FEDERAL RESERVE BULLETIN

Transcription

1 FEDERAL RESERVE BULLETIN DECEMBER Recent Banking Developments Condition of All Member Banks ******* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 0TH STREET WASHINGTON

2 TABLE OF CONTENTS Review of the month Recent banking developments 0-0 National summary of business conditions 0-0 Summary of financial and business statistics 0 Law department: Amendments to Regulation L 0 Rulings of the Board: Guarantee of account by special partner of member firm 0 Maximum loan value of bonds under Regulation U 0-0 Paying for purchase in special cash account by selling another security 0-0 Revised averages of prices and yields on United States Government bonds 0-0 Condition of all member on September, (from Member Bank Call Report No. ) 0-0 Number of and branches, -; analysis of changes in number of and branches, January, September 0, 0 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 0 Federal Reserve bank statistics 0-0 Reserve position of member ; deposits in larger and smaller centers 0 Currency in circulation 0 Gold stock and gold movements; bank suspensions; bank debits 00 All in the United States 0 All member 0-0 Reporting member in leading cities 0-0 Acceptances, commercial paper, and brokers' balances 0 Federal Reserve bank discount rates 0 Money rates and bond yields 0 Security markets 0 Treasury finance 0-0 Governmental corporations and credit agencies; Postal Savings System 0-0 Production, employment, and trade 0-0 Wholesale prices 0 Crop Report 0 International financial statistics: Gold reserves of central and governments 0 Gold production 0 Gold movements 0-0 Central 0-0 Bank for International Settlements 0 Money rates 0 Discount rates of central 0 Commercial 0-0 Foreign exchange rates 0 Price movements: Wholesale prices 0 Retail food prices and cost of living 00 Security prices 00 Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council 0 Senior officers of Federal Reserve ; managing directors of branches 0 Index to Volume 0- II

3 FEDERAL RESERVE BULLETIN VOL. DECEMBER, No. REVIEW OF THE MONTH Business activity increased in November, continuing the rise which began early last Summer. Industrial pro- Further increase in d uc tion, as measured by business activity the Board s seasonallyadjusted index, reached a level slightly over 00 percent of the - average as compared with in and an average of in the second quarter of the year. The advance in November reflected chiefly a further substantial increase in steel production and increases also in output of automobiles and textiles. Available figures for department store sales and freight-car loadings and reports on sales of new automobiles indicate a rise in distribution of commodities when allowance is made for usual seasonal changes. There were some decreases in prices of industrial materials during November, while prices of farm products and foods showed little change. Since last summer the amount of money in circulation has increased somewhat more rapidly than is usual for this Recent changes season of the year. For sevcl Sn in eral years United States money technically defined as in circulation, that is, the amount outside the Treasury and the Federal Reserve, has shown a gradual rising tendency. The amount in circulation during November of this year exceeded $,0,000,000, a larger volume than at any previous time except for a short period during the banking holiday in, when there had been large temporary currency withdrawals. The increase in money in circulation during recent months has reflected in large part expanding industrial payrolls, enlarged relief payments, and shipments of United States money abroad in connection with the European crisis. During* September and total United States money in circulation showed an increase of about $00,000,000, of which $0,000,000 was in large-denomination currency, i.e., in bills of fifty dollars and over. Currency shipments to Europe by New York City amounted to $,000,000 in September and to $,000,000 in, the largest amount reported for any two-month period since collection of the figures began in. Most of these shipments were in large-denomination currency. The total increase in circulation from the seasonal low point near the end of to the end of November this year amounted to about $,000,000, compared with $0,- 000,000 in the same period last year, when business activity was declining, and with about $0,000,000 in and, when business was increasing rapidly. The substantial growth in the amount of money in circulation over the past eight years to a new high level has reflected 0 Long-term ctr cuiation principally increased holdings of individual savings in the form of currency and a shift from bank deposits to currency as a means of current payments. In the decade ending in the general level of currency in circulation showed little change. In this period there was a growth in the use of bank checks for making payments, and from to, notwithstanding an expansion in the total amount of money payments, the volume of currency in circulation declined somewhat. In, with decreasing business activity, there was a more pronounced decline. In the period from the end of until the banking holiday in March there were substantial withdrawals of bank deposits in the form of currency for hoarding. This was reflected in a marked rise in the demand for largedenomination paper currency, which is more

4 0 FEDERAL RESERVE BULLETIN DECEMBER convenient for hoarding than the smaller notes and coin. The chart shows total circulation of notes of fifty dollars or more and the total of all other paper currency and coin for end-of-month dates from to. The growth shown in the smaller denominations from to March was in ten- and twenty-dollar notes, which were probably hoarded, while one- and five-dollar notes and coin, which are used more largely for day-to-day payments, showed little change. IILLIONS OF DOLLARS MONEY IN CIRCULATION BY LARGE AND SMALL DENOMINATIONS ILLONS OF DOLLARS Following the banking holiday there was a substantial return flow of large-denomination currency in and to some extent in, but the amount outstanding continued substantially larger than in, indicating the retention in hoards of a considerable amount of money. From to the end of there was a renewed increase in money in circulation. This was a period of rising business activity, and much of the increase in circulation was in coin and the smaller-denomination currency. There was also a fairly steady growth in the amount of larger-denomination currency. In the middle of a sharp rise in circulation accompanied the payment in cash of the veterans' adjusted service certificates. As a result of a cessation of the rise in business early in and the recession beginning in the latter part of that year, the amount of money in circulation did not increase in, as it had in the two previous years. In circulation continued close to the levels until September, when, as previously indicated, there was a renewed rise. The higher level of currency in circulation that has been maintained since at about $,000,000,000 above that of represents increases both in large-denomination currency and in coin and small-denomination bills. The increase in large bills reflects in part the holding of savings in the form of currency rather than in bank deposits, securities, or other property. The banking difficulties in the early thirties may be partly responsible for the increase in the volume of savings held in currency rather than in, notwithstanding the safeguarding of bank deposits after by Federal deposit insurance. Another factor is probably the reduction in interest rates paid on savings and other time deposits. Increased circulation of coin and smalldenomination bills indicates that there has also been a relatively greater use of cash for current payments. This tendency, which may have been due at first to banking difficulties and the absence of banking facilities in some communities, has been furthered by the extension of service charges on checking accounts. Relief payments, made to large numbers of people without bank accounts, may also have increased the demand for currency. Imposition of sales taxes in many States and cities may have had an effect in increasing the demand for coins. Another factor increasing the amount of currency reported as in circulation is a

5 DECEMBER FEDERAL RESERVE BULLETIN 0 growth in vault cash holdings of. This increase has amounted to about $00,000,000 since the end of, most of which has been at member. When had no excess reserves they ordinarily held no more vault cash than was needed to meet current demands of customers and deposited with the Federal Reserve any excess currency that they received. With the growth of excess reserves, however, have not been under pressure to return redundant currency, and a few have withdrawn a part of their reserves in the form of large-denomination currency. At a time such as the present, when do not need to borrow to get currency, an increase in money in circulation is not an important development. It is only a reflection of a slight shift in the public's needs or preference as between bank deposits and cash. The increase of $,000,000,000 in currency since should be considered in relation to the $0,000,000,000 which represents the total of bank deposits in the United States. As the result of gold imports and the release by the Treasury of gold previously held in an inactive account, bank Recent banking deposits have increased condevelopments.. siderably since last spring, and the total of bank deposits and money in circulation is now as large as at any previous time. Gold imports added about $,00,000,- 000 to the country's deposits between the middle of April and the end of November, and Treasury disbursements from its cash holdings and balances with the Federal Reserve added $00,000,000. These additions were offset in small part by an increased demand for currency by the public. The growth of deposits has been accompanied by a decline in their rate of turnover to an extremely low level. In the first half of the year there was a substantial repayment of bank loans, following an increase in and, and bank holdings of United States Government obli- gations also decreased chiefly because of a reduction in the volume available for purchase by. Since, with an increase in offerings of Government securities, have increased their holdings. Volume of deposits at member declined somewhat in and in the first quarter of but has since Growth in shown a substantial increase. bank deposits. Except for last year, deposits at have increased almost continuously since the summer of, as is shown by the chart. Practically all of the increase during ALL MEMBER BANKS > y s* s ^ OANS AND DEMAND DEPOS ADJUSTED /IE Di 0, r~ s NVESTMEN' TS \ - s TtTi \ / J r ^v _- - p the first nine months of this year, as set forth in the following table, was in demand deposits at city. At country deposits showed a seasonal decline in the first half of the year and thereafter an increase. Adjusted demand deposits at member, which exclude interbank and United States Government deposits and items held by in process of collection, and which may, therefore, be called customers' deposits, increased by $,00,000,000 in the first nine months of the year and at the end of September amounted to about $,00,000,000, close to the largest amount ever reported. It appears from partial reports that adjusted demand deposits of member increased further during and November to above the peak levels reached at the end of. Interbank deposits have also risen to a new high level. S N -v *s

6 0 FEDERAL RESERVE BULLETIN DECEMBER DEPOSITS AT ALL MEMBER BANKS, SEPT., Adjusted demand Time U. S. Government and Postal savings Interbank; Domestic Foreign [In millions of dollars] Amount held by all member Sept.,,,, All member +,0 - Change since Dec., + + New York central reserve city Includes Chicago central reserve city. Excludes interbank and Postal savings deposits. reserve city i Country Most of the growth in deposits since the first of the year has been at New York City. This is shown in the above table and may be explained in part by the fact that a large portion of the proceeds of gold imports is initially deposited in New York City and in part by the increase in interbank balances at these. loans and investments of New York City showed little net change in the period. At in Chicago and other reserve cities, as at New York City, in the first nine months of this year there was a substantial growth in deposits, including both PRINCIPAL ASSETS OF ALL MEMBER BANKS, SEPT., Loans Investments: U. S. Government obligations securities Reserves with Federal Reserve :. Required Excess Balances with other bank: Cash in vault [In millions of dollars] Amount held by all member Sept.,,,0,,,,,00 All member -,00 Change since Dec., , -0 +, + + Including Chicago central reserve city. New York central reserve city + + +,00 - +,0 - + reserve city i Country - - -! interbank and other deposits, while total loans and investments showed no change. At country there was a small decline in deposits and in reserves, as well as in investments, while balances with city correspondents increased. Growth in deposits since the beginning of the year has not been accompanied by an increase in earning assets of mem- Loans and ber. loans and inmvestments vestments declined m the first half of the year and increased thereafter, showing little net change over the year to date. Loans declined by about $,000,000,000 in the first nine months of the year, while investment holdings increased by $0,000, From the end of September to the end of November both loans and investments of reporting member in leading cities showed little net change. Nearly all of the decline in loans during the first nine months of the year was at in central reserve and reserve cities. Commercial loans at city showed a decline of about $,000,000,000 from the middle of through, following a growth of about $,000,000,000 in the two previous years. Since these loans have shown little change, although there is usually a seasonal increase in the autumn. Loans to brokers and dealers in securities, which had declined substantially during the last quarter of, accompanying the fall in stock prices, showed a further decline in the first five months of and a slight increase in subsequent months. They have continued at less than half the maximum of last year. During the first half of the year retirement of United States Government shortterm obligations reduced the supply of direct obligations of the Government available for purchase, and bank holdings consequently declined. Holdings of Government guaranteed obligations increased, however, reflecting purchases of securities of the Home Owners' Loan Corporation and of the Com-

7 DECEMBER FEDERAL RESERVE BULLETIN 0 modity Credit Corporation. In the third quarter of the year member bank holdings of direct obligations of the Government increased. The outstanding amount of publicly-offered Treasury bonds rose by $,000,- 000,000 in this period, and member bank holdings of these bonds increased by about $0,000,000. Increases amounted to $0,- 000,000 at New York City, $0,000,- 000 at in Chicago and reserve cities, and $0,000,000 at country. Country bank holdings of Treasury notes also increased by about $0,000,000 but otherwise there was little change in member bank holdings of Treasury notes or bills. In and the first three weeks of November, Government securities held by reporting declined by about $0,000,000 in New York City but increased by about $0,000,000 in 00 other leading cities. During the first three quarters of the year, city increased their holdings of securities other than those of the United States Government by about $0,000,000, while holdings of country showed a decline of about $00,000,000, all of which occurred in the first half of the year. Holdings of these types of securities increased somewhat at New York City in but declined in November, reflecting principally fiscal operations of the New York State and City Governments. Correction of Bulletin On page of the issue of the BULLETIN appears a table showing earnings and expenses of member including certain operating ratios. The ratios shown against the caption "Net losses on loans per $00 of loans" are actually based on gross losses (before deduction of recoveries), and the ratios shown against the caption "Net losses on investments per $00 of investments" are actually based on gross losses and depreciation. The word "Net", therefore, should not have appeared in either caption. Revisions in Bulletin Table on Treasury Operations The Treasury recently has published revisions in the allocation of certain expenditures to the classifications shown in the daily Treasury statements beginning,. In the regular table on Treasury operations on page 0 of this BULLETIN figures beginning with the fiscal year have been revised to take account of these changes. Revised figures for the fiscal years -, previously published in the September BULLETIN, are shown in the table below. The principal revisions include the transfer of certain net expenditures of the Reconstruction Finance Corporation and the Commodity Credit Corporation from "Net expenditures in checking accounts of Government agencies" to "Recovery and relief." In the fiscal year certain items were transferred also from "Net expenditures in checking accounts of Government agencies all other" to the checking accounts of the Reconstruction Finance Corporation and the Commodity Credit Corporation. REVISED DATA ON TREASURY OPERATIONS FOR THE FISCAL YEARS ENDING JUNE 0, - * [In millions of dollars] General and special accounts: expenditures Kecovery and relief expenditures- Excess receipts (+) or expenditures ( ) Trust accounts, etc., excess of receipts (+) or expenditures ( ) Net expenditures in checking accounts of Government agencies: Reconstruction Finance Corporation Commodity Credit Corporation Fiscal year ending 0, -, -, -, -,0, -, +0,00, -, Figures are shown only for those columns published on page of the September BULLETIN which are affected by the recent Treasury revisions of data. Excludes debt retirements. Excess of credits.

8 0 FEDERAL RESERVE BULLETIN DECEMBER NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November and released for publication November ] Industrial production continued to increase sharply in and the first three weeks of November, reflecting principally larger output of steel and automobiles. Wholesale commodity prices showed little change in this period. Volume of employment and national income increased in. Production. In the Board's seasonally adjusted index of industrial production was at percent of the - average, as compared with percent in September. Steel ingot production increased considerably, averaging percent of capacity in, and in the first three weeks of November there was a further substantial advance. In the automobile industry output was increased rapidly during and the first three weeks of November both to stock dealers with new model cars and to meet the increased volume of retail demand accompanying the introduction of new models. Production, which in the first nine months of had been at a considerably lower level, was at nearly the same rate as in the corresponding period in other recent years. Output of plate glass also increased sharply further in. Cement production showed a considerable increase, while lumber production declined slightly. Activity at textile mills, which had risen sharply during the summer, continued at about the and September rate, although usually there is an increase at this time of the year. Shoe production declined somewhat further in, and there was a decrease in output of tobacco products, while in most other industries manufacturing nondurable goods changes in output were largely seasonal in character. Mineral production showed a further moderate rise, reflecting in large part increased output of crude petroleum and nonferrous metals. Lake shipments of iron ore also were in larger volume, although a decrease is usual in. Coal production increased seasonally. Value of construction contracts awarded in Eastern States increased considerably in, according to figures of the F. W. Dodge Corporation, reflecting chiefly a sharp rise in awards for public projects. Contracts for hospital, educational, and other public buildings included in the Public Works Administration program were in large volume, and there was a further increase in contracts awarded for slum clearance projects of the United States Housing Authority. Employment. Employment and payrolls increased somewhat further between the INDUSTRIAL PRODUCTION FACTORY EMPLOYMENT AND PAYROLLS PERCENT PEflCENT 0 p [ 0, / /\ t\ ' V / s \ \ / h / w HO *=^ tl E UPLOYMENT i s^ \-J PAYROLL. n~ i v \ ' V Monthly index of physical volume of production, adjusted for seasonal variation, - average = 00. Monthly indexes of number emploved and payrolls at factories, unadjusted for seasonal variation, - average = 00.

9 DECEMBER FEDERAL RESERVE BULLETIN 0 middle of September and the middle of. At automobile factories employment continued to rise sharply and there were further moderate increases in most other durable goods industries. The number employed at canning establishments declined and in other nondurable goods industries showed little change. Employment increased somewhat at mines, on the railroads, and in the construction industry, while in trade the rise was less than seasonal. Distribution. Sales at department and variety stores and by mail order houses showed less than the usual seasonal increase in, partly because consumer buying of winter merchandise was retarded by unseasonably warm weather during most of the month. In the first two weeks of November department store sales increased moderately. Freight-car loadings rose considerably further in, owing largely to increased shipments of grains, coal, and miscellaneous freight. In the first half of November loadings showed a seasonal decline. Commodity prices. Wholesale commodity prices generally showed little change from the middle of to the third week of PERCENT 0 I WHOLESALE PRICES Index compiled by United States Bureau of Labor Statistics, = 00. By weeks, January,, to November,. November. Prices of steel scrap and leather advanced. Tin plate prices, on the other 0 hand, were reduced, and there were also decreases in zinc, hides, and rubber. Prices of farm products and foods showed small fluctuations in this period. Bank credit. loans and investments at reporting member in 0 leading cities declined by about $0,000,000 during the first half of November following a substantial increase during. The decline in November was almost entirely at New York City and reflected the retirement of State and local government obli- BILLIONS OF DOLLARi EXCESS RESERVES OF MEMBER BANKS Wednesday figures of estimated excess reserves for all member and for selected New York City, January,, to November,. gations held by these. Adjusted demand deposits, which reached an all-time peak of $,000,000,000 at reporting in the last week in, also decreased somewhat in the first half of November. Member bank reserves in the middle of November were at about the high level reached a month earlier. Money rates and bond yields. The prevailing rate on open-market commercial paper declined slightly in November to % of percent, a new low level. short-term open-market rates were unchanged. Yields on U. S. Government securities and on highgrade corporate bonds showed only small changes during November, continuing close to the low levels reached in.

10 00 FEDERAL RESERVE BULLETIN DECEMBER MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS WEDNESDAY FIGURES MONEY IN CIRCULATION TREASURY CASH RESERVE BANK CREDIT TREASURY DEPOSITS AT F, R. BANKS MEMBER BANK RESERVE BALANCES Latest figures for November. See table on page 0.

11 DECEMBER FEDERAL RESERVE BULLETIN 0 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS iannual averages Sept. Aug. Sept. Aug. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Reserve bank credit outstanding total _ Bills discounted Bills bought U. S. Government securities.. Gold stock Treasury currency outstanding. Currency in circulation Treasury cash holdings._ Treasury deposits with F. R. _ Nonmember deposits and other accounts Member bank reserve balances: Excess REPORTING MEMBER BANKS loans and investments Loans total Commercial, industrial and agricultural To brokers and dealers in securities _ loans for purchasing or carrying securities.. All other loans Investments total U S Government direct obligations Obligations fully guaranteed by U. S. Govt securities Reserve with Federal Reserve Cash in vault Balances with domestic Demand deposits adjusted.._ Time deposits (excluding interbank) Deposits of domestic Borrowings MONEY RATES AND BOND YIELDS Commercial paper Stock exchange call loans. _ IT S Treasury bills ( days) U. S. Treasury bonds, long-term. _. Corporate high grade bonds (Moody's Aaa).. CAPITAL ISSUES,,, 0,,,,,,,,,, 0,0,,,00,,,, All issues total I New Refunding Domestic corporate issues total : [ New Refunding PRICES Common stocks (=00).. Wholesale commodity prices (=00): All commodities - - Farm products Foods _ commodities Retail food prices (-=00) BUSINESS INDEXES Industrial production M anuf actures Minerals Construction contracts awarded total _ Residential All other Factory employment... Factory payrolls (unadjusted) Freight-car loadings _. Department store sales MERCHANDISE EXPORTS AND IMPORTS Exports, including re-exports General imports *> P PIOO ^ P0? P H,0,,.,,, r,, 0,,,,,,,,,,,,. LOO.0.. ' ' r " 0 r r,,,0,,, 0,, 0,,,,,0,,,,0,,,0, Averages of daily figures; in millions of doll irs !,,,,0,,,,0,,,,,, 0, 0,,,,,00,, 0,,0,,,,,,0,,0 0,,0,0,,,,,,0,,, 0,00, Averages of Wednesday figures; in millions of dollars,,,,0,,,,,,,,,,0, 0,0,,,,,0,,, 0,,,,,,,,,,0,,0,0,,,,,,, 0), 0) (0,,,,0,0,,0,0,,0, 0), 0) (0,0,0,0,,,,,, Averages of daily figures; percent per annum ,,0 0) 0) 0),,,0,0,,,, Amounts per month; in millions of dollars ,0,,,,0,,,,, 0) 0) 0) 0,, *,000,, p Preliminary. r Revised. Partly estimated. Figures not available. Includes time deposits of, domestic and foreign, -. Does not include time deposits -. * Revised series. Averages of yields of all outstanding bonds due or callable after years. See pp. 0-0 of this BULLETIN. 0),, Index number^, adjusted for seasonal variation, -= Index numbers Amounts per montli; in millions of dollars ,,0,0,,,, 0, 0) 0) 0),,,, 0, 0),, , 0,,0, 0 0,, 0) e, 0 0) 0),,,,, 0),,

12 0 FEDERAL RESERVE BULLETIN DECEMBER Amendments to Regulation L Regulation L, relating to interlocking bank directorates under the Clayton Act, was recently amended by the Board of Governors in certain respects, effective November, ; and the following is a press statement on the subject released by the Board of Governors : "The Board believes that the principles of Section of the Clayton Act, which relate to interlocking bank directorates, are in the public interest and should be applied to all classes of. The law is now discriminatory in that it applies only to cases involving member of the Federal Reserve System or private. The Board does not believe that there should be discrimination in any respect among classes of subject to Federal authority. "In view of the fact that less than a month will elapse between the convening of the new Congress and February,, on which date certain existing relationships would terminate, the Board has exercised its discretion under the law, as to such relationships involving not more than two, to extend this time to,. This action was taken for the purpose of calling the matter to the attention of Congress when it convenes, with a recommendation that the existing discrimination LAW DEPARTMENT between member and non-member banking institutions be removed so that the provisions of the law will apply alike to all under Federal authority." The text of the amendments to the regulation is contained in the following resolution which was adopted by the Board: "RESOLVED, That Regulation L, Interlocking Bank Directorates Under the Clayton Act, be amended, effective immediately, as follows: "() By adding the following after the semicolon at the end of Section (a) thereof: " 'and any private banker or any director, officer, or employee of a member bank of the Federal Reserve System who is lawfully serving as a director, officer, or employee of a Morris Plan bank or similar institution on January,, may continue such service until, ;' "() By changing the period at the end of Section to a semicolon and adding at the end of that section a new subsection '(e)' as follows: " ' (e) Any director, officer, or employee of any member bank of the Federal Reserve System who, on,, was lawfully serving at the same time as a private banker or as a director, officer, or employee of any other bank, banking association, savings bank, or trust company and whose services in such capacities have been continuous since such date, may continue, until,, to serve such member bank and not more than one other such bank, banking association, savings bank, trust company or private banker.' " Guarantee of Account by Special Partner of Member Firm Section (c) of Regulation T provides that a guarantee of a general account may not be given effect for the purposes of the regulation if the guarantor is a "creditor." It was pointed out at page of the February FEDERAL RESERVE BULLETIN that the term "creditor" is defined in section (b) of the regulation to include, among others, every member of a national securities exchange, and the term "member" is defined in section (a) () of the Securities Exchange Act of to include, among others, "any firm transacting a business as broker or dealer of which a member is a partner, and any partner of any such firm." It was stated there, accordingly, that a partner of such a member firm is a creditor within the meaning of the provision regardless of whether or not he holds an exchange membership, and that a guarantee executed by such a partner may not be given effect under section (c) of the regulation. In reply to a recent inquiry, the Board stated that this restriction applies to a guarantee executed by a special partner of such a firm as well as to a guarantee executed by a general partner. Maximum Loan Value of Bonds Under Regulation U Section of Regulation U provides in part that for the purposes of that regulation the maximum loan value of stocks shall be as specified in the supplement to the regulation and the maximum loan value of any collateral other than stocks shall be "as determined by the bank in good faith." This means, in effect, that for such purposes the maximum loan value of collateral other than stocks should be the amount which the bank would customarily lend on such collateral if that were the only collateral for the loan. Consequently, a bank may not determine that such other collateral, as for ex-

13 DECEMBER FEDERAL RESERVE BULLETIN 0 ample a bond, has a maximum loan value equal to its current market value unless the bank would customarily lend such amount on the collateral without any additional collateral. It is believed that the regulation is clear on this point, but since it has developed that there may have been some confusion regarding the matter, it has seemed desirable to publish the foregoing to remove any misunderstanding that may have existed in this connection. Paying for Purchase in Special Cash Account by Selling Another Security Section (c) of Regulation T provides in part as follows: "In a special cash account, a creditor may effect for or with any customer bona fide cash transactions in securities in which the creditor may () purchase any security for, or sell any security to, any customer, provided * * * the purchase or sale is in reliance upon an agreement accepted by the creditor in good faith that the customer will promptly make full cash payment for such security; * * * * * * * "Except as otherwise provided in this section (c), in case a customer does not make full cash payment for a security purchased by him in the account * * * within seven days after the date on which the security was purchased or sold, the creditor shall promptly cancel, cover, or otherwise liquidate, the transaction or the unsettled portion thereof." The Board recently had occasion to consider two questions regarding transactions in the special cash account. The first question arose from a case in which a customer proposed to purchase a security in the special cash account and then to make the necessary prompt payment by selling in the account another security of sufficient value and using the proceeds of sale for the purpose. The question was whether such a proposal for making payment disqualified the purchase for inclusion in the special cash account. The exact answer to this question would depend upon the circumstances of the particular case. In some circumstances, such a combination of transactions might be evidence of an attempt to evade or circumvent the regulation, and if the purchase was part of such an attempt its inclusion in the special cash account would, of course, be forbidden, because section (a) of the regulation provides in part that: "A special account established pursuant to this section shall not be used in any way for the purpose of evading or circumventing any of the provisions of this regulation." It is the view of the Board, however, that, while a proposal to effect such a combination of transactions should be carefully scrutinized, the effecting of the proposed purchase in the special cash account would not necessarily be prohibited if the purchase complied in other respects with the requirements of the regulation and there was in fact no attempt to evade or circumvent the regulation. This would require, among other things, that the proposed purchase be in fact a "bona fide cash transaction" as that term is ordinarily used in the trade and that the proposed sale be one that is to be made and settled promptly. The second question arose from a permissible instance of the type described above in which the security to be sold was deposited with the creditor and sold promptly, well within seven days after the date of the purchase, and the creditor was to receive the proceeds of sale promptly in the usual course of business but not until more than seven days after the date of the purchase. This presented the question whether in such circumstances it might be considered that the security purchased by the customer had been paid for by him within seven days after the purchase. Assuming that the purchase was one which, as indicated above, could properly be effected in the special cash account, the question whether it might be considered that payment had been made within seven days should be answered in the affirmative. When a customer has sold a security in a special cash

14 0 FEDERAL RESERVE BULLETIN DECEMBER account, section (c) permits the broker to make the proceeds of the sale of the security available to the customer upon the receipt of the security in the special cash account even though this be prior to the date on which the broker is to receive the proceeds of the sale. Accordingly, in the instant case the creditor could have paid the customer the proceeds of sale within the seven-day period and the customer could in turn have used such proceeds to make full cash payment to the creditor for the security purchased. In the circumstances, such payment could properly be treated as having been made by the customer without the necessity for the mechanical passage of funds from the creditor to the customer and back again to the creditor.

15 DECEMBER FEDERAL RESERVE BULLETIN 0 REVISED AVERAGES OF PRICES AND YIELDS ON UNITED STATES GOVERNMENT BONDS The Treasury Department has revised its averages of yields on long-term Treasury bonds as stated in a release dated November, which is as follows: "The Treasury Department released today revised monthly and annual averages of the yields of long-term Treasury bonds from to date. The revised averages, prepared by the Treasury Department's Division of Research and Statistics, are based upon the daily yields of all outstanding Treasury bonds not due or callable for twelve years or more. The new averages will replace those previously in use which were based upon Treasury bonds not due or callable for eight years or more. "Prior to, there was very little difference between the yields of Treasury obligations of medium- and longer-term maturities. Since then, however, significant differences have appeared, thereby impairing the usefulness of the earlier averages as representative of the yields of longterm Treasury bonds. "The most striking aspect of the table of average yields * * * is the substantial decline in long-term interest rates that is reflected even with the exclusion of the medium-term bonds. The average yield in January,, was. percent. In,, it was. percent." AVERAGE YIELD ON LONG-TERM UNITED STATES GOVERNMENT BONDS, BY MONTHS January February March April._ September November December Year January February March April September November December Year [Averages of daily figures. Percent per annum] _-_ '... ' , r , r Revised. Includes bonds due or callable after eight years from to and after twelve years beginning in. The preceding table shows monthly average yields on long-term Treasury bonds from to date. The average includes bonds due or callable in more than eight years from to and in more than twelve years beginning in. Averages for the two sets of bonds are identical from January,, to,. In accordance with this revision, monthly averages of Treasury bond prices and weekly averages of yields and prices have also been computed and are shown in the following tables from to date. The revised series of average prices of United States Government bonds includes all issues due or callable after twelve years. This is the same group of bonds for which the revised average yields are published in the Treasury release of November, which is given here. In using the price averages it should be noted that the comparability of the figures may be affected by changes in the issues included. For example, the price average was the same in September as in March although average yields had declined by % of percent in the interim. Since, there have been changes in the issues included in the average. The largest change occurred in, when the *'s of -, which were then selling at H. /^, were removed from the average; this elimination reduced the average by. points. The aggregate effect of the changes has been to lower the average by 0. points. The price series is more useful for comparing market fluctuations over short periods which do not involve differences in the issues included than for comparisons over a long period of time. AVERAGE PRICE OP UNITED STATES GOVERNMENT BONDS DUE OR CALLABLE AFTER YEARS, BY MONTHS [Averages of daily figures] January February March April September November December Year

16 0 FEDERAL RESERVE BULLETIN DECEMBER AVERAGE PRICE AND YIELD ON UNITED STATES GOVERNMENT BONDS DUE OR CALLABLE AFTER YEARS, BY WEEKS - [Percent per annum] Date Jan. Feb. Mar. Apr. Aug. Sept. Nov. Dec Date Jan. Feb. Mar. Apr Yieldi Yieldi Price Price Date Jan. Feb. Mar. Apr. Aug. Sept. Nov. Dec Date Aug. 0 Yieldi Yields Price Price Date Jan. Feb. Mar. Apr. Aug. Sept. Nov. Dec Date Sept Nov Dec. 0 0 Yieldi Yieldi Price ioo!o.... Price Date Jan. Feb. Mar. Apr. Aug. Sept. Nov. Dec Date Jan. Feb. Mar Apr. 0 Yieldi Yieldi Price Price Date Jan. Feb. Mar. Apr. Aug. Sept. Nov. Dec Date Aug. 0 0 Yieldi Yield' Price Price Date Jan. Feb. Mar. Apr. Aug. Sept. Nov. Dec Date Sept Nov 0 Yieldi Yieldi Price & & Price* Average of daily closing yields for week ending on dates shown. Average of prices for Wednesday preceding date shown. Digitized for FRASER

17 DECEMBER FEDEEAL RESERVE BULLETIN 0 ALL MEMBER BANKS CONDITION ON SELECTED CALL DATES OCTOBER,, TO SEPTEMBER, [Amounts in thousands of dollars] Nov Sept. Loans (including overdrafts) United States Government direct obligations Securities fully guaranteed by United States Government. securities loans and investments Customers' liability on account of acceptances Banking house, furniture, and fixtures real estate owned Reserve with Federal Reserve Cash in vault Balances with private and American branches of foreign Demand balances with in New York City Demand balances with other domestic Time balances with other domestic Balances with in foreign countries Due from own foreign branches Cash items in process of collection Cash items not in process of collection Redemption fund and due from United States Treasurer_. Acceptances of other and bills sold with endorsement Securities borrowed assets,0,0,,0, 0,,,,,,,, (),,0, 0,,,,00,0, 0,,,,,,,,0,, 0,,,, 0,,,0 0, (),,,, 0 0,, 0,,0,0,,,,,, 0,0,,,0,,,0, 0,,,,, 0,,,,,,0,,0,0,,,,,,0,, (),,,0,0,,0,,,,,,,,,0 ',,,, 00 i,0,,, 0,0,,, 0,0,0,, 0,,,,,,,,,,0,,0,,,,,,, 00,,,,,,00 0,,00,,,, 0,,0 0,0,,,00,0,00,,,,,,,,,, 0,0,,00,, 0,,,,,,,,,,,,,,,,,00,,,,,,0,,,,, assets..,,,,,,,,,,,,,, LIABILITIES Demand deposits Individuals, partnerships, and corporations United States Government States, counties, and municipalities Banks in United States Banks in foreign countries Certified and officers' checks, cash letters of credit and travelers' checks, etc Time deposits Individuals, partnerships, and corporations: Evidenced by savings pass books Certificates of deposit Open accounts Christmas savings and similar accounts Postal savings States, counties, and municipalities Banks in United States Banks in foreign countries deposits Secured by pledge of loans and/or investments Not secured by pledge of loans and/or investments... Due to own foreign branches National bank notes outstanding Agreements to repurchase securities sold Bills payable and rediscounts Acceptances of other and bills sold with endorsement Acceptances executed for customers Acceptances executed by other for reporting. Securities borrowed Interest, taxes, and other expenses accrued and unpaid... Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures liabilities Capital notes and debentures Capital stock Surplus Undivided profits net Reserves for contingencies Retirement fund for preferred stock and capital notes and debentures.. liabilities (including capital account)... Net demand deposits Demand deposits adjusted Number of,,,,0,,0,,,0,,,,,,,,,,,,,,,00 ( ),, 0,0,, 0,0,,, 0 (), 00,,,,, 0, 0,,,,000,,,,,,,, 0,,,,,0,,,,,,0,,,,,0,, 0,,,, 0,,,,,,0,,0,,,,,0,,,,0,,, 0,, 0,, 0,,,,,,,, 0,,0,0,,,,,,,,,,,0,, 0,,, 0,,,,,,0,,,, 0,,,,,, 0,, 0,,,,,,,0,,,,,,,,0,,,, 0,0,, 0,,,,0,,,,,,,,0,,,,,0,,0,,,,,,,,0,,,,, 0,0,0 0,,,.0,,0,0,,,,,,..,, 0, 0,00,, 0,,, 0,00,, 0,, 0,,,,,, 0,,,,0,,,,,,, 00, 0,,,0 0, 0,,0,0,,0 0,, 0,,, 0,, 0 0, 0,,,, 0,,,0,,,,,,,,,,0, 0,,,,00 0, 0,,,,0,0,0,,,0,, 0,00,,,0,,,,,,0,,,,,,,,,,,,,,,,,,,,,,0,,0,,,,,, 0, 0,0,00,, 0,,0,00,,,00,,,, 0,.,,0,,,00, Beginning with, figures relate to licensed only. Included in " assets." Includes $,,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. Such deposits were reported separately from 0,, to 0,, inclusive. * Not reported separately. Included in "Undivided profits." Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec.,, less cash items reported on hand but not in process of collection.

18 0 FEDERAL RESERVE BULLETIN DECEMBER ALL MEMBER BANKS CONDITION ON SEPTEMBER,, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member All national member All State member Central reserve city member New York Chicago Reserve city member Country member Loans (including overdrafts) United States Government direct obligations. Securities fully guaranteed by United States Government. securities loans and investments Customers' liability on account of acceptances Banking house, furniture, and fixtures real estate owned Reserve with Federal Reserve. Cash in vault -. Balances with private and American branches of foreign Demand balances with in New York City Demand balances with other domestic Time balances with other domestic Balances with in foreign countries Due from own foreign branches Cash items in process of collection Cash items not in process of collection Acceptances of other and bills sold with endorsement.. Securities borrowed assets.. assets LIABILITIES Demand deposits Individuals, partnerships, and corporations United States Government States, counties, and municipalities Banks in United States... Banks in foreign countries Certified and officers' checks, cash letters of credit and travelers' checks, etc Time deposits Individuals, partnerships, and corporations: Evidenced by savings pass books Certificates of deposit... Open accounts Christmas savings and similar accounts Postal savings States, counties, and municipalities Banks in United States Banks in foreign countries deposits Secured by pledge of loans and/or investments Not secured by pledge of loans and/or investments. _. Due to own foreign branches Agreements to repurchase securities sold Bills payable and rediscounts Acceptances of other and bills sold with endorsement Acceptances executed for customers._. Acceptances executed by other for reporting.. Securities borrowed Interest, taxes, and other expenses accrued and unpaid. _. Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures _. liabilities Capital notes and debentures Capital stock.. Surplus Undivided profits net.. Reserves for contingencies Retirement fund for preferred stock and capital notes and debentures... liabilities (including capital account) Net demand deposits... Demand deposits adjusted Number of See footnote on preceding page.,, 0,,,,,,,,,,,,,,,,,00,,,,,,0,,,,,,,,, 0,,,, 0 0,0,,,,,,0,0,,,,,,,00,,,0, 0 0,,,,, 0,,,,0,0,00,,, 0,, 00,,,,,, 0,0,, 0,,,,,,,0,,,00,,,,,,00,,,0,,,00,0,,, 0,,,,0,,,,,,0,0,0,, 0,,0,,,, 0,,,,,,,,,,,,,,,,0,,0,,,0, 0,,,,0,,,,,,, 0,, 0,,, 0,0,,,,,, 0,,, 0,,,,,,0,0,, 0,0,0 0,,,, 0,,0,0,,,,,,,,,,0, 0,00,,0,,, 0,00,,,0,, 0,00,,,,,,,,0,,,,,0,,,,,,,, 0,,,,,0 0, 0,,0, 0,,,,0,,0,,00, 0,,0,,,, 0 0,,0,,,,,,,0,,,0,,, 0,,,,, 0,,,,,00,,,,,,0,,,,00,,0, 0,0,,,,,,0,,,,0,, 0,,0,,0,,,, 0,,, 0,,,,, 0,,0,,,0,,,,,,,00,,,0,0,0,,,,,,, 0,, 0 0,,,,,, 0,0 0,0,,,,,,0,, 00,,0, 0 0,,,,,0,,,,,,,,, 0,, 0,,, 0,0,0,0, 0,,0,,, 0,,,,0,,,, 0, 0,,,0,,0,0 0,,,0,,,,,,, 0,,,,,,0,,,,, 0,,,,,0 0,0,,,,, 0,, 0,,, 0,,,,,,0,0,,,0,,,00,,0,,,0,,,,,,0 0,0,,0,,0,,,,,,0, 0,,00,,

19 DECEMBER FEDERAL RESERVE BULLETIN 0 NUMBER OF BANKS AND BRANCHES, - Member State Nonmember Not insured Member State Nonmember l National Insured National Insured Not insured Number of Banking Offices Number of Banks (Head Offices) Continued December, December, December, December, 0, December, September 0, Number of Banks (Head Offices) December, December, December,,0,,,,,,00,,,,,,,,,,,,,,,,,0,0,0,0,00 a,0 *,,,,,0,,, December, 0, December, September 0,... Number of Branches December, December, December, December, 0, December, September 0,,,,0,,,00,,,,0,,,,0,,,,,,,,,0,0,0,0,,,, *,00 0 Exclusive of mutual savings and private. Federal deposit insurance did not become operative until January,. Includes branches of Morris Plan and industrial, as follows: Nonmember, in and in ; insured nonmember, in, in, and in ; not insured nonmember, in, in, in, and in. Such branches heretofore have not been included in statistics on branches published by the Board. * Separate figures not available for branches of insured and not insured. ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES, JANUARY - SEPTEMBER 0, (Figures are preliminary) Member State National Nonmember i Insured Member State Not insured National Nonmember * Not Insured insured Analysis of Bank Changes Number of on December, Increases in number of : Primary organizations (new ) Reopenings of suspended. Conversions of private into State Decreases in number of : Suspensions Voluntary liquidations Consolidations, absorptions, etc. Inter-class bank changes: Conversions- State into national National into state. Federal Reserve memberships Withdrawals of State. Federal deposit insurance Admissions of State Withdrawals of State Net increase or decrease in number of Number of on September 0,, ,, ,, ,0, , Analysis of Branch Changes Number of branches on December, Increases in number of branches: De novo branches._ Banks converted into branches Decreases in number of branches: Suspensions of parent Voluntary liquidations of parent wise discontinued Inter-class branch changes: Branches of nonmember which became branches of State member Federal Reserve membership By admissions of parent Net increase or decrease in number of branches Number of branches on September 0,, ,, , Exclusive of mutual savings and private. Exclusive of new organized to succeed operating. Exclusive of liquidations incident to the succession, conversion and absorption of. Exclusive of conversions of national into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. Exclusive of conversions of member into insured nonmember, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. Backfigures SeeAnnual Report for (tables and ), and BULLETIN for November, pp. 0-.

20 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 0

21 0 FEDERAL RESERVE BULLETIN DECEMBER MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Date Bills discounted Res erve bank credit outstanding Bills bought Reserve bank credit * Gold stock Treasury deposits with Federal Reserve TJ. S. Government securities Treasury currency outstanding Currency in circulation Treasury cash holdings Nonmember deposits Federal Reserve accounts Member bank reserve balances Excess (estimated) End of month figures: Sept. 0 0 Nov. 0 Dec.... Jan. Feb...- Mar. Apr. 0 0 Aug...- Sept. 0 Wednesday figures: Dec. Dec. Dec. Dec.... Dec. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar.._- Mar.... Mar. 0.. Apr. Apr. Apr, 0... Apr.... ll.._. - l. 0 Aug. Aug. 0 Aug.... Aug. Aug. -.. Sept. Sept. _ Sept.. Sept.... Oct-... Oct... Nov. Nov. Nov. Nov...._ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,0,,,,,,,,,,00,,0,,,,0,0,,0,,,,00,,,,0,,,,0,,,,,,,,,,,,0,,,,,,,,,,,,,,0,,,,,,,,,, 0,,,,,,,0,,0,0,,,,, 0,,,,,,,,,,,,,,,,,0,0,,,,,0,0,,,,,,00,0,0,0,0,,,,,,,,00,0,0,0,, 0,,0,,,,,,,,,,,,,,,,0,,,0,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0,0,,,,,,,0,,0,,,,,,0,,,,,0,0,,,,,,,,,,,0,,0,,,,0,0,,,,,,,,,,0,,0,,,0,,,,,,,,,,,,,,0,,,0,,,,0,,,0,,0,,,,,,0,,0,,,0,,,,,,,,,,,,,,,,0,,,,,,,,,,,,,,,0,,,,, 0,0, 0 0,,,,,,,0, ,0,,,0,,,,,,0,,,,,,,,,,0,,,,,0,,0,,,,,,,,,,0,0,,,,,,,0,0,,0,,0,0,0,,,,,0,,,00,,0,,,,,0,0,,,,, *,,,,0,,,,,0,0,00,,,,,0,,,,,,,0,,0,, *,,,,,,,0,,,,0,,,0,0,,,,,,0,,,,0,0,,,,,, * Includes industrial advances. NOTE. For description of figures in this table and discussion of their significance, see BULLETIN for, pp. -, Reprints of article* together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for (tables and ) and for excess reserves in BULLETIN for, pp Averages of daily figures for recent months *nd years are shown in the table on p. 0. Reserve requirements reduced by approximately # percent effective April.

22 DECEMBER FEDERAL RESERVE BULLETIN 0 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS ASSETS Gold certificates on hand and due from U. S. Treasury Redemption fund F. R. notes... cash _. reserves Bills discounted: For member For nonmember, etc bills discounted- Bills bought: Payable in dollars Payable in foreign currencies. bills bought Industrial advances U. S. Government securities. Bonds Treasury notes Treasury bills U. S. Government securities Reserve bank credit.- Nov. 0,, [In thousands of dollars] Wednesday figures _,,,,,,,, 0, 0,,,,,0,,,,,,,,,0,0,,,,,,,0 Nov.,,,,,,,,,,,0,0 Nov.,0,,0,0,,,,,,,0 -, Nov.,, 0,0,0,,,,,,,0 -,00,,,,,,,,,,,0 -,0,,,0,0,,,,,,,0,,,,,, 0,,,,,,0,,,,,,,,,,,,0, End of month,, 0,0,,,,, 0,,,,0,00, 0,,,, 0 0,,,,,,,0,0,,,,,,,0 -, Sept.,,,0,0, 0,,, 0,,,, P,, 0, 0,,,,,0,,,,, 0, Reserve bank credit outstanding..,,,,,, 0,,,,0,, 0,0,,,,,,,,, LIABILITIES F. R. notes in actual circulation,,,,,,,,,,,,,,0,,0,,,,,, Deposits: Member bank reserve account U. S. Treasurer general account Foreign bank deposits. _ Ratio of total reserves to deposit and F. R. note liabilities combined (percent) Contingent liability on bills purchased for foreign correspondents,,,,0 0,.,,, 0,,.,,,,0,.,,, 0,,., 0,0,,,.,, 0,0,,.,00,,0,,.,0, 0,0,0 0,.,,0, 0,0,.,,, 0, 0,.,,,,, deposits _,,,,,,,,0,,,,,,,,,,0,0,,,0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS Bills discounted: Nov Nov Nov Nov Bills bought in open market: Nov Nov Nov Nov Industrial advances: Nov - - Nov...- Nov Nov. _ - -. U. S. Government securities: Nov Nov _- Nov Nov.,0,0,,0,,,,,,0,,0,,0,, 0 [In thousands of dollars] Within days,,,,,,,, 0,,, 0, to 0 days 0 0 0, 0,,0, to 0 days 0 0 0,,,,0 00, to days 0 0,,,, days to months,,,,,,,, months to year,,,0,,,,, year to years,,,,,,,, years to years,,,, 0, 0, 0, 0,., Over years,,,,

23 0 FEDERAL RESERVE BULLETIN DECEMBER ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] New York Chicago St. Louis Boston Philadelphia Cleveland Richmond Atlanta Minneapolis Kansas City Dallas San Francisco ASSETS Gold certificates on hand and due from U. S. Treasury: Nov. Nov. Nov. Nov. Redemption fund Federal Reserves notes: Nov. Nov. Nov. Nov. cash: Nov. Nov. Nov. Nov. reserves: Nov. Nov. Nov. Nov. Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Nov. Nov. Nov. Nov. bills discounted: Nov. Nov. Nov. Nov. bills discounted: Nov. Nov. Nov. Nov. Bills bought in open market: Nov. _. Nov. Nov. Nov. Industrial advances: Nov. Nov.. Nov. Nov. U. S. Government securities: Bonds: Nov. Nov. Nov. Nov. Treasury notes: Nov. Nov. Nov. Nov. Treasury bills: Nov. Nov. Nov. Nov. U. S. Government securities: Nov. Nov. Nov. Nov. bills and securities: Nov. Nov. Nov. Nov. Due from foreign : Nov. Nov. Nov. Nov.,, 0,,, 0,,,, >,, 0,,0,, f ',, 0,,,0,,0,,,,0, 0,, 0,,, :,,0,!,,,,,,,0, [,,i,,,, :,,00;,,,,,,,,,,,0 ^,,,0,0,,0,,,,,,,,,,,,,,,,,,,,,,0,,0,, 0,,0,,,,,,,, 0 0 0,,, 0, 00,,,,,,,,,,,,,0, 0.,.,.,.,.,.,.,.,,, 0, 0, 0, 0 0,,,,,,,00,,0,,,0 0, 0, 0, 0,, 0.0,, 0.0,,0.0,, 0 0,,,,, 0 0,,, 0, ~,, 0,,, 0,0,,0,,00,0,,,0, 0, 0, 0,,,,,,,,,,,,,,, 0, 0,,,,, ',, 0,0,,,,;, 0,,,0,0",, " "",,, 0,,00,,,, 0,0,0 0,,, "".,,,, 0,, 0,,0,0, ,,,,,0,0,0,0,,,,,,,,, 0,0,,,,,,,,,,,,,0,,,,,,,, f, 0,, 0,,0,,0,,,0,0 0,,,,,,,,,,,0, 0,0,, 0,,,,,, r~" """, 0,,, 0,,00 ",0,,,,,0,,,,,,, 0, ,,0,,,,,,,,,,,,,, 0 0 0,0,0, 0,0,,,,,,,,.0, 0,.0, 0,.0, 0,.0, 0,., 0,.,0 0,.,0 0, 0 L, 0, , 0,0,0,0,,,,,,,,,,,,,0,0, ,,,,, 0, 0, 0, 0,,,, L0, L0, L0, L0,.0, 0,.0,.0, 0 0 0,0,0,,,,,,,,,,,,,,,,, 0,,, 0,0,0 0,,,,,,,,,,0,0,0,,,,,,,, 0 0 0,,!,,,i,,, 0, 0, 0, 0,,,,,,,,,,, 0,,,,0, 0,, 0,,,0,, 0, 0,0,00,,,,,,,0,0,0,0,,,, 0, 0, 0, 0, 0, 0, 0, 0,

24 DECEMBER FEDERAL RESERVE BULLETIN 0 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS Continued [In thousands of dollars] New York Boston Philadelphia Cleveland Richmond Atlanta Chicago St. Loui: Minneapolis Kansas City Dallas San Francisco ASSETS continued Federal Reserve notes of other : Nov. Nov. Nov.... Nov. Uncollected items: Nov. Nov. Nov. Nov. Bank premises: Nov. Nov. Nov. Nov. All other assets: Nov. Nov. Nov. Nov. assets: Nov. Nov. Nov.. Nov. LIABILITIES Federal Reserve notes in actual circulation: Nov. Nov. Nov. Nov. Deposits: Member bank reserve account: Nov. Nov. Nov. Nov. U. S. Treasurer general account: Nov. Nov. Nov. Nov. Foreign bank: Nov. Nov. Nov. Nov deposits: Nov. Nov. Nov. Nov. deposits: Nov. Nov. Nov. Nov. Deferred availability items: Nov. Nov. Nov. Nov. Capital paid in: Nov. Nov. Nov. Nov. Surplus (section ): Nov.. Nov. Nov. _ Nov.,S,, :, ',,, ',0, 0:, 0, 0,,, 0,0 0,,,,,, 0,, 0,, 0,,,,,,,0,0,,, : 0, 0,,, 0:, 0, :,:,,,,0,,,, 0,,,,00, i, 0, 0,,0,0,,,,,,,,,0,,, C,0,,0,0, 0,, '"", 0;, 0,,,, 0,,0,0,,,, 0,, 0 0,,0,,, 0,,,0,,,,,, r,,, 0,,,,0,, 0,,,,,,,, 0 0,,,, 00,00, 0,,,, : ; S, 0,,,,,,,,,,0,, 0,,, 0,,,, 0,0,,, 0r,,,,0,,,,,0,0,0,0,,,, c, 0,,,,,,, :,,,,,,,,,,,,, 00, -, 0,',, I,,,, 0,, 0 0,0,,,, 0, 0,,,,,,, 0,,,, 0, 0,0,,,,,,,,,,,,,0,,,0,,, 0,, 0,,, 0,, 0,, 0,, 0,,,,',,,,,,,',,0,,,,,,0,0,0,0,',,,0,. ;,,,,,, 0,, 00,, 0,,,,,,,,,,, 0,,,, 0,,,,,. -,, 0,, 0, 0,, 0, 0, 0, 0,0, 0,, 0,,,0,, 0 ",0,, 0,0,,,, 00,,,,, 0, 00,, ',0,,,,,,,0,,,,,,,,,,:,,",,, 0,,,,',,,,,,,, 0,,,,,0,,,0,,,,,,,, r'",!,, C, "',,, ', 0,0, i,0,0, ~~~,,0,,:,, 0, r 0,,,0,, """,,, :",,0 0,,"-,,,,,,,,,f"" <,.,,0,, C, ' 0, :,, S,S,,,,,, 0,, 0,, 0,,, 0,,,,,,,,,,,0,,, 0 0,,,,,,,,0,,,,,,,,,, 0,, 0, L,,,,,~'' " ",0,,, L,,,,,,, 00,, L,,,,,,,,,.,, 0,,0 0,,,,,,,,,,,0,0,0,,,0,,0,0,0,0,0, I,"",,, 0,,,0,,0,,0,0,,,,, 0,,,,,,,,,,',,,, " 0,, 0,,,,,,00,0,.",,,,,,0, ~~,,0,,,,,0,,,,,,,,,,,,,0,,,,,0,0,0,0,,,0,0,, 0,,,,, ",0,0,, 0,,,,,,00,,,, 0, 0,,0,,",,,",,,,,,,,, ', 0,,,,,,,0,',,00,,, 0, 0,,,, f i,,,,,,00,,,, 0,,,0,0,0,,,0,0,,,, 0 0,,0,,,,,0,,,,,,00,,,,,0,,, 00,,,, 0 0, 0, 0, 0,,,,,

25 0 FEDERAL RESERVE BULLETIN DECEMBER ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS Continued [In thousands of dollars! New York Chicago St. Louis Boston Philadelphia Cleveland Richmond Atlanta Minneapolis Kansas City Dallas San Francisco LIABILITIES continued Surplus (section b): Nov. Nov. Nov. Nov. Reserves for contingencies: Nov. Nov. Nov. Nov. All other liabilities: Nov. Nov. Nov. Nov. liabilities: Nov. Nov. Nov. Nov.. Contingent liability on bills purchased for foreign correspondents: Nov. Nov. Nov. Nov. Commitments to make industrial advances: Nov. Nov. Nov. Nov.,,,,,,,, 0,,,, 0,,,,,0,,0,, 0,,,,,,,0,0,,, 0,0,,, 0,0,,,,,, 0,,,,0,,,,00,0,0,,0,0,,,,,,,,,0,,, 0, 0,,0,0, 0,, 0,, 0,,,,0,,0, 0,0,,,,,,,,,,,,,,,,,,,,0,0,0,0,0,,,,0,0,,,,,,,000,000,000,000,0 0,,,00,00,00,00,,,,, ,,,,,0,0,0,0,0,0,0,0 0 0,,,,,0,0,0,0,,,,,0,0,0,0,,0,, 0,,,, ,00,00,00,00,,,,,,,, 0,,,,,,,, ,,,,,000,000,000,000 0,,,,

26 DECEMBER : FEDERAL RESERVE BULLETIN 0 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION b OF THE FEDERAL RESERVE ACT, JUNE,, TO NOVEMBER, [Amounts in thousands of dollars] Date (last Wednesday of each month) Applications received to date, net Number Amount Applications recommended for approval by Industrial Advisory Committees to date, (with and without conditions) Number Amount Applications approved to date by Federal Reserve (with and without conditions) Number Amount Federal Reserve bank advances outstanding Federal Reserve bank commitments outstanding Approved but not completed i Repaid, expired, or withdrawn by applicant, etc. Financing institution participations outstanding * Dec.._. _ Dec. _.. _ Dec Mar.._ 0 Sept. - Dec.._. Jan. _._ Feb.. _ Mar. 0- Apr Aug.. _ Sept..... Nov. _,0,,,,,,,,,,0,0,,,,,,,, 0,,,,,0,,,,,,,,,0,,, 0,,,,,,00,,,0,0,0,,,0,,,,,,,, 0,, 0,, 0 0,,,,, 0, 0,,,,,,,00,00,00,,,,,,,,0,,,,,,,,0,,,,,,,,,, 0,,,,,,,,,,,,,,, 0,,,0,0, 0,00,,,,,,,,,,,0, 0,,, 0,,,,, 0,,0,0,,0,,,,,, 0,,,,,,, ',,,0,,,,0,,0,,,0,,0,0,,,, '0,0 0,00 0,00 0,,,,, 0,,,,,,,,,,0,,,0,,,,,,,,,0,0,0 0, r Revised. Includes applications approved conditionally by the Federal Reserve and under consideration by applicant. Does not include financing institution guaranties of advances and commitments made by Federal Reserve, which amounted to $,, on November,. Tuesday. November 0 not yet available. NOTE. On Nov.,, there were applications amounting to $,,00 under consideration by the Industrial Advisory Committees and the Federal Reserve. FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] New York St. Louis Boston Philadelphia Cleveland Richmond Atlanta Chicago Minneapolis Kansas City Dallas San Francisco Federal Reserve notes: Issued to F. R. bank by F. R. agent: Nov. Nov. Nov. Nov. Held by Federal Reserve bank: Nov. Nov. Nov. Nov. In actual circulation: * Nov.. Nov. Nov. Nov. Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Nov. Nov. Nov. Nov. Eligible paper: Nov. Nov. Nov. Nov. collateral: Nov. Nov. Nov. Nov.,,,, 0,,,,,,,,,,0,,,,, 0,0,,,,0 0,,00 0 0,,,,,,,,,0,0,,, ',, 0,, 00, 0,,,,,,, 0,,,0,0.,,, 0,00,0, 0, ),,,,, :,0,,,,000 00,000,0,000,000, ,000,00,000,000, 00,000,, 00000,000,0,000,000,000, 000,000,00,000 0,000, 00,000,,000 00, 000 "., 0, 000 0, 000, 000, 000,000,00,000 0,000, 00,000,,000 0, 000,00, 000 ; 000 ; 000 ; 000,000,00, 000 0,000, 00,000,,,,0,,,,,,,0,,,,,,,,,00,00,, 0,, 0 0,0, 0, 0, 0 0, 0,,,, 0,,, 0,,,, 0, 0, 0,, 0,, 0,,,,,,,,00, "' ~, 0,,,,,., ~"!,,,,,0,,,,0, ;,,0,,,,,, 0 0,,,,,, 0,,,,, 0,,,,,,, 0,0,0,,,0,,, 00,,0,.,,00,,,,00,,,,, 0,,,, r " 00,0,0,, 00, 0 ; 0 ;,00, 0,,,, 0,0,, 00,0,0, " 0,, ; 0... ; lf 00> 0,,,0, 0, -,,, 00,,0,,,,,,,00, 0, 0,, 0, Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.,,,, 00 0, 000, 00 0,,000, 00 0, :,000, 00 0, t, 000 0

27 0 FEDERAL RESERVE BULLETIN DECEMBER RESERVE POSITION OF MEMBER BANKS, OCTOBER, [Averages of daily figures. In millions of dollars] MEMBER BANK RESERVE BALANCES, BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] Classes of and districts Central reserve city : New York Chicago Reserve city : Boston district New York district Philadelphia district. Cleveland district Richmond district Atlanta district Chicago district St. Louis district Minneapolis district- Kansas City district-.- Dallas district San Francisco district. Country : Boston district New York district Philadelphia district.. Cleveland district Richmond district Atlanta district. Chicago district St. Louis district Minneapolis district.., Kansas City district Dallas district San Francisco district. Gross demand deposits 0,0,,0,0, 0, 0,0 0,, 0 0, Net demand deposits^ 0,,, 0,, 0 All member..,0,, 0 0 0,, 0 00,, Reserves with Federal Reserve,0,0 0 0, Held,, 0 0,0 0, Time deposits Required Excess,, 0 0 * Gross demand deposits minus demand balances with domestic (except private and American branches of foreign ) and cash items in process of collection. NOTE. See table at foot of p. 0 for percentages of deposits required to be held as reserves. reserves held: September November December January February March April September Week ending (Friday): September 0._.. November November November Excess reserves: September November December January February March April September Weekending (Friday): September 0 November November November All member,,,,,,0,,,,,, ',,,,,,,,,, 0,0,0,0,,0,,0,,,0, ',,,,,0,, P, P, P, Central reserve city New York,,,,,,,0,0,0,,,,,,,,,0,0,0,,0 0,0,,,0,,,,,,,0,,, Chicago Reserve city,,0,,,,0,,,,,,0,,0,,,,,,,, 0 0 Country,,,,,,,,0,,,0, n,,,,,,,,0,, ' 0 P P p Preliminary. r Revised. Weekly figures of excess reserves of all member and of country are estimates. Reserve requirements decreased April, ; see table at foot of page 0 for amount of changes. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] iul member Member in larger centers (places over,000) Member in smaller centers (places under,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Sept. Sept. Sept. Sept. Sept. Sept. Boston New York Philadelphia Cleveland.... Richmond Atlanta.. Chicago _. St. Louis Minneapolis Kansas City Dallas San Francisco,,,,000,,0,,0,,,, 0,,,,,,0,,0,,, 0,,,,, 0 0 0,,,,,, 0, r ll,, i,,, i, 0,0,0,,,0,,, 0,0 0,, i,0,0 0,0 i, i,00,0 0,0 0 0,, 0, 0, r Revised. i Excluding central reserve city, for which figures for latest month are shown in table above.

28 DECEMBER FEDERAL RESERVE BULLETIN 0 KINDS OF CURRENCY IN CIRCULATION [Outside Treasury and Federal Reserve. In millions of dollars] End of month Gold certificates Silver dollars Silver certificates Treasury notes of Subsidiary silver Minor coin United States notes Federal Reserve notes Federal Reserve bank notes National bank notes... November. December. January... February.. March April September.,,,0,0,,,,,,,0,,0,,,,0,0,,,,0,,,, 0,,,,0,0,0,,,,0,,, 0 [0 0 Back figures See Annual Report for (table.) PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve. In millions of dollars] End of month < oin and small denomination currencyr i Coin $ $ $ $0 $0 $0 Large denomination currency $00 $00 $,000 $,000 $0,000 culationi Unassorted a _ November December January _ - February March _. April September,,,0,0,,,,,,,0,,0,0,0,0,,,,,,,,,, ,,,0,,,,,,0,0,,,,,,,,,,,,0,0,,,0,,,. L, L,,,,.,, of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve. Includes unassorted currency held in Treasury and Federal Reserve and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $ silver coins reported under coin. Back figures. See Annual Report for (table ). TREASURY CURRENCY OUTSTANDING Held by Treasury and Federal Reserve and in circulation. In millions of dollars] End of month September. November. December.. January.. February March April September _ i Includes silver 000,000 on,,,0,,,,,,,,,,,, Silver dollars and silver bullion i, L, L, L, [,0,,0, L,, L,,0 L,., Subsidiary silver Minor coin United States notes Federal Reserve bank notes 0 0 National bank notes 0 0 SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [By selected in New York City. In thousands of dollars] - Year or month November December January February March.. April September held against silver certificates amounting to ih,,- and $,0,000,000 on,. Shipments to Europe 0,,, 00, 0,0, 0 0, Receipts from Europe,0 0,,, 0,,,,,,,, Net shipments Back figures. See Annual Report for (table ). Description. See BULLETIN for January, pp. -., 0,00 Net receipts, 0 0,,,00 0,,,, 0 0,,

29 00 FEDERAL RESERVE BULLETIN DECEMBER ANALYSIS OF CHANGES IN MONETARY GOLD STOCK [In millions of dollars] Year or month September November December January. February March April. September November December January February March April September Gold stock at end of year or month, 0,,,0 0,0 0, 0, 0,,0,,,,,,,,,,,,,, 0,,,,,,,0,, 0,0 Inactive account., ,0.,.,., 0. 0,.,.,.,., 00.,.0 Increase in total gold stock,0.,.,.,.0,.,., 0., Net gold import A p Preliminary. Figures based on rate of $0. a fine ounce in January and $ a fine ounce thereafter. NOTE. Figures for domestic production of gold are those published in table, p. 0, adjusted to exclude production in Philippines. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures, other than those of domestic gold production, see Annual Report for (table ). BANK SUSPENSIONS Number of suspended:.. _ Jan.- Deposits of suspended (in thousands of dollars): _ Jan.-, all, 0,0,0,, 0 Member 0, 0, State, Nonmember Net release from earmark Domestic gold production National Insured 0,, 0,0 0, 0, Not insured,, Represents licensed suspended; does not include nonlicensed placed in liquidation or receivership. Federal deposit insurance became operative January,. Deposits of member and insured nonmember suspended are as of dates of suspension, and deposits of noninsured nonmember are based on the latest data available at the time the suspensions were reported. Back figures. See Annual Report for (table ). MOVEMENT OF GOLD TO AND FROM UNITED STATES From or to Belgium France Germany Netherlands Spain Sweden Switzerland _ United Kingdom... Canada Mexico Central America Bolivia Chile Colombia Ecuador Peru Venezuela.. _ Australia British India China and Hong Kong _ Japan Philippine Islands. All other countries. [In thousands of dollars],,,0, 0 0,,, 0,,0,,, September,,,,, 0 0,,,0, 0, Jan.-,0, 0 0,,00,,0,,0 0,,0,,, 0, 0,,,,,, Imports Exports Imports Exports Imports Exports,000, Figures represent customs valuations which, with some exceptions, are at rate of $ a fine ounce. Includes all movements of unreported origin or destination. Back figures. See table, p. 0, and Annual Report for (tables and ). BANK DEBITS Debits to individual deposit accounts, at in principal cities.] [Tn millions of dollars] Year and month September November. December. January. February.. March April September..., all reporting centers,, 0,,,,,,,,,,,,,0, 0,,,0 New York City,,00,,,,,, 0,,,,,,,,0,0 0 other leading cities i,,,,, 0,,, 0,, 0,,,,0,0,,0,0,0 other reporting cities,0,0,,,,,0,,,,,,,,,,,, Comprises centers for which bank debit figures are available beginning with, except that one substitution was made in and one in. Cities (other than the centers) for which bank debits are currently reported. The number has changed very little since and has numbered since. Back figures See Annual Report for (Table ), which also gives a definition of bank debits. Figures for individual reporting cities and totals by Federal Reserve districts are available in mimeographed form.

30 DECEMBER FEDERAL RESERVE BULLETIN 0 ALL BANKS IN THE UNITED STATES Comprises all national in the continental United States and all State commercial, trust companies, mutual and stock savings and such private and industrial as are included in abstracts issued by State banking departments. Also includes, during the period -, private which, pursuant to the provisions of sec. (a) of the Banking Act of, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. (a) private no longer report to the Comptroller of the Currency. For comparativefiguresof private included in thefiguresfrom to December, see Federal Reserve Bulletin for December, p., and, p.. Figures for nonmember are for dates indicated or nearest thereto for whichfiguresare available. Call date NUMBER OF BANKS Member National State Nonmember Mutual savings nonmember DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Call date All [ In millions of dollars] Member National State Nonmeniber Mutual savings nonmember Dec.,0, 0,,,0,0,, 0,,. Dec.,,,,, 0,,,,,,, 0 0 Dec. 0,, 0,0,0,,,, 0 Dec. 0,, 0,,,,,,,,,,0 0 Dec.,,0,,,,,,0 0. Dec.,0, 0,,,0,, 0,,0,,,000 Dec.,,,0,,,,00,0,. _ Dec..,,,,,0 0, 0,,,,,0, 0 Dec.,,,00,,,,0,0,, 0._ Dec..,,,0,,,0,, 0,00 0,,, Mar. 0 Dec.,,,,,,,0,,0,0,0,0,,0, Mar Dec....,,, 0,, 0,,,,,,, 0, 0, 0,,,, Mar. 0 Sept. -,,,,,,0,,,0,0,0,0, Mar Sept..,,,,,0,,,,,, 0, 0,,, For footnotes see table below. For footnotes see table Delow. All LOANS AND INVESTMENTS [In millions of dollars] Member Nonmember Call date Loans Loans Mutual savings Loans nonmember Loans Investments Investments Investments Investments Dec. 0 Dec 0 0 Dec _june Dec 0 Dec. Mar 0 Dec.. Mar Sept,, 0,0 0,, 0,,,,,,,,,,,,, 0,, 0, 0, 0, 0,,, 0,,,,0,,,,,,,,,,0,,,, 0,,,,, 0,,0,,,,000,,,, 0,,,,0,,,,0,,,, 0,,,,,, Prior to Dec. 0,, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $0,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. Beginning with this date () thefiguresexclude private in Georgia which no longer report to the State banking department ( such reported deposits of $,,000 and loans and investments of $,0,000 on December, ); and () thefiguresinclude Morris Plan and industrial in New York and North Carolina, of which there were on 0,, with deposits of $0,,000 and total loans and investments of $,,000. Thefiguresalready include such Morris Plan and industrial in other States as are covered by State banking department reports. Nonmember bankfiguresnot available. Backfigures See Annual Report for (tables -). 0,0,,,,,,,,, 0,,,,,,,, 0,0,,,,,, 0,00 0,0 0, 0, 0, 0,,,,,,,,,0,0,0,0,00,,,,,,0,0,,,,,,0,0,,,0,,0,00,,,,,,,,,,,,0,,,,0,,0,,00,,0,0,0,,,,,,,,,,,,,0,0,,0,,,

31 0 FEDERAL RESERVE BULLETIN DECEMBER ALL MEMBER BANKS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Call date On securities, to brokers and dealers In New York City loans and investments Outside New York City un securities to others (except ) Loans to Real estate loans Open market paper Reporting ' own acceptances Acceptances of other domestic Bills payable abroad mercial paper bought loans U. S. Government obligations Direct Fully guaranteed securities TOTAL ALL MEMBER BANKS Dec., 0, Dec..,0 Dec.. _, Dec.. _, , Dec.. _, Mar., 0.. 0, Sept...,,0,,0,,0,,,,,,0,0,, 0,,,0,,,,,,, 0 0,,,,,0,0,,,, 0) 0 0,,,,00,0,,,,,,,,,,0,,,,,,, 0,,,,,,,,0,,, 0, 0, 0,0 0, 0, 0, 0,,,,,,,,,,0,,,0,,,,0, NEW YORK CITY Dec.. _ 0 T Dec.. _ Dec... Dec.. _ 0.. Dec.. _ Mar Sept...,,,,,,00,,,0,,,,,,,,,,,,0,0,0, 0 0,, (i) , L,0 L,0 L, L, L,,,,,0,,0,,,,0,,0,0,,,,,0,0,,,0,,,,,,,,0,,0, 0,,0,,,00,0,,0, CITY OF CHICAGO Dec., 0, Dec..., Dec.., Dec..,00 0.., Dec., Mar., 0, Sept. " *,, (i) ,0,,,,,,,,,0,00,00,0,0,0,0,00 00 fl 00 RESERVE CITY BANKS Dec. j une 0 a Dec... Dec.. _,0, 0,0 0,0 Dec.. _, 0.., Dec.. _, Mar.,0 0.,0 Sept...,,0,,,,,,0,0,,0 0 00,,0,,0,0,0,0,00 J.B L L,0 L,0 L, L, L, L,0, 0) ,,,,,,,0,,,,,0,,,000,,,,,,,,0,,,,,0,,,,,,0,,,,,0,0,,,,,,,,0,, COUNTRY BANKS _Dec., 0, Dec.. _,0 Dec.. _, Dec..., 0. _ 0, Dec.. _ 0, Mar.., 0.., Sept. -,,,,0,,0,0,,,, 0 0 0,, 0,,0,0,0,,,,,,0 (i) 0 0,,00,,,,0,,0,,,,,,00,,,,,,,,,,,0,,,,,,,,0,0,,0,,,,0,,,,,,,0,,00, Included in " loans." Beginning 0,, figures relate to licensed only. s Central reserve city. Back figures See Annual Report for (tables -).

32 DECEMBER FEDERAL, RESERVE BULLETIN 0 ALL MEMBER BANKS RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Call date Eeserves with Federal Eeserve Cash in vault Balances with domestic Cash items reported as in process of collection Interbank Domestic Foreign Demand deposits United States Government Public unds Certified and officers' checks cash, letters of credit Individuals, partnerships, corporations, etc. Demand deposits adjusted Interbank Domestic Time deposits Foreign Postal savings Public funds Individuals, partnerships, corporations, etc. Borrowings TOTAL ALL MEM- BER BANKS Dec. 0 «Dec. Dec. Dec. 0 Dec. Mar. 0 Sept.._ NEW YORK CITY Dec. 0 Dec. Dec. Dec. 0 Dec. Mar. 0 Sept. CITY OF CHICAGO Dec. 0 * Dec. Dec. Dec. 0 Dec. Mar. 0 Sept. _ RESERVE CITY BANKS Dec. 0 Dec. Dec. Dec. 0 Dec. Mar. 0 Sept. COUNTRY BANKS Dec. 0 * Dec. Dec. Dec. 0 Dec. Mar. O._ Sept.,,,0,,,,00,,00,,,,,,,,,,,,0,,0,,,,,,,,, ,,00,,,0,0,,,0, ,00,,,,,,,,,,,,,,0,,,,,,,,0,,0,,0,0,0,, ,0 0 0,,0,,,0,,,,0,0,,,,,,0,0,, 0,0,,,,,,,,, , ,,0,,,,,,, ,0,0,0,00,, ,,,,0 0, 0,,,, 0,,,,,,,,0,,0,,0 0,0,0,,0,,,,,,,,00,0,0,,,,,0,,,,,0,,,,0,,0,,,,0 0, 0, 0,,,0,,0,,,,,,0,,0,,0,,,,,,,,,,,0,,,0,,0,,0,0,0,,, ,,,00, 0, 0, 0, 0, 0, 0,.,,,,,0,0,,,,0,,,,,,,0,0,, Prior to Dec.,, excludes balances with private to the extent that they were then reported in " assets." Since,, includes time balances with domestic which on that date amounted to $,000,000 and which prior to that time were reported in " assets.'' Does not include cash items in process of collection reported in balances with domestic. Prior to Dec.,, includes cash items on hand, but not in process of collection, amounting on that date to $,000,000. s Includes "Due to Federal Eeserve (transit account)," known as "Due to Federal Eeserve (deferred credits)" prior to Dec.,. < Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec.,, less cash items reported on hand but not in process of collection. * Beginning figures relate to licensed only. Central reserve city. Back figures. See Annual Eeport fo (tables -).

33 0 FEDERAL RESERVE BULLETIN DECEMBER REPORTING MEMBER BANKS IN 0 LEADING CITIES ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Date or month loans and investments Comnercial, industrial, and agricultural Open market paper Loans To brokers and dealers in securities loans or purchasing or carrying securities Real estate loans Loans to loans Investments U. S. Government obligations Direct Fully guaruteed securities Reserve with Federal Reserve lash in vault Balances with >mestic TOTAL 0 CITIES April September _., 0, 0, 0, 0,0 0,,0,,0,0,,,,,,,,0,,,,, 0,0 0,,,,,,0,, 0 0,,0,0,,,0,0,.,,., 0,,,0,, 0,,,,,,,,0,,,,,,,,,,0,,,0,,,,, i, 0,0,,0,,00 0,,0,,0,,,, Sept. Sept. Sept. Sept. Nov. Nov. Nov. Nov. 0, 0,,, 0,,,,,0,,, 0,,,,,0,,,,,,,0,,,, %, -, 0 ^, ',»",,, 0,,,0,,,,,,,,, ,0,,,0 l, 0, 0 r l,,, ',,,, 0,,0,,,0,0,,0,0,0,00,,,,,0,0,0,,,,0,,,,,,,,,,,,,,,,0,,,,,0,,,,,,,,,,0,,00,,,, 0 0 0,,,,,,,0,,,,, NEW YORK CITY April September _,0,,,,,,,,,0,00,0,,,,,,,,,,,, ,,,0,,.,,,,,0,,,,, 0 0,,00,00,0,0,0,,,,00,0,,,0, Sept. Sept. Sept. Sept. Nov. Nov. Nov. Nov.,,,,,,,,,,,,,,0,,,,,,,,,,0,,,,,,,,,,, 0, ,,,,,0,,,,,,,,,,00,,,,,,,,, 0,0,0,,0,,,,,,0,0,0,,,0,,,,,,,,,0 OUTSIDE NEW YORK CITY April September.,,,,0,0,0,,,00,,,,,,,,,0,0,,,0, % ,0,0,0,00,0,0,0,0,,0,0,0,0, 0,0.0,,,,,,,,,00,,,,,,0, 0,,0,,,0,0,0,0,,,00,,,,0,,,0,,,,,0, Sept. Sept. Sept. Sept. Nov. Nov. Nov. Nov.,,,00, 0,,,, 0,,,,,,0,0,0,,,,,,,,,,0,, ', r, ', ", r, ',,, ',0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 -,0 -,0 r l,.0 r l, 0,0,0,,,0,0,0,,,0,,,,,,,,,,,,,0,,,,0,0,0,0,0,0,,,,,0,,,,,,0,,,,,,,,,,,,0,,,,,,, r Revised. NOTE. For description of figures see BULLETIN for November, pages -, or reprint, which may be obtained from the Division of Research and Statistics, and BULLETIN for, pages 0-. For back figures see BULLETIN for November, pages -, or reprint, page of BULLETIN for December, Annual Report for (tables -) and corresponding tables in previous Annual Reports.

34 DECEMBER FEDERAL RESERVE BULLETIN 0 REPORTING MEMBER BANKS IN 0 LEADING CITIES Continued ASSETS AND LIABILITIES OF ALL REPORTING MEMBER BANKS, AND OF REPORTING MEMBER BANKS IN NEW YORK CITY AND OUTSIDE NEW YORK CITY [Monthly data are averages of weekly figures. In millions of dollars] Date or month Cash items reported as ess of collection assets Interbank liabilities Domestic Demand deposits Foreign United States Government Certified checks, etc. Time deposits Interbank Demand deposits adjusted* Domestic Foreign Borrowings liabilities Capital account TOTAL 0 CITIES April September,,,,,,,0,,0,,0,,,,0,,,,0,,,0,,,,,,,,,, ,,,,,0,,,,,,,,0,,, 0 0,,,,,,0,, 0,,,,,,,, Sept. Sept. Sept... Sept..,. Oct Nov. Nov. Nov. Nov.,0,,,,,,,,,,,,,,,,,, 0,,,,,,, 0,0,,,, 00,,,,,,,0,,,,,,0,0,0,0,0 0 : 0 0 0,,,,,,,,,,,,,,,, 0,,0,,,,,, ,,,,,,,,,,,, 0 0,,,,,,,,,, NEW YORK CITY April September 0,,,, 0,0,0,,,,,,0,,,, ,,,0,0,,,,,,0,00,,,,, 0 0 0,,,,,,,, Sept.. Sept. Sept. Sept..... _.. Nov.. Nov. Nov... Nov ,,,0,,,,, 0,,,,,,0,0,,,,,,,,, ,,,,,,0,,,,,00,0,,,,,,,,,0,0,, 0 0 0,,,,,,,,,,,, OUTSIDE NEW YORK CITY April Mav..- _.. September 0 0,, 0, 0, 0, 0, 0,,0,0,0,,0,,,, 0 0,,,0,,,0,,,,0,,,,,,0 0 0,0,,,,,,, 0,,,,,,,, _Sept. Sept Sept. Sept.. Nov.. Nov. Nov. Nov , 0, 0, 0, 0,,0,,,,,,,,,,,0,,0,,0,,, ,,,,,,,,,,,,,,,,,,00,0,,,0,0, ,,,,,,,,,,,, 0,,,,,,,,,,,, Does not include cash items in process of collection reported in balances with domestic. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.

35 0 FEDERAL RESERVE BULLETIN DECEMBER REPORTING MEMBER BANKS IN 0 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO [In millions of dollars] Federal Beserve district and date () loans and investments Commercial, industrial, and agricultural Open market paper Loans To brokers and dealers in securities loans for purchasing or carrying securities Heal estate loans Loans to loans Investments U. S. Government obligations Direct Fully guaranteed securities Reserve with Federal Reserve Cash in vault Balances with domestic BOSTON ( cities) Nov. Nov. Nov.. Nov. NEW YORK ( cities) Nov. Nov. Nov. Nov. PHILADELPHIA (cities) Nov. Nov. Nov. Nov. CLEVELAND (0 Cities) Nov. Nov. Nov. Nov. RICHMOND ( cities) Nov. Nov. Nov. Nov. ATLANTA ( cities) Nov. Nov. Nov. Nov. CHICAGO ( cities)* Nov. Nov. Nov. Nov. ST. LOUIS ( cities) Nov. Nov. Nov. Nov. MINNEAPOLIS ( cities) Nov. Nov. Nov. Nov. KANSAS CITY ( cities) Nov. Nov. Nov. Nov. DALLAS ( cities) Nov. Nov. Nov. Nov. SAN FRANCISCO ( cities) Nov. Nov. Nov. Nov. _ CITY OF CHICAGO* Nov......_. Nov. Nov. Nov.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0,,, ,,,0, ' ' ' 0,0,,,0,,,, 0,,,, 0,,,0,,,0,, 00 0,,,,,,,, ,,,, ,,,0, ,,0,0, ' Revised. * Separatefiguresfor New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.

36 DECEMBER FEDERAL RESERVE BULLETIN 0 REPORTING MEMBER BANKS IN 0 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR CITY OF CHICAGO Continued [In millions of dollars] Federal Reserve district and date () Cash items reported as in process of collection i assets assets Interbank liabilities Domestic Demand deposits Foreign United States Government Certified checks, etc. Time deposits Interbank Demand deposits adjusted* Domestic Foreign Borrowings liabilities Capital account BOSTON ( cities) Nov. Nov. Nov. Nov. NEW YORK ( cities)* Nov. Nov Nov. Nov PHILADELPHIA (cities) Nov.. Nov Nov.. - Nov. CLEVELAND (0 Cities) Nov Nov. Nov Nov RICHMOND ( cities) Nov Nov. - - Nov Nov ATLANTA ( cities) Nov. Nov. Nov Nov. --_ - CHICAGO ( cities)* Nov. Nov Nov. Nov. ST. LOUIS ( cities) Nov Nov. Nov Nov MINNEAPOLIS ( cities) Nov. Nov Nov. Nov. KANSAS CITY ( cities) Nov. Nov. Nov Nov. DALLAS ( cities) Nov Nov. Nov Nov. SAN FRANCISCO ( cities) Nov Nov. Nov Nov CITY OF CHICAGO* Nov Nov Nov Nov ,,,,,,,,0,,,,,,,,,0,0,0,0,,,,,0,0,0,0,,,,,0,0,0,0,,,0,0,,,, ,0,0 0,0,,,, 0,,,,,,, ,000,00,,,,, ,,,,0,0,0 0 0,,,,,,,, ,0,0,0, ,,, * See note on preceding page. Does not include cash items in process of collection reported in balances with domestic. Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection.

37 0 FEDERAL RESERVE BULLETIN DECEMBER COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month Commercial paper outstanding* outstanding Held by accepting Own bills By holders Bills bought Held by Federal Reserve For own account For account of foreign correspondents Held by others on jjv, ports into U.S. Based on exports from U.S. By classes Dollar exchange Based on goods stored in or shipped between points in U.S. Foreign countries November December g January February March April September () ^ i As reported by dealers; includes some finance company paper sold in open market. «Less than $00,000. Back figures. See Annual Report for (table ). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' debit balances (net) i Debit balances in partners' investment and trading accounts Debit balances in firm investment and trading accounts Cash on hand and in Money borrowed» Customers' credit balances * Free (net) credit balances In partners' investment and trading accounts In firm investment and trading accounts In capital accounts (net). December Marco September November December January February March April September,,,,,,,0, ,0,,, Excluding balances with reporting firms () of member firms of New York Stock Exchange and other national securities exchanges and () of firms' own partners. Includes both money borrowed from and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE. For explanation of thesefiguressee "Statistics on Margin Accounts" in BULLETIN for September. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures. See BULLETIN for March, p., and (for data in detail) Annual Report for (table ).

38 DECEMBER FEDERAL RESERVE BULLETIN 0 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Federal Reserve Bank Rediscounts and advances under sees. and a of the Federal Reserve Act i Advances under sec. 0 (b) of the Federal Reserve Act Advances secured by direct obligations of the United States (last paragraph of sec. of the Federal Reserve Act) Rate Nov. 0 In effect beginning- Previous rate Rate Nov. 0 In effect Deginning Rate Nov. 0 In effect beginning- Boston New York Philadelphia- Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Sept., Aug., Sept.,, Aug., Aug., Aug., Sept., Aug., Sept., Aug., Sept., Sept., 0, Sept.,, Sept. 0, Aug., Aug., Sept., Aug., Sept., Aug., Sept., April, Feb., 0,, Feb., April,, Feb.,, Apr., Apr.,, i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures. See Annual Report for (table 0). - days i-. -0 days. - days. -0 days._. - days days.. - days. FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES Maturity [Percent per annum] Rate in effect on Nov. 0 In effect beginning 0,...do...do...do...do...do...do Previous rate FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES Rates in effect, Nov. 0,, on advances and commitments under Sec. b, of the Federal Reserve Act as amended,. [Percent per annum except as otherwise specified] Federal Reserve Bank Advances direct to industrial or commercial organizations Advances to financing institutions On portion for which institution is obligated On remaining portion Commitments to make advances This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of days or less. NOTE. Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply to purchases, if any, made by other Federal Reserve. Back figures. See Annual Report for (table ). MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member as established by the Board of Governors under provisions of Regulation Q. [Percent per annum] Boston New York... Philadelphia- Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco K- - - ^ ^ &A - ^A VA ^- - - GO - - ^- - - Authorized rate percent above prevailing discount rate. Same as to borrower but not less than percent. Flat charge. Back figures. See Annual Report for (table 0). - - Savings deposits Postal Savings deposits time deposits payable in: months or more days to months Less than days Nov., to Jan., Feb., to Dec., In effect beginning Jan., NOTE. Maximum rates that may be paid by insured nonmember as established by the Federal Deposit Insurance Corporation, effective February,, are the same as those in effect for member. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. MEMBER BANK RESERVE REQUIREMENTS [Percent of deposits] Classes of deposits and On net demand deposits: i Central reserve city_ Reserve city Country On time deposits: All member, - Aug., Aug., - Feb., ioy Mar., - Apr. 0, M ^, - Apr., Apr., - and after See footnote to table on p. 0 for explanation of method of computing net demand deposits.

39 0 FEDERAL RESERVE BULLETIN DECEMBER OPEN-MARKET RATES IN NEW YORK CITY fpercent per annum] Year, month, or week average._. average... average... Oct Nov Dec Jan. Feb Mar. ApriL Aug Sept Oct Week ending: Nov.... Nov.... Nov.. Nov. Prevailing rate on- Prime commercial paper, to months... ^- f^- - H H-k b A~% %~% %-% %~% %~% % Prime bankers' acceptances, days... Vie Vi! Vie Vie Vie Vie Vie Vie Vie / Vie / / / / / / / Stock exchange time loans, days... \i/ IK IK IK IK IK IK IK IK IX IK IX IX IX IX IX IX IX MONEY RATES AND BOND YIELDS Average rate on- Stock exchange call loan renewals U. S. Treasury bills New issues offered within period day dealers' quotation Averyield on U. S. Treasury -to- year notes i Series comprises -day bills to February,, -day bills from March,, to,, bills maturing about March,, from, to December 0,, and -day bills thereafter. Back figures. See Annual Report for (tables and ). Figures for -day Treasury bills available on request. Year, month, or week Number of issues. average average average.. _ November December January February March._ April September Week ending: November... _ November November _ November. U.S. Treasury Municinal RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] New York City: January.._ February March ApriL September November December. Year other northern and eastern cities: January February March April. September November December _ Year southern and western cities: January... February March April September November December BOND YIELDS [Percent per annum] Aaa Year Aa _. _ By ratings Corporate * A Baa : By groups Industrial Railroad Public utility i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. a Revised series. Average of yields of all outstanding bonds due or callable after years; see pp. 0-0 for description. s 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 0 to, the industrial Aa group from 0 to, and the railroad Aaa group from 0 to. Series revised back to Jan., in, because of changes in railroad bond yield averages in all rating groups. Back figures See Annual Report for (table ); for U. S. Government bonds, see pp. 0-0 of this BULLETIN

40 DECEMBER FEDERAL RESERVE BULLETIN 0 BOND PRICES STOCK MARKET Year, month, or date Number of issues average average average November December January February March April September November November November November U.S. Treasury Municipal Corporate Industrial Railroad Utility Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. Revised series. Average prices of all outstanding bonds due or callable after years, based on quotations from Treasury Department; see pp. 0-0 for description. Prices derived from average yields, as computed by Standard Statistics Co. Back figures. See Annual Report for (table ); for U. S. Government bonds, see pp. 0-0 of this BULLETIN. Year, month, or date Number of issues.._ average. _. average average November December January February March April September.. November. November. November November Preferred Stock prices i Common (index, =00) Utility 0 0 Industrial Railroad Volume of trading/,,,,,0,,0 0,0,,0,,,0,, Standard Statistics Co. Monthly data are averages of Wednesday figures. Average prices of industrial high-grade preferred stocks, adjusted to a $ annual dividend basis. Average daily volume of trading in stocks on the New York Stock Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. Back figures. For stock prices, see Annual Report for (table ). CAPITAL ISSUES [In millions of dollars] For new capital For refunding Year or month and funding) (domestic and foreign) Domestic State and municipal Federal agencies Corporate Bonds and notes Stocks Foreign i (domestic and foreign) Domestic State and municipal Federal agencies Corporate Bonds and notes Stocks Foreign - Oct Nov Dec Jan Feb Mar Apr... Aug Sept... Oct,,,,0,,0,0,,, 0,00 0 0,,0,,,,0,,0,00,0,,,0,,0,,,, ,,00,, 0,, 0 0 ',,0,, ',,, ( ) 0, 0 ( ) ( ) 0 0,,,,, 0 0 ',0,,,, 0 0 ' ,,,, 0 ',0,, 0 r ( ) ( ) ( ) ' Revised. Includes issues of noncontiguous U. S. Territories and Possessions. Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury, s Less than $00,000. Source. For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. to revision. Back figures Bee Annual Report for (table ). Monthly figures subject

41 0 FEDERAL RESEVRE BULLETIN DECEMBER TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Interest-bearing Noninterestbearing End of month gross debt interest bearing Publicly-offered i Bonds U. S. savings Notes Bills Prewar Treasury Adjusted service issues Social security issues All other Matured debt... November _ December January _ February March April. September,,,0,,,, 0,,,,, 0,,,,,,,,,,, 0,,,,,0, 00,,,,,0, 0,,,,00,,,, 0,,0,,,0, 0,,, 00,,,,0,,,0,,,, 0, 0, 0, 0, 0, 0,,,,,, 0,00,0,,,0,,,0,,,,, 0, 0, 0, 0, 0, 0, 0, 0, 0,0 0,0 0,0,,,,0,0,0,0,,0,0,0,,,,,,,,0,0,0,0 0,0 0,0,,,,0,,,0,,,, i Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. * Includes Liberty bonds. Includes adjusted service bonds of and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. * Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation, e Includes certificates of indebtedness not shown separately: $,,000,000; $,0,000,000; $,,000,000. MATURITIES OF PUBLICLY OFFERED DIRECT OBLIGATIONS, OCTOBER, [In millions of dollars] Date maturing Nov. Dec. Jan. Mar. Apr. 0 Sept. 0 Dec. 0.. _.._._,,,,,00,,,0,,,,,,, 0, Bondsi,,0,,,,,,, 0, Notes 0,,,,00,0 Bills 0,0 i Issues classified as of date of final maturity; most issues callable at earlier dates; most of the U. S. savings bonds are redeemable at option of holder. * Includes unclassified U. S. savings bonds. FULLY GUARANTEED OBLIGATIONS, [In millions of dollars] End of month December December December November _ December January February..._ March April September,0,,,,,,,,,,,,,,,0,0,00,00 Federal Farm Mortgage Corporation,,,,,,00,0,0,0,0,0,0,0,0,0,0,0, Home Owners' Loan Corporation,,,,0,,,,,,,,,,,,,,, BY AGENCIES i 0 0 Reconstruction Finance Corporation Commodity Credit Corporation i Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal Housing Administrator, amounting to $,0,000 on,. * Excludes obligations guaranteed as to interest only.

42 DECEMBER FEDERAL RESERVE BULLETIN 0 SUMMARY OF TREASURY OPERATIONS (On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Period Income taxes Receipts Social security taxes internal revenue All other Interest on debt General National defense and Veterans' Adm. Expenditures J All other Recovery and relief Revolving funds (net)* Transfers to trust accts. etc. Excess of receipts (+)or expenditures Trust accounts, etc. excess of receipts (+)or expenditures Increase or decrease during period General fund balance Gross debt Fiscal year ending: months ending: November December January February March April September.._,,,,0,,,,, ,0,, ', ', ', ', ',, 0 ' ' ' 0,0,, 0 0 0,0,, ', ',0 ', ', ' ' ' , 0 '-, 0 '-, '-, '-, '- -, - - '+ ' '-0 - '+ '+ '+0 '+0 ' ' ,0 +, , Period Old-age reserve and railroad retirement accounts Details of trust accounts, etc. Unemployment trust fund Receipts Investments Benefit payments Receipts Investments Withdrawals by States Net expenditures in checking recounts of Government agencies Reconstruction Finance Corporation 0 Commodity Credit Corporation i All other 0 (-)ii Details of general fund bal< mce (end of period) All other, excess of receipts (+)or expenditures Inactive gold Increment on gold Seigniorage Working balance Fiscal year ending:. _ months ending: November December January February March _ April September ' ' r ' 0 ' ' r 0 '0 ' 00 '» ,,,,,,,,0,,0,,0,,,,,0,,,0,,,,,,0, ,,,,,0,,,,,,,,,, ' Revised. Expenditures revised to correspond with those published in a special Treasury statement issued in and in the regular daily Treasury statement for November,. For revised totals for the fiscal years - see page 0 of this BULLETIN. ' Excludes debt retirements. Includes taxes under Social Security Act and on carriers and their employees. Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. Excludes expenditures for adjusted service wh'ch are included under "Transfers to trust accounts, etc." Includes revolving funds of Public Works Ad mi listration and Farm Credit Administration. Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc.". Details given in lower section of table. Less than $00,000.! Excess of credits. 0 Monthly figures for the fiscal year subject to revision. Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage.

43 0 FEDERAL RESERVE BULLETIN DECEMBER GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 0, [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Reconstruction Finance Corporation and Public Works Administration Home mortgage and housing agencies Home Owners' Loan Corporation mortgage agencies United States Housing Authority Farm mortgage agencies Farm credit agencies Farm Credit Adm. and corporations Commodity Credit Corporation Tennessee Valley Authority Insurance agencies Sept. 0, Aug., Sept. 0, ASSETS Loans and preferred stock: Loans to financial institutions- Preferred stock, etc. Loans to railroads Home and housing mortgage loans Farm mortgage loans agricultural loans All other loans loans and preferred stock Cash U. S. Govt. direct obligations Obligations of Government credit agencies: Fully guaranteed by U. S. Accounts and other receivables Business property Property held for sale assets _ assets other than interagency, C ),,,,0 0) 0 (0 0) 0 (0 (0,,, 0 0) 0) 0) 0 0 0) (0 0) ( ) 0) 0 0),,, 0 0,0,, 0,0,,0 0,, 0, LIABILITIES Bonds, notes, and debentures: Guaranteed by United States. liabilities (including reserves). liabilities other than interagency Excess of assets over liabilities, excluding interagency transactions. _ Privately owned interests U. S. Government interests,,,,0 0 0,0 s,0 0, ) 0 0 0,00,,,0,,00,,,,,,,,0, Less than $00,000. Includes $,000,000 loans of Public Works Administration. Includes $,000,000 loans of Farm Security Administration. * Includes $,000,000 loans of Rural Electrification Administration. Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. NOTE. For explanation of table, see BULLETIN for, p.. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars], Apr. 0,, 0,, Aug., Sept. 0,, Loans tofinancialinstitutions Loans on preferred stock of and insurance companies- Preferred stock, capital notes, and debentures Loans to railroads (including receivers) Loans for self-liquidating projects Loans to industrial and commercial businesses Loans to drainage, levee, and irrigation districts loans Securities purchased from Public Works Administration loans and investments, other than interagency.. Loans to Federal land Loans to Commodity Credit Corporation Capital stock of Commodity Credit Corporation Preferred stock of Export-Import bank Capital stock of Disaster Loan Corporation Loans to Rural Electrification Administration Capital stock of, and loans to R. F. C. Mortgage Co Capital stock of, and loans to Fed. Natl. Mtge. Assn Loans to Tennessee Valley Authority,,,,,,0,,,,0 0,,000 0,000,000, 0,0,,,, 0,,0,0,,,,, 0,,,,,,,,,,,,,,,,,,0,,0,,, 0, 0,0,,,, 0,0,00,,,,, 0,0,,,0,,, 0,,, 0,,0,,0,, i,,0,,0, 0,,, 0,,,,,,, 0,, 0, 0,000 0,000 0,000 0,000 0,000j 0,000 0,000,,,000,,,000 0,0,000,,,,, 0,,,,000 loans and investments..,,,,,,,,,,,,,,,, r Revised. i Includes $,000,000 of loans for distribution to depositors of closed. NOTE. For explanation of table and back figures, see BULLETIN for April, p. 0.,,,,000

44 DECEMBER FEDERAL RESERVE BULLETIN 0 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans by- Federal intermediate credit bank loans to and discounts for Loans to cooperatives by- End of month Federal land Land Bank Commissioner Eegional agricultural credit corporations, production credit associations, and for cooperatives i financing institutions, except cooperatives Production credit associations Regional agricultural credit corporations Emergency crop and drought loans Federal intermediate credit Banks for cooperatives, including Central Bank Agricultural Marketing Act revolving fund December. December. December.... November. December. January... February.. March... April September...,,,0,,0,,0,, 0,00,0,0,0,,0,,0,,0,,0,,0,,0,,00,,00,,,,,,,,,,,,, 0,,0,,, 0, 0,,. 0,,,0,,. 0, 0,,,,,,,,0, 0, 0,,,, 0, 0,,,, 0,, 0,,0 0,,,,,,, 00,, 0,,,,, 0,0,00,,, 0,,,,,00,,,,00,,,,,,,,0,,0,0,,,,,,,,,,,,0,,,0,0, 0,0,,0,0,,,,,,,,,,,,,,,, 0, 0,,, 0,,,0,0,,, i Some of the loans made by the regional agricultural credit corporations (prior to ) and by the for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD LOANS OUTSTANDING, BY INSTITUTIONS [Loans in thousands of dollars] POSTAL SAVINGS SYSTEM [In millions of dollars] Assets End of month Home mortgage loans by- Home Owners' Loan Corporation Federal savings and loan associations Number of associations Loans l Federal home loan bank loans to member institutions End of month Depositors balances Cash in depository U. S. Government securities Direct obligations Guaranteed obligations Cash, reserve funds, etc. December. December. December..._. November. December. January... February.. March April September.,,,,,,0,,00,,,,,,,,0,,, 0,,,,,,,,,,,, 0,,0,,,,,,,,,,,,,,, 00,000, 0,000, 00,00,0, 0, 00, 0, 00,00, 00,0 >",,0,0, 0,,,0, 00,0,,,0,,0,,,,, _j un September... November- December January February March April September,0,,,,,,,,,,,,,, PI Pl, 0,,,0,0,0,0,0,,,0,0,, ,00,00,00,0,0,0,,,0,0,0,0, 0 0 r Revised. Federal Home Loan Bank Board estimates for all Federal savings and loan associations. Revised. Excludes loans to other than member institutions which are negligible in amount. p Preliminary. Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. Includes working cash with postmasters, -percent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures. See BULLETIN for, p. 0.

45 0 FEDERAL RESERVE BULLETIN DECEMBER Year and month PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; - average=00. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Minerals Construction contracts awarded (value) Residential Allother Adlusted Unadjusted Manufactures Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Adjusted Unadjusted Factory employment Adjusted Unadjusted Factory payrolls s Freight-car loadings * Department (value) Unadjusted Adjusted Unadjusted Adjusted Unadjusted _ Sept -... Nov Dec Jan. Feb Mar April.... Aug Sept Oet Nov Dec Jan. Feb Mar April... _.... Aug. Sept Oct Nov Dec ^ Jan Feb Mar April Aug Sept Oct J> P P * P P0 P P P *> P0 *>0 > P ' P 0 p Preliminary. * Average per working day. For indexes of groups and separate industries see pp. 0-0; for description see BULLETIN for February and March. -month moving average of F. W, Dodge Corporation data centered at second month; for description see p. of BULLETIN for. 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. - of BULLETIN for. For current indexes of groups and separate industries see pp Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 0. Back figures. See Annual Report for (table ). For department store sales see BULLETIN for, p. ; for factory employment and payrolls see BULLETIN for, pp. -.

46 DECEMBER FEDERAL RESERVE BULLETIN 0 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal var ation. - average = 00) Industry Sept. Nov. Dec. Jan. Feb. Mar. Apr. Aug. Sept. Mannfactures 0 0 IRON AND STEEL - Pig iron Steel ingots _ TEXTILES Cotton consumption Wool Consumption Machinery activity * Carpet and rug loom activity L Silk deliveries ^00 0 P0 P P 0 FOOD PRODUCTS: Slaughtering and meat packing. Hogs Cattle Calves Sheep Wheat flour Sugar meltings PAPER AND PRINTING: Newsprint production Newsprint consumption 0 0 TRANSPORTATION EQUIPMENT: Automobiles Locomotives LEATHER AND PRODUCTS Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes '0 ' ' 0 ^ P CEMENT AND GLASS: Cement Glass, plate 0 0 NONFERROUS METALS: Tin deliveries Zinc Lead FUELS, MANUFACTURED: Petroleum refining Gasoline * Kerosene Fuel oil* Lubricating oil J Coke, byproduct Coke, beehive RUBBER TIRES AND TUBES * Tires, pneumatic Inner tubes l TOBACCO PRODUCTS Cigars.-- _ Cigarettes Manufactured tobacco _ 0 0, 0 0 Minerals Bituminous coal Anthracite Petroleum, crude Iron ore... Zinc Lead Silver _ P P P 0 0 Without seasonal adjustment. P Preliminary. r Revised. Seasonal adjustment factors to December revised due to earlier shift to production of new models. Tentative adjustment factors:, ; September, ;, ; November, ; December,. NOTE. For description see BULLETINS for February and March. For latest revisions see BULLETINS for March, pp. -, September, pp. -, November, p., March, p., and, p.. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.

47 0 FEDERAL RESERVE BULLETIN DECEMBER INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. - average=00] Industry Sept. Nov. Dec. Jan. Feb. Mar. Apr. Tune Aug. Sept. Manufactures 0 m IRON AND STEEL Pig iron Steel ingots _ 0 0 TEXTILES _ Cotton consumption Wool - C onsumption Machinery activity _ Carpet and rug loom activity Silk deliveries ' 0 ' P0 0 Pill P 0 FOOD PRODUCTS: Slaughtering and meat packing Hogs Cattle Calves Sheep Wheat flour Sugar meltings PAPER AND PRINTING: Newsprint production Newsprint consumption 0 TRANSPORTATION EQUIPMENT: Automobiles Locomotives 0 00 LEATHER AND PRODUCTS Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes _ P!0 P CEMENT AND GLASS: Cement Glass, plate NONFERROUS METALS: Tin deliveries Zinc Lead FUELS, MANUFACTURED: Petroleum refining Gasoline Kerosene Fuel oil Lubricating oil Coke, byproduct Coke, beehive _ " RUBBER TIRES AND TUBES Tires, pneumatic Inner tubes _ TOBACCO PRODUCTS Cigars _ Cigarettes _.. Manufactured tobacco _ Minerals Bituminous coal Anthracite. Petroleum, crude Iron ore Zinc Lead Silver P0 P P v Preliminary. ' Revised. NOTE. For description see BULLETINS for February and March. For latest revisions see BULLETINS for March, pp. -, September, pp. -, March, p., and, p.. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.

48 DECEMBER FEDERAL RESERVE BULLETIN 0 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through - average=00] Industry and group Sept. Nov. Dec. Jan. Feb. Mar. Apr. Aug. Sept. Durable goods Nondurable goods IRON, STEEL, PRODUCTS Blast furnaces, steel works Bolts, nuts, washers, rivets Cast-iron pipe Cutlery, edge tools Forgings _. _. Hardware Plumbers' supplies Stamped, enameled ware Steam, hot-water heating Stoves Structural, ornamental Tin cans, tinware Tools Wirework MACHINERY A pricultural irnplements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry, machine-shop products. Machine tools Radios, phonographs- Textile machinery Typewriters TRANSPORTATION EQUIPMENT.. _ Aircraft Automobiles Cars, electric-, steam-railroad Locomotives Shipbuilding NONFERROUS METALS, PRODUCTS Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining LUMBER, PRODUCTS Furniture Lumber, millwork Lumber, sawmills STONE, CLAY, GLASS PRODUCTS Brick, tile, terra cotta > _- Cement. Glass Marble, granite, slate Pottery.. TEXTILES, PRODUCTS Fabrics Carpets, rugs Cotton goods Cotton small wares Dyeing, finishing textiles Hats, fur-felt Knit goods Hosiery Knitted outerwear.. _ Knitted underwear Knitted cloth Silk, rayon goods Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's Corsets, allied garments Men's furnishings Millinery. Shirts, collars A ' ' ' [ 0 r Revised.

49 0 FEDEKAL RESERVE BULLETIN DECEMBER FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through t. - average=00] Industry and group Sept. Nov. Dec. Jan. Feb. Mar. Apr. Aug. Sept. LEATHER, MANUFACTURES Boots, shoes._ Leather FOOD, PRODUCTS. Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packings Sugar, beet Sugar refining, cane._ TOBACCO MANUFACTURES Tobacco, snuff Cigars, cigarettes PAPER, PRINTING. Boxes, paper 0 Paper, pulp. Book, job printing 0 Newspaper, periodical printing CHEMICALS, PETROLEUM -_. _.. Petroleum refining than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives _ Fertilizers Paints, varnishes Rayon, allied products Boap RUBBER PRODUCTS Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other no no r Revised. NOTE. Figures for are preliminary. For description and back data see pages - of the BULLETIN for. Under lying figures are for payroll period ending nearest middle of month.

50 DECEMBER FEDERAL RESERVE BULLETIN 0 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) {Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through. - average=*00] Factory employment Factory payrolls Industry and group Sept. Aug. Sept. Sept. O t. Aug. Sept Durable goods Nondurable goods - _ IRON STEEL, PRODUCTS Blast furnaces, steel works Bolts nuts washers, rivets Cast-iron pipe Cutlery edge tools Forgings '. Hardware Plumbers' supplies Stamped enameled ware >team hot-water heating Stoves Structural, ornamental Tin cans, tinware. Tools Wirework MACHINERY Agricultural implements Cash registers etc Electrical machinery Engines, turbines, etc Foundry, machine-shop products. Machine tools Radios, phonographs Textile machinery Typewriters TRANSPORTATION EQUIPMENT Aircraft Automobiles Cars, electric, steam-railroad Locomotives Shipbuilding NONFERROUS METALS, PRODUCTS Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining LUMBER, PRODUCTS _ Furniture Lumber, millwork Lumber, sawmills _ STONE, CLAY, GLASS PRODUCTS Brick, tile, terra cotta Cement Glass _. Marble, granite, slate Pottery TEXTILES, PRODUCTS _ Fabrics Carpets, rugs Cotton goods Cotton small wares Dyeing, finishing textiles Hats, fur-felt _ - Knit goods Hosiery Knitted outerwear Knitted underwear Knitted cloth Silk, rayon goods Woolen, worsted goods Wearing apparel _ Clothing, men's Clothing, women's Corsets, allied garments Men's furnishings Millinery Shirts, collars ' '00 0 ' ' " ' r ' ' ' '. '.. ' ' ' ' '0 '. ' ' ' ' 0 '. ' , \ r Revised.

51 0 FEDERAL RESERVE BULLETIN DECEMBER FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) Continued [Index numbers of the Bureau of Labor Stsitistics; adjusted to Census of Manufactures through L. - average=00] Factory employment Factory payrolls Industry and group Sept. Aug. Sept. Sept. Aug. Sept. LEATHER, MANUFACTURES Boots, shoes Leather.. TOBACCO, MANUFACTURES._ Tobacco, snuff Cigars, cigarettes PAPER, PRINTING Boxes, paper Paper, pulp Book, job printing Newspaper, periodical printing. CHEMICALS, PETROLEUM Petroleum refining.. _ than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap RUBBER PRODUCTS Rubber boots, shoes. Rubber tires, inner tubes Rubber goods, other. FOOD, PRODUCTS._. Baking Beverages Butter Canning, preserving.. _. Confectionery Flour Ice cream Slaughtering, meat packing. Sugar, beet Sugar refining, cane '. ' '.0 ' r Revised. NOTE. Figures for are preliminary. For description see pages - of the BULLETIN for. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month.

52 DECEMBER FEDERAL RESERVE BULLETIN 0 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Month Residential Factories Commercial Public works and public utilities i Educationali All other i January _. February March. - April September _ November December Year, i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Month Publicly-financed i Privately-financed January February March April _ September... November, December Year,,,,,,00,,,, i Back figures. See BULLETIN for February, p.. Data for years prior to not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS '{Figures for States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Federal Reserve district Boston New York Philadelphia Cleveland _ Richmond Atlanta Chicago... St. Louis Minneapolis _ Kansas City Dallas ( districts),,,, 0, 0, 0, 0, 0,,, 0, Sept.,,,,,,, 0 0, 0, 0,, 00, 0,00,,,,,,,,,0, 0, 0 COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis M inneapolis Kansas City Dallas San Francisco Number Sept ,0,0 0, 0,, Liabilities Sept.,,0 0 0,0,,,, 0 0,, 0 NOTE. Series revised back to Jan. to include commercial and industrial failures occurring under Section B of The National Bankruptcy Act. Back figures may be obtained from Dun & Bradstreet, Inc.

53 0 FEDERAL RESERVE BULLETIN DECEMBER MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Month Merchandise exports * Merchandise imports * Excess of exports January _. February March April. September November December lfil P P iff 0 «*>00 Year,,,,,,0,,0 p Preliminary. i Including both domestic and foreign merchandise.» General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source. Bureau of Foreign and Domestic Commerce. Back figures Bee BULLETIN for January, p., for, p., and for February, p.. FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; - average^loo] DEPARTMENT STORES SALES, STOCKS [Index numbers based on value figures; - average=00] Aug. Sept. Adjusted for seasonal variation Month Index of sales i Adjusted for seasonal variation Without seasonal adjustment Index of stocks (end of month) Adjusted for seasonal variation Without seasonal adjustment.... _. Coal Coke Grain and grain products Livestock Forest products Ore M Merchandise iscellaneous Coal. Coke Grain and grain products-. Forest products _ Ore Miscellaneous Merchandise * _ Without seasonal adjustment 0 0 i In less-than-earload lots. NOTE. For description and back data see pp. - of BULLETIN : for. Based on daily average loadings. Basic data compiled by Association of American Railroads. index compiled by combining indexes for classes with weights derived from revenue data of; the Interstate Commerce Commission January February March April., _ September November December Year i Based on daily average sales with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Back figures. Department store sales, see BULLETINS for, p., and, p. ; department store stocks, see BUL- LETIN for March, p..

54 DECEMBER FEDERAL RESERVE BULLETIN 0 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. =00] Year, month, or week All commodities Foods Hides and leather products Textile products Fuel and lighting materials commodities Metals and metal products Building materials Farm products Chemicals and drugs Housefurnishing goods Miscellaneous _. _ _. _..... September.. November.. December _. January February. March April September. Week ending Aug. - Aug.... Aug Aug.. Sept. Sept. 0 Sept. -. Sept... _.._ -... Nov. _._ Nov. - Nov Subgroups Aug. Sept. Subgroups Aug. Sept. FARM PRODUCTS: Grains Livestock and poultry farm products FOODS: Dairy products Cereal products Fruits and vegetables Meats foods HIDES AND LEATHER PRODUCTS: Shoes Hides and skins Leather leather products TEXTILE PRODUCTS: Clothing Cotton goods Hosiery and underwear. Silk and rayon Woolen and worsted goods textile products FUEL AND LIGHTING MATERIALS: Anthracite. Bituminous coal Coke Electricity Gas Petroleum products METALS AND METAL PRODUCTS: Agricultural implements, Farm machinery Iron and steel Motor vehicles * Nonferrous metals Plumbing and heating BUILDING MATERIALS: Brick and tile Cement. Lumber Paint and paint materials. _. Plumbing and heating Structural steel building materials CHEMICALS AND DRUGS: Chemicals.. Drugs and Pharmaceuticals Fertilizer materials Mixed fertilizers HOUSEFURNISHING GOODS: Furnishings Furniture MISCELLANEOUS: Auto tires and tubes Cattle feed... Paper and pulp Rubber, crude _., miscellaneous Preliminary revision. Back figures. Foi monthly and annual indexes of groups, see Annual Report for (table ); for indexes of subgroups, see Annual Report for (table ).

55 0 FEDERAL RESERVE BULLETIN DECEMBER : NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November, ] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Nov., Production Estimate Nov., Production Estimate Nov., Production Estimate Nov., Boston New York Philadelphia Cleveland Richmond Atlanta Chicago.. St. Louis Minneapolis Kansas City Dallas San Francisco Bales,,,,,00 Bales,0,,, 0 Bushels,,, 0 0,,, 0,0,,,0,,, Bushels,,,,,,,00,,,,,, Bushels, 0,,,,0,0,,,, 0, Bushels, 0, 0,,,,,,,0,, Bushels 0,,, 0 0, Bushels 0, 0, 0, 0,,,,,,,,0,,, Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Nov., Production Estimate Nov., Production Estimate Nov., Production Estimate Nov., Boston New York Philadelphia- _ Cleveland Richmond - _ Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco _ Bushels, 0,,,0,,,,,,,0,,, Bushels,0,,0, 0,,,,,,,0,, 0, Tons,,00,,,,,0,,,,,, Tons,,,0,,,0,, 0,,,,, Pounds 0,,,,,,, 0,,,,, 0 Pounds,,,,,,, 0,,,0,, Bushels,0,,, 0 0,,,0,,,0,,, Bushels,,, 0 0,,,,, 0,0,,, 0,0 Figures for spring wheat, oats, and tame hay from estimates for, for winter wheat from Aug.. Includes,000 bales grown in miscellaneous territory. Includes,000 bales grown in miscellaneous territory. No estimate made for Nov..

56 INTERNATIONAL FINANCIAL STATISTICS 0

57 0 FEDERAL RESERVE BULLETIN DECEMBER End of Month December. December. December.. November December. January... February, _ March April _ September GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] i ( countries),0,0,0,,,,0,,,,?, P, P, P, United States, 0,,,,, 0,,,,,,,0,, 0,0 Canada Europe ( countries),00,,0,,,,,,0,00,0,0,, *>, Latin America ( countries) 0 *> Asia and Oceania ( countries) Africa ( countries) P? *> United Kingdom,,,,,,,,,,,,,,,, France,,,,,,,,,,,,,,,, Europe Italy Germany Belgium Netherlands 0,00,00,00,00,00,00,00 Switzerland National Bank B.I.S Europe Continued Latin America End of month Greece Austria Bulgaria Czechoslovakia Denmark Hungary Norway Spain Poland Portugal Rumania Sweden Yugoslavia other countries Argentina Brazil December December December November December January February March April. September- 0 P P End of month December December December._ September November December January February March April.. September Chile Latin America Continued Peru Colombia Mexico Uruguay other countries British India China 0 0 Asia and Oceania P Preliminary. See notes for individual countries. Bank of England only. In addition, according to official announcements, British Exchange Equalization Account held $,000,000 of gold on Mar.,, $,,000,000 on Sept. 0,, and $,,000,000 on March,. Figure for March officially reported as of 0th of month and carried forward through November. Figures for December through March, officially reported and carried forward for subsequent months. * Figure for, carried forward through March ; April figure officially reported and carried forward. * Figure for March,, date of latest statement received; Austrian National Bank subsequently absorbed by Reichsbank in accordance with German decree of March,. NOTE. The countries for which figures are not shown separately are, in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and description of table see BULLETIN for, pp. -, and, pp. -; also see footnotes to table in BULLE- TIN for, p., and December, p.. Japan Java 0 New Zealand Turkey other countries Egypt Africa South Africa other countries 0 P *>

58 DECEMBER FEDERAL RESERVE BULLETIN 0 GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Year or month Estimated world production outside U.S.S.R. South Africa Africa West Africa Production reported monthly Belgian Congo North and South America United States Canada Mexico Chile Far East Rhodesia Australia British India, 0,0,,0,,,00,, 0, 0, 0,,,,, 0,,,,0 $=-/0 grains of gold /0 fine; i. <?., an ounce of fine gold=$0.,, 0,,,,,,,,,,,,,,,,,,,,,,0,,000,, 0,,,0,,,,,, 0,,, $=-/ grains of gold /0 fi' le; i. e., an ounce of fine gold=$s,,,,,,,,,0,,,,,0,, 0,, 0,,0, 0,,,0P, 0, 0,0,,,,,,,, 0,,0,,,,00,0,0,,0,,,,,,, 0,, 0 0,,,0,,,,,,,,,.,. November. December. January... February.. March April September.,,,0,,,0,,0 ',0, *>,?,,,, 0,,,0,, c,, P, P,00,,,,,,,, 0,,,,,,,,,,,,,0 P, 0 P,,,,,,,00,0,,00,0,0,0,,0,0,, 0,0,,,,,,,,,,,,,,,,,,,,,0,,,,, <,0, P, J',,,,,,,0,,,,,,,0 PI, 0,,,,,,0,,,,0, H,,0 P 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 changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows at $0. per fine ounce:, $;, $;, $;, $0;, $; at $ per fine ounce:, $;, $;, $;, $;, $. c Corrected. p Preliminary. * Includes production in the Philippines. NOTE. For monthly figures back to January and for explanation of table see BULLETINS for, pp. -0, and April, pp. -. For annual figures of world production back to (including Russia-U.S.S.R.), see Annual Report of Director of Mint for, pp. 0-0 and p. 0. Figures for Canada beginning January are subject to official revision. Year or month. November. _ December.. January February March April.. September.. net imports or net exports,,,,0,,,,0,,0,,0,0,,0,,0,, 0,,,0,,0,,0 -,0 -, -0 -, -0 -,,, 0,,,,,0 France GOLD MOVEMENTS [In thousands of dollars at approximately $ a fine ounce] United States 0,,, -, -,,,,,,,00,0,,,,,,00, 0,, 0,, 0,,,,0 Net imports from or net exports ( ) to:,0,,,,,,,~, 0,, 0, 0,,,, ~0,,0,,,0,,,,, 0,,,,,0,0,0, United Kingdom Belgium Netherlands Sweden Switzerland Canada Mexico Colombia Philippine Islands,0,0,,,,,,,,,,,,0,0,,,,,,, Australia,0,,,0,,,,,,,, Japan,,,,,,0,,,,0,0 British India,,, 0, i Differs from official customhouse figures in which imports and exports for January are valued at approximately $0. a fine ounce. NOTE. For gross import and export figures and for additional countries see table on p. 00., 0,0,,,, 0 All other countries,,0, 0,,0,,,0,,,,0,,,,,

59 0 FEDERAL RESERVE BULLETIN DECEMBER GOLD MOVEMENTS Continued [In thousands of dollars at approximately $ a fine ounce] United Kingdom Year or month net imports or net exports () United States France Ger- Net imports from or net exports ( ) to: U.S.S.R. Belgium Netherlands Australia South Africa, Rhodesia, West Africa British India British countries Sweden Switzerland All other countries,,,, 0, -, -, 0 -, -,00,,,,,0 -,,, -, -, -, -,, 0, -, -,,, 0,,,, 0,,, 0,,0,,,,0,0-0, -0, - -,,, -,,,, -,0 Aug.. Sept.. Nov. Dec. Jan.. Feb.. Mar. Apr..... Aug.. Sept.., -, -,,0 0,,,,0,,,, -, -, -0, -,0 -, -,,,00,, -, -, 0 -, -0, -0, -,0-0,0 0, -,0 -, -, -,0 -,! -,0 -, -,0 - -, - -,,0,,,,,,0, -, -, i -,,,0,,, - 0,0, ,0 -, r -,0 -,0, -, -, -,0 -, 0-0,0 n t ',,,,0,0,0,,',0,,,,,,0,,,0,,0,,,,,,,0 0, 0,0,0 0,,,,,0,,,,,,,00,0,,,, 0,,0,0,,0,,00 -, 0 -, -,0 0,0 - -,,0 - -,0, -, -,000, -0,"'",, -, -,, -, -, 0, -, -,,0 -, -0, -, 0 -, -, -0, -,,, -, -, -,,,, - -, 0, ,, Germany Switzerland British India Year or month net imports or net exports () net imports or net exports () United States Net imports from or net exports ( ) to: France United Kingdom Belgium Italy Netherlands Germany net imports or net exports () All other countries Gold production in India Change in: Reserves in India Private holdings in India" ,, -, -, -, 0-0, «, -, -, -, -, 0 -, -, -,,0 -, -,, 0 -,0, -,0,,,,, -,,00, - -,0 -, -,, -0,, -, s, -,0 0,0 -,,,,, - -, -0, -0,0-0,0 Aug., Sept.... Nov._ Dec... Jan... Feb... Mar Aug.- Sept...?.. -, -, , -,00,0,, " P-, -,0 -, -,,, 0,, -, -, -,0, -, -,,0, , - -,, r,,,, -,,0,, 0,, 0 -, -, -, -, -,r~ -, -, -, -,0 -, -, -,0 -, -, , 0, , - -,0 -, - - -,, -,00, - - o 0 -,,,,,,,,,,,,, , -, -,i -, -,,! -,,,,0-0, -, -, -, -, 00 -,r -, -, -, -, -, -, -0, -,0 P-,,0 -, -,00 -, -, -, -, -, -, -, -, -, -0,0 P-, P- p Preliminary. c Corrected. Includes $,,000 exported to Rumania and unspecified net imports of $,,000. Includes $,,000 exported to Central and South America. Figures for Sept., and Nov. include exports to Central and South America of $,0,000, $,,000 and $,,000 respectively. Beginning with April, figures represent gold movements of Greater Germany. * Through March gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. * Figures derived from preceding columns; net imports plus production minus increase in reserves in India. * Includes net import of $,,000 from Czechoslovakia and net export of $,,000 to Austria.» Includes net import of $,,000 from Czechoslovakia. NOTE. Switzerland and United Kingdom. In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole.

60 DECEMBER FEDERAL RESERVE BULLETIN 0 CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Gold (in issue department) Assets of banking department Cash reserves Coin Notes Discounts and advances Securi- Note circulation Liabilities of banking department Deposits Bankers' Public liabili- Dec.. Dec.... Dec. 0. Dec.... Dec.._. Dec. _. Dec.._ Dec. 0.. Nov... Dec. Jan.... Feb. Mar. 0.. Apr. _- _... Aug. _. Sept... - Nov. 0P Assets Liabilities Bank of France (Figures in millions of francs) Gold Open! Market Domestic bills Foreign exchange Special * Advances to Government Loans on- Shortterm Government securities securities assets Deposits Note circulation Government liabilities Dec. _ Dec. _ Dec. 0- Dec. 0- Dec.. Dec.. Dec.. Dec. 0_. Nov.. Dec. 0. Jan. - Feb.. Mar.. Apr.. _ 0.. Aug.. Sept....,,,0,0,, 0,,.,.,,..,,,,,,,,,,,0,,0,,,,,0,0,?,,,,,,,,0,,0,,,,0,,,,,,,, 0, 0, 0,0,0, 0, 0,,0,,, 0,,,,,,,,, 0, 0, 0, 0, 0, 0,,,,00,,,,,,,,,,,,,,,0,,,,,,,0,0,,,,,,,,,,0,,,,,,,,0,,,,,0,,,0,,,,,, 0,0,, 0,0 0,,0, 0,,,,,,,,,0,,,,,,,,,,,,,,0,, 0,0,,,,,,,, 0,,0,,,,0,,,,,,,0,0,,,,,,0,,,,,,,0,,0, p Preliminary. Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at 0,000,000. However, by direction of British Treasury under Section, paragraph (), of Currency and Bank Notes Act, (see BULLETIN for, pp. -), reductions in amount of fiduciary issue (and securities held as cover) have been in effect as follows: Dec., to Nov. 0,, 0,000,000; Nov.,, to Jan.,, 0,000,000; since Jan.,, 0,000,000. From,, to March,, increase of,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under Section of Currency and Bank Notes Act. By law of,, gold provisionally revalued at rate of milligrams gold 0.0 fine per franc (see BULLETIN for November, pp. -). Of total gold increment of about,000,000,000 francs, 0,000,000,000 francs was initially turned over to Stabilization Fund established by law of. By decree of,, gold was again revalued on basis of milligrams of gold 0.0 fine per franc, and resulting increment of about,0,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September, p. ). Negotiable bills of Caisse Autonome and bills bought under authority of decree of, (see BULLETIN for Aug., p. 0). * Bills and warrants endorsed by National Wheat Board (law of Aug., see BULLETIN for, pp. -), and bills rediscounted for account of Banques Populaires (law of Aug., see BULLETIN for, p. ). Includes advances granted under authority of Conventions between Bank of France and Treasury of,, 0,. March,, and April, (see BULLETINS for, p. ;, p. ;, p., and, p. 0). NOTE, For explanation of table see BULLETIN for February, pp. -, and, p..

61 0 FEDERAL RESERVE BULLETIN DECEMBER CENTRAL BANKS Continued R eichsbank (Figures in millions of reichmarks) Gold Reserves Foreign exchange Treasury bills Assets bills (and checks) Security loans Eligible as note cover Securities assets Note circulation Liabilities Deposits liabilities Dec.. Dec.. Dec.. Dec.. Dec. 0. Dec.. Dec.. Dec..,, 0 0,0,,,,,0,, 0 0,0,,0, r,0,,,, 0 0,0, 0,,,00 0_. Nov. 0. Dec..,,0, ,,,,0 Jan. _. Feb.. Mar.. Apr Aug.. Sept. 0. _. 0,,,,,,,,,, ,,,,,,,,0,,,,0,0,0,,,0,0,,0,,00,0,0 NOTE. For explanation of above table see BULLETIN for February, pp. -, and, p.. Central bank [Figures as of last report date of month] Sept. Aug. Central bank [Figures as of last report date of month] JS Sept. Aug. National Bank of Albania (thousands of francs): Gold Foreign assets Loans and discounts assets Note circulation sight liabilities liabilities Central Bank of the Argentine Republic (millions of pesos): Gold reported separately gold and foreign exchange- Negotiable Government bonds. _ assets Note circulation Deposits Member bank Government Foreign exchange sold forward. _ liabilities Commonwealth Bank of Australia (thousands of pounds) : Issue department: Gold and English sterling. Securities Banking department: Coin, bullion, and cash London balances Loans and discounts Securities Deposits Note circulation National Bank of Belgium (millions of belgas): Gold reserve gold and foreign exchange- Discounts Loans assets Note circulation Demand deposits Treasury liabilities, 0,,,,,0,,,,,0 0, 0, 0,,0, 0,, 0, 00,,0,00, 0,,,,0,, 0, 0 0,,0, 00,,,0,0,,00,0,,,,,, 0, 0,,, 0,00 0, 0,,,,,,, 0), 0, Central Bank of Bolivia (thousands of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Securities Government assets Note circulation Deposits liabilities Bank of Brazil (millions of milreis): Cash Correspondents abroad Loans and discounts Deposits National Bank of Bulgaria (millions of leva): Gold Foreign exchange Loans and discounts Government debt assets Note circulation Deposits liabilities Bank of Canada (thousands of Ca- nadian dollars): Gold Sterling and United States exchange Canadian Gov't. securities: years or less Over years securities ; assets Note circulation Deposits-Chartered Dominion Government liabilities i Not reported separately on bank statement; see note. * Discounts, domestic and foreign; includes certain items carried in other assets beginning December.,,,, 0,,0, 0,,,,00,,,0,,,, 0,,,,,,,0,,,,, 0,,0 0,,0,,,,,,,,,, 0, 0,0,,,,,,, 0,,0,, 0, 0, 0,,,,,,,,,,,,,,, 0,,,,

62 DECEMBER FEDERAL RESERVE BULLETIN 0 CENTRAL BANKS Continued Central bank [Figures as of last report date of month] Sept. Aug. Central bank [Figures as of last report date of month] Sept. Aug. Central Bank of Chile (millions of pesos): Gold Discounts for member Loans to government loans and discounts assets Note circulation Deposits- Bank liabilities Bank of the Republic of Colombia (thousands of pesos): Gold Foreign exchange Loans and discounts Government loans and securities assets Note circulation Deposits... _ liabilities National Bank of Czechoslovakia (millions of koruny): Gold Foreign exchange Discounts Loans Government debt assets Note circulation Demand deposits liabilities. Bank of Danzig (thousands of gulden): Gold Foreign exchange of the reserve- foreign exchange Loans and discounts assets Note circulation _ Demand deposits liabilities National Bank of Denmark (millions of kroner): Gold Foreign exchange Discounts Loans To Government agencies Securities assets Note circulation Deposits liabilities Central Bank of Ecuador (thousands of sucres): Gold Foreign exchange (net) Loans and discounts assets Note circulation Demand deposits liabilities National Bank of Egypt (thousands of pounds)' Gold Foreign exchange Loans and discounts British, Egyptian, and other Government securities assets Note circulation Deposits Government liabilities,,,,,,0,, 00,,,,,0,,,,0,,, ,,,, 0,,,,,,,0,,,,,0,,,,,0 0,,,,,0,,0, 0 0,,,,,,0,,, 0,,0,00,0,0,,,,,0, 0,, ,,,,0,,,,, 0,,, 0,0,, 0,,,,, 0, 0, 0,,,,,0,0, 0,,, 0,,,,, 0 0,,, 0,,,,,,,, 0,,, 0,,0 Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange.. Loans and discounts Government debt and securities assets. Note circulation Deposits liabilities. Bank of Estonia krooni): Gold Foreign exchange (net) Loans and discounts assets.. Note circulation (thousands of Demand deposits liabilities Bank of Finland (millions of markkaa): Gold. Foreign assets Loans and discounts Domestic securities. assets.- Note circulation Deposits Treasury - liabilities Bank of Greece (millions of drachmas): Gold and foreign exchange (net) Loans and discounts _ Government obligations assets Note circulation _ Deposits liabilities. National Bank of Hungary (millions of pengos): Gold _. Foreign exchange reserve Discounts Loans To Treasury assets Note circulation Demand deposits., Certificates of indebtedness liabilities.. Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad Sterling securities Indian Gov't. securities Rupee coin Note circulation Banking department: Notes of issue department. Balances abroad Loans to Government Investments assets Deposits liabilities Bank of Japan (millions of yen): Gold Special foreign exchange fund Discounts Loans Government Government bonds assets Note circulation Deposits Government liabilities.... 0,,,0,,0,,,,,0,0, 0 00,, 0, 0,,,,,,,,,,,, 0,,,,0,0,,,0,,,,0, 0 00,,,0,,,,,,,,0 0,,,,,,0,00,0,,0,,0,,,, 0 0, 0 00, 0,,,00,,,,00,,,,, 0,,,,0,0,00,,,,,0,,,, 00, Includes million shown separately as cover for liabilities in gold beginning September. * Form of official statement revised effective December. *Items for issue and banking departments consolidated.

63 0 FEDERAL RESERVE BULLETIN DECEMBER CENTRAL BANKS Continued Central bank [Figures as of last report date of month] Sept. Aug. Central bank [Figures as of last report date of month] Sept. Aug Bank of Java (millions of guilders): Gold.. Foreign bills Loans and discounts assets Note circulation Deposits liabilities Bank of Latvia (millions of lats): Gold Foreign exchange reserve Loans and discounts assets._ Note circulation Deposits liabilities Bank of Lithuania (millions of litu): Gold Foreign exchange Loans and discounts. assets Note circulation Deposits liabilities Netherlands Bank (millions of guilders) : Gold Silver (including subsidiary coin) Foreign bills Discounts Loans assets _ Note circulation Deposits Government. liabilities... Reserve Bank of New Zealand (thousands of pounds): Gold _ - Sterling exchange reserve Advances to State or State undertakings Investments assets Note circulation Demand deposits. liabilities Bank of Norway (millions of kroner): Gold Foreign assets domestic credits and securities.. Discounts Loans Securities assets Note circulation Demand deposits Government. liabilities Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Discounts Government loans assets Note circulation Deposits liabilities.. _ Bank of Poland (millions of zlotys) Gold Foreign exchange.. Loans and discounts Securities assets Note circulation.. sight liabilities liabilities Bank of Portugal (millions of escudos): Gold _-_ reserves (net) _. 0 0, 0 0,0 0 0) 0) ( l ) 0) 0),0 0, 0,,0 0,,,,,,, 0 0,, 0 0, 0,,,, 0, 0, 0,0 0 00,,,,,,,, 0 0 0, 0,,,, 0,,, 0,,,,,,,,0 Bank of Portugal Cont. Nonreserve exchange _ Loans and discounts... Government debt _ assets Note circulation sight liabilities- liabilities.. National Bank of Rumania (millions of lei): Gold _ Special exchange accounts Loans and discounts Special loans Government debt assets _ Note circulation Demand deposits liabilities South African Reserve Bank (thousands of pounds): Gold Foreign bills bills and loans assets Note circulation Deposits liabilities Bank of Sweden (millions of kronor): Gold Foreign assets Discounts Loans Domestic securities assets Note circulation Demand deposits liabilities. Swiss National Bank (millions of francs): Gold Foreign exchange Discounts Loans assets _. Note circulation sight liabilities liabilities Central Bank of the Republic of Turkey (thousands of pounds): Gold _ Foreign exchange Free In clearing accounts Loans and discounts Securities assets Note circulation Deposits liabilities Bank of the Republic of Uruguay (thousands of pesos): Issue department: Gold and silver ' Note circulation Banking department: Cash reserves. Loans and discounts assets Deposits liabilities.. National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold Foreign exchange Loans and discounts Government debt assets Note circulation.. sight liabilities liabilities,0, 0,,,, 00,0,,,, 0,,,,,,0,0,00,,,0,0,,, 0, 0,0 0, 0,,00,0,,,,,, 0,0, 0,,,0,0,.,00,.,, 0.0, 0 0,, 0,,0, 0,,,0,, L,,,,,,0,0,,0 0,00,,,0,0,00,,0, 0,0, 0,,0 0,, 0,,,,,,, 0 0,,, 0,,.,,., 0,0.0, 0,,,,,,,, 0,0,,,,,,,,0,,,,,,,,,,,,,0, 0,0,, 0,,, 0,,, 0, 0,0,,,,,,,,,,,, Figures not yet available. Agricultural and urban loans in process of liquidation. By law of January,, gold revalued in March at rate of 0.0 gram fine gold per peso.

64 DECEMBER FEDERAL RESERVE BULLETIN 0 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs ] Assets Sept. 0 Liabilities Sept. 0 Gold in bars.._._ Cash on hand and on current account with Sight funds at interest Rediscountable bills and acceptances (at cost) Time funds at interest Sundry bills and investments assets _ assets... _,0,, 0,0, 0,,,, 0,,,,,,,, 0 0,,,,,,, 0 Demand deposits (gold) Short-term deposits (various currencies) : Central for own account. _ Long-term deposits: Special accounts. liabilities liabilities, 0,,, 0, 0,, 00,0 0,, 0 0,,, 0, 0,,,, 0 i See BULLETIN for December, p. 0. Month _ April September. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Bankers' acceptances months United Kingdom (London) Treasury bills, months Day-to-day money Bankers' allowance on deposits Private discount rate Germany (Berlin) Money for month Day-to-day money Private discount rate Money for month Month September.. September.. September.. September.. September.. September.. September.. September.. September.. March April September.. r Netherlands (Amsterdam) Switzerland Private discount rate Belgium (Brussels) Private discount rate France (Paris) Private discount rate Italy (Milan) Private discount rate Prime commercial paper A % -0^ %- %- iy y - iy - - H - Qy Hungary Day-to-day money - % Sweden (Stockholm) Loans up to months Japan (Tokyo) Discounted bills Call money overnight Revised. NOTE. For explanation of table see BULLETIN for November, pp. -; April, p. ;, p. 0; November, p. ;, p. ; and September, p

65 0 FEDERAL RESERVE BULLETIN DECEMBER DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective In effect 0, 0 Sept Sept Oct Oct Oct Oct 0 Nov Dec Jan TjjrjP /) Sept Nov MavfilO 0 Sent Oct Nov In effect Nov. 0, France H ^ Central bank of H H K United Kingdom Germany Belgium Netherlands Switzerland IK Japan.. Central bank of Albania Argentina.. Belgium Bolivia British India Bulgaria Canada... Chile Colombia _. Czechoslovakia Danzig Denmark. _. Ecuador El Salvador Estonia Finland France. Germany... Greece Hungary... Italy Rate Nov. 0 K Date effective April, Mar.,,, Nov., Aug., Mar., Dec.,, Jan., Jan., Nov., Nov. 0, Aug.,, Dec., Nov., Sept., Jan., Aug.,, Central bank of Japan Java Latvia Lithuania. _. Mexico Netherlands New Zealand Norway Peru Poland Portugal Rumania... South Africa Spain Sweden Switzerland Turkey. _. United Kingdom U. S. S. R... Yugoslavia.. Rate Nov. 0. Changes since Oct. : France Nov., down from to yi percent. ljj Date effective Apr., Jan., Nov.,, Mar., Dec.,, Jan., 0, Dec., Aug.,,,, Dec., Nov.,, 0,, Feb., United Kingdom (Figures in millions of pounds sterling) COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Cash reserves Money at call and short notice Assets Bills discounted Securities Loans to customers assets Deposits Liabilities Demand i Time liabilities 0 London clearing December. December. December. December. December. December. December. December ,,,,,,0,,0,0,0,0 0 London clearing December.. September... _ November. December. January... February.. March April September , ,,,,,,0,,,,,,,0,,,,,,,,,,,,,,0,,,,,0,00,00,0,0,0,0,0,0,00,0,0,0,00,0 0 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. able beginning. District Bank included beginning in. NOTE. For other back figures and explanation of table see BULLETIN for, pp. -0. Figures for 0 not avail-

66 DECEMBER FEDERAL RESERVE BULLETIN 0 COMMERCIAL BANKS Continued [Figures as of end of month] France ( large. Figures in millions of francs) Cash reserves Due from Assets Bills discounted Loans assets Deposits Liabilities Demand Time Own acceptances liabilities December. December. December. December. December. December, December.... November December. January. _. February.. March April,,,00,0,,,00,,0,,,0,0,,0,,,,,,,,,,,00,,,,0,,,,, 0,,, 0,, 0,,,0,0,,,,, 0, 0,, 0, 0,,,0,,0,,,,,,,,,,0,,,,0,,,,0,,,0,,00,,,,,,,,,,, 0,,,, 0, 0, 0,0 0,, 0,,,,,,, 0,, 0,0,, 0,,,,,, 0,,,,,,,, ,,0,,,0,,,,,,,,,,,0,0, Germany ( large Berlin. Figures in millions of reichsmarks) November. November. November. November. November. November. November. November. January... February.. March April September. Cash reserves 0 Due from, 0 0,,,,,0,,,0,,,0,0,,,,, Assets Loans,,,,,,,,,,,,,0,,,, Bills discounted Securities 0,0,,00,0,0,000,0,0,0,00,0,0,,00 Deposits Liabilities Demand Time,0,0,,,,,,,0,,,,0,,,,,,,,,,,,,,,,,00,,,,,,,0,0,0,,0,,,,,0,,,,,0 Credits obtained from,,, 0 0 liabilities,,,0,,,,,,,0,,,,0,,,00 Canada (0 chartered. Figures in millions of Canadian dollars) Cash Entirely in Canada Security loans Assets Security loans abroad and net due from foreign loans and discounts Securities assets Note circulation Liabilities Deposits payable in Canada excluding interbank deposits Demand Time liabilities December. December. December. December. December. December. December. November. December. January... February.. March April September ,,,0, ,,,,,,0,,,,,,0, ,,0,,,0,,0,,,,,,,0,,,,,,0,,,0,,,,,,,,,,,,, i Combined monthly balance sheets not published for December. Prior to merger of two of the in February figures refer to six large Berlin. Beginning in figures are not entirely comparable with those shown for previous years due to changes in reporting practice (See BULLETIN for, p. ). NOTE. For other back figures and explanation of table see BULLETIN for, pp. -, and, pp. -.

67 0 FEDERAL RESERVE BULLETIN DECEMBER FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month Argentina (peso) Australia (pound) Austria (schilling) Belgium (belga) Brazil (milreis) British - India Free Official (rupee) market Bulgaria (lev) Canada (dollar) Chile (peso) Official Export China (yuan) Colombia (peso) _.0.. _ H?, Q L February March April IVlay September QQ il ii i i Year or month Cuba (peso) Czechoslovakia (koruna) Denmark, Egypt (krone) * pound Finland (markka) France (franc) Germany (reichsmark) Greece (drachma) Hong Kong (dollar) Hungary (pengo) Italy (lira) Japan (yen) Mexico (peso) Netherlands (guilder). _ Ill February March April September Year or month New Zealand (pound) Norway (krone) Poland (zloty) Portugal (escudo) Rumania (leu) South Africa (pound) Spain (peseta) Straits Settlements (dollar) Sweden (krona) Switzerland (franc) Turkey (pound) United Kingdom (pound Uruguay (peso) Yugoslavia (dinar). _ -_ February March April. _. September C c Corrected. NOTE. For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for March, p.. Subsequent developments have been as follows: Australia, New Zealand, and South Africaquotations no longer nominal beginning March ; Austria no quotations available beginning March ; China quotations nominal beginning March ; Czechoslovakia quotations nominal from September to, inclusive; Mexico quotations not available March - and nominal thereafter; Portugal quotation nominal on September and ; Yugoslavia quotations no longer nominal beginning September.

68 DECEMBER FEDERAL RESERVE BULLETIN 0 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Index numbers] Year or month United States (=00) Canada (=00) United Kingdom (=00) France (=00) Germany (=00) Italy (=00) Japan ( 0=00) Netherlands (-0 00) Switzerland ( =00) September November _ December January February March April. September no * Preliminary. i Approximate figure, derived from old index (=00). WHOLESALE PRICES GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (=00) United Kingdom (=00) France (=00) Germany (=00 Year or month Farm products Foods Foods commodities Industrial products Farm and food products Industrial products Agricultural products Provisions Industrial raw Industrial fin- and semifinisheished products products _ September November December 00 C ' fi January February. March _ April - September... _. _ * Preliminary. Sources. See BULLETIN for March, p. ; March, p. ;, p. ; March, p. ; and April. p..

69 00 FEDERAL RESERVE BULLETIN DECEMBER Year or month PRICE MOVEMENTS IN PRINCIPAL COUNTRIES Continued RETAIL FOOD PRICES [Index numbers] United England States France - =00 =00 =00 Germany - =00 Netherlands - =00 Switzerland =00 Year or month COST OF LIVING [Index numbers] United England Jan.- France States - =00 =00 =00 Germany - =00 Netherlands =00 Switzerland =00 -September November December January _ February. March April.. September »co 0 P September November December. -January. _ February March April September, _- c Corrected. P Preliminary. * Revised index from March (see BULLETIN for April, p. ). Sources. See BULLETIN for April, p.. SECURITY PRICES [Index numbers except as otherwise specified] P Bonds Common stocks Year or month United States (average price)i England (December =00) France (=00) Germany (average price) United States (=00) England France Germany Netherlandss Netherlands (=00) Number of issues... September. November- December.. January February.. March April September «. « » i Prices derived from average yields for 0 corporate bonds as published by Standard Statistics Co. * Exchange closed from to Sept.,, and from Sept.,, to Apr.,. Index for represents average of months January- ; index for represents average of months -December. Indexes of reciprocals of average yields. For old index, -, =00; average yield in base year was. percent. For new index beginning January, January-March =00; average yield in base period was. percent. New index. See note. Sources See BULLETIN for February, p. ;, p. ; April, p. ;, p. ; and November, p..

70 FEDERAL RESERVE DIRECTORY 0

71 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM M. S. SZYMCZAK JOHN K. MCKEE MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman CHESTER C. DAVIS ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief y Division of Examinations R. F. LEONARD, Assistant Chief', Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOTJLK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman GEORGE L. HARRISON, Vice Chairman CHESTER C. DAVIS ERNEST G. DRAPER JOHN K. MCKEE OSCAR NEWTON J. N. PEYTON RONALD RANSOM G. J. SCHALLER JOHN S. SINCLAIR M. S. SZYMCZAK CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist ALLAN SPROUL, Manager of System Open Market Account District District District District District District District District District District District District FEDERAL ADVISORY COUNCIL i No. (BOSTON) i No. (NEW YORK)... THOMAS M. STEELB W. W. ALDRICH, No. (PHILADELPHIA)....HOWARD A. LOEB, V ice-president i No. (CLEVELAND) L. B. WILLIAMS ; No. (RICHMOND) ROBERT M. HANES ; No. (ATLANTA) EDWARD BALL ; No. (CHICAGO) EDWARD E. BROWN ; No. (ST. LOUIS) WALTER W. SMITH President i No. (MINNEAPOLIS) JOHN CROSBY. No. 0 (KANSAS CITY)... C. Q. CHANDLER ; No. (DALLAS) R. E. HARDING ; No. (SAN FRANCISCO)...PAUL S. DICK WALTER LICHTENSTEIN, Secretary 0

72 SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of Chairman and Federal Reserve Agent President First Vice President Vice Presidents Boston.. New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas San Francisco _- F. H. Curtiss R. A. Young Owen D. Young G. L. Harrison R. L. Austin J.S.Sinclair E. S. Burke, Jr M. J. Fleming Robert Lassiter Hugh Leach F. H. Neely Oscar Newton R. E. Wood i G. J. Schaller W. T. Nardin W. McC Martin W B Geery J N Peyton J. J. Thomas G. H. Hamilton J. H. Merritt.. B. A. McKinney St. George Holden _. W. A. Day W. W. Paddock _ Allan Sproul F. J. Drinnen F. J. Zurlinden J. S. Walden, Jr R.S.Parker H. P. Preston F G Hitt 0 Powell C. A. Worthington. R. R. Gilbert Ira Clerk W. Willett L. R. Rounds J. H. Williams R. M. Gidney L. W. Knoke C. A. Mcllhenny» E. C. Hill W. H. Fletcher G. H. Wagner W. F. Taylor«J. G. Fry G. H. Keesee H. F. Connifl W. S. McLarin, Jr.» M. H. Bryan W. H. Snyder«C. S. Young J. H. Dillard 0. M. Attebery J.. Wood CM. Stewart H I Ziemer E. W. Swanson H. G. Leedy J. W. Helm a R. B. Coleman W. J. Evans S. G. Sargent W "IVf TTftlp C. E. Earhart Deputy chairman. Cashier. s Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of Managing director Federal Reserve Bank of Managing director New York: Buffalo branch Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Charlotte branch Atlanta: Birmingham branch Jacksonville branch Nashville branch New Orleans branch Chicago: Detroit branch St. Louis: Little Rock branch Louisville branch Memphis branch. R. M. O'Hara B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers G.. Vardeman, Jr. J. B. Fort, Jr. L. M. Clark R. H. Buss A. F. Bailey F. D. Rash W. H. Glasgow Minneapolis: Helena branch Kansas City: Denver branch Oklahoma City branch Omaha branch Dallas: El Paso branch. Houston branch San Antonio branch. San Francisco: Los Angeles branch Portland branch. Salt Lake City branch Seattle branch R. E. Towle J. E. Olson 0. E. Daniel L. H. Earhart J. L. Hermann W. D. Gentry M. Crump W. N. Ambrose R. B. West W. L. Partner 0. R. Shaw SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member without charge. To others the subscription price, which covers the cost of paper and printing, is $. Single copies will be sold at 0 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $.0; single copies, cents. 0

73 INDEX TO VOLUME Acceptances: Bankers': Outstanding,,, 0,,, 00,,,,, 0 Buying rates,,, 0,,, 0,,,,, 0 Discount rates, open market..,,, 0,, 0, 0,, 0,,, 0 Member bank holdings: All on call dates.... 0,, 0, 00,,,,,,,, 0 (See also Open market paper.) Africa. (See South Africa; West Africa.) Agricultural credit institutions: Assets and liabilities 0, 0,,,, 0,, Summary of operations, - (See also Farm credit agencies.) Albania: National Bank of: Condition 0,,, 0,,,,,,, 00, 0 Discount rates,,,,,, 0,,,, 0, 0 Anthracite. (See Coal.) Argentina: Business conditions, Discussion of Central Bank of: Annual report, - Condition 0,,, 0,,,,,,, 00, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S....,, 0,,, 0, Assets: "Readily marketable assets." Interpretation of term. (Ruling.) Assets and liabilities. (See Condition statements.) Austin, R. L., redesignated Chairman and Federal Reserve Agent, Philadelphia Australia: Bank of: Condition 0,,, 0,,,,,,, 00, 0 Business conditions, Discussion of Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S.,, 0,,, 0,,, 0,,, 00 Gold production: - Monthly table,,,, 0,,,,,, 0, 0 Austria: Foreign exchange rates,,,,, 0,,,,, 0, 0 National Bank of: Condition 0,,, 0, 0 Austria Continued. National Bank of Continued. Discount rates,,, Gold reserves,,,, 0,, 0,,,, 0, 0 Automobiles. (See Transportation equipment.) Balance of international payments of the United States:, summary, preliminary 0 Balance of trade of United States: Discussion of Bank credit. (See Credit, Bank.) Bank debits. (See Debits to individual accounts.) Bank directorates, Interlocking: "Morris Plan bank" eliminated from sec. (a) of Regulation L, Board of Governors Regulation L, amended 0 Statement on, by Board of Governors 0 Bank examinations: Revision in bank examination procedure - Bank failures. (See Banks: Suspensions.) Bank for International Settlements: Annual report, - - Condition,,,,,,,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Bankers' acceptances. (See Acceptances.) Bankers' balances: Discussion of,, Member bank holdings: All on call dates....,, 0, 0,,,,,,,, 0 Reporting : Charts,, Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago..,, 0,, 0 By districts and for New York and Chicago,,, 0,,, Banking and financial legislation: Federal Deposit Insurance Corporation: Authority to make loans to or purchase assets from insured. Pub. res. no., th Congress Double liability of stockholders waived. Pub. no., th Congress Foreign. (See under name of country.) Loans to executive officers of member extended. Pub. no., th Congress Banking developments: Discussion of,, 0 Banking funds: Movement to U. S. from abroad: - -Sept., Jan.-Mar., Apr.-,

74 INDEX TO VOLUME 0 Banking offices: Number of: -, by classes...,,, 0 Dec.,, by classes and States Banks: Branches. (See Branch.) Loans to, by member : All on call dates. 0,, 0, 00,,,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago..,, 0,, 0 By districts and for New York and Chicago,,, 0,,, Loans to, by Reconstruction Finance Corporation, 0, 0,,,, 0,,,, 00, 0 Number of: Call dates: -,,, 0 Dec.,, by classes and States.. Mar., - Jan.-Mar., changes 0, - Jan.-,, changes Jan.-Sept., changes 0 Monthly table,, 0,,,,,,,,, 0 Group : Dec., -0 Dec., 0 Operating branches, Dec., : Deposits: By classes and States By geographic extent of branch systems, by States and classes of Number of: By classes and States By classes of and location of branches By geographic extent of branch systems, by States and classes of By number of branches. By number of towns and counties in which branches were located. By population of location By size of and location of branches Suspensions: Group, By class of bank 0 By geographic area 00 By size of bank 0 By years 0 Monthly table,, 0,,, 0,,, 0,,, 00 (See also Federal Reserve ; Member ; National member ; Nonmember ; State ; State member.) Banks for cooperatives: Loans outstanding,,,,,, 0,,,, 00, 0 Belgian Congo: Gold production: - Monthly table,,,, 0,,,,,, 0, 0 Belgium: Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S.,, 0,,, 0,,, 0,,, 00 Money rates,,,,,, 0,,,, 0, 0 National Bank of: Annual report, - Condition 0,,, 0,,,,,,, 00, 0 Discount rates: Changes in, 0 Monthly table,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Bernardin, J. M., reelected Class B Director, Federal Reserve Bank of Kansas City Bills: Bought in open market by Federal Reserve : All combined, end of month and Wednesday figures.0,,,,, 0,,,,,, 0 Each bank, Wednesday figures...., 0, 00,,, 0,, 0,,,, 0 Discounted by Federal Reserve : All combined, end of month and Wednesday figures. 0,,,,, 0,,,,,, 0 Each bank, Wednesday figures, 0, 00,,, 0,, 0,,,, 0 Federal Reserve bank holdings: Maturity distribution,,,,, 0,,,,,, 0 Payable by member. (See Borrowings.) Bituminous coal. (See Coal.) Blattner, George W., resigned as Assistant Director of Division of Research and Statistics of the Board of Governors Board of Governors of Federal Reserve System: Annual report,, notice of publication... Chart book, Note on publication of Draper, Ernest G., appointed member Members and officers,,, 0,,,, 0,,, 00, 0 Press statements: Interlocking directorates 0 Reserve requirements, Decrease in Publications, List of Bolivia: Central Bank of: Condition 0,,, 0,,,,,,, 00, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold movements to and from U. S 0,,, 0,,, 0,,, 00 Bonds: New issues. (See Capital issues.) Prices: Discussion of,,

75 0 INDEX TO VOLUME Bonds Continued. Prices Continued. Principal countries,,,, 0,,,,,, 0, 00 United States,,, 0,,, 0,,,,, 0 United States Government. (See United States Government securities.) Yields: Charts, Monthly and weekly figures,,, 0,, 0, 0,, 0,,, 0 National summary,,, 0,,,,0 Boots and shoes. (See Leather and leather products.) Borrowings: Member : All on call dates...,, 0, 0,,,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C,,, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago,,,, 0 By districts and for New York and Chicago,,, 0,,, Brainard, G. C: Reappointed Class C Director, Federal Reserve Bank of Cleveland Reappointed Deputy Chairman, Federal Reserve Bank of Cleveland Branch : 0-: By classes and location By States and location Dec., : By classes and States By location relative to head office, by States and classes of By method of establishment and location By population of location By size of and location of branches By States -,,, 0 Jan.-Mar., changes Jan.-, changes Jan.-Sept., changes 0 Group bank branches: Dec., - Dec., 0 Mutual savings, Dec., and Private, Dec., and Braswell, James C, reelected Class A Director, Federal Reserve Bank of Richmond Brazil: Bank of: Condition 0,,, 0,,,,,,, 00, 0 Gold Reserves,,,, 0,, 0,,,,0,0 Business conditions, Discussion of B r azil Continued. Foreign exchange rates....,,,,, 0,,,,,0,0 British Dominions: Business conditions, Discussion of British India. (See India, British.) Brokers and dealers in securities: Loans to, by member : All on call dates 0,, 0, 00,,,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago..,, 0,, 0 By districts and for New York and Chicago,,, 0,,, Margin accounts, Debit balances in. (See brokers' balances.) Brokers' balances: - Monthly table,,, 0,,, 00,,,,, 0 Movement to U. S. from abroad: -Sept., Jan.-Mar., Apr.-, Bryan, Malcolm H., elected Vice President of Federal Reserve Bank of Atlanta Building contracts. (See Construction contracts.) Building materials: Wholesale price indexes,,,, 0,,,,,, 0, 0 Bulgaria: Foreign exchange rates,,,,, 0,,,,, 0, 0 National Bank of: Condition 0,,, 0,,,,,,, 00, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Burgess, W. Randolph, resignation as Vice President of Federal Reserve Bank of New York... Burke, E. S., Jr., redesignated Chairman and Federal Reserve Agent, Cleveland Business and credit conditions: Discussion of,,,,,,,, 0 Economic conditions and rates of bank earnings and expenses, - 0- National summary,,,,,,,,,,, 0 Statistical summary,,,,,,,,, 0, 0 Business failures. (See Commercial failures.) Caldwell, Robert B.: Appointed Class C Director, Federal Reserve bank of Kansas City Appointed Deputy Chairman, Federal Reserve Bank of Kansas City Canada: Bank of: Amendment of Bank of Canada Act -

76 Canada Continued. Bank of Continued. Annual report, - Condition 0,,, 0,,,,,,, 00, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves.,,,, 0,, 0,,,, 0, 0 Banking and financial legislation:,. Bank of Canada Act, amended - Business conditions, Discussion of Commercial,,,,,,,,,, 0, 0 Foreign exchange rates...,,,,, 0,,,,, 0, 0 Gold movements to and from U. S,, 0,,, 0,,, 0,,, 00 Gold production - Monthly table,,,, 0,,,,,, 0, 0 Wholesale price indexes...,,,,,,,,,, 0, 0 Capital: Federal Reserve...,, 0,,, 0,,,,,, 0 Capital account: Reporting member : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C.,,, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago...,,,, 0 By districts and for New York and Chicago,,, 0,,, Capital issues: Discussion of,,,, Monthly figures,,, 0,,, 0,,,,, 0 Capital movement to United States: Discussion of, Statistics : - -Sept., Jan.-Mar., - Apr.-, - Capital movements, International: Discussion of, Car loadings, Freight. (See Freight-car loadings.) Cash: Member bank holdings: All on call dates,, 0, 0,,,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago,,, 0,, 0 By districts and for New York and Chicago,., 0,,, INDEX TO VOLUME 0 Cement: Factory employment index: Adjusted: Monthly table,,,,,,,,,, 00, 0 Revised index, - - Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Central America: Gold movements to and from U. S...,, 0,,, 0,,, 0,,, 00 Central. (See under name of country, e.g., France: Bank of.) Central reserve cities: Designation of - Central reserve city member : Assets and liabilities: Dec., Mar., 0, Sept., 0 Borrowings on call dates,, 0, 0,,,,,,,, 0 Deposits: Call dates,, 0, 0,,,,,,,, 0 Monthly figures,, 0,,, 0,,,,,, 0 Loans and investments on call dates... 0,, 0, 00,,,,,,,, 0 Reserves: Call dates,, 0, 0,,,,,,,, 0 Monthly and weekly figures...,, 0,,, 0,,,,,, 0 Charts: Bond yields, Chart book published Construction contracts Country member. Currency in circulation Department store sales, Deposits and currency Earnings and expenses: Kansas state, - 0, 0 Member National, - 0, 0, 0, 0 Excess reserves of member...,,,,,, 0 Factory employment and payrolls....,,,,,,, 0 Foreign central bank and private balances in U. S Foreign trade of the U. S, Freight-car loadings,, Industrial production,,,,,, 0,,, 0,,,, 0,, 0 Loans to customers at country member

77 0 INDEX TO VOLUME Charts Continued. Man-hours worked in manufacturing industries Member bank credit Member bank deposits and reserves Member bank loans and investments,,,, Member bank reserves and related items.,,,,, 0,,,,, 0,,,, 00 Member in 0 leading cities,, 0, -, Money in circulation Money rates in New York City 0, Publicly-offered United States Government obligations outstanding Reserve bank credit Residential building, Stock prices Wholesale prices,,,,,, 0,,,,, 0 Chemicals: Factory employment index: Adjusted: Monthly table,,,, 00, 0,,, 0,, 00, 0 Revised indexes, Unadjusted 0,,, 0, 0,,,,,, 00, 0 Factory payrolls index 0,,, 0, 0,,,,,, 00, 0 Wholesale price indexes,,,, 0,,,,,, 0, 0 Chile: Central Bank of: Condition,,,,,,,,,, 00, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S..,, 0,,, 0,,, 0,,, 00 Gold production: - Monthly table,,,, 0,,,,,, 0, 0 China: Central Bank of: Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S.,, 0,,, 0,,, 0,,, 00 Cigars and cigarettes. (See Tobacco: Manufactures.) Clayton Act: "Morris Plan bank" eliminated from sec. (a) of Regulation L, Board of Governors Statement by Board of Governors on section 0 Closed. (See Banks: Suspensions.) Coal: Freight-car loadings indexes..., 0, 0,, 0,,,,,, 0, 0 Production indexes: Adjusted,,,,,, 0,,,, 00, 0 Coal Continued. Production indexes Continued. Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price indexes,,,, 0,,,,,, 0, 0 Cochran, W. D., appointed Class C Director, Federal Reserve Bank of Minneapolis Coffey, Walter C, appointed Class C. Director, Federal Reserve Bank of Minneapolis Coin : Circulation,, 0,,, 0,,,,,, 0 Coke: Freight-car loadings indexes..., 0, 0,, 0,,,,,, 0, 0 Columbia: Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Business conditions, Discussion of Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S.,, 0,,, 0,,, 0,,, 00 Gold production: - Monthly table.'.'.'.'.'.'..'.'...,,,, 0,,,,,, 0, 0 Commercial : Branches. (See Branch.) Capital stock. (See Capital stock.) Deposits. (See Deposits.) Foreign. (See Condition statements: Foreign commercial.) Insured. (See Insured commercial.) Loans and investments. (See Loans and investments.) Number of. (See Banks: Number of.) Operating branches. (See Banks: Operating branches.) Commercial failures,,,, 0,,,,,, 0, 0 Commercial, industrial and agricultural loans: Reporting member : Chart 0 Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C..,,,, 0 Wednesday figures: By districts and for Chicago..,, 0,, 0 By districts and for New York and Chicago,,, 0,,, Commercial paper: Discount rates, open market,,, 0,, 0, 0,, 0,,, 0 Member bank holdings: All on call dates. 0,, 0, 00,,,,,,,, 0 Outstanding,,, 0,,, 00,,,,, 0 (See also Open market paper.) Commodity Credit Corporation: Assets and liabilities., 0, 0,,,, 0,,,, 00, 0

78 INDEX TO VOLUME 0 Commodity Credit Corporation Continued. Cook, W. D., reelected Class A Director, Federal Guaranteed obligations outstanding... 0, Reserve Bank of Atlanta,,, 000, 0 Corn crop reports,,,, 0, 0 Summary of operations, - Corporations: Commodity prices. (See Prices.) Bonds: Comptroller of Currency: Prices. (See Bonds: Prices.) Yields. (See Bonds: Yields.) Regulation on investment securities New issues (See Capital issues.) revised - Condition statements: All in U. S.: Mar., - 0, - Bank for International Settlements,,,,,,,,,, 0, 0 Federal Reserve : All combined, end of month and Wednesday figures,,,,, 0,,,,,, 0 Each bank, Wednesday figures, 0, 00,, 0,, 0,,,, 0 Foreign central,,,,,,,,,, 0, 0 Foreign commercial...,,,.,,,,,, 0, 0 Governmental corporations and credit agencies: Monthly table, 0, 0,,,, 0,,,, 00, 0 Revised form of table: Discussion of changes - and Dec, -, revised figures Insured commercial : Dec., 0, Member : All on call dates: Dec., Mar., 0, Sept., 0 Monthly table 0,, 0, 00,,,,,,,, 0 Selected dates, - Selected dates, -,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago.,, 0,, 0 By districts and for New York and Chicago...,,, 0,,, Construction contracts awarded, Value of: By types of construction and financing, and by districts,,,. 0,,,,,, 0, 0 Charts,, Discussion of,,,,, Indexes,,,,, 0,,,, 00, 0 National summary,,,,,,,,,, 0 Consumers' paper. (See Finance paper.) Corporations and credit agencies, Governmental. (See Governmental corporations and credit agencies.) Cost of living: Indexes, principal countries..,,,, 0,,,,,, 0, 00 Cotton: Crop reports, P, 0, 0 Manufactures. (See Textiles.) Couch, Harvey C, elected Class B Director, Federal Reserve Bank of St. Louis Country member : Assets and liabilities: Dec., Mar., 0, Sept., 0 Discussion of Borrowings on call dates,, 0, 0,,,,,,,, 0 Charts, Deposits: Call dates,, 0, 0,,,,,,,, 0 Monthly figures,, 0,,, 0,,,,,, 0 Loans and investments on call dates... 0,, 0, 00,,,,,,,, 0 Reserves: Call dates,, 0, 0,,,,,,,, 0 Monthly and weekly figures,, 0,,, 0,,,,,, 0 Cox, Elmer H., reelected Class B Director, Federal Reserve Bank of San Francisco Crapo, S. T., reelected Class B Director, Federal Reserve Bank of Chicago Credit, Bank: Federal Reserve: Chart End of month and Wednesday figures... 0,,,,, 0,,,,,, 0 Monthly and yearly averages of daily figures,,,,,,,,,, 0, 0 Member : Chart Discussion of..., -,,,, National summary,,,, 0,,,,,,, 0 Credit agencies, Governmental. (See Governmental corporations and credit agencies.) Crops: National summary,, Reports, by districts,,,, 0, 0 Cuba: Currency legislation

79 0 INDEX TO VOLUME Cuba Continued. Foreign exchange rates,,,,, 0,,,,, 0, 0 Currency circulation. (See Money in circulation.) Curtiss, F. H., redesignated Chairman and Federal Reserve Agent, Boston Customers' debit balances of Stock Exchange firms. (See Brokers' balances.) Czechoslovakia: Foreign exchange rates,,,,, 0,,,,, 0, 0 National Bank of: Condition,,,,,,, 0,,, 0, 0 Discounts rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Danzig: Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Day, Edmund E., appointed Class C Director, Federal Reserve Bank of New York Debits to individual accounts: Monthly table,, 0,, 0,,, 0,,, 00 Debt, U. S. Government. (See Treasury finance: Public debt.) Deficit, U. S. Treasury. (See Treasury finance: Deficit.) Denmark: Foreign exchange rates..,,,,, 0,,,,, 0, 0 National Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Dennison, H. S., appointed Deputy Chairman, Federal Reserve Bank of Boston Department store sales and stocks: Charts, Discussion of,,, Index of sales (value) : Monthly figures, 0, 0,, 0,,,,,, 0, 0 Yearly and monthly figures,,,,,, 0,,,, 00, 0 Index of stocks (value) : Monthly figures, 0, 0,, 0,,,,,,0, 0 Revised indexes, - Seasonal adjustment factors, -.. National summary,,,,,,,,,,, 0 Deposits : All in U. S.: Call dates: Mar., - 0, - Monthly table....,, 0,,,,,,,,, 0 Chart Banks operating branches, Dec.,, Deposits Continued. Federal Reserve : All combined, end of month and Wednesday figures,,,,, 0,,,,,, 0 Each bank, Wednesday figures....,, 0,,, 0,,,,,, 0 Group : Dec., -0 Dec., 0 Insured commercial : Dec., 0, Interest on. (See Interest on deposits; Interest rates.) Member : All on call dates: Dec., Mar., 0, Sept., 0 Monthly table...,, 0, 0,,,,,,,, 0 Charts Classes of,, 0,,, 0,,,,,, 0 Discussion of,,,, 0 Larger and smaller centers...,, 0,,, 0,,,,,, 0 Reporting : Chart,, Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C,,, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago..,,,, 0 By districts and for New York and Chicago,,, 0,,, Mutual savings : Mar., 0, National member : Mar., 0, Nonmember deposits in Federal Reserve : End of month and Wednesday figures.. 0,,,,, 0,,,,,, 0 Postal Savings System. (See Postal Savings deposits.) Private : Mar., 0, Reserves required against. (See Reserve requirements.) State : Mar., 0, Suspended : Monthly table,, 0,,, 0,,, 0,,, 00 Time: Discussion of growth in Velocity of: Discussion

80 INDEX TO VOLUME Directorates, Interlocking. (See Bank directorates, Interlocking.) Member Continued. Earnings and expenses Continued. Disaster Loan Corporation: Chart Loans outstanding, Dec., Operating ratios, - Discount rates: By classes of and by size of Federal Reserve : groups.. Monthly table,,, 0, By geographic divisions and by size,, 0,,,,, 0 groups - Foreign central : By size groups Prevailing rates,,,, By size groups and Federal Reserve districts -,, 0,,,, 0, 0 Discounts and advances: National : Federal Reserve for member : -: Installment paper, eligibility for discount. (Ruling.) Discussion of 0-0 Charts 0, 0, 0, 0 Limitation of amount of paper of one Tables - borrower. (Ruling.) National member : Machinery purchase note, eligibility for Operating ratios, discount. (Ruling.) State member : Distribution: 0, National summary,,,, Jan.-,,,,,,,, 0 Correction 0 Dividends: Operating ratios, Federal Reserve : Trend in rates of bank earnings and expenses (-): Jan.-, Discussion of 0- Member : Tables - - Ecuador: Jan.-, Central Bank of: Correction 0 Condition,,,, State member :,,, 0,,, 0, 0 0,,, Discount rates,,,, Jan.-,,, 0,,,, 0, 0 Correction 0 Gold movements to and from U. S,, Double liability of stockholders: 0,,, 0,,, 0,, Federal Deposit Insurance Corporation, 00 waiver of. Pub. no., th Congress.. Egypt: Draper, Ernest G., appointed member of Board Foreign exchange rates,,,, of Governors of Federal Reserve System...., 0,,,,, 0, 0 Durable goods: National Bank of: Factory employment index: Condition,,,, Adjusted:,,, 0,,, 0, 0 Monthly table....,,,,, Gold reserves,,,,,,,,, 00, 0 0,, 0,,,, 0, 0 Revised indexes, El Salvador: Unadjusted,,,, Central Reserve Bank of: 0,,,,,, 00, 0 Condition,,,, Factory payrolls index,,,,,,, 0,,, 0, 0 0,,,,,, 00, 0 Discount rates,,,, Dutch East Indies:,, 0,,,, 0, 0 Gold movements to and from U. S., Employment: Earmarked gold. (See Gold: Earmarked.) Discussion of,, 0 Earnings and expenses: Employment, Factory: Federal Reserve : Chart....,,,,,,,, 0 - Discussion of,,, 0 Jan.-, Indexes: Kansas state, -: Adjusted: Charts 0, 0 By industries, monthly figures.,, Discussion of 0-0,,,,,,, Tables -, 00, 0 Member : Industries included -: Revised indexes, - - Discussion of 0-0 Seasonal adjustment factors, 0 Tables -0, monthly figures,, and -,,,, 0,,, By classes of, 00, 0 By districts Unadjusted: By six-month periods during By industries, monthly figures, Discussion of,,, 0,,,, Jan.-,,, 00, 0 Correction 0 Revised index, -

81 INDEX TO VOLUME Employment, Factory Continued. Indexes Continued. Unad j usted Continued., yearly and monthly figures...,,,,,, 0,,,, 00, 0 National summary,,,,,,,,,,, 0 England. (See United Kingdom.) Estberg, E. R., reelected Class A Director, Federal Reserve Bank of Chicago Estonia: Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Examinations. (See Bank examinations.) Executive officers of member : Acquisition by member bank from its affiliate of note guaranteed by executive officer. (Ruling.) Loans to: Inactive officers subject to Regulation O. (Ruling.) Public act, amended, extending period to, Renewal or extension of. (Ruling.).. 0 Reports of indebtedness to Federal Land Bank or the Land Bank Commissioner. (Ruling.) Substitution of executive officer's note for that of wife. (Ruling.) Expenditures, U. S. Treasury. (See Treasury finance: Expenditures.) Expenses. (See Earnings and expenses.) Export-Import Bank: Summary of operations, - Exports. (See Foreign trade.) Factory employment. (See Employment, Factory.) Failures, Bank. (See Banks: Suspensions.) Failures, Commercial. (See Commercial failures.) Farm Credit Administration: Banks and corporations: Assets and liabilities, 00, 0 Loans and discounts outstanding, by institutions,,,.,, 0,,,, 00, 0 Summary of operations of institutions under, ^ - (See also Governmental corporations and agencies.) Farm credit agencies: Assets and liabilities, 00, 0 Farm income. (See Income: Agricultural.) Farm mortgage agencies: Assets and liabilities, 00, 0 Farm mortgage institutions: Assets and liabilities, 0, 0,,,, 0,, Summary of operations, - (See also Farm mortgage agencies.) Farm products: Wholesale price indexes: Principal countries,,,,,,,,,, 0, 0 United States,,,, 0,,,,,, 0, 0 Farm Security Administration: Loans outstanding, Dec., Federal Advisory Council: Meeting Members,,, 0,,,, 0,,, 00, 0 Federal Deposit Insurance Corporation: Authority to make loans to or purchase assets from insured. Pub. res. no., th Congress Double liability of stockholders waived. Pub. no., th Congress Federal Farm Mortgage Corporation: Guaranteed obligations outstanding... 0,,, 0,,, 0,,,, 000, 0 Summary of operations, - Federal Home Loan Bank Board: Loans outstanding, by institutions,,,,,, 0,,,, 00, 0 Summary of operations of institutions under, - (See also Governmental corporations and credit agencies.) Federal Home Loan Banks: Loans to members,,,,,, 0,,,, 00, 0 Federal Housing Administration: Summary of operations, - Federal intermediate credit : Loans and discounts outstanding,,,,,, 0,,,, 00, 0 Summary of operations, - Federal land and Land Bank Commissioner: Loans outstanding,,,,,, 0,,,, 00, 0 Summary of operations, - Federal Open Market Committee: Members and officers,,, 0,,,, 0,,, 00, 0 Sproul, Allan, selected as Manager of System Open Market Account Federal Reserve act: Amendments, th Congress: Double liability of stockholders waived by Federal Deposit Insurance Cor- poration. Pub. No. Federal Deposit Insurance Corporation to make loans to or purchase assets of insured. Pub. res. no... Loans to executive officers of member extended. Pub. no. Federal Reserve Agents: Accounts. (See Federal Reserve notes: Agents' accounts.) Appointments. (See Federal Reserve : Chairman and Federal Reserve Agents.) Federal Reserve bank notes: Circulation,, 0,,, 0,,,,,, 0 Federal Reserve : Agencies: Havana Agency of Federal Reserve Bank of Atlanta discontinued Branches: Managing directors of...,,,,,,,,,, 0, 0 Spokane branch of Federal Reserve Bank of San Francisco discontinued..

82 INDEX TO VOLUME Federal Reserve Continued. Chairmen and Federal Reserve Agents: Designation of, Resignation of A. 0. Stewart, San Francisco Retirement of, at Atlanta and Dallas.. Deputy Chairmen, appointments..,,, Directors: Class A and B, election of Class C: Appointments,,, Resignation of A. 0. Stewart, San Francisco Earnings and expenses: - Jan.-, Officers,,,,,,,,,, 0, 0 Profit and loss account, Vice Presidents: F. G. Hitt, appointed First Vice President, Federal Reserve Bank of St. Louis Malcolm H. Bryan elected Vice President of Federal Reserve Bank of Atlanta W. Randolph Burgess resigned as Vice President of Federal Reserve Bank of New York Federal Reserve branch. (See Federal Reserve : Branches.) Federal Reserve directory,,, 0,,,, 0,,, 00, 0 Federal Reserve districts: Map showing districts on back cover of each Bulletin. Federal Reserve notes: Agents' accounts,, 0,., 0,,,,,, 0 Circulation: Actual: All combined, end of month and Wednesday figures,,,,, 0,,,,,, 0 Each bank, Wednesday figures.,, 0,,, 0,,,,,, 0 Outside Treasury and Federal Reserve, end of month figures,, 0,,, 0,,,,,, 0 Collateral security: Wednesday figures,, 0,,, 0,,,,,, 0 Redemption fund: All combined, end of month and Wednesday figures..,,,,, 0,,,,,, 0 Each bank, Wednesday figures, 0, 00,,, 0,, 0,,,, 0 Federal Savings and Loan Associations: Mortgage loans,,,,,, 0,,,, 00, 0 Fiduciary powers of national. (See Trust powers of national.) Finance paper: Eligibility for discount: Installment paper. (Ruling.) Machinery purchase note. (Ruling.).. Financial conditions. (See Business and credit conditions.) Financial legislation. (See Banking and financial legislation.) Finland: Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Foreign exchange rates.,,,,, 0,,,,, 0, 0 Food and food products: Factory employment index: Adjusted: Monthly table,,,, 00, 0,,, 0,, 00, 0 Revised indexes, Unadjusted 0,,, 0, 0,,,,,, 00, 0 Factory payrolls index 0,,, 0, 0,,,,,, 00, 0 Production indexes: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Retail price index, principal countries..,,,, 0,,,,,, 0 ' 0 Wholesale price indexes: Principal countries,,,,,,,,,, 0, 0 United States,,,. 0,,,,,, 0, 0 Foreign : Central bank balances in U. S.: Charts Discussion of Central. (See France, Bank of, etc.) Commercial, condition...,,,,,,,,,, 0, 0 Deposits of, held by Federal Reserve : All combined, end of month and Wednesday figures..,,,,, 0,,,,,, 0 Each bank, Wednesday figures,, 0,,, 0,,,,,, 0 Deposits of, held by member : All on call dates...,, 0, 0,,,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C,,, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago...,,,, 0 By districts and for New York and Chicago,,, 0, ' ' Foreign exchange rates: Discussion of Monthly table,,,,, 0,,,,, 0, 0 Foreign trade: Charts, Discussion of -, "

83 INDEX TO VOLUME Forest products: Freight-car loadings indexes.., 0, 0,, 0,,,,,, 0, 0 France: Bank of: Annual report, - Condition,,,,,,,,,, 0, 0 Discount rates: Changes in,, 0 Monthly table..,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Open market operations authorized... 0 Banking and financial legislation: Mar.,. Convention with Bank of France on advances to the State.. Mar.,. Convention with Bank of France approved and borrowing power of National Defense Fund modified Apr.,. In case of liquidation of Stabilization Fund resources to reimburse Bank of France for advances to State Apr.,. Law concerning financial recovery,. Bank of France to undertake open market operations 0,. Decree approving increased advances by Bank of France to Government 0 Business conditions, Discussion of 0 Commercial,,,,,,,,,, 0, 0 Cost of living index....,,,, 0,,,,,, 0, 00 Financial developments, Discussion of,, Foreign exchange rates..,,,,, 0,,,,, 0, 0 Gold movements to and from U. S,, 0,,, 0,,, 0,,, 00 Money rates,,,,,, 0,,,, 0, 0 Retail food price index,,,, 0,,,,,, 0, 00 Security prices,,,, 0,,,,,, 0, 00 Wholesale price indexes...,,,,,,,,,, 0, 0 Freight-car loadings: Charts,, Indexes: By classes, 0, 0,, 0,,,,,, 0, 0,,,,,, 0,,,, 00, 0 National summary,,,,,,,,,, 0 French, E. S., reelected Class B Director, Federal Reserve Bank of Boston Fuel and lighting materials: Wholesale price indexes,,,, 0,,,,,, 0, 0 Fuels, Manufactured: Production indexes: Adjusted,,,,,, 0,,,, 00, 0 Fuels, Manufactured Continued. Production indexes Continued. Unadjusted,,,,,, 0,,,, 00, 0 Geery, W. B., redesignated Chairman and Federal Reserve Agent, Minneapolis General fund balance, U. S. Treasury. (See Treasury finance: General fund balance.) Germany: Commercial,,,,,,,,,, 0, 0 Cost of living index,,,, 0,,,,,, 0, 00 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold imports and exports,,,, 0,,,,,, 0, 0 Gold movements to and from U. S,, 0,,, 0,,, 0,,, 00 Money rates,,,,,, 0,,,, 0, 0 Reichsbank: Annual report, - Condition 0,,, 0,,,,,,, 00, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Retail food price index,,,, 0,,,,,, 0, 00 Security prices,,,, 0,,,,,, 0, 00 Wholesale price indexes,,,,,,,,,, 0, 0 Glass: Factory employment index: Adjusted: Monthly table....,,,,,,,,,, 00, 0 Revised index, - - Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Gold: Earmarked,, 0,,, 0,,, 0,,, 00 Imports and exports: Principal countries,,,, 0,,,,,, 0, 0 United States: Discussion of Gross,, 0,,, 0,,, 0,,, 00 Net,,,, 0,,,,,, 0, 0 Inactive Gold Account, Discussion of, - Policy of U. S. (See Treasury gold policy.) Production: United States: - Monthly table,,,, 0,,,,,, 0, 0

84 Gold Continued. Production Continued. World: - Monthly table...,,,, 0,,,,,, 0, 0 Reserves: Central and governments,,,, 0,, 0,,,, 0, 0 United States,,,, 0,, 0,,,, 0, 0 Stock, monetary in U. S.: Analysis of changes in,, 0,,, 0,,, 0,,, 00 End of month and Wednesday figures.. 0,,,,, 0,,,,,, 0 Gold certificates: Circulation,, 0,,, 0,,,,,, 0 Federal Reserve bank holdings: All combined, end of month and Wednesday figures,,,,, 0,,,,,, 0 Each bank, Wednesday figures, 0, 00,,, 0,, 0,,,, 0 Government bonds. (See United States Government securities.) Government debt. (See Treasury finance: Public debt.) Governmental corporations and credit agencies: Assets and liabilities: Monthly table, 0, 0,,,, 0,,,, 00, 0 Revised form of table: Discussion of changes - and Dec. -, revised figures Summary of operations, - Grain: Freight-car loadings indexes..., 0, 0,, 0,,,,,, 0, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Grangaard, M. O., reelected Class A Director, Federal Reserve Bank of Minneapolis Great Britain. (See United Kingdom.) Greece: Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates f,,,, 0,,,,, 0, 0 Gross debt, U. S. Government. (See Treasury finance: Public debt.) Group banking in the U. S.: Survey as of Dec., -0 Branch banking among groups - Changes in banking groups, Extent of group banking - Classes of Number of Size of Size of groups INDEX TO VOLUME Group banking in the U. S. Continued. Survey as of Dec., Continued. Federal regulation of group banking.. - Geographic distribution - Extent of areas of operation Interstate group systems Intrastate group systems Number, loans and investments, deposits Size of towns in which group operated Origin and development of group banking Suspensions, By class of bank 0 By geographic area 00 By size of bank 0 By years 0 Dec.,. Number, loans and investments, and deposits, by States and geographic divisions 0 Guaranteed obligations of the U. S. (See Treasury finance: Guaranteed obligations.) Hall, Fitzgerald, reelected Class B Director, Federal Reserve Bank of Atlanta Hanna, John H., reelected Class B Director, Federal Reserve Bank of Richmond Harriman, Henry I., appointed Class C Director, Federal Reserve Bank of Boston Harris, Rufus C, appointed Class C Director, Federal Reserve Bank of Atlanta Havana Agency of Federal Reserve Bank of Atlanta discontinued Hay crop reports,,,, 0, 0 Henning, John B., reelected Class A Director, Federal Reserve Bank of Philadelphia Hides. (See Leather and leather products.) Hitt, F. Guy, appointed First Vice President, Holden, George, appointed Deputy Chairman, Federal Reserve Bank of San Francisco.... Holding company affiliates: Federal regulation of. Discussion - Home mortgage and housing agencies: Assets and liabilities, 00, 0 Home mortgage institutions: Assets and liabilities, 0, 0,,,, 0,, Summary of operations, - (See also Home mortgage and housing agencies.) Home Owners' Loan Corporation: Assets and liabilities, 00, 0 Guaranteed obligations outstanding....0,,, 0,,, 0,,,, 000, 0 Mortgage loans,,,,,, 0,,,, 00, 0 Summary of operations, - Hong Kong: Foreign exchange rates f,,,, 0,,,,, 0, 0 Gold movements to and from U. S,, 0,,, 0,,, 0,,, 00 Hooks, Pat E., reelected Class A Director, Federal Reserve Bank of Dallas Housefurnishing goods: Wholesale price indexes,,,, 0,,,,,, 0, 0

85 INDEX TO VOLUME Hungary: Foreign exchange rates,,,,, 0,,,,, 0, 0 Money rates,,,,,, 0,,,, 0, 0 National bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Imports. (See Foreign trade.) Income: Agricultural: National summary, Payments to individuals: Discussion of, Tax receipts. (See Treasury finance: Receipts.) Index numbers: Cost of living,,,, 0,,,,,, 0, 00 Department store sales and stocks: Monthly table, 0, 0,, 0,,,,,, 0, 0 Revised index of stocks, - Seasonal adjustment factors for index of stocks, - Factory employment: Adjusted: Monthly table,,,,,,,,,, 00, 0 Revised indexes, Unadjusted: Monthly table,,,, 0,,,,,, 00, 0 Revised index, - Factory payrolls: Monthly table,,,, 0,,,,,, 00, 0 Revised index, - Freight-car loadings, 0, 0,, 0,,,,,, 0, 0 Industrial production: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Retail food prices,,,, 0,,,,,, 0, 00 Security prices,,,, 0,,,,,, 0, 00 Wholesale prices,,,,,,,,,, 0, 0 India: Business conditions, Discussion of India, British: Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold imports and exports...,,,, 0,,,,,, 0, 0 Gold movements to and from U. S,, 0,,, 0,,, 0,,, 00 India, British Continued. Gold production: - Monthly table' ' '.'. '.'.'.'.'. ^,,,, 0,,,,,, 0, 0 Reserve Bank of: Condition...,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Industrial advances of Federal Reserve : All combined, end of month and Wednesday figures,,,,, 0,,,,,, 0 Commitments: Each bank, Wednesday figures,, 0,,, 0,,,,,, 0 Each bank, Wednesday figures, 0, 00,,, 0,, 0,,,, 0 Maturity distribution,,,,, 0,,,,,, 0 Number and amounts,, 0,,, 0,,,,,, 0 Rates,,, 0,,, 0,,,,, 0 Industrial bonds: Prices. (See Bonds: Prices.) Yields. (See Bonds: Yields.) Industrial loans. (See Commercial, industrial and agricultural loans; Industrial advances of Federal Reserve.) Industrial production. (See Production, Industrial.) Industrial stock prices. (See Stocks: Prices.) Installment paper. (See Finance paper.) Insurance agencies of United States Government: Assets and liabilities, 00, 0 Insured commercial : Assets and liabilities: Dec., 0, Interest on deposits: Discussion of reduction of Interest on public debt. (See Treasury finance: Public debt.) Interest rates: Charged customers by,,, 0,, 0, 0,, 0,,, 0 Open market, in N. Y. C,,, 0,, 0, 0,, 0,,, 0 Time deposits,,, 0,,, 0,,,,, 0 (See also Discount rates.) Interlocking bank directorates. (See Bank directorates, Interlocking.) International capital movements: Discussion of, International capital transactions of U. S.: Revision of previously published figures on short-term accounts of of U. S

86 INDEX TO VOLUME International capital transactions of U. S. Continued. Statistics: - -Sept., Jan.-Mar., - Apr.-, - Investments: All in U. S. on call dates: Mar., - 0, - Monthly table,, 0,,,,,,,,, 0 Classification in bank examinations... - Member : All on call dates....0,, 0, 00,,,,,,,, 0 Discussion of, in - Earnings on, -: Discussion of - Tables - Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago,,, 0,, 0 By districts and for New York and Chicago.,,, 0,,, Regulation of Comptroller of Currency on investment securities, revised - (See also Loans and investments.) Iron and steel: Factory and employment index: Adjusted: Monthly table....,,,,,,,,,, 00, 0 Revised indexes, - - Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price index,,,. 0,,,,,, 0, 0 Italy: Bank of: Discount rates,,,.,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Money rates,,,.,, 0,,,, 0, 0 Wholesale price indexes,,,,,,,,,, 0, 0 Japan: Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S...,, 0,,, 0,,, 0,,, 00 Gold production: - Monthly table,,,, 0,,,, Mon'ey rates,,,,,, 0,,,, 0, 0 Wholesale price indexes,,,,,,,,,, 0, 0 Java: Bank of: Condition,,,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Johnston, Oscar, appointed Class C Director, Kansas State : Earnings and expenses, -: Charts 0,0 Discussion of 0-0 Tables - Kettig, William H., retirement as Class C Director and Chairman and Federal Reserve Agent, Atlanta Land Bank Commissioner loans. (See Federal land and Land Bank Commissioner: Loans outstanding.) Lassiter, Robert: Reappointed Class C Director, Federal Reserve Bank of Richmond Redesignated Chairman and Federal Reserve Agent, Richmond Latvia: Bank of: Condition,, 0,,,,, 0,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Lead production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Leather and leather products: Factory employment index: Adjusted: Monthly table....,,,, 00, 0,,, 0,, 00, 0 Revised index, - -0 Unadjusted 0,,, 0, 0,,,,,, 00, 0

87 INDEX TO VOLUME Leather and Leather products Continued. Factory payrolls index 0,,, 0, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Lewis, F. J., reappointed Class C Director, Federal Reserve Bank of Chicago Liabilities. (See Condition statements.) Lithuania: Bank of: Condition,, 0,,,,, 0,,, 0, 0 Discount rates: Change in Monthly table...,,,,, ' 0 ' ' ' > 0 0 ' Freight-car loadings indexes, 0, 0,, 0,,,,,, 0, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Livestock: Loans: Agricultural. (See Commercial, industrial, and agricultural loans.) Brokers'. (See Brokers and dealers in securities: Loans to.) Charts, - Classification in bank examinations... - Commercial. (See Commercial, industrial, and agricultural loans.) Discussion of, -, 0 Earnings on, by member, -: Discussion of - Tables - Industrial. (See Commercial, industrial and agricultural loans; Industrial advances of Federal Reserve.) Real estate. (See Real estate loans.) Security. (See Securities: Loans on.) : Reporting member : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago..,, 0,, 0 By districts and for New York and Chicago,,, Loans and investments: 0 > > > All in U. S. on call dates: Mar., - 0, - Monthly table,, 0,,,,,,,,, 0 Group : Dec., -0 Dec., 0 Insured commercial : Dec., Loans and investments Continued. Insured commercial Continued. 0, Member : All on call dates: Dec., Mar., 0, Sept., 0 Monthly table 0,, 0, 00,,,,,,,, 0 Charts,,,,, Discussion of -, -,,,, -,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago..,, 0,, 0 By districts and for New York and Chicago,,, 0,,, Mutual savings : Mar., 0, National member : Mar., 0, Private : Mar., 0, State : Mar., 0, Loeb, Harold A., reelected Vice President of Federal Advisory Council Lumber and lumber products: Factory employment index: Adjusted: Monthly table....,,,,,,,,,, 00, 0 Revised indexes, - - Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Wholesale price index,,,, 0,,,,,, 0, 0 McCabe, T. B., appointed Deputy Chairman, Federal Reserve Bank of Philadelphia McDowell, H. B., elected Class A Director, Federal Reserve Bank of Cleveland Machinery: Eligibility for discount of note given for purchase of. (Ruling.) Factory employment index: Adjusted: Monthly table....,,,,,,,,,, 00, 0 Revised indexes, - - Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0

88 Mclntosh, C. K., reelected Class A Director, Federal Reserve Bank of San Francisco Manufactures: Production index: Adjusted: By industries, monthly figures...,,,,,, 0,,,, 00, 0, monthly figures,,,,,, 0,,,, 00, 0 Unadjusted: By industries, monthly figures,,,,,, 0,,,, 00, 0, yearly and monthly figures..,,,,,, 0,,,, 00, 0 Margin account statistics: - Monthly table,,, 0,,, 00,,,,, 0 Margin requirements: Banks. Regulation U: Advance to finance purchase of stock called for retirement. (Ruling.) Loan value of bonds 0 Stocks becoming unregistered after loan is made. (Ruling.) Stocks registered, Jan.,, announcement of publication of list of Brokers and dealers in securities. Regulation T: Agreement of nonmember bank under section (a) of Securities Exchange Act. (Ruling.) Borrowings before,. (Ruling.) Cash transactions: Extensions of time. (Rulings.).., Payment by selling another security. (Ruling.) 0 Shipments of securities. (Amendment.) 0 Transfer to margin account. (Ruling.) Dividends, withdrawable, deductible from amount of demand for margin. (Ruling.) Failure to obtain required margin. (Ruling.) Foreign branches, Transactions at. (Ruling.) Guarantee of accounts. (Rulings.)..., 0, 0 Joint account separate from participant's accounts. (Ruling.) Odd-lot dealers, Financing of. (Amendment.) 0 Omnibus accounts: Statements before March,. (Ruling.) Withdrawals from. (Amendment.) 0 Partner of member firms, Advance by. INDEX TO VOLUME (Ruling.).-. Purchase and sale of same securities on given day. (Ruling.) Rulings prior to Jan.,, Status of - Margin requirements Continued. Brokers and dealers in securities Regulation T Continued. Sale of securities held in account but not delivered. (Ruling.) Short sales: Settlement by simultaneous borrowing of security. (Ruling.).. "Special miscellaneous" account, Deposit of margin in. (Ruling.) Transacting business through medium of a member. (Ruling.) Transfer of accounts from. (Ruling.) Transfer tax, Debiting of. (Ruling.).. Withdrawal followed by transactions on same day. (Ruling.) Maturities: Bills held by Federal Reserve. (See Bills: Federal Reserve bank holdings.) Public debt. (See Treasury finance: Public debt.) United States Government securities held by Reserve. (See United States Government securities: Federal Reserve bank holdings.) Member bank reserves, Reserve bank credit, and related items: Monthly table 0,,,,, 0,,,,,, 0 Member : Bills discounted for. (See Bills: Discounted by Federal Reserve.) Borrowings at Federal Reserve. (See Borrowings.) Branches: -,,, 0 Dec.,,, Jan.-Mar., changes Jan.-, changes Jan.-Sept., changes 0 Condition of. (See Condition statements.) Deposits. (See Deposits.) Earnings and expenses: and - Jan.-, Correction 0 Operating ratios, - State member, 0 Loans and investments. (See Loans and investments.). National. (See National member.) Number of, on call dates: Monthly table,, 0,,,,,,,,, 0 Operating ratios, - Reserves. (See Reserves.) State. (See State member.) Suspensions. (See Banks: Suspensions.) Merchandise: Exports and imports, 0, 0,, 0,,,,,, 0, 0 Freight-car loadings indexes.., 0, 0,, 0,,,,,, 0, 0 Merritt, J. H., designated Chairman and Federal Reserve Agent, Dallas Metals and metal products: Wholesale price indexes,,,, 0,,,,,, 0, 0

89 0 INDEX TO VOLUME Mexico: Bank of: Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates Q,,,,, 0,,,,, 0, 0 Gold movements to and from U. S...,, 0,,, 0,,, 0,,, 00 Gold production: - Monthly table,,,, 0,,,,,, 0, 0 Minerals: Production index: Adjusted: By kinds, monthly figures....,,,,,, 0,,,, 00, 0, monthly figures,,,,,, 0,,,, 00, 0 Unadjusted: By kinds, monthly figures...,, ',,,, 0,,,, 00, 0, yearly and monthly figures,,,,,, 0,,,, 00, 0 Monetary gold stock. (See Gold: Stock, monetary.) Monetary legislation. (See Banking and financial legislation.) Money in circulation: Chart,, Discussion of, 0-0 Kinds of: End of month figures,, 0,,, 0,,,,,, 0 : End of month and Wednesday figures... 0,,,,, 0,,,,,, 0 Money market: Discussion of Money rates: Charged customers by..,,, 0,, 0, 0,, 0,,, 0 Charts 0, Foreign countries,,,,,, 0,,,, 0, 0 National summary,,, 0,,,,,, 0 Open market, in N. Y. C,,, 0,, 0, 0,, 0,,, 0 Morris Plan and industrial : "Morris Plan bank" eliminated from Sec. (a) of Regulation L, Board of Governors Municipal bonds: Prices. (See Bonds: Prices.) Yields. (See Bonds: Yields.) Mutual savings : Assets and liabilities: Mar., 0, Branches, Dec., and Deposits on call dates: Monthly table,, 0,,,,,,,,, 0 Mutual savings Continued. Loans and investments on call dates: Monthly table,, 0,,,,,,,,, 0 Number of, on call dates: Mar., 0, Monthly table,, 0,,,,,,,,, 0 Nardin, William T., redesignated Chairman and Federal Reserve Agent, St. Louis National bank notes: Circulation,, 0,,, 0,,,,,, 0 National income: Discussion of National member : Assets and liabilities: Dec., Mar.,, 0,, Sept., 0 Banking offices: -,,, 0 Dec.,, by States Branches: 0- -,,, 0 Dec.,,, Jan.-Mar., changes Jan.-, changes... Jan.-Sept., changes 0 Deposits: Call dates: Monthly table,, 0,,,,,,,,, 0 Earnings and expenses -: Charts Discussion of.... Tables and Jan.-, Correction Operating ratios, Number of: Call dates: 0, 0, 0, Dec.,, by States Mar., 0, Monthly table,, 0,,,,,,,,, 0 Operating branches, Dec., : Deposits - Number of -, Operating ratios, Suspensions: Monthly table,, 0,,, 0,,, 0,,, 00 Trust powers. (See Trust powers of national.) National summary of business conditions....,,,,,,,,,,, 0 Neely, F. H., designated Chairman and Federal Reserve Agent, Atlanta Netherlands: Bank of: Annual report, - - Condition,, 0,,,,,,,, 0, 0

90 INDEX TO VOLUME Netherlands Continued. Bank of Continued. Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Banking and financial legislation:,. Repeal of embargo on gold exports Cost of living index,,,, 0,,,,,, 0, 00 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S...,, 0,,, 0,,, 0,,,00 Money rates: Monthly table,,,,,, 0,,,, 0, 0 Private discount rate, to date, revised table Retail food price index,,,, 0,,,,,, 0, 00 Security prices,,,, 0,,,,,, 0, 00 Wholesale price indexes,,,,,,,,,, 0, 0 New Zealand: Business conditions, Discussion of Foreign exchange rates,,,,, 0,,,,, 0, 0 Reserve bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Nondurable goods: Factory employment index: Adjusted: Monthly table,,,,,,,,,, 00, 0 Revised indexes, - - Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Nonferrous metals: Factory employment index: Adjusted: Monthly table,,,,,,,,,, 00, 0 Revised indexes, Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Production indexes: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Nonmember : Branches: -,,, 0 Dec.,, by States Jan.-Mar., changes Jan.-, changes Jan.-Sept., changes 0 Nonmember Continued. Deposits: Call dates,, 0,,,,,,,,, 0 Deposits of, held by Federal Reserve : End of month and Wednesday figures.. 0,,,,, 0,,,,,, 0 Insured: Assets and liabilities: Dec., 0, Banking offices: -,,, 0 Dec.,, by States Branches: -,,, 0 Dec.,, Jan.-Mar., changes Jan.-, changes Jan.-Sept., changes 0 Number of: -,,, 0 Dec.,, Jan.-Mar., changes 0, Jan.-, changes Jan.-Sept., changes 0 Operating branches, Dec., : Deposits - Number of - Loans and investments: Call dates,, 0,,,,,,,,, 0 Number of, on call dates,, 0,,,,,,,,, 0 Suspensions: Monthly table,, 0,,, 0,,, 0,,, 00 Uninsured: Banking offices: -,,, 0 Dec.,, by States Branches: -,,, 0 Dec.,, Jan.-Mar., changes Jan.-, changes Jan.-Sept., changes 0 Number of: -,,, 0 Dec.,, by States Jan.-Mar., changes Jan.-, changes Jan.-Sept., changes 0 Operating branches, Dec., : Deposits - Number of - Norway: Bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates: Change in Monthly table,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Number of. (See Banks: Number of.)

91 INDEX TO VOLUME Oats crop reports,,,, 0, 0 Obligations fully guaranteed by the U. S. (See Treasury finance: Guaranteed obligations.) Open Market Committee. (See Federal Open Market Committee.) Open market paper: Reporting member : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C., 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago....., 0,, 0 By districts and for New York and Chicago,,, 0,,, Operating ratios of member,... - By classes of and by size of groups.. By geographic divisions and by size groups - By size groups By size groups and Federal Reserve districts - Ore: Freight-car loadings indexes..., 0, 0,, 0,,,,,, 0, 0 Paper and printing: Factory employment index: Adjusted: Monthly table,,,, 00, 0,,, 0,, 00, 0 Revised indexes, - - Unadjusted 0,,, 0, 0,,,,,, 00, 0 Factory payrolls index 0,,, 0, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Paper currency: Circulation,, 0,,, 0,,,,,, 0 Shipments and receipts,, 0,,, 0,,,,,, 0 Payrolls, Factory: Charts,,,, 0 Discussion of, latter half of Indexes: By industries, monthly figures...,,,, 0,,,,,, 00, 0 Revised index, -, yearly and monthly figures..,,,,,, 0,,,, 00, 0 National summary,,,,,,,, 0 Peru: Central Reserve Bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Peru Continued. Gold movements to and from U. S,, 0,,, 0,,, 0,,, 00 Petroleum and products: Factory employment index: Adjusted: Monthly table,,,, 00, 0,,, 0,,00, 0 Revised index, - - Unadjusted 0,,, 0, 0,,,,,, 00, 0 Factory payrolls index 0,,, 0, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Philippine Islands: Gold movements to and from U. S,, 0,,, 0,,, 0,,, 00 Poland: Bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates: Change in Monthly table,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Portugal: Bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates..,,,,, 0,,,,, 0, 0 Postal savings deposits: Interest rate on, paid by member..,,, 0,,, 0,,,,, 0 Member bank holdings: All on call dates...,, 0, 0,,,,,,,, 0 Postal savings system,,,,,, 0,,,, 00, 0 Potato crop reports,,,,0,0 Potter, William C, elected Class A Director, Federal Reserve Bank of Boston Preferred stock, capital notes, and debentures held by Reconstruction Finance Corporation. (See Reconstruction Finance Corporation: Loans and investments; Governmental corporations and credit agencies.) President of the United States: Quotation from recovery message of April. (See footnote.) Prices: Agricultural, Discussion of, Industrial, Discussion of,,

92 Prices Continued. Retail food: Discussion of Index, principal countries..,,,, 0,,,,,, 0, 00 Wholesale commodity: Charts,,,,,, 0,,,,, 0 Discussion of,,,,, Indexes by groups: Principal countries...,,,,,,,,,, 0, 0 United States,,,, 0,,,,,, 0, 0 National summary,,,, 0,,,,,,, 0 Principal assets and liabilities of Federal Reserve : Monthly table,,,,, 0,,,,,, 0 Private : Assets and liabilities: Mar., 0, Branches, Dec., and Number of: Mar., 0, Production credit associations: Loans outstanding,,,,,, 0,,,, 00, 0 Production, employment, and trade: Monthly table,,,,,, 0,,,, 00, 0 Production, Industrial: Charts,,,,,, 0,,, 0,,,, 0,, 0 Discussion of, -,,, -,, 0, 0 Indexes: Adjusted: By industries, monthly figures,,,,,, 0,,,, 00, 0, monthly figures,,,,,, 0,,,, 00, 0 National summary,,,,,,,,,,, 0 Unadjusted: By industries, monthly figures,,,,,, 0,,,, 00, 0, yearly and monthly figures...,,,,,, 0,,,, 00, 0 Production, Manufacturing. (See Manufactures: Production.) Public debt, U. S. Government. finance: Public debt.) Public utilities: Bonds: INDEX TO VOLUME (See Treasury Prices. (See Bonds: Prices.) Yields. (See Bonds: Yields.) Stock prices. (See Stocks: Prices.) Public Works Administration: Assets and liabilities: Combined with Reconstruction Finance Corporation figures, 00, 0 Monthly table, 0, 0,,,, 0,, Public Works Administration Continued. Loans outstanding, Dec., Railroad repair shops: Factory employment index: Adjusted,,,,,,,, Unadjusted,,,, 0,,,, Factory payrolls index,,,, 0,,,, Railroads: Bonds: Prices. (See Bonds: Prices.) Yields. (See Bonds: Yields.) Earnings and expenses, Discussion of Stock prices. (See Stocks: Prices.) Real estate loans: Member : All on call dates... 0,, 0, 00,,,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. C. C., 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago....,, 0,, 0 By districts and for New York and Chicago,,, 0,,, Receipts, U. S. Treasury. (See Treasury finance: Receipts.) Reconstruction Finance Corporation: Assets and liabilities: Combined with Public Works Administration figures, 00, 0 Monthly table, 0, 0,,,, 0,, Guaranteed obligations outstanding 0,,, 0,,, 0,,,, 000, 0 Loans and investments, 0, 0,,,, 0,,,, 00, 0 Summary of operations, - Redemption fund, Federal Reserve notes. (See Federal Reserve notes: Redemption fund.) Reed, Lewis S., reelected Class A Director, Federal Reserve Bank of Boston Regulations of Board of Governors: Regulation D. Reserve requirements: Rulings. (See Reserve requirements.) Supplement, decreasing Regulation F. Trust powers of national : Amendments, 0- Rulings. (See Trust powers of national.) Regulation L. Interlocking directorates: Amendments 0 "Morris Plan bank" eliminated from sec. (a). (Amendment.) Regulation O. Executive officers of national. Rulings. (See Executive officers of national.) Regulation T. Margin requirements for brokers: Amendment No. 0 Rulings. (See Margin requirements: Brokers and dealers in securities.)

93 INDEX TO VOLUME Regulations of Board of Governors Continued. Regulation U. Margin requirements. Rulings. (See Margin requirements: Banks.) Reserve bank credit. (See Credit, Bank.) Reserve cities: Designation of - Reserve city member : Assets and liabilities: Dec., Mar., 0, Sept., 0 Borrowings: Call dates,, 0, 0,,,,,,,, 0 Deposits: Call dates,, 0, 0,,,,,,,, 0 Monthly figures,, 0,,, 0,,,,,, 0 Loans and investments on call dates: Monthly table 0,, 0, 00,,,,,,,, 0 Reserves * Call dates,, 0, 0,,,,,,,, 0 Monthly and weekly figures.,, 0,,, 0,,,,,, 0 Reserve position of member : Discussion of changes, - - Monthly table,, 0,,, 0,,,,,, 0 Reserve requirements: Decrease in: Discussion of - Regulation D, supplement History of, in United States - Changes in requirements, -... Computation of Legislation Reserve cities, Designation of - Reserve position of member since Member : Monthly table,,, 0,,, 0,,,,, 0 Pledged bank deposits as balances due in computing reserves. (Ruling.) Reserves: Federal Reserve : All combined, end of month and Wednesday figures,,,,, 0,,,,,, 0 Each bank, Wednesday figures..., 0, 00,,, 0,, 0,,,, 0 Member : Account in Federal Reserve : All combined, end of month and Wednesday figures,,,,, 0,,,,,, 0 Each F. R. bank, Wednesday figures,, 0,,, 0,,,,,, 0 Charts, -,,, 0-, -,,,, 0,,,,, 00 Discussion of -,, Reserves Continued. Member Continued. Excess * Charts,,,,,, 0 Classes of...,, 0,,, 0,,,,,, 0 Discussion of,, -,, -, -,, End of month and Wednesday figures 0,,,,, 0,,,,,, 0 History of - : All, call dates.,, 0, 0,,,,,,,, 0 All combined, end of month and Wednesday figures 0,,,,, 0,,,,,, 0 Classes of,, 0,,, 0,,,,,, 0 Ratio to liabilities...,,,,, 0,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C.., 0, 0, 0,,,,,,,, 0 Wednesday figures: By district and for Chi- 'cago,, 0,, 0 By districts and for New York and Chicago..,,, 0,,, Retail food prices. (See Prices: Retail food.) Retail trade. (See Department store sales and stocks.) Review of the month,,,,,,,,,,, 0 Rhodesia: Gold production: - Monthly table,,,, 0,,,,,, 0, 0 Rubber and rubber products: Factory employment index: Adjusted: Monthly table,,,, 00, 0,,, 0,, 00, 0 Revised indexes, Unadjusted 0,,, 0, 0,,,,,, 00, 0 Factory payrolls index 0,,, 0, 0,,,,,, 00, 0 Production indexes: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price indexes,,,, 0,,,,,, 0, 0 Rulings of Board of Governors: (For rulings of Board see under subject matter, i.e., Margin requirements.) Rumania: Foreign exchange rates f,,,, 0,,,,, 0, 0

94 INDEX TO VOLUME Rumania Continued. National Bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates: Change in Monthly table....,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Ruml, Beardsley, appointed Deputy Chairman, Federal Reserve Bank of New York Rural Electrification Administration: Loans outstanding, Dec., Salvador. (See El Salvador.) Savings deposits: Interest rates on,,, 0, Securities: Classification in bank examinations... - Investment securities regulation of Comptroller of Currency, revised - Loans on, by member : All on call dates. 0,, 0, 00,,,,,,,, 0 Reporting : Monthly and Wednesday figures, all, N. Y. C. and outside N. Y. C, 0, 0, 0,,,,,,,, 0 Wednesday figures: By districts and for Chicago..,, 0,, 0 By districts and for New York and Chicago...,,, 0,,, Market, discussion of,,,, 0,, New issues. (See Capital issues.) Prices: Discussion of, Principal countries,,,, 0,,,,,, 0, 00 United States,,, 0,,, 0,,,,, 0 Purchased by Foreigners: - -Sept., Jan.-Mar., Apr.-, 0 United States Government. (See United States Government securities.) Service charges, Discussion of Shipments and receipts of United States paper currency. (See Paper currency: Shipments and receipts.) Short sales: Margin requirements. (See Margin requirements.) Short-term foreign assets of in United States: -, revised figures -Sept., Jan.-Mar., Apr.-, Short-term foreign liabilities of in United States: Apr.-,, revised figures -Sept., Jan.-Mar.,.. Apr.-, Short-term foreign liabilities of in United States Continued. Charts Discussion of Silver: Circulation,, 0,,, 0,,,,,, 0 Presidential proclamation of Dec. 0,.. Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Revocation of measures affecting Silver certificates: Circulation,, 0,,, 0,,,,,, 0,, 0,,,,, 0Smith, Walter W., reelected President of Federal Advisory Council Social security: Receipts, withdrawals and benefit payments.,,,,,, 0,,,, 00, 0 South Africa: Business conditions, Discussion of Foreign exchange rates..,,,,, 0,,,,, 0, 0 Gold production: - Monthly table,,,, 0,,,,,, 0, 0 Reserve Bank: Condition,, 0,,,,,,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Spain: Bank of: Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold movements to and from U. S, 0,,, 00 Spokane branch of Federal Reserve Bank of San Francisco discontinued Sponable, Frank W., reelected Class A Director, Federal Reserve Bank of Kansas City Sproul, Allan, selected as Manager of System Open Market Account State : Assets and liabilities: Mar., 0, Branches: 0-, by location Number of: Mar., 0, Operating branches: Number of, 0- State member : Assets and liabilities: Dec., Mar., 0, Sept., 0

95 INDEX TO VOLUME State member Continued. Banking offices: -,,, 0 Dec.,, by States Branches: -,,, 0 Dec.,,, Jan.-Mar., changes Jan.-, changes Jan.-Sept., changes 0 Deposits: Call dates,, 0,,,,,,,,, 0 Earnings and expenses: 0,, - Jan.-, Correction 0 Operating ratios, Number of, and call dates: Dec.,, by States Monthly table,, 0,,,,,,,,, 0 Operating branches, Dec., : Deposits - Number of - Operating ratios, Suspensions: Monthly table,, 0,,, 0,,, 0,,, 00 Steel. (See Iron and steel.) Stewart, A. O.: Redesignated Chairman and Federal Reserve Agent, San Francisco Resigned as Class C Director and as Chairman and Federal Reserve Agent, San Francisco Stock exchange: Customers' debit balances, etc., of firms carrying margin accounts: - Monthly table,,, 0,,, 00,,,,, 0 Discount rates on loans,,, 0,, 0, 0,, 0,,, 0 Volume of trading on N. Y. S. E....,,, 0,,, 0,,,,, 0 Stocks: New issues. (See Capital issues.) Prices: Charts Discussion of, Principal countries,,,, 0,,,,,, 0, 00 United States,,, 0,,, 0,,,,, 0 Registered on National Securities Exchanges as of Jan.,, Publication of list announced Stone and clay products: Factory employment indexes: Adjusted: Monthly table,,,,,,,,,, 00, 0 Revised indexes, Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls indexes,,,, 0,,,,,, 00, 0 Stout, C. Frederick C, reelected Class B Director, Federal Reserve Bank of Philadelphia... Straits Settlements: Foreign exchange rates Q f,,,, 0,,,,, 0, 0 Summary of financial and business statistics..,,,,,,,,,, 0, 0 Suspensions, Bank. (See Banks: Suspensions.) Sweden: Bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates f,,,, 0,,,,, 0, 0 Gold movements to and from U. S.....,, 0,,, 00 Money rates,,,,,, 0,,,, 0, 0 Switzerland: Cost of living index,,,, 0,,,,,, 0, 00 Foreign exchange rates f,,,, 0,,,,, 0, 0 Gold imports and exports,,,, 0,,,,,, 0, 0 Gold movements to and from U. S.,, 0,,, 0,, 0,,, 00 Money rates,,,,,, 0,,,, 0,0 Retail food price index.,,,, 0,,,,,, 0, 00 Swiss National Bank: Annual report, - Condition,, 0,,,,,,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,,0,0 Wholesale price indexes,,,,,,,,,, 0, 0 Tax receipts, U. S. Treasury. (See Treasury finance: Receipts.) Tennessee Valley Authority. Assets and liabilities, 00, 0 Textiles: Factory employment index: Adjusted: Monthly table,,,,,,,,,, 00, 0 Revised indexes, - -0 Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Wholesale price index,,,, 0,,,,,, 0, 0 Thomas, J. J., redesignated Chairman and Federal Reserve Agent, Kansas City Tires and tubes. (See Rubber and rubber products.) Tobacco: Crop reports,,,, 0, 0

96 INDEX TO VOLUME Tobacco Continued. Manufactures: Factory employment index: Adjusted: Monthly table..,,,, 00, 0,,, 0,, 00, 0 Revised index, Unadjusted 0,,, 0, 0,,,,,, 00, 0 Factory payrolls index. 0,,, 0, 0,,,,,, 00, 0 Production index: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00, 0 Trade, Retail. (See Department store sales and stocks.) Transportation equipment: Factory employment index: Adjusted: Monthly table,,,,,,,,,, 00, 0 Revised indexes, Unadjusted,,,, 0,,,,,, 00, 0 Factory payrolls index,,,, 0,,,,,, 00, 0 Production indexes: Adjusted,,,,,, 0,,,, 00, 0 Unadjusted,,,,,, 0,,,, 00,0 Treasury cash and deposits with Federal Reserve. (See United States Government deposits: Federal Reserve.) Treasury currency outstanding: End of month figures,, 0,,, 0,,,,,, 0 End of month and Wednesday figures 0,,,,, 0,,,,,, 0 Treasury finance: Deficit: Monthly table,,,,,, 0,,,, 00, 0 Revised figures, 0, 0 Discussion of,,, 0,, Expenditures: Monthly table,,,,,, 0,,,, 00, 0 Revised figures, 0, 0 General fund balance,,,,,, 0,,,, 00, 0 Guaranteed obligations 0,,, 0,,, 0,,,, 000, 0 Public debt: Gross debt 0,,, 0,,, 0,,,, 000, 0 Interest bearing (bonds, notes, certificates and bills) 0,,, 0,,, 0,,,, 000, 0 Interest on,,,,,, 0,,,, 00, 0 Maturities 0,,, 0,,, 0,,,, 000, 0 Noninterest bearing 0,,, 0,,, 0,,,, 000, 0 Outstanding: Chart Receipts,,,,,, 0,,,, 00, 0 Treasury gold policy: Discussion of -, Inactive gold account: Discontinuation of Discussion of, - Treasury notes of : Circulation,, 0,,, 0,,,,,, 0 Trust powers of national : Approval of acceptance of trusts. (Rulings.) 0, Investments of funds: Amendments to Regulation F: Discussion of Text of amendments 0 Limitation upon investment in common trust fund. (Ruling.) Trust investment committee: Acceptance and closing out of trusts. (Amendments.) Alternates, Appointment of. (Amendments.) Directors' review of actions. (Ruling.) Minutes, Nature of. (Ruling.) Turkey: Central Bank of: Condition,, 0,,,,,,,, 0, 0 Discount rates: Change in Monthly table,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Foreign exchange rates,,,,, 0,,,,, 0, 0 Union of Soviet Socialist Republics: Bank of: Discount rates,,,,,, 0,,,, 0, 0 Gold movements to and from U. S,, 0,,, 0, Gold production: - Monthly table,, 0,,,,,, 0, 0 United Kingdom: Bank of England: Condition of,,,,,,,,,, 0, 0 Discount rates,,,,,, 0,,,, 0, 0 Gold reserves,,,, 0,, 0,,,, 0, 0 Business conditions, Discussion of Commercial,,,,,,,,,, 0, 0 Cost of living index..,,,, 0,,,,,, 0, 00 Foreign exchange rates,,,,, 0,,,,, 0, 0 Gold imports and exports,,,, 0,,,,,, 0, 0 Gold movements to and from U. S...,, 0,,, 0,,, 0,,, 00 Money rates,,,,,, 0,,,, 0, 0 Retail food price index,,,, 0,,,,,, 0, 00 Security prices,,,, 0,,,,,, 0, 00

97 INDEX TO VOLUME United Kingdom Continued. United States Housing Authority: Wholesale price indexes,,,, Assets and liabilities, 00, 0,,,,,, 0, 0 Loans outstanding, Dec., United States Government credit agencies. (See United States Maritime Commission: Governmental corporations and credit agencies.) United States notes: Loans outstanding, Dec., United States Government debt. (See Treasury Circulation,, 0,, finance: Public debt.), 0,,,,,, 0 United States Government deposits: United States Treasurer: Federal Reserve : General account on deposit in Federal Reserve. (See United States Govern- All combined, end of month and Wednesday figures 0,,,, ment deposits: Federal Reserve.), 0,,,,,, 0 Uruguay: Member bank holdings: Bank of: All on call dates..,, 0, 0, Condition,, 0,,,,,,,,, 0,,,,,, 0, 0 Reporting : Gold reserves,,,, Monthly and Wednesdayfigures,all 0,, 0,,,, 0, 0, N. Y. C. and outside N. Foreign exchange rates,,,, Y. C,,, 0,, 0,,,,, 0, 0,,,,,,, 0 Wednesday figures: Gold movements to and from U. S, By districts and for Chicago., Venezuela:,,, 0 Gold movements to and from U. S.,, 0, By districts and for New York,, 0,,, 0,,, 00 and Chicago,,, Walsh, C. C, retirement as Class C Director and 0,,, Chairman and Federal Reserve Agent, Dallas... United States Government insurance agencies. Washburn, W. 0., reelected Class B. Director, (See Insurance agencies of United States Government.) Watson, Thomas J., reelected Class B Director, Federal Reserve Bank of Minneapolis United States Government securities: Federal Reserve Bank of New York Bonds: West Africa: Prices: Gold production: Monthly table,,, 0, -,, 0,,,,, 0 Monthly table,,,, Revised averages 0 0,,,,,, 0, 0 Yields: Wheat crop reports,,,, 0, 0 Monthly table,,, 0, Wholesale commodity prices. (See Prices:, 0, 0,, 0,,, 0 Wholesale Commodity.) Revised averages 0 Wiess, Harry C, elected Class B Director, Federal Reserve Bank of Dallas Federal Reserve bank holdings: All combined, end of month and Wood, R. E., reappointed Deputy Chairman, Federal Reserve Bank of Chicago Wednesday figures 0,,,,, 0,,,,,, 0 Woolen and worsted. (See Textiles.) Each bank, Wednesday figures, 0, 00, Wright, R. P., reelected Class B Director, Federal Reserve Bank of Cleveland,, 0,, 0,,,, 0 Maturity distribution...,,,, Wysor, W. G., appointed Deputy Chairman, Federal Reserve Bank of Richmond, 0,,,,,, 0 Market, Discussion of 0-, Young, Owen D.: Member bank holdings: Designated Chairman and Federal Reserve All on call dates... 0,, 0, 00, Agent, New York,,,,,,, 0 Reappointed Class C Director, Federal Reserve Bank of New York Discussion of -,,, 0 Reporting : Reappointed Deputy Chairman, Federal Reserve Bank of New York Monthly and Wednesday figures, all, N. Y. C. and outside. Yugoslavia: N. Y. C, 0, 0, 0,, Foreign exchange rates,,,,,,,,,, 0, 0,,,,, 0,0 Wednesday figures: National Bank of: By districts and for Chicago.., Condition,, 0,,, 0,, 0,,,,,, 0, 0 By districts and for New York Discount rates,,,, and Chicago,,, 0,,,,0, 0, 0,,, Gold reserves,,,, Treasury bills: 0,, 0,,,, 0, 0 Discount rates on,,, 0, Zinc production index:, 0, 0,, 0,,, 0 Adjusted,,,, Treasury notes:,, 0,,,,00,0 Yields,,, 0, Unadjusted,,,,, 0, 0,, 0,,, 0,, 0,,,, 00, 0

98 FEDERAL RESERVE DISTRICTS Oklahoma City b ARK - ^ eje. * -/H*-LJ Little Rock/ l._^ DALLAS i B;rf>a S o j.ill t;~i--\ MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS V ^-^N *+$ H0U» S^J> ^ ^ >. «BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES^^ \ SanAntoniO\ v (APPROXIMATE IN THE ST. LOUIS DISTRICT) ^ ^ FEDERAL RESERVf BANK CITIES. FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY