22, 3278,1793,930

642521

3,08614,1488,5372,2653,3468,951

4402,8087,7175,2597,118

7

2,56951

2,52716,1822,8877,0512,534

780952

10, 3214,402

22,0468,1463,888

648532

3,07813, 9008,4992,1583,2438,645

4482,765

17,3665,2386,890

8

2,59141

2,56316,0282,8706,9662,568

929940

10,0854,246

2,590

12,564

13,0572,7246,4822,392

774606

8,1192,955

2,59981

2,56412, 9852,7166,4642,318

717634

8,1673,026

2,59291

2,56012, 9462,7076,4332,283

967683

7,8782,762

Averages of Wednesday figures,

21, 8878,0943,830

671541

3,05213, 7938,3832,1193,2918,460

4472,727

17,1825,2406,728

20, 6758,2153,886

636577

3,11612,4607,7021,6463,1126,602

3872,416

15,1185,2065,920

1

20, 5308,2133,878

629577

3,12912, 3177,7031,5673,0476,675

4032,435

15, 0215,2115,936

6

20, 6968,3843,953

686582

3,16312,3127,8641,4532,9956,407

3982,406

14, 9325,2315,847

5

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

in millions of dollars

21,0238,5064,059

701588

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

3822,289

15,0335,2025,770

3

22,1989,546

0)1,2260)0)

12,6528,3941,1643,0945,307

3371,884

15,0975,2025,298

12

22,0648,462

0)1,1810)0)

13,6029,0801,2503,2724,799

3832,358

14, 6194,9995,810

5

2,47575

2,4319,0592,4785,5852,791

128507

5,0012,469

19,9978,028

0)990

0)0)

11,9697,989

9283,0524,024

3262,112

12, 7294,8834,938

6

2,429283

832,0524,0592,2715,576

28855

497

2,343528

17, 5059,156

0)111

0)(1)8,349

5,228

3,1211,822

2401,3220)

4,9462,822

115

1,459952241208

3,9962,0154,476

20722

406

2,35843

22, 59916 8870)

e 2, 2080)(i)5,7122,865

2,8471,725

2481,1420)6,7882,787

674

Averages of daily figures; per cent per annum

561.00.05

2.212.93

44710234532425

299

86

7561678075

P102P104

IIIP 8 1

7089

P251

.561.00.04

2.162.89

58631826822649

177

.561.00.03

2.132.92

60529331228230

252

86

7563688077

10110010667627195846986

230169

86

7662688076

.751.00.06

2.513.18

.751.00.07

2.523.22

.881.00.05

2.523.26

Amounts per month;

417182236338127211

470391

79186130

56

513349164301202

99

.811.00.07

2.563.19

.951.00

.282.683.26

.75

.91

.172.653.24


37219717517973

107

328178150203102101

51816435438299

282

76.56.17

2.793.60

39212127018934

155

1 721.16

3.314.49

896029321318

Index numbers

90

7867738178

88

7969748180

73

7869738180

Index numbers, adjusted for s

9897

10463586794876786

236179

88879566537788776283

83829359496886716183

77749254426485715882

Amounts per month;

231166

228141

233146

83

7969748279

112

8686868585

easonal variation

86849864458090786285

110109115594174

1091037892

111

8181828082

78

8079847881

, 1923-25=100

10510510555377099867588


258163

279257

205202

90909137215091746479

190171

63

6651617166

76758225113773505867

140121

5 857.61

3.604.73

959841118781667115

190

9510510092

105

11911911511787

142106110107111

437367

p Preliminary. r Revised. e Partly estimated.i Figures not available.*Includes time deposits of banks, domestic and foreign, 1929-1933.s Does not include time deposits, 1929-1933.4 Averages of yields of all outstanding bonds due or callable after 12 years. See BULLETIN for December 1938, pp. 1045-1046.5 Revised series. See pp. 878-887 of this BULLETIN.



LAW DEPARTMENT

Transfers from Savings Accounts to FHA MortgageAccounts Without Presentation of Pass Books

The Board was recently presented with thequestion whether transfers may be made fromthe savings accounts of certain depositors ina national bank to so-called FHA mortgageaccounts in their names, pursuant to the writ-ten orders of the depositors but without thepresentation, at the time the transfers aremade, of the pass books evidencing such sav-ings accounts.

It appeared that the national bank is serv-icing a large number of mortgage loans whichare insured by the Federal Housing Admin-istration ; that in connection with the makingof such loans the mortgagors open savingsaccounts with the bank and deliver to it writ-ten authorizations to charge their respectivesavings accounts for the amounts due monthlyin respect of their mortgages. The amountsthus charged to their savings accounts arecredited to so-called FHA mortgage accountsin their names, and amounts so credited areused to pay the monthly installments due onthe mortgages for principal, interest, pre-miums for mortgages, insurance, servicecharges, taxes, ground rents and assess-ments. The savings accounts pass books arenot presented to the bank, but the bank sendsmonthly advices to the mortgagors of theamounts charged to their savings accountsand the mortgagors send their savings de-posits pass books to the bank quarterly forthe entry therein of the debits to their sav-ings accounts.

Although the amounts charged to the sav-ings account are credited to the so-calledFHA mortgage account of the mortgagor,the transaction is essentially a payment bythe bank out of the savings account to a thirdparty, because under the agreement betweenthe mortgagor-depositor and the bank, theamounts thus debited to the savings accountsand credited to the FHA mortgage accountsare no longer under the control of the mort-gagor-depositor but are merely in transit tothe ultimate recipients of the amounts con-stituting the monthly payments due underthe mortgage.

In view of the facts stated above, it wasclear that the payment is not made "uponpresentation of the pass book", and the ques-tion presented was whether the transactioncomplies with the provision of section l(e)

(2) of Regulation Q with respect to savingsdeposits that

"Withdrawals are permitted in only two ways,either (i) upon presentation of the pass book,through payment to the person presenting the passbook, or (ii) without presentation of the pass book,through payment to the depositor himself but not toany other person whether or not acting for the de-positor."

It was deemed proper in a case like thepresent one to consider the essential natureand purpose of the transaction as well as itsform. One of the typical purposes for whichsavings accounts are maintained is the ac-cumulation of funds with which to pay off amortgage. In the present case the savingsaccounts are maintained for that purpose,and each depositor gives the bank a writtenorder to pay off his mortgage out of his sav-ings account at the time when his savingsaccount is opened and as a part of the sametransaction. The requirement that the sav-ings pass book must accompany a check pay-able to a third party is designed to preventthe drawing of more than one check at a timeagainst a savings account and the use of asavings account as an ordinary checking ac-count; but it does not appear that any suchabuse is involved in the present arrangement.While the order given by the depositor pro-vides for several transfers at regular periodicintervals, it appears that all of the transfersare for the same purpose and are made inpursuance of the same order.

Accordingly, the Board expressed the opin-ion that the handling of the periodic pay-ments in the manner described above is notin violation of Regulation Q. However, itwas pointed out that the present ruling isbased upon the facts of this particular case,and that a different result might be reachedin another case with facts bearing a super-ficial resemblance to those discussed herein.

Payment or Renewal of Certificate of DepositMaturing on Sunday

The Board of Governors recently consid-ered the question whether certificates of de-posit maturing on Sunday may be renewedor paid on the previous day.

Attention was called by the Board to a rul-ing published at page 609 of the 1934 FEDERALRESERVE BULLETIN to the effect that there isno provision of law which would preclude the



renewal of a time certificate of deposit priorto the date of its maturity, dating the newcertificate as of the date of maturity of theoriginal certificate.

As to the payment of a certificate of depositmaturing on Sunday, the Board ruled thatthe date on which such a certificate is due andpayable is to be determined by State law.Under the statutes of the State to which theBoard's ruling applied, negotiable paper ma-turing on a Sunday or on a holiday becomesdue on the succeeding secular or business dayand, accordingly, the Board ruled that undersection 4 of Regulation Q a member bank ofthe Federal Reserve System located in suchState may not pay a time certificate of deposithaving such a maturity until the next suc-ceeding secular or business day, except in thecircumstances specified in the regulation.

Payment of Interest on Savings Account afterDeath of Depositor

The Board of Governors recently consid-ered the question whether a member bankmay continue to pay interest on a savingsaccount after the death of the depositor.

Attention was called to the definition of theterm "savings deposit" contained in subsec-tion 1 (e) of Regulation Q, providing in partthat such a deposit may consist of funds, theentire beneficial interest in which is held byone or more individuals or by a corporation,association, or other organization operatedprimarily for religious, philanthropic, chari-

table, educational, fraternal, or other similarpurposes and not operated for profit. Ac-cordingly, the Board ruled that a savingsdeposit may continue to be classified as suchafter the death of the depositor if the entirebeneficial interest is then held by individualsor organizations of the kinds mentioned inthe regulation. Likewise, a deposit in thename of an executor or administrator may beclassified as a savings deposit if it meets theother requirements of the definition of sav-ings deposits in the regulation and the entirebeneficial interest is held by individuals ororganizations of the kinds mentioned. Evenwhere it is not known whether the entirebeneficial interest is held by individuals ororganizations of the kinds described, theBoard declared that it would offer no objec-tion, for a reasonable time after the deathof the depositor, to the continued classifica-tion as a savings deposit of a deposit whichhas theretofore been properly classified assuch.

Trust Indenture Act of 1939

On August 3, 1939, the President approvedthe Trust Indenture Act of 1939 (Pub. No.253, 76th Cong.). This Act adds a new titleto the Securities Act of 1933 and containsrequirements, limitations and restrictions re-lating to trust indentures under which certainsecurities are issued and sold in interstateand foreign commerce and through the mails.

COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCHBANKING WITHIN THE UNITED STATES

There was published at page 258 of theFEDERAL RESERVE BULLETIN for April, 1930,a compilation of the State laws relating tobranch banking within the United States.On page 455 of the FEDERAL RESERVE BUL-LETIN for July, 1932, there were printed theprovisions of the branch banking laws ofcertain States which had been amended oradded since the preparation of the previouscompilation. The foregoing matters werethereafter superseded by a compilation pub-lished in the FEDERAL RESERVE BULLETIN forNovember, 1936, page 858.

The following compilation, which has beenprepared in the office of Counsel of the Boardof Governors of the Federal Reserve System

with the assistance of the Counsel of theFederal Reserve banks, supersedes the com-pilation published in the FEDERAL RESERVEBULLETIN for November, 1936, and the pre-viously published data on this subject, andshows as of August 15, 1939, the status ofthe laws of the United States and of thevarious States affecting the establishment ofbranches within the United States by banksand trust companies, including savings banksand Morris Plan banks. Each provision oflaw is followed by a citation to the appropri-ate statute or official edition of the laws ofthe State consulted in the preparation of thecompilation.



SUMMARY OF STATE BRANCH BANKING LAWS

StatespermittingState-wide

branch banking

ArizonaCaliforniaConnecticutDistrict of

Columbia 1IdahoLouisianaMaineMarylandMichiganNevadaNorth CarolinaOregonRhode IslandSouth CarolinaSouth DakotaUtahVermontVirginiaWashington

Total, 19

States permittingbranch

banking withinlimited areas

AlabamaArkansas 2

DelawareGeorgiaIndianaIowa 2

MassachusettsMississippiMontanaNew JerseyNew Mexico 2

New YorkNorth Dakota 2OhioPennsylvaniaTennesseeWisconsin 2

Total, 17

Statesprohibiting

branchbanking

ColoradoFloridaIllinoisKansasMinnesotaMissouriNebraskaTexasWest Virginia

Total, 9

States with nolegislationregarding

branch banking

Kentucky 3New HampshireOklahomaWyoming

Total, 4

1 District of Columbia not included in tabulations published in FED-ERAL RESERVE BULLETIN for April, 1930, and July, 1932.

2 Only "offices," "agencies" or "stations" for limited purposes, asdistinguished from "branches," permitted under certain circumstances.

3 Court decisions permit establishment of offices or agencies to receivedeposits and cash checks.

NOTE.—The foregoing tabulation does not reflect detailed provisionsof the law in certain States such as restrictions based upon the popula-tion of the place of the head office or the place of the proposed branch,restrictions that certain branches be established only by consolidationor merger, requirements that the place of the proposed branch be with-out other banking facilities, etc. For example, the State of Virginia isclassified in the foregoing tabulation as a State permitting State-widebranch banking, but under the laws of that State branches may beestablished only in "other cities having a population of not less than50,000 inhabitants." For such detailed provisions, reference should behad to the compilation of the laws of the individual States publishedherein.

FEDERAL LAWNATIONAL BANKS

Branches permitted.—"(c) A national banking as-sociation may, with the approval of the Comptrollerof the Currency, establish and operate new branches:(1) Within the limits of the city, town or village inwhich said association is situated, if such establish-ment and operation are at the time expressly author-ized to State banks by the law of the State in ques-tion; and (2) at any point within the State in whichsaid association is situated, if such establishmentand operation are at the time authorized to Statebanks by the statute law of the State in question bylanguage specifically granting such authority af-firmatively and not merely by implication or recogni-tion, and subject to the restrictions as to locationimposed by the law of the State on State banks. Inany State in which State banks are permitted bystatute law to maintain branches within county orgreater limits, if no bank is located and doing busi-ness in the place where the proposed agency is to belocated, any national banking association situated insuch State may, with the approval of the Comptrollerof the Currency, establish and operate, without re-gard to the capital requirements of this section, aseasonal agency in any resort community within thelimits of the county in which the main office of suchassociation is located, for the purpose of receivingand paying out deposits, issuing and cashing checksand drafts, and doing business incident thereto:Provided, That any permit issued under this sentenceshall be revoked upon the opening of a State or na-

tional bank in such community. * * *" (Sec. 5155,Revised Stats.; Sec. 36, Title 12, U.S.C., Supp. IV.)

"(e) No branch of any national banking associa-tion shall be established or moved from one locationto another without first obtaining the consent andapproval of the Comptroller of the Currency."

"(f) The term 'branch' as used in this section shallbe held to include any branch bank, branch office,branch agency, additional office, or any branch placeof business located in any State or Territory of theUnited States or in the District of Columbia at whichdeposits are received, or checks paid, or money lent."

"(h) The words 'State bank/ 'State banks/ 'bank/or 'banks/ as used in this section, shall be held toinclude trust companies, savings banks, or other suchcorporations or institutions carrying on the bankingbusiness under the authority of State laws."

"(a) A national banking association may retainand operate such branch or branches as it may havein lawful operation at the date of the approval ofthis Act [February 25, 1927], and any national bank-ing association which has continuously maintainedand operated not more than one branch for a periodof more than twenty-five years immediately preced-ing the approval of this Act [February 25, 1927],may continue to maintain and operate such branch."

" (b) If a State bank is hereafter converted into orconsolidated with a national banking association, orif two or more national banking associations are con-solidated, such converted or consolidated associationmay, with respect to any of such banks, retain andoperate any of their branches which may have beenin lawful operation by any bank at the date of theapproval of the Act [February 25, 1927]." (Sec.5155, Revised Stats.; Sec. 36, Title 12, U.S.C.)

Capital required.—"(c) * * * no such associationshall establish a branch outside of the city, town, orvillage in which it is situated unless it has a paid-inand unimpaired capital stock of not less than $500,-000: Provided, That in States with a population ofless than one million, and which have no cities locatedtherein with a population exceeding one hundredthousand, the capital shall be not less than $250,000:Provided, That in States with a population of lessthan one-half million, and which have no cities lo-cated therein with a population exceeding fifty thou-sand, the capital shall not be less than $100,000."(Sec. 5155, Revised Stats.; Sec. 36, Title 12, U.S.C,Supp. IV.)

"(d) The aggregate capital of every nationalbanking association and its branches shall at no timebe less than the aggregate minimum capital requiredby law for the establishment of an equal number ofnational banking associations situated in the variousplaces where such association and its branches aresituated." (Sec. 5155, Revised Stats.; Sec. 36, Title12, U.S.C.)

The provisions regarding capital requirements forthe establishment of branches do not apply to theestablishment of seasonal agencies in resort com-munities. (Sec. 5155, Revised Stats.; Sec. 36, Title12, U.S.C, Supp. IV.)

STATE MEMBER BANKS

Branches permitted.—"Any such State bank which,at the date of the approval of this Act [February25, 1927], has established and is operating a branchor branches in conformity with the State law, mayretain and operate the same while remaining orupon becoming a stockholder of such Federal re-serve bank; but no such State bank may retain or



acquire stock in a Federal reserve bank except uponrelinquishment of any branch or branches estab-lished after the date of the approval of this Act[February 25, 1927] beyond the limits of the city,town, or village in which the parent bank is situated.Provided, however, That nothing herein containedshall prevent any State member bank from estab-lishing and operating branches in the United Statesor any dependency or insular possession thereof orin any foreign country, on the same terms and condi-tions and subject to the same limitations and re-strictions as are applicable to the establishment ofbranches by national banks except that the approvalof the Board of Governors of the Federal ReserveSystem, instead of the Comptroller of the Currency,shall be obtained before any State member bankmay hereafter establish any branch and before anyState bank hereafter admitted to membership mayretain any branch established after February 25,1927, beyond the limits of the city, town, or villagein which the parent bank is situated." (Sec. 9,Par. 2, Federal Reserve Act; Sec. 321, Title 12,U. S. C., Supp. IV.)

Capital required.—Same requirements as for estab-lishment of branches by national banks.

"Bank" defined.—"Wherever the word 'bank' isused in this Act, the word shall be held to includeState bank, banking association, and trust company,* * * ." (Sec. 1, Par. 2, Federal Reserve Act;Sec. 221, Title 12, U.S.C.)

INSURED STATE BANKS NOT MEMBERS OF

FEDERAL RESERVE SYSTEM

Branches permitted.—"No state nonmember in-sured bank (except a District bank) shall estab-lish and operate any new branch after thirty daysafter the effective date [August 23, 1935] unless itshall have the prior written consent of the [FederalDeposit Insurance] Corporation, and no branch ofany State nonmember insured bank shall be movedfrom one location to another after thirty days afterthe effective date without such consent. The fac-tors to be considered in granting or withholding theconsent of the Corporation under this paragraphshall be" the same as those to which the board ofdirectors of the Corporation is required to give con-sideration in determining whether a State nonmem-ber bank is entitled to the benefits of depositinsurance under the provisions of Section 12B of theFederal Reserve Act. (Sec. 12B (v) (5), FederalReserve Act; Sec. 264 (v) (5), Title 12, U.S.C,Supp. IV.)

Capital required.—No additional capital is re-quired.

STATE LAW

ALABAMA

Limited branch banking permitted.—"No bank, orany officer, agent or director thereof shall be per-mitted to establish a branch or office for the trans-action of the banking business other than at itsprincipal place of business. (Sec. 6354, AlabamaCode, 1928.)

Upon the prior written consent of the State Super-intendent of Banks, "any state bank, whether in-corporated or unincorporated, within this State,* * * situated in a county of which the population"exceeds 250,000 "shall have power to establish, main-tain and operate, within the limits of the countywherein the principal place of business of such bankis situated, one or more branch banks, branch offices,

branch agencies, additional offices or branch placesof business for the receipt of deposits, payment ofchecks or lending of money * * *." (Act No. 15,approved January 29, 1935; Sec. 6365, note AlabamaCode 1928, 1936 Supp.)

Capital required.—"* * * combined paid-in cap-ital and paid-in or earned surplus of more than onemillion dollars * * *."

« * * * prOvided that only one such branch shallbe so established, maintained and operated with re-spect to each two hundred fifty thousand dollarsby which the amount of combined paid-in capital andpaid-in or earned surplus of such bank exceeds onemillion dollars * * *." (Act No. 15, approved Jan.29, 1935; Sec. 6365, note, Alabama Code 1928, 1936Supp.)

"Bank" defined.—"The word 'bank' as herein usedmeans any person, firm, partnership or corporationdoing or carrying on a banking business * * *."(Sec. 6275, Alabama Code, 1928.)

"All Corporations organized and operating astrust companies shall * * * be amenable to the gen-eral banking laws of the State insofar as said lawsare applicable to trust companies * * *." (Sec.6388, Alabama Code, 1928.)

ARIZONA

Branches permitted.—The superintendent of banks,upon receipt of a written application "for leave toopen a branch office" from a commercial bank,savings bank or trust company, "shall investigateand ascertain whether the public convenience andadvantage will be promoted by the opening of suchbranch office * * *. If satisfied that the grantingof such application is expedient and desirable, heshall make a certificate * * * authorizing the open-ing of such branch office * * *." (Sec. 225, Ch. 8,Revised Code of Arizona, 1928.)

"Industrial banks * * * may be organized, li-censed and authorized to do business in the samemanner as provided for by the law of this state forthe organization, authorization, licensing and opera-tion of other banks." (Sec. 3, Ch. 13, Laws ofArizona, Second Sp. Sess., 1937.)

Capital required.—A "paid-in capital and surplusof not less than fifty thousand dollars, plus fifteenthousand dollars of additional capital and surplus"is required for each branch so authorized. (Sec.225, Ch. 8, Revised Code of Arizona, 1928.)

ARKANSAS

Branches prohibited but limited "offices" per-mitted.—Upon the completion of the organization ofa bank, trust company or savings bank, it is author-ized "to proceed with its business, but with only oneoffice for the transaction thereof in only the one townor city as to which the application has been made."(Sec. 708, Stats, of Arkansas, 1937.)

Any "banking institution," Federal or State,"doing business in this state may establish an officefor the purpose of receiving deposits and payingchecks and performing * * * other clerical and bankservice duties * * *. However, no banking institu-tion may establish any office beyond those countiescontiguous to the county in which said banking insti-tution is located, nor in a city or town in whichthere is already an established bank * * *. No officeshall be continued at any place after a legallychartered bank has actually commenced business atthat place." (Sec. 814, Stats, of Arkansas, 1937.)



« * * * n o teller's window branch of any bankshall be placed in any incorporated town where a'cooperative bank' is now in existence, in the event amajority of the real property owners residing withinthe incorporated limits of such town or city shallprotest by petition the State Banking Departmentgranting its permission to place such teller's win-dow in such city or town." (Sec. 2282, Stats, ofArkansas, 1937.)

Capital required.—No additional capital is re-quired for the establishment of offices with limitedfunctions.

CALIFORNIA

Branches permitted.—"No bank in this state, orany officer or director thereof, shall hereafter openor keep an office other than its principal place ofbusiness, without first having obtained the writtenapproval of the superintendent of banks to the open-ing of such branch office, which written approvalmay be given or withheld in his discretion, and shallnot be given by him until he has ascertained to hissatisfaction that the public convenience and ad-vantage will be promoted by the opening of suchbranch office; * * *." (Sec. 9, Art. I, Act 652, Gen-eral Laws of California, 1937.)

An industrial loan company may "establish offices,or places of business within the county in which itsprincipal place of business is located, but not else-where." (Sec. 4, Act 3603, General Laws of Cali-fornia, 1937. >

Capital required.—In addition to its own requiredcapital, a bank or trust company must have $50,000paid-in capital for each branch office located in theplace where its principal business is transacted. Foreach out-of-town branch, a bank (other than a trustcompany exclusively) must have, in addition to itsown required capital, paid-in capital equal to theamount required for the organization of a bank inthe location of the branch, exclusive of the capitalrequired for a trust department. In the case of atrust company exclusively, in addition to its ownrequired capital, it must have additional paid-incapital of at least $50,000 for each branch outsideits principal place of business. (Sec. 9, Art. I, Act652, General Laws of California, 1937. ̂

Other branch banking provisions.—There are alsoprovisions concerning the discontinuance of a branch;the fee for opening a branch; penalty for violationof law covering establishment of branches; ratio ofcapital and surplus to deposits of branches; name ofbranch and its advertising; and establishment ofbranches by banks located in city or territory whichis annexed by or consolidated with city or territoryof a class requiring a larger capitalization. Sees. 9,19, 23(2), 28 of Art. I, Sec. 60 of Art. II and Sec. 82of Art. Ill, Act 652, General Laws of California,1937.)

"Bank" defined.—"The word 'bank' as used inthis act shall be construed to mean any incorporatedbanking institution which shall have been incor-porated to conduct the business of receiving moneyon deposit, or transacting a trust business as hereindefined." (Sec. 2, Art. I, Act. 652, General Laws ofCalifornia, 1937.)

COLORADO

Branches prohibited.—Every bank and every trustcompany engaging in the business of banking "shallbe conducted at a single place of business, and nobranch thereof shall be maintained elsewhere." (Sees.1, 61, 143, 147, Ch. 18, Colorado Stats. Anno., 1935.)

CONNECTICUT

Branches permitted.—"Any state bank and trustcompany * * * may, with the approval of the bankcommissioner, (1) establish and operate one or morebranches within the town in which such state bankand trust company is located; (2) establish andoperate one or more branches in any town or townswithin this state in which there is or are no com-mercial bank or banks of deposit and discount, * * *(3) continue to operate as a branch in the same orapproximately the same location, the business of anyother banking institution located within this state,which business has been acquired by purchase, con-solidation or merger under the provisions of thegeneral statutes, * * *." (Sec. 1451c, 1935 Cum.Supp., General Statutes of Connecticut.)

In case of the merger or consolidation of Statebanks and trust companies, the "resulting corpora-tion shall not maintain more than one banking housefor the conduct of its business except as authorizedby the provisions of section 1451c in the case ofbranch banks." (Sec. 1449c, 1935 Cum. Supp., Gen-eral Statutes of Connecticut.)

"Any savings bank * * * may, with the approvalof the bank commissioner, (1) establish and operateone or more branches within the town in which suchsavings bank is located; (2) establish and operateone or more branches in any town or towns withinthis state, in which there is no savings bank or com-mercial bank soliciting or receiving savings depositsat the time such branch is established; (3) continueto operate, as a branch in the same or approximatelythe same location, the business of any other savingsbank or the savings department of any state bankand trust company, which business has been acquiredby purchase, consolidation or merger under the pro-visions of the general statutes." (Sec. 1483c, 1935Cum. Supp., General Statutes of Connecticut.)

"No private banker shall establish any branch oropen any new place of business, * * *." (Sec. 3959,General Statutes of Connecticut, 1930.)

"Nothing * * * shall be construed to permit anybuilding and loan association, industrial bank or pri-vate banker located within this state to establish anybranch, office or agency thereof, or employ any agentor person to make loans, at any place other than itsdesignated place of business." (Sec. 1531c, 1935Cum. Supp., General Statutes of Connecticut.)

"No banking corporation, unless organized underthe laws of this state and specifically empowered todo a banking business in this state, shall maintainany branch * * * within the state for the purposeof soliciting deposits or carrying on a general bank-ing, a savings banking or a banking and trust busi-ness. The provisions of this act shall not api)ly toany national banking association the main office ofwhich is situated in this state." (House Bill No.196, approved, June 9, 1939.)

Capital required.—State banks and trust com-panies must have combined capital and surplus ofnot less than $1,000,000 in order to establish intra-city branches; and for each branch in other towns,must have combined capital stock and surplus suffi-cient to operate a bank or trust company in suchother towns in addition to the said $1,000,000. (Sec.1451c, 1935 Cum. Supp., General Statutes of Con-necticut.)

"Any savings bank with an unimpaired surplusequivalent to not less than ten per cent of its depositsmay, * * * establish and operate one or more branches* * *." (Sec. 1483c, 1935 Cum. Supp., General Stat-utes of Connecticut.)



DELAWARE

Limited branch banking permitted.—If any statebank or trust company, other than a mutual savingsbank, "shall desire to open a branch office in the citywhere it does business, it shall make application to theBoard of Bank Incorporation who shall inquire intothe matter, and if it shall deem that the public con-venience will be served thereby and that there isgood and sufficient reason that the corporation shouldhave such branch office, it shall issue a written per-mission for the opening of such branch office in thecity where the corporation is doing business, providedthat no corporation shall be allowed more than twobranch offices; and provided further that no branchoffice shajl be maintained by any corporation doingbusiness in a city of a population less than one hun-dred thousand." (Sees. 2370, 2389, Revised Code ofDelaware, 1935.)

«* * * nothing in this Article contained shall bedeemed or held to authorize or enable any bank ortrust company * * * to establish a branch bank ortrust company, or to open a branch office unless suchbranch office be in accordance with the provisionsof Section 132 [Sec. 2389, above] of this Act. * * *"(Sec. 2399, Revised Code of Delaware, 1935.)


Note: Section 2292 of the Revised Code of Dela-ware, 1935, contains certain provisions relating toestablishment of branches. However, it is under-stood that the first three paragraphs of section 2292were enacted in 1921 and that the last paragraph ofthis section, which was enacted in 1933, has the effectof rendering ineffective the provisions of the sectionafter January 1, 1934. Accordingly, branches inDelaware are now established under the provisionsof Sections 2389 and 2399 rather than those of sec-tion 2292, and the provisions of section 2292 are notset forth herein.

DISTRICT OF COLUMBIA

Branches permitted.—"No corporation shall engagein or do the business of a bank of deposit or a fidu-ciary business in the District of Columbia nor shallany branch be established to carry on any phase ofsuch banking or fiduciary business in the Districtof Columbia until the approval and consent of theComptroller of the Currency is secured. The term'branch* as used in this section shall be held to in-clude any branch bank, branch office, branch agency,additional office, or any place of business located inthe District of Columbia, at which deposits are re-ceived, or checks paid, or money lent, or at which thepublic is served or any phase of business conductedby the parent institution." (Sec. 300, Chap. 9, Title5, Code of Laws of District of Columbia, Supp. IV.)


FLORIDA

Branches prohibited.—The "place of business ofeach banking company shall be in the city or townspecified in its charter, and the usual business ofany such banking company shall be transacted at anoffice or banking house located in the city or townso specified and not elsewhere." (Sec. 6070, Com-piled General Laws of Florida, 1927.)

Morris Plan Banks have "the right to lend moneyin other cities and towns within the State otherthan that in which the Bank is located and the rightto maintain offices in such other cities and towns forthe purpose only of making such loans and accept-

ing periodical cash installments in anticipated re-tirement thereof. Such additional offices may not,however, accept demand deposits or time depositsfrom investors or others." (Sec. 6150(5), 4th Div.,Compiled General Laws of Florida, Permanent Supp.)

GEORGIA

Limited branch banking permitted.—After Au-gust 25, 1927, "no new or additional branch banksshall be established." (Sec. 1, Act approved Aug.25, 1927; Sec. 13-203 Code of Georgia, 1933.)

State banks "having their principal office in acity now or hereafter having a population of notless than eighty thousand, or more than one hundredand twenty-five thousand, may establish branchbanks in the city in which its principal office islocated." (Acts of 1929, page 214; Sec. 13-203, note,

ode of Georgia, 1933.)State banks "having their principal office in a

municipality now or hereafter having a populationof not less than 200,000 according to the last censusof the United States or any future census of theUnited States, may establish branch banks in themunicipality in which its principal office is located."(Acts of 1929, pages 214-215; Sec. 13-203, note, Codeof Georgia, 1933.)


Other branch banking provisions.—There are alsoprovisions permitting the continuance of branchesestablished prior to August 25, 1927; relating to theselection of the officers of the branch; the settingaside each year for the use of the branch of acertain portion of the bank's capital; and the taxa-tion of branches. (Sec. 1, Act approved August 25,1927; Sec. 13-203, Code of Georgia, 1933.)

"Bank" defined.—"The term 'bank' as used in thisAct means any moneyed corporation authorized bylaw to receive deposits of money and commercialpaper, to make loans, to discount bills, notes, andother commercial paper, to buy and sell bills of ex-change, and to issue bills, notes, acceptances or otherevidences of debt, and shall include incorporatedbanks, savings banks, banking companies, trust com-panies and other corporations doing a banking busi-ness in this State, * * *." (Sec. 13-201, Code ofGeorgia, 1933.)

IDAHO

Branches permitted.—"No bank shall maintain anybranch bank office except as hereinafter provided.Any corporation organized under the laws of Idahoand authorized to engage in the banking and/ortrust business may, with the approval of the Com-missioner of Finance, establish and operate branchbanking offices for the transaction of its businesswithin the limits of the city, town, or village, inwhich it is situated, or at any point within thisstate, * * *. Branch banking offices shall not beestablished in any city, town, or village, in whichthere is located a bank or banks, state or national,regularly transacting a customary banking businessunless the corporation establishing such branch bank-ing office shall take over an existing bank, or obtainconsent of all banks there located. No unit bankhereafter organized and operating at a point wherethere are other operating banks, state or national,shall be permitted to be acquired for the purposeof establishing a branch banking office of a branchbank until said unit bank shall have been in opera-tion as a unit bank for a period of five years." (Sec.25-1001, Idaho Code Anno., 1932, as amended byCh. 109, Laws of 1935.)



Capital required.—"* * * such corporation shallhave a paid-in capital stock of not less than $100,000and a surplus fund, paid-in or earned, in the amountof not less than ten per cent of its capital stock.* * * but no such corporation shall establish ormaintain branch banking offices unless its paid-incapital stock shall, in the aggregate, amount to atleast $25,000 for each of the banking offices, andfrom and after the effective date of this Act no newbranch bank or new branch office of any bank shall beestablished unless the corporation establishing thesame has a paid-in and unimpaired capital stock inan amount not less than the minimum capital stocknow required * * * for a national banking associa-tion establishing and operating new branches out-side the city, town or village in which such associa-tion is situated * * *." (Sec. 25-1001, Idaho CodeAnno., 1932, as amended by Ch. 109, Laws of 1935.)

Other branch banking provisions.—There are alsoprovisions as to the fees required for the establish-ment of branches (Sec. 25-208, Idaho Code Anno.,1932, as amended by Ch. 51, Laws of 1935) ; and theeffect of the failure to establish and operate a branchafter its approval. (Sec. 25-209, Idaho Code Anno.,1932, as amended by Ch. 73, Laws of 1935.)

"Bank" defined.—"The word 'bank' as used in thisAct, shall be construed to mean any incorporatedbank or institution (except National Banks) whichshall have been incorporated to conduct the businessof receiving money on deposit or transacting a trustbusiness as herein defined, and shall be construed toinclude any individual, copartnership, or unincor-porated association engaged in the banking businessas herein denned, * * *." (Sec. 25-102, Idaho CodeAnno., 1932.)

ILLINOIS

Branches prohibited.—"No bank shall establish ormaintain more than one banking house, or receivedeposits, or pay checks at any other place than suchbanking house, and no bank shall establish or main-tain in this or any other state or country any branchbank, nor shall it establish or maintain in this stateany branch office or additional office or agency forthe purpose of conducting any of its business." (Sec.9, Ch. 16-V2, Smith-Hurd Illinois Anno. Stats.)

INDIANA

Limited branch banking permitted.—"Except ashereinafter otherwise provided, any bank or trustcompany may open or establish a branch bank inany city or town within the limits of the county inwhich the principal office of such bank or trustcompany is located, if there is no bank or trustcompany located in such city or town. Any bank ortrust company which is located in a city the popu-lation of which exceeds fifty thousand inhabitants,"may open branches "within the corporate limits ofsuch city, * * *; or any bank or trust companywhich is located in a city the population of whichexceeds twenty thousand but does not exceed fiftythousand inhabitants, * * *, may open withinthe corporate limits of such city not nearer thanone mile to any existing bank or trust company, onebranch bank * * *. No branch bank shall beopened or established without first having obtainedthe written approval of the department. * * *Before the department shall approve or disapproveany application * * * it shall ascertain and de-

termine to its satisfaction that the public convenienceand advantage will be subserved and promoted* * *; that there is no bank or trust companylocated in the city or town * * * if the applica-tion is for a permit to open or establish a branchbank in a city or town other than that within whichthe applicant bank or trust company is located; thatthe applicant bank or trust company has satisfiedthe capital and surplus requirements" for the estab-lishment of an intra-city branch in a city of over50,000 inhabitants; "and that the welfare of anyother bank already established in such city will notbe jeopardized." (Sec. 18-1707, Burns IndianaStats. Anno., 1933, as amended by Laws of 1937.)

Capital required.—"* * * two hundred and twenty-five thousand dollars of the capital and surplusof such bank or trust company actually paid in andunimpaired" for each intra-city branch establishedin cities of over 50,000 inhabitants. "* * * two hun-dred-thousand dollars of capital and surplus ofsuch bank or trust company actually paid in andunimpaired" for each intra-city branch establishedin cities exceeding 20,000 but not exceeding 50,000inhabitants." (Sec. 18-1707, Burns Indiana Stats.Anno., 1933, as amended by Laws of 1937.)

Other branch banking provisions.—"Any personwho shall violate any of the provisions of Section224 [Sec. 18-1707] of this Act, either individuallyor as an interested party, shall be deemed guilty ofa misdemeanor and upon conviction thereof shallbe fined in any sum not less than three hundred dol-lars nor more than one thousand dollars, or by im-prisonment for any period not less than thirty daysnor more than one year, or by both such fine andimprisonment." (Sec. 18-1708, Burns Indiana Stats.Anno., 1933.)

IOWA

Branches prohibited but limited "offices" per-mitted.—"No banking institution shall open or main-tain any branch bank. However, as may be author-ized by and subject to the jurisdiction of the bankingdepartment any banking institution may establish anoffice for the sole and only purpose of receiving de-posits and paying checks and performing such otherclerical and routine duties not inconsistent with thissection. No banking institution may establish anyoffice beyond those counties contiguous to the countyin which said banking institution is located, nor ina city or town in which there is already an estab-lished banking institution. No office shall be con-tinued at any place after a banking institution hasactually commenced business at that place. Nothingin this section shall prohibit national banks the priv-ileges of this section whenever they may be so author-ized by federal law." (Sec. 9258-bl, Code of Iowa,1935.)

Capital required.—No additional capital is re-quired for the operation of offices with limitedfunctions.

KANSAS

Branches prohibited.—"* * * The general busi-ness of every bank shall be transacted at the placeof business specified in its charter or permit, and itshall be unlawful for any bank to establish andoperate any branch bank or branch office or agencyor place of business." (Sec. 9-101, General Stats,of Kansas, 1935.)



KENTUCKY

Branches unauthorized.—There are no provisionsin the laws of Kentucky permitting or prohibitingbranch banking.

However, the Kentucky Court of Appeals has heldthat a State bank may not establish branches (SeeBruner vs. Citizens Bank of Shelbyville (1909), 120S. W. 345) ; but, in a later decision, the Court ofAppeals held that a State bank may establish officesseparate and apart from its main office for the pur-pose of receiving deposits, paying checks and keepingrecords of such transactions, at least if such officesare within the municipal limits wherein the mainoffice of the bank is situated. (Marvin vs. KentuckyTitle & Trust Company (1929), 291 S. W. 17.)

LOUISIANA

Branches permitted.—Charter "shall provide forthe location in the parish of domicile of any bankingassociation of not more than two branch offices. * * *"(Sec. 547, Louisiana General Stats. Anno., 1939.)

All banks, trust companies and savings banks "nowlocated, or hereafter organized, in either of theparishes of Allen, Calcasieu or Jefferson Davis mayestablish, own and operate a branch bank or banksin any one or more of the other said named parishes."(Sec. 547.1, 547.2, Louisiana General Stats. Anno.,1939.)

«* * * Any savings, safe deposit, or trust andsavings bank may have one or more as hereinbelowprovided offices of discount and deposit within thelimits of the municipality or parish in which thesaid bank is located; * * * said savings, safe deposit,or trust and savings bank must first obtain a certifi-cate of authority from the state bank commissioner* * * no future political or legal subdivision of saidmunicipality or parish shall have the effect of inanywise affecting the right of such banks aforesaidto continue the existence, maintenance and operationof any such offices already established * * *." (Sec.588, Louisiana General Stats. Anno., 1939.)

Upon obtaining a certificate of authority from thebank commissioner, "* * * banks, savings banks andtrust companies are * * * authorized to openand maintain a branch office or branch offices inparishes wherein are no banks, savings banks andtrust companies;" and such branches may "* * *conduct all usual transactions authorized by the bank-ing laws of the state of Louisiana for branch offices."(Sees. 547.4, 547.6, 547.7, Louisiana General Stats.Anno., 1939.)

"No bank, savings bank and trust company shallopen and maintain any more than one branch officein any one parish, other than the parish of its dom-icil and any branch office opened and maintained inany parish shall be included in the number of branchoffices now authorized by law." (Sec. 547.5, Louisi-ana General Stats. Anno., 1939.)

Capital required.—Any savings, safe deposit, ortrust and savings bank, haying $50,000 of capitalmay establish one branch without limits of munici-pality or parish in which the said bank is located;two branches if capital between $50,000 and $75,000;three branches if capital between $75,000 and $100,-000; five branches if capital between $100,000 and$200,000; six branches if capital between $200,000and $250,000; seven branches if capital between$250,000 and $300,000; and one additional branchfor each $100,000. (Sec. 588, Louisiana GeneralStats. Anno., 1939.)

«* * * n o ba nking association or savings bank withcapital stock of less than $50,000 may locate or oper-ate branch offices; but this provision shall notapply to existing branch offices." (Sec. 547, Louisi-ana General Stats. Anno., 1939.)

"* * * to open and maintain a branch office orbranch offices in parishes wherein there are no banks,savings banks and trust companies," banks, savingsbanks and trust companies must have a "capital" of$100,000 or more. (Sec. 547.4, Louisiana GeneralStats. Anno., 1939.)

Other branch banking provisions.—There is also aprovision providing for the manner of assessment oftaxes on branches in different parishes and in differ-ent municipalities in a parish. (Sees. 686, 691.1,Louisiana General Stats. Anno., 1939.)

MAINE

Branches permitted.—"A savings bank may openand conduct branches in the city or town where itsmain business is located and in other cities or townsin the county of its location, or the adjoining coun-ties; provided, that before opening a branch in anyother city or town, it shall have received a warrantto do so from the bank commissioner, who shall issuesuch warrant only when satisfied that public con-venience and advantage will be promoted by theestablishment of such a branch. * * * The rightto open a branch shall lapse at the end of one year* * * unless it shall have been opened and busi-ness actually begun in good faith. * * * Anysuch branch may be closed or discontinued with theconsent of the commissioner, after such notice andhearing, if any, as in his judgment the public inter-est may require." (Sec. 32a, Ch. 57, Revised Stats.of Maine, 1930, as amended by Sec. 7, Ch. 222, Lawsof Maine, 1931.)

"No trust company now or hereafter organizedshall establish a branch or agency until it shallhave received a warrant so to do from the bankcommissioner, who shall issue such warrant onlywhen satisfied that public convenience and advant-age will be promoted * * *. No trust companyshall be permitted to establish a branch or agencyexcept in its own or an adjoining county, provided,however, that this limitation shall not prevent atrust company * * * from establishing a branchor agency in any city, town or village where there isno state bank regularly transacting customary bank-ing business or where a unit bank or branch of an-other bank is taken over * * *. The right to open abranch or agency shall lapse in 1 year * * * un-less the same shall have been opened and businessactually begun in good faith. * * * Any such branch oragency may be closed or discontinued by vote of thestockholders of the company, with consent of thebank commissioner, after such notice and hearing,if any, as in his judgment the public interest mayrequire." (Sec. 88, Ch. 57, Revised Stats, of Maine,1930, as amended by Ch. 34, Laws of Maine, 1933.)

Industrial or Morris Plan Banks are authorized"to establish branch offices or agencies in the man-ner and subject to the conditions prescribed for theestablishment of branches or agencies in the case oftrust companies." (Sec. 138, Ch. 57, Revised Stats,of Maine, 1930.)

Capital required.—A trust company, in order toestablish a branch in its own or adjoining county,must satisfy the bank commissioner "that the un-



impaired capital stock of the parent institution issufficient to comply with the conditions of Section69" (minimum requirements for organization) "reck-oning the aggregate population of its home city ortown and of all cities and towns in which it is autho-rized by its charter to establish branches or agencies,including the one under consideration." A trustcompany, in order to establish a branch in any othercity or town where there is no state bank in opera-tion or where a unit bank or branch of another bankis taken over, must have "a paid-in and unimpairedcapital stock of not less than $500,000." (Sec. 88,Ch. 57, Revised Stats, of Maine, 1930, as amendedby Ch. 34, Laws of Maine, 1933.)

MARYLAND

Branches permitted.—"Any bank or trust com-pany organized under the laws of this State, isspecifically granted the power and authority toestablish and operate a branch or branches in theCity or County in which it is located or at any pointwithin the State, after having first obtained theapproval of the Bank Commissioner, which approvalmay be given or withheld in his discretion, andshall not be given until he shall have ascertained tohis satisfaction that the public convenience andadvantage will be promoted by the opening of anysuch branch or branches, and that said bank or trustcompany has complied with the other terms andconditions prescribed by this Article. Any bank ortrust company having an existing branch or branchesupon the effective date of this Act, may continue theoperation of such branch or branches without furtherapproval from the Bank Commissioner, subject, how-ever, to all of the other terms and conditions of thisArticle. This section shall not be construed as im-plying that the provisions of this Article have hereto-fore in any way prohibited the establishment oroperation of a branch or branches in the City orCounty in which any bank or trust company, organ-ized under the laws of this State is located, or atany point within this State." (Sec. 52B, Art. 11,Anno. Code of Maryland, 1935 Supp.)

« * * * With the approval of the Bank Commis-sioner, any mutual savings institution shall havethe right and authority to establish in the same city,town or village and maintain branches where itsguarantee fund equals the minimum requirement asto capital of State banks in the same locality."(Sec. 32, Art. 11, Anno. Code of Maryland, 1935Supp.)

Capital required.—The minimum capital requiredfor the organization of a bank "shall not apply toany person, co-partnership, incorporated bank, orother incorporated institution now engaged in thebanking business in this State, except in such caseswhere said person, co-partnership, incorporatedbanks or other incorporated institutions doing abanking business shall hereafter undertake to estab-lish a branch or branches outside of the city, townor village in which they are now located. In sucha case the foregoing provisions relative to capitaland surplus shall be complied with, by adding to thecapital and surplus of the parent institution, theamount that would be required hereunder if suchbranch or branches were separately incorporated.* * * » (The capital stock required is $25,000 fortowns of less than 15,000 inhabitants; $75,000 forcities with population between 15,000 and 50,000;$100,000 for cities with population between 50,000and 150,000; and $500,000 for cities of over 150,000

inhabitants. In addition a bank must have a surplusof 20 per cent of its capital stock.) " * * * nobranch shall hereafter be established by any bank,in the city, town or village, where said bank is nowlocated, until said bank conforms to the requirementsherein provided, as to the minimum amount ofcapital stock for banks in said city, town or village.For the purpose of this section the term 'Bank'shall include savings institutions having a capitalstock." (Sec. 20, Art. 11, Anno. Code of Maryland,1935 Supp.)

"In the event that any trust company hereafterestablishes a branch or branches outside of the city,town or village in which it is now located, it shalladd for each branch established, to its paid-in capitalthe following sums and twenty per cent (20%)thereof as additional surplus:" $25,000 for towns ofless than 15,000 inhabitants; $75,000 for cities withpopulation between 15,000 and 50,000; $100,000 forcities with population between 50,000 and 150,000;and $500,000 for cities of over 150,000 inhabitants,unless the surplus and paid-in capital is alreadysufficient. Provided, however, "that no branch shallhereafter be established by anv trust company in thecity, town or village where said trust company isnow located and engaged in business, until said trustcompany conforms to the requirements herein pro-vided as to the minimum amount of surplus andcapital stock for a trust company in said city, townor village." (Sec. 42, Art. 11, Anno. Code of Mary-land, 1935 Supp.)

MASSACHUSETTS

Limited branch banking permitted.—A savingsbank "may, with the written permission of and underregulations approved by the commissioner, maintainand establish one or more branch offices or depotsin the town where its banking house is located, orin towns not more than fifteen miles distant there-from where there is no savings bank at the timewhen such permission is given." (Sec. 25, Ch. 168>Anno. Laws of Massachusetts, 1932, as amended bySec. 8, Ch. 334, Acts of 1933.)

The office or offices of any savings bank mergedwith another pursuant to the requirements providedtherefor, "may, with the permission of and underregulations approved by the commissioner, be main-tained as a branch office or branch offices of thecontinuing bank." (Sec. 55, Ch. 168, Anno. Laws,of Massachusetts, 1932, as amended by Sec. 27, Ch.334, Acts of 1933.)

A trust company "may, with the approval of theboard of bank incorporation, establish and operateone or more branch offices in the town where itsmain office is located, or in any other town withinthe same county, not haying commercial bankingfacilities. * * * the restrictions in this section shallnot extend to branch offices authorized prior to Junefirst, nineteen hundred and thirty-four." (Sec. 45,.Ch. 172, Anno. Laws of Massachusetts, 1932, asamended by Sec. 3, Ch. 244, Acts of 1939.)

"Any office or offices of a trust company the busi-ness of which has been taken over" by consolidation,,merger or purchase of assets by a "trust companywhose main office is located in the same county, orany office or offices of a national banking associationthe whole or a substantial part of the assets of whichis purchased or otherwise acquired by a trust com-pany so located, may, with the approval of thecommissioner, be maintained as a branch office oroffices * * *." (Sec. 46, Ch. 172, Anno. Laws of



Massachusetts, 1932, as amended by Sec. 4, Ch. 244,Acts of 1939.)

The usual business of a co-operative bank "shall betransacted at its office only, which shall be in thetown named in its agreement of association; butmoneys due the bank may be collected by the treas-urer, * * * in such other places as may be desig-nated by vote of the board of directors and approvedby the commissioner, and the bank may advertisethese branches in such manner as the commissionermay prescribe." (Sec. 11, Ch. 170, Anno. Laws ofMassachusetts, 1932, as amended by Ch. 144, Actsof 1933.)

No foreign banking corporation "shall have morethan two offices or places of business in the common-wealth." (Sec. 44, Ch. 167, Anno. Laws of Massa-chusetts, 1932.)

The board of bank incorporation may authorize a"banking company" (which includes a Morris planbank) "to establish and operate one or more branchoffices in the city or town in which it is authorizedto do business under this chapter or in any othercity or town within the same county." This shallnot apply to any branch office wherever located,established prior to January 1, 1935. (Sees. 1, 12,Ch. 172A, Anno. Laws of Massachusetts, 1932, asenacted by, Sec. 4, Ch. 452, Acts of 1935.)

Capital required.—In order for a trust companyto establish domestic branches, the aggregate totalof its capital, guaranty fund and surplus accountmust not be less than one-tenth of its aggregate de-posit liability, except that upon the reorganizationof any trust company in possession of the commis-sioner or of a conservator on June 1, 1934, or there-after, "the commissioner may authorize such trustcompany, notwithstanding the foregoing restrictions,to maintain" the office or offices of a trust companybusiness taken over by consolidation, merger, orpurchase, as provided in this section, "as branchoffices under such conditions as he may approve."(Sees. 45, 46, Ch. 172, Anno. Laws of Massa-chusetts, 1932, as amended by Sees. 3, 4, Ch. 244,Acts of 1939.)

MICHIGAN

Branches permitted.—With the approval of theCommissioner of Banking "Any bank may, * * *,establish and operate a branch or branches withinthe limits of the city or village in which said bankis located. * * *" The removal of such branch orbranches " * * * from one location to another withinthe same city or village * * * " is prohibited unlessthe prior consent of the Commissioner is obtained.The Commissioner " * * * shall not grant suchpermission unless * * * satisfied as to the necessityfor the establishment of such a branch and theprospects of successful operation if established."(Sec. 23.762, Michigan Stats. Anno.)

With the permission of the Commissioner ofBanking "Any bank * * * may establish and main-tain branches within any village or city other thanthat in which it was originally chartered * * *:Provided, however, That in such cases where theparent bank has its principal office in a city havinga population of seventy-five thousand or over * * *,such permission may be granted * * * only if suchbranch is to be within the same county as said parentbank or within twenty-five miles of the principaloffice of said parent bank: Provided further, That nobranch bank shall be established in a city or villagein which a bank is in operation" or if the establish-ment of a branch "would result in more than one

bank or branch bank to each three thousand popula-tion in the city or township where such branch isproposed to be located. * * *" The Commissionerof Banking must be satisfied as to the "necessity forthe establishment of such a branch and the prospectsof successful operation if established." (Sec. 23.762,Michigan Stats. Anno.)

With the permission of the Commissioner of Bank-ing, "any consolidated bank resulting from" a con-solidation under section 104 (Consolidation of Statebanks and trust companies; procedure; etc.), "andany state bank or national banking association whichpurchases the assets of a state bank" under section112 (Sale of assets of bank; procedure), may "estab-lish and operate as a branch or branches the con-solidating bank or banks or any bank which sellsits assets to another state bank or national bankingassociation * * *". (Sec. 23.867, Michigan Stats.Anno.)

Industrial banks may, with the consent of theCommissioner of Banking, establish "branch officesor places of business within the city or village inwhich its principal office is located but not else-where: * * * . " (Sec. 23.907, Michigan Stats.Anno.)

Capital required.—In order to establish and main-tain branches "within any village or city other thanthat in which it was originally chartered," the bankmust have "a capital of at least fifty thousand dol-lars * * *" and a "capital and surplus in anamount at least equal to the aggregate minimumcapital and surplus, respectively, required for theestablishment of a bank in each of the variousplaces where such bank and its branches are to belocated * * • * :» (Sec. 23.762, Michigan Stats.Anno.)

In the case of a "consolidated or purchasing bankor association" operating the "consolidating bankor banks or any bank which sells its assets to anotherstate bank or national banking association" as abranch or branches, "the consolidated or purchasingbank or association" must have an "unimpaired cap-ital of * * * at least fifty thousand dollars, and thecapital and surplus of such bank or association"must be "an amount at least equal to the aggregateminimum capital and surplus, respectively, requiredfor the establishment of a bank in each of the var-ious places where such bank or association and itsbranch or branches are to be located * * *."(Sec 23.867, Michigan Stats. Anno.)

Other branch banking provisions.—The Commis-sioner of Banking shall not approve the applicationfor the organization of a bank if its establishment"would result in more than one bank or branch bankto each three thousand population in the city ortownship where such bank is proposed to be located."(Sec. 23.754, Michigan Stats. Anno.)

As used in Section 23.762, the term "branch" in-cludes "any branch bank, branch office, branchagency, additional office, or any branch place of bus-iness at which deposits are received or checks paidor money lent." (Sec. 23.712, Michigan Stats. Anno.)

MINNESOTA

Branches prohibited.—"No bank or trust companyorganized under the laws of this state shall main-tain a branch bank or receive deposits or pay checkswithin this state except at its own banking house,* * *." (Sec. 7693, Mason's Minnesota Stats., 1927.)



MISSISSIPPI

Limited branch banking permitted.—"Banks mayestablish branch banks under the restrictions pre-scribed in this act, but no branch bank may be estab-lished unless the parent bank shall have first ob-tained from the state comptroller, the attorneygeneral and the governor, or a majority thereof, acertificate that the public convenience and necessitywill be promoted by the establishment of such branchbank. * * *." (Sec. 662, Ch. 85, Mississippi Code1930 Anno., 1938 Supp.)

"Branch banks may be established within a radiusof one hundred miles of the parent bank providedthat no parent bank shall be permittted to establishmore than fifteen branch banks; provided furtherthat no parent bank shall be permitted to establish abranch bank in any town or city of less than 3,100population according to the last preceding Federalcensus where such town or city has one or more banksin operation." (Sec. 665, Ch. 85, Mississippi Code1930 Anno., 1938 Supp.)

"National banks are hereby granted the right andauthority to establish branches in this state, withthe same rights and under the same restrictions asstate banks establishing branches. * * *" (Sec.670, Ch. 85, Mississippi Code 1930 Anno., 1938Supp.)

Limited branch offices permitted.—"The statecomptroller may permit banks to establish branchoffices within the corporate limits of the city wherethe bank is domiciled when the population is notless than 10,000, and within the limits of the countywherein such bank is domiciled, and within the limitsof any county adjacent to the county within whichsuch bank in domiciled; provided no branch officeshall be established in any town or city of less than3,500 population where such town or city has one ormore banks or branch banks in operation. Suchoffices shall not be considered branch banks withinthe meaning of this act, and no additional capitalshall be required therefor. Such branch offices shallnot make loans, or do anything in connection withthe making of any loan by the parent or any otherbanks, except to receive and transmit application forloan to such parent or other bank." (Sec. 664. Ch.85, Mississippi Code 1930 Anno., 1938 Supp.)

Capital required.—"All parent banks permitted toestablish branch banks shall have a paid-in, unim-paired capital (exclusive of reserves and undividedprofits) of not less than $100,000.00, and such mini-mum required capital shall be increased for eachbranch bank established by an amount not less thanthe minimum required capital for a unit bank inthe municipality in which the branch bank shallbe established. Such portion of the $100,000.00minimum capital required by this section may berepresented by any class or classes of preferredstock as may be approved by the state comptroller,but no branch banking system shall be allowed tocontinue operation if the capital stock thereof at anytime be reduced below $100,000.00 plus an amountfor each branch bank not less than the minimumrequired capital for a unit bank in the municipalityin which such branch bank shall be established."(Sec. 666, Ch. 85, Mississippi Code 1930, Anno., 1938Supp.)

Other branch banking provisions.—"No branchbank in this state may be discontinued or abandonedwithout the consent in writing of the state comp-

troller first obtained. By and with such consentfirst obtained, branch banks may be moved fromone municipality to another within the territoryrestriction provided in this act. * * * " (Sec. 668,Ch. 85, Mississippi Code 1930, Anno., 1938 Supp.)

There are also provisions providing for: fee of$50.00 for each application; issue of stock upon an-nexation of a unit bank as a branch; the formulationby the state comptroller of rules and regulations forthe examination of branch bank systems; and stat-ing what shall be included in the name of the branchbank. (Sees. 662, 663, 667, 669, Ch. 85, MississippiCode 1930 Anno., 1938 Supp.)

"Bank" defined.—"Whenever the word 'bank* isused in any statute unless the context clearly showsthat it is intended to be limited in its applicationto a particular character of bank, it shall includetrust companies, savings banks, branches of banksand trust companies, and all other institutions sub-ject to the provisions of this chapter. * * * " (Sec.591, Ch. 85, Mississippi Code 1930 Anno., 1938Supp.)

MISSOURI

Branches prohibited.—"* * * no bank shall main-tain in this state a branch bank, or receive depositsor pay checks except in its own banking house."(Sec. 5354, Art. 2, Ch. 34, Missouri Stats. Anno.;re-enacted by House Bill 272, Laws 1939, effectiveJune 14, 1939.)

« * * * n o t^ygt company shall maintain in thisstate a branch trust company or receive depositsor pay checks except in its own banking house."(Sec. 5421, Art. 3, Ch. 34, Missouri Stats. Anno.)

MONTANA

Branches prohibited—exception.—"No bank shallmaintain any branch bank, receive deposits or paycheck, except over the counter of and in its ownbanking house. * * *" (Sec. 6014.112, RevisedCodes of Montana, 1935.)

"When any two or more banks located in the samecounty or in adjoining counties shall consolidate * * *the consolidated bank may, * * * upon the written con-sent of the Superintendent of Banks and under rulesand regulations promulgated by him, maintain andoperate offices in the locations of the consolidatingbanks." (Sec. 6014.154, Revised Codes of Montana,1935.)

Capital required.—A consolidated bank, in orderto operate offices in the locations of the consolidatingbanks, must have a paid-up capital of $75,000.00 ormore. (Sec. 6014.154, Revised Codes of Montana,1935.)

"Bank" denned.—"The word 'Bank,' as used inthis Act, shall be construed to mean any corporationwhich shall have been incorporated to conduct thebusiness of receiving money on deposit, or trans-acting a trust or investment business as hereinafterdefined. * * * Banks are divided into the followingclasses: (a) Commercial Banks, (b) Savings Banks,(c) Trust Companies, (d) Investment Companies,* * *" (Sec. 6014.2, Revised Codes of Montana,

1935.)NEBRASKA

Branches prohibited.—"No bank shall maintainany branch bank, receive deposits or pay checks,except over the counter of and in its own bankinghouse. * * *" (Sec. 8-1,118, Compiled Stats, ofNebraska, 1929.)



NEVADA

Branches permitted.—State banks "may maintainbranch offices, but the location of the principal officeand the parent bank shall be within the State ofNevada, and the location of all branch offices shallbe fixed in the articles of incorporation, and addi-tional branches may be from time to time establishedby the board of directors with the written consentof the superintendent of banks. * * * " (Sec. 747—Tenth, Nevada Compiled Laws, 1929.)

Capital required.—"* * * Banks which shall havenot more than one branch within the county whereinis located the principal office and the parent bankshall have a paid-up capital and surplus of at least$60,000, and for every additional branch within suchcounty and for every branch of any bank, whichbranch is located in any county of the state otherthan that in which the principal office and parentbank is located, there shall be required at least$25,000 of capital and surplus in addition to theminimum requirements of this section." (Sec. 747—Tenth, Nevada Compiled Laws, 1929.)

Other branch banking provisions.—Every bankshall pay a license fee and an annual fee of "$100for each branch bank, or branch office, by it main-tained." (Sec. 747.46, Nevada Compiled Laws,1929.)

"Bank" defined.—"The words 'corporation,' 'as-sociation/ /banking corporation/ 'bank,' 'trust com-pany,' or 'banker,' as used in this act, shall referto and include banks, savings banks and trust com-panies, * * * " (Sec. 747.86, Nevada CompiledLaws, 1929.)

NEW HAMPSHIRE

Branches unauthorized.—There are no provisionsin the laws of New Hampshire permitting or pro-hibiting branch banking.

NEW JERSEY

Limited branch banking permitted.—State banks(other than savings banks) and trust companies"may, with the approval in writing of the commis-sioner [of Banking and Insurance], establish andmaintain branch offices or agencies for the trans-action of their business. Approval shall be given[by him] only if it appears * • * * that the estab-lishment of the branch office or agency will be ofpublic service * * *." Nor shall such approval"be given for the establishment of any branch officeor agency outside the municipality in which the bankor trust company is located, nor shall any bank ortrust company maintain and operate a branch officeor agency within the corporate limits of a munici-pality where the population is less than twentythousand, nor more than one branch where the pop-ulation is more than twenty thousand and not morethan forty thousand, nor more than two brancheswhere the population is more than forty thousandand not more than eighty thousand, and where thepopulation is more than eighty thousand the numberof branches shall be that which the commissionerdetermines. Nothing contained herein shall preventthe maintenance of any branch office or agency law-fully established prior to * * * [March 14, 1933]."(Sec. 14, Ch. 4, Title 17, Revised Stats, of NewJersey, 1937.)

There is also a statute providing for the holdingby the Commissioner of Banking and Insurance ofa public hearing before he shall authorize the estab-

lishment of a branch by a bank or trust company, andindicating how publication of this hearing shall bemade and who shall receive notice of such hearing.This statute also provides that where "applicationis made to establish and maintain a branch office oragency at a location then occupied by a bank, sav-ings bank, trust company or national banking as-sociation, in liquidation or in contemplation ofliquidation, the commissioner may act thereon im-mediately without the prior notice, publication andhearing above provided for, and if it appears to himthat the establishment and maintenance of thebranch office or agency will tend to continue anestablished banking business at the location andthat it is in the public interest that the establishedbanking business should be so continued, the com-missioner may approve the application, effectiveupon or after the discontinuance of the establishedbanking business by the corporation theretoforeoccupying the location." (Sec. 15, Ch. 4, Title 17,Revised Stats, of New Jersey, 1937.)

"When application shall be made by any bankor trust company to establish or maintain a branchoffice or agency at a location in the same countythen occupied by a bank, savings bank, trust com-pany or national banking association in liquidationor in contemplation of liquidation, the entire assetsof which have been or shall be purchased or other-wise acquired by the bank or trust company makingthe application, and it shall appear to the commis-sioner that the establishment and maintenance ofsuch branch office or agency will be of public serviceand will tend to continue an established bankingbusiness at that location, and the bank or trust com-pany making the application shall have the capitalrequired by section 17:4-14 of this title, the commis-sioner may approve the application immediately andwithout notice and effective upon or after the discon-tinuance of the established banking business by thecorporation theretofore occupying that location."(Sec. 17, Ch. 4, Title 17, Revised Stats, of NewJersey, 1937.)

There are provisions in connection with the mer-ger of banks with banks, trust companies with trustcompanies, or banks with trust companies, author-izing, upon the approval of the Commissioner ofBanking and Insurance, the establishment ofbranches at the location or locations of the office oroffices of the merged corporations in the same countyif the merger is under provisions authorizing themerger of such corporations in the same county, orthe establishment of branches in the same munici-pality if the merger is under provisions authorizingthe merger of such corporations in the same munic-ipality, provided the merged corporation has $50,000capital if a bank, or $100,000 if a trust company, foreach office to be maintained by it. The law alsoprovides that in the case of merger of corporationsin the same municipality, only one office may bemaintained if the population is less than 20,000; notmore than two offices if the population is between20,000 and 40,000; not more than three offices if thepopulation is between 40,000 and 80,000; and wheresuch population exceeds 80,000, only such number ofoffices as the Commissioner of Banking and Insurancemay approve. (Sec. 88, Ch. 4, Title 17, RevisedStats, of New Jersey, 1937.)

Any savings bank "incorporated under the lawsof this state may, with the written approval of thecommissioner [of Banking and Insurance], establish



and maintain branch offices or agencies for thetransaction of its business. Approval shall begiven by the commissioner only if he is of the opinionthat the establishment of the branch office or agencywill be beneficial to the public, * * *. The branchoffice or agency shall be established only within thecorporate limits of the municipality in which the sav-ings bank is located, and no branch office or agencyshall be established in any municipality if the popu-lation thereof is less than twenty-five thousand,according to the latest decennial federal census, andnot more than one branch office or agency, if thepopulation of the municipality wherein it is locatedis, according to the census, less than fifty thousand,and no more than two branch offices or agencies, ifthe population of the municipality, according to thecensus, is less than one hundred thousand * * *."(Sec. 15, Ch. 6, Title 17, Revised Stats, of NewJersey, 1937.)

"A savings bank may discontinue any branch officeor agency with the written approval of the commis-sioner, upon such prior public notice as he shallprescribe." (Sec. 16, Ch. 6, Title 17, Revised Stats.of New Jersey, 1937.)

"The merged or consolidated savings bank maycontinue to maintain branch offices or agencies forthe transaction of its business established pursuantto law by either or both of the merging or consoli-dating banks." (Sec. 76, Ch. 6, Title 17, RevisedStats, of New Jersey, 1937.)

Capital required.—The establishment of suchbranch office or agency shall not be approved by theCommissioner of Banking and Insurance unless thecapital of such bank "actually paid in, in cash, ex-ceeds the amount required by law for the incorpo-ration of a bank by at least fifty thousand dollars,and that the capital of any such trust companyactually paid in, in cash, exceeds the amount re-quired by law for the incorporation of a trust com-pany by at least one hundred thousand dollars, foreach branch office or agency so established." (Sec.14, Ch. 4, Title 17, Revised Stats, of New Jersey,1937.)

The establishment of such branch office or agencyby a savings bank shall not be approved by the com-missioner unless, "according to its last annual re-port, [it has] a surplus of not less than five percent of the amount of its deposits, and in addition,fifty thousand dollars of surplus for each branchoffice or agency established, over and above the fiveper cent of the amount of deposits. * * *." (Sec.15, Ch. 6, Title 17, Revised Stats, of New Jersey,1937.)

Other branch banking provisions.—There is a pro-vision authorizing the change of location of a trustcompany of its principal or main office to the locationof a branch office or agency; and the change of loca-tion of a branch office or agency to the location ofits principal or main office. (Sec. 16, Ch. 4, Title17, Revised Stats, of New Jersey, 1937.)

NEW MEXICO

Branches prohibited but limited "agencies" per-mitted.—"Every bank shall be conducted at a singleplace of business, and no branch thereof shall bemaintained elsewhere; provided, however, that noth-ing herein contained shall be construed to prohibitany mercantile corporation which maintains a bank-

ing department in accordance with the provisions ofthis Act, from receiving deposits and buying andselling exchange at any of its branch stores;

"Provided, Nothing herein contained shall preventany bank from opening an Agency or Agencies, forthe purpose of accepting deposits, cashing checksand buying and selling exchange, in the same countyin which said bank is located, in an adjoining countyif there be no bank in operation in such adjoiningcounty, or within a radius of one hundred (100)miles from said bank if there be no bank in operationin the county in which such Agency is opened; andprovided further, that a permit to open such Agencyor Agencies shall first be obtained from the StateBank Examiner."

A fee of $25.00 is made for the examination ofeach Agency, which shall be examined at the sametime the parent bank is examined. (Sec. 13-148, NewMexico Stats. Anno., 1929, 1938 Supp.)

Capital required.—No additional capital is re-quired for the operation of agency with limited func-tions.

"Bank" denned.—"The word 'Bank' as used inthis act includes every person, firm, company, co-partnership or corporation, except National Banks,engaged in the business of banking in the State ofNew Mexico. Banks are divided into the followingclasses: (a) Commercial Banks; (b) Savings Banks;and (c) Trust Companies." (Sec. 13-102, NewMexico Stats. Anno., 1929.)

NEW YORK

Limited branch banking permitted.—No bank ortrust company "or officer, director, agent or employeethereof, shall transact * * * its usual business* * * at any place other than its principal office,except as follows:

"(a) A bank or trust company in a city whichhas a population of more than thirty thousand mayopen and occupy in such city one or more branchoffices, whether or not such city is located entirelywithin one banking district, and

" (b) A bank or trust company may open andoccupy a branch office or branch offices in any city orvillage located in the banking district in which islocated its principal office, provided in no event shalla branch be opened and occupied pursuant to thisparagraph (b) in a city or village in which arealready located one or more banks, trust companiesor national banking associations, except for the pur-pose of acquiring by merger, sale or otherwise thebusiness and property of one or more of such banks,trust companies or national banking associations,whether in liquidation or doing business in the usualcourse.

"2. Hereafter before any branch or branches shallbe opened and occupied pursuant to paragraphs (a)and (b) of subdivision one of this section:

"(a) The superintendent shall have given hiswritten approval as provided in article two [section29] of this chapter and the banking board shallhave given its approval by a two-thirds vote of allthe members.

* * *"3. Any bank or trust company * * * may with

the written approval of the superintendent open andoccupy a branch office or branch offices in one ormore places located without the state of New York,either in the United States of America or in foreigncountries." (Banking Law, Sec. 105, as amended byCh. 495, Laws of 1939.)



No savings bank, "or trustee, officer, agent oremployee thereof, shall transact * * * its usualbusiness * * * at any place other than its principaloffice except as follows:

"(a) A savings bank in a city which has a popu-lation of more than two hundred fifty thousand mayopen and occupy one branch office in such city, andwithin the county or borough in which its principaloffice is located [provided *3. * * * the superin-tendent' of banks gives his 'written approval andthe banking board' gives 'its approval by a two-thirds vote of all the members'] and,

"(b) A savings bank may, if the merger agree-ment so provides, maintain as a branch office, orbranch offices the place or places of business ofany savings banks which it has received into it-self * * *» (Banking Law, Sec. 240.)

Industrial banks may "establish branches pur-suant to article two [sec. 29] of this chapter in thecity in which is located its principal office, providedthe population thereof is not less than fifty thousand* * * ". (Banking Law, Sec. 292.)

Capital required.—For a bank or a trust company,"before any branch or branches shall be openedand occupied * * *

" (b) The actual paid-in capital stock of such bankor trust company shall exceed for each branch theamount required by section ninety of this articleby an amount equal to the minimum capital stockrequired for a bank located in the city or village inwhich such bank is to be located; provided that abank may continue to operate one branch openedprior to April twenty-seventh, nineteen hundredeight and thereafter maintained, for each fifty thou-sand dollars by which its capital stock exceeds theamount required by section ninety of this article."(Banking Law, Sec. 105, as amended by Ch. 495,Laws of 1939.)

A bank or trust company opening and occupying"a branch office or branch offices in one or moreplaces located without the State of New York, eitherin the United States of America or in foreign coun-tries" must have "a combined capital stock and sur-plus fund of one million dollars or over * * *."(Banking Law, Sec. 105, as amended by Ch. 495,Laws of 1939.)

Section 90 referred to above provides for theorganization of banks and trust companies andprovides in part that "* * * capital stock shallamount to not less than:

"(a) Twenty-five thousand dollars, if the placewhere its principal office is to be located is an in-corporated or unincorporated village the populationof which does not exceed two thousand;

"(b) Fifty thousand dollars, if the place whereits principal office is to be located is an incorporatedor unincorporated village or a city the populationof which exceeds two thousand but does not exceedthirty thousand;

"(c) One hundred thousand dollars, if the placewhere its principal office is to be located is a city thepopulation of which exceeds thirty thousand."(Banking Law, Sec. 90.)

For an industrial bank, "the capital stock of suchindustrial bank" must exceed "by one hundred thou-sand dollars for each branch the amount whichsuch industrial bank would otherwise be required tohave. This provision shall not effect any branchauthorized or established prior to June thirteenth,nineteen hundred thirty-seven." (Banking Law,Sec. 292.)

Other branch banking provisions.—If the superin-tendent of banks "finds upon investigation that thepublic convenience and advantage will be promotedby the opening of" a branch office by a State bank,trust company, or industrial bank "and, in the caseof a stock corporation, that such corporation has theamount of capital stock required * * * for the open-ing of such office", and if upon submission of theinstitution's application for such office to the bankingboard by the superintendent such board approvessame by a two-thirds vote of its members, the super-intendent "shall issue a certificate * * * author-izing the opening and occupation of such branchoffice", but not otherwise. (Banking Law, Sec. 29.)

The banking board may promulgate rules andregulations, inter alia, for the approval of the"opening of branch offices by banking organizations* * * " . (Banking Law, Sec. 14.)

The superintendent of banks shall keep posted, "ina place accessible to the general public * * * 7.The name of every banking organization which hasapplied for permission to open a branch office,* * * " and "8. The name of every banking organ-ization authorized to open a branch office, * * * ".(Banking Law, Sec. 42.)

"Banking district" denned.—"The state is herebydivided into nine banking districts, which shall bearranged as follows:

"The first banking district shall consist of thecounties Kings, Queens, Nassau and Suffolk;

"The second banking district shall consist of thecounties of Richmond, New York and Bronx;

"The third banking district shall consist ofthe counties of Westchester, Rockland, Putnam,Dutchess, Orange, Ulster and Sullivan;

"The fourth banking district shall consist of thecounties of Columbia, Rensselaer, Washington,Greene, Albany, Schenectady, Saratoga, Warren,Essex, Scholharie, Montgomery, Fulton, Hamilton,Otsego and Clinton;

"The fifth banking district shall consist of thecounties of Jefferson, Lewis, Saint Lawrence andFranklin;

"The sixth banking district shall consist of thecounties of Herkimer, Madison, Oneida, Onondaga,Oswego, Cayuga and Seneca;

"The seventh banking district shall consist of thecounties of Chemung, Schuvler, Tioga, Tompkins,Broome, Delaware, Cortland and Chenango;

"The eighth banking district shall consist of thecounties of Monroe, Wayne, Livingston, Ontario,Yates and Steuben;

"The ninth banking district shall consist of thecounties of Chautauqua, Cattaraugus, Allegany,Erie, Niagara, Wyoming, Genesee and Orleans."(Banking Law, Sec. 3.)

NORTH CAROLINA

Branches permitted.—"Any bank doing businessunder this chapter may establish branches in thecities in which they are located, or elsewhere, afterhaving first obtained the written approval of thecommissioner of banks, which approval may be givenor withheld by the commissioner of banks, in hisdiscretion, and shall not be given until he shallhave ascertained to his satisfaction that the publicconvenience and advantage will be promoted by theopening of such branch. Such branch banks shall beoperated as branches of and under the name of theparent bank, and under the control and direction ofthe board of directors and executive officers of saidparent bank. The board of directors of the parent


864 FEDERAL RESERVE BULLETIN OCTOBER

bank shall elect a cashier and such other officers asmay be required to properly conduct the business ofsuch branch, and a board of managers or loan com-mittee shall be responsible for the conduct and man-agement of said branch, but not of the parent bankor of any branch save that of which they are officers,managers, or committee: * * *." (Sec. 220 (r),North Carolina Code, 1935.)

Every industrial bank shall have power "to estab-lish branch offices or places of business within thecounty in which its principal office is located, andelsewhere in the state, after having first obtainedthe written approval of the commissioner of banks* * * in his discretion: * * *." (Sec. 225 (f) (4),North Carolina Code, 1935.)

"Bank" defined.—"The term 'bank' shall be con-strued to mean any corporation, partnership, firm,or individual receiving, soliciting, or accepting moneyor its equivalent on deposit as a business: Provided,however, this definition shall not be construed to in-clude building and loan associations, Morris plancompanies, industrial banks or trust companies notreceiving money on deposit." (Sec. 216(a), NorthCarolina Code, 1935.)

Capital required.—"* * * the commissioner ofbanks shall not authorize the establishment of anybranch, the paid-in capital stock of whose parentbank is not sufficient in an amount to provide for thecapital of at least twenty-five thousand dollars forthe parent bank, and at least twenty-five thousanddollars for each branch which it is proposed to estab-lish in cities or towns of three thousand populationor less; nor less than thirty thousand dollars in citiesand towns whose population exceeds three thousand,but does not exceed ten thousand; nor less than fiftythousand dollars in cities and towns whose populationexceeds ten thousand, but does not exceed twenty-fivethousand; nor less than one hundred thousand dol-lars in cities and towns whose population exceedstwenty-five thousand. All banks operating branchesprior to February 18, 1921, shall, within a time limitto be prescribed by the commissioner of banks, causesaid branch bank to conform to the provisions of thissection: provided, however, that any bank with a cap-ital stock (including both common and preferred) ofone million ($1,000,000.00) dollars or more whichqualifies for non-assessable stock under the pro-visions of sections 219 (a) 1 et seq., may withoutadditional capital establish and operate such numberof branches or agencies in the state of North Caro-lina as the commissioner of banks may in his dis-cretion permit; but a bank operating branches underthis proviso shall at all times maintain an unim-paired capital of at least one million ($1,000,000.00)dollars: Provided further, that the commissioner ofbanks shall not permit the establishment of addi-tional branches, and/or agencies unless said bankmaintains its capital stock and surplus in ratio ofone to ten to its deposits; Provided that in smallcommunities having no other banking facilities, andupon a finding by the commissioner of banks that thepublic convenience and advantage will be promotedthereby, the opening of 'tellers window agencies orbranches' of then existing banks may be permitted,but no more than one such agency or branch may beso opened in any one community nor shall any bankbe permitted to open such an agency or branch whenits unimpaired capital and surplus" is less than 10per cent of its deposits. (Sec. 220(r), North Caro-lina Code, 1935.)

In connection with industrial bank branches, "thecommissioner of banks shall not authorize the estab-lishment of any branch the paid-in capital of whoseparent bank is not sufficient in amount to providefor the capital of at least twenty-five thousand dol-lars ($25,000.00) for the parent bank and at leasttwenty-five thousand dollars ($25,000.00) for eachbranch which it is proposed to be established in citiesor towns of fifteen thousand population or less; norless than fifty thousand dollars ($50,000.00) in citiesor towns whose population exceeds fifteen thousandbut does not exceed twenty-five thousand; nor lessthan one hundred thousand dollars ($100,000.00) intowns whose population exceeds twenty-five thou-sand." (Sec. 225(f)(4), North Carolina Code,1935.)

NORTH DAKOTA

Branches prohibited but limited "stations" per-mitted.—After "first applying for and receiving per-mission so to do from the" State Banking Board,"Any banking institution may establish and main-tain, within the County in which the home office ofthe applicant * * * is located or in any adjoiningCounty, * * *, a receiving and paying station in anycommunity not having an established banking insti-tution." (Sees. 1, 10, Ch. 93, Laws of North Dakota,1937.)

"No banking business shall be transacted in anysuch station other than receiving and paying outdeposits, issuing drafts, travelers' checks, and simi-lar instruments, handling and making collections,and cashing checks and drafts." (Sec. 4, Ch. 93,Laws of North Dakota, 1937.)

"This section shall not be construed as committingthe State in any manner to a policy of permittingbranch banking." (Sec. 8, Ch. 93, Laws of NorthDakota, 1937.)

Capital required.—"No additional capital is re-quired for the operation of said stations." (Sec. 9,Ch. 93, Laws of North Dakota, 1937.)

However, the Board "may issue a permit for theestablishment and maintenance * * * of such station,provided as a result of * * * investigation it shallfind that: * * * ; (b) * * * the capital of the ap-plicant bank is unimpaired * * *." (Sec. 3, Ch.93, Laws of North Dakota, 1937.)

Other branch banking provisions.—The applicationfor permission to establish a station shall be made"in such manner and in such form as" the Boardshall prescribe, "giving such information as theBoard may require * * *." At the time such appli-cation is filed, the applicant shall "pay to the Boardsuch sum as" it may designate, "not exceeding * * *Twenty-five Dollars * * * to defray" the Board's in-vestigation costs. (Sec. 2, Ch. 93, Laws of NorthDakota, 1937.)

After the requirements of section 2 (above) havebeen fulfilled, the Board shall "make an investigationand may issue a permit for the establishment andmaintenance * * * of such station, provided * * *it shall find that: (a) public convenience and ad-vantage will be promoted" thereby; "(b) that the[applicant's] management [is] good". No permitshall be granted "until all banking institutions with-in a radius of fifteen miles of the proposed situs,of any such * * * station" is given "at least thirty* * * days notice and * * * an opportunity to beheard." If the hearing indicates "that some otherbanking institution * * * is more favorably located,and can render better service to the community, theBoard may grant such favorably located institution



the right to establish the station". (Sec. 3, Ch. 93,Laws of North Dakota, 1937.)

«* * * ftie * * * Board * * * may prescribe therules and regulations" for the operation of a station.(Sec. 5, Ch. 93, Laws of North Dakota, 1937.)

"No station shall be continued at any place after abanking institution shall have actually commencedbusiness at the same place. Whenever the * * *Board shall determine after investigation that thecontinued operation of any such station will nolonger promote public convenience and advantage,or that it will prove detrimental to the banking in-stitution operating such station, the Board may re-voke the permit for such station." (Sec. 6, Ch. 93,Laws of North Dakota, 1937.)

Whenever any banking institution operating sucha station deems the discontinuance thereof advisable,the Board, upon the bank's application, may author-ize the discontinuance of such station. (Sec. 7, Ch.93, Laws of North Dakota, 1937.)

OHIO

Limited branch banking permitted.—"No branchbank shall be established until the consent and theapproval of the superintendent of banks has beenfirst obtained, and no bank shall establish a branchbank in any place other than that designated in itsarticles of incorporation, except in a city or villagecontiguous thereto, or in other parts of the countyor counties in which the municipality containing themain bank is located, provided, however, that anybank may maintain and operate as a branch bank abank located in a county contiguous to the county orcounties in which the municipality containing themain bank is located, and which on the first day ofJanuary, 1935, and prior thereto, bore to the mainbank the relationship of affiliate within the meaningof that term as the same is used in the 1933 bankingact of the United States and the amendments there-to. If such consent and approval is refused, an ap-peal may be taken therefrom in the same manner asis provided in section 710-45 of the General Code."(Sec. 710-73, Baldwin's Ohio Code Anno., 1936.)

Capital required.—"No bank shall hereafter be per-mitted to establish a branch or branches * * * un-less such bank has, in addition to the minimumcapital herein required, sufficient capital equal to aminimum of thirty-five thousand dollars for eachsuch branch to be established in a village the popu-lation of which is less than five thousand; an addi-tional minimum of fifty thousand dollars for eachsuch branch to be established in a city or village thepopulation of which exceeds five thousand but doesnot exceed twenty-five thousand and an additionalminimum of one hundred thousand dollars for eachsuch branch to be established in a city, the popula-tion of which exceeds twenty-five thousand." (Sec.710-37, Baldwin's Ohio Code Anno., 1936.)

These capital requirements shall not apply to anybranches heretofore established. (Sec. 710-38, Bald-win's Ohio Code Anno., 1936.)

Other branch banking provisions.—There is a pro-vision as to yearly fees to be paid the State for theoperation of each branch. (Sec. 710-17, Supp. toBaldwin's Ohio Code Anno., 1936.)

"Bank" defined.—The term "bank" includes com-mercial banks, savings banks, trust companies, spe-cial plan banks, and unincorporated banks. (Sec.710-2, Supp. to Baldwin's Ohio Code Anno., 1936.)

OKLAHOMA

Branches unauthorized.—There are no provisionsin the Oklahoma banking laws permitting or pro-hibiting branch banking.

OREGON

Branches permitted.—"Any bank or trust company* * * may establish and maintain one or morebranch offices at any place within the state or Ore-gon; * * *."

"Any bank or trust company located in a countyof less than 200,000 population, according to the lastprevious federal census, may establish and maintainone or more branch offices at any place within thecounty or outside the county within the tributarytrade area as such may be determined by the super-intendent of banks; * * *."

"No branch shall be established in any city, town,village or community of less than 50,000 populationaccording to the last previous federal census wherethere is a national or state bank regularly transact-ing a customary banking business, except by takingover an existing national or state bank or trust com-pany or trust department within said city, town,village or community." (Sees. 22-3002, 22-3003,Oregon Code Anno., 1930, 1935 Supp.)

Every trust company with power to examine andguarantee titles to real estate may establish andmaintain branches for that purpose, provided thatsuch trust company shall not do any banking or trustbusiness at such branches. (Sec. 22-1213, OregonCode Anno., 1930, 1935 Supp.)

Capital required.—For state-wide branch banking,or for the establishment of any branch in the samecounty as the parent institution in those cases wherethe parent institution is located in a county havinga population of 200,000 or more, $1,000,000 unim-paired capital actually paid-in, but trust companiesnot receiving commercial or savings deposits needonly have $500,000 capital. The unimpaired capitaland surplus must equal the aggregate amount whichwould be required by law to organize banks in thoseplaces where the main office and branches are to belocated.

No minimum capital is required for the establish-ment of branches "within the same county or outsidethe county within the tributary trade area" if thecounty in which the bank or trust company is lo-cated has less than 200,000 population; but an unim-paired capital and surplus equal to the aggregateamount which would be required by law to organizebanks in those places where the main office andbranches are to be located is required. (Sec. 22-3002,Oregon Code Anno., 1930, 1935 Supp.)

There is a provision requiring foreign banks ortrust companies maintaining offices in this state to"maintain at every such office a capital of not lessthan the amount required by this act for the organi-zation of other banks or trust companies" and re-quiring every such foreign bank to "maintain a capi-tal and surplus which must equal at least 10 per centof the deposit liabilities of such foreign banks." (Sec.22-1303, Oregon Code Anno., 1930.)

Other branch banking provisions.—There are alsoprovisions as to the application to the superintendentof banks for the establishment of a branch; fee forfiling such application; advertising by the branch;reports to superintendent as to deposits received;removal or discontinuance of such branches, fees forexaminations; and related matters. (Sec. 22-3004—22-3013, Oregon Code Anno., 1930, 1935 Supp.)



PENNSYLVANIA

Limited branch banking permitted.—Except asotherwise provided by this Act, no institution (de-fined by the Act as any bank, bank and trust com-pany, savings bank, trust company or private bank)shall "establish, maintain, or operate * * *, anybranch within this Commonwealth for the transac-tion of any part of its business * * *." But any suchinstitution "may continue to maintain and operateany branch lawfully established" by it. (Sees. 819-2,819-204, Title 7, Purdon's Pennsylvania Stats.)

"C. Any institution [as above defined] may, in thecase of an incorporated institution, in the mannerprovided by this act for an amendment to its articles,or in pursuance of a plan of merger or consolidation,in accordance with the provisions of this act, and inthe case of a private bank with the prior writtenapproval of the department [of Banking], establisha branch at any place within this Commonwealthwhere, at the time such institution proposes to estab-lish such branch, any national banking association,having its principal office in the same county as thatin which the principal office of the institution pro-posing to take such action is located, would have thepower, under the laws of the United States, now orhereafter enacted, to establish a branch of suchnational banking association." Or, subject to thesame conditions as specified above with reference toamendment of articles, prior written approval, etc.,any such institution may—

"D. * * * (1) establish a branch within the cor-porate limits of the city of the first class or the sec-ond class in which the principal place of business ofthe institution is located, or within the corporatelimits of the city or borough in which the principalplace of business is located, and in which the insti-tution was authorized by law to establish a branchon the first day of January, one thousand nine hun-dred and thirty-five, and may (2) establish a branchin any place within the county in which its principalplace of business is located, or in any place withinany county contiguous to the county in which itsprincipal place of business is located, if the city,borough or other community in which such branchis to be established is without adequate bankingfacilities, or, in the case of a merger or consolidation,is without adequate banking facilities other than anincorporated institution or national banking asso-ciation which is a party to the plan of merger orconsolidation in accordance with the provisions ofthis act.

"Provided, that an institution shall not have thepower to establish a branch in any county, other thanthe county in which its principal place of business islocated, if a branch is at the same time establishedor maintained, or is authorized by the articles of in-corporation, or otherwise, to be established or main-tained in any county, other than the county in whichits principal place of business is located by—

"(1) Another institution or national banking as-sociation with which such institution is affiliated; or

"(2) An institution or national banking associa-tion with which such other institution or nationalbanking association is affiliated; or

"(3) An institution or national banking associa-tion which is affiliated with any corporation or per-son with which such other institution or nationalbanking association is affiliated; or

"(4) An institution or national banking associa-tion which is affiliated with any corporation or per-son with which such institution is affiliated." (Sees.

819-2, 819-204, Title 7, Purdon's PennsylvaniaStats.)

"C. A private bank, which, upon the effective dateof this act, lawfully maintains one or more offices orplaces of business in any other state or foreign coun-try, may continue to maintain and operate any suchoffices or places of business * * *." (Sec. 819-203,Title 7, Purdon's Pennsylvania Stats.)

"E. Any merger or consolidation authorized bythis section shall not be effective if the effect thereofis to establish any branch bank, branch office, agency,sub-office, sub-agency, or branch place of business inviolation of the provisions of this act." (Sec. 819-1401, Title 7, Purdon's Pennsylvania Stats.)

Capital required.—"E. An institution shall nothave the power to establish any branch, unless, inthe case of a bank, a bank and trust company, or atrust company, its unimpaired capital and unim-paired surplus, respectively, are equal to an amount,not less than the aggregate capital and surplus, re-spectively, required by this act for the incorporationof such number of similar institutions, as is equal tothe total number of its places of business, includingsuch branch, excepting that, if any place of businessincluded in such total number is located or is to belocated in a borough or township, the population ofwhich does not exceed five thousand, not more thanfifty per centum of the capital and surplus, respec-tively, required by this act need be included for suchparticular place of business in the aggregate capitaland surplus respectively required by this section, andin the case of a savings bank, unless its surplus andexpense fund equal a minimum amount approved bythe department, and in the case of a private bank,unless its net worth equals a minimum amount ap-proved by the department." (Sec. 819-204, Title 7,Purdon's Pennsylvania Stats.)

Other branch banking provisions.—The term"branch" is defined to include "any branch office,agency, sub-office, sub-agency, or place of businessother than the principal place of business of an insti-tution, for the transaction of any portion of its bank-ing or trust business." (Sec. 819-2, Title 7, Purdon'sPennsylvania Stats.)

"A. Except as herein otherwise provided, an insti-tution shall not transact any banking or trust busi-ness, except in the case of an incorporated institu-tion, at the place or places designated in its articles,and, in the case of a private bank, at the place orplaces * * * filed with the Department of Banking.

«g * * *"Any change of the principal place of business of

an institution shall automatically terminate its rightto maintain and operate any branch located, or au-thorized by the articles of incorporation, or other-wise, to be located, in a county which is not con-tiguous to the county in which the principal place ofbusiness is to be located. * * *

"An institution may change the place of businessor any of its branches subject to the same require-ments and limitations as are by this act prescribedin the case of the establishment of branches." (Sec.819-203, Title 7, Purdon's Pennsylvania Stats.)

There are also detailed provisions relating to theprocedure to be followed by institutions proposingto establish branches; i. e., filing application, adver-tisement, notice, and approval or disapproval by theDepartment of Banking or by the Banking Board,etc. (Sec. 819-204, Title 7, Purdon's PennsylvaniaStats.)



RHODE ISLAND

Branches permitted.—Any bank or trust company,savings bank, or loan and investment company(which includes a Morris plan company) "may estab-lish a branch or branches within this state at anyother place than its principal place of business uponobtaining the consent of the board of bank incorpora-tion thereof. Said board of bank incorporation shall,before giving such consent, require that a notice ofsuch intention to establish a branch or branches* * * shall be given for the same period of timeand in the same manner, and a hearing had thereon,as is provided in the case of incorporation" of suchorganization. (Ch. 129, Sec. 9, Ch. 130, Sec. 14, Ch.145, Sec. 5, General Laws of Rhode Island, 1938.)


SOUTH CAROLINA

Branches permitted.—No "branch bank" shall be"established without the approval in writing by theboard [of bank control]. Before * * * the estab-lishment of a branch bank shall be approved, theboard shall make an investigation to determinewhether * * * the establishment of such * * *branch bank would serve the public interest, takinginto consideration local circumstances and condi-tions at the place where such * * * branch bank,proposes to do business." (Sec. 7843, (3), Code ofLaws of South Carolina, 1932, 1936 Supp.)

There is also a provision permitting the organi-zation of small banks with lesser capital than thatrequired by the general laws, but which providesthat "no branch bank shall be organized under theprovisions of this section." (Sec. 7836-1, Code ofLaws of South Carolina, 1932, 1934 Supp.)

Capital required.—"Every banking company orcorporation hereafter organized shall * * * foreach branch bank that is established * * * have atotal unimpaired capital of at least twenty-five thou-sand ($25,000.00) dollars above the minimum re-quirements herein set forth." (Sec. 7835, Code ofLaws of South Carolina, 1932.)

"Branch banks are required to have subscribed toand paid in cash, or allocated to, for each branchestablished, the same amount of capital stock andsurplus as is now required for the establishment ofindependent banks in any given locality in SouthCarolina", namely, $25,000 in towns of 3,000 popu-lation or less; $50,000 in towns between 3,000 and10,000 population; and $100,000 in towns of over10,000 population. (Sees. 7835, 7836, Code of Lawsof South Carolina, 1932.)

Other branch banking provisions.—Provision isalso made for the publication of statements of theassets and liabilities of branch banks or offices, forthe examination of branch banks and fees therefor,for the appointment of a committee to representbranch banks upon liquidation, and for the taxation ofbranch banks. (Sec. 7859, Code of Laws of South Car-olina, 1932; Sec. 7843, (6), Code of Laws of SouthCarolina, 1932, 1936 Supp.; Sec. 7855, (7), Code ofLaws of South Carolina, 1932, 1934, Supp.; Sec.2677-1, (6), Code of Laws of South Carolina, 1932,1938 Supp.)

SOUTH DAKOTA

Branches permitted.—"A branch office or a branchbank may be conducted by a bank only with the per-mission of the Commission under such rules andregulations as the Commission shall prescribe, andsuch permission to be in the sole discretion of the

Commission. No branch office shall be operated inany city or town after any state or national bank hasreceived authority to operate in such town or city.Only one branch office shall be established in anytown or city.

"* * * Branch banks may be established by abank consolidating with or purchasing the assets ofanother bank. Except by purchase of, or consoli-dation with all existing banks located in such townor city, no branch bank shall be established in anycity or town of less than three thousand populationwhere there is an existing national or state bankregularly transacting banking business, or in anycity of more than three thousand population and lessthan fifteen thousand population where there aretwo or more existing national or state banks regu-larly transacting banking business.

"Any national bank whose principal place of busi-ness is in this state is hereby authorized to do allthings and perform all acts which state banks arepermitted to do or perform under this section, sub-ject to the conditions and restrictions provided forstate banks as to exercise of like privileges." (Sec.6.0402, South Dakota Code of 1939.)

Capital required.—"Any bank operating a branchbank or branch banks must have a paid-in and un-impaired capital of not less than the aggregate mini-mum capital required by law for the establishmentof an equal number of banks situated in the variousplaces where such bank and its branch bank orbranch banks are located and in any event not lessthan one hundred thousand dollars. * * *." (Sec.6.0402, South Dakota Code of 1939.)

Other branch banking provisions.—" *B ranch of-fice/ [is defined as] a branch place of business main-tained by a bank within the county of its domicileor an adjoining county to receive deposits, issuedrafts and cashier's checks, make change, pay checks,and other clerical and routine functions, but notincluding making loans and discounts;

" 'Branch bank/ [is defined as] a branch place ofbusiness maintained by a bank for conduct of bank-ing." (Sec. 6.0101, South Dakota Code of 1939.)

TENNESSEE

Limited branch banking permitted.—"No corpora-tion, firm, or individual, after said date [April 6,1925], shall create and operate any branch bank,office, or agency, for the purpose of receiving de-posits, paying checks, making loans, or receivingor discounting bills or notes in any place whatso-ever other than the county wherein its principal of-fice is located and its principal banking business iscarried on." (Sec. 5950, Williams Tennessee CodeAnno., 1934.)

"This law shall not apply to branch banks, offices,or agencies maintained and operated on April 6,1925, by any corporation, firm or individual doingor carrying on a banking business in the state inplaces other than the county of this state whereinsuch banking business is carried on." (Sec. 5949,Williams Tennessee Code Anno., 1934.)


TEXAS

Branches prohibited.—"* * * Such body corporate[banking corporation] shall not be authorized to en-gage in business at more than one place, which shallbe designated in its charter. * * *. (Constitution ofTexas, Art. 16, Sec. 16.)



"No banking corporation organized under thelaws of this State shall ever engage in business atmore than one place, which shall be designated in itscharter. No such corporation shall maintain a branchbank, receive deposits or pay checks except in itsown banking house * * *." (Art. 538, Title 16,Vernon's Texas Civil Stats.)

UTAH

Branches permitted.—"The business of every bankshall be conducted only at its banking house andevery bank shall receive deposits and pay checksonly at its banking house except as hereinafter pro-vided.

"With the consent of the bank commissioner andthe approval of the governor [and subject to thecapital requirements set forth below], any bank* * * may establish and operate" branches "forthe transaction of its business within this state;* * *

"No branch bank shall be established in anv city,town or village in which is located a bank or banks,state or national, regularly transacting a customarybanking business, unless the bank seeking to estab-lish such branch shall take over an existing bank orobtain the consent of all banks therein located, exceptthat in cities of the first class, branches may beestablished without such consent; and, providedfurther, that whenever application is made for theestablishment of any branch, the commissioner shallgive notice thereof by publication in a newspaper ofgeneral circulation in the city or town in whichsuch branch is to be established and shall hold apublic hearing at a time and place within such cityor town, in such notice specified, at which time anycitizen may appear in support of or opposition tosuch application. No unit bank hereafter organizedand operating at a point where there are otheroperating banks, state or national, shall be permittedto be acquired by another bank for the purpose ofestablishing a branch until such bank shall have beenin operation as such for a period of five years.

* * *"The term 'branch' as used in this act shall be

held to include any branch bank, branch office,branch agency, additional office, or any branch placeof business at which deposits are received or checkspaid or money lent.

"Any bank desiring to establish one or morebranches or offices shall file a written applicationtherefor in such form and containing such informa-tion as the bank commissioner may require. No bankshall be permitted to establish any branch or officeuntil it shall first have been shown to the satisfac-tion of the bank commissioner and the governorthat the public convenience and advantage will besubserved and promoted by the establishment ofsuch branch or office and the bank commissioner mayby order permitting the establishment of such branchor office designate and limit the character of workand service which may therein be performed." (Sec.7-3-6, Utah Revised Statute Supplement, 1939.)

"* * * No loan and trust corporation [banks withtrust powers not included] shall open, establish ormaintain any branch office." (Sec. 7-4-7, RevisedStats, of Utah, 1933.)

Capital required.—For the establishment andoperation of one branch, a bank must have "a paid-incapital and surplus of not less than $60,000 * * *;provided, that for each additional branch establishedthere shall be paid in an additional $60,000 (capital

and surplus)." (Sec. 7-3-6, Utah Revised Stat.Supp., 1939.)

Other branch banking provisions.—There are pro-visions requiring the assessment of a $50 fee uponthe filing of an application for the establishment ofa branch, making the laws relating to the examina-tion of banks applicable to such branches and pre-scribing a fee for the examination thereof, and mak-ing violations of the law permitting the establish-ment and operation of branches misdemeanors. (Sec.7-3-6, Utah Revised Stat. Supp., 1939.)

VERMONT

Branches permitted.—"A bank or trust companyincorporated under the laws of this state may estab-lish and maintain agencies and branches for thegeneral transaction of a banking business in townsother than that in which its main office is located."(Sec. 6676, Ch. 272, Public Laws of Vermont, 1933.)

"Before a savings bank, trust company or a sav-ings bank and trust company opens an agency orbranch of such corporation it shall petition the com-missioner to hold a public hearing in the town wherethe proposed agency is to be located, to determinewhether the establishment and maintenance thereofwill promote the general good of the state.. The com-missioner shall thereupon appoint a time and placein such town for hearing the petition, and shall makean order for the publication of the substance of thepetition and of the time and place of hearing threeweeks successively in a newspaper published in thecounty wherein such town is situated, or, for wantthereof, in an adjoining county, the last publicationto be at least twelve days before the day appointedfor the hearing." (Sec. 6677, Ch. 272, Public Lawsof Vermont, 1933.)

"If after the hearing the commissioner finds andadjudges that the establishment and maintenance ofthe proposed agency will promote the general goodof the state, he shall give the bank a certificate tothat effect under his seal." (Sec. 6678, Ch. 272, Pub-lic Laws of Vermont, 1933.)

"A savings bank, trust company or savings bankand trust company shall not operate an agency notcertified by the commissioner as provided in thepreceding section." (Sec. 6679, Ch. 272, Public Lawsof Vermont, 1933.)

"An agency of a bank which was in operation withthe permission of the commissioner prior to Feb-ruary 1, 1929, shall be permitted to continue." (Sec.6680, Ch. 272, Public Laws of Vermont, 1933.)

"* * * Any two or more banks located and doingbusiness in this state, with the approval of the com-missioner, may merge or consolidate into a singlecorporation to engage in the business of a savingsbank or trust company, or merge or consolidate witha national bank, and the merged bank may establisha branch at any location at which the bank discon-tinued by such merger or consolidation might haveconducted its business." (Sec. 6660, Ch. 271, PublicLaws of Vermont, 1933, as amended by Sec. 1,Act No. 175, Laws of Vermont, 1935.)

"Subject to the approval of the commissioner* * *, any bank may, by contract, assume all orany part of the deposit and other liability of anyother bank or banks * * *. Contracts for the as-sumption of deposit liability may be entered intoindependently of merger of banks, or as a part ofany such merger, and may authorize the assumingbank to establish a branch at any location at whichsaid .other bank might have conducted its business.* * *. (Sec. 6660, Ch. 271, Public Laws of Vermont,



1933, as amended by Sec. 5, Act No. 175, Laws ofVermont, 1935.)


VIRGINIA

Branches permitted.—"No bank or trust com-pany heretofore or hereafter incorporated under thelaws of this State shall be authorized to engage inbusiness in more than one place, except that, (a) inits discretion the State Corporation Commission mayauthorize banks having a paid-up and unimpairedcapital and surplus of fifty thousand dollars or overto establish branches within the limits of the city,town, or village in which the parent bank is located.

"(b) The State Corporation Commission may, inits discretion, also authorize banks located in anycity to establish branches within other cities havinga population of not less than fifty thousand inhabi-tants.

" (c) This section shall not be construed to pro-hibit the merger of banks in the same or adjoiningcounties or of banks located within a distance oftwenty-five miles of a parent bank and the operationby the merged company, of such banks, nor to pro-hibit the sale of any bank to, and the purchasethereof by, any other bank in the same or adjoiningcounties or within a distance of twenty-five milesand the operation of such banks by the purchasingbank, provided the approval of the State CorporationCommission is first had. The term 'adjoining coun-ties/ where more than two are involved, shall beconstrued to mean counties each of which shall ad-join the county in which the parent bank is located.

"(d) This section, however, shall not apply tobranch banks already established.

"(e) No branch bank heretofore or hereafterestablished shall be operated or advertised underany other name than that of the identical name ofthe home bank, unless permission be first had andobtained from the State Corporation Commission,and unless such different name shall contain or haveadded thereto language clearly indicating that it isa branch bank and of which bank it is a branch.

"Any bank or trust company violating the pro-visions of this section shall be liable to a fine of onethousand dollars, to be imposed and judgment en-tered therefor by the State Corporation Commission,and enforced by its process." (Sec. 4149 (14), Vir-ginia Code, 1936.)

Every bank having a branch or branches shall beassessed fifty dollars per branch as an examinationfee. (Sec. 4149 (56), Virginia Code, 1936.)

Capital required.—Banks or trust companies inorder to establish branches in the city, town or vil-lage in which the parent bank is located, must havea paid-in and unimpaired capital and surplus of fiftythousand dollars or over. (Sec. 4149 (14) (a), Vir-ginia Code, 1936.)

WASHINGTON

Branches permitted—limitations.—"* * * nor shallany bank or trust company establish any branchexcept in accordance with the provisions of this act.The practice of collecting or receiving deposits orcashing checks at any place or places other than theplace where the usual business of a bank or trustcompany and its operations of discount and depositare carried on shall be held and construed to beestablishing a branch: * * *". (Sec. 3222, Reming-ton's Revised Stats.)

A bank or trust company having a paid-in capitalof not less than five hundred thousand dollars may,with the approval of the supervisor of banking,establish and operate branches in any city or townwithin the state. A bank or trust company havinga paid-in capital of not less than two hundred thou-sand dollars may, with the approval of the super-visor of banking, establish and operate brancheswithin the limits of the county in which its principalplace of business is located.

"No bank or trust company shall establish or oper-ate any branch in any city or town outside the cityor town in which its principal place of business islocated in which any bank, trust company or na-tional banking association regularly transacts abanking or trust business, except by taking over oracquiring an existing bank, trust company or na-tional banking association or the branch of anybank, trust company or national banking associationoperating in such city or town." (Sec. 3231-1 Rem-ington's Revised Stats.)

No savings bank "or any officer or director thereofshall receive deposits or transact any of its usualbusiness at any other than its principal place ofbusiness or an authorized branch.

"A savings banks, with the approval of the su-pervisor of banking, may take over and operate onebranch in the city in which the principal place ofbusiness of the bank is located, but only upon theconditions and subject to the limitations following:

"(a) If the guaranty fund amounts to at leastfive hundred thousand dollars.

"(b) Not more than three branches may be estab-lished in the county in which the principal placeof business of the bank is located, and none in anyother county.

"(c) A branch shall not be established at a placeat which the supervisor of banking would not per-mit a proposed new savings bank to engage in busi-ness, by reason of any consideration contemplatedby section 4 of this act, being section 3316 of Rem-ington's Revised Statutes, the provisions of which,so far as applicable, including those relating to ap-peals, shall extend to applications to establishbranches." (Sec. 3344, Remington's Revised Stats.)

"The use of the term 'savings bank' in this actrefers to mutual savings banks only. * * *." (Sec.3378, Remington's Revised Stats.)

Industrial loan companies shall have power "Toestablish branches subject to the approval and au-thority of the supervisor of banking." (Sec. 3862-8,(d), Remington's Revised Stats., as amended byLaws of 1939.)

Capital required.—$200,000 paid-in capital inorder to establish branches within the same countyas the parent bank; and $500,000 paid-in capital inorder to establish branches elsewhere in the State.

"The aggregate paid-in capital stock of every bankor trust company operating branches shall at notime be less than the aggregate of the minimumcapital required by law for the establishment ofan equal number of banks or trust companies in thecities or towns wherein the principal office or placeof business of such bank or trust company and itsbranches are located." (Sec. 3231-1 Remington's Re-vised Stats.)

Mutual savings bank's guaranty fund must amountto at least $500,000. (Sec. 3344, Remington's Re-vised Stats.)



"Branch" of banks and trust companies denned.—"The term 'branch bank' where used in this act,means any office of deposit or discount maintainedby any bank or trust company, domestic or other-wise, other than its principal place of business, re-gardless of whether it be in the same city or locality."(Sec. 3221, Remington's Revised Stats.)

Foreign bank branch.—A branch of a foreign bankwhich was in operation within this State at thetime the act of 1917 became effective and whichbranch has a capital not less in amount than thatrequired for the organization of a State bank asprovided in that act at the time and place whenand where such branch was established, may con-tinue its business within the State. (Sec. 3248, Rem-ington's Revised Stats.)

WEST VIRGINIA

Branches prohibited.—"No banking institutionchartered and authorized to engage in business underthe laws of this state, shall hereafter install ormaintain any branch bank, or engage in business atany place other than at its principal office in thestate of West Virginia; * * *." (Sec. 3131, WestVirginia Code, 1937.)

WISCONSIN

Branches prohibited.—"* * * no bank shall estab-lish more than one office of deposit and discount orestablish branch offices or branch banks, providedthat this prohibition shall not apply to any branchoffice or bank established prior to May 14, 1909."(Sec. 221.04, (1), (f), Wisconsin Stats., 1937.)

No trust company shall "establish more than oneoffice of deposit nor establish nor maintain branches."(Sec. 223.06, Wisconsin Stats., 1937.)

Limited receiving and paying stations permitted.—"(1) Any bank may establish and maintain a re-ceiving and paying station in the manner providedin this section, in any community not having ade-quate banking facilities, anywhere within the countyin which the home office of the bank is located oranywhere in any adjoining county having a popula-tion of less than sixteen thousand, or in any othercounty if within the trade area of the home officeof the bank and not more than twenty-five milesfrom such home office, but no bank shall be permittedto establish, maintain or operate more than foursuch receiving and paying stations nor any suchstation within three miles of any other existing bankor an authorized receiving and paying station ofany other bank; however, any such station in opera-tion at the time of the passage of this act shall notbe subject to the three-mile limit.

"(2) Any bank desiring to establish such a re-ceiving and paying station shall make application tothe banking commission in such manner and in suchform as shall be prescribed by the commission, giv-ing such information as the commission may requireand shall at the time of filing the application payto the commission twenty-five dollars to defray thecost of investigation by the commission.

" (3) The banking commission shall thereupon esti-mate from the best sources of information at itscommand and by such investigation as it may deemnecessary whether public convenience and advantagewill be promoted by allowing such station to be estab-

lished and maintained, and the commission shall alsoinvestigate the management and the solvency of theapplicant bank, the adequacy of existing bankingfacilities and the surrounding territory from whichthe patronage would be drawn.

" (4) After completing such investigation, the com-mission shall make written report to the bankingreview board stating the results of its investigationand its recommendation. The said board shall con-sider the matter, conducting any hearing it maydeem necessary, and shall promptly make its de-cision approving or disapproving the establishmentand maintenance of the proposed station. The de-cision of the banking review board shall be final.

"(5) No bank when more than ten per cent of thestock is owned, held or controlled by any corporation,or by an association, investment trust or other formof trust or by a chain bank or holding company, shallbe permitted to establish a receiving and paying sta-tion.

"(6) No banking business shall be transacted inany such station other than receiving and paying outdeposits, issuing drafts and travelers' checks, han-dling and making collections, and cashing checksand drafts.

"(7) Whenever a paying and receiving stationshall be permitted to operate under this section, thebanking commission in each case shall prescribe therules and regulations for its operation.

"(8) Whenever the banking commission shall de-termine that the continued operation of any suchstation will no longer promote public convenienceand advantage, and that it will prove detrimentalto the bank operating such station, the commissionshall have written report thereon to the bankingreview board. Said board shall promptly considerthe matter and may hold a hearing thereon, andshall decide whether or not the permit to operatesuch station shall be revoked. If the review boarddecides that the permit shall be revoked, it shallcertify its decision to the banking commission andsaid commission shall forthwith order the discon-tinuance of such station within such time as thecommission may specify therein. A copy of saidorder shall be transmitted to the bank operating suchstation.

"(9) Whenever any bank, which has been granteda permit to establish and maintain such a receivingand paying station, shall deem it advisable to discon-tinue the maintenance of such station, it may makewritten application to the banking commission forthe cancellation of its permit, and the commissionshall thereupon enter its order, cancelling such per-mit, within such time as the commission may specifytherein.

"(10) This section shall not be construed as com-mitting the state in any manner to a policy of per-mitting branch banking." (Sec. 221.255, WisconsinStats., 1937, as amended by Laws of 1939.)

Capital required.—No additional capital is requiredfor the operation of offices with limited functions.

WYOMING

Branches unauthorized.—There are no provisionsin the laws of Wyoming permitting or prohibitingthe establishment of branches.



DISTRIBUTION OF DEMAND DEPOSITS BY ECONOMIC CLASSES OF DEPOSITORS1933, 1935, AND 1936 1

On the basis of data compiled primarilyfrom corporation income tax returns, it hasbeen possible to estimate the distribution ofdemand deposits by economic classes of de-positors. Broadly speaking, it appears thatat the end of 1936 business enterprises held

TABLE 1

DISTRIBUTION OF DEMAND DEPOSITS * BY ECONOMICCLASSES OF DEPOSITORS

Total demand deposits*

Less items in transit 1

Total demand deposits ad-justed for transit items

Business—total

Corporations engaged in:Manufacturing, mining,

and constructionTransportation and other

public utilitiesTrade, service, and mis-

cellaneousNon-corporate enterprises 2_._

Finance—total

Corporations engaged in:InsuranceOther finance

Non-corporate:Security brokersBanks' trust departments. _Foreign banksOther foreigners 3

Public bodies—total

U. S. TreasuryOther public bodies

Unclassified—balances of in-dividuals, non-profit organi-zations, etc.4

24, 770 21, 860 15, 070

Amounts (Inmillions of dollars)

Dec.31,

1936

), 970 26, 600

5,200

8,480

3,690

1,340

1,6801,770

5,350

1,570

2801,240

530780

4,160

1,2402,920

6,780

Dec.31,

1935

4,740

7,640

3,450

1,0

1,5001,610

4,960

9201,740

001,060

440600

4,130

1,4602,670

5,130

Dec.31,

1933

17, 470

2,400

6,120

2,800

980

1,1201,220

2,390

560820

200440130240

2,690

1,0201,670

3,870

Per cent ofadjusted total

Dec.31,1936

100.0

14.9

5.4

6.87.1

21.

3.86.4

1.15.02.13.2

16.8

5.011.8

27.4

Dec.31,1935

100.0

34.9

15.8

4.9

6.97.3

22.7

4.28.00.4.92.02.7

18.

6.712.2

23.5

Dec.31,

1933

100.0

40.

18.6

6.5

7.48.1

15.

3.75.4

1.32.90.91.6

17.9

6.811.1

25.7

* Total demand deposits are partly estimated and exclude domesticinterbank deposits.

1 Includes amount reported as in process of collection by banks andestimated amount of items in transit between depositors. Method ofestimation explained in text.

2 Excludes professional service, agriculture, finance, transportation,and public utilities.

3 Includes foreign bank deposits with nonmember banks.4 Accounts of individuals with balances of $100,000 and over, as reported

by the 98 largest member banks, amounted to $280 million on December31, 1933, and $430 million on December 31, 1935. No similar informationis available for 1936.

1 Information regarding the distribution of demand deposits byeconomic classes of depositors was obtained for the first t ime inthe Board's survey of the ownership of large deposit accounts in1933 and in 1935. Mart in Krost, of the Board's Division of Re-search and Statistics, worked out methods of estimating the dis-tribution of total demand deposits by economic classes of deposi-tors and compiled estimates for the end of 1933 and 1935. Apaper based upon these estimates and including the results wasprepared by Lauchlin Currie, Assistant Director of the Division,and presented before the American Statistical Association in De-cember 1937 (published in the Journal of the American StatisticalAssociation, June, 1938). Haskell Wald, using techniques de-veloped in the early study, made estimates for the end of 1936(the latest date for which adequate data are available) and pre-pared the present report.

about one-third of the deposit balances inall checking accounts; financial groups, in-cluding foreign depositors and banks' trustdepartments, one-fifth; and public bodies one-sixth. The unclassified remainder, compris-ing mainly consumer balances, large balancesof individuals, and balances of non-profit or-ganizations and some unincorporated groupsfor which no estimates could be made,amounted to a little more than a fourth ofthe total. Table 1 presents a breakdown ofthese large categories into sub-groups andshows the distribution of demand deposits byclasses of depositors as of the end of the yearfor 1933, 1935, and 1936.

TABLE 2

SHIFT IN DEMAND DEPOSIT HOLDINGS BY CLASSESOF DEPOSITORS

1933 TO 1935 AND 1935 TO 1936[Amounts of change in millions of dollars]

Total demand deposits

Less—Items in transi t J

Total demand deposits adjustedfor transit items

Business—total __ _ _ _ __

Corporations engaged in:Manufacturing, mining, and

construction,Transportation and other

public utilitiesTrade, service, and miscel-

laneousNon-corporate enterprises 2

Finance—total

Corporations engaged in:InsuranceOther finance..-

Non-corporate:Security brokersBanks' trust departments___Foreign banks. _ _ _Other foreigners 3__

Public bodies—total _ _ _

U. S. TreasuryOther public bodies, _ __ _

Unclassified—balances of indi-viduals, non-profit organiza-tions, etc

Increase fromDec. 31, 1933 to

Dec. 31, 1935

Amount

9,130

2,340

6,790

1,520

650

100

380390

2,570

360920

620310360

1,440

4401,000

1,260

Per cent

52.3

97.5

45.1

24.8

23.2

10.2

33.932.0

107.5

64.3112.2

140.9238.5150.0

53.5

43.159.9

32.6

Increase ordecrease (— ) from

Dec. 31, 1935 toDec. 31, 1936

Amount

3,370

460

2,910

840

240

260

180160

390

30-170

8018090

180

30

-220250

1,650

Per cent

12.7

9.7

13.3

11.0

7.0

24.1

12.09.9

7.9

3.3- 9 . 8

40.017.020.530.0

0.7

-15 .19.4

32.2

1 Method of estimation explained in text.2 Excludes professional service, agriculture, finance, transportation,

and public utilities.3 Includes foreign bank deposits with nonmember banks.



Between December 31, 1935 and December31, 1936, total demand deposits reported bybanks, when adjusted to conform to deposi-tors' accounting records, increased by $2,-900,000,000 or 13 per cent. As shown inTable 2, more than half of the total increasewas represented by the growth in the un-classified group. During 1936 balances in-cluded in this group increased 32 per cent,as contrasted with increases of 11 per cent,8 per cent, and 1 per cent for the business,finance, and public bodies groups respectively.

In evaluating the shifts in demand depositholdings over the period 1933 to 1936, twofactors affecting the comparability of thedata for the individual years should be noted.The abolition of the privilege of filing con-solidated income tax returns in 1934 probablymeans that certain holding companies werelisted under business categories in 1933 andunder finance in subsequent years. Thiswould have the effect of understating the in-crease in business balances and of overstatingthe increase in financial deposits. In addi-tion, the use of 1935 percentages to distributereported corporate "cash" for December 31,1936, between currency, time, and demanddeposits may mean that business and financeholdings are underestimated for the lateryear, and that the "unclassified" deposits areoverestimated, due to the increase in the ratioof demand to total deposits during 1936.

In general, estimates of the deposit hold-ings of corporations and public bodies arenot likely to be seriously in error. Theremay, however, be a considerable margin oferror for estimates of non-corporate holdingswhich are based in large part upon data thatrelate to 1929 and that are inadequate inother respects. It seems likely that the classi-fied amounts have been in varying degreeunderestimated, so that the amount of theunclassified remainder probably overstatesthe cash holdings of the groups covered.

There follows a brief description of themethods employed in building up these esti-mates.

Adjustment of total demand deposits fortransit items.—The estimates for individualclasses of depositors are made on the basis ofthe depositors' accounting records, as is illus-trated by the estimates for corporations,which are taken from their balance sheetrecords included in income tax returns.Total estimated demand deposits at banksmust be adjusted, therefore, to exclude twoclasses of transit items which have been de-ducted from deposit balances on the books ofthe depositors who drew them but have notyet been charged to those balances as theyappear on the books of the banks. The firstof these comprises checks and other itemsalready deposited by their recipients in banksand in process of collection between banks;for this amount, figures reported in the con-dition statements of the banks may be used.The second deduction comprises checks drawnbut not yet received or deposited in banks bytheir recipients; the amount of this type of"float" may only be estimated.

Since the same geographical distance usu-ally separates the drawer and the recipientof a check as separates their respective banks,and since the amounts of that part of the"float" that has already passed through abank and of that part which has not yet beendeposited are both determined by the amountof business transactions, it has been assumedfor the purposes of this study that the amountof the item in transit between depositors isequal to the amount of checks in process ofcollection between banks. Any error in theassumptions concerning the volume of checksin process of collection as reported by bankswill occur also in the estimate used here forchecks in process of transmission betweendepositors.

Holdings of corporations.—Corporate'cash" as reported in balance sheet items in-cluded in corporation income tax returns andpublished in Statistics of Income was dis-tributed between currency, demand, and timedeposits on the basis of percentages derivedfrom a study of large deposit accounts madeby the Board of Governors of the Federal



Reserve System as of selected dates in 1933and 1935 and summarized in the FEDERALRESERVE BULLETIN of September 1936, andfrom a special compilation prepared by theBureau of Internal Revenue from balancesheet data of corporations for 1935. Toallow for the fact that a small proportion ofthe corporation income tax returns, largelyfor small corporations, do not report balancesheets, estimates for corporations reportingbalance sheets were adjusted to a total for allcorporations by applying the ratio of totalcompiled receipts of all corporations to thetotal compiled receipts of the corporationsreporting balance sheet items. Separate fig-ures for the "cash" holdings of financialgroups other than banks were made availableby the Bureau of Internal Revenue.

Holdings of non-corporate business enter-prises.—The estimates of the demand depositholdings of non-corporate business were builtup by applying to the amounts estimated forcorporations ratios of non-corporate to cor-porate output in various industrial classes.These ratios were based essentially upon Bu-reau of the Census data for 1929 reclassifiedaccording to the industrial classification usedfor the corporation data in Statistics of In-come. Because of serious gaps in existinginformation, no estimates were made for cer-tain large categories of unincorporated busi-ness enterprise, notably agriculture, profes-sional service, and financial enterprises otherthan security brokers.

Reported holdings of other classes of de-positors.—The estimates for security brokerswere derived from data on the "cash" holdingsof all member firms of national security ex-changes which report regularly to the Boardof Governors of the Federal Reserve System.The figures for the demand deposits of theUnited States Treasury are the sum of Treas-ury deposits in the Federal Reserve banks asreported in the Federal Reserve bank state-ment and Treasury deposits in all other banksas reported in the Daily Statement of theUnited States Treasury. The demand de-posits of other public bodies are taken from

the condition reports of insured banks ascompiled by the Federal Deposit InsuranceCorporation.

Estimates of the deposits of bank trust de-partments were made on the basis of Comp-troller of the Currency figures for trustdepartments of national banks and of datapublished by the Federal Deposit InsuranceCorporation. Figures for foreign depositsare those reported to the Treasury and re-printed in the FEDERAL RESERVE BULLETINfor May, 1937, after an adjustment to excludea small amount of time deposits.

Unclassified deposit holdings.—The un-classified remainder includes largely con-sumer balances, the deposits of those typesof unincorporated business for which no esti-mates were made (professional service, agri-culture, various financial groups, etc.), depositbalances of fraternal, charitable, educational,and other non-profit organizations, and largepersonal balances of individuals which maybe held awaiting investments or for otherfinancial purposes. The latter should prop-erly be included under the "Finance" heading;but data, which were collected for a largesample in 1933 and 1935, as shown in a foot-note to Table 1, are not available for 1936.

Distribution of time deposits.—Because de-

TABLE 3

DISTRIBUTION OF TIME DEPOSITS * BY ECONOMICCLASSES OF DEPOSITORS


Total time deposits*

Business enterprises—total.

CorporateNon-corporate (excluding professional

service, agriculture, finance, trans-portation, and public utilities)

Financial enterprises—total _

CorporateNon-corporate.

Public bodies—total

Unclassified (balances of individuals, non-profit organizations, and those unin-corporated enterprises for which no sep-arate estimates could be made)

Dec. 31,1936

25, 400

570

110

440

290150

350

23, 930

Dec. 31,1935

24, 300

610

510

100

470

290180

410

22,810

Dec. 31,

21,840

1,0

940

140

400

200200

350

20,010

* Total time deposits are partly estimated and exclude domestic inter-bank deposits.



posits of corporations are mostly demanddeposits and because during the period 1933-1936 more than 90 per cent of total timedeposits were held by depositors in the un-classified group, the present report has beenprimarily concerned with demand deposits.The Board's survey of the ownership of largedeposit accounts and a special compilationprepared by the Bureau of Internal Revenueindicate that at the end of 1935 corporations

held only 8 per cent of their "cash" in theform of time deposits.

Following the methods used in the case ofdemand deposits, estimates were also madeof the distribution of time deposits by eco-nomic classes of depositors. The estimatesare summarized in Table 3. Figures for totaltime deposits include deposits with mutualsavings banks and with the Postal SavingsSystem. Postal Savings redeposits withbanks are excluded.

MEMBER BANK EARNINGS AND EXPENSES, FIRST HALF OF 1939

Net profits of member banks increasedsharply in the first six months of 1939 andwere larger than in any half-year periodsince the first half of 1937. These net profitswere at an annual rate of 7.0 per cent ontotal capital accounts. The increase reflectedchiefly larger profits derived from the sale ofsecurities and smaller charge-offs on loans.Recoveries, profits on securities sold, etc., ex-ceeded total losses and depreciation for thefirst time since 1936. Summary figures ofthe earnings, expenses, profits, and dividendsof member banks during recent half-year pe-riods are shown in the following table forpurposes of comparison.

EARNINGS AND EXPENSES OP MEMBER BANKS, BYHALF-YEAR PERIODS, JANUARY 1, 1937-JUNE 30,1939


Total current earningsTotal expenses. ___

Net current earnings _

Recoveries, profits on securities,etc.

Losses and depreciation

Net losses and depreciation. _Net profits

Cash dividends declared 2

1937

Firsthalf

652449

203

158166

8195

100

Secondhalf

669453

216

97172

75141

101

1938

Firsthalf

631448

183

137175

38145

99

Secondhalf

644443

201

142222

80121

99

1939

Firsthalfp

633447

186

191186

191

104

p Preliminary.1 Net recoveries, profits on securities, etc.2 Includes interest on capital notes and debentures.

Net current earnings during the first halfof 1939, though slightly above those in thefirst half of 1938, were lower than in anyother six-month report period since the firsthalf of 1935. The smaller net current earn-ings in the first half of 1939 as comparedwith the second half of 1938 resulted fromsmaller total earnings and somewhat largerexpenses. Although the amounts of bothloans and investments increased in the firsthalf of 1939, the rates of interest earned onthem decreased and the amount of interestincome from each of these sources also de-clined. While the major items of expenseswere reduced slightly, total expenses in-creased, reflecting chiefly a rise in "other"expenses.

Dividends declared during the first sixmonths of the current year amounted to$104,000,000, or at an annual rate of 3.8 percent of total capital accounts, as comparedwith an average of $100,000,000 for the fourpreceding half-year periods.

The half-year figures for many of the earn-ings and expense items are not representativeof the annual figures, particularly in the caseof valuation adjustments. These adjustmentsappear to be made on an annual basis and atthe year-end in many banks.

Detailed figures of member bank earnings,expenses, recoveries, losses, etc., for the sec-ond half of 1938 and the first half of 1939are shown on the following page.



EARNINGS AND EXPENSES OF MEMBER BANKS

NATIONAL AND STATE MEMBER BANKS, BY SEMI-ANNUAL PERIODS, JULY 1, 1938 TO JUNE 30, 1939(Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks)

[Amounts in thousands of dollars]

Earnings:Interest and discount on loansInterest and dividends on investmentsCollection charges, commissions, fees, etcForeign departmentTrust department _ _Service charges on deposit accounts . __ __Rent receivedOther current earnings

Total current earnings

Expenses:Interest on time and savings depositsSalaries, officersSalaries and wages, employees (other than officers) _ __Fees paid to directors and members of executive, discount and

advisory committeesInterest and discount on borrowed moneyReal estate taxesOther taxesOther expenses

Total current expenses

Net earnings

Recoveries, profits on securities, etc.:Recoveries on loansRecoveries on investments-Profits on securities sold-All other

Total... .

Losses and depreciation:On loans.. _On investmentsOn banking house, furniture and fixtures . . .All other

Total losses and depreciation

Net profitsCash dividends declared 1

Loans2 . . . .Investments 2

Total deposits2 _ . . .Capital funds 2 3

Number of officers at end of periodNumber of employees (full and part time) at end of periodNumber of banks at end of period __ ._ _

Annual rates of earnings and of losses on loans:Interest and discount on loans per $100 of loans._Gross losses on loans per $100 of loans

Annual rates of earnings and of losses on investments:Interest and dividends on investments per $100 of investments.__Gross losses on investments per $100 of investments __ _Profits on investments sold per $100 of investments

Annual rates of earnings on capital funds:Net current earnings per $100 of capital funds _Net profits per $100 of capital funds

Total deposits per $1 of capital funds _ _Loans and investments per $1 of capital funds

All member banks

Secondhalf of

1938

274, 539224, 686

15, 8095,395

46, 67525, 84542, 0648,826

643, 839

83, 34674, 205

118, 559

3,697125

17, 54023, 351

121, 693

442, 516

201, 323

23, 85429, 94575, 03513,133

141, 967

77, 04787, 47826, 01532,166

222, 706

120, 58499, 399

13, 027, 59818 445 03142,147, 358

5, 400, 560

33,176154, 039

6,338

$4.211.18

2.44.95.81

7.464.477.805.83

Firsthalf of1939 P

272, 254222, 965

15, 4934,304

42, 09526, 78541, 2797,922

633, 097

82,12473, 875

116, 302

3,68079

17, 03826, 257

127, 274

446, 629

186, 468

23 98725, 838

127, 28714, 111

191, 223

47, 75694,08416,12128, 735

186, 696

190, 995103, 519

13,132, 03419 124 26344, 300, 962

5, 462, 514

34, 376156, 703

6,330

$4.15.73

2.33.98

1.33

6.836.998.115.91

National member banks

Secondhalf of

1938

188, 244152, 730

10, 8203,189

16, 85717, 93326, 2995,802

421, 874

59,17049,89473,123

2,63485

11,18914, 27475, 792

286,161

135, 713

16, 36817, 34945, 2488,888

87, 853

53, 34357,14015, 73911,351

137, 573

85, 99361,190

8, 355, 24712 092 65427, 268, 820

3, 295, 234

24, 96996, 7215,224

$4.511.28

2.53.95.75

8.245.228.286.21

Firsthalf of1939 P

187, 783150,133

10, 6582,346

14, 82118, 40725, 8554,904

414, 907

58, 64349, 37971,101

2,58951

10, 67516, 66680, 008

289,112

125, 795

17, 01317, 85384,1144,591

123, 571

31, 50658, 72611, 5559,405

111, 192

138,17466,163

8, 490, 26712, 430, 95428, 509, 402

3, 352,152

25, 96898, 3235,203

$4.42.74

2.42.94

1.35

7.518.248.506.24

State member banks

Secondhalf of

1938

86, 29571, 9564,9892,206

29, 8187,912

15, 7653,024

221, 965

24,17624, 31145, 436

1, 06340

6,3519,077

45, 901

156, 355

65, 610

7,48612, 59629, 7874,245

54,114

23, 70430, 33810, 27620, 815

85,133

34, 59138, 209

4, 672, 3516, 352, 377

14, 878, 5382,105, 326

8,20757, 3181,114

$3.691.01

2.27.96.94

6.233.297.075.24

Firsthalf of1939 P

84, 47172, 8324,8351,958

27, 2748,378

15, 4243,018

218,190

23, 48124, 49645, 201

1,09128

6,3639,591

47, 266

157, 517

60, 673

6,9747,985

43,1739,520

67, 652

16, 25035, 3584,566

19, 330

75, 504

52, 82137, 356

4, 641, 7676, 693, 309

15, 791, 5602,110, 362

8,40858, 3801,127

$3.64.70

2.181.061.29

5.755.017.485.37

p Preliminary.1 Includes interest on capital notes and debentures.2 For the second half of 1938 these are averages of figures reported on June 30, 1938, September 28,1938, and December 31,1938; for the first half

of 1939 they are averages of figures reported on December 31, 1938, March 29, 1939, and June 30, 1939.3 Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and

other capital reserves.Back figures—See BULLETIN for May 1939, p. 374, and Annual Report for 1937 (table 64) for annual figures.



CONDITION OF INSURED BANKS IN THE FIRST HALF OF 1939According to the consolidated statement

of condition of all insured banks in the UnitedStates as of June 30, 1939, which has justbeen published by the Federal Deposit In-surance Corporation, total loans increasedwhile investments declined at insured banksnot members of the Federal Reserve Systemduring the six months ending June 30, 1939.A discussion of the member bank figures wasgiven in the September issue of the BULLE-TIN. As shown in the following table, devel-opments at nonmember insured banks weresimilar to those at country member banks.A detailed statement of condition appearson the following page.

Total loans at nonmember insured andcountry member banks increased somewhatduring the first six months of 1939, largelyreflecting a growth in commercial loans anda further increase in real estate loans. Atcity banks loans for purchasing and carry-ing securities were reduced.

Investment holdings at nonmember in-sured banks declined by about $60,000,000during the period while those of countrymember banks declined by $165,000,000.These declines were in holdings of UnitedStates Government direct obligations and incorporate securities. Obligations of Statesand political subdivisions increased further

at both types of banks. At city banks hold-ings of investments rose considerably.

Following substantial increases during thelast half of 1938 there was little net changein adjusted demand deposits at nonmemberinsured and country member banks duringthe last six months. Time deposits, however,increased somewhat and balances with cor-respondent banks were built up further.Deposits at city banks showed a furthermarked rise.CHANGES IN CONDITION OF INSURED COMMERCIAL

BANKS, FIRST HALF OF 1939


Total loans and investments

LoansU. S. Government securities.Other securities

Due from banksDeposits:

Adjusted demand deposits 1.Time depositsU. S. Government deposits..Interbank deposits:

Banks in United States.Banks in foreign coun-

tries

Allinsuredbanks

+558

+16+531+11

+478

+1, 294+240

- 9 9

+592

+96

i Demand deposits other than interbankment less cash items in process of collection

2 Less than $500,000.

Member banks ofthe Federal Re-

serve System

Centralreserve

andreserve

citybanks

+537

-227+660+104

+273

+1, 262+91-87

+601

+97

Countrybanks

- 4

+161-106-59

+161

+31+104

- 7

- 4

(2)

and United States

Non-memberinsuredbanks

+25

+82- 2 3- 3 4

+44

+1+45

- 4

- 4

(2)

Govern-



CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS,JUNE 30, 1939 AND DECEMBER 31, 1938


June 30, 1939

All banks

Nationalbanks

membersFederalReserveSystem

Statebanks


Banksnot


December 31, 1938

All banks

Nationalbanks


Statebanks


Banksnot


Number of banks

ASSETS

Loans, discounts, and overdrafts (includingrediscounts)

United States Government obligations,direct and fully guaranteed

Other bonds, stocks and securities

Total loans and securities

Customers' liability on account of accept-ances

Total bank premises, furniture and fixtures,and other real estate

Reserves with Federal Reserve banksCoin and currencyBalances with other banksCash items in process of collectionIncome accrued but not yet collectedRepaid expensesOther assets

Total assets..

LIABILITIES

Demand deposits of individuals, partner-ships, or corporations

Time deposits of individuals, partnerships,or corporations

Public funds of states and political sub-divisions

U. S. Gov't and postal savings depositsDeposits of other banks; cash letters of

credit; certified, officers, and travelers'checks outstanding

Bills payable, rediscounts, and other liabili-ties for borrowing money

Acceptances executed by or for account ofreporting banks and outstanding

Dividends declared but not yet payable....Income collected but not yet earnedExpenses accrued and unpaidOther liabilities

Total liabilities, excluding capital ac-count

Capital stock, notes, and debentures.SurplusUndivided profitsReserves for contingenciesAll other capital accounts

Total liabilities, including capitalaccount

13, 569 5, 203 1,127 7,239 13, 659 5,224 1,114

16, 040, 373

15, 038, 2156, 954, 694

8, 553, 015

8, 753, 6373, 774, 590

4, 588, 053

5,023, 4241, 910, 700

2, 899, 305

1, 261,1541, 269, 404

16, 024, 318

14, 506, 8076, 943, 861

8, 469, 381

8, 690, 7793, 742, 721

4, 738, 379

4, 531, 7521,897, 478

38, 033, 282

103, 674

1, 717, 21810, 010, 744

917, 7596,186, 7802, 239, 001

110, 57210, 97395, 856

59, 425, 859

21, 081, 242

51, 655

819,1135, 640, 067526, 738

3, 637, 0851, 256, 694

60, 3814,64441, 343

33,118, 962

11, 522,177 5, 429, 863 37, 474, 986 20, 902,881 11,167, 609

50,017

566,9754, 370, 677185, 394

1, 080, 055926, 37842, 2144,41440, 866

2,002

331,130

122, 371

1, 769,062

205, 6271, 469, 640

55, 9297,9771,915

13, 647

950, 3945, 717, 6001, 813, 703108, 4978,648

140, 605

64, 394

832,2254, 775, 236551,158

3, 264, 4201,100, 827

60,4243,646

48, 716

56, 328

582,9543,919,152

194, 4921,025, 652657, 88240, 2143,49978,126

18, 789,167 7, 517, 730 56,800, 254 31, 603, 927 17, 725, 908

24, 772, 378

14, 298, 215

3, 657, 639818, 047

8, 780, 475

15, 550

122,16937, 45164,47986, 786

257, 630

13, 625, 703

7, 641, 518

2, 284,499539, 897

5, 324, 066

3,540

57, 63522, 61035, 26145, 906156, 537

8,822, 466

3,421,711

688, 271213, 239

3, 311, 884

1,122

62, 52913, 22216, 61932, 54591,123

2, 324, 209

3, 234, 986

684,86964, 911

144, 525

10, 888

2,0051,619

12, 5998,3359,970

23, 476, 863

14, 012, 540

3, 516, 769924,062

7, 848, 442

17, 584

140, 40435, 25454,49977, 641260, 942

12, 942, 704

7, 495,818

2,132, 572581, 551

4, 843, 076

5,608

71, 77518, 70729, 28840,877120, 998

8,176, 484

3, 350,044

714, 629269, 553

2, 856, 707

601

66, 96213, 95714, 36128,806130, 510

52,910,819 29, 737,172 16,674, 731 6, 498, 916 50,365,000 28, 282,974 15, 622,614

2, 954,8862,381, 233

799, 018322, 50357, 400

1, 559,1811,168, 553449, 079173, 81631,161

830,842943,016228,954102,8718,753

564,863269, 664120,98545, 81617,486

2, 981, 6662, 346, 708

741, 674310, 45354, 753

1, 566,8471,146,800419,426158, 31829, 562

836, 251935,926216,122107,0277,968

59, 425, 859 33,118,962 18, 789,167 7, 517, 730 56, 800, 254 31, 603,927 17, 725, 908

7,321

2, 816, 558

1, 284, 2761, 303, 662

5, 404,496

1,649

353,885

204, 7441, 427, 528

54, 9947,8591, 503

13, 765

7,470, 419

2, 357, 675

3,166, 678

669, 56872,958

148, 659

11, 375

1,6672,59010,8507,9589,434

6,459,412

578, 568263,982106,12645,10817, 223

7,470,419



REVISED INDEXES OF FACTORY EMPLOYMENT ADJUSTED FOR SEASONALVARIATION

The Board's seasonally adjusted indexes offactory employment have been revised to takeaccount of changes made in the employmentdata of the Bureau of Labor Statistics fromwhich the Board's indexes are derived.1

These changes resulted almost entirely fromadjustment of individual series to the levelsof employment shown by the 1937 Census of

Revised series for individual industries areshown since the beginning of 1935 in Table 3.Table 1 shows the initial year of each seriesand the average number of employees in the1923-1925 base period and in 1937.

Indexes for earlier years and seasonal ad-justment factors currently used for individ-ual industries are shown and described on

PER CENT

130

120

110

100

90

80

70

60

50

40

FACTORY EMPLOYMENT

ADJUSTED TO CENSUS OF MANUFACTURES THROUGH 1937, 1923-25 AVERAGE = 100

J

, .....\\\ /

—

V

ADJUSTE

WITH0U1

•

D FOR S

' SEASOf

EASONAL

JAL ADJl

VARIAT

JSTMEN1

ON

A\\

Vr

1 /V

PER CENT

130

120

110

100

90

80

70

60

50

40

1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

Manufactures and their net effect was toraise the total index gradually during 1936and 1937 so that since the end of 1937 ithas been about 3 per cent above the formerindex.2 The revised index of total factoryemployment is shown on the accompanyingchart, together with the corresponding indexof the Bureau of Labor Statistics, which isnot adjusted for seasonal variation.

Revised seasonally adjusted indexes areshown for total factory employment and foremployment by groups of industries for theperiod since the beginning of 1934 in Table 2.

1 Revised employment and payroll indexes, without seasonaladjustment, may be obtained from the Bureau of Labor Statistics.2 On the basis of experience with past adjustments, it is likelythat the index of total factory employment for the period sincethe end of 1937 will be raised further when subsequent censusadjustments are made in accordance with the regular practiceof the Bureau of Labor Statistics.

pages 835-866 of the FEDERAL RESERVE BUL-LETIN for October 1938.

The only seasonal adjustment factors re-vised were those for automobile employmentwhich were modified to allow for changessince 1935 in the dates of the introductionof new model cars. The new factors are asfollows:

January....February _MarchAprilMayJuneJulyAugustSeptemberOctober....November.December.

1935

104.0106.0107.0108.5109.0102.596.089.081.097.0102.5105.0

1936

104.0106.0107.0106.0105.0102.596.087.081.098.0102.5105.0

1937

104.0106.0107.0106.0105.0102.596.086.081.099.0102.5105.0

1938

104.0106.0107.0106.0105.0102.595.086.081.0100.0102.5105.0

1939

104.0106.0107.0106.0105.0102.593.086.081.0

102.0102.5105.0



TABLE 1.—INDUSTRIES INCLUDED IN INDEX OP FACTORY EMPLOYMENT

Industry and groupInitialyear ofmonth-

Average numberof wage earners(in thousands)i

1923-25 1937

Industry and groupInitialyear ofmonth-

Average numberof wage earners(in thousands)1

1923-25 1937

IRON AND STEEL AND THEIR PRODUCTS, NOTINCLUDING MACHINERY 2

Blast furnaces, steel works, and rollingmills

Bolts, nuts, washers, and rivetsCast-iron pipeCutlery (not including silver and plated

cutlery), and edge toolsForgings, iron and steelHardwarePlumbers' suppliesStamped and enameled wareSteam and hot-water heating apparatus

and steamfittingsStovesStructural and ornamental metal work___Tin cans and other tinwareTools (not including edge tools, machine

tools, files, and saws)Wirework

192319311923

19311931191919311923

1923192319231931

19311931

MACHINERY, NOT INCLUDING TRANSPORTA-TION EQUIPMENT 2

Agricultural implements (including trac-tors)

Cash registers, adding machines, andcalculating machines

Electrical machinery, apparatus, andsupplies

Engines, turbines, water wheels, andwindmills

Foundry and machine-shop productsMachine toolsRadios and phonographsTextile machinery and partsTypewriters and parts

1923

1929

192319231923192919231931

TRANSPORTATION EQUIPMENT 2

AircraftAutomobilesCars, electric- and steam-railroad..LocomotivesShipbuilding

19311919192319231923

NONFERROUS METALS AND THEIR PRODUCTS 2

Aluminum manufacturesBrass, bronze, and copper productsClocks and watches and time-recording

devicesJewelryLighting equipmentSilverware and plated wareSmelting and refining—copper, lead, and

zinc

19311923

1931193119311931

1931

LUMBER AND ALLIED PRODUCTS 2_FurnitureLumber:

MillworkSawmills

1919

19231923

STONE, CLAY, AND GLASS PRODUCTS 2

Brick, tile, and terra cottaCementGlassMarble, granite, slate, and other products.Pottery

19231919191919311923

Total durable goods industr ies 2 _

892.3

406.414.222.5

16.723.851.430.233.2

43.247.049.430.2

17.918.0

885.5

44.5

13.9

222.4

31.9397.528.329.430.714.0

563.52.8

402.763.519.454.4

249.415.365.1

21.825.122.617.0

33.9

909.9172.9

106.5478.5

350.3102.136.969.838.337.4

3, 851. 0

1, 021. 2

501.916.817.6

16.818.353.125.261.0

39.649.838.833.1

17.633.4

1,097. 6

77.5

20.6

257.2

32.9428.347.248.425.321.4

666.624.0

516.740.69.0

62.3

270.523.783.1

23.222.821.711.4

29.7

693.8170.0

66.7324.4

300.665.226.479.020.833.1

4, 017. 2

TEXTILES AND THEIR PRODUCTS 2

Fabrics2

Carpets and rugsCotton goodsCotton small waresDyeing and finishing textiles.Hats, fur-feltHosieryKnitted outerwearKnitted underwearKnitted clothSilk and rayon goodsWoolen and worsted goods...

Wearing apparel2

Clothing, men'sClothing, women'sCorsets and allied garments..Men's furnishingsMillineryShirts and collars

19231919193119191931192319231923192319191923

191919191931193119191919

LEATHER AND ITS MANUFACTURES 2_.Boots and shoesLeather

19191919

FOOD AND KINDRED PRODUCTS 2

BakingBeveragesButterCanning and preservingConfectioneryFlourIce creamSlaughtering and meat packing..Sugar, beetSugar refining, cane

1919193119311929192319191923191919311919

TOBACCO MANUFACTURESChewing and smoking tobacco and snufECigars and cigarettes

19231923

PAPER AND PRINTING 2

Boxes, paperPaper and pulpPrinting and publishing:

Book and jobNewspapers and periodicals

CHEMICAL, PETROLEUM, AND COAL PROD-UCTS2. 3

Petroleum refiningOther than petroleum refining 2

ChemicalsCottonseed oil, cake, and mealD i t ' ti

19191919

19231923

1923

Druggists' preparationsExplosives

tilp e s

FertilizersPaints and varnishesRayon and allied productsSoap

19291931192319231923193119291931

RUBBER PRODUCTSRubber boots and shoesRubber tires and inner tubes..Rubber goods, other

192319231931

Total nondurab le goods indus t r ies :

Total manufac tu r ing 2>4

1, 629. 41,105. 6

33.9441.8

15.765.115.797.534.246.66.5

125.7178.0474.1182.2127.715.320.031.857.6

323.5212.654.7

664.5162. 427.919.083.662.433.523.3

126.78.2

14.7

138.415.9

122.5

531.156.9

120.6

133.1116.9

331.464.8

266.657.014.513.75.9

18.523.916.016.2

134.325.275.733.4

4, 042.1

7, 893.1

1,814.11,111.7

30.8422.1

13.880.815.9

148.529.339.911.4

100.9154.7622.8214.1242.816.429.526.573.0

332.2215.550.6

888.1239.275.019.4

155.353.726.418.7

127.59 3

14.'0

92.210.181.9

618.665.2

137.8

141.1135.4

420.883.1

337.778.916.615.95.4

20.931.755.114.0

129.818.463.248.1

4,552.1

8, 569. 3

1 Number as reported by the Census of Manufactures for 1923, 1925, and 1937, with estimates for 1924. This table and indexes of factoryemployment shown elsewhere in the BULLETIN refer only to wage earners and other manual workers; supervisers, office workers, and othersalaried employees are not included.

2 This total includes allowance for other industries not currently reported.3 This group is comparable with the group formerly shown under the heading "Chemicals and Allied Products, and Petroleum Refining."* Excluding manufactured gas; motion pictures; coffee and spices; and peanuts, walnuts, and other nuts included in manufacturing by the

Bureau of the Census but not by the Bureau of Labor Statistics.



TABLE 2.—FACTORY EMPLOYMENT: TOTAL AND GROUP INDEXES

[Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1937. 1923-25 average=100]

Year and month

19341935 . . .193619371938

1934—JanuaryFebruaryMarch.AprilMay .JuneJulyAugustSeptemberOctober.NovemberDecember

1935—JanuaryFebruaryMarchAprilM a yJune .JulyAugustSeptemberOctoberNovemberDecember. . __

1936—JanuaryFebruaryMarch __AprilMayJuneJulyAugustSeptember . . .OctoberNovemberDecember. __ _

1937—JanuaryFebruary _MarchApril. _.M a yJune _JulyAugustSeptemberOctoberNovemberDecember

1938—JanuaryFebruaryMarchAprilMayJuneJulyAugust.SeptemberOctoberNovemberDecember

1939—January .FebruaryMarchApril..__ _.MayJune .JulyAugust P .

Total

85 791.399 0

108.689.7

80.783 986.988 389.088.387.386.481 384.484 686.4

88.990 090.690.790.089.290.091.092.093.094.294.7

94.693.393.695.196.797.999.8

100.6101.6102.4104 4106.9

107.3108.4109.8111.0111 8111.2112.3111.7110.3107.8103.797.9

93.091.990.488 286.485 285.887.889.990.292.894.4

94.694 394.093.893 394.394.895.7

Durable goods

Totaldur-able

goods

72.479.890.7

104.377.9

66.969.973.275.676.776.475.272.770.569.469.471.7

75.377.978.879.078.276.778.079.980.882.684.284.6

85.283.884.386.588.489.791.892.393.494.997.3

100.2

100.3102.2104.3106.2107.6106.9109.2109.1108.3105.7100.492.3

84.581.779.777.074.872.571.472.876.478.382.183.7

84.484.283.783.982.983.983.784.9

Iron,steel,prod-ucts

80.287.1

100.4114.585.5

74.376.779.883.186.287.687.479.876.075.776.478.7

82.785.085.585.786.085.485.587.188.090.191.593.0

93.491.992.394.697.099.1

101.8103.6104.9106.8108.2111.0

112.2114.0116.4118.3120.0111.8119.2119.3118.5115.4107.9100.2

91.388.686.784.483.080.380.082.283.685.889.190.9

90.790.490.790.589.690.390.692.5

Ma-chin-ery

79.489.1

103.3124.090.9

72.674.879.082.482.782.481.681.479.278.778.980.1

82.584.486.787.486.586.488.389.992.494.295.195.0

95.495.696.799.2

101.6102.9104.3104.5106.5108.4110.6113.8

115.6119.3121.6124.4125.7129.0130.4130. 9130.0128.1120.8112.8

104.8100.096.792.889.186.083.284.685.186.889.291.7

92.394.094.894.994.495.496.197.2

Trans-porta-tion

equip-ment

83.495.3

103 2118.374.0

69.981.489.493.192.391.087.484.980.774.171.479.9

90.396.798.097.494.991.590.792.490.494.999.399.6

99.495.294.899.0

101.1102.6105.1103.3102.4103.7113.1117.8

110.2111.3114.6118.9122.7123.9124.6126.4126.3124.2120.0100.4

81.477.773.968.965.761.858.457.775.780.390.693.2

94.192.991.291.187.288.983.585.6

Non-fer-rous

metals,prod-ucts

76.386.396.1

108.586.4

71.173.176.777.979.678.176.376.075.075.476.979.0

80.482.883.484.484.884.684.985.387.991.092.292.6

92.892.190.990.791.993.694.997.199.0

101.3103.3105. 6

104.6108.3109.9112.1112.7112.6113.2112.2110.5106.0103.096.7

89.988.086.284.282.280.981.684.186.288.491.993.1

93.393.493.493.292.892.894.796.9

Lum-ber,

prod-ucts

56.663.670.976.362.2

54.455.355.956.758.257.156.456.456.256.957.358.1

60.362.162.362.861.657.962.465.766.866.767.267.3

68.867.767.668.369.669.971.371.772.873.273.875.3

76.876.478.478.679.279.780.378.677.074.169.865.7

63.863.163.261.460.459.459.861.562.862.464.065.0

65.765. 163.264.264.865.366.166.2

Stone,clay,glassprod-ucts

61.666.676.385.871.8

59.160.061.062.764.163.962.460.760.760.162. 162.2

64.164.864.664.464.965.966.667.067.268.470.070.9

70.968.871.073.474.376.078.678.478.980.280.882.9

84.387.488.188.387.587.186.885.786.385.183.479.9

75.473.270.970.168.568.468.669.270.773.276.877.8

79.677.477.477.975.477.578.478.7

Totalnon-dur-able

goods

98.4102.2106.8112.6100.9

93.897.399.9

100.4100.899.798.999.491.498.899.1

100.4

101.8101.6101.8101.9101.2101.0101.4101.7102.6102.9103.8104.2

103.6102.4102.4103.3104.5105.6107.4108.5109.4109.6111.3113.3

114.0114.4114.9115.4115. 7115.3115.3114.2112.2109.8106.7103.3

101.0101.6100.598.997.697.299.4

102.1102.7101.5103.1104.7

104.4103.9103. 8103.3103.3104.2105.4105.9

Tex-tiles,prod-ucts

96.7103.5108.0111.396.2

92.798.3

100.9101.9101.699.297.296.678.796.696.899.4

102.9102.4102.9102.8101.8101.7101.9103.1104.2105.1106.0106.5

105.4102.9103.5104.2104.7106.4109.5110.9110.3110.2112.8115.3

116.6115. 8115.9116.4116.7115.4114.5113.0109.4105.4100.396.7

93.695.494.492.690.690.495. 199.6

100.398.9

100.0102.2

101.9101.8101.099.699.8

101.2104. 2104.6

Nondurable goods

Leath-er,

manu-fac-

tures

94.096.198.0

102.795.4

88.392.094.196.098.896.295.094.991.091.395.495.6

95.595.696.297.295.793.594.795.696.496.097.698.6

97.695.694.693.795.095.496.997.9

100.0101.2103.7105.8

105.8104.4104.8104.7105.3106.1104.9102.8101.1100.096.694.9

95.395.795.895.692.789.994.395.597.296.597.698.1

98.999.099.297.793.797.198.797.3

Food,prod-ucts

119.2120.1126.2133.7126.9

109.3111. 1116.7114.3116.9119.4119.9124.2125.1125.3123.3123.7

119.8120.8119.5120.7120.6119.5120.6119.3120.3119.1119.8120.7

121.1120.0121.3122.5124.1125.0126.1128.4129.3129.2130.0132.4

132.5134.6135.2135.5133.6132.9137.1134.9133.0131.9132.3129.3

129.4129.2127. 2124.9124.5125.8126.8127.7126.7123.4127.4128.8

128.8125.7127.3127.0128.4129.4127.9129.3

Tobac-co

manu-fac-

tures

68.165.466.066.665.2

63.067.269.871.467.368.267.169.768.868.367.167.8

68.465.165.565.464.865.865.864.464.964.964.565.2

64.364.364.564.665.865.465.966.866.866.668.067.8

67.867.267.367.366.566.167.166.366.065.265.665.6

61.965.565.966.366.266.463.264.365.764.465.065.6

65.964.861.464.565.165.565.765.3

Paper,print-

ing

97.4102.0107 9116.5109.7

93.894.895.797.498.298.097.497.898.298.699.299.6

99.9100.9101.6101.9101.6101.6102.1102.2102.5102.8103.1103: 7

103.8104.6105.1105.9106.4106.9107.2108.7110.1110.7111.7112.8

113.9115. 1117.1117.4118.0118.2117.8117.6117.8117.1115.3112.5

111.4111.2110.7110.0108.7108.0108.1108.7109.0109.2110.6111.1

111.0111.1111.4111.5111.5111.1111.8111.4

Chem-icals,petro-leum

110.8112.5116.1127.0112.9

110.4112.0112.2112.2109.3109.9110.7111.5110.2109.9109.9110.5

110.9110.8112.0111.8111.6113.3112.4112.9112.3114.0113.9113.5

116.1111.2112.4111.9114.1114.4117.0117.2119.6119.8120.8121.4

123. 4123.9125.0127.4128.9130.9131.4131.4130.3127.4124.7119.4

116.6116. 1114.2112.6112.0110.2110.0112.5112.9112.6113.3113.7

113.6112.9113.4114.2114.4113. 1113.6114.9

Rub-ber

prod-ucts

88 885.490 496.774.9

87.990 693.796 096.793.590.186.683 781.281.483.6

86.687.687.386. 385.684.982.483.284.485.085.185.6

85.384.774.986.988.490.291.692.693.796.298.4

100.6

100.8100.895.795.6

102.7101.296.698.197.395.789.484.8

77.773.872.271.971.071.169.473.275.876.581.482.9

81.481.482.281.381.180.879.783.8

v Preliminary.



TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES


Year>nd month

193519361937 .1938 .

1935—January . . .FebruaryMarchApril . . _MayJuneJulyAugustSeptember-OctoberNovemberDecember _

1936—JanuaryFebruary._MarchApril . .M a yJuneJulyAugustSeptember. _OctoberNovemberDecember...

1937—JanuaryFebruaryMarchAprilMayJune __JulyAugustSeptember __ .OctoberNovemberDecember

1938—JanuaryFebruaryMarch.AprilM a yJune.__ __July -AugustSeptemberOctoberNovemberDecember - __

1939—JanuaryFebruaryMarchAprilMay_._ -_-JuneJulyAugust?

Iron and steep group

Blastfur-

naces,steel

works

92 1107.1123.590.9

879091919191919393959697

989696

100104106110113114115115117

121121124128130115130131131127117108

999693908886868788899395

9594949594969697

Bolts,nuts,wash-

ers,rivets

88 1101.9118.687.1

858385868786868890929494

9694949899

100103104105107110114

118120123126127113122121122117111102

888786848482828387909597

9696979493939498

Cast-ironpipe

60.372.178.468.2

595959575960615961616364

656768697172737475767778

808082838481797876747173

676767686867646669707372

7273737373717273

Cut-lery,edgetools

81.987.8

100.584.9

818182818082798181838587

878584838385868789919498

10099

10010010110010210410310110097

91898585828373828485

CO

OO

ooo

9089909086919194

Forg-ings

51.562.176.750.9

485151535049494952545557

575757596061636263656972

737577808079817980797267

585451494846454849525456

5455545555545656

Hard-ware

80.887.6

103.373.8

788584818077757578848687

87868384848485788292

100105

8910610910810810710510310410410294

797573676665606571838991

8987878480727078

Plumb-ers'sup-plies

66.676.283.573.1

535556576164717578787776

747475767677777776767779

828185868785848587848274

727271727374747475737474

7474747475767778

Stamped,enam-eledware

150.5166.0183.8134.2

143148154152151144143145150153159164

159155155158157161162168169178182188

188191191187191190186184183183175156

136134137134131123118129135139146147

144143147144142147147159

Steam,hot-

waterheating

62.778.291.672.4

595960606061606364676969

697070737577808284848688

919395989897969492878077

736970697070757674757474

7474757574757879

Stoves

88.9100.0105.9

77.8

858483868788929191929394

9593939394

100102104103106106110

1141141141111131161081101061008681

778079747574757979817982

8284858485868888

Struc-tural,orna-

mental

55.268.978.660.6

555455555554555555565756

585961646870727575767573

757778798080818182807772

676663625957575758596062

6366676767666770

Tin-cans,tin-

ware

91.0101.5109.793.8

898887889090929392949495

96979899

100102101104107105103104

108111110111112112114113111106104102

999898979391919593889193

9495959695959598

Tools

70.483.198.176.6

666869706969686771747678

797878787880818486899295

9799

10010110310110210299969086

817978767573707376768083

8384848484848185

Wire-work

139 7160 0185.8127.8

133140140144141136133139126141148156

157150151151153152154154159167178193

183180193191185187187186182197188170

140131126121119108106105125137154162

154152151148142135128120

Preliminary.



TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued


Year andmonth

193519361937 . . . __- --1938

1935—January _FebruaryMarchApril . . . __MayJune _JulyAugustSeptember. __OctoberNovemberDecember

1936—JanuaryFebruaryMarchApril __MavJuneJulyAugustSeptember __October..NovemberDecember _

1937—JanuaryFebruaryMarchAprilMayJune.JulyAugustSeptemberOctoberNovember. _ -December

1938—JanuaryFebruary „_MarchAprilMay___ _ _JuneJulyAugustSeptemberOctoberNovemberDecember _ _

1939—JanuaryFebruaryMarchAprilMayJune.__JulyAugust P

Machinery group

Agri-cul-

turalim-ple-

ments

118.9142.7174.3126.8

8893

101104110124132136135135137140

144146147149154153143135133134132139

145152157162171176182192198200188175

163155149145136130107110100104104110

114123124122119118115122

Cashregis-ters,etc.

116.0129.4148.4136.4

111111113115113114115115118121122125

128129131132133125128111131134135138

140144147147148152153151153152150145

141141140139136135135133134134133134

132131131127126128127125

Elec-tricalma-

chin-ery

80.791.8

115.782.3

767779818079798083858584

838282868790929397

100103107

106111112116118121122123122120113106

989187827876747578818385

8485868786878788

En-gines,tur-

bines,etc.

69.281.2

103.186.2

676870666868697070717271

727373777881848483879192

9098

10010010410610810711011110399

979287878582808282858788

9291919193959597

Found-ry,ma-

chine-shopprod-ucts

78.591.1

107.879.2

747678787777787980818283

8484868789919293959697

100

10210410710911011311311311211010497

908685817875747575757779

8081828281838384

Ma-chinetools

99.5129.0166.9130.5

828689929396

101108108111113115

117118119121124127131131136139141145

150153158163166170173180176176172166

157150142137130122118118120122124126

128132134138140144149146

Radios,phono-graphs

152.7173.0164.8100.5

151155161155132116132142164173179160

166166166168184186178178170164173177

183182183179153176187177169155134114

100106100103969291918998

117123

1261291301-24121122131126

Tex-tilema-chin-ery

62.170.182.562.3

626262636162616061626465

676768686869707073737376

788183858786868585837874

686563596056565963646669

6971727375757777

Type-writers

110.0119.8153.2120.4

111109105103105107109109112115116117

11511511611711788

104116125137141146

151153158160158161160159157152141130

120119116115116117118120123126127127

127128129129126126122119

Transportation equipment group

Air-craft

407.2627.7858.6826.7

345345349368370393416438456474471470

481516550576613628672671681689706755

797834852866863872844879861889886859

855868856839810792800776798824837868

900966968

1,0751,1691,2671,3871,482

Auto-mo-biles

110.4113.9128.375.8

105112113112108106106108105110114114

113107105109111113115112111112125133

120120123129134135136138139135130105

8177746965605656808699

102

10298979689898184

Cars,elec-tric-,

steam-rail-road

33.948.263.932.0

293641454636222324293538

394043464648495253555453

565963656669686867676455

474237342926252631282933

3538363434333231

Loco-mo-tives

19.527.046.324.6

232223222019151617182020

192022232628302930313235

374143454646495051514947

433935292524191716151617

1917161821252829

Ship-build-

ing

82.4105.5114.5100.1

768180798174818283879191

9593

100108108108112112112112108

99

107112117117116117113115115116116114

1101061029699

103102959394

100103

106113111112118127128125

Preliminary.





Year and month

19351936 _19371938 .

1935—JanuaryFebruary __ _ _ _MarchAprilMay___ _JuneJuly . _AugustSeptemberOctober. _ _ __ _ __NovemberDecember __ _

1936—JanuaryFebruary _ _M a r c h . . _ _ __ApriLMay___ __ _____ _JuneJuly ____AugustSeptember . . _ _OctoberNovemberDecember..

1937—January. _ _ _ _FebruaryMarchAprilMayJ u n e . . _ _ . . .JulyAugust . _ __SeptemberOctober _ _ _ _ _NovemberDecember _ _

1938—January _FebruaryMarch _ _ _

MayJune _JulyAugustSeptemberOctoberNovember. _ _ _ _December _ _ _ _

1939—JanuaryFebruary. . _MarchAprilMay __JuneJulyAugust v. __ _

Nonferrous metals group

Alu-minum

125.9140.0154.8124.1

115120122124126125126127130132132132

132130133133134139145145143147149149

153154153155158163168170165127152142

131125122119118114116122128131132131

131135140143142145153157

Brass,bronze,

cop-per

96.7110.9127.696.9

899495959494939497

102106106

106105104104105107109111115118122125

129132133137135134132129126123116107

999695939191929598

101106106

105104104103104105106109

Clocks,watch-

es

82.694.8

106.481.3

787778808182838185888889

9091919192949597979999

101

104105106108110110107111110108103

96

858886838178788079817979

8484848584828485

Jew-elry

78.781.991.084.3

797777787676787981828079

797876777878808486878889

888989919494969591918886

868586827981828484848691

9091929390919496

Light-ing

equip-ment

73.684.796.070.1

666970707071737577828181

8280757580818085889196

101

76100104103102100989699989284

716966656361626771778285

8684807776737580

Silver-ware,platedware

60.157.867.062.7

605960626363616059595958

585757565655565758606162

636465666666746970696765

646463626160596161646567

6868696868687071

Smelt-ing,

refin-ing

66.276.387.873.8

616262636567666669707273

757575757576767677787880

818082868990939494928886

827876757370696970717677

7878777877777675

Lumber andproducts group

Fur-niture

75.686.898.379.5

707274767473767778787979

808080818384879091929598

10110010110310310410310198948885

828180797777777980798083

8485858584858687

Lum-ber,mill-work

45.354.962.753.7

394041424342454851515050

515051515254545757596062

646465656464656362615855

535454525051525455555757

5857565756595960

Lum-ber,saw-mills

53.461.767.857.1

515352525146525556565758

605959606161626263646465

666769697070727069676460

595858575654545658575959

6059565759596059

Stone, clay and glass group

Brick,tile,terracotta

43.756.863.951.8

414242403942434445474950

525051545557595959596264

676869686664656263615956

535351514948495052535657

6159585855575857

Ce-ment

56.062.271.564.8

545554565961585453565656

545456606161626466687072

737475737070707071727270

656464656263656463676868

6466666763666767

Glass

96.1101.2113.289.2

93939494959596979799

101101

1009797

100100100104103102106102105

102112113115116116116116117115113106

989188868583818487929899

100959597969898

101

Mar-ble,

gran-ite,

slate

39.749.254.347.5

384037394039414039404043

423944464751525353545353

555455555555545454545452

495149474747474645464749

4948535352505150

Pot-tery

77.181.188.480.6

797978787675757778757777

777779797880848285848485

878889898992908989888684

828179777680818081828485

8786858484878888

Preliminary.





Year and month

19351936 __19371938

1935—January _ -FebruaryMarchAprilM a yJune -July .AugustSeptemberOctoberNovemberDecember __ _ _

1936—January _ _ -FebruaryMarch _ -April -_MayJune - -JulyAugust _September _OctoberNovember _ _December

1937—JanuaryFebruary _ _ _ _ _MarchApril _ -MayJuneJulyAugustSeptemberOctoberNovember _ _.December

1938—January _ _FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober _ _ _ _ _NovemberDecember. . __ _ _

1939—January _. _.FebruaryMarch __ _AprilMayJune _JulyAugust *

Textile group

Fabrics

Total

95.096.9

100.685.3

95.995.495.294.393.293.492.993.994.995.897.196.9

95.393.093.393.893.695. 197.899.799.198.9

100.8103. 1

104.4104.1104.7106.4106.4105.6105.0102.998.794.189.385.7

83.082.881.980.680.381.085.289.189.088.190.592.3

91.991.791.090.291.092.094.795.4

Car-pets,rugs

81.583.190.864.3

707276808284858688868484

817880798080808286899093

969595969696949593827972

646765625945596367717476

7877777774737476

Cot-ton

goods

83.588.895.581.6

888887848281797981828485

848483838487919593939495

96979799

10010110110196908683

818080787778818585848585

8586858585868991

Cot-ton

smallwares

85.886.488.172.3

879087888983827883838890

888180838384858888909295

969392928789898988868075

706968666969697376778083

8282807880798384

Dyeing,finish-

ingtextiles

118.2120.2124.2114.1

123120119118117118116116116117118118

117115117119118119123123121121122128

127125126128128123128126125123117114

112110111110112111115118118116118121

122122122121124120129128

Hats,fur-felt

93.399.2

101.490.7

888991929289949696979898

99969697

101103104100989798

101

1031031041031011031021019899

101100

989797958269889194969189

9090878684899288

Ho-siery

139.7146.6152.3145.5

138138139140138138137141141141142143

142142143143143145147150151151150152

155154154153153154157154153151149142

143145145146139142145147147148148151

153153154154153152154155

Knittedouter-wear

103.796; 085.867.4

102102102101101100101109109107106104

101100989794879594948998

105

989895979687868476767267

616362646466687171727177

6468706768727580

Knittedunder-wear

74.981.585.667.3

707275767674727574787978

797777787880828486858688

929191919088898784817568

666767636365696969697071

7271707073747778

Knittedcloth

175.1179.5174.9129.4

172172171173174177176176177176178177

173174176175173173181190188180184186

188190192191189183178174168163149134

128130127124117122124133131135139144

134134134133128138138138

Silk,rayongoods

86.578.780.362.0

929088858380848888898485

817375777778798080818181

828283858788868280767065

595961636660606364626465

6464656566636362

Woolen*worstedgoods

90 488.186.970.2

868386878893929192939995

928989888586878684849196

989597

1019796908578756766

646357545866747978758488

8884817781868986

Preliminary.





Year and month

1935 _193619371938

1935—JanuaryFebruary _ _March ___ _AprilMay._ __JuneJuly _AugustSeptemberOctober..- . _NovemberDecember.. _ _ _ _ _ _ _ _

1936—January _ _FebruaryMarchApril ___ _ _M a yJune.__ _ . __ __ _JulyAugust ____ _ _ _SeptemberOctober _ _ _NovemberDecember

1937—January _ _ _FebruaryMarchApril. . _ _M a yJune _ __ _JulyAugustSeptemberOctoberNovember _ _December

1938—JanuaryFebruaryMarch__ . . __. _ __AprilM a yJ u n e - - _ - _ _ . __ _ _ _ _ _Ju lyAugus tSep tember . , .OctoberNovember ___December __ _

1939—January ___February.. . _ _ _ _MarchApril. „M a yJune __ _JulyAugust P _

Textile group—continued

Wearing apparel

Total

121.0130.3131.4116.4

116.4116.9118.2120.2119.7118.4120.8122.3123.4124.0124.4126.8

126.7123.4124.8125.9127.5129.3133.1133.4132.7132.8136.9138.6

140.2138.3137.4134.5135.4133.1131.3131.4129.4126.8120.3117.2

113.4119.8118.9115 8110.0107.5113 1119.2121.4119 0116.9120.0

119.5120.2119 2116.4115 2117.5121 1120.4

Cloth-ing,

men's

111.3116.5117.599.2

106108109111111110111112113114114118

118114114112113118119116115115121126

12612212212212712112011911511210499

9710310397878394

104106104104106

103104104103102104107106

Cloth-ing,

wom-en's

172.7191.7190.1171.7

167166168171168168173175177179179182

182177180186190189197199198198204203

204203200192190190184189189186177176

172180174172167165170173177171167173

171173171165161169174172

Cor-sets,alliedgar-

ments

102.2102.2107. 1103.3

104101103102103102102102102102101101

101100100101100101102102103104107106

107107107106107108109108107107106106

103103102101103104102103103104105106

107107107109111114116117

Men'sfur-

nish-ings

125.1141.1147.5130.9

121124124127125123120127128123128130

132130131134138141149150149146146146

154156156157154152155150143142132123

115125128124124125131135141142138140

132136132128125129137142

Mil-linery

71.680.183.381.4

727069717173737172727374

767383807977798584838178

848686838487848381808082

838584898376767984847277

7984848180747377

Shirts,col-lars

113.9121.1126.7115.9

110109111112116110115117118116117116

115114113117116119122125126126129132

139134134131127127127125125123118114

105112117115114117115122119117117119

130123121119120120123121

Leather andmanufactures

group

Boots,shoes

95.196.3

101.495.7

969596979592939495959597

96949392939395969899

102105

10510310310310310410310199999695

969797979490959597969697

9898989792969896

Leath-er

92.994.192.678.1

919192929191929393949797

959292929292949597969796

959496989898959493898277

767675747474768081838586

8787868584868787

v Preliminary.





Year and month

19351936 - _ _ .1937 _1938

1935—JanuaryFebruary. _ ._ __ __MarchApril , _May . __JuneJuly .AugustSeptember - _OctoberNovemberDecember _ ._

1936—January .FebruaryMarch _AprilMay __JuneJuly _ _AugustSeptember ._ _ _ ._OctoberNovember . __ _ .December __.

1937—JanuaryFebruary ._ _MarchApril _M a yJune _ _ _ _July _ -August _. _.SeptemberOctoberNovemberDecember _.- _._ .

1938—JanuaryFebruaryMarch _AprilMay. _JuneJulyAugust .SeptemberOctoberNovember .December

1939—JanuaryFebruary _ _ _MarchAprilMay _JuneJulyAugust? _ _-

Food products group

Bak-ing

134.4140.2147.3144.1

129134133135135136133134136136136136

137137138138139139140141141143144144

146147148147147149149147148150147144

145145144144143144145144144143144144

144144144144146147147146

Bev-erages

200.6235.7269.0268.1

196197197197196194197202201207211214

216214221223234229245245247243

S3

tO t

O

261265263266270273274274269277274

274277273269267261261266263263276274

276275270270272275269269

Butter

96.999.3

102.298.7

979797989696959797979898

999999

100100100100100989799

100

102102103101102104104103103101100100

10110210210310198979996969596

9694949596959596

Can-ning,pre-serv-ing

155.0164.5185.7152.6

157156150156160148165154158148151153

154148152155158167154164174176167177

180192191199183177202196186169177163

163163158141147154160164153129149151

150143158157159162150157

Con-fec-

tion-ery

83.482.486.082.8

848587868685848183817982

807980808181838684828687

888786858584888883878785

858482827981828283828386

84OO

OO

00 00

X

8286

Flour

79.077.478.777.3

808079797980777979797977

7878

•78777677797877777677

787878797979808078787979

787777767778787876767879

7977787780818178

Icecream

74.376.580.177.0

747576767474747572747474

747375778077787678767677

787979788082818182798080

797978797875757675777878

7978787877777575

Slaugh-tering,meatpack-

ing

92.098.4

100.697.7

999593939191919090909191

929292949596

101103102102106107

1041021031021021001019898

1009998

100999696959596979899

100100

9896969698

100101102

Sugar,beet

112.1110.5113.7111.2

97119119115114112112117117112111108

10999

104103106109107111110110110121

114131130126125122117108118109110110

9410110610497979895

116108108152

21212010710310710499

105

Sugarre-

fining,cane

93.795.095.093.4

979492959493959292949395

959697999996959796938789

839698

1069994

1009686899299

889389869896929599969594

969396

10287899496

Tobaccomanufactures

group

To-bacco,snufl

63. 362.563.663.1

656465646363636262636263

626162626262636362636363

636463636464646463636364

636463646463636365596363

6161626362626162

Cigars,ciga-

rettes

65.666.466.965.3

696566666566666565656566

656565656666666767676968

696868686766676766656666

626666676667636466656566

6765626565666666

Preliminary.





Year and month

1935193619371938

1935—JanuaryFeb rua ry . . .March__ . . .April .May___ ._ .JuneJulyAugustSeptember _.OctoberNovember _ _December. __

1936—JanuaryF e b r u a r y . . .MarchAprilMay _ ._ _JuneJulyAugustSeptember.OctoberNovember. _December. __

1937—JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptember.OctoberNovember.December. _

1938—JanuaryFebruary. __MarchApril.._ __ _May .JuneJulyAugustSeptember.OctoberNovember _December. _

1939—JanuaryFebruary. __MarchAprilMayJuneJulyAugust P

Paper

Boxes,paper

97.2104.0114.6104.9

969798979695969797989999

100999999

100101103105108108110113

115115117118118118118116113111110107

105104104103103103103104105105108110

111111112111111111113113

and printing group

Paper,pulp

105.3106.8114.3104.3

104105106106106105105105105105105106

105105106106107106106107108108109110

111113115116117118117116116115111107

106106105104103102102103104105106106

106106106106107106106107

Book,job

print-ing

95.099.7

106.099.7

929494959495969696969696

96979798989999

101102103103103

104105107107107107106106108107106104

10310210210199989998989899

100

10099

1001009999

10199

News-paper,peri-

odicalprint-

ing

101.6109.2115.8113.8

101100101101101101101102102103103104

106107108108108109109110111112112112

113114116115116116116117117118117116

114115114114113113112114114113114114

113114114114115114114114

Pe-tro-

leumrefin-

ing

119.4121.8128.3122.0

118117118118118120121122119120120120

119119119120120121124121125124124123

124125126127129130132133131130128125

125124124123123122122122121120120119

119119119118119120121122

Chemical, petroleum, and coal

Total

110.8114.7126.7110.7

109.0109.2110.4110.2109.9111.7110.4110.8110.7112.4112.4112.0

111.4109.3110.9109.9112.6113.0115.2116.2118.3118.8119.9121.0

123.3123.7124.8127.5128.9131.1131.4131.1130.2126.7123.9118.1

114.6114.1111.9110.0109.4107.4107.0110.1110.9110.8111.8112.4

112.3111.4112.2113.3113.4111.4111.8113.1

Chem-icals

115.5124.2138.5115.4

113112113116116117116116115116118118

118118118119120121124125128131133133

137137139141143143142141140138134128

124121117114112112108112113115119120

119120120118117117115119

products

Other than petroleum, refining

Cot-ton-seedoil,

cake,meal

91.191.9

114.2111.1

858091868496979989969694

88818680858396899895

103104

10910192

106110114118120127122125120

12812311312511710711811210099

101104

978896

103110888580

Drug-gists'prep-ara-tions

106.5106.9116.0110.1

106106106108108108108107106106105104

106104106107108108110107106105107109

112113116117117118117120118116115113

111110108109112113114112109108108108

109107108109111112111110

Ex-plo-sives

77.681.591.886.0

797978767877777877787777

787877787881828384858787

888989929093949494939292

898887878684848587868485

8686868687909293

Fer-til-

izers

94.695.1

113.1101.6

9898

1028895

102949288959489

91849385

1029499

10110310198

105

104104107111117128126128118111110110

1031069796

10410510310710399

102100

1039798

110115107105102

Paints,var-

nishes

116.0122.7132.7117.4

110112113116117117117116116118119119

119118118120120122123125126127125128

130132134135134134136136134132130124

120118119117115114115118118118118119

119118120121119120122125

Ray-on,

alliedprod-ucts

315.7320.0344.1284.7

312318319314307308302310323325322325

319311315306315318320325326328328328

330331333349354364364362364347333300

279290295277278262261280299300297297

297301299309302295298299

Soap

85.981.086.579.0

898988888585868585868482

817877777979768484838787

889392908787878684828180

807978777676808281807781

8180797879808488

Rubber pructs grou

Rub-ber

)OOtS,shoes

68.674.473.054.4

697170656767656969707070

717171747472757575767879

767480767874627575746964

575553535355425254566060

5860606061594758

Rub-ber

tires,in-ner

tubes

75.478.383.562.5

797979797776737273737273

737255757780818383858789

899078789089868585837773

686361616060606061636667

6766676767666768

od-p

Rub-ber

goods,other

120.6129.7144.1118.2

117119120120120118117118122123125126

124123123125126128129129132136139144

146147148150151150147147143141133127

115114112111110109111119125123133137

133133134131129131134138

v Preliminary.


FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

889



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

Date

End of month figures:1938—Aug. 3 1 —

Sept. 3 0 —Oct. 31Nov. 3 0 —Dec. 31 . . ._

1939—Jan. 31Feb. 28___.Mar. 31__..Apr. 3 0 —May 31June 30July 31Aug. 31

Wednesday figures:1938—Oct. 5

Oct. 12Oct. 19Oct. 26

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

Dec. 7Dec. 14____Dec. 21Dec. 2 8 —

1939—Jan. 4Jan. 11Jan. 18Jan. 25

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

Mar. 1Mar. 8Mar. 15.. . .Mar. 22_...

' Mar. 29

Apr. 5Apr. 12Apr. 19Apr. 26..._

May 3May 10May 17May 24May 31

June 7June 14June 21June 28

July 5July 12July 19.....July 26

Aug. 2Aug. 9Aug. 16.. . .Aug.23._._Aug. 30

Sept. 6Sept. 13Sept. 20

Reserve bank credit outstanding

Billsdis-

counted

7877454434555

7967

88777

6787

4545

5754

43333

3333

34444

3355

5555

55556

676

Billsbought

1111111111111

1111

11111

1111

1111

1111

11111

1111

11111

1111

1111

11111

111

U. S.Gov-ern-

mentsecuri-

ties

2,5642,5632,5642,5642,5642,5742,5642,5642,5712,5642,5512,4882,426

2,5642,5642,5642,564

2,5642,5642, 5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,5642,564

2,5642,5642,5642,564

2,5642,5642,5642,5642,564

2,5642,5642,5642,551

2,5512,5352,5152,488

2,4532, US2,4232,4232,426

2,5942,8242,826

OtherReserve

bankcredit i

142914133328301820

423

- 814

2132178

9- 3181613

20298439

35231814

13121723

19- 327

510

17172312

47884

8371510

13281719

1814251315

424250

Total

2,5852,6002,5862,5842,6012,6072,5982,5872,5952,5732,5792,4862,446

2,5932,6052,5892,580

2,5822,5692,5902,5872,584

2,5912,6002,6562,610

2,6042,5922,5882,583

2,5822,5842,5872,592

2,5862,5652,5952,5732,578

2,5842,5842,5912,580

2,5722,5752,5762,5762,573

2,5762,6052,5842,567

2,5692,5692,5372,512

2,4762,4622,4532,4412,448

2,6432,8732,883

Goldstock

13,13613, 76014,06514,31214, 51214, 68214, 87415, 25815, 79115, 95716,11016, 23816, 646

13, 81213, 86914,00814, 051

14, 07114,09114,16214, 24014,312

14, 36714, 38014,45414,508

14, 56514, 57714, 61514, 640

14, 69414, 73214, 77214,818

14,88814,92314, 98315,07515,160

15, 29215, 43015, 60515, 714

15, 80115, 85615, 89215,92715, 957

15,98716,02716,06016,093

16,13616,17416,19116, 227

16, 24816, 27016, 33516, 50116, 638

16, 72616, 80816, 902

Treas-urycur-

rencyout-

stand-ing

2,7312,7392,7512,7732,7982,8162,8242,8392,8492,8622,8812,8952,907

2,7412,7442,7462,749

2,7522,7552,7562,7672,773

2,7752, 7842,7882,790

2,8002,8052,8102,812

2,8172,8182,8192,821

2,8272,8292,8322,8342,837

2,8382,8422,8442,849

2,8512,8542,8572,8592,862

2,8642,8682,8732,879

2,8802,8852,8902,893

2,8952,8972,9002,9032,905

2,9082,9112,915

Moneyin cir-cula-tion

6,5046,6226,7006,7876,8566,6536,7316,8176,9056,9677,0477,0497,171

6,6406,6676,6686,654

6,7066,7646,7326,7636,787

6,8446,8586,9436,912

6,8396,7165,6666,623

6,6636,6736,6956,708

6,7396,7516,7516,7586,765

6,8556,8356,8586,860

6,9156,9046,9136,8936,967

6,9866,9366,9346,962

7,1007,0417,0227,002

7,0547,0707,0917,0987,141

7,2617,2357,236

Treas-urycashhold-ings

2,4802,8102,7702,6892,7062,7762,7402,6912,6992,6362,5632,3602, 325

2,8092,8122,7702,767

2,7512,7372,7212,7172,689

2,6812,6512,6772,707

2,7252,7122,7262,754

2,7702,7682, 7712,752

2,7162,7162,7122,7432,722

2,7122,7072,7232,693

2,6912,6782,6832,6462,636

2,5712,5702,5662,559

2,5772,5522,5302,506

2,3702,3542,3662,3342,327

2,2642,2272,272

Treasurydeposits

withFederalReservebanks

720853535484923747

1,1481,229

931920944752708

770703609584

576578544474484

407413

1,025941

891873800767

887931

1,2501,181

1,1681,1021,0591,2221,201

1,1031,015

951913

936959927915920

935928941962

820791764742

863844776724709

676615619

Non-mem-

ber de-posits

313356424574441458488533545586739693622

346376342374

426531525563574

576551514505

436459435470

469488500495

484510552511505

470515509516

554521543558586

630714714677

678638634690

662597565604608

688755781

OtherFed-eral

Reserveac-

counts

255260260259260255254257255253258257255

261260261261

260259259258259

258258267265

258258256256

256255254254

253253259258257

257256256256

255255255254253

253253263263

257257257257

257256256256255

247234242

Member bankreserve balances

Total

8,1798,1988,7138,8768,7249,2158,9369,1579,900

10,02910, 01810, 50710, 918

8,3218,4008,6938,740

8,6868,5468,7278,8188,876

8,9669,0348,4728,577

8,8198,9569,1309,166

9,0479,0188,7078,841

8,9428,9859,0778,9899,125

9,3189,5289,7439,903

9,8729,967

10,00510,09710,029

10,05310,10110, 09910,116

10,15110, 35010, 41210, 436

10, 41310, 50910, 63310, 82910,951

11,14111, 52611, 549

Excess(esti-

mated)

2,9412,8693,2273,3833,2053,6443,3873,5594,0984,2184,1404,5534,758

3,0193,0453,2653,275

3,2173,1323,2623,3533,383

3,4423,4762,9793,072

3,2983,4363,5593,597

3,4783,4593,1663,298

3,3823,4073,4433,3643,519

3,7083,8793,9984,124

4,0844,1864,2444,3044,218

4,2794,2644,2274,243

4,2924,4474,4854,485

4,4624,5334,5904,7414,799

4,9695,2715,275

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. 849.



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

Wednesday figures

1939

Sept. 20 Sept. 13 Sept. 6 Aug. 30 Aug. 23 Aug. 16 Aug. 9

End of month

1939

August July

1938

August

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 advancesU. S. Government securities, direct

and guaranteed:BondsNotesBills

Total U. S. Government securi-ties, direct and guaranteed

Other Reserve bank credit

Total Reserve bank credit out-standing

LIABILITIES

F. R. notes in actual circulation

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

14, 621,8,288

334, 281

718 14, 576, 7198,288

324, 422

14, 452, 2218,644

307, 781

14, 312, 220 14,167, 720 13, 968, 2218, 644 9,126 9, 056

339, 748 344, 846 341, 509

13, 914, 2208,594

14, 312, 222 13, 869,8, 644

339, 915

1,2181,101

351, 410

10, 632, 4137,421

385, 675

14, 964, 287 14, 909, 429 14, 768, 646 14, 660, 612 14, 521, 69214, 318, 786 14, 271, 733 14, 660, 78114, 229, 729 11, 025, 509

2,2793,309

3,9443,309

3,9732,025

4,1652,025

2,7932,025

5,588 7,253 6,190 4,818

2,5272,025

4,552

2,8932,025

3,3902,025 2,025

7,144

4,918 5,415 4,905 7,144

545 546 546 546 575 545 546 545 537

11, 667

1, 308, 6161, 245, 497272, 370

11, 617

1, 268, 8001, 245,497309, 420

11, 627

1,021, 2191, 238, 573334, 620

11, 667

912, 4601,179,109334, 620

11, 677

911,0901,176,109335, 540

11, 615

911, 0901,176,109335, 540

11, 665

911,0901,176,109355, 715

11, 667

912, 4601,179,109334, 620

11,869

911, 0901,176,109401,020

15, 899

744,1051,196,188623, 722

2, 826, 48338, 324

2,823, 71729, 817

2, 594, 41230, 289

2, 426,1893,341

2, 422, 7391,194

2, 422, 73913, 209

2, 442, 9142,428

2, 426,1892,347

2, 488, 219-19,951

2, 564, 015- 2 , 279

2, 882, 607 2,872, 950 2, 642, 872 2,447, 933 2, 441,003 2,452, 660 2, 462, 470 2,446,164 2, 485, 587 2, 585, 316

4, 677, 608 4, 678, 992 4, 683, 716 4, 609, 282 4, 572,130 4, 563, 822 4, 550,689 4, 630, 672 4, 530,099 4,169, 262

11, 549, 309618, 613495, 787285, 554

11, 525, 708615, 386450,076305, 296

11,140, 608675, 555397,183291, 248

10,951,004 10, 828,970 10, 633,449 10, 509,003708,611 723,754 775,739 844,268350,132 323,760 280,665 307,298257,768 280,186 284,585 289,237

10, 917, 763707, 718353, 401268,176

10, 506, 799752,382281,057411, 705

8,178, 851720, 248125, 940187, 322

Total deposits. 12, 949, 26312,896,466 12, 504, 594 12, 267, 51512,156, 67011, 974,43811, 949, 80612, 247, 05811, 951, 943 9, 212,361

Ratio of total reserves to deposit andF. R. note liabilities combined (percent) 84.9 84.8 85.9 86.9 86.3 82.4

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

[In thousands of dollarsj

Total Within15 days

16 to 30days

31 to 60days

61 to 90days

91 daysto 6

months

i monthsto

1 year

1 yearto

2 years

2 yearsto

5 yearsOver

5 years

Bill discounted:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Bills bought in open market:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Industrial advances:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

U. S. Government securities, direct and guar-anteed:

Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

4,8186,1905,9987,2535,588

575546546546545

11, 67711, 66711,62711,61711, 667

2, 422, 7392, 426,1892, 594, 4122,823, 7172,826,483

1,2532,4844,1844,4061,287

30531413523

1,2051,3141,3181,3171,448

77, 62560, 62562, 25067, 05048, 913

2,2442,191365251173

3323

115255

16678230208220

62, 25067, 05048, 91338, 91336, 637

566

647456

2092092099323

594444392380483

85, 55068,05064,07778, 07782,115

497550597

1,7883,509

28

202315267

442445471506551

82,11597, 615123, 955125, 380210,453

258284182158161

1,7622,0031,8741,8731,601

130, 676143, 956141,174105, 749161, 705

2,4482,3302,3162,3102,340

296,068296, 068300, 488300, 488138, 783

2,5392,5352,5262,5252,511

326, 576329, 575347,162347, 365347, 365

2,5212,5182,5002,4982,513

531, 535531, 535578, 588589, 282589, 282

830, 344831, 715927, 805

1,171,4131, 211, 230



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

Total Boston NewYork

Phila-del-phia

Cleve-land

Rich,mond

At-lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDallas

SanFran-cisco

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


Redemption fund — FederalReserve notes:


Other cash:Aug. 23Aug. 30

Sept. 13 _ „Sept. 20

Total reserves:Aug. 23Aug. 30 . . .Sept. 6Sept. 13Sept: 20

Bills discounted:Secured by U. S. Govern-

ment obligations, directand guaranteed:


Other bills discounted:Aug. 23Aug. 30Sept. 6 _Sept. 13Sept. 20

Total bills discounted:Aug. 23Aug. 30 .Sept. 6Sept. 13Sept. 20

Bills bought in open market:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Industrial advances:Aug. 23Aug. 30..Sept. 6.._Sept. 13Sept. 20

U. S. Government securities,direct and guaranteed:

Bonds:Aug. 23.___Aug. 30Sept. 6.Sept. 13Sept. 20

Notes:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Bills:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Total U. S. Governmentsecurities, direct and guar-anteed:

Aug. 23 _Aug. 30Sept. 6Sept. 13Sept. 20

14,167, 72C14, 312, 22C14, 452, 22114, 576, 71914, 621, 718

9,1268,6448,644

344, 84i339, 748307, 78:324-, 422334, 281

14, 521, 69214, 660, 61214, 768, 64614, 909, 42914, 964, 287

1,0122,1091,5461,556969

3,8064,0814,4525, 69'4,619

4,8186,1905,9987,2535,588

575546546546545

11, 67711, 66711,62711,61711,667

911, 090912,460

1, 021, 2191, 268, 8001, 308, 616

1,176,1091,179,1091, 238, 5731, 245,4971, 245, 497

335, 540334, 620334, 620309,420272, 370

2, 422, 7392,426,1892, 594, 4122, 823, 7172, 826,483

809, 97807, 23'802, 740816,196829, 532

33334298298

23,10822, 20920, 24624, 24926, 025

I, 786,8336, 956, 7997, 069, 5357,132, 5307, 074, 236

1,4601,2871, —1,1371,137

89, 97587, 53182, 844

19,189

454 6,833,829, 780823, 320840, 743855, 855

1703585

9E17035

4141414141

1,7441,7411,7451,7451,736

67,00367, 09974,83992, 60995, 510

86, 49486, 70890, 76990,90890,904

24, 67624,60724, 52222, 58419, 879

178,173178, 414190,130206,101206, 293

i, 878, 2687,045, 6177,153, 6667, 221, 9527,164, 562

5491,468909

1,139445

1,1721,2771,7453,2791,472

1,7212,7452,6544,4181,917

242213212212211

2,0522,0522,0402,0402,039

265, 094265, 604302, 960384, 699396,866

342, 203343, 221367, 441377, 634377, 724

97, 63097, 40399, 27093, 81682, 602

704, 927706, 228769, 671856,149857,192

705, 50:717, 335724, 949718, 268721, 984

81742742680680

28, 00227,03626, 05826, 32826, 966

734, 317745,113751, 749745, 276749, 630

481331414165

196196196196321

244329337237

6555655565

2,6992,7002,6812,6792,677

77,16077, 283

108, 305111, 709

99,60599,867105, 282106, 315106, 319

28, 41728,34128,44326,41223, 251

205,182205, 491220, 531241, 032241, 279

855, 234853,120849, 973839, 21852, 91

95988888882:821

22, 26322, 21121, 24322,19723, 076

367,18S372, 951386,136377, 329378, 256

1,305871871

1,0051,005

23,14320, 92220, 21618, 25721,850

302, 48!307, 269301, 503302,164295, 074

175641641607

22,16420, "17, 88316, 62418, 048

2, 296, 539 373,2, 268,1902, 267,1152, 322, 25'2, 413, 920

;,45:370, 579368, 694378, 953391, 976

250, 52S257, 700256,106258, 233250, 809 348, 3H

362, 25:352, 90S359, 405352. 846

972891891818818

42, 58046, 57637, 44342, 64942, 466

45443543541'41

17, 93117, 64215, 58115, 54315, 026

375375366366

8,7458,9388,339,4028,926

656356356262:

19, 86618, 92517, 84818, 80219, 707

228,17S227, 704232, 597237, 044230,130

474463463454454

15, 08315, 53712, 90315, 56014, 635

878, 456876, 219872,104 407,:862, 234

391, 637394, 7447,223

396, 591876, 811 401, 111

324, 826328, 900320,027319, 395313, 729 2,457, 204 407i

2, 340, 091" 315,6572, 305, 4492, 365, 721

391, 836 259,388, 656384, 710394, 913

,419

131131131363

236236235235363

249349348248426

6151515151

368365365364358

91, 23791, 377102, 341127, 261131, 255

117, 777118, 078124,124124,923124, 925

33, 60133, 51033, 53431, 03527, 319

242, 615242, 965259, 999283, 219283,499

9869166

292292287137267

407352385206433

2323242424

1,0661,0611,0541,0541,042

51, 25951, 31256,19168, 01170,125

66,17066, 30768,14866, 76166, 742

18, 87818, 81718, 41216, 58614, 596

36, 307.36, 436.42, 751.51, 358.51,463

3030302020

125139143145187

155169173165207

1919191919

752752752751751

38, 79038, 83642, 86352, 37754,012

50,07350,18651, 98651,41751, 406

14, 28614, 24214, 04512, 77311, 242

:03,149L03, 264L08, 89416, 56716,660

3720627276

245245245245400

282265307317476

372372371371446

98, 664

110,107136,112140, 376

127, 363127,676133, 541133, 612133, 604

36, 33636, 23336, 07833,19329,217

262, 363262, 712279, 726302, 917303,197

444343

1191439384126

119143137127

42, 28442, 32646, 25455,84257, 575

54, 58554, 69656,09954,81754, 800

15, 57315, 52215,15613, 61811, 983

12, 44212, 54417, 50924, 27724, 358

i,651267, 013264, 815268, 001260,101

382, 768 243, 736372,468:377, 888372, 269368,644

!43, 704245, 963253, 058245, 219

7878686882

8888786882

22222

822824819816819

25, 94025, 97028, 61234,88835, 977

33, 48633, 56034, 70234, 24834, 2409,5539,5249,3758,5087,'"

68, 97969, 05472,68977, 64477, 705

265334352289342

265334352289342

1616161616

205204204203203

45, 39445, 43849, 64159,91361, 772

58, 59858,71660, 20858, 81258,793

16, 71816, 66416, 26614, 61112, 857

.20, 710:20, 818.26,115.33, 336.33,422

341936

34240,r376346309

412455410365345

1616161616

551551551549545

34, 85934, 899

46,99048,455

44, 99745,09946,68046,12746,119

12,83812, 79812, 61211,46010, 085

92, 69492,79697, 781.04, 57704,659

829, 563820, 428833, 468841, 686834, 571

1,1031,0821,0821,0641,064

31, 98831, 23127,18226, 52628,367

862, 652852, 741861, 732869, 276864,002

4555705555

736736712673750

798711782728805

39393939

1,0431,0421,0421,0421,048

73, 40673, 51382,116101, 793104, 984

94,75894,99599, 59399,92399,921

27, 03426, 95926,90724, 82421,851

195,198195, 467208,616226, 540226,756



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

[In thousands of dollars]

Total BostonNewYork

Phila-del-phia

Cleve-land

Rich-mond lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CitvDallas

SanFran-cisco

ASSETS—Continued

Total bills and securities:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Due from foreign banks:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Federal Reserve notes of otherbanks:


Uncollected items:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Bank premises:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Other assets:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Total assets:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

LIABILITIES

Federal Reserve notes in ac-tual circulation:


Deposits:Member bank—reserve ac-

count:Aug. 23Aug. 30Sept. 6Sept. 13 .Sept. 20

U. S. Treasurer-generalaccount:


Foreign bank:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Other deposits:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

2, 439,8092, 444, 5922, 612, 5832,843,1332,844, 283

149177177177178

21, 73223, 66423,30026, 38921, 513

604, 265588, 704586, 943733, 764720, 313

42, 22442, 21142,16242,16642,159

51,03252,12261, 23277,46966, 771

17, 680,90317,812,08218,095,04318, 632, 52718, 659, 504

4, 572,1304, 609,2824, 683, 7164, 678, 9924, 677, 608

10,828, 97010, 951,00411,140, 60811,525,70811,549,309

723, 754708, 611675, 555615, 386618, 613

323, 760350,132397,183450, 076495, 787

280,186257, 768291, 248305, 296285, 554

180,053180, 366191, 951207, 972208,070

1313131313

666379683711750

57, 77359, 70253, 26672, f "70,813

2,9122,9082,9082,9082,908

3,2533,3403,9784/4,

708, 942711, 238774, 577862, 819861, 359

3766666767

4,0224,9553,8775,5615,290

163, 518152, 952132, 310173, 573173,450

8,9268,9268,9098.9128,929

15,18215,49918, 37023,00520, 418

1,078,1241,076,1,076,119 8,1,129,995 8, 295, 8891,142, 795 8, 234,075

7, 778,895r, 939, 253i, 091, 775

390,866392, 979397, 750397, 206397,436

1,137,0151,159,9581,190,8931,183, 6321,181, 234

208,180208, 575223, 604244,003244, 397

1818181818

9741,009673

1,313951

43,00542,38539,10149, 31251,683

4,6154,6154,6154,6154,615

4,4534,6255,4789,0105,828

995, 5621,006, 3401,025, 2381,053, 5471,057,122

321, 370323,346325, 727

522,162 5,516,516, 352 6,550, 253 6, 343,847562, 607 6, 284,

i, 911,855i, 084, 479i, 182,855

55,11452, 67550, 76847,06246,197

22, 90125, 20528,86532,30035, 630

4,6425,8276,9916,911

147, 594136,175148, 983117,448124,024

119,185124, 985139, 356160, 847176, 795

193,147173, 963195, 546211,429191, 614

327, 270

515, 757515, 302519, 850540, 693549, 667

41,18649, 82651,90151, 79644, 702

30,85533,95838,88943, 64248,128

8, 7257,33816, 7135,9514,799

243, 283 137, 803243; 730 137, 872260, 763 144, 214283,284,

104, 075104, 204109, 838

882 152,642 117,502334 152, 962 117, 637

1,2801,7341,2231,4591,437

65, 51667, 28065, 22288,68783,173

5,9185,9185,9185,9185,906

5,5895,6866,6077,9897,161

1,6261,7651,8532,3131,523

50, 42150, 61154, 39064,02862, 683

2,5762,5702,5702,5702,570

3,4053,4973,9014,5914,113

1,7462,1001,2232,0221,576

20, 78520,82824, 22424, 67525, 251

2,0482,0482,0472,0472,044

2,2622, T •"

2,6693,1932,905

263,086263, 418280, 473303, 674304,188

2222222222

2,4022,8272,9172,6202,334

83, 75679, 37781,898105,00496,973

3,!3,8993,8903,8903,890

4,9185,0245,9527,4096,560

112, 566112,692117, 651124, 409124, 532

33323

1,2761,2341,941

2^054

25,18424, 23229, 59733,43032,043

2,2642,2612,2602, 2612,260

2,0942,1162,5263,0572,711

69, 89169, 96873, 588 126',78, 53078, 608

22222

121,196121, 372

\ 687133, 844133, 983

5555

1,7681,4371,8971,3971,350

17, 77315, 91217, 67921,12822,066

1,5081,5081,5051,5051,505

1,4841,4791,7382,0901,872

1,0481,1901,7471,3691,633

28,40132, 67734,14235, 399

3,1573,1573,1443,1443,144

2,2972,3702,7413,3182,919

93, 67393, 81898, 758105, 507105, 565

55555

536523421703417

21, 76820,06625, 51326, 70328, 673

1,2271,2271,2221,2221,222

1,8851,9332,2512,7112,432

197, 061197, 339210, 479228, 349228, 648

1313131313

4,3884,5114,8455,5332,198

24, 69826, 95831,06640,40238,106

3,1743,1743,1743,1743,166

4,2104,2555,0216,1285,466

531,194 357, 319 528, 963 361, 276 1, 088,9911, 200,059 587,476 455, 748 2, 698,174 535, 223 352,077 540, 539 362, 830 1,096,1961,200,583 591,067 460,384 2,670,224 [" "1, 211,853 614,159 460,034 2,680, 6011, 250,185 622, 743 468,840 :1, 258,838 624,970 463,

538,688 361, 224 544, 889 374,133 1,116,330) 2, 788, 340 559, 460 372, 653 548,091 389,909 1,152, 875

>3,148 2, 871,171 571,022 365, 504 545, 727 383, 533 1,141, 599

428,931 5429, 919 205,'

203, 8845,734

432,830 208, 290434,497 210, 811

152,160152, 687154,919 1154, 343

1,013,1,017, 201, 027,0631,026, 671

1,879180, 387181,921182,010

433,466 208,812 155, 220 1,029, 850 182, 714

132, 836133, 407135,940135, 377135, 642

173,243173, 608175, 830175,773175, 754

77,95578, 28680,98680, 45581, 309

568,479 256, 654 208,107569, 612 262, 365 208, 200 1,410, 711_._ ... _ 1 > 3 8 8 ) 8 6 1

1, 405, 388 253,1301,503,424 " - ""1, 575, 269 277, 500 141, 797 267!

572,820 278, 759 210, 741590, 783 276,086 210, 679 1611, 929 273, 225 201, 427

253,855249, 736

139, 535 254,000140,091 250, 004144,199 261147, 869 267.

193,135, 526 202, 228', 726 213,801', 145 203, 525

61, 55058,95459,91547, 77439, 355

29, 58332, 55837, 28641,84246,143

12,38312,13712, 53216, 36114, 861

41,46,83441,15838, 70845, 897

13, 67815,05417, 24019, 34621,335

1,6401,510\,\"1,9261,735

45,00848, 32540,46345, 55544, 280

11,13312,25314,03215, 74717, 366

5,8706.0135,8795,5246,479

89, 54881,87356,40942, 59354, 668

38,42, 36148, 51154,44060,036

14,31210, 54214, 4579,1658,885

49, 80248,80746, 46346,31146,041

9,22510,15211, 62713,04814, 389

5,2646,0015,3596,7197,160

39, i44, 73440, 33346,63043,124

7,3168,0529,22110,34811,412

5,6205,6505,6295,575,565

54, 26350, 25150, 74645, 35543,825

9,22510,15311,62713,04814, 389

8,4215,4372,9461,4371,41

49,03744,41842,60143, 99044,172

9,22510,15311, 62713,04814, 389

V2,1561,2841,7331,927

360, 933361, 770371, 567369, 748368,901

591, 233579,194592, 760613,144600, 349

49, 74745, 73945, 81542,16442, 328

22, 94525, 24828,90232,42035, 775

18, 32322, 37923,18332,48234, 201



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


LIABILITIES—Continued

Deposits—ContinuedTotal deposits:

Aug. 23Aug. 30Sept. 6 1Sept. 13Sept. 20

Deferred availability items:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Other liabilities including ac-crued dividends:


Total liabilities:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

CAPITAL ACCOUNTS

Capital paid in:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Surplus (section 7):Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Surplus (section 13b):Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Other capital accounts:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Total liabilities and capitalaccounts:


Contingent liability on billspurchased for foreign corre-spondents:


Total

12,156,67012, 267, 51512, 504, 59412,896, 46612,949, 263

603, 220585, 540556,831704,124682,167

3,1183,9483,5576,2433,894

17, 335,13817, 466, 28517, 748, 69818, 285,82518, 312, 932

135,486135, 487135, 496135, 497135, 506

149,152149,152149,152149,152149,152

27, 26427, 26427, 26427, 26427, 264

33, 86333, 89434,43334, 78934, 650

17, 680, 90317, 812,08218, 095, 04318, 632, 52718, 659, 504

101101101101101

Boston

605,159 6,599,601,636,651,

>, 484 6,., 812 6,i, 606 6,., 345 6,

57, 87359, 78052, 25771, 87169, 665

341369384

414

:, 239 7,1,054,1,052, 612 7,1,052, 203 "1,106, 0811,118,860 8,

9,4059,4059,405

' 9,3999,399

10,08310,08310, 08310, 08310,083

2,8742,8742,8742,8742,874

1,5231,5141,5541,5581,579

1, 078,124 7,1,076,1, 076,1,129,1,142, 795

i, 488 7,i, 119 8,i, 995 8,

NewYork

i, 371,781i, 519,602i, 666, 740i, 833, 571>, 777, 302

149, 737138, 751113,571157, 919154, 692

1,1391,7031,2121,3391, •"

', 659, 672', 820, 0147,972, 4168,176, 461., 114, 588 1

50,87350, 87350,87350, 87250,873

52, 46352,46352, 46352, 46352, 463

7,4577,4577,4577,4577,457

8,4308,4468,5668,636

Phila-del-phia

596, 523606,424627,353642, 082647, 296

45,03643, 83039, 26947, 71249, 759

344458526

2,879406

409 524, 694 342,975 530,494963,273974, 058 1,167, 940 576,198 447, 743 2, 625, 507 520, 647 348, 207992,875 1

1,021,142 1, 217,468 607,840 456,151., 024, 731

12,11612,11612,11612,11612,116

13, 69613, 69613, 69613, 69613, 696

4,4164,4164,4164,4164,416

2,0612,0542,1352,1772,163

995, 562, 006, 3401,025, 2381, 053, 5471, 057,122

Cleve-land

673,128 318, 719 270, 211672,128 320,052 274,698 1682, 553 339,050 271,115696, 760 336, 066 277, 505 1,712, 288 342,192 269,

65,13565, 63763,53785, 92280,107

256273

311

351, 790

447, 364 2, 635, 812 528,118 352,103 534,814503 548,872 363, 524 537,993

518, 926 350, 2201,167, 474 572, 624 443,, 167,, 179,193 599', 282, 217,1, 226,172 610, 075 450, 480 2, 826, 350 560,455 356| 390 535', 650 372, 467

13, 74213, 75213, 75513, 76313, 764

14, 32314, 32314, 32314, 32314, 323

1,0071,0071,0071,0071,007

3,5133,5613,5753,6243,572

1, 200, C1, 200,11,211,81, 250,1, 258, S

Rich-mond

49,!50, 34851,86160, 87958, 980

52648184

91

5,1175,1145,1165,1165,116

4,9834 " ~

4,£4,c

3,2933,2933,2933,2933,293

1,4591,4791,4851,5111,503

At-lanta

1, 553,060 318,146 192, 340 325, 909 249, 446, 523,637 314,696 198, 527 315,845 249,"""1, 524, 765 316, 579 199, 382 326, 845 257, 740•., 609, 622 333,481 210, 425 327, 566 272, 572

552 1, 698, 858 345,090 201, 898 326, 776 264, 013

20,60720, 21621,18224,15325, 549

136142148150159

i, 114 2, 653. 4i 2, 625, tt 2, 635, 8L 2, 743, £

4,5594,5594,5594,5614,561

5,6305,6305,6305,6305,630

713713713713713

1,7321,7391,7681,7851,764

059 587, 476 455, 748 2, 698,174', 778, 895',939,"""i, 091, 775i, 295,8, 234, 075 1, 057,122 1, 258, 838 624, 970 463,148 2, 871,171 571,022 365^ 504 545, 727 383J 533

Chicago

87, 07084, 35083, 717106, 92697, 343

221319267284

13,80513,80313, 80413, 79813,800

22, 66622, 66622, 666

22, 666

1,4291,4291,4291,4291,429

6,8656,819

6,9446,926

583 591, 067853 614,159 460, 034 2, 680, 601185 622, 743 468, 840 2, 788, 340 559, 460 372J 653 548^ 091

St.Louis

26.59825, 48429, 49333,12832, 391

125253260

3,9943,9933,9943,995

4,6854,6854,6854,6854,685

545545545545545

1,3031,3231,3471,3641,342

535, 223 352, 077 540, 539 362,460, 384 2, 670, 224 531,194 357, 319 528, 963 361, 276

538, 688 361, 224 544, 889 374,133389, 909

Min-neap-

olis

17, 68416,15516, 65517, 59118, 716

115118126131134

2,9172,9172,9172,9172,917

3,1533,1533,1533,1533,153

1,0011,0011,0011,0011,001

2,0312,0412,0502,0582,043

Kan-sasCity

31,13829, 27031,97634,48432,944

204203163170176

363,070378, 828

4,2964,2964,2964,T~~4,299

3,6133,6133,6133,6133,613

1,1421,1421,1421,1421,142

994986

1,0241,0471,023

Dallas

24,30521, 98124,24625, 70027,039

101106

4,0424,0424,0464,0474,048

3,8923,8923,8923,8923,892

1,2661,."""1,2661,2661,266

1,8401,8561,8591,8761,

SanFran-cisco

682, 248672, 560690,660720, 210712, 653

28,06829, 73829,06737, 83934, 982

131145154165178

1,071,3801, 064, 2131,091, 4481,127, 9621,116, 714

10, 61810, 61610, 61610, 61810, 618

9,9659,9659,9659,9659,965

2,1212,1212,1212,1212,121

2,1122,0762,1802,2092,181

1, 096, 1961, 088, 9911,116, 3301,152,8751,141, 599



INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERALRESERVE ACT, JUNE 19, 1934, TO SEPTEMBER 20, 1939


Date (last Wednesday ofeach month)

1934— Dec. 26.1935—June 26.

Dec. 3141936—June 24.

Dec. 30.1937—Mar. 31.

June 30.Sept. 29_Dec. 29.

1938—Mar. 30.June 29 _Sept. 28.Dec. 28_

1939—Jan. 25..Feb. 214Mar. 29_Apr. 26.May 31_June 28July 26.Aug. 30_Sept. 20

Applicationsreceived by

Federal Reservebanks after con-sideration by In-dustrial AdvisoryCommittees, net

Number Amount

4,3866,3257,4378,0068,2478,3448,4308,4748,5348,7088,9769,1029,1889,2039,2219,2499,2709,2969,3089,3309,3559,364

146, 972237, 581293, 084314,471328,998333, 300339, 509341,842350, 551358, 936369, 583378, 974387,490389,176389, 554392, 230394,055394, 970395, 499399, 780401,228402, 202

Applications underconsideration byFederal Reserve

banks

Number Amount

2,95511,3492,8231,8801,2451,3221,263800550

1,299476146247999964344495400255760532

1,140

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

Total

Number Amount

1,6461,9932,1832,2802,3232,3612,3812,4062,4642,5662,6172,6532,6602,6712,6832,6972,7132,7212,7302,7432,748

49, 63488, 778124, 493133, 343139, 829141, 545145, 758146, 724150, 987154, 918161,158168, 380175,013175, 651175, 902177, 895178, 639179, 332179, 778183, 354184,152184,361

FederalReserve

bankadvances

out-standingi

13, 58927, 51832, 49330, 48425, 52623, 05923,01921,41520, 21619, 37118, 44417, 56717, 34516,81116, 47415, 79815, 81715, 30515, 25515, 38414, 66714,476

FederalReserve

bankcommit-

mentsout-

standing

Approvedbut not

com-pleted 2

8,22520, 57927, 64924,45420, 95918,61116, 33114, 88012, 78013,11013, 64913, 59714,16113,00412, 90712, 64711, 74911, 53011,17511,47611,00910, 806

Repaid,expired,or with-

drawn byappli-cant,etc.

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

5373,3693,4193,0845,7371,9461,2931,1051,9752,1342,4962,067

7331,2201,121

Financ-ing insti-

tutionpartici-pations

out-standing 8

5,55824,90044,02561,42577, 91085, 21097, 663

102, 588107, 384111, 193117, 555122, 447128,839132,009133,001135,004

137, 922139, 281142,943144,812145, 616

1,2964,5338,7787,5997,2086,7677,2757,3047,2387,8258,4269,032

12, 72212, 53412, 41512, 47112, 24312,07912,00012, 81812, 44412, 342

i Includes industrial advances ]condition of the Federal Reserve

>ast due 3 months or more which are not included in industrial advances outstanding in weekly statement of)anks.

2 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to

$1,404,032 on September 20, 1939.4 Tuesday.6 September 27 not yet available.

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

Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

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


Held by Federal Reserve bank:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

In actual circulation:1


Collateral held by bank as security fornotes issued to bank:

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


Eligible paper:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

Total collateral:Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

4, 859, 4934, 892, 2984, 945, 5134, 983,1084,994, 686

287, 363283,016261, 797304,116317, 078

4, 572,1304, 609, ""4, 683, 7164, 678, 9924, 677, 608

4, 945, 5004, 967,0005, 025, 5005,066, 0005,104,000

2,1823,3893,2582,7921,172

4, 947, 6824, 970, 3895, 028, 7585,068, 7925,105,172

411, 844414, 844413, 463424,070421, 654

20,97821, 86515, 71326,86424, 218

390, 866392, 979397, 750397, 206397, 436

420,000420,000420,000430,000430,000

95170

1, 232, 427 338, 873 446, 8941,244, 492 T1, 277,1991, 281, 3681, 273,192 343, 750 458, 212 221

214,103216 987

164,112 1341, 707 448, 582 216, 987 164, 464343, 368 452, 522 219, 479 165, 994343,402 457,

191, 567192, 478

', 648 221, 268,683

166,166, 633

, 037, 9301, 048, 2141, 052, 615 192; 342

164 1,055,222 ""' """1,057, • "

183, 670''!, 723

183,152194, 535 140, 025 184, 897' ••" 183,876

137, 820137, 928 182,'139, 740

85, 829 414, 42486, 787 413, 09288, 938 416, 701

194,095 139,89590, 948 423, 56190, 215 443, 525

95, 41284, 534

97, 73691, 958

17, 50318, 36117, 64114, 93316,

17, 96318, 66319, 69223,15124, 746

10, 21911, 25311,18910, 45712, 871

11, 95211, 77711, 07511, 82111,413

24, 87231, 01325, 55228, 55128,106

11, 68812, 09110, 42112, 52511,381

4,9844,5213,8004, f '"4,253

10, 4279,1157,3229,1248,122

7,8748,5017,95210, 493

1,137, 015 321, 370 428, 931 203, 8841, 159, 958 323, 346 429, 919 205, 7341,190, 893 325, 727 432, 830 208, 2901,183, 632 328, 469 434, 497 210, 8111,181,234 327, 270 433, 466 208,

., 013, 058 179, 8791, 017, 201 180, 387, 027, 063 181, 921, 026, 671 182, 010

812 155, 220 1, 029,850 182, 714

152,160 1152, 687154,""154, 343 1

132, 836 173, 243173,608175, 830175, 773175, 754

133, 40^135, 940135, 377135, 642

53, 49151, 32245,13453, 81374, 624

360, 93378, 286 361, 770

371,56780, 455 369, 74881, 309 368, 901

77, 955

1, 248,000 345,000 450, 0001, 263, 000 345, 000 450,0001, 303, 000 345, 000 454, 5001, 303, 0001, 303,000 350,000 460,000

420, 095420,170420, 035430,085430,000

8521,8771,7862,266490

1, 248, 8521, 264, 8771, 304, 7861, 305, 266 350,1, 303, 490

481331414165

345, 048 450, 000345,133 450, 000

454, 500460, 000460, 000

345,141""1,041350,065

215, 000220,000220,000225, 000225,000

320265298120291

215, 320220, 265220, 298225,120225, 291

169,000169, 000169, 000169, 000169, 000000 1

1, 055, 0001, 055, 0001, 065, 0001, 065,0001, 080,000

169, 000169, 000

1, 000169, 000169, 000

1, 055, 0001, 055, 0001, 065, 0001, 065, 0001, 080, 000

196, 000196,000196,000196, 000199,000

109524474

196, 010196,009196, 052196, 044199, 074

139, 500139, 500 185,141, 500141, 500141, 500 188, 000

185, 000' \ 000

185, 000188, 000

89, 000 434,000"" 500 434,000

500 434,00094, 500 444, 000

16161666

139, 516139, 516141, 516141, 506141, 506

206274294230246

185, 206185, 274185, 294

18, 230188, 246

94, 500 464,000

635645

89, 000 434, 63590, 500 434, 64592, 500 434, 63694, 500 444, 00094, 500 464,000

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



RESERVE POSITION OF MEMBER BANKS,AUGUST, 1939

[Averages of daily figures. In millions of dollars]

MEMBER BANK RESERVE BALANCESBY CLASSES OF BANKS

[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 districtMinneapolis district..Kansas City district...Dallas districtSan Francisco district.

Total

Country banks:Boston districtNew York districtPhiladelphia district. _Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis district._Kansas City district.._Dallas districtSan Francisco district.

Total

Grossde-

mandde-

posits

Netde-

mandde-

posits ]

34, 668

12, 8011,657

1,132206

1,2581,614

728714

1,278807390

1,024702

2,160

12, 014

8551,290636595512478861362307464507330

7,197

28, 441

12, 0562,358

1,020163

1,0471,288567499891612266655438

1,715

9,161

962440415324290565234191279325213

4,867

Timede-

posits

11,724

729491

14725273220717557017990157128

1,935

4,6

5611,395876665349224720242271157104270

5,835

Reserves withFederal Reserve

banks

Re-quired

6,052

2,779561

18336

19626211096

18411651

12283

397

1,837

103185978356461044036414439

876

Held

10, 659

5,366923

3475035543816514128418781187120528

2,883

16834416113392711966559707551

1,486

Ex-cess

4,607

2,587

16414

1591765645

10071306537

131

1,046

6515964503625922523283112

611

i 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. 907 for percentages of deposits requiredto be held as reserves.

Total reserves held:1938—July

AugustSeptemberOctoberNovemberDecember..

1939—JanuaryFebruaryMarchAprilMayJuneJulyAugust

Week ending (Friday) :1939—Aug. 18

Aug. 25Sept. 1Sept. 8Sept. 15

Excess reserves:1938—July

AugustSeptemberOctoberNovemberDecember


Week ending (Friday):1939—Aug. 18

Aug. 25Sept. 1Sept. 8Sept. 15

Allmem-

berbanks i

8,1678,1198,1968,5468,7278,7459,0298,9259,0219,6249,99710,08510, 32110, 659

10, 60410, 77810, 93011,08011,497

3,0262,9552,9203,1433,2763,2263,4843,3733,432

4,2124,2464,4024,607

4,5614,696

P4, 787P4, 912P5, 245

Central reservecity banks

NewYork

3,5453,523

3,9394,0754,1394,4094,4824,472

5,0945,0495,1955,366

5,3045,4775,6525,7355,919

1,3521,3201,3821,5891,7121,7341,9962,0471,9862,3022,4652,3942,5042,587

2,5322,6742,7972,8562,992

Chi-cago

925875861884

780673681794878893848923

925935929911

424379361375374376260164179299360362305363

365370360343408

Re-servecity

banks

2,3962,4022,3522,4092,4262,3872,4742,4052,4752,5442,6302,7282,8272,883

2,8862,8842,8882,8893,007

767762698712710658734669741794858944

1,0131,046

1,0511,0471,0451,0461,138

Coun-try

banks1

1,3021,3191,3141,3171,3381,3221,3661,3641,3931,3971,3951,4151,4511,486

1,4881,4821,4611,5441,583

483495479467480457495494526531529546581611

613605

P584P667P707

"Preliminary.i Weekly figures of excess reserves of all member banks and of country

banks are estimates.

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

Federal Reserve district

BostonNew YorkPhiladelphiaClevelandRichmond _AtlantaChicagoSt. LouisMinneapolis.Kansas CityDallasSan Francisco

Total.. _ _

All member banks

Gross demand

Aug.

1,98714, 2971,8942,2091,2401,1934,7961,169

6971,4871,2092,490

34, 668

July

1,99413,9911,8482,2051,2151 1814,7221 168

6931,4651 2032,452

34,135

Time

Aug.

6582,2711,1281,397

555400

1,781421361314232

2,204

11, 724

July

6562,2551,1261,393

554397

1,771420360314232

2,212

11, 690

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

Gross demand

Aug.

1,855i 1,196

1,6631,9851,0621 042

1 1,819956518

1,149931

2,375

116, 553

July

1,864i 1,190

1,6251,9821,0371 029

i 1, 810957515

1,130926

2,337

116, 403

Time

Aug.

528i 1, 042

6731,101

362313

1997304177200187

2,107

i 7, 992

July

528i 1,042

6711,097

360311

i 993303176200186

2,115

i 7, 983

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

Gross demand

Aug.

132300231224178150320213179338277115

2,658

July

129291223222177152319211178335277115

2,629

Time

Aug.

13050045529619486

293117184114

4698

2,512

July

128498455296193

87291117184113

4697

2,506

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



KINDS OF MONEY IN CIRCULATION[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of month TotalGold

certifi-cates

Silverdollars

Silvercertifi-cates

Treas-ury

notesof 1890

Subsid-iary

silvercoin

Minorcoin

UnitedStatesnotes

FederalReserve

notes

FederalReserve

banknotes

Na-tionalbanknotes

1938—AugustSeptember.OctoberNovember.December.

1939—January...February.MarchAprilMayJuneJulyAugust

6,5046,6226,7006,7876,856

6,6536,7316,8176,9056,9677,0477,0497,171

1,2631,2921,2971,3121,339

1,2691,3271,3781,3851,4171,4541,4461,465

344348351356357

350352354358361362365

146147148151151

149150151152154155156157

262264269269257

244246251255259266264267

4,1294,2154,2824,3494,405

4,3014,3204,3504,4264,4494,4844,4964,595

211208206203201

198195193191189186184182

Back figures.—Bee 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 monthTotalin cir-cula-tion i

Coin and small denomination currency 2

Total Coin $13 $2 $10 $20

Large denomination currency3

Total $50 $100 $500 $1,000 $5,000 $10,000

Un-assort-ed a

1938—AugustSeptember.October....November.December.

1939—January...February.MarchAprilMayJuneJulyAugust

6,5046,6226,7006,7876,856

6,6536,7316,8176,9056,9677,0477,0497,171

4,8854,9705,0215,0965,147

4,9535,0115,0495,0695,1095,1645,1695,253

530536540548550

538541544548554558561566

488501505511524

492498503505513514514521

891912

946

904919928929937947947

.,528,556.,572,599,611

,546,574, 594., 602,614,638,644

1,681

1,4161,4341,4501,4691,481

1,4401,4461,4481,4531,4581,4731,4701,487

1,6221,6561,6831,6961,714

1,7051,7211,7701,8381,8611,8871,8851,922

396400404409

403406411418422428426433

727744754761770

768774799829836848847857

152156157158160

160161165170172176175180

317321323327

335349370380388391405

1 Total of amounts of coin and paper currency shown by denominations less unassorted 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.8 Paper currency only; $1 silver coins reported under coin.Back figures.—See Annual Report for 1937 (table 36).

TREASURY CURRENCY OUTSTANDINGHeld by Treasury and Federal Reserve

End of month

1938—AugustSeptember.OctoberNovember.December..

1939—JanuaryFebruary...MarchAprilM a y_ ^ —June ._JulyAugust

Total

2,7312,7392,7512,7732,798

2,8162,8242,8392,8492,8622,8812,8952,907

banks and in circulation. Inmillions of dollars]

Silverdollars

andsilverbul-

lion !

1,6081,6181,6341,6571,685

1,7051,7171,7331,7461,7591,7781 7941,804

Sub-sid-iary

silvercoin

375376376376376

376376377376377380381383

Minorcoin

157158158158159

159160160160161161162162

UnitedStatesnotes

347347347347347

347347347347347347347347

Fed-eralRe-

servebanknotes

3029292928

2827272726262625

Na-tionalbanknotes

214212208206203

201198196193191189186185

1 Includes silver held against silver certificates amounting to $1,704,-000,000 on August 31, 1939 and $1,534,000,000 on August 31, 1938.

SHIPMENTS AND RECEIPTS OF UNITEDSTATES PAPER CURRENCY

[By selected banks and financial institutions in New York City.In millions of dollars]

Year or month

1936..1937..1938..

1938-AugustSeptember..OctoberNovember..December..

1939—January...February _MarchAprilMayJuneJulyAugust

Ship-ments toEurope

34.821.533.1

1.114.710.63.4.7

6.73.0

27.346.13.82.92.24.7

Receiptsfrom

Europe

26.247.634.4

2.31.0.6

1.02.2

2.01.0.9.3.7

1.11.0

Netship-ments

8.6

13.710.02.4

4.72.0

26.445.83.11.81.23.8

Netreceipts

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

26.11.3

1.2

1.5



ANALYSIS OF CHANGES IN GOLD STOCKUNITED STATES[In millions of dollars]

OF MOVEMENT OF GOLD TO AND FROMUNITED STATES 1[In thousands of dollars]

Year or month

1934 i19351936.19371938

1937—MayJuneJulyAugustSeptemberOctoberNovemberDecember

1938—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1939—JanuaryFebruaryMarchAprilMayJuneJulyAugustSept. 1-27 P . . . .

Gold stock atend of period

Total

10,12511, 25812, 76014, 512

11, 99012, 31812, 44612, 56712, 74112, 80312, 77412, 760

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

14, 68214, 87415, 25815, 79115,95716,11016, 23816,64616, 925

Inactiveaccount

26.51,227.9

759.11,086. 81, 214.11, 335. 71, 210. 01, 271. 91, 242. 51, 227. 9

1, 223. 21, 200. 61,183.0

In-crease

intotalgoldstock

4,202.1,887.1,132.1, 502.1, 751. 5 1

191.1327.8127.3121.174.362.0

-29.3-14.0

- 4 .20.718.74.349.844.54.5

118.623.8305.0247.5199.6

170.0192.383.8532.3166.2153.3128.0407.6279.

Netgold

import

Netgain or

loss (—)through

ear-marking

trans-actions 2

, 133.9, 739.0., 116. 6., 585. 5, 973. 6

155.4262.0175.4104.8145.590.522.118.0

2.18.0

52.971.152.855.363.8

166.0520.9562.4177.8240.5

156.3223.3365.4605.8429.4240.4278.6259.9306.4

.2-85.9-200. 4-333. 5

26.2-15.9-35.5- 5 . 3

9.3- 8 . 0

-20 .1-101.6

- 1 . 1-18.2

- . 6- 1 . 2

-53.9-15.5-20.9-28.8-13.3

-110.2- 7 . 4

-62.4

14.1-48.6

10.7-114.8-251. 6-102.6-166 .2

152.16.3

Do-mes-tic

goldpro-duc-tion

96.0110.7131.6143.9148.6

12.411.212.716.912.214.913.811.9

11.010.010.710.611.59.6

14.214.714.113.515.513.3

12.210.411.013.112.610.613.1

P13.3

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 at Federal Eeserve banks for foreign ac-

count on August 31, 1939, in millions of dollars: 1,135.4.NOTE.—Figures for domestic production of gold are those published

in table, p. 929, adjusted to exclude production in Philippines. Ad-justment based on annual figures reported by Director of Mint andmonthly imports of gold to U. S. from Philippines. For back figures,see Annual Report for 1937 (table 29).

BANK SUSPENSIONS*

Number of banks suspended:193419351936193719381939—Jan.- Aug ___

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

1934.19351936193719381939—Jan.-Aug.

Total,all

banks

36,93710,01511,30619, 72313,01234,225

Memberbanks

Na-tional

405,313

5077,379

361,357

State

1,708211

25, 634

Nonmemberbanks

In-sured2

1,9123,76310,20710,15611, 7214,779

Notinsured

34,985939592480

1,0442,455

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

2 Federal deposit insurance became operative January 1, 1934.' 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).

From or to—

BelgiumFranceGermanyNetherlandsSpainSwedenSwitzerlandUnited Kingdom.._CanadaMexicoCentral America. . .ArgentinaChileColombiaEcuadorPeruVenezuelaAustraliaBritish IndiaChina and Hong

KongJapanPhilippine Islands.All other countries2.

TotaL.

1939

August

Im-ports

22, 640215

163, 73934,3113,956

473

8662,120

207266337

5,6899,259

1,91210, 9312,775

238

259, 934

Ex-ports

13

July

Im-ports

1

45, 554

105,628

177, 80515, 2044,150

5391

1,1272,123

369226318

5,0342,760

1,19010, 9383,0222,647

278, 645

Ex-ports

Jan.-Aug.

Im-ports

165,1213,684

9298, 319

5943,86077,463

1,624,852108, 46023,9514,0084,505\ 475

16,9041,9582,5122,803

41, 37926, 459

11, 274107,096

23, 2134,757

2, 559, 656

Ex-ports

53129206

457

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. 929, 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

1938—JulyAugustSeptember.OctoberNovember.December.

1939—January...February-MarchAprilMayJuneJuly—____.August

Total,all

report-ing

centers

982, 531402, 718461,889469,463405, 929

33,13330, 79832,19236,13032, 22443, 209

35,18029, 97337, 32232, 82234, 65636, 88333, 24533, 314

NewYorkCity

184,006208,936197, 836168, 778

13,82812, 24713, 08515,14012, 42518, 879

14,53312, 38016, 27413,31114,16515, 31212, 79413,118

140otherlead-ing

cities i

331,938190,165219, 670235, 206204, 745

16, 67716, 02316, 44018, 09617, 03921,087

17,86015, 20118, 21116, 83217, 76318, 67617, 68317,496

133otherreport-ing

cities 2

47, 50428, 54733, 28336, 42132, 406

2,6282,5282,6662,8952,7603,243

2,7862,3922,8372,6792,7282,8952,7682,701

1 Comprises centers for which bank debit figures are available begin-ning with 1919, except that one substitution was made in 1920 and onein 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—Qee 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—June 30Dec. 31

1938—June 30Dec. 31

1939—Mar. 29June 30»

Total

25,11024,630

14, 51915,011

15,83516,039

15,99415,837

15, 75215, 628

15, 52715, 393

15, 28715, 206

15,15115,082

Member banks

Total

8,7078,522

6,6066,011

6,3756,442

6,4106,387

6,4006,376

6,3576,341

6,3386,338

6,3316,330

Na-tional

7,5307,403

4,8975,154

5,4175,462

5,4255,386

5,3685,325

5,2935,260

5,2425,224

5,2125,203

State

1,1771,119

709857

958980

9851,001

1,0321,051

1,0641,081

1,0961,114

1,1191,127

Nonmemberbanks

Mutualsavingsbanks

611609

576579

578579

571570

666665

564563

563556

555553

Othernon-

mem-ber

banks

15,79215, 499

8,3378,421

8,8829,018

9,0138,880

8,7868,687

8,6068,489

8,3868,312

8,2658,199

For footnotes see table below.

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS1

Call date

1929—June 29.. _Dec. 3 1 —

1933—June 30—Dec. 30—

1934—June 30Dec. 3 1 —

1935—June 29. __Dec. 3 1 —

1936—June 30Dec. 3 1 —

1937—June 30. . .Dec. 3 1 —

1938—June 30 __Dec. 3 1 —

1939—Mar. 29. . .June 30__.

Allbanks

53,85255, 289

37, 99838,505

41,87044, 770

45, 76648, 964

51, 33553, 701

53, 28752,440

52,19554,054

53,81255,988

I n millions of dollars]

Member banks

Total

32,28433,865

23,33823,771

26, 61528, 943

29, 49632,159

34,09835,893

35,44034,810

34,74536, 211

36,08938, 027

Na-tional

19,41120, 290

14, 77215, 386

17,09718, 519

19, 03120,886

21, 98623,107

22,92622, 655

22, 55323, 497

23,34024, 534

State

12,87313, 575

8,5668,385

9,51810,424

10, 46511, 273

12,11212, 786

12, 51412,155

12,19312, 714

12,74913, 493

Nonmen

Mutualsavingsbanks

8,9838,916

9,7139,708

9,7809,828

9,9209,963

10, 06010,143

10, 21310, 257

10, 29610, 365

10, 37610, 521

iber banks

Othernonmem-ber banks

12, 58412, 508

4,9465,026

5,4756,000

6,3506,842

7,1787,666

7,6357,373

7,1537,478

7,3487,440

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—June 30Dec. 31

1938—June 30Dec. 312

1939—Mar. 29 2June 303

All banks

Total

58,47458,417

40,07640,319

42, 50243,458

44,41645, 717

48,45849, 524

49, 69648, 566

47, 38148,929

48, 92949,602

Loans

41,53141,918

22, 20321,977

21, 27820,473

20,27220, 329

20, 67921,449

22, 51422,198

21,13021, 354

21,15421,310

Invest-ments

16,94316,499

17,87218, 342

21,22422,984

24,14525, 388

27,77828,075

27,18226,368

26, 25227, 575

27, 77528,292

Member banks

Total

35,71135,934

24, 78625, 220

27,17528,150

28, 78529,985

32, 25933,000

32, 73931, 752

30, 72132,070

32,09532, 603

Loans

25,65826,150

12,85812,833

12, 52312,028

11,92812,175

12, 54213,360

14, 28513,958

12, 93813, 208

13,04713,141

Invest-ments

10,0529,784

11,92812, 386

14, 65216,122

16,85717,810

19,71719, 640

18, 45417, 794

17, 78318, 863

19,04819,462

Nonmember banks

Mutual savings banks

Total

9,5569,463

10,0449,985

9,9049,782

9,8529,804

9,96110,060

10,18010,187

10,19610, 255

10, 26510,342

Loans

6,8926,945

6,9415,906

5,6485,491

6,3415,210

6,1055,027

6,0024,996

4,9614,930

4,9264,931

Invest-ments

3,6643,518

4,1034,079

4,2564,291

4,5114,594

4,8565,034

5,1785,191

5,2355,325

5,3385,411

Other nonmember banks

Total

13,20713,020

6,2465,115

5,4235,526

5,7795,927

6,2386,464

6,7786,627

6,4656,604

6,5696,657

Loans

9,9819,823

3,4043,238

3,1082,955

3,0032,944

3,0323,062

3,2273,244

3,2313,217

3,1803,238

Invest-ments

3,2273,197

1,8411,877

2,3152,571

2,7772,983

3,2063,402

3,5503,383

3,2343,387

3,3893,419

1 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.2 The December 1938 and March 1939 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reportedas loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reportsamong "Other assets."

3 Nonmember bank figures are preliminary.Back figures—See Annual Report for 1937 (tables 48-49).



CONDITION OF ALL MEMBER BANKS[In millions of dollars]

Call date

TOTAL—ALLMEMBER BANKS

1929—Dec. 31 _.1933—June 30.1934—Dec. 31_.1935—Dec. 311936—Dec. 31 . .1937—Dec. 31. _1938—June 30..

Dec. 3 1 . .1939—Mar. 29..

June30_.

NEW YORKCITY 8

1929—Dec. 3 1 . .1933—June 30..1934—Dec. 31__1935—Dec. 31_.1936—Dec. 31_.1937—Dec. 3 1 . .1938—June 30..

Dec. 31._1939—Mar. 29..

June 30. _

CITY OFCHICAGO 8

1929—Dec. 31__1933—June 30..1934—Dec. 31. _1935—Dec. 31_.1936—Dec. 31_.1937—Dec. 31._1938—June 30. _

Dec. 3 1 . .1939— Mar, 29..

June 30. _

RESERVE CITYBANKS

1929—Dec. 3 1 . .1933—June 30..1934—Dec. 3 1 . .1935—Dec. 311936—Dec. 31__1937-Dec. 31__1938—June 3O._

Dec. 31._1939—Mar. 29._

June 30. _

COUNTRYBANKS

1929—Dec. 311933—June 30.1934—Dec. 311935—Dec. 311936—Dec 311937—Dec. 31.1938—June 30

Dec. 31__1939— Mar. 29__

June 30. _

Totalloansandin-

vest-ments

35, 93424, 78628,15029, 98533,00031, 75230, 72132,07032, 09532, 603

8,7747,1337,7618,4189 2808,3138,0138,3358,4088,688

1,7571,2871 5811,8682,1001,9011,8061,9691 9652,052

12,0298 492

10,02810, 78011, 79511,41411,15011,65411,62411, 756

13,3757,8738,7808,9199,825

10,1249,752

10,11310,09810,109

Loans1

Total i

26,15012,85812,02812,17513, 36013,95812, 93813, 20813,04713,141

6,6833,4243,1593,4343 8553,6733,1723,2623,0862,988

1,448677532476633635525539545544

9,0844 4824,3124,3474,7945 2034,8534,9634,9365,004

8,9364,2754,0253,9184,0784,4464,3884,4444,4804,605

Com-mer-cial,in-

dus-trial,andagri-cul-

tural 2

5,4485,5315,571

1,4611,4561,479

336361348

2,1212,1162,118

1,5311,5971,626

Openmar-ket

paper

583595751651634643491442427420

195364396286216198141138126128

19707728222515161414

168126179195209201163149145138

20135

101142187216173138142140

Loans forpurchasingor carryingsecurities

Tobrok-

ersanddeal-ers

2,463953

1,0301,2431,410

950701973838731

1,257758716

1,0781,173

761556787668555

251615529514129433239

66410819511715912396

119115115

291256420292520252422

Toothers3

7,6853,7523,1102,8932,7852,7522,6147 775

733736

2,1451,044

820793753733717220209215

533251170149140129109707071

2,7751,3401,1241,0571,0481,066

998242228221

2,2311,117

996894843824790243226229

Realestateloans

3,1912,3722,2732,2842,4052,5472,6132,7162,7492,828

169157139140144141132121124130

21301815131210121211

1,5381,1311,0901,0941,1241,1761,2011,2301,2491,284

1,4621,0551,0261,0351,1231,2191,2691,3531,3631,402

Loansto

banks

714330155988570

1201259958

322162

6342422985997741

883011661

1

258995534232726201712

4538271714139565

Otherloans 4

11,5154,8574,7085,0066,0416,9966,3972,7282,6712,796

2,595937

1,0241,0961,5271,8111,541

436427440

535237202249402426361625759

3,6791,6781,6711,8512,2312, 6102,3691,0811,0661,116

4,7052,0051,8101,8101,8812,1492,1261,1491,1211,180

Investments i

Total

9,7841,928

16,12217, 81019, 64017, 7947,783

18,86319,04819,462

2,0913,7094,6024,9855,4254,6404,8405,0725,3225,700

309610

1,0491,3921,4671,2661,2811,4301,4201,507

2,9444,0115,7156,4327,0006,2116,2986,6916,6886,751

4,4393,5984,7565,0025,7475,6775,3645,6695,6185,504

U. £•>. Government obligations

Direct

Total

3,8636,8879,906

10, 50111, 63910, 57410, 21510,88210, 69110, 946

1,1122,5513,2463,4253,7393,2073,0312,9632,9393,360

116384743

1,0611,107

916859

1,005992

1,040

1,3682,4833,8094,0764,4263,9613,9404,2784,1814,102

1,2671,4692,1081,9402,3682,4902,3852,6362,5782,444

Bills

«2491,1131,0301,1921,053

662316286303441

6 586 638

75886571849522215868

168

«38 206

164213198321259

121185

8 2059585

1201066957

10078

6 976 646 13

28172913111511

Notes

5202,0494,2175,4034,5274,2773,6533,3892,6042,720

166987

1,6641,8101,5591,5361,3581,142

831908

1982

299604375366313291212234

165681

1,6922,2671,9041,5891,2681,224

9771,014

171299562722689786715732585563

Bonds

3,0943,7254,6593,9056,0605,6356,2467,2087,7837,786

889926824749

1,4621,1751,4511,6632,0402,284

9497

279243533518535655660621

1,1121,5972,0221,7242,4032,2672,6032,9973,1053,010

9991,1061,5331,1891,6621,6751,6571,8931,9781,870

Guar-an-teed

9891,7681,9061,7972,1282,3402,6602,831

278401470388709894

1,0861,123

78889494

122109108135

279656697637718740823

• 889

355623645678579597643683

Obli-gations

ofStates

andpolit-icalsub-divi-

sions fi

1,3931,7441,9652,1782,2262 0472,1432,4482,5552, 554

222478446607426342394517582480

9687

129141143135140141149154

448598649723774691732808823895

627581741807883879878982

1,0011,025

Othersecur-ities l

4,5283, 2973,2623,3643,8683 3763,2973,1923,1423,131

758680632653790704706698714736

96138100103124121159176171179

1,128930978977

1,102921908866860866

2,5461,5491,5521,6331,8511,6301,5221,4531,3971,351

i Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the April BULLETIN,pp. 259-264.

* Not reported separately prior to December 1938 except for weekly reporting banks in leading cities.8 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks

and to brokers and dealers.i This is a residual item and because of the revised loan classifications figures beginning Dec. 31, 1938, are not comparable with earlier figures.1 Includes obligations of territorial and insular possessions when reported separately.1 Includes Treasury certificates of indebtedness.7 For estimated figures for Dec. 31, 1938, on basis comparable with earlier figures see p. 332 of the April BULLETIN.8 Central reserve city banks.Back figures— See Annual Report for 1937 (tables 52-58).



CONDITION OF ALL MEMBER BANKS—Continued[In millions of dollars]

Call date

TOTAL—ALL MEMBERBANKS

1929—Dec. 31 _1933—June 301934—Dec. 311935—Dec. 311936—Dec. 311937—Dec. 311938—June 30

Dec. 311939—Mar. 29

June 30

NEW YORK CITY 6

1929—Dec. 311933—June 30.1934—Dec. 311935—Dec. 31 . . . .1936—Dec. 311937—Dec. 311938—June 30

Dec. 31 .1939—Mar. 29

June 30

CITY OF CHICAGO s

1929—Dec. 311933—June 301934—Dec. 311935—Dec. 311936—Dec. 311937—Dec. 311938—June 30

Dec. 311939—Mar. 29

June 30__

RESERVE CITY BANKS

1929—Dec. 311933—June 301934—Dec. 311935—Dec. 311936—Dec. 31___1937—Dec. 311938—June 30

Dec. 31 .1939—Mar. 29

June 30

COUNTRY BANKS

1929—Dec. 31_.1933—June 301934—Dec. 311935—Dec. 311936—Dec. 311937—Dec. 311938—June 30

Dec. 31 . .1939—Mar. 29

June 30

Re-serveswithFed-eralRe-

servebanks

2,3742,2354,0825,5736,5727,0058,0048,6949,112

10,011

827846

1,5762,5412,6582,7383,5174,1044,5824,975

169232415511558596936884705897

751705

1,2681,5942,1082,3102,2892,3542,4592,735

627452822927

1,2471,3611,2631,3531,3671,403

Cashin

vault

558405609665697589712746111712

68468665615665686361

13344039322731352226

156122207256285200300321342318

321203275305319307316322350307

Bal-anceswithdo-

mesticbanks1

2,1682,0083,1493,7764,0663,4144,0844,2404,4034,674

179101103111133120119109156112

133203207209188179208235178235

9471,0021,5431,7791,8161,4701,9511,9402,1062,210

908702

1,2961,6761,9291,6451,8061,9561,9632,117

De-mand

de-posits

ad-justed2

16,64712,08915,68618,80121, 64720, 38720,89322, 29322,36423, 587

4,7504,3585,0696,1936,9296,1116,6987,1687,6058,012

957912

1,1891,4011,5541,4381,5231,6881,2501,666

5,2293,7645,1366,1617,1266,8706,9347,2147,3267,654

5,7113,0544,2925,0476,0395,9685,7386,2246,1836,255

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

17, 52611,83014,95118,03520,97019, 74719, 81621,11920,84522,448

5,8474,6765,3706,4797,2746,5076,9007,2737,6778,281

1,041870

1,073L, 301L, 495L, 354L, 3861,597L, 1821.565

5,5473,7084,9196,0017,0236,7436,6687,0346,8997,331

5,0912,5763,5894,2545,1775,1434,8635,2155,0875,272

Statesand

polit-icalsub-divi-sions

1,3351,0871,7992,1392,3292,1322,3142,3862,4672,532

12896

229323285189273280260288

4287

182208191207221181141197

423349585707843111812796889917

742555804901

1,011959

1,0081,1281,1761,130

Certi-fiedandoffi-cers'

checks,etc.3

1,681657838882881767662547533790

1,180461540524457404367195272472

32162327272323292622

300108169204230192146170123160

16972

106127167149126154114135

TT Q.

Gov-ern-

ment4

143806

1,636844882781543790lib694

2033279222422538212313913584

8464698726486838360

76312620385407256266424420415

391161781371787868

143137136

Time deposits,except interbank


ships,andcor-

pora-tions

12,2677,8039,0209,680

10,42910,80610,87410,84610, 94011,063

1,112671591591679696694652655653

332358381413449445443452452471

4,4332,9413,4943,7964,0264,1614,2384,2334,2764,320

6,3903,8334,5544,8795,2755,5045,4995,5095,5575,619

Statesand


595300294361296482454462461441

3344

12134932365346

581

8169

1217

371208206266203266262269243233

13386848380

158144147153145

Postalsav-ings4

1227884522181049583616859

18110563

261

4138818679353431172219

61285210136696152444640

Interbankdeposits

Domesticbanks

De-mand

3,5173,0574,5695,6966,4025,4366,0966,5106,8167,097

1,1981,2551,7982,3382,4932,1082,5142,6872,7312,992

310259445522599528688658834746

1,6041,3151,9842,4222,8262,3892,5142,7192,8132,920

405228342415483412380446438439

Time

9589

134151153129135132133142

4022

1

19

3059

117134137107113108108115

67

1616162122232526

For-eign

banks

698146154449438464331511629607

597128133414397423291442553524

332245669

1012

64151829343432576469

3121212222

Bor-row-ings

879191136

151211675

1798

12

41

29216

2

3671671363

1211655

Cap-italac-

counts

6,7094,8375,0545,1455,2755 3715,3685,4245,4675, 496

2,1051,5821,5651,5731,5851,6061,5871,5931,5921,586

316204226229244255248257261270

2.029, 533614

, 657,697, 735753

,77779581?

2,2581.517

:

650j 687

L, 750,775, 778.798

1,8181,828

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."

1 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.

* Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935.* U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.* Central reserve city banks.Back figures.—SQQ Annual Report for 1937 (tables 52-58).



CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or Month

TOTAL—101 CITIES

1938—August1939—February

MarchApril..May _-.JuneJulyAugust

1939—July 5July 12July 19July 26Aug. 2Aug. 9Aug. 16Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20

NEW YORK CITY


MarchAprilMayJuneJulyAugust


OUTSIDE NEWYORK CITY




Totalloansandin-

vest-ments'

20, 67521, 52721, 70521, 72721, 69321, 88722, 04622, 327

22,00022, 02322,02522, 13522, 24422, 27422, 33722, 34022, 44222, 38922, 38922, 339

7,5847,6767,9048,0107,9588,1038,1388,349

8,1368,1408,0928,1828,3098,3328,3868,3408,3798,3418,3618,393

13, 09113,85113,80113, 71713, 73513, 78413, 90813, 978

13, 86413,88313, 9333, 9533,9353, 9423, 951

14, 0004, 0634,048

14, 0283, 946

Loans1

Total

8,2158,1978,2418,1278,0918,0948,1468,179

8,1428,1318,1168,1948,1668,1568,1868,1788,2098,3058,3158,319

2,9382,9012,9322,7952,7592,7582,7652,828

2,7712,7582,7322,7972,8062,8072,8462,8262,8562,8922,8582,856

5,2775,296

5,3325,3325,3365,3815,351

5,3715,3735,3845,3975,3605,3495,3405,3525,3535,4135,4575,463

Com-mer-cial,in-

dus-trial,andagri-cul-tural

3,8863,7603,7923,848

3,8303,8883,930

3,8723,8873,8933,8993,8873,9173,9123,9383,9964,0754,1594,201

1,4661,3571,3641,3791,3721,3751,4081,483

1,4051,4091,4051,4141,4381,4641,4711,4961,5451,5731,6151,640

2,4202, 4032,4282,4692,4672,4552,4802,447

2,4672,4782,4882,4852,4492,4532,4412,4422,4512,5022,5442,561

Openmar-ket

paper

337323310305303304312313

314313311312313310313312317314318315

133125120117120121120117

126120118118117114117117120115115115

204198190188183183192196

188193193194196196196195197199203200


Tobrok-

ersanddeal-ers

636795831697678671

650644615681655631676639608640568532

510644675555529523497493

495496472523501484525489467499430405

126151156142149148151149

155148143158154147151150141141138127

Toothers

577533529537539541532521

542530528528526522519518519512513510

195187190195198201191184

200190187188186186184183183176178178

382346339342341340341337

342340341340340336335335336336335332

Realestateloans

1,1601,1451,1371,1441,1511,1591,1631,171

1,1591,1631,1641,1651,1681,1701,1721,1731,1741,1741,1781,180

118110109110111113115117

114115115115116116118118118118118117

1,0421,0351,0281,0341,0401,0461,0481,054

1,0451,0481,0491,0501,0521,0541,0541,0551,0561,0561,0601,063

Loansto

banks

111102946958526462

565871717474605349463435

Otherloans

1,5081,5391,5481,5271,5231,5371,5391,540

1,5491,5361, 5341,5381,5431,5321,5341,5451,5461,5441, 5451,546

432396397383385386380382

386379375379384379381381384378377376

1,0761,1431,1511,1441,1381,1511, 1591,158

,163,157,159,159159153153164162

,1661,1681,170

Investments1

Total

2, 4603, 3303,4643, 60013, 602.3, 793.3, 900.4,148

.3,8583, 8923, 9093, 9414, 0784,1184,1514,1624, 2334, 0844, 0744, 020

4,6464,7754,9725,2155,1995,3455,3735,521

5,3655,3825,3605,3855,5035,5255, 5405,5145,5235,4495,5035,537

7,8148,5558,4928,3858,4038,4488,5278,627

8,4938,5108,5498,5568,5758,5938,611' '48

108,635;, 571

8,483

U. S. Government obligations

Direct

Total

7,7028,1788,1868,2258,2968,383

8,537

8,4858,4938,5058,5148,5158,5308,5448,5338,5658,5128,4898,428

2,8062, 6342,7432,9463,0243,1393,1743,197

3,1963,1843,1543,1613,2013,2173,2253,1873,1553,1473,1913,217

4,8965,5445,4435,2795,2725,2445,3255,340

5,2895,3095,3515,3535,3145,3135,3195,3465,4105,3655,2985,211

Bills*

410342

422461

4544r8465473480495494502468475437

91146170168146205

167144125147194206220208194189226261

319196228254315283

302310333318279274275

279249176

Notes5

2,2012,0112,0332,1062,1322,149

2, 1252,1342,1322,1372,1322,1552,1592, 1382,1602,1542,1532,131

802741727808821826

823826818817818835834819825816812

1,3991,2701,3061,2981,3111,323

1,3021,3081,3141,3201,3141,3201,3251,3191,3351,3381,3411,342

Bonds'

5,5755,8725.8655,8555,9065,900

5,8915,9055.9155,9125,9105,8955,8905,9015,9035,8905,8615,860

1,8502,0592,1272,1632,2072,166

2,2062,2142,2112,1972,1892,1762,1712, 1602,1362,1422, 1532, 167

3,7253,8133,7383,6923,6993,734

3,6853,6913,7043,7153,7213,7193,7193,7413,7673,7483,7083,693

Guar-an-

teed

1,646I »9l2,0272,0332,0332,1192, 1582,265

2,1502,1532, 1592,1682,2412,2592, 2672,2742,2862,2192,2222,230

9741,0531,0451,0341,0601,0981,137

1,0941,0931, 1001,1061, 1271,1331,1361,1411,1471,0931,0981, 107

86091;974988999

1,0591, 0601,128

1,0561,0601,0591,0621,1141,1261,1311,1331,1391,1261,1241,123

Othersecu-rities i

3,1123,2613,2513,3423.2733,2913,2433,346

3,2233,2463, 2453,2593,3223,3293, 3403,3553,3823,3533,3633,362

1,0541,1671,1761,2241,1411,1461,1011,187

1,0751,1051,1061,1181,1751,1751,1791,1861,2211,2091,2141,213

2,0582,0942,0752,1182,1322,1452,1422,159

2,1482,1412,1392,1412,1472,1542,1612,1692,1612,1442,1492,149

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.BULLETIN for December 1935 (page 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports.

i Beginning February, 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 of certain loans theretofore erroneously classified as "Commercial, industrial, and agricultural" to "Otherloans."

» Not reported separately prior to Feb. 8. 1939.



CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued[Monthly data are averages of Wednesday figures. In millions of dollars.]

Date or month


servebanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed*



ships,andcor-

pora-tions

Statesand


Certi-fiedandoffi-cers'

checks,etc.

u. s.Gov-ern-

ment2



ships,andcor-pora-tions

Statesand


Postalsav-

Interbankdeposits

Domesticbanks

De-mand Time

For-eign

banks

Bor-row-ings

Cap-italac-

counts

TOTAL—101 CITIES

1938—August. _ _.1939—February-


1939—July 5___.July 12...July 19...July 26...Aug. 2 . . .Aug. 9___Aug. 16..Aug. 23_.Aug. 30__Sept. 6...Sept. 13_.Sept. 20-.

NEW YORK CITY

1938—August. _._1939—February-


1939—July 5___.July 12. _.July 19...July 26...Aug. 2___Aug. 9. . .Aug. 16..Aug. 23. _Aug. 30..Sept. 6—Sept. 13..Sept. 20..

OUTSIDENEW YORK CITY

1938—August. __.1939—February-

MarchApril.MayJuneJulyAugust

1939—July 5... .July 12...July 19...July 26...Aug. 2 . . .Aug. 9. . .Aug. 16..Aug. 23._Aug. 30..Sept. 6__.Sept. 13..Sept. 20-.

6,6027,3587,4277,9738,3618,4608,6458,951

8,4738,6498,7068,7508,6848,7918,9179,1169,2479,3689,6869,723

3,3514,2884,3094,6514,8954,8664,9955,184

4,8814,9855,0445,0724,9535,0055,1455,3175,4995,5475,6995,636

3,2513,0703,1183,3223,4663,5943,6503,767

3,5923,6643,6623,6783,7313,7863,7723,7993,7483,8213,9874,087

387410410

447448440

441464439448424446426443465463489470

337358

368

383377

372397377385362384366383394386410394

2,4162,5432,5802,5962,6442,7272,7652,808

2,7592,7902,7672,7452,7932,7772,8422,8382,7892,8132,9503,021

2,3472,4692,4862,5142,5672,6512,6882,734

2,6832,7132,6912,6672,7202,7042,7662,7622,7172,7412,8782,947

15,11816,04216,03216,45516, 79617,18217, 36617, 717

17,10917, 36817, 38717, 60117, 46217, 55117, 64117,835

18, 04018,28818,175

6,2866,8446,9667,2877,4677,6087,6607,905

7,5247,6567,6557,8047,7157,7917,8757,9518,1958,1518,1958,091

8,8329,1989,0669,1689,3299,5749,7069,812

9,5859,7129,7329,7979,7479,7609,7669,8849,9019,889

10,09310,084

15, 91716, 99715,638

16,00016, 25916, 63317, 00817,168

16, 79017,06117,05017,13216, 90816, 89917,27117, 28117, 47917, 59918,10217, 926

1,3271,3721,4521,4701,3171,436

1,3311,3101,2751,3521,4921,4381,3991,4041,4471,3661,3591,266

7,0757,3487,4957,6367,7737,913

7,7067,7597,7647,8647,7017,7607,9587,9748, 1748,2288,3478,227

6,5677,209

242257304280225304

203224214258343306291274308257

8,5638,6528,7648,9979,2359,255

9,0849,3029,2869,2689,2079,1399,3139,3079,3059,3719,755

9,3509,788

1,0851,1151,1481,1901,0921,132

1,1281,0861,0611,0941,1491,1321,1081,1301,1391,1091,0901,052

368461560428441419406438

385389363532369461435394512496391

218299395268274269231274

294214218199361210291280230341319223

150162165160167150175164

194171171164171159170155164171177168

425631625620581545541532

546541541536537536532527528528526528

10311611411085605951

626159565552504848494849

322515511510496485482481

484480482480482484482479480479478479

4,9764,9744,9844,9965,0065,021

5,0095,0015,0005,0145,0195,0285,0195,0215,0175,0165,0185,013

5,1935,170

224235251229216220

214217217218218217220223224215210207

587583578580589597

587587586596597603594594596597604599

650621

4,3894, 3914,4064,4164,4174,424

4,4224,4144,4144,4184,4224,4254,4254,4274,4214,4194,4144,414

4,5434,549

186192209188172170

173174171171169167170172173166167164

5,8086,1756,3956,4736,5306,6076,7636,991

6,8006,7976,7866,6676,8846,9247,0557,0517,0407,2197,4597,566

2,4472,6392,7432,7852,8142,8452,9283,052

2,9402,9402,9412,8922,98^2,9833,0743,1053, 1123,1793,3083,359

3,3613,5363,652

3,7163,7623,8353,939

3,8603,8573,8453,7753,8973,9413,9813,9463,9284,0404,1514,207

112113116116118121127127

122127128129128127128128127127127126

112113116116118121127127

122127128129128127128128127

127126

320563587638639606620652

624615616627623629655669683712720742

279495517561560529540575

541532540546545550575591613638649666

3,6573,6823,6873,6953,7123,7213,7163,722

3,7153,7153,7153,7183,7183,7213,7223,7243,7243,7263,7143,712

1,4831,4841,4831,4831,4881,4881,4791,482

1,4771,4781,4791,4801,4811,4831,4821,4821,4811,4791,4751,473

2,1742,1982,2042,2122,2242,2332,2372,240

2,2382,2372,2362,2382,2372,2382,2402,2422,2432,2472,2392,239

1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collectionJ U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.



CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued[In millions of dollarsl

Federal Reservedistrict and date

(1939)

3 cities)BOSTON ((August 23._.August 30. _.September 6September 13September 20NEW YORK (8 cities)*

August 23August 30September 6September 13September 20PHILADELPHIA (4 cities)August 23August 30September 6September 13September 20CLEVELAND (10 Cities)

August 23August 30September 6September 13September 20

RICHMOND (12 cities)August 23August 30September 6September 13September 20

ATLANTA (8 cities)August 23August 30September 6September 13September 20

CHICAGO (12 cities)*August 23August 30September 6September 13September 20

ST. LOUIS (5 cities)August 23August 30September 6September 13September 20MINNEAPOLIS (8 cities)August 23August 30September 6September 13September 20KANSAS CITY (12 cities)August 23August 30September 6September 13September 20

DALLAS (9 cities)August 23August 30September 6September 13September 20.SAN FRANCISCO (7 cities)August 23August 30September 6September 13September 20

CITY OF CHICAGO*August 23August 30September 6September 13September 20

Totalloansandin-

vest-ments

1,1691,1691,1751,1841,181

9,1759,2229,1889,2179,246

1,1641,1601,1561,1541,149

1,9181,9261,9231,9031,889

674682678683685

579584582582585

3,2273,2553,2483,2233,161

686676679

379383391397398

664664663653650

509512508513512

2,1982,1992,1912,2042,204

2,1362,1612,1602,1362,075

Loans

Total

588584590595598

3,1823,2133,2483,2183,221

421415414417414

678679

682

245245245249249

283284285287

852851872871870

308307313319320

160164172178180

274275281281280

251253257261261

936939944953956

541539557555553

Com-mer-cial,in-

dus-trial,andagri-cul-tural

275272276277282

1,6051,6541,6831,7291,759

191189189192191

251253256260259

104105107108109

150152152153154

478479494504508

178179184189189

162163169169169

164166170172171

301301307314317

352353364371375

Openmar-ket

paper

61626564

125128123123122

2626262625


Tobrok-ersanddeal-ers

2322232523

494472503434

Toothers

2322222222

242243235237236

3131313131

2626262525

1515151515

1111111111

7979787776

1413141414

Realestateloans

8181818181

205205205205205

5555555555

171172172172172

3837373838

3131313131

104105105105106

5151515151

Loansto

banks

78109

252525

26

21212122

383384383383384

1414141414

1

1

1

3

Otherloans

125125125124125

472466465465

196196

7273727373

8181818383

5253535453

4748474949

176176176177177

5050525151

Investments

Total

581585585589583

5,9936,0095,9405,9996,025

743745742737735

1,2401,2471,2391,2171,207

429437433434436

296300297295297

2,3752,4042,3762,3522,291

376379373357359

219219219219218

390389382372370

258259251252251

1,2621,2601,2471,2511,248

1,5951,6221,6031,5811,522

u.3. Government obligations

Direct

Total

396399401403405

3,4183,3893,3833,4363,454

365366365363363

838844841821811

313321317315317

141146143142143

1,5981,6271,6031,5771,516

206209205193193

147147148148147

195195192184178

158156150143140

758766764764761

1,1161,1421,1241,1011,042

Bills

1

3

208194189230264

202020148

999910

219244217196131

22222

23666

2926221613

4432

216241215193130

Notes

6163626361

869875868871850

3939383938

221221221221222

178189188189191

3134343535

430430430429433

4949495050

3333343433

8284848379

5050524549

9593949490

244245245244248

Bonds

334336339340341

2,3412,3202,3262,3352,340

326327327324325

597603600586581

135132129126126

1011031009898

949953956952952

155158154141141

114114114114114

1111081029593

7980768278

659669667668671

656656664664664

Guar-an-teed

5554525346

1,2271,2361,1851,1851,192

9898979494

112112111110110

5151515353

6463626162

288291290290290

6868676566

2828272727

6159555458

4548465355

177178176177177

149154155155156

Othersecur-ities

130132132133132

1,3481,3841,3721,3781,379

280281280280278

290291287286286

65656566

9191929292

489486483485485

10210210199100

4444444444

134135135134134

5555555656

327316307310310

330326324325324

* 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.



CONDITION OF REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued[In millions of dollars]

Federal Reservedistrict and date

(1939)


servebanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed1



ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-

Certifledandoffi-cers'

checks,etc.

U. S.Gov-ern-

ment 2



ships,andcor-

pora-tions

Statesand


Postalsav-ings5

Interbankdeposits

Domesticbanks

De-mand Time

For-eign

banks

Bor-row-ings

Cap-italac-

counts

BOSTON (6 cities)August 23August 30September 6September 13September 20

NEW YORK (8 cities)*August 23August 30September 6September 13September 20PHILADELPHIA (4 cities)August 23August 30September 6September 13September 20CLEVELAND (10 Cities)


RICHMOND (12 cities)August 23August 30September 6September 13September 20

ATLANTA (8 cities)August 23August 30September 6September 13September 20

CHICAGO (12 cities)August 23August 30September 6September 13September 20

ST. LOUIS (5 cities)August 23 _ _ _ _August 30September 6September 13September 20MINNEAPOLIS (8 cities)August 23August 30September 6September 13September 20KANSAS CITY (12 cities)


DALLAS (9 cities)August 23August 30September 6September 13September 20SAN FRANCISCO (7 cities)August 23August 30September 6September 13September 20

CITY OF CHICAGO*August 23August 30September 6September 13September 20

426418418445457

5,4675,6385,7035,8405, 778

366360363376387

448447452460481

172168185184182

135136132133127

1,1741, 1571,1591,2521. 327

188183182197207

8991959692

180177188193192

120125132142131

351347359368362

945927929

1,0111,083

140141141144143

7889969995

1718181918

4243424543

2022212321

1313121313

6771697471

1112111212

149146151147154

180174174184192

184185185200211

282282289313321

185175181192196

197191196205207

505501507521534

166162170182177

124123119119118

312305313335344

256251258265271

298294270287296

222213219223235

1,1261,1161,1261,1471,149

8,5168,7608,7428,789

892890879899896

1,2341,2451,2451,2561,261

468465467476476

383386378385383

2,5052,5182,4992, 5592,562

463462457466469

286292292297294

519513514526528

452456452465454

991993989

1,0231,015

1,7281,7291,7241,7601,768

1,0821,0741,0971,1251,133

8,4258,6318,6918,8308,711

856859853887

1,1741,1851,1841,2311,223

448451463479473

357358360375370

2, 3152,3072,2972,4012,387

463461467485485

248252259267264

499490505526519

439434438459451

975977985

1,0371,017

1,6241,6101,6031,6681,666

405445399406343

81727063

119117121114112

5447424244

6464595857

314327323326315

3736363533

5859595656

7074716767

3844414038

7472697270

184196199203195

1615141917

294244356338241

3939393939

104104105104104

2020191919

1222

2222222222

3030303030

107107106106107

6060606060

245244241240237

961963964970966

274273273273273

711710710709709

197197197197197

180180180180180

911911911910911

188187187187187

119119119119119

140140141141141

127127127127127

478477477476477

284290296311319

3,1753,1793,2463,3783,428

338334343350370

354352359365372

260260276283284

252248256260261

1,0641, 0621,0781,1061,119

290286

141140145148146

394409416418

218218232241245

277277281293292

810

856

2519191925

593615640651

243244244245245

1,6051,6041,6021,5981,596

223223224223223

371372372370371

9696979797

9493939392

403404405404404

9494949494

5858585858

101101101101101

86868685

350349350346345

265267267266266

* See note on preceding page. .1 Demand deposits other than interbank and U. S. Government, less cash items reported as m process of collection.2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.



COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING

End of month

1938—AugustSeptemberOctoberNovemberDecember

193g—JanuaryFebruaryMarchA prilMayJuneJulyAugust

Com-mer-cial

paperout-

stand-ing i

209212213206187

195195191192189181194201

[Irl millions of dollars]

Dollar acceptances outstanding

Totalout-

stand-ing

258261270273270

255248245238247245236235

By holders

Held

Total

216221223222212

204198191189192191188191

by acceptingbanks

Ownbills

129129130124121

122122117118124122119128

Billsbought

8792939891

8276747268696963

Held by FederalReserve banks

Forown ac-count

For ac-count offoreigncorre-

spond-ents

(2)

(2)

(2)

(»>

Heldby

others

4240465158

5250544955534844

By classes

Basedonim-

portsinto

U.S.

8389949495

8987878682817579

Basedon ex-portsfromU.S.

5857575960

5757585651454140

Dollarex-

change

22333

2221

19201918

Based on goodsstored in or shippedbetween points in

U. S.

5556595957

5248423836393940

Foreigncoun-tries

6057565756

5554565759606159

1 As reported by dealers; includes some finance company paper sold in open market.2 Less than $500,000.Back figures.—See Annual Report for 1937 (table 70).

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

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

End of month

1937—March _ _JuneSeptember

1938—MarchJuneJulyAugustSeptember __OctoberNovemberDecember

1939—JanuaryFebruaryMarchAprilMay-June ._. . _JulyAugust-

Debit balances

Customers'debit

balances(net) i

1,5491,4891,363

985

831774843864823905939991

971967953831828834839792

Debitbalances in

partners'investmentand trading

accounts

61554834

2927282929323032

3429272626252422

Debitbalances in

firminvestmentand trading

accounts

175161128108

95888084768578

106

7583848376738471

Cash onhand

and inbanks

223214239232

215215209200213196189190

192168174190183178183202

Credit balances

Moneybor-

rowed 2

1,1721,2171,088

688

576495528571559617662754

713709699579561570589556

Customers'credit balances *

Free

346266256278

239258284272257270252247

235222225236230230238235

Other(net)

115929685

8189827768736560

6062596069706758

Other

Inpartners'invest-

ment andtrading

accounts

29252626

2522222020202022

2220202021212020

credit ba

Infirm

invest-ment andtrading

accounts

18131210

9111097885

125976666

ances

Incapital

accounts(net)

419397385355

315298303301300304303305

298294294290284280278275

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

2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money 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[Per cent per annum]

Federal Reserve Bank

BostonNew York . . . . .PhiladelphiaCleveland.,. .Richmond __ _ ..Atlanta _. _ChicagoSt LouisMinneapolis . _Kansas CitvDallasSan Francisco

Rediscounts and advances under sections13 and 13a of the Federal Reserve Act

except last paragraph of Section 13

Secured by direct andeligible guaranteed ob-ligations of the U .S .

RateSept.

26

11

111

11

Ineffect

beginning-

Sept. 1, 1939Aug. 27, 1937Sept. 4, 1937May 11, 1935Aug. 27, 1937Sept. 16, 1939Sept. 1, 1939Sept. 21, 1939Aug. 24, 1937Sept. 16, 1939Sept. 16, 1939Sept. 3, 1937

All other

RateSept.

26

11

134

Ineffect

beginning-

Sept. 1, 1939Aug. 27, 1937Sept. 4, 1937May 11, 1935Aug. 27, 1937Aug. 21, 1937Aug. 21, 1937Sept. 2, 1937Aug. 24, 1937Sept. 3, 1937Aug. 31, 1937Sept. 3, 1937

Advances under Sec-tion 10(b) of the

Federal Reserve Act

RateSept.

26

2222222222

2

Ineffect

beginning—

Sept. 2, 1937Oct. 10, 1935Sept. 4, 1937Oct. 19, 1935Sept. 10, 1937Aug. 21, 1937Aug. 21, 1937Sept. 2, 1937Aug. 24, 1937Sept. 3, 1937Aug. 31, 1937Sept. 17, 1937

Advances secured by direct obligationsof the United States (last paragraph ofSection 13 of the Federal Reserve Act)

To banks

RateSept.

26

11

111

11

Ineffect

beginning—

Sept. 1, 1939Aug. 25, 1939Sept. 1, 1939Sept. 1, 1939Sept. 1, 1939Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Sept. 16, 1939Sept. 1, 1939

To others

RateSept.

26

4

443

4

Ineffect

beginning—

Apr. 29, 1938Feb. 8, 1934Sept. 1, 1939May 11, 1935Feb. 19, 1934Apr. 23, 1938Oct. 16, 1933Feb. 23, 1935Oct. 8, 1938Apr. 16, 1938Apr. 16, 1938Oct. 19, 1933

1 VA per cent to lenders other than banks.NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,

Kansas City, and Dallas, VA per cent.Back figures.—See Annual Report for 1937 (table 40).

FEDERAL RESERVE BANKBUYING RATES ON ACCEPTANCES

[Per cent per annum]

Maturity

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

1 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.


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, Sept. 26, 1939, on advances and commitments underSec. 13b, of the Federal Reserve Act as amended June 19, 1934.

[Per cent per annum e,xcept as otherwise specified]

Federal Reserve Bank

BostonNew YorkPhiladelphiaCleveland

RichmondAtlantaChicago.St. Louis

MinneapolisKansas CityDallasSan Francisco.. _.

Advancesdirect toindustrial

or com-mercial or-ganizations

4-64-6

4^-6

65-65-6

64-65-65-6

Advances to financ-ing institutions—

On por-tion forwhich

institu-tion is

obligated

33

0) 234

4-65

334

434-544

3-4

On re-mainingportion

3344-5

4

4-65

5-64

434-54

5-64-5

Commit-ments

to makeadvances

34-11-2

1

1-2

,-11

34-2l

1 Authorized rate 1 per cent above prevailing discount rate.3 Same as to borrower but not less than 4 per cent.8 Flat charge.Back figures.—See Annual Report for 1937 (table 40).

MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

Classes of depositsand banks

On net demanddeposits:l

Central reserve city..Reserve cityCountry

On time deposits:All member banks. __

June 21,1917-

Aug. 15,1936

Aug. 16,1936-

Feb. 28,1937

341510H

434

Mar. 1,1937-

Apr. 30,1937

22173

May 1,1937-

Apr. 15,1938

Apr. 16,1938-andafter

12

1 See footnote to table on p. 896 for explanation of method of comput-ing net demand deposits.



MONEY RATES AND BOND YIELDS

OPEN-MARKET RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

1936 average.__1937 average. . .1938 average . -

1938—AugSeptOct.NovDec. .

1939—JanFebMarAprilMayJuneJulyAug

Week ending:Aug. 2 6 . . . .Sept. 2Sept. 9Sept. 16..._Sept. 23 . . . .

Prevailing rat

Primecom-

mercialpaper,4 to 6

months

.75

.95

.81

vJX

^Ar

Vi-,

H-

H-H-Yr

/%/%4/%/%

H

v%hA-%Vs-%

Primebank-

ers'accept-ances,

90days

.15

.43

.44

7/167/167/167/167/16

7/167/167/167/167/167/167/16Vie

7/167/167/167/16

Vie

e on—

Stockex-

changetime

loans,90

days

1.161.251.25

134IXIXIXV4

IXIXIXIXIK\MIHi%

IKWA

IX\\iIX

Aven

Stockex-

changecallloanre-

new-als

.911.001.00

1.001.001.001.001.00

1.001.001.001.001.001.001.001.00

1.001.001.001.001.00

ige rate on—

U. S. Preas-ury bills

N e wissues

of-fered

withinperiod*

.143

.447

.053

.047

.096

.023

.024

.007

.002

.004

.005

.019

.006

.006

.017

.046

.076

.108

.159

. 125

.082

91-daydeal-ers'

quo-tation

.17

.28

.07

.06

.08

.05

.04

.03

.03

.03

.03

.03

.03

.03

.04

.05

.06

.09

.20

.17

. 13

Aver-age

yield onU.S.

Treas-ury

3-to-5yearnotes

1.111.40.83

.71

.82

.68

.71

.67

.65

.63

.51

.50

.42

.39

.45

.48

.53

.681.181.121.09

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.

Back figures.—See Annual Report for 1937 (tables 43 and 44). Figuresfor 91-day Treasury bills available on request.

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates; per cent per annum]

New York City:JanuaryFebruary,MarchApril...MayJuneJuly . .AugustSeptemberOctoberNovemberDecember

Other northern andeastern cities:

JanuaryFebruaryMarchApril..MayJuneJulyAugustSeptemberOctoberNovemberDecember

27 southern andwestern cities:

JanuaryFebruary.MarchAprilMayJune _JulyAugust __SeptemberOctoberNovemberDecember ._

1929

5.745.735.815.585.885.935.886.056.066.085.865.74

5.875.865.916.006 096.026 086.116.246.256.125.94

5.945.966.046.076.106.166.176.226.276.296.296.20

1932

4.714.714.724.694.554.614.424.454.304.354.124.22

5.075.135.145.105 145.135 055.125.034.964.884.88

5.615.615.645.635.645.625.635.685.635.565.555.60

1933

4.124.114 884.334.244.103.933.973.793.763.523.48

4.894.845 395.094.994.974.824.684.654.514.544.59

5.605.565.665 685.665 6?5.545 535.555.505.425.43

1934

3.583.433 313.393.423.303.303.333.263.283.223.18

4.654.494 5?4.524.394.304.154.124.114.134.083.98

5.405.395.405.345.285.195.075 055.045.054.934.92

1935

2 832.902.642.612.692.662.612.672.722.722.772.61

4.084.024.053.993 883.783 873.793.753.753.633.67

4.954.844.854.804.794.764.584.634.514.554.514.55

1936

2 642.562.612.542.512.442.442.422.402.462.432.43

3.623.633 603.473.453.513 613.473.453.503.473.46

4.474.514.444.404.434 394.354 254.294.234.244.14

1937

2.502.412.502.532.442.342.362.412.392.382.452.40

3.363.433 343.363.453.323. 323.293.333.373.423.36

4.164.154.154 214.174 184.194 184.184.164.174.15

1938

2 362.342.402.362.402.362.272.162.252.292.332.33

3.373.293. 253.263.273.383 283.263.303.373.283.47

4.164.094.154 134.134 144.124 124.074.064.054.04

1939

2.292.24CO

3.413.33

4. 104 090)

—

—

1 Series discontinued. New revised series on somewhat different basisto be substituted.

BOND YIELDS1


Year, month, or week

Number of issues

1936 average1937 average1938 average

1938—August _SeptemberOctober _November..December

1939—January _FebruaryMarchAprilMayJune _- -.JulyAugust

Week ending:Aug. 26.Sept. 2Sept. 9 .Sept. 16Sept. 23

TT Q

Treas-ury 2

2-6

2.652.682.56

2.512.582.482.502.492.472.442.342.302.172.132.162.21

2.272.332.552.642.74

Munic-ipal 3

15

3.073.102.91

2.823.022.822.742.752.702.702.672.752.662.632.652.75

2.782.963.323.263.29

Corporate 4

Total

120

3.873.944.19

4.094.174.033.953.953.863.813.743.843 783.713.663.67

3.713.763.953.943.96

By ratings

Aaa

30

3.243.263.19

3.183.213.153.103.083.013.002.993.022.972.922.892.93

2.953.003.203.243.28

Aa

30

3.463.463.56

3.573.603.533.463.423.323.263.223.223.163.133.083.11

3.133.213.463.503.52

A

30

4.024.014.22

4.134.204.084.024.023.973.943.873.973.923.863.833.80

3.823.864.034.044.07

Baa

30

4.775.035.80

5.495.655.365.235.275.125.054.895.155.074.914.844.85

4.924.995.094.974.98

By groups

Indus-trial

40

3.503.553.50

3.433.503.433.393.403.313.293.293.353.303.233.183.21

3.243.303.543.573.59

Rail-road

40

4.244.345.21

5.095.184.944.834.824.704.634.464.664.604.474.424.41

4.464.534.624.554.57

Publicutility

40

3.883.933.87

3.763.823.733.653.633.573.523.483.513.453.423.393.40

3.423.473.683.703.72

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description.«Standard Statistics Co.* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced

from 10 to 4, the industrial Aa group from 10 to 3, the industrial A group from 10 to 8, and the railroad Aaa group from 10 to 5.Back figures.—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938.



BOND PRICES1

Year, month, or date

Number of issues

1936 average1937 average1938 average

1938—August.SeptemberOctoberNovemberDecember



U. S.Treas-ury 2

2-6

103.7101.7103.4

104.0103.0104.3104.0104.1104.4104.8106.0106.6108. 3109.1108.9108.2

107.7107.3103.2102.3100.8

Munic-ipal 3

15

110.8110.3113.7

115.2111.7115.2116.6116.5117.3117.3117.9116.4118.1118.6118.3116.5

115.9112.7106.7107.6107.1

Corporate 3

Total

60

97.593.478.9

81.378.781.882.181.181.982.183.179.480.281.481.681.0

80.179.878.881.481.2

Indus-trial

20

92.290.182.9

85.784.2

86.086.286.487.183.884.886.286.385.8

85.284.783.885.285.0

Rail-road

20

94.789.658.6

60.055.759.960.258.659.759.060.954.554.856.256.455. 5

53.953.855.460.159.9

Utility

20

105.4100.495.3

98.196.398.699.398.799.7

100. 7101.399.7

101.0101.6102.1101.7

101.0100.897.1

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

2 Average prices of all outstanding bonds due or callable after 12 years,based on quotations from Treasury Department; see BULLETIN forDecember 1938, pp. 1045-1046 for description. Prices expressed indecimals. Figure for July 5, should be revised to 108.4.

3 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 average1937 average _ _1938 average

1938—AugustSeptember. _.OctoberNovember . . -D e c e m b e r . . .

1939—JanuaryFebruaryMarch .AprilM a yJune .JulyAugust

Aug. 23Aug. 30Sept. 6Sept. 13Sept. 20 _

Stock prices i

Pre-ferred 2

20

138.9136.2135.6

138.1137.9140.4142.3141.7141.7141.8142.3140.4141.8143.9143.7142.3

141.9140.5138.0136.4134.8

Common (index, 1926=100)

Total

420

11111283

90869195929290928283868686

8284929694

Indus-trial

348

12713199

1081041101141111091061089697

101101101

9598

110114112

Rail-road

32

514926

28262830293028302525262625

2324283131

Utility

40

1049573

75727781788184868082858587

8385838584

Vol-ume oftrad-ing 3

1,8241,5191,100

8431,0541,8891,3551,1951,114

708999964548507821706

9281,0873,9873.2041,789

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

19291930193119321933193419351936___19371938 . .

1938—AugSeptOctNovDec

1939—JanFebMar.__AprMayJune . . _JulyAug

Total(newandre-

fund-ing)

11, 5137,6194,0381,7511,0632,1604,6996,2143,9374,461

417238766386529257561240356

1,312605586447

Total(do-

mesticandfor-

eign)

10, 0936,9123,0951,197

7201,3861,4571,9722,1382,359

182146167226241200398162143117293318102

Total

9,4206,0042,8601,165

7081,3861,4091,9492,0942,323

182146167196241200378162142117283318

82

]

Stateandmu-nici-pal

1,4181,4341,235

762483803855735712971

5553

1031521267644

1056394

2536657

For new capital

Domestic

Fed-eral

agen-cies 2

087757764

40515022

157481

0800

55118310

4220

2030

Corporate

Total

8,0024,4831,551

325161178404

1,1921,225

872

12785644360-

624537721304925

Bondsand

notes

2,0782,9801,239

30540

144334839817807

12383623744

517434718224022

Stocks

5,9241,503

31120

1203569

352408

65

4226

1617

1031

3993

For-eign i

673908235

32120

48234435

000

3100

200

(3)0

100

20

Total(do-

mesticandfor-

eign)

1,420706944554343774

3,2424,2421,7992,102

23692

599160288

57163

78213

1,195312268345

Total

1,387527893498283765

3,2164,1231,6802,075

23692

599135286

57163

75161

1,180312268330

Stateandmu-nici-pal

1353218737

136365382191129

1122

26

1527101311

7391813

For refunding

Domestic

Fed-eral

agen-cies 2

00

519326

317987353281665

146

323222019171521

1,021217418

Corporate

Total

1,374474821319219312

1,8643,3871,2091,280

21165

274108250

1013647

129151252177299

Bondsand

notes

542451789315187312

1,7823,187

8561,249

21165

27489

24010

10146

106131249137290

Stocks

8332332

432

081

200352

31

0(3)

11811

(3)35

(3)2320

239

0

For-eigm

33179515660

926

11911928

000

253003

531600

15

1 Includes issues of noncontiguous U.S. Territories and Possessions.2 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.3 Less than $500,000.

Source.—For domestic issues, Commercial and Financial Chronicle; or foreign issues, U. S. Department of Commerce. Monthly figures subjectto revision.

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



TREASURY FINANCEUNITED STATES GOVERNMENT DEBT

VOLUME AND7KIND OF DIRECT OBLIGATIONS[On basis of daily statements of United States Treasury. In millions of dollars]

End of month

1932—June1933—June1934—June1935—June1936—June1937—June..1938—June


1939—January _FebruaryMarchAprilMay ._JuneJulyAugust

Totalgrossdebt

19,48722, 53927,05328, 70133, 77936,42537,165

37, 59338, 39338, 42338, 60339, 42739, 63139,85939, 98540,06340, 28240, 44040, 66140, 891

Totalinterestbearing

19,16122,15826, 48027, 64532, 98935, 80036, 576

37,05237, 85037. 89738,06838, 89939, 09739, 32639, 44239, 52539, 75139, 88640,11440, 351

Total

«18,816«21, 782«26,00626,91031,29733, 73433, 463

33, 68134,49334, 52734, 55935, 32735, 46935, 53335, 57935, 62735, 68035, 71535. 79835! 862

:

Interest-bearing

Publicly-offered 1

Bonds

Pre-war

753753753753

797979

79797979797979797979797979

Treas-ury3

13,46013,41715, 67914,01917,16819, 93621, 846

21,84622, 71222, 71222, 71224,00524,00524,00525, 21825, 21825,21825, 21825, 21825, 218

U. S.savings

62316800

1,238

1.3051,3341,367L,3991,4421,5801,643,701

L, 751806

1,8681,9492,015

Notes

1,2614,5486,653

10,02311,38110,6179,147

9,1479,0679,0679,0678,4968,4968,4967,2707,2707, 2707,2437,2437,243

Bills

616954

1,4042,0532,3542,3031,154

1,3041,3021,3021,3031,3061,3091,3101,3111,3091,3081,3081,3091, 307

Ad-justedserviceissues3

10592

118156

1,071926868

859830826827827826825827826825839833829

Socialse-

curityissues4

19579

1,601

1,7571,7881,8071,9372,0022,0462,2072,2572,2942,4422,5112,5422,722

Allothers

240284356580601560644

754739736745743756761779780805820941938

Non interest-bearing

Ma-tureddebt

606654

231169119141

10210694

105101109112125122117142140133

Other

26631fi518825620506447

440437433431427425421419416414411408406

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.6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.• Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.

MATURITIES'OF PUBLICLY-OFFERED DIRECTOBLIGATIONS, AUGUST 31, 1939

fin millions of doliarsl

Da te matur ingor callable

1939—Before Oct. 1Oct. 1-Dec. 31

1940—Jan. 1-Mar. 31Apr. l - J u n e 3 0July 1-Sept 30Oct. 1-Dec. 31

194119421943194419451946_...1947194819491950195119521953195419551956195819591960196119631965

Total

Maturing

Total

4131,4311,378

738

7372,2191,0011,948

4162,1181,8432,8232,0001,395

1,2232,4361,7862,663

755489

9822,611

50919

1,485

35, 862

Bills

402905

1,307

Notes

11526

1,378738

7371,3851,0011,050

416

7,243

Bonds

U. S.Sav-ings

177324425513

2 576

2,015

Other

834

898

1,9411,5192,3991,487

819

1,2232,4361,7862,663

755489

9822,611

50919

1,485

25, 297

Bondscall-

able 1

353

1,379

1,8552,5551,7552,3721,4601,6742,2781,1862,382

2,611982919

1,48550

25, 297

1 Excludes U. S. savings bonds. Other bonds in the amount of $2,577,-000,000 not callable prior to maturity are shown as of date of maturity.

5 Includes unclassified U. S. savings bonds.

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES^fin millions of dollars]

End ofMonth

1934—June..Dec...

1935—June-D e c . .

1936—June..Dec...

1937—June..Dec...

1938—June..

1938—Aug...Sept. .Oct . . .Nov. .Dec...

1939—Jan. „Feb.. .Mar...Apr...May..June..Ju ly . .Aug._.

Total

6813,0634,1234,4944,7184,6624,6654,6454,853

5,0155,0095,0014,9934,9924,9875,4105,4105,4105,4095,4505,4805,583

FederalFarm

MortgageCorpora-

tion

312980

1,2261,3871,4221,4221,4221,4101,410

1,4101,4041,3951,3881,3881,3831,3811,3811,3801,3791,3791,3791,379

HomeOwners'

LoanCorpora-

tion 2

1341,8342,6472,8553,0442,9882,9872,9372,937

2,8882,8882.8882,8882,8882,8882,8882,8882,8882,8882,9282,9582,858

Recon-structionFinanceCorpora-

tion

235249250252252252255297299

511511511511509509819819819820820820820

Com-modi tyCredit

Corpora-tion

206

206206206206206206206206206206206206409

u. s.Hous-

ingAuthor-

i ty

114114114114114114114

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 $2,615,000 on August 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 endingJune 1937June 1938June 1939

2 months ending:Aug. 1937....Aug. 1938Aug. 1939

1938—AugustSeptember-OctoberNovember.December..

1939—January....February._MarchAprilMayJuneJulyAugust

General and special accounts

Receipts

Total

5,2946,2425,668

863799728

487711332382704308417737268397613308420

In-cometaxes

2,1582,6352,182

937979

32498

4136

4814856

5064043

3554237

Socialsecur-

itytaxes2

253755740

114163155

1313

34129

343

1824

301242536

119

Otherinter-nal

reve-nue 3

2,1872,2852,238

523468405

283170209175181173143183156187193187218

Allother

507

134

Expenditures i

Total

8,4427,6269,210

1,2381,4451,629

751769678862693662870785744951807822

General

Inter-est ondebt

926941

333034

17146679

1733017

1206610

2721518

Na-tional

de-fenseandVet-

erans'Adm.4

1,4361,5561,627

255279316

142131136137136140122136133136140155161

Allother

1,9942,1782,761

359483494

227177250228190221209243258279223249245

Re-cov-eryand

relief

Re-volv-ing

funds(net) s

3,0732,2383,105

373453541

236243262249309258254297266262252220321

20412192

Trans-fers totrustaccts.etc.6

186183233

4845444949395068555056167

Excessof re-ceipts(+) or

ex-pendi-tures

-3 ,149-1 ,384- 3 , 542

-375-647- 9 0 1

- 1 9 5- 4 0

-437-296- 1 5 7- 3 8 5- 2 4 5-132- 5 1 7-348-339-499-402

Trustac-

counts,etc. 7

excessof re-ceipts(+)or

ex-pendi-tures

+374+306+890

+104+262-157

- 6 3- 4 1- 3- 6

- 3 1+30

+428+52+93+9

+95-113-44

Generalfund

balance7

Increase or de-crease during

period

-128-338+622

+349+44

-607

+144+719- 4 0 9- 1 2 2+636- 1 5 1+410

+46- 3 4 6- 1 1 9

- 8 6- 3 9 1-216

Grossdebt

+2, 646+740

+3, 275

+620+428+452

+402+800+30

+180+824+204+227+127+78

+219+158+222+230

Period

Fiscal year ending:June 1937June 1938June 1939

2 months ending:Aug. 1937Aug. 1938Aug. 1939


1939—JanuaryFebruaryMarch... ___AprilMayJuneJulyAugust

Details of trust accounts, etc.

Old-age reserve andrailroad retire-ment accounts

Re-ceipts

267550639

113108131

48454449493950685550856566

In-vest-ments

267461516

927596

35353434343450505040834551

Bene-fit

pay-ments

(8)85

120

81821

99

1010101010111011111010

Unemploymenttrust fund

Re-ceipts

294763838

107167212

1313538

1253751

1483434

1373258

154

In-vest-ments

293560395

9882

115

8294

9 14963210

111

9 131089 139 14129

With-drawals

byStates

1191442

(8)8982

53404026193336444132414241

Net expenditures inchecking accounts ofGovernment agencies

Recon-structionFinanceCorpora-

tion

9 3299 9

9 658

9 719 250

45

1024192118

9 159 326

969 60

39 86

1629

Com-modi tyCredit

Corpora-tion

9 1129 184

136

9 6141

9 80

312723181610

(8)25

9 4(9)(8)

69 86

Allother

1279 11

9 246

499 29239

26979 6

9 1194

9 209 112

9 379 27

129 214496

Allother,excessof re-ceipts(+)orexpen-ditures

(_)1O

+60+87

+116

- 3+14+18

+3+3

+19+13+8+2- 1

+14+11+23+ 11+13+5

Details of general fund balance(end of period)

Total

2,5532,2162,838

2,9022,2602,231

2,2602,9782,5692,4473,0842,9333,3433,3893,0442,9242,8382,4472,231

In-activegold

1,087

1,335

In-cre-

menton

gold

141142142

141142142

142142142142142142142142142142142142142

Seign-iorage

356446536

375455549

455460467478492503508515522528536544549

Work-ingbal-ance

9701,6282,160

1,0511,6631,539

1,6632,3761,9601,8282,4492,2882,6932,7322,3802,2542,1601,7611,539

1 Excludes debt retirements.2 Includes taxes under Social Security Act and on carriers and their employees.3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.4 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc."5 Includes revolving funds of Public Works Administration and Farm Credit Administration.6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except

or 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. 9 Excess of credits.

10 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against incrementon gold (other than retirement of national bank notes) and receipts from seigniorage.



GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JULY 31 , 1939[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 insti tutions. _Preferred stock, etcLoans to railroadsHome and housing mortgage

loansFarm mortgage loans _Other 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 propertyProperty held for sale . . . _.Other assets ___ _ _ _

Total assets other than inter-agency 6

LIABILITIES

Bonds, notes, and debentures:Guaranteed by United States . . .Other 6

Other liabilities (including reserves).

Total liabilities other thaninteragency6

Excess of assets over liabilities, ex-cluding interagency transactions. .

Privately owned interests

U. S. Government interests

Recon-structionFinanceCorpo-ration

andPublicWorksAdmin-istration

215527462

222 431

1, 6572

48

827

0)362

1,781

820

91

911

869

869

Home mortgage andhousing agencies

HomeOwners'

LoanCorpo-ration

217

2,068

2,28570

104

5485

2,921

2, 7690)

103

2, 873

48

48

Othermort-gageagen-cies

16244

183

0)

3894136

12

60)0)0)

485

13434

167

31749

268

UnitedStatesHous-

ingAu-

thority

81

81512

1130

264

114

8

122

142

142

Farm credit agencies

Farmmort-gageagen-cies

2,647

2,64711174

5 2201

6122

7

3,171

1,3791,000

93

2,472

699198

500

OtherFarmCreditAdm.banks

and cor-porations

76

294

36931

170

21374

0)0)0)

633

19811

209

4243

421

Com-modityCreditCorpo-ration

565

5651

180)

(x)

584

206

78

284

300

300

Other

( i )

204s 323

52727

0)

5

559

182

182

377

377

Ten-nes-see

Val-leyAu-

thor-ity

7

4241

(0

252

85

14

239

239

In-sur-anceagen-cies

58

5$30

397

106

63124

661

2(0204

207

454139

315

Other

0)30

4 0 )

283144

44100

166

512

957

66

446

446

Total

July31,

1939

435864493

2 3322,6471,0841,007

8 861385731

14047

37848370990

11, 823

5,2911,349

867

7,507

4,316390

3,926

June30,

1939

446865493

2 3312,658

780892

8 465585713

14048

377481708189

11, 706

5,4711,389

791

7,651

4,056387

3,668

July31,

1938

489868475

2 34G2,795

671807

8 452380674

16037

415432670147

11,365

5,0641,378

786

7,229

4, 136372

3,764

i Less than $500,000.» Includes $59,000,000 loans of Public Works Administration.»Includes $256,000,000 loans of Farm Security Administration.4 Includes $133,000,000 loans of Rural Electrification Administration.* Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation.6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction

Finance Corporation.N O T E . — F o r 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 loansSecurities purchased from Public Works Administration

Total loans and investments, other than interagency..

Loans to Federal land banksPreferred stock of Export-Import bankLoans 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. .

Aug. 31,1938

219, 99937, 220

525,160414, 928191, 55185,04979, 39114, 365

138, 509

1, 706,172

1620, 00046, 49841, 75516, 403

1, 830, 844

Feb. 28,1939

199,18333, 779

526,153436,139187, 301110, 66482,494

136, 725

1, 739, 427

45,00049, 84851, 69117, 2343,000

1, 906, 200

Mar. 31,

196, 67933, 626

524, 343439, 560186, 978112,04882, 75727,067

131, 090

1, 734,148

45,00053, 94853, 25824, 2153,000

1, 913, 569

Apr. 30,1939

193, 96733, 583

528,024443,840111,391112, 53182, 96627,129

130, 313

1, 663, 744

45,00056 69855, 06629, 3983,000

1, 852, 906

M a y 31,1939

190,44733, 494

528, 573436, 612113, 450114, 49883, 08428, 640

128, 865

1, 657, 663

45, 00061,14855, 62533, 7963,000

1, 856, 232

June 30,1939

183, 94333, 444

529, 270439,199

44, 683117,07983,10927, 393

116, 577

1, 574, 697

45,000146, 49857,09437, 996

1, 869, 585

July 31,

181, 50233, 349526, 876438, 86368,106121, 80483, 35825,196119, 705

1, 598, 759

45,000146, 49855, 21941, 7768,300

1, 895, 551

Aug. 31,1939

178, 83333,181517,125438, 83773, 844123,04283, 46223, 812122, 986

1,595, 121

45, 000146, 49854, 90344, 4388,300

1, 894, 260

N O T E . — F o r 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—August __ -__

October _NovemberDecember .

1939—January.__FebruaryMarch __ _AprilMayJuneJulyAugust

Farm mortgage loansb y -

Federalland banks

1,915, 7922,071,9252,064,1582,035,307

2,008, 6612,003,8101,997, 5611, 990,4751, 982, 2241, 973,1791,968, 7901,960, 3571, 954, 6771, 947, 9441,940, 5861, 934, 0131, 928,166

LandBank

Commis-sioner

616,825794, 726836, 779812, 749

776,982771,988766, 502760, 326752, 851745, 631740,870733,647728, 489723,187717, 622712,823708, 426

Federal intermediatecredit bank loans toand discounts for—

Regionalagri-

culturalcredit cor-porations,productioncredit as-

sociations,and banksfor cooper-

atives i

99,675104, 706129,872165,194

197, 274189,937174,626166, 549168, 392163,815166, 996175, 362182, 643186, 588190, 359189,044187,968

Otherfinancinginstitu-tions,except

coopera-tives

55,67247,16241,01740,464

42, 98440,80836,12134, 53733, 54533,07734,11535, 31836,48338,12439, 79440,65741, 661

Produc-tion credit

associa-tions

60,85294,096

105, 212138,169

181,154170,806154, 560148,430148,037148,416155, 409167,867177, 792183, 351187, 712187,844185, 215

Regionalagricul-

tural cred-it corpo-rations

87,10243,40025, 28815, 592

14,00313, 37412, 35411, 59211,08110,86310, 68910, 39910, 29810,28610, 23510,0039,599

Emer-gency

crop anddrought

loans

111, 182172,489164,887172,130

181,867179, 398174, 574172,043170,891169, 707170,400175, 509179,156179, 834179, 565178, 754177, 668

Loans to cooperatives by—

Federalinter-

mediatecreditbanks

33,9692,7311,6411,813

118256744851920834

1,1521,5281,256

596359263127

Banks forcooper-atives,

includingCentralBank

27,85150,01369, 64787, 633

75, 96182, 54486, 93186, 22187, 49680, 26673, 69265, 78361, 36360, 46559, 57762,12461, 404

Agricul-tural

Market-ing Actrevolv-

ing fund

54,86344,43353, 75430,982

26,11927,37027, 91725, 31323, 72323, 94823, 63123, 30523,19023,06122, 59222,18922, 422

i 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 credit

i s 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—AugustSeptember.October. _.November.December.

1939—January...February..MarchAprilMayJuneJulyAugust

Home mortgage loans by—

HomeOwners'

Loan Cor-poration

2,379,4912,897,1622, 765,0982, 397, 647

2, 234,8992, 221, 4172, 203,8962,186,1702,168,9202,149,0382,134, 2612,117, 5982,105,8242,091,3242, 080, 5122, 067,8442, 059, 792

Federal savings andloan associations

Numberof asso-ciations

6391,0231,2121,328

1,3541,3651,3701,3741,3681,3701,3751,3751,3811,3831,3861,3851 392

Loans i

81,300348,000586,700853, 500

976,074994,218

,011,087,020,873,034,162,040,770,051,109,067,887,089,879,117, 228

1,136, 2891,157, 5361,186, 784

Federalhomeloanbank

loans tomemberinstitu-tions 2

86,651102, 791145,394200,092

189,415189, 548189, 217189,685198, 840178,852170, 614161,614157,176157, 911168, 962161, 537159, 470

i Federal Home Loan Bank Board estimates for all Federal savingsand loan associations.

a Excludes loans to other than member institutions which are negli-gible in amount.

POSTAL SAVINGS SYSTEM[In millions of dollars]

End of month

1935—June1936—June1937—June1938—June

1938—JulyAugust. _SeptemberOctoberNovemberDecember


Depos-itorsbal-

ances1

1,2051,2321,2681,252

1,2521,2521,2481,2501,2501,2521,2591,2631,2661,2641,2611,262

PI , 268PI , 271

Assets

Total

1,2361,2651,3071,290

1,2911,2911,2871,2891,2911,2911,2991,3041,3091,3061,3051,304

Cashin de-posi-tory

banks

385203136115

1029998968786838180767368

U. S. Governmentsecurities

Total

777967

1,1001,103

1,1031,1131,1181,1181,1281,1321,1371,1441,1531,1541,1571,157

Di-rectobli-ga-

tions

630800933936

937947952952961965971978986988

1,0111,011

Guar-an-

teedobli-ga-

tions

147167167167

166166166166167167166166167166146146

Cashre-

servefunds,etc.*

74957172

867971757673797976767579

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-per cent reserve fund and

miscellaneous working funds with the Treasurer of the United States,accrued interest on bond investments, and accounts due from late post-masters.

Back figures.—See BULLETIN for August 1935, p. 502.



PRODUCTION, EMPLOYMENT, AND TRADE

Yearand

month

19191920192119221923192419251926192719281929193019311932193319341935193619371938

1936

July.—AugSeptOctNovDec

1937

JanFebMar.....AprilMay_._.JuneJuly....Aug. ...Sept. _..OctNovDec

1938

JanFebMarApril..MayJuneJuly..._AugSeptOctNovDec

1939

JanFebMar.....AprilMayJuneJuly_._.August _

[Index numbers; 1923-25 average=100.

Industrial production i *

Total

Ad-justed

108108109110114121

1141161181181181141141171111028884

80797977767783889096103104

1019998929298101

,102

Unad-justed

838767851019510410810611111996816476799010511086

105106108111115114

1121171221221221151111151091029080

7979807877778187919710498

999910095949897,99

Manufac-tures

Ad-justed

109110110110114121

1151161171181181141141171101008579

76757573737482878995103104

1009796929197100

,104

Unad-justed

848767861019410510810611211995806375789010510984

105106107110115114

113118122125123114110114106998675

7576777675757985899510398

989810096949795,99

Minerals

Ad-justed

10299102105112117

111116128115117115112113116113109115

108103104100929293959798102109

1101101109598104106,92

Unad-justed

77897074105969910810710611599847182869110511598

102104110115115111

107112119105118118115121125123112108

103999691909293971€2106105103

1051051028897105107,96

The terms "adjusted'' and "unadjusted" refer to <

Construction contracts awarded (value) 2

Total

Ad-justed

596259575866

636256535661676256525661

525146526154596678829696

86736967636367,73

Unad-justed

636356798494122129129135117926328253237555964

656560546153

515466616872756656495049

424446596163656979788577

70636976757373

P77

Residential

Ad-justed

444647434045

454745444442444037363230

263233373742495356575657

55585558555862,64

Unad-justed

44304468819512412111712687503713111221374145

454647413938

374247515247454037353125

222835434446495256565448

45515868656463,64

All other

Ad-justed

717569697283

777564616677868171657687

736656656264687796102128128

111858074686771

P81

Unad-justed

7990658886941201351391421421258440374850707480

828170656265

636463688192998772616568

59565573767678849796111100

90727983848081,87

adjustment for seasonal variation]

Factory em-ployment 3

Ad-justed

100101102102104107

10710811011111211111211211010810498

9392908886•85868890909394

95949494939495,96

Unad-justed

1071078291104961001021001001069278667386919910990

98101104105105106

10510811011111211011111211211010497

919191898684858992929394

92949494939394,96

Fac-torypay-rolls 3

Unad-justed

981177681103961011041021041108968475065748610378

848787939499

951001061101101081051091051059385

757878757371717782848587

84868886858784,90

Freight-carloadings 4 *

Ad-justed

767675778283

808283848078807978767167

656260575858616264686969

6967666062676970

Unad-justed

8491788510098103107104104107927455586264757862

777784868477

737680798079828187847262

595757555758626371757064

6362635862677071

Departmentstore sales *(va

Ad-justed

908788909492

939593939393929394939189

908886837882838386848989

8887888885868689

due)

Unad-justed

7894878898991031061071081111029269677579889285

636894100105161

7276908995906572100103101156

7070778680795865919299156

6969828887836069

p Preliminary. r Revised. * Average per working day.i For indexes of groups and separate industries see pp. 915-916; for description see BULLETIN for February and March 1927.» 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931.3 Figures revised 1935 to date. The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau

of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pp. 835-837of BULLETIN for October 1938 and pp. 878-887 of this BULLETIN. For current indexes of groups and separate industries see pp. 917-920. Under-lying figures are for payroll period ending nearest middle of month.

* For indexes of groups see p. 922.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; adjusted for seasonal variation. 1923-25 average—100]

Industry

Manufactures—TotalDurableNondurable

IRON AND STEELPig ironSteel ingots

TRANSPORTATION EQUIPMENT:AutomobilesLocomotives

NONFERROUS M E T A L S : *Tin deliveries *ZincLead

CEMENT AND GLASS:CementGlass, plate

C O K E :ByproductBeehive

TEXTILESCotton consumptionWool

ConsumptionMachinery activity 1

Carpet and rug loom activitySilk deliveries

L E A T H E R AND PRODUCTSTanning

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes

FOOD PRODUCTS:Slaughtering and meat packing. .

HogsCattleCalvesSheepWheat flour

Sugar meltings

TOBACCO PRODUCTSCigarsCigarettesManufactured tobacco

PA PE R AND PRINTING:Newsprint productionNewsprint consumption

PETROLEUM REFININGGasoline1

KeroseneFuel oi l l

Lubricating oil J

R U B B E R T I R E S AND T U B E S ITires, pneumatic J

Inner tubes J

Minerals—Total

Bituminous coalAnthracitePetroleum, crudeIron oreZincLeadSilver

1938 1939

July

8258102

624264

4312

686954

7177

715

97101871107442105

10378778076119

83621071121529885

1547121984

54125

200258106132110

818456

93

604716138695499

Aug.

8764108

705172

454

657446

6789

815

1101151061339155102

10982867775126

89741031151538786

1617323281

53123

203264104134108

909369

95

6438167377446105

Sept.

8969107

755977

464

717550

69107

896

103108931078666111

10378867265119

988810611815288106

1607522984

57130

206265109141113

959871

97

7150158417550102

Oct.

9583106

906792

845

818050

80155

986

100104911018767104

101818969

>', 701 H4

95929410814991103

1507421178

58132

208269102143110

9910372

98

7249161508050102

Nov.

10394110

10876112

968

738866

84155

1056

11211210712310169123

10790948977118

94889611215286100

1647623395

63128

208269104140109

10010475

102

765816542886651

Dec.

10492114

10174104

9912

599457

82153

1066

11712011613411272116

123989910985138

86798910613792108

1797625897

61128

201259107142100

11211679

109

7867169

945785

Jan.

10088110

937295

105rl2

668970

69147

1066

10911010711411377107

12410310011997137

87749711115092106

1657923778

61125

205262112145106

11011576

110

7569171

897086

Feb.

9783109

887389

9812

728773

80133

1055

1091111111171138797

12410510411897137

83671001081579470

1627723178

61127

201256113138117

10911471

110

7961169

8773100

Mar.

9680110

837584

9114

769069

90131

1065

1101141051199184108

121959310395138

89731061101569778

1647823680

62126

202256122140111

11411976

110

7761173

906986

Apr.

9276106

796680

8714

929171

8183

942

971068591807888

1159791101106127

90819910513510094

1647723681

63130

209265122143115

10410873

95

3180174

9171101

May

9171108

735575

7315

1028982

7589

772

104110105120987376

113949189104126

94841041081429572

1707524685

65127

211269124143119

10210668

98

467317555898271

June

9782110

897390

8116

939070

79124

1035

1111151161381057084

10891'87r91102119

877310310414310066

1707524784

63132

215276122144121

11211777

104

7159170679070107

July

10088110

10081

102

87

879168

8287

1105

1111171141361056484

114898971106130

89771021071459681

1587322780

63126

212273117139115

11111677

106

755317474916870

Aug.

P104?93ni4

10591107

91

999371

121

1205

?119128

P122P147^105P7687

P113

n30

92841001041398877

1687624189

63130

12212784

P92

P76P53fl29789371

1 Without seasonal adjustment. v Preliminary. »• 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, October 1938, p. 911, and January 1939, pp. 20-21. Series on silk-loom activityand on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber,usually published in this table, are in process of revision.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Board of Governors; without seasonal adjustment.

Industry

Manufactures—TotalDurableNondurable

IRON AND STEELPig ironSteel ingots

TRANSPORTATION EQUIPMENT:Automobiles _.Locomotives

NONFERROUS METALS:Tin deliveriesZincLead

CEMENT AND GLASS:CementGlass plate

COKE:Byproduct -Beehive

TEXTILESCotton consumption _ _Wool

Consumption .Machinery activityCarpet and rug loom activity.

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 meltings _

TOBACCO PRODUCTSCigarsCigarettesManufactured tobacco

PAPER AND PRINTING:Newsprint productionNewsprint consumption, _ ___ _.

PETROLEUM REFININGGasolineKeroseneFuel oilLubricating oil

RUBBER TIRES AND TUBES __Tires, pneumaticInner tubes _. __ _

Minerals—Total

Bituminous coalAnthracitePetroleum, crudeIron oreZincLeadSilver

1938

July

795897

573959

4512

686452

8769

694

909281987442

100

10278759371

117

7956

10610915295

104

16774

24184

53111

199258

98132110

818456

93

5539

16578645284

Aug.

8563

104

694971

265

656944

8789

794

1031031011239155

106

12184859374

145

7756

1011061549497

17276

25084

52110

203264

99134108

909369

97

6238

170766944

104

Sept.

OS OO

OS CO

109

755776

264

717148

86107

885

10410496

1138666

116

11984908368

143

9066

118113176104114

17786

25291

57128

206265111141113

959871

102

7651

16378714897

Oct.

9579

109

886790

635

817852

91155

986

10310796

1118767

104

11186928273

128

9479

11011316310298

16190

22281

58140

209269107143110

9910372

106

7963

163867852

101

Nov.

10392

113

10077

103

1158

738869

83155

1076

11611711313410169

127

10288938576

112

10497

1111141519378

16790

23192

63137

208269113140109

10010475

105

8660

16335886955

Dec.

9885

108

897390

1171 2

599658

64153

1077

11111011713511272

103

10495969492

109

10110394

1001358862

14557

21279

61132

202259115142100

11211679

103

8266

164

965886

L923-25 average=100]

1939

Jan.

9884

111

907192

10511

669471

42147

1077

11411610911811377

122

11598

1019892

125

10110098

1041519070

15761

23279

62120

205262115145106

11011576

105

8374

164

947186

Feb.

9883

111

9275

CO

CO

OO

OO

1 2

729375

48CO

OO

l>CO

O

11511911612811387

104

126108111108101138

837488

1001479169

14767

21179

61125

202256115138117

10911471

105

8366

166

9375

108

Mar.

10086

111

9379

O

CO

Ox

Ox

1 4

769670

65138

1096

1121191061229184

104

12594949197

145

847492

1111429192

15671

22481

61131

201256119140111

11411976

102

7750

171

967094

Apr.

9684

106

877089

1061 3

929470

7991

952

1001138488807887

112949191

105124

817287

11412791

109

15172

21578

64139

208265121143115

10410873

88

2683

174

9470

102

M a y

9478

107

795681

8815

1029080

8893

762

104113100111987375

10588878596

115

9281

1011221399081

17278

24885

66131

211269119143119

10210668

97

4073

17782908069

June

9785

108

897290

9115

938771

98112

1015

1051111091241057075

104'908688

102113

867696

1081408878

18681

27286

64131

215276113144121

11211777

105

6351

1731328771

105

July

9583

105

'9377

-95

66

878465

10078

1074

1031061061211056480

11288868398

127

8469

1011041459498

17176

24980

62112

211273108139115

11111677

107

6844

178150846559

Aug.

P99

pi l l

10387

105

28

998768

121

1164

P112115

P137P105

91

P126

P149

80649896

1409486

18080

26191

61116

12212784

P96

P 7 5

P1321598768

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, October 1938, p. 912, and January 1939, pp. 20-21. Series on silk-loom activity and on production ofbook paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published inthis table, are in process of revision.



FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]

Industry and group

TotalDurable goodsNondurable goods

IRON, STEEL, PRODUCTSBlast furnaces, steel worksBolts, nuts, washers, rivetsCast-iron pipeCutlery, edge toolsForgingsHardwarePlumbers' suppliesStamped, enameled wareSteam, hot-water heatingStovesStructural, ornamentalTin cans, tinwareToolsWirework

MACHINERYA gricultural implementsCash registers, etcElectrical machineryEngines, turbines, etcFoundry, machine-shop products.Machine 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 cottaCementGlassMarble, granite, slatePottery

TEXTILES, PRODUCTSFabrics

Carpets, rugsCotton goodsCotton small waresDyeing, finishing textilesHats, fur-feltHosieryKnitted outerwearKnitted underwearKnitted clothSilk, rayon goodsWoolen, worsted goods

Wearing apparelClothing, men'sClothing, women'sCorsets, allied garmentsMen's furnishingsMillineryShirts, collars

1938

July

85.871.499.4

734560741187575579170106

83.21071357480741189156118

58.4800562519

102

81.6116927882625969

59.8775254

68. 64965814781

95.185.25981691158814568691246074

113. 19417010213176115

Aug.

87.72.8102.1

82.2878366824865741297679579573105

84.61101337582751189159120

57.

1795

84.1122958084676169

61.5795456

69.250648446

99.689.16385731189114771691336379119.210417310313579122

Sept.

76.4102.7

83.6888769844971751357479589376125

85. 11001347882751208963123

75.79880311693

86.2128987984716170

62.8805558

70.5263874581

100. 389.06785761189414771691316478121.410617710314184119

Oct.

90.278.3101.5

85.8899070855283731397581598876137

86.81041348185751229864126

82486281594

1311018184776471

62.4795557

73.25367924682

7184771169614872691356275119.010417110414284117

Nov.

92.882.1103.1

9573885489741467479609180154

89.210413383877712411766127

90.6837992916100

91.91321067986826576

64.0805759

76.85668

100.090.57485801189114871701396484116.910416710513872117

Dec.

94.483.7104.7

90. 9959772905691741477482629383162

91.11013485

12612369127

93.28681023317103

93.113110679918567

65.0835759

77. 85768994985

102.292.37685831218915177711446588120. 010617310614077119

1939

Jan.

94.684.4104.4

90.7959672905489741447482639483154

92.311413284928012812669127

94.19001023519106

93.31311058490866878

65.845860

79.661641004987

101.991.9788582122901536472134

119.510317110713279130

Feb.

94.384.2103.9

90.4949673895587741437484669584152

94.012313185918113212971128

92.'

17113

93.413510484918468

65.1855759

77.459669548

101.891.7786821229015368711346484120.210417310713684123

Mar.

94.083.7103.8

90.7949773905487741477585679584151

12413186918213413072129

91.2968973616111

93.41401048492806977

63.2855656

77.45866955385

101.091.07785801228715470701346581119.210417110713284121

Apr.

93.883.9103.3

90.5959473905584741447584679684148

12212787918213812473129

91.11,075

963418112

1431038593776878

64.2855757

77.95867975384

99.690.27785781218615467701336577116.410316510912881119

May

93.382.9103.3

89.6949373865580751427485679584142

94.411912686938114012175126

87.21,169

893421118

92.81421048490

77

64.8845659

75.455639652

99.891.07485801248415368731286681115.210216111112580120

June

94.383.9104.2

90.3969371915472761477586669584135

95.411812887958314412275

126

1,267893325127

92.81451058291736877

65.38559

77.57

9850

101.92.0738679120891527274138

117.510416911412974120

July

94.883.7105.4

90.6969472915670771477888679581128

96.111512787958314913177122

83.51,387

813228128

94.1531068494757076

8659

78.45867

104.294.7489831299215475771386389121.110717411613773123

Aug.

95.784.9105.9

92.5

73945678781597988709885120

97.212212588978414612677119

85.61,482

843129125

1571098596807175

66.2876059

78.7576710150

104.695.47691841288815580781386286120.410617211714277121



FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONALVARIATION) —Continued

[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]

Industry and group

LEATHER, MANUFACTURESBoots, shoesLeather

FOOD, PRODUCTSBakingBeveragesButterCanning, preservingConfectioneryFlourIce creamSlaughtering, meat packingSugar, beet_Sugar refining, cane

TOBACCO MANUFACTURESTobacco, snuffCigars, cigarettes

P A P E R , PRINTINGBoxes, paperPaper, pulpBook, job printingNewspaper, periodical printing

CHEMICAL, PETROLEUM, AND COALPRODUCTS

Petroleum refiningOther than petroleum

ChemicalsCottonseed oil, cake, meal _Druggists' preparationsExplosivesFertilizersPaints, varnishesRayon, allied productsSoap

R U B B E R PRODUCTSRubber boots, shoesRubber tires, inner tubesRubber goods, other

July Aug. Sept. Oct. Nov. Dec.

94.395

126.8145261

97160827875969892

63.26363

108.1103102

110.0122107.010811811484

103115261

4260

111

95.595

127.14426699

16482

979595

64.36364

108.'104103

112. 5122110.1112112112

85107118280

82

73.25260

119

97.29781

126.7144263

9615383767598

11699

65.765

109.0105104

112.9121110. 911310010987

103118299

81

75.!5461

125

96.59683

123.4143263

9612982767799

10896

64.45965

109.210510598

113

112.6120110.811599

1088699

118300

80

76.55663

123

97.69685

127.4144276

95149837878

10010895

65.06365

110.610810699

114

113.3120111.811910110884

102118297

77

81.46066

133

98.19786

128.8144274

96151867978

10015294

65.663

111.1110106100114

113.7119112.412010410885

100119297

81

82.96067

137

1939

Jan. Feb. Mar. Apr. M a y June July Aug.

128.!144276

9615084797998

21296

65.96167

111.0111106100113

113.6119112.311997

10986

10311929781

81.45867

133

99.0

125.144275

9414383777896

12093

64.86165

111.111110699

114

112.119111.412088

1078697

118301

80

81.460

86

127.3144270

9415882787896

10796

61.46262

111.4112106100114

113.4119112.212096

1088698

120299

79

82.26067

134

97.79785

127.0144270

9515781777896

103102

64.56365

111.5111106100114

114.2118113.311810310986

110121309

78

81.36067

131

93. 7!92 !84 ;

128.4146272 !

96 I15981 !8077 !9 8 I

10787 •

65. 116265 :

111. oi11110799 '

115

97. 19686

129. 4j147275

951628081

10010489

65.56266

111. 111110699

114

114.4119113.4'117 '110111 i

87 I115 !119 I302 !

79 I

8 1 . li61 !67 i

129 !

113. 1120111.411788

11290

107120295

SO

80.85966

131

98.'

127.914726995

150828175

1019994

65.76166

111.;113106101114

113.6121111.811585

11192

105122298

84

79.74767

134

97.39687

129.3146269

96157867875

102105

65.36266

111.4113107

114.9122113.111980

11093

102125299

83. S58

138

'8-887 ofNOTE.—Figures revised 1935 to date. For description and back data see pages 835-866 of the Bui LETIN for October 1938 and pages 8this B U L L E T I N . Underlying figures are for payroll period ending nearest middle of month . Figures for August 1939 are preliminary.



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 tools _ -ForcingsHardwarePlumbers' suppliesStamped, enameled ware _ -Steam, hot-water heating _StovesStructural, ornamentalTin cans, tinwareTools . .- . . -Wirework

MACHINERyAgricultural implements __Cash registers, etcElectrical machineryEngines turbines, etc.Foundry, machine-shop products_Machine toolsRadios, phonographs _ __Textile machineryTypewriters

TRANSPORTATION EQUIPMENTAircraftAutomobiles __ __Cars, electric-, steam-railroadLocomotivesShipbuilding

NONFERROUS METALS, PRODUCTSAluminumBrass, bronze, copperClocks, watches ._ _JewelryLighting equipmentSilverware, plated wareSmelting refining

LUMBER, PRODUCTSFurnitureLumber, miliworkLumber, sawmills

STONE CLAy, GLASS PRODUCTSBrick, tile, terra cotta _ _CementGlass _ . .Marble, granite, slatePottery

TEXTILES, PRODUCTS . . . .Fabrics

Carpets, rugsCotton goodsCotton small waresDyeing, finishing textilesHats, fur-felt __Hosiery _ ___Knitted outerwearKnitted underwear _ ___Knitted clothSilk, rayon goods __ __Woolen, worsted goods

Wearing apparelClothing, men'sClothing, wornp.n'sCorsets, allied garmentsMen's furnishingsMillineryShirts, collars

adjusted to Census of Manufactures through

Factory employment

1938

July

84.770.997.8

79.285826669446074

1157372599670

104

82.8105135748274

1179056

116

56.2808

53252099

78.8114917476595368

60.4755356

69.85271805075

89.482. 1587866

10786

1406566

1225773

101.892

14099

12059

110

Aug.

88.872.4

104.4

82.187836881476474

125758059

10572

100

84.0104133758275

1139859

119

51.8776

48261792

82.7120947884646068

63.6805559

71.65470844978

98.387.0638170

11295

1457068

1336480

119.810717310012780

120

1939

Apr.

94.184.8

103.0

91.396957392558574

1487586669384

151

95.0129128879682

13910574

129

96.11,096

1023618

116

92.91441048487786978

63.9825758

78.55867985388

101.990.7788782

12687

1556773

1336573

122.810617811213291

122

M a y

93.084.0

101.6

90.295947387558075

1457487679484

146

94.9123127879782

14110775

127

91.21,204

933722

122

92.01421058283766977

65.0815660

78.55868975487

99.490.3748580

12482

1536874

1286180

115.699

16611312782

121

June

93.484.6

101.8

90.496937390547276

1477588679884

136

95.6119128879983

14512075

125

90.81,305

923526

126

91.31441048085716877

66.3836061

80.56172995286

98.089.6738477

11786

1497175

1355985

112.610015811312768

119

July

93.582.9

103.6

89.795937587546977

144"768569

10080

125

95.7113127879683

14713077

121

79.11,401

753229

124

91.41501048088716376

66.8856061

79.76273965482

98.291.2748680

12090

1497273

1366086

109.5105144112125

56118

Aug.

96.484.2

108.0

92.497977592557678

154789072

10884

115

96.7115125889784

14013677

118

76.81, 482

723229

122

95.31541088396766975

68.4886262

81.46273

1015386

103.293.2768781

12292

1537877

1396387

121.1109172114132

78120

1937. 1923-25 average*=100]

Factory payrolls

1938

July

71.158.185.7

58.759655555355055

103555747965683

71.9106124678459

102804490

51.0731

471916

103

65.1109815758413761

48.4544145

55.93865733756

68.466.74064578674

1384654

100445967.2598889924176

Aug.

77.363 193.2

66.967735665426057

123596750

1096191

75 2102122718763

105834997

49.7709

47211393

71.8122876767484863

57.9664554

59 54064833562

82.374.54969639686

1585357

113536692.277

13292

1086691

1939

Apr.

85.579.592.2

82.085916279577964

1476076589580

148

92.814512189

11274

1528969

132

94.21,054

1003016

121

83.21561008168575872

55.4674350

66.44361944279

82.074.9637373

10655

1585264

101515690.577

121119108

71100

M a y

85.078.891.9

80.282906876577867

1436175579879

139

94.013512291

11475

1619270

127

87.31 155

883220

131

84.01531047866595972

58.0674454

67 74463964477

79.975.3587272

10363

1505465

100496583.569

114120103

5899

June

86.580.793.0

82.686906682567468

146637759

10379

138

95.412712592

11477

16610573

113

88.91,299

893025

136

84.01571037670565872

60.1694856

70 65068

1014073

79.675.65771709774

1485667

111487182.374

1061171114598

July

84.476.093.8

78.682836673556565

137607359

10372

124

94.012312391

11075

16611475

113

75.91,336

722527

132

83.51481077669545171

56.4694550

65.94668924066

79.476.657737398

1445765

114487379.97897

116108

3791

Aug.

89.981 799.2

87.993

1056980598171

151687764

11480

115

97 112511994

11479

16012374

116

78.41,476

742727

130

90.31641148379616071

63.0764957

72 25070

1054076

87.780 3647576

10382

1626468

115527296.785

130115121

67103



FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONALADJUSTMENT) —Continued

[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]

Industry and group

LEATHER, MANUFACTURESBoots, shoesLeather

FOOD, PRODUCTSBakingBeveragesButterCanning, preservingConfectioneryFlourIcecreamSlaughtering, meat packingSugar, beetSugar refining, cane

TOBACCO, MANUFACTURESTobacco, snuffCigars, cigarettes

PAPER, PRINTINGBoxes, paperPaper, pulpBook, job printingNewspaper, periodical printing.

CHEMICAL, PETROLEUM, AND COALPRODUCTS

Petroleum refiningOther than petroleum

ChemicalsCottonseed oil, cake, meal __.Druggists' preparationsExplosives __FertilizersPaints, varnishesRayon, allied productsSoap

RUBBER PRODUCTSRubber boots, shoesRubber tires, inner tubesRubber goods, other

Factory employment

1938

July

95.29675

134.2146292107210717993965795

62.86163

106.410110297110

106.2123102.111068108847211525978

68.64160108

Aug.

98,810079

145.5145292106295757991968097

65.76266

107.610310398111

109.3123106.011279110867711528281

72.35260115

1939

Apr.

100.210086

117.614326592108767674 -9346102

63.16263

111.110910699115

116.6117116.4117851098417712330279

82.15967134

May

92.59183

120.514627798108747885975288

64.26165

111.210910799115

112.9118111.7117751088612412329678

81.25967131

June

94.19385

127.2147298103141727992995491

65.26166

109.810810697114

109.8121107.211754108907912428680

80.15666129

July

99.79986

135.01483011041977083931015798

65.45966

110.111010699112

110.4122107.611749106917312229782

78.74567131

Aug.

100.610085

146.31472961032837880891018899

66.86167

110.311210798111

112.1123109.611956107937312330187

82.85968133

Factory payrolls

1938

July

74.57470

126.9136347901716476761055784

59.16858

97.11049780100

110.5135102.911757111946311322891

62.4355893

Aug.

82.88376

129.9133346892217076761027383

61.16660

99.210910281100

116.0138109.212363117986611326595

67.74959106

1939

Apr.

79.87781

112.11293037788687062974988

55.06454

104.511610585108

119.5129116.7130671199413612627995

81.05772124

May

68.66479

118.813732482937072711055673

57.76557

105.111610686108

119.6132115.7131581189610613027394

80.05572122

June

74.67082

123.8138355871106974751075977

61.56560

103.511810584106

118.7134113.9132451191016512927297

82.15575122

July

83.68282

128.5139359891546480771095381

61.86761

102.011710186102

117.8132113.6131421181036312428399

81.34377121

Aug.

84.98383

136.2135350872647776741068681

62.76862

103. 112210783102

121.6136117.31374811910961126288103

85. c5978126

NOTE.—Figures revised 1935 to date,period ending nearest middle of month.

Back data may be obtained from the Bureau of Labor Statistics.Figures for August 1939 are preliminary.

Underlying figures are for payroll



CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION[Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

Month

January.. . . . . . ._FebruaryMarch .AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1938

192.2118.9226.9222.0283.2251.0239.8313.1300.9357. 7301 7389.4

3,196. 9

1939

251.7220.2300.7330.0308.5288.3299.9312.3

Residentialbuilding

1938

36.240.079.474.683.285.788.099.799 6

112.795.391.5

985.8

1939

80.279.0

125.2114. 4133.8111.9109.3127.2

Nonresidential building

Factories

1938

6.64.9

15.711.58.6

10.79.7

11.310.713.810 5

7.0

121.1

1939

7.19.5

13.017.513.015.817.410.4

Commercial

1938

15.413.020.218.919.218.826.218.314 024.213 714.0

215.8

1939

17.313.517.421.319.526.822.921.1

Educational i

1938

19.015.421.016.911.814.710.721.433.947.049 073.3

334.1

1939

31.721.827.621.116.412.519.413.8

Other i

1938

16.415.131.033.138.237.726.136.333.446.042.845.2

401.2

1939

28.924.739.834.827.837.828.724.6

Public worksand publicutilities i

1938

98.630.559.767.0

122.283.579.3

126.1109 3114.090 4

158.4

1,139.0

1939

86.571.677.7

121.097.983.6

102.1115.3

' Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

Month

JanuaryFebruaryMarch _ _April _M a yJune .JulyAugust.- _SeptemberOctoberNovemberDecember __

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

252220301330308288300

1934

15765

126787273526969797461

975

Publicly-financed l

1935

553868534764679297

114118196

1,007

1936

1497996

10594

1161531531161018982

1,334

1937

11269667493

137131104807893

115

1,152

1938

118519599

144

171160203179279

1,705

1939

148111128160135128137

Privately-financed l

1934

293152536354675141573832

568

1935

453755718084937670877068

837

1936

6662

103130122116141122119125119117

1,341

1937

13011916519515118019117812712410694

1,761

1938

7568

132123139143142142141154123110

1,492

1939

104109173170174161163

i Back figures —See BULLETIN for February 1938, p . 159. Da ta for years prior to 1932 not available.N O T E . — D u e to change in publication policy of the F . W. Dodge Corporation, data for August 1939 will be published in the BULLETIN for

November 1939.

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.]


BostonNew YorkPhiladelphiaClevelandRichmond . . . .AtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total (11 districts)

1939

August

22, 63972, 99325, 50331, 51332, 21319, 75952, 67319,1638,7479,288

17, 837

312, 328

July

19, 72952, 32315, 95137, 79935,11724, 36154, 90020, 96113, 05410, 99114, 697

299, 883

August

23,90076, 02613,15733, 28232, 34725, 49349, 79222, 6669,65510, 66716,156

313,141

COMMERCIAL FAILURES, BY DISTRICTS[Figures reported by Dun & Bradstreet. Amounts in thousands of

dollars.]

Federal Reservedistrict

BostonNew YorkPhiladelphia- ___ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas—San Francisco

Total

Number

1939

Aug.

6725044463557

1482920432397

859

July

7125972703548

1533913412492

917

1938

Aug.

8527776817276

137309

3019

123

1,015

Liabilities

1939

Aug.

5103,395

451725246746

2,268307281403340

1,587

11, 259

July

1,1344,2671,439

905486608

2,67046389

419223

1,447

14,150

1938

Aug.

1,8066,3221,5131,000

727780

1,995169178285197

1,410

16, 382



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruaryMarch

AprilMayJune

JulyAugust...

OctoberNovember

Year

Merchandise exports 1

1935

176163185

164165170

173172199

221270223

2,283

1936

199182195

193201186

180179221

265226230

2,456

1937

223233257

269290265

268277297

333315323

3,349

1938

289262275

274257233

228231246

278252269

3,094

1939

213219268

231249236

230P251

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

1,960

1939

178158190

186203179

169J>176

Excess of exports

1935

9118

-6-513

-3337

3210037

235

1936

11-11—4

—109

—5

—15-14

5

5230

— 15

33

1937

-18-45—51

-185

-21

33163

10892115

265

1938

11899102

11510987

876579

1007698

1,134

1939

356177

454757

61

P Preliminary.1 Including both domestic and foreign merchandise.1 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]

DEPARTMENT STORES—SALES, STOCKS[Index numbers based on value figures; 1923-25 average=100]

TotalCoalCokeGrain and grain products. —LivestockForest productsOreMiscellaneousMerchandise 1

TotalCoalCokeGrain and grain products. _.LivestockForest productsOreMiscellaneousMerchandise ]

1938 1939

Aug. Apr. May June July Aug.

Adjusted for seasonal variation

626346843740346760

604356764038757061

625142814040587061

676851903640647161

697662803943597262

Without seasonal adjustment

6356381013741636861

583647683739317262

624440733641817361

6758478930421087461

70645211134431127461

7169579037441257562

1 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.

Month

January. __February.March

April.May..June..

JulyAugustSeptember..

OctoberNovember..December..

Year..

Sales 1

Adjustedfor seasonal

variation

1938

90

84

1939

87

85

Withoutseasonal

adjustment

1938

9299

156

85

82

Stocks (end of month)

Adjustedfor seasonal

variation

1939

Withoutseasonal

adjustment

62

68

1939

606569

6864

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 numbers of the Bureau of Labor Statistics. 1926=100]

Year, month, or weekAll

com-modi-

ties

Farmprod-ucts

Foods

Other commodities

TotalHides and

leatherproducts

Textileproducts

Fuel andlightingmaterials

Metalsand metalproducts

Buildingmaterials

Chemi- j House-cals and furnish-

drugs ing goods

Miscel-laneous

1929193019311932193319341935193619371938

1938—JulyAugustSeptemberOctoberNovemberDecember


Week ending—1939—June 3

June 10June 17June 24July 1July8__.July 15..July 22July 29August 5August 12August 19August 26September 2September 9September 16September 23

95.386.473.064.865.974.980.080.886.378.6

78.878.178.377.677.577.0

76.976.976.776.276.275.675.475.0

75.775.675.475.575.575.675.575.274.875.174.874.674.875.378.479.379.5

104.988.364.848.251.465.378.880.986.468.5

69.467.368.166.867.837.6

67.267.265.863.763.762.462.661.0

63.162.762.062.762.964.163.362.261.462.561.460.461. 162.768.169.769.5

90.574.661.060.570.583.782.185.573.6

74.373.074.573.574.173.1

71.571.570.2

67.667.567.2

67.567.367.167.467.468.167.667.566.767.266.766.266.768.574.575.575.1

91.685.275.070.271.278.477.979.685.381.7

81.481.481.381.180.680.3

80.280.280.480.580.680.280.280.1

80.6

80.680.580.380.480.480.480.580.580.480.480.481.782.483.0

109.1100.086.172.980.9

95.4104.692.8

91.591.992.093.494.693.1

93.191.991.890.991.692.392.592.7

92.692.893.093.093.192.892.893.293.793.793.592.892.692.796.399.9

101.9

90.480.366.354.964.872.970.971.576.366.7

66.165.965.866.266.265.8

65.966.1

67.567.367.667.8

66.966.966.866.766.967.067.167.467.567.467.267.467.467.268.471.472.3

83.078.567.570.366.373.373.576.277.676.5

76.876.876.675.473.773.2

72.873.073.173.473.973.072.872.8

74.173.974.174. 173.773.273.473.373.373.473.573.673.273.274.074. 174.2

100.592.184.580.279.886.986.487.095.795.7

95.295.495.595.394.994.6

94.494.394.394.093.593.293.293.2

93.593.593.493.593.393.393.393.393.493.493.593.593.593.594.694.995.3

95.489.979.271.477.086.285.386.795.290.3

89.289.489.589.889.289.4

89.5

89.589.589.789.6

89.289.889.589.389.789.589.889.589.490.190. 189.589.789.790. 190.791.0

94.289.179.373.572.675.980.580.483.977.6

77.777.777.377.176.676.7

76.776.376.576.075.975.775.074.6

75.875.675.575.074.9 I74 .7 ]74. 774.674.6 |74.574.374.2 i74.2 ;74.4 |75.9 i77.1 !77.9 I

94.392.784.975.175.881.580.681.789.7

86.486.486.285.785.886.0

85.485.285.285.485.585.685.685.6

86.986.986.987.087.087.087.087.087.087.087.087.087.087.087. 188.8

82.677.769.864.462.569.768.370.577.873.3

72.772.472.472.673.073.1

73.273.574.174.474.273.873.473.3

73.873.673.673.773.673.373.373.372.973.073.073.073.173.276. 176.176.6

Subgroups

FARM PRODUCTS:GrainsLivestock and poultryOther farm products

FOODS:Dairy productsCereal productsFruits and vegetablesMeatsOther foods

H I D E S AND LEATHER PRODUCTS:ShoesHides and skinsLeatherOther leather products

T E X T I L E PRODUCTS:Clothing. . . .Cotton goodsHosiery and underwearSilk and rayonWoolen and worsted goodsOther textile products

F U E L AND LIGHTING MATERIALS:AnthraciteBituminous coalCokeElectricityGasPetroleum products

1938

Aug.

53.480.662.6

77.057.386.066.5

100.875.682.197.0

81.764.459.829.276.365.2

77.998.1

104.281.688.156.7

1939

May June July Aug

59.673.258.7

58.673. 863.878.661.4

101.372.183. 195.6

81.763.360.240.775.465.3

75.399.0

104.2

16.0

58.269.458.8

60.075.962.575.760.8

101.375.383.895.6

81.764.160.139.175.664.2

75.595.6

104.2

60.7

64.671.962.075.360.4

100.876.984. 195.6

81.265.160.240.275.464. 1

72.695.8

104.2

52.2

51.566.060.1

67.971.958.573.760.3

100.877.284.097.1

81.565.561.539.575.563.7

72. 196.0

104.2

Subgroups

M E T A L S AND M E T A L PRODUCTSAgricultural implements

Farm machineryIron and steelMotor vehicles iNonferrous metalsPlumbing and heating

BUILDING MATERIALS:Brick and tileCementLumberPaint and paint materialsPlumbing and heatingStructural steelOther building materials

CHEMICALS AND D R U G S :ChemicalsDrugs and PharmaceuticalsFertilizer materialsMixed fertilizers

HOUSEFURNISHING GOODS:FurnishingsFurni ture

MISCELLANEOUS:Auto tires and tubesCattle feedPaper and pulpRubber, crudeOther miscellaneous

1938

Aug.

95.597.097.396.1

90.62 91.090.280.579.2

107.391.3

81.474.867.374.2

90.582.2

57.467.082.433.5

1939

May June July Aug.

93.494.695.793.073.179.3

91.791.591.281.679.3

107.389.6

79.471.969.771.8

89.881.0

60.587.480.434.281.4

93.494.695.293.072.979.3

91.191.590.782.479. 3

107.389.5

79.271.969.571.7

90.081.0

60.581.579.934.481.3

93.494.795.193.073.379.3

90.691.591.882.279.3

107.389.6

78.271.867.5

90.081.0

60.572.479.934.781.3

93.594.795.192.574.679.3

90.591.391.882.179.3

107.389.5

77.571.767.272.9

90.081.1

60.568.480.034.981.3

i Preliminary revision.* Revised series.Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report

for 1937 (table 87).



SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS[Based on estimates of the Department of Agriculture, by States, as of September 1, 1939]

[In thousands of units]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisTCansas CityDallasSan Francisco _

Total


BostonNew YorkPhiladelphiaCleveland. _RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas _ .San Francisco

Total

Cotton

Produc-tion1938

Bales

1,0482,623

i 3, 386

4673,819

600

11, 943

EstimateSept. 1,

1939

Bales

1,3122,667

i 3, 479

4703,866

586

12, 380

Oats

Produc-tion1938

Bushels6,326

27,70819,22249, 42520,94915, 276

430, 76851, 571

235, 287134, 53039, 56323, 214

1, 053, 839

Est imateSept. 1,

1939

Bushels6,940

25, 69916, 43046, 62421, 95014, 606

363, 48842, 436

248, 68476, 47935, 35531,277

929, 968

Corn

Produc-tion1938

Bushels7,633

29,31752, 521

199, 591138, 232194, 289

1,038, 749332,179227,136224,284

91, 5776,730

2, 542, 238

EstimateSept. 1,

1939

Bushels7,573

25,80349, 234

204, 600139,460154,917

1,083,802334,722250, 731170, 69094, 6906,870

2, 523,092

Tame hay

Produc-tion1938

Tons3,5235,7372,3765,4783,7293,419

18,3796,825

10, 7457,0021,403

11, 683

80, 299

EstimateSept. 1,

1939

Tons3,2764,5031,9345,0123,4553,274

17, 5487,0439,7526,3521,398

11,181

74, 728

Winter wheat

Produc-tion1938

Bushels

8,32419, 81052,95627, 2636,572

67, 73466,08130, 268

287, 75836, 02083, 851

686, 637

EstimateSept. 1,

1939

Bushels

6,87617,06741, 69224,0925,521

56, 47455,90324, 788

223,16930, 40264, 726

550, 710

Tobacco

Produc-tion1938

Pounds22, 847

1,84232,110

105, 694746,014188,18933,239

241, 2542,7334,612

1, 378, 534

EstimateSept. 1,

1939

Pounds34, 661

2,05133,915

119, 877970, 797197,13033,661

260,1432,7504,623

1, 659, 608

Spring

Produc-tion1938

Bushels68

108139120

1,847143

189, 58810,148

10241, 901

244,164

wheat

EstimateSept. 1,

1939

Bushels6672

16587

1,97497

150, 9994,743

10227,100

185,405

White potatoes

Produc-tion1938

Bushels47 31632,12322,99620, 55427, 26115, 46653, 45713, 97843, 34726,1603,778

65,181

371,617

Est imateSept. 1,

1939

Bushels56 34928, 49520 86120, 24622, 94114, 53350,36012 21244, 52124, 7173 377

65, 596

364, 208

i Includes 16,000 bales grown in miscellaneous territory.


OCTOUEK FEDERAL BESERVE BULLETIN 925

STATISTICS FOR FEDERAL RESERVE CHART BOOK

Chartbookpage

1939

Aug.23

Aug.30

Sept.6

Sept.13

Sept.20

Chartbookpage

1939

Aug.

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 reserves4 6Excess reserves—total2 7

New York City2 7Chicago2 7Reserve city banks2 7Country banks2 7

REPORTING MEMBER BANKS

Total, 101 cities:Loans and investments 14

Investments 14Loans 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 securities 16Commercial loans 16Brokers' loans.. 16

100 cities outside New York:U.S. Gov't obligations.. 17Other securities 17Commercial loans __ 17

MONEY RATES AND SECURITYMARKETS

F.R. bank discount rate, 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

Volume of trading2 (mill,shares) 29

Brokers' loans (mill, dollars) 29

BUSINESS CONDITIONS

Wholesale commodity prices: *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. 44

(00)2.4216.507.102.33.72

10.836.094.702.67.371.05.60

22.3414.168.18

17.845.25.547.18.67

4.331.191.50.49

6.482.172.44

2.45.01

0)2.4316. 647.142.33.71

10.956.15P4.792.80

.361.05p. 58

22.4414.238.21

18.105.25.547.17.68

4.301.221.55.47

6. 552.162.45

2.64.01

0)2.5916.737.262.26.68

11.146.17

P4.912.86

.341.05p. 67

22.3914.088.31

18.045.24.547.35.71

4.241.211.57.50

6.492.142. 50

2.87.01

0)2.8216.817.242.23.62

11.536.26?5.242.99.411.14P. 71

22.3914.078.32

18.295.23.547.59.72

4.291.211.62.43

6.422.152.54

.01

0)2.8316.907.242.27.62

11. 556.27

22.3414.028.32

18.185.23.547.69.74

4.321.211.64.41

6.332.152.56

Averages of daily figures*; per centper annum

1.00.56.44. 06.53

2.272.954.92

1.00.56.44.09.68

2.333.004.99

1.00.56.44.20

1.182.553.205.09

3.244.97

3.284.98

Wednesday figures; in unit indicated

82952383

93639

84982485

1.09608

921102883

3.99640

961143185

3.20568

94112

3184

1.79532

Figures for week3; in unit indicated

74.861.166.780.4

62

r17

2,355

688.6

75.362.768.580.4

63

2,357

721.7

78.468.174.581.7

59

27

2, 290

667. 4

79.369.775.582.4

70

41

2,444

805.7

79.569.575.183.0

79

54

2,449

814.8

p Preliminary. r Revised. • Estimated,i Less than $5,000,000.* Averages of daily figures, see footnote3.»Figures are shown under the Wednesday date included in the weekly period.< Index numbers, 1926=100.* Adjusted for seasonal variation.

MONTHLY FIGURESBUSINESS CONDITIONS

Wholesale commodity prices:United States:

All commodities 31, 32Farm products »_ 31Foods 31Other commodities.-. 31

England 32France . . . 32Germany 32

Industrial production6 35M anufacturing production:«

Total 37Durables .___ 37Nondurable6 37

Factory employment9 43Factory payrolls9 43Freight-car loadings B 45Department store sales * 47Department store stocks8 . . 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

Cash farm income:Total 51Crops 51Livestock and produc ts . . 51Government payments . . . 51

OTHER

Central gold reserves:United StatesEnglandFranceNetherlands

U. S. Gov't interest-bearingdebt—total

BondsNotesBillsSpecial issues

Customers' rates:New York City8 other Northern and

Eastern cities27 Southern and Western

cities

QUARTERLY FIGURES

Domestic corporation securityissues, total

NewRefunding __

2020202020

23

23

23

Index numbers1923-25=100

75.62.67.80.79.98.79.98

97385993.86.678667

6462235

45

75.462.667.580.279.297.679.6101

1004159

93.584.4698667

75.061.067.280.1

P102

P104

P96.4P89. 9

70

In millions of dollart

258108150

23617957

5,4685,713

3,6952, 018

55216034151

275115160

23016961

5,4685,494

3, 5591,935

57021332136

P118P 1 8 2

P251P176

64329330842

In billions of dollars

16.111.072.57.80

39.8927.177.241.314. 17

16.241.162.57.77

40. 1127.257.241.314.32

16.651.16

P2.71.77

40.3527.317.241.314.49

Per cent per annum

Oct.-Dec.

Jan.-Mar.1939

Apr.-June1939

In millions of dollars

799167632

27682193

661129532

8 Points in total index of manufacturing production.7 Three-months moving average adjusted for seasonal variation,s Series is discontinued. New series on somewhat differentbasis to be substituted.

9 Revised series. See pp. 919-920 of this BULLETIN.

NOTE.—Copies of this chart book can be obtained at a price of 50 cents. Banking statistics for call report dates are published from time totime. The latest figures appear on page 816 of the September 1939 BULLETIN.


INTERNATIONAL FINANCIAL STATISTICS

927



GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

E n d of month

1934—December1935—December ._1936—December1937—December

1938—SeptemberOctoberNovember _~December . . "

1939—JanuaryFebruaryMarchApril _._ .M a yJuneJuly .August

Total i(52

coun-tries)

21,05121,60422, 63023, 964

24,64824,99725, 28725, 468

24,00324,17524,38724,96425,14025, 290

P25, 511P26, 094

Countries in Tr ipar t i te Accord

UnitedStates

8,23810,12511,25812, 760

13,76014,06514,31214, 512

14,68214, 87415, 25815, 79115,95716,11016, 23816, 646

UnitedKing-dom

1,5841,6482,5842,689

2,6902,6902,6902,690

1.042L, 042L, 066L,0661,0671,0671,162L, 162

France

5,4454,3952,9952,564

2,4282,4282,4352,435

2,4352,4352,4352,5742,5742,5742,574

P2, 714

Bel-gium

590611632597

539562584581

582588518520524540573614

Neth-er-

lands

573438490930

1,0081,0081,008

995

995974909834823800769769

Switzerland

Na-tionalBank

624454655648

690695699699

699680640598598598595585

B.I .S.

48

115

6101114

151713142120189

Other countries

Ar-gen-tina

403444501469

435434434431

431431428428428428427

P427

Brazil

8172532

34333332

33333334333434

P 3 4

Brit-ish

India

275275275274

274274274274

274274274274274274274

P274

Bul-garia

19192024

24242424

24242424242424

P24

Can-ada

134189188184

187188186192

197206210212214213212218

Chile

29292930

30303030

30303030303030

P30

China

7108

16

17181818

19202121212121

P21

End ofmonth

1934—Dec...1935—Dec...1936—Dec. _1937—Dec...

1938—Sept...Oct . . . .NovD e c . . .

1939—JanF e b . . .Mar . . .Apri l . .M a y . .June . . .J u l y . . .Aug. __

Other countries—Continued

Co-lombia

Czecho-slo-

vakia

1121129192

81838383

838367666562

Den-mark Egypt Ger- Greece Hun-

gary Italy*

518270208210

210210210193

193193193193193193193193

Japan

394425463261

164164164164

164164164164164164

P164P164

JavaMex-ico

23444624

24242729

3234343233282929

NewZea-land

252323232323232323232323232323

P23

Nor-way

107107107107107

Peru Po-land

847583

83828485

85858584848484

P84

End of month

Other countries—Continued

Portu-gal

Ruma-nia

SouthAfrica Spain * Swe-

denTur-key

Uru-guay

Yugo-slavia

16othercoun-tries s

Government gold reserves1 not includedin total for 52 countries

End ofmonth

UnitedStates

UnitedKing-dom

France Bel-

1934—Dec .1935—Dec.1936—Dec. .1937—Dec.

1938—Sept.Oct..Nov.D e c .

1939—Jan. _Feb..Mar.,AprilMay.June.July..Aug..

6869

69696969

69696969696969

P69

104109114120

129132132133

133134134135136137

P137P137

184212203189

220219220220

220219221218218219219P219

740735718718

525525525525

525525525525525525525525

159185240244

310321321321

331331332339344346348355

22242629

29292929

29303030303030

P30

69

P68

154158175169

56565757

5757575757575757

125127125125

127126124126126133

P134P134

1934—Dec _ _1935—Dec. _ _1936—Dec...1937—Dec.. _1938—Mar...

June._Sept.__Oct....Nov...Dec...

1939—Jan....Feb...Mar...Apr. ._May_.June..July__

1,489

759

3153

81

~62

2 103

80

"154" 81,732

130331

381465°559M55P477

44

* Prel iminary.1 Da t a reported month ly incomplete. For additional data see section at end of table.1 Figure for M a y 1939 officially reported and carried forward.« Figure for Mar . 1937 officially reported as of 20th of month and carried forward through

Nov. 1937. Figures for Dec. 1937 through Mar . 1938 officially reported and carried forwardthrough Nov. 1938. Figure for Dec. 1938 officially reported and carried forward.

* Figure for Aug. 1, 1936, carried, forward through Mar . 1938; Apr. 1938 figure officially re-ported and carried forward.

6 These 16 countries are: Albania, Algeria, Australia, Austria through Mar . 7, 1938, BelgianCongo, Bolivia, Danzig, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania,Morocco, and Siam.

N O T E . — F o r back figures and description of table see BULLETIN for June 1933, pp . 368-372,and Ju ly 1936, pp . 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p . 667, and Dec.1937, p . 1262.

c Corrected1 Reported at infrequent intervals or on de-

layed basis: U. S.—Exchange Stabilization F u n d(Special A / c No. 1); U. K.—Exchange Equaliza-tion Account; France—Exchange StabilizationF u n d and F u n d for Support of Rentes; Bel-gium—Treasury. Gold in stabilization funds ofSwitzerland and Netherlands and certain othergold of central banks and governments not re-ported.

8 First date reported.« $1,648,000,000 transferred Jan. 6, 1939, from

Bank of England to Exchange Account; $26,-000,000 transferred back on Mar . 1, and $94,000,-000 on July 12, 1939.

4 $140,000,000 transferred from Fund to Bankof France on April 20, 1939.



GOLD PRODUCTIONOutside U. S. S. R.[In thousands of dollars]

Year or month

Estimatedworld

produc-tion

outsideU.S.S.R.

Production reported monthly

TotalAfrica

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

UnitedStatesi Canada Mexico Colom-

bia Chile

Far East

Austra-lia

BritishIndia

1933.. 469,257 | 411,208$1=25-8/10 grains of gold 9/10 fine; i. <?., an

227,673 | 13,335 | 6,623 | 3,631 | 52,842$1=15-5/21 grains of gold 9/10 fine; i. e.

ounce of fine gold=$2O.67| 60,968 | 13,169 | 6,165 |,, an ounce of fine gold=$85

3,009 | 16,873 | 6,919

1933..1934..1935..1936..1937..1938..

794,498823,003882, 533971, 514

1,041,987'1,118, 480

1938—JanuaryFeburary__.MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1939—January...February..MarchAprilMayJuneJuly

'87, 701'82,811'89, 679'87, 649'90, 563'91, 428'98, 551'98, 089'97, 439'96, 938

'98,845

94, 83590, 96497, 62794,435

P98, 098PIOO, 109

696, 218707,288751, 979833,088892, 535'957,175

385,474366, 795377,090396, 768410, 710425, 649

'75, 075'70,143'77, 237'74, 880'77, 391'78,136'84, 908'84,140'83, 275'82, 954'84, 802'84, 234

80,15976, 74982, 65679, 728

?83, 453P82, 854?85,007

34, 57332, 52435, 51934, 35135, 79435, 50936, 22236, 62236, 23736, 44935,84236, 007

36,18834, 50537, 55835, 61337, 97037,065

P37, 835

22, 57824,26425,47728,05328, 29628, 532

2,3812,2462,3872,3742,4152,3942,4102,4152,3652,4452,3812,318

2,2872,0692,2022,2522,3552,369

P2, 345

11, 21412,15313, 62516, 29520, 78424, 670

1,9641,8872,0022,0241,9892,0202,0672,0532,0482,1742,2042,240

2,2302,2212,3462,349

P2, 360P2, 347P2, 435

6,1486,5497,1597,3868,0188,470

661642673702686726716716743725728751

753688767729779756739

89,467108,191126,325152, 509168,159178,143

12, 85611, 44513, 08812, 57713, 95312,94916, 78116, 59016,93716, 32018, 57916, 068

14, 91913,15314, 36415, 26015,16714,46016, 099

103, 224104,023114, 971131,181143, 367165,379

'12, 654'11,919'13, 095'12, 914'13, 358'13, 762'14, 689'14, 571'14, 291'14, 449'14, 445'15, 231

14,39613, 68414, 49814,23815,13315, 28715, 402

22, 29723,13523,85826, 46529, 59132,306

2,9482,2663,2532,3891,8633,0244,2412,9412,0622,2652,3532,700

1,7623,4212,5421,7331,794

*2,459P2, 039

10,43812,04511, 51513, 63215,47818, 225

1,4561,1751,4031,6641,3381,3651,7481,5151,8121,6221,6281,499

1,9531,5621,7521,5131,6141,5511,551

5,0948,3509,2519,0189,54410, 290

775834673698782901752986

1,019906930

1,033

655568

1,198830

*>968

28,56830, 55931, 24040,11846, 98254, 264

3,8584,3334,2044,2804,2784,5774,3304,7714,8164,6424,7835,393

4,0764,0164,4924,3014,6494,684

Pi, 684

11,71511, 22311, 46811, 66311, 60711, 247

872939906935909951958946956930995

940

912936910

P910

Gold production in U. S. S. R.: No 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 $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $951934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184.

p Preliminary. r Revised.i Includes production in the Philippines.NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p. 151,

June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see AnnualReport of Director of Mint for 1936, pp. 108-109, 1937, pp. 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1939 are subject toofficial 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

Swit-zer-land

Can-ada

Mex-ico

Colom-bia

Philip-pine

IslandsAus-tralia Japan British

India

Allothercoun-tries

1934 11935..1936..1937..1938..

1,131, 9941, 739,0191,116, 5841, 585, 5031, 973, 569

499, 870315, 727174, r""891, 531

1, 208, 728

260, 223934, 243573, 671

- 1 3 , 71081,135

8,9023

3,35190,85915, 488

94, 348227,18571,0066,461

26

163', 049 60,146

12, 402968

7,51154, 4521,363

86, 82995,17172, 648

111, 48076, 315

30, 27013, 66739, 96638, 48236, 472

16,94410, 89911,91118, 39710, 557

12,03815, 33521, 513 23,:

1,0293,498

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

1938—JuneJulyAugustSeptember. _OctoberNovember. _December. _

1939—JanuaryFebruary . . .MarchAprilMayJuneJulyAugust

55,30763, 815165, 973520,896562, 366177, 768240, 526

156, 345223, 281365,384605, 797429, 404240, 430278, 636259,921

20, 5994,976

91, 227377, 984443, 40399,145101, 707

52,050165, 377250,042384, 925302, 667128,196177, 805163, 738

13898

4,721

3,248 571

42, 95917

37, 395

1,4381,400816213212

3,213

~1~979

11, 5207,685

226

15,360219 11, 521

3,840

37,17984, 60341, 651

47,41, 83227, 24246,185

33, 67829, 25627, 09844, 56440, 44955, 08145, 55422, 640

11,136

23,840

10

-67

8,22755, 6802,2845,6445,628

726962

14, 33338,14810, 8107,171731

10, 8424,2206,8527,66512, 06617,19115,19634, 299

71511,1233,1831,4462,2363,4572,550

2,3422,4963,8221,6492,0503,2804,1503,956

11

2,11344

112,107

2,C

4,2342,1142,1172,1072,1232,120

3,2322,4221,7722,7212,7202,9432,655

2,7542,7193,3262,1792,5943,8433,0222,775

2,9843,4342,7483,7753,2947,8886,788

6,5853,9534,3034,8445,2955,6775,034

5,78228, 66923, 49735, 0955,7405,78814,425

37, 8195,44611, 4105,52810, 93114, 09310, 93810,931

2,2521,148

7603,8221,797

1175

3,6854,9443,3902,2442,7609,259

3,4382,4953,8062,9824,768

2 19,1502 22, 207

5,1244,3984,391

» 7, 0733,9093,0726,4164,512

1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.J Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively.8 Includes $4,503,000 from Argentina.NOTE.—For gross import and export figures and for additional countries see table on p. 898.



GOLD MOVEMENTS—Continued[In thousands of dollars at approximately $35 a fine ounce]

Year ormonth

United Kingdom

Totalnet im-

portsor net

exports


UnitedStates France Ger-

many1Bel- Nether-gium | lands U.S.S.R. Austra-

lia

SouthAfrica,

Rho-desia,WestAfrica

BritishIndia

OtherBritishcoun-tries

Swe-den

Switz-erland

Allothercoun-tries

1934.19351936 -19371938

716, 269369, 722

1,169, 931420,427

-285,638

1938— June. .Ju ly . .Aug. .Sept..Oct...Nov..Dec...

1939—Jan. . .F e b . . .M a r . .Apr.__M a yJune .July _A

89, 58024,119

-73,132-261,143-210,171- 9 6 , 508- 6 6 , 726

-36, 51-148,005-259,984-121,188-294,07"-51,59-147,332-328, 31

-497,166-435, 502-276,830-834,009

-1,050,395

-20,811-10,529-93, 660-360,016-308, 528-105,220-97,371

-50,814-160,218-306,839-357, 518-287, 762-127,293-182,145-234, 419

348,190142,137756, 215541,187

121,017- 4 , 72623, 29246,14733,173

-13,585-17,476-15,133

32, 57510, 796

-21,215931

•A-Cfj -LUIS A J - » A X U

-21,993-16,572348,000-46,463

199,965115, 540

41,79037, 98126, 72324,16527,831

335, 253404,295488, 814464, 837333, 750

206, 693181,602128, 42166, 33055, 744

62, 39732, 75428,06722,07920, 761

-50, 661-10,129

-81-89, 371

-9,12353, 4653,998

-16,596-78,029

2 88, 22814,12637, 708

-55,0324,922

-6,137-997

68569, 604!

-66|7581

-183-l,431j-262j-412!-330|

5747

6,16414, 3584,0776,0052,057

- 3 3118829

4,018J—381

- 1

56, 76423, 212-258

120,07533,982-2,328

211396

23,477176, 4512,008415196

2,4641 : -7 ,491

-12,037-5,750-10,041- 7 , —

535-5 ,245

9,990

-253779

1,03919,16449,00422, 9688,856

-11,297

28,104

5,665

2,0242,4902,102

5,649

5,6725,61316,866

705155528

681736

5,631 143

40, 62331, 51631,19216,8316,5302,6957,358

5,6713,4515,55912, 65645, 39452, 63638, 42349,120

3,7256,41810,3563,0234,2044,2601,815

304151

1,4174,2,9752,3883,0786,734

9,9296,5813,035

-4,750-20,792

618531

1,374-1 ,101-1,148

4-47,875*-145, 856

911697

5-114, 320

-7,673-11,429-11,151-22,763-4,671

-3,790- 1-32-437

- 3 ,- 2

-1.138-5.519

- 5 , 407-16,521-10,498-21,980

2,8311,0171, 511

704399

-3,84573, 39432, 921

153-575

-4,721

421-920-312

— 1,9551,3F31,6031,347

3,7621,8473,618-4251,504

- 3 , 318-14,393

Year ormonth

19341935193619371938

1938—June...J u l y . . .Aug.. . .Sept . . .Oct. . .Nov. ..Dec...

1939—Jan....Feb... .Mar. ..Apr....May. .June__.July.. .Aug.P..

Ger-

Totalnet im-

portsor netexports1

-90,92042, 969-1J"- 3 , 718

-35, 224

7,6261,468

-6,864

-16,134-10,129- 3 , 765

33-11,940

9,9999,967

-5,807-284

Switzerland

Totalnet

importsor netexports()

-46,065-230, 788

122,278-56,946-1 ,245

5,978- 8 , 837-1,338

9,0241,454

913-5,690

- 3 , 786-2 ,112

-37,332-162,645

8,059-10,696

7, 7655,


UnitedStates

-12,784647

-9,127-51, 608-1,128

—-220

- 2- 2- 7

-1,140228

- 2 1-10,786-54,266- 2 , 329- 8 , 589- 2 , 856

UnitedKing-dom

-45,955-54,858-1,71411,94076, 620

5,25616,12810,46415,940

90713

-1,854

-7631,547

-104, 650-5,419

931,0334,345

France Italy

10, 8002,744

Neth-er-

lands

2,580342

4,6006,55325,125

5,6573,9623,824

9242,551

994-2,884

-2, 294-1,581-8, 327-3, 876

-718725355

1,372

Ger-many1

- 4 3- 9 , 607-2,990

-16,461-32, 745

-2,487-8,893- 6 , 267

1,884- 5 6

-265-438

-1,274- 9 7

-14,830-2,431-1,138-3,116

-171-915

Allothercoun-tries

1,543s 2, 812

1 26, 36810,609

-4 ,1

282222342

-10,2513

31-209

- 7-15

-860-2,573

-239-76

-244-229

British India

Totalnet

importsor net

exports()

-230, 720-161,872-121,066-fil, 723-54, 661

-2, 327-10,988-7,082

-957-7, 622-2, 283

211

-125-3, 288-5,113-3, 394-4, 202-2,049

P-8, 744

Goldproduc-tion inIndia

InIn-

dianre-

serves

11,22311,46811,66311, 60711, 247

951958946956930995

940

912937910P910

Increase in India:

Ingold

earmark-ed forforeignaccount

- 4 1

- 3

12,078

1,9095,6904,479

11,4237.7494,8125,1971,8395,749

Inprivatehold-ings 7

-10,608-10,174

- 7 , 679-5,104

* Preliminary.' Beginning April 1938 figures refer to Greater Germany.

2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.8 Includes $67,655,000 exported to Central and South America.4 Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively.& Includes net exports to Canada of $115,406,000.6 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.7 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign

account in India.s Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria.9 Includes net import of $26,555,000 from Czecho-Slovakia.NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year

as a whole.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESNET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935

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

From Jan. 2. 1935, through—

1935—Dec. 311936—Dec. 301937—Dec. 291938—Dec. 28

1939—Mar. 29Apr. 26 ..Mav31 . .

June 7 .._June 14June 21 ..June 2K

TABLE

Total

1,412. 52, 608. 43,410. 33, 779. 2

4, 134. 74, 479. 64, 570. 8

4, 550. 04, 555. 94, 586. 24, 595. 6

1.—TOTAL CAPITAL MOVEMENT

Increase in foreign bankingfunds in U. S.

Total

603.3930.5

1,168. 51, 432. 7

1, 693. 01, 934. 42, 041. 5

2, 008. 22, 019. 82, 031. 72, 048. 3

Centralbankfunds

in N. Y.

9.881.1

243.9216.3

256.8240.9302.1

327.8364.4364. 5361.8

Other

593.5849.4924.6

1, 216. 5

1, 436. 21, 693. 51, 739. 5

1, 680. 41, 655. 51, 667. 31, 686. 5

Decreasein U. S.banking

fundsabroad

361.4431.5449.1478.1

550. 5611.8599.8

601.3593.7610.7609.5

Foreignsecurities:

Returnof U. S.funds

125.2316.2583.2610.0

646.7657.5647.6

658.4661.5664.3664.5

Domesticsecurities:Inflow offoreignfunds

316.7917.4

1,162.01, 210.9

1,180. 61, 202. 91, 209. 2

1, 210. 61, 208. 31, 205. 61,199. 3

Inflow inbrokeragebalances

6.012.947.547.6

63.973.072.7

71.672.673.874.0

From Jan. 2, 1935,through—

1935—Dec. 311936—Dec. 301937—Dec. 291938—Dec. 28

1939—Mar. 29Apr. 26May 31

June 8June 14June 21 . .June 28

Total

1,412.52, 608. 43,410.33, 779. 2

4.134. 74,479. 64. 570. 8

4 550.04. 555. 94. 586. 24. 595. 6

TABLE 2

UnitedKing-dom

554.9829.3993.7

1,186.1

1, 203.11,303. 31, 337. 6

1, 345. 71, 354. 71, 355. 41, 360. 2

France

210.2299.5281.7339.5

366.8421.6431.1

424. 7429.5439.1439.7

.—TOTAL CAPITAL MOVEMENT

Neth-er-

lands

114.5229.7311.9324.6

383.6405.4391.1

391.1400.8397.6401.0

Switz-er-

land

130.4335.5607.5554.0

587.6595.6595.3

595.4596.4606.5599.2

Ger-many

36.683.1

123.9140.7

150.2146.9148.7

148.3148.0148.8149.5

Italy

24.045.622.133.0

24.726.029.1

28.328.828.629.5

, BY COUNTRIES

OtherEurope

130.0228.5312.2463.8

536.8595.9606.5

598.3592.3596.2604.2

TotalEurope

1, 200.62,051. 32, 653. 03,041. 7

3, 252. 93,494. 73, 539. 4

3, 531. 83, 550. 53, 572. 23, 583. 3

Canada

0)150.5106.3157.2

185.1216.8241.0

234.7234.6239.8230.5

LatinAmerica

70.9201.2410.6389.5

443.5480.6507.4

499.8495.2495.5500.2

FarEast

128.3184.0224.6156.8

206.4231.4226.4

228.1217.0220.5223.8

Allother

12.721.415.934.1

46.856.256.6

55.658.758.357.9


1935—Dec. 311936—Dec. 301937—Dec. 291938—Dec. 28

1939—Mar. 29Apr. 26May 31

June 7 __June 14June 21June 28

TABLE 3.—FOREIGN BANKING FUNDS IN

Total

603.3930.5

1,168. 51, 432. 7

1. 693. 01, 934. 42. 041. 5

2. 008. 22. 019. 82. 031. 72. 048. 3

UnitedKing-dom

128.6163.5189.3366.7

401.8476.7505.8

518.0533.0527.6535.2

France

129.6144.2111.8158.8

187.4236.8243.2

234.5240.5247.6252.3

Neth-er-

lands

55.765.976.384.4

129.9141.0123.2

122.8131.7127.0132. 0

Switz-er-

land

72.4109.8288.4203.7

233.4230.6224.7

223.9223. 6233.7227. 1

Ger-many

- . 82.79.6

- 9 . 8

-10.9-15.7-14.0

-14.9-14.6-15.0-14.5

UNITED STATES, BY COUNTRIES

Italy

7.323.06.93.8

- 3 . 9- 5 . 7- 4 . 4

- 6 . 2- 6 . 3- 6 . 2- 6 . 6

OtherEurope

60.779.7

109.4203.0

267.8318.4323.6

315.4309.7312.7320.0

TotalEurope

453.5588.9791.7

1,010. 6

1, 205. 51, 382. 11, 402. 1

1, 393. 51,417.61, 427. 51,445.5

Canada

46.086.876.3

135.1

136.5166.9209.3

193.2192.9194.9191.5

LatinAmerica

33.5149.3166.3134.0

179.8209.6250.7

245. 8240.5238.5242.0

FarEast

58.890.4

126.2132.7

139.9140.4142.8

140. 1131.2132.8131.5

Allother

11.515.28.0

20.4

31.335.336.6

35.637.638.037.8

TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES


1935—Dec. 311936—Dec. 301937-Dec. 291938—Dec. 28

1939—Mar. 29Apr. 26May 31

June 7June 14June 21June 28

Total

361.4431.5449.1478.1

550. 5611.8599.8

601.3593. 7610.7609. 5

UnitedKing-dom

208.8178.0207.4204.5

209.2227.9236.8

233.0230.1237.6236.7

France

48.162.065.365.5

64.967.168.1

71.069.871.168.1

Neth-er-

lands

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

- 1 . 5.7

- . 1

—. 7- . 4

.5- 1 . 0

Switz-er-

land

1.62.72.62.6

4.54.54.7

4.74.64.53.6

Ger-many

29.766.0

105.1140.3

149.8151.7152.0

152.7152.0153.3153.8

Italy

13.716.36.5

13.9

10.813.715.3

16.216.716.517.7

OtherEurope

8.822.026.933.0

30.935.138.7

38.338.238.839.9

TotalEurope

310.2343.7409.3453.0

468.6500.8515.4

515.2510.9522. 1518.8

Canada

- 4 . 636.9

-21.730.6

49.948.346.9

46.544. 146.542.2

LatinAmerica

20.124.951.666.8

66.571.154.8

51.952.554.755.7

FarEast

37.330.418.7

-65.0

-28.1- 6 . 0

-13.0

- 8 . 0-10.5- 8 . 6- 2 . 9

Allother

- 1 . 6- 4 . 4- 8 . 7- 7 . 2

- 6 . 4- 2 . 4- 4 . 3

- 4 . 3- 3 . 3- 4 . 0- 4 . 3

i,Inflow less than $50,000.NOTE.—Statistics reported by banks, bankers, brokers, and dealers.

1939, pp. 284-296, April 1938, pp. 267-277, and May 1937, pp. 394-431.For back figures and description of the statistics, see BULLETIN for April



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedNET 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 5 . — F O R E I G N S E C U R I T I E S , BY C O U N T R I E S

Net Purchases by Foreigners


1935—Dec. 311936—Dec. 301937—Dec 291938—Dec. 28

1939—Mar. 29Apr. 26May 31

June 7June 14.._ __June 21June 28

Total

125.2316.2583.2610.0

646.7657.5647.6

658.4661.5664.3664. 5.

UnitedKing-dom

67.8116.1136.8129.1

127.6128.7128.1

127.8128.2128.6128.2

France

6.818.222.826.2

26.327.527.9

27.928.028.328.2

Neth-er-

lands

7.410.421.227.3

28.729.329.6

29.629.329.429.4

Switz-er-

land

- 1 . 213.730.437.1

38.440.141.3

41.241.341.641.7

Ger-many

13.322.526.633.134.935.235.4

35.535.635.735.8

Italy

2.99.4

13.520.5

23.123.223.6

23.623.723.723.8

OtherEurope

46.187.9

115.2165.9

174.9178.2179.8

180.1180.2180.3180.4

TotalEurope

143.1278.3366.4439.1

453. 8462.0465.7

465.9466.2467.5467.4

Canada

-39.71.7

10.5-38.9

-25.8-24.3-40.3

-30.3-27.8-26. 4-26.5

LatinAmerica

12.715.7

175.0166.3

172.6173.5175.2

175.6175.7175.8176.0

FarEast

7.917.024.533.8

36.235.936.6

36.736.937.037.1

Allother

1.13.56.89.7

9.910.310.4

10.510.410.410.4

TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES

Net Purchases by Foreigners


1935—Dec. 311936—Dec. 301937—Dec. 291938—Dec. 28

1939— Mar. 29Apr. 26May 31

June 7_ _June 14June 21June 28

Total

316.7917.4

1,162.01, 210. 9

1,180. 61, 202. 91, 209. 2

1,210.61, 208. 31, 205. 61, 199. 3

UnitedKing-dom

149.8367.7448.7472.6448. 3452.6448.9

449.0444.8443.2442.0

France

23.464.770.376.5

72.373.975.6

76.075.875.474.4

Neth-er-

lands

50.5157.6213.8212.9

217.7224.1228.9

230.1231.0231.3231.0

Switz-er-

land

55.1200.2275.3301.7

301.7310.0313.9314.4315.2315.1315. 0

Ger-many

-5 .4- 7 . 5

-17.4-22.7

-23.4-24.2-24.6

-24.8-24.8-25.0-25.2

Italy

- . 1- 3 . 3- 4 . 9-5 .4

- 5 . 5- 5 . 5-5 .6

- 5 . 5- 5 . 5-5 .6- 5 . 5

OtherEurope

12.938.555.756.6

56.556.757.2

57.657.357.156.9

TotalEurope

286.2818.0

1,041. 61,092. 3

1, 067. 61, 087. 61,094. 4

1, 096. 81, 093. 71, 091. 51,088. 4

Canada

2.832.637.627.8

18.816.716.6

15.916.316.213.9

LatinAmerica

3.715.518.223.4

24.625.625.8

25.725.725.725.7

FarEast

21A44.154.756.4

57.960.459.0

58.658.958.657.6

Allother

2.67.19.8

11.0

11.712.513.5

13.613.713.713.7

TABLE 7.—BROKERAGE BALANCES, BY COUNTRIES


1935—Dec. 311936— Dec. 301937—Dec. 291938—Dec. 28

1939—Mar. 29Apr. 26May 31

June 7June 14June 21June 28 .__

Total

6.012.947.547.6

63.973.072.7

71.672.673.874.0

UnitedKing-dom

0)4.0

11.513.2

16.317.418.0

17.918.718.518.1

France

2.410.411.512.6

16.016.316.3

15.215.618.516.8

Neth-er-

lands

1.3- . 95.06.8

8.810.39.5

9.29.39.59.6

Switz-er-

land

2.59.1

10.88.8

9.610.510.8

11.311.711.711.9

Ger-many

o-'.70)- . 2

o- . 1

2

- . 2- . 2- . 1- . 3

Italy

.1

.3

.1

.2

.2

.3

.2

.2

.2

. 1

. 1

OtherEurope

1.4.4

5.05.3

6.67.57.3

6.86.97.27.0

TotalEurope

7.622.644.046.7

57.462.261.9

60.462. 163.563.2

Canada

- 4 . 5- 7 . 6

3.52.6

5.69.18.7

9.39.08.69.3

LatinAmerica

1.0- 4 . 2- . 5- . 9

.1

.7

.8

.8

. 7

.8

.8

FarEast

2.92.1.5

-1 .0

.6

.61.0

.8

.5

.7

.4

Allother

- . 9(2)(2)

.2

.3

.4

.4

.2

.2

.2

.3

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



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedOUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES

[Outstanding amounts in millions of dollars]

TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES

Date TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-erland

Ger-many Italy Other

EuropeTotal

Europe Canada LatinAmerica

FarEast

Allother

Reported by Banks in New York City

1929—Dec. 31___1930—Dec. 31___1931—Dec. 30___1932—Dec. 28___1933—Dec. 27___1934—Nov. 28i.

1934—Dec. 5 *__.1935—Jan. 2.....

Dec. 31__.1936—Dec. 30...1937—Dec. 29__.1938—Dec. 28._.

1939—Mar. 29..Apr. 26...May 31._.

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

2, 672. 72, 335.01, 303. 5

745.6392.0466.7

301.5214.5104.9169.748.959.1

923.7799.4549.271.127.032.7

99.1122.244.611.98.0

12.7

105.2222.266.078.011.59.7

204.5161.041.132.917.525.8

157.4111.233.239.811.714.3

371.3281.3122.266.231.141.7

2,162.81,911.7

961.2469.6155.7196.0

241.8216.8148.398.286.191.9

188.2130.8103.3121.796.7

106.6

49.038.269.043.542.760.3

Reported by Banks in United States

584.8597.0

1,200.21,491. 61, 729.62,003. 92, 264. 22, 505.62, 612. 72, 579. 42, 591.02, 602. 92, 619. 5

79.676.9

205.5235.7261.5438.8473.9548.9578.0590.1605.2599.7607.4

36.133.9

163.5176.3143.9190.9219.5269.0275.3266.6272.6279.7284.4

13.512.968.678.889.198.4

143.9154.9137.1136.8145.6140.9146.0

12.113.786.1

123.5302.1217.4247.1244.2238.4237.6237.3247.4240.8

28.429.929.032.039.019.918.713.915.714.715.014.715.1

16.818.826.141.725.722.614.813.114.312.612.512.612.2

40.646.8

107.5126.3156.0249.9314.7365.3370.5362.3356.6359.6366.9

227.1232.9686.3814.3

1,017.11, 237. 8L, 432. 7L, 609. 3L, 629. 3L, 620. 6L, 644. 8L 654. 71, 672. 7

103.399.3

145.3186.1175.6235.2236.6267.0309.4293.3293.0295.0291.7

117.4122.8156.3263.9280.9254.9300.7330.6371.7366.8361.4359.5363.0

125.1130.1188.9200.2236.0243.7250.9251.4253.8251.1242.2243.8242.5

31.037.521.612.610.911.9

12.012 023 427.120.032.443.347.348.647.649.650.049.7

TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES

Date TotalUnitedKing-dom

FranceNeth-

er-lands

Switz-erland

Ger- Italy OtherEurope

TotalEurope Canada

LatinAmerica

FarEast

Allother

1931—Dec. 3O._1932—Dec. 28__1933-Dec. 27..1934—Nov. 28»

1934—Dec. 5 *__1935—Jan. 2____

Dec. 31__1936—Dec. 30__1937-Pec. 29__1938—Dec. 28. _1939—Mar. 29_.

Apr. 26. _May 31 . .June 7June 14. _June 21__.June 28__.

1,103.3937.9898.8827.1

Reported by Banks in New York City

166.287.3

192.5201.3

29.562.966.994.1

20.913.018.415.9

12.66.2

12.38.5

467.2434.9260.9178.8

18.711.816.710.7

149.297.083.260.2

864.3713.1651.0569.5

58.142.232.384.4

136.5155.2159.7124.4

41.824.049.746.2

Reported by Banks in United States

1,137.81,139. 9

778.6672.6655.0626.0553.6492.3504.3502.8510.3493.3494.6

266.4296.988.1

114.184.887.783.064.255.459.162.154.655.4

108.280.532.516.813.513.313.811.710.7

7.89.07.6

10.7

19.218.619.021.923.025.520.117.918.719.319.118.219.7

8.38.26.65.45.55.4

3. 63.63.4

3.43.53.64.5

239.6231.7202.0165.1126.190.981.479.479.278.579.277.977.4

26.527.213.510.920.813.316.413.511.911.010.510.79.5

81.380.071.257.852.946.748.844.741.141.441.641.039.9

749.5743.2433.0392.1326.5282.8267.1235.0220.4220.6224.9213.6217.0

91.296.3

100.959.4

118.065.746.348.049.449.752.249.854.0

170.7174.6154.5141.1114.499.299.594.9

111.1114.0113.4111.3110.3

118.1117.480.167.278.9

162.6125.7103.6110.6105.6108.1106.2100.5

2.63.56.22.6

8.510.112.917.215.714.910.912.812.811.812.512.8

1 Last report date on old basis.2 First report date on new basis.



CENTRAL BANKS

Bank of England(Figures in millions of

pounds sterling)

Assets ofissue dept.

Gold Otherassets !

Assets of banking department

Cash reserves

Coin Notes

Dis-countsand ad-vances

Securi-ties

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers'

71.0132.4126.4102.4101.289.172.1

150.6120.6

99.9100.497.1

101.0

118.2103.198.591.482.4

101.491.490.1

Public

8.86.67.78.9

22.29.9

12.112.111.4

11.42o.O23.115.9

12.916.321.827.038.315.426.031.1

Other

35.836. 240.333.836.536.437.139.236.6

40.235.537.236.8

36.735.136.337.637.137.036.739.0

Otherliabili-

ties

1929—Dec. 25..1930—Dec. 31. .1931—Dec. 30..1932—Dec. 28..1933—Dec. 27.1934—Dec. 26..1935—Dec. 25..1936—Dec. 30..1937—Dec. 29..

1938—Sept. 28..Oct. 26__.Nov. 30_.Dec. 28..

1939—Jan. 25...Feb. 22..Mar. 29..April 26..May 31..June 28..July 26- .Aug. 30__

145.8147.6120.7119.8190.7192.3200.1313.7326.4

326.4326.4326.4326.4

2 126. 4126.4

3 226. 2226.2226.2226.4

^ 246. 4263.0

260.0260.0275.0275.0260.0260.0260.0200.0220.0

200.0200.0200.0230.0

400.0400.0300.0300.0300.0300.0300.0300.0

.2

1.0.5.6

1.51.41.2

.71.01.1.9.6

26.338.831.623.658.747.135.546.341.1

25.543.945.651.7

62.653.744.237.126.427.435.533.5

22.349.027.318.516.87.68.5

17.59.2

7.34.2

17.628.5

18.817.54.86.28.06.88.06.4

104.7133.0120.1101.498.294.7

155.6135.5

135.6129.2110.890.7

103,9100.6124.8129.5140.7136.7128.0137. 8

379.6368.8364.2371.2392.0405.2424.5467.4505.3

500.9482.5480.8504.7

463.8472.7482.0489.1499.8499.0510.9529.5

17.918.018.018.018.018.018.018.018.0

18.217.717.818.0

18.118.218.217.717.817.918.118.2

Bank of France

(Figures in millions of francs) Gold**For-eignex-

change

Domestic bills

Openmarket6

Spe-cial* Other

Ad-vances

toGov-ern-

ment 8

Loans o n -

Short-term

Govern-ment se-curities

Other-securi-

ties

Otherassets

Liabilities

Notecircula-

tion

Deposits

Govern-ment Other

Otherliabili-

ties

1929—Dec. 27_1930—Dec. 26.1931—Dec. 301932—Dec. 30_1933—Dec. 29.1934—Dec. 28_1935—Dec. 27_1936—Dec. 30_1937—Dec. 30_

1938—Sept. 29Oct. 27.Nov. 24Dec. 29_

1939—Jan. 26Feb. 23_Mar. 30April27May 25_June 29July 27_Aug. 31

41,66853, 578

83,01777,09882,12466, 29660, 35958,933

55,80855,80887,26487, 265

87, 26687,26687, 2669 92,26692, 26692, 26692, 2669 97,266

25, 94226,17921,1114,4841,158963

1,3281,460911

764763888821

761759758756754722722212

5,6125,3047,1576,8026,1225,8375,8005,6405,580

6,7816,8027,0327,422

8,0047,8018,6318,6098,1648,0748,316(10)

8,6248,4297,"

1,379652

6421,5501,6111,797

1,9962,0142,0542,1652,2762,2792,2751,708

3,4384,7393,9719,7128,46510,066

20, 29314,69411,0217,880

5,4625,7336,0124,7745,0095,00015,009

17, 69831,909

50,13448,13420, 62720, 627

20,62720, 62720,62720, 57720, 57720, 57720, 57720, 577

573715675

1,3111,6001,559443

1367317212778374472

2,412

2,5212,9012,7302,5152,9213,2113,2533,5833,781

4,3623,8653,7393,612

3,3893,3173,3323,3623,4013,4713,4613,804

5,6036,6098,5459,1968,2518,2887,8798,3447,277

8,4107,42714,18514,442

14,09914, 30814, 55814, 45214, 26414,75314, 458

(10)

68, 57176,43685, 72585,02882, 61383,41281,15089, 34293,837

124, 428110, 446106, 798110, 935

109, 378111, 162119, 748124, 666121, 391122, 611123,239142, 358

11,73712, 6245,8982,3112,3223,7182,8622,0893,461

2,8253,6426,1695,061

5,4455,0793,9553,7554,5735,1885,4683,303

7,85011, 69822,18320,07213, 41415, 3598,71613,65519, 326

18, 59323,82731, 95525, 595

24, 93522, 55616, 70217, 25517, 57016, 90916,05818,038

1,8122,2411,9892,0411,9401,9072,1132,5573,160

2,6602,7273,0042,718

2, 7132,8302,7262,6493,0202,8162,781

(10)

v Preliminary.1 Securities and silver coin held as cover for fiduciary issue. Currency and Bank Notes Act, 1939 (see BULLETIN for April 1939, p. 271), fixed

fiduciary issue at £300,000,000 and provided for valuation of gold at current prices instead of legal parity, effective March 1, 1939. For previousstatus of fiduciary issue see BULLETIN for April 1939, p. 339.

2 On Jan. 6, 1939, £200,000,000 of gold transferred to British Exchange Equalization Account.3 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to

Bank. See note 1.4 On July 12, 1939, £20,000,000 of gold transferred from Exchange account to Bank of England.6 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; on Nov. 14

increment of nearly 31,500,000,000 francs was applied to partial reimbursement of advances to Government, which stood at authorized maximumof 52,000,000,000 francs on that date. Permanent debt of Government to Bank, included above in Other Assets, was simultaneously increased by6,800,000,000 francs. For details of revaluations in October 1936 and July 1937 see BULLETIN for Dec. 1938, p. 1091.

6 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650).7 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 Populates (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788).8 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).

9 On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France.i° Figures not yet available.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 of

reichmarks)

1929—Dec. 311930—Dec. 311931—Dec 311932—Dec. 311933—Dec. 30 _„1934—Dec. 311935—Dec. 31 . . .1936—Dec. 311937—Dec. 31 .

1938—Sept. 30 .Oct. 31Nov. 30Dec. 31

1939—Jan. 31Feb. 28Mar. 31Apr. 29 - .Mav 31June 30 .July 31Aug. 31 .

Assets

Reserves of gold andforeign exchange

Totalreserves

2,6872,6851,156

92039684887276

77767776

7676777777777777

Gold*

2,2832,216

98480638679826671

71717171

7171717171

Bills (andchecks),

includingTreasury

bills

2,8482,5724,2422,8063,2264,0664,5525, 5106,131

8,1747,5437,5148,244

7,1607,3618,1807,7267,5478,1598,461

10, 272

Securityloans

251256245176183146847460

48324845

5260585540483660

Securities

Eligibleas note

cover

259445349221106

550550548557

592660677668922930925

1,013

Other

92102161398322319315303286

298298298298

298288292476285274289296

Otherassets

656638

1,0651,114

735827853765861

1,1291,3601,4941,621

1,8481,7101,4891,9282,1821,6581,6521,964

Liabilities

Notecircula-

tion

5,0444,7784,776

3,6453,9014,2854,9805,493

8.0237,7547,7448,223

7,8167.9398,3118,5198,5258,7318,989

10, 907

Deposits

755652755540640984

1,0321,0121,059

1,2311,0401,1411,527

1,1191,1051,2491,1221,2921,2811,2941,480

Otherliabili-

ties

736822

1,3381,313

8361,001

923953970

1,0221,0641,0931,091

1,0911,1121,2121,2891,2341,1321,1571,294

i Not shown separately on Beicbsbarjk staterrent after June 15, 1939.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 circulation.. .Other sight liabilitiesOther liabilities _

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange-Negotiable Government bondsOther assetsNote circulationDeposits—Member bank _

Government. . __ _Other

Foreign exchange sold forwardOther liabilities

Commonwealth Bank of Australia(thousands of pounds):

Issue department:Gold and English sterlingSecurities

Banking department:Coin, bullion, and cash.__ _London balancesLoans and discounts.__ _Securities.. _ _ _ _Deposits

Note circulationBank of Belgian Congo (millions of

Belgian francs):GoldLoans and discountsOther assetsNote circulationDepositsOther liabilities

1939

Aug. July

1,22499

263229

1,119379209

25651

16,03041,002

1,41116, 42418,09358, 60287, 84048,025

June

7,56826, 8564,5557,595

20, 71612, 57913, 278

1,22484

271204

1,128428143

23251

16, 03040, 504

1,39719, 07516, 58252, 75684, 23147, 530

1938

Aug.

7,58920, 247

5,3614,687

11, 08114,19512, 607

1,224101120197

1,086379115

11249

16,01138, 300

1,38423, 27214,10152, 24085, 28249,030

166398514374580124


date of month]

National Bank of Belgium (millionsof belgas):

Gold reserve _Other gold and foreign exchangeDiscounts._LoansOther assets. _ _ _Note circulationDemand deposits—Treasury...

OtherOther liabilities

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsSecurities—Government.

Other-Other assetsNote circulation. _ __ _.Deposits ___Other liabilities

National Bank of Bulgaria (mil-lions of leva):

GoldForeign exchangeLoans and discountsGovernment debtOther assetsNote circulationDeposits __ _Other liabilities

Bank of Canada (thousands of Ca-nadian dollars):

Gold _Sterling and United States ex-

changeCanadian Gov't securities:

2 years or less . . .Over 2 years

Other assetsNote circulation . . .Deposits-Chartered banks

Dominion GovernmentOther

Other liabilities

1939

Aug.

209, 775

52,860

111,01852,0787,125

179, 704201, 318

30, 69511, 2169,923

July

3,38185718853

4694,565

8251124

205,159

43, 960

112,55051, 3916,970

169, 714206, 91629,0544,6499,698

June

3,18774231448

4734,442

37161122

2,006757975

3,4171,3102,8913,2392,336

205, 736

33, 652

110,77351,1926,327

165,922204,082

21, 8914,673

11,112

1938

Aug.

3,04793022543

4564,223

15344119

55,12296, 97722, 496

401,1334,192

26, 366274,154270, 834

61, 298

1,994640

1,0143,4681,1982,9683,1972,148

180,125

27, 750

121, 64852, 0345,569

161,371202, 250

12, 793523

10,191





date of month]

Central Bank of Chile (millions ofpesos):

GoldDiscounts for member banksLoans to governmentOther loans and discountsOther assetsNote circulationDeposits-

BankOther

Other liabilitiesBank of the Republic of Colombia

(thousands of pesos):GoldForeign exchangeLoans and discountsGovernment loans and securities-Other assetsNote circulationDepositsOther liabilities

National Bank of Czecho-Slovakia '(millions of koruny):

GoldForeign exchangeDiscountsLoansGovernment debtOther assetsNote 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 depositsOther liabilities

National Bank of Egypt2 (thou-sands of pounds):

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other

Government securitiesOther assetsNote circulationDeposits—Government


1939

Aug.

1466775423143845

35, 4537,54319, 43437,16731, 78753, 62845, 78631, 969

2597150189108452127195

July

1467

75425440844

16246148

36,1093,86518, 45536,82030, 33755, 36538, 54731, 674

1,721821

1,713875

4,1876,391811

2,116

23, 6121,199166

20, 5252,572

48, 61417,17919,010

117992089138186110425135199

38, 3787,760

56, 63020, 88464, 97443, 26215,416

June

1463575426935866

123105144

35,8535,99919,85536, 94830,01957, 36438, 20433,105

1,763771

2,129919

3,7166,418839

2,041

24, 4421,480212

21,6132,890

46, 82120,03419,389

19130155180109446166197

39, 42110, 30950,09218,12364,31438,81314, 818

6,5452,0955,657

25,1968,401

20, 7123,26115, 4688,454

1938

Aug.

77114442700

20561143

35, 2836,18318, 99046, 49426, 76251, 60239, 75242, 357

2,653202

2,5611,4402,0051,0288,087138

1,664

29,1835,945598

16, 2623,208

37, 62220,81119,016

1181092011282123104397104168

33, 4893,351

'54, 442r17, 78563, 47129, 81615, 781

6,545649

5,167

30,5326,57518, 0165,08617, 7938,573


date of month]

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchangeLoans and discountsGovernment debt and securities-Other assetsNote circulationDepositsOther liabilities

Bank of Estonia (thousands ofkrooni):

Gold 3Foreign exchange (net)Loans and discountsOther assetsNote circulationDemand depositsOther liabilities

Bank of Finland (millions of mark-kaa):

Gold*Foreign assetsLoans and discountsDomestic securitiesOther assetsNote circulationDeposits—Treasury


Bank of Greece (millions of drach-mas):

Gold and foreign exchange (net)__Loans and discountsGovernment obligationsOther assetsNote circulationDeposits __Other liabilities

National Bank of Hungary (mil-lions of pengo):

GoldsForeign exchange reserveDiscountsLoans—To Treasury

OtherOther assetsNote circulationDemand depositsCertificates of indebtednessOther liabilities

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadSterling securitiesIndian Gov't. securitiesRupee coinNote circulation

Banking department:Notes of issue department. __Balances abroadTreasury bills discountedLoans to GovernmentInvestmentsOther assetsDepositsOther liabilities

Bank of Japan (millions of yen):GoldSpecial foreign exchange fundDiscountsLoans—Government

OtherGovernment bondsOther assetsNote circulationDeposits—Government


1939

Aug.

12410157634343352

1,03818199221

July June

13, 2086,074

7255,108

99614, 7717,7443,595

40, 9069,034

27, 49741,41353,08627, 32638, 438

1,1282,5981,151333248

2,179217991

2,070

10, 6064,2111,9437,91210, 2641,873

1249341829829360879143

444595374730

1,784

35936

197513

387115

501300414385

1,686376

2,446501112306

13, 2086,479709

5,132990

14, 6698,2333,616

40,8928,91027,05944,50751,11630, 62239, 631

1,1282,6401,244331142

2,20090

1,0882,106

3,56510, 5704,2571,8608,00210, 5431,706

1249443832712

366885178

444595374695

1,846

26285377312

329111

501300428351

1,776414

2,342535238358

1938

Aug.

13, 2063,666689

5,517984

13, 3326,2514,478

34, 27017,12322,08030, 77348, 36433, 71622,166

6212,3261,508236353

2,05098

1,2041,691

3,0767,6424,3052,2636,7237,8572,706

8476

399150?;1431860617670

189

444695324688

1,713

4382411

6411

423116

501300465368

1, 257240

1,953353147381

r Revised.1 N a m e changed to Nat ional B a n k of Bohemia and Moravia , Prague , b y decree of M a r c h 31, 1939.2 I t ems for issue and bank ing depa r tmen t s consolidated.3 Gold revalued in pa r t on March 6, 1939 at .2802 gram fine gold per kroon.* I n accordance w i t h law of December 22,1938, gold revalued on December 31,1938, at approximate ly .02 gram fine gold per m a r k k a .5 I n accordance wi th law X X V of 1938 gold revalued on J a n u a r y 15, 1939, at .1754 gram fine gold per pengo and result ing increment included

in other assets.





date of month]

Bank of Java (millions of guilders):GoldForeign bills _ __ _Loans and discountsOther assets _ _ _Note circulationDepositsOther liabilities

Bank of Latvia (millions of lats):Gold -Foreign exchange reserve.- _Loans and discountsOther assetsNote circulationDepositsOther liabilities

Bank of Lithuania (millions of l i tu):Gold _ _Foreign exchange.- __ __Loans and discounts _Other assets. _ _ __ __ __Note circulationDepositsOther liabilities

Netherlands Bank (millions of guil-ders) :

GoldSilver (including subsidiary coin)Foreign bills ___„ __ _ _ _DiscountsLoans.- __ __Other assetsNote circulation _ _Deposits—Government


Reserve Bank of New Zealand(thousands of pounds):

Gold. _Sterling exchange reserveAdvances to State or State un-

dertakings. . __InvestmentsOther assets. _ _ _ _ _ _ _Note circulationDemand depositsOther liabilities

Bank of Norway (millions ofkroner):

GoldForeign assetsTotal domestic credits and

securitiesDiscountsLoans.. __ _ _ _ _Securities

Other assetsNote circulationDemand deposits—Government-


Central Reserve Bank of Peru(thousands of soles):

Gold and foreign exchange-DiscountsGovernment loans

Dcnosits

Bank of Poland (millions of zlotys):Gold

Loans and discountsSecuritiesSpecial gov't. debts

Other sieht liabilitiesOther liabilities

1939

Aug.

1,129172

4826068

1,132

34448

236128

3090)0)0)0)50521

1090)

July

1171161

1041996925

8836

1435181

20443

628

11937

1534230

1,129242

1022469

1,03746

32748

2,8025,577

18, 9383,748

46015, 69313, 8331,999

236151

'28112236

12352

48015

13987

44411

886161515350

1,883152332

June

117156197

7225

9340

1475384

20840

629

12037

1564231

1,175222

1021468

99827

42046

2,8025,601

16, 9263,768

41515, 46712,1231,922

236157

27111237

12360

47537

12192

44415

824157515377

1,848159326

1938

Aug.

1173

6388

1876825

7838

1276261

19648

783

10230

1246524

1,481215

1028664

93916772346

2,80213, 695

6,6342,732

30413,69610, 8501,620

222199

2077433

10031

453329579

48,90323, 47982,906

7,22399, 36245, 52417, 625

44812

791128

3771,149

249358


date of month]

Bank of Portugal (millions ofescudos):

GoldOther reserves (net)Non-reserve exchange... __ _ _Loans and discountsGovernment debt._Other assets.__ __ __ __ __ _Note circulation. _ _ _Other ^ight liabilitiesOther liabilities

National Bank of Rumania (mil-lions of lei):

GoldSpecial exchange accounts _Loans and discounts . .Special loans 3 .Government debtOther assetsNote circulationDemand depositsOther liabilities

South African Reserve Bank (thou-sands of pounds):

Gold _ __ _Foreign bills _____ _ _ _Other bills and loansOther assetsNote circulationDepositsOther liabilities

Bank of Sweden (millions ofkronor):

GoldForeign assetsDiscounts._ _ _ _ _ _LoansDomestic securities __ __ __Other assetsNote circulationDemand depositsOther liabilities

Swiss National Bank (millions offrancs):

GoldForeign exchange.. _DiscountsLoans _ _Other assetsNote circulationOther sight liabilitiesOther liabilities

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign exchange—Free

In clearing accounts._Loans and discounts.__Securities.. . _ _ _ _ _Other assets-__ __.Note circulationDepositsOther liabilities

Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silver.. _Note circulation

Banking department:GoldOtherLoans and discountsOther assetsDepositsOther liabilities

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign exchangeLoans and discounts _ __ __Government debtOther assetsNote circulationOther sight liabilitiesOther liabilities

1939

Aug.

782608

1160

186545

1,126884183

2,4192886343

6842,024

828646

July

920432210399

1 0361 2412,0791 1491 009

26, 6385,5001,714

16,14418, 46428, 3293,203

767627

1159

166520

1,025963163

2,4612744927

6821,7411,106

647

36, 9062

3,536145, 754192, 73238, 340

229, 52171,426

116,325

1,922503

1,8602,2303,2737,3541,712

721

June

920462200419

1 0361 2182,0961 169

990

18, 7564,422

13,6151,534

10,16912, 66238,68310, 52411,951

26, 6387, 666

81316, 54119,15628, 6513,850

762646

1357

156515

1,059926164

2,4712716631

6811,7291,147

644

36, 90611

4,135140, 915192,88035, 450

229, 52161, 509

119,267

86, 23591,072

20, 46247, 916

107, 26298, 34787,187

186, 799

1,920507

1,8252,2303,1567,1771,724

736

1938

Aug.

918478160424

1 0401 2902 1341 1011 075

17, 0013,8879 1601,883

10, 40211,24930, 92112,04410 616

24, 5507,2852,528

13, 45616, 46228, 2443,113

617853

122370

393971831166

2,8373742020

7051,5551,763

638

36, 869

10, 36575,473

L89, 76428,415

175, 69160,029

105,167

103, 58585,965

1,83550, 21299, 83770, 44083,429

138,894

1,844391

1,5932,2423,1706,2462,215

780

p Revised.1 Figures not yet available.2 Not reported separately on bank statement; included with loans and discounts.3 Agricultural and urban loans in process of liquidation.



BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss gold francs i]

Assets

Gold in bars _~Cash on hand and on current account

with banksSight funds at interest

Rediscountable bills and acceptances(at cost)

Time funds at interestSundry bills and investments

Other assets _ _ _.

Total assets

1939

Aug. 31

28, 588

26, 58212, 980

177, 24135, 627

229, 588

1,570

512,176

July 31

55, 807

17, 21817, 603

228, 08235, 309

220, 824

1,327

576,169

1938

Aug. 31

30, 945

48,12015, 679

223, 37453, 852

252, 903

1,603

626, 476

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

Aug. 31

14,112

53, 8232,463

253, 512

188, 265

512,176

July 31

14, 355

114, 7183,558

255,122

188, 417

576,169

1938

Aug. 31

9,107

166, 0898,498

255, 534

187, 248

626, 476

i See BULLETIN for December 1936, p. 1025.

MONEY RATES IN FOREIGN COUNTRIES[Per cent 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

rateMoney for1 month

1929—August.. _1930—August...1931—August...1932—August. __1933—August...1934—August. __1935—August...1936—August...1937—August...1938—August. __

1939—February.MarchAprilMayJuneJulyAugust...

5.472.214.28.74.41.79.60.55.55.53

.53

.631.40.73

c.75.79

1.58

5.482.174.21

.74

.58

.53

.52

.51

.51

.701.36.70

1.92

4.351.853.59.73.62.81.75.75.75.75

.75

.75

.76

.75

.77

.751.35

7.183.24

i 8.924.503.873.753.002.882.882.88

2.882. 882.882.772.792.752.75

9.434.43

i 9.185.755.505.023.002.842.692.87

2.882.882.882.532.502.502.50

7.423.73

i 9.155.824.944.723.063.012.852.51

2.532.702.362.462.712.652.50

5.061.831.30.37

1.11.75

4.781.29.13.13

.13

.291.11.72.49.51

1.03

4.681.631.221.001.081.004.721.20.53.50

.50

.501.24.80.75.75

1.53

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan)

Hungary

Month

Sweden(Stock-holm)

Japan (Tokyo)

Privatediscount

rate

Privatediscount

rate

Privatediscount

Privatediscount

rate

Primecommer-cial paper

Day-to-daymoney

Loans upto 3

monthsDiscounted

billsCall

moneyovernight

1929—July..1930—July..1931—July..1932—July..1933—July..1934—July..1935—July..1936—July..1937—July..1938—July..

1939—January...February..MarchAprilMayJuneJuly

3.191.921.551.501.501.502.792.251.001.00

1.001.001.001.001.001.001.00

4.042.782.153. 172.312.201.881.381.003.12

2.001.983 284^283.992.79

3.502.081.20.99

1.391.784.063.305.202.50

1.881.961.941.881.941.881.88

6.755.505.255.504.003.003.504.505.005.00

5.005.005.005.005.005.00

8M-1053^7^

H7H4-63^4 ^

4-4M3Ksy2

3M

2H

4-6'4-6

23^-523^-523^-523^-523^-523^-5

5. 48-5. 665.48

4. 93-5. 486. 02-6. 395.11-5. 48

5.115.114.754.754.56

4.474.474.474.474.474.47

3.103.652.744.202.372.572.452.532.702.48

2.342.562.542.472.372.39

r Revised. c Corrected.1 Based on data for part of month, no quotations being available for remainder of month.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[Per cent per annum]

Date effective

In effect June 30,1936

July 7July 10Sept 9Sept 25Oct. 2Oct 9Oct. 16Oct 20Nov. 26Dec 3Jan 28, 1937June 15July 7Aug 4Sept 3Nov 13May 10, 1938May 13May 30Sept. 28Oct 27Nov 25Jan 4 1939Apr. 17May 11July 6Aug. 24Aug 29Sept. 28In effect Sept. 28,

1939

Central bank of—

UnitedKing-dom

2

4

3

3

France

4

3

53

2 2

4654

3 2

Wi

3

2 *

2

Ger-many

4

4

Bel-gium

2

4

3

2V2

43

Neth-er-

lands

ft

2H

2

3

3

Switz-er

land

2H

2

1K2

Japan

3.29

3.29

Centralbank of—

Albania-Argentina. .BelgiumBoliviaBritishlndiaBulgariaCanadaChileColombia...Czecho-

slovakia..Danzig . . .Denmark. _.EcuadorEl SalvadorEstoniaFinlandFranceGermany. __Greece.HungaryItaly

RateSept.

28

6

636

4

34

4 2

34'2464

Dateeffective

April 1, 1937Mar. 1, 1936July 6, 1939July 5, 1932Nov. 28, 1935Aug. 15, 1935Mar. 11, 1935Dec. 16, 1936July 18, 1933

Jan. 1, 1936Jan. 2, 1937Sept. 20, 1939Nov. 30, 1932Mar. 30, 1939Oct. 1, 1935Dec. 3, 1934Jan. 4, 1939Sept. 22, 1932Jan. 4, 1937Aug. 29, 1935May 18, 1936

Centralbank of—

Japan.._ _Java. . _LatviaLithuania _MexicoNetherlandsNew Zea-

landNorwayPeruPolandPortugalRumaniaSouth AfricaSpain.SwedenSwitzerlandTurkeyUnited King-

domU. S. S. R. .Yugoslavia..

Changes since Aug. 29: Denmark—Sept. 20, upcent; Norway—Sept. 22, up from 3 ^ to 4}^ per centSept. 28 down from 4 to 3 per cent.

RateSept.

28

3.293

6 2

33

4

6 2

i4y2

5

4 2

345

Dateeffective

Apr. 7, 1936Jan. 14, 1937Jan. 1, 1939July 15, 1939Mar. 1, 1937Aug. 29, 1939

Nov. 19, 1938Sept. 22, 1939May 20, 1932Dec. 18, 1937Aug. 11, 1937May 5, 1938May 15, 1933July 15, 1935Dec. 1, 1933Nov. 26, 1936July 1, 1938

Sept. 28, 1939July 1, 1936Feb. 1, 1935

from 314 to \A perUnited Kingdom-

COMMERCIAL BANKS[Figures as of end of month, except those for United Kingdom, which are averages of weekly figure:

United Kingdom

(Figures in millions of pounds sterling)

Assets

Cashreserves

Money atcall and

shortnotice

Bills dis-counted

Securi-ties

Loans tocustom-

ersOtherassets

Liabilities

Deposits

Total Demand 1 TimeOther

liabilities

1930—December..1931—December..1932—December..1933—December..1934—December..1935—December..1936—December..1937—December..1938—December..

1936—December.1937—December.

1938—JuneJulyAugustSeptember.October. __November.December.

1939—January....February._MarchAprilMayJuneJuly

10 London clearing banks

208184207213216221236236235

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

244244

247244241234234233243

248243232229236235235

195163

154159153148149149160

143138141145144150155

322300

289302305289268272250

256212190184201249278

660635

630633642646645642635

625617611611605600597

890984

985985974973973966971

972982992997992993986

249256

251242239242256255263

252253249256258257251

2.3152,330

2,2992,3092,2982,2692,2562,2492,254

2,2302,1762,1522,1552,1672,2192,240

1,2881,284

1,2451,2541,2481,2361,2471,2441.256

1,2601,2131,1861,1851,1941,2321,241

L 012L, 026

1,054L, 0551,0501,0331,0091,004

997

970964966970973987999

254237216244251231232237254

245252

256255256262270269269

267268264267268265263

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 tables see BULLETIN for October 1933, pp. 639-640.

Figures for 10 banks not avail-



COMMERCIAL BANKS—Continued[Figures as of end of month]

(4 large banks. Figures in millions offrancs)

1930— December1931—December _.1932— December1933—Decen ber . .1934—December1935— December .1936—December1937—December

1938—August.._ . .SeptemberOctober _ .NovemberDecember..

1939—JanuaryFebruaryMarch _ __ __ __ . _.April . . .Mayp __ . . .

(5 large Berlin banks. Figures in mil-lions of reichsmarks)

1930—November1931—November __ . . . . . . . .1932—November1933—November1934—November .1935—Novt mber1936— November1937—November _ _1938—August

September __ _OctoberNovember . .

1939—JanuaryFebruary. _March . . . _ ._ _.April-MayJune . . . . ._

Canada

(10 chartered banks. Figures in mil-lions of Canadian dollars)

1930—December1931— December _1932—December1933—December1934—December . .1935—December1936—December1937—December _1938— September

OctoberNovember __December

1939—JanuaryFebruaryMarchAprilMayJuneJuly

Assets

Cashreserves

2,41911,3119,0075.87(5,8363.7393, 1003,403

3,2704,4103.1523,3573,756

3,3293, 4333.6043,5225,143

Due frorrbanks

4, 6752,16*1,7661,4161.4212,4842,9754,116

4,7084,2374,2384,3184,060

3, 9853,8243,5193,7453,767

I Bills dis-counted

20.44818, 44122,01419,84818,30416,14117, 58218, 249

19. 82814,08018, 94018, 52221, 435

22,10023,02423, 94525, 66724, 874

Loans

10,7439,2747.8508,3098,1598,0257,6317,624

7,4908,0727,6137,9567,592

7,0796,9276.6546,4147,056

Otherassets

2,3612,130

}»2,

i

1,

749827717900957134

702921088976940

339250310353411

Liabilities

Deposits

Total

36,68138, 24537,75932. 63530 94327, 55328. 48430, 348

32, 29327, 86930,95230 97133, 578

33. 44434343637

Assets

Cashreserves

191173143131115139137148

199270179195

184175219189237214

Duefrombanks

1,483817583471393316269299

255295261270

285307308271292306

Bills dis-counted

2,4531,4311,6311,7022,0372,1622,5673,205

3,5893,3843,6203,643

3,9343,8883,9044,3644,5374,108

Loans

7,4165,3774,5703,7313,3312,8842,7292,628

2,7312,8172,7432, 685

2,7082,7982,8332,7612,7722,988

Securi-ties

482807938860874

1,0271,1121,020

1,0981,0971, 1831,406

1,1781,1451,1121,0821,0731,080

Otherassets

1

1

880127991

,003983983851812

844876895893

895902901891852829

Assets

Entirely i Canada

Cashreserves

207201211197228228240255

270291277263

276267259260266255266

Securityloans

20513510310610383

11476

60666465

63605654555351

Otherloans

and dis-counts

1,2751,2531,1041,036

977945791862

965986970940

919921943956963957947

Securityloans

abroadand net

duefrom

foreignbanks

171146155134155141161102

150147192166

167171192203217226202

Securi-ties

604694778861967

1,1551,3841,411

1,4211,4091,4261,463

1,4541,4901,4991,5091,5051,5251,520

Otherassets

60251043943?449485507510

481470471474

459450458449452494468

,243,793,368,883

Demand

35,28437,02336,49131, 77330,03926, 85927 95529 748

31, 78427,40530,44930,46033,042

32, 86333, 61934,12735, 70037, 223

Time

1,3971,2221,268

862904694529600

508463503511537

581624667667660

iOwn

iccept-ances

921576295273193337473661

550678775746721

643538541558522

Otherliabilities

4,3574,5034,3314,3624,3014,3994,2894,517

4,1554,1744,3044,4114,484

3,7453,6773,6973,7753,846

Liabilities

Deposits

Total

9,0916,0626,1615,7545,8165,3765,7516,264

6,9336,9157,0317,234

7,3347,3777,4587,7457,9817,793

Demand

3,8573,2522,9582,6242,7312,4352,6612,912

3,2193,3113,3733,531

3,6193,5763,6933,8703,9963,793

Time

5,2332,8103,2033,1303,0852,9413,0903,352

3,7143,6033, 6583,703

3,7163,8013,7653,8753,9853,999

Creditsobtained

frombanks

1,9861,3281,146

661485686579513

416424422420

414410401398396390

Otherliabili-

ties

1,8282,3411,5501,4811,4321,4491,3341,335

1,3681,4001,4271,438

1,4361,4271,4181,4141,3851,342

Liabilities

Notecircula-

tion

13312911512112411110396

99949288

85889390859286

Deposits payable in Can-ada excluding interbank

deposits

Total

2,1152,0581,9161,9202,0352,1802,3032,335

2,4472,4802,4992,500

2,4572,4712,4922.5092,5242,5422,520

Demand

689698538563628694755752

814824844840

789780791812846862822

Time

1,4261,3601,3781,3571,4071,4861,5481,583

1,6331,6561,6551,660

1,6671,6911,7001.6971,6781,6801,697

Otherliabili-

ties

816752760725718745790785

802795808782

796800821833850875849

v Preliminary.i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large

Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice(See BULLETIN for June 1935, p. 389).

NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, June 1935, pp. 388-390, and August 1939,p. 699.



FOREIGN EXCHANGE RATES[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year or month

1929193019311832193319341935193619371938

1938—December

1939—January __February.MarchAprilMayJureJulyAugust

Argen-tina

(peso)

95.12783. 50566. 73858. 44372. 80133. 57932. 65933.13732. 95932. 597

31.135

31.12631. 23631. 23431. 20731.21031.21731.21131.116

Aus-tralia

(pound)

480. 83458. 60351. 50279.93337.07400. 95388. 86395. 94393. 94389. 55

372. 06

372. 06373. 33373. 27372. 86372. 89373.12373. 03367.32

Bel-gium

(belga)

13.91213.95213. 92913.91417. 90023. 28718. 42416.91716. 87616. 894

16. 843

16. 89316. 86016. 82316. 83817. 01617.00816. 99116.968

Brazil (milreis)

Official

11.807210.71367.02907.12237. 96308. 42688. 29478. 56818. 71905. 8438

5. 8646

5.85985. 86025. 86475. 8595

6.05856. 05716.0579

Freemarket

5. 87886.1806

5.10385. 05555.0236

BritishIndia(rupee)

36. 20236.06733. 69026. 34731.81637. 87936. 96437. 52337. 32636. 592

34. 860

34. 88135. 01435. 05734. 96234. 91634. 92434. 90534.407

Bul-garia(lev)

.7216

.7209

.7163

.71931.C0391. 28521.29511.29581.28461. 2424

1. 2326

1.21561.21301. 21031. 20891. 21011. 20771. 21261.2111

Canada(dollar)

99. 24799. 84296. 32688.09091. 959

101.00699. 49399. 913

100. 00499. 419

99. 064

99.19499. 50299. 58399. 48399. 62099. 77399. 83599.494

Chile (peso)

Official

12.060112. 078512. 06697. 90797. 678710.14525. 08335.12405.16975. 1716

5.1758

5.17395.17365.17335.17355.17335.17375.17035.1691

Export

4. 00004. 0000

4.0000

4.00004.00004.00004. 00004. 00004. 00004. 00004.0000

China(yuan-Shang-

hai)

41.90129. 91722. 43721. 73628. 59834.09436. 57129. 75129. 60621. 360

16.110

16. 25615. 88516. 01616.01515. 98713. 43410. 6377.163

Colom-bia

(peso)

96. 55196. 49396. 57095. 27581. 69761. 78056.01157. 08356. 72655. 953

57. 001

57. 05556. 99056. 98356. 98257. 0C957.16957. 03657.061

Cuba(peso)

99.96599. 95299. 93099.94199. 94699. 93699. 92099. 90999.91699. 925

99. 931

99. 93299. 93399. 93299. 93699. 94299. 94999. 95099.950

Year or month

1929193019311932193319341935193616371938

1938—December __

1939—JanuaryFebruary . .MarchAprilMayJuneJulyAugust

Czecho-slovakia(koruna)

2.96092. 96402.96192. 96183.82324. 24244. 16424.00783.49303. 4674

3. 4221

3.42583. 42483.4245

Den-mark

(krone)

26. 68026. 76525.05818. 83219. 07122. 50021. 88322.18922.06921. 825

20. 844

20. 84120.91220.91220. 89120. 89520. 90020. 89620.834

Egyptpound)

498.07498. 60465.11359. 54434. 39516. 85502. 60509. 68506.92501. 30

478. 88

478. 76480. 43480. 40479. 90479. 97480.10480.00472. 41

Fin-land(mar-kka)

2. 51602.51692. 38751. 55471. 87082.22772.16272.19032.18112.1567

2. 0554

2. 05432.06042.05972. 05422.05482.05592. 05472. 0456

France(franc)

3.91613. 92493.92003. 92765. 03136. 56886. 60136.11414.04602. 8781

2. 6323

2. 63692. 64712. 64882. 64782. 64872. 64932. 64882.6137

Ger-many(reichs-mark)

23.80923. 85423. 63023. 74930. 51839. 37540. 25840. 29740. 20440.164

40.080

40.06640.11740.09840.08140.11540.10540.11339. 859

Greece(drach-ma)

1.29341. 29591.2926.8320.7233.9402

.9055

.8958

.8559

.8558

.8583

.8586

.8579

.8570

.8565

.8576

.8520

HongKong

(dollar)

47.16733. 85324. 33123. 46029. 45238. 71648. 21731.71130. 69430. 457

29.174

29.10729. 07829. 04928. 65928. 88428. 91628. 70328. 213

Hun-gary

(pengo)

17. 44117. 49417. 45217. 44622. 36029. 57529. 60229. 55819. 77919. 727

19. 642

19. 63219. 62719. 61319. 60219. 58819. 57719. 57619. 576

Italy(lira)

5. 23345. 23745. 20635.12536. 70948. 56178. 24717. 29165. 26075. 2605

5. 2603

5. 26035. 26025. 26015. 26015. 26035. 26045. 26055. 2515

Japan(yen)

46.10049. 39048. 85128.11125. 64629. 71528. 70729. 02228. 79128. 451

27. 213

27. 20527. 29727. 30027. 27427. 27727. 28427. 27926. 870

Mexico(peso)

48.18347.13335.49231. 85028.10327. 74227. 77827. 76027. 75022.122

19. 931

19. 48319. 97320. 02620.02320.02519. 75317.13316. 800

Nether-lands

(guilder)

40.16240. 22540. 23040. 29551. 72167. 38367. 71564. 48155.04555.009

54. 356

54.18753. 62653. 09253.13253. 60153.16753. 27853.484

NewZealand(pound)

483. 21468. 22415. 29320.19340. 00402. 46391. 26398. 92396. 91392. 35

373. 72

373. 59374. 84374. 78374. 41374. 42374. 60374. 49368. 82

Year or month 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)

Uruguay (peso)

Con-trolled

Non-controlled

Yugo-slavia(dinar)

1929193019311932193319341935193619371938

1938—December.,

1939—JanuaryFebruary . . .MarchAprilMayJuneJulyAugust

26. 68326. 76025.05518. 00421. 42925. 31624. 62724.97424. 84024. 566

23. 463

23. 45923. 53923. 53923. 51523. 51923. 52423. 52023. 376

11.19411. 20511.19711.18214. 41418.84618. 88218.87518. 92318. 860

18. 865

18.90118. 89818. 86018. 81818. 81218.81218. 80818. 754

4. 47144. 49404. 24353. 19603. 91654. 60894. 45754. 51304. 47924. 4267

4. 2406

4. 23844. 25084. 25024. 24484. 24604. 24844. 25.064. 2234

.5961

.5953

.5946

.5968

.77951. 0006.9277.7382.7294.7325

.7315

.7311

.7272

.7140

.7056

.7056

.7042

.7035

.7043

483. 27483. 79480. 76476. 56414. 98498. 29484. 66491. 65489. 62484.16

462. 32

462. 22463. 83463. 74462. 80463.11463. 32463. 28456.10

14. 68311. 6679.5458.04410. 71913. 61513. 67812.3146.0535.600

4.996

4.613

11. 02311. 02311. 02311.000

56. 01255. 96452. 44540. 39749. 23259. 00557.17358. 25857. 97356. 917

54. 302

54. 24654. 41654. 39454. 27354. 37354. 50954. 78553. 996

26. 78426. 85425. 25418. 47122. 03225. 98225. 27125. 62625. 48725.197

24. 051

24.04124.13324.13024. Ill24.11024.10724.11424. 002

19. 27919. 38219. 40119. 40524. 83632. 36632. 49730.18922. 93822. 871

22. 612

22. 58222. 67222. 61422. 43122. 48022. 54622. 55022. 573

48.41147. 06147.18147. 28560. 44079. 04780. 31280. 35780.13080.109

80. 43680. 38580. 36180. 27980. 29080.10180. 02180. 022

485. 69486. 21453. 50350. 61423. 68503. 93490.18497.09494. 40488. 94

467. 03

466. 94468. 57468. 54468. 05468.13468. 24468.15461. 07

98. 62985. 86555. 35747.06460. 33679. 95680. 25179.87479. 07264. 370

61. 471

61. 43861. 64661. 65061. 59261. 59861. 60961. 60060. 659

35. 62035. 81835. 698

1. 75911. 76811. 76801.64111. 76072. 27192. 28372. 29652. 30602.3115

2. 2776

2. 28002. 28202. 27812. 26362. 26752. 26742. 27442. 2729

NOTE.—Developments affecting averages since July 1939 have been as follows: Cuba—quotations temporarily omitted beginning Aug. 11; ex-change quotations on following countries partly nominal since Aug. 24, 1939: Australia, Denmark, Finland, Germany, Hong Kong, Italy, Japan,Norway, Poland, Portugal, South Africa, Straits Settlements, Sweden, and Yugoslavia; quotations not available as follows: Argentina, Denmark,Finland, Hungary, Poland, Rumania, and Yugoslavia—Aug. 28-31; Bulgaria—Aug. 30-31; Norway—Aug. 28-29; and Turkey—Aug. 25 and 28.For futher information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotaton,see BULLETIN for March 1938, p . 244; March 1939, p . 236; and September 1939, p. 831.


942 FEDERAL RESERVE BULLETIN O C T O B E R 1939

PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1926

192919301931193219331934 . . .19351936 . . _ ___19371938

1938—JulyAugustSeptemberOctoberNovemberDecember

1939—January-FebruaryMarch _.Apr i l . . . . .MayJuneJulyAugust

UnitedStates

(1926=100)

100

95867365667580818679

797878787877

7777777676767575

Canada(1926=100)

100

96877267677272758579

797675747473

73737373747373

UnitedKingdom

(1930=100)

i 124

100888686888994

109101

10110098999898

97979797989898

France(1913=100)

695

627554500427398376338411581653

652649652664674684

689685683675684683678

Germany(1913=100)

134

137125111979398

102104106106

106106106106106106

107107107106107107107

Italy(1928=100)

95857570636268768995

959697979796

97979898979896

Japan(October

1900=100)

237

220181153161180178186198238251

254252252253254255

259264265266270270270272

Nether-lands

(1926-30=100)

106

100907665636362647672

717171717071

7070707070707071

Switzer-land

( Ju ly 1914=100)

144

1411261109691909090

111107

106105106106106106

106105105106107106107

i Approximate figure, derived from old index (1913—100).

WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]

Year or month

1926

19291930_ ___19311932 _ .1933193419351936 _ _1937 .1938

1938—JulyAugust _ _SeptemberOctober _November _ __ _December

1939—JanuaryFebruary ._ _MarchApril. __MayJune _JulyAugust . . . . .

United States (1926=100)

Farmproducts

100

105886548516579818669

696768676868

6767666464626361

Foods

100

100917561617184828674

747375747473

7272706968686867

Othercommod-

ities

100

92857570717878808582

818181818180

8080808181808080

United Kingdom(1930=100)

Foods

100898883858792

10297

989592939192

93919091929291

Indus-trial

products

100878587909096

112104

102102102102103102

100100100100101101102

France (1913=100)

Farmand foodproducts

581

579526542482420393327426562641

630625631646662684

688673671650652643629

Indus-trial

products

793

669579464380380361348397598663

671670669680685685

690694694697712718721

Germany (1913=100)

Agricul-tural

products

129

130113104918796

102105105106

106107106106107107

108108108107108109109

P109

Provi-sions

132

1251139686757684869691

909091929595

94949492949192

P92

Indus-trial rawand semi-finishedproducts

130

13212010389889192949694

949494949494

94949595949495

P 9 5

Indus-trial fin-

ishedproducts

150

157150136118113116119121125126

126126126126126126

126126126126126126126

P126

p Preliminary.-Source*.—See BULLETIN for March 1931, p. 159; March 1935, p. 180; October 1935, p. 678; March 1937, p. 276; and April 1937, p. 372



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

RETAIL FOOD PRICES[Index numbers]

Year ormonth

1926 _

19291930 __19311932193319341935193619371938

1938-JulyAugustSeptemberOctoberNovemberDecember.

1939-JanuaryFebruary..MarchAprilM a yJune .JulyAugust

UnitedStates1923-

1925=100

109

1051008268667481828579

807879787879

7877767777767775

Eng-landJuly

1914=100

161

154145131126120122125130139141

146141140139140139

138138135135134134139137

FranceJuly

1914=100

554

611614611536491481423470601702

671677697725727742

748744742734738739741

Ger-many1913-

1914=100

146

156146131116113118120122122122

124124121121121121

122122123122123124125

Nether-lands1911-

1913=100

161

162150136119120124118120127130

130129130130128130

130

124

Switz-erlandJune

1914=100

160

156152141125117115114120130130

129129130130130130

129129128129130

'132132

COST OF LIVING[Index numbers]

Year ormonth

1926

19291930193119321933193419351936 _19371938

1938 Ju ly .AugustSeptemberOctoberNovemberDecember

1939-JanuaryFebruaryMarch.April. __M a yJune__..JulyAugust

UnitedStates1923-

1925=100

103

100978980767981828483

83

83

82

Eng-landJuly

1914=100

170

164158148144140141143147154156

159156156155156156

155155153153153153156155

France l

1930=100

100979187-837886

102117

117

120

122

P123

Ger-many1913-

1914=100

142

154148136121118121123125125126

127127125125125125

126126126126126127127

Nether -lands1911-

1913=100

168

168161151141139140136

2 132137139

139138139138137138

138

136

Switz-erlandJune

1914=100

162

161158150138131129128130137137

137136137137137137

137136136136137137138

r Revised.Sources.—See BULLETIN for April 1937, p. 373.

p Preliminary.1 New index of Statistique Generate de la France covering all depart-

ments except Seine-et-Marne. New index not available back of 1930;old index (Jan.-June 1914=100), which was for Paris only, was 581 in1930, 556 in 1929, and 505 in 1926.

2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues. _

1926

1929.19301931193219331934. .193519361937. _1938

1938—JulyAugustSeptember . . .OctoberN o v e m b e r . .December . . .

1939—JanuaryFebruaryMarchAprilM a y . _ . .JuneJulyAugust

Bonds

UnitedStates

(averageprice) l

60

97.6

98 199.390.969.573.484.588.697.593.478.9

80.881.378.781.882.181.1

81.982.183.179.480.281.481.681.0

England(December1921=100)

87

110.0

110.2111.8108.4113.2119.7127.5129.9131.2124.6121.3

123.4122.4118.4118.2118.0116.3

115.9115.8113.6110.8113.5113.5112.5110.9

France(1913=100)

36

57.4

85.195.896.988.681.382.183.576.375.177.3

76.576.675.678.380.688.3

83.486.586.086.685.184.084.3

Germany(average

price)

139

81.483.3

3 83. 43 67.1

82.590.795.395.898.799.9

100.099.999.899.899.799.2

99.099.099.099.099.099.099.099.0

Nether-lands 2

8

100.0104.3104.194.8

105.3113.4107.8109.1

•101.8105.9

107.0106.3100.6105.6105.3105.9

104. 3102.1100.995.298.096.394.4

Common stocks

(1926=100)

UnitedStates

420

100.0

190.3149.894.748.663.072.478.3

111.0111.883.3

88.089.586.091.194.792.0

91.890.191.781.983.186.086.186.3

England

278

100.0

119.5102.678 967 978.685.786.397.096.380.8

82.181.178.479.680.478.4

78.077.577.175.177.076.675.875.3

France

300

100.0

217.6187.6132.2105.299.683.379.777.297.489.7

88.887 683 788 091.8

104.7

94.0100.097.997.9

103.098.3

100.4

Germany

329

100.0

122.8100.2»78.03 50.3

61.771.182.991.6

102.6100.1

99.093.894.798.697.294,6

95.396.194.494.994.192.591.793 2

Nether-lands

(1930=100)

100

100704652555566

10496

97.297.192.898.098.897.8

94.392.494.087.289.391.689.3

i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Oo.s Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index

beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.» 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

945


BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice ChairmanM. S. SZYMCZAK

JOHN K. MCKEE

CHESTER C. DAVIS

ERNEST 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 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

DistrictDistrictDistrict

DistrictDistrictDistrictDistrictDistrict

DistrictDistrictDistrictDistrict

FEDERAL ADVISORY COUNCIL

No. 1 (BOSTON) THOMAS M. STEELE

No. 2 (NEW YORK) LEON FRASER

No. 3 (PHILADELPHIA) HOWARD A. LOEB,

V ice-PresidentNo. 4 (CLEVELAND) T. J. DAVIS

No. 5 (RICHMOND) ROBERT M. HANES

No. 6 (ATLANTA) EDWARD BALL

No. 7 (CHICAGO) EDWARD E. BROWN

No. 8 (ST. LOUIS) WALTER W. SMITH

PresidentNo. 9 (MINNEAPOLIS) JOHN CROSBY

No. 10 (KANSAS CITY) JOHN EVANS

No. 11 (DALLAS) R. E. HARDING

No. 12 (SAN FRANCISCO)___PAUL S. DICK

WALTER LICHTENSTEIN, Secretary

946


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. Woodi

W. T. Nardin

W C. Coffey 1

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. S. Parker

G. J. Schaller

W. McC. Martin

J. N. Peyton

G. H. Hamilton...

R. R. Gilbert

W. A. Day

First Vice President

W. W. Paddock

Allan Sproul

F J Drinnen

F J Zurlinden

J. S. Walden, Jr. _._

H. P. Preston

F. G. Hitt

0 S. Powell

C. A. Worthington

E. B. Stroud

Ira Clerk

Vice Presidents

W. Willett 2

L. R. RoundsW. S. LoganJ. H. WilliamsR. M. GidneyL. W. Knoke

C A Mcllhenny 3

W. J. DavisE. C. Hill

W. H. FletcherG. H. WagnerW. F. Taylor 3

J. G. FryG. H. Keesee 2

W. S. McLarin, Jr.3H. F. ConniffM. H. Bryan

C. S. YoungW. H. Snyder 3

J. H. Dillard

0. M. AtteberyC M . Stewart 2

H I Ziemer 3

E. W. Swanson

H. G. LeedyJ. W. Helm 3

R. B. ColemanW. J. EvansW. 0. Ford 2

W. M. HaleC. E. Earhart 2R. B. West

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 Branch..Pittsburgh Branch

Richmond:Baltimore Branch __Charlotte Branch._ ._

Atlanta:Birmingham BranchJacksonville BranchNashville Branch __New Orleans Branch

Chicago:Detroit Branch

St. Louis:Little Rock BranchLouisville BranchMemphis Branch __

Managing director

R. M. O'Hara

B. J. LazarP. A. Brown

W. R. MilfordW. T. Clements

P. L. T. BeaversG. S. 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 Branch __.Oklahoma City Branch _.Omaha Branch

Dallas:El Paso Branch.Houston Branch __San Antonio Branch

San Francisco:Los Angeles Branch _Portland Branch. . . .Salt Lake City BranchSeattle Branch

Managing director

R. E. Towle

J. E. OlsonC. E. DanielL. H. Earhart

J. L. HermannW. D. GentryM. Crump

W. N. AmbroseD. L. DavisW. L. PartnerC. R. Shaw

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is an official publication of the Board of Governors ofthe Federal Reserve System. The BULLETIN is issued monthly and is sent to member bankswithout charge. To others the subscription price, which covers the cost of paper and print-ing, is as follows: in the United States, Canada, Mexico, and insular possessions, $2.00 peryear and 20 cents per single copy; elsewhere, $2.60 per year and 25 cents per single copy.

947


FEDERAL RESERVE DISTRICTS

S \ MINN, i

MINNEAPOLIS

S.DAK. I

• M M BOUNDARIES OF FEDERAL RESERVE DISTRICTS

- , _ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

(APPROXIMATE IN THE ST. LOUIS DISTRICT)® FEDERAL RESERVE BANK CITIES.• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


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