Full text of Federal Reserve Bulletin : October 1937
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FEDERAL RESERVE BULLETIN OCTOBER 1937 n Recent Credit and Business Development* Regulation A—Discounts by Federal ReseriM Banks Statistics of International Capital Transactions BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON TABLE OF CONTENTS Page Review of the month—Recent credit and business developments • _ Regulation on discounts by Federal Reserve banks National summary of business conditions Summary of financial and business statistics Law Department: Regulation A relating to extensions of credit by Federal Reserve banks to member banks Ruling of the Board: Applicability of Regulation U to stock registered after loan is made Condition of insured banks Statistics of international capital transactions of the United States, April-July, 1937 Balance of international payments of the United States, 1935-36 Belgian Central Bank Law Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items Federal Reserve bank statistics Reserve position of member banks; deposits in larger and smaller centers Money in circulation Gold stock and gold movements; bank suspensions; bank debits All banks in the United States All member banks Reporting member banks in leading cities Acceptances, commercial paper, and brokers' balances Federal Reserve bank discount rates Money rates and bond yields Security markets Treasury finance Governmental corporations and credit agencies; Postal Savings System Production, employment, and trade Wholesale prices Crop report International financial statistics: Gold reserves of central banks and governments Gold production Gold movements Central banks Bank for International Settlements Commercial banks Discount rates of central banks . Money rates Foreign exchange rates Price movements: Wholesale prices Retail food prices and cost of living Security prices Federal Reserve directory: Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council Senior officers of Federal Reserve banks; managing directors of branches II 965-976 977-979 980-981 983 984-995 995 996-997 998-1001 1002 1003-1006 1008 1009-1013 1014 1015 1016 1017 1018-1019 1020-1023 1024 1025 1026 1027 1028-1029 1030-1031 1032-1040 1041 1042 1044 1045 1045-1046 1047-1050 1051 1051—1052 1053 1053 1054 1055 1056 1056 1058 1059 FEDERAL RESERVE BULLETIN VOL. 23 OCTOBER, 1937 REVIEW OF THE MONTH In the monetary field the principal development of the month was the adoption by the Federal Open Market CornSystem action mittee of a program of suplea^fal needs plying member banks with additional reserve funds with which to meet seasonal currency and credit demands. On September 13 the Committee issued the following statement: "The Federal Open Market Committee met in Washington on September 11 and 12 and reviewed the business and credit situation. In view of the expected seasonal demands on the banks for currency and credit during the coming weeks the Committee authorized its Executive Committee to purchase in the open market from time to time sufficient amounts of short term U. S. Government obligations to provide funds to meet seasonal withdrawals of currency from the banks and other seasonal requirements. Reduction of the additional holdings in the open market portfolio is contemplated when the seasonal influences are reversed or other circumstances make their retention unnecessary. "The purpose of this action is to maintain at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of monetary ease for the furtherance of economic recovery. "As a further means of making this policy effective, the Open Market Committee recommended that the Board of Governors of the Federal Reserve System request the Secretary of the Treasury to release approximately $300,000,000 of gold from the Treasury's inactive account. The Board of Governors acted upon this recommendation and the Sec- No. 10 retary of the Treasury agreed to release at once the desired amount of gold. This will place an equivalent amount of funds at the disposal of the banks and correspondingly increase their available reserves. "This action is in conformity with the usual policy of the System to facilitate the financing of orderly marketing of crops and of autumn trade. Together with the recent reductions of discount rates at the several Federal Reserve banks, it will enable the banks to meet readily any increased seasonal demands for credit and currency and contribute to the continuation of easy credit conditions." In deciding to provide additional reserves for member banks for the purpose of meeting seasonal requirements, the Federal Open Market Committee and the Board of Governors acted in conformity with the System's policy of maintaining a condition of monetary ease, a policy that has been actively pursued since the early months of 1932. Recent reductions in discount rates at the Federal Reserve banks were in harmony with this policy. The recent action of the Open Market Committee was taken in light of the fact that member banks in coming weeks will be called upon to meet a seasonal demand for currency and credit out of a reduced volume of reserves. Excess reserves of member banks in money-market centers were relatively small in August and the early part of September, and some banks in New York were borrowing funds from other banks to maintain their reserves at the required level. Member banks in leading cities have been meeting a growing demand for commercial loans, and in their adjustment to this demand they have 965 966 FEDERAL RESERVE BULLETIN continued slowly to reduce their holdings of investments. Excess reserves of member banks, which declined in the latter part of July and the early part of August from over Excess reserves $900,000,000 to about $700,00 °>°°0, were at an average level of about $770,000,000 from the middle of August to the middle of September. Following the announcement of the Open Market Committee, the Treasury proceeded at once to release $300,000,000 of gold from inactive account, and in the following ten days excess reserves increased to over $1,000,000,000. EXCESS RESERVES OF MEMBER BANKS BILLIONS OF DOLLARS WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 4 4 money in circulation 1935 1936 1937 The entire amount of inactive gold released was placed to the Treasury's account with the Federal Reserve banks, raising this account to $410,000,000 on September 13. During the following two weeks Treasury cash disbursements in excess of cash receipts resulted in a rapid reduction in Treasury deposits with the Reserve banks. The Treasury had bill maturities on September 16, 17, and 18 of $350,000,000 and large interest payments, as well as cash redemption of notes which were not exchanged for the new issues 1937 on September 15. These public-debt transactions, together with regular disbursements and payments for newly received gold, were considerably larger than total receipts, including quarterly income tax collections. In addition, a part of the regular Treasury bill issues of September 22 and 29 to replace maturities were sold to banks on a book credit basis instead of for cash, thereby permitting a further reduction of Treasury balances at the Reserve banks. As the majority of the Treasury bills which were paid off in September were held in the New York market, the bulk of the increase in reserves went to New York City banks. Excess reserves of New York banks, as shown on the accompanying chart, increased from about $100,000,000 early in September to an average level of about $350,000,000 in the week ending September 24. Banks in other sections of the country lost reserves around the 15th of September, largely as a result of quarterly income tax payments. During the autumn months the seasonal rise in money in circulation tends to reduce member bank reserve Prospective rise in 1934 OCTOBER balances. The accom. panymg chart, which gives the changes in money in circulation over the past four years, shows that in the past three years money in circulation has shown a gradual increase of about $200,000,000 or more from the end of July until shortly before Thanksgiving, followed by a similar increase in the four or five weeks before Christmas. In years when the volume of bankers' acceptances was large the drain on member bank reserves resulting from this currency demand was largely met by sales of bankers' acceptances to the Reserve banks supplemented by an increase in Reserve bank discounts for member banks, but in the last three years, with the large volume of excess reserves, there was no occasion for resort of any kind to the Reserve banks. In fact, FEDERAL RESERVE BULLETIN OCTOBER 1937 owing to the heavy gold imports in these years, member bank reserves continued to increase during the autumn months. This year, however, with the reduced volume of excess reserves and with Treasury sterilization of current additions to the gold stock, the seasonal rise in money in circulation, in the absence of action to increase reserves, would have the effect of reducing reserves to a point MONEY IN CIRCULATION OUTSIDE TREASURY AND FEDERAL RESERVE BANKS MILLIONS OF DOLLARS ( Wednesday figures ) MILLIONS OF DOLLARS 7,000 | 1 1 1 1 1 \ ' f 1 1 | 1 7,000 A 1937 A V. —/— V 6,500 1936 •\ / 6,000 \ —t n A [ /-.... . 5,500 >- z 1935 \ ^ ^-. y 600 ,0 5,500 ft, IS34 5,000 5,000 Feb Mar Apr May Jun Jul Aug. Sept Oct. Nov Dec where it would be necessary for member banks to resort to the Reserve banks. This would be particularly the case among New York City banks, where excess reserves have been relatively small. Loans by weekly reporting member banks in leading cities have increased steadily since early this year. Investments Member bank of these banks, however, have credit shown a continuous decline, with the result that total loans and investments, after three years of substantial growth, declined in the first half of this year and showed little change in the third quarter. Deposits, other than those of the United 967 States Government, have also declined somewhat at banks in leading cities. Most of the decrease in investments has been in holdings of United States Government obligations at New York City banks, but holdings of other securities have also declined both at reporting banks in other cities and at New York City banks. The continued expansion in the volume of loans by reporting member banks in leading cities has been in loans extended for commercial, industrial, and agricultural purposes. These loans increased by about $450,000,000 from June 30 to September 22, 1937, of which about $160,000,000 occurred at banks in New York City. Loans of this type, which declined sharply during the depression, have had an almost uninterrupted growth since the early part of 1936, beginning first in the larger cities and then spreading in the first half of the current year to country banks. Notwithstanding this growth, commercial, industrial, and agricultural loans of member banks are still little more than one-half of their volume in the late 1920's. In the past, commercial, industrial, and agricultural loans at banks in leading cities have shown a tendency to increase substantially during the months of September and October. Although the upward movement in loans during the autumn at these banks is common to all sections of the country, it has usually been most pronounced in New York City, owing largely to increased trade requirements at that time of the year, and in cities in the agricultural sections, chiefly in the districts of Atlanta, Dallas, St. Louis, and Minneapolis, where the fall crop movement ordinarily results in an additional demand for loans. This substantial seasonal demand for loans coincides with the autumn increase in the demand for currency for circulation and adds to the demand of member banks for reserve funds at that time. 968 FEDERAL RESERVE BULLETIN OCTOBER 1937 During the past six months buying of com- ally maintained at the levels reached toward modities by fabricators and distributors has the end of last year, security prices have been reduced from the un- shown considerable decline and the volume of Recent business u s u a U y high level of last win- new capital issues has been reduced. developments The effects of world developments on the ter and prices of raw materidomestic business situation have been mixed, als generally have declined, but the volume of industrial production has been generally with increased orders from both raw mamaintained, except for seasonal changes, terial and industrial nations a factor sustainpartly on the basis of a large volume of orders ing activity, and war threats a disturbing accumulated last winter. The Board's season- element, particularly in the security markets. Wholesale commodity prices, which showed ally adjusted index of industrial production a general sharp advance from the end of last was 114 in June and July and 117 in August compared with 118 in the spring months. Commodity prices October to April of this year, have been somewhat Available information indicates that output lower since that time, and the general index in September was somewhat smaller than in August. In some industries the volume of for the week ending September 25 was 87.5 unfilled orders continues substantial. Wage WHOLESALE PRICES rates have shown a marked rise, particularly in construction and manufacturing. Wholesale prices of finished products, which had increased considerably less than prices of raw materials last winter, have advanced somewhat further, while prices of raw materials have declined. Increases in wholesale prices offinishedgoods have been reflected to some extent in higher retail prices, and rents COMMODITIES OTHER THAN have also advanced further. FARM PRODUCTS AND FOODS Incomes have been generally higher this year in both industrial and agricultural communities. There has been a decline in the number of unemployed, and government relief expenditures have shown a decrease. The growth in agricultural income has reflected increased incomes from larger crops, with little change in income from livestock. 15 Since last autumn many of the relationships between costs and prices and between 10 prices and incomes have been altered consid1936 1937 1934 1935 erably. The rise in costs and prices has been Monthly figures ; Bureau of Labor Statistics' data, with Federal Reserve an important factor in checking the growth products classification of livestock and products and other farm and foods. in residential building, which had been evident in 1935 and 1936. Other private con- percent of the 1926 average, 1 point less than struction has increased further, while public at the peak in the first week of April and 6 construction has declined. The total volume points higher than a year ago. The course of wholesale prices since 1934 of construction work continues much smaller is shown in two accompanying charts. The than in the 1920's. While industrial activity has been gener- first shows that the price rise last winter was TOTAL INDEX 1926 AVERAGE FOR TOTAL = 100 TOTAL^NDEX OCTOBER 1937 969 FEDERAL RESERVE BULLETIN general for livestock and their products, other The latter is particularly the case for cotton. farm products and foods, and other commod- For some other commodities, such as hides, ities but that the movements since the be- zinc, rayon, and wood pulp, supplies have conginning of April have varied among the dif- tinued low. Currently prices for rayon, hides ferent groups, with a further increase for and leather are at about the level of last livestock, a sharp decline for crops, and little spring, wood pulp is higher, and zinc is only change for other commodities as a group. moderately lower. The decline in crop prices reflects primarily the prospect of considerably larger crops this WHOLESALE PRICES OF INDUSTRIAL COMMODITIES season, particularly for cotton, grains, and 130 potatoes. The further advance in livestock \60 and livestock products is due largely to re120 duced supplies as a secondary result of 120 RAW AND droughts, and to sustained demand on the SEMI-FINISHED ^ 110 part of consumers. This year's large feed 110 / crops, according to the Department of Agri100 culture, should result in a larger production 100 / FINI SHED of livestock products and a decline in prices 90 of these products, perhaps by next summer. 90 Last winter prices of industrial raw ma- 80 80 1935 terials and semifinished materials increased 1934 1936 1937 much more than prices of finished products, Monthly figures ; Federal Reserve classification of Bureau of Labor Statistics' data; as shown in the second chart, but since the processed, are omitted. all foods and feeds, both raw and beginning of April they have declined, while prices of finished industrial products have Prices of finished products have continued advanced somewhat further. Prices of raw to advance since early in April, but at a much and processed foods and feeds, on the other slower rate than during last winter. These hand, have generally moved together, advanc- increases have reflected in part earlier ading last winter and showing seasonal changes vances in material costs and higher labor costs, as well as the larger incomes of consince then. The decline in industrial raw and semi- sumers. finished materials has been considerably As is indicated in the following table, smaller than the preceding advance and has prices of durable commodities have been genreflected largely a decrease in the price of erally maintained since spring, with increases cotton from a peak of almost 15 cents a pound in some instances, while currently prices of at the end of March to about 9 cents at the end most nondurable commodities are lower than of August. In September, cotton showed a in the spring. Also, prices of durable comfurther decline. Prices of cotton yarns, print modities are substantially higher than at the cloths, rubber, nonferrous metals, and steel beginning of the sharp advance in prices last scrap also declined considerably from the November, while prices of nondurable comspeculative peaks reached early in the spring modities are only moderately higher than at and there were smaller decreases in wool, that time. worsted yarns, silk, lumber, paint materials, Prices of commodities sold in retail marand anthracite. The decline in raw and semi- kets have increased about 2 percent within finished materials to lower levels has reflected the past year and housing costs have shown reduced buying in this period as well as in- a considerably larger advance in this period. creases, actual and prospective, in supplies. Food prices are 2 percent higher, reflecting 1934 = 100 PER CENT 970 FEDERAL RESERVE BULLETIN largely advances in meats offset in part by decreases in prices of fruits and vegetables. Retail prices of other commodities are also higher, but in recent weeks they have generally shown little change, with declines reported for some items. Prices of most models of automobiles, however, were raised in August and further increases have been announced with the introduction of 1938 models. WHOLESALE COMMODITY PRICES [Indexes, 1926=100] Week ending Sept. 25 1937 Percentage change since April 3, 1937 All commodities 87.5 -1 Farm products.__. Foods 87.3 88.7 85.9 -9 +1 96.4 96.5 92.7 0 0 Other commodities Durable Metals and metal products. Building materials Housef urnishings Nondurable Hides and leather productsTextile products Chemicals and drugs Miscellaneous Fuel and lighting 0 +3 108.3 74.5 81.2 77.1 79.6 „ _. +2 +3 -5 -7 -4 Oct. 31, 1936 +8 +4 +8 +7 +12 +10 +11 +13 +4 0 +7 +3 Source: Bureau of Labor Statistics. Industrial activity, which had increased sharply in 1935 and 1936 to a level slightly lower than that in 1929, has shown Industrial relatively little change since the production . beginning of this year. The average of the Board's seasonally adjusted index for the first eight months was 116 as compared with 119 for the year 1929 and 105 for 1936. The preliminary August index is 117, and a moderate decline from this level seems indicated for September. Output of durable manufactures, in which substantial shortages developed during depression years, has increased somewhat further this year and has been considerably larger than a year ago. Output of nondurable goods currently is lower than at the beginning of the year, owing largely to declines in recent months in meat packing and in output OCTOBER 1937 of textiles and leather products, but for the year to date has been larger than in the corresponding period last year. The increased production of durable manufactures this year reflects in considerable part a continued growth in activity in steelconsuming industries and in the steel industry, where output has been close to the volume of the peak year 1929. Industries producing automobiles, farm equipment, machinery, household appliances, and many other steel products have been operating at a high rate, in many instances using more steel than in 1929. Export demand for semifinished and finished steel products, as well as for pig iron and scrap, has increased sharply. Steel consumption by the railroads, which had been at an extremely low level for a long time, has also been in larger volume this year. The demand for steel by the building industry has remained at a low level. During recent months operations at steel mills have been based to some extent on unfilled orders accumulated early in the year. While some mills still have a backlog of unfilled orders, continuance of the recent high level of activity in this industry will depend in considerable part on such orders as may be placed in the near future. As is shown in the accompanying chart, activity in the steel industry this year has been at a higher level relative to the earlier years of recovery than activity in other durable goods industries as a group. Automobile production has been at a high rate, but output of building materials, while increasing somewhat, has remained at a low level. In the textile industries and at shoe factories a reduced volume of buying during the late spring and summer has been reflected in a decline in activity and output now is at about the level prevailing a year ago. Other nondurable goods have shown little change in the aggregate. Meat packing has been in unusually small volume since early summer, while output of tobacco and petroleum products has continued to increase. Sugar melt- FEDERAL RESERVE OCTOBER 1937 971 BULLETIN ings have shown rather wide fluctuations this lowing a sharp decline in July. Activity at year, reflecting uncertainties regarding legis- meat packing establishments increased modlation, but the volume for the first eight erately from extremely low levels. Crude months was somewhat larger than in 1936.petroleum production rose further to a new high level, while output of coal showed less than the usual seasonal increase. INDUSTRIAL PRODUCTION Construction activity, after increasing substantially during 1935 and 1936, has leveled off this year at a rate considTOTAL i Construction erably below that of the 1920's. I ...JJ^t^SJRj ALPRODUCJ1ON /_ _ T ~_ Private building has increased further, while public construction has been reduced, as is shown in the accompanying table, and this year private work has been about two-thirds of the total, as compared with one-half last year. Thefiguresin the table represent the value of contracts awarded and changes since the second quarter of 1936 reflect the rise in building costs as well as changes in the physical volume of construction. The figures are not adjusted for seasonal variation. CONSTRUCTION CONTRACTS AWARDED [In millions of dollars] Private Quarters Total Public Total 1932 1933 1934 1935 1936 Residential Other 1937 1936 First... 554 324 114 230 116 In August volume of industrial production Second. 683 315 368 206 162 Third. 804 382 422 202 180 increased somewhat, following a decline in Fourth 361 634 162 273 199 1937 June and little change in July. Steel producFirst., 662 414 207 248 207 Second. 831 527 269 304 258 tion rose slightly further and was close to the Third. e500 c290 high level prevailing before strikes curtailed e—Partly estimated. output in June. Automobile production was Source: F. W. Dodge data for 37 Eastern States. maintained in August in much larger volume than has been usual in the month preceding The increase in private work this year has the shift to new model production. In Sep- reflected largely continued growth in the tember steel output declined and automobile value of contracts for factories, public utility assemblies were reduced sharply as produc- projects, and commercial structures other tion of old models was discontinued. Lumber than office buildings. Changes in the volume output declined in August, following a period of private residential building have been of increase. In the nondurable goods indus- largely seasonal since the middle of 1936, tries output increased somewhat in August. with apartment construction continuing to Production at cotton and silk mills, which be a small part of the total. had declined in July, showed little change, The market for residential properties has while activity in woolen mills increased, fol- improved in some respects, as is indicated e320 972 FEDERAL RESERVE BULLETIN OCTOBER 1937 by a continued rise in rents, but building in average hourly earnings in the building costs have shown a sharp rise. For building trades has been larger than in many inmaterials the increase shown by the Bureau dustries, but smaller than in some important of Labor Statistics' index since the second industries, as is indicated in the table. quarter of 1936 is 12 percent, all of which Employment has increased further this occurred before June this year. Average year, although not so sharply as in 1936. The hourly earnings of construction workers have continued increase in the numEmployment ber employed at a time when risen 18 percent, with increases throughout conditions production and trade had the period. There appear to have been substantial increases also in other items that leveled off reflected in part a decline in enter into the prices paid by purchasers of the length of the average work week at houses. The sharp rise in costs has come in factories. Unemployment has declined a period when the volume of residential further and is currently about 1V2 to 2 milbuilding has been at a level only about one- lions less than a year ago. The shortages of third of the peak in 1925 and one-half of the certain types of skilled workers, evident last 1929 rate and when other construction has autumn, when production was increasing also been at a level lower than in the 1920's. rapidly, have generally proved to be temThe rise in wage rates with a relatively low porary. level of activity reflects in part the current Factory employment has increased considlimited capacity of the construction industry, erably further in 1937 and employment on whose forces were scattered during an un- the railroads, in the utility industries, and usually long period of extreme inactivity and in trade and service has shown some addiof great insecurity and irregularity of em- tional increase. ployment for building workers. The increase In manufacturing, the principal increases in employment have been at plants producAVERAGE HOURLY EARNINGS IN SELECTED INDUSTRIES ing durable goods, particularly machinery, automobiles, steel, and lumber. Employment [In cents per hour] in the nondurable goods industries, which 1936 1937 Increase had increased considerably last summer and from second autumn following a period of little change quarter 1936 to Second Second August August during the previous three years, has shown quarter quarter 1937 only seasonal changes during recent months. (percent) During this year, as in the two previous 81 90 95 18 years, payrolls have expanded more rapidly Building 57 65 66 15 Manufacturing—total than employment, as is shown on the chart. 62 Durable—total* 72 17 71 In 1935 and most of 1936, the greater inIron and steel _ 66 86 86 30 77 89 92 20 crease in payrolls had reflected almost enAutomobiles 47 52 54 15 Lumber 57 66 67 18 tirely a lengthening of the work week, with Cement 53 Nondurable—total* 58 59 12 little change in wage rates. Since last OctoCotton goods 37 42 43 16 ber, however, there has been a sharp rise in 56 68 70 24 Meat packing 50 51 54 8 hourly earnings, while the number of hours Shoes _ _ _ 81 95 Petroleum refining. _ _ 97 19 87 95 96 Tires and tubes 10 worked per week has declined somewhat. 11 Increases in hourly earnings since last auBituminous coal 80 89 89 22 58 72 71 Metalliferous mining 6 tumn have been general throughout indusTelephone and telegraph 77 81 82 11 78 82 86 Electric light and power 9 try and trade and have been particularly 67 70 72 Wholesale trade _ _ ._ 52 55 57 9 Retail trade large in industries producing durable manui Includes industries not shown separately. factures, in construction, and in mining. Source: Bureau of Labor Statistics. OCTOBER FACTORY EMPLOYMENT, HOURS AND EARNINGS WITHOUT SEASONAL ADJUSTMENT PER CENT OF 1923-25 AVERAGE PER CENT OF 1923-25 AVERAGE HO 110 105 105 f 100 95 NUMBER OF EMPLOYEES/ / 80 75 /v / s\. / ^ 100 95 v' 90 85 90 / 85 80 75 WEEKLY PAYROLLS / 70 70 1V 65 [—/—• 65 / 60 h H// CROP PRODUCTION 55 CENTS PER HOUR [In millions of units] 68 68 64 64 AVE RAGE 60 52 livestock products will be about the same as last year. The September estimates for this year's output of leading crops are shown in the accompanying table. The prospective cotton crop of 16,100,000 bales represents an increase of 3,700,000 bales over last year and, although world stocks of American cotton were reduced during last season, the prospective supply of American cotton is 2,700,000 bales larger than last year. Carry-over of foreign cotton on July 31 was somewhat larger than a year earlier, according to the Department of Agriculture, and indications point to large crops abroad. 60 I I 1 CENTS PER HOUR 55 56 973 FEDERAL RESERVE BULLETIN 1937 HOURLY t A K i M i N b s i Indicated Sept. 1, 1937 Crop 60 1936 Average 1928-32 56 ~T 52 HOURS PER WEEK HOURS PER WEEK AVERAGE HOURS PER WEEK fA^ 40 40 \ 37i Cotton Wheat, all Corn Oats Hay, tame Potatoes, white Tobacco bales bushels bushels bushels tons bushels pounds 16.1 886.0 2, 549. 3 1,136. 2 74.9 403.4 1, 448. 9 12.4 626.5 1, 529. 3 789.1 63.3 330.0 1,153.1 14.7 864.5 2, 554. 8 1, 215.1 70.1 372.1 1,427. 2 Source: Department of Agriculture. 35 35 |-J The wheat crop of 886,000,000 bushels is 41 percent larger than last season and about the'same as the 1928-1932 average, while esSource: Bureau of Labor Statistics. timated wheat supplies in other countries Preliminary estimates by the Department are smaller than in other recent years. Other food crops and tobacco are expected to be of Agriculture indicate that cash farm in- substantially greater than a year ago. Procome, including Government ad- spective production of feed grains is sharply Agriculture justment payments of about higher than last season, when output was $425,000,000, will be $9,000,000,000 for the severely curtailed by the drought, and the calendar year 1937, an increase of 14 percent supply will be the largest in several seasons over 1936 and the largest cash income since for a greatly reduced number of livestock 1929. Official estimates indicate that income on farms. from crops will be considerably larger than Distribution of commodities to consumers last year, with increased output more than during 1937 has continued at the level reached offsetting the decline in crop prices. Liveat the end of 1936 and has stock marketings have been smaller this year Domestic trade been considerably larger in J and are expected to continue small the re- and distribution volume than a year earlier. mainder of the year, but livestock prices have advanced sharply, and income from sales of Increases over last year have been particularly marked in midwestern industrial areas 32| 1934 1935 1936 1937 974 FEDERAL RESERVE BULLETIN OCTOBER 1937 where consumer incomes have been increased the second and third quarters than for the sharply by the rapid recovery in activity in first quarter. Aggregate net earnings of the durable goods industries and by advances large industrial corporations in the second in wage rates. quarter of 1937 were about 20 percent larger Freight-car loadings during the summer than for the second quarter of 1936, and it months have been at a somewhat lower level appears from available information that this than in the early part of the year, when differential will be maintained for the third allowance is made for usual seasonal changes, quarter. The increase shown for the first but have been above the corresponding quarter of this year was about 50 percent. This tendency toward a narrowing rate of months of last year. Merchandise foreign trade of the United improvement over the preceding year reflects States has expanded further this year, and in part the unusually rapid increase of earnin the first seven months was ings during 1936. It appears that profits of Foreign trade these corporations for nine months ending ab()ut 4Q p e r c e n t k r g e r t h a n in the corresponding period of 1936. Imports September 1937 will be about 30 percent have shown a greater increase than exports, larger than in the same period of last year. particularly in the early part of the year, and Earnings of the various industrial groups the excess of imports in the first seven months have shown divergent movements. Profits amounted to $145,000,000 compared with of corporations producing certain durable $24,000,000 in the same period last year. goods, chiefly iron and steel, other metals, As compared with the late 1920's, average machinery, and building supplies and equipmonthly imports this year have been about ment, as well as corporations in the petroleum four-fifths as large while exports have been industry, continued in the first and second about two-thirds the level for those years. quarters of 1937 the sharp upward movement The rise in exports this year has been the which began in the second quarter of 1936. first of any considerable magnitude since In some other lines of activity net income the summer of 1933 and has reflected, largely, this year has increased less than in earlier demand from abroad for semifinished and periods of the recovery. This is true of the finished manufactures, particularly iron and groups of companies making automobiles, steel products, machinery, automobiles, and auto parts and accessories, and industrial petroleum products. Exports of raw cotton chemicals. Earnings in the automobile group, have been at a low level. Imports, which had the profits of which make up a substantial increased steadily during 1935 and 1936, rose proportion of the total published quarterly sharply in the early part of 1937 and since profits, were smaller in both the first and the then have been maintained. The rise in im- second quarter of this year than in correports has been general with the largest in- sponding periods of 1936. Other groups for creases reported for industrial raw mate- which profits in the second quarter of 1937 rials, reflecting increased industrial activity were only slightly larger or actually lower in this country, and for agricultural com- than last year were textiles, foods, drugs, and modities, reflecting the effects of last year's wholesale and retail trade. drought on domestic supplies. Class I railroads reported a small net inEarnings of large industrial corporations come for the first half of 1937, as compared continued to increase during the first three with a deficit in the corresponding period quarters of 1937, although of 1936. During the remaining portion of Corporation profits the extent of the increase this year, however, comparison will be made and dividends with that part of 1936 when railroads were over the corresponding reporting sharply increasing net incomes. periods last year was considerably less for OCTOBER 1937 Public utility companies have continued to show only moderate increases in their earnings. Corporate cash dividend declarations, as compiled by the New York Times, were about 20 percent larger during the nine months ending September 1937 than in the corresponding period of 1936. Last year there were unusually large dividend declarations in November and December, because of the Federal tax on undistributed corporate profits which became effective on profits for that year. Prices of United States Government securities, which declined considerably in August and the early part of Security markets September, subsequently rose somewhat. The average yield on longterm Treasury bonds, which had increased from 2.53 percent in the early part of August to 2.70 percent in the second week of September, subsequently declined somewhat and at the end of September was 2.65 percent. There were similar movements in yields on Treasury notes. Prices of high-grade corporate bonds increased from April until the middle of August and subsequently showed only a slight decline. Lower-grade railroad and public utility bonds have moved irregularly lower in recent months, following the general trend of common stock prices. The average yield on high-grade corporate bonds at the end of September, as shown by Moody's Aaa bonds, was about 3.30 percent, which is about the same as in March 1936 and somewhat below the high point last April of 3.48 percent. The average yield on lower-grade corporate bonds, as shown by Moody's Baa bonds, was about 5.45 percent at the end of September, which is about the same as in November 1935 and considerably above the high in April of 4.93 percent. Common stock prices rose moderately during July, and for stocks of industrial companies the rise continued during the early part of August. Subsequently there was a decline, with a sharp drop on comparatively 975 FEDERAL RESERVE BULLETIN heavy trading in September. This drop brought price averages to the lowest point since the end of 1935, with a decline from the March peak of nearly 30 percent. Prices of industrial stocks have retained a larger part of the advances made up to March than have public utilities and railroads. Average industrial stock prices at the end of September were about as low as at any time in 1936, while public utility and railroad stock prices were lower than at any time since 1935. Prices of stocks of companies in individual manufacturing industries in September showed wide differences in relation to their levels a year earlier. Among those industries in which stock prices were still higher are some in which both price changes and increasing output have been especially favorable for profitable operations, including iron and steel, other metals, rubber products and paper, and others in which volume of output has steadily expanded while cost and price relations have remained favorable, among which are agricultural machinery and petroleum products. Industries in which stock prices were at levels considerably lower than a year ago include automobiles and automobile parts, railroad equipment, building equipment and supplies, food products other than meat packing, and tobacco. In the automobile industry there had already been several years of sharply increasing output prior to 1937, and in the industries making railroad equipment and building supplies the rate of increase in output which was anticipated has not materialized. Security issues offered for sale by domestic corporations during the third quarter of this year amounted to about Recent corporate $300,000,000, about a third financing \> > oi the average for the preceding four quarters. The smaller amount reflects in part the usual summer dullness and in part the continuance of unsettled price conditions in the security markets. For the first eight months of 1937, corporate security offerings for new capital, as 976 FEDERAL RESERVE BULLETIN shown in the following table, totalled about $930,000,000, which is about 30 percent larger than in the corresponding period of 1936. The volume in recent months, however, has been considerably smaller than a year ago. CORPORATE SECURITY ISSUES [In millions of dollars] January to August Change 1936 For new capital For refunding__ Total 1937 695 2,377 926 1,045 +231 -1,332 3,072 1,971 -1,101 Source: Commercial and Financial Chronicle. Available data indicate that about one quarter of the issues for new capital purposes continue to be intended for expansion of plant and equipment, while a little more than half are designated for increasing working capital. About 37 percent of this year's new capital offerings have been in the form of common and preferred stocks, as compared with 23 percent during the first eight months of 1936. Corporate securities offered for refunding purposes during the first eight months of 1937 were only about 40 per cent as large as in the corresponding period of 1936. Unstable security prices have been a factor in this decline, although a substantial reduction in the volume of refunding preceded the OCTOBER 1937 decline in security prices. During the second half of 1936, when long-term interest rates were the lowest on record, the amount of corporate refunding was about $800,000,000 less than during the first half of that year. This decrease represented smaller offerings by corporations other than public utility companies. During 1937 refunding operations by other corporations have increased somewhat, while public utility refunding has declined. Resignation of Member of Board Mr. Joseph A. Broderick, who had served as a member of the Board of Governors of the Federal Reserve System since February 3, 1936, resigned as of September 30, 1937, to accept the position of President of the East River Savings Bank in New York. Annual Report The complete edition of the Annual Report of the Board of Governors for 1936 is now available. This edition includes the text of the report and the record of action on questions of policy by the Board of Governors and by the Federal Open Market Committee, which were available earlier this year in the brief edition of the Annual Report, and in addition contains the usual statistical tables and other matters of record usually published in the complete edition. FEDERAL RESERVE BULLETIN OCTOBER 1937 977 REGULATION ON DISCOUNTS BY FEDERAL RESERVE BANKS A new regulation to govern discounts and consider the general character and amount of advances for member banks by Federal Re- the loans and investments of the member serve banks has been issued by the Board of bank and whether it has been extending an Governors effective October 1. This regula- undue amount of credit for the speculative tion supersedes the latest revision of Regula- carrying of or trading in securities, real estion A which was issued in 1930 and incor- tate, or commodities or for any other purpose porates various legislative changes on this inconsistent with the maintenance of sound subject which have been made since the be- credit conditions. In other words, under the ginning of the depression. The regulation is law a bank is not entitled to credit from a printed beginning on page 984 of this issue of Federal Reserve bank merely because it has the BULLETIN. eligible and acceptable paper, if the conduct The new regulation is prefaced by a state- of the bank's business has been such as to enment of general principles. It is stated that danger its depositors or to promote the dethe guiding principle under- velopment of unsound credit conditions. General principles j y i n g ^ digcount poHcy of These general principles mark a definite the Federal Reserve banks is the advance- recognition of the fact that the lending funcment of the public interest and that, accord- tion of the Federal Reserve banks is not autoingly, the effect that the granting or with- matic but is an instrumentality of the Sysholding of credit accommodation by a Fed- tem's general credit policy. In deciding upon eral Reserve bank may have on a member their discount policy the Reserve banks are bank, on its depositors, and on the community expected to take into consideration the genis of primary importance. In passing upon eral business situation as well as the general applications for discounts or advances of conduct and management of the applying member banks, Federal Reserve banks are bank. expected to consider not only the quality of The first part of the regulation deals with the paper submitted but; also whether or not the requirement as to eligibility for discount it is in the public interest to place additional of notes, drafts, and bills arisfunds at the disposal of the member bank in Finance paper ing out of commercial, agriquestion and correspondingly to increase its cultural, and industrial transactions and conindebtedness. At times when the value of tains relatively few substantial changes from assets held by banks may be decreasing be- the old regulation. The legal limitation of cause of a downward turn in the nation's maturities to 90 days, except in the case of business and a decrease in the national in- agricultural paper where it is 9 months, come, a liberal extension of credit by the remains unchanged. An important change, Federal Reserve banks may be a means of however, occurs with regard to paper the moderating the business decline. On the proceeds of which are advanced or loaned other hand, at a time when credit expansion to some other borrower. The Board had hereis proceeding at a rate that calls for restraint, tofore held that paper the proceeds of which a less liberal extension of credit by the Fed- were advanced or loaned to some other boreral Reserve banks may be in the public in- rower, such as paper made by finance comterest. panies, was ineligible for discount at Federal The statement of general principles also Reserve banks, with the exception of paper restates the substance of provisions of the of cooperative marketing associations and Banking Act of 1933 to the effect that, in ex- of certain factors which had been specifically tending credit accommodation to a member made eligible by the law. In the new regulabank, the Federal Reserve bank is required to tion the requirement that the proceeds of 978 FEDERAL RESERVE BULLETIN OCTOBER 1937 eligible paper must be used "in the first in- member banks to receive credit accommodastance" for the purpose of producing, pur- tion from Federal Reserve banks on their chasing, carrying, or marketing goods has promissory notes collateraled by any security been eliminated, and it is likewise no longer acceptable to the Federal Reserve bank. This required that the proceeds of eligible paper action was taken to relieve a situation existmust not be advanced or loaned to some other ing during the deflationary period when many borrower. Under the new regulation, there- banks with sound assets in their possession fore, notes, drafts, or bills the proceeds of were obliged to close their doors because they which have been advanced or loaned to some did not have paper eligible for rediscount at other borrower for a commercial, agricul- the Federal Reserve bank. The inability of tural, or industrial purpose are eligible for Federal Reserve banks to discount sound discount, provided they comply with the usual paper unless it complied with the eligibility requirements as to maturity. The principle requirements of the law was one of the conunderlying this interpretation by the Board ditions that aggravated the deflationary is that paper whose proceeds are used for an movement. Section 10 (b) was first enacted eligible purpose in the hands of a second bor- as a temporary emergency measure to overrower is not rendered ineligible by the inter- come this situation and its duration was vening transaction. This makes eligible for originally limited to March 3, 1933, but was discount a large amount of paper of commis- later extended to March 3, 1935. It was sion merchants and finance companies, in- originally restricted to banks with a capital cluding paper drawn to finance installment not exceeding $5,000,000, and each loan had sales of a commercial character. to be authorized by the affirmative vote of Another change in the sections dealing with not less than five members of the Federal Reeligible paper is based on the National Hous- serve Board. These latter restrictions were ing Act of June 27, 1934,eliminated by the Emergency Banking Act Construction loans w M c h m a k e g e l j g i W e f Q r r e _ of March 9,1933, but there still remained prodiscount notes with short maturities repre- visions of the original law to the effect that senting loans made to finance the construc- this section could be used only in exceptional tion of residential or farm buildings, if ac- and exigent circumstances and only by memcompanied by a valid and binding agreement ber banks having no further eligible and acto advance the full amount of the loan upon ceptable assets available to enable them to the completion of the building, entered into obtain adequate credit accommodations unby persons acceptable to the discounting Fed- der the regular discount provisions of the eral Reserve bank. This provision of the law. In view of the temporary nature of the law was intended to encourage loans by legislation, the provisions of this section were banks for construction purposes with a view not covered by a formal amendment to the to promoting recovery of the building in- regulation but only by circular letters sent by the Board to all Federal Reserve banks outdustryA more fundamental change in the regula- lining the procedure for making such loans. tion appears in section 2, which incorporates The Banking Act of 1935 made this section for the first time provisions re- permanent and further liberalized it by reAdyances on g a r di n g advances to m e m b e r moving the requirements that in order for collateral f i i J.- . ^ / I V ^ a bank to borrow under this section there banks under section 10 (b) of must be exceptional and exigent circumthe Federal Reserve Act. This provision was stances and that the bank must be unable to added to the law by the so-called Glass- obtain adequate credit accommodations unSteagall Act of February 27, 1932, for the der other provisions of the Federal Reserve purpose originally of making it possible in Act. The minimum rate of interest on these exceptional and exigent circumstances for OCTOBER 1937 FEDERAL RESERVE BULLETIN advances was reduced from 1 percent to x/2 percent above the highest discount rate. A four months' limit on the maturity of advances under this section was provided. It is for advances under the authority of section 10 (b) of the Federal Reserve Act that provision is made in All sound paper may sec ti O n 2 of the new Regbe used as collateral ulation A. This regulation authorizes the use as collateral for advances, in addition to Government securities and eligible paper which could serve as a basis for advances under the old law, the various classes of paper that underlie the financing of the country's principal economic activities. It lists specifically the following classes of assets: securities defined by the Comptroller of the Currency as eligible for investment by national banks, loans on stocks made in compliance with the Board's Regulation U, mortgages and loans insured under titles 1 or 2 of the National Housing Act, debentures and bonds issued by Federal Home Loan banks or under authority of the Federal Farm Loan Act, bills, notes, and revenue bonds and warrants issued by States or other political subdivisions, obligations issued or drawn for the purpose of financing real estate, and obligations issued or drawn for the purpose of financing the sale of goods on an installment basis. In addition to the specified classes of assets, the regulation provides further that, when in the judgment of a Federal Reserve bank circumstances make it advisable to do so, it may accept as security for an advance under this section any assets satisfactory to the Federal Reserve bank. The regulation, therefore, bars no paper from use as collateral for advances but merely indicates a class of preferred paper which covers all the principal fields of financing. In order to encourage member banks to have their real estate loans and installment paper in a form that would qualify them to be included in the preferred list, the Board in an appendix to the regulation recommends 979 certain minimum standards for observance in making such loans. In establishing rules, which in effect make all sound assets of member banks a potential basis of advances by the Federal Reserve banks, the Board had in mind the fact recognized by Congress in the Banking Act of 1935, that under our banking system member banks carry time deposits as well as demand deposits, and since these banks are custodians of the funds representing the savings or capital accumulation of the people, they properly invest a part of their funds in long-time paper, and consequently provision should be made for using them in case of need as a basis of advances from the Federal Reserve banks. The principles underlying the new regulation are the same as those underlying recent modifications of the Federal New view of Reserve Act. Experience has demonstrated that the solvency of banks is better safeguarded by careful regard to the quality of the paper that they acquire than by strict observance of the form that this paper takes. Strict eligibility requirements in the past did not save the banking system from collapse. Greater emphasis on soundness and less emphasis on form is, therefore, a sound banking principle. The Board was also guided in its determination of eligibility requirements by the recognition of the fact that at a time of a deflationary trend it is important for the Federal Reserve System to lend with the greatest freedom consistent with safety. At such times technical limitations on the character of eligible paper endanger rather than protect the safety of the banking structure. By describing in the regulation the character of paper that will have first claim for advances the Board hopes to encourage better and safer banking practices. At the same time the Board believes that the assurance of support in case of need given to member banks with sound assets will encourage these banks to give their communities the financial services that they require. 980 FEDERAL RESERVE BULLETIN OCTOBER 1937 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 25 and released for publication September 28] In August industrial activity advanced from the level of the two preceding months and on a seasonally adjusted basis was close to the volume of last spring. Early reports for September indicate a decline in steel output and a seasonal decrease in the production of automobiles. Production and employment.—Volume of industrial production, as measured by the Board's seasonally adjusted index, was 117 percent of the 1923-25 average in August as compared with a level of 114 percent in June and July and 118 percent during the spring. Steel production rose slightly further and was close to the high level prevailing before strikes curtailed output in June. Automobile production was maintained in considerably larger volume than is usual in the month preceding the shift to new model production. Lumber output declined, following a period while crude petroleum production continued to expand. Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, declined somewhat in August and the first half of September. Awards for private residential building showed little change and were in about the same volume as in the corresponding period of 1936, while publiclyfinanced residential building declined and was in considerably smaller volume than last year. Factory employment, which had increased in July, showed less than a seasonal rise in FACTORY EMPLOYMENT AND PAYROLLS INDUSTRIAL PRODUCTION A, j \ X \ 100 90 80 1929 100 h 90 70 J 60 50 50 1929 1930 1931 1932 1933 1934 1935 1936 1937 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. of increase. In the nondurable goods industries output increased in August, reflecting chiefly increases at cotton and woolen textile mills, following considerable declines in the preceding month. Activity at meat packing establishments increased somewhat from an extremely low level. Shoe production showed less than the usual seasonal rise. At mines output of coal increased less than seasonally, 1931 1932 1933 1934 1935 1936 1937 80 70 60 1930 Monthly indexes of number employed and payrolls at factories, unadjusted for seasonal variation. 1923-1925 average = 100. August. Factory payrolls increased by about the usual seasonal amount. The number employed at steel mills increased somewhat further, while at automobile factories, railroad repair shops, and sawmills employment declined. In the textile industries employment in the production of fabrics decreased somewhat, while employment in the production of wearing apparel increased. Changes in employment in most other manufacturing industries were small. Agriculture.—Department of Agriculture crop estimates based on September 1 conditions were about the same as the estimates a month earlier, except for an increase in cot- ton and a decrease in corn. Output of leading crops is substantially larger than last season. Supplies of livestock and meats are expected by the Department of Agriculture to continue smaller than last year. Distribution.—Mail order sales and sales at department stores showed somewhat less than the usual seasonal increase from July to August. Freight-car loadings continued at the level of the previous month. Commodity prices.—Cotton prices declined considerably further from the middle of August to the third week of September and there were smaller decreases in cotton goods, WHOLESALE 90 by the Treasury from its inactive account. The bulk of the increase in excess reserves went to New York City banks and on September 22 these banks had excess reserves of $350,000,000, Chicago banks had $50,000,000, and banks elsewhere $600,000,000. Commercial loans at reporting member banks in 101 leading cities, reflecting in part MEMBER BANK CREDIT PRICES Other Commodities 80 "V / f a 70 60 50 981 FEDERAL RESERVE BULLETIN OCTOBER 1937 \ I Farm Products 1935 1936 1937 '34 1935 1936 1937 Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to September 15, 1937. Loans on real estate, loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown separately. 40 Indexes compiled by United States Bureau of Labor Statistics, 1926 = 100. By weeks, 1932 to September 18, 1937. silk, hides, steel scrap, copper scrap, and lumber. Prices of livestock and livestock products, after some decline in the latter part of August and the first week of September, advanced sharply in the middle of September. Bank credit.—Excess reserves of member banks increased in thefive-weekperiod ending September 22 from $800,000,000 to $1,000,000,000 as the result of a release of gold seasonal demands, continued to increase substantially during the four weeks ending September 15, both in New York City and outside. Holdings of United States Government obligations and of other securities showed a further decrease, with the result that total loans and investments declined somewhat. Money rates.—Rates on 9-month Treasury bills declined from 0.71 percent early in September to 0.44 percent later in the month, and average yields on long-term Treasury notes declined from about 1% percent to below IV2 percent. 982 FEDERAL RESERVE BULLETIN OCTOBER MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS QF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 13 13 12 12 11 1 1 10 10 GOLD STOCK /^ 9 9 8 8 i 7 MONEY IN CIRCULATION 1\ 1 \ 6 ^^. 7 ^ 6 ****** 5 5 4 4 TREASl RY CASH 3 : ''\.x. ;......W.. 2 j : 1 TREASliRY DEPOSITS I 0 1932 m, i RESERVE BANK (:REDIT 1 s' M 2 ,vi— 1 0 1933 1934 1935 1936 1937 1936 1937 8 7 MEMBER BANK RESERVE BALANCES 6 5 4 EXCESS RESERVES 3 2 REQUIRED RESERVES 1 0 1932 3 1933 1934 1935 Latest figures for September 22, 1937. See table on page 1008. 1937 983 FEDERAL RESERVE BULLETIN OCTOBER 1937 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS Annual averages 1937 Aug. July June Aug. 2, 573 2,574 17 13 3 3 2,527 2,526 12, 512 12,404 2,576 2,555 _ 6,500 6,475 __ 3,655 3,532 212 _. 137 592 543 6,701 750 2,578 2,474 15 6 5 3 2,526 2,430 12,189 10, 674 2,548 2,499 6,435 6,191 3,322 2,416 131 275 549 583 6,845 6,878 876 876 , Loans to brokers and dealers in securities 1 Loans on securities to others (except banks) All other loans . U. S. Government obligations: Direct _ Fully guaranteed Other securities Reserve with Federal Reserve banks Cash in vault Balances with domestic banks Demand deposits—adjusted Time deposits (excluding interbank)3_ Deposits of domestic banks* Borrowings _ 5,861 2, 458 2,907 1935 1934 1933 1932 1929 2,478 2,481 6 6 3 4 2,430 2,430 10, 514 10, 578 2,492 2,503 6,062 6,101 2,579 2,474 793 446 567 551 5,484 2,593 5,989 2,512 2,475 7 5 2,431 9,059 2,478 5,585 2,791 128 507 2,502 36 25 2,432 7,512 2,381 5,403 2,798 81 438 2,429 283 83 2,052 4,059 2,271 5,576 288 55 497 2,077 521 71 1,461 3,952 2,096 5,328 236 39 407 1,459 952 241 208 3,996 2,015 4,476 207 22 406 5,001 2,469 3,676 1,564 2,343 2,114 528 256 2,358 43 22, 332 1,362 2, 002 6, 565 22, 219 22,330 22, 297 22,484 22, 373 22,064 19,997 18, 672 17, 505 19,080 22, 599 1,375 1,393 1,125 1,171 1,312 1,181 990 981 111 618 e 2, 20£ 2,001 2,006 2,023 2,072 2,096 2,055 2,131 2,545 3,157 4,226 «5,448 6,367 6,298 5,217 5,131 5,127 5,226 4,907 4,965 5,222 6,578 9,231 8,229 1,160 3,014 5,149 296 1,683 14, 918 5,245 4,979 36 8,268 8,355 9, 357 1,170 1,160 1,254 3,038 3,118 3,321 5,291 5,332 4,875 312 315 376 1,771 1,761 2, 354 14,984 15, 300 14, 785 5,254 5, 233 5,019 5,085 5,028 5,859 17 25 2 9,484 1,278 3,348 4,710 386 2,493 14, 752 5,007 6,037 9,202 9,080 1,303 1, 250 3,333 3,272 4,389 4,799 387 383 2,290 2,358 14, 563 14,619 5,037 4,999 5,503 5,810 3 5 7,989 928 3,052 4,024 326 2,112 12, 729 4,883 4,938 6 6,856 «325 *3,000 2,875 271 1,688 (2) 4,413 2,865 3,121 3,245 1,822 1,673 240 214 1,322 1,250 2,847 1,725 248 1,142 5,228 (2) (2) 4,937 4,946 5,666 3,814 2,822 2,772 8 115 228 (2) 6 788 2[ 787 674 Averages of weekly figures; percent per annum 1.00 1.00 .52 2. 59 3.25 1.00 1.00 .49 2.59 3.26 1.00 1.00 .58 2.64 3.28 184 76 108 106 49 56 34.4 250 93 139 82 57 560 359 200 418 269 149 297 217 80 232 171 62 339 104 236 294 70 225 118 114 113 109 106 111 78 88 89 86 86 86 87 89 85 86 86 82 84 83 80 84 81 81 81 80 84 79 78 80 79 84 81 81 82 80 82 80 79 84 78 80 .75 1.00 .18 2.43 3.21 .75 1.00 .14 2.50 3.23 .75 1.00 .23 2.50 3.24 .75 .91 .14 2.47 3.24 .76 .56 .14 2.70 3.60 1.02 1.00 .26 3.10 4.00 5.85 7.61 1.72 1.16 .52 3.31 4.49 2.73 2.05 .88 3.65 5.01 3.60 4.73 89 60 29 32 13 18 146 100 46 54 27 27 959 841 118 781 667 115 72 63 49 190 75 65 71 78 74 66 51 61 71 66 65 48 61 70 68 95 105 100 92 105 76 75 82 25 11 37 72 49 58 67 64 63 71 28 13 40 66 46 55 69 119 119 115 117 87 142 105 109 107 111 140 121 134 110 437 367 Amounts per month; in millions of dollars CAPITAL ISSUES All issues—total New Refunding Domestic corporate issues—total.. New__ Refunding 2,474 3 3 2,430 10, 629 2,497 6,203 2,454 545 536 6,181 MONEY RATES AND BOND YIELDS Commercial paper _ Stock exchange call loans U. S. Treasury bills U. S. Treasury bonds, long term... Corporate high grade bonds (Moody's Aaa) 1936 Averages of Wednesday figures; in millions of dollars REPORTING MEMBER BANKS Total loans and investments June Averages of daily figures; in millions of dollars RESERVE BANK CREDIT, MEMBER BANK RESERVES, AND RELATED ITEMS Reserve bank credit—total Bills discounted Bills bought U. S. Government securities __ Monetary gold stock_ Treasury currency.. Money in circulation Treasury cash Treasury deposits with F. R. banks Nonmember deposits and other accounts Member bank reserve balances: Total Excess July 734 218 516 528 152 376 518 164 354 382 99 282 392 121 270 189 34 155 180 116 64 41 15 26 Index numbers Common stocks (1926=100) Wholesale commodity prices (1926=100): All commodities Farm products Foods Other commodities Retail food prices (1923-25=100) Index numbers, adjusted for seasonal variation, 19£S-£5'=100 BUSINESS INDEXES Industrial production.. Manufactures. _ Minerals Construction—total.. Residential All other. _. Factory employment Factory payrolls (unadjusted).. Freight-car loadings.._ Department store sales.__ pin PI 18 P112 P63 M0 *>82 P102 P104 79 92 114 114 112 68 44 87 103 100 80 94 114 114 114 61 42 77 101 103 78 93 P267 ?265 v Preliminary. « Partly estimated. i Includes loans on securities to banks, 1929-1934. * Figures not available. * Includes time deposits of banks, domestic and foreign, 1929-1934. < Does not include time deposits 1929-1934. 108 109 101 59 44 71 93 80 76 91 104 105 100 52 36 65 90 81 73 87 105 105 104 55 37 70 92 82 75 88 90 90 91 37 21 50 86 71 64 79 79 78 86 32 12 48 83 63 62 75 A mounts per month; in millions of dollars MERCHANDISE EXPORTS AND IMPORTS Exports, including re-exports.. General imports 108 110 99 62 46 75 93 84 76 86 265 286 179 193 180 195 186 191 205 202 190 171 178 138 984 FEDERAL RESERVE BULLETIN OCTOBER 1937 LAW DEPARTMENT Revision of Regulation A Relating to Extensions of Credit by Federal Reserve Banks to Member Banks There is set forth below the text of a revision of Regulation A, entitled "Discounts for and Advances to Member Banks by Federal Reserve Banks/' which has been approved by the Board of Governors of the Federal Reserve System to become effective October 1, 1937. REGULATION A Revised effective October 1. 1937 (Superseding Regulation A, Series of 1930) DISCOUNTS FOR AND ADVANCES TO MEMBER BANKS BY FEDERAL RESERVE BANKS INTRODUCTION This regulation is based upon and issued pursuant to various provisions of the Federal Reserve Act, the most important of which, together with related provisions of law, are published in the Appendix hereto. The regulation is applicable to the following forms of borrowing from a Federal Reserve bank: (1) discounts for member banks of commercial, agricultural and industrial paper and bankers' acceptances; (2) advances to member banks on their own notes secured by paper eligible for discount or purchase by Federal Reserve banks, by obligations of the United States or certain corporations owned by the United States, or by other security which is satisfactory to the Federal Reserve bank; and (3) discounts for Federal Intermediate Credit banks. SECTION 1. DISCOUNT OF NOTES, DRAFTS AND BILLS FOR MEMBER BANKS 1 (a) Commercial, agricultural and industrial paper. —Any Federal Reserve bank may discount for any of its member banks, under authority of sections 13 and 13a of the Federal Reserve Act, any note, draft, or bill of exchange which meets the following requirements : (1) It must be a negotiable note, draft, or bill of exchange, bearing the indorsement of a member bank, which has been issued or drawn, or the proceeds of which have been used or are 1 Even though paper is not eligible for discount by a Federal Reserve bank for a member bank under the provisions of this regulation, it may be used as security for an advance by a Federal Reserve bank to a member bank under the terms and conditions of subsection (c) and subsection (d) of section 2 of this regulation if it constitutes security satisfactory to the Federal Reserve bank. In addition to the classes of paper mentioned in section 1 of this regulation a Federal Reserve bank may discount bankers' acceptances in accordance with the provisions of section 6 of this regulation. to be used, in producing, purchasing, carrying or marketing goods 2 in one or more of the steps of the process of production, manufacture, or distribution, or in meeting current operating expenses of a commercial, agricultural or industrial business, or for the purpose of carrying or trading in direct obligations of the United States (i.e. bonds, notes, Treasury bills or certificates of indebtedness of the United States); (2) It must not be a note, draft, or bill of exchange the proceeds of which have been used or are to be used for permanent or fixed investments of any kind, such as land, buildings or machinery, or for any other fixed capital purpose; (3) It must not be a note, draft, or bill of exchange the proceeds of which have been used or are to be used for transactions of a purely speculative character or issued or drawn for the purpose of carrying or trading in stocks, bonds or other investment securities except direct obligations of the United States (i.e. bonds, notes, Treasury bills or certificates of indebtedness of the United States) ; (4) It must have a maturity at the time of discount of not exceeding ninety days, exclusive of days of grace, except that agricultural paper as defined below in this section of this regulation may have a maturity of not exceeding nine months, exclusive of days of grace; but this requirement is not applicable with respect to bills of exchange payable at sight or on demand of the kind described in subsection (b) of this section. (b) Bills of exchange payable at sight or on demand.—Any Federal Reserve bank may discount for any of its member banks, under authority of section 13 of the Federal Reserve Act, negotiable bills of exchange payable at sight or on demand which (1) bear the indorsement of a member bank, (2) grow out of the domestic shipment or the exportation of nonperishable, readily marketable staples,3 and (3) are secured by bills of lading or other shipping documents conveying or securing title to such staples. All such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made promptly, unless the drawer instructs that they be held until arrival of such staples at their destination, 2 As used in this regulation the word "goods" shall be construed to include goods, wares, merchandise, or agricultural products, including livestock. 3 A readily marketable staple within the meaning of this regulation means an article of commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable and (b) the staple itself easy to realize upon by sale at any time. OCTOBER 1937 FEDERAL RESERVE BULLETIN in which event they must be presented for payment within a reasonable time after notice of such arrival has been received. In no event shall any such bill be held by or for the account of a Federal Reserve bank for a period in excess of ninety days. (c) Construction loans.—In addition to paper of the kinds specified above, any Federal Reserve bank may discount for any of its member banks, under authority of section 24 of the Federal Reserve Act, a negotiable note which (1) represents a loan made to finance the construction of a residential or a farm building whether or not secured by lien upon real estate, (2) is indorsed by such member bank, (3) is accompanied by a valid and binding agreement, entered into by a person4 acceptable to the discounting Federal Reserve bank, requiring such person to advance the full amount of the loan upon the completion of the construction of such residential or farm building, and (4) matures not more than six months from the date such loan was made and not more than ninety days from the date of such discount by such Federal Reserve bank, exclusive of days of grace. (d) Agricultural paper. — Agricultural paper, within the meaning of this regulation, is a negotiable note, draft, or bill of exchange issued or drawn, or the proceeds of which have been or are to be used, for agricultural purposes, including the production of agricultural products, the marketing of agricultural products by the growers thereof, or the carrying of agricultural products by the growers thereof pending orderly marketing, and the breeding, raising, fattening, or marketing of livestock. (e) Paper of cooperative marketing associations. —Notes, drafts, bills of exchange, or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products are deemed to have been issued or drawn for an agricultural purpose within the meaning of the foregoing definition of "agricultural paper", if the proceeds thereof have been or are to be used by such association in making advances to any members thereof for an agricultural purpose, in making payments to any members thereof on account of agricultural products delivered by such members to the association, or to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such association for any of its members. In addition, any other paper of such associations which complies with the applicable requirements of this regulation may be discounted. Paper of cooperative marketing associations the proceeds of which have been or are to be used (1) to defray the expenses of organizing such 985 associations, or (2) for the acquisition of warehouses, for the purchase or improvement of real estate, or for any other permanent or fixed investment of any kind, is not eligible for discount, even though such warehouses or other property is to be used exclusively in connection with the ordinary operations of the association. (f) Factors' paper.—Notes, drafts, and bills of exchange of factors issued as such for the purpose of making advances exclusively to producers of staple agricultural products in their raw state are eligible for discount with maturities not in excess of ninety days, exclusive of days of grace. (g) Collateral securing discounted paper.—Any note, draft, or bill of exchange eligible for discount is not rendered ineligible because it is secured by the pledge of goods or collateral of any nature, including paper ineligible for discount. (h) Determination of eligibility.—A Federal Reserve bank shall take such steps as may be necessary to satisfy itself as to the eligibility of any paper offered for discount. Compliance of paper with the provisions of paragraph (2) of subsection (a) of this section may be evidenced by a statement which adequately reflects the borrower's financial worth and evidences a resonable excess of quick assets over current liabilities, or such compliance may be evidenced in any other manner satisfactory to the Federal Reserve bank. (i) Limitations.—The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, discounted for any member bank shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national bank under the terms of section 5200 of the Revised Statutes of the United States, as amended.5 The law forbids a Federal Reserve bank to discount for any State member bank notes, drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State member bank in an amount greater than that which could be borrowed lawfully from such State member bank were it a national bank. SECTION 2. ADVANCES TO MEMBER BANKS (a) Advances on eligible paper.—Any Federal Reserve bank may make advances, under authority of section 13 of the Federal Reserve Act, to any of its member banks for periods not exceeding ninety days on the promissory note of such member bank secured by such notes, drafts, bills of exchange, or 5 Section 5200 of the Revised Statutes of the United States is Such person may be the member bank offering the note for printed in the Appendix to this regulation (page 993) together discount or any other individual, partnership, association or with a tabular analysis of the section prepared in the office of the Comptroller of the Currency (page 995). corporation. 4 986 FEDERAL RESERVE BULLETIN bankers7 acceptances as are eligible for discount byFederal Reserve banks under the provisions of this regulation or for purchase by such banks under the provisions of Regulation B. (b) Advances on Government obligations.—Any Federal Reserve bank may make advances, under authority of section 13 of the Federal Reserve Act, to any of its member banks for periods not exceeding fifteen days c on the promissory note of such member bank secured (1) by the deposit or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the United States, or (2) by the deposit or pledge of debentures or other such obligations of Federal Intermediate Credit banks having maturities of not exceeding six months from the date of the advance, or (3) by the deposit or pledge of Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage Corporation Act and guaranteed both as to principal and interest by the United States, or (4) by the deposit or pledge of Home Owners' Loan Corporation bonds issued under the provisions of subsection (c) of section 4 of the Home Owners' Loan Act of 1933, as amended, and guaranteed both as to principal and interest by the United States. (c) Advances on other security under section 10(b) of the Federal Reserve Act.—Subject to the provisions of subsection (d) of this section, any Federal Reserve bank may make advances, under authority of section 10 (b) of the Federal Reserve Act, to any of its member banks upon the latter's promissory note secured to the satisfaction of such Federal Reserve bank. The rate on advances made under the provisions of this subsection shall in no event be less than one-half of 1 per cent per annum higher than the highest rate applicable to discounts for member banks under the provisions of sections 13 and 13a of the Federal Reserve Act in effect at such Federal Reserve bank. Such an advance must be evidenced by the promissory note of such member bank payable either (1) on a definite date not more than four months after the date of such advance, or (2) at the option of the holder on or before a definite date not more than four months after the date of such advance. (d) Kinds of collateral which may be used as security for advances under section 10(b) of the Federal Reserve Act.—A Federal Reserve bank may accept as security for an advance made under the provisions of subsection (c) of this section assets of any of the classes enumerated below which are satisfactory to the Federal Reserve bank, or paper secured by assets of such classes: 0 However, under the provisions of the last paragraph of section 13 of the Federal Reserve Act, any Federal Reserve bank may make advances for periods not exceeding ninety days to individuals, partnerships, or corporations (including banks) on their promissory notes secured by direct obligations of the United States at rates fixed for the purpose. OCTOBER 1937 (1) Assets which may be used as collateral security for advances under subsection (a) of this section, entitled "Advances on eligible paper", or subsection (b) of this section, entitled "Advances on Government obligations"; (2) Paper which would be eligible for discount or for purchase by Federal Reserve banks except by reason of the fact that the period of its maturity is greater than that permitted for paper eligible for discount or purchase; (3) Investment securities as defined by the Comptroller of the Currency pursuant to section 5136 of the Revised Statutes of the United States; (4) Obligations evidencing loans upon the security of stock which are made in conformity with the provisions of Regulation U; (5) Obligations insured under the provisions of Title I or Title II of the National Housing Act; (6) Debentures, bonds, or other such obligations issued by Federal Home Loan banks or issued under authority of the Federal Farm Loan Act, without regard to the maturity of any such obligations; (7) Bills, notes, revenue bonds, and warrants which constitute general obligations of any State or of any political subdivision thereof; (8) Obligations which are issued or drawn for the purpose of financing, refinancing, or carrying real estate and which comply substantially with the standards set forth in the recommendations relating to real estate loans in the Appendix to this regulation; (9) Obligations which are issued or drawn for the purpose of financing or refinancing the sale of goods upon an installment basis and which comply substantially with the standards set forth in the recommendations relating to loans upon an installment basis in the Appendix to this regulation, and obligations of businesses principally engaged in extending credit on such basis and in substantial accordance with such standards. In addition, when in the judgment of the Federal Reserve bank circumstances make it advisable to do so, the Federal Reserve bank may accept as security for an advance under subsection (c) of this section any assets other than those set forth above which are satisfactory to the Federal Reserve bank. SECTION 3. GENERAL REQUIREMENTS AS TO DISCOUNTS AND ADVANCES (a) Applications for discounts or advances.— Every application by a member bank for the discount of paper or for an advance to such bank must con- OCTOBER 1937 FEDERAL RESERVE BULLETIN tain a certificate of such bank, in form to be prescribed by the Federal Reserve bank, that the paper offered for discount or the security offered for the advance, as the case may be, has not been acquired from a nonmember bank (otherwise than in accordance with section 4 of this regulation) or, if so acquired, that the applying member bank has received permission from the Board of Governors of the Federal Reserve System to discount with the Federal Reserve bank paper acquired from nonmember banks or to obtain advances from the Federal Reserve bank on security so acquired. Every such application shall also contain a notation by the member bank as to whether it has on file a statement which adequately reflects the financial worth of a party primarily liable on the paper offered as security for an advance or for discount or of the person from whom the member bank acquired such paper if such person is legally liable thereon. Every application of a State member bank for the discount of paper must contain a certificate or guaranty to the effect that the borrower is not liable and will not be permitted to become liable to such bank for borrowed money during the time his paper is under discount with the Federal Reserve bank in an amount greater than that which could be borrowed lawfully from such State bank were it a national bank. (b) Financial statements.—In order to determine whether paper offered for discount or security offered for an advance is eligible and acceptable, any Federal Reserve bank may require that there be filed with it statements, or certified copies thereof, which adequately reflect the financial worth (1) of one or more parties to any note, draft, or bill of exchange offered for discount or to any obligation offered as security for an advance and (2) of any corporations or firms affiliated with or subsidiary to such party or parties. A Federal Reserve bank may in any case require such other information as it deems necessary. (c) Speculative use of credit by a member bank.— Each Federal Reserve bank is required by law to keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse discounts or advances, the Federal Reserve bank is required to give consideration to such information. Each Federal Reserve bank may require such information from its member banks as it may deem necessary in order to determine whether such undue use of bank credit is being made. 987 (d) Additional or marginal collateral.—In connection with any discount or advance under this regulation, a Federal Reserve bank may require such additional or marginal collateral as it may deem advisable or necessary for its protection; and the requirements of this regulation with respect to collateral shall not be applicable to such additional or marginal collateral. In any case in which additional or marginal collateral is required, it is expected that the Federal Reserve bank in determining the amount will give due regard to the public welfare and the general effects that its action may have on the position of the member bank, on its depositors, and on the community; and in general a Federal Reserve bank should limit the amount of collateral it requires to the minimum consistent with safety. In any case where the amount of the assets of a member bank, at their reasonable value determined in a manner satisfactory to the Reserve bank, required as collateral in connection with any discount or advance under the provisions of this regulation exceeds at the time of the discount or advance 25 per cent of the amount of paper discounted or 125 per cent of the amount of the advance, as the case may be, the Federal Reserve bank shall include an explanation of the facts and circumstances of the case in its loan schedule submitted to the Board of Governors of the Federal Reserve System. (e) Credit extended on security of obligations of the United States.—In any case in which the amount of an advance made by a Federal Reserve bank in accordance with the provisions of this regulation on a member bank's promissory note secured by direct obligations of the United States or obligations which are guaranteed both as to principal and interest by the United States is less than the face amount of such obligations, the Reserve bank shall include an explanation of the facts and circumstances of the case in its loan schedule submitted to the Board of Governors of the Federal Reserve System. SECTION 4 PAPER ACQUIRED FROM NONMEMBER . BANKS (a) Prohibition upon acceptance of nonmember bank paper.—Except with the permission of the Board of Governors of the Federal Reserve System, no Federal Reserve bank shall discount or accept as security for an advance any assets acquired by a member bank from, or bearing the signature or indorsement of, a nonmember bank, except assets otherwise eligible which were purchased by the offering bank on the open market or otherwise acquired in good faith and not for the purpose of obtaining credit for a nonmember bank. (b) Applications for permission.—An application for permission to discount paper acquired from nonmember banks or to use as security for advances 988 FEDERAL RESERVE BULLETIN assets acquired from nonmember banks shall be made by the member bank which desires to offer such paper for discount or such assets as security and shall state fully the facts which give rise to such application and the reasons why the applying member bank desires such permission. Such application shall be addressed to the Board of Governors of the Federal Reserve System but shall be submitted by the member bank to the Federal Reserve bank of the district, which will forward it promptly to the Board of Governors of the Federal Reserve System with its recommendation. (c) Paper acquired from Federal Intermediate Credit banks.—The Board of Governors of the Federal Reserve System hereby grants permission to Federal Reserve banks to discount for member banks paper bearing the signature or indorsement of, or acquired from, Federal Intermediate Credit banks or to make advances to member banks upon the security of paper or assets bearing such a signature or indorsement or so acquired, if otherwise eligible under the law and this regulation. SECTION 5. DISCOUNTS FOR FEDERAL INTERMEDIATE CREDIT BANKS (a) Kinds and maturity of paper.—Any Federal Reserve bank, under authority of section 13a of the Federal Reserve Act, may discount for any Federal Intermediate Credit bank (1) agricultural paper as defined in section 1 of this regulation, or (2) notes payable to such Federal Intermediate Credit bank covering loans or advances made by it pursuant to the provisions of section 202 (a) of Title II of the Federal Farm Loan Act, which are secured by notes, drafts, or bills of exchange eligible for discount by Federal Reserve banks. Any paper discounted for a Federal Intermediate Credit bank must bear the indorsement of such bank and must have a maturity at the time of discount of not more than nine months, exclusive of days of grace. (b) Limitations.—No Federal Reserve bank shall discount for any Federal Intermediate Credit bank any paper which bears the indorsement of any nonmember State bank or trust company which is eligible for membership in the Federal Reserve System under the terms of section 9 of the Federal Reserve Act. In acting upon applications for the discount of paper for Federal Intermediate Credit banks, each Federal Reserve bank shall give preference to the demands of its own member banks and shall have due regard to the probable future needs of its own member banks. Except with the permission of the Board of Governors of the Federal Reserve System, no Federal Reserve bank shall discount paper for any Federal Intermediate Credit bank when its own reserves amount to less than 50 per cent of its own OCTOBER 1937 aggregate liabilities for deposits and Federal Reserve notes in actual circulation. SECTION 6. BANKERS' ACCEPTANCES7 (a) Definition.—A banker's acceptance within the meaning of this regulation is a draft or bill of exchange, whether payable in the United States or abroad and whether payable in dollars or some other money, accepted by a bank or trust company, or a firm, person, company, or corporation engaged generally in the business of granting bankers' acceptance credits. (b) Eligibility.—Any Federal Reserve bank may discount for any of its member banks any such banker's acceptance bearing the indorsement of a member bank and having a maturity at the time of discount not greater than that prescribed by subsection (c) of this section, which has been drawn under a credit opened for the purpose of conducting or settling accounts resulting from a transaction or transactions involving any one of the following: (1) The shipment of goods between the United States and any foreign country, or between the United States and any of its dependencies or insular possessions, or between dependencies or insular possessions and foreign countries, or between foreign countries; 8 (2) The shipment of goods within the United States, provided shipping documents conveying security title are attached at the time of acceptance; or (3) The storage in the United States or in any foreign country of readily marketable staples,9 provided that the bill is secured at the time of acceptance by a warehouse, terminal, or other similar receipt, conveying security title to such staples, issued by a party independent of the customer or issued by a grain elevator or warehouse company duly bonded and licensed and regularly inspected by State or Federal authorities with whom all receipts for such staples and all transfers thereof are registered and without whose consent no staples may be withdrawn; and provided further that the acceptor remains secured throughout the life of the acceptance. In the event that the goods must be withdrawn from storage prior to the maturity of the acceptance 7 For regulations governing the acceptance by member banks of drafts and bills of exchange drawn on them, see Regulation C. 8 In accepting any draft or bill of exchange arising out of a shipment of the kind referred to in clause 1 of subsection (b) of section 6 of this regulation, the accepting bank will be expected to obtain substantiating evidence as to the eligibility of the transaction underlying such draft or bill of exchange. 9 A readily marketable staple within the meaning of this regulation means an article of commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable and (b) the staple itself easy to realize upon by sale at any time. OCTOBER 1937 or the retirement of the credit, a trust receipt or other similar document covering the goods may be substituted in lieu of the original document, provided that such substitution is conditioned upon a reasonably prompt liquidation of the credit. In order to insure compliance with this condition it should be required, when the original document is released, either (A) that the proceeds of the goods will be applied within a specified time toward a liquidation of the acceptance credit or (B) that a new document, similar to the original one, will be resubstituted within a specified time. Provided, That acceptances for any one customer in excess of 10 per cent of the capital and surplus of the accepting bank must remain actually secured throughout the life of the acceptance, and in the case of the acceptances of member banks this security must consist of shipping documents, warehouse receipts, or other such documents, or some other actual security growing out of the same transaction as the acceptance, such as documentary drafts, trade acceptances, terminal receipts, or trust receipts which have been issued under such circumstances, and which cover goods of such a character, as to insure at all times a continuance of an effective and lawful lien in favor of the accepting bank, other trust receipts not being considered such actual security if they permit the customer to have access to or control over the goods. (c) Maturities.—No such acceptance is eligible for discount which has a maturity at the time of discount in excess of ninety days' sight, exclusive of days of grace, except that acceptances drawn for agricultural purposes and secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with maturities at the time of discount of not more than six months' sight, exclusive of days of grace. Although a Federal Reserve bank may legally discount an acceptance having a maturity at the time of discount not greater than that prescribed above in this subsection, an acceptance should not have a maturity which is in excess of the usual or customary period of credit required to finance the underlying transaction or which is in excess of the period reasonably necessary to finance such transaction. Since the purpose of permitting the acceptance of drafts secured by warehouse receipts or other such documents is to permit the temporary holding of readily marketable staples in storage pending a reasonably prompt sale, shipment, or distribution, no such acceptance should have a maturity in excess of the time ordinarily necessary to effect a reasonably prompt sale, 989 FEDERAL RESERVE BULLETIN shipment, or distribution into the process of manufacture or consumption. (d) Dollar exchange acceptances.—A Federal Reserve bank may also discount any bill drawn by a bank or banker in a foreign country or dependency or insular possession of the United States for the purpose of furnishing dollar exchange as provided in Regulation C, provided that it has a maturity at the time of discount of not more than three months, exclusive of days of grace. (e) Evidence of eligibility.—A Federal Reserve bank must be satisfied, either by reference to the acceptance itself or otherwise, that the acceptance is eligible for discount under the terms of the law and the provisions of this regulation. The bill itself should be drawn so as to evidence the character of the underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or certificate affixed by the acceptor in form satisfactory to the Federal Reserve bank. APPENDIX RECOMMENDATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AS TO THE MINIMUM STANDARDS W H I C H SHOULD BE OBSERVED BY MEMBER BANKS I N MAKING LOANS UPON REAL ESTATE While recognizing that requirements of individual banks in making loans for the purpose of financing or carrying real estate will vary according to the circumstances of particular transactions, the Board of Governors of the Federal Reserve System believes that certain minimum standards should be observed. Some of these standards are specifically required by law with respect to loans of national banks. Others are advisable as a matter of sound banking practice. The examiners for the Federal Reserve banks should take such standards into consideration in reviewing loans of State member banks, and Federal Reserve banks in passing upon applications of member banks for credit accommodations supported by real estate loans should give preference to the acceptance as collateral of such loans as meet these standards. With these considerations in mind the Board recommends that member banks in making or acquiring real estate loans, other than those insured under Title II of the National Housing Act, apply the standards set forth below as minimum requirements: (1) Obligations issued or drawn for the purpose of financing, refinancing, or carrying real estate should be secured by first lien, evidenced by mortgage, trust deed, or other such instrument, upon improved real estate, including improved farm land and- improved business and residential properties; (2) The amount of the loan or loans evidenced 990 FEDERAL RESERVE BULLETIN by such obligations should not exceed 50 per cent of the appraised value of the real estate securing such loan or loans and no such loan should be for a longer term than five years, except that any such loan may be in an amount not exceeding 60 per cent of the appraised value of the real estate securing such loan and for a term not longer than ten years if the loan is secured by an amortized mortgage, deed of trust, or other such instrument under the terms of which 40 per cent or more of the principal of the loan will be amortized within a period of not more than ten years by means of substantially equal monthly, quarterly, semiannual, or annual payments on principal with interest added or on principal and interest combined, and member banks should take reasonable steps to satisfy themselves that the payments and other requirements of the obligations will be met in accordance with their terms; (3) There should be on file with the member bank with respect to such obligations the following documents or properly certified or photostat copies thereof: OCTOBER 1937 or assessments thereon are delinquent and that adequate insurance is carried; and (e) such other information and documents as the circumstances of the case may render advisable. RECOMMENDATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AS TO THE MINIMUM STANDARDS FOR INSTALLMENT PAPER USED AS COLLATERAL SECURITY FOR ADVANCES TO MEMBER BANKS While recognizing that requirements of individual banks in making loans for the purpose of financing or refinancing the sale of goods upon an installment basis will vary according to the circumstances of particular transactions, the Board of Governors of the Federal Reserve System believes that certain minimum standards should be observed as a matter of sound banking practice. The examiners for the Federal Reserve banks should take such standards into consideration in reviewing loans of State member banks, and Federal Reserve banks in passing upon applications of member banks for credit accommodations supported by obligations issued or drawn for the purpose of financing or refinancing the sale of goods upon an installment basis should give preference to the acceptance as collateral of such loans as meet these standards. With these considerations in mind, the Board recommends that the standards set forth below be applied by all member banks as minimum requirements in making or acquiring such loans: (a) an appraisal of the value of the real estate which has been made within a reasonable time before the obligation was acquired by the member bank (i) by one or more competent and experienced appraisers independent of the member bank who have no interest, direct or indirect, in the real (1) Obligations which are issued or drawn estate, or (ii) if the member bank maintains for the purpose of financing or refinancing the a separate real estate department, by one sale of goods upon an installment basis should or more officers or employees who are regube secured by first lien upon or retention of larly assigned to such department, who title to such goods through a chattel mortgage, specialize in real estate appraisals and who conditional sales contract, bailment lease, or have no interest, direct or indirect, in the other similar instrument, insuring at all times real estate, or (iii) by a committee apthe continuance of an effective and lawful lien pointed by the board of directors and conor retention of title in favor of the holder of such sisting of not less than two members who obligations; are qualified for the purpose and have no (2) The goods should be of such nature and interest, direct or indirect, in the real estate, the terms of the obligations should be such that and which appraisal contains, in addition in the event of the resale of the goods at any to such other data as may be required by time during the life of the obligations it may the member bank, statements as to the purreasonably be expected that the sum realized pose for which the real estate is used or is will be substantially greater than that necessary proposed to be used and the nature and to liquidate the amount of the obligations then amount of the income received therefrom; unpaid, including interest and all charges; and (b) an adequate description of the real (3) Member banks should take reasonable estate, including the improvements; steps to satisfy themselves that the payments (c) evidence of the title to the real estate and other requirements of the obligations will in the form of a certificate of a title combe met in accordance with their terms. pany, a title insurance policy, an opinion of STATUTORY PROVISIONS a competent attorney, or other form satisfactory to the member bank; Section 4 of the Federal Reserve Act reads in part (d) satisfactory evidence that no taxes as follows: OCTOBER 1937 FEDERAL RESERVE BULLETIN 991 "Said board of directors shall administer the of Governors of the Federal Reserve System, affairs of said bank fairly and impartially and may make advances to any member bank on its time or demand notes having maturities of not without discrimination in favor of or against more than four months and which are secured any member bank or banks and may, subject to to the satisfaction of such Federal Reserve bank. the provisions of law and the orders of the Board Each such note shall bear interest at a rate not of Governors of the Federal Reserve System, less than one-half of 1 per centum per annum extend to each member bank such discounts, higher than the highest discount rate in effect advancements, and accommodations as may be at such Federal Reserve bank on the date of such safely and reasonably made with due regard note." for the claims and demands of other member banks, the maintenance of sound credit condiSection 13 of the Federal Reserve Act reads in tions, and the accommodation of commerce, industry, and agriculture. The Board of Gov- part as follows: ernors of the Federal Reserve System may pre"Upon the indorsement of any of its member scribe regulations further defining within the banks, which shall be deemed a waiver of delimitations of this Act the conditions under which mand, notice and protest by such bank as to its discounts, advancements, and the accommodaown indorsement exclusively, any Federal retions may be extended to member banks. Each serve bank may discount notes, drafts, and bills Federal reserve bank shall keep itself informed of exchange arising out of actual commercial of the general character and amount of the loans transactions; that is, notes, drafts, and bills of and investments of its member banks with a view exchange issued or drawn for agricultural, into ascertaining whether undue use is being made dustrial, or commercial purposes, or the proceeds of bank credit for the speculative carrying of of which have been used, or are to be used, for or trading in securities, real estate, or commodisuch purposes, the Board of Governors of the ties, or for any other purpose inconsistent with Federal Reserve System to have the right to the maintenance of sound credit conditions; and, determine or define the character of the paper in determining whether to grant or refuse adthus eligible for discount, within the meaning of vances, rediscounts or other credit accommodathis Act. Nothing in this Act contained shall tions, the Federal reserve bank shall give conbe construed to prohibit such notes, drafts, and sideration to such information. The chairman bills of exchange, secured by staple agricultural of the Federal reserve bank shall report to the products, or other goods, wares, or merchandise Board of Governors of the Federal Reserve Sysfrom being eligible for such discount, and the tem any such undue use of bank credit by any notes, drafts, and bills of exchange of factors member bank, together with his recommendation. issued as such making advances exclusively to Whenever, in the judgment of the Board of Govproducers of staple agricultural products in their ernors of the Federal Reserve System, any memraw state shall be eligible for such discount; but ber bank is making such undue use of bank credit, such definition shall not include notes, drafts, or the Board may, in its discretion, after reasonable bills covering merely investments or issued or notice and an opportunity for a hearing, suspend drawn for the purpose of carrying or trading in such bank from the use of the credit facilities of stocks, bonds, or other investment securities, the Federal Reserve System and may terminate except bonds and notes of the Government of such suspension or may renew it from time to the United States.* Notes, drafts, and bills adtime." mitted to discount under the terms of this paragraph must have a maturity at the time of disSection 9 of the Federal Reserve Act reads in part count of not more than 90 days, exclusive of as follows: grace. "Provided, however, That no Federal reserve * * * * * bank shall be permitted to discount for any State "Upon the indorsement of any of its member bank or trust company notes, drafts, or bills of banks, which shall be deemed a waiver of deexchange of any one borrower who is liable for mand, notice, and protest by such bank as to its borrowed money to such State bank or trust own indorsement exclusively, and subject to regucompany in an amount greater than that which lations and limitations to be prescribed by the could be borrowed lawfully from such State bank Board of Governors of the Federal Reserve Sysor trust company were it a national banking tem, any Federal reserve bank may discount or association. The Federal reserve bank, as a conpurchase bills of exchange payable at sight or on dition of the discount of notes, drafts,, and bills demand which grow out of the domestic shipof exchange for such State bank or trust comment or the exportation of nonperishable, readily pany, shall require a certificate or guaranty to marketable agricultural and other staples and the effect that the borrower is not liable to such are secured by bills of lading or other shipping bank in excess of the amount provided by this documents conveying or securing title to such section, and will not be permitted to become liable staples: Provided, That all such bills of exchange in excess of this amount while such notes, drafts, shall be forwarded promptly for collection, and or bills of exchange are under discount with the demand for payment shall be made with reasonFederal reserve bank." able promptness after the arrival of such staples at their destination: Provided further, That no Section 10 (b) of the Federal Reserve Act reads such bill shall in any event be held by or for the as follows: * Or Treasury bills or certificates of indebtedness. See act "Sec. 10 (b). Any Federal Reserve bank, under approved June 17, 1929 (46 Stat., 19), amending sec. 5 of Second rules and regulations prescribed by the Board Liberty Bond Act, approved Sept. 24, 1917 (40 Stat., 290). 992 FEDERAL RESERVE BULLETIN OCTOBER 1937 tion of the Board of Governors of the Federal account of a Federal reserve bank for a period Reserve System. If any member bank to which in excess of ninety days. In discounting such any such advance has been made shall, during bills Federal reserve banks may compute the inthe life or continuance of such advance, and deterest to be deducted on the basis of the estimated spite an official warning of the reserve bank of life of each bill and adjust the discount after the district or of the Board of Governors of the payment of such bills to conform to the actual Federal Reserve System to the contrary, increase life thereof. its outstanding loans secured by collateral in the "The aggregate of notes, drafts, and bills upon form of stocks, bonds, debentures, or other such which any person, copartnership, association, or obligations, or loans made to members of any corporation is liable as maker, acceptor, indorser, organized stock exchange, investment house, or drawer, or guarantor, rediscounted for any memdealer in securities, upon any obligation, note, ber bank, shall at no time exceed the amount for or bill, secured or unsecured, for the purpose of which such person, copartnership, association, or purchasing and/or carrying stocks, bonds, or corporation may lawfully become liable to a naother investment securities (except obligations tional banking association under the terms of of the United States) such advance shall be section 5200 of the Revised Statutes, as amended: deemed immediately due and payable, and such Provided, however, That nothing in this paramember bank shall be ineligible as a borrower graph shall be construed to change the character at the reserve bank of the district under the proor class of paper now eligible for rediscount by visions of this paragraph for such period as the Federal reserve banks. Board of Governors of the Federal Reserve Sys"Any Federal reserve bank may discount actem shall determine: Provided, That no tempoceptances of the kinds hereinafter described, rary carrying or clearance loans made solely for which have a maturity at the time of discount of the purpose of facilitating the purchase or denot more than ninety days' sight, exclusive of livery of securities offered for public subscripdays of grace, and which are indorsed by at least tion shall be included in the loans referred to in one member bank: Provided, That such acceptthis paragraph. ances if drawn for an agricultural purpose and secured at the time of acceptance by warehouse * * * * * receipts or other such documents conveying or "The discount and rediscount and the purchase securing title covering readily marketable staples and sale by any Federal reserve bank of any may be discounted with a maturity at the time bills receivable and of domestic and foreign bills of discount of not more than six months' sight of exchange, and of acceptances authorized by exclusive of days of grace. this Act, shall be subject to such restrictions, "Any member bank may accept drafts or bills limitations, and regulations as may be imposed of exchange drawn upon it having not more than by the Board of Governors of the Federal Resix months' sight to run, exclusive of days of serve System. grace, which grow out of transactions involving * * * * * the importation or exportation of goods; or which "Any member bank may accept drafts or bills grow out of transactions involving the domestic of exchange drawn upon it having not more than shipment of goods provided shipping documents three months' sight to run, exclusive of days of conveying or securing title are attached at the grace, drawn under regulations to be prescribed time of acceptance; or which are secured at the by the Board of Governors of the Federal Reserve time of acceptance by a warehouse receipt or System by banks or bankers in foreign countries other such document conveying or securing title or dependencies or insular possessions of the covering readily marketable staples. * * * * * United States for the purpose of furnishing "Any Federal Reserve bank may make addollar exchange as required by the usages of vances for periods not exceeding fifteen days to trade in the respective countries, dependencies, its member banks on their promissory notes seor insular possessions. Such drafts or bills may cured by the deposit or pledge of bonds, notes, be acquired by Federal reserve banks in such certificates of indebtedness, or Treasury bills of amounts and subject to such regulations, restricthe United States, or by the deposit or pledge of tions, and limitations as may be prescribed by the debentures or other such obligations of Federal Board of Governors of the Federal Reserve intermediate credit banks which are eligible for System: * * * * . » purchase by Federal reserve banks under section 13 (a) of this Act, or by the deposit or pledge of Section 13a of the Federal Reserve Act as amended Federal Farm Mortgage Corporation bonds is- reads in part as follows: sued under the Federal Farm Mortgage Cor"Upon the indorsement of any of its member poration Act, or by the deposit or pledge of bonds banks, which shall be deemed a waiver of deissued under the provisions of subsection (c) of mand, notice, and protest by such bank as to its Section 4 of the Home Owners' Loan Act of own indorsement exclusively, any Federal reserve 1933, as amended; and any Federal reserve bank bank may, subject to regulations and limitations may make advances for periods not exceeding to be prescribed by the Board of Governors of ninety days to its member banks on their promisthe Federal Reserve System, discount notes, sory notes secured by such notes, drafts, bills of drafts, and bills of exchange issued or drawn exchange, or bankers' acceptances as are eligible for an agricultural purpose, or based upon live for rediscount or for purchase by Federal restock, and having a maturity, at the time of serve banks under the provisions of this Act. discount, exclusive of days of grace, not exceedAll such advances shall be made at rates to be ing nine months, * * * *# established by such Federal reserve banks, such "That any Federal reserve bank may, subject rates to be subject to the review and determina- OCTOBER 1937 FEDERAL RESERVE BULLETIN 993 to regulations and limitations to be prescribed Section 24 of the Federal Reserve Act reads in by the Board of Governors of the Federal Re- part as follows: serve System, rediscount such notes, drafts, and "Loans made to finance the construction of bills for any Federal Intermediate Credit Bank, residential or farm buildings and having maturiexcept that no Federal reserve bank shall redisties of not to exceed six months, whether or not count for a Federal Intermediate Credit Bank secured by a mortgage or similar lien on the real any such note or obligation which bears the inestate upon which the residential or farm builddorsement of a nonmember State bank or trust ing is being constructed, shall not be considered company which is eligible for membership in the as loans secured by real estate within the meanFederal reserve system, in accordance with secing of this section but shall be classed as ordition 9 of this Act. Any Federal reserve bank nary commercial loans: Provided, That no namay also, subject to regulations and limitations tional banking association shall invest in, or be to be prescribed by the Board of Governors of liable on, any such loans in an aggregate amount the Federal Reserve System, discount notes payin excess of 50 per centum of its actually paid-in able to and bearing the indorsement of any Fedand unimpaired capital. Notes representing such eral intermediate credit bank covering loans or loans shall be eligible for discount as commeradvances made by such bank pursuant to the cial paper within the terms of the second paraprovisions of section 202(a) of Title II of the graph of section 13 of the Federal Reserve Act, Federal Farm Loan Act, as amended (U.S.C., as amended, if accompanied by a valid and bindTitle 12, ch. 8, sec. 1031), which have maturities ing agreement to advance the full amount of the at the time of discount of not more than nine loan upon the completion of the building entered months, exclusive of days of grace, and which into by an individual, partnership, association, or are secured by notes, drafts, or bills of exchange corporation acceptable to the discounting bank." eligible for rediscount by Federal Reserve banks. * * * * * Section 5200 of the Revised Statutes of the United "Notes, drafts, bills of exchange or acceptances States reads as follows: "Sec. 5200. The total obligations to any naissued or drawn by cooperative marketing assotional banking association of any person, cociations composed of producers of agricultural partnership, association, or corporation shall at products shall be deemed to have been issued or no time exceed 10 per centum of the amount of drawn for an agricultural purpose, within the the capital stock of such association actually meaning of this section, if the proceeds thereof paid in and unimpaired and 10 per centum of have been or are to be advanced by such associaits unimpaired surplus fund. The term 'obligation to any members thereof for an agricultural tions' shall mean the direct liability of the maker purpose, or have been or are to be used by such or acceptor of paper discounted with or sold to association in making payments to any members such association and the liability of the indorser, thereof on account of agricultural products dedrawer, or guarantor who obtains a loan from livered bv such members to the association, or if or discounts paper with or sells paper under his such proceeds have been or are to be used by guaranty to such association and shall include such association to meet expenditures incurred in the case of obligations of a copartnership or or to be incurred by the association in connection association the obligations of the several memwith the grading, processing, packing, preparabers thereof and shall include in the case of tion for market, or marketing of any agricultural obligations of a corporation all obligations of all product handled by such association for any of subsidiaries thereof in which such corporation its members: Provided, That the express enumerowns or controls a majority interest. Such limiation in this paragraph of certain classes of tation of 10 per centum shall be subject to the paper of cooperative marketing associations as following exceptions: eligible for rediscount shall not be construed as "(1) Obligations in the form of drafts or bills rendering ineligible any other class of paper of of exchange drawn in good faith against actually such associations which is now eligible for reexisting values shall not be subject under this discount. section to any limitation based upon such capi"The Board of Governors of the Federal Retal and surplus. serve System may, by regulation, limit to a " (2) Obligations arising out of the discount of percentage of the assets of a Federal reserve commercial or business paper actually owned by bank the amount of notes, drafts, acceptances, the person, copartnership, association, or coror bills having a maturity in excess of three poration negotiating the same shall not be submonths, but not exceeding six months, exclusive ject under this section to any limitation based of days of grace, which may be discounted by upon such capital and surplus. such bank, and the amount of notes, drafts, bills, "(3) Obligations drawn in good faith against or acceptances having a maturity in excess of six actually existing values and secured by goods or months, but not exceeding nine months, which commodities in process of shipment shall not may be rediscounted by such bank." be subject under this section to any limitation Section 19 of the Federal Reserve Act reads in based upon such capital and surplus. part as follows: "(4) Obligations as indorser or guarantor of "* * * No member bank shall act as the notes, other than commercial or business paper excepted under (2) hereof, having a maturity medium or agent of a nonmember bank in applyof not more than six months, and owned by the ing for or receiving discounts from a Federal person, corporation, association, or copartnership reserve bank under the provisions of this Act, indorsing and negotiating the same, shall be except by permission of the Board of Governors subject under this section to a limitation of 15 of the Federal Reserve System." 994 FEDERAL RESERVE BULLETIN per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus. "(5) Obligations in the form of banker's acceptances of other banks of the kind described in section 13 of the Federal Reserve Act shall not be subject under this section to any limitation based upon such capital and surplus. " (6) Obligations of any person, copartnership, association, or corporation, in the form of notes or drafts secured by shipping documents, warehouse receipts or other such documents transferring or securing title covering readily marketable nonperishable staples when such property is fully covered by insurance, if it is customary to insure such staples, shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus when the market value of such staples securing such obligations is not at any time less than 115 per centum of the face amount of such obligation, and to an additional increase of limitation of 5 per centum of such capital and surplus in addition to such 25 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 120 per centum of the face amount of such additional obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 30 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 125 per centum of the face amount of such additional obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 35 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 130 per centum of the face amount of such additional obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 40 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 135 per centum of the face amount of such additional OCTOBER 1937 obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 45 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 140 per centum of the face amount of such additional obligation, but this exception shall not apply to obligations of any one person, copartnership, association or corporation arising from the same transactions and/or secured upon the identical staples for more than ten months. " (7) Obligations of any person, copartnership, association, or corporation in the form of notes or drafts secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than 115 per centum of the face amount of the notes covered by such documents shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus. " (8) Obligations of any person, copartnership, association, or corporation in the form of notes secured by not less than a like amount of bonds or notes of the United States issued since April 24, 1917, or certificates of indebtedness of the United States, Treasury bills of the United States, or obligations fully guaranteed both as to principal and interest by the United States, shall (except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury) be subject under this section to a limitation of 15 ver centum of such capital and surplus in addition to such 10 per centum of such capital and surplus. "(9) Obligations representing loans to any national banking association or to any banking institution organized under the laws of any State, or to any receiver, conservator, or superintendent of banks, or to any other agent, in charge of the business and property of any such association or banking institution, when such loans are approved by the Comptroller of the Currency, shall not be subject under this section to any limitation based upon such capital and surplus." OCTOBER 1937 995 FEDERAL RESERVE BULLETIN TABULAR ANALYSIS OF SECTION 5200 OF THE REVISED STATUTES OF THE UNITED THE OFFICE OF THE COMPTROLLER OF THE CURRENCY Obligations (See definition in section 5200 above) STATES PREPARED IN Amounts loanable (A) Accommodation or straight loans, whether or not single name, including liability as endorser or guarantor (where endorser or guarantor receives the proceeds from bank) of paper not coming within exceptions 2 and 4. Loans secured by stocks, bonds, and authorized real estate mortgages. Maximum limit, 10 percent of bank's paid up and unimpaired capital and surplus. (1) Drafts or ''bills of exchange drawn in good faith against actually existing values." No limit imposed by law. (2) Commercial or business paper (of other makers) actually owned by the person, copartnership, association, or corporation negotiating the same. No limit imposed by law. (3) Obligations secured by goods or commodities in process of shipment. No limit imposed by law. (4) Obligations as endorser or guarantor of notes (other than commercial or business paper) maturing within six months, owned by endorser. 15 percent in addition to 10 percent (A) (5) Bankers' acceptances of the kinds described in section 13 of the Federal Reserve Act. No limit imposed by law. (6) Obligations secured by shipping documents, warehouse receipts, or other such docu- 15 percent, secured by 115 percent. ments, transferring or securing title covering readily marketable nonperishable staples— 5 percent, secured by 120 percent. (a) When the actual market value of the property is not at any time less than shown 5 percent, secured by 125 percent. in table herewith, 5 percent, secured by 130 percent. (b) When the property is fully covered by insurance (if customary to insure such 5 percent, secured by 135 percent. commodity), and in no event shall this exception apply to obligations of any 5 percent, secured by 140 percent. one customer arising from the same transactions and/or secured upon the identical staples for more than 10 months. 40 percent in addition to regular 10 percent loan (A). (7) Obligations secured by shipping documents or instruments covering livestock or giving a lien thereon having a market value of not less than 115 percent of the amount of the loan. 15 percent in addition to regular 10 percent loan (A). (8) Notes secured by not less than a like face amount of bonds or notes of the United States issued since April 24,1917, or by certificates of indebtedness of the United States, Treasury bills of the United States or obligations fully guaranteed by the United States as to principal and interest. 15 percent of bank's capital and surplus, in addition to the amount allowed under (A), or if the full amount allowed under (A) is not loaned, then the amount which may be loaned in the manner described under (8) is increased by the loanable amount not used under (A). In other words, the amount loaned under (A) must never be more than 10 percent, but the aggregate of (A) and (8) may equal, but not exceed, 25 percent. (9) Loans to any bank or representative in charge of its business, when approved by the Comptroller (Act May 20, 1933). No limit. Applicability of Regulation U to Stock Registered after Loan is Made The Board recently considered an inquiry regarding the applicability of Regulation U, as amended to September 1, 1937, to a loan originally made for the purpose of purchasing or carrying a stock which was not then registered on a national securities exchange but which became registered subsequently. The Board pointed out that the regulation is applicable, with certain exceptions, to any loan initially made for the purpose of purchasing or carrying a stock "registered on a national securities exchange," and stated that the phrase quoted has reference to the present status of the stock. Accordingly, a loan for the purpose of purchasing or carrying a particular stock is for the purpose of purchasing or carrying a registered stock if that particular stock is now registered, and this would be true even if the stock were not registered at the time the loan was originally made, as would be the case, for example, if the loan had been made prior to the enactment of the Securities Exchange Act of 1934. 996 FEDERAL RESERVE BULLETIN OCTOBER 1937 CONDITION OF INSURED BANKS Statements of condition of insured banks States Government obligations during the in the United States as of June 30, 1937, period, as contrasted with a large decline at recently published by the Federal Deposit city member banks. They also had a subInsurance Corporation, show that insured stantial increase in loans, mostly commercial, banks not members of the Federal Reserve industrial, and agricultural loans, for the first System increased their loans and investments ime in many years. This increased demand in the first half of 1937, while their deposits for such loans had got under way at banks showed little change. Funds were obtained in the larger cities early in 1936 but was not by these banks to increase their loans and felt in the small cities until this year. investments by drawing upon their balances The table compares the changes in the more with other banks. As shown in the following important item of condition at nonmember table, these changes were similar to those insured banks in the first half of 1937 with reported by country bank members of the those of member banks. Total loans and Federal Reserve System in the same period. investments at nonmember insured banks Nonmember insured banks are mostly small increased by over $200,000,000. These banks banks located in rural areas and are there- added about $70,000,000 to their holdings of fore comparable in many respects to country United States Government obligations, direct member banks. Both nonmember insured and fully guaranteed, but reduced their holdbanks and country member banks also in- ings of other securities somewhat. Total creased substantially their holdings of United loans increased by $150,000,000. About onethird of this increase was in agricultural loans and the remainder was distributed about CHANGES IN CONDITION OF INSURED BANKS, equally among loans on real estate, loans for FIRST HALF OF 1937 commercial and industrial purposes, and [In millions of dollars] loans of other types. Member banks of Balances of nonmember insured banks with ;he Federal Reserve System other banks, which were reduced by about NonAll member $230,000,000 during the period, amounted to insured Central insured reserve banks nearly $1,300,000,000 on June 30, 1937. The Country banks and banks reserve volume of deposits at nonmember insured city banks banks, excluding United States Government -54 Total loans and investments. -571 +208 deposits, showed a slight decline in the first +309 Loans +663 +1,075 +150 +262 half of 1937. Adjusted demand deposits U.S. Government secur+142 -1,000 -786 ities +7: -234 -96 -344 were reduced by about $90,000,000, but this -IOther securities -375 -23; -1,096 Due from banks -486 was offset by a corresponding increase in Deposits: Adjusted demand de-12 time deposits. -235 -333 posits +184 +196 +9C Time deposits +470 U. S. Government deDetailed statistics of the condition of inposits -295 -109 -4 Interbank deposits: sured banks are given in the table on the Banks in United -75 -1,143 next page. Discussion of changes in the conStates -1,058 Banks in foreign dition of member banks of the Federal Recountries +190 +191 serve System was given in the September 1 1 Demand deposits other than interbank and United States Government, less cash items in process of collection. BULLETIN. 997 FEDERAL RESERVE BULLETIN OCTOBER 1937 FEDERAL DEPOSIT INSURANCE CORPORATION CONDITION OF INSURED COMMERCIAL RANKS IN UNITED STATES AND POSSESSIONS, JUNE 30, 1937 AND DECEMRER 31, 1936 [Amounts in thousands of dollars! December 31, 1936 June 30, 1937 All banks Number of banks Loans, discounts, and overdrafts (including rediscounts) United States Government obligations, direct and fully guaranteed Other bonds, stocks and securities Total loans and securities Customers' liability on account of acceptances Banking house, furniture, and fixtures Other real estate owned Reserve with Federal Reserve banks Coin and currency Balances with other banks Cash items in process of collection Securities borrowed Other assets Total assets.. 13,885 State banks members Federal Reserve System Banks not members Federal Reserve System All banks 1,064 National banks members Federal Reserve System 7, 528 13, 970 5, 325 National banks members Federal Reserve System State banks members Federal Reserve System Banks not members Federal Reserve System 7, 594 17,014,623 8, 796, 477 • 5, 488, 398 2, 729, 748 15, 939, 722 8, 257,123 5,102, 730 2, 579, 869 13,964,712 7,213,851 8, 206, 423 3, 890, 571 4,482,511 1, 874,181 1, 275, 778 1, 449, 099 14, 749, 553 7, 557, 706 8, 673,071 4,083,006 4,872,133 2,011,621 1, 204,349 1,463,079 38,193,186 20, 893, 471 11,845,090 5, 454, 625 38, 246, 981 21, 013, 200 11,986,484 5, 247, 297 190, 745 1,172,617 537,430 6, 896, 663 844.197 4, 550, 555 2, 248, 736 818 256, 629 96. 409 633, 923 162,353 4,152,889 440, 696 2. 487, 643 1,284,067 229 128.345 90, 734 346, 452 191,361 2, 743, 774 188,609 771,308 916, 762 116 94, 382 3,602 192, 242 183,716 214, 892 1,291,604 47, 907 473 33, 902 181,281 1,177,752 560, 468 6, 571, 694 917,310 5. 646, 701 2, 594, 855 1,115 297, 760 78,692 631, 400 176,431 3, 828, 463 514,717 3,153,872 1, 465, 888 273 148,503 54,891,576 30, 280,025 17,188,588 7, 422, 963 56,195,917 31,011,439 17,706,894 7, 477, 584 22, 624, 279 100. 722 350, 575 191,055 2, 743, 231 182,663 968,065 1,067, 387 316 116,396 1,867 195, 777 192,982 219, 930 1, 524, 764 61, 580 526 32, 861 LIABILITIES Demand deposits of individuals, partnerships, or corporations Time deposits of individuals, partnerships, or corporations Public funds of states and political subdivisions IT.' S. Gov't and postal savings deposits Deposits of other banks; cash letters of credit; certified, officers, and travelers' checks outstanding Total deposits Mortgage bonds a n d participation certificates outstanding Bills payable, rediscounts, and other liabilities for borrowed money Securities borrowed Acceptances outstanding executed b y or for the account of reporting banks Dividends declared b u t not yet p a y a b l e . _ Other liabilities 12,412,525 7, 859, 907 2, 351, 847 23, 419, 236 12,671,701 8, 298, 603 2, 448, 932 13,932,794 7, 446, 341 3, 371, 541 3,114,912 13, 454,142 7, 258,088 3,171, 260 3,024, 794 3,511.114 783,091 2,198,662 464,922 671,063 262, 939 641,389 55, 230 3. 263. 286 1,086,301 2,053, 436 654,994 571, 973 331,336 637, 877 99,971 6,948,614 4,193,106 2, 609, 040 146,468 8,035,019 4,917,637 2, 956, 298 161,084 47, 799, 892 26,715,556 14,774,490 6, 309, 846 49, 257, 984 27, 555, 856 15,329,470 6, 372, 658 16,969 4, 854 23, 634 21,823 35, 425 818 9,216 229 8,218 116 17,991 473 32, 296 1,115 3,495 273 13,685 316 215, 267 46, 599 375, 694 113,378 27, 696 208.373 98, 421 16,403 140,753 3.468 2, 500 26, 568 203,226 48, 502 300,458 94, 605 28,640 163. 946 106, 882 16, 791 110,662 1,739 3,071 25, 850 27, 074, 448 15,055,370 6, 365, 700 49,867,215 27, 846, 815 15,596,339 6, 424, 061 1,578,356 1.071.102 865, 893 900,362 198, 460 609, 721 253,716 120,094 3,081,433 2,184,512 1, 595, 040 1,044,607 858, 800 891,763 191,939 627, 593 248,142 105, 696 666, 020 368, 385 164,583 64, 455 163,844 64, 478 374, 295 145, 973 4, 209 7,614 17, 706, 894 7, 477, 584 389,035 155, 065 3,920 9, 277 22, 442 12,019 5,101 15,116 526 Total liabilities, excluding capital account 48, 495, 518 Capital stock a n d capital notes a n d de- j bentures i 3,053, 970 Surplus ! 2,225,180 ! Undivided profits—net 1 707, 589 Reserve for contingencies a n d undeclared! dividends | 384,103 Retirement fund for preferred stock or cap- I ital notes and debentures j 25, 216 Total liabilities, including capital account 18, 533 54,891,576 30, 280, 025 17,188, 588 7, 422, 963 10,619 56,195,9^ 31,011,439 998 FEDERAL RESERVE BULLETIN OCTOBER 1937 STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES APRIL-JULY 1937 Statistics of international capital trans- pages 639-642. Monthly and weekly data actions of the United States through the sec- f he period from May 1929 to the end of ond quarter of 1937 are published in the or t following tables. Similar tables covering the 1936, together with five charts and a detailed first quarter of 1937 were published in the description of the statistics, were published Federal Reserve Bulletin for July 1937, in the Bulletin for May 1937, pages 394-431. NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT In banking funds Total From Jan. 2, 1935, through— Total Increase in foreign funds in U. S. In security transactions Decrease in U. S. funds abroad In brokerage balances Total securities Domestic securities Foreign securities 1935—Dec. 31 1936—Dec. 30 1937—Mar. 31 1,411.4 2,606. 7 2,929.8 963.5 1,360.3 1,530.9 603.3 930. 5 1,121.6 360.3 429.8 409.3 6.0 12.9 4.1 441.8 1, 233. 6 1,394.8 316.7 917.4 1,075.7 125.2 316.2 319.1 1937—Apr. Apr. Apr. Apr. 7 14 21 28 _ 2, 960. 6 3,039.0 3,072.8 3,110. 6 1, 546.9 1,611.5 1, 654. 6 1,698. 5 1,140.0 1,184.9 1, 222. 5 1,277. 8 407.0 426.6 432.1 420.7 1.0 8.6 7.2 9.4 1,412. 7 1,418. 9 1,411.0 1,402. 8 1,083. 5 1,084.0 1,075. 4 1,063. 7 329.2 334.8 335.5 339.1 5 12 19 26 3,148.0 3,195. 5 3, 233. 3 3,302. 4 1, 762.1 1,803. 6 1,839.9 1, 897. 3 1, 320. 3 1,352. 8 1, 374. 5 1, 436.0 441.8 450.8 465.4 461.3 15.2 9.9 13.0 12.4 1, 370. 7 1, 382.0 1, 380. 4 1, 392. 6 1,040. 8 1,050. 2 1,044. 8 1,053. 6 329.8 331.9 335.6 338.9 3,335. 2 3, 402. 3 3,488. 8 3, 551. 8 3, 551.1 1,888. 3 1, 940.1 2,011.1 2,078. 8 2,068.1 1, 431. 2 1, 481.9 1, 550.4 1,607. 0 1, 603. 8 457.1 458.2 460.7 471.8 464.3 14.2 15.0 19.2 18.6 18.3 1,432. 7 1,447. 2 1,458. 5 1,454. 4 1, 464.7 1,058. 3 1,064.1 1,069.9 1,062. 9 1,069. 5 374.4 383.1 388.6 391.5 395.2 May May May May . June 2 June June June June 9 16 23 30 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy Latin Total Other Europe Europe Canada America Far East All Other 1935—Dec. 31. 1936—Dec. 30. 1937—Mar. 31. 1,411.4 2, 606. 7 2, 929. 8 554.9 829.3 927.2 210.2 299.5 308.9 114.5 229.7 267.1 130.4 335.5 363.5 36.6 83.1 103.5 24.0 45.6 37.0 130.0 228.5 258.1 1,200.6 2,051. 3 2,265.2 0) 150.5 142.0 69.8 199.6 334.9 128.3 184.0 170.4 12.7 21.4 17.2 1937—Apr. Apr. Apr. Apr. 7_. 14. 21_ 28. 2, 960. 6 3,039.0 3,072.8 3,110. 6 957.9 1,006. 2 1,019. 6 1,013. 2 288.0 298.5 295.9 297.4 268.9 276.6 283.5 289.8 365.8 373.6 379.7 393.4 103.4 91.0 91.3 91.3 37.2 47.5 47.9 47.3 264.0 262.6 268.0 269.8 2, 285. 3 2, 356.0 2,385.9 2,402.1 138.7 131.8 130.7 136.5 339.8 346.1 345.1 359.6 178.4 186.3 191.2 191.4 18.4 18.7 19.8 21.0 May May May May 5__ 12. 19. 26. 3,148.0 3,195. 5 3, 233. 3 3, 302. 4 1,017.5 1,039. 8 1,034. 7 1,062. 3 305.6 301.3 297.9 311.2 279.8 281.4 275.6 286.9 413. 5 432.0 471.9 493.8 92.2 81.9 83.0 85.0 43.3 50.0 39.0 32.8 278.1 280.0 284.1 281. 7 2,430.1 2,466. 4 2,486.1 2, 553. 6 134.9 135.0 138.2 141.1 366.9 372.0 377.3 380.4 194.4 200.6 211.2 204.8 21.7 21.6 20.5 22.4 June 2.. June 9.. June 16. June 23. June 30. 3, 335. 2 3, 402. 3 3,488. 8 3, 551. 8 3, 551.1 1,057. 2 1,073. 9 1,072. 6 1,080. 7 1,071.7 319.7 322.7 334.3 335.7 343.5 291.9 301.8 322.7 336.3 356.7 528.4 567.2 600.3 614.6 618.3 86.7 93.4 95.2 100.7 107.6 26.1 22.8 27.0 26.0 21.7 282.6 291.8 298.9 304.9 303.5 2, 592. 4 2, 673. 6 2, 750.9 2, 798. 9 2, 822.9 134.4 127.8 137.2 151.1 131.3 381.1 377.9 374.8 373.9 379.3 204.9 199.8 203.7 205.1 194.4 22.4 23.3 22.2 22.8 23.1 i Inflow less than $50,000. OCTOBER 999 FEDERAL RESERVE BULLETIN 1937 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES From Jan. 2, 1935, through— United Kingdom Total France Netherlands Switzerland Germany Italy Other Europe Total Europe Canada Latin America Far East All Other 1935—Dec. 31 1936—Dec. 30 1937—Mar. 31 963.5 1,360. 3 1, 530.9 337.4 341. 6 347.2 177.6 206. 2 203.9 55.4 62.6 49.1 74.0 112.5 102.6 28.8 68.7 93.5 21.0 39.3 32.1 69.5 101.7 115.9 763.7 932.5 944.3 41.4 123.6 135.3 52.5 172.6 355.4 96.1 120.7 92.3 9.9 10.8 3.5 1937—Apr. Apr. Apr. Apr. 7 14 21 28 1, 546. 9 1,611.5 1, 654. 6 1, 698. 5 378.9 417.8 439. 9 437.2 183. 7 194.0 191.1 194.0 45.7 53.3 60.7 70.0 104.0 113.3 116.8 129.8 93.3 81.0 81.3 81.4 32.5 42.9 43.4 42.6 122.1 119.7 125.1 125.8 960.2 1,022. 0 1,058. 2 1,080. 9 126.2 114.8 115.6 120.3 356. 4 363.4 363.5 378.7 99.7 106.7 111.9 112.2 4.4 4.5 5.4 6.4 May May May May 5 12 19 26 1, 762.1 1,803. 6 1,839. 9 1, 897. 3 452.4 473.5 471. 2 493.5 202.9 198.8 195.9 209.0 62.0 62.3 55.7 66.8 144.4 160.1 197.7 216.0 82.5 72.5 73.6 75.8 38.4 45.2 34.3 28.2 132.9 134.7 138.7 136.0 1,115.4 1,147.1 1,167. 3 1, 225. 2 116.7 116.3 117.7 118.4 407.7 412.2 416.7 419. 5 115.4 121.5 133.0 127.0 6.8 6.5 5.2 7.2 June June June June June 2 9 16 23 30 1,888. 3 1,940.1 2,011.1 2,078. 8 2, 068.1 490.1 506.4 509.5 520.2 510.5 218.5 219.6 230.3 232.2 239.7 71.0 81.5 100.6 116.8 137.1 251.2 280.1 305.6 319.3 320.7 77.6 84.4 86.0 91.5 98.2 21.5 18.3 22.0 21.0 16.8 137.6 146.6 153.3 158.5 155.9 1, 267. 5 1,336. 8 1, 407.3 1,459. 5 1, 478. 7 109.3 103.8 105.9 121.1 99.3 376.9 369.0 363.9 361.8 366.1 127.4 122.3 126.1 127.2 114.6 7.2 8.3 7.9 9.1 9.4 TABLE 4.—FOREIGN BANKING F U N D S I N UNITED STATES, BY COUNTRIES 1935—Dec. 3 1 . . 1936—Dec. 3 0 . . 1937—Mar. 3 1 . 603.3 930.5 ] , 121. 6 128.6 163.5 154.7 129.6 144.2 140.9 55.7 65.9 47.6 72.4 109.8 99.4 —8 2.'7 24.5 7.3 23.0 17.9 60.7 79.7 94.2 453.5 588.9 579.2 46.0 86.8 110.7 33.5 149.3 326.4 58.8 90.4 94.7 11.5 15.2 10.5 1937—Apr. 7 . . . Apr. 14.. Apr. 21_. Apr. 28.. L , L, L, L , 140.0 184.9 222. 5 277.8 183.0 210.7 232.7 229. 9 125.5 131.1 129.5 130.4 44.6 52.2 58.7 69.8 100.7 110.2 112.9 125.5 24.8 12.9 12.2 11.9 18.7 29.0 29.0 28.5 99.8 95.8 99.6 102.0 597.1 641.9 674.5 698.0 106.9 100.2 102.8 108.1 328.1 334.7 335.0 349.3 96.9 97.3 99.6 110.7 10.9 10.8 10.5 11.7 L, 320.3 L, 352.8 L, 374. 5 L, 436.0 235.8 250.8 252.1 275.2 138.7 134.4 131.2 150.1 64.3 64.7 57.2 66.3 140.6 156.3 193.5 211.7 11.2 1.2 0.1 1.6 24.9 31.5 21.2 15.0 107.9 110.5 114.5 112.6 723.5 749.4 769.7 832.6 100.6 100.9 100.5 100.0 375. 7 381.2 386.3 386.6 108.4 108.3 106.2 103.1 12.1 12.9 11.8 13.8 1,431.2 L, 481.9 L, 550. 4 L, 607.0 , 603. 8 280.6 293.4 299.6 303.0 293.9 155.9 157.9 164.9 167.5 174.1 67.2 76.6 95.4 111.4 132.2 246.9 275.7 301.3 315.2 316.1 0.5 1.5 4.4 8.4 10.9 8.9 8.8 9.3 7.9 4.3 113.1 121.3 126.9 132.8 131.3 873.2 935.2 1,001. 9 1,046. 2 1,062. 9 94.3 91.0 93.3 104.3 90.8 344.1 336.8 332.6 330.1 334.2 106.0 104.6 108.7 111.2 100.6 13.6 14.4 13.8 15.2 15.4 May May May May 5... 12.. 19.. 26.. June 2... June 9... June 16.. June 23.. June 30.. TABLE 5.—UNITED STATES BANKING F U N D S ABROAD, BY COUNTRIES 1935— Dec. 31.. 1936—Dec. 3 0 — 1937—Mar. 3 1 - 360.3 429.8 409.3 208.8 178.0 192.4 48.1 62.0 63.0 -.4 -3.3 1.5 1.6 2.7 3.2 29.7 66.0 69.0 13.7 16.3 14.2 8.8 22.0 21.7 310.2 343.7 365.1 -4.6 36.9 24.6 19.0 23.2 29.0 37.3 30.4 -2.4 -1.6 -4.4 -7.0 1937—Apr. 7 . . . Apr. 14.. Apr. 2 1 . . Apr. 2 8 - 407.0 426.6 432.1 420.7 195.9 207.1 207.1 207.4 58.2 62.9 61.6 63.6 1.1 1.1 2.1 .2 3.3 3.1 3.8 4.3 68.4 68.0 69.2 69.5 13.8 13.9 14.4 14.0 22.3 23.9 25.5 23.8 363.0 380.2 383.7 382.9 19.3 14.6 12.7 12.2 28.3 28.7 28.4 29.4 2.8 9.4 12.3 1.5 -6.4 -6.3 -5.1 -5.3 441.8 450.8 465.4 461.3 216. 6 222.7 219.1 218.2 64.2 64.4 64.8 58.8 -2.3 -2.4 -1.5 .5 3.8 3.9 4.2 4.3 71.2 71.3 73.5 74.2 13.5 13.6 13.2 13.1 25.0 24.2 24.2 23.4 391.9 397.7 397.6 392.6 16.1 15.3 17.2 18.4 32.0 31.0 30.4 33.0 7.0 13.2 26.7 23.9 -5.3 -6.4 457.1 458.2 460.7 471.8 464.3 209.5 213.0 209.9 217.2 216.5 62.6 61.7 65.4 64.7 65.6 3.8 4.8 5.2 5.4 4.9 4.2 4.4 4.2 4.1 4.6 77.1 82.9 81.6 83.1 87.3 12.6 9.4 12.7 13.1 12.4 24.5 25.3 26.4 25.7 24.6 394.3 401.6 405.4 413.3 415.9 14.9 12.8 12.6 16.9 8.4 32.8 32.2 31.3 31.7 31.9 21.3 17.7 17.3 15.9 14.0 -6.3 -6.1 -6.0 -6.1 -6.0 May May May May 5___ 12.. 19.. 26.. June 2___ June 9___ June 16— June 23. _ June 30.. TABLE 6.—BROKERAGE BALANCES, BY COUNTRIES 2.4 10.4 9.4 1.3 -.9 2.7 2.5 9.1 10.3 -.2 -.7 -.1 .1 .3 .2 1.4 .4 .9 7.6 22.6 24.3 -4.5 -7.6 -10.0 1.0 -4.2 -5.4 2.9 2.1 -5.4 1.0 8.6 7.2 9.4 .3 2.1 3.6 7.3 9.4 9.8 9.6 10.1 .9 2.0 1.8 1.3 9.9 9.4 9.3 9.6 (i) .0 -.1 (2) .2 .2 .2 .1 .2 .9 1.3 1.4 20.9 24.4 25.7 29.8 -10.4 -7.0 -8.9 -11.3 -5.3 -6.0 -7.2 -7.1 -4.8 -3.4 -3.0 -2.5 15.2 9.9 13.0 12.4 9.2 4.4 4.4 5.3 11.0 10.6 11.2 11.5 2.7 4.4 3.2 8.9 8.3 8.8 8.7- .1 .1 .1 .1 1.6 1.5 1.4 1.6 33.5 28.3 30.3 30.5 -10.8 -10.2 -10.7 -11.5 -7.5 -7.5 -6.5 -5.4 -.8 -1.3 -.8 -1.3 14.2 15.0 19.2 18.6 18.3 4.8 7.3 6.1 6.7 6.1 10.9 10.7 12.4 12.2 11.7 3.8 3.7 5.7 4.8 4.2 10.0 10.9 12.1 11.0 • 11.8 .1 .2 .1 .1 .2 1.7 1.7 1.3 2.1 2.0 31.2 34.3 37.7 36.9 35.8 -11.1 -12.4 -11.8 -11.5 -11.3 -5.2 -5.6 -5.9 -6. 0 -5.5 -1.0 -1.5 -1.2 —. 8 —. 5 6.0 12.9 4.1 1937—Apr. 7 - _ Apr. 14— Apr. 21— Apr. 2 8 . . May May May May 5__. 12.. 19.. 26.. June 2... June 9__. June 16.. June 23June 30-. 0) 4.0 .8 1935—Dec. 31 1936—Dec. 30 1937—Mar. 31 i Inflow less t h a n $50,000. •3.5 2 Outflow less t h a n $50,000. 0) (2) .1 -.1 -.1 (2) (2) (2) 1000 FEDERAL RESERVE BULLETIN OCTOBER 1937 NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners From Jan. 2, 1935, Total through— United Kingdom France Netherlands Switzerland Germany 7.9 Italy Other Europe Latin Total Europe Canada America All Other -36.9 34.4 16.8 16.4 31.2 -15.2 29.3 61.2 83.4 3.7 10.6 13.2 304. 2 309. 6 302. 0 291. 4 22.9 24.0 24.1 27.5 -11.4 -11.3 -11.2 -11.9 83.5 83.0 82.3 81.7 13.4 13.6 13.7 14.1 143.6 143.8 144.0 144.1 1, 281.1 1,291.0 1, 288. 5 1, 297. 9 29.0 28.9 31.1 34.2 -33.4 -32.7 -33.0 -33.7 79.8 80.3 79.0 79.1 14.2 14.6 14.6 15.0 143.3 143.5 144.2 144.3 145.6 1, 293. 8 1, 302. 5 1, 305.9 1, 302. 5 1, 308. 4 36.2 36.4 43.1 41.4 43.4 78.5 79.1 78.8 78.6 80.3 14.9 14.8 14.0 13.8 13.9 1935— Dec. 31.. 1936—Dec. 30.. 1937—Mar. 31_. 441.8 1,233.6 1, 394. 8 217.5 483.8 579.2 30.2 82.9 95.6 57.9 168.0 215.3 53.9 213.9 250.5 15.1 10.0 2.9 6.1 4.7 59.1 126.4 141.3 429.4 1,096.2 1, 296. 6 1937—Apr. Apr. Apr. Apr. 7__. 14.. 21.. 28.. 1,412.7 1,418. 9 1,411.0 1, 402.8 578. 7 586.3 576.1 568.7 94.9 94.7 95.3 93.2 222. 3 221.3 221.0 218.4 251.9 250.9 253.7 254.0 10.1 10.1 10.1 9.9 4.5 4.4 4.4 4.6 141.7 142.0 141.5 142.6 1, 1, 1, 1, May May May May 5... 12.. 19.. 26.. 1, 370. 7 1, 382.0 1,380. 4 1, 392. 6 555.9 562.0 559.1 563.5 91.8 91.9 90.7 90.7 215.1 215. 6 215.5 217.0 260.2 263.6 265.4 269.1 9.7 9.4 9.4 9.1 4.8 4.7 4.5 4.5 1, 432. 7 1, 447. 2 1, 458. 5 1, 454. 4 1, 464. 7 562.3 560.3 557.0 553.8 555.2 90.2 92.5 91.7 91.3 92.1 217.1 216.7 216. 4 214.6 215.5 267.2 276.2 282. 7 284.4 285.8 9.1 9.1 9.2 9.2 9.4 4.4 4.4 4.9 4.9 4.8 June 2... June 9... June 16_. June 23.. June 30.. Far East 9.4 14.4 16.8 18.1 18.7 TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Latin Total Europe Canada America Far East All Other 1935—Dec. 31 1936—Dec. 30 1937—Mar. 31 316.7 917.4 1,075. 7 149.8 367. 7 438.7 23.4 64.7 72.9 50.5 157. 6 197.5 55.1 200.2 222.7 -5.4 -7.5 —13.6 -.1 -3.3 —4.6 12.9 38.5 42.4 286.2 818.0 956.0 2.8 32.6 30.2 3.7 15.5 16.9 21.4 44.1 63.6 2.6 7.1 9.0 1937—Apr. Apr. Apr. Apr. 7 14 21 28 1,083. 5 1,084.0 1,075.4 1,063. 7 437.9 443.1 433.3 424.7 72.1 72.0 72.5 70.5 204.3 203.3 202.6 223.9 222.5 225.0 224.9 -13.8 -13.9 -14.0 -14.2 -4.6 -4.7 -4.7 -4.6 42.5 42.5 41.8 42.9 962.3 964.7 956.4 942.8 31.9 30.5 31.2 33.2 16.7 16.8 16.7 17.1 63.6 63.0 62.2 61.3 8.9 9.0 9.0 9.2 May May May May 5 12 19 26 1,040. 8 1,050. 2 1,044.8 1,053.6 407.7 414.0 410.9 414 2 69.3 69.1 68.0 68.0 194.2 194.5 194.2 195.3 227.6 230.5 232.0 234.9 -14.3 -14.4 -14.5 -14.4 -4.6 -4.6 -4.8 -4.8 42.5 42.9 42.7 42.6 922.3 932.0 928. 6 935.9 32.5 31.2 31.5 33.6 17.9 18.2 17.4 16.7 58.7 59.0 57.5 57.3 9.4 10.2 June June June June June 2 9 16 23 30 1,058. 3 1, 064.1 1,069. 9 1,062. 9 1,069. 5 418.3 416.9 413.9 411.1 412.2 67.5 69.7 68.7 68.3 69.0 195.8 194.9 194.4 192.4 193.1 235.9 242.7 248.2 249.0 249.7 -14.5 -14.7 -14.7 -14.9 -14.9 -4.9 -4.9 -4.9 -5.0 -5.0 42.5 42.5 43.0 43.2 44.2 940.6 947.1 948.4 944.0 948.2 33.8 32.6 37.4 35.4 36.4 16.6 16.5 17.1 17.1 16.8 57.2 58.1 57.8 57.5 59.2 10.0 9.8 9.1 8.9 9.0 TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From*Jan. 2,1935, through— Total United Kingdom France Netherlands Switzerland Germany 7.4 Italy Other Europe Total Europe Canada Latin America Far East All Other 1935—Dec. 31 1936—Dec. 30 1937—Mar. 31 125.2 316.2 319.1 67.8 116.1 140.5 6.8 18.2 22.7 10.4 17.8 -1.2 13.7 27.8 13.3 22.5 23.6 2.9 9.4 9.3 46.1 87.9 98.9 143.1 278.3 340.6 -39.7 1.7 -13.4 12.7 15.7 —32.1 7.9 17.0 19.8 1.1 3.5 4.2 1937—Apr. Apr. Apr. Apr. 7 14 21 28 329.2 334. 8 335.5 339.1 140.8 143.2 142.9 144.0 22.8 22.7 22.8 22.8 18.0 18.0 18.3 19.8 28.1 28.4 28.7 29.1 23.9 24.0 24.1 24.1 9.2 9.1 9.1 9.1 99.3 99.4 99.7 99.7 342.0 344.9 345. 6 348.6 -9.0 -6.5 -7.1 -5.7 -28.1 -28.1 -27.9 -29.0 19.9 20.0 20.2 20.4 4.5 4.6 4.7 4.9 May May May May 5 12 19 26 329.8 331.9 335. 6 338. 9 148. 2 148.0 148.1 149.2 22.5 22.8 22.7 22.7 20.9 21.2 21.3 21.7 32.6 33.1 33.4 34.2 24.1 23.8 23.9 23.5 9.4 9.3 9.3 9.3 101.1 100.9 101.3 101.5 358. 8 359.0 360.0 362.1 -3.5 -2.3 2 '.7 -51.2 -50.9 -50.4 -50.4 21.0 21.3 21.5 21.8 4.7 4.8 4.8 4.9 June June June June June 2 9 16 23 30 374.4 383.1 388.6 391.5 395.2 144.0 143.4 143.1 142.7 143.0 22.7 22.8 22.9 23.0 23.1 21.4 21.8 22.0 22.2 22.4 31.4 33.5 34.5 35.4 36.2 23.6 23.8 23.9 24.1 24.3 9.3 9.3 9.8 9.9 9.8 100.7 100.9 101.2 101.1 101.4 353.1 355. 4 357.5 358. 4 360.2 2.5 3.9 5.6 6.1 7.0 -7.3 -2.1 -.3 1.0 1.9 21.3 21.0 21.0 21.2 21.2 4.9 4.9 4.8 4.8 4.9 1001 FEDERAL RESERVE BULLETIN OCTOBER 1937 OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [In millions of dollars] TABLE 10.—LIABILITIES TO FOREIGNERS Date Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Total Europe Latin Canada America Far East All Other Reported by Banks in New York City 1929—Dec. 31__ 1930—Dec. 31.. 1931—Dec. 30. _ 1932—Dec. 28_. 1933—Dec. 27.. 2, 672. 7 2, 335.0 1, 303. 5 745.6 392.0 301.5 214.5 104.9 169.7 48.9 923. 7 799. 4 549. 2 71. 1 27. 0 99.1 122.2 44.6 11.9 8.0 105. 2 222. 2 66. 0 78. 0 11. 5 204. 5 161. 0 41. 1 32. 9 17. 5 157.4 111.2 33.2 39.8 11.7 371.3 281.3 122.2 66.2 31.1 961. 2 469. 6 155.7 241.8 216.8 148.3 98.2 86.1 188. 2 130. 8 103. 3 121. 7 96. 7 49.0 38.2 69.0 43.5 42.7 31.0 37.5 21.6 12.6 10.9 2 162. 8 1, 911.7 Reported by Banks in United States 1934—Dec. 26__ 1935—Dec. 31.. 1936—Dec. 30.. 1937—Mar. 31- 610.6 1, 200. 2 1,491. 6 1, 682. 7 83.0 205.5 235.7 226.9 39.6 163.5 176. 3 173. 0 12.2 68. 6 78.8 60.4 13.5 86.1 123.5 113.1 30.0 29.0 32.0 53.9 19.5 26.1 41.7 36.6 47.1 107.5 126. 3 140.8 245.0 686.3 814.3 804.7 97.9 145.3 186.1 210.0 125. 2 156.3 263.9 441.0 130. 1 188.9 200.2 204. 6 12.4 23.4 27.1 22.5 1937—Apr. Apr. Apr. Apr. 7__. 14.. 21_. 28.. 1,701.1 1, 746.0 1, 783. 7 1, 838. 9 255.1 282.9 304.9 302.0 157.7 163.2 161. 6 162.5 57.4 65.0 71.5 82.7 114.3 123.9 126.6 139.1 54.2 42.3 41.5 41.3 37.5 47.7 47.7 47.3 146.4 142.4 146.1 148.6 822.6 867. 3 899.9 923.4 206.2 199.5 202.1 207.4 442.7 449.3 449. 6 463.8 206.8 207.2 209.5 220. 6 22.8 22.8 22.5 23.7 May May May May 5___ 12.. 19. _ 26- 1, 881. 4 1, 913. 9 1,935. 6 1,997.1 170. 8 166.5 163. 3 182.2 77.2 77.6 70.1 79.1 154.3 169.9 207.2 225.4 40.6 30.5 29.4 31.0 43.7 50.3 39.9 33.8 154.4 157.1 161.0 159.1 948.9 974.8 995.1 1,058.1 199.9 200.2 199.8 199.3 490.3 495.8 500.9 501.1 218.3 218.2 216.1 212.9 June 2... June 9 . __ June 16— June 2 3 June 3 0 - 1,992. 3 2,043.1 2,111.5 2,168.1 2,165.0 307.9 322.9 324. 3 347. 4 352. 7 365.5 371.8 375.2 366.1 188.0 190.0 197.0 199.6 206. 2 80.1 89.5 108.3 124.3 145.0 260.6 289.3 315.0 328.8 329.8 29.9 30.8 33.8 37.8 40.3 27.6 27.6 28.0 26.6 23.0 159. 7 167.8 173.5 179.3 177.9 1,098. 6 1,160. 6 1, 227. 3 1, 271. 6 1, 288. 3 193.6 190. 3 192.6 203.6 190.1 458. 7 451.4 447.1 444.7 448.8 215.9 214.5 218.6 221.1 210.4 24.1 24.9 23.7 25.7 25.5 26.3 25.8 27.1 27.4 TABLE 11.—FOREIGN ASSETS Date Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Total Europe Latin Canada America Far East All Other Reported by Banks in New York City 1931—Dec. 301932—Dec. 28-. 1933—Dec. 27.. 1,102. 3 918.2 879.8 166. 2 92. 5 197. 7 29.5 62.9 66.9 20.9 13.0 18.4 12.6 6.2 12.3 467.2 434.9 260.9 18 7 11. 8 16 7 149.2 97.0 83.2 864. 3 718. 3 656. 2 58 1 42 2 32 3 135. 5 130 3 135 5 41 8 24 0 49 7 2.6 3.5 6.2 Reported by Banks in United States 1934—Dec. 26. _ 1935—Dec. 31.. 1936—Dec. 30. _ 1937—Mar. 31- 1937—Apr. 7— Apr. 14.. Apr. 21_. Apr. 28.. May May May May 5... 12.. 19-. 26- June 2... June 9__. June 16-. June 23.. June 30- 1,115.0 762.1 656.7 677.2 287. 0 93.3 119.3 104.9 85.7 32.5 16.8 15.8 17.6 19.0 21.9 17. 1 8.3 6.6 5.4 4.9 233.6 202.0 165.1 162.2 29.7 13.5 10.9 13.0 81.0 71.2 57.8 58.1 742.8 438.2 393.7 375.9 94.0 100.9 59.4 71.7 152.4 132.8 119.9 114.1 117.8 80.1 67.2 100.0 8.0 10.1 12.9 15.5 679.5 659.9 654.4 665.8 101.4 90.2 90.2 90.0 20.6 15.8 17.1 . 15.1 17.5 17.5 16.5 18.4 4.8 5.0 4.3 3.7 162.7 163.1 162.0 161.7 13.4 13.3 12.8 13.2 57.5 55.9 54.2 56.0 377.9 360.8 357.2 358.1 77.0 81.7 83.5 84.1 114.9 114.5 114.7 113.7 94.8 88.2 85.3 96.1 14.9 14.7 13.6 13.8 644.7 635.7 621.1 625.2 629.4 628.3 625.8 614.8 622.2 80.8 74.7 78.2 79.1 14.6 14.4 14.0 19.9 21.0 21.0 20.1 18.1 4.3 4.2 3.9 3.8 159.9 159.9 157.6 157.0 13.7 13.6 14.0 14.1 54.8 55.6 55.5 56.4 349.0 343.3 343.4 348.4 80.1 80.9 79.1 77.8 111.1 112.2 112.7 110.2 90.6 84.4 • 70.9 73.7 13.8 14.9 15.1 15.0 87.9 84:4 87.5 80.2 80.8 16.1 17.1 13.3 14.0 13.2 14.9 13.8 13.4 13.2 13.7 3.8 3.6 3.8 4.0 3.5 154.1 148.3 149.6 148.1 143.9 14.6 17.8 14.5 14.1 14.8 55.3 54.5 53.4 54.1 55.2 346.6 339.4 335.5 327.6 325.1 81.3 83.5 83.7 79.4 87.8 110.4 111.0 111.9 111.5 111.3 76.3 80.0 80.3 81.7 83.6 14.8 14.6 14.5 14.6 14.5 1002 FEDERAL RESERVE BULLETIN OCTOBER 1937 BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES, 1935-36 some differences from the final summary published on page 632 of the BULLETIN for August 1936. The revised summary for 1935 and the final summary for 1936 are given below in substantially the same form as ERAL RESERVE BULLETIN for May 1937. A that employed by the Department of Comrevision of the transactions in 1935 shows merce. The Department of Commerce has published a final summary of the international transactions of the United States in 1936, which differs somewhat from the preliminary summary published on page 432 of the FED- [In millions of dollars] 1935 (revised) Items 1. Trade and services: Merchandise __ _ Merchandise adjustments 1 Freight and shipping __ Tourist expenditures Immigrant remittances __ Contributions Interest and dividends 2 _ Government transactions Miscellaneous services Receipts from foreigners _ _ _ +236 +19 +77 568 31 164 2,422 41 129 497 115 32 238 96 66 3,068 +183 3,483 3,636 -153 1,741 - 1 , 739 28 1,144 -1,116 19 355 -336 3 183 -180 2,283 105 63 117 5 _ Gold and silver movement 4. Residual item +34 +25 2,047 86 99 409 92 28 171 84 52 2 _ 3. Capital: Reported long-term capital movement.- -_ Reported movement of short-term banking and brokerage funds Paper currency movements Miscellaneous capital transactions _ Capital movement Payments Net receipts (+) or payto foreigners ments (—) 521 28 129 _ _____ _ Payments Net receipts Receipts to (+) or payfrom foreigners ments (—) foreigners 3,251 __ Trade and service transactions 2. Gold and silver: Gold exports and imports Gold earmarking operations Silver exports and imports 1936 -36 —292 -87 -28 +350 -56 2,456 66 68 125 5 -2,075 1,991 1,529 31 +462 +970 31 +105 -61 —372 -110 -32 +330 -65 +98 +86 -1,210 3,475 2, 717 57 35 +758 +404 +22 -12 + 1 , 537 +1,172 +355 +191 1 This item consists roughly of 3 parts: (1) exports and imports of goods for which data are available but not recorded in the official trade figures (e.g., ships, bunker fuel sold in the United States, etc.); (2) goods whose export or import is wholly or partly omitted from official trade data (e.g. unrecorded parcel-post shipments, goods smuggled into the country, etc.); (3) corrections of certain recorded trade figures to allow for possible overvaluation (in the case of goods pent on consignment) or undervaluation (in case of imports subject to ad valorem duties), uncollectible accounts, etc. 2 Includes $1,000,000 of war-debt receipts in 1936. OCTOBER 1937 FEDERAL RESERVE BULLETIN 1003 BELGIAN CENTRAL BANK LAW The royal decree of July 23, 1937, extend- ruary 26, 1926, and by the royal decree of October ing the existence of the National Bank of 25, 1926, issued in execution of the law of July 16,. 1926, shall Belgium to 1961, contains important addi- provisions. henceforth be governed by the following tions to the powers of the Bank and makes ART. 2. The head office of the bank shall be at certain changes in the qualifications for mem- Brussels. The bank shall establish branches or agencies in bership in its governing bodies. The Bank is empowered to buy and sell in the chief towns of the judicial areas and, in addition, in the localities of the open market long-term securities of the burg Economic of the territorythe the Belgo-LuxemUnion where need therefor is Belgian Government up to a total of 1,000,- found to exist, in agreement with the government 000,000 francs1 in addition to its previously concerned. authorized holdings. Formerly the Bank was A branch or a discount committee shall be atauthorized to purchase but not to sell such tached to each agency in localities where the governdeems this to be required, securities, and total purchases were limited ment concernedthe bank administration. after consultation with to the amount of the Bank's capital, surplus, ART. 3. The term of the bank's existence is exand amortization accounts. The power to tended until December 31, 1961. deal in Treasury bills is now supplemented by ART. 4. No other bank of issue may be established, [special] law. power to bid for and to sell short and medium- except under a capital of the bank shall be 200,000,ART. 5. The term bills offered by the Belgian Government, 000 francs, divided into 200,000 registered or bearer the Government of the Belgian Congo, and shares of 1,000 francs each. semi-governmental institutions. The new ART. 6. A reserve fund is established for the follimit to holdings of bills under the foregoing lowing purposes: provisions is 500,000,000 francs compared 1. To make good any losses of capital; 2. To with a former limit of 100,000,000 francs dividend supplement the annual profits and bring the up to six percent of the capital. on holdings of Treasury bills. The Bank On the expiration of the bank's issue privilege, will have power to invest in the capital three fifths of the reserve shall accrue to the State. stock of Governmental credit agencies which ART. 7. The bank shall issue notes payable to bearer. The amount of notes in circulation must be may in future be established. represented by easily realizable assets. A translation of the royal decree follows. The bank is required to keep a reserve of gold, or foreign exchange convertible into gold, equal to at ROYAL DECREE OF JULY 23, 1937, RELATIVE TO THE COleast 40 percent of its total sight liabilities, of which ORDINATION OF THE ACTIVITY, ORGANIZATION AND at least 30 percent must consist of gold. POWERS OF THE NATIONAL BANK. ART. 8. The design and the text of the notes to be issued shall be submitted by the bank to the To all present and to come, greeting. By virtue of the law of June 10, 1937, relative to Minister of Finance for approval. Failure of apthe coordination of the activity, organization and proval may not be invoked by third parties or used against them. powers of certain institutions of public interest; The text shall be in French and in Flemish (neerBy virtue of the law of May 5, 1850, extended by the laws of May 20, 1872, March 26, 1900, and landais). ART. 9. Whenever a particular type of bank note February 26, 1926, and by the royal decree of October 25, 1926,2 issued in execution of the law of is replaced or called in, the bank shall pay to the Treasury, within a fixed period to be determined in July 16, 1926; On proposal of Our Ministers, after deliberation each case by a special agreement, the value of the notes of this type which have not been presented for in Council, payment. We have decreed and do decree: ARTICLE 1. The National Bank of Belgium, estabNotes the equivalent of which has been paid to the lished by the law of May 5, 1850, and extended by Treasury shall be deducted from the total in circulathe laws of May 20, 1872, March 26, 1900, and Feb- tion; any such notes subsequently presented at the counters of the bank shall be redeemed at the charge 1 Five Belgian francs equal one belga. of the Treasury. 2 See BULLETIN for December 1926, pp. 844, 845. 1004 FEDERAL RESERVE BULLETIN ART. 10. Notes are payable at sight at the offices of the bank in Brussels. The conditions of payment of the notes shall be determined in accordance with Article 8 of the royal decree on monetary stabilization, issued under the law of July 16, 1926, modified by the royal decree of March 31,1936, issued in execution of the law of March 30, 1935.3 Payment of notes at provincial agencies may be postponed until these agencies can secure the funds required. The Government shall accept the notes of the bank in payment at public offices. ART. 11. The business of the bank consists in the following transactions: 1. To discount or buy bills of exchange and other paper arising from commercial transactions. The following, among others, are considered to be commercial transactions within the meaning of this provision: Purchases and sales, by or to farmers, of livestock, agricultural equipment, fertilizer, seed, crops, and generally of all goods and products related to farming activity; 2. To rediscount abroad bills held in portfolio; to pledge such bills; to guarantee such bills or any discount transactions and advances in respect thereof; to acquire foreign balances or obtain credits abroad, and to carry out foreign exchange transactions; 3. To discount, buy, and sell Treasury bills; to participate in the offerings of short and mediumterm bills opened by the Belgian Government or by that of the colony [Belgian Congo] or by institutions of public interest the obligations of which are guaranteed by the State, and to sell these same bills; 4. To deal in gold and silver at its own counters or through an agent; 5. To make advances on gold and silver bullion or coins; 6. To collect bills; 7. To accept money in current account, and securities, precious metals and gold and silver coins in safe custody; 8. To grant advances in current account or for short periods, secured by Belgian Government securities or other securities guaranteed by the State or the colony, or by similar securities of the Grand Duchy of Luxemburg, within limits and subject to conditions to be determined periodically by the Administrative Council (Conseil de Regence); 9. To buy and sell Belgian Government securities issued at least two years previously and quoted on the bourse. The required interval does not apply to conversion loans unless the Treasury has derived from such loans more than 10 percent in new funds. 3 See BULLETIN for December 1926, pp. 842-845, May 1935, p. 291, and May 1936, pp. 322-323. OCTOBER 1937 ART. 12. The bank's portfolio of short-term and medium-term bills discounted, bought, or awarded to the bank under the provisions of article 11 (3) may not exceed 500,000,000 francs. The portfolio of such bills shall not exceed 200,000,000 francs for more than twelve consecutive months. ART. 13. The bank may not buy public securities referred to in article 11 (9) to the amount of more than 1,000,000,000 francs plus an amount corresponding to its capital, surplus, and amortization accounts. This limit is increased by an amount equal to total repayments or realization of bills, annuities, and obligations of the Belgian Treasury held by the bank under the laws of December 27, 1930,4 and July 19, 1932.5 Government securities bought by the bank may be booked at their purchase price if equal to or less than the maturity value. ART. 14. The bank may not borrow, except as provided in article 11 (2). It may not make loans secured by mortgages or by shares or obligations of commercial organizations or those in commercial form, except preferred shares of the Belgian National Railway Company which have been publicly issued. It may not repurchase its own shares. It may not participate directly or indirectly in industrial or commercial enterprises, or engage in any kind of commerce other than the trade in gold and silver. However, when specially authorized thereto by the Minister of Finance, the bank may participate, up to one fourth of its total capital and surplus, in the capitalization of financial institutions of public interest, established by a special law; this is exclusive of the subscription to the capital of the Bank for International Settlements, under the budget law of April 11, 1930, approving agreements signed at The Hague, January 20, 1930, and certain agreements in relation thereto. ART. 15. The bank may not acquire real estate other than that essential for its own business or for the welfare of its employees. ART. 16. The bank shall act as cashier of the Government on terms laid down by the King. It may be charged, under conditions determined by the Minister of Finance, with operations of issue and conversion of Government obligations and Treasury bills. ART. 17. The bank shall, as provided by the relevant laws, act for the General Savings Bank and Pension Fund. It may also, under authorization from the Minister of Finance, act for financial institutions of public interest established under a special law and placed under the guarantee or the control of the State. 4 See BULLETIN for April 1931, p . 209. 5 See BULLETIN for April 1932, p . 242. OCTOBER 1937 FEDERAL RESERVE BULLETIN ART. 18. To facilitate the transfer of funds, the bank may issue bank drafts payable within a few days. ART. 19. Any profit resulting from the difference between an interest rate of SV2 percent and the interest rate charged on its transactions at home or abroad shall accrue to the State. ART. 20. Annual profits shall be divided as follows: 1. To shareholders, a first dividend of 6 percent; 2. Of the excess: a) 10 percent to surplus; b) 6 percent to staff or staff funds; 3. Of the balance: a) Three fifths to the State; b) To shareholders, an amount sufficient for the payment of a second dividend fixed by the Administrative Council; c) The remainder to surplus. ART. 21. The bank shall be managed by a Governor and administered by a Committee of Management assisted by an Administrative Council. It shall be under the supervision of a Board of Censors. There is also a General Council. At the head office there shall be also a Discount Committee, the membership and duties of which shall be determined by the statutes [of the bank]. ART. 22. The Committee of Management shall be composed of three managers with the Governor as presiding officer; one of the managers shall be appointed by the King to act for the Governor when he is prevented from being present. He shall have the title of Deputy Governor. The number of managers may be raised to four by decision of the General Meeting of Shareholders approved by the Minister of Finance. The duties of the Committee of Management shall be determined by the statutes. The Administrative Council shall consist of the Governor, the managers, and nine administrators (regents). This council may not include more than two administrators selected from among persons holding office in one of the banks referred to in article 1 of royal decree No. 185 of July 9, 1935, including cases where, under article 26, paragraph 4 of the present decree, exception is made to paragraph 2 of that article. The Administrative Council shall deliberate on questions which are within its scope as provided by the present decree or the statutes and on general questions relative to the bank, the currency, and the credit and economic development of the country. The Board of Censors shall be composed of eight to ten members and may include only two censor; selected from among persons holding any office in one of the banks referred to in article 1 of royai decree No. 185 of July 9, 1935, including cases where. 1005 under article 26, paragraph 4, of the present decree, exception is made to paragraph 2 of the same article. The duties of the Board shall be determined by the statutes. The Governor, the managers, the administrators, and the censors shall constitute the General Council. This council shall deliberate upon matters which are within its scope as set forth by the present decree and the statutes. ART. 23. The Governor shall be appointed by the King, for a term of five years. The managers, administrators, and censors shall be elected by the General Meeting of Shareholders. Three administrators and three censors shall be chosen from double lists of candidates presented by the Supreme Advisory Councils of the State. The administrators and censors thus designated shall be exempt from making the statutory deposit. ART. 24. The Governor, the Deputy Governor, and the managers shall receive a remuneration fixed by the General Council, without participation in the profits. The administrators shall receive attendance fees and, where required, a traveling allowance; the censors shall receive expenses. The total of these remunerations shall be fixed by the General Council. ART. 25. Members of the legislative chambers shall not hold the offices of Governor, Deputy Governor, .manager, administrator, or censor. Candidates in the chambers elected while they are holding the offices subject to the prohibition above, shall not be eligible to take the oath until after they have resigned the legislative office. Article 26. The Governor, the Deputy Governor, and the managers may not be members of a board of directors of any commercial company or similar organization, except the bank of issue of the colony, the Bank for International Settlements, and financial organizations of public interest created by special law. The administrators and censors shall not hold any office in a bank established in one of the forms provided for in article 8 of decree No. 185 of July 9, 1935. The same incompatibility exists in regard to persons holding any office in a commercial concern or similar organization which controls directly or indirectly 25 percent of the capital of one of the banks referred to in the preceding paragraph. By way of exception to the second paragraph of the present article, two administrators and two censors may perform, in one of the banks referred to in article 8 of royal decree No. 185 of July 9, 1935, duties of a consultative or supervisory nature, excluding any duties of administration or of current management. Their election as administrator or 1006 FEDERAL RESERVE BULLETIN censor is subject to the approval of the Minister of Finance. ART. 27. The term of office of managers, administrators, and censors, and the order of retirement shall be determined by the statutes. ART. 28. The Minister of Finance has the right of control over all the operations of the bank. He may oppose the execution of any measure which would be contrary to the law, the statutes, or the interests of the State. This control shall be entrusted to a Government Commissioner. ART. 29. The Government Commissioner shall be appointed by the King. He shall supervise all the operations of the bank. He may suspend and report to the Minister of Finance any decision which would be contrary to the laws, the statutes, or the interests of the State. If the Minister of Finance has not given a ruling within one week from the date of the suspension, the decision may be executed. The Government Commissioner shall make an annual report to the Minister of Finance. This report shall be transmitted to the Office of Economic Recovery.6 The salary of the Government Commissioner shall be fixed by the Minister of Finance, in agreement with the administration of the bank. It shall be defrayed by the bank, as shall also the compensation of the technical experts to be appointed later on as assistants to the Commissioner. ART. 30. Each week the Governor shall submit to the Finance Minister a comparative statement showing the position of the bank for the current week and the preceding week. This statement, the form of which is subject to the approval of the Minister of Finance, shall be published in the Moniteur. The summary of the bank's operations and the apportionment of dividends shall be published semiannually in the same publication. ART. 31. The National Bank and its branches, offices, and agencies must observe the laws regarding the use of the [two] languages in administrative matters. ART. 32. The allowance of 0.25 percent a year, granted to the bank by the Convention of July 19, 1919, for expenses of issue, shall be calculated on the portion of the circulation corresponding to advances to the State. ART. 33. The annual stamp duty levied on the notes shall be refunded to the bank to the extent of the average circulation corresponding to the gold reserve and the credit to the State. The amount shall 6 See BULLETIN for June 1935, p. 399. OCTOBER 1937 be calculated on the basis of the weekly returns published in the Moniteur. ART. 34. The statutes of the bank shall be made to conform to these provisions. They shall be submitted to the King for approval. If the General Meeting of Shareholders, called to vote on the amendments to the statutes in pursuance of the above provisions, does not represent the proportion of the capital prescribed in article 90 of the statutes in effect at the time of the promulgation of the present decree, a new meeting shall be called that will validly decide under article 70 of the Consolidated Company Laws. ART. 35. The present decree shall become effective on August 1, 1937. TRANSITORY PROVISIONS ART. 36. The provisions of the third paragraph of article 23 shall not become effective until after the reorganization of the Supreme Advisory Councils of State. A royal decree deliberated in Council of Ministers shall announce the list of organizations which shall be called upon to present double lists of candidates. Temporarily, the double lists of candidates presented upon the occurrence of a vacancy shall be drawn up: 1. By counsellors, members of groups elected by class delegates of the Supreme Council of Industry and Commerce, and by the members of the Supreme Council of Trades and Commerce, each council presenting one candidate. 2. By labor and clerical members of the Supreme Labor Council. 3. By elected and co-opted members of the Supreme Council of Agriculture. The administrators and censors thus designated are exempt from making the statutory deposit. ART. 37. The provisions contained in the fourth and sixth paragraphs of article 22 and in the last three paragraphs of article 26 shall become effective from January 1, 1938. ART. 38. The privilege of § 5 of article 19 of the combined laws of May 5, 1850, May 20, 1872, March 26, 1900, and February 26, 1926, modified by the royal decree of October 25, 1926, issued under the law of July 26, 1926, shall continue to be held by the directors who hold it at the date of the present measure. ART. 39. Our Minister of Finance is entrusted with the execution of this decree. Given at Brussels, July 23, 1937. FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 1007 1008 FEDERAL RESERVE BULLETIN OCTOBER 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding U. S. Bills Gov- Other Bills disern- Reserve Total counted bought ment bank securi- credit1 ties Date Treasury Monecurtary rency gold outstock standing Money Treasury in cir- cash culaholdtion ings Member bank ! reserve balances Treasury Other deposits NonFedwith memeral Federal ber de- Reserve Excess Reserve posits ac(estibanks counts Total mated) End of month figures: 1936—Sept. 30 Dec. 31 1937—Jan. 31 Feb. 27 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 2,430 2, 430 2,430 2,430 2,430 2, 525 2,526 2,526 2,526 2,526 2,473 2,500 2,497 2,465 2,458 2, 565 2,585 2,562 2, 574 2,577 10, 845 11,258 11,358 11,436 11, 574 11,799 11, 990 12,318 12, 446 12, 567 2,512 2,532 2, 532 2,536 2,541 2,543 2,547 2,550 2,572 2, 585 6,267 6,543 6,349 6,399 6,377 6,426 6,462 6,447 6,460 6, 524 2,458 j 2,376 | 2,520 2,608 2, 753 2,967 3,144 3,445 3,586 3,720 73 93 233 139 Wednesday figures: 1936—Oct. 7 Oct. 14 Oct. 21 Oct. 28 2,430 2,430 2,430 2,430 2,472 2,485 2,463 2,462 10, 971 11,003 11,008 11,031 2,509 2,512 2,514 2,514 6,305 6,316 6,311 6,302 2,440 2,421 2,403 2,390 2,448 2,470 2,464 2,457 11,058 11,105 11,127 11,162 2,515 2,516 2,520 2,520 6,378 6,393 6,375 6,429 2,467 2,468 2,483 2,542 2,484 11,188 11,206 11, 222 11, 229 11,251 2,522 2,525 2,532 2,531 2,530 2,464 2,476 2,468 2,478 11,271 11,306 11,317 11, 345 Nov. Nov. Nov. Noy. 4 10 18 25 2,430 2,430 2,430 2,430 Dec. Dec. Dec. Dec. Dec. 2 9 16 23 30 2,430 2,430 2,430 2,430 2,430 1937—Jan. 6 Jan.13 Jan. 20 Jan. 2 7 - . — 2, 430 2,430 2,430 2,430 29 42 100 46 32 272 285 301 337 262 261 260 253 258 257 255 260 258 257 6, 357 6, 606 6,781 6, 695 6,639 6,881 6,915 6,900 6, 753 6, 751 1,840 1,984 2,152 2,078 1,398 1,594 918 865 791 773 196 135 88 100 271 249 227 220 263 261 264 263 6,479 6,617 6,693 6,732 1,954 2,072 2,127 2,158 2,392 2, 366 2,378 2,370 95 55 50 79 200 191 197 206 262 262 260 261 6,693 6, 825 6,851 6,795 2,138 2,260 2,276 2,210 6,466 6,497 6,552 6,680 6,550 2,353 2,372 2,346 2,342 2,368 110 93 173 251 231 212 229 227 256 274 260 278 265 266 270 6, 775 6,731 6,674 6,507 6,572 2,205 2,157 2,046 1,881 1,946 2,531 2, 528 2,533 2,531 6,473 6,371 6,339 6,318 2,395 2,439 2,463 2,503 232 190 188 180 278 308 312 315 261 261 261 259 6,627 6,740 6, 755 6,779 2,010 2,103 2,130 2,160 253 244 195 194 311 oo 58 234 i 259 281 288 236 OOQ Feb. Feb. Feb. Feb. 3 10 17 24 2,430 2,430 2,430 2,430 2,463 2,477 2,478 2,460 11, 364 11.387 11,403 11,425 2, 531 2, 531 2,530 2,532 6,348 6,360 6,351 6,372 2,529 2,563 2, 575 2,602 176 132 162 180 286 310 300 302 261 259 256 255 6, 758 6,771 6.768 6,705 2,150 2,184 2.186 2,097 Mar. Mar. Mar. Mar. Mar. 3 10 17 24 31 2,430 2,430 2,430 2,430 2,430 2.457' 2,454 2,450 2,463 2,458 11,443 11,484 11,515 11,541 11, 574 2,535 2,537 2,538 2,537 2,541 6,407 6,376 2,620 2,672 2,697 2,723 2,753 216 186 87 279 311 280 238 243 326 236 253 2M 261 260 258 6,660 6,749 6, 830 6, 578 6,639 1,310 1,380 1,449 1,269 1,398 Apr. 7 Apr. 14 Apr. 21 Apr. 28 2,459 2,487 2,487 2, 526 2,493 2,528 2,523 2,571 2,539 2,541 2,540 2,541 6,387 6,383 6,381 2,774 2,876 2,914 2,956 275 112 119 95 247 236 245 270 258 258 259 258 6,684 6,901 6,877 6,934 1,442 1,627 1,587 1,643 May May May May 5 12 19 26 2,526 2,526 2,526 2,526 2,577 2,576 2,565 2,557 11,592 11, 697 11, 737 11, 782 11,838 11,882 11,907 11,977 2,547 2, 545 2,547 2,546 6,426 6,405 6,399 6,399 3,013 3,056 3,079 3,140 97 106 117 80 286 237 250 261 257 257 256 256 6, 882 6,943 6, 918 6,944 887 936 907 938 June June June June June 2 9 16 23 30 2,526 2,526 2,526 2,526 2,526 2,573 2,573 2,583 2,562 2,562 12,027 12, 270 12,318 2,548 2,547 2,548 2,550 2,550 6,487 6,435 6,415 6,394 6,447 3,182 3,254 3,348 3,396 3,445 115 85 250 11 5 93 255 279 267 324 285 256 255 263 263 260 6, 854 6,929 6. 808 6, 854 6,900 931 752 814 865 July 7—. July 14... July 21__. July 2 8 . . 2,526 2,526 2,526 2,526 2,578 2,585 2,564 2,560 12, 376 12,423 12, 404 12,433 2,552 2,551 2, 553 2,574 6,524 6,457 6,436 6,424 3,511 3,550 3,527 3,576 101 90 184 228 285 275 258 305 258 258 258 258 6,827 6, 928 6,858 6,776 875 964 874 813 Aug. 4___. Aug. 11... Aug. 18... Aug. 25... 2,526 2,526 2, 526 2,526 2,561 2,572 2, 565 2,565 12,462 12,497 12, 527 12, 541 2,572 2,573 2,577 2, 577 6,468 6,482 6,500 6,495 3,605 3,640 3,672 3,683 309 253 156 161 320 327 340 356 258 259 258 258 6, 636 6, 681 6,744 6, 730 704 740 782 761 Sept. Sept. Sept. Sept. 2, 2, 2, 2, 2,579 2, 572 2,598 2,578 12, 567 12, 604 12,651 12, 694 2,585 2,587 2, 590 2,593 6, 532 6, 597 6, 554 6,529 3,719 3,756 3,495 3, 537 156 130 348 193 337 314 313 362 256 257 266 266 6,731 6,710 6,865 6, 977 750 756 880 1,020 1— 8— 15__ 22__ 526 526 526 526 12,118 12, 220 6,375 6,377 * Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 983 1009 FEDERAL RESERVE BULLETIN OCTOBER 1937 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures E n d of m o n t h 1937 Sept. 22 Sept. 15 Sept. 8 1937 Sept. 1 A u g . 25 A u g . 18 A u g . 11 August 1936 July August Gold certificates on hand and due from U. S. 8, ; , 9,129,890 9,129, 890 8, 830, 890 8,831,389 8,831,948 8, 831, 946 832,398 8, 831, 387 833, 9005, 299,031 $, \, 8, 8, Treasury 9, '" 10,7 8, 663 9,192 8, 964 8,949 " 423 10,122 8, 950 9,284 12, 625 Redemption fund—F. R. notes 308, 416 296, 320 271, 248 294, 237 308, 865 303,051 306, 903 295,019 317,081 266, 884 Other cash Total reserves. 9, 446, 969 9, 9, 435, 402 111, 102 9,134, 575 9,150, 236 9,145,119 9,150,085 9,135, 356 9,160, 265 8, 578, 540 Bills discounted: For member banks For nonmember banks, etc... 24,193 23,196 2 23, 557 2 23, 724 2 18,701 2 18, 286 16, 695 21, 559 2 14, 989 1 8,043 208 Total bills discounted. 24,195 23,198 23, 559 23, 726 18, 703 18,288 16,69: 21, 561 14,990 8, 251 3, 026 3, 067 3, 076 3, 076 3, 077 3 3, 070 3 3, 069 3, 076 3 3, 074 3,095 3, 026 20, 601 3, 067 20, 603 3, 076 20, 709 3,076 20, 785 3,077 20, 929 3,073 21, 007 3, 072 21,043 3. 076 20, 895 3,07 21,163 3,095 28, 514 Bills bought: Payable in dollars Payable in foreign currencies. Total bills bought. Industrial advances U. S. Government securities: Bonds Treasury notes Treasury bills 738, 073 738,073 738, 073 738,073 737,073 '32, 508 732, 508 '37, 073 732, 508 324,721 1,157,713 1,157, 713 1 ,15' 157,713 ,157,713 1,157,713 1,157,713 1,157,713 1,157, 13 1,157,7 1,160, 713 1,496,719 630, 404 630, 404 630, 404 630,404 631, 404 635, 969 635, 969 631, 404 632, 969 608, 787 Total Government securities.. Other Reserve bank credit 2,526,190 2, 526,190 2,526, ! , 526,190 2, 526,190 2, 526,190 2, 526,190 2. 526,190 526,190 2, 526,190 : 430, 227 2, 2, , 3, 493 25,241 -1,140" 4, 598 "" 5, 095 - 3 , 967 -3,206 5,195 " 608 1,114 8, -- Total Reserve bank credit outstanding. 2, 577, 5052, 598, 299 572, 394 2, 5' 2, "2 2, 564, 932 565, 3522,571,600 2, 576, 9i: 2,574,028 2,471,201 LIABILITIES F. R. notes in actual circulation 4,253,156 4,271,313 4,295,483 4, 260, 6044, 234, 680 4, 238, 391 228, 0434, 251, 916 4, 220, 663 4, 018,108 4, Deposits: Member bank—reserve account... U. S. Treasurer—general account. Foreign bank Other deposits 6,977,186 6, 864, 732 193, 490 347, 686 237, 332 199, 837 124, 734 112, 978 Total deposits 6,709, 993 130,390 200, 427 113,616 '43, 6,731, 214 6, 729, 546 6, 7< 874 6, 681,124 6,751, 4' '0 ' 156,264 160, 88f 155, 689 252, 690 ' 138,955 189, 657 200,205 199, 602 193, 493 189,015 156, 059 140, 513 133,626 148,417 146, ,409, 966 6,753. 495 6, 233^ 084 103, 940 183, 496 50, 572 117,980 235, 969 7, 532, 7427, 525, 2337,154, 426 , 224, 022 7, 246, 695 7, 239, 678 933 7, 227, 857 288, 055 6, 800, 447 260, 7, Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 80.2 79.7 79.6 79. 79. 6 79.6 79.6 79.3 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Bills discounted: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Bills bought in open market: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Industrial advances: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 U. S. Government securities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 days months 61 to 90 91to 6 days months 1 to year Within 15 days 16 to 30 days 31 to 60 days 18, 703 23, 726 23, 559 23,198 24,195 16, 546 20, 537 21, 422 21, 223 21,219 362 802 706 445 1,429 914 1,101 1,024 854 850 742 1,092 333 603 556 3,077 3,076 3,076 3, 067 3,026 569 132 69 1,271 1,200 1,333 1,200 1, 555 391 391 391 416 168 723 1,235 20, 929 20, 785 20, 709 20,603 20, 601 936 970 908 887 1,133 224 334 445 422 209 526 462 423 561 564 498 667 728 723 2,231 2,278 2,056 2,060 1,823 2, 2, 2, 2, 2, 526,190 526,190 526,190 526,190 526,190 28, 546 101,670 103,105 28, 366 26,006 106, 880 32,189 26,006 27, 472 25, 282 54, 736 54, 821 55, 472 57,034 59, 729 59, 729 61,055 60,794 59, 655 63, 358 300,018 283, 428 275, 780 386, 572 387, 829 1 year to 2 years 2 years to 5 years 3,135 3,071 3,100 3,119 3,246 5, 785 5,787 5,746 5,742 5, 693 7,405 7,321 7, 325 7, 222 7, 213 429, 664 445, 410 458,916 438, 388 435, 283 236, 997 236, 997 235, 497 209, 798 209, 798 623, 367 623, 368 623, 368 631, 653 631, 653 784 1,328 1,284 682 200 Total Over 5 years 137 192 71 72 138 686, 253 687, 252 687, 252 687, 252 687, 252 1010 FEDERAL RESERVE BULLETIN OCTOBER 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Min- Kan8an AtSt. sas lanta Chicago Louis neap- City Dallas Franolis cisco ASSETS Gold certificates on hand and due from U. S. Treasury: Aug. 25 Sept. 1 Sept. 8 --.. Sept. 15__ Sept. 22 Redemption fund—Federal Reserve notes: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Other cash: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Total reserves: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Other bills discounted: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Total bills discounted: Aug. 25 Sept. 1 Sept. 8... Sept. 15 1 Sept. 22 Bills bought in open market: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Industrial advances: Aug. 25. Sept. 1 Sept. 8 Sept. 15 Sept. 22 U. S. Government securities: Bonds: Aug. 25 Sept. 1 Sept. 8 . Sept. 15 Sept. 22 Treasury notes: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Treasury bills: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Total IT. S. Government securities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 8, 831, 948 434, 691 3, 289, 867495, 867 — 8, 831, 389 436, 437 3, 293, 741 487, ',083 8, 830, 890 457, 6063, 245, 780 493, 155 i, 9,129, 890 460,464 3, 542, 215 487, ',794 9,129, 890 452,— 3, 561, 454 499, 897 1,119 , .. _ _ .. 721, 785 292, 881236, 392 1,729,778 271,432 192, 791 296,011 180, 655 689, 1,798 732, 219 297, 587 233, 777 1, 726, 336 271, 687 195,043 291, 180, 976 684,995 "",508 716, 678 307, 823 239,079 1, 713,102 276, 769 196, 965 295,010 186,964 701 959 701, *"", 139 304,465 234,019 1.734, 265 276, 504 196,183 295, 577188,329 699, 936 i, — 710, 710, 322 295,463 232,014 1, 731, 462 277,034195,032 293, 323 188, 230 ~ "1,540 9,423 8,949 8,964 9,192 8,663 396 361 341 306 295 1,555 1,369 1,276 1,119 1,035 453 383 345 345 244 609 564 986 939 909 513 323 493 456 1,182 1,132 1,605 1,552 1,502 271 681 642 581 518 1,053 1,031 1,022 1,006 991 570 563 559 551 543 255 248 239 214 384 375 370 361 343 1,696 1,677 1, 669 1,653 1,583 308, 865 294,237 271, 248 296, 320 308,416 32, 727 29.172 25, 481 26,144 28.173 76, 445 74, 813 74,172 77, 906 77, 695 22,194 23, 727 22,015 22, 342 22,854 15, 490 13,186 11,307 17,133 17, 094 18, 992 16, 351 16, 544 17, 642 19, 004 15, 685 14, 273 12, 822 15,614 15,013 44, 826 41, 781 38,183 40,986 44, 213 15,199 14, 815 13,184 15, 506 15,854 6,502 5,476 4,814 6,647 7,348 17, 455 18,194 16,752 17, 815 19,862 13, 529 14,073 12, 640 13, 713 13,312 29, 821 28, 376 23, 334 24, 872 27, 994 9,150, 236 467, 814 3, 367,867 518, 514 9,134, 575 465, 970 3, 369, 923 511 193 ", . 3; 9, 111, 102483, 428 " 321,228515,515 , 9, 435, 402486, 914 3, 621, 240 510; 1,481 9, 446, 969481, 365 3,640,184 522,217 737, 961 312, 782 253, 259 774,875 287, 684 1, 199, 863 313, 734 194, 568 '21, 315 746,014 314,451 249,182 1, 768, 798 287, 533 201 309,957 195,42' 715,(048 ' ' !4 " \ 728, 549 324, 690 253, 506 . 751,927 290,975 202, 338 312, 199,9''4 726, 962 1 , ! 010 , 728, 258 322, 600 251,185 ., 775^ 832 293^ 016 203^ 313, 631 202: 403 726, 461 185 1, 775, i,381 728,355 314,923 248.529 1, 776,193293, 879 202, 923313, 399 201,885 723,117 11,312 12,915 12,187 13,151 13,356 205 180 265 520 785 6,406 7,227 7,090 7,649 6,782 950 863 627 802 676 421 1,121 1,010 970 758 611 406 363 338 448 657 812 1,005 463 7,391 10,811 11,372 10,047 10,839 148 330 725 325 725 5,238 7,517 8, 671 7,958 8,432 50 50 50 19 10 44 24 48 48 55 248 258 189 314 220 687 703 621 525 491 11, 644 1,000 913 14, 744 677 15, 761 821 15, 607 686 15, 214 1,092 318 1,093 318 1,093 318 1,083 318 1,075 313 465 1,145 1,058 1,018 813 1,028 869 595 677 558 1,135 1,360 1,433 1, 530 954 1,105 120 160 1,710 293 293 293 293 120 120 120 120 117 108 107 107 107 106 384 384 384 384 378 18,703 353 23, 726 510 23, 55V) 990 23,198 845 24,195 1,510 120 160 1,710 1,025 341 351 341 426 436 410 225 120 250 410 58 109 273 348 318 770 952 592 151 165 443 539 531 507 515 95 89 135 135 55 55 87 85 62 112 128 119 176 248 605 499 461 302 218 109 101 268 183 297 436 440 476 561 491 465 312 205 312 170 23' 392 524 566 1,375 1,451 1,053 453 383 552 640 799 690 812 87 87 87 87 85 87 87 87 87 85 218 218 218 218 215 1,194 1,190 1,174 1,166 1,162 2,092 2,064 2,062 2,061 2,061 63,912 63,999 63,999 63, 999 63,999 3,077 3,076 3,076 3,067 3,026 224 223 223 224 220 20, 929 20, 785 20, 709 20,603 20, 601 2,955 2,946 2,954 2,954 2,993 5,422 5,382 5,402 5,387 5,379 3,842 3,838 3,T 3,739 3,733 830 811 1,951 1,934 1,935 1,929 1,923 187 182 179 175 175 814 809 809 807 807 298 264 264 250 744 739 735 732 719 600 592 580 580 579 737,073 738,073 738,073 738,073 738,073 53, 717 53, 791 53, 791 53, 791 53,791 211, 543 211,831 211,831 211,831 211,831 62, 247 62, 330 62, 330 62,330 62,330 71, 754 71, 850 71,850 71, 850 71,850 38, 815 38, 868 38, 868 38, 868 38,868 32, 385 32,428 32, 428 32,428 32,428 81, 229 81, 340 81, 340 81, 340 81,340 32, 499 32, 543 32, 543 32, 543 32, 543 23,977 24,009 24,009 24,009 24,009 36, 216 36, 266 36, 266 36, 266 36, 266 28, 779 28,818 28,818 28, 818 28,818 1,157, 713 1,157, 713 1,157,713 1,157, 713 1,157,713 84, 375 84, 374 84, 374 84, 374 84, 374 332, 270 332, 269 332, 269 332 ' 332^ 269 97, 767 97, 768 97, 768 97, 768 97,768 112,702 112, 703 112,703 112,703 1127~ 60,( 60, 968 60, 968 60,968 50, 865 50, 866 50, 866 50, 866 50, 866 127, 585 127, 584 127, 584 127, 584 127, 584 51,046 51,046 51,046 51,046 51,046 37, 660 37, 661 37, 661 37, 661 37, 661 56,885 56, 885 56, 885 56,885 1,387 45, 202 100, 387 45, 202 100, 387 45, 202 100, 387 45,202 100,387 631,404 630,404 630,404 630,404 630, 404 46,017 45, 944 45, 944 45,944 45,944 181, 216 180, 929 180, 929 180, 929 180,929 53, 322 53, 238 53, 238 53, 238 53, 238 61,466 61, 369 61, 369 61, 369 61,369 33, 251 33,198 33,198 33,198 33,198 27, 741 27, 697 27, 697 27. 697 27,697 69, 584 69,474' 69,474 69,474 69,474 27,840 27, 796 27, 796 27, 796 27,796 20, 539 20, 506 20, 506 20, 506 20,506 31,025 30, 976 30, 976 30,976 30, 976 24, 653 24,614 24, 614 24,614 24, 614 2, 526,190 184,109 2, 526,190 184,109 2, 526,190 184,109 2, 526,190 184,109 2, 526,19C 184,109 725,029 213, 336 725,029 213, 336 725, 029 213, 336 , 725,029 213, 336 725, " 213, 336 ; 029 245, 922 133,034 110, , 245, 922 133,034 245, 922 133,034 110,991 245, 922 133,034 110.991 245,922 133, 034 110,991 110,991 ,385 278, 398 111 278,398 111,385 278'398 111,385 278,398 111 278,398 111,385 278, 278,398 111,385 82,176 124,127 82,176 124,127 82,176 124,127 124; 82,176 124,127 82,176 124,127 54, 750 54, 663 54, 663 54, 663 54, 663 98, 634 219, ,049 98, 634 219, , ,049 98, 6 219,049 98 634 6 98 634 219,049 98, 6 98, 634 219,049 6 OCTOBER 1011 FEDERAL RESERVE BULLETIN 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total ASSETS—Continued Total bills and securities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Due from foreign banks: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Federal Reserve notes of other banks: Aug. 25 Sept. 1 Sept, 8 Sept. 15 Sept. 22 Uncollected items: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Bank premises: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 All other assets: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Total assets: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 LIABiriTIES Federal Reserve notes in actual circulation: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Deposits: Member bank—reserve account: Aug. 25..Sept. 1 Sept. 8 Sept. 15 Sept. 22 U. S. Treasurer—general account: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Foreign bank: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Other deposits: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Total deposits: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sent. 22 Boston 568, 899 573, 777 573, 534 573,058 574, 012 187, 641 187, 788 188, 276 188,132 188, 832 220 22] 221 231 190 16 17 17 17 14 24, 200 27, 785 23, 057 29, 27, 419 2, 2, 2. 2, 2, 583 589 611 598 506 Philadelphia New York 743,187 218, 496 ;, 746, 248 218, 405 i, 747, 285 218, 137 747,106 218,214 746, 69" 218,068 84 6,020 6, 281 5, 505 8,095 6, 319 20 20 20 20 17 9 9 9 9 279, 676 112,205 280, 696 112, 209 279,711 112,211 279,749 112, 296 281, 293 112, 211 26 26 26 26 23 1,733 1, 765 1,711 1,572 2,638 Dallas 83,44.1 124,984 101,290 83, 287 125,043 101, 362 83,176 125,186 100, 948 83, 280 125,318 100, 340 83, 452 125, 357 100, 264 4 4 4 4 3 3,551 4, 237 2,203 3," 2,732 Kansas City Minneapolis San Francisco 221,911 221,971 222,128 222, 018 222,137 6 6 6 6 6 6 6 6 6 16 16 16 16 13 1,271 1,918 1,634 1, 1,717 1,715 2,050 2,100 1,983 1,841 478 584 494 654 51 2,817 3, 841 3, 494 4,064 4,388 1,324 2, 235 1, 652 2,144 1,543 2,070 2,076 1,706 1,964 2,134 135, 034 45, 279 • " 48, 535 119,985 43, 634 215, 017 63,942 176, 642 57, 798 60, 722 64, 674 52, 986 86,186 65,166 49, 915 52, 579 53,808 73,081 61,129 19, 025 20, 643 23,633 27, 618 23,789 76, 432 88,144 80, 625 121,189 90, 849 25, 42; 25, 963 28,575 37,183 29, 333 17, 774 17, 739 19,185 24,160 20, 688 29, 891 34,10f 34, 990 42, 474 35, 758 33, 723 25, 963 27, 741 35, 382 29, 292 30, 728 27, 820 33, 029 47, 282 39, 904 2,746 2,737 2,737 2,737 2,737 2, 209 4, 640 4, 630 4, 630 i 633 2,360 2, 356 2,35' 2,357 2,357 1, 493 1,514 1,514 1,514 1,514 3,190 3,1 3,177 3,177 3,17' 1, 25 1,246 l,24r 1, 246 1, 246 3,381 3,381 3,381 3,381 3,372 2,819 2.842 2,881 2,361 2,396 1,745 1, 806 1, 818 1,422 1,442 4,203 4, 323 4,393 3,334 3,425 1,744 1,795 1,815 1,38" 1,411 1,593 1,624 1,640 1,327 1,350 2,036 2,014 2, 04i 1,61', 1,642 1,747 1,775 1. 815 1, 461 1,477 3, 369 3, 462 3, 529 2,685 2,738 45, 45, 45, 45, 45, 479 423 42f 428 417 3,024 3.019 3, 019 3, 019 3,019 10,038 10,021 10, 021 10,021 10,021 4,86; 4, 86^ 4,868 4,f"" 4,868 44, 726 45, 51 f 46, 931 36, 704 37, 292 2,748 2,831 2,886 2,176 2,236 12,739 12,914 13,203 10,417 10, 544 5,155 5, 216 5,926 4,469 4,513 286, 304 4, 234, 4, 260, 604 287, 268 4, 295, 483 290, 402 4,271,313 287, 788 4, 253,156 285, 224 112,421 112, 640 112,710 112, 803 112,226 St. Chicago Louis 1,670 1,306 1, 306 1, 580 1,924 56, 841 65, 996 51,066 86, 030 62, 980 718, 667 726, 210 729, 303 766, 886 738, 952 Atlanta 968 903 641 1,036 1,160 791 356 257 544 328 12,414,551 12.452,652 12.369,527 12,979,510 12,824,627 Richmond 247, 510 136,133 248,171 135, 957 248,082 135, 684 248,042 135, 760 247, 843 135, 632 22 22 22 22 19 580, 625, 569, 859, 693, 6, 6, 6, 6, 6, Cleveland 153, 4, 274, 969 '93,301 141 ', 298, 669 789^ : 4,217,311 788; 743 4, •,611,990 " ~i,032 803! 4,, 590,479 808', !,643 : 6, 6, 6, 6, 6, 4,913 4,980 4,048 4,118 2, T •" 2,208 2,208 2,206 143, 1,058, 991 505, 728 390,737 2,143,403 431,15; 305, 442 475, 556333, 063 983, 537 365 388', 1,071,365 510, 810 388, 563 2,150, 854 431, 625 307; 167 476; 349 326, 360 975, 539 1,042,190 521,461 395, 123, 515 437, 648 309,490 479,514 332,224 992, 539 79, 1,074,401 538; 692 397. 208 2,188, 332 447, 815 315, 546 206 341,492 1,005,907 538,692 397. 488, 1,053, 690 518, 368- i. 333 2. 159,148 441, 832 311, 646 481,180 334, 995, 669 390, 936, 444 315, i,478 947, 734 316, 308 » , 954, 383 318 1,826 955, 661 318,780 946, 302 316 i,588 ,351 729, 546 327, 595 2, 890, 900 363, 731, 214 329, 792 "I, 900, 924357, 576 , , 709, 993 343,021 2, 846,055 361,827 ,238 864, 732 350, 606 2, 970, 602 361 " 977,186 336,381 3,147, £ 362,969 280 267 267 267 267 440, 728 196,470 168,195 ,812 438, 377 201, 614 167, 443, 855 204,105 168, 111 439, 229 203, 779 167,152 438,106 203,083 166,608 974, 716 179,082 137,919 166, 744 978, 524 180,188 139, 387 167, 511 981,883 180, 463 140,769 168,111 975, 200 180,141 139, 801 166, 762 973, 452 180,054 139,980 166, '"1,769 174, 992 458, 497 220, ^3,498 473, 381 220, 773 1 . 458, 847 231, 174179, 787 ~\ 753 462, 672 221,413 ' 173, ',199 452,029 212,605 167, , 703 197, 655 130, 506 976, 823 197, 258129, 688 " 974,,153 199,781 132,102 998, 802 200, 791131, 217 , 802 987,""" 199,416 130,217 628 92,166 92, 742 93, 726 92, 571 93, 259 340, 434 343,139 350,849 344, 449 343, 731 254, 241 249, 309 254,817 255,078 253,453 177, 925 178, 842 183, 616 182, 493 179, 417 547, 741 543, 350 544,813 556,067 547, 974 6,242 160,885 156, 264 3, 822 3,747 130,390 347, 686 1,494 193, 490 10, 768 31, 858 29, 510 48, 757 240,003 50, 878 7,448 7,944 5,581 4, 255 28,311 27,113 14,105 17,113 24, 656 12, 983 10, 773 6,084 14,626 14,153 5,068 4,437 2,171 5,363 8,294 34, 663 39, 294 17, 694 24, 740 34,268 4, 595 3, 392 4,439 5, 953 7,' 3,16; 4,165 1, 863 5,:"" 3,670 8,262 9,351 6,038 9, 501 7,877 6,564 6,638 5,913 8,080 8, 595 11, 724 9,825 13, 998 10,757 12, 661 200, 20J 189,657 200,427 199, 83' 237, 332 14, 622 13, 846 14, 621 14, 621 16,707 72,216 68, 461 72, 443 71, 853 91,089 19, 629 18, 587 19, 628 19,628 22,428 18, 42' 17, 449 18, 427 18,427 21,056 8,612 8,156 8, 612 8,612 9,841 7,010 6,638 7,010 7, 010 8,010 23, 234 6,00Q 22,001 5,690 23, 233 6,009 23, 233 6,009 26, 548 6,866 4, 363 4,607 4,60" 5,264 5, 809 5, 809 5,500 5,500 5,808 5,808 5,808 5,808 6,637 6,637 14, 221 13, 466 14, 221 14, 221 16, 249 156,059 146, 88' 113,616 112,978 124,734 2,988 2, 454 3, 112 2, 323 2, 219 89, 672 82, 25' 49, 64fi 46,716 58, 992 9,334 7, 002 6, 361 6, 555 6,192 20, 925 21,358 21,930 22, 241 22, 071 3,125 3,581 3, 776 4,682 4, 879 4,311 3,901 3.688 3,908 3,820 7, 246, 695 7, 224,022 7,154, 426 7, 525, 233 7, 532, 742| 351, 44: 349, 914 • 364, 501 369, 044 366, 07'5 3,084, 646 399, 762 "i, 081,152 391,109 3, 3, 016, 901393, 397 3, 329,174 '391, 676 3, ~, 348, 857 ,275 ; 1,824 1,593 1,573 2,512 2,041 6, 308 7, 253 6, 677 6, 257 6, 214 2,394 2, 541 2,064 2,013 3, OSS 234 428 234 191 183 3,927 3, 706 3,373 4, 236 3,614 526,160 245, 160191,381 045, 424 214,567 140, 674 268, 546 194, 225! i , : , 539,301 243, 283 "",474 039,711 213, 593|l4a 140,757 ?" 588 194, 686: 26< 513, 309 249, 646 192, 656 016, 653 216, 906 140, 636 266, 897 198,710; 249, 520, 453 249, 333 190,034 049, 287 219,010 143,638 270, 578200, 617 270)578 519,812 241, 478187,323 050,485 220, 480 ' -2, 249268,150 198, 263 14: " 11,017 10, 813 11,182 11,344 11,411 584, 577, 584, 592, 588, 703 454 214 389 295 1012 FEDERAL RESERVE BULLETIN OCTOBER 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Richmond Min- KanSan AtSt. sas lanta Chicago Louis neap- City Dallas Franolis cisco 60,190 61,832 53,095 82, 799 63, 788 49,203 51,047 52, 803 70, 688 58,87" 18, 452 19, 524 22,042 27, 246 23, 621 78,305 87,882 80,049 118, 998 90,245 26,972 27,310 29, 702 38,008 30, 706 17,411 17,619 18, 689 22, 745 20,026 30, 280 34,353 34, 570 40, 894 36, 269 12, 258 12, 258 12, 258 12, 257 12,257 12, 931 12,931 12, 931 12,935 12, 935 4,874 4,875 4,874 4, 87" 4,876 4, 350 4, 395 4,394 4,394 4,394 12, 854 12, 858 12, 861 12, 862 12, 862 3,843 3,843 3,841 3,841 3,852 2,892 2,891 2,891 2,891 2,891 51, 474 51, 474 51, 474 51, 474 51,474 13,362 13, 362 13, 362 13,362 13, 362 14.323 14,323 14, 323 14, 323 14, 323 4,869 4,!""" 4,1 4, 869 4,,r" 5,616 5, 616 6, 616 5,616 5, 616 21, 504 21, 504 21, 504 21, 504 21, 504 4, 655 4, 655 4, 655 4, 655 4,655 1,416 1,416 1, 416 1,416 1,416 545 545 545 545 545 Total Boston New York Philadelphia 584, 978 620,482 570, 618 834. 534 690,025 56, 853 64,984 50, 323 85, 992 63,534 133,178 149,227 125, 306 206, 235 174, 396 44,619 48,319 42, 437 59,081 57, 278 132, 531 132. 594 132, 588 132, 590 132,605 9, 367 9,379 9,379 9,380 9,383 51,072 51,070 51. 067 51,061 51,057 145, 854 145, 854 145,854 145, 854 145, 854 9, 826 9, 826 9, 826 9,826 9,826 Cleveland LIABILITIES—continued Deferred availability items: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Capital paid in: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Surplus (section 7): Aug. 25 Sept. 1 . Sept. 8 Sept. 15 Sept. 22 Surplus (section 13b): Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Reserve for contingencies: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 All other liabilities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Total liabilities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Contingent liability on bills purchased for foreign correspondents: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Commitments to make industrial advances: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 33, 948 30, 534 32, 979 44, 598 39,197 4,050 4,050 4,051 4,053 4,053 35, 567 27, 851 28, 623 37, 244 32,089 3,875 3, 875 3,871 3,870 3,875 3,116 3,116 3,116 3,116 3,116 3,613 3,613 3,613 3,613 3,613 3,851 3,851 3,851 3,851 3,851 9, 645 9, 645 9, 645 9, 645 9,645 1,003 1,003 1,003 1, 003 1, 003 1,142 1,142 1,142 1,142 1,142 1,262 1, 262 1, 262 1, 262 1,996 1, 996 1, 996 1,996 1,996 10,165 10.169 10.170 10.169 10.170 27, 27, 27, 27, 27, 490 490 490 490 490 2,874 2,874 2,874 2,874 2,874 7,744 7,744 7,744 7,744 7, 744 4, 325 4, 325 4, 325 4, 325 4,325 1,007 1,007 1, 007 1, 00" 1,007 3,422 3,422 3,422 3, 422 3,422 754 754 754 754 754 35, 35, 35, 35, 35, 838 839 838 803 803 1,570 1, 570 1,570 1, 570 1,570 9,117 9,117 9,117 9,117 9,117 3,000 3, 000 3,000 3,000 3,000 3,121 3,121 3,121 3,121 3,121 1,497 1,497 1,497 1, 497 1,497 1,691 1,691 1,690 1,690 1,690 7,7' 7,777 7,777 7,749 7,749 1,199 1,200 1,200 1,200 1,200 2,041 2,041 2,041 2,034 2,034 941 941 941 941 941 1,847 1,847 1,847 1,847 1,847 2,037 2,037 2,037 2,037 2,037 426 395 428 412 466 1,294 1,151 1,319 1,524 1,532 497 460 1,138 545 558 531 473 549 534 598 297 326 322 327 1,407 1,182 1,372 1,316 1,435 294 291 336 415 340 386 353 345 321 347 240 151 189 223 243 270 246 334 230 241 609 565 649 624 598 6,485 5,76" 7,230 6,693 6,952 233 203 245 227 267 12, 414, 551 718, 667 4, 274, 969 793, 301 1,058, 991505, 728 390, 737 2,143,403 431,157 305, 442 475, 556 333,063983, 537 12, 452, 652726, " ' 298,669 789,141 1,071, 365510, 810 388, 563 2,150, 854 431, 625 307,167 476, 349 326, 360 """ 210 4, 975, 539 12,369,527 729, 303 4, 217, 788,743 ".,042,190 521,461 395, 589 2,123, 515 437, 648 309, 490 479, 514 332, 224 L , ',311 , 992, 539 12,979,510 766,886 4,611, [, 611,990 803, 1,032 1 , 074, 401 . 538, 692 397, 208 2,188,332 447, 815 315, 549 488, 206 341, 492 1,005,907 12,824, 627 738, 952 4, 590, 808, 643 1, 053, 690 518, 368 333 2,159,148 441, 832 311, 646 481,180 334, 687 ~~ "1,479 . 390, 1,932 1,873 1,72" 1,579 1,543 15,179 15, 404 15,236 15,021 14, 970 141 137 97 97 113 697 67 877 729 557 189 184 130 130 151 178 172 122 122 142 1,959 1,957 1,961 1,958 1,935 5,338 5,279 5,270 5,089 5,086 152 152 140 140 140 935 930 925 925 921 224 217 154 154 179 1, 891 1,888 1,771 1,758 1,749 313 313 312 312 311 137 133 94 94 110 1,039 1,037 1,037 1,037 122 122 120 120 120 302 302 302 302 301 3,064 3,358 3, 334 3,318 3,308 1013 FEDEKAL RESERVE BULLETIN OCTOBER 1937 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO SEPTEMBER 22, 1937 [Amounts in thousands of dollars] Date (last Wednesday of each month) Applications received to date, net Applications recommended for approval by Industrial Advisory Committees to date (with and without conditions) Applications approved to date by Federal Reserve banks (with and without conditions) Number 1936—July 29.. Aug. 26. Sept. 30. Oct. 28.. Nov. 25. Dec. 30. 1937—Jan. 27Feb. 24 . Mar. 31 Apr. 28_ May 26. June 30 July 28. Aug. 25 ; Sept. 22 Amount Number Amount Number 8,197 8,240 8,284 8,308 331,659 333, 930 336,119 336, 763 339, 903 342, 699 2,413 2,437 2,463 2,477 2,483 2,500 2,506 2,517 2,543 2,563 2,577 2,587 2,590 2,598 2. 609 143,978 145,939 147,191 148,237 148, 317 149, 204 149, 527 149, 711 150, 561 152,724 153, 720 154,960 155,023 155, 514 155,899 2,198 2,218 2,243 2,259 2, 266 2,280 2,287 2,297 2,323 2,336 2,353 2,361 2,367 2,373 2,379 8,379 8,398 8,427 8,483 8,510 8,524 8,546 8, 554 8,572 8,587 342, 999 343, 904 346,911 348,342 349,288 351,420 352,024 352,666 353, 225 Expired, Federal Federal Reserve Reserve Approved repaid, bank bank but not or withdrawn by advances commitcomments applioutpleted* outcant, standing standing etc. Amount Total 134, 233 135,421 137, 251 138, 731 138,938 139,829 140,213 140,515 141,545 144, 564 145,228 145, 758 145,887 146, 457 146, 696 30,217 29,265 28,885 27,038 26, 720 25, 533 24, 781 24, 208 23,054 23,904 23,196 23,014 22,462 21, 752 21, 399 23,711 23,355 23, 307 22,790 22,040 20,959 20,238 19, 523 18,611 17, 528 17,188 16, 331 15, 726 15,179 14,970 8,429 9,168 8,566 8,544 7,719 8,226 7,697 7,709 7,898 9,045 8,462 1,470 1,098 1,151 514 64,342 66,304 69, 217 72,915 75,045 77,903 80, 500 82,163 85,215 86,806 89, 268 97,668 99,271 101,139 102, 454 Financing institution participations outstanding2 7,534 7,329 7,276 7,444 7,414 7,208 6,997 6,912 6,767 7,281 7,114 7,275 7,330 7,236 7,359 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,172,424 on September 22, 1937. 3 September 29, not yet available. NOTE.—On September 22,1937, there were 14 applications amounting to $2,219,000 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston New York Phila- Cleve- Richdelphia land m o n d Atlanta Chicago MinSt. Louis neapolis Kansas City San Dallas Francisco Federal Reserve notes: Issued to F. R. bank by F. R. agent: .88, 4, 560, 971 527,069 037,814 334,014 465, 206,044 186,492 , 005, 739 546 43, 726 .77, 636 .01, 849 386,1696 .,346 Aug. 25 I, 4, 563,174 330,077 ,038, 338 331, 505 464, 211,377 185, 540 , 005,936.88,117 .43, 530 .77,006 .00, 840 386,:2 6 1 •i, Sept. 1 : ,647 336, 4, 624, 774 134,105 , 057, 430 357 :69,005 214, 852 186, 473 , 010, 969 200,481.45, 404 .78,005 103,085 388, 608 Sept. 8 " -,223 4, 620, 315 331, 395 , 060, 440 334! :69,490 213, 594 .86,130 , 009, 60495, 746 .44, 647 78, 600 .03,131 .,315 Sept. 15 336, 424 =70, 738 212, 622 185, 292 , 008,308 94,122 .44, 952 .77, 368 .04,465 391, 970 4, 613, 505 331,193 , 056,051 Sept. 22 465 Held by Federal Reserve bank: 326, 291 40, 765 101, 370 18, 536 24,618 9,574 18, 297 31,023 9,464 5,807 10, 892 46, 262 Aug. 25 302, 570 42, 809 90, 604 15,197 26, 270 9,763 17, 728 43,122 Sept. 1 27, 412 7,929 4,143 9,495 329, 291 43, 703 103,047 17, 531 25,150 10, 747 18, 362 Sept. 8 29,086 20 018 4,635 9,894 9, 359 37, 759 349,002 43, 607 104, 779 15, 443 30, 261 9,815 18, 978 Sept. 15 34,404 15, 605 4,846 11, 838 10, 560 48, 866 360,349 45, 969 109, 749 19, 836 32, 632 9,539 18,684 Sept. 22 34, 856 14,068 4,972 10,599 11, 206 48, 239 In actual circulation:1 4,234,680 286,304 936, 444 315, 478 440, 728196,470 168,195 974, 716 179,082 137, 919 166, 744 92,166 340, 434 Aug. 25 287, 343^ 4,260,604 •; 268 947, 734 316, 308 438', 3' 201, 614 167, 812 978, 524 ' " " 188 139,387 167, 511 92, 742 "'",139 316, Sept. 1 105 4, 295, 483 290, 402 954,383 318, 318,826 443, 855 204,105 168, 111 981, 883 180, 463 140,769 .68, 111 93, 726 350, ~ 1,849 Sept. 8 4, 271, 313 287, 788 955, 661 318, 780 439,229 203, 779 167,152 975, 200 180,141 139, 801 166, 762 92, 571 344, 449 Sept. 15 4, 253,156 285, 224 946,302 316, 588 i'SS, 106 203,083 166,608 973,452 180,054 139,980 166, 769 93, 259 — S , 731 343 Sept. 22 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U . S . Treasury: 4, 594, 632 336,000 1 040, 000 337,000 467, 500 206, 000 171,000 1,020,000 190, 632 145,000 180,000 102, 500 399, ( 1,000 Aug. 25 4, 600, 632 336,000 1 040,000 337, 000 467. 18a i ,500 212,000 171,000 1,020,000 190, 632 145,000 ""1,000 102, 500 399,000 Sept. 1 4,619,132 336,000 : 050,000 337,000 470, 000 215,000 171,000 1,020,000 190, 632 146; 000 180,000 104, 500 399,1 ',000 Sept. 8 4, 632,13! 336,000 060,000 337, 000 " " 000 215,000 171,000 1, 020,000 190, 632 146,000 180,000 104, 500 399, ( 473! >,000 Sept. 15 4, 633,132 '36,000 060, 000 337, ~~~ 000 473^ 000 215,000 171,000 1,020,000 190,632 146, 000 180,000 105, 500 399,000 Sept. 22 Eligible paper: 465 360 170 1,375 353 465 1,028 1,095 18,277 950 549 Aug. 25 11, 292 869 1, 320 1,105 370 237 1,412 23,339 510 863 1,145 638 Sept. 1 14, 578 18J 595 1, 393 120 360 392 1,053 23,166 990 627 1,058 797 Sept. 8 15, 596 312 607 1,490 160 445 524 453 22, 80' 845 822 1,018 688 Sept. 15 15, 443 796 498 450 566 1,710 383 22, 755 813 488 1,510 686 810 Sept. 22 14,045 U. S. Government securities: 20,000 20, O C O Aug. 25 20,000 20,000 Sept. 1 12, 000 20, 000 32, O X C Sept. 8 12,000 20, 000 32, 000 Sept. 15 12,000 32,000 Sept. 22 20, 000 Total collateral: 4, 632, 909 336,353 051,387 337,950 467, ,965 207,028 192,095 1,020,080 190,992 145,465 180,170 103, 875 399, 549 Aug. 25 4, 643, 971 336, 510 054, 578 337, 863 468, 645 212, 869 192, 320 1,021,105 191,002 145, 292 180, 237 103, 912 399, 638 Sept. 1 4, 674, 298 336,990 065, 596 337,627 471,058 215, 595 192, 393 1,020,120 202, 992 146,18E 180,392 105, 553 399,797 Sept. 8 4, 686, 939 336, 845 075, 443 337, 822 474, 018 215, 607 192, 490 1,020,160 203, 077 146,312 180, 524 104, 953 " "1,688 Sept. 15 203,082 146,498 180, 566 105, 883 399, Sept. 22 1,810 4 , 6 8 7 , " ~ 337, 510 074,045 337, 686 473, 813 215, 488 191, 796 1, 021, 710 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. 1014 FEDERAL RESERVE BULLETIN OCTOBER RESERVE POSITION OF MEMBER BANKS, AUGUST 1937 MEMBER BANK RESERVE BALANCES, BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] 1937 [Averages of daily figures. In millions of dollars'! Reserves with Federal Reserve banks Gross Net dedeTime mand mand dedede- ! posits posits posits Classes of banks and districts Required Held All member banks 1 Ex- Total reserves held: 1936—September October November Central reserve city banks: December New York 2,522 9,681 9,097 809 2,414 108 1937—January 34 Chicago 2,185 1,954 442 534 568 February March 2 Reserve city banks: April Boston district 940 115 179 193 May 2 New York district 195 142 41 43 163 June Philadelphia district. - 1,069 242 198 222 916 July Cleveland district 1,442 720 286 327 1,212 August 599 206 108 133 Richmond district 479 Week ending (Friday): 545 164 107 Atlanta district 414 93 1,149 498 241 Chicago district 895 209 Aug. 6 671 172 135 St. Louis district 553 121 Aug. 13 _. 347 93 71 271 60 Aug. 20 Minneapolis district... 969 159 179 707 151 Aug. 27 Kansas City district... 586 111 104 423 Sept. 3_ Dallas district 91 492 Sept. 10 426 San Francisco district_ 1,917 1,570 1,863 Sept. 17 Sept. 24 Total 10,428 8,462 4, 485 1, 962 2,248 287 Excess reserves: Country banks: 1936—September 782 124 145 October .. Boston district 1,205 220 291 November New York district 975 1.398 590 148 464 864 December Philadelphia district.. 117 595 136 444 648 Cleveland district 101 1937—January 462 335 331 83 67 February Richmond district 413 290 209 65 53 March 2 Atlanta district 786 578 635 168 119 April Chicago district 336 244 222 61 47 May 2 St. Louis district 295 202 275 61 45 Minneapolis district__. June 458 286 157 49 73 Kansas City district... July 474 313 92 49 73 Dallas district __ August 338 236 255 48 58 Week ending (Friday): San Francisco districtAug. 6 321 Aug. 13 733 5,007 5,666 1,041 1,362 Total . Aug. 20 Aug. 27 1 Gross demand deposits minus demand balances with domestic banks Sept, 3 (except private b a n k s and American branches of foreign banks) and Sept. 10 cash items in process of collection. Sept. 17 NOTE.—See table at foot of page 1025, for percentages of deposits reSept. 24 quired to be held as reserves. All member banks. _ 29,028 24, 520 11,403 5,951 6,701 750 Central reserve city banks New York Chicago 6,345 6,594 6,785 6,665 6,716 6,747 6,704 6,824 6,932 6,878 6,845 6,701 2,462 2,574 2,695 2,662 2,719 2,812 2,652 2,739 2,684 2,669 2,652 2,522 619 637 651 605 568 546 533 6,676 6,656 6,718 6,741 6,729 6,725 6,802 6, 955 2,522 2,469 2,519 2,560 2,568 2,529 2,571 2,782 557 559 574 582 569 567 591 578 1,852 2,043 2,219 2,046 2,093 •2,152 1,371 1,552 535 639 751 697 767 868 401 530 203 176 199 108 195 205 221 175 147 128 54 101 51 70 52 34 927 876 876 750 721 711 766 785 P773 P779 P840 *990 Reserve city banks Country banks1 96 67 112 141 138 104 140 347 1,218 '., 230 ,254 ,241 ,271 ,261 ,315 ,321 ,386 ,377 ,360 .,362 2,237 2,262 2,256 2,247 2,233 2,246 2,249 ,360 ,366 ,369 ,352 ,359 ,383 ,390 724 675 662 651 488 490 316 289 301 287 498 502 523 498 518 505 428 431 357 341 324 321 279 294 289 288 283 298 297 603 581 568 2,046 2,153 2,185 2,157 2,158 2,128 2,203 2,201 2,272 2,230 2,252 2,248 320 324 328 312 P319 P343 P350 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased March 1, 1937, and May 1, 1937; see table at foot cf page 1025 for amount of changes. r Revised. P Preliminary. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] j Federal Reserve district Gross demand Atlanta Chicago. St. Louis Minneapolis Kansas City. Dallas San Francisco Total 1 _ _ ... __. Gross demand Time August Boston New York. Philadelphia Cleveland Richmond Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) K\\ member banks July August 1, 722 11.080 1,659 2,037 1,061 957 4,120 1,007 642 1,427 1,061 2,255 1,749 11,368 1.6S8 2,019 1,063 964 4,121 1,017 644 1,428 1,054 2,243 29,028 29,366 Time August July Time July July August July August July 695 2, 350 1,106 1,368 537 373 1,575 394 368 316 204 2,118 694 2,361 1,098 1,348 537 372 1,568 380 365 315 202 2,118 1,596 i 1,112 1,431 1,805 891 819 1 1, 628 808 464 1,088 795 2,126 1,626 1,139 1,474 1,791 • 894 823 i 1, 629 820 467 1,092 792 2,115 567 i 1,051 662 1,083 351 292 1 870 289 179 200 162 2,021 567 i 1, 043 657 1, 063 351 291 i 864 287 178 200 161 2,022 126 287 228 232 170 138 306 199 178 339 266 129 123 280 224 228 169 141 303 197 178 335 262 128 128 489 444 285 186 81 263 105 188 115 42 97 127 485 441 285 186 81 259 103 187 115 41 96 11, 403 11,369 l 1 1 i 7, 683 2,597 2,568 2,424 2,407 U, 565 ] 14, 660 7, 727 Excluding central reserve city banks, for which figures for latest month are shown in table above. Gross demand August 1015 FEDERAL RESERVE BULLETIN OCTOBER 1937 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Gold certificates Total 1936—July August September. October... November. December. 1937—January... February.. March April May June July August Silver dollars Treasury notes of 1890 Silver certificates Subsidiary silver Minor coin Federal Federal Reserve Reserve bank notes notes United States notes National bank notes 1,020 1,051 1,057 6,162 6,227 6,267 6,351 6, 466 6,349 6,399 6,377 6,426 6,462 6,447 6,460 6,524 318 321 326 329 334 337 136 137 138 139 141 142 274 278 278 282 289 289 3,937 3,978 4,011 4,076 4,156 4,233 352 342 332 324 316 307 1,012 1,022 1,022 1,039 1,062 1,078 1,088 1,115 100 329 329 333 335 338 341 341 345 140 140 141 142 143 144 144 146 276 288 287 291 289 281 286 286 4,118 4,155 4,139 4,171 4,189 4,169 4,175 4,213 300 294 287 281 275 269 263 258 958 87 Back figures—See Annual Report for 1935 (table 38). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total in circulation 1 End of month 1936—July August September October November December Paper currency 2 Unassorted* $1,000 $5,000 $10,000 $50 and over Coin $2 $1 $5 $20 $10 Total $50 $100 $500 1937—January February.. March April May June July.. August 490 494 501 505 513 517 460 471 477 484 492 499 32 32 33 33 33 35 844 863 868 882 900 906 1,459 1,482 1,488 1,516 1,548 1,563 1,431 1,436 1,437 1,460 1, 486 1,501 ,449 ,452 1,467 1,478 1,501 ,530 383 381 383 385 390 399 6(7 C67 673 679 690 707 127 128 130 132 132 135 247 250 253 255 258 265 7 6 6 7 7 7 506 506 511 514 518 523 523 529 472 475 476 482 489 487 488 498 33 33 33 33 33 34 33 33 864 874 869 883 893 885 894 907 1,500 1,519 1,519 1,542 1,658 1,539 1,550 1,574 1,458 1,464 1,451 1,468 1,466 1,458 1,454 1,466 1, 525 1, 538 1,520 1,507 1, 507 1.526 1.520 1,520 393 395 386 381 380 384 381 382 702 706 696 687 689 699 697 698 135 135 136 137 136 138 137 137 269 273 275 277 278 283 283 283 8 9 9 9 8 8 7 7 3 3 19 19 21 19 23 18 6,349 6,399 6,377 6,426 6,462 6,447 6,460 6,524 _ 6,162 6,227 6,267 6,351 6,466 6,543 18 19 18 17 17 14 15 14 4 7 8 9 10 2 3 4 5 2 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. »Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported b y the Treasury as destroyed. Back figures—See Annual Report for 1935 (table 39). SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY TREASURY CURRENCY OUTSTANDING [Held by Treasury and Federal Reserve banks and in circulation, I n millions of dollars] End of month Total Silver dollars Suband sid- Minor United silver iary coin States notes bul- silver lion* Federal Reserve bank notes National bank notes [By selected banks in New York City. In thousands of dollars] Year or month 1932 1933 1934 1935 1936 ShipReceipts ments to from Europe Europe 567 554 345 10,628 34, 774 83, 838 91,059 40, 587 19, 966 26, 216 1936-July August September October NovemberDecember . 2,496 2,500 2,512 2,515 2,521 2,532 1,264 1,277 1,294 1,303 1,310 1,323 335 338 341 346 351 356 140 142 143 145 146 147 347 347 347 347 347 347 358 348 1936—August 339 September. 329 October.... 322 November. 314 December. 981 3,949 2,013 5,960 2,078 1,131 5,422 1,536 745 1987—January . . . February.. March April May June.. July August 2,532 2,536 2,541 2,543 2,547 2,550 2,572 2,585 1,332 1,343 1,355 1,365 1,375 1,382 1,409 1, 424 356 356 357 357 358 359 361 363 148 149 149 150 150 151 151 152 347 347 347 347 347 347 347 347 305 1937—January... 298 February _ 291 March 284 April. 278 May.. 272 June. 266 July 262 August 2,092 4,279 968 1,434 909 7,000 809 877 2,197 3,265 3,728 3,023 1, 865 1,972 2,586 2,839 Net shipments Net receipts 83, 271 90, 505 40,242 9,338 8,558 1,097 "2," 818" 1," 409" 4,424 7,724 105 1,014 2,760 1,589 956 ~5," 028" 1,777 1,962 For description and back figures see BULLETIN for January 1932, 1 Includes silver held against silver certificates amounting to $1,322,000,000 on July 31, 1937, and $1,159,000,000 on July 31, 1936. pp. 7-9. 1016 FEDERAL RESERVE BULLETIN OCTOBER ANALYSIS OF CHANGES IN MONETARY GOLD STOCK MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] 1937 [In thousands of dollars] Gold stock at end of year or month Net Increase Net release in gold from total eargold import mark Total Inactive stock Year or month 8,238 4,202. 5 1,133.9 November December 9,693 9,920 10,125 325.2 226.7 205.2 315.3 210.6 190.0 1.3 Year.. 10,125 I, 887. 2 1, 739. 0 .2 45.6 -16.6 5.5 28.1 170.0 277.8 15.4 67.5 171.8 218.8 75.8 57.0 -1.7 -9.5 1.0 o -3! 2 -24.8 2.3 -11.9 -28.8 -11.3 3.0 -.7 1,132. 5 1,116. 6 -85.9 121.3 120.3 154.3 215.8 155.4 262.0 175.4 104.8 -48.3 -8.0 -.4 7.2 26.2 -15.9 -35.5 -5.3 1934.. 1935—October 10,182 10,167 10,184 10, 225 10, 402 10, 608 10, 648 10, 716 10, 845 11,045 11,184 11, 258 Year.. 26.5 11, 258 1936—January February. _. March April May June July August September.. October November.. December.. 57.2 -15.5 17.2 41.0 176.7 206.6 39.2 68.4 129.0 199.7 139.6 73.3 26.5 126.5 11, 358 11,436 204.7 11, 574 342.5 11, 799 568.0 11,990 759. 1 12, 318 1,086. 8 12,446 1,214.1 12, 567 1, 335. 7 1937—January... February _ March April May June July August 100.1 78.2 137.9 225.6 191.1 327.8 127.3 121.6 BANK SUSPENSIONS1 banks Total, all banks Number of banks suspended: 1934 1935 . 1936 1937, Jan.-Aug. Deposits of suspended banks (in thousands of dollars): 3 1934 1935 1936 1937, Jan.-Aug _ _ Non-member banks August July Imports Exports Belgium France Germany Netherlands Switzerland Union of Soviet S o c i a l i s t Republics United Kingdom.. Canada _ Central America 0 . Mexico Argentina Chile Colombia Ecuador Peru Uruguay __. Venezuela Australia British India China and Hong Kong Dutch East Indies Japan Philippine Islands. All other countries2c 10,130 12 National Imports January-August Imports Exports Total 22, 556 1,138 Exports 55,137 26 245 3,177 2,390 521 6,461 54, 452 574 1 155 349 337 2 155 280 14 3, 710 3,613 63 3,796 4,355 12 504 813, 230 83, 778 2,518 29, 033 8 6,756 11,940 1.185 9 022 343 22, 668 37, 711 30,158 12, 248 292 3,667 11 1 143 76,437 7,470 343 5,507 5 41 160 82 46 382 217 265 1,556 37, 697 1,505 161 44, 459 2,410 483 129 740 16,492 8,184 2 169 175, 624 206 1, 309,964 524 105, 013 2 i Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. * Includes all movements of unreported origin or destination. c Corrected June figures (in thousands of dollars): Central America 479 All other countries 165 Back figures.—See table p. 1045, and Annual Report for 1935 (tables 34 and 35). BANK DEBITS [Debits to individual accounts. A m o u n t s in millions of dollarsl InNot State sured2 insured 1937 No. of centers 8 57 34 44 37 1 4 1 2 22 40 29 36, 937 10,015 11,306 9,771 40 5,313 507 3,448 1,912 3,763 10, 207 5,843 48 8 3 6 New York City Outside New York C i t y . 34, 985 939 592 480 i Represents licensed banks suspended; does not include non-licensed banks placed in liquidation or receivership. a Federal deposit insurance became operative January 1, 1934. 3 Deposits of member banks and insured non-member banks suspended are as of dates of suspension, and deposits of non-insured non-member banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Annual Report for 1935 (table 69). From or to— 82.6 Back figures—See Annual Report for 1935 (table 32). Member 1937 Federal Reserve districts; Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total August August 140 July 13, 476 18, 409 16, 751 20,152 14, 362 17,106 1,696 14,111 1,448 2,038 680 831 4,820 885 680 1,175 693 2,828 1,995 17, 525 1,680 2,184 740 876 5,209 1,012 675 1,375 747 2,885 1,654 14, 962 1,423 1,791 639 751 4,612 806 669 1,038 577 2,547 31, 885 36, 903 31, 469 Back figures.—See Annual Report for 1935 (table 68). 1017 FEDERAL KESERVE BULLETIN OCTOBER 1937 ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS NUMBER OF BANKS Nonmember banks Member banks Call date Total National 5,606 5,818 6,011 4, 897 5,052 5,154 709 766 857 5,288 5,417 5, 461 5,462 918 958 972 980 578 16,039 6,206 6,375 6,433 6,442 1935—Mar. 4 16,024 June 29. _ __ 15,994 Nov. 1 15, 904 Dec. 31 15, 837 6,422 6,410 6,400 6,387 5,446 5,425 5,403 5,386 1936—Mar. 4 June 30 Dec. 31 15, 808 15,752 15, 628 6,377 6, 400 6, 376 1937—Mar. 314 June 30 15, 569 15, 528 6,367 6, 357 14,519 15,011 1934—Mar. 5 2 June 30 2 Oct. 17 Dec. 31 15, 835 Member banks 3 Other Mutual nonState savings member banks banks Total 1933—June 302i Oct. 25 Dec. 30 [In millions of dollars] Call date All banks Nonmember banks Mutual Other Total National State 8,337 1933—June 30i_. 37,998 Oct. 25 2 8,421 Dec. 30. _ 38, 505 23, 338 23, 453 23, 771 14, 772 15,070 15, 386 8,566 8,383 8,385 25,293 26,615 27, 484 28,943 16, 203 17,097 17, 693 18, 519 9,090 9,518 9,791 10, 424 9,780 5,475 579 1934—Mar. 5 2 . . June 30._. 41, 870 8,882 Oct. 17 2 _. Dec. 3 1 . . . 44, 770 9,018 9,828 6,000 976 985 997 1,001 579 571 571 570 9,023 1935—Mar. 4___ 44, 455 June 29___ 45, 766 9,013 Nov. 1 47, 522 8, 933 Dec. 3 1 . - . 48, 964 8,880 28, 589 29, 496 31,072 32,159 18, 502 19,031 20,128 20,886 10,087 10, 465 10, 944 11, 273 9,837 9,920 9,936 9, 963 6,029 6,350 6,513 6,842 5,375 5,368 5,325 1,002 1,032 1,051 569 566 565 8,862 1936—Mar. 4—_ 48, 716 51, 335 8,786 June 30. 8,687 Dec. 3 1 — 53, 701 31, 774 34,098 35, 893 20, 605 21,986 23,107 11,169 12,112 12, 786 9,972 10,060 10,143 6,970 7,176 7,666 5,305 5,293 1,062 1,064 565 565 8,637 1937—Mar. 31— 52, 577 June 30 4 _. 53, 274 8,606 34, 746 35, 440 22, 355 22, 926 12, 390 12, 514 10,157 10, 209 7,674 7,625 576 579 For footnotes see table below. savings nonmembanks ber banks 9,713 4,946 9,708 5,026 For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] Mutual savings banks Call date Total 1933—June 30 * Oct 25 2 Dec. 30 1934—Mar 5 2 June 302 Oct 17 Dec. 31 Loans Investments Investments Total 24,786 24,953 25,220 12,858 13,059 12,833 11,928 11, 894 12, 386 12,706 12,523 12, 293 12,028 40,076 22, 203 17, 872 40, 319 21, 977 18, 342 Loans Other nonmember banks Loans Investments Total Loans 10,044 5,941 4,103 5,246 3,404 1,841 9,985 5,906 4,079 5,115 3,238 1,877 13,842 14,652 15, 267 16,122 9,904 5,648 4, 256 5,423 9,782 5,491 4,291 5,526 2,955 2,571 Total Investments 42, 502 __ 1937—Mar 31 June 304 21, 278 21,224 43, 458 20,473 22,984 26, 548 27,175 27, 559 28,150 43, 747 44, 416 45,008 45, 717 _ 1935—Mar 4 June 29 Nov. 1 Dec 31 1936—Mar 4 June 30 Dec. 31 Nonmember banks Member banks All banks 20,394 20, 272 20,140 20,329 23,353 24,145 24,868 25, 388 28,271 28, 785 29,301 29,985 11,953 11,928 11,841 12,175 16, 318 16,857 17,460 17,810 9,775 9,852 9,854 9,804 5,478 5,341 5,302 5,210 4,297 4,511 4,552 4,594 5,701 5,779 5,853 5,927 2,963 3,003 2, 997 2,944 2,738 2,777 2,856 2,983 46,115 48, 458 49, 524 20,267 20,679 21, 449 25,847 27, 778 28,075 30,288 32,259 33,000 12,099 12, 542 13,360 18,189 19,717 19, 640 9,795 9,961 10,060 5, 202 5,105 5,027 4,592 4,856 5,034 6,032 6,238 6,464 2,966 3,032 3,062 3,066 3,206 3,402 49,138 49, 691 21, 790 22, 516 27, 348 27,175 32, 525 32, 739 13, 699 14, 285 18,826 18, 454 10,096 10,176 5,026 5,006 5,070 5,171 6,518 6,777 3,065 3,227 3,453 3,550 3,108 2,315 1 Beginning June 30,1933, allfigures(other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 2 Nonmember bankfiguresnot available. 3 Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. 4 Beginning with this date (1) thefiguresexclude private banks in Georgia which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) thefiguresinclude Morris Plan and industrial banks in New York and North Carolina, of which there were 45 on June 30, 1937 with deposits of $50,287,000 and total loans and investments of $61,165,000. Thefiguresalready include such Morris Plan and industrial banks in other States as are covered by State banking department reports. Backfigures.—SeeAnnual Report for 1935 (tables 47-48). 1018 FEDERAL RESERVE BULLETIN OCTOBER 1937 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Total loans and investments Call date Total Open-market loans Purchased paper To ReOther Loans broTo kers others Real port- wise to ing seoutbanks Acside securi- estate banks' cured ceptComand loans own New ances Bills meraccept- unseties York pay- paycial cured ances City i able in able paper United ibroad bought Investments U.S. Government obligations Loans to Other brosecurikers in Total New Fully ties York Direct guarCityi anteed TOTAL—ALL MEMBER BANKS 7,685 3,752 3,110 2,931 2,893 2,832 2,863 2,785 2,816 2,829 3,191 2,372 2,273 2,277 2,284 2,301 2,340 2,405 2,440 2,505 11,515 192 4,857 232 4,708 135 4, 834 169 5,006 156 4, 960 117 5,355 131 6,041 128 6,220 113 6,663 714 330 155 119 98 82 81 85 99 115 212 291 256 201 181 164 144 161 170 131 2,145 1,044 820 783 793 792 8>3 753 790 824 169 157 139 138 140 148 146 144 142 149 2,595 937 120 164 1,024 82 1,085 107 1,096 99 1,112 65 1,238 65 1,527 69 1,600 65 1, 776 322 162 63 48 42 29 28 42 51 62 128 224 210 183 158 141 123 136 119 24, 786 28,150 28, 785 29,985 30, 288 32, 259 33,000 32, 525 32, 739 23,193 11,337 10,509 10, 369 10, 548 10, 460 10,943 11, 628 11,862 12, 369 8,774 7,133 7,761 8,303 8,418 8,802 9,556 9,280 9,101 9,006 4,964 2,297 2,202 2,146 2,196 2, 215 2,338 2,567 2,676 2,890 1,757 1,287 1,581 ", 592 . ,868 ,946 ,951 2,100 1, 330 589 435 458 455 456 513 613 629 651 240 48 29 33 28 32 59 50 52 50 533 251 170 163 149 148 145 140 155 145 10, 655 11, 306 11, 795 11,611 11,629 8,418 4,258 4,024 3,967 4,144 4,071 4,242 4,582 4,618 4,739 425 63 90 87 96 101 115 123 114 114 2,775 1,340 1,124 1,053 1,057 1,027 1,044 1,048 1,039 1,032 1,538 1,131 1,090 1,105 1,094 1,096 1,101 1,124 1,135 1,164 3,679 1,678 1,671 1,682 1,851 1,805 1,941 2,231 2,276 2,389 13, 375 7,873 8,780 8,739 8,919 8,885 9,446 9,825 9,945 10,134 8,481 4,194 3,849 3,798 3, 754 3,716 3,850 3,866 3,940 4,089 2,231 1,117 1,462 1,055 1,026 1,020 1,035 1,043 1,078 1,123 1,150 1,179 4,705 ~ 2,005 1,810 1,831 1,810 1,791 1,891 1,881 1,937 2,062 35,934 1929— Dec. 31 1933—June 30» 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 803 165 187 192 196 211 266 266 258 258 1,660 788 843 975 1,047 1,089 1,079 1,144 1,159 1,278 9,784 11,928 16,122 16, 857 17, 810 18,189 19, 717 19, 640 18, 826 18,454 3,863 6,887 9,906 9,871 10,501 10, 564 11,721 11, 639 10, 856 10, 870 1,558 1,768 1,880 1,950 1,906 1,861 1,819 5,921 5,041 5,227 5,427 5,541 5,745 6,045 6,095 6,108 5,765 1,202 720 662 930 1,018 1,043 1,028 1,095 1,105 1,219 2,091 3,709 4,602 4,983 4,985 5,355 6,028 5,425 5,140 4,730 1,112 2,551 3,246 3,462 3,425 3,602 4,196 3,739 3,356 3,176 278 348 401 505 567 470 473 454 979 1,158 1,078 1,174 1,159 1,248 1,265 1,217 1, 311 1,100 309 610 1,049 1,107 1,392 1,470 1,419 1,467 1,220 1,295 291 87 232 247 272 280 278 324 386 377 116 384 743 766 1,061 1,131 1,014 1,107 853 907 279 571 656 656 651 697 669 635 1,576 1,528 1,628 1,703 1,701 1,761 1,863 1,877 1,805 1, 733 355 553 623 630 640 645 626 635 3,172 2,129 2,293 2,296 2,439 2,486 2,605 2, 734 2,719 2,639 NEW YORK CITY 3 1929—Dec. 31 1933—June 30 2 . - . _ 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 CITY OF CHICAGO 3 1929—Dec. 31 1933—June 30 2 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 535 237 202 236 249 251 284 402 407 437 193 226 229 254 243 250 312 266 273 294 RESERVE CITY BANKS 12,029 8,492 10,028 1929—Dec. 31 1933—June 30 2 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 10,151 10, 780 258 99 55 43 34 31 31 23 29 34 102 38 108 112 120 120 113 131 154 145 239 45 105 25 21 30 34 36 38 44 2,944 4,011 5,715 7,000 6,725 6,635 1,368 2,483 3,809 3,712 4,076 3,958 4,349 4,426 4,250 4,267 163 27 92 116 135 145 152 178 216 211 208 10 50 18 4,439 3,598 4,756 4,780 5,002 4,989 5,407 5,747 5,741 5,794 1,267 1,469 2,108 1,931 1,940 1,873 2,163 2,368 2,397 2,520 6,432 6,375 COUNTRY BANKS 1929—Dec. 31 1933—June 30 2 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 _ 1 2 3 865 861 843 833 Loans (secured by stocks and bonds) to brokers and dealers in securities. Beginning June 30, 1933, figures relate to licensed banks only. Central reserve city banks. Back figures.—See Annual Report for 1935 (table 52). OCTOBER 1019 FEDERAL RESERVE BULLETIN 1937 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] ReBalserves with Cash ances with Feddoin eral vault mesRetic serve banks 1 banks Call date Demand deposits Cash items Certireport- Interbank fied ed as and Unitin offied Pubproccers' ess For- States lic Doeign Gov- funds checks of col- meserncash lectic banks ment letters tion 2 banks of credit 3 Time deposits Individuals, partnerships, corporations, etc. Individuals, BorPos- Pub- part- rownertal its ad- Dolic justed< mes- For- sav- funds ships, coreign ings tic porabanks banks tions, etc. 17, 526 11, 830 14,951 16,206 18,035 17,927 19, 322 20, 970 20,085 20,272 16, 647 12,089 15, 686 17, 530 18, 801 19,161 20,284 21, 647 21, 352 21,401 5,847 4, 676 5,370 5,924 6,479 6,471 6,891 7,274 7,237 6,934 4,750 4,358 5,069 5,979 6,193 6,398 6,756 6,929 7,051 6,733 1,041 870 1,073 1,208 1,301 1,243 1,444 1,495 1,001 1,409 957 912 1,189 1,357 1,401 1,390 1,546 1,554 1,128 1,509 19 30 59 117 119 134 135 135 137 137 108 Demand Interbank TOTAL—ALL MEMBER BANKS 1929—Dec. 31 1933—June 30 * 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 NEW YOEK CITY • 2,374 2,235 4,082 4,933 5,573 5,784 5,607 6,572 6,613 6,897 1929—Dec. 31 1933—June 30 6 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 558 405 609 537 665 624 713 697 662 629 1,681 657 838 417 882 779 789 881 677 752 20 332 792 369 224 140 215 225 129 128 96 229 354 323 260 357 285 314 368 461 540 149 524 496 489 457 354 427 310 259 445 504 522 594 635 599 596 536 46 46 20 98 81 102 72 42 87 182 198 208 217 221 191 203 208 76 312 620 299 385 285 513 407 132 212 423 349 585 674 707 733 733 843 935 934 300 108 169 140 204 151 152 230 155 163 5, 547 3,708 4,919 5, 314 6,001 5,961 6,419 7,023 6,833 6,840 5,229 3,764 5,136 5,656 6,161 6,238 6, 541 7,126 7,159 7,132 742 116 555 178 804 90 865 137 901 93 965 207 1,008 178 1,011 57 1,113 1,067 169 72 106 104 127 106 121 167 130 139 5,091 2,576 3,589 3,761 4,254 4,252 4, 567 5,177 5, 013 5,089 5,711 3,054 4,292 4,538 5,047 5,136 5, 440 6,039 6,012 6,027 544 145 147 273 444 394 465 432 458 615 143 806 1,636 779 844 600 1,037 882 415 2, 406 874 1,069 447 1,133 829 982 1,087 853 996 1,198 1,255 1,798 1,983 2,338 2,527 2,390 2,493 2,171 2,014 464 127 126 248 410 363 428 393 419 575 133 203 207 249 209 195 195 188 93 156 169 232 415 675 511 480 749 558 482 596 3,517 3,057 4,569 4,978 5,696 6,148 5,986 6,402 5,752 5,298 179 101 103 133 111 108 114 133 123 105 827 846 1,576 1,935 2,541 2,493 2,106 2,658 2,719 2,749 CITY OF CHICAGO 1,335 1,087 1,799 2,091 2,139 2,173 2,320 2,329 2,564 2,577 3,896 1,485 1,903 1,183 2,255 1,718 2,147 2,533 1,974 2,201 158 61 90 73 135 96 147 159 114 130 2,168 2,008 3,149 3,396 3,776 3,970 3,944 4,066 3,445 3,207 95 89 134 136 151 152 151 153 153 123 154 1 7 5 5 5 14 133 1 7 4 4 4 5 4 5 12 122 788 452 307 218 167 152 104 97 100 595 300 294 285 361 344 378 296 269 292 879 191 13 9 6 11 6 15 18 16 1,112 671 591 567 591 586 601 679 758 767 179 332 358 381 469 413 407 444 449 440 452 18 110 56 27 3 12, 267 7,803 9,020 9,462 9,680 9,784 10,099 10,429 10, 639 10,818 41 4,433 2,941 3,494 3,670 3, 796 3,853 3,960 4,026 4,064 4,140 292 16 6,390 3,833 4,554 4, 756 4,879 4,938 5,094 5,275 5,377 5,459 367 167 13 9 6 8 6 3 11 12 12 1 3 8 1929—Dec. 31 1933—June 30 6 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937-Mar. 31 June 30 RESERVE CITY BANKS 1929— Dec. 31 ]933— June 30 « 3934—Dec. 3 1 . __. 1935—June 29 Dec. 31____ 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 751 705 1,268 1,403 1, 594 1,794 1,763 2,108 2,108 2,215 156 122 207 213 256 264 289 285 264 212 947 1,041 401 1,002 537 1, 543 471 1,607 752 1,779 607 1,910 763 1,907 971 1,816 764 1, 545 805 1,392 1,604 1,315 1,984 2,145 2,422 2,594 2,551 2, 826 2, 546 2,339 COUNTRY BANKS 1929—Dec. 31 1933—June 30 * 1934—Dec. 31..__ 1935—June 29 Dec. 3 1 . — 1936—Mar. 4 June 30 Dec. 31- — 1937—Mar. 31—_ June 30 627 452 822 920 927 1,017 989 1,247 1,304 1,337 321 203 275 236 305 268 322 319 321 330 702 1,296 1,406 1,676 1,757 1, 727 1,929 1,684 1,554 291 149 207 192 235 187 256 316 242 269 405 228 342 347 415 433 410 483 440 409 186 118 79 72 65 35 34 35 61 285 210 162 136 371 208 206 203 266 251 176 133 86 84 76 83 82 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25, 1933, includ es time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand 3 but not in process of collection, amounting on that date to $16,000,000. Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 6 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures.—See Annual Report for 1935 (table 53). 1020 FEDERAL RESERVE BULLETIN OCTOBER 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Investments Loans* Total loans and investments Date or month Total To brokers and dealers in securities* On securiReal ties to To others banks estate loans (except banks) 1 Open mar- Other ket loans1 paper* Total Re- Balserve U. S. Governwith ances ment obligaCash TTPH with r euin tions domesOther eral vault tic securi- Rebanks Fully ties serve Direct guarbanks anteed TOTAL—101 CITIES 1936—August 1937—February March April. May June _ July August 1937—July 14 July 21 July 28 August 4 August 11 August 18 August 25 September September September September 2,023 2,021 2,030 2,046 2 2,061 2,006 2,001 2,002 63 72 86 78 120 131 124 145 1,147 1,150 1,152 1,155 1,160 1,167 1,164 1,164 1, 356 1,357 1,363 1,387 1,356 1, 350 1, 355 1,392 1,363 1,326 1,276 2,003 2,001 2,003 2,000 2,001 2,003 2,006 2,015 2,005 2,003 1,995 106 129 150 164 137 139 138 135 141 109 102 1,161 1,162 1,163 1,162 1,165 1,165 1,164 1,164 1,163 1,164 1,165 8,607 8,543 8,651 8,385 8.335 8,491 8,375 8,355 3,173 3,521 3,708 3,725 3,804 3,969 3,975 4,021 949 1,017 1,111 1,085 21,133 1,184 1,159 1,148 697 731 733 734 2 733 758 754 739 32 43 55 48 76 88 85 107 132 129 128 128 129 132 134 135 8,325 8,359 8,399 8,428 8,323 8,330 8,340 8,377 8,370 8,285 8,165 1 8 15 22 1,125 1,217 1,318 1,276 21,328 1,393 1,375 1,362 9,714 22,163 9,740 22, 213 22, 283 9,784 9,908 22,378 22,331 9,917 22, 303 • 9,933 9,958 22,315 22, 319 10,027 10,041 22,315 22, 232 10,049 22,046 10, 010 _ 8,365 8,982 9,286 9,399 9,523 9,697 9,743 9,929 3,959 3,964 3,978 4,031 3,996 4,021 4,036 4,085 4,083 4,049 4,000 1,147 1,142 1,141 1,175 1,143 1,136 1,140 1,171 1,146 1,118 1,074 759 751 752 738 739 740 740 744 732 720 715 66 91 110 124 99 103 102 101 105 77 68 134 135 134 134 135 135 134 134 134 135 135 13, 690 14,057 13,959 13,895 13, 866 13,839 13, 844 13, 977 5,192 5,461 5,578 5,674 5,719 5,728 5,768 5,908 176 200 207 191 »195 209 216 214 1,326 1,290 1,297 1,312 21,328 1,248 1,247 1,263 31 29 31 30 44 43 39 38 1,015 1,021 1,024 1,027 1,031 1,035 1,030 1,029 13, 838 13, 854 13, 884 13,950 14,008 13, 973 13, 975 13, 942 13, 945 13, 947 13, 881 5,755 5,776 5,806 5,877 5,921 5,912 5,922 5,942 5,958 6,000 6,010 209 215 222 212 213 214 215 221 217 208 202 1,244 1,250 1,251 1,262 1,262 1,263 1,266 1,271 1,273 1,283 1,280 40 38 40 40 38 36 36 34 36 32 34 1,027 1,027 1,029 1,028 1,030 1,030 1,030 1,030 1,029 1,029 1,030 22, 297 22, 600 22, 610 22, 280 22, 201 22,330 22, 219 22, 332 320 3,687 399 4,123 411 4,289 396 4,448 2 382 2 4,477 474 4,526 463 4,616 467 4,789 13, 932 13, 618 13, 324 12, 881 12, 678 12,633 12, 476 12, 403 9.357 9,118 8,802 8,447 8,320 8,355 8,268 8,229 1,254 1,212 1,206 1,181 1,163 1,160 1,170 1,160 3,321 3,288 3,316 3,253 3,195 3,118 3,038 3,014 4,875 5,326 5,205 5,340 5,350 5,332 5,291 5,149 376 387 359 346 338 315 312 296 2,354 2,252 1,998 1,967 1,790 1,761 1,771 1,683 4,625 4,632 4,641 4,733 4,788 4,808 4,828 4.855 4', 905 4,978 5,002 12, 449 12, 473 12, 499 12,470 12,414 12, 370 12, 357 12, 292 12, 274 12,183 12, 036 8,254 8,240 8,283 8,242 8,209 8,231 8,232 8,193 8,190 8,122 7,930 1,154 1,195 1,188 1,190 1,176 1,139 1,134 1,130 1,132 1,128 1,136 3,041 3,038 3,028 3,038 3,029 3,000 2,991 2,969 2,952 2,933 2,970 5,352 5,302 5,231 5,089 5,122 5,194 5,191 5,186 5,162 5,291 5,440 325 300 311 287 303 292 302 281 307 299 314 1,801 1,785 1,753 1,691 1,680 1,709 1,654 1,638 1,619 1,775 1,746 118 1,245 136 1,465 133 1,548 114 1,616 2103 2 1,632 163 1,644 161 1,682 162 1,730 5,434 5,022 4,943 4,660 4,531 4,522 4,400 4,334 3,843 3,455 3,319 3,100 3,024 3,059 2,986 2,944 466 453 452 442 435 437 441 420 1,125 1,114 1,172 1,118 1,072 1,026 973 970 2,357 2,670 2,506 2,562 2,492 2,506 2,486 2,362 51 53 49 53 54 53 51 50 73 80 81 74 70 66 4,366 4,395 4,421 4,397 4,327 4,309 4,304 4,292 4,287 4,236 4,165 2,968 2,966 3,004 2,978 2,921 2,937 2,940 2,933 2,932 2.896 2,785 427 458 451 446 432 403 398 398 397 398 391 971 971 966 973 974 969 966 961 958 942 989 2,514 2,508 2,458 2,311 2.342 2,388 2,408 2,412 2,360 2,475 2,644 55 48 51 49 52 49 50 48 53 51 55 68 67 68 67 66 65 65 65 68 67 64 202 2,442 263 2,658 278 2,741 282 2,832 2 279 2 2,845 311 2,882 302 2,934 305 3,059 8,498 8,596 8,381 8,221 8,147 8,111 8,076 8,069 5,514 5,663 5,483 5,347 5,296 5,296 5,282 5,285 788 759 754 739 728 723 729 740 2,196 2,174 2,144 2,135 2,123 2,092 2,065 2,044 2,518 2,656 2,699 2,778 2,858 2,826 2,805 2, 787 325 334 310 293 284 262 261 246 2,281 2,172 1,917 1,893 1,720 1,695 1,703 1,617 2,934 2,946 2,960 3,033 3,070 3,064 3,071 3,084 3,103 3,146 3,163 8,083 8,078 8,078 8,073 8,087 8,061 8,053 8,000 7,987 7,947 7,871 5,286 5,274 5,279 5,264 5,288 5,294 5, 292 5, 260 5, 258 5,226 5,145 727 737 737 744 744 736 736 732 735 730 745 2,070 2,067 2,062 2,065 2,055 2,031 2,025 2,008 1,994 1,991 1,981 2,838 2,794 2,773 2,778 2,780 2,806 2,783 2,774 2,802 2,816 2,796 270 252 260 238 251 243 252 233 254 248 259 1,733 1,718 1,685 1,624 1,614 1,644 1,589 1,573 1,551 1,708 1,682 463 459 464 462 470 468 467 466 464 469 470 N E W YORK CITY 1936—August 1937—February March April. May... June July August 1937—July 14. July 21 July 28 August 4 August 11 August 18 August 25 September September September September __ _ 1 8 15 22 162 159 160 160 162 163 163 164 164 167 169 1,691 1,686 1,681 1,700 1,718 1,744 1,757 1,771 1,802 1,832 1,839 OUTSIDE N E W YORK CITY 1936—August 1937—February March April May June July August 1937—July 14 July 21 July 28 August 4 August 11 August 18 August 25 September September September September _ __ 1 8 15 22 301 300 304 302 308 305 304 302 300 302 301 i Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revision see June BULLETIN, pages 530-531. 8 Average of figures for May 5 and 12 only (see note above). OCTOBER 1021 FEDERAL RESERVE BULLETIN 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash items reported as Other in proc- assets ess of collection 1 Date or month Total assets Time deposits Demand deposits Interbank United Certified States Total Domes- Foreign Govern- checks, Other liabiltic etc. banks ment ities banks Demand deposits—adjusted* Interbank DoFormestic eign banks banks Other Borrowings Other Capiliabil- tal acities count TOTAL—101 CITIES 1936—August 1937—February March April May June July August 1,313 1,573 1,602 1,503 1,450 1,569 1,497 1,322 1,301 1,360 1,356 1,338 1,338 1,325 1,277 1,269 32, 516 33,498 33,130 32, 774 32,467 32, 632 32,367 32,051 5, 729 5,854 5,546 5,424 5.032 4,927 4,984 4,880 409 410 428 473 528 579 606 568 821 409 369 312 201 378 447 515 439 573 573 460 441 489 480 402 15, 658 16, 571 16,459 16,325 16, 429 16,380 16,001 15,838 14, 785 15, 572 15,429 15,283 15, 420 15,300 14, 984 14, 918 130 134 133 120 106 101 101 5,019 5,094 5,142 5,145 5,194 5,233 5,254 5,245 816 880 894 925 915 906 863 843 3,488 3,568 3,578 3,581 1937—July 14 July 21 July 28 August 4 August 11 August 18 August 25 September September September September 1,560 1,449 1,411 1,307 1,352 1,311 1,318 1,587 1,340 1,923 1, 494 1,287 1,276 1,265 1,262 1,265 1,270 1,279 1,302 1, 292 1,272 1,278 32,488 32, 325 32, 254 32,014 32,053 32,079 32, 059 32,313 32,035 32, 792 32,318 5,003 4,977 4,921 4,926 4,883 4,918 4,794 4,773 4, 806 4,993 4,931 612 607 582 582 571 562 556 571 570 552 553 451 429 430 463 498 532 569 591 608 606 630 460 459 458 430 382 368 428 547 450 658 457 16,131 16,008 15, 986 15,754 15,884 15,873 15,840 15, 964 15, 701 16,C92 15, 825 15,031 15,018 15,033 14, 877 14, 914 14,930 14, 950 14,924 14,811 14,827 14, 788 102 100 99 97 96 96 107 110 110 114 114 5, 250 5,251 5,268 5,244 5,229 5, 227 5,282 5, 268 5,289 5, 280 5,291 860 862 862 853 842 838 838 845 852 864 879 3,596 3,597 3,597 3,603 3,608 3,609 3,607 3,615 3,613 3,608 3,612 582 767 774 649 622 716 658 541 454 490 485 477 482 474 455 450 12,124 12, 603 12, 546 12, 200 12,055 12, 306 12,093 11,824 2,380 2,392 2,233 2,149 1,926 1,911 1, 940 1,863 372 375 392 436 490 540 563 524 191 138 131 105 50 179 233 275 281 398 388 279 274 311 307 241 6, 554 6,825 6,878 6,689 6,730 6,729 6,404 6,298 6,253 6,457 6,492 6,319 6,382 6,324 6,054 5, 998 569 63T 680 671 697 723 746 726 345 367 369 395 394 404 400 379 1,427 1,474 1,472 1,472 1,475 1,477 1,475 1,482 642 616 635 541 529 516 578 764 558 955 663 460 456 446 445 449 451 454 467 463 453 459 12,064 12,054 12,057 11,841 11,761 11,799 11,895 12,133 11,872 12, 286 12,050 1,927 1,929 1,918 1,897 1,858 1,870 1,829 1,858 1,822 1,944 1,935 570 566 538 539 529 517 511 525 526 511 511 235 224 224 239 258 284 317 334 346 346 352 280 289 296 264 218 208 276 373 282 463 6,423 6,398 6,412 6,255 6,279 6,306 6, 351 6,451 6,275 6,420 6,361 6,061 6,071 6,073 5,978 5,968 5,998 6,049 6,060 5, 999 5,928 5,965 741 743 759 732 719 720 732 714 730 722 730 401 401 396 388 375 374 378 376 381 388 403 1,474 1,475 1,474 1,482 1,483 1,483 1,479 1,483 1,480 1,474 1,474 1936—August 1937—February March April May June July August 731 806 828 854 828 853 839 781 847 870 871 861 856 851 822 819 20,392 20,895 20, 584 20,574 20,412 20, 326 20, 274 20,227 3,349 3,462 3,313 3,275 3,106 3,016 3,044 3,017 630 271 238 207 151 199 214 240 158 175 185 181 167 178 173 161 9,104 9,746 9,581 9,636 9,699 9,651 9,597 9,540 8,532 9,115 8,937 8,964 9,038 8,976 8,930 8,920 130 134 133 120 106 101 101 99 4, 450 4,463 4,462 4,474 4,497 4,510 4,508 4,519 471 513 525 530 521 502 463 464 2,061 2,094 2,106 2,109 2,118 2,125 2,122 2,125 1937—July 14 July 21 July 28 August 4 August 11 August 18 August 25 September 1—_ September 8— September 15... September 22... 918 833 776 766 823 795 740 823 782 968 831 827 820 819 817 816 819 825 835 829 819 819 20,424 20, 271 20,197 20,173 20, 292 20, 280 20,164 20,180 20,163 20, 506 20, 268 3,076 3,048 3,003 3,029 3,025 3,048 2,965 2,915 2,984 3,049 2,996 216 205 206 224 240 248 252 257 262 260 278 180 170 162 166 164 160 152 174 168 195 190 9,708 9,610 9,574 9,499 9, 605 9,567 9,489 9,513 9, 426 9,672 9, 464 8,970 102 100 99 97 96 96 107 110 110 114 114 4,509 4,508 4,509 4,512 4,510 4,507 4, 550 4, 554 4, 559 4,558 4,561 459 461 466 465 467 464 460 469 471 476 476 2.122 2,122 2,123 2,121 2,125 2,126 2,128 2,132 2,133 2,134 2,138 NEW l.__ 8_._ 15__ 22. _ 3,597 3,607 YORK CITY 1936—August 1937—February March April May June July August 1937—July 14 July 21 July 28 August 4 August 11 August 18 August 25 September September September September ___ __ l.._ 8.— 15. _. 22... OUTSIDE N E W YORK CITY 8,947 8,960 8,899 8,946 8,932 8,901 8,864 8,812 8,899 8,823 1 Does not include cash items in process of collection reported in balances with domestic banks. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). 2 1022 FEDERAL RESERVE BULLETIN OCTOBER 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District Total City Boston New York Phila- Cleve- Rich- Atlan- Chica- ' S t . Mindelta Louis neapgo phia land mond olis 22,315 22, 319 22,315 22, 232 22,046 1,320 1,295 1,293 1,304 1,297 9,214 9,258 9,250 9,162 9,041 1,181 1,182 1,176 1,168 1,164 1,916 1,908 1,907 1,914 1,907 631 630 629 621 596 546 543 543 544 544 3,089 3,090 3,094 3,088 3,072 669 662 663 666 659 398 398 403 406 408 728 726 726 720 716 9,958 10,027 10,041 10,049 10,010 714 713 713 718 711 4,481 4, 531 4,528 4,496 4,448 478 481 480 480 478 711 710 711 721 724 243 245 244 246 247 262 263 263 264 265 1,033 1,041 1,050 1,062 1,063 309 307 309 314 317 175 175 176 179 184 589 595 595 596 594 39 39 39 39 39 253 256 258 255 253 44 44 43 44 44 43 43 43 44 44 14 15 15 15 15 10 10 10 11 11 50 51 51 51 52 55 55 55 56 56 4,017 4,043 4,093 4,162 4,184 288 288 290 297 295 1,679 1,694 1,728 1,758 1,769 174 175 177 180 179 242 242 243 251 253 93 94 94 94 95 122 123 123 124 123 581 588 591 603 608 467 466 464 469 470 92 91 91 92 91 175 176 175 178 180 26 26 25 25 25 20 18 18 19 19 12 12 12 12 13 4 4 4 4 4 1,355 1,392 1,363 1,326 1,276 42 44 43 42 39 1,156 1,186 1,160 1,131 1,086 27 27 27 24 24 22 23 23 22 22 4 4 4 4 4 693 703 694 682 674 38 38 38 37 37 347 355 338 328 322 38 38 38 37 37 38 39 39 40 40 1,164 1,164 1,163 1,164 1,165 85 84 84 84 84 242 242 242 242 243 60 60 60 60 60 138 135 141 109 5 5 5 4 102 101 105 77 102 4 724 717 716 725 727 KanSan sas Dallas Francisco City New York Chicago 503 508 507 511 512 2,120 2,119 2,124 2,128 2,130 8,340 8,377 8,370 8,285 8,165 2,010 2,014 2,018 2,010 1,996 289 289 289 287 286 230 234 235 237 241 1,033 1,038 1,043 1,045 1,046 4,036 4,085 4,083 4,049 4,000 707 717 723 732 730 9 9 9 9 10 19 19 19 19 19 13 13 13 13 13 40 41 40 40 38 239 242 244 241 239 32 33 33 33 33 132 131 132 137 139 82 82 82 83 85 162 161 162 160 159 132 134 136 138 140 330 331 335 337 339 1,562 1,576 1,608 1,635 1,644 442 449 450 459 462 54 55 55 55 54 12 12 12 12 12 7 7 7 7 7 27 27 27 26 26 3 3 3 3 4 35 35 35 36 35 163 164 164 167 169 30 30 31 31 31 7 8 8 7 8 62 62 60 60 56 6 6 6 6 6 1 2 2 1 1 4 4 4 4 4 3 3 3 3 3 21 23 23 22 23 1,140 1,171 1,146 1,118 1,074 52 54 52 52 48 19 19 19 19 19 16 92 9 9 9 10 10 14 14 14 14 14 15 16 15 16 15 55 57 58 57 267 275 259 248 243 75 92 98 95 96 12 12 13 12 12 55 16 16 16 15 178 178 178 177 177 29 29 29 29 29 27 27 26 27 27 83 83 83 84 84 45 46 46 46 46 6 6 6 6 6 20 20 20 20 20 21 21 21 21 21 368 368 368 368 368 134 134 134 135 135 14 14 14 14 14 2 4 3 3 3 3 3 3 2 2 2 2 6 5 6 5 5 5 5 5 9 7 8 8 1 1 1 1 1 1 1 2 1 2 1 68 3 4 2 5 5 8 1 102 101 105 77 2 2 2 2 2 67 267 49 121 30 25 47 12 49 49 49 49 120 120 121 122 30 30 30 30 25 25 26 26 47 46 48 48 11 11 11 11 14 14 14 14 9 9 9 9 10 234 260 262 264 266 9 9 9 10 10 74 66 65 66 65 77 76 77 76 227 229 231 233 24 24 23 23 23 811 812 812 816 818 58 58 58 57 57 260 261 260 263 261 58 58 58 58 57 44 44 44 44 43 40 40 39 41 40 45 45 45 44 46 59 58 61 61 60 26 27 26 26 27 52 51 52 53 55 28 29 28 29 29 33 34 34 34 35 108 107 107 106 108 195 195 194 197 195 36 36 38 39 38 8,232 8,193 8,190 8,122 7,930 442 424 422 428 429 3,156 3,155 3,155 3,114 2, 999 326 325 321 316 316 872 870 870 868 857 293 290 291 281 245 173 170 171 171 170 1,447 1,445 1,447 1,435 1,423 214 210 209 205 198 167 167 170 170 167 268 269 269 266 260 195 196 193 194 192 679 672 672 674 674 2,940 2,933 2,932 2,896 2,785 923 923 925 916 910 1,134 1,130 1,132 1,128 1,136 22 22 22 21 21 443 444 442 443 436 99 99 99 97 97 60 59 60 60 62 29 29 29 29 38 34 33 34 34 34 189 188 188 188 189 46 45 46 46 46 12 12 13 13 12 45 44 44 44 47 29 29 30 30 30 126 126 125 123 124 398 398 397 398 391 100 99 100 99 100 ASSETS Loans and investments— total: Aug. 25 Sept. 1 ._ Sept. 8 Sept. 15 Sept. 22 Loans—total: Aug. 25 _ Sept. 1 Sept. 8 Sept. 15 Sept 22 Commercial, industrial, and agricultural loans: On securities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Otherwise secured and unsecured: Aug 25 Sept. 1 . _ Sept 8 Sept. 15 Sept. 22 Open market paper: Aug. 25 . -__ Sept 1 Sept. 8 Sept. 15 Sept. 22 Loans to brokers and dealers: Aug. 25 Sept. 1 ._ Sept. 8 Sept. 15 Sept 22 Other loans for purchasing or carrying securities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Real estate loans: Aug. 25 . Sept. 1 Sept. 8 Sept. 15 Sept. 22 Loans to banks: Aug 25 Sept 1 Sept 8 Sept 15 SeDt 22 Other loans: On securities: Aug. 2 5 . . . Sept. 1 Sept. 8 Sept. 15 Sept. 22 Otherwise secured and unsecured: Aug. 25 Sept. 1Sept. 8 Sept. 15 Sept. 22 U. S. Government direct obligations: Ausr 25 Sept. 1 Sept. 8 _ Sept. 15 Sept. 22 Obligations fully guaranteed by U. S. Government: Aug. 25 -_ Sept 1 Sept. 8 • . Sept 15 Sept. 22 14 2 68 75 80 79 79 1023 FEDERAL RESERVE BULLETIN OCTOBER 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District Total ASSETS—continued Other securities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Reserve with Federal Reserve bank: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Cash in vault: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Balances with domestic banks: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Other assets: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Boston New York 2,991 2, 969 2,952 2,933 2,970 142 136 136 137 136 1,134 1,128 1,125 1,109 1,158 278 277 276 275 273 273 269 266 265 264 5,191 5,186 5,162 5,291 5,440 235 239 248 253 2, 526 2,530 2,482 2,602 2,798 229 224 229 224 228 333 344 330 329 324 134 134 145 136 128 16 15 16 17 18 38 36 38 39 41 302 281 307 299 314 City Phila- Cleve- Rich- Atlan- Chica- St. delland mond ta Louis go phia Minneapolis Kansas City San Dallas Francisco NewYork Chicago 282 283 284 286 286 966 961 958 942 280 275 270 263 256 328 325 325 332 326 2,408 2,412 2,360 2,475 2,644 583 571 570 589 583 20 19 22 21 50 48 53 51 55 26 25 24 22 24 420 416 409 403 397 100 100 99 101 126 124 124 123 123 110 108 112 108 103 795 785 782 801 792 136 135 136 139 136 176 174 178 177 176 18 16 18 17 18 11 10 11 10 11 59 56 59 56 58 10 9 10 10 11 13 11 13 12 12 111 111 116 112 110 1,654 1,638 1,619 1,775 1,746 135 134 135 145 141 118 123 117 133 123 161 164 149 161 155 110 104 114 129 161 100 99 101 108 110 282 281 271 297 281 190 171 171 199 191 146 142 144 160 152 185 185 179 199 193 65 65 68 67 64 124 125 122 145 134 1,279 1,302 1,292 1,272 1,278 87 87 87 87 81 526 540 536 525 535 106 108 107 104 104 43 42 42 41 39 40 41 41 41 41 94 96 95 91 91 23 23 23 23 23 27 28 28 28 29 212 214 212 213 206 454 467 463 453 459 63 63 63 60 60 14,950 14, 924 14,811 14,827 14, 788 957 941 946 960 948 6,561 6,579 6,524 6,460 6,531 801 799 793 1,103 1,109 1,076 1,089 1,076 429 421 427 420 419 337 333 333 332 332 2,287 2,285 2,264 2,270 2,233 400 395 269 271 272 272 271 504 489 487 505 500 386 387 382 393 389 912 904 903 927 901 6,049 6,060 5,999 5,928 5,965 1,526 1,527 1,514 1,522 1,495 5,282 5,268 5,289 5,280 5,291 278 278 277 277 277 1,144 1,124 1,139 1,132 1,141 290 288 289 289 290 745 747 745 744 743 198 199 199 199 185 185 187 187 187 862 867 866 867 184 184 184 184 184 122 122 122 122 122 147 147 147 147 147 122 124 126 126 125 1,005 1,008 1,007 1,007 1,010 732 714 730 722 730 448 448 453 453 453 569 591 36 37 37 37 37 324 344 356 356 362 18 18 18 18 18 15 15 15 15 16 15 15 16 15 16 73 73 75 75 2 2 2 2 2 11 12 13 13 13 19 19 20 19 20 37 37 37 37 47 317 334 346 346 352 55 55 57 57 61 200 199 205 214 1,895 1,925 1,888 2,012 2,000 265 260 263 267 264 329 325 331 335 330 183 182 197 200 197 170 171 175 179 177 706 696 703 729 718 115 115 121 120 118 375 363 370 372 363 186 181 192 196 192 249 244 246 255 251 1,829 1,858 1,822 1,944 1,935 512 502 505 527 519 526 538 538 526 530 5 5 5 5 4 1 1 1 1 1 1 1 1 1 1 1 1 17 17 17 16 17 524 536 536 524 528 7 7 7 7 7 LIABILITIES Demand deposits—adjusted: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Time deposits: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 U. S. Government deposits: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Interbank deposits: Domestic banks: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Foreign banks: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Borrowings: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Other liabilities: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Capital account: Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 630 4,901 4,883 4,916 5,107 5,045 573 585 583 569 573 21 15 228 222 225 228 227 1 1 1 1 1 2 1 2 1 845 852 864 879 27 27 26 27 26 390 389 394 402 416 19 20 20 21 23 16 16 17 17 18 20 19 20 20 21 316 324 323 322 319 378 376 381 388 403 17 16 17 17 18 3,607 3,615 3,613 3,608 3, 612 236 236 237 237 237 1,613 1, 617 1,614 1,608 1,608 228 229 228 228 228 345 346 346 346 346 363 364 364 365 365 329 328 329 329 330 1,479 1,483 1,480 1,474 1,474 241 243 244 243 244 1024 FEDERAL RESERVE BULLETIN OCTOBER 1937 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [Ir i millions of dollars] Dollar acceptances outstanding By classes By holders Commercial paper outstand- Total outstand- ing* End of month ing Held b y accepting banks Own Total 1936—June _ July August September October. November ___ Bills bought For ac- Held For count of by own ac- foreign others count correspondents on ports into U.S. Based on ex- Dollar ports exfrom change U. S. Based on goods stored in or shipped between points in Foreign countries U.S. 169 188 205 197 199 191 215 _^ August 316 316 308 315 330 349 373 276 278 279 276 296 309 315 129 131 140 139 150 157 151 147 147 139 137 147 152 164 40 37 29 39 34 40 57 107 105 104 107 110 112 126 74 68 63 64 67 77 86 2 2 2 2 2 1 2 49 57 60 66 75 83 83 85 84 79 76 77 76 76 244 268 290 285 287 285 325 329 1937—January February March April May June July .. bills Held b y Federal Reserve banks 387 401 396 395 386 364 352 344 325 340 316 318 295 273 265 263 154 160 150 147 137 130 144 143 171 180 166 171 159 143 121 120 62 61 80 76 86 87 83 79 141 158 160 167 168 157 143 133 83 85 84 83 81 77 71 71 2 2 2 1 1 1 2 2 84 79 76 68 62 55 65 68 77 77 76 76 75 74 71 69 1 3 1 1 2 4 3 2 * As reported b y dealers; includes some finance company paper sold in open market. 2 Less t h a n $500,000. Back figures.—See Annual Report for 1935 (tables 66 and 67). 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 Cash on hand and in banks Money borrowed 2 1,098 1,258 1935—September December . _ Februarv.._ March April May _ . June July August 1 Other credit balances balances in firm investment and trading accounts 65 75 119 135 182 179 771 930 257 286 89 79 23 24 12 10 396 410 1,351 1,267 1,287 1,317 1,333 1,364 1,395 1,433 1,482 1,549 1,559 1,503 1,489 1,493 1,509 67 67 69 72 69 65 64 62 61 61 58 56 55 56 54 168 164 142 141 151 150 164 162 188 175 163 149 161 157 149 181 219 213 227 235 260 249 243 230 223 227 209 214 206 202 995 985 967 995 989 986 1,048 1,028 1,084 1,172 1,215 1,188 1,217 1,213 1,233 303 276 283 289 318 346 342 372 366 346 314 284 266 265 252 89 86 92 99 99 110 103 118 116 115 111 101 92 96 92 23 24 25 24 25 24 30 32 32 29 29 24 25 25 26 15 14 12 14 17 17 12 19 25 18 18 12 13 13 13 429 420 423 423 428 435 424 428 418 419 417 408 397 397 391 debit balances (net)i 1937—January Customers' credit balances* Debit Debit balances in partners' investment and trading accounts Customers' E n d of m o n t h 1936—March June August September October November December. _ Credit balances . In Free Other (net) In partners' firm In investinvestcapital ment and ment and accounts trading trading (net) accounts accounts Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of thesefiguressee "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. 1025 FEDERAL RESERVE BULLETIN OCTOBER 1937 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Rediscounts and advances under sees. 13 and 13a of the Federal Reserve A c t l Advances secured bydirect obligations of the United States (last paragraph of sec. 13 of the Federal Reserve Act) Advances under sec. 10 (b) of the Federal Reserve Act Federal Reserve Bank Rate In effect Sept. 30 beginning- Previous rate Rate Sept. 31 Sept. 2, 1937 Aug. 27, 1937 Sept. 4, 1937 May 11, 1935 Aug. 27, 1937 Aug. 21, 1937 Aug. 21, 1937 Sept. 2, 1937 Aug. 24, 1937 Sept. 3, 1937 Aug. 31, 1937 Sept. 3, 1937 Boston New York Philadelphia.. Cleveland Richmond— Atlanta Chicago St. Louis Minneapolis.. Kansas C i t y Dallas San Francisco In effect beginning— Oct. Sept Oct. Sept, Aug. Aug. Sept Aug. Sept Aug. Sept, 2, 10, 4, 19, 10, 21, 21, 2, 24, 3, 31, 17, In effect Rate Sept. 30 beginning— 1937 1935 1937 1935 1937 1937 1937 1937 1937 1937 1937 1937 Oct. 20, Feb. 8, Oct. 20, May 11, Feb. 19, Mar. 17, Oct. 16, Feb. 21, Apr. 15, May 10, Mar. 12, Oct. 19, 1933 1934 1933 1935 1934 1934 1933 1935 1933 1935 1934 1933 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1935 (table 40). BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES Buying rates at the Federal Reserve Bank of New York [Percent per annum] Rates in effect Sept. 30, 1937, on advances and commitments under Sec. 13(b) of the Federal Reserve Act as amended June 19, 1934. [Percent per annum except as otherwise specified] Rate in effect on Sept. 30 Maturity In effect beginning— Previous rate Oct. 20, 1933 ____do __..do —.do ____do ___.do —do 1-15 days i . . 16-30 days... 31-45 days... 46-60 days— 61-90 days... 91-120 d a y s 121-180 days i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum rates on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. Back figures.—See Annual Report for 1935 (table 41). MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Percent per annum] Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other time deposits payable in: 6 months or more 90 days to 6 months Less than 90 days Advances to financing institutions— Advances Commitdirect to ments industrial On porto make tion for or comOn re- advances mercial or- which ganizations institu- maining portion tion is obligated Federal Reserve Bank Boston New York PhiladelphiaCleveland 4-6 4-6 Richmond Atlanta Chicago St. Louis 6 6 5-6 Minneapolis.. Kansas City.. Dallas San Francisco 6 4-6 5-6 5-6 4-5 (2) 4-6 5 4H-5 4 4 3-4 1-2 4-6 5 5-6 4 1-2 43^-5 4 5-6 4-5 2 1 1-2 A 31 l 2 l 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. Flat charge. Back figures.—See Annual Report for 1935 (table 40). 3 MEMBER BANK RESERVE REQUIREMENTS [Percent of deposits] Classes of deposits and banks On net demand deposits:* Central reserve city Reserve city „ Country June 21, Aug. 16, 19171936Aug. 15, Feb. 28, 1936 1937 13 10 7 15 10H Mar. 1, 1937Apr. 30, 1937 May 1 1937, and after 22% 17M 12K 26 20 14 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: All member banks 6 3 effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board 1 and the Federal Deposit Insurance Corporation are superseded by See footnote to table on page 1014 for explanation of method of computlower maximum rates established by State authority. ing net demand deposits. 1026 FEDERAL RESERVE BULLETIN OCTOBER 1937 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY [Percent per annum] Prevailing rate on— Average rate o n - RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Aver- 1929 1930 1931 1932 1933 1934 1935 1936 1937 age Year, month or week • Prime commercial paper, 4 to 6 Prime Stock- Stock ex- c h a n g e call bankexers' change loans accept- time ances, loans, 90 90 Remonths days days N e w newal 1934 average._. 1935 average. _. 1936 average.._ 1936—July Aug Sept Oct. Nov Dec X H-Vie Vie X X 8/lU X Vie X Vie X X Vie-// Vie* X 1937—Jan. Feb Mar Apr May .25 .13 .15 1.02 .76 .75 Vie-Vie 4 July Aug 1 1 1 1 1 Week ending: July 10.._. July 1 7 . . . . July 2 4 . . . . July 31..__ Aug. 7 Aug. 14_... Aug. 2 1 . . . . Aug. 28___. Sept. 4 Sept. 11.... Sept. 18—. 1 1 1 1 1 1 1 1 1 1 1 June Vie 7 7 A6 /l6 Vis Vie Vie Vie Vie Vie Vie Vie Vie Vie Vie u. s. Treas- ury 273day bills offered within period yield on New York City: U. S. January TreasFebruary _ _ _ ury March 3-5 year April..— notes May. -•.. June July August 2.11 September. 1.28 October 1.11 November.. December 1.17 1.00 .56 .91 1.00 .56 .91 i .26 i. 14 IK IK 1.00 1.00 .00 .00 LOO L 00 1.00 1.00 1.00 1.00 1.00 1,00 .14 .18 .16 .13 .10 .21 IK IK IK IK IK IK IK IK L 00 LOO 1.00 1.00 1.00 1.00 1.00 1.00 1 00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .36 .38 .58 .70 .65 .58 .49 .52 1.18 1.22 1.42 1.59 1.48 1.54 1.44 1.45 IK IK IK IK IK IK IK 1.00 1.00 1.00 1.00 LOO LOO LOO LOO 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .51 .50 .49 .47 .48 .46 .52 .62 .71 .58 .44 1.50 1.45 1.41 1.38 1.38 1.39 1.44 1.53 1.55 1.57 1.47 .90 .56 1.16 IK IK IK l^ 1/4 l* .14 1.12 1.09 1.12 .99 1.04 1 91-day and 182-day bills. «182-day and 273-day bills. Back figures.—See Annual Report for 1935 (tables 42 and 43). 5.74 5.73 5.81 5.85 5.88 5.93 5. 6.05 6.06 6.08 5.86 5.74 5.64 5.35 5.22 4.91 4.74 4.59 4. 4.41 4.29 4.24 4.31 4.20 4.17 4.11 4.13 4.05 3.97 3.93 4.27 4.67 4.64 4.16 4.71 4.71 4.72 4.69 4.55 4.61 4.42 4.45 4. 4.35 4.12 4.22 4.12 4.11 4.88 4.33 4.24 4.10 3.93 3.97 3.79 3.76 3.52 3.48 3.43 3.31 3.39 3.42 3.30 3.30 3.33 3.26 3.28 3.22 3.18 2.83 2.90 2.64 2.61 2.69 2.66 2.61 2.67 2.72 2.72 2.77 2.61 2.64 2.56 2.61 2.54 2.51 2.44 2.44 2.42 2.40 2.46 2.43 2.43 Year 8 other northern and eastern cities: January February March April May._. June July August September October November. _ December 5.88 5.87 5.86 5.91 6.00 6.09 6.02 6.08 6.11 6.24 6.25 6.12 5.94 5.88 5.66 5.47 5.22 5.13 5.06 4.81 4.79 4.74 4.75 4.66 4.68 Year 27 s o u t h e r n a n d western cities: January February March April May June July August September October November December 6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52 5.94 5.96 6.04 6.07 6.10 6.16 6.17 6. 22 6.27 6.29 6.29 6.20 6.1: 6.05 5.98 5.86 5.75 5.69 5.63 5.58 5.55 5.54 5.50 5.43 2.50 2.41 2.50 2.53 2.44 2.34 2.36 2.41 2.39 Year 4.22 4.49 4.02 3.33 2.70 2.49 4.61 4.63 4.62 4.57 4.55 4.49 4.48 4.47 4.48 4.62 4.87 4.91 5.07 5.13 5.14 5.10 5.14 5.13 5.05 5.12 5.03 4. 4. 4. 5.50 5.43 5.40 5.36 5.26 5.34 5.30 5.28 5.3: 5.38 5.53 5.56 4. 4.84 5.39 5.09 4. 4.97 4.82 4., 4.65 4.51 4.54 4.59 4.65 4.49 4.52 4.52 4. 4.30 4.15 4.12 4.11 4.13 4. 3.98 4.02 4.05 3.99 3.88 3.78 3.87 3.79 3.75 3.75 3.63 3.67 3.62 3.63 3.60 3.47 3.45 3.51 3.61 3.47 3.45 3.50 3.47 3.46 3.36 3.43 3.34 3.36 3.45 3.32 3.32 3.29 3.33 5.61 5.60 5.40 4.95 5.01 5.64 5.63 5.64 5.62 5.63 5.68 5.63 5.56 5.55 5.60 5.56 5.66 5.68 5.66 5.6! 5.54 5.53 5.55 5.50 5.42 5.43 5.39 5.40 5.34 5.28 5.19 5.07 5.05 5.04 5.05 4.93 4.92 4.16 4.84 4.15 4.85 4.15 4.80 4.40 4.21 4.79 4.17 4.76 4.18 4.58 4.19 4.63 4.18 4.51 4.18 4.55 4.51 4.55 6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35 BOND YIELDS1 [Percent per annum] Corporate * U.S. Treasury 8 Year, month, or week irmJ 3 By ratings By groups Total Aaa Baa A Aa Industrial Railroad Public utility 7-12 . _ _ _ February... March April . May June July August. _. _ Week ending:5 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 1 2 3 4 . . . . __ . It 120 30 30 30 30 3.10 2.70 2.47 2.43 2.41 2 42 2.29 2.27 2.29 2.31 2.50 2.74 2.67 2 64 2.59 2.59 Number of issues 1934 average 1935 average ., 1936 average 1936—August September October November., December 1937—January Munic- 4.03 3.41 3.07 3.06 2.97 2 94 2.85 2.76 2.79 2.96 3.19 3 24 3.14 3 11 3.07 3.01 4.96 4.46 3.87 3.85 3.79 3.75 3.71 3.67 3.66 3.75 3.87 3.98 3.92 3.93 3.91 3.92 4.00 3.60 3.24 3.21 3.18 3.18 3.15 3.10 3.09 3.22 3.32 3.42 3.33 3.28 3.26 3.25 4.44 3.95 3.47 3.44 3.41 3.38 3.31 3.28 3.30 3.41 3.50 3.58 3.49 3.45 3.44 3.45 5.08 4.55 4.02 3.99 3.94 3.90 3.85 3.78 3.76 3.85 3.98 4.05 3.99 3.99 3.97 3.98 6.32 5.75 4.77 4.74 4.62 4.54 4.52 4.53 4.50 4.54 4.69 4.86 4.87 4.97 4.97 5.01 4.52 4.02 3.50 3.48 3.44 3 42 3.38 3.37 3.36 3.46 3.55 3.65 3.55 3.51 3.50 3.47 4 96 4.95 4.24 4.22 4.09 4.02 4.00 3.96 3.95 4.04 4.17 4.29 4.27 4.29 4.31 4.40 4.43 3.88 3.85 3.83 3 80 3.74 3.69 3.68 3.76 3.90 3.99 3.95 3.97 3.92 3.89 2.59 2.65 2.67 2.70 2.67 3.00 3.00 3.07 3.18 3.22 3.92 3.95 3.96 4.00 4.04 3.25 3.27 3.28 3.29 3.30 3.45 3.48 3.48 3.49 3.51 3.97 4.02 4.02 4.04 4.07 4.99 5.02 5.05 5.15 5.26 3.47 3.50 3 50 3.53 3.54 4.40 4.44 4.46 4.52 4.59 3.88 3.90 3.91 3.93 3.97 40 40 40 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. Average of yields of all outstanding bonds due or callable after 8 years. Standard Statistics Co., revised series. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. s Averages of daily figures replace former Wednesday figures, except for municipals; back figures available upon request. Back figures.—See Annual Report for 1935 (table 74). 1027 FEDERAL RESERVE BULLETIN OCTOBER 1937 BOND PRICES J STOCK MARKET Corporate 3 U. S. Treasury* 7-12 N u m b e r of issues.. 1934 average.. 1935 average., average.. 15 60 103.5 106.0 107.0 Year, month, or date Municipal 3 96.1 105.3 110.8 84. 5 88.6 97.5 Stock prices* Indus- Rail- Utility trial road Total Year, month, or date Preferred* Total 20 81.9 88.2 92.2 87.8 98.2 N u m b e r of issues... 105.4 83.8 79.4 94.7 Volu m e of trading3 Common (index, 1926=100) 20 Industrial 420 348 72 78 111 81 91 127 Railroad Utility 32 40 1,204 1.411 105.7 1,824 105.8 106.0 113 109 1,155 106. 0 1936—August 139.3 128 114 108 1, 366 105. 6 130 September. __ 139.0 119 1, 913 105. 7 138.3 136 109 October 124 139. 0 144 109 2, 575 November 105.1 123 140.1 143 111 2, 095 103. 6 December 126 141. 8 147 114 2, 667 102. 4 1937—January 130 141.2 152 2, 564 111 101. 8 February 130 138.0 153 2,133 106 March 100. 6 125 136.0 147 101 1, 466 101. 2 April 116 135.4 137 94 8.59 101.4 May 114 135.2 134 697 91 June 118 139 917 103. 5 112.0 96 94. 5 91.9 Aug. 25, 90. 6 135. 7 100. 9 July 121 144 729 103. 3 110.8 93. 8 Sept, 1 97 91. 6 89.4 137.2 100. 4 August 102.8 108. 9 92. 5 90. 7 87.3 Sept. 8 99. 5 103. 5 108. 3 91.4 141 95 695 Sept. 15 90. 2 85.4 118 98.7 137.5 Aug. 25 103. 6 108.3 90.6 134 92 723 Sept, 22 89.6 84.8 113 97. 4 137.3 Sept. 1 125 88 2, 106 106 136.7 Sept. 8 125 89 1,412 105 136. 3 Sept. 15 121 87 1, 502 102 1 M o n t h l y data are averages of daily figures except for municipal bonds, 136.0 Sept. 22 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 8 years, based on quotations from Treasury Department. 1 Standard Statistics Co. Monthly data are averages of Wednesday 3 Prices derived from average yields, as computed b y Standard Sta- figures. tistics Co. Municipal series revised back to 1934. 2 Average prices of industrial high-grade, derived from yields. 3 Back figures—See Annual Report for 1935 (table 73); for U . S. TreasAverage daily volume of trading in stocks on the New York Stock u r y bonds, see B U L L E T I N for M a y 1936, p . 317. Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. Back figures.—For stock prices, see Annual Report for 1935 (table 73) 107.2 107.2 106.9 108.2 108. 0 107. 3 107. 2 105. 2 102. 6 103.3 103. 5 104.3 104.0 1936—August September.. October November.. December.. 1937—January February... March April May June July August 111.0 97.7 112.5 98.6 113. 1 99.6 99.8 114.6 1.16.3 99.9 115.8 100. 3 112. 7 100. 0 108. 9 98.5 108.0 96. 6 109.6 96.2 110. 1 95.0 110.8 95.3 111.8 94.8 91.6 92.2 93.1 94.2 94.5 94.8 94.7 93.5 92.0 91.9 91.2 91.4 91. 9 1934 average 1935 average 1936 average 95.8 97.9 99. 7 99.2 99.6 100. 6 100. 2 98.3 95.3 95.0 93.2 93.2 91. 0 120.7 133.8 138.9 69 71 104 CAPITAL ISSUES [In millions of dollars] ]For Year or month Total (new and refunding) July.... Aug.... 297 409 464 372 726 603 497 382 272 261 560 344 184 1 217 178 186 158 266 241 168 185 152 150 359 250 76 State and municipal Federal agencies » Corporate Foreign* Total Bonds and Stocks notes 4,657 5,346 8,002 4,483 1,551 3,183 2,385 2,078 2,980 1,239 1,386 1,409 1,949 762 483 803 855 735 87 64 0 87 75 77 64 405 150 22 325 161 178 404 1,192 305 40 144 334 839 311 20 120 35 69 352 671 905 229 29 12 0 48 23 217 177 173 158 266 241 168 185 152 150 359 250 76 46 103 78 49 48 146 34 47 67 43 90 79 26 0 0 0 0 0 0 4 0 0 29 0 89 0 171 75 95 109 218 95 130 138 85 78 269 82 49 146 48 60 97 100 64 74 99 45 47 187 39 33 25 26 35 12 118 31 56 39 40 31 82 43 16 1 13 0 0 0 0 0 0 0 0 0 0 6,219 6,789 9,420 6,004 2,860 1,165 708 1,475 1,379 1,418 1,434 1,235 refunding Domestic Domestic Total (domestic and forTotal eign) 9,774 7, 555 1927 . 9,898 8,040 1928 11,513 10, 091 1929 7,619 6,909 1930 4,038 3,089 1931 1,751 1,194 1932 1,063 1933 720 2,160 1,386 1934. _ 4,699 1,457 1935 1936. _._ 6,214 1,972 1936—Aug.... Sept._._ Oct Nov Dec 1937—Jan Feb.... Mar.___ Apr MayJune _-_ ]For new capital 1,474 2,961 5,924 1,503 1,337 1,251 0 Total (domestic and forTotal eign) State and municipal Federal agencies 4 2,218 1,858 1,422 1,978 1,620 1,387 709 949 557 343 774 527 893 498 283 765 3,242 4,242 3,216 4,123 35 36 13 53 21 87 37 136 365 382 80 231 278 214 459 362 329 197 121 111 200 93 108 80 231 278 199 459 289 255 197 101 111 200 93 108 11 56 5 16 49 59 9 12 13 8 21 8 25 Corporate Total Bonds and Stocks notes 93 0 0 0 51 93 26 317 987 353 1,850 1,584 1,374 1,586 1,054 8 0 1 28 3 26 21 4 1 16 30 29 27 474 821 319 219 312 542 451 789 315 187 312 1,864 3,387 1,782 3,187 264 530 833 23 32 4 32 0 81 200 62 175 272 155 408 204 225 181 87 87 149 57 56 55 156 249 145 395 87 140 162 69 66 139 20 51 6 19 22 10 13 116 84 19 18 21 11 37 6 Foreign 1 241 238 35 182 56 59 60 9 26 119 0 0 0 15 0 73 74 0 20 0 0 0 0 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. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1935 (table 72) for figures of new issues—annual and monthly basis. 2 1028 FEDERAL RESERVE BULLETIN OCTOBER 1937 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterestbearing [nterest-bearing Publicl}- offered Total End of month debt Bonds Total interest bearing 1932—June 1933—June 1934—June 1935—June 1936—June 19,487 22, 539 27,053 28, 701 33, 779 _ 1936—August September October . _ November _ _ December 1937—January February March April May June _ _ July August 19,161 22,158 26, 480 27, 645 32, 989 33, 380 33,833 33, 833 33, 794 34, 407 34, 502 34, 601 34, 728 34,941 35, 213 36, 425 36 716 37,045 32, 624 33,088 33,083 33, 088 33, 700 33, 821 33, 926 34,064 34, 295 34,591 35,800 36,113 36, 450 l Total Prewar 6 18, 6 Treas- U. S. ury2 Savings Notes Bills 616 954 1,404 2,053 2,354 105 92 118 156 1,071 2,353 2, 353 2,354 2,353 2,203 2,253 2,253 2,203 2,353 2, 553 2,303 2,453 2,653 622 583 552 526 504 489 475 461 451 445 926 915 905 816 21, 782 26,006 26, 910 31, 297 753 753 753 753 79 13,460 13,417 15,679 14,019 17,168 62 316 1, 261 4,548 6,653 10,023 11,381 31, 329 31, 830 31, 855 31,877 32, 497 32, 582 32, 617 32, 722 32, 884 33,107 33, 734 33,918 34,146 6 AdSocial justed seservice curity 3 issues issues4 79 79 79 79 79 79 79 79 79 79 79 79 79 17,168 18,149 18,149 18,149 19,452 19, 452 19, 452 19,936 19,936 19,936 19, 936 19,936 19, 936 366 399 424 447 475 509 567 722 752 775 800 833 862 11,363 10,849 10,849 10,849 10, 289 10, 289 10,267 9,783 9,764 9,764 10, 617 10, 617 10,617 All other5 Matured Other debt 19 240 284 356 580 601 60 66 54 231 169 266 315 518 825 620 30 34 38 47 64 119 204 322 407 489 579 649 759 643 641 639 637 635 632 630 559 552 550 560 632 640 164 163 178 143 153 137 139 136 126 110 119 103 100 593 582 571 563 554 544 536 528 520 512 506 499 494 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account and unemployment trust fund. 6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, AUGUST 31, 1937 [In millions of dollars] Total Bonds* Notes 1,418 1,001 1,383 1,018 596 817 3,188 2,854 2,219 426 898 1,587 1,866 2,025 1,036 819 1,223 1,250 1,786 2,663 755 489 982 2,611 50 3,188 2,854 1,385 426 898 1,587 1,866 2 2, 025 1,036 819 1,223 1, 250 1,786 2,663 755 489 982 2,611 50 34, 146 20, 876 [In millions of dollars] D a t e maturing Bills End of month 1937—Before Oct. 1 Oct. 1-Dec. 31 1938—Jan. 1-Mar. 31 Apr. 1-June 30 J u l y 1-Sept. 30 Oct. 1-Dec. 31 1939 1940 1941 1942 1943 1945 _. 1946 1947 1948 1949 1951 1952 1953 1954 1955 1956 . . 1959 _. 1960 1961 Total . . 2 732 618 596 834 601 1, 001 651 400 Total ReconFederal Home Farm Owners' struction Finance Mortgage Loan Corpora- Corpora- Corporations tion3 tion 180 681 3,063 4,123 4,494 4,718 312 980 1,226 1,387 1,422 134 1,834 2,647 2,855 3,044 August September. October. __ November. December. 1937—JanuaryFebruary.. March April _ May June July August 10,617 1933—December. 1934—June-. December. 1935—June December. 1936—June 4,669 4,667 4,667 4,662 4,662 4,662 4,662 4,662 4,660 4,660 4,665 4,703 4,643 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1,420 1,410 2,995 2,993 2,993 2,988 2,988 2,987 2,987 2,987 2,987 2,937 180 235 249 250 252 252 252 252 252 252 252 252 252 251 250 250 255 295 296 2,653 * HiXoiuues ooiigauous guaranteeu as to interest only. * Issues classified as of date of final maturity; most issues callable at 3 Excludes obligations held by U. S. Treasury and reflected in the earlier dates; most of the U. S. Savings bonds are redeemable at option public debt. Figure for December 1933 includes notes given in purchase of 2 holder. of gold which were retired in February 1934 Includes unclassified U. S. Savings bonds. OCTOBER 1029 FEDERAL RESERVE BULLETIN 1937 SUMMARY OF TREASURY OPERATIONS [On basis cf daily statements of United States Treasury. In millions of dollars] General and special accounts Expenditur es ! Receipts Genera' Period Total Fiscal year ending: J u n e 1935 J u n e 1936 J u n e 1937 . 3,800 4,116 5,294 1,099 1,427 2,158 578 637 863 47 71 93 343 499 272 233 517 284 275 1,012 363 335 868 409 453 32 288 27 33 286 43 58 700 57 47 547 57 35 2 m o n t h s ending: Aug. 1935 Aug 1936 Aug. 1937 1936—August September.. _ October November... December 1937—Januarv February March April. May... June July August Other In- Social interAll 3 Total .come secur- nal ity taxes taxes reve- other 2 nue National deInter- fense All est on and other debt Veterans' Adm. 1 Recovery and relief Trust Increase or deaccrease during counts etc' Excess excess of reof receipts ceipts Re- Trans- (+) or (+) or exvolv- fers to extrust pendi- pendiing funds accts. tures tures General Gross fund etc.6 (net) & balance debt 253 2 179 2,086 2,187 523 603 697 6 802 8,477 8,001 821 749 866 1 089 1, 340 1, 436 1,315 1,310 1,994 3.366 3,341 3, 079 141 9 78 9 244 118 101 134 1 181 964 1,215 35 36 33 200 240 255 217 257 359 458 571 373 131 9 227 114 412 465 523 264 161 186 148 175 168 148 190 166 170 212 221 301 47 50 60 52 57 70 .58 71 62 60 56 77 56 551 668 681 535 656 631 553 754 708 552 1 300 659 556 26 144 74 8 140 14 20 159 68 9 194 12 21 120 118 121 114 118 116 112 121 129 119 128 128 127 138 130 168 153 150 159 176 225 230 169 179 197 162 269 264 297 272 294 230 214 252 243 211 232 198 175 9 11 (8) 3 10 50 78 59 53 53 60 1 8 2 16 9 14 947 67 9 13 9 46 97 92 27 92 10 71 - 3 , 0 0 2 1,814 - 4 . 361 868 - 2 , 707 +613 +123 141 86 186 -603 -327 -352 -95 -53 10 9 4 3 1 45 45 45 45 45 540 125 61 -208 -169 -409 -303 -138 -348 -279 +257 -345 -217 -432 -249 -103 -67 - 7 4 1 + 1,648 +840 +5,078 - 1 2 8 +2, 646 +332 +80 -366 -778 +349 - 58 5 () -327 -63 +284 +452 (8) -38 +613 +95 +99 +127 +212 +272 +1,212 +291 + 329 -15 -17 +26 +72 -7 -98 +8 -3 +20 +44 +37 -424 -358 +500 -180 -187 +287 -124 +52 +800 +85 +263 -398 +620 Excludes debt retirement. 2 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. Includes customs and miscellaneous receipts. Excludes expenditures for adjusted service which are included under ''Transfers to Trust Accounts, etc. •• kA Listration, Farm s Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public w orks Admmi •edit Administration, and Exnort-Imnort "Ranks. 3 4 trust funds, old-age reserve account, and railroad retirement account GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars] End of month 1932—June 1933—June 1934—June. . 1935—June . 1936— February March. ._ __ . April May.. June July August September October November December 1937—Januarv February March. April May June July.. August Total Inactive gold Increment on gold Seigniorage Work ing balance 417 862 2,582 1,841 811 700 140 417 862 1,771 1,001 1,767 2,866 2,442 2,358 2,682 2,230 1,904 2,188 1,764 1,406 1, 906 26 141 140 141 141 140 141 140 140 141 141 141 294 302 306 308 316 319 323 329 332 333 337 1,332 2, 423 1,995 1,910 2, 225 1,771 1,441 1,719 1,291 931 1,401 1,726 1,539 1,826 1,702 1, 754 2, 553 2,639 2,902 127 205 343 568 758 1,087 1,213 1, 335 141 141 141 141 141 141 141 141 340 344 348 350 354 356 369 375 1,118 849 995 642 501 970 915 1,051 1030 FEDERAL RESERVE BULLETIN OCTOBER 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JULY 31, 1937 [Based on compilation by U. S . Treasury Department from reports received from organizations concerned . In millions of dollars] Financed wholly from Government funds Reconstruction Finance Corporation Commodity Credit Corporation Financed partly from Government funds Public AgriculFarm Other Home Works tural mortfarm mortAdmin- credit Other gage credit gage Other istra- instituinstitu- institu- institution tions tions tions tions Total J u l y 31, J u n e 30, J u l y 31, 1936 1937 1937 ASSETS Loans and preferred stock: Loans tofinancialinstitutions. _ Preferred stock, etc Home mortgage loans Farm mortgage loans Other agricultural loans All other loans Total loans and preferred stock Cash United States direct obligations..... Obligations of Government credit agencies: Fully guaranteed by U. S. . Other 2 Production credit association class A stock Accounts and other receivables All other assets Total assets other than interagency 2 311 577 170 3 189 2,524 1 8 489 766 2, 524 2 897 562 1,252 488 765 2,556 2,906 556 1,279 549 762 2, 921 2, 931 632 1,176 8,971 283 488 2, 897 1 816 121 121 22 9 5 123 (i) 15 36 7 1,765 153 313 467 64 32 14 25 1, 705 2 22 2 123 76 1 0) 0) 21 121 0) 153 144 264 (l) 0) 264 15 104 2, 883 114 11 8 26 348 8,490 298 561 8, 550 288 551 67 2 2, 897 67 45 10 102 194 29 196 28 (2) 1 % 209 30 34 270 181 162 4 1 29 3 405 4 17 76 290 882 76 287 859 75 286 560 869 3, 353 458 3,452 505 10, 820 10,835 10, 903 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States.._ Other 2 Other liabilities (including reserves) Total liabilities other than interagency 2 Excess of assets over liabilities, excluding interagency transactions.. Privately owned interests _ U. S. Government interests C1) 5 54 1,420 2 1,117 168 188 8 3,012 26 146 107 4,728 1, 333 541 4,689 1,326 520 4,719 1,466 359 (I) 5 57 2,705 196 3,183 107 6,602 6,536 •6, 544 0) 295 54 350 3 1,415 121 144 148 812 648 178 262 3 268 37 398 139 4,217 357 4,299 355 4,359 355 1,415 121 144 148 812 470 259 231 259 3,860 3,943 4,004 i 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Less than $500,000. Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Tre: amounting to $48,000,000 are classified under "All other assets." NOTE.—For explanation of table and backfiguressee BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Aug. 31, 1936 Loans to financial institutions. Loans on preferred stock of banks and insurance companies. Preferred stock, capital notes, and debentures Agricultural loans Loans to railroads (including receivers) Loans for self-liquidating projects __ Loans to industrial and commercial businesses Loans to drainage, levee, and irrigation districts Other loans Securities purchased from Public Works Administration.-. 368,393 48, 397 672, 687 1,400 350, 948 181, 339 56,149 60, 965 2,984 142, 210 Feb. 28, 1937 304,815 41,465 607,777 1,405 345,447 206,721 63,838 66,553 1,949 108, 714 Mar. 31, 1937 295, 654 41,379 596,998 1,461 340,367 208,496 63,493 67, 744 2,050 121,622 Apr. 30, 1937 286, 611 41,132 591,784 1,468 345,084 215,044 67, 729 70,832 2,169 114,012 May 31, 1937 277, 349 40, 677 587,668 1,402 344,823 218, 589 69, 524 71, 253 2,312 120,404 June 30, 1937 271, 858 40,483 581,900 1,349 354, 320 221,907 70, 549 72,424 2,533 119,585 July 31, 1937 Aug. 31, 1937 271,009 1 266, 283 40,027 2 39, 414 576, 672 567, 879 1,236 1,073 351,936 351,855 225,407 227,108 71,181 74,605 2,562 87, 320 72,833 75,038 2,793 86, 843 Total loans and investments, other than interagency.._ 1,185, 472 1, 748, 684 1, 739,265 1, 735,864 1, 734,001 1, 736,909 1, 701, 954 1, 691,120 Loans to Federal land banks _ Loans to Commodity Credit Corporation _ Capital stock of Commodity Credit Corporation Capital stock of, and loans to R. F. C. Mortgage Co Preferred stock of Export-Import banks Capital stock of, and loans to other agencies Total loans and investments.. 32,199 93,002 97,000 31,213 20,000 22,191 129, 320 97,000 39, 233 20,000 1T" 14, 517 79, 688 97,000 43, 769 20,000 2,598 14,333 55, 485 97,000 44,340 20,000 6,000 13,934 50, 371 97,000 45, 994 20,000 7,400 13,757 47, 393 97,000 48,286 20,000 10,000 13, 586 61, 238 97,000 51, 302 20,000 11,898 13, 275 1,876 97,000 53,073 20,000 12, 948 2,158, 885 2,057,825 1,996,837 1,973,022 1,968, 700 1,973, 345 1,956,977 1, 889, 291 1 Includes $86,000,000 of loans for distribution to depositors of closed banks. 2 includes $382,000 of preferred stock instalment sale contracts. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. 1031 FEDERAL RESERVE BULLETIN OCTOBER 1937 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans by- End of month Federal land banks 1933—December. 1934—December.. 1935—December 1936—August September October _ November December 1937—January February March April May... June July August _.. Federal intermediate credit bank loans to and discounts for— Loans to cooperatives b y - Regional agricultural Other credit cor- financing Land porations, instituBank tions, Commis- production credit asexcept sioner sociations, cooperaand banks tives for cooperatives > 70,738 616,825 794, 726 831, 892 833,906 835,187 836,194 836, 779 836,062 835, 509 833, 821 832,881 831, 705 830, 577 828, 771 826,317 1,232.707 1,915, 792 2, 071,925 2, 067,106 2,067, 711 2, 067, 647 2, 065, 719 2,064.158 2,061,472 2, 060, 233 2,057,930 2.055, 397 2, 053, 558 2,052,319 2,050, 522 2, 047. 650 73,263 99, 675 104, 706 144, 423 138,653 135, 791 131.644 129, 872 125, 825 130,139 144,250 153, 795 159, 073 164, 977 170,110 171, 270 EmerProduc- Regional gency agricultion credit tural cred- crop and associadrought it corpotions loans rations 60,989 55,672 47,162 54.884 50,099 43,946 41, 277 41,017 40,080 41,061 42, 367 44, 042 45,131 47, 337 48,167 48, 386 144,636 87,102 43,400 33,042 315 216 28, 664 26, 491 25, 288 24,454 24, 249 23,892 23, 588 23, 453 22,914 22,069 21,126 27 60,852 94,096 135,603 122,004 110, 775 105, 441 105, 212 106,081 114,551 131, 905 143,902 152, 466 160,051 163,553 162,515 Federal intermediate credit banks 18,697 27,851 50,013 44, 345 56,267 71,150 72, 500 69, 647 64,411 60, 356 56, 736 49, 314 45,000 45,032 52, 405 56,341 15, 211 33,969 2,731 314 405 758 1,336 1,641 1,486 1,359 1,305 1,249 1,070 635 1,126 1,047 89,811 110,186 172,489 172,863 171,320 166, 291 164, 887 163,868 163, 250 174, 709 187,185 189,686 189,141 187, 353 185,802 Agricultural Marketing Act revolving fund Banks for cooperatives, including Central Bank 157,752 54,863 44, 433 44,025 48, 583 51,348 56,216 53,754 54,322 52, 359 51,810 48, 522 47, 732 46,854 45, 664 44, 281 i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by t h e production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in wThich the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM [In millions of dollarsl LOANS OUTSTANDING, BY INSTITUTIONS [Loans in thousands of dollars] Assets Home mortgage loans b y Federal savings and loan associations End of month Home Owners' Loan Corporation l Number of associations Total Reporting Loans reported Federal home loan bank loans to member institutions 2 U. S. Government securities Cash, reGuar- serve Dian- funds, rect teed etc.' banks Total obli- obligagations tions Cash in depository 1933—June 1934—June 1935—June _ _ 1933—December.. 1934—December.. 1935—December.. *2,394,038 2,897,162 59 639 1,023 455 881 69,734 315,683 85,442 86,658 102, 795 1936—August SeptemberOctober November.. December _. 1937—January February... March April May June July August 2. 898,043 2, 870,480 2,834,610 2,801,827 2, 765,098 2, 729,274 2, 698, 611 2, 661, 542 2, 625, 493 2, 591,115 2, 556, 401 2, 524,129 2, 497, 224 1,175 1,183 1,192 1,206 1,212 1,228 1,240 1,249 1,257 1,270 1,286 1,293 1, 296 1,076 1,076 1,080 1,080 1,065 1,143 1,157 1,168 1,168 1,166 1,181 1,181 1,168 497,852 512, 744 532,064 544,130 544,107 576, 299 611,212 630, 680 652, 557 679,949 703, 996 722, 442 733, 503 125, 218 129, 767 134,941 137, 261 145,401 143, 745 141,205 142,720 146,149 153, 491 167, 057 169, 571 175, 607 1 I n a d d i t i o n to loans t h e H O L C held on A u g u s t 31,1937, $677,000,000 in other assets, consisting principally of investments in the Federal Savings and Loan Insurance Corporation and in various savings and loan associations, real estate and other property, and accrued interest receivable. 2 Includes loans to Federal savings and loan associations, all of which are members, and a negligible amount to others than member institutions. 3 Includes accrued interest. End of month Depositors' balances1 Total 1,187 1,198 1,205 1,207 1,225 1,236 977 695 385 131 453 777 131 418 630 35 147 99 77 74 1936—June July August September October November December 1937—January . February March April May ._ June . . . July August 1,232 1,244 1,249 1, 251 1,255 1, 257 1,260 1,266 1,270 1,272 1,270 1,268 1,268 1,265 1,279 1,283 1,285 1,290 1,293 1,296 1,303 1,307 1,310 1 307 1,306 1,307 203 172 166 162 158 145 145 136 133 132 134 134 136 967 972 972 982 1,011 1,029 1,058 1,060 1,061 1,097 1,100 1,100 1,100 800 805 805 815 844 862 891 893 894 930 933 933 933 167 167 167 167 167 167 167 167 167 167 167 167 167 95 135 145 141 121 119 93 107 113 81 73 72 71 PI,271 H, 272 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-percent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See BULLETIN for August 1935, p. 502. 1032 FEDERAL RESERVE BULLETIN OCTOBER 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Construction contracts awarded (value) 2 Industrial production** Year and month Manufactures Total Factory employment3 Minerals Total Residential All other Factory pay rollss Freight-car loadings4* Department store sales* (value) Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 84 87 67 86 101 83 87 67 85 101 95 104 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 77 89 70 74 105 96 99 108 107 106 115 99 94 105 108 106 112 119 95 108 106 111 119 96 81 64 94 122 129 129 135 117 92 63 28 84 71 82 86 91 104 80 63 75 78 76 79 90 105 90 105 44 30 44 68 81 95 124 121 117 126 87 50 37 63 63 56 79 84 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 13 11 12 21 37 25 32 37 55 107 108 82 90 104 96 100 101 99 99 105 91 77 66 72 83 86 92 84 91 78 85 100 98 103 107 104 104 107 92 74 98 118 77 82 103 96 101 104 102 102 109 89 67 46 49 63 71 82 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 79 88 55 58 62 64 75 1934 Nov. _ _ 76 73 71 74 75 Dec 86 Jan Feb Mar April May June July Aug 90 90 88 86 87 Oct Sept..... Oct. Nov Dec Jan. Feb Mar April.... May.... June July Aug Sept Oct Nov Dec 86 88 91 95 96 101 97 94 93 101 101 104 108 108 109 110 114 121 86 83 87 71 71 70 73 73 76 84 80 82 81 81 90 84 83 87 87 84 85 90 88 87 86 84 85 87 88 91 91 89 85 87 74 72 69 72 74 85 73 73 73 75 74 78 July Aug Sept 87 95 91 91 91 97 97 92 93 90 79 88 97 85 86 89 92 95 97 101 90 97 98 96 96 92 93 100 101 105 109 110 110 111 115 121 95 95 96 104 105 104 105 106 107 111 115 114 87 84 83 87 88 90 99 85 83 89 96 98 95 93 93 102 95 93 104 111 87 97 97 105 105 105 105 106 107 110 115 114 106 102 100 101 99 102 105 112 113 109 115 128 115 116 114 112 117 93 101 96 97 100 107 90 95 101 101 102 104 110 115 115 111 27 27 29 31 31 31 27 28 26 27 27 30 35 38 43 48 60 68 62 52 47 47 46 52 59 62 59 57 30 28 30 29 28 25 22 24 26 30 32 35 39 40 44 12 10 11 12 11 12 12 14 16 18 21 24 25 24 25 45 53 54 25 50 45 47 53 56 60 65 65 60 25 25 26 30 32 36 44 46 26 26 47 58 66 54 51 53 63 62 51 54 56 53 56 61 68 56 61 68 72 75 45 47 45 44 44 42 44 P63 P66 P40 43 40 45 12 10 11 12 1 1 10 10 13 16 22 25 28 25 24 25 25 25 22 21 22 28 35 38 39 45 46 47 41 39 38 44 43 45 43 41 36 39 39 35 33 32 36 43 50 32 33 34 38 39 43 50 54 59 62 76 80 84 85 86 86 85 84 85 86 86 87 84 86 88 89 88 89 89 88 76 75 89 63 62 67 87 87 87 74 74 78 79 58 66 88 103 92 75 63 60 83 83 78 83 84 80 82 80 82 39 40 44 46 48 47 81 81 82 82 85 86 86 85 83 65 70 72 72 69 67 67 71 74 76 78 84 84 89 91 95 91 96 101 105 105 65 62 65 96 99 63 64 63 99 100 101 102 102 101 103 97 99 101 102 102 101 101 P102 P102 77 75 64 61 66 77 87 64 81 81 80 94 96 97 97 98 70 78 82 81 70 59 62 61 88 89 90 90 91 88 89 90 90 93 93 94 94 57 65 71 75 69 69 72 83 61 63 62 61 60 59 59 60 63 66 65 62 61 64 59 63 64 68 68 68 70 71 66 71 72 73 76 76 75 77 82 83 62 62 67 65 60 57 59 62 63 59 60 63 59 64 71 75 73 76 74 74 75 77 51 60 79 82 83 135 59 61 76 77 79 75 74 79 80 77 71 79 76 76 55 81 86 78 61 69 64 82 83 86 91 145 65 68 64 68 71 81 83 63 66 84 84 87 87 91 86 88 90 94 92 85 89 84 63 68 94 100 105 161 73 77 77 84 86 84 77 77 1937 Jan 114 116 Feb Mar..._. 118 April 118 May 118 114 June 114 July.. Aug P117 112 117 122 122 122 115 111 P115 115 116 117 118 118 114 114 P118 118 122 125 123 114 110 P114 P112 105 111 118 105 117 117 115 P120 37 42 47 51 52 47 45 P40 P82 68 81 92 100 P88 103 100 P104 80 82 83 84 80 78 80 79 73 76 80 79 80 79 82 81 93 95 93 93 93 93 94 92 72 76 90 89 95 90 65 72 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 1033-1034; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931. 3 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 1035-1036. Underlying figures are for pay-roll period ending nearest middle of month. 4 For indexes of groups see p. 1040. Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car loadings, see pp. 522-529 of BULLETIN for June 1937. 1033 FEDERAL RESERVE BULLETIN OCTOBER 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average - 1 0 0 J 1937 1936 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 109 110 110 Ill 115 121 115 116 117 118 118 114 114 P118 119 90 121 120 93 123 119 96 121 127 98 130 137 99 141 143 104 147 139 107 142 129 107 131 126 108 128 130 109 132 134 114 136 119 107 121 140 121 141 141 123 143 116 125 106 125 98 66 108 '120 125 115 136 101 77 118 120 127 108 121 97 89 130 114 119 105 109 104 95 121 121 123 118 128 118 92 125 139 144 140 160 134 94 134 124 129 121 126 130 92 118 126 132 129 132 137 104 112 129 136 128 139 125 101 114 124 130 119 128 118 96 120 123 130 121 132 120 93 109 126 136 119 129 118 94 115 111 125 95 102 96 71 97 P115 12£ P106 2>121 P94 92 72 116 130 135 101 77 96 70 128 141 138 92 71 100 79 125 144 143 77 70 105 94 115 129 152 82 68 109 100 115 122 169 83 83 100 85 117 125 160 87 115 87 65 111 130 175 87 98 86 66 108 122 151 89 89 89 69 113 136 139 89 108 93 75 113 130 142 95 123 76 54 99 124 145 90 98 77 49 111 134 145 93 69 70 44 99 129 139 C 91 91 78 50 111 141 148 83 96 60 131 61 136 61 140 62 140 67 150 64 141 63 142 62 145 64 144 62 144 62 147 61 145 64 ]40 65 141 124 9 111 8 107 6 93 6 105 8 122 10 120 8 120 11 121 22 130 30 135 25 130 23 129 19 157 114 94 93 77 117 127 115 95 97 70 113 129 112 90 91 68 109 127 112 93 100 65 103 125 116 104 111 79 112 124 134 108 111 98 111 151 136 108 111 90 119 154 134 106 108 92 114 152 132 103 106 85 115 150 131 107 107 94 121 146 133 109 111 82 133 148 118 nQ2 99 r 83 128 129 115 94 91 68 129 129 75 220 77 226 81 236 87 242 91 164 91 89 86 77 85 244 93 229 87 241 78 223 74 260 75 206 73 216 128 104 71 107 99 60 99 97 60 105 101 71 97 100 74 105 98 80 125 80 76 131 83 70 144 107 75 138 110 85 115 116 76 112 115 70 100 112 82 108 110 82 Petroleum refining Gasoline1 Kerosene Fuel oil * Lubricating oil * Coke, byproduct 183 236 96 117 110 r 122 186 241 91 119 111 126 189 246 90 119 111 128 191 249 90 124 110 129 188 241 92 124 114 130 191 242 102 132 116 137 189 236 117 135 111 137 194 245 106 130 126 136 190 242 108 126 120 138 195 249 103 123 131 141 200 253 112 130 131 143 202 256 114 133 129 134 206 261 119 139 124 J44 RUBBER TIRES AND TUBES * 124 129 90 119 123 92 122 125 96 118 121 94 126 130 92 123 128 91 123 128 91 133 138 99 132 137 99 133 138 100 132 137 94 123 128 84 102 105 73 154 76 216 147 73 208 157 75 223 146 74 202 150 75 209 183 83 265 165 83 234 168 78 242 153 83 212 158 82 220 155 74 221 150 73 212 164 78 233 101 99 102 105 112 117 109 115 128 115 116 114 112 79 69 144 81 104 71 101 76 51 149 87 99 60 88 82 58 146 93 97 60 111 86 52 152 98 101 71 119 95 69 152 110 100 74 99 97 73 161 83 56 164 98 50 168 112 81 173 72 97 174 80 63 176 159 116 76 101 80 74 172 122 115 70 107 • 79 47 174 121 112 82 148 Manufactures—Total IRON AND STEEL _ Pig iron Steel ingots TEXTILES Cotton consumption Wool Consumption Machinery activity 1 Carpet and rug loom activity! Silk deliveries FOOD PRODUCTS: Slaughtering and meat packing___ Hogs Cattle..__ Calves Sheep .__ _ Wheat flour Sugar meltings PAPER AND PRINTING: Newsprint production Newsprint consumption _ TRANSPORTATION EQUIPMENT: Automobiles Locomotives LEATHER AND PRODUCTS— _._ Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes . CEMENT AND GLASS: Cement Glass, plate NONFERROUS METALS: Tin deliveries* Zinc Lead FUELS, MANUFACTURED: Tires, pneumatic * Inner tubes * TOBACCO PRODUCTS Cigars Cigarettes _ _ __ _ _ _ _ Minerals—Total Bituminous coal Anthracite _ Petroleum, crude _ _ _ Iron ore Zinc. Lead _ _ _ _ _ Silver 98 80 113 80 76 99 83 70 94 107 75 93 110 85 103 92 P109 P119 159 73 229 P112 P7S p 37 P181 126 110 82 p r c * Without seasonal adjustment. Preliminary. Revised. Corrected NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. 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. 1034 FEDERAL RESERVE BULLETIN OCTOBER 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. L923-25 average = 100] 1936 Industry 1937 Jan. Mar. June Oct. Nov. 107 110 115 114 113 118 122 125 123 114 110 ?114 117 93 120 123 98 126 127 100 130 125 102 128 134 105 136 135 109 138 142 114 145 144 115 146 146 116 149 119 105 121 130 115 132 138 118 140 112 110 126 101 77 123 120 123 111 127 97 89 136 117 122 111 120 104 95 121 125 128 125 140 118 92 129 132 133 141 161 134 94 119 130 135 123 130 130 92 135 134 141 135 144 137 104 120 132 143 129 141 125 101 110 127 140 117 124 118 96 119 123 134 116 122 120 93 108 119 130 113 116 118 94 102 103 114 89 91 96 71 92 87 64 115 126 135 98 94 85 53 126 130 139 99 79 94 59 138 138 165 91 75 104 80 134 135 167 92 65 121 110 133 124 167 90 65 117 111 122 119 157 84 66 100 87 112 121 176 85 64 85 73 95 114 142 86 88 84 69 99 137 126 83 127 83 67 99 141 133 87 143 74 52 96 140 142 85 109 76 50 104 139 142 82 82 67 39 98 125 139 C 88 111 70 38 109 129 150 88 108 59 117 59 121 60 137 62 149 66 160 64 145 64 137 62 143 63 149 63 154 63 151 63 144 62 124 64 126 128 9 82 9 42 6 65 5 127 9 147 11 120 7 120 11 140 22 158 27 163 24 147 22 132 19 '116 113 94 90 90 109 125 128 96 95 85 111 148 130 95 94 78 114 153 123 98 102 77 107 140 112 102 109 75 111 118 114 105 108 84 120 119 126 104 112 75 113 140 136 110 116 85 119 153 136 103 107 76 117 157 128 105 107 85 120 143 122 103 105 78 124 134 114 100 97 r 80 128 123 113 93 88 79 119 126 ,121 91 198 100 226 101 236 99 242 90 164 71 89 52 77 51 244 67 241 85 265 92 234 91 234 92 185 94 216 128 97 68 107 92 58 99 93 57 105 98 73 97 100 77 105 100 81 125 85 77 131 89 72 144 113 77 138 114 84 115 117 75 112 111 72 100 104 79 108 103 79 Petroleum refining Gasoline Kerosene Fuel oil . . . . Lubricating oil Coke, byproduct 182 236 90 117 110 118 186 241 86 119 111 123 189 246 92 119 111 126 192 249 95 124 110 129 189 241 100 124 114 133 192 242 111 132 116 138 189 236 119 135 111 138 194 245 108 130 126 140 190 242 104 126 120 142 195 249 102 123 131 142 200 253 108 130 131 142 201 256 106 133 129 132 206 261 110 139 124 140 RUBBER TIRES AND T U B E S 124 129 90 119 123 92 122 125 96 118 121 94 126 130 92 123 128 91 123 128 91 133 138 99 132 137 99 133 138 100 132 137 94 123 128 84 102 105 73 Cigars Cigarettes 167 80 238 158 76 225 173 86 245 157 91 212 153 90 207 149 62 217 156 64 230 153 67 220 146 76 201 145 77 200 157 76 224 164 80 234 178 82 256 170 7fi 247 Minerals—Total .. 102 104 110 115 115 111 105 111 118 105 117 117 115 n20 87 58 150 178 93 57 106 94 67 153 167 98 73 118 106 71 150 93 100 77 106 103 72 156 93 61 158 103 54 165 112 67 171 61 101 174 100 81 114 85 77 100 89 72 102 113 114 84 104 70 63 177 238 117 75 98 72 65 175 240 111 72 105 72 38 177 245 104 79 126 *76 P37 P185 257 103 79 July _. Pig iron Steel ingots - _ TEXTILES Cotton consumption. Wool Consumption Machinery activity.. Carpet and rug loom activitySilk deliveries Sept. 105 Manufactures—Total IRON AND STEEL Aug. 106 110 85 113 118 89 121 107 114 99 111 98 66 103 Dec. Feb. Apr. May July Aug. 116 ?102 P113 *>94 96 FOOD PRODUCTS: Slaughtering and meat packing... Hogs Cattle Calves Sheep Wheat flour. . Sugar meltings PAPER AND PRINTING: Newsprint production . . _ Newsprint consumption TRANSPORTATION EQUIPMENT: Automobiles Locomotives LEATHER AND PRODUCTS Tanning Cattle hide leathers. Calf and kip leathers Goat and kid leathers Boots and shoes "137 CEMENT AND GLASS: Cement _ Glass, plate NONFERROUS METALS: Tin deliveries Zinc _._ Lead FUELS, MANUFACTURED: Tires, pneumatic Inner tubes _ TOBACCO PRODUCTS Bituminous coal Anthracite. Petroleum, crude Iron ore Zinc Lead ... Silver 72 57 147 164 97 68 85 75 51 152 177 92 58 88 102 r c p Preliminary. Revised. Corrected. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. 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. 1035 FEDERAL RESERVE BULLETIN OCTOBER 1937 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1936 1937 Industry and group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total Durable goods Nondurable goods.. 92.8 85.6 100.4 93.4 85.7 101.8 86.6 101.6 94.4 88.2 101.2 96.2 89.9 102.9 92.7 104.9 98.8 92.4 105.4 99.7 93.9 105.8 100.9 96.3 105.9 101.6 97.4 106.2 102.2 98.4 106.2 101.4 97.8 105.3 103.0 100.1 106.2 102. 3 99.4 105. 4 IRON, STEEL PRODUCTS Blast furnaces, steel works.. Bolts, nuts, washers, rivets.. Cast-iron pipe. Cutlery, edge tools Forgings Hardware Plumbers' supplies Steam, hot-water heating Stoves Structural, ornamental Tin cans, tinware. Tools Wirework 93.5 103 76 64 78 62 79 82 69 103 70 98 81 146 95.3 106 76 64 79 60 72 85 69 107 72 101 86 143 96.8 108 77 65 109 81 67 84 64 91 86 71 107 73 98 93 175 101.0 110 84 68 87 68 95 90 72 111 70 97 95 188 102.3 113 87 103.7 112 108.0 118 93 72 87 108.7 120 94 72 89 73 100.7 106 82 94 76 114 73 103 98 179 87 70 96 90 78 117 75 105 99 176 106.4 116 90 71 87 75 85 71 104 73 101 86 149 98.4 109 79 66 82 61 84 85 70 107 73 100 89 164 95 80 116 76 104 101 187 97 82 113 78 105 101 82 113 77 107 103 183 73 96 91 80 118 78 107 102 181 108. 3 108. ft 121 122 87 66 89 92 77 73 96 94 89 92 81 . 107 112 79 78 110 110 103 105 176 170 MACHINERY 105.3 117 114 92 119 92 120 210 71 102 105.3 101 100 92 115 93 119 209 73 114 106.8 96 116 97 115 95 123 186 75 120 108.4 102 119 100 117 96 125 176 75 132 110.4 95 120 103 122 97 127 171 75 135 114.0 103 121 106 125 100 129 188 76 139 116.0 109 123 104 128 102 136 201 79 145 118.9 113 127 109 134 104 136 196 81 148 121.1 125 131 111 137 106 141 190 83 153 123.7 130 131 115 140 108 147 189 85 154 125.6 136 134 118 147 110 150 155 87 154 129.4 143 136 120 146 113 153 190 87 159 131.5 131.1 147 149 137 135 121 121 150 151 114 113 154 159 214 202 87 88 156 155 105.1 603 116 52 36 101 100.9 613 109 56 35 102 100.8 631 109 56 38 102 105.0 645 113 61 41 102 112.3 646 123 64 42 118.7 698 133 62 44 89 110.2 740 120 62 49 95 113.0 772 123 66 54 100 117.3 783 127 71 54 106 118.6 798 128 70 55 106 122.2 807 133 71 55 104 122.6 794 134 70 •57 104 123.5 768 136 69 60 102 121.6 755 133 69 61 106 57.4 62 57 58.7 62 58 59.1 62 59 60.1 63 60 60.6 63 60 61.7 63 62 62.3 63 62 61.9 63 62 62.2 64 62.4 64 62 62.4 63 62 63.7 63 64 64.4 63 64 62.3 63 62 97.8 116 102 107 84 75 59 79 136 101.1 116 106 113 88 79 66 78 141 102.5 112 109 112 87 84 67 79 143 105.2 115 110 114 106.7 118 109.6 121 120 120 90 75 72 80 163 111.7 121 122 120 113.2 119 122 122 90 104 73 81 161 114.3 121 126 124 90 100 74 85 158 115.4 123 124 125 95 100 73 88 160 115.0 132 123 124 95 96 73 89 159 115.4 138 121 120 101 94 82 94 153 116.3 138 121 131 99 92 78 95 155 65.6 79 48 51 65.1 81 51 49 65.8 82 52 50 66.2 81 53 50 115 91 94 70 78 154 66.2 84 54 49 110.7 118 115 117 91 99 71 80 166 65.7 47 55 101 42 76 66.4 47 59 102 43 74 66.1 47 61 99 42 77 67.2 47 64 103 42 76 102.6 95.5 83 95 96 117 91 118 79 83 116.6 109 159 87 141 60 115 104.9 98.1 85 99 101 117 85 121 81 81 117.0 106 167 88 138 60 118 102.6 96.8 92 99 99 114 81 121 78 77 113.6 104 157 88 133 57 116 101.7 95.5 92 97 101 115 82 117 79 78 113.4 105 155 89 130 55 117 _ 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... RAILROAD REPAIR SHOPS.. Electric railroad Steam railroad NONFERROUS METALS, PRODUCTS. Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining Stamped, enameled ware LUMBER PRODUCTS Furniture Lumber, millwork. Lumber, sawmills.. STONE, CLAY, GLASS PRODUCTS... Brick, tile, terra cotta Cement Glass Marble, granite, slate Pottery TEXTILES, PRODUCTS A. Fabrics Carpets, rugs Cotton goods Cotton small wares Dyeing, finishing textiles. Hats, fur-felt Knit goods Silk, rayon goods Woolen, worsted goods B. Wearing apparel Clothing, men's Clothing, women's Corsets, allied garments... Men's furnishings Millinery Shirts, collars 70 78 153 m 73 79 159 67.9 86 55 51 68.1 •87 57 50 71.4 88 58 54 71.4 90 58 53 71.7 91 56 54 72.3 92 56 54 91 56 56 71.2 89 55 54 66.3 48 65 96 42 75 69.0 51 68 101 42 76 72.6 55 68 109 43 77 72.6 54 70 109 43 78 71.8 54 66 108 43 78 71.3 52 62 110 44 79 70.4 50 62 109 42 82 70.4 51 61 110 41 79 70.4 48 64 112 41 104.4 97.3 106.8 100.1 106 121 89 119 79 92 119.8 115 160 92 135 51 124 107.0 101.1 99 103 102 116 88 122 107.9 103. 8 101 105 103 119 86 122 85 94 115.0 113 146 88 140 54 124 107.6 103.2 102 106 104 117 87 116 79 84 118.4 111 163 91 134 53 119 107.3 100.7 101 102 102 117 89 123 79 85 119.8 111 161 91 141 57 129 105.4 101.3 102 104 100 114 90 118 86 87 112.0 109 142 90 141 54 118 106.2 102. 0 100 105 102 116 87 123 84 84 113.1 109 145 91 147 52 119 105. 8 100.8 101 106 102 116 85 121 81 78 114.7 108 154 91 138 54 116 43 77 108.3 101.7 101 101 107 120 90 123 81 93 120.9 114 159 93 140 57 132 117.9 110 156 90 141 58 129 96 119 84 121 84 90 115.3 116 144 89 138 53 119 1036 FEDERAL RESERVE BULLETIN OCTOBER 1937 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average = 100] 1936 1937 Industry and group July Aug. Sept. Oct. Nov. 90.3 91 94 90.9 91 96 91.4 91 98 92.0 92 96 94.9 95 99 98.8 100 98 99.1 101 97 98.1 100 97 112.4 129 196 86 140 78 77 72 92 92 78 113.2 129 195 85 141 82 76 70 92 109 79 113.3 129 196 82 148 78 74 72 92 111 76 112.7 131 187 82 146 76 74 69 91 118 74 113.4 132 197 82 135 80 73 70 96 114 67 115.0 132 197 84 147 81 74 72 95 93 70 114.8 133 203 86 148 83 75 71 93 44 64 61.2 56 62 61.9 56 63 61.7 56 62 61.1 57 62 62.4 57 63 62.0 56 63 62.0 56 63 99.8 95 108 91 101 101.1 97 109 93 102 102.7 99 110 94 105 103.1 100 111 94 105 103.6 100 112 95 104 104.0 103 113 94 104 CHEMICALS, PETROLEUM PRODUCTS, _ 115.7 114.6 121 61 105 88 87 126 358 95 120 115.4 114.9 122 53 102 89 87 127 360 103 117 118.5 118.1 126 78 101 91 86 129 360 106 120 117.9 117.4 129 71 100 90 85 129 354 103 119 118.1 117.4 129 77 102 93 80 127 357 100 121 118.6 118. 3 129 75 105 91 87 130 355 100 120 RUBBER PRODUCTS 91.4 78 124 82 93.9 75 124 87 95.8 75 126 89 98.3 75 130 92 99.4 74 133 93 102.2 102.3 76 75 138 140 95 95 LEATHER PRODUCTS Boots, shoes Leather _. . . _ FOOD PRODUCTS Baking Beverages Butter Canning, preserving . Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane TOBACCO MANUFACTURES T o b a c c o , snuff __. _ __ Cigars, cigarettes _ P\PER, PRINTING Boxes, paper _ ._ _ Paper, pulp Book, job printing _ _ Newspaper, periodical printings_ A. Other than petroleum Chemicals.-. Cottonseed oil, cake, meal Druggists' preparations . Evplosive^ Fertilizers Paints, varnishes Rayon, allied products Soap - _. B. Petroleum refining _ . Rubber boots, shoes... ... . Rubber goods, other Rubber tires, inner tubes Dec. Jan. Feb. Mar. Apr. May June July 97.4 99 97 96.5 97 100 96.0 96 100 96.1 97 99 95.2 97 95 92.8 94 94 116.7 117.0 135 136 202 205 88 88 157 152 81 80 75 75 73 73 91 93 89 95 78 77 116.1 134 199 86 154 79 77 73 91 98 84 114.8 135 203 88 144 78 76 76 90 90 78 114.7 135 206 90 143 77 75 77 89 90 75 119. 4 136 209 91 169 81 78 76 91 91 79 116.2 134 210 88 155 82 77 75 87 89 75 61.7 56 62 61.1 56 62 61.2 56 62 60.2 58 61 61.3 57 G2 60.8 57 61 104.0 103 114 94 103 105.5 107.4 104 106 118 116 96 98 104 105 107. 5 106 119 97 105 108.0 106 120 98 106 108.2 106 121 98 106 107. 3 105 120 98 105 107.4 104 119 98 105 120.7 120.9 133 85 105 94 87 131 364 102 120 121.6 121.8 133 80 109 92 86 133 363 110 121 122.5 122.7 135 67 111 90 88 135 370 111 122 124.4 124.8 136 77 113 95 94 136 378 107 123 126.0 126.1 138 77 112 93 98 134 392 103 125 127.5 128.0 137 72 114 97 110 134 408 103 125 127.7 128.1 138 62 112 97 104 136 413 104 126 127.3 127.3 136 60 115 97 105 136 408 103 127 101.7 96.0 73 82 142 140 94 80 95.8 82 144 79 101.7 81 145 89 100.0 76 144 89 96.6 67 140 87 99. 6 77 139 90 61.8 57 62 Aug. NOTE.—Figures for August 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and page 259 of the BULLETIN for March 1937. Underlying figures are for pay-roll period ending nearest middle of month 1037 FEDERAL RESERVE BULLETIN OCTOBER J937 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Industry and group Factory pay rolls 1937 1936 1936 1937 July Aug. Apr. May June July Aug. July Aug. Apr. May June July 91.2 84.6 98.2 93.5 84.7 102.8 102.1 98.6 105.9 102.3 99.9 104.8 101.1 98.8 103.5 101. 4 102.2 98.9 98.1 104.1 106.6 80.2 75.9 85.6 83.5 77.0 91.8 104.9 106.4 102.9 105. 2 102.9 107.5 104.6 102.3 100.8 100.4 100.7 100.0 103.7 104 1 103.1 IKON, STEEL PRODUCTS 93.0 103 76 66 73 59 77 85 66 101 71 102 81 146 95.3 106 76 66 76 59 69 86 69 108 75 109 83 143 108.9 120 93 71 90 74 100 95 82 115 76 102 102 186 110.1 122 94 72 89 74 99 96 82 117 77 105 103 183 101 4 106 82 71 86 73 97 93 80 119 79 109 102 181 107.6 120 88 69 84 72 93 93 77 105 81 115 102 176 108.9 122 87 68 89 72 91 94 77 113 81 119 101 170 81.8 93 74 46 61 46 72 56 54 77 61 98 76 122 86.8 98 78 48 68 48 65 62 60 90 66 . 109 82 117 124.5 146 116 62 86 76 114 78 85 106 79 108 116 184 124.7 146 113 62 87 74 117 77 83 107 79 112 114 189 110.4 123 93 60 86 72 97 76 76 106 82 117 115 189 113.5 132 94 54 78 64 108 72 71 82 82 122 108 172 120.6 143 101 53 85 67 105 76 72 97 84 134 107 159 MACHINERY 104.0 110 114 92 120 91 118 194 71 99 104.4 96 100 92 115 93 114 211 71 112 124. 3 138 131 115 144 110 147 158 87 154 126.1 140 134 118 149 112 150 140 88 154 129 2 141 136 120 150 113 153 182 87 154 129.9 139 137 121 152 113 153 197 86 152 130.0 142 135 121 151 112 153 204 86 152 92.8 108 106 83 103 81 108 143 63 90 93.9 92 90 83 99 84 108 165 65 102 133.9 180 148 121 153 119 159 127 96 157 134.9 184 149 124 157 119 162 109 95 155 137.2 183 147 126 156 120 165 156 94 151 133.6 173 147 124 155 115 159 166 90 146 137 7 195 141 129 156 118 158 176 88 144 101.9 621 111 54 37 99 93.0 613 98 59 36 99 125. 4 814 136 75 57 109 128.3 823 140 78 59 107 126.4 834 138 77 60 103 119.9 791 130 72 63 100 112.0 755 120 72 63 102 92.6 496 100 51 24 99 81.0 480 83 55 25 98 128.6 739 136 89 45 123 134.1 739 144 90 47 119 127.8 751 135 91 5 1 115 117.5 683 124 83 51 112 113. 714 117 84 53 118 56.9 62 57 58.4 62 58 63.3 64 63 63.6 63 64 64.0 63 64 63.8 63 64 62.0 63 62 56.0 62 56 57.7 61 58 67.4 68 68 67.1 66 67 68.7 67 69 63.5 67 63 66.9 69 67 94.5 111 100 103 76 73 54 78 135 98.4 111 103 109 85 77 65 77 138 115.5 124 128 123 88 101 74 85 162 115.5 126 126 123 89 100 74 88 163 113.9 130 122 122 89 96 74 89 159 111.5 132 119 115 91 92 74 92 151 113.2 133 117 127 96 90 77 93 153 77.4 96 83 94 51 63 39 62 116 82.9 100 89 95 62 66 50 62 124 114.2 131 133 122 68 107 69 82 164 113.1 135 127 122 69 102 70 85 166 111. 5 136 125 119 70 95 69 85 162 105. 3 135 117 108 68 89 67 87 146 109.6 141 117 113 75 89 73 93 156 65.6 77 50 52 66.6 82 52 51 70.6 87 58 53 71.6 87 57 55 72.9 89 58 56 72.9 88 57 56 72.9 90 57 56 54.5 60 42 43 58.9 68 47 45 68.3 79 56 52 68.2 77 55 53 72.3 79 58 57 67.3 74 55 53 71.2 79 56 56 67.0 50 63 99 45 70 68.0 51 64 100 47 72 73.0 53 67 111 43 82 74.4 55 69 112 45 82 74.0 55 70 112 44 80 71.7 54 70 108 44 73 72.0 52 70 110 44 76 55.3 39 58 88 37 50 58.3 40 60 93 40 55 71.1 49 69 120 39 72 72.0 49 71 119 41 75 71.4 49 75 119 38 70 66.1 46 72 109 38 59 70.6 46 77 121 40 64 96.3 91.7 83 92 91 109 88 112 75 ._. 80 104.6 107 129 85 124 44 110 101.8 94.7 85 95 94 111 90 116 80 82 115.8 110 157 86 127 59 117 109.9 103.7 103 106 108 123 88 123 82 89 121.8 115 162 92 147 61 127 107.3 102.2 102 106 98 119 83 122 79 88 116.5 112 153 91 142 56 120 103.4 99.7 102 103 97 110 84 118 79 86 109.3 107 137 90 137 51 118 100.0 98.0 100 102 96 109 84 116 80 81 102.0 107 117 88 130 39 113 102.7 97.3 101 101 95 109 90 117 80 78 112.6 111 145 89 127 53 115 77.3 77.1 68 79 82 89 79 104 60 63 74.3 81 81 77 91 30 89 87.4 83.0 75 82 89 95 89 118 66 65 92.4 87 119 80 98 48 105 100.2 100.3 102 108 108 115 66 128 71 83 95.7 96 113 96 116 49 115 96.2 98.0 101 107 96 106 69 125 68 81 88.9 90 106 92 106 39 102 91.3 93.8 100 101 92 96 74 119 68 79 82.5 87 92 85 104 37 102 85.5 89.6 97 97 90 94 81 113 67 72 73.8 86 71 80 97 24 96 91.1 89.0 96 95 88 94 87 120 65 68 91.3 91 112 80 102 40 101 Total Durable goods Nondurable goods Blast furnaces, steel works Bolts, nuts, washers, rivets Cast-iron pipe Cutlery, edge tools Forgings Hardware Plumbers' supplies Steam, hot-water heating Stoves Structural, ornamental Tin cans, tinware Tools Wirework 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 RAILROAD REPAIR SHOPS Electric railroad Steam railroad NONFERROUS METALS, PRODUCTS Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining Stamped, enameled ware LUMBER PRODUCTS Furniture Lumber, millwork Lumber, sawmills STONE, CLAY, GLASS PRODUCTS Brick, tile, terra cotta Cement Glass Marble, granite, slate Pottery TEXTILES, PRODUCTS A. Fabrics Carpets, rugs Cotton goods Cotton small wares Dyeing, finishing textiles Hats, fur-felt Knit goods Silk, rayon goods Woolen, worsted goods B. Wearing apparel Clothing, men's Clothing, women's Corsets, allied garments Men's furnishings Millinery Shirts, collars — Aug. 1038 FEDERAL RESERVE BULLETIN OCTOBER 1937 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Industry and group 1936 Factory pay rolls 1936 1937 1937 July Boots, shoes Leather FOOD PRODUCTS Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packingSugar, beet Sugar refining, cane Apr. May June Julv Aug. July Aug. 91.4 92 94 LEATHER PRODUCTS. Aug. 94.4 95 98.3 99 100 95.1 93.8 94 96.3 98 95 96.4 98 94 74.2 70 90 80.3 77 94 116.9 129 220 127.9 130 215 91 253 74 77 84 92 87 81 112.6 137 224 96 123 69 74 91 89 49 124.9 137 234 97 210 69 78 93 90 53 81 132.5 135 231 94 278 74 78 90 87 71 107. 0 116 266 72 138 56 76 80 87 53 69 114.0 116 237 71 231 66 92 174 67 78 88 91 53 80 107. 7 107.9 133 135 197 207 84 89 111 100 74 71 74 74 69 82 88 89 44 47 84 78 80 67 Apr. May June 82 111 81.6 74 110 '•80. 6 84.6 80 73 104 108 83.2 78 104 108. 2 123 220 66 113 71 72 64 99 50 81 111.6 130 237 71 109 69 73 76 99 51 72 115.8 134 261 77 124 68 74 82 99 55 68 128.3 135 285 78 245 64 80 86 100 56 81 131.2 132 274 78 294 76 81 85 96 75 81 July Aug. 60.6 55 61 63.0 55 64 60.2 56 61 59.9 56 60 60.1 56 61 60.6 55 61 61.8 56 63 51.0 58 50 53.5 58 53 52.3 66 51 53. 6 66 52 55.7 69 54 55.8 56.8 66 56 98.5 Boxes, paper 92 Paper, pulp 108 Book, job printing 89 Newspaper, periodical printing.__ 100 100.1 96 109 92 100 107.2 104 119 97 106 107.7 104 120 97 106 106. 9 103 121 95 105 106. 0 102 120 96 103 106.3 102 119 97 103 86.6 89.4 93 97 80 92 104.8 108 120 93 104 105. 9 106 122 95 105 104.9 104 124 91 104 101.6 100 119 90 100 102.6 103 124 90 99 112.7 110.5 123 41 100 86 59 126 347 93 122 90. 8 '2 121 84 113.4 112. 2 123 46 100 88 61 124 357 102 118 92.2 75 119 86 126. 6 127. 7 136 59 112 92 152 138 378 108 122 96.7 76 147 81 124.5 124.6 138 48 108 91 105 140 384 103 124 103.6 123.9 123.4 139 44 109 95 124.3 123. 5 140 42 106 95 70 136 401 102 128 96.2 62 137 90 124.9 124.1 137 53 113 96 74 133 404 102 128 97.7 77 134 89 108.1 106. 8 118 38 105 88 55 114 300 101 112 90. 8 61 110 92 136.4 136. 2 151 50 120 108 151 142 365 116 137 100. 3 68 151 91 136.7 136.2 153 42 118 103 116 145 382 114 138 109. 2 73 154 103 137.4 135.7 154 39 121 103 79 143 392 115 143 103. 8 136.8 134.9 154 35 112 104 77 138 393 117 143 96. 8 55 136 94. 141.1 137. 9 156 44 123 107 80 136 402 117 151 TOBACCO MANUFACTURES.. Tobacco, snuff Cigars, cigarettes. - PAPER, PRINTING CHEMICAL, PETROLEUM PRODUCTS.._ A. Other than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap B. Petroleum refining RUBBER PRODUCTS Rubber boots, shoes Rubber goods, other Rubber tires, inner tubes 76 147 94 76 139 391 103 126 101.2 73 142 93 92 106. 4 103. 8 115 33 101 84 52 114 288 92 115 87.1 55 106 89 '•Revised. N O T E . — F i g u r e s for August 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of m o n t h . 70 145 96.4 73 133 90 Back data may be 1039 FEDERAL RESERVE BULLETIN OCTOBER 1937 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION I Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Month Factories Residential 1936 1936 1937 1936 1937 214.8 140.4 198.8 234.6 216.1 232.7 294.7 275.3 234.3 225 8 208.2 199.7 242.8 188.3 231.2 269.7 244.1 317.8 321.6 285.1 37.4 31.2 55.2 67.2 70.3 73.6 72.0 100.5 80.7 79 7 68.4 65.5 78.4 63.0 90.2 108.0 83.9 93.1 81.0 73.4 January February March April May June July August September October November December . Year 9.0 801.6 2, 675. 3 1937 13.4 18.4 25.5 12.9 10.2 19.1 15.0 18.8 18.4 14.1 23.1 Educational 1936 1937 1936 86.9 46.6 62.3 73.4 63.6 80.0 126.6 94.4 84.5 67.0 73.9 61.3 68.5 59.6 52.5 65.7 66.7 99.9 102.5 94.4 1937 1936 37.0 12.6 22.2 30.1 18.5 36.8 58.5 37.9 198.0 Public works and public utilities Commercial 15.5 12.6 17.3 24.3 18.8 21.9 28.6 22.0 20.1 22 0 23.0 23.2 21.6 22.3 30.0 28.5 25.7 24.5 29.1 29.6 920.4 249.1 All other 1937 39.5 21.1 19.0 23.2 20.7 18.3 23.3 12.3 9.2 13 4 13.1 13.0 1937 1936 19.6 11.3 10.0 14.0 22.2 37.4 15.8 17.2 26.5 15.5 26.6 21.1 29.8 28.7 25.1 31.1 21.0 25 3 15.7 13.6 17.8 19.4 26 4 23.4 27 0 26.1 34 7 32.5 280.0 226.1 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Publicly financed1 Total Month January.... February. » March April . May June July August September. __ October November December Year 1934 1932 1933 85 89 112 122 146 113 129 134 128 107 105 81 83 53 60 57 77 102 83 106 120 145 162 207 186 97 178 131 134 127 120 120 110 135 112 93 100 75 123 124 127 148 159 169 167 201 188 264 215 140 169 235 216 233 295 275 234 226 208 200 1,351 1,256 1,543 1,845 1936 1937 243 188 231 270 244 318 322 285 1932 1933 1934 39 34 45 61 93 64 85 81 80 61 73 52 39 27 25 18 24 29 20 47 71 100 126 156 157 65 126 78 72 73 52 69 69 79 74 61 55 38 68 53 47 64 67 92 97 114 118 196 149 79 96 105 94 116 153 153 116 101 89 82 768 2,676 1935 Privately financed* 683 975 1,007 1,334 1935 1936 1937 1933 1934 1935 1936 45 55 67 61 54 49 44 53 47 46 32 29 44 26 35 39 53 74 63 59 49 45 36 51 29 31 52 53 63 54 67 51 41 57 38 32 45 37 65 71 80 84 93 76 70 87 70 68 66 62 103 130 122 116 141 122 119 125 119 117 583 112 69 66 74 93 137 131 108 1932 673 568 837 1,341 1937 130 119 165 195 152 180 191 178 i Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1937 1936 1937 Federal Reserve 1937 1936 1936 Federal Reserve district district Aug. Aug. July Aug. Boston New York Philadelphia . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis— Kansas City. Dallas Total (11 districts). 15, 366 67, 682 15,966 28, 973 29, 457 26, 925 44,652 16,160 9,080 9, 313 21, 531 15,922 77, 488 12,093 54, 777 27, 636 33, 983 52,686 17,054 8, 761 10,331 10, 871 285,104 321,603 23, 296 71,883 17,194 21,101 28, 274 18, 304 52,847 17, 313 9,881 6,198 8,990 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City 275, 281 Dallas San Francisco Total __ _ July Aug. Aug. July Aug. 65 217 48 46 26 29 101 24 8 33 14 96 52 194 33 47 27 25 99 17 7 23 16 78 61 198 29 43 38 23 88 24 14 32 20 85 656 2,670 4, 365 512 182 192 1,876 217 70 368 74 734 1,201 2,195 645 700 180 310 1, 206 133 86 255 87 768 611 3,627 411 379 294 114 1,242 215 128 192 270 788 707 618 655 11,916 7,766 8,271 1040 FEDERAL RESERVE BULLETIN OCTOBER 1937 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Excess of exports Merchandise imports» Merchandise exports 1 Month 1934 1933 January.. February March ._ 1935 1936 1933 1937 1934 1935 1936 1937 1934 1933 1935 1936 1937 121 102 108 172 163 191 176 163 185 199 182 196 223 233 257 96 84 95 136 133 158 167 152 177 187 193 199 240 278 307 25 18 13 37 30 33 9 11 8 11 —11 -4 -18 —45 -51 April May June 105 114 120 179 160 171 164 165 170 193 201 186 269 290 265 88 107 122 147 155 136 171 171 157 203 192 191 287 285 286 17 7 -2 33 6 34 -6 -5 13 -10 9 —5 -18 5 —21 July August.— September 144 131 160 162 172 191 173 172 199 180 179 221 P267 143 155 147 127 120 132 177 169 162 195 193 216 P265 1 -23 13 34 52 60 -3 3 37 -15 -14 5 P2 193 184 193 206 195 171 221 270 223 265 226 230 151 129 134 130 151 132 189 169 187 213 196 245 42 56 59 77 44 38 32 100 37 52 30 -15 1,875 2,133 2,283 2,456 1,450 1,655 2,047 2,422 225 478 235 34 October November December _ .__ _ Year p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source: Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers based on value figures; 1923-25 average=100] [Index numbers; 1923-25 average = 100] 1937 1936 Apr. M a y Aug. ] ndex June July Aug. Without Adjusted Without Adjusted seasonal for seasonal for seasonal seasonal variation adjustment variation adjustment Month Adjusted for seasonal variation Total Coal _. Coke Grain and grain products. _ Livestock Forest products Ore Miscellaneous. Merchandise 1 76 78 86 84 81 102 80 77 88 78 76 89 74 46 48 76 70 43 49 249 64 44 53 133 74 41 52 113 83 67 91 69 90 69 87 67 80 76 104 79 77 98 81 37 57 107 77 42 53 103 88 68 88 68 Without seasonal adjustment 77 Total . 68 Coal 71 Coke ___ Grain and grain products _ _ 89 46 Livestock 50 Forest products 141 Ore. 85 Miscellaneous 67 Merchandise 1 Index of stocks (end of month) of sales i 79 68 80 66 79 65 82 64 81 68 86 85 82 88 80 63 39 51 102 94 58 39 55 187 93 72 33 55 192 90 111 32 57 203 90 93 42 55 190 89 70 69 68 67 68 1936 1937 1936 1937 1936 1937 1936 January February . March 81 83 84 93 95 93 63 66 77 72 76 90 66 66 65 74 76 76 68 62 67 66 72 78 April May June 84 87 87 93 93 93 85 89 84 89 95 90 65 66 64 76 76 75 68 67 62 79 78 73 July August September 91 86 88 94 92 63 68 94 65 72 64 67 68 74 77 59 65 71 69 74 October November. December Year ___ 90 94 92 100 105 161 88 69 71 71 1937 76 80 67 67 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 In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pages 522-529 of BULLETIN Back figures.—Department store sales, see p. 631 of BULLETIN for for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by com- August 1936; department store stocks, see pp. 254-255 of BULLETIN for bining indexes for classes with weights derived from revenue data of April 1935. the Interstate Commerce Commission. 1 1041 FEDERAL RESERVE BULLETIN O C T O B E R lt»3V WHOLESALE PRICES, BY GROUPS OF COMMODITIES Index of Bureau of Labor Statistics. 1926=100] Other commodities All commodities Farm products Foods - - 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 1936—July August SeptemberOctober November. December.. 80.5 81.6 81.6 81.5 82.4 84.2 81.3 83.8 84.0 84.0 85.1 88.5 81.4 83.1 83.3 82.6 83.9 85.5 79.5 79.7 79.6 80.1 81.0 82.2 93.4 93.6 94.6 95.6 97.0 99.7 70.5 70.9 70.9 71.6 73.5 76.3 76.2 76.3 76.1 76.8 76.8 -76.5 1937—January February __ March April May June July August Week ending— May 15.. May 22_. M a y 29.. June 5___ June 12.. June 19.. June 26— July 3 — July 10— July 17— July 24._ July 31. _ Aug. 7.... Aug. 1 4 Aug. 2 1 Aug. 2 8 Sept. 4— Sept. 1 1 Sept. 18.. 85.9 86.3 87.8 88.0 87.4 87.2 87.9 87.5 91.3 91.4 94.1 92.2 89.8 88.5 89.3 86.4 87.1 87.0 ,87.5 85.5 84.2 84.7 86.2 86.7 83.4 84.1 85.5 86.5 86.3 86.1 86.3 86.1 101.7 102.7 104.2 106.3 106.7 106.4 106. 7 108.1 77.5 77.5 78.3 79.5 78.7 78.2 78.3 77.1 86.9 87.4 87.4 87.1 86.7 86.5 86.7 87.2 87.7 87.8 87.5 87.5 87.4 87.5 87.3 86.5 86.4 86.8 87.4 89.3 91.2 91.0 89.3 88.0 87.4 88.4 89.7 90.5 91.1 88.4 87.7 86.9 87.5 87.1 85. 0 84.6 84.5 86.5 84.2 85.1 84.9 84.8 84.5 84.0 84.4 85.3 86.8 86.1 86.0 86.5 86.3 86.5 86.8 85.3 85.7 86. 6 88.6 86.3 86.3 86.3 86.2 86.0 85.9 85.9 85.9 86.1 86.2 86.3 86.2 86.0 86.0 85. 9 85.8 85.9 86.0 85.9 107.6 107.1 107.0 107.6 107. 6 107.2 106.8 106.6 106.4 107.6 107.6 108.4 109.1 108. 6 108.6 108.7 108.6 108. 5 108. 3 78.2 78.1 77.9 77.6 77.4 77.3 77.4 77.4 77.9 77.7 77.9 77.6 77.4 76.9 76.6 76.1 75.8 75. 5 75.1 Year, month, or week 1929 1930.-.. 1931 1932 1933 1934 1935 1936 Total 1936 Metals Hides and Textile Fuel and Building leather products lighting and metal materials products materials products May 102. 4 84.5 77.8 113.9 105. 7 105.2 92.0 95. 9 98.3 105.0 108. 2 79.0 77.4 75.1 71.4 June July 82.6 77.7 69.8 64.4 62. o 69. 7 68.3 70.5 86.9 87.1 86.8 86.9 87.9 89.6 86.7 86.9 87.1 87.3 87.7 89.5 79.4 79.8 81.7 82.2 82.5 85.3 81.2 81.4 81.7 82.0 82.3 83.2 71.0 71.5 71.3 71.5 73.4 74. o 76.6 76.8 76.2 76.8 77.2 77.5 78.1 78.4 90.9 91.7 96.0 96.5 95.8 95.9 96.1 97.0 91.3 93.3 95.9 96.7 97.2 96.9 96.7 96.3 87.7 87.8 87.5 86.9 84.5 83.6 83.9 82.2 86.5 87.9 88.4 89.0 89.3 89.5 89.7 91.1 76.2 77.3 79.5 81.1 80.5 79.4 79.0 77.3 78.2 78.2 78.2 78.2 78.1 78.1 78.2 78.1 78.3 78.4 78.6 78.8 78.9 78.9 78.9 79.1 79.2 79.8 79.4 95.0 95.0 95.1 95.1 95.1 95.1 95.1 95.1 95.3 95.3 95.4 95.4 95.4 95.5 95.5 95.5 96.4 96.4 96.4 96.9 96.9 97.2 97.0 97.0 97.0 96.9 96.9 96.9 96.8 96.8 96.7 96.7 96.7 96. 4 96.5 96.3 96.4 96.3 83.9 83.5 83.6 83.3 83.4 83.5 83.0 83.1 83.0 83.4 83.8 83.6 82.4 82.0 81.7 81.2 81.0 80.9 81.2 90.8 90.8 90.9 91.0 91.0 91.0 91.0 91.0 91.3 91.6 91.6 92.7 92.8 92.7 92.7 92.7 92.7 92.8 92.8 80.4 80.5 80.2 80.0 79.4 79.2 78.6 78.8 78.9 79.2 79.2 78.2 77.4 77.4 77.2 77.0 76. 6 76.9 76.9 1937 Aug. May June July 94.2 87.9 92.9 70.8 76.5 93.8 99.6 93.7 91.7 78.7 94.1 99.7 93.7 91.9 78.7 94.2 99. 8 93.7 92.7 78.7 M E T A L S AND M E T A L PRODUCTS: 87.6 87.5 76.1 86.4 75.6 73.1 88.7 84.1 95.9 75.2 72.0 90.4 84.5 98.0 74.3 76.4 79.7 92.3 87.9 71.2 65.3 106. 0 112.1 3.6 74.6 H I D E S AND L E A T H E R PRODUCTS: 99.3 90.0 82.4 95.4 106.1 107.5 107. 4 117.7 114.6 116. 2 100.6 98.8 98.7 102.3 102.3 102. 7 107.4 122.1 100.0 103.2 T E X T I L E PRODUCTS: 87.2 92.6 65.7 32.5 93.3 68.9 89.1 89. 7 64. 6 32.5 93.2 67.5 90.1 86.8 64.8 33.9 94.4 69.3 90.0 82.2 65.7 32.9 93.9 71.1 79.1 74.2 74.5 76.6 96.4 98.5 98.5 98.6 93.7 105.1 105.0 104.9 82.6 78.8 79.5 86. 1 83.0 84.2 84.0 57.9 60.9 61.5 61.8 76.8 98.7 104.9 80.8 79.5 60.3 31.6 81.2 67.0 F U E L AND LIGHTING MATERIALS: Anthracite Bituminous coal Coke Electricity Gas Petroleum products 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 Aug FOODS: Clothing Cotton goods Knit goods Silk and rayon Woolen and worsted goods Other textile products 94.2 89.1 79.3 73.5 72.6 75.9 80.5 80.4 1936 FARM PRODUCTS: Shoes Hides and skins Leather Other leather products 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 Miscellaneous Subgroups Aug. Dairy products Cereal products Fruits and vegetables Meats Other foods Housefurnishing goods 1937 Subgroups Grains Livestock and poultry Other farm products Chemicals and drugs Agricultural implements Iron and steel Motor vehicles Nonfenrolls metals P l u m b i n g and heating 94.2 99. 9 96. 0 93.3 78.8 BUILDING MATERIALS: Brick and tile Cement Lumber Paint and paint materials... Plumbing and heating Structural steel Other 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 Other miscellaneous 89.1 95.0 95.0 95.4 95.5 95.5 95. 5 95.5 95.5 95.5 83.8 103. 0 102.2 101.3 99.5 81.0 83.7 83.6 83. 9 84.1 76. 5 78.7 78.7 78.7 78.8 97.1 114.9 114.9 114.9 114.9 90.3 101.3 101.1 101.0 101.0 86.2 73.3 66.7 69.3 91.1 79.2 7.0.6 72.2 90.1 78.0 70.5 72.3 89.9 78.2 71.3 74.2 87.0 78.2 71.7 74.8 85.2 77.6 92.5 86.1 92.5 86.6 92.6 86.8 95.0 87.1 47.5 56.4 56.4 56.4 14.2 139.9 116.9 116.5 80.6 94.6 95.0 94.2 33.7 44.6 41.0 39.6 81.3 85.5 85.8 85.7 56.4 82.9 94.1 38.2 62. 0 Back figures.—For monthly and annual Indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81). 1042 FEDERAL RESERVE BULLETIN OCTOBER 1937 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of September 1, 1937] [In thousands of units] Cotton Winter wheat Corn Spring wheat Production 1936 Boston New York _ Philadelphia Cleveland ._ Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas San Francisco . . __ . Estimate Sept. 1, 1937 Production 1936 Estimate Sept. 1, 1937 Production 1936 Estimate Sept. 1, 1937l Production 1936 Bales Federal Reserve district Bales Bushels Bushels Bushels Bushels Bushels 119 105 175 193 _ ._ . 1,446 2,996 2 3,404 3 3, 879 352 3,587 614 712 5,592 862 12, 399 Total 1,582 3, 471 16,098 Oats Federal Reserve district Boston New York Philadelphia., _ Cleveland Richmond Atlanta Chicago _St Louis Minneapolis . Kansas City Dallas San Francisco __ _ _ . _. _ _ _ Total 1 2 Estimate Sept. 1, 1937 Bushels _ _ 8,010 29, 581 53, 862 201,790 137,072 179, 647 1,052,094 356,137 253, 233 179,315 91,003 7,537 6, 496 17, 555 45, 605 25, 331 5,938 62,177 60,630 8, 249 206,125 19,348 61, 559 9,285 20,673 53, 590 29,054 7, 369 79,424 79, 780 14,550 288,834 42,811 62, 775 1, 529,327 2, 549, 281 519,013 688,145 Tame hay Production 1936 _ 7,754 23, 779 48, 733 155, 673 126,279 149, 800 548, 775 202, 726 107, 341 70, 862 80, 623 6, 982 Bushels 6,900 19, 819 15,104 50, 268 15,286 10,496 366,027 38,026 129,907 82,429 24, 577 30, 261 6,860 21, 204 16,109 45, 893 18,495 12, 946 528, 860 53, 587 254, 450 118,073 31, 647 28,043 789,100 1,136,167 Production 1936 Tons 3,103 4,443 1,788 3,816 2, 532 2,524 14, 054 4,447 7,405 6,153 1,194 11,850 Tons 3.491 5,776 2,345 4,902 3,642 2,981 15, 838 6,058 9,882 6,956 1,342 11,647 63, 309 74,860 Figures for winter wheat from estimate for Aug. 1; no estimate for Sept. 1. Includes 16,000 bales grown in miscellaneous territory, s Includes 19,000 bales grown in miscellaneous territory. Bushels 88 130 190 170 2,212 176 48,406 7,479 93 48,490 1,724 124 127, 405 10,211 98 57, 665 107,448 197, 805 White potatoes Tobacco Estimate Sept. 1, 1937 Estimate Sept. 1, 1937 Production 1936 Estimate Sept. 1, 1937 Production 1936 Estimate Sept. 1, 1937 Pounds Pounds Bushels Bushels 27, 748 1,008 33, 650 80, 888 658, 341 152, 515 18, 880 176,784 1,361 1,908 31,519 1 369 28, 500 122,404 789, 604 173 776 24, 485 271,906 1, 863 3,449 53,493 31 139 25, 631 21,222 19,690 9 921 47,442 8,333 27, 369 29,170 3,620 52,967 58, 538 33 983 26, 546 21,109 29,539 14 424 59,' 529 12,986 48,046 31,152 4, 253 63, 288 1,153,083 1, 448, 875 329, 997 403, 393 INTERNATIONAL FINANCIAL STATISTICS 1043 1044 FEDERAL RESERVE BULLETIN OCTOBER 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month 1934—December. 1935—December. 1936—April May June July August SeptemberOctober ___ NovemberDecember _ 1937—January _,. February._ March April May June July August Total 1 (52 United coun- States tries) 21,051 21,583 Europe (26 countries) 11,010 9,517 Canada 134 189 8,238 10,125 Latin America (11 countries) 601 645 Europe Asia and Africa Ocean(5 ia (8 councoun- tries) tries) 263 291 805 816 Switzerland United Kingdom France Germany 1,584 1,648 5,445 4,395 32 33 518 270 21,412 21,306 21, 343 21,682 21,809 21, 719 21,778 21,980 22, 602 10, 225 10, 402 10, 608 10, 648 10,716 10, 845 11,045 11,184 11, 258 187 188 187 187 189 191 186 188 188 9,254 8,966 8,806 9,099 9,145 8,919 8,774 8,829 9,307 642 841 634 635 642 638 658 656 708 836 841 840 845 849 857 847 852 858 268 268 268 269 269 269 269 270 283 1,670 1,701 1,782 1,977 2,017 2,049 2,049 2,049 2,584 4,106 3,781 3,580 3,643 3,614 3,322 3,194 3,194 2,995 28 28 29 29 28 25 26 27 27 11,358 11, 436 11, 574 11,799 11,990 12, 318 12,446 12, 567 190 191 194 199 193 187 188 P188 9, 225 9,268 9, 295 9, 302 9, 464 9, 466 9,159 P9, 141 697 698 723 743 767 786 *795 865 870 858 879 875 863 P838 297 310 317 295 291 P281 2,584 2,584 3 2,584 2,584 2, 647 2,689 2,689 2, 689 2,846 2,846 2,846 2,846 2,846 2,722 2,422 2,424 27 27 27 28 28 28 28 28 624 454 4 8 581 610 638 633 632 631 621 630 632 483 465 404 437 457 456 388 388 490 495 485 460 471 489 508 583 624 655 8 11 12 10 12 12 13 13 11 625 626 619 607 609 625 617 607 208 208 208 208 208 208 208 208 P267 National B.I.8. Bank 573 438 558 598 626 670 769 848 862 862 657 657 657 635 635 635 628 615 13 12 15 11 17 8 3 4 590 611 212 211 210 209 209 208 208 208 208 22, 632 22,772 22,961 23,215 23, 580 "23, 901 ^23, 692 Netherlands Belgium Italy 2 Europe—Continued End of month Austria Czechoslovakia Bulgaria Denmark Hungary Greece Norway other Yugo- 6counslavia tries Sweden 19 19 112 112 60 54 40 34 23 23 61 84 96 84 68 68 104 109 740 735 159 185 53 43 60 63 46 46 46 46 46 46 46 46 46 19 20 20 20 20 20 20 20 20 113 113 113 113 109 108 91 91 91 54 54 54 54 54 54 54 54 54 32 35 33 31 28 27 26 26 26 23 23 23 23 23 23 23 25 25 84 84 89 89 91 98 98 98 98 72 '71 70 69 70 71 71 72 75 68 68 68 68 68 68 68 68 68 111 111 112 112 112 113 113 113 114 726 718 718 718 *718 718 718 718 718 209 220 231 231 232 238 239 239 240 45 45 46 46 46 46 47 48 48 67 68 70 71 73 78 79 79 82 46 46 46 46 46 46 46 46 21 21 21 21 22 22 22 22 91 91 91 91 90 91 90 90 54 53 53 53 53 53 53 53 26 27 27 27 26 23 24 24 25 25 25 25 25 25 25 25 98 98 98 98 88 88 86 86 75 76 77 78 78 80 81 82 68 68 68 68 68 68 69 P69 114 115 115 115 116 116 117 118 718 718 718 718 718 718 718 718 240 241 241 241 242 242 243 243 49 49 49 50 50 50 50 50 82 82 82 82 82 79 78 ?78 Latin America Argen- Brazil Chile tina 1934—December. 1935—December. 403 444 1936—April May June July August September October... November December. 1937—January ___ February.. March April May June July Spain 45 46 1934—December. 1935—December. 1936—April May June July August .__ September. October _._ NovemberDecember . 1937--January __. February. March April May June July August End of month Poland Portu- Rumagal nia Africa Asia and Oceania 5 China Japan Java New Zealand 7 10 394 425 77 54 25 23 22 24 6 6 55 55 184 212 24 24 275 275 275 275 275 275 275 275 275 15 17 13 13 15 19 6 7 8 435 430 442 447 450 453 456 459 463 61 61 60 60 59 60 60 60 60 23 23 23 23 23 23 23 23 23 24 24 24 24 24 24 24 24 26 3 3 3 3 3 3 3 3 4 55 55 55 55 55 55 55 55 55 189 189 180 189 189 189 189 191 203 24 24 24 25 25 25 25 25 25 275 275 275 274 274 274 274 9 10 12 16 19 16 *>16 466 469 456 459 452 443 412 60 60 60 74 74 74 79 23 23 23 23 23 23 23 28 29 29 29 29 29 29 3 3 3 3 3 3 ?3 55 55 55 55 55 55 55 217 230 237 215 211 201 187 25 25 25 25 25 Colombia Peru Uruguay other countries British India 275 275 29 29 19 16 19 20 82 74 438 438 435 436 441 437 455 452 501 8 17 19 20 21 21 22 23 23 24 25 29 29 29 29 29 29 29 29 29 17 16 16 17 17 17 17 18 19 20 10 19 20 20 20 20 20 20 74 74 68 68 68 68 68 68 69 41 5 45 45 45 45 45 45 45 45 45 45 487 489 519 536 565 581 587 25 26 26 27 28 28 29 29 29 29 29 29 30 30 20 22 18 18 14 16 15 20 20 20 21 21 21 P21 69 66 66 66 66 66 ?69 45 45 44 45 45 45 P45 3 2 Tur- other key coun- Egypt tries South other Africa countries P25 P25 p Preliminary. i2 See notes under United Kingdom, Italy, Spain, and Latin America: 5 other countries. Decline in gold holdings of Bank of Italy from official figure for December 1935 to that for December 1936 has been distributed monthly on basis of gold imports from Italy reported by other countries. December 1936 figure carried forward for January 1937; figures for February and March 1937 officially reported as of 20th of month; March figure carried forward for subsequent months. 3 According to official announcement British Exchange Equalization Account held $934,000,000 of gold on Mar. 31,1937. Gold of the Account is not included in above figures since this is first occasion on which amount has been reported. For detailed statement of statistics included in above table see BULLETINS to which reference is made in note at foot of page. 4 No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for subsequent months. 6 Figure of $26,000,000 reported by Bank of Mexico for March 1935 carried forward for subsequent months. 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, Guatemala, and Mexico; in Asia and Oceania: Australia and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and August 1936, p. 667. 1045 FEDERAL RESERVE BULLETIN OCTOBER 1937 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Year or month Estimated world production Africa Total South Africa Rhodesia North and South America Far East West Belgian United Colom- Chile Austra- Japan British Africa Congo Canada States Mexico bia lia India 1=*U-%I1O grains of gold 9/10 fine; i. e., an ounce of fine QoLd—%t0.67 1929.. 1930.. 1932_. 1933.. 397,153 432,119 460,651 498,164 525,071 359,347 373,154 394, 399 421, 656 420,093 215, 242 221, 526 224,863 238,931 227, 673 11, 607 11,476 11.193 12,000 13,335 1933.. 1934.. 1935.. 1936.. 888,997 958,033 1,040,217 1,166,529 711,260 723, 53G 771,827 855, 753 385, 474 366, 795 377,090 396, 768 22. 57b 24, 264 25, 477 28,053 11,214 12,153 13, 625 16,295 6,148 6,549 7,159 7,386 86, 516 86,456 92,000 98,006 107,816 107,096 108,314 113, 237 105, 506 96, 526 68, 285 68,025 69, 568 71,175 75, 784 73,865 75,083 76,806 72, 675 73,695 32, 709 31, 991 32, 826 33,086 33, 846 33,830 33,816 34,199 33,042 33,858 2,359 2,410 2,413 2,384 2,354 2,425 2,363 2,292 2,270 2,262 1,326 1,258 1,289 1,285 1,352 1,412 1,444 1,493 1,506 1,544 544 543 547 585 676 675 696 691 634 631 91,826 87,240 94,121 '92,818 101, 663 »105, 816 73,235 68,408 74,090 r 72, 547 76, 592 P75, 465 *>78, 436 34,352 32,330 34, 381 34, 308 34, 010 34,132 34, 895 2,315 2,109 2,416 2,391 2,408 2,339 2,364 1,671 1,563 1,605 1, 669 1,559 1,649 586 579 634 638 681 688 P688 $1B»16-6/S1 1936—March April May June July August September. October November. December.. 1937—January February .. March April May June July _. P115,028 4,297 4,995 5,524 5,992 6. 623 2,390 2,699 3,224 3,642 3, 631 39, 862 43, 454 55, 687 62,933 60.968 45,835 47,123 49, 524 50, 626 52, 842 13, 463 13,813 12.866 12,070 13.169 2,823 3.281 4,016 5,132 6.165 683 428 442 788 3,009 8, 712 9,553 12,134 14, 563 16, 790 7, 508 6,785 6,815 6,782 6,919 6,927 8,021 8,109 8,198 8,968 grains of gold 9/10 fine; t. e., an ounce of fine gold*=$3S n, 635 103, 224 89, 467 104,023 108,191 114,971 126, 325 130, 550 152, 509 22. 297 23,135 23,858 26,465 10,438 12,045 11,517 13, 633 5.094 8;350 9,251 9,018 28.428 30; 447 31,117 39,793 15,183 16,354 20,043 23, 684 10, 469 10, 474 10,797 11,083 11,183 11,504 11, 579 11,693 11,174 11, 555 11,149 11, 242 12,074 12,077 15,171 13,756 14,409 15, 950 13,369 13,106 1,627 2,607 2,075 2,570 2,632 1,818 2,346 1,943 2,291 1,647 1,040 1,122 1,086 1,065 1,235 1,098 1,236 1,109 1,035 1,113 1,147 499 552 611 776 1,029 467 784 758 708 2,882 3,127 3,045 3,476 3,602 3,422 3,515 3, 596 3,467 4,170 2,065 1,808 1,885 1,994 1,977 1,916 2,246 2,075 2,162 2,118 968 944 979 958 981 981 966 982 11, 499 10,853 11,420 11,317 11, 904 12,071 12,162 11, 483 10,171 12, 531 11,131 14, 248 13,036 14, 870 2,854 2,227 2,510 2,111 1,678 P2, 100 P2, 100 1,332 1,117 1,285 1,269 1,234 1,246 1, 476 935 769 620 r 926 1,869 n, 120 v\, 120 3,158 3,714 3,550 3,725 3,897 4.033 ?4,033 2,065 2,077 2,156 2,106 2,122 2,093 v2,135 984 956 957 P957 r p Preliminary. Revised. NOTE.—For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, July 1936, p. 600, March 1937, p. 267, April 1937, p. 363, May 1937, p. 487, July 1937, p. 687, and August 1937, p. 769. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1936 are subject to official revision. Estimated production of the U.S.S.R. for July 1937, in thousands of dollars: $27,360. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United State Total net imports or net exports Year or month () Net imports from or net exports (—) to: United King- France dom Belgium Netherlands Switzerland Mexico 1937—January February March April May June July August. .__ _,j 8,902 94,348 3 227,185 3,351 71,006 12,402 968 7,511 95,171 72,648 27 5,837 17,880 8,204 136,671 72,154 95,013 20 44,665 32,998 1,463 25, 745 524 882 11,664 6,338 121,325 August September. October November. December 499,870 260,223 315, 727 934,243 174,093 573, 671 15,379 67,493 171,824 218,812 75,836 56,970 1936—July 73,950 10,864 75,238 1,138 121,451 76 175,165 596 103, 822 1,375 156,943 11,059 76,432 1,138 30,147 271 14 1,086 6,506 8,155 154,332 215,811 155, 362 262,022 175,417 104, 844 799 2,545 2 10, 691 1,131 5,399 5,228 22, 556 10,118 3,281 1,392 3,177 521 1,166 36,235 2,390 All other Japan British counIndia 1,029 30, 270 16, 944 12,038 13, 667 10,899 15, 335 3,498 11,911 21, 513 23, 280 1,131, 1,739,019 1,116, 584 1934 1 1935 1936 Colom- Philip- Auspine bia Islands tralia Canada 15,289 634 530 12, 222 368 10, 660 462 4,709 5,865 10,661 4,925 7,225 14, 434 20,946 7,428 12, 247 1,945 9,153 3,242 1,973 2,800 665 5,348 3,524 2,106 11 2,101 4 4,261 5,496 2,177 2 1 2,425 716 2,405 2,157 1,628 2,273 1,617 2,910 3,467 76,820 32,316 75, 268 47,054 77,892 39, 745 856 1,747 2,831 1,869 3,781 2,123 2,109 1,944 2,231 2,106 2,064 2,410 1,505 tries 2,613 2,167 3,796 3,710 5,654 10, 688 6,961 5,782 6,182 10,108 5,696 9,978 16, 593 15,316 44, 459 37, 697 2,566 3,661 3,693 2,530 2,289 2,193 6,028 7,077 4,017 4,857 3,797 3,966 4,355 3,613 1,463 3,870 7,296 1,737 1,160 3,866 1,925 1,761 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. NOTE.—For gross import and export figures and for additional countries see table on page 1016. 1046 FEDERAL RESERVE BULLETIN OCTOBER 1937 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom British India Change in: Net imports from or net exports (—) to: Total net imports or net exports () Year or month United States Germany France NetherAustralands U.S.S.R. lia Belgium 32, 575 10,796 -21,130 1936—Feb... Mar... Apr... May.. JuneJuly... Aug... Sept— Oct.... Nov... Dec-. 716, 269 -497,166 348,190 121,017 •13, 585 369, 747 -435, 502 142,137 - 4 , 726 •17,476 , 170, 023 -276,813 756, 204 23, 295 -15,133 .33 173 38,649 1,136 -3,253 99 6,738 92 47,666 3,440 4,295 - 1 , 3 8 3 77,137 -9,465 12, 710 1,875 -17,602 74,590 -12, 611 26,936 3,903 69, 447 -26,802 27,060 -536 1,913 195,066 - 4 , 384 142, 535 -747 1,789 281, 401 -16,120 240,868 -804 151,81- -14,096 108,666 3,964 - 1 , 0 3 9 7,615 -72,441 -383 -163 83,168 -49, 224 72, 506 377 -624 -1,130 100, 505 -63,914 118,655 - 7 , 569 -13,354 -1,409 1,761 606 - 2 , 421 -2,907 -1,029 2,458 1,486 1,836 1937—Jan___ Feb.. Mar__ Apr.. May. June.. July... Aug... - 2 5 , 523 122,296 78,484 12.036 -48,31 22, 957 127, 953 122, 642 -220 414 -73, 568 22, 453 -75,615 163,919 153 452 -104, 399 124,121 507 1,587 -149,4411,281 - 1 , 0 5 5 104 -101,710 -274 - 1 , 7 8 6 - 1 , 545 -128,380 79, 545 8,398 - 7 , 9 1 5 -79,498 112,113 16, 348 - 9 , 207 -26,043 50, 463 12,212 416 1,021 1,756 965 927 452 997 -208 -662 1934__ 1635 1936 _. - 931 South Africa, Rhodesia, West Africa Private British India 41, 790 335, 253 206,711 37,981 404,295 181,627 26, 723 488,814 128, 420 Total net imports or net exports 2,037 2,574 3,329 2,167 1,610 2,531 2,089 2,084 2, 304 2,126 5,628 22, 520 98,510 8,430 14, 027 14,153 16, 91 26,454 31,033 55,108 53,802 45,147 43,122 34, 552 36, 517 45,323 36, 230 41,683 11,686 10,896 9,413 13, 289 10,860 9,657 15, 011 6,581 7,853 14,896 7,243 2,504 1,968 2,727 2,122 2,353 1, 552 705 1, 16,903 24,113 26,593 44,198 37,106 46, 933 57, 861 54, 463 3,953 8,705 5,760 2,848 8,368 2,782 6,129 7,178 () 1934 1935 1936 -90,920 42,969 1,868 1936—Feb.... Mar... April.. May... June... July... Aug Sept... Oct.... Nov . _ Dec... 1937—Jan Feb Mar Apr May June July. Aug Nether- SwitzFrance lands erland -109,386 -42,907 - 2 8 , 1 1 4 7,394 13, 225 6,180 20,188 - 2 2 , 784 - 2 , 1 2 1 35 -59 - 4 , 277 -3,935 -1,720 -1,;"" - 1 , 661 -6,076 -3,954 259 572 -2,029 -19 13 216 -117 15, 356 11,442 953 1,927 -16,435 2,346 -8,926 -6,699 - 9 , 612 -10,413 -9,397 -14,051 -7,002 -7,307 -10,594 -8,381 - 4 , 523 7,951 6,147 4,540 4,972 7,599 2,861 6,922 636 19, 895 4,756 -5,368 -7,463 -2,262 - 2 , 512 -5,112 -3,951 -852 P-7,64B P—4,197 Switzerland Net imports from or net exports (—) to: United Kingdom -219,671 -150,472 -109,743 ••• Germany Year or month holdings i n India2 All other countries Total net imports or net exports () Net imports from or net exports (—) to: United States United Kingdom France Belgium Italy 163 4 89,324 —46,065 -12,784 -45,955 - 2 9 , 2 3 5 18,397 19,431 9,888 4 7,281 - 2 3 0 , 788 647 -54,858 - 1 8 1 , 7 2 5 -13,940 25,542 121, 788 - 9 , 1 2 7 - 2 , 2 0 5 3,239 -390 39,305 14,531 51,299 801 27 -142 20 3,077 23 3,256 76 2,821 23 3,121 ' 2,061 3,265 30 2,496 26 448 7 73 65 1,006 822 -140 -59 -37 -28 4 -38 -55 37 -20 30 15 6,571 21,413 22,570 13,386 5,188 -321 2,829 33,506 14,848 2,210 -2,87 32 —4 -7 -575 19 -3,676 -4,916 90 - 1 3 5 -6,675 56 1,709 10 14, 228 1,481 - 1 7 , 0 3 4 - 6 , 2 4 7 12 57S 32 1,047 -13 43 794 - l , 5 0 € -26 -99 999 127 - 4 , 479 - 1 , 1 7 4 -21 586 7-6,356 - 4 9 , 417 -36, 242 -6,03? -1,243 - 1 , 63C 2,892 2,291 -5,705 -3,492 7,292 284 2,057 -249 3,176 40,875 656 1,241 -47 1,821 9,612 1,724 21,537 6,970 -3 1,449 2,952 -20 1,166 -254 -20 -286 -641 8,177 62 1,723 -65 -33 5,227 2,436 -463 -1,966 -1,987 - 4 , 351 -153 -393 -612 -1 -490 -289 -3,132 - 8 , 740 -1,831 -1,242 732 852 653 192 1,107 521 -51 8 -518 -841 -131 -4,298 - 1 , 704 820 -113 -6,396 -100 Netherlands All other countries 2,580 342 4,600 1,500 -6,795 23,378 1,377 567 29 132 2,113 -121 -21 487 57 97 20 -16 1,917 s 8,413 5 15,794 9 -1,911 59 42 -112 -3 -848 1,866 -57J - 5 6 6 '-13,507 819 55 584 611 96 -879 274 -25 -2, 278 -354 350 c p Preliminary. Corrected. 1 T h r o u g h M a r c h 1935 gold held b y g o v e r n m e n t ; s u b s e q u e n t l y , gold held b y Reserve B a n k of I n d i a to w h i c h g o v e r n m e n t gold w a s transferred. 2 Figures derived from preceding columns; n e t i m p o r t s p l u s p r o d u c t i o n m i n u s increase in reserves in I n d i a . 3 $7, 227,000 i m p o r t e d b y G r e a t B r i t a i n from C h i n a in J u l y a n d $9,508,000 in A u g u s t 1937. 4 $85,390,000 i m p o r t e d b y G e r m a n y from U . S. S. R . in 1934, a n d $6,376,000 in 1935. s $8,444,000 i m p o r t e d b y Switzerland from Czechoslovakia in April a n d $15,433,000 in M a y 1936. 6 $14,292,000 exported b y Switzerland to G e r m a n y in F e b r u a r y 1937. 7 $8,090,000 exported to B e l g i u m b y G e r m a n y in J u n e 1937. N O T E . — G e r m a n y , Switzerland, and United Kingdom.—In some cases a n n u a l aggregates of official m o n t h l y figures differ s o m e w h a t from revised official totals p u b l i s h e d for year as a whole. G e r m a n gold m o v e m e n t s b y i n d i v i d u a l countries for J u l y 1937 h a v e n o t b e e n r e p o r t e d . 1047 FEDERAL RESERVE BULLETIN OCTOBER 1937 CENTRAL BANKS Assets of banking department Bank of England (Figures in millions of pounds sterling) Gold (in issue department) 1 Cash reserves Coin Notes Discounts and advances Liabilities of banking department Securities Note circulation Deposits Bankers' Public 145.8 147.6 120.7 119.8 190.7 192.3 200.1 1936—May 27_. June 24__ July 29_. Aug. 26. Sept. 30.. Oct. 28__. Nov. 25.. Dec. 30... 206. 4 216. 3 239 9 244 8 248.7 2487 248.7 313.7 1937—Jan. 27... Feb. 24.. Mar. 31.. Apr. 28__ M a y 26.. J u n e 30.. July 28. _ Aug. 25.. 313.7 313.7 313.7 313.7 321. 3 326.4 326.4 320. 4 26.3 38.8 31.6 23.6 58.7 47.1 35.5 22.3 49.0 27.3 18.5 16.8 7.6 8.5 84.9 104.7 133.0 120.1 101.4 98.2 94.7 379.6 368. 8 364.2 371.2 392.0 405. 2 424.5 71.0 132.4 126.4 102.4 101.2 89.1 72.1 8.8 6.6 7.7 8.9 22.2 9.9 12.1 35.8 36.2 40.3 33.8 36.5 36.4 37.1 17.9 18.0 18.0 18.0 18.0 18.0 18.0 1.0 1.0 1.1 1.1 1.0 .7 40.3 41.5 51.4 61 3 59.3 65.9 63.1 46.3 6 7 7.6 7.1 9.2 8.6 6.6 68 17.5 104.7 116.1 115.5 102.6 100 7 99 7 98 6 155.6 426 1 434.8 448.6 443.4 449.4 442.7 445.6 467.4 78.3 90.8 75.2 100 9 60.7 86.5 97.6 150. 6 19.8 20.0 42.3 17 2 49 7 27 6 12.1 12.1 36.7 37 4 39.4 37.8 40 9 41.4 41.7 39.2 17 8 17 9 18.1 18.2 18.3 17.7 17.8 18.0 61.4 58.6 39.8 44.8 46.0 38.0 28.1 38.1 8.0 4.9 7.1 5.5 4.9 6.3 5.8 4.3 97.4 105.3 123.4 119.7 119.7 164.3 135.2 128. 5 452.3 455.1 473.8 468.8 475.2 488.4 498.3 488.3 98.4 100.4 62.3 87.6 91.4 140.5 104. 3 92.8 12.1 13.0 52.2 26.2 24.9 10.8 10.5 25.4 38.4 37.9 38.5 39.6 37.5 40.2 37.3 30. 0 18.1 18.2 18.3 17.7 17.8 18.0 18.1 18.2 1.0 .5 Assets Domestic bills Bank of France Gold* Other .4 .7 1.0 1.0 .9 .9 1.1 1.5 1929—Dec. 25__. 1930—Dec. 31__. 1931—Dec. 30__. 1932—Dec. 28._. 1933—Dec. 27. _. 1934—Dec. 26... 1935—Dec. 25_. (Figures in millions of francs Other liabilities Foreign exchange Special* 1929—Dec. 27.. 1930—Dec. 26.. 1931—Dec. 30. 1932— Dec. 30. 1933—Dec. 29. 1934—Dec. 28. 1935—Dec. 27. 41,668 53, 578 68,863 83,017 77,098 82,124 66.296 1936—May 29. June 26. July 31_. Aug. 28. Sept. 25. Oct. 30_. Nov. 27. Dec. 30. 57,022 53, 999 54, 942 54,511 50, H I 64, 359 64,359 60, 359 1,426 1.297 1,270 1, 250 1,245 1.471 1,466 1,460 1,379 1937—Jan. 29.. Feb. 26. Mar. 26. Apr. 30. M a y 27. June 24. July 29 . Aug. 25. 57, 359 57, 359 57, 359 57, 359 57, 359 54,859 55,677 55, 718 1,435 1,323 1,194 1,112 1,053 1,058 951 911 1,620 1,524 1,514 1,470 1,437 1,260 991 833 25,942 26,179 21,111 4,484 1,158 963 1.328 Other 27 547 925 8,553 8,440 7,639 8,377 9,356 10,197 8, 655 Deposits Loans on— Advances to Government 8, 429 7,389 3,438 4,739 3,971 9.712 19, 381 7,750 6,041 7,063 7,484 7,332 8,056 8,465 Liabilities Shortterm Government securities 573 14,333 14,333 14, 333 15, 903 12,303 12, 298 17, 698 1,048 1,461 809 19,772 19, 772 20,066 19,991 19, 980 21, 380 23, 887 25,218 [,168 873 225 965 385 776 958 476 702 715 Negotiable se-" curities Other assets 2,521 2,901 2,730 2,515 2,921 3,211 3,253 5,612 5,304 7,157 6,802 6,122 5,837 5,800 5,603 6,609 8,545 9,196 8,251 8,288 7,879 68.571 76. 436 85, 725 85,028 82, 613 83,412 81,150 11,737 12.624 5,898 2,311 2,322 3,718 2,862 7.850 11, 698 22,183 20,072 13,414 15, 359 8,716 1,812 2.241 1,989 2,041 1,940 1.907 2,113 3,381 3,441 3,555 3,454 3,553 3,447 3,464 3,583 5,708 5,708 5,708 5,640 5,640 5,640 5,640 5,640 8,134 8,015 8,699 8,125 9,643 8,204 8,029 8,344 84, 705 85,106 85. 892 84, 324 83, 750 87,198 86,651 89,342 1,850 1,305 1,594 1,523 1,679 3,973 2,069 2,089 6,909 6.528 6.254 7,037 6,660 9,247 13,058 13, 655 2,383 2,652 2,267 2,301 2.356 3,553 3,160 2.557 3,701 3,594 3 698 3,918 3,777 4,013 4,064 3, 763 5,640 5,640 5,640 5,642 5,642 5,641 5, 641 5, 637 8,209 87, 688 8,235 87,062 8,543 85,746 9, 256 87,063 8,158 85, 745 8,110 85,985 8,467 89, 307 8,417 88, 255 1,955 2,315 1,977 4,361 3,154 2, 209 2, 563 2,251 15, 280 15, 386 16,404 13,408 14, 766 15,710 15,812 15,927 2,534 2,547 2.552 2,518 2,502 2,549 3,152 3,196 Other securities Note circulaGoverntion ment Other Other liabilities 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reduction of £60,000,000 in amount of fiduciary issue (and securities held as cover) has been in effect since December 16, 1936. From August 1, 1931, to March 31, 1933, increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized b y British Treasury under Section 8 of Currency and Bank Notes Act. 2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936, p p . 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization F u n d established b y law of October 1. B y decree of July 22, 1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853). 3 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, p p . 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p . 788). NOTE.—For explanation of table see B U M ETIN for February 1931, pp. 81-83, July 1935, p . 463, July 1936, p. 603, and September 1937, p . 951. 1048 FEDERAL RESERVE BULLETIN OCTOBER 1937 CENTRAL BANKS—Continued Liabilities Assets Reichshank Reserves (Figures in millions of reichsmarks) Gold Securities Foreign exchange Other Treasury bills (and Security bills loans checks) 2,283 2,216 984 806 386 79 82 70 72 72 69 63 65 5 6 5 172 114 9 5 5 70 2,608 2,366 4,144 2,806 3,177 4.021 4, 498 251 256 245 176 183 146 84 259 445 349 37 98 90 74 51 55 57 62 404 469 1936—May 30.. June 30— July 31_. Aug. 3 1 Sept. 30. Oct. 31 _. Nov. 30_. Dec. 31.. 241 206 98 1 49 45 53 4,606 4,699 4,623 4,693 4,875 4,888 4,852 5,448 60 56 67 65 59 79 67 74 219 220 220 220 219 219 219 221 23 35 10 29 54 61 29 33 1929—Dec. 31 ., 1930—Dec. 31 _ 1931—Dec. 3 1 1932—Dec. 3 1 . . 1933—Dec. 30.. 1934—Dec. 31_. 1935—Dec. 31.. 1937—Jan. 30... Feb. 27.. Mar. 31.. Apr. 30.. May 31_. June30.. July 3 1 . . Aug. 3 1 . Eligible as note cover 4,835 4,777 5,101 5,124 5,001 5,262 5, 316 5, 283 65 102 51 52 50 55 52 52 223 222 167 106 104 104 104 104 Other Note circulation Other assets Deposits Other liabilities 92 102 161 398 322 319 315 656 638 1,065 1,114 735 827 853 5,044 4,778 4,776 3,560 3,645 3,901 4,285 755 652 755 540 640 984 1,032 736 822 1,338 1,313 836 1,001 319 311 310 648 704 711 686 695 685 770 765 4,430 4,389 4,471 4,540 4,657 4,713 4,674 4,980 729 960 787 729 744 689 753 1,012 807 810 840 853 875 897 911 953 959 1,059 1,021 896 947 878 860 905 4,799 4,816 4,938 4,979 4,902 4,992 5,112 5,116 707 785 970 794 973 305 303 302 302 312 310 310 300 299 299 732 736 923 816 835 892 901 NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central b a n k [Figures as of last report date of month] National Bank of Albania (thousands of francs): Gold Foreign assets Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities Central B a n k o f t h e A r g e n t i n e R e p u b l i c (millions of pesos): Gold at home Gold abroad and foreign exchange Negotiable Government bonds... Other assets _ Note circulation Deposits—Member bank Government Other Other liabilities __ Commonwealth Bank of Australia (thousands of pounds): Issue department: Gold and English sterling.__ Securities Banking department: Coin, bullion, and cash London balances Loans and discounts Securities.... Deposits _ Note circulation Austrian N a t i o n a l B a n k (millions of schillings): Gold.___ Foreign exchange (non-reserve).. Loans and discounts Government debts Other assets _ Note circulation _ Deposits Other liabilities _. N a t i o n a l B a n k of B e l g i u m (millions of belgas): Gold..,. Discounts, domestic and foreign.. Loans Other assets 1 1937 August June August Central bank [Figures as of last report date of month] N a t i o n a l B a n k o f Belgium—Cont. Note circulation Demand deposits—Treasury 7,556 Other 25, 443 Other liabilities.... 3,606 4,381 Central B a n k of Bolivia (thousands 11,712 of bolivianos): 17,162 Gold at home and abroad1 12,113 Foreign exchange Loans and discounts Securities—Go vernment Other 1,224 1,224 1,224 Other assets 344 126 320 Note circulation 86 40 40 Deposits 162 168 160 Other liabilities 991 B a n k o f Brazil (millions of milreis): 1,179 1,165 369 437 406 Cash _ 198 120 120 Correspondents abroad 5 4 6 Loans and discounts 34 41 42 Note circulation Deposits N a t i o n a l B a n k o f Bulgaria (millions of leva): 16,008 16,010 16,012 16,004 Gold 39,058 38, 559 38, 559 39,059 Foreign exchange reserve (net)... Other foreign exchange 1,222 1,181 1,165 1,090 Loans and discounts 38,193 38, 861 38, 874 21,126 Government debt 13, 674 13,443 11,896 15,088 Other assets ___w. 37,939 38,028 38,032 36,095 Note circulation 86, 790 85,359 86, 784 70, 434 Deposits 47, 534 47,034 47,039 47,039 Other liabilities... B a n k o f C a n a d a (thousands of Canadian dollars): 243 243 243 243 Gold 100 130 116 137 Sterling and United States ex191 217 194 192 change 620 624 620 620 Canadian Gov't. securities: 145 182 167 165 2 years or less 896 943 915 915 Over 2 years 245 268 251 268 Other securities 159 184 174 174 Other assets _ Note circulation. Deposits—Chartered banks 3,642 3,688 3,582 3,727 Dominion Government 1,377 Other 1,391 1,346 1,376 Other liabilities 33 75 34 36 314 301 300 Gold abroad revalued in December 1936. July 1936 7,554 23, 265 3,600 4,288 11, 239 15, 410 12,059 7,554 22, 697 3,748 4,026 11,228 14, 938 11, 858 1937 August; August July June 4,405 116 669 72 4,440 215 628 72 4,418 165 766 72 4,479 25 917 ' 72 50, 429 89, 516 16, 626 378,138 4,770 13, 717 249, 649 246, 230 57, 316 23, 981 15,718 7,956 415, 709 2,703 15,414 178,862 231, 492 71,128 253 528 2,432 237 523 2,457 3,007 3,048 217 319 2,958 10 3, 422 1,833 1,801 1, 797 302 1,286 3,523 1,004 2,856 2,885 2,206 390 1,142 3,523 1,009 2,543 3,127 2,195 415 1,109 3,523 1,038 2,394 3,298 2,189 1,607 -123 479 1,541 2,671 1,064 2,561 2,030 2,648 179, 489 179, 525 181, 543 179,476 26, 957 19, 747 18,113 2,303 36, 212 94, 901 35, 943 31,108 79, 616 44, 887 93,864 10,986 6,512 146, 396 176,421 26, 365 907 12, 606 10,018 9,015 7,402 11, 691 138, 920 133,142 106, 936 182, 567 189,836 180, 741 5,648 16,882 14,590 270 648 501 7,958 13, 056 13, 219 1049 FEDERAL RESERVE BULLETIN OCTOBER 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 Central bank August Central Bank of Chile (millions of pesos): Gold and foreign exchange in reserve Loans and discounts Government debt Note circulation Deposits Central Bank of China 1 (millions of yuan): Gold Silver* Foreign exchange^ Due from domestic banks Loans and discounts Securities 2 Other assets Note circulation Deposits Other liabilities Bank of the Republic of Colombia (thousands of pesos): GoM Foreign exchange loans and discounts Government loans and securities Other assets Note circulation Deposits Other liabilities National Bank of Czechoslovakia (millions of koruny): Gold3 Foreign exchange Discounts Loans Government debt Other assets Note circulation Demand deposits Other liabilities . Bank of Danzig (thousands of gulden): Gold Foreign exchange of the reserve.. Other foreign exchange . Loans and discounts Other assets Note circulation Demand deposits Other liabilities _ National Bank of Denmark (millions of kroner): Gold Foreign exchange. _ Discounts. Loans—To Government agencies Other Securities Other assets _ Note circulation Deposits Other liabilities Central Bank of Ecuador (thousands of sucres): Gold Foreign exchange Loans and discounts Note circulation Deposits National Bank of Egypt 1 (thousands of pounds): Gold Foreign exchange. _ Loans and discounts British, Egyptian, and other Government securities Other assets Note circulation Deposits—Government Other Other liabilities 1 2 1937 1936 Central b a n k July June 144 133 795 699 309 143 138 702 606 298 56 214 241 175 428 170 168 378 924 152 51 185 39 111 396 187 164 307 686 139 26,071 16, 223 14,698 45, 865 26, 640 52, 312 37, 345 39,839 27, 435 17,172 14, 333 45,992 26, 977 53, 807 38, 014 40,090 29,081 3,266 6,953 45, 733 26,095 47, 613 28, 407 35,107 2,574 371 1,115 1,121 2,014 904 6,250 128 1,720 2,576 348 1,041 1,226 2,015 968 6,037 296 1,842 2, 579 382 1,176 1,028 2,015 960 6,158 211 1, 771 2,597 124 652 840 2,034 742 5,502 481 1,007 28,111 1,263 504 15, 958 4,091 34, 281 12, 974 19,015 28,110 1,229 551 16, 245 3,812 34, 621 11,135 19,193 28,118 1,053 1,670 15,815 4,139 32,961 12,120 19,015 20, 807 6, 968 4, 284 16,070 4,130 30,963 9,769 19, 736 118 13 27 228 101 52 66 376 73 155 118 8 28 237 109 52 67 386 78 155 118 8 28 250 115 53 65 387 95 154 118 24 27 217 95 64 86 376 98 157 35,936 29,060 42, 635 63, 099 51, 524 31, 644 12, 685 27, 414 50, 520 25, 937 6,545 1,701 3,101 6,545 2,423 3,226 6, 545 1,663 3,416 35,198 9,334 19,198 8,530 19,339 8,813 36, 753 9,145 19, 856 10,011 19,637 8, 587 37,192 4,525 19,388 5,275 20, 390 8,289 July June August 13,161 6,768 345 6,079 2,914 16, 852 8,232 4,183 13,161 6,900 200 6,176 2,732 16, 347 8, 714 4,106 13.026 1.151 430 6, 730 1 208 13 673 4, 758 4,121 34, 208 17,092 25,124 23, 620 45, 462 39,056 15, 527 34,196 17, 499 24, 289 21,987 43,992 37, 719 16, 260 34,192 17, 534 25, 405 22,727 42,901 40,772 16,183 34 167 5,177 19 643 20 678 41,182 26 489 11 994 640 2,402 986 374 424 1,898 325 929 1,674 640 2,288 1,036 386 429 1,841 241 991 1,705 693 2,170 1,114 329 416 1,859 268 864 1,731 582 1,363 933 366 370 1 503 90 560 1 460 3,133 4, 469 4,377 1,765 6,428 5,149 2,167 3,147 3, 855 4,100 2,397 6, 330 5,025 2,145 3,177 3, 951 4, 100 2, 265 6, 447 4,915 2,131 2, 573 5 982 4, 172 1,791 5,618 6, 435 2, 464 84 58 416 111 17 254 453 191 93 203 84 56 398 112 17 245 480 156 93 205 84 54 400 107 12 247 437 180 93 195 79 26 505 94 12 131 410 131 96 210 444 803 274 595 1,787 444 803 274 563 1,860 444 673 234 674 1,622 328 165 225 228 84 9 479 107 74 7 428 106 404 33 10 58 9 403 111 488 562 245 109 780 202 1,580 271 74 462 524 489 231 64 854 221 1,571 352 88 373 533 589 162 116 519 207 1,455 327 63 281 117 5 68 109 5 67 87 3 63 August August Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange Loans and discounts Government debt and securities Other assets ._ Note circulation Deposits Other liabilities Bank of Estonia (thousands of krooni): Gold Foreign exchange (net) Loans and discounts Other assets __ _ Note circulation _ _ _ Demand deposits Other liabilities Bank of Finland (millions of markkaa): Gold Foreign assets __ _ _ Loans and discounts... _ Domestic securities Other assets _ Note circulation Deposits—Treasury Other Other liabilities Bank of Greece (millions of drachmas): Gold and foreign exchange (net) Loans and discounts Government obligations . _ Other assets... Note circulation _ Deposits __ _ Other liabilities . National Bank of Hungary (millions of pengos): Gold Foreign exchange reserve Discounts _ Loans—To Treasury .. Other Other assets Note circulation _ Demand deposits . Certificates of indebtedness Other liabilities Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad Sterling securities. _ Indian Gov't securities Rupee coin, Note circulation Banking department: Notes of issue department Balances abroad Loans to Government Investments Other assets Deposits Other liabilities Bank of Japan (millions of yen) : Gold* Discounts Loans—Government Other Government bonds Other assets Note circulation Deposits—Government Other Other liabilities Bank of Java (millions of guilders): Gold Foreign bills Loans and discounts _ 801 576 234 163 641 198 1,580 361 77 596 Items for issue and banking departments consolidated. Holdings of currency which were formerly carried partly under silver and partly under foreign exchange are now included among other assets. ' By decree of October 9,1936 (see BULLETIN for January 1937, p. 15), gold revalued at rate of 31.21 milligrams fine gold per crown; resulting incre ment converted into foreign exchange and carried partly in that item and partly in other assets. 4 By law effective August 25, 1937, gold revalued at rate of 290 milligrams fine gold per yen. 1050 FEDERAL RESERVE BULLETIN OCTOBER 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 1936 August Bank of Java—Cont. Other assets Notp circulation DpDOsits Othpr liabilities Bank ofa Latvia (millions of lats): Gold Foreign exchange reserve ._ Loans and discounts Other asspts Note circulation Deposits _ _ Other liabilities Bank of Lithuania (millions of litu): Gold Forpisrn exchange Loans and discounts Other assets Note circulation Deposits Other liabilities . Netherlands Bank (millions of guilders) : Gold Silver (including subsidiary coin) Foreign bills Disoounts Loans Other assets Note circulation Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve Advances to State or State undertakings Investments . . Other assets Demand deDosits Other liabilities Bank of Norway (millions of kroner) : Gold Foreign assets Total domestic credits and securities Discounts Loans Securities -. Other assets Note circulation Demand deposits—GovernmentOther Other liabilities Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Discounts Government loans Other assets Note circulation Deposits Other liabilities Bank of Poland (millions of zlotys): Gold Foreign exchange Loans and discounts Securities Other assets Note circulation Other sight liabilities Other liabilities Bank of Portugal (millions of escudos): Gold Other reserves (net) Non-reserve exchange 1937 1936 Central bank Central bank June July 103 195 72 25 115 194 76 26 52 157 25 23 77 41 120 46 51 202 32 77 40 119 47 47 204 32 77 41 122 47 47 209 31 46 10 121 54 35 166 31 77 6 99 34 113 78 24 77 6 93 40 83 22 77 6 94 35 108 81 22 64 17 75 24 107 50 22 1, 266 19 3 13 180 67 852 78 571 45 1, 266 19 2 15 171 63 822 106 563 44 1,246 19 2 18 178 64 821 75 590 42 672 23 2 24 121 61 750 53 58 42 2,802 20, 555 2,802 20, 859 2,802 21, 543 2,802 19, 799 4,787 2,906 170 12, 794 16,833 1,593 4,578 2, 906 194 12, 591 17,143 1,606 4,954 2,906 193 12 631 18,180 1,588 65 2,038 4.57 11 148 12, 422 1,590 189 165 189 153 195 129 200 85 205 (2) (2) 224 140 24 60 11 424 43 49 61 236 157 24 56 8 415 37 56 58 255 194 19 42 18 387 72 38 61 53, 047 35,153 45,164 10,154 96,016 30,108 17,394 47, 791 36, 655 46, 479 8,950 91, 575 34,951 13, 350 427 30 604 136 446 1,019 230 393 423 32 598 135 464 989 256 406 367 15 818 124 394 1,031 171 516 916 560 154 915 548 166 910 478 119 (2) (2) 422 40 49 no 55, 363 36, 657 45,122 9,300 98, 976 30,591 16, 875 429 32 612 135 459 1, 021 249 398 c August August June 317 1 043 1 382 2 038 1,180 1,154 327 1 043 1 353 2 083 1,133 1 138 334 1 045 1 083 2 072 983 915 16,128 16 016 15 863 5,823 6, 669 2,050 11,337 8, 299 26, 791 ] 2,854 10, 662 5, 651 6 303 2, 062 11,069 8 402 26, 487 12 783 10, 232 5,754 6 053 2,069 11, 040 8 387 26 142 12 499 10 526 11 119 232 3,470 6 243 2,445 11 350 8 937 23 817 8 521 11 459 22,942 5,490 1,733 12, 607 16, 064 23 612 3, 096 22, 700 4,930 1,841 13, 242 17,095 21 794 3 825 24, 409 6, 285 139 13,408 15 416 25 990 2 835 22,930 8,595 613 13, 283 15 051 27 392 2 978 536 1 018 12 25 6 317 885 888 141 534 981 13 29 6 340 863 880 160 534 962 13 28 6 351 872 851 170 511 539 10 31 33 240 801 461 102 2 544 209 21 28 604 1,411 1,358 637 2 594 96 23 28 606 1,412 1,299 637 2 624 71 23 31 615 1,409 1,320 636 1 497 22 199 63 79 1,303 457 100 Bank of Portugal—Cont. Loans and discounts Government debt Other assets _ Note circulation Other sight liabilities Other liabilities National Bank of Rumania (millions of lei): Gold 3 Foreign exchange reserve Special exchange accounts Loans and discounts Special loans 4 Government debt Other assets Note circulation _ Demand deposits Other liabilities South African Reserve Bank (thousands of pounds): Gold Foreign bills Other bills and loans Other assets Note circulation Deposits __ Other liabilities Bank of Sweden (millions of kronor): Gold Foreign assets Discounts _ _ Loans Domestic securities Other assets Note circulation Demand deposits Other liabilities Swiss National Bank (millions of francs): Gold s Foreign exchange Discounts Loans Other assets _ __ . Note circulation Other sight liabilities Other liabilities- Central Bank of the Republic of Turkey (thousands of pounds): Gold . Foreign exchange—Free In clearing acccounts Loans and discounts... Securities Other assets Note circulation Deposits _ Other liabilities Bank of the Republic of Uruguay (thousands of pesos): Issue department: Gold and silver.. Note circulation _ _ Banking department: Cash reserves Loans and discounts Other assets Deposits __ _ _ Other liabilities National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold Foreign exchange Loans and discounts Government debt Other assets Note circulation.. Other sight liabilities Other liabilities August July 36 711 36 710 36 710 30 213 29 46 5 325 35, 226 35, 599 40,952 8,623 46, 887 48, 522 43, 806 32,179 187,158 187,199 186, 430 184,939 34, 882 29, 977 31,451 22, 075 173, 252 173,252 173,252 162, 684 44, 375 41, 436 42,190 45, 452 123, 265 123,325 123,953 70,218 41, 601 89, 874 41,091 77 457 21 141 43 457 77, 246 86 172 82 979 55 120 95, 633 102,901 85, 733 81 848 1 692 699 1,602 2,252 2,484 5, 864 2,123 741 1 686 723 1,581 2,251 2,366 5,687 2,177 743 1 678 880 1, 630 2,250 2,001 5,474 2, 216 750 1 531 509 1 633 2,262 1, 361 5,126 1,451 719 c Corrected. By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to pound compared with previous market rate of 2about 15 lats to pound. Figures not yet available. 3 By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see BULLETIN for January 1937, p. 15). 4 Agricultural and urban loans in process of liquidation. 5 Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc. 1 1051 FEDERAL RESERVE BULLETIN OCTOBER 1937 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs l] 1937 Assets Aug. 31 Gold in bars Cash on hand and on current account with banks Demand funds at interest Rediscountable bills and acceptances (at cost): Commercial bills and bankers' acceptances Treasury bills 9, 844 35, 906 16, 370 13, 119 Short-term deposits (various currencies) : Central banks for own account: Demand Time—Not exceeding 3 months. Time—Between 3 and 6 months. Sundry bills and investments: Maturing within 3 months: Treasury bills Sundry investments Between 3 and 6 months: Treasury bills Sundry investments Over 6 months: Treasury bills Sundry investments Total 112,272 217,587 271,276 329, 859 45,135 571 34, 487 11,529 43, 606 10, 369 85, 927 29, 994 53, 724 44, 556 47, 228 _ 133,201 138,076 44, 946 66, .165 21,943 41,911 55, 358 45, 580 58, 289 37, 503 43, 451 34,614 310, 242 Other assets: Guaranty of central banks on bills sold Sundry items Total assets.. 303,199 225. 637 1, 085 178 1,095 522 1,390 6, 548 706, 249 695,137 Total Central banks for account of others: Demand Other depositors: Demand Time—Not exceeding 3 months. 46, 967 169.575 12.938 28, 623 126,455 229,481 Aug. 31 4. 396 119 153,219 76, 609 34, 907 1, 145 154, 764 77, 382 61,930 2, 031 265, 624 265, 880 296,106 125, 000 TotalCapital paid in __ Reserves: Legal reserve fund Dividend reserve fund.. General reserve fund Other liabilities: Guaranty on commercial bills sold.. Sundry items 6,107 503 1.010 153. 096 76, 548 34, 837 1,142 Long-term deposits: Annuity trust account German Government deposit French Government guaranty fundFrench Government deposit (Saar)_ 4, 248 6,610 ' 835 125,000 4. 238 -.238 i,315 1.631 6.315 12,631 3, 784 6, 092 12,183 .359 i, 896 Total liabilities 672, 28, 407 36, 819 197, 773 Demand deposits (gold) 28, 553 34,631 8,816 234,591 j 10, 874 23, 702 21,105 J u l y 31 8, 756 Aug. 31 122. 589 170,768 1936 Aug. 31 J u l y 31 15, 628 101,891 Time funds at interest—Not exceeding 3 months Between 3 and 6 months 1 Liabilities 293, 357 Total 1937 1936 1.368 35. 649 1, 391 37, 412 706.24' 695, 137 672, 436 436 See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures are as of end of month, except these for United Kingdom, which are averages of weekly figures] Liabilities Assets United Kingdom Money at Cash call and Bills dis(Figures in millions of pounds sterling) reserves short counted notice Loans to customers Securities Deposits Other assets Total Demand* Time* Other liabilities 10 London clearing banks 1930—December.. 1931—December.. 1932—December.. 1933—December.. 1934—December.. 1935—December,. 1936—December.. 208 J84 207 213 216 221 236 144 119 127 119 151 159 187 322 246 408 311 255 322 316 285 297 472 565 594 605 630 933 905 778 740 759 784 864 240 222 208 237 247 231 238 1,876 1,737 1,983 1,941 1,971 2,091 2,238 992 868 991 1,015 1,044 1,140 1,288 847 846 963 900 910 924 1,012 254 237 216 244 251 231 232 11 London clearing banks 2 1936—May June July August September.. October November.. December.. 220 225 225 233 229 227 233 244 159 158 158 163 166 164 181 195 309 329 349 345 344 351 329 322 640 642 639 641 648 655 656 660 870 878 884 877 882 892 895 890 227 237 227 226 226 231 238 249 2,185 2,229 2,244 2,246 2,257 2,280 2,287 2,315 1,156 1,215 1,223 1,212 1,228 1,238 1,241 1,288 992 995 986 991 1,000 999 1,006 1,012 239 240 237 240 238 239 243 245 1937—January... February.. March April May June July August. —. 238 230 226 230 233 241 235 234 179 167 170 177 168 171 163 162 345 307 248 241 244 259 282 277 669 671 667 661 657 654 647 645 885 909 939 951 957 969 975 973 239 243 254 256 259 261 251 244 2,307 2,274 2,244 2, 252 2,255 2,293 2, 293 2, 283 1,254 1,217 1,200 1,194 1,203 1, 253 1,239 1,005 997 1,003 1,008 1,006 1,022 1, 010 247 252 259 263 263 261 259 253 1 Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total. District Bank included beginning in 1936. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640. 2 1052 FEDERAL RESERVE BULLETIN OCTOBER 1937 COMMERCIAL BANKS—Continued [Figures as of end of month] Assets France (4 large banks. Figures in millions of francs) 1930—December. 1931—December. 1932—December. 1933—December. 1934—December. 1935—December. 1936—May June July August September. October. __ November December. 1937—January. __ February _. March April May June Cash reserves 2,419 11,311 9,007 5,870 5,836 3,739 3,513 3,494 3,206 3.097 3,083 3,186 3,173 3,100 2,852 2,798 5,237 2,891 3,014 2,761 Due from Bills disbanks counted Other assets 10,743 9,274 7,850 8.309 8,159 8,025 7,542 7,328 7,215 7,031 7,398 7, 452 7,625 7,631 7,949 8,056 8,357 8,116 7, 996 8, 514 Total Demand 35, 284 37,023 36, 491 31, 773 30,039 26,859 26, 523 25,022 24. 761 24,451 24, 613 27,028 27, 467 27,955 29, 304 29,061 30, 465 27,164 27, 682 27, 568 36,681 38, 245 37,759 32, 635 30,943 27, 553 27,199 25, 655 25,334 24,979 25,137 27, 549 28,015 28,484 29, 831 29,644 31, 008 27,703 28, 242 28,128 2.361 2,130 1,749 ^717 ,900 ,333 ,385 ,445 ,451 ,457 ,727 ,824 ,957 ,340 ,397 ,448 ,481 ,446 , 595 191 173 143 131 115 139 175 146 138 180 130 137 154 130 201 132 139 180 145 Due from banks 1,483 817 583 471 393 316 295 263 274 287 273 269 303 301 315 297 288 296 298 Bills dis- Loans counted 2,453 1,431 1,631 1,702 2,037 2,162 2, 435 2,363 2,329 2,360 2,569 2,567 2,895 2,966 2,908 3,204 3,171 3,091 3,099 7,416 5,377 4,570 3,731 3,331 2,884 2,858 2,843 2,826 2,779 2,735 2,729 2,679 2,673 2,732 2,666 2,637 2,636 2, 676 Securities 482 807 938 860 874 1,027 1,008 1,037 1,047 1,066 1,075 1,112 1,020 1,022 1,014 949 1,039 1,037 981 Other assets 880 1,127 991 1,003 983 983 839 824 816 847 858 851 837 822 813 805 807 778 760 Total 9,091 6,062 6,161 5,754 5,816 5,376 5,712 5,557 5,533 5, 621 5,712 5,751 5,973 6,029 6,135 6, 213 6,246 6, 204 6,164 205 135 103 106 103 83 91 91 91 105 109 116 114 119 119 124 121 117 116 114 1,275 1,253 1,104 1,036 977 945 777 768 776 807 816 800 791 796 805 814 835 852 853 852 921 576 295 273 193 337 424 394 359 335 368 408 454 473 561 602 600 583 542 591 Demand 3,857 3, 252 2,958 2,624 2,731 2,435 2,688 2,595 2,529 2,575 2,644 2,661 2,923 2,760 2,942 2,926 2,979 2, 969 2. 918 Time Credits obtained from banks 1,986 1,328 1,146 661 485 686 622 613 605 575 586 579 557 578 559 551 543 563 533 5,233 2,810 3,203 3,130 3,085 2,941 3,023 2,962 3,005 3,045 3,068 3,090 3,050 3,270 3,194 3,287 3, 267 3,236 3,245 Deposits payable in Canada excluding interbank deposits Entirely in Canada 207 201 211 197 228 228 230 227 225 226 232 264 240 247 239 242 246 240 238 231 |Qth 4, 357 4,503 4,331 4,362 4,301 4,399 3,812 3,897 3,994 4,035 4,066 4,244 4,290 4,289 3,626 3,600 3,732 3,825 3,817 3,954 Other liabilities 1,828 2,341 1,550 1,481 1,432 1,449 1,276 1,306 1,291 1.323 1,342 1,334 1,357 1, 307 1,288 1,289 1,291 1, 251 1,261 Liabilities Security loans abroad and net Securi(10 chartered banks. Figures in milOther due ties lions of Canadian dollars) Cash Security loans from reserves loans and dis- foreign counts banks 1930—December. 1931—December. 1932—December. 1933—December. 1934—December, 1935— December. 1936—June July August September. October ___ November December. 1937—January .__ February. _ March April May. June July 1,397 1,222 1,268 862 904 694 676 633 573 528 524 521 548 529 527 583 543 539 560 560 Deposits Assets Canada Own Time liabilities Assets (5 large Berlin banks. Figures in mil- Cash reserves lions of reichsmarks) 1931—November. 1932—November. 1933—November. 1934—No vember. 1935—November. 1936—June July August September. October November 1937—January ___ February.. March April May June July Loans 20,448 18, 441 22,014 19, 848 18, 304 16,141 16,014 14,972 15,410 15,445 14,876 17, 070 17, 298 17, 582 18, 289 17,825 16, 701 16,043 16, 479 15,869 4,675 2,168 1,766 1,416 1,421 2,484 3,032 2,768 2,410 2,326 2,757 2,766 2,839 2,975 3,589 3,770 3,596 3, 579 3,666 3,933 Germany1 1930—November. Liabilities Deposits 171 146 155 134 155 141 113 110 157 146 146, 179 161 173 214 161 141 139 128 139 604 694 778 861 967 1,155 1,368 1,357 1,355 1,380 1,363 1,316 1,384 1,412 1,422 1,427 1,440 1,438 1,442 1,431 Other assets 602 510 439 432 449 485 502 481 487 494 491 485 507 468 483 516 511 491 520 472 Note circulation 133 129 115 121 124 111 115 113 115 111 112 109 103 103 108 105 106 103 107 107 Total 2,115 2,058 1,916 1,920 2,035 2.180 2,207 2,174 2,175 2,263 2,261 2,269 2,303 2,330 2,369 2,370 2,383 2,372 2,379 2,322 Demand 689 698 538 563 628 694 702 680 672 762 751 722 755 782 805 786 799 799 809 750 Other liabilities Time 1,426 1,360 1,378 1,357 1,407 1,486 1,505 1,494 1,503 1,501 1,510 1,547 1,548 1,549 1,564 1,584 1,583 1,574 1,570 1,572 816 752 760 725 718 745 757 748 800 785 784 783 790 781 804 810 805 802 811 081 * Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice. (See BULLETIN for June 1935, p. 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390. OCTOBER 1053 FEDERAL RESERVE BULLETIN 1«37 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective United Nether- SwitzerGerKingdom France many Italy lands land In effect Jan. 1, 1936 Jan 2, 1936 Jan 10 Jan 16 Feb. 4 Feb 7 Mar. 28 May 7 May 18 May 30 June 4 June 24 June 25 June 26 June 30 July 7 July 10 Sept. 9 Sept 25 Oct. 2 Oct 9 Oct. 16 Oct. 20 Nov. 26 Dec. 3 Jan. 28,1937 June 15 _ July 7 Auc. 4 Sept. 3 In effect Sept. 28,1937 2 6 5 4 4 5 2y2 3 2^2 5 6 4H 3V6 4V 5 4 4 3V 3 3 2 5 3 2V2 2 2 2 Date effective Rate Sept. 28 Central bank o— f Italy Japan Java Latvia Lithuania... Netherlands New Zealand _ Norway Peru Poland Portugal Rumania South Africa Spain Sweden Switzerland- April 1, 1937 Mar. 1, 1936 July 10, 1935 3M 2 May 16, 1935 6 July 5, 1932 3 Nov. 28, 1935 6 Aug. 15, 1935 23/9 Mar. 11, 1935 3-41,/ Dec. 16, 1936 4 July 18C, 1933 6 3 4 4 4 4 ^Yi 4 Jan. 1,1936 Jan. 2, 1937 Nov. 19,1936 Nov. 30, 1932 Aug. 23, 1935 Oct. 1, 1935 Dec. 3, 1934 3M Sept. 3, 1937 4 Sept. 22, 1932 6 Jan. 4, 1937 4 Aug. 29, 1935 Turkey United Kingdom U S. S. R.. Yugoslavia. 3.29 3 5 5H 2 Date effective May Apr. Jan. Nov. July Dec. 18, 1936 7, 1936 14, 1937 1, 1936 1, 193C 3, 1936 514 June 29, 193C Dec. 7, 1936 May 20, 1932 Oct. 26, 1933 Aug. 11, 1937 Dec. 15, 1934 May 15, 1933 July 15, 1935 Dec. 1, 1933 Nov. 26, 1936 Mar, 2, 1933 2 8 g June 30, 1932 Mar. 22, 1927 Feb. 1. 1935 2 4 6 5 4 43^ 33^2 5 23^ ih iM c Corrected. Changes since Aug. 26: France—Sept. 3, down from 4 to 3 /2 percent. 4 6 5 4 3*12 4 Albania...Argentina— Austria Belgium Bolivia British India Bulgaria... Canada Chile Colombia.... Czechoslovakia Danzig Denmark.. Ecuador El Salvador. Estonia Finland France Germany... Greece Hungary... V/2 2 Rate Sept. 28 Central bank of— MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Month Netherlands (Amsterdam) Germany (Berlin) Private Bankers' Bankers' Treasury acceptances, bills, 3 Day-to-day allowance discount money on deposits rate months 3 months Money for Day-to-day 1 month money Private discount rate 1936—August.. __ September October November December. 2.88 3.00 2.94 3.00 3.00 2.84 2.89 2.82 2.84 2.88 3.01 3.01 2.82 2.79 3.05 1.37 1.33 2.03 1.00 .82 1937—January. __ February.. March April May June July August 3.00 3.00 3.00 2.90 2.88 2.86 2.86 2.71 2.63 2.63 2.65 2.69 2.54 2.47 3.10 2.55 2.69 2.78 C 2.64 2.85 M oney for 1 month .39 .38 .38 .31 P. 19 .19 .19 2.88 2.88 2.88 2.88 Switzerland Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Private discount rate Sweden (Stockholm) Hungary 1.20 1.29 2.51 1.55 1.48 1.01 1.00 1.00 1.00 1.00 .92 .53 Japan (Tokyo) Month 1936—August.... September October.,_ November December. 2.25 1.98 1.69 1.46 1.25 1.38 1.38 1.29 1.00 1.00 3.00 3.38 2.52 1.96 1.99 4.50 4.50 4.50 4.50 4.50 1937—January.. _ February.. March April May June July 1.25 1.18 1.00 1.00 1.00 1.00 J. 00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.22 4.01 4.06 4.00 3.93 5.02 5.20 4.50 4.50 4.50 4.50 4.50 5.00 5.00 Prime Loans up Discounted Call commer- Day-to-day money to 3 bills 1 overnight money cial paper months H 2% 2% 2% 2% 2% 2X 2% 4.75 4.75 4.75 4.75 4.75 2.69 2.81 2.92 2.86 2.74 4.75 4.75 4.75 4.75 4.75 4.75 4.75 2.63 2.67 2.83 2.86 2.69 2.80 2.70 c p Preliminary. Corrected. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, D. 736. and May 1930, p. 318. 1054 FEDERAL RESERVE BULLETIN OCTOBER 1937 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month 1929___ 1930. 1931.. 1932._ 1933— 1934—_ 1935 1936 _ 1936—August SeptemberOctober NovemberDecember . 1937—January.—. FebruaryMarch April May June July August Year or month 1929 1930 1931. 1932 1933 1934. 1935 1936 1936—August SeptemberOctober _ November December 1937—January February March April May June July August Y e a r or m o n t h 1929 1930. 1931 1932 1933 1934., 1935 1936 1936—August September October November December 1937—January February March April— May June— July August Argentina (peso) 95.127 83. 505 66. 738 58.443 72. 801 33. 579 32.659 33.137 33. 503 33. 611 32. 667 32. 583 32. 718 32. 718 32.627 32. 570 32. 774 32. 928 32. 898 33.107 33. 206 AusAustria tralia (schilling) pound) 480.83 458. 60 351. 50 279. 93 337. 07 400. 95 388. 86 395. 94 400. 34 401.06 390. 33 389. 54 390. 99 390. 98 389. 93 389. 26 391. 78 393. 70 393. 25 395. 70 396. 92 Czecho- Denslovakia mark (koruna) (krone) 2. 9609 2. 9640 2. 9619 2.9618 3. 8232 4. 2424 4.1642 4. 0078 4.1318 26. 680 26. 765 25. 058 18.832 19. 071 22. 500 14.058 14.089 14.023 13.960 15. 448 18. 793 18. 831 18. 792 18. 838 18. 845 18. 732 18. 687 18. 692 18. 682 18. 677 18. 677 18. 687 18.719 18. 714 18. 775 18. 851 Belgium (belga) Brazil (milreis) Offi ™> 13.912 11.8078 13. 952 10. 7136 13. 929 7. 0290 13.914 7.1223 17. 900 7. 9630 23. 287 8. 4268 18. 424 8. 2947 8. 5681 16.917 16. 862 8. 5222 16. 893 8. 6445 16. 835 8.7011 16. 907 8. 6662 16. 901 8. 6981 16. 860 8. 7080 16. 861 8. 7053 16. 847 8. 7021 16. 860 8. 7105 8. 7192 16.868 16. 866 8.7179 16. 835 8. 7266 16. 838 8.7314 Egypt Finland France (pound) (markka) (franc) 21. 883 22.189 22. 434 22. 480 21. 866 21.818 21. 907 498. 07 498. 60 465.11 359. 54 434. 39 516.85 502. 60 509. 68 515.32 516. 76 502. 24 501.17 503. 20 3.9161 3. 9249 3. 9200 3. 9276 5.0313 6. 5688 6.6013 6.1141 6. 5853 6. 3409 4. 6662 4. 6472 4. 6675 21. 908 21.847 21. 807 21. 945 22.051 22. 031 22.173 22. 236 503.17 501. 78 500. 87 504. 07 506. 49 506. 05 509. 30 510.83 4. 6672 4.6555 4. 5945 4. 4963 4.4768 2 4. 4399 3. 8048 3. 7501 ma'rke 5. 8788 5. 8367 5. 8901 5. 8452 5.8631 5. 9525 6. 0812 6.1076 6.1069 6. 2538 6. 4164 6. 5543 6. 6335 6. 5449 Germany (reichsmark) 23.809 23. 854 23. 630 23.749 30. 518 39. 375 40.258 40. 297 40. 221 40. 083 40.196 40. 223 40. 230 40. 225 40.226 40. 215 40. 206 40.171 40. 071 40.186 40.213 British India (rupee) Bulgaria (lev) Canada (dollar) Chile (peso) China Colombia (yuan) (peso) 41.901 29.917 22. 437 21. 736 28. 598 34. 094 36. 571 29. 751 30. 048 29. 940 29.331 29. 466 29. 525 29. 654 29. 600 29. 664 29. 714 29. 798 29. 653 29. 494 1 29. 650 36. 202 36. 067 33. 690 26. 347 31.816 37. 879 36. 964 37. 523 37. 931 38.017 36. 991 36.913 37. 088 37. 094 36. 973 36. 888 37.120 37. 280 37. 245 37. 483 37. 601 .7216 .7209 .7163 .7193 1. 0039 1. 2852 1. 2951 1. 2958 1. 2988 1. 2978 1. 2848 1.2795 1. 2779 1. 2873 1. 2903 1. 2884 1. 2875 1. 2839 1. 2830 1. 2825 1. 2845 99. 247 99. 842 96. 353 88. 090 91. 959 101.006 99. 493 99.913 99. 978 100. 017 100. 022 100.120 100. 062 99. 960 99. 964 100.051 100.120 100.149 99. 944 99. 858 99. 982 12.0601 12. 0785 12.0669 7. 9079 7.6787 10.1452 5.0833 5.1240 5.1725 5.1691 5.1727 5.1688 5.1719 5.1726 5.1731 5.1726 5.1725 5.1725 5.1738 5. 1767 5.1571 Greece (drachma) Hong Kong (dollar) Hungary (pengo) Italy (lira) 1. 2934 1. 2959 1. 2926 .8320 .7233 .9402 .9386 .9289 .9387 .9347 .8965 .8935 .8973 47.167 33.853 24.331 23.460 29.452 38. 716 48. 217 31.711 31.152 31.104 30. 359 30.462 30. 540 .8951 .9003 .9052 .9043 .9088 .9116 30. 566 30.403 30. 355 30. 509 30. 600 30.349 30. 343 30. 993 17. 441 17. 494 17. 452 17. 446 22. 360 29. 575 29,602 29. 558 19. 777 19. 772 19. 774 19. 776 19. 778 19. 776 19. 782 19. 779 19. 785 19. 781 19. 771 19. 770 19. 764 96. 551 96.493 96. 570 95. 275 81. 697 61. 780 56.011 57.083 56. 900 56. 505 56. 501 57.097 57. 390 57. 390 57. 234 57.008 56. 956 56. 967 57.006 56. 992 56. 997 Cuba (peso) 99. 965 99.952 99. 930 99. 941 99. 946 99. 936 99. 920 99.909 99. 904 99. 901 99. 924 99. 916 99. 916 99. 917 99. 917 99. 917 99. 918 99. 917 99. 919 99. 916 99. 917 Japan Mexico Netherlands (yen) (peso) (florin) 5. 2334 5. 2374 5. 2063 5.1253 6. 7094 8. 5617 8. 2471 7.2916 7. 8673 7. 8514 5. 5299 5. 2603 5. 2609 5. 2610 5.2608 5. 2608 5. 2607 5. 2606 5. 2607 5. 2600 5. 2603 46.100 49.390 48. 851 28. Ill 25.646 29.715 28. 707 29.022 29.404 29. 414 28. 609 28. 559 28. 512 28. 537 28. 529 28. 494 28. 635 28. 780 28. 711 28. 882 29.027 48.183 47.133 35.492 31. 850 28.103 27. 742 27. 778 27. 760 27. 753 27. 753 27. 747 27.750 27. 750 40.162 40. 225 40. 230 40. 295 51. 721 67. 383 67. 715 64. 481 67.904 66. 250 53. 632 53. 991 54.566 27. 750 27. 750 27. 750 27. 751 27. 750 27. 751 27, 751 27. 751 54. 752 54. 686 54. 702 54. 757 54. 936 54. 976 55. 091 55.151 Straits! w Switz- Turkey United U r u Norway Poland Portu- Ruma- South Spain Settle- Sd ee King- g u a y gal nia Africa n erland ments 'krona) (franc) (pound) dom (pound) (krone) (zloty) (escudo) (leu) (pound) 'peseta) foliar) ;pound) (peso) Yugoslavia (dinar) 4.1319 3. 6474 3. 5380 3. 5200 3. 4922 3.4883 3. 4879 3. 4862 3.4853 3. 4841 3.4854 3. 4875 New Zealand 483. 21 468. 22 415. 29 320.19 340.00 402. 46 391. 26 398. 92 403.42 403.97 393. 25 392. 36 393. 87 393. 82 392. 92 392. 32 394. 76 396. 61 396. 21 398. 74 400.10 1 26.683 26. 760 25.055 18. 004 21. 429 25. 316 24. 627 24. 974 25. 249 25.304 24. 608 24. 555 24. 656 24. 658 24. 589 24. 544 24. 699 24.819 24. 797 24. 957 25.030 11.194 11. 205 11.197 11.182 14. 414 18. 846 18. 882 18. 875 18.827 18. 824 18. 828 18. 825 18. 853 18.924 18. 929 18. 939 18. 959 18. 934 18. 928 18. 915 18. 902 4. 4714 4. 4940 4. 2435 3.1960 3. 9165 4.6089 4. 4575 4. 5130 4. 5558 4. 5586 4.4475 4. 4373 4. 4514 4. 4487 4. 4457 4. 4411 4. 4599 4. 4723 4. 4689 4. 4958 4. 5053 .5961 .5953 .5946 .5968 .7795 1.0006 .9277 .7382 .7317 .7315 .7309 .7289 .7285 .7273 .7275 .7284 .7286 .7290 .7279 .7286 .7270 483. 27 483. 79 480. 76 476. 56 414. 98 498. 29 484. 66 491. 65 497.19 497.99 484. 32 483. 43 485. 33 14. 683 11. 667 9.545 8.044 10. 719 13.615 13. 678 12. 314 13. 643 12. 347 8.954 8.798 7.727 56.012 55. 964 52. 445 40. 397 49. 232 59.005 57.173 58. 258 58.916 59.095 57. 446 57. 314 57. 544 485. 40 484. 24 483. 81 486. 89 489.17 488. 68 491. 95 493. 61 7.099 6.736 6.149 5.711 5.348 5.215 5.062 6.273 57. 549 57.404 57.194 57. 640 57.929 57. 836 58. 240 58. 414 26. 784 26. 854 25. 254 18. 471 22.032 25. 982 25. 271 25. 626 25.910 25.965 25. 253 25.196 25. 300 25. 301 25. 232 25.186 25. 339 25. 465 25. 444 25. 607 25. 683 19. 279 19. 382 19.401 19. 405 24. 836 32. 366 32. 497 30. 189 32. 599 31. 418 22.993 22. 984 22. 985 22. 936 22.829 22. 792 22. 824 22. 870 22. 879 22. 920 22. 963 48.411 47. 061 47.181 47.285 60. 440 79. 047 80.312 80. 357 80. 272 80.145 79.834 79. 883 80.162 485. 69 486. 21 453. 50 350. 61 423. 68 503. 93 490.18 497. 09 502. 59 503. 63 489.84 488.80 490. 78 98. 629 85. 865 55. 357 47.064 60. 336 79. 956 80. 251 79. 874 79. 719 79. 679 79.857 80. 045 80.000 80.156 79. 700 79. 953 80. 246 80.134 79. 897 80. 537 80. 393 490.75 489. 39 488. 51 491. 63 493.99 493. 55 496. 72 498. 22 78. 926 78. 856 78. 753 78. 626 78. 659 79.143 79. 373 79. 250 1. 7591 1. 7681 1. 7680 1.6411 1. 7607 2. 2719 2. 2837 2. 2965 2. 2926 2. 2912 2. 2956 2.2990 2. 3003 2. 3022 2. 3059 2. 3057 2. 3056 2. 3060 2.3056 2. 3072 2. 3051 Quotations nominal August 18-23, 1937. 2 Quotations nominal June 29-30, 1937. NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for April 1937, p. 371. OCTOBER FEDERAL RESERVE 1937 1055 BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States Year or month United Kingdom Netherlands Switzerland (1926-30= 100) (July 1914 =100) France Germany (1930=100) Canada (1913=100) (1913=100) Italy (1928=100) Japan (October 1900=100) 134 138 140 137 125 111 97 93 98 102 104 100 95 85 75 70 63 62 68 76 237 225 226 220 181 153 161 180 178 186 197 106 103 102 100 90 76 65 63 63 62 64 144 142 145 141 126 110 96 91 90 90 96 (1926=100) 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 . . 100 95 97 95 86 73 65 66 75 80 81 100 98 96 96 87 72 67 67 72 72 75 100 88 86 86 88 89 94 695 642 645 627 554 502 427 398 376 338 411 81 82 82 82 82 84 74 76 76 77 77 80 94 95 96 98 98 101 391 403 420 471 492 519 104 105 104 104 104 105 75 76 77 77 78 79 197 197 201 200 204 215 62 63 63 68 70 71 93 93 97 103 105 107 86 86 88 88 87 87 88 88 81 83 86 86 85 85 88 86 103 104 107 109 111 111 112 111 538 533 550 552 550 557 582 602 105 106 106 106 106 106 106 82 83 85 86 88 90 90 233 230 240 248 241 238 239 73 74 76 77 77 76 78 78 108 111 113 113 113 112 112 111 . . (1926=100) 1936—July August September October November December _ _ 1937—January _ February March April May June . -. -_ July August _ __ _- _ _ ^Preliminary. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) Year or month _ 1936—July August September October November December 1937—January February March April May June July A u g u s t . . . ___ __ Foods Other commodities Foods 100 99 106 105 88 65 48 51 65 79 81 100 97 101 100 91 75 61 81 71 84 82 100 94 93 92 85 75 70 71 78 78 80 100 89 88 83 85 87 92 81 84 84 84 85 89 81 83 83 83 84 86 80 80 80 80 81 82 91 91 94 92 90 89 89 86 87 87 88 86 84 83 84 86 87 86 86 86 86 85 86 87 F r a n c e (1913 = 100) G e r m a n y (1913 = 100) IndusFarm IndusAgricultrial trial tural and food products products products products Provisions Industrial raw Indusand semi- trial finished finished products products 129 138 134 130 113 104 91 87 96 102 105 132 129 133 125 113 96 86 75 76 84 86 130 132 134 100 87 85 87 90 90 96 793 678 697 669 579 464 380 380 361 348 397 90 94 95 98 97 99 96 96 97 97 99 102 405 425 449 487 500 522 378 384 396 457 484 516 106 106 105 104 103 104 85 85 86 86 86 91 93 94 94 95 95 96 121 121 122 122 123 123 99 99 101 102 102 102 103 103 105 107 111 113 115 115 116 116 532 516 528 522 520 532 549 572 543 548 570 577 576 579 610 628 103 103 104 104 104 105 106 93 94 95 95 98 98 98 97 97 98 97 97 97 96 123 123 124 124 124 124 125 P125 132 120 103 89 88 91 92 94 ^Preliminary. Sources,—See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p. 372. 150 147 159 157 150 136 581 599 584 579 526 542 482 420 393 327 426 118 co co a- 1926 1927 1928 1929 1930 1931 1932.. 1933 1934 1935 1936_ _ Farm products United Kingdom (1930=100) 121 1056 FEDERAL RESERVE BULLETIN OCTOBER 1937 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] Year or month [Index numbers] SwitzUnited E n g GerFrance many NethererStatesi land lands land July 192319111913July July 1925=100 1914=100 1914=100 1914=100 1913=100 1914=100 161 161 103 101 100 r 109 105 103 105 100 82 68 66 74 80 82 Sept.... Oct Nov Dec 1937—j a n Feb. Mar Apr May June July.... August. 554 557 549 611 614 611 536 491 481 423 470 146 153 153 156 146 131 116 113 118 120 122 163 166 162 150 136 119 120 124 118 120 160 158 157 156 152 141 125 117 115 114 120 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 129 129 131 132 136 136 446 460 483 504 520 534 124 124 122 122 121 121 120 120 121 123 123 123 136 135 135 135 136 136 140 140 562 577 577 580 584 576 580 594 121 122 122 122 122 123 125 124 124 122 123 125 126 129 130 126 129 129 129 129 131 131 170 164 166 164 158 148 144 140 141 143 147 82 146 146 147 148 151 151 1936—July Aug 121 124 124 122 85 85 85 86 87 86 86 86 1936—July.— Aug 156 157 154 145 131 126 120 122 125 130 84 84 84 83 83 83 1926 1927 1928 1929 1930 . 1931 1932 1933 1934 1935 1936 United E n g - France G e r - N e t h e r - SwitzerStates land Jan.many lands land 1923July June 19131911July 1925=100 1914=100 1914=100 1914=100 1913=100 1914=100 Year or month 100 97 89 80 76 r 79 81 82 - . ., . Sept.— Oct Nov Dec... 1937_jan Feb. Mar.._. Apr. 82 June _.. July ... August- 85 82 84 May 151 151 151 151 152 152 155 155 505 514 519 556 581 569 526 520 516 483 507 142 148 152 154 148 136 121 118 121 123 125 168 168 169 168 161 151 141 139 140 136 *132 162 160 161 161 158 150 138 131 129 128 130 504 125 125 124 124 124 124 132 134 134 133 130 130 130 132 132 132 540 125 125 125 125 125 125 126 126 581 606 134 134 134 136 136 138 139 133 136 136 137 136 137 137 137 r Revised. 1 From August 1933 to July 14, 1936, Bureau of Labor Statistics published biweekly indexes. Figures given are for date nearest 15th of month. 2 Revised index as from March 1936 (see BULLETIN for April, 1937, p. 373). Sources.—See BULLETIN for April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Year or month United States (average price)1 England (December 1921=100) France (1913=100) (1929=100) (1926 = 100) United States England France Netherlands Germany (1930=100) 278 300 329 100 85.5 81.4 83.3 283.4 2 67.1 82.5 90.7 95.3 95.8 100.0 104.3 104.1 94.8 105.3 113.4 107.8 109.1 100.0 107.0 115.9 119.5 102.6 78.9 67.9 78.6 85.7 86.3 97.0 100.0 123.2 178.1 217.6 187.6 132.2 105.2 99.6 83.3 79.7 77.2 100.0 145.0 136.1 122.8 100.2 2 78.0 250.3 61.7 71.1 82.9 91.6 100. 70. 46. 52. 55. 55. 66 73.2 73.2 75.2 80.8 78.8 78.4 95.9 96.1 96.1 96.2 96.3 96.4 106.0 108.5 109.9 117.5 120.0 120.3 109.2 113.0 114.1 118.7 124.2 123.1 94.7 97.3 98.2 102.1 103.2 103.5 59.2 58.8 65.7 83.7 89.7 94.8 94.6 93.4 91.8 97.2 97.8 96.7 61.9 62.2 63.5 78.9 88.6 91.2 77.5 75.1 74.6 72.6 72.3 74.6 75.0 77.2 96.7 97.4 97.7 98.5 98.8 98.9 99.0 99.4 121.9 121.2 121.6 126.4 129.5 129.9 124.5 116.3 113.6 117.8 120.5 104.2 103.8 102.7 101.0 99.3 97.0 96.8 96.8 114.6 113.3 112.0 96.6 94.8 94.0 90.6 93.6 97.8 99.2 100.3 101.5 102.6 103.5 105.1 106.1 101.5 109.0 113.7 110.1 105.5 103.4 107.7 115.2 August September... October NovemberDecember. „ 97.1 97.7 98.6 99.6 99.8 99.9 131.0 131.6 132.1 132.9 132.0 130. 9 1937—January February March April May June __ July August 100.3 100.0 98.5 96.6 96.2 95.0 95.3 94.8 129.7 125.5 124.3 125.3 125.0 123. 9 123.3 123.2 1936—July Netherlands 3 420 36 57.4 71.7 80.8 85.1 95.8 96.9 88.6 81.3 82.1 83.5 76.3 _ (average price) 100.0 118.3 149.9 190.3 149.8 94.7 48.6 63.0 72.4 78.3 111.1 87 110.0 110.7 112.3 110.2 111.8 108.4 113.2 119.7 127.5 129.9 131.2 1926 1927 1928. 1929 1930 1931 1932 1933 1934 1935 1936 Germ any 8 60 97.6 100.7 100.8 98.0 99.3 90.9 69.5 73.4 84.5 88.6 97.5 N u m b e r of issues. _ Common stocks 139 i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. J Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December. 3 Index of reciprocals of average yields. Average yield in base year 1929 was 4.57 percent. Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p. 373, and July 1937, p. 698. FEDERAL RESERVE DIRECTORY 1057 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M . S. SZYMCZAK JOHN K. MCKEB CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, 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 0 . E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman GEORGE L. HARRISON, Vice Chairman CHESTER C. DAVIS W M . A. DAY W M . M C C . MARTIN JOHN K. MCKEE B. A. MCKINNEY RONALD RANSOM J O H N S. SINCLAIR M . S. SZYMCZAK FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) District No. 2 (NEW YORK) District No. 3 (PHILADELPHIA) . . THOMAS M. STEELE District No. 4 (CLEVELAND) L. B. WILLIAMS W. W. ALDRICH HOWARD A. LOEB, V ice-President District No. 5 (RICHMOND) CHARLES M. GOHEN District No. 6 (ATLANTA) EDWARD BALL District No. 7 (CHICAGO) EDWARD E. BROWN District No. 8 (ST. LOUIS) WALTER W. SMITH, District No. 9 (MINNEAPOLIS) . . . JOHN CROSBY CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) W. T. KEMPER WALTER WYATT, General Counsel District No. 11 (DALLAS) President J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account 1058 . R. E. HARDING District No. 12 (SAN FRANCISCO) . . . PAUL S. DICK WALTER LICHTENSTEIN, Secretary SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Boston New York ; Chairman and Federal j Reserve Agent | President First Vice President Vice Presidents j F. H. Curtiss _ R. A. Young W. W. Paddock W. Willett » ! Owen D. Young*. G. L. Harrison Allan Sproul.. W. R. Burgess L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke C. H. Coe i Philadelphia j R. L. Austin_. J. 8. Sinclair Cleveland ; E. 8, Burke, Jr.. M. J. Fleming.. F. J. Zurlinden_ H. F. Strater W. H. Fletcher W. F. Taylor * Hugh Leach.... J. S. Walden, Jr. J. G. Fry G. H. Keesee * H. F. Cormifl L M. Clark W. S.McLarin, Jr.a , Richmond I Robert Lassiter.. I i W. H. Kettig . . . i i ; R. E. Wood1 C. A. Mcllhenny * W. J. Davis E. C. Hill j 1 I F. J. Drinnen_ Atlanta : i ! Chicago i i i St. Louis Oscar Newton.. | ! | G. J. Schaller R. 8. Parker H. P. Preston.. W. H. Snyder » C. S. Young J. H. Dillard j O. M. Attebery. J. 8. Wood. J. O. McConkey C M . Stewart 2 I ! | W. T. Nardin_ _.| W. McC. Martin I Minneapolis ; W. B. Geery... J. N. Peyton.. I O. S. Powell Harry Yaeger H. I. Ziemer.s E. W. Swanson iI Kansas City Dallas San Francisco j J. J. Thomas... i j C. C. Walsh... .\ A. O. Stewart.. 1 G. H. Hamilton... 0 . A. Worthington... A. M. McAdams J. W. Helm.s B. A. McKinney.. R. R. Gilbert.... R. B. Coleman 3 W. J. Evans W. A. Day Deputy chairman. ! Ira Clerk.. * Cashier. S. G. Sargent W. M. Hale C. E. Earhart» « Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo branch Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Charlotte branch Atlanta: Birmingham branch Jacksonville branch Nashville branch New Orleans branch. Chicago: Detroit branch St. Louis: Little Rock branch Louisville branch. Memphis branch Managing director R. M. O'Hara B. J. Lazar G. H. Wagner __ W. R. Milford W. T. Clements P. L. T. Beavers G. S. Vardeman, Jr. J. B. Fort, Jr. Marcus Walker R. H. Buss A. F. Bailey J. T. Moore W. H. Glasgow Federal Reserve Bank of— Minneapolis: Helena branch Kansas City: Denver branch Oklahoma City branch Omaha branch Dallas: El Paso branch Houston branch San Antonio branch.. San Francisco: Los Angeles branch Portland branch Salt Lake City branch Seattle branch... Spokane branch Managing director ___ R. E. Towle J. E. Olson C. E. Daniel L. H. Earhart J. L. Hermann W. D. Gentry M. Crump W. N. Ambrose R. B. West W. L. Partner C. R. Shaw D. L. Davis SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. 1059 FEDERAL RESERVE DISTRICTS ••••• « » ® • O BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
@FedFRASER