Full text of Federal Reserve Bulletin : September 1937
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FEDERAL RESERVE BULLETIN SEPTEMBER 1937 Reduction in Discount Rates Banking Developments in First Half of 1937 Objectives of Monetary Policy Acceptance Practice Statistics of Bank Suspensions BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CONSTITUTION AVENUE AT 20TH STREET WASHINGTON TABLE OF CONTENTS PAGE Review of the month—Reduction in discount rates—Banking developments in the first half of 1937 819-826 Objectives of monetary policy 827 National summary of business conditions 829-830 Summary of financial and business statistics 832 Law Department: Regulation M relating to foreign branches of national banks and corporations organized under section 25 (a) of Federal Reserve Act 833 Rulings of the Board: Reserve requirements of foreign banking corporations 833 Matured bonds and coupons as cash items in process of collection in computing reserves 833 Appointment of alternates for members of trust investment committee of national bank 834 New Federal Reserve building _ • 835-838 Acceptance practice 839-850 Condition of all member banks on June 20, 1937 (from Member Bank Call Report No. 73) _. . . _ 851-852 French financial measures . _. _: 853 Annual report of the Central Bank of the Argentine Republic. _ _ . _ _ _..._. _ 854-865 Bank suspensions, 1921-1936 866-910 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 912 Federal Reserve bank statistics 913-917 Reserve position of member banks; deposits in larger and smaller centers 918 Money in circulation 919 Gold stock and gold movements; bank suspensions; bank debits 920 r All banks in the United States 921 All member banks 922-923 Reporting member banks in leading cities 924-927 Acceptances, commercial paper, and brokers' balances 928 Federal Reserve bank discount rates 929 Money rates and bond yields 930 Security markets 931 Treasury finance 932-933 Governmental corporations and credit agencies; Postal Savings System 934-935 Production, employment, and trade 936-944 Wholesale prices 945 Crop report 946 International financial statistics: Gold reserves of central banks and governments 948 Gold production _. 949 Gold movements 949-950 Central banks 951-954 Bank for International Settlements 955 Commercial banks 955-956 Discount rates of central banks 957 Money rates 957 Foreign exchange rates 958 Price movements: Wholesale prices 959 Retail food prices and cost of living 960 Security prices 960 Federal Reserve directory Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 962 Senior officers of Federal Reserve banks; managing directors of branches _ 963 II FEDERAL RESERVE BULLETIN VOL. 23 SEPTEMBER, 1937 REVIEW OF THE MONTH Beginning August 20 discount rates were reduced at several of the Federal Reserve banks. The reductions were Reduction in f r o m 2 percent to li/> percent discount rates at the Federal Reserve Banks of Atlanta, Chicago, Minneapolis, Richmond, Dallas, Boston, and St. Louis and from 11/2 percent to 1 percent at the Federal Reserve Bank of New York. In approving the first of these changes the Board of Governors issued the following statement in explanation of its action: "The Board of Governors today approved the action of the directors of the Federal Reserve Banks at Atlanta and Chicago in reducing the discount rate from 2 percent to IY2 percent, effective in the 6th and 7th Federal Reserve Districts, respectively, on August 21, 1937. "The Board's approval was based upon the view that the reduction of discount rates at this time would assist in carrying out the System's policy of monetary ease and make Federal Reserve bank credit readily available to member banks for the accommodation of commerce, business and agriculture, without encouraging member banks to borrow outside of their districts or to liquidate their portfolios in order to be in a position to meet the needs of present or prospective borrowers. "The reduction in discount rates, which have had little or no practical effect during the period when excess reserves were abnormally large and widely distributed throughout the System, brings the rates into closer relation with the interest rate struc- No. 9 ture generally prevailing, and affords to member banks the benefit of rates, on advances made by the Federal Reserve bank, which are in line with those available in the money market. During the extended period when excess reserves of the banking system were between two and three billions of dollars, the occasion did not arise except in rare instances for member banks to borrow from the Federal Reserve banks, and the discount rates were accordingly inoperative as a practical matter. "As a result of the continued progress of the recovery movement, demands of agriculture, industry and commerce for bank accommodation have steadily increased and at the present time are augmented by seasonal requirements, particularly with relation to crop movements. While excess reserves, following the action of the Board in increasing reserve requirements, remain at an unusually high level of approximately $750,000,000 at present for the System as a whole, they are distributed preponderantly among the country banks and not in the money centers. The reduction of the discount rates in the two large agricultural districts of Atlanta and Chicago should serve to assist the member banks to utilize credit directly available in these districts in order to meet banking requirements in connection with crop movements and business needs. "It is the Board's view, therefore, that at this time the Federal Reserve System can best discharge its public responsibility and promote the continuance of recovery by making it possible for member banks to obtain accommodation from Federal Reserve banks 819 820 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 at rates which will encourage them to employ while at other reserve city banks and at countheir funds to meet the needs of agriculture, try banks there was a small reduction. The subsequent increase in reserves was conindustry and commerce." These were the first changes in basic dis- fined to New York and Chicago banks, recount rates at any Federal Reserve bank since flecting not only Treasury payments in those May 1935. As of September 2, 1937, the centers but also movements of business funds discount rates in effect at the various Federal to them. Reserve banks were 1 percent at New York, EXCESS RESERVES OF MEMBER BANKS IV2 percent at Boston, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas, and 2 percent at Philadelphia, Kansas City, and San Francisco. Excess reserves of member banks declined in the latter half of July and the first few days of August from Recent changes in over $950,000,000 to about excess reserves $700,000,000. Subsequently they increased somewhat and on August 25 amounted to about $760,000,000. At $700,000,000 on August 4 excess reserves were the smallest since September 1933. Fluctu- Notwithstanding the large loss of reserves ations in member bank reserves during by money market banks, no appreciable tightJuly and August were due largely to changes ness developed in the New in Treasury balances at Federal Reserve New York There was an Y ork market. . . , ! - , , banks, which increased from less than $100,- money market . increase m interbank borrow000,000 to over $300,000,000 through receipts ing, and for a few days early in August the from the sale of Treasury bills in excess of maturities and from securities sold and loans rate on Federal Reserve funds, that is the obtained in the market by various Govern- rate at which New York City banks borrow ment credit agencies. Subsequent expendi- reserves from other banks, usually on a tures reduced Treasury balances to about day-to-day basis, was in some cases as much $160,000,000. A seasonal increase in money as 1/2 percent, but generally the rate for these in circulation in August and increases in funds continued at the level of 14 percent, foreign and other nonmember deposits at the which had prevailed for the past few months. Federal Reserve banks after the middle of Loans by New York banks to out-of-town July absorbed over $100,000,000 of reserves. banks have recently been made at rates varyThe loss of excess reserves from the middle ing from 1 percent to 2V2 percent. Other open-market rates showed little or of July to early in August was largely concentrated in the money market banks of New no change from previous levels; the average York and Chicago, which supplied a large rate on the weekly issues of 9-month Treasury part of funds obtained by the Treasury and bills continued at around !/£ of 1 percent, the Government agencies. At New York, as average yield on 3-5 year Treasury notes deshown by the chart, excess reserves fell from clined to about 1% percent in July, and that $230,000,000 to about $40,000,000, and at on the longer-term Treasury bonds to little Chicago from $60,000,000 to $25,000,000, over 2^/2. percent. These were the lowest yields on Treasury obligations since early in BILLIONS OF DOLLARS SEPTEMBER FEDERAL RESERVE BULLETIN 1937 March. After the first week of August there was a decline in prices of Treasury bonds which raised the average yield to above 2% percent in the latter part of the month, or about the level prevailing in June and the early part of July. Yields on Treasury notes and bills also rose somewhat. Following a decline in the first half of July, total loans and investments of reporting member banks in leading cities Member bank credit in July and August jncreased in the period ^ from July 14 to August 4 when these banks were losing reserves, but in the two subsequent weeks they again declined. On August 18 total loans and investments of reporting banks in New York City were $140,000,000 less than on June 30, while those at other reporting banks were $150,000,000 larger. Commercial, industrial, and agricultural loans increased by $250,000,000 in the period and there was an increase in inter-bank loans, but loans to brokers and dealers in securities declined by $100,000,000 and holdings of investments by $160,000,000. The decrease in investments reflected further declines of about $100,000,000 in holdings of United States Government obligations at New York City banks and of $75,000,000 in holdings of other securities, mostly at banks outside New York. The decline in brokers' loans was mostly at New York City banks. The increase in commercial, industrial, and agricultural loans occurred principally in the cities of New York and Chicago and in the Federal Reserve districts of Boston, Cleveland, St. Louis, Kansas City, and San Francisco. The growth represented in part the purchase by banks in these districts of a large portion of the $60,000,000 of 9-month notes sold by the Commodity Credit Corporation on August 2. Deposits at New York City banks declined substantially from the middle of June to early in August, while those at banks in other leading cities showed little change. On August 18 adjusted demand deposits at New 821 York City banks were nearly $250,000,000 smaller than on June 30, and about $500,000,000 less than in March. Domestic interbank balances, which declined sharply in the first five months of the year, remained fairly stable during the summer months. Principal bankingtdevelopments in the first half of 1937, shown by the call reports of condition of all member banks Banking as of June 30, 1937, comfirlfhalTof*1937 P^sed a decrease of $260,000,000 in total loans and investments of member banks, an increase of over $300,000,000 in reserves, and sharp declines in deposits of domestic banks and of the United States Government. Other deposits increased slightly. In other recent years all of these items in the condition of banks showed substantial increases. Aggregate figures for all member banks in the first half of 1937 reflect diverse movements at different groups of banks and of different types of loans, investments, and deposits. The call-report figures indicate that country banks did not show declines in their investments and deposits as had been previously shown by weekly reporting banks in leading cities. During the first half of this year country banks withdrew substantial amounts of their balances from city banks and used the funds in part to meet the increase in reserve requirements prescribed by the Board of Governors and in larger part to increase both their loans and their investments. For the purpose of meeting these withdrawals, as well as the increased demand for loans from their own customers, city banks reduced their holdings of investments. The withdrawals of bankers' balances and the growth of loans continued throughout the six-month period, but most of the decline in investments, especially in holdings of United States Government obligations, was effected in the first quarter of the year. The principal changes 822 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 in the banking situation during the first half in the money market than was the case on other similar occasions, even though the conof 1937 are shown in the following table: centration of funds was larger than usual. CONDITION OF MEMBER BANKS ON J U N E 30, 1937, AND This was due to the fact that a large part of CHANGES IN FIRST HALF OF 1937 the funds was held as excess reserves, avail[In millions of dollars] able for instant withdrawal, while in earlier Con- Changes in first six months of 1937 periods the funds had been largely employed dition of all in stock-market loans which had to be called memCenAll Reber Coun- or shifted to other lenders when an outflow tral rememserve banks try serve city June 30, ber banks city set in. 1937 banks banks banks There was a further marked increase in +262 loans at member banks in the first half of +199 +462 +925 14, 285 Loans +47 -365 -867 18,454 -1,186 Investments.. 1937. The growth in the Total loans and inincrease demand for bank credit on +309 -166 -405 -261 vestments 32, 739 the part of commercial, in-375 -424 -60 -859 Balances with other banks__ 3,207 +285 +447 +672 Required reserves , 6,037 + 1 , 405 -195 dustrial, and agricultural borrowers, which -340 -543 Excess reserves 860 -1,079 +177 began in most of the larger cities in the first +107 -146 +139 Total adjusted deposits * 32,511 U. S. Government and -114 quarter of 1936 and continued through the -195 +50 -258 Postal Savings deposits,__ 728 Interbank deposits—domestic Foreign bank deposits 5,421 629 -1,134 +191 -542 +191 -516 -75 MEMBER BANK LOANS CALL REPORT DATES,OCT.3,1928 - JUNE 30,1937 i Total deposits less United States Government, Postal Savings and bankers' deposits and items in process of collection. Notwithstanding the increases in reserve requirements made during the first half of this year all classes of member banks continued to have excess reserves. Perhaps the outstanding change in the banking situation during the period was that country banks, which in recent years have held unusually large balances with city banks, put a considerable part of these funds to other uses. Prior to their withdrawal a part of the funds obtained from these balances had been invested by city banks and a part had been held by them as excess reserves with the Reserve banks. Consequently, a large part of the demand for funds to meet both the increase in reserve requirements and the growing demand for loans throughout the country has been met out of balances that had been held in the financial centers. This is in accordance with usual developments during an upswing in business when funds previously held idle and concentrated in money market centers begin to be in demand throughout the country. This year the withdrawal of funds from financial centers had less effect on conditions BILLIONS OF DOLLARS BILLIONS OF DOLLARS 13 12 - 12 1 ^ 1 11 A \ 10 - 10 9 8 7 6 - 8 w - \ OANS ON SECURITIES TO CUSTOMERS c V - 7 \ \ / °\ 4 9 OTHER LOANS TO CUSTOMERS 6 y \ V 5 N ~ 4 RE AL ESTATE LC ANS, 3 2 1 I - PURCHASE: PAPER ........ 0 i 2 LOANS TO BROKERS AND DEALERS ! ^ _ — - \ 1 i 1 i 0 1929 1930 1 3 1932 1933 1934 1935 1936 1937 91 remainder of that year, became more general in the first half of 1937, when there was a large demand for loans at country banks as well as at city banks. In the first half of this year the growth in commercial, industrial, and agricultural loans, as measured by so- SEPTEMBER FEDERAL RESERVE BULLETIN 1937 823 At reserve city banks in the New York, Chicago, Atlanta, and St. Louis districts, where there had been substantial increases in 1936, only a moderate growth or a slight decline in commercial loans was reported in the first half of this year. At country banks, commercial, industrial, and agricultural loans have increased this year in every district. The largest percentage increases were in the districts of Boston, Minneapolis, and Dallas, and the smallest in the Philadelphia and San Francisco districts. Although most of the increase in loans at member banks in the first half of 1937 was in loans to business customers, other types of loans also increased, as shown by the chart. Loans to brokers and dealers in securities rose by $125,000,000, real estate loans by $100,000,000, loans on securities to customers by $45,000,000, and holdings of open-market paper by $20,000,000. The additional loans to brokers and dealers were extended by New York City banks and brought the total of such loans to the highest level since 1931. As shown in a previous section of this review, however, there has been some decrease in these loans since the end of June. Nearly all of the increase in real estate loans took place " O T H E R " LOANS OUTSTANDING AT RESERVE CITY AND at reserve city and country banks. These COUNTRY MEMBER BANKS J U N E 30, 1937, AND CHANGES IN FIRST HALF OF 1937 banks also added to their holdings of open[In millions of dollars] market paper, while such holdings at New York City banks declined. Loans on securiReserve city banks Country banks ties to customers increased somewhat in New Change Change York but continued to decline elsewhere. June 30, since June 30, since 1937 Dec. 31, 1937 Dec. 31, Holdings of United States Government se1936 1936 curities by member banks showed a consider+34 247 +36 209 Boston +2 61 365 +28 New York able decline for the first 202 +30 230 +5 Philadelphia... 252 164 +31 +14 Shifts in holdings Cleveland half of this year. Most of 99 178 +3 +9 of Government Richmond 170 129 +4 +6 securities Atlanta the reduction occurred dur176 171 +6 + 18 Chicago 142 100 -2 +9 St. Louis ing the first quarter, which 108 94 -1 +15 Minneapolis... 170 144 +15 included the period of sharp decline in the Kansas City__. +14 140 147 +22 -9 Dallas 621 131 +3 bond market. +47 San Francisco . During the second quarter, 2,062 2,389 Total _+158 +181 as shown on the following chart, member I Includes all loans other than loans to banks, loans on securities and bank holdings of direct obligations of the on real estate, and holdings of acceptances and open-market commer- United States Government increased slightly, cial paper. "Other loans" for central reserve city banks not shown in this table amounted to $1,776,000,000 in New York, and $437,000,000 in Chicago while their holdings of guaranteed obligaon June 30, 1937, showing increases of $249,000,000 and $35,000,000 re- jtions showed a further small decline. Total spectively. called "other" loans, amounted to about $620,000,000 and, as indicated on the chart, the total amount of these loans on June 30, 1937, was the largest since the summer of 1932, although still much smaller than in earlier years. Of the total increase for the six months, $250,000,000 was at central reserve city banks in New York, $35,000,000 in Chicago, $160,000,000 at reserve city banks, and $180,000,000 at country banks. The increase in Chicago was reduced somewhat by repayment in the period of Commodity Credit Corporation notes, about $40,000,000 of which were held by Chicago banks on December 31, 1936. As compared with the growth in the first half of 1936, the rate of increase in commercial loans this year at New York City banks was about the same, while at reserve city banks it was considerably less, and at country banks it was about twice as large. At reserve city banks, as shown by the following table, most of the increase in commercial loans occurred in the northeastern districts of Boston, Philadelphia, and Cleveland and in the San Francisco district. Increases in the San Francisco and Cleveland districts followed substantial growth in 1936. x 2 1 2 824 FEDERAL RESERVE BULLETIN holdings of all member banks continued to be larger than on any report date prior to June 1936. New York City banks, which decreased their holdings by $550,000,000 in the latter half of 1936 and by $380,000,000 in the first quarter of 1937, showed a further decline of $200,000,000 in the second quarter of this year, and, as brought out in an earlier section of this review, the decline continued in July and August. Following substantial declines in their holdings in the first three months of the year, Chicago banks had net MEMBER BANK INVESTMENTS CALL REPORT DATES.OCT3, 1928" JUNE 30,1937 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 13 12 13 - 11 - A 10 9 j rV u U. 3. G0V1 [DIRECT OBLIGE TIONS o 7 - 6 - 5 - r A 11 10 f J r - 12 GOVERNMENT SECURITY HOLDINGS J U N E 30, 1937, CHANGES IN FIRST HALF OF 1937 - 1 - 0 ^— STATE AND LOCAL GOVY SECURITIES —. <* AND [In millions of dollars] OTHER D0ME5 me SEClJRIT1ES - 2 1937 serve banks on June 30, 1937, the total of such obligations outstanding on that date, exclusive of various issues not publicly offered, and changes in bank holdings and in amounts outstanding by types of issues during the first half of 1937. The table shows that at New York City banks there were substantial reductions during the six months in holdings of all types of issues—bonds, notes, and bills. The decline in bonds was almost exclusively in issues maturing after 1949, holdings of which had been increased in the latter half of 1936. The decrease at Chicago was almost wholly accounted for by a reduction in holdings of Treasury bills in connection with transactions around April 1, the date of assessment of the Illinois personal property tax. Reserve city banks, which reduced their holdings of both long-term bonds and notes, purchased more bills. The increase in country bank holdings was mainly in Treasury notes, and they also added somewhat to their small holdings of Treasury bills. •^. 3 SEPTEMBER IU.S. GOV'T GUAR.OBLIG. FOREIGN SECURITIES *"|* Classes of holders Changes in first six months of 1937 Total holdDirect obligations Fully ings guarJune 30, Total anteed 1937 Bonds Notes Bills obligations y -^....J. 1929 1930 1 3 1932 1933 1934 1935 1936 1937 91 Central reserve city banks: New York Chicago. . .. Reserve city banks Country banks 3. 630 1.001 4)902 3, 155 -578 -200 -221 +143 -255 -22 -108 + 14 -133 -10 -126 +103 -174 -168 +75 +36 — 16 -62 -10 additions of $50,000,000 in the second quarAll member banks. _ 689 -371 -166 -87 ter and the holdings of reserve city banks Federal Reserve banks 12, 526 -856 +242 -170 -232 +96 2, +24 Total obligations outwere practically unchanged. For the six standing, excluding various months each of these two groups of banks sues .. special is- 38, 399 +1, 240 +809 +328 +100 +3 showed declines of about $200,000,000. 1 Total includes all fully guaranteed obligations Country banks increased their holdings most bearing direct obligations, except Postal Savings bonds,and all interestadjusted service special issues. includes in the second quarter, showing a total increase bonds, and various otherheld in only smallItamounts byUnited States Savings bonds, which are banks. of $140,000,000 for the six months. The changes in the distribution of member The table below shows the amounts of United States Government direct and fully bank holdings by types of issues are partly guaranteed obligations held by the various explained by the Treasury financing operaclasses of member banks and the Federal Re- tions in March and June. Refunding opera- ! 1937 FEDERAL RESERVE BULLETIN tions on March 15, whereby Treasury notes maturing April 15 were exchanged for longterm bonds, accounted for some of the decline during the first quarter of the year in notes held by member banks, although it appears that banks also sold notes from their portfolios during this period. On June 15 the Treasury issued $850,000,000 of new notes, the bulk of which originally was allotted to banks. The increase in country bank holdings of notes probably occurred at this time. Reserve city and Chicago banks also showed substantial increases in their note holdings during the second quarter of the year. Note holdings of New York City banks, however, increased only $40,000,000 in the quarter; they purchased substantial amounts of the new issue on June 15 but sold a large part of them before the June 30 call date. For the six months as a whole holdings of Treasury notes by member banks declined, although the total of such notes outstanding increased. Comparison of the increase in the amount of United States Government direct and guaranteed obligations outstanding with the decline in bank holdings indicates that about $2,000,000,000 of Government securities were taken by nonmember banks and other purchasers in the first half of this year. Life insurance companies were important buyers, and on the basis of incomplete reports, it would appear that about $500,000,000 of Government securities were added to their portfolios in the half year. Some industrial corporations also purchased more Government securities, particularly notes and bills, in the second quarter of the year, and there was some conversion of foreign short-term balances into Treasury bills. The Treasury purchased nearly $200,000,000 of Government securities in the open market for Government agencies and various trust accounts. About $300,000,000 of United States Savings bonds were sold during the first six months of 1937. Since the amount of these bonds that can be bought by any single purchaser in a year is limited to $10,000, the bulk of them are held 825 by individuals, rather than by banks and other large institutional investors. Whereas during the first quarter of the year member banks reduced their holdings of United States Government Decline in obligations, in the second holdings of other quarter they liquidated a securities considerable amount of other securities. This decline amounted to about $350,000,000 and was participated in by all classes of member banks, except central reserve city banks in Chicago. The chart shows that member bank holdings of State and local government securities, which had increased rather continuously since 1931, fell sharply in the second quarter of 1937, while holdings of domestic corporate obligations, following substantial increases in 1936, w7ere reduced in both the first and second quarters of the year. The amount of foreign securities held by member banks was reduced slightly. In the first half of 1937 there was a decrease of $1,100,000,000 in interbank deposits in connection with the Changes in increase in reserve requirements eposits ^ decline of $250,000,000 in adjusted demand deposits. As shown by the chart, the decline in the latter was negligible compared with the growth of over $9,500,000,000 in these deposits from the middle of 1933 to the end of last year, and they are still much larger than at any time prior to last December. United States Government deposits at member banks also declined by $250,000,000 in the first half of 1937. Time deposits, which had increased at a moderate rate in recent years, expanded further by $385,000,000 and there was also a growth of $190,000,000 in deposits of foreign banks, chiefly in New York City. When balances of domestic banks are excluded and adjustment is made for items in process of collection, a slight increase is shown in deposits at member banks for the first six months of the year. A large part of the decline in adjusted de- 826 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 mand deposits was at New York City banks, domestic banks held by member banks where only a part of the decrease was offset showed an increase in the three years of by an increase in time deposits. At reserve over $3,300,000,000, while their balances with domestic banks increased by about DEPOSITS AT MEMBER BANKS $2,000,000,000. CALL REPORT DATES, DEC.31,1928" JUNE 30,1937 In the first half of 1937 bankers' balances BILLIONS OF DOLLARS BILLIONS OF DOLLARS were reduced to the level of the latter part of 24 24 1935. Notwithstanding the withdrawals, 22 22 which amounted to about $1,100,000,000, the volume of member bank deposits due to do20 20 / mestic banks was still in excess of $5,400,DEMAND DEPOSITS / " / 18 18 000,000 in the middle of 1937, compared with about $3,500,000,000 held in 1928 and 1929. 16 16 y The recent decrease in bankers' balances, / 14 14 like the previous increase, was to a large exN ^—-* I . tent a cumulative process. A large part of ^V— 12 12 HME DEPOSIT these balances represent the redeposit by \ 10 10 banks with their correspondents of balances placed with them by other banks. As a con\ 8 8 sequence, funds withdrawn by banks from BALANCES OF 6 6 their correspondents were to a great extent DOMESTIC BANKS^.X* obtained by these correspondents by drawing 4 upon their own balances at other banks. New DVT \ L^POSTAL SAVINGS DEPOSITS • — k 1 u.ftB AND BA ANCES York City banks, however, do not maintain 2 /FOF EIGN B/^NKS/^ any considerable balances with other banks 0 and when funds are withdrawn from these 1929 1930 1931 1932 1933 1934 1935 1936 1937 banks, they have to draw down their reserves, city banks and country banks increases in liquidate assets, or borrow. They resorted to time deposits were larger than the decreases all three of these courses of action during the in adjusted demand deposits. Much of the first half of 1937. For the six months taken as a whole, decrease in demand deposits resulted from the purchase by depositors of securities held country banks reduced their balances with by banks, and it reflects, therefore, to some other banks by about $380,000,000, New York extent the investment by depositors of funds City banks showed a decline in bankers' dethat might otherwise have been held idle. posits of nearly $500,000,000, and banks in One of the principal banking developments other cities lost somewhat more in bankers' in the first half of 1937 was the sharp decline deposits than they withdrew from their own in the volume of domestic balances with correspondents. It appears Withdrawals of bankers' balances. As that nonmember banks may have withdrawn bankers balances _ . as much as $250,000,000 of balances from shown by the accompany- member banks. ing chart, balances held by member banks for Credit advanced by brokers tofinancethe their correspondents had expanded rapidly in purchasing or carrying of securities, as meas1934, 1935, and 1936. Most of these balances ured by the customers' debit were held on behalf of other member banks, Security loans balances of stock exchange but that there was also a substantial increase firms with margin accounts, declined in May in balances held for nonmember banks is and June by about $70,000,000, after increasindicated by the fact that balances of S Interbank) riF • ^ — SEPTEMBER 1937 FEDERAL RESERVE BULLETIN ing by $270,000,000 in the preceding eight months to a peak for recent years of $1,560,000,000. There was little change in July. Loans on securities by reporting member banks to others than banks and brokers showed small changes over this period. Notwithstanding the recent decline in customers' debit balances, borrowings by stock exchange firms, which had increased by $250,000,000 from the end of August 1936 to the end of April, had shown but a small decline by the end of July. The failure to reduce borrowings as advances to customers 827 declined reflected a decrease in customers' credit balances. These balances declined by $125,000,000 from the end of January to the end of July, following a corresponding increase in the preceding five months of rapidly advancing stock prices. Appointment of Class C Director at Federal Reserve Bank On August 20, 1937, Mr. Thomas B. McCabe was appointed as Class C director of the Federal Reserve Bank of Philadelphia for the unexpired portion of the three year term ending December 31, 1939. OBJECTIVES OF MONETARY POLICY On August 2, 1937, the Board of Governors As to the adequacy and efficacy of the sent to the Chairman of the Senate Com- means provided by the proposals to achieve mittee on Agriculture and Forestry the fol- this objective, the conclusions reached by the lowing statement in response to his request Board are briefly stated in the following disfor an expression of the Board's views with cussion. regard to a measure pending before the Com- Price stabilization not an adequate objective.—That widefluctuationsin the price level mittee : From time to time the Board of Governors are disastrous is beyond question and deterof the Federal Reserve System is asked for mined efforts should be made to prevent such its opinion of bills pending in Congress that fluctuations as would endanger economic stawould establish a central monetary authority bility. The Board is convinced, however, that and direct it, as a primary objective, to the broader objective of maximum sustainachieve and maintain a specified domestic able utilization of the Nation's resources canprice level. In these bills it is generally as- not be achieved by attempting to maintain a sumed that the stated objective may be at- fixed level of prices, and that, therefore, price tained exclusively through monetary control, stability should not be the sole or principal and responsibility for accomplishing the end objective of monetary policy. sought is, therefore, placed upon the mone- Stabilization of individual prices by monetary means is not proposed, nor would it be tary authority. price The Board assumes that, while price sta- feasible. Proposals forindex stability necessarily refer to some or average of bilization is stated as the objective of such prices. There is no general agreement on the proposals, the authors regard stability of question of what constitutes a satisfactory prices merely as a means toward a more im- price index for this purpose, although the portant end, namely, the lessening of booms general wholesale commodity price index is and depressions and the increase in the nasuggested. tional output and well-being, in the belief that often matter what price index may be adopted No through the maintenance of a stable price as a guide, unstable economic conditions may level the broader objective will be achieved. develop, as they did in the 1920's, while the The Board is in full agreement with the price level remains stable; business activity ultimate objective of the proposals to pro- can change in one direction or the other and mote economic stability, which means the acquire considerable momentum before the maintenance of as full employment of labor changes are reflected in the index of prices. and of the productive capacity of the country There are situations in which changes in the as can be continuously sustained. The Board, price level would work toward maintenance with the broader powers conferred upon it of stability; declining prices resulting from by the Banking Act of 1935, performs essen- technological improvements, for example, tial functions necessary to the achievement may contribute to stability by increasing conof this objective. sumption. There are other situations when 828 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 the restoration and maintenance of relatively divided responsibility for supervision under full employment may be possible only with an which the banks of this country function. advance in prices. Correspondence between Monetary control alone cannot accomplish price stability and economic stability is not economic stability.—An attempt to make sufficiently close, therefore, to make it desir- either price stability or the broader objective able to restrict the objective of monetary of economic stability the particular concern policy to price stability. of the Federal Reserve System, without recThe inadequacy of price stability as a guide ognizing the fact that the attainment of the to policy may be illustrated by a situation objective would require the cooperation of when the index rises owing to an advance in other agencies of the Government, is impracagricultural prices. Such a rise might result tical. from a crop failure in the United States, or The Federal Reserve System can regulate from a short world crop while the harvest in within limits the supply of money but there this country was bountiful and full employ- are other factors affecting prices and busiment prevailed. If the maintenance of a fixed ness activity fully as powerful as the money price level were the sole guide to monetary supply. Many of these factors are non-monepolicy, a restraining policy would be indi- tary and cannot be controlled by monetary cated in both cases, although in the former action. Their effect on business activity may case such a policy might result in a general express itself in an increased or decreased business decline, while in the latter case it rate of use, or turnover, of the existing supmight or might not be justified, depending on ply of money as well as in a change iji the other circumstances. supply itself. The influence that the Federal Inasmuch as the management of the coun- Reserve System can exercise over the interest try's monetary system is not an exact science, rate has an important bearing on business since it involves forecasting and dealing with activity, but it may be entirely offset by other many uncertainties, it is essential in deter- factors. mining an objective to leave scope for judgIt is essential to recognize the limitations ment and discretion. on the effectiveness of monetary policy. Monetary contribution to economic stafactors bility.—Monetary authorities may contribute Monetaryaffecting are only one of the groups of forces business activity. to economic stability by exerting an influence Conclusion.—To sum up, the Board believes to maintain a flow of funds conducive to as stafull a use of the country's productive re- that economic stability rather than pricepubsources as can be continuously sustained and bility should be the general objective of to keep the banking machinery of the coun- lic policy. It is convinced that this objective try in sound condition. The Board recog- cannot be achieved by monetary policy alone, nizes that even an adequate supply of money but that the goal should be sought through will not perform its functions adequately if coordination of monetary and other major the banking structure through which it must policies of the Government which influence operate is in an unsound condition, and that business activity, including particularly polia sound banking structure cannot be sus- cies with respect to taxation, expenditures, tained if the supply of money is insufficient, lending, foreign trade, agriculture and labor. It should be the declared objective of the and a deflation is under way. The Federal Reserve System, therefore, must work toward Government of the United States to maintain economic stability through its influence both economic stability, and it should be the recogon the flow of money and on the soundness of nized duty of the Board of Governors of the banking conditions. The Board is aware of Federal Reserve System to use all its powers the limitations on the effectiveness of this in- to contribute to a concerted effort by all fluence which arise from the multiplicity of agencies of the Government toward the atlaws and jurisdictions as well as from the tainment of this objective. 829 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 25 and released for publication August 27] Total volume of industrial production and June. Nonresidential construction expanded distribution of commodities to consumers further, reflecting principally a large volume showed little change from June to July, when of awards for iron and steel plants and allowance is made for the usual summer de- for railroad projects. Residential building clines. showed a seasonal decline. Production and employment.—The Board's Factory employment increased somewhat seasonally adjusted index of industrial pro- from the middle of June to the middle of July, duction was 114 percent of the 1923-1925 when a decline is usual, and factory payrolls average in July, the same as in June and 4 decreased less than seasonally. The largest points lower than in March, April, and May. increases in employment were in the steel inAt steel mills, where output in June had been FACTORY EMPLOYMENT curtailed by strikes, activity increased con- 120 siderably in the early part of July and was 110 maintained at the higher level between the 110 middle of July and the third week of August. 100 100 Lumber production also increased in July, 90 \ 90 PERCENT 80 f INDUSTRIAL PRODUCTION PER CENT 140 130 130 120 110 100 \ 70 A 1 \ \\ 90 4VV \ 80 70 60 50 1929 1930 JJ 1931 1932 1933 1934 100 70 60 50 1937 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. while output of plate glass showed a substantial decrease. Automobile assemblies declined seasonally. Output of nondurable manufactures decreased considerably, owing largely to a marked decline in activity at cotton and woolen textile mills. Meat packing also declined, while flour milling and sugar refining increased. At mines, output of anthracite was reduced in July, while output of most other minerals showed little change. Construction contracts awarded, as reported by the F. W. Dodge Corporation, were maintained in July at the level reached in 70 60 50 110 80 1936 60 80 V 120 90 1935 y r /v j \ 50 1929 1930 1931 1932 1933 1934 1935 1936 1937 Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average =: 100. dustry and in the food industries, particularly at canning factories. Other manufacturing industries as a group showed somewhat less than the usual seasonal decline. Agriculture.—A cotton crop of 15,593,000 bales, representing an increase of 3,200,000 bales over last season, was forecast by the Department of Agriculture on the basis of August 1 conditions. Official estimates indicate that other major crops will be considerably larger than last season and about equal to the average for 1928-1932. Preliminary estimates by the Department of Agriculture indicate that cash farm income, including Government payments, will total $9,000,000,000 for the calendar year 1937, an increase of 14 percent over 1936. Distribution.—Distribution of commodities to consumers in July continued at the level of other recent months, when allowance is made 830 FEDERAL RESERVE BULLETIN for the usual summer decline. Sales at department stores and variety stores showed slightly less than the seasonal decrease in July, while mail order sales declined somewhat more than seasonally. Freight-car loadings increased, reflecting in part larger shipments of grains and forest products. Commodity prices.—From the middle of July to the third week of August prices of grains and cotton declined substantially, while livestock and meats showed a further increase. Automobile prices were raised by SEPTEMBER 1937 Total loans and investments of reporting member banks increased somewhat during the four weeks ending August 18, reflecting principally an increase of $150,000,000 in commercial loans offset in part by a further decline in holdings of United States GovernM EMBER BANK LOANS AND INVESTMENTS BILLIONS OF DOLLARS BILLIONS OF DOLLARS WHOLESALE PRICES PER CENT 120 110 110 100 100 90 90 80 80 f ?0 60 1929 1930 1931 1932 1933 70 60 1934 1935 1936 1937 Index compiled by United States Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931 ; by weeks, Jan. 2, 1932, to Aug. 14, 1937. most producers, carpet prices advanced, and there were increases in several industrial raw materials, including hides, zinc, lead, and steel scrap. Cotton goods and rubber declined somewhat. Bank credit.—From the middle of July to August 4, excess reserves of member banks were sharply reduced from $960,000,000 to 5700,000,000, but subsequently they increased to $780,000,000 on August 18. These changes in member bank reserves reflected principally fluctuations in the volume of Treasury deposits at Federal Reserve banks, together with a seasonal increase in money in circulation. Excess reserves at New York City banks declined from $230,000,000 to about $40,000,000 and subsequently increased to $130,000,000. '34 1935 '34 1935 1936 1937 Wednesday figures for reporting member banks in 101 leading cities, Sept. 5, 1934, to Aug. 18, 1937. Loans on real estate and loans to banks excluded. ment obligations, principally at New York City banks. The growth in commercial loans occurred both in New York City and in other cities and included the purchase by banks of a large portion of the $60,000,000 of 9-month notes sold by the Commodity Credit Corporation on August 2. United States Government deposits at reporting banks increased during the period, reflecting purchases by banks of Treasury bills on a book-credit basis. Bankers' balances and other demand deposits showed further declines at New York City banks. Money rates.—Rates on Treasury bills declined slightly after the middle of July, and open-market yields on Treasury notes and bonds also declined until early in August, but later there was a rise in yields. In the latter part of August discount rates were reduced from 2 percent to I1/-* percent at the Federal Reserve banks of Atlanta, Chicago, and Minneapolis. The 2 percent rates had been in effect since early in 1935. 831 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILL10NS0F DOLLARS 13 r 12 11 13 12 11 10 10 / GOLD STOCK f 8 - 8 i A ii MO MEY IN CIRCU LATION ^ 6 \ ^ J T R E A S l RY CASH 3 3 I : 1 ......,•«....„ 1932 1933 RESERVE BANK (CREDIT i 2 "IKEASUKY DEPOSITS • l 1S34 2 1 ** 1935 0 1936 1937 MEMBER BANK RESERVE BALANCES EXCESS RESERVESyy/. REQUIRED RESERVES 1932 1933 1934 1935 1936 Latest figures for August 18. See table on page 912. 1937 832 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1937 July June May July 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 _ Averages 574 13 3 526 404 555 475 532 137 543 2, 577 16 5 2, 526 11,901 2,546 6, 426 3, 069 85 511 2,474 3 3 2, 430 10,629 2. 497 6, 203 2, 454 545 536 June May of daily figures; 1935 in millions 1934 1933 1932 1929 of dollars 2, 476 2,481 5 6 4 4 2,430 2,430 10, 324 10, 578 2, 495 2,503 5,918 6,101 2,574 2,474 559 446 606 551 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 2,478 6 3 2, 430 10,514 2,492 6,062 2,579 793 567 Averages of Wednesday REPORTING MEMBER BANKS Total loans and investments. 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^— Deposits of domestic banks 4 Borrowings -- 22, 330 1,393 2.006 6,298 8, 355 1,160 3, 118 5, 332 315 1, 761 15, 300 5, 233 5,028 25 22, 201 22, 484 22, 373 1,326 1,171 1, 312 2,028 2, 072 6,169 5, 131 2, 096 5,127 8,320 9, 202 1, 163 1,303 3,195 3, 333 5. 350 4,389 338 387 1,790 2, 290 15, 420 14, 563 5, 194 5, 037 5,138 5, 503 20 3 Averages MONEY RATES AND BOND YIELDS figures: 8, 877 1, 286 3.314 4,577 378 2,283 14, 371 5, 051 5,477 1.00 1.00 .65 2.67 3.33 All issues—total New Refunding Domestic corporate issue: -totalNew Refunding 344 250 93 139 82 57 560 359 200 418 269 149 261 150 111 165 78 87 339 104 236 294 70 225 734 218 516 528 152 376 Common stocks (1926=100) Wholesale commodity prices (1926=100): All commodities Farm products Foods Other commodities Retail food prices (1923-25=100) 118 114 116 109 106 101 87 89 85 86. 86 87 90 84 86 87 81 81 81 80 84 79 78 80 79 84 79 75 78 79 80 — 1,250 3,272 4,799 383 2,358 14, 619 4,999 5,810 5 .75 1.00 .23 2.50 3.24 of dollars 7,989 6,856 928 "325 3,052 «3.000 4,024 2, 875 326 271 2,112 1,688 12, 729 (2) 4,8S3 4, 937 4,938 3,814 c of weekly figures; percent per 1.00 1.00 .58 2.64 3.28 .75 1.00 .14 2. 50 3.23 in millions 21, 832 22,064 19, 997 18, 672 17, 505 19, 080 1,185 1,181 c9fi0 981 618 777 2, 078 2,055 2,1S1 2,545 3,157 4,226 5,092 5, 226 4,907 4,965 5,222 6,578 1.00 1. 00 .49 2. 59 3. 26 Commercial paper Stock exchange call loans U. S. Treasury bills U. S. Treasury bonds, long term Corporate high grade bonds (Moody's Aaa) 1936 845 6,878 6, 932 5, 861 5, 484 5, 638 5,989 876 876 927 2, 907 2, 593 2,800 2,512 _. 2, 578 15 5 2, 526 12, 189 2,548 6, 435 3, 322 131 549 Annual averages 1936 .75 .93 .18 2.50 3.27 .75 .91 .14 2.47 3.24 .76 .56 .14 2.70 3.60 22, 599 «2,208 •5,448 9,231 5,228 4,413 2,865 3,121 1,822 240 1,322 (2) 4,946 2,822 115 3,245 1,673 214 1,250 (2) 5,666 2,772 228 2,847 1,725 248 1,142 (2) 6,788 2,787 674 annum 1.02 1.00 .26 3.10 4.00 1.72 1.16 .52 3.31 4.49 2.73 2.05 .88 3.65 5.01 5.85 7.61 3.60 4.73 Amounts per month: in millions of dollars CAPITAL ISSUES 420 112 308 305 38 267 518 164 354 382 99 282 392 121 270 189 34 155 180 116 64 41 15 26 89 60 29 32 13 18 146 100 46 54 27 27 959 841 118 781 667 115 111 78 72 63 49 190 81 81 82 80 82 80 79 84 78 80 75 65 71 78 74 66 51 61 71 66 65 48 61 70 68 95 105 100 92 105 64 63 71 28 13 40 66 46 55 69 119 119 115 117 87 142 105 109 107 111 Index numbers Index numbers, adjusted for seasonal variation, 1928-26=100 BUSINESS INDEXES Industrial production Manufactures. Minerals.._ Construction—total Residential All other Factory employment Factory payrolls (unadjusted).. Freight-car loadings. _ Department store sales •_. P114 Pill M5 ^86 P103 114 114 114 61 42 77 101 103 78 93 118 118 116 56 44 66 102 105 80 93 P265 c e p Preliminary. Corrected Partly estimated. 1 Includes loans on securities to banks, 1929-1934. 2 Figures not available. »Includes time deposits of banks, domestic and foreign, 1929-1934. * Do not include time deposits 1929-1934. 104 105 100 52 36 65 90 81 73 87 101 101 102 46 32 57 90 81 72 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 76 75 82 25 11 37 72 49 58 67 Amounts per month; in millions of dollars MERCHANDISE EXPORTS AND IMPORTS Exports, including re-exports.. General imports 108 109 101 59 44 71 93 80 76 91 290 285 180 195 186 191 201 192 205 202 190 171 178 138 140 121 134 110 437 367 SEPTEMBER FEDEEAL RESERVE BULLETIN 1937 833 LAW DEPARTMENT Regulation M Relating to Foreign Branches of Na- Under the Terms of Section 25 (a) of the tional Banks and Corporations Organized under Federal Reserve Act" to read as follows: Section 25 (a) of Federal Reserve Act. The Board of Governors has issued, effective August 14, 1937, its Regulation M relating to foreign branches of national banks and of corporations organized under the provisions of section 25 (a) of the Federal Reserve Act. The text of the new regulation k set forth below. REGULATION M "Against all demand deposits and time deposits received by the Corporation in the United States a reserve shall be maintained in the percentages required to be maintained by member banks of the Federal Reserve System located in central reserve cities, provided that in no event shall such reserve be less than 10 per cent of the aggregate amount of all demand deposits and time deposits received in the United States." The Board of Governors has also taken the necessary steps to require all foreign banking corporations operating under the supervision of the Board pursuant to the provisions of section 25 of the Federal Reserve Act to maintain reserves against deposits received in the United States in the percentages required to be maintained by member banks located in central reserve cities. The above action was taken in order that all foreign banking corporations operating under the supervision of the Board pursuant to the provisions of either section 25 or section 25 (a) of the Federal Reserve Act might be placed on substantially the same basis with respect to reserve requirements. Effective August 14, 1937 Foreign Branches of National Banks and of Corporations Organized under the Provisions of Section 25(a) of the Federal Reserve Act This regulation is issued pursuant to the provisions of section 25 and section 25 (a) of the Federal Reserve Act, as amended. Whenever a national bank, pursuant to the provisions of section 25 of the Federal Reserve Act, as amended, or a corporation organized under section 25(a) of the Federal Reserve Act, as amended, has established a branch or agency in any place in any foreign country, and there exists in such place a disturbed condition which, in the opinion of the officer in charge of such branch or agency at the time, endangers the lives of its employees or the property of such branch or agency at such place, or for any other reason beyond the control of the branch or agency and which relates to such disturbed condition renders it impracticable for such branch or Matured Bonds and Coupons as Cash Items in Process agency to continue to function, he may, after every of Collection in Computing Reserves effort has been made to render the greatest possible service to the depositors of the branch or agency, The Board of Governors has recently consuspend the operations of such branch or agency in sidered the question whether member banks whole or in part until the reason for such suspen- in a certain city may, in computing required sion has ceased to exist and until, in the judgment of such officer in charge, the branch or agency may reserve balances, deduct from their gross desafely be reopened and its operations resumed; but mand deposits matured bonds and coupons in the meantime in so far as possible every effort payable in such city which have been received shall be made to render service to the depositors of the branch or agency. In all cases of such suspen- by them and which are still in the process sion and resumption of operations the facts shall of collection. This involved the question be reported as soon as possible by such officer in whether such matured bonds and coupons charge of such branch or agency to the head office may be considered as "cash items in process of such national bank or corporation which shall of collection" within the meaning of section immediately transmit a copy of such report to the Federal Reserve bank of the District in which such 1 (g) of Regulation D so as to be deductible head office is located. from gross demand deposits under section Reserve Requirements of Foreign Ranking Corporations. Effective September 1, 1937, the Board of Governors has amended the first sentence of the third paragraph of section XIV of Regulation K entitled "Banking Corporations Authorized to do Foreign Banking Business 2(b) of the regulation. It was understood that banks of the city in question customarily give immediate deposit credit, or one day deferred deposit credit, for matured bonds and coupons payable in such city whether received over-the-counter or through the mails from their depositors and bank correspondents; that such items are customarily received from correspondent banks in cash letters; that, after such cash 834 FEDERAL RESERVE BULLETIN letters have been proved, the matured bonds and coupons therein are sorted according to paying agents (and thereafter according to issues and denominations) preparatory to presentation; that where the paying agents are members of the clearing house association of the city the coupons are cleared through the clearing house, but the matured bonds are presented over-the-counter; that, where the paying agents are not members of the association, both the matured bonds and coupons are presented over-the-counter; that, in the case of items cleared through the clearing house, the presenting bank receives a due bill on the day of clearing which due bill is cleared on the following day in the check clearings; that, in the case of items presented over-the-counter to the paying agent, a clearing house check is received the same day in payment for the items, which check is cleared the next day; and that the due bills given for the coupons presented through the clearing house and the clearing house checks given for the bonds and coupons presented over-thecounter are themselves deductible from gross demand deposits. It was also understood that no question was presented with regard to maturing bonds and coupons. The Board stated that, after considering this matter in the light of the facts stated above, it was of the opinion that matured bonds and coupons, to the extent that they are treated and handled by member banks as cash items substantially in accord with the practice described, may properly be included by such banks in "such other items in process of collection, payable immediately upon presentation in the United States, as are customarily cleared or collected by banks as cash items'', within the meaning of section l(g) (3) of Regulation D, and deducted by such banks from the amount of their gross demand deposits in computing their required reserves. SEPTEMBER 1937 ment of alternates for members of the bank's trust investment committee functioning under section 6(c) of the Board's Regulation F. The bank proposed that its board of directors appoint an alternate for each member of the committee, each alternate to serve only when the regular member was absent from the bank or was unable, because of the demands of other official business upon his time, to attend the meetings of the committee. It appeared that the principal difficulty prompting the proposal arose out of absences of members of the committee during the vacation season. The Board stated that the provision of the regulation referred to contemplates a committee the members of which shall have a continuity of responsibility for the discharge of the duties of the committee. However, the Board recognized that it might be proper to appoint alternates to serve in the place of the regular members of the committee in certain circumstances without loss of the desired continuity of action by the committee and stated that, while it was not prepared to lay down any general rule as to all circumstances under which alternates might properly serve in place of regular members of the committee, it would have no objection to alternates appointed by the board of directors serving in place of regular members who were absent from the bank on account of vacations, illness or other good and sufficient reasons. The Board added that it believed that, whenever an alternate served in the place of a regular member of the committee, the minutes of the committee should show the reason for such service in place of the regular member. The Board also suggested, however, that the bank's difficulties might be eliminated through the enlargement of the number of regular members of the trust investment committee, it being assumed, of course, that any action by the committee would represent the Appointment of Alternates for Members of Trust In- action of at least a quorum of the committee vestment Committee of National Bank. as described in the ruling published in the The Board recently considered an inquiry May, 1937, issue of the FEDERAL RESERVE from a national bank regarding the appoint- BULLETIN at page 391. SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 835 NEW FEDERAL RESERVE BUILDING On August 9, 1937, the Board of Governors of the School of Fine Arts in Yale University, of the Federal Reserve System moved into its as its professional adviser in preparing a pronew building which has been under construc- gram for a competition to enable the Board tion since early last year. The following to select an architect for the building, under brief description of the Board's new home in the supervision of the Chairman of the Washington was prepared and released to the Board's Building Committee, Adolph C. press: Miller. The program was approved by the Location.—Facing south on Constitution Commission of Fine Arts, the National CapiAvenue, the building of the Board of Gov- tal Park and Planning Commission and the ernors of the Federal Reserve System occu- American Institute of Architects. During pies the square extending north between formulation of the program the Board had Twentieth and Twenty-first Streets to C the benefit of the advice and assistance of the Street. When the present temporary struc- National Park Service of the Department of tures known as the Navy and Munitions the Interior. Invitations to participate in the Buildings on the south side of Constitution competition were sent to nine of the leading Avenue are removed, the Board's building architects of the United States, after consulwill command an unobstructed view of the tation with the Chairman of the Commission Mall and West Potomac Park with the Re- of Fine Arts, and a jury to pass upon the deflecting Pool and the Lincoln Memorial in the signs submitted was selected, composed of immediate foreground and with the Potomac three prominent architects, John W. Cross of River, the Memorial Bridge and the Virginia New York City, William Emerson of Boston, and John Mead Howells of New York City, shore just beyond. The building forms a part of a group along together with Frederic A. Delano, Chairman the north side of Constitution Avenue com- of the National Capital Park and Planning posed of the buildings of the Pan-American Commission, and Mr. Miller. Upon submisUnion, the Public Health Service, the Federal sion of the competitive designs the drawings Reserve, the National Academy of Sciences of Paul P. Cret, of Philadelphia, were given and the American Pharmaceutical Associa- first place by unanimous choice of the jury and this decision was approved by the Fedtion. Selection of Site.—Since its organization eral Reserve Board. Dr. Cret also had been in 1914 the Federal Reserve Board has occu- the designer of the buildings of the Panpied quarters provided for it in the Treasury American Union and the Folger Shakespeare Building and rented space in various privately Library. owned office buildings. On June 19, 1934, Character of Building.—The conditions Congress authorized the Federal Reserve under which the site on Constitution Avenue Board to acquire a building site in the Dis- was acquired provided that the design and trict of Columbia and to construct a building material of the exterior of the building should suitable and adequate in its judgment for its be subject to the approval of the Commission purposes. A careful survey resulted in the of Fine Arts and that the location of the selection of the present site which was ap- building in relation to the adjoining streets proved by the National Capital Park and should be as determined by the National CapiPlanning Commission, by the Secretary of tal Park and Planning Commission. the Interior, who recommended it to the The Commission of Fine Arts prescribed President, and by the President. Title was that "the material of the exterior of the buildtransferred to the Board by the Secretary of ing is to be of white marble to conform to the the Treasury on January 22, 1935, the pur- other buildings along this portion of Constichase price paid by the Board being $754,583. tution Avenue," and gave its views as to the Included in this acquisition is the vacant general architectural character of the buildblock lying immediately north of the building ing. "The nature of the functions performed between Twentieth and Twenty-first Streets by the Federal Reserve Board" in the opinion on C Street and a passageway under C Street of the Commission "dictates an architectural has been constructed to connect the two prop- concept of dignity and permanence." erties. The program for the competition of the Competition for Selection of Architect.— architects also declared the following general The Board engaged Everett V. Meeks, Dean principles: 836 FEDERAL RESERVE BULLETIN "The proximity of the building to the Lincoln Memorial and other nearby permanent structures already erected on Constitution Avenue or to be erected by the Government in the West Rectangle suggests that the exterior design of the building for the Federal Reserve Board should be in harmony with its environment. "It is, however, thought desirable that the aesthetic appeal of the exterior design should be made through dignity of conception, purity of line, proportion and scale rather than through stressing of merely decorative or monumental features. For this reason it is further suggested that the use of columns, pediments and other similar forms may be omitted and should be restricted to a minimum consistent with the character of the building as described. "It is the Commission's view that 'the Federal Reserve Board building must be in general accord with the governmental buildings in Washington—it must seem at home in the city.' " The studies prepared by Dr. Cret, following his selection as architect, were approved by the National Capital Park and Planning Commission and by the Commission of Fine Arts. Construction of Building.—Plans and speci- fications drawn as a basis for letting a contract for the construction of the building were approved by the Federal Reserve Board on January 8, 1936. Invitations to bid were issued immediately to contracting firms experienced in the field of construction of Governmental buildings and, following the submission of bids, the contract was awarded to the lowest bidder, the George A. Fuller Company, for $3,484,000. A separate contract had been awarded for the demolition of the existing temporary building on the property, for which the Board received $18,358. The relation of the net usable area to cubic contents of the building is unusually high. The cost per cubic foot, exclusive of landscaping, was about 89 cents. Construction was begun in February, 1936. In the preparation for construction the Board had the assistance and cooperation not only of the Commission of Fine Arts and of the National Capital Park and Planning Commission, but also of the National Park Service of the Interior Department, of the Procurement Division of the Treasury Department, and of the Architect of the Capitol. A member of Dr. Cret's firm, William H. Livingston, was his principal collaborator in the design and construction of the building. Associated with them were Moody and Hutchison, mechanical engineers, and William H. Gravell, structural engineer. The SEPTEMBER 1937 Board engaged Fred M. Kramer as its Superintendent of Construction. Exterior of Building.—The mass of the building was designed with a view of harmonizing in a general way with the building of the Academy of Sciences to the west and that of the Public Health Service to the east. Through the use of a similar cornice line the three buildings form a single composition dominated by the central portico of the Federal Reserve Building. The dimensions of the building proper are 344 feet east-west and 242 feet north-south. The plan is Hshaped, with its principal architectural facade on Constitution Avenue and the entrance for general use on C Street. The facades have the simplicity of treatment of American architecture contemporary with the creation of the City of Washington, which has been called the Architecture of the Republic or Federal Architecture. Both exteriors and interiors rely on harmony of proportion rather than on ornamentation. The entrance on Constitution Avenue is marked by a simple architectural motif of piers surmounted by an American eagle in white marble, of which Sidney Waugh was the sculptor. The entrance on C Street is marked by two pylons, which support figures in bas relief, symbolizing the United States on one side and the Federal Reserve System on the other. These figures were designed by John Gregory. The exterior of the building is of Georgia white marble. In contrast with the simple white marble wall surface is the design of the bronze windows, with spandrels of polished Swedish granite, on which bronze plaques are mounted. In the courts the spandrels are Alberene stone. The bronze balconies on Twentieth and Twenty-first Streets are especially interesting as they reproduce the railing of an old Philadelphia residence of the early part of the nineteenth century. Landscape.—A special treatment of the approach from Constitution Avenue was made possible by the fact that the building is set back approximately two hundred feet from Constitution Avenue. This permitted an interesting composition of terraces and steps leading to the main entrance. These terraces are flanked on each side by a formal garden, the central motif of which is a fountain of black Coopersburg granite surrounded by pebble mosaic and marble borders. SEPTEMBER 1937 FEDERAL RESERVE BULLETIN The courts on the east and west sides, which give access to the ground floor of the building, are formal in character with planting designed to focus attention on wall fountains which face the bronze entrance gates. The masks forming part of the decorative composition for the fountains in both the east and west courtyards were designed by Walker Hancock. In the wall over the mask in the east courtyard there is inscribed the following quotation from Bacon: "But be the worke-men what they may be, let us speake of the Worke; That is; The true Greatnesse of Kingdomes and Estates; and the Meanes thereof." More than twenty varieties of plant materials have been placed in the Constitution Avenue gardens and courtyards. The landscaping was designed by Dr. Cret and approved by the National Capital Park and Planning Commission and by the Commission of Fine Arts. The planting materials were selected by William H. Frederick, of the office of the Architect of the Capitol. Interior Design.—The Constitution Avenue entrance opens into a lobby, the east wall of which contains a portrait relief of President Wilson, modeled by Herbert Adams. The inscription refers to President Wilson as the "Founder of the Federal Reserve System" and contains the following quotation from his first inaugural address: "We shall deal with our economic system as it is and as it may be modified, not as it might be if we had a clean sheet of paper to write upon; and step by step we shall make it what it should be." The lobby walls are faced with Kansas Lesina stone and the plaster ceiling is decorated with motifs of Greek coins and a relief of Cybele. In the center of the marble floor is a bronze plaque reproducing the seal of the Board of Governors. While the building faces on Constitution Avenue, it is expected that the C Street entrance will be used more generally. A corridor extends from the Constitution Avenue entrance through the central portion of the building to the C Street entrance. A group of passenger elevators is located near the C Street entrance, while single elevators are located near the Constitution Avenue lobby. A monumental staircase in the central portion of the building leads from the first to the second floor. The steps, walls and architectural treatment of the stairs in this portion of the building are of travertine, while the 837 floors are of American marbles, with mosaic borders on the second floor. The ceiling is composed of glass, with the coat-of-arms of the United States in bronze and molded glass as the focal point of interest above the monumental stairs. The ceilings of the surrounding corridors on the second floor are decorated with emblems of the twelve Federal reserve banks. Over each of twelve doorways opening from these corridors—six on the west side and six on the east side—are the names of the cities in which the Federal reserve banks are located and the designations of their districts. One of the interesting features of this portion of the building is the wrought iron work of Samuel Yellin. From the upper landing of these stairs the section set apart for the members of the Board of Governors and their immediate staffs on the second floor of the Constitution Avenue wing is entered through an elliptical anteroom, adjoining which is a reception room. This portion of the building, entirely separate from other sections of the building, accommodates the private offices of the Chairman and other members of the Board, the Board room, the Board's conference room and the Board's library. In the floor of the corridor at the main entrance to the Board room is a bronze seal of the Board of Governors. The Board room, 56 x 32 feet, the main entrance to which is in front of the elliptical anteroom, has a monumental fireplace, of Tavernelle Fleuri marble, at the west end. A bronze relief, set into the marble, symbolizes stability and productivity. In the wall above the mantel is a reproduction of the coat-ofarms of the United States. On the east wall of the room is a Federal Reserve map of the United States, painted by Ezra Winter. The floor is Fontainebleu pattern parquet, with border of Belgian St. Anne Petit Melange marble. The bases of the walls and the doorways are of Tavernelle Fleuri marble. The walls and ceilings are of painted plaster. Bronze frames hung upon the walls contain statistical charts. The furniture, furnishings and lighting fixtures of this section of the building were selected by the Board's architect with a view to maintaining a harmonious relation with the character and period of the architectural design. In this and other parts of the building marbles of various colors and textures, of which there are twenty-eight in the in- 838 FEDERAL RESERVE BULLETIN terior portions, have been used with an eye to harmony of color scheme between painted plaster work, woods used in doors and walls, and furnishings of rooms. Staff Offices.—The Secretary's offices, the Legal Division, with its library, the Board's Fiscal Agent, and the Building Manager are located on the first floor. A central filing system in the north central portions of the first and second floors serves all parts of the Board's organization. In the C Street wing of the second floor are the offices of the Board's Division of Examinations and Division of Security Loans. The third floor is occupied by the Board's Division of Bank Operations and the Division of Research and Statistics, with its library. The fourth floor covers only the middle branch of the H form of the building and includes a cafeteria, dining rooms, first aid and rest rooms. Aflagstoneterrace over the west SEPTEMBER 1937 wing of the third floor is reached from the cafeteria. The ground floor contains service facilities, including a garage, mechanical equipment, mail and telegraph offices, telephone exchange, duplicating sections and repair shops, together with spaces for various storage purposes. Mechanical Equipment.—The building is air-conditioned throughout with an automatic thermostatic control system designed to permit flexible operation. Steam is obtained from the central power plant of the Government, no power being manufactured within the building. Well-lighted offices, acoustic treatment of the ceilings, convenient locations of stairs, elevators of the latest automatic type, and careful planning combine to make the building efficient for administrative purposes. SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 839 ACCEPTANCE PRACTICE The material published below summarizes a report of the Federal Reserve Committee on acceptance practice made to the Board of Governors of the Federal Reserve System and to the Conference of Presidents of Federal Reserve Banks. In view of the experience of American banks with their acceptance credits in Germany and several other European countries, the Conference of Governors of Federal Reserve Banks, at the suggestion of the Federal Reserve Board, appointed in the spring of 1932 a committee to review American acceptance practice. The committee was made up of operating officers of the Reserve banks and consisted at first of Mr. E. R. Kenzel, chairman, Mr. Ira Clerk, and Mr. C. R. McKay, Deputy Governors respectively of the Federal Reserve Banks of New York, San Francisco, and Chicago. It was determined by the Federal Reserve Board that its representation on the Committee should be through its senior staff, and Mr. W. W. Riefler of the Division of Research and Statistics of the Federal Reserve Board was detailed to assist in the formulation of procedure and analyzing the information obtained. Mr. Riefler was succeeded in the assignment by Mr. G. W. Blattner of the same division. At the time the material collected by the Committee was being organized for this report, the untimely death of its chairman, Mr. Kenzel, occurred and Mr. W. Randolph Burgess, Deputy Governor of the Federal Reserve Bank of New York was appointed to his place. The report was also submitted to and comments were received from the other members of the sub-committee of the System's General Committee on Bankers' Acceptances: Mr. W. W. Paddock, first vicepresident of the Federal Reserve Bank of Boston, and Mr. F. J. Zurlinden, first vicepresident of the Federal Reserve Bank of Cleveland. In the collection of data all the Reserve banks and all of the important accepting banks in this country, members as well as nonmembers of the Reserve System, participated ; and in the analysis of these data and the preparation of the report the Committee was aided by the officers and staff of the Reserve Board and a number of the Reserve banks. The work of the Committee extended over a period of nearly four years, and a final report was made to the Board of Governors of the Federal Reserve System and the Confer- ence of Presidents of Federal Reserve Banks in late 1936. The more important parts of the report are here quoted or summarized for the information of accepting institutions and others interested in the subject. In general, the plan for approaching the problem of acceptance practice, that is the soundness of the business conducted by acceptors, entailed requesting each organization which had been an important acceptor in the past decade for detailed information with respect to every credit "on which the bank's customer failed promptly to meet obligation to place the accepting bank in possession of funds to pay the acceptance." Seven different styles of schedules were contrived, one for each of the following classes of credits: I. II. III. IV. Import credit Export credit Domestic shipment credit Credit covering shipments between foreign countries V. Domestic storage credit VI. Foreign storage credit VII. Dollar exchange credit These seven classifications, in which acceptances are naturally grouped on the basis of the style of underlying transaction, were suggested by the development of the law and regulations and are recognized in the main by the statistics currently compiled by the American Acceptance Council. The Council, however, in reporting acceptances outstanding from time to time includes in one grouping shipment between or storage in foreign countries. In addition to making inquiry into the experience relating to individual credits, accepting banks were asked for expressions of opinion as to desired changes in the law and regulations or practices. Assembly of Replies to Questionnaires.— Although the replies of the accepting banks were assembled in the main during the early part of 1933, there were delays associated with the strenuous duties of all sorts demanded of bankers during the months following the banking holiday. Furthermore, it was desired to include as complete a study of experience with the so-called standstill agreements of Germany and other countries 840 FEDERAL RESERVE BULLETIN as was possible. This delay served an additional useful purpose since it permitted the completion of the study of a number of important cases, final settlement of which was still in suspense at the time the original questionnaires were submitted. Replies to Questionnaires.—The various Federal Reserve banks requested for the Committee reports on questionnaires from 170 accepting institutions, distributed among Federal Reserve districts as follows: District 1. 2. 3. 4. 5. 6. Boston New York Philadelphia Cleveland Richmond Atlanta District 17 7. Chicago 11 41 8. St. Louis 6 .... 9 9. Minneapolis . . . . 5 13 10. Kansas City . . . 13 14 11. Dallas 8 15 12. San Francisco . . 18 All districts 170 Responses were received from 156 banks in all, although 116 banks did not fill out any questionnaires since they had encountered no unfavorable experience. One or more unsatisfactory credits were reported by each of 40 institutions, 31 being member banks. Actual losses were reported by only 24 banks. In all, 188 cases of credits upon which some difficulty was experienced were reported. These cases of unsatisfactory experience wer<r distributed among Federal Reserve districts according to the location of the accepting institution as follows: District 1. 2. 3. 4. 5. 6. Boston New York Philadelphia Cleveland Richmond Atlanta District 18 7. 135 8. 1 9. 1 10. 0 11. 0 12. All districts Chicago 27 St. Louis 0 Minneapolis . . . . 0 Kansas City . . . 0 Dallas 0 San Francisco . . 6 188 Reporting Institutions.—Among the 156 institutions which responded to the Committee's questionnaires were practically all of those which the American Acceptance Council reports as accounting for upwards of 90 percent of the current acceptance business. There were, however, many important acceptors in earlier years, whose names no longer appear on the list. In nearly all instances such institutions were merged with others and the consolidated institution continues to be a leading acceptor and one which respondedfo>the Committee's questionnaire. The Committee took steps to discover whether existing acceptors accounted for the unfavorable experience suffered by institutions absorbed by them. While every instance of an unsatisfactory credit experienced by a SEPTEMBER 1937 merged institution was not reported to the Committee, investigations indicate that most of the important ones were. The Committee feels that the returns in hand are as complete in this respect for all practical purposes as they need be and that the inclusion of such experiences as may have been omitted would merely emphasize the facts revealed by the responses received. Bills in Difficulty, 1920-1932.—The questionnaires returned by acceptors indicated an aggregate of $38,300,000 of bills accepted during 1920-1932 "on which the bank's customer failed promptly to meet the obligation to place the accepting bank in possession of funds to pay the acceptance." Acceptances associated with standstill agreements were not included, as accepting institutions had been told that "it is not desired, however, that these reports be filled out for credits where the only difficulty was a slight delay in receipt of remittance or for credits the maturities of which have been prolonged solely because of standstill or other similar country-wide restrictions." No acceptance was reported as having been in difficulty prior to 1920. Indicated Losses, 1920-1932.—In connection with the aggregate of the $38,300,000 of bills with respect to which the bank customer failed promptly to meet the full obligation, collections through August 1935 had amounted to $23,300,000; an aggregate of $4,700,000 was still in suspense; and losses had been written off to the extent of $10,300,000. These figures, of course, do not include losses incurred by American acceptors in connection with bills included in standstill arrangements with central European countries. This experience will be referred to separately in the latter part of this report. The volume of losses of $10,300,000 does not appear large when compared with the aggregate acceptance business done during the years 1920-1932, which has been estimated at $50,000,000,000. The indicated losses, therefore, have been slightly over .02 of 1 percent of the total acceptance business done during the years 1920-1932; losses plus amounts still in suspense, less than .04 of 1 percent. Commission received by the accepting banks for their undertakings, aggregated at least $125,000,000 on the basis of a charge of *4 of 1 percent for 90 day credits. Since the primary purpose of this survey was to ascertain from actual experience what 841 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 change if any should be made in existing law, were recorded, associated with 24 cases, but regulations, or practice in order to correct 4 cases contributed losses of $1,953,000. any evident weakness which may exist in the These 8 large cases may be briefly described business of extending acceptance credits, an to serve the purpose of illustrating typical accurate analysis should be based on the situations: types of transactions which led to difficulty IMPORT CREDITS Date or loss rather than on the dollar amounts in- Amount accepted Experiences Remarks volved. Obviously in following the latter $225, 432. 02 1928 Loss $181, 865. 33. Customer went bankrupt. Balance paid. course a single transaction involving a very Covers period from 1925substantial sum might appear to outweigh 5,000,000.00 1932-1933 Loss $250.000. Collected $4,688,000 1933. Irregular use of Suspense $62,000 credit by taker in the several other types of transactions aggregat(Latter being re- early days resulted in a duced by regular loss to the bank, which ing a smaller dollar value. Accordingly the payments and be- continued to carry the former method would appear to be the better lieved to be safe.) account in an effort to reduce the deficit, but basis for analysis. Unfortunately, however, price decline in 1932 forced of $250,000. the replies from reporting banks show only 830,035.66 Sept.-Nov. $155,000 written off a write-offmarket value of Drop in those transactions which resulted in difficulty merchandise, and of se1930 as a loss. or loss and there is no way of ascertaining Collected $673,000 curities pledged as collateral. Suspense $2,000 the actual number of transactions of corre593,564.54 1928 Loss of $241, 670. 58. Takers of credit got into sponding type which were consummated satBalance paid. difficulties, making it necessary for bank to take isfactorily. As a consequence this survey over the manufacture and can indicate only the relationship of the insales of merchandise. Liens placed by others on dividual types of unsatisfactory credit to the some of the merchandise forced liquidation, theretotal number of cases involving difficulty or by enhancing bank's loss. loss. SHIPMENTS BETWEEN FOREIGN COUNTRIES Large Individual Losses.—Although there 503, 500.00 May 1926 $302, 925. 36 loss. Customer failed. were 186 cases of credits in some kind of diffi- 913,655.17 Aug. 1931 Balance paid. Loss $439,000. Customer failed. culty from 1920-1932, 92 cases contributed Balance still in suspense; receiving rethe total losses of $10,300,000. The number coveries. of cases involved is shown by classes of 1, 659, 308. 82 April 1932 Loss $900,000. Evidence of mis-represenBalance still in sus- tation. credits in Table 1. pense. TABLE 1.—NUMBER OF CASES OF ACCEPTANCE CREDITS INVOLVING DIFFICULTIES AND LOSSES BY CLASS OF CREDIT 1920-1932 Class of Credit Number of credits in difficulty Total Import Export Domestic shipment Domestic storage Shipment between foreign countries Foreign storage 468, 211. 86 1931 Collected $52,784.09 Evidence of mis-represenLoss 312,195. 93 tation. Suspense 103,231.84 Table 2 shows the distribution of difficulty and losses among seven classes of acceptance credits. Involving TABLE 2.—AGGREGATES OF BILLS ACCEPTED IN 1920-1932 losses IN DIFFICULTY, BY CLASS OF CREDIT—SUBSEQUENT COLLECTIONS, LOSSES, AND ITEMS IN SUSPENSE THROUGH AUGUST 1935 Type of credit Total in difficulty SubseLosses quent col- written lections off In suspense (000 Omitted) Dollar exchange Total Import Export Domestic shipment Domestic storage Shipment between countries Foreign storage $16, 493 3,692 $11 830 2 103 151 2 541 $4,056 908 $607 681 203 50 2 The extent to which the aggregate losses 3,620 810 269 were contributed by a few large cases is strikforeign 9,457 3,213 3,326 2,918 ing. For example, losses of $1,221,000 asso1,147 2,517 153 3,817 ciated with acceptances executed under im962 44 1,058 52 port credits during the years 1925-1932 grew Dollar exchange 23,317 10,341 4,682 38, 340 Total out of 25 cases in all, but 4 cases contributed $827,000 of losses. On the basis of the figures shown in Table In connection with acceptances executed during 1925-1932 involving shipments be- 2, it would appear that experience has been tween foreign countries, $3,101,000 of losses least satisfactory among import credits. The 842 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 aggregate of bills in difficulty in this class 1925. A large increase in the acceptance was larger than in the case of any other and business as a whole began after 1924, and aclosses written off were larger. By these tests ceptance practice at some points was imtransactions involving shipments between proved as a result of lessons learned from foreign countries afforded the next most un- unsatisfactory experiences of earlier years. satisfactory experience. In this form the Business in some of the major classes of acfigures are inconclusive, however, since the ceptances, moreover, amounted to little prior amount of difficulty encountered in each class to 1925. The chart on page 850 shows the volume of credit needs to be related to the aggregate business done in the category during those of acceptances outstanding by classes at the years. An effort to do this is the subject of end of each month for all available months. Separate figures were not published by the some subsequent paragraphs. It is possible that actual losses suffered by American Acceptance Council for the two acceptors may be higher than would appear classifications "shipment between foreign from those reported, as a substantial part of countries" and "storage in foreign counthe $4,700,000 now being held in suspense has tries." The chart brings out the fact that import been outstanding for at least three years. Conservative accounting might well have credit transactions had existed in large volwritten off some of this aggregate as a loss ume prior to 1925. On the other hand, transbefore now, although reports indicate that a actions involving shipments between or storsubstantial portion of this suspense will prob- age in foreign countries were negligible in size in 1925 and 1926, began to increase ably be recovered eventually. Losses by Years.—Acceptance difficulties rapidly in 1927, and by the latter part of 1929 leading to losses were greatest in years of exceeded import credit transactions. Acceptbusiness recession and price decline, such as ances outstanding in the class of foreign 1920, 1921, 1924, 1931, and 1932. It will be storage and shipment at the end of the year recalled that this survey did not include any 1930 amounted to more than $550,000,000, business originating after 1932. Table 3 while import acceptances outstanding were shows the losses by the years when the rela- but slightly more than $200,000,000. The rapid increase following 1927 in acceptances tive bills were accepted. TABLE 3.—LOSSES WRITTEN OFF ON BILLS ACCEPTED IN outstanding to finance shipments between or EACH YEAR 1920-1932 BY CLASS OF ACCEPTANCE storage in foreign countries reflects in part CREDIT revision by the Federal Reserve Board of its rulings to permit the acceptance of bills in Shipments Year Import Export Do- Do- be- Formes- mes- tween eign tic shipment tic storage Dollar Total forstorexeign age change countries TABLE 4.—AGGREGATE OF BILLS ACCEPTED IN 1925-1932 IN DIFFICULTY BY CLASS OF CREDITS—SUBSEQUENT COLLECTIONS, LOSSES AND ITEMS IN SUSPENSE THROUGH AUGUST 1935 Total in difficulty (000 o m i t t e d ) Class of credit D a t e not furnished 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 All years $200 $ 1,843 $ $225 $ 90 414 177 792 133 37 10 12 465 88 311 80 250 10 150 12 $393 $ 4, 056 50 303 5 100 30 74 28 3 1, 834 906 50 44 962 261 20 493 908 475 $818 2,257 786 18 810 3, 325 1,147 373 423 482 218 433 2,428 1,156 44 10,341 Experience, 1925-1932.—In several respects there is a natural division of acceptance experience as between the years ending with 1924 and those beginning with the year SubseLosses quent col- written lections off In suspense (000 omitted) Import Export Domestic shipment Domestic storage Shipment between countries Foreign storage Dollar exchange Total $8, 889 2, 694 $7,111 1,305 $1. 221 708 $557 681 203 1,840 151 1,412 50 182 2 246 8,872 2,933 2,853 2,501 3,101 279 2,918 153 foreign 674 622 26,105 15, 955 52 5,541 export transactions after the goods had actually arrived at their destination. This broadening of ruling followed some recession in trade in 1924 and in 1927, and was particu- SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 843 larly designed to assist in furthering our ex- ceptances negotiated, it would appear that relative losses were more significant among ports of cotton and other raw products. Table 4 shows by class of credits the experi- credits involving shipment between and storence with respect to difficulties on bills ac- age in foreign countries than in the other classes. Losses plus items still in suspense cepted in the years 1925-1932. The table brings out the fact that when were four times as much as those among imacceptance experience after 1924 is viewed port credits as shown in Table 6. As previseparately the unsatisfactory experience in ously noted these figures do not include the import credit classification based solely credits covered by standstill agreements on dollar amounts involved no longer over- which will be referred to later. Too much shadows that in some other classes. Total weight should not be given to this comparison acceptances in difficulty in the import credit based on dollar amounts, as the credits based class amounted to $8,889,000 on which losses on shipments between and storage in foreign of $1,221,000 were written off while $557,000 countries on which losses were taken happen of bills were still in suspense. Among credits to include a number of large transactions. involving shipments between foreign coun- (See Table 1.) Table 6 shows the difficulties per $100 of tries, total acceptances in difficulty amounted to $8,872,000 on which losses of $3,101,000 bills negotiated during 1925-1932. were written off while $2,918,000 of bills TABLE 6.—AGGREGATE OF BILLS ACCEPTED IN 1925-1932 were in suspense. IN DIFFICULTY PER $100 OF ESTIMATED TOTAL OF Difficulties Compared with Volume Out- BILLS ACCEPTED IN 1925-1932 BY CLASSES OF CREDITS standing.—The bare aggregates of difficulties Losses Total Losses In give no indication of their relative signifiwritten plus in Class of Credit off difficulty suspense suspense cance in the various classes, but should be related to the volume of acceptances which Import. 1.014 $0.106 $0.007 $0.021 have been negotiated in the various classes Export. .014 .027 .007 .007 during the period. .007 .007 Domestic shipment.029 .037 .003 . 005 .008 The volume of acceptances in the various Domestic storage Shipment between foreign classes executed in each year during 1925- countries and storage in 1932 has been estimated by multiplying the* foreign countries .047 .043 .09 average outstandings by 4 since the accept- Dollar exchange. .062 .005 .005 ance business turns over roughly every 90 All classes .145 .426 days. The following tabulation shows the estimated volume of acceptances negotiated. It would appear from the analysis made by TABLE 5.—ESTIMATED VOLUME OF ACCEPTANCES N E - the Committee that in some of the acceptance GOTIATED DURING 1925-1932 BY CLASS OF CREDITS business acceptors have not shown a high degree of vigilance in assuring themselves that Class of ! 1926 1928 1932 Total 1930 Credit i their business was carrying a minimum amount of risk. For example, there were (Millions of dollars) losses of $3,326,000 suffered in credits involvcountries. 1.123 1, 186 1,204 1, 283 1, 355 1,105 405 8,423 ing shipments between foreign Import 705 10, 074 With respect to practically all of the bills the 1,025 941 1,189 1,572 1,688 1,668 1,286 Export acceptor was unable to furnish information Domestic 72 shipment 71 100 115 66 685 991 78 as to what disposition was made of the goods Domestic 825 559 604 902 524 848 5, 031 against which the credit was drawn. storage - - 425 344 With Shipment respect to a quarter of the aggregate, the acbetween ceptors had never seen documentary evidence and storage in that any goods had been shipped but had foreign countries 291 1,249 1, 956 1,732 1,048 7, 155 relied upon the statements of correspondents or others. Dollar ex224 62 1,089 115 229 101 21' change.-. Long Maturities, Renewals, Revolving Total..I 2,786 2, 763 3, 393 4, 293 5,191 5,883 5,014 3,134 32, 457 Credits.—In all, there were 92 credits on which losses were incurred. In 16 cases, these When the aggregate losses suffered by involved bills with maturities in excess of 90 classes of bills drawn during the period 1925- days, while there were 20 cases of renewal 1932 are compared with the volume of ac- bills and 22 cases of revolving credits. Thera 844 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 were cases where two or three of these condi- aggregate losses of $10,300,000. Credits on tions were characteristic of one particular peanuts and peanut oil contributed losses of credit, but in all there were 49 separate $644,000 and coffee credits, $568,000. The credits which were characterized by one or losses on sugar occurred largely in connecmore of these conditions. tion with import credits, though a sizeable Out of $10,341,000 of losses, $6,260,000 loss occurred in foreign storage transactions. were on credits which involved one or more There were important losses in transactions of these characteristics, although it is impos- involving shipment between or storage in sible to determine how much of this loss was foreign countries in credits on sugar, coffee, due to these factors and howT much coinci- lumber, and tobacco, in importance in the dental. order mentioned. Goods Released on Trust Receipts.—Half Losses by underlying commodities and of the $4,056,000 of losses incurred on import class of transaction are shown in some detail credits were in connection with transactions in Table 7. in which the goods were released on trust Losses and Banking Judgment.—Of the agreceipt. Losses in the other classes of credits gregate losses revealed by the analysis made were not associated with trust receipt trans- by the Committee a large proportion was inactions. curred by a few institutions, five accounting Losses by Underlying Commodities.—Sugar for 64 percent and ten for 83 percent of all credits were responsible for $2,500,000 of the losses. It is true that these institutions were among the largest acceptors, but many other TABLE 7.—LOSSES ON BILLS ACCEPTED IN 1920-1932 BY large acceptors reported much smaller losses. UNDERLYING COMMODITY AND CLASS OF CREDIT It is a fact worthy of note that the reason assigned as to why the acceptor was forced to Shipabsorb a loss was in so many cases a reflection Do- Do- ment Forbemes- mes- tween eign Dolof faulty banking judgment, or of a possible Im- Exlar tic tic port port ship- stor- for- storex- Total lack of proper vigilance. Table 8 brings out Commodity eign ment age coun- age change the fact that a large proportion of the retries corded losses was associated with failure of the borrower, or price declines, or condition (000 omitted) Sugar $1. 635 Peanuts & peanut oil 644 Coffee 30 149 Furs Lumber & timber Tobacco 42 General merchandise Railway equipment-Skins & hides 260 257 Silk Wool 48 242 Copra Metals Hardware & industrial maShellac Wood oil Woolen yarn . Dried peas & beans Wheat & grain._ Shoes _ _ _ _ Packing house products Groceries Paper Autos & motors. Cotton Burlap _ Spices Rubber Total TABLE 8.—REASONS ASSIGNED FOR AMOUNTS OF LOSSES INCURRED ON BILLS ACCEPTED DURING 1920-1932 BY CLASS OF CREDIT 644 $885 $2, 543 50 535 568 427 333 3 278 383 304 262 92 293 281 201 214 162 105 90 88 77 73 20 27 48 46 37 34 1,888 84 44 4, 056 908 50 810 3,326 1,147 Cause of Loss Export 88 77 73 69 49 48 46 37 34 1,972 44 44 10,341 Shipment DoDobeDolmes- mes- tween Foreign lar tic tic Total forexship- stor- eign storage change ment age countries (000 omitted) Customer failecL $1, 570 Price decline 1, 729 Condition of 41 trade Fraud and mis52 representation 664 All other 162 105 Total 4,056 90 200 182 200 172 172 49 22 Import 281 260 257 262 242 229 224 182 200 Oil Miscellaneous __ Dollar exchange $23 $104 $1,070 459 $262 $ 59 459 187 908 $18 $. 44 $3,024 2,232 175 75 50 142 1,387 794 46 654 475 2, 694 2,216 50 810 3,326 1,147 44 10, 341 in the trade, or fraud. These are matters that it would be difficult to guard against by provisions in the Board's regulations dealing with acceptances. American Acceptance Credits Under Stand- still Agreements.—So far, :his report has been confined to a survey of the experience of American banks in connection with accept- SEPTEMBER 1937 FEDERAL RESERVE BULLETIN ance credits executed between the years 1920 and 1932 inclusive and supplies a reasonably complete analysis of such unsatisfactory cases as have occurred in the acceptance business as it has grown up under existing statutes and regulations. It has omitted any study of the so-called standstill agreements: arrangements which applied to short term credits, and which were established between foreign creditor banks and their customers in certain countries whose governments, because of economic conditions, adopted restrictive regulations controlling the conduct and settlement of foreign trade accounts. The purpose of such agreements, generally speaking, has been two-fold: to prevent wholesale withdrawal of foreign capital which wrould be ruinous to the exchange value of the currency and to overseas trade, and to enable creditors over a period to liquidate their commitments in as orderly a manner and at as little sacrifice as possible. The problem created by these agreements is in many respects quite outside the field of ordinary acceptance experience. Therefore, it was not possible to apply the same type of analysis to standstill credits as was used in the case of non-standstill credits. It seems appropriate to include in this report, however, a summary as to two points, the losses sustained by accepting banks, and the character of the paper drawn under credits made subject to standstill agreements. Losses Incurred in Standstill Liquidation. —It should be borne in mind that the agreements arose not from the inability of the debtors to meet their obligations in their own currencies but from their inability to make transfers of funds through the normal channel of the international exchanges. This is confirmed by most of our accepting banks, as illustrated by the comment of one of the institutions whose experience is included in this survey. The bank in question, after referring to the prolongation of credits by the various standstill arrangements with central European countries and exchange controls which have stopped payment for goods in gold, goes on to state that they have many customers who, although possessed of ample resources, are prevented by government decrees from converting these resources to make possible payment of contracted obligations. Furthermore, the great majority of credits extended by American banks under the most important standstill agreement, that with Germany, 845 have been extended to German banks, and public policy has not permitted any of the latter to suspend payments. Hence losses which creditors have incurred in connection with acceptance credits subject to standstill agreements have not arisen from fault in the individual credit but have been due almost wholly to the discount incident to the conversion of foreign currencies into dollar exchange under existing governmental controls. Since this discount has ranged from about 15% to 51%, the loss to accepting banks has been substantial. In the case of Germany, for example, American banks in liquidating some $246,000,000 of acceptance credits up to December 1935 may have lost something between $32,000,000 and $45,000,000 in disposing of registered mark balances. Furthermore there have been losses in liquidating Austrian and Hungarian commitments although absence of available data does not permit of an estimate of the amount of these losses. Complete figures of loss in connection with standstill credits would loom large beside the $10,000,000 loss shown in other parts of this report on all other American acceptance business of some $50,000,000,000. Under the circumstances outlined above, however, losses under the standstill are of a quite different type from those incident to the ordinary practice of the acceptance business. Character of Acceptances Subject to Stand- still Agreements.—The second important consideration in reviewing standstill experience is the character of the paper drawn under existing credits. There can be no doubt that a substantial volume of such drawings partook at one time or another of the nature of finance paper and was not supported by actual commercial or industrial transactions which would provide self-liquidation for the bills which our banks were called upon to accept. The Committee has examined the available figures and has asked the opinion of competent bankers with respect to the extent of any laxness in practice and the circumstances under which it occurred. The only figures which are available on the subject relate to the period after the standstill agreements had gone into effect. Reports of 100 American banks, as of October 31, 1931, indicate that of $288,000,000 of acceptances outstanding on that date under the German Standstill Agreement, 39% were accompanied by proof of eligibility such as shipping documents or 846 FEDERAL RESERVE BULLETIN other evidence; 31%, although unaccompanied by documentary evidence, were nevertheless presumably capable of classification as eligible; and 30 % were definitely not self liquidating and offered no evidence as to the nature of the underlying transaction. Informal inquiries among twenty-five of the most important accepting banks indicate that at the end of 1935 about three-quarters of the bills outstanding at that time could be classified as eligible under the regulations of the Board of Governors of the Federal Reserve System. German authorities, as well as many accepting banks, maintain that until recession in foreign trade set in and commodity prices began to fall, the great majority of bills presented for acceptance represented actual selfliquidating business transactions. There is. however, considerable testimony that even before the standstill agreement had gone into effect some American acceptors had been at times lax in depending on general statements made to them by foreign banks and not requiring more; detailed information regarding the transactions underlying the bills accepted. Such practice has been at times defended on the ground that it is similar to the practice of London bankers who have generally placed more reliance upon names than op ascertaining that the underlying transaction back of each bill was by nature selfliquidating. There is no way of knowing the extent of the laxity which existed in this particular, although belief in the market is that it was not general. It does not appear that laxness of this sort had any important responsibility for the later losses on acceptances except to the extent possibly that a more exact scrutinv of bills might have led to a somewhat smaller volume of credit extension and so to a smaller volume of bills coming under the standstill agreement. The probability is, however, that more precise technical requirements would not greatly have restricted the volume of bills drawn. The total volume of bills was in keeping with the general tendency of the time toward excessive credits of all sorts to the central European countries. It is clear that an important change in the character of bills took place at the time the standstill agreements went into effect. With the decrease in volume of transactions which could give rise to eligible bills, many foreign customers of accepting banks found it in- SEPTEMBER 1937 creasingly difficult to provide eligible paper, although they were still in need of working capital. Under the standstill agreement, the Germans agreed to provide eligible paper as far as possible and the right is reserved, when it is not possible, to carry the resulting debt in the form of a cash advance or overdraft, of course at a higher rate of interest. The majority of accepting banks have so treated bills which were not definitely selfliquidating. Indeed, to a large extent they have kept their German bills off the market entirely. Although the large amount offinancepaper which admittedly existed can scarcely be reconciled with the ideals of the best banking practice, losses incurred by American acceptors due to this cause have been negligible, since, as stated above, the majority of American credits were extended to German banks which as a matter of public policy have not been allowed to fail. By far the greater part of American acceptance credits subject to standstill agreements have been extended to German banks which in turn made them available to their commercial and industrial customers. Consequently, there have been numerous substitutions of one debtor for another as well as changes in the types of transactions underlying the bills presented for acceptance. In addition, not infrequently original acceptances have become overdrafts and subsequently been replaced by bills which again have become overdrafts so that except in relatively few cases there has been no real continuity of individual credits. For these reasons it does not appear possible to apply the same methods of analysis to individual acceptances as were used in the earlier part of this report. Acceptors' Recommendations for Changes in Rules of Procedure.—Of the 156 banks which responded to the questionnaires only about 20 made definite recommendations as to changes in the law or regulations relative to acceptances. The recommendations may be classified: (a) for more restrictive requirements; (b) for liberalizations. More Restrictive Requirements.—In connection with more restrictive requirements, the largest number of suggestions were made with respect to shipments between foreign countries and the smallest number with respect to import credits. A brief summary SEPTEMBER 1937 FEDERAL RESERVE BULLETIN of the more important of these suggestions is given by class of credit as follows: Import Credits: When goods released on trust receipt, latter should not remain outstanding after transaction completed. Export Credits: Restrict financing with respect to secondary distribution to such merchandise as remains in original form. Documentary evidence desirable when acceptance drawn by another bank and secured by export bills. Actual documents should be in hands of acceptor from date of acceptance. Domestic Shipment Credits: When goods released on trust receipt, latter should not remain outstanding after transaction completed. On six months' drafts, tenor should be restricted to that of eligibility for rediscount. Credits Covering Shipments between Foreign Countries: Acceptor should see satisfactory evidence of shipment. Foreign correspondent should furnish full information with respect to purpose, customer, and self-liquidation. Basis of transaction should be more clearly defined. Same requirements as for domestic shipment should apply. Require letter of guarantee from actual taker of credit. Domestic Storage Credits: Emphasize independence of warehouse from credit taker. On six months' bills, tenor should be restricted to those eligible for rediscount. Require accepting bank to secure sworn statement from warehouse. Restrict business to licensed warehouses only. Require licensed grader's certificate. "Specifically, we wish to call attention to the fact that Article B of Regulation A recites that the Federal Reserve Bank may discount bills covering the storage of readily marketable staples, provided the bill is secured at the time of acceptance and that under certain conditions a Trust Receipt may be taken. Article A of Regulation C recites that member banks may accept such bills, but it is not indicated that a Trust Receipt may be taken. It would, therefore, appear that a member bank could accept a bill having warehouse receipts in its possession at the time of acceptance and might release the security free, provided it remained within the 10% of capital and surplus limit. Such a bill, however, would appear to be ineligible for discount under Regulation A." Foreign Storage Credits: Acceptor should see satisfactory evidence of storage. Require letter of guarantee from actual taker of credit. 847 Dollar Exchange Credits: Restrict to amounts which may be covered in due course by export documentary bills. General: Limit acceptance business to transactions where evidence of shipment presented. Maturity of acceptance should coincide with usual credit period. Add to Article B, Section XI: "Where the details of the underlying commercial transaction are not otherwise evidenced, the acceptor shall obtain a statement of its essential details." Actual bills of lading should pass through bank. It will be noted from the foregoing that the greatest unanimity as to suggestions relative to any one phase of acceptance practice is evident in the category of credits covering shipments between and storage of goods in foreign countries. Many of the suggestions appear to be so obviously matters of ordinary credit judgment and plain common sense that it would seem scarcely necessary to embody them in formal rules and regulations. Suggestions for Liberalizations.—Proposals for liberalizing the law and regulations were made with respect to two classes of credits: domestic shipment and domestic storage. Removal of the 50 per cent limitation with respect to domestic acceptances was suggested by several acceptors. Broadening the list of commodities eligible for domestic storage credits was also mentioned. With respect to credits growing out of domestic shipment, it was recommended that the requirement as to documents conveying security title be liberalized. A significant point of view was expressed by several acceptors, one of which stated: "We realize that at the inception of the acceptance business in this country a certain degree of regulation was required in order that this new form of credit should not be directed into improper channels, but it is now pertinent to inquire whether the increased understanding of the nature and objective of this facility does not merit a complete revision of these requirements. "This is particularly true of transactions for domestic account. We feel that too often the mere fact that a transaction measures up to the standards established by the Federal Reserve Bank in defining eligibility has swayed the judgment of the accepting bank as to its soundness as a banking proposition. Obviously, eligibility is no criterion for judging credits, but it is apparently an undeniable influence due possibly to the emphasis that the Federal Reserve Bank rulings place on the matter of eligibility. We feel the time must come when the Federal Reserve Bank should place its chief reliance on the judgment and standing of the accepting bank, and use that more as a standard for 848 FEDERAL RESERVE BULLETIN purchasing or discounting bankers acceptances', rather than the fact that the bill offered complies to the letter of certain regulations. Other accepting markets have effectively controlled their acceptance business in this manner without the restrictions of well meant, but inelastic regulations." CONCLUSIONS The statistical analysis pursued by the Committee confirms the impression heretofore prevailing in most quarters that the preponderant part of the acceptance business of American banks as it has grown up under the guidance of the regulations of the Board has been satisfactory. There is no recorded instance of an investor in bankers acceptances having lost a dollar of principal and no bank has closed or suspended payments because of difficulties arising from its acceptance business. The analysis has shown that losses which have been suffered by American institutions because of their acceptance commitments have been for the most part associated with the types of eventualities which should be forestalled more by the judgment, prudence, and vigilance of bankers than by official regulations. Of the $10,300,000 of losses suffered by acceptor in the years 1920-1932, not including the losses growing out of standstill business, about 80 per cent were associated with such matters as: failure of the customer, price declines, conditions of the trade, and fraud It seems to the Committee, however, thai this record does not justify an attitude of complacence on the part of the Federal Reserve System in its general responsibility f 01 the rules and regulations under which American acceptance business is done. The Committee holds the view that the bankers' acceptance should be the prime commercial credit instrument, and that acceptances which come into the market should be based on transactions as nearly riskless and above suspicion as possible. On such a premise, any loss in the field should be the occasion of regret and of effort to foreclose its recurrence. The statistics indicate that, even omitting standstill credits which are a separate problem, the greatest amounts of unsatisfactory experience were encountered in the fields of shipment between and storage in foreign countries, and import transactions. There is, however, considerable ground for believing that American banks did not uniformly adhere to the ideals of acceptance practice in their central European business. In the light both of this study and the ex- SEPTEMBER 1937 perience with standstill bills, many acceptors have expressed the belief that the regulations should be tightened to raise the standard of acceptance practices in the field of shipment between and storage in foreign countries. With respect to such transactions several recommendations made by acceptors looked in the direction of requiring that the accepting bank be in possession of full information as to the financial responsibility of the recipient of the credit and the self-liquidating nature of the transaction, and that a more adequate control over the goods by the agent of the accepting institution should prevail until the credit be liquidated. This point of view was particularly well expressed by one important accepting bank: "When the use of the acceptance facility was initially fostered and laws and regulations formulated, every effort was made to prevent the acceptance of purely finance bills, and provisions were made for exhibition of documents evidencing related actual self-liquidating transactions as the basis for acceptance financing. Later the regulations were modified and the broadest latitude permitted member banks in determining eligibility. This greater freedom resulted in certain abuses, improper practices and the creation of bills not even remotely associated with transactions which would liquidate within the life of the bill. Instances of this nature have been submitted to the standstill committees with which you are familar. While the broad powers granted acceptors are highly advantageous and desirable, we suggest the possibility that the creation of such bills should be determined by more definite regulations as to the type and extent of evidence which should be required by prospective acceptors as to actual contracts of sales to be financed or actual movements of goods before bills are accepted as eligible." The evidence the Committee has assembled indicates there is room for some improvement of practice along the lines of the foregoing quotation, especially with respect to bills covering shipment between and storage in foreign countries. The Committee has raised three questions with respect to this problem: 1. Whether the general field of acceptance activities should be narrowed, 2. Whether some additional and more specific regulations should be issued on this point, 3. Whether reliance should be placed mainly upon the gradual development of sound traditions of practice on the part of accepting banks. These three questions will be discussed in order. SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 849 1. In the early stages of this project, the 2. As previously noted several of those question was raised in the Committee as to replying to the Committee's questionnaire whether "American banks are justified in have suggested the modification of Federal granting acceptances to accommodate world Reserve Board regulations to include definite trade other than incidental to facilitating the specification of the type and extent of evineeds of American customers directly en- dence which should be required by prospective gaged in exporting or importing goods be- acceptors as to the actual contract of sales to tween the United States and a foreign coun- be financed or actual movements of goods try." This challenge involves, of course, the before bills are accepted as eligible. The question of the "necessity for permitting present regulations as they relate to the banks to grant acceptance credits to finance financing of transactions arising out of the (a) movement of goods between two foreign importation or exportation of goods are countries each foreign to the United States; drawn in broad terms and make no specific (b) storage of readily marketable staples in requirements as to the character of evidence foreign countries whether or not underlying accepting banks must obtain. The conditions commodities were produced in the United under which transactions of this sort take place are so varied that it would be difficult States." The fact that acceptance activities have if not impossible to draw a regulation which been authorized and practiced extensively in would lay down minutely requirements as to a field in the past creates a strong presump- evidence without making compliance impostion against prohibiting them in the future. sible in many sorts of transactions. For If American accepting institutions can find example, in many cases of shipments of goods a profitable and reasonably safe field of ac- between foreign countries it would be impostivity in financing foreign shipment and stor- sible for the accepting bank to obtain shipage transactions, no sufficient reason for ping documents at the time of the acceptance. foreclosing the opportunity seems apparent It does, however, seem possible that the reguto the Committee. From the point of view lations should contain a general requirement of the balance of payments of the United that with respect to credits covering export States the outstanding commitments of Amer- and import transactions and shipments beican investors in acceptances drawn to finance tween foreign countries, the accepting bank transactions involving shipment between and is expected to obtain satisfactory evidence, storage in foreign countries have the same documentary or otherwise, as to the precise effect as an equal volume of any other type nature of the transactions underlying the of short-term lending. Out of the contacts credit extended. Such a general requirement and good-will incident to acceptance activi- in the regulation serves notice on accepting ties in this field grow other satisfactory busi- banks as to what may be regarded as sound ness for American banks and their cus- acceptance practice, and provides a basis for the examination of individual credits which tomers. More than this, if reference is made to may be made later by bank examiners or the British acceptance practice, it is found that Federal Reserve banks. 3. While as noted above the Committee rethe extension of American activity into the field of purely foreign transactions has good ceived a number of suggestions for changes precedent. The best information indicates in regulations, the Committee was constantly that a large proportion of the acceptance impressed with the number of comments to liabilities of important British banks relates the effect that sound acceptance practice deto transactions in which neither the buyer pended upon credit judgment and the developnor the seller of the merchandise is a resident ment of sound traditions. This point of view of the British Isles, or of a British dominion was well expressed by the officer of one of for that matter. It is to be presumed that the large accepting banks in the following in the future the money market in this coun- language: "I cannot take this opportunity of try will be called upon to fulfill many of the iterating * *help but primarily acceptances are re* that an functions of a world money market and the instrument of credit and their value is based on the regulations governing acceptance practice soundness of our judgment of the credit risk inshould, as far as it may safely be done, pro- volved. It is my impression that the eligibility protendency' opposite original vide sufficient latitude for the proper fulfill- visions have a the inexperienced I to their they enintention. To believe ment of that function. dow transactions which can be classified under the 850 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 regulations as eligible with a primary assumption of soundness. A credit risk, of course, does not depend upon the nature of any single transaction but many other factors enter into the credit risk independent of the transaction itself." proposal the Reserve Board on January 29, 1935, addressed letters to the Federal Reserve Agents and the Comptroller of the Currency requesting that when examinations of members of the Federal Reserve System were RECOMMENDATIONS being made attention be paid to whether the acceptance business of the respective bank 1. It is recommended that the acceptance was being conducted in privilege be not withdrawn from any of the law and regulations of conformance with the the Board. seven important fields. 5. It is also recommended that the Federal 2. It is recommended that further liberalbanks, in addition to their izations in regulations of the Board of Gov- Reserve of bills from the standpoint of usual scrutiny eligiernors be not made at this time. bility and acceptability, make at frequent in3. It is recommended that a footnote be a more extended added to subparagraph (1) of Section XI of tervalsare purchased or investigation of bills which offered for purchase Regulation A reading as follows: in order to ascertain whether the acceptances While it is not a requirement of the eligibility of are conforming with sound acceptance pracbills referred to in clause (1) of Section XI of this tice. regulation that documents covering the shipment of goods be attached to the bills at the time of ac- It must be recognized that in the long ceptance, it will be presumed by Federal Reserve run sound acceptance practice depends most banks in discounting such bills that the accepting largely on sound credit judgment on the part banks have obtained satisfactory evidence as to the of the accepting bank, and the principal retransactions underlying such bills. liance for improvement in practice must be 4. It is recommended that continued em- placed upon the gradual process of the seasonphasis be placed on the procedure of check-up ing of judgment of acceptors and the developthrough examinations. In keeping with this ment of sound traditions. BANKERS ACCEPTANCES OUTSTANDING BY TYPE OF TRANSACTION ( MILLIONS OF DOLLARS End of month figures ) MILLIONS OF DOLLARS 600 600 400 200 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 851 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, JUNE 30, 1932, TO JUNE 30, 1937 [Amounts in thousands of dollars] 1932 June 30 1933 i June 30 1934 June 30 1935 June 29 1936 June 30 1937 March 31 1937 June 30 ASSETS Loans (including overdrafts) 16,587,185 12,858,099 12, 522.980 11,927,966 12,541.845 13,699,294 14,284,875 United States Government direct obligations 5, 627,854 6,887,123 9,136, 684 9, 871,126 11,721,475 10, 856, 351 10, 870, 404 Securities fully guaranteed by United States Government. 276,144 1, 558, 381 1,950,457 1, 861, 336 1, 818, 530 Other securities 5, 785, 764 5,041,149 5, 239,031 5,427,145 6,108,022 5, 764, 752 6,045,033 Total loans and investments 38,000.803 24, 786,371 27,174, 839 28, 784, 618 32,258,810 32, 525, 003 32,738,561 Customers' liability on account of acceptances 458,952 424, 263 252,916 157,751 202,067 187,143 156, 954 Banking house, furniture, and fixtures 1,166, 263 982,036 997, 817 998, 645 981, 712 980,375 994, 921 Other real estate owned 233.014 227.074 286, 348 339,086 353,714 379, 457 Reserve with Federal Reserve banks 1,997, 656 2,235,179 3, 819, 410 4, 933, 277 5, 607,119 6, 613, 340 6, 896,663 Cash in vault 478, 224 404, 502 472, 643 537,010 662,310 629,305 713,421 Balances with private banks and American branches of foreign banks 27,314 25,371 34, 463 () () ( () Demand balances with banks in New York City 590, 880 826, 636 1,116, 655 1,379, 856 1, 607, 991 1, 263,080 1,201,514 Demand balances with other domestic banks 1,139, 890 1,181, 582 1,549,622 2, 049, 439 1,898,657 1,905, 547 2,184, 747 Time balances with other domestic banks (2) (2) 81,432 105,539 116,311 94,009 110,700 Balances with banks in foreign countries 101,070 108,070 52, 641 51,977 51,698 140, 680 71, 244 Due from own foreign branches 91, 549 106,041 4,592 3,787 2,502 10, 958 Cash items in process of collection 91, 926 2, 200,829 1,973,621 2,147,493 1, 337,138 1, 485, 343 1,183,373 Cash items not in process of collection 11,114 9,857 11,027 Redemption fund and due from United States Treasurer . 32, 548 37, 261 1, 056, 779 11, 842 Acceptances of other banks and bills sold with endorse36, 249 ment 55,022 6,042 16,312 11,087 10,340 1.920 Securities borrowed 11, 664 6,654 918 345 1,065 555 2,524 Other assets 216, 388 227,820 293, 777 215, 834 190. 709 256.178 290, 474 Total assets. 35,911, 061 33, 046, 780 37,384, 811 40, 724, 644 46, 533, 987 47,066,564 47, 468, 613 LIABILITIES Demand deposits—Total Individuals, partnerships, and corporations United States Government States, counties, and municipalities Banks in United States Banks in foreign countries Certified and officers' checks, cash letters of credit and travelers' checks, etc Time deposits—Total Individuals, partnerships, and corporations: Evidenced by savings pass books Certificates of deposit Open accounts •. Christmas savings and similar accounts Postal savings States, counties, and municipalities Banks in United States Banks in foreign countries 17,199, 780 17,583, 067 21,201,214 24, 743, 783 29,918, 691 29, 950,160 30,142, 898 11,890,163 11,830,246 13,348,724 16,206, 243 19,321,998 20,084, 779 20, 272, 432 387,463 806, 297 1. 657, 793 778, 716 1,036, 575 628,125 414, 722 1,313, 569 1,087, 329 1, 597,870 2,090. 608 2, 320.453 2. 564, 303 2, 577, 445 2, 870,029 3,056, 527 4,070, 319 4, 978, 426 5,985,886 5. 751. 796 5, 298,023 172, 383 154, 842 145, 750 273,179 615, 278 457; 911 464,642 566,173 656,918 371,666 416,611 751, 595 676, 649 789,137 10, 636, 021 8, 980,860 9, 811,153 10,194, 344 10, 786, 873 11,164,318 11,347,148 7,491,268 1, 349, 514 | 772,363 609, 746 336,929 69, 525 6, 676 6,127.412 1,037, 747 3 578,812 58, 656 788, 492 299,659 89,084 7,985, 646 7,168,239 868, 780 930,705 542,607 • 604, 845 64, 733 59,449 306,603 585,027 285,076 332,674 135, 750 122,078 8,136 5,149 8, 565, 632 843, 255 613,013 77, 295 152, 234 377,998 151,248 6,198 9,105,389 758, 293 712, 380 63,082 97, 371 268, 739 152, 766 6,298 9, 244, 567 757,618 724,104 91, 593 99. 736 292; 280 123, 208 14,042 Total deposits 27, 835, 801 26, 563, 927 31, 012,367 34, 938,127 40, 705, 564 41,114, 478 41, 490, 046 Secured by pledge of loans and/or investments 3,083, 595 3,432, 822 2, 817, 942 2,994, 886 3,824,137 (5) () Not secured by pledge of loans and/or investments.._ 27,188.230 31, 854, 532 37, 272, 742 38, 296, 536 38, 495,160 Due to own foreign branches National bank notes outstanding Agreements to repurchase securities sold Bills payable and rediscounts Acceptances of other banks and bills sold with endorsement Acceptances executed for customers Acceptances executed by other banks for reporting banks. _ Securities borrowed Interest, taxes, and other expenses accrued and unpaid, __ Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures Other liabilities Capital notes and debentures C apital stock Surplus Undivided profits—net Reserves for contingencies Retirement fund for preferred stock and capital notes and debentures 28,186 648, 906 62, 983 815,123 55, 022 483, 064 6,912 11, 664 109,927 23, 529 727,110 14,244 191, 228 7,948 434, 997 7,302 6, 654 67,111 192, 553 () (*') 165, 648 2, 440, 467 2, 366, 239 510, 696 343, 518 2, 220, 330 1, 847, 462 373,258 396, 032 694, 790 5,314 34, 840 1,920 266, 646 11,352 2, 524 70, 759 () 179,375 154, 839 2,497, 343 1,690, 560 387, 228 374, 257 697 Total liabilities (including capital account) . 35,911, 061 33, 046, 780 37, 384, 811 Net demand deposits Demand deposits—adjusted6 Number of banks 4,241 222, 045 7, 409 8,867 6,042 160, 219 14, 350 918 69, 889 101,159 84,142 143, 498 13, 697 5, 850 10, 340 151,155 27,066 555 80,105 5,873 17, 740 11,087 200, 864 25, 225 1, 065 98, 510 1,197 16,194 16,312 185, 650 26,149 345 87, 381 36, 276 43,999 142, 635 • 159,130 117,332 106, 844 2, 565, 987 2,460, 353 1, 647,024 1, 806, 516 436, 365 520, 283 343,528 331, 310 33, 216 149, 689 71,057 2, 383, 209 1,952, 805 580, 907 325,125 44,099 118,947 62, 453 2, 381, 796 1,971,464 587,495 319, 648 3, 389 10,061 11,572 15,939 47, 066, 564 47, 468, 613 40, 724, 644 46,533,987 14, 481, 998 14,156, 304 17,066, 519 21,045,206 23,985, 757 24, 668, 338 24, 844, 886 12, 432, 767 12,089,150 14, 261, 481 17, 530. 089 20, 284.095 21,352,110 21, 400, 662 6, 357 6, 375 5, 606 6, 410 6, 367 6,400 1 Beginning with 1933, figures relate to licensed banks only. Included in "Other Assets." Includes $33,418,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. Includes $14,473,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. Not reported separately. 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. 2 3 4 5 6 852 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ALL MEMBER BANKS—CONDITION ON JUNE 30, 1937, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks All national member banks All State member banks Central reserve city member banks New York Chicago Reserve city member banks Country member banks ASSETS Loans (including overdrafts) 8. 796, 477 14,284,875 United States Government direct obligations 6, 891, 783 10, 870. 404 Securities fully guaranteed by United States Government 1,314,640 1,818,530 Other securities.. 3, 890, 571 5, 764, 752 Total loans and investments 32,738, 561 20, 893, 471 Customers' liability on account of acceptances 96, 409 187.143 Banking house, furniture, and fixtures 633, 923 980, 375 Other real estate owned 162,353 353,714 Reserve with Federal Reserve banks 6, 896, 663 4.152,889 Cash in vault 440, 696 629,305 Balances with private banks and American branches of foreign banks 15, 399 25, 371 Demand balances with banks in New York City 893, 883 1, 201, 514 Demand balances with other domestic banks 1, 898, 657 1, 486, 961 Time balances with other domestic banks 64, 861 81,432 Balances with banks in foreign countries 26, 539 51,977 Due from own foreign branches 4, 592 4. 592 Cash items in process of collection 2, 200, 829 1, 284,067 Cash items not in process of collection 8,207 11,114 Acceptances of other banks and bills sold with endorsement 8, 265 16,312 Securities borrowed 229 345 Other assets 107,281 190. 709 4,993. 694 4, 340, 480 4, 267, 241 2, 520, 241 634, 958 635, 227 1, 732, 661 2, 638, 720 11, 628, 823 10,134, 399 2, 888 45. 397 387, 632 340,039 180,858 134,711 2, 214, 579 1, 337, 276 329, 520 212,051 5, 488, 398 3,978, 621 503, 890 1,874,181 11, 845, 090 90,734 346, 452 191,361 2, 743. 774 188, 609 4 276 086 3,176.276 454. 011 1.099,542 9,005. 915 135.694 230.394 31.518 2, 749. 273 60, 335 674,615 906, 646 94, 334 293, 829 1,969, 424 3,164 22, 310 6,627 595, 535 27, 399 9.972 307,631 411.696 16,571 25, 438 1,962 54. 739 47, 958 38 31,781 2,972 121,151 30, 808 1,135 1,709 916, 762 2,907 8,047 116 83, 428 995, 800 663 14, 292 130,453 332 278 58, 861 24, 502 269,089 4,318 251 345 43, 540 47, 468. 613 30,280, 025 17,188. 588 13, 419,223 2, 937, 799 14,246, 961 30,142.898 18, 843. 902 20, 272. 432 12, 412, 525 376,977 628, 125 2, 577, 445 1,968,984 5, 298. 023 3, 415. 382 266. 661 615, 259 11.298, 996 7, 859,907 251,148 608, 461 1,882,641 348, 598 10. 623. 602 6, 933, 745 305, 536 368. 442 2. 014. 200 574, 827 2,222, 874 1, 409, 313 41,207 207,798 536,120 6, 208 10, 520, 535 6, 840,023 211,988 933, 864 2, 338, 671 32, 589 6, 775, 887 5,089, 351 69, 394 1, 067, 341 409, 032 1,635 403, 373 7, 871, 654 348, 241 3, 475, 494 426. 852 797, 052 22, 228 451, 626 163, 400 4, 474, 754 139,134 5, 623, 716 6, 492, 725 586, 839 305, 715 61, 062 87, 945 229, 678 102, 321 5, 369 2,751,842 170,779 418,389 30, 531 11.791 62. 602 20, 887 8,673 355, 510 35, 535 370. 996 4,981 391,255 26, 664 30, 339 3,299 3, 675, 850 172,328 262, 487 29, 353 35, 381 189, 601 108, 036 1,718 4,821,952 523,091 60, 282 53, 960 64, 355 85, 215 14, 861 Total deposits 41. 490, 046 26, 715, 556 Secured by pledge of loans and/or investments 2,994, 886 2, 239, 386 Not secured by pledge of loans and/or investments. _. 38, 495,160 24, 476,170 14, 774, 490 755, 500 14,018, 990 11, 420, 654 585, 263 10, 835, 391 Total assets. 17,439 584, 855 759.918 29, 688 15, 953 4,592 805, 487 5,801 1, 491 2,998 440, 769 1,059,973 50, 571 2,534 LIABILITIES D e m a n d deposits—Total >. Individuals, partnerships, and corporations United States Government States, counties, and municipalities Banks in United States Banks in foreign countries Certified and officers' checks, cash letters of credit and travelers' checks, etc Time deposits—Total Individuals, partnerships, and corporations: Evidenced by savings pass books Certificates of deposit Open accounts Christmas savings and similar accounts Postal savings States, counties, and municipalities Banks in United States Banks in foreign countries Due to own foreign branches Agreements to repurchase securities sold Bills payable and rediscounts Acceptances of other banks and bills sold with endorsement Acceptances executed for customers Acceptances executed by other banks for reporting banks.. Securities borrowed Interest, taxes, and other expenses accrued and unpaid. _. Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures Other liabilities Capital notes and debentures Capital stock Surplus Undivided profits—net Reserves for contingencies Retirement fund for preferred stock and capital notes and debentures . Total liabilities (including capital account) Net demand deposits Demand deposits—adjusted Number of banks 751,614 11, 347,148 9, 244, 567 757, 618 724, 104 91,593 99, 736 292, 280 123,208 14, 042 17,445 261 12,324 2, 674, 500 219,631 2, 454, 869 14, 995,289 12, 399, 603 879, 056 1,310,936 13, 684, 353 11,520,547 143, 498 1,197 16.194 16, 312 185, 650 26,149 345 87, 381 98, 743 676 8, 530 8, 265 99, 762 13,616 229 51,170 44, 755 521 7, 664 8, 047 85, 888 12, 533 116 36,211 3,121 14. 292 138, 941 14, 857 200 278 2,398 1,118 444 831 1,491 42, 550 9,277 23, 761 9, 767 34, 764 44, 099 118,947 62, 453 27, 696 50, 205 2,381,796 1, 971, 464 587, 495 319, 648 1, 578, 356 1,071,102 389, 035 155,065 16, 403 68, 742 62, 453 803, 440 900, 362 198,460 164, 583 16,011 46, 085 574 563,540 797, 426 143, 479 92, 935 2,384 2, 654 225 126, 350 64, 735 19, 651 33, 515 16,182 40,411 28,552 767, 639 592, 293 206, 551 122, 772 15,939 12,019 3,920 49 24 5, 584 47, 468, 613 30,280. 025 17,188,588 13, 419, 223 2,937, 799 16, 864, 630 24, 844, 886 21, 400, 662 6,357 15,180,775 13, 500, 815 5, 293 9,664,111 7,899,847 1,064 9, 525,105 6, 733, 239 37 1, 940, 635 1, 508, 886 13 8. 370, 744 7,131, 800 337 143,4 753 12,042 251 .1, 761 897 345 19,089 9,522 29, 797 33,102 924, 267 517,010 217,814 70, 426 10, 282 14, 246, 961 5,008, 402 6,026, 737 5, 970 SEPTEMBER 1937 853 FEDERAL RESERVE BULLETIN FRENCH FINANCIAL MEASURES—GOLD REVALUATION AND ESTABLISHMENT OF REGULATORY FUND FOR GOVERNMENT SECURITIES A decree of July 22, 1937, and a Conven- ART. 5. The present decree shall be submitted to tion of July 21 between the Bank of France the Chambers for ratification in conformity with the law of June 30, 1937. and the Treasury provide for revaluation of ART. 6. The President of the Council and the Minof Finance are the gold reserves of the Bank of France for isterpresent decree. charged with the execution of the the second time since September 1936, and Done at Paris, July 22, 1937. for allocation of the resulting increment to ALBERT LEBRUN. By the President of the Republic: a fund for regulating the market for Government securities. These measures are given The President of the Council, CAMILLE CHAUTEMPS. in translation below. Other financial measThe Minister of Finance, ures, taken at the end of June, were pubGEORGES BONNET. lished in the BULLETIN for August 1937, CONVENTION BETWEEN THE MINISTER OF FINANCE page 720. AND THE GOVERNOR OF THE BANK OF FRANCE FUND FOR THE SUPPORT OF RENTES AND LONG- AND MEDIUM-TERM TREASURY OBLIGATIONS, AND CONVENTION WITH THE BANK OF FRANCE The President of the French Republic, By virtue of the law of June 30, 1937,1 granting the Government powers with a view to insuring financial recovery; On the report of the President of the Council and the Minister of Finance; The Council of Ministers concurring, Decrees: ARTICLE 1. There is established, with a view to regulating the market for rentes, a supporting fund authorized to buy and sell on the market (bourse) perpetual or redeemable rente certificates and longor medium-term Treasury obligations. ART. 2. The supporting fund shall be managed by the Caisse Autonome d'Amortissement for account and on the responsibility of the Treasury. Conditions governing its operation shall be fixed by order of the Minister of Finance after consultation with the administrative council of the Caisse Autonome d'Amortissement. ART. 3. The operations of the fund may be terminated by a decree issued on proposal of the Minister of Finance, the Council of Ministers concurring. In this case the rente certificates held by the fund shall be cancelled at once. The cash balance, if any, shall be applied to the repayment of the advances granted to the Treasury by the Bank of France in execution of the conventions of June 18, 1936,2 and June 30, 1937.1 , ART. 4. The convention between the Minister of Finance and the Governor of the Bank of France, concluded July 21, 1937, is approved. Between the undersigned, M. Georges Bonnet, Minister of Finance, acting on behalf of the State, And M. Pierre Fournier, Governor of the Bank of France, duly authorized by resolution of the general council of the Bank of France under date of July 21, 1937, It has been agreed as follows: ARTICLE 1. The Bank shall proceed to the revaluation of its gold and foreign exchange holdings under the conditions set forth3 in article 1 of the convention of September 25, 1936, but on the basis of a weight of 43 milligrams of gold 0.900 fine per franc. ART. 2. The increment resulting from this revaluation shall be allocated to the supporting fund for rentes established by article 1 of the decree-law approving this convention. ART. 3. When the operations of the supporting fund for rentes are suspended as provided for in article 3 of the decree-law approving this convention, the available cash balance, if any, shall be applied to the repayment of the advances granted to the Treasury by the Bank of France in execution of the conventions of June 18, 1936, and June 30, 1937. ART. 4. Moreover, the proceeds resulting from liquidation of the exchange stabilization fund mentioned in article 3 of the convention of September 25, 1936, shall be applied in the same way up to the initial amount of the supporting fund for rentes less the cash holdings mentioned in the preceding article. Executed in duplicate at Paris, July 21, 1937. Read and approved: Read and approved: GEORGES BONNET. 1 2 3 PIERRE FOURNIER. See BULLETIN for August 1937, p. 720. See BULLETIN for July 1936, p. 536. See BULLETIN for November 1936, p. 88 854 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC The annual report of the Central Bank of duration. Therefore the opportunities which the Argentine Republic for the second finan- they offer for remedying the consequences of cial period, covering the year ending Decem- past evils and for accumulating reserves for ber 31, 1936, was approved by the Board of times of stress, for which it is wise to be preDirectors of the Bank at the meeting held on pared, should not be missed. February 24, 1937. Sections of 1 the official Balance of payments surplus.—The Central Bank has also played its part in the soluEnglish text are given herewith: tion of the problems arising from the return THE REGULATORY FUNCTIONS OF THE CENTRAL of prosperity. It is customary to consider that, in institutions of this nature, the right BANK to issue notes is of fundamental importance. A new phase of recovery.—By the end of Circumstances have decreed, nevertheless, 1935 the National Government had reached that this Bank should initiate its regulatory the final stages of its programme of banking functions of the circulating media by the abreform and reconstruction, initiated a few sorption of the market's liquid funds and not months before with the creation of the Cen- by the creation of fresh resources. The first report alluded to this point and explained tral Bank. The crisis had seriously undermined the how the issue of Certificates of Participation credit structure, gravely endangering the in the Consolidated Treasury Bonds had abwhole banking system because of the large sorbed the remainder of the profit derived amount of deposits involved. The danger has from the gold revaluation. During the past been averted and the position of the banks is year this absorption was continued on a larger now completely satisfactory in so far as con- scale so that the abundance of funds should cerns their liquidity. This situation marks not cause a plethora of money. We are experiencing those very conditions the end of a long series of measures, some emergency in nature and some fundamental, which the Law has in view when it cites with which this country has perseveringly amongst the fundamental objects of the Central Bank that of "accumulating sufficient combated a long depression. The results obtained have fully rewarded reserves to moderate the consequences of the the effort and Argentina now reaps the fullest fluctuation in exports and in investment of benefit from the improvement in the interna- foreign capital on currency, credit and comtional economic situation. The era of crisis mercial activity, in order that the value of is ended, but problems connected with the the currency may be maintained." return of prosperity immediately begin to Exports and the influx of foreign capital arise. Freed from the burden of a long de- are the direct cause of this country's very pression, the driving forces of the national favourable balance of payments, which pereconomy are once again commencing to ex- mits the continued increase of the reserves tend with the confidence of prosperous times. necessary to support the currency when that Fortunately this is founded on economic re- balance is adverse to the country. The year 1936 adds another favourable ality from which it is not prudent to stray too far. In this respect the country has had balance of payments to those of the two prean instructive experience. In periods when ceding periods. In 1934, after two years of economic activity is on an upward trend an adverse balances in the current items accordexaggerated optimism frequently breeds the ing to the estimate in the table below, comes germs of future misfortunes. Consequently the first surplus of 123,000,000 pesos, folit is necessary to proceed with caution and lowed by 157.000,000 pesos in 1935. In 1936 have ever in mind that after acute crises much the surplus is much greater, the favorable remains to be cleared away and reconstructed. balance of trade reaching 656,000,000 pesos Upward trends are generally limited in against the 551,000,000 pesos of the preceding year. Investments of both short and long The report, available in the official English translation pub- term capital from abroad are more marked, lished by the Bank, contains in addition sections dealing with profits for the year, shares and votes of the shareholding banks, especially in the latter months of the year. etc., together with statistical tables and charts. For the first re- Thus the influx of foreign exchange gathers port of the Bank, see BULLETIN for July 1936. Amounts in Argentine currency throughout the report are in pace, analogous in its significance and in its paper pesos. In December 1936. the average exchange rate of the consequences to the import of gold characterpaper peso in New York was $0.32718. 1 855 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 istic of similar periods in the monetary history of the country. The late crisis has shown the serious inconveniences of floating funds because of their sensitiveness and the magnitude of their movements. The banking system must be in a condition to deal with them with a minimum of disturbance. However, in our case the main problem does not reside in this but in the remarkable effect of these foreign investments, even long term investments, on the banking system. The abundance of funds which they cause, generally leads to an immoderate expansion BALANCE OF PAYMENTS FOR THE YEARS 1932 TO 1935 Items 1932 1933 1934 1935 (In millions of pesos) 1. Current credits Merchandise exports 1 Influx or repatriation of capital. Sundry* 1,354 2. Current debits Merchandise imports. Public debt service Public expenditure abroad. Service on private capital-. Private remittances 1,396 3. Balance (1-2) 1, 305 15 34 189 16 270 85 1,811 1,618 150 43 1,924 1,726 150 48 1,408 897 176 16 250 69 1,688 1,110 212 21 270 75 1,767 1. 175 194 26 285 87 -218 +123 398 28 -42 4. Extraordinary items: Credits Export of gold Unblocking loans Debits Cancellation of public debt Payment of commercial debt arrears Withdrawal or efflux of capital 5. Net balance, covered by changes in foreign exchange balances 1,190 1, 141 15 34 123 4 61 62 126 72 54 +52 +120 298 28 -99 +157 PLACING OF CERTIFICATES OF PARTICIPATION IN CONSOLIDATED BONDS DURING 1933 Nominal value Date of issue of Certificate? Off- ered 52 +124 i Figures of the National Statistical Department with an addition of 1.3% to include F.O.B. values. In 1934 and 1935 figures have been con- 2 Balance of sundry credit and debit items including: port dues, exporters' profits, film rights and newspapers' cable services. 3 At the end of 1933 the Government exported gold for a value of 44,000,000 pesos, which was included in 1934, since it was connected with public debt conversion operations effected in 1934, and not with the normal balance of payments. 4 Including the 44,000,000 pesos referred to in the previous note. of credit and leaves the banks exposed to violent fluctuations, for the expansion brings about an increase in imports and financial services and if, as sometimes happens, the influx of foreign capital ceases, an adverse balance of payments has then to be met. Consolidated Treasury Bonds as a means of absorption of funds.—The considerations in the preamble of the Central Bank Law dwell particularly on this subject and point out the advantages of absorbing short term funds as they expand, by the sale to the banks of Certificates of Participation in Consolidated Treasury Bonds. Pursuing this policy the Central Bank, closely following the actual conditions of the money market, decided to apply the means created by the law to its utmost limit. The commercial banks, under pressure of the increase in their cash holding, applied at the fortnightly offerings of Certificates for a greater amount than that offered, as will be seen in the table lower down. For this reason the Central Bank, when accepting tenders on July 15, 1936, decided to increase the placing of the Certificates up to a total of 349,000,000 pesos, and a short time later to 399,000,000 pesos, which was the total nominal amount of Consolidated Bonds held by the Bank since the first amortization of 1,000,000 pesos effected by the National Government on June 1 last. On taking this decision the Central Bank wished merely to retire fresh funds as they Subscribed Allotted Certificates in circulation Nominal value Interest OP amount allotted i Market Maxi- Mini- Avervalue mum mum age (In thousands of pesos) Jan. 9 2 Tan.15 Feb.17 Mar. 2_._-_. Mar. 17 April 2 April 17- — April 24 2. Mav2 Mav 16 June 2 June 5 2 June 17 June 19 2.__ Julv 2 July 17 Aug. 1 Aug. 17 Sept. 2 Sept. 17_._. Oct. 2 Oct. 17 Nov. 2 Nov. 17 Dec. 2 Dec. 17-_._ ?•> 000 122. 450 148,745 97, 450 25,000 57,800 25,000 25, 200 38,240 25. 200 40.000 70,900 40,000 37. 350 60,835 37, 350 60,000 114,250 60,000 500 62. 450 138, 43f 61,950 108,200 108, 200 100,000 25, 200 66, 400 25, 200 2fl, 000 39,500 86. 600 21,300 18, 200 25, 500 18,200 41,600 68. 600 29, 550 72, 050 92, 900 72,050 60, 450 100, 950 48,800 111,650 120,400 75, 800 60, 300 55, 500 34,150 67, 450 76, 300 50,150 66, 850 84. 750 35, 600 102, 950 122,600 79, 000 73, 950 114,800 65, 600 84,150 121, 100 84, 150 34, 500 66, 600 34, 500 100,150 124,900 100, 150 203, 650 922,182 250,000 272, 750 224, 800 242, 824 250,000 267,857 212,650 223. 208 250,000 260,315 187,550 186,362 188,050 186,858 250,000 248. 450 325,000 322,998 325,000 323,017 345,000 342, 897 326, 800 324, 845 345, 000 342, 940 336,950 334, 980 349, 000 347, 025 337, 350 335, 485 313,150 311,517 322, 850 321, 187 331,700 330, 009 317,750 316,153 325, 050 323, 413 340, 650 338,915 349, 000 347, 209 349,000 347. 213 3 399,000 396. 971 (%) 2 75 2.75 2.67 2.58 2.58 2.61 2.37 2.34 2.33 2.52 2.23 2.08 2.00 1.99 2.23 2. 19 2.21 2.15 2. 14 2.10 2.00 2. 10 2. 04 2.04 2.04 2. 00 2 75 2.75 2.51 2.54 2.43 2.41 2.37 2.29 2.20 2.13 2. 07 2.08 2. 00 1.99 .76 76 .74 .76 .86 .98 .96 .94 .88 .80 .92 1.88 2 75 2.75 2. 56 2.58 2.55 2.57 2.37 2.31 2.26 2.36 2.20 2.08 2.00 1.99 2.02 1.98 1.87 1.95 2.00 2.02 1.99 2.01 2.00 2.01 1.98 1.99 » For a term of 90 days approximately. Direct sales. On December 31, 1935 Certificates in circulation amounted to 178,650,000 pesos nominal value and 194,907,150 pesos market value. 2 3 accumulated in the banks, but without encouraging them to invest in certificates the whole of the excess of their cash reserves over the minimum legal requirement. As was pointed out in the last Annual Report, 856 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 The Certificates of Participation may be this minimum is the percentage below which the cash holding of banks may not fall with- discounted at any time with the Central out provoking their liquidation, unless they Bank at the minimum rate for rediscounts obtain the Central Bank's consent to an emer- of bills bearing two signatures. gency programme for the replacement of the Other means of absorption of funds.—The minimum cash reserve. It is advisable 399,000,000 pesos of certificates placed at the therefore that the banks should keep far end of 1936 are higher by 204,100,000 pesos 1 from that extreme and increase loans and than at the corresponding date last year. advances only when the normal level of their At the same time foreign exchange, bought cash reserves is above that which wisdom from the banks by the Central Bank and conadvises. Thus, after the allotment which verted partially into gold, increased from an took place in the first fortnight of July, the equivalent of 129,300,000 pesos in the balance Central Bank decided that the banks which sheet as at December 31, 1935 to 303,200,000 did not keep at least 25% of their short term pesos on the same day in 1936, an increase of and 12.5% of their long term liabilities in 173,900,000 pesos. This comparison leads to the conclusion cash, would not be allowed to tender. These percentages, according to the figures for De- that the funds released to the market by the cember 31 last, represent 17.8% of the total purchase of foreign exchange by the Central liabilities, whereas the legal minimum re- Bank were absorbed by it by means of the sale of certificates. This is correct but inquires only 11.4%. as an explanation of the full facts. Tenders procedure.—Since the second fort- completebe remembered that, to the holdings It must night in February 1936, tenders for Certifi- of gold and foreign exchange of the Central cates of Participation have been made in Bank, must be added those of the Foreign accordance with the new regulations ap- Exchange Fund, to which Article 4 of the proved by the Board on January 20 of the Organization Law refers, and the managesame year. In accordance with the provisional pro- ment of which is also entrusted to the Bank. The purchase of this foreign cedure followed previously, certificates were the banks naturally raises theexchange from offered to the banks in amounts and at prices as in the previous instance andsame problem it has a simialready fixed, and if subscription exceeded lar solution. Funds are withdrawn varying the amounts offered, the certificates were al- with the amount added to the market and lotted in proportion to the respective bank's are derived from that part of the profits on excess cash reserve over the legal minimum. exchange operations which is devoted to the The interest on these certificates was paid purchase of foreign exchange, or from the at each maturity after deduction of a com- sale of Government bonds (including the balmission of 1 per mille per annum payable by ance of the "unblocking loans") and by the the banks. These latter could sell them to discount of Treasury bills, which are used for the Central Bank at any time before their the same purpose. due date, but with a deduction of interest Of the foreign exchange thus acquired for corresponding to double the time still to run. the Fund, the National Government decided, A few months' experience determined the on November 25 last, to set aside .the sum of Bank to change this procedure, substituting 39,300,000 dollars 2for an initial redemption that of allocation to the best bidder, which of the dollar loans. amongst other advantages allows oscillations This policy of repatriation of external debt, of the money market to be closely followed. besides responding to a national aspiration, Tenders are called for twice monthly and has a significance which it is necessary to prices are based on a nominal value of 100, define. In the first place, superfluous funds repayable at par on the due date. The Cen- which originate from the influx of foreign tral Bank allots the amount on offer to the capital, are definitely withdrawn. In the sechighest bidders, that is to say at the lowest ond place, the increase in services correspondrate of interest, and reserves itself the right ing to that fresh capital is compensated by to refuse all or any of the applications, as 31, 1935, the market value of the certificates in also to accept them on dates other than those the On December banks was 194,907,150 pesos and their nominal hands of the value 178,650,000 pesos. laid down and at prices higher than those Later, on January 22, another 39,800,000 dollars were set aside for a second redemption, with which the amount thus applied is accepted at the last tender. raised to 79,100,000 dollars. 1 2 SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 857 the decrease in the debt service of the loan? first place it should be remembered that when repatriated, with the advantage that while the banks buy more foreign exchange than these latter services had to be met in foreign they sell, they encourage the expansion of the former are effected in the national cur deposits correspondingly. This mainly exof rency; both these points are important. As plains the expansion 1 312,500,000 pesos a new country, Argentina still offers a wide shown in the deposits between the end of field for investment of capital, both national the years 1935 and 1936. It is similarly and foreign. In previous times financial known that cash holdings of the banks inservices increased and the resources available crease when this excess of foreign exchange from exports of products which the creditor is sold to the Central Bank. Nevertheless, countries required on an ever larger scale the figures for December last reveal a deexpanded correspondingly. Circumstances crease of 55,400,000 pesos as compared with are now different and exports encounter diffi- the cash holdings at the end of 1935, which, culties even in traditional markets. It is as was mentioned in the previous report, had essential therefore, to follow the trend of been greatly strengthened since the carrying these events closely if the country's financial out of the banking reconstruction programme. charges are to bear a reasonable relationship The main explanation of the foregoing lies to its capacity for making payments abroad. precisely in the withdrawal of the banks' surIn alluding above to the resources used in plus funds by the negotiation of Certificates the purchase of exchange destined for theof Participation and Treasury bills by the Foreign Exchange Fund, reference was made Central Bank. to the placing of National Treasury bills. These variations in the banking deposits* Authorization to place up to a total of 100.- and cash holdings are reflected, as is natural, 000,000 pesos was granted by decree dated in the decrease in the percentage of cash November 24, 1938, after the desirability of holdings to deposits. In spite of it, the ratio increasing the capacity of absorption of funds is still maintained well above the minimum had been pointed out to the Government. legal requirements, as can be judged by the The bills thus negotiated reached the figure table below: of 67,500,000 pesos on December 31 last, and B A N K DEPOSITS AND TOTAL CASH HOLDINGS had as a counter entry an equivalent amount of gold, so that, as is obvious, the amount of % cash to deposits the National Treasury's floating debt reDeposits Cash December 31 mained unchanged. These bills are quite inLegal Actual minimum dependent of those used by the Treasury to meet its own requirements, nor is the interest (In millior * of pesos) on them borne by that department. The 827.5 3, 356. 7 24.7 11.1 Ministry of Finance's resolution of December 1935 772.1 3, 669. 2 21.0 11.3 1936 __ . _ _ 9 last, established, in fact, an additional com mission of 5 per mille on purchases and of 4^4 per mille on sales of exchange made The outstanding factor in the reduction through the official market, the proceeds of of cash holdings has now been mentioned. which are to be employed to meet the pay- It is, nevertheless, not the only one, since the ment of interest on the amounts invested in banks have also employed part of the addithe Durchase of gold and foreign exchange. tional funds, derived from the purchase of This has proved to be an effective measure their foreign exchange by the Central Bank, in the short period of its application and in increasing loans and advances to the pubwithout doubt will continue to be so while lic. The respective figure rises from 2,454,the balance of the country's international 000,000 pesos on December 31, 1935, to payments continues to be favourable. In any 2,585,300,000 pesos on the corresponding day case it will be an experience of the greatest in 1938, that is, an increase of 131,300,000 value for the future monetary policy of the pesos (5.4%). Central Bank. It is satisfactory to record that loans and investments have not increased more rapidly, General banking situation.—We have reached the point when the incidence of the since there is no need to launch an additional foregoing measures on the general banking T h e b a n k s included i n t h e s e statistics hold a p p r o x i m a t e l y 9 4 % t deposits of itutions situation may be briefly examined. In theof e n hse of m i n i m u m all i n s tholdings. coming u n d e r t h e legal e n a c t m t cash 1 858 FEDERAL RESERVE BULLETIN quantity of money on the market, thus inflating credit. Banks have a great responsibility towards the public in this respect. It would be most prejudicial to the healthy development of business, and to the credit institutions themselves, to force money on the market, thus inducing speculative or artificial transactions. This argument holds all the more if money is lent to the public by the banks at a lower rate of interest than that charged to them, depriving them of that part of the annual profits which should be destined to reasonable amortizations and reserves. Monetary circulation.—When the banks increase their loans and investments in the market as mentioned above, they also increase the amount of paper money held by the public. For this purpose the banks draw on their deposits in the Central Bank, which, as is known, form part of their cash holdings. The Central Bank thus increased its own note issue by 112.100,000 pesos between the end of the years 1935 and 1936 and also put into circulation in the ssme period, an additional quantity of subsidiary currency withdrawn from its own holdings, that is without altering the limit of 211.800.000 pesos which has been maintained from the very beginning of the bank's activities. What has just been expressed above is demonstrated in the following table: DISTRIBUTION OF THE NOTE AND SUBSIDIARY CURRENCY ISSUE HELD BY THE PUBLIC AND BY BANKS Issued December 31 Central Bank notes Distribution i Subsidiary currency 2 Total In hands of the In banks public o rn millions of 1935 1936 981.8 1,093.9 196.1 207.6 1,177.9 1,301.5 pesos) 820.3 913.8 357. 6 387.7 1 Figures subject to readjustment due chiefly to the inclusion of new entities and the elimination of cheques included in cash holdings of the banks. Notes "in banks" include 72,700,000 pesos in 1935 and 88,700,000 pesos in 1936, deposited by banks in the interior in branches of the Bank of the Argentine Nation for account of their minimum cash holdings with the Central Bank. 2 Excluding subsidiary currency in the treasury of the Central Bank and out of circulation. There are therefore in the hands of the public, 93,500,000 pesos more than a year ago, which together with the increase of 223,500,000 pesos in deposits allows a greater number of transactions, natural to the present phase of the country's trade cycle, to be effected. The increase in the note issue of the Central Bank has not weakened the backing of the SEPTEMBER 1937 currency. On the contrary, it has risen from 137.9% on December 31, 1935, to 139.7% on he corresponding date in the period under review, since the holdings of gold and foreign ixchange have increased more than the note issue. The percentage guarantee with repect to the total sight liabilities of the Central Bank has improved likewise from 80.1 to 92.8%, due as much to the reason just pointed out as to the decrease of other liabilities (National Government and bank deposits in the Central Bank), as is shown in the following table: GUARANTEE OF NOTES IN CIRCULATION AND LIABILITIES OF THE CENTRAL BANK Sight liabilities December 31 Notes Other liabilities Total 981.8 1, 093. 9 708.1 552. 2 1. 689. 9 1, 846.1 % guarantee of Total gold and foreign 1 exchange Notes 1, 353. 7 1, 527. 7 137. 9 139. 7 In million^ * of pesos) 1935 1936 SIGHT All liabilities (9 80.1 92.8 Including gold in the country, gold and foreign exchange held abroad, but excluding the amounts held for the Foreign Exchange Fund. The proportion of 92.8% is unusually high and is not affected by the gold and foreign exchange holdings of the Foreign Exchange Fund which are not taken into these calculations. The country possesses, therefore, a strong reserve, which, as is expressed in the preamble of the Central Bank Law, will lessen the shock of sudden fluctuations in the balance of international payments. Course of the exchange market.—On the preceding pages the consequence of the influx of gold and foreign exchange on the internal monetary situation has been examined. The effects on the exchange market yet remain to be considered. As a preliminary let it be explained that at the beginning of 1936, there was a prospect of a considerable deficit in the balance of payments, taking into account the level of world prices, the volume of the country's production of wheat and linseed, and the improbability of exporting the whole of the available surplus of maize. So much was this the case, that once the seasonal abundance of exchange was over, there were symptoms of tension which definitely showed themselves during the last weeks of May and the month of June; the Central Bank had to apply part of its accumulated foreign exchange in order to meet the excess of demand SEPTEMBER FEDERAL RESERVE BULLETIN 1937 over supply in the official market without affecting the rate for the pound sterling. These circumstances induced a restriction in the sale of exchange in the free market, which -had reached in 1935 a total of 78,000,000 pesos. It is not strange, therefore, that in the first week of July last an average of 18.68 pesos to the pound sterling was recorded on the free market, lower than a year before, but higher than that of 18.01 to which the pound had dropped in the preceding months. In this respect the following figures may be considered: 859 which had been quoted until then at 17 pesos, was lowered to 16 pesos with the consequent reduction of exchange profits. The free market reacted simultaneously, and the rate fell correspondingly to within less than 1% of that reached by the official market. On taking this decision the National Government, whose indications the Bank must follow so long as the freedom of the exchange market is not reestablished (Article 14 of the Organisation Law), once more showed its determination to simplify the control system gradually until the return of the money market to normal conditions. TELEGRAPHIC TRANSFER QUOTATIONS OF STERLING THE CENTRAL BANK AS FINANCIAL AGENT OF THE NATIONAL GOVERNMENT (Selling rate at close) Official market Period 1935 1936 Free market 1935 1936 (Monthly averages in pesos) January February.-. March April May June July August September.. October November.. December.. Average 17.01 16. 93 16.91 16.91 16. 95 17.00 17.02 17.03 17.03 17.02 17.02 17.02 17. 02 17.03 17.02 17.02 17. 02 17.04 17.08 17. 07 17.00 17.00 17.00 16.28 18.12 18.09 18.25 18.09 18. 06 18. 01 18.02 18. 16 18.41 18.03 17. 76 17. 62 17.62 16.42 16.99 16.96 18. 63 17.87 19.48 18.99 18.90 18.92 18.94 18.71 18. 65 18. 52 18.24 18.04 In the second half of the year the rise in grain and wool prices and the increased world demand for maize materially changed the situation. First the psychological influence of this increase, and then its material consequences, led to an abundance of foreign exchange offerings in the official market, and were the cause of a persistent weakening of the pound sterling in the free market. This weakness was influenced not only by current offerings of exchange in the market arising from exports, from the investment of foreign capital and from the return of national capital which had migrated in the time of crisis, but also by the influx of foreign funds which came to the country only temporarily. The National Government, after considering these movements, on which the Centra] Bank kept them continually informed, decided to alter the level of the peso in the official market. As from December 10 last the official selling rate for the pound sterling Conversion of Province of Mendoza Bonds transferred to the Nation.—The Bank's services in the bond market as financial agent of the National Government, which in 1935 were of small consequence for reasons given in the last Report, attained singular importance in 1936, especially during the second half of the year. With the conclusion of operations of the banking syndicate formed for the placing of bonds before the creation of the Central Bank, the National Government entrusted to this latter the conversion of the Province of Mendoza internal debt, which had been transferred to the Nation in the form of issues bearing 6%, 7% and 8% interest. The Executive Power, by decree dated June 17, 1936, in accordance with the authorisation conferred by law 12,237, called for repayment at par all the issues which had been transferred, offering holders reinvestment in Credito Argentino Interno 41/2% 1936 bonds. On making a study of the terms which it would offer to holders of Province of Mendoza bonds for exchange into the new Credito Argentino Interno 4V£ % 1936 series, the Government decided to accord holders accepting the exchange a premium of one point over the Stock Exchange quotation of the similar Credito Argentino Interno 4*/>% 1935 bonds. The quotation of the Credito Argentino Interno 4i/>% 1935 issue, on June 16, 1936, stood at 91.20% that is 90.45% net, after deduction of interest accrued. In consequence, Credito Argentino Interno 414% 1936 was valued at a net price of 89.45 which worked 860 FEDERAL RESERVE BULLETIN out at 111.80 pesos nominal value of Credito Argentino Interno 4!/2% 1936 for every 100 pesos nominal value in bonds of the Province of Mendoza excluding accrued interest. The total nominal value of the Province of Mendoza issues thus redeemed amounts to 46,132,800 pesos, of which 43,727,600 pesos correspond to conversions; for the remaining 2,405,200 pesos (5.21% of the whole) reimbursement in cash was requested. Against the 43,727,600 pesos presented for exchange, Credito Argentino Interno . 4 ^ % 1936 bonds for a nominal value of 48,768,206 pesos were delivered in accordance with the aforementioned rate of 89.45%, as well as 119,251 pesos in cash against fractions under 100 pesos nominal value repaid at par. For the purpose of obtaining this money a further 130,629 pesos nominal value of Credito 4i/2% 1936 bonds nominal value were placed at an< average price of 91.29% net. To raise the amount of 2,405,200 pesos required to meet bonds presented for repayment at par, it was necessary to sell 4 ^ % 1936 bonds on the market for a total of 2,634,681 pesos nominal value at an average price of 91.29% net. To summarise, the 46,132,800 pesos nominal value Mendoza Bonds, free of accrued interest, were replaced by-or converted into 51,533,516 pesos nominal value of 4V2% 1936 bonds at an average price of 89.52% net, .as can be seen from the table below: CONVERSION OF PROVINCE OF MENDOZA BONDS Method of redemption Province of Mendoza bonds nominal value Credito Argentino Interno 4K% 1936 Bonds Nominal value Market value Net price (In pesos) Exchange Repayment Total 43, 727, 600 48, 898, 835 43, 727, 600 2, 405, 200 2, 634, 681 2, 405, 200 89.4? 91. 29 46,132, 800 89. 5? 51, 533, 516 46,132, 800 To arrive at the definite cost of the conversion operation, it is necessary to take int< account on the one hand, the profit on the sale of 4V£ % 1936 bonds which had to be acquired during the process of the operation, and on the other, the expenses of the conversion. The 414% 1936 bonds purchased amount to 5,043,700 pesos nominal value, with a mar- SEPTEMBER 1937 ket value of 4,519,857 pesos, that is, an average price of 89.61%. Of these bonds part was received in exchange for Mendoza bonds bought on the Stock Exchange and the remainder corresponds to direct purchases of 1/2% 1936 bonds, also effected on the Stock Exchange to sustain the market. The figures are given below (excluding interest accrued). PURCHASES AND SALES OF 4 ^ % 1936 BONDS IN CONNECTION WITH THE CONVERSION [Actual value in pesos] Origin Purchases (Cost price) Sales (Price realised) Profit on sales Totals 3, 584,058 3, 635. 597 942, 899 935, 799 51, 539 7,100 4, 519, 857 4, 578, 496 For exchange into Mendoza bonds Direct market operations... 58,639 The net profit on the sale of these bonds effected later, without computing interest earned, comes to 58,639 pesos. Expenses under various items totalled 134,461 pesos; after deducting profits a net total expense of 75,822 pesos remains representing 0.15% of the nominal value of the 4i/>% 1936 bonds issued. The final result, therefore, was the following: the 414% 1936 bonds were placed, as shown in the first table, at an average price of 89.52% which, after deduction of the expenses indicated above, gives a net price of 89.37%. The quotation of the 4Va% 1935 series on June 17, the day on which the conversion was initiated, was 90.52 %. The placing was thus effected at a price of 1.15% below the market quotation. To appreciate the narrow spread at which this operation was effected by the Central Bank for the Government it is sufficient to remember that previous issues had been made with the following margins: C. C. C. C. A. A. A. A. I. I. I. I. 4K% 4^% \]A% i}4% 1934, issue m$n. 1934, issue m$n. 1935, issue m$n. 1935, issue m$n. 50,000,000., margin 25,000,000., margin 50.000,000., margin 50,000,000., margin 3.00 points 2. 50 points 2.00 points 2. 53 points In the last three issues the price to the public was 10 to 30 cents below the current market quotation. Placing of Government bonds on the Stock Exchange.—After this operation, the Bank regularly undertook the sale of Government bonds on the Stock Exchange following the instructions of the Government and in ac- 861 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 cordance with the market's capacity of ab- MONTHLY AVERAGE QUOTATIONS FOR SPOT OPERATHE PRINCIPAL NATIONAL BOND sorption. The nominal value of bonds thus TIONS INBUENOS AIRES STOCK EXCHANGE ISSUES ON THE sold amounted to 152,100,000 and their mar[In m$n. excluding coupon] ket value to 140,000,000 pesos. Adding to this the sales effected by the Bank directly Cre"dito Argentino Interno Bonds to the various Pension Boards and AutonoYear 1936 mous Departments, for a nominal value of 4%, 1934 1935 1936 1936 31,800,000 pesos and a market value of 30,800,000 pesos, the total sold amounts to 96. 425 88. 440 87. 585 183,900,000 pesos nominal value, and 170,- January February... 97. 465 90.830 90.355 March 97. 750 90. 720 90. 030 800,000 pesos market value. The detail of April 98. 630 90.880 90. 300 May 98.500 91. 665 90. 540 national bonds sold and their average prices June 98.055 91. 495 90.410 is given below. July 97.905 91. 270 90.345 90.185 August September.. VALUE AND AVERAGE PRICE OF NATIONAL BONDS SOLD October... _. November.. FOR ACCOUNT OF THE NATIONAL GOVERNMENT IN 1 December.. 1936 Average.. Sales on the Stock Exchange Direct sales and by tender Total sales Securities Nominal value (Thousands of pesos) Empr. Patr. 5% 1,105 5% 21,420 17,696 4 ^ % 1934 78, 390 4K% 1936 31,551 4% 1936 1,333 Various Totals.. 151,495 Price excoupon Nominal value (Pesos) (Thousands of pesos) 1,000 9l"830" Nominal value (Pesos) 98. 062 98.143 92. 449 92. 329 86. 606 90.092 Price excoupon Price excoupon (Thousands of (Pesos) pesos) 1,105 98. 062 47, 394 98.039 25, 974 17, 696 92. 449 83,840 92. 317 "~5~450" 92.139 31,551 86. 606 32, 424 2,333 183,919 i Excluding bonds delivered in the conversion of Mendoza issues transferred to the Nation. 98.340 98.040 98. 440 98. 910 98. 740 92.050 92. 280 91.890 92. 290 93. 710 91. 685 92.015 91. 665 91.975 93.710 91. 520 91. 980 91.575 91.860 93.315 87. 250 98.165 91. 930 90. 455 92. 330 87. 250 i Including Empre'stito Patriotico 5%, 1st. Series. Placing of Treasury bills.—The Central Bank in like capacity of financial agent had in its charge the monthly tenderings for National Treasury bills, the figures for which are given in the corresponding table, and the placing of bills or bonds for a total of 46,700,000 pesos nominal value on behalf of autonomous departments and of provinces as advances on account of their proportion of the unified internal revenue taxes and income tax. PLACING OF TREASURY BILLS FOR ACCOUNT OF THE NATIONAL GOVERNMENT IN 1936 For the better control of the bond market the Bank, financial agent of the Government Average rate of interest on amount Treasury bills in these operations, had an intervention fund Bills allotted in cirin which the total movement in 1936 came Date of issue culato 33,000,000 pesos. SubAltion 30 60 90 Offered scribed lotted days days days This fund was not created with the aim of securing or maintaining artificial prices for (In thousands of pesos) (%) Government securities, but to moderate January 10 15,000 39, 400 15,000 42,150 2.50 3.00 abrupt oscillations of the market by purchas- February 10 20,000 46, 000 17,100 39,400 2.44 2. 88" 2.88 30,000 36, 000 17,000 26, 200 2.39 2.50 2.77 March 10 ing bonds when weakness sets in, selling them April 35,000 42,100 35, 000 41,900 2.23 8 2,88 May 9 10,000 18,300 10,000 41, 900 2.18 2 25 2.54 again when the market is firm. 14,000 26, 000 14,000 47,000 2.13 2^38 2.30 June 10 The constant upward tendency in the quota- July 2.64 39,000 50,600 39,000 47,000 2.10 2.00 10 2.39 22,000 34, 200 22,000 56, 800 2.01 1.90 tion of securities, which can be noted in the August 10 18,000 31,100 18,000 61', 000 2.05 2.18 2.41 Sept. 10 34,000 49, 500 22,000 49,000 2.00 2.12 2.28 following table, has naturally contributed to October 10 22,000 47,000 22,000 49,000 1.94 2.09 2.20 Nov. 10 facilitate the task of selling. 26, 250 19,300 18,800 41, 550 2.08 2.39 Dec. 10 The advantages in certain circumstances, 1 Approximate of the sale of bonds through a banking syndi- 2 On Decembermaturities. Bills in circulation amounted to 37,650,000 31, 1935, cate managed by the Central Bank, have not pesos. been forgotten. Article 10 of the decree regulating the Central Bank Law authorised thi Services in connection with the public method of placing which will permit, when debt.—Besides the transfer to the Nation of the opportunity arises, the effective coopera- the Mendoza debt and following the instruction of banking and financial institutions. tions of the National Government, the Bank 2 862 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 dealt with debt of the Provinces of Tucuman, Worthy of note, for its magnitude in this Salta, San Juan, La Rioja and Jujuy. The respect, is the transfer of 39,300,000 dollars settlement of debt of the Provinces of Salta which had to be deposited in New York on and Jujuy included the repayment in cash of November 28 last, for the first loan redempbonds which actually circulated as provincial tion. The Bank of England and the Federal currency. Reserve System, who intervened in this transThe issue of this money in both provinces, fer, were given the necessary notice. apart from being expressly forbidden by law, As in the previous period, the execution of has once again demonstrated the serious diffi- the payment agreement with Germany has culties which it causes. In the case of the also been entrusted to this Bank. Operations Province of Jujuy, for example, the pro- have progressed satisfactorily, although the vincial issues under the law of November 8, usual administrative difficulties of compen1932, circulated without any great difficulty sation systems have been encountered. The until, in accordance with the well known and new agreement signed on December 29 is well proved law that bad money drives out more advantageous than the previous ones, the good, the national currency was being as it has been possible to adjust the volume withdrawn from the local banks and replaced of exports to Germany to the sales of exby provincial notes. Fortunately redemption change made against imports of German by the National Government averted the goods into Argentina. dangers of this situation. Lastly, amongst the tasks entrusted to the The Bank has also attended to the duties Bank as financial agent of the Government, inherent in the servicing of the internal and mention should likewise be made of its interexternal debt. As detailed particulars rela- vention in the carrying out of the unblocking tive to the latter were kept only by the fiscal agreement with Italy, signed on February 11 or paying agents abroad, the Bank, with the of last year. In accordance with its proagreement of the National Government, de- visions 10,200,000 lire originating in Argencided to undertake the recording and full tine exports were set free. These lire were control of the external issues in the method taken over by the National Government and followed by the old Credito Publico Nacional, the corresponding pesos paid to the exporters. whose functions had also been transferred to The lire were used gradually in the payment of the services of the unblocking loan arthe Central Bank. Exchange operations.—In the matter of ranged with that country on November 30, exchange, the activities of the Bank as finan- 1934. cial agent of the Government have been conTHE APPLICATION OF THE BANKING LAW nected with those parts of the Exchange Control mechanism which were transferred to Bank liquidations.—The present report the Bank during the first financial period as has already clearly outlined the manner in mentioned in the Report for that year. which the Bank has fulfilled its tasks of As was then stated, the Central Bank does monetary regulation and as financial agent not intervene in the granting of exchange of the National Government, conferred on it permits, which is the function of the corre- by law. There remains to be explained the sponding department in the Ministry of Fi- function, likewise entrusted to it, of applying nance, but merely in their execution through "the regulations for banking inspection exduly authorised banks. amination and management laid down in the The Bank does not deal directly with the Banking Law/' public in these operations. Its task consists With this object in view special attention in purchasing or selling foreign exchange to has been given to the organisation of banking the banks for purposes of regulation, and in inspection and to recruiting the necessary relation to the operations of the Foreign Ex- staff possessing competence, discretion and change Fund. It also remits the services of adaptability. the external public debt and various official This work has developed in the measure payments. The considerable volume of all that the formation of the staff has permitted. these operations is reflected in the accounts In the first place it was necessary to solve of the Bank with its correspondents abroad, urgent problems, such as the liquidation of which in 1936 reached an equivalent of the Banco Escandinavo Argentino and of the 3,277,000,000 pesos. Banco Italo Espafiol de Mendoza in addition SEPTEMBER 1937 FEDERAL RESERVE BULLETIN 863 Further, to ensure the return of deposits to that of the Banco Argentino de Fomento initiated during the previous year. None of and other credits on behalf of third parties, these institutions could comply with the pro- three inspections of concerns which have volvisions of minimum cash holding and other untarily entered into liquidation have been conditions prescribed by the Banking Law, effected. Minimum cash holdings.—The regulations nor was it possible, given the defects from which they suffered, to contrive a plan which with regard to minimum cash holdings are observed satisfactorily. As has been said would remedy their situation. The Central Bank ordered the liquidation elsewhere, actual cash holdings of the banks of the Banco Escandinavo on January 16, are far above the minimum legal require1938. The Bank Mobilization Institute (In- ments as is shown in the following table. The stituto Movilizador de Inversiones Bancarias) failure to comply with the pertinent regulaimmediately decided to provide a sum large tions has only occurred in a reduced number enough to repay privileged savings deposits, of cases of small importance. or say up to an amount of 5,000 pesos in every CASH HOLDINGS AND SURPLUS account, taking over the legal rights of the LIABILITIES,LEGAL MINIMUM DURING 1936 OVER THE depositors. [Average daily balances in thousands of pesos] The Banco Escandinavo constitutes a typical example of the disastrous conseCash Surplus over legal Liabilities holdings minimum quences caused by immobilizing depositors' money in disproportionately large invest- Month Net SurDements or in financing affiliates or concerns Sight Total Amount Term surplus ficit plus closely linked with the bank, as can also be seen in previous cases. Article 4 of the Bank- Jan. „ . 1, 442, 085 ! 184, 266 3, 626,351846,266 23.2 442,811 2,020 440,791 2, , ing Law attempts to prevent operations of Feb 1,455,179 2, 200,964 3, 656,143 845,671 23. 438,357 11, 592 436,765 ! , 2, ! , Mar_. 1,462,614 2,217,940 3, 680, 554 881,870 23. 471,756 1, 339 470; 417 this kind, incompatible with the liquidity or April.. 1,491,032 2,201,376 3; 692,408 848, 268 23.0 435,441 1, 848 433, 593 ; , I ~'~ ! , May... 1,494,205 2,184,291 3, 678,496 795, 224 21.6 382, 736 1, 327 381,409 38l| the security which should characterise bank- June__. 1,490,257 2,186,424 3, 676, 681 758,315 20.6 345, 591 ,327 344,963 i , 628 ing assets. 3, , July.. 1,487,058 2, 202,602 I 689,660 744, 581 20. 2 330,864 489 330,375 , Aug._. 1,516,064 2,244,696 : 1 334, 524 334,031 The liquidation of the Banco Italo Espafiol Sept._. 1,499,026 2, 216,800 3, 760,760 756,168 20.5 309, 363 493 308,841 1,715,826 726,012 3. 522 3,732, 540 752,190 20.2 332,526 485 332,041 Oct ... 1, 518, 753 2, 213, 787 Argentino de Mendoza was decided on March Nov... 1,562,017 2,218,274 "I, 780, 291 784,169 20.~ 357, 523 720 356,803 3; —1,374 6,1936. This bank also had been imprudently Dec.... 1,644,130 2,226,244 3,870, 834,369 21.6 393,853 619 393,234 managed in spite of experience from the Ave _ 1, 505, 202 2, 208,139 3, 713, 341797, 759 21. 4 381, 279 1,007 380,272 errors of its predecessors. After an objective examination of the recwith the powers ord of these three institutions prior to liqui- onIn accordance 3 of the Banking conferred it by Article dation by the Central Bank, it can be easily Central Bank has refused to permitLaw, the the disunderstood why the Regulatory Decree of the tribution of dividends by those banks which Banking Law has specially pointed out to the do not prove to be in a position to comply Central Bank the necessity of reporting on with the minimum cash holding regulations. the standing and reputation of those asking Liquidation programme.—It has not been permission to set up new banking institutions. thought advisable to make individual deBank inspections.—During the year the cisions with respect to the programme for close study of banks not holding shares in the the liquidation of real estate, shares, debenCentral Bank has continued. These, accord- tures and participations to which reference ing to law, must ask for authority to continue is made in Article 4 of the Banking Law. It operations. With this object twelve general has been deemed preferable to await the cominspections have been conducted, of which pletion of the enquiry into the general situafive were in the Federal Capital and seven in tion of the establishments involved and then the interior of the country. to evolve a solution or procedure which, as Apart from these cases, it was resolved to far as possible, can be generally applied. make general or special inspections, thus In every case the Bank has taken into acstarting a programme which in time will be count the existing situation and endeavoured extended to all banks continually and sys- to find a solution causing least disturbance. tematically. Of these inspections six were Interest rate adjustment.—Such was the made in the capital and nine in the interior. case in the fixing of interest rates. When, on 864 FEDERAL RESERVE BULLETIN February 5 last year, the Bank decided on 31/2% as the rate for rediscounts, it established that the corresponding maximum rate of interest payable on savings and current account deposits, namely 2V->% and i/2% respectively, should become effective as from March 1, 1936. It was necessary to consider fifteen special and exceptional cases of small banks, which due to the peculiarity of their situation, required a certain lapse of time to adapt themselves to the new conditions. By the end of 1936 only three banks were in this transitory stage. The Banking Law does not base the time deposit interest rate on the Central Bank's rediscount rate. It had been considered convenient to leave to the banks a certain elasticity in this matter, trusting that, due to the special nature of these transactions, the rates would maintain a certain relationship with the market. Nevertheless the occurrence of marked discrepancies induced the Bank to adopt special measures. From June 30 last, the undertaking not to pay more than 21/4</r and 3% on time deposits at 90 and 180 days respectively was included in the conditions laid down for subscription to Certificates of Participation in National Treasury Bonds. Petitions for new banks.—It is not unfitting to end the review contained in this chapter by mentioning an event of special significance as an expression of banking policy. The Central Bank, in accordance with the Banking Law and its Regulatory Decree, had to advise the National Government in two cases on petitions to initiate new banking businesses. On both occasions, the Bank, besides giving the opinion demanded by each particular case, stated to the Government, by unanimous resolution of the Board, that in its judgment the opening of new banks was not convenient, since the capacity of the existing ones already surpassed genuine credit requirements. The Minister of Finance ratified this opinion categorically in the report of his Department for the year 1935. The State has had to utilize large resources arising from the revaluation of the gold to make banking deposits secure. Experience in this and other countries shows that when a bank in difficulties suspends payment it may affect the whole banking system if lack of confidence extends to depositors in the remaining institutions. The preamble of the Banking Law points out the substantial difference be- SEPTEMBER 1937 tween banking and other commercial enterprises not only because of the above feature but also due to the delicate monetary responsibility which the banks assume when they create means of payment by extending credit. The extreme caution which will have to be exercised in this matter is thus justified. THE FINANCIAL PERIOD Work of organisation.—During its second financial period the Central Bank has been able to begin the organisation of the Credit Department, which still remained to be done, and to profit from the lessons of a year's practical experience by improving other preliminary departmental organisation. As there was no urgency for the new Department it was thought convenient to concentrate activities on other essential tasks. The banks, in effect, do not require credit from the Central Bank which, on the contrary, is busy with the task of absorbing funds as already described. Thus the Rediscount Committee, formed on January 11,1936, with the cooperation of representatives of production and of commerce, has had to deal with only one operation, of small importance and short duration. Modification of currency notes.—Concentration on the foregoing problems has not led to overlooking the necessity of solving that of changing the currency notes. There is certainly no urgency on legal grounds, since the exchange of notes enjoined by the Organisation Law has been begun within the time prescribed, by the alteration of the heading of the old notes, both in the subsidiary and Central Bank issues. Nevertheless the Bank has been diligent in trying to arrive at a satisfactory solution, since the type of note in use does not fulfil the demands now required by the principal countries of the world, which include that of reducing the possibility of forgery to a minimum. The investigation made by the Bank, in conjunction with the National Mint (Casa de Moneda), points to the suitability of the process of steel engraving because of the security it offers as against the simple printing now in use, apart from obvious aesthetic reasons. Steel engraving was employed previously in the country in issues made between the years 1875 and 1900. It is undoubtedly a slower and more costly process, and this will not be lost sight of before a final decision is taken. Further- 865 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 more, the cost cannot fail to increase with the The Special Reserves will reach 2,100,000 more frequent renewal of the notes of lower pesos, since the 1,500,000 pesos set aside this denominations. The condition of these notes year as Contingency Reserve are added to the in circulation in the interior of the country 600,000 pesos constituted last year for enleaves much to be desired and one of the ob- largement of premises, for installation exjects of the Bank is to remedy this deficiency penses and contingencies. in so far as it may be possible. From the figures given above it will be eviThese reforms require a considerable capi- dent that the purpose of the Bank is to write tal investment in buildings and machinery, off entirely those assets which are not directly and with this in view the Bank has started productive and to constitute strong reserves, the formation of an adequate fund as will be in view of the profits obtained in the first seen elsewhere. two financial periods. In this way there reAn interesting proposal of the National main large resources for investment in NaMint (Casa de Moneda) is also being studied tional Government bonds, as is authorised in for the issue of coins of 0.50 centavos and Article 34 of the Central Bank Law. The 1 peso, in pure nickel and silver quaternary paid up capital is 19,308,750 pesos and the alloy respectively, to be used as well as the Reserves made during the two periods, 4,subsidiary notes after the modification of the 685,987 pesos. This forms a total of 23.laws which at present govern the currency. 994,737 pesos in capital and reserves, of which Increase in reserve funds.—With new allo- 18,909,279 pesos have been invested in Nacations, the General Reserve Fund will come tional Government bonds. Comparison of to 2,575,987 pesos, according to the following this figure with that of the capital and reserves, taking into account the reduction of table. CENTRAL B A N K RESERVES 1,000,000 pesos nominal value in Consolidated Treasury Bonds, gives a result of 6,085,458 [In pesos] pesos available for new investments. With General Reserve Fund this policy of depreciation and the formation Special Grand and investment of reserves, the Bank inPeriod reserves total 20% Total 10% creases its intrinsic capacity for making profits, at the same time protecting itself 996,093 258.135 600.000 1.596,093 1935__. 737, 958 1936 389, 859 1,589,894 1,500,000 3,089, 894 against the varying fortunes of the market, 1 200,035 as is the object of the law, and strengthening 1 937,993 647, 994 2, 585, 987 2,100,000 4, 685.. 987 Totals its position to meet future contingencies. BALANCE SHEET OF THE CENTRAL BANK OF THE ARGENTINE AND REPUBLIC AS OF DECEMBER 31, 1936 1935 [In thousands of pesos] Assets Gold at home Gold abroad and foreign exchange Subsidiary currency.Shareholding banks, shares subscription accounts Non-interest bearing Government bonds Consolidated Treasury bonds National securities, Article 34, Law 12, 155 Bank premises Other assets Total assets.. Dec. 31, 1936 Dec. 31, 1935 Liabilities Dec. 31, 1936 1, 224, 418 303.247 4,215 1,224.418 129; 274 15,653 15 118,884 399, 000 18,909 1,330 4,088 5,008 118,884 221, 350 14,124 1,295 65 Notes in circulation Bank deposits National Government deposits Other deposits Capital General reserve fund Special reserve for contingencies and enlargement of bank premises Certificates of participations in Consolidated Treasury bonds Difference in the quotation of Consolidated Treasury bonds Bank premises amortization account Profit and loss account Other liabilities 1.093,928 ' 426,002 120,772 4,851 20,000 2, 074,105 1. 730, 071 Total liabilities. Dec. 31, 1935 981. 755 482, 399 219,186 5,704 20,000 996 600 399,000 1.330 6,000 626 16, 257 240 3, 690 841 2,074,105 1,730,071 866 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 BANK SUSPENSIONS, 1921-1936 During the years 1921-1936, 14,943 bank are based on the latest data available at the suspensions occurred in the United States. time the banks were reported as having been The tabulations that follow analyze these placed in liquidation or receivership or, in suspensions in detail, showing among other the case of those later reopened, as of the things the number, deposits, and loans and dates they were granted licenses to reopen. investments of suspended banks by geo- Loans and investments and capital stock of graphic divisions, States, months, years, size the unlicensed banks included in the figures shown for 1933 are as of December 31, 1932, and class of bank, and size of town. Definition of bank suspension.—Bank sus- or the nearest available prior call dates. pensions comprise all banks closed to the Mutual savings banks.—During 1921-1936, public, either temporarily or permanently by 12 mutual savings banks with deposits of supervisory authorities or by the banks' $30,474,000 suspended. Data with respect to boards of directors on account of financial the suspension of these banks are shown in difficulties, whether on a so-called moratorium Table 14. They have been excluded from all basis or otherwise, unless the closing was other tables. Bank suspensions in 1933.—The figures under a special bank holiday declared by civil for 1933 comprise banks suspended before authorities. If a bank closed under a special the banking holiday, licensed banks suspended holiday declared by civil authorities and re- or placed on a restricted basis following the mained closed only during such holiday or banking holiday, unlicensed banks placed in part thereof, it has not been counted as a all bank suspension. Banks which, without ac- liquidation or receivership, and not other unlicensed banks which were tually closing, obtained agreements from de- licenses to reopen by June 30, 1933. granted At positors to waive a portion of their deposits close of the banking holiday (March the 15, or to defer the withdrawal of a portion of 1933) 1,400 national banks with deposits (on their deposits have not been classed as sus- December 31, 1932) of $1,942,574,000, and pensions. Banks which were reopened or 225 State member banks with deposits of taken over by other institutions after sus- $925,777,000 had not been licensed to reopen. pension have been included as suspensions. On April 12, 1933, the first date following the The figures for 1933 include all banks not banking holiday for which corresponding granted licenses following the banking holi- data are available with respect to nonmember day in March 1933 which were subsequently banks, there were 1,108 unlicensed national placed in liquidation or receivership (includ- banks with deposits of $1,818,541,000, 152 ing unlicensed banks absorbed or succeeded unlicensed State member banks with deposits, by other banks), and all other unlicensed of $842,982,000, and 2,938 unlicensed nonbanks which were not granted licenses to member banks with deposits of $1,317,607,reopen by June 30, 1933. 000. By the end of June 1933 supervisory Deposits, loans and investments, and cap- authorities had completed their examination ital stock.—Except in the case of unlicensed of all or nearly all the banks not granted banks included in the statistics of bank sus- licenses immediately following the banking pensions for 1933, deposits, loans and invest- holiday and had authorized such of the banks ments, and capital stock of national and State to reopen as could then qualify for licenses. member banks are as of dates of suspension, On June 30, 1933, there remained 985 unand in the case of nonmember banks the licensed national banks with deposits of $1,figures are as of dates of suspension or latest 028,347,000, 114 unlicensed State member available call dates prior thereto. Deposits banks with deposits of $239,268,000, and 1,983 of unlicensed national banks included in the unlicensed nonmember banks with deposits of figures shown for 1933 are as of dates of $1,063,984,000 to be rehabilitated and reconservatorship; in the case of unlicensed opened or to be placed in liquidation or reState member banks the figures are as of ceivership. All such banks (not licensed by June 30, 1933, or the nearest call date prior June 30, 1933) are treated as suspensions. to liquidation or receivership; and in the case Following is a summary classification of susof unlicensed nonmember banks the figures pensions in 1933: SEPTEMBER 1937 867 FEDERAL RESERVE BULLETIN BANK SUSPENSIONS IN 1933 National banks Total State member banks Nonmember State banks Private banks N U M B E R OF BANKS B a n k s suspended J a n u a r y 1 to March 4 Banks placed in receivership during the banking holiday (March 6 to March 15) Licensed banks suspended March 16 to December 31 Banks not licensed following the banking holiday and later placed in liquidation or receivership (March 16, 1933 to December 31, 1935) Banks granted licenses (July 1, 1933 to December 31, 1936) Banks neither granted licenses to reopen nor placed in liquidation or receivership b y December 31, 1936 Total 408 39 179 2,122 1,242 22 1 2 865 .161 10 4, 000 302 34 158 20 2 10 74 72 1, 113 1,002 70 7 3 1, 101 * 174 7 2, 616 19 0 D E P O S I T S (in thousands of dollars) Banks suspended J a n u a r y 1 to March 4_._: Banks placed in receivership during the banking holiday (March 6 to March 15) Licensed banks suspended March 16 to December 31 Banks not licensed following the banking holiday and later placed in liquidation or receivership (March 16, 1933"to December"31, 1936) B a n k s granted licenses (July 1, 1933 to December 31, 1936) Banks neither granted licenses to reopen nor placed in liquidation or receivership by December 31, 1936 Total.. 1 198,417 15,080 145,072 71,802 1,381 17,322 2,519,958 716,423 1. 361, 607 158,437 3, 596, 698 1,610,549 , 633 109 . 927 , 102, 115 12, 732 124, 920 2, 867 858 903 672, 260 86, 988 477,954 470, 482 8,137 516 482 1,266 ; 399 1,189,469 , 13,281 Exclusive of mutual savings banks. 2 Includes 56 banks with deposits of $118,479,000 which did not receive licenses (as member banks) following the banking holiday and later with drew from the Federal Reserve System. Of these, 28 were subsequently granted licenses as nonmembers. 868 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS ALL BANKS» Number of suspensions Geographic division and State 1921 1922 1923 1924 1925 1926 1927 1928 United States—total 505 366 646 775 618 976 669 498 New England—total 2 1 3 2 2 1 3 1 Maine New Hampshire. - _Vermont Massachusetts Rhode Island. Connecticut 1935 659 1,350 2,293 1,453 4,000 57 34 11 6 230 60 396 12 3 1 2 3 1 5 1 5 8 3 19 55 38 137 10 8 42 107 70 219 2 8 2 2 1 1 7 68 91 59 84 282 610 457 1,337 25 9 8 8 7 19 23 11 16 25 29 6 15 11 24 18 6 10 24 30 9 11 25 87 125 21 24 115 96 238 113 48 26 68 209 87 67 197 208 245 321 366 3 14 2 1 5 1 1 1 1 5 315 530 306 252 302 415 717 445 1.144 12 9 21 55 83 43 75 113 21 16 50 86 44 32 63 21 19 93 134 58 59 115 25 46 65 70 46 37 27 25 36 46 51 32 38 7 52 26 31 34 23 37 13 152 12 22 87 103 59 55 46 43 101 208 122 66 73 109 38 61 147 80 14 23 51 69 122 416 255 44 27 203 77 7 5 14 1 3 3 1 1 3 75 100 215 104 105 160 223 263 109 326 5 5 1 1 1 3 20 3 70 14 43 49 68 31 18 30 2 1 1 2 1 3 8 8 1 2 2 4 6 4 n 18 2 2 1 1 1 6 2 8 6 31 37 33 8 4 4 2 5 7 4 3 12 3 4 12 8 10 1 9 7 5 11 106 297 406 18 24 16 37 3 29 11 15 12 11 13 11 24 20 46 35 22 99 44 17 34 105 58 63 4 2 5 1 14 9 65 5 1 8 16 20 6 18 26 12 4 13 14 tO CO GO -- 8 2 1 -- West North Central—total Minnesota Iowa ' Missouri North Dakota South Dakota - Nebraska Kansas - - -_ - South Atlantic—total-- --_ __ . ._ . -- - East South Central—total - - - _ 19 7 1 2 2 138 - - 3 1 83 30 5 5 -- 9 2 2 44 11 1 3 6 9 8 33^ 1936 4 1 4 TCpntuckv Tennessee \labama Mississippi 1934 9 1 9 - 1932 33 6 18 20 1 5 - - - East North Central—total 1931 1933 1 New York New Jersey Pennsylvania Dpi a ware Maryland Dist of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida 1930 1 - - - - Middle Atlantic—total Ohio Indiana Illinois M"ichiffan Wisconsin 1929 10 1 1 7 1 i 2 25 30 3 n 3 4 16 41 34 1 4 2 12 45 109 43 4 5 14 24 26 31 5 8 22 27 35 10 14 18 17 34 65 20 10 93 27 31 39 37 57 63 34 35 17 1 4 4 q 6 31 18 25 11 11 24 22 31 33 17 35 152 150 96 152 1 1 8 4 3 2 5 6 10 3 6 7 5 4 7 13 4 8 17 2 6 30 29 34 59 27 31 36 56 38 28 18 12 39 43 38 32 1 1 4 1 5 1 12 14 8 2 4 84 70 84 84 44 43 200 174 94 295 1 6 5 7 2 50 25 4 20 39 16 10 21 37 17 4 28 35 12 14 3 5 "'"21 22 10 134 10 22 34 57 7 24 86 13 14 32 35 79 59 84 73 1 3 3 3 1 3 4 2 11 82 Arkansas Louisiana Oklahoma Texas 5 11 27 63 3 6 39 34 83 6 5 53 19 Mountain—total 85 65 138 122 56 30 19 9 12 25 62 96 118 1 23 22 31 8 4 8 5 5 3 1 77 10 9 18 14 8 2 45 7 33 9 23 3 2 16 8 3 15 10 3 1 8 4 3 14 2 1 9 1 3 1 5 1 11 1 11 10 3 21 1 5 9 2 8 24 2 24 1 21 16 3 59 7 4 1 14 16 2 21 17 12 17 12 12 12 5 6 6 5 5 2 12 3 2 6 2 5 5 IVIontana Idaho Wvomins Colorado New Mexico Arizona Utah Nevada - - - - - Pacific—total _ __ - - CO CO Washington Oregon California 12 7 7 7 2 CO CO 5 106 West South Central—total 1 2 4 1 1 2 3 5 5 3 2 2 2 1 1 22 5 12 12 54 87 149 1 4 12 6 2 3 7 1 4 3 2 7 22 14 18 28 26 33 62 38 49 1 i Includes national banks, State banks, trust companies with deposits, stock savings banks, and private banks. Mutual savings banks are excluded from this and succeeding tables. Data with respect to mutual savings banks suspended during 1921-1936 are given in table 14. 869 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued NATIONAL BANKS Number of suspensions Geographic division and State 1921 1923 1924 1925 1926 1927 1928 1929 1930 1931 52 49 90 122 118 123 91 57 64 161 1 United States—total 1922 1 1 New England—total Maine _ _ New Hampshire. „ Vermont - - -_. _ _ _ "M. assachusetts Rhode Island. _ . Connecticut New York New Jersey Pennsylvania 1 1 4 2 50 I 17 5 14 14 3 2 1 2 3 1 1 6 8 82 33 282 24 16 42 8 5 20 84 53 145 1 1 1 1 3 1 6 1 1 1 6 4 2 9 9 10 8 30 85 69 301 1 2 2 4 2 3 4 2 1 4 1 3 4 20 2 1 19 8 37 14 7 2 12 46 5 4 58 44 107 54 38 1 1 1 1 4 3 1 Wisconsin Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas - 7 Delaware M^ar viand Dist. of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida 2 2 2 4 2 2 1 2 South Atlantic—total 4 3 1 1 2 3 2 1 1 28 46 52 74 44 24 22 38 84 62 170 4 1 1 14 5 2 1 8 4 15 16 1 7 12 1 14 31 2 11 12 3 1 12 21 1 4 2 3 1 3 6 1 5 2 3 4 1 8 1 8 3 1 1 13 6 8 3 4 3 13 21 12 13 13 8 4 q 24 g 3 6 3 9 27 67 13 10 7 25 21 18 5 7 14 21 28 53 24 96 3 1 1 4 • 9 14 8 3 4 1 1 1 1 1 1 1 1 1 1 - 1 2 2 2 1 3 1 1 1 4 3 11 2 5 10 4 3 4 6 18 14 5 4 3 2 2 3 8 2 3 16 24 20 3 1 2 2 1 2 1 4 1 3 5 3 1 10 3 1 2 1 1 1 2 1 20 15 15 18 16 3 2 3 1 4 34 40 21 63 8 2 30 1 1 y 10 1 8 8 15 32 1 1 13 14 3 10 1 1 8 4 17 3 9 6 9 6 8 7 8 6 2 4 1 2 13 1 6 14 17 16 28 42 22 7 3 1 3 3 17 18 40 1 7 West South Central—total _ _ _ 9 1 17 5 2 13 4 9 3 12 9 4 2 1 1 2 2 3 4 3 6 5 3 1 1 1 1 1 1 j 1 1 1 Q -- _. _. IVlountain—total __ Miontana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific—total Washington Oregon California 7 _ . _ 1 1 1 1 3 6 4 2 2 2 26 3 1 1 1 2 3 18 27 51 1 1 1 2 6 4 8 5 8 14 18 11 22 2 1 2 __ _ 5 1 2 2 3 3 2 1 5 5 5 5 3 2 1 2 2 3 6 2 4 1 1 1 1 - 20 14 11 3 1 1 2 1 4 4 8 8 1 1 48 3 3 1 1 4 5 7 1 1 1 24 4 17 21 10 6 9 4 2 East South Central—total -- 11 3 _ _ _ .. _ 1 1 1 1 1 West North Central—total 1936 1 1 1 _ _ Ohio Indiana Illinois Arkansas Louisiana Oklahoma 'Pexas 276 1,101 6 1 - East North Central—total Kentucky T ennessee L \Iabama Mississippi 409 1 1 - 1935 1 2 Middle Atlantic—total 1934 5 1 1933 1932 870 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued STATE MEMBER BANKS N u m b e r of b a n k suspensions Geographic division and State 1921 19 United States—total New England—total _ _ _ 1922 13 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 38 28 35 31 16 17 27 107 55 174 1 1 6 __ _ _ Maine _ - -- -New Hampshire _ Vermont _ _ Massachusetts _ _ Rhode Island _ _ __ _ _ _ _ Connecticut _ __ _ _ _ Middle Atlantic—total _ _ _ _ _ _ New York New Jersey - _Pennsylvania East North Central—total M i n n e s o t a __ Iowa Missouri _North Dakota South Dakota _ _ - _ _ Nebraska __ _ _ _ _ _ Kansas ____ East South Central—total Kentucky Tennessee. ___ Alabama Mississippi-- - _ -- _ - - - - - -_ _ _ . __ - - - West South Central—total 1 2 1 2 1 1 1 3 8 15 8 18 1 1 1 4 1 2 9 1 6 1 1 15 2 2 3 3 3 1 2 2 7 7 4 7 2 2 1 3 2 1 5 1 2 14 8 4 6 _. 1 3 5 6 5 45 22 75 1 1 3 15 2 5 23 11 11 12 5 6 50 2 4 5 6 26 2 1 1 3 1 3 1 1 6 18 2 6 1 1 1 2 10 1 1 1 1 2 8 5 7 6 4 7 5 11 Montana. __ New Mexico. _ Arizona. .__ _ Utah . Nevada . 1 2 1 1 _ _ _ _ __ _ . . . . 1 1 3 3 1 2 7 4 1 1 1 1 1 1 2 2 1 1 1 _ __ -__ _ _ .._ 4 2 1 3 1 2 4 2 2 1 1 5 1 1 5 2 4 3 1 1 6 2 2 1 1 1 1 1 3 2 1 1 1 8 9 17 9 6 5 4 4 11 2 4 4 2 1 3 15 5 16 6 1 1 1 9 3 6 3 1 6 1 4 4 6 2 2 4 1 1 2 2 1 1 1 6 9 18 1 2 3 1 5 4 9 1 3 1 2 2 1 1 1 1 4 1 1 3 1 4 1 4 1 1 1 3 1 1 3 1 2 2 . 1 4 . ___ - . Pacific—total Washington _. Oregon California 1 1 2 2 1 4 1 2 4 __ _ _ - _ _ _ _ _______ 2 4 Arkansas _ __ . _ Louisiana _ _ _ Oklahoma _ _ -Texas __ _ _ _ _ Mountain—total Idaho Wyoming Colorado. 1 1 18 __ - Maryland _ _ -Dist. of Columbia Virginia - - -- West Virginia N o r t h Carolina _ ________ South Carolina Georgia _ __ _ _ - _ _ Florida _ _ _ _ _ . 1936 3 1 1 1 1 2 1 2 _ __ _ South Atlantic—total __ _ _ _ _ _ Delaware 1 1 _______ 1935 1 _ -_ _ - Ohio --- Indiana - -_ Illinois - _ Michigan _ -_ _ Wisconsin -_ _ _ West North Central—total. __ 1934 1 1 1 1 1 1 2 2 3 3 2 1 871 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 T A B L E 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS AND YEARS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of bank suspensions Geographic division and State 1921 New England—total . _— Maine _ NewT Hampshire Vermont __ -_ _ Massachusetts Rhode Island Connecticut 1924 1925 1926 1927 1928 281 501 578 433 766 514 406 2 2 1 -_ Ohio Indiana Illinois Michigan Wisconsin 13 _. South Atlantic—total Delaware Maryland Dist. of Columbia._ . Virginia _ . . West Virginia _ _ North Carolina South Carolina._ Georgia Florida - _- _. __. . .__ _ _ _ _ _ _ 1 2 13 1 4 8 5 1 4 I 1 1 1 7 13 118 25 95 11 2 1 1 3 1 1 1 2 1 4 3 1 9 20 18 80 2 2 21 18 12 65 2 8 1 2 1 12 21 25 24 34 71 44 64 221 451 344 885 14 8 7 1 5 4 3 4 11 5 4 15 19 13 19 73 102 4 23 71 81 196 62 41 21 47 152 61 63 113 130 132 184 326 6 2 1 5 1 1 1 5 8 20 5 1 14 5 4 1 2 11 7 1 5 6 2 10 10 9 20 25 3 14 5 8 19 26 1 10 96 254 331 238 422 243 212 273 356 604 367 925 11 18 16 15 35 1 24 11 15 7 11 11 9 23 20 41 23 20 85 37 15 33 45 59 40 66 95 13 13 35 47 42 25 50 20 19 78 74 54 48 101 22 45 53 32 44 33 25 22 34 43 32 31 33 4 49 20 28 21 22 29 13 149 11 21 55 96 51 51 42 40 87 160 109 53 60 101 34 52 111 71 11 16 46 60 94 320 224 34 20 177 56 1 51 57 62 72 199 83 86 117 188 197 83 220 1 1 1 15 4 3 2 11 22 21 3 2 3 12 35 20 3 2 12 42 98 42 4 4 12 18 17 28 Y 4 5 16 22 32 8 13 16 13 13 52 18 5 83 22 25 34 30 35 49 27 27 14 3 4 7 4 26 15 15 9 13 9 20 20 26 31 17 31 131 124 72 2 1 10 3 3 1 2 5 5 7 3 6 7 3 4 7 12 2 5 8 16 1 6 7 4 1 5 1 12 11 7 26 26 26 53 23 26 27 48 27 25 9 11 55 52 61 40 56 61 35 37 159 108 2 5 31 17 5 5 35 7 6 1 41 13 7 4 10 19 11 9 13 23 13 4 20 24 14 3 3 15 11 20 6 118 9 16 16 42 7 22 37 40 93 67 28 23 10 7 9 21 13 11 18 3 4 7 2 5 49 3 7 18 10 6 24 3 22 6 8 3 1 3 2 3 8 8 3 1 6 3 3 10 9 1 5 2 4 1 14 9 61 6 5 1 7 15 17 6 16 26 3 3 1 4 5 11 24 29 11 5 6 6 _ _ . . _ 42 15 1 4 3 2 1 1 2 1 14 Pacific—total Washington Oregon . . _ _ _ California 27 59 West South Central—total Montana._ _ Idaho - . . _ _ Wyoming Colorado New Mexico Arizona , Utah Nevada 30 6 3 69 Kentucky __ _ Tennessee Alabama._ _ _ _ Mississippi _ _ . . ___ _. _ Mountain—total 43 24 1936 1 11 East South Central—total __ _ 547 1,104 1,697 1,085 2,616 97 - ... West North Central—total Minnesota ._ Iowa Missouri . North Dakota South Dakota _ _ _ _ Nebraska _ _ _, Kansas 1935 120 _______ -. 1 3 9 1934 4 3 East N o r t h C e n t r a l — t o t a l 1932 4 5 - 1931 1933 7 2 New York New Jersey Pennsylvania 1930 1 1 1 1 1929 1 2 1 - --- - Middle Atlantic—total Arkansas Louisiana Oklahoma Texas- 1923 390 United States—total 1922 14 9 11 6 10 3 1 5 6 3 5 3 1 6 3 2 4 1 1 1 3 2 1 2 3 3 5 2 1 2 1 3 100 1 1 8 19 28 25 28 1 1 2 4 64 212 1 6 5 11 12 23 18 65 48 68 31 1 3 3 a 41 73 72 8 4 3 14 12 12 3 33 4 3 4 1 2 5 2 4 6 2 9 8 30 51 80 1 5 1 3 1 2 5 14 7 9 18 14 19 35 20 25 1 3 2 1 4 1 2 1 1 13 4 4 2 2 4 2 4 4 16 2 18 1 6 12 14 2 1 4 1 1 1 2 2 44 10 24 26 57 25 7 25 7 1 6 2 872 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 1.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS Number of bank suspensions Geographic division and State l 1921 New England—total 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 44 United States—total. 1922 23 23 37 39 52 33 19 31 58 80 37 10D 13 3 2 1 1 . _. 1 1 1 Connecticut Middle Atlantic—total 2 New York Pennsylvania - _ _-. East North Central—total 2 Ohio - -- Indiana Michigan 2 2 8 5 4 5 4 7 3 2 3 3 7 12 5 3 3 3 4 3 9 2 3 1 2 9 26 29 22 76 11 1 2 4 5 2 9 15 10 5 14 3 9 10 14 29 33 3 8 1 9 3 17 24 10 23 1 6 3 17 24 9 23 4 5 24 5 9 2 3 1 1 22 1 1 3 2 7 1 4 3 7 14 17 16 4 . 3 7 11 2 1 17 14 2 1 5 4 8 1 15 2 1 1 1 3 4 8 1 1 14 . - South Atlantic—total-- 5 IVlar viand Virginia Georgia Florida 9 -- 9 12 12 1 2 2 1 1 2 2 1 2 2 East South Central—total-- _ .. ... Alabama . -- West South Central—total Arkansas Texas M o u n t a i n — t o t a l _._ Montana 1 - 20 __ _ 20 _ . _ 11 11 8 8 5 5 1 4 1 10 10 4 5 4 1 4 1 4 Wyoming 1 Geographic division and State listed only in cases where suspensions occurred. 1 2 4 2 4 1935 2 9 2 2 West North Central—total Iowa Missouri South Dakota Kansas 4 2 2 12 2 1935 2 2 1 1 - 1 3 11 4 4 3 1 10 4 4 1 1 1 - - TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS ALL BANKSi [In thousands of dollarsj Geographic division and State United States—total 1921 ___ __ 172,188 1922 1923 1924 K25 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 91,182 149,601 210,151 167, 555 260,378 199, 329 142, 386 230,643 837, 036 l,6S0.232 706,188 3,596,698 36, 937 10, 015 11,306 1 884 459 1 684 1,461 783 783 1, 513 23, 953 117.038 2. 254 1,002 63, 285 195,729 93,981 7, 071 23, 433 59, 631 2 491 9,122 607, 364 161,384 117 869 328,111 1, 670.350 493, 027 110,261 158, 274 787. 801 120,987 318,486 23,921 115,882 117,113 9,897 4,402 31,160 16,111 354, 264 585 152 652 43,281 36, 529 34,061 44, 584 27 142 7,123 8,307 74,535 18, 653 29, 342 11,591 14,949 228,668 28 947 164, 799 15. 753 19,169 15 481 1,381 1 T &ss&chus6tts V Tthodp Tsland Middle Atlantic—total New York Pennsylvania East North Central—total Ohio Indiana Illinois Michigan Wisconsin West North Central—total Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic—total Delaware M^ar viand District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central—total Kentucky _ Tennessee \labama Mississippi West South Central—total Arkansas Louisiana Oklahoma Texas _. . . . _ Montana Idaho Wvoming Colorado New Mexico Arizona . Utah Nevada __ Pacific—total Washington Oregon. ._ ___ California 1 . . 2 164 17, 096 13,920 3,176 11,477 513 800 5, 594 4, 570 30,537 4,742 6, 466 2, 536 5, 362 697 7, 745 2, 989 19, 585 2,021 273 555 1,193 6, 763 5, 062 1,218 246 237 24, 82(5 2, 970 1,637 5, 158 2, 242 2, 545 5, 656 4, 618 14, 044 665 624 539 2,874 4 945 3, 292 1,004 1,655 4,708 80 5,238 2 1 684 2,746 1,774 5, 236 972 11. 877 4. 355 1.675 3, 585 743 1, 519 62, 468 7,761 8,910 6, 616 13,410 11,938 3,030 10, 803 10. 754 1, 805 9.640 438 1, 805 7, 477 553 653 3,877 624 1,770 121,139 20, 659 34, 965 9, 974 9, 498 36, 487 4, 876 4,680 9, 547 10,754 6, 634 163 1,421 2, 439 335 2, 276 16, 567 3, 884 1, 066 5, 405 3, 858 2, 354 9, 202 34, 522 6, 368 12, 437 11,174 1, 749 2,794 82, 967 15,686 32.910 6, 379 3,915 15,510 5, 752 2. 815 19, 307 139, 090 23,190 53, 287 13, 551 8, 365 27, 698 6, 869 6, 130 68,111 65, 405 13,632 22, 317 5, 658 5, 400 4, 702 8, 289 5, 407 46, 948 3.319 3 194 721 3, 007 2,207 1, 292 617 127 171 17,481 1 781 535 11,058 4,107 35,573 19, 618 2, 607 1, 513 4, 689 4,309 2,276 561 1,172 247 1,867 3 120 2, 814 327 338 1,599 3,198 8, 576 5, 201 395 901 184 2,512 13, 269 18, 046 33,199 4,460 918 2,041 927 574 20,147 912 137 8, 624 10, 474 39, 586 11, 723 1, 986 13,196 1,806 9,114 1,366 395 3,923 505 1.787 398 1,233 19. 396 2 891 512 7, 155 8,838 20. 378 2, 449 2, 588 266 9. 062 2, 750 3, 099 164 9,080 1, 747 5, 304 385 1,644 16,151 3 714 2 098 2,789 7, 550 3, 592 519 618 213 2,168 213 2, 154 5,478 7, 061 I, 623 30,419 10,116 1,547 3, 106 3, 219 2,244 1,746 824 495 427 3.365 2,341 470 554 2.735 1,678 442 615 5 982 221 1 3f>4 4, 397 11,127 1,273 240 1,400 1,357 43 17, 538 5, 143 5, 994 4,885 1,516 48.450 9, 475 13,535 3, 905 5, 504 1, 940 9, 626 4, 465 47. 931 533 766 917 535 1,836 3 311 8, 995 3,326 4,390 437 1,472 814 1, 667 30, 746 771 1,397 7, 953 20, 625 21, 841 •6, 559 7. 377 598 964 1,154 4,312 877 21,035 16,949 2, 457 1, 629 Exclusive of mutual savings banks. 293 1 132 13,317 1,814 342 220 1,252 19,943 1 127 1, 253 11, 694 5,869 14,044 6, 733 1,018 342 1,386 949 1,862 1, 672 82 7,727 961 4,739 2,027 886 74 17,249 3, 592 628 7, 045 5, 984 3, 077 138 1, 962 164 318 60 78 357 11, 589 4,225 3, 465 3, 899 1,897 1,738 1,852 7, 394 15,424 19, 093 7.018 1, 968 3,419 61 1, 570 12,758 3,428 569 1,145 7, 616 1,848 15 303 764 620 146 3,S30 805 3, 125 26, 558 12,630 5. 800 8,128 35, 534 3, 479 7, 991 16. 872 2, 263 4,929 56, 604 7.823 8, 989 2, 867 3,884 1,622 29, 570 1,849 17,590 248, 832 183,680 2, 993 62,159 95, 408 20, 400 18, 374 42, 885 80. 622 15.316 14,369 50, 937 227, 514 8,293 37. 216 126, 878 36, 358 18,769 124, 001 11,869 75, 710 13,903 1,066 5,183 6,884 9,386 62, 639 792 5, 520 3, 497 879 922 14, 129 28, 976 3, 947 3, 977 23, 040 10,493 4, 806 5,797 1,944 23,123 925 5, 432 8,240 8,526 49, 998 1,364 11,620 878 2,844 83 5 862 9,816 17, 531 51, 966 23, 764 8,032 20,170 72,172 243 947 130, 766 436, 716 92, 801 73,128 270,787 627, 412 260, 439 63,890 175, 978 102,841 24, 264 180, 081 25,313 86, 222 22, 899 8, 170 12,971 28,137 6, 369 138,587 4, 658 25, 775 1,396 6. 575 6.934 4,798 2,455 48, 824 5, 816 10, 276 56, 178 7. 455 5, 637 40, 748 121, 088 62, 455 28, 547 9, 216 20, 870 63, 052 41,471 5, 365 4. 435 11,781 16,792 37, 832 29,791 9,947 8,515 9, 935 57,970 18, 132 5, 583 6, 759 27, 496 69, 263 11,744 4, 712 3,404 49, 403 7, 614 2, 236 46 19, 909 1,136 2, 290 1,031 3,234 752 2, 968 8,326 172 33,256 10, 429 9, 460 13, 367 8,630 631 2,001 4, 264 1, 734 8,112 2, 110 4. 452 1, 550 6, 655 176 1,281 420 1,176 94 142. 626 30,031 35. 932 61, 283 6, 480 8, 894 88,365 3,034 30, 9LI 17. 949 5,057 10, 953 10, 375 10, 086 857 3, 245 1,230 3, 508 16, 378 9. 852 2, 074 4,452 10, 800 1, 082 164 9, 554 32, 9S3 5, 658 3,102 293 12 787 7,067 934 2, 251 901 114, 309 29, 230 13,193 71, 886 1, 050 30, 345 7, 059 22 114 1,172 3, 870 722 2, 037 349 48 714 1,731 73 5,194 1,050 1,120 649 4, 545 1 120 1.722 261 18 29 59 1,355 1,302 4, 024 1,875 2,149 2,559 1,311 882 155 1,547 46 641 275 72 170 872 194 226 734 467 313 w 169 236 136 285 ej F 68 68 36 36 11 844 11 559 285 435 128 154 153 2,118 1,406 712 40 40 183 00 183 CO TABLE 2.- -DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEAES—Continued NATIONAL BANKS [In thousands of dollars] Geographic division and State United States—total New England——total Maine New Hampshire Vermont Massachusetts _ _ _ -_ Rhode Island Connecticut M iddle Atlantic—total New York New Jersey Pennsylvania East North Central—total Ohio Indiana Illinois Michigan _ __ _ _ Wisconsin West North Central—total Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic—total Delaware Maryland __ District of Columbia Virginia _ _ West Virginia North Carolina South Carolina Georgia Florida East South Central—total Kentucky _. _ _ Tennessee Alabama Mississippi West South Central—total Arkansas Louisiana Oklahoma Texas JVIountain—total Montana Idaho Wyoming _____ Colorado New Mexico Arizona.- _ _ _ Utah ._ Nevada ,_ _ _ Pacific—total Washington Oregon California 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 20, 777 20,197 34,244 64, 890 55,574 43,908 45, 547 36, 483 41, 614 170, 446 293 1,684 862 1,273 1932 1933 439,171 214,150 1, 610, 549 39, 824 4,031 85, 442 40, 023 5,373 16 691 23, 355 1931 402 862 293 00 39, 422 1,334 1934 1935 5,313 40 1936 507 1,273 1,684 1,110 043 828 273 555 467 51 1,016 51 1,016 1,101 801 4,158 4,081 3,601 586 8,131 300 1,728 3,601 525 586 3,214 1,653 529 780 8,131 5,276 2,107 1,803 483 708 175 599 3,411 1,983 631 277 354 384 2,042 445 560 701 349 3,996 77 7,560 1,203 99 150 3,036 1,774 613 685 129 1,129 396 24,155 8,845 8,512 255 1,472 4,474 597 252 29, 085 6,046 14, 278 274 3,078 4,108 1,020 281 18,152 4, 524 8,218 251 1,691 533 2, 660 275 6,598 1,895 5,097 22, 985 4,556 3,887 2,142 2,308 7, 518 3,177 1,459 1,875 494 964 1,867 1,363 1,614 121 34 182 161 791 745 8,141 2,220 5,921 5,421 1, 313 3,384 161 5,088 476 41 3,475 1,096 5,818 2,649 2S0 355 556 600 441 1,023 2,528 2,211 395 200 154 446 200 8,958 11, 217 7,369 6,930 2,028 3,301 7,916 9,802 6,197 1,741 272 22, 546 4,166 1,385 8,882 1,286 6,548 187 159 378 635 653 2,112 403 438 1,271 1,307 540 1,307 301 239 1 601 790 11,345 2,474 2,825 551 2,691 700 1,230 874 15, 804 533 594 46 182 3,803 1,103 598 1,312 1, 229 4,002 947 328 2,436 291 6,237 197 3,300 354 1,191 689 506 16, 796 4,545 65, 406 1,678 11,366 46, 796 2,634 2,932 398,158 122, 261 65, 772 210,125 778, 221 50, 882 55, 931 73, 666 569, 309 28, 433 27,712 4,524 6,061 5,486 1,499 2,886 5,651 1,605 29, 922 2, 302 18,314 4, 324 243 1,027 408 3,304 85, 889 8,671 23, 559 31, 780 5,902 1,934 7, 336 6,707 194 43, 724 313 5,926 458 676 4,792 21, 364 5, 421 1,816 12,409 1,558 160 23,534 493 13,957 1,045 1,172 978 966 4,923 151, 111 22, 461 26, 728 101,922 105, 404 26,027 10,814 46, 534 15,963 6,066 34,600 3,016 766 228 1,229 2, 697 44, 904 12,016 10, 680 22, 208 714 878 812 489 907 284 2,641 349 1,823 273 1,153 1,336 11,904 605 581 251 75 4,654 911 3,650 215 1,609 5,157 2,212 11, 559 1,486 1,272 1,335 2,408 985 106 89 2,054 1,381 1,352 24 1,328 564 1,045 137 7,607 1,194 790 137 207 845 1,566 2,234 607 11,337 824 696 128 1,357 364 207 786 1,577 176 985 416 18, 067 792 839 512 5, 703 11,366 3, 176 1,105 12, 738 7,713 13,659 13,091 1,308 1,513 3,424 339 411 9, 967 3,239 986 1,494 25, 930 8, 621 2,127 1, faO4 13, 188 20,151 6,362 1 888 2,121 9, 780 252 170 25, 577 3,026 233 22, 318 9,412 4,186 1,616 3,155 455 8,825 85 680 4,219 3, 941 15,124 716 7, 408 18, 279 1,447 1,620 1,099 752 402 94 1, OtO 9,085 4, 712 311 386 718 66, 548 19, 561 6, 909 40,078 82 279 1,154 1,154 1,567 952 193 422 2,672 221 2,451 3, S89 2,512 2,043 1,846 2,512 507 45, 597 13 791 24, 381 3,827 3, 518 24,885 1,684 6,843 7,348 9, 010 4,027 425 1,255 9,592 8,838 5,380 924 754 4,456 15,862 4,573 1,419 9,870 354 5, 556 18,359 3, 955 3,731 10, 673 507 194 107, 530 11J9 19, 674 28, 519 10,894 16,060 9,035 17, 994 2,168 2. 987 58, 377 38, 379 13,195 2,8.1 3,982 4,545 261 261 313 40 40 i < t1 tr TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued STATE MEMBER BANKS [In thousands of dollars] Geographic division and State 1 1921 Louisiana Oklahoma Texas. -_ _ 1 1924 7,113 12, 559 13645 . _ .. 1925 9, 883 1927 1928 1929 1930 23, 466 17, 942 10, 247 16, 459 202, 399 1931 1932 1933 1,198 3,136 419 455 219 155 743 6,509 576 3,285 242 2,406 3,388 1, 428 216 1,744 1,273 1,034 5,829 19, 028 648 16,122 2,258 1,700 239 219 419 2, 503 190 989 662 662 2.149 155 3,408 2,519 2, 968 199 2,519 903 797 2,171 1,201 970 55,153 10, 258 1,309 10, 496 532 321 9, 643 157, 761 90, 003 10, 823 16,984 39, 951 26,318 798 31, 704 496 30,051 1,157 6,497 797 512 1936 18, 955 7,363 50,286 5, 834 31, 514 12, 938 448,569 357,162 10,899 5,054 74, 615 839 330 163 305 731 5,561 455 34, 482 118 2,606 31, 646 481 950 408 5, 605 37 187 1935 37, 781 2,728 31,375 2,491 1,187 69,728 44, 351 12,812 12, 565 1934 783, 399 10, 258 161, 279 161,000 279 3,136 293,957 3,299 112 839 59, 473 36, 451 17 625 389 2,381 241 405 23 298 993 1,360 1,116 4,141 6,142 11, 972 1,638 7,150 1,515 3, 673 708 405 298 646 1,116 2, 696 85 1, 360 78 494 3,200 94 646 2, 039 2,219 2,039 1,396 352 880 90 74 10, 728 10, 508 220 110 1,250 94 23 299 694 1,634 1,363 954 520 101 2, 219 1,735 1,230 434 187 84 6,926 5,031 585 333 4,489 2, 595 71 749 561 1,649 61 1,588 620 445 175 432 379 5,331 494 2,314 940 131 1,243 521 10,743 135 22 3,178 78 534 745 359 501 1,461 15, 722 14, 209 469 135 52 1, 461 113 356 187 187 3,632 2,347 1,285 147 206 11, 665 11,640 15,093 2,348 1,090 126 531 1,829 852 114 505 147 166 206 25 718 12, 745 1,236 433 1,036 762 173 474 7,517 391 6, 916 210 863 4,174 2,521 1,653 192 295 233 476 192 295 476 . . _ _ _ _ 839 2,477 648 166 623 1,271 Geographic division and State listed only in cases where suspensions occurred. 1926 3,299 . . __- - Mountain—-total Montana _ _ _ _ ___ _ Idaho. ._ . Wyoming New Mexico._ _ . Utah.... Pacific—total Washington Oregon California-., 1923 17, 363 United States—total New England total lyiaine M assachusetts Rhode Island Connecticut TVfirlflle Atlantic total New York New Jersey Pennsylvania East North Central—total Ohio Indiana Illinois Michigan Wisconsin West North Central—total - Minnesota Iowa Missouri South Dakota Nebraska Kansas South Atlantic—total Maryland Virginia West Virginia . . North Carolina South Carolina Georgia Florida East South Central—total -Kentucky Tennessee Alabama . Mississippi West South Central—total-Arkansas 1922 275 275 718 83 83 2,048 579 1,341 d F F 208 507 626 142, 544 18,851 123,133 115 445 1,713 1,085 357 271 7,210 3,319 2, 633 1 258 00 TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS [In thousands of dollars] United States—total 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 125,159 Geographic division and State 61, 964 101,025 123, 888 94, 547 183,517 131,503 92, 710 164,858 448, 989 18, 616 15, 481 Miaine New Hampshire Vermont Massachusetts Rhode Island Connecticut IVIiflclle Atlantic—total New York New Jersey Pennsylvania East North Central—total Ohio Indiana Illinois Michigan Wisconsin West North Central—total Minnesota Iowa Missouri -_ _ North Dakota South Dakota .. _- _ _ Nebraska Kansas South Atlantic—total Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia -Florida East South Central—total K e n t u c k y . . __..__ - _ _ . Tennessee Alabama Mississippi West South Central—total Arkansas Louisiana __--_--. Oklahoma Texas _ ._ Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific—total Washington Oregon California ., _ . _ 459 783 783 1,381 2 164 15, 327 12, 618 2,709 6,039 180 315 5,594 24, 527 4,742 4,435 2,038 5, 008 313 4,972 2,989 18, 603 4,708 1,132 672 4,600 515 1,071 43 672 5,125 553 653 3,278 4, 600 5,482 163 1,218 5, 236 6,267 222 1,018 3,585 2, 310 515 9,208 2,007 474 4,625 1,071 25, 207 2, 455 10, 287 8, 947 43 12, 344 3,005 5,278 3,334 641 22, 523 2, 970 1,010 5,158 1,797 1,985 4, 955 4,618 9,995 1,442 51, 410 6,368 6,827 5,804 10,374 9,502 2,417 10,118 8,687 1,880 50, 066 6,841 15, 876 6, 087 2,443 10, 849 5,155 2, 815 11,261 2,102 87, 931 16,496 20, 391 11,019 5,287 23, 040 5, 849 5,849 64, 870 2,619 41, 458 9,108 8,744 5,208 3,709 4,169 5,629 4,891 37,134 308 1,158 2, 175 5,938 1,682 307 184 2, 512 12, 457 16, 700 32, 710 7,679 1,747 4,723 134 1,075 7,642 1,863 1,967 1,454 2, 408 2,607 413 529 213 1,870 2 837 4, 016 962 27, 236 6,916 1,547 3,084 41 2,244 10, 859 2,665 628 4, 991 2,575 851 826 246 237 87, 627 15, 527 24, 434 9, 540 7,190 26,016 1,699 3,221 6,582 894 235 899 726 33, 778 7 001 7,863 3,354 2,813 893 8,396 3,458 25, 970 665 689 535 1,836 3,311 8, 449 3,118 3,562 437 1,472 168 1,485 18, 711 771 1,397 5, 733 10, 8iO 11, 684 4,534 3,113 598 111 905 624 539 1,007 3,582 3,239 1,004 1,653 342 220 1,091 12, 355 651 1, 212 8, 219 2, 273 6,491 2,854 304 342 751 296 1,832 392 1,705 3,194 389 3,007 1,416 547 617 81 171 6,367 418 535 3,941 1,473 18, 845 8,390 281 1,241 4,689 2, 846 1,398 1933 1934 1935 1938 935, 947 429, 079 1,189, 469 35, 456 4,702 10, 728 73, 415 2 254 48, 996 52, 687 8,808 72, 506 51 230 1, 698 6, 742 4, 901 1, 050 80 5, 236 2,527 1932 1931 600 793 13, 317 3,934 803 - 1,461 1,591 00 208 247 1, 867 2, 466 • 1,467 327 3,766 918 1,887 387 574 7,699 392 36 5, 323 1,948 10, 393 2,804 eoi 3,691 520 1, 295 1,366 116 3,645 505 1,787 120 1,233 8,857 2,891 512 1,937 3,517 8,199 518 1, 141 266 1, 455 1,556 3, 099 164 8,195 6, 038 1, 799 82 6,420 961 4, 739 1,206 824 194 2,024 1,0 JO 470 976 726 57 358 720 188 554 193 213 1,378 74 3,015 1,069 1,946 129 142 318 60 78 124 7,224 4, 225 946 2,053 1,897 1, 465 699 5, 626 3,126 13, 157 7,018 1,968 3,419 61 1, 570 10, 594 3,428 569 581 6,016 1,545 15 764 620 146 1,418 805 613 13, 115 19, 879 80, 564 7, 180 21, 223 5, 800 2,038 6,899 57, 303 28, 763 106, 073 2,532 23,762 7,046 32, 631 14, 436 39, 231 617 1,715 4, 132 8,734 47,329 59,204 6,425 2, 541 3,852 11,795 2,513 16, 741 2,693 3,885 1,622 9,670 28, 881 9,409 1, 343 5,163 43, 078 94, 528 243 947 4,656 1,189 5, 730 4, 660 2,564 1,001 23, 744 7,671 631 . 2,001 3,433 1, 606 6.549 1,746 4,245 558 5,078 296 420 760 94 3, 508 6,511 739 2 074 3, 698 5, 304 4, 573 44, 812 3,745 3 787 27,651 46, 989 9,867 15, 352 6,343 15, 427 31, 034 23, 469 3 477 2, 314 1,774 6,644 2. 066 46 775 17,874 40,188 208, 731 34, 409 25, 345 3, 300 2, 892 33, 588 149, 798 28, 217 360, 529 132,192 143, 203 6,406 41, 838 23, 778 112, 460 61,127 44,830 25, 044 18,198 15, 837 123, 781 85,288 9, 567 20, 293 43, 226 49,989 9,124 16, 256 823 6, 671 3, 708 10,085 5, 995 22, 486 6,082 4,764 87, 713 43, 733 22, 759 7,564 20, 500 16 700 8,138 5 541 6,511 31, 571 9,511 3,343 4,409 14,308 25, 684 6, 233 4 712 3,171 11, 568 14, 646 711 273 1 031 2 135 4,681 3,497 540 511 4,162 25, 737 2, 122 2,483 9,996 3, 960 3,190 1,357 1,489 11, 527 714 4 221 4,021 2,571 33, 505 315 4 039 878 1, 754 83 3,245 512 5,337 75 164 5,098 2,566 7,758 172 9,877 5,465 1 125 3,287 5,508 8,953 11,975 29, 433 17, 288 2,648 9,497 7,935 157, 402 32, 334 20, 583 104,485 435, 667 82, 879 40, 643 79, 554 140,876 91, 715 194, 422 15,132 86,024 53, 687 3, 995 2, 468 23,712 9, 404 187, 261 386 96, 527 14,762 8,010 17,612 33,168 9, 148 2, 907 4,741 27, 469 4,862 4, 753 7,129 10, 725 61,190 8, 412 34, 823 8,290 9, 665 13, 001 3,126 1,125 30, 235 7, 059 22, 114 1,062 2,611 1,500 349 48 714 1,659 73 1,311 275 872 649 1 050 1,120 649 1, 120 1,461 3, 953 1,875 2,078 18 29 59 1, 355 1,108 2, 052 882 1,547 155 46 134 226 421 W 467 d t1 169 236 136 285 68 68 36 36 435 128 11 844 153 2,118 11 559 285 293 3,702 2 355 623 1, 594 183 40,551 6,350 3 651 30, 550 170 183 183 154 1,406 712 TABLE 2.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS [In thousands of dollars] Geographic division and State > United States—total ] * w Fnsland V« 1922 1923 1924 1925 1926 1927 1928 1929 8,889 - 1921 1,908 1,773 7,728 7,551 9,397 4,337 2,946 7,712 total Connecticut 240 973 2 84 254 205 84 52 202 450 320 320 1,193 659 5,337 Ohio Indiana Michigan West North Central—total Iowa Missouri South Dakota Kansas 450 228 total Virginia Georgia Florida 20 208 1933 1934 15, 262 21,157 7,806 13,281 1,441 2,553 704 110 4,475 500 1,357 5,450 1,063 7,146 1,518 3,357 5,450 999 64 644 6,502 955 563 110 118 1,069 4, 693 3, 718 3,598 7,893 1,259 71 1,206 415 2,097 209 2, 072 1,317 2,104 2,788 3, 001 722 537 71 72 704 472 3,926 651 372 100 378 131 142 118 205 224 63 3, 039 617 452 316 1,164 3,213 995 4,018 2,917 3,046 2,387 808 867 4,829 6,884 2,294 3,693 995 3, 359 192 467 2,917 2, 496 2,387 328 867 4,829 6,884 1,846 3,693 97 88 230 576 15 326 97 30 58 230 576 15 326 30 30 550 347 133 448 West South Central—total Montana Wyoming CO 72 bd 128 .. Alabama 1, 855 1,855 _ 71 438 East South Central—total Arkansas Texas Mountain—total 1935 1936 500 2, 553 1,193 East North Central—total 1932 438 973 333 434 4,570 New York Pennsylvania South Atlantic 2 659 1931 4,475 240 Middle Atlantic —tota; 1930 - 281 281 522 522 277 277 360 1, 521 2,158 360 1,521 1,491 263 1, 491 64 199 22 2,158 408 408 128 202 2,909 1,581 49 202 137 2,772 1 581 49 333 • 333 22 Geographic division and State listed only in cases where suspensions occurred. 00 TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS ALL BANKS* 00 [In thousands of dollars] Geographic division and State 1922 208, 709 United States—total 1921 118,889 16, 705 New England—total Maine __ _ New Hampshire. ___ __ Vermont Massachusetts __ _ _ 14, 370 Rhode Island _ _ Connecticut 2,335 Middle Atlantic—total 11, 432 7,832 New York New Jersey Pennsylvania 3, 600 East North Central—total Ohio Indiana _ _ _ _ _ Illinois Michigan Wisconsin... West North Central—total Minnesota Iowa Missouri __ North Dakota South Dakota _ _ Nebraska Kansas _ _ South Atlantic—total Delaware Maryland _ _ _ _ _ _ District of C o l u m b i a Virginia _ _ W e s t Virginia N o r t h Carolina - _ S o u t h Carolina Georgia _ __ _ Florida East South Central—total K e n t u c k y _ _ _ _ _ _ _ _ __ _ Tennessee Alabama __ _ _ _ _ _ _ Mississippi West South Central—total Arkansas. _ _ . __ _ _ _ _ Louisiana Oklahoma _ _ __ _ _ _ Texas J I ountain—total V Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific—total Washington Oregon California 1 Exclusive of mutual savings banks. 1923 1924 185, 898 1,697 507 1925 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 257,976 186, 467 271,194 214, 798 146, 556 240, 363 970, 555 1, 983, 799 918, 243 4, 297, 410 35, 696 9,080 10,172 1,837 1,642 728 728 2,231 28,100 128, 881 2,573 1,083 91, 042 105, 714 38, 226 5,126 20, 634 308, 302 238,829 3,302 66,171 157,135 31,433 39,471 68, 790 7,676 9, 765 92,926 3,082 30, 266 20, 552 6,164 11,042 10, 499 11,321 19,511 542, 036 111,520 79, 660 350, 856 731, 034 293, 359 65, 107 217,089 127,088 28, 391 298, 839 10, 361 42, 344 179,561 41, 400 25,173 243, 629 124,114 7,793 27 986 67, 926 2,618 13, 192 817, 562 209, 272 168, 777 439,513 1, 881,325 546, 546 144,933 191,320 838,115 160,411 217, 732 26, 319 101, 872 26, 451 10,570 14, 678 30, 525 7,317 160,194 13, 943 103,366 15, 645 1,364 6,710 8,399 10, 767 364, 748 29,023 129,181 132,546 11,055 6,030 38, 638 18, 275 73,252 22,381 7,124 12, 053 31, 694 73, 050 903 7,020 3,528 1,254 1, 206 22, 804 25, 297 6, 156 4,877 34, 453 13, 835 7,033 10, 750 2, 835 77, 514 15, 172 5, 538 4, 085 52, 719 22, 413 1,452 2, 512 1,249 3,759 859 3,128 9,275 179 33, 451 11,865 8,936 12, 650 27, 563 1,432 6, 682 8,700 10, 749 59, 962 1,717 13, 486 982 3,708 103 6, 934 10, 964 22,068 61, 668 26, 352 10,179 25,137 456, 949 779 199,580 50, 760 49,891 42,142 54,801 37,834 11,169 9,993 105,169 23, 623 48, 798 16, 120 16,628 248, 328 28,191 176,651 17,213 26, 273 40, 796 6, 988 3, 863 272 17,045 7,710 915 2,988 1,015 1,475 2,152 5,314 294 8C6 1,206 401 805 00 1926 167 1 897 2,305 1 293 1,012 11,190 1,535 696 1,139 1,052 1,875 10, 587 338 11,190 1,875 7,472 15, 340 166 4,269 1,758 1,482 2,619 6,243 240, 861 2,689 2,485 90, 330 142, 982 16.651 22, 403 36, 983 55, 528 7,123 15.420 4,714 9,484 16, 787 27, 559 5,095 5, 461 2,977 7,127 10,249 36, 548 7,166 12, 651 12,110 1,869 2,752 68, 642 14,032 24,160 6,638 5, 683 4,959 7, 129 6,041 87 19, 059 5,478 6,349 5, 702 22, 774 8.040 5. 741 8,993 39, 726 4,092 8,734 19, 375 2,264 5, 261 52, 206 8,031 8,003 3,139 4,337 1,561 24, 952 2,183 8,030 635 957 6,043 395 7,933 5,794 1,412 413 314 5,126 13, 410 5,276 1,827 3, 350 914 2,043 39,237 5,984 7,818 3, 402 8,156 1, 006 9,615 3, 256 29, 066 30, 828 3, 553 2,688 5,111 3,146 3, 462 6. 899 5,969 78,285 9,690 11,380 6,986 19, 234 14,837 4,044 12,114 8,678 717 762 4, 453 700 2,046 143, 491 22, 508 40,483 12,314 13,617 43, 299 5,863 5,407 20, 532 17, 263 16, 571 25, 928 72, 772 54, 280 53, 633 679 82, 919 257 1,225 148, 748 157, 486 5,084 28, 891 699 3, 588 7,301 2,048 3, 627 1,678 306 2, 766 4.737 6, 739 345 10, 444 1, 700 2,926 3,212 2, 606 2, 484 2, 383 2, 542 8,352 16, 397 20, 796 7,057 2, 116 3,188 70 1, 685 7,136 10. 960 67,019 7,992 6, 777 43, 780 143, 422 71,350 32, 898 11,833 27, 341 21, 269 2,513 697 13, 525 4, 534 23, 460 1,335 494 10, 512 11,119 17, 700 4, 774 3, 683 2,759 6,484 19, 874 4,452 1,073 7,434 6,915 11, 257 3,510 630 1,181 5, 936 1,479 7, 555 8,472 5,296 3, 363 55, 272 10,906 627 2, 366 6, 008 1, 905 8,238 2,558 20, 645 43,788 33,643 12,660 8,513 9, 346 5,810 972 2, 700 1,507 631 1,034 217 3,128 15,348 21,917 31, 128 9,813 1,934 5,129 585 2,165 213 2, 515 6,072 8,414 2,071 34, 995 2, 873 1.339 1,009 333 192 406 1,158 4,114 11, 160 8, 461 629 4, 957 558 2,227 637 1, 535 19,160 3,378 539 7,417 7,826 2,906 156 1,712 211 362 66 105 294 1,786 24 331 976 952 1,252 423 2, 553 5, 591 14, 767 3,504 635 572 3,915 8. 638 4,694 1,126 7,397 388 1,951 1,345 3,713 38, 344 1, 299 2,125 9,448 25, 472 2,826 512 341 1,973 25, 079 1,671 2,030 14, 583 6, 795 31, 478 7,911 12, 895 1,068 1,316 2,145 4,696 1,447 20, 611 8,970 1,808 735 1,678 1,486 2, 355 3, 457 122 43, 674 22, 271 4,535 1,664 4,378 6,754 3,180 892 51, 629 16, 345 3,261 14,392 2,375 13,195 1, 632 429 22, 728 2,795 3, 505 261 9,275 3,628 3, 104 160 4,282 611 671 288 2,598 27, 020 21, 111 3,833 2,076 9,874 1,381 5, 491 3,002 2,301 912 915 474 4,135 2,976 481 678 3,060 1,744 631 685 6,430 332 1,272 4,826 114 10, 789 4,290 3,399 3,100 I, 530 46, 503 9, 767 13, 534 4, 620 5, 725 1,957 5,774 5,126 590 676 165 3,891 756 3,135 4, 414 1, 266 6,457 162 1,329 471 1, 259 103 72, 569 48, 508 5,906 4,748 13, 407 8,079 2,317 59 937 3,373 1,393 3, 133 17,137 9,927 2,212 4,998 11, 274 1,054 195 10,025 52,816 111, 472 20, 367 26, 956 64,149 138,904 38, 672 16,208 84,024 982 982 608 29, 054 6,185 21,575 1, 294 4,000 533 2, 265 306 53 843 1, 632 79 4,385 1,223 743 100 1,392 68 620 240 90 848 246 196 698 162 469 365 119 260 25 308 75 75 34 34 564 149 216 12 937 2,137 12 585 352 712 3,673 1,841 284 29 147 60 1,321 1,185 608 3, 539 1, 631 1, 908 2, 342 w d tr1 199 1,281 75 75 1 856 3 TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued NATIONAL BANKS [In thousands of dollars] United States—total 1921 1922 1923 1924 1925 1926 31,898 31, 484 45, 219 81, 432 64, 453 49, 964 294 Geographic division and State 1927 1,837 41), 611 1928 1929 1930 38, 826 45,148 185, 014 1,138 1,535 IVtaino New Hampshire 523,158 307, 316 1, 946, 749 45,272 6,797 96,106 45,112 5,704 19, 638 25, 652 44, 835 2, 247 1934 75 1935 4,568 1936 473 1, 535 total 979 385 Pennsylvania Kast North Central—total Ohio Indiana Illinois Michigan Wisconsin Wo«f North Central—total Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic—total Delaware IVIar viand District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central—total Kpntuokv Tennessee \labama Mississippi West South Central—total ' \rkansas 1933 436 Tfchodp Island. Oklahoma Texas IVIountain—total Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific—total Washington Oregon ' California 1932 1,138 294 IVfirlfllf* Atlantic 1931 1, 897 1,130 739 1, 206 401 805 594 148 1,713 148 3,878 653 9,130 391 2, 058 3,878 723 653 3,929 1, 736 797 1,176 9,130 6,124 2,448 2,050 682 766 178 20.154 4,602 9,414 381 1,690 548 3,078 441 1,713 5,117 5,003 764 5 081 3,600 1,345 721 553 573 2, 590 670 988 1,221 669 5,251 114 10,182 1, 754 202 201 4,034 2,402 755 834 2,158 207 1,294 516 27, 289 9, 457 10, 395 211 1,548 4,846 832 27, 014 4,947 3,789 3,198 8,971 4,279 1,830 3,462 9,561 220 32,551 5,573 17,066 663 3,242 4,396 1,150 461 2, 332 4,920 1,283 4,271 1,194 633 1,718 726 11, 625 2,479 2,701 767 2,608 654 1, 250 1,166 16, 913 679 1,283 4,613 1,020 382 2,924 287 6, 387 213 3,188 385 1, 287 797 517 18, 497 5, 842 474 722 4,646 24, 350 6,186 2, 186 14, 110 1, 675 193 24, 656 567 13,915 1, 383 1,450 1,008 1, 383 4,950 37, 963 444 2,300 1,999 342 764 1,350 865 674 675 644 1,463 523 1,358 2,887 4, 164 629 1,005 251 1,517 197 296 191 764 11, 550 2 809 8,741 9,287 1,932 6,122 229 522 482 296 7, 815 822 81 5 084 1,828 9,484 3,998 388 795 990 206 799 251 10,371 13, 029 8,031 7,865 2,506 15,299 8, 906 2,738 354 4,317 8,712 30,305 6, 706 2,564 9,380 1,769 9,554 1,955 1,346 1,182 475 1,225 372 2,343 375 1,830 243 1, 634 1,781 11,953 623 785 365 75 4,966 1,219 4,580 230 1,685 5,209 2,882 12, 884 1,784 2,119 1,295 2,452 1,196 93 101 2,373 1, 977 1,161 49 1,112 641 1,044 7,617 1,364 1,002 175 175 267 1,025 1,927 2,546 824 11,908 1,654 1,420 234 1,407 495 182 730 1,644 162 1,006 476 513 5,780 13 ,808 3,349 1,328 13,185 62, 466 38, 380 13, 684 3, 733 6, 669 22, 578 7,319 1, 952 2,183 11,124 391 238 153 332 3,313 3,440 435 1,406 1,599 747 400 851 496 125, 528 28, 633 11,081 58,817 19, 253 7,744 34, 783 5,030 7,374 6,615 2,521 3,934 7,353 1,956 51,170 4,012 952 327 181, 23, 28, 129, 2,119 933 2,119 648 285 1,532 1, 532 1,776 1,097 251 428 3,112 332 2,780 3,542 2,622 1,752 1,790 9,663 8,862 5,630 846 801 4,784 2,622 9,062 16,710 14, 550 1,752 1,865 3, 219 33, 009 9,241 2,914 3, 945 16, 909 30,184 3, 603 322 26, 259 4,986 559 1,591 1,334 859 470 173 16, 479 5,740 1,338 9,401 4,550 66, 093 15,161 22, 283 28, 649 94, 772 2, 469 14, 488 70,328 3,223 4, 264 40, 096 3,167 24,615 5, 642 318 1, 524 765 4, 065 29, 455 908 990 529 594 17,351 4,810 2,248 2, 025 14, 385 5,593 2, 641 5,554 597 10, 600 125 864 4,021 5,590 21, 371 1,053 8,760 1 401 424 9,733 23, 747 4,650 5,085 14,012 528,688 161 883 91, 265 275, 540 851, 917 62, 441 79, 102 88, 732 584, 580 37, 062 116, 689 11,500 29,156 46, 287 7,005 3,005 10,712 9,024 142, 685 217 22, 828 34, 693 15, 655 20, 492 14, 698 25, 974 3,809 4,319 70, 812 17, 472 42, 829 5, 792 4,719 33, 051 2, 506 11,450 7,983 11,112 23,243 2,124 1, 697 12, 393 5,205 314 690 820 83, 558 26, 246 9,113 48,199 3 673 3 673 284 284 246 473 473 246 g 365 365 d 75 75 00 CD TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued STATE MEMBER BANKS [Tn thousands of dollars] Geographic division and State 1 1921 United States—total 1922 7,551 1923 1924 1925 1926 1927 1928 1929 1930 16,801 19, 554 12,273 24,308 19, 547 10,333 20, 683 265, 758 78,198 17,692 88, 922 58,378 14,065 16, 479 1,998 West North Central—total Minnesota IowTa - - -Missouri _ _. South Dakota Nebraska Kansas . . ._ 2,919 1,476 2,919 562 483 483 3, 758 239 1,671 911 937 8,908 789 4,093 428 3,598 841 7,187 6,864 84 239 1,877 12, 404 576 377 11,451 180, 728 106, 797 12, 368 18,351 43, 212 34, 099 256 18,2i7 589 15, 075 2,583 766 37, 476 565 35, 282 1,629 985 892 3,560 2,570 3,118 201 2,570 2,403 1,424 979 714 . 24, 932 9,167 346 161 259 103 1,143 714 . 2,795 1,839 103 1,143 2,010 4,779 504 2, 291 221 1,618 2,010 3,060 172 1,547 701 6,217 168 15, 787 1,848 6,813 1,331 96, 408 64 849 22, 283 493 4,073 1,331 4,092 618 6,538 3, 202 1,987 191 178 West South Central—total Arkansas _. Louisiana. „ __ Oklahoma Texas 2,703 2,255 1,578 839 381 1,611 2,703 2, 255 384 125 2,711 175 1,888 2,274 1, 243 887 8,178 4,726 1,516 413 235 144 1,044 892 12, 985 12,463 522 2,246 1,737 650 877 242 21, 551 19,317 768 242 81 2,153 168 114 14, 480 14, 442 15, 549 3,936 114 38 11,613 663 837 1,532 1,157 553 302 56 3,142 1,009 . 580 853 415 3,198 178 _ 505, 831 384,398 14 609 6, 649 99, 005 1,170 32, 479 207 3,153 28, 951 8,749 884 _ _- 78,561 6 5(il 51,131 20, 869 7, 659 437 1,421 3,865 _. 1936 241 191 358 72 1, 539 5, 350 2,984 70 r 384 418 5,415 2,791 1,163 209 2,939 809 1,419 2,130 168 758 107 463 916 13, 987 156 930 588 342 156 276 492 3,336 1,347 148 536 849 1,517 334 318 556 334 318 556 225 756 1,006 142, 590 14,915 127, 054 123 488 2,095 1 248 360 837 188 249 249 Geographic division and State listed only in cases where suspensions occurred. 1,282 1,026 1,121 877 653 1, 000 772 1,009 1 3,757 1,614 303 1,840 241 East South Central—total --. Kentucky _ Tennessee __ _ Alabama..Mississippi Pacific—total Washington Oregon _ California 241 194 914 2,613 194 1935 41^635 2 686 34, 885 2, 618 1,436 213, 735 213, 403 332 1934 910, 723 17, 6i>2 3,845 East North Central—total Ohio Indiana. _ . _ _ __. _ Illinois Michigan Wisconsin _. .__ N e w M e x i c o ___ Utah 1933 3,845 Middle Atlantic—total.-. New York _ _ New Jersey.- -. _. Pennsylvania IV! ountain—total Montana Idaho -_ Wyoming 1932 342, 562 New England.—total. __ Maine. Massachusetts Rhode Island _ _ Connecticut.-. _ _ _ South Atlantic—total Maryland Virginia.. West Virginia.. North Carolina. . South Carolina. .._ Georgia - Florida - 1931 00 00 O 260 260 979 855 487 137 137 6,929 448 6,254 227 5,287 3,256 2,031 9,147 4,548 3,070 1,529 H 3 TABLE 3.—LOANS AND INVESTMENTS OF BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS [In thousands of dollars] 1921 United States—total _ 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 149, 812 Geographic division and State 79, 048 132,289 149, 305 104, 717 192, 502 141, 462 94, 643 173, 858 503, 726 1, 097, 574 525, 955 1, 426, 395 34, 361 4,512 9,631 20, 710 79, 442 2, 573 647 66, 553 105,898 76, 316 2,089 8,348 7 389 728 728 1,642 1,403 507 16 705 1,475 1, 014 5,314 14 370 2, 335 9,994 6 988 .Vliddle Atlantic—total Pennsylvania East North Central—total Ohio Indiana Illinois _- Wisconsin W^st North Central—total Town Missouri North Dakota South Dakota - - Kansas South Atlantic—total 5,126 3,006 -_.___ €,654 201 410 6, 043 3,200 31,363 5,984 5,173 2, 630 7, 603 433 6,184 3,256 37, 465 26, 888 3, 553 1,627 5,111 2,476 2,474 5, 678 5,969 15,130 1,061 1,412 413 314 621 4,985 555 1,119 87 5,126 6, 573 229 1, 065 3, 350 621 5,920 717 762 3, 689 555 10,357 2,309 616 5, 067 752 103, 341 16, 772 29, 072 11,629 10, 419 30, 288 1,584 3,577 10,198 1,119 26, 059 2, 699 10, 145 9.588 1,053 2,574 42, 503 9, 430 9, 203 6,056 3, 993 4,411 4,051 5, 359 87 13, 405 3,258 5, 615 3,728 1,929 63, 375 7, 697 8,537 5, 874 15, 200 11,498 3,289 11, 280 13,962 4,985 6,174 166 1,183 2,412 240 2,173 53, 812 7,194 17,682 6,828 3, 166 11,702 4, 263 2.977 14, 463 255 328 306 2,766 3,589 2,864 345 4,614 972 2,494 517 631 375 635 2,756 8,052 2,645 359 217 3,128 14,166 19, 661 30, 653 4,528 558 2,227 208 1,535 9,349 3,378 539 2,136 3,196 8 914 423 1,044 261 1,658 2,264 3,104 160 7,887 1,934 4,344 220 1,389 9,868 2,392 3,474 1, 464 2,538 3,086 518 570 288 1,596 2,265 89, 665 16, 241 21, 325 12,174 6, 242 22, 706 4,311 6, 666 68,184 43,902 804 31, 478 7,288 7, 986 3, 853 3,117 893 4,524 3,817 30, 488 976 T")i<tript of CJolurnhia Virginia Wpst Virginia N o r t h CJarolinR. South Carolina "Florida East South Central—total Kentucky __ "VlississioDi West South Central—total \rkansas Louisiana Oklahoma Texas A'lontana Idaho \V vomins Colorado New IV_rexico Arizona Utah Nevada Pacific—total Washington Oregon California 925 423 2,553 5, 591 13, 699 3,298 5,634 388 1, 951 336 2,949 22,351 1,299 2,125 6, 639 12, 28S 19 161 5,485 4,885 1,068 1,087 1,210 4,214 1, 212 10,595 8, 213 1,905 477 635 572 1,615 6,639 4,543 1,126 2,530 512 341 1,677 14, 692 849 1, 949 9,499 2,395 8 853 3, 729 533 735 883 496 2, 355 122 7,755 1, 381 5,491 883 2,071 7,301 708 3,627 3,008 665 1,009 142 192 8,277 776 697 5,276 1,528 20 197 8,639 281 1,310 4,378 3,755 1,834 1,368 912 267 189 57,033 18, 287 14,382 88, 423 24, 717 2,248 61, 458 115,688 24, 267 35, 735 43, 229 2,885 9,572 63, 933 2,515 11, 434 19,008 4,714 9,775 9,116 6,371 108, 937 19,189 264, 931 27, 775 36, 744 200,412 421.199 156,984 41,219 139, 921 62,428 20, 647 139,051 20, 724 52, 794 18, 207 8,049 10,744 23,172 5, 361 99, 503 48, 266 43, 381 5, 206 3,552 34, 623 166, 614 7,712 25, 907 84, 301 27, 785 20, 909 109, 668 10, 776 69, 901 9, 566 1,046 4, 696 6,981 6.702 5,084 24, 879 6,623 5,180 53,211 4,063 4,596 30,180 59, 405 13, 653 19, 214 8,019 18, 519 35,373 26, 747 3, 954 2,565 2,006 6 851 2,079 59 10,162 23, 213 19,093 10, 258 5,771 6,127 39, 475 13,140 3, 934 7,616 14, 785 28, 035 7,423 5,538 3, 763 11,311 6,030 3, 528 725 612 5,453 20, 487 2,577 2,852 13, 530 5,040 4,392 1,860 2,238 14, 032 1,159 5,282 4,679 2,912 167 896 8,639 496 113 6,195 1,835 13 618 4,299 697 4,163 606 2,124 1,632 97 2,354 1,195 481 678 950 647 46 257 114 3,000 954 2,046 213 2,143 3, 729 4,979 1,220 31,618 7,246 1,700 2,870 70 2,606 12,255 3,343 1,073 5,061 2,778 959 137 183 362 66 105 106 6,691 4, 290 1,091 1,310 2,484 2,140 908 6,187 4,011 14, 758 7,057 2,116 3,186 70 1,685 9,404 3,510 630 540 4,724 1,455 24 590 676 165 1,269 756 513 21, 43)1 8,040 5,741 7,710 32,167 3.072 7,672 16, 451 603 4,369 43,201 6,394 3,621 2,754 3,050 1,561 24,155 1,666 48,245 257 1,225 1,212 6,530 5, 661 2,750 1,233 29, 377 9,010 627 2,366 4,346 1,671 6,717 2,063 4,232 422 4,813 323 471 783 103 784 3,373 556 3,133 7,214 805 2,212 4,197 5,507 71 195 5,241 15, 895 893 368 1,249 2,425 2, 658 8,123 179 10, 043 5,677 1,344 3,022 43,364 37 279 509 4,424 982 2, 307 103 6,510 10,109 12, 335 32, 634 18, 446 3,063 11,125 11,756 208, 455 39 643 26, 381 142, 431 983 28, 972 6 185 21, 575 1,212 712 515,558 97, 554 48,087 95, 939 151 799 122, 179 212,115 17, 316 93, 407 57, 308 4,050 3,025 27, 758 9,251 217, 856 562 111,903 16,067 11,953 21,157 36,030 11,860 3,268 5, 056 2, 912 1, 557 1,710 306 53 843 1,542 79 29 147 60 1. 321 939 1,223 743 119 260 25 308 32,220 6,151 5,744 9,422 10, 903 72, 636 10, 770 38,137 9,107 14, 622 75 75 34 34 12 937 12 585 352 982 608 15,458 3,618 1, 806 272 4,652 2,505 601 1,811 195 46,199 7,878 4,025 34, 296 712 3,461 1, 631 1,830 1,86.) 100 1, 392 68 147 240 848 196 333 162 i 469 564 149 216 199 3,137 1,281 856 00 00 00 00 TABLE 3.—LOANS AND INVESTMENTS OP BANKS SUSPENDED, 1921-1936, BY GEOGRAPHIC DIVISIONS, STATES, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS fin thousands of dollars] Geographic division and Statel 1921 4,264 United States—total New England—total Connecticut 1922 806 1923 1924 1925 1926 1927 1928 1929 1,589 7,685 5,024 4,420 4,178 2,694 1,674 _ . __ . 551 New York Pennsylvania . _ 459 _ - _1,228 6,774 13, 543 1,260 20,505 6,252 2, 327 667 ._ . .- 6,252 1, 052 302 6,436 1,858 235 67 1, 967 4, 469 1, 185 673 101 1,069 4,693 3,579 3, 354 8, 019 1,088 404 1 173 3,116 945 439 2,195 180 1,949 1,225 2, 153 3 135 2,731 533 555 90 381 913 608 381 224 69 620 405 153 50 101 6S0 389 244 101 44 200 340 970 4,228 2,042 2,519 2,425 830 215 4,571 6, 422 1,681 3,465 300 340 970 3, 529 257 442 2,042 2,032 2,425 277 215 4,571 6,422 1, 191 6 . 78 3,465 217 217 457 >1 tr 78 M < 490 410 143 w 90 48 116 65 246 679 15 48 116 31 34 246 679 15 e 390 12 206 390 £-. ft 150 _- _ i 150 Mountain—total 1,740 317 375 214 209 75 100 239 3, 748 1,584 51 1,740 Arkansas Texas. _ _ _ _ _ _ 317 375 214 209 75 70 30 239 210 3 536 1,584 51 319 __ _ 2,356 319 28 2 356 Geographic division and State listed only in cases where suspensions occurred. [ 82 667 218 West South Central—total _ _ 1 78 82 1,052 East South Central—total Montana Wyoming _ 322 338 101 _- Alabama-. 1936 ! 434 399 395 _ South Atlantic—total. _ 1935 322 300 _-_ __ West North Central—total Virginia Georgia.. Florida 1934 16, 057 2,327 East North Central—total South Dakota Kansas _- __ _ 1933 338 554 Iowa__ 1932 696 459 Indiana Michigan 1931 696 __ Middle Atlantic—total Ohio 1930 155 _ . __ j 1 1 155 28 1 883 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 4 . — N U M B E R OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS AT OR N E A R THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS 1921-1936 Geographic division and State 1921-1929 1930-1933 Number Number SuspenSuspenSuspen- of active of active banks on Number sions per Number sions per banks on Number sions per 100 100 100 June 30, Jan. 1, of susactive of susactive of susactive JQ9Q 1930 pensions banks on pensions banks on pensions banks on June 30, June 30, Jan. 1, 1920 1920 1930 United States—total 28,885 14, 344 49.7 5,411 18.7 23, 631 8,812 37.3 New England—total 729 142 19.5 10 1.4 691 131 19.0 Maine New Hampshire Vermont MMassachusetts Rhode Island Connecticut Middle Atlantic—total New York New Jersey Pennsylvania 118 80 88 271 33 139 37 9 20 46 4 26 31.4 11.3 22.7 17.0 12.1 18.7 2 1 1.7 1.3 2 3 2 .7 9.1 1.4 99 71 83 254 23 161 35 8 20 44 1 23 35.4 11.3 24.1 17.3 2,593 748 28.8 41 1.6 2,969 692 23.3 817 366 22.2 36.3 30.8 7 3 31 .9 .8 2.2 935 533 1,410 181 133 434 1,501 172 119 401 18.4 22.3 26.7 5,374 2,938 54.7 375 7.0 5,261 2,533 48.1 991 879 39.1 59.2 50.6 74.4 61.3 51 100 132 14 78 954 859 653 968 387 520 952 486 593 35.0 47.4 46.3 63.8 53.3 8,992 5,255 58.4 1,508 1,712 1,647 726 1,238 East North Central—total Ohio Indiana Illinois M ichigan Wisconsin Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas 7.0 2.1 8.1 1,764 737 947 334 407 817 470 505 2,567 28.5 6,223 2,647 42.5 419 452 293 427 392 366 218 27.8 26.4 17.8 47.6 57.0 30.6 16.2 1,029 1,252 1,278 1,196 1,343 879 611 572 779 450 48.1 72.3 53.4 68.0 83.1 65.1 33.5 1,065 306 785 560 183 177 409 227 29.7 62.7 43.8 44.6 45.9 50.9 21.3 3,169 1,871 59.0 944 29.8 2,306 917 39.8 2 5 5.1 2.1 47 215 40 457 293 416 205 405 228 4 93 18 109 122 255 110 109 97 43.3 45.0 23.9 41.6 61.3 53.7 26.9 42.5 1,883 West North Central—total .— South Atlantic —total 4.3 14.3 898 688 5.1 11.4 410 386 803 8.5 39 236 45 500 338 578 453 722 258 6 98 18 155 156 374 337 436 291 15.4 41.5 40.0 31.0 46.2 64.7 74.4 60. 4 112.8 43 34 119 225 322 194 10.1 20.6 49.7 44.6 75.2 1,814 759 41.8 200 11.0 1,706 549 32.2 Kentucky Tennessee Alabama Mississippi West South Central—total Arkansas Louisiana Oklahoma Texas 585 546 347 336 181 201 165 212 30. 9 36.8 47.6 63.1 43 66 40 51 7.4 12.1 11.5 15.2 568 483 348 307 134 131 125 159 3,256 1,367 42.0 614 18.9 2, 559 741 23.6 27.1 35.9 51.8 29.0 482 267 959 76.3 51.3 44.8 27.9 86 45 264 219 17.8 16.9 27.5 14.1 410 225 616 1,548 368 137 430 432 1,308 282 90 162 207 68.8 40.0 26.3 15.8 Mountain—total 1,573 831 52.8 530 33.7 931 300 32.2 423 222 158 396 122 87 132 33 250 122 69 197 70 49 51 23 59.1 55.0 43.7 49.7 57.4 56.3 38.6 69.7 199 71 61 88 61 28 19 3 47.0 32.0 38.6 22.2 50.0 32.2 14.4 50 51 8 109 9 21 32 20 25.6 37.2 9.1 195 137 85 273 56 46 104 35 1,385 433 31.3 130 9.4 985 302 30.7 390 275 720 170 124 139 43.6 45.0 19. 3 55 44 31 14.1 16.0 334 232 419 115 80 107 34.4 34.5 25.5 Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central—total- Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific—total Washington Oregon California 8.6 4.3 9.4 39.9 16.1 45.7 30.8 57.1 884 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued NATIONAL BANKS SuspenSuspen- Number SuspenNumber sions per sions per of active sions per of active 100 banks on Number 100 Number 100 banks on Number active of susJan. 1, active of susactive June 30, of suspensions banks on 1930 1920 pensions banks on pensions banks on Jan. l, June 30, June 30, 1930 1920 1920 Geographic division and State United States—total 7,403 1,947 26.3 .7 379 59 15.6 17 6 15 20 32.1 10.7 32.6 13.2 17 6 15 21 1 2 27.0 10.9 30. 6 13.2 5.9 3.0 1 1 1 .6 5.9 1.5 1 1.6 1.554 424 27.3 18 1.2 1,710 405 23.7 - _ - 491 212 851 120 77 227 24.4 36.3 26.7 3 2 13 .6 .9 1.5 559 300 851 117 75 213 _. 1,367 534 39.1 48 3.5 1,305 485 20.9 25. 0 25.0 37.2 370 254 480 112 151 94 79 226 77 58 25.4 31.1 47.1 68.8 38.4 11 11 16 2 8 3.0 4.3 3.3 5.3 317 219 482 130 157 82 68 210 75 50 1,579 664 42.1 308 19.5 1,264 354 25.9 31. 1 43.6 57.7 31.8 28.0 331 358 136 181 136 188 249 107 217 46 96 81 69 48 32.3 60.6 33.8 53. 0 59.6 36.7 19.3 57 92 7 62 51 28 11 17. 2 25.7 5. 1 34.3 37.5 14.9 4.4 266 251 130 122 92 157 246 50 125 39 34 29 40 37 18.8 49.8 30.0 27.9 31.5 25.5 15.0 728 281 38.6 79 10.9 629 201 32.0 19 92 15 165 122 87 82 93 53 3 30 4 33 50 52 40 40 29 15.8 32.6 26.7 20.0 41.0 59.8 48.8 43.0 54.7 1 2 5.3 2. 2 5 4 13 22 16 16 14. 9 26.8 17.2 30.2 17 80 12 159 115 66 47 76 57 2 28 4 27 46 39 18 24 13 _ 363 123 33.9 15 4.1 379 108 11.8 35.0 33.3 17. 0 40.0 59.1 38.3 31.6 22.8 28.5 . __ _ 134 98 101 30 38 26 40 19 28.4 26.5 39.6 63.3 1 2 8 4 .7 2.0 7.9 13.3 138 99 107 35 37 24 32 15 . 1,025 279 27.2 121 11.8 1,007 158 _ 83 38 348 556 37 11 97 134 44.6 28.9 27.9 24.1 7 1 65 48 8.4 2.6 8.6 72 34 292 609 30 10 32 86 218 42.0 139 26.8 326 78 41.7 29.4 11.0 14.1 23.9 40.7 32.1 23.4 12. 1 42.6 15.0 10.7 67 43 25 120 27 14 20 10 13 13 19.4 30.2 40 4 3 2 3 33.3 14.8 21.4 10.0 30.0 -.. . . . - - . - -_. _ West North Central—total... _._ . _.-_-___ .___._ _ . . __.._. ..__ Kansas -• - South Atlantic—total __ _ Delaware ._ -- _ Maryland District of Columbia _ _ Virginia . . _ West Virginia... - _ .,_. North Carolina . ... _ „ South Carolina . . .Georgia _ Florida ... . East South Central—total... Kentucky _ _ Tennessee.. ._ _. Alabama Mississippi -West South Central—total ... - _. . . _ _ _ _. _ 519 "1.8 3.0 3.3 18.7 26.8 24.2 29.9 42.9 15.7 __. _______ _ _ . . _ .._ _ . . _ . . _._ . . . Pacific—total ______ _ _ _ _ ___ _ , 145 81 47 141 47 20 28 10 73 39 11 57 24 6 5 3 50.3 48.1 23.4 40.4 51.1 30.0 17.9 30.0 59 26 11 17 20 3 3 480 Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada... ._ Washington Oregon California _ 9.5 3 53 56 46 152 10 62 - . ---_. - - Mountain—total. 766 15.2 East North Central—total Arkansas Louisiana Oklahoma Texas 33. 9 62 409 __ _ New York _ _ New Jersey Pennsylvania Minnesota Iowa Missouri. . North Dakota, South Dakota Nebraska _ 2,719 63 55 49 159 17 66 __ _ Middle Atlantic—total Ohio Indiana Illinois Michigan Wisconsin 8,024 _. _ New England—total._ ._ _ . _ Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut 1930-1933 1921-1929 1921-1936 134 27.9 35 7.3 404 99 24.5 87 90 303 41 31 62 47.1 34.4 20.5 11 8 16 12.6 105 94 205 30 23 46 28.6 24.5 22. 4 8.9 5.3 FEDERAL RESERVE S E P T E M B E R 1937 885 BULLETIN TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued STATE MEMBER BANKS 1921-1936 1921-1929 1930-1933 Number Number Suspen- of active SuspenSuspenof active banks on Number sions per Number sions per banks on Number sions per 100 100 100 Jan. 1, June 30, of susactive active active of susof sus1930 1920 pensions banks on pensions banks on pensions banks June 30, Jan. 1, on June 1920 1930 30, 1920 Geographic division and State United States—total 1,374 592 43.1 1,119 363 32.4 New England—total 37 8 21.6 37 8 21.6 2 1 50.0 2 1 1 50.0 27 3 5 5 1 1 18.5 33.3 20.0 25 4 5 5 1 1 20.0 25.0 20.0 186 36 19.4 268 36 13.4 107 64 97 12 11 13 11.2 17.2 13.4 Maine . . _ _ New Hampshire.. Vermont M assachusetts Rhode Island Connecticut . _ _ __ . . .__ _ _ 97 42 47 . East North Central—total _. Ohio Indiana Illinois Michigan Wisconsin.. 166 44.9 19 5.1 306 147 48.0 71 15 62 143 15 28 8 25 84 2 39.4 53.3 40.3 58.7 13.3 33 13 28 89 3 40.7 56.5 35.9 58.2 8.6 5 5 3 5 1 6.2 21.7 3.8 3.3 2.9 191 - 111 58.1 70 36.6 125 41 32.8 10 40 57 2 14 21 20.0 35.0 36.8 25 86 34 4 14 19 9 __ . . Delaware Maryland District of Columbia Virginia West Virginia North Carolina... South Carolina Georgia.- Florida . . 6 49 7 7 4 1 50.0 21.1 11.1 6 1 1 42.9 5.3 11.1 9 3 6 1 3 11.1 100.0 69 67.0 41 39.8 94 28 29.8 2 40.0 3 6 1 3 11 2 23.1 37.5 16.7 37.5 28.2 50.0 _ 4 7 1 14 8 10 16 34 9 . _ - 2 28.6 3 6 2 10 39 7 21.4 75.0 20.0 62.5 114.7 77.8 1 7 28 5 10.0 43.8 82.4 55.6 3 5 13 16 6 8 39 4 21 55.3 7 18.4 27 14 51.9 2 2 6 4 28.6 40.0 50.0 133.3 _._.____ _ - Mountain—total _ Montana Idaho 18.2 25.0 78.6 500.0 1 5 1 8.3 35.7 100.0 67 32.2 27 13.0 112 40 35.7 27 14 21 146 _ 2 3 11 5 7 5 12 3 208 - 11 12 14 1 West South Central—total Arkansas Louisiana Oklahoma Texas 32.0 73.3 82.4 38 .- East South Central—total 8 63 28 24.0 57.0 20.6 103 _ South Atlantic—total 21 6 3 37 77.8 42.9 14.3 25.3 5 2 2 18 18.5 14.3 9.5 12.3 22 8 2 80 16 4 1 19 72.7 50.0 50.0 23.8 133 70 52.6 55 41.4 71 15 21.1 60.5 39.0 200.0 21 17 3 3 2 3 22 4 5 19.0 29.4 .. 6 27.3 43 41 1 3 8 4 33 -- . .. . Pacific—total _ _ _ _ . . _ _ 30 21 2 69.8 51.2 200.0 26 16 2 6 75.0 6 75.0 11 33.3 5 15.2 108 Colorado ._ New Mexico Arizona Utah Nevada Washington Oregon_ . . California 12.4 26.2 27.7 81 23 78 153 35 West North Central—total Kentucky Tennessee Alabama Mississippi 12 11 13 370 _. - Minnesota Iowa. Missouri North Dakota South Dakota JNeDrasKa _ Kansas 16.7 _ Middle Atlantic—total New York New Jersey Pennsylvania . . 229 44 40.7 10 9.3 79 34 43.0 51 22 35 20 21 3 39.2 95.5 8.6 3 7 5.9 31.8 41 26 12 17 14 3 41.5 53.8 25.0 886 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 4.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS AT OR NEAR THE BEGINNING OF THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS 1921-1936 Geographic division and State 1930-1933 1921-1929 Number Suspenof active banks on STumber sions per 100 June 30, of susactive 1920 pensions banks on June 30, 1920 dumber Suspen- of active sions per banks on dumber 100 Jan. 1, of susactive of sus1930 pensions banks on pensions June 30, 1920 STumber Suspenions per 100 active 3anks on Jan. 1, 1930 United States—total. 19, 487 11, 033 56.6 4,416 22.7 15,109 6,502 43.0 New England—total.- 283 72 25.4 7 2.5 275 64 23.3 53 25 39 85 13 68 19 3 5 20 2 23 35.8 12.0 12.8 23.5 15. 4 33^8 2 1 3.8 4.0 1 2 1 17 2 5 19 38.6 14.3 13.5 24.7 15. 4 44 14 37 77 9 94 21 22.3 853 288 33.8 23 2.7 991 251 25.3 229 112 512 49 45 194 21.4 40.2 37.9 4 1 18 1.7 .9 3.5 269 169 553 43 33 175 16.0 19.5 31.6 3,637 2,238 61.5 308 8.5 3,650 1,901 52.1 540 602 260 428 698 320 532 48.1 71.1 52.7 82.5 68.0 35 84 113 7 69 6.5 566 625 7,222 4,480 62.0 39.6 53.0 47.7 67.0 58.5 46.6 1,152 1,268 1,477 1,085 611 958 805 515 484 706 401 53.0 75.6 54.5 72.2 90.0 71.4 37.0 2,338 1,521 65.1 16 137 29 321 208 481 355 595 196 3 66 14 119 100 320 287 357 255 18.8 48.2 48 3 37.1 48.1 66.5 80.8 60.0 130.1 1,413 615 43.5 178 440 436 232 305 141 172 114 188 32.0 39.4 49.1 61.6 42 63 27 46 2,023 1,021 50.5 Maine New HampshireVermont Massachusetts Rhode Island Connecticut Middle Atlantic—totalNew York New Jersey PennsylvaniaEast North Central—totalOhio Indiana Illinois Michigan. _ Wisconsin. West North Central—total. Minnesota Iowa Missouri North Dakota. South Dakota.Nebraska Kansas South Atlantic—totalDelaware Maryland District of Columbia.. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central—totalKentucky. _Tennessee.-Alabama Mississippi. West South Central—total. 1,325 388 782. 713 538 989 1.2 L5 8.5 1.8 8.8 1,220 464 775 224 331 582 311 453 2,189 30.3 4,834 2,252 356 311 279 365 335 337 206 30.9 24.5 18.9 51.2 62.3 34.1 19.0 753 961 288 285 643 813 254 646 500 149 147 366 190 824 35.2 1,583 688 1 3 6.3 2.2 38 30 105 196 278 173 11.8 14.4 21.8 55.2 46.7 88.3 12.6 27 130 28 285 162 344 150 290 167 2 63 14 79 70 215 89 74 82 1,300 427 48.5 50.0 27.7 43.2 62.5 59.3 25.5 49.1 32.8 14.4 11.6 15.1 423 379 229 269 95 105 87 140 22.5 27.7 38.0 52.0 466 23.0 1,440 543 37.7 236 76 129 102 74.7 41.5 40.1 16.5 38.8 14.0 9.5 1,091 33.7 67.2 45.8 51.7 51.6 56.9 23.4 43.5 7.4 Arkansas. _ Louisiana.Oklahoma. Texas 372 215 590 846 310 120 330 261 83.3 55.8 55.9 30.9 74 42 197 153 19.9 19.5 33.4 18.1 316 183 322 619 Mountain—total. 921 543 59.0 336 36.5 534 207 235 100 110 252 67 63 71 23 147 62 56 140 40 43 35 20 62.6 62.0 50.9 55.6 59.7 68.3 49.3 87.0 114 29 48 71 35 25 11 3 48.5 29.0 43.6 28.2 52.2 39.7 15.5 13.0 107 77 57 150 27 29 62 25 33 33 8 69 5 18 24 17 797 255 32.0 85 10.7 502 169 30.8 42.9 14.0 46.0 18.5 62.1 38.7 68.0 33.7 252 163 382 109 72 74 43.3 44.2 19.4 41 29 15 16.3 17.8 188 112 202 68 43 58 36.2 38.4 28.7 Montana Idaho Wyoming Colorado New Mexico.. Arizona Utah Nevada Pacific—total. _ WashingtonOregon California 3.9 887 FEDERAL RESERVE BULLETIN S E P T E M B E R 1937 TABLE 5.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS 1921-1936 Annual Suspen- Annual Suspen- A n n u a l Average Average Average Suspen- rate of rate of rate of sions sions number Numsions suspensuspen- n u m b e r N u m suspen- n u m b e r N u m per per of active ber of of active ber of per of active ber of sions per sions per sions per suspen- hundred hundred banks suspen- h u n d r e d suspen- h u n d r e d h u n d r e d b a n k s banks active active h u n d r e d 1930sions 1921sions active 1921sions active active active banks banks 1933 i 1936 i banks 1929 i banks banks banks Geographic division and State 23, 292 West North Central—total... Minnesota Iowa Missouri North Dakota.. South Dakota Nebraska. . Kansas _ _ __ _ Delaware __ __ . Maryland District of Columbia Virginia West VirginiaN o r t h Carolina South Carolina Georgia Florida East South Central—total... Kentucky... _ Tennessee Alabama Mississippi . . . West South Central—total... _ Mountain—total. MontanaIdaho -.Wyoming Colorado New M e x i c o . . . ___ Arizona Utah _ Nevada. . . . Washington Oregon California,-- . 1 __ _ 8, 812 42.9 10.7 647 131 20.2 5.1 98 69 82 243 25 142 37 9 20 46 4 26 37.8 13.0 24.4 18.9 16.0 18.3 2.4 .8 1.5 1.2 1.0 1.1 111 70 84 256 28 147 2 1 1.8 1.4 .2 .2 2 3 2 .8 10.7 1.4 .1 1.2 .2 89 69 80 239 23 147 35 8 20 44 1 23 39.3 11.6 25.0 18.4 4.3 15.6 9.8 2.9 6.3 4.6 1. 1 3.9 748 27.6 1.7 2, 891 41 1.4 .2 2,705 692 25. 6 6.4 181 133 434 20.9 29.5 31.0 1.3 1.8 1.9 896 457 1,538 7 3 31 .8 2^0 .1 .1 .2 877 486 1, 342 172 119 401 19.6 24.5 29.9 4.9 6.1 7.5 4,800 2, 938 61.2 3.8 5,515 375 6.8 .8 4, 524 2, 533 56.0 14.0 387 520 952 486 593 42.7 65.1 60. 3 75.5 68.1 2.7 4. 1 3.8 4.7 4.3 1,009 937 1,878 715 976 51 100 132 14 78 5.1 10.7 7.0 2.0 8.0 .6 1.2 .8 .2 .9 853 720 1,431 644 876 334 407 817 470 505 39.2 56.5 57.1 73. 0 5 <. 6 9.8 14.1 14.3 18.3 14.4 6,505 5,255 80.8 5.1 8,038 2,567 31.9 3.5 5,279 2,647 50.1 12.5 1,112 1,240 1,268 499 429 866 1, 091 726 1,238 879 611 572 779 450 65. 3 99.8 69.3 122.4 133.3 to. o 4.1 6.2 4.3 8.3 5.6 2.6 1,343 1,545 1,553 683 557 1,090 1, 267 419 452 293 427 392 366 218 31.2 29.3 18.9 62. 5 70.4 33.6 17.2 3.5 3.3 2.1 6.9 7.8 3.7 1.9 912 1,034 1,075 301 305 694 958 306 785 560 183 177 409 227 33.6 75.9 52. 1 60.8 58.0 58.9 23.7 8.4 19.0 13.0 15.2 14.5 14.7 5.9 1,871 4.9 2,912 944 32.4 3.6 1,954 917 46.9 11.7 44 212 40 441 284 416 267 465 242 6 98 18 155 156 374 337 436 291 77.6 13.6 46.2 45.0 35.1 54.9 89.9 126.2 93.8 120.2 .9 2.9 2.8 2.2 3.4 5.6 7.9 5.9 7.5 42 229 47 493 336 529 363 579 294 2 5 4.8 2.2 .5 43 34 119 225 322 194 8.7 10.1 22.5 62.0 55.6 66.0 1.0 1.1 2.5 6.9 6.2 7.3 47 201 38 410 249 318 152 345 194 4 93 18 109 122 255 110 109 97 8.5 46.3 47.4 26.6 49.0 80.2 72.4 31.6 50. 0 2.1 11.6 11.9 6.7 12.3 20.1 18.1 7.9 12.5 1,620 759 46.9 2.9 1,829 200 10.9 1.2 1,475 549 37. 2 9.3 181 201 165 212 33.2 42.3 53.2 73.1 2.1 2.6 3.3 4.6 599 545 352 333 43 66 40 51 7.2 12.1 11.4 15.3 .8 1.3 1.3 1.7 513 423 285 254 134 131 125 159 26.1 31.0 43.9 62.6 6.5 7.8 11.0 15.7 2,567 1,367 53.3 3.3 3, 013 614 20.4 2.3 2,231 741 33.3 8.3 368 137 430 432 96. 1 62.3 64.5 33.3 6.0 3.9 4.0 2.1 471 252 805 1,485 86 45 264 219 18.3 17.9 32.8 14.7 2.0 2.0 3.6 1.6 312 207 548 1,164 282 90 162 207 90.4 43.5 29.6 17.8 22.6 10.9 7.4 4.5 831 84.5 5.3 1,209 530 43.8 4.9 825 300 36.4 9.1 224 142 96 280 68 47 99 28 250 122 69 197 70 49 51 23 111.6 85.9 71.9 70.4 102.9 104. 3 51.5 82.1 7.0 5.4 4.5 4.4 6.4 6.5 3.2 5.1 285 173 115 337 85 63 116 35 199 71 61 88 61 28 19 3 69.8 41.0 53.0 26.1 71.8 44.4 16.4 8.6 7.8 4.6 5.9 2.9 8.0 4.9 1.8 1.0 168 125 79 243 53 36 92 29 50 51 8 109 9 21 32 20 29.8 40.8 10. 1 44.9 17.0 58.3 34.8 69. 0 7.5 10.2 2.5 11.2 4.3 14.6 8.7 17.3 433 42.0 2.6 1,259 130 10.3 1.1 880 302 34.3 8.6 317 220 495 170 124 139 53.6 56.4 28.1 3.4 3.5 1.8 368 267 624 55 44 31 14.9 16.5 5.0 1.7 1.8 .6 296 202 382 115 80 107 38.9 39.6 28.0 9.7 9.9 7.0 41.2 South Atlantic—total Arkansas Louisiana Oklahoma Texas 20,520 .2 1,032 Ohio Indiana Illinois Michigan Wisconsin 2.2 1.4 383 220 667 1,297 East North Central—total.._ 19.8 10 545 475 310 290 New York New Jersey Pennsylvania 5,411 696 2,411 Middle Atlantic—total 27, 362 1.3 2,714 __ 3.9 984 . 61.6 21.5 907 799 1,579 644 871 Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut - . 142 865 451 1, 398 New England—total . 14, 344 659 United States—total Pacific—total 1930-1933 1921-1929 . _ Based on the number of banks in operation at the beginning of each year of the period. 888 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 5.—NTJMBEK OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued. NATIONAL BANKS 1921-1936 Geographic division and State United States—total- Average number of active banks 19211936 1 7,181 1921-1929 Suspen- Annual rate of sions suspenNumper ber of sions per suspen- hundred hundred active sions active banks banks 2,719 37.9 2.4 Average number af active banks 19211929 1 8,009 1930-1933 Suspen- Annual rate of Numsions suspenber of per sions per suspen- hundred hundred sions active active banks banks Average number of active banks 19301933 1 Suspen- Annual rate of Numsions suspenber of per sions per suspen- hundred hundred sions active active banks banks 9.6 1.1 6,704 1,947 29.0 .1 766 364 59 16.2 17 35.4 11.1 33.3 13.6 7.3 New England—total.. 376 62 16.5 1.0 397 Maine New Hampshire. Vermont Massachusetts .__ Rhode Island Connecticut 52 54 46 150 13 61 17 6 15 21 1 2 32.7 11.1 32.6 14.0 7.7 3.3 2.0 .7 2.0 .9 .5 .2 59 55 47 157 15 64 .6 6.7 1.6 48 54 45 147 10 60 1.7 .4 1,592 424 26.6 1.7 1,655 1.1 1,614 405 25.1 6.3 816 120 77 227 23.3 29.6 27.8 1.5 1.9 1.7 530 259 866 1.5 529 284 801 117 75 213 22.1 26.4 26.6 5.5 6.6 6.7 1,216 534 43.9 2.7 1,377 3.5 1,146 485 42.3 10.6 319 206 435 114 142 94 79 226 77 58 29.5 38.3 52.0 67.5 40.8 1.8 2.4 3.3 4.2 2.6 357 244 495 125 156 3.1 4.5 3.2 1.6 5.1 186 411 116 144 82 68 210 75 50 28.4 36.6 51.1 64.7 34.7 7.1 9.2 12.8 16.2 8.7 1,285 Middle Atlantic—totalNew York New Jersey.__ Pennsylvania. East North Central—total..Ohio Indiana Illinois Michigan.. Wisconsin.. 8.9 2.8 8.3 3.4 664 51.7 3.2 1,487 20.7 2.3 1,145 354 30.9 7.7 279 256 120 129 98 162 241 107 217 46 96 81 69 48 38.4 84.8 38.3 74.4 82.7 42.6 19.9 2.4 5.3 2.4 4.7 5.2 2.7 1.2 316 326 134 163 116 172 260 18.0 28.2 5.2 38.0 44.0 16.3 4.2 2.0 3.1 .6 4.2 4.9 1.8 .5 248 206 114 98 84 160 235 50 125 39 34 29 40 37 20.2 60.7 34.2 34.7 34.5 25.0 15.7 5.1 15.2 8.6 8.7 8.6 6.3 3.9 South Atlantic—total.. 629 281 44.7 2.8 720 11.0 1.2 552 201 36.4 9.1 Delaware... Maryland District of Columbia.. Virginia West Virginia North Carolina South Carolina Georgia ... Florida 17 78 12 160 108 67 53 78 56 3 30 4 33 50 52 40 40 29 1.1 2.4 2.1 1.3 2.9 4.9 4.7 3.2 3.2 18 86 14 174 123 82 74 90 59 5.6 2.3 .3 2.9 3.3 15.9 29.7 17.8 27.1 .3 .4 1.8 3.3 2.0 3.0 16 73 12 149 99 52 32 67 52 2 28 4 27 46 39 18 24 13 12.5 38.4 33.3 18.1 46.5 75.0 56.3 35.8 25.0 3.1 9.6 8.3 4.5 11.6 18.8 14.1 9.0 6.3 346 123 2.2 380 .4 332 108 32.5 8.1 126 38 26 40 19 30.2 27.7 42.1 61.3 1.9 1.7 2.6 138 103 105 34 123 30.1 27.0 35.2 51.7 7.5 6.8 8.8 12.9 279 28.5 1.8 17.8 4.5 52.6 33.3 12.3 15.9 13.2 8.3 3.1 4.0 26.4 6.6 22.4 35.1 5.6 36.4 14.8 25.0 11.8 33.3 9.1 3.7 6.3 3.0 8.3 26.9 6.7 31.3 26.7 24.7 7.8 6.7 6.2 West North Central—total— Minnesota. Iowa Missouri North DakotaSouth Dakota... Nebraska Kansas r. East South Central—total. __ Kentucky— TennesseeAlabama MississippiWest South Central—total. _ 17.6 38.5 33.3 20.6 46.3 77.6 75.5 51.3 51.8 71 32 320 557 37 11 97 134 52.1 34.4 30.3 24.1 Mountain—total.. 355 218 61.4 79 51 32 118 32 15 19 73 39 11 57 24 6 5 3 92.4 76.5 34.4 48.3 75.0 40.0 26.3 33.3 5.8 4.8 2.2 3.0 4.7 2.5 1.6 2.1 402 134 33.3 2.1 470 Washington.. Oregon California 97 85 220 42.3 36.5 28.2 2.6 2.3 1.8 108 96 266 11.0 1.2 158 100 65 37 135 37 18 22 11 Pacific—total- 1.3 37 24 32 15 121 ArkansasLouisiana.. OklahomaTexas 4 .7 1.9 7.6 11.8 Montana Idaho Wyoming Colorado New Mexico. Arizona Utah Nevada 84 34 381 599 7 1 65 48 425 3.3 2.2 1.9 1.5 139 59.0 40.0 29.7 12.6 54.1 16.7 13.6 35 57 30 261 540 295 6.6 4.4 3.3 1.4 6.0 1.9 1.5 58 37 25 110 27 12 17 7.4 .8 10.2 8.3 6.0 1.1 .9 .7 i Based on the number of banks in operation at the beginning of each year of the period. .3 1.9 3.6 8.3 2.9 17.1 8.0 78 99 96 86 186 889 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 5.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued. STATE MEMBER BANKS 1921-1936 Averag number of activ banks 19211936 1 Geographic division and State 1921-1929 Suspen- Annual rate of Numsions suspenber of per sions per suspen hundred hundrec active sions active banks banks Average number of active banks 19211929 1 1930-1933 Suspen- Annual Averag Suspen- Annual sions rate of number rate of Numsions suspenper suspen- of activ Number of ber of per sions pe suspen hundrec hundrec banks suspen hundrec sions per active sions 1930active hundred sions banks active active 1933 1 banks banks banks United States—total 1, 239 592 47.8 3.0 1,464 957 363 37.9 9.5 New England—total 38 8 21.0 1.3 39 33 8 24.2 6.1 4 1 1 25.0 1.6 3 1 2 1 1 50 0 12 5 26 3 4 5 1 1 19 2 33.3 25.0 1.2 2.1 1.6 27 4 4 2° 4 4 5 1 1 22 7 25 0 25.0 5 7 6 3 6.3 237 36 15.2 1.0 236 2.3 36 14.8 3.7 102 56 79 12 11 13 11.8 19 6 16.5 .7 1 2 1.0 101 56 79 97 61 85 12 13 12 4 18 0 15.3 3 1 4 5 3.8 316 166 52.5 3.3 376 19 5.1 .6 251 147 58.6 14.7 74 15 71 134 22 33 13 28 89 3 44.6 86.7 39. 4 66. 4 13.6 2.8 5.4 2.5 4.2 .9 85 20 83 160 28 5 5 3 5 1 5.9 25.0 3.6 3.1 3.6 .7 2.8 .4 .3 .4 57 11 48 121 14 28 8 25 84 2 49.1 72.7 52.1 69.4 14.3 12.3 18.2 13.0 17.4 3. 6 166 111 66.9 4.2 202 70 34.7 3.9 108 41 38.0 9.5 18 6J 53 3 14 9 8 8 63 28 44.4 103. 3 52.8 2.8 6.5 3.3 6 49 7 24.0 55 7 13. 2 2.7 6 2 1.5 7 29 56 2 14 21 28.6 48 3 37.5 7.2 12 1 7 4 1 50.0 44.4 12.5 3.1 2.8 .8 25 88 53 3 14 12 7 6 1 1 42.9 8.3 14 3 4.8 .9 1 6 8 3 1 3 12.5 100.0 3.1 25.0 S o u t h A t l a n t i c — t o t a l . _ __. _ 118 69 58.5 3.7 142 41 28.9 3.2 78 28 35.9 9.0 Delaware. __ _ Maryland District of Columbia, Virginia West Virginia North Carolina South Carolina _ _ Georgia Florida 4 6 1 15 15 9 11 49 8 Maine -- New Hampshire. _ _ .. Vermont _ _ __ Massachusetts _ __ Rhode Island __ _ .._ _ _ _ Connecticut Middle Atlantic—total New York - _ _ New Jersey -- - Pennsylvania _ _ East North Central—total _.. Ohio Tndiana Illinois MMrhiuan -_-_ _ Wisconsin West North Central—total.... Minnesota Iowa Missouri North Dakota South Dakota - Npbr&ska Kansas _ _ _ _ Kentucky Tennessee Alabama., Mississippi West South Central—total _ Arkansas. Louisiana Oklahoma Texas Mountain—total _ _ _ _ _ Montana. _ _ _ _ _ Idaho W y o m i n g , . __ . _ _ . Colorado.- _ N e w Mexico._ _ ._ Arizona Utah - Nevada Pacific—total Washington Oregon California 2 1 20.0 40 0 22. 2 90. 9 79. 6 87.5 1.3 2 5 1.4 5.7 5.0 5. 5 38 21 55. 3 3.5 46 2 3 11 5 25 0 33. 3 64. 7 125.0 16 2.1 4.0 7.8 9 12 20 5 146 67 45.9 2.9 198 23 9 5 109 _ _ 33 3 21 6 3 37 91.3 66. 7 60. 0 33.9 5.7 4.2 3.8 2. 1 1.7 9.4 2 1 7 28 5 9.1 43.8 43. 1 45.5 7 15. 2 40 0 10 0 1.0 4.9 4.8 5. 1 11 14 5 5 30 4 3 6 1 3 11 2 27 3 42 9 20.0 60.0 36.7 50.0 6 8 10 7 5.0 15.0 9.2 12.5 1.7 21 14 66.7 16.7 33 3 50.0 66.7 200.0 8 3 12.5 16.7 50.0 ] 8.3 25. 0 20.0 .9 2.8 2.2 4 9 2 2 2 6 4 27 13.6 15 94 40 42.6 10.7 31 13 8 146 5 2 2 18 16.1 15.4 25. 0 12.3 1.8 1.7 2.8 1.4 17 6 2 69 16 4 1 19 94.1 66.7 50.0 27.5 23.5 16.7 12.5 6.9 . 1 5 90 70 77.8 4.9 110 55 50. 0 5.6 63 15 23.8 6.0 29 22 4 4 3 3 25 30 21 2 103. 4 95. 5 50. 0 6.5 6.0 3. 1 26 16 2 68.4 55.2 • 66. 7 7.6 6.1 74 22.2 35.7 5.6 8.9 6 200. 0 12.5 6 150 0 16 7 44.0 2.8 5 17.2 1.9 18 14 4 3 2 2 20 4 5 11 38 29 3 3 4 4 29 6 30.0 7.5 90 44 48.9 3.1 115 10 8.7 1.0 66 31 51.5 12.9 40 25 25 20 21 3 50. 0 84. 0 12.0 3.1 5.3 .8 47 33 35 3 7 6.4 21.2 2.4 35 20 11 17 14 3 48.6 70.0 27.3 12.2 17.5 6.8 i Based on the number of banks in operation at the beginning of each year of the period. 15.6 4 4 6 1 13 15 11 16 65 11 8 9 17 4 East South Central—total_._. 2 3 6 2 10 39 229 890 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 5.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936, 1921-1929, AND 1930-1933 PER HUNDRED ACTIVE BANKS IN OPERATION DURING THE RESPECTIVE PERIODS, BY GEOGRAPHIC DIVISIONS, STATES, AND CLASSES OF BANKS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS 1921-1936 Suspen- Annual Average Average rate of sions number N u m suspen- number per f active ber of active sions per )fbanks banks suspen- hundred lundred active sions 19211921active banks 1936' 1929 1 banks Geographic division and State 1930-1933 1921-1929 SuspenNumsions ber of per suspen- lundred sions active banks Annual rate of suspensions per hundred active banks Average number f active banks 19301933 1 Number of suspensions Suspensions per hundred active banks Annual rate of suspensions per lundred active banks 12.7 14, 872 11, 033 74.2 4.6 17, 889 4,416 24.7 2.7 12, 859 6, 502 50.6 245 72 29.4 1.8 260 7 2.7 .3 250 64 25.6 6.4 42 14 36 67 9 19 3 5 20 2 23 45.2 21.4 13.9 29. 9 22.2 29. 9 2.8 1.3 .9 1.9 1.4 1.9 49 14 37 72 9 79 2 1 4. 1 7. 1 1.4 22.2 1.3 39 14 35 70 9 83 17 2 5 19 43.6 14.3 14.3 27.1 10.9 3.6 3.6 1 2 1 .5 .8 .2 2 5 .1 21 25.3 6.3 885 288 32.5 2.0 1,000 23 2.3 .3 848 251 29.6 7.4 ._ . - . 247 135 503 49 45 194 19.8 33. 3 38.6 1.2 2.1 2.4 265 142 593 4 1 18 1.5 .7 .2 .1 .3 251 141 456 43 33 175 17.1 23.4 38.4 4.3 5.9 9.6 East North Central—total, _ 3, 268 2,238 68.5 4.3 3,762 308 8.2 .9 3,127 1,901 60.8 15.2 514 578 1,073 396 707 260 428 698 320 532 50.6 74.0 65.1 80.8 75.2 3.2 4.6 4.1 5.1 4.7 567 673 1,300 430 792 35 84 113 69 6.2 12.5 8.7 1.6 8.7 .7 1.4 1.0 .2 1.0 507 523 972 407 718 224 331 582 311 453 44.2 63.3 59.9 76.4 63.1 11.1 15.8 15.0 19.1 15.8 5,054 4,480 88.6 5. 5 6,349 2,189 34.5 3.8 4,026 2, 252 55.9 14.0 815 923 1,095 367 317 695 842 611 958 805 515 484 706 401 75. 0 103.8 73. 5 140. 3 152. 7 101.6 47.6 4.7 6 5 4.6 8.8 9.5 6.4 3.0 1,002 1 131 1, 366 517 427 906 1,000 356 311 279 365 335 337 206 35. 5 27 5 20.4 70. 6 78.5 37. 2 20.6 3.9 3 1 2.3 7.8 8.7 4. 1 2.3 657 799 905 203 213 531 718 254 646 500 149 147 366 190 38.7 80.9 55.2 73.4 69.0 68.9 26.5 9.7 20.2 13.8 18.4 17.3 17.2 6.6 1,664 1. 521 91.4 5.7 2,050 824 40.2 4.5 1, 324 688 52.0 13.0 23 128 27 266 161 340 203 338 178 3 66 14 119 100 320 287 357 255 13. 0 51.6 51.9 44.7 62. 1 94.1 141.4 105.6 143. 3 .8 3.2 3.2 2.8 3.9 5.9 8.8 6.6 9.0 20 137 32 306 198 436 273 424 224 1 3 5.0 2.2 .6 .2 38 30 105 196 278 173 12.4 15.2 24.1 71.8 65. 6 77.2 1.4 1.7 2.7 8.0 7.3 8.6 27 123 26 250 136 261 115 248 138 2 63 14 79 70 215 89 74 82 7.4 51.2 53.8 31.6 51.5 82.4 77.4 29.8 59.4 1,236 615 49.8 3.1 1,403 178 12.7 1.4 1,122 427 38.1 9.5 411 372 198 255 141 172 114 188 34.3 46.2 57.6 73.7 2. 1 2.9 3.6 4.6 452 430 227 294 42 63 27 46 9.3 14.7 11.9 15.6 1.0 1.6 1.3 1.7 384 330 185 223 95 105 87 140 24.7 31.8 47.0 62.8 8.0 11.8 15.7 West South Central—total.. 1,441 1,021 70.9 4.4 1,717 466 27.1 3.0 1,249 543 43.5 id. 9 Arkansas .__ _ _ . .... Louisiana Oklahoma. Texas _... 289 179 342 631 310 120 330 261 107. 3 67.0 96. 5 41.4 6.7 4.2 6.0 2.6 356 205 416 740 74 42 197 153 20.8 20.5 47.4 20.7 2.3 2.3 5.3 2.3 238 171 285 555 236 76 129 102 99.2 44.4 45.3 18.4 24.8 11.1 11.3 4.6 United States—totalNew England—total . Maine New Hampshire .. _ Vermont._ _ _ _ Massachusetts Rhode Island ___ _ Connecticut Middle Atlantic—total New York New Jersey Pennsylvania Ohio -Indiana - _ _ _ .. _ ...... Illinois Michigan Wisconsin West North Central—total... Minnesota.Iowa Missouri _. .__ _ .._ North Dakota South Dakota_Nebraska Kansas _ _.. South Atlantic—total Delaware . Maryland .--. District of Columbia Virginia West Virginia _ _ North Carolina South Carolina. Georgia Florida East South Central—total _ _ Kentucky _ Tennessee Alabama. _ _. _ Mississippi - Mountain—total-. _, . . . . . Montana Idaho Wyoming Color ado. New Mexico Arizona Utah . Nevada ... . Pacific—total Washington . Oregon California __ . 1.9 12.8 13.5 7.9 12.9 20.6 19.4 7.5 14.9 6.2 543 100.7 6.3 674 336 49.9 5.5 467 207 44.3 11.1 116 69 60 158 33 29 55 19 147 62 56 140 40 43 35 20 126.7 89. 9 93. 3 88.6 121.2 148. 3 63. 6 105. 3 7.9 5.6 5.8 5.5 7.6 9.3 4.0 6.6 147 79 75 199 44 41 65 24 114 29 48 71 35 25 11 3 77.6 36.7 64.0 35.7 79. 5 61. 0 16.9 12.5 8.6 4.1 7.1 4.0 8.8 6.8 1.9 1.4 92 74 50 130 24 22 55 20 33 33 8 69 5 18 24 17 35.9 44.6 16.0 53.1 20.8 81.8 43.6 85.0 9.0 11.2 4.0 13.3 5.2 20.5 10.9 21.3 540 255 47 2 3.0 674 85 12.6 1.4 446 169 37.9 9.5 180 110 250 109 72 74 60. 6 65.5 29. 6 3.8 4.1 1.9 213 138 323 41 29 15 19.2 21.0 4.6 2.1 2.3 .5 165 96 185 68 43 58 41.2 44.8 31.4 10.3 11.2 7.9 i Based on the number of banks in operation at the beginning of each year of the period. 6.8 TABLE 6.—NUMBER O F B A N K SUSPENSIONS AND LOANS AND I N V E S T M E N T S O F S U S P E N D E D B A N K S , 1921-1936, BY S I Z E O F L O A N S AND INVESTMENTS, CLASSES OF B A N K S , AND Y E A R S ALL BANKS» Number of bank suspensions Size grouploans and investments (000 omitted) Total, 1921-1936 1922 1921 1923 1924 1925 1926 1927 Under $150.. 150to249_... 250 to 499—. 5, 530 2,734 3,036 190 93 106 500 to 999 1,000 to 1,999.. 2,000 to 4,999-. 1,809 878 508 50 27 10 151 92 9 196 2 2 25 17 16 11 16 9 14, 943 505 366 646 775 618 669 5,000 to 9,999— 10,000 to 49,99950,000 and over.. Not available.— Total- 1932 1928 1934 1933 1935 1936 277 145 124 319 148 173 243 130 134 407 2,29 190 296 125 141 237 100 93 304 108 123 544 250 699 40,2 474 543 251 292 1,262 667 781 32 4 10 21 5 4 25 8 5 56 21 131 69 79 34 66 23 6 89 23 8 62 22 12 37 19 5 69 24 12 140 61 38 327 183 123 180 102 55 613 322 214 4 2 3 2 4 2 3 1 44 23 1 17 17 10 3 65 46 7 23 2 15 10 9 1 9 659 1, 350 2,293 1, 453 4, 000 57 1 1 f 1 34 44 Loans and investments of suspended banks 2 (in thousands of dollars) H > F a d Under $150 150 to 249 250 to 499 - _ 470, 439 530, 396 1, 068, 100 16, 526 18,114 36, 361 11,639 13,403 34,059 24.816 28,430 42, 823 26,758 28, 987 59, 713 20,055 25, 232 45, 588 34,467 44, 349 67, 307 23, 228 23, 806 48,049 18, 368 19, 333 33,147 24, 742 45, 378 20, 672 49,166 42, 727 102, 582 63, 786 47, 745 78, 921 49, 104 167, 962 101, 659 107, 217 127, 694 279, 661 2,397 774 3,357 1, 760 976 1,330 1,557 1,435 1,775 500 to 999- _ 1,000 to 1,999 2,000 to 4,999. 1, 260, 747 1, 223, 140 1, 529, 251 36, 491 37, 286 24, 877 21,885 19, 528 18, 375 37,102 30, 416 22,311 54, 814 45, 336 19, 664 44, 831 34, 120 16, 641 61,374 31,088 21, 030 42, 831 28, 201 32, 977 25, 214 26, 406 15, 340 47, 052 95, 451 32, 773 83, 299 36,414 117,971 230, 809 122, 895 260, 086 139,136 376, 402 176, 998 433, 444 450, 316 637,035 2,441 2, 516 9, 543 1,341 2,772 2, 633 3, 673 5,000 to 9,999 10,000 to 49,999 50,000 and over. _ 1,010,072 1,712,239 1, 251. 421 12,221 26,833 11,579 5. 585 10, 121 8, 748 22, 261 65, 209 13, 722 198,096 213,403 305, 515 110,452 441, 892 170, 254 58, 426 F F 431,130 14,668 851, 321 979, 592 Total 10, 055, 805 208, 709 118,889 22, 704 185, 898 257, 976 186, 467 271. 194 214, 798 146,556 240, 363 970, 555 1,983.799 918, 243 4, 297, 410 35, 696 9,080 10,172 * Exclusive of mutual savings banks. 2 Loans and investments figures were not available for 11 of the nonmember State banks and for 185 of the private banks which suspended during the period. 00 r 00 to TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS—Continued NATIONAL BANKS Number of bank suspensions Size g r o u p Total, loans and investments 1921-1936 (000 omitted) 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 Under $150 150 to 249 250 to 499 278 424 742 606 367 205 1936 87 133 259 500 to 999 1,000 to 1,999 2,000 to 4,999 1935 289 167 10S 5,000 to 9,999 10,000 to 49,999 50,000 and over Total 11 3 1 65 29 3 90 2, 719 122 118 57 123 64 161 11 2 34 22 2 409 276 1,101 tei w 1 Loans and investments of suspended banks (in thousands of dollars) Under $150 150 to 249 250 to 499 30,159 84,083 266, 420 966 1,734 5,983 586 1,082 6,583 1,913 4,145 10,069 870 4,283 13,915 1,001 4,357 16,092 2,277 5,746 15, 413 1,358 2,990 13, 841 242 2,757 7,844 710 2,978 8,194 2,288 7,680 14,079 4,181 12, 813 35, 412 4,087 7,259 24, 633 9,605 20,013 93, 240 246 649 500 to 999 1,000 to 1,999 2,000 to 4,999 428,881 512, 229 607, 588 5,661 10, 400 7,154 7,966 9,721 5,546 7,967 14, 242 6,883 19, 445 23, 787 7,292 17,384 15, 534 10,085 14, 983 11, 545 9,943 7,139 8,755 6,214 10, 884 2,137 5,915 15, 850 2,639 18, 479 20, 954 45,338 66,882 78, 289 128, 020 40,355 59, 460 70, 641 207,687 234,424 309, 425 3,673 5,000 to 9,999 10,000 to 49,999 50,000 a n d over 440, 998 486, 960 548,070 5,585 8,748 8,862 25, 529 50, 667 81, 263 57,872 58, 426 72, 085 28, 796 227, 086 349, 625 489, 644 49, 611 38,826 45,148 185,014 523,158 307,316 1,946, 749 Total 3, 405, 388 11, 840 31,898 31,484 45, 219 81,432 64,453 49,964 75 4,568 473 473 TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS—Continued STATE MEMBER BANKS Number of bank suspensions Size g r o u p loans and investments (000 omitted) Total, 1921-1936 1922 1921 Under $150 150 to 249 250 to 499 79 78 134 3 3 4 500 to 999 1,000 to 1,999 2,000 to 4,999 126 67 49 4 4 27 26 6 19 1924 1926 1925 1927 1928 5,000 to 9,999 10,000 to 49,999 50,000 and over Total 1932 1934 1933 1 5 5 10 5 5 11 9 7 3 9 3 12 5 6 3 2 6 8 4 5 6 3 2 6 5 3 9 8 11 18 6 3 15 4 2 3 1 1 4 1 4 1 1 20 13 16 15 7 6 1 2 1 11 10 2 1 12 11 5 17 27 107 55 174 1 13 32 38 28 35 31 16 w d Loans and investments of suspended bank 5 (in thousands of dollars) 8 050 15, 927 47,836 236 659 1,269 500 to 999 1 000 to 1 999 2 000 to 4 999 87, 111 93, 999 159, 709 2,819 5,259 5,000 to 9,999 10 000 to 49 999 50,000 and over_. _ 171, 636 463. 467 703,351 1, 751,086 22, 735 831 197 790 546 1,094 4,242 404 1,077 3,624 918 1,415 915 520 1,719 4,341 540 1,532 1,374 946 1,958 309 623 1,838 467 642 3,219 928 2,063 6,311 630 662 5,089 1,721 3,298 12, 866 683 6,177 4,742 7,967 6,482 4,091 4,934 4,520 4,712 6,117 5,272 2,074 1,180 4, 235 3,148 1,043 2, 584 1,313 4,826- 14,265 18, 445 52,682 9,753 9,225 20,552 24, 288 35, 259 60,458 13, 722 6,204 33,100 213,403 74, 923 172,945 14, 595 17,692 69, 340 213, 545 489, 948 20,683 285, 758 342, 562 78,198 910, 723 12, 463 Under $150 150 to 249 250 to 499 Total 1936 35 25 18 6 3 1935 17 17 34 1 1 2 5 8 12 1931 1930 1929 1 592 1923 _ _ _ 6,634 5,050 6,574 7,551 16,801 19, 554 / 12,273 24,308 19,547 10,393 00 CO CO 00 CD TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of bank suspensions Size group— loans and investments Total, 1921-1936 (000 omitted) Under $150. 150 to 249 250 to 499 . 500 to 999 . . 1 000 to 1,999 2,000 to 4,999 1922 1923 1924 1925 1926 1928 1927 1929 1931 1930 1932 1934 1933 1935 4, 930 2, 164 2,090 - . .. 5 000 to 9,999 10,000 to 49,999 50 000 and over Not available. . .. _ Total 1921 172 77 79 114 61 77 253 119 82 291 119 116 211 95 82 365 189 132 262 100 93 226 80 63 281 89 95 492 199 232 624 314 342 479 207 204 1,096 499 478 19 4 9 1,055 436 251 37 15 7 19 7 3 34 8 5 38 8 4 36 7 2 60 14 5 40 12 6 23 11 3 57 12 11 106 43 22 203 113 65 105 52 27 287 130 88 4 2 3 59 37 2 1 2 5 5 22 10 4 7 19 13 1936 2 1 2 1 11 11,033 4 390 281 501 578 433 766 514 406 547 1,104 1,697 2,616 24 8 4 4 2 i 1 6 1,085 21 4 2 43 30 42 w r d Loans and investments of suspended banks 1 (in thousands of dollars) Under $150 150 to 249 250 to 499 413,533 417,149 728, 926 14,912 14, 707 26, 950 9,908 11,972 26, 346 22, 228 22, 991 27, 852 24,433 23,066 40, 593 17,415 18,421 27, 644 30, 479 36,037 45, 747 20,292 18, 900 31,058 17, 672 15, 465 22, 450 22, 738 16, 690 32, 387 40, 320 39,108 82, 893 56,278 61, 601 120, 766 41,182 40,340 69, 525 91,068 94, 912 169,682 1,369 774 3,050 1,760 730 681 1,479 1,435 1,302 500 to 999 1,000 to 1,999 2,000 to 4,999 729, 220 606, 854 753, 848 27, 302 21,627 17, 723 13,236 9,807 7,779 22, 358 11,432 15,428 26, 555 11,422 12,372 23, 356 11,325 6, 556 41, 295 19, 543 14, 396 27,196 14, 945 18,950 15, 746 14,342 8,968 37, 989 15,880 33, 775 73. 388 58, 238 61,974 143,038 162,060 193,427 71.114 70, 451 85, 805 200,093 180,633 267, 152 2,441 2.516 9; 543 1,341 2,772 2,633 5,000 to 9,999 10,000 to 49,999 50,000 and over 397, 438 761,812 12, 221 14, 370 13, 399 33,476 114, 329 149,329 211,075 23, 772 123,766 134, 704 288,151 14, 668 4,808,780 149,812 172, 858 503, 726 1, 097, 574 525, 955 1, 426, 395 34, 361 4,512 9,621 Total 1 10, 864 5,005 10,121 79,048 122, 289 149, 305 104, 717 192,502 141, 462 94, 643 Loans and investments figures were not available for 11 of the nonmember State banks which suspended during the period. TABLE 6.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS N u m b e r of bank suspensions Size group— loans and investments (000 omitted) Under $150 150 to 249_ 250 to 499 1 243 68 70 1921 1924 1923 1922 1925 1926 4 1 1 3 1 2 14 3 5 13 5 3 1 6 5 7 22 8 3 500 to 999 1,000 to 1,999 2,000 to 4,999 5,000 to 9,999 10,000 to 49,999 50,000 and over Not available.. Total, 1921-1936 1 3 1928 1927 1929 2 14 4 5 16 2 5 8 1 1 1 1931 1930 2 1932 1934 1933 28 13 15 22 4 6 62 18 10 2 2 2 9 1 1 2 Total 12 1 1 tr1 185 25 17 16 11 16 28 9 6 15 9 13 3 17 599 ... 1936 2 27 9 13 2 1 1935 44 23 23 37 39 52 33 19 31 58 80 37 109 13 1 Loans and investments of suspended banks i (in t h o u s a n d s of dollars) Under $150 150 to 249 250 to 499. . 18,697 13, 237 24, 918 412 1,014 2,159 500 to 999 1,000 to 1,999 2,000 to 4,999 15, 535 10,058 8,106 679 90,551 4, 264 5,000 to 9,999 10,000 to 49,999 . 50,000 and over Total . 1 1,051 561 1,581 721 1,039 937 847 3,645 5,024 1,038 384 1,776 454 165 895 980 4, 420 4,178 2,694 985 381 308 2, 303 1,736 2,391 2, 399 2,444 5,473 1,846 843 2, 412 4,823 3.471 3,873 1,000 2,794 5,833 1.180 2. 327 7, OS?, 1. 191 847 1,806 576 129 200 660 600 314 152 340 6.624 1,292 2,273 1, 673 20, 505 6,774 13, 543 78 d F F 1,376 16,057 953 i 3 307 .. 806 1,589 1, 674 1,260 78 Loans and investments figures were not available for 185 of the private banks which suspended during the period. 00 896 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 7.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, SIZE OF LOANS AND INVESTMENTS, CLASSES OF BANKS, AND YEARS 1920, BY ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS i Number Size g r o u p of active loans and investments banks, Total (000 omitted) June 30, 19211920 1936 Number of bank suspensions per 100 active banks 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 Under $150 150 to 249 250 to 499 6,548 5,114 6,977 80 7 52.1 42.5 2.8 1.7 1.4 1.9 1.3 1.4 4 2 2.8 1.7 4.7 2.8 2.4 3.5 2.4 1.9 6 0 4 4 2.7 4.3 24 1.9 3.5 1 9 1.3 4.4 2 1 1.7 7.9 4 7 4.0 10.2 7 6 6.6 8.0 4 8 4.1 18.3 12 7 11.1 .3 1 .1 .3 1 .1 500 to 999 1,000 to 1,999 _ 2,000 to 4,999 4,991 2,733 1,573 35 8 31.8 32 1 1.0 1.0 6 6 .5 4 1 l .8 4 1 6 1.1 4 1.3 .8 4 1.8 .8 5 1 2 .8 .8 .7 .7 .3 1.4 .9 .8 2.8 2.2 2 3 6.4 6.7 7.8 3.6 3.7 3.5 12.2 11.8 13 6 . l .1 .2 29.7 24.9 12.5 .4 .5 .4 .2 .3 .2 .6 .3 2.0 2.4 1.4 8.7 6.2 1.4 3.3 2.7 12.8 12.5 9.7 .4 28, 885 49.7 1.6 3.2 2.2 1.7 2.2 4.5 7.7 4.9 13.5 .2 3.5 2.0 1.9 2.0 2.0 1.0 5.8 5.1 2.0 11.3 8.4 4.9 10.4 4.9 3.3 25.2 17.5 12.8 .3 1.8 1.1 .6 .4 .5 .4 .5 .1 .4 .8 .1 1.3 1.1 1.6 4.4 3.9 5.1 2.7 3.0 2.7 13.3 11.7 13.3 1.5 1.1 4.2 1.6 2.7 4.2 1.1 13.1 12.0 5.4 2.0 5.1 3.4 13.7 4.6 2.1 2.0 8.0 4.6 4.9 10.2 7.5 7.3 7.8 4.8 4.4 17.9 11.8 10.3 .3 .1 (2) 2.2 1.0 1.4 3.9 3.4 3.0 7.9 9.6 10.6 4.3 4.5 4.3 11.4 11.8 13.9 .1 .5 2.4 3.8 2.9 13.3 10.8 2.4 4.3 12.5 13.0 14.3 2.7 5.4 8.6 5.5 .4 .2 .1 .1 508 369 72 1936 13.4 5,000 to 9,999 10,000 to 49,999 50,000 and over TotaL 8 1.2 2.2 2.6 2.0 .1 .1 .1 .1 NATIONAL BANKS Under $150_. 150 to 249.._. 250 to 499.... 345 759 2,029 80.6 55.9 36.6 500 to 999 1,000 to 1,999. 2,000 to 4,999 . 2,176 1,423 811 27.8 25.8 25.3 260 184 37 8,024 33.9 Total .6 4.6 2.6 1.5 2.9 3.0 2.3 6.7 3.7 2.0 .5 25.0 15.8 8.1 5,000 to 9,999._.. 10,000 to 49,999.. 50,000 and over.. 1.7 2.6 2.8 2.0 1.3 1.3 .4 2.6 1.1 1.1 1.5 1.5 1.5 1.1 2 c) S T A T E B A N K S ( M E M B E R AND N O N M E M B E R ) i Under $150_. 150 to 249—. 250 to 499—. 6,203 4,355 4,948 80.8 51.5 44.9 2.8 1.8 1.7 2.0 1.4 1.6 4.2 2.8 1.9 4.8 2.9 2.6 3.5 2.3 1.7 6.0 4.5 2.9 4.3 2.5 2.0 500 to 999 1,000 to 1,999. 2,000 to 4,999. 2,815 1,310 762 42.0 38.4 39.4 1.5 1.5 .7 .5 .7 1.5 .8 .7 1.8 1.0 .5 1.5 .8 .3 2.3 1.1 1.0 1.7 1.2 1.0 248 185 35 34.7 34.1 17.1 1.1 20, 861 55.7 2.0 5,000 to 9,999.__. 10,000 to 49,999.. 50,000 and over- Total 1 3.6 2.0 1.4 .8 2.6 3.0 3.8 2.0 Loans and investments figures were not available for 11 of the nonmeinber State banks which suspended during the period and they were, therefore, excluded in computing the ratios shown in this table. 2 Less than .1. 897 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL STOCK OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL STOCK, CLASSES OF BANKS, AND YEARS ALL BANKS i Number of bank suspensions Size g r o u p Capital stock (par value) Total 19211936 1921 1922 1923 1924 1925 1926 1927 1929 1928 1930 1931 1932 1933 1934 1935 1936 100,000 100,001 to 199,999 200,000 to 499,999 500,000 to 999,999 1,000,000 to 4,999,999. 5,000,000 a n d over Not available Total 321 190 236 140 395 233 246 167 195 107 231 151 474 293 546 512 392 345 945 932 28 13 17 5 19 5 1,394 2,178 628 36 62 21 41 44 12 47 74 18 59 93 31 43 88 43 102 130 37 65 93 28 39 81 15 65 99 21 142 172 47 220 357 100 140 229 65 385 648 182 1 3 1 3 5 6 34 13 15 17 8 15 26 6 16 47 12 14 37 42 6 11 37 11 14 38 7 9 45 13 17 98 34 57 188 94 180 99 45 97 364 145 253 4 1 4 2 1 3 4 1 2 3 6 49 32 29 11 12 13 6 4 16 7 5 8 15 1 69 49 8 20 2 19 13 10 1 9 14, 943 , . 295 151 175 111 9 135 . 127 90 1,081 407 723 25,001 to 49,999 . 50,000 50,001 to 99,999 . 194 107 505 366 646 775 618 976 669 498 659 1,350 2,293 1,453 4,000 OS QO 4,661 3,441 Under $25,000 25,000 . 2 7 2 3 3 1 57 34 44 272 125 Capital stock of suspended banks 2 (in thousands of dollars) Under $25,000.. 25,000 65,378 86,025 2,714 1,736 4,273 3,131 5,508 3,245 2,818 2,675 2,250 3,775 4,750 3,500 5,825 4,175 2,675 3,775 6,719 7,992 7,325 12,800 5,635 13, 510 8, 625 23, 300 391 325 243 125 25,001 to 49,999_. 50,000 50,001 to 99,999.. 47, 526 108,900 43,780 1,209 1,412 1,635 2,013 1,472 3,541 2,208 1,341 2,175 3,100 2,200 3,700 4,650 4,400 6,500 4,650 4,050 4,950 1,443 812 1,258 2,149 2,996 2,546 1,916 1,095 1,435 4,835 7,491 4, 783 13,080 8,600 17,850 11,450 32,400 3,217 7,045 4,510 12, 818 30 150 60 100 250 100,000 100,001 to 199,999.. 200,000 to 499,999_. 108,100 56,957 180,803 3,400 1,700 2,600 4,700 3,700 4,200 3,700 3,800 4,500 9,800 18, 800 9,900 36,400 400 4,904 13,138 6,242 19,989 125 1,917 1,100 891 1,747 1,325 788 1,477 1,030 1,864 3,325 3,350 3,525 3,150 4,230 2,474 3,500 2,100 3, 800 14,745 46,041 24,005 64, 537 1,221 500,000 to 999,999 1,000,000 to 4,999,999. 5,000,000 a n d o v e r . . , . 103,178 172,073 114,846 3,000 1,000 2,100 500 1,000 201 "480 200 "600 300 420 200 7,050 29,923 16,800 41, 236 1,120 1,500 6,225 19,346 46,885 16, 500 80,117 25, 250 1,087, 566 23, 732 14, 560 21,367 28,432 24, 754 33,482 25,371 19,909 33, 432 111,791 207,965 108,450 426,983 3,822 1,518 Total.. NATIONAL BANKS N u m b e r of b a n k suspensions 24 2 13 16 5 12 41 9 21 43 11 30 41 5 29 45 20 36 31 6 27 15 3 20 15 6 20 56 15 29 102 34 101 64 25 57 257 56 291 50 001 to 99,999 100 000 100 001 to 199 999 196 395 140 2 5 2 4 4 4 9 1 11 17 2 16 12 4 9 12 CO 1 1 1 752 198 687 13 8 4 5 7 2 6 9 4 10 27 3 20 59 30 18 41 17 80 185 65 200 000 to 499,999 500 000 to 999,999 1,000,000 to 4,999,999 5 000,000 a n d over 251 64 34 2 CO 1 $25 000 25,001 to 49,999 50 000 6 5 7 1 11 1 1 1 4 1 3 1 12 7 2 45 11 7 40 11 3 112 32 21 2 2,719 52 64 161 409 276 1,101 1 4 1,400 545 1,450 2,550 1,200 5,050 1,600 6,425 885 1,993 2,850 14, 550 25 25 30 50 1, 372 5,900 4,255 1,250 5,598 4,100 18, 500 2,450 9,138 Total _ .. _. - 49 90 122 118 123 91 57 1 1 1 Capital stock of suspended b a n k s (in thousands of dollars) 18,800 7,014 34,350 600 64 650 775 375 375 400 1,025 1,075 1,025 1,125 305 385 185 717 210 110 210 175 600 1,050 1,500 1,450 1,800 1,350 1,000 1,000 50 001 to 99,999 100 000 100 001 to 199,999 13,688 39,500 19,876 150 500 425 135 400 575 200,000 to 499,999 500,000 to 999,999 1 000 000 to 4 999,999 5,000,000 and over 62,785 36,375 56,800 35,000 600 1,250 $25,000 25 001 to 49,999 50,000 - Total 1 324,188 750 1,105 653 290 900 1,700 1, 200 1,200 300 153 575 1,100 1,450 2,450 500 200 905 800 575 390 700 275 430 900 580 660 2,700 450 300 500 800 500 600 3,620 11, 235 10,175 28, 705 3,850 6,375 6,450 18, 200 5,000 11,410 4,800 34, 590 35,000 "i,"666 2,989 3,535 4,823 7,660 7,990 5,695 5,415 4,150 5,095 19, 675 49,347 34, 560 172, 699 125 300 25 405 125 Exclusive of mutual savings banks. 2 Capital stock figures were not available for 2 of the nonmember State banks and for 133 of the private banks which suspended during the period. 898 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL STOCK OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL STOCK, CLASSES OF BANKS, AND YEARS—Continued STATE MEMBER BANKS Number of bank suspensions Size group— Capital stock (par value) Under $25,000 25,000 25,001 to 49,999 _ Total 19211936 1921 2 121 64 1922 1923 1924 1925 1926 3 3 4 5 10 2 10 4 1 11 1 1 6 7 5 1 _ 12 2 2 9 1 8 5 3 5 6 6 1 3 4 2 109 40 89 100,001 to 199,999 200,000 to 499,999 500,000 to 999,999 __ _ 26 70 31 34 6 19 Total _. 1 1930 1931 1932 1933 13 3 3 2 4 2 8 2 9 11 11 6 4 4 2 5 3 2 4 4 1 5 17 9 12 8 5 10 30 3 7 17 10 2 13 32 38 2 28 1 ] 2 5 6 9 30 14 3 1 15 2 35 12 5 17 27 107 55 1934 1935 1936 29 16 174 1 592 1929 1 H 1,000,000 to 4,999,999 5,000,000 and over 50,000 50,001 to 99,999 100,000 _ CMCO - - 1928 1927 6 1 4 31 1 16 22 C a p i t a l stock of s u s p e n d e d b a n k s l (in t h o u s a n d s of dollars) U n d e r $25,000 25,000 25,001 t o 49,999 ._ 33 3,025 2,237 75 100 100 171 250 65 250 150 15 275 35 18 150 255 5,450 2,879 8,900 250 149 300 50 100 600 145 200 450 60 800 250 225 500 350 426 600 100.001 t o 199,999 200.000 to 499,999 500,000 to 999,999 3,529 17,850 19,025 160 200 400 125 725 560 400 650 144 200 1,100 500 1,000,000 to 4,999,999 5,000,000 a n d over 50, 725 74, 846 1,000 188, 499 2,234 50,000 50,001 t o 99,999 100,000 Total 325 105 75 65 100 70 200 75 225 400 275 210 725 536 200 200 135 500 150 135 400 200 60 500 850 689 1,200 400 310 1,000 1,500 545 2,200 800 975 4,525 6,075 250 1, 400 3, 200 1,190 7, 450 9,250 3, 750 19, 475 25, 250 3,100 22,400 49, 596 600 125 1,000 821 2,110 2,670 1,950 2, 499 2,474 975 1,980 30, 835 34, 414 10,145 95, 392 NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of bank suspensions 4,339 2,514 179 77 120 69 288 99 302 133 211 85 378 172 225 120 189 86 210 131 441 223 503 397 366 267 876 635 16 11 17 4 18 5 1,106 1,353 382 29 44 17 30 29 10 36 41 10 42 53 18 35 52 23 71 83 21 55 61 15 31 56 8 57 75 13 123 135 36 171 234 68 107 161 41 310 322 94 1 3 1 2 4 6 100,000 100 001 t o 199,999 200,000 t o 499,999 . . . 581 239 394 22 9 10 12 4 7 15 4 8 18 6 5 18 5 4 24 6 8 23 6 9 26 4 5 32 8 14 65 31 40 113 57 116 48 26 51 156 70 111 4 1 4 2 """I 3 2 1 500,000 t o 999,999 1,000,000 t o 4,999,999 5,000,000 a n d over 79 43 1 2 1 2 1 3 4 5 5 28 10 12 6 23 16 1 2 2 11,033 390 406 547 1,104 1,697 1,085 2,616 43 30 42 7,418 9,925 5,330 12, 705 6,675 15,875 248 243 100 257 125 3,618 10, 445 8,050 16,100 2,870 6,585 30 150 60 70 200 U n d e r $25,000 25,000 25,001 t o 49,999 50,000 50 001 t o 99,999 Not available Total __ 1 281 501 578 3 433 766 514 7 Capital stock of suspended b a n k s l (in thousands of dollars) 1, 643 3,905 4,054 2,851 5,346 3,016 2, 746 2,954 1,725 2,475 3,325 2,125 4,300 3,000 2,150 3,275 Under $25,000_. 25,000 61,567 62,850 2,530 1,925 25,001 to 49,999.. 50,000 50,001 to 99,999.. 37,369 67,650 26,503 975 1,036 1,265 1,401 1,173 2,433 1,863 1,061 1,895 2,200 1,450 2,050 2, 650 2, 600 4,150 3,050 2,800 3,750 1,144 715 1,264 1,591 1, 386 1,011 870 677 570 4,152 5,751 6,750 11, 700 2,497 4,783 100,000 100,001 to 199,999_. 200,000 to 499,999.. 58,100 33,296 97,813 2,200 1,200 1,500 1,800 1,800 2,400 2,300 2,600 3,200 887 750 788 1,332 525 758 600 1,159 613 925 1,774 2,100 1,300 3,200 2,225 1,700 1,700 1,300 6,500 11, 300 4,800 15, 600 400 4,454 7,908 3,542 9,r~ 125 9,775 29, 631 12,080 28,382 1,221 500,000 to 999,999 1,000,000 to 4,999,999. 5,000,000 and over.— 47, 278 64, 548 5,000 949 2,000 Total.. [ 1, 600 6,321 5,575 1,500 2,700 17,473 4,225 10, 596 16,000 200 "300 300 295 200 7,150 13, 786 1,120 8,600 23,127 5,000 561, 974 17,480 9,956 14, 223 17,181 13,815 24,177 17,098 14,327 26,028 59,320 121,889 62, 715 157,165 3,629 1,113 1,858 Capital stock figures were not available for 2 of the nonmember State banks which suspended during the period. 201 "480 899 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 8.—NUMBER OF BANK SUSPENSIONS AND CAPITAL 1 OF SUSPENDED BANKS, 1921-1936, BY SIZE OF CAPITAL, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS Number of bank suspensions Size group—Capital 1 Total 19211936 1921 1922 1924 1923 1925 1926 1928 1927 1929 1930 1933 1934 1935 1936 15 3 7 1 12 1 1 25,001 to 49,999 50,000 50,001 to 99,999 26 29 10 2 16 13 1 805 143 275 25 106 250 90 15 21 3 6 3 21 1 33 6 43 4 26 3 69 11 2 1 1 2 2 1 4 4 1 1 1 3 1 _ 2 4 4 5 3 2 3 1 3 2 1 4 2 2 1 500,000 to 999,999 1,000,000 to 4,999,999 5,000,000 and over Not available 16 10 4 8 24 3 1 2 100,000 100,001 to 199,999... 200,000 to 499,999 19 4 4 320 54 1 2 Under $25,000 25,000 . 1 Total 1932 1931 1 1 1 1 1 1 1 1 133 19 12 13 6 4 16 7 5 8 9 15 1 18 599 44 23 23 37 39 52 33 19 3 1 58 80 37 109 254 25 398 150 574 100 305 75 50 63 200 140 250 201 70 150 80 100 400 550 650 350 2,315 1,030 Capital of suspended banks 2 (in thousands of dollars) Under $25,000 25,000 3,778 1,350 184 75 93 25 25 001 to 49 999 50,000 50 001 to 99 999 906 1,450 710 70 30 100 100 000 100,001 to 199 999 200,000 to 499,999 1,600 256 2,355 400 500,000 to 999,999 1 000 000 to 4 999 999 5,000,000 and over Total _ 1 78 25 219 100 108 77 50 75 265 75 79 100 75 400 144 250 229 75 136 200 81 30 50 72 75 105 50 200 100 101 155 205 300 300 500 500 212, 905 1,029 248 211 921 999 1,111 384 457 329 1,961 1, 727 168 15 Represents amounts shown as "permanent capital" or "capital" in State banking department reports, bankers' directories, etc., and does not include amounts shown as "surplus," "undivided profits" or "reserves." 2 "Capital" figures were not available for 133 of the Private banks which suspended during the period. 900 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 9.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, SIZE OF CAPITAL STOCK, CLASSES OF BANKS, AND YEARS 1920, BY ALL BANKS, OTHER THAN PRIVATE AND MUTUAL S A V I N G S ]B A N K S i Number of active banks, June 30, Total 1920 19211936 Size g r o u p Capital stock (par value) Number of bank suspensions per 100 active banks 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 .2 .2 .2 .1 .2 .1 .1 .1 .3 8,240 6,399 _. _ 100,000 100,001 to 199,999 200,000 to 499,999 500,000 to 999,999 1,000,000 to 4,999,999__ 5,000,000 and over Total 2.2 1.6 1.5 1.4 3.5 2.3 3.7 2.9 2.6 2.1 4.6 3.5 2.7 2.6 2.3 1.6 2.5 2.3 5.4 4.5 6.1 7.9 4.4 5.3 10.6 14.4 2,395 4,504 1,222 57.1 47.7 50.6 1.4 1.4 1.7 1.7 .9 1.0 2.0 1.6 1.3 2.4 2.0 2.5 1.7 1.9 3.4 4.1 2.8 2.9 2.7 2.0 2.3 1.5 1.8 1.2 2.7 2.2 1.7 5.8 3.7 3.8 9.0 7.8 7.9 5.8 5.0 5.2 15.9 14.3 14.8 37.6 46.6 45.1 1.1 1.5 .9 .6 .9 .9 .9 .7 1.0 1.5 1.4 .9 1.2 1.0 1.1 1.5 .7 .6 1.3 1.3 .9 1.3 .7 .6 1.6 1.5 1.1 3.4 3.9 3.5 6.5 10.8 11.2 3.5 5.2 6.0 12.8 16.6 15.9 .i .i .3 406 387 47 42.9 28.7 19.1 .2 .8 1.0 .2 .5 .7 1.6 3.0 2.6 2 1 12.1 8.3 7.1 2.8 17.0 12.7 17.0 .5 28, 885 25,001 to 49,999 50,000 50,001 to 99,999 52.7 52.9 2,829 869 1,587 Under $25,000 25,000_ — 49.7 1.6 3.2 2.2 1.7 2.2 4.5 7.7 4.9 13.5 .2 1936 .5 1.2 2.2 2.6 2.0 (2) !i .6 .1 ------ .1 .1 .3 .1 .1 NATIONAL BANKS $25,000 2,149 100,000 100,001 to 199,999 200,000 to 499,999 500,000 to 999,999 1,000,000 to 4,999,999__ 5,000,000 and over Total 1.1 .7 1.9 2.0 1.9 2.1 1.4 .7 .7 2.6 4.7 3.0 12.0 43.4 35.1 39.6 .4 .7 .4 1.1 .6 .4 2.0 1.1 .8 2.4 1.5 2.2 .4 1.5 3.2 4.4 1.8 1.8 1.3 1.4 2.6 .7 1.0 1.0 1.3 1.0 1.2 3.3 1.5 2.0 7.5 5.2 4.0 5.5 2.9 3.6 12.3 14.9 16.2 27.7 38.4 33.1 .4 .8 .4 .3 1.1 .8 .6 .3 .7 1.2 .5 .9 .8 1.1 1.5 .8 .6 1.1 .1 .5 .5 .5 .6 1.1 .4 1.9 .8 1.6 4.1 8.2 5.9 2.9 4.7 5.3 13 0 17.8 14.8 209 180 28 30.6 18.9 7.1 .5 .5 .6 3.3 1.1 5.3 3.9 5.3 1.7 15.3 11.7 7.1 8,024 . 35.0 456 1,959 495 1,425 365 758 _ 25,001 to 49,999 50,000 50,001 to 99,999 _ - 33.9 g 2 0 5.1 3.4 13.7 .1 .5 .6 .6 1.1 1.5 1.5 1.5 1.1 .7 .2 1 1 .3 m m S T A T E B A N K S ( M E M B E R AND N O N M E M B E R ) Under $25,000. _ 25,000 25,001 to 49,999 50,000 50,001 to 99,999 _ 8,240 4,250 52.7 62.0 2.2 1.9 1.5 1.7 3.5 2.6 3.7 3.4 2.6 2.3 4.6 4.2 2.7 3.1 2.3 2.1 2.5 3.2 5.4 5.4 6.1 9.6 4.4 6.5 10.6 15.6 .2 .3 .2 .1 __ 1,939 2,545 727 60.3 57.4 58.0 1.7 1.9 2.6 1.8 1.2 1.4 2.0 2.1 1.7 2.4 2.4 2.6 1.9 2.2 3.6 4.0 3.5 3.7 3.0 2.6 2.1 3.0 1.7 3.1 2.4 1.4 • 2.1 6.4 5.5 5.1 9.4 9.9 10.6 5.8 6.6 6.3 16.8 13.8 13.9 .1 .1 .1 .1 .2 1,404 504 829 47.7 52.6 56.0 1.8 2.0 1.3 .9 .8 1.1 1.2 1.0 1.3 1.9 2.0 .8 1.6 1.0 .7 2.1 1.2 1.1 2.1 1.4 1.6 2.2 .8 .6 2.6 1.8 1.7 5.0 6.2 5.2 8.9 12.7 16.0 4.1 5.6 6.8 12.7 15.7 17.0 .1 .3 .2 - - - - - .5 197 207 19 55.8 37.2 36.8 .5 1.4 .5 1.5 2.4 2.5 3.9 5 3 19.3 12.1 9.1 3.9 18.8 13.5 31 6 1.0 20, 861 55.7 2.0 2.0 2.7 5.4 8.6 5.5 13.4 .2 __ 100,000 100,001 to 199,999 200,000 to 499,999 500,000 to 999,999.. 1,000,000 to 4,999,999__ 5,000,000 and over Total .5 1.4 2.6 3.0 2.0 2.2 3.8 2.6 .2 .1 .3 1.0 .1 .2 .4 .1 .2 1 Capital stock figures were not available for 2 of the nonmember State banks which suspended during the period and they were excluded, therefore, in computing the ratios shown in this table. 2 Less than . 1 . T A B L E 1 0 . — N U M B E R OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF T O W N S AND CITIES, CLASSES OF B A N K S , AND Y E A R S ALL BANKS Number of bank suspensions Population of city Total 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 Under 500 - „_ 500 to 999 1,000 to 2,499 4,929 2,932 2,904 189 99 82 135 60 77 312 118 115 316 161 136 218 125 129 372 218 208 259 148 126 198 97 106 235 139 137 431 272 273 665 401 426 444 255 281 1,098 816 787 24 8 10 12 6 7 21 9 4 2,500 to 4,999 5,000 to 9,999 10,000 to 24,999 1,321 814 715 36 25 30 31 16 11 33 23 14 66 31 28 69 30 24 70 32 24 61 17 34 31 25 17 49 35 24 124 65 55 213 140 134 149 92 83 380 276 232 2 3 2 1 2 3 6 2 287 276 765 2 13 29 7 11 18 6 5 20 13 6 18 4 4 15 9 10 33 6 6 12 6 5 13 8 8 24 25 37 68 67 54 193 28 24 97 106 88 217 2 6 2 1 1 1 14,943 505 366 646 775 618 976 669 498 659 1,350 2,293 1,453 4,000 57 34 44 25,000 to 49,999 50,000 to 99,999 _. 100,000 and over Total g Loans and investments of suspended banks2 (in thousands of dollars) Under 500 500 to 999 1,000 to 2,499..__ 620,089 649,014 1,022, 304 25, 592 18,862 24,886 19,332 12,972 23,392 43, 709 26,813 37,685 39,869 36, 543 51, 738 25, 778 24,645 41, 576 42,058 47,617 66,445 27,651 31,068 42, 209 19, 940 16,001 32, 504 24, 794 21,673 39,883 46, 425 53,637 83,839 53, 525 48, 388 95,054 150,086 209,175 320, 865 2,787 1,220 1,806 1,026 1,417 784 1,721 1,166 1,278 2,500 to 4,999— 5,000 to 9,999—_ 10,000 to 24,999- 762,684 740,854 1,011,214 15, 766 18,990 36,135 11,735 8,803 7,444 11,908 19,869 12,946 33, 586 22,459 25,183 29,260 16,096 28,681 36,972 17,143 13,083 37,343 16,010 37, 592 13,694 16,715 19,906 25,444 36, 786 30,911 62,889 54,173 67,464 77,012 71,054 128, 755 269, 422 312, 253 377, 669 684 4,048 4,358 762 271 4,558 3,467 1,910 25,000 to 49,99950,000 to 99,999100,000 and over 620,341 906,041 3, 723, 264 2,500 10,407 55, 571 9,304 10,661 15,246 3,586 12,979 16,403 17,041 7,729 23,828 6,397 2,754 11,280 9,480 10, 521 27,875 7,738 5,714 9,473 6,200 10,725 10,871 8,987 7,803 44,082 40,823 90, 785 470,520 Total 10,055, 805 208,709 118,889 185,898 257,976 186,467 271,194 214, 798 146, 556 240,363 970,555 72, 869 283,555 89,965 455, 500 10,911 281,621 1,918, 885 1,983,799 918,243 1 Exclusive of mutual savings banks 2 Loans and investments figures were not available for 11 of the nonmember State banks and 185 of the private banks which suspended during the period. number of suspensions, but they are not, of course, included in the loans and investments section of the table. 4,297,410 35, 696 22 608 10,172 These banks are included in the d1 IT TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS—Continued NATIONAL BANKS N u m b e r of bank suspensions Population of city Total 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1932 1931 1934 1933 1935 1936 1 Under 500 500 to 999 ________ 1,000 to 2,499 279 485 750 6 12 16 10 7 16 21 15 31 16 26 32 8 24 44 21 27 45 13 23 32 8 4 24 8 12 24 20 40 36 40 65 108 21 36 63 86 192 277 2,500 to 4,999 5,000 to 9,999 10,000 to 24,999 - 425 301 240 6 5 5 5 2 10 5 4 23 10 9 23 6 8 22 6 1 15 4 4 8 6 3 7 9 3 23 15 12 60 47 39 50 36 34 173 147 113 25,000 to 49,999 50,000 to 99,999. 100,000 a n d over 81 49 109 2 1 1 2 1 1 3 1 2 2 1 3 1 1 4 6 5 18 9 23 10 5 21 35 25 53 49 90 122 118 57 64 161 409 276 1,101 1 75 Total 2,719 52 3 123 91 2 1 1 1 4 1 649 246 473 Loan s and investments of suspended banks (in thousands of dollars) Under 500 500 to 999 1 000 to 2,499 63,321 146, 271 341, 437 900 3,465 7,281 1,927 2,967 8,385 4,066 3,470 11,729 3,345 7,666 16,600 1,303 6, 903 18, 557 4,362 8,315 14, 681 2, 586 6,263 14, 943 1,570 917 8,691 1,147 3,000 10,090 3,701 9,102 14, 262 9,314 18,637 49, 834 3,352 7,054 26, 502 25, 673 67, 863 139,163 2,500 to 4,999 5,000 to 9,999 10,000 to 24,999 317,417 357, 667 453, 673 3,160 6, 682 10,410 3,080 3,577 2,127 4,850 9, 612 5,247 14,001 11,130 14, 249 12,117 4,051 11, 852 14,877 5,671 683 15,100 6,431 4,288 3, 636 6,190 5,604 5,366 18,126 6,424 13,051 17, 884 24, 266 43, 626 52, 396 69, 946 33,813 33, 263 72,143 150, 740 182, 654 222, 761 4,176 1,999 3,246 2,380 2,138 1,727 5, 675 764 8,002 4,051 1,375 3,470 8,748 995 14,004 32, 361 56, 383 62,939 22, 307 194,159 37,014 19,066 75,109 124, 750 162, 438 870, 707 31, 484 45,219 81,432 64, 453 38, 826 45,148 185,014 523,158 307, 316 1, 946, 749 25,000 to 49,999 50,000 to 99,999 100,000 a n d over Total 260, 829 249, 821 1,214,952 3, 405, 388 31,898 5,619 49, 964 49, 611 3,673 75 4,568 473 TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS—Continued STATE MEMBER BANKS Number of bank suspensions Under 500 500 to 999 1,000 to 2,499 Total 1921-1936 1921 1922 1924 1923 CO CO Population of city 1926 1925 9 6 6 8 4 3 9 4 11 6 11 2 4 3 4 1 4 1 10 2 4 6 3 3 4 3 2 6 3 1 1 2 35 5 1 2,500 to 4,999 5 000 to 9,999 10,000 to 24,999 83 45 55 2 1 25,000 to 49,999 50,000 to 99,999 100,000 and over 27 25 69 4 1 1 1 592 19 13 32 Total 3 1929 7 11 77 91 120 2 1928 1927 1 38 28 1930 1931 1932 1934 1933 3 2 4 3 2 10 6 7 19 3 8 12 5 2 2 3 1 1 20 11 13 8 5 10 15 14 13 1 1 1 1 1 2 1 4 6 5 20 3 1 5 12 13 32 31 16 17 27 107 55 1936 11 29 35 2 1935 174 i 3 W Loans and investments of suspended banks (in thousands of dollars) 2,094 1,262 9,202 769 1,833 6,053 1,820 9, 996 17, 459 5,512 550 3,366 2, 727 1,564 1, 544 1 378 '490 1,313 14,318 10, 734 26, 862 3,929 2,391 14,214 15,012 13,756 24, 460 1,730 3 142 2,130 4, 235 13, 722 6,536 13, 783 238, 383 22, 344 63, 715 192,031 11, 904 3,914 33,191 41,052 98, 529 688, 639 19,547 10, 393 20, 683 265, 758 342, 562 78, 198 910, 723 1, 235 596 1, 544 2, 698 831 3,339 978 2, 469 859 701 554 3,073 1,590 6,444 1,751 3, 330 2,442 1, 504 3,173 3,769 1, 605 3,130 1, 033 1,779 8,936 24, 308 2 500 to 4 999 5,000 to 9,999 10,000 t o 24,999 57 975 36, 889 85, 885 1, 585 1,978 89, 297 186 647 1,196, 772 3 564 12, 463 2,131 911 1,751,086 22, 735 7, 551 16,801 427 369 3,079 1,860 2,300 2,836 1,800 1,076 269 Total 852 176 1,023 2, 693 2,447 5, 533 18, 524 25, 223 53, 874 25,000 t o 49,999 50 000 to 99 999 100,000 a n d over 881 1,292 1,871 417 576 807 U n d e r 500 500 to 999 1,000 t o 2,499 2, 919 19, 554 12.273 o CO TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of bank suspensions 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 4,296 2,225 1,954 162 72 58 113 45 56 278 92 67 280 118 96 184 90 78 319 175 143 219 104 92 178 85 77 210 113 105 384 220 221 592 308 282 395 207 201 935 576 461 15 7 8 12 4 6 20 9 3 2 500 to 4,999 5,000 to 9,999 . _ . _ 10 000 to 24,999 795 452 414 30 15 22 22 10 8 20 13 9 32 18 13 37 18 12 43 23 20 39 13 27 21 18 11 37 26 19 95 49 42 132 80 82 89 50 39 190 112 106 1 3 2 1 to to Population of city Total 1921-1936 6 2 25 000 to 49,999 50 000 to 99,999 100,000 and over 174 191 532 1 8 22 4 10 13 4 3 15 8 4 9 1 4 9 6 10 27 5 5 10 3 4 9 7 8 22 18 26 49 43 37 141 15 18 71 59 49 128 2 5 2 1 1 1 11,033 390 281 51 0 578 433 766 514 406 547 1,104 1,697 1,085 2,616 43 30 42 U n d e r 500 500 to 999 1 000 to 2,499 Total w Loans and investments of suspended banks 1 (in thousands of dollars) d Under 500 500 to 999 1,000 to 2,499 514,872 459, 432 608,468 21,789 13,667 16, 693 16, 739 9,212 13, 860 36, 285 20,676 20,053 34,321 24,943 31,108 21, 901 16,384 21,120 34,107 37,095 47, 249 21,815 20,768 26,407 17,148 13, 686 21,532 22,055 17,993 28,340 39, 535 42, 336 65, 593 80,190 73,134 92,979 47,163 38, 243 60,079 117,001 128, 255 160,673 2,154 1,106 1,439 1,026 768 538 1,643 1,166 805 2,500 to 4,999.— 5,000 to 9,999 10,000 to 24,999.. 382,346 344,468 470, 520 12,606 10,044 23, 747 7,954 5,226 5,317 6,214 7,184 6,109 11,841 '9, 564 6,641 14,469 10, 541 13,647 18,091 9,867 9,195 16, 393 9,579 30, 577 9,508 10,442 12, 649 16,712 18,660 22,943 46, 865 35, 799 41, 885 74, 796 60,729 119, 721 38, 570 35,245 42,398 103, 553 115, 359 130,448 545 4,048 4,358 762 271 885 3,467 1,910 25,000 to 49,999,. 50,000 to 99,999100,000 and over 268, 825 464, 740 1, 295,109 2,500 6,637 42,129 2,209 8,662 1,206 10,841 13,721 9,013 6,956 14,918 567 2,754 3,334 8,105 10, 521 18, 272 6,008 2,572 7,343 2,730 1,977 4,971 7,992 7,803 30,360 20, 213 42, 618 168, 882 66, 578 90, 686 438, 761 23,951 66,985 173,321 117,753 194, 533 358,820 10,911 9,800 262 Total 4, 808, 780 149,812 79,048 122, 289 149,305 104, 717 192, 502 141, 462 94, 643 172,858 503,726 1,097,574 525,955 1,426, 395 34,361 4,512 1 See footnote 2 appended to the "All banks" section of this table. g 9,621 TABLE 10.—NUMBER OF BANK SUSPENSIONS AND LOANS AND INVESTMENTS OF SUSPENDED BANKS, 1921-1936, BY POPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS—Continued PRIVATE BANKS Number of bank suspensions Population of city Under 500 500 to 999 1,000 to 2,499 . ___ Total 1921-1936 1922 1921 1924 1923 9 5 3 6 4 6 11 11 2 18 1 1 1 2 1 1 1 2 3 3 1 277 131 80 16 10 2,500 to 4,999 5,000 to 9,999 10,000 to 24,999 18 16 6 3 25,000 to 49,999 50,000 to 99,999..._ _ 100,000 and over 5 11 55 1 1 6 3 1 3 7 599 44 23 23 37 _ _ 4 1 1 1928 1927 23 12 9 21 10 1 1930 1929 8 5 1 1933 1932 1935 1934 1 1 24 10 6 27 21 17 25 4 5 66 19 14 8 1 2 3 14 12 4 1 1 1931 1 2 2 1 2 3 4 1 3 1 1 4 10 3 9 39 52 33 19 31 58 80 2 1936 1 1 CO Total 1926 1925 1 4 37 1 109 13 1 Loans and investments of suspended banks 1 (in thousands of dollars) Under 5 0 0 . . 500 to 999 1,000 to 2,499. . 23, 372 18,088 18, 525 2,500 to 4,999 5,000 to 9,999 10,000 to 24,999 „ . 25,000 to 49,999... 50,000 to 99,999 100,000 a n d over _ Total 1,103 654 643 4,946 1,830 1,136 249 217 340 665 .220 370 343 1,634 1,194 1,339 762 355 891 1, 376 1,176 2, 272 1,568 290 1,300 14 963 232 235 338 679 9 75 83 89 1,390 4,833 16,431 206 979 44 1, 320 9 908 2,327 667 1,665 90, 551 4,264 1,589 7,685 5,024 4,420 806 4,178 341 106 410 w 2,762 1,830 905 4,198 4,784 6,345 2,241 1,258 2,420 5,592 3,061 3,570 558 114 367 700 155 117 484 719 82 6,774 13, 543 1,260 1 595 2,694 70 2,023 6,872 1,674 78 139 415 740 504 430 a 2, 595 2,168 16,057 20, 505 i—i 3 78 i See footnote 2 appended to the "All banks" section of this table. CO O 906 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 11.—NUMBER OF BANK SUSPENSIONS DURING 1921-1936 PER HUNDRED ACTIVE BANKS ON JUNE 30, POPULATION OF TOWNS AND CITIES, CLASSES OF BANKS, AND YEARS 1920, BY ALL BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of active banks, Total June 30, 19211920 1936 Population of city Number of bank suspensions per 100 active banks 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 .2 . 1 .1 .1 .1 .1 1936 8,266 5,147 5,680 56.3 54.4 49.7 2. 1 1.7 1.3 1.5 1. 1 1.3 3.7 2.2 1.9 3.7 2.9 2.4 2.4 2.3 2.2 4.2 4.0 3.5 2.9 2.7 2.2 2.3 1.8 1.8 2.7 2.5 2.3 4.9 5.1 4.7 7.7 7.4 7.2 5.1 4.9 4.9 12.5 15.5 13.6 2,500 to 4,999 5,000 to 9,999 10,000 to 24,999 3,028 2,011 1,733 43.0 39.7 40.9 1.2 1.1 1.7 1.0 .7 .6 1.0 1.1 .8 2. 1 1.5 1.5 2.2 1.3 1.3 2.3 1.6 1.3 2.0 .8 2.0 1.0 1.2 .9 1.6 1.7 1.4 4.0 3.2 3.2 7.0 6.9 7.7 4.9 4.5 4.8 12.5 13.6 13.4 25,000 to 49,999 50,000 to 99,999 100,000 and over 739 644 1,637 38.2 41.1 43.4 1 1.9 1.4 9 1.7 .9 8 .6 1.0 1 6 .8 .7 5 .6 9 1.6 1.8 8 .9 .7 8 .8 .6 1 l 1.2 1.4 3 2 5.1 3.5 9 1 7.9 11.2 3 8 3.7 5.9 14 3 13.5 13.0 .3 .3 .3 .1 .2 .1 28,885 49.7 1.6 1.2 2.2 2.6 2 0 3 2 2 2 1 7 2 2 4 5 7 7 4 9 13 5 2 1 1 1 Under 500 500 to 999 1,000 to 2,499 _ _. Total 0) . 1 .1 0) .2 .2 .2 0) .2 .1 NATIONAL BANKS Under 500 500 to 999 1,000 to 2,499 669 1,164 2,131 41 7 41.7 35.2 9 1.0 .8 1 5 .6 .8 3 1 1.3 1.5 24 2.2 1.5 1 2 2.1 2.1 3 1 2.3 2.1 1 9 2.0 1.5 1 2 .3 1.1 1 2 1.0 1.1 3 0 3.4 1.7 6 0 5.6 5.1 3 1 3.1 3.0 12 9 16.5 13.0 2 500 to 4 999 5,000 to 9,999 10,000 to 24,999 1,338 927 803 31 8 32.5 29 9 4 .5 9 4 .5 2 7 .5 5 1 7 1.1 1 1 1 7 .6 1 0 1 6 .6 1 1 l .4 5 6 .6 4 5 1.0 4 1 7 1.6 1 5 4.5 5.1 4 9 3.7 3.9 4 2 12.9 15.9 14 1 308 230 454 26.3 21.3 24.0 6 .4 .2 6 .4 .2 1 0 .4 .4 6 3 1 0 .4 3 .7 1 3 2.6 1.1 5 8 3.9 5.1 3 2 2.2 4.6 11 4 10.9 11.7 8,024 33.9 .6 1.1 1.5 1.5 .7 .8 2.0 5.1 3.4 13.7 0) 25,000 to 49,999 50,000 to 99,999 100,000 and over Total .6 1.5 1.1 2 0) 0) 1 0) 0) 7,597 3,983 3,549 57.6 58.1 58.4 2.2 1.9 1.7 1.5 1.2 1.6 3.8 2.5 2.2 3.8 3.1 2.9 2.5 2.4 2.3 4.3 4.5 4.3 3.0 2.9 2.6 2.4 2.2 2.3 3. 1 5.1 5.6 6.5 7.9 7.9 8.5 5.2 5.4 6.0 12.5 15.2 14.0 .2 .2 . 1 .2 1.2 1.6 1.1 2.5 1.8 1.8 2.5 1.9 1.6 2.8 2.4 2.4 2.7 1.2 3.2 1.4 1.7 1.4 2.5 2.4 2.3 5.8 4.6 4.6 9.0 8.4 10.2 5.7 5. 1 5.3 12.1 11.6 12.8 .1 .3 .2 . 1 .2 .2 .4 .2 to to _ _ CO OO Under 500 500 to 999. _ . 1,000 to 2,499 to to STATE BANKS (MEMBER AND NONMEMBER) . 1 2,500 to 4,999 5,000 to 9,999 ._ 10,000 to 24,999 1,690 1,084 930 52.0 45.8 50.4 1.8 1.6 2.5 1.5 .9 .9 25,000 to 49,999 50,000 to 99,999 . . . . 100,000 a n d over___ __ 431 414 1,183 46.6 52.2 50.8 .2 2.9 1.9 1.2 2.4 1.2 .9 .7 1.4 2. 1 1.0 .8 .5 1.0 .8 1.4 2.4 2.5 1.4 1.4 .9 .7 1.0 .8 1.6 1.9 1.9 4.6 6.5 4.5 11.4 10. 1 13.6 4.2 4.6 6.4 16.5 15.0 13.5 .5 .4 .5 .1 .2 .1 20,861 55.7 2.0 1.4 2.6 3.0 2.2 3.8 2.6 2.0 2.7 5.4 S.6 5.5 13.4 .2 .1 .2 Total . _ 1 Less than .1. 907 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 12.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY MONTHS AND CLASSES OF BANKS ALL BANKS i Number of bank suspensions Total, Month 1921-1936 April May June - July August-. September _ _ _. _ _ Total- 1926 1927 1928 1929 1930 1931 1932 1934 1935 63 29 45 57 42 30 35 36 46 152 90 69 100 62 42 71 51 53 135 80 75 56 48 64 58 70 52 90 87 80 198 76 86 342 119 45 236 150 3,460 23 6 4 3 3 1 5 9 686 693 795 42 40 21 32 29 19 31 29 30 72 80 52 45 55 37 57 66 81 48 46 40 47 30 29, 40 66 79 90 59 67 64 91 167 74 82 151 30 12 11 5 1 5 4 2 4 5 5 2 30 36 29 12 24 19 48 52 53 45 35 34 27 19 28 142 49 42 35 26 36 24 20 20 67 18 37 64 67 67 93 158 305 132 85 67 12 22 3 2 1 5 1 3 4 2 3 1,185 1,205 1,529 57 63 50 26 34 42 71 102 113 40 48 58 53 77 73 87 154 123 51 42 55 41 77 42 41 70 61 71 256 352 522 175 358 102 93 161 29 3 2 2 1 3 5 2 1 5 505 366 646 775 618 976 669 498 659 1,350 2,293 1,453 4,000 57 34 44 1933 2 t-» 00 October November December -_ __ _- 1925 743 616 757 - 1924 1,620 951 4,163 - - 1923 14, 943 January February March 1922 CO 1921 1936 January February March April July August September _ October November December _ ._ _ _ _ _ _ Total 7 2 4 6 10 1 4 6 5 27 20 14 24 15 6 '7 8 5 18 14 11 7 6 7 4 13 6 9 18 8 20 15 18 74 24 7 5 4 1 3 3 2 5 4 6 10 8 7 12 10 3 5 9 13 5 10 7 5 5 1 3 6 9 5 2 10 17 24 26 6 14 44 82 94 97 2 4 2 2 3 2 5 7 6 6 5 2 3 3 4 4 8 6 2 4 2 1 4 3 7 2 3 9 8 7 16 29 46 20 17 12 3 198 167 224 19 16 8 9 6 10 10 18 15 25 18 7 5 6 2 8 8 4 1 6 10 26 49 100 35 63 20 19 19 1 7 7 7 3 7 52 49 90 122 118 123 91 57 64 161 409 276 1,101 5 5 1 1 3 2 10 5 6 4 1 2 2 12 16 4 2 4 6 5 1 55 1 2 1 1 2, 719 May June 252 171 1,120 83 100 131 _ _ Os co NATIONAL BANKS 174 2 44 20 1,028 1 1 1 1 1 1 1 4 1 20 4 1 2 3 1 5 9 J anuary February March 78 39 175 1 8 2 1 4 2 1 8 2 5 1 4 3 4 1 1 1 2 4 2 1 1 3 4 3 1 1 1 1 1 2 1 1 __ 2 1 2 1 1 1 2 1 4 1 7 8 25 8 18 31 16 17 27 107 2 1 1 3 3 1 5 1 3 1 1 2 1 1 1 20 to to May 12 6 3 I-1 tO tO STATE MEMBER BANKS 1 1 July August September 16 21 31 2 1 1 1 October November. _ _ _ December 47 50 67 4 2 3 2 2 3 3 7 6 1 5 3 1 3 6 10 Total 592 19 13 32 38 28 35 June _ . . 1 1 1 -5 1 4 2 15 7 150 1 NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS January February March April Mav June _ July - August September October November December Total . 1 2 1,223 702 2,733 49 31 24 26 28 33 109 55 48 61 41 33 58 39 47 105 62 57 44 38 51 52 52 31 72 68 69 164 52 63 248 164 86 118 33 2 2,198 542 534 599 32 31 18 27 24 11 23 19 20 59 70 40 30 33 30 50 51 60 34 32 29 38 24 26 35 57 67 80 53 53 41 61 126 54 60 100 28 11 10 2 1 4 4 2 3 5 5 2 609 470 599 23 27 24 7 19 16 38 43 46 35 26 32 23 14 22 135 40 34 33 21 29 21 15 14 58 15 32 46 52 52 68 110 231 105 63 51 7 21 10 2 2 1 4 1 2 4 1 3 892 951 1, 179 . 48 23 33 43 52 36 15 28 30 59 75 91 28 33 43 37 62 47 58 105 89 37 34 41 38 67 30 35 63 50 57 220 282 384 130 267 81 68 136 14 8 27 3 2 1 1 3 5 2 1 4 11,033 390 281 501 578 433 766 514 406 547 1,104 1,697 1,085 2,616 43 30 42 Exclusive of mutual savings banks. See note on following page. 908 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 12.—NUMBER OF BANK SUSPENSIONS, 1921-1936, BY MONTHS AND CLASSES OF BANKS—Continued PRIVATE BANKS Number of bank suspensions Total, Month July August __ -. _ October November December Total . 1926 1927 1928 6 3 7 1 1 2 1 4 9 4 7 4 2 2 2 4 2 2 4 41 38 38 5 4 1 5 3 2 2 4 1 8 2 1 5 5 36 31 30 3 4 2 2 2 1 3 1 1 3 3 1 1 1 2 1 1 48 37 59 3 2 4 2 1 2 2 1 3 1 2 3 4 5 599 44 23 23 37 39 1929 1930 1932 1933 1934 13 5 184 3 2 3 2 9 4 4 7 3 5 1 2 2 3 4 3 3 4 5 9 2 3 2 9 6 6 7 7 12 3 3 1 1 1 2 2 1 1 9 18 6 5 2 8 1 2 4 4 3 13 13 2 10 1 1 2 1 33 19 31 58 80 37 109 13 1936 1 52 1935 2 1 5 1 3 1 5 1931 3 14 CO CO 1925 MW _. 1924 .O CO April Mav June 1923 67 39 135 January February March__- __ 1922 to 1921 to to 1921-1936 3 1 1 1 i Comprises (1) banks suspended March 1-15: 2 national banks, 1 State member bank, 54 nonmember State banks, and 4 private banks; (2) unlicensed banks following the banking holiday classed as suspensions: 1,026 national banks, 149 State member banks, 2,122 nonmember State banks, and 77 private banks; and (3) licensed banks suspended March 16-31: 22 nonmember State banks and 3 private banks. See in this connection the paragraph on "Bank suspensions in 1933" on page 866. 909 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 13.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY MONTHS AND CLASSES OF BANKS ALL BANKS * [In thousands of dollars] Month Total 1921-1936 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 January 678,035 F e b r u a r y . __ 348, 479 March. _ 3,479, 643 22, 563 12, 843 5,639 47, 948 26,682 13,998 30, 669 12,021 18,490 26, 523 22,247 17084 6,495 23, 827 15,941 11,682 26,103 18,022 24, 111 32,433 15,078 11 13, 674 14, 238 9,967 9,640 32,801 16,877 9,221 23,172 April May June 226, 586 252,021 530, 738 7,250 6,923 8,509 16,837 14,846 13, 526 12,718 9,111 10,427 31,876 11,213 7,868 7,117 28, 678 16, 257 14, 417 13, 269 6,776 15, 569 19, 383 16, 813 2,917 11,079 8,337 10,063 29,496 10,382 10,963 25,412 57,850 July _. August September.. 306,925 329,089 352,724 10,326 2,448 12, 607 16,315 7,511 4,847 15, 675 7,091 4,552 2,852 8,737 October November.. December... 628,187 472, 253 907, 205 Total 1931 1932 1933 1934 75,712 218,867 133,057 31,835 34,179 51, 714 62,182 1,261 34,320 10,874 23,276,368 296 1935 1936 464 95 1,198 825 41, 683 31,613 43, 210 34, 370 190, 480 132,661 18, 831 1,341 390 32, 725 236 204 21,927 788 1,223 705 729 347 8,073 60,801 29,756 5,546 6,724 2,2,787 8, 5d4 9,666 21, 568 40,745 48,743 180,028 29,513 233, 505 13, 508 10, 728 18, 923 6,885 13, 675 4,456 14,677 9,970 14,167 16, 797 13, 877 8,0.80 12,496 19. 679 15,947 21,430 11,439 20, 239 41,496 10, 250 27, 695 22, 256 179,331 "1,331 25,013 9^847 23,962 19, 491 21,609 41, 675 10,718 15,470 372; 138 :, 471,380 20,092 67, 939 43,319 277,051 70, 914 5,685 2,470 6,917 6,158 44,835 12,269 2,287 9,89.2 17, 719 12,924 9,284 120 661 2,340 237 180 129 144 4,806 470 268 228 183 17 2,871 49 296 681 1,548 8, 511, 885 172,188 91,182 149, 601 210,151 167, 555 260, 378 199,329 142, 386 230, 643 837,096 1,690, 232 706,188 3, 596, 698 36, 937 10,015 11,306 NATIONAL BANKS January 186,304 F e b r u a r y . _. 91,103 March 1,568,083 2,986 2,444 1,595 3,742 769 476 530 13, 294 1,595 8,696 3,881 5,646 8,855 4,591 3,126 2,1 2,776 518 7,374 5,496 2,344 10,047 3,434 3,503 3,955 14, 463 2,124 1,978 7,261 April May June 50, 658 57, 394 118,833 1,616 323 2, 461 1,529 71 1,540 1,397 2,907 4,174 9,269 3,210 6,067 6,226 2,342 1,179 3,248 4,171 3,601 6, 225 1,752 2,006 2,266 1,631 1,433 2,969 4,074 1,317 3,686 15, 495 19, 498 2,634 12,320 6,263 31, 368 42, 555 4,: 799 7,911 July August September _ - 64, 386 68, 828 102, 816 228 1,140 1,394 668 1,812 4,584 1,550 7,916 2,556 2,347 8,342 469 230 2,339 2,777 8,639 11,071 316 2,780 1,465 1,303 7,045 17, 722 31, 629 11,075 79, 446 3,300 649 2,624 1,195 2,024 3,473 October November_. December. __ 150, 010 161, 465 183, 617 4,157 2,104 2,601 1,659 2,485 3,791 2,464 6,419 6,236 2,811 3,358 3,631 405 2,105 1,120 12, 710 4,148 1,347 4,071 3,375 364 63, 348 1,748 43,468 111,088 6,209 28, r- 26, 224 87,448 13,395 144 Total 2,803, 500 5,893 5,184 4,557 11,066 8,948 6,465 20, 777 20,197 34,244 64,890 55, 574 45, 547 36,483 41, 614 170,446 14, 569 63,482 55,938 5,822 17,127 15, 864 10, 899 4,484 21,521,425 313 194 40 879 261 4,545 507 439,171 214,150 1, 610, 549 40 5,313 607 61, 240 31,137 52, 266 143, 063 780 18,024 24,839 38,032 1,130 22, 882 4,776 2 985, 050 104 " 4 6 4 825 705 729 347 STATE MEMBER BANKS January February..March April.. May_. 54, 598 36,538 771, 233 June.. 19, 755 14, 376 63, 282 10, 508 July August September. - 17, 617 55, 791 36, 586 2,313 32 187 October November _ _ December.._ 124,171 53,277 216, 361 785 311 955 1,129 782 Total 5,256 3,660 387 3,078 292 37 1,323 409 221 4,599 760 2,142 816 5,685 1,262 481 381 117 4,563 52 516 156 780 950 74 6,041 694 2,843 155 2,463 748 1,229 1,777 875 3,178 178 260 23 672 244 "359 78 540 458 2,478 265 310 511 392 333 146 22 101 247 1,389 2,515 2,691 94 882 2,840 1, 463, 585 17, 363 7,113 12, 559 13, 645 189 358 1,234 720 4,978 10, 214 1C , 225 764 1,930 1, 692 239 10,820 708 432 451 323 313 532 179 298 1, 91.8 797 9, 883 23, 466 17, 942 10, 247 16, 459 202, 399 14,394 7,215 10,873 7,239 7,901 8,427 2 759,839 108 2,264 11,887 5,055 1, 237 39, 434 7,589 1,805 52, 660 30,272 1, 769 798 1,725 117, 259 4,216 25, 768 3, 358 7,490 67 293, 951; 55,153 783, 399 NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS January 428, 281 18, 367 10, 308 3,940 29,171 13, 724 February. __ 206, 755 16,192 12, 564 3,773 8,741 9,906 March 1,123, 802 12, 452 j 5,227 9,235 7,732 6,262 9,526 20, 428 8,362 7,962 17, 912 8,314 17, 777 8,834 19, 513 17, 918 8,901 24, 973 13, 269 6,565 15, 085 7,380 9,784 4,852 9,620 7,491 23, 702 6,342 5,778 5,292 6,502 26, 980 4,468 10, 609 17, 760 9,057 16, 374 39, 979 19,180 16,151 25,455 26, 441 118, 628 82,091 14, 542 1,103 390 31, 926 236 204 14,016 716 1,029 4,462 42,877 1,474 7,813 6,116 8,931 9,922 9,152 7,901 6,857 41, 342 17, 466 3,161 5,700 17, 784 4,416 7,503 19,116 29,464 28, 450 93,894 17,120 121,495 8,803 7,217 18, 867 4,044 237 144 400 2,340 58 180 470 261 9,126 7,243 7,828 16,053 6,597 14, 534 19, 729 83, 925 8,215 6,007 12, 769 159,011 236, 932 13, 779 35, 466 13, 737 162,261 49,829 5,333 2,470 6,732 268 228 73 17 2, 871 49 296 681 1,041 April May June 149,470 174,075 338, 529 5,364 6,500 7,919 5,924 6, 234 1,308 July August September.. 216, 990 198,109 208,029 7, 640 1,445 9,633 6,109 3,133 10, 580 3,447 2,544 7,187 October November.. December. _. 343, Q16 8, 244 1,960 IQ, 822 6,656 7,736 8,148 249, 413 11, 846 5,277 12, 496 6,997 13, 997 21, 769 497, 072 21, 345 5,774 15,035 13,020 11,147 24,132 Total 1 1 7,640 11,943 3,177 18,977 7,507 4,758 7,395 2,847 5,651 4,133, 541 125,159 61, 964 101,025 123, 888 94, 547 183, 517 131, 503 92, 710 164,858 448,989 Exclusive of mutual savings banks. See note on following page. 935, 947 429,079 1,189,469 35, 456 4, 702 10, 728 910 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 TABLE 13.—DEPOSITS OF BANKS SUSPENDED, 1921-1936, BY MONTHS AND CLASSES OF BANKS—Continued PRIVATE BANKS [In thousands of dollars] Month Total 1921-1936 1921 January. __ _ February March... 8,852 14, 083 16, 525 430 3,510 1,783 April ._ May June 6,703 6,176 10,094 192(2 July August . September October November. _ December. __ Total 1924 1923 1925 1926 778 84 40 345 69 227 2,730 473 1,025 1,152 542 450 183 270 365 100 415 30 65 400 564 432 347 705 2,336 75 100 801 394 7,929 6,361 5,293 145 230 250 45 320 10, 990 8,098 10,155 489 1,189 228 1927 111, 259 852 2 903 1,441 409 202 136 8,889 1,908 1,773 7,728 1928 1929 1930 1931 614 1932 1934 1933 273 192 190 499 222 262 561 310 1,662 2,432 431 1,449 1,321 1,614 998 391 160 425 42 15 7 214 5,108 1,614 306 2,017 741 380 1,050 941 429 426 86 59 574 55 62 860 1,219 1,691 808 2,431 1,845 2,292 802 520 150 747 46 710 2,231 3,683 864 716 841 426 299 245 156 251 755 5, 677 6,101 218 1,574 104 208 240 200 7,551 9,397 4,337 2,946 7,712 15, 262 21,157 7,806 1936 211 56 102 180 965 426 1935 1,485 1,047 i 10 054 698 131 192 238 72 118 71 110 13, 281 1,441 71 1 Comprises (1) deposits of banks suspended March 1-15: national banks $1,381,000, State member banks $109,000, nonmember State banks $15,575,000, private banks $1,193,000; (2) deposits of unlicensed banks following the banking holiday classed as suspensions: national banks $1,520,044,000, State member banks $759,730,000, nonmember State banks $949,702,000 and private banks $8,653,000; and (3) deposits of licensed banks suspended March 16-31: nonmember State banks $19,773,000 and private banks $208,000. See, in this connection, the paragraph on "Bank suspensions in 1933" on page 866. TABLE 14.—MUTUAL SAVINGS BANKS SUSPENDED 1921-1936 Year of suspension 1922 1928 1930 1930 1931 1932 1932 State Number of suspensions Maine Maryland Massachusetts. New Hampshire _ _ _ Wisconsin. __ Massachusetts __ _ _ Minnesota 1 1 1 1 1 1 1 Population of city 5,083 796, 296 6,955 85,700 39, 251 103,908 14,038 Deposits Loans and investments (In thousands of dollars) 1,861 194 4,867 11,400 437 5,392 160 1, 945 124 3,645 12,155 407 6,703 156 Year of suspension Number of suspensions State Population of city Deposits Loans and investments (In thousands of dollars) 1932 1933 1933 1933 1933 Massachusetts Maryland Indiana Wisconsin Wisconsin Total _ _ 1 1 1 1 1 12 6,955 804,874 104,193 39,251 578,249 3,886 187 1,657 318 115 4,230 272 4,000 333 180 30, 474 34,150 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 911 912 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding U. S. Bills disBills counted bought Date Gov- Other ern- Reserve Total ment bank securi- credit1 ties End of month figures: 1936—June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1937—Jan. 31 Feb. 27 Mar. 31 Apr. 30 M a y 31 June 30 July 31 2, 525 2, 526 2,526 2,526 Wednesday figures: 1936—Sept. 2 Sept. 9 Sept. 16 Sept. 23 Sept. 30 2,430 2,430 2,430 2,430 2,430 Oct. Oct. Oct. Oct. Monetary gold stock Treasury currency outstanding Money Treasury in circash culaholdtion ings Member bank reserve balances Treasury Other deposits NonFedwith memeral Federal ber de- Reserve Excess Reserve posits ac(estibanks counts Total mated) 10, 608 10, 648 10, 716 10, 845 11,045 11,184 11,258 11,358 11,436 11,574 11,799 11,990 12,318 12,446 2,498 2,496 2,500 2,512 2,516 2. 521 2, 532 2,532 2,536 2,541 2, 543 2,547 2, 550 2,572 6,241 6,162 6,227 6, 267 6,351 6, 466 6,543 6,349 6,399 6,377 6>426 6, 462 6,447 6,460 2,497 2,432 2,404 2,458 2,388 2,364 2,376 2, 520 2,608 2,753 2,967 3,144 3,445 3,586 690 447 104 253 77 78 244 195 194 311 88 73 93 233 262 306 287 234 205 201 259 281 288 236 288 272 285 301 257 253 256 262 262 261 261 260 253 258 257 255 260 258 5, 633 6,005 6,410 6, 357 6, 753 6,788 6,606 6,781 6,695 6, 639 6, 881 6,915 6,900 6,753 2,717 3,029 1,950 1,840 2,175 2,236 1,984 2,152 2,078 1,398 1, 594 918 865 791 21 41 54 33 30 2,463 2,482 2,495 2,473 2,473 10, 717 10, 736 10, 762 10, 786 10, 845 2,502 2,508 2,507 2,509 2,512 6,225 6,276 6,255 6, 239 6,267 2,375 2,365 2,371 2,399 2,458 107 55 418 388 253 280 271 251 255 234 255 288 263 6,441 6,471 6,206 6,225 6,357 1,958 1,997 1,714 1,743 1,840 2,430 2,430 2,430 2,430 7 14 21 28 2,473 2,462 2,471 2,473 2,476 2,453 2,500 2,497 2,465 2,458 2. 565 2,585 2,562 2,574 31 43 23 23 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 2,390 196 135 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 2,430 2,430 2,430 2,430 2,430 2,430 2,430 2,430 2,430 2,430 Nov. Nov. Nov. Nov. 4_ 10 18 25 2,430 2,430 2,430 2,430 7 29 25 18 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 2,392 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 Dec. Dec. Dec. Dec. Dec. 2 9_ 16 23 30 2,430 2,430 2,430 2,430 2,430 28 29 42 100 46 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 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 1937—Feb. Feb. Feb. Feb. 3 10 17 24 2,430 2,430 2,430 2,430 28 42 41 22 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 17 16 12 22 12 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 6,385 6,375 6,377 2,620 2,672 2,697 2,723 2,753 216 186 87 279 311 280 238 243 326 236 253 254 261 260 258 6,660 6,749 6,830 6, 578 6,639 1,310 1,380 1,449 1,269 1,398 Apr. Apr. Apr. Apr. 7 14 21 28 2,459 2,487 2,487 2,526 23 27 25 29 2,493 2,528 2,523 2,571 11,592 11, 697 11, 737 11, 782 2,539 2,541 2,540 2,541 6,387 6,383 6,388 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 30 29 19 9 2,577 2,576 2,565 2,557 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 97 106 117 237 250 261 257 257 256 256 6,882 6,943 6,918 6,944 887 936 907 June June June June June 2 9 16 23 30 _ 2,526 2,526 2,526 2,526 2,526 23 26 38 19 22 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 85 250 151 93 255 279 267 324 285 256 255 263 263 6, 854 6,929 6,808 6,854 6,900 860 931 752 814 865 July 7 — . July 14... July 2 1 . . . July 2 8 . . 2,526 2,526 2, 526 2,526 35 40 22 16 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 3,576 285 275 258 305 258 258 258 258 6,827 6,928 6, 858 6,776 875 964 874 813 Aug. 4___ Aug. 11_. Aug. 18.. 2, 526 2, 526 2,526 17 26 18 2,561 2,572 2,565 12, 462 12,497 12, 527 2,572 2,573 2,577 6,468 6,482 6,500 3,605 3,640 3,672 101 90 184 228 309 253 156 320 327 340 258 259 258 6,636 6,681 6,744 704 740 782 12,118 12, 220 i Includes industrial advances. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 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. 832. 913 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures E n d of month 1937 Aug. 18 Aug. 11 Aug. 4 July 28 1937 July 21 July 14 July 7 July 1936 June July ASSETS Gold certificates on hand and due from U. S. 8,831,946 8,832, 398 8, 833, 399 8, 833, 899 8, 833,905 8, 835,407 8,835,406 8,833,900 8,835,907 8,197, 527 I, Treasury 10,122 10,784 9,784 9,976 9,936 9,549 Redemption fund—F. R. notes 10,399 9,284 10,471 12,663 303,051 306,903 312, 308 323, 657 318,928 307, 824 277,661 317,081 312,309 292,661 Other cash _ Total reserves 9,145,119 9,150,085 9,155, 4919,167, 492 9,162, 809 9,152, 780 9,123, 466 9,160, 265 9,158, 687 8, 502,851 Bills discounted: For member banks For nonmember banks, etc 18, 286 •2 16, 695 2 15,402 1 15,216 1 Total bills discounted 18,288 16, 697 15,403 3 3,070 3 3,069 3,073 21,007 3,072 21,043 Bills bought: Payable in dollars Payable in foreign currencies _ Total bills bought Industrial advances— U. S. Government securities: Bonds Treasury notes Treasury bills _ Total Government securities 15, 045 1 15, 217 12,171 1 12,172 15,046 13,017 1 13,018 4 3,074 127 3,074 206 3,074 513 3,083 3,078 21,082 3,201 21, 596 3,280 21, 665 3, 596 21, 759 3,941 14, 989 1 14, 990 9,929 3,950 3,083 3 3,074 718 3,083 3,092 3, 21, 783 3,077 21,163 3,801 22,152 3,092 29,073 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 732, 508 324, 721 1,157, 713 1,157, 713 1,157, 713 1,162, 713 1,162,713 1 1 V713 1 165,7131,160,' ,170,713 1,496, 719 ,6 L, 635. 969 635, 969 635, 969 630, 969 630, 969 627, 969 627,969 632, 969 622, 969 608,787 2, 526,190 2, 526,190 2, 526,190 ,526, 2, 526,190 2, 526, 2, 526,190 2, 526,190 2, 526,190 2, 526,190 2,430, 227 i, 190 -3,206 ' "~ 491 4,598 - 4 ' ""' - 6 , 364 , 394 18, '" " 499 13,161 — -4,818 Other Reserve bank credit Total Reserve bank credit outstanding. 2, 565, 352 2, 571, 600 2, 561, 359 2, 559, 840 2, 563, 798 2, 585,090 2, 577,821 2, 574,028 2, 561, 674 2,461, 524 LIABILITIES F. R. notes in actual circulation 4, 238, 391 4, 228,043 4, 222,016 4,193, 413 4,197, 871 4, 213,898 4, 252,417 663 4,206,477 3, 978, 394 4, 220, Deposits: 6,743, 874 6,681,124 , 635, 764 775, 505 6,858, 300 6, 927, 951 6, 6,826, 707 6, 753, 495 6,900, 288 6,005,108 155, 689 252, 690 308,778 227, 818 183, 743 Member bank—reserve account 90, 232 100,937 233,084 92,813 446,908 199,602 193,493 195,093 185,042 161, 864 159,009 172,325 183,496 157,400 U. S. Treasurer—general account 60,292 140, 513 133, 626 124,926 120,372 Foreign bank 95,966 115,621 112,381 117,980 127,671 245,519 Other deposits 7, 239, 678 7, 260, 933 7, 264, 561 7,308, 7377, 299,873 7, 292,813 7, 212, 350 7, 288,055 7, 278,172 6, 757,827 Total deposits Ratio of total reserves to deposit and F . R. note liabilities combined (per cent) 79.7 79.6 79.7 79.7 79.7 79.5 79.6 79.2 79.6 79.7 MATURITY DISTRIBUTION OF BILLS AND U, S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Bills discounted: July 28._ Aug. 4 Aug. 11 Aug. 18 Bills bought in open market: July 28 Aug. 4 Aug. 11 Aug. 18 Industrial advances: July 28 Aug. 4 Aug. 11 Aug. 18 U. S. Government securities: July 28 Aug. 4. Aug. 11 Aug. 18 6 days months 61 to 90 91to 6 days to months 1 year Within 15 days 16 to 30 days 31 to 60 days 15,217 15,403 16, 697 18, 288 12,304 12, 554 14, 237 16,083 511 447 426 397 774 915 829 920 3,201 3,078 3,072 3,073 271 177 178 90 173 262 238 1, 555 21, 596 21,082 21,043 21,007 ,149 657 636 783 94 251 534 656 861 672 691 792 524 446 445 2,050 2,065 2,251 2,214 27,447 43, 375 18, 246 30, 546 29,447 20, 246 104,170 142, 926 140, 359 138, 834 65, 661 57, 736 57,821 56,472 58, 034 222,616 305, 753 306, 787 309,058 1 year to 2 years 2 years to 5 years 5,464 5,709 5,710 5,712 8,419 7,569 7,568 7,498 236,997 236, 997 236,997 236, 997 623,368 623,368 623, 368 623, 368 2,549 2,549 2,567 142 Total 2, 526,190 2, 526,190 2, 526,190 2, 526,190 945 666 Over 5 years 817 821 259 219 2.972 3,446 3,226 3,238 494,785 418, 584 422,052 426, 969 681, 687 681, 687 681,687 681, 687 914 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total 8, 833,898 8, 833, 399 8, 832, 398 8,831,946 t38, 316 155, 804 447,103 439, 432 Philadelphia New York Boston Richmond Cleveland Atlanta Chicago Minneapolis St. Louis Kansas City San Dallas Francisco ASSETS Gold certificates on hand and due from U . S . Treasury: July 28 Aug. 4 Aug. 11 Aug. 18 Redemption fund—Federal Reserve notes: July 28 Aug. 4 Aug. 11 Aug. 18 Other cash: July 28 Aug. 4 Aug. 11 Aug. 18 Total reserves: July 28 Aug. 4 Aug. 11 Aug. 18 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: July 28 Aug. 4 Aug. 11 Aug. 18 Other bills discounted: July 28 Aug. 4 Aug. 11 Aug. 18 Total bills discounted: July 28 Aug. 4 Aug. 11 Aug. 18 Bills bought in open market: July 28 Aug. 4 Aug. 11 Aug. 18 Industrial advances: July 28 Aug. 4 Aug. 11 Aug. 18 U. S. Government securities: Bonds: July 28 Aug. 4 Aug. 11 Aug. 18 Treasury notes: July 28 Aug. 4 Aug. 11 Aug. 18 Treasury bills: July 28 Aug. 4 Aug. 11 Aug. 18 Total U. S. Government securities: July 28 Aug. 4 Aug. 11 Aug. 18 3, 3, 3, ' 3, 372, 267 267, 606 "•" 264,940 —1, 278, 462 499, 436 509, 616 ), 513, 289 509, 842 700, 266 719,819 710, 351 713,023 230, 328 274, 283, 776i232, 634 ,7, *"" 287, 229 235, 080 282, 086 234,811 1,709,485 271, ,731,935 275, ,732,085 275, , 729,196272, 671 151 474 452 194,745 283. 775 79, 210 679, 513 i3, 198, 3' 28'', 902 89, 232 681, 554 170 198,024 296, 364 .83, 056 689^ i,403 i, 195, 241 297,132 .84,877 695, 392 936 784 784 122 482 456 456 413 1, 068 950 1, 950 1, 743 652 604 604 506 896 848 848 762 706 920 920 922 1,348 1, 314 1,314 1,253 509 464 464 374 1,124 1, 112 1,112 1,090 658 652 652 640 310 301 301 285 421 413 413 400 1. 762 1,750 1, 750 1,734 323, 65' 312, 308 306,903 303, 051 38, 223 37, 760 36,000 33, 632 78, 068 77, 073 77, 729 77, 269 22,191 24, 050 22, 916 23,186 19,768 16, 789 14, 785 17,270 21,856 18.765 17,566 17, < 13, 435 13,955 13,038 13, 515 47,131 44, 630 45, 476 42,008 16,203 14, 873 14,651 14,624 7,157 6,113 6,019 6,119 16, 593 16, 711 16,137 16, 687 13,812 13, 698 13, 697 13, 746 29,220 27, 891 28, 889 27, 013 9,167, 492 9,155.491 9,150,085 9,145,119 477,021 494, 020 • 483, 559 473, 477 3, 451, 403 3,345,629 3, 344, 619 3, 357, 474 522,279 534, 270 536,809 533, 534 10,316 10,026 11,674 13,755 630 455 1,925 3,370 4,758 4,492 5,215 5,514 1,089 921 774 690 632 662 456 441 559 680 695 4,901 5,377 5,023 4, 533 102 41 41 35 2,34 2,874 2, 805 2, 489 50 50 50 50 34 46 46 46 21 403 69J 288 732 496 1,966 3,405 7,105 7, 366 8, 020 8,003 1.139 971 824 740 3,201 3,078 3,0"" 3, 073 224 224 224 224 319 319 319 318 21, 596 21, 082 21, 043 21,007 2,957 2, 94" 2,947 2,955 9, 9, 10, 10, 15, 15, 16, 18, 732,508 732, 508 732, 508 732, 508 53, 53, 53, 53, 385 385 385 385 1,130 1,089 1, 1,086 720, 930 297, 449 245,111 1,757, 125 288,998 202, 560 300, 678 93,443 10, 495 73' 456 303, 461 247, 903 1,777.029 291, 136 205,135 304,914 203! 343 711,195 ;7, "l, 725, 984 305,715 249, 432 1, 778, 025291,237 204, 695 312,802 97,166 720,042 731,055 300, 990 149, 579 1,771,5'•8 288, 166 202, 000 314,104 99,023 '24,139 ;, 624 1, 113 724 174 179 244 301 44 594 393 345 239 270 300 325 1,286 1,108 701 588 82 12" 125 9; 59 5' 666 708 502 1,117 829 980 1,020 1, 910 2,221 1,425 1,450 107 28 68 40 256 306 369 396 103 651 450 401 293 293 293 293 123 120 120 120 108 108 10' 107 384 384 384 384 86 86 86 86 60 60 60 60 87 192 191 188 187 870 816 816 814 314 311 304 298 763 756 747 745 612 600 600 602 726 726 726 726 32, 298 32, 298 32, 268 32, 298 23, 23, 23, 23, 128,136 127, 585 127,585 127, 585 51, 266 51, 046 51,046 51, 046 37, 823 57,132 45, 37, 56, 886 45, 37, 660 56, 886 45, 37, 660 56, 886 45, 69, 536 70, 08: 70,087 70,087 27, 821 28,041 28,041 28,041 20, 20, 20, 20, 278, 398 278, 398 278,398 278, 398 111, 385 111,385 111,385 111,385 5,860 5,499 5,495 5, 486 3,899 3,849 3,841 3," " 833 833 830 1,993 1, 985 1,984 1,96! 210, 233 210, 233 210, 233 210, 233 61, 861 61, 861 61,861 61, 861 71, 309 71,309 71, 309 71,309 38, 575 38,57 38, 575 38, 575 32,184 32, 184 32,184 32,184 98,189 97, 76? 97, 767 97, 767 113,189 112,702 112,702 112,702 61, 60, 60, 60, 51,08, 50, 86, 50, 86, 5C, 86, 1,162,713 1,157,713 1,157,713 1,157,713 84, 739 84,' 375 84, ~ ~ 333, 332, 332, 332, 630,969 635, 969 635, 969 635, 969 45, 985 46, 349 46, 349 46, 349 181,091 182, 526 182, 526 182, 526 2,526,190 2, 526,190 2, 526,190 2, 526,190 184,109 184,109 184,109 184,109 725, 021; 725,029 725,029 725, 029 705 270 270 270 53, 53, 53, 53, 286 708 708 708 61, 424 61,911 61,911 61,911 213, 336 ~"3, 336 213,', 213, 336 213, 336 245, 922 245, 922 245, 922 245, 922 231 968 968 968 33,228 33,491 33, 491 33, 491 27, 27, 27, 27, 72: 94: 94: 94: 133,034 110,991 133,034 110,991 133,034 110,991 133, 034 110,991 80, 80, 80, 80, 828 828 828 828 525 688 688 688 82,176 82,176 82,176 82,176 734 402 434 849 109 133 115 128 458 536 556 60; 103 107 199 114 14 169 194 176 1, 192 938 990 1, 456 745 720 909 714 98 8; 87 35, 35, 35, 35, 642 613 710 600 280 221 221 221 1, 221 1,208 1,201 1,194 2, 072 2,087 2,087 2,087 992 992 992 992 31, 003 31, 249 31,249 31, 249 28, 28, 28, 28, 601 601 601 601 63, 63, 63, 63, 516 516 516 516 397 100,821 202 100, 387 202 100, 387 202 100, 387 24, 636 24,831 24, 831 24, 831 54, 712 55,146 55,146 55,146 124,12' 98, 634 219,049 124,127 98, 634 219, 049 124,127 98; 634 219,049 124,127 634 219,049 915 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta St. Chicago Louis Minneapolis Kansas City San Dallas Francisco ASSETS—Continued Total bills and securities: July 28 , !,022 739,124 218,693 247, 724 36, 267 113,201 279, 759 12,041 83,102 124, 980 101 145 222, 146 2, 566, 204 Aug. 4 100, 867 222,077 2, 565, 753 187, 776 738,983 218,475 247. 756 35, 968 113,511 279, 626 12,088 83, 643 1,912^ 222, 266 Aug. 11 189, 246 739, 628 218, 320 247, 550 .36,118 112,711 279, 666 12,144 83, 433 125,008 100, 2, 567,002 Aug. 18 2, 568, 558 90, 693 739,604 218, 241 247, 532 36,136 112,735 279, 636 12,165 83, 382 124, 992 101,371 222; 071 Due from foreign banks: 16 July 28 86 22 3 16 26 4 20 222 16 Aug. 4 86 22 3 26 4 16 20 222 16 Aug. 11 91 22 3 26 4 6 16 20 227 16 Aug. 18 91 22 3 26 4 6 20 16 227 Federal Reserve notes of other banks: July 28 12, 265 549 4,413 1,442 3, 687 1,933 1,113 356 1,493 2, 350 1,806 32, 396 Aug. 4 7,493 529 4,905 4,004 1,662 1,179 1, 539 365 945 1,840 1,932 1,805 28,198 5,401 392 5,495 Aug. 11 977 2,590 2, 416 1,819 1,627 373 1,613 1,399 1, 584 25,686 5,1 353 5,613 Aug. 18 961 3,009 2,300 1, 5' 1, 205 1,330 1,710 25,444 Uncollected items: July 28 80, 695 24, 640 16,412 34, 477 22, 553 29, 930 59,127 47, 498 17, 847 582, 875 61,049 142,414 46, 233 Aug. 4 80,845 26,417 17,611 38, 581 22, 575 29, 339 57, 719 49,343 21, 390 601, 649 59, 973 146,330 51,526 Aug. 11 78,036 25, 622 17,879 36, 688 24, 286 30,115 56, 504 48, 732 19, 791 582, 630 63.115 137,841 44,021 Aug. 18 88, 733 26,815 18, 474 36, 929 27,421 30, 724 61, 945 54, 986 21, 283 643,160 64, 852 157, 630 53, 368 Bank premises: July 28 10.053 4,878 4, 651 2, 365 495 3,204 1,256 3,389 6,293 2,746 2,213 45, 572 3,029 Aug. 4 10, 038 4,878 492 3,190 1, 250 3,389 4,640 2,361 6,280 2,746 2,212 45, 500 3,024 10.038 4,878 Aug. 11 493 3,190 1, 251 3,389 3,024 4,640 2, 361 6. 280 2,746 2,212 45, 502 10,038 4,878 Aug. 18 493 3,190 1, 251 3,389 3,024 4,640 2, 360 6, 280 2,746 2,212 45, 501 All other assets: 1,723 3,307 July 28 12,713 5,591 580 4,168 1,691 4,779 2,796 1,723 44, 769 2. 699 3,188 1,690 Aug. 4 _. 12,186 4,996 544 1,: 3,""" 1, 650 2, 609 4,628 2,690 1,657 42,692 3,252 12, 485 5,081 Aug. 11 562 1, 915 1,709 4,062 1,678 2,656 4, 676 2,760 1, 684 43, 520 1,743 3,307 12,443 5,121 Aug. 18 590 1/ 4,135 1,709 2,695 4, 754 2,756 1,716 43,966 Total assets: 306, 265 .,._. 320,675 973,696 July 28 12,439,530 732,192 4, 368,058 798,685 1 040,366 489,115 381,909 2,130,111 431, 672 ...,_.._ 466, 786 Aug. 4 486 2,150,138 435,318 310, 607 475,099 330, 260 974,109 12, 439, 50r 747, 783 4, 260,745 815,112 i; 055, 699 496,149 ~~~, , Aug. 11 435, 462 , 722 , 103 ..„ ,422 2,147,045 435,462 310, 884481, 236 325, 7 984, 575 , 12.414,652 741, "-- : 250, 810,108 1 042, 627 497, 479 387, 422 T Aug. 18 483, 311 331168 989, 259 953 389, 243 2,151, 757 433, 519 308,140 483 311 331,168 989 259 12, 471, 975 35, 336 4, 282,373 816,125 1,052,791 LIABILITIES Federal Reserve notes in actual circulation: July 28 Aug. 4 Aug. 11 Aug. 18 Deposits: Member bank—reserve account: July 28 Aug. 4 Aug. 11 Aug. 18 U.S. Treasurer—general account July 28 Aug. 4 Aug. 11 Aug. 18 Foreign bank: July 28 Aug. 4 Aug. 11 Aug. 18 Other deposits: July 28 Aug. 4 Aug. 11 Aug. 18 Total deposits: July 28 . Aug. 4 Aug. 11 Aug. 18-— Deferred availability items: July 28 Aug. 4 Aug. 11 Aug. 18 921, 741 315,265 934,036 314,693 930, 674 315,214 939,160 315,310 4,193,413 4, 222.016 4, 228,043 4,238,391 286,025 287, 241 286, 529 286,734 6, 775, 505 6, 635, 764 6, 681,124 6, 743, 874 •8,013 371,924 338, 301 ! , 993 350, 066 2, 800, 378, 418 340,021 2, 836,373 375. 643 87: 335, 288 2, 878, 992 373, 087 227, 818 308, 778 252, 690 155,689 6,490 9,848 11,696 7,426 185, 042 195,093 193,493 199, 602 13, 483 14,198 14,198 14,198 67,023 70,808 69, 209 75, 318 120,372 124,926 133, 626 140,513 3,140 2,890 3, 257 3,192 55,007 59,148 68, 463 76,042 7,308,737 7, 264, 561 7, 260, 933 7, 239, 678 361,414 377,002 369,172 360, 104 589,461 606, 265 578, 259 646, 593 462,08' 206, 535 169,745 465, 736 216,346 169, 446 456, 961 213,459 171,724 462, 980 """1,136 171, 293 216, 971,105 179, 265 136, 474 164,796 971, 474 180, 336 137, 679 166,930 "',448 971 762 179,839 137, 679 167, "'" 975', 105 180,104 137, 990167, 273 91, 432 334,450 92, 553 339,085 i , '9 92, 37f 340,'741 92', 680 343,174 983, 991 200, 590 134, 676 244,407 175, 428 539, 1,237 175, 968 535,940 967,933 195,095 136,586 243, 971, 504 198,009 135, 98: 253; 630 173, 651 554; 162 986, 936 195, 536 131,245 256,024 175,357 561,000 3, 694 5, 002 3, "" 4, 24, 83' 60, 463 56,089 30,289 3,461 9, 670 7,792 5, 836 2,873 2,946 4,223 4,195 8, 257 7, 9,189 12, 302 7,777 12, 307 6,73: 11,027 18, 771 20, 246 10, 261 3,226 18,100 19,061 19,061 19,061 16,992 17,894 17, 894 17, 7,942 8, 364 8, 363 8,363 6,464 6,808 6,80: 21, 22, 22, 22, 424 562 562 562 5,541 5,835 5,835 5,83E 4,248 4,474 4,473 4,473 5, 356 5,640 5,641 5,641 5,356 5,640 5,641 5,641 13,113 13, 809 13, 809 13, 809 9,764 9,656 9,640 9,283 20,892 20, 740 20, 727 20, 712 3,31.p 3,377 3,371 3,251 2,950 3,092 2,803 2,843 2, 269 1,709 1,569 1,253 6,138 6,242 6, 593 6,453 2,390 2,569 2,34' 2,250 744 99 145 4,059 4,759 4,337 4,026 10,354 10,000 10, 420 11,063 3,186,412 403,185 3, 063, 376413,900 3,064, 201 417,751 3,070, 302 415, 242 3, 139,501 142,963 134.730 152, 390 189,506 168, 497 192i '"1,915 171, 364 194,360 170,905 194! 840 170,206 " ':, 12, 204 19, 767 27,101 12,819 20,437 15.059 21,165 7, 116,369 3,397 132,427 6, 765 90,156 13,407 39, 950 13,811 60, 766 59, 593 62, 320 64, 496 434,857 433, 710 440, 513 435,815 46, 414 53,219 43, 76" 52,198 ; , 144,187 257, ,555 193,1 100 582,046 512,1' 237, 559 182,853 1,032, 521 215, 730 ; , ) 579, 995 ' 531, 471 240, 906 184, 348 1,052,667 216, 842 146,57 258,810 198, 669 . . 7 516,019 240., 252184, 820 1,051, 724 218, 229147,030 """\ 147 195, 936 588, 652 267, I 196,051 589,098 522, 751 235, 693 185,027 1,041,040 213,660 142,163 268, 547 61,471 58, 713 54, 261 62, 395 47,199 47, 508 47,999 53, 566 17, 842 20,138 19,011 21, 328 81, 39£ 81,335 78, 614 90, 791 26,164 27,646 26, 872 29, 240 16, 265 16,993 16. 811 18, 645 34, 422 39,41 36,710 37, 547 25, 096 28,005 26, 345 31,407 32,926 30,739 30,819 32, 590 916 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total LIABILITIES—continued Capital paid in: July 28 Aug. 4 Aug. 11 Aug. 18 Surplus (section 7): July 28 Aug. 4 _. Aug. ll.__ Aug. 18 Surplus (section 13b): July28._ Aug. 4 . . . .._ Aug. 11 Aug. 18 _ Reserve for contingencies: July 28 _._ Aug. 4 _ Aug. 11 Aug. 18 _.._ All other liabilities: July 28 Aug. 4 . . . . _ ._.. Aug. 1 1 . . . Aug. 18... _ _ -... Total liabilities: July 28 -... Aug. 4 ... Aug. 11 Aug. 18 Contingent liability on bills purchased for foreign correspondents: July 28 Aug. 4 Aug. 11 Aug. 18 Commitments to make industrial advances: July 28 Aug. 4 Aug. 11 Aug. 18 Boston New York Philadelphia 132, 407 132, 442 132, 530 132, 533 9,382 9,369 9,364 9,365 51,095 51,091 51,090 51,074 12,254 12, 259 12,259 12, 257 145, 854 145, 854 145,854 145, 854 9,826 51,474 51,474 51,474 51, 474 27,490 27,490 27,490 27, 490 2,874 2,874 2,874 2,874 35, 871 35, 873 35, 871 35,838 1,570 1,570 1, 570 1,570 6,297 5,004 5,672 5,598 335 308 334 367 Cleveland MinRichSt. mond lanta Chicago Louis neapolis San Kansas Dallas Francisco City 4,861 4,862 4,865 4,873 4,344 4,342 4,347 4,350 12,767 12,770 12, 851 12,856 3,834 3,834 3,837 3,839 2,890 2,891 2,893 2,892 4,035 4,044 4,050 4,048 3,879 3.879 3,879 3,873 10,147 10,180 10,173 10,177 13,362 13,362 13, 362 13, 362 12,919 12.921 12.922 12,929 14, 323 14, 323 14,323 14, 323 4,8 4,8 4,8 4,8 5,616 5,616 5,616 5,616 21,504 21,504 21,504 21, 504 4,655 4,655 4,655 4,655 3,116 3,116 3,116 3,116 3,613 3,613 3,613 3,613 3,851 3,851 3,851 3,851 9,645 9,645 9,645 9,645 7,744 7,744 7,744 7,744 4,325 4,325 4,325 4,325 1,007 1,007 1,007 1,007 3,422 3,422 3,422 3,422 754 754 754 754 1,416 1,416 1,416 1,416 545 545 545 545 1,003 1,003 1,003 1,003 1,142 1,142 1,142 1,142 1,262 1,262 1,262 1,262 1,996 1,996 1, 996 1,996 9,117 9,117 9,117 9,117 3,000 3,000 3,000 3,000 3,121 3,121 3,121 3,121 1,496 1,497 1,497 1,497 2,048 2,048 2,048 2,041 941 941 941 941 1,847 1,847 1,846 1,847 2,037 2,037 2,037 2,037 354 430 431 493 433 461 450 203 170 215 193 7,805 7,805 7,f 7,777 1,598 1,167 1,369 1,268 1,199 1,199 1,199 1,199 974 944 1,073 1,112 I,1 1,690 1,691 313 233 279 271 280 261 286 277 282 302 304 290 282 206 185 200 208 194 224 197 449 432 512 542 12,439, 530 732,192 4, 368,058 798, 685 1,040, 366 489,115 381,909 2,130, 111431, 672 306, 265 466, 786 320,675 973,696 12, 439, 505 747, 783 4, 260, 745 815,112 055; 699.._ 149 388| 486 2,150; 138 435, 318 310,481,236 325,722 984,575 i; 496', 607 475,099 330, 260 974,109 12,414,652 741,989 4,250,103 810,108 l , 042', 627 ' 497,479 387,422 2,147,045 435,462 310,884 12,471, 975 735,336 4, 282, 373 816,125 1,052, 791 498,953 389,243 2,151, 757 433, 519 308,140 m, 311331,168 989,259 ; , 3, 212 2,917 2,780 2,478 240 223 203 181 1,111 965 1,003 322 299 272 243 303 281 256 228 141 131 120 106 115 107 97 87 15, 726 15, 366 15, 304 15,249 2,003 1,983 1,971 1,962 5,462 5, 399 5,368 5,349 162 161 164 152 1,303 1,948 1,947 1,941 1,938 315 314 314 314 937 937 95 381 354 323 287 1,045 1,039 1,039 1,039 95 234 217 197 176 125 122 122 122 302 302 302 302 2.987 3,096 3,083 3,071 917 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 24, 1936, TO AUGUST 25, 1937 [Amounts in thousands of dollars] Date (last Wednesday of each month) 1936—July 29.. Aug. 26. Sept. 30. Oct. 28.. Nov. 25. Dec. 30. 1937—Jan. 27.. Feb. 24 Mar. 31 Apr. 28. May 26 June 30 July 28_ Aug. 25. 331,659 333, 930 336,119 336, 763 339,903 342, 699 342, 999 343, 904 346, 911 348,342 349,288 351, 420 352,024 352, 666 Applications approved to date by Federal Reserve banks (with and without conditions) Number Applications received to date, net Applications recommended for approval by Industrial Advisory Committees to date (with and without conditions) Number Amount 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 2,598 143,978 145, 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 Federal Reserve bank advances outstanding Total 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 2,373 134,233 135,421 137,251 138, 731 138, 938 139,829 140,213 140,515 141, 545 144, 564 145,228 145, 758 145,887 146,457 Expired, Federal Reserve Approved repaid, or withbank commit- but not drawn by com- 1 appliments pleted cant, outetc. standing 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 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 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 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 64, 342 66,304 69,217 72, 915 75,045 77,903 80,500 82,163 85, 215 89, 268 97,668 99, 271 101,139 1 2 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,366,424 on August 25, 1937. NOTE.—On August 25, 1937, there were IS applications amounting to $2,119,500 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 Federal Reserve notes: Issued to F. R. bank by F. R. agent: July 28 . . . . . 4, 523, 643 328, 1, 026,880 333,097 461, 452 199, 524 1,376 186,! 996, 224 Aug. 4 4, 532, 357328,535 1,028,126 335,119 460, 780 202,866 187,936 998,109 Aug. 11 4, 544, 445 """1,351 1,031, 388 332, 507 484, 299 205,130 329, 189,312 998, 606 Aug. 18 4, 554, 501329, 799 1,036, 700 332, 654 464,473 205, 252 348 1, 000,142 188, Held by Federal Reserve bank: July 28 330, 230 42, 351 105,139 17,832 26,595 10,018 18,311 25,119 Aug. 4_ 310,341 41, 294 94,090 20,426 27,070 9,951 16, 572 26,635 Aug. 11 316, 402 42, 822 100, 714 17, 293 23, 786 10, 770 18,407 26, 844 Aug. 18 316,110 43,065 25,037 97, 540 17,344 28,658 10,412 18,142 In actual circulation:1 July 28 4,193,413 286, >,025 921, 741 315, 265 434, 857 189,506 168,497 971,105 Aug. 4 4, 222,016 287! ,241 036 314, 693 433, 710 192, 915 171, 364 971,474 Aug. 11 4, 228,043 2861 529 i , 674 315, 214 440,513 194, 360 170,905 971, 762 Aug. 18 4, 238, 391 i 734 939,160 315, 310 435, 815 194, 840 170,206 975,105 , Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: July 28 4, 580, 632 336,0001,040,000 335,000 465, 500 201 168,000 1,020,000 Aug. 4 4,582,132 336,000 1,040,000 337,000 , , 168,000 1,020,000 Aug. 11 4, 593, 632 336,000. 040, 171,000 *1,040,000 337,000 467, 500 205,000 171 1,020,000 , Aug. 18 4, 593, 632 336,000 ' "" " 337; 000 467; 500 205,000171,000 1,020,000 1,040,000 Eligible paper: July 28 14, 531 732 6,489 1,090 1,871 1,120 107 Aug. 4 14, 579 496 6,731 922 708 829 2,181 Aug. 11. 16,117 1,966 7,643 774 502 980 1,385 Aug. 18 •_ _ 17, 907 3,405 690 7,783 487 1,019 1,410 40 U. S. Government securities: July 28... 20,000 20,000 Aug. 4. _ 20,000 20,000 Aug. 11 20,000 20,000 Aug. 18. _. 20,000 20,000 Total collateral: July 28 Aug. 4 Aug. 11 Aug. 18 ..._ 4,615,163 336,732 1, 046, 489336, 090 466,166 202,120189, 871 4,616,711 336, ' "1.046, 731 337,922 463, 708 203,829 190,181 " 336,496 4, 629, 749 337, 1.047, 643 337, 774 468,002 2Qb, 192, 385 ,966 4, 631, 539 339, 1,047, 783 337, 690 467, 987 " ),405 206,019 192,410 1, 020,107 1,020,028 1,020,068 1,020,040 St. Louis 188,031 188,077 188,074 188,894 8,766 7,741 8,235 8,790 Minneapolis 202 207 270 cisco 695 916 040 643 384, 724 383, 845 385, 640 387, 608 11,208 7,995 10, 212 10, 807 8, 263 8,363 7,661 6,963 50,274 44, 760 44,899 44,434 6,354 5,444 4,759 4,.918 179,265 136,474 164, 796 180,336 137,679 166, 930 179, 839 137, 679 167.448 180,104 137, 990 167,273 190.632 190; 632 190,632 190,632 San Dallas Fran- 1,004 142,828 176, 143,123 174, 925 142.438 177,660 142, 908 17 432 334, 450 553 339, 085 379 340, 741 680 343,174 145,000 178,000 102, 500 399,000 145, 000 1 78,000 102, 500 399,000 145,000 180,000 '"" 500 399,000 500 399,000 145,000 180,000 94 651 450 401 155 169 194 176 1,204 938 976 1, 456 801 719 909 714 190, 834 145,094 178,155, 103, 704 399,801 190, 8 3 9 145, 651 178,169 103, 438 399, 719 '"1, \ 190^02 145, 450 180,194 103,4' 399, 909 1,902 190, 958 145, 401 180,176 103, 956 399, 714 * Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank. Kansas City 918 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 RESERVE POSITION OF MEMBER BANKS, JULY 1937 MEMBER BANK RESERVE BALANCES, BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Classes of banks and districts Gross Net deTime demand mand dede- 1 posits deposits posits All member banks. _ 29,366 24, 579 11, 369 Reserves with Federal Reserve banks All member banks* Excess Required Held 5,969 6, 845 876 Central reserve city banks: 9, 949 New York Chicago 2,189 9, 243 1, 930 833 445 2,453 529 2, 652 581 199 52 Reserve city banks: Boston district New York district Philadelphia district _. Cleveland district Richmond district Atlanta district. Chicago district St. Louis district Minneapolis district,.. Kansas City district— Dallas district San Francisco district- 956 206 1,106 1, 428 .597 543 1,152 684 346 971 584 1,907 866 172 931 1,195 469 415 888 548 268 681 415 1,563 116 139 241 710 207 163 496 172 92 159 111 1, 865 180 43 201 282 106 93 207 120 59 146 90 425 197 45 239 327 128 102 240 148 71 173 104 478 16 2 38 45 22 9 33 28 12 27 15 54 10, 481 8,411 4,470 1,950 2,252 301 Country banks: Boston district. __ 793 New York district 1, 213 Philadelphia district. _ 592 Cleveland district 591 Richmond district 466 Atlanta district __ 420 Chicago district. _ 779 St. Louis district 333 Minneapolis d i s t r i c t 298 Kansas Citv district— 456 Dallas district 470 San Francisco district. 336 642 977 465 441 334 295 572 241 206 280 304 238 578 1,389 857 638 330 209 627 219 273 156 91 253 124 220 116 100 67 54 118 47 45 49 48 48 147 286 146 135 84 67 166 60 63 72 73 59 23 66 29 35 17 13 49 13 18 24 25 10 4,994 5,620 1,036 1,360 324 Total Total 6,747 1 Gross demand deposits minus demand balances with domestic banks (except private banks and American branches of foreign banks) and cash items in process of collection. NOTE.—See table at foot of page 929, for percentages of deposits required to be held as reserves. Total reserves held: 1936—May June July Aug. 1-15 Aug. 16-31 2 September October November December 1937—January February March 2 April May 2 June July Week ending (Friday): July 2 July 9 July 16 July 23 July 30 Excess reserves: 1936—May June July Aug. 1-15 2 Aug. 16-31 September October November December 1937—January February March 2 April 2 May June July "Week ending (Friday): July 2 July 9 July 16 July 23 July 30 Central reserve city banks New York Chicago Reserve city banks Country banks1 5, 638 5,484 5, 861 6,063 6,291 6, 345 6, 594 6,785 6,665 6,716 6,747 6, 704 6,824 6, 932 6,878 6,845 2,384 2,183 2, 279 2, 502 2, 503 2, 462 2, 574 2, 695 2, 662 2, 719 2,812 2, 652 2, 739 2,684 2, 669 2, 652 636 682 653 572 580 619 637 651 605 568 546 533 563 589 603 581 1,657 1,664 1,886 1,899 2. 005 2,046 2,153 2,185 2,157 2,158 2,128 2,203 2,201 2,272 2,230 2,252 961 954 1,042 1, 090 1,204 1,218 1,230 1,254 1,241 1,271 1,261 1,315 1,321 1,386 1, 377 1,360 6, 903 6, 825 6,900 6,873 6, 805 2,742 2, 625 2,674 2,676 2, 639 589 586 591 573 573 2,235 2,247 2,267 2,266 2,240 1,336 1,368 1, 368 1,359 1,352 2,800 2, 593 2,907 3,105 1, 852 1,852 2,043 2,219 2,046 2,093 r 2, 152 1,371 1,552 927 876 876 1,134 908 1,004 1,226 600 535 639 751 697 767 868 401 530 203 176 199 377 414 369 290 160 195 205 221 175 147 128 54 101 51 70 52 778 775 961 970 601 624 696 724 675 662 651 488 490 316 289 301 511 496 575 619 490 498 502 523 498 518 505 428 431 357 341 324 879 865 929 908 842 231 168 221 229 199 61 62 62 43 43 289 305 315 313 284 298 330 331 323 316 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased Aug. 16, 1936, March 1, 1937, and May 1, 1937; see table at foot of page 929 for amount of changes. r Revised. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers (places over 15,000) (places under 15,000) All member banks Federal Reserve district Gross demand July Boston. __ _. New York __ _ Philadelphia Cleveland-. . _ Richmond Atlanta- . Chicago. . St. Louis Minneapolis Kansas City Dallas San Francisco. __ Total June July June 1,749 1,698 2,019 1, 063 964 4,121 1,017 644 1,428 1,054 2, 243 1,738 11,549 1,692 2,023 1,077 985 4,125 1,002 642 1,345 1,037 2, 237 694 2,361 1,098 1,348 537 372 1, 568 390 365 315 202 2,118 694 2,323 1,094 1,341 539 372 1,555 385 364 316 202 2,114 29,366 29,452 11,369 11,299 _ _ _ 11,368 _ . Time Gross demand Time June July 1, 626 i 1,139 1,474 1,791 894 823 i 1, 629 820 467 1,092 792 2,115 1 14, 660 July 1,619 567 i 1,173 .1 1, 043 1,472 657 1,795 1,063 906 351 291 835 i 1,618 i 864 807 287 463 178 1,027 200 161 777 2,022 2,108 1 14, 601 1 7, 683 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. June Gross demand July June Time July June 565 i 1, 040 656 1,059 354 292 i 856 282 178 201 161 2,017 123 280 224 228 169 141 303 197 178 335 262 128 119 270 220 228 171 150 302 195 178 317 260 129 127 485 441 285 186 81 259 103 187 115 41 96 128 480 438 282 185 80 257 102 186 115 41 97 i 7, 662 2, 568 2,541 2,407 2,391 919 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total End of month 1936—June Julv August September . ... October November _ _ December 6, 6, 6 6, 6 6, 6, Gold May June.... . . . Julv _ _ .- . Silver dollars cates 6,241 6,162 6, 227 6, 267 6, 351 6, 466 6, 543 1937—J anuarv. _ Pebruary M arch April 1certifi- Treasury notes of 1890 Silver certificates 101 100 99 98 97 96 95 35 35 36 37 37 37 38 37 37 1 1 1 1 1 1 1 316 318 321 326 329 334 337 135 136 337 138 139 141 142 329 329 333 335 338 341 341 140 140 141 142 143 144 144 955 958 986 998 1.020 1,051 1,057 94 92 91 90 89 88 87 Subsidiary silver 1,012 1,022 1 022 1.039 1 062 1.078 1. 088 349 399 377 426 462 447 460 37 38 38 38 Minor coin United States notes Federal Reserve notes Federal Reserve bank notes 278 289 289 4,002 3. 937 3. 978 4,011 4,076 4,156 4, 233 50 48 47 46 45 44 366 352 342 332 324 316 307 276 2*8 287 291 289 281 286 4,118 4. 155 4,139 4,171 4 189 4. 169 4.175 42 41 40 40 38 38 37 3(x; 294 287 281 275 269 263 278 278 National bank notes 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] Paper currency 2 Total in circulation1 Coin 1936—June July August September. October... November. December. 6,241 6,162 6, 227 6, 267 6, 351 6, 466 6,543 486 490 494 501 505 513 517 463 460 471 477 484 492 499 33 32 32 33 33 33 35 850 844 863 868 882 SOO 906 1,468 1,459 1,482 1,488 1,516 1,548 1,563 1, 466 1,431 1,436 1,437 1,460 1,486 1,501 1,479 1,449 1,452 1,467 1,478 1,501 1,530 398 383 381 383 385 390 399 683 667 P67 673 679 690 707 127 127 128 130 132 132 135 245 247 250 253 255 258 265 7 7 6 6 18 19 19 21 19 23 18 1937—January... February.. March April May June. July 6, 349 6,399 6,377 6, 426 6,462 6,447 6.460 506 506 511 514 518 523 523 472 475 476 482 489 487 488 33 33 33 33 33 34 33 864 874 869 883 8C3 885 894 1,500 1,519 1,519 1,542 1,558 1,539 1. 550 1,458 1,464 1,451 1,468 1,466 1, 458 1, 454 1, 525 1, 538 1,520 1,507 1, £07 1, 526 1. 520 393 395 386 381 380 384 381 702 706 696 687 689 699 697 135 135 136 137 136 138 137 269 273 275 277 278 283 283 8 9 9 9 8 8 7 18 19 18 17 17 14 15 End of month Unassorted 2 $1,000 $5,000 $10,000 $50 and over $2 $1 $5 $20 $10 Total $50 $100 $500 10 2 3 * Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by 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, In millions of dollars] End of month Total Silver dollars Suband sidsilver iary bulsilver lion* Federal Minor United ReStates serve coin notes bank notes 1936—June. July August September. October November.. December.. 2,498 2,496 2,500 2,512 2,515 2,521 2,532 1,255 1,264 1,277 1,294 1,303 1,310 1,323 332 335 338 341 346 351 356 139 140 142 143 145 146 147 347 347 347 347 347 347 347 1987—January .._. February __ March April May June. July 2,532 2,536 2, 541 2, 543 1,332 1,343 1,355 1,365 1, 375 1,382 1,409 356 356 357 357 358 359 361 148 149 149 150 150 151 151 347 347 347 347 347 347 347 2,547 2,550 2, 572 National bank notes [By selected banks in New York City. In thousands of dollars] Year or month 1932 1933 1934 1935 1936 372 358 1936—July 348 August 339 September. 329 October.... 322 November. 314 December. 305 1937—January __. 298 February . 291 March 284 April 278 May 272 June 266 July Receipts Shipfrom ments to Europe Europe 567 554 345 10,628 34, 774 83,838 91,059 40, 587 19,966 26, 216 Net shipments Net receipts 83, 271 90, 505 40,242 9,338 8,558 900 981 3,949 2,013 5,960 2,348 2,078 1,131 5,422 1,536 745 2,818 2,092 4,279 968 1,434 909 7, 000 809 2,197 3, 265 3,728 3,023 1,014 1,865 1,972 2. 586 5,028 1,,448 1, 097 3,409 4,424 7,724 105 2, 760 1, 589 956 1,777 1 For description and back figures see BULLETIN for January 1932, 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. 920 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ANALYSIS OF CHANGES IN MONETARY GOLD STOCK MOVEMENT OF GOLD TO AND FROM UNITED STATES * [In millions of dollars] [In thousands of dollars] Gold stock at end of year or month Year or month Net Increase Net release in from total gold eargold import mark Total Inactive stock account 8,238 1934. 1935—October November,. December _. 4,202. 5 1,133. 9 -1.9 .6 1.3 1,887.2 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 -.2 -3.2 -24.8 2.3 -11.9 -28.8 -11.3 3.0 -.7 1,132. 5 1,116.6 -85. £ 121.3 120.3 154.3 215.8 155.4 262.0 175.4 -48.3 -8.0 -.4 7.2 26.2 -15.9 -35.5 9,693 9,920 10,125 Year.. 325.2 226.7 205.2 10,125 1936—January February. _. March April May June July August September.. October November.. December- 10,182 10,167 10,184 10, 225 10, 402 10, 608 10, 648 10, 716 10,845 11,045 11,184 11,258 1937—January... February. March April May.. June July 16.5 11, 258 Year.. 26.5 57.2 -15.5 17.2 41.0 176.7 206.6 39.2 68.4 129.0 199.7 139.6 73.3 11,358 126. 5 11,436 204.7 11,574 342.5 11, 799 568. 0 11,990 759.1 12, 318 1,086. 8 12,446 l r 214.1 100.1 78.2 137.9 225.6 191.1 327.8 127.3 Backfigures—See Annual Report for 1935 (table 32). Imports Exports January-July June Imports Imports Exports Exports Member banks Belgium __ 22, 556 France 1,138 Germany Netherlands3,177 Switzerland 2,390 Union of Soviet S o c i a l i s t Republics United Kingdom.. 76, 437 Canada 7,470 Central America... 343 Mexico 5,507 Argentina 337 Chile 2 Colombia 155 Ecuador Peru 280 Uruguay 63 Venezuela 3, 796 Australia 4,355 British India China and Hong 265 Kong Dutch East Indies. 44, 459 Japan Philippine Islands. 2,410 All other countries2. 483 Total.. 175, 624 5,228 11,059 45,007 26, 245 1, 392 36, 235 5, 940 54, 452 504 156,959 20, 946 605 730 783,072 71,530 2,353 25, 366 16 2,359 2,177 164 444 6,183 11,939 1,030 1, 673 19 2,167 3,966 70 45 329 18,958 34, 098 1,339 237 92,043 14,987 7,897 15,316 2,064 38 262,103 1,204.951 81 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. Backfigures.—Seetable p. 949, and Annual Report for 1935 (tables 34 and 35). BANK SUSPENSIONS1 Total, all banks July From or to— 82. e 315.3 210.6 190.0 1937 BANK DEBITS Non-member banks [Debits to individual accounts. Amounts in millions of dollars] National Not InState sured2 insured 1937 1936 No. of Number of banks suspended: 1934 1935 1936 1937, Jan.-July . Deposits of suspended banks (in thousands of dollars):3 1934 centers 57 34 44 34 1 4 1 1 8 22 40 28 48 8 3 5 New York City Outside New York City 1 140 July June July 16, 751 20,152 16,434 20,019 16,199 18, 617 Federal Reserve districts: 11 1,995 1,972 Boston - New York __ _. 7 17, 525 17,330 1935_—_ . 10 1,680 1,801 Philadelphia 1936 _... 13 2,184 2,152 Cleveland _._ 1937, J a n . - J u l y . _ 7 740 727 Richmond 15 876 865 Atlanta 21 5,209 5,225 Chicago .- 1 Represents licensed banks suspended; does not include non-licensed 5 1,012 1,043 St Louis banks placed in liquidation or receivership. 636 9 675 Minneapolis . 2 Federal deposit insurance became operative January 1, 1934. 1,184 15 1,375 Kansas Citv 3 Deposits of member banks and insured non-member banks suspended 710 10 747 Dallas are as of dates of suspension, and deposits of non-insured non-member 2,885 18 2,808 San Francisco banks are based on the latest data available at the time the suspensions were reported. 141 36,903 36,453 Total - Back figures.-Bee Annual Report for 1935 (table 69). Back figures.—See Annual Report for 1935 (table 68). 36,937 10,015 11, 306 7,636 40 5,313 507 1,466 1,912 3,763 10, 207 5,735 34,985 939 592 435 2,001 16,874 1,592 1,964 683 768 4,881 923 670 1,185 616 2,658 34,816 921 FEDERAL RESERVE BULLETIN SEPTEMBER 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 comparative figures of private banks included in the figures from- June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p . 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Member banks Nonmember banks National State Other Mutual nonsavings member banks banks [In millions of dollars] Member banks Call date Total Total Call date All banks Total National 3 State Nonmember banks Mutual savings banks Other nonmember banks 1932—Dec. 31 18,390 6,816 6,011 805 594 10,980 1932—Dec. 31. . 41,643 24,803 16,101 8,702 10,022 6,818 1933—June 30 ' Oct. 25 2 Dec. 30 14,519 5,606 5,818 6,011 4,897 5,052 5,154 709 766 857 576 8,337 14,772 15,070 15, 386 8, 566 8,383 8,385 4,946 8,421 23,338 23, 453 23,771 9,713 579 1933—June 30i-_ 37,998 Oct. 25 2 Dec. 30— 38, 505 9,708 5,026 5, 288 5, 417 5,461 5,462 918 958 972 980 578 8,882 16, 203 17,097 17, 693 18, 519 9,090 9,518 9,791 10, 424 5,475 9,018 25, 293 26, 615 27, 484 28, 943 9,780 579 1934—Mar 5 2 41, 870 June 30. Oct 17 2 Dec. 3 1 . . . 44, 770 1935—Mar. 4____ June 29. Nov. 1 . . . Dec. 3 1 — 15,011 52 30 17 2 31 15,835 16, 039 6, 206 6, 375 6,433 6,442 1935—Mar. 4 June 29 Nov. 1 Dec. 31 16,024 15, 994 15,904 15,837 6,422 6,410 6,400 6,387 5,446 5,425 5,403 5,386 976 985 997 1,001 579 571 571 570 9,023 9,013 8,933 8,880 455 766 522 964 28, 589 29,496 31,072 32,159 18, 502 19,031 20,128 20, 886 1936—Mar. 4 June 30 Dec. 31 15, 808 15, 752 15, 628 6,377 6,400 6, 376 5,375 5, 368 5,325 1,002 1,032 1,051 569 566 565 8, 862 1936—Mar. 4 . . . 48, 716 8,786 June 30 . 51,335 8,687 Dec. 3 1 — 53, 701 31, 774 34,098 35, 893 1937—Mar. 31. 15,569 6, 367 5,305 1,062 565 8,637 1937—Mar. 3 1 . . . 52, 577 34, 746 1934—Mar June Oct Dec. For footnotes see table below. 44, 45, 47, 48, 9,828 6,000 10,087 10, 465 10,944 11, 273 9,837 9,920 9,936 9,963 6,029 6,350 6,513 6,842 20, 605 21, 986 23,107 11,169 12,112 12, 786 9,972 10,060 10,143 6,970 7,176 7,666 22, 355 12,390 10,157 7,674 For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] Member banks All banks Nonmember banks Mutual savings banks Call date Total 1932—Dec. 31 _ Loans Investments Total Loans Investments Total Loans Investments Other nonmember banks Total Loans Investments 44,946 26,063 18,883 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 40,076 22, 203 17,872 11,928 11,894 12, 386 4,103 5,246 3,404 1,841 18, 342 12,858 13,059 12,833 5,941 21,977 24, 786 24,953 25, 220 10,044 40, 319 1933—June 30 ! _ Oct. 25 2 Dec. 30— 9, 985 5,906 4,079 5,115 3,238 1,877 12,706 12, 523 12, 293 12,028 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 1934—Mar. 5 2 June 30 . . . _ Oct. 17 2 Dec. 31 42, 502 21, 278 21, 224 43,458 20,473 22,984 26, 548 27,175 27, 559 28,150 1935—Mar 4 June 29 Nov. 1 Dec. 31 43, 747 44,416 45,008 45, 717 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 21, 790 27, 348 32, 525 13,699 18,826 10,096 5,026 5,070 6,518 3,065 3,453 1936—Mar. 4 June 30 Dec. 31 . - - 1937—Mar. 31 3,108 2,315 1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 2 Nonmember bank figures not available. 3 Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Bock figures.—See Annual Report for 1935 (tables 47-48). 922 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Call date Total loans and investments ns Open-market loans Investments U.S. Government obligations Purchased paper Total To Re- Other- Loans broTo to kers others Real port- wise seing banks Acouton ceptComside securi- estate banks' cured and loans own ances Bills merNew accept- unsepay- paycial York ties cured ances able able m abroad paper City United bought Loans to broOther securikers in Total ties New Fully YorkDirect guarCity i anteed States ! TOTAL—ALL MEMBER BANKS 1029—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 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 2,145 1,044 820 783 793 792 813 753 790 824 169 157 139 138 140 148 146 144 142 149 11, 192 232 135 169 156 117 131 128 113 15 4.857 4, 708 4,834 5,006 4, 960 5,355 6, 041 6, 220 6, 663 714 330 155 119 98 82 81 85 99 115 212 291 256 201 181 164 144 161 170 131 80 25 31 17 29 25 18 18 22 15 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 98 35, 934 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 1,592 1,868 1,946 1,951 2,100 1, 868 1,969 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 12, 029 8,492 10, 028 10, 780 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 79 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 1,117 996 932 894 865 861 843 833 828 1, 462 1,055 1,026 1, 020 1,035 1,043 1,078 1,123 1,150 1,179 05 2,005 1,810 1,831 1,810 1, 791 1,891 1,881 1,937 2,062 803 165 187 192 196 211 266 266 258 258 291 87 232 247 272 280 278 324 386 377 989 558 768 880 950 906 861 819 5, 921 5, 041 5. 227 5.427 5, 541 5. 745 6. 045 6.095 6,108 5, 765 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 1,295 116 384 743 766 1,061 1,131 1,014 1,107 853 907 78 87 88 89 92 94 94 94 193 226 229 254 243 250 312 266 273 294 239 45 105 25 21 30 34 36 38 44 2,944 4,011 5, 715 5, 986 6,432 6,375 6, 863 7,000 6, 725 6, 635 1, 368 2,483 3, 809 3,712 4,076 3, 958 4, 349 4, 426 4, 250 4,267 279" 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 1,733 208 10 50 18 7 14 16 13 16 15 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, 520 355 553 623 630 640 645 626 635 3,172 2,129 2,293 2, 296 2,439 2, 486 2,605 2,734 2,719 2, 639 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 1.9, 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 46 10 16 7 16 13 8 10 6 1 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 9 27 29 4 1 2 3 3 2 3 5 7 5 1 1 1 2 1 1 1 11 13 26 1 1 1 1 1 1 1 42 36 13 10 19 18 16 17 37 25 24 6 9 7 10 9 7 5 10 7 102 38 108 112 120 120 113 131 154 145 33 4 5 3 3 3 2 4 12 4 5 1 2 2 2 1 1 2 5 5 163 27 92 116 135 145 152 178 216 211 1 1 1 1 1 1 1 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 55 237 202 236 249 251 284 402 407 437 RESERVE CITY 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 10,151 258 99 55 43 34 31 31 23 29 34 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 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). 923 FEDERAL RESERVE BULLETIN S E I T E U B K K 1937 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Cash items ReCerti- IndiBal- report- Interbank serves vidfied with Cash ances ed as uals, and with UnitFedin partoffidoin ed eral vault mes- procPub- cers' nerReDoFor- States lic ships, tic 1 ofess serve eign Gov- funds checks corcol- mesbanks cash ernbanks tic lecbanks ment letters poration 2 banks tions, of credit 3 etc. 2,374 2,235 4,082 4,933 5, 573 5, 784 5,607 6, 572 6, 613 6, 897 Call date IndiInterbank Deviduals, Bormand Pos- Pub part- rowdeposner- ings tal its ad- Dolie justed 4 mes- For- sav- funds ships, coreign tic banks ings porabanks 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 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 I, 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 Time deposits TOTAL—ALL MEMBER BANKS 1929—Dec. 31 1933—June 30 s 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 2,168 2,008 3,149 3, 396 3,776 3,970 3,944 4,066 3,445 3,207 3, 896 1,485 1,903 1,183 2, 255 1,718 2,147 2,533 1,974 2,201 3,517 3, 057 4,569 4,978 5, 696 6,148 5,986 6,402 5, 752 5, 298 544 145 147 273 444 394 465 432 458 615 143 806 1,636 779 844 600 1,037 882 415 628 846 1, 576 1,935 2, 541 2,493 2,106 2, 658 2, 719 2,749 179 101 103 133 111 108 114 133 123 105 2, 406 874 1, 069 447 1,133 829 982 1, 087 853 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 20 332 792 369 224 140 215 225 129 306 128 96 229 354 323 260 357 285 314 368 169 232 415 675 511 480 749 558 482 596 133 203 207 249 209 195 195 188 93 156 158 61 90 73 135 96 147 159 114 130 310 259 445 504 522 594 596 536 46 46 20 98 81 102 72 96 41 42 87 182 198 208 217 221 191 203 208 1,041 401 537 471 752 607 763 971 764 805 1,604 1,315 1,984 2,145 2, 422 2,594 2,551 2, 826 2,546 2, 339 76 312 620 299 385 285 513 407 132 212 423 349 585 674 707 733 733 843 935 300 108 169 140 204 151 152 230 155 163 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 7,132 291 149 207 192 235 187 256 316 242 269 405 228 342 347 415 433 410 483 440 409 39 116 178 90 137 93 207 178 57 69 742 555 804 865 901 965 1,008 1,011 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 6,027 558 405 609 537 665 624 713 697 662 629 1,335 1,681 657 1,087 838 1,799 417 2, 091 882 2,139 779 2,173 789 2,320 881 2,329 677 2, 564 752 2,577 154 1 7 5 5 5 6 6 6 14 122 788 452 307 218 167 152 104 97 100 133 1 7 4 4 4 5 4 5 12 95 89 134 136 151 152 151 153 153 123 18 110 56 27 3 12,267 7,803 9,020 9, 462 9, 680 9, 784 10,099 10,429 10,639 10,818 879 191 13 9 6 11 6 15 18 16 1.112 671 591 567 591 586 601 679 758 767 300 294 285 361 344 378 296 269 292 179 8 NEW YORK CITY 8 1929—Dec. 31 1933—June 30 5 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 CITY OF CHICAGO 1,180 461 540 149 524 496 489 457 354 427 12 1 3 6 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 30 332 358 381 469 413 407 444 449 440 452 RESERVE CITY BANK: 1929—Dec. 31 1933—June 30 s 1934—Dec. 31 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 1,002 1,543 1,607 1,779 1,910 1,907 1,816 1,545 1,392 627 452 822 920 927 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 41 388 186 118 79 72 65 35 34 35 371 208 206 203 266 251 288 203 176 190 4,433 2,941 3,494 3,670 3,796 3,853 3,960 4,026 4,064 4,140 292 16 61 285 210 162 136 95 87 69 64 64 133 86 6, 390 3,833 4,554 4, 756 4,879 4,938 5,094 5, 275 5,377 5,459 367 167 13 COUNTRY BANKS 1929—Dec. 31 1933—June 30 s 1934—Dec. 31 1935—June 29 Dec. 31 1936—Mar. 4 June 30 Dec. 31 1937—Mar. 31 June 30 3 11 12 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, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 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 but not in process of collection, amounting on that date to $16,000,000. s 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. 5 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures—See Annual Report for 1935 (table 53). 924 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans l Total loans and investments Date or month Total To brokers and dealers in se- 1 curities Investments On securiReal Open Other ties to To marothers banks estate ket 1 loans1 loans paper (except1 banks) Total U. S. Government obligations Other securiFully ties Direct guaranteed Reserve Balwith Cash ances Fedwith in eral vault domesRetic serve banks banks TOTAL—101 CITIES 1936—July 1937—January February March April May June July 22,484 22, 734 22,600 22, 610 22, 280 22, 201 22,330 22, 219 8,374 1937—June 9 June 16 June 23. June 30 July 7 July 14 July 21 July 28 August 4 August 11 August 18 22, 214 22, 573 22,414 22,290 22,217 22,163 22, 213 22,283 22, 378 22, 331 22, 303 9,647 9, 741 9,766 9,760 9,734 9,714 9,740 9,784 9,908 9,917 9,933 8,860 9,399 9,523 9,697 9,743 2,072 1,171 2,007 1,228 2,021 1,217 1,318 2,030 2,046 1,276 21, 328 2 2,061 1,393 2,006 1, 375 2,001 58 59 72 86 78 120 131 124 1,145 1,153 1,150 1,152 1,155 1,160 1,167 1,164 315 379 399 411 396 2 382 3,613 4,172 4,123 4,289 4,448 2 4,477 4,526 4,516 14,110 13, 736 13, 618 13,324 12,881 12, 678 12, 633 12,476 9,484 9,263 9,118 8,802 8,447 8,320 8,355 8,268 1,278 1,230 1,212 1,206 1,181 1,163 1,160 1,170 3,348 3,243 3,288 3,316 3,253 3,195 3,118 3,038 4,710 5,292 5,326 5,205 5,340 5,350 5,332 5,291 386 401 387 359 346 338 315 312 2,493 2,307 2,252 1,998 1,967 1,790 1,761 1,771 1,369 1,370 1,444 1,447 1,425 1,356 1,357 1,363 1,387 1,356 1,350 2,000 2,010 2,011 2,016 1,999 2,003 2,001 2,003 2,000 2,001 2,003 123 167 142 98 111 106 129 150 164 137 139 1,166 1,166 1,171 1,169 1,168 1,161 1,162 1,163 1,162 1,165 1,165 481 475 465 467 464 463 459 464 462 470 4,508 4,553 4,533 4,563 4,567 4,625 4,632 4,641 4,733 4,788 4,808 12, 567 12,832 12,648 12, 530 12,483 12,449 12, 473 12,499 12, 470 12,414 12, 370 8,258 8, 556 8,374 8,301 8,297 8,254 8,240 8,283 8,242 8,209 8,231 1,166 1,165 1,160 1,152 1,141 1,154 1,195 1,188 1,190 1,176 1,139 3,143 3,111 3,114 3,077 3,045 3,041 3,038 3,028 3,038 3,029 3,000 5,367 5,280 5,335 5,400 5,278 5,352 5,302 5,231 5,089 5,122 5,194 337 299 308 303 314 325 300 311 287 303 292 1,751 1,774 1,734 1,783 1,743 1,801 1,785 1,753 1,691 1,680 1, 709 5, 614 3,946 5,074 3,555 5,022 3,455 4,943 3,319 4,660 3,100 4,531 3,024 4,522 3,059 4,400 2,986 522 452 453 452 442 435 437 441 1,146 1,067 1,114 1,172 1,118 1,072 1,026 973 2,178 2,565 2,670 2,506 2,562 2,492 2,506 2,486 80 81 80 81 74 70 66 68 62 69 64 67 68 68 67 68 67 66 65 NEW YORK CITY 1936—July 1937—January February March ApriL May June July 8,543 8,651 8,385 8.335 8,491 8,375 3,246 3,532 3,521 3,708 3,725 3,804 3,969 3,975 970 1,024 1,017 1,111 1,085 21,133 1,184 1,159 745 709 731 733 734 2 733 758 754 26 28 43 55 48 76 88 85 133 130 129 128 128 129 132 134 131 146 136 133 114 2 103 163 161 1,241 1,495 1,465 1,548 1,616 2 1,632 1,644 1,682 1937—June 9_ June 16 June 23 June 30 July 7... July 14 July 21 July 28 August 4 August 11 August 18 8,474 8,606 8,513 8,470 8,417 8,325 8,359 8,399 8,428 8,323 8,330 3,921 4,011 4,032 4,026 4,000 3,959 3,964 3,978 4,031 3,996 4,021 1,168 1,169 1,217 1,227 1,207 1,147 1,142 1,141 1,175 1,143 1,136 753 758 761 766 756 759 751 752 738 739 740 81 126 100 61 73 66 91 110 124 99 103 131 131 134 133 134 134 135 134 134 135 135 162 163 164 166 164 162 159 160 160 162 163 1,626 1,664 1,656 1,673 1,666 1,691 1,686 1,681 1,700 1,718 1,744 4,553 4,595 4,481 4,444 4,417 4,366 4,395 4,421 4,397 4,327 4,309 3,062 3,141 3,023 3,010 3,006 2,968 2,966 3,004 2,978 2,921 2,937 441 440 438 437 429 427 458 451 446 432 403 1,050 1,014 1,020 997 982 971 971 966 973 974 2,498 2,478 2,509 2,603 2,462 2,514 2,508 2,458 2,311 2,342 2,388 13,624 14,128 14,057 13, 959 13,895 13,866 13, 839 13,844 5,128 5,466 5,461 5,578 5,674 5,719 5,728 5,768 201 204 200 207 191 U95 209 216 1,327 1,298 1,290 1,297 1,312 a 1,328 1,248 1,247 1,012 1,023 1,021 1,024 1,027 1,031 1,035 1,030 184 233 263 278 282 2 279 311 302 2,372 2,677 2,658 2,741 2,832 2 2,845 2,882 2,934 8,496 8,662 8,381 8,221 8,147 8,111 8,076 5,538 5, 708 5,663 5,483 5,347 5,296 5,296 5,282 756 778 759 754 739 728 723 729 2,202 2,176 2,174 2,144 2,135 2,123 2,092 2,065 2,532 2,727 2,656 2,699 2,778 2,858 2,826 2,805 334 345 334 310 293 284 262 261 2,413 2,226 2,172 1,917 1,893 1,720 1,695 1,703 13,740 13, 967 13,901 13,820 13,800 13, 838 13, 854 13,884 13,950 14,008 13,973 5,726 5,730 5,734 5,734 5,734 5,755 5,776 5,806 5,877 5,921 5,912 201 201 227 220 218 209 215 222 212 213 214 1,247 1,252 1,250 1,250 1,243 1,244 1,250 1,251 1,262 1,262 1,263 1,035 1,035 1,037 1,036 1,034 1,027 1,027 1,029 1,028 1,030 1,030 319 312 301 301 300 301 300 304 302 308 305 2,882 8,014 8,237 8,167 8,086 8,066 8,083 8,078 8,078 8,073 8,087 8,061 5,196 5,415 5, 351 5,291 5,291 5,286 5,274 5,279 5,264 5,288 5,294 725 725 722 715 712 727 737 737 744 744 736 2,093 2,097 2,094 2,869 2,802 2,826 2,797 2,816 2,838 2,794 2,773 2,778 2,780 2,806 251 259 249 262 270 252 260 238 251 243 1,689 1,705 1,670 1,716 1,675 1,733 1,718 1,685 1,624 1,614 1,644 OUTSIDE NEW YORK CITY 1936—July 1937—January February March April \ May June July 1937—June 9 June 16. June 23 June 30 July 7 July 14..._ July 21 July 28 August 4 August 11. August 18 __ _ _ 2,877 2,890 2,901 2,934 2,946 2,960 3,033 3,070 3,064 2,063 2,070 2,067 2,062 2,065 2,055 2,031 1 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. 2 Average of figures for May 5 and 12 only (see note above). 925 FEDEKAL RESERVE BULLETIN SEPTEMBER 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 Demand deposits Time deposits Interbank Demand United Certified States Total Domes- Foreign Govern- checks, Other liabiltic ment etc. ities banks banks its—adjusted* Interbank DoFor- Other mestic eign banks banks Borrowings Other Capiliabil- tal acities count TOTAL—101 CITIES 1,552 ,548 ,573 L,602 ,503 ,450 ,569 ,497 1,323 1,349 1,360 1,356 1,338 1,338 1,325 1,277 32.948 33,631 33,498 33,130 32,774 32,467 32, 632 32, 367 5,904 5,953 5,854 5,546 5,424 5,032 4,927 4,984 427 413 410 428 473 528 579 606 ,301 727 ,385 ,871 ,568 ,560 ,449 ,411 ,307 ,352 ,311 1,338 1,306 1,338 1,302 1,282 1,287 1,276 1, 265 1,262 1,265 1,270 32, 308 32,959 32,514 32.949 32,402 32,488 32,325 32, 254 32,014 32,053 32, 079 4,939 4,942 4,802 4,913 5,037 5,003 4,977 4,921 4,926 4,883 4,918 567 580 599 602 622 612 607 582 582 571 562 103 547 549 547 477 451 429 430 745 714 767 774 649 622 716 658 493 490 485 477 482 474 455 12,381 12, 515 12,603 12,546 12, 200 12,055 12, 306 12,093 2,477 2,421 2,392 2,233 2,149 1,926 1,911 1,940 391 378 375 392 436 490 540 563 567 762 602 949 739 642 616 635 541 529 516 481 469 471 467 460 460 456 446 445 449 451 12,133 12,432 12, 208 12,610 12,198 12,064 12,054 12,057 11,841 11,761 11, 799 1,896 1,905 1,863 1,957 1,985 1,927 1,929 1,918 1,897 1,858 1,870 527 541 559 564 579 570 566 538 539 529 517 1936—July 1937—January February March April May June July 807 834 806 828 854 828 853 839 857 856 870 871 861 856 851 822 20, 567 21,116 20,895 20, 584 20, 574 20, 412 20,326 20, 274 1937—June 9 June 16 June 23 __. June 30 July 7 .._. July 14 ._.. July 21 July 28 August 4 August 11 August 18 734 965 783 922 829 918 833 776 766 823 795 857 837 867 835 822 827 820 819 817 816 819 20,175 20, 527 20,306 20,339 20,204 20,424 20, 271 20,197 20,173 20, 292 20, 280 1936—July 1937—January February March April May June July _- 1937—June 9 June 16__ June 23 June 30 July 7 July 14.._ July 21 July 28 August 4 August 11 August 18 _. 545 525 573 573 460 441 489 15, 760 16,539 16, 571 16,459 16,325 16,429 16,380 16,001 14,752 15,516 15, 572 15,429 15,283 15, 420 15,300 14,984 133 132 134 133 120 106 101 101 5,007 5,052 5,094 5,142 5,145 5,194 5,233 5,254 851 837 454 496 434 596 543 460 459 458 430 382 16, 353 16, 473 16,240 16, 462 15,880 16,131 16,008 15,986 15,754 15,884 15, 873 15, 506 15,242 15, 289 15,187 14,855 15,031 15,018 15,033 14,877 14,914 14, 930 100 99 105 103 103 102 100 99 97 96 96 5,233 5,233 5,233 5,235 5,249 5,250 5,251 5,268 5,244 5,229 5,227 928 915 904 879 192 181 138 131 105 50 179 233 361 336 398 388 279 274 311 307 6,604 6,783 6,825 6,878 6,730 6,729 6,404 6,221 6,404 6,457 6,492 6,319 6,382 6,324 6,054 556 601 631 680 671 697 723 746 367 343 367 369 395 394 404 400 429 467 474 472 472 475 477 475 289 289 248 235 224 224 239 258 284 291 318 258 400 365 280 289 296 264 218 208 6,777 6,707 6,596 6,792 6,385 6,423 6,398 6,412 6,255 6,279 6,306 6,501 6,263 6,252 6,243 6,011 6,061 6,071 6,073 5,978 5,968 5,998 724 726 722 718 742 741 743 759 732 719 720 413 405 404 400 402 401 401 396 388 375 374 477 477 475 478 475 474 475 474 482 483 483 3,427 3,532 3,462 3,313 3,275 3,106 3,016 3,044 637 430 271 238 207 151 199 214 184 189 175 185 181 167 178 173 9,156 9,756 9,746 9,581 9,636 9,699 9,651 9,597 8,531 9,112 9,115 8,937 8,964 9,038 8,976 133 132 134 133 120 106 101 101 4,451 4,451 4,463 4,462 4,474 4,497 4,510 4,508 484 494 513 525 530 521 502 463 2,059 2,096 2,094 2,106 2,109 2,118 2,125 2,122 3,043 3,037 2,939 2,956 3,052 3,076 3,048 3,003 3,029 3,025 3,048 258 260 258 229 216 205 206 224 240 248 163 178 176 196 178 180 170 162 166 164 160 9,576 9,766 9,644 9,670 9,495 9,708 9,610 9, 574 9,499 9,605 9,567 9,005 8,979 9,037 8,944 8,844 8,970 8,947 8,960 100 99 105 103 103 102 100 99 97 4,509 4,507 4,511 4,517 4,507 4,509 4,508 4,509 4,512 4,510 4,507 515 510 500 479 467 459 461 466 465 467 464 2,126 2,127 2,122 2,120 2,123 2,122 2,122 2,123 2,121 2.125 2.126 611 409 369 312 201 378 447 532 925 915 906 862 862 853 842 3,488 3,563 3,568 3,578 3,581 3,593 3,602 3,597 3,603 3,604 3,597 3,598 3,598 3,596 3,597 3,597 3,603 3,608 3,609 NEW YORK CITY 1936—July 1937—January February March April May Jun«» July —. 1937—June 9 June 16 June 23 June 30 ___. July 7 July 14 July 21 July 28 August 4 August 11 August 18 OUTSIDE N E W YORK CITY 8,946 8,932 i Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount of cash items on hand but not in process of collection. » Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash items reported as on hand but not 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). 926 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District Total City Boston New York Philadelphia MinCleve- Rich- Atlan- Chica- St. ta land mond go Louis neapolis 22, 283 22, 378 22, 331 22, 303 1,319 1,317 1,324 1,325 9,281 9,303 9, 201 9,204 1,180 1,183 1,185 1,179 1,886 1,899 1,909 1,912 630 634 639 638 542 545 545 546 3, 061 3,087 3,107 3,085 664 672 672 671 392 393 395 397 720 729 730 729 494 500 503 500 9,784 9,908 9, 917 9, 933 704 706 713 716 4, 426 4,474 4, 442 4, 464 466 471 474 474 700 711 714 714 239 239 241 242 263 264 263 262 1,008 1,037 1.045 1, 031 295 305 307 308 168 170 172 174 282 289 291 290 581 584 586 587 39 39 39 39 253 251 252 254 44 44 44 44 43 43 43 44 14 14 14 14 11 11 11 10 49 50 50 49 50 54 54 55 9 9 9 9 3,844 3,915 3,962 3,993 274 276 284 288 1,607 1,616 1,635 1,662 163 165 169 171 231 244 247 245 91 91 92 92 121 122 121 121 561 582 585 581 123 130 131 131 464 462 470 468 97 94 95 93 176 176 178 177 27 25 25 26 18 19 19 19 10 10 11 12 5 4 4 4 52 53 54 54 1, 363 1,387 1,356 1,350 42 42 41 42 1,162 1,188 1,157 1,150 26 28 28 27 22 22 22 22 4 4 4 4 7 7 7 701 702 701 697 36 37 37 37 353 353 352 349 38 38 38 38 38 38 38 38 20 20 19 19 1,163 1,162 1,165 1,165 85 85 85 85 242 242 243 243 60 60 60 60 178 178 178 178 150 164 137 139 5 5 5 5 110 125 99 103 2 3 3 2 721 714 714 719 65 67 67 67 273 261 262 263 48 49 49 48 797 818 826 815 61 61 60 60 250 262 264 263 58 59 58 58 8,283 8, 242 8, 209 8, 231 449 443 445 444 3,226 3,198 3,139 3,155 1,188 24 24 23 22 493 489 477 448 Kansas City San Dallas Francisco New York Chicago 2,114 2,116 2,121 2,117 8,399 8, 428 8 323 8,330 2,001 2,016 2 033 2, 007 223 227 229 227 1,010 1,015 1,026 1,031 3.978 4,031 3,996 4,021 692 715 722 706 19 19 19 19 13 13 13 13 37 37 38 37 240 238 239 241 31 32 33 32 76 77 79 81 157 162 163 163 126 129 130 130 314 321 326 328 1. 496 1, 503 1 520 1,547 425 444 445 440 11 11 11 11 7 7 8 7 25 26 26 27 3 4 4 3 33 33 35 35 160 160 162 163 29 29 30 30 63 60 61 61 6 6 6 6 2 2 2 2 4 4 4 4 3 3 3 3 22 21 21 22 1,141 1,175 1,143 1,136 55 52 53 53 16 16 16 16 91 92 92 92 13 13 13 13 9 9 9 9 15 15 15 14 16 15 15 15 56 56 57 57 272 271 269 76 75 75 75 29 29 29 29 27 26 27 27 82 82 82 82 46 45 46 46 6 6 6 6 19 20 20 20 21 21 21 21 368 368 368 368 134 134 135 135 14 14 14 14 4 3 3 3 3 3 3 2 6 7 6 6 6 6 6 6 9 8 8 8 1 1 1 1 2 1 1 1 2 2 2 2 110 124 99 103 2 2 121 121 121 122 30 30 30 30 25 25 25 25 46 47 46 47 12 12 12 12 9 9 9 9 14 14 14 14 8 9 9 9 70 70 70 73 240 228 229 230 24 25 24 24 45 43 43 43 38 38 39 40 45 46 46 46 58 65 69 59 25 26 26 26 50 51 50 51 28 28 29 28 31 32 33 32 108 107 109 109 185 197 198 197 36 42 46 36 331 330 330 327 857 854 865 868 290 294 297 297 171 172 173 174 1,440 1,429 1,442 1,442 216 219 218 217 167 167 167 167 266 265 264 267 191 194 194 194 679 677 675 679 3,004 2 978 2,921 2,937 917 907 920 917 99 100 100 99 61 65 61 60 34 34 34 32 31 32 32 34 181 186 188 187 51 47 46 46 13 12 12 12 47 48 48 46 29 28 30 29 125 125 125 124 451 446 432 403 100 100 99 99 ASSETS Loans and investmentstotal: July 28 Aug. 4 ,_ Aug 11 Aug. 18 . . Loans—total: Julv 28 ._ Aug. 4 Aug. 11 Aug. 18 . Commercial, industrial, and agricultural loans: On securities: July 28 . Aug. 4 Aug 11 Aug. 18 Otherwise secured and unsecured: Julv 28 Aug. 4 Aug 11 Aug. 18 . Open market paper: July 28 Aug. 4 --- -. -_ Aug 11 Aug. 18 - Loans to brokers and dealers: July 28 Aug. 4 Aug 11 Aug. 18 Other loans for purchasing or carrying securities: July 28 Aug 4 Aug 11 _ Aug 18 Real estate loans: July 28 Aug 4 \ug 11 Aug 18 - Loans to banks: July 28 Aug 4 - - - Aug 11 Aug 18 Other loans: On securities: Julv 28 Aug 4 Aug. 11 — Aug 18 Otherwise secured and unsecured: Julv 28 Aug. 4 A.ug 18 U. S. Government direct obligations: July 28 - --Aug 4 /Uig 18 Obligations "fully guaranteed b y U. S. G o v e r n m e n t : J u l y 28 Aug 4 - _ Aug 11 Aug 18 p Revised. r i , 190 1,176 1,139 1 . n 927 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District Total New York Boston City Phila- Cleve- Rich- Atlan- Chica- St. Mindelnond ta Louis neapgo phia land olis Kansas City San Dallas Francisco New York Chica- 300 299 295 283 966 973 974 969 292 294 292 285 2,458 2,311 2,342 ASSETS—continued Other securities: July 28 Ausr. 4 Aug. 11 Aug. 18 Reserve with Federal Heserve bank: July 28 Aug. 4 Aug. 11 Aug. 18 Cash in vault: July 28 Alia1. 4 Aug. 11 Aug. 18 Balances with domestic banks: July 28 Aug. 4 Aug. 11 Aug. 18 Other assets: July 28 Aug. 4 Aue. 11 Aug. 18 143 143 1,136 1,142 1,143 1,137 284 282 281 279 268 269 269 270 5, 231 5,089 5.122 5,194 254 246 241 2, 576 2, 436 2, 463 2,513 239 243 239 238 337 340 333 337 122 130 129 131 311 287 303 292 33 31 32 32 67 65 68 65 16 15 16 16 39 36 37 36 1,753 1,691 1,680 1, 709 140 141 138 134 132 125 116 120 1,265 1, 262 1,265 1,270 517 517 521 523 3,028 3,038 3, 029 3,000 142 432 435 432 425 102 101 101 100 125 127 127 126 101 104 106 107 793 776 793 138 132 135 132 176 177 110 112 108 109 315 328 337 2,388 580 561 563 582 19 17 18 17 12 11 63 57 59 58 12 10 11 10 14 11 13 12 10 10 11 10 20 19 20 20 51 49 52 49 29 27 27 26 164 163 160 170 118 109 105 108 100 98 102 104 326 300 302 293 205 193 189 201 149 140 142 150 182 185 194 203 68 67 66 65 147 137 136 139 106 106 106 106 37 41 42 41 39 39 39 94 93 93 94 23 23 23 23 26 26 26 27 211 207 207 209 446 445 449 451 62 62 62 62 167 me LIABILITIES Demand deposits—adjusted: July 28 '. Aug. 4 Aug. 11 Aug. 18 Time deposits: July 28 Aug. 4 Aug. 11 Aug. 18 U. S. Government deposits: July 28 Aue. 4 Aug. 11 Aug. 18 interbank deposits, domestic July 28 Aug. 4 Aug. U Aug. 18 Interbank deposits, foreign: July 28 Aug. 4 Aug. 11 Aug. 18 Borrowings: July 28 Aue. 4 Aug. 11 Aue. 18 Other liabilities: July 28 Aug. 4 Aug. 11 Aug. 18 Capital account: July 28 Aug. 4 Aue. 11 Aug. 18 • Revised. 15,033 14,877 14,914 14,930 965 970 964 961 6,601 6, 506 6, 497 6,522 831 825 819 818 1,104 1,108 1,101 1,118 424 424 431 426 340 339 342 337 2,290 2,260 2,274 2, 267 402 393 400 397 273 272 274 266 496 484 501 506 401 393 390 392 906 903 921 920 6,073 5,978 5,968 5,998 5, 268 5, 244 5, 229 5,227 280 280 279 278 1,159 1,132 1,120 1,123 285 283 281 280 722 727 729 731 200 200 199 199 180 180 180 183 865 866 867 862 184 184 184 184 121 121 121 122 144 144 144 144 121 121 122 120 1,007 1,006 1,003 1,001 759 732 719 720 453 454 453 448 430 463 498 532 35 35 36 231 246 265 291 18 18 18 18 15 15 15 15 11 11 11 11 12 11 12 14 45 57 69 73 2 2 2 2 7 8 8 10 16 18 18 37 37 37 37 224 239 258 284 32 42 55 55 5, 020 5, 023 4, 979 5, 014 208 212 209 205 1,988 1,970 1, 926 1,939 269 274 272 272 328 331 334 334 177 182 179 185 166 170 172 172 746 736 737 732 107 109 112 113 389 393 385 389 172 173 176 180 235 236 244 262 1.918 1.897 1.858 1, 870 548 532 534 528 601 601 589 579 12 11 11 11 555 557 545 532 5 5 5 1 1 1 1 32 43 42 39 1 1 3 31 36 35 30 862 853 842 838 30 29 28 28 408 400 387 386 20 19 19 19 17 17 17 17 597 603 608 609 236 235 236 236 1, 608 1,615 1.616 1,616 227 228 228 228 345 345 345 345 r 3, 3, 3, 3, 1 1 2 2 235 237 233 231 1 1 1 1 1 1 1, 521 1, 508 1, 514 1, 520 553 17 16 16 17 543 530 22 20 20 19 315 318 321 320 396 388 375 374 18 17 17 17 361 362 362 362 329 326 328 329 1,474 1,482 1,483 1,483 240 241 241 241 1 3 928 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders Total outstand- ingi End of month Commercial paper outstand- ing Held by accepting banks Total 1936—May June . July August September October November __ December 1937—January February March April MayJune. July Own bills By classes Held by Federal Reserve banks For ac- Held For count of by Bills own ac- foreign others bought count correspondents Based on ports into U . S. Based on ex- Dollar ports exfrom change U.S. Based on goods stored in or shipped between points in U.S. Foreign countries 184 169 188 205 197 199 191 215 331 316 316 308 315 330 349 373 297 276 278 279 276 296 309 315 155 129 131 140 139 150 157 151 142 147 147 139 137 147 152 164 34 40 37 29 39 34 40 57 110 107 105 104 107 110 112 126 81 74 68 63 64 67 77 86 1 2 2 2 2 2 1 2 55 49 57 60 66 75 83 83 82 85 84 79 76 77 76 76 244 268 290 285 C 287 285 325 387 401 396 395 386 364 352 325 340 316 318 295 273 265 154 160 150 147 137 130 144 171 180 166 171 159 143 121 62 61 80 76 86 87 83 141 158 160 167 168 157 143 83 85 84 83 81 77 71 2 2 2 1 1 1 2 84 79 76 68 62 55 65 77 77 76 76 75 74 71 1 1 3 1 2 4 3 c Corrected. 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 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 End of month 1 Customers debit balances (net) i Debit balances in partners' investment and trading accounts Credit balances Customers' credit balances* Debit balances in firm investment and trading accounts Cash on hand and in banks Money borrowed 2 1935—September December.. 1,098 1,258 119 135 182 179 771 1936—March June July August SeptemberOctober NovemberDecember.. 1937—January February.._ March April May June July 1,351 1,267 1,295 1,287 1,317 1,333 1,364 1,395 1,433 1,482 1,549 1,559 1, 503 1,489 1,493 168 164 158 142 141 151 150 164 162 188 175 163 149 161 157 181 219 221 213 227 235 260 249 243 230 223 227 209 214 206 995 985 981 967 995 1,048 1,028 1,084 1,172 1,215 1,188 1,217 1,213 Free 257 286 303 276 287 283 289 318 346 342 372 366 346 314 284 266 2f>5 Other (net) 79 92 110 103 118 116 115 111 101 92 96 Other credit balances In In partners' firm In investinvestcapital ment and ment and accounts trading trading (net) accounts accounts 396 410 429 420 422 423 423 428 435 424 428 418 419 417 408 397 397 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money 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. SEPTEMBER 929 FEDERAL RESERVE BULLETIN 1937 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances under sec. 10(b) of the Federal Reserve Act Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Acti Advances secured by direct obligations of the United States (last paragraph of sec. 13 of the Federal Reserve Act) In effect beginning- In effect Rate Aug. 31 beginning— Federal Reserve Bank Rate Aug. 31 22 1 2 Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . Kansas City.. Dallas San Francisco 14 W In effect beginning— Feb. Aug. Jan. May Aug. Aug. Aug. Jan. Aug. May Aug. Feb. 8, 27, 17, 11, 27, 21, 21, 3, 24, 10, 31, 16, 1934 1937 1935 1935 1937 1937 1937 1935 1937 1935 1937 1934 Previous rate Rate Aug. 31 Wi 2H 2 2 2 2 VA 2 2H 2 Sept. 20, 1935 Oct. 10, 1935 Nov. 2, 1935 Oct. 19, 1935 Sept. 23, 1935 Aug, 21, 1937 Aug. 21, 1937 Oct. 3, 1935 Aug. 24, 1937 Aug. 26, 1935 Aug. 31, 1937 Sept. 20, 1935 4 34 4 VA 4 4 4 Oct. 20, 1933 Feb. 8, 1934 Oct. 20, 1933 May 11, 1935 Feb. 19, 1934 Mar. 17, 1934 Oct. 16, 1933 Feb. 21, 1935 Apr. 15, 1933 May 10, 1935 Mar. 12, 1934 Oct. 19, 1933 1 Rates indicated also apply to United States Government securities bought under repurchase agreement. 2 Reduced to VA percent, effective Sept. 2, 1937. s Reduced to 2 percent, effective Sept. 2, 1937. Backfigures.—SeeAnnual 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 Aug. 31, 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 Aug. 31 Maturity 1-15 d a y s 1 . . . 16-30 d a y s . . . . 31-45 days.._. 46-60 d a y s . . . . 61-90 days In effect beginning— Previous Federal Reserve Bank Oct. 20, 1933 .do. .do.. _do_. .do., .do., do . 91-120 days... 121-180 days.. Advances to financing institutions— rate Boston 1 This rate also applies to acceptances bought under repurchase agree- New York..._ Philadelphia. _ ments, which agreements are always for a period of 15 days or less. Advances direct to industrial or commercial organizations 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 beginning to to Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other time deposits payable in: 6 months or more 90 davs to 6 months Less than 90 days 3 3 24 3 3 3 2U 2', 24 °4 2'2 4.4-6 Richmond Atlanta Chicago St. Louis 6 6 5-6 Minneapolis.. Kansas City__ Dallas San Francisco Back figures.—See Annual Report for 1935 (table 41). 3 3 3 34 3VS-6 4-6 4-6 Cleveland N O T E . — M i n i m u m rates on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. CommitOn porments tion for to make On re- advances which institu- maining portion tion is obligated 6 4-6 5-6 5-6 1 34 4-5 4-6 5 24 4-6 5 5-6 1-2 H-2 4 1-2 4 1-2 3,4 4}-2-5 4 4 3-4 4 5-6 4-5 1 4-2 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. Back figures—See Annual Report for 1935 (table 40). MEMBER BANK RESERVE REQUIREMENTS [Percent of deposits] Classes of deposits and banks June 21, 1917Aug. 15, 1936 Aug. 16, 1936Feb. 28, 1937 Mar. 1, 1937Apr. 30, 1937 May 1 1937, and after 13 10 7 19H 15 104 22H 26 20 14 Ol ., o 1 On net demand deposits;i Central reserve city Reserve city... Country ny* 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.. 3 6 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 918 for explanation of method of computlower maximum rates established by State authority. ing net demand deposits. 930 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY [Percent per annuml RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on— Aver- 1929 1930 1931 1932 1933 1934 1935 1936 1937 age Year, month or date • 1 rime commercial paper, 4 to 6 months 1934 average._. 1935 average. _. 1936 average- . 1936—June July . Aug Sept Oct. Nov Dec 1937—Jan. __ Feb. Mar. . _ Apr May June July Week ending: June 12 June 19 June 26 July 3 July 10 July 1 7 . . . . July 24 Julv 3 1 . . . . Aug. 7 Aug. 14 Aug. 21 Prime StockStock exexbankchange call loa ns ers' change accept- time ances, loans, Re90 90 days N e w newal days 1.02 25 13 15 3, 3, Z/ 3,: ; 3 . ;6 h y y_~[ 1 1 1 1 V-6-K '•' / i 6 5 9 /i6~ /l6 9 7 1 1 1 1 1 1 1 1 1 1 1 /'6 /!6 l /2 7 , 6 l/ 2 'l4 7 /-, 5 7 7 ''16 /l6 ! // 1 6 7 16 '/16 7 ie 7 16 7 /16 .90 .56 1. 16 1.00 .56 .91 'K 1.00 >% I 00 1 Vd, I 00 j 1^ 1.00 1 00 •IK IK 1.00 IK 1 00 1.00 .56 .91 1.00 i.OO 1.00 1.00 1 00 1.00 1,00 1.00 1. 00 1.00 1.00 1.00 1.00 1. 00 IK IK IK IK IK IK IK 1.00 1.00 1.00 1.00 1.00 1.00 1.00 IK IK IK IK IK IK IK IK IK IK IK York City: u. s. yield on NewJanuary Treas- " U. S. ury 273- TreasFebruary __. dav bills u r y March ottered 3-5 year April within notes May period June July August 2. 11 1 .26 September * . 14 1.28 October .14 1.11 November December 1. r2 . *3 '. 14 1.17 Year .18 1.12 8 other northern and . 16 1.09 eastern cities: . 13 1.12 January .99 . 10 February .21 1.04 March April. 1.18 .36 May _. .38 1.22 June .58 1.42 July .70 1.59 August .65 1.48 September .58 1.54 October .49 1. 44 November December 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1 . 0 0 • 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1. 00 1. 00 1. 00 1.00 1. 00 .57 .58 .62 .49 .51 .50 .49 .47 .48 .46 .52 1 91-day and 182-day bills. »182-day and 273-day bills. Back figures.—See Annual Report for 1935 (tables 42 and 43). 1.52 Year 1.56 27 s o u t h e r n and 1.57 western cities: 1.55 January.. _ 1.50 February 1.45 March... ___ 1.41 April 1.38 May _. 1.38 June 1.39 July-.. __ 1.44 August September October November December Year 5.74 5.73 5.81 5.85 5.88 5.93 5.88 6.05 6.06 6.08 5.86 5.74 5.64 5.35 5.22 4.91 4.74 4.59 4.48 4.41 4.29 4. 4.17 4.16 4.24 4.31 4.20 4.17 4.11 4.13 4.05 3.9' 3.93 4.27 4.67 4.64 4.71 4.71 4.72 4. 4.55 4.61 4.42 4.45 4.30 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 3.58 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 5.88 4.e 4.22 4.49 4.02 3.33 2.70 2.49 5.87 5.86 5.91 6.00 6.09 6.02 6.08 6.11 6.24 6.25 6.12 5.94 5.8 5.66 5.47 5.22 5.13 5.06 4.81 4.79 4.74 4.75 4.61 4.63 4.62 4.57 4.55 4.49 4.48 4.47 4.48 4.62 4.87 4.91 4.89 4.84 5.39 5.09 4.99 4.97 4.82 4.68 4.65 4.51 4.54 4.59 4.65 4.49 4.52 4.52 4.39 4.30 4.15 4.12 4.11 4.13 4.08 3.98 4. 4.02 4.05 3. 3. 3.78 3.87 3.79 3.75 3.75 3.63 3.67 3.62 3.63 3.6C 3.47 3.45 3.51 3.61 3.47 3.45 3.50 3.47 3.46 6.04 5.07 5.13 5.14 5.10 5.14 5.13 5.05 5.12 5.03 4.96 4. 4.88 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 6.12 6.05 5.98 5.86 5.75 5. 5.63 5.58 5.55 5.54 5.50 5.43 5.60 5.56 5.66 5.68 5.66 5.62 5.54 5.53 5.55 5.50 5.42 5.43 4.47 4.51 4.44 4.4C 4. 5.50 5.43 5.40 5. 5.26 5.34 5.30 5.28 5.32 5.38 5.53 5.56 5.61 5.61 5.64 5.63 5.64 5.62 5.63 5.68 5.63 5.56 5.55 5.60 5.40 5.39 5.40 5.34 5.28 5.19 5.07 5.05 5.04 5.05 4.93 4.92 4.95 4.84 4.85 4. 4.79 4.76 4.58 4.63 4.51 4.55 4.51 4.55 4.39 4.35 4.25 4.29 4.23 4.24 2.50 2.41 2.50 2.53 2.44 2.34 2.36 2.41 3.36 3.43 3.34 3.36 3.45 3.32 3.32 3.29 4.16 4.15 4.15 4.21 4.17 4.18 4.19 4.18 4.14 6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35 BOND YIELDS1 [Percent per annum] Year, month, or date U.S. Treasury i Municipal (highgrade) 3 1 2 Total Aaa Aa Industrial Baa By groups RailPublic road utility 120 Number of issues.. 1934 average 1935 average 1936 average 1936—July August September.. October November.. December... 1937—January February.... March April May June July July 2 8 Aug. 4__. Aug. 11.. Aug. 18.. Corporate * By ratings 3.10 2.70 2.47 2.50 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. 55 2.54 2. 55 2.58 3.95 3.16 2.68 2.70 2.68 2.62 2.58 2.45 2.31 2.38 2.57 2.72 2.84 2.76 2.67 2. 63 2. 62 2. 60 2.59 2.56 30 30 30 30 40 40 40 4.96 4.46 3.87 4.00 3.60 3.24 3.23 3.21 3.18 3.18 3.15 3. 10 3. 09 3.22 5.08 4.55 4.02 4.05 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. 96 3. 96 3.95 3.97 6.32 5.75 4.77 4.84 4.74 4.62 4.54 4.52 4.53 4.50 4.54 4.69 4.86 4.87 4.97 4.97 4. 98 5. 01 5. 00 4.99 4.52 4.02 3.50 3.52 3.48 3.44 3.42 3.38 3.37 3.36 3.46 3.55 3.65 3.55 3.51 3. 50 3.48 3. 46 3.44 3.48 4.96 4.95 4.24 4.31 4.22 4.09 4.02 4.00 3.96 3.95 4.04 4.17 4.29 4.27 4.29 4.31 4.33 4. 38 4.37 4.40 5.40 4.43 3.90 3.85 I 3.79 ! 3.75 I 3.71 i 3.67 3.66 ,' 3.75 3.87 : 3.98 ' 3.92 I 3.93 3.91 I 3.90 ; 3. 90 3. 90 3.92 i 4.44 3.95 3.47 3.48 3.44 3.41 3.38 3.31 3.28 3.30 3.41 3.50 3.58 3.49 3.45 3.44 3.43 3. 42 3.41 3.45 3.32 ! 3.42 i 3.33 I 3.2s ! 3. 26 i 3.24 3.22 3.22 3. 27 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 3.88 3.88 3.87 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. Average of yields of all outstanding bonds due or callable after 8 years. * Standard Statistics Co. * Moody's Investors Service, revised series. Because of limited number of suitable issues, lass than 40 industrial bonds are included; the in luftrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures.—See Annual Report for 1935 (table 74). SEPTEMBER FEDERAL RESERVE 3937 BOND PRICES 1 U. S. Treas- Year, month, or date 931 BULLETIN STOCK MARKET Corporate 3 Municipal (highIndus- R a i l grade) 3 Total trial roal Stock Year, m o n t h , date Utilitv or C o m m o n Preferred2 1934 average 1935 average 1936 average 103.5 106.0 107. 0 - 84. 5 88. 6 97. 5 97. 3 109. 4 117.8 106. 107. 107 106. 108. 108. 107. 107. 105. 102. 103. 103. 104. _._ July 23 Aug. 4 Aug. 11 Aug. 18 117. 4 117.8 118.8 119.5 122.1 124.8 123. 5 119.7 11.6. 9 114.8 116.3 117.9 118.6 97. 1 97.7 98. 6 99. 6 99. 8 99. 9 100. 3 100. 0 98.5 96. 6 96. 2 95.0 95. 3 104.4 104.5 104.4 104. 1 1936-July August September October November December 1937—J ami ary February March April May June July 118.8 119. 1 119.3 119. 9 95. 3 95. 2 95. 2 95. 0 83. 8 79. 4 94. 7 81.9 88.2 92. 2 94. 2 95. 8 97. 9 99. 7 99. 2 99. 6 100. 6 100. 2 98. 3 95.3 95.0 93. 2 93. 2 4 9 0 0 101.0 105. 7 105.8 106.0 106.0 105. 6 105. 7 105. 1 103. 6 102.4 101.8 100. 6 101.2 92. 91. 91. 91. 91. 1 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. 91. 92. 92. 87.8 98. 2 105.4 101.8 101.9 102. 0 101.6 8 6 4 5 N u m b e r of 1 (index, Industrial Total Number of issues-. prices issues.... Volu m e of trad- 1926=10;)) road l ^ 348 81 average.. average.. average.. 120.7 133.8 138. 9 78 111 91 127 69 71 104 }. 204 1.411 1.824 1936—July August S e p t e m b e r _ October N o v e m b e r . 139.1 139.3 139.0 138.3 139. 0 140.1 141.8 141.2 138.0 136. 0 135.4 135.2 135.7 109 113 114 119 124 123 126 130 130 125 116 114 118 124 128 130 136 144 143 147 152 153 147 137 134 139 106 109 108 109 109 111 114 111 106 101 94 91 96 1.438 1. I o 5 1. 3*5 1.913 136. 136. 137. 137. 120 122 122 121 142 144 145 144 100 99 98 97 1934 1935 1936 December. _ 1937—J anuary February.. _ March April May June July July 28._. AuL\ 4... A u g . 1 1 _. A u g . 18.. 1 4 6 1 5 2, 095 2 6A7 2. 564 2.133 1.4?>'-i 859 697 917 SI I 7>>8 Monthly data are averages of daily figures except for municipal bonds 70S which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 8 years, 1 based on quotations from Treasury Department. Standard Statistics Co. Monthly data are averages of Wednesday 3 Prices derived from average yields, as computed by Standard Sta- figures. 2 tistics Co. 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 ury bonds, see BULLETIN for May 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). CAPITAL ISSUES [In millions of dollars] TOT new capital Year or month Total (new and refunding) Domestic Total (domestic and Total for- 9,774 _. 9 , 8 9 8 . _ 11,513 7,619 4,038 1,751 1,063 2,160 4,699 6,214 1936—July.... Aug.__. Sept. Oct Nov Dec1937—Jan Feb..._ Mar.... Apr May... June ._. July.... State and municipal eign) 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 TOT agencies* D o m e s t i c Corporate Federal Total refunding Bonds and Stocks Foreign1 Total (domestic and forTotal eign) State and municipal notes Corporate Federal agencies' Total 1,586 1,054 542 451 789 315 187 312 1,782 3,187 81 200 241 238 35 182 56 59 60 9 26 119 222 55 156 249 145 395 87 140 162 69 66 139 20 3 6 19 22 10 13 116 84 19 18 21 11 37 0 0 0 0 15 0 73 74 0 20 0 0 0 7,555 8,040 10,091 6,909 3,089 1,194 720 1,386 1,457 1,972 6,219 6,789 9,420 6,004 2,860 1,165 708 1,386 1,409 1,949 1,475 1,379 1,418 1,434 1,235 762 483 803 855 735 87 64 0 87 75 77 64 405 150 22 4,657 5,346 8,002 4,483 1,551 325 161 178 404 1,192 3,183 2,385 2,078 2,980 1,239 305 40 144 334 839 1,474 2,961 5,924 1,503 311 20 120 35 69 352 1,337 1,251 671 905 229 29 12 0 48 23 2,218 1,858 1,422 709 949 557 343 774 3,242 4,242 1,978 1,620 1,387 527 893 498 283 765 3,216 4, 1 2 3 35 36 13 53 21 87 37 136 365 382 51 93 26 317 987 353 1,850 1,584 1,374 474 821 319 219 312 1,864 3,387 104 217 178 186 158 266 241 168 185 152 150 359 250 103 217 177 173 158 266 241 168 185 152 150 359 250 33 46 103 78 49 48 146 34 47 67 43 90 79 0 0 0 0 0 0 0 4 0 0 29 0 89 70 171 75 95 109 218 95 130 138 85 78 269 82 39 146 48 60 97 100 64 74 99 45 47 187 39 31 25 26 35 12 118 31 56 39 40 31 82 43 1 0 1 13 0 0 0 0 0 0 0 0 0 236 80 231 278 214 459 362 329 197 121 111 200 93 236 80 231 278 199 459 289 255 197 101 111 200 93 9 11 56 5 16 49 59 9 12 13 8 21 8 2 8 0 1 28 3 26 21 4 1 16 30 29 225 62 175 272 155 408 204 225 181 87 87 149 57 339 297 409 464 372 726 603 497 382 272 261 560 344 93 0 0 o Foreign1 Bonds and Stocks notes 264 530 833 23 32 4 32 o 1 Includes issues of noncontiguous U . S . Territories and Possessions. 2 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 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. 932 FEDERAL RESERVE BULLETIN SEPTEMBER 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 Publicly offered Total gross debt End of month Bonds Total interest bearing 1932—June 1933—June 1934—June . 1935—June 1936—June 1936_ July August September.. . October November . . December . . . . 1937—Januarv February.. March April . . Mav June . July 19,487 22, 539 27,053 28. 701 33, 779 .... _. _. 19 161 22,158 26, 480 27 645 32,989 33, 444 33, 380 33.833 33, 833 33, 794 34. 407 34, 502 34, 601 34, 728 34, 941 35, 213 36,425 36, 716 32, 679 32, 624 33,088 33,083 33.088 33, 700 33, 821 33, 926 34,064 34, 295 34, 591 35,800 36,113 Total Prewar 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, 353 2,354 2. 353 2,203 2,253 2,253 2, 203 2, 353 2, 553 2,303 2,453 689 622 583 552 526 504 489 475 461 451 445 926 915 18, 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 31,321 31, 329 31, 830 31, 855 31,877 32, 497 32. 582 32,617 32, 722 32, 884 33,107 33, 734 33,918 79 79 79 79 79 79 79 79 79 79 79 79 79 17,168 17,168 18,149 18,149 18,149 19. 452 19, 452 19, 452 19,936 19. 936 19,936 19,936 19,936 340 366 399 424 447 475 509 567 722 752 775 800 833 11,381 11, 363 10, 849 10,849 10, 849 10, 289 10,289 10. 267 9,783 9,764 9,764 10,617 10,617 6 AdSocial justed seservice curity issues3 issues' All others Matured debt Other 19 240 284 356 580 601 60 66 54 231 169 266 315 518 825 620 25 30 34 38 47 64 119 204 322 407 489 579 649 645 643 641 639 637 635 632 630 559 552 550 560 632 160 164 163 178 143 153 137 139 136 126 110 119 103 605 593 582 571 563 554 544 536 528 520 512 506 499 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System Includes Liberty bonds. 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. «Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933-$2,108,000,0()0; 1934—$1,517,000,000. 2 3 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, JULY 31, 1937 [In millions of dollars] [In millions of dollars] Date maturing 1937—Before Oct 1 Oct. 1-Dec. 31 1938—Jan. 1-Mar. 31. . A p r . 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 Bonds* 817 1,618 801 1,383 818 596 2 3,188 2,854 2,219 426 898 1,588 1, 868 1,995 1,036 819 1 223 1,250 1,786 2, 663 755 489 982 2,611 50 Notes 732 618 596 834 2 Bills 801 801 651 200 End of month 1933—December. 1934—June December. Total ReconFederal Home Farm Owners' struction Mortgage Loan Finance Corpora- Corpora- Corporation tion2 tions December. 1936—June 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 July August,... September October... November December. 1937—January.._ February.. March April May June July 4.724 4, 669 4,667 4,667 4, 662 4, 662 4,662 4,662 4,662 '4, 660 r 4, 660 '4, 665 4,703 1,422 1,422 1, 422 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1,422 1.420 3.050 2,995 2,993 2,993 1935—June...•_... 3,188 2,854 1,385 426 898 1,588 1,868 1, 995 1,036 819 1 223 1,250 1,786 2, 663 755 489 982 2,611 50 2,988 2,988 2,988 2,988 r 2, 987 2,987 r 2,987 2,987 180 235 249 250 252 252 252 252 252 252 252 252 252 252 251 250250 ••255 295. r Revised. 1 Principal amount of obligations guaranteed as to interest and principal. The total also includes guaranteed debentures of the Federal Housing Administrator, amounting to $99,926 on July 31, 1937. 2 Excludes obligations guaranteed as to interest only. 1 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 2holder. of gold which were retired in February 1934. Includes unclassified U. S. Savings bonds. Total 33,918 20, 848 10, 617 2,453 933 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures * General Period Total Other In- Social interAll come secur- nal other 3 Total ity taxes taxes revenue 2 Fiscal year ending: June 1932 June 1933 June 1934 June 1935 June 1936 June 1937 2,006 2,080 3,116 3,800 4,116 5,294 1,057 746 818 1,099 1,427 2,158 1936—July August September. _ October November, _ December... 1937—January February... March April May June July 294 343 499 272 233 517 284 275 1,012 363 335 868 409 ( 253 39 32 288 27 33 286 43 58 700 57 47 547 57 504 858 1,823 2,179 2,086 2,187 445 523 603 4,741 4,681 6,745 6,802 8,477 8,001 412 551 668 681 535 656 631 553 754 708 552 1,300 659 201 264 161 186 148 175 168 148 190 166 170 212 221 National Inter- deAll est on fense other and debt Veterans'4 Adm. 599 689 821 749 10 26 144 74 8 140 14 20 159 68 9 194 12 1,492 1,431 986 1,089 1,340 1,436 1 121 120 118 121 114 118 116 112 121 129 119 128 128 1,535 1,163 938 1,315 1,310 1,994 119 138 130 168 153 150 159 176 225 230 169 179 197 Recovery and relief Trust Increase or decrease during acperiod counts, etc 7 Excess excess of reof receipts ceipts Trans- (+)or (+)or Revolv- fers to exexing trust pendi- pendifunds accts. tures 6 tures General Gross. fund (net) 5 etc ) balance debt 125 82 2,746 3.366 3,341 3,079 768 1,195 1,247 141 9 78 302 269 264 297 272 294 230 214 252 243 211 232 198 9 216 9 11 2 16 9 14 947 67 9 13 9 46 97 9 2 221 121 71 71 1,814 -2, 735 -2,602 -3, 630 -3,002 -4.361 -2, 707 7.7 10 9 4 3 1 45 45 45 45 45 540 125 -118 -208 -169 -409 -303 -138 -348 -279 +257 -345 -217 -432 -249 9 244 27 -55 -5 +445 -5 +835 + 1 , 720 -741 +613 +840 +123 -128 -67 +2 -55 (8) -15 -17 +26 +72 -98 +8 -3 +20 +44 -451 -327 +284 -424 -358 +500 -180 -187 +287 -124 +2,686.. +3,052" +4,514 + 1,648. +5,078. +2,646 -335, -63 +452(8) -38; +613 +95 +99 +127 +212' +272' +52 +800 + 1.212+291 +85 92 1 Excludes debt retirement. 2 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 3 Includes customs and miscellaneous receipts. 4 Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc." 6 Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm Credit Administration, and Export-Import Banks. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account. 7 Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment., trust funds, old-age reserve account, and railroad retirement account. s Less than $500,000. 9 Excess of credits. GENERAL FUND BALANCE [On basis of daily statements of United States Treasury. In millions of dollars] End of month Total Inactive gold Increment on gold Seigniorage Working balance 1932—June 1933—June 1934 June 1935—June 417 862 2,582 1,841 811 700 140 417 862 1,771 1,001 1936—January February.. _ March April Mav _. ._ June July . August _. September October . November . December 2,004 1,767 2,866 2,442 2,358 2,682 2,230 1,904 2,188 1,764 1,406 1, 906 26 141 141 140 141 141 140 141 140 140 141 141 141 283 294 302 306 308 316 319 323 329 332 333 337 1,580 1,332 2,423 1,995 1,910 2,225 1,771 1,441 1,719 1, 291 931 1,401 1937—Januarv February March. _ _ _ April May . June Julv 1,726 1, 539 1,826 1. 702 1,754 2, 553 2,639 127 205 343 568 758 1,087 1,213 141 141 141 141 141 141 141 340 344 348 350 354 356 369 1,118 819 995 642 501 970 915 934 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30, 1937 [Based on compilation by U. S . Treasury Department from reports received from organizations concerned . In millions of dollars] Financed wholly from Government funds ComReconstruction modity Finance Credit Corpo- Corporation ration Public AgriculWorks tural Admin- credit Other istrainstitution tions F i n a n c e d p a r t l y from G o v e r n m e n t funds Farm mortgage institutions Other farm credit institutions Home mortgage institutions Total n e 30, n e 30, av3 Other J u1937 M 19371 , J u1936 ASSETS Loans and preferred stock: Loans to financial institutions Preferred stock, etc Home mortgage loans _ Farm mortgage loans Other agricultural loans W\ other loans Total loans and preferred stock Cash United States direct obligations Obligations of Government credit agencies: Fullv 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 1 312 582 488 765 2, 556 2, 906 556 1, 279 478 760 2, 591 2,910 552 1,246 556 799 2.945 2,954 658 1.199 2,906 1 844 124 23 156 310 23 8 5 466 64 32 14 25 1,739 2 8 167 3 183 2 556 (i) 2 125 124 125 (l) 10 0) 252 2, 906 76 44 2,906 106 12 8 11 348 8, 550 288 551 8. 537 283 545 9.111 279 486 69 1 0) 252 22 100 10 102 196 28 196 29 211 28 31 389 3 15 76 287 859 76 285 790 75 264 577 486 10,835 10. 742 11.030 89 4 689 1, 326 520 4 669 1,324 505 4 719 1,392 349 76 36 1, 795 0) (0 20 124 33 266 179 160 4 1 153 863 3, 365 449 3, 455 0) 146 3 LIABILITIES Bonds, notes, and debentures: Guaranteed bv 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.__ 255 49 1 5 3 46 1 422 2 1,116 180 181 7 3 012 26 144 304 1 5 49 2,719 188 3,182 89 6, 536 6. 498 6, 460 1,491 123 146 148 814 646 178 261 3 273 36 398 139 4,299 355 4.244 355 4. 570 347 1, 491 123 146 148 8.14 469 259 237 258 3, 943 3. 8S9 4, 223 (i) 2 i Less than $500,000. Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Shares of Federal savings and loan associations subscribed by IIOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury amounting to $48,000,000 are classified under "All other assets." NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] July. 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 374, 630 45, 579 691,047 1, 456 350,841 176,256 55,120 60,103 2, 796 128, 921 Jan. 31, 1937 313,335 41, 796 630, 272 1,327 345, 502 200,181 63,079 65,164 1,943 113,076 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 Apr. 30, 1937 May 31, 1937 295, 654 286, 611 277, 349 41,379 41,132 40, 677 596, 998 591, 784 587, 668 1,461 1,402 1,468 340,367 344, 823 345,084 208,496 215,044 218, 589 63, 493 69, 524 67, 729 67, 744 70,832 71, 253 2,050 2,169 2,312 121, 622 «114, 012 c 120, 404 June 30, 1937 July 31, 1937 c 271, 858 i 271, 009 40,483 2 40,027 576, 672 581, 900 1, 236 1,349 354, 320 351,936 225,407 221,907 71.181 70, 549 74, 605 72, 424 2. 562 2, 533 87, 320 «119. 585 Total loans and investments, other than interagency.-. 1, 886, 749 1, 775, 677 1, 748, 684 1,739,265 < 1, 735, 8641,734,001 1, 736, 909 1, 701, 954 • Loans to Federal land banks Loans to Commodity Credit Corporation Capital stock of Commodity Credit Corporation Capital stock of, and loans to K. F. C. Mortgage Co Preferred stock of Export-Import, banks Capital stock of, and loans to other agencies Total loans and investments. c 1 32, 959 92, 368 97,000 30, 218 17,000 22,784 135,024 97,000 38, 670 20,000 100 22,191 129,320 97, 000 39,233 20,000 1,398 14,517 79, 688 97,000 43, 769 20,000 2.598 14,: 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 10,000 156, 294 2, 089, 255 c 2,057, 825 c 1,996, 837 c 1, 973, 022 < 1, 968, 700 c 1, 973, 345 = 13, 586 61. 238 97.000 51, 302 20, 000 11,898 1, 956, 9" Corrected. Includes $87,000,000 of loans for distribution to depositors of closed banks. 2 includes $394,000 of preferred stock instalment sale contracts. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. 935 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS fin thousands of dollars] Farm mortgage loans by- Federal intermediate credit bank loans to and discounts for— Federal land banks Land Bank CommiS' sioner Regional agricultural Other credit cor- financing porations, instituproduction tions, credit asexcept sociations, cooperaand banks tives for cooperatives * 1,232, 707 1,915,792 2,071,925 2,064, 759 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 70,738 616,825 794, 726 829, 464 831, 892 833,906 835,187 836,194 836,779 836,062 835, 509 833,821 832, 881 831, 705 830,577 828,771 End of month 1933—December.. 1934—December.. 1935—December.. 1936—July.. August SeptemberOctober November.. December. _ 1937—January February... March April May June July 73,263 99,675 104,706 146, 243 144, 423 138, 653 135, 791 131,644 129, 872 125,825 130,139 144, 250 153, 795 159, 073 164,977 170,110 Loans to cooperatives b y - EmerProduc- Regional agriculgency tion credit tural cred- crop and associait corpodrought tions rations loans 55,672 47,162 55,050 54,884 50,099 43,946 41, 277 41,017 40,080 41,061 42,367 44, 042 45,131 « 47, 337 48,167 144,636 87,102 43,400 34,610 33,042 31, 216 28, 664 26,491 25, 288 24,454 24, 249 23,892 23, 588 23,453 22,914 22.069 27 60,852 94,096 140, 982 135, 603 122,004 110, 775 105, 441 105, 212 106,081 114,551 131, 905 143, 902 152. 466 c 160, 051 163. 553 Federal intermediate credit banks 89,811 110,186 172,489 174,207 172,863 171, 320 Banks for Agriculcoopertural atives, Marketincluding ing Act Central revolvBank ing fund 15,211 33,969 2,731 225 314 405 758 1,336 1,641 1,486 1,359 1,305 1,249 1,070 635 1,126 166, 291 164,887 163,868 163, 250 174, 709 187,185 189, 686 189,141 187, 353 18,697 27,851 50,013 43,018 44, 345 56,267 71,150 72, 500 69, 647 64,411 60, 356 56, 736 49, 314 45,000 45,032 52, 405 157, 752 44, 433 44,431 44,025 48,583 51,348 56,216 53, 754 54,322 52, 359 51,810 48,522 47, 732 46,854 45, 664 c Corrected. i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columr s under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars) Assets Home mortgage loans by— Federal savings and loan associations End of month Home Owners' Loan Corporation i Number of associations Total Report- 455 881 1933—December.. 1934—December.. 1935—December.. 32, 394, 038 2, 897,162 59 639 1,023 1938—July August September October November December 1937—January February March April May June July 2, 921, 294 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 1,165 1,175 1,183 1,192 1,206 1,212 1,228 1, 240 1,249 1,257 1, 270 1, 286 1,293 r Loans reported Federal home loan bank loans to member institutions 2 1933—June. . 1934—June _ 1935—June 69, 734 315. 683 1,025 465, 682 1,076 497,852 1,076 512, 744 1,080 532,064 1,080 544,130 1,065 544,107 1,143 576, 299 1,157 611,212 1,168 630, 680 1,168 652, 557 1,166 679,949 1. 181 703, 996 1.181 722, 442 122,101 125, 218 129, 767 134, 941 137. 261 145; 401 143, 745 141, 205 142,720 146,149 153,491 167,057 169, 571 Revised. 1 In addition to loans the HOLC held on July 31, 1937, $709,000,000 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 U. S. Government securities Cash Cash, in dereGuar- serve posiDiantory rect teed funds banks Total obli- obli- etc.* gagations tions Depositors' balances1 Total 977 1, 187 1.198 1,205 1,207 1,225 1,236 695 385 131 453 777 131 418 630 35 147 99 77 74 1936—May . 1,214 June _ 1, 232 1,244 July.. August 1,249 September 1,251 October 1, 255 November I, 257 December 1, 260 1937—January 1, 266 February 1,270 March 1,272 April . 1, 270 May 1, 268 June "1 268 Julv.. Pi, 271 1,248 1, 265 1,279 1,283 1,285 1,290 1,293 1.296 1,303 1,307 1,310 1,307 1, 306 211 203 172 166 162 158 145 145 136 133 132 134 134 940 967 972 972 982 1 011 1,029 1,058 1,060 1,061 1,097 1,100 1, 100 773 800 805 805 815 844 862 891 893 894 930 933 933 167 167 167 167 167 167 167 167 167 167 167 167 167 97 95 135 145 141 121 119 93 107 113 81 73 7') i p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Doesnot 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 1933, p. 502 936 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Year and month Manufactures Total Fac- Construction contracts awarded (value) 2 Industrial production** Factory employment* M inerals Total Residential All other tory pay rolls* Freight-car loadings** 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 94 105 108 106 112 119 95 80 63 75 78 90 105 83 87 67 85 101 95 104 108 106 111 119 96 81 64 76 79 90 105 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 77 89 70 74 105 96 99 108 107 106 115 99 84 71 82 86 91 104 44 30 44 68 81 95 124 121 117 126 87 50 37 13 1 1 12 21 37 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 107 108 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 55 58 62 64 75 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 1934 June.. . July Aug Sept Oct... Nov..... Dec 84 76 73 7 1 74 75 86 84 73 73 73 75 74 78 83 74 72 69 72 74 85 84 71 71 70 73 73 76 87 84 80 82 81 81 90 86 84 83 87 87 84 85 26 27 27 29 31 31 31 31 30 28 30 29 28 25 12 12 10 11 12 1 1 12 13 12 10 11 12 1 1 10 38 39 40 44 46 48 47 46 44 43 45 43 41 36 85 83 83 78 81 8 1 82 85 83 84 80 82 80 82 66 61 63 59 62 61 64 64 62 61 60 59 59 60 64 62 62 67 65 60 57 73 73 76 74 74 75 77 70 51 60 79 82 83 135 Jan _ Feb Mar April.... May June July Aug Sept Oct. Nov Dec 90 90 88 86 85 87 86 88 91 95 96 11 0 88 91 91 89 87 86 83 87 90 97 98 96 90 88 87 86 84 85 87 89 92 95 97 97 88 90 99 85 83 87 93 93 102 92 93 90 79 88 97 85 86 93 101 96 97 27 28 26 27 27 30 35 38 43 12 14 16 18 21 24 25 24 25 25 26 26 10 13 16 22 25 26 25 24 25 25 25 22 88 103 32 33 34 38 39 43 50 54 59 62 76 80 84 85 86 86 85 84 85 86 86 87 88 89 82 85 86 86 85 83 84 86 88 89 89 88 65 70 72 72 69 67 67 71 74 76 76 78 63 66 65 62 61 64 59 63 64 68 68 68 59 62 63 59 60 63 59 64 71 75 69 64 76 77 79 75 74 79 80 77 81 78 82 83 59 61 7 1 79 76 76 60 68 22 24 26 30 32 35 39 40 44 45 53 54 39 39 35 33 32 36 43 50 58 97 101 87 91 91 91 87 84 83 87 89 96 98 95 97 94 93 101 101 1C4 108 108 109 110 114 121 65 95 96 104 105 104 105 106 107 111 115 114 96 92 93 100 101 105 109 110 110 111 115 121 95 93 97 105 105 105 105 106 107 110 115 114 104 111 97 106 102 100 101 99 102 105 112 117 100 107 90 95 101 101 102 104 110 115 115 111 62 62 47 47 46 52 59 62 59 57 58 66 50 45 47 53 56 60 65 65 60 54 51 53 25 25 26 30 32 36 44 46 47 43 40 45 21 22 28 35 38 39 45 46 47 41 39 38 92 75 63 60 57 65 71 75 69 69 72 83 75 63 62 67 70 78 82 81 70 65 62 65 89 87 88 89 90 90 93 93 94 94 96 99 87 87 88 89 90 90 91 94 96 97 97 98 74 74 78 79 81 81 80 84 84 89 91 95 70 71 66 71 72 73 76 76 75 77 82 83 65 68 64 68 71 73 77 77 84 86 84 77 81 83 84 84 87 87 91 86 88 90 94 92 77 85 89 84 63 68 94 100 105 161 Jan 114 Feb.... 116 Mar..... 118 April.... 118 May 118 June 114 July "114 112 117 122 122 122 115 115 116 117 118 118 114 113 118 122 125 123 114 109 115 128 115 116 114 105 111 118 105 117 117 63 62 56 53 56 61 51 54 56 61 68 72 45 47 45 44 44 42 77 75 64 61 66 77 63 64 63 68 81 92 99 100 101 102 102 101 97 99 101 102 102 101 91 96 101 105 105 103 P112 P115 P114 pfi8 P75 P45 37 42 47 51 52 47 ,45 80 82 83 84 80 78 80 73 76 80 79 80 79 82 93 95 93 93 93 93 94 72 76 90 89 95 90 65 95 48 66 55 61 86 86 91 145 1936 Jan. Feb Mar April.... May June July Aug Sept Oct Nov Dec 63 66 1937 pill pill 1 P " ,102 P Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 937-938; 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. 939-940. Underlying figures are for pay-roll period ending nearest middle of month. 4 For indexes of groups see p. 744. 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. 937 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100] 1936 Industry June Manufactures—Total July 1937 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July 105 109 110 110 Ill 115 121 115 116 117 118 118 114 P115 112 89 115 119 90 121 120 93 123 119 96 121 127 98 130 137 99 141 143 104 147 139 107 142 129 107 131 126 108 128 130 109 132 134 114 136 119 107 121 140 121 141 107 111 103 120 95 66 101 116 125 106 125 98 66 108 119 125 115 136 101 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 88 85 64 113 119 133 94 89 92 92 72 116 130 135 101 77 91 96 70 128 141 138 92 71 90 100 79 125 144 143 77 70 93 105 94 115 129 152 82 68 98 109 100 115 122 169 83 83 99 100 85 117 125 160 87 115 89 87 65 111 130 175 87 98 87 86 66 108 122 151 89 89 92 89 69 113 136 139 89 108 98 93 75 113 130 142 95 123 83 76 54 99 124 145 90 98 80 77 49 111 134 145 93 69 81 70 44 99 129 139 101 91 62 137 60 131 61 136 61 140 62 140 67 150 64 141 63 142 62 145 64 144 62 144 62 147 61 145 64 118 9 124 9 111 8 107 6 93 5 105 8 122 10 120 8 120 11 121 22 130 30 135 25 130 23 129 103 91 84 88 113 110 114 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 '82 133 148 118 101 99 81 128 129 P118 P129 75 218 75 220 77 226 81 236 87 242 91 164 91 89 86 77 85 244 93 229 87 241 78 223 74 260 206 112 103 69 128 104 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 82 181 233 98 117 108 123 183 236 96 117 110 121 186 241 91 119 111 126 189 246 90 119 111 128 191 249 90 124 110 129 188 241 92 124 114 130 191 242 102 132 116 136 189 236 117 135 111 137 194 245 106 130 126 136 190 242 108 126 120 138 195 249 103 123 131 141 200 253 112 130 131 143 202 256 114 133 129 134 130 135 90 124 129 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 Cigars Cigarettes 147 70 209 154 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 Minerals—Total 100 101 99 102 105 112 117 109 115 128 115 116 114 Pill 74 72 146 80 103 69 103 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 98 80 113 80 76 99 83 70 94 107 75 93 110 85 103 80 63 176 159 116 76 101 80 74 172 122 115 70 107 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 PUO 125 P100 P96 97 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 . r CEMENT AND GLASS: Cement Glass, plate . . NONFERROUS METALS: Tin deliveries * Zinc Lead FUELS, MANUFACTURED: Petroleum refining . Gasoline1 Kerosene Fuel oil* . . . Lubricating oil * Coke, byproduct RUBBER TIRES AND TUBES ' Tires, pneumatic J Inner tubes *_ . TOBACCO PRODUCTS Bituminous coal Anthracite Petroleum, crude . . . _ Iron ore Zinc Lead ._ . . Silver . . P48 P173 121 112 82 r i Without seasonal adjustment. P Preliminary. Revised. 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. 938 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. J 923-25 average = 100] 1936 Industry June July Aug. Sept. 105 105 106 112 88 115 110 85 113 118 89 121 101 106 97 108 95 66 90 107 114 99 111 98 66 103 87 84 65 106 124 131 83 106 1937 Jan. June Oct. Nov. Dec. 107 110 115 114 113 118 122 125 123 114 pill 117 93 120 123 98 126 127 100 130 125 102 128 134 105 136 135 109 138 142 114 145 144 115 146 146 116 149 119 105 121 130 115 132 112 112 110 126 101 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 P102 114 90 87 64 115 126 135 98 94 87 85 53 126 130 139 99 79 90 94 59 138 138 165 91 75 95 104 80 134 135 167 92 65 104 121 110 133 124 167 90 65 101 117 111 122 119 157 84 66 91 100 87 112 121 176 85 64 86 85 73 95 114 142 86 88 91 84 69 99 137 126 83 127 94 83 67 99 141 133 87 143 82 74 52 96 140 142 85 109 78 76 50 104 139 142 82 82 81 67 39 98 125 139 64 135 59 117 59 121 60 137 62 149 66 160 64 145 64 137 62 143 63 149 63 154 63 151 63 144 134 9 128 9 82 9 42 6 65 5 127 9 147 11 120 7 120 11 140 22 158 27 163 24 147 22 132 99 90 83 86 113 105 113 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 •78 124 134 113 100 97 79 128 122 ,118 93 196 91 198 100 226 101 236 99 242 90 164 71 89 52 77 51 244 67 241 85 265 92 234 91 234 186 112 98 70 128 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 79 181 233 91 117 108 121 182 236 90 117 110 118 186 241 86 119 111 122 189 246 92 119 111 125 192 249 95 124 110 129 189 241 100 124 114 133 192 242 111 132 116 138 189 236 119 135 111 138 194 245 108 130 126 140 190 242 104 126 120 142 195 249 102 123 131 142 200 253 108 130 131 142 201 256 106 133 129 132 130 135 90 124 129 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 Cigars Cigarettes 161 76 230 167 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 Minerals—Total 101 102 104 110 115 115 111 105 111 118 105 117 117 66 62 149 157 98 70 101 72 57 147 164 97 68 85 75 51 152 177 92 58 88 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 77 102 114 84 104 70 63 177 238 117 75 98 72 65 175 240 111 Manufactures—Total IRON AND STEEL Pig iron _ Steel ingots TEXTILES Cotton consumption Wool Consumption _ Machinery activity Carpet and rug loom activity. Silk deliveries FOOD PRODUCTS Slaughtering and meat packing Hogs Cattle Calves _. Sheep _ Wheat flour Sugar meltings Feb. Mar. Apr. May July P89 P71 92 111 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 r CEMENT AND GLASS: Cement Glass, plate - NONFERROUS METALS: Tin deliveries Zinc Lead FUELS, MANUFACTURED: Petroleum refining _ Gasoline Kerosene Fuel oil Lubricating oil Coke, byproduct __ _ RUBBER TIRES AND T U B E S Tires, pneumatic Inner tubes TOBACCO PRODUCTS Bituminous coal Anthracite Petroleum, crude Iron ore Zinc Lead Silver _ _ ._- -_ . r 178 82 256 v~l ^39 ?177 245 104 79 105 r •p Preliminary. Revised. 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. 939 FEDERAL RESERVE BULLETIN SEl'TEllliER 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 Apr. June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 90.4 83.8 97.6 92.8 85.6 100.4 93.4 85.7 101.8 93.8 86.6 101.6 94.4 88.2 101.2 98.6 92.7 102. 9 104.9 92.4 105.4 99.7 93.9 105.8 100.9 101.6 97.4 96.3 105. 9 106.2 90.8 99 75 62 76 59 77 84 65 103 67 99 80 148 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 80 60 75 85 71 104 73 101 86 149 98.4 109 79 66 82 61 84 85 70 107 73 100 89 164 99.6 109 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 95 188 103.7 112 106.4 116 90 71 87 103.9 126 Agricultural implements 112 Cash registers, etc 90 Electrical machinery 124 Engines, turbines, etc Foundry, machine-shop products. 90 116 Machine tools 209 Radios, phonographs 70 Textile machinery 87 Typewriters 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 75 135 102.2 564 112 53 34 105.1 603 116 52 36 101 100.9 613 109 56 35 102 100.8 631 109 56 38 102 105.0 645 113 61 41 102 58.2 62 58 57.4 62 57 58.7 62 58 59.1 62 59 97.8 116 102 107 84 75 59 79 136 101.1 116 106 113 88 79 66 78 141 64.2 76 49 50 65.6 79 48 51 63.0 45 54 96 41 73 98.1 91.8 83 90 94 116 93 112 78 80 110.3 107 144 86 130 54 111 Total Durable goods Nondurable goods.. IRON, STEEL PRODUCTS Blast furnaces, steel works.. Bolts, nuts, washers, rivets. Cast-iron pipe Cutlery, edge tools Forgings___i Hardware Plumbers' supplies Steam, hot-water heating-.. Stoves Structural, ornamental Tin cans, tinware Tools "Wirework MACHINERY TRANSPORTATION EQUIPMENT... Aircraft Automobiles Cars, electric, steam railroadLocomotives 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. Wearin g apparel Clothi rig, men's Clothing, women's Corsets, allied garments._. Men's furnishings Millinery Shirts, collars 109 100 106 78 76 61 78 139 102.3 113 87 May June July 102.2 101.4 103.3 97. 8 100. 4 98.4 106. 2 105. 3 106. 5 82 113 77 107 103 183 100. 7 106 82 69 86 78 96 91 80 11.8 78 107 102 181 108.3 120 88 68 90 77 96 89 81 110 79 109 103 176 94 76 114 73 103 98 179 87 70 96 90 78 117 75 105 99 176 95 80 116 76 104 101 187 108.0 118 93 72 87 73 99 97 82 113 78 105 101 186 114.0 103 121 106 125 100 129 188 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 87 159 131.1 145 137 121 150 114 154 212 87 156 112.3 646 123 64 42 118.7 698 133 62 44 110.2 740 120 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 57 104 126.2 784 139 71 60 102 60.1 63 60 60.6 63 60 61.7 63 62 62.3 63 62 61.9 63 62 62.2 64 62 62.4 64 62 62.4 63 62 63. 7 63 64 64 65 102.5 112 109 112 87 84 67 79 143 105.2 115 110 114 106.7 118 111 115 91 94 70 78 154 110.7 118 115 117 91 99 71 80 166 109.6 121 120 120 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 1,59 115.4 138 121 116 101 93 82 94 156 65.1 81 51 49 65.8 82 52 50 66.2 81 53 50 66.2 84 54 49 67.9 86 55 51 57 50 68.1 87 57 50 71.4 88 58 54 71.4 90 58 53 71.7 91 56 54 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 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 72.3 92 50 54 70.4 50 62 109 42 82 72. 7 90 56 56 70.3 ol 61 110 42 79 102.6 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 92 101.7 95.5 92 97 101 115 82 117 79 78 113.4 105 155 89 130 55 117 104.4 97.3 93 98 104 117 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 57 129 107.0 101.1 99 103 102 116 88 122 80 88 117.9 110 156 90 141 58 129 107.9 103. 8 101 105 103 119 86 122 85 94 115.0 113 146 88 140 54 124 107. 6 105. 4 103. 2 101.3 102 102 106 104 96 100 119 114 84 90 121 118 86 87 115.3 112.0 116 109 144 142 89 90 138 141 53 54 119 118 106. 4 102. 0 99 105 103 118 86 122 84 84 114.0 109 148 91 148 51 121 114 81 121 78 77 113.6 104 157 88 133 57 116 70 78 153 54 43 77 106.8 108.3 100.1 101. 7 99 101 99 101 106 107 121 120 89 90 119 123 79 81 92 93 119 8 120.9 115 114 160 159 92 93 135 140 51 57 124 132 73 79 159 108.7 120 94 72 89 73 940 FEDERAL RESERVE BULLETIN SEPTEMBER 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 June LEATHER PRODUCTS Boots, shoes Leather F O O D PRODUCTS Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane TOBACCO MANUFACTURES Tobacco, snuff Cigars, cigarettes P A P E R , PRINTING Boxes, paper Paper, pulp Book, job printing Newspaper, periodical printing.. CHEMICALS, PETROLEUM PRODUCTS. A. O ther than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap B. Petroleum refining R U B B E R PRODUCTS Rubber boots, shoes Rubber goods, other Rubber tires, inner tubes July Aug. 89.0 89 94 90.3 91 94 90.9 91 96 110.3 127 183 86 147 77 74 72 86 88 80 112.4 129 196 86 140 78 77 72 92 92 78 60.3 56 61 61.2 56 62 Oct. Nov. 91.4 91 98 92.0 92 94.9 95 113.2 129 195 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 61.9 66 61.7 56 62 Dec. Jan. Feb. Mar. Apr. May June July 98.8 99.1 100 101 97 98.1 100 97 97.4 99 97 96.5 97 100 96.0 96 100 96.1 97 113.4 132 197 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 64 116.7 135 202 88 157 81 75 73 91 89 78 117.0 136 205 88 152 80 75 73 93 95 77 116.1 134 199 86 154 114.8 135 203 88 144 78 76 76 90 90 78 114.7 135 206 90 143 77 75 77 89 90 75 119. 0136 209 91 166 81 78 76 91 90 61.1 57 62.4 57 63 62.0 56 62.0 56 63 61.8 57 62 61.7 56 62 61.1 56 62 61.2 56 62 60.2 58 61 61.3, 57 62 76 74 69 91 118 74 79 77 73 91 98 84 95.6 97 95 79 100.0 94 109 90 103 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 94 104 104.0 103 114 94 103 105.5 104 116 96 104 107.4 106 118 98 105 107.5 106 119 97 105 108.0 106 120 98 106 108.2 106 121 98 106 106. 8, 104 119 96 104 113.2 112.2 117 62 105 84 86 124 350 97 117 115.7 114.6 121 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 87 130 355 100 120 120. 120.9 133 85 105 121.6 121.8 133 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 97 110 134 408 103 125 127.8, 128. 3, 138 63 111 97 104 136 416 105 126 88.8 73 123 79 91.4 78 124 82 93.9 75 124 87 95.8 75 126 89 75 130 92 99.4 74 133 102.2 102.3 76 75 138 140 95 101. 73 140 94 96.0 82 142 80 95.8 82 144 79 101.7 81 145 100.0 76 144 94 87 131 364 102 120 85 139 87 r Revised. NOTE.—Figures for July 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and page259 of the BULLETIN for March 1937. Underlying figures are for pay-roll period ending nearest middle of month. 941 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 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 1836 1936 June Julv Mar. Apr. May June July 91.2 84.6 98.2 101.1 96.4 106.1 102.1 98.6 105.9 102.3 99.9 104.8 101.1 98.8 103.5 IKON, STEEL P R O D U C T S . . . j Blast furnaces, steel w o r k s . . Bolts, nuts, washers, r i v e t s . Cast-iron pipe Cutlery, edge tools Forgings Hardware Plumbers' supplies Steam, hot-water h e a t i n g . . . Stoves Structural, ornamental Tin cans, tinware Tools Wirework 90.1 84.7 95.9 91.4 100 75 64 76 59 77 85 65 104 68 101 80 148 93.0 103 76 66 73 59 77 85 66 101 71 102 81 146 106. 8 117 90 69 89 73 100 96 80 113 74 100 102 187 108.9 120 93 71 90 74 100 95 82 115 76 102 102 186 110.1 122 94 72 89 74 MACHINERY Agricultural implements Cash registers, etc Electrical machinery Engines, turbines, etc Foundry, machine-shop productsMachine tools Radios, phonographs. Textile machinery Typewriters 103.6 124 112 90 127 90 116 200 70 84 104. 0 121.2 132 110 131 114 111 92 140 120 107 91 143 118 163 194 85 71 153 99 TRANSPORTATION E Q U I P M E N T — Aircraft Automobiles Cars, electric, steam railroadLocomotives Shipbuilding 105.3 593 116 57 35 101.9 621 111 54 37 99 58.5 62 58 95.5 107 100 104 73 76 62 78 139 56.9 62 57 94.5 111 100 103 76 73 54 78 135 64.8 74 50 52 65. 6 77 50 52 66.4 49 62 99 43 71 67.0 50 63 99 45 70 Total Durable goods Nondurable goods. RAILROAD R E P A I R S H O P S . Electric railroad Steam railroad XONFERROUS 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, sawmillsSTONE, 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 1937 June July Mar. Apr. May 101.7 99.2 104.3 81.1 79.0 83.9 80.2 75.9 85.6 101.1 100.0 102.6 104.9 106.4 102.9 105.2 102.9 107. 5 104.6 102.3 100.8 101.2 101.9 100.2 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 70 85 72 93 93 77 108 81 114 102 176 84.6 95 75 46 67 48 78 63 55 87 60 98 80 134 81.8 93 74 46 61 46 72 56 54 77 61 98 76 122 112.6 127 108 56 84 72 117 80 79 102 72 104 111 180 124.5 146 116 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 82 117 115 189 114.2 133 94 54 79 64 108 72 71 85 82 121 108 172 124.3 138 131 115 144 110 147 158 87 154 126.1 140 134 118 149 112 150 140 88 154 129.2 141 136 120 150 113 153 182 87 154 129.5 136 137 121 151 112 153 195 86 152 95.8 131 107 83 112 84 110 155 62 92.8 108 106 83 103 81 108 143 63 90 125.5 162 140 112 139 112 153 127 90 153 133.9 180 148 121 153 119 159 127 96 157 134.9 184 149 124 157 119 162 109 95 155 137.2 183 147 126 156 120 165 156 94 151 133.1 165 146 124 154 115 159 166 89 146 121.0 791 132 70 54 107 125. 4 814 136 75 57 109 128. 3 823 140 78 59 107 126. 4 834 138 77 60 103 122.5 808 134 74 63 100 509 107 54 22 98 92.6 496 100 51 24 123. 6 703 132 79 41 116 128.6 739 136 89 45 123 134.1 739 144 90 47 119 127.8 751 135 91 51 115 125.5 688 134 86 51 110 62.2 64 62 63. 3 64 63 63.6 63 64 64.0 63 64 64.2 64 64 62 60 56.0 62 56 65.8 67. 4 68 68 67.1 66 67 68.7 67 69 63. 4 67 63 114.6 124 124 122 89 104 74 81 165 115.5 124 128 123 88 101 74 85 162 115.5 126 126 123 89 100 74 88 163 113.9 130 122 122 89 96 74 89 159 111.5 132 119 112 91 90 74 92 155 79.9 94 84 92 52 69 46 63 125 77.4 96 83 94 51 63 39 62 116 111.8 130 128 120 69 109 68 75 163 114.2 131 133 122 68 107 113. 1 111. 5 136 135 125 127 119 122 70 69 95 102 69 70 85 85 162 166 105.4 135 116 111 69 87 67 86 149 69.8 71.6 87 57 55 72.9 89 58 56 72.7 87 57 56 55.8 59 44 45 54.5 60 42 43 64.6 57 52 70.3 49 64 110 40 81 70.6 87 58 53 73.0 53 67 111 43 82 74.4 55 69 112 45 82 74.0 55 70 112 44 80 71.6 54 69 108 45 72 55.8 39 56 91 37 52 55.3 39 58 88 37 50 96.2 96.3 111.2 90.3 91.7 103. 8 102 83 83 89 105 92 91 109 91 111 123 109 87 88 91 112 112 124 72 75 83 90 79 80 107. 6 104. 6 125. 5 107 116 104 129 170 140 85 93 86 124 148 126 44 51 67 110 111 130 109.9 103.7 103 106 108 123 88 123 82 89 121.8 115 162 92 147 61 127 107.3 102.2 102 106 103.4 99.7 102 103 97 110 84 118 79 86 109. 3 107 137 90 137 51 118 100.2 98.0 99 102 96 111 83 116 80 81 102.7 107 119 88 130 38 115 76.8 75.2 66 76 82 88 75 104 56 62 76.6 79 86 82 97 35 95 77.3 77.1 68 79 82 89 79 104 60 63 74.3 81 81 77 91 98 119 83 122 79 88 116.5 112 153 91 142 56 120 164 June July 53 48 66.1 43 63 115 34 74 68.3 79 56 52 68.2 77 55 53 72.3 79 58 57 67.2 73 55 53 71.1 49 69 120 39 72 72.0 49 71 119 41 75 71.4 49 75 119 38 70 66.2 46 72 109 39 59 103.2 97.5 103 101 109 113 90 127 71 79 110.4 106 138 98 123 65 122 100.2 100.3 102 108 108 115 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 85.7 97 91 95 81 112 68 72 74.7 86 74 79 97 24 97 942 FEDERAL RESERVE BULLETIX SEPTEMBER 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 Boots, shoes Leather FOOD PRODUCTS Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane TOBACCO MANUFACTURES Tobacco, snuff Cigars, cigarettes PAPER, PRINTING Boxes, paper Paper, pulp Book, job printing Newspaper, periodical printing CHEMICALS, 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 Mar. Apr. May June July June July Mar. 91.4 100.8 92 94 103 99 98.3 99 100 95.1 95 99 93.8 94 98 96.7 99 95 64.6 58 SO 74.2 70 90 89 107 105. 7 134 193 82 90 79 74 65 91 39 76 107.7 133 197 84 111 74 74 69 88 44 84 107.9 135 207 89 100 71 74 82 89 47 78 112.6 137 224 96 123 69 74 91 89 49 75 124.4 137 234 97 205 69 78 93 90 52 81 98.9 115 221 71 103 60 67 73 81 50 67 60.8 57 61 60.2 56 61 59.9 56 60 60.1 56 61 60.6 55 61 50.1 56 49 51.0 58 50 52.4 52.3 53.6 55.7 66 51 66 51 66 52 69 54 107.1 104 118 98 106 107.2 104 119 97 106 107.7 104 120 97 106 106.9 103 121 95 105 105.5 102 119 94 103 89.2 86 95 78 97 86.6 86 93 77 92 104.1 104.8 105.9 104.9 107 117 94 103 108 120 93 104 106 122 95 105 1C4 124 91 104 101.2 100 119 89 100 124.9 126.0 134 69 112 90 136 135 373 111 121 96.7 80 144 81 126.6 127. 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 76 147 94 123.9 123.4 139 44 109 95 76 139 391 103 126 101.2 73 142 93 124.4 123.7 140 42 105 95 70 137 403 103 127 98.9 78 136 90 105.4 103.3 113 29 99 84 55 121 277 95 112 89.0 57 111 90 106.4 103. 8 115 33 101 84 52 114 288 92 115 87.1 55 106 89 128.1 128.8 136.4 136.2 136.7 136.2 140 59 121 98 128 133 350 123 126 151 50 120 108 151 142 365 116 137 153 42 118 103 116 145 382 114 138 100.3 109.2 68 151 91 73 154 103 137. 4 135.7 154 39 121 103 79 143 392 115 143 103.8 70 145 98 136.3 134.3 153 36 112 103 76 139 394 115 143 99.1 74 132 94 July 86.8 86 93 107 9 116.9 128 199 91 126 69 72 84 86 49 80 129 220 92 174 67 78 88 91 53 80 60.2 60.6 55 61 55 61 98.8 98.5 91 109 88 103 92 108 89 100 110.3 108.5 112.7 110.5 119 38 100 83 59 129 336 96 118 123 41 100 86 59 126 347 93 122 89.8 69 122 83 1937 1936 1937 June LEATHER PRODUCTS Factory pay rolls 90.8 72 121 84 92.4 107 0 104.1 124 116 211 266 72 64 90 138 56 76 76 70 80 59 87 92 53 45 69 81 99.8 72 146 90 Apr. 87.7 82 111 May 81.6 74 110 June 80.7 73 108 108.2 111.6 115 8 123 220 66 113 71 72 64 99 50 81 130 237 71 109 69 73 76 99 51 72 134 261 77 124 68 74 82 99 55 68 July 86.1 82 104 127.9 135 284 78 240 64 80 85 100 56 80 55.9 67 55 NOTE.—Figures for July 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month. 943 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION i Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Residential Total Month Factories 1936 January February March April May June July August September October November December Year r 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 . . __ 1937 242.8 188.3 231. 2 269.7 244.1 r 317.8 321.6 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 1936 801 6 2 675 3 1937 9 0 13.4 18.4 25.5 12.9 10.2 19.1 15 0 18.8 18 4 14.1 23.1 Public works and public utilities 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 1937 1936 37.0 12.6 22.2 30.1 18.5 36.8 58.5 Educational 1936 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 29.1 249 1 198.0 920 4 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 1936 19 6 11.3 10.0 14.0 22.2 37.4 15.8 1937 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 34.7 280 0 226.1 Revised. 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.] Privately financed1 Publicly financed1 Total Month 1932 January February March __ _ April May. - June July . August September October November December Year 1933 1934 1935 1936 1937 1932 1933 1934 1935 1936 85 89 112 122 146 113 129 134 128 107 105 81 83 53 60 57 102 83 106 120 145 162 207 186 97 178 131 134 127 120 120 110 135 112 93 100 75 123 124 127 148 159 169 167 201 188 264 215 140 199 235 216 233 295 275 234 226 208 200 243 188 231 270 244 318 322 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 56 38 68 53 47 64 67 92 97 114 118 196 149 79 96 105 94 116 153 153 116 101 89 82 1,351 1, 256 1,543 1,845 2,675 768 683 975 1,007 1,334 77 1932 1934 1935 1936 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 55 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 1933 45 55 67 61 54 49 44 53 47 46 32 29 1937 573 568 837 1,341 1937 130 119 165 195 152 180 191 i Data for years prior to 1932 not available. Revised. r CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported b y the F . W. Dodge Corporation. Value of contracts in thousands of dollars.] COMMERCIAL FAILURES, BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] Number 1937 Federal Reserve district July July Federal Reserve district Total (11 districts) 15, 922 77. 488 12,093 54,777 27. 636 33, 983 52, 686 17,054 8, 761 10, 331 10,871 321, 603 20,226 70, 513 16, 538 34,923 39, 994 21, 299 55,492 18,310 13, 559 15,279 11,959 318,092 20, 283 61, 726 17,764 28,040 21, 492 33,312 49, 207 26,144 11,783 13,082 11,902 Boston New York._ Philadelphia Cleveland _ _ Richmond. _ _ Atlanta _ _ Chicago St. Louis Minneapolis Kansas City. Dallas 294,735 San Francisco Total 1936 1937 July Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas Liabilities 1936 June July 1937 1936 July June July 52 194 33 47 27 25 99 17 7 23 16 78 66 203 34 49 37 21 90 22 21 38 17 72 71 202 38 53 40 24 72 24 21 25 12 57 1,201 2,195 645 700 180 310 1,206 133 86 255 87 768 889 2,270 770 731 442 279 1,458 249 207 297 105 494 750 4,228 472 580 703 237 824 205 126 185 63 1,531 618 670 639 7,766 8,191 9, 904 944 FEDERAL RESERVE BULLETIN" SEPTEMBER 1937 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports * Excess of exports Month 1937 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 88 107 122 147 155 136 171 171 157 203 192 191 287 285 P286 17 -2 33 6 34 —6 —5 13 -10 9 -5 P-21 180 179 221 143 155 147 127 120 132 177 169 162 195 193 216 1 -23 13 34 52 60 —3 3 37 —15 -14 5 221 270 223 265 226 230 151 129 134 130 151 132 189 169 187 213 196 245 42 56 59 77 44 38 32 100 37 52 30 -15 2,283 2,456 1,450 1,655 2,047 2,422 225 478 235 34 1935 1936 121 102 108 172 163 191 176 163 185 199 182 195 222 233 257 96 84 95 105 114 120 179 160 171 164 165 170 193 201 186 269 290 P265 144 131 160 162 172 191 173 172 199 193 184 193 206 195 171 1,875 2,133 January February _. March April May June . July August September _ _ October November December... _ Year 1933 1937 1934 1933 7 1935 1937 1936 1934 1934 1936 1935 3933 -18 5 p Preliminary. 1 rncludme 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 July Mar. Apr. May ][ndex June July Without Adjusted Adjusted Without for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Month Adjusted Total Coal CokeGrain and grain products. _ Livestock _ Forest products Ore _ Miscellaneous. _ l Merchandise 76 77 87 85 47 47 73 82 66 83 87 92 68 42 51 114 94 69 Without Total Coal Coke Grain and grain products _ _ Livestock _ Forest products Ore . Miscellaneous1 Merchandise __. _ 77 65 73 117 41 47 139 84 66 80 92 96 62 34 52 29 90 69 for seasonal variation 84 81 102 70 43 49 249 91 69 80 77 88 64 44 53 133 90 69 78 76 89 74 41 52 113 87 67 80 76 104 81 37 57 107 88 68 80 66 85 58 39 55 187 93 69 79 65 82 72 33 55 192 90 68 82 64 88 111 32 57 203 90 67 1 In less-than-carload lots. NOTE.—For description and back data see pages 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 1937 1936 1937 1936 1937 1936 1937 1936 81 83 84 93 95 93 63 66 77 72 76 90 66 66 65 74 76 76 58 62 67 66 72 78 __. — 84 87 87 . 93 93 93 85 89 84 89 95 90 65 66 64 76 76 75 68 67 62 79 78 73 _ 91 86 88 94 63 68 94 65 64 67 68 74 59 65 71 69 ft$ptQTpt)QT October Nnvftmher December 90 94 92 January February March April May June July August seasonal adjustment 79 68 86 63 39 51 102 94 70 Index of stocks (end of month) of sales * Year 100 105 161 88 69 71 71 76 80 67 67 * Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Back figures.—Department store sales, see p. 631 of BULLETIN for August 1936; department store stocks, see pp. 254-255 of BULLETIN for April 1935. SEPTEMBER 945 FEDERAL RESERVE BULLETIN 1937 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 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 71.6 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-June July August September OctobersNovember. December. 79.2 80.5 81.6 81.6 81.5 82.4 84.2 78.1 81.3 83.8 84.0 84.0 85.1 88.5 79.9 81.4 83.1 83.3 82.6 83.9 85.5 78.8 79.5 79.7 79.6 80.1 81.0 82.2 93.8 93.4 93.6 94.6 95.6 97.0 99.7 69.7 70.fi 70.9 70.9 71.6 73.5 76.3 76.1 76.2 76.3 76.1 76.8 76.8 76.5 1937—January.— February. _ March April May June July Week e n d i n g Apr. 10__ Apr. 17._ Apr. 24.. May 1—. May 8... May 15_. M a y 22.. May 29.. June 5-._ June 12. _ June 19— June 26— July 3 — . July 10.. July 1 7 July 2 4 . . July 3 1 . . Aug. 7— Aug. 14.. 85.9 86.3 87.8 88.0 87.4 87.2 87.9 91.3 91.4 94.1 92.2 89.8 88.5 89.3 87.1 87 0 87.5 85.5 84.2 84.7 86.2 83.4 84.1 85.5 86.5 86.3 86.1 86.3 101.7 102.7 104.2 106. 3 106.7 106. 4 106.7 77.5 77.5 78.3 79.5 78.7 78.2 78.3 87.9 87.6 87.5 87.4 87.3 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 93.5 92.4 92.7 91.5 91.0 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 86.1 85.3 85.0 85.2 84.7 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 86.3 86.5 86.2 56.3 86.3 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 86.0 106.8 107.2 106.7 106.8 107.7 107.6 107.1 107.0 107.6 107.6 107.2 106.8 106.6 106.4 107.6 107.6 108.4 109.1 108.6 78.6 78.7 78.6 78.6 78.3 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 Year, month, or week 1929 1930 1931 1932 1933 1934 1935 1936 _._. Total Hides and Metals Textile Fuel and and metal Building leather lighting products products materials products materials Chemicals and drugs Housefurnishing goods 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 94.2 89.1 79.3 73.5 72.6 75.9 80.5 80.4 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 82.6 77.7 69.8 64.4 62.6 69.7 68.3 70.5 86.2 86.9 87.1 86.8 86.9 87.9 89.6 85.8 86.7 86.9 87.1 87.3 87.7 89.5 78.0 79.4 79.8 81.7 82.2 82.5 85.3 81.4 81.2 81.4 81.7 82.0 82.3 83.2 69.7 71.0 71.5 71.3 71.5 73.4 74.5 76.6 76.8 76.2 76.8 77.2 77.5 78.1 90.9 91.7 96.0 96.5 95.8 95.9 96.1 91.3 93.3 95.9 96.7 97.2 96.9 87.7 87.8 87.5 86.9 84.5 83.6 83.9 86.5 87.9 88.4 89.0 89.3 89.5 89.7 78.2 773 79.5 81.1 80.5 79.4 79.0 77.1 77.5 77.6 77.9 78.2 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 95.8 95.1 95.1 94.8 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 87.0 86.6 85.6 85.2 84.4 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 90.3 90.3 90.4 90.8 90.8 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 80.1 81.0 80.9 80.6 80.4 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 1936 Apr. M a y June 119.2 113.9 105.7 105.2 93.6 95.9 98.3 105.0 83.4 79.0 77.4 75.1 83.8 84.4 79.7 84.9 73.4 78.5 89.8 83.5 94.9 77.0 99.3 87.8 83.0 95.4 103.8 121. 4 100.7 102.3 73.1 88.7 84.1 95.9 75.2 72.0 76.4 90.4 92.3 84.5 71.2 98.0 106. 0 74.3 74.6 H I D E S AND L E A T H E R PRODUCTS: 106.1 107.5 107.4 117.7 114.6 116.2 100.6 98.8 ,7 102.3 102.3 102.7 T E X T I L E PRODUCTS: 80.7 78.7 59.3 30.7 82.0 95.1 65.9 33.8 93.5 68.8 87.2 92.6 65.7 32.5 93.3 89.1 89.7 64.6 32.5 93.2 67.5 90.1 86.8 64.8 33.9 94.4 69.3 May June July Agricultural implements Iron and steel Motor vehicles Nonferrous metals Plumbing and heating 94.2 87.6 92.9 70.4 76.5 92.1 99.6 93.7 97.0 78.7 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 BUILDING M A T E R I A L S : Brick and tile Cement Lumber Paint and paint materials Plumbing and heating Structural steel Other building materials 89.2 94.9 95.0 95.0 95.4 95.5 95.5 95.5 95.5 95.5 83.7 103.0 103.0 102.2 101.3 80.4 83.9 83.7 83.6 83.9 76.5 78.7 78.7 78.7 78.7 97.1 114.9 114.9 114.9 114.9 90.2 99.9 101.3 101.1 101.0 CHEMICALS AND D R U G S : Chemicals Drugs and Pharmaceuticals Fertilizer materials Mixed fertilizers HOUSEFURNISHING GOODS: Furnishings Furniture 85.9 73.0 65.2 68.7 94.2 82.9 70.7 72.0 91.1 79.2 70.6 72.2 90.1 78.0 70.5 72.3 89.9 78.2 71.3 74.2 85.1 77.2 92.1 85.8 92.5 86.1 92.5 92.6 MISCELLANEOUS: F U E L AND LIGHTING MATERIALS: Anthracite Bituminous coal Coke Electricity Gas Petroleum products Apr. M E T A L S AND M E T A L PRODUCTS: 82.0 78.2 FOODS: Clothing Cotton goods Knit goods.. Silk and rayon Woolen and worsted goods.._. Other textile products July July FARM PRODUCTS: Shoes Hides and skins Leather Other leather products 1937 Subgroups July Dairy products Cereal products Fruits and vegetables Meats Other foods 96.7 96.7 96.7 1936 Subgroups Grains Livestock and poultry O ther farm products 96.9 96.9 97.2 97.0 97.0 97.0 96.9 96.9 96.9 Miscellaneous 78.5 96.0 93.7 83.4 87.9 58.1 72.4 74.2 74.5 76.6 98.6 98.5 98.5 98.6 102.8 105.1 105.0 104.9 77.1 78.8 79.5 80.7 83.0 84.2 61.5 61.8 59.8 Auto tires and tubes Cattle feed Paper and pulp Rubber, crude . Other miscellaneous 47.5 56.4 56.4 56.4 56.4 .07.9 146.8 139.9 116.9 116.5 80.6 93.9 94.6 95.0 94.2 34.3 49.3 44.6 41.0 39.6 80.8 85.3 85.5 85.8 85.7 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). 946 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1937] [In thousands of units] Cotton Corn Winter wheat Production 1936 Boston New York Philadelphia . Cleveland Richmond \ tlanta Chicago - St Louis Minneapolis _ Kansas City Dallas San Francisco Estimate Aug. 1, 1937 Production Estimate Aug. 1, 1937 Production 1936 1936 Estimate Aug. 1, 1937 Bales Federal Reserve district Bales Bushels Bushels Bushels Bushels 1,446 2 996 1,632 3 392 i 3, 404 2 3.736 352 3, 587 614 858 5,154 821 7. 754 23,779 48.733 155, 673 126, 279 149 800 548, 775 202, 726 107,341 70,862 80,623 6, 982 12, 399 15,593 1, 529, 327 __ _ . . - - . _ ___ . _ _. .___-_.. ____ __ _ _. -- .-_ Total -._- Oats Federal Reserve district 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 2, 658, 748 519, 013 688,145 Tobacco Tame hay Production 1936 Bushels 119 105 175 193 Estimate Aug. 1, 1937 Bushels 88 126 190 184 2,212 176 48, 406 7 479 93 48, 490 1. 833 131 132.370 10 945 105 56, 302 107, 448 202, 274 White potatoes __ _ __ . __ Total _ _ _. _ Estimate Aug. 1, 1937 Production 1936 Estimate Aug. 1, 1937 Production 1936 Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Production 7, 759 27.437 53, 686 194,015 138,826 176 319 1,043,338 359, 706 248,322 311,633 90, 386 7,321 Spring wheat 1936 Estimate Aug. 1, 1937 Production 1936 Estimate Aug. 1, 1937 Bushels Bushels Tons Tons Pounds Pounds Bushels 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 7,068 23,126 16, 674 52,992 18,452 12,910 514,933 50, 401 257,947 117,179 31,654 27, 292 3,103 4,443 1,788 3,816 2,532 2, 524 14, 054 4.447 7,405 6,153 1,194 11,850 3,482 5, 849 2,339 4,900 3,472 3,003 15, 702 5, 982 10,095 7,008 1, 397 11,675 27, 748 1,008 33, 650 80, 888 658, 341 152,515 18, 880 176,784 1,361 1,908 31. 329 1.369 30,840 122, 789 772, 320 156,134 24, 473 272, 255 1,883 3, 623 53, 493 31 139 25,631 21, 222 19, 690 9,921 47, 442 8, 333 27, 369 29,170 3 620 52, 967 60, 386 33 893 26. 352 20, 845 28. 822 14, 299 58, 603 12. 870 46. 604 33,369 4 248 62, 316 789,100 1,130, 628 63, 309 74, 904 1,153,083 1,417,015 329, 997 402, 537 1 Includes 16,000 bales grown in miscellaneous territory. Includes 20,000 bales grown in miscellaneous territory. 2 INTERNATIONAL FINANCIAL STATISTICS 947 948 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Amerand Africa ica Ocean(5 (11 ia (8 councoun- countries) tries) tries) Total1 (52 countries) United States 1934—December. 21,051 1935—December. 21. 583 8,238 10,125 134 189 11,010 9,517 601 645 805 816 1936—April May June July __ August SeptemberOctober . . . NovemberDecember . 1937—January.__ February.. March April May June July 10, 225 10, 402 10,608 10,648 10, 716 10,845 11,045 11,184 11, 258 11,358 11,436 11, 574 11,799 11,990 12, 318 12, 446 187 188 187 187 189 191 186 188 188 190 191 194 199 193 187 ^185 9,254 8,966 8,806 9,099 9,145 8,919 8,774 8,829 9,307 9.225 9, 268 9,295 9, 302 P9, 464 z>9, 466 ?9,158 642 641 634 635 642 638 658 656 708 697 698 723 743 767 P785 836 841 840 845 849 857 847 852 858 865 870 858 879 875 863 End of month 21,412 21,306 21, 343 21, 682 21, 809 21,719 21,778 21,980 22, 602 22, 632 22, 772 22, 961 23, 215 23, 580 ^23, 900 Europe (26 countries) Canada Europe UnitedL Switzerland Nether- N a lands tional B.I.S. Kingdom France Germany Italy 2 Belgium 263 291 1,584 1,648 5.445 4,395 32 33 518 270 590 611 573 438 624 454 4 8 268 268 268 269 269 269 269 270 283 297 310 317 295 291 ?281 1,670 1,701 1,782 1,977 2,017 2,049 2,04S 2,049 2,584 2,584 2,584 »2,584 2,584 2,647 2, 68S 2, 68£ 4,106 3,781 3,580 3,643 3,614 3,322 3,194 3,194 2,995 2,846 2,846 2,846 2,846 2,846 2, 722 2,422 28 28 29 29 28 25 26 27 27 27 27 27 28 28 28 28 212 211 210 209 209 208 208 208 208 208 208 208 208 208 208 208 581 610 638 633 632 631 621 630 632 625 626 619 607 609 625 617 483 465 404 437 457 456 388 388 490 558 598 626 670 769 848 862 495 485 460 471 489 508 583 624 655 657 657 657 635 635 635 628 8 11 12 10 12 12 13 13 11 13 12 15 11 17 8 3 Bank Europe—Continued End of month Austria 1934—December. 1935—December. 1936—April May June _ July August ._. September. October .__ NovemberDecember . 1937—January ._. February. . March April May June _ July Czechoslovakia Bulgaria Denmark Hungary Greece 45 46 19 19 112 112 60 54 40 34 23 23 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 46 46 46 46 46 46 46 21 21 21 21 22 22 22 91 91 91 91 90 91 54 53 53 53 53 53 53 26 27 27 27 26 23 24 25 25 25 25 SO 25 25 Norway 61 84 84 84 89 89 91 98 98 98 98 98 98 98 98 88 88 86 1934—December. 1935—December. 1936—April May June July.. August September October... November December. 1937—January... February.. March April May. June Argen- Brazil Chile tina 5 Yugoslavia Peru Uruguay other countries 19 16 19 20 41 5 45 275 275 45 45 45 45 45 45 45 45 45 275 275 275 275 275 275 275 275 275 45 45 44 45 45 M5 275 275 275 274 274 274 8 17 438 438 435 436 441 437 455 452 501 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 19 19 20 20 20 20 20 20 82 74 74 74 68 68 68 68 68 68 69 487 489 519 536 565 581 25 26 26 27 28 P28 29 29 29 29 29 *>29 20 22 18 18 14 16 20 20 20 21 21 *>21 69 66 66 66 66 66 7 10 15 17 13 13 15 19 6 7 8 9 10. 12 16 19 P19 6 other countries 96 84 68 68 104 109 740 735 159 185 53 43 60 63 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 4 718 718 718 718 718 209 220 231 231 232 238 239 239 240 45 45 46 46 46 46 47 48 48 67 68 70 71 73 78 79 79 82 75 76 77 78 78 80 81 68 68 68 68 68 P68 P68 114 115 115 115 116 116 P116 718 718 718 718 718 718 718 240 241 241 241 242 242 243 49 49 49 50 50 50 50 82 82 82 82 British China Japan India Colombia 403 444 29 29 Sweden Spain Asia and Oceania Latin America End of month Poland Portu- Rumagal nia 394 425 P82 79 P78 Africa 2 3 South other Africa countries Java New Zealand Turkey other countries Egyp 77 04 25 23 22 24 6 6 55 55 184 212 24 24 3 3 3 3 3 3 3 3 4 55 55 55 55 55 55 55 55 55 180 189 189 189 189 189 189 191 203 24 24 24 25 25 25 25 25 25 3 3 3 3 3 55 55 55 55 55 55 217 230 237 215 211 201 25 25 25 25 25 P25 435 439 442 447 450 453 456 459 463 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 26 466 469 456 459 452 443 60 60 60 74 74 74 23 23 23 23 23 23 28 29 29 29 29 29 P3 1 p Preliminary. 1 See notes under United Kingdom, Italy, Spain, and Latin America: 5 other countries. 2 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. * 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. * 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 fuU 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. 949 FEDERAL RESERVE BULLETIN SEPTEMBER UI3" GOLD PRODUCTION [ID thousands of dollars] Production reported monthly Year or month Estimated world production Africa Total South Africa Ehodesia 215,242 221, 526 224, 863 238, 931 227, 673 11,607 11,476 11,193 12, 000 13,335 North and South America West Africa Belgian Congo Canada United Mexico Colombia Far East Chile Austra- Japan lia British India 8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=%Z0.67 1929.. 1930.. 1931.. 1932.. 1933.. 397,153 432,119 460, 651 498,164 525,071 359, 347 373,154 394,399 421,656 420, 093 4,297 4,995 5,524 5, 992 6,623 2, 390 2, 699 3,224 3,642 3,631 39. 862 45. 835 43; 454 47,123 55, 687 49, 524 62, 933 £0. 626 60,968 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 6,927 8,021 8,109 8,198 8,968 7,508 6,785 6,815 6,782 6,919 11,715 11,223 11,394 11, 599 $l**16-5/21 grains of gold 9/10 fine; t. e., an ounce of fine gold=$35 1933.. 1934.. 1935.. 1936.. 1936—March April May June July August September. October November _ December.. 1937—January February . . March April May June 888, 997 958,033 1,040,217 1,166, 529 711, 260 723, 530 771,827 855, 753 385, 474 22. 578 366,795 24', 264 377,090 25,477 396, 768 28,053 11,214 12,153 13, 625 16, 295 6,148 6,549 7,159 7,386 68, 285 • 32, 709 2,359 68,025 31, 991 2,410 69,568 32, 826 2,413 71,175 33, 086 2,384 75,784 33, 846 2,354 73,865 33, 830 2,425 75,083 33,816 2,363 76,806 34,199 2,292 72,675 33,042 2,270 73, 695 33,858 2,262 73, 235 34,352 2,315 68, 408 32,330 2,109 P94,080 P74,049 34, 381 2,416 P92, 762 P72, 491 34, 308 2,391 Pi00,678 P75, 606 34, 010 2,408 P105, 751 *>75, 400 ^34, 265 2,339 1,326 1,258 1,289 1,285 1,352 1,412 1,444 1,493 1,506 1,544 1,671 1, 563 1,605 1,669 1, 559 PI, 668 544 543 547 585 676 675 696 691 634 631 586 579 634 638 681 P681 86, 516 86, 456 92,000 98,006 107,816 107,096 108,314 113,237 105, 506 96, 526 91,826 87,240 103,224 89, 467 104,023 108,191 114,971 126, 325 130, 550 152, 509 10, 469 10, 474 10, 797 11,083 11,183 11,504 11, 579 11, 693 11,174 11, 555 11, 499 10,853 11,420 11,317 11, 904 12,071 22. 297 23,135 23,858 26, 465 1),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 11,149 1,627 11, 242 2,607 12,074 2,075 12,077 2,570 15,171 2,632 13, 756 1,818 14, 409 2, 346 15, 950 1,943 13, 369 2,291 13,106 1,647 11, 483 2,854 10,171 2,227 12, 531 P2, 470 11,131 P2, 100 14, 248 Pl, 680 13,036 P2, 100 1,040 1,122 L, 086 1,065 1,235 L,098 1,236 1,109 L, 035 1,113 1,332 1,117 1,285 1,269 1, 234 1, 246 1,147 499 552 611 776 1,029 467 784 758 708 935 769 620 881 P881 P881 2,882 3,127 3,045 3,476 3,602 3,422 3,515 3,596 3,467 4,170 3,158 3,714 3,550 3.725 3,897 4,033 2,065 1,808 1.885 1,994 1,977 1,916 2,246 2,075 2,162 2,118 2,065 2,077 2,156 2,106 2,122 P2, 122 944 979 958 981 981 984 899 982 956 982 957 p Preliminary. 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 June 1937, in thousands of dollars: $21,120. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Year or month 1934 1 1935 1936 Total net imports or net exports () Net imports from or net exports (—) to: United Kingdom France 1,131,994 499,870 260, 223 1,739,019 315, 727 934, 243 1,116, 584 174,093 573, 671 1936—July August September October November December 15, 379 67,493 171,824 218,812 75, 836 56,970 1937—J anuary February March April May June.. July 121,325 120, 326 154,332 215,811 155, 362 262,022 175,417 1 -9 27 5,837 17,880 8,204 136, 671 72,154 95,013 44, 665 20 32,998 73, 950 75, 238 121, 451 175,165 103,822 156,943 76,432 10, 864 1,138 76 596 1,375 11,059 1,138 Belgium Netherlands 8,902 94, 348 3 227,185 3,351 71,006 799 2,545 2 10, 691 1,131 5,399 5,228 22, 556 1,463 25, 745 Switzerland 12, 402 968 7,511 524 3,281 271 14 1,086 1,392 3,17 Canada 95,171 72, 648 882 11, 664 6,338 12, 222 10, 660 4,709 5,865 10, 661 4,925 7, 225 1,166 14, 434 36, 235 20,946 2, 390 7,428 6,506 8,155 Mexico 30, 270 13, 667 39, 966 15, 289 634 530 368 462 1,945 9,153 3,242 1,973 2,800 665 5,348 Colom- Philippine bia Islands Australia Japan British India All other countries 16,944 10,899 11,911 12,038 15, 335 21, 513 1,029 3,498 23, 280 76,820 75, 268 77,892 2,106 11 2,101 4 2, 425 716 2,405 2,157 1,628 2,273 856 1,747 2,831 1,869 3,781 5,654 10, 688 6,961 5,782 6,182 10,108 2, 566 3,661 3,693 2,530 2,289 2,193 2,123 2,109 1,944 2,231 2,106 2,064 2,410 1,617 2,910 3,467 2,388 2,613 2,167 3,796 6,028 7,077 4,017 4,857 3,797 3,966 4,355 1,463 3,870 7, 296 1,737 1,160 3,866 1,925 3 4,261 5,496 2,177 2 5, 696 9, 978 16, 593 15, 316 44, 459 32, 316 47, 054 39, 745 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 fc20. 950 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom British India Net imports from or net exports (—) to: Year or month 1934 1935 19361 ___. Total net imports or net exports () United States June... July... Aug... Sept... Oct.... Nov__. Dec... 1937—Jan.... Feb ... Mar... Apr __. M a y _. June.. July... -25,523 122, 29C 78,484 12.036 -48,31? 22,95: 127,952 May.. France NetherAustralands U.S.S.R. lia Belgium 716, 269 -497,166 348,190 121,017 -13,585 32,575 369,747 -435, 502 142,137 - 4 , 726 -17,476 10, 796 1,170,023 -276, 813 756, 204 23, 295 -15,133 -21,130 41, 974 38, 649 47,666 77,137 74, 59C 69, 447 195, 06fi 281, 401 151,814 7,61f 83,168 100, 50f. 1936—Jan.__. Feb... Mar__. Apr... Ger- -12,059 1,136 3,440 - 9 , 465 -12,611 -26,802 -4,384 -16,120 -14,096 -72, 441 -49,224 -63,914 3, 202 - 3 , 253 6,738 12,710 26,936 27, 060 142, 535 240, 868 108, 666 -383 72, 506 118, 655 94 33 99 -1,383 -17,602 -536 -747 -804 6,369 -1,039 377 -1,130 1,021 1,756 965 927 452 997 -208 78 173 92 4,295 1,875 3,903 1,913 1, 7 6,086 3,964 -163 -624 South Africa, Rho- British desia, India West Africa 41, 790 335,253 206,711 141,484 -230,720 11, 222 37, 981 404, 295 181, 627 49, 684 -161,872 11,393 26, 723 488, 814 128, 420 59, 643 -121, 342 11,599 U 1934_. 1935.. 1936 _ 1936—Jan Feb Mar April May June July Aug Sept Oct. Nov Dec 1937—Jan.._ Feb.__ Mar__. Apr... May.. June_. Julyp.. 173 -219,671 -150,472 '•-109, 743 5,628 22, 520 98, 510 8,430 14, 027 14,153 39,852 26, 454 31,033 55,108 53,802 45,147 43,122 34, 552 36, 517 45, 323 36, 230 41, 683 11,035 -1,526 -13,809 11, 686 7, 951 10, 896 6,147 - 7 , 9,413 4, 540 - 1 0 , 556 13,289 4,972 -11,392 10,860 7, 599 -10,355 2,861 -15,03? 9,657 6,922 - 7 , 983 15,011 636 - 8 , 273 6,581 7,853 19,895 - 1 1 , 576 4,7"" 14, 896 - 9 , 347 7,243 -5,368 - 5 , 506 971 920 968 944 979 958 981 981 966 982 966 983 -12,838 - 8 , 926 2,504 1,968 2,727 2,122 2,353 1, 552 705 16,903 24,113 26, 593 44,198 37,106 46, 933 57,861 3,953 -4,611 -8,447 8,705 -3,156 -3,161 5,760 — 1, " - 3 , 494 2,848 2,545 -6,068 8,368 287 - 4 , 933 2,782 5,018 P- 1,848 6,129 9,555 984 899 982 956 -7,463 -2,262 - 2 , 512 -5,112 -3,951 Germany Year or month All other countries Gold producHe- Private tion serves holdin in ings in India India» India* 2,037 2,574 3,329 2,167 1,610 2,531 2,089 2. 084 1,984 2,304 2,126 -591 ~ 7 , 569 -13,354 - 1 , 409 1,761 606 -2,421 -2,907 -1,029 2,458 -73, 568 22,*453 -220 414 -75,615 163, 919 153 452 -104,399 124,121 50' i,58: -149,444 11,281 -1,055 104 -101,710 -27' -1,786 - 1 , 545 -128,380 79, 545 8,398 - 7 , -79,498 112,113 16, 348 - 9 , 207 931 Change in: Total net imports or net exports P-866 Switzerland Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Total net net imports imports All Nethorn< United Switz- other or net Belerexports King- France Nether- erland coun- exports United United France gium Italy States Kinglands lands dom dom tries -90,920 -109,386 -42,907 -28,114 7,394 42,969 5,180 13,225 1,868 -22,784 -2,121 20,188 -2,584 -1,307 -258 ___ -1,201 -630 1,130 3,248 1,580 - 3 , 514 - 3 , 521 426 4,763 17,426 27,024 588 1,778 2, 956 22, 222 -71 -2,441 35 - 2 , 0 2 9 -19 -59 13 -4,277 -3,935 2 -1,720 2 -1,898 2 —1,661 4 - 6 , 076 -2 - 3 , 954 259 572 2,346 216 -117 953 1,927 -16,435 15, 356 11,442 1 2 2 4 -35 801 -142 3,077 3,256 2,821 3,121 3,265 2,496 448 73 1,006 - 9 , 612 -10,413 -9,397 -14,051 -7,002 - 7 , 307 - 1 0 , 594 - 8 , 381 - 4 , 523 163 3 89,324 -46,065 -12,784 -45,955 -29,235 18,397 19,431 647 -64, 858 -181,725 -13,940 25, 542 9,888 3 7, 281 -230, 788 3,239 -390 121, 788 -9,127 -2,205 39,305 14,531 51,299 61 27 20 23 76 23 2,061 30 26 7 65 822 -140 -59 -37 -28 4 -38 -55 37 -20 30 15 90 56 10 14, 228 12 32 43 -13 999 -99 586 -21 1, 709 1,481 1,047 794 127 6 6, 356 2,462 6,571 21, 413 22, 570 13,386 5,188 -321 2,829 33,606 14,848 -195 -518 -841 -131 32 -4,298 — 4 -1,704 820 -7 -113 47 9,496 1,821 9,612 1,724 21, 537 6,970 2,892 2,291 -8 -235 1,166 -254 -286 8,177 1,723 659 1,449 2,952 -20 -20 -641 62 -65 -33 5,227 -135 -6,675 2,436 -17,034 -6,247 -463 575 -1,506 - 2 6 -1,966 - 4 , 479 -1,174 -1,987 -49,417 -36, 242 -4,351 -6,175 -1,144 732 852 653 192 1,107 521 -457 -100 2,210 - 2 , 874 -575 19 -3,676 -4,916 - 6 , 396 All other countries 2,580 342 4,600 1,500 -6,795 23,378 -137 1,377 567 29 132 2,113 -121 -21 487 57 97 20 34 -16 1,917 4 8,413 415,794 9 -1,911 59 42 -112 -3 -848 -575 1,866 -566 s-13,507 55 819 584 611 274 -879 -2,516 -229 r p Preliminary. Revised. 1 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 2 Figures derived from preceding columns; net imports plus production minus increase in reserves in India, s $85,390,000 imported b y Germany from U. S. S. R. in 1934, and $6,376,000 in 1935. 4 $8 444ftOftimnnrt.p.fi h v Switzerland frnm Oy.p.fhnslnvakia in Anril anri $15,433,000 in M a y 1936. id $15,433,000 in M a v 1926. NOTE.—Germany, Switzerland, and United Kingdom.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with January 1937, have been officially revised. SEPTEMBER 951 FEDERAL RESERVE BULLETIN 1937 CENTRAL BANKS Assets of banking department B a n k of E n g l a n d (Figures in millions of pounds sterling) Gold (in issue department) 1 Cash reserves Coin IQOQ Dec 25 1930—Dec. 31 1931—Dec 30 1932—Dec. 28 1933—Dec 27 1934—Dec. 26 1935—Dec 25 1936—May 27 JllD8 24 July 29 Aug. 26 Sept 30 Oct 28 Nov. 25 Dec. 30 _ -_ 1937—Jan. 27 _ . . Feb. 24 Mar. 31 Apr 28 May 26 June 30 Jujiv 28 Notes Discounts and advances Liabi ities of banking department Securities Note circulation Deposits Bankers' Public Other Other liabilities 145 8 147.6 120.7 119.8 190 7 192.3 200 1 206 4 216 3 239.9 244.8 248.7 248 7 248.7 313.7 2 .6 .6 .8 1.0 .5 .6 .9 1.0 1.0 1.1 1.1 1.0 .7 .6 26 3 38.8 31.6 23.6 58.7 47.1 35.5 40.3 41.5 51.4 61.3 59.3 65.9 63.1 46.3 22 3 49.0 27.3 18.5 16.8 7.6 8.5 6 7 7.6 7.1 9.2 8.6 6.6 6.8 17.5 84 9 104.7 133.0 120.1 101.4 98.2 94.7 104.7 116.1 115.5 102.6 100.7 99 7 98.6 155.6 379 6 368.8 364.2 371.2 392.0 405. 2 424.5 426.1 434.8 448.6 443. 4 449.4 442.7 445.6 467.4 71.0 132.4 126.4 102.4 101.2 89.1 72.1 78.3 90.8 75.2 100.9 60.7 86.5 97.6 150.6 8 8 6.6 7.7 8.9 22.2 9.9 12.1 19.8 20.0 42.3 17.2 49.7 27.6 12.1 12.1 35 8 36.2 40.3 33.8 36.5 36.4 37.1 36.7 37.4 39.4 37.8 40.9 41.4 41.7 39.2 17 9 18.0 18.0 18.0 18.0 18.0 18.0 17.8 17 9 18. 1 18.2 18.3 17 7 17.8 18.0 313.7 313.7 313. 7 313 7 321. 3 326.4 326.4 .4 .7 1.0 1.0 .9 .9 1.1 61.4 58.6 39.8 44.8 46.0 38.0 28. 1 8.0 4.9 7.1 5.5 4.9 6.3 5.8 97.4 105.3 123.4 119.7 119.7 164. 3 135. 2 452.3 455.1 473.8 468 8 475. 2 488.4 498. 3 98.4 100.4 62.3 87.6 91.4 140.5 104. 3 12.1 13.0 52.2 26.2 24.9 10.8 10.5 38.4 37.9 38.5 39.6 37.5 40.2 37.3 18.1 18 2 18.3 17 7 17.8 18 0 18. 1 Liabilities Loans o n - Domestic bills B a n k of F r a n c e (Figures in millions of francs) Gold2 Foreign exchange 1929—Dec. 27. _ 1930—Dec. 26.. 1931—Dec. 3 0 . 1932—Dec. 30. 1933—Dec. 29. 1934—Dec. 2 8 . 1935—Dec. 27 . 1936—May 29. June 26.. July 3 1 Aug- 28.. Sept. 25. Oct. 30__ Nov. 27.. Dec. 30_. 41,668 53, 578 83,017 77,098 82,124 66,296 57,022 53,999 54,942 54,511 50. Ill 64 359 64,359 60, 359 25,942 26,179 21,111 4,484 1,158 963 1,328 1,426 1,297 1,270 1,250 1,245 1,471 1,466 1,460 1937—Jan. 29... Feb. 26.. Mar. 26.. Apr. 30 _ May 27.. June 24.. July 29 ,. 57, 359 57, 359 57, 359 57, 359 57, 359 54. 859 55, 677 1,435 1,323 1,194 1,112 1,053 1,058 951 Special3 Other Advances to Government Shortterm Government securities Other securities 1,379 8,624 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 14.333 14,333 14,333 15, 903 12, 303 12, 298 17, 698 573 796 1,048 1,461 809 838 668 702 715 2,521 2,901 2,730 2,515 2,921 3,211 3,253 3,381 3,441 3,555 3,454 3,553 3,447 3,464 3,583 1,620 1,524 1,514 1,470 1,437 1, 260 991 8,553 19, 772 8, 990 19, 772 8,440 20,066 7,639 19,991 8,377 19, 980 9,356 21, 380 10,197 123, 887 1,168 873 225 965 385 776 958 3,701 3,594 3 698 3,918 3,777 4,013 4,064 27 547 925 Deposits Negotiable securities Other assets Note circulation Govern- 5,612 5,304 7,157 6,802 6,122 5,837 5,800 5,708 5,708 5,708 5,640 5,640 5,640 5,640 5,640 5,603 68, 571 6,609 76,436 8, 545 85, 725 9,196 85, 028 8,251 82, 613 8,288 83,412 7,879 81,150 8,134 84, 705 8 015 85,106 85,892 8,125 84, 324 9,643 83. 750 8,204 87,198 8,029 86.651 8,344 89, 342 5,640 5,640 5,640 5,642 5,642 5, 641 5,641 8,209 8,235 8,543 9, 256 8,158 8,110 8,467 87, 688 87, 062 85,746 87,063 85, 745 85, 985 89, 307 Other 11,737 12,624 Other liabilities 7.850 11, 698 22,183 2,311 20,072 2,322 13,414 3,718 15,359 2,862 8,716 1.850 6,909 1,305 6,628 1,594 6,254 1, 523 7,037 1,679 6,660 3,973 9,247 13,058 2,089 13, 655 1.812 2,241 1,989 2,041 1,940 1,907 2,113 2,383 2,652 2,267 2,301 2.356 3.553 3,160 2,567 1,955 2,315 1,977 4,361 3,154 2,209 2,563 2,534 2,547 2,552 2,518 2,502 2,549 3,152 15, 280 15,386 16,404 13,408 14, 766 15, 710 15,812 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 the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), a reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 16, 1936. From August 1, 1931 to March 31, 1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British Treasury under Section 8 of the 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, pp. 878-880). Of the 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 by the law of October 1. By 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 p. 853). 3 Bills and warrants endorsed by the National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 4 Includes advances granted under Convention of June 30, 1937, between Bank of France and Treasury (see BULLETIN for August 1937, p. 720); Convention authorizes 15,000 million francs of such advances. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p . 463 and July 1936, p. 603. 952 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 CENTRAL BANKS—Continued Assets Reichsbank Reserves Securities (Figures in millions of reichsmarks) Foreign exchange Gold 1929—Dec. 31 . 1930—Dec. 31 . 1931—Dec. 31. 1932—Dec. 31. 1933—Dec. 30. 1934—Dec. 31. 1935—Dec. 31_ 1936—May 30 June 30_ July 31. Aug. 31_ Sept. 30. Oct. 3 1 . Nov. 30. Dec. 31. 1937—Jan. 30.. Feb. 27. Mar. 31. Apr. 30. May 31. June 30. July 31.. Liabilities Other Treasury bills (and Security bills loans checks) Eligible as note cover 241 206 98 1 49 45 53 37 98 90 74 51 55 57 62 404 469 172 114 9 5 5 79 82 70 72 72 5 5 69 63 65 68 69 2,608 2,366 4,144 2, 806 3,177 4,021 4,498 4, 006 4,699 4,623 4,693 4,875 4,888 4,852 5,448 251 256 245 176 183 146 84 79 67 74 259 445 349 219 220 220 220 219 219 219 221 23 35 10 29 54 61 29 2,283 2,216 984 806 386 4,835 4,777 5,101 5,124 5,001 5,262 5,316 65 102 51 52 50 55 52 223 222 167 106 104 104 104 6U 56 67 65 59 Other Note circulation Other assets 92 102 161 398 322 319 315 319 311 310 302 302 312 310 310 300 299 5,044 4.778 4,776 3,560 3,645 3,901 4,285 656 638 1,065 1,114 735 827 853 648 704 711 305 303 303 Deposits Other liabilities 685 770 765 4,430 4,389 4,471 4,540 4,657 4,713 4,674 4,980 755 652 755 540 640 984 1,032 729 960 787 729 744 689 753 1,012 736 822 1,338 1,313 836 1,001 923 807 816 840 853 875 897 911 953 959 1,059 1,021 896 947 878 860 4,799 4,816 4,938 4,979 4,902 4,992 5,112 707 785 970 794 804 880 732 973 816 835 862 892 NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank [Figures as of last report date of month] National Bank of Albania (thousands of francs): Gold Foreign assets _ Loans and discounts Other assets _. Note circulation. Other sight liabilities Other liabilities _ Central Bank of the Argentine Republic (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 C o m m o n w e a l t h 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 National Bank (millions of schillings): Gold Foreign exchange (non-reserve) _. Loans and discounts Government debts Other assets _ Note circulation Deposits Other liabilities National Bank of Belgium (millions of belgas): Gold Discounts, domestic and foreign.. Loans Other assets 1937 June May 7,554 22,697 3,748 4,026 11, 228 14,938 11,858 7,554 23,471 3, 332 4,255 11, 275 15, 649 11,690 1,224 1,224 344 40 160 1,165 437 120 July 26,2 32 157 1,137 363 135 6 33 July Central b a n k [Figures as of last report date of month] National Bank of Belgium—Cont. Note circulation Demand deposits—Treasury 7,556 23,958 Other 3,604 Other liabilities 4,296 Central Bank of Bolivia (thousands 11,356 of bolivianos): 16,104 Gold at home and abroad1 11,953 Foreign exchange __. Loans and discounts Securities—Government Other 1,224 Other assets 105 Note circulation 50 Deposits... 162 Other liabilities 993 Bank of Brazil (millions of milreis) : 315 Cash 186 Correspondents abroad 9 Loans and discounts 39 Note circulation Deposits National Bank of Bulgaria (mil- 16,012 16,012 16,004 38, 559 38, 559 39,059 1,090 38, 874 11,896 38,032 86, 784 47, 039 1,109 33,100 13, 953 38, 032 83, 366 47, 039 1,314 20,646 11,752 36,276 66, 681 47, 039 243 116 194 620 167 915 251 174 243 100 191 620 145 896 245 159 243 98 193 620 143 882 259 157 243 99 220 624 176 952 232 178 3, 642 1,376 36 301 3,688 1, 391 33 309 3,591 1,341 35 310 3,736 1,413 77 315 i Gold abroad revalued in December 1936 1936 lions of leva): Gold Foreign exchange reserve ( n e t ) . . . Other foreign exchange Loans and discounts Government debt Other assets N o t e circulation Deposits Other liabilities B a n k of C a n a d a (thousands of Canadian dollars): Gold Sterling and United States exchange Canadian Gov't. securities: 2 years or less Over 2 years Other securities Other assets Note circulation Deposits—Chartered banks Dominion Government Other Other liabilities 1937 July June May 4,440 215 628 72 4,418 165 766 72 4,380 117 708 72 4,462 32 975 72 52, 006 110,537 15, 725 413, 247 4,735 15,582 246, 698 259, 705 105, 430 23,771 17,028 9, 526 415, 709 2, 738 15, 546 176, 749 236,522 71,047 302 494 2, 375 196363 3,015 10 3,481 3,127 1, 801 1,797 1, 766 390 1,142 3,523 1, 009 2, 543 3,127 2,195 415 1,109 3, 523 1,038 2,394 3, 298 2,189 477 1,031 3, 551 1,015 2, 430 3,171 2,239 1,607 -143 444 1, 266 2, 671 1,137 2,304 2,073 2, 605 179, 525 181, 543 187, 454 .79, 564 19, 747 18,113 14, 613 13,150 36,212 35, 943 47,165 30, 624 94,901 98. 269 100,816 81, 252 9, 996 10, 018 ',010 8,774 11.691 7,402 38,920 133,142 131,113 .00,041 182, 567 189,836 190,604 .85, 884 16, 882 14, 590 21, 541 19, 316 923 274 648 501 7,850 13,056 13, 219 12, 878 953 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 June May 143 150 799 711 323 143 124 702 613 274 144 133 795 699 309 64 279 255 171 414 168 80 374 904 154 45 269 43 133 414 185 53 303 709 131 27, 435 17,172 14,333 45,992 26,977 53,807 38 014 40,090 24,880 20 457 12, 581 45, 832 25,811 51, 728 39 958 37,875 29,053 4,173 6,177 46,260 25, 611 45,925 30, 318 35,031 Other assets Note circulation Demand deposits Other liabilities _. Bank of Danzig (thousands of gulden): Gold Foreign exchange of the reserveOther foreign exchange Loans and discounts Other assets Note circulation.. Demand deposits Other liabilities 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, 578 444 967 897 2 017 980 5,789 402 1, 692 2,698 21 618 916 2 035 849 5,426 626 1,084 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 lions of kroner): Gold Foreign exchange Discounts Loans—To Government agencies Other Securities Other assets. _ _ _ » Note circulation Deposits Other liabilities 118 8 28 237 109 52 67 386 78 155 118 8 28 250 115 53 65 387 95 154 118 9 30 202 137 53 66 384 83 147 118 31 23 209 114 65 93 373 123 157 35, 936 29,060 42 635 63,099 51,524 35, 344 25, 709 40,478 62,056 40, 758 33, 555 4,273 25,856 48,448 14, 974 6 545 2,423 3, 226 6 545 2,236 3,291 6,545 1,868 3,052 36,753 9,145 19, 856 10,011 19, 637 8,587 37, 446 8,964 20,111 9, 604 20,407 8,361 37, 227 4,831 18, 644 6,071 20,414 8,393 yuan): Gold Silver Due from domestic banks Loans and discounts Securities Other assets Note circulation Deposits Other liabilities Bank of the Republic of Colombia (thousands of pesos): Gold Foreign exchange Loans and discounts Government loans and securities Other assets Note circulation Deposits Other liabilities National Bank of Czechoslovakia National Bank of Denmark (mil- Central Bank of Ecuador (thousands of sucres): Gold Foreign exchange Loans and discounts Note circulation Deposits National Bank of Egypt1 (thousands of pounds) : Gold Foreign exchange Loans and discounts British, Egyptian, and other Government securities Other assets Note circulation Deposits—Government Other. . Other liabilities c 1 June May July 13,161 6,900 200 6,176 2,732 16,347 8,714 4,106 13,143 6,870 260 6,197 2,816 17,023 8,059 4,203 13,023 1,241 338 6,748 1,372 13, 831 5,370 3,521 34,192 17, 534 25, 405 22, 727 42, 901 40, 772 16,183 34,187 15,229 24, 625 22,024 43,901 36,901 15, 263 34,153 4,187 18, 496 21,407 40,049 26,500 11, 695 640 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 «812 2,023 1,135 324 382 1,900 396 671 1,709 557 1,359 *' 954 393 344 1,460 104 602 1,441 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 3,248 3,614 4,104 2,359 6 329 4,928 2,067 2,643 5,699 4,172 1,589 5 396 6,494 2,213 84 56 398 112 17 245 460 156 93 205 84 54 400 107 12 247 437 180 93 195 84 51 405 107 12 238 421 187 93 197 79 24 476 91 12 128 396 111 96 207 444 803 274 563 1,860 444 803 274 551 1,903 444 673 234 665 1,606 225 228 74 7 428 106 169 245 70 7 385 105 410 31 58 8 397 110 524 489 231 64 854 221 1,571 352 88 373 535 509 218 112 713 174 1, 502 339 84 338 528 528 154 64 477 237 1,306 292 109 281 109 5 67 109 5 68 88 2 66 July July Central Reserve Bank of El Salva- 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 Govprrnnpnt, dpbt 1936 Central bank July (millions of koruny): Golds Foreign exchange Discounts Loans 1937 1936 Central bank (3) (3) (3) (3) (3) (3) 20,795 4,386 5 161 14,683 4,042 31,34-5 5,550 19, 740 dor (thousands of colones): Gold Foreign exchange Loans and discounts Government debt and securitiesOther 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 _. _ 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 488 562 245 109 780 202 1,580 271 74 462 Corrected. Items for issue and banking departments consolidated. 2 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 increment converted into foreign exchange and carried partly in that item and partly in other assets. 3 Figures not yet available. 954 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1937 Central bank July Bank of Java—Cont. Otbpr as*>pts Notp circulation DeDosits OtrW liabilities Bank of Latvia (millions of lats) * Gold * Foreign exchange reserve Loans and discounts Other assets Note circulation Deposits Other liabilities Bank of Lithuania (millions of litu): Gold Foreicrn exchange Loans and discounts Other assets Note circulation Deposits Other liabilities Netherlands Bank (millions of guilders) : Gold Silver (including subsidiary coin) Foreign bills Discounts Loans Other assets Note circulation._ _ "Dpn/mit^ GnvprirmPTit Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve Advances: To State or State undertakings Investments Other assets Note circulation Demand deposits 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) 1936 1937 1936 Central bank June May July 115 194 76 26 117 191 81 25 40 119 77 41 122 42 122 8 118 47 47 204 32 47 47 209 31 47 46 212 31 55 34 162 31 77 6 93 40 110 83 22 77 6 94 35 108 81 22' 77 6 92 34 108 78 22 62 13 71 29 105 48 22 1,266 1 246 1 130 19 2 15 171 63 822 106 563 44 19 2 18 178 64 821 75 590 42 19 2 19 183 63 836 64 473 44 642 21 2 35 124 60 748 37 58 41 2,802 21, 543 2,802 22,327 2,802 22,129 4,954 2,906 4,873 2,906 2,035 179 457 77 193 12 631 18,180 1,588 77 51 156 28 23 46 12 975 10 178 18,489 15, 651 1,624 1,595 189 153 195 129 195 124 195 90 224 236 157 24 56 8 415 239 161 25 53 14 403 257 199 19 39 19 382 58 60 61 53, 047 35,152 45,164 10,154 96,016 30.108 17,394 49,056 36, 958 45, 206 9,261 96, 790 27,904 15, 787 46, 679 38,249 46, 689 8,625 93, 497 33, 726 13,021 423 32 598 135 464 989 412 41 580 135 475 975 366 8 818 109 390 998 (2) (2) 424 43 49 427 30 604 136 446 1,019 230 393 37 56 256 406 62 47 268 399 914 569 80 38 175 517 910 495 July Bank of Portugal—Cont. Non-reserve exchange Loans and discounts Government d e b t . . Other assets Note circulation Other sight liabilities Other liabilities National Bank of R u m a n i a « (millions of lei): Gold* _ Special exchange accounts Loans and discounts Special loans 8 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):6 Gold Foreign exchange Discounts _ _ Loans Other assets Note circulation O t h e r sight liabilities O t h e r 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 June May 164 315 July 117 354 1,043 1,326 2,006 1,216 1,109 15,863 5,754 6,053 2,069 11,040 8,387 26,142 12,499 10, 526 29 6 340 15,842 5,785 6,281 2,075 10,955 9,798 26,158 12,991 11, 588 11,088 2,786 5,702 2,440 11, 327 8,212 22,442 8,486 10, 627 24,409 6,2.8,5 139 13,408 15 416 25,990 2,835 534 981 13 1,045 1,056 2,088 25, 628 5,615 37 14,771 16,852 26, 325 2,874 22,930 8,281 1,519 14,092 15, 515 27, 972 3,335 533 923 12 510 525 11 534 962 13 975 915 34 33 232 28 6 351 26 6 374 863 872 837 880 160 851 170 853 186 468 97 '2 594 2 624 2 624 1,441 96 23 71 23 22 26 780 8 144 71 79 1,292 28 606 1,412 1.299 31 615 1,409 1,320 30 608 1,374 1,301 637 636 635 353 98 36 709 30,211 36 710 5 35, 599 48, 522 187,199 29 977 173,252 41, 436 123,325 36 710 46 40, 952 43, 806 186,430 31 451 173, 252 42 190 123, 953 66 375 41, 694 37, 477 186, 748 26 982 173, 327 36 277 120,072 9,692 31, 912 184,941 21,161 162, 684 48,006 67, 602 41, 601 89, 874 21,141 77, 246 82,979 95, 633 85 733 1 686 723 1,581 2,251 2 366 5,687 2,177 743 41 601 41,091 89, 973 75,413 23 031 75, 927 83, 481 91 981 90 457 46, 632 82, 540 56, 234 103,739 81 667 1 678 880 1,630 2,250 2 001 5,474 2,216 750 1 669 764 1,712 2,250 1 944 5,433 2,176 731 1 531 448 1 602 2,261 1 363 4,957 1,484 764 1 By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate of about 15 lats to the pound. * Figures not yet available. 3 Figures for June 30, 1937, substituted for June 26 figures given in August BULLETIN. 4 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). 6 Agricultural and urban loans in process of liquidation. 6 Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc. 955 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs *] 1936 Assets Liabilities J u l y 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 J u n e 30 J u l y 31 9,844 25, 223 29, 870 Demand deposits (gold) 28, 553 34, 631 21,141 36, 436 13,145 21, 928 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.. Other assets: Guaranty of central banks on bills sold. Sundry items.. _ Total assets.. 121,472 203,020 276, 621 324, 34,487 11,529 26, 276 12, 807 38, 699 10, 369 85,927 9,327 105, 855 22, 759 32,281 44, 946 66,165 38,197 78, 743 24,432 62, 849 58, 289 37, 503 65, 820 4,664 43,125 34,096 •303,199 Time funds at interest—Not exceeding 3 months Between 3 and 6 months 136,066 140,555 271, 276 Total.. 133,201 138,076 302,606 219, 542 1,095 522 1,317 1,429 1,385 6,622 695,137 703, 855 July 31 J u n e 30 8,816 8,265 24, 057 46, 967 169. 575 12,938 48, 450 167,960 12, 846 25, 862 119,072 229, 481 229, 256 144, 934 4, 248 2,906 6,055 503 1,010 511 28 136 606 153, 219 76, 609 34,907 1,145 152,790 76, 395 41. 550 1,362 154,529 77, 264 61, 930 2,031 265, 880 272,097 295, 754 125, 000 125, 000 125, 000 4,238 6,315 12, 631 4,238 6, 315 12,631 3, 784 6,092 12,183 July 31 655, 682 Total _... ..._ Central banks for account of others: Demand Other depositors: Demand Time—Not exceeding 3 months. 492 Long-term deposits: Annuity trust account.. _. German Government deposit French Government guaranty fund French Government deposit (Saar). Total Capital paid in. Reserves: Legal reserve fund ._ Dividend reserve fund_. General reserve fund Profits allocated for distribution on July 1, 1937.— _ Other liabilities: Guaranty on commercial bills sold.. Sundry items _ 7, 926 1,368 35, 649 1,386 35, 695 695,137 Total liabilities.. 1,383 33, 299 703, 855 655, 682 ' See BULLETIN for December 1936, p. 1025. COMMERCIAL BANKS [Figures are as of end of month, except those 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 Other assets Deposits Total Demand^ Time' Other liabilitie: 10 London clearing banks 1930—December. 1931—December. 1932—December. 1933—December. 1934—December. 1935—December. 1936—December 208 184 207 213 216 221 236 144 119 127 119 151 159 187 322 246 408 311 255 322 316 285 297 472 565 594 605 630 933 905 778 740 759 784 864 240 222 208 237 247 231 238 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—April May June _. July August September.. October November.. December.. 227 220 225 225 233 229 227 233 244 161 159 158 158 163 166 164 181 195 268 309 329 349 345 344 351 329 322 637 640 642 639 641 648 655 656 660 868 870 878 884 877 882 892 895 890 233 227 237 227 226 226 231 238 249 2,154 2,185 2,229 2,244 2,246 2,257 2,280 2,287 2,315 1,145 1,166 1,215 1,223 1,212 1,228 1,238 1,241 1,288 974 992 995 986 991 1,000 999 1,006 1,012 240 239 240 237 240 238 239 243 245 1937—January... February.. March April May June _ July 238 230 226 230 233 241 235 179 167 170 177 168 171 163 345 307 248 241 244 259 282 669 671 667 661 657 654 647 885 909 939 951 957 969 975 239 243 254 256 259 261 251 2,307 2,274 2,244 2,252 2,255 2,293 2,293 1,254 1,217 1,200 1,194 1,203 1,253 1,005 997 1,003 1,008 1,006 1,022 247 252 259 263 263 261 259 1 2 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.-640 956 FEDERAL RESERVE BULLETIN SEPTEMBER 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.. Cash 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 Due from Bills disbanks counted 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 Other assets 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 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 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 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 2,361 2,130 1,749 1,827 1,717 1,900 1,333 1,385 1,445 1,451 1,457 1,727 1,824 1,957 1,340 1,397 1,448 1,481 1,446 Own (5 large Berlin banks. Figures in mil- Cash reserves lions of reichsmarks) 191 173 143 131 115 139 141 175 146 138 180 130 137 154 130 201 132 139 180 Due from banks 1,483 817 583 471 393 316 300 295 263 274 287 273 269 303 301 315 297 288 296 Bills discounted 2,453 1,431 1,631 1,702 2,037 2,162 2,406 2,435 2,363 2,329 2,360 2, 569 2,567 2,895 2,966 2,908 3,204 3,171 3. 091 Canada 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 205 135 103 100 103 83 87 91 91 91 105 109 116 114 119 119 124 121 117 116 1,275 1, 253 1,104 1, 036 977 945 828 777 768 776 807 816 800 791 796 805 814 835 852 853 921 576 295 273 193 337 424 394 359 335 368 408 454 473 561 602 600 583 542 Other liabilities 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 Liabilities Loans 7,416 5,377 4,570 3,731 3,331 2,884 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 Securities 482 807 938 860 874 1,027 980 1,008 1,037 1,047 1,066 1,075 1,112 1, 020 1,022 1,014 949 1,039 1, 037 Other assets 1,127 991 1,003 983 983 873 839 824 816 847 858 851 837 822 813 805 807 778 Total 9,091 6,062 6,161 5,754 5,816 5,376 5,621 5,712 5,557 5,533 5,621 5,712 5,751 5,973 6,029 6,135 6, 213 6, 246 6, 204 Demand 3,857 3,252 2,958 2,624 2,731 2,435 2,622 2,688 2,595 2, 529 2,575 2,644 2,661 2,923 2,760 2,942 2,926 2,979 2, 969 Time 5,233 2,810 3,203 3,130 3,085 2,941 2,999 3,023 2,962 3,005 3,045 3,068 3,090 3,050 3,270 3,194 3,287 3,267 3, 236 Credits obtained from banks 1,986 1,328 1,146 661 485 622 613 605 575 586 579 557 578 559 551 543 563 Other liabilities 1.828 2,341 1,550 1,481 1,432 1,449 1.327 1,276 1,306 1.291 1.323 1,342 1,334 1, 357 1,307 1,288 1,289 1,291 1, 251 Liabilities Security Entirely in Canada loans abroad and net Other due loans Cash from Security and dis- foreign reserves loans counts banks 207 201 211 197 228 228 225 230 227 225 226 232 264 240 247 239 242 246 240 238 1,397 1,222 1,268 862 904 694 676 633 573 528 524 521 548 529 527 583 543 539 560 Deposits Assets (10 chartered banks. Figures in millions of Canadian dollars) acceptances Time Assets Germany * 1930—November .. 1931—November.. 1932—November. _ 1933—November.. 1934—November.. 1935—November. . 1936—May June July August September.. October November _ 1937—January... February... March April May June Liabilities Deposits 171 146 155 134 155 141 131 113 110 157 146 146 179 161 173 214 161 141 139 128 Securities Other assets Note circulation Deposits payable in Canada excluding interbank deposits Other liabilities Total 604 694 778 861 967 1,155 1,345 1,368 1,357 1,355 1,380 1,363 1,316 1,384 1.412 1,422 1, 427 1,440 1,438 1,442 602 510 439 432 449 485 446 502 481 487 494 491 485 507 468 483 516 511 491 520 133 129 115 121 124 111 116 115 113 115 111 112 109 103 103 108 105 106 103 107 2,115 2,058 1,916 1,920 2,035 2,180 2. 193 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 Demand 698 538 563 628 694 666 702 680 672 762 751 722 755 782 805 786 799 799 Time 1,426 1,360 1,378 1, 357 1,407 1,486 1.527 1.505 1,494 1, 503 1,501 1,510 1, 547 1,548 1,549 1,564 1, 584 1, 583 1,574 1,570 816 752 760 725 718 745 753 757 748 800 785 784 783 790 781 804 810 805 802 811 1 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. 957 FEDERAL RESERVE BULLETIN S E P T E M B E R 1937 DISCOUNT RATES OF CENTRAL BANKS (Percent per annuml Central b a n k of— Date effective United Kingdom France In effect J a n . 1, 1936 Jan 2 1936 Jan 10 Jan 16 Feb 4 Feb 7 M a r 28 May 7 M a y 18 M a y 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 J u n e 15 July 7 Aug. 4 In effect Aug. 26, 1937 2 Germany 4 6 5 4 Italy Nether- Switzerlands land 5 2M 3 5 6 5 4 4 Q 1 / 3 3 2 5 3 23A,' 2 2 2 4 6 5 4 4 4 4K --? 2 Central bank o— f Rate Aug. 26 Date effective Central bank of— Albania 6 April 1, 1937 '6% Mar. 1, 1936 Argentina. July 10, 1935 Austria... , 2 May 16, 1935 Belgium 6 July 5, 1932 Bolivia 3 Nov. 28, 1935 British India 6 Aug. 15, 1935 Bulgaria 23^2 Mar. 11, 1935 Canada c c 3—43^2 Dec. 16, 1936 Chile 4 July 19, 1933 Colombia... Czechoslo3 Jan. 1, 1936 vakia 4 Jan. 2, 1937 Danzig 4 Nov. 19,1936 Denmark.. 4 Nov. 30, 1932 Ecuador El Salvador. 4 Aug. 23, 1935 Estonia 4U Oct. 1, 1935 Finland 4 Dec. 3, 1934 4 Aug. 4, 1937 France Germany 4 Sept. 22, 1932 Greece 6 Jan. 4, 1937 Hungary. . 4 Aug. 29, 1935 Rate Aug. 26 Italy 4H C Japan 3 29 Java _... 3 Latvia 5 Lithuania. __ 5H Netherlands. 2 New Zealand 2 Norway 4 Peru 6 Poland. 5 Portugal 4 Rumania 43^ South Africa 33^ Spain 5 Sweden 23*12 Switzerland. Turkey 53^ UnitediKingdom 2 U S. S. R.._ 8 Yugoslavia. 5 Date effective c May Apr. Jan. Nov. July Dec. 18, 1936 7, 1936 14, 1937 1, 1936 1, 1936 3,1936 J u n e 29, 1936 Dec. 7, 1936 M a y 20, 1932 Oct. 26, 1933 Aug. 11, 1937 Dec. 15, 1931 M a y 15, 1933 July 15, 1935 Dec. 1, 1933 Nov. 26, 1936 M a r . 2, 1933 J u n e 30, 1932 M a r . 22, 1927 Feb. 1. 1935 IK c Corrected. Changes since July 31: -France—Aug. 4, down from 0 to 4 percent; Portugal—Aug. 11, down from 4V-2 to 4 percent. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Month Bankers' acceptances, 3 months Treasury bills, 3 months Netherlands (Amsterdam) Germany (Berlin) Bankers' Day-to-day allowance money on deposits Private discount rate Money for 1 month Day-to-day money Private discount rate 1936—July August September October November. December. 2.88 2.88 3.00 2.94 3.00 3.00 2.73 2.84 2.89 2.82 2.84 2.88 2.96 3.01 3.01 2.82 2.79 3.05 2.04 1.37 1.33 2.03 1.00 .82 1937—January. „ . February.. March April May June July 3.00 3.00 3.00 2.90 2.88 2.88 2.88 2.88 2.86 2.86 2.71 2.63 2.63 2.65 2.54 2.47 3.10 2.55 2.69 2.78 3.00 M o n e y for 1 month .63 .39 .38 .38 .31 P. 19 .19 Switzer land Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Sweden (Stockholm) Hungary .73 .20 !. 51 .55 1.01 1.00 1.00 1.00 1.00 .92 J a p a n (Tokyo) Month Private discount rate 1936—July August September October... November December. 2 25 2.25 1 98 1.69 1.46 1.25 1 38 1.38 1 38 1.29 1.00 1.00 3.30 3.00 3.38 2.52 1.96 1.99 4.50 4.50 4 50 4.50 4.50 4. .50 1937—January.... FebruaryMarch April May June 1.25 1.18 1.00 1.00 1.00 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 4.50 4.50 4.50 4.50 4.50 5.00 Prime commercial paper -6H $y 4 -ey2 4 -63^ 4 -6H 4 -%}4 4 -§y2 Day-to-day money Loans up to 3 months Call money overnight 4.75 4.75 4.75 4.75 4.75 4.75 2% 2% 2H 2H Discounted bills y2y2 2^-41/2 2^4^ 2.53 2.69 2.81 2.92 2.86 2.74 4.75 4.75 4.75 4.75 4.75 4.75 2.63 2.67 2.83 2.86 2.69 2.80 p Preliminary. N O T E . — F o r explanation of table see BULLETIN for November 1926, p p . 794-796; April 1927, p . 289; July 1929, p . 503; November 1929, p . 736, and M a y 1930, p . 318 958 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Argentina Y e a r or m o n t h 1929 1930 1931 1932 1933 1934 1935 1936 1936—July ,. _ August September October November December 1937—January ._ __ February March April May June July „ Year or month 1929 _1930 1931 1932 1933 1934 1935 1936 1936— July _—_ August. September October November December 1937—j anuary - - February M arch April May June _ , . __ July Year or month 1929 1930 1931 1932 1933 1934 ._ 1935 1936 1936—July August September October November December 1937—January February March April May June July Belgium (belga) Australia (pound) Austria (schilling) 95.127 83. 505 66. 738 58.443 72. 801 33. 579 32. 659 33.137 33. 489 33. 503 33. 611 32.667 32.583 32. 718 480.83 458. 60 351. 50 279.93 337.07 400.95 388. 86 395.94 400.15 400.34 401.06 390. 33 389. 54 390.99 14.058 14.089 14.023 13.960 15. 448 18. 793 18. 831 18. 792 18.848 18.838 18.845 18. 732 18.687 18. 692 13.912 13.952 13.929 13.914 17.900 23.287 18. 424 16.917 16. 899 16. 862 16.893 16. 835 16.907 16. 901 11. 8078 10. 7136 7.0290 7.1223 7.9630 8. 4268 8.2947 8. 5681 8. 5349 8. 5222 8. 6445 8. 7011 8. 6662 8. 6981 32. 718 32. 627 32. 570 32. 774 32. 928 32. 898 33.107 390.98 389. 93 389. 26 391. 78 393. 70 393. 25 395. 70 18. 682 18. 677 18. 677 18. 687 18.719 18. 714 18. 775 16. 860 16. 861 16. 847 16.860 16. 868 16. 866 16. 835 Czechoslovakia (koruna) Denmark (krone) 2.9609 2.9640 2.9619 2.9618 3.8232 4.2424 4.1642 4.0078 4.1497 4.1318 4.1319 3. 6474 3.5380 3. 5200 26.680 26. 765 25. 058 18.832 19.071 22.500 21. 883 22.189 22. 419 22. 434 22.480 21. 866 21.818 21.907 498.07 498. 60 465.11 359. 54 434. 39 516.85 502.60 509.68 514.95 515. 32 516. 76 502. 24 501.17 503. 20 2. 5160 2. 5169 2. 3875 1. 5547 1.8708 2.2277 2.1627 2.1903 2. 2106 2.2118 2. 2173 2.1578 2.1531 2.1611 3.4922 3. 4883 3. 4879 3.4862 3.4853 3.4841 3.4854 21.908 21.847 21. 807 21.945 22.051 22.031 22.173 503.17 501.78 500.87 504.07 506. 49 506.05 509. 30 2.1607 2.1579 2.1531 2.1656 2.1784 2.1792 2.1918 (peso) Brazil ( milreis) Official Free market British India (rupee) Bulgaria (lev) Canada (dollar) Chile (peso) China (yuan) Colombia (peso) Cuha (peso) 5.8367 5. 8901 5. 8452 5. 8631 5. 9525 36. 202 36.067 33.690 26.347 31. 816 37.879 36. 964 37. 523 37.889 37. 931 38.017 36. 991 36.913 37.088 .7216 .7209 .7163 .7193 1 0039 1.2852 1 2951 1. 2958 1. 2913 1. 2988 1.2978 1.2848 1.2795 1. 2779 99.247 99. 842 96.353 88.090 91 959 101.006 99. 493 99.913 99.900 99.978 100.017 100. 022 100.120 100. 062 12.0601 12.0785 12.0669 7.9079 7.6787 10.1452 5.0833 5.1240 6.1243 5.1725 5.1691 5.1727 5.1688 5.1719 41.901 29.917 22.437 21. 736 28 598 34.094 36 571 29. 751 29.967 30.048 29.940 29.331 29.466 29. 525 96 551 96.493 96. 570 95. 275 81 697 61. 780 56 011 57.083 56.900 56.900 56. 505 56. 501 57.097 57. 390 99.965 99.952 99.930 99.941 99.946 99.936 99.920 99.909 99.900 99.904 99.901 99.924 99.916 99.916 8. 7080 8. 7053 8. 7021 8. 7105 8. 7192 8. 7179 8. 7266 6.0812 6.1076 6.1069 6. 2538 6. 4164 6. 5543 6. 6335 37.094 36. 973 36. 888 37.120 37. 280 37. 245 37.483 1. 2873 1.2903 1. 2884 1. 2875 1. 2839 1. 2830 1. 2825 99. 960 99. 964 100.051 100.120 100.149 99.944 99. 858 5.1726 5. 1731 5.1726 5.1725 5.1725 5.1738 5.1767 29. 654 29. 600 29. 664 29. 714 29. 798 29. 653 29.494 57.390 57. 234 57.008 56.956 56. 967 57.006 56.992 99. 917 99. 917 99. 917 99. 918 99. 917 99.919 99. 916 Egypt F i n l a n d F r a n c e (pound) (markka) (franc) Germany (reichsmark) Greece (drachma) Hong Kong (dollar) Hungary (pengo) Italy (lira) Japan (yen) Mexico (peso) Netherlands (florin) 3.9161 3.9249 3.9200 3.9276 5.0313 6. 5688 6. 6013 6.1141 6. 6202 6. 5853 6.3409 4. 6662 4. 6472 4. 6675 23. 809 23.854 23. 630 23.749 30. 518 39. 375 40. 258 40. 297 40. 321 40. 221 40.083 40.196 40. 223 40. 230 1. 2934 1.2959 1.2926 .8320 .7233 .9402 .9386 .9289 .9400 .9387 .9347 .8965 .8935 .8973 47.167 33.853 24. 331 23.460 29.452 38. 716 48. 217 31. 711 32.040 31.152 31.104 30.359 30.462 30. 540 17. 441 17.494 17.452 17.446 22.360 29. 575 29. 602 29. 558 29. 492 19.777 19. 772 19. 774 19.776 19. 778 5. 2334 5. 2374 5.2063 5.1253 6. 7094 8. 5617 8. 2471 7. 2916 7.8845 7.8673 7. 8514 5. 5299 5.2603 5. 2609 46.100 49.390 48.851 28.111 25. 646 29.715 28.707 29.022 29.326 29.404 29.414 28.609 28.559 28.512 4. 6672 4. 6555 4. 5945 4. 4963 4. 4768 i 4. 4399 3. 8048 40. 225 40. 226 40. 215 40.206 40.171 40.071 40.196 .8984 .8965 .8951 .9003 .9052 .9043 .9088 30. 566 30.403 30. 355 30. 509 30. 600 30.349 30.343 19.776 19. 782 19. 779 19. 785 19. 781 19. 771 19. 770 5. 2610 5.2608 5. 2608 5. 2607 5. 2606 5. 2607 5.2600 28.537 28. 529 28. 494 28.635 28. 780 28. 711 28.882 New Norway P o l a n d Zealand (zloty) (pound) (krone) Portugal (escudo) 483. 21 468. 22 415. 29 320.19 340.00 402.46 391. 26 398.92 403. 26 403.42 403. 97 393. 25 392.36 393. 87 26.683 26. 760 25.055 18.004 21.429 25. 316 24. 627 24.974 25.233 25.249 25. 304 24.608 24. 555 24. 656 11.194 11. 205 11.197 11.182 14. 414 18.846 18.882 18.875 18. 915 18.827 18. 824 18.828 18.825 18. 853 4. 4714 4.4940 4. 2435 3.1960 3. 9165 4.6089 4. 4575 4. 5130 4. 5568 4. 5558 4. 5586 4.4475 4.4373 4. 4514 393. 82 392. 92 392. 32 394. 76 396. 61 396. 21 398. 74 24.658 24. 589 24. 544 24. 699 24.819 24. 797 24. 957 18.924 18. 929 18.939 18.959 18.934 18. 928 18.915 4.4487 4. 4457 4. 4411 4. 4599 4. 4723 4. 4689 4. 4958 5.8788 Ruma- South nia Africa ! (leu) pound) .5961 483. 27 .5953 483.79 .5946 480. 76 .5968 476. 56 .7795 414. 98 1.0006 498. 29 .9277 484. 66 .7382 °491. 65 .7279 497.07 .7317 497.19 .7315 497. 99 .7309 484. 32 .7289 483.43 .7285 485. 33 .7273 .7275 .7284 .7286 .7290 .7279 .7286 485. 40 484. 24 483. 81 486. 89 489.17 488. 68 491.95 >traits SweSwitzS p a i n !•settleerland den peseta) m e n t s (krona) (franc) dollar) i18.183 J5.492 51.850 28.103 27.742 27. 778 27. 760 27. 765 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 68.078 67.904 66. 250 53. 632 53.991 54. 566 27. 750 27.750 27.750 27. 751 27. 750 27. 751 27, 751 54. 752 54. 686 54. 702 54. 757 54. 936 54.976 55.091 L 17.133 United Turkey K i n g pound) d o m (pound) Uruguay (peso) Yugoslavia (dinar) 14. 683 11. 667 9.545 8.044 10. 719 13.615 13. 678 12. 314 13. 714 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. 873 58.916 59.095 57. 446 57.314 57. 644 26. 784 26.854 25. 254 18. 471 22.032 25.982 25. 271 25. 626 25. 893 25.910 25. 965 25. 253 25.196 25.300 19 279 19 38?, 19. 401 19. 405 ?4 836 366 32. 497 30.189 32. 7?4 32. 599 31. 418 22.993 22.984 22.985 48. 411 47.061 47.181 47.285 60.440 79.047 80. 312 157 80. C 80. 355 80.272 80.145 79.834 79.883 80.162 485. 69 486.21 453.50 350.61 423.68 503.93 490.18 497.09 502.25 502.59 503. 63 489. 84 488.80 490.78 98.629 85.865 55 357 47.064 60.336 79.956 80.251 79 874 79.820 79. 719 79.679 79.857 80.045 80.000 1. 7591 1 7681 1 7680 1. 6411 1 7607 2.2719 2 2837 2 2965 2 2985 2.2926 2. 2912 2. 2956 2.2990 2.3003 7.099 6.736 6.149 5.711 5.348 5.215 5.062 57. 549 57.404 57.194 57. 640 57. 929 57. 836 58. 240 25. 301 25. 232 25.186 25. 339 25. 465 25. 444 25. 607 22.936 22. 829 22. 792 22. 824 22 870 22.879 22. 920 80.156 79. 700 79. 953 80. 246 80. 134 79. 897 80. 537 490.75 489. 39 488. 51 491. 63 493.99 493. 55 496. 72 78.926 78.856 78. 753 78. 626 78 65S 79 143 79.373 2.3022 2. 3059 2 3057 2.3056 2 3060 2 3056 2. 3072 c i Quotations nominal J u n e 29-30, 1937. Corrected. N O T E . — F o r additional information concerning nominal status of exchange quotations, special factors affecting t h e averages, and changes in the basis of quotation, see note in B U L L E T I N for April 1937, p . 371. 959 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 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) Japan France Germany Italy (1930=100) Canada (1913=100) (1913=100) (1928=100) (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 (1926=100) 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 79 81 82 82 82 82 84 72 74 76 76 77 77 80 93 94 95 96 98 98 101 378 391 403 420 471 492 519 104 104 105 104 104 104 105 76 75 76 77 77 78 79 194 197 197 201 200 204 215 62 62 63 63 68 70 71 92 93 93 97 103 105 107 86 86 88 88 87 87 88 81 83 86 86 85 85 88 103 104 107 109 111 111 112 538 533 550 552 550 557 582 105 106 106 106 106 106 106 82 83 85 86 88 90 233 230 240 248 241 238 239 73 74 76 77 77 76 78 108 111 113 113 113 112 _ 1936—June _ July- August September October November December _ _ 1937—January February March April May June July . ._ _ ' WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) Year or month 1926 1927 1928 1929 1930 1931 1932 , 1933 1934 . . 1935 1936 1936—June-- July. August September October November December 1937—January . _- February March April Mav June July Farm products Foods Other commodities United Kingdom (1930=100) Foods F r a n c e (1913 = 100) G e r m a n y (1913 = 100) Farm Indus- AgriculIndustural trial and food trial products products products products Provisions Industrial raw Indusand semi- trial finfinished ished products products 100 87 85 87 90 90 96 581 599 584 579 526 542 482 420 393 327 426 793 678 697 669 579 464 380 380 361 348 397 129 138 134 130 113 104 91 87 96 102 105 132 129 133 125 113 96 86 75 76 84 86 130 132 134 132 120 103 89 88 91 92 94 150 147 159 157 150 136 118 113 116 119 121 89 90 94 95 98 97 99 94 96 96 97 97 99 102 394 405 425 449 487 500 522 364 378 384 396 457 484 516 106 106 106 105 104 103 104 85 85 85 86 86 86 91 93 93 94 94 95 95 96 121 121 121 122 122 123 123 99 99 101 102 102 102 103 105 107 111 113 115 115 116 532 516 528 522 520 532 549 543 548 570 577 576 579 610 103 103 104 104 104 105 106 93 94 95 95 98 98 98 97 97 98 97 97 97 96 123 123 124 124 124 124 125 100 99 106 105 88 65 48 51 65 79 81 100 97 101 100 91 75 61 61 71 84 82 100 94 93 92 85 75 70 71 78 78 80 100 89 88 83 85 87 92 78 81 84 84 84 85 89 80 81 83 83 83 84 86 79 80 80 80 80 81 82 91 91 94 92 90 89 89 87 87 88 86 84 85 86 83 84 86 87 86 86 86 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. 960 FEDERAL RESERVE BULLETIN SEPTEMBER 1937 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United E n g - F r a n c e Ger- Nether- SwitzerStates^ land many lands July land 1923July 1914=100 19131911July 1925=100 1914=100 1914=100 1913=100 1914=100 Year or month 124 118 120 115 114 120 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1936—June... July . . Aug. Sept.... Oct Nov. Dec... 1937 Jan Feb. Mar Apr. May June . . . July 161 156 103 105 100 82 68 157 154 145 131 126 153 156 146 131 116 161 163 160 158 549 611 614 611 536 166 162 150 136 119 157 156 152 141 125 66 120 491 113 118 120 122 120 117 481 423 470 74 80 82 1936—June.,. Aug Sept.— Nov Dec 1937 Jan. Feb Mar.... Apr May.— June July.. _ 122 125 130 554 557 146 153 84 84 84 84 83 83 83 126 129 129 131 132 136 136 458 446 460 483 504 520 534 123 124 124 122 122 121 121 119 121 124 124 122 120 120 120 121 123 123 123 85 136 562 121 124 126 85 135 85 86 87 86 86 135 135 136 136 140 577 122 122 129 577 580 584 576 580 122 122 122 123 125 123 125 126 129 129 129 129 131 103 102 170 164 505 514 100 99 97 89 80 166 164 158 148 144 519 556 581 569 526 142 148 76 140 78 81 141 143 147 516 483 507 144 146 146 147 148 151 151 497 169 168 161 151 141 118 520 168 168 152 154 148 136 121 139 162 160 161 161 158 150 138 131 129 128 130 82 82 84 85 125 125 125 124 124 124 124 132 134 134 133 130 130 132 132 132 125 134 133 151 82 140 136 151 82 121 123 125 CO 109 105 125 134 136 134 136 136 138 136 137 136 137 151 151 152 152 155 504 540 CO 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 United E n g - France Ger- Nether- S w i t z erland many lands States Jan.land 1923July June 19131911July 1925=100 1914=100 1914=100 1914=100 1913=100 1914=100 Year or month 125 125 125 125 126 581 606 130 130 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 Number of issues __ 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 _ . _ 1936—June July August September... October NovemberDecember.._ 1937—January February March April May June . . . July June 60 Common stocks (1926 = 100) England Germany Netherlands 3 (December France (average 1921=100) (1913=100) price) (1929=100) 87 36 United States England Netherlands Germany (1930=100) 100 300 329 100.0 104.3 104.1 94.8 105 3 113.4 107.8 109.1 100.0 118 3 149 9 190.3 149 8 94.7 48.6 63 0 72.4 78 3 111.1 100.0 107.0 115 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 '78.0 »50.3 61.7 71.1 82.9 91.6 100.0 70.0 46.0 52.0 55.0 55.0 66.0 95.8 95.9 96.1 96.1 96.2 96.3 96.4 100.2 106.0 108.5 109.9 117.5 120.0 120.3 105.6 109.2 113.0 114.1 118.7 124.2 123.1 94.0 94.7 97.3 98.2 102.1 103.2 103.5 66.1 59.2 58.8 65.7 83.7 89.7 94.8 93.2 94.6 93.4 91.8 97.2 97.8 96.7 60.3 61.9 62.2 63.5 78.9 88.6 91.2 96.7 97.4 97.7 98 5 98 8 98.9 99.0 121.9 121.2 121.6 126.4 129.5 129.9 124 5 116.3 113.6 117.8 104.2 103.8 102.7 101 0 99.3 97.0 96.8 114.6 113.3 112.0 96 6 94.8 94.0 90.6 97.8 99.2 100.3 101 5 102.6 103.5 105.1 101.5 109.0 113.7 110.1 105 5 103.4 107.7 139 97.6 100.7 100 8 98.0 99.3 90.9 69.5 73.4 84.5 88.6 97.5 110.0 110.7 112 3 110.2 111 8 108.4 113.2 119 7 127.5 129.9 131.2 57.4 71.7 80 8 85.1 95.8 96.9 88.6 81.3 82.1 83.5 76.3 85 5 81.4 83 3 283.4 2 67.1 82 5 90.7 95.3 95.8 96.2 97.1 97.7 98.6 99.6 99.8 99.9 130.6 131.0 131.6 132.1 132.9 132.0 130.9 73.8 73.2 73.2 75.2 80.8 78.8 78.4 100.3 100.0 98.5 96.6 96.2 95.0 95.3 129.7 125.5 124.3 125 3 125.0 123.9 123. 3 77.5 75.1 74.6 72 6 72.3 74.6 75.0 8 420 278 tistics Co. Index for 1931 represents average of months January Sources.—See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p . 373, and July 1937, p. 698. France FEDERAL RESERVE DIRECTORY 961 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman JOHN K. MCKEK CHESTER C. DAVIS JOSEPH A. BRODERICK M.S. SZYMCZAK 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. PAULQER, 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 JOSEPH A. BRODERICK CHESTER C. DAVIS W M . A. DAY W M . M C C . MARTIN JOHN K. MCKEB B. A. MCKINNEY RONALD RANSOM J O H N S. SINCLAIR M. S. SZYMCZAK FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) .THOMAS M. STEELE District No. 2 (NEW YORK) W. W. ALDRICH District No. 3 (PHILADELPHIA) . . HOWARD A. LOEB, Vice-Preside n t District No. 4 (CLEVELAND) District No. 5 (RICHMOND) . . . . L. B. WILLIAMS District No. 6 (ATLANTA) EDWARD BALL District No. 7 (CHICAGO) 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) District No. 12 (SAN FRANCISCO) PAUL S. DICK J. P. DREIBELBIS, Assistant General Counsel CHARLES M. GOHEN EDWARD E. BROWN President R. E. HARDING E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account 962 WALTER LICHTENSTEIN, Secretary SENIOR OFFICERS OF FEDERAL RESERVE BANKS Chairman and Federal Reserve Agent Federal Reserve Bank o— f President Vice Presidents First Vice President W. W. Paddock.. Boston F. H. Curtiss R. A. Young New York Owen D. Young* G. L. Harrison__ Philadelphia R. L. Austin J. S. Sinclair F. J. Drinnen C. A. Mclllaenny » W. J. Davis E. C. Hill Cleveland E. S. Burke, Jr. M. J. Fleming F. J. Zurlinden H. F. Strater W. H. Fletcher W. F. Taylor * Richmond Robert Lassiter. Hugh Leach... J. S. Walden, Jr. R. H. Broaddus J. G. Fry G. H. Keesee * Atlanta W. H. Kettig Oscar Newton R. S. Parker H. F. Conniff L M. Clark W. S. McLarin, Jr « R. E. Wood1 G. J. Schaller H. P. Preston W. H. Snyder » C. S. Young J. H. Dillard St. Louis W. T. Nardin W. McC. Martin 0. M. Attebery. J. S. Wood. J. G. McConkey C M . Stewarts Minneapolis W. B. Geery Kansas City J. J. Thomas.. G. H. Hamilton 0. A. Worthington A. M. McAdams J. W. Helm.3 Dallas C C Walsh B A McKinney R. R. Gilbert R B Coleman « W. J. Evans San Francisco A. 0. Stewart W. A. Day _ J. N. Peyton.. _ Allan Sproul W. Willett 2 W. R. Burgess L. R. Rounds W. S. Logan J. H. Williams R. M. Gidney L. W. Knoke C. H. Coe _. 0. S. Powell Harry Yaeger H. I. Ziemer.a E. W. Swanson _ Ira Clerk. S. G. Sargent W A/T TTQIO C. E. Earhart • 1 Deputy chairman. * Cashier. » Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f 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 o— f Minneapolis: Helena branch Kansas City: Denver branch Oklahoma City branch Omaha branch Dallas: El Paso branch Houston branch San Antonio branch San Francisco: TiOS 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. 963 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
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