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TWENTY-FOURTH ANNUAL REPORT
OF THE
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
COVERING OPERATIONS
FOR THE YEAR 1937
UNITED STATES OF AMERICA
WASHINGTON: 1938
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
DECEMBER 31, 1937
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
M. S. SZYMCZAK
JOHN K. MCKEE
CHESTER C. DAVIS
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assista7it 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
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
CONTENTS
TEXT OF REPORT
PAGE
Introduction
Outlook at opening of year
Final increase in reserve requirements
Adjustment to increased requirements
Turn in business situation
Anticipating autumn demands
Business decline in last quarter
Banking developments
Gold and capital movements
1
1
3
5
8
8
10
11
16
Statement on objectives of monetary policy
20
Developments in the commercial banking structure
20
Earnings and expenses of Federal Reserve banks
24
Number of employees and volume of work of the Federal Reserve banks
26
Changes in territory assigned to branches
27
Industrial advances under sec. 13b of Federal Reserve Act
28
Building operations of the Federal Reserve banks
28
New Federal Reserve Building in Washington
29
Federal Reserve Interdistrict Collection System
29
Amendments to the law relating to the Federal Reserve System
29
Changes in regulations of the Board of Governors
30
Removal of bank officers and directors
34
Credits to foreign central banks
35
Bank examinations
35
Trust powers of national banks
37
Holding company affiliates
37
Foreign banking corporations
38
Establishment of foreign branches of member banks
38
Meetings of Federal Open Market Committee
38
Meetings of the Federal Advisory Council
39
Resignation of Mr. Joseph A. Broderick as a member of the Board of Governors
,.
39
Board expenditures
39
TABLES
FEDERAL RESERVE BANKS
PAGE
RESERVE BANK CREDIT AND RELATED ITEMS:
No. 1. Member bank reserve balances, Reserve bank credit, and related
items, annual averages of daily figures, 1918-1937
No. 2. Member bank reserve balances, Reserve bank credit, and related
items, monthly averages of daily figures, 1934-1937
No. 3. Member bank reserve balances, Reserve bank credit, and related
items, end of month figures, 1934-1937
No. 4. Member bank reserve balances, Reserve bank credit, and related
items, by weeks, 1936-1937—Wednesday figures
No. 5. Member bank reserve balances, Reserve bank credit, and related
items, selected call dates, 1917-1937
No. 6. Deposits, note circulation, total reserves, and reserve percentage of
Federal Reserve banks, by months, 1934-1937
No. 7. Assets and liabilities of Federal Reserve banks (in detail) December
31, 1937
No. 8. Assets and liabilities of Federal Reserve banks (in detail) at the
end of each month
No. 9. Assets and liabilities of each Federal Reserve bank at end of 1936
and 1937
No. 10. Bills discounted-holdings, by classes, of all Federal Reserve banks,
December 31, 1932-1937, and of each Federal Reserve bank,
December 31, 1937
No. 11. Maturity distribution of bills and United States Government securities held by Federal Reserve banks
No. 12. Holdings of United States Government securities by Federal Reserve banks at end of December 1935, December 1936, June 1937,
and December 1937
No. 13. Industrial advances and commitments under section 13b of the
Federal Reserve Act, June 19, 1934, to December 29, 1937
No. 14. Applications for industrial advances (including commitments) approved by Federal Reserve banks under section 13b, classified
according to size, June 19, 1934 to December 29, 1937
No. 15. Applications for industrial advances (including commitments) under section 13b, classified according to business and industries,
June 19, 1934, to December 29, 1937
42
43
44
45-46
47-48
49
50-51
52-53
54-57
58
59
60
61
61
62
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:
No. 16. Volume of operations in principal departments, 1933-1937
63
No. 17. Volume of operations in principal departments of each Federal
Reserve bank, 1937
64-65
No. 18. Volume of operations of branches of Federal Reserve banks, 1937. . . 66-67
INTERDISTRICT SETTLEMENT FUND:
No. 19. Summary of transactions through the fund, 1928-1937
No. 20. Summary of transactions through the fund, by districts, 1937
IV
68
68
CONTENTS
V
PAGE
FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND:
No. 21. Summary of transactions through the fund, 1928-1937
No. 22. Summary of transactions through the fund, by districts, 1937
69
69
MEMBERSHIP IN PAR COLLECTION SYSTEM:
No. 23. Number of banks on par list and not on par list, December 31,
1936-1937
70
FEDERAL RESERVE BANK PREMISES:
No. 24. Cost of bank premises of Federal Reserve banks and branches to
December 31, 1937
71
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:
No. 25. Earnings and expenses of Federal Reserve banks during 1937
72-73
No. 26. Current earnings, current expenses, and net earnings of Federal
Reserve banks and disposition made of net earnings, 1914-1937.. . 74-75
No. 27. Earnings of Federal Reserve banks, by sources, 1914-1937
76
FEDERAL RESERVE NOTES:
No. 28. Federal Reserve note statement at the end of each month
77
GOLD, FOREIGN EXCHANGE, INTERNATIONAL CAPITAL MOVEMENTS,
AND CURRENCY IN CIRCULATION
G OLD :
No. 29. Analysis of changes in monetary gold stock, 1921-1937
No. 30. Gold held under earmark by Federal Reserve banks for foreign
' account, by months, 1928-1937
No. 31. Gold movements to and from the United States, by countries
No. 32. Gold movements to and from the United States, 1921-1937
81
81
82
82
FOREIGN EXCHANGE RATES:
No. 33. Foreign exchange rates, 1922-1937
83
INTERNATIONAL CAPITAL MOVEMENTS:
No. 34. Net capital movement to United States since January 2, 1935. . . . 84-86
CURRENCY IN CIRCULATION:
No. 35.
No. 36.
No. 37.
No. 38.
No. 39.
United States currency in circulation, by kinds
Paper currency, by denominations, and coin in circulation
Treasury currency outstanding
Shipments and receipts of United States paper currency, by months.
Annual net shipments or receipts of United States paper currency
to and from Europe, by countries, 1923-1937
87
88
89
90
91
DISCOUNT RATES AND MONEY RATES
DOMESTIC MONEY RATES:
No. 40. Federal Reserve bank discount rates
95-97
No. 41. Federal Reserve bank buying rates on acceptances—changes from
January 1, 1933, to December 31, 1937
98
No. 42. Maximum rates on time deposits
98
No. 43. Short-term open-market rates in New York City, by months,
1934-1937
99
No. 44. Short-term open-market rates in New York City, by weeks, 1937..
100
No. 45. Rates charged customers by banks in principal cities, 1925-1937. . . .
101
MONEY RATES IN FOREIGN COUNTRIES:
No. 46. Discount rates of foreign central banks, 1936 and 1937
No. 47. Open-market discount rates in foreign countries, 1924-1937
102
103
VI
CONTENTS
MEMBER AND NONMEMBER BANKS
PAGE
ALL BANKS IN THE UNITED STATES:
No. 48. All banks in the United States—number of banks, and deposits
exclusive of interbank deposits, 1915-1937
No. 49. All banks in the United States, loans and investments, 1917-1937. . .
106
107
ALL MEMBER BANKS:
No. 50. All member banks—condition on December 31, 1937, by classes of
banks
108-109
No. 51. All member banks—classification of loans, investments, borrowings,
and capital stock on December 31, 1937, by classes of banks. . . . 110-111
No. 52. All member banks—principal assets and liabilities on call dates,
1917-1937
112-114
No. 53. Member banks in each Federal Reserve district—principal assets
and liabilities on December 31, 1936 and 1937
115
No. 54. All member banks—loans and investments, reserves, deposits, and
borrowings, on call dates, 1928-1937
116-117
No. 55. Central reserve city member banks in New York City—loans and
investments, reserves, deposits, and borrowings, on call dates,
1928-1937
118-119
No. 56. Central reserve city member banks in Chicago—loans and investments, reserves, deposits and borrowings, on call dates, 19281937
120-121
No. 57. Reserve city member banks, loans and investments, reserves, deposits, and borrowings, on call dates, 1928-1937
122-123
No. 58. Country member banks, loans and investments, reserves, deposits,
and borrowings, on call dates, 1928-1937
124-125
No. 59. Reserve balances of member banks, by class of banks, by weeks,
1937
126-127
No. 60. Member bank reserve balances, by class of banks, by months, 19291937
128-130
No. 61. Member bank reserve balances, by class of banks in each district,
by months, 1937
131-133
No. 61a. Member bank reserve requirements
133
No. 62. Reserve position of member banks, by class of banks, by months,
1937
134
No. 63. Deposits of member banks by classes of banks and in larger and
smaller centers
135-139
No. 64. Member banks—earnings, expenses, dividends, and operating
ratios, 1929 and 1931-1937
140-141
REPORTING MEMBER BANKS IN LEADING CITIES:
No. 65. Weekly reporting member banks in 101 leading cities—assets and
liabilities, 1937
142-145
No. 66. Weekly reporting member banks in New York City—assets and
liabilities, 1937
146-149
No. 67. Weekly reporting member banks in 100 cities outside New York
City, assets and liabilities, 1937
150-153
BROKERS' BALANCES:
No. 68. Customers' debit balances, money borrowed, and principal related
items of Stock Exchange firms carrying margin accounts
No. 69. Customers' debit balances, etc. (in detail) of Stock Exchange firms
carrying margin accounts
154
155
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES:
No. 70. Commercial paper and bankers' acceptances outstanding
156
CONTENTS
VII
PAGE
BANK DEBITS:
No. 71. Debits to individual accounts, by banks in principal cities, 19281937
157
BANKS, BRANCHES, AND BANKING GROUPS:
No. 72. Number of banks and branches, 1933-1937
158
No. 73. Analysis of changes in number of banks and branches during 1937. . . 159
No. 74. Number of banks operating branches or additional offices and
number of branches or additional offices in operation, December
31, 1936 and 1937
160-161
No. 75. Group banking, December 31, 1937—number, loans and investments, and deposits of banks in 47 groups, and number of
branches of group banks, by states and geographic divisions. . . . 162-163
BANK SUSPENSIONS:
No. 76. Bank suspensions, 1921-1937
No. 77. Banks suspended in 1937, by districts and States
164
165
BUSINESS CONDITIONS
BUSINESS CONDITIONS:
No. 78. Capital issues
No. 79. Security prices
No. 80. Bond yields
No. 81. Production, employment, trade, and prices
No. 82. Manufacturing production, by groups
No. 83. Mineral production, by industries
No. 84. Factory payrolls, by groups (without seasonal adjustment)
No. 85. Factory employment, by groups
No. 86. Wholesale commodity prices, by groups
No. 87. Wholesale commodity prices, by subgroups, 1937
169-170
171
172
173-179
180
181
182-183
184-187
188
189
ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
During 1937 the principal objectives of Federal Reserve policy were
to assure the continued availability of bank credit at low rates for current requirements of business and at the same time so to regulate the
available volume of member bank reserves as to avoid the likelihood of
injurious credit expansion in the future. Further adjustment of the
country's reserve structure to the changed conditions that had resulted
from a heavy inflow of gold from abroad was made by the System in
the early part of the year through a final increase of reserve requirements for member banks. This placed the System in a position to make
current adjustments to developments in the credit situation through
open-market operations. As a result of such operations in April and
again in November, together with a release by the Treasury in September of gold from its inactive account at the request of the Board of
Governors, the aggregate volume of idle funds at the disposal of member banks was ample throughout the year and money rates remained low.
OUTLOOK AT OPENING OF YEAR
At the opening of 1937 economic activity was increasing rapidly. The
output of mines and factories, after a steady rise for two years, had
reached the average level of 1929. Increased activity was manifested
both in the industries producing goods for immediate consumption and
in those producing durable goods. Capital expenditures by manufacturing industries were increasing rapidly, in line with output and profits.
There was some revival in residential construction, which had dwindled
to a very low level during the depression and was still far from normal.
Employment was expanding and wage payments were rising even more
rapidly, as the result both of reduction in part-time employment and of
increases in hourly wage rates. Increased farm income, a large volume
of dividend disbursements, and larger wage payments resulted in an
increase in retail and wholesale distribution. Prices of securities were at
the highest level since the early part of the depression; yields on bonds,
both Government and corporate, had reached exceptionally low levels,
and capital issues of corporations were in the largest volume of the
recovery years.
2
ANNUAL REPORT OF BOARD OF GOVERNORS
Many commodity prices were rising rapidly. Advances were particularly pronounced in agricultural and other raw materials; prices of finished goods were also rising. Increased domestic demand, together with a
considerable volume of foreign demand, contributed to the advance. A
wave of buying was in progress. The rate of advance in business activity
was, in fact, so fast that there were evidences of unsound developments.
There was a large increase in forward orders in anticipation of further
price and wage increases, together with uncertainties regarding deliveries,
partly due to labor disputes, and shortages were developing in plant and
equipment and in some classes of skilled labor. Notwithstanding the
fact that recovery was far from complete and that there was still a large
amount of unemployment, boom conditions were developing in particular
industries and boom psychology began to be manifested.
The total volume of bank deposits and currency continued to grow
and at the beginning of 1937 was at the highest level in the country's
history. Bank loans to trade and industry had increased considerably
and were growing. New York City banks were reducing their holdings
of Government securities, but total investments of banks had changed
little in the last half of 1936.
Idle funds in the hands of institutions and individual investors continued large and long-term money rates were exceptionally low. The
average yield on long-term Government bonds at the beginning of 1937
was about 21/4 percent. The highest-grade corporate bonds were selling
• on a 3% percent basis and yields on lower-grade corporate bonds had
declined to about 4% percent. At these levels long-term interest rates
were one percent or more lower than in the 1920's.
In August 1936 the Board of Governors had raised reserve requirements for member banks by 50 percent in order to absorb a part of the
$3,000,000,000 of reserves in excess of requirements held by member
banks. Under the law the Board has the responsibility of changing
reserve requirements in order to prevent injurious credit expansion or
contraction, and the Board had acted to eliminate from the credit base
a part of the redundant reserves accumulated through a large volume of
gold imports. The Board's action was in the nature of a precautionary
measure to prevent an uncontrollable expansion of credit in the future.
The policy of maintaining easy money and credit conditions pursued by
the System since the beginning of the depression continued to be in effect.
The increase in requirements had no perceptible effect on the credit
situation, and money rates continued low. Owing to disturbed conditions
abroad and a large inflow of capital to this country, an extraordinarily
large volume of gold imports continued in the second half of 1936 and
member bank reserves were increased by $600,000,000 from this source.
Required reserves had increased as the result of growth in the member
banks' deposits, but excess reserves had grown nevertheless and by
November amounted to $2,200,000,000. In December the United States
FEDERAL RESERVE SYSTEM
Treasury after consultation with the Board adopted a policy of placing
new gold acquisitions in an inactive account, thus preventing further gold
imports from adding to the reserves of member banks.
FINAL INCREASE IN RESERVE REQUIREMENTS
At the beginning of 1937 the Board of Governors once more reviewed
the general monetary situation and the reserve position of the banking
system and of individual member banks.
TOTAL BANK DEPOSITS AND CURRENCY
BILLIONS OF DOLLARS
CALL REPORT DATES
BILLIONS OF DOLLARS
70
70
60
TOTAL DEPOSITS
AND CURRENCY
50
40
30
20
ADJUSTED
DEMAND DEPOSITS
10
10
CURRENCY OUTSIDE BANKS
1928 1929 1930 1931 1932 1933 1934 1935 1936 1937
Deposits are for all banks in United States and are partly estimated. Interbank and
United States Government deposits are excluded and demand deposits are adjusted for
float. Deposits in Postal Savings System and in mutual savings banks are included in
time deposits.
Total bank deposits and currency, which represent the most liquid
resources at the disposal of the public, after increasing rapidly from
1933 to 1936, were at a higher level than in 1929. Changes in the volume
of demand and time deposits at all banks in the United States and of
currency held outside of banks are shown in the chart.
Currency outside of banks had increased by about $2,000,000,000 between 1930 and 1937. Both demand and time deposits declined sharply
4
ANNUAL REPORT OF BOARD OF GOVERNORS
from 1930 to 1933 and subsequently increased. By the end of 1936 demand deposits had risen to the highest level on record while time deposits
had shown a less rapid but continuous growth since 1933.
This volume of deposits and currency, if utilized at a rate of turnover
comparable to pre-depression levels, would be sufficient to sustain a
vastly greater rate of business activity. In order to sustain and expand
recovery, the country's commerce, industry, and agriculture, therefore, required a more complete and productive utilization of existing deposits
rather than further additions to the amount available. The existence
of excess reserves does not in itself result in the creation of new deposits
nor in a more active use of the existing supply.
It was estimated that the existing excess reserves, if utilized as fully
as had been the case in the past, were sufficient to constitute the basis
for an expansion of deposits and currency of more than $30,000,000,000,
or more than 50 percent, and that, if requirements were increased by an
additional 33% percent, the banking system would still have the basis
of a potential expansion of more than $5,000,000,000 without recourse
to the Federal Reserve banks. The excess reserves of about $1,500,000,000 which would be eliminated as a base of further credit expansion by an
increase of 33V3 percent in reserve requirements could, therefore, support
an increase in bank deposits, which, if it occurred, would unquestionably constitute a credit expansion on a scale injurious to the nation's
economy.
As was the case when the Board announced the increase of requirements in July 1936, excess reserves were widely distributed among member banks, and balances with correspondent banks were twice as large
as they had generally been in the past. All but a small number of member banks had more than sufficient excess reserves and surplus balances
with other banks to meet a 33% percent increase in reserve requirements.
As shown by the table below, of the 6,367 member banks on January
13, 1937, there were only 197 that did not have sufficient funds to meet a
33% percent increase in requirements by using their excess balances
with the Reserve banks and as much as half of their balances with correspondent banks.
(January 13, 1937)
Class of banks
Number of
member
banks
Member banks with reserves insufficient, when
increased by one-half of balances with correspondents, to meet a 33 M percent increase in requirements
Number
Total
Central reserve city banks
New York City
Ch.ica.20
Reserve city banks
C o u n t r y banks
Additional reserves required
(In millions of dollars)
6,367
197
123
37
13
334
5,983
12
1
16
168
100
9
11
2
FEDERAL RESERVE SYSTEM
5
Banks that would be under the necessity, if requirements were increased, to undertake any operations other than to draw down their
balances with correspondents by 50 percent or less constituted 3 percent
of all member banks. Additional funds required for the System as a
whole would be $123,000,000, of which $100,000,000 would be needed by
twelve money-market banks in New York City. An analysis of the
position of these banks showed that they had a large volume of liquid
assets, including Treasury bills and short-term notes, bankers' acceptances and brokers' loans.
The Board also considered whether in case it was decided to eliminate
a part of the excess reserves, it would be best, in the then existing circumstances, to accomplish this by reducing the System's open-market
portfolio or by a further increase of reserve requirements. It was decided that action on reserve requirements should come first because it
should be taken while reserves were ample and well distributed. As
was said by the Board in July 1936, "it is far better to sterilize a part
of these superfluous reserves while they are still unused than to permit
a credit structure to be erected upon them and then to withdraw the
foundation of the structure."
An increase in reserve requirements would not diminish the large
volume of deposits of bank customers seeking investment which were
ample to assure the continuance of favorable money rates for capital
purposes. At the same time, with excess reserves reduced to a manageable figure, the Reserve System would be in a position to take prompt
action to bring about current adjustments of the reserve position of
member banks to credit needs by employing the more flexible instrument of open-market operations to ease or tighten conditions in the
money market.
In view of these considerations, the Board determined to raise reserve
requirements by the remaining amount permitted by law, namely, by an
additional 50 percent of original requirements, or 33% percent of the
requirements in effect after the first increase. This final advance completed the use of the Board's power under the law to increase reserve requirements. The Board stated that it was not its intention to request
from Congress additional authority to absorb excess reserves by means of
further raising reserve requirements.
In order to give the banks ample opportunity to adjust to the new requirements, the Board in announcing the increase on January 30 provided that one-half of it would take effect on March 1 and the other
half on May 1.
ADJUSTMENT TO INCREASED REQUIREMENTS
Prices of United States Government and high-grade corporate bonds,
after a long-continued advance, had reached an extraordinarily high level
in the latter half of 1936. Banks in New York City, which had expanded
6
ANNUAL REPORT OF BOARD OF GOVERNORS
their Government security holdings at a rapid rate in the early part of
1936, had begun to sell in the latter part of that year, and continued to
sell in the early months of 1937. Late in December and in January
prices of Government and high-grade corporate bonds declined somewhat
and their yields correspondingly increased. There were further sales of
Government securities by banks and other investors for the purpose of
realizing accrued profits. Following the announcement of the increase in
reserve requirements on January 30, yields of these obligations, as well
as short-term money rates, showed a further slight advance.
Early in March, in order to meet the increase in reserve requirements
and withdrawals of balances held for interior banks, a few of the large
money-market banks increased their sales of Government securities.
The securities sold were principally long-term bonds, on which they had
profits, rather than short-term notes and bills, which they held in substantial volume. Other banks and other holders of bonds also sold, at
first for the purpose of realizing profits and then, as prices continued to
decline, to avoid losses. As the result of these sales, the average yield
on long-term Government bonds rose from a little over 21/4 percent in
February to 2% percent early in April. Yields on high-grade corporate
bonds also advanced.
In order to stabilize conditions in the money market the Federal Open
Market Committee engaged in a series of open-market operations. Between March 10 and March 31 it increased the System's holdings of
Treasury bonds by $104,000,000 and at the same time reduced its holdings of Treasury notes by $85,000,000 and its holdings of Treasury bills
by $19,000,000, so that the total of its portfolio of Government securities
remained unchanged. On April 4 the Federal Open Market Committee
issued the following statement:
"With a view (1) to exerting its influence toward orderly conditions in
the money market and (2) to facilitating the orderly adjustment of
member banks to the increased reserve requirements effective May 1,
1937, the Open Market Committee of the Federal Reserve System is
prepared to make open-market purchases of United States Government
securities for the account of the Federal Reserve banks in such amounts
and at such times as may be desirable. This purpose is in conformity
with the policy announced by the Board of Governors of the Federal
Reserve System in its statement on January 30, 1937, which declared,
with reference to the increase in reserve requirements, that by this
action the System would be placed in a position where such reduction
or expansion of member bank reserves as may be deemed in the public
interest may be effected through open-market operations."
Between April 4 and April 28 the System purchased $96,000,000 of
Treasury bonds, increasing its account by this amount. Government
and other high-grade bond prices stopped declining in the early part of
April. For the remainder of the year Government security prices moved
FEDERAL RESERVE SYSTEM
7
gradually higher, interrupted by a reaction in the latter part of the
summer. Prices of corporate bonds of the highest grade also rose; by
July the recovery amounted to about half of the spring decline and
thereafter prices of these obligations were generally maintained.
Intervention by the Federal Reserve System in the bond market in
March and April, therefore, helped to stabilize that market. In recent
years the bond market has become a much more important segment of
the open money market, and banks, particularly money-market banks,
to an increasing extent use their bond portfolios as a means of adjusting their cash position to meet demands made upon them. At times
when the demands increase they tend to reduce their bond portfolios
and at times when surplus funds are large they are likely to expand them.
Since prices of long-term bonds are subject to wider fluctuations than
those of short-term obligations, the increased importance of bonds as a
medium of investment for idle bank funds makes the maintenance of
stable conditions in the bond market an important concern of banking
administration.
MONEY RATES AND BOND YIELDS
MONTHLY
\l
BANKERS—V/
ACCEPTANCES
1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937
Customers' rates are monthly averages of prevailing rates reported by banks in 36 leading
cities; other rates are monthly averages of daily figures for outstanding Government bonds
due or callable after 8 years and 90-day bankers' acceptances.
After the final increase in reserve requirements became effective on
May 1, member banks had excess reserves of about $900,000,000, and at
no time during the remainder of the year did they fall below $700,000,000. Yields on Treasury obligations and rates on bankers' acceptances
declined from the March figure and rates charged by banks to their
customers were at the lowest level in history. The chart shows the
course of money rates and Government bond yields since 1926. It
0
ANNUAL REPORT OF BOARD OF GOVERNORS
brings out the fact that in 1936 and 1937 representative rates for longand short-term money were extraordinarily low when compared with
any period prior to 1934.
TURN IN BUSINESS SITUATION
Industrial activity continued to increase in the first quarter of 1937.
Orders by fabricators and distributors were in large volume both for
current use and for building up stocks; there was also an expansion of
capital expenditures. Prices of raw and semi-finished materials, as well
as of finished products, continued to rise. Employment increased further;
there were marked advances in wage rates and total payrolls rose at a
rapid rate. Profits of industry continued to be substantial, and prices
of stocks advanced until March.
There was increasing evidence, however, that the buying of goods in
excess of current consumer demands, and the accompanying rise in prices
and costs, were jeopardizing the maintenance of the recovery movement.
Consumer buying, in contrast to a rapid growth in 1936, was not increasing as much as the production of consumers' goods. Expenditures of
the Federal Government were somewhat reduced from the unusually
high level of the preceding year and, owing in part to collection of social
security taxes, were met to a larger extent through taxation. About the
middle of March prices of stocks and of lower-grade corporate bonds
began to decline from the high levels to which they had risen. Advance
buying by industry and trade slackened, and early in April prices of
commodities traded on organized exchanges began to decline. During
the summer increases in crop production contributed to the declines in
prices of cotton and grains, while livestock prices advanced. Industrial
output continued large, however, reflecting to a considerable extent the
filling of orders previously received.
In the spring months there was a decline in offerings of securities for
refunding purposes which had been in record volume in the early part of
1936 when business organizations, particularly the public utilities, were
taking advantage of the prevailing low level of money rates to reduce
the cost of their indebtedness. Corporate security issues for new capital,
however, which are of greater significance in connection with activity
in durable goods industries, were in larger volume in the first half of
1937 than in the similar period of any other recent year.
ANTICIPATING AUTUMN DEMANDS
In view of increasing indications of uncertainty in business prospects,
the Board in midsummer reexamined the banking situation with particular reference to the reserve position of member banks, for the purpose
of determining whether there was any action which the Federal Reserve
authorities could undertake to counteract possible unfavorable business
developments. This review showed that the volume of funds for pur
FEDERAL RESERVE SYSTEM
9
poses of lending and investment was adequate in all classes of banks;
that there was a continued increase in the banks' lending for business
purposes, and that liquidation by banks of their Government securities
had practically ceased.
In order to bring Reserve bank discount rates into closer relationship
to rates in the money market in anticipation of possible seasonal demands
for credit and currency in the autumn, the Federal Reserve banks in
August and September reduced these rates. After these changes were made,
the rate at the Federal Reserve Bank of New York stood at 1 percent,
the lowest central bank rate in history, and at the other Federal Reserve
banks at 1% percent. By this action the Federal Reserve System made
it easier for individual member banks to meet seasonal or exceptional
demands by borrowing from the Federal Reserve banks, rather than by
liquidating any of their assets. The Board also issued in September a
revision of its regulation governing discounts for and advances to member banks, carrying out changes in the law made by the Banking Act of
1935, and explaining the conditions under which member banks can obtain accommodation at the Federal Reserve banks on advances secured
by any sound asset.
Early in August, total excess reserves of member banks were in the
neighborhood of $700,000,000, but, owing to substantial withdrawals of
balances by country banks, excess reserves at New York City banks had
declined to below $50,000,000 as compared with $200,000,000 in May. It
appeared, therefore, that the New York banks might experience some
pressure in meeting the autumn demands for currency and for credit.
To avoid the development of such pressure, easing action in the money
market was undertaken. The Board of Governors in September requested
the Secretary of the Treasury to release $300,000,000 from the inactive
gold account, and at the same time the Reserve System announced that
it would stand ready to buy additional Government securities in order to
meet the expected seasonal demands on the banks for currency and credit
during the coming weeks. The Board stated that the purpose of this
action was to maintain at member banks an aggregate volume of excess
reserves adequate for the continuation of the System's policy of monetary
ease for the furtherance of economic recovery. The action was in conformity with the usual policy of the System to facilitate the financing of
orderly marketing of crops and of autumn trade, and together with the
reduction of discount rates at several Federal Reserve banks it placed
the member banks in a position to meet readily any increased seasonal
demands for credit and currency and contributed to the continuation of
easy credit conditions.
As a consequence of the release of gold in September, excess reserves
of member banks increased to $1,000,000,000 and continued around that
level for the rest of the year. At New York City banks, where the effect
of the gold was immediately felt, excess reserves rose to more than
10
ANNUAL REPORT OF BOARD OF GOVERNORS
$400,000,000 and were thereafter maintained near that level. In November the Federal Reserve System purchased an additional $38,000,000 of
Government securities. In the latter part of the year there was another
slight easing of money rates, and yields on long-term Treasury bonds
declined to 2% percent.
Margin requirements on security loans, both by banks and by brokers,
had been 55 percent since early in 1936. This high level had been established at a time when security prices were advancing rapidly and security
loans were increasing. High margin requirements earlier in the year had
the effect of diminishing the amount of forced liquidation that a decline
in stock prices might otherwise have caused. When security prices declined in the autumn and the volume of security loans diminished, the
Board of Governors took action, effective November 1, to reduce the
margin requirements on security loans, both by banks and by brokers,
from 55 to 40 percent.
BUSINESS DECLINE IN LAST QUARTER
By the end of the summer the backlog of orders on which industry had
been operating was practically exhausted in some industries and sharply
reduced in others. Also many producers and distributors had been accumulating considerable inventories. With prices of some commodities
declining and consumer expenditures not increasing as had been anticipated, a movement to liquidate inventories got under way. Continued
plant expansion, which had seemed essential earlier in the year, now appeared less urgent, and this led to the postponement of many projects.
Orders for equipment were reduced. Building contracts for private work,
both residential and other, showed a marked decline.
As a consequence of these developments industrial production declined
at an exceptionally rapid rate, and the Board's index, which had averaged
116 in the first eight months of the year, fell to 84 in December. There
were also sharp declines in factory employment and payrolls. Movement of goods over the railroads was reduced and, with costs at a higher
level, the earning prospects and financial positions of many railroads
were impaired. In the commodity markets prices of raw materials and
semi-finished products showed widespread rapid declines, and prices of
finished goods, which had risen somewhat further during the summer, also
decreased. In December prices of some raw materials continued to decline but others, including steel scrap and cotton, advanced.
Reductions in incomes were reflected toward the end of the year in
reduced consumer buying of automobiles, furniture, and other durable
goods. Residential building, which earlier in the year had decreased as
a consequence primarily of higher building costs, declined further in the
autumn, as uncertainties arose regarding income prospects. At this time
there was some reduction in building costs, but with business activity
declining people were reluctant to build new houses or buy old ones.
FEDERAL RESERVE SYSTEM
11
Consumer purchases of nondurable goods were maintained, however,
and, with production of commodities such as textiles and shoes sharply
curtailed, inventories of some of these commodities by the end of the year
had declined considerably from the high levels prevailing in the summer.
Output of steel, which had been in excess of consumption during a large
part of the year, had been curtailed so sharply by the end of the year
that inventories of steel were being materially reduced. In some other
durable goods industries, however, declines in output had been less rapid
than the falling off in demand. In view of the fact that there had been
a marked decline in the demand for durable goods, while retail purchases
of textiles and other nondurable products had been maintained, a broad
increase in business activity depended in considerable part on increased
purchases of new houses, automobiles, and other durable goods and on
increased capital expenditures by industry.
Stock prices, which had begun to decline in March after a continuous
and rapid rise lasting for two years, rallied somewhat in midsummer but
declined sharply from September to November. In the latter part of
November these prices were at a level 40 percent below the peak reached
in March and about the same as in the summer of 1935. Prices of lowergrade corporate bonds followed stocks in their movements and at the end
of 1937 yields on these bonds were 1% percent higher than at the beginning of the year.
Activity in the capital market declined to the lowest levels since the
early part of 1935. While the supply of investment funds continued
ample, sharp declines in security prices and uncertainty of business prospects made corporations hesitant to offer new issues and investors reluctant to put their funds to use.
BANKING DEVELOPMENTS
In the banking developments of 1937 changes in the volume and distribution of the public debt were an important factor. Banks reduced
their Government security holdings considerably during the year and
other investors absorbed an amount equivalent to the decrease in bank
holdings plus the increase in Government debt. To the extent that the
securities acquired by the public from the banks were paid for out of
funds that had previously been idle, these transactions, even though they
resulted in a decrease of deposits, did not represent a diminution in the
volume of money in active use.
The following table shows the amount and distribution of publiclyoffered direct and fully guaranteed obligations of the United States Government at the end of 1937 and changes for the first and second halves of
the year and for the year as a whole. Outstanding publicly-offered Government obligations increased by one and a quarter billion dollars in the
first half of the year and by a quarter of a billion in the second half. In
the aggregate, member banks reduced their portfolio of Government
12
ANNUAL REPORT OF BOARD OF GOVERNORS
securities by $1,200,000,000 in 1937. Holdings of nonmember banks,
including mutual savings banks, increased by $200,000,000, so that
liquidation of Government securities by all banks in 1937 amounted
to $1,000,000,000. Purchases by other investors during the year totaled
two and a half billion dollars. Of this total $130,000,000 was taken by
the Federal Reserve banks, $220,000,000 by United States Government
agencies and trust accounts, and $630,000,000 by the large insurance companies. The remainder, about $1,500,000,000, an amount equal to the
increase in the Government debt, was taken by other investors, including
other corporations and individuals.
U. S. GOVERNMENT OBLIGATIONS OUTSTANDING AND HOLDING BY TYPES
OF INVESTORS, 1937 1
[In millions of dollars]
Dec. 31,
1937
Change during 1937
First half
Second half
Year
38,663
+1,240
+264
+1,504
Holdings of—
Member banks:
New York City banks 2
Other reserve city banks
Country banks
Nonmember banks, including mutual savings banks ^
3,595
5,609
3,167
-578
-421
+143
-35
-294
+12
-614
-715
+155
4,250
+225
-20
+205
All banks, excluding Federal Reserve
banks
16,621
-631
-337
-968
Federal Reserve banks
U. S. Government agencies and trust accounts
Insurance companies
All other
2,564
2,025
3,948
13,505
+96
+203
+453
+1,119
+38
+22
+174
+367
+134
+225
+627
+1,486
Obligations outstanding
x
Direct and fully guaranteed obligations
2
Central reserve city banks only.
3
which are publicly-offered and interest-bearing.
Partly estimated.
Other banking developments during the year can be reviewed best by
discussing separately changes at New York City banks, at banks in other
leading cities, and at banks other than central reserve and reserve city
banks, the so-called "country" banks.
At reporting member banks in New York City, which include the large
money-market banks of the country, total loans and investments began
to decline in the middle of 1936 and continued to decline until December
1937. The decline in total loans and investments of New York City
banks from the middle of 1936 to the autumn of 1937, as shown on the
chart, represented sales of Government securities, the holdings of which
had increased sharply in the first half of 1936, when the Treasury was
issuing a large volume of new obligations. Liquidation of Government
securities by these banks continued for about a year, but in the last
quarter of 1937 holdings increased. At that time, however, there was a
substantial liquidation of brokers' loans accompanying the fall in stock
prices and commercial loans declined. During most of 1937, as in 1936,
there was a growth of loans by New York banks to commerce and indus
13
FEDERAL RESERVE SYSTEM
REPORTING MEMBER BANKS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100 <DTHER L LADING (CITIES
NEW YORK CITY
10
14
TOTAL LOANS
AND INVESTMENT
TOTAL LOANS
"AND INVESTMENTS
12
U. S. GOV'T OBLIGA" •|0NS/V-^
r,y
C()MMERCIAL
LOANS
193'4
1935
1936
1937
1934
1935
1936
1937
Monthly averages of Wednesday figures. Total loans and investments include items not
shown separately. United States Government obligations include direct and fully guaranteed securities. Commercial loans, which include also industrial and agricultural loans, are
based upon new classification beginning May 19, 1937.
MEMBER BANKS IN RESERVE CITIES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3
3
1934
1935
1936
1937
1934
1935
1936
1937
Other reserve cities include Chicago central reserve city banks and all reserve city banks.
Interbank balances are for call report dates; required and excess reserves are monthly
averages of daily figures.
14
ANNUAL REPORT OF BOARD OF GOVERNORS
try, reflecting in part the increased volume of business activity and the
financing of accumulating inventories.
The reserve position of the principal New York City banks is shown on
another chart. Required reserves increased rapidly from 1934 to the
middle of 1937, the increase to the middle of 1936 representing the growth
in deposit liabilities, and after that time largely the increase in reserve
requirements by the Board of Governors. In the last part of 1937 required reserves declined slightly, reflecting a decline in deposits. Excess
reserves of New York banks had begun to decline in 1936. From the
middle of 1936 to the middle of 1937 the decrease in excess reserves of the
New York banks represented the combined effect of increased reserve requirements and the withdrawal of balances by correspondent banks. In
the latter half of the year excess reserves increased, as some country bank
balances returned to New York and as the result of releases of gold from
the inactive account by the Treasury and of open-market operations by
the Federal Reserve System. New York City banks ended the year 1937
in a favorable reserve position.
At banks in other leading cities developments were somewhat similar
to those in New York. The decline in holdings of Government securities
and in total loans and investments at banks in 100 leading cities did not
begin until 1937 and was much less pronounced. Throughout 1937 these
banks sold Government securities and smaller amounts of other securities.
As at New York, commercial loans of these banks increased during 1936
and most of 1937.
The reserve position of reserve city banks, including Chicago banks,
is shown in another chart. These banks, like New York banks, suffered
a considerable withdrawal of bankers' balances during the first half of
1937, but met this decrease largely by reducing their own balances with
correspondent banks. A decline in excess reserves of these banks in the
first half of the year, when requirements were raised by the Board, was
followed by an increase as the result of additions to total reserves and a
reduction in reserves required, as deposits declined.
A chart of selected assets of member banks outside reserve cities, or
"country" banks, shows a slow growth of loans and investments from the
middle of 1933 to the middle of 1937 and little change during the last
half of that year. In 1936 and 1937 no figures are available for the assets
of these banks for any date between June 30 and December 31. Government security holdings showed a fairly continuous slow growth during the
period from 1933 to the end of 1937. Securities other than Governments
declined somewhat in 1937, while loans to commerce, industry, and agriculture continued to increase. Notwithstanding a growth of more than
$2,000,000,000 in loans and investments of country banks from the low
point in 1933, however, they were at the end of 1937 still nearly $4,000,000,000 less than total loans and investments of country banks in 1929,
when the total number of such banks in operation was larger.
15
FEDERAL RESERVE SYSTEM
The lower portion of the chart relating to country member banks shows
items bearing on their reserve position. It brings out the fact that they
met a large part of the increase in reserve requirements in the first half
MEMBER BANKS OUTSIDE RESERVE CITIES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
14
14
12
12
TOTAL LOANS
AND INVESTMENTS
10
10
1
1
BALANCES DUE
FROM BANKS
.
>^
REQUIREI
RESERVE
-
-
.-.
—
/
y
EXCESS RESERVES
1929
1930
1931
1932
1933
1934
1935
1936
1937
Covers all country member banks. Loans and investments and balances due from banks
are for call report dates; required and excess reserves are monthly averages of daily
figures. Total loans and investments include items not shown separately. United States
Government obligations include direct and fully guaranteed securities. Commercial loans,
which include also industrial and agricultural loans, cover all loans other than loans to
banks, loans on securities and on real estate, and holdings of open-market paper. The
scale of the lower chart is twice as large as that of the upper chart.
of 1937 by withdrawing balances from city correspondents. Even after
the decrease of nearly $400,000,000 in their balances with correspondents, these balances were considerably above the level of pre-depression
years.
16
ANNUAL REPORT OF BOARD OF GOVERNORS
GOLD AND CAPITAL MOVEMENTS
The year 1937 was marked by considerable shifts in foreign viewpoints toward the future of the price of gold, accompanied by heavy international movements of floating money. This shifting situation did not
develop immediately. For a time following the Tripartite Declaration
in September 1936 and the readjustment downwards of the currencies of
France, Switzerland, and the Netherlands, international currency relationships appeared to be more settled and flights from one currency to
another ceased. Instead there was a movement to get idle funds invested. It was a period of sweeping advances in most of the leading
security markets in the course of which large amounts of foreign capital
were placed in American stocks. The peak of this movement was passed
in November 1936, but as the year 1937 opened foreign investment in
American securities was continuing at a substantial, though diminished,
rate. An additional influence tending to bring gold to the United States
at this time was the transfer of Argentine funds for redemption of dollar
bonds in this market. The Argentine operations began in December
1936 and were in heavy volume throughout the first quarter of 1937.
Both the stock market developments and the Argentine redemptions
were associated with the vigorous industrial advance. Recovery in the
industrial nations gave Argentina the broadened markets for its products
that enabled it to transfer funds in retirement of outstanding obligations
in this country. Expanding industrial profits, particularly in the United
States, underlay the rise in equities. Toward the end of 1936 it was apparent that the industrial movement was leading to speculative developments in certain commodity markets. This tendency continued through
the first quarter of 1937.
Spring Inflow.—By spring the combination of a sustained inward
movement of gold to the United States and speculative tendencies in certain commodity markets had created a situation favorable to rumors
that the American price of gold might be reduced. The shift in the
market's expectations with regard to gold was precipitated by developments early in April. Substantial sales of Russian gold were being made
in London at the time and the impression got abroad that the bullion
market was depending largely on American purchases. At this stage a
question developed among American banks purchasing gold in London
whether they could with certainty sell their gold to the Treasury at $35
an ounce when it arrived later on in this country. For a few days
purchases by these banks wTere curtailed to such an extent that the price of
gold in London fell to a substantial discount from its American "parity."
This abnormal behavior of the market was a factor in starting widespread discussion of the outlook for gold. Gold dishoarding rose in
volume and floating money began to gravitate to the United States, carrying gold with it.
The character of the capital movement in the spring of 1937 was in
17
FEDERAL RESERVE SYSTEM
striking contrast to that of the half year that had followed the Tripartite Declaration and the readjustment of gold-bloc currencies. Foreign buying of American securities turned, as the stock market declined,
to selling on balance in April. Argentine deposits of funds for redemption of dollar bonds ceased at the beginning of May. The extraordinary
flow of capital to this country from the end of March through the first
week of July, amounting to $680,000,000, was, to the extent of $580,000,000, in the form of foreign short-term funds transferred for purposes other
than redemption of securities—i.e., largely floating money. Another
$45,000,000 represented the return of American short-term funds from
abroad. These are thefiguresreported by banks and brokers only; they
do not cover the entire movement of funds between the United States and
foreign countries. That the total inflow may have been even larger is
suggested by the fact that during this period, in which merchandise trade
and service items showed net payments to be made abroad by the United
States, $775,000,000 of gold, an amount larger than the reported capital
inflow, was received from foreign countries.
Early in July, with the passing of the spring gold scare, the movement
of private balances to the United States largely ceased. Certain foreign
central banks, however, which had participated in the spring movement
continued throughout the summer to acquire dollar balances in prefer-
MILLIONS
2400
FOREIGN CENTRAL BANK AND PRIVATE BALANCES
IN THE UNITED STATES
MILLIONS OF DOLLARS
OF DOLLARS
1937
2200
2400
2200
TOTAL
2000
2000
1800
1800
1600
V
PRIVATE
BALANCES
1600
1400
1400
1200
1200
400
CENTRAL
BANK BALANCES
400
200
200
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
Weekly figures of short-term liabilities to foreigners reported by banks in the United
States, adjusted to exclude the approximate amount of deposits earmarked for redemption
of foreign dollar bonds. Central bank balances are those reported by the Federal Reserve
banks. Balances reported by other banks and bankers are designated "private" although
they are known to include some central bank and other official balances.
18
ANNUAL REPORT OF BOARD OF GOVERNORS
ence to gold. The action of these banks was the leading factor in sustaining the gold flow to the United States, on a diminished scale, until
October. The chart shows the movement during 1937 of central bank
balances held with the Federal Reserve banks and of other foreign balances with commercial banks in the United States.
Autumn Outflow.—By September the decline in American stock prices,
which had been interrupted earlier in the summer, had become acute and
a recession in business had set in. As the American business outlook
became less favorable, the foreign viewpoint on the dollar shifted. Private balances began to be withdrawn in the middle of September and
when in October central banks also started to reduce their balances the
United States lost gold.
The heavy withdrawal of balances continued throughout the final
quarter of the year. Security transactions, notwithstanding the drastic
character of the stock market decline, played little part in the capital
movement. For five weeks beginning with the middle of September there
were moderate net sales of American securities by foreigners; thereafter
the balance of operations was on the buying side. The flow of funds on
account of transactions in foreign securities was also moderately inward.
The large exodus of capital that developed was almost wholly in the
form of balances. It marked the reversal of the spring movement. The
floating money that had been transferred to this country in the spring
when there seemed to be a possibility that the dollar price of gold would
be reduced went out again in nearly the same amount in the final quarter
of the year when the opposite possibility—namely, that the price of gold
might be raised to combat the recession—began to be discussed abroad.
Not only was the total outflow of balances in the autumn nearly as
great as the inflow in the spring but it was divided in about the same
way between central banks and private interests and to a considerable
degree it returned to the same countries from which it had come. Factors
other than the reversal in foreigners' appraisal of the American gold
outlook contributed to the altered flow of capital. In particular the
French situation, which had been extremely difficult in the spring, was
easier in the autumn and a relatively large amount of French capital was
repatriated in October and November. It is also probable that some of
the funds accumulated in the spring by the British and others were for
the purpose of autumn purchases of merchandise. Undoubtedly the chief
factor in the autumn withdrawals, however, was the shift in the foreign
speculative attitude on the dollar price of gold as a result of the altered
business situation.
While the outflow of balances in the last three months of the year was
comparable in magnitude with the inflow in the spring, the total capital
outflow was less since foreigners continued to be buyers on balance of
securities in the American market. The gold outflow in turn wTas much
less than the net withdrawals of capital, for during the autumn the ex
19
FEDERAL RESERVE SYSTEM
cess of merchandise exports, for which foreigners had to pay the United
States, rose to a substantial volume. Nevertheless from October 6 to
the end of the year this country lost a considerable amount of gold.
Reserve Situation Abroad.—While the United States was losing gold
several foreign countries were gaining it. Holdings of foreign stabilization funds during the final quarter of 1937 are not published, but the
reported gold reserves of central banks in France, the Netherlands, and
Switzerland increased.
The return of capital to France proved to be temporary. At the turn
of the year a new French crisis was in process of developing. In the
Netherlands and Switzerland, however, the additions in the autumn to
their central bank reserves represented the continuation of a process
that had been going on irregularly since readjustment of their currencies
in September 1936. As a result of the growth in their reserves, which in
Switzerland took also the form of substantial acquisitions of foreign
exchange, these two countries now have potentialities for extensive credit
expansion that are in some respects similar to those in the United States.
The table shows the growth of reserves in these and several other countries that have made considerable acquisitions in recent years. The
effect of these additional reserves upon the market's holdings of currency
and balances with the central banks is also shown.
This group of countries comprises the greater part of the current international gold market outside the United States and France. It is apRESERVES, NOTES, AND DEPOSITS AT SELECTED CENTRAL
BANKS
[In millions of national currency]
Reserves
Central bank in—
Gold
Notes and deposits
Foreign
exchange
Notes
Deposits
Swiss francs
Switzerland:
December 31, 1929
December 31, 1937
595
2,679
353
513
Netherlands:
December 30,1929
December 27,1937
447
1,366
220
5
Belgium:
December 26, 1929
December 29, 1937
1,175
3,525
578
Sweden:
December 31, 1929
December 31, 1937
245
539
266
1,045
England:
December 25,1929
December 29, 1937
146
326
999
1,531
200
1,716
851
868
19
656
2,685
4,308
190
685
569
980
272
751
Guilders
Belgas
Kronor
Pounds sterling
380
505
71
121
Note on deposits—Only one of the five banks shows deposits by commercial banks separately. The above
figures represent the following categories of deposits—Switzerland: all deposits; Netherlands and Belgium:
deposits other than those of government; Sweden: deposits other t h a n foreign;England: bank deposits only.
20
ANNUAL REPORT OF BOARD OF GOVERNORS
parent that, as central bank reserves have grown in these five countries,
notes and deposits have increased to a broadly corresponding degree.
The increase in notes undoubtedly represents to some extent a growth of
cash in vault of the commercial banks, and an even larger portion of
the increase in deposits at central banks represents reserve balances of
the commercial banks. It is in these deposits that the greatest relative
increase has occurred. In all the countries except England these deposits
are now many times as great as they were in 1929. Such figures of
commercial bank reserves as are available confirm this indication of
extraordinary growth. For the most part foreign commercial banks are
not subject to legal reserve requirements such as those imposed on American institutions; but in many cases their reserves now appear to be as
much in excess of customary levels as reserves of American banks are in
excess of legal requirements.
Furthermore, in none of the five countries is the full gold strength
shown. Gold reserves in England, Sweden, and the Netherlands have not
yet been revalued in accordance with the current market price for gold,
which is from 20 to 75 percent above the parity prices in those countries. There is in addition gold held by the stabilization fund or the
government in each of the countries except Sweden. In England stabilization fund gold amounted to £280,000,000 ($1,400,000,000) on September 30, 1937. The potential increase in central bank reserves, and
consequently in the reserves of the commercial banks, is, therefore, far
in excess of the figures shown in the table, aside from questions of future
gold production or redistribution of gold stocks internationally.
World gold production in 1937 is estimated to have been about $1,250,000,000. This is considerably more than double the dollar value of the
yearly output prior to revaluation of the dollar in 1934. New production
is a source of continuing enlargement in reserves of the countries that
constitute the chief market for gold. To the extent that central banks in
those countries also acquire foreign exchange, aggregate reserves are
further increased. Reserves in these and many other countries already
appear ample to support a large expansion of credit should the growth
of world business require it.
STATEMENT ON OBJECTIVES OF MONETARY POLICY
On August 2 the Board, in response to a request from a Congressional
Committee, transmitted a statement on objectives of monetary policy.
The text of this statement is published as an appendix to this report.
DEVELOPMENTS IN THE COMMERCIAL BANKING STRUCTURE
In 1937 the number of commercial banks in the United States continued to decrease, the reduction for the year amounting to 226 banks.
21
FEDERAL RESERVE SYSTEM
The number of banking offices, however, decreased by only 85, because
in 1937, as in 1936, the number of branch offices increased. The increase
during the year in branches was largely outside of the cities in which
the parent banks are located. Fifty-nine banks with deposits of $20,000,000 suspended in 1937. About 98 percent of these deposits were
in insured banks.
Banks, Branches, and Banking Offices/—At the end of 1937 there were
14,742 commercial banks (excluding mutual savings and private banks)
in operation, compared with 14,968 a year earlier, the decrease amounting to 226 or 1.5 percent. The percentage decline in number was slightly
lower for national banks than for other commercial banks. As shown
in the table, there were 5,260 national banks with 1,485 branches in
operation on December 31, 1937. Other commercial banks (excluding
mutual savings and private banks) numbered 9,482, and the number of
their branches was 1,922. Branches at the end of the year totaled 3,407,
compared with 3,266 on December 31, 1936. The net increase in number
of branches was 87 for national banks and 54 for other commercial
banks. The increase in number of branches reflected the establishment
de novo of 95 branches and the conversion of 90 banks into branches,
partly offset by the discontinuance of 41 branches. Most of the additional branches established during the year were located outside the
head office cities of their parent banks, while many of the discontinued
branches were located in the head office cities. Many of the additional
branches established were located in Pacific Coast States. Changes in
the number of banks, branches, and banking offices by classes of banks
are shown in the following table:
CHANGES DURING 1937 I N THE NUMBER OF B A N K S , BRANCHES, AND B A N K I N G OFFICES,
BY CLASS OF B A N K 1
Increase (+) or decrease (—)
in 1937'
Dec. 31, 1937'
Class of bank
Branches2
Banking
offices
5,260
1,081
1,485
994
6,745
2,075
+30
6,341
2,479
8,820
-35
7,449
952
891
37
8,340
989
14,742
3,407
18,149
Banks
National
State member
Total member
Monmember:
Insured
Uninsured
Total
Banks
Branches
Banking
offices
+87
+13
+100
+22
+43
-139
-52
+43
—96
-226
+141
-65
+65
o
-85
r
As revised incident to the preparation of the statistical Appendix.
Exclusive
of mutual savings and private banks.
2
Includes 38 insured and 2 uninsured branches of Morris plan and industrial banks. Such branches
heretofore have not been included in statistics of branches published by the Board.
Changes in Membership.—The number of Federal Reserve member
banks decreased by 35 during 1937 to 6,341 at the end of the year. The
number of national banks was reduced by 65, while the number of State
22
A N N U A L REPORT OF BOARD OF GOVERNORS
member banks increased by 30. Of the 6,341 members of the Federal
Reserve System on December 31, 1937, 5,260 were national banks and
1,081 were State banks. Decreases in the number of member banks
during 1937 are accounted for principally by consolidations, mergers and
absorptions, and increases by admissions of State banks to Federal
Reserve membership. The following table analyzes the increases and
decreases in Federal Reserve membership during 1937:
ANALYSIS OF CHANGES IN THE NUMBER OF MEMBER BANKS DURING
Number of active member banks at beginning of year
Increases:
Primary organizations
Reopenings of suspended banks
Conversions (including successions):
National banks from nonmember banks
National banks from State member banks
State member banks from national banks
Admissions of existing State banks to Federal Reserve membership
Total increases
Decreases:
Suspensions
Conversions (including successions):
National banks into nonmember banks
National banks into State member banks
State member banks into national banks
Withdrawals of State banks from Federal Reserve membership
Consolidations, absorptions, liquidations, etc
Total decreases
Net change
Number of active member banks at end of year
1937
National
State
member
5,325
1,051
7
1
Total
6,376
10
1
i3
2
58
12
7
2
58
27
63
90
4
2
6
7
6
18
14
2
7
6
90
12
7
14
2
72
92
33
125
-65
+30
-35
5,260
1,081
6,341
1
Includes 1 newly organized State member bank which succeeded 2 national banks, an insured nonmember bank, and a noninsured private bank.
Additional information regarding the nature of the changes in State
bank membership during the year 1937 is given in the following tabulation :
A i
• •
P «j ,
i
i
i
i •
Deposits as of
Admissions of State banks to membership:
Dec. 31,1937
54 insured State banks
$120,345,400
4 noninsured State banks
1,343,000
1 newly organized bank—to succeed two national banks, an insured
nonmember bank, and a noninsured private bank
4,111,000
1 newly organized bank—to succeed a national bank and two suspended State member banks
6,152,800
1 newly organized bank—to succeed a national bank
64,999,700
2 newly organized banks—primary organizations
1,166,300
Decreases in State bank membership:
2 suspensions
7 conversions into national banks
10 absorptions by, or consolidations with, national banks
4 absorptions by, or consolidations with, other State member banks
3 voluntary liquidations
6 voluntary withdrawals—banks continuing as insured nonmember
banks'
1 absorption by an insured nonmember bank
Deposits*
$1,708,500
67,643,900
13,700,100
4,190,400
429,700
3,111,400
37,634,100
* Deposit figures for suspended banks are as of date of suspension; in all other cases they are
as of date of last call report submitted as a State member bank.
FEDERAL RESERVE SYSTEM
23
On June 30, 1937, member banks constituted 42 percent of the number
and held 83 percent of the loans and investments of all banks in the
United States, other than mutual savings banks. These ratios are substantially the same as those of December 31, 1936.
Suspensions.—During 1937 there were 59 bank suspensions in the
United States. Of the suspended banks 4 were national banks, 2 State
member banks, 47 insured nonmember banks, and 6 uninsured nonmember
banks. Total deposits involved in bank suspensions during the year
amounted to $19,723,000, of which $7,379,000 was held by national
banks, $1,708,000 by State member banks, $10,156,000 by insured nonmember banks, and $480,000 by uninsured nonmember banks. About 95
percent of the deposits of the insured banks and 99.8 percent of the depositors were fully protected by insurance, security preferment, or offsetting debts.
Reconstruction Finance Corporation Investment in Banks.—At the end
of 1937 the Reconstruction Finance Corporation's investment in and
loans on the preferred stock and capital notes or debentures of banks
amounted to $566,000,000. This investment was $98,000,000 smaller
than at the close of 1936, when the amount reported was $664,000,000.
Outstanding loans by the Corporation to banks and to the receivers of
closed banks showed a further substantial reduction and at the end of
the year amounted to about $150,000,000, compared with $200,000,000
on December 31, 1936.
Publication of Statistics Relating to Banking Structure.—In 1937 and
the early months of 1938 the Board published in the FEDERAL RESERVE BULLETIN a number of articles and detailed statistical analyses dealing with various aspects of the banking structure. The August 1937 issue of the BULLETIN included tabulations showing the
distribution of commercial banks in the United States as of December
31, 1935, by States and geographic divisions classified according to
amounts of loans and investments, amounts of deposits, ratios of demand to total deposits, ratios of total capital account to total deposits,
and according to population of town or city in which located. The tabulations also included special analyses of banks not on the Federal Reserve par list and of banks with capital stock less than the applicable
minimum statutory requirements for Federal Reserve membership or for
the establishment of national banks. The September 1937 issue of the
BULLETIN contained tabulations analyzing in detail the number, deposits, and loans and investments of suspended banks by geographic
divisions, States, months, years, size and class of bank, and size of town,
for the period from 1921 through 1936. A textual analysis of these
suspension statistics together with tabulations of significant ratios appeared in the December issue of the BULLETIN. The November 1937
issue of the BULLETIN included a tabular analysis of changes in the
number of national and State banks during 1921-1936, by years, and by
24
ANNUAL REPORT OF BOARD OF GOVERNORS
States. This analysis covered the factors of increase such as primary
organizations, reopenings, etc., and the factors of decrease such as suspensions, conversions, consolidations, mergers, etc. An article on group
banking in the United States as of December 31, 1936, and another on
trends in bank earnings appeared in the February 1938 issue of the
BULLETIN. The study of bank earnings was based primarily on national
bank reports.
EARNINGS AND EXPENSES OF FEDERAL RESERVE
BANKS
Total current earnings of the Federal Reserve banks in 1937 amounted
to $41,200,000, or $3,300,000 more than in 1936. The increase in total
current earnings reflected principally an increase of $3,800,000 in earnings on United States Government securities, which amounted to $39,000,000. Net earnings of the Federal Reserve banks, available for dividends and transfers to surplus, were $10,800,000 in 1937, an increase of
$2,300,000 from 1936. Combined earnings, expenses, net earnings, and
distribution of net earnings of the Federal Reserve banks for 1937 as
compared with 1936 are shown in the following table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1937 AND 1936
[In thousands of dollars]
1937
1936
Total current earnings
41,233
37,901
Current expenses:
Net operating expenses
Assessments for Board's expenses
Cost of Federal Reserve currency
25,295
1,748
1,758
26,016
1,680
2,178
28,801
29,874
12,432
8,027
3,359
4,990
9,487
9,001
Total
Current net earnings.
Additions to current net earnings
Deductions from current net earnings....
Net deductions..
Net earnings
Payment to United States Treasury (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)
1
1,631
H86
10,801
8,513
177
7,941
67
2,616
227
7,830
103
353
Net additions.
Net operating expenses in 1937, amounting to $25,295,000, were $721,000 less than in 1936. Total current expenses, including assessments for
expenses of the Board of Governors and the cost of Federal Reserve
currency, amounted to $28,801,000 in 1937, a decline of $1,073,000 for
the year. The principal items of operating expenses are shown in the
following table:
25
FEDERAL RESERVE SYSTEM
NET OPERATING EXPENSES OF FEDERAL RESERVE BANKS DURING 1937 AND 1936
[In thousands of dollars]
1937
Operating expenses:
Salaries and contributions to the Retirement System
Postage and expressage
Taxes on bank premises
Depreciation on bank buildings
Printing, stationery, and supplies
Telephone and telegraph
All other
1936
19,412
3,288
1,392
1,298
770
536
2,547
20,866
3,941
1,369
Total
Less reimbursements for certain fiscal agency and other expenses.
29,243
3,948
31,993
5,977
Net operating expenses
25,295
26,016
1,207
854
654
3,102
The decline in 1937 in reimbursements for certain fiscal agency and other
expenses, which is also reflected in the decreased totals for salaries, postage and expressage, etc., is attributable primarily to the fact that in 1936
the Federal Reserve banks incurred unusual expenses as fiscal agents of
the United States in connection with the distribution and redemption of
Adjusted Service bonds.
As shown in the first table presented above, current net earnings
amounted to $12,432,000 in 1937, an increase of $4,405,000 over 1936,
which increase was the result principally of an increase in earnings of
$3,332,000, a decrease in net operating expenses of $721,000, and a decrease in the cost of Federal Reserve currency of $420,000. Additions to
current net earnings in 1937 were $3,359,000, including $2,413,000 profits
on sales of United States Government securities. Deductions from current net earnings in 1937 were $4,990,000, including $2,520,000 for prior
service contributions to the Retirement System, which will be completed
under the present schedule by the end of 1939, $1,424,000 for the final
assessment for the building for the Board of Governors, and $517,000 for
losses and reserves for estimated losses.
Net earnings amounted to $10,801,000 in 1937, as compared with
$8,513,000 in 1936. All Federal Reserve banks paid dividends to member
banks at the legal rate of six percent per annum on their paid-in capital
stock. Dividend payments totaled $7,941,000 in 1937, compared with
$7,830,000 in 1936. Payments to the United States Treasury under the
provisions of section 13b of the Federal Reserve Act relating to industrial
advances amounted to $177,000 in 1937 and $227,000 in 1936. The
remainder of the net earnings of the Federal Reserve banks, transferred
to surplus accounts, amounted to $2,683,000 in 1937 and $456,000 in 1936.
Gross and net earnings during the year 1937 and the distribution of
net earnings of each Federal Reserve bank are shown in the following
table:
26
ANNUAL REPORT OF BOARD OF GOVERNORS
FINANCIAL RESULTS OF OPERATIONS OF T H E FEDERAL RESERVE B A N K S D U R I N G
Federal
Reserve
bank
Gross
earnings
Net
earnings
Payment
to U. S.
Treasury
(sec. 13b)
Dividends
paid
Transferred
to surplus
(sec. 13b)
""mm
1937
Transferred
to surplus
(sec. 7)
$3,016,702
11,548,506
3,559,094
3,986,619
$643,086
3,544,366
1,009,141
1,081,061
$6,648
4,997
83,968
13,476
$562,652
3,070,594
734,768
773,118
Richmond
Atlanta
Chicago .
St. Louis
2,249,985
1,791,397
4,575,583
1,802,734
372,033
246,763
1,687,606
362,957
28,354
4,152
291,235
260,851
763,115
229,420
-13,420
-24,263
12,767
94,218
10,175
883,370
129,385
Minneapolis
Kansas City
Dallas
San Francisco
1,350,359
2,134,358
1,623,493
3,594,305
291,408
331,645
305,548
925,633
174,057
241,360
231,988
607,808
-1,751
9,994
25,036
119,102
80,291
40,836
317,825
41,233,135
10,801,247
176,625
7,940,966
67,304
Boston
New York
Philadelphia
Cleveland .
Total
7,688
$73,786
468,775
104 122
294,467
2,616,352
Total earnings on bills and securities were $3,443,000 more in 1937
than in 1936. This was due to an increase of $72,857,000 in daily average
holdings of bills and securities and to an increase from 1.49 percent to
1.59 percent in the average rate of earnings. Average daily holdings of
bills and securities, together with average rates and amounts of earnings
thereon during the last four years are shown in the following table:
EARNINGS ON BILLS AND SECURITIES
[Amounts in thousands of dollars]
Total
Daily average holdings:
1934
1935
1936
1937 .
Earnings:
1934
1935
.
1936
1937
Average rate of earnings (percent):
1934
1935
1936
.
1937
2 2,495,497
2,469,542
2,469,688
2,542,545
. . .
Bills
discounted
r
Bills
United States
bought in
Government
open market securities x
Industrial
advances
36,401
7,306
6,135
13,749
24,742
4,922
3.725
3,390
2,431,673
2,430,864
2,430,657
2,503,865
2,143
26,450
29,171
21,541
* 47,638
41,473
36,909
40,352
rl,240
156
108
212
141
36
30
24
46,131
39,797
35,184
39,025
121
1,484
1,587
1,091
1.91
1.68
1.49
1.59
3.41
2.14
1.76
1.54
.57
.73
.81
.71
1.90
1.64
1.45
1.56
5.65
5.61
5.44
5.06
r
1
Revised.
Figures for 1935 and 1936 include $43,000 and $122,000, respectively, of securities guaranteed as to both
principal and interest by the United States.
2
Total includes $528,000 of municipal warrants and $10,000 of Federal Intermediate Credit Bank debentures.
NUMBER OF EMPLOYEES AND VOLUME OF WORK OF THE FEDERAL
RESERVE BANKS
The average number of officers and employees of the Federal Reserve
banks during 1937 was 10,459, compared with 11,297 in 1936. The
average number of such officers and employees engaged in fiscal agency,
27
FEDERAL RESERVE SYSTEM
custodianship, and depositary work for the Departments and Agencies
of the United States Government during 1937 was 2,202, or 620 less than
in the preceding year.
The volume of work handled in the various departments of the Reserve
banks for which a measurement is available was as follows for the last
four years:
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1935
1934
1936
1937
NUMBER OF PIECES HANDLED 1
Bills discounted:
Applications
Notes discounted
Advances made
Industrial advances:
Advances made
Commitments to make industrial
advances
Bills purchased in open market for own
account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
U . S . Government coupons paid 2 ..
All other
Issues,redemptions, and exchanges b y
fiscal agency department:
U. S. Government direct obligations
Allother
Transfers of funds
15,176
29,815
12,313
5,084
8,164
4,538
3,293
4,357
3,145
7,453
6,702
6,869
247
463
973
678
227
552
286
141
7,400
2,067,835,000
2,565,164,000
818,847,000
1,932
2,148,485,000
2,590,859,000
885,190,000
1,388
2,232,980,000
2,665,190,000
1,009,264,000
1,581
2,257,891,000
2,730,387,000
1,044,553,000
21,555,000
7,436,000
22,633,000
7,119,000
18,806,000
6,968,000
18,566,000
6,705,000
5,281,000
(3)
1,125,000
6,838,000
3,742,000
982,000
27,919,000
1,538,000
951.00G
3,892,000
661,000
980,000
$45,781,000
668,580,000
$9,622,000
219,924,000
$6,886,000
160,714,000
$16,187,000
516,852,000
4,932,000
AMOUNTS HANDLED
Bills discounted:
Notes discounted
Advances made
Industrial advances:
Advances made
Commitments to make industrial
advances
Bills purchased in open market for own
account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
U. S. Government coupons p a i d 2 . .
All other
...
Issues, redemptions, and exchanges b y
fiscal agency department:
U. S. Government direct obligations
All other
Transfers of funds
14,884,000
28,479,000
8,519,000
11,443,000
29,223,000
12,583,000
6,978,000
75,903,000
9,932,601,000
298,297,000
179,544,488,000
31,446,000
9,837,681,000
275,608,000
202,989,742,000
25,207,000
10,059,637,000
276,323,000
234,417,787,000
25,252,000
10,199,558,000
287,708,000
255,453,609,000
699,325,000
6,742,974,000
751,916,000
7,948,641,000
798,925,000
7,089,008,000
865,465,000
6,159,828,000
29,941,049,000
(3)
73,077,156,000
30,755,611,000
3,346,189,000
80,483,190,000
25,196,825,000
2,223,136,000
87,001,630,000
19,304,020,000
1,691,863,000
94,596,861,000
1
Two or more checks, coupons, etc., handled as a single item, are counted as one "piece."
Includes coupons from obligations guaranteed by the United States.
3 Figures not available.
2
CHANGES IN TERRITORY ASSIGNED TO BRANCHES
Effective January 18, 1937, the towns of Klamath Falls, Lakeview,
and Merrill in the State of Oregon were transferred from the head office
territory of the Federal Reserve Bank of San Francisco to the Portland
Branch, and the territory previously assigned to the Spokane Branch,
with the exception of the city of Spokane, consisting of 18 counties in
28
ANNUAL REPORT OF BOARD OF GOVERNORS
the eastern part of the State of Washington and 10 counties in northern
Idaho, were transferred to the Seattle Branch of the Federal Reserve
Bank of San Francisco.
INDUSTRIAL ADVANCES UNDER SEC. 13b OF THE FEDERAL RESERVE ACT
On June 19, 1934, Congress enacted legislation authorizing the Federal
Reserve banks to cooperate with banks and other financing institutions
in making loans with maturities not exceeding 5 years to established industrial and commercial enterprises for working capital purposes. The
Federal Reserve banks were also authorized in exceptional circumstances, and when credit is not available from the usual sources, to make
such loans direct to established industrial or commercial businesses, provided the loans are made on a reasonable and sound basis.
Funds available for advances and commitments by the Federal Reserve banks are limited by law to the total surplus of the banks as of
July 1, 1934, approximately $140,000,000, plus certain payments authorized to be made by the United States Treasury, or a total of about
$280,000,000.
The loans that have been made either by the Federal Reserve banks
direct, or by banks and financing institutions under commitments from
the Federal Reserve banks, vary in size from $250 up to amounts of
several million dollars. The maturities range from a few months to 5
years. Loans have been made to a wide variety of enterprises.
For the period from June 19, 1934, to December 29, 1937, the Federal
Reserve banks received 8,677 applications amounting to $363,292,000.
Of this amount 2,406 applications were approved amounting to $150,987,000. These figures by years are as follows:
Applications received
Applications approved
Year
Amount in thousands
of dollars
Number
1934
1935
1936
1937
Total
Amount in thousands
of dollars
Number
5,108
2,507
764
298
190,798
115,910
35,991
20,593
1,020
973
287
126
52,257
72,236
15,336
11,158
8,677
363,292
2,406
150,987
On Wednesday, December 29, 1937, the Federal Reserve banks held
$20,200,000 of industrial loans and had outstanding commitments to
make such loans amounting to $12,780,000.
BUILDING OPERATIONS OF THE FEDERAL RESERVE BANKS
During 1937 a site for a new building for the Helena Branch of the
Federal Reserve Bank of Minneapolis was purchased, and at the end of
the year a new building for the branch was under construction. All
Federal Reserve banks and their branches are now housed in buildings
29
FEDERAL RESERVE SYSTEM
owned by the banks except the Cincinnati, Charlotte, Portland, Seattle,
and Spokane branches.
NEW FEDERAL RESERVE BUILDING IN WASHINGTON
On August 9 the Board of Governors of the Federal Reserve System
moved into its new building which had been under construction since
early in 1936. A brief description of the building was published in the
FEDERAL RESERVE BULLETIN for September. At the official opening of the
building on October 20, 1937, the President of the United States made
a dedicatory address, which is published as an appendix to this report.
FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM
At the end of 1937 there were 12,126 banks on the Federal Reserve
par list, which comprises all of the 6,341 member banks and 5,784 nonmember banks. Banks on the par list pay, without deduction of exchange charges, such checks drawn upon them as are presented or forwarded for payment by the Federal Reserve banks.
INTERDISTRICT COLLECTION SYSTEM
Member banks
On par list
Federal Reserve district
United States
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Alinneapolis
Kansas City
Dallas ..
San Francisco
1
...
...
Nonmember banks, other than mutual
savings banks 1
Dec. 31,
1937
Dec. 31,
1936
6,341
357
776
655
622
Not on par list
Dec. 31,
1937
Dec. 31,
1936
Dec. 31,
1937
Dec. 31,
1936
6,376
5,784
6,019
2,743
2,732
360
789
658
627
169
275
263
624
171
288
261
637
2
2
405
324
769
392
404
330
741
388
320
94
1,568
762
324
94
1,622
815
310
683
220
436
321
672
228
414
469
733
547
292
481
726
550
322
171
985
288
265
184
1,027
305
291
722
177
161
32
724
174
164
33
Includes private banks reported as either on the par list or not on the par list.
During the year the number of nonmember banks on the par list decreased by 235, principally as a result of a reduction in the number of
banks in operation. There was a net increase of 11 in the total number
of nonmember banks not on the par list. In the Atlanta and St. Louis
Federal Reserve districts there were net increases during the year of 11
and 22, respectively, in the number of non-par banks. These increases
resulted from withdrawals of State banks from the par list or conversions
of national banks into nonmember non-par banks. In the Minneapolis
District there were a number of withdrawals of State banks from the par
30
ANNUAL REPORT OF BOARD OF GOVERNORS
list and conversions of national banks into nonmember non-par banks,
but these increases were more than offset by decreases in the number of
non-par banks through suspensions, mergers, and liquidations of non-par
banks. There were also net decreases during the year in the number of
non-par banks in the Richmond, Chicago, and other districts, principally
as a result of mergers and liquidations of non-par banks.
Of the 2,743 banks not on the par list at the end of 1937, 1,442 were
located in 11 Southern States and 1,177 in the West North Central States
and the adjoining State of Wisconsin. As will be seen from the table, all
of the banks in the Boston, New York, and Philadelphia districts and all
but 2 banks in the Cleveland District were on the Federal Reserve par list.
AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVE SYSTEM
Collateral Security for Federal Reserve Notes.—By act of Congress
approved March 1, 1937, which amended the second paragraph of section
16 of the Federal Reserve Act, the period during which the Board of
Governors of the Federal Reserve System may authorize direct obligations of the United States to be used as collateral security for Federal
Reserve notes, which would have expired on March 3, 1937, was extended
until June 30, 1939.
Crimes against Member Banks.—By act of Congress approved August
24, 1937, the statute which penalizes robbery of a member bank of the
Federal Reserve System or a bank organized or operating under the laws
of the United States or a bank insured by the Federal Deposit Insurance
Corporation was extended so as to include also larceny and burglary of
such banks.
CHANGES IN REGULATIONS OF THE BOARD OF GOVERNORS
Important amendments and revisions made in the regulations of the
Board of Governors during the year 1937 are summarized in the following paragraphs:
Discounts for and Advances to Member Banks.—Regulation A, relating to discounts for and advances to member banks by Federal Reserve
banks, was revised effective October 1, 1937, in order to bring the regulation on this subject into conformity with various amendments to the law
enacted in recent years. One of these amendments, which was contained
in the Banking Act of 1935, authorizes any Federal Reserve bank, under
regulations prescribed by the Board of Governors and certain specified
conditions, to make advances to a member bank on notes secured to the
satisfaction of the Reserve bank. The revised regulation provides that,
when in the judgment of the Federal Reserve bank circumstances make
it advisable to do so, the bank may accept as security for such advances
any assets satisfactory to it, but lists specifically certain preferred classes
of assets which cover the principal fields of financing. In addition, in
FEDERAL RESERVE SYSTEM
31
order to encourage member banks to have their real estate loans and
installment paper in a form that would make them acceptable as a basis
for advances at the Federal Reserve banks, the Board in an appendix
to the regulation recommended certain minimum standards for observance in making such loans. The revised regulation also eliminated a
provision of the old regulation under which certain paper the proceeds
of which were advanced or loaned to other borrowers was made ineligible
for discount at Federal Reserve banks. The elimination of this provision
rendered eligible for discount a large amount of paper of commission
merchants and finance companies, including paper drawn to finance
installment sales of a commercial character.
Increase in Reserves of Member Banks.—By action effective August
16, 1936, the Board had increased by 50 percent the reserve requirements against demand and time deposits of member banks, and early in
1937 the Board issued a new supplement to its Regulation D under which
reserve requirements applicable to demand and time deposits of member
banks were increased by 33-1/3 percent of the requirements established
August 16, 1936. One-half of this latter increase became effective on
March 1, 1937, and the other half on May 1, 1937. The result of these
actions was to increase the reserve requirements to the full extent authorized by law, namely, to 100 percent above the percentages set forth in
section 19 of the Federal Reserve Act.
Trust Powers of National Banks.—Effective December 31, 1937, the
Board adopted several amendments to its Regulation F relating to the
exercise of trust powers by national banks. One of these amendments
provides for the collective investment of trust funds by national banks
under certain conditions in States where this is permitted by State law.
The amendment (a) permits a national bank, subject to certain regulatory provisions, to invest funds of various individual trusts in participations in a common trust fund, provided that the amount so invested from
any one trust may not exceed $25,000, or 10 percent of the value of the
assets of such common trust fund, whichever amount is less; and (b)
permits a national bank, with a minimum of specific regulatory requirements, to make collective investment of funds of individual trusts in
participations in a common trust fund, provided the amount invested
from any one such trust account does not exceed $1,200. Prior to the
amendment the regulation had permitted national banks to make collective investment of funds of individual trusts only if such funds were too
small to be invested separately to advantage. Other provisions of the
regulation with respect to trust department committees of national banks
were also amended in certain minor particulars.
Corporations Engaged in Foreign Banking Business.—The Board's
Regulation K, relating to banking corporations authorized to do foreign
banking business under section 25 (a) of the Federal Reserve Act, required
that against all deposits received in the United States by such a corpora
32
ANNUAL REPORT OF BOARD OF GOVERNORS
tion a reserve of not less than 13 percent must be maintained. Effective
September 1, 1937, this provision was amended so as to require such a
corporation to maintain the same reserves against deposits received in
the United States as are required of member banks in central reserve
cities, with a proviso that such reserves should at no time be less than
10 percent of such deposits. This 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.
Suspension of Operations of Foreign Branches.—Effective August 14,
1937, the Board issued 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 regulation provides that
when such a bank or corporation has established a branch or agency in
any place in a foreign country and there exists in such place a disturbed condition which endangers the lives of the employees or property of such branch or agency or renders it impracticable for it to continue to function, it may under certain conditions suspend operations
until the reason for such suspension has ceased to exist.
Payment of Interest on Deposits.—A revision of Regulation Q, relating to the payment of interest on deposits by member banks, which had
been adopted by the Board to become effective January 1, 1936, contained in subsection (f) of section 1 a definition of the term interest as
used in the regulation. In view of the fact that the regulation issued by
the Federal Deposit Insurance Corporation regarding the payment of
interest on deposits by insured nonmember banks contained a definition
of interest which differed from that prescribed in Regulation Q, the Board
deferred the effective date of its definition of interest. However, on
December 21, 1936, the Board announced that it had taken action making its definition of the term interest effective on February 1, 1937. Subsequently, on January 30, 1937, the Board postponed the effective date
of the provision from February 1 to May 1, 1937. Effective February
11, 1937, the Board amended its Regulation Q by striking out subsection
(f) of section 1 containing the definition of the term interest and by
inserting in section 2 the following sentence: "Within this regulation, any
payment to or for the account of any depositor as compensation for the
use of funds constituting a deposit shall be considered interest." Effective on the same date, like amendments to the regulation regarding the
payment of interest on deposits by insured nonmember banks were
adopted by the Federal Deposit Insurance Corporation, thus bringing
the two regulations into uniformity on this subject. The definition of
the term interest in Regulation Q had specified that such term should
include the payment or absorption of exchange or collection charges
FEDERAL RESERVE SYSTEM
33
which involved out-of-pocket expenses, and the amendment removed
this finding or specification from the regulation. Under the amended
regulations of both the Board and the Federal Deposit Insurance Corporation, the question of what in a particular case is a payment of interest upon a deposit or a device to evade the prohibition against the
payment of interest on demand deposits is a matter of administrative
determination under the general law in the light of experience and as
specific cases may develop. The actions of the Board referred to above
and the considerations leading up to them are more fully described in
the Board's Annual Report for 1936.
Extension of Credit by Brokers, Dealers, and Members of Securities
Exchanges.—On several occasions during 1937 the Board amended its
Regulation T, relating to extension and maintenance of credit by brokers,
dealers, and members of national securities exchanges. Effective April
23, 1937, the Board amended the regulation so as to extend from July 1,
1937, until January 1, 1938, the period within which brokers and dealers
subject to the regulation might hold unregistered securities as additional
collateral in certain circumstances, such collateral being held merely for
the brokers' or dealers' own protection and without being given any loan
value or serving as a basis for any additional credit.
Effective November 1, 1937," the Board adopted an amendment to
Regulation T and revised the supplement thereto so as to reduce margin
requirements on advances by brokers to their customers from 55 percent
to 40 percent of current market value of the securities held as collateral
and to require a margin against short sales of 50 percent of current
market value of the securities sold short. In the case of loans to other
members, brokers, and dealers for the purpose of financing customers'
commitments (commonly called omnibus accounts or omnibus loans) the
margin requirement was reduced from 40 percent to 25 percent and on
short sales in these omnibus accounts the margin requirement was placed
at 35 percent.
Early in December 1937, the Board announced a general revision of
Regulation T, effective January 1, 1938, with a view to clarifying and
simplifying the regulation. The revised regulation liberalized requirements affecting so-called restricted accounts by providing that in the
case of sale of registered securities in such accounts, customers may
withdraw, under specified conditions, 40 percent of the proceeds of such
sales. It further liberalized requirements affecting such accounts by providing that a customer may make a deposit which may be placed in a
"special miscellaneous account" instead of being absorbed into the socalled restricted account. The revision also incorporated rules prescribing margin requirements for dealings in securities on a "when
issued" basis. These requirements agree substantially with those adopted
by the principal national securities exchanges in conformity with certain
34
ANNUAL REPORT OF BOARD OF GOVERNORS
rules of the Securities and Exchange Commission. The revision required
separation of a customer's transactions in commodity futures from the
customer's margin account in securities and, by an amendment to the
old regulation effective December 6, 1937, provision was made permitting brokers to effect this separation prior to the effective date of the
revised regulation if they so desired. The revision of the regulation also
clarified provisions relating to transactions in special cash accounts by
providing that the 7-day period within which the broker must obtain
settlement from the customer for a purchase of securities shall date in
the typical case from the time of the purchase.
Subsequently on December 28,1937, in order to facilitate the transition
from the old regulation to the revised regulation, the Board prescribed
additional time within which members of national securities exchanges
might obtain certain customers' statements required in connection with
special omnibus accounts under the revised regulation.
Loans by Banks for the Purpose of Purchasing or Carrying Stocks
Registered on a National Securities Exchange.—Regulation U, which relates to loans by banks for the purpose of purchasing or carrying stocks
registered on a national securities exchange was amended by the Board,
effective September 1, 1937. The effect of this amendment was to eliminate the distinction between loans made on and after May 1, 1936, and
loans made prior to that date, so that, on and after September 1, 1937,
withdrawals and substitutions of collateral for loans made before May 1,
1936, became subject to the provisions of the regulation to the same
extent as if the loans had been made after the latter date.
Effective November 1, 1937, the Board revised its supplement to
Regulation U so as to reduce the margin required in connection with
loans by banks on stocks for the purpose of purchasing or carrying
registered stocks from 55 percent to 40 percent of current market value
of the securities held as collateral, and so as to reduce the margin
requirements from 40 percent to 25 percent in the case of loans by banks
to brokers and dealers in securities for the purpose of financing customers' commitments.
REMOVAL OF BANK OFFICERS AND DIRECTORS
Pursuant to the provisions of section 30 of the Banking Act of 1933,
the Board of Governors during the year 1937 in each of two cases which
came before it ordered a director and officer of a member bank of the
Federal Reserve System removed from office for continued violation of
law relating to such bank or continued unsafe or unsound practices in
conducting the business of such bank after having been warned to discontinue such violations or practices. These were the only two cases
that have been presented to the Board for consideration under section
30 of the Banking Act of 1933.
FEDERAL RESERVE SYSTEM
35
CREDITS TO FOREIGN CENTRAL BANKS
Participation of the Federal Reserve banks in the First and Second
Syndicate Credits granted in 1931 to the National Bank of Hungary was
renewed on July 18, 1937, with the approval of the Board of Governors,
for a further period of three years. The share of the Federal Reserve
banks in these credits, which were combined into a single amount under
the new agreement, was reduced from $2,506,000 at the close of 1936 to
$2,282,000 at the end of 1937.
In September 1937 an advance of $1,000,000 on gold in transit was
made to the Bank for International Settlements acting in behalf of a
foreign central bank. This loan was made under an authorization
granted by the Board of Governors on September 17 to the Federal
Reserve Bank of New York, in association with other Federal Reserve
banks, to make advances up to $10,000,000 to the Bank for International Settlements on gold in transit. The advance of $1,000,000 was
liquidated on October 1, 1937. A similar transaction with the Bank for
International Settlements was described in the Annual Report for 1936.
Loans on gold outstanding at the end of 1936 in the amount of
$300,000 were paid in full at due dates in January and February 1937.
A new loan of $200,000 secured by gold, made to a foreign central bank
in March 1937 was paid at maturity the following month. No further
operations of this type occurred during the year.
BANK EXAMINATIONS
Federal Reserve Banks.—Each of the 12 Federal Reserve banks was
examined during the year by the Board's Division of Examinations.
Edge Act Corporations.—During the year the head office of the one
banking corporation now in operation organized to engage in foreign or
international banking under the provisions of section 25 (a) of the Federal Reserve Act, generally referred to as the Edge Act, was examined
by the Board's Division of Examinations and certain of its foreign
branches were examined by examiners designated by the Board for that
purpose.
State Member Banks.—State member banks are subject, under the provisions of the Federal Reserve Act, to examinations made by direction
of the Board of Governors of the Federal Reserve System or of the
Federal Reserve banks by examiners selected or approved by the Board
of Governors. The policy approved by the Board of Governors of the
Federal Reserve System for examinations pursuant to such provisions
provides that at least one regular examination of each State member
bank, including its trust department, be made during each calendar year
by examiners for the Federal Reserve banks. Most of such examinations made during the year were made in cooperation with the State
banking authorities pursuant to the policy of making joint examinations
36
ANNUAL REPORT OF BOARD OF GOVERNORS
wherever practicable in order to avoid duplication of examinations and
minimize inconvenience to the banks examined.
Bank examination is but a part of the supervisory function. The facts
and situations as developed by an examination serve as a basis upon
which constructive action may be taken both by the management of the
bank and the supervisory agencies and it has been the aim of the Board
of Governors and of the Federal Reserve banks that the examinations
of State member banks made under the direction of the Federal Reserve
banks prove helpful to the directors and executive management of the
banks examined as well as to the Federal Reserve banks and the Board
of Governors in the discharge of their responsibilities.
As an intensification of efforts along lines upon which the Federal
Reserve banks had been working, a program for strengthening banking
situations where such need might be indicated in the case of State member banks was undertaken following discussions at a meeting of the presidents of the Federal Reserve banks wTith the Board in the spring of
1937. The program was aimed at strengthening banking situations where
State member banks had not shown the anticipated improvement since
the banking crisis of 1933 and the rehabilitation program then begun,
or were faced with difficulties, due to the fact that they were in overbanked communities, or because of inefficient management, or for other
reasons. The emphasis upon the question of management contemplated
that if a bank were suffering because of management, or if its future
appeared uncertain on that account, the situation would be brought
clearly and emphatically to the attention of the directors of the bank,
who would be urged to fulfill their primary responsibility of providing
proper management and that the cooperation of the appropriate State
authorities would be sought in endeavoring to obtain the desired improvement in the management. It was suggested that if the directors
were unable or unwilling to provide adequate management in such circumstances, or if the question were not one of management, but one
of lack of basic justification for the existence of the bank, the Federal
Reserve bank and the State authorities should consider carefully whether
the interests of the depositors, the stockholders, the community itself,
and the Federal Deposit Insurance Corporation would not be served
best by the elimination of the bank as a separate unit. This might be
accomplished through absorption by some other institution or through
voluntary liquidation at a time when deposits might be paid off without
loss to the depositors or the Federal Deposit Insurance Corporation and
the stockholders might yet receive something on their stock.
In working out some situations of this kind, cooperation to the fullest
extent among the Federal Reserve banks, the State authorities, the
Comptroller of the Currency, and the Federal Deposit Insurance Corporation is involved, inasmuch as it is important in the public interest to
consider not only the one bank which may be faced with difficulties, but
FEDERAL RESERVE SYSTEM
37
the banking situation in the community as a whole. In a community
there may be, in addition to the one bank at which the program is immediately directed, national banks, other State member banks, nonmember insured banks, and uninsured nonmember banks. In some instances the cooperation of the Reconstruction Finance Corporation has
been, and in others may be, essential.
TRUST POWERS OF NATIONAL BANKS
During the year 1937, 17 national banks were granted authority by
the Board to exercise one or more trust powers under the provisions of
section 11 (k) of the Federal Reserve Act. This figure includes three
banks which previously had been granted certain trust powers and during the year were granted one or more additional powers; it also includes
one bank which previously had been authorized to exercise restricted
trust powers and during the year was granted full trust powers. In addition, the Board granted full trust powers contingent upon the conversion of an existing State bank into a national banking association, which
conversion, however, had not been effected by the end of the year. The
Board also granted three national banks restricted authority to administer one or more specific trust accounts. During the year 1937, 8 operating national banks surrendered their trust powers and 19 other national banks which had been granted trust powers went into voluntary
liquidation.
On December 31, 1937, 1,895 national banks held permits to exercise
trust powers. In addition 14 national banks had authority at that time
to exercise restricted trust powers only.
The term "restricted trust powers" as used above refers to powers
granted a bank to acquire certain trust accounts but not to acquire other
fiduciary business. Such restricted powers have been granted to enable
a newly organized, consolidated, or converted institution to acquire the
trust business held by a predecessor bank or banks, or to enable a bank
to administer certain specific trust accounts, when, in the light of all
the facts and circumstances in the particular case, such action was
deemed warranted.
Regulation F, relating to fiduciary powers of national banks, was
amended effective December 31, 1937, to permit the operation of Common Trust Funds within the limitations of the amended regulation.
Further reference to this amendment may be found on page 31.
HOLDING COMPANY AFFILIATES
During the year 1937 the Board acted upon the applications for voting
permits submitted by holding company affiliates of member banks in
accordance with the provisions of section 5144 of the Revised Statutes
and section 9 of the Federal Reserve Act, and authorized the issuance
38
ANNUAL REPORT OF BOARD OF GOVERNORS
of seven permits for general purposes, and of two permits for the limited
purposes of electing directors for the year 1938 and transacting routine
matters.
Under the authority of section 301 of the Banking Act of 1935, the
Board determined that 5 organizations were not engaged directly or indirectly as a business in holding the stock of, or managing or controlling,
banks, banking associations, savings banks or trust companies, and that,
therefore, they were not holding company affiliates except for the purposes of section 23A of the Federal Reserve Act.
FOREIGN BANKING CORPORATIONS
Three corporations organized under State laws for the purpose of engaging principally in international or foreign banking were operating in
1937 under agreements entered into with the Board in previous years
pursuant to the provisions of section 25 of the Federal Reserve Act. Of
these corporations, the International Banking Corporation is affiliated
with the National City Bank of New York; the First of Boston International Corporation is affiliated with the First National Bank of Boston; and the French American Banking Corporation is owned by the
Guaranty Trust Company of New York, the First National Bank of
Boston, and the Comptoir National D'Escompte of Paris.
The Chase Bank, which commenced business in 1930 and is affiliated
with the Chase National Bank of New York, is the only banking corporation in active operation organized under the provisions of section
25 (a) of the Federal Reserve Act, generally referred to as the Edge Act,
to engage in international or foreign banking.
ESTABLISHMENT OF FOREIGN BRANCHES OF MEMBER BANKS
During the year 1937 the Board approved the application of the Central Hanover Bank and Trust Company of New York for permission to
establish a branch in London and the application of the Chase National
Bank of New York for permission to establish an additional branch in
London.
MEETINGS OF FEDERAL OPEN MARKET COMMITTEE
Meetings of the Federal Open Market Committee were held in Washington on the following dates in 1937: January 26, March 15, April 3-4,
May 4-5, June 9, September 11-12, and November 29-December 1. The
executive committee of the Federal Open Market Committee met from
time to time throughout the year as occasion required. A record of actions taken by the Committee on questions of policy relating to openmarket operations is published as an appendix to this report.
FEDERAL RESERVE SYSTEM
39
MEETINGS OF THE FEDERAL ADVISORY COUNCIL
Four meetings of the Federal Advisory Council were held in Washington during 1937 on the following dates: February 15-16, May 17-18,
October 7-8, and December 13-14.
RESIGNATION OF MR. JOSEPH A. BRODERICK AS A MEMBER OF THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Effective September 30, 1937, Mr. Joseph A. Broderick of the New
York District, who was serving under appointment for a term of fourteen
years from February 1, 1936, resigned as a member of the Board of
Governors to accept the position of President of the East River Savings
Bank, New York, New York.
BOARD EXPENDITURES
The total cost of conducting the work of the Board during the year
1937 was approximately $1,790,506. This is exclusive of expenditures
in the amount of $2,087,363 made in connection with the new buildingerected by the Board. For the general expenses of the Board two assessments were levied against the Federal Reserve banks aggregating
$1,748,379.60 or about one-half of one percent of their average paid-in
capital and surplus for the year. Under an arrangement with the Federal Reserve Bank of Cleveland the accounts of the Board were audited
twice during the course of the year 1937 by the Auditor of the Federal
Reserve Bank of Cleveland, who certified them to be correct.
FEDERAL RESERVE BANKS
41
RESERVE BANK CREDIT AND RELATED ITEMS
No. 1.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS—ANNUAL AVERAGES OF DAILY FIGURES, 1918-1937
[In millions of dollars]
Member
bank reserve
balances
Reserve bank credit outstanding
U.S.
Year
Bills
GovernBills
discount- bought ment
secured
ities
Treasury
Cur- Treas- Treasury
cur- rency ury
Gold rency
in
cash deposits
Other
stock
2
outwith
circuholdRestandlation ings 4 F. R.
serve Total
banks
ing 3
bank 1
credit
1918
1919
1920..;....
1921
1,134
1,906
2,523
1,797
287
324
385
91
134
254
324
264
168
141
158
46
1922
1923.......
1924
1925
571
736
373
490
159
227
172
287
455
186
402
359
1926
1927
1928
1929
572
442
840
952
281
263
328
241
350
417
297
208
1930
1931
1932
1933
272
327
521
283
564
213
669
245
71 1,461
83 2,052
38
33
24
11
1934
1935
1936
1937
36
25 2,432
6
14
I 2,431
4 2,431
3
2,504
10
32
41
33
1,723
2,625
3,390
2,198
2,871
2,842
2,582
3,004
1,867 4,371
1,716 4,729
1,695 5,191
1,758 4,663
41 1,226 3,515 1,871
56 1,205 3,774 1,991
49
996 4,152 2,017
59 1,195 4,094 2,000
4,248
4,535
4,592
4,582
55 1,258 4,165 1,985 4,645
53 1,175 4,277 2,000 4,605
40 1,505 3,919 2,008 4,496
59 1,459 3,996 2,015 4,476
1,087
1,274
2,077
2,429
2,502
2,475
2,481
2,554
4,173
4,417
3,952
4,059
7,512
9,059
10,578
12,162
2,025
2,025
2,096
2,271
2,381
2,478
2,503
2,567
4,245
4,672
5,328
5,576
5,403
5,585
6,101
6,475
Non- Other
mem- Federal
Reber
deserve
5
acExposits
counts B Total cess 7
280
365
257
218
111
99
36
45
108
115
67
28
95 J.497
155 1,719
280 1,835
336 1,671
224
218
218
213
44
37
42
31
30
27
27
31
286 1,781
280 1.873
263 2,023
264 2,167
210
205
204
207
32
21
21
22
28
31
29
30
284
300
327
376
2,209
2,290
2,355
2,358 " " 4 3
211
219
236
288
28
32
39
55
28
97
56
147
393
373
351
350
2,379
2,323
2,114
2,343
55
89
256
528
2,798
2,791
2,474
3,226
81
128
446
158
185
252
282
335
253
255
269
260
3,676
5,001
5,989
6,830
1,564
2,469
2,512
1,220
1
Includes Government overdrafts in 1918, 1919, and 1920; includes industrial advances outstanding since
July
1934 (see table 13).
2
By proclamation of the President, dated January 31, 1934, the weight of the gold dollar was reduced from
25 8/10 grains to 15 5/21 grains, nine-tenths fine. Between January 31, 1934, and February 1, 1934, the gold
stock increased $2,985,000,000, of which $2,806,000,000 was the increment resulting from the reduction in the
weight of the gold dollar and the remainder was gold which had been purchased by the Treasury previously
but not added to the gold stock. The increment was covered into the Treasury as a miscellaneous receipt, and
appeared together with the new gold as a General Fund asset. These transactions were also reflected in an
increase in the item "Treasury cash." The increment arising from United States gold coin turned in by the
public after January 31, 1934, was also added to both gold stock and Treasury cash at the time of receipt. The
increment from this source amounted to about $7,000,000, from February 1 to December 31, 1934, to about
$1,000,000
in 1935, to $1,800,000 in 1936, and to $1,200,000 in 1937.
3
Comprises outstanding United States notes, national bank notes, silver bullion, Treasury notes of 1890,
standard silver dollars, subsidiary silver and minor coin, and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the United States, including the currency
of these kinds that is held in the Treasury and the Federal Reserve banks as well as that in circulation.
4
Cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver
certificates
and (b) amounts held for the Federal Reserve banks.
6
Item includes all deposits in Federal Reserve banks except Government deposits and member bank reserve
balances.
6
This item is derived from the condition statement of the Federal Reserve banks by adding capital, surplus,
reserve for contingencies, and "all other liabilities" and subtracting the sum of bank premises and "all other
assets."
7
Represents excess of total reserve balances over reserves required to be held by member banks against their
deposits. Figures not available prior to 1929 and since April 1933 are for licensed member banks only. For
required reserves and changes in the percentages of requirements see table 61a.
NOTE—For description of figures and discussion of their significance, see Bulletin for July 1935, pp. 419429. Reprints of article, together with all available back figures for data contained in tables 2, 3, 4, and 5.
may be obtained upon request from Division of Research and Statistics.
42
43
FEDERAL RESERVE SYSTEM
No. 2.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS—MONTHLY AVERAGES OF DAILY FIGURES, 1934-1937
[In
millions of dollarsl
Member
bank reserve
balances
Reserve bank credit outstanding
Month
U.S.
GovBills
disBills erncount- bought ment
secured
ities
TreasCur- Treas- Treasury
ury
cur- rency ury
Gold2 rency
cash deposits
in
Other
atock out- circuwith
holdRestand- lation ings 4 F. R.
serve Total
banks
ing
s
bank
credit1
Non- Other
mem- Federal
Reber
de- 5 serve
acExposits
counts 6 Total cess 7
1934
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December .
101
70
55
43
36
28
23
21
22
12
18
10
113
87
40
16
6
5
5
5
5
6
6
6
2,432
2,432
2,437
2,439
2,431
2,424
2,432
2,432
2,431
2,430
2,430
2,430
9
8
3
9
6
7
9
6
10
8
12
26
2,656
2,597
2,535
2,507
2,479
2,464
2,469
2,463
2,469
2,457
2,466
2,472
4,036
7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8,191
2,302
2,303
2,333
2,377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,494
5,382
5,339
5,368
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577
3,368
3,256
3,167
3,020
2,939
2,940
2,920
2,915
2,920
2,925
2,983
88
80
42
55
63
115
59
56
139
91
45
137
146
136
144
170
249
226
219
208
197
177
165
181
304
293
298
268
234
237
230
228
227
234
238
242
2,764
2,822
3,361
3,594
3,695
3,790
3,928
4,045
3,947
3,964
4,100
4,037
8
6
7
6
7
8
7
7
10
8
7
6
6
6
5
5
5
5
5
2,430
2,430
2,431
2,431
2,434
2,431
2,430
2,431
2,430
2,430
2,430
2,430
21
20
18
29
30
36
30
33
35
39
40
53
2,465
2,462
2,461
2,471
2,476
2,479
2,473
2,476
2,480
2,482
2,482
2,494
8,284
8,465
8,552
8,641
8,755
9,025
9,128
9,180
9,246
9,545
9,777
10,072
2,504
2,513
2,526
2,548
2,534
2,513
2,504
2,441
2,389
2,398
2,410
2,454
5,411
5,439
5,477
5,500
5,507
5,522
5*550
5,576
5,651
5,704
5,770
5,897
2,980
2,910
2,920
2,938
2,882
2,908
2,839
2,729
2,632
2,638
2,581
2,545
73
55
202
271
60
81
193
66
102
55
49
324
194
189
236
258
278
266
293
233
236
307
256
276
242
246
250
256
259
260
259
261
252
253
256
263
4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
5,243
5,469
5,757
5,716
2,035
2,237
2,065
2,026
2,297
2,438
2,385
2,636
2,628
2,820
3,061
2,983
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,434
43
50
43
39
37
39
37
35
38
40
33
54
2,484
2,493
2,484
2,480
2,476
2,478
2,474
2,474
2,479
2,480
2,472
2,498
10,158
10,164
10,172
10,202
10,324
10,514
10,629
10,674
10,764
10,983
11,116
11,220
2,486
2,495
2,502
2,503
2,495
2,492
2,497
2,499
2,507
2,512
2,517
2,528
5,757
5,779
5,857
5,892
5,918
6,062
6,203
6,191
6,258
6,321
6,401
6,563
2,564
2,515
2,518
2,539
2,574
2,579
2,453
2,416
2,386
2,413
2,373
2,357
494
466
760
845
559
793
545
275
233
146
86
155
280
329
336
348
258
289
281
328
260
239
199
238
253
255
267
260
348
278
255
256
268
263
262
268
5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,181
6,345
6,594
6,785
6,665
3,033
3,038
2,653
2,510
2,800
2,593
2,907
2,458
1,852
2,043
2,219
2,046
2,430
2,431
2,432
2,480
2,526
2,526
2,526
2,527
2,526
2,527
2,545
2,565
48
38
31
29
30
32
31
26
30
31
25
44
2,485
2,475
2,472
2,522
2,577
2,578
2,574
2,573
2,584
2,583
2,592
2,628
11,310
11,399
11,503
11,686
11,901
12,189
12,404
12,512
12,653
12,782
12,788
12,765
2,531
2,531
2,537
2,541
2,546
2,548
2,555
2,576
2,590
2,603
2,613
2,627
6,400
6,369
6,391
6,397
6,426
6,435
6,475
6,500
6,558
6,566
6,558
6,618
2,450
2,569
2,682
2,863
3,069
3,322
3,532
3,655
3,618
3,636
3,642
3,622
200
167
205
159
85
131
137
212
190
95
125
188
300
296
273
248
255
290
285
334
345
452
488
447
260
258
257
258
256
259
258
258
262
265
262
266
6,716
6,747
6,704
6,824
6,932
6,878
6,845
6,701
6,854
6,954
6,919
6,879
2,093
2,152
1,371
1,552
309
866
891
1,375
1,541
1,623
1,685
L.789
L.884
1,754
1,731
1,834
1,748
1935
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December .
1936
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December .
6
8
6
6
5
6
e
8
7
6
7
1937
January...
February..
March
April
May
June
July
August....
September
October. . .
November.
December.
3
6
10
16
15
13
17
24
22
19
16
For footnotes see table 1.
927
876
876
750
900
1,043
1.104
1,071
44
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 3 . — M E M B E R BANK R E S E R V E BALANCES, R E S E R V E BANK CREDIT, AND RELATED
ITEMS—END OF MONTH FIGURES, 1934-1937*
[In millions of dollars]
Member
bank reserve
balances
Reserve bank credit outstanding
Month
Treasury
Cur- TreasGold2 cur- rency ury
U.S.
in
rency
cash
stock
Gov- Other
Bills
Reout- circu- holdBills erndisTotal
stand- lation ings 4
count- bought ment serve
bank l
ing 3
secur- credit
ed
ities
Treas- Nonury
deposits member
with
de- 5
F. R
banks posits
Other
Federal
Reserve
ac- Total
counts 6
Excess
(estimated) v
1934
January...
February..
March
April
May
June
July
August....
September
October. . .
November.
December .
83
64
54
39
31
25
22
23
15
11
11
7
111
62
29
9
5
5
5
5
6
6
6
6
2,434
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,430
2,430
2,430
2
8
15
6
—4
10
3
4
11
8
6
20
2,630
2,567
2,545
2,485
2,463
2,472
2,462
2,464
2,464
2,455
2,453
2,463
4,033
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
2,302
2,302
2,361
2,378
2,368
2,366
2,361
2,408
2,405
2,434
2,468
2,511
5,289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
3,395
3,253
3,033
2,997
2,951
2,912
2,917
2,906
2,939
2,951
3,029
242
45
39
115
55
64
59
51
145
92
71
121
141
127
157
268
222
233
207
208
178
164
161
189
287
292
299
236
232
232
229
226
228
237
239
241
2,652
3,093
3,457
3,599
3,746
3,840
4,029
4,052
3,934
4,006
4,081
4,096
1,146
1,444
1,534
1,662
1,732
1,875
1,867
1,727
,748
1,801
1,814
7
6
8
6
8
6
7
11
10
6
6
5
6
6
5
5
5
5
5
5
5
5
5
5
2,430
2,430
2,437
2,430
2,430
2,433
2,430
2,432
2,430
2,430
2,430
2,431
19
23
21
27
26
37
23
37
32
40
39
45
2,461
2,465
2,471
2,468
2,469
2,480
2,465
2,485
2,477
2,482
2,480
2,486
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
10,125
2,495
2,519
2,540
2,544
2,525
2,506
2,510
2,398
2,386
2,400
2,438
2,476
5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
5,846
5,882
2,915
2,909
2,939
2,898
2,909
2,866
2,865
2,635
2,685
2,604
2,573
2,566
76
95
419
98
60
102
126
59
55
53
46
544
191
207
226
271
254
325
253
198
304
299
284
255
243
246
253
263
257
261
257
260
250
258
253
253
4,543
4,587
4,247
4,715
4,832
4,979
5,100
5,305
5,254
5,648
5,835
5,587
2,206
2,199
1,846
2,253
2,318
2,414
2,513
2,708
2,600
2,970
3,100
2,844
9
7
8
5
5
4
4
8
9
6
7
3
5
5
5
5
3
3
3
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
35
40
31
34
35
35
24
30
30
36
13
64
2,479
2,482
2,474
2,475
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500
10,182
10,167
10,184
10,225
10,402
10,608
10,648
10,716
10,845
11,045
11,184
11,258
2,493 5,737 2,548
2,499 5,846 2,513
2,504 5,877 2,530
2,500 5,886 2,531
2,490 5,953 2,583
2,498 6,241 2,497
2,496 6,162 2,432
2,500 6,227 2,404
2,512 6,267 2,458
2,516 6,351 2,388
2,521 6,466 2,364
2,532 6,543 2,376
453
424
682
518
690
447
104
253
77
78
244
304
327
332
356
337
262
306
287
234
205
201
259
253
254
259
260
256
257
253
256
262
262
261
261
5,860
5,784
5,087
5,486
5,719
5,633
6,005
6,410
6,357
6,753
6,788
6,606
3,084
2,986
2,305
2,664
2,866
2,717
3,029
1,950
1,840
2,175
2,236
1,984
3
5
12
12
17
10
15
22
22
21
17
10
3
3
3
4
6
4
3
3
3
3
3
1
2,430
2,430
2,430
2,525
2,526
2,526
2,526
2,526
2,526
2,526
2,564
2,564
60
27
12
24
35
22
30
26
28
30
23
38
2,497
2,465
2,458
2,565
2,585
2,562
2,574
2,577
2,579
2,580
2,606
2,612
11,358
11,436
11,574
11,799
11,990
12,318
12,446
12,567
12,741
12,803
12,774
12,760
2,532
2,536
2,541
2,543
2,547
2,550
2,572
2,585
2,599
2,609
2,621
2,637
195
194
311
88
73
93
233
139
141
114
121
142
281
288
236
288
272
285
301
337
374
472
465
407
260
253
258
257
255
260
258
257
265
263
261
263
6,781
6,695
6,639
6,881
6,915
6,900
6,753
6,751
7,014
6,928
6,962
7,027
2,152
2,078
1,398
1,594
355
745
1935
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December .
1936
January...
February..
March
April
May
June
July
August
September.
October. . .
November.
December .
1,077
1937
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December .
*For end of year figures of earlier years, see table 5.
For other footnotes see table 1.
6,349
6,399
6,377
6,426
6,462
6,447
6,460
6,524
6,542
6,555
6,561
6,550
2,520
2,608
2,753
2,967
3,144
3,445
3,586
3,720
3,582
3,661
3,631
3,619
918
865
791
773
1,038
1,055
1,169
1 ,212
45
FEDERAL RESERVE SYSTEM
No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS, BY WEEKS, 1936-1937—WEDNESDAY FIGURES
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
Gold
U.S. Other
stock 2
Gov- ReBills
ern- serve
Bills
disTotal
count- bought ment bank
secu- creded
it 1
rities
Treasury
currency
outstanding '
Member
bank reserve
Treas- Non- Other
balances
Cur- Treas- ury
Fedrenury
de- memeral
cy in cash posits ber
ReExdecircu- hold- with
serve
cess
lation ings 4 F. R. pos-5
accounts6 Total (estibanks its
mated) ^
1936
Jan.8
Jan. 15....
Jan. 22....
Jan. 29....
5
5
6
7
5
5
5
5
2,430
2,430
2,430
2,430
35
45
36
28
2,476
2,485
2,477
2,470
10,144
10,158
10,172
10,179
2,476
2,492
2,498
2,492
5,783
5,722
5.704
5,693
2,588
2,556
2,578
2,553
461
462
515
478
265
284
296
301
253
253
253
254
5,745
5,859
5,802
5,863
3,002
3,095
3,030
3,087
Feb.5
Feb. 12....
Feb. 19....
Feb. 26....
10
8
7
7
5
5
5
5
2,430
2,430
2,430
2,430
44
65
64
33
2,489
2,508
2,505
2,475
10,168
10,155
10,160
10,163
2,491
2,496
2,499
2,502
5,742
5,763
5,771
5,775
2,518
2,511
2,506
2,516
440
482
473
433
324
364
327
323
255
254
255
254
5,869
5,784
5,832
5,839
3,089
3,007
3,045
3,062
Mar.
Mar.
Mar.
Mar.
4....
11...
18...
25...
6
5
6
6
5
5
5
5
2,431
2,430
2,430
2,430
34
33
44
45
2,475
2,473
2,485
2,485
10,167
10,170
10,173
10,177
2,506
2,503
2,503
2,502
5,848
5,840
5,841
5,837
2,519
379
2,518
391
2,520 1,067
2,520 1,147
321
337
328
340
269
274
261
261
5,813
5,786
5,144
5,059
3,043
3,008
2,388
2,315
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15....
22....
29....
7
6
6
5
5
5
5
5
5
5
2,430
2,430
2,430
2,430
2,430
34
38
35
35
32
2,477
2,479
2,477
2,475
2,472
10,185
10,190
10,200
10,209
10,221
2,504
2,505
2,502
2,501
2,501
5,884
5,906
5,877
5,860
5,859
2,528 1,086
2,538
964
2,544
830
712
2,557
2,529
679
331
346
335
355
362
259
258
260
260
259
5,077
5,161
5,333
5,442
5,506
2,338
2,384
2,548
2,640
2,686
May
May
May
May
6
13....
20...
27....
5
5
5
5
5
5
5
4
2,430
2,430
2,430
2,430
38
30
30
26
2,478
2,469
2,470
2,466
10,248
10,302
10,375
10,388
2,497
2,496
2,493
2,494
5,912
5,888
5,896
5,902
2,553
2,583
2,625
2,572
622
578
513
544
345
351
353
326
259
257
258
256
5,532
5,611
5,694
5,747
2,697
2,774
2,859
2,901
June 3. . . .
June 10. . .
June 1 7 . . .
June 2 4 . . .
6
5
7
6
3
3
3
3
2,430
2,430
2,430
2,430
50
32
40
32
2,489
2,471
2,480
2,472
10,409
10,480
10,543
10,600
2,493
2,489
2,490
2,500
5,953
5,937
6,048
6,173
2,579
505
2,548
516
2,607 1,421
2,648
929
349
306
282
252
292
299
261
261
5,713
5,833
4,894
5,308
2,844
2,948
2,043
2,438
July
July
July
July
July
1
8
15....
22....
29....
4
3
3
3
4
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
35
36
42
30
23
2,473
2,472
2,478
2,466
2,460
10,612
10,622
10,629
10,634
10,642
2,498
2,498
2,496
2,497
2,496
6,250
6,242
6,190
6,153
6,123
2,501
2,508
2,428
2,436
2,441
731
507
593
519
466
256
263
266
300
298
256
256
255
254
253
5,589
5,814
5,872
5,935
6,016
2,670
2,883
2,923
2,986
3,049
Aug.
Aug.
Aug.
Aug.
5
12. . .
19...
26. . .
4
8
6
7
3
3
3
3
2,430
2,430
2,430
2,430
26
36
18
25
2,463
2,477
2,457
2,465
10,650
10,661
10,678
10,695
2,496
2,498
2,499
2,501
6,163
6,170
6,184
6,184
2,427
2,421
2,410
2,410
439
338
215
143
321
337
342
336
254
255
255
256
6,005 3,051
6,116 3,167
6,229 1,813
6,332 1,892
Sept. 2 . . . .
Sept. 9 . . . .
Sept. 16...
Sept. 2 3 . . .
Sept. 3 0 . . .
9
8
8
7
9
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
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
263
262
6,441
6,471
6,206
6,225
6,357
1,958
1,997
,714
1,743
1,840
Oct.
Oct.
Oct.
Oct.
7
14....
21....
28....
8
8
6
6
3
3
3
3
2,430
2,430
2,430
2,430
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
Nov.
Nov.
Nov.
Nov.
4
10. . .
18...
25. . .
7
7
5
6
3
3
3
3
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.. .
6
6
8
9
5
3
3
3
3
3
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
For footnotes see table 1.
46
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS, BY WEEKS, 1936-1937—WEDNESDAY FIGURES—Continued
(In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
U.S.
Bills
GovdisBills erncount- nought ment
secured
ities
Treasury
curGold
2 rency
Other
stock
outRestandserve Total
bank
ing 3
credit^
Currency in
circulation
Treasury
cash
hold-4
ings
Member
bank reserve
balances
Treas- Non- Other
ury
Fedde- mem- eral
posits ber
ReExwith de- serve
access
F. R. pos-6
Total
6
(esticounts
banks its
mated) 7
1937
Jan.6
Jan. 13....
Jan. 20
Jan. 27....
3
2
2
3
3
3
3
3
2,430
2,430
2,430
2,430
28
40
32
42
2,464
2,476
2,468
2,478
Feb.
Feb.
Feb.
Feb.
3. ...
10....
17....
24....
3
3
3
4
3
3
3
3
28
42
41
22
Mar.
Mar.
Mar.
Mar.
Mar.
3....
10. ..
17...
24...
31...
7
3
5
4
8
12
3
3
3
3
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
Apr. 7 . . . .
Apr. 14....
Apr. 21...
Apr. 28...
8
11
8
11
3
May
May
May
May
5...
12...
19...
26...
17
16
15
16
June 2 . . .
June 9 . . .
June 16..
June 23..
June 30..
17
14
14
13
10
July 7 . . .
July 14...
July 21...
July 28...
Aug. 4 . . .
Aug. 1 1 . .
Aug. 18..
Aug. 25..
13
15
12
15
2,531
2,528
2,533
2,531
6,473
6,371
6,339
6,318
2,395
2,439
2,463
2,503
232
190
188
180
278
308
312
315
261
261
261
259
6,627
6,740
6,755
6,779
2,010
2,103
2,130
2,160
2,531
2,531
2,530
2,532
2,535
2,537
2,538
2,537
2,541
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
17
16
12
22
12
2,463
2,477
2,478
2,460
2,457
2,454
2,450
2,463
2,458
11,271
11,306
11,317
11,345
11,364
11,387
11,403
11,425
11,443
11,484
11,515
11,541
11,574
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
j
2,459
2,487
2,487
4 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
2,526
2,526
2,526
6 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
80
286
237
250
261
257
257
256
256
6,882
6,943
6,918
6,944
887
936
907
938
23
26
38
19
22
12,027
12,118
12,220
12,270
12,318
12,376
12,423
12,404
12,433
12,462
12,497
12,527
12,541
2,548 6,487 3,182
2,547 6,435 3,254
2,548 6,415 3,348
2,550 6,394 3,396
2,550 6,447 3,445
2,552 6,524 3,511
2,551 6,457 3,550
2,553 6,436 3,527
2,574 6,424 3,576
2,572 6,468 3.605
2,573 6,482 3,640
2,577 6,500 3,672
2,577 6,495 3,683
255
279
267
324
285
256
255
263
263
260
6,854
6,929
6,808
6,854
6,900
860
931
752
814
865
101
90
184
228
285
275
258
305
258
258
258
258
309
253
156
161
320
327
340
356
258
259
258
258
6,827
6,928
6,858
6,776
6,636
6,681
6,744
6,730
875
964
874
813
17
26
18
17
2,573
2,573
2,583
2,562
2,562
2,578
2,585
2,564
2,560
2,561
2,572
2,565
2,565
115
85
250
151
93
15
17
18
19
2,526
2,526
5 2,526
i
2,526
4 2,526
4 2,526
2,526
[ 2,526
3 2,526
j 2,526
2,526
j 2,526
3 2,526
Sept. 1 . . .
Sept. 8 . . .
Sept. 15..
Sept. 22..
Sept. 29..
24
24
23
24
24
2,526
2,526
2,526
2,526
2,526
26
20
46
24
20
2,579
2,572
2,598
2,578
2,573
12,567
12,604
12,651
12,694
12,734
2,585
2,587
2,590
2,593
2,596
6,532
6,597
6,554
6,529
6,520
3,719
3,756
3,495
3,537
3,575
156
130
348
193
140
337
314
313
362
369
256
257
266
266
266
6,731
750
756
6,710
880
6,865
6,977 1,020
7,033 1,062
Oct.
Oct.
Oct.
Oct.
6....
13...
20...
27...
23
23
18
23
2,526
2,526
2,526
2,526
31
(
17
17
2,583
2,558
2,565
2,570
12,765
12,784
12,793
12,801
2,596
2,601
2,605
2,607
6,569
6,585
6,546
6,519
3,610
3,634
3,654
3,666
76
83
82
94
421
458
479
485
265
264
264
264
7,003 1,090
992
6,919
6,939 1,021
6,951 1,073
Nov.
Nov.
Nov.
Nov.
3...
10..
17. .
24..
24
2
19
lb
2,526
2,537
2,55o
2,564
2,608
2,611
2,611
2,619
6,565
6,564
6,534
6,554
3,662
3,648
3,633
3,626
111
139
135
113
482
483
503
485
263
263
262
261
6,889
6,879
6,922
6,949
1,046
1,066
1,100
1,138
Dec.
Dec.
Dec.
Dec.
Dec.
1....
8....
15...
22...
29...
17
17
16
16
13
2,564
2,564
2,564
2,564
2,564
12,804
12,789
12,789
12,774
18 2,603 12,774
27 2,612 12,764
48 2,631 12,765
751 2,6c8 12,765
22 1 2,602 12,760
2,62
2,623
2,62o
2,630
2,634
6,568
6,591
6,596
6,681
6,571
3,627
3,622
3,620
3,625
3,620
177
242
232
153
140
459
446
419
470
413
261
262
270
269
269
6,906
6,836
6,884
6,855
6,983
1,119
1,052
1,057
1,007
1,157
i
5
i
6
6
For footnotes see table 1.
35
40
22
16
6
15
14
13
2,559
2,57b
2,590
2,596
704
740
782
761
No. 5.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS—SELECTED CALL DATES, 1917-1937
[In millions of dollars]
Reserve bank credit outstanding
Call date*
Bills discounted
1917—Dec. 31
1918—Dec. 31
1919—Dec. 3i
1920—Dec. 29
1921—Dec. 31
1922-Dec. 29
1923—Dec. 31
1924—Mar. 31
J u n e 30
Oct. 10
D e c . 31
1925—Apr. 6
J u n e 30
Sept. 28
D e c . 31
1926—Apr. 12
J u n e 30
D e c . 31
1927—Mar. 23
J u n e 30
O c t . 10
D e c . 31
1928—Feb 28
J u n e 30
Oct. 3
D e c . 31
1929—Mar. 27
J u n e 29
Oct. 4
D e c . 31
..
.
.
.
660
1,766
2,215
2,737
1,144
609
723
518
334
226
320
402
491
608
643
525
521
637
457
443
446
582
481
1,095
1,026
1 056
1,024
1,037
898
632
Bills
bought
273
287
574
247
145
271
355
228
37
180
387
305
254
259
374
262
249
381
231
211
258
392
346
217
310
489
208
82
297
392
U.S.
Government
securities
122
239
300
288
234
426
134
263
431
589
540
360
353
332
375
363
385
315
342
370
503
617
401
235
231
228
170
216
134
511
Other
Reserve
bank
credit 1
116
206
203
110
40
83
27
17
30
46
54
48
46
44
67
15
39
49
24
58
29
64
19
38
64
35
27
65
85
48
Gold
stock 2
Total
1,171
2,498
3,292
3,382
1,563
1,389
1,238
1,026
831
1,041
1,302
1,115
1,144
1,243
1,459
1,165
1,194
1,381
1,054
1,082
1,236
1,655
1,247
1,585
1,631
1,809
1,429
1,400
1,414
1,583
2,868
2,873
2,707
2,610
3,373
3,645
3,957
4,077
4,201
4,216
4,212
4,047
4,073
4,094
4,112
4,165
4,160
4,205
4,313
4,300
4,286
4,092
4,075
3,822
3,838
3,854
3,887
4,037
4,087
3,997
Treasury
currency
outstanding 3
Currency
in circulation
1,923
1,795
1,707
1,713
1,842
1,957
2,009
2,015
2,019
2,018
2,025
2,015
1,997
1,985
1,977
1,984
1,986
1,991
1,994
2,003
2,003
2,006
2,007
2,006
2,010
2,012
2,012
2,019
2,010
2,022
4,086
4,951
5,091
5,343
4,403
4,537
4,757
4,612
4,562
4,608
4,760
4,549
4,524
4,634
4,817
4,613
4,598
4,808
4 535
4,564
4,667
4,716
4,408
4,510
4,520
4 686
4,380
4,459
4,552
4,578
Member bank reserve balances
Treasury
cash
holdings 4
Treasury
deposits
with
Federal
Reserve
banks
Nonmember
deposits5
Other
Federal
Reserve
accounts 6
225
288
385
208
214
226
213
228
219
227
211
206
204
213
203
222
201
201
199
211
206
208
206
200
206
202
202
204
204
216
101
51
31
30
96
6
38
100
43
42
51
27
25
31
16
48
11
17
6
31
17
18
25
24
33
23
23
36
36
29
34
121
101
25
27
28
23
22
23
25
39
34
27
28
29
23
20
65
23
34
31
26
22
29
32
27
28
28
28
30
71
118
208
357
285
275
275
269
261
259
258
265
263
269
272
281
282
293
298
296
302
301
311
325
339
348
363
374
389
393
Total
1,447
1,636
1,890
1,743
1,753
1,919
1,898
1,885
1,944
2,114
2,220
2,095
2,172
2,145
2,212
2,125
2,229
2,194
2,300
2,249
2,302
2,487
2,355
2,325
2,350
2 389
2,332
2,356
2,301
2,355
Excess
(estimated) 7
78
51
68
21
99
68
14
12
-30
25
59
17
21
4
—44
-43
3
-56
80
-64
1
63
23
_20
38
—41
24
23
-18
-73
* D a t e s for which calls were issued for reports of condition of national b a n k s b y t h e Comptroller of t h e C u r r e n c y a n d for S t a t e m e m b e r b a n k s of t h e Federal Reserve System b y the
Board of Governors.
For o t h e r footnotes see table 1.
8
No. 5.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS—SELECTED CALL DATES, 1917-1937—Continued
[In millions of dollars]
Reserve bank credit outstanding
Call date*
Bills discounted
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30
Dec. 31
205
272
167
251
165
149
330
638
440
332
235
164
115
98
60
25
12
7
7
6
7
5
6
4
3
12
10
10
Bills
bought
279
128
198
364
83
106
423
339
67
33
33
48
7
133
52
5
For footnotes see preceding page and table 1.
U.S.
Government
529
591
602
729
599
668
750
817
1,784
1,854
1,855
1,998
2,400
2,437
2,447
2,432
2,430
2,430
2,430
2,433
2,430
2,431
2,431
2,430
2,430
2,430
2,526
2,564
Other
Reserve
bank
credit 1
Gold
stock 2
Total
1,051 i
1,018
991
1,373
858
943
1,532
1,853
2,310
2,233
2,145 |
2,220
2,526
2,688
2,565
2,472
2.457 i
2,463 !
2,456 I
2,480
2,480
2,486
2,475
2,473
2,500 !
2.458 i
2,562
2,612
4,137
4,248
4,219
4,306
4,402
4,669
4,470
4,173
3,632
3,906
4,226
4,031
4,036
4,036
7,505
7,856
7,990
8,238
8,545
9,116
9,703
10,125
10,167
10,608
11,258
11,574
12,318
12,760
Treasury
currency
outstanding 3
Currency
in circulation
Treasury
cash
holdings 4
Treasury
deposits
with
Federal
Reserve
banks
2,022
2,025
2,026
2,027
2,027
2,022
2,023
2,035
2,057
2,154
2,204
2,286
2,277
2,303
2,302
2,366
2,410
2,511
2,518
2,506
2,404
2,476
2,506
2,498
2,532
2,541
2,550
2,637
4,203
4,235
4,148
4,603
4,260
4,535
4,937
5,360
5,408
5,366
5,388
5,434
5,321
5,519
5,403
5,373
5,469
5,536
5,504
5,568
5,738
5,882
5,848
6,241
6,543
6,377
6,447
6,550
210
210
213
211
211
224
225
222
218
264
272
264
274
284
3,317
2,951
2,915
3,029
2,910
2,866
2,592
2,566
2,519
2,497
2,376
2,753
3,445
3,619
26
27
43
19
51
47
37
54
4
51
8
35
28
3
38
64
53
121
59
102
67
544
379
690
244
311
93
142
Nonmember
deposits6
25
40
25
24
77
134
110
42
36
43
166
167
132
135
233
183
189
235
325
247
255
321
262
259
236
285
407
Other
Federal
Reserve 6
accounts i
400
391
391
375
384
371
364
354
345
352
355
346
357
360
293
232
239
241
248
261
258
253
269
256
261
258
260
263
Member bank reserve balances
Tota
2,345
2,389
2,416
2,471
2,357
2,381
2,329
1,961
1,982
2,225
2,509
2,292
2,693
2,729
3,186
3,840
3,996
4,096
4,563
4,979
5,685
5,587
5,813
5,633
6,606
6,639
6,900
7,027
Excess
(estimated) 7
54
6
82
96
33
73
130
-33
162
375
576
475
847
859
1,235
1,732
1,762
1,814
2,196
2,414
3,003
2,844
3,043
2,717
1,984
1,398
865
1,212
3
F
o
2
o
49
FEDERAL RESERVE SYSTEM
No. 6.—DEPOSITS, NOTE CIRCULATION, TOTAL RESERVES, AND RESERVE PERCENTAGE
OF FEDERAL RESERVE BANKS, BY MONTHS, 1934-1937
[Monthly averages of daily figures .
In thousands of dollars]
Reserves
Deposits
Reserve
per
centage
Total
Member
bank
reserves
U.S.
Treasurer—
general
account
Foreign
bank
Other
Federal
Reserve
note circulation
2,997,796
3,038,548
3,547,832
3,818,484
4,006,838
4,131,184
4,206,001
4,308,838
4,281,994
4,232,659
4,309,704
4,355,029
2,763,943
2,821,846
3,361,382
3,593,505
3,694,792
3,790,029
3,927,995
4,044,979
3,946,573
3,964,277
4,100,270
4,037,355
87,558
80,432
42,159
54,567
62,675
115,025
58,648
55,615
138,696
91,278
44,722
136,868
4,430
4,380
6,245
5,090
6,104
4,642
5,817
8,667
11,238
8,194
12,945
17,740
141,865
131,890
138,046
165,322
243,267
221,488
213,541
199,577
185,487
168,910
151,767
163,066
2,983,839
2,962,562
3,004,165
3,041,933
3,061,360
3,072,017
3,097,194
3,109,622
3,155,662
3,178,569
3,182,176
3,230,621
1,555,643
1,618,806
2,002,525
2,132,161
2,237,778
2,332,968
2,370,287
2,444,482
2,443,543
2,443,880
2,488,592
2,542,156
3,798,407
3,867,322
4,445,932
4,685,404
4,864,715
5,007,689
5,081,265
5,196,424
5,204,506
5,196,738
5,269,859
5,358,665
63.5
64.4
67.9
68.3
68.8
69.5
69.6
70.0
70.0
70.1
70.3
70.6
4,621,195
4,845,888
4,890,584
4,965,532
5,115,936
5,326,077
5,456,544
5,530,459
5,580,957
5,830,635
6,062,199
6,315,272
4,354,901
4,601,366
4,452,244
4,436,321
4,777,845
4,978,868
4,970,204
5,232,191
5,242,784
5,468,553
5,757,219
5,715,582
72,603
55,452
202,016
270,890
60,285
81,003
193,107
65,752
101,753
55,299
49,434
323,983
18,918
13,904
16,940
19,790
28,884
26,531
24,819
22,019
17,584
19,213
29,519
32,854
174,773
175,166
219,384
238,531
248,922
239,675
268,414
210,497
218,836
287,570
226,027
242,853
3,118,618
3,124,421
3,154,971
3,171,538
3,164,923
3,201,103
3,268,471
3,334,415
3,433,624
3,508,992
3,583,967
3,697,059
2,651,415
2,800,768
2,845,689
2,899,219
2,991,098
3,146,346
3,274,288
3,361,130
3,439,452
3,643,981
3,842,229
4,070,663
5,516,280
5,746,597
5,819,381
5,905,770
6,047,645
6,290,914
6,491,466
6,630,557
6,766,237
7,088,300
7,397,586
7,759,832
71.3
72.1
72.3
72.6
73.0
73.8
74.4
74.8
75.1
75.9
76.7
77.5
6,553,567
6,602,790
6,516,990
6,493,261
6,545,075
6,565,889
6,686,972
6,784,668
6,838,386
6,978,123
7,070,030
7,057,750
5,779,813
5,808,136
5,420,483
5,300,098
5,638,345
5,483,524
5,860,867
6,180,975
6,345,023
6,593,763
6,784,962
6,664,865
493,757
465,949
760,058
844,686
558,727
793,026
545,191
275,281
233,102
145,606
85,640
154,703
41,900
60,082
62,812
74,194
79,253
58,066
59,536
84,574
59,254
67,641
54,478
73,335
238,097
268,623
273,637
274,283
268,750
231,273
221,378
243,838
201,007
171,113
144,950
164,847
3,639,915
3,669,821
3,742,342
3,770,233
3,778,695
3,883,921
4,010,628
3,995,475
4,044,123
4,093,336
4,150,760
4,274,353
4,186,366
4,237,597
4,245,829
4,242,216
4,281,979
4,378,268
4,511,022
4,565,123
4,634,304
4,751,485
4,849,171
4,896,071
7,936,080
8,016,502
8,023,712
8,022,950
8,084,233
8,229,897
8,455,713
8,537,947
8,645,388
8,831,162
8,983,986
9,076,025
77.9
78.0
78.2
78.2
78.3
78 8
79.0
79.2
79.4
79.8
80.1
80.1
7,215,384
7,209,513
7,182,395
7,230,720
7,271,946
7,298,978
7,267,092
7,247,681
7,389,460
7,501,029
7,531,396
7,513,619
6,715,694
6,746,793
6,703,504
6,823,719
6,932,393
6,878,119
6,844,970
6,701,015
6,854,285
6,953,996
6,918,705
6,879,007
200,068
166,542
205,410
159,462
84,872
131,172
136,863
212,376
189,738
94,547
125,169
187,531
92,896
101,047
93,132
93,099
114,467
148,354
170,584
196,017
218,957
274,118
264,780
226,929
206,726
195,131
180,349
154,440
140,214
141,333
114,675
138,273
126,480
178,368
222,742
220,152
4,193,671
4,169,264
4,177,359
4,185,743
4,202,800
4,195,003
4,224,271
4,238,826
4,272,977
4,281,394
4,270,020
4,310,950
4,952,310
4,948,164
4,938,609
4,926,835
4,908,518
4,921,369
4,915,089
4,914,155
5,017,839
5,098,741
5,101,773
5,083,702
9,155,163
9,139,199
9,123,391
9,131,884
9,134,819
9,154,013
9,148,280
9,146,374
9,313,341
9,436,659
9,445,770
9,437,849
80.2
80.3
80.3
80.0
79.6
79.6
79.6
79.6
79.9
80.1
80.0
79.8
Month
Excess
Total
1934
January
February
March
April
May
June
July
August
September
October
November
December
1935
January
February
March
April
May
June
July
August
September
October
November
December
1936
January
February
March
April
May
June
July
August
September
October
November
December
1937
January
February
March
April
May
June
July
August
September
October
November
December
Backfigures—See Annual Report for 1934 (table 9); for 1933 (tables I and 10); and similar tables in previous
annual reports.
50
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL)
DECEMBER 31, 1937 *
ASSETS
Amounts in the column to the right are those shown in the Board's weekly statement, their components being
shown in the column to the left. (In thousands of dollars)
Gold certificates with Federal Reserve agents
Gold certificates in interdistrict settlement fund with Board of Governors
Gold certificates held by banks
4,728,632
2,880,812
1,510,448
Gold certificates on hand and due from U. S. Treasury
Redemption fund—Federal Reserve notes
9,119,892
9,435
Total gold reserves
Other cash:
United States notes
Silver certificates
Standard silver dollars
National and Federal Reserve bank notes
Subsidiary silver, nickels and cents
9,129,327
60,312
263,227
3,658
2,834
21,657
Total other cash
351,688
Total reserves
9,481,015
Bills discounted:
Secured by U. S. Government obligations, direct or fully guaranteed:
Discounted for member banks
6,481
Total secured by U. S. Government obligations, direct or fully guaranteed
Other bills discounted:
For member banks
6,481
3,385
Total other bills discounted
3,385
Total bills discounted
Bills bought—payable in foreign currencies
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
9,866
\
2,827
18,049
751,539
1,154,997
657,479
T o t a l U . S. Government securities
2,564,015
Total bills a n d securities
2,594,757
Due from foreign banks
Federal Reserve notes of other Reserve banks
Uncollected items:
Transit items
Exchanges for clearing house
Other cash items
Total uncollected items
Bank premises
All other assets:
Miscellaneous assets acquired account industrial advancesIndustrial advances past due
Claims account closed banks
Total
Lessreserves
Net
Interest accrued
P r e m i u m on securities
Deferred charges
Suspense account and miscellaneous assets
Total all other assets
Total assets
b e f o r e closing books a t end of year.
179
30,211
642,252
27,666
23,569
693,487
45,213
399
1,925
3,110
5,434
2,425
3,009
8,026
21,316
421
5,440
38,212
12,883,074
FEDERAL RESERVE SYSTEM
51
No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL)
DECEMBER 31, 19371—Continued
LIABILITIES
Amounts in the column to the right are those shown in the Board's weekly statement, their components being
shown in the column to the left. (In thousands of dollars)
Federal Reserve notes outstanding (issued to Federal Reserve banks)
4,661,627
Held by issuing Federal Reserve banks and branches
360,720
Forwarded for redemption
17,296
Federal Reserve notes in actual circulation (including notes held by Treasury and
by Federal Reserve banks other than issuing bank)
Deposits:
Member bank—reserve account
U. S. Treasurer—general account
Foreign bank
Other deposits:
Nonmember clearing account
Officers' checks
Federal Reserve exchange drafts
All other
4,283,611
7,026,005
142,311
171,750
94,906
11,560
110
129,168
Total other deposits
235,744
Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies:
Reserve for self-insurance
Reserve for losses
Total reserve for contingencies
All other liabilities:
Earnings:
Gross earnings
Current expenses
Current net earnings
Add—profit and loss
Deduct:
Profit and loss—net debit
Dividends accrued since closing of books
Net earnings available for depreciation allowances, reserves, and surplus
Accrued dividends unpaid
Unearned discount
Discount on securities
Suspense account and miscellaneous liabilities
7,575,810
674,000
132,745
145,854
27,615
•
7,365
28,302
35,667
41,233
28,801
12,432
324
1,249
7,941
3,566
804
12
990
2,400
Total all other liabilities
Total liabilities
1
Before closing books at end of year.
Backfigures.—SeeAnnual Report for 1936 (table 7) and similar tables in previous annual reports.
7,772
12,883,074
No.
Or
8.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH
to
[In thousands of dollars]
1937
1936
Dec. 31
J an. 31
Feb. 28
Mar. 31
\pr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
ASSETS
Gold certificates on hand and due from
U. S. Treasury
8 ,851,880 8, 849,887 8,847,398
12,121
11,475
12,741
Redemption fund—Federal Reserve notes..
293,574
275,480
256,534
Other cash
Total reserves
Bills discounted:
For member banks
For nonmember banks, etc
Total bills discounted
Bills bought:
Payable in dollars
Payable in foreign currencies
Total bills bought
Industrial advances
U. S. Government securities
Bonds
Treasury notes
Treasury bills
8
,844,400 8 ,843,385 8,838,416 8,835,907 8 ,833,900 8,831,387 9,127,390 9,124,892 9,122,408 9 ,119,891
11,375
11,341
9,595
10,471
8,950
9,284
10,422
9,382
9,940
9,436
285,028
285,236
282,019
312,309
317,081
295,019
313,854
314,255
318,036
351,688
9 ,121,155 9 155,582 9,134,353 9 ,140,803 9 ,134,999 9,134,993 9,158,687 9 ,160,265 9,135,356 9,451,666 9,448,529 9,450,384 9 ,481,015
2,612
301
3,171
101
4,619
11,807
200
12,098
17,425
9,928
1
14,989
1
21,559
2
21,315
1,002
20,862
2
16,584
2
9,866
2,913
3,272
4,619
12,007
12,098
17,425
9,929
14,990
21,561
22,317
20,864
16,586
9,866
669
3,069
3,189
3,075
718
3,083
3
3,074
3,076
3,026
2,832
2,828
540
3,738
22,954
6,264
22,404
3,801
22,152
3,077
21,163
3,076
20,895
3,026
20,544
2,832
19,414
2,828
18,557
540
18,049
3,089
3,081
3,083
265
3,082
3,089
24 650
3,081
23,829
3,083
23,257
3,347
22,338
733,478
732,608
732,508
636,890
492,182
533,682
732,508
737,073
738,073
738,073
738,073
751,539
490,643
1 ,340,963 1 345,963 1,303,971 1 ,218,843 1 ,156,393 1,152,213 1,170,713 1 ,160,713 1,157,713 1,157,713 1,158,463 1,168,463 1 ,154,997
574,494
635,119
641,469
622,969
631,404
629,654
592,082
592,574
632,969
630,404
657,479
598,621
657,479
Total U. S. Government securities... 2 ,430,227 2 430,227 2,430,227 2 ,430,227 2 ,524,990 2,526,290 2,526,190 2 ,526,190 2,526,190 2,526,190 2,526,190 2,564,015 2 ,564,015
Other Reserve bank credit:
230
227
226
219
225
222
220
226
221
Due from foreign banks
190
173
178
179
2
702
9,907
12,666
2 617
39,064
35,975
4,007
4,974
Reserve bank float 1
8,386
6,822
10,803
4,280
19,487
Total Reserve bank credit outstand2 ,500,163 2 496,610 2,465,418 2 ,458,239 2 ,564,712 2,585,275 2,561,674 2 ,574,028 2,576,917 2,579,089 2,580,276 2,606,444 2 ,612,136
ing
Federal Reserve notes of other Reserve
19,185
19,137
19,266
24,754
20,621
banks
32,603
23,933
31,499
24 672
27 225
26 875
25,906
30 211
631,997
638,248
607,432
530,904
664,852
615,510
584,347
623,580
Uncollected items not included in float....
786,157
566,246
644,848
605,236
674,000
45,880
45,798
45,698
46,140
46,026
45,615
46,142
45,366
45,274
Bank premises
45,513
45,437
45,462
45,027
43,393
46,303
47,758
47,895
38,473
42,515
41,720
45,300
41,572
44,225
All other assets
45,250
37,824
37,335
Total assets
12 ,524,693 12 296,505 12,329,823 12 ,339,497 12 ,449,197 12,440,422 12,496,481 12 ,461,841 12,393,878 12,786,114 12,726,965 12,795,813 12 ,879,724
LIABILITIES
I
Federal Reserve notes:
31,449
24,672
27,225
24,754
19,137
26,875
25,906
30,211
32,603
20,621
19,:
23,933
19,185
Held by other Federal Reserve banks..
4,250,934 4,134,911 4,169,673 4,155,046 4,185,577 4,204,152 4,182,544 4,189,214; 4,227,244 4,236,001 4,252,046 4,247,620 4,253,400
Outside Federal Reserve banks
Total Federal Reserve notes in cir4,283,537 4,159,665 4,190,294 4,174,231 4,204,714 4,223,418 4,206,477 4,220,663! 4,251,916 4,263,226 4,278,921 4,273,526 4,283,611
culation 3
Deposits:
Member bank—reserve account
U.S. Treasurer—general account
Foreign bank
Other deposits
6,606,430 6,780,789 6,694,612 6,639,080 6,881,167
194,902
193,854
88,010
243,
310,950
76,893
114,760
94,873
71,405
98,620
204,514
173,541
192,664
164,149
160,20'
Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
All other liabilities
7,108,919 7,257,098 7,176,767 7,185,584 7,256,714 7,260,662 7,278,172 7,288,055 7,227,857 7,529,368 7,513,130 7,547,858 7,576,692
644,848
530,904
631,997
638,248
607,432
664,852
605,236
566,246
786,157
615,510
584,347
623,580
674,000
132,605
132,235
132,200
132,302
132,426
132,595
130,836
132,136
132,265
132,179
132,685
132,519
132,744
145,854
145,854
145,854
145,854
145,854
145,854
145,854
145,854
145,854
145,854
145,854
145,854
147,739
27,490
27,490
27,490
27,490
27,490|
27,490
27,190
27,190
27,190
27,490
27,615
27,615
27,683
35,804
36,176
35,940
35,906
35,873',
35,839
37,200
36,235
36,200
36,142
35,743
35,732
33,052
6,919
5,930
7,426
5,428
6,244
6,081
5,000
7,423
5,743
7,856
8,460
9,129
4,203
Total liabilities
Commitments to make industrial
vances
12,524,6
1,915,388 6,900,288
73,449
92,813
120,365
157,400
151,460
127,671
,753,495 6,751,470 7,014,096 6,927,591
138,955
233,084
140,884
113,966
189,015
183,496
247,916
258,775
148,417
117,980
126,472
212,798
i, 961,735 7,026,809
121,300
142,390
271,662
171,750
193,161
235,743
U
12,296,505 12,329,823 12,339,49' 12,449,197 12,440,422 12,496,481 12,461,841il2,393,878 12,786,114 12,726,755 12,795,813 12,879,724
ad-
Ratio of total reserves to deposit and Federal Reserve note liabilities combined
(percent)
20,643
80.1
20,218
80.2
19,441
80.4
18,611
80.5
17,555
79.7
17,069
79.5
16,331
79.7
15,702!
79.6
15,148
14,841
80.1
14,582
13,23
79.9
12,928
79.9
w
1
Uncollected items in excess of deferred availability items.
Deferred availability items in excess of uncollected items.
3
Differs from figures given in table 35, by the amount of Federal Reserve notes held by (a) Federal Reserve banks other than issuing bank and by (b) the U. S. Treasury.
2
CO
Backfigures.—SeeAnnual Report for 1936 (table 8) and similar tables in previous annual reports.
CO
No. 9.—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1936 AND 1937
[In thousands of dollars]
Boston
Total
New York
Philadelphia
1936
1937
1936
1937
1936
1937
1936
1937
8,851,880
12,741
256,534
9,119,891
9,436
351,688
554,311
1,449
20,192
503,090
804
35,260
3,438,991
1,435
64,811
3,586,484
1,124
78,420
495,308
194
25,458
474,890
501
26,940
9,121,155
9,481,015
575,952
539,154
3,505,237
3,666,028
520,960
502,331
Cleveland
1936
Richmond
1937
1936
1937
665,017
978
20,077
672,135
659
27,622
302,265
340
17,065
294,125
921
25,919
686,072
700,416
319,670
320,965
ASSETS
Gold certificates on hand and due from U. S. T r e a s u r y .
Redemption fund—Federal Reserve notes
Other cash .
...
....
Total reserves
Bills discounted:
Secured by U.S.Government obligations, direct
or fully guaranteed
....
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities
Total bills and securities
Due from foreign banks
Federal Reserve notes of other Federal Reserve banks
Uncollected items
Bank premises
All other assets
Total assets
w
2,186
727
6,481
3,385
1,070
22
551
100
655
491
2,804
316
285
28
1,498
655
28
478
195
150
13
340
255
2,913
3,089
24,650
9,866
540
18,049
1,092
225
2,875
651
41
2,729
1,146
1,100
5,958
3,120
212
4,412
313
317
4,685
2,153
55
3,627
28
294
1,214
673
50
879
163
121
2,655
595
23
1,768
490,643
1,340,963
598,621
751,539
1,154,997
657,479
35,167
96,116
42,907
54,751
84,144
47,899
130,269
356,035
158,939
216,814
333,211
189,679
42,194
115,317
51,479
63,561
97,685
55,607
49,618
135,612
60,539
73,157
112,432
64,002
25,340
69,254
30,916
39 394
60,540
34,462
2,430,227
2,564,015
174,190
186,794
645,243
739,704
208,990
216,853
245,769
249,591
125,510
134,396
2,460,879
220
32,603
825,221
46,142
38,473
2,592,470
179
30,211
693,487
45,027
37,335
178,382
17
310
81,304
3,057
133
190,215
13
412
65,419
3,001
2,239
653,447
84
8,799
241,482
10,134
30,576
747,448
68
5,292
195,811
9,973
10,808
214,305
21
1,736
58,663
4,952
3,122
222,688
18
1,662
54,588
4,826
4,305
247,305
20
2,192
95,537
6 368
1,315
251,193
17
1,984
64,245
6,215
4,057
128,449
10
2,779
62,145
2 81C
894
136,782
8
2,886
53,628
2 700
2,231
12,524,693
12,879,724
839,155
800,453
4,449,759
4,635,428
803,759
790,418 1,038,809 1,028,127
516,757
519,200
O
o
o
3
o
w
w
LIABILITIES
Federal Reserve notes in actual circulation 1 .
4,283,537
4,283,611
361,758
285,413
921,697
964,902
312,078
318,035
418,454
433,328
208,787
209,905
Deposits:
Member bank—reserve account
U.S. Treasurer—general account .
Foreign bank
Other deposits
6,606,430
243,662
98,620
160,207
7,026,809
142,390
171,750
235,743
353,497
9,718
7,327
2,830
402,354 2,942,652
7,103
108,703
12,665
35,745
96,584
4,044
3,071,762
39,295
60,892
189,134
381,210
6,258
9,208
2,220
365,046
1,092
17,002
2,269
451,331
26,873
9,109
12,797
470,054
12,477
15,961
3,210
215,791
7,317
4,357
4,963
220,566
10,888
7,460
3,599
Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
All other liabilities
7,108,919
786,157
130,836
145,854
27,190
37,200
5,000
7,576,692
674,000
132,744
147,739
27,683
33,052
4,203
373 372
80,190
9,385
9,826
2,874
1,570
3,361,083
189,511
51,058
51,943
7,744
8,210
398,896
58,926
12,211
13,362
4,325
3,000
501,702
61,336
13,036
14,323
1,007
3,176
232,428
60,837
4,719
4,869
3,422
1,575
242,513
51,996
4,896
4,964
3,409
1,401
977
961
385,409
53,747
12,258
13,466
4,411
2,000
1,092
500,110
88,871
12,664
14,323
1,007
3,120
180
426,166 3,183.684
223,480
64,886
50,590
9,386
51,474
9,900
7,744
2,874
1,448
9,260
1,830
380
260
219
120
116
12 524,693
20,643
12 879 724
12,928
839,155
2,050
800 453 4,449,759
8,424
1,671
4,635,428
4,755
803,759
790,418 l,038,8C9 1,028,127
173
753
1,280
516,757
2,322
519,200
1,623
4,638,197
354,660
4,661,627
378,016
385,745
23,987
322,502
37,089
1,020,281
98,584
1,089,215
124,313
330,441
18,363
340,801
22,766
451,512
33,058
464,655
31,327
227,242
18,455
226,302
16,397
4,283,537
4,283,611
361,758
285,413
921,697
964,902
312,078
318,035
418,454
433,328
208,787
209,905
4,618,838
2,237
95,000
4,728,632
8,954
25,000
406,000
1,070
341,000
1,025,706
467,000
228,000
226,000
285
347,000
1,767
457,000
692
1,100,000
3,085
332,000
589
568
150
595
4,716,075
4,762,586
407,070
341,589
1,026,398
1,103,085
332,285
348,767
457,000
467,568
228,150
226,595
.. .
Total liabilities
Commitments to make industrial advances
247
S3
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Reserve
agent
Held by Federal Reserve bank
In actual circulation
J
Collateral held by agent for notes issued to banks:
Gold certificates on hand and due from U. S.
Treasury
Eligible paper
U S Government securities
Total collateral held
For footnote see end of table.
No. 9—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1936 AND 1937—Continued
[In thousands of dollars]
Atlanta
1936
St. Louis
Chicago
1937
1937
1936
1937
1936
Kansa sCity
Minneapolis
1936
1937
1936
Dallas
1937
San Francisco
1937
1936
1936
1937
ASSETS
Gold certificates on h a n d a n d due from U . S . T r e a s u r y . . 249,489 230,573 1,664,103 1,760,008 255,381 282,455 175,995 185,747 254,216 266,709 170,362 181,832 626,442 681,843
857
695
792
446
543
198
1,535
1,570
915
666
236
1,180
2,659
1,480
Redemption fttnd—Federal Reserve notes
30,597
43,691 16,465 16,105
9,672 13,157 24,560
6,695 14,149 20,268 32,176
7,301
14,448 17,174
Other cash
Total reserves
Bills discounted:
Secured b y U. S. Government obligations direct or
fully guaranteed
Other bills discounted
T o t a l bills discounted
Bills bought in open market
Industrial advances
U . S . Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities
Total bills and securities
D u e from foreign banks
....
Federal Reserve notes of other Federal Reserve banks
Uncollected items . .
Bank premises
All other assets
. . .
Total assets
266,596 249,282 1,695,557 1,804,394 273,416 299,352 184,211 165,865 268,039 291,812 177,255 196,217 648,190 715,199
20
11
322
638
35
150
79
1
39
22
1
3
7
175
22
154
932
2
10
17
26
21
145
13
31
108
400
960
19
128
35
385
1.434
229
65
70C
40
86
424
23
3
237
10
61
1.064
175
2
637
22
87
794
1,086
16
464
12
87
1,325
43
16
946
21
218
1,822
158
38
1,522
20,025
54,731
24.432
32,899
50,559
28,780
57,324
156,670
69,939
82,655
127,026
72,310
23,381
63,901
28,527
32,969
50,670
28,844
18,313
50,051
22,343
24,332
37,392
21,285
25,409
69,445
31,001
36,717
56,426
32,120
20,318
55,530
24,789
29,231 43 285
44,926 118,301
25,574 52,810
65,059
99,986
56,917
99,188 112,238
283,933
281,991 115,809 112,483
90,707
83,009 125,855 125,263 100,637
99,727 113,345
6
8
3,564
3,536
27,364 24,953
2,119
2,237
1,504
1,191
285,787
26
3,974
101,701
4,711
207
282,985 116,359 112,746
3
21
4
4,47C
1,973
2,036
86,688 33,949 28,770
4,589
2,341
2,390
3,332
183
1,367
91,842
3
1,740
18,536
1,488
232
83,823 126,758 126,829 102,061 100,736 216,457 223,680
2
6
5
5
6
13
15
1,531
1,920
1,760
1,044
1,025
3,520
2,669
18,078 36,350 36,463 26,934 27,981 41,256 36,863
3,159
1,281
1,477
3,285
1,261
3,449
3,346
1,572
1,323
167
1,369
283
170
3,228
o
o
*1
>
99,731 214,396 221,962
400,687 394,745 2.091.963 2,186,479 428,337 446,552 298,052 302,488 436,365 461,371 308,844 328,614 912,206 985,849
2
§
CO
LIABILITIES
Federal Reserve notes in actual circulation l
189,101 162,016
963,398
Deposits:
Member bank—reserve account
U. S. Treasurer—general account
Foreign bank
Other deposits
158,750 181,212
4,565 6,396
3,466
6,072
4,367 2,201
935,159 1,011,438 182,277 204,984 120,530 126,011 218,402 233,775 168,143 190,570 478,688 549,037
4,004 18,593 10,964
4,339
8,494
9,086 4,233
27,967 6,952 8,779 5,471
36,485
5,031
2,872
6,832 12,317
3,990 2,872
5,031
5,205 2,376
11,486
20,124 2,970
2,677 16,551 16,645
3,819
3,228
208
420
5,817 5,446
8,697
1,725
2, "
Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
All other liabilities
171,148 195,881
27,116 24,126
4,272 4,401
5,616
5,626
754
730
2,584
1,603
96
362
Total liabilities
Commitments to make industrial advances
183,580 182,088 136,096 137,570 162,081 167,924
91,863
86,374 334,644 342,694
984,855 1,062,028 200,896 224,785 133,823 137,568 229,976 248,312 179,067 202,282 520,664 588,963
86,741 33,557 29,282 18,826 18,082 34,551 35,254 27,045 29,003 33,181 30,036
99,577
3,825
2,893
3,962 4,091
3,891 10,159 10,046
12,920 3,782
12,324
3, " 2,943
3,613
3,851
3,153
3,613
3,892 9,645 9,805
22,387 4,655
21,504
4,667 3,116
1,142
1,262
2,121
1,142
1,270
1,001
1,429
545
1,416
545 1,003
1,"
934
936
1,776
1,949
7,340 1,194
2,097
1,215
7/""
2,037 2,000
184
104
101
*103
126
272
272
128
148
102
180
400,687 394,745 2,091,963 2,186,479 428,337 446,552 298,052 302,488 436,365 461,371 308,844 328,614 912,206 985,849
111
489
269 4,082 3,001
317
345
71
51
290
1,061
176
10
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Reserve
agent
Held by Federal Reserve bank
In actual circulation 1
Collateral held by agent for notes issued to banks:
Gold certificates on hand and due from U. S.
Treasury
Eligible paper
U. S. Government securities
Total collateral held
1
216,545 182,457 1,006,839 1,027,633 196,159 197,086 142,110 142,887 172,233 178,936 103,272
27,444 20,441
43,441
5,317 10,152 11,012 11,409
34,271 12,579 14,998 6,014
97,094 385,818 392,059
10,720 51,174 49,365
189,101 162,016
91,863
86,374 334,644 342,694
176,000 166,000 1,030,000 1,055,000 171,632 200,632 128,000 140,500 170,000 182,000 105,500
1,067
20
13
3
1
229
23
3
99
731
45,000 20,000
15,000 5,000 5,000
30,000
99,500 389,000 404,000
43
158
221,020 186,731 1,030,000 1,055,229 201,633 200,655 143,003 145,599 175,013 183,067 105,503
99,543 389,000 404,158
963,398
993,362 183,580 182,088 136,096 137,570 162,081 167,924
Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank.
a
w
00
58
No.
ANNUAL REPORT OF BOARD OE GOVERNORS
10.—BILLS DISCOUNTED—HOLDINGS, BY CLASSES, OF ALL FEDERAL RESERVE
BANKS, DECEMBER 31, 1932-1937, AND OF EACH FEDERAL RESERVE BANK,
DECEMBER 31, 1937
[In thousands of dollars
Rediscounted bills
Total
(all
classes)
1932—Dec. 31
1933—Dec. 31
1934—Dec. 31
1935—Dec. 31
1936—Dec 31
1937—Dec, 31
1937-Dec. 31
Boston
New York
Philadelphia
234,932
97,590
7,062
4,672
2,913
9,866
Secured
by U. S.
Government obligations
direct
or fully
guaranteed
1,000
338
Otherwise
secured
and unsecured
91,301
19,887
1,826
551
23
270
2,805
1,497
37
257
80
473
340
322
10
255
Cleveland
Richmond
Atlanta
673
595
960
Chicago
St Louis
Minneapolis
229
23
175
79
1
110
150
22
1,086
815
26
13
154
17
145
Kansas City
Dallas
San Francisco
43
158
5
Secured
by other
eligible
collateral
67,956
31,246
1,214
651
3,120
2,153
Secured
by U. S.
Government obligations
direct
or fully
guaranteed
60,000
26,891
3,470
1,538
2,185
6,476
657
731
316
5
Member bank collateral notes
409
803
37
676
Discounts
Secured
for
indiby bills
and secu- viduals,
partnerrities not
ships,
eligible
and corfor discount or
purchase
sec. 10 (b)
13,974
18,824
1,647
1,594
374
883
701
404
74
6
i
63
35
386
105
229
65
117
1
Authorization by the Board of Governors to make discounts under paragraph 3 of section 13 of the Federal
Reserve Act expired July 31. 1936.
59
FEDERAL RESERVE SYSTEM
No. 11.—MATURITY DISTRIBUTION OF BILLS AND UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
1936—Dec. 30
5,377
1937—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2,857
4,107
12,007
10,999
15,698
9,929
15,217
18,703
23,590
23,426
15,863
12,847
27
24
31
28
26
30
28
25
29
27
24
29
Bills bought in open market
1936—Dec. 30
1937—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
24
31
28...
26
30
28
25
29
27
24
29
Industrial advances:
1936—Dec. 30
1937—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
24
31
28
26
30
28
25
29
27
24
29
U. S. Government securities
1936—Dec. 30
1937—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
24
31
28
26
30
28
25
29
27
24
29
6
1 year 2 years Over
Within 16 to
31 to
61 to 91today*
to 2
to 5
6 months
to 1
15 days 30 days 60 days 90 day* months
years 5 years
year
4,737
171
161
302
245
13
303
59
165
596
511
362
434
823
247
395
3
77
51
84
722
724
774
914
1,012
515
628
582
80
12
82
487
236
206
806
742
436
492
237
414
3,089
194
63
250
2,582
3,081
3,083
3,347
3,743
6,260
3,801
3,201
3,077
3,026
2,830
2,828
2,827
319
762
227
1,
373
310
1,663
1,523
271
1,333
1,016
232
1,990
438
650
247
309
614
886
419
173
391
302
117
1,885
185
2,665
2,789
2,915
1,627
2,549
784
1,317
2,310
353
1,
"30
770
232
208
569
391
171
485
24,768
1,167
260
24,085
23,350
22,338
23,180
22,407
22,152
21,596
20,929
20,598
19,450
18,589
18,291
1,003
977
1,285
942
794
849
1,149
936
1,179
1,086
922
1,334
290
197
137
221
178
246
94
224
190
257
323
302
'400
529
894
400
413
566
721
656
649
572
712
842
577
133
292
354
817
137
173
520
826
728
26
669
1,676
1,052
517
553
661
1,027
813
792
564
696
876
624
438
1,238
1,589
1,947
2,269
1,872
1,940
2,050
2,231
1,898
1,695
1,599
1,431
0)
4,363
4,087
3,681
3,815
3,533
3,763
2,972
3,135
3,117
2,914
3,222
3,490
0)
5,899
5,657
5,447
5,558
5,482
5,251
5,464
5,785
5,801
5,679
5,431
5,502
C1)
9,711
9,432
8,888
9,301
8,955
8,569
8,419
7,405
7,145
6,231
5,626
5,217
2,430,227
3,240 23,499 54,426 63,548 292,766 346,189 375,306 827,784 443,469
2,430,227
2,430,227
2,430,227
2,526,240
2,526,290
2,526,190
2,526,190
2,526,190
2,526,190
2,526,190
2,564,015
2,564,015
24,509 24,033 63,
109,961
318 326.,760 375. 306 832, 834 444,958
31,959 29,724 68,
48,597
400 3851,337 293; 840 839, 584 471,008
12,277 53,010 75. 922 368 224 357 ,153 274, 257 707, 518 581,866
23i790 27,770 59 ,278 67. 123 354 334 375 ,302 254;
815 683,857
24,767 33,461 70 223 78! 920 323; 534 378!,912 258,
815 681,687
32,247 35,561 66 075 148. 926 212!,481 483 ,848 247; 497 617 868 681,687
38,628 27,447 142,926 57, 736 222,1616 494.785 236. 997 623, 368 681,687
28,546 106,880 54,736 59 729 300,(018 429, 664 236, 997 623 367 686,253
27,472 27,349 61,055 60,168 396,(030 425!,413 209. 798 631 653 687,252
29,685 31,370 60,168 52,853 426,185 396,,476 209. 798 632 415 687,240
28,285 38,083 54,053 147,93, 383, 188 373 ,016 211. 298 640 915 687,240
24,385 33,296 68,350 265,085 381 170 213 ,895 283; 389 593 739 700,706
1
Maturity distribution not available.
Backfigures.—SeeAnnual Report for 1936 (table 11) and similar tables in previous annual reports.
60
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 12.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL RESERVE
BANKS AT END OF DECEMBER 1935, DECEMBER 1936, JUNE 1937, AND DECEMBER 1937
[In thousands of dollars]
Total holdings
Rate of
interest
(percent)
Bonds:
Conversion loan of 1946-47
Treasury bonds of 1941
Treasury bonds of 1940-43
Treasury bonds of 1941-43
Treasury bonds of 1943-45
Treasury bonds of 1945
Treasury bonds of 1944-46
Treasury bonds of 1943-47
Treasury bonds of 1945-47
Treasury bonds of 1946-48
Treasury bonds of 1946-49
Treasury bonds of 1948-51
Treasury bonds of 1947-52
Treasury bonds of 1949-52
Treasury bonds of 1949-53
Treasury bonds of 1944-54
Treasury bonds of 1951-54
Treasury bonds of 1951-55
Treasury bonds of 1946-56
Treasury bonds of 1956-59
Treasury bonds of 1955-60
Dec. 31, 1935 Dec. 31, 1936 June 30, 1937 Dec. 31, 1937
3
Total Treasury notes
Treasury bills:
Series maturing within:
15 days
16 to 30 days
31 to 60 days
61 to 90 days
91 days to 6 months
6 to 9 months
Total Treasury bills
Total holdings
1
47,173
2,432
7,178
22,831
50,820
188
8,185
26,359
32,358
3^834
21,288
44,036
5,906
59,123
631
7,268
81,425
6,436
52,524
1,159
4,988
53,894
34,436
14,960
31,357
47,766
13,209
101,312
2,314
27,812
105,134
19,748
84,349
28,582
13,820
65,421
61,173
50,832
99
7,894
24,743
41,466
30,881
14,965
31,816
45,901
13,384
100,044
2,314
28,327
108,573
20,041
84,694
28,922
13,901
62,932
39,810
216,176
490,643
732,508
751,539
151,912
57,945
86,942
54,905
92,368
85,442
88,070
94,334
73,766
94,599
82,952
91,484
88,070
96,977
81,466
113,649
85,707
94,484
79,570
81,466
107,212
87,921
90,484
92,666
90,847
89,066
100,197
79,476
143,275
122,287
58,327
86,176
138,275
129,212
104,474
54,060
27,150
52,000
1,641,597
1,340,963
1,170,713
1,154,997
25,070
25,425
68,343
122,169
135,803
196,148
3,240
23,499
54,426
95,839
172,405
249,212
32,247
35,561
66,075
69,356
212,481
207,249
24,385
33,296
68,350
157,873
293,249
80,326
572,958
598,621
622,969
657,479
2,430,731
2,430,227
2,526,190
2,564,015
2
33^62'
3,710
12,738
40,700
1,870
525"
2,810
4
2%
3
Total bonds
Treasury notes:
Series maturing:
April 15, 1936..
June 15, 1936
Aug 1, 1936
Sept. 15, 1936
Dec. 15, 1936
Feb. 15, 1937
April 15, 1937
Sept. 15, 1937
Feb. 1, 1938
Mar. 15, 1938
June 15, 1938
Sept. 15, 1938
Dec. 15, 1938
Mar. 15, 1939
June 15, 1939
Sept. 15, 1939
Dec. 15, 1939
Mar. 15, 1940
June 15, 1940
Dec. 15, 1940
Mar. 15, 1941
June 15, 1941
Dec. 15, 1941
Mar. 15, 1942
Sept. 15, 1942
Dec 15, 1942
i 644
44,440
2,409
7,167
22,694
3M
34
3
3M
3?
8
1H
i',m
533'
6,037
IK
29i999*
IK
2
IX
107^212
87,921
90,784
42,785
75,066
84,947
34,700
88,676
89,875
97,862
80,974
62,060
37,150
48,450
61,000
46,035
19,500
75,566
81,447
10,000
87,676
101,375
98,862
78,474
61,060
29,650
42,450
57,500
Includes $500—3-percent loan of 1961.
Includes $500,000 acquired under repurchase agreement.
Backfigures.—SeeAnnual Report for 1936 (table 12) and similar tables in previous annual reports.
2
61
FEDERAL RESERVE SYSTEM
No. 13.—INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE
FEDERAL RESERVE ACT, JUNE 19, 1934, TO DECEMBER 29, 1937
[Amounts in thousands of dollars]
Applications
received to
date, net
Number
Applications
recommended
for approval
by Industrial
Advisory Committees to date
Number
Applications approved to date by Federal Reserve banks
(with and without conditions)
Tota
Num-
Total to:
1934—Dec. 26
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
5,053
7,615
8,379
8,677
187,i
306,708
342,699
363,292
Total to Dec. 29,
1937, by Federal
Reserve banks:
Boston
New York
Philadelphia
Cleveland
464
1,212
593
659
26,407
83,213
40,953
25,225
172
461
215
226
13,944
35,213
24,346
13,348
124
480
172
201
Richmond
Atlanta
Chicago
St. Louis
651
524
1,012
403
27,262
12,917
47,141
16,396
219
179
169
160
12,017
4,838
12,73"
9,804
Minneapolis
Kansas City.....
Dallas
San Francisco. ..
1,176
403
453
1,127
21,892
13,259
12,360
36,267
350
94
116
279
9,298
6,529
4,549
12,120
1,122 54,531
984 49,634
2,176 132,460 1,993 124,493
2,500 149,204 2,280 139,829
2,640 158,743 2,406 150,98:
Repaid, FinancFederal Federal
inReserve Reserve
expired, ing
bank
Apbank
or with- stitucomtion
proved
addrawn particimit- but not by
vances ments
ap- pations
com- l
outplioutoutpleted
stand- standcant, standing
etc.
ing
ing 2
13,589
32,493
25,533
20,200
8,225
27,649
20,959
12,780
20,966
5,558
11,548 44,025
8,226 77,903
3,369 107,400
1,296
8,778
7,208
7,238
11,715
36,616
24,831
11,983
2,872
5,202
3,645
762
1,706
4,555
173
753
6,791
25,045
18,874
" 1,784 8,064
346
1,456
2,139
620
199
167
142
158
11,183
4,412
9,094
9,917
2,079
143
709
241
1,634
345
1
6,843
3,901
8,365
9,210
626
23
20
15
297
85
110
271
7,264
6,178
4,286
13,508
842
497
1,011
2,197
51
111
269
3,007
874
45
5,339
5,415
2,787
6,766
158
110
219
1,506
358
176
32
1
Includes applications approved conditionally by the Federal Reserve banks and under consideration by
applicant.
2
Does not include financing institution guaranties of advances and commitments made by Federal Reserve
banks, which amounted to $11,168,763 on December 29, 1937.
No. 14.—APPLICATIONS FOR INDUSTRIAL ADVANCES (INCLUDING COMMITMENTS) APPROVED BY FEDERAL RESERVE BANKS UNDER SECTION 13b, CLASSIFIED ACCORDING TO
SIZE, JUNE 19, 1934, TO DECEMBER 29, 1937
Size of loan
Total
Total amount of
applications approved1 (advances
and commitments)
150,982
Total number of applications approved (advances
and commitments)
2,406
1
In thousands of dollars.
124
480
172
201
199
167
142
158
297
85
110
271
12,501 $5,001 $10,001
to
to
to
$5,000 $10,000 $25,000
$100,001 $200,001
Over
$200°000 $400,000 $400,000
354
1,449
2,900
22,802
221
343
335
144
94
40
12
57
20
17
25
33
16
18
63
13
24
45
20
64
19
31
23
29
20
16
45
12
9
47
17
28
12
20
15
5
7
11
9
10
2
8
9
22
13
1
11
1
8
9
1
1
6
12
5
13
5
4
2
28,059 45,063
•CO
By Federal Reserve banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$2,500
and
under
1
1
2
4
62
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 15.—APPLICATIONS FOR INDUSTRIAL ADVANCES (INCLUDING COMMITMENTS) UNDER
SECTION 13b CLASSIFIED ACCORDING TO BUSINESS AND INDUSTRIES JUNE 19, 1934, TO
DECEMBER 29, 1937
[Amounts in thousands of dollars]
Net applications received by industrial
advisory committees
Applications approved by
Federal Reserve banks
(with and without conditions)
Commitments
Number
Number
MANUFACTURERS
Aircraft
Autos, trucks and accessories
Chemicals and allied products
Electrical goods
Food products
Furniture, office and household equip
ment
Hides and leather
Jewelry and silverware
Liquors, wines and beer
Lumber and builders supplies
Machinery and machine tools
Metals
Paper products
Railway equipment
Rubber goods
Stone, clay and glass products
Textiles
Wearing apparel, shoes, etc
Wood products
Other
Amount
Advances
Number
Amount
21
117
139
1,995
26,115
3,503
5,170
14,325
60
10,689
264
1,151
1,909
4
23
22
15
108
1,192
9,392
763
811
3,053
296
69
44
222
378
326
317
115
13
22
152
248
414
140
379
14,083
2,325
1,865
21,482
19,161
19,296
25,589
8,972
6,887
1,891
6,876
21,994
10,715
4,420
21,245
2,959
206
177
3,743
5,910
3,111
3,785
1,789
20
585
2,020
3,756
2,164
840
4,748
59
7
9
24
72
82
73
27
6
5
34
51
77
29
78
2,922
331
487
1,515
4,640
5,164
5,634
3,257
6,377
705
808
5,575
3,040
470
3,089
Total
WHOLESALE AND RETAIL TRADES
Autos and accessories
Chain and department stores
Clothing, dry goods, jewelry
Drugs, tobacco and liquor
Florists, nurseries, etc
Food products
Furniture
Grain, feed, seeds, etc
Hardware and machinery
Lumber and builders' supplies
Oil
Electrical goods
Other
3,981
237,909
557
49,886
805
59,225
335
249
370
210
66
624
182
159
168
372
135
34
245
3,851
8,113
4,021
2,301
1,394
12,816
3,745
7,286
3,085
9,220
4,305
585
5,383
19
19
26
13
12
57
16
19
13
39
11
5
21
246
1,433
470
286
290
3,318
511
2,558
280
1,454
1,610
132
427
33
55
44
29
11
69
23
30
26
66
22
5
33
290
1,260
431
410
213
1,163
311
1,075
498
1,615
512
123
418
Total
MISCELLANEOUS
Contractors and construction
Hotels, apartments, restaurants, etc. .
Laundries, cleaners and dyers
Mines and quarries
Oil and gas production
Printing, publishing and allied trades.
Shipbuilding and repairing
Transportation
Other
3,149
66,105
270
13,015
146
8,319
227
130
158
173
41
360
20
114
324
9,692
3,935
3,272
11,897
8,589
6,242
2,674
4,907
8,070
30
7
4
14
6
25
4
11
15
2,864
171
456
1,785
2,800
645
604
600
1,029
44
8
21
39
3
77
2
14
25
1,905
381
619
3,066
310
1,579
375
618
733
Total
1,547
59,278
116
10,954
233
9,586
Grand Total
8,677
363,292
*943
73,855
*1,484
77,130
* Includes 21 applications each of which covered an advance and a commitment.
63
FEDERAL RESERVE SYSTEM
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No. 16.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1933-1937
[Number in thousands; amounts in thousands of dollars]
1933
1934
1935
1936
1937
NUMBER OF PIECES HANDLED 1
Bills discounted:
Applications
Notes discounted
Advances made
Industrial advances:
Advances made
Commitments to make industrial advances
Bills purchased in open market for own account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
U. S. Government coupons paid 2
All other
Issues, redemptions, and exchanges by fiscal
agency department:
U. S. Government direct obligations
All other
Transfer of funds
5
8
5
3
4
3
.5
1
.7
.2
.2
.6
.3
.1
79
2,013,459
2,497,928
688,933
7
2,067,835
2,565,164
818,847
2
2,148,485
2,590,859
885,190
1
2,232,980
2,665,190
1,009,264
2
2,257,892
2,730,387
1,044,553
18,099
8,371
21,555
7,436
22,633
7,119
18,806
6,968
18,566
6,705
5,281
6,838
3,742
982
27,919
1,538
951
3,892
661
980
81
296
50
3,502
15
30
12
(3)
1,290
1,125
7
7
7
AMOUNTS HANDLED
Bills discounted:
Notes discounted
809,263
" 45,781
9,622
6,886
8,823,545
219,924
Advances made
668,580
160,714
Industrial advances:
Advances made
14,884
28,479
8,519
Commitments to make industrial advances
11,443
29,223
12,583
Bills purchased in open market for own account
898,001
75,903
31,446
25,207
Currency recei ved and counted
11,710,364
9,932,601
9,837,681 10,059,637
Coin received and counted
624,617
298,297
275,608
276,323
Checks handled
157,833,692 179,544,488 202,989,742 234,417,787
Collection items handled:
578,082
U. S. Government coupons paid 2
699,325
751,916
798,925
All other
5,539,659
6,742,974
7,948,641
7,089,008
Issues, redemptions, and exchanges by fiscal
agency department:
U. S. Government direct obligations
24,622,726 29,941,049 30,755,611 25,196,825
(3)
(3)
All other
3,346,189
2,223,136
85,059,151 73,077,156 80,483,190 87,001,630
Transfer of funds
1
2
8
2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece."
Includes coupons from obligations guaranteed by the United States.
Figures not available.
Backfigures—SeeAnnual Report for 1936 (table 16) and similar tables in previous annual reports.
16,187
516,852
4,932
6,978
25,252
10,199,559
287,708
255,453,609
865,465
6,159,828
19,304,020
1,691,863
94,596,861
No. 17.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK,
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
1937
Kansas
City
Dallas
San Francisco
NUMBER OF PIECES HANDLED
>
^2.
d
F
.
PC
h£
0
H
0
bd
0
%
0
GOVERNO
Bills discounted:
1
7 ,453
2 751
324
277
596
177
647
1 ,424
181
107
247
360
362
Applications
6 ,702
247
87
; ,272
185
1 491
135
709
2 ,209
359
Notes discounted
2
Advances made
212
213
6 ,869
646
1 ,385
184
344
'445
126
676
97
170
366
Industrial advances:
i\
247
5
2
15
23
1
93
14
23
15
39
13
Advances made
Commitments to make
141
5
4
12
14
57
25
14
3
3
4
industrial advances..
Bills purchased in open
2
market for own account..
1,581
Currency received and
counted
2,257, 891 ,000 192,039, 000 683,487, 000 203 ,132 000 146,518 ,000 129,230, 000 124,777 ,000 315 ,093 ,000 120,352 ,000 45 ,705 ,000 71 ,004 ,000 61 ,771 000 164,783 ,000
Coin received and counted. . 2,730, 387 ,000 363,210, 000 1,022,766, 000 304 ,684 ,000 138,235 ,000 188,080, 000 87,187 ,000 112 ,578 ,000 126,666 ,000 22 ,719 ,000 77 ,141 ,000 73 ,750 ,000 213,371 ,000
Checks handled
1,044, 553 ,000 110,057, 000 195,892, 000 93 ,399 000 104,929 ,000 71,878, 000 45,328 ,000 145 ,618 ,000 57,857 ,000 32 ,708 000 72 ,118 000 48 ,577 000 66,192 ,000
Collection items handled:
United States Govern18, 566 ,000
381 000 1,032 000
642 000 1 ,142 000
1,153 000
661, 000
508 ,000 3 ,546 ,000
ment coupons paid 3 . .
855, 000
4,990, 000 1 ,193 000 2,463 ,000
6, 705 ,000
243 000
309 000
777 ,000
419 000
821 000
364 ,000
312, 000
219 ,000
366 000
369 000
All other
395, 000
2,111, 000
Issues, redemptions, and
exchanges by fiscal agency department:
United States Government direct obliga384 000
273 ,000
694 ,000
201 000
133 000
186 000
219 000
3, 892 ,000
126, 000
170 ,000
199 000
tions
243, 000
1,064, 000
661 ,000
30 ,000
8 000
8 000
110 ,000
12, 000
27 000
18 000
4 000
18 000
12 000
19 000
All other
395, 000
81 000
Transfer of funds
980 ,000
162 ,000
26, 000
243, 000
64 000
49 ,000
57 ,000
66 000
65 000
31 000
70 000
66, 000
AMOUNTS HANDLED (In millions of dollars>)
Bills discounted
Notes discounted
Advances made
Industrial advances:
Advances made
Commitments to make
industrial advances. .
Bills purchased in open
market for own account..
Currency received and
counted
Coin received and counted..
Checks handled
Collection items handled:
United States Government coupons paid 3.
All other
Issues, redemptions, and
exchanges by fiscal agency department.
United States Government direct obligations
All other
Transfer of funds
16.2
516.9
.1
54.5
4.9
7.0
1.0
58.2
.4
21.6
1.0
2.0
.5
.3
.0
.1
.6
2.3
.0
.7
.1
.2
25.3
1.6
8.8
2.3
2.2
.9
.8
10,199.6
287.7
255,453.6
960.7
31.0
16,030.8
3,268.8
105.5
77,897.0
868.7
28.0
24,310.4
745.1
12.6
24,472.6
530.7
15.9
13,174.5
865.5
6,159.8
57.2
512.7
493.8
1,881.8
48.3
247.6
61.2
389.8
19,304.0
1,691.9
94,596.8
925.3
18.2
3,201.4
13,536.6
1,407.1
32,765.5
393.8
44.7
3,137.0
544.7
38.8
4,158.4
1
2 or more checks, coupons, etc., handled as a single item are counted
2
Purchased by Federal Reserve Bank of New York for System account.
3
.1
18.5
5.8
72.1
1.3
21.9
.0
.0
11.4
.3
16.0
2.2
10.5
1.2
13.1
.5
15.9
.0
.1
.7
.0
.2
1.8
.1
2.8
.7
.5
442.8
10.0
11,672.6
1,373.6
18.7
33,435.9
433.3
14.0
13,287.1
18.5
284.8
9.4
220.8
83.3
887.8
298.3
12.8
5,608.2
116.9
14.5
2,672.7
1,922.2
85.5
18,317.2
as 1 "piece."
Includes coupons from obligations guaranteed by the United States.
Backfigures.—SeeAnnual Report for 1936 (table 17) and similar tables in previous annual reports.
1
3.3
203.2
.3
.9
.6
.6
3.5
215.7
3.0
5,631.8
302.7
9.8
12,062.6
213.1
7.5
8,949.5
844.4
31.7
14,528.8
20.9
420.2
14.2
379.6
20.5
344.7
8.6
256.4
29.6
333.6
385.3
25.4
3,789.2
216.9
16.3
1,988.9
398.5
14.4
5,481.0
188.3
4.6
4,136.2
377.2
9 6
9,341.1
No. 18.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS, 1937
Noncash collection
items handled
Notes
discount*
Advances
made
Currency
received
and counted
Coin
received
and counted
Checks
handled
Government
couponsJ
Federal Reserve branch and district number
All other
Issues, redemptions, and
exchanges by fiscal
agency department
U.S.
Government
direct
obligations
Transfer
of
funds
All other
NUMBER OF PIECES HANDLED 2
>
No. 2—Buffalo
No 4—Cincinnati
Pittsburgh
No 5—Baltimore
83
...
63
Charlotte
No 6—Birmingham
No
No
No.
No
No
No.
Jacksonville . . .
Nashville
New Orleans .
7—Detroit
8—Little Rock .
Louisville
Memphis
9—Helena
10—Denver
Oklahoma City
Omaha
11—El Paso
..
Houston
San Antonio..
12—Los A ngeles
Portland
..
Salt Lake City
Seattle
.
Spokane
..
. •
..
•••
4
• •
10
156
• •
368
64
48
13
32
..
46
47
15
33
8
48
8
51
23
757
573
.
Total
25
24
6
18
44
11
82
39,025,000
32,497,000
59,157,000
56,282,000
17,293,000
12,915,000
24,010,000
13,144,000
27,683,000
49,663,000
9,827,000
18,752,000
20,678,000
2,338,000
12,648,000
9,593,000
9,978,000
3,958,000
12,713,000
11,640,000
81,277,000
9,965,000
5,329,000
14,367,000
2,267,000
36,020,000
52,473,0JO
56,611,03:)
129,827,000
10,251,000
9,593,000
18,811,000
7,893,000
30,473,000
4,646,000
5,812,000
20,048,000
13,272,000
2,099,000
9,514,000
10,933,000
11,299.000
2,218,000
16,902,000
12,420,000
87,330,000
8,797,000
5,410,000
15.008,000
1,623,000
12,711,000
21,682,000
44,614,000
24,989,000
9,058.000
6,676,000
8,138,000
5,482,000
6,922,000
18,444,000
4,753,000
11,518,000
4,324,000
3,923,000
10,98j,000
16,148,000
12,351,000
3,913,000
8,455,000
7,531,000
19,523,000
7,371,000
8,964,000
8,599,000
1,012,000
81,000
796,000
481,000
362,000
45,000
37,000
62,000
45,000
143,000
327,000
43,000
293,000
62,000
34,000
224,000
57,000
210,000
21,000
85,000
59,000
396,000
127,000
101,000
119,000
39,000
84,000
33,000
32,000
121,000
47,000
18 000
46,000
28 000
57,000
106 000
121,000
36,000
60 000
20,000
63 000
72,000
83 000
16,000
64 000
36,000
68,000
29 000
66,000
47 000
10,000
1, 000
5, ono
7, 000
10,
7 (ion
5 000
5 Of)1)
8, 000
2 000
2, 000
1
1, 000
2, 000
556,999,000
579,283,000
288,086,000
4,249,000
1,363,000
41, 000
noo
1, 000
1 000
1 000
3, 000
1, 000
1, 000
i 000
24, 000
11 000
10 000
12 000
13 000
14 000
5 000
7 000
3 000
10, 000
25 000
8 000
8, 000
9 000
10, 000
g 000
15 000
4 000
19 ooo
8 000
25, 000
6 000
9, 000
10
ono
6, 000
255, 000
f
o
o
O
w
02
AMOUNTS HANDLED (In thousands of dollars)
No.
No.
No.
No.
No.
No.
No.
No
No.
No.
2—Buffalo
4—Cincinnati
Pittsburgh
5—Baltimore
Charlotte
6—Birmingham
Jacksonville
Nashville
New Orleans
7—Detroit
8—Little Rock
Louisville
Memphis
9—Helena
10—Denver
Oklahoma C i t y
Omaha
11— E l P a s o
Houston
San Antonio
12—Los Angeles
Portland
Salt Lake C i t y
Seattle
Spokane
Total.
1
5,096
:
2^415
46
13
544
1,299
1,415
136
792
2,091
175
7,474
1^290
106
21
57
108
55
22
1,110
630
6,477
160
1,576
403
1,997
32,539
174,938
111,858
359,484
229,973
58,551
47,559
99,444
39,127
90,075
259,401
35,409
3,377
5,461
4,250
9,613
1,306
1,071
2,323
893
2,941
68,688
54,330
15,783
70,777
34,065
40,466
15,546
42,721
39,761
339,989
51,950
30,896
75,840
14,326
1,716
2,667
464
2,060
1,199
1,751
379
1,730
1,145
10,340
2,013
1,291
3,014
2,400,957
63,142
2,749,565
3,629,199
12,888,738
4,151,174
1,993,074
1,651,970
2,157,342
1,492,099
1,636,661
7,553,256
966,992
2,568,251
1,128,394
535,815
2,372,413
2,093,011
1,814,367
532,940
1,853,418
1,268,676
4,021,449
1,483,638
1,248,953
1,641,027
288,850
2,437
16,650
19,270
12,350
482
389
884
575
3,195
7,007
428
4,193
804
409
3,517
859
2,759
247
1,795
818
10,328
1,857
1,311
2,245
472
47,111
74,908
69,812
137, 144
32,887
15,528
26,834
39,249
67,710
165,320
63,792
63,367
47,873
16 581
64 868
26 719
93 332
13 370
63 102
40 474
75 318
33 731
33 498
44 209
10 042
605
32,334
136 618
170,254
7,789
7,089
381
20,505
4,576
195
385
178
9,470
518
167
1,515
1,246
1 ,967'
415
1,008
424'
91
1,853
8,120
739
103
1,089
70
'645'
202
210
96
97
63,721,272
95,281
1,366 779
379,161
6,885
38,678
977,299
486,771
979,627
1,133,779
1,375,343
131,004
235,067
128,155
439,947
3,621,927
244,958
449,243
496,702
193,667
664,663
860
823,516
129,036
1,420,166
436,469
2 180,596
543,098
430,084
564,718
195,835
18,282,530
Includes coupons from obligations guaranteed by the United States.
2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece."
NOTE.—Currency received and counted during 1937 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 895,895 pieces, amount 15,096,000; Savannah, Ga., 3,484,811 pieces, amount $9,562,550. Coin received and counted by Habana, Cuba, none; Savannah, Ga., 418,500 pieces, amount $31,250. Transfer of funds by Habana, Cuba, 56 pieces,
amount $5,263,657; Savannah, Ga., none.
Backfigures.—SeeAnnual Report for 1936 (table 18) and similar tables in previous annual reports.
2
68
ANNUAL REPORT OF BOARD OF GOVERNORS
INTERDISTRICT SETTLEMENT FUND
No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1928-1937
|In millions of dollars]
Year and month
Balance
at beginning of
period
Daily settlements
between federal
Reserve Iv.nks
InterReserve
bank
transfers
Withdrawals
Deposits
Balance
at end of
period
Transit
clearings
Federal
Reserve
note
clearings
528.2
687.0
511.2
417.4
314.1
340.3
618.2
,718.3
,572.0
,722.6
132,525.2
145,132.4
151,458.3
124,137.3
89,527.6
75,725.4
80,816.0
91,026.6
102,073.7
107,157.0
658.4
758.7
669.4
540.1
545.4
614.4
602.9
644.0
786.9
899.7
1,172.6
1,052.1
1,530.2
1,905.0
1,648.4
2,575.0
2,084.0
1,472.0
1,869.0
2,601.5
2,855.6
3,160.4
2,063.8
2,729.0
4,156.6
4,548.6
2,016.4
2,277.5
4,028.7
468.5
3,014.4
2,984.5
1,970.0
2,625.7
4,182.8
4,826.5
3,116.5
4,131.2
3,179.3
626.7
340.3
618.2
1,718.3
3,572.0
2,722.5
2,880.8
January
February
March
April
2,722 6
2,848.3
2,844.8
2,824.8
9,150.2
7,757.9
10,186.7
9,480.4
82.5
62.3
70.9
69.0
90.0
90.0
446.0
287.5
7.0
9.5
49.0
48.0
132.7
6.0
29.0
35.0
2,848.3
2,844.8
2,824.8
2,811.8
May
June
July
August
2,811.8
2,789.8
2,772.8
2,738.8
64.9
66.6
74.0
85.1
231.0
398.0
163.0
99.0
61.9
28.0
54.0
21.0
40.0
11.0
20.0
2,789.8
2,772.8
2,738.8
2,720.3
September
October
November
December
2,720.3
2,983.8
2,971.3
2,967.3
8,738.3
9,343.4
8,991.5
8,262.7
8,636.8
9,043.3
8,148.2
9,417.8
86.0
83.5
74.0
80.9
189.0
159.0
166.0
283.0
36.5
28.4
21.5
103.5
300.0
16.0
17.5
17.0
2,983.8
2,971.3
2,967.3
2,880.8
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
687.0
511.2
417.4
314.1
We
Back figures.—See Annual Report for 1936 (table 19) and similar tables in previous annual reports.
No. 20.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1937
[In millions of dollars]
Federal Reserve
bank
Boston
New York
Philadelphia...
Cleveland
Inter-Reserve
bank transfers
Withdrawals
6.0
117.0
18.0
55.0
Deposits
70 0
335 7
42 5
Richmond
Atlanta
Chicago
St. Louis
74.5
22.0
68.0
29.0
64 0
31 0
Minneapolis...
Kansas City...
I alias
San Francisco..
37.0
15.5
10.5
16.0
24 5
3 0
16 0
Total....
468.5
626 7
40.0
Backfigures.—SeeAnnualReport for 1936 (table 20) and similar tables in previous annual reports.
Balance
in fund
at close
of business
Dec. 31
162.1
986.5
127.9
205.1
68.1
64.6
705.0
81.8
45.3
84.3
82.3
267.8
FEDERAL RESERVE SYSTEM
69
FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND
No. 21.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1928-1937
[In millions of dollars!
Balance at
beginning
of period
Year and month
Withdrawals
Transfers Balance at
end of
from bank
period
Deposits
Transfers
to bank
70.5
149.9
.5
1.3
4.0
4.0
1.0
.5
1,631.4
1,500.6
1,101.7
1,678.5
3,101.6
4,030.3
1,003.3
864.0
1,810.3
326.7
1,768.1
2,210.2
947.8
1,819.5
3,084.5
3,938.5
2,458.3
2,223.7
1,158.2
436.5
761.9
1,262.9
1,109.4
1,250.7
1,237.6
1,149.7
2,605.7
3,965.8
3,313.8
3,423.6
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1,028.3
761.9
1,262.9
1,109.4
1,250.7
1,237.6
1,149.7
2,605.7
3,965.8
3,313.8
January
February
March
April
Nlay
June
3,313.8
3,186.1
3,187.1
3,204.1
3,216.1
3,233.1
132.7
6.0
29.0
35.0
40.0
11.0
5.0
7.0
46.0
47.0
57.0
25.5
3,186.1
3,187.1
3,204.1
3,216.1
3,233.1
3,247.6
July
Auguet
September
October
November
December
3,247.6
3,279.6
3,295.6
3,328.1
3,338.1
3,339 6
20.0
2.5
52.0
18.5
32.5
26.0
19.0
101.0
3,279.6
3,295.6
3,328.1
3,338.1
3,339.6
3,423.6
473.6
358.5
1.0
"io'o
17.5
17.0
Back figures.— See Annual Report for 1936 (table 21) and .similar tables in previous annual reports.
No. 22.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1937
[In millions of dollars]
Balance
Jan. 1
Federal Reserve bank
Boston
New York
Philadelphia
Cleveland
..
406.0
525.7
332.0
457.0
Withdrawals
Deposits
Transfers
to bank
Transfers
from bank
Balance at
close of
business
Dec. 31
70.0
35 7
5.0
110 0
15.0
52.5
341.0
600 0
347.0
467.0
42.5
liioh mond
A tlanta
Chicago
St Louis
228.0
176.0
230.0
171.6
64.0
31.0
40 0
62.0
21.0
65 0
29.0
226.0
166.0
255 0
200.6
Minneapolis
Kansas City
f )ailas
San Francisco
128.0
170.0
105.5
384.0
24.5
3.0
16 0
37.0
15.0
10 0
15.0
140.5
182.0
d9 5
399.0
3,313.8
326.7
436.5
Total
Backfigures.—SeeAnnual Report for 1936 (table 22) and similar tables in previous annual reports.
3,423.6
70
ANNUAL REPORT OF BOARD OF GOVERNORS
MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 23.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, DEC. 31, 1936-1937
[Banks not on par list comprise nonmember banks that have not agreed to pay, without deductions for
exchange, such checks drawn upon them as are presented for payment by the Federal Reserve banks]
Federal Reserve district or State
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Member
bunks
Dec. 31, 1936
Nonmember banks '
Not on
On par
par list
list
Dec. 31, 1937
Nonmember banks *
On par
Not on
list
par list
Member
banks
DISTRICT
Total.
360
789
608
(327
404
330
741
388
481
726
5oO
322
171
288
261
637
324
94
1,622
815
184
1,027
305
291
6,376
6,019
2
321
672
228
414
724
174
164
33
357
776
655
622
405
324
769
392
469
733
547
292
169
275
263
624
320
94
1,568
762
171
985
288
265
2
310
683
220
436
722
177
161
32
2,732
6,341
5,784
2,743
STATE
New England:
44
Maine
26
27
53
New Hampshire
12
53
11
42
Vermont
33
42
33
156
Massachusetts
45
157
43
14
Rhode Island
9
14
9
59
Connecticut
64
60
63
Middle Atlantic:
New York
194
567
185
N ew Jersey
106
283
103
Pennsylvania
321
318
775
East North Central:
Ohio
324
326
381
Indiana
132
390
140
372
388
Illinois
382
480
462
23
201
Michigan
189
288
310
3
131
Wisconsin
128
304
310
166
West North Central:
404
211
73
207
71
Minnesota
111
143
142
416
418
Iowa
91
137
141
402
442
Missouri
135
61
55
5
North Dakota
101
71
19
68
16
South Dakota
158
147
131
148
123
N ebraska
1
205
502
203
487
Kansas
South Atlantic:
20
24
20
25
Delaware
74
109
74
108
Maryland
12
10
13
9
District of Columbia
118
156
156
118
Virginia
98
98
79
West Virginia
143
52
52
17
North Carolina
123
24
24
5
South Carolina
246
8J
77
16
Ceorgia
57
19
57
19
Florida
East South Central:
14
111
307
111
301
Kentucky
170
67
63
78
77
Tennessee
125
6
82
Alabama
175
6
28
Mississippi
West South Central:
124
57
60
57
Arkansas
101
35
10
36
Louisiana
217
12
221
174
167
Oklahoma
.'
507
109
504
289
274
Texas
Mountain:
67
66
33
27
Montana
30
30
23
22
Idaho
35
35
21
21
Wyoming
83
67
88
58
Colorado
26
15
26
15
New Mexico
9
5
7
5
Arizona
27
27
Utah
5
7
4
Nevada
Pacific:
83
73
70
63
Washington
43
46
33
39
Oregon
123
112
117
California
107
1
Excludes mutual savings banks; includes private banks reported as either on par list or not on par
Back figures.—See Annual Report for 1936 (table 23) and similar tables in previous annual reports.
6
27
1
162
411
109
107
129
97
161
1
47
7
135
121
253
81
13
163
129
175
130
103
13
106
28
4
list.
71
FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK PREMISES
No.
24.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO
DECEMBER 31, 1937
Cost of
Cost of building;
land
includFixed
ing old
buildings machinery
All
Total
and
demolother
equipment
ished,
net
Federal Reserve
bank or branch
Total
cost of
Book
land and value, net
buildings
Date
occupied
$1,246,726 $ 662,157 $3,542,603 $4,204,760 $5,451,486 $3,000,849 March 1922.
Boston..
New York
Buffalo
Philadelphia..
Cleveland..
Pittsburgh.
5,215,656
3,362,008 12,183,528 15,545,536 20,761,192 9,524,665 October 1924.
1
255,000
465,707
448,200 May 1928.
465,70;
720,707
1
1,884,357
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
747,173 4,130,164 4,877,337 6,761,694 4,825,625 December 1917.
1,295,490 1,614,405 6,464,253 8,078,658 9,374,148 4,368,942 August 1923.
781,364
352,411 1,049,451 1,401,862 2,183,226 1,846,060 December 1931.
271,924
250,487
482,652 2,040,667 2,523,319 2,795,243 1,511,734 October 1921.
330,439 1,247,262 1,577,701 1,828,188 1,188,581 September 1928.
283,000
124,137
45,842
1
48,000
201,250
l,358,i
1,533,361 1,816,361 1,003,562 October 1918.
175,
258,375 January 1927.
311,336
482,921
358,784
47,448
217,330
289,128
144,106 June 1924.
243,286
25,956
211,616
284,717
151,166 December 1922.
236,717
25,101
738,404
561,559 October 1923.
897,906 1,099,156
159,502
2,963,548 1,398,181 6,234,969 7,633,150 10,596,698 3,827,675 July 1922.
115,841 1,006,868 1,122,709 1,772,709
650,000
761,487 December 1927.
1,355,374 1,141,588 2,111,809 3,253,397 4,608,771 l,672,19 June 1925.
103,608
85,037
233,079
222,778 March 1925.
336,687
421,694
1
35,230
226,259
200,301 June 1919.
261,489
131,177
392,666
44,062
233,645
245,630 June 1929.
277,707
100,906
378,613
Minneapolis
Helena
600,521
15,682
660,375 2,316,746 2,977,121 3,577,642 1,450,149 February 1925.
13,082 2 13,082
28,764
27,190
Kansas City
Denver
Oklahoma City
Omaha
495,303
101,512
65,021
176,427
848,489 3,391,101 4,239,590 4,734,890 2,089,184 November 1921.
60,593
355,533 November 1925.
510,469
611,981
449,876
295,347 April 1923.
487,370
552,391
77,480 409,890
419,257 December 1925.
471,417
647,844
73,479
397,938
Dallas
El Paso
Houston
San Antonio
189,831
39,003
66,313
75,00:
352,671 1,172,684 1,525,355 1,715,185
10,824
122,193
161,196
111,369
60,001
348,238
414,551
288,237
21,238
179,196
254,198
157,
San Francisco
Los Angeles
Salt Lake City
412,996
453,458
114,075
784,102 3,144,407 3,928,509 4,341,505 1,845,081 December 1923.
282,698
988,109 1,270,807 1,724,265 1,151,750 April 1930.
341,449
84,814
349,320 February 1927.
426,263
540,338
'Total.,
896,257
69,791
183,567
131,780
March 1921.
August 1920.
February 1922.
October 1928.
19,994,386 14,139,805 57,189,878 71,329,683 91,324,059 45,027,701
OTHER REAL ESTATE ORIGINALLY ACQUIRED FOR BANKING HOUSE PURPOSES
SJew York:
$ 592 ,679 $ 215,418 $1,451 ,570 $1, 666, 988 $2 259, 667 $1 091, 999
Annex Building
45 ,000
125 ,864
125, 8o4
170, 864
75, 833
No. 10 Gold Street....
560 ,460
699, 454
138 994
996, 454
297 ,003
366, 308
Pittsburgh
80 ,333
104 217
482 ,482
588, 699
667, 032
225, 868
Richmond
(Annex
Bldg.).
0 ,003
16 109
156 ,290
172, 399
177, 399
1
Selena 3
Total
1,020 ,012
474 738 2,776 ,666 3, 251, 404 4 271, 416 1 759, 976
Purchased buildings—"Cost of land" represents appraised value, remainder of purchase price included in
"Cost
of Buildings."
2
Building, under construction.
3
Building occupied as banking quarters pending completion of new building.
NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies:
Branches—Charlotte, Portland, Seattle, Spokane; Agencies—Savannah, Habana. The Cincinnati branch
since January 3, 1928, has occupied quarters in the Chamber of Commerce Building, erected on the site leased
to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No. 25.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1937
New
York
Total
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
Francisco
CURRENT E A R N I N G S
Discounted bills
Purchased bills
U S Government securities
Industrial advances
Commitments to make industrial advances
All other
Total current earnings
$212,410
24,031
39 ,025,450
1 ,091,417
189,897
689,930
41 ,233,135
$8 083
$9,054
$23 7-70
$6,870
$5,075
$26,307
$17,578
$4, 759
$8 562
$85,780
$6,655
$9 967
885
785
2,801
662
2,348
2 ,167
1,602
8,724
464
641
2,310
642
2,838,673 11,035,951 3,257,295 3 848 643 2,074,526 1,726 139 4 ,330,806 1,752,810 1,292, 46? 1,943,299 1,527,738 3,397 108
51,554
122,824
13 ,778
136,260
261,114
222,940
46 ,056
15,801
43, 381
31,787
76,311
09,611
17,818
4,771
67,704
89,233
1,766
48,438
11 ,288
70 ,382
17,640
25,056
1 ,620
25 ,355
196
183,356
11,514
16,872
636
8, 657
2,129
149,847
3,016,702 11,548,506 3,559,094 3 986 ,619 2,249,985 1,791 ,397 4 ,575,583 1,802,734 1,350, 359 2,134,358
3,46J
12,070
54,121
55,893
1,623,493 3,594,305
CURRENT EXPENSES
Operating expenses:
Salaries :
Officers
Employees
Retirement
System
contributions for current service
Legal fees
Directors' fees and expenses.. :
Federal Advisory Council, fees
and expenses
Traveling expenses (other than of
directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery and supplies..
Insurance on currency and security shipments
Other insurance
Taxes on bank premises
Depreciation on bank building
Light, heat, power, and water
Repairs and alterations to bank
building
Rent
. .
Furniture and equipment
All other
Total operating expenses
Less reimbursements for certain
fiscal agency and other expenses..
$525,819 $117,
$185,809
4,320,000 1,285,729 1,464,381
294 321
16 223 573
$114,125
1,088,402
894 142
63 504
138 483
55,514
3,616
6,334
233,907
7,058
10,445
14 399
1,15'
549
69,004
6,071
8,131
$158,620
935,458
$157,029 $244,705
804,054 1,905,38:
$173,677
874,574
$106,835
549,152
$165,122
896,692
$131,830 $212,974
739,515 1,359,229
53,897
77,519
5,462
7,958 " "6^502
42,035
1,932
14,130
104,784
531
6,577
51,633
16
12,
33,255
9,196
12,104
57,439
10,2o6
29,595
38,857
9,086
8,26o
76,298
10,300
15,819
832
1,021
992
1,350
995
1,239
1,488
3,350
761
856
424
002
48,415
555,15,
110,661
155,437
27,801
299,718
33,365
75,936
22,427
294,961
50,201
58,184
22,827
261,133
33,620
44,388
17,725
219,563
50,960
49,403
23,870
375,500
34,533
86,126
18,07'
151,251
38,742
42,251
22,630
123,536
19,930
31,070
12,917
215,021
46,574
45,150
12,784
162,382
37,179
44,281
27,644
267,745
55,818
65,756
281, 419
236, 095
1, 391, 665
1, 297, 858
379, 870
54,269
30,045
413,865
297,378
73,470
31,873
18,859
69,767
126,532
35,312
29,572
18,754
129,615
156,770
41,998
19,961
15,554
68,274
109,233
20,871
15,
17,364
58,897
43,076
18,029
29,895
20,807
163,820
130,837
42,920
6,203
19,171
53,277
48,898
23,110
8,728
19,792
72,103
28,809
17,161
10,054
22,843
87,606
127,877
34,172
9,167
16,256
31,095
69,492
19,849
25,799
21,030
96,805
103,124
25,431
152, 688
176, 823
290, 187
540,465
22,039
15,586
1,284
29,531
66,012
11,691
82.908
29,195
51,704
5,853
29,217
5,891
29,908
18,189
4,513
15,007
40,205
13,458
3,093
33,696
68,529
11,179
3,100
40,462
37,164
15,150
90
19,778
25,549
10,497
12,801
1,605
18,141
28,430
11,872
50,773
12,796
64,653
272
3 287
536
770,
29, 242, 535
3, 947, 700
55,883
63,;
16^614
36,008
6,978,281 2,320,067 2,719,785 1,822,039 1,588,795 3,290,080 1,606,758 1,115,863 1,825,676 1,392,453 2,507,216
690,443
220,719,
260,018
262,149
484,835j
549,087,
360,893
153,449
219,096
305.025
238,986
N e t operating expenses
Assessment for expenses of Board of
Governors
Federal Reserve currency:
Original cost
Cost of redemption
T o t a l c u r r e n t expenses
25, 294 ,835
1,872 ,542
6,287 ,838 2,099,348 2,459 ,767
1,559, 890
1,103,960 2,740 ,973 1,245,865
962, 414
1,606, 580
1,087,428 2,268, 230
1, 748 ,380
126 ,619
631 ,679
171,565
161 ,223
75, 054
61,248
203 ,408
51,615
40, 347
50, 120
51 ,390
124, 112
1, 530 ,802
226 ,597
143 ,830
17 ,765
380 ,620
50 ,811
122,380
18,541
132 ,281
16 ,974
81, 218
13, 611
67,393
19,926
222 ,781
32 ,396
62,215
11,398
43, 740
6, 359
55, 361
8, 492
60 ,056
S,984
158, 927
20, 340
?8 800 614
2,160 756
7,350 Q48 2,411,834
2,770.245
1,729, 773
1,252,527 3,199 558 1,371,093 1,052, 860
1,720, 553
1,208 ,858 2,571, 609
PROFIT AND LOSS
C u r r e n t earnings (above)
C u r r e n t expenses (above)
C u r r e n t n e t earnings
Additions t o c u r r e n t n e t earnings:
Profits on sales of U. S. Governm e n t securities
All other
Total
Deductions from current net earnings:
Losses a n d reserves for losses
Special reserves a n d charge-off s
on b a n k premises
Prior service contributions to
R e t i r e m e n t System
Assessment for building for Board
of Governors
All other
Total..
N e t deductions from c u r r e n t net earn
ings
Net earnings
Paid U. S. T r e a s u r y (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)
52,249,985 $1,791,397 $4,575,583
,559,094 $3,986, 619 $:
$1,802,734 $1,350,359|$2,134,358 $1,623,493 $3,594,305
$41,233,135 $3,016,702 $11 ,548,506 $3,55
,575,
7,350,948 2,411,834 2,770,245 1,729,773 1,252,527 3,199,558 1,371,093
"",800,6141 2,160,756
,052,860 1,720,553 1,208,858 2,571,609
12,432,521
855,946
4,197,558
2,413,428
945,261
172,173
461
664,580
54,622
3,358,689
172,634
719,202
516,906
102,000
206,500
520,212
538,870 1,376,025
431,641
297,499
413,805
200,909
239,359
138
127,633
56,577
104,366
139,772
276,
534
116,946
1,802
82,119
85,478
122,583
7,387
94,275
18,273
200,993
239,497
184,210
244,138
811,
118,74
167,597
129,970
112,548
113,543
24,8
15,000
75,000
41,837
186,841
2,520,365
178,800
638,544
193,476
219,906
157,044
93,840
1,423,695
342,156
103,465
1,229
514,457
12,89S
140,073
5,546
131,155
23,749
60,953
849
49,859
292,678
165,
4,989,963
385,494
1,372,394
339,112
374,810
332,389
536,245
499,607
1,631,274
212,8
653,192
138,119
10,801,24'
176,625
7,940,966
67,304
2,616,352
Surplus (sec. 7), J a n . 1,1937
145,852,719
Addition, as above
2,616,352
Transferred to reserves for c o n t i n gencies
-731,313
Surplus (sec. 7),Dec. 31, 1937
1,147,260 1,216,374
147,737,758
212,015
45,949
257,9
54,978
70,004
144,900
83,040
170,760
109,308
197,748
42,080
452
33,088
723
40,840
530
41,878
445
100,728
1,573
212,130
221,635
355,027
187,432
173,6
135,313
148,179
292,107 +311,581
8,684
6,091
82,160
109,087
97,063
643,086
3,544,366 1,009,141 1,081,061
372,033
246,763 1,687,606
362,957
291,408
331,645
305,548
925,633
6,648
562,652
4,
3,070,594
9,994
241,360
25,036
231,988
7,688
40,836
607,808
73,786
83,968
734,768
86,283
104,122
13,476
773,118
294^467
291,235
-13,420
94,218
260,851
-24,263
10,175
28,
763,
12.
883,
1,825,951 51,473,730 13,361,774 14,322,790 4,869,418 5,615,773 21,503
104,122
94,218
73,786
294,467
10,175
883
468,775
-294,467
4,152
229,420
"129^385
174,057
-1,751
119,102
80,291
4,654,737
129,385
,116,430 3,612,681
119,102
80,291
-116,947
-82,118
-80,291
317^825
1,851,034 9,644,799
317,825
40,836
-157,490
9 737 51,942,505 13,465,896 14,322,790 4,963,636 5,625,948 22,386,972 4,667,175 3,153,414 3,612,681 3,891,870 9,805,134
NOTE.—Operating expenses include reimbursable fiscal agency expenses, which were shown separately prior to 1936.
Back figures.—See A n n u a l Report for 1936 (table 25) a n d similar tables in previous a n n u a l reports.
332, 999
414,635 1,022,6
No. 26.—CURRENT EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF FEDERAL RESERVE BANKS AND DISPOSITION MADE OF NET
EARNINGS, 1914-1937
Earnings and expenses
Disposition of net earnings
Federal Reserve bank
Current earnings
All Federal Reserve banks:
1914-1915
1916
1917
1918
1919
Current
expenses
Net earnings
l
Transferred
to surplus
(Sec. 7)
Dividends
paid
Transferred
to surplus
(Sec. 13b)
Paid to U. S
Treasury
(Sec. 13b)
Franchise tax
paid to U. S.
Government 2
2,173,252
5,217,998
16,128,339
67,584,417
102,380,583
2,320,580
2,273,999
5,159 727
10,959,533
19,339,633
— 141,459
2,750,998
9,579,607
52,716,310
78,367,504
217,463
1,742,774
6,801,726
5,540,684
5,011,832
1 J34^234
48,334,341
70,651,778
2,703,894
1920
1921
19^2
1923
1924
181,296,711
122,865,866
50,498,099
50,708,566
38,340,449
28,258 030
34,463,845
29,559,049
29,764,173
28,431,126
149,294,774
82,087,225
16,497,736
12,711,286
3,718,180
5,654,018
6,119,673
6,307,035
6,552,717
6,682,496
82,916,014
15,993,086
-659,904
2,545,513
-3,077,962
60,724,742
59,974,466
10,850,605
3,613,056
113,646
1925
1926
1927
1928
1929
41,800,706
47,599,595
43,024,484
64,052,860
70,955,496
27,528,163
27,350,182
27,518,443
26,904.810
29,691,113
9,449,066
16,611,745
13,048,249
32,122,021
36,402,741
6,915,958
7,329,169
7,754,539
8,458,463
9,583,913
2,473,808
8,464,426
5,044,119
21,078,899
22,535,597
59,300
818,150
249,591
2,584,659
4,283,231
36,424,044
29,701,279
50,018,817
49,487,318
48,902,813
28,342,726
27,040,664
26,291,381
29,222,837
29.241,396
7,988,182
2,972,066
22,314,244
7,957,407
15,231,409
10,268,598
10.029,760
9,282,244
8,874,202
8,781,661
-2,297,724
— 7,057,694
11,020,582
—916,855
6,510,071
2,011,418
-60,323
42,751,959
37,900,639
41,233,135
31,577,443
29,874,023
28,800,614
9,437,125
8,512,433
10,801,247
8,504,974
7,829,581
7,940,966
607,422
352,524
2,616,352
27,062
102,880
67,304
297,667
227,448
176,625
1,241,048,025
559,913,496
600,430,096
162,184,506
288,268,627
M36,923
701,740
.
1930
1931
1932.
1933
1934
.
1935
1936
1937
Total—1914-1937
. . . .
.
3
1,134,234
>
F
O
17,308
o
o
o
149,138,300
Aggregate for each Federal Reserve bank 1914-1937:
Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
83,023,603
365,443,184
96,526,266
109,989,835
58,765,271
58,428,908
174,329,541
53,438,619
40,282
135,511
42,531
51,295
30,161
25,846
74,056
28,857
765
921
986
826
900
824
849
850
39 ,270,218
216 ,060,202
49 ,771,926
49 ,996,938
24 ,059,475
25 ,659,153
86 ,893,891
18 ,632,314
11 ,941,856
53 ,507,047
15 ,703,544
16 ,361,886
7 ,032,640
5 ,828,441
19 ,359,056
5 ,996,802
20
94
28
28
10
10
42
9
129, 974
471, 714
086, 779
764, 120
771, 927
897, 980
135, 489
877, 236
- 3 ,155
7 ,808
212 ,782
- 8 ,156
— 11,995
- 2 6 ,895
11 ,475
- 1 ,505
90, 148
82, 987
209, 920
36, 641
66, 714
9, 066
74, 345
4, 152
7, 111 ,395
68, 006 ,262
5, 558 ,901
4, 842 ,447
6, 200 ,189
8 950 ,561
25 313 ,526
2 755 ,629
40,461,185
59,241,042
43,972,384
97,428,187
20,707
34,529
25,493
50,637
294
452
158
671
16 ,640,164
20 ,340,980
14 ,192,842
38 ,911,993
4 ,165,533
5 ,560,300
5 ,289,797
11 ,437,604
7
7
8
19
245,000
824, 249
251, 207
812, 952
- 6 ,583
- 3 ,622
18 ,289
- 3 5 ,904
33, 314
20 953
73, 500
5 202 ,900
939 ,100
560 ,049
7 697 ,341
1
Current earnings less current expenses, plus other additions and less other deductions.
The Banking Act of 1933 eliminated the provision in the Federal Reserve Act requiring payment of a franchisle tax.
Charges direct to surplus account have been made as follow s: 1927—$500,000 depreciation on bank premise5s; 1934—1139,299,557 representing cost of Federal Deposit I n surance
Corporation
stock purchased by the Federal Reserve banks
4
In 1935 the Federal Reserve Bank of Boston credited $1,810 and the Federal Reserve Ban!; of St. ]^ouis charged $1,176 direct 1 o surplus (sec . 13b). Total payments received from the Secretary of the Treasury under section 13b of the Federal Reserve Act to the end of 1937 and credited to surplus (sec. 13b) amounted to $27,546,311
2
3
RAL RESERVE SYSTEM
(3
76
ANNUAL REPORT OF BOARD OF GOVERNORS
No 27.—EARNINGS OF FEDERAL RESERVE BANKS,
Year
Total
current
earnings
On
discounted
bills
On
purchased
bills
On U. S.
Government
securities
BY
On
industrial
advances
SOURCES 1914-1937
On commitments
to make
industrial
advances
Deficient
reserve
penalties
From miscellaneous
sources
1914-1915..
1916
1917
1918
1919
$2,173,252
5,217,998
16,128,339
67,584,417
102,380,583
$1,218, 516
1,025, 675
6,971, 479
48,348, 007
80,768, 144
$244,664
1,560,918
4,951,729
11,939,808
13,994,544
$171,831
1,106,860
2,367,989
3,828,782
5,761,300
$1,157
194', 526
698,991
727,844
*$538,241
1, 523,388
1, 642,616
2, 768,829
1, 128,751
1920
1921
1922
1923.......
1924
181,296,711
122,865,866
50,498,699
50,708,566
38,340,449
149,059, 825
109,598, 675
26,523, 123
32,956, 293
r
15,957, 306
22,020,158
5,234,141
5,628,956
9,371,288
5,709,809
7,140,615
6,253,854
16,682,463
7,444,089
14,712,593
1 ,573,335
1 ,177,562
602,951
521,061
381,619
1, 502,778
601,634
1, 061,206
415,835
1, 579,122
r
18,010, 596
'22,736, 674
17,010, 778
38,334, 140
r
47,843, 884
9,103,915
10,003,081
9,206,677
13,020,535
12,063,349
12,783,001
12,589,119
14,206,174
10,827,702
8,163,486
310,406
382,946
273,839
277,401
449,653
1, 592,788
1, 887,775
2, 327,016
1, 593,082
2, 435,124
17,273,331
12,428,297
26,923,568
37,529,872
46,130,941
2, 171,563
2, 138,316
1, 887,546
1, 391,289
1, 236,932
1925
1926
1927
1928
1929
41,800,706
47,599,595
43,024,484
64,052,860
70,955,496
1930
1931
1932
1933
1934..
36,424,044
29,701,279
50,018,817
49,487,318
48,902,813
10,672, 215
'9,828, 165
17,881, 058
9,137, 038
r
l,240, 557
6,081,187
5,009,541
2,785,213
1,238,068
141,225
1935
1936
1937
42,751,956
37,900,639
41,233,135
156, 160
107, 584
212, 410
35,894
29,592
24,031
T o t a l . . 1 ,241,048,025
$121 ^274'
$16,635
225,748
296,960
541,432
191,051
15,249
39,796,177 1,484 ,040
35,181,125 1,586 ,688
39,025,450 1,091 ,417
241,580
282,079
189,897
6,560
5,932
20,189
1, 031,548
707,639
669,741
730,191 8 ,876,412
33, 832,759
665,598, 302 149,398,323 378,328,619 4,283 ,419
•"Revised.
FEDERAL RESERVE NOTES
No.
28.—FEDERAL RESERVE NOTE STATEMENT AT THE END OF EACH
MONTH
[In thousands of dollars]
1937
1926
Dec. 31
Federal Reserve notes received from the
Comptroller
Federal Reserve notes held by Federal
Reserve agents .
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
7,481,238 7,388,563 7,400,624 7,426,331 7,425,991 7,423,502 7,439,930 7,461,257 7,450,212 7,471,792 7,498,105 7,519,099 7,548,267
2,843,041 2,913,989 2,924,658 2,945,499 2,935,352 2,924,067 2,930,957 2,932,672 2,890,297 2,875,517 2,895,857 2,903,637 2,886,640
Federal Reserve notes issued to Federal
Reserve banks:
307,922
307,999
333,049
323,327
276,017
302,496
341,936
285,672
306,601
354,
314,909
285,925
378,016
Held by issuingFederalReserve banks.
27,225
23,935
31,499
24,671
26,875
32,
20,622
19,185
19,26
25,906
24,750
19,137
30,210
Held by other Federal Reserve banks
13,508
13,762
14,264
14,356
14,363
18,049
16,41
15,013
15,757
17,166
14,975
14,840
16,778
Held by U. S. Treasury
4,232, ' 4,117,749 4,154,697 4,138,631 4,170,737 4,189,139 4,168,780 4,174,900 4,212,889 4,222,493 4,237,
4,231,863 4,236,623
In circulation l
Total notes issued
4,638,197 4,474,574 4,475,966 4,480,832 4,490,639 4,499,435 4,508,973 4,528,585 4,559,915 4,596,275 4,602,248 4,615,462 4,661,627
Collateral held as security for Federal
Reserve notes issued to Federal Reserve
banks:
Gold certificates:
1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000
In vault
In gold fund—Board of Governors. 3,313,838 3,186,132 3,187,132 3,204,132 3,216,132 3,233,132 3,247,632 3,279,632 3,295,632 3,328,132 3,338,132 3,339,63: 3,423,632
Total gold certificates
Eligible paper
U. S. Government securities
Total collateral held
Collateral required as security for Federal
Reserve notes
Collateral pledged in excess of FederalReserve notes issued.
4,618,838 4,491,132 4,492,132 4,509,132 4,521,132 4,538,132 4,552,632 4,584,632 4,600,632 4,633,132 4,643,132 4,644,632 4,728,632
20,519
13,474
21,162
20,894
16,013
19,886
9,984
2,237
4,447
11,750
12, or
8,954
2,958
20,000
20,000
20,000
32,000
20,000
20,000
20,000
95,000
87,000
62,000
25,000
87,000
60,000
4,716,075 4,581,090 4,583,579, 4,582,882 4,593,170 4,578,018 4,582,616 4,618,106 4,641,794 4,686,026 4,683,651 4,680,645 4,762,585
4,638,197 4,474,574 4,475,966 4,480,832 4,490,639 4,499,435 4,508,973 4,528,585 4,559,915 4,596,275 4,602,248 4,615,462 4,661,627
77,878
106,516
107,613
102,050
102,531
78,5831
73,643
89,521
81,879
89,751
81,403
65,183
100,959
1
This figure corresponds with t h a t given under t h e same caption in table 35. I t differs from t h a t given in table 28 b y the a m o u n t of Federal Reserve notes held by (a)
Federal Reserve banks other t h a n issuing bank and by (b) the United States Treasury.
Back figures,—See A n n u a l Report for 1936 (table 28) and similar tables in previous annual reports.
in
GOLD, FOREIGN EXCHANGE, INTERNATIONAL
CAPITAL MOVEMENTS, AND CURRENCY
IN CIRCULATION
79
81
FEDERAL RESERVE SYSTEM
GOLD
No.
29.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, 1921-1937
lln millions of dollars]
Gold
stock
at end
of year
or
month
Year or
month
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934 3
1935
1936
1937
..
.
3,373
3,642
3,957
4,212
4,112
4,205
4,092
3,854
3,997
4,306
4,173
4,226
4,036
8,238
10,125
11,258
12,760
Increase
in
gold
stock
Net
gold
import
734.6
268.5
315.1
255 6
-100.1
92.6
-112.8
-237.8
142.5
309.6
-133.4
52.9
-190.4
4,202 5
1,887.2
1,132.5
1,502.5
667.4
238.3
294.1
258.1
-134.4
97.8
6.1
-391.9
175.1
280.1
145.3
-446.2
-173.5
1,133 9
1,739.0
1,116.6
1,585.5
Net release
from
earmark l
18.7
-3.7
.7
—42 2
32.2
-26.3
-160.2
119.5
-55.4
-2.4
-320.8
457.5
-58.0
82 6
.2
-85.9
-200.4
gold
pro-
48.8
47.3
50.2
50 6
48.0
46.3
43.8
44.3
42.5
43.4
45.8
45.9
47.1
96 0
110.7
131.6
143.1
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
10,125
153.3
135.3
40.4
143.4
148 1
257.1
27.9
59.5
165.0
325.2
226.7
205.2
149.4"
122.8
13.0
148.6
140 0
230.4
16.2
46.0
156.7
315.3
210.6
190.0
1.1
.2
-.7
-2.3
-1 5
1.0
-.4
1.8
1.0
-1.9
.6
1.3
7.4
6.6
8.0
7.8
8 6
8.7
10.2
10.1
10.8
11.5
9.6
11.5
Domestic
gold
proauction 2
Net reInlease
Net
crease gold
from
in gold import earInmark i
Total active stock
account
Month
tion 2
1935
January
February
March
April
May
June
July
August
September
October
November....
December....
Gold stock at
end of month
Do-
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
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
11,436
11,574
11,799
11,990
12,318
12,446
12,567
12,741
12,803
12,774
12,760
126.5
204.7
342.5
568.0
759.1
1,086.8
1,214.1
1,335.7
1,210.0
1,271.9
1,242.5
1,227.9
100.1
78.2
137.9
225.6
191.1
327.8
127.3
121.6
174.3
62.0
-29.3
-14.0
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
9.2
8.4
9.6
9.6
10.4
10.0
12.8
13.1
12.1
13.8
11.8
10.9
1937
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..
121.3 - 4 8 . 3
120.3
-8.0
154.3
-.4
215.8
7.2
155.4
26.2
262.0 - 1 5 . 9
175.4 - 3 5 . 5
104.8
-5.3
145.5
9.3
90.5
-8.0
22.1 - 2 0 . 1
18.0 - 1 0 1 . 6
9.5
8.2
10.8
9.1
12.3
11.2
12.6
16.8
12.1
14.8
13.8
11.8
1
Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance made
when necessary for change in gold earmarked abroad for account of Federal Reserve banks). See Annual
Report for 1936 (table 29, note 1) and table 30 in present Annual Report.
2
Annual figures for domestic gold production are those reported by Director of Mint adjusted to exclude
production in Philippines. Figure for 1937 is preliminary. Monthly figures represent estimates of American
Bureau of Metal Statistics adjusted, partly on basis of gold imports to U. S. from Philippines, so that yearly
aggregates are equal to adjusted Mint estimates.
3
Increase in gold stock in 1934 results principally from reduction in weight of gold dollar on Jan. 31; see note
2 to table 1. Figures based on rate of $20.67 a fine ounce through January, 1934, and $35 a fine ounce thereafter.
Backfigures.—Fordata by months in earlier years, except domestic gold production, see Annual Report for
1936 (table 30) and note on back figures; see Federal Reserve Bulletin for June 1938, pp. 539-40, for figures of
gold production, including production in Philippines, by months back to 1929.
* For figures of total monetary gold stock as of various other dates, see tables 1-5.
No.
30.—GOLD HELD UNDER EARMARK BY FEDERAL
RESERVE
BANKS FOR
FOREIGN
ACCOUNT, BY MONTHS, 1928-1937
1
[In thousand s of dollars ]
End of month
January
February
March
April
May
June
July
August
September
October
November
December
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
193,919
191,051
155,251
109,511
136,050
105,997
45,050
39,134
40,334
39,134
64,136
79,897
144,898
144,898
137,391
88,821
72,694
80,207
102,194
103,194
109,795
114,296
113,292
135,295
134,794
134,794
119,795
119,295
117,295
115,295
118,295
118,295
114,303
120,410
122,536
137,695
125,795
123,295
120,295
127,795
123,795
31,531
61,231
77,231
356,321
463,931
435,821
458,534
433,149
406,781
348,469
344,501
366,650
395,447
339,210
238,709
166,421
120,646
72,080
73,694
92,552
270,837
370,929
337,228
315,114
311,569
227,099
147,632
98,326
71,459
70,859
59,079
46,874
10,709
11,546
12,679
12,190
11,204
10,616
11,671
9,252
8,993
9,077
9,017
7,886
7,649
8,310
10,611
12,147
11,149
11,572
9,776
8,761
10,624
10,051
8,801
10,546
20,052
19,083
19,238
22,486
47,267
44,974
56,919
85,724
96,978
94,022
94,689
143,019
151,019
151,418
144,201
118,005
133,870
169,414
174,702
165,359
173,40o
193,550
295,130
1
At $20.67 a fine ounce through J a n u a r y 1934 a n d a t $35 a fine ounce thereafter. See footnotes to table 1.
N O T E . — F o r statistics of gold earmarked abroad for account of Federal Reserve banks see A n n u a l Report
for 1936 (table 29, note 1).
Back figures.—See A n n u a l Report for 1936 (table 31) a n d similar tables in previous a n n u a l reports.
82
ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 3 1 . — G O L D M O V E M E N T S TO AND FROM THE U N I T E D STATES, BY C O U N T R I E S
[In thousands of dollars l]
1934
Imports
1935
Exports
Imports
4,059
29,991
147
12
7,414
4
934,302
63
3
"•227,435
Belgium
France
Germany
Italy
Netherlands
Norway
Spain
12,968
290,531
4
899
102,924
6
7
Switzerland
USSR
United Kingdom
Yugoslavia
Canada
Newfoundland and Labrador
Mexico.
Central America
West Indies and Bermuda..
Argentina
Bolivia
Brazil
British Guiana
Chile
Colombia
.
. . . .
Ecuador
Peru
Uruffuav
Venezuela
Australia
.
. . .
British India
China
Hong Kong
Netherlands Indies
Palestine
Japan
Egypt
N ew Zealand
Philippine Islands
All other countries 2
254
12,656
885
510,161
8,530
300
173
86,785
39
30,388 ' " ' 2 8 8 '
2,978
1
••2,228
12
124
12
5
5,226 'Y882'
16,952
8
1,555
1,396
59
296
41
45
840
1,029
76,820.
171
16,281-
968
18,099
"•316,093
795
95,245
89
14,583
2,814
1,135
19
Imports
1937
Imports
Exports
3,350
590,851
7
1
74,773
•niiso3,765
2
6,461
4
58
24
575
74
15
2
6,593
10,899
5,185
2,148
54,452
504
896,713
852
111,528
281
39,250
3,755
913
14
1,391
1
7,510
11,208
179,920
5,826
907
72,706
57
31
40,664 ' " ' 7 0 0 '
3,667
1 045
12
7
6
6
1
7,893
11,910
3 435
2,414
620
3,498
75,267
493
23,280
77,892
9,431
19
7,917
99
77
15,335
99
1
65
73
21,513
541
12,038
105
52,759
1,740,979
1,960
1,144,117
Exports
90,870
26,291
12
40,001
2
"5," 183
47
767
9 370
18,397
2,031
3 116
544
34,713
50,762
97
1,459
341
4
1,186,671
Total
1936
Exports
246^470
5,458
6
25^428
331
1
1,631,523
46,020
'
27,534
r
1
Revised.
Figures represent customs valuations which, with some exceptions, are at rate of $20.67 a fine ounce through
January 1934 and $35 a fine ounce thereafter. See note 2 to table 1.
2
Includes all movements of unreported origin or destination.
Backfigures.—SeeAnnual Report for 1936 (table 32), and similar tables in previous annual reports. For figures
by months see Federal Reserve Bulletin.
No.
32.—GOLD MOVEMENTS TO AND FROM THE UNITED STATES, 1921-1937
[In thousands of dollars l\
Year
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
.
..
Imports
Exports
691,248
275,170
322,716
319,721
128,273
213,504
207,535
168,867
291,649
396,054
612,119
363,315
193,197
1,186,671
1,740,979
1,144,117
1,631,523
23,891
36,875
28.643
61,648
262,640
115,708
201,455
560,759
116,583
115,967
466,794
809,528
366,652
52,759
1,960
27,534
46,020
Net imports or
exports ( —)
667,357
238,295
294,073
258,073
-134,367
87,796
6,080
-391,862
175,066
r
280,086
145,325
r
—446,212
r-173,456
1,133,912
1,739,019
1,116,584
1,585,503
Month
Imports
Exports
Net imports or
exports ( —)
1937
January
February
March
April
May
June
July
August
September
October
November
December
121,336
120,326
154,371
215,825
155,366
262,103
175,624
105,013
145,623
90,709
52,194
33,033
11
39'
13
4
81
206
169
129
232
30,084
15,052
121,325
120,326
154,332
215,811
155,362
262,022
175,417
104,844
145,495
90,477
22,110
17,982
'Revised.
1
Figures represent customs valuations which, with some exceptions, are at rate of $20.67 a fine ounce through
J a n u a r y 1934 and $35 a fine ounce thereafter. See note 2 to table 1.
Back figures.—For data by months in earlier years, see Annual Report for 1936 (table 33) and similar tables in
previous annual reports.
FEDERAL RESERVE SYSTEM
83
FOREIGN EXCHANGE RATES
No. 33.—FOREIGN EXCHANGE RATES, 1922-1937
[Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
DenArgenBrazil (milreis)
British
China
France
Canada
Chile
Belgium
mark
tina
India
Free
(yuan)
(dollar)
(franc)
(peso)
(belga)
Official
(krone)
(peso)
market (rupee)
1922
81 817
7 683 12 9486
28 741
98 478 12 2159 55 607 20.947 8 2013
1923
78 573
5 219 10 2285
31 110
98 035 12 2423 52 622 18 364 6 0811
1924
78 131
4 644 10 9403
98 732 10 5448 52 697 16 723 5 2368
31 784
1925
99.962 11 6031 56.907 21.131 4.7671
91 382
36 264
4 758 12 1962
1926
92 150
36 327
99 989 12 0766 49 981 26 226 3 2427
3 372 14 4357
1927
36 312
99 972 12 0652 43.941 26.725 3.9240
96 295
13 916 11 8383
1928
99 909 12 1451 46 138 26 743 3 9210
96 480
13 928 11 9737
36 466
99.247
12.0601 41.901 26.680 3.9161
1929
13.912 11.8078
36.202
95.127
1930
99 842 12 0785 29 917 26 765 3 9249
83 505
13 952
36 067
10 7136
1931
96.353 12.0869 22.437 25.058 3.9200
66.738
13.929
33.690
7.0290
1932
7 9079 21 736 18 832 3 9276
58 443
88 090
13 914
7 1223
26 347
1933
19.071 5 0313
72 801
91 959
7 6787 28 598
17 900
31 816
7 9630
1934
33 579
23 287
37 879 101 006 10 1452 34.094 22.500 6.5688
8 4268
1935
32 659
99 493
5 0833 36 571 21.883 6 6013
18 424
8 2947
36 964
1936
33 137
5 1240 29 751 22 189 6 1141
16 917
99 913
8 5681 5 8788 37 523
1937
5.1697 29.606 22.069 4.0460
32.959
16.876
8.7190 6.1806 37.326 100.004
1937—January
32.718
99.960
5.1726 29.654 21.908 4.6672
16.860
8.7080 6.0812 37.094
F e b r u a r y . . . 32.627
99.964
5.1731 29.600 21.847 4.6555
16.861
8.7053 6.1076 36.973
March
32.570
16.847
8.7021 6.1069 36.888 100.051
5.1726 29.664 21.807 4.5945
April
32.774
5.1725 29.714 21.945 4.4963
16.860
8.7105 6.2538 37.120 100.120
May
5 1725 29 798 22 051 4 4768
32 928
16 868
8 7192 6 4164 37 280 100 149
June
32.898
99.944
5.1738 29.653 22.031 4.4399
16.866
8.7179 6.5543 37.245
July
5.1767 29.494 22.173 3.8048
33.107
99.858
16.835
8.7266 6.6335 37.483
August
33.206
16.838
8.7314 6.5449 37.601
99.982
5.1571 29.650 22.236 3.7501
September.. 33.020
99.982
5.1579 29.660 22.109 3.5193
16.838
8.7216 6.3997 37.390
October
33.032
8.7232 5.8322 37.410 100.017
5.1694 29.463 22.119 3.3491
16.859
November. . 33.309
5.1680 29.444 22.301 3.3946
17.009
8.7635 5.7266 37.711 100.073
December... 33.312
5.4492 37.711
99.948
5.1697 29.468 22.302 3.3948
16.985
United
GerNetherSweden Switzer- Kingmany
Spain
Italy
Japan
Norway
Mexico
land
lands
(reichsYear or month
(lira)
(yen)
(peso)
(krone)
(peseta) (krona) (franc)
dom
(florin)
mark)
(pound)
1922
.232
47.804 48.715 38.498
17.502
15.483 26.166 19.065 442.92
4.7559
1923
.002
16.671
14.453 26.555 18.060 457.48
4.6016
48.585 48.547 39.101
1924
22.998
4.3580
13.940
13.338 26.522 18.223 441.71
41.186 48.514 38.211
1925
23 8J1
14
344 26 848 19 327 482 89
49
393
40
160
17
884
3 9776
41 036
1926
23 800
22 335
3 8894
14 896 26 765 19 313 485 82
47 116 48 309 40 098
1927
23 764
26 048
17 059 26 815 19 262 486 10
5 1560
47 411 47 205 40 107
1928
26.688
16.594 26.800 19.260 486.62
23.881
5.2571
46 410 48.107 40.224
1929
23 809
5 2334
14 683 26 784 19 279 485 69
26 683
46 100 48 183 40 162
1930
19.382 486.21
23.854
26.760
11.667 26.854
5.2374
49.390 47.133 40.225
1931
25.055
23.63J
35.492
9.545 25.254 19.401 453.50
5.2063
40.230
48.851
1932
23.749
18.004
8.044 18.471 19.405 350.61
5.1253
28.111 31.850 40.295
1933
21.429
30.518
10.719 22.032 24.836 423.68
6.7094
25.646 28.103 51.721
1934 . . . .
39 375
8 5617
29 715 27 742 67 383
25 316
13 615 25 982 32 366 503 93
1935
24.627
13.678 25.271 32.497 490.18
40.258
8.2471
28.707 27.778 67.715
1936
40.297
7.2916
29.022 27.760 64.481
24.974
12.314 25.626 30.189 497.09
1937
40.204
24.840
6.053 25.487 22.938 494.40
5.2607
28.791 27.750 55.045
1937—January
40.225
24.658
7.099 25.301 22.936 490.75
5.2610
28.537 27.750 54.752
5.2608
F e b r u a r y . . . 40.226
24.589
6.736 25.232 22.829 489.39
28.529 27.750 54.686
March
40.215
24.544
6.149 25.186 22.792 488.51
5.2608
28.494 27.750 54.702
April
5.2507
28.635 27.751 54.757
40.206
24.699
5.711 25.339 22.824 491.63
May
40.171
24.819
5.348 25.465 22.870 493.99
5.2606
28.780 27.750 54.936
June
40.071
24.797
5.215 25.444 22.879 493.55
5.2607
28.711 27.751 54.976
5.2600
28.882 27.751 55.091
July
40.196
24.957
5.062 25.607 22.920 496.72
August
25.030
6.273 25.683 22.963 498.22
40.213
5.2603
29.027 27.751 55.151
5.2603
28.867 27.750 55.150
September.. 40.121
24.884
6.477 25.533 22.965 495.30
5.2604
October
40.157
24.895
6.267 25.546 23.021 495.51
28.853 27.750 55.284
November. . 40.364
6.276 25.754 23.149 499.61
25.100
5.2623
29.095 27.750 55.452
December... 40 296
25.103
6.181 25.750 23.122 499.64
5.2606
29.081 27.750 55 602
Year or month
NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina and Chile—
since April 14, 1933; Brazil—free market rate, December 31, 1937; official rate, April 14, 1933-November 17,1937;
China—March 26-29 and August 18-23, 1937; France—June 29-30, 1937; Italy—November 23, 1935-April 1,
1936, and October 2-3, 1936; Japan—January 9-February 26, 1937; Spain—since July 31, 1936. I n September
1936 exchange quotations on all other countries, with the exception of Canada and United Kingdom, were
partly nominal; and no quotation was available on one day for Spain.
Changes have occurred in basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of
gold peso, quoted in place of latter beginning December 13, 1933; average for 1933 is for gold peso for J a n u a r y
1-December 10. Belgium—Average for franc through 1926 and for belga thereafter (belga = 5 francs). Average
for 1926 is for franc for J a n u a r y 1-October 25; average for belga for October 26-December 31 was 13.909 cents.
Brazil—Free market rate quoted in addition to official rate beginning August 3, 1936; average free market rate
for 1936 is for August 3-December 31. Official rate discontinued beginning November 18, 1937; average official
rate for 1937 is for J a n u a r y 1-November 17. China—Beginning April 10, 1933, new yuan, containing 23.4934
grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is
for new yuan for April 10-December 31; average for old yuan for J a n u a r y 1-April 9 was 20.210 cents. Germany
—Average for mark through 1923 and for 1,000,000,000,000 marks or for reichsmark thereafter. Average for
1923 is for J a n u a r y 1-June 30; average for July 1-December 31, 1923, was 6.285 cents per 100,000 marks. Average
for 1924 is for J a n u a r y 1-October 28 in cents per 1,000,000,000,000 marks, a m o u n t which subsequently became
officially exchangeable for one reichsmark; average for reichsmark October 29-December 31 was 23.801 cents.
Backfigures.—SeeAnnual Report for 1936 (table 34) and Federal Reserve Bulletin, which also includes data
Digitized for
for FRASER
additional countries.
84
ANNUAL REPORT OF BOARD OF GOVERNORS
INTERNATIONAL CAPITAL MOVEMENTS
No. 34.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2,
1935
[In millions of dollars. Minus sign indicates net movement from United States]
In banking funds
From Jan. 2, 1935,
through—
Total
Total
In security transactions
Increase
in foreign
funds
in U. S.
Decrease
in U. S.
funds
abroad
2.3
In
brokerage
balances
Total
securities
Domestic
securities
Foreign
securities
1935
8.2
1.2
5.3
Jan.
Jan.
Jan.
Jan.
9
16
23
30
23.2
100.7
119.5
72.9
86.3
-12.6
12.7
52.3
-1.1
17.9
60.2
34.1
2.6
2.0
3.7
3.7
Feb
Feb.
Feb.
Feb.
6
13
20
27
179.7
212.6
220.7
216.0
140 1
169.3
171.6
167.6
57 8
66^3
60.6
46.3
82 3
103.0
111.0
121.3
33
Mar. 6
Mar. 13
Mar 20
Mar. 27
218.8
222.3
236 9
254.3
171.3
180.2
195.1
216.1
42.5
31.1
29.8
38.6
128.8
149.1
165 3
177.5
Apr.
Apr.
Apr.
Apr.
3
10....
17
24
259.5
319.1
348.0
391.4
212.7
271.3
295.1
339.6
57.7
82.9
88.3
96.0
May
May
May
May
May
1
8
15
22
29
349 1
366.2
387.4
413.1
507.7
301 2
318.4
342.8
363.1
454.7
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31
552.8
609.6
633.7
633.0
616.0
638.2
663.9
676.9
683.3
Aug.
Aug.
Aug.
Aug.
7
14
21
28
Sept.
Sept.
Sept.
Sept.
4
11. . .
18
25
15.9
24.1
29.4
1.6
6.6
2.8
9.2
1] .3
14.0
12.7
15.4
10.9
36 3
38.3
42.1
37.5
17.2
19.0
16.8
12.3
19 1
19.3
25.2
25.2
13.7
15.4
20.2
21.7
33.7
26.7
21.5
16.6
6.5
0)
27.2
2G.7
26 o
23.1
155.0
188.4
206.7
243.6
21.1
20.9
21.7
21.0
25.6
26.9
31.3
30.8
-6.2
-4.1
-3.3
-2.9
31.8
31.0
34.6
33.7
69 8
76.6
98.6
139.3
286.6
231.4
241.8
244.2
223.7
168.0
21 8
21.9
20.9
20.3
20.7
26.1
26.9
23.7
29.8
32.4
— 6.8
-7.4
-7.5
-1.0
477.9
528.5
550.1
552.7
526.6
551.2
572.0
579.3
573.4
268.0
240.3
244.0
242.0
213.8
232.2
239.4
241.1
237.8
209.9
288.2
306.1
310.7
312.8
319.0
332.6
338.2
335.6
26.4
26.5
28.7
27.1
29.8
26 8
24.8
25.6
25.4
48.5
54.6
54.9
53.2
59.5
60.2
67.1
72.0
84.4
9.3
15.8
16.2
24.1
28.1
39.1
32.9
33.3
31.2
30.8
30.3
39.2
42.1
41.7
40.4
43.7
44.0
43.0
43.9
45.3
687.5
722.7
755.0
770.1
566.5
594.5
683.7
694.5
222.1
253.9
328.8
334.5
344.4
340.6
354.9
360.0
23.6
18.4
19.8
20.4
97.4
109.8
51.5
55.2
49.6
59.7
66.8
69.5
47.8
50.2
-15.2
-14.3
767.3
778.0
785.3
831.1
679.8
686.2
664.9
700.7
83.5
289.5
274.8
• 326.0
396.3
396.8
390.1
374.7
24.6
23.5
25.1
29.8
62.9
68.2
95.4
100.6
72.6
75.5
79.6
82.7
-9.7
-7.2
15.8
17.9
5.0
7.0
4.4
—4.0
2.0
12.5
13.2
12.8
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
899.4
966.8
1,052.9
1,104.8
1,132.4
739.3
795.0
872.4
903.7
913.3
350.7
422.1
478.8
514.1
520.6
388 6
372.9
393.6
389.6
392.8
29.8
30.7
27.1
23 7
20.5
130.4
141.1
153.4
177.5
198.6
90.3
97.5
104.7
124.9
142.6
40.1
43.6
48.7
52.6
56.0
Nov.
Nov.
Nov.
Nov.
6
13
20
27
1,129.9
1,156.0
1,198.0
1,258.2
901.4
908.1
913.2
938.0
514.5
536.8
550.9
644.°
386.9
371.3
362.2
293.1
19.3
15.1
209.2
232.7
278.9
314.7
154.2
177.2
216.6
249.6
55.0
55.5
62.3
65.0
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
1,347.6
1,382.4
1,392.1
1,419.2
1,412.5
993.1
987.2
977.8
986.8
964.6
662.8
637.1
622.9
630.4
603.3
330.3
350.1
354.9
356.4
361.4
13.2
341.4
388.9
404.5
422.9
441.8
253.9
283.2
290.6
302.7
316.7
87.5
105.7
113.8
120.3
125.2
1
Outflow less than $50,000.
5.9
5.5
6.3
9.8
9.5
6.0
85
FEDERAL RESERVE SYSTEM
No. 31.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
In banking funds
From Jan. 2, 1935,
through—
Total
Total
In security transactions
Increase
in foreign
funds
in U. S.
Decrease
in U. S.
funds
abroad
In
brokerage
balances
Total
securities
Domestic
securities
Foreign
securities
1936
8
15
22
29
1,449.3
1,458.2
1,464.5
1,451.4
1,009.7
1,012.3
1,054.3
1,038.9
616.4
621.9
667.1
656.5
393.3
390.4
387.2
382.4
4.5
6.8
6.6
6.5
435.1
439.0
403.6
406.0
336.2
336.7
342.0
347.1
98.9
102.3
61.6
58.9
Feb.5
Feb.12
Feb. 19
Feb. 26
1,462.8
1,454.3
1,470.3
1,499.1
996.3
982.6
983.7
992.4
608.9
590.3
583.3
585.2
387.4
392.3
400.4
407.2
6.5
1.9
.4
459.9
469.8
489.9
506.3
355.8
363.0
384.9
400.5
104.2
106.8
104.9
105.7
Mar.
Mar.
Mar.
Mar.
1,496.6
1,497.0
1,503.6
1,515.0
982.9
991.1
984.3
983.8
576.3
589.4
582.0
580.2
406.6
401.7
402.3
403.6
3.5
1.1
6.1
.5
510.2
504.8
513.2
530.7
402.3
406.1
410.0
424.5
107.9
98.7
103.2
106.3
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr 29
1,511.1
1,531.1
1,572.2
1,583.8
1,598.8
968.6
973.5
1,002.1
1,001.1
1,025.9
578.4
571.8
597.5
596.9
634.2
390.3
401.7
404.6
404.2
391.7
.4
4.5
2.9
7.4
542.1
557.7
565.6
579.8
565.5
427.6
445.7
456.3
468.0
477.0
114.4
112.0
109.3
111.7
88 s
May
May
May
May
6
13
20
27
1,620.6
1.659.1
1,716.6
1,734.3
1,043.6
,070.0
1,114.2
1,129.2
686.2
694.1
696.4
702.8
357.4
375.9
417.8
426:4
17.1
16.5
17.1
14.7
559.9
572.6
585.3
590.3
462.0
469.0
474.1
475.1
97.9
103.6
111.2
115.2
June
June
June
June
3
10
17
24
1,762.6
1,842.6
1,930.5
1,968.5
1,132.8
1,185.7
1,257.4
1,277.6
731.5
796.3
840.1
829.2
401.3
389.4
417.3
448.4
17.6
18.3
19.4
20.1
612.1
638.5
653.6
670.8
473.5
495.2
502.9
515.8
138.6
143.3
150.7
155.0
JulyS
July 15
July 22
July 29
1,949.3
,973.5
1,991.7
2,009.2
2,021.2
1,228.1
1,237.5
1,236.0
1,234.1
1,230.5
779.0
778.1
770.5
766.5
761.3
449.0
459.4
465.4
467.6
469.2
16.5
20.0
19.1
20.5
17.9
704.7
716.0
736.7
754.6
772.8
524.1
528.7
535.9
549.3
562.8
180.5
187.3
200.8
2J5.3
210.0
Aug. 5
Aug. 12
Aug. 19
Aug. 26
2,034.2
2,064.2
2,095.9
2,125.5
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
2,141.6
2,173.4
2,186.3
2,233.6
2,283.4
1,232.2
1,254.5
1,270.1
1,289.6
1,275.9
1,296.7
1,288.6
1,317.0
1,354.7
761.6
786.3
788.9
803.9
756.4
777.2
776.5
819.8
898.5
470.6
468.2
482.0
485.8
519.5
519.5
512.1
497.2
456.2
19.9
20.1
19.6
18.2
15.2
16.9
20.1
19.3
23.2
782.0
789.6
805.4
817.6
850.5
859.7
877.5
897.3
905.4
566.8
571.1
582.6
591.3
596.3
600.6
614.5
631.6
633.3
215.2
218.5
222.8
226.4
254.2
259.1
263.0
265.6
272.2
Oct.
Oct.
Oct.
Oct.
7
14
21
28
2,380.8
2,423.8
2,445.5
2,466.6
1,422.2
1,425.8
1,394.8
1,381.4
919.6
931.4
903.1
895.9
502.6
494.5
491.7
485.5
14.0
12.0
12.0
13.7
944.5
985.9
1,038.6
1,071.5
665.8
• 706.4
752.5
778.1
278.8
279 5
286.1
293.4
Nov. 4
Nov. 11
Nov. 18
Nov. 25
2,469.2
2,517.6
2,506.9
2,523.7
1,345.7
1,351.1
1,322.9
1,326.9
860.9
862.9
849.7
882.5
484.8
488.2
473.2
444.4
12.7
14.7
17.6
1,110.7
1,158.8
1,169.3
1,179.2
810.4
858.1
867.7
878.8
300.3
300.7
301.6
300.3
Dec.
Dec.
Dec.
Dec.
Dec.
2,540.2
2,547.9
2,584.3
2,576.6
2,608.4
1,333.1
1,347.8
1,370.5
1,341.9
1,362.0
888.8
906.4
926.0
911.5
930.5
444.2
441.4
444.4
430.4
431.5
18.8
20.1
17.3
16.4
12.9
1,188.3
1,180.0
1,196.5
1,218.2
1,233.6
890.2
881.0
895.6
911.7
917.4
298.1
299.0
300.9
306.5
316.2
Jan.
Jan.
Jan.
Jan.
4
11
18
25.
July 1
2
9
16
23
30
:
-3.2
-.1.
7.7
86
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 34.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
In banking funds
From Jan. 2, 1935,
through—
In security transactions
Total
Increase
in foreign
funds
in U. S.
Decrease
in U. S.
funds
abroad
Total
In
brokerage
balances
Total
securities
Domestic
securities
Foreign
securities
1937
Jan. 6
Jan 13
Jan. 20
Jan. 27
2,620.3
2,615.8
2,653.0
2,681.0
1,357.8
1,341.5
1,359.1
1,450.6
924.0
906.9
931.6
1,026.8
433.8
434.6
427.5
423.8
15.6
13.0
7.6
8.1
1,246.8
1,261.3
1,286.3
1,222.2
918.5
927.9
948.9
957.9
328.3
333.4
337.4
264.3
Feb3
Feb.10
Feb. 17
Feb. 24
2,718.3
2,738.1
2,775.3
2,809.2
1,472.1
1,477.7
1,501.4
1,566.8
1,051.4
1,056.8
1,067.3
1,136.8
420.8
420.9
434.0
429.9
10.9
.9
7.3
2.3
1,235.3
1,259.6
1,266.6
L,240.1
968.3
1,000.4
1,004.3
1,014.5
266.9
259.2
262.3
225.6
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
2,830.1
2,875.5
2,901.3
2,924.1
2,931.4
1,521.9
1,540.4
1,517.2
1,541.6
1,532.5
1,094.8
1,102.9
1,100.0
1,110.6
1,121.6
427.0
437.4
417.2
431.0
411.0
4.7
2.9
5.6
3.3
4.1
1,303.5
1,338.0
1,378.5
1,379.3
1,394.8
,025.7
,054.4
,064.7
,062.1
,075.7
277.9
283.7
313.9
317.1
319.1
Apr.
Apr.
Apr.
Apr.
7
14
21
28
2,962.3
3,041.7
3,075.5
3,113.3
1,548.6
1,614.2
1,657.3
1,701.1
1,140.0
1,185.9
1,222.5
1,278.8
408.6
428.3
433.7
422.3
1.0
8.6
7.2
9.4
1,412.7
1,418.9
1,411.0
1,402.8
,083.5
,084.0
,075.4
,063.7
329.2
334.8
335.5
339.1
May
May
May
May
5
12
19
26
3,151.1
3,198.6
3,237.4
3,306.5
1,765.3
1,866.7
1,844.0
1,901.4
1,321.3
1,353.8
1,376.5
1,438.0
443.9
452.9
467.5
463.4
15.2
9.9
13.0
12.4
1,370.7
1,382.0
1,380.4
1,392.6
1,040.8
1,050.2
1,044.8
1,053.6
329.8
331.9
335.6
338.9
June
June
June
June
June
2
9
16
23
30
3,342.3
3,412.8
3,499.5
3,562.5
3,561.9
1,895.4
1,950.6
2,021.8
2,089.5
2,078.8
1,436.2
1,490.3
1,559.0
1,615.6
1,612.4
459.2
460.3
462.8
473.9
466.4
14.2
15.0
19.2
18.6
18.3
1,432.7
1,447.2
1,458.5
1,454.4
1,464.7
1,058.3
1,064.1
1,069.9
1,062.9
1,069.5
374.4
383.1
388.6
391.5
395.2
July
July
July
July
7
14
21
28
3,614.8
3,636.0
3,685.8
3,718.4
2,130.5
2,142.0
2,188.1
2,204.7
1,673.5
1,676.4
1,712.1
1,721.7
457.0
465.6
476.0
483.0
20.0
18.2
17.6
14.1
1,464.3
1,475.7
1,480.1
1,499.6
1,065.7
1,073.5
1,076.4
1,091.5
398.7
402.2
403.7
408.0
Aug.
Aug.
Aug.
Aug.
4
11
18
25
3,732.5
3,767.9
3,795.1
3,820.5
2,187.0
2,204.6
2,233.6
2,246.2
1,718.7
1,712.8
1,716.6
1,722.4
468.3
491.8
517.0
523.8
14.3
18.7
11.0
13.3
1,531.2
1,544.5
1,550.5
1,561.0
1,099.3
1,107.4
1,108.1
1,114.0
431.9
437.1
442.4
447.1
Sept.
Sept.
Sept
Sept.
Sept,
1
8
15
22
29
3,826.4
3,839.1
3,898.6
3,879.3
3,911.9
2,217.3
2,221.4
2,257.5
2,234.6
2,261.7
,706.1
,712.1
,728.1
,721.4
,743.6
511.2
509.3
529.3
513.2
518.1
14.9
15.5
20.5
26.8
31.9
1,594.2
1,602.2
1,620.6
1,618.0
1,618.4
1,114.8
1,117.8
1,130.1
1,125.4
1,125.1
479.4
484.4
490.5
492.6
493.3
Oct.
Oct.
Oct.
Oct.
6
13
20
27
3,925.9
3,884.1
3,840.8
3,811.9
2,240.0
2,206.9
2,156.2
2,110.9
,714.6
,684.2
,632.0
,594.4
525.4
522.7
524.2
516.5
40.3
42.2
47.2
49.4
1,645.6
1,635.0
1,637.4
1,651.6
1,122.7
1,110.1
1,106.4
1,116.3
522.9
524.9
531.1
535.3
Nov.
Nov.
Nov.
Nov.
3
10
17
24
3,773.8
3,692.4
3,645.2
3,624.9
2,045.6
1,964.3
1,908.6
1,888.7
,531.6
,490.6
,431.1
,407.8
514.0
473.7
477.5
480.9
49.6
49.0
48.5
48.7
1,678.6
1,679.2
1,688.1
1,687.5
1,123.8
1,119.6
1,125.0
1,121.5
554.8
559.5
563.2
566.1
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
3,613.5
3,519.7
3,518.3
3,454.6
3,410.3
1,865.1
1,760.9
1,748.2
1,673.9
1,617.6
,392.3
,294.4
,278.8
1,198.6
,168.5
472.8
466.5
469.4
475.3
449.1
48.4
49.8
49.5
48.2
47.5
1,700.0
1,709.0
1,720.6
1,732.5
] ,745.2
1,128.4
1,134.5
1,143.2
1,151.3
; ,162.0
571.6
574.5
577.4
581.2
583.2
87
FEDERAL RESERVE SYSTEM
CURRENCY IN CIRCULATION
No. 35.—UNITED STATES CURRENCY IN CIRCULATION, BY KINDS*
[Outside Treasury a n d Federal Reserve b a n k s .
Total
Gold
coin
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
5,091
5,325
4,403
4,530
4,757
4,760
4,817
4,808
4,716
4,686
4,578
4,603
5,360
5,388
5,519
189
188
152
136
123
122
127
122
115
108
97
81
122
181
24
1934—January. . .
February..
March
April
May
End of month or
year
I n millions of dollars]
FederReSub- Minor United FederGold Silver Silver TreasRe- alserve
ury s.diary
States al
certif- notes
certif- dollars
serve
coin
notes notes bank
icates of 1890 silver
icates
notes
877
601
213
80
75
58
60
58
57
55
52
49
46
42
37
33
29
29
141
70
236
288
374
390
390
397
400
410
417
404
389
371
407
June
July
August
September.
October....
November..
December..
5,289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
178
167
161
157
153
150
146
143
139
136
133
130
29
29
30
30
30
30
30
31
31
31
32
32
391
399
403
400
402
401
399
438
483
510
558
592
1935—January. . .
February...
March
April
May
June
July
August
September.
October
November..
December..
5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
5,846
5,882
127
126
123
121
119
117
115
114
112
111
110
109
31
31
31
32
32
32
32
33
33
33
34
34
580
599
623
653
695
701
702
739
756
773
812
828
1936—January.
February...
March
April ..
May
June
July
August
September.
October....
November..
December..
5,737
5,846
5,877
5,886
5,953
6 241
6,162
6,227
6,267
6,351
6,466
6,543
107
106
104
103
102
101
100
99
98
97
96
95
33
34
34
34
34
35
35
36
37
37
37
38
809
841
864
886
914
955
958
986
998
1,020
1,051
1,057
1937—January. . .
February...
March
April
May
June
July
August
September.
October....
November..
December..
6,349
6,399
6,377
6,426
6,462
6,447
6,460
6,524
6,542
6,555
6,561
6,550
94
92
91
90
89
88
87
86
86
85
84
83
37
37
37
37
38
38
38
39
39
39
40
40
1,012
1,022
1,022
1,039
1,062
1,078
1,088
1,115
1,127
1,129
1,144
1,137
286
219
177
303
584
970
1,113
1,092
1,074
991
880
1,118
2
2
2
1
1
1
1
1
1
1
1
1
1
Nationa
bank
notes
244
255
237
246
261
266
275
281
286
291
294
281
271
258
272
88
95
91
93
98
100
105
108
112
116
119
119
117
113
117
274
261
275
285
306
297
295
297
293
294
265
296
288
294
286
2,916
3,256
2,372
2,373
2,224
1,842
1,816
1,824
1,763
1,808
1,862
1,641
2,603
2,716
3,044
198
209
97
37
14
8
6
5
4
4
3
3
3
3
208
672
695
705
708
714
706
635
629
619
616
597
623
656
820
918
267
270
272
274
277
280
280
282
284
288
291
294
116
117
118
118
120
119
121
122
122
123
124
125
283
289
289
282
279
280
277
274
274
273
273
265
2,894
2,949
3,005
3,025
3,038
3,068
3,044
3,103
3,131
3,124
3,176
3,176
202
194
178
162
151
142
133
125
119
112
107
101
927
938
936
918
936
902
885
878
870
856
853
820
287
289
290
294
296
297
298
298
302
306
309
312
123
123
123
124
125
125
125
126
127
128
130
131
259
263
264
268
281
285
280
283
286
281
284
275
3,048
3,119
3,135
3,120
3,159
3,223
3,232
3,362
3,439
3,495
3,612
3,667
97
94
92
88
85
81
78
75
73
70
68
66
827
823
810
778
747
704
654
596
553
514
487
458
1
1
303
304
307
309
312
316
318
321
326
329
334
337
129
129
131
132
133
135
136
137
138
139
141
142
259
254
245
249
265
278
274
278
278
282
289
289
3,598
3,696
3,727
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
4,233
63
60
58
56
54
52
50
48
47
46
45
44
436
421
406
391
378
366
352
342
332
324
316
307
1
1
1
1
1
1
1
1
1
1
1
1
329
329
333
335
338
341
341
345
348
349
352
350
140
140
141
142
143
144
144
146
147
147
148
148
276
288
287
291
289
281
286
286
284
285
284
283
4,118
4,155
4,139
4,171
4,189
4,169
4,175
4,213
4,222
4,238
4,232
4,237
42
41
40
40
38
38
37
36
35
35
34
33
300
294
287
281
275
269
263
258
253
248
243
239
1
1
1
1
1
1
1
*For description of revision of figures for total money and gold coin in circulation, see Bulletin for July 1935,
p. 423, footnote 3, or reprint of this article, Supply and Use of Member Bank Reserve Funds, p. 5, footnote 3.
For figures of total currency in circulation as of various other dates, see tables 1-5.
Backfigures.—SeeAnnual Report for 1936 (table 36) and similar tables in previous annual reports.
ANNUAL REPORT OF BOARD OF GOVERNORS
No.
3 6 . — P A P E R CURRENCY, BY DENOMINATIONS, AND C O I N IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Co n
Paper currency
End of year
or month
:
$5C ani over
Gold
Other
$1
$2
$5
S10
$20
rotal 2
$50
$100
$500
1,000 5,000 10,000
1930
1931
1932
81
122
181
437
421
400
404
388
368
45
40
34
696 ,083 1,130
684 1,145 1 329
635 1,109 1,307
1933
January
Feoruary... .
March
April
May
J une
July
August
September...
October
November.. .
December. . .
192
284
80
48
37
34
33
32
2o
25
24
24
390
392
399
395
396
397
399
403
408
412
415
418
350
361
375
358
356
355
360
366
380
382
388
402
32
33
33
32
32
32
33
33
33
33
33
615
675
729
688
660
654
656
664
685
682
702
719
1,077
1,190
1,254
1,205
1,150
1,143
1,138
1,153
1,181
1,178
1,205
1,229
1,311
1,478
,488
1,406
1,349
1,335
1,312
1,300
1,302
1,303
1,336
1,342
,464
,924
,778
,664
,554
,490
1,419
1,380
1,356
1,338
1,358
1,360
404
391
377
367
362
357
362
364
686
662
636
620
612
607
613
618
153
145
136
131
127
124
125
125
288'
273
254
246
289
232
239
237
J une
July
August
September.. .
October
November. . .
December. . .
412
417
420
422
427
430
431
435
437
442
447
452
386
393
397
394
396
396
393
403
411
410
422
423
32
33
33
33
33
33
32
33
32
32
32
32
699
722
730
722
719
724
719
741
755
752
776
771
1,173
1,212
1,230
1,225
1,225
1,231
1,219
1,250
1,266
1,265
1,300
1,288
1,288
1,304
1,302
1,292
1,288
1,293
1,277
1,294
1,311
1,314
1,332
1,326
1,307
1,294
1,295
1,287
1,280
1,275
1,254
1,251
1,256
1,252
1,249
1,254
350
347
346
342
341
342
336
335
336
335
337
337
593
587
584
581
579
579
569
568
571
571
571
577
119
117
117
117
116
117
113
112
113
112
111
112
228
225
230
230
228
225
223
222
223
221
214
216
7
7
7
8
7
6
5
5
5
5
5
5
10
10
9
9
9
7
8
8
7
7
10
7
1935
January.. . .
February.. .
March
April
May
June
July
August
September.. .
October
November.. .
December. . .
441
443
445
449
4o3
454
455
457
463
467
472
478
401
407
410
411
420
419
415
424
433
435
448
460
32
31
32
32
32
32
31
32
32
32
32
33
740
755
754
749
760
760
755
778
788
787
815
815
1,240
1,275
1,285
1,266
1,290
1,296
1,273
1,324
1,334
1,337
1,380
1,373
1,293
1,314
1,309
1,300
1,309
1,309
1,289
1,313
1,321
1,329
1,354
1,359
1,246
1,257
1,267
1,278
1,287
1,303
1,303
1,312
1,324
1,336
1,349
1,369
336
340
341
340
343
349
344
347
349
354
356
358
571
575
578
580
588
598
596
598
603
610
617
627
111
112
113
116
115
116
116
116
118
119
120
122
214
217
221
230
225
225
231
233
232
233
234
239
5
6
6
5
6
6
7
7
7
7
7
7
7
8
8
8
9
8
10
11
14
14
15
16
1936
January
February... .
March
April
May
June
July
August
September.. .
October
November.. .
December. . .
465
467
472
475
480
486
490
494
501
505
513
517
434
434
439
442
451
463
460
471
477
484
492
499
32
32
32
31
32
33
32
32
33
33
33
35
782
802
804
804
820
850
844
863
868
882
900
906
1,333
1,373
1,378
1,379
1,402
1,468
1,459
1,482
1,488
1,516
1,548
1,563
1,332
1,360
1,361
1,360
1,369
1,466
1,431
1,436
1,437
1,460
1,486
1,501
1,367
1,386
1,399
1,404
1,409
1,479
1,449
1,452
1,467
1,478
1,501
1,530
355
361
362
360
363
398
383
381
383
385
390
399
627
633
641
643
648
683
667
667
673
679
690
707
122
123
125
126
127
127
127
128
130
132
132
135
240
243
247
249
245
245
247
250
253
255
258
265
7
8
7
7
7
7
7
7
6
7
7
7
17
18
17
19
19
18
19
19
21
19
23
18
1937
January
February...
March
April
May
June
July
August
September..
October
November...
December. . .
506
506
511
514
518
523
523
529
534
535
540
537
472
475
476
482
489
487
488
498
503
502
504
505
33
33
33
33
33
34
33
33
33
33
33
33
864
874
869
883
893
885
894
907
908
909
912
905
1,500
1,519
1,519
1,542
1,558
1,539
1,550
1,574
1,574
1,576
1,574
1,560
1,458
1,464
1,451
1,468
1,466
1,458
1,454
1,466
1,467
1,474
1,480
1,475
1,525
1,538
1,520
1,507
1,507
1,526
1,520
1,520
1,527
1,531
1,525
1,542
393
395
386
381
380
384
381
382
382
384
381
387
702
706
696
687
689
699
697
698
702
704
701
710
135
135
136
137
136
138
137
137
138
138
136
139
269
273
275
277
278
283
283
283
285
286
287
288
8
9
9
9
8
8
7
7
7
6
5
6
18
19
18
17
17
14
15
14
14
13
14
12
1934
January
Feoruary.. . .
March
Aprn
i\iay
852
,336
,435
"\2
9
8
7
7
7
7
8
" i o
10
10
10
10
12
12
10
1
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.
2
Separate figures for different denominations not available prior to May 1933.
Back figures.—See Annual Report for 1936 (table 37).
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
89
FEDERAL RESERVE SYSTEM
No. 37.—TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation.
End of year or month
Total
Silver
dollars
and silver
bullion1
Subsidiary
silver
Minor
coin
In millions of dollars]
United
States
notes
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1,707
1,709
1,842
1,958
2,009
2,025
1,977
1,991
2,006
2,012
2,022
2,027
2,035
2,204
2,303
288
270
358
442
498
512
524
535
538
540
540
540
540
540
540
249
271
273
269
277
283
289
295
301
304
311
312
308
307
300
99
97
98
101
101
102
106
111
115
119
123
127
127
127
127
347
347
347
347
347
347
347
347
347
347
347
347
347
347
347
1934—January
February
March
April
May
June
July
August
September
October
November
December
2,302
2,302
2,361
2,378
2,368
2,366
2,361
2,408
2,405
2,434
2,468
2,511
541
542
542
542
542
542
542
607
617
659
701
755
300
300
299
296
294
296
298
299
301
305
307
309
127
127
127
127
128
128
128
128
128
129
129
131
1935—January
February
March
April
May
June
July
August
September
October
November
December
2,495
2,519
2,540
2,544
2.525
2,506
2,510
2,398
2,386
2,400
2,438
2,476
756
768
809
841
850
859
884
905
940
997
,066
,124
310
310
309
310
313
313
315
315
317
320
322
328
1936—January
February
March
April
May
June
July
August.
September
October
November
December
2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,515
2,521
2,532
,172
,197
,218
,230
,236
,255
,264
,277
,294
,303
.310
U323
1937—January
February
March
April
May
June
July
August
September
October
November
December
2,532
2,536
2,541
2,543
2,547
2,550
2,572
2,58o
2,599
2,609
2,621
2,637
1,332
1,343
1,355
1,365
1,375
1,382
1,409
1,424
1,441
1,455
1,468
,486
Federal
Reserve
bank
notes*
(2)
National
bank
notes*
2
17
37
14
9
6
5
4
4
4
3
3
3
3
724
723
750
762
772
772
705
698
701
699
698
698
711
881
988
347
347
347
347
347
347
347
347
347
347
347
347
2
2
65
92
95
100
106
99
94
88
84
81
986
985
982
974
963
965
942
929
918
907
899
888
131
131
131
131
132
133
134
134
134
134
135
136
347
347
347
347
347
347
347
347
347
347
347
347
76
97
95
91
88
84
81
78
75
72
70
68
876
8b8
849
825
795
769
750
619
573
530
499
473
328
328
329
330
330
332
335
338
341
346
351
356
137
137
137
138
138
139
140
142
143
145
146
147
347
347
347
347
347
347
347
347
347
347
347
347
64
62
59
57
55
53
51
49
48
47
46
45
446
429
413
398
384
372
358
348
339
329
322
314
356
356
357
357
358
359
361
363
364
367
370
372
148
149
149
150
150
151
151
152
153
154
155
156
347
347
347
347
347
347
347
347
347
347
347
347
44
42
42
40
39
38
37
37
36
36
35
34
305
298
291
284
278
272
266
262
257
251
247
242
1
2
Includes silver held against silver certificates.
Less t h a n $500,000.
3
Includes only Federal Reserve bank notes for redemption of which issuing banks have deposited lawful
money with the Treasury; does not include notes t h a t are liabilities of issuing banks. Since March 1935 all of
these notes outstanding have been liabilities of the Treasury and in process of retirement.
4
Includes national bank notes t h a t are liabilities of issuing banks as well as those for redemption of which
issuing banks have deposited lawful money with Treasury. Since July 1935 all national bank notes outstanding
have been liabilities of the Treasury a n d in process of retirement.
Backfigures.—SeeAnnual Report for 1936 (table 38), and similar tables in previous a n n u a l reports.
90
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 38.—SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY, BY MONTHS
[By selected banks in New York City . In thousands of dollars
Net
Year and
month
1923 i
1924
1925
1926
1927
1928 . . . .
1929
1930
1931
1932
1933
1934
1935
1936
1937
1933
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..
ShipRements ceipts
to
from
Europe Europe
25, 298
12, 400
9, 660
10, 000
8, 388
5, 483
4, 500
12, 065
40, 854
567
554
345
10, 628
34, 774
21, 500
3
105
101
25
1
0
4
122
89
57
42
shipments
(-)or
net
receipts
Month
7,359 -17,939
59,053 +46,653
46,838 4-37,178
33,953 4-23,953
47,000 +38,612
41,377 +35,894
31,357 +26,857
38,060 +25,995
40,008
-846
83,838 +83,271
91,059 4-90,505
40,587 +40,242
19,966 +9,338
26,216 -8,558
47,550 +26,050
January
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..
+5,301
+5,484
+13,685
+8,024
+12,o22
+6,866
+ 11,751
+6,148
+4,634
+5,816
+3,340
+6,934
1935
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..
5,304
5,589
13,786
8,049
12,523
6,866
11,755
6,153
4,756
5,905
3,397
6,976
1
Net
shipShipRements
ments ceipts (-)or
to
from
net
Europe Europe receipts
Month
1936
1934
Total of eight months.
r Revised.
Backfigures.—SeeAnnual Report for 1936 (table 39).
Net
shipShipR(iments
ments ceipts (-)or
from
to
net
Europe Europe receipts
0
1
0
1
10
8
63
0
23
0
199
40
5, 256
3, 740
2, 200
2, 900
3, 780
3, 471
3, 601
5, 193
4, 254
2, 524
2, 129
1, 539
+5,256
+3,739
+2,200
+2,899
+3,770
+3,463
+3,538
+5,193
+4,231
+2,524
4-1,930
+ 1,499
81 3, 705
173 1, 502
167 2, 026
373 ' 1 , 466
1,012 1, 612
191
452
288 2! 261
282
289
721 1, 157
864
2,536
4,203 r 781
603
851
+3,624
+ 1,329
+1,859
'•+1,093
+600
r+1,261
+1,975
+2,007
+436
-1,672
r -3,422
+248
748
13
757
095
852
037
900
981
949
013
960
469
2, 743
3, 317
3, 109
938
1, 685
1, 164
2, 348
2, 078
1, 131
5, 422
1, 536
745
+1,995
+3,304
+1,352
-2,157
-2,167
-1,873
+1,448
+1,097
-2,818
+3,409
-4,424
-7,724
1937
January... 2 092 2, 197
February.. 4 279 3, 265
968 3 728
March
1 434 3, 023
April
J
909 1 865
May
T
7 000 1 972
June
809 2 586
July
877 2 839
August....
1
September.
,946 2 271
781 4 531
October. . .
336 13, 326
November.
69 5 947
December..
+2,760
+ 1,589
+956
-5,028
+ 1,777
+ 1,962
+325
+3,750
+ 12,990
+5,878
January...
February.
March
April
May
June
July
August....
September.
October. ..
November.
December.
1
3
3
3
3
2
5
8
+ 105
-1,014
91
FEDERAL RESERVE SYSTEM
No. 39.—ANNUAL NET SHIPMENTS OR RECEIPTS 1 OF UNITED STATES PAPER CURRENCY
TO AND FROM EUROPE, BY COUNTRIES, 1 9 2 3 - 1 9 3 7
[By selected banks in New York City.
Country
1923 2
In thousands of dollars]
1925
1926
1927
1928
-1,129
+429
+544
+8,283
+11,098
+5,063
+9,159
+1,155
+1,206
+4,356
-1,221
+341
+356
+3,627
+7,458
+3,690
+15,197
+1,740
+1,145
+3,483
+52
+16
-906
-171
-282
-10
+3,997 ' " ' + 9 9 4 '
-475
+1,136
+9
+305
+357
+9,850
+2,977
+4,148
+982
+ 1,750
+3,302
-1,040
+3
+392
-950
+ 1,426
+442
+304
+3,199
+5,012
+1,387
+12,065
+759
+612
+1,649
+43
+214
-590
-876
" - 5 , " 086'
+3,086
+3,374
+899
+501
+1,010
+126
+1,724
+7,250
+1,554
+9,263
+759
+186
+808
+46
+ 1,548
-3,037
—986
+3,878
+1,866
+46,653
+37,178
+23,953
+38,612
+35,894
+26,857
+25,995
1931
1932
1933
1934
1935
1936
Austria
Belgium
Danzig
England
France
Germany
Greece
Holland
Italy
Latvia
Lithuania
Poland
Russia
Switzerland
Other
-2,169
-89
-1,918
+4,389
+3,119
+ 13,696
+ 137
-3,166
+261
-281
+42
-12,851
-1,297
-787
+68
+683
+417
+4,023
+8,623
+5,283
+34,315
+356
+5,168
+3,385
+68
+954
+8,209
+608
+8,463
+2,716
+2,007
+563
+ 1,585
+9,850
+6,078
+34,993
+2,694
+1,454
+3,880
+36
+539
+ 12,090
+4,216
+6,565
+3,955
+807
+307
+601
+ 11,042
+2,406
+5,400
+833
+393
+2,314
Total
-846
+83,271
+90,505
-1,255
+28
-377
-1,686
+516
-4,417
+586
-800
+764
Austria
Belgium
Danzig
England
France
Germany
Greece
Holland
Italy
Latvia
Lithuania
Poland
Russia
Switzerland
Other
— 11,975
—6
-126
+835
-26
Total
-17,939
Country
1924
-623
+203
+343
+9,571
+1,667
+31,412
+928
+4,372
+2,145
-6,595
*Net
shipments (—) and net receipts (+).
2
Total of eight months.
s Less than $500.
Backfigures.—Notavailable.
+257
-592
+12,555
+384
+19,353
+1,678
+2,191
+3,019
-2,500
+3
+10'
-5,818
+3,557
+791
1929
1930
1937
-105
+565
+8,784
+875
+2,070
+3,845
+115
-308
+4,322
-2,865
+3,615
+527
-2,178
+1,175
+7
+138
+2,153
+79
-664
+3,327
+66
-1,288
+113
+1,391
-4,206
+2,542
+1,002
-7,789
+756
+32
+141
+2,485
-4,026
-2,977
+3,200
+46
-217
+456
+4,221
+8,582
+3,610
+1,063
-4,188
+1,799
+40
+137
+5,421
-1,912
+3,468
+3,524
+40,242
+9,338
-8,558
+26,050
DISCOUNT RATES AND MONEY RATES
93
95
FEDERAL RESERVE SYSTEM
DOMESTIC MONEY RATES
No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Federal Reserve Bank
Date effective
Boston
New
York
Phila- Clevedelland
phia
Richmond
Atlanta
MinChiSt.
necago Louis apolis
Kansas
City
Dallas
San
Francisco
A. Rates on rediscounts for and advances to member banks under sees. 13 and 13a of the
Federal Reserve Act
In effect Jan. 1, 1935... .
1935—jan< 3
Jan.8
Jan 11
Jan. 14
Jan. 17
Jan. 19
May 8
May 9
May 10
May 11
May 14
1937—Aug. 21
Aug. 24
Aug. 27
Aug. 31
Sept. 2
Sept. 3
Sept. 4
In effect Dec. 31, 1937...
2
2
3
""2X
2V2
21/2
3
3
2
2
""2"
2
"2
2
'"2"
""ix
......
2
""ix
...I!
4
""ix
'"ix
'"ix
\y2
'"ix
""ix
ix
1
\y2
ix
IX
\y2
IX
iX
IX
IX
B. Rates on advances to member banks under sec. 10 (b) of the Federal Reserve Act
In effect Jan. 1, 1935
1935 Jan 14
Jan. 31 i
Aug 26 1
Sept 14
Sept. 20
Sept. 23
Oct 3
Oct 8
Oct 10
Oct. 19
Oct 29
Nov. 2
1937—Aug. 21
Aug. 24
Aug. 31
Sept. 2
Sept. 3
Sept. 4
Sept. 10
Sept. 17
In effect Dec. 31, 1937...
4
4
4
4
4
5
4
4
4
4
2X
2y2
2H
::::
2\4
2M
2y2
2H
9
2
2H
""2'x
2
2
""2"
'"2"
•"2"
2
'"2"
"2"
""2"
2
2
2
2
2
2
2
2
2
2
2
2
2
1
Sec. 10 (b), as originally enacted, expired by limitation on Mar. 3, 1935. This section was reenacted in amended
form by the Banking Act of 1935, approved Aug. 23, 1935.
96
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent per annum]
Federal Reserve Bank
Date effective
Boston
New
York
Phila- Clevedelland
phia
Richmond
Atlanta
MinChiSt.
necago Louis apolis
Kansas
City
San
Dal- Franlas
cisco
C. Rates on advances to individuals, partnerships, and corporations, secured by direct obligations of the United States, under the last paragraph of sec. 13 of the Federal Reserve Act
In effect Jan. 1, 1935....
4
3M
4
1835—Feb. 21
May 10
May 11
In effect Dec. 31, 1937...
4
4
4
4
4H
4H
4
4
4
4
4
4
' " 3 Vi
33^
4
33^
4
3K
4
4
4
4
4H
Rates on advances to individuals, partnerships, and corporations under the third paragraph of
sec. 13 of the Federal Reserve Act in effect from Jan. 1, 1935, to July 31, 1936, ranged from
5 to 6 percent.
D. Rates on direct advances to established industrial or commercial businesses for working
capital purposes under the first paragraph of sec. 13b of the Federal Reserve Act.
In effect Jan. 1, 1935. ...
1935—Feb 23
Mar. 22
April 9
4-6
4-6
4-6
6
6
6
5-6
5H
6
6
5-6
5-6
5-6
5-6
4-6
3^-6
4^-6
4-5 H
1937—Feb 25
In effect Dec. 31, 1937.. . 3^-6
4-6
4-6
4H-6
6
6
5-6
4-5H
6
4-6
E. Rates on portion of discounts for financing institutions under the second paragraph of
sec. 13b of the Federal Reserve Act, on which the financing institution is not obligated
for any loss.
In effect Jan. 1, 1935. ... 3H-5
1935—Mar. 22
Apr. 9
4-5
(2)
3H
(3)
4-6
5
5-6
4-6
5
5-6
2
3
4^-5
4
5-6
4-5
4H-5
4
5-6
4-5
4
4
1937—Feb. 25
In effect Dec. 31, 1937...
4^
3H
4-5
(2)
4
4
Same as rate charged borrower by financing institution but not less than 4 percent.
1 percent below rate charged borrower by financing institution but not less than 4 percent.
FEDERAL RESERVE SYSTEM
97
No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent per annum]
Federal Reserve Batik
Date effective
Bos-
Phila- Clevedelland
phia
New
York
Richmond
lanta
ChiSt.
cago Louis
Minneapolis
Kansas
City
San
Dal- Franlas
cisco
F. Rates on portion of discounts for financing institutions under the second paragraph of sec.
13b of the Federal Reserve Act, on which the financing institution is obligated for any loss.
In effect Jan. 1, 1935. .
3
3H
1935—Jan. 17
Apr. 9
Apr. 16
3
1937—Feb. 25
Aug. 21
Sept. 4
4
4-6
5
""zy
5-6
4H 4^-5
4
4
3-4
4
4
3-4
3
...3K
»
In effect Dec. 31, 1937.
3
2K
3H
4-6
5
21/2
3H 4H-5
G. Rates on commitments under the second paragraph of sec. 13b of the Federal Reserve Act.
In effect Jan. 1, 1935....
1-2
1935—Mar. 22
Mar. 29
Apr. 8
Apr. 9
Apr. 10
Dec. 4
In effect Dec. 31, 1937.. .
4
J4-2
1-2
1-2
1
(0^-2
' " 1-2'
1
1
1-2
J*-2
1
1-2
1-2
1
Flat charge.
Backfigures.—SeeAnnual Report for 1936 (table 40) and similar tables in previous annual reports.
1-2
1
98
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 41.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES—CHANGES FROM
JAN. 1, 1933, TO DEC. 31, 1937
[Percent per annum]
Date effective
1 to 15
days l
In effect Jan. 1, 1933
1933—Feb. 16
Feb.27
Mar. 1
Mar. 2
Mar. 3
Mar. 13
Mar. 17
Mar. 20
Mar. 22
June 29
Oct. 20
In effect Dec. 31, 1937......
1
16 to 30
days
1
9
3^
VA
3
2V2
2
1
1H
3M
46 to 60
days
61 to 90
days
1
1
V*
m
31 to 45
days
A
A
121 to 180
days
\y%
1
\y2
y2
1
iy2
\y2
2V2
2
1
3M
3M
3
2V2
2
1
y2
y2
f2V2
2
1
2
2
2H
3M
m
f2
2H
2
1
2%
YL
l
l
91 to 120
days
2
2y2
w±
zy2
3
2y2
H
H
i
^ h i s rate also applies to acceptances bought under repurchase agreements, which agreements are always
for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances
payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply
to purchases, if any, made by other Federal Reserve banks.
Backfigures.—SeeAnnual Report for 1936 (table 41) and similar tables in previous annual reports.
No. 42.—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,
to
Jan.31,1935
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days
Feb. 1, 1935,
to
Dec. 31, 1935
In effect
beginning
Jan. 1, 193(
2H
2y2
NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit
Insurance Corporation, effective February 1, 1936, are the same as those in effect for member banks. In
some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are
superseded by lower maximum rates established by State authority.
99
FEDERAL RESERVE SYSTEM
No. 43.—SHORT-TERM OPEN-MARKET RATES* IN NEW YORK CITY, BY MONTHS,
1934-1937
[Percent per a n n u m ]
Prevailing rate on—
Average rate on—
U. S. Treasury bills
Month
1934—January
February....
March
April
May
June
July
August
September.. .
October
November. . .
December....
1935—January
February....
March
April
May
June
July
August
September.. .
October
November. . .
December
Prime
commercia
paper.
4 to 6
months
Yi
WA~W2
1
1
V*
-IX
YA-
-WA
1
VA~
YsYsYsYsYsYsYs-
H-
VAVA-
H-i
%-i
YA
3/
i
VA
%/^
VA
/4
$A
VL
VA
1936—January
February....
March
April
MayJ
T
June
July
August
September.
October
November.
December....
1937—January
February....
March
April
May
June
July
August
September.. .
October
November.
December
Prime
bankers'
acceptances,
90 days
VA
VL
3/
3/
VA
%
YI
YA
YA
YA
YA
YA
YA
A
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Ys
Stock-
1
~YA
%-l
%-\
%—l
%-l
%~\
/4~1
M~l
^Ar~\
%-\
%-l
%-\
VA-\
}A
YA
YA
YA
YA
YA
1
1
1
1
1
V
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.63
.25
.25
.25
.25
.25
.29
.75
.75
1.00
1.00
1.00
.64
.25
.25
.25
.25
.25
.29
.75
.75
WA
lV X
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1 00
1.00
1
-WA
WA
VA
WA
VA
Renewal
A
VA
VA-
New
.75
.75
.75
.75
.93
1.00
1.00
1.00
1 00
1.00
1 00
1.00
Y%- t\
VA
VA
VA
Stock-exchange
call loans 1
exchinge
time
loans,
90 days
A
A
A- A
A
H- A
lV Yl
IS
\6
I7e
X
ii/
New issues offered
within month 2
3month
bills
.67
.63
.08
.08
.06
6month
bills
9month
bills
Average
yield on
U.S.
Treas91ury
day
3 to 5
dealers'
year
quonotes1
tation x
.72
.62
.24
.15
.16
.15
.15
.19
.21
.27
.25
.23
3.11
2.80
2.43
2.05
1.92
1.73
1.57
1.75
2.25
2.00
1.99
1.78
17
.16
.17
.15
.13
.07
.10
.22
.20
.14
.09
.20
.19
.15
.15
.15
.15
.15
.16
.20
.20
.16
.15
1.60
1.42
. 1.21
1.20
1.12
'1.15
1.16
'1.21
r
l 46
l!37
1.29
'1.25
.75
.75
.75
75
.93
1.00
1 00
1.00
L 00
L.00
L 00
L.00
.10
.08
.11
.10
.18
.23
.14
.18
16
.13
10
.21
.20
.20
.20
.20
.20
.20
.15
.20
16
.13
11
.12
1.21
1.15
'1.10
1 10
1.09
'1.13
1.17
1.12
r
l 10
1.12
.99
1.04
L.00
1.00
L.00
L.00
.00
1.00
1.00
1.00
1.00
1.00
] 00
L.00
.36
.38
.58
.70
.65
.58
.49
.52
.53
.41
.17
.15
.38
.56
.41
.36
.28
.29
.31
20
.09
.11
1.18
1.22
1.44
1.59
1.48
1.54
1.44
1.45
1.50
1.42
1 31
1.27
85
^27
.18
.14
.07
.08
.20
.27
.21
.22
.15
.14
.12
.10
.09
'Revised.
*For bond yields, see table 80.
averages of daily quotations.
When no rate is shown, no bills of the stated maturity were offered.
1
Monthly
2
Backfigures.—SeeAnnual Report for 1936 (table 42) and similar tables in previous annual reports; also for
Treasury notes see Federal Reserve Bulletin for May 1936, p. 318.
100
ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 4 4 . — S H O R T - T E R M O P E N - M A R K E T R A T E S * IN N E W YORK CITY, BY W E E K S , 1937
[Percent pei annum]
Prevailing rate on—
Prime
commercial
paper,
4 to 6
months
Week ending Saturday
Jan.2
Jan. 9
Jan. 16
Jan 23
Jan.30
StockPrime
bankers' exchange
time
acceptloans,
ances,
90 days 90 days
%
A
.
....
Feb
Feb.
Feb.
Feb.
6
13
20
27
Mar.
Mar.
Mar.
Mar.
6
13
20
27...
Apr.
Apr.
Apr.
Apr.
3
10
17
24
l
i
l
l
May 1
May 8
May 15
May 22
May 29
l
l
l
l
l
June
June
June
June
5
12
19
26
l
l
l
l
July
July
July
July
July
3
10
17
24
31
l
l
l
l
l
Aug. 7
Aug. 14
Aug 21
Aug. 28
l
l
l
l
Sept.
Sept.
Sept.
Sept.
l
l
l
l
4
11
18
25
%
H
%
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
l
l
l
l
l
Nov.
Nov.
Nov.
Nov.
6
13
20
27
l
l
l
l
Dec.
Dec.
Dec.
Dec.
4
11
IP
25
l
l
l
Average rate on—
Stock-exchange
call loans :
New
Average
yield on
U.S.
Treasury
913 to 5
day
year
dealers' notes l
quotation l
U. S. Treasury
bills
Renewal
New
issue
offered
within2
week
A
A
i*-X
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.32
.33
.35
.36
.40
.18
.18
.18
.15
.15
1.13
1.17
1.19
1.19
1.20
A
A
A
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.37
.37
.39
.40
.16
.15
.15
.15
1.19
1.20
1.24
1.26
A
A
A- A
A
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.45
.53
.71
.64
.25
.25
.37
.55
1.30
1.40
1.50
1.50
1/4
1M
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.66
.67
.70
.72
.58
.65
.60
.48
1.57
1.6b
1.60
1.54
IX
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.74
.72
.69
.62
.56
.45
.47
.42
.38
.35
1.53
1.49
1.48
1.47
1.46
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.55
.57
.58
.62
.35
.36
.39
.35
1.49
1.52
1.5b
1.57
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.49
.51
.50
.49
.47
.34
.30
.30
.27
.24
1.55
1.50
1.45
1.41
1.38
1.00
1.00
1.00
1.00
.48
.46
.52
.62
.26
.25
.26
.34
1.38
1.39
1.44
1.53
A
A
A
A
A
Vi
%
A
IX
178
A
\A
i7s
i7a
IX
V6
IX
1 7 <5
IX
.00
.00
.00
.00
A
IX
IX
IX
IX
.00
.00
.00
.00
1.00
1.00
1.00
1.00
.71
.58
.44
.38
.45
.45
.29
.22
1.55
1.57
1.47
lAt
IX
IX
IX
IX
IX
.00
L .00
.00
.00
.00
1.00
1.00
1.00
1.00
1.00
.44
.43
.36
.26
.23
.19
.20
.20
.22
.17
1.45
1.41
1.4*
i.4e
1.41
IX
IX
1.00
1.00
1.00
1.00
.20
.14
.12
.12
.11
.08
.08
.09
1.34
1.35
1.28
1.3C
1.00
1.00
1.00
1.00
.13
.12
.10
.10
.11
.12
.11
.09
1.31
1.2'
1.2*
1.2(
A
175
i7s
l'e
16
7
A
IX
1.00
1.00
1.00
1.00
l'e
IX
IX
IX
1.00
1.00
1.00
1.00
l'e
l'e
A
*For bond yields, by months, see table 80.
averages of daily quotations.
9-month bills until October 16; bills maturing about March 16, 1938 from October 23 to December 11; 91-day
bills thereafter.
Backfigures.—SeeAnnual Report for 1936 (table 43) and similar tables in previous annual reports; also, foi
Treasury notes, Federal Reserve Bulletin for May 1936, p. 318. Figures for 91-day dealers' quotations back tc
January
1934 are available on request.
1
Weekly
2
101
FEDERAL RESERVE SYSTEM
No. 45.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1925-1937
[Weighted averages of prevailing rates.
New York City:
January
February
.
IVt&rch
April
.
]May
June
July
August
September
October
November
December
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
4.16
. . . 4.43
4 53
. . . 4.48
4 38
4.36
4 46
4.36
4 57
4.62
4 61
4.70
4.64
4.68
4 62
4.62
4 66
4.58
4 38
4.62
4 81
4.85
4 79
4.79
4.66
4.56
4 56
4.63
4 63
4.60
4 56
4.41
4 44
4.49
4.35
4.50
4.56
4.44
4 59
4.72
4 97
5.09
5 38
5.56
5.63
5.63
5.56
5.63
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
4.26
4.17
4.16
4.24
4.31
4 20
4.17
4 11
4.13
4 05
3.97
3 93
4.27
4 67
4.64
4.71
4.71
4 72
4.69
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
2.50
2.41
2 50
2 53
2 44
2.34
2 36
2.41
2 39
2.38
2 45
2.40
4.47
4.67
4.53
5.15
5.88
4.69
4.22
4.49
4.02
3.33
2.70
2.49
2.43
4.80
4 79
4.89
4.92
4.95
4.95
4.90
4.98
5 04
5.16
5 20
5.17
5.14
5 11
5.15
5.17
5.07
4.87
4.92
4.91
5 08
5.15
5 07
5.09
4.99
4 98
4.88
4.90
4.95
4.93
4.90
4.87
4.77
4.79
4.82
4.76
4.73
4 76
4.81
4.91
5.04
5.36
5.57
5.59
5 80
5.80
5 82
5.91
5.87
5 86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.88
5 66
5.47
5.22
5.13
5.06
4.81
4.79
4 74
4.75
4 66
4.68
4.61
4 63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91
5.07
5 13
5.14
5.10
5.14
5.13
5.05
5.12
5 03
4.96
4 88
4.88
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
4.08
4 02
4 05
3.99
3.88
3.78
3.87
3.79
3 75
3.75
3 63
3.67
3.62
3 63
3.60
3.47
3.45
3.51
3.61
3.47
3 45
3.50
3 47
3.46
3.36
3 43
3.34
3.36
3.45
3.32
3.32
3.29
3 33
3.37
3 42
3.36
4.98
5.06
4.88
5.34
6.04
5.07
4.61
5.05
4.83
4.29
3.86
3.52
3.36
5 57
5.55
5.61
5.61
5.58
5.59
5.59
5.60
5.55
5 53
5.55
5.61
5 56
5.65
5.62
5.65
5.61
5.55
5.54
5.56
5.60
5 66
5.67
5.68
5.72
5.71
5.65
5.57
5.59
5.54
5.52
5.53
5.61
5 56
5.56
5.60
5.53
5.53
5.54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5.91
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
5.69
5.63
5.58
5.55
5.54
5.50
5.43
5.50
5.43
5.40
5.36
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 60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
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
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55
4 47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4 23
4.24
4.14
4 16
4.15
4.15
4.21
4.17
4.18
4.19
4.18
4.18
4 16
4.17
4.15
5.58
5.61
5.60
5.70
6.14
5.72
5.39
5.62
5.56
5.17
4.69
4.35
4.17
Year
8 other northern and
eastern cities:
January
February
March
April
May
June
July .
August
September
October
N ove mb er
December
Year
27 southern and western cities:
January
February
March
April
May
June
July
August
. .
September
October
November
December
Year
Percent per annum]
1937
N O T E . — F i g u r e s relate t o r a t e s charged b y r e p o r t i n g b a n k s t o t h e i r own c u s t o m e r s a s distinguished from
o p e n - m a r k e t r a t e s , w h i c h a r e given i n tables 43 a n d 44. All averages a r e based o n r a t e s reported for 3 t y p e s
of c u s t o m e r loans—commercial loans a n d d e m a n d a n d t i m e loans o n securities. T h e m e t h o d of c o m p u t i n g
t h e averages takes i n t o a c c o u n t (a) t h e relative i m p o r t a n c e of each of these 3 t y p e s of l o a n s a n d (b) t h e relative i m p o r t a n c e of each reporting b a n k , a s m e a s u r e d b y t o t a l loans. I n t h e 2 g r o u p averages t h e average r a t e
for each city included is weighted according t o t h e i m p o r t a n c e of t h a t city i n t h e g r o u p , a s measured b y t h e
loans of all b a n k s .
E i g h t o t h e r n o r t h e r n a n d e a s t e r n cities include Chicago, Boston, Philadelphia, Cleveland, D e t r o i t , P i t t s b u r g h , B u f f a l o , a n d C i n c i n n a t i . T w e n t y - s e v e n s o u t h e r n a n d western cities include S a n F r a n c i s c o , Los Angeles,
St. Louis, B a l t i m o r e , M i n n e a p o l i s , N e w Orleans, K a n s a s C i t y , M o . , Dallas, H o u s t o n , Seattle, A t l a n t a , L o u i s ville, R i c h m o n d , D e n v e r , P o r t l a n d , O m a h a , Jacksonville, B i r m i n g h a m , Salt L a k e C i t y , Nashville, O k l a h o m a
C i t y , Spokane, L i t t l e Rock, E l P a s o , Helena, C h a r l o t t e , a n d S a n A n t o n i o .
For complete description of these statistics a n d figures for 1919-1928 see Money Rates and Money Markets in the
United States (pages 222-236) b y W i n f i e l d W . Riefler, H a r p e r & Bros., 1930.
Back figures.—See A n n u a l R e p o r t for 1936 (table 44) a n d similar tables i n previous a n n u a l r e p o r t s .
102
ANNUAL REPORT OF BOARD OF GOVERNORS
MONEY RATES IN FOREIGN COUNTRIES
No. 46.—DISCOUNT RATES OF FOREIGN CENTRAL BANKS, 1936 AND 1937
[Percent per annum]
Central bank of—
Date effective
United
Kingdom
France
2
6
In effect Jan. 1, 1936.
1936—Jan. 2 .
Jan 10
Jan 16
Feb.4
Feb 7
Mar. 28
Apr 7
May 7
May 18
May 30
June 4
June 24
June 25
June 26
June 30
July 7
July 10
Sept 9
Sept 25
Oct. 2
Oct. 9
Oct 16
Oct. 20
Nov 26
Dec 3
5
4
1937—Jan. 28
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
4
6
5
4
3K
3
In effect Dec. 31, 1937
Germany
4
Italy
Japan
NetherSwitzerlands Sweden
land
5
3.65
2M
3
2H
5
3.29
6
4M
4H
5
4
4
3H
3
3
2
5
3
2
m
IH
2
2
3
4
4H
3.29
2
2K
For additional countries see current issues of Federal Reserve Bulletin.
Backfigures.—SeeAnnual Report for 1936 (table 46) and similar tables in previous annual reports.
103
FEDERAL RESERVE SYSTEM
No. 47.—OPEN-MARKET
DISCOUNT RATES IN FOREIGN COUNTRIES, 1924-1937
[Percent p e r a n n u m ]
England
(London)
Year or month
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
.
. . .
.
France
(Paris)
Germany
(Berlin)
Italy
(Milan)
3 46
4 13
4.45
4 24
4.16
5 26
2.57
3 60
1.87
.68
82
.58
60
.58
5 69
5.66
2 91
3.02
3 47
2.35
1 56
1.30
1.63
2 03
3.24
3 68
3 83
7.65
4.92
5.49
6.51
6 86
4.42
6 35
4.93
3.86
3 78
3.15
2 96
2.91
7.15
8.44
7.72
5.47
6.69
5.91
5.91
5.79
3.87
3.10
4.16
4.69
4.79
.56
.55
.55
55
.55
.68
56
.55
.55
.55
.59
.75
2.22
4.01
4 06
4 00
3.93
5.02
5 20
4.11
3.54
3.62
3.26
3.00
3.00
3.00
3 00
2 90
2.88
2.88
2 88
2.88
2.88
2.88
2.88
2.88
4.50
4.50
4.50
4 50
4.50
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Japan
(Tokyo)
9.06
7.89
7.66
6.87
16.39
5 60
5.50
5 48
6.12
5.44
5 19
5.11
4 88
4.75
Netherlands Switzerland
(Amster(Zurich)
dam)
4.20
3 10
2.84
3 67
4.23
4 82
2 08
1 47
.81
1 10
89
3.18
1 75
.30
3.50
2 28
2.52
3 27
3.33
3 32
2 02
1 43
1.52
1 50
1 50
2.19
2 06
1.04
1937
January
February
March
April
May
June
July
August
September
October
November
December
.
.
.
.
. . . .
4.75
4.75
4 75
4 75
4.75
4.75
4 75
4.75
4.75
4.75
4.75
4.75
.63
.39
38
38
.31
25
19
.19
.20
.21
.25
.25
1.25
1.18
1 00
1 00
1.00
1 00
1 00
1.00
1.00
1.00
1.00
1.00
1
Average for last 10 m o n t h s o n l y ; figures n o t available for J a n u a r y a n d F e b r u a r y . See n o t e .
N O T E . — R a t e s a p p l y to b a n k e r s ' acceptances, except those for J a p a n , which apply t o commercial bills. A n n u a l
figures are compiled b y t h e B o a r d a n d represent, for G e r m a n y , 1927-1937, a n d for E n g l a n d , averages of daily
figures; for G e r m a n y , 1925-1926, a n d for F r a n c e , I t a l y , N e t h e r l a n d s , a n d Switzerland, averages of m o n t h l y a v e r ages based o n daily figures; for J a p a n , averages of t h e m e a n s of t h e m o n t h l y highs a n d lows, 1924-1927, a n d of
t h e m e a n s of t h e m o n t h l y high a n d low prevailing rates, 1928-1937. F o r further explanation of table, see F e d e r a l
Reserve Bulletin for N o v e m b e r 1926, p p . 794-796; April 1927, p . 289; J u l y 1929, p . 503; N o v e m b e r 1929, p . 736;
a n d M a y 1930, p . 318.
Back figures.—For d a t a b y m o n t h s i n earlier years, see A n n u a l R e p o r t for 1936 (table 47) a n d similar tables
in previous a n n u a l r e p o r t s .
MEMBER AND NONMEMBER
BANKS
105
106
ANNUAL REPORT OF BOARD OF GOVERNORS
ALL BANKS IN THE UNITED STATES
No. 48.—ALL BANKS 1 IN THE UNITED STATES—NUMBER OF BANKS, AND DEPOSITS
EXCLUSIVE OF INTERBANK DEPOSITS, 1915-1937
Deposits, other than interbank8deposits
(In millions of dollars)
Number of banks
Nonmember
banks
Member banks
Date 2
Total,
all
banks
Total
National State
Mutual
sav-
Other
Member banks
Total,
all
banks
Total
National State
Nonmember
banks
Mutual
savings
Other
1915—June 23...
1916—June 30...
1917—June 20...
1918—June 29...
1919—June 30...
1920—June 30...
1921—June 30...
1922—June 30...
1923—June 30...
26,605
27,041
27,495
28,334
28,600
29,829
30,560
30,158
29,833
7,614
7,605
7,652
8,212
8,821
9,398
9,745
9,892
9,856
7,597
7,571
7,599
7,699
7,779
8,024
8,150
8,244
8,236
17
34
53
513
1,042
1,374
1,595
1,648
1,620
639
632
632
636
633
631
634
630
628
18,352
18,804
19,211
19,486
19,146
19,800
20,181
19,636
19,349
19,131
22,759
26,352
28,765
33,603
37,721
35,742
37,615
40,688
6,678
8,395
10,301
15,671
19,170
21,915
20,637
22,397
23,871
6,609
8,159
9,742
11,214
12,951
14,316
12,991
13,821
14,490
68
235
559
4,457i
6,219
7,600
7,646
8,575
9,380
3,951
4,188
4,422
4,422
4,751
5,187
5,575
5,780
6,295
8,502
10,176
11,630
8,673
9,682
10,618
9,529
9,439
10,522
1923—Dec.
1924—Dec.
1925—Dec.
1926—Dec.
1927—Dec.
1928—Dec.
29,505
28,806
28,257
27,367
26,416
25,576
9,774
9,587
9,489
9,260
9,034
8,837
8,179
8,043
8,048
7,906
7,759
7,629
1,595
1,544
1,441
1,354
1,275
1,208
630
623
621
618
618
613
19,101
18,596
18,147
17, ~
16,764
16,126
42,163
45,835
49,224
50,155
52,909
56,766
24,996
27,836
30,029
30,474
32,063
34,826
15,231 9,764
16,694 11,141
18,066 11,964
18,022 12,453
19,662 12,401
21,407 13,419
6,455
6,898
7,298
7,763
8,344
8,849
10,712
11,101
11,897
11,918
12,502
13,091
31...
31...,
31...
31...,
31...,
31....
1929—June 29...
Dec. 3 1 . . . ,
25,110 8,707
24,630 8,522
7,530 1,177
7,403 1,119
611 15,792 53,852 32,284 19,411 12,873
609 15,499 55,289 33,865 20,290 13,575
8,983 12,584
8,916 12,508
1930—June 3 0 . . .
Dec. 3 1 . . . ,
8,315
8,052
7,247 1,068
7,033 1,019
606 14,931 54,954 33,690 20,556 13,134
603 14,114 53,039 32,560 20,138 12,422
9,197 12,067
9,507 10,972
1931-June30...
Dec. 3 1 . . . .
23,852
22,769
21,903
19,'
7,782
7,246
6,800
6,368
600 13,521 51,782 31,566 19,418 12,147 10,017 10,199
597 12,123 45,821 27,432 17,271 10,161 10,105 8,284
1932—June 30...
Dec. 3 1 . . . .
19,046 6,980
18,390 6,816
1933—June 30 4 .,
Dec. 30...,
6,145
6,011
982
878
835
805
594 11,472 41,963 24,755
594 10,980 41,643 24,803
14,519 5,606
15,011 6,011
4,897
5,154
709
857
576
579
8,337 37,998 23,338 14,772 8,566
8,421 38,505 23,771 15,386 8,385
9,713
9,708
4,946
5,026
1934—June 30...
Dec. 3 1 . . . ,
15,835 6,375
16,042 6,442
5,417
5,462
958
980
578
579
8,882 41,870 26,615 17,097 9,518
9,021 44,770 28,943 18,519 10,424
9,780
9,828
5,475
6,000
1935—June 29...
Dec. 3 1 . . .
15,994 6,410
15,837 6,387
985
5,425
5,386 1,001
571
570
9,013 45,766 29,496 19,031 10,465
8,880 48,964 32,159 20,886 11,273
9,920
9,963
6,350
6,842
1936—Mar. 4 . . . .
June 30...
Dec. 3 1 . . . ,
15,808 6,377
15,752 6,400
15,628 6,376
5,375 1,002
5,368 1,032
5,325 1,051
569
566
565
8,862 48,716 31,774 20,605 11,169 9,972
8,786 51,335 34,098 21,986 12',112 10,060
8,687 53,701 35,893 23,107 12,786 10,143
6,970
7,176
7,666
1937—Mar. 3 1 . . .
J u n e 30...
Dec. 3 1 . . .
15,569 6,367
15,527 6,357
15,393 6,341
5,305 1,062
5,293 1,064
5,260 1,081
565
564
563
8,637 52,577 34,746 22,355 12,390 10,157
8,606 53,287 35,440 22,926 12,514 10,213
8,489 52,440 34,810 22,655 12,155 10,257
7,674
7,635
7,373
15,629 9,126 10,020
16,101 8,701 10,022
7,188
6,818
1
Comprises all national banks in the continental United States, all State commercial banks, trust companies, mutual and stock savings banks, and such private, Morris Plan, 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, under the provisions of Section 21(a) of the Banking Act of 1933, submitted condition
reports to the Comptroller of the Currency. Morris Plan and industrial banks in New York and North Carolinaz were not included until June 30, 1937.
' Date of reports of member banks; figures for nonmember banks are as of nearest available date.
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. The nonmember bank figures include interbank deposits
to 4the extent that they are not shown separately in a few State bank abstracts.
Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only,
with some exceptions as to nonmember banks.
Backfigures.—Forcall dates other than those shown above, see Annual Reports for 1935 (table 47) and 193.3
(table 66).
No. 49.—ALL BANKS1 IN THE UNITED STATES—LOANS AND INVESTMENTS, 1917-1937
[In millions of dollars]
Loans and investments
Date 2
Total,
all
banks
Nonmember
banks
Member banks
Total
National
State
Investments
Loans
Mutual
savings
Other
Total,
all
banks
Nonmember
banks
Member banks
Total
National
State
Mutual
savings
Other
Total,
all
banks
Nonmember
banks
Member banks
Total
National
State
Mutual
savings
Other
1917—June 20
1918—June 29
1919—June 30
1920—June 30
1921—June 30
1922—June 30
1923—June 30
28,286
31,813
36,570
41,684
40,001
39,956
43,737
12,453
18,507
22,240
25,559
24,121
24,182
26,507
11,897
13,913
15,712
17,547
15,895
15,705
16,805
556
4,594
6,528
8,012
8,226
8,477
9,703
4,500
4,489
4,828
5,308
5,699
6,010
6,582
11,333
8,817
9,502
10,817
10,181
9,764
10,650
20,525
22,404
24,723
30,839
28,988
27,750
30,398
9,370
13,234
15,413
19,533
18,119
17,165
18,750
8,935
10,077
10,903
13,499
11,976
11,191
11,778
434
3,156
4,510
6,035
6,143
5,975
6,973
2,368
2,315
2,336
2,591
2,810
3,003
3,382
8,785
6,856
6,974
8,714
8,060
7,584
8,265
7,764
9,408
11,847
10,845
11,012
12,206
13,341
3,084
5,274
6,827
6,026
6,002
7,017
7,757
2,962
3,836
4,809
4,048
3,919
4,514
5,027
123
1,438
2,018
1,977
2,083
2,503
2,730
2,132
2,174
2,492
2,716
2,889
3,007
3,200
2,547
1,961
2,528
2,104
2,122
2,182
2,384
1923—Dec. 31
1924—Dec. 31.
1925—Dec. 31
1926—Dec. 31
1927—Dec. 31
1928—Dec. 31
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31
44,003
47,182
50,603
52,024
55,450
58,266
58,417
56,209
49,704
44,946
26,487
28,746
30,884
31,642
34,247
35,684
35,934
34,860
30,575
27,469
16,807
17,840
19,153
19,267
21,535
22,407
21,584
21,426
19,094
17,399
9,680
10,906
11,731
12,374
12,712
13,277
14,350
13,434
11,482
10,071
6,743
7,226
7,691
8,204
8,860
9,390
9,463
9,987
10,488
10,182
10,773
11,211
12,029
12,178
12,344
13,192
13,020
11,362
8,641
7,294
30,797
32,458
35,658
36,777
38,426
40,782
41,918
38,135
31,305
26,063
18,842
19,933
21,996
22,652
23,886
25,155
26,150
23,870
19,261
15,204
11,808
12,214
13,419
13,482
14,641
15,285
15,136
14,347
11,905
9,828
7,034
7,719
8,577
9,170
9,245
9,870
11,014
9,524
7,356
5,376
3,557
3,971
4,393
4,821
5,273
5,694
5,945
6,068
6,218
6,079
8,398
8,554
9,269
9,304
9,266
9,933
9,823
8,196
5,827
4,780
13,206
14,724
14,945
15,246
17,024
17,484
16,499
18,074
18,399
18,883
7,645
8,813
8,888
8,990
10,361
10,529
9,784
10,989
11,314
12,265
4,999
5,626
5,734
5,785
6,894
7,122
6,448
7,079
7,189
7,571
2,646
3,187
3,154
3,204
3,466
3,407
3,336
3,910
4,126
4,695
3,186
3,256
3,298
3,383
3,587
3,696
3,518
3,920
4,270
4,103
2,375
2,655
2,759
2,873
3,077
3,256
3,197
3,165
2,814
2,514
1933—June 30*
Dec. 30
40,076
40,319
24,786
25,220
15,460
15,941
9,326
9,278
10,044
9,985
5,246
5,114
22,203
21,977
12,858
12,833
8,102
8,086
4,756
4,747
5,941
5,906
3,404
3,238
17,872
18,342
11,928
12,386
4,570
4,531
4,103
4,079
1,841
1,877
1934—June 30
Dec. 31
42,502
43,458
27,175
28,150
17,011
17,910
10,163
10,240
9,904
9,782
5,423
5,526
21,278
20,474
12,523
12,028
7,681
7,475
4,842
4,553
5,648
5,491
3,108
2,955
14,652
16,122
2,315
2,571
44,416
45,715
28,785
29,985
18,051
18,951
10,733
11,034
9,852
9,804
5,779
5,929
20,272
20,329
11,928
12,175
7,353
7,494
4,575
4,681
5,341
5,210
16,857
17,810
10,698
11,457
4,511
4,594
2,777
2,983
1936—Mar. 4
June 30
Dec. 31
46,115
48,458
49,524
30,288
32,259
33,000
18,988
20,208
21,013
11,300
12,051
11,986
9,795
9,961
10,060
6,032
6,238
6,464
20,267
20,679
21,449
12,099
12,542
13,360
7,421
7,748
8,257
4,678
4,793
5,103
5,202
5,105
5,027
3,003
2,944
2,966
3,032
3,062
5,321
5,687
6,158
6,353
4,256
4,291
1935—June 29
Dec. 31
21,224
22,984
24,145
25,386
7,358
7,855
9,331
10,435
25,847
27,779
28,075
18,189
19,717
19,640
11,567
12,459
12,756
6,622
7,258
6,884
4,592
4,856
5,034
3,066
3,206
3,402
1937—Mar. 31
June 30
Dec. 31
49,138
49,696
48,566
32,525
32,739
31,752
20,682
20,893
20,534
11,843
11,845
11,217
10,096
10,180
10,187
6,518
6,778
6,627
21,790
22,514
22,198
13,699
14,285
13,958
8,460
8,796
8,796
5,240
5,488
5,162
5,026
5,002
4,996
3,065
3,227
3,244
27,348
27,182
26,368
18,826
18,454
17,794
12,223
12,097
11,738
6,603
6,357
6,056
5,070
5,178
5,191
3,453
3,550
3,383
For footnotes see table 48.
H
CO
ALL MEMBER BANKS
QC
No. 50.—ALL MEMBER BANKS—CONDITION ON DEC. 31, 1937, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
Central reserve city
member banks
All
national
member
banks
All
State
member
banks
13,957,823
10,574,143
1,797,407
5,422,382
31,751,755
154,504
971,465
342,6C4
7,005,209
589,457
24,787
1,289,310
2,030,475
69,818
69,723
3,578
2,259,351
8,869
41,226
895
172,396
8,796,207
6,752,842
1,306,504
3,678,705
20,534,258
77,087
630,518
155,580
4,172,915
418,483
15,732
921,855
1,591,805
54,862
39,466
3,578
1,319,976
6,163
19,965
188
101,084
5,161,616
3,821,301
490,903
1,743,677
11,217,497
77,417
340,947
187,114
2,832,294
170,974
9,055
367,455
438,670
14,956
30,257
3,673,433
3,206,545
388,472
1,044,882
8,313,332
110,752
226,021
33,565
2,737,972
56,183
1,769
70,166
48,234
36
47,943
635,491
916,085
94,368
255,116
1,901,060
3,446
21,826
6,320
596,044
26,758
4,654
136,242
37,063
940
1,731
939,375
2,706
21,261
707
71,312
989,331
742
37,745
145,974
75
281
46,785,512
30,063,515
16,721,997
12,721,094
29,317,024
19,747,450
781,034
2,131,984
5,436,442
452,772
767,342
18,459,255
12,150,449
501,374
1,655,468
3,512,205
210,843
428,916
10,857,769
7,597,001
279,660
476,516
1,924,237
241,929
338,426
10,005,888
6,507,420
382,016
188,910
2,107,561
415,776
404,205
All
member
banks
New York
Chicago
Reserve
city
member
banks
Country
member
banks
ASSETS
Loans (including overdrafts)
United States Government direct obligations
Securities fully guaranteed by United States Government
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with private banks and American branches of foreign banks
Demand balances with banks in New York City
Demand balances with other domestic banks
Time balances with other domestic banks
Balances with banks in foreign countries
Due from own foreign branches
Cash items in process of collection
Cash items not in process of collection
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
Total assets .
47,303
5,202,554
3,961,935
636,967
1,612,154
11,413,610
38,137
338,033
126,708
2,309,707
199,881
15,626
593,208
840,823
20,705
16,713
3,578
841,384
3,707
2,989
4,446,245
2,489,578
677,600
2,510,230
10,123,753
2,169
385,585
176,101
1,361,486
306,635
2,738
489,694
1,104,355
48,137
3,336
60^155
282^662
4,345
211
895
41,075
2,906,277
16,824,964
14,333,177
2,182,472
1,354,313
64,813
206,989
528,150
5,431
22,776
10,386,272
6,742,833
255,833
777,023
2,388,844
30,112
191,627
6,742,392
5,142,884
78,372
959,062
411,887
1,453
148,734
23,'863'
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 eavingB passbooks
Certificates of deposit
Open accounts
Christmas savings and similar accounts
Postal savings
States, counties, and municipalities
Banks in United States
Banks in foreign countries
11, 521,632
8,027,514
3,494,118
752,778
453,977
4, 571,762
5,743, 115
9,461,126
740,327
575,832
28,761
94,653
481,721
128,641
10,571
6,626,879
577,531
253,508
18,905
83,279
359,020
99,101
9,291
2,834,247
162,796
322,324
9,856
11,374
122,701
29,540
1,280
405,934
30,785
258,729
848
391,328
20,519
30,572
3,042
3,747,246
179,621
224,113
9,629
34,040
266,053
107,494
3,566
4, 916,618
509,402
62, 418
15, 242
60, 613
158, 147
20, 675
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
40, 838,656
2, 969,035
37, 869,621
26, 486,769
2, 199,769
24, 287,000
14,351,887
769,266
13,582,621
10,758,666
537,383
10,221,283
2,636,449
209,437
2,427,012
14, 958,034
1,342,095
13, 615,939
12, 485,507
880, 120
11, 605,387
117,510
2,195
12,426
41,226
157,592
16,019
895
76,306
102,157
996
9,836
19,965
78,338
9,785
188
45,222
15,353
1,199
2,590
21,261
79,254
6,234
707
31,084
117,510
281
3,182
601
848
364
2,989
37,147
5,631
20^164'
8,015
31,192
347
1,
12, 062
211
1,791
395
895
16, 935
43,423
108,089
52 006
2, 378,600
2 010,421
602,430
311,355
16,363
27,401
45,327
15,954
39,968
562
562,646
800,249
156,396
86,297
73
1,093
2,003
1,574,056
1,098,204
399,757
153,664
11,850
16,022
62,762
52,006
804,544
912,217
202,673
157,691
4,513
15,825
38,052
27,354
765,008
610,615
207,781
119,377
4,747
10, 551
28, 066
24, 090
924,546
533,537
209,923
71, 778
11, 543
46, 785,512
30, 063,515
16,721,997
12,721,094
2,906,277
16, 824,964
14 333, 177
23, 740,652
20, 387,425
6,341
14, 626,759
12, 914,857
5,260
9,113,893
7,472,568
1,081
8,898,157
6,111,204
37
1,863,072
1,438,104
13
8,111,336
6,870,099
340
4, 868,087
5,968, 018
5,951
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 notes1and 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—adjusted2
Number of banks
49J67'
310
7,005
37,745
115,472
9,392
8^354'
162
i26^400
66,020
28,330
33,903
1
Represents in the case of: National banks, (1) the par value of capital stock or (2) the net book value of the entire capital account, whichever was the smaller, as reported
by individual banks; State member tanks with capital notes and debentures outstanding, (1) the par value of common stock or (2) the net book value of the entire capital account
less capital notes and debentures and reserves for contingencies and for retirement of capital notes and debentures, whichever was the smaller, as reported by individual banks;
State mtrr.ber tanks which do not have capital notes and debentures outstanding, (1) the aggregate of the retirable value of preferred stock and the par value of common stock or
(2) the net book value of the entire capital account less reserves for contingencies and for retirement of preferred stock, whichever was the smaller, as reported by individual
banks.
For par value of capital stock see table 51.
2
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
Back fig?ures.—See Annual Report for 1936 (table 50) and similar tables in previous annual reports; for selected items see following tables in this Annual Report; see also Member
Reports published by the Board of Governors following each official call upon member banks for statements of their condition.
Bank Call Repo
H
No. 51.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, BORROWINGS, AND CAPITAL STOCK ON DEC. 31, 1937
BY CLASSES OF BANKS
[In thousands of dollars]
All
national
member
banks
All
State
member
banks
13,957,823
8,796,207
5,161,616
125,835
22,502
363,597
69,943
54,942
15,069
258,860
42,163
70,893
7,433
All
member
banks
Loans—Total.
Acceptances of other banks payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks
Central reserve city
member banks
New York
3,673,433
104,737
27,780
Reserve
city
member
Country
member
banks
Chicago
635,491
5,202,554
4,446,345
973
2,308
16,495
1,055
9,712
11,732
132,210
27,124
2,842
2,567
208,408
13,011
849,389
3,702,622
2,026,259
1,676,363
1,493,287
170,566
1,189,380
To brokers and dealers in New York...
To brokers and dealers elsewhere
To others
738,123
212,079
2,752,420
234,740
125,111
1,666,408
503,383
86,968
1,086,012
702,769
57,504
733,014
41,389
129,177
26,022
97,075
1,066,283
Real estate loans:
On farm land
On other real estate
Reporting banks' own acceptances
Agricultural loans (except loans on farm land)
All other loans (including overdrafts)
264,924
2,282,503
129,695
500,058
6,496,144
215,433
1,341,856
81,199
430,034
4,330,392
49,491
940,647
48,496
70,024
2,165,752
73
141,403
74,272
403
1,810,555
338
11,189
6,125
10,710
415,732
95,252
1,080,380
46,899
. 94,761
2,515,104
169,261
1,049,531
2,399
394,184
1,754,753
j 10,574,143
6,753,842
3,821,301
3,206,545
916,085
3,961,935
2,489,578
2,473,115
3,123,111
39,104
4,277,041
661,772
1,580,698
2,272,338
33,372
2,461,476
404,958
892,417
850,773
5,732
1,815,565
256,814
682,290
493,127
59
1,536,283
494,786
133,821
383,594
157
366,406
32,107
1,014,668
1,249,098
3,682
1,588,614
105,873
642,336
997,292
35,206
785,738
29,006
1,797,407
1,306,504
490,903
388,472
94,368
636,967
677,600
255,432
398,899
1,143,076
189,681
291.167
825,656
65,751
107,732
317,420
146,404
25,574
216,494
80,461
9,791
4,116
15,012
166,729
455,226
13,555
196,805
467.240
Loans on securities exclusive of loans to banks—Total.,.
United States Government direct obligations—Total
Treasury bonds maturing on or before December 31, 1949
Treasury bonds maturing after December 31, 1949
Other United States bonds
Treasury notes
Treasury bills
Securities fully guaranteed by U- S. Government—Total
Reconstruction Finance Corporation
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
d
>
F
W
H
O
3
o
o
o
o
3
Other securities—Total
Obligations of:
States, counties, municipalities, etc
Public utilities
Railroads
Federal land banks
Intermediate credit banks
Joint-stock land banks
Territorial and insular possessions
Real estate corporations
Other domestic corporations
Stock of:
Federal Reserve banks
Real estate corporations
Banks and banking corporations
Other domestic corporations
Foreign securities:
Central governments
Provincial, State, and municipal governments
Other foreign securities
Bills payable and rediscounts—Total
With Federal Reserve banks:
Bills payable
Rediscounts
All other:
Bills payable
Rediscounts
Par value of capital stock 1 —Total
2
First preferred
Second preferred
Common
2
5,422 ,382
3,678,705
1,743,677
1,044 ,882
255,116
1,612,154
2,510,230
2,031 ,868
794,471
885,643
150,106
130,174
19,153
14 743
55,597
629,914
1,388,050
577,400
619,702
121,454
88,235
15,228
10,536
26,975
439,256
643,818
217,071
265,941
28,652
41,939
3,925
4,207
28,622
190,658
340,499
113,147
165,064
8,568
69,010
259
1,219
11,967
107,666
134,409
24, 820
20, 104
15, 610
12, 438
203
282
1,724
22, 427
685,871
165,657
202,845
50,877
39,560
4,478
4,938
25,656
171,237
871,089
490,847
497,63C
75,051
9,166
14,213
8,304
16,250
328,584
132 637
55 092
74 215
267 467
80,152
36,825
29,130
111,172
52,485
18,267
45,085
156,295
40,538
1,622
22,573
115,576
5,728
833
552
9,212
41,874
36,320
38,184
93,718
44,497
16,317
12,906
48,961
95 560
45 405
40 337
71,152
34,148
29,290
24,408
11,257
11,047
33,502
6,670
7,002
3,392
2, 622
760
23,329
11,592
16,018
35,337
24,521
16,557
12 426
9,836
2,590
364
12,062
7 717
1 947
6,583
1,328
1,134
619
303
7,717
1,644
2 748
14
1,925
823
14
61
2,687
14
2,363,001
1 578,938
784,063
762,139
925,947
114,042
8,150
639,947
183,440
17,089
725,418
342, 903
25, 239
1,994,859
267,237
17,470
1,294,231
75,666
7,769
700,628
548,515
126, 400
9 721
35, 700
538,794
90, 700
Excludes capital notes and debentures, shown in table 50. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and
debentures
purchased by the Reconstruction Finance Corporation.
2
Retirable value exceeds par value, as follows: National banks, First preferred stock—by $17,059,000. Second preferred stock—by $1,726,000; State banks, First preferred stock—by
$31,847,000. Second preferred stock—by $2,337,000.
Backfigures.—SeeAnnual Report for 1936 (table 51) and similar tables in previous annual reports; for selected items see following tables in this Annual Report; see also Member Bank
Call Reports published by the Board of Governors following each official call upon member banks for statements of their condition.
t-1
w
No. 52.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1917-1937
[In millions of dollars]
Loans and investments l
Call date
Total
Loans
Deposits l
ReInvestmen t8
serve
with
FedU.S.
eral
Gov- Other
Reernserve
Total
ment securibanks
obliga-2 ties
tions
1917—Mar. 5 (Mon.)
May 1 (Tues.)
June 20 (Wed.). .. .
Dec. 31 (Mon.)... .
11,701
11,985
12,453
16,896
9,096
9,208
9,370
12,316
2,605
2,777
3,083
4,580
1918—May 10 (Fri.)
June 29 (Sat.)
Nov. 1 (Fri.)
Dec. 31 (Tues.)....
18,673
18,507
20,981
20,593
12,667
13,233
14,550
14,224
1919-Mar. 4 (Tues.)
June 30 (Mon.)
Nov. 17 (Mon.)... .
Dec. 31 (Wed.)
21,484
22,242
24,187
24,778
Cash
in
vault
Balances
with
domestic
banks3
Interbank
Total
1,065
1,759
1,918
2,029
2,018
2,820
1,497
6,006
5,274
6,431
6,368
3,203
2,465
3,591
3,472
2,803
2,809
2,840
2,896
1,536
1,565
1,520
1,655
482f 1,906 18,954
13,877
15,414
17,423
18,149
7,607
6,827
6,765
6,630
4,652
3,803
3,494
3,324
2,955
3,024
3,271
3,306
1920—May 4 (Tues.)
25,418
June 30 (Wed.). ... 25,559
Nov. 15 (Mon.).... 25,769
Dec. 29 (Wed.)
25,531
19,198
19,533
19,852
19,555
6,220
6,026
5,917
5,976
2,958
2,811
2,655
2,619
1921—Apr. 28 (Thurs.)... 24,390
June30(Thurs.)... 24,121
Dec. 31 (Sat.)
23,482
18,487
18,119
17,394
5,903
6,002
6,088
1922—Mar. 10 (Fri.)
June 30 (Fri.)
Dec. 29 (Fri.)
23,278
24,182
25,579
17,080
17,165
17,930
1923—Apr. 3 (Tues.)
June 30 (Sat.)
Sept. 14 (Fri.)
Dec. 31 (Mon.)
26,141
26,507
26,319
26,487
18,419
18,750
18,719
18,842
Domestic
banks
Foreign
banks
All other
U.S.
Government
Postal
Savings
Demand
deposits
adjusted4
Net
Bills
demand
deposits
subject and
to re- redisserve counts
Capital
account8
Number of
banks
Demand
Time
7,503
7,915
7,856
11,183
2,125
2,263
2,304
3,156
10,044
9,869
(7)
7
9,690
()
9,972 12,487
75
95
327
783
2,218
2,258
2,307
2,807
7,614
7,629
7,653
7,907
11,055
10,759
12,070
13,357
3,346 10,160 12,451
3,395 10,008 12,217
3,651 10,832 13,322
3,834 11,709 14,563
1,043
1,022
1,912
1,876
3,005
3,002
3,222
3,220
8,132
8,213
8,596
8,692
12,737
13,936
15,668
16,094
4,092
4,344
5,049
5,305
11,616
12,269
13,642
13,859
14,160
14,725
16,261
16,581
1,962
1,927
2,257
2,347
3,280
3,350
3,587
3,542
8,725
8,822
8,995
9,066
15,409
15,769
15,541
14,653
5,748
5,911
6,144
6,188
13,859
13,799
13,474
13,053
16,426
16,422
15,924
15,345
2,755
2,701
3,080
3,036
3,833
3,853
4,086
4,120
9,291
9,399
9,567
9,606
13,549
49 13,905
44 13,656
6,343 12,409 14,389
6,318 12,271 14,321
6,406 12,296 14,449
2,313
2,022
1,364
4,156
4,133
4,093
9,698
9,745
9,779
(6)
(7)
934
877
791
628
2,056
1,897
1,695
2,129
13,396
13,651
13,397
18,628
3,' '34
3,438
3,096
3,640
34
35
141
649
575
1,870
19,210
571* 2,036 20,864
675 2,194 21,457
3,349
3,278
3,435
3,794
1,459
1,521
1,708
472
1,633
1,724
1,825
1,904
564
559
603
691
2,137
2,125
2,575
2,519
21,511
22,833
25,183
26,139
3,797
3,651
4,079
4,091
884
902
386
648
3,262
3,215
3,262
3,357
1,866
1,839
1,827
1,763
621
622
611
678
1,874
1,824
1,774
1,577
24,871
25,401
25,106
24,220
3,524
3,461
3,202
3,062
190
260
220
316
2,496
2,561
2,581
3,407
3,441
3,507
1,654
1,625
1,758
564
530
478
1,325 22,830
1,354 23,350
1,450 23,247
2,665
2,688
2,835
273
390
306
6,198
7,017
7,649
2,701
3,205
3,754
3,497
3,812
3,896
1,723
1,835
1,939
469
465
562
1,614 23,660
1,647 25,547
1,806 27,288
3,142
3,124
3,453
330
156
462
43 13,526
46 15,091
58 15,728
6,620 12,220 14,498
7,129 13,137 15,539
7,587 13,569 16,203
758
592
727
4,185
4,214
4,364
9,816
9,892
9,859
7,722
7,757
7,600
7,645
3,849
3,835
3,685
3,603
3,873
3,922
3,915
4,042
1,909
1,871
1,869
1,900
518
429
523
561
1,774
1,596
1,640
1,824
3,474
3,184
3,166
3,476
404
296
144
237
58
61
62
65
8,085
8,317
8,404
8,586
815
944
983
808
4,356
4,367
4,436
4,378
9,850
9,856
9,843
9,774
687
748
778
802
862
27,200
27,088
26,942
28,507
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)
15,179
15,229
15,165
16,144
13,485
13,595
13,518
13,628
16,086
16,066
15,919
16,376
1924—Mar. 31 (Mon.).... 26,663
June 30 (Mon.).. . . 27,167
Oct. 10 (Fri.)
28,311
Dec. 31 (Wed.)
28,746
19,045
19,204
19,713
19,933
7,618
7,963
8,599
8,813
3,534
3,575
3,866
3,874
4,084
4,387
4,733
4,939
1,893
1,965
2,121
2,228
494
504
528
597
1,644
1,940
2,430
2,339
28,270 1
29,566
30,795
32,384
3,447
3,820
4,453
4,504
292
179
302
242
76
94
100
98
15,642
16,363
16,442
17,832
8,814
9,110
9,498
9,707
13,403
13,906
14,637
15,038
16,112
16,838
17,804
18,468
614
443
325
408
4,468
4,486
4,594
4,532
9,681
9,650
9,635
9,£87
1925—Apr. 6 (Mon.)
June 30 (Tues.)... .
Sept. 28 (Mon.)....
Dec. 31 (Thurs.)...
20,176
20,655
21,285
21,996
8,869
8,863
8,890
8,888
3,894
3,780
3,761
3,728
4,975
5,082
5,129
5,160
2,092
2,191
2,147
2,238
523
524
525
575
2,091
2,017
2,031
2,155
31,249
32,457
32,075
34,250
4,041
3,978
3,828
4,169
412
177
278
304
99
96
96
96
16,669
17,922
17,502
19,124
10,028
10,286
10,372
10,557
14,761
15,227
15,483
15,943
17,708
18,277
18,259
19,260
483
559
712
733
4,669
4,690
4,688
4,678
9,531
9,538
9,539
9,489
1926—Apr. 12 (Mon.)
b0,819 21,785
June 30 (Wed.).... 31,184 22,060
31,642 22,652
Dec. 31 (Fri.)
9,034
9,123
8,990
3,805
3,745
3,389
5,229
5,378
5,601
2,136
2,236
2,210
540
534
523
1,934 32,893
1,980 33,762
2,066 34,528
3,802
3,935
4,003
379
228
234
99 17,758 10,855 15,442 18,392
96 18,426 11,077 15,794 18,804
100 18,852 11,340 15,783 18,922
620
612
760
4,826
4,832
4,944
9,412
9,375
9,260
546
541
528
663
5,086
5,147
5,295
5,341
9,144
9,099
9,087
9,034
29,046
29,518
30,176
30,884
1927—Mar. 23 (Wed.)....
June 30 (Thurs.)...
Oct. 10 (Mon.)
Dec. 31 (Sat.)
1928—Feb. 28 (Tues.)....
June 30 (Sat.)
Oct. 3 (Wed.)
Dec. 31 (Mon.)....
31,949
32,756
33,186
34,247
22,327 9,622
22,938 9,818
23,227 9,959
23,886 10,361
3,835
3,796
3,856
3,978
5,787
6,022
6,103
6,383
2,321
2,280
2,320
2,514
538
538
539
523
1,896
1,968
2,077
2,210
33,750
35,393
35,476
36,657
3,388
3,508
3,567
3,808
446
563
581
733
407
218
435
267
106 17,691 11,711 15,694 18,542
107 18,894 12,103 16,063 19,250
,433 12,348 15,971 19,170
111
107 19,083 12,658 16,590 20,105
33,688
35,061
34,929
35,684
23,099
24,303
24,325
25,155
10,590
10,758
10,604
10,529
4,216
4,225
4,386
4,312
6,374
6,534
6,218
6,217
2,367
2,342
2,348
2,409
526
449
519
564
1,941
1,897
2,026
2,124
35,367
36,050
36,146
39,067
3,496
3,263
3,597
3,773
635
604
480
535
86
257
159
262
110
108
117
134
18,227
18,487
18,635
21,167
12,813
13,331
13,159
13,195
16,093
16,142
15,980
16,503
19,236
19,191
18,995
19,944
581
1,209
1,154
1,162
5,404
5,625
5,842
5,899
8,983
8,929
8,896
8,837
1929—Mar. 27 (Wed.)....
June 29 (Sat.)
Oct. 4 (Fri.)
Dec. 31 (Tues.). ...
35,393
35,711
35,914
35,934
24,945 10,448
25,658 10,052
26,165 9,749
26,150 9,784
4,454
4,155
4,022
3,863
5,994
5,898
5,727
5,921
2,339
2,359
2,322
2,374
517
433
497
558
1,741
1,885
2,005
2,168
36,774
35,866
36,644
37,981
3,184
3,172
3,264
3,612
438
515
544
698
411
348
315
143
116
115
120
122
19,527
18,663
19,426
20,543
13,099
13,053
12,974
12,862
16,057
16,324
16,268
16,647
18,833
18,977
18,952
19,797
1,153
1,198
1,150
879
6,174
6,345
6,675
6,709
8,755
8,707
8,616
8,522
1930—Mar. 27 (Thurs.)...
June 30 (Mon.)
Sept. 24 (Wed.)....
Dec. 31 (Wed.)
1931-Mar. 25 (Wed.)....
June 30 (Tues.)....
Sept. 29 (Tues.)....
Dec. 31 (Thurs.)...
35,056
35,656
35,472
34,860
25,119 9,937
25,214 10,442
24,738 10,734
23,870 10,989
4,085
4,061
4,095
4,125
5,852
6,380
6,639
6,864
2,353
2,408
2,415
2,475
497
484
470
593
1,902
2,360
2,463
2,456
35,784
38,069
36,245
37,029
3,307
3,943
3,918
3,980
622
726
775
784
325
281
257
267
128
134
144
189
18,290
19,643
17,684
18,796
13,112
13,342
13,466
13,012
15,889
16,043
15,787
15,869
18,489
19,170
18,657
18,969
347
435
316
355
6,760
6,726
6,827
6,593
8,406
8,315
8,246
8,052
34,729 22,840 11,889
33,923 21,816 12,106
33,073 20,874 12,199
30,575 19,261 11,314
5,002
5,343
5,564
5,319
6,886
6,763
6,635
5,996
2,364
2,396
2,339
1,975
461
519
554
523
2,791
2,517
1,935
1,662
35,902
36,123
33,396
30,711
4,372
4,118
3,309
502
395
526
412
242
279
360
463
17,031
17,696
16,208
15,753
13,084
12,968
12,218
10,764
15,488
15,208
14,666
13,658
18,481
18,357
17,445
16,067
281
217
6,598
6,430
6,359
5,999
7,928
7,782
7,599
7,246
2,895
669
667
775
425
1932—June 30 (Thurs.)... 28,001
Sept. 30 (Fri.)
28,045
Dec. 31 (Sat.)
27,469
16,587 11,414
15,924 12,121
15,204 12,265
5,628
6,366
6,540
5,786
5,755
5,726
1,998
2,235
2,511
478
407
423
1,731 27,836
2,049 28,417
2,416 28,690
2,940
3,339
3,695
179
218
245
387
738
475
610 13,770
695 13,595
708 13,813
9,950 12,433 14,482
9,831 12,358 14,626
9,753 12,691 15,193
815
697
547
5,661
5,571
5,409
6,904
6,816
19338—June 30 (Fri.)
Oct. 25 (Wed.)
Dec. 30 (Sat.)
12,858 11,928
13,059 11,894
12,833 12,386
6,887
6,801
7,254
5,041
5,093
5,132
2,235
2,651
2,678
405
447
471
2,008 26,563
1,917 26,584
2,031 27,167
3,146
3,077
3,222
147
123
136
806
918
967
788 13,574
781 13,444
778 13,807
8,102 12,089 14,156
8,241 12,384 14,389
8,258 12,674 14,821
191
188
143
4,837
4,908
4,962
5,606
5,818
6,011
13,842 8,848 4,995
14,652 99,413 95,239
15,267 9,895 5,372
16,122 10,895 5,227
3,148
3,819
3,976
4,082
486
473
550
609
2,376
2,760
2,930
3,149
3,768
4,192
4,601
4,703
180
163
140
154
1,790
1,658
1,143
1,636
755
585
472
452
8,563
9,096
9,210
9,315
91
35
24
13
5,006
5,105
5,120
5,054
6,206
6,375
6,433
6,442
24,786
24,953
25,220
1934—Mar. 5 (Mon.)
26,548
June 30 (Sat.)
27,175
Oct. 17 (Wed.)
27,559
Dec. 31 (Mon.)
28,150
For footnotes, see page 114.
12,706
12,523
12,293
12,028
29,280
31,012
32,285
33,848
14,225
15,318
16,719
17,589
13,066
14,261
15,312
15,686
15,582
17,067
18,408
18,851
No. 52.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CAJLL DATES, 1317-1937—Continued
[In millions of dollars]
Loans and investments 1
Deposits
1
Investment s
Call date
Total
Loans
T otal
1935—Mar. 4 (Mon.)
June 29 (Sat.)
Nov 1 (Fri.)
Dec. 31 (Tues.)
28, 271
28, 785
29, 301
29, 985
11 ,953
11 ,928
11 ,841
12 ,175
U.S.
GovOther
ernment securities
obligations 2
Reserve
with
Federal
Reserve
banks
Cash
in
vault
Balances
with
domestic
banks 3
;
1!
Interbank
Total
Domestic
b anks
Foreign
banks
All other
U.S.
Government
:
Postal
Savings
Demand
17 ,474 9,493
18 ,713 9,747
20 ,265 9,981
21 ,056 10,041
Lx:
mand
deposits
adjusted 4
Met \ Bilfe
demand payCapideposits able
tal
subject
and
acto re- redis- count 5 '
serve- counts
15 999
17 530
18 509
18,801
Somber of
16, 318
16, 857
17, 460
17, 810
11,021
11,430
11,844
12,268
5 ,298
5 ,427
5 ,615
5 ,541
4 ,518
4 ,933
5 ,662
5 ,573
534
537
541
665
3,386
3,396
3,760
3,776
34,054
34,938
37,178
38,454
5 ,240
5 ,114
5 ,690
5 ,847
177 1,270
278 f 779
366
650
844
449
399
307
227
218'
19, 50S
21, 045
21, 436
22, im
17
9
9
6
5,107
5,114
5,172
5,145
6 ,.422
6 ,.410
6 ,400
6 ,387
1936—Mar. 4 (Wed.)
30, 288
32, 259
June 30 (Tues.)
Dec. 31 (Thurs.) .. 33, 000
12 ,099 18, 189
12 ,542 19, 717
13 ,360 19, 640
12,444
13,672
13,545
5 ,745
6 ,045
6 ,095
5 ,784
5 ,607
6 ,572
624
713
697
3,970 38,473
3,944 40,706
4,066 42,885
6 ,300
6 ,137
6 ,555
399
471
438
600
1,037
882
167 20 ,880 10,128 19 161 22, 499
152 22 ,432 10,477 20 284 23, 986
104 24 ,181 10,726 21 647 25, 450
11
6
15
5,182
5,235
5,275
6 ,377
6 ,.400)
6 ,.376
1937—Mar. 31 (Wed.).... 32, 525
32, 739
June 30 (Wed.)
31, 752
Dec. 31 (Fri.)
13 ,699 18, 825 , 12,718
14 ,285 18,' 453 1 12,689
13 ,958 17, 794 | 12,372
6 ,108
5 ,765
5 ,422
6 ,613
6 ,897
7 ,005
662
629
589
3,445 41,114
3,207 41,490
3,414 40,839
5 ,905
5 ,421
5 ,565
464
629
463
415
628
781
97 23 ,326 10,908 21 352 24, 668
100 23 , 6 0 1 . 11,110 21 401 24, 845
95 22 ,647 11,288 20 387 23, 74!
T8
16
12
5,325
5,339
5,371
6 ,367
6 ,357
6 ,3*1
w
o
>
x
F o r further classification of loans and investments and deposits, see tables 54 and 55
Includes b o t h direct obligations of and obligations fully guaranteed b y the United States.
P r i o r to Dec. 31, 1935, excludes balances with private banks to the extent t h a t they were t h e n reported in "Other assets." Since Oct. 25, 1933, includes t i m e balances with domestic b a n k s which on t h a t d a t e a m o u n t e d t o $69,000,000 a n d which prior t o t h a t time were reported in "Other assets."
4
D e m a n d deposits other t h a n interbank a n d U . S . Government, less cash items reported as in process of collection a n d , prior to Dec. 31, 1935, less cash i t e m s reported on feandl
b u t not in process of collection.
6
Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc.
6
Included in "All o t h e r — t i m e " deposits.
7
N o t available.
8
Beginning J u n e 1933, figures relate t o licensed b a n k s only.
9
An estimated small a m o u n t of H o m e Owners' Loan Corporation bonds guaranteed b y t h e United States a s t o b o t h principal and interest is included i n " O t h e r sec-isrities.'"
Back figures— See A n n u a l Report for 1933 (table 78).
2
3
o
o
H
No. 53.—MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT-—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31, 1936 AND 1937
[In millions of dollars]
Loans imd investments
Deposits
Investmen s
Federal Reserve
district and
call date
Total
Loans
Total
U.S.
Gov- Other
ernment securities
obligations2
Reserve
with
Federal
Reserve
banks
Cash
in
vault
Balances
with
domestic
banks
Interbank
Total
All other
Domestic
banks
Foreign
banks
U.S.
Government
Postal
Savings
5
5
Demand
deposits
adjusted4
Net
demand
deposits
subject
to reserve
1,381
1,333
1,471
1,432
Demand
Time
1,506
1,435
679
671
9,348
8,378
2,182
2,301
8,162 11,061
7,299 9,966
Boston—
Dec. 31, 1936 1,950
Dec. 31, 1937 1,949
970
1,006
980
943
621
641
359
302
353
402
137
57
235
186
2,511
2,396
287
229
9
9
25
47
New York—
Dec. 31, 1936 11,851
Dec. 31, 1937 10,829
4,914
4,760
6,937
6,069
4,968
4,370
1,969
1,699
2,938
3,065
117
111
373 14,801
337 13,702
2,581
2,192
399
424
291
407
Philadelphia— Dec. 31, 1936 2,394
Dec. 31, 1937 2,311
939
957
1,455
1,355
723
695
733
660
379
364
46
43
315
263
2,935
2,750
359
285
4
3
95
34
18
16
1,429
1,338
1,030
1,073
1,295
1,231
1,438
1,288
Dec. 31, 1936 2,822
Dec. 31, 1937 2,772
1,010
1,091
1,812
1,681
1,244
1,145
568
536
442
466
68
67
390
317
3,517
3,352
401
328
1
1
71
24
14
12
1,786
1,644
1,244
1,343
1,625
1,524
1,681
1,544
Richmond—
Dec. 31, 1936 1,227
Dec. 31, 1937 1,226
511
571
717
655
524
487
192
168
216
221
41
37
259
200
1,702
1,618
269
233
1
43
19
5
4
877
841
508
521
791
769
Atlanta—
Dec. 31, 1936 1,027
Dec. 31, 1937 1,015
459
530
568
485
391
314
177
171
159
181
32
30
275
221
1,458
1,401
293
246
1
2
63
27
15
15
752
751
334
359
Chicago—
Dec. 31, 1936 4,278
Dec. 31, 1937 4,196
1,319
1,415
2,959
2,780
2,229
2,074
730
706
925
1,005
106
101
650
567
5,866
5,712
863
752
6
6
123
97
5
4
3,386
3,244
S t . Louis—
Dec. 31, 1936 1,092
Dec. 31, 1937 1,086
446
512
646
573
420
368
227
205
182
205
26
23
226
190
1,480
1,450
325
283
19
14
6
5
782
758
289
310
493
448
330
304
163
145
120
125
17
16
171
149
1,052
999
145
128
6
3
K a n s a s City— Dec. 31, 1936 1,119
Dec. 31, 1937 1,101
434
491
685
610
454
410
232
200
217
233
26
24
440
366
1,763
1,670
449
380
Dallas—
827
868
387
443
440
425
309
293
131
133
168
190
25
25
347
309
1,314
1,334
251
228
San Francisco—Dec. 31, 1936 3,631
Dec. 31, 1937 3,640
1,682
1,871
1,948
1,769
1,334
1,270
614
499
473
549
57
56
386
310
4,483
4,454
332
282
Cleveland—
Minneapolis— Dec. 31, 1936
Dec. 31, 1937
Dec. 31, 1936
Dec. 31, 1937
For footnotes see table 52.
Bills
pay- Capi- Numable
tal
ber of
and
acredis- count5 banks
counts
1
1
379
384
360
357
14 2,016
4 2,026
789
776
2
493
496
658
655
I
510
526
627
622
842
819
......
193
202
404
405
676
679
755
731
1
168
174
330
324
1,484
1,608
3,079
2,971
3,424
3,261
520
547
741
769
767
755
363
392
692
682
808
784
155
161
388
392
5
4
540
502
356
361
494
462
480
448
112
112
481
469
25
17
3
3
985
968
301
303
899
887
944 . . . . . .
922
163
168
726
733
1
1
47
24
5
4
816
868
195
210
762
811
717
757
149
155
550
547
15
15
73
67
23
23
1,990
1,923
2,049
2,145
1,791
1,740
1,828
1,789
417
419
322
292
1
1
"
No. 54.—ALL MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS AND BORROWINGS, ON CALL DATES, 1928-1937
[In millions of dollars]
Loans to customers (except banks)
Total
loans
and
investments
Call date
Total
loans
Real estate
loans
To
Total
brokers To
outside others
on
New
York securities
City1
On
farm
land
On
other
real
estate
Ee-
Open-market loans
Investments
Purchased paper
U. S. Government obligations
Other- Loans
porting wise
to
banks' secured banks
own
and
accept- unsecured
ances
Total
538
714
631
790
3.158
2,242
2,233
901
109
212
315
146
103
80
55
41
390
291
366
140
2,556 10,529
1,660 9,784
1,498 10,989
575 11,314
4,311
3,863
4,125
5,319
6,217
5,921
6,864
5,996
Loans
to broAcceptkers in
Bills
Comances
New
mercial York
paper
City1
United abroad bought
States
Total
Direct
aEn
Fully
guaranteed
Other
securities
35,684
35,934
24,860
30,575
25,155
26,150
23.870
19,261
21,460
23,194
21,007
17,570
975
803
675
391
6,373
7,685
7,266
5,899
412
388
387
359
2,711
2,803
2,847
2,678
116
10,991
11,515
9,831
8,126
1932—June 30
Sept. 30
Dec. 31
28,001
28,045
27 469
16,587
15,924
15,204
15,267
14,497
13,905
283
258
241
5,009
4,828
4,608
362
368
356
2,531
2,517
2,505
189
158
225
6,892
6,368
5,970
573
457
444
747
970
855
313
407
375
34
34
30
122
115
93
278 11,414
414 12,121
357 12,265
5,628
6,366
6,540
5,786
5,755
5,726
1933—June 30 3
Oct. 25
Dec. 30
24,786
24,953
25,220
12,858
13,059
12,833
11,337
11,523
11,315
165
178
166
3,752
3,631
3,606
308
311
318
2,064
2,052
2,041
192
257
213
4,857
5,092
4,972
330
297
287
1,191
1,238
1,231
291
303
223
25
24
37
87
164
132
788 11,928
748 11,894
840 12,386
6,887
6,801
7,254
5,041
5,093
5,132
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
26,548
27,175
27,559
28,150
12,706
12,523
12,293
12,028
11,093
10,804
10,782
10,509
164
208
167
187
3,480
3,309
3,158
3,110
298
288
266
262
2,084
2,068
2,030
2,012
250
210
229
232
4,817
4,721
4,932
4,708
225
153
149
155
1,387
1,566
1,361
1,363
350
264
276
256
26
20
30
31
157
200
253
232
855
1,082
802
843
13,842
14,652
15,267
16.122
8,667
9,137
9,186
9,906
1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31
28,271
28,785
29,301
29,985
11,953
11,928
11,841
12,175
10,420
10,369
10,465
10,548
184
192
179
196
3,031
2,931
2,885
2,893
263
259
251
1,987
2,019
2,027
2,033
207
135
159
169
4,748
4,834
4,963
5,006
133
119
94
98
1,400
1,440
1,282
1,52.9
235
201
154
181
34
17
27
29
255
247
260
272
875
975
841
1,047
16,318
16,857
17,460
17,810
253
256
258
2,048
2,084
2,146
156
117
131
4,960
5,355
6,041
82
81
85
1,557
1,519
1,647
164
144
161
25
18
18
280
278
324
260
265
265
2,181
2,241
2,283
128
113
130
6,220
6,663
6,996
99
115
70
1,737
1,801
1,251
170
131
126
22
15
23
386
377
364
1928—Eec.
1929—Dec.
1930—Dec.
1931—Eec.
31
31
31
31
1936-Mar. 4
J u n e 30
Dec. 31
30,288
32,259
33,000
12,099
12,542
13,360
10,460
10,943
11,628
211
266
266
2,832
2,863
2,785
1937—Mar. 31
J u n e 30
Dec. 31
32,525
32,739
31,752
13,699
14,285
13,958
11,863
12,369
12,638
258
258
212
2,816
2,829
2,752
1
(2)
181
276
709
989
4,995
4 5,239
5,372
5,227
9,821
9,871
10,080
10,501
1,200
1,558
1,764
1,768
5,298
5,427
5,615
5,541
1,089 18,189
1,079 19,717
1,144 19,640
10,564
11,721
11,639
1,880
1,950
1,906
5,745
6,045
6,095
1,159 18,826
1,278 18,454
738 17,793
10,856
10,870
10,574
1,861
1,819
1,797
6,108
5,765
5,422
4
Loans (secured b y stocks a n d bonds) to brokers a n d dealers in securities. 2 Included in following column, prior to J u n e 1931.
Beginning J u n e 30, 1933, figures relate to licensed banks only.
An estimated small a m o u n t of H o m e Owners' Loan Corporation bonds guaranteed b y t h e U . S. Government as to both interest and principal are included in "other securities."
Back figures.—For October 3, 1928, a n d intermediate call dates in 1929-1931, see Annual Report for 1936 (table 53).
3
4
No. 54.—ALL MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS AND BORROWINGS, ON CALL DATES, 1928-1937—Continued
^^^^
f i n millions of dollars]
_^_____
Time deposits
Demand deposits
Call date
Reserves
with
Federal
Reserve
banks
Cash
in
vault
Cash
items
Balreances
ported
with
domes- as in
proctic
banks 5
eollection 6
Interbank
Domestic
banks
1928—Dec. 31
2,409
564
2,124
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
2,374
2,475
1,975
558
593
523
2,167
2,456
1,662
3,896
2,926
2,095
3,517
3,873
2,832
1932—June 30
Sept. 30
Dec. 31
1,998
2,235
2,511
478
407
423
1,731
2,049
2,416
1,337
1,237
1,122
1933—June 30 9
Oct. 25
Dec. 30
2,235
2,651
2,678
405
447
471
2,008
1,917
2,031
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
3,148
3,819
3,976
4.082
473
550
1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31
4,518
4,933
5,662
5,573
1936—Mar. 4
J u n e 30
Dec. 31
1937—March 31
J u n e 30
Dec. 31
Foreign
banks
U.S.
Government
CertiIndiInterbank
fied
vidDeand
uals,
States,
mand
coun- officers' part- deposits
ties,
checks, neradDoships, justed**
and
cash
Forcormunici- letters
eign
tic
poraof
pali Jes
banks
banks
credit, tions,
etc.
etc. 7
Christmas
Open savings
and
accounts similar
accounts
Borrowings
9,810
1,895
1,071
1,162
122
189
463
595
509
9,592
9,591
8,134
1,741
1,885
1,472
1,027
771
879
355
839
610
695
708
337
342
342
7,491
7,258
7,259
1,350
1,381
1,352
89
87
83
788
781
778
300
270
301
6,127
6,261
6,429
1,038
13,066
14,261
15,312
15,686
92
122
135
134
755
585
472
452
305
333
294
294
6,747
7,168
7,352
7,599
15,999
17,530
18,509
18,801
145
136
132
151
399
307
227
218
290
285
310
361
7,746
8! 142
8,294
2,173
2,320
2,329
779 17,927 19,161
789 19,322 20,284
881 20,970 21,647
152
151
153
167
152
104
344
378
296
2,577
2,132
677 20,085 21,352
752 20,272 21,401
767 19,747 20,387
153
123
129
97
100
95
269
292
482
2,264
544
547
1,335
1,362
1,303
1,681 17,526 16.647
1,294 16,139 15,869
797 13,652 13,658
2,870
3,269
3,609
172
213
243
387
738
475
1,314
1,034
1,119
1,485
1,060
1,132
3,057
2,990
3,139
145
117
129
918
967
2,376
2,760
2,930
3,149
1,159
1,057
1,407
1,903
3,676
4,070
4,466
4,569
173
155
136
147
534
537
541
665
3,386
3,396
3,760
3,776
1,475
1,183
1,756
2,255
5,095
4,978
5,558
5,696
5,784
5,607
6,572
624
713
697
3,970
3,944
4,066
1,718
2,147
2,533
6,613
6,897
7,005
662
629
589
3,445
3,207
3,414
1,974
2.201
2,259
5
124
States,
Postal counEvisav- ties, and denced Certifings municiby
icates
palities savings of deposit
passbooks
418
1,300
143
267
412
535
Individuals, partnerships,
corporations, etc.
17,604 16,503
134
95
107
63
154
238
26
566 11,890 12,433
514 12,047 12,358
422 12,273 12,691
70
70
87
7
5
1
1,087
1,106
1,320
657 11,830 12,089
465 11,873 12,384
378 12,109 12,674
1,790
1,658
1,143
1,636
1,425
1,598
1,680
1,799
549
372
590
838
12,252
13,349
14,449
14,951
169
273
361
444
1,270
779
650
844
1,861
2,091
2,251
2,139
741
417
686
882
14,872
16,206
17,327
18.035
6,148
5,986
6,402
394
465
432
600
1,037
5,752
5,298
5,436
458
615
453
415
628
781
772
851
10
815
697
547
579
647
610
191
188
143
10
595
10 605
550
520
91
35
24
869
821
816
533
543
623
548
17
9
9
8,309
8,566
8,991
834
843
765
596
613
647
11
6
15
9,105
9,245
9,461
758
758
740
712
724
576
18
16
12
10
10
931
934
See footnote 3 t o table 52.
•Does n o t include cash i t e m s in process of collection reported in balances w i t h domestic b a n k s . Prior t o D e c . 31, 1935, includes cash i t e m s on h a n d b u t n o t in process of collection.
Includes " D u e t o Federal Reserve b a n k s (transit account)".
8
See footnote 4 t o table 52.
9
B e g i n n i n g J u n e 1933, figures relate t o licensed b a n k s only.
10
Includes some deposits t h e p a y m e n t of which was deferred b e y o n d t h e t i m e originally contemplated.
7
No. 55.—CENTRAL RESERVE CITY MEMBER BANKS IN NEW YORK CITY—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND
BORROWINGS, ON CALL DATES, 1928-1937
[In millions of dollars]
Loans to customers (except banks)
Call date
Total
loans
and
nvestments
Real estate
loans
Total
loans
To
Total
broke, s To
outside others
on
New
York securities
City i
On
other
real
estate
31.
31.
31.
31.
7,951
8,774
8,582
7,460
6,018
6,683
6,147
4,763
3,940
4,964
4,338
3,694
50
55
104
87
1,658
2,145
2,033
1,641
132
169
147
153
1932—June 30.
Sept. 30,
Dec. 31.
6,715
7,112
7,327
3,682
3,604
3,538
2,856
2,638
2,621
65
63
61
1,279
1,237
1,186
159
154
159
1933—June 30
Oct. 25..
Dec. 30.
7,133
6,971
6,995
3,424
3,470
3,453
2,297
2,436
2,395
38
47
45
1,044
985
989
1934—Mar. 5..
June 30.
Oct. 17..
Dec. 31.
7,351
7,666
7,545
7,761
3,419
3,401
3,243
3,159
2,321
2,202
2,294
2,202
47
55
50
54
1935-Mar. 4..
June 29.
Nov. 1..
Dec. 31..
7,783
8,303
8,167
8,418
3,155
3,319
3,199
3,434
2,198
2,146
2,185
2,196
1936-Mar.4..
June 30.
Dec. 31..
8,802
9,556
9,280
3,447
3,528
3,855
1937—Mar. 31.
June 30.
Dec. 31.
9,101
9,006
8,313
3,961
4,276
3,673
1928—Dec.
1929—Dec.
1930—Dec.
1931—Dec.
For footnotes see page 116.
„!
U. S. Government obligations
J _
Puruiiaseu p aper
Other- Loans
porting wise
to
banks' secured banks
and
own
accept- unseances
cured
Re-
On
farm
land
Investments
Open-market loans
(2)
Total
Loans
to broAcceptkers in
New
ances
Bills
Commercial York
payable in
paper
City
i
able
United abroad bought
States
Other
securi-
Total
Direct
Fully
guaranteed
ties
77
2,100
2,595
2,054
1,735
288
322
283
374
1,791
1,396
1,525
695
61
128
188
107
61
46
22
17
29
21
34
29
1,639
1,202
1,281
542
1,933
2,091
2,435
2,697
1,094
1,112
1,239
1,768
839
979
1,197
928
138
90
148
1,216
1,094
1,066
260
203
216
565
763
701
262
341
330
21
18
15
23
14
19
258
391
337
3,033
3,508
3,789
2,008
2,429
2,603
1,025
1,079
1,186
157
149
147
120
179
130
937
1,075
1,084
162
143
146
964
891
912
224
233
170
10
8
17
10
27
19
720
624
706
3,709
3,501
3,542
2,551
2,320
2,362
1,158
1,181
1,179
938
882
826
820
155
155
150
139
171
144
159
164
1,009
965
1,108
1,024
112
68
66
63
986
1,131
883
894
276
225
232
210
8
10
12
16
14
13
8
6
687
883
631
662
3,932
4,265
4,300
4,602
2,768
3,053
2,954
3,246
105
•157
237
278
1,059
•1,056
1,109
1,078
56
58
59
60
805
783
775
793
139
138
136
140
145
82
101
107
1,054
1,085
1,114
1,096
52
48
35
42
904
1,126
979
1,196
203
183
135
158
19
7
12
16
4
5
4
5
678
930
828
1,018
4,628
4,983
4,968
4,985
3,200
3,462
3,340
3,425
298
348
405
401
1,131
1,174
1,223
1,159
2,215
2,338
2,567
64
76
78
792
813
753
148
146
144
99
65
1,112
1,238
1,527
29
28
42
1,202
1,162
1,247
141
123
136
13
8
10
4
3
5
1,043
1,028
1,095
5,355
6,028
5,425
3,602
4,196
3,739
505
567
470
1,248
1,265
[,217
2,675
2,890
2,817
74
76
58
790
824
733
142
149
141
69
65
74
1,600
1,776
1,811
51
62
29
1,234
1,323
827
119
98
112
6
1
6
4
5
6
1,105
1,219
703
5,140
4,730
4,640
3,356
3,176
3,207
473
454
388
1,311
1,100
,045
1
(2)
(2)
No.
55.—CENTRAL RESERVE CITY MEMBER BANKS IN NEW YORK CITY—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND
BORROWINGS, ON CALL DATES 1928-1937—Continued
[In millions of dollars]
Time deposits
Demand deposits
Call date
Reserves
with
Federal
Reserve
banks
1928—Dec—31
Cash
in
vault
Cash
items
Balreances ported
with
as in
domes- proctic
ess of
banks 5 collection 6
809
Interbank
Domestic
banks
Foreign
banks
U.S.
Government
Certi- Individfied
Deuals,
States, and
mand
coun- officers' part- deposits
ties, checks, neradships, justed8
and
cash
cormunici- letters
porapalities
of
credit, tions,
etc.
etc.7
Individuals, partnerships,
corporations, etc.
Interbank
Dotic
banks
Foreign
banks
Postal
savings
States,
counties,
Eviand
denced Certificates
municiby
palities savings of depass- posit
books
4,245
Christmas
Open savings
acand
counts similar
counts
3,140
1,213
470
133
1,765
899
665
179
145
105
2,406
1,794
1,168
1,198
1,349
464
463
333
20
37
167
128
110
180
1,180
865
480
5,847
5,482
4,803
4,750
4,663
4,295
133
182
21
617
452
320
772
971
1,132
115
722
687
491
1,103
1,346
1,562
146
187
216
118
306
173
117
67
93
359
350
177
4,287
4,350
4,540
4,041
4,081
4,319
5
4
1
309
308
315
97
137
146
968
903
101
90
93
874
553
476
1,255
1,215
1,200
127
100
112
332
379
422
141
461
299
167
4,676
4,513
4,494
4,358
4,330
4,325
1
5
6
110
106
107
280
282
278
133
121
97
251
272
244
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
1,170
1,417
1,443
1,576
93
97
84
103
631
415
666
1,069
1,402
1,591
1,689
1,798
154
135
116
126
843
802
559
792
109
167
201
229
154
360
540
4,422
4,894
5,107
5,370
4,258
4,800
5,001
5,069
7
7
3
7
105
69
65
56
284
293
290
292
83
106
112
94
231
246
216
204
1935—Mar. 4.
J u n e 29
Nov. 1
Dec. 31
1,856
1,935
2,590
2,541
133
109
111
810
447
873
1,133
2,047
1,983
2,203
2,338
147
248
327
410
572 | 190
354
369
468
219
323
224
500
149
413
524
5,329
5,924
6,104
6,479
5.209
5,979
6,112
6,193
7
4
4
4
44
27
3
3
298
301
304
310
207
186
304
225
1936—Mar. 4
June 30
Dec. 31
2,493
2,106
2,658
108
114
133
829
982
2,527
2,390
2,493
363
428
393
140
215
225
260
357
285
496
489
457
6,471
6,891
7,274
6,398
6,756
6,929
4
5
4
315
330
349
221
222
299
1937—Mar. 31
J u n e 30
Dec. 31
2,719
2,749
2,738
123
105
120
853
996
989
2,171
2,014
2,108
419
575
416
129
306
382
314
368
189
354
427
404
7,237
6,934
6,507
7,051
6,733
6,111
5
12
7
357
356
406
371
371
259
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30 9
Oct. 25
Dec. 30
For footnotes see page 117.
Borrowings
518
390
417
477
325
179
37
61
310
341
382
14
1
13
31
5
2
"i
2
'u
1
3
No. 56.—CENTRAL RESERVE CITY MEMBER BANKS IN CHICAGO—LOANS AND INVESTMENTS, RESERVES, DEPOSITS AND BORROWINGS,
ON CALL DATES, 1928-1937
to
o
[In millions of dollars]
Loans to customers (except banks)
Call date
Total
loans
and
investments
Reah jstate
loa ns
Total
loans
Total
To
brokers To
outside others
on
New
York securities
City*
Re-
On
other
real
estate
On
farm
land
Total
Direct
Fully
guaranteed
Other
securities
1
5
14
10
14
5
18
9
75
11
1
9
18
2
11
44
3
391
309
518
480
174
116
240
288
217
193
277
191
15
29
23
282
227
210
77
53
42
22
34
38
5
16
22
5
6
5
11
12
9
1
1
1
401
445
414
234
256
228
166
189
186
26
30
28
24
27
32
237
254
222
30
26
22
58
67
58
27
25
15
7
7
8
12
19
16
13
16
18
610
495
655
384
284
386
226
211
269
1
1
1
1
27
20
19
17
27
21
18
16
221
219
236
202
16
13
11
11
57
52
75
87
18
13
20
29
7
1
7
5
17
18
25
27
15
19
24
26
852
889
982
1,049
564
585
687
743
75
77
78
213
4 228
218
229
171
163
154
149
1
1
1
1
16
14
14
14
12
12
11
14
232
236
227
249
8
7
6
6
66
20
17
15
14
4
3
1
3
1
1
1
21
14
13
12
28
1
1
1
1,167
1,107
1,336
1,392
877
766
973
1,061
78
87
96
88
212
254
267
243
32
59
50
148
145
140
I
1
13
14
13
12
10
8
251
284
402
5
5
6
14
\l
2
3
3
1
2
1
10
10
10
1
1
1
1,470
1.419
1,467
1,131
1,014
1,107
89
92
94
250
312
266
52
50
41
155
145
129
407
437
426
4
2
1
16
21
19
2
3
1
1
1
2
12
16
16
1
1
1,220
1,295
1,265
853
907
916
94
94
94
273
294
255
309
240
201
124
598
533
472
407
3
2
2
1
39
19
18
22
1932—June 30
Sept. 30
Dec 31
1,277
1,192
1,045
876
746
631
777
659
552
93
85
67
361
292
231
1
1
1
25
25
18
1933—June 30 3 .
Oct. 25
Dec 30
1,287
1,196
1,259
677
701
604
589
608
524
48
51
33
251
245
208
3
2
1
1934—Mar. 5
J u n e 30
Oct 17
Dec. 31
1,440
1,445
1,542
1,581
587
556
560
532
514
491
474
435
36
41
23
29
203
188
176
170
1935—Mar 4
J u n e 29
Nov. 1
Dec 31
1,704
1,592
1,792
1,868
537
485
456
476
462
458
433
455
30
33
25
28
1936—Mar. 4
J u n e 30
Dec 31
1,946
1,951
2,100
476
533
633
456
513
613
1937-March31
June 30
Dec. 31
1,868
1,969
1,901
649
675
635
630
651
615
U. S. Government obligations
Loans
to brokers in
Accept
ComNew
Bills
ances
pay- mercial York
paypaper
City 1
able in able
United abroad bought
States
91
30
95
24
1,388
1,330
1,194
926
For footnotes see page 116.
Purchased paper
40
88
55
87
1,519
1,448
1,344
1,038
31
31
31
31
Total
Investments
440
535
501
361
1,910
1,757
1,861
1,517
1928—Dec.
1929—Dec.
1930—Dec
1931—Dec
Other- Loans
porting wise
to
banks' secured banks
own
and
accept- unseances
cured
Open-market loans
1
13
13
11
(2)
(2)
2
6 1
6
No. 56.—CENTRAL RESERVE CITY MEMBER BANKS IN CHICAGO—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS,
ON CALL DATES, 1928-1937—Continued
[In millions of dollars]
Time deposits
Demand deposits
Call date
Reserves
with
Federal
Reserve
banks
Cash
in
vault
Cash
items
Balances ported
with
domes- as in
proctic
banks5 collection 6
Interbank
Dotic
oanks
Foreign
banks
U.S.
Government
Certified
States.
and
coun- officers'
ties,
checks,
and
cash
munic- letters
ipalities
of
credit,
etc. 7
IndividDeuals,
mand
part- deposits
neradships, justed 8
corporations,
etc.
Interbank
Dotic
Danks
Foreign
Individuals, partnerships,
corporations, etc.
States,
counPostal
ties,
ChristEvisavand
mas
denced CertifmunicOpen
savings
by
icates
ipalities savings
acand
of de- counts similar
pass- posit
acbooks
counts
1928—Dec. 31
169
14
128
191
328
9
53
1,074
975
276
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
169
210
160
13
11
13
133
194
122
158
110
87
310
365
274
26
26
32
42
69
41
1,041
1,027
856
957
1,010
826
156
184
185
122
134
123
1932—June 30
Sept. 30
Dec. 31
148
214
284
42
15
18
140
201
294
56
46
50
235
285
279
3
3
4
70
38
62
729
813
133
136
148
101
102
105
1933—June 30 9
Oct. 25
Dec. 30
232
415
345
34
37
45
203
184
199
61
50
64
259
266
270
2
2
2
87
86
122
870
920
911
733
838
912
968
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
308
436
455
415
42
40
35
40
157
162
167
207
52
57
76
90
336
391
434
445
2
2
2
2
133
174
166
182
865
944
1,086
1,073
952
1,077
1,196
1,189
265
274
287
296
301
318
330
1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31
359
676
581
511
34
37
33
39
182
249
188
209
70
73
3
3
4
4
184
198
204
135
505
504
527
522
1,047
1,208
1,274
1,301
1,179
1,357
1,416
1,401
331
348
351
362
1936—Mar. 4
J u n e 30
Dec. 31
480
749
558
35
38
32
195
195
188
96
147
159
594
635
599
4
5
5
217
221
191
1,243
1,444
1,495
,390
,546
,554
356
368
380
1937—March31
J u n e 30
Dec. 31
482
596
596
21
27
27
93
156
179
114
130
146
596
536
528
5
6
5
203
208
207
1,001
1,409
1,354
,128
,509
,438
376
391
391
For footnotes see page 117.
81
102
72
Borrowings
53
40
No.
57.—RESERVE CITY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES,
to
to
1928-1937
[In millions of dollars]
Loans to customers (except banks)
Call date
Total
loans
and
invest
ments
Total
loans
Real estate
loans
To
Total
brokers To
outside others
on
New
York1 securities
City
On
farm
land
Other- Loans
porting wise
to
banks' secured banks
On
own
and
other accept- unseances cured
real
estate
12,156
12,029
11,897
10,598
8,702
9,084
8,379
6,852
7,879
8,418
7,712
6,481
509
425
312
152
2,318
2,775
2,671
2,123
118
110
120
120
1,387
1,428
1,491
1,395
1932—June 30..
Sept. 30.
Dec. 31..
9,768
9,788
9,489
6,015
5,806
5,542
5,742
5,537
5,327
105
92
96
1,844
1,835
1,774
124
125
121
1,257
1,255
1,258
1933—June 30 3
Oct. 25..
Dec. 30..
8,492
8,756
8,898
4,482
4,605
4,553
4,257
4,304
4,273
63
66
73
1,340
1,297
1,316
123
121
120
1,008
1,001
1934—Mar. 5...
June 30..
Oct. 17..
Dec. 31..
9,376
9,609
9,826
10,028
4,154
4,096
4,088
4,024
65
97
80
90
1,262
1,200
1,142
1,124
116
116
104
102
1935—Mar. 4...
June 29..
Nov. 1...
Dec. 31..
10,036
10,151
10,521
10,780
4,466
4,394
4,385
4,312
4,270
4,165
4,268
4,347
3,974
3,967
4,089
4,144
83
87
82
96
1,090
1,053
1,055
1,057
104
100
97
97
1936—Mar. 4...
June 30..
Dec. 31..
10,655
11,306
11,795
4,279
4,443
4,794
4,071
4,242
4,582
101
115
123
1,027
1,044
1,048
1937-Mar. 31.
June 30..
Dec. 31...
11,611
11,629
11,414
4,886
4,994
5,203
4,619
4,738
4,995
114
114
97
1,039
1,032
1,066
1928—Dec.
1929—Dec.
1930—Dec.
1931—Dec.
31..
31..
31..
31..
For footnotes see page 116.
Re-
Total
Open-market loans
Investments
1 urchased pa per
U. S. Government obligations
Acceptances
payable in
United
States
23
3,546
3,679
3,119
2,668
173
258
231
260
651
408
436
111
16
43
104
33
33
36
52
2,380
2,194
2,027
177
152
136
97
117
78
33
41
22
46
49
48
1,678
1,779
1,714
99
94
80
125
207
200
48
41
47
49
1,650
1,634
1,720
1,671
63
40
44
55
1,005
1,006
997
48
40
44
46
1,677
1,682
1,806
1,851
97
95
96
1,000
1,006
1,028
43
40
56
94
95
95
1,041
1,069
1,080
55
39
47
992
1,014
1,008
996
988
972
(2)
')
(2)
Bills
payable
abroad
Loans
to brokers in
New
Commercia] York
paper City i
bought
Total
Direct
Fully
guar-
Other
securities
136
102
194
53
465
239
123
14
3,454
2,944
3,517
3,746
1,662
1,368
1,486
1,844
1,791
1,576
2,031
1,902
9
8
50
53
36
6
14
11
3,753
3,981
3,948
1,953
2,209
2,234
1,800
1,772
1,714
36
43
36
6
7
9
38
72
61
45
84
94
4,011
4,151
4,344
2,483
2,605
2,823
1,528
1,546
1,522
249
259
253
234
46
21
19
13
8
6
8
9
72
97
126
108
123
135
99
105
4,911
5,214
5,441
5,715
3,390
3,516
3,553
3,809
4 19
180
279
48
43
34
34
249
154
145
170
12
10
13
19
9
7
12
10
122
112
111
120
106
25
9
21
5,766
5,986
6,253
6,432
3,724
3,712
3,892
4,076
376
571
655
656
1,666
1,703
1,706
1,701
1,805
1,941
2,231
31
31
23
177
170
189
18
16
17
9
7
5
120
113
131
30
34
36
6,375
6,863
7,000
3,958
4,349
4,426
656
651
697
1,761
1,863
1,877
2,276
2,389
2,610
29
34
27
239
221
180
37
25
10
10
7
12
154
145
132
38
44
26
6,725
6,635
6,211
4,250
4,267
3,962
669
635
637
1,805
1,733
,612
33
24
15
12
•
7
4
1,521
1,679
1,708
1,628
No. 57.—RESERVE CITY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES,
1928-1937—Continued
[In millions of dollars]
Time deposits
Demand deposits
Cash
items
Balreances ported
with
as
in
domes- proctic
ess
of
banks = collection 6
Re-
Call date
serves
with
Federal
Reserve
banks
Cash
vault
1928—Dec. 31
779
167
1929-Dec. 31
1930—Dec. 31
1931—Dec. 31
751
771
652
156
169
154
947
1,142
751
1932—June 30
Sept. 30
Dec. 31
619
609
646
131
119
126
1933—June 309
Oct. 25
Dec. 30
705
739
857
1934—Mar. 5
June 30
Oct. 17
Dec. 31
Interbank
Domestic
banks
Foreign
banks
U. S.
Government
Certi- Individfied
States,
uals,
and
coun- officers' partties,
checks, nerand
ships,
cash
cormunici- letters
porapality
of
credit, tions,
etc.
etc. 7
Individuals, partnei
corporations, etc.
Interbank
Denand
deposits
adjusted8
Domestic
banks
Postal
savForeign
banks
States,
counEvities,
denced
and
munici- by
palities savings
passbooks
BorChrist- rowmas
Certif- Open savings
icates
acand
of de- counts similar
posit
accounts
1,035
1,681
153
430
290
5,605
5,289
261
3,707
466
302
376
1,604
1,773
1,275
76
152
169
423
422
390
41
59
202
371
295
260
3,724
3,907
3,283
411
546
429
321
234
292
75
337
1,276
,394
,503
188
304
211
393
316
349
300 5,547
252 5,173
180 4,389
112 3,886
83 3,955
141 3,932
5.229
5,082
4,339
871
1,078
1,240
1,041
764
619
392
365
417
3,999
3,989
4,005
329
338
224
208
230
3,048
2,971
2,962
377
392
385
258
283
241
221
170
115
122
135
153
1,002
958
969
401
338
420
,315
,280
,415
312
375
393
349 , 108
370 ! 85
435
111
3,708
3,808
3,911
3,764
3,924
4,037
171
203
2,450
2,470
2,527
265
233
211
209
265
985
1,197
1,229
1,268
147
154
193
207
1,176
1,397
1,422
1,543
341
411
476
537
1,653
1,785
1,996
1,984
635
427
620
480
526
526
585
4,188
4,593
4,947
5,136
105
117
117
345
259
196
186
206
234
198
206
2,648
2,845
2,915
3,038
210
239
229
210
261
262
265
239
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1,386
1,403
1,591
1,594
197
213
218
256
1,690
1,607
1,849
1,779
432
471
579
752
2,179
2,145
2,428
2,422
505
299
273
385
643
674
685
707
91 3,958
117 4,361
112 4,785
169 4,919
132 4,854
140 5,314
146 5,855
204 6,001
5,197
5,656
6,107
6,161
128
119
115
134
211
203
218
266
3,123
3,221
3,302
3,355
219
201
200
257
227
236
237
1936—Mar. 4
June 30
Dec. 31
1,794
1,763
2,108
264
289
285
1,910
1,907
1,816
607
763
971
2,594
2,551
2,826
285
513
407
733
733
843
151
152
230
5,961
6,419
7,023
6,238
6,542
7,126
135
135
137
167
118
84
79
72
65
35
251
288
203
3,339
3,432
3,588
214
202
169
286
300
260
1937—Mar. 31
June 30
Dec. 31
2,108
2,215
2,310
264
212
200
1,545
1,392
1,470
764
805
841
2,546
2,339
2,389
132
212
256
935
934
777
155
163
192
6,833
6,840
6,743
7,159
7,132
6,870
137
108
107
34
35
34
176
190
3,622
3,676
3,747
172
172
180
250
262
224
i
For footnotes, see page 117.
388
377
16
21
16
10
No. 58.—COUNTRY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937
[In millions of dollars]
Loans to customers (except banks)
Real estate
loans
Open-market loans
Investments
Purchased paper
U. S. Government obligations
Total
loans
and
investments
Total
loans
1928—Dec. 31
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
13,667
13,375
12,519
10,999
8,915
8,936
8,001
8,254
8,481
7,762
6,469
107
83
59
28
1,799
2,231
2,090
1,728
290
276
264
237
1,154
1,186
1,191
1,109
4,904
4,705
4,158
3,362
625
408
177
71
211
163
120
48
1932—June 30
Sept. 30
Dec. 31
10,240
9,954
9,607
6,014
5,767
5,493
5,892
5,663
5,405
20
17
15
1,525
1,464
1,417
238
241
234
1,090
1,084
1,070
3,015
2,854
2,667
64
55
39
1933—June 30 3
Oct. 25.
Dec. 30
7,873
8,031
8,068
4,275
4,283
4,223
4,194
4,175
4,123
15
14
15
,117
,104
,092
182
189
196
865
2,005
1,984
1,952
1934-Mar. 5
June 30
Oct. 17
Dec. 31
8,381
8,456
8,649
8,780
4,234
4,172
4,105
4,025
4,103
4,016
3,926
16
14
15
14
,077
,039
,012
181
170
161
158
865
867
1935—Mar. 4
June 29
Nov. 1
Dec. 31
8,749
8,739
8,821
8,919
3,991
3,959
3,919
3,918
3,786
3,798
3,758
3,754
16
13
13
13
966
932
902
894
157
158
154
153
1936—Mar. 4
June 30
Dec. 31
8,885
9,446
9,825
3,896
4,038
4,078
3,716
3,850
3,866
15
17
16
865
861
843
1937—Mar. 31
June 30
Dec. 31
9,945
10,134
10,124
4,204
4,340
4,446
3,939
4,089
4,210
17
18
16
833
828
824
Call date
For footnotes, see page 116.
Total
To
To
brokers others
outside
New securiYork
ties
Cityi
On
farm
land
On
other
real
estate
Re:
porting
banks'
own
accept-
Other- Loans
wise
to
secured banks
and
unsecured
Total
Acceptances
payyaable
l e in
United
States
Bills
payable
ibroad
to brokers in
Com- New Total
mercial York
paper City*
bought
376
208
49
16
Fully
Direct guaranteed
Other
securities
4,751
4,439
4,519
4,392
1,382
1,267
1,159
1,418
3,370
3,172
3,359
2,974
28
4,226
4,187
4,114
1,432
1,471
1,474
2,794
2,715
2,640
43
73
62
27
46
34
3,598
3,748
3,845
1,469
1,592
1,683
2,129
2,156
2,162
1,937
1,903
1,868
1,810
95
124
150
149
54
72
95
92
4,148
4,283
4,545
4,756
1,946
1,982
1,992
2,108
2,202
4 25 <2,276
215 2,337
355
2,293
860
862
871
882
1,785
1,831
1,815
1,810
181
139
141
147
109
116
132
135
4,757
4,780
4,903
5,002
2,020
1,931
1,875
1,940
448
553
609
623
2,289
2,296
2,419
2,439
155
160
161
918
962
1,791
1,891
1,881
164
173
197
145
152
178
4,989
5,407
5,747
1,873
2,163
2,368
630
640
645
2,486
2,605
2,734
165
169
169
985
1,010
1,050
1,937
2,062
2,149
249
235
223
216
211
208
5,741
5,794
5,678
2,397
2,520
2,490
626
635
678
2,719
2,639
2,510
No. 58.—COUNTRY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937—Continued
[In millions of dollars]
Demand deposits
Call date
Reserves
with
Federal
Reserve
Cash
in
vault
Balances
with
domestic
banks5
Cash
items
reas in
process of
collection 6
Interbank
Domestic
Foreign
U.S.
Government
States,
counties,
and
municipalities
Time deposits
Certified
and
officers'
checks,
cash
letters
of
credit,
etc. 7
IndiInterbank
vidDeuals, mand
part- deposit
neradships, justed 8 DoForcoreign
poratic
banks
tions,
banks
etc.
Individuals, partnerships,
corporations, etc.
Postal
sav-
States,
counties,
Eviand denced
munici- by
palitii savings
passbooks
BorChristr rowings
mas
Certif- Open savings
icates
and
acof de- counts similar
posit
accounts
1928—Dec. 31
652
319
977
298
427
50
684
171
5,437
54
116
5,240
1,278
1929—Dec. 31
1930-Dec. 31
1931—Dec. 31
627
595
321
317
302
908
975
685
291
258
221
405
387
295
39
53
61
742
762
692
169
152
122
5,091
4,458
3,604
5,711
5,114
4,197
61
88
179
133
128
106
5,095
5,047
4,346
1,199
1,170
95
95
367
244
441
1932—June 30
Sept. 30
Dec. 31
458
441
448
253
230
232
167
140
164
257
244
263
82
69
3,052
3,013
2,988
3,701
3,556
3,530
231
260
279
94 4,001
110 3,842
104 3,835
812
779
103
126
72
527
485
418
452
529
573
203
232
225
149
118
172
228
230
254
60
96
72
116
114
111
734
613
615
1933—June 30 >
Oct. 25
Dec. 30
624
671
767
702
685
769
555
579
622
72
68
85
2,576
2,633
2,793
3,054
3,162
3,328
285
293
300
3,132
87 3,236
3,337
605
593
556
167
136
123
1934—Mar. 5
June 30
Oct. 17
Dec. 31
685
769
848
822
230
216
258
275
951
1,105
1,257
1,296
135
174
189
207
284
303
345
340
181
174
125
178
702
731
787
804
74 3,007
85 3,150
98 3,472
106 3,589
3,648
3,792
4,168
4,292
301
256
210
210
3,518
3,729
3,830
3,939
554
565
575
560
35
17
13
1935—Mar. 4
June 29
Nov. 1
Dec. 31
916
920
900
927
246
236
237
305
1,427
1,406
1,613
1,676
163
192
221
235
364
347
399
415
152
90
95
137
845
865
895
901
90 3,642
104 3,761
106 4,095
127 4,254
4,414
4,538
4,875
5,047
188
162
140
136
3,994
4,115
4,184
4,267
557
547
537
544
1936—Mar. 4
June 30
Dec. 31
1,017
989
1,247
268
322
319
1,757
1,727
1,929
187
256
316
433
410
483
93
207
178
965
1,008
1,011
106
121
167
4,252
4,567
5,177
5,136
5,440
6,039
95
87
4,299
4,435
4,674
554
553
529
6
3
1937-Mar. 31
June 30
Dec. 31
1,304
1,337
1,361
321
330
307
1,684
1,554
1,645
242
269
283
440
409
412
1,113
1,067
959
130
139
149
5,013
5,089
5,143
6,013
6,027
5,968
4,751
4,822
4,917
528
523
509
11
12
12
For footnotes, see page 117.
79
85
158
330
126
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 59.—RESERVE
BALANCES OF M E M B E R BANKS, BY CLASS OF B A N K S ,
BY W E E K S , 1937
[Averages of daily figures. In millions of dollars]
All member banks
New York City *
Week ending (Friday)
Total reserves
Required 3
Jan. 1
Jan. 8
Jan 15
Jan. 22
Jan.29
6,567
6,626
6,717
6,752
6,765
4,629
4,628
4,630
4,619
4,612
1,938
1,998
2,087
2,133
2,153
2,629
2,658
2,679
2,723
2,794
1,960
1,958
1,949
1,949
1,952
669
700
730
774
842
Feb 5
Feb.12
Feb.19
Feb. 26
6,767
6,777
6,735
6,733
4,606
4,594
4,582
4,600
2,161
2,183
2,153
2,133
2,824
2,833
2,802
2,809
1,952
1,943
1,935
1,949
872
890
867
860
Mar.
Mar.
Mar
Mar.
52
12
19
26
6,684
6,733
6,798
6,629
5,133
5,357
5,367
5,309
1,551
1,376
1,431
1,320
2,683
2,652
2,680
2,598
2,174
2,264
2,268
2,231
509
387
412
367
Apr.
Apr.
Apr.
Apr.
Apr
2
9
16
23.
30
6,658
6,692
6,840
6,888
6,922
5,264
5,259
5,274
5,279
5,279
1,394
1,433
1,566
1,609
1,643
2,698
2,678
2,760
2,768
2,755
2,227
2,218
2,212
2,202
2,198
472
460
548
566
557
May
May
May
May
72
14
21
28
6,897
6,943
6,946
6,950
6,014
6,012
6,003
6,002
883
931
943
948
2,634
2,676
2,687
2,724
2,489
2,480
2,475
2,481
145
i9e
213
242
June
June
June
June
4
11
18
25
6,884
6,891
6,859
6,854
5,979
5,983
6,009
6,015
905
908
850
839
2,670
2,632
2,647
2,672
2,478
2,479
2,496
2,500
192
152
151
172
July
July
July
July
July
2
9
16
23
30
6,903
6,825
6,900
6,873
6,805
6,024
5,960
5,971
5,965
5,963
879
865
929
908
842
2,742
2,625
2,674
2,676
2,639
2,511
2,457
2,453
2,447
2,441
231
168
221
22S
19£
Aug.
Aug.
Aug.
Aug.
6
13
20
27
6,676
6,656
6,718
6,741
5,955
5,945
- 5,952
5,956
721
711
766
785
2,522
2,469
2,519
2,560
2,426
2,402
2,407
2,419
9(
6'
Sept.
Sept.
Sept.
Sept
3
10
17
24
6,729
6,725
6,802
6,955
5,958
5,948
5,964
5,945
771
777
838
1,010
2,568
2,529
2,571
2,782
2,430
2,424
2,431
2,437
10^
14(
34£
Excess
Total reserves
Required
3
Excess
141
m
Oct
Oct.
Oct
Oct.
Oct.
1
8
15
22
29
7,016
6,993
6,945
6,931
6,948
5,957
5,938
5,934
5,906
5,877
1,059
1,055
1,011
1,025
1,071
2,883
2,799
2,730
2,727
2,786
2,458
2,439
2,426
2,406
2,384
42 t
36(
30;
32
40$
Nov.
Nov
Nov
Nov
5
12
19
26
'6,901
6,878
6,916
6,954
5,841
5,819
5,816
5,803
1,060
1,059
1,100
1,151
2,741
2,685
2,712
2,750
2,364
2 346
2,346
2,346
37(
33
36
40
Dec.
Dec.
Dec
Dec.
Dec
3
10
17
24
31
6,926
6,851
6,887
6,838
6,945
5,793
5,784
5,835
5,819
5,804
1,133
1,067
1,052
1,019
1,141
2,711
2,621
2,660
2,657
2,689
2,337
2,335
2,369
2,359
2,349
37
28
29
29
34
....
. •
For footnotes, see page 127.
127
FEDERAL RESERVE SYSTEM
No. 59.—RESERVE BALANCES OF MEMBER BANKS, BY CLASS OF BANKS,
BY WEEKS, 1937—Continued
[Averages of daily
figures.
Chicago 2
Week ending
(Friday)
Total
Required
3
I n millions of dollars]
Country banks
Reserve city banks
Excess
Total
Required
3
Excess
Total
Required »
Jan. 1...
8. .
15.
22.
29.
561
540
570
594
574
423
418
425
422
419
137
122
145
172
155
2,129
2,140
2,187
2,177
2,155
1,497
1,496
1,502
1,497
1,491
632
644
685
1,248
1,288
1,282
1,257
1,241
749
755
755
750
750
Feb.5..
Feb. 12.
Feb.19.
Feb.26.
544
547
538
555
417
417
414
421
127
130
124
134
2,146
2,143
2,126
2,109
1,484
1,480
1,476
1,473
663
663
650
636
1,252
1,254
1,269
1,259
5 2.
12.
19.
26.
533
532
552
537
469
485
488
478
64
47
63
2,160
2,219
2,234
2,184
1,639
1,720
1,723
1,712
521
500
511
472
1,308
1,330
1,332
1,309
753
755
756
757
851
Apr. 2. .
Apr. 9. .
Apr. 16.
Apr. 23.
Apr. 30.
494
486
547
608
640
444
447
464
472
476
50
40
83
135
164
2,171
2,185
2,209
2,199
2,222
1,706
1,704
1,709
1,715
1,714
466
481
500
485
507
1,295
1,342
1,325
1,313
1,305
890
890
890
May 7 K
May 14.
May 21.
May 28.
592
582
599
588
536
536
541
540
56
46
58
2,278
2,291
2,274
2,258
1,959
1,967
1,957
1,951
319
324
317
307
1,392
1,394
1,385
1,380
1,029
1,029
1,030
1,030
June 4..
June 11.
June 18.
June 25.
591
625
604
593
536
537
534
530
2,238
2,246
2,226
2,200
1,933
,933
,943
,948
304
313
283
252
1,386
1,388
1,381
1,389
1,032
1,033
1,035
1,037
July 2..
July 9..
July 16.
July 23.
July 30.
589
586
591
573
573
528
524
529
530
531
2,235
2,247
2,267
2,266
2,240
,947
,942
,951
,952
289
305
315
313
284
1,336
1,368
1,368
1,359
1,352
1,037
1,037
1,037
1,036
1,036
Aug.
Aug.
Aug.
Aug.
557
559
574
582
530
533
537
537
2,237
2,262
2,256
2,247
,958
,968
1,968
1,959
279
294
289
288
1,360
1,366
1,369
1,352
1,041
1,042
1,041
1,040
3.
10
17
24
569
567
591
578
535
532
539
529
2,233
2,246
2,249
2,219
1,952
1,948
1,952
1,937
1,359
1,383
1,390
1,376
1,041
1,042
1,042
1,041
Oct.
Oct.
Oct.
Oct.
Oct.
1..
8..
15.
22.
29.
570
567
574
587
601
529
523
522
523
521
2,211
2,251
2,260
2,245
2,227
1,928
1,932
1,941
1,936
1,930
297
282
283
319
319
309
297
1,352
1,377
1,381
1,373
1,334
1,042
1,044
1,044
1,041
1,041
Nov.
Nov.
Nov.
Nov.
5..
12.
19.
26.
582
580
583
593
516
517
519
520
2,217
2,233
2,246
2,261
1,920
1,915
1,916
1,905
297
317
330
356
1,361
1,381
1,374
1,351
1,040
1,040
1,036
1,033
Deo. 3..
Dec. 10.
Dec. 17.
Dec. 24.
Dec. 31.
605
606
611
585
593
520
518
523
519
517
2,260
2,263
2,270
2,260
2,297
1,903
1,899
1,910
1,909
1,906
358
363
359
351
392
1,350
1,361
1,346
1,336
1,366
1,033
1,032
1,032
1,032
1,032
Jan.
Jan.
Jan.
Jan.
Mar.
Mar.
Mar.
Mar.
6..
13.
20.
27.
Sept.
Sept.
Sept.
Sept.
1
Figures for required and excess reserves
2
Central reserve city banks only.
3
76
l
Exc«
887
for all member banks and for country banks are partly estimated.
See table 61a on page 133 for reserve requirements which were increased effective March 1 and May 1, 1937.
128
ANNUAL REPORT OF BOARD OF GOVERNORS
No.
6 0 . — M E M B E R B A N K R E S E R V E BALANCES, BY CLASS OF B A N K S ,
BY MONTHS, 1929-1937
[Averages of daily igures.
I n millions of dollars]
1929
1930
1931
1932
1933
1934
1935
1936
Total reserves :
January
February
March
April
May
June
July
August
September
October
November
December
2,386
2,358
2,337
2,308
2,296
2,316
2,334
2,322
2,335
2,386
2,521
2,395
2,349
2,306
2,330
2,350
2,356
2,392
2,417
2,392
2,397
2,407
2,433
2,415
2,433
2,370
2,386
2,376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,070
1,979
1,908
1,899
1,996
2,138
2,062
2,003
2,073
2 181
2,307
2,379
2,435
2,516
2,291
1,847
2,040
2,069
2,160
2,221
2,331
2,451
2,557
2,599
2,588
2,741
2,799
3,345
3,582
3,695
3,790
3,928
4,045
3,947
3,964
4,100
4,037
4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
5,243
5,469
5,757
5,716
5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,181
6,345
6,594
6,785
6,665
6,716
6,747
6,704
6,824
6,932
6,878
6,845
6,701
6,854
6,954
6,919
6,879
Required reserves: l
January
February
March
April
May
June
July
August
September
October
November
December
2,333
2,312
2,296
2,272
2,263
2,275
2,291
2,287
2,300
2,343
2,456
2,347
2,305
2,253
2,274
2,307
2,311
2,338
2,343
2,340
2,338
2,347
2,381
2,342
2,329
2,314
2,319
2,320
2,320
2,275
2,283
2,245
2,212
2,126
2,061
2,010
1,944
,864
,840
,844
,861
,828
,798
,803
,836
,872
1,896
1,909
1,932
1,874
1,579
1,661
1,750
1,797
1,785
1,766
1,777
1,798
1,805
1,822
1,875
1,908
1,970
2,041
2,071
2,105
2,139
2,161
2,193
2,234
2,266
2,290
2,320
2,365
2,388
2,411
2,481
2,541
2,585
2,596
2,615
2,649
2,696
2,733
2,747
2,770
2,767
2,790
2,838
2,891
2,954
3,723
4,493
4,551
4,566
4,619
4,622
4,595
5,333
5,272
6,005
6,002
5,969
5,951
5,954
5,911
5,815
5,808
53
46
41
37
33
42
42
36
34
42
65
48
45
53
56
42
45
54
74
52
59
59
52
73
105
57
66
56
67
129
124
101
120
129
57
60
35
44
59
153
277
234
204
270
346
436
482
526
584
417
268
379
319
363
436566
675
758
794
766
866
891
1,375
1,541
1,624
1,685
1,789
1,884
1,754
1,731
1,835
1,748
2,035
2,237
2,065
2,026
2,298
2,438
2,385
2,636
2,627
2,820
3,061
2,985
3,033
3,038
2,653
2,510
2,800
2,593
2,907
2,458
1,852
2,043
2,219
2,047
2,093
2,152
1,371
1,552
927
876
876
750
900
1,043
1,104
1,071
763
759
758
748
746
762
764
754
763
802
944
839
795
770
783
788
797
822
833
818
824
845
865
869
891
847
860
829
848
882
887
843
864
848
774
766
724
681
687
780
874
784
767
832
927
1,001
1,050
1,083
1,109
860
688
867
878
861
796
837
896
893
866
828
897
872
1,227
1,290
1,323
1,391
1,393
1,509
1,440
1,461
1,506
1,468
1,651
1,864
1,760
1,716
1,813
1,969
1,938
2,306
2,320
2,460
2,563
2,541
2,593
2,579
2,271
2,163
2,384
2,183
2,279
2,502
2,462
2,574
2,695
2,662
2,719
2,812
2,652
2,739
2,685
2,669
2,.652
2,522
2,672
2,767
2,720
2,657
752
750
750
744
740
755
752
748
756
789
909
820
787
754
768
785
792
814
807
813
810
828
855
843
840
836
841
822
833
810
826
809
810
795
764
747
719
674
669
692
719
694
692
704
733
760
783
800
822
786
654
717
772
792
752
735
741
744
736
732
750
754
794
835
838
858
867
871
878
893
902
912
935
965
981
993
1,015
1,054
1,071
1,092
1,142
1,151
1,170
1,191
1,197
1,219
1,215
1,223
1,250
,276
,276
,599
,927
,935
,944
,964
1,953
1,944
2,251
2,210
2,481
2,493
2,453
2,414
2,437
2,413
2,348
2,351
1937
ALL MEMBER BANKS
Excess reserves :
January
February
March
April
May
June
July
August
September
October
November
December
NEW YORK CITY2
Total reserves:
January
February
March
April
May
June
July
August
September
October
November
December
Required reserves:
January
February
March
April
May
June.
July
August
September
October
November
December
l
See footnotes a t end of table.
.
129
FEDERAL RESERVE SYSTEM
No. 60.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS,
BY MONTHS, 1929-1937—Continued
[Averages of daily figures. In millions of dollars]
1929
1930
1931
1932
1933
1934
1935
1936
1937
NEW YORK CITY—Cont.
Excess reserves:
January
February
March
April
May
June
July
August
September
October
November
December
716
899
779
723
798
915
868
16
71
61
34
54
53
11
19
5
7
18
88
155
89
75
128
193
242
267
283
286
75
35
150
106
69
43
102
155
149
130
96
147
118
432
455
485
532
526
638
562
568
604
557
1,214
1,177
1,309
1,393
1,350
167
164
169
172
173
175
180
181
181
179
183
184
180
177
170
170
174
169
174
183
181
167
157
155
143
138
136
144
186
189
164
185
201
253
270
286
306
295
158
172
178
211
245
295
340
388
387
361
328
335
342
372
395
419
496
501
502
457
484
445
173
172
165
161
161
161
165
172
171
177
177
170
165
162
167
171
172
173
179
179
177
177
181
181
177
176
168
169
172
166
166
167
164
156
155
148
141
136
131
122
124
126
111
113
115
121
123
124
129
126
111
114
124
133
144
143
143
147
149
149
.8
1.3
1.0
.3
.7
(3)
.6
.2
.5
.8
1.5
2
4
2
2
1
2
1
2
3
2
2
3
3
1
2
2
2
3
7
16
17
11
2
6
2
2
5
23
62
64
53
72
86
132
149
163
793
779
770
763
760
761
764
760
759
766
771
766
767
755
759
768
768
776
790
785
784
778
788
772
775
768
775
792
786
780
776
760
737
704
675
653
624
615
612
605
614
630
617
612
611
610
617
625
11
10
8
4
6
7
12
6
7
13
35
18
8
16
14
4
5
9
26
5
15
16
10
26
174
173
166
162
161
161
165
173
172
177
177
171
52
12
19
7
1,395
1,360
1,056
903
535
639
751
697
767
868
401
530
203
176
199
108
235
354
373
305
454
393
360
427
606
681
586
490
484
541
614
608
496
487
463
506
638
682
654
576
619
637
651
605
568
546
533
563
589
603
581
568
576
582
588
599
156
163
163
166
177
182
189
194
198
202
204
205
203
208
202
195
216
226
233
231
238
244
255
255
257
261
254
244
259
268
285
353
424
431
430
430
421
418
480
461
538
533
529
535
533
522
519
519
178
169
47
59
53
78
102
152
197
239
238
212
171
173
179
207
217
237
308
308
304
257
280
239
250
186
158
233
389
456
352
258
246
297
359
353
239
226
209
262
377
414
359
223
195
206
221
175
147
128
54
101
51
70
52
34
43
59
69
80
659
694
594
570
595
648
691
699
716
749
794
832
1,080
1,164
1,204
1,213
1,229
1,217
1,190
1,210
1,262
1,282
894
936
1,139
,173
1,183
1,187
,231
1,279
1,304
1,323
,380
1,394
1,425
1,446
1,714
1,745
1,709
1,675
1,657
1,664
1,886
1,954
2,046
2,153
2,185
2,157
2,158
2,128
2,203
2,201
2,272
2,230
2,252
2,248
2,232
2,240
2,246
2,272
940
1,134
908
1,004
CHICAGO 2
Total reserves:
January
February
March
April
May
June
July
August
September
October
November
December
Required reserves: l
January
February
March
April
May
June
July
August
September
October
November
December
Excess reserves:
January
February
March
April
May
June
July
August
September
October
November
December
12
RESERVE CITY BANKS
Total reserves:
January
February
March
April
May
June
July
August
September
October
November
December
See footnotes at end of table.
130
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 60.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS,
BY MONTHS, 1929-1937—Continued
[Averages of daily figures. In millions of dollars]
1929
1930
1931
1932
1933
1934
1935
1936
1937
RESERVE CITY BANKS—
Cont.
Required reserves: :
January
February
March
April
May
June
July
August
September
October
November
December
781
768
761
753
751
749
755
751
753
759
761
757
755
742
745
756
753
758
769
766
768
762
769
756
756
751
758
774
765
756
751
740
718
676
658
642
12
11
9
12
9
12
9
9
6
7
9
10
12
13
14
12
15
18
21
19
16
16
20
15
Total reserves:
January
February.
March
April
May
June
July
August
September
October
November
December
657
647
642
636
630
632
640
637
641
641
630
619
Required reserves: 1
January
February
March
April
May
June
July
August
September
October
November
December
Excess reserves:
January
February
March
April
May
June
July
August
September
October
November
December
625
606
599
592
584
582
578
576
577
581
583
581
582
572
486
499
516
528
539
538
541
550
557
571
588
600
613
634
643
651
663
673
685
699
712
721
1,383
1,433
1,427
1,403
1,425
1,411
1,486
1,500
1,540
1,560
1,639
1,631
1,174
1,422
1,457
1,461
1,482
20
1,7
17
18
23
24
30
20
19
28
17
11
4 1
9
13
13
30
48
39
37
33
29
34
44
77
122
107
71
79
120
151
161
174
199
238
262
305
336
467
530
561
560
566
544
505
511
550
561
658
701
684
646
649
624
685
698
734
738
803
780
852
885
846
796
778
775
961
780
624
696
724
675
662
651
488
490
316
289
302
287
290
307
333
366
621
618
620
621
619
618
615
608
609
605
597
590
587
578
580
585
578
573
570
559
551
442
441
407
431
418
441
489
501
499
529
553
567
622
656
696
756
774
767
810
817
814
837
849
843
867
912
905
890
935
918
960
937
900
908
941
936
978
998
978
956
961
954
512
504
488
473
465
467
464
459
455
444
443
444
441
440
1,042
1,149
1,218
1,230
1,254
1,241
1,271
1,261
1,315
1,321
1,386
1,377
1,360
1,362
1,375
1,366
1,365
1,352
627
623
619
615
612
610
619
616
620
619
610
600
598
595
594
596
596
592
589
583
583
580
575
562
557
552
552
556
551
543
539
529
521
499
485
473
459
448
441
438
433
426
417
410
410
410
408
404
399
390
328
332
337
344
350
349
351
357
363
370
380
392
399
406
413
414
420
424
431
441
448
451
455
461
461
466
474
475
480
471
429
432
435
436
431
431
435
445
450
458
468
596
720
728
731
743
1,029
1,035
1,036
1,041
1,042
1,043
1,036
1,032
29
24
23
21
18
22
21
21
21
21
20
19
23
23
26
25
23
25
26
26
25
26
22
28
31
28
28
28
28
31
31
31
30
37
27
31
29
25
24
28
31
34
38
33
32
34
34
35
44
52
79
100
81
96
140
151
148
172
190
197
242
263
297
350
360
353
390
393
383
396
401
392
412
451
444
424
461
443
480
465
471
476
506
499
547
567
543
512
511
496
575
552
498
502
524
498
518
505
428
431
357
341
324
321
333
323
328
319
862
860
863
879
879
890
925
1,496
1,478
1,715
1,710
1,956
1,941
1,950
1,962
1,943
1,934
1,913
1,906
COUNTRY BANKS
Excess reserves:
January
February
March
April
May
June
July
August
September
October
November
December
52,6
753
756
1
See table 61a on page 133 for reserve requirements which were increased effective August 16,1936, March 1,
1937,
and May 1, 1937.
2
Central reserve city banks only.
3Deficiency,
less than $100,000.
4
Deficiency.
131
FEDERAL RESERVE SYSTEM
No. 61.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS IN EACH DISTRICT,
BY MONTHS, 1937
[Averages of daily figures. In millions of dollars]
Reserve city banks x
All member banks
Country banks
Month
Total
Boston district:
January
February
March2
April2
May
June
July
August
September
October
November
December
Required 2 Excess
Total
148
147
234
247
233
210
194
194
197
193
194
200
219
255
378
378
367
352
343
340
344
339
340
348
365
395
230
231
269
266
304
304
305
303
300
300
297
295
39
35
39
36
40
48
68
100
3,016
3,114
2,965
3,054
3,019
3,000
2,983
2,856
3,008
3,096
3,046
2,980
2,149
2,140
2,478
2,437
2,744
2,756
2,716
2,675
2,697
2,671
2,602
2,606
867
974
487
617
274
244
268
181
311
424
444
374
Philadelphia district:
January
February
March2
April2
May
June
July
August
September
October
November
December
387
365
390
430
422
384
385
369
360
365
361
355
243
239
279
283
323
314
317
315
308
305
303
300
144
126
111
147
98
70
67
55
52
60
58
55
Cleveland district:
January
February
March2
April2
May
June
July
August
September
October
November
December
432
427
439
434
462
461
462
463
458
454
452
453
283
330
330
381
381
382
387
383
377
372
370
144
144
109
104
82
80
81
76
75
77
80
83
Richmond district:
January
February
March 2
April2
May
June
July
August
September
October
November
December
216
216
222
215
225
220
212
216
221
219
227
220
136
135
157
155
175
176
173
175
173
172
174
176
New York District:
January
February
March 2
April2
May
June
July
August
September
October
November
December
See footnotes at end of table.
Required2 Excess Total
Required2
139
140
162
159
180
180
180
179
176
177
175
175
95
107
71
51
13
14
16
15
18
24
44
79
144
131
134
142
150
145
147
145
146
147
146
141
90
91
106
107
124
124
124
124
124
123
121
120
32
31
35
35
41
40
43
41
39
39
38
38
3
3
2
2
2
2
2
2
2
2
4
1
261
268
276
277
292
290
286
291
294
288
284
284
164
165
193
193
222
223
220
220
221
220
216
216
257
240
255
295
278
239
239
222
213
218
217
212
157
153
179
184
209
200
201
198
192
189
187
185
100
86
76
111
69
39
38
24
21
30
30
27
130
126
135
135
144
145
146
148
147
147
144
143
87
86
100
100
115
115
116
117
118
117
116
115
312
304
311
306
327
323
327
327
319
319
318
219
212
246
246
283
282
282
285
282
277
272
271
93
92
65
60
44
40
45
41
38
42
46
53
121
122
128
128
135
138
135
136
138
135
134
130
70
71
84
84
97
99
100
101
101
100
100
142
143
140
132
137
134
128
133
134
134
134
135
86
86
99
96
109
109
106
108
106
104
106
108
56
57
41
36
28
25
22
25
28
30
28
27
74
73
82
83
89
86
84
83
87
85
94
85
Excess
132
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 61.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS IN EACH DISTRICT,
BY MONTHS, 1937—Continued
[Av 3rages of daily figures.
All member banks
In millions of dollars]
Reserve city banks i
Country banks
Month
Total
Atlanta district:
January
February
March2
April2
May
June
July
August
September
October
November
December
Chicago district:
January
February
March2
April2
May
June
July
August
September
October.
November
December
Required 2
Excess
Total
Required 2
Excess
Total
Required 2
Excess
156
159
172
170
176
173
169
173
173
171
169
172
115
115
136
133
151
149
147
146
147
148
148
150
41
44
37
37
26
23
22
27
26
23
20
22
90
91
100
96
105
103
102
107
109
106
104
105
75
74
86
84
95
94
93
93
94
95
95
95
16
17
13
12
10
9
9
15
15
10
9
10
65
68
72
74
71
69
67
65
64
65
65
67
40
41
49
49
56
55
54
53
53
53
53
54
25
27
23
25
16
14
13
12
11
12
11
13
960
928
936
947
307
279
182
210
146
156
133
115
123
140
154
166
224
217
236
217
242
240
240
241
240
239
238
238
150
148
176
176
206
207
207
209
209
205
202
202
75
70
60
41
36
34
33
3.2
31
34
37
36
168
165
167
168
175
169
166
168
168
167
167
168
82
83
99
100
116
117
118
119
120
120
119
118
86
82
69
68
59
52
49
49
49
47
48
51
41
41
19
24
20
31
28
14
18
20
23
55
54
57
58
60
60
60
61
61
61
60
60
33
33
38
39
46
46
47
47
47
47
47
47
22
21
18
18
15
14
13
14
14
14
13
13
1,005
653
649
754
737
860
857
854
862
861
848
840
839
St. Louis district:
January
February
March2
April2
May
June
July
August
September
October
November
December
192
191
187
189
201
209
208
196
198
201
200
203
129
129
149
147
167
164
167
168
167
167
166
167
63
62
38
42
34
44
42
28
31
34
34
36
137
137
130
132
141
149
148
135
137
140
140
144
96
96
111
108
121
118
120
121
119
120
119
120
Minneapolis district:
January
February
March2
April2
May
June
July
August
September
October
November
December
116
113
118
119
127
433
135
132
132
130
129
126
78
78
91
89
101
103
104
105
106
106
104
102
38
35
27
29
26
29
30
28
26
24
25
25
56
54
59
60
66
66
71
71
70
69
68
65
45
45
52
51
57
58
59
60
61
61
59
57
10
9
7
9
9
8
12
11
9
8
9
8
60
59
59
59
62
66
63
61
62
61
61
62
33
33
39
38
44
45
45
45
45
45
45
44
27
26
21
20
17
21
18
16
17
16
16
17
Kansas City district:
January
February
March2
April2
May
June
July
August
September
October
November
December
219
219
230
232
240
239
245
252
252
247
245
238
144
143
168
166
190
190
194
200
199
196
193
189
75
75
63
66
50
50
51
52
54
51
52
50
150
151
160
161
167
168
173
179
179
175
173
168
109
109
127
125
142
142
146
151
150
147
143
140
42
43
33
36
25
26
27
28
30
28
29
28
69
67
70
71
73
72
72
73
73
72
72
71
35
35
41
41
47
48
49
49
49
49
49
49
34
32
29
30
26
24
24
23
24
23
23
22
1,006
1,013
987
977
984
987
994
See footnotes at end of table.
. 21
133
FEDERAL RESERVE SYSTEM
No. 61.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS IN EACH DISTRICT,
BY MONTHS, 1937—Continued
[Averages of daily figures. In millions of dollars]
Re serve city banks
All member banks
1
Country bank£
Month
Total
Required
2
Excess Total
Required
2
Excess Total
Required 2
Excess
Dallas district:
January
February
March2
April2
May
June
July
August
September
October
November
December
165
169
174
167
178
178
178
177
181
186
186
190
103
100
117
116
134
135
138
141
143
144
145
145
62
69
57
51
44
43
40
36
38
42
41
45
93
93
97
94
101
102
104
104
107
109
107
108
69
66
77
75
87
87
90
91
93
94
93
92
24
27
21
19
14
15
15
13
14
16
14
15
72
76
77
73
77
76
73
73
75
77
79
82
34
34
41
41
48
48
48
49
50
51
52
53
38
41
36
32
30
28
25
23
24
26
27
30
San Francisco district:
January
February
March2
April2
May
June
July
August
September
October
November
December
479
469
502
515
531
529
537
551
549
550
545
540
355
353
406
412
475
473
473
474
472
476
472
470
124
116
96
103
57
56
64
77
77
74
73
70
427
416
445
460
473
470
478
492
489
490
485
480
320
318
365
371
426
424
425
426
423
427
423
421
107
98
80
89
47
45
54
67
66
63
62
59
52
53
56
55
58
59
59
58
59
60
60
60
35
35
40
41
48
49
48
48
49
49
49
49
17
18
16
14
10
11
10
10
11
11
10
11
1
2
See table 62 for figures for central reserve city banks in New York City and Chicago.
See table 61a for reserve requirements, which were increased effective March 1 and May 1, 1937.
No. 61a.—MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits and banks
On net demand deposits:
Central reserve city
Reserve city
Country
On time deposits:
All member banks
June 21, 1917—
August 15, 1936
13
10
7
August 16, 1936—
February 28, 1937
19^
15
March 1, 1937—
April 30, 1937
22^
17H
1234
May 1, 1937—
December 31, 1937
26
20
14
ioy2
3
6
*y2
134
ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 6 2 . — R E S E R V E POSITION OF M E M B E R B A N K S , BY CLASS OF B A N K S ,
BY M O N T H S , 1937
[Averages of daily figures. I n millions of dollars]
Class of bank
and month
Gross
demand
deposits
Deposits subject to re serve
Net demand
Time
Reserves with Federal Reserve banks
Total
Required
Total
l
Excess
All member banks:
January
February
March 1
April
May 1
June
July
August
September
October
November
December
31,068
30,698
30,285
29,922
29,501
29,452
29,366
29,028
29,180
29,179
28,717
28,720
25,399
25,208
25,073
24,801
24,748
24,718
24,579
24,520
24,467
24,280
23,875
23,860
10,975
11,089
11,169
11,163
11,224
11,299
11,369
11,403
11,538
11,569
11,555
11,441
36,374
36,296
36,241
35,964
35,972
36,016
35,947
35,922
36,005
35,850
35,430
35,301
6,716
6,747
6,704
6,824
6,932
6,878
6,845
6,701
6,854
6,954
6,919
6,879
4,622
4,595
5,333
5,271
6,005
6,002
5,969
5,951
5,954
5,911
5,815
5,808
2,093
2,152
1,371
1,552
927
876
876
750
900
1,043
1,104
1,071
New York City: 2
January
February
M^arch1
April
....
May 1
June
...
July
August
September
October
November
December
10,703
10,613
10,521
10,287
10,056
10,106
9,949
9,681
9,851
9,797
9,532
9,609
9,859
9,805
9,712
9,540
9,367
9,402
9,243
9,097
9,184
9,088
8,832
8,866
676
721
779
747
765
803
833
809
817
831
850
770
10,535
10,526
10,492
10,286
10,132
10,205
10,076
9,906
10,002
9,919
9,682
9,636
2,719
2,812
2,652
2,739
2,684
2 669
2,652
2,522
2,672
2,767
2,720
2,657
1,953
1,944
2,250
2,209
2,481
2,493
2,453
2,414
2,437
2,413
2,347
2,351
767
868
401
530
203
176
199
108
235
354
373
305
2,349
2,317
2,258
2,182
2,233
2,205
2,189
2,185
2,181
2,155
2,144
2,154
2,054
2,039
2,006
L,927
L,969
1,948
1,930
1,954
1,946
1,906
1,892
1,893
448
447
444
439
440
442
445
442
443
445
445
446
2,502
2,486
2,451
2,366
2,409
2,390
2,376
2,396
2,390
2,351
2,337
2,339
568
546
533
563
589
603
581
568
576
582
588
599
421
418
480
461
538
533
529
534
533
522
519
519
147
128
54
101
51
70
52
34
43
59
69
80
Reserve city banks:
January
February
March 1
April
May 1
June .
July
August
September
October
November
December
11,116
10,924
10,730
10,673
10,453
10,380
10,481
10,428
10,371
10,422
10,298
10,257
8,654
8,521
8,471
8,444
8,446
8,368
8,411
8,462
8,348
8,302
8,206
8,169
4,401
4,431
4,428
4,429
4,450
4,464
4,470
4,485
4,552
4,550
4,525
4,528
13,055
12,952
12,899
12,874
12,896
12,832
12,881
12,947
12,900
12,852
12,730
12,697
2,158
2,128
2,203
2,201
2,272
2,230
2,252
2,248
2,232
2,240
2,246
2,272
1,498
,477
,715
,710
,956
L,941
L,950
1,962
1,943
1,933
1,913
1,906
682
651
488
490
316
289
301
287
289
307
333
386
Country banks:
January
February
March 1
April
May 1
June
July
August
September....
October
November.. . .
December
6,899
6,844
6,776
6,779
6,759
6,762
6,747
6,733
6,777
6,806
6,742
6,700
4,833
4,843
4,882
4,891
4,966
5,001
4,994
5,007
4,989
4,984
4,945
4,932
5,449
5,489
5,517
5,547
5,570
5,589
5,620
5,666
5,725
5,743
5,735
5,696
10,282
10,333
10,399
10,438
10,536
10,589
10,615
10,672
10,713
10,728
10,680
10,628
1,271
1,261
1,315
1,321
1,386
1,377
1,360
1,362
1,375
1,366
1,365
1,352
753
756
888
890
1,029
1,035
1,036
1,041
1,042
1,042
1,036
1,032
518
505
428
431
357
341
324
321
333
323
328
319
Chicago: 2
January
February
March 1
April
May 1
June
July
August
September
October
November
December
1
•
See table 61a on page 133 for reserve requirements which were increased effective March 1 and May 1,1937.
Central reserve city banks only.
Backfigures.—SeeAnnual Report for 1936 (tables 55 and 56) and similar tables in previous annual reports.
2
135
FEDERAL RESERVE SYSTEM
No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER
AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
All member
banks1
Reserve
city banks
Member banks
in larger centers
(Places over
15,000) i
Country
banks
Member banks
in smaller centers
(Place 3 under
15,000)
Month
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Gross
demand
27,312 10,412
27,636 10,400
27,459 10,474
27,620 10,545
28,136 10,675
28,714 10,694
29,714 10,743
29,396 10,815
29,844 210,840.
30,457 10,910
30,843 10,894
31,273 10,882
9,617
9,692
9,565
9,689
9,806
9,961
10,520
10,441
10,534
10,890
11,013
11,160
4,274
4,290
4,320
4,339
4,406
4,398
4,414
4,419
2
4,425
4,432
4,429
4,374
5,757
5,781
5,813
5,893
5,974
6,076
6,400
6,378
6,500
6,651
6,767
6,873
5,109
5,103
5,140
5,157
5,170
5,203
5,280
5,319
5,332
5,362
5,383
5,376
13,185
13,271
13,167
13,351
13,539
13,769
14,525
14,390
14,576
15,008
15,214
15,455
7,186
7,190
7,250
7,280
7,355
7,368
7,434
7,457
7,467
7,492
7,498
7,437
2,189
2,202
2,212
2,231
2,242
2,268
2,394
2,429
2,478
2,533
2,566
2,577
2,197
2,204
2,210
2,216
2,220
2,232
2,260
2,281
2,290
2,302
2,314
2,313
1937—January
February....
March
April
May
June
July
August
September..
October
November...
December...
31,068
30,698
30,285
29,922
29,501
29,452
29,366
29,028
29,180
29,179
28,717
28,720
10,975
11,089
11,169
11,163
11,224
11,299
11,369
11,403
11,538
11,569
11,555
11,441
11,116
10,924
10,730
10,673
10,453
10,380
10,481
10,428
10,371
10,422
10,298
10,257
4,401
4,431
4,428
4,429
4,450
4,464
4,470
4,485
4,552
4,550
4,525
4,528
6,899
6,844
6,776
6,779
6,759
6,762
6,747
6,733
6,777
6,806
6,742
6,700
5,449
5,489
5,517
5,547
5,570
5,589
5,620
5,666
5,725
5,743
5,735
5,696
15,430
15,187
14,935
14,887
14,664
14,601
14,660
14,565
14,536
14,616
14,462
14,415
7,508
7,564
7,580
7,601
7,637
7,662
7,683
7,727
7,824
7,832
7,803
7,780
2,586
2,581
2,571
2,566
2,547
2,541
2,568
2,597
2,612
2,611
2,578
2,542
2,342
2,356
2,365
2,376
2,383
2,391
2,407
2,424
2,453
2,462
2,456
2,444
BOSTON:
1936—January
February
March
April
May
June
July
August
September. .
October
November...
December...
1,675
1,674
1,655
1,720
1,692
1,684
1,756
1,713
1,732
1,812
1,853
1,802
704
707
707
706
706
702
696
698
696
695
690
685
966
966
955
1,004
964
961
993
954
964
1,014
1,053
1,010
135
136
137
136
135
134
130
125
125
124
122
123
709
708
701
716
728
724
762
759
768
800
792
568
571
570
570
571
567
566
573
571
571
568
562
1,571
1,570
1,553
1,616
1,586
1,578
1,640
1,593
1,611
1,687
1,731
1,681
577
578
580
579
580
580
575
574
572
570
565
561
104
103
102
104
105
106
115
119
122
125
122
121
127
128
127
127
126
122
121
124
125
125
125
124
1937—January
February
March
April
May
June
July
August
September..
October
November...
December...
1,829
1,812
1,781
1,770
1,751
1,738
1,749
1,722
1,718
1,745
1,725
1,709
688
689
690
692
692
694
694
695
695
692
686
676
1,016
1,014
994
977
960
955
956
940
932
948
944
944
123
123
123
118
116
117
116
115
114
112
111
110
813
797
786
793
791
783
793
782
786
797
780
765
565
566
568
574
576
577
578
580
580
580
575
565
1,707
1,692
1,663
1,652
1,632
1,619
1,626
1,596
1,590
1,618
1,602
1,590
562
563
564
565
564
566
567
567
565
564
558
552
122
120
118
118
119
119
123
126
128
128
123
119
125
126
126
127
128
128
127
128
129
128
128
124
Gross
demand
ALL DISTRICTS:
1936—January
February
March
April
May
June
July
August
September. .
October
November...
December.. .
Time
797
Time
NEW YORK:*
1936—January
February
March
April
May
June
July
August
September..
October
November...
December...
11,044
11,266
11,223
11,301
11,521*
11,769
11,829
11,649
11,857
11,938
12,100
12,290
2,075
2,030
2,041
2,044
2,077
2,049
2,085
2,110
2,116
2,169
2,133
2,169
188
182
184
184
190
191
217
215
208
213
209
208
142
142
141
141
135
133
137
138
142
141
140
139
1,067
1,086
1,073
1,121
1,150
1,152
1,206
1,201
1,220
1,224
1,237
1,258
1,313
1,288
1,292
1,295
1,296
1,303
L,325
1,330
1,333
1,342
1,340
1,336
1,015
1,020
1,012
1,056
1,081
1,086
1,150
1,136
1,149
1,156
1,166
1,194
996
078
979
981
977
980
999
1,002
1,006
1,013
1,008
1,006
239
248
245
249
258
257
274
281
279
281
280
273
459
452
454
455
455
457
464
466
469
471
472
469
1937—January
February....
March
April
May
12,168
12,073
11,954
11,721
11,493
2,170
2,223
2,288
2,259
2,278
210
201
195
197
193 •
139
142
142
140
138
1,255
1,259
1,237
1,237
1,244
1,355
1,360
1,367
1,372
1,376
1,190
1,183
1,159
1,164
1,167
1,019
1,026
1,031
1,034
1,035
274
277
273
270
270
475
476
478
479
479
See footnotes at end of table.
136
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND
SMALLER CENTERS—Continued
[Averages of daily figures.
All member
banks
I n millions of dollars]
Member banks
in larger centers
(Places> over
15,000) i
Country
banks
Reserve
city banks
Member banks
in smalle * centers
(Places under
15,000)
Month
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Grcss
demand
Time
NEW YORK—cont.:
June
July
August
September. .
October
November...
December. . .
11,549
11,368
11,080
11,244
11,194
10,904
10,970
2,323
2,361
2,350
2,386
2,405
2,417
2,327
191
206
195
184
181
175
173
138
139
142
153
155
154
154
1,252
1,213
1,205
1,208
1,216
1,196
1,188
1,382
1,389
1,398
1,415
1,419
1,413
1,403
1,173
1,139
1,112
1,109
1,121
1,101
1,097
1,040
1,043
1,051
1,075
1,078
1,075
1,068
270
280
287
283
275
271
263
480
485
489
494
496
492
489
PHILADELPHIA:
1936—January
February —
March
April
May
June
July
August
September. .
October
November...
December.. .
1,582
1,580
1,588
1,608
1,597
1,612
1,684
1,663
1,693
1,776
1,776
1,796
1,028
1,030
1,042
1,050
1,050
1,050
1,064
1,068
1,070
1,078
1,075
1,063
1,081
1,083
1,082
1,089
1,076
1,075
1,125
1,103
1,117
1,180
1,179
1,177
218
220
229
235
232
232
235
235
237
242
238
233
501
497
506
519
521
536
560
560
576
597
596
619
810
810
813
815
818
818
829
834
833
835
836
831
1,398
1,398
1,403
1,417
1,404
1,416
1,476
1,450
1,475
1,548
1,548
1,571
616
616
626
633
633
629
642
644
645
648
647
637
184
182
185
192
193
195
208
212
218
229
228
226
412
414
416
417
417
420
422
424
425
429
428
426
1,797
1,742
1,738
1,757
1,729
1,692
1,698
1,659
1,626
1,628
1,602
1,595
1,069
1,072
1,073
1,091
1,099
1,094
1,098
1,106
1,133
1,132
1,123
1,104
1,182
1,145
1,156
1,174
1,146
1,102
1,106
1,069
1,038
1,041
1,030
1,012
229
225
225
240
246
243
241
242
255
255
249
240
615
596
582
584
583
591
592
590
588
587
573
584
840
846
848
851
853
851
857
864
879
877
874
864
1,573
1,520
1,519
1,538
1,511
1,472
1,474
1,431
1,399
1,401
1,381
1,380
637
638
638
654
661
656
657
662
681
681
672
657
224
222
219
220
219
220
224
228
227
227
221
215
432
434
435
437
438
438
441
444
453
451
450
447
1,746
1,757
1,782
1,840
1,836
1,870
1,967
1,958
1,983
2,039
2,088
2,121
1,219
1,237
1,253
1,260
1,283
1,292
1,302
1,300
1,296
1,299
1,310
1,299
1,295
1,300
1,321
1,370
1,356
1,370
1,442
1,428
1,442
1,486
1,510
1,546
691
702
704
708
726
727
729
723
716
714
716
707
451
457
460
471
480
500
526
531
541
553
558
575
529
535
549
552
556
564
573
577
580
585
595
592
1,566
1,571
1,595
1,651
1,644
1,674
1,759
1,746
1,768
1,821
1,850
1,899
971
988
1,002
1,008
1,028
1,037
1,043
1,039
1,034
1,036
1,042
1,033
180
185
187
190
192
196
208
212
215
218
218
222
249
249
251
252
254
255
259
261
262
263
269
266
2,123
2,078
2,040
2,041
2,031
2,023
2,019
2,037
2,013
1,989
1,956
1,945
1,309
1,331
1,330
1,332
1,332
1,341
1,348
1,368
1,392
1,395
1,395
1,380
1,536
1,491
1,459
1,458
1,445
1,435
1,428
1,442
1,414
1,406
1,386
1,379
707
717
715
711
707
709
710
720
735
733
733
723
587
587
581
583
586
587
591
595
599
583
571
566
602
614
615
621
624
632
638
648
657
661
663
657
1,896
1,849
1,813
1,813
1,804
1,795
1,791
1,805
1,782
1,762
1,736
1,727
1,038
1,056
1,057
1,056
1,054
1,059
1,063
1,083
1,103
1,103
1,103
1,089
227
229
227
228
227
228
228
232
231
227
221
218
271
274
273
276
277
282
285
285
290
292
292
292
986
979
989
998
1,003
1,025
1,077
1,075
494
498
499
500
501
508
516
519
569
570
574
582
588
599
627
631
187
189
189
191
193
196
197
198
416
409
415
415
415
425
451
444
307
308
309
309
307
312
319
321
836
831
840
848
854
875
916
914
324
327
328
330
331
334
338
340
149
148
149
150
149
150
161
161
169
170
171
170
170
174
178
179
1937—January
February
March
April
May
June
July
August
September. .
October
November...
December. .
CLEVELAND:
1936—January....
February...
March
April
May
June
July
August
September. .
October....
November..
December..
1937—January....
February...
March
April
May
June
July
August
September.
October....
November..
December..
RICHMOND:
1936—January....
February...
March
April
May
June
July
August
See footnotes at end of table.
137
FEDERAL RESERVE SYSTEM
No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND
SMALLER CENTERS—Continued
Average s of daily figures. In millions of dollars]
All member
banks
Reserve
city banks
Member banks
in largei centers
(Place s over
15,000) i
Country
banks
Member banks
in smaller centers
(Place. under
15,000)
Month
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
RICHMOND—cont.
September. .
October
November...
December...
L,097
1,136
1,167
1,189
520
523
522
522
641
656
667
684
198
200
198
200
456
479
500
505
321
323
324
323
929
959
985
1,005
340
343
342
342
168
177
183
183
179
180
181
180
1937—January
February
March
April
May
June
July
August
September. .
October
November
December.. .
1,154
1,141
1,121
1,105
1,086
1,077
1,063
1,061
1,094
1,121
1,120
1,104
529
537
538
538
540
539
537
537
536
537
535
529
663
654
640
631
619
609
597
599
615
628
620
611
203
209
208
209
211
210
207
206
205
204
203
198
491
486
481
474
467
468
466
462
479
493
500
493
326
328
329
329
329
329
330
331
331
332
332
331
972
931
942
929
913
906
894
891
913
935
934
921
347
353
353
353
355
354
351
351
350
350
349
343
182
180
179
176
173
171
169
170
181
185
186
184
182
184
185
185
185
185
185
186
186
187
186
186
ATLANTA:
1936—January
February
March
April
May
June
July
August
September. .
October
November...
December...
906
913
942
948
932
934
962
956
989
1,025
1,030
1,066
343
339
341
343
347
350
358
357
357
357
358
358
532
530
543
544
538
540
561
558
578
600
594
615
154
154
155
155
155
158
161
161
161
161
160
161
374
383
399
405
394
394
401
398
411
425
436
450
188
185
186
188
192
192
197
196
196
196
197
197
780
785
807
812
800
807
833
827
856
889
887
918
270
265
267
268
269
274
281
281
282
281
282
282
125
128
136
137
132
127
129
128
133
137
142
147
73
74
74
74
78
76
77
76
75
76
76
77
1937—January
February
March
April
May
June
July
August
September. .
October
November...
December...
1,086
1,093
1,085
1,057
1,003
985
964
957
973
984
974
978
359
362
367
368
372
372
372
373
385
385
383
382
615
616
604
583
552
547
543
545
561
569
556
556
159
161
163
163
163
164
163
164
175
174
173
173
471
477
481
473
450
438
420
413
412
415
418
422
200
202
204
205
208
208
209
209
210
211
210
209
930
934
918
891
846
835
823
819
837
847
835
836
281
285
287
288
291
292
291
292
305
304
302
300
156
159
167
165
157
150
141
138
136
137
139
142
77
78
79
80
80
80
81
81
81
81
81
82
CHICAGO:^
1936—January
February
March
April
May
June
July
August
September. .
October
November...
December...
3,739
3,767
3,749
3,689
3,853
3,992
4,202
4,167
4,193
4,275
4,298
4,334
,291
,298
,312
,352
,376
,417
,390
,411
,428
,429
,441
,465
996
998
1,011
1,015
1,036
1,082
1,130
1,127
1,124
1,143
1,157
1,166
405
407
412
414
420
425
437
442
446
449
455
459
595
604
623
633
643
659
684
696
708
717
733
751
477
485
493
497
501
511
526
536
542
548
558
568
1,362
1,371
1,396
1,404
1,432
1,487
1,550
1,551
1,555
1,582
1,605
1,626
687
694
706
709
717
727
748
757
763
772
781
790
229
231
238
243
247
254
263
272
277
278
284
291
195
198
199
202
204
209
215
220
224
226
232
237
1937—January
February....
March
April
May
June
July
August
September. .
October
November...
December...
4,290
4,239
4,180
4,091
4,151
4,125
4,121
4,120
4,105
4,070
4,037
4,036
,505
,517
1,527
1,530
1,541
1,555
1,568
1,575
1,587
1,599
1,606
] ,605
1,177
1,154
1,150
1,134
1,137
1,141
1,152
1,149
1,136
1,125
1,112
1,114
470
476
481
483
486
491
496
498
502
507
509
509
763
768
772
775
780
779
779
786
789
791
781
768
587
594
602
608
615
621
627
635
641
648
652
650
1,648
1,624
1,619
1,605
1,616
1,618
1,629
1,628
1,619
1,611
1,594
1,590
816
826
834
840
847
856
864
870
877
886
890
888
293
298
303
304
302
302
303
306
305
304
299
292
241
244
248
251
254
257
259
263
266
269
271
271
See footnotes at end of table.
138
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND
SMALLER CENTERS—Continued
Averages of daily figures. I n millions of dollars]
All member
banks
Member banks
in larger centers
(Places over
15,000) i
Country
banks
Reserve
city banks
Month
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Member banks
in smaller centers
(Places under
15,000)
Gross
demand
Time
ST. LOUIS:
1936—January
February....
March
April
May
June
July
August
September. .
October
November...
December...
952
951
936
931
934
937
1,027
985
1,005
1,056
1,084
1,097
357
356
361
363
364
366
369
372
374
375
376
375
669
672
656
678
648
644
684
674
688
729
752
767
162
162
163
164
164
166
168
168
169
169
170
169
283
279
280
253
286
293
343
311
317
327
331
331
195
194
198
199
199
200
201
204
205
206
207
207
785
786
772
769
769
768
849
807
823
866
891
905
263
261
266
268
269
271
273
277
278
278
279
278
168
165
165
163
165
168
178
179
183
190
193
192
94
95
95
95
95
95
95
96
96
97
97
97
1937—January
February
March
April
May
June
July
August
September. .
October
November...
December...
1,105
1,096
1,063
1,047
1,009
1,002
1,017
1,007
1,004
1,022
1,021
1,020
377
380
383
384
383
385
390
394
399
403
404
401
772
769
741
721
682
673
684
671
669
686
688
693
168
170
171
170
168
168
172
172
171
172
172
171
334
327
322
327
327
329
333
336
335
337
333
327
209
210
212
214
215
217
219
222
229
231
231
230
909
903
873
855
817
807
820
808
806
822
827
830
279
282
284
283
282
282
287
289
289
290
292
290
197
193
190
192
193
195
197
199
198
200
194
191
98
98
99
100
101
102
103
105
111
113
112
111
MINNEAPOLIS:
1936—January
February
March
April
May
June
July
August
September. .
October
November...
December...
615
612
604
589
586
632
663
661
662
665
690
690
350
351
352
351
348
349
353
356
94
94
94
92
91
90
91
91
359
361
362
349
347
340
325
322
350
373
364
362
365
378
375
95
94
93
267
265
264
264
264
282
290
297
299
301
312
309
256
257
258
259
258
259
262
265
264
264
267
268
448
445
438
423
419
459
482
476
473
475
498
499
174
175
174
173
171
172
173
174
176
178
178
178
167
166
166
166
166
173
181
185
189
190
192
191
176
176
177
178
177
177
179
182
181
181
183
184
1937—January
February
March
April
J
May
T
June
July
August
September..
October
November...
December...
664
639
636
632
616
642
644
642
656
649
650
635
366
367
367
367
365
364
365
368
369
369
369
367
363
346
343
342
328
343
346
347
357
352
348
340
95
95
95
94
93
92
92
93
93
93
93
92
300
292
293
290
288
299
298
295
299
297
302
295
271
273
272
273
273
272
273
275
275
276
276
275
478
458
455
452
437
463
467
464
475
468
470
458
180
180
181
180
178
178
178
179
180
181
180
179
186
181
181
181
178
178
178
178
181
181
180
177
186
187
187
187
187
186
187
188
188
189
188
188
KANSAS CITY:
1936—January
February....
March
April
May
June
July
August
September. .
October
November...
December...
1,240
1,277
1,267
1,257
1,267
1,293
1,421
1,421
1,408
1,411
1,426
1,442
310
311
312
313
313
313
315
316
317
317
318
316
847
886
877
867
875
898
993
993
983
987
995
1,002
160
161
161
161
161
161
162
162
161
162
162
160
392
392
390
391
392
395
427
427
425
424
432
439
150
150
150
151
151
152
154
154
155
155
156
156
951
988
S79
970
980
1,005
1,110
1,109
1,098
1,104
1,113
1,122
198
199
199
200
200
200
201
201
202
202
203
201
288
290
288
287
287
288
311
312
310
308
313
320
112
112
112
113
113
113
114
115
115
115
115
115
1,426
1,406
1,378
1,370
315
317
316
316
986
970
945
160
162
161
160
440
436
433
431
155
156
155
156
1,106
1,087
1,059
1,052
201
203
201
201
320
319
319
318
115
115
115
115
1937—January
February
March
April
See footnotes at end of table.
T-357
938
T-93
139
FEDERAL RESERVE SYSTEM
No. 63. -DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND
SMALLER CENTERS—Continued
Average s of daily figures. In millions of dollars]
All member
banks
Reserve
city banks
Member banks
in larger centers
(Places over
15,000) i
Country
banks
Month
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Gross
demand
Time
Member banks
in smaller centers
(Places under
15,000)
Gross
demand
Time
»
KANSAS CITY—cont.
May
June
July
August
September. .
October
November...
December...
1,343
1,345
1,428
1,427
1,398
1,381
1,365
1,358
316
316
315
316
317
317
316
313
912
913
971
969
948
935
922
917
160
160
159
159
161
160
159
157
431
431
456
458
450
447
443
441
155
156
156
157
157
157
157
156
1,026
1,027
1,092
1,088
1,066
1,052
1,039
1,033
201
201
200
200
202
201
200
198
317
317
335
339
333
329
326
325
114
115
115
115
115
116
116
115
926
937
934
928
927
943
999
988
523
530
531
528
530
541
579
570
586
608
627
632
110
110
108
108
108
108
110
110
109
110
110
110
403
407
402
400
397
402
421
418
432
453
470
476
86
87
87
88
87
89
90
90
90
91
91
91
695
704
705
702
703
718
764
757
775
806
833
842
158
158
157
156
157
157
159
159
159
160
160
161
231
233
229
226
224
225
235
231
242
255
264
267
38
39
39
39
38
39
40
40
40
41
40
40
DALLAS:
1936—January
February
March
April
May
June
July
August
September. .
October
November...
December...
1,017
1,061
1,097
1,108
196
197
196
196
195
197
200
200
200
201
201
201
1937—January
• February....
March
April
May
June
July
August
September. .
October
November...
December...
1,095
1,080
1,052
1,044
1,035
1,037
1,054
1,061
1,090
1,110
1,106
1,118
200
200
199
200
200
202
202
204
209
210
211
212
621
607
588
578
570
573
584
586
602
614
605
608
110
109
109
109
109
111
111
111
115
116
117
117
474
472
464
466
466
464
470
474
488
496
501
510
90
90
91
91
91
91
91
92
94
94
94
95
830
814
791
782
774
777
792
795
813
827
819
830
160
160
159
159
160
161
161
162
166
167
168
168
265
266
261
261
261
260
262
266
277
283
287
288
40
40
40
40
40
41
41
42
43
43
43
44
SAN FRANCISCO:
1936—January
February....
March
April
May
June
July
August
September. .
October
November...
December. ..
1,902
1,924
1,790
1,809
1,989
2,023
2,126
2,160
2,208
2,261
2,254
2,338
2,045
2,046
2,060
2,069
2,117
2,104
2,096
2,107
2,110
2,109
2,109
2,067
1,603
1,630
1,490
1,504
1,684
1,710
1,797
1,825
1,862
1,908
1,892
1,973
1,816
1,814
1,826
1,835
1,884
1,867
1,858
1,867
1,867
1,865
1,863
1,820
299
294
299
306
305
312
329
335
346
353
362
365
229
232
234
234
233
237
238
240
243
243
245
247
1,778
1,801
1,667
1,686
1,866
1,896
1,994
2,023
2,064
2,114
2,107
2,194
1,952
1,950
1,964
1,975
2,024
2,009
2,000
2,010
2,011
2,010
2,011
1,969
124
123
123
124
123
126
132
136
144
147
147
144
94
95
96
95
93
95
96
98
98
98
97
98
1937—January
February....
March
April
May
June
July
August
September. .
October
November...
December...
2,330
2,299
2,258
2,286
2,253
2,237
2,243
2,255
2,260
2,286
2,258
2,252
2,088
2,093
2,090
2,085
2,106
2,114
2,118
2,118
.2,130
2,125
2,110
2,144
1,975
1,954
1,915
1,940
1,908
1,897
1,907
1,917
1,915
1,939
1,914
1,911
1,838
1,842
1,837
1,833
1,853
1,861
1,865
1,863
1,873
1,868
1,852
1,884
356
345
342
346
345
340
336
338
345
347
344
341
2,192
250
251
2,163
253
2,124
253
2,153
253
2,120
253
2,108
253
2,115
2,126
255
257
2,127
257 1 2,151
258
2,126
261
2,123
1,988
1,993
1,991
1,987
2,008
2,017
2,022
2,021
2,032
2,028
2,013
2,047
139
136
134
133
132
129
128
129
133
134
132
129
100
100
99
98
98
97
96
97
98
97
96
97
1
Figures for central reserve city banks shown separately in table 62 are included in the total for all member banks but not in that for banks in larger centers, nor are they shown separately as a class in this table.
^•Revised.
Backfigures—Notavailable for gross demand deposits; for time deposits see Annual Report for 1935 (table 56)
and similar tables in previous annual reports. For discussion of changes in reported figures see Federal Reserve
Bulletin for September 1936, pages 700-701.
No.
64.—MEMBER BANKS—EARNINGS, EXPENSES, DIVIDENDS, AND OPERATING RATIOS1, 1929
Amounts per $100 of loans and investments *2
Amounts (in thousands of dollars)
1929
1931
Earnings:
Interest and discount on loans
1,562,769 1,072,927
Interest and dividends on investments..
472,868
480,296
Interest on balances with other banks..
33,2fc
28,682
Collection charges, commissions,fees,etc.
61,299
38,389
Foreign department
26,209
25,727
Trust department
77,589
75,041
Service charges on deposit accounts
I\ 164,995 120,302
Rent received
Other current earnings 3
Total earnings from current operations 3
444,636
246,493
68,131
Total
Salaries, officers
Salaries and wages, employees (other \
than officers)
Fees paid to directors and members of J
executive, discount, and advisory
committees
Interest and discount on borrowed money
Real estate taxes...:
J
Other taxes
Other expenses
TotaP
604,297
426,391
7,705
24,487
21,791
59,658
( 20,574
112,844 | |
387,284
140,691
52,935
301,863
97,862
34,599
759,260
580,910
434,324
463,847
412,531
356,557
(4)
64,265
112,476
283,872
71,961
>
231,765
42,802
13,424
1934
1935
1936
1937
540,014
473,791
2,425
27,810
17,975
70,994
27,619
83,245
498,419
467,217
1,681
28,825
12,282
77,703
35,634
84,888 /\
513,399
487,101
1,207
31,397
12,165
88,297
39,415
78,456
19,471
552,563 $4 38 $3 21
480,810 1.32 1.44
963
09
09
.17
32,451
.11
07
08
11,829
.22
96,302
22
45,023 |
83,274 \ .46 .36
18,050
1929 1931
1932
1933
$2.98
1.60
.06
.10
.08
.23
$2.42
1.71
.03
.10
.09
.24
f .08
.40
|} .»
5.45
4.95
.93
.17
.05
227,371
12,494
3,498
196,490
9,298
2,695
175,164
7,137
2,175
174,449
4,641
1,737
1.25 1.1C
.69
.42
.19
.16
1.06
.34
.12
287,991
243,363
208,483
334,468 /
\
180,827 2.13 1.74
142,818 | l . 3 0 1.23
229,327
1.15
327,424
184,476
135,501
216,213
1.52
306,021
1.25
1.22
.14
.24
.06
}.81
(*)
.06
.26
.79
.71
.86
.23
.77
(4)
(4)
(4)
19,136
38,814
15,178
86,367
236,435
67,077
246,612
58,028
192,082
1,683,720 1,335,379 1,143,384
Net earnings from current operations 3
Recoveries, profits on securities, etc.:
Recoveries on loans
Recoveries on investments
Profits on securities sold
Allother
851,007
457,712
16,759
27,943
22,531
64,822
1933
2,398,993 1,841,424 1,553,618 1,236,864 1,243,873 1,206,649 1,270,908 1,321,265 6.71 5.51
Expenses:
Interest on deposits:
Time
Demand
Bank
Total current expenses
1932
AND 1931-1937
(4)
3,637
62,278
212,687
6,269
1,230
613
/
33,970
63,680 1
47 175
224,654
247,897
6,925
576
34,162
52 031
255,749
(4)
.18
1934
1935 1936 1937
$2.01 $1.72 $1.64 $1.70
1.76 1.62 1.55 1.48
.o:
.10
.07
.1(
.31
.0]
.10
.10
AV
AV.
.28
.27
.12
.13
.25
.29 \1 .06
.10
.04
.30
.14
.26
.06
4.62 4.17 4.05 4.06
.68
.03
.01
.56
.02
.01
.54
.01
.01
.90
.72
1.22
1.16
.59
f .43
\ .69
.56
.44
.71
.02
.02
.84
.05
.01
(4)
.01
.23
.79
(*)
.22
.ii
.ii
.78
.79
16
.79
859,300
849,389
832,515
872,114
902,415 4.71 3.99
4.01
3.44
3.15 2.88 2.78 2.78
715,273
506,045
410,234
377,564
394,484
374,134
398,794
418,850 2.00
1.51
1.44
1.51
1.46
25,204
24,584
60,191
28,815
80,072
185,591
23,979
75,503
.08
.07
50,326 > .27 .25
°8 9.^0
.05
.05
31,389
.69
15,998
94,247
160,318
230 698
22,808
.12
.32
28,334
71,901
277,027 /
\
27,078
.09
.21
16,448
28,000
83,619
15,053
.10
.06
.09
136,714
126,672
113,109
124,885
.50
.94 1.30
95,062
44,389
253,959
376,006
508,071
256,168
.39
.38
.40
.16
1.29
.25
.96 /
I
.09
1.27
1.29
.30
.51
-74
.07
.23
.15
30
.10
1.62
.79
Losses and depreciation:
On loans
On i n v e s t m e n t s . . . .
....
On banking house, furniture a n d fixtures
Allother
Total losses and depreciation
Net profits or net loss (—)
Cash dividends declared 5
Loans 2
Investments
2
Loans and investments 2
Time deposits 2.
Total deposits 2
Capital funds 2 6
139 588
05 465
295 241
964 j 170
403, 272
304 061
425 442
344
451 ,782
406
252, 374
198 765
206,548
131,406
104, 788
147 058
.39
27
.88
70
1.41
1 07
1.70
1 38
1 .68
1 10
.87
.69
.66
49,
.32
46
33 171
27 249
061
31, 984
370
48, 627
35 7^8
53 026
30 499
61 ,244
33 586
53, 537
38,721
64,873
36 868
48, 844
09
.08
00
.10
07
.17
.14
.21
15
.23
.12
.18
19,
.21
11
.15
295 473
620, 456
778, 230
858, 279
872 ,944
538, 262
441,548
338, 458
556 514
408 628
12, 261 - 254, 887 - 3 5 5 , 830 - 224 ,501
335, 792
150, 804
245, 074
173 ,666
211, 878
186, 810
465,317
198,663
336, 560
201, 001
.83 1 .86
2.72
3.43
.04
-.89
-1.42
1.56
3 .24 1.86 1 .41 1 .04
- .83
.73 1 .48 1 .04
?5 614 655 91 739, 980 16, 743, 040 P ,916, 730 19 476 579 11 085 150 19J 543,829 13 8?5 461
10 112 473 11 ,699, 502 11, 778, 580 12 ,069, 549 14, 453 ,885 16 ,913, 308 18, 839,010 18, 678, 289
35 727, 128 33 ,431, 791 28, 522, 520 24 ,986, 279 26, 930 ,457 28 ,898, 458 31, 382,839 32, 503, 750
13 331, 644 12 ,963, 420 10, 775, 783 9 ,073, 494 9, 616 ,323 10 ,181, 426 10, 660,494 11, 255, 552
007 98, 013 401 96 ,771 6^4 30 718 660 35 604 475 40 129 630 41 589, 197
37
9^8 ?4
6 360, 306 6 ,395, 866 5, 660, 145 4 ,902, 319 5, 049 ,525 5 ,118, 478 5, 209,486 5, 327, 456
Other ratios l
Net profit, or net loss ( —) per $100 of capital funds 6
Interest and discount on loans per $100 of loans
Losses on loans per $100 of loans
Interest and dividends on investments per $100 of investments
Losses on investments per $100 of investments .
Interest on time deposits per $100 of time deposits ..
Total deposits per $1 of capital funds 6
Loans and investments per $1 of capital func s 6
$8.75
6 10
.54
4 68
.94
3.34
5.86
5.62
2
$0 10 - $ 4 . 5 0 - $ 7 . 2 6 - $ 4 45
4 33
4 04
5 08
4 68
2.41
3.29
3 .62
1 .36
4 11
3 89
3 53
3 98
9 9,9,
9 9,6
2.85
2.59
2.55
2.80
2 .36
.99
6 08
5 41
5.11
5.46
5.04
5.10
5 .33
5 .23
$4.14 $8 03
4 16 4 00
2.11 1.65
2 76 2 50
70
1 18
1.93 1 .64
6 97 7 70
5.65 6 .02
$6 39
4 00
.76
9 57
70
1.55
7 81
6 .10
ir
The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. I t should be borne in mind in using them t h a t the
statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a
statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes
during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups t h a t the results appear not to be appreciably
affected by these changes.
2
For 1933, figures of loans, investments, deposits, and capital funds are averages of a m o u n t s from reports of condition for 3 call dates (June 30, Oct. 25, and Dec. 30, 1933); for
other years they are averages of a m o u n t s for all call dates during the year and the last call date in the previous year.
3
I i g u r e s for K-i-8-1931, as originally published were revised in the 1935 Annual Report by transferring profits on securities sold from " E a r n i n g s " to "Recoveries, profits on securities, e t c . , " putting them on the same basis as subsequent figures.
4
Not reported separately; included partly in "Salaries" and "Other expenses."
5
Includes interest paid on capital notes and debentures.
6
By "capital funds" is m e a n t the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock a n d / o r capital notes and debentures. Prior to July 1932, reserves for dividends were also included in capital funds.
Back figures.—See Annual Report for 1936 (table 60) and similar tables in previous annual reports.
i
142
ANNUAL REPORT OF BOARD OF GOVERNORS
REPORTING MEMBER BANKS
No. 65.—WEEKLY REPORTING MEMBER BANKS IN
fin millions of dollars]
Loans *
On securities I
Total
loans
and
investments
Total
January 6
January 13
January 20
January 27
Febru ary 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
April 7
April 14
April 21
April 28
May 5
May 12
22,853
22,797
22,657
22,627
22,579
22,555
22,589
22,675
22,718
22,801
22,698
22,560
22,273
22,356
22,293
22,268
22,202
22,240
22,205
9,085
9,039
8,923
8,943
8,941
8,964
8,968
9,054
9,121
9,260
9,337
9,347
9,366
9,373
9,394
9,402
9,428
9,533
9,531
3,258
3,228
3,211
3,243
3,239
3,228
3,214
3,272
3,280
3,367
3,368
3,367
3,356
3,327
3,309
3,316
3,337
3,395
3,384
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September 1
September8
September 15
September 22
September 29
October 6
Ootober 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22
December 29
Monthly averages
January
February
March
April
May
22,177
22,182
22,158
22,214
22,573
22,414
22,290
22,217
22,163
22,213
22,283
22,378
22,331
22,303
22,315
22,319
22,315
22,232
22,046
22,026
21,975
21,999
21,890
21,694
21,654
21,608
21,530
21,432
21,381
21,489
21,668
21,480
21,402
9,500
9,529
9,571
9,647
9,741
9,766
9,760
9,734
9,714
9,740
9,784
9,908
9,917
9,933
9,958
10,027
10,041
10,049
10,010
10,004
9,972
9,994
9,913
9,682
9,625
9,600
9,532
9,479
9,441
9,509
9,500
9,418
9,387
3,325
3,313
3,328
3,369
3,380
3,455
3,463
3,424
3,359
3,£58
3,366
3,387
3,357
3,353
3,361
3,407
3,368
3,329
3,271
3,242
3,184
3,169
3,108
2,935
2,882
2,857
2,843
2,846
2,843
2,911
2,874
2 839
2,845
!?57
1,363
1,387
1,356
1,350
1,355
1,392
1,363
1,326
1,276
1,227
1,178
1,161
1,119
956
901
877
865
881
876
946
913
887
894
22,734
22,600
22,610
22,280
22,201
8,998
8,982
9,286
9,399
9,523
3,235
3,238
3,348
3,322
3,387
1,228
1,217
1,318
1,276
1,326
22,330
22,219
22,332
22,187
21,889
21,556
21,484
9,6G7
9,743
9,929
10,026
9,890
9,559
9,451
3,399
3,376
3,364
3,324
3,099
2,857
2,862
1,393
,375
1,362
1,317
,103
881
903
Date or month
Total!
To
Comothers meroial,
To
brokers for pur- induschasing
trial,
and
or
and
dealers 1 carrying
agriculsecurities tural
1,255
1,228
1,210
1,218
1,204
,205
,201
,260
,263
,352
,338
,331
,305
,278
,261
,269
,297
,341
,316
2,003
2,000
2,001
2,025
2,035
2,023
2,013
2,012
2,017
2,015
2,030
2,036
2,051
2,049
2,048
2,047
2,040
2,054
2,068
722
715
720
719
716
716
714
713
707
703
701
702
701
697
693
703
694
682
674
682
678
673
663
660
660
659
658
651
650
654
654
649
635
,323
,324
,333
,369
,370
,444
,447
,425
^
572
572
570
563
565
556
556
558
572
579
581
584
586
587
589
595
595
596
594
601
600
605
599
593
590
588
589
585
579
576
574
576
579
—-^
2,007
2,021
2,030
2,046
2
2,061
A_
July
August
September. . .
October
November....
December....
Real
estate
loans
Open
market
paperi
s
v
June
Loans
to
banks
All
other
717
706
698
687
669
657
648
566
572
586
596
599
588
577
708
702
705
718
729
729
736
728
724
719
721
714
714
719
724
717
716
725
727
732
728
730
727
726
731
733
731
729
738
735
733
727
737
~rn
723
718
724
728
731
734
60
57
57
60
60
72
76
79
86
81
90
92
81
78
74
76
84
128
122
,155
,152
,153
,152
,151
,149
,149
,149
,149
.152
l!l53
1,151
1,157
1,156
1,153
1,156
1,156
1,157
1,161
368
374
384
391
392
399
400
405
415
407
408
414
410
405
395
392
393
381
382
118
110
123
123
167
142
98
111
106
129
150
164
137
139
138
135
141
109
102
97
92
94
93
81
96
73
65
64
68
77
84
71
66
1,162
1,161
1,161
1,166
1,166
1,171
1,169
1,168
1,161
1,162
,163
1,162
1,165
1,165
1,164
1,164
1,163
1,164
1,165
1,165
1,167
1,167
1,167
1,169
1,169
1,169
1,169
1,168
1,167
1,168
1,170
1,166
1,165
497
490
483
481
475
465
467
464
463
459
464
462
470
468
467
466
464
469
470
475
477
478
482
481
477
481
485
479
475
476
476
472
461
59
72
86
78
120
1,153
1,150
1,152
1,155
1,160
379
399
411
396
438
131
124
145
117
80
74
73
1,167
1,164
1,164
1,164
1,168
1,169
1.167
474
463
467
469
479
481
472
1
Loan classification revised May 19, 1937, and beginning with that date figures for the items
item: indicated are
not strictly comparable with those formerly published; for explanation of revisions see J u n
Reserve
Leserve Bulletin,
bulletin, pages
pages 530-531.
oau-ooi.
2
for FRASER
Average of figures for M a y 5 and 12 only (see note 1).
Digitized
143
FEDERAL RESERVE SYSTEM
IN LEADING CITIES
101 LEADING CITIES—ASSETS AND LIABILITIES, 1937
[In millions of dollars]
Investments
x
Other loans
. Government
(not on securities)
obligations
BalReserve
ances
Comwith
mercial,
Federal Cash in with
Total
All
indusFully
Other Reserve vault domestrial,
other
Direct guaran- securities banks
tic
and
teed
banks
agricultural
13,768
13,758
13,734
13,684
13,638
13,591
13,621
13,621
13,597
13,541
13,361
13,213
12,907
12,983
12,899
12,866
12,774
12,707
12,674
9,303
9,275
9,262
9,212
9,149
9,121
9,107
9,094
9,067
9,024
8,828
8,696
8,396
8,520
8,457
8,439
8,370
8,334
8,323
1,240
1,240
1,229
1,212
1,214
1,216
1,210
1,209
1,208
1,203
1,213
1,205
1,199
1,189
1,183
1,178
1,175
1,165
1,164
3,225
3,243
3,243
3,260
3,275
3,254
3,304
3,318
3,322
3,314
3,320
3,312
3,312
3,274
3,259
3,249
3,229
3,208
3,187
5,184
5,303
5,325
5,355
5,330
5,351
5,333
5,291
5,171
5,242
5,327
5,112
5,173
5,176
5,381
5,378
5,425
5,307
5,359
411
413
389
390
375
397
379
398
374
366
350
362
346
338
353
340
354
337
349
2,313
2,354
2,308
2,255
2,249
2,231
2,321
2,206
2,055
2,017
2,075
1,963
1,879
1,924
2,018
1,962
1,964
1,797
1,783
12,677
12,653
12,587
12,567
12,832
12,648
12,530
12,483
12,449
12,473
12,499
12,470
12,414
12,370
12,357
12,292
12,274
12,183
12,036
12,022
12,003
12,005
11,977
12,012
12,029
12,008
11,998
11,953
11,940
11,980
12,168
12,062
12,015
8,314
8,308
8,287
8,258
8,556
8,374
8,301
8,297
8,254
8,240
8,283
8,242
8,209
8,231
8,232
8,193
8,190
8,122
7,930
7.903
7,911
7,917
7,896
7,933
7,968
7,972
7,974
7,966
7,963
8,013
8,172
8,067
8,018
1,162
1,159
1,156
1,166
1,165
1,160
a , 152
1,141
1,154
1,195
1,188
1,190
1,176
1,139
1,134
1,130
1,132
,136
1,131
1,131
1,133
1,132
1,133
1,137
1,128
1,125
1,120
1,118
1,102
1,114
1,110
1,116
3,201
3,186
3,144
3,143
3,111
3,114
3,077
3,045
3,041
3,038
3,028
3,038
3,029
3,000
2,991
2,969
2,952
2,933
2,970
2,988
2.961
2,955
2,949
2,946
2,924
2,908
2,899
2,867
2,859
2,865
2,882
2,885
2,881
5,349
5,385
5,278
5,367
5,280
5,335
5,400
5,278
5,352
5,302
5,231
5,089
5,122
5,194
5,191
5,186
5,162
5,291
5,440
5,488
5,424
5,339
5,368
5,404
5,325
5,309
5,365
5,394
5,374
5,291
5,365
5,335
5,427
329
338
329
337
299
308
303
314
325
300
311
287
303
292
302
281
307
299
314
323
307
347
318
334
318
331
314
317
304
340
337
367
355
13,736
13,618
13,324
12,881
12,678
9,263
9,118
8,802
8,447
8,320
1,230
1,212
1.206
1,181
1,163
3,243
3,288
3,316
3,253
3,195
5,292
5,326
5,205
5,340
5,350
401
387
359
346
338
May 19.
May 26.
June 2.
June 9.
June 16.
June 23.
June 30.
July 7.
July 14.
July 21.
July 28.
August 4.
August 11.
August 18.
August 25
September 1.
September 8.
September 15.
September 22.
September 29.
October 6.
October 13.
October 20.
October 27.
November 3.
November 10.
November 17.
November 24.
December 1.
December 8.
December 15.
December 22.
December 29.
Monthly averages:
2,307 January.
2,252 February.
1,998 March.
1,967 April.
1,790 May.
789" 12,633
791 12,476
817 12,403
815 12,161
825 11,999
826 11,997
828 12,033
8,355
8,268
8,229
8,068
7,914
7,970
8,046
1,160
1,170
1,160
1,131
1,132
1,127
1,113
3,118
3,038
3,014
2,962
2,953
2,900
2,874
5,332
5,291
5,149
5,313
5,384
5,348
5,358
315
312
296
305
326
320
341
1,761
1,771
1,683
1,703
1,781
1,804
1,850
4,244
4,228
4,118
4,097
4,099
4,116
4,129
4,149
4,191
4,253
4,318
4,323
4,362
4,407
4,463
4,462
4,458
4,472
4,482
"X633
765
776
778
789
792
791
798
794
790
785
797
818
826
815
811
812
812
816
820
819
824
823
825
829
830
828
821
824
830
825
825
829
828
3,679
3,700
3,719
3,761
3,742
3,765
3,773
3,835
3,847
3,844
3,915
3,962
3,993
4,017
4,043
4,093
4,162
4,182
4,206
4,228
4,263
4,238
4,187
4,171
4,192
4,149
4,098
4,058
4,052
4,071
4,041
4,022
S
Y
4,172
4,123
4,289
'2 4,448
4,477
^737
3,825
3,972
4,137
4,229
4,152
4,049
Date or month
128
'
January 6.
January 13.
January 20.
January 27.
February 3.
February 10.
February 17.
February 24.
March 3.
March 10.
March 17.
March 24.
March 31.
April 7.
April 14.
April 21
April 28
May 5.
May 12.
1,781
1,796
1,766
1,751
1,774
1,734
1,783
1,743
1,801
1,785
1,753
1,691
1,680
1,709
1,654
1,638
1,619
1,775
1,746
1,737
1,764
1,828
1,787
1,742
1,744
1,755
1,867
1,850
1,869
1,803
1,869
1,825
1,886
June.
July.
August.
September.
October.
November.
December.
144
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 65.—WEEKLY REPORTING MEMBER BANKS IN
[In mill ions of dollars]
Date or month
Cash
items
reported
as on
hand or
in process
Demand depos its
Total
assets
Other
assets
of
Interbank
Total
domestic Foreign
liabilities banks
banks
collection
U. S. Certified
Govern- checks,
etc.
ment
Other
January 6
January 13
January 20
January 27
February 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
1,549
1,652
1,497
1,494
1,422
1,438
1,690
1,740
1,540
1,600
1,659
1,547
1,666
1,335
1,339
1,355
1,368
1,349
1,360
1,365
1,367
1,367
1,390
1,333
1,338
1,351
33,645
33,858
33,531
33,489
33,304
33,332
33,677
33,677
33,225
33,416
33,442
32,882
32,688
5,998
5,989
5,927
5,896
5,853
5,820
5,905
5,839
5,679
5,608
5,656
5,453
5,332
412
410
418
411
414
403
410
412
418
415
429
432
447
702
655
560
526
476
434
383
342
340
379
419
355
353
551
555
481
514
518
538
590
647
532
634
600
573
525
16,423
16,659
16,563
16,510
16,397
16,452
16,704
16,731
16,509
16,615
16,600
16,310
16,261
April 7
April 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
1,406
1,611
1,487
1,509
1,347
1,568
1,448
1,439
1,563
1,301
1,727
1,385
1,871
1,352
1,333
1,323
1,345
1,334
1,331
1,342
1,344
1,340
1,338
1,306
1,338
1,302
32,552
32,989
32,758
32,799
32,362
32,595
32,426
32,484
32,434
32,308
32,959
32,514
32,949
5,435
5,526
5,414
5,321
5,116
5,075
5,010
4,927
5,039
4,939
4,942
4,802
4,913
432
476
484
501
515
533
520
543
549
567
580
599
602
353
351
272
272
233
207
182
181
142
103
547
549
547
482
443
458
458
423
448
449
444
463
454
496
434
596
16,084
16,417
16,362
16,439
16,273
16,496
16,424
16,523
16,374
16,353
16,473
16,240
16,462
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September
September
September
September
September
1
8
15
22
29
1,568
1,560
1,449
1,411
1,307
1,352
1,311
1,318
1,587
1,340
1,923
1,494
1,495
1,282
1,287
1,276
1,265
1,262
1,265
1,270
1,279
1,302
1,292
1,272
1,278
1,285
32,402
32,488
32,325
32,254
32,014
32,053
32,079
32,059
32,313
32,035
32,792
32,318
32,354
5,037
5,003*
4,977
4,921
4,926
4,883
4,918
4,794
4,773
4,806
4,993
4,931
4,887
622
612
607
582
582
571
562
556
571
570
552
553
549
477
451
429
430
463
498
532
569
591
608
606
630
644
543
460
459
458
430
382
368
428
547
450
658
457
438
15,880
16,131
16,008
15,986
15,754
15,884
15,873
15,840
15,964
15,701
16,092
15,825
15,921
October 6
October 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22.
December 29
1,373
1,849
1,571
1,479
1,607
1,499
1,580
1,360
1,588
1,267
1,960
1,558
1,550
1,287
1,304
1,314
1,311
1,309
1,292
1,308
1,310
1,313
1,307
1,296
1,288
1,267
32,130
32,666
32,248
31,964
31,957
31,794
31,964
31,663
31,829
31,497
32,495
31,853
31,887
5,063
5,030
4,975
4,836
4,929
4,868
5,010
4,906
4,951
4,885
4,963
4,933
4,981
523
520
497
472
457
428
414
402
397
388
401
435
433
645
595
508
471
447
416
416
418
416
417
684
689
691
406
429
503
456
489
512
455
410
493
431
637
470
446
15,595
16,221
15,857
15,827
15,728
15,644
15,737
15,615
15,707
15,543
15,998
15,511
15,535
Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December
1,548
1,573
1,602
1,503
1,450
1,569
1,497
1,322
1,568
1,568
1,511
1,585
1,349
1,360
1,356
1,338
1,338
1,325
1,277
1,269
1,286
1,304
1,305
1,294
33,631
33,498
33,130
32,774
32,467
32,632
32,367
32,051
32,362
32,252
31,844
31,912
5,953
5,854
5,546
5,424
5,032
4,927
4,984
4,880
4,878
4,976
4,928
4,943
413
410
428
473
528
579
606
568
559
503
425
411
611
409
369
312
201
378
447
515
616
555
424
579
525
573
573
460
441
489
480
402
510
448
467
495
16,539
16,571
16,459
16,325
16,429
16,380
16,001
15,838
15,900
15,875
15,681
15,659
Backfigures.—SeeAnnual Report for 1936 (tables 61 and 62).
145
FEDERAL RESERVE SYSTEM
101 LEADING CITIES—ASSETS AND LIABILITIES, 1937—Continued
[In millions of dollars]
Time deposits
Demand
deposits—
adjusted 1
Interbank
Other
Domestic
banks
1
Borrowings
Other
liabilities
1
807
842
827
873
867
885
884
885
860
903
898
908
903
3,563
3,560
3,563
3,566
3,564
3,568
3,568
3,572
3,578
3,575
3,576
3,580
3,581
January 6.
January 13.
January 20.
January 27.
February 3.
February 10.
February 17.
February 24.
March 3.
March 10.
March 17.
March 24.
March 31.
Capital
account
Date or month
Foreign
banks
15,425
15,562
15,547
15,530
15,493
15,552
15,604
15,638
15,501
15,649
15,541
15,336
15,120
132
132
132
133
135
133
133
134
136
135
131
133
130
4
3
3
3
3
4
4
4
4
4
4
5
6
5,052
5,053
5,050
5,052
5,077
5,095
5,093
5,111
5,167
5,147
5,128
5,129
5,144
15,160
15,249
15,333
15,388
15,349
15,376
15,425
15,528
15,274
15,506
15,242
15,289
15,187
14,855
15,031
15,018
15,033
14,877
14,914
14,930
14,950
14,924
14,811
14,827
14,788
14,864
14,628
14,801
14,789
14,804
14,610
14,657
14,612
14,655
14,612
14,707
14,675
14,423
14,431
124
121
117
116
108
107
105
105
100
100
99
105
103
6
6
6
6
6
7
7
10
11
12
12
13
14
5,144
5,133
5,146
5,158
5,149
5,201
5,205
5,222
5,231
5,233
5,233
5,233
5,235
2
5
1
3
38
16
24
4
13
16
58
38
910
930
915
944
909
912
909
929
905
928
915
904
879
3,580
3,581
3,583
3,581
3,592
3,593
3,591
3,596
3,607
3,603
3,604
3,597
3,598
April 7.
April 14.
April 21.
April 28.
May 5.
May 12.
May 19.
May 26.
June 2.
June 9.
June 16.
June 23.
June 30.
103
102
100
99
97
96
96
107
110
110
114
114
111
15
16
17
19
19
18
17
17
14
13
17
23
23
5,249
5,250
5,251
5,268
5,244
5,229
5,227
5,282
5,268
5,289
5,280
5,288
5,290
9
7
18
32
43
42
39
21
15
23
8
6
4
869
860
862
862
853
842
838
838
845
852
864
879
876
3,598
3,596
3,597
3,597
3,603
3,608
3,609
3,607
3,615
3,613
3,608
3,612
3,611
July 7.
July 14.
July 21.
July 28.
August 4.
August 11.
August 18.
August 25.
September 1.
September 8.
September 15.
September 22.
September 29.
114
112
113
110
111
112
112
110
109
111
111
109
109
22
21
20
20
19
20
19
18
21
20
14 .
9
5,282
5,270
5,285
5,274
5,278
5,302
5,296
5,273
5,234
5,183
5,192
5,201'
5,205
3
4
7
6
13
2
4
3
6
13
17
7
9
862
849
866
872
865
867
877
884
864
872
848
859
843
3,615
3,615
3,617
3,620
3,621
3,623
3,624
3,624
3,631
3,634
3,630
3,630
3,626
October 6.
October 13.
October 20.
October 27.
November 3.
November 10.
November 17.
November 24.
December 1.
December 8.
December 15.
December 22.
December 29.
15,516
15,572
15,429
15,283
15,420
15,300
14,984^
14,918
14,843
14,756
14,636
14,570
132
134
133
120
106
101
101
99
112
112
111
110
3
4
5
6
8
12
17
18
18
21
19
15
5,052
5,094
5,142
5,145
5,194
5,233
5,254
5,245
5,283
5,278
5,287
5,203
3
1
3
3
20
25
17
36
11
5
6
10
837
880
894
925
915
906
863
843
863
862
873
857
3,563
3,568
3,578
3,581
3,593
3,602
3,597
3,607
3,612
3,617
3,623
3,630
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
1
9
7
5
3
2
1
1
4
6
Demand deposits other than interbank and U. S. Government, less cash items in process of collection.
146
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 66.—WEEKLY REPORTING MEMBER BANKS IN NEW
[In millions of dollars]
Loans 1
On securities 1
Date or month
Total
loans
and
investments
Total
Total1
January 6
January 13
January 20
January 27
February 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
April 7
April 14
April 21
April 28
May 5
May 12
8,679
8,634
8,568
8,542
8,513
8,488
8,538
8,633
8,691
8,752
8,691
8,597
8,524
8,449
8,386
8,350
8,353
8,379
8,322
3,576
3,544
3,497
3,509
3,497
3,509
3,506
3,571
3,611
3,717
3,756
3,738
3,719
3,715
3,718
3,721
3,744
3,814
3,805
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September 1
September 8
September 15
September 22
September 29
October 6
October 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22
December 29
Monthly averages
January
February....
March
April"
May
8,318
8,320
8,392
8,474
8,606
8,513
8,470
8,417
8,325
8,359
8,399
8,428
8,323
8,330
8,340
8,377
8,370
8,285
8,165
8,166
8,132
8,151
8,075
7,914
7,913
7,888
7,867
7,833
7,819
7,927
7,981
7,869
7,857
June
July
August
September. . .
October
November....
December....
To
others
To
for
purbrokers
and l
dealers
carrying
securities
1,738
1,725
1,723
1,747
1,739
1,739
1,734
1,780
1,790
1,872
1,871
1,856
1,831
1,821
1,812
1,815
1,830
1,879
1,853
1,042
1,021
1,018
1,016
998
1,007
1,009
1,053
1,060
1,147
1,136
1,120
1,092
1,081
1,076
1,084
1,102
1,147
1,119
3,787
3,808
3,856
3,921
4,011
4,032
4,026
4,000
3,959
3,964
3,978
4,031
3,996
4,021
4,036
4,085
4,083
4,049
4,000
3,981
3,948
3,969
3,903
3,702
3,657
3,628
3,578
3,559
3,534
3,590
3,570
3,518
3,513
,838
,789
,752
,702
,688
,637
,481
,443
,420
,412
,423
,411
,472
,433
,405
,402
1,127
1,124
1,140
1,168
1,169
1,217
1,227
1,207
1,147
1,142
1,141
1,175
1,143
1,136
1,140
1,171
1,146
1,118
1,074
1,030
982
968
929
779
732
709
701
718
710
770
732
714
719
8,606
8,543
8,651
8,385
8,335
3,532
3,521
3,708
3,725
3,804
,733
,748
1,844
1,819
1,862
1,024
1,017
1,111
1,085
1,129
8,491
8,375
8,355
8,273
8,068
7,875
7,891
3,969
3,975
4,021
4,040
3,881
3,605
3,545
1,942
1,913
1,887
1,835
1,628
1,425
1,425
1,184
1,159
1,148
1,108
915
715
729
Commercial,
industrial,
and
agricultural
All
other
Loans
to
banks
696
704
705
731
741
732
725
727
730
725
735
736
739
740
736
731
728
732
734
277
276
280
278
278
278
279
279
274
270
272
272
271
269
267
275
259
248
243
249
248
245
240
238
238
237
236
233
229
232
232
227
217
232
229
227
227
226
228
229
230
239
241
240
238
239
241
239
242
244
241
239
239
240
241
238
235
237
235
239
237
235
233
233
233
227
242
241
246
248
254
255
258
247
246
240
240
228
229
230
234
227
229
231
233
234
232
234
230
229
236
239
236
235
237
237
236
231
239
74
81
126
100
61
73
66
91
110
124
99
103
102
101
105
77
709
731
733
734
2
733
279
274
270
255
243
236
228
227
237
239
241
239
237
232
252
243
230
231
231
237
236
85
107
Real
estate
loans
Open
market
paper 1
130
130
129
129
129
129
128
128
128
128
128
128
127
127
127
129
129
129
130
151
151
143
141
136
136
138
137
141
135
129
132
126
120
112
110
113
104
101
129
129
129
131
131
134
133
134
134
135
134
134
135
135
134
134
134
135
135
134
135
135
135
134
134
134
133
132
131
131
130
128
129
157
158
160
162
163
164
166
164
162
159
160
160
162
163
163
164
164
167
169
176
183
183
187
186
182
188
190
190
191
191
194
194
192
130
129
128
128
129
146
136
133
114
130
132
134
135
134
135
133
130
163
161
162
168
185
187
192
iLoan classification revised May 19, 1937, and beginning with that date figures for the items indicated are
not strictly comparable with those formerly published; for explanation of revisions see June. 1937 Federal
Reserve
Bulletin, pages 530-531.
2
Average of figures for May 5 and 12 only (see note 1).
147
FEDERAL RESERVE SYSTEM
YORK CITY—ASSETS AND LIABILITIES, 1937
[In millions of dollars]
Investments
Other loans 1
(not on securities)
Commercial,
industrial,
and
agricultural
U. S. Government
obligations
Total
M23
1,641
166
172
167
170
173
172
178
175
172
174
185
197
198
197
195
195
194
197
195
193
195
192
194
197
195
196
194
193
196
190
189
194
196 •
1,381
1,410
1,433
1,456
1,491
1,484
1,495
1,491
1,519
1,512
1,496
1,503
1,520
1,547
1,562
1,576
1,608
1,635
1,644
1,662
1,672
1,705
1,684
1,649
1,644
1,653
1,621
1,594
1,575
1,568
1,576
1,561
[,560
^
Balances
with
domestic
banks
1,495
1,465
1,548
1,616
;1,632
Date or month
Fully
guaranteed
5,103
5,090
5,071
5,033
5,016
4,979
5,032
5,062
5,080
5,035
4,935
4,859
4,805
4,734
4,668
4,629
4,609
4,565
4,517
3,597
3,573
3,555
3,494
3,464
3,444
3,447
3,466
3,466
3,421
3,309
3,226
3,171
3,148
3,106
3,076
3,072
3,034
3,027
450
454
451
454
455
454
452
451
452
447
451
457
456
448
442
439
439
442
434
1,056
1,063
1,065
1,085
1,097
,081
1,133
1,145
L,162
1,167
L,175
1,176
1,178
1,138
1,120
1,114
1,098
1,089
1,056
2,469
2,544
2,590
2,656
2,658
2,697
2,677
2,648
2,474
2,500
2,545
2,440
2,569
2,485
2,622
2,579
2,562
2,430
2,480
58
58
54
54
50
57
50
54
49
50
49
49
49
50
54
50
58
55
55
82
81
79
82
81
77
81
82
80
78
82
79
85
75
77
74
71
71
72
4,531
4,512
4,536
4,553
4,595
4,481
4,444
4,417
4,366
4,395
4,421
4,397
4,327
4,309
4,304
4,292
4,287
4,236
4,165
4,185
4,184
4,182
4,172
4,212
4,256
4,260
4,289
4,274
4,285
4,337
4,411
4,351
4,344
3,022
3,014
3,060
3,062
3,141
3,023
3,010
3,006
2,968
2,966
3,004
2,978
2,921
2,937
2,940
2,933
2,932
2,896
2,785
2,786
2,802
2,806
2,799
2,849
2,907
2,929
2,958
2,976
2,990
3,049
3,111
3,046
3,031
434
429
428
441
440
438
437
429
427
458
451
446
432
403
398
3S8
397
398
391
388
391
391
389
389
392
382
384
378
375
364
359
359
366
1,075
1,069
1,048
1,050
1,014
1,020
997
982
971
971
966
973
974
969
966
961
958
942
989
1,011
991
985
984
974
957
949
947
920
920
924
941
946
947t
2,496
2,561
2,440
2,498
2,478
2,509
2,603
2,462
2,514
2,508
2,458
2,311
2,342
2,388
2,408
2,412
2,360
2,475
2,644
2,746
2,634
2,551
2,578
2,624
2,539
2,499
2,551
2,569
2,543
2,451
2,530
2,515
2,553
51
54
64
51
48
49
54
52
55
48
51
49
52
49
50
48
53
51
55
59
55
64
58
62
62
62
54
59
52
56
60
69
61
68
71
70
62
69
64
67
68
68
. 67
68
67
66
65
65
65
68
67
64
66
64
67
69
68
68
68
72
69
76
66
73
71
73
5,074
5,022
4,943
4,660
4,531
3,555
3,455
3,319
3,100
3,024
452
453
452
442
435
1,067
1,114
1,172
1,118
1,072
2,565
2,670
2,506
2,562
2,492
56
53
49
53
54
81
80
81
74
70
May 19.
M a y 26.
June 2.
June 9.
June 16.
June 23.
June 30.
July 7.
July 14.
July 21.
July 28.
August 4.
August 11.
August 18.
August 25.
September 1.
September 8.
September 15.
September 22.
September 29.
October 6.
October 13.
October 20.
October 27.
November 3.
November 10.
November 17.
November 24.
December 1.
December 8.
December 15.
December 22.
December 29.
Monthly averages:
January.
February.
March.
April.
May.
4,522
4,400
4,334
4,233
4,187
4,270
4,346
3,059
2,986
2,944
2,866
2,814
2,943
3,045
437
441
420
395
390
384
365
1,026
973
970
972
983
943
936
2,506
2,486
2,362
2,527
2,597
2,540
2,518
53
51
50
53
60
59
60
68
68
66
66
67
69
72
June.
July.
August.
September.
October.
November.
December.
•
v
2
Cash in
vault
Direct
All
other
1,529
1,512
1,475
,462
1,463
1,461
1,461
1,476
1,496
1,532
1,568
1,561
1,584
1,598
1,622
1,621
1.621
Reserve
with
Other
Federal
securities Reserve
banks
January 6.
January 13.
January 20.
January 27.
February 3.
February 10.
February 17.
February 24.
March 3.
March 10.
March 17.
March 24.
March 31.
April 7.
April 14.
April 21.
April 28.
May 5.
May 12.
j^
/
1,472
[,505
,533
1,625
,677
1,628
1,568
172
177
197
195
194
194
193
148
ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 6 6 . — W E E K L Y REPORTING M E M B E R BANKS IN N E W
[In millions of dollars]
Date or month
Cash
items
reported
as on
hand or
in process
Demand deposits
Total
assets
Interbank
Other
assets
of
Total Domestic Foreign
banks
liabilities banks
collection
U.S.
Certified
Govern- checks,
etc.
ment
Other
January 6
January 13
January 20
January 27
February 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
710
769
654
725
680
704
827
857
694
838
794
744
800
489
489
497
498
494
492
490
485
491
508
470
477
482
12,487
12,575
12,442
12,557
12,476
12,515
12,663
12,759
12,479
12,726
12,631
12,386
12,509
2,432
2,431
2,393
2,428
2,393
2,381
2,408
2,385
2,294
2,280
2,289
2,195
2,107
375
375
384
378
381
368
373
376
382
378
395
397
410
204
193
169
159
146
136
135
134
135
134
136
124
124
351
366
295
331
348
371
412
462
343
459
410
402
327
6,726
6,795
6,790
6,821
6,751
6,786
6,854
6,910
6,804
6,950
6,887
6,749
6,998
April 7
April 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
630
675
611
680
568
661
630
629
699
567
762
602
949
493
469
467
478
477
481
488
483
480
481
469
471
467
12,182
12,283
12,131
12,202
11,980
12,071
12,051
12,118
12,145
12,133
12,432
12,208
12,610
2,158
2,197
2,138
2,101
1,983
1,936
1,916
1,867
1,933
1,896
1,905
1,863
1,957
395
439
448
461
477
496
483
504
509
527
541
559
564
124
124
86
86
66
53
41
41
23
4
289
289
289
297
269
266
284
255
283
282
275
287
291
318
258
400
6,675
6,706
6,656
6,720
6,646
6,716
6,740
6,819
6,771
6,777
6,707
6,596
6,792
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September
September
September
September
September
739
642
616
635
541
529
516
578
764
558
955
663
671
460
460
456
446
445
449
451
454
467
463
453
459
454
12,198
12,064
12,054
12,057
11,841
11,761
11,799
11,895
12,133
11,872
12,286
12,050
12,162
1,985
1,927
1,929
1,918
1,897
1,858
1,870
1,829
1,858
1,822
1,944
1,935
1,920
579
570
566
538
539
529
517
511
525
526
511
511
507
248
235
224
224
239
258
284
317
334
346
346
352
352
365
280
289
296
264
218
208
276
373
282
463
267
277
6,385
6,423
6,398
6,412
6,255
6,279
6,306
6,351
6,451
6,275
6,420
6,361
6,479
572
750
694
683
786
712
701
582
725
563
733
691
457
460
463
458
462
482
485
483
483
477
470
468
467
11,914
12,043
11,937
11,809
11,830
11,711
11,730
11,595
11,698
11,540
12,148
11,725
11,702
1,989
1,944
1,942
1,887
1,954
1,895
1,959
1,952
1,985
1,936
2,021
1,972
2,005
486
482
459
436
421
393
380
367
362
353
366
398
397
353
325
279
257
245
228
228
228
228
228
364
364
364
251
269
329
300
332
317
302
254
292
257
452
314
280
6,229
6,429
6,312
6,324
6,266
6,245
6,232
6,169
6,235
6,223
6,408
6,151
6,142
714
767
774
649
622
716
658
541
722
675
695
749
493
490
485
477
482
474
455
450
459
459
478
473
12,515
12,603
12,546
12,200
12,055
12 306
12,093
11,824
12,100
11,926
11,716
11,763
2,421
2,392
2,233
2,149
1,926
1,911
1,940
1,863
1,896
1,941
1,940
1,984
378
375
392
436
490
540
563
524
516
466
390
375
181
138
131
105
50
179
233
275
346
303
232
310
336
398
388
279
274
311
307
241
332
287
301
319
6,783
6,825
6,878
6,689
6,730
6,729
6,404
6,298
6,397
6,324
6,228
6,232
1
8
15
22
29
October 6
October 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22
December 29
Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December
1,034
Backfigures—See Annual Report for 1936 (table 63).
149
FEDERAL RESERVE SYSTEM
YORK CITY—ASSETS AND LIABILITIES, 1937—Continued
[In millions of dollars]
Time deposits
Demand
deposits—
adjusted 1
Borrowings
Interbank
Other
liabilities
Capital
account
Date or month
Other
Domestic
banks
Foreign
banks
6,367
6,392
6,431
6,427
6,419
6,453
6,439
6,515
6,453
6,571
6,503
6,407
6,525
4
3
3
3
3
3
3
3
3
3
3
4
4
602
597
600
606
619
628
632
645
688
674
671
672
695
6,342
6,300
6,311
6 324
6,333
6,338
6,392
6,465
6,359
6,501
6,263
6,252
6,243
4
4
4
4
4
6
6
8
9
10
11
11
12
673
671
671
671
658
704
704
721
727
724
726
722
718
6,011
6,061
6,071
6,073
5,978
5,968
5,998
6,049
6,060
5,999
5,928
5,965
6,085
13
13
14
15
16
14
13
13
11
10
13
20
19
742
741
743
759
732
719
720
732
714
730
722
727
734
5,908
5,948
5,947
5,941
5,812
5,850
5,833
5,841
5,802
5,917
5,826
5,732
5,731
19
18
17
17
16
16
15
15
18
17
12
7
6
725
720
734
734
736
759
751
742
722
662
662
665
660
6,404
6,457
6,492
6,319
6,382
6,324
6,054
5,998
6,007
5,936
5,834
5,802
3
3
3
4
6
11
14
14
14
18
15
12
601
631
680
671
697
723
746
726
726
728
747
674
7'
29
8
15
9'
14
53
31
4
15
25
29
28
24
9
8
20
5
1
3
6'
7
14
3
4
2
13
21
11
22
6
1
1
6
329
349
334
362
362
367
371
369
353
377
371
372
372
1,464
1,466
1,467
1,469
1,473
1,475
[,475
1,475
1,477
1,471
1,469
1,471
1,472
January 6
January 13
January 20
January 27
February 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
. 383
401
390
405
387
393
389
409
399
413
405
404
400
1,473
1,472
1,472
1,470
1,475
1,476
1,475
1,474
1,478
1,477
L.477
April 7
April 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
1,475
1,478
1,475
1,474
1,475
1,474
1,482
1,483
1,483
1,479
1,483
402
401
401
396
388
375
374
378
376
381
388
403
401
1,480
1,474
1,474
1,473
384
377
384
375
374
377
383
388
373
374
366
367
360
1,478
1,478
1,478
1,479
1,480
1,481
1,480
1,480
1,483
1,483
1,483
1,484
1,484
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September 1
September 8
September 15
September 22
September 29
October 6
October 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22
December 29
343
367
369
395
394
404
400
379
390
380
381
368
1,467
1,474
1,472
1,472
1,475
1,477
1,475
1,482
1,477
1,478
1,481
1,483
Monthly average:
January
February
March
April
May
_ j
June
July
August
September
October
November
December
R e m a n d deposits other than interbank and United States Government, less cash items in process of collection.
150
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 67.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE
[In millions of dollars]
Loans l
On securities
Date or month
Total
loans
and
investments
Total
1
Total
To
others
To
for purbrokers chasing
and
or
dealers x carrying
securities
January 6
January 13
January 20
January 27
February 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
April 7
April 14
April 21
April 28
May 5
May 12
14,174
14,163
14,089
14,085
14,066
14,067
14,051
14,042
14,027
14,049
14,007
13,963
13,749
13,907
13,907
13,918
13,849
13,861
13,883
5,509
5,495
5,426
5,434
5,444
5,455
5,462
5,483
5,510
5,543
5,581
5,609
5,647
5,658
5,676
5,681
5,684
5,719
5,726
1,520
1,503
1,488
1,496
1,500
1,489
1,480
1,492
1,490
1,495
1,497
1,511
1,525
1,506
1,497
1,501
1,507
1,516
1,531
213
207
192
202
206
198
192
207
203
205
202
211
213
197
185
185
195
194
197
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September 1
September 8
September 15
September 22
September 29
October 6
October 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22
December 29
13,859
13,862
13,766
13,740
13,967
13,901
13,820
13,800
13,838
13,854
13,884
13,950
14,008
13,973
13,975
13,942
13,945
13,947
13,881
13,860
13,843
13,848
13,815
13,780
13,741
13,720
13,663
13,599
13,562
13,562
13,687
13,611
13,545
5,713
5,721
5,715
5,726
5,730
5,734
5,734
5,734
5,755
5,776
5,806
5,877
5,921
5,912
5,922
5,942
5,958
6,000
6,010
6,023
6,024
6,025
6,010
5,980
5,968
5,972
5,954
5,920
5,907
5,919
5,930
5,900
5,874
1,447
1,443
1,435
1,448
1,453
1,477
1,470
1,461
1,453
1,465
1,473
1,474
1,475
1,477
1,481
1,492
1,490
1,491
1,482
1,490
1,482
1,481
1,471
1,454
1,439
1,437
1,431
1,423
1,432
1,439
1,441
1,434
1,443
196
200
193
201
201
227
220
218
209
215
222
212
213
214
215
221
217
208
202
197
196
193
190
177
169
168
164
163
166
176
181
173
175
Monthly averages
January
February
March.
April
May
14,128
14,057
13,959
13,895
13,866
5,466
5,461
5,578
5,674
5,719
1,502
1,490
1,504
1,503
1,525
204
200
207
191
197
June
July
August
September. . .
October
November
December....
13,839
13,844
13,977
13,914
13,821
13,681
13,593
5,728
5,768
5,908
5,986
6,009
5,954
5,906
1,457
1,463
1,477
1,489
1,471
1,432
1,437
209
216
214
209
188
166
174
Commercial
industrial,
and
agricultural
All
other
1,307
1,296
1,296
1,294
1,294
1,291
1,288
1,285
1,287
1,290
1,295
1,300
1,312
1,309
1,312
1,316
1,312
1,322
1,334
445
439
440
441
438
438
435
434
433
433
429
430
430
428
426
428
435
434
431
433
430
428
423
422
422
422
422
418
421
422
422
422
418
340
343
343
336
339
338
337
328
333
338
341
346
347
346
350
353
351
355
355
362
360
364
361
358
353
353
350
348
344
343
341
343
352
2
438
432
428
432
426
421
420
466
461
459
470
475
474
478
481
478
479
481
486
485
489
490
490
487
494
494
498
496
496
497
497
495
494
495
494
501
498
497
496
498
1,298
1,290
1,297
1,312
1,328
339
335
347
355
360
351
345
471
480
488
493
497
494
Loans
to
banks
Real
estate
loans
Open
market
paperi
32
31
30
30
30
28
29
29
30
31
30
31
30
29
29
30
33
49
42
1,025
1,022
1,024
1,023
1,022
1,020
1,021
1,021
1,021
1,024
1,025
1,023
1,030
,029
,026
,027
,027
,028
,031
217
223
241
250
256
263
264
268
274
272
279
282
284
285
283
282
280
277
281
42
41
49
42
41
42
37
38
40
38
40
40
38
36
36
34
36
32
34
33
31
28
27
26
37
36
37
37
38
39
36
35
32
,033
,032
,032
,035
,035
,037
,036
1,034
1,027
1,027
1,029
1,028
1,030
1,030
1,030
1,030
1,029
1,029
1,030
1,031
1,032
1,032
1,032
1,035
1,035
1,035
1,036
1,036
1,036
1,037
1,040
1,038
1,036
340
332
323
319
312
301
301
300
301
300
304
302
308
305
304
302
300
302
301
299
294
295
295
295
295
293
295
289
284
285
282
278
269
1,023
1,021
1,024
1,027
1,031
233
263
278
282
308
1,035
1,030
1,029
1,030
1,033
1,036
1,037
311
302
305
301
294
294
280
oan classification revised May 19, 1937, and beginning with that date figures for the items indicated are
not strictly comparable with those formerly published; for explanation of revisions see June 1937 Federal
2
Average of figures for May 5 and 12 only (see note 1).
Bulletin, pages 530-531.
DigitizedReserve
for FRASER
151
FEDERAL RESERVE SYSTEM
NEW YORK CITY—ASSETS AND LIABILITIES,
1937
[In millions of dollars
Total
2,715
2,716
2,643
2,635
2,636
2,655
2,668
2,673
2,695
2,721
2,750
2,762
2,778
2,809
2,841
2,841
2,837
2,849
2,841
8,665
8,668
8,663
8,651
8,622
8,612
8,589
8,559
8,517
8,506
8,426
8,354
8,102
8,249
8,231
8,237
8,165
8,142
8,157
2,252
2,269
2,267
2,263
2,270
2,258
2,270
2,282
2,316
2,335
2,348
2,412
2,442
2,446
2,455
2,467
2,485
2,527
2,538
2,544
2,556
2,558
2,554
2,538
2,527
2,539
2,528
2,504
2,483
2,484
2,495
2,480
2,462
"
Investments
U. S. Government
obligations
Other loans *
(not on securities)
Commercial,
indusAll
trial,
other
and
agricultural
Direct
599
604
609
619
619
619
620
619
618
611
612
621
628
618
616
617
618
619
625
626
629
631
631
632
635
632
627
631
634
635
636
635
632
Y
Balwith Cash in ances
with
Other Federal vault domesReserve
Fully
tic
securities
banks
guarbanks
anteed
278
284
265
286
251
259
249
262
270
252
260
238
251
243
252
233
254
248
259
264
252
283
260
272
256
269
260
258
252
284
277
298
294
2,231
2,273
2,229
2,173
2,168
2,154
2,240
2,124
1,975
1,939
1,993
1,884
1,794
1,849
1,941
1,888
1,893
1,726
1,711
1,713
1,725
1,696
1,689
1,705
1,670
1,716
1,675
1,733
1,718
1,685
1,624
1,614
1,644
1,589
1,573
1,551
1,708
1,682
1,671
1,700
1,761
1,718
1,674
1,676
1,687
1,795
1,781
1,793
1,737
1,796
1,754
1,813
May 19.
May 26.
June 2.
June 9.
June 16.
June 23.
June 30.
July 7.
July 14.
July 21.
July 28.
August 4.
August 11.
August 18.
August 25.
September 1.
September 8.
September 15.
September 22.
September 29.
October 6.
October 13.
October 20.
October 27.
November 3.
November 10.
November 17.
November 24.
December 1.
December 8.
December 15.
December 22.
December 29.
2,727
2,656
2,699
2,778
2,858
345
334
310
293
284
2,226
2,172
,917
,893
,720
Monthly averages:
January.
February.
March.
April.
May.
2,826
2,805
2,787
2,786
2,787
2,808
2,840
262
261
246
252
266
261
281
,695
,703
.617
1,637
1,714
1,735
1,778
JuneJuly.
August.
September.
October.
November.
December.
790
786
778
758
759
762
758
758
756
756
762
748
743
741
741
739
736
723
730
2,169
2,180
2,178
2,175
2,178
2,173
2,171
2,173
2,160
2,147
2,145
2,136
2,134
2,136
2,139
2,135
2,131
2,119
2,131
2,715
2,759
2,735
2,699
2,672
2,654
2,656
2,643
2,697
2,742
2,782
2,672
2,604
2,691
2,759
2,799
2,863
2,877
2,879
353
355
335
336
325
340
329
344
325
316
301
313
297
288
299
290
296
282
294
8,146
8,141
8,051
8,014
8,237
8,167
8,086
8,066
8,083
8,078
8,078
8,073
8,087
8,061
8,053
8,000
7,987
7,947
7,871
7,837
7,819
7,823
7,805
7,800
7,773
7,748
7,709
7,679
7,655
7,643
7,757
7,711
7,671
5,706
5,702
5,707
5,718
5,685
5,677
5,660
5,628
5,601
5,603
5,519
5,470
5,225
5,372
5,351
5,363
5,298
5,300
5,296
5,292
5,294
5,227
5,196
5,415
5,351
5,291
5,291
5,286
5,274
5,279
5,264
5,288
5,294
5,292
5,260
5,258
5,226
5,145
5,117
5,109
5,111
5,097
5,084
5,061
5,043
5,016
4,990
4,973
4,964
5,061
5,021
4,987
728
730
728
725
725
722
715
712
727
737
737
744
744
736
736
732
735
730
745
743
740
742
743
744
745
746
741
742
743
738
755
751
750
2,126
2,117
2,096
2,093
2,097
2,094
2,080
2,063
2,070
2,067
2,062
2,065
2,055
2,031
2,025
2,008
1,994
1,991
1,981
1,977
1,970
1,970
1,965
1,972
1,967
1,959
1,952
1,947
1,939
1,941
1,941
1,939
1,934
2,853
2,824
2,838
2,869
2,802
2,826
2,797
2,816
2,838
2,794
2,773
2,778
2,780
2,806
2,783
2,774
2,802
2,816
2,796
2,742
2,790
2,788
2,790
2,780
2,786
2,810
2,814
2,825
2,831
2,840
2,835
2,820
2,874
8,662
8,596
8,381
8,221
8,147
5,708
5,663
5,483
5,347
5,296
778
759
754
739
728
2,176
2,174
2,144
2,135
2,123
8,111
8,076
8,069
7,928
7,812
7,727
7,687
5,296
5,282
5,285
5,202
5,100
5,027
5,001
723
729
740
736
742
743
748
2,092
2,065
2,044
1,990
1,970
1,957
1,938
'
2,677
2,658
2,741
2,832
2
2,845
Date or month
January 6.
January 13.
January 20.
January 27.
February 3.
February 10.
February 17.
February 24.
March 3.
March 10.
March 17.
March 24.
March 31.
April 7.
April 14.
April 21.
April 28.
May 5.
May 12.
A
2,265
2,320
2,439
2,512
2,552
2,524
2,481 i
617
614
620
620
631
632
635
152
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 67.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE
[In millions of dollars]
Date or month
Cash
items
reported
as on
hand or
in process
Demand deposits
Other
assets
of
Total
assets
Interbank
Total Domestic
liabilities banks
collection
Foreign
banks
U. S.
Government
Certified
checks,
Other
etc.
January 6
January 13
January 20
January 27
February 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
839
883
843
769
742
734
863
883
846
762
865
803
866
846
850
858
870
855
868
875
882
876
882
863
861
869
21,158
21,283
21,089
20,932
20,828
20,817
21,014
20,918
20,746
20,690
20,811
20,496
20,179
3,566
3,558
3,534
3,468
3,460
3,439
3,497
3,454
3,385
3,328
3,367
3,258
3,225
37
35
34
33
33
35
37
36
36
37
34
35
37
498
462
391
367
330
298
248
208
205
245
283
231
229
200
189
186
183
170
167
178
185
189
175
190
171
198
9,697
9,864
9,773
9,689
9,646
9,666
9,850
9,821
9,705
9,665
9,713
9,561
9,263
April 7
April 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 1G
June 23
June 30
776
936
876
829
779
907
818
810
864
734
965
783
922
859
864
856
867
857
850
854
861
860
857
837
867
835
20,370
20,706
20,627
20,597
20,382
20,524
20,375
20,366
20,289
20,175
20,527
20,306
20,339
3,277
3,329
3,276
3,220
3,133
3,139
3,094
3,060
3,106
3,043
3,037
2,939
2,956
37
37
36
40
38
37
37
39
40
40
39
40
38
229
227
186
186
167
154
141
140
119
99
258
260
258
185
174
192
174
168
165
167
169
176
163
178
176
196
9,409
9,711
9,706
9,719
9,627
9,780
9,684
9,704
9,603
9,576
9,766
9,644
9,670
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September 1
September 8
September 15
September 22
September 29
October 6
October 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22
December 29
829
918
833
776
766
823
795
740
823
782
968
831
824
822
827
820
819
817
816
819
825
835
829
819
819
831
229
216
205
206
224
240
248
252
257
262
260
278
292
178
180
170
162
166
164
160
152
174
168
195
190
161
9,495
9,708
9,610
9,574
9,499
9,605
9,567
9,489
9,513
9,426
9,672
9,464
9,442
877
796
821
787
879
778
863
704
926
825
859
830
844
851
853
847
810
823
827
830
830
826
820
800
3,052
3,076
3,048
3,003
3,029
3,025
3,048
2,965
2,915
2,984
3,049
2,996
2,967
3,074
3,086
3,033
2,949
2,975
2,973
3,051
2,954
2,966
2,949
2,942
2,961
2,976
43
42
41
44
43
42
45
45
46
44
41
42
42
801
20,204
20,424
20,271
20,197
20,173
20,292
20,280
20,164
20,180
20,163
20,506
20,268
20,192
20,216
20,623
20,311
20,155
20,127
20,083
20,234
20,068
20,131
19,957
20,347
20,128
20,185
37
38
38
36
36
35
34
35
35
35
35
37
36
292
270
229
214
202
188
188
190
188
189
320
325
327
155
160
174
156
157
195
153
156
201
174
185
156
166
9,366
9,792
9,545
9,503
9,462
9,399
9,505
9,446
9,472
9,320
9,590
9,360
9,393
834
806
828
854
828
853
839
781
846
893
816
836
856
870
871
861
856
851
822
819
827
845
827
821
21,116
20,895
20,584
20,574
20,412
20,326
20,274
20,227
20,262
20,326
20,128
20,149
3,532
3,462
3,313
3,275
3,106
3,016
3,044
3,017
2,982
3,035
2,988
2,959
35
35
36
37
38
39
43
44
43
37
35
36
430
271
238
207
151
199
214
240
270
252
192
269
189
175
185
181
167
178
173
161
178
161
166
176
9,756
9,746
9,581
9,636
9,699
9,651
9,597
9,540
9,503
9,551
9,453
9,427
Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December
1,099
Backfigures—See Annual Report for 1936 (table 64).
153
FEDERAL RESERVE SYSTEM
NEW YORK CITY—ASSETS AND LIABILITIES, 1937—Continued
[In millions of dollars]
Time deposits
Demand
deposits—l
adjusted
Interbank
Other
Domestic
banks
1
Borrowings
Other
liabilities
1
478
4S3
493
511
505
518
513
516
507
526
527
536
531
2,099
2,094
2,096
2,097
2,091
2,093
2,093
2,097
2,101
2,104
2,107
2,109
2,109
January 6
January 13
January 20
January 11
February 3
February 10
February 17
February 24
March 3
March 10
March 17
March 24
March 31
April 7
April 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
Capital
account
Date or month
Foreign
banks
9,058
9,170
9,116
9,103
9,074
9,099
9,165
9,123
9,048
9,078
9,038
8,929
8,595
132
132
132
133
135
133
133
134
136
135
131
133
130
1
1
1
1
1
1
2
4,450
4,456
4,450
4,446
4,458
4,467
4,461
4,466
4,479
4,473
4,457
4,457
4,449
8,818
8,949
9,022
9,064
9,016
9,038
9,033
9,063
8,915
9,005
8,979
9,037
8,944
124
121
117
116
108
107
105
105
100
100
99
105
103
2
2
2
2
2
1
1
2
2
2
1
2
2
4,471
4,462
4,475
4,487
4,491
4,497
4,501
4,501
4,504
4,509
4,507
4,511
4,517
2
5
1
3
9
8
9
4
4
2
5
7
527
529
525
539
522
519
520
520
506
515
510
500
479
8,844
8,970
8,947
8,960
8,899
8,946
8,932
8,901
8,864
8,812
8,899
8,823
8,779
103
102
100
99
97
96
96
107
110
110
114
114
111
2
3
3
4
3
4
4
4
3
3
4
3
4
4,507
4,509
4,508
4,509
4,512
4,510
4,507
4,550
4,554
4,559
4,558
4,561
4,556
5
7
3
7
14
14
15
12
7
3
3
6
4
467
459
461
466
465
467
464
460
469
471
476
476
475
8,720
8,853
8,842
8,863
8,798
8,807
8,779
8,824
8,810
8,790
8,849
8,691
8,700
114
112
113
110
111
112
112
110
109
111
111
109
109
3
3
3
3
3
4
4
3
3
3
2
2
3
4,557
4,550
4,551
4,540
4,542
4,543
4,545
4,531
4,512
4,521
4,530
4,536
4,545
,3
3
4
6
7
2
4
3
6
6
3
4
5
478
472
482
497
491
490
494
496
491
498
482
492
483
2,107
2,109
2,111
2,111
2,117
2,117
2,116
2,122
2,129
2,126
2,127
2,122
2,120
2,123
2,122
2,122
2,123
2,121
2,125
2,126
2,128
2,132
2,133
2,134
2,138
2,138
2,137
2,137
2,139
2,141
2,141
2,142
2,144
2,144
2,148
2,151
2,147
2,146
2,142
9,112
9,115
8,937
8,964
9,038
8,976
8,930
8,920
8,836
8,820
8,802
8,768
132
134
133
120
106
101
101
99
112
112
111
110
1
2
2
2
1
3
4
4
3
4
3
4,451
4,463
4,462
4,474
4,497
4,510
4,508
4,519
4,557
4,550
4,540
4,529
1
1
3
3
7
4
6
14
5
4
5
4
494
513
525
530
521
502
463
464
473
482
492
489
2,096
2,094
2,106
2,109
2,118
2,125
2,122
2,125
2,135
2,139
2,142
2,147
1
5
3'
2
1
1
4
6
July 7
July 14
July 21
July 28
August 4
August 11
August 18
August 25
September 1
September 8
September 15
September 22
September 29
October 6
October 13
October 20
October 27
November 3
November 10
November 17
November 24
December 1
December 8
December 15
December 22
December 29
Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December
Demand deposits other than interbank and United StatesGovernment, less cash items inprocess of collection.
154
ANNUAL REPORT OF BOARD OF GOVERNORS
BROKERS' BALANCES
No. 68.—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
Debit
balances
Cusin
tomers' partners'
debit
investbalances
ment
(net) i
and
trading
accounts
Debit
balances
in firm
investment
and
trading
accounts
Credit balances
Customers'
credit balances
Cash
on hand
and in
Money
borrowed 2
banks
Free
1
Other
(net)
Other credit balances
In
In
firm
In
partners'
investinvest- capital
ment and ment and accounts
trading trading
(net)
accounts accounts
1935—September.
October
November..
December..
1,098
1,147
1,212
1,258
65
68
73
75
119
119
134
135
182
187
189
179
771
806
859
930
257
277
294
286
89
93
92
79
23
22
22
24
12
10
13
10
396
405
415
410
1936—January...
February..
March
April
May
June
July
August....
September.
October
November.
December..
1937—January. ..
February..
March
April
May
June
July
August. . . .
September.
October....
November.
December..
1,297
1,290
1,351
1,295
1,257
1,267
1,295
1,287
1,317
1,333
1,364
1,395
63
64
67
65
65
67
68
69
72
69
65
64
139
147
168
173
159
164
158
142
141
151
150
164
193
208
181
268
229
219
221
213
227
235
260
249
922
908
995
1,033
970
985
981
967
995
989
986
1,048
319
328
303
301
282
276
287
283
289
318
346
342
91
98
89
88
83
86
96
92
99
99
no
103
26
26
23
28
25
24
24
25
24
25
24
30
17
15
15
13
14
14
14
12
14
17
17
12
416
425
429
426
422
420
422
423
423
428
435
424
1,433
1,482
1,549
1,559
1,503
1,489
1,493
1,509
1,363
1,053
1,034
985
62
61
61
58
56
55
56
54
48
40
38
34
162
188
175
163
149
161
157
149
128
135
120
108
243
230
223
227
209
214
206
202
239
263
225
232
1,028
1,084
1,172
1,215
1,188
1,217
1,213
1,233
1,088
781
723
688
372
366
346
314
284
266
265
252
256
272
270
278
118
116
115
111
101
92
96
92
96
107
95
85
32
32
29
29
24
25
25
26
26
24
24
26
19
25
18
18
12
13
13
13
12
12
11
10
428
418
419
417
408
397
397
391
385
383
376
355
Excluding balances with reporting firms (1) of member firms of New York StockExchange 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 these figures see "Statistics on Margin Accounts" in Federal Reserve 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 figures reported against
the caption "Net balance in capital and profit and loss accounts and partners' drawing accounts" (last column,
this table) are not to be taken as representing the actual net capital of the reporting firms.
Backfigures.—Notavailable, except for customers' debit balances and free credit balances from November
1931 to August 1935, for which see Federal Reserve Bulletin for March 1938, page 196. For earlier figures for
borrowings reported on a somewhat different basis, see Annual Report for 1935 (table 65) and similar tables
in previous annual reports.
155
FEDERAL RESERVE SYSTEM
No. 69.—CUSTOMERS' DEBIT BALANCES, ETC. (IN DETAIL) OF STOCK EXCHANGE FIRMS
CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances and valuation of short positions
in millions of dollars]
DEBIT BALANCES
Cash on hand and in banks
Securities borrowed
Securities sold, delivery pending (failed to deliver)
Net debit balances due from member firms of national securities exchanges:
Member firms of New York StockExchange
Member firms of other national securities exchanges
Net debit balances due from all other customers exclusive of firms' own
partners
Net debit balances in partners' individual investment and trading accounts.
Debit balances in firm investment and trading accounts
Commodity margins on deposit with banks, and commodity guaranty funds
on deposit
All other debit balances
Total
Dec. 31,
1936
June 30,
1937
249
42
61
214
37
31
232
28
26
87
22
116
25
61
17
1,395
64
164
1,489
55
161
108
25
95
24
100
20
89
2,205
2,251
1,600
978
58
1,131
71
621
57
12
63
54
15
56
32
10
42
115
6
63
5
266
92
25
13
32
85
26
10
25
Dec. 31,
1937
CREDIT BALANCES
Money borrowed:
From banks and trust companies in New York City
From banks and trust companies elsewhere in the United States
From other lenders not including members of national securities exexchanges
Securities loaned
Securities bought, delivery pending (failed to receive)
Net credit balances due to member firms of national securities exchanges:
Member firms of New York StockExchange
Member firms of other national securities exchanges
Credit balances of other customers exclusive of firms' own partners:
Free credit balances
Other net credit balances
Net credit balances in partners' individual investment and trading accounts
Credit balances in firm investment and trading accounts
All other credit balances (except those included in next item)
Net balance in capital and profit and loss accounts and partners' drawing
accounts
Total
Memorandum: Valuation of short security positions carried—
Against reported debit balances:
For member firms of national securities exchanges other t h a n N Y . S . E . . .
For other customers (exclusive of firms' own partners and member firms
o f N . Y . S.E.)
In partners' individual investment and trading accounts
In firm investment and trading accounts
Against reported credit balances—
For member firms of national securities exchanges other t h a n N Y . S . E . . . .
For other customers (exclusive of firms' own partners and member firms
of N. Y. S.E.)
In partners' individual investment and trading accounts
In firm investment and trading accounts
Number of firms
342
103
30
12
37
424
397
355
2,205
2,251
1,600
9
1
3
1
44
1
9
418
1
9
32
1
6
423
415
35
)
iLess t h a n $500,000.
NOTE.—See n o t e following table 68.
Back figures.—See F e d e r a l Reserve B u l l e t i n for S e p t e m b e r 1936, page 695, for figures as of D e c e m b e r 31, 193 5
a n d J u n e 30, 1936.
156
ANNUAL REPORT OF BOARD OF GOVERNORS
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES
No. 70.—COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
By holders
End of month
or year
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
Commercial
paper Total
outoutstand- standing 1
ing
Based
Held on imFor
ports
by
acothers into
For count
U.S.
Bills own of for)ought aceign
count correspondents
Total
Own
bills
(3)
(3)
(3)
105
76
191
371
262
604
442
497
38
35
58
27
59
90
131
224
223
243
55
42
47
49
132
282
131
380
219
254
798
621
526
555
383
334
358
118
81
109
166
821
774
755
1,081
1,284
1,732
1,556
974
710
764
543
171
177
182
173
173
159
164
177
183
180
178
172
516
493
466
413
375
343
321
322
328
363
387
397
485
452
423
391
356
317
296
292
301
339
358
368
238
217
197
178
162
154
148
145
148
178
182
183
247
235
226
214
193
163
148
147
154
161
175
185
178
176
180
174
184
169
188
205
197
199
191
215
384
377
359
344
331
316
316
308
315
330
349
373
353
340
321
310
297
276
278
279
276
296
309
315
181
172
150
143
155
129
131
140
139
150
157
151
172
168
171
167
142
147
147
139
137
147
152
164
244
268
290
285
287
285
325
329
331
323
311
279
387
401
396
395
386
364
352
344
344
346
348
343
325
341
317
318
295
273
265
263
274
282
279
278
154
160
150
147
137
130
144
143
148
153
148
147
171
180
166
171
159
143
121
120
127
129
131
131
77
Based on
goods 3tored
in or shipped
between
points in
Held by
Federal Reserve banks
Held by
accepting
banks
93
By classes
387
372
378
390
488
391
328
305
4
127
(2)
43
70
59
229
325
548
439
251
41
4
1
(2)
(2)
Based
on ex- Dolports ar exfrom change
U.S.
ForUnited eign
States countries
239
241
356
396
603
417
156
62
190
46
292
311
284
313
316
383
221
159
79
94
89
305
297
261
391
497
524
415
222
164
207
140
23
19
26
28
39
76
52
31
10
4
2
200
129
145
218
190
308
306
267
230
277
193
30
41
43
22
19
26
24
30
27
24
29
29
86
92
101
103
107
102
99
102
102
106
105
107
133
123
122
114
100
94
86
81
77
75
84
94
3
3
2
2
2
2
3
4
4
4
3
2
179
166
134
96
76
57
47
52
66
98
111
110
114
109
106
99
91
89
86
83
79
82
84
84
31
37
38
34
34
41
37
29
39
34
40
57
108
114
113
111
110
107
105
104
107
110
112
126
94
94
91
86
81
74
68
63
64
67
77
86
3
2
2
2
1
2
2
2
2
2
1
2
96
81
66
57
55
49
57
60
66
75
83
83
84
86
87
89
82
85
84
79
76
77
76
76
62
61
80
76
86
87
83
79
69
62
67
63
141
158
160
167
168
157
143
133
127
127
122
117
83
85
84
83
81
77
71
71
77
82
84
87
2
2
2
1
1
1
2
2
1
1
1
2
84
79
76
68
62
55
65
68
73
75
79
78
77
77
76
76
75
74
71
69
66
62
61
59
(3)
""ii40
131
243
441
561
296
228
182
119
1935
January
February
March
April
Mav
June
July
August
September
October
November
December
(2)
(2)
1936
January
February
March
April
May
June
July
August
September
October
. .
November
December
1937
January
February
March
April
May
June
July
August
September
October
November
December
1
2
"( V1'
3
1
(2)
1
2
4
3
2
1
2
2
2
As reported by dealers; includes some finance company paper sold in open market.
Less t h a n $500,000.
Figures not available.
FRASER
Back figures.—See Annual Report for 1936 (table 66) and similar tables in previous annual reports.
2
3
Digitized for
157
FEDERAL RESERVE SYSTEM
BANK DEBITS
No. 71.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN PRINCIPAL CITIES, 1928-1937
[Amounts in millions of dollars]
Month
Total, all reporting
centers:
January
February
March
April
May
June
July
August
September
October
November
December
1928
1929
66,572 86,820
57,746 74,185
74,287 87,393
70,550 78,682
75,244 80,347
76,395 73,623
62,560 81,714
61,875 81,187
66,656 81,666
76,917 100,042
75,048 86,116
86,672 70,750
1930
1931
1932
64,291
55,751
69,275
66,535
65,322
65,948
56,208
49,024
51,773
57,941
45,125
55,767
49,578
40,626
49,998
49,459
46,784
48,331
42,339
36,549
39,369
41,694
31,433
39,160
36,086
29,370
32,092
32,188
27,446
29,234
27,297
27,005
27,782
27,291
22,532
28,941
Total for year.. 850,522 982,531 702,960 515,320 347,264
New York City:
January
February
March
April
May
June
July
August
September
October
November
December
37,884
32,740
44,786
41,778
45,270
45,456
35,084
35,103
38,726
45,189
45,469
52,727
54,719
46,288
55,425
47,980
50,043
43,262
49,215
49,034
50,343
63,325
53,604
39,850
34,732
31,117
40,740
38,631
37,423
37,691
29,599
25,052
27,383
30,781
22,490
29,000
24,556
20,947
27,590
26,820
25,072
25,893
21,007
17,501
20,073
20,677
14,464
19,233
25,001
21,753
25,847
25,225
26,346
27,029
23,897
23,401
24,450
27,705
25,880
29,659
28,095
24,489
28,099
26,770
26,492
26,404
28,416
28,310
27,274
32,202
28,486
26,902
25,691
21,508
24,983
24,315
24,388
24,621
23,145
20,941
21,253
23,679
19,686
23,107
21,697
17,084
19,421
19,620
18,858
19,406
18,444
16,526
16,627
18,125
14,605
17,112
38,097
33,887
40,036
37,393
35,810
40,381
37,698
34,080
36,021
40,415
38,683
49,389
42,543
37,169
45,19C
40,245
37,406
39,624
40,05t
34,731
36,333
39,288
34,519
42,357
3 303,215 '356,612 402,718 461,889
469,463
17,925
15,806
19,629
17,285
16,227
18,623
16,199
14,362
15,656
17,171
17,394
22,658
19,096
16,907
20,398
17,082
15,114
16,434
16,751
13,476
14,718
16,151
13,432
18,277
3 148,449 165,948 184,006 208,936
197,836
17,499
15,766
17,866
17,497
16,998
18,880
18,617
17,106
17,586
20,142
18,475
23,238
20,391
17,629
21,Old
20,062
19,302
20,030
20,lt>3
18,4^0
18,tw2
19,934
18,171
20,837
134,257 '165,557 190,165 219,670
235,206
12,413
12,036
(2)
12,012
13,977
16,742
17,354
13,075
12,340
.13,280
12,204
13,014
12,053
10,401
10,616
11,509
12,969
13,878
12,376
12,215
13,027
11,927
13,287
3
14,023
13,231
15,608
16,953
14,652
15,388
13,842
12,285
11,121
12,285
11,343
15,215
13,198
11,784
14,077
14,278
14,105
14,754
13,910
13,421
'12,773
'14,342
'13,319
'15,596
14,997
12,549
15,895
15,905
14,551
15,667
16,737
14,732
14,014
15,733
15,542
17,684
14,983
13,111
15,754
15,645
15,557
15,808
16,550
15,536
15,016
16,844
16,685
18,676
1,648
1,746
2,034
1,985
1,771
1,840
1,947
1,833
2,094
2,673
2,315
2,540
2,610
2,585
2,878
2,882
2,611
2,779
3,102
2,814
3,492
3,056
2,634
3,176
3,101
2,990
3,161
3,144
2,835
2,962
3,203
2,916
3,243
24,898
3 20,509
25,107
28,547
33,283
36,421
123
120
129
131
3,868
3,125
3,552
3,589
3,511
3,636
3,464
3,031
3,137
3,481
2,949
3,660
3,325
2,595
2,987
3,019
2,854
3,032
2,888
2,522
2,669
2,892
2,364
2,815
2,517
2,119
2,203
2,265
2,035
2,131
2,058
1,790
1,851
1,993
1,782
2,154
Total for year . 44,117
47,504
41,003
33,963
128
125
125
1
32,196
27,619
33,948
33,870
32,436
33,871
35,693
32,586
31,339
35,209
34,780
39,170
2,216
1,960
2,299
2,320
2,328
2,396
2,406
2,318
2,309
2,632
2,553
2,810
4,012
3,408
3,869
3,932
3,812
3,957
4,083
3,843
4,049
4,515
4,026
3,998
127
29,257
26,815
31,783
33,290
30,820
32,416
29,849
27,666
r
25,871
'28,882
r
26,763
'33,200
26,386
24,131
(2)
24,276
27,232
31,745
33,217
27,222
26,395
28,254
25,964
28,395
1937
2,036
1,800
2,098
2,059
2,063
2,274
2,097
1,960
1,977
2,254
2,102
2,389
3,687
3,253
3,654
3,547
3,628
3,910
3,579
3,371
3,480
4,023
3,699
4,286
dumber of cities 4 . .
1936
15,893
12,870
13,729
14,366
12,498
12,901
12,511
11,756
11,767
12,354
10,935
12,820
Total for year.. 306,193 331,938 277,317 217,523 154,401
Other reporting
cities: 4
January
February
March
April
May
June
July
August
September.......
October
November
December
1935
17,676
14,381
16,160
15,557
12,913
14,202
12,728
13,459
14,164
12,944
9,815
13,967
Total for year.. 500,212 603,089 384,639 263,834 167,965
140 other cities: 1
January
February
March
April
May
June
July
August
September
October
November
December
1934
1933
1,920
1,694
(2)
133
133
Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one in 1928.
2
3
Complete data not available on account of bank holiday.
Total for 11 months.
4
Cities (other than the 141 cities) for which bank debits were reported throughout the year.
'Revised.
NOTE.—Figures represent debits or charges on the books of reporting member and nonmember banks to
deposit accounts of individuals, partnerships, corporations, the United States Government and State and
local governments. The figures include debits to postal savings accounts, other savings accounts, payments
from trust accounts on deposit in the banking department, and certificates of deposits paid; they do not
include debits to the accounts of other banks or in settlement of clearing house balances, payments of certified
and officers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges.
Monthly figures for each reporting center are derived from reports covering weeks ending on Wednesdays.
The figures for a week that begins in one month and ends in another are prorated to the respective months
on the basis of the number of business days of the week t h a t are in each month.
Back figures.—See Annual Report for 1936 (table 67) and similar tables in previous annual reports; series
with 1919.
Digitizedbegins
for FRASER
158
ANNUAL REPORT OF BOARD OF GOVERNORS
BANKS, BRANCHES, AND BANKING GROUPS
No. 72.—NUMBER OF BANKS AND BRANCHES,1 1933-1937
Nonmember banks x
Member banks
Total
National
State
Insured
Not insured
NUMBER OF BANKING OFFICES
December 31, 1933
December 31, 1934
December 31, 1935
December 31, 1936
June 30, 1937
December 31, 1937
2
17,140
18,252
18,312
18,234
18,191
18,149
6,275
6,705
6,715
6,723
6,724
6,745
1,817
1,961
1,953
2,032
2,052
2,075
9,048
3
9,586
8,556
8,436
8,393
8,340
14,352
15,243
15,161
14,968
14,862
14,742
5,154
5,462
5,386
5,325
5,293
5,260
857
980
1,001
1,051
1,064
1,081
2
8, 341
7,693
7,728
7,588
7,522
7,449
2,788
3,009
3,151
3,266
3,329
3,407
1,121
1,243
1,329
1,398
1,431
1,485
960
981
952
981
1,088
1,043
1,022
NUMBER OF BANKS (HEAD OFFICES)
December 31,1933
December 31,1934
December 31, 1935
December 31, 1936
June 30, 1937
December 31, 1937
1,108
1,046
1,004
983
952
NUMBER OF BRANCHES 3
December 31,1933
December 31, 1934
December 31, 1935
December 31, 1936
June 30, 1937
December 31, 1937
"
2
4
828
848
871
891
707
785
42
39
39
37
Exclusive of mutual savings and private banks.
Federal deposit insurance did not become operative until January 1, 1934.
3
Includes branches of Morris Plan and industrial banks, as follows: Nonmember banks, 36 in 1933 and 36
in 1934; insured nonmember banks, 35 in 1935, 35 in 1936, and 38 in 1937; not insured nonmember banks, 3
in 1935, 3 in 1936, and 2 in 1937. Such branches heretofore have not been included in statistics on branches
published by the Board.
4
Separate figures not available for branches of insured and not insured banks.
2
FEDERAL RESERVE SYSTEM
159
No. 73.—ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES DURING 1937
Member banks
Nonmember banks
l
Total
National
State
Insured
Not insured
ANALYSIS OF BANK CHANGES
Number of banks at beginning of year
Increases in number of banks:
Primary organizations (new banks) 2
Reopenings of suspended banks
Conversions of private banks into State banks...
Decreases in number of banks:
Suspensions
Voluntary liquidations 3
Consolidations, absorptions, etc
Inter-class bank changes:
Conversions—
State into national
National into state
Federal Reserve membership 4
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance 6
Admissions of State banks
Withdrawals of State banks
Unclassified (net) ..
Net increase or decrease in number of banks.
Number of banks at end of year
14,968
5,325
1,051
7,588
1,004
+62
+6
+5
+7
+1
+3
+38
+3
+5
+ 14
+2
-58
-56
-186
-4
-7
-65
-2
-3
-15
-47
—26
-90
-5
-20
-16
+19
-16
-7
-12
-6
+14
-54
+6
+25
-1
+2
+58
+1
-4
-25
+1
+1
-226
-65
+30
-139
-52
14,742
5,260
1,081
7,449
952
3,266
1,398
981
848
39
+95
+90
+29
+3
+11
+62
+24
+1
-3
-41
+55
-8"
-3
-24
ANALYSIS OF BRANCH CHANGES
Number of branches at beginning of year
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Suspensions of parent banks
Otherwise discontinued
Inter-class branch changes:
Branches of national banks which became
branches of State banks
Branches of State banks which became branches
of national banks
Branches of State member banks which became
branches of nonmember banks
Federal Reserve membership 3
By admissions of parent banks
Federal deposit insurance 5
By admission of parent banks
Net increase or decrease in number of
branches
Number of branches at end of year
-1
-8"
+5
-5
+16
-7
-9
-2
+2
+11
-11
+2
-2
+141
+87
+13
+43
n
3,407
1,485
994
891
37
Exclusive of mutual savings and private banks.
of new banks organized to succeed operating banks.
of liquidations incident to the succession, conversion and absorption of banks.
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions
do6 not affect Federal Reserve membership.
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership.
Backfigures.—SeeFederal Reserve Bulletin for November 1937, pages 1084-1122, for an analysis of changes
in number of national and State banks during 1921-1936.
2
Exclusive
3
Exclusive
4
No. 74.—NUMBER OF BANKS OPERATING BRANCHES OR ADDITIONAL OFFICES AND NUMBER OF BRANCHES OR ADDITIONAL OFFICES1 IN OPERATION, DECEMBER 31, 1936 AND 1937
A. All Banks 2 Except Mutual Savings and Private
Number of banks2 maintaining branch es
or additional of) ices1
Number of branches or
additional officesi
Location of branches or
additional offices1
December 31, 1937
December 31, 1937
December 31, 1937
State 3
Dec. 31,
1936,'
total
Total, all States
Alabama
Arizona
Arkansas
California
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Indiana
Iowa
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Nebraska
Nevada
New H a m p s h i r e
New Jersey
New Mexico
New York
N o r t h Carolina
N o r t h Dakota
Ohio.....
Oregon
Pennsylvania
Rhode Island
South Carolina
853
3
5
8
36
5
6
11
1
9
6
oo
104
14
26
20
24
42
40
2
22
2
2
2
50
4
83
42
35
4
38
11
6
Total
903
3
4
14
35
6
6
11
1
10
6
34
109
14
27
20
23
41
46
2
24
2
2
2
51
4
86
41
12
37
4
43
11
7
State
member
National
194
1
2
1
10
3
550
1
2
12
18
2
4
4
1
4
1
27
109
9
20
13
15
9
23
159
1
r
7
1
2
2
5
3'
4
6
Nonmember
;
3'
1
1
2
1
4
6
14
11
3'
6
3
2
18
12
2
1
2
2
1
16
23'
28'
2
40
2
8'
2
19
3
1
13'
23
'
13'
2
1
1
12
4
18
37
12
16
2
11
6
5
Dec. 31,
1936, «•
total
3,266
21
24
9
835
10
12
30
2
23
32
52
139
28
52
58
78
112
152
6
42
2
8
2
119
5
628
103
171
49
92
38
22
Outside head-office city
Total
3,407
21
25
15
853
12
12
30
2
24
31
55
145
29
53
57
76
114
160
6
44
2
10
2
120
6
638
110
14
175
65
98
38
23
National
1,485
6
20
1
684
4
State
member
994
1
17
1
134
1
2
5
"l5
16
8
5
13
12
18
27
4
7
63
55
6
1
2
10
1
32
2
1
26
44
37
56
188'
6
384'
7
35'
63
40
8
15
117
Nonmember
928
14
5
13
35
7
10
8
2
4
2
35
145
9
25
27
25
14
49
In headoffice city
1,648
3
1
238'
4
2
30
10
24
20'
22
4
37
91
129
6
43'
2
1
63
41
19
1
1
25
6
66
97
14
23
2
17
11
7
9l'
605
9
132'
11
85
17
3
In headoffice
county
In contiguous
counties
In noncontiguous
counties
705
5
7
10
79
4
4
425
5
12
4
112
4
6
629
8
5
1
424
3'
2
30
107
6
28
29
17
22
25
1
4
10
1
38
3
2
24
16
1
4
1
7
19
23
13'
8
2'
4
2
1
1
11
46
6
4
6
3
4
2
3
27
4
22
28
7
39
3
10
14
2
g
>
1
a
o
6
H
2
1
1
27
1
45
3
16
O
9
20
5
8
39
9
1
74
4
4
3
1
9
2
1
-CO
8
19
4
8
39
8
2
70
CO CO
South D a k o t a
Tennessee
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
4
B.
5
15
2
6
31
2
1
67
19
47
10
12
67
45
2
108
22
51
12
12
67
64
1
113
17
17
9
2
14
61
13
10
5
1
6'
o
24
3
10
48
2
1
94
5
18
2
9
29
5
1
77
17
1
21
15
\Y
10
7
5
3
11
20
7
9
4
6
24
19
Mutual Savings and Private Banks
Number of banks maintaining branches or
additional offices
Number of branches or additional off
December 31, 1937
Stated
Dec. 31,
1936
Total, all States
California
Connecticut
Delaware
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Vermont
Total, all States
Dec. 31,
1937
Outside head-office city
Dec. 31,
1936
Total
In headoffice city
In headoffice
county
In contiguous
counties
In noncontiguous
counties
MUTUAL SAVINGS BANKS
128
4
1
1
2
16
33
1
4
47
13
128
4
1
1
2
16
32
1
4
48
13
111
4
1
1
1
14
23
13
4
48
13
2
PRIVATE BANKS
Indiana
New York
Pennsylvania
1
Some State laws make a distinction beween " b r a n c h e s " a n d certain other types of "additional offices." T h e table, however, covers all branches or additional offices within
t h e meaning of Section 5155 U.S.R.S. which defines t h e t e r m " b r a n c h " as " a n y branch bank, b r a n c h office, b r a n c h agency, additional office, or a n y branch place of business . . .
a t which deposits a r e received, or checks paid, or money lent."
2
Morris P l a n a n d other industrial banks, excluded from t h e statistics o n branches published b y t h e Board prior to 1937 are included in this table. O n December 31, 1937, t h e
n u m b e r of branches of Morris P l a n a n d industrial banks b y states was as follows: Florida, 2; M a r y l a n d , 2; Michigan, 6; New York, 20; N o r t h Carolina, 2; Ohio, 3; Virginia, 5; total 40.
3
No branches were reported in t h e States omitted.
Back figures—See Federal Reserve Bulletin for November 1937, p . 1083.
r
Revised.
No. 75.—GROUP BANKING,1 DECEMBER 31, 1937—NUMBER, LOANS AND INVESTMENTS, AND DEPOSITS OF BANKS IN 47 GROUPS, AND NUMBER OF
BRANCHES OF GROUP BANKS, BY STATES AND GEOGRAPHIC DIVISIONS
Number of banks in groups
Loans
and
investments 3
Outside head-office city
State and geographic division2
Not
operating
branches
Operating
branches
Total
New England:
Maine
New Hampshire
Massachusetts.
Rhode Island
Number of branches of group banks
In headoffice city
Total
Headoffice
county
Noncontiguous
counties
Contiguous
counties
Deposits3
(In thousan is of dollars)
3
9,429
8,373
658,308
104,839
9,953
8,825
831,823
118,607
3
780,949
969,208
5
435,879
14,782
900,638
513,362
16,298
968,721
5
1,351,299
1,498,381
1
86,626
6,388
202,775
107,344
7,554
263,963
1
295,789
378,861
394,884
35,587
110 974
23,898
26,840
53,679
520 316
48,802
175 365
30,939
33,793
71,677
3
4
21
3
1
4
11
2
2
1
10
1
65
14
53
4
12
5
2
31
13
18
82
57
19
3
Middle Atlantic:
New York
New Jersey
Pennsylvania
32
3
41
11
21
3
34
78
64
9
7
13
10
3
Total ..
76
18
58
91
74
12
15
1
20
1
1
3
14
11
2
2
17
13
3
13
13
36
5
31
29
24
4
85
5
6
27
15
10
2
83
5
6
27
11
10
6
6
. . . .
Total
East North Central:
Ohio
Michigan
Wisconsin
Total
West North Central:
]VT i n neso t a
Iowa
North Dakota
South Dakota
Nebraska
Total.
South Atlantic:
West Virginia
South Carolina
Georgia ..
Florida
Total
. .
9
4
148
6
4
1
18
27
1
1
50
2
142
3
17
4
6
7
4
6
7
645,862
880,892
23
6
3
9
1
2
2
7
5,314
12,291
96,614
117,222
6,089
16,693
130,692
171,805
12
3
9
231,441
325,279
4
17
27
48
3
d
t1
%
u
o
a
East South Central:
Kentucky
Tennessee
Total
West South Central:
Texas
Mountain:
Montana
Idaho
Wyoming
Arizona
Utah
Nevada
Total
Pacific:
Washington
Oregon
California
Total
Total United Stat
6
21
27
1
6
5
15
7
20
8
8
15
3
4
5
39,402
108,666
46,786
161,191
23
3
4
5
148,068
207,977
83,467
116,897
72,961
36,679
3,789
19,900
83,634
27,400
8
3
9
9
1
1
1
1
1
1
1
3
4
4
3
50,181
26,415
2,597
14,616
61,208
17,528
38
37
3
3
14
17
172,545
244,363
20
9
19
41
514
2
7
57
1
1
8
4
67
8
29
388
88,237
79,041
1,388,049
116,435
102,086
1,613,171
i
25
5
3
1
4
45
3
1
7
23
3
14
3
1
5
25
7
3
2
7
1
8
27
35
2
16
6
10
40
9
31
574
66
4
79
425
1,555,327
1,831,692
461
67
394
883
256
49
111
467
5,264,747
6,453,550
x
The statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933 as amended; (2) a
holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred stock in the subsidiary banks; and (3) what is
regarded generally as a bank group even though there is technically no "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933. For further discussion
of group
banking and for back figures, see Federal Reserve Bulletin for February 1938, pp. 92-101.
2
Only those States are listed in which one or more group banks were reported. In some groups all of the banks were not in the same State.
* Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of these banks were eliminated,
the aggregate amounts of loans and investments and of deposits involved would be decreased by approximately $1,500,000,000 and $1,800,000,000, respectively.
CD
Hi
CQ
164
ANNUAL REPORT OF BOARD OF GOVERNORS
BANK SUSPENSIONS
No. 76.—BANK SUSPENSIONS, 1921-1937
[Banks closed either permanently or temporarily, on account of financial difficulties, by order of supervisory
authorities or by the directors of the bank.]
Deposits 1 (In thousands of dollars)
Number of banks
Year or period
Total
National
State
member
Nonmember
Total
Banks suspended:
1921-1929
1930
1931
1932
19332
1934
1935
1936
1937
5,714
1,352
2,294
1,456
4,004
57
34
44
59
766
161
409
276
1,101
1
4
1
4
229
27
107
55
174
2
4,719 1,625,468
853,363
1,164
1,778 1,690,669
715,626
1,125
2,729 3,598,975
36,937
56
10,015
30
11,306
43
19,723
53
Total
15,014
2,723
594
11,697 8,562,082
National
State
member
Nonmember
363,324
128,677 1,133,467
170,446
480,518
202,399
439,171
957,541
293,957
214,150
446,323
55,153
1,610,549
783,399 1,205,027
40
36,897
5,313
4,702
507
10,799
7,379 " " 1^708'
10,636
2,810,879 1,465,293
4,285,910
1
Deposits of member banks suspended are as of dates of suspension and deposits of nonmember banks
suspended are as of dates of suspension or latest available call dates prior thereto, except in the case of unlicensed banks in 1933; for basis of compilation of figures for 1933, see footnotes below table 69 in the 1936 Annual
Report
or pages 1208-1209 of the December 1937 Federal Reserve Bulletin.
2
For basis of compilation of figures for 1933, see footnotes below table 69 in the 1936 Annual Report or pages
1208-1209 of the December 1937 Federal Reserve Bulletin.
NOTE.—For textual analysis and statistics of bank suspensions during 1921-1936, by classes of banks,
States, years, months, size of suspended banks, etc., see the September and December 1937 issues of the
Federal Reserve Bulletin, pages 866-910 and 1204-1224, respectively.
165
FEDERAL RESERVE SYSTEM
No. 77.—BANKS SUSPENDED IN 1937, BY DISTRICTS AND STATES
Deposits 2 (In thousands of dollars)
Number of banks suspended
Federal Reserve
district and State 1
Member 3
Total
Insured
nonmember
Not insured nonmember
[
Member 3
Total
Insured
nonmember
Not insured nonmember
DISTRICTS
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
3
1
2
3
3
10
14
14
4
5
3
1
Total.
59
6
1
2
1
1
2
1
f
1
2
3
2
6
12
14
3
5
3
1
47
6
f
1
3,690
329
500
1,904
465
5,461
3,983
1,091
421
1,879
3,690
329
19,723
9,087
1,982
1,708
329
1,982
1,708
329
3^594
1,474
500
1,904
453
1,510
2,443
1,091
376
1,879
12
357
66
45
10,156
480
93
STATES
Middle Atlantic:
New York
New Jersey
Pennsylvania....
East North Central:
Indiana
Illinois
Wisconsin
West North Central:
Iowa
Minnesota
Missouri
North Dakota... .
South Dakota....
South Atlantic:
Maryland
Virginia
West Virginia. . . .
Georgia
East South Central:
Kentucky
Tennessee
West South Central:
Arkansas
Louisiana
Texas
Mountain:
Montana
3
2
2
2
2
2
3
1
11
6
6
1
9
6
6
1
1
1
1
1
1
1
1
1
6
3
5
1
1
5
1
1
829
610
164
736
610
164
2
3,858
82
1,855
421
534
82
1,744
421
534
2
1
1
264
3,594
669
63
1,172
205
669
63
1,172
205
2,582
322
1,108
310
1
1
5
157
248
1,879
1
54
1,474
Ill
12
157
248
1,879
54
deposits of n o n m e m b e r
hereto,
t h deposits of $1,708,000.
banks
BUSINESS CONDITIONS
167
169
FEDERAL RESERVE SYSTEM
BUSINESS CONDITIONS
No. 78.—CAPITAL ISSUES
[In millions of dollars]
Domestic
Year
Total
(new
and
refunding)
Total
(domestic and
foreign)
Corporate
Total
State
and
munici-
Federal
agenTotal
Bonds
and
notes
Foreign 1
Stocks
Preferred Common
For new capital
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
4,440
4,074
4,292
°5,296
5,119
6,316
7,126
7,359
9,774
9,898
11,513
7,619
4,038
1,751
1,063
2,160
4,699
6,214
3,878
3,626
3,733
3,645
4,390
4,437
5,557
6,202
6,314
7,555
8,040
10,091
6,909
3,089
1,194
720
1,386
1,457
1,972
2,080
3,235
3,235
3,022
3,627
4,016
4,588
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,409
1,949
2,076
678
672
1,199
1,071
1,043
1,380
1,352
1,344
1,475
1,379
1,418
1,434
1,235
762
483
803
855
735
727
Year
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930..
1931
1932
1933
1934
1935
1936
1937
310
0
122
344
337
179
169
91
87
64
0
87
75
77
64
405
150
22
157
2,246
2,563
1,701
2,212
2,635
3,029
3,605
3,754
4,657
5,346
8,002
4,483
1,551
325
161
178
404
1,192
1,192
810
1,561
1,435
1,642
1,976
2,200
2,452
2,667
3,183
2,385
2,078
2,980
1,239
305
40
144
334
839
789
726
462
71
293
335
318
594
509
874
1,149
1,517
412
116
10
15
3
54
90
204
710
540
194
277
324
511
558
578
600
1,812
4,407
1,091
195
10
105
31
15
262
199
392
497
623
764
421
969
1,076
1,125
1,337
1,251
671
905
311
189
558
684
454
455
523
687
1,586
1,054
542
451
789
315
187
312
1,782
3,187
833
67
21
4
40
72
28
43
34
180
248
178
9
32
(3)
0
0
69
181
264
43
15
6
11
5
8
52
99
84
282
655
14
0
3
32
0
12
20
87
379
106
229
29
12
0
48
23
4
For refunding
814
342
646
906
682
759
924
1,044
2,218
1,858
1,422
709
949
557
343
774
3,242
4,242
1,798
434
236
577
806
605
511
685
881
1,978
1,620
1,387
527
893
498
283
765
3,216
4,123
1,639
13
11
9
30
20
19
48
22
35
36
13
53
21
87
37
136
365
382
175
0
0
0
42
55
0
20
40
93
0
0
0
51
93
26
317
987
353
280
421
225
568
734
530
492
618
820
1,850
1,584
1,374
474
821
319
219
312
1,864
3,387
1,184
77
248
240
163
241
238
35
182
56
59
60
9
26
119
159
c
Corrected.
Includes issues of noncontiguous United States Territories a n d Possessions.
Includes publicly offered issues of Federal credit agencies; excludes direct obligations of United States
Treasury.
3
Less t h a n $500,000.
1
2
Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, United StatesDepartm e n t ofCommerce.
170
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 78.—CAPITAL ISSUES—Continued
[In millions of dollars]
For new capital
Month
1934
January
February
March
April
May
June
July
August
September
October
November
December
1935
January
February
March
April
May
June
July
August
September
October
November
December
1936
January
February
March
April
May
June
July...
August
September
October
November
December
1937
January
February
March
April
May
June
July
August
September
October
November
December
Total
(new
and
refunding)
Domestic
Total
(domestic
and
foreign) 4
Total
State
and
municipal
91
89
149
242
144
307
376
210
71
157
137
187
81
99
141
100
119
214
180
39
122
104
139
48
81
99
141
100
119
214
180
39
122
104
139
19
32
38
86
104
141
96
290
507
473
513
640
426
437
368
384
422
92
50
105
90
83
55
127
194
173
149
118
221
92
50
105
90
82
55
127
148
173
147
118
221
81
44
97
64
37
42
72
33
128
• 59
85
114
123
107
128
176
112
218
104
217
178
186
158
116
107
128
176
112
217
103
217
177
173
158
266
33
46
103
78
49
48
244
190
185
159
150
360
247
79
154
96
94
122
244
190
185
159
150
360
247
79
154
93
94
122
147
34
47
70
44
91
77
28
41
27
43
79
303
763
986
420
734
339
297
409
464
372
726
603
511
382
303
266
560
340
187
221
203
136
164
For refunding
Domestic
Corporate
Federal
agen- Bonds
cies 2
and Stocks
notes
5
'7
3
15
13
12
105
153
0
83
10
0
61
4
46
102
13
123
39
146
48
60
97
100
4
10
13
26
24
29
31
25
26
35
12
118
65
38
47
187
39
'Revised.
4
Monthlyfiguresfor foreign issues are not shown separately.
For other footnotes, see page 169.
Total
(domestic
and
Total
foreign) <
State
and
munici-
Corporate
Federal
agen- Bonds
cies 2 and Stocks
notes
43
8
50
101
44
189
162
29
32
35
33
48
43
8
50
97
44
189
162
29
32
35
28
48
23
2
22
30
20
147
30
11
13
0
0
18
2
2
13
58
3
24
126
10
10
31
22
12
49
46
185
418
391
457
513
231
265
220
266
201
49
46
185
418
391
457
513
213
265
216
262
201
30
13
20
192
267
319
11
(3)
13
24
17
81
2
23
112
115
82
116
482
156
230
164
216
85
278
196
635
810
308
516
236
80
231
278
214
459
240
196
616
765
308
514
236
80
231
278
199
459
360
321
197
144
116
200
93
109
67
107
42
42
289
255
197
123
116
200
93
109
67
106
42
42
199
4
60
201
170
525
492
252
325
222
55
156
249
145
395
87
140
162
69
71
139
20
51
(3)
70
10
14
0
0
0
19
0
0
5
24
1
16
1
16
11
11
38
16
50
19
22
10
13
116
84
19
18
21
11
37
6
39
0
(
171
FEDERAL RESERVE SYSTEM
No. 79.—SECURITY PRICES i
Bonds
Year and month
Number of issues
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1935
January
February
March
April
May
June
July
August
September
October
November
December
1936
January
February
March
April
May
June
July
August
September
October
November
December
1937
January
February
March
April
May
June
July
August
September
October
November
December
U.S.
Government 2
Common stocks (1926 = 100)
Corporate 3
Municipal3
(high
d)
Total
Industrial
Railroad
Utility
60
20
20
20
2-12
15
94.3
88.4
89.4
99.2
98.6
102.2
103.6
105.0
108.2
106.4
102.0
105.7
103.6
98.5
102.5
103.5
106.1
107.0
104.4
90.1
83.7
82.5
93.2
92.9
93.7
95.2
95.3
96.7
95.6
92.7
95.4
96.4
87.8
87.1
96.1
105.3
110.8
110.3
100.7
100.8
98.0
99.3
90.9
69.5
73.4
84.5
88.6
97.5
93.4
105.4
106.4
106.5
106.8
106.9
107.0
107.3
106.5
104.9
104.9
105.3
102.7
104.2
105.3
105.4
104.9
105.1
106.5
106.3
104.8
104.7
106.6
106.9
87.6
87.4
84.5
85.5
r
87.0
88.3
89.2
89.9
90.4
89.8
91.1
r
92.4
107.9
107.6
108.4
108.9
109.1
109.2
109.2
109.9
111.0
112.5
113.1
114.6
116.3
95.3
97.2
96.6
95.9
95.5
96.2
97.1
97.7
98.6
99.6
99.8
99.9
92.5
93.0
92.1
91.2
90.6
90.6
91.1
91.6
92.2
93.1
94.2
94.5
107.3
107.2
105.2
102.6
103.3
103.5
104.0
104.0
103.3
103.5
104.0
104.7
115.8
112.7
108.9
108.0
109.6
110.1
110.8
111.8
109.0
108.1
109.1
109.5
100.3
100.0
98.5
96.6
96.2
95.0
95.3
94.8
91.3
86.4
83.3
82.7
94.8
94.7
93.5
92.0
91.9
91.2
91.4
91.9
90.0
85.5
82.7
81.4
105.3
105.8
106.3
106.8
107.0
107.1
106.9
106.6
107.2
107.2
106.9
108.2
r
Preferred
stocks4
(5)
(5)
(
(5)
(5)
?5
(97.6
)
5
()
93.6
95.9
95.8
(5)
(
5}
(5)
92.6
81.8
63.2
69.2
81.9
88.2
92.2
90.1
101.7
107.0
106.7
103.3
106.0
93.9
64.8
70.5
83.8
79.4
94.7
89.6
97.3
99.2
100.0
97.7
99.4
97.2
80.5
80.6
87.8
98.2
105.4
100.4
86.7
86.7
85.3
85.9
87.3
87.3
88.5
89.0
89.4
89.8
90.8
r
91.1
85.0
'82.1
74.7
75.0
76.5
79.3
78.8
79.6
80.6
78.4
r
79.7
83.1
91.2
93.4
93.6
95.5
97.4
93.2
r
100^2
100.9
101.0
101.0
102.7
103.1
88.7 104.7
93.6 105.1
92.7 105.1
91.6 104.8
90.8 104.9
92.5 105.5
94.2 105.9
95.8 105.7
97.9 105.8
99.7 105.9
99.2 106.0
99.6 105.6
100.6
100.2
98.3
95.3
95.0
93.2
93.2
91.0
85.6
78.4
72.1
72.5
105.7
105.1
103.6
102.4
101.8
100.6
101.2
101.4
98.4
95.2
95.0
94.2
Total
Industrial
Railroad
Public
utility
420
348
32
40
70.7
110.9
64.2
103.2
55.2
103.0
67.7
114.0
69.0
114.4
72.8
115.2
118.6 89.7
121.0 100.0
127.1 118.3
130.9 149.9
127.4 190.3
126.4 149.8
94.7
121.1
96.1 48.6
63.0
104.8
72.4
120.7
78.3
133.8
138.9 111.0
136.2 111.7
72.6
66.1
51.6
64.7
66.6
69.6
88.4
100.0
118.5
154.3
189.4
140.6
87.4
46.5
65.7
81.1
90.8
127.3
131.3
70.1
63.9
61.8
72.7
71.9
76.7
89.5
100.0
119.1
128.5
147.3
124.9
72.5
26.4
37.7
41.5
34.0
51.2
49.2
60.3
54.5
57.8
70.9
73.8
78.9
94.9
100.0
116.0
148.9
234.6
214.6
148.7
79.1
r
78.1
68.9
71.4
104.3
94.7
70.1
68.0
64.6
67.5
73.1
75.5
78.8
83.0
85.0
85.2
93.3
95.3
81.9
80.1
76.2
78.9
85.7
87.4
91.2
95.0
97.5
98.5
107.4
109.2
35.0
32.3
28.4
29.4
30.9
32.4
33.8
35.8
37.0
34.3
37.6
41.4
57.6
55.1
53.4
59.1
63.7
69.8
73.3
80.6
81.9
81.0
90.1
91.6
137.3 100.1
138.7 106.1
139.6 108.7
138.8 109.0
138.6 101.0
138.8 105.6
139.1 109.2
139.3 113.0
139.0 114.1
138.3 118.7
139.0 124.2
140.2 122.8
114.5
120.9
124.6
125.3
116.2
120.6
124.3
128.4
130.2
136.0
144.3
142.6
43.8
49.1
49.2
48.9
45.0
47.7
50.7
53.9
55.4
58.4
57.9
54.4
97.0
102.8
102.8
101.5
94.7
102.0
105.8
108.8
107.7
109.1
108.9
110.6
126.0
129.5
129.9
124.5
116.3
113.6
117.8
120.5
106.4
91.4
82.9
82.2
146.3
151.7
152.6
146.5
136.7
134.0
139.4
143.5
126.2
107.4
96.1
95.2
55.6
57.9
62.8
60.1
57.1
53.9
52.1
50.9
42.6
35.4
31.4
31.2
113.2
110.7
105.7
100.7
94.1
91.3
95.9
97.0
89.2
81.3
79.5
78.8
20
129.1
130.2
131.3
132.2
134.8
134.0
134.8
135.4
135.0
134.8
136.9
137.0
141.8
141.2
138.0
136.0
135.4
135.2
135.7
137.2
136.4
133.5
132.3
132.1
Revised.
Prices of stocks and of municipal bonds are averages of Wednesday figures; prices of other bonds are averages
of 2daily figures.
Average
price of outstanding issues due or callable after 8 years.
3
Prices derived from average yields. Municipal series revised back to 1934.
4
Average
of prices adjusted to a 17 annual dividend basis.
5
Averages not computed.
Sources.—For United States Government bonds, Board of Governors of the Federal Reserve System and
United States Treasury Department; for other bonds and for stocks, Standard Statistics Co.
Backfigures.—SeeAnnual Report for 1936 (table 73) and similar tables in previous Annual Reports and for
United States Government bonds, see Federal Reserve Bulletin for May 1936, p. 319.
1
172
ANNUAL REPORT OF BOARD OF GOVERNORS
No. 80.—BOND YIELDS 1
[Percent per annum]
Corporate 4
Year and month
U.S.
Government2
Municipal3
(high
grade)
By ratings
By groups
Total
Aaa
Baa
Industrial
Railroad
Public
utility
2-12
15
120
30
30
30
30
40
40
40
4.62
5.32
5.09
4.30
4.36
4.06
3.86
3.68
3.34
3.33
3.60
3.28
3.31
'3.65
3.31
3.10
2.70
2.47
2.57
4.46
4.98
5.09
4.23
4.25
4.20
4.09
4.08
3.98
4.05
4.27
4.07
'4.01
4.65
4.71
4.03
3.41
3.07
3.10
6.27
7.08
7.04
5.95
6.04
5.80
5.47
5.21
4.97
4.94
5.21
5.09
5.81
6.87
5.89
4.96
4.46
3.87
3.94
5.49
6.12
5.97
5.10
5.12
5.00
4.88
4.73
4.57
4.55
4.73
4.55
4.68
5.01
4.49
4.00
3.60
3.24
3.26
5.86
6.59
6.55
5.59
5.62
5.44
5.20
4.97
4.77
4.71
4.93
4.77
5.05
5.98
5.23
4.44
3.95
3.46
3.46
6.4S
7.41
7.28
6.03
6.17
5 93
5^55
5.24
5.04
5.01
5.28
5.13
6.01
7.20
6.09
5.08
4.55
4.02
4.01
7.25
8.20
8.35
7.08
7.24
6.83
6.27
5.87
5.48
5.48
5.90
5.90
7.62
9.30
7.76
6.32
5.75
4.77
5.03
6.18
6.94
7.04
6.04
6.04
5.90
5.61
5.37
5.10
5.10
5.31
5 25
6.08
6.71
5.34
4.52
4.02
3.50
3.55
6.42
7.12
6.91
5.89
6.24
5.90
5.51
5.13
4.83
4.85
5.18
4.96
6.09
7.61
6.09
4.96
4.95
4.24
4.34
6.21
7.19
7.17
5.93
5.83
5.61
5.29
5.11
4.96
4.87
5.14
5.05
5.27
6.30
6.25
5.40
4.43
3.88
3.93
1935
January
February
March
April
May
June
July
August
September
October
November
December
2.83
2.73
2.69
2.64
2.61
2.61
2.59
2.66
2.78
2.77
2.73
2.73
3.57
3.48
3.41
3.40
3.43
3.42
3.32
3.35
3.44
3.45
3.34
3.31
4.68
4.60
4.66
4.64
4.55
4.47
4.40
4.39
4.36
4.34
4.27
4.19
3.77
3.69
3.67
3.66
3.65
3.61
3.56
3.60
3.59
3.52
3.47
3.44
4.21
4.13
4.11
4.08
4.03
3.99
3.89
3.87
3.85
3.82
3.73
3.65
4.74
4.63
4.67
4.69
4.59
4.52
4.46
4.49
4.48
4.49
4.45
4.35
5.98
5.95
6.20
6.13
5.94
5.77
5.67
5.58
5.53
5.54
5.43
5.30
4.31
4.24
4.20
4.18
4.11
4.07
3.95
3.94
3.91
3.83
3.73
3.71
4.75
4 81
5.14
5.14
5.12
4.99
4.97
4.95
4.91
4.97
4.90
4.73
4.97
4.76
4.65
4.60
4.43
4.37
4.26
4.28
4.27
4.24
4.17
4.12
1936
January
February
March
April
May
June
July
August
September
October
November
December
2.68
2.62
2.54
2.51
2.50
2.50
2.50
2.43
2.41
2.42
2.29
2.27
3.27
3.22
3.18
3.17
3.16
3.16
3.13
3.06
2.97
2.94
2.85
2.76
4.04
3.95
3.95
3.97
3.96
3.94
3.90
3.85
3.79
3.75
3.71
3.67
3.37
3.32
3.29
3.29
3.27
3.24
3.23
3.21
3.18
3.18
3.15
3.10
3.57
3.55
3.55
3.57
3.53
3.51
3.48
3.44
3.41
3.37
3.31
3.28
4.21
4.12
4.10
4.12
4.11
4.09
4.05
3.99
3.94
3.90
3.85
3.78
5.00
4.80
4.86
4.91
4.94
4.90
4.84
4.74
4.62
4.54
4.52
4.53
3.59
3.57
3.56
3.57
3.55
3.54
3.52
3.48
3.44
3.42
3.37
3.37
4.50
4.31
4.32
4.38
4.40
4.35
4.31
4.22
4.09
4.02
4.00
3.96
4.02
3.98
3.98
3.97
3.95
3.91
3.86
3.85
3.83
3.80
3.74
3.69
1937
January
February
March
April
May
June
July
August
September
October
November
December
2.29
2.31
2.50
2.74
2.67
2.64
2.59
2.59
2.67
2.65
2.60
2.54
2.79
2.96
3.19
3.24
3.14
3.11
3.07
3.01
3.18
3.24
3.17
3.15
3.67
3.75
3.87
3.97
3.91
3.90
3.88
3.88
3.98
4.12
4.21
4.16
3.10
3.22
3.32
3.42
3.33
3.28
3.25
3.24
3.28
3.27
3.24
3.21
3.30
3.40
3.50
3.57
3.48
3.43
3.41
3.41
3.46
3.53
3.54
3.50
3.77
3.85
3.97
4.04
3.98
3.96
3.94
3.94
4.02
4.16
4.24
4.20
4.49
4.53
4.68
4.84
4.84
4.93
4.91
4.92
5.16
5.52
5.82
5.73
3.36
3.46
3.55
3.65
3.55
3.51
3.50
3.47
3.55
3.63
3.65
3.66
3.95
4.03
4.15
4.26
4.22
4.22
4.21
4.28
4.43
4.66
4.91
4.79
3.68
3.76
3.90
3.99
3.95
3.97
3.92
3.89
3.96
4.08
4.06
4.03
Number of issues..
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1
Revised.
1
Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday
figures.
2
Average
of yields of all outstanding bonds due or callable after 8 years.
3
Standard Statistics Co. Revised back to 1934.
4
Moody'e Investors Service, revised series as published July 25, 1938. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3
and the industrial Aa group from 10 to 4.
Backfigures.—SeeAnnual Report for 1936 (table 74) and similar tables in previous Annual Reports, and for
United States Government bonds, Federal Reserve Bulletin for June 1934, p. 322, and August 1935, p. 500.
No. 81.—PKODUCTION, EMPLOYMENT, TRADE, AND PRICES 1
[Index numbers, 1923-1925 average = 100]
Coiistruction contracts awarded (value)2
Industrial production
Year and month
Total
Manufactures
Ad- Unadjusted justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930.
1931
1932
1933
1934.
1935
1936
1937
.
...
.
. .
.
1919
January
February
March
April
May
June
. ...
July
August
September
October
November
December
For footnotes, see page
82
79
76
78
78
83
87
89
87
86
85
86
179.
81
78
76
77
80
84
87
89
89
89
87
81
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
104
115
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
109
82
80
78
79
78
84
89
91
88
86
89
88
82
80
78
80
80
84
87
90
89
88
91
83
79
70
66
71
74
76
81
78
85
87
63
77
7463
61
65
75
82
88
83
94
95
63
70
Unadjusted
Adjusted
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
30
32
39
44
55
70
78
78
78
78
88
90
All other
Residential
Total
Ad- Unad- Ad- Unad- Adjusted justed justed justed justed
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110
.
Minerals
21
27
40
53
69
82
88
82
81
74
74
66
Unad- Adjusted justed
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
11
18
24
32
42
58
63
61
59
55
51
43
Factory
employment
9
15
25
39
52
61
63
59
60
54
49
37
Freight-car
loadings
Department
store sales
(value)
Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
45
44
51
54
66
80
90
92
94
97
117
128
Factory
payrolls
30
37
52
64
83
99
108
101
99
90
94
90
107
103
102
102
103
104
107
108
109
109
111
114
107
108
82
90
104
96
100
101
99
99
105
91
77
66
72
83
86
92
99
98
118
77
82
103
96
101
104
102
102
109
89
67
46
49
63
71
82
98
105
102
102
102
103
104
107
109
111
111
112
114
96
90
91
90
91
93
96
101
106
103
108
115
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
81
80
76
80
81
81
92
89
93
89
83
90
76
73
72
73
79
82
94
92
101
99
86
83
66
71
72
72
69
76
80
80
83
81
86
86
Wholesale commodity3
prices
Unadjusted
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
75
80
81
86
60
59
65
77
73
76
59
60
76
89
101
137
134
130
131
133
135
136
141
144
141
142
145
151
No. 81.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES 1 —Continued
[Index numbers, 1923-1925 average =100]
Construction contracts awarded (value) 2
Industrial production
Factory
employment
Year and month
Total
Ad- Unadjusted justed
Manufactures
Adjusted
Unadjusted
Minerals
Adjusted
1920
January
February
March
April
May
June
July
August
September
October
November
December
Unadjusted
Total
Adjusted
Residential
Unadjusted
Adjusted
Unadjusted
1921
January
February
March
April
May
June
July
August
September
October
November
December
Freight-car
loadings
All other
Adjusted
Unad- Adjusted justed
Unadjusted
Unadjusted
117
115
115
114
112
111
108
107
105
102
96
114
113
116
114
112
111
108
108
107
103
97
90
118
117
125
122
124
125
120
123
121
117
108
134
78
80
73
86
95
94
98
94
100
97
87
Factory
127
110
99
91
85
82
78
77
74
70
106
113
119
114
105
80
Adjusted
Unadjusted
Department
store sales
(value)
Adjusted
Unadjusted
86
83
88
77
87
92
98
100
103
104
95
83
82
74
90
91
101
96
73
73
88
102
112
144
69
76
88
87
91
8Q
64
63
75
95
97
135
101
100
91
73
69
77
90
89
85
64
66
85
102
108
152
64
Wholesale commodity
prices3
Unadjusted
158
157
159
166
167
167
166
161
155
144
133
121
114
105
102
94
93
94
94
93
1922
January
February
March
April
May
June
July
August
September
October
November
December
,
73
76
80
77
81
85
85
83
88
93
97
100
73
74
78
81
86
90
90
87
89
94
97
100
77
85
92
53
54
59
57
62
81
90
94
100
50
59
77
95
100
80
94
99
100
90
81
78
81
50
63
86
107
113
117
117
110
93
76
63
56
84
90
88
90
92
95
98
100
83
85
86
86
88
90
88
91
94
97
98
100
91
93
96
96
99
100
101
101
1923
January
February
March
April
,
May
,
June
,
July
August
September
October
November
,
December
99
100
103
106
106
106
104
103
100
99
98
97
99
101
105
107
108
105
101
100
101
102
99
92
99
100
103
105
106
105
103
101
101
98
97
97
99
103
106
109
108
104
98
98
100
100
98
92
101
99
103
111
108
108
111
110
97
104
106
99
97
94
97
99
107
112
115
116
106
113
108
93
83
85
85
84
84
84
78
76
81
85
91
92
64
76
89
102
102
94
83
76
80
81
82
77
80
82
80
78
77
78
77
75
81
84
90
94
68
77
87
97
89
80
72
68
77
83
89
89
86
88
89
89
89
88
79
76
80
86
91
90
61
75
91
106
112
106
91
83
82
80
76
68
102
103
104
105
106
107
106
105
104
103
103
102
101
103
105
105
105
106
105
105
106
104
103
101
95
98
103
104
108
108
103
104
104
107
104
103
98
97
100
105
102
102
101
101
99
98
99
96
91
90
95
97
100
102
103
106
110
110
104
88
91
93
95
100
98
101
98
101
100
101
100
99
79
77
93
97
100
99
73
75
94
111
117
164
102
103
105
104
102
100
1924
January
February
,
March
April
May
June
July
August
September
October
November
December
100
102
100
95
89
85
84
89
94
95
97
101
99
104
103
96
90
84
81
87
95
98
99
97
99
101
100
95
88
84
83
89
93
95
97
102
99
105
105
98
89
82
78
86
93
97
99
98
103
105
99
93
93
93
93
92
97
96
97
99
100
100
93
83
93
96
95
96
103
104
100
95
95
97
98
96
95
91
88
86
92
98
99
98
76
87
102
113
111
99
92
88
93
95
93
84
101
107
102
98
96
91
87
85
88
93
95
95
86
101
110
119
107
90
82
78
85
93
97
90
91
89
94
94
94
92
88
87
96
103
103
101
67
76
96
108
113
106
101
95
99
96
91
80
101
102
101
100
97
94
92
92
93
94
94
96
100
102
102
100
97
94
91
92
94
95
95
96
99
104
104
102
98
92
85
89
92
95
93
98
98
103
98
95
93
92
92
95
100
102
101
101
92
96
94
89
91
91
93
100
112
114
106
93
99
101
99
98
97
100
96
96
101
96
100
99
86
84
88
103
98
97
71
72
96
105
117
166
100
100
99
97
96
95
96
97
97
1925
January
February
March
April
May
June
July
August
September
October
November
December
105
104
103
102
102
102
103
103
101
104
107
109
105
107
107
104
103
100
99
101
102
107
108
103
105
105
104
103
102
102
103
102
103
106
109
112
106
109
109
106
103
100
97
99
103
108
110
106
105
100
96
100
104
101
104
107
89
90
95
93
101
95
90
89
105
104
107
112
97
98
98
89
97
103
107
111
118
123
131
137
133
131
131
136
78
90
111
127
133
131
140
140
139
128
125
119
96
99
106
112
117
126
135
145
141
138
137
134
80
90
114
131
130
124
131
137
144
140
139
125
99
106
108
110
118
120
128
130
127
125
126
138
76
90
109
124
136
137
147
142
134
118
113
113
98
98
98
99
99
99
99
100
100
101
102
102
97
98
99
99
98
98
98
100
102
102
102
102
96
101
103
100
101
99
97
100
99
105
105
105
103
102
99
102
101
102
103
106
102
101
105
108
95
95
95
96
99
100
104
111
116
114
110
98
99
103
102
103
102
102
100
101
101
111
104
104
84
85
94
105
103
98
74
76
97
122
122
176
103
104
104
102
102
103
104
104
103
104
105
103
106
105
106
107
106
108
108
110
111
111
110
107
179.
105
108
110
108
107
106
103
109
113
115
110
101
109
107
106
106
106
108
108
110
111
111
109
105
108
111
112
110
108
106
102
108
112
113
108
99
91
95
106
108
104
107
108
109
110
113
118
119
90
92
98
96
103
109
110
115
119
124
123
113
139
139
127
126
120
122
126
132
130
130
132
131
113
121
130
142
135
131
136
137
137
127
125
114
135
127
121
121
120
119
119
119
120
122
118
117
113
114
128
140
135
120
116
115
122
123
120
109
141
149
132
130
120
125
133
142
139
137
142
142
113
126
132
143
136
140
151
155
149
130
130
119
102
102
102
101
101
101
101
101
102
101
101
101
101
102
102
102
100
100
99
101
104
103
101
100
101
105
107
104
103
103
99
103
104
107
104
103
103
104
104
105
107
108
100
10«
107
109
110
109
94
96
99
99
105
106
110
113
122
124
115
99
106
105
103
103
109
105
106
108
106
109
106
107
90
87
97
102
109
100
77
82
104
120
124
181
103
102
101
100
101
100
100
99
100
100
99
1926
January
February
March
April
May
June
July
August
September
October
November
December
For footnotes, see page
INo. HI.—.PRODUCTION, EMPLOYMENT, TRADE, AND PRICES 1 —Continued
[Index numbers, 1923-1925 average = 100]
Construction contracts awarded (value)2
Industrial production
Year and month
Manufactures
Total
UnadAdjusted justed
1927
January
February
March
April
May
June
July
August
September
October
November
December
Minerals
Total
Residential
Unad- AdUnadAdUnad- Adjusted justed justed justed justed justed
All other
Factory
employment
Factory
payrolls
Freight-car
loadings
Department
store sales
(value)
AdUnad- AdUnad- AdUnad- AdUnadUnad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed
Wholesale commodity3
prices
Unadjusted
107
108
110
108
109
107
106
106
104
102
101
102
106
111
113
110
112
107
102
105
106
105
101
. 96
106
107
108
108
110
108
107
106
104
102
101
102
105
110
114
112
112
106
102
104
105
104
100
95
115
117
120
106
109
106
101
106
104
103
102
102
112
113
111
96
108
108
103
111
111
112
105
97
132
131
128
128
128
128
128
126
128
128
129
131
107
114
132
144
145
140
140
131
133
126
122
111
117
117
116
115
115
114
114
113
118
119
121
125
97
105
123
133
132
117
115
108
119
120
120
111
144
142
138
139
139
140
140
136
136
135
136
136
115
121
138
153
157
158
160
149
145
131
124
111
100
" 100
100
100
99
100
99
99
98
98
97
97
98
100
100
100
99
99
98
99
100
100
97
96
98
104
106
104
104
102
98
102
101
102
98
99
107
108
108
106
105
104
103
104
104
101
99
98
97
101
104
100
104
103
104
110
118
116
102
88
107
108
107
105
105
106
105
111
104
107
108
106
91
89
95
109
105
101
76
85
103
117
126
182
97
96
95
94
94
94
94
95
96
97
96
96
]VIay
June
July
August
September
October
November...
December
107
109
108
108
108
108
109
110
113
115
117
118
105
111
112
110
110
108
105
110
116
118
115
109
107
110
109
109
108
109
110
111
114
116
118
120
106
113
114
113
111
108
105
110
116
117
115
110
103
102
105
105
106
102
102
105
107
111
114
111
100
99
98
95
104
104
104
111
115
123
118
106
137
138
137
137
137
139
132
131
134
136
132
127
111
121
138
355
159
154
142
137
138
134
122
107
139
142
136
130
130
133
126
119
118
115
114
106
116
128
143
152
149
140
127
116
118
115
112
93
135
135
137
142
143
144
137
141
147
152
146
145
108
115
134
157
168
166
155
154
154
150
130
117
97
97
97
97
97
98
98
99
100
100
101
102
95
96
97
G7
97
98
98
100
102
102
102
101
96
101
103
101
101
102
99
103
105
108
105
106
103
102
103
101
104
101
104
105
106
107
109
107
93
95
98
97
103
101
106
111
121
122
111
95
108
106
107
106
107
107
110
107
112
108
108
111
91
88
97
105
107
102
80
81
113
118
125
192
96
96
96
97
98
97
97
98
99
97
96
96
1929
January
February
March
April
May
June
July
August
September
October
November
December
119
118
118
121
122
125
124
121
121
118
110
103
117
121
124
124
126
125
120
122
123
121
108
96
120
118
120
122
123
127
125
122
121
118
110
101
117
122
126
128
128
127
120
122
123
119
107
93
116
119
109
114
117
114
116
115
118
116
110
116
114
116
101
103
116
116
118
121
127
127
114
110
120
118
121
123
121
126
124
122
110
107
103
102
98
102
121
139
143
144
136
129
112
104
94
84
97
94
101
100
97
95
93
86
73
67
67
61
81
84
106
117
113
102
94
84
73
67
66
53
139
137
137
142
141
152
149
152
140
139
132
136
111
110
133
158
168
178
170
166
144
135
116
109
103
104
104
105
105
106
107
107
106
105
103
101
101
103
104
105
105
105
106
108
109
108
103
100
102
109
112
113
113
111
107
112
113
112
104
101
108
109
106
108
107
109
108
110
108
105
102
101
97
101
100
103
107
110
112
116
123
120
103
90
110
110
113
109
109
113
109
111
113
111
108
110
90
91
107
103
109
108
79
84
117
122
125
191
96
95
96
96
95
95
97
96
96
95
94
93
1928
January
February
March
April
1930
January...
February
March
April
May
June
July
August
September
October
November
December
106
107
103
104
102
98
93
90
90
88
86
84
103
109
106
107
105
99
90
90
92
90
84
76
105
107
104
104
101
97
92
88
89
86
85
82
102
110
109
110
106
98
89
88
90
87
82
74
110
108
98
104
104
102
100
96
94
95
92
93
108
104
91
94
102
103
100
101
101
105
96
89
95
104
102
101
105
99
95
81
81
78
76
73
78
89
102
113
125
116
107
85
82
75
68
59
56
49
52
53
52
49
47
49
52
52
48
43
46
44
54
62
61
54
48
48
52
51
46
37
128
148
144
140
148
140
135
106
105
99
99
98
104
126
141
156
178
166
155
115
108
94
86
77
99
98
97
96
94
93
90
88
87
86
84
83
97
97
97
96
95
93
89
89
90
88
84
82
96
99
99
98
95
92
84
83
84
82
77
75
100
100
96
97
95
94
91
91
88
86
84
82
90
93
91
94
95
94
95
96
100
98
86
74
107
108
107
105
105
103
100
102
99
101
99
96
88
89
93
110
105
98
71
77
103
112
113
165
93
91
90
90
89
87
84
84
84
83
81
1931
January
February
March
April
May
June
July
August
September
October
November
December
83
86
87
88
87
83
82
78
76
73
73
74
82
87
89
90
89
83
80
78
77
75
72
68
83
86
87
87
87
82
82
78
75
71
71
72
81
88
91
91
90
83
79
77
76
72
70
66
89
87
89
91
87
87
86
79
78
83
81
84
87
84
82
83
84
86
86
82
83
90
84
79
71
79
77
73
65
63
61
59
59
55
49
38
58
68
77
82
78
74
68
63
59
52
43
30
44
47
47
44
40
37
35
33
32
30
27
23
37
42
50
52
47
41
36
32
32
29
26
20
93
104
100
96
85
84
82
81
80
76
67
50
75
89
98
107
104
101
94
87
81
71
57
39
82
81
81
80
80
78
78
77
75
73
72
72
80
80
81
80
80
78
77
77
77
75
72
71
70
74
75
74
73
70
66
66
63
61
58
58
81
79
79
79
78
76
75
72
68
68
67
65
73
73
74
77
77
76
77
75
76
77
68
59
99
99
100
100
97
95
94
89
85
85
86
83
81
81
92
101
97
92
66
68
88
94
97
143
78
77
76
75
73
72
72
72
71
70
70
69
72
69
67
63
60
59
58
60
66
67
65
66
71
71
68
64
61
59
56
59
67
69
65
60
71
68
64
61
59
58
57
59
65
66
63
64
70
70
66
63
60
58
55
58
66
67
63
58
77
78
85
80
67
64
65
65
71
74
75
77
74
75
78
72
65
62
63
66
74
80
78
73
31
27
26
27
26
27
27
30
30
29
27
28
25
23
26
31
31
32
31
32
30
28
24
22
19
17
15
14
12
11
11
12
12
12
10
9
16
15
16
16
14
12
12
11
12
12
10
8
41
35
36
38
37
39
40
45
44
43
41
43
33
30
35
43
45
47
46
48
45
41
35
33
71
71
69
67
65
63
61
62
63
65
65
65
69
70
69
67
65
63
60
62
65
66
66
64
54
55
53
49
47
44
40
41
44
45
44
42
62
60
58
57
52
49
49
51
54
57
56
54
56
57
56
55
51
49
50
52
60
65
57
51
80
79
73
74
72
68
65
64
67
68
64
62
64
64
69
73
72
66
46
49
71
75
73
106
67
66
66
66
64
64
65
65
65
64
64
64
64
60
67
79
91
96
90
85
78
72
69
63
61
56
65
77
93
102
91
83
76
70
73
63
62
58
68
80
92
97
89
84
76
70
67
75
80
81
73
79
85
91
91
87
81
82
86
72
77
74
65
77
83
90
95
94
89
85
81
22
19
14
14
16
18
21
24
30
37
48
57
18
16
14
16
19
21
24
25
30
35
42
45
8
8
8
10
11
13
13
12
12
12
13
13
7
7
8
11
13
14
13
12
12
12
12
11
33
27
18
17
20
23
28
33
45
57
76
93
27
23
18
19
24
27
32
36
45
53
66
73
64
64
61
63
66
71
76
79
81
81
80
78
63
64
62
63
66
70
75
80
83
83
80
78
40
41
38
40
44
48
52
58
61
60
57
56
53
52
48
53
55
61
66
64
60
59
60
60
50
50
46
51
54
61
67
64
67
67
61
56
62
62
58
64
66
67
69
74
68
70
67
69
49
49
50
68
67
64
48
59
73
77
75
121
61
60
60
60
63
65
69
70
71
71
71
71
,
1932
January
February
March
April
May
June
July
August
September
October
November
December
1933
January
65
February
63
March
59
April
66
May
78
June
91
July
100
August
91
September
84
October
76
November
72
December
75
For footnotes, see page 179.
No. 81.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES 1 —Continued
[Index n u m b e r s , 1923-1925 average = 100]
Construction contracts awarded (value) 2
Industrial production
Factory
employment
Total
Year and month
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
Unadjusted
Adjusted
Unadjusted
Adjusted
Unadjusted
78
81
84
77
76
80
82
88
92
100
84
80
82
81
81
90
86
89
91
81
86
86
84
83
87
87
84
85
49
44
33
32
26
26
27
27
29
31
31
31
40
38
33
36
32
31
30
28
30
29
28
25
12
12
11
12
11
12
12
10
11
12
11
12
10
10
12
14
13
13
12
10
11
12
11
10
80
70
51
48
38
38
39
40
44
46
48
47
64
60
50
54
47
46
44
43
45
43
41
36
78
81
84
85
86
85
83
83
78
81
81
82
77
81
84
86
86
85
83
84
80
82
80
82
55
61
66
68
68
66
61
63
59
62
61
64
62
65
65
63
64
64
62
61
60
59
59
60
58
62
64
60
63
64
62
62
67
65
60
57
73
73
76
76
75
73
73
76
74
74
75
77
57
59
73
73
77
70
51
60
79
82
83
135
72
74
74
73
74
75
75
76
78
77
77
77
79
80
79
80
80
80
79
81
81
81
81
73
73
73
75
74
78
74
72
69
72
74
85
90
90
88
86
85
87
86
88
91
95
96
101
88
91
91
89
87
86
83
87
90
97
98
96
90
88
87
86
84
85
87
89
92
95
97
101
87
91
91
91
87
84
83
87
89
96
98
95
95
97
97
88
90
99
85
83
87
93
93
102
92
93
90
79
88
97
85
86
93
101
98
97
27
28
26
27
27
30
35
38
43
48
60
68
22
24
26
30
32
35
39
40
44
45
53
54
12
14
16
18
21
24
25
24
25
25
26
26
10
13
16
22
25
26
25
24
25
25
25
22
39
39
35
33
32
36
43
50
58
66
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
71
79
76
76
55
61
86
86
91
145
97
94
93
101
101
104
108
108
109
95
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
104
111
97
106
102
100
101
99
102
105
112
117
100
107
90
95
101
101
102
104
62
52
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
3 (
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
63
66
77
85
89
84
63
68
94
100
105
161
July
August
September
no
October
114
November
121
December
For footnotes, see page 179.
no
115
114
OOOOCO
76
73
71
74
75
86
75
82
86
89
89
84
71
71
70
73
73
76
OOOO
"coo
Adjusted
no
115
115
111
Unadjusted
OOOOO
June
All other
Wholesale commodity
prices 3
OO
1936
Januarv
February
March
April
May
.
Residential
oooooo
April
May
June
July
August
September
October
November
December
....
Total
Department
store sales
(value)
Unadjusted
CO CO •**<
1935
January
February . ..
Minerals
Freight-car
loadings
Adjusted
OOOOOO
1934
January
February
March
April
May
..
J une
July
August
September
October
November
December
Manufactures
Factory
payrolls
80
79
79
81
82
82
82
82
84
1937
January
February
March
April
May
June
July
August
Septehiber
October
November
December
114
116
118
118
118
114
114
117
111
102
88
84
112
117
122
122
122
115
111
115
109
102
90
80
115
116
117
118
118
114
114
117
110
101
85
79
113
118
122
125
123
114
110
114
106
99
86
75
110
115
128
115
117
115
112
113
115
113
109
115
106
111
119
105
117
118
115
120
125
123
112
108
63
62
56
53
56
61
67
62
56
52
56
61
51
54
56
61
68
72
75
66
56
49
50
49
45
47
45
44
44
42
44
40
37
36
32
30
37
42
47
51
52
47
45
40
37
35
31
25
77
75
64
61
66
77
86
81
71
65
76
87
63
64
63
68
81
92
99
87
72
61
65
68
99
97
100
99
101 ' 101
102
102
102
102
101
101
103
101
102
102
101
102
98
101
94
95
89
89
91
96
101
105
105
103
100
104
100
100
90
81
80
82
83
84
80
78
80
79
78
76
71
67
73
76
80
79
80
79
82
81
87
84
72
62
93
95
93
93
93
93
94
92
94
93
91
89
72
76
90
89
95
90
65
72
100
103
101
156
86
86
87
87
87
85
82
1
Indexes compiled by the Board of Governors of the Federal Reserve System, except for indexes of wholesale commodity prices and indexes of factory employment and payrolls
without seasonal adjustment, which are compiled b y the "United States Bureau of Labor Statistics. Descriptions of these indexes have been published in the Federal Reserve Bulletin
as follows: Index of industrial production, February and March 1927 (certain revisions March 1929, February 1931, September 1931, March 1932, September 1933, and November 1936);
index of factory employment, December 1936 (certain revisions March 1937); index of construction contracts awarded, July 1931; index of freight-car loadings, June 1937; index
of department store sales, February 1928 (certain revisions November 1930, April 1935, and August 1936).
2
Based on 3-month moving average of F . W. Dodge data centered at second month.
3 1926= 100.
I
U
180
ANNUAL REPORT OF BOARD OF GOVERNORS
No.
8 2 . — M A N U F A C T U R I N G PRODUCTION, BY G R O U P S
[Index numbers, 1923-1925 average = 100.
All
Year and month
1919
1S20
1921
1922.
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1634
1935
1936
1937
industries
Iron
and
steel
Monthly series adjusted for seasonal variation]
Automobiles
Textiles
Leather
Rubber
and
Meat Tobaoco Petrotires
leum
prod- packing prodand
refining
ucts
ucts
tubes
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
109
82
99
46
82
105
89
106
113
104
119
130
94
60
31
53
60
79
110
118
50
58
41
66
102
91
107
108
86
110
135
85
60
35
48
69
99
112
121
92
84
87
99
105
91
104
104
113
107
115
91
94
83
97
85
104
111
111
104
97
90
102
108
95
97
99
103
102
104
92
90
85
97
100
109
115
113
92
82
80
88
102
104
94
92
93
96
94
90
91
89
97
110
76
92
84
82
87
85
89
96
99
105
112
118
124
134
131
123
111
116
128
135
152
159
54
64
64
74
86
99
115
127
136
152
168
161
155
140
145
151
164
182
202
55
77
86
98
116
116
120
144
135
100
96
78
88
92
97
115
109
76
80
82
85
86
83
74
72
69
72
74
85
56
64
67
77
85
86
48
39
38
41
49
65
56
71
80
85
78
81
78
61
51
41
40
88
87
91
94
90
88
77
78
80
63
89
87
97
98
108
107
117
118
101
99
97
88
85
92
104
100
94
86
102
108
103
120
128
142
119
110
107
138
132
119
128
128
132
128
126
125
120
125
143
142
144
143
152
153
154
156
157
152
153
155
154
97
100
106
97
81
84
83
79
79
82
107
133
90
88
87
86
84
85
87
89
92
95
97
101
80
80
72
67
66
66
69
81
83
88
96
103
103
102
105
104
85
99
94
92
91
96
105
107
103
100
99
98
102
100
104
104
106
112
107
111
108
110
110
115
114
104
109
105
104
105
109
124
83
76
73
77
67
69
76
76
82
79
80
136
133
130
138
134
138
140
130
129
138
137
147
151
155
153
153
160
166
168
169
172
176
176
173
106
110
102
103
96
95
81
91
97
91
99
99
96
92
93
100
101
105
109
110
110
111
115
121
86
83
83
100
105
112
119
120
119
127
137
143
108
93
107
122
117
118
124
111
107
93
105
122
105
102
100
99
100
107
116
'120
120
114
121
139
120
113
108
112
113
103
114
115
112
112
116
134
84
77
83
89
84
85
92
96
100
105
109
100
148
148
140
152
145
147
154
147
157
146
150
183
166
172
168
178
180
181
183
186
189
191
188
191
107
89
85
113
121
130
124
119
122
118
126
123
115
116
117
118
118
114
114
117
110
101
85
79
139
129
126
130
134
119
140
142
125
100
68
49
120
120
121
130
135
130
129
157
135
142
92
78
124
127
129
124
123
126
111
115
108
91
80
77
137
134
132
131
133
119
115
109
98
89
81
86
87
86
89
93
76
77
70
78
87
89
86
86
165
168
153
158
155
150
164
159
162
155
155
170
189
194
190
195
200
202
206
207
216
217
211
201
123
133
132
133
132
123
102
93
106
94
75
66
1934
January
February
March
April
May
June
July
August
September
October
November
December
1935
January
February
March
April
May
June
July
August
September
October
November
December
•
74
1936
January
February
March
April
May
June
July
August
September
October
November
December
1937
January
February
March
April
May
June
July
August
September
October
November
December
r
Revised.
NOTE.—Indexes for paper and printing group and lumber being revised; nonferrous metals group index not
computed from 1932 to 1937, inclusive; comparable copper figures not available. Rubber tire and tube figures
Digitized not
for adjusted
FRASER
for seasonal variation since 1934.
181
FEDERAL RESERVE SYSTEM
No. 83.—MINERAL PRODUCTION, BY INDUSTRIES
[Index numbers, 1923-1925 average = 100. Monthly series adjusted for seasonal variation]
Year and month
All industries
Bituminous
coal
Anthracite
Petroleum, Iron-ore
shipments
crude
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
104
115
89
109
79
78
108
93
99
110
99
96
102
89
73
59
64
69
71
83
85
109
110
112
65
115
109
76
104
99
93
91
86
74
62
61
71
64
68
63
52
61
64
75
99
97
104
105
122
122
137
122
116
107
123
123
135
149
173
1934
January
February
March
April
May
June
July
August
September
October
November
December
88
92
100
90
88
87
84
80
82
81
81
90
68
75
84
71
70
66
64
61
64
65
66
72
82
89
108
73
76
69
63
50
61
53
63
72
120
118
122
125
127
129
128
124
122
121
121
123
1935
January.
February
March
April
May
June
July
August
September
October
November
December
95
97
97
88
90
99
85
83
87
93
93
102
75
81
88
61
69
80
56
58
58
75
72
79
77
70
57
69
74
99
62
43
64
47
52
71
131
132
132
130
131
134
134
133
136
140
145
147
1936
January
February.. .
March
April
May
June
July
August
September
October
November
December
104
111
97
106
102
100
101
99
102
105
112
117
81
92
71
84
76
74
79
76
82
86
95
97
71
100
54
69
77
72
69
51
58
52
69
73
148
143
rl47
150
149
146
••145
149
146
152
152
161
1937
January
February
March
April
May
June
July
August
September
October
November
December
110
116
128
115
117
115
112
113
115
113
109
115
87
98
112
72
80
81
79
78
87
84
78
79
57
51
83
99
64
76
48
38
53
56
67
70
91
113
36
82
114
82
104
113
98
104
126
90
45
7
42
43
°55
86
121
40'
54
52
47
44
35
14
53
53
50
54
62
62
44
80
80
81
87
93
98
110
164
168
173
174
176 " " " l 5 9 '
172
122
174
121
181
126
177
113
176
91
174
40
176
Lead
Zinc
Silver
87
39
68
96
97
107
116
111
112
114
91
54
38
58
66
78
94
106
66
77
88
102
110
116
112
106
113
97
68
45
49
57
59
68
78
84
87
103
101
96
95
98
88
94
79
49
37
33
42
60
99
109
66
67
68
65
65
58
57
60
61
76
77
74
64
64
57
56
66
56
53
44
55
56
55
60
37
36
47
45
44
45
40
39
36
39
35
53
70
73
74
75
73
79
80
81
84
80
82
84
48
50
55
58
63
55
59
60
59
68
67
70
50
65
50
49
51
47
73
59
71
75
68
68
83
77
85
91
94
103
104
99
97
101
100
98
63
62
59
70
75
69
71
60
60
71
74
80
80
93
90
96
91
103
101
88
111
119
99
113
80
83
107
110
116
115
112
110
116
115
108
107
76
70
75
85
76
70
82
82
77
81
79
87
99
94
93
103
101
107
148
139
116
91
119
104
c
'Revised.
Corrected.
Backfiguresof monthly series.—For indexes of manufactures and of minerals (all industries), 1919-1937, see
table 81. Tables showing indexes, both adjusted and unadjusted, by groups and industries, 1919-1937, may
be FRASER
obtained from the Division of Research and Statistics.
for
Digitized
No. 84.—FACTORY PAYROLLS, BY GROUPS (WITHOUT SEASONAL ADJUSTMENT)
GO
[Index numbers, 1923-1925 average = 100. Adjusted to Census of Manufactures through 1933]
All
manufacturing
industries
Year and
month
Durable
goods
98 3
118 2
76 9
81 6
103 3
96 0
100 7
103.7
101 7
102.4
109 1
88 5
67.4
46 4
49.4
62 9
71 3
82.4
98 0
104.1
95 7
100 2
103.8
97 9
100.4
108 8
83 0
56.3
34 4
37.2
51 7
62.6
78.0
97 5
1933—January
February
March
April
JVTay
June
July
August
September
October
November
December
40 1
41.0
37 9
39.8
43 7
48.1
51 7
57.7
60 6
60.4
56.5
55.5
28.6
28.8
26.7
28.1
32.3
36.2
39.4
45.2
46 7
46.8
43.9
43.7
1934—January
February
March
April...
May
June
July
54.6
61.3
65 6
68.1
68.1
66 0
61.4
42.7
48.9
53 9
58.6
60.1
58 6
51.4
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
.
. .
...
Iron
and
steel
and
products
Machinery
Transportation
equipment
Group
97 1
123 8
57 0
70 6
103.2
96 7
100 1
105.0
98 6
100.4
107 8
85 7
55.0
30 4
39.0
52 3
64.4
84.1
107 3
103.3
134 8
69 6
72.2
104.1
94.9
101.0
111.1
106.2
111.3
134.3
102 7
64.2
37.3
40.5
60.4
74.4
94.8
127.6
107.7
90 8
101.5
99.5
89 8
101.6
105.4
70 2
52.3
37.8
35 6
61.8
79.2
94.2
117.0
25.0
25.0
27.0
32.3
38.8
44.0
52.6
53 5
50.4
45.9
46.3
30.2
30.9
28.6
29.4
33.4
38.3
41.7
46.2
49.3
52.9
53.0
51.9
32.3
29.0
25.0
28.6
34.8
36.4
39.1
44.8
43.4
39.1
34.8
39.6
43.8
48.7
54 6
60.7
65.5
66.9
51.1
50.3
54.6
58.7
63.5
65.5
65.1
61.8
47.6
64.7
76.2
83.2
79.4
70.5
59.4
26.9
Automobiles
74 8
90 3
48 7
65.7
100.6
90 6
108.8
104.8
93.3
113.9
111.6
65 7
53.4
38.8
38.3
68.2
89.5
102.0
123.1
35
31
26
31
38
41
44
50
48
41
35
41
52
74
88
96
90
77
63
Railroad
repair
shops
Nonferrous Lumber
and
metals
prodand
ucts
products
Stone,
clay,
and
glass
products
72.1
92 8
66 5
72.6
98.3
100.5
101.2
104.2
100.5
96.2
93.7
76 9
53.9
30.6
30.8
39.5
44.2
54.2
65.6
iO2.4
96.2
101.4
103.6
106.4
104.9
109.4
95 5
81.5
61.7
64.9
77.1
82.5
87.9
98.5
Nondurable
goods
to
ChemPaper icals
and and peprint- troleum
ing
products
Tex- Leather
tiles
Food
and
and
prodprod- products
ucts
ucts
Tobacco
products
89.8
99.9
107 7 106 5
89.3
86.5
91.4
96.1
105.8 106.9
93.8
95.3
100.4
97.8
100.2
98.9
106.8 100.3
101.7
95.8
105.2
99.0
85.6
82.3
75.2
72.1
53.6
57.6
61.8
61.2
72.4
71.7
81.0
74.1
83.6
72.8
89.6
78.2
73.1
107 3
124 6
99 1
82 5
104.5
85.9
99.1
96.2
104.1
99 4 99.5
96.5 104.3
92.1 110.8
91.0 111.0
86.1 112.3
81.8 119.5
72 7 114.6
97.3
60.1
48.2
74.8
44.1
68.3
48.8
78.5
47.7
84.2
50.0
91.6
54.5 102.9
102.2
96.4
101.4
108.7
107.8
108.0
120.9
112 2
92.0
71.7
76.2
91.6
98.9
107.8
132.7
102.1
97 0
100.9
107.4
106.8
108.0
118.4
106 6
87.7
66.9
72.5
89.0
96.9
106.4
131.4
101.0
92.9
106.1
107.0
110.0
117.5
115.1
84.7
62.5
47.4
55.0
68.8
74.2
87.6
96.8
Chemicals
except
petroleum
Rubber
products
109.6
95.6
94.8
96.1
92.0
87.2
90.4
76.1
61.7
42.0
40.3
46.5
48.8
59.4
64.3
103.7
95 9
100.4
63.1
40.3
43.8
58.8
70.9
85.2
106.1
89.8
110 4
69 7
82.3
100.0
98.5
101.5
102.4
96.6
94.1
97.3
72 5
46.2
26.6
30.3
36.9
44.6
55.3
63.5
37.9
37.9
36.7
34.9
37.4
36.5
38.5
44.5
43.8
47.4
44.6
43.1
33.6
34.1
31.4
33.0
37.8
42.4
45.5
50.7
54.0
56.0
54.7
52.5
21.9
22.2
20.1
21.9
24.7
29.0
31.8
36.4
41.2
41.8
37.5
34.9
23.2
24.0
24.1
24.6
27.6
32.0
33.3
37.2
36.7
36.9
35.1
34.4
54.6
56.4
52.2
54.8
58.2
63.3
67.3
73.5
78.3
77.7
72.4
70.4
48.6
53.2
45.7
49.5
52.6
59.9
64.9
74.7
79.2
78.1
70.2
64 6
47.9
55.1
51.6
50.0
55.5
62.9
70.7
76.5
75.8
70.6
58.1
59.2
66.7
65.3
63.2
69.9
72.9
76.2
79.4
84.7
97.3
93.6
87.9
87.0
36.9
38.5
34.8
34.9
43.7
45.4
45.3
46.2
49.9
52.9
51.9
48.3
66.0
64.8
62.3
61.3
63.7
65.4
66.7
69.9
73.7
75.0
74.5
76.2
68.1
68.2
67.1
67.0
69.7
73.4
76.0
80.0
83.7
87.6
86.8
87.0
63.3
63.5
61.9
61.8
64.8
69.1
72.5
77.6
81.2
85.3
84.2
84.5
40.4
41.0
36.7
39.8
49.0
58.8
66.1
67.1
66.4
67.8
62.9
63.7
40.7
44.1
47.0
51.3
51.9
52.0
49.4
49.3
54.7
59.7
62.1
63.8
61.0
56.2
30.5
34.1
36.0
37.8
39.6
38.6
35.7
33.0
36.5
38.3
43.0
44.3
43.7
40.5
69.7
77.1
80.4
80.1
78.3
75.4
74.2
65.4
79.0
84.2
81.0
75.1
67.5
63.5
65.4
79.2
81.9
73.7
76.6
70.7
75.0
83.1
83.4
84.5
85.5
89.8
94.7
98.5
41.0
47.0
47.3
47.8
48.0
49.3
49.0
73.3
75.0
76.8
78.6
79.5
77.0
76.3
86.7
89.3
91.1
94.2
90.6
90.7
91.1
84.0
87.1
89.1
93.1
88.2
88.2
87.8
63.0
70.8
76.4
80.1
77.7
73.4
67.0
iob.5
116.4
103.1
113 7
93 6
91.6
99.8
99.3
100.9
102.0
103.0
106.3
112.9
108 0
92.0
75.0
78.7
95.1
94.4
101.3
115.5
63.2
59.1
62.2
60.7
64.2
51.4
47.0
48.1
47.8
51.9
48.7
43.7
45.6
47.2
51.1
61.6
58.8
60.4
60.5
63.8
63.4
47.3
45.1
43.9
61.1
69
49
47
46
68
46.9
44.1
45.3
42.9
42.9
55.6
56.4
60.2
61.7
64.7
37.9
38.3
39.8
37.8
37.1
39.1
38.9
39.6
39.5
37.9
78.3
74.5
80.0
77.0
79.8
69.5
59.3
76.3
72.2
76.3
76.5
67.2
62.5
59.1
66.9
108.1
112.2
106.2
99.1
95.6
51.2
52.1
50.9
50.7
51.8
77.5
79.3
81.6
81.6
85.1
92.4
92.1
93.8
93.3
94.0
89.0
88.9
90.7
90.3
91.0
62.8
59.6
61.9
61.9
70.7
1935—January
February
March
April
May
June
July
August
September
October
November...
December
65.0
70.0
71.7
71.7
69.4
67.4
66.5
71.0
73.7
76.4
75.6
77.6
53.8
60.1
62.0
63.2
61.4
59.1
57.3
61.0
62.9
68.4
69.9
71.5
55.9
63.9
64.1
64.0
62.8
60.0
56.5
63.8
67.4
70.4
70.1
74.3
64.2
67.8
70.8
71.5
71.7
70.8
71.2
75.2
79.2
82.7
83.1
85.1
71.8
85.4
88.5
92.2
84.6
74.2
67.6
64.8
59.6
78.0
91.4
92.1
83
99
101
105
94
84
77
72
65
88
105
104
42.3
46.4
47.9
49.0
50.7
49.3
46.6
47.3
47.5
51.3
52.6
55.2
61.7
67.1
68.6
68.3
66.9
65.9
62.7
67.9
74.3
82.1
82.3
83.0
35.2
38.9
40.8
42.1
38.3
40.0
42.7
49.9
53.3
54.4
50.1
49.0
34.5
38.1
40.9
43.4
44.8
45.1
43.7
45.6
47.1
49.5
48.7
49.3
79.3
82.6
84.0
82.5
79.5
77.9
78.2
83.7
87.3
86.5
82.8
85.3
79.5
85.9
88.4
84.2
76.6
71.7
69.2
80.3
86.1
86.0
80.7
83.0
74.1
80.0
81.5
76.8
70.0
68.7
75.2
79.2
74.5
71.4
64.4
72.9
86.0
86.2
85.9
88.5
90.0
93.8
99.9
104.1
108.9
101.2
95.0
93.3
42.8
42.1
45.7
44.6
45.3
48.5
49.3
48.3
51.3
52.5
50.8
51.5
82.2
83.0
83.4
83.5
83.7
82.3
80.4
81.9
85.1
87.1
86.8
90.6
93.9
95.5
98.1
98.2
97.3
97.6
98.0
99.5
101.4
103.0
101.5
103.3
91.6
93.7
96.7
96.7
95.6
95.2
95.3
96.6
99.0
101.3
100.4
101.1
74.1
78.1
75.9
76.8
71.5
69.9
65.9
69.1
73.7
75.7
77.2
81.9
1936—January
February
March
April
May
June
July
August
September
October
November
December
73.8
73.7
77.6
79.3
80.8
81.1
80.2
83.5
83.6
89.0
90.7
95.2
66.9
66.6
71.8
76.0
78.5
79.0
75.9
77.0
77.2
85.3
88.9
93.4
69.6
70.3
75.4
79.7
83.0
84.6
81.8
86.8
87.1
93.2
95.8
103.2
82.5
83.5
86.8
91.2
94.7
95.8
92.8
93.9
94.7
102.7
105.6
113.6
85.7
77.1
87.0
99.9
101.6
98.7
92.6
81.0
76.3
95.8
113.4
120.9
96
84
94
109
111
107
100
83
77
102
126
136
50.5
55.9
60.9
58.6
59.5
60.1
56.0
57.7
59.2
63.9
65.2
65.5
76.1
76.0
77.6
77.8
79.0
79.9
77.4
82.9
88.0
99.7
102.0
105.5
45.9
45.8
50.3
52.3
54.4
55.8
54.5
58.9
60.3
63.5
60.8
60.5
41.9
42.4
48.2
52.4
55.6
55.8
55.3
58.3
58.2
62.5
61.1
59.1
82.5
82.7
84.9
83.5
83.8
83.9
85.6
91.8
91.6
93.7
92.9
97.5
80.2
82.3
85.7
81.3
78.2
76.8
77.3
87.4
83.9
88.5
87.2
94.6
76.7
77.4
73.1
67.7
63.8
64.6
74.2
80.3
75.7
74.0
67.3
78.3
89.8
87.4
90.2
90.3
95.7
98.9
107.0
114.0
116.5
111.5
108.3
105.7
43.0
44.9
46.5
44.0
48.5
50.1
51.0
53.5
53.3
54.7
54.8
55.4
86.9
87.7
89.3
89.8
90.7
89.2
86.6
89.4
92.0
96.5
98.6
102.6
100.4
99.9
104.5
103.8
105.4
105.4
106.4
108.1
112.0
114.4
114.7
118.3
98.8
98.5
103.0
102.5
104.0
103.3
103.8
106.8
110.6
113.9
113.3
118.0
78.0
74.9
66.7
82.8
86.4
89.0
87.1
90.8
92.2
96.8
101.2
104.8
1937—January
February
March
April
May
June
July
August
September
October
November
December
90.7
95.8
101.1
104.9
105.2
102.9
100.4
103.8
100.1
100.1
89.5
80.9
86.6
92.5
100.0
106.4
107.5
104.6
100.7
104.0
99.4
101.7
89.9
77.0
99.8
103.9
112.6
124.5
124.7
110.4
113.5
120.4
112.8
106.8
85.7
71.9
111.0
118.2
125.5
133.9
134.9
137.2
133.6
137.1
134.3
134.2
121.2
110.6
100.7
112.3
123.6
128.6
134.1
127.8
117.5
112.8
104.4
129.9
120.0
92.4
108
122
132
136
144
135
124
115
106
138
126
91
61.2
63.4
65.8
67.4
67.1
68.7
63.5
67.3
63.1
64.9
63.3
55.7
97.1
103.5
111.8
114.2
113.1
111.5
105.3
109.9
110.1
109.9
99.9
86.5
54.9
58.2
64.6
68.3
68.2
72.3
67.3
71.4
68.2
65.3
55.1
48.4
52.7
59.8
66.1
71.1
72.0
71.4
66.1
70.5
69.9
69.6
63.6
54.5
96.0
99.9
102.6
102.9
102.3
100.8
100.0
103.5
100.9
98.2
89.0
85.8
94.6
100.1
103.2
100.2
96.2
91.3
85.5
92.1
87.1
84.2
71.5
68.7
86.3
90.9
92.4
87.7
81.6
80.6
84.6
83.7
71.6
66.3
53.8
58.4
100.5
101.3
104.1
108.2
111.6
115.8
128.3
131.2
133.2
125.0
115.9
110.4
47.1
52.6
52.4
52.3
53.6
55.7
55.8
57.2
56.5
57.9
57.2
55.7
98.7 " 119.4
100.5 123.6
104.1 128.1
104.8 136.4
105.9 136.7
104.9 137.4
101.6 136.8
102.6 140.7
103.7 139.0
105.1 137.5
101.5 132.1
100.8 124.4
119.4
123.9
128.8
136.2
136.2
135.7
134.9
137.7
137.7
136.1
129.6
120.3
99.4
104.4
99.8
100.3
109.2
103.8
96.8
97.0
97.4
94.3
82.0
77.1
August
September
October
November
December
NOTE.—Indexes compiled by the Bureau of Labor Statistics. Back figures for these groups and indexes for individual industries may be obtained from the Bureau. Underlying
figures are for payroll period ending nearest middle of month.
GO
CO
INo. 85.—FACTORY EMPLOYMENT, BY GROUPS
[Index numbers, 1923-1925 average=100. Adjusted to Census of Manufactures through 1933]
Year and
month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
Machinery
industries
Iron
and
steel
and
products
106.7
107.8
82.2
90.3
104.1
96.4
99.5
101.3
98.9
98.7
104.7
91.3
77.3
65.5
72.0
82.5
86.0
91.9
99.3
107.8
66.6
84.1
103.9
97.0
99.1
102.5
97.2
96.6
102.6
89.2
69.7
56.5
64.6
76.2
81.1
92.3
104.1
116.6
128.6
77.5
81.7
105.8
94.9
99.3
107.4
102.4
104.9
125.9
104.9
78.3
57.0
60.8
80.0
89.7
103.7
124.0
All
manufacturg
• *?
Durable
104.6
96.4
99.0
101.7
95.6
96.1
103.7
86.1
67.3
52.8
56.7
69.7
75.5
84.7
95.5
Transportation
equipment
Group
Automobiles
107.6
93.1
99.3
99.1
87.9
96.2
103.5
80.2
66.3
55.5
54.5
83.5
95.7
103.4
118.2
85.1
88.1
52.9
71.9
100.6
93.6
105.8
104.8
91.9
108.1
111.3
80.3
71.0
60.5
60.6
94.5
110.4
114.1
128.3
Railroad
repair
shops
108.6
96.4
95.0
95.5
89.0
83.8
82.6
73.4
64.1
52.5
50.2
53.5
51.7
58.3
60.9
Nonferrous Lumber
metals
and
and
prodproducts
ucts
Stone,
clay,
and
glass
products
76.6
97.4
101.5
98.3
100.2
100.3
93.9
92.1
95.2
75.8
56.0
43.6
49.9
54.5
58.7
64.7
68.7
86.4
89.8
72.2
85.5
100.4
98.9
100.7
103.8
99.9
95.7
93.8
80.2
63.7
46.7
49.4
57.6
58.6
64.2
70.0
105.4
96.7
97.9
111A
74.0
60.4
66.7
81.1
90.2
99.6
111.4
Nondurable
goods
103.5
96.4
100.1
100.9
102.4
101.6
105.8
96.9
87.9
79.2
88.4
96.2
97.3
99.5
103.4
Tex- Leather
tiles
Food
and
and
prodprod- products
ucts
ucts
Tobacco
products
ChemPaper icals
and and peprint- troleum
products
99.0
92.6
97.3
105.2
94.9
99.9
99.9
104.0
101.3
104.8
92.9
87.2
77.9
90.5
94.4
98.4
100.7
102.7
108.1
98.5
86.6
97.3
106.6
96.3
97.1
96.6
97.7
95.6
98.5
91.2
84.3
81.2
87.2
92.4
92.5
91.9
93.6
114.5
109.6
93.3
96.5
101.4
98.3
100.3
99.7
100.2
103.8
111.1
107.8
95.6
88.6
100.3
114.5
109.4
111.1
115.5
113.4
111.3
108.3
105.8
105.7
98.8
95.5
90.9
93.4
90.7
83.9
78.3
72.1
65.6
63.1
66.2
61.3
61.0
60.8
103.4
88.0
92.2
99.2
99.7
101.1
104.1
104.1
105.0
111.3
108.0
96.3
85.5
86.7
95.4
97.6
100.8
106.4
102.9
96.8
100.3
106.5
104.2
103.0
115.7
109.4
95.4
85.5
97.5
110.7
111.9
114.6
123.8
102.9
96.9
100.2
105.4
102.8
102.5
113.6
105.6
92.7
82.2
95.4
108.8
110.7
113.8
123.8
102.6
91.8
105.6
105.1
105.7
111.1
111.0
85.9
73.9
67.6
79.1
88.4
85.6
90.8
97.3
80.0
83.1
78.3
80.8
85.0
92.5
98.2
100.5
100.9
100.4
95.6
90.7
79.9
84.4
83.8
82.2
83.9
87.5
93.5
97.0
94.8
92.9
83.1
82.8
83.8
83.2
82.5
88.6
91.3
96.0
100.8
111.7
127.1
122.0
110.9
105.3
58.5
61.6
56.4
55.3
62.6
64.7
63.9
65.7
65.3
68.2
69.7
65.6
82.1
81.9
80.5
80.2
81.2
82.7
84.4
89.1
93 2
94^9
94.6
95.0
85.9
87.3
89.8
88.4
87.6
89.8
97.7
100.9
111.1
111.4
110.7
109.8
83.0
84.4
87.3
85.5
84.1
86.4
96.1
99.6
110.9
110.2
109.1
107.7
65.0
65.8
63.7
63.9
67.8
75.2
83.6
92.8
94.7
94.7
92.4
89.5
Chem- Rubicals
ber
except prodpetro- ucts
leum
i.O
Without seasonal adjustment
1933—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
62.6
63.7
61.5
62.9
65.8
70.2
74.9
79.6
83.2
82.8
79.5
77.6
48.1
48.7
46.9
47.6
50.4
54.2
58.8
63.6
66.9
66.7
64.8
64.1
51.7
54.1
52.2
53.8
57.0
62.2
68.3
74.9
77.9
76.4
74.3
72.9
49.6
50.4
49.0
49.6
52.1
56.3
60.2
66.6
71.7
75.0
75.5
73.8
51.4
50.5
45.5
45.7
49.1
52.0
58.7
61.8
64.6
59.5
53.8
61.4
57
57
50
51
55
59
67
70
73
65
58
67
50.2
49.2
48.9
46.5
47.9
46.5
49.8
52.2
53.1
53.0
52.9
51.6
56.1
57.2
54.8
56.2
58.8
63.1
66.4
73.9
78.9
80.4
78.7
76.0
41.0
41.1
39.6
40.9
43.9
48.9
52.8
56.6
60.4
61.0
58.0
55.1
38.8
40.4
40.9
42.6
45.6
50.6
53.9
57.4
57.5
56.1
54.9
53.5
78.2
79.9
77.1
79.3
82.2
87.3
92.2
96.8
100.7
100.1
95.3
92.0
1934—January
February
March
April
May
June
July
August
September
October
November
December
76.5
81.1
84.4
86.0
86.2
84.9
82.5
83.6
80.1
82.2
80.4
81.5
63.2
67.0
70.9
73.9
75.6
74.8
71.4
70.0
68.1
66.7
66.1
68.1
70.0
73.3
76.9
79.8
82.7
84.1
78.1
76.2
73.0
72.9
73.2
73.9
72.1
75.1
79.0
82.5
83.5
83.1
81.4
81.4
80.5
80.4
80.4
80.9
71.6
85.2
94.4
100.2
100.4
96.1
88.8
84.2
74.5
64.5
62.6
78.9
81
99
110
117
116
108
100
94
82
70
68
90
50.9
51.5
53.5
55.7
57.5
57.7
56.2
53.2
53.7
52.0
49.7
50.2
73.1
77.1
81.9
84.2
85.1
82.9
79.8
79.8
80.2
82.0
83.0
84.2
50.6
52.2
54.0
55.2
57.3
56.2
54.8
54.9
55.4
55.9
54.4
53.3
51,6
54.0
56.6
60.2
63.0
62.5
59.2
58.0
57.8
56.7
56.9
54.4
90.8
96.1
98.8
99.0
97.5
95.7
94.3
98.2
92.9
98.9
95.7
95.9
90.9
100.0
103.5
102.5
99.3
94.0
88.8
91.3
76.9
95.7
93.9
95.7
87.2
95.1
97.5
97.1
96.3
92.3
94.2
96.0
90.2
87.7
85.9
89.2
99.6
99.4
102.4
103.6
106.0
112.6
119.1
134.8
140.2
129.5
116.5
110.5
57.3
65.5
68.0
68.3
64.7
66.1
64.6
68.9
68.5
69.1
67.7
65.4
92.9
93.7
94.2
95.7
96.4
95.2
93.9
94.4
95.8
97.0
97.4
98.1
110.0
112.6
114.5
114.8
108.3
106.8
107.5
109.1
111.0
111.8
110.9
110.9
108.1
111.4
113.8
114.7
106.2
103.9
104.7
106.3
108.8
109.8
108.9
109.2
87.4
90.0
93.0
96.3
96.6
92.8
89.3
85.8
83.2
81.9
81.2
83.6
1935—January
February
March
April
May
June
July
August
September
October
November
December
82.2
85.1
86.2
86.3
84.8
83.2
83.5
86.3
88.1
89.4
88.8
88.3
70.0
73.4
75.1
75.9
75.4
73.5
73.4
74.7
75.4
79.2
80.3
80.0
75.4
78.9
80.1
80.3
80.4
79.7
79.0
81.1
82.7
84.7
85.1
85.2
82.3
84.7
86.8
88.0
87.4
87.2
88.4
90.0
93.7
95.6
96.5
95.9
93.2
101.6
104.2
105.3
103.1
94.1
87.8
84.0
76.2
92.9
101.7
104.0
110
119
121
122
118
109
102
96
85
106
117
120
49.8
51.0
51.7
51.0
51.7
51.9
51.6
50.9
50.7
53.1
53.7
53.8
83.3
87.0
88.5
89.0
88.2
86.9
85.2
87.2
92.3
97.7
99.0
98.2
52.2
55.1
56.5
57.8
56.7
54.0
57.8
62.0
63.9
64.5
62.5
60.8
51.2
53.6
55.8
57.7
59.7
60.5
59.7
60.9
60.8
61.9
61 4
60.1
95.4
97.5
98.1
97.4
94.9
93.6
94.4
98.7
101.7
100.3
97.8
97.2
98.2
101.8
102.7
100.6
96.6
93.1
90.5
96.1
99.4
101.2
100.1
100.0
93.0
96.5
97.5
96.3
91.3
87.3
91.8
94.9
93.4
91.0
86.5
90.7
100.9
100.3
99.0
102.1
102.3
106.2
115.9
124.3
132.4
118.4
107.8
103.1
59.6
60.5
61.0
60.1
59.9
61.2
61.0
61.3
62.5
63.6
63.2
61.6
96.2
97.3
97.4
97.5
97.1
96.1
96.0
96.5
97.9
99.0
99.4
100.3
110.3
111.2
114.1
113.0
109.8
109.2
108.9
110.1
112.9
115.5
114.5
113.2
108.8
110.4
113.9
112.5
108.5
107.1
106.6
107.8
111.8
114.8
113.8
112.3
86.4
87.8
87.9
86.8
85.7
84.2
81.7
82.7
84.6
86.3
86.2
86.4
1936—January
February
March
April
May
June
July
August
September
October
November
December
86.8
86.9
87.9
89.1
89.8
90.1
91.2
93.5
95.5
96.7
96.9
98. 1
78.7
78.6
80.2
82.3
84.0
84.7
84.6
84.7
85.7
89.2
91.0
92.7
84.4
84.4
85.6
87.8
90.1
91.4
93.0
95.3
97.2
98.9
99.3
100.4
95.3
95.5
96.9
99.6
102.4
103.6
104.0
104.4
107.5
109.6
111.4
114.1
102.6
99.8
100.9
104.9
106.3
105.3
101.9
93.0
87.3
102.1
115.0
122.1
118
114
113
116
117
116
111
98
90
110
128
139
54.0
56.1
58.0
57.8
58.0
58.5
56.9
58.4
59.3
60.4
60.6
61.2
95.0
94.9
94.6
94.4
94.7
95.5
94.5
98.4
102.9
108.3
110.0
111.6
59.2
59.2
61.3
62.8
64.1
64.8
65.6
66.6
68.2
69.2
67.8
67.1
55.2
55.3
58.9
63.0
65.3
66.4
67.0
68.0
68.2
69.1
67.3
67.1
95.4
95.8
96.1
96.3
96.0
95.9
98.2
102.8
105.9
104.7
103.3
104.0
98.2
99.2
100.5
99.5
97.4
96.2
96.3
101.8
103.4
104.3
104.8
106.4
92.9
94.4
93.6
90.8
88.2
86.8
91.4
94.4
94.1
92.8
89.0
94.0
98.4
96.7
97.7
100.3
102.7
107.9
116.9
127.9
135.9
124.2
114.1
110.6
54.9
58.7
59.2
58.6
60.0
60.2
60.6
63.0
63.6
64.5
65.9
63.3
98.0
98.8
98.7
99.1
99.5
98.8
98.5
100.1
102.6
104.0
105.0
106.0
111.8
110.8
113.8
112.3
111.8
110.3
112.7
113.4
119.5
120.3
119.7
119.3
110.8
109.8
113.6
111.3
110.7
108.5
110.5
112.2
118.8
120.2
119.4
119.3
85.6
85.1
75.4
87.9
88.9
89.8
90.8
92.2
94.3
97.9
100.0
101.9
90.4
93.2
96.4
98.6
99.9
98.8
98.9
98.1
97.3
97.6
92.4
84.3
100.0
103.4
106.8
108.9
110.1
101.4
107.6
108.7
108.8
105.8
98.1
90.0
114.9
118.6
121.2
124.3
126.1
129.2
129.9
130.2
130.7
128.9
121.4
113.1
112.7
116.0
121.0
125.4
128.3
126.4
119.9
111.8
107.0
122.7
121.8
105.5
125
127
132
136
140
138
130
119
113
134
133
113
61.2
61.6
62.2
63.3
63.6
64.0
63.8
62.1
60.4
59.0
57.4
52.7
106.9
111.5
114.6
115.5
115.5
113.9
111.5
112.8
114.1
112.7
108.4
98.9
65.0
65.8
69.8
70.6
71.6
72.9
72.9
73.0
71.8
69.5
63.5
58.1
62.5
67.2
70.3
73.0
74.4
74.0
71.7
71.9
72.7
71.4
68.2
63.2
103.0
105.2
106.1
105.9
104.8
103.5
104.1
106.9
107.3
103.6
97.3
93.3
107.1
110.2
111.2
109.9
107.3
103.4
100.0
102.8
101.6
98.8
92.0
88.2
97.5
99.9
100.8
98.3
95.1
93.8
96.3
96.6
92.7
89.5
80.3
81.8
105.2
105.1
105.7
107.7
107.9
112.6
124.9
132.5
137.8
125.0
114.6
107.3
57.1
60.5
60.8
60.2
59.9
60.1
60.6
61.8
62.1
62.6
62.9
60.8
104.3
105.7
107.1
107.2
107.7
106.9
106.0
106.3
107.7
107.9
106.4
104.1
120.2
121.9
124. S
126.6
124.5
123.9
124.3
124.9
128.6
126.5
122.7
116.3
120.4
122.4
126.0
127.7
124.6
123.4
123.5
124.1
128.9
126.7
122.4
115.4
101.3
101.6
96.7
96.7
103.6
101.2
96.2
97.9
98.0
97.7
90.9
86.0
1937—January
February
March
April
May
June
July
August
September
October
November
December
See end of table for
96.5
99.0
101.1
102.1
102.3
101.1
101.4
102.3
102.1
100.5
94.7
88.6
GO
No. 85.—-FACTORY EMPLOYMENT, BY GROUPS—Continued
[Index numbers, 1923-1925 average = 100. Adjusted t i Census of Manufactures through 19331
Year and
month
All
manufacturing
industries
Durable
goods
Iron
and
steel
and
products
Machinery
Transportation
equipment
Group
Automobiles
Railroad
repair
Nonferrous Lumber
metals
and
and
prodproducts
ucts
Stone,
clay,
and
glass
products
Nondurable
goods
Tex- Leather
tiles
Food
and
and
prodprod- products
ucts
ucts
Tobacco
products
ChemPaper icals
and and peprint- troleum
ing
products
I
Chem- Rubicals
ber
except prodpetro- ucts
leum
Adjusted for seasonal variation
1933—January....
February...
March
April
May
June
July
August
September.
October....
November.,
December,.
64.2
64.1
61.4
62.7
65.9
70.7
76.1
79.4
81.2
81.2
79.5
78.2
49.4
49.0
46.9
47.0
49.4
53.5
58.8
63.6
66.7
66.8
65.3
64.8
53.0
54.2
51.9
53.4
56.3
61.8
68.8
75.0
77.8
75.8
74.4
73.3
50.0
50.4
49.0
49.5
52.1
56.5
60.9
67.1
71.1
73.6
74.3
73.4
50.1
48.0
42.8
42.3
44.7
48.9
56.3
62.9
69.3
70.2
63.4
64.2
55
53
46
47
49
55
64
71
79
79
70
71
51.2
49.4
48.9
45.8
47.1
46.3
50.2
52.4
52.9
52.7
52.9
52.0
57.7
57.3
54.2
55.7
58.8
63.7
68.7
75.8
78.4
78.1
76.4
75.4
43.4
42.6
40.8
41.4
43.9
48.4
52.8
55.3
58.2
58.3
56.4
55.8
43.8
44.2
42.7
42.0
43.7
48.0
52.5
55.7
55.5
54.4
54.1
54.9
80.1
80.3
77.1
79.4
83.6
89.0
94.7
96.4
96.8
96.6
94.8
92.6
80.9
80.9
75.3
79.3
85.2
94.4
104.3
103.4
99.9
98.0
95.2
90.9
81.8 90.7
82.9 92.1
81.0 91.3
80.9 95.3
84.7 97.6
89.9 98.4
92.4 98.4
92.7 102.7
91.7 108.7
92.0 110.6
88.0 109.2
87.6 108.0
63.3
62.2
57.0
56.2
63.9
64.8
64.4
64.9
63.4
64.7
66.0
65.0
81.8
81.7
80.8
80.4
81.5
83.7
85.4
90.0
93.3
94.1
93.4
93.2
86.0
86.8
85.9
85.8
89.5
93.6
101.3
103.1
106.9
108.4
108.9
108.7
82.9
83.4
82.2
82.1
86.2
91.2
100.9
102.7
106.1
106.8
106.8
106.2
65.6
65.9
63.7
63.6
66.6
73.9
83.8
94.0
95.9
94.9
91.6
89.6
1934—January
February..
March
April
May
June
July
August
September.
October...,
November.
December.
78.3
81.4
84.0
85.4
85.9
85.2
83.4
83.0
78.1
80.8
80.8
82.3
64.8
67.3
70.4
72.6
73.8
73.7
71.4
70.1
68.2
67.1
67.0
68.9
71.7
73.4
76.6
79.2
81.6
83.5
78.6
76.2
72.6
72.4
73.4
74.4
72.9
75.5
79.3
82.6
83.4
83.3
82.5
82.0
79.8
79.3
79.6
80.5
69.8
80.1
87.7
91.8
91.2
90.4
85.1
85.5
81.1
75.9
74.8
82.6
91
101
106
105
101
95
96
91
85
84
95
51.8
51.7
53.4
55.0
56.4
57.4
56.7
53.4
53.4
51.8
49.7
50.6
75.1
77.2
80.9
83.3
85.0
83.7
82.6
81.9
79.8
79.5
80.4
83.4
53.7
54.1
55.3
55.8
57.2
55.6
54.8
53.6
53.4
53.4
53.2
54.0
57.4
58.2
58.5
59.2
60.4
59.4
58.1
56.7
56.1
55.1
56.1
55.9
92.9
96.4
98.7
99.1
98.9
97.4
96.4
96.8
88.7
95.6
95.5
96.7
91.8
97.3
99.6
100.5
99.6
95.9
94.4
94.1
75.8
93.4
93.6
95.9
88.8
93.4
94.2
95.3
97.2
94.6
93.1
92.0
87.6
87.0
91.4
94.2
108.1
109.2
113.9
111.3
112.7
115.1
115.2
119.2
119.1
118.4
116.1
114.8
62.0
66.7
69.0
69.4
66.2
66.1
65.3
67.8
66.4
65.5
64.1
64.4
92.6
93.5
94.5
96.0
96.7
96.3
95.1
95.4
95.9
96.2
96.1
96.2
110.2
112.0
112.2
112.4
110.1
110.3
110.9
111.3
110.0
109.3
109.4
110.2
108.3
110.3
110.7
111.6
108.2
108.4
109.2
109.4
107.9
106.9
107.1
108.2
88.1
90.1
92.6
95.4
94.9
91.4
89.9
87.2
84.4
82.2
80.8
84.1
1935—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
84.1
85.3
85.7
85.6
84.6
83.7
85.0
86.1
86.3
87.3
88.1
88.7
71.4
73.4
74.4
74.4
73,7
72.8
74.3
75.7
76.2
78.3
79.3
80.0
77.2
79.1
79.8
79.7
79.4
79.2
79.4
81.1
82.3
84.2
85.3
85.7
83.1
85.1
87.0
87.9
87.2
87.4
89.6
90.8
93.0
94.3
95.5
95.5
94.7
96.1
95.7
93.7
91.3
90.9
91.9
89.0
95.6
99.0
101.0
104
109
110
109
106
106
106
107
103
110
113
115
50.7
51.2
51.7
50.3
50.8
51.6
52.0
51.1
50.4
52.8
53.7
54.3
85.5
87.1
87.4
88.1
88.1
87.7
88.3
89.5
91.9
94.9
96.1
97.4
55.4
57.1
57.9
58.4
56.7
53.6
57.8
60.6
61.6
61.7
61.1
61.6
56.8
57.7
57.4
56.6
57.2
57.6
58.6
59.6
59.1
60.2
60.5
61.8
97.7
98.1
97.8
97.6
96.4
95.3
96.4
97.3
97.2
96.9
97.4
98.1
99.1
99.0
98.8
98.7
96.9
94.9
96.3
98.9
98.5
98.7
99.8
100.4
94.5
94.8
94.2
94.6
92.1
89.4
90.7
91.4
90.7
90.2
92.1
95.3
110.4
111.3
109.4
110.2
109.6
108.7
110.9
108.7
109.1
107.2
107.1
107.3
64.6
61.8
62.0
61.0
61.2
61.3
61.7
60.3
60.5
60.3
59.9
60.4
95.9
97.1
97.7
97.8
97.4
97.2
97.2
97.4
98.0
98.2
98.1
98.4
110.6 109.2
110.8 109.7
111.4 110.3
111.3 110.0
111.2 109.9
112.6 111.4
112.1 110.9
112.2 110.7
111.9 111.0
112.9 111.9
112.9 111.8
112.4 111.2
87.3
87.9
87.3
85.9
84.1
83.2
82.2
84.2
85.9
86.6
85.7
86.6
1936—January
February
March
April
May
June
July
August
September
October
November
December
88.8
87.4
87.7
88.6
89.8
90.4
92.8
93.4
93.8
94.4
96.2
98.6
80.4
79.2
80.1
81.2
82.7
83.8
85.6
85.7
86.6
88.2
89.9
92.7
86.4
84.7
85.3
87.1
89.0
90.8
93.5
95.3
96.8
98.4
99.6
101.0
96.3
95.8
96.9
99.3
102.2
103.9
105.3
105.3
106.8
108.4
110.4
114.0
100.0
97.0
97.7
99.2
101.3
102.2
105.1
100.9
100.8
105.0
112.3
118.7
113
109
108
109
112
112
116
109
109
113
123
133
55.0
56.4
58.0
57.0
57.0
58.2
57.4
58.7
59.1
60.1
60.6
61.7
97.4
95.0
93.4
93.4
94.6
96.4
97.8
101.1
102.5
105.2
106.7
110.7
62.8
61.4
62.8
63.5
64.1
64.2
65.6
65.1
65.8
66.2
66.2
67.9
61.4
59.7
60.8
61.9
62.5
63.0
65.7
66.4
66.1
67.2
66.3
69.0
97.8
96.3
95.8
96.5
97.3
97.6
100.4
101.8
101.6
101.2
102.9
104.9
99.2
96.5
96.7
97.6
97.6
98.1
102.6
104.9
102.6
101.7
104.4
106.8
94.4
92.7
90.4
89.2
89.0
89.0
90.3
90.9
91.4
92.0
94.9
98.8
107.4
106.8
107.8
107.7
109.3
110.3
112.4
113.2
113.3
112.7
113.4
115.0
59.6
60.0
60.1
59.4
61.3
60.3
61.2
61.9
61.7
61.1
62.4
62.0
97.7
98.6
99.0
99.4
99.8
100.0
99.8
101.1
102.7
103.1
103.6
104.0
112.2
110.6
111.6
110.8
113.1
113.2
115.7
115.4
118.5
117.9
118.1
118.6
111.2
109.2
110.6
109.1
112.0
112.2
114.6
114.9
118.1
117.4
117.4
118.3
86.4
85.2
74.9
87.1
87.4
88.8
91.4
93.9
95.8
98.3
99.4
102.2
1937—January
February
March
April
May
June
July
August
September
October
November
December
98.8
99.7
100.9
101.6
102.2
101.4
103.0
102.4
100.7
98.4
94.1
89.0
92.4
93.9
96.3
97.4
98.4
97.8
100.1
99.3
98.6
96.7
91.4
84.4
102.3
103.7
106.4
108.0
108.7
100.7
108.3
108.7
108.4
105.4
98.4
90.5
116.0
118.9
121.1
123.7
125.6
129.4
131.5
131.3
130.2
128.0
120.8
113.2
110.2
113.0
117.3
118.6
122.2
122.6
123.5
121.3
123.9
126.3
119.1
102.8
120
123
127
128
133
134
136
132
136
138
128
109
62.3
61.9
62.2
62.4
62.4
63.7
64.4
62.4
60.1
58.7
57.4
53.2
109.6
111.7
113.2
114.3
115.4
115.0
115.4
115.9
113.7
109.4
105.1
97.9
68.8
68.1
71.4
71.4
71.7
72.3
72.9
71.4
69.3
66.4
62.1
58.8
69.5
72.6
72.6
71.8
71.3
70.4
70.4
70.3
70.5
69.4
67.2
64.9
105.4
105.8
105.9
106.2
106.2
105.3
106.2
105.6
102.9
100.2
97.0
94.0
108.3
107.3
107.0
107.9
107.6
105.4
106.2
105.9
100.9
96.4
91.6
88.4
99.1
98.1
97.4
96.5
96.0
96.1
95.2
93.0
90.0
88.8
85.7
86.1
114.8
116.7
117.0
116.1
114.8
114.7
119.4
116.2
114.8
113.8
114.2
111.5
62.0
61.8
61.7
61.1
61.2
60.2
61.3
60.8
60.2
59.3
59.6
59.6
104.0
105.5
107.4
107.5
108.0
108.2
107.3
107.4
107.8
107.0
105.0
102.1
120.7
121.6
122.5
124.4
126.0
127.5
127.7
127.2
127.4
123.7
120.9
115.5
120.9
121.8
122.7
1'24.8
126.1
128.0
128.1
127.3
127.9
123.4
120.2
114.2
102.3
101.7
96.0
95.8
101.7
100.0
99.5
98.1
90.4
86.3
NOTE.—Indexes without seasonal adjustment compiled by the Bureau of Labor Statistics. Back figures for these groups and indexes for individual industries may be obtained
from the Bureau. Seasonally adjusted indexes compiled by Board of Governors. For description, see pages 950-953 of Bulletin for December 1936. For back figures for these groups
and indexes for individual industries, see Bulletin for December 1936, pages 953-978 and March 1937, page 259. Underlying figures are for payroll period ending nearest middle of month.
188
ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 86.—WHOLESALE COMMODITY PRICES, BY G R O U P S 1
[Index numbers of Bureau of Labor Statistics.
1926 = 100]
Other commodities
All
commodities
Farm
products
Foods
69 8
68.1
69 5
85.5
117.5
131.3
138 6
154.4
97.6
96 7
100.6
98.1
103.5
100.0
95 4
96.7
95.3
86.4
73.0
64.8
65.9
74 9
80.0
80.8
86.3
71.5
71.2
71 5
84.4
129.0
148.0
157 6
150.7
88.4
93 8
98.6
100.0
109.8
100.0
99 4
105.9
104.9
88.3
64.8
48.2
51.4*
65 3
78.8
80.9
86.4
July
August
September....
October
Nfovember
December
78.8
79.5
79.4
80.1
80 2
79 8
79.4
80.5
80.7
80.5
80.6
80.9
1936
January
February
March
April
May
June
July
August
September....
October
November
December
1937
January
February
March
April
May
June
July
August
September....
October
November
December
Year and
month
1913
1914....
1915
1916
1917
1918
1919
1920..
1921
1922
1923
1924
1925
1926 (base). . . .
1927
1928
1929
1930
1931....
1932
1933
1934
1935
1936
1937
1935
January
February
March
April
May .
June
Total
Hides
and
leather
products
Textile
products
Fuel Metals
and
Build- Chem- Housefurand
Mislight- metal
icals
ing
nish- cellaing
and
ing
prod- mateneous
mate- ucts
drugs goods
rials
rials
64.2
64.7
65 4
75.7
104.5
119.1
129 5
137.4
90.6
87 6
92.7
91.0
100.2
100.0
96 7
101.0
99.9
90.5
74.6
61.0
60.5
70 5
83.7
82.1
85.5
70.0
66.4
68 0
88.3
114.2
124.6
128 8
161.3
104.9
102 4
104.3
99.7
102.6
100.0
94 0
92.9
91.6
85.2
75.0
70.2
71.2
78 4
77.9
79.6
85.3
68 1
70.9
75 5
93.4
123.8
125.7
174 1
171.3
109.2
104 6
104.2
101.5
105.3
100.0
107 7
121.4
109.1
100.0
86.1
72.9
80.9
86 6
89.6
95.4
104.6
57 3
54.6
54 1
70.4
98.7
137.2
135 3
164.8
94.5
100 2
111.3
106.7
108.3
100.0
95 6
95.5
90.4
80.3
66.3
54.9
64.8
72 9
70.9
71.5
76.3
61.3
56.6
51 8
74.3
105.4
109.2
104.3
163.7
96.8
107 3
97.3
92.0
96.5
100.0
88 3
84.3
83.0
78.5
67.5
70.3
66.3
73 3
73.5
76.2
77.6
90.8
80.2
86 3
116.5
150.6
136.5
130.9
149.4
117.5
102 9
109.3
106.3
103.2
100.0
96 3
97.0
100.5
92.1
84.5
80.2
79.8
86 9
86.4
87.0
95.7
56 7
52.7
53.5
67.6
88.2
98.6
115 6
150.1
97.4
97 3
108.7
102.8
101.7
100.0
94 7
94.1
95.4
89.9
79.2
71.4
77.0
86 2
85.3
86.7
95.2
80 2
81.4
112.0
160.7
165.0
182.3
157.0
164.7
115.0
100 3
101.1
98.9
101.8
100.0
96 8
95.6
94.2
89.1
79.3
73.5
72.6
75 9
80.5
80.4
83.9
56 3
56.8
56 0
61.4
74.2
93.3
105.9
141.8
113.0
103 5
108.9
104.9
103.1
100.0
97 5
95.1
94.3
92.7
84.9
75.1
75.8
81 5
80.6
81.7
89.7
109.2
92 8
99.7
93.6
109.0
100.0
91 0
85.4
82.6
77.7
69.8
64.4
62.5
69 7
68.3
70.5
77.8
77.6
79.1
78.3
80.4
80 6
78 3
77.1
79.3
79.5
78.2
77.5
78.3
79.9
82.7
81 9
84.5
84.1
82.8
82.1
84.9
86.1
85.0
85.1
85.7
77.7
77.4
77 3
77.2
77.6
78 0
78.0
77.9
77.8
78.3
78.8
78.7
86.2
86.0
85 4
86.3
88 3
88.9
89.3
89.6
90.9
93.6
95.0
95.4
70.3
70.1
69 4
69.2
69.4
70 1
70.2
70.9
71.8
72.9
73.4
73.2
72.9
72.5
73 0
72.8
73.1
74 2
74.7
74.1
73.0
73.4
74.5
74.6
85.8
85.8
85 7
85.9
86.6
86 9
86.4
86.6
86.6
86.5
86.9
86.8
84.9
85.0
84.9
84.6
84.8
85 3
85.2
85.4
85.9
86.1
85.8
85.5
79.3
80.4
81.5
81.0
81.2
80 7
78.7
78.6
80.2
81.1
81.2
80.6
81.2
80.7
80 7
80.7
80.6
80 5
80.4
80.5
80.5
80.6
81.0
81.0
70.7
70.1
69 2
68.7
68.7
68 4
67.7
67.3
67.1
67.5
67.4
67.5
80.6
80.6
79.6
79 7
78.6
79.2
80.5
81 6
81.6
81.5
82.4
84.2
78.2
79.5
76.5
76 9
75.2
78.1
81.3
83 8
84.0
84.0
85.1
88.5
83.5
83.2
80.1
80 2
78.0
79.9
81.4
83.1
83.3
82.6
83.9
85.5
78.8
79.0
78.9
78 9
78.8
78.8
79.5
79.7
79.6
80.1
81.0
82.2
97.1
96.1
94.9
94.6
94.0
93.8
93.4
93.6
94.6
95.6
97.0
99.7
71.7
71.0
70.8
70 2
69.8
69.7
70.5
70 9
70.9
71.6
73.5
76.3
75.1
76.1
76.2
76 4
76 0
76.1
76.2
76.3
76.1
76.8
76.8
76.5
86.7
86.7
86.6
86 6
86.3
86.2
86.9
87.1
86.8
86.9
87.9
89.6
85.7
85.5
85.3
85 7
85.8
85.8
86.7
86 9
87.1
87.3
87.7
89.5
80.5
80.1
79.3
78 5
77.7
78.0
79.4
79.8
81.7
82.2
82.5
85.3
81.4
81.5
81.4
81 5
81.5
81.4
81.2
81.4
81.7
82.0
82.3
83.2
67.8
68.1
68.3
68 6
69.2
69.7
71.0
71.5
85.9
86.3
87.8
88.0
87.4
87.2
87.9
87.5
87.4
85.4
83.3
81.7
91.3
91.4
94.1
92.2
89.8
88.5
89.3
86.4
85.9
80.4
75.7
72.8
87.1
87.0
87.5
85.5
84.2
84.7
86.2
86.7
88.0
85.5
83.1
79.8
83.4
84.1
85.5
86.5
86.3
86.1
86.3
86.1
85.9
85.1
84.3
83.6
101.7
102.7
104.2
106.3
106.7
106.4
106.7
108.1
107.6
106.7
101.4
97.7
77.5
77.5
78.3
79.5
78.7
78.2
78.3
77.1
75.3
73.5
71.2
70.1
76.6
76.8
76.2
76.8
77.2
77.5
78.1
78.4
78.7
78.5
78.2
78.4
90.9
91.7
96.0
96.5
95.8
95.9
96.1
97.0
97.1
96.4
96.8
96.3
91.3
93.3
95.9
96.7
97.2
96.9
96.7
96.3
96.2
95.4
93.7
92.5
87.7
87.8
87.5
86.9
84.5
83.6
83 9
82.2
81.4
81.2
80.2
79.5
86.5
87.9
88.4
89.0
89.3
89.5
89.7
91.1
91.1
91.0
90.4
89.7
76.2
77.3
79.5
81.1
80.5
79.4
79.0
77.3
77.0
76.2
75.4
75.0
93.1
89.9
86.9
100.6
122.1
134.4
139 1
167^5
71.3
71.5
73.4
74.5
1
Index based on 550 price series from 1913 to 1925 and on 784 price series from 1926 to date.
Back figures.—See Annual Report for 1936 (table 80) and similar tables in previous Annual Reports.
For weekly figures covering 1937, see Federal Reserve Bulletin forMay 1937, September 1937, and J a n u a r y 1938.
189
FEDERAL RESERVE SYSTEM
No. 87.—WHOLESALE COMMODITY PRICES, BY SUBGROUPS, 1937
[Index numbers of Bureau of Labor Statistics.
1926 = 100]
Annual
Subgroups
Jan,
Feb. Mar. Apr. May June July Aug. Sept. Oct.
F a r m products:
119.2 113.9 105 105
92.0
113.0 111.5
Grains
91.4
93.6 95.9 98.3 105.0 108.2
Livestock and poultry
83.4 79.0 77.4 75.1 71.4
Other farm products
Foods:
78
73.1 72.0 76.4
Dairy products
90.
89.3
Cereal products
89.8 88.7 90.4 92.3 87
Fruits and vegetables
87.8
83
84.1 84.5 71.2 65.3
Meats
90.6
94.9 95.9 98.0 106.0 112.1
82.1 7 8 . 8 78.
Other foods
77.0 75.2 74.3 74.6 73.6
Hides and leather products:
99 101 102. 103.8 106.1 107.5 107.4 107.4
Shoes
Hides and skins
116.0 114.9 118. 121.4 117. 114.6 116.2 122.1
.8 98. 100.0
97.1 100. 100.6
Leather
94.3 95
Other leather products
101.1 101 101 102.3 102.3 102.3 102. 103.2
Textile products:
Clothing
83.9 84.2 84.8 86.8 87.2 89.1 90.1 90.0
Cotton goods
86.8 82.2
91
94.0 95.1 92.6 89
91
Hosiery and u n d e r w e a r ] . . .
64.9 65.9 65.7 64.6 64.8 65.
64.4 64
Silk and rayon
34
33.7 33.6 33.8 32.5 32.5 33.9 32.9
Woolen and worsted goods..
93
93. 94.4 93.9
91.9 93.1 92.6 93
Other textile products
67.5 69.3 71.1
68.8
65.9 66
Fuel and lighting materials:
Anthracite
81.6 81
77.8 72.4 74.2 74.5 76.6 76.8
Bituminous coal
96.8 97.4 97
98.6 98.5 98.5 68.6 98.7
Coke
97.6 97.6 97 102.8 105.1 105.0 104.9 104.9
Electricity
81.0 80.8 77.8 77.1 78.8 79.5 80.0 79.4
Gas
84.0 82.6
82
80.7 79.8 80.7 83.0 84
60.9 61.5 61.8 62.0
Petroleum products
59.
58.3 59.1 58
Metals and metal products:
Agricultural i m p l e m e n t s . . .
93.0 93.1 93.1 92.1 93.8 94.1 94.2 94.2
F a r m machinery 2
92.
92.8 94.0 95.3 95,8 96.1 96.1 96.1
Iron and steel
92.0 97
99. 99.8 99.9
99
91.
3
Motor vehicles
86.9 87.0 90.2
86.3 86.3 86.3 86.9
Nonferrous metals
84.8 89.4 101.1 97.0 91.7 91.9 92.7 93.3
Plumbing and heating
77.4 77.6 78.7 78.7 78.7 78.7
77.1
Building materials:
Brick and tile
91.0 91.8 94.9 95.0 95.0 95.4 95.5
Cement
95.5 95
95.5 95.5 95.5 95.5 95.5 95.5
Lumber
93.0 99.0 102.1 103.0 103.0 102.2 101.3 99.5
Paint and paint materials..
83.7 83.4 83.9 83.9 83.7 83.6 83.9 84.1
Plumbing and heating
'8.7 78.7 78.8
.7
77.1 77.4 77.
Structural steel
104.7 104.7 112.9 114.9 114.9 114.9 114. 114.9
Other building m a t e r i a l s . . .
93.9 95.0 98.9 99.9 101.3 101.1 101.0 101.0
Chemicals and drugs:
Chemicals
2 91.1 90.1 89.9 87.0
96.4 95.6 95.3
Drugs and Pharmaceuticals. 79.0 83.0 83.0 82.9 79.2 78.0 78.2 78.2
Fertilizer materials
70.6 70.7 70.3 70.7 70.6 70.5 71.3 71
Mixed fertilizers
71.4 71
71.7 72.0 72.2 72.3 74.2 74.8
Housefurnishing goods:
Furnishings
89.0 91.2 91.7 92.1 92.5 92.5 92. ( 95.0
Furniture
84.0 84.5 85.0 85.8 86.1 86.6 86.8 87.1
Miscellaneous:
51.8 53.1 55.0 56.4 56.4 56.4 56.4 56.4
Auto tires and tubes
.35.4 [29.4 135.0 46.8 139.9 .16-.9 116.5 82.9
Cattle feed
.9 94.6 95.0 94.2 94.1
84.8 87.5 90.2
Paper and pulp
44.3 44.3 50.9 49.3 44.6 41.0 39.6 38.2
Rubber, crude
83.1 84.2 84.8 85.3 85.5 85.8 85.7 85.4
Other miscellaneous
Nov. Dec.
91.9 77.0
71
106.7 98.5
78.4
71.2 70.1 70.7 69.3
98.3
95.5
77.2
84.8
90.2
86.1 84.6 81
82.0
64.0 62.2 61.5 57.8
113.4 10'
98.3 88.8
75.5 '3.4 73.6 71
83.1
87.6
74.2
99.1
75.6
107.5
120 7
9
103.3
107.6
117.1
97.2
103.3
89.7
76.8
66.5
32.4
92.4
70.0
89.4
73.1
65.8
30.6
90.1
69.0
87.3
70.5
64.2
30.1
85.1
69.0
68.7
63.4
29.4
83.5
68.5
87.9
84.3
65.1
32.5
91.1
68.4
78
99.2
105.0
80.5
84.0
62.2
78.8
99.3
105.3
81.0
83.6
61
79.8
99.2
105.4
83.1
83.1
60.6
80.0
101.1
105.5
83.1
81.3
59.5
77.8
98.6
103.1
80.4
82.4
60.5
94.2
96.1
99.8
91.2
92
80.6
94.2
96.2
99.7
92.2
85.5
95.9
97.6
99.3
95.3
78.5
79.6
96.1
97.6
99.0
95.6
75.1
79.6
94.0
95.6
98.2
89.3
89.6
78.8
95.0
95.5
99.0
84.
80.6
[14.9
100.8
93.4
95.5
97.3
84.2
80.6
114.9
100.2
95.5
94.8
81.5
79.6
114.9
98.7
92.0
95.5
93.8
80.2
79.6
114.9
96.9
93.5
9o.5
99.0
83.4
78.8
113.2
99.1
85.7
78 3
71 .'8
74.8
85.3
78.3
72.5
74.9
84.2
76.8
71.9
74.5
83.5
75.1
72.0
74.4
89.9
79.1
71.2
73.2
94.9 94.9 94.8 93.5
87.1 87.1 86.0 85.9
93.4
56.4
81.2
93.4
38.4
85.1
56.4
83.6
92.4
33.6
84.6
106.9 105.6
94.6 85.
92.7
103.1
57.4
83.3
90.4
30.6
83.5
57.4
81.7
89.8
31.2
105.0
113.5
96.8
102.6
55.8
110.5
40.5
84.7
f o r m e r l y called "knit goods."
New series. Included in "agricultural implements."
Preliminary revision.
Back figures.—Indexes for these subgroups and indexes for individual commodities, 1913-1! 6, may be obtained
from Bureau of Labor»Statistics.
2
3
APPENDIX
101
RECORD OF POLICY ACTIONS—BOARD OF GOVERNORS
Following is a copy of the record of actions by the Board of Governors
of the Federal Reserve System during the year on questions of policy,
required to be kept by the last paragraph of section 10 of the Federal
Reserve Act, as amended by the Banking Act of 1935.
MEETING ON JANUARY 6, 1937
Members present: Mr. Ransom, Vice Chairman; Mr. Broderick, Mr.
Szymczak, Mr. McKee, Mr. Davis.
Cancelation of Condition of Membership Prohibiting the Conduct of Insurance
Business by State Member Banks.
The Board voted that, in the absence of any abuse or unsound practices in the operation of an insurance department of a State bank applying for membership in the Federal Reserve System, no condition of membership would
be prescribed in connection with the admission of the bank
to membership prohibiting it from engaging in the business
of soliciting or writing insurance, it being understood that
such activities would be in accord with State law and the
rulings of the appropriate State authorities. On this action
Messrs. Broderick, Szymczak, McKee and Davis voted
"aye" and Mr. Ransom voted "no."
The Board also voted to cancel the conditions of membership to which nine member banks were subject and
which provided that the banks should not engage in the
business of soliciting or writing insurance. This action was
taken by unanimous vote, Mr. Ransom stating that he voted
in the affirmative in the light of the earlier action which
determined the question of general policy.
It had been the policy of the Board for some time in connection with
the admission of State
banks to membership in the Federal Reserve System to prescribe, wThere the applying bank was conducting an insurance
business at the time of its application for membership and was located in
a town of more than 5,000 inhabitants, a condition of membership requiring the applicant to discontinue the conduct, either directly or
indirectly, of an insurance business.
The action referred to above was the result of a decision at this meeting that, in furtherance of the policy of encouraging membership in the
Federal Reserve System whenever that can be done consistently with
the maintenance of high banking standards, the previous policy of the
Board with respect to conditions of membership applicable to the conduct of an insurance business should be abandoned, since it did not
appear that banks had suffered through the conduct of an insurance
business, and, if an examination should disclose unsafe or unsound prac-
193
194
ANNUAL REPORT OF BOARD OF GOVERNORS
tices in connection with the operation of an insurance department, appropriate action could be taken as in the case of unsafe or unsound practices in any other activity of the bank.
Proposed Amendment to Section 16 of the Federal Reserve Act to Extend Authority of the Federal Reserve Banks to Pledge Direct Obligations of the
United States as Collateral for Federal Reserve Notes.
When this matter was taken up Chairman Eccles had joined the
meeting.
By unanimous vote Chairman Eccles was authorized to
take such steps as were necessary in the circumstances to
place before the appropriate committees of Congress a
draft of an amendment to section 16 of the Federal Reserve
Act to extend for a further period the authority of the
Federal Reserve banks, with the approval of the Board, to
pledge direct obligations of the United States as collateral
security for Federal Reserve notes.
This action was taken for the reason that, while, as a consequence of
the large gold imports in recent years, the twelve Federal Reserve banks
combined held enough gold certificates to enable them to provide a 100
percent cover for all outstanding Federal Reserve notes, some of the
banks individually, because of the small amount of eligible paper available, had an insufficient amount of gold certificates and eligible paper
for that purpose. Furthermore, should gold leave the country in large
amounts as it had done on previous occasions, notably in 1931 and 1932,
the Federal Reserve System, in the absence of authority to pledge United
States Government obligations as collateral for Federal Reserve notes,
might find itself compelled to adopt a restrictive credit policy at a time
when an easy credit policy might be desirable. This might result in less
liberal lending policies on the part of member banks, in increased interest rates, and in consequent serious restraint on business activity at a
time when directly opposite results should be sought. All of the members
were of the opinion that it was clearly not in the public interest to run
the risk of such a development as the result of a lapse in the authority
to pledge Government securities as collateral for Federal Reserve notes.
MEETING ON JANUARY 30, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis.
Definition of "Interest", Contained in Subsection 1 (f) of Regulation Q, Payment
of Interest on Deposits.
The Board voted unanimously to postpone until May 1,
1937, the effective date of the definition of "interest" contained in subsection 1 (f) of Regulation Q, Payment of Interest on Deposits, which the Board, on December 21, 1936,
announced would become effective on February 1, 1937.
At this meeting of the Board consideration was given to requests received from Representative Steagall and Senator Wagner, Chairmen of
the Banking and Currency Committees of the House of Representatives
and Senate, respectively, that the Board defer the effective date of the
FEDERAL RESERVE SYSTEM
195
definition. The Board felt that the request which the Chairmen of the
Banking and Currency Committees had made should be granted in view
of the fact that the Board had been informed that a number of Members
of Congress were giving consideration to the question of the advisability
of amending the law under which the Board's regulation was issued, and
desired additional time for that purpose.
Increase in Reserve Requirements as to Member Banks.
The following resolution was adopted, Messrs. Eccles,
Ransom, Broderick, Szymczak and Davis voting "aye" and
Mr. McKee voting "no":
"RESOLVED, that the following supplement to Regulation D be
adopted and promulgated by the Board:
"SUPPLEMENT TO REGULATION D
"Reserves required to be maintained by member banks
with Federal Reserve banks
"Pursuant to the provisions of section 19 of the Federal Reserve
Act and section 2 (a) of its Regulation D, the Board of Governors
of the Federal Reserve System increases by 33% percent the reserve
requirements established by the Supplement to Regulation D made
effective at the3 close of business on August 15, 1936: Provided,
however, That /2 of such increase shall be effective as to each member bank at the opening of business on March 1, 1937, and the remaining % of such increase shall be effective as to each member
bank at the opening of business on May 1, 1937.*"
The following statement setting forth the reasons for the
Board's action was approved with the understanding that
it would be released for publication in the morning papers
on Sunday, January 31, 1937, Messrs. Eccles, Ransom,
Broderick, Szymczak and Davis voting "aye" and Mr.
McKee not voting:
"The Board of Governors of the Federal Reserve System today
increased reserve requirements for member banks by 33% percent,
as follows: On demand deposits, at banks in central reserve cities,
from 19% to 26 percent; at banks in reserve cities, from 15 to 20
percent; and at 'country' banks, from 10% to 14 percent; on time
deposits, at all banks, from 4% to 6 percent. For the purpose of
affording member banks ample time for orderly adjustment to the
changed requirements, one-half of the increase will become effective
as of the opening of business on March 1, 1937, and the remaining
half will become effective as of the opening of business on May 1.
"The following table shows what the reserve requirements are at
present, what they will be from March 1 through April 30, and
what they will be commencing May 1:
" * Effective at the opening of business on March 1, 1937, the requirements as to reserves to be
maintained by each member bank will be 75 percent above the requirements prescribed by section
19 of the Federal Reserve Act, and, effective at the opening of business on May 1, 1937, the requirements as to reserves to be maintained by each member bank will be 100 percent above the requirements prescribed by section 19 of the Federal Reserve Act."
196
ANNUAL REPORT OF BOARD OF GOVERNORS
RESERVE REQUIREMENTS
(Percent of deposits)
Time deposits
Demand deposits
Class of bank
Central reserve city
Reserve city
'Country'
Present
requirements
15
ioy2
March 1
through
April 30
22^
17H
May 1
and
after
Present
requirements
March 1
through
April 30
May 1
and
after
26
20
14
"This action completes the use of the Board's power under the
law to raise reserve requirements to not more than twice the amount
prescribed for member banks in section 19 of the Federal Reserve
Act.
"The section of the law which authorizes the Board to change reserve requirements for member banks states that when this power
is used it shall be 'in order to prevent injurious credit expansion
or contraction.' The significance of this language is that it places
responsibility on the Board to use its power to change reserve requirements not only to counteract an injurious credit expansion or
contraction after it has developed, but also to anticipate and prevent such an expansion or contraction.
"By its present action the Board eliminates as a basis of possible
credit expansion an estimated $1,500,000,000 of excess reserves which
are superfluous for the present or prospective needs of commerce,
industry, and agriculture and which, in the Board's judgment, would
result in an injurious credit expansion if permitted to become the
basis of a multiple expansion of bank credit. The Board estimates
that, after the full increase has gone into effect, member banks will
have excess reserves of approximately $500,000,000, an amount
ample to finance further recovery and to maintain easy money conditions. At the same time the Federal Reserve System will be
placed in a position where such reduction or expansion of member
bank reserves as may be deemed in the public interest may be
effected through open-market operations, a more flexible instrument,
better adapted for keeping the reserve position of member banks
currently in close adjustment to credit needs.
"As the Board stated on July 15, 1936, in its announcement of
the previous increase of reserve requirements, excess reserves then
held by member banks had resulted almost entirely from the inflow
of gold from abroad rather than from the System's credit policy.
Since that time the country's gold stock has been further increased
by a large inflow of gold, amounting to $600,000,000. Between the
time of the banking holiday in 1933 and December 24, 1936, when
the United States Treasury put into effect its program for preventing acquisitions of gold from adding to the country's banking reserves, the gold inflow aggregated approximately $4,000,000,000.
This inflow of gold had the effect of adding an equal amount to the
reserves of member banks as well as to their deposits. The total
amount of deposits in banks and the Postal Savings System, plus
currency outside of banks, is now $2,000,000,000 larger than in the
summer of 1929.
FEDERAL RESERVE SYSTEM
197
"The present volume of deposits, if utilized at a rate of turnover
comparable to pre-depression levels, is sufficient to sustain a vastly
greater rate of business activity than exists today. In order to sustain and expand recovery, the country's commerce, industry, and
agriculture, therefore, require a more complete and productive utilization of existing deposits rather than further additions to the
amount now available.
"The excess reserves of about $1,500,000,000 eliminated as a base
of further credit expansion by this action could support an increase
in the supply of money, in the form of bank credit, which beyond
any doubt would constitute an injurious credit expansion.
"The present is an opportune time for action because, as was the
case when the Board announced its prior action last July, excess
reserves are widely distributed among member banks, and balances
with correspondent banks are twice as large as they have generally
been in the past. All but a small number of member banks have
more than sufficient excess reserves and surplus balances with other
banks to meet a 33% percent increase in reserve requirements. As
of January 13, the Board's survey indicates that only 197 of the
6,367 member banks lacked sufficient funds to meet such an increase
in reserve requirements by utilizing their present excess balances
with the reserve banks and not more than one-half of their balances with correspondent banks. On this basis these 197 banks,
in order to meet the full requirements, would have needed an additional $123,000,000, of which $110,000,000 would have been needed
by banks in central reserve cities, $11,000,000 by banks in other
reserve cities and only $2,300,000 by country banks.
"Another reason for action at this time is that, as stated, by the
Board last July, 'it is far better to sterilize a part of these superfluous reserves while they are still unused than to permit a credit
structure to be erected upon them and then to withdraw the foundation of the structure.'
"The available methods of absorbing excess reserves have been
under consideration. It has been decided that under present circumstances changes in reserve requirements should precede reduction
in reserves through open-market operations, because changes in requirements affect all banks, regardless of their reserve position, and
consequently should be made while reserves are widely distributed.
"This action increases reserve requirements to the full extent
authorized by law. It is not the present intention of the Board to
request from Congress additional authority to absorb excess reserves by means of raising reserve requirements.
"It is the Board's expectation that, with approximately $500,000,000 of excess reserves remaining with the banks, credit conditions
will continue to be easy. At the same time the Reserve System will
be in a position to take promptly such action as may be desirable
to ease or tighten credit conditions through open-market and rate
policy.
"In announcing the previous increase in reserve requirements, the
Board said:
" 'The prevailing level of long-time interest rates, which
has been an important factor in the revival of the capital
market, has been due principally to the large accumula
198
ANNUAL REPORT OF BOARD OF GOVERNORS
tions of idle funds in the hands of individual and institutional investors. The supply of investment funds is in
excess of the demand. The increase in reserve requirements of member banks will not diminish the volume of
deposits held by these banks for their customers and will,
therefore, not diminish the volume of funds available for
investment. The maintenance of an adequate supply of
funds at favorable rates for capital purposes, including
mortgages, is an important factor in bringing about and
sustaining a lasting recovery/
"The same considerations apply with equal force at the present
time. The Board's action does not reduce the large volume of existing funds available for investment by depositors, and should not,
therefore, occasion an advance in long-term interest rates or a restrictive policy on the part of institutional and other investors in
meeting the needs for sound business, industrial and agricultural
credit.
"In view of all these considerations, the Board believes that the
action taken at this time will operate to prevent an injurious credit
expansion and at the same time give assurance for continued progress toward full recovery."
MEETING ON FEBRUARY 9, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. McKee, Mr. Davis.
Definition of "Interest", Contained in Subsection 1 (f) of Regulation Q, Payment
of Interest on Deposits.
By unanimous vote, the Board adopted the following
resolution:
" B E IT RESOLVED, that, effective February 11, 1937, Regulation Q
entitled 'Payment of Interest on Deposits/ as adopted to become
effective January 1, 1936, is amended by striking out subsection (f)
of section 1 thereof and by inserting after the first sentence of subsection (a) of section 2 thereof the following sentence:
Within this regulation, any payment to or for the account of any depositor as compensation for the use of funds
constituting a deposit shall be considered interest."
Prior to this meeting members of the Board had discussed on several
occasions with Members of Congress and the Federal Deposit Insurance
Corporation the problems which had arisen by reason of the difference
between the definition of "interest" as contained in Regulation Q of the
Board of Governors and Regulation IV of the Federal Deposit Insurance
Corporation with specific reference to the absorption of exchange and collection charges by member banks and insured nonmember banks respectively. The Chairman of the Federal Deposit Insurance Corporation
had agreed to a suggestion that amendments to the Board's Regulation
Q and the Corporation's Regulation IV be drafted which would bring
them into uniformity on the basis of a declaration of the law and the
elimination from both regulations of the definitions of the term "interest" contained therein. This course of action would remove from the
Board's regulation any specific reference to the absorption of exchange
FEDERAL RESERVE SYSTEM
199
and collection charges or any other particular type of expense, and, in
the future, under the regulations of both bodies, the question what in a
particular case would be considered a payment of interest or a device to
evade the prohibition against the payment of interest would become a
matter of administrative determination under the law and the regulations, in the light of experience and as specific cases involving the necessity for such determination might arise. Furthermore, Members of Congress who were considering the matter had encountered many difficulties
in endeavoring to determine what, if any, amendments to the law they
would feel justified in proposing and it was felt that the problem had
many ramifications, some of which touched upon questions of fundamental importance to the banking system of the country. For these
reasons, it was felt that it would be best to defer a specific determination
of the question whether the absorption of exchange and collection charges
would constitute the payment of interest, at least until some clear necessity therefor should arise in due course through the presentation of a particular case, with all the facts required for a carefully considered decision.
MEETING ON FEBRUARY 15, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis.
Elimination of Practice Known as "Three-Day Riding" in Connection with
Purchases of Securities on Margin.
The following resolution was adopted by unanimous vote:
"RESOLVED, in view of assurances received from representatives
of the New York Stock Exchange and others, that the practice commonly known as 'three-day riding' can be eliminated by action of
the New York Stock Exchange and other national securities exchanges and in order to provide an opportunity to observe the effectiveness of the proposed action to be taken, that the Board lay on the
table the amendment to Regulation T, which was proposed for the
purpose of eliminating this practice, without prejudice to the Board's
complete freedom to promulgate such or any amendment at any time
when it seems advisable to do so either for the purpose of eradicating the practice referred to or for any other reason which, in the
Board's judgment, justifies such action."
The reasons for the Board's action are set forth in the following press
statement, which was issued on February 16, 1937:
"The Board of Governors of the Federal Reserve System has been
giving consideration to the proposed amendment of Regulation T to
eliminate the practice commonly known as 'three-day riding,'
whereby customers who purchase securities on margin have been permitted by brokers to sell during the period allowed by the regulation for providing the margin and by this means to avoid furnishing
the amount of margin prescribed by the Board under the law.
"During discussions which have taken place since the Board's
statement to the press of November 20, 1936, it has been shown that
there is general agreement that the practice in question should be
eliminated. It has been represented to the Board of Governors, on
behalf of national securities exchanges, that the occasion for amending the regulation for the specific purpose of preventing 'three-day
riding' would disappear if appropriate action should be taken by the
200
ANNUAL REPORT OF BOARD OF GOVERNORS
New York Stock Exchange and other national securities exchanges.
"The Board has been advised by representatives of the New York
Stock Exchange that the Exchange is prepared to take such action
promptly by adopting and enforcing rules and regulations which, in
the opinion of the Exchange, would effectively eliminate the practice
referred to within the field of jurisdiction of the New York Stock
Exchange. The Board has also been advised that the Exchange
would require that members keep certain records and make certain
reports to the Exchange, which would result in the accumulation of
a substantial quantity of information in regard to the manner in
which margin requirements are met, and that the Exchange would
cooperate with the Board in making available to it, in convenient
form, the information thus accumulated.
"Having given further consideration to the problem, and taken
account of the representations made in behalf of the New York
Stock Exchange and other national securities exchanges, the Board
has deferred adoption of the proposed amendment of Regulation T
in order to afford to the New York Stock Exchange and other national securities exchanges an opportunity to eliminate the practice.
The Board's action is without prejudice to its complete freedom to
promulgate such an amendment, or any other amendment, at any
time when it seems advisable to do so either for the purpose of
eradicating the practice referred to or for any other reason which, in
the judgment of the Board, justifies such action."
MEETING ON APRIL 13, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis.
Amendment to Section 5 of Regulation T, Extension and Maintenance of
Credit by Brokers, Dealers, and Members of National Securities Exchanges..
By unanimous vote the Board adopted the following
resolution:
"RESOLVED, that effective April 23, 1937, the Board approve and
adopt the following amendment to Regulation T:
'Section 5 of Regulation T is hereby amended by striking out the date "July 1, 1937" in subsections (c) and (d)
of said section and substituting therefor the date "January
1, 1938." ' "
By this amendment the Board extended from July 1, 1937, to January
1, 1938, the period during which persons subject to Regulation T might
continue to maintain, without collateral or on collateral other than registered securities, credit that was extended prior to October 1, 1934 (the
date on which Regulation T became effective), for the purpose of purchasing or carrying securities, or without violation of Regulation T
subsequently to that date.
This action was taken for the same reasons as justified the Board in
granting the permission originally. The cases in which such credit was
maintained were few; many of them had arisen from circumstances beyond the control of the creditor; new instances seldom arose; the creditor
needed time to enable the debtor to discharge his indebtedness; hardship
might have resulted if the period had not been extended; and the total
FEDERAL RESERVE SYSTEM
201
amount of credit involved was relatively small. Therefore, it was not
necessary for the Board to withhold the permission either for the purpose of preventing the excessive use of credit for purchasing or carrying
securities or for the purpose of preventing circumvention of Regulation T.
MEETING ON JULY 29, 1937
Members present: Mr. Ransom, Vice Chairman; Mr. Broderick, Mr.
Szymczak, Mr. McKee, Mr. Davis.
Amendment to Regulation U, Loans by Banks for the Purpose of Purchasing
or Carrying Stocks Registered on a National Securities Exchange.
By unanimous vote the Board adopted the following
resolution:
"RESOLVED, that effective September 1, 1937, the Board approve
and adopt the following amendment to Regulation U:
Regulation U, as amended, is hereby further amended in the following respects:
1. Section 1 of said regulation is amended by inserting the words
'or at any previous time/ in the second paragraph of said section
after the words 'incurred on or after May 1, 1936/; and by substituting the words 'While a bank maintains any such loan, whenever
made, the' for the words 'After any such loan has been made, a'
in the third paragraph of said section; so that said section 1 as thus
amended will read as follows:
SECTION 1. GENERAL RULE
On and after May 1, 1936, no bank shall make any loan
secured directly or indirectly by any stock for the purpose
of purchasing or carrying any stock registered on a national
securities exchange in an amount exceeding the maximum
loan value of the collateral, as prescribed from time to time
for stocks in the supplement to this regulation and as determined by the bank in good faith for any collateral other
than stocks.
For the purpose of this regulation, the entire indebtedness of any borrower to any bank incurred on or after
May 1, 1936, or at any previous time, for the purpose of
purchasing or carrying stocks registered on a national securities exchange shall be considered a single loan; and
all the collateral securing such indebtedness shall be considered in determining whether or not the loan complies
with this regulation.
While a bank maintains any such loan, whenever made,
the bank shall not at any time permit withdrawals or substitutions that would increase the deficiency; but the
amount of the loan may be increased if there is provided
additional collateral having maximum loan value at least
equal to the amount of the increase.
2. Section 2 of said regulation is amended by substituting the
word 'may' for the word 'thereafter' in the unlettered portion of
said section so that the unlettered portion of said section as thus
amended will read as follows:
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ANNUAL REPORT OF BOARD OF GOVERNORS
SECTION 2. EXCEPTIONS TO GENERAL RULE
Notwithstanding the foregoing, a bank may make and
may maintain any loan for the purpose specified above,
without regard to the limitations prescribed above, if the
loan comes within any of the following descriptions:"
This amendment, which made the provisions of Regulation U applicable to so-called old loans (loans made prior to May 1, 1936, the date
upon which the regulation became effective, which would have been subject to the regulation if made on or after that date), was adopted principally (1) to prevent the unlimited withdrawal of the collateral for an
old loan and the unlimited use of such collateral for additional loans
subject to the regulation, (2) to prevent any appreciation in the market
value of the collateral for an old loan from serving as the basis for a
new loan subject to Regulation U except to the extent that the loan
value of such collateral determined in accordance with the regulation
exceeds the amount of the old loan, and (3) by eliminating the distinction between old and new loans, to simplify the work of examiners in
connection with the enforcement of the regulation.
MEETING ON JULY 30, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. Davis.
Amendment to Section XIV of Regulation K, Banking Corporations Authorized
to Do Foreign Banking Business under the Terms of Section 25(a) of the
Federal Reserve Act.
By unanimous vote the Board adopted the following
resolution:
" B E IT RESOLVED, that the first sentence of the third paragraph of
section XIV of Regulation K entitled 'Banking Corporations Authorized To Do Foreign Banking Business Under The Terms of
Section 25 (a) Of the Federal Reserve Act' is amended, effective
September 1, 1937, to read as follows:
'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 percent of the aggregate amount of
all demand deposits and time deposits received in the
United States.' "
This action was taken for the reason that it was the opinion of the
Board 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 should be placed on substantially the same basis with respect to reserve requirements, and should
carry at least the amount of reserves required of member banks in central reserve cities.
MEETING ON AUGUST 14, 1937
Members present:Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee.
FEDERAL RESERVE SYSTEM
203
Regulation M, Foreign Branches of National Banks and of Corporations Organized under the Provisions of Section 25(a) of the Federal Reserve Act.
By unanimous vote, Regulation M, Foreign Branches of
National Banks and of Corporations Organized under the
Provisions of Section 25 (a) of the Federal Reserve Act, was
approved and adopted, effective as of August 14, 1937.
The regulation provides that whenever, in any place in
any foreign country where a branch or agency of a national bank, or a corporation organized under Section 25 (a)
of the Federal Reserve Act, is established, there exists a
disturbed condition which, in the opinion of the officer in
charge of such branch or agency, endangers the lives of its
employees or its property, 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 agency to continue to function, he may, after
every effort has been made to render the greatest possible
service to the depositors of the branch or agency, suspend
operations in whole or in part until the reason for such
suspension has ceased to exist.
The regulation was adopted in order that foreign branches or agencies
of national banks and of corporations organized under Section 25 (a) of
the Federal Reserve Act might have authority to curtail or suspend operations temporarily whenever disturbed conditions such as those existing in China at the time action was taken by the Board make such action necessary.
MEETING ON AUGUST 20, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman ; Mr. Szymczak, Mr. Davis.
Change in Rates on Discounts and Advances under Sections 13 and 13a, and
Section 10(b), of the Federal Reserve Act.
The Board voted unanimously to approve a rate of 1%
percent on rediscounts of eligible paper for member banks
and advances to member banks under the provisions of
Sections 13 and 13a of the Federal Reserve Act, fixed by
the Federal Reserve Banks of Atlanta and Chicago, and a
rate of 2 percent on advances to member banks under Section 10 (b), of the Federal Reserve Act, fixed by the Federal Reserve Bank of Atlanta, all effective August 21, 1937.
The reasons for the Board's action are set forth in the following statement:
"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 arid 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.
204
ANNUAL REPORT OF BOARD OF GOVERNORS
"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 structure 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 at rates which will encourage them to employ their funds to
meet the needs of agriculture, industry and commerce."
In accordance with the general policy reflected by the above action,
the Board, by subsequent unanimous action, approved reduced rates
established by other Federal Reserve banks on rediscounts of eligible
paper for member banks and advances to member banks under the provisions of Sections 13 and 13a and on advances under Section 10 (b) of
the Federal Reserve Act, as follows:
Federal
Reserve
Bank
Chicago
Minneapolis
New York
Richmond
Dallas
St. Louis
Boston
Kansas City
San Francisco
Philadelphia
Richmond
San Francisco
Rediscounts and
advances under
Sections 13 and 13a
*
1%%
1%
1%%
1 V ®f'
11/9%
iy 2 %
*
No change made in existing rate on this date.
Digitized for *FRASER
Advances
under
Section 10 (b)
2%
2%
*
*
2%
2%
2%
2%
2%
2%
2%
Effective
date
August 21
August 24
August 27
August 27
August 31
September 2
September 2
September 3
September 3
September 4
September 10
September 17
FEDERAL RESERVE SYSTEM
205
MEETING ON SEPTEMBER 12, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis.
Request to Secretary of the Treasury that He Consider Favorably the Desterilization of $300,000,000 of Gold.
At a meeting on this date the Federal Open Market Committee had
adopted two resolutions, (1) authorizing the executive committee to purchase up to $300,000,000 of short-term Treasury obligations to provide
funds to meet seasonal withdrawals of currency and other seasonal requirements for the purpose of maintaining at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of furthering economic recovery through monetary ease, and
to direct a reduction of not to exceed a like amount in the holdings of
such obligations when seasonal influences were reversed or if other influences made their retention unnecessary for the purposes of the resolution, and (2) recommending to the Board of Governors that it request
the Secretary of the Treasury favorably to consider the desterilization of
approximately $300,000,000 of gold out of the Treasury inactive account.
With a view to cooperation in effectuating the second
resolution adopted by the Federal Open Market Committee
the Board voted unanimously to request the Secretary of
the Treasury favorably to consider the desterilization of
approximately $300,000,000 of gold out of the Treasury inactive account, the time and method of such desterilization
to be determined by the Secretary of the Treasury in consultation and cooperation with the executive committee of
the Federal Open Market Committee.
The reasons for the Board's action are set forth in the following statement issued to the press at the conclusion of the meeting of the Federal
Open Market Committee on September 11-12, 1937:
"The Federal Open Market Committee met in Washington on
September 11 and 12 and reviewed the business and credit situation. In view of the expected seasonal demands on the banks for
currency and credit during the coming weeks the Committee authorized its Executive Committee to purchase in the open market
from time to time sufficient amounts of short term U. S. Government obligations to provide funds to meet seasonal withdrawals of
currency from the banks and other seasonal requirements. Reduction of the additional holdings in the open market portfolio is contemplated when the seasonal influences are reversed or other circumstances make their retention unnecessary.
"The purpose of this action is to maintain at member banks an
aggregate volume of excess reserves adequate for the continuation
of the System's policy of monetary ease for the furtherance of
economic recovery.
"As a further means of making this policy effective, the Open
Market Committee recommended that the Board of Governors of
the Federal Reserve System request the Secretary of the Treasury
to release approximately $300,000,000 of gold from the Treasury's
inactive account. The Board of Governors acted upon this recommendation and the Secretary of the Treasury agreed to release at
206
ANNUAL KEPORT OF BOARD OF GOVERNORS
once the desired amount of gold. This will place an equivalent
amount of funds at the disposal of the banks and correspondingly
increase their available reserves.
"This action is in conformity with the usual policy of the System
to facilitate the financing of orderly marketing of crops and of
autumn trade. Together with the recent reductions of discount
rates at the several Federal Reserve banks, it will enable the banks
to meet readily any increased seasonal demands for credit and currency and contribute to the continuation of easy credit conditions."
MEETING ON SEPTEMBER 14, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Davis.
Regulation A, Discounts for and Advances to Member Banks by Federal Reserve
Banks.
By unanimous vote, Regulation A, Discounts for and
Advances to Member Banks by Federal Reserve Banks,
was approved and adopted in a revised form to become
effective October 1, 1937.
The revised regulation, which had been under consideration since the
passage of the Banking Act of 1935, supersedes the revision of Regulation A issued in 1930 and was promulgated in order to bring the Board's
regulation regarding discounts for and advances to member banks by
Federal Reserve banks into conformity with the various amendments
to the law on this subject which have been enacted in recent years.
These changes in the law, culminating in the Banking Act of 1935, reflected a definite change in the intention of Congress as to the character
of assets which may be used as a basis for credit accommodations at a
Federal Reserve bank. Under the original Federal Reserve Act the conception of the rediscount function of the reserve banks was limited to
providing member banks with credit on short term paper arising out of
specific commercial, industrial and agricultural transactions, particularly to meet seasonal requirements; whereas under the more recent
amendments to the law it is provided that any assets of a member bank
which are satisfactory to a reserve bank may be used as a basis for obtaining credit. Accordingly, the new regulation establishes rules which
in effect permit any sound assets of member banks to be used as a basis
for advances by Federal Reserve banks.
In formulating the revised regulation, the Board had in mind the fact
recognized by Congress in the Banking Act of 1935 that under our banking system member banks carry time deposits as well as demand deposits, and, since these banks are custodians of the funds representing
the savings or capital accumulation of the people, they properly invest
a part of their funds in long-time paper, and consequently provision
should be made for using them in case of need as a basis for advances
from the Federal Reserve banks. Experience has demonstrated that
the solvency of banks is better safeguarded by careful regard to the
quality of the paper that they acquire than by strict observance of the
form that this paper takes, and that greater emphasis on soundness and
less emphasis on form is a sound banking principle. The Board was
also guided in its determination of eligibility requirements by the recognition of the fact that at a time of a deflationary trend it is important
for the Federal Reserve System to lend with the greatest freedom con-
FEDERAL RESERVE SYSTEM
207
sistent with safety. At such times technical limitations on the character
of eligible paper endanger rather than protect the safety of the banking
structure.
Federal Reserve banks differ from commercial banks in that they are
not organized for the purpose of making profits but for the purpose of
being of public service. Accordingly, in a preface to the new regulation
it is stated that the guiding principle, underlying the discount policy of
the Federal Reserve banks is the advancement of the public interest
and that the effect that the granting or withholding of credit accommodation by a Federal Reserve bank may have on a member bank, on its
depositors, and on the community is of primary importance.
In harmony with all of these considerations, the regulation provides
that, when in the judgment of the Federal Reserve bank circumstances
make it advisable to do so, the bank may accept as security for advances
any assets satisfactory to it, but lists specifically certain preferred classes
of assets which cover the principal fields of financing. In addition, in
order to encourage member banks to have their real-estate loans and installment paper in a form that would make them acceptable as a basis
for advances at the Federal Reserve banks, the Board in an appendix
to the regulation recommended certain minimum standards for observance in making such loans. By describing in the regulation the character of paper that will have first claim for advances the Board hopes
to encourage better and safer banking practices. At the same time the
Board believes that the assurance of support in case of need given to
member banks with sound assets will encourage these banks to give their
communities the financial services that they require.
The revised regulation also eliminated a provision of the old regulation under which certain paper the proceeds of which were advanced or
loaned to other borrowers was made ineligible for discount at Federal
Reserve banks. The elimination of this provision rendered eligible for
discount a large amount of paper of commission merchants and finance
companies, including paper drawn to finance installment sales of a commercial character. In other respects, the revised regulation made few
changes in the technical rules of eligibility which have prevailed since
the Federal Reserve System was established.
MEETING ON OCTOBER 27, 1937
Members present:
Kee, Mr. Davis.
Mr. Eccles, Chairman; Mr. Szymczak, Mr. Mc-
Reduction in Margin Requirements on Loans by Brokers and Banks Under
Regulations T and U and Establishment of Margin Requirements on Short
Sales.
By resolution, approved unanimously, the Board adopted,
effective November 1, 1937, revised supplements to Regulation T, Extension and Maintenance of Credit by Brokers,
Dealers, and Members of National Securities Exchanges,
and Regulation U, Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange, which reduced the margins required on loans
to ordinary customers by brokers and also on loans to ordinary customers by banks on stocks for the purpose of
purchasing and carrying registered stocks, from 55 percent
of the current market value of the securities held as collat-
208
ANNUAL REPORT OP BOARD OF GOVERNORS
eral to 40 percent, and on loans to brokers and dealers in
securities by other brokers or by banks for the purpose of
financing customers' commitments (commonly called omnibus accounts) from 40 percent to 25 percent. The revised
supplement to Regulation T established in connection with
short sales a margin requirement of 50 percent of the current market value of the securities sold except that in
omnibus accounts a margin requirement of 35 percent of
the current market value of the securities sold was fixed.
Also by resolution, approved unanimously, various
changes were made in Regulation T as of November 1,
1937, as an incident to the establishment in the supplement
to the Regulation of margin requirements on short sales.
The Board's action was based upon the following considerations:
It was apparent that the progress of economic recovery was suffering
an interruption. Security offerings in the third quarter of 1937 were the
smallest since the revival of activity in the capital markets in the early
part of 1935. The total of corporate offerings was about $400,000,000
as compared with $760,000,000 in the preceding quarter and $970,000,000
in the first quarter of the year. Prices of both securities and commodities had declined sharply. Productive activity following a year of output at the highest levels since 1929 declined in September and October
to about the level of a year ago. The construction industry had experienced a disappointing year.
Since September 1 there had been a decline in the loans of reporting
member banks to brokers and dealers of $440,000,000, the largest decline
since 1931, and such loans had reached the lowest level in two years.
Credit extended by brokers to their customers had declined over 20 percent, from $1,560,000,000 in April to $1,200,000,000, a point approximately $100,000,000 below the level at the time the present margin
requirements were established when, contrary to the present trend,
brokers' loans were increasing.
The provisions of the Securities Exchange Act of 1934 under which
margin requirements had been established expressly authorized the
Board to reduce margin requirements when it deems it appropriate to
do so for the accommodation of commerce and industry, having due
regard to the credit situation of the country. The members of the Board
present viewed the proposed action as a step in the direction of moderating credit conditions in accord with the intent of the Securities Exchange
Act.
Consideration was also given to the fact that the provisions of the
Securities Exchange Act of 1934, which provided for the establishment
of margin requirements in connection with such loans, authorized the
establishment of margin requirements in connection with short sales,
which had not heretofore been prescribed. The Board had informally
agreed, in previous discussions, that margins on short sales should be
prescribed and announced in connection with the revised Regulation T
then in preparation or the next change in margin requirements whichever was first. It was felt that traders on the short side of the market
should not be in a position, with a given amount of funds, to exert a
greater influence on the market than they could with the same amount
of funds if they were trading on the long side. In this connection it was
noted that to establish margin requirements of less than 50 percent on
FEDERAL RESERVE SYSTEM
209
short sales would result, for considerably more than one-half the total
number of stocks listed on the New York Stock Exchange, in the establishment of a requirement which would be on a lower level than the
existing requirements of the Exchange.
In taking action to reduce the margin requirements on loans of brokers
and banks, it was agreed that no change should be made in the spread
between the margin requirements for omnibus accounts and those for
loans to customers and, therefore, the reduction in the requirement for
omnibus accounts continued the same spread that had been in effect
previously.
MEETING ON DECEMBER 3, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Davis.
Revision of Regulation T, Extension and Maintenance of Credit by Brokers,
Dealers, and Members of National Securities Exchanges.
By unanimous vote, a general revision of Regulation T
was approved and adopted to become effective on January
1, 1938.
The experience of the Board since the adoption of the original Regulation T in 1934 had disclosed that the purposes sought to be accomplished by the provisions of the Securities Exchange Act, under the
authority of which the Regulation was issued, could be achieved by a
simpler regulation which would be less restrictive and more practicable
than the existing regulation. The revised regulation, which effected a
number of technical changes, but made no change in the level of margin
requirements and contained no provisions requiring liquidation of outstanding commitments or reduction of outstanding loans, was adopted
to bring about this result.
Amendment to Existing Regulation T, Extension and Maintenance of Credit
by Brokers, Dealers, and Members of National Securities Exchanges.
By unanimous vote, an amendment to the existing Regulation T prescribing the method by which brokers, prior to
January 1, 1938, might separate customers' outstanding
transactions in commodity futures from customers' security
accounts, was approved and adopted to become effective
on December 6, 1937.
This amendment, which would expire with the effective date of the
new Regulation T, was adopted in order that brokers might have an
opportunity before the new regulation became effective on January 1,
1938, to separate a customer's transactions in commodity futures from
his margin account in securities, thus placing the accounts on the separate
basis on which the revised Regulation T would require them to be.
MEETING ON DECEMBER 21, 1937
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Davis.
Amendment of Regulation F, Trust Powers of National Banks.
By unanimous vote, Regulation F was amended effective
December 31, 1937, (1) to permit national banks, subject
210
ANNUAL REPORT OF BOARD OF GOVERNORS
to certain regulatory provisions, to invest funds of various
individual trusts in participations in common trust funds,
provided that the amount so invested from any one trust
shall not exceed $25,000, or 10 percent of the value of the
assets of the common trust fund, whichever amount is less
at the time of investment; (2) to permit national banks,
within certain limitations, to invest cash balances of individual trusts in participations in common trust funds,
provided the amount invested from any one such trust does
not exceed $1,200; and (3) to make certain minor changes
in the provision with respect to the organization and operation of trust department committees.
These amendments were adopted for the following reasons:
(1) In the Revenue Act of 1936 Congress granted certain tax exemptions to common trust funds administered by any bank in conformity
with rules and regulations prescribed for national banks by the Board
of Governors. By this legislation Congress recognized the desirability,
under proper safeguards, of permitting the operation of such common
trust funds. Some States have enacted legislation specifically authorizing the operation of common trust funds and in other States similar
legislation has been considered. Such funds have been operated in the
past in a number of States by banking institutions.
The amendment was adopted after receiving criticisms and comments
from all Federal Reserve banks and from other interested groups and
after consultation with a special committee of the American Bankers
Association which had recommended the adoption of such a regulation.
In upholding and construing provisions of law relative to the exercise of
trust powers by national banks, the courts have recognized that the
regulation of the administration of trusts is a matter peculiarly within
the province of the States. Therefore, the Board permitted the collective investment of funds of various trusts in common trust funds only
when the laws of the State in which the particular national bank is
located authorize or permit such investments by State banks, trust companies, or other corporations which compete with national banks. The
amendment was also designed to prevent common trust funds from being
operated as investment trusts for other than strictly fiduciary purposes
and to prevent preferences or other inequities between trusts participating in common trust funds.
(2) The Board's existing regulation had permitted national banks to
make collective investments of funds of individual trusts if such funds
were too small to be invested separately to advantage and the amendment adopted effective December 31, 1937, continues the authority to
invest collectively such odd balances to the credit of the various trusts
with as few regulatory provisions as possible, the primary purpose of the
change in this respect being to clarify the meaning of the existing regulation with respect to the determination of what are considered to be
small balances by limiting them to amounts not exceeding $1,200.
(3) The amendments with respect to trust department committees
were for the purpose of clarifying and making more practicable the
existing provisions with respect to the internal organization and operation
of such committees.
RECORD OF POLICY ACTIONS—FEDERAL OPEN
MARKET COMMITTEE
Following is a copy of the record of actions by the Federal Open
Market Committee during the year on questions of policy, required by
the last paragraph of section 10 of the Federal Reserve Act, as amended
by the Banking Act of 1935, to be kept by the Board of Governors of the
Federal Reserve System:
MEETING ON JANUARY 26, 1937
Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr.
Davis, Mr. Fleming, Mr. McKinney, Mr. Schaller, Mr. Hamilton.
1. Exchange Directly with Treasury Department of Maturing Government
Securities Held in System Open Market Account for New Securities.
It was voted unanimously that, whenever such action
appeared to be desirable in the proper administration of
the System open market account, maturing Government
securities held in the account might be exchanged directly
with the Treasury for securities of an issue being offered to
the public under terms which permit the tender of the maturing securities in exchange.
The Committee was of the opinion that the provision contained in section 14 (b) of the Federal Reserve Act that bonds, notes and other direct
obligations of the United States may be bought or sold without regard to
maturities but only in the open market does not prohibit the exchange
of maturing Government securities for an equal amount of new securities
carrying the conversion privilege, and that, inasmuch as such exchanges
would result in saving a substantial amount previously paid as commissions in connection with the purchase and sale of securities which
otherwise might be exchanged without such expense and it would be possible thereby to eliminate the accounting problem of the treatment to be
given to profits on securities sold and premiums paid on securities purchased in the market, such direct exchanges should be made.
2. Emergency Purchases of Government Securities by Federal Reserve Banks.
It was moved that the following resolution be adopted:
that, in an emergency, when necessary to afford relief
in a situation involving one or more specific banking institutions in
its district, any Federal Reserve bank may purchase Government
securities for its own account (a) up to and not in excess of $100,000,000 with the prior consent of the executive committee, or (b) up
to and not in excess of $50,000,000 without the prior consent of the
executive committee, if because of the necessity for prompt.action
it is not possible to obtain such prior consent. All purchases of Government securities by any Federal Reserve bank for its own account
shall be reported promptly to the executive committee; and the
211
"RESOLVED
212
ANNUAL REPORT OF BOARD OF GOVERNORS
executive committee shall promptly notify all members of the Federal Open Market Committee of such purchases. The Federal Open
Market Committee reserves the right, and authorizes the executive
committee, at any time to require the sale of any Government securities purchased by an individual Federal Reserve bank for its own
account, or to require that such securities be transferred to the System Open Market Account, or to reduce the holdings of other Government securities in the System Open Market Account in an
equivalent amount."
On this motion the members voted as follows: "aye,"
Messrs. Harrison, Fleming, Schaller, Hamilton, McKinney,
and Broderick; "no," Messrs. Eccles, Szymczak, Ransom,
McKee and Davis.
Mr. Broderick then stated that he desired to withdraw his
vote, that, while he favored the adoption of the resolution,
he believed that motions of this character, if adopted,
should prevail by a larger margin than had been indicated
in this case, and that, therefore, he wished to be recorded
as not voting. Thereupon the motion was declared lost.
The reason advanced for the motion was that it was important that
the Federal Reserve System be prepared to act promptly in any emergency which might arise, that there was doubt whether the appropriate
machinery was available to take care of a pressing emergency involving
individual member or nonmember banks, that on some occasions in the
past events had taken place so rapidly that adequate opportunity was
not available for committee action of that sort, and therefore that each
Federal Reserve bank should be in a position to purchase Government
securities when necessary to afford relief in an emergency situation involving one or more specific banking institutions in its district which
might arise so rapidly as to require action before the executive committee of the Federal Open Market Committee could consider the matter. The votes against the motion were upon the ground that the Federal
Reserve banks, through the exercise of their powers to make loans and
resale agreements, had ample authority to deal with specific local situations which might arise without warning; that in all other cases the
Reserve banks would have sufficient notice of the development of the
situation to bring the matter to the attention of the executive committee
of the Federal Open Market Committee for consideration and action;
and that, therefore, authority in the Federal Reserve banks to make
emergency purchases of Government securities was not necessary.
3. Authority to Replace Maturing Securities and to Make Shifts of Securities
in System Open Market Account.
By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System Open Market Account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper
administration of the account, provided that the amount of
securities maturing within two years be maintained at not
less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $600,000,000 nor less than $300,000,000.
FEDERAL RESERVE SYSTEM
213
This authority was granted for the reason that it was felt that the
executive committee should have such authority as might be necessary in
the proper administration of the System open market account to enable
it to replace maturing securities and to make shifts between maturities
in the account, including authority to increase the holdings of bonds
with maturities in excess of five years as well as authority to reduce
such holdings within certain reasonable limitations, to meet changing
market conditions and to improve the distribution of maturities in the
account.
4. Authority to Increase or Decrease System Account.
By unanimous vote, the Committee authorized the executive committee, subject to telegraphic or written approval
by a majority of the members of the Federal Open Market
Committee, to direct that the present amount of Government securities in the System open market account be increased or decreased by not more than $500,000,000.
The Committee had in view the possibility of a decision by the Board
of Governors to make a further increase in requirements as to reserves
of member banks, which, if made to the full extent permitted by law,
would result in a substantial reduction in excess reserves and, consequently, in less flexibility in the money market, in which circumstances
larger open market operations might be necessary. The probability of a
substantial net withdrawal of funds from the market over the March
15th tax payment period was also considered, and the Committee was of
the opinion that the executive committee should be in a position to take
such action with respect to an increase in the System account as might
be necessary to offset any undesirable effect that might result from a
large withdrawal of funds. It was also agreed that the executive committee should have authority to take such action with respect to an
increase or decrease (which would include authority to allow maturities
to run off) in the System portfolio as might be necessary to meet
unforeseen circumstances.
MEETING ON MARCH 15, 1937
Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. Ransom, Mr. McKinney, Mr.
Martin, Mr. Peyton (alternate for Mr. Day).
1. Authority to Replace Maturing Securities and to Make Shifts of Securities
in the System Open Market Account.
By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing
securities in the System open market account with other
Government securities and to make such shifts between
maturities in the account as may be necessary in the
proper administration of the account, provided that the
amount of securities maturing within two years be maintained at not less than $800,000,000 and that the amount
of bonds having maturities in excess of five years be not
over $800,000,000 nor less than $500,000,000.
After a review of business and credit conditions including the condition of the Government securities market, the members agreed that, in
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ANNUAL REPORT OF BOARD OF GOVERNORS
the absence of conditions not then foreseen, an increase in the System
portfolio would not be justified, that the executive committee should
continue to operate under authority granted by the Federal Open Market
Committee to replace maturing securities and to make shifts of securities
in the account with a view to preventing a disorderly market, and that
for that purpose additional authority should be granted to the executive
committee to make such shifts and replacements. It was the consensus
that it would be undesirable for the System to continue indefinitely to
increase the proportion of bonds held in the System account at as great
a rate as had taken place during the preceding week and that if it appeared that the prevention of a disorderly market would justify further
shifts in large amounts, beyond the limits set by the action referred to
above, it might become advisable to increase the aggregate amount of
securities held in the account in order to preserve a desirable ratio of
short to long-term securities in the account.
2. Authority to Increase or Decrease System Account.
By unanimous vote, the Committee authorized the executive committee to arrange for an increase or decrease in
the amount of securities then in the System open market
account by not more than $250,000,000 in the event of an
emergency arising requiring such action before a meeting
of the Federal Open Market Committee could be held.
This action was taken in order to enable the executive committee to
act promptly in the event unforeseen circumstances should make action
desirable before another meeting of the full Committee, with the understanding that in the absence of an emergency the executive committee
would act under the authority to replace maturing securities and to
make shifts in the account, that on the basis of the then existing situation there was no necessity to resort to the authority to make increases
in the System portfolio, and that such action would be resorted to only
in the event of the development of new circumstances which, in the judgment of the executive committee, would make necessary an increase in
the portfolio.
MEETING ON APRIL 4, 1937
Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr.
Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Peyton (alternate
for Mr. Day).
1. Authority to Increase or Decrease System Account.
It was moved that the following resolution be adopted:
"The Federal Open Market Committee directs the executive committee to make such purchases or sales of United States Government securities, beginning April 5, 1937, as may be necessary with
a view to preserving an orderly market, but to make purchases of
not less than $25,000,000 during the week beginning April 5, 1937,
provided that the present aggregate amount of securities in the
System open market account shall not be increased or decreased by
more than $250,000,000 prior to the next meeting of the Federal
Open Market Committee. The character and maturities of the
FEDERAL RESERVE SYSTEM
215
securities acquired or sold shall be determined by the executive
committee in the light of current market developments."
A motion to amend the above resolution by striking out
the requirement that a minimum amount of securities be
purchased during the week beginning April 5, 1937, was
lost, Messrs. Harrison, Sinclair and Szymczak voting "aye"
and Messrs. Eccles, Broderick, McKee, Ransom, Davis,
McKinney, Martin and Peyton voting "no."
The original motion was then put by the chair and carried unanimously.
These motions were made following a review of business and credit
conditions, including the reserve position of member banks as it would
be influenced by the increase in reserve requirements which was to take
effect on May 1, 1937, the developments in the money market and bond
market, and particularly the continued weakness in the Government securities market, and a discussion of what, if any action should be taken
by the Federal Open Market Committee in the circumstances.
The resolution was adopted in order to enable the executive committee to make open market purchases of United States Government securities for the System account in such amounts and at such times as might
be desirable with a view (1) to exerting an influence toward orderly
conditions in the money market and (2) to facilitating the orderly adjustment of member banks to the May 1 increase in reserve requirements. The purpose of this resolution was in conformity with the
policy announced by the Board of Governors of the Federal Reserve
System in its statement on January 30, 1937, which declared, with reference to the increase in reserve requirements, that by that action the
System would be placed in a position where such reduction or expansion
of member bank reserves as might be deemed to be in the public interest
might be effected through open market operations.
The rejection of the motion to amend the resolution was based upon
the opinion that a small amount of securities should be purchased during the week to demonstrate that the System was prepared to increase
the amount of securities held in the System account as a means of preventing a disorderly market over the period of the adjustment by member banks of their reserves to meet the May 1 increase in reserve
requirements.
2. Authority to Replace Maturing Securities and to Make Shifts of Securities
in the System Open Market Account.
By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing
securities in the System open market account with other
Government securities and to make such shifts between
maturities in the account as may be necessary in the proper
administration of the account, provided that the amount
of securities maturing within two years be maintained at
not less than $1,000,000,000 and that the amount of bonds
having maturities in excess of five years be not over $850,000,000 nor less than $500,000,000.
This action was a continuation of similar authority granted to the
executive committee for the purpose of enabling the committee to re-
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ANNUAL REPORT OF BOARD OF GOVERNORS
place maturing securities and to make shifts between maturities within
certain reasonable limitations. It was felt, however, that inasmuch as
the action authorizing the executive committee to increase the amount
of securities held in the account contemplated an immediate increase in
the account with a view to preserving an orderly market and facilitating
the adjustment of member banks to increased reserve requirements, it
would be advisable not to authorize the reduction of the amount of securities held with maturities within two years to less than $1,000,000,000
(the amount of such securities held in the account at the time was in excess of $1,100,000,000).
MEETING ON MAY 5, 1937
Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr.
Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Day.
1. Authority to Replace Maturing Securities and to Make Shifts of Securities
in the System Open Market Account.
By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing
securities in the System open market account with other
Government securities and to make such shifts between
maturities in the account as may be necessary in the proper
administration of the account, provided that the amount
of securities maturing within two years be maintained at
not less than $1,000,000,000 and that the amount of bonds
having maturities in excess of five years be not over
$850,000,000 nor less than $500,000,000.
This action continued authority previously granted to the executive
committee to enable it to replace maturing securities and to make shifts
between maturities in the System account, including authority to increase or decrease the holdings of bonds with maturities in excess of five
years, within the specified limits, in order to meet changing market conditions and to improve the distribution of maturities in the account.
2. Authority to Increase or Decrease System Account.
By unanimous vote, the Committee directed the executive committee to make purchases and sales (including
authority to allow maturities to run off) of United States
Government securities for the System open market account to such extent as may be necessary before the adjournment of the next meeting of the Federal Open Market
Committee, for the purpose of preventing disorderly market
conditions, provided that the aggregate amount of securities held in the account be not increased to an amount
exceeding $2,680,000,000 nor decreased to an amount less
than $2,180,000,000; the kinds and maturities of the securities acquired or sold to be determined in the light of
current market developments.
This action was taken in order that the executive committee might
continue to have authority to act promptly when conditions warranted
the purchase or sale of Government securities for the System open market
account for the purpose of preventing disorderly market conditions.
FEDERAL RESERVE SYSTEM
217
MEETING ON JUNE 9, 1937
Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr.
Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Day.
1. Authority to Replace Maturing Securities and to Make Shifts of Securities
in the System Open Market Account.
By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper
administration of the account, provided that the amount
of securities maturing within two years be maintained at
not less than $1,000,000,000 and that the amount of bonds
having maturities in excess of five years be not over
$850,000,000 nor less than $500,000,000.
It was agreed that the reasons for the authority granted to the executive committee at the meeting on May 5, 1937, to replace maturing
securities and to make shifts between maturities in the System account
still applied and that, therefore, such authority should be renewed.
2. Authority to Increase or Decrease System Account.
By unanimous vote, the Committee directed the executive committee to make purchases or sales (including authority to allow maturities to run off without replacement) of United States Government securities for the
System open market account to such extent as may be
necessary before the adjournment of the next meeting of
the Federal Open Market Committee for the purpose of
preventing disorderly market conditions, provided that the
aggregate amount of securities held in the account be not
increased or decreased from the amount now held in the
account by more than $250,000,000; the kinds and maturities of securities acquired or sold to be determined in the
light of current market developments.
The reason for this action was the same as that which prompted similar action by the Committee at its meeting on May 5, 1937.
MEETING ON SEPTEMBER 12, 1937
Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr.
Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Day.
1. Authority to Increase or Decrease System Account and Recommendation
that Treasury Be Requested to Desterilize $300,000,000 of Gold.
The following resolutions were adopted by unanimous
vote:
"RESOLVED, that, until the adjournment of the next meeting of the
Committee, the executive committee is authorized to direct the purchase in the open market from time to time of sufficient amounts of
Treasury bills or other short-term Treasury obligations to provide
funds to meet seasonal withdrawals of currency from the banks and
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ANNUAL REPORT OF BOARD OF GOVERNORS
other seasonal requirements, for the purpose of maintaining at
member banks an aggregate volume of excess reserves adequate for
the continuation of the System's policy of furthering economic recovery through monetary ease; and the executive committee is authorized from time to time to direct a reduction of the holdings
of such obligations when the seasonal influences are reversed or if
other influences make their retention unnecessary for the purposes
of this resolution. It is understood that the executive committee,
in the exercise of this authority, will not increase or decrease by more
than $300,000,000 the amount of securities now in the System open
market account without another meeting of the Federal Open
Market Committee."
"RESOLVED, that, with a view to cooperation in effectuating the policy declared in the above resolution the Committee recommend to
the Board of Governors of the Federal Reserve System that it request the Secretary of the Treasury favorably to consider the desterilization of approximately $300,000,000 of gold out of the Treasury inactive account, the time and method of such desterilization to
be determined by the Secretary of the Treasury in consultation and
cooperation with the executive committee of the Federal Open
Market Committee."
The foregoing resolutions were adopted for the reasons set forth in
the following statement which was approved unanimously by the Committee :
"The Federal Open Market Committee met in Washington on
September 11 and 12 and reviewed the business and credit situation. In view of the expected seasonal demands on the banks for
currency and credit during the coming weeks the Committee authorized its Executive Committee to purchase in the open market from
time to time sufficient amounts of short-term U. S. Government
obligations to provide funds to meet seasonal withdrawals of currency from the banks and other seasonal requirements. Reduction
of the additional holdings in the open market portfolio is contemplated when the seasonal influences are reversed or other circumstances make their retention unnecessary.
"The purpose of this action is to maintain at member banks an
aggregate volume of excess reserves adequate for the continuation
of the System's policy of monetary ease for the furtherance of
economic recovery.
"As a further means of making this policy effective, the Open
Market Committee recommended that the Board of Governors of
the Federal Reserve System request the Secretary of the Treasury
to release approximately $300,000,000 of gold from the Treasury's
inactive account. The Board of Governors acted upon this recommendation and the Secretary of the Treasury agreed to release at
once the desired amount of gold. This will place an equivalent
amount of funds at the disposal of the banks and correspondingly
increase their available reserves.
"This action is in conformity with the usual policy of the System
to facilitate the financing of orderly marketing of crops and of autumn trade. Together with the recent reductions of discount rates
at the several Federal Reserve banks, it will enable the banks to
FEDERAL RESERVE SYSTEM
219
meet readily any increased seasonal demands for credit and currency and contribute to the continuation of easy credit conditions."
2. Authority to Replace Maturing Securities and to Make Shifts of Securities
in the System Open Market Account.
By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper
administration of the account, provided that the amount of
securities maturing within two years be maintained at not
less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $850,000,000 nor less than $500,000,000.
The members of the Committee concurred in the opinion that the reasons for the authority granted to the executive committee at the meeting
of the Committee on May 5, 1937, to replace maturing securities and to
make shifts between securities in the System open market account were
still present and that, therefore, action renewing the authority was
necessary.
MEETING ON DECEMBER 1, 1937
Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Sinclair,
Mr. McKinney, Mr. Martin, Mr. Day.
1. Authority to Increase or Decrease System Account.
The following resolution was adopted by unanimous
vote:
"RESOLVED, that, until the adjournment of the next meeting of the
Committee, the executive committee is authorized to direct the purchase in the open market from time to time of sufficient amounts of
Treasury bills or other short-term Treasury obligations to provide
funds to meet seasonal withdrawals of currency from the banks and
other requirements of commerce, business and agriculture by keeping at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of maintaining
credit conditions conducive to economic recovery; and the executive
committee is authorized from time to time to direct a reduction of
the holdings of such obligations to the extent that their retention is
found to be unnecessary for the purposes of this resolution. It is
understood that the executive committee, in the exercise of this authority, shall not increase or decrease by more than $300,000,000
the amount of securities now in the System open market account."
The Committee had given full consideration to general business and
credit conditions and it was the general feeling that the existing volume
of excess reserves was abundant for the continuance of easy credit conditions and for meeting the credit requirements of commerce, business
and agriculture, that in the light of existing business and credit conditions effective action to meet and overcome the present business recession
should be taken outside the field of the System's various monetary powers, and that the System could best contribute to the furtherance of eco-
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ANNUAL REPORT OF BOARD OF GOVERNORS
nomic recovery by being prepared in case of any change in conditions
to act promptly in pursuance of the general objectives set forth in the
resolution. In order to place the System in position to meet such developments as might require further open market operations in accordance with the System's policy during the period before another meeting
of the full Committee, it was decided to continue the authority of the
executive committee to engage in open market operations.
2. Authority to Replace Maturing Securities and to Make Shifts of Securities
in the System Open Market Account.
By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing
securities in the System open market account with other
Government securities and to make such shifts between
maturities in the account as may be necessary in the proper
administration of the account, provided that the amount
of securities maturing within two years be maintained at
not less than $1,000,000,000 and that the amount of bonds
having maturities in excess of five years be not over $850,000,000 nor less than $500,000,000.
The members of the Committee agreed that the authority granted to
the executive committee at the previous meeting of the full Committee
to replace maturing securities and to make shifts in the System open
market account should be continued for the same reasons as prompted
the existing authority.
OBJECTIVES OF MONETARY POLICY
On August 2, 1937, the Board of Governors sent to the Chairman of
the Senate Committee on Agriculture and Forestry the following statement in response to his request for an expression of the Board's views
with regard to a measure pending before the Committee:
From time to time the Board of Governors of the Federal Reserve
System is asked for its opinion of bills pending in Congress that would
establish a central monetary authority and direct it, as a primary objective, to achieve and maintain a specified domestic price level. In
these bills it is generally assumed that the stated objective may be attained exclusively through monetary control, and responsibility for accomplishing the end sought is, therefore, placed upon the monetary
authority.
The Board assumes that, while price stabilization is stated as the objective of such proposals, the authors regard stability of prices merely
as a means toward a more important end, namely, the lessening of booms
and depressions and the increase in the national output and well-being,
in the belief that through the maintenance of a stable price level the
broader objective will be achieved.
The Board is in full agreement with the ultimate objective of the proposals to promote economic stability, which means the maintenance of
as full employment of labor and of the productive capacity of the country as can be continuously sustained. The Board, with the broader powers conferred upon it by the Banking Act of 1935, performs essential
functions necessary to the achievement of this objective.
As to the adequacy and efficacy of the means provided by the proposals to achieve this objective, the conclusions reached by the Board are
briefly stated in the following discussion.
Price stabilization not an adequate objective.—That wide fluctuations in the price level are disastrous is beyond question and determined
efforts should be made to prevent such fluctuations as would endanger
economic stability. The Board is convinced, however, that the broader
objective of maximum sustainable utilization of the Nation's resources
cannot be achieved by attempting to maintain a fixed level of prices, and
that, therefore, price stability should not be the sole or principal objective of monetary policy.
Stabilization of individual prices by monetary means is not proposed,
nor would it be feasible. Proposals for price stability necessarily refer
to some index or average of prices. There is no general agreement on the
question of what constitutes a satisfactory price index for this purpose,
although the general wholesale commodity price index is often suggested.
No matter what price index may be adopted as a guide, unstable economic conditions may develop, as they did in the 1920's, while the price
level remains stable; business activity can change in one direction or the
other and acquire considerable momentum before the changes are re-
221
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ANNUAL REPORT OF BOARD OF GOVERNORS
fleeted in the index of prices. There are situations in which changes in
the price level would work toward maintenance of stability; declining
prices resulting from technological improvements, for example, may contribute to stability by increasing consumption. There are other situations when the restoration and maintenance of relatively full employment may be possible only with an advance in prices. Correspondence
between price stability and economic stability is not sufficiently close,
therefore, to make it desirable to restrict the objective of monetary
policy to price stability.
The inadequacy of price stability as a guide to policy may be illustrated by a situation when the index rises owing to an advance in agricultural prices. Such a rise might result from a crop failure in the
United States, or from a short world crop while the harvest in this country was bountiful and full employment prevailed. If the maintenance
of a fixed price level were the sole guide to monetary policy, a restraining
policy would be indicated in both cases, although in the former case such
a policy might result in a general business decline, while in the latter
case it might or might not be justified, depending on other circumstances.
Inasmuch as the management of the country's monetary system is not
an exact science, since it involves forecasting and dealing with many
uncertainties, it is essential in determining an objective to leave scope
for judgment and discretion.
Monetary contribution to economic stability.—Monetary authorities
may contribute to economic stability by exerting an influence to maintain a flow of funds conducive to as full a use of the country's productive resources as can be continuously sustained and to keep the banking
machinery of the country in sound condition. The Board recognizes
that even an adequate supply of money will not perform its functions
adequately if the banking structure through which it must operate is in
an unsound condition, and that a sound banking structure cannot be
sustained if the supply of money is insufficient, and a deflation is under
way. The Federal Reserve System, therefore, must work toward economic stability through its influence both on the flow of money and on
the soundness of banking conditions. The Board is aware of the limitations on the effectiveness of this influence which arise from the multiplicity of laws and jurisdictions as well as from the divided responsibility
for supervision under which the banks of this country function.
Monetary control alone cannot accomplish economic stability.—An
attempt to make either price stability or the broader objective of economic stability the particular concern of the Federal Reserve System,
without recognizing the fact that the attainment of the objective would
require the cooperation of other agencies of the Government, is impractical.
The Federal Reserve System can regulate within limits the supply
of money but there are other factors affecting prices and business activity
fully as powerful as the money supply. Many of these factors are nonmonetary and cannot be controlled by monetary action. Their effect
on business activity may express itself in an increased or decreased rate
of use, or turnover, of the existing supply of money as well as in a change
in the supply itself. The influence that the Federal Reserve System can
exercise over the interest rate has an important bearing on business
activity, but it may be entirely offset by other factors.
It is essential to recognize the limitations on the effectiveness of mone-
FEDERAL RESERVE SYSTEM
223
tary policy. Monetary factors are only one of the groups of forces
affecting business activity.
Conclusion.—To sum up, the Board believes that economic stability
rather than price stability should be the general objective of public
policy. It is convinced that this objective cannot be achieved by monetary policy alone, but that the goal should be sought through coordination of monetary and other major policies of the Government which
influence business activity, including particularly policies with respect
to taxation, expenditures, lending, foreign trade, agriculture and labor.
It should be the declared objective of the Government of the United
States to maintain economic stability, and it should be the recognized
duty of the Board of Governors of the Federal Reserve System to use
all its powers to contribute to a concerted effort by all agencies of the
Government toward the attainment of this objective.
ADDRESS BY
THE PRESIDENT OF THE UNITED STATES
AT THE OFFICIAL OPENING OF THE
FEDERAL RESERVE BUILDING
October 20, 1937
Mr. Chairman, Members of the Board and oj the Staff, Ladies and
Gentlemen:
You have come here this afternoon for something more than a mere
formality. This structure is worthy to rank among the foremost of the
Capital's architectural achievements, and you and I have gathered here
to pay tribute to the beauty and dignity of line and form wrought by
those who conceived and executed this building.
But we are conscious of a larger meaning in this brief ceremony—of
the role that the Federal Reserve plays in the broad purpose which this
Government must serve. That purpose is to gain for all of our people
the greatest attainable measure of economic well-being, the largest
degree of economic security and stability.
To advance the country towards this goal is the real mission of the
Federal Reserve System. It cannot be attained by that System alone,
but neither can it be reached without the proper functioning of our monetary and credit machinery. That machinery must be steadily perfected
and coordinated with all other instruments of Government to promote
the most productive utilization of our human and material resources.
Only in that way can we hope to achieve and maintain an enduring prosperity, free from the disastrous extremes of booms and depressions. Only
in that way can our economic system and our democratic institutions
endure.
Nearly a quarter of a century has passed since the Federal Reserve
System was established. Its creation, out of the Nation's banking experience from the beginning of the Republic, was due to the statesmanship
of President Wilson, and to the courageous leadership in the Congress
for which the Senior Senator from Virginia, Carter Glass, will always
deserve the Nation's gratitude.
It is fitting that President Wilson's portrait in bronze should have the
place of honor in the main entrance to this building. And it is appropriate that the words inscribed under it should be taken from his first
inaugural address. Let me quote them:
"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."
Those penetrating words admirably apply to our banking system,
which must be constantly alert to changing conditions in order that it
may be prepared to adapt itself to the growing and changing needs of our
people in their daily life and work.
224
FEDERAL RESERVE SYSTEM
225
The Federal Reserve System, as it was originally established, was
adapted to the pre-war world and brought about a great improvement
in the money system. Steps were taken in 1917 to adapt it to the urgent
necessities of a war-ridden world. In mobilizing the country's gold
reserves and in facilitating the Government's vast financing operations,
the Reserve System performed a vital role in the winning of the war.
It is clear now, in retrospect, that if further changes to meet post-war
conditions had been made in our banking system in the 1920's, it would
have been in a far better position to moderate the forces that brought
about the great depression. But from the end of the war until we were
in the midst of economic collapse a decade later, no changes were made
in the banking structure to make it function more effectively in the public
interest.
Since that time the nation has done much to improve its banking
system. It must continue step by step to make the banking system what
it should be. We must not complacently suppose that we have achieved
perfection. We have provided for the insurance of deposits for the
benefit of the great mass of small depositors. By the Banking and
Security Exchange Acts of 1933, 1934 and 1935, the Federal Reserve
System was given increased power to improve banking conditions and to
aid the Government in combating practices which were evil in their
results. Those powers have been concentrated to a greater degree than
before in a single public body, so that they can be used promptly and
effectively in accordance with the changing needs of the country. 1937
is not 1913; nor do we want to turn the hands of the clock back..
The Federal Reserve System, tested by nearly a quarter of a century
of operation, is a public institution capable of adaptation to future, as it
has been to past needs and conditions. It is a piece of machinery vital to
the Nation's steady progress towards the goal of a sounder banking
system capable of contributing its full share to lasting economic progress
and well-being.
The Board of Governors, whose building we are dedicating today, was
reconstituted by the Banking Act of 1935. To this public body Congress
has entrusted broad powers which enable it to affect the volume and the
cost of money, thus exerting a powerful influence upon the expansion and
contraction in the flow of money through the channels of agriculture,
trade and industry. In this way much can be done towards the maintenance of more stable employment. Much can be done to aid in achieving
greater stability of the true value of the dollar.
By their nature these important powers are of public concern and the
responsibility for their exercise is properly vested in a public body. Much
as they may contribute to the country's progress, monetary powers
possess no peculiar magic. They are not omnipotent. To be effective in
performing their function, they must be closely coordinated with the
other major powers and policies of government which influence the country's economic life.
The Federal Reserve System as it exists today is better adapted than
ever before to play its part in common with the other instrumentalities of
government in the attainment of that increasing well-being for all of
our people, which is the fundamental objective of all government.
I dedicate this building to progress toward the ideal of an America in
which every worker will be able to provide his family at all times with
an ever-rising standard of comfort.
DIRECTORY OF THE FEDERAL ADVISORY COUNCIL
(December 31, 1937)
OFFICERS
President, WALTER W. SMITH
Vice President, HOWARD A. LOEB
Secretaiy, WALTER LICHTENSTEIN
EXECUTIVE COMMITTEE
WALTER W. SMITH
HOWARD A. LOEB
THOMAS M. STEELE
WINTHROP W. ALDRICH
EDWARD E. BROWN
W. T. KEMPER
MEMBERS
District No. 1.—THOMAS M. STEELE, president, First National Bank & Trust Company of New Haven, Conn.
District No. 2.—WINTHROP W. ALDRICH, chairman, The Chase National Bank of the
City of New York, New York, N. Y.
District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank & Trust
Company, Philadelphia, Pa.
District No. 4.—LEWIS B. WILLIAMS, chairman, The National City Bank, Cleveland,
Ohio.
District No. 5.—CHARLES M. GOHEN, president, First Huntington National Bank,
Huntington, W. Va.
District No. 6.—EDWARD BALL, C/O Barnett National Bank Building, Jacksonville,
Fla.
District No. 7.—EDWARD E. BROWN, president, The First National Bank of Chicago,
Chicago, 111.
District No. 8.—WALTER W. SMITH, president, First National Bank in St. Louis,
St. Louis, Mo.
District No. 9.—JOHN CROSBY, vice president, Farmers and Mechanics Savings Bank,
Minneapolis, Minn.
District No. 10.—W. T. KEMPER, chairman, Commerce Trust Company, Kansas
City, Mo.
District No. 11.—R. E. HARDING, president, The Fort Worth National Bank, Fort
Worth, Tex.
District No. 12.—PAUL S. DICK, president, United States National Bank, Portland,
Ore.
RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MAY 18, 1937
TOPIC: S. 2344 (Corporate Trusteeships).
RECOMMENDATION.—The Federal Advisory Council wishes to call the
attention of the Board of Governors of the Federal Reserve System to
S. 2344 dealing with corporate trusteeships.
The Council feels strongly that the imposition of some of the liabilities
as provided in the bill would create a situation where banks of deposit
could not with safety to themselves or to the banking system as a whole
accept corporate trusteeships.
The Council believes that if banks of deposit declined corporate trusteeships the resulting loss of revenue, particularly at the present time,
227
228
ANNUAL REPORT OF BOARD OF GOVERNORS
would weaken the banking system and would not be in the public interest.
Broadly speaking, no corporations other than banks of deposit have
either the financial responsibility or the experience which qualify them to
act as corporate trustees.
DECEMBER 14, 1937
TOPIC: Reserve Requirements.
RECOMMENDATION.—The Federal Advisory Council is strongly of the
opinion that the Board of Governors of the Federal Reserve System
should make no change in the required reserves of member banks at this
time. It is believed that practically no banks were adversely affected by
the original increase in requirements and that the few which were temporarily inconvenienced by the subsequent increases have fully adjusted
themselves to the present situation. At the present time there is no
shortage, either of current bank credit, or of money in the hands of
investors available for the purchase of long-time securities. The banks
have large excess reserves and.interest rates are low. A reduction in
reserve requirements at this time could therefore have no beneficial effect
on either business or employment.
The Council has stated before its position, and desires to restate it,
that changes in reserve requirements should be made as infrequently as
possible, and only when clearly demanded. Uncertainty as to reserve
requirements inevitably tends to disturb the conduct of banking operations and any change in reserve requirements at this time would be apt
to restrict, rather than to promote, the lending operations of the banks
of the country, and would probably upset sentiment.
Furthermore, a very large amount of foreign investments and balances
in this country exist, a considerable part of which will in all probability
be some day repatriated. Until that time it is highly desirable to maintain the banking reserves of this country at a level which will enable the
Board of Governors of the Federal Reserve System, by then lowering
reserve requirements to insure that any outward movement of foreign
capital will not endanger the economy of this country.
DIRECTORY OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
(December 31, 1937)
MARRINER S. ECCLES, of Utah, Chairman.
RONALD RANSOM, of Georgia, Vice Chairman.
M. S. SZYMCZAK, of Illinois.
JOHN K. MCKEE, of Ohio.
CHESTER C. DAVIS, of Maryland.
CHARLES S. HAMLIN, Special Counsel.
LAWRENCE CLAYTON, Assistant to the Chairman.
ELLIOTT THURSTON, Special Assistarit to the Chairman.
CHESTER MORRILL, Secretary.
LISTON P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
WALTER WYATT, General Counsel.
J. P. DREIBELBIS, Assistant General Counsel.
GEORGE B. VEST, Assistant General Counsel.
B. MAGRUDER WINGFIELD, Assistant General Counsel.
LEO H. PAULGER, Chief, Division of Examinations.
R. F. LEONARD, Assistant Chief, Division of Examinations.
C. E. CAGLE, Assistant Chief, Division of Examinations.
E. A. GOLDENWEISER, Director, Division of Research and Statistics.
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics.
LAUCHLIN CTJRRIE, 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.
O. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
229
SALARIES OF OFFICERS AND EMPLOYEES OF THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
(December 31, 1937)
C. S. Hamlin, special counsel to the Board
$12,000.00
OFFICES OF MEMBERS OF THE BOARD
Lawrence Clayton, assistant to the Chairman
Elliott Thurston, special assistant to the Chairman
1 at $4,200
2 at $3,300
1 at $3,200
2 at $3,000
1 at $2,200
1 at $2,100
1 at $1,920
2 at $1,800
1 at $1,720
1 at $1,600
1 at $1,500
3 at $1,320
15,000.00
13,000 00
4,200.00
6,600.00
3,200.00
6,000.00
2,200.00
2,100.00
1,920.00
3,600.00
1,720.00
1,600.00
1,500.00
3,960.00
Total
78,600.00
OFFICE OF THE SECRETARY
Chester Morrill, secretary
L. P. Bethea, assistant secretary
J. C. Noell, assistant secretary
S. R. Carpenter, assistant secretary
1 at $3,100
1 at $2,900
1 at $2,800
4 at $2,700
2 at $2,600
1 at $2,400
2 at $2,100.
4 at $2,000
1 at $1,920
1 at $1,860
1 at $1,800
2 at $1,740
1 at $1,660
2 at $1,600
5 at $1,560
5 at $1,500
2 at $1,440
3 at $1,200
4 at $1,080
Service Functions:
1 at $2,400
1 at $2,280
1 at $2,200
2 at $1,920
1 at $1,900
3 at $1,860
2 at $1,800
2 at $1,660
1 at $1,620
230
••
-
15,000.00
8,000.00
7,500.00
7,000.00
3,100.00
2,900.00
2,800.00
10,800.00
5,200.00
2,400.00
4,200.00
8,000.00
1,920.00
1,860.00
1,800.00
3,480.00
1,660.00
3,200.00
7,800.00
7,500.00
2,880.00
3,600.00
4,320.00
*$2,400.00
*2,280.00
2,200.00
*3,840.00
1,900.00
*5,580.00
3,600.00
3,320.00
1,620.00
FEDERAL RESERVE SYSTEM
231
OFFICE OF THE SECRETARY—continued
1 at $1,500
1 at $1,500
1 at $1,440
3 at $1,380. . .
2 at $1,320
1 at $1,200
1 at $1,200
3 at $1,080
1 at $960
Building Operation and Maintenance:
1 at $4,500
1 at $3,200
1 at $2,400
2 at $2,000
2 at $1,800
13 at $1,500
2 at $1,320
5 at $1,200
8 at $1,080
1 at $900
27 at $622
Special budget for expenses connected with moving into new building:
H. O. Koppang, Federal reserve examiner
1 at $3,600
Total
Less salaries of telegraph operators
*l,500.00
1,500.00
1,440.00
4,140.00
2,640.00
*l,200.00
1,200.00
3,240.00
960.00
4,500.00
3,200.00
2,400.00
4,000.00
3,600.00
19,500.00
2,640.00
6,000.00
8,640.00
900.00
**16,794.00
6,000.00
3,600.00
243,254.00
*16,800.00
226,454.00
OFFICE OF GENERAL COUNSEL
Walter Wyatt, general counsel
George B. Vest, assistant general counsel
J. P. Dreibelbis, assistant general counsel
B. M. Wingfield, assistant general counsel
John C. Baumann, assistant counsel
Joseph T. Owens, assistant counsel
G. Howland Chase, assistant counsel
Alfred K. Cherry, assistant counsel
2 at $4,200
1 at $3,300
2 at $3,000
1 at $2,800
2 at $2,100
2 at $2,000
1 at $1,960
1 at $1,900
2 at $1,800
4 at $1,740
;
1 at $1,680
1 at $1,620
1 at $1,560
1 at $1,440
1 at $1,320
Total
15,000.00
10,000.00
9,000.00
9,000.00
6,000.00
6,000.00
5,750.00
5,750.00
8,400.00
3,300.00
6,000.00
2,800.00
4,200.00
4,000.00
1,960.00
1,900.00
3,600.00
6,960.00
1,680.00
1,620.00
1,560.00
1,440.00
1,320.00
117,240.00
* The salaries of nine employees in the telegraph office aggregating $16,800 are
regarded as an expense of the Federal Reserve Leased Wire System and as such
are prorated among the Federal Reserve banks and the Board with the other
expenses of the Leased Wire System.
** Annual compensation based on a 4-hour working day at the rate of 50 cents
an hour.
232
ANNUAL REPORT OF BOARD OF GOVERNORS
DIVISION OF RESEARCH AND STATISTICS
E. A. Goldenweiser, director of division
Woodlief Thomas, assistant director
L. B. Currie, assistant director
George W. Blattner, assistant director
Walter R. Gardner, senior economist
Frank R. Garfield, senior economist
Malcolm H. Bryan, senior economist
George Terborgh, senior economist
Susan Burr Litchfield, senior economist
Roman L. Home, senior economist
2 at $4,600.
2 at $4,000.
2 at $3,800.
1 at $3,600.
3 at $3,500
1 at $3,400
3 at $3,300
at $3,100
at $3,000
at $2,900
at $2,800.
at $2,700.
at $2,600.
2 at $2,400.
2 at $2,300.
7 at $2,200.
2 at $2,100.
4 at $2,000.
1 at $1,920.
3 at $1,900.
4 at $1,800.
7 at $1,780.
1 at $1,680.
1 at $1,660.
4 at $1,620.
2 at $1,560.
6 at $1,540.
7 at $1,440.
2 at $1,320.
2 at $1,200.
1 at $1,020.
1 at $600. ..
15,000.00
8,500.00
8,500.00
7,200.00
7,200.00
6,000.00
5,600.00
5,600.00
5,400.00
5,000.00
9,200.00
8,000.00
7,600.00
3,600.00
10,500.00
3,400.00
9,900.00
3,100.00
3,000.00
11,600.00
2,800.00
2,700.00
2,600.00
4,800.00
4,600.00
15,400.00
4,200.00
8,000.00
1,920.00
5,700.00
7,200.00
12,460.00
1,680.00
1,660.00
6,480.00
3,120.00
9,240.00
10,080.00
2,640.00
2,400.00
1,020.00
600.00
255,200.00
Total
DIVISION OF BANK OPERATIONS
Edward L. Smead, chief of division. .
John R. Van Fossen, assistant chief.
J. E. Horbett, assistant chief
L. S. Myrick, technical assistant
Bray Hammond, technical assistant. .
at $4,800.
at $4,100.
2 at $4,000.
at $3,800.
at $3,600.
at $3,200.
at $3,100.
at $2,900.
at $2,800.
4 at $2,700
1 at $2,500
2 at $2,400
1 at $2,100
2 at $2,000.
15,000.00
8,500.00
7,500.00
6,200.00
5,400.00
4,800.00
4,100.00
8,000.00
3,800.00
3,600.00
3,200.00
3,100.00
2,900.00
2,800.00
10,800.00
2,500.00
4,800.00
2,100.00
4,000.00
FEDERAL RESERVE SYSTEM
233
DIVISION OF BANK OPERATIONS—continued
1
3
1
3
7
2
1
1
1
1
at $1,900
at $1,800
at $1,700
at $1,680
at $1,620
at $1,600
at $1,560
at $1,440
at $1,320
at $840
1,900.00
5,400.00
1,700.00
5,040.00
11,340.00
3,200.00
1,560.00
1,440.00
1,320.00
840.00
Total
136,840.00
DIVISION OF EXAMINATIONS
Leo H. Paulger, chief of division
R. F. Leonard, assistant chief
C. E. Cagle, assistant chief
L. A. A. Siems, Federal reserve examiner
M. R. Wilkes, Federal reserve examiner
R. B. Chamberlin, Federal reserve examiner
Edwin R. Millard, Federal reserve examiner
Geo. S. Sloan, Federal reserve examiner
Dwight L. Crays, Federal reserve examiner
William B. Pollard, Federal reserve examiner
Fred A. Nelson, Federal reserve examiner
C. S. Barker, assistant Federal reserve examiner
J. B. Crosby, Federal reserve examiner
Clarence C. Hostrup, Federal reserve examiner
3 at $4,900
1 at $4,800
2 at $4,600
2 at $4,500
2 at $4,300
2 at $4,200
2 at $4,000
1 at $3,700
2 at $3,600
1 at $3,500
4 at $3,300
1 at $3,200
1 at $2,800
4 at $2,700
2 at $2,500
3 at $2,300
1 at $2,200
2 at $2,100
3 at $2,000
1 at $1,900
3 at $1,800
1 at $1,760
2 at $1,680
1 at $1,660
1 at $1,500
1 at $1,460
1 at $1,320
1 at $1,200
Total
15,000.00
10,000.00
8,500.00
7,500.00
6,600.00
6,000.00
6,000.00
6,000.00
5,400.00
5,400.00
5,300.00
5,200.00
5,200.00
5,100.00
14,700.00
4,800.00
9,200.00
9,000.00
8,600.00
8,400.00
8,000.00
3,700.00
7,200.00
3,500.00
13,200.00
3,200.00
2,800.00
10,800.00
5,000.00
6,900.00
2,200.00
4,200.00
6,000.00
1,900.00
5,400.00
1,760.00
3,360.00
1,660.00
1,500.00
1,460.00
1,320.00
1,200.00
248,160.00
DIVISION OF SECURITY LOANS
Carl E. Parry, chief of division
Philip E. Bradley, assistant chief
1 at $3,300
1 at $3,200
10,000.00
7,500.00
3,300.00
3,200.00
234
ANNUAL REPORT OF BOARD OF GOVERNORS
DIVISION OF SECURITY LOANS—continued
1
1
1
1
1
at
at
at
at
at
$2,300
$2,200
$1,900
$1,680
$1,080
2,300.00
2,200.00
1,900.00
1,680.00
1,080.00
Total
33,160.00
OFFICE OF FISCAL AGENT
Oliver E. Foulk, fiscal agent
Josephine E. Lally, deputy fiscal agent
Total
Grand Total
4,200.00
2,400.00
6,600.00
1,102,254.00
RECEIPTS AND DISBURSEMENTS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FOR THE YEAR 1937
•Special fund account:
Balance January 1, 1937:
Available for general expenses of the Board
Available for expenses chargeable to Federal Reserve banks
$172,843.94
93,846.20
Total
$266,690.14
Available for general expenses of the Board:
Assessments on Federal Reserve banks for estimated
genera) expenses of the Board
$1,748,379.60
Subscriptions to Federal Reserve Bulletin
4,579.94
Reimbursements for leased wire service
33,392.63
Reimbursement on account of bank examinations
180.33
Miscellaneous receipts, refunds and reimbursements
6,383.04
Total receipts available for general expenses of the Board
Available for expenses chargeable to Federal Reserve banks:
Assessments on Federal Reserve banks for:
Cost of printing Federal Reserve notes
Expenses of leased wire system
Expenses of private telephone lines
Expenses of Federal Reserve Issue and Redemption
Division (office of Comptroller of the Currency)...
Miscellaneous expenses
Total receipts available for
to Federal Reserve banks
Total receipts
expenses
$1,792,915.54
1,195,308.70
100,231.60
30,298.00
49,460.00
3,362.55
chargeable
1,378,660.85
Total available for disbursement
3,171,576.39
$3,438,266.53
DISBURSEMENTS
For general expenses of the Board:
Expenses of 1936 paid in 1937
Expenses of 1937 (per detailed statement).. $1,790,506.19
Less accounts unpaid December 31, 1937
(estimated)
59,162.19
Expenses of 1937 paid during the year
Expenses of leased wire service, reimbursable
Refunds of subscriptions to Federal Reserve Bulletin....
$12,460.44
1,731,344.00
34,416.07
2.60
Total disbursements for general expenses of the Board
For expenses chargeable to Federal Reserve banks:
Cost of printing Federal Reserve notes
1,182,466.70
Expenses of leased wire system
100,231.60
Expenses of private telephone lines
28,948.00
Expenses of Federal Reserve Issue and Redemption Division (office of Comptroller of the Currency)
49,460.00
Miscellaneous expenses
4,133.22
Total disbursements for expenses chargeable to Federal
Reserve banks
1,778,223.11
1,365,239.52
Total disbursements
>
,
Balance in special fund account December 31, 1937:
Available for general expenses of the Board
Available for expenses chargeable to Federal Reserve banks
3,143,462.63
187,536.37
107,267.53
294,803.90
Building account:
Balance January 1, 1937
Received from assessments on Federal Reserve banks
Total
Disbursements
Balance in building account December 31, 1937
$696,407.18
1,423,694.55
2,120,101.73
2,087,363.12
32,738.61
235
236
ANNUAL REPORT OF BOARD OF GOVERNORS
STATEMENT OF E X P E N S E S OF T H E BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM, 1937
Personal services
Transportation and subsistence
Communication service
Printing, binding, etc
Repairs
Miscellaneous, unclassified
Equipment rental
Supplies, stationery and office
Equipment, furniture and office
Books and periodicals
Rent
Building operation and maintenance
Retirement contributions
Total
$1,102,525.43
75,511.62
80,406.10
55,119.09
1,168.63
17,110.49
19.90
16,363.85
186,087.88
17,146.61
65,784.23
38,956.90
134,305.46
$1,790,506.19
237
FEDERAL RESERVE SYSTEM
CHAIRMEN, DIRECTORS, AND PRESIDENTS OF FEDERAL
RESERVE BANKS
(December 31, 1937)
DISTRICT NO. 4—CLEVELAND
DISTRICT NO. 1—BOSTON
F.
H . CURTISS,
YOUNG,
chairman
and Federal Reserve
R. A.
E. S. BURKE, JR., chairman and Federal Reserve
agent. G. C. BRAINARD, deputy chairman. M. J.
FLEMING,
president
Term
expires
Dec. 31
Directors
Class A:
L. S. Reed, Waterbury, Conn
A. L. Ripley, Boston, Mass
L. A. Dodge, Damariscotta, Me
Class B :
E. S. French, Boston, Mass
P. R. Allen,E.Walpole, Mass
E. J. Frost, Boston, Mass
Class C:
C. H . Merriman, Providence, R. I
F. H. Curtiss, Boston, Mass
H. S. Dennison, Framingham, Mass
1937
1938
1939
1937
1938
1939
1937
1938
1939
Directors
Class A:
Chess Lamberton, Franklin, Pa
F. F . Brooks, Pittsburgh, Pa
B. R. Conner, Ada, Ohio
Class B :
R. P . Wright, Erie, Pa
G . D . Crabbs, Cincinnati, Ohio
J. E . Galvin, Lima, Ohio
Class C:
G. C. Brainard, Youngstown, Ohio
E . S. Burke, Jr., Cleveland, Ohio
R. E . Klages, Columbus, Ohio
Term
expires
Dec. 31
1937
1938
1939
1937
1938
1939
1937
1938
1939
CINCINNATI BRANCH
B. J . LAZAR, managing director
DISTRICT NO. 2—NEW YORK
agent.
president
, chairman and Federal Reserve
0 . D . YOUNG, deputy chairman. G. L.
HARRISON,
president
Class A:
G. W.Davison.New York, N. Y
E . K. Mills, Morristown, N . J
W. F . Ploch, Long Beach, N. Y . .
Class B :
T. J. Watson, New York, N . Y
W. C. Teagle, New York, N . Y
R. T. Stevens, New York, N . Y
Class C:
0 . D. Young, New York, N. Y
Beardsley Ruml, New York, N . Y
Vacancy
BUFFALO
1937
1938
1939
1937
1938
1939
1937
1938
1939
B. J . Lazar, Cincinnati, Ohio
S. B. Sutphin, Cincinnati, Ohio
W. H. Courtney, Lexington, K y
J. J . Rowe, Cincinnati, Ohio
Alexander Thomson, Hamilton, Ohio
1937
1937
1937
1938
1938
PITTSBURGH BRANCH
G. H . WAGNER, managing director
G. H.Wagner, Pittsburgh, Pa
A . E . Braun, Pittsburgh, Pa
H . S. Wherrett, Pittsburgh, P a
H . B. McDowell, Sharon, Pa
G. T . Ladd, Pittsburgh, Pa
1937
1937
1937
1938
1938
BRANCH
DISTRICT NO. 5—RICHMOND
ROBERT LASSITER, chairman and Federal Reserve
agent.
, deputy chairman. HUGH
R. M . O'HARA, managing director
R. M. O'Hara, Buffalo, N . Y
W. A. Dusenbury, Olean, N . Y
Howard Kellogg, Buffalo, N . Y
F . F . Henry, Buffalo, N . Y
Vacancy
F. J. Coe, Niagara Falls, N . Y
G. A. Prole, Batavia, N . Y
1937
1937
1937
1938
1938
1939
1939
LEACH,
president
Class A:
J. C. Braswell, Rocky Mount, N . C
L. E . Johnson, Alderson, W. Va
C . E . Rieman, Baltimore, Md
Class B :
J. H. Hanna, Washington, D . C
Edwin Malloy, Cheraw, S. C
DISTRICT N O . 3—PHILADELPHIA
C. C. Reed, Richmond, Va
R. L. AUSTIN, chairman and Federal Reserve Class C:
Robert Lassiter, Mooresville, N . C
agent.
, deputy chairman. J. S.
Donald Sherwood, Baltimore, Md
SINCLAIR, president
W. G. Wysor, Richmond, Va
1937
1938
1939
Class A:
J. B. Henning, Tunkhannock, Pa
Joseph Wayne, Jr., Philadelphia, Pa
G. W. Reily, Harrisburg, Pa
Class B :
C. F . C. Stout, Camden, N . J
A. W. Sewall, Philadelphia, Pa
J. C. DeLaCour, Camden, N . J
Class C:
H. L. Cannon, Bridgeville, Del
R. L. Austin, Philadelphia, Pa
T. B. McCabe, Chester, Pa
1937
1937
1937
1938
1938
1939
1939
1937
1938
1939
1937
1938
1939
1937
1938
1939
1937
1938
1939
1937
1938
1939
BALTIMORE BRANCH
W. R. MILFORD, managing director
W. R. Milford, Baltimore, Md
W. F . Roberts, Baltimore, Md
L. B . Phillips, Cambridge, Md
W. F . Thomas, Westminster, Md
L. S. Zimmerman, Baltimore, Md
C. P . McCormick, Baltimore, Md
M . M. Prentis, Baltimore, Md
238
ANNUAL
REPORT
OF BOARD OF
DISTRICT NO. 5—RICHMOND—Continued
CHARLOTTE
D I S T R I C T N O . 6—ATLANTA—Continued
NEW ORLEANS BRANCH
BRANCH
MARCUS WALKER, managing director
W. T. CLEMENTS, managing director
Term
expires
Dec. 31
Directors
GOVERNORS
W. T. Clements, Charlotte, N. C
G. M. Wright, Great Falls, S. C
W. H. Wood, Charlotte, N. C
G. S. Harris, Lancaster, S. C
C. L. Cobb, Rock Hill, S. C
Christie Benet, Columbia, S. C
B. M.Edwards, Columbia, S. C
1937
1937
1937
1938
1938
1939
1939
Marcus Walker, New Orleans, La
E. T. George, New Orleans, La
R. S. Hecht, New Orleans, La
H. Holmes, Yazoo City, Miss
Alexander Fitz Hugh, Vicksburg, Miss
E . E . Soulier, Lafayette, La
H. G. Chalkley, Jr., Lake Charles, La
W. H . KETTIG, chairman and Federal Reserve
agent. F . H. NEBLY, deputy chairman. OSCAR
NEWTON, president
1937
1938
1939
1937
1938
1939
1937
1938
1939
, chairman and Federal Reserve
agent. 11. E. WOOD, deputy chairman.
G. J.
SCHALLEH, president
Class A :
E . R. Estberg, Waukesha, Wis
F . D.Williams, Iowa City, Iowa
W . J . Cummings, Chicago, 111
Class B :
S. T . Crapo, Detroit, Mich
N . H . N o y e s , Indianapolis, I n d
M . W. Babb, Milwaukee, Wis
Class C :
F . J. Lewis, Chicago, 111
R. E . Wood, Chicago, 111
Vacancy
DETROIT
BIRMINGHAM
P.
JACKSONVILLE
BRANCH
1937
1937
1937
1938
1938
1939
1939
BRANCH
G. S. VARDEMAN, Jr., managing director
G. S. Vardeman, Jr., Jacksonville, Fla
B. W . Haynes, Jacksonville, Fla
G. G. Ware, Leesburg, Fla
W. R. McQuaid, Jacksonville, Fla
Vacancy
G. J. Avent, Jacksonville, Fla
Vacancy
NASHVILLE
1937
1938
1939
1937
1938
1939
1937
1938
1939
BRANCH
R. H . B u s s , managing director
L. T. BEAVERS, managing director
P . L. T . Beavers, Birmingham, Ala
J. G. Farley, Birmingham, Ala
E . L. Norton, Birmingham, Ala
F . M . Moody, Tuscaloosa, Ala
Donald Comer, Birmingham, Ala
J. C. Persons, Birmingham, Ala
Howard Gray, New Market, Ala
1937
1937
1937
1938
1938
1939
1939
DISTRICT NO. 7—CHICAGO
D I S T R I C T N O . 6—ATLANTA
Class A:
W. D . Cook, Meridian, Miss.
G. J. White, M o u n t Dora, Fla
R. G. Clay, Atlanta, Ga
Class B :
Fitzgerald Hall, Nashville, Tenn
E . T . George, New Orleans, La
J. A. McCrary, Atlanta, Ga
Class C :
W . H . Kettig, Birmingham, Ala
F . H . Neely, Atlanta, Ga
J. F . Porter, Columbia, Tenn
Term
expires
Dec. 31
Directors
1937
1937
1937
1938
1938
1939
1939
R. H . Buss, Detroit, Mich
A. C. Marshall, Detroit, Mich
James Inglis, Detroit, Mich
Vacancy
L. W. Watkins, Manchester, Mich
J . E . D a v i d s o n , Bay City, Mich
H . L. Pierson, Detroit, Mich.
1937
1937
1937
1938
1938
1939
1939
D I S T R I C T N O . 8—ST. LOUIS
W. T. NARDIN, chairman and Federal Reserve
agent.
PAUL DILLARD, deputy chairman.
W.
McC. MARTIN, president
Class A:
Vacancy
J. G. Lonsdale, St. Louis, Mo
M . B . N a h m , Bowling Green, K y
Class B :
W . B . Plunkett, Little Rock, Ark
M . P . Sturdivant, Glendora, Miss
J . W . H a r r i s , St. Louis,Mo
Class C :
P a u l Dillard, Memphis, T e n n
J. R. Stanley,Evansville, I n d
W . T . Nardin, St. Louis, Missouri
1937
1938
1939
1937
1938
1939
1937
1938
1939
BRANCH
LITTLE
J. B . FORT, J r . , managing director
ROCK
BRANCH
A. F . BAILEY, managing director
J. B . Fort, Jr., Nashville, Tenn
F . J. Harle, Cleveland, Tenn
Fitzgerald Hall, Nashville, T e n n
C. W . Bailey, Clarksville, Tenn
C. B . Austin, Greeneville, T e n n
F . M . Farris, Nashville, Tenn
W. E . McEwen, Williamsport, Tenn
1937
1937
1937
1938
1938
1939
1939
A. F . Bailey, Little Rock, Ark
Jo Nichol, Pine Bluff, Ark
I. N . Barnett, Jr., Batesville, Ark.
H . H . Tucker, Little Rock, Ark
P . R. McCoy, Stuttgart, Ark
F . K. Darragh, Little Rock, Ark
J. H . Penick, Little Rock, Ark
1937
1937
1937
1938
1938
1939
1939
239
FEDERAL RESERVE SYSTEM
D I S T R I C T NO. 8—ST. LOUIS—Continued
LOUISVILLE
BRANCH
J. E. OLSON, managing director
J. T . MOORE, managing director
Term
expires
Dec. 31
Directors
J. T . Moore, Louisville, K y
W. W. Crawford, Louisville, K y
A. H . Eckles, Hopkinsville, K y
J . B . Hill, Louisville, K y
W. R. Cobb, Louisville, K y
W. P . Paxton, Paducah, K y
J. 0 . Sanders, Huntingburg, I n d
MEMPHIS
D I S T R I C T NO. 10—KANSAS CITY—Continued
DENVER BRANCH
1937
1937
1937
1938
1938
1939
1939
BRANCH
Term
expires
Dec. 31
Directors
1937
1937
1937
1938
1938
1939
1939
J . E . Olson, Denver, Colo
H. W. Farr, Greeley, Colo
A. K. Mitchell, Albert, N. M
T. A. Dines, Denver, Colo
J. B. Grant, Denver, Colo
Wilson McCarthy, Denver, Colo
R. H. Davis, Denver, Colo
OKLAHOMA CITY
BRANCH
W. H . GLASGOW, managing director
C. E. DANIEL, managing director
W. H . Glasgow, Memphis, T e n n
J. W. Alderson, Forrest City, Ark
Oscar Johnston, Scott, Miss
Willis Pope, Columbus, Miss
J. H . Sherard, Sherard, Miss
W. R. King, Memphis, T e n n
D. W. Brooks, Memphis, T e n n
1937
1937
1937
1938
1938
1939
1939
C. E. Daniel, Oklahoma City, Okla
Lee Clinton, Tulsa, Okla
Ned Holman, Oklahoma City, Okla
L.D.Edgington, PoncaCity, Okla
Clarence Roberts, Oklahoma City, Okla
F. T. Chandler, Chickasha, Okla
T. S. Hanna, Oklahoma City, Okla
1937
1937
1937
1938
1938
1939
1939
D I S T R I C T N O . 9—MINNEAPOLIS
W. B . GEERY, chairman and Federal Reserve
agent.
•
, deputy chairman. J. N .
PEYTON, president
Class A :
M . 0 . Grangaard, Minneapolis, M i n n
H . R. Kibbee, Mitchell, S. D
H . C. Hansen, Churchs Ferry, N . D
Class B :
W. 0 . Washburn, St. Paul, M i n n
J. E . O'Connell, Helena, M o n t
A. P . Funk, La Crosse, Wis
Class C :
G. W . McCormick, Menominee, Mich
W. B . Geery, Minneapolis, M i n n
F . W. Peck, St. Paul, M i n n
1937
1938
1939
1937
1938
1939
1937
1938
1939
OMAHA
BRANCH
L. H. EARHART, managing director
L. H. Earhart, Omaha, Nebraska
A. H. Marble, Cheyenne, Wyo
W. H. Schellberg, Omaha, Nebraska
R. E. Campbell, Lincoln, Nebraska
G. H. Yates, Omaha, Nebraska
W.D. Clark, Omaha, Nebraska
H. L. Dempster, Beatrice, Nebraska
1937
1937
1937
1938
1938
1939
1939
D I S T R I C T N O . 11—DALLAS
B
HELENA
BRANCH
MCKINNBY,
A
president
R. E . TOWLE, managing director
Class A:
P . E . Hooks, Itasca, Tex
Alf Morris, Winnsboro, Tex
E . H . Winton, Fort Worth, Tex
Class B :
A. S. Cleveland, Houston, Tex
J. D . Middleton, Greenville, Tex
J. R. Milam, Waco, Tex
Class
C:
D I S T R I C T N O . 10—KANSAS C I T Y
C. C. Walsh, Dallas, Tex
J.
H . Merritt, McKinney, Tex
J. J. THOMAS, chairman and Federal Reserve
J a y Taylor, Amarillo, Tex
agent. E . P . BROWN, deputy chairman. G. H.
HAMILTON, president
R. E . Towle, Helena, M o n t
H . D . Myrick, Square B u t t e , M o n t
Peter Pauly, Deer Lodge, M o n t
J. E . O'Connell, Helena, M o n t
A. R. McDermott, Billings, M o n t
Class A •
F . W . Sponable, Paola, Kansas
E . E . Mullaney, Hill City, Kansas
John Evans, Denver, Colo
Class B :
J. M . Bernardin, Kansas City, Mo
L . E . Phillips, Bartlesville, Okla
W. D . Hosford, Omaha, Nebraska
Class C :
J. B . Doolin, Alva, Okla
J. J. Thomas, Kansas City, Mo
E . P . Brown, Davey, Nebraska
1937
1937
1937
1938
1938
E L PASO
1937
1938
1939
1937
1938
1939
1937
1938
1939
1937
1938
1939
1937
1938
1939
1937
1938
1939
BRANCH
J. L. HERMANN, managing director
J. L. H e r m a n n , E l Paso, Tex
C. N . Bassett, E l Paso, Tex
J. B . Martin, Tucson, Ariz
F . R. Coon, Deming, N . M
F . M . Hayner, Las Cruces, N . M
S. D . Young, E l Paso, Tex
R. E . Sherman, E l Paso, Tex
1937
1937
1937
1938
1938
1939
1939
240
ANNUAL
REPORT
OF BOARD OF
DISTRICT NO. 11—DALLAS—Continued
HOUSTON
BRANCH
R. B. WEST, managing director
W. D. GENTRY, managing director
W. D. Gentry, Houston, Tex
J. A. Wilkins, Houston, Tex
G. G. Chance, Bryon, Tex
S. R. Lawder, Houston, Tex
H. Renfert, Galveston, Tex
Sam Taub, Houston, Tex
P. B. Doty, Beaumont, Tex
DISTRICT NO. 12—SAN FRANCISCO—Con.
PORTLAND
BRANCH
Directors
GOVERNORS
Term
expires
Dec. 31
1937
1937
1937
1938
1938
1939
1939
R. B . West, Portland, Ore
E . B. MacNaughton, Portland, Ore
G. T. Gerlinger, Portland, Ore
R. S. Smith,Eugene, Ore
A.E.Engbretsen, Astoria, Ore
SALT L A K E
SAN ANTONIO BRANCH
Term
expires
Dec. 31
Directors
CITY
1937
1937
1937
1938
1938
BRANCH
W. L. PARTNER, managing director
M. CRUMP, managing director
M. Crump, San Antonio, Tex
F. M. Lewis, Sr., San Antonio, Tex
W. P. Napier, San Antonio, Tex
J. K. Beretta, San Antonio, Tex
Vacancy
E. F. Flato, Corpus Christi, Tex
G. C. Hollis, Eagle Pass, Tex
1937
1937
1937
1938
1938
1939
1939
W. L. Partner, Salt Lake City, Utah
J . E . Halverson, BrighamCity, Utah
H. S. Auerbach, Salt Lake City, Utah
John Thomas, Gooding, Idaho
0 . W. Adams, Salt Lake City, Utah
SEATTLE
1937
1937
1937
1938
1938
BRANCH
C. R. SHAW, managing director
DISTRICT NO. 12—SAN FRANCISCO
A. O. STEWART, chairman and Federal Reserve
agent. A. P . WELCH, deputy chairman. W. A. C. R. Shaw, Seattle, Wash
C. F . Larrabee, Bellingham, Wash
DAY, president
G. H. Greenwood, Seattle, Wash
B. N . Phillips, Port Angeles, Wash
Vacancy
Class A:
C. K. Mclntosh, San Francisco, Calif
1937
T . H . Ramsay, San Francisco, Calif
1938
Keith Powell, Salem, Ore
SPOKANE BRANCH
1939
Class B :
1937
E . H. Cox, San Francisco, Calif
D. L. DAVIS, managing director
W. G. Volkmann, San Francisco, Calif...
1938
R. H . Taylor, Los Angeles, Calif
1939
Class C :
D. L. Davis, Spokane, Wash
A. P . Welch, San Francisco, Calif
1937
S. A. Easton, Kellogg, Idaho
A. 0 . Stewart, San Francisco, Calif
1938
N. A. Telyea, Spokane, Wash
Carlyle Thorpe, Los Angeles, Calif
1939
J. M. McGregor, Hooper, Wash
N. A. Davis, Walla Walla, Wash
LOS A N G E L E S B R A N C H
W. N . AMBROSE, managing director
W. N . Ambrose, Los Angeles, Calif
C. E . Brouse, Riverside, Calif
C.V.Newman, Santa Ana, Calif
V. H . Rossetti, Los Angeles, Calif
W. S. Rosecrans, Los Angeles, Calif
1937
1937
1937
1938
1938
1937
1937
1937
1938
1938
1937
1937
1937
1938
1938
241
FEDERAL RESERVE SYSTEM
NUMBER AJ\D SALARIES OF OFFICERS AND EMPLOYEES OF
FEDERAL RESERVE BANKS
(December 31, 1937)
Federal Reserve Bank
(including
branches)
Other officers
Annual
salary of
President
Number
Boston
New York
Philadelphia
Cleveland
Annual
salaries
Employees,
except those
whose salaries
are reimbursed
to bank
Number
Annual
salaries
Employees
whose salaries
are reimbursed
to bank
Number
Total
Annual
salaries
Number
Annual
salaries
705 $1,150,510
2,339 4,884,572
792 1,378,352
918 1,649,309
$30,000
50,000
22,000
25,000
8
39
10
17
$80,500
468,000
95,200
138,600
604
1,973
702
799
$902,281
3,791,113
1,138,022
1,306,011
92
326
79
101
$137,729
575,459
123,130
179,698
Richmond
Atlanta
Chicago
St. Louis
18,000
25,000
35,000
25,000
17
20
23
21
123,300
133,120
212,500
166,200
506
351
1,014
485
744,381
475,385
1,514,445
676,143
138
237
275
146
179,173
310,227
429,816
205,929
662
609
1,313
653
1,064,854
* 943,732
2,191,761
1,073,272
Minneapolis
Kansas City
Dallas
San Francisco
25,000
25,000
30,000
25,000
12
18
14
26
82,100
130,196
101,800
186,300
251
457
301
685
415,143
714,646
512,391
1,154,613
67
133
317
109
114,287
191,543
416,819
180,447
331
609
633
821
636,530
1,061,385
1,061,010
1,546,360
335,000
225
1,917,816
8,128
13,344,574
2,020
3,044,257
Total
10,385 18,641,647
242
ANNUAL REPORT OF BOARD OF GOVERNORS
STATE BANK AND TRUST COMPANY MEMBERS
Following is a list of the 1,081 State bank and trust company members of the Federal Reserve System on December 31, 1937, with their
loans, investments, deposits, capital, and surplus.
[In thousands of dollars]
Total all state bank members
DISTRICT NO. I—Total.
CONNECTICUT
Hartford: Phoenix State Bank & Trust Co
New Haven: Union and New Haven Trust C o . . .
Torrington: Brooks Bank & Trust Co
Waterbury:
Colonial Trust Co
Waterbury Trust Co
MAINE
Augusta: Depositors Trust Co
,
Bangor: Merrill Trust Co
Bar Harbor: Bar Harbor Banking & Trust Co..
Ellsworth: Union Trust Co
Sanford: Sanford Trust Co
MASSACHUSETTS
Arlington: Menotomy Trust Co
Boston:
NewEngland Trust Co
Old Colony Trust Co
Pilgrim Trust Co
State Street Trust Co
United States Trust Co
Bridgewater: Bridgewater Trust Co
Brookline: Norfolk County Trust Co
Cambridge:
County Bank & Trust Co
Harvard Trust Co
Fall River:
B. M. C. Durfee Trust Co
Fall River Trust Co
Gloucester: Gloucester Safe Deposit & Trust Co
Greenfield: Franklin County Trust Co
Holyoke: Hadley Falls Trust Co
Hyannis: Hyannis Trust Co
Lynn: Security Trust Co
Milton: Blue Hill Bank & Trust Co
Newton: Newton Trust Co
Norwood: Norwood Trust Co
Quincy: Quincy Trust Co
Salem: Naumkeag Trust Co
Somerville: Somerville Trust Co
Springfield:
Springfield Safe Deposit & Trust Co
Union Trust Co. of Springfield
Taunton: Bristol County Trust Co
Wellesley Hills: Wellesley Trust Co
Winchester: Winchester Trust Co
Worcester: Worcester County Trust Co
NEW HAMPSHIRE
Conway:' Carroll County Trust Co
RHODE ISLAND
Providence:
Industrial Trust Co..
Union Trust Co
Investments
Total
deposits
Capital i
5,161,623 6,055,905 14,351,886
Loans
Surplus
836,081
918,606
233,700
249,556
566,292
38,396
35,893
27,096
21,992
63,449
4,459
4,350
14,353
6,563
900
3,198
2,082
12,324
2,902
324
5,495
947
35,602
14,925
1,600
7,570
3,752
1,600
1,459
100
1,000
300
1,600
550
100
2,000
100
14,350
14,378
31,074
2,739
1,107
3,455
6,839
2,364
793
899
4,125
4,861
1,779
1,137
2,476
8,925
12,518
4,205
1,967
3,459
611
1,350
250
300
228
306
370
253
55
123
139,757
145,044
336,479
26,048
22,134
2,312
616
3,056
300
150
7,701
139
4,923
33,924
7,074
119
5,925
14,653
9,966
527
29,409
4,913
516
7,973
33,255
"*o\822
83,690
12,428
618
16,045
1,000
5,000
400
3,890
1,150
100
1,000
2,000
5,000
365
4,585
2,636
7,490
1,459
9,850
4,271
19,494
300
1,000
300
1,050
1,991
1,635
2,253
3,377
4,870
2,036
5,415
563
8,525
1,651
2,723
1,577
3,849
4,014
1,434
893
1,989
3,392
1,304
2,723
1,845
9,420
3,799
1,600
4,260
1,155
7,631
3,167
3,528
5,183
9,668
3,287
9,519
2,723
17,695
5,510
5,318
6,493
6,108
428
300
300
400
1,400
250
400
100
1,080
300
450
450
450
428
80
93
200
100
125
300
150
1,000
300
55
250
163
5,610
7,887
1,728
838
873
3,558
3,631
2,068
1,286
1,176
15,615
13,022
13,384
4,242
2,410
2,173
35,739
1,000
1,000
300
200
100
1,000
1,500
150
100
100
1,000
544
1,411
544
1,411
67,598
133,879
10,113
721
721
50,776
3,000
900
100
590
150
150
5,000
8,300
4,000
7,500
110,912
1,000
800
22,967
Includes capital notes and debentures and par value of preferred and common stock. For the purposes
of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation.
1
40,092
10,684
57,494
10,104
243
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Total
deposits
Capital
3,951,375 3,237,741 7,995,850
445,843
595,440
232,409
532,320
38,535
19,157
2,204
6,056
10,716
400
300
5,595
868
353
802
787
1,239
1,548
302
7,173
6,944
137
892
694
735
881
2,111
358
5,873
15,145
1,133
1,496
1,830
1,685
2,747
4,547
813
19,124
1,300
100
100
100
100
199
200
100
865
350
30
25
100
35
101
250
30
205
2,187
3,460
430
894
828
92
1,174
2,046
811
1,362
2,101
562
3,638
7,051
1,538
2,496
3,479
657
500
400
100
150
200
50
31
125
50
100
75
40
3,642
4,802
4,166
6,859
10,875
14,494
651
750
249
900
17,780
20,215
1,760
37,800
4,649
1,463
72,851
24,155
3,864
3,400
3,000
300
4,000
600
100
2,190
4,752
2,182
2,929
6,795
5,862
6,212
13,277
9,964
595
1,010
600
125
238
200
1,864
673
15,345
62,362
2,503
8,015
1,635
3,507
1,229
818
859
8,899
55,727
2,082
8,968
1,532
5,347
1,869
3,007
1,940
32,933
143,394
6,883
17,077
3,327
10,338
3,787
1,227
400
1,623
7,500
884
2,500
600
1,075
273
500
6,000
50
1,500
500
250
11
1,634
1,830
1,962
365
1,307
3,004
1,147
3,707
3,260
5,015
3,748
6,153
244
1,000
1,325
850
116
200
431
6,756
1,981
304
1,008
240
2,616
965
3,470
605
749
6,970
1,024
825
1,886
236
1,979
836
4,577
1,204
1,342
17,218
4,042
1,334
3,239
447
4,897
2,143
9,332
2,138
100
1,150
248
100
323
50
250
153
600
195
40
500
70
50
27
35
350
60
200
80
2,011
1,927
2,030
1,567
6,574
4,965
200
495
300
25
2,740,052 3,015,332 7,463,530
407,308
576,283
Loans
DISTRICT NO. 2—Total
NEW JERSEY i
Bayonne: Bayonne Trust Co
Bloomfield:
Blooinfield Bank & Trust Co
Community Trust Co
Bogota: Bank of Bogota
Boonton: Boonton Trust Co
Carteret: Carteret Bank & Trust Co
Cranford: Cranford Trust Co
Dover: Dover Trust Co
Dunellen: Peoples Trust Co
East Orange: Savings Investment & Trust Co
Elizabeth:
Central Home Trust Co
Elizabethport Banking Co
Fort Lee: Fort Lee Trust Co
Franklin: Sussex County Trust Co
Glen Ridge: Glen Ridge Trust Co
Glen Rock: Glen Rock Bank
Hackensack:
Hackensack Trust Co
Peoples Trust Co. of BergenCounty
Jersey City:
Commercial Trust Co. of New Jersey
New Jersey Title Guarantee & Trust Co
linden: LindenTrustCo
Montclair:
Bank of Montclair
Montclair Trust Co
Morristown: Morristown Trust Co
Newark:
Clinton Trust Co
Columbus Trust Co
Federal Trust Co
Fidelity Union Trust Co
Franklin-Washington Trust Co
Merchants & Newark Trust Co
United States Trust Co
West Side Trust Co
Nutley: Bank ofNutley
Passaic:
Bank of Passaic & Trust Co
Peoples Bank & Trust Co
Paterson: Hamilton Trust Co
Perth Amboy: First Bank & Trust Co
Plainfleld:
Mid-City Trust Co
Plainfield Trust Co
State Trust Co
Rahway: Rahway Trust Co
Ridgefield Park: Ridgefield Park Trust Co
Rochelle Park: Rochelle Park Bank
Rutherford: Rutherford Trust Co
South Orange: South Orange Trust Co
Summit: Summit Trust Co
Tenafly: Tenafly Trust Co
Westfield:
Peoples Bank & Trust Co
Westfield Trust Co
NEW YORK
311,323
Adams: Citizens & Farmers Trust Co
1,180
Albany:
First Trust Co
9,301
State Bank of Albany
21,045
Amityville: The Bank of Amityville
452
Amsterdam: Montgomery County Trust Co
1,917
Arcade: Citizens Bank of Arcade
943
Avoca: Bank of Avoca
193
Batavia: Genesee Trust Co
548
Belmont: State Bank of Belmont
228
Binghamton: Marine Midland Trust Co
3,784
Blasdell: Bank of Blasdell
202
Brooklyn. (See New York.)
Buffalo:
Liberty Bank of Buffalo
20,172
Manufacturers & Traders Trust Co
43,033
Marine Trust Co
80,534
Canandaigua: Ontario County Trust Co
1,071
1
Digitized forExclusive
FRASERof part of State located in another dii trict.
Investments
Surplus
34
883
2,136
195
50
9,128
30,298
712
2,641
675
282
1,028
150
2,796
161
23,788
65,000
1,337
4,608
1,756
452
2,128
576
7,697
378
2,980
2,900
100
200
75
75
249
50
500
30
120
2,250
45
400
75
20
20
85
400
8
19,419
45,516
51,575
1,246
50,988
90,979
160,297
2,271
4,700
5,000
8,000
300
1,500
7,500
7,000
103
244
ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 2—Continued
NEW YORK—continued
Canaseraga: Canaseraga State Bank
Canisteo: First State Bank
Cattaragus: Bank of Cattaragus
Center Moriches: Center Moriches Bank
Chatham: State Bank of Chatham
Chestertown: Chester-Schroon-Horicon Bank
Clymer: Clymer State Bank
Cohocton: Cohocton State Bank
De Ruyter: De Ruyter State Bank
Dunkirk: Dunkirk Trust Co
EllenburgDepot: The State Bank of Ellenburg
Elmira: Chemung Canal Trust Co
Endicott:
Endicott Trust Co
Union Trust Co
Evans Mills: Peoples Bank of Evans Mills
Farmingdale: Bank of Farmingdale
Floral Park: Floral Park Bank
Fredonia: Citizens Trust Co
Garden City: Garden City Bank & Trust Co
Geneva: Geneva Trust Co
Gloversville: Trust Co. of Fulton County
Great Neck: Bank of Great Neck
Hamburg: Peoples Bank of Hamburgh
Hammondsport: Bank of Hammondsport
Hicksville: Bank of Hicksville
Ithaca: Tompkins County Trust Co
Jamestown: Bank of Jamestown
Johnson City: Workers Trust Co
Katonah: Northern Westchester Bank
Kingston: Kingston Trust Co
Lackawanna: American Bank
Little Falls: Herkimer County Trust Co
Locke: The Citizens Bank of Locke
Lowville: Lewis County Trust Co
Malone: Peoples Trust Co
Massena: Massena Banking & Trust Co
Mayville: State Bank of Mayville
Middletown: Orange County Trust Co
Millbrook: Bank of Millbrook
Mineola: Nassau County Trust Co
Mount Kisco: Trust Co. of Northern Westchester
Mount Vernon:
Fleetwood Bank
Mount Vernon Trust Co
New York:
Amalgamated Bank
Bankers Trust Co
Bank of Manhattan Co
Bank of New York & Trust Co
Bank of Yorktown
Brooklyn Trust Co
Central Hanover Bank & Trust Co
Chemical Bank & Trust Co
City Bank-Farmers Trust Co
Clinton Trust Co
Colonial Trust Co
Continental Bank & Trust Co
Corn Exchange Bank Trust Co
Federation Bank & Trust Co
Fifth Avenue Bank
Fulton Trust Co
Guaranty Trust Co
Irving Trust Co
Lawyers Trust Co
Manufacturers Trust Co
Marine Midland Trust Co
Merchants Bank of New York
New York Trust Co
Pan American Trust Co
Pennsylvania Exchange Bank
Schroder Trust Co
Trade Bank of New York
United States Trust Co
Niagara Falls: Power City Trust Co
North Collins: Bank of North Collins
Ogdensburg: Ogdensburg Trust Co
Olean: Olean Trust Co
218
331
388
350
705
254
119
113
212
590
344
3,394
48
153
848
263
1,860
95
200
253
126
2,817
202
7,298
250
598
1,117
760
2,614
463
363
396
299
3,296
603
11,730
30
50
100
142
125
60
30
50
50
250
50
800
16
17
100
34
125
7
10
16
10
250
33
1,300
2,334
505
203
463
1,667
760
1,927
1,483
1,398
4,700
1,384
229
1,334
2,281
1,844
4,096
4,148
2,629
1,987
1,833
782
2,637
9,499
12,939
5,067
1,593
6,469
1,715
4,391
204
2,249
2,224
742
1,075
6,223
1,940
5,271
663
200
100
53
110
205
150
150
457
350
185
173
63
100
650
1,790
200
100
550
100
350
25
200
200
150
100
615
100
390
100
100
100
10
25
25
65
175
35
190
44
329
1,039
4,464
6,431
1,934
414
3,027
356
1,123
118
694
1,303
376
299
2,150
496
1,299
183
2,054
827
58
626
653
976
1,410
2,267
974
1,148
773
277
1,280
4,469
3,838
2,801
1,036
3,403
299
3,028
90
1,252
891
461
637
3,700
1,031
3,018
123
250
425
200
200
56
250
25
250
25
50
130
78
10
110
150
166
21
1,037
2,513
1,862
2,318
3,206
6,441
268
3,000
100
500
650
25,000
20,000
6,000
1,000
8,200
21,000
20,000
10,000
750
1,000
4,000
15,000
825
500
2,000
90,000
50,000
2,000
42,419
5,000
400
12,500
600
529
1,000
419
2,000
2,000
50
600
100
50,000
20,000
9,000
528
4,300
60,000
45,000
10,000
400
500
3,000
15,000
875
2,500
2,000
170,000
55,000
1,500
33,000
5,000
130
25,000
125
110
1,000
213
26,000
2,000
25
110
70
2,029
219,172
230,020
49,219
3,907
35,212
219,604
214,880
13,758
2,975
4,470
25,114
52,064
4,568
17,962
3,291
577,357
182,580
11,214
255,263
59,803
2,448
127,223
2,039
1,410
645
3,159
36,719
10,161
132
2,853
494
5,938
1,853
799,097
373,309
504,801
97,836
177,683
73,942
7,135
1,386
114,515
49,951
831,259
347,011
506,375
159,906
72,448
45,277
8,128
3,691
8,494
1,865
59,715
17,002
159,763
290,351
4,384
10,774
18,674
53,221
23,628
16,875
600,089 ,362,266
519,097
219,213
16,861
38,289
609,010
211,586
115,988
30,513
4,998
1,197
144,453 346,340
4,162
1,626
3,123
925
17,319
15,385
6,495
965
85,487
31,641
14,314
26,268
397
244
5,238
1,865
1,324
718
245
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans
Invest-
Total
deposits
Capital
Surplus
DISTRICT NO. 2—Continued
NEW YORK—continued
Oneida: Madison County Trust & Deposit Co
Ontario: State Bank of Ontario
Orchard Park: Bank of Orchard Park
Oriskany Falls: First Trust & Deposit Co
Ossining: Ossining Trust Co
Pearl River: State Bank of Pearl River
Perry: Citizens Bank
Pleasantville: Mount Pleasant Bank & Trust Co
Port Chester: Mutual Trust Co. of Westchester County
Rochester:
Central Trust Co
Lincoln-Alliance Bank & Trust Co
Rome: Rome Trust Co
Sag Harbor: The Peconic Bank
Salamanca: Salamanca Trust Co
Saratoga Springs: Adirondack Trust Co
Sayville: The Oystermen's Bank & Trust Co
Schenectady: Schenectady Trust Co
Sea Cliff: State Bank of Sea Cliff
Smithtown Branch: Bank of Smithtown
Southampton: The Southampton Bank
Spring Valley: Ramapo Trust Co
Stony Brook: Bank of Suffolk County
Syracuse:
First Trust &DepositCo
Syracuse Trust Co
Tarry town: Washington Irving Trust Co
Utica: First Citizens Bank & Trust Co
Warsaw: Wyoming County Bank & Trust Co
Watertown: Northern New York Trust Co
Watkins Glen: Watkins State Bank
Westbury: Bank ofWestbury Trust Co
Westhampton Beach: Seaside Bank
West New Brighton: West New Brighton Bank
White Plains:
Citizens Bank of White Plains
County Trust Co
856
888
491
290
1,052
118
498
1,270
1,180
1,273
514
351
675
1,143
255
324
783
1,309
2,494
1,345
836
982
2,378
504
870
2,833
3,039
350
70
105
100
350
100
100
300
176
25
30
50
40
100
10
25
25
100
8,214
33,016
2,095
87
1,187
2,393
808
4,478
236
606
834
839
198
5,774
22,119
3,090
161
2,296
5,946
1,560
10,218
180
669
449
231
301
16,643
73,015
5,167
267
3,883
8,390
2,575
16,434
553
1,406
1,495
1,085
567
1,800
5,300
300
25
200
250
200
750
100
145
199
230
74
1,500
300
25
400
250
67
1,000
25
56
25
10
6
28,845
12,217
1,145
17,235
1,309
4,004
295
583
282
978
12,496
13,215
810
12,529
2,718
5,886
239
1,377
575
1,148
51,561
29,768
2,365
32,207
4,111
10,685
583
2,103
914
2,659
4,692
2,400
100
1,990
500
780
50
175
100
100
1,000
600
100
1,119
156
225
50
55
40
100
1,721
4,577
4,012
8,133
7,574
14,201
800
580
100
900
DISTRICT NO. 3—Total
275,062
401,572
846,257
57,513
79,489
DELAWARE
38,245
43,131
105,851
6,798
13,548
8,463
2,305
3,876
23,601
5,420
1,212
3,449
33,050
18,168
2,587
9,110
75,986
1,500
625
673
4,000
2,100
lib
673
10,000
15,595
13,062
33,446
4,018
571
13,350
310
1,070
530
335
8,325
510
3,220
692
315
24,411
928
5,391
1,680
1,036
3,288
145
382
100
103
246
22
200
80
23
221,222
345,379
706,960
46,697
65,370
Bloomsburg: BloomsburgBank-ColumbiaTrustCo
1,097
Carlisle: Carlisle Trust Co
1,198
Chester: Chester-Cambridge Bank & Trust Co
3,439
Clearfield: Clearfield Trust Co
1,323
Danville: Montour County Trust Co
156
Du Bois: Union Banking & Trust Co
1,033
Easton: Easton Trust Co
2,967
East Petersburg: East Petersburg State Bank
132
Egypt: Farmers Bank of Egypt
306
Harrisburg:
Central Trust Co
4,030
Dauphin Deposit Trust Co
2,962
Hazleton:
Markle Banking & Trust Co
2,439
Peoples Savings & Trust Co
1,571
Traders Bank & Trust Co
1,331
Honesdale: Wayne County Savings Bank
1,131
Houtzale: Houtzale Trust Co
230
Huntingdon: Grange Trust Co
519
Jenkintown: Jenkintown Bank & Trust Co
2,137
1
Exclusive
of
part
of
State
located
in
another
district.
953
538
3,591
1,310
379
1,018
3,187
141
382
2,739
1,489
8,201
2,955
563
2,060
7,981
296
764
225
310
1,050
200
125
250
450
50
60
225
1,384
7,856
4,334
13,158
400
400
800
800
4,628
3,339
1,028
3,112
582
373
5,318
7,340
5,057
2,338
3,927
887
845
8,591
600
450
350
695
125
125
375
1,400
400
192
23
46
60
1,000
Wilmington:
Equitable Trust Co
Industrial Trust Co
Security Trust Co
Wilmington Trust Co
NEW JERSEY i
Camden: Camden SafeDeposit & Trust Co
Hightstown: Hightstown Trust Co
Princeton: Princeton Bank & Trust Co
Riverside: Riverside Trust Co
Swedesboro: Swedesboro Trust Co
PENNSYLVANIA^
660
300
14
250
500
10
60
246
ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Lancaster:
Farmers Bank & Trust Co
Northern Bank & Trust Co
Lemoyne: Lemoyne Trust Co
Lewistown: Lewistown Trust Co
Littlestown: Littlestown State Bank
Lock Haven: Lock Haven Trust Co
Lykens: Miners Bank & Trust Co
Mahanoy City: Merchants Banking Trust Co
Middletown: Citizens Bank & Trust Co
Mount Carmel: Liberty State Bank & Trust Co
Myerstown: Myerstown Trust Co
Nanticoke: Peoples Bank of Nanticoke
New Oxford: Farmers & Merchants Bank
Norristown:
Montgomery Trust Co
Norristown-Penn Trust Co
Orrstown: OrrstownBank
Paoli: Paoli Bank & Trust Co
Philadelphia:
Fidelity-Philadelphia Trust Co
First Trust Company of Philadelphia
Gimbel Bros. Bank & Trust Co
Girard Trust Co
Integrity Trust Co
Ninth Bank & Trust Co
Pennsylvania Co. of Insurance on Lives and Granting Annuities
Provident Trust Co
Prospect Park: Interboro Bank & Trust Co
Quakertown: Quakertown Trust Co
Reading: Reading Trust Co
Schnecksville: Schnecksville State Bank
Schuylkill Haven: Schuylkill Haven Trust Co
Steelton: Steelton Bank & Trust Co
Tamaqua: Peoples Trust Co
Temple: Temple State Bank
Wilkes-Barre: Wilkes-BarreDeposit & Savings Bank..
Williamsport: West Branch Bank & Trust Co
Wyomissing: Peoples Trust Co
York:
Guardian Trust Co
York Trust Co
DISTRICT NO. 4—Total
KENTUCKYi
Covington: Peoples-Liberty Bank &TrustCo
Lexington:
Bank of Commerce
Security Trust Co
Paris: Bourbon-Agricultural Bank & Trust Co
Richmond: State Bank & Trust Co
OHIO
1,662
673
921
538
442
2,070
147
527
564
589
480
230
254
2,930
1,180
792
327
157
1,611
413
768
364
484
447
277
326
5,887
1,932
1,536
854
620
3,638
478
1,345
729
1,075
859
597
565
300
200
125
50
375
150
300
125
150
150
100
107
300
170
200
53
27
525
80
91
72
132
100
12
11
1,496
4,411
167
356
4,815
3,459
154
159
6,144
8,821
295
574
1,000
1,000
35
125
691
1,000
52
30
29,644
64
186
16,002
13,036
7,057
57,619
291
1,723
74,505
10,128
9,941
104,149
'2^861
110,644
36,409
20,030
6,700
200
200
4,000
5,996
2,265
15,000
130
32
9,000
1,012
310
78,287
9,688
512
553
7,868
47
874
1,227
741
488
1,574
1,391
2,745
76,941
35,321
930
857
3,912
192
1,045
974
498
197
1,703
3,369
2,060
224,155
46,493
1,680
1,365
16,878
327
1,975
2,380
1,325
786
3,970
5,423
5,229
8,400
3,200
162
150
1,170
25
150
350
150
84
500
225
500
12,000
12,260
41
150
2,180
18
225
250
7
5
500
300
14
1,514
4,196
2,430
2,961
4,106
7,301
500
750
650
1,000
539,797
605,661
89,719
116,581
8,423
6,225
16,937
1,740
825
4,017
1,619
6,779
550
186
1,727
636
994
1,049
556
3,094
722
234
3,230
3,620
1,847
1,461
340
500
200
150
178
200
200
61
322,615
321,838
841,858
66,441
19,708
7,389
6,044
173
131
664
882
306
279
382
4,124
68
829
35
14,841
21,936
424
499
1,861
2,148
549
445
648
11,072
150
1,748
136
1,242
25
40
150
290
25
25
50
1,000
30
100
25
442
508
13
13
150
50
50
10
27
300
11
60
25
26,017
22,478
667
23,448
3,933
5,067
66,335
93,802
3,144
46,122
6,803
11,760
5,000
7,650
600
1,800
500
2,000
1,500
2,350
200
2,700
500
250
Akron:
Firestone Park Trust & Savings Bank
4,685
First-Central Trust Co
10,720
Apple Creek: Apple Creek Banking Co
202
Afchbold: Peoples State Bank Co
299
Ashland: Ashland Bank & Savings Co
797
Belleyue: Union Bank & Savings Co
1,060
Bellville: Farmers Bank
215
Brecksville: Brecksville Bank Co
93
244
Canal Winchester: Peoples Bank Co
Canton: The Geo. D. HarterBank
5,021
Castalia: Castalia Banking Co
92
Celina: Commercial Bank Co
652
Christiansburg: Farmers & Merchants Bank Co
108
Cincinnati:
23,351
Central Trust Co
46,282
Fifth-Third Union Trust Co
2,293
Peoples Bank & Savings Co
13,924
Provident Sayings Bank & Trust Co
3,018
Southern Ohio Savings Bank & Trust Co
5,208
Western Bank & Trust Co
1
Exclusive of part of State located in another district.
247
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans
Investments
Total
deposits
140,923
1,496
335
621
131,454
2,160
587
1,586
347,218
4,432
1,168
2,488
27,938
486
50
200
3.833
135
50
73
208
314
327
642
328
492
1,140
237
1,322
70
792
1,600
618
3,020
393
100
125
35
150
25
30
30
35
75
25
583
219
247
982
339
508
2,628
1,003
842
602
4,626
75
50
50
580
75
18
10
300
1,194
643
147
606
731
434
136
381
119
192
47
478
76
1,178
218
1,200
2,863
303
124
786
606
1,305
1,280
154
1,384
1,016
180
168
180
189
173
213
1,200
35
1,137
276
1,460
2,867
138
80
883
662
2,840
2,035
350
2,098
2,107
624
514
844
419
397
287
2,179
136
2,581
596
3,205
6,797
815
203
2,007
1,543
295
250
50
125
125
65
50
50
25
25
50
150
25
200
35
250
510
50
25
150
100
105
75
10
100
115
17
40
40
15
15
15
110
10
200
29
100
235
50
17
105
40
981
1,774
164
808
1,974
271
556
169
499
249
448
577
487
223
1,056
1,045
468
847
2,811
506
433
374
178
245
897
846
800
61
2,306
3,209
692
1,797
5,624
933
1,080
720
838
554
1,672
1,846
1,447
276
200
398
75
249
600
60
92
50
60
25
135
100
110
33
75
100
20
10
135
20
33
25
27
25
16
60
55
15
3,355
309
4,455
17,239
305
657
219
692
517
400
7,336
8,086
441
4,266
31,340
130
518
138
463
417
185
4,607
14,698
610
12,555
85,453
510
1,505
389
1,270
1,381
525
14,166
900
200
600
5,000
35
100
40
100
150
50
3,250
500
20
600
2,200
18
100
14
85
27
50
186,315
267,425
450,810
18,638
93,348
1,087
301
762
949
6,326
2,747
3,090
1,288
749
1,466
Exclusive of part of State located in another district.
1,290
937
756
942
5,243
4,471
2,951
1,239
1,301
2,361
3,422
1,541
1,498
2,483
13,180
8,235
6,765
3,079
2,299
4,749
125
100
150
125
1,070
200
500
280
300
300
150
60
200
82
207
900
1,000
100
350
300
Capital
Surplus
DISTRICT NO. 4—Continued
OHIO—continued
Cleveland:
Cleveland Trust Co
The Lorain Street Bank
Columbiana: Union Banking Co
Columbus: Fifth Avenue Savings Bank Co..
Conneaut:
Citizens Banking & Savings Co
Conneaut Banking & Trust Co..
Cortland: Cortland Savings & Banking Co..
Coshocton: Peoples Bank & Trust Co
Danville: Commercial & Savings Bank Co..
Delphos:
Commercial Bank.
Peoples Bank of Delphos
Delta: Peoples Savings Bank Co
East Liverpool: Potters Bank & Trust Co
Elyria :
Elyria Savings & Trust Co
Savings Deposit Bank & Trust Co
Fayette: Fayette State Savings Bank Co
Findlay: Ohio Bank & Savings Co
Geneva: Geneva Savings & Trust Co
Gibsonburg: Home Banking Co
Hillsboro: Hillsboro Bank & Savings Co
Hubbard: Hubbard Banking Co
Leesburg: Citizens Bank & Savings Co
Lyons: Farmers State Bank
Madison: Citizens Bank
Mansfield: Farmers Savings & Trust Co
Marengo: Marengo Banking Co
Martins Ferry: Peoples Savings Bank Co
Mason: The First-Mason Bank
Massillon: Ohio-Merchants Trust Co
Middletown: First American Bank & Trust Co
Minster: Minster State Bank
Mount Blanchard: Citizens Bank
Mount Vernon: Knox County Savings Bank
Napoleon: The Community Bank
Newark:
Licking County Bank
Newark Trust Co
New Lexington: Perry County Bank
New Philadelphia: Ohio Savings & Trust Co
Norwood: Norwood-Hyde Park Bank & Trust Co
Oak Harbor: Oak Harbor State Bank Co
Orrville: Orrville Savings Bank
Pomeroy: Farmers Bank & Savings Co
R i t t m a n : R i t t m a n Savings Bank
Russellville: Bank of Russellville Co
St. Marys: Home Banking Co
Sandusky: Western Security Bank
Shelby: Citizens Bank
Shiloh: Shiloh Savings Bank Co
Toledo:
Commerce Guardian Bank
Morris Plan Bank
Ohio Citizens Trust Co
Toledo Trust Co
Utica: The Utica Savings Bank Co
Van Wert: Peoples Savings Bank
Wakeman: Wakeman Bank Co
Wellington: First Wellington Bank
Wooster: Commercial Banking & Trust Co
Yellow Springs: Miami Deposit Bank Co
Youngstown: Dollar Savings & Trust Co
PENNSYLVANIA 1
Aliquippa: Woodlawn Trust Co
Ambridge: Economy Bank of Ambridge....
Beaver: Beaver Trust Co
Dormont: Dormont Savings & Trust C o . . .
Erie: Security-Peoples Trust Co
Homestead: Monongahela Trust Co
McKeesport: Peoples City Bank
Meadville: Crawford County Trust Co
New Brighton: Beaver County Trust Co
NewCastle: Lawrence Savings & Trust Co.
1
261
248
ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans
Investments
Total
deposits
Pittsburgh:
Allegheny Trust Co
Allegheny Valley Bank of Pittsburgh
Colonial Trust Co
Commonwealth Trust Co
Homewood Bank of Pittsburgh
Peoples-Pittsburgh Trust Co
Potter Title & Trust Co
Union Trust Co
ScalpLevel: Merchants & Miners Bank of Paint Borough
Turtle Creek: Turtle Creek Bank & Trust Co
Warren: Warren Bank & Trust Co
Windber: Windber Trust Co
1,718
1,759
14, 760
5,197
489
26, 963
2,928
110,931
67
458
1,659
621
4,035
418
11,373
12,773
675
49,912
2,960
158,862
250
1,121
1,274
2,281
6,119
3,127
30, 730
19, 992
1,738
92, 267
6 065
235,449
312
1 905
3 145
2 710
700
200
3,833
1,500
100
6,000
875
1,500
30
200
300
250
700
200
949
1,700
100
7,000
142
78,500
30
128
200
350
WEST VIRGINIA i
12, 444
10,173
30 077
2,900
2,700
Sistersville: First-Tyler Bank & Trust Co
Wheeling:
Citizens Mutual Trust Co
Security Trust Co
Wheeling Dollar Savings & Trust Co
1,148
114
1 846
200
100
2,015
2 443
6 838
1,633
1,715
6,711
4 982
4 901
18 348
600
300
300
500
DISTRICT NO. 5—Total
180,324
181,226
486 073
Surplus
DISTRICT NO. 4—Continued
PENNSYLVANIA-continued
DISTRICT OF COLUMBIA
1,800
1,800
32,718
18,851
34 321
42,553
101 390
Washington:
American Security &TrustCo
National Savings and Trust Co
Union Trust Co
Washington Loan & Trust Co
7,900
6,900
14 261
9 030
2 727
8 303
24,790
3,319
4,838
9,606
50 377
17 234
10 505
23 274
3,400
1,500
2,000
1,000
3,400
1,000
500
2,000
MARYLAND
39 305
42,810
117 542
9,401
3,487
2 080
2 820
551
2 594
10 502
13 022
5 663
76
310
429
1 258
1,091
5,073
25
11,304
13,373
8,924
1,369
195
124
826
506
5 545
9 535
1 278
18 943
34 476
34 463
8 706
278
435
1 773
2 110
500
375
300
1,000
2,650
3,000
1,161
50
50
150
165
251
225
150
625
850
1,010
260
15
11
40
50
49 529
55,500
141 995
6,125
3,295
15 226
595
1 077
435
179
426
20,741
357
231
113
206
759
53 449
1,277
1 216
689
448
1 955
1,200
100
200
50
25
100
1,200
75
45
35
50
50
885
5 419
25 287
698
685
31,710
2,687
7,180
73,094
180
300
3,970
90
500
1,250
2,182
4,915
8,802
400
247
946
384
605
61
3,780
562
512
495
5,515
1,256
1,536
25
200
100
75
50
100
100
38
40,307
23,847
81,559
6,099
2,863
830
541
761
1,020
1,148
436
1,205
1,107
476
1,025
50
50
73
100
50
50
50
65
50
50
10
25
30
30
80
50
34
80
50
60
Baltimore:
Baltimore-Commercial Bank
Calvert Bank
Commonwealth Bank of Baltimore
Fidelity Trust Co
Maryland Trust Co
Union Trust Co. of Maryland
Cambridge: County Trust Co. of Maryland
Ellicott City: Commercial & Farmers Bank
Forest Hill: Forest Hill State Bank
Hagerstown: Hagerstown Trust Co
Salisbury: Farmers & Merchants Bank
NORTH CAROLINA
Charlotte: American Trust Co
Concord: Citizens Bank & Trust Co
Edenton: Bank of Edenton
Marshall: Citizens Bank
Tryon: Tryon Bank & Trust Co
Washington: Bank ofWashington
Wilmington:
Peoples Savings Bank & Trust Co
Wilmington Savings & Trust Co
Winston-Salem: Wachovia Bank & Trust Co..
SOUTH CAROLINA
Bishopville: Peoples Bank
Charleston: Carolina Savings Bank.
Chester: Commercial Bank
Hartsville: Bank of Hartsville
VIRGINIA
450
Abingdon: Farmers Exchange Bank, Inc
Amelia: Union Bank & Trust Co
153
341
Blackstone: Citizens Bank & Trust Co
607
Chase City: Peoples Bank & Trust Co
Farmville: Planters Bank & Trust Co
352
279
Glade Spring: Bank of Glade Spring
Halifax: Bank of Halifax
281
Kenbridge: Bank of Lunenburg, Inc
384
253
Lacrosse: Bank of Lacrosse
Lawrenceville: Farmers & Merchants Bank.
561
1
Exclusive of part of State located in another district.
165
284
264
190
639
111
669
565
150
209
249
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 5—Continued
VIRGINIA—continued
Lynchburg: Lynchburg Trust & Savings Bank.
Montross: Peoples Bank
Petersburg: Petersburg Savings & American Trust Co..
Powhatan: Bank of Powhatan
Richmond:
Bank of Commerce & Trusts
Mechanics & Merchants Bank
State-Planters Bank & Trust Co
Rural Retreat: Peoples Bank
Smithfield: Merchants & Farmers Bank, Inc
South Hill: Citizens Bank, Inc
Suffolk: Farmers Bank of Nansemond
Tazewell: Farmers Bank of Clinch Valley
Williamsburg: Peninsula Bank & Trust Co
Winchester: Union Bank of Winchester
WEST VIRGINIA *
2,000
209
1,047
635
1,066
59
1,018
151
3,209
281
2,500
858
300
25
276
25
300
20
55
40
5,996
1,264
19,614
220
299
416
2,854
789
898
405
2,305
665
13,325
139
94
207
613
228
485
246
9,852
2,136
44,302
458
477
850
4,117
1,544
1,718
708
600
200
3,050
35
50
50
500
200
100
100
500
40
700
35
34
25
500
50
75
40
14,680
11,601
34,785
2,793
2,018
502
111
414
66
1,252
8,354
43
136
175
101
98
267
157
193
96
155
1,239
195
100
25
100
20
4,999
21,114
292
906
1,324
292
373
313
826
676
510
959
767
600
1,000
50
75
488
25
50
25
100
50
75
80
50
251
1,200
7
38
130
5
10
25
65
100
15
16
36
57,515
172,765
14,724
7,496
15,745
34,480
2,982
582
195
12,599
284
42
30
318
966
423
564
25,487
843
276
348
1,043
1,813
757
417
55
227
268
1,493
221
198
470
40
2,307
50
50
35
90
60
55
25
25
25
25
120
25
25
25
20
157
25
Berwind: BerwindBank
Buffalo: Buffalo Bank
Charleston:
Kanawha Banking & Trust Co
Kanawha Valley Bank
Hurricane: Putnam County Bank
Lewisburg: Greenbrier Valley Bank
Martinsburg: Peoples Trust Co
Parsons: Tucker County Bank
Petersburg: Potomac Valley Bank
Rainelle: Bank of Rainelle
Romney: Bank of Romney
St. Albans: Bank of St. Albans
St. Marys: Pleasants County Bank
Spencer: Traders Trust & Banking Co
Summersville: Farmers & Merchants Bank
2,467
6,996
175
390
1,372
127
179
17
720
305
318
643
358
DISTRICT NO. 6—Total
72,461
ALABAMA
11,228
Aliceyille: AliceyilleBank & Trust Co
Birmingham: BirminghamTrust & Savings Co
Clanton: Peoples Savings Bank
Clayton: Bank of Commerce
Columbiana: Columbiana Savings Bank
Cullman: Parker Bank & Trust Co
Dothan: Dothan Bank & Trust Co
Eutaw: Merchants & Farmers Bank of Greene County..
Guin: Marion County Banking Co
Marion Junction: Marion Junction State Bank, Inc
Oneonta: The Citizens Bank
Pine Apple: Bank of Pine Apple
Selma: Peoples Bank & Trust Co
Thomaston: Planters Bank & Trust Co
Winfield: Winfield State Bank
York: Bank of York
7,557
261
139
235
298
420
305
268
70
161
134
664
172
123
125
FLORIDA
3,356
3,833
10,454
580
497
1,014
325
266
1,751
1,718
111
547
1,457
3,450
499
1,067
5,438
150
30
100
300
300
12
30
155
31,636
9,642
53,698
6,087
4,019
60
Adairsville: Bank of Adairsville
Atlanta: Trust Co. of Georgia
11,728
5,507
Augusta: Georgia Railroad Bank & Trust Co
411
Bainbridge: Citizens Bank & Trust Co
261
Blackshear: The Blackshear Bank
563
Brunswick: Brunswick Bank & Trust Co
413
Canton: Bank of Canton
101
Cochran: State Bank of Cochran
Columbus:
4,210
Columbus Bank & Trust Co
1,518
Merchants & Mechanics Bank
176
Commerce: Northeastern Banking Co
Eastman: Bank ofEastman
150
1
Exclusive of part of State located in another district.
3
3,270
1,659
72
167
992
356
144
21,652
8,629
852
490
1,458
833
234
25
2,000
750
150
50
230
150
25
5
2,000
300
15
25
70
150
2,481
347
313
850
200
50
65
650
200
25
Fort Lauderdale: Broward Bank & Trust Co..
Marianna: Citizens State Bank
Ocala: Commercial Bank & Trust Co
St. Petersburg: Union Trust Co
GEORGIA
1
24
121
281
34
43
1,064
247
27
7
45
100
75
40
15
7
10
40
5
250
ANNUAL
REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 6—Continued
GEORGIA—continued
Lawrenceville: Brand Banking Co
Lincolnton: Farmers State Bank
Millen: Bank of Millen
Monroe: Farmers Bank
Pelham: Farmers Bank
Sasser: Bank of Sasser
Savannah:
Citizens Bank & Trust Co
Savannah Bank & Trust Co
Soperton: Bank of Soperton
Swainsboro: Central Bank
Tifton: Bank of Tifton
LOUISIANA i
Alexandria: RapidesBank &TrustCo
Lake Charles: Lake Charles Bank & Trust Co
New Orleans: American Bank & Trust Co
Slidell: Bank of Slidell
MISSISSIPPI
Crystal Springs: Truckers Exchange Bank
Forest: Bank of Forest
TENNESSEE
Carthage: Citizens Bank & Trust Co
Chattanooga: American Trust & Banking Co
Greeneville: Greene County Bank
Hartsville: Bank of Hartsville
Knoxville: Commercial Bank & Trust Co
Nashville: Commerce Union Bank
DISTRICT NO. 7—Total.
1
259
81
269
293
263
110
225
68
268
228
58
34
488
149
540
542
323
111
50
25
50
100
100
25
50
15
50
30
29
33
1,125
3,001
205
167
765
347
165
9
26
1,403
3,865
255
293
1,408
342
675
50
25
100
58
125
10
20
150
10,145
19,851
38,080
2,950
1,050
901
1,196
7,829
219
1,177
659
17,773
242
2,647
2,421
32,445
567
450
300
2,150
50
50
150
850
120
392
727
50
28
79
41
339
307
420
25
25
10
18
15,976
8,052
35,326
2,075
1,320
203
3,565
1,009
256
777
257
2,894
236
69
1,144
3,452
643
10,126
1,655
393
2,549
19,960
25
625
200
25
200
1,000
5
750
10,166
342,419
ILLINOIS
145,154
Argenta: G e r b e r S t a t e B a n k
Belvidere: F a r m e r s State Bank
Bloomington:
Corn Belt Bank
Peoples Bank of Bloomington
1
Bushnell: Farmers & Merchants State Bank
B y r o n : Rock River C o m m u n i t y Bank
Chicago:
Amalgamated T r u s t & Savings Bank
1
Drexel State Bank
H a m i l t o n State Bank
Harris T r u s t & Savings Bank
58
Lake Shore T r u s t & Sayings Bank
3
Lake View T r u s t & Savings Bank
1
M a i n State Bank
•
1
Mercantile T r u s t & Savings Bank
4
Metropolitan State Bank
Metropolitan T r u s t Co
Northern T r u s t Co
38
Personal Loan & Savings Bank
9
Sears-Community State Bank
1
Skala State Bank
State Bank of Clearing
Uptown State Bank
1
Cowden: State Bank of Cowden
E l b u r n : K a n e C o u n t y Bank & T r u s t Co
E u r e k a : State Bank of E u r e k a
Evanston:
E v a n s t o n T r u s t & Savings Bank
State Bank & T r u s t Co
F a i r b u r y : Fairbury State Bank
F u l t o n : F u l t o n State Bank
Galesburg: F a r m e r s & Mechanics Bank
Geneva: State Bank of Geneva
J o y : J o y State Bank
Kewanee: Peoples State Savings Bank
L o s t a n t : F a r m e r s State Bank
M a t t o o n : Central Illinois T r u s t & Savings Bank.
M e t a m o r a : Metamora State Bank
Milford: Citizens State Bank
M o m e n c e : Parish Bank & T r u s t Co
Exclusive of p a r t of State located in another district.
Digitized for1 FRASER
25
40
500
688,609 1,359,771
59,416
28,926
383,632
718,652
20,677
17,280
252
1,377
469
2,258
25
100
25
100
870
3,425
358
320
2,279
8,533
1,234
564
195
200
50
50
46
400
100
20
4,552
3,785
817
94,452
4,048
15,455
2,676
6,586
2,132
178
194,160
75
4,426
2,229
941
3,969
90
176
85
7,664
6,813
2,010
210,009
12,091
26,409
6,056
17,246
3,241
'313'; 544
6,608
8,298
2,868
2,494
7,396
249
679
851
400
448
200
6,000
796
500
200
600
200
400
3,000
2,000
200
200
120
300
25
50
50
200
75
25
7,000
24
500
135
400
50
100
6,000
500
100
40
20
100
10
30
20
2,241
9,411
326
358
1,431
522
189
1,137
287
622
119
100
109
3,326
15,016
594
643
3,281
1,300
632
3,437
512
943
470
828
458
324
1,000
50
50
200
100
30
100
35
100
50
50
50
28
23
15
40
50
15
125
15
20
11
25
15
251
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 7—Continued
ILLINOIS—continued
INDIANA
Auburn: Auburn State Bank
Columbia City: Citizens State Bank
Connersville: FayetteBank & Trust Co
Darlington: Farmers & Merchants State Bank
Elkhart: St. Joseph Valley Bank
Hebron: Citizens Bank
Huntington: First State Bank
Indianapolis: Fletcher Trust Co
Jamestown: Citizens State Bank
Kokomo: Union Bank & Trust Co
Mohawk: The Mohawk State Bank
Muncie: Merchants Trust & Savings Co
Tipton: Farmers Loan & Trust Co
Valparaiso: First State Bank of Valparaiso
IOWA
Afton: Commercial State Bank
Algona:
Iowa State Bank
Security State Bank
Blencoe: Blencoe State Bank
Cedar Falls: Union Bank & Trust Co
Cherokee: Cherokee State Bank
Davenport: Davenport Bank & Trust Co
Des Moines: Bankers Trust Co
Fairfield: Iowa State Bank & Trust Co
Fontanelle: State Savings Bank
Fort Dodge: The State Bank
Fort Madison: Fort Madison Savings Bank
Glenwood: Glenwood State Bank
Holstein: Holstein State Bank
Ida Grove: Ida County State Bank
Lineville: Lineville State Bank
Mason City: United Home Bank & Trust Co
Monticello: Monticello State Bank
Moorhead: Moorhead State Bank
Muscatine:
Central State Bank
Muscatine Bank & Trust Co
Newton: Jasper County Savings Bank
Osage: Home Trust & Savings Bank
Ottumwa: Union Bank & Trust Co
Riceville: Riceville State Bank
Royal: Home State Bank
Shenandoah: Security Trust & Sayings Bank
Storm Lake: Security Trust & Savings Bank
Templeton: Templeton Savings Bank
Washington: Washington State Bank
Williams: Williams Savings Bank
2,212
462
108
205
321
214
2,523
177
85
692
317
1,112
3,849
193
291
53
467
366
6,106
20
168
1,599
498
1,778
7,947
774
600
313
1,001
820
11,407
295
307
100
50
155
500
50
50
25
50
60
500
50
25
50
15
100
100
20
10
5
25
12
200
10
9
71
94
235
149
124
200
34
43
321
76
856
754
175
201
655
344
1,042
1,047
25
25
70
25
50
50
5
7
70
5
60
45
228
168
781
997
1,850
1,195
1,419
3,932
100
100
169
50
25
55
13,865
32,376
58,544
4,469
1,005
593
488
764
98
1,024
198
672
6,034
178
1,541
81
1,190
448
556
477
445
1,416
87
513
176
1,301
22,850
36
2,652
66
1,174
450
703
1,348
1,368
2,488
235
1,860
379
2,253
36,421
449
5,104
162
4,011
997
1,469
50
360
25
374
61
240
2,400
40
323
25
225
100
147
32,299
37,708
88,162
4,070
2,074
226
47
370
25
23
110
33
94
642
494
14,294
10,396
136
114
367
1,567
132
170
218
37
65
775
50
1,514
376
336
1,190
1,563
26,672
20,148
789
468
2,063
2,867
1,024
692
593
137
1,076
3,952
231
50
50
25
100
120
600
1,000
100
40
100
205
50
50
40
25
100
400
30
50
9
15
20
35
600
250
20
19
85
45
50
33
20
6
35
80
15
1,089
2,088
790
359
2,184
46
101
366
247
105
523
2,192
5,125
3,754
1,031
5,351
162
336
1,050
684
436
1,407
573
125
125
100
50
300
25
25
60
50
25
50
25
25
175
100
36
150
7
25
30
26
15
50
25
548
165
508
Morrison: Smith Trust & Savings Bank
Niantic: State Bank of Niantic
Niles Center: Niles Center State Bank
Oak Park: Oak Park Trust & Savings Bank
Petersburg: The Schirding State Bank
Riverdale: First Trust & Savings Bank
Rochester: Rochester State Bank
Rushville: Rushville State Bank
Shannon: First State Bank of Shannon
Springfield: Springfield Marine Bank
Stockland: Sumner State Bank
Thomson: Thomson State Bank
Tolono:
Bank of Tolono
Citizens Bank of Tolono
Tuscola: Tuscola State Bank
Walnut: Citizens State Bank
Washington: Danforth Banking Co
Wenona: First State Bank
Wheaton:
Gary-Wheaton Bank
Wheaton Trust & Savings Bank
Wilmette: Wilmette State Bank
:
25
7
60
"50
600
10
80
10
115
13
252
ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
DISTRICT NO. 7—Continued
MICHIGAN i
Loans
Investments
Total
deposits
115,906
193,545
398,348
22,811
6,628
478
1,416
1,060
586
279
1,478
125
917
2,465
1,773
1,090
430
2,635
228
101
110
110
100
28
200
25
10
21
5,150
3,637
181
12,796
7,578
576
926
500
25
257
200
1,218
8,505
224
509
91
35
395
181
180
222
2,734
10,314
539
807
460
177
996
589
415
590
300
1,000
40
45
50
25
93
50
25
35
100
20
11
11
5
25
11
117
308
189
218
511
717
587
281
264
215
476
650
290
506
584
457
480
955
1,217
824
556
486
615
905
912
462
40
50
40
25
54
55
64
25
45
40
40
72
50
21
13
18
7
15
55
22
64,984
9,064
133
530
336
157
547
138,738
19,825
342
1,586
796
492
1,231
5,150
1,425
40
100
50
50
1,410
575
'"25
12
20
8,801
5,633
29
1,002
22,590
9,537
127
1,821
1,000
700
25
117
400
200
6
45
337
251
637
688
219
50
62
34
12
15
6
853
446
23,406
25
2,431
1,594
42,313
141
145
105
2,750
25
62
25
1,250
4
441
133
1,422
790
1,807
1,163
570
3,186
1,115
2,958
97
50
100
98
165
15
115
821
398
380
198
253
4,685
199
39
3,033
2,227
773
521
449
9,905
420
175
304
250
150
60
62
25
768
35
25
30
4,190
2,738
171
8,928
5,341
432
650
335
61
Adrian:
266
Adrian State Savings Bank
580
Commercial Savings Bank
406
Lenawee County Savings Bank
407
Albion: Commercial & Savings Bank
88
Algonac: Algonac Savings Bank
_
438
Alpena: Alpena Savings Bank
77
Alto: Farmers State Bank
Ann Arbor:
Ann Arbor Savings & Commercial Bank
State Savings Bank
Armada: Armada State Bank
Bay City:
Bay City Bank
,335
Peoples Commercial & Savings Bank
271
Belleville: Peoples State Bank
119
Berrien Springs: Berrien Springs State Bank
276
Big Rapids: Big Rapids Savings Bank
74
Blanchard: Blanchard State Bank
491
Blissfield: Blissfield State Bank
178
Bronson: Peoples State Bank
99
Brown City: Brown City Savings Bank
282
Capac: Capac State Savings Bank
CassCity:
268
Cass City State Bank
220
Pinney State Bank
142
Cassopolis: Cass County State Bank
167
Charlevoix: Charlevoix County State Bank
138
Charlotte: Eaton County Savings Bank
442
Chelsea: Chelsea State Bank
Chesaning: Chesaning State Bank
163
Clarkston: Clarkston State Bank
207
Coloma: State Bank of Coloma
134
Coopersville: Coopersville State Bank
213
Corunna: Old Corunna State Bank
322
81
Croswell: State Bank of Croswell
130
Davison: Davison State Bank
Detroit:
},817
Detroit Bank
),972
United Savings Bank
132
Dundee: Monroe County Bank
915
Ecorse: Ecorse Savings Bank
390
Farmington: Farmington State Bank
199
Fennville: Old State Bank..
441
Fenton: State Savings Bank
Flint:
5,307
Citizens Commercial & Savings Bank
5,115
Genesee County Savings Bank
73
Fountain: Fountain State Bank
728
Frankenmuth: Frankenmuth State Bank
Fremont:
216
Fremont State Bank
Old State Bank of Fremont
Gagetown: State Savings Bank
Grand Haven:
GrandHaven State Bank
1
Peoples Savings Bank
Grand Rapids: Old Kent Bank
12
Grandville: Community State Bank
Greenville:
Commercial State Savings Bank
First State Bank.
Grosse Pointe: Grosse Pointe Bank
Harbor Springs:Emmet County State Bank
Hillsdale: Hillsdale State Savings Bank
Holland:
Holland State Bank
1
Peoples State Bank
Holly: First State & Savings Bank
Howell: First State & Savings Bank
Imlay City: Imlay City State Bank
Jackson: Jackson City Bank & Trust Co
Jonesville: Grosvenor Savings Bank
Kingston: Kingston State Bank
Lakeyiew: Bank of Lakeview
Lansing:
American State Savings Bank
2,
Bank of Lansing
1
Lapeer: Lapeer Savings Bank
1
Exclusive of part of State located in another district.
Capital
Surplus
150
1
30
5
51
75
5
16
200
40
5
253
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 7—Continued
MICHIGAN—continued
103
244
389
70
167
736
401
357
348
1,269
273
320
100
638
202
475
2,899
344
1,245
298
2,003
186
1,017
141
902
321
728
306
676
4,239
929
1,776
869
3,777
493
1,624
276
2,385
25
50
25
70
208
40
100
50
200
50
213
25
250
406
775
126
33
74
194
508
252
180
185
134
448
2,491
222
553
303
174
265
494
1,032
182
131
195
87
508
139
83
136
507
2,126
2,773
250
1,229
635
287
512
1,272
2,375
358
275
309
335
1,321
481
321
331
751
3,206
6,125
509
3,041
1,162
510
923
50
120
25
25
50
25
100
25
25
50
55
100
383
25
165
96
60
50
425
244
281
448
663
366
125
309
194
225
98
852
295
202
175
1,283
191
186
651
308
407
222
1,003
1,602
796
542
680
2,757
631
374
1,229
560
782
425
2,190
100
75
30
40
200
50
25
50
40
84
25
100
85
5
15
25
55
10
8
32
35,195
41,348
96,165
7,389
1,939
Antigo: Fidelity SavingsBank
882
473
Burlington: Bank of Burlington
130
Chilton: Commercial Bank
348
Edgerton: Tobacco Exchange Bank
154
Green Lake: Green Lake State Bank
203
Kaukauna: Bank of Kaukauna
1,937
Manitowoc: Manitowoc Savings Bank
363
Markesan: Markesan State Bank
420
Mayville: State Bank of Mayville
Milwaukee:
1,227
American State Bank
1,606
Badger State Bank
16,953
Marshall & Ilsley Bank
1,522
West Side Bank
244
Platteville: State Bank of Platteville
SaukCity: Farmers & Citizens Bank
227
Sheboygan:
2,466
Bank of Sheboygan
2,995
Citizens State Bank
437
South Milwaukee: Home State Bank
695
Sturgeon Bay: Bank of Sturgeon Bay
204
Viroqua: State Bank of Viroqua
447
Waupaca: Farmers State Bank
165
Waupun: State Bank of Waupun
531
Wausau: Citizens State Bank
566
Whitewater: First Citizens State Bank
1
Exclusive of part of State located in another district.
1,037
874
424
465
160
333
2,638
776
549
2,173
1,591
650
904
322
572
6,042
1,135
1,042
200
100
40
50
40
100
500
60
117
50
20
40
4
5
200
60
30
469
3,321
15,999
1,976
86
642
2,170
6,053
43,345
4,646
663
967
200
500
2,985
400
100
85
75
20
400
400
1,545
4,513
192
1,031
166
491
720
1,888
1,053
4,763
8,933
1,280
2,101
410
1,097
1,044
2,448
1,814
547
500
100
150
50
80
50
290
145
20
400
26
30
Lawrence: Home State Bank
Lowell: State Savings Bank
Manchester:
Peoples Bank
Union Savings Bank
Manistee: Manistee County Savings Bank
Marccllus: G. W. Jones Exchange Bank
Marshall: Commercial Savings Bank
Mason: Farmers Bank
Midland: Chemical State Savings Bank
Milan: Peoples State Bank
Monroe: Dansard State Bank
Montague: Farmers State Bank
Mount Clemens: Mount Clemens Savings Bank
Mount Pleasant:
Exchange Savings Bank
Isabella County State Bank
New Baltimore: Citizens State Savings Bank
New Haven: New Haven Savings Bank
North Branch: Pioneer Bank
Onsted: Onsted State Bank
Petoskey: First State Bank
Pigeon: Pigeon State Bank
Pinconning: Pinconning State Bank
Richmond: Macomb County Savings Bank
Romeo: Romeo Sayings Bank
Royal Oak: Guardian Bank
Saginaw: Saginaw State Bank
St. Charles: St. Charles State Bank
St. Clair: Commercial & Savings Bank
St. Johns: State Bank of St. Johns
Saugatuck: Fruit Growers State Bank
Sebewaing: Farmers & Merchants State Bank
South Haven:
Citizens State Bank
First State Bank
Sparta: Sparta State Bank
Spring Lake: Spring Lake State Bank
Traverse City: Traverse City State Bank
Trenton: Trenton State Bank
Vassar: State Bank of Vassar
Wayne: Wayne State Bank
Whitehall: State Bank of Whitehall
Williamston: Peoples State Bank
Yale: Yale State Bank
Zeeland: Zeeland State Bank
WISCONSIN1
5
15
60
40
35
21
40
11
60
5
15
25
13
5
5
"50
100
25
75
9
12
30
5
90
16
50
40
48
254
ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
DISTRICT NO. 8—Total
ARKANSAS
Batesville: Citizens Bank & Trust Co
Blytheville: Farmers Bank & Trust Co
Fordyce: Fordyce Bank & Trust Co
Little Rock: W. B. Worthen Co., Bankers
Russellville:
Bank of Russellville
Peoples Exchange Bank
Waldron: Bank ofWaldron
ILLINOIS i
Breese: State Bank of Breese
Chester: First State Bank
East St. Louis: Union Trust Co
Edwardsville: Bank ofEdwardsville
Effingham: Effingham State Bank
Eldorado: C. P. Burnett & Sons, Bankers
Greenville: State Bank of Hoiles & Sons
Highland: State & Trust Bank
Hillsboro: Montgomery County Loan & Trust Co
Hoyleton: Hoyleton State & Savings Bank
Jacksonville: Elliott State Bank
Litchfield: Litchfield Bank & Trust Co
O'Fallon: First State Bank
Richview: Richview State Bank
Steeleville: State Bank of Steeleville
KENTUCKYi
Danville: BoyleBank &TrustCo
Hartford: Citizens Bank
Hopkinsville: Planters Bank & Trust Co
Louisville:
Kentucky Title Trust Co
Lincoln Bank & Trust Co
Louisville Trust Co
Owensboro: First-Owensboro Bank & Trust Co
MISSISSIPPI i
Indianola: PeoplesBank
Loans
Investments
Total
deposits
Capital
153,776
194,773
446,099
34,546
10,115
7,616
6,398
19,445
1,182
263
558
970
232
5,017
205
228
183
5,206
961
1,726
494
14,552
60
150
50
672
5
40
25
153
436
211
192
305
100
171
in
515
420
100
100
50
10
10
20
5,991
9,611
20,142
1,779
574
250
626
1,178
458
677
176
417
280
326
125
793
238
99
68
280
366
479
2,436
1,290
468
777
394
236
449
159
1,755
413
63
59
267
754
1,246
4,426
2,015
1,527
1,278
1,021
880
876
380
3,979
777
201
151
631
50
50
600
150
124
100
150
75
80
25
200
100
25
25
25
50
60
23,583
9,474
37,763
4,215
1,948
605
45
457
326
201
1,285
1,024
282
2,376
100
25
100
78
10
100
2,584
1,999
1,598
1,481
3,926
12,489
13,882
3,784
1,000
750
1,990
250
775
400
510
75
4,511
6,121
10,184
1 ,.660
Surplus
iso
19
50
10
45
20
10
100
20
5
5
30
186
202
547
35
13
186
202
547
35
13
7,317
116,400
169,088
368,202
27,335
77
Camdenton: Camden County Bank
730
Carrollton: Carroll County Trust Co
1,238
Clayton: St. Louis County Bank
275
Clinton: Union State Bank
731
Farmington: United Bank
497
Fulton: Callaway Bank
349
Glasgow: Glasgow Savings Bank
404
Hannibal: Farmers & Merchants Bank & Trust Co
154
Lancaster: Schuyler County State Bank
225
Lebanon: State Savings Bank
376
Luxemburg: Lemay Ferry Bank
198
Maplewood: Peoples State Bank
850
Marshall: Wood & Huston Bank
171
Memphis: Bank of Memphis
Moberly:
217
City Bank & Trust Co
175
Mechanics Bank & Trust Co
113
Monroe City: Monroe City Bank
321
Normandy: Normandy State Bank
324
Pine Lawn: Pine Lawn Bank
St. Louis:
683
Baden Bank
755
Bremen Bank & Trust Co
1,584
Cass Bank & Trust Co
2,498
Chippewa Trust Co
918
Easton-Taylor Trust Co
1,348
Jefferson Bank & Trust Co
2,175
Jefferson-Gravois Bank
1,798
Lindell Trust Co
3,113
Manchester Bank
3,095
Manufacturers Bank & Trust Co
33,359
Mercantile-Commerce Bank & Trust Co
37,527
Mississippi Valley Trust Co
1,125
Mound City Trust Co
652
North St. Louis Trust Co
1
of part of State located in another district.
Digitized forExclusive
FRASER
65
445
1,965
385
461
876
264
762
277
127
442
342
179
139
206
1,672
6,603
958
1,415
1,695
684
1,458
584
435
987
661
1,696
422
25
100
225
50
120
125
75
100
50
25
100
100
100
25
5
27
150
45
35
50
75
100
10
20
20
20
100
20
621
1,729
284
228
271
984
3,208
549
594
679
100
200
50
50
45
20
34
25
25
30
1,645
4,304
3,345
215
1,185
1,100
3,378
2,005
1,566
4,178
83,917
27,019
900
3,078
2,501
5,515
5,611
3,188
2,974
3,324
6,254
4,818
5,368
11,047
152,882
86,579
2,279
4,179
330
400
450
340
250
415
897
300
798
600
10,000
6,000
349
300
MISSOURI
200
150
30
9
150
400
2,800
1,414
200
255
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 8—Continued
MISSOURI—continued
St. Louis—Continued.
Northwestern Trust Co
Plaza Bank of St. Louis
Southern Commercial & SayingsBank..,
Southwest Bank of St. Louis
Tower Grove Bank & Trust Co
United Bank & Trust Co
St. Louis County: Gravois Bank
Sedalia: Sedalia Bank & Trust Co
Vandalia: Vandalia State Bank
Versailles: Bank of Versailles
Washington: Franklin County Bank
Webster Groves: Webster Groves Trust Co..
, DISTRICT INO. 9—Total.
MICHIGAN^
Escanaba: State Savings Bank
Ewen: State Bank of Ewen
Gladstone: Gladstone State Savings Bank...
Iron Mountain: Commercial Bank
Menominee: Commercial Bank
Sault Ste. Marie:
Central Savings Bank
Sault Savings Bank
MINNESOTA
2,664
1,174
1,485
2,727
4,996
2,732
460
595
191
160
363
798
19,329
2,963
550
144
367
650
612
MONTANA
SOUTH DAKOTA
5,285
1,295
106
405
1,042
483
2,736
67,233
750
200
423
423
1,000
1,000
100
100
25
40
80
100
250
80
15
•466
210
15
30
13
15
25
100
4,701
167
9,876
130
50
92
190
115
20
4
20
10
17
110
116
40
56
310
330
852
1,102
2,903
4,164
8,211
482
218
78
364
187
96
189
133
685
142
173
187
459
85
205
' 27
452
1,332
194
129
401
1,051
305
337
221
685
2,279
397
361
25
60
25
25
25
47
100
25
30
13
40
5
10
5
15
80
5
5
249
209
291
389
414
733
726
715
40
50
30
20
10
10
9,470
16,123
39,577
2,428
1,060
760
52
360
956
1,803
122
175
812
3,741
212
784
280
25
124
100
75
3
15
100
156
333
1,935
67
73
168
637
99
115
35
736
1,664
247
263
76
214
155
109
212
48
276
207
6,542
105
283
125
1,048
55
7
110
1,041
2,386
110
193
35
90
106
307
106
79
732
750
13,359
285
609
433
2,085
171
126
524
2,429
6,895
581
599
175
489
724
476
431
159
100
100
600
25
30
25
100
25
25
35
100
484
35
25
25
25
40
50
25
25
11
15
400
15
30
15
50
7
7
20
100
67
15
13
17
6
40
12
20
7
3,785
3,299
8,929
899
215
20
57
59
104
33
375
89
187
295
350
170
25
30
25
25
25
25
15
3
8
5
25
5
Alcester: State Bank of Alcester
Alpena: Bank of Alpena
Arlington: Citizens State Bank
Belvidere: Belvidere State Bank
Buffalo: First State Bank
Burke: Burke State Bank
1
Exclusive of part of State located in another district.
29,220
6,829
3,630
3,229
3,181
14,665
8,231
1,160
902
323
349
958
1,973
321
904
2,152
1,341
1,475
1,710
Aurora: State Bank of Aurora
Caledonia: Sprague State Bank
Cannon Falls: Security State Bank
Chatfield: Root River State Bank
Clinton: Clinton State Bank
Houston: Security State Bank
Owatonna: Security Bank & Trust Co.,
Plainview: Peoples State Bank
Rushmore: First State Bank
,
Springfield:
Farmers & Merchants State Bank..
State Bank of Springfield
"
Wadena: Wadena County State Bank..,
Anaconda: Daly Bank & Trust Co
Belt: Belt Valley Bank
Big Timber: Citizens Bank & Trust Co
Billings: Security Trust & Savings Bank
Bozeman:
Gallatin Trust & Savings Bank
Security Bank & Trust Co
Butte: Metals Bank & Trust Co
Cascade: Stockmens Bank
Chateau: Citizens State Bank
Columbus: Yellowstone Bank
Deer Lodge: Deer Lodge Bank & Trust Co
Denton: Farmers State Bank
Fromberg: Clarks Fork Valley Bank
Glasgow: Farmers-StockgrowersBank_
Great Falls: Montana Bank & Trust Co
Helena: Union Bank & Trust Co
Laurel: Yellowstone Bank
Libby: First State Bank
Richey: First State Bank
Ronan: Ronan State Bank
Terry: State Bank of Terry
Townsend: State Bank of Townsend
Victor: Farmers State Bank
Worden: Farmers State Bank
3,584
1,477
1,382
374
7,844
3,926
492
63
92
95
541
1,521
262
62
127
97
253
256
ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 9—Continued
SOUTH DAKOTA-continued
Faith: Farmers State Bank
Flandreau: Farmers State Bank
Freeman: Merchants State Bank
Fulton: Fulton State Bank
Huron: Farmers & Merchants Bank
Madison: Security Bank & Trust Co
Mclntosh: Security State Bank
Miller: Hand County State Bank
Mitchell: Commercial Trust & Savings Bank
Mobridge: Citizens Bank & Trust Co
Presho: Farmers & Merchants State Bank
Sturgis: Bear Butte Valley Bank
Toronto: Bank of Toronto
Wessington Springs: Jerauld County Bank
Woonsocket: Sanborn County Bank
WISCONSIN i
Boyceville: Bank of Boyceville
Glenwood City: First State Bank
DISTRICT NO. 10—Total
COLORADO
Brighton: Brighton State Bank
DelNorte: Rio Grande County Bank
Delta: Colorado Bank & Trust Co
Denver:
Central Savings Bank & Trust Co
International Trust Co
E a t o n : Eaton Bank
Haxtun: Haxtun State Bank
La J u n t a : The Colorado Savings & Trust Co
Steamboat Springs: Routt County State Bank
Sterling: Commercial Savings Bank
KANSAS
Abilene: Citizens Bank
Great Bend: American State Bank
Hiawatha: Morrill & Janes Bank
Hutchinson: Hutchinson State Bank
Kansas City: Riverview State Bank
Liberal: Citizens State Bank
L u r a y : Peoples State Bank
Ness City: First State Bank
Osage C i t y : Citizens State Bank
P r a t t : Peoples Bank
Sedan: Sedan State Bank
St. Marys: St. Marys State Bank
Sylvan Grove: Sylvan State Bank
Tonganoxie: First State Bank
Topeka: Fidelity Savings State Bank
Wakefield: Farmers & Merchants State Bank
Winfield: The State Bank
69
315
155
112
142
436
10
185
569
25
71
305
136
202
159
170
144
37
60
867
74
130
44
873
148
52
90
122
28
99
308
349
640
89
89
119
170
179
294
346
59
30
346
749
217
233
1,311
716
186
254
1,630
193
217
547
322
264
278
25
50
40
25
100
75
30
25
199
50
25
25
25
25
25
5
10
8
15
20
10
6
5
25
10
5
15
5
5
10
1
7
60,623
87,558
238,317
10,309
9,711
9,206
38,173
1,335
25
25
50
350
500
25
50
100
57
1,000
10
3
30
26
27
5,383
1,331
15
5
48
366
185
51
174
1,992
5,499
139
74
508
399
563
2,024
6,158
30
50
167
25
342
429
213
1,340
5,159
17,133
317
190
1,081
1,022
1,289
6,319
6,518
17,447
1,140
783
401
646
428
619
1,122
100
164
160
216
716
219
245
162
83
550
132
356
371
680
167
625
2,345
71
34
55
137
477
40
238
142
109
790
74
163
1,016
1,627
688
1,962
4,145
297
229
372
482
1,857
418
509
424
215
2,189
240
777
50
100
75
150
100
50
25
25
25
100
30
25
25
25
200
25
110
50
100
25
64
300
15
MISSOURI
16
40
22
8
50
5
56
7
11
68,649
169,615
6,955
3,737
Albany: Gentry County Bank
Carthage: Bank of Carthage
Craig: Bank of Craig
Kansas City:
Commerce T r u s t Co
Merchants Bank
King City: First State Bank
L a m a r : Barton County State Bank
Rich Hill: Security Bank
St. Joseph: Empire Trust Co
South St. Joseph: First St. Joseph Stock Yards B a n k . . . .
233
811
138
341
306
818
1,703
284
50
150
25
25
60
15
33,856
1,468
233
243
182
819
850
64,337
1,048
38
47
34
782
1,648
156,956
3,304
382
383
264
2,075
3,446
6,000
200
30
25
25
200
250
2,400
100
8
10
10
53
56
NEBRASKA
3,158
1,559
4,941
435
153
Alma: Harlan County Bank
295
Bancroft: Citizens Bank
137
Blair: Washington County Bank
255
Chappell: Deuel County State Bank
Hartington: Bank of Hartington
256
North Platte: McDonald State Bank.
303
1
Exclusive of part of State located in another district.
62
16
266
57
30
346
507
170
606
188
331
1,023
30
30
35
25
25
100
17
10
26
5
10
20
257
FEDERAL RESERVE SYSTEM
[In thousands of dollars
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 10—Continued
NEBRASKA—continued
103
168
119
156
90
178
82
102
296
170
40
92
241
342
471
390
260
412
25
30
40
30
25
40
5
g
10
15
8
18
129
70
318
30
8
129
70
318
30
8
1,188
770
3,743
200
132
718
92
190
188
503
60
89
118
2,763
254
316
410
100
25
50
25
100
6
21
5
Pawnee City: Citizens State Bank
Rushville' Union State Bank
Scribner • Farmers State Bank
Stromsburg * Stromsburg Bank
Valley Bank of Valley
Wahoo • Wahoo State Bank
NEW MEXICO i
Aztec Citizens Bank
..
. .
OKLAHOMA 1
Ada* Oklahoma State Bank .
Garber: Bank of Garber
Okarche: First Bank of Okarche
Purcell' First State Bank
2,285
786
4,080
324
249
Evanston* Stockgrowers Bank
Lusk* Lusk State Bank
Mountain View: Uinta County State Bank
Newcastle* First State Bank
Saratoga: Saratoga State Bank
Sundance* Sundance State Bank
Wheatland:
State Bank of Wheatland
Stock Growers Bank
Worland • Farmers State Bank
284
156
100
247
148
296
78
53
18
106
62
68
461
410
127
481
262
516
50
25
25
38
38
43
35
25
15
15
17
2
332
175
547
161
128
112
623
460
740
40
40
25
60
30
50
DISTRICT NO. 11—Total
18,670
15,673
53,049
4,041
1,699
ARIZONA!
2,457
3,383
8,549
250
375
2,457
3,383
8,549
250
375
3,511
2,374
10,552
759
219
228
3,283
399
1,975
935
9,617
59
700
19
200
557
122
1,241
125
43
175
313
69
9
87
26
430
702
109
50
50
25
10
25
8
86
87
301
25
8
86
87
304
25
8
12,059
9,707
32,403
2,882
1,054
223
446
73
65
353
459
121
136
270
389
173
331
76
194
286
194
85
103
157
247
630
96
1,846
29
92
879
1,046
74
68
114
399
71
42
97
43
69
151
31
4
2
52
30
41
199
339
970
63
1,754
14
11
1,543
2,418
316
296
788
1,559
233
246
465
575
278
575
151
326
305
316
144
146
447
1,100
1,960
204
4,837
47
114
65
200
50
60
50
100
25
50
50
50
25
150
25
50
50
50
40
45
50
64
70
50
300
25
25
50
50
13
WYOMING
Tucson: Southern Arizona B a n k & T r u s t Co
LOUISIANA i
M^inden* M i n d e n B a n k & T r u s t Co
Shreveport: Continental-American Bank & T r u s t Co
NEW MEXICO i
Carlsbad" American Bank of Carlsbad
Deming" Mimbres Valley B a n k
. .
Logan • M^cFarland Bros Bank
..
...
OKLAHOMA i
Atoka • Atoka State Bank
TEXAS
B a y C i t y B a y City Bank & T r u s t Co
B e a u m o n t : Security State B a n k & T r u s t Co
Beeville- State Bank & T r u s t Co
Bremond • First State Bank
Brownfield'Brownfield State Bank
B r y a n : First State B a n k & T r u s t Co
Celina" First State B a n k
Clarendon' F a r m e r s State B a n k
Clifton* F a r m e r s State B a n k
D a l h a r t ' Citizens State Bank
De K a l b : State Bank of D e Kalb
Del Rio- Del Rio Bank & T r u s t Co
Dodsonville • First State Bank
E a s t Bernard: Union State Bank
Eden- E d e n State Bank
Ferris: F a r m e r s & Merchants State Bank
F o r n e y Forney State Bank
Franklin* First State Bank
.
Gatesville* G u a r a n t y B a n k & T r u s t Co
Gonzales* Gonzales State Bank
Goose Creek: Citizens State Bank & T r u s t Co
H a m i l t o n ' H a m i l t o n B a n k & T r u s t Co
Houston* Citizens State Bank
Iola: Iola State B a n k
Kirkland: First State Bank
1
Digitized for Exclusive
FRASERof part of State located in another district.
100
5
3
25
25
8
15
13
20
25
5
5
18
15
80
21
75
4
9
258
ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 11—Continued
TEXAS—continued
Kosse: First State Bank
Ladonia: Farmers & Merchants State Bank
Llano: Moore State Bank
Loraine: First State Bank
Madisonville: Farmers State Bank
Matador: First State Bank
Mathis: First State Bank
Maypearl: First State Bank
McAllen: City State Bank & Trust Co
Mount Pleasant: Guaranty Bond State Bank
Pearsall: Security State Bank
Rails: Security State Bank & Trust Co
Richardson: Citizens State Bank
Roscoe: Roscoe State Bank
Rusk: Farmers & Merchants State Bank & Trust Co..
Shamrock: Farmers & Merchants State Bank
Shiro: Farmers State Bank
Silsbee: Silsbee State Bank
Sinton: Commercial State Bank
Spearman: First State Bank
Thorndale: Thorndale State Bank
'
Tomball: Guaranty Bond State Bank
Turkey: Farmers & Merchants State Bank
Wellington: Wellington State Bank
Wharton:
Security Bank & Trust Co
Wharton Bank & Trust Co
DISTRICT NO. 12—Total
ARIZONA i
32
141
284
32
79
400
104
67
569
224
223
446
139
149
86
214
59
171
160
180
80
203
100
271
13
68
87
33
58
20
62
24
471
50
66
12
12
74
125
227
8
292
200
129
65
228
7
12
144
329
472
306,801
428
Carmel: Bank of Carmel
Fairfield: Solano County Bank
Long Beach: Farmers & Merchants Bank
Los Angeles:
California Bank..
Union Bank & Trust Co
Newman: Bank of Newman
Oakland: Bank of Commerce
Pasadena:
Citizens Commercial Trust & Savings Bank
First Trust & Savings Bank
Salinas: Monterey County Trust & Savings Bank
San Francisco:
American Trust Co
Wells Fargo Bank & Union Trust Co
San Rafael: Bank of San Rafael
Santa Paula: Citizens State Bank
30
25
50
60
25
38
40
29
100
65
25
50
35
30
65
50
25
40
50
25
30
30
25
50
797
1,277
71
100
23
100
790,498
44,155
17,166
252
25
6
252
25
6
13,963
1
9
32
38
20
4
20
5
20
2
15
2
15
10
25
25
13
17
25
5
25
325,087
94
Buckeye: Buckeye Valley Bank
CALIFORNIA
262
810
141
244
622
247
86
1,502
560
347
836
156
591
321
520
71
740
1,019
386
228
608
220
343
277,874
267,309
673,961
36,246
896
205
7,971
185
474
2,200
38,253
18,967
719
305
38,085
11,874
701
327
1,288
711
15,564
102,077
40,259
1,588
1,025
50
75
1,000
6,000
2,500
150
326
1,500
1,500
80
65
1,157
5,975
6,937
3,747
5,763
1,187
6,084
15,062
9,038
300
1,000
645
210
550
386
127,664
65,624
2,536
665
89,929
111,892
883
62
264,093
213,069
3,333
770
15,000
9,000
100
100
4,000
5,000
260
60
10,742
31
250
13,482
33,797
1,461
611
103
130
8,404
88
194
194
169
62
192
1,206
172
10,796
108
341
234
379
36
143
1,187
261
521
26,938
214
709
512
603
172
614
3,253
25
35
1,111
25
50
40
25
25
25
100
389
9
11
15
25
11
13
125
1,015
1,258
3,502
239
65
255
121
269
213
157
405
179
282
281
111
1,069
477
926
733
297
50
39
50
35
65
21,087
17,536
50,962
4,143
""20
25
5
1,421
Brigham City: State Security Bank
459
Cedar City: Bank of Southern Utah
525
1
Exclusive
of
part
of
State
located
in
another
district.
for FRASER
406
170
1,108
708
100
92
30
60
IDAHO
Aberdeen: Bank of Aberdeen
Arco: Butte County Bank
Boise: First Security Bank
Hazelton: Hazelton State Bank
Kellogg: First State Bank
M a l a d C i t y : J . N . Ireland & Co., Bankers
Orofino: Bank of Orofino
Richfield: First State Bank
Soda Springs: Largilliere Co., Bankers
Twin Falls: Twin Falls Bank & Trust Co
OREGON
Albany: Bank of Albany
Beaverton: First Security Bank
Dallas: Dallas City Bank
Myrtle Point: Security Bank
Oakland: E . G . Young & Co. Bank.
UTAH
Digitized
15
259
FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplui
DISTRICT NO. 12—Continued
UTAH—continued
Ephraim: Bank of Ephraim
Gunnison: Gunnison Valley Bank
Helper: Helper State Bank
Kaysville: Barnes Banking Co
Logan: Cache Valley Banking Co
Ogden: Commercial Security Bank
Price: CarbonEmery Bank
Provo: Farmers & Merchants Bank
Salina: First State Bank
Salt Lake City:
Tracy Loan & Trust Co
Utah Savings & Trust Co
Walker Bank & Trust Co
Spanish Fork:
Bank of Spanish Fork
Commercial Bank
Springville: Springville Banking Co
Vernal:
Bank of Vernal
Uintah State Bank
WASHINGTON
Almira: Almira State Bank
Cashmere: Cashmere Valley Bank
Chehalis: Coffman-Dobson Bank & Trust Co
Coulee City: Security State Bank
Kelso: Cowlitz Valley Bank
Lacrosse: First State Bank
Pomeroy: Pomeroy State Bank
Pullman: Pullman State Bank
Puyallup: Citizens State Bank
Ritzville: Ritzville State Bank
Rockford: Farmers & Merchants Bank
Seattle: Seattle Trust & Savings Bank
Selah: Selah State Bank
South Bend: Pacific State Bank
Spokane: Washington Trust Co
Toppenish: Traders Bank
Uniontown: Farmers State Bank
Wenatchee: Columbia Valley Bank
Wilbur: State Bank of Wilbur
Yakima: Yakima Valley Bank & Trust Co
393
194
376
370
907
3,130
674
714
1,145
42
18
280
65
425
1,226
464
364
10
442
283
959
426
1,647
6,275
1,633
1,236
1,241
74
50
50
50
145
545
100
123
25
75
65
33
25
50
31
150
1,080
848
7,940
685
1,532
11,442
1,298
2,764
27,551
250
300
1,900
200
150
350
331
583
718
60
21
179
550
828
1,009
50
74
75
15
21
75
234
466
32
115
90
50
14,275
7,128
275
729
28,024
2,041
5
50
1,101
170
391
986
69
248
274
296
581
427
128
201
4,504
225
189
3,991
191
111
125
288
101
194
989
35
429
40
28
209
302
327
18
2,208
156
327
1,273
217
25
78
70
102
318
652
2,640
161
846
367
1,103
1,104
905
521
187
7,552
412
751
7,724
646
122
'"'488'
1,525
50
50
284
25
58
30
50
50
87
25
25
550
30
50
200
53
25
100
50
249
36
11
25
20
45
150
25
14
20
6
200
6
20
500
12
26
15
260
ANNUAL REPORT OF BOARD OF GOVERNORS
NUMBER OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK, 1
DECEMBER 31, 1937
Number of banks with a capital stock of—
States
Is
New England:
Maine
New Hampshire..
Massachusetts...
Rhode Island....
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
124
54
78
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
78
14
74
118
26
West North Central:
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Pacific:
Washington.
Oregon
California
Total.
1,081
113
184
99
1
Includes capital notes and debentures and par value of preferred and common stock. For the purposes
of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation.
261
FEDERAL RESERVE SYSTEM
CAPITAL STOCK OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF CAPITAL
STOCK, 1 DECEMBER 31, 1937
[In thousands of dollars]
Aggregate capital stock of banks with a capital stock of—
States
New England:
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
2,739
150
26,048
5,000
4,459
778
407,308
42,553
65,335
50
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
66,441
4,469
22,456
23,614
7,478
250
50
275
525
West North Central:
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
4,070
34,290
899
435
1,140
125
175
175
325
100
175
South Atlantic:
Delaware
Maryland.
District
of Columbia
Virginia
West Virginia
North C a r o l i n a . . . .
South C a r o l i n a . . . .
Georgia
Florida
7,900
6,099
5,693
6,125
400
6,087
580
50
75
25
25
125
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
5,955
2,075
2,982
85
25
50
175
50
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
1,182
3,709
225
2,882
75
275
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico..
Arizona
Utah
2,428
1,461
324
1,225
155
275
4,143
250
125
75
100
25
25
25
Pacific:
Washington.
Oregon
California
2,041
239
36,246
100
Total
g
§5
°O
1,350
5,228
100
"300
15,520
5,000
4,059
41,252 343,419
21,898
7,500
21,588 27,096
144
1,700
900
300
2,180
945
2,319
6,818 10,979
4,315 6,895
8,078 5,620
248
40
65
642
110
427
550
160
50
900
285
900 1,390
150
284
600
100
900
800
400
1,370
147
1,063
1,949
412
3,018
1,522
3,472
2,539
1,090
3,496
3,544
2,047
9,292
2,400
6,000
6,175
2,985
147
110
115
100
235
30
50
350
250
100
100
500
900
100
100
300
370
395
905
5,255
600
3,045
1,000
2,000
260
200
315
675
1,298
500
5,500
7,811
1,100
1,200
7,900
3,050
2,800
5,170
2,275
2,000
1,800
625
2,990
1,000
2,307
90
6,798
9,401
836,081
611
300
350
100
100
470
155
75
100
100
35
450
200
50
138
230
30
100
387
140
75
199
"30
100
50
50
750
50
50
50
100
100
300
200
200
100
300
100
300
150
200
150
180
500
200
772
300
790
400
120
205
150
750
520
100
300
500
100
75
5,0
672
700
5,000
45,588
6,000
5,150
22,000
2,150
'500
124
764
600
350
500
1,111
100
250
250
405
300
100
50
198
65
75
268
100
200
150
1,900
733
550
626
645
4,500
30,000
3,925 3,137 7,100 5,755 11,300 13,816 53,642 54,945 190,708 491,753
1
Includes capital notes and debentures and par value of preferred and common stock. For the purpos
)f membership, the law provides that "capital" and "capital stock" shall include capital notes and debe:
;ures purchased by the Reconstruction Finance Corporation.
262
ANNUAL REPORT OF BOARD OF GOVERNORS
DEPOSITS OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK, 1
DECEMBER 31, 1937
[In thousands of dollars]
Total deposits of banks with a capital stock of—
New England:
Maine
New Hampshire
Massachusetts...
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
s°
8
Total
IS
31,074
1,411
7,463,530
565,766
1,157,770
9,631
471
'327
3,038 7,315
449 1,368
397
3,421 1,144 13,57:
7,305 9,331 11,696
1,318 2,358
WestNorthCentral
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
8,211
88,162
537,817
8,929
4,941
17,447
1,661
2,350
2,317
3,838
1,020
1,600
3^752
5,170 8,704 19,372 27,651
997 1,469 15,716
1,727
3,231 14,206 15,046 63,465
16,408 15,957 30,253 34,650
3,493 4,106 4,957 11,437
8,925
12,518
254,420
133,879
58,097
69,088
79^526
48,744
25,791
4,813 63,065 29,498
1,630
713
10,813
101,390
81,559
64,862
141,995
8,802
53,698
10,454
1,139
800
448
495
931
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
54,700
35,326
34.480
1,274
282
1,036
1,856
727
West South
Central:
Arkansas
Louisiana
Oklahoma
Texas
19,445
48,632
4,047
968
32,403 2,353 3,648
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
2,438
476
39,577 3,
709
33,797 1,864 1,033
461
4,080 1,277 2,342
2,362 1,081
28,173 1,149
318 1,132
1,559
109
8,801
252
2^947 3^262
50,962 1,241
Total
76,545
2,494
726 1,051 2,279
1,292 6,728 1,050 8^872
1,410 3,503 1,642 12,256
492
716 1,311
1,023
2.
418 1,313
2,471
7,6
105,851
117,542
28,024
3,502
673,961
5,514
991 3,452 5,594 23,632 26,225 88,767 185,207
1,104
12,851 11,488 67,752 90,002
607
916 1^550 3,876 21,17 104,953 50,822
841,858
58,544
738,794
408,124
96,805
Pacific:
Washington.
Oregon
California...
5 r-iT
1,411
336,479
133,879
63,449
EastNorth Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia....
North Carolina..
South Carolina..
Georgia
Florida
IS
82
12,170 26,672
2,739
555,670
239,175
516,562
,,573,521
143,394
456,980
105,056
36,421
335,168
592,808
210,009
138,738
43^345
20,148
22,896
396,417
2,189
11,697
5,545j
94,154
96,588
101,390
991
458
,'988 1,868
,108 2,375
689
J20
1,536
313
3,446
2,065
3,232 2,687
1,256
2,273 " i i 685
1,067 3,450
9,389 13,969
8,071 9,981
8,396
5,515
5,342 19,382
5,438
44,302
39,462
126,543
3,400
8,861 22,888
4,204 10,126
17,1
19,960
25,487
912 1,119 3,613
547
914
961
935
316
',516
1,461
M93
1,292
1,726
5,068
575
8,804
3,253
784 10,636 13,359
1,289
'5J59 17,133
711
32,445
7,'255
26,938
2,741
2,883
4,103
1,588
779 4,416 2,397
29;
1,210 1,995
l,:
14,552
9,617
'2^763
4,338
21,652
8,549
4,062
11,8
6^275
27,551
7,552
9^038
70,885
579,239
14,351,886 50,232 40,066 93,83568,387 170,135 171,675 707,499 886,779 3,072,172 9,091,106
1
Includes capital notes and debentures and par value of preferred and common stock. For the purposes
of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation.
263
FEDERAL RESERVE SYSTEM
NUMBER OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS,
DECEMBER 31, 1937
Number of banks with total deposits of—
States
Total
§8
©i-i
New England:
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
124
54
78
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
78
14
74
118
26
22
2
5
West North Central:
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma..
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Pacific:
Washington.
Oregon
California
Total.
1
2
2 1
3
1,081
73
179
127
178
Trust company member with no deposits (has no banking department).
State bank member with no deposits (in process of absorption by another bank).
187
196
48
264
ANNUAL REPORT OF BOARD OF GOVERNORS
TOTAL DEPOSITS OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF TOTAL
DEPOSITS, DECEMBER 31, 1937
[In thousands of dollars]
Aggregate deposits of banks with total deposits of—
States
1!
§8
s.s
NewEngland:
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut
31,074
1,411
336,479
133,879
63,449
Middle Atlantic:
New York
New Jersey
Pennsylvania...
7,463,530
565,766
1,157,770
683 3,015 5,389 5,144
447
657 1,741
1,708 3,648 4,995
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
841,858
58,54'
738,794
408,124
96,805
West North Central:
Minnesota..
Iowa
Missouri
South Dakota
Nebraska
Kansas
8,21
88,162
537,81
8,929
4,94
17,44'
South Atlantic:
Delaware
Maryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
105,85
117,542
101,390
81,559
64,862
141,991
8,80:
53,69!
10,45'
1,967
1,411
618
1,600
7,664
21,443
28^857
223,3i4
22,967
58,097
3^752
25,570 90,337
15,014 59,324
20,404 60,322
393,899 6,939,493
272,338
216,245
300,029
766,664
625 3,879 7,762 5,064
997
397
828
977 3,534 5^510 7,503
1,067 .0,555 .i,8o: .3,839
1,871
1,372
1,885
20,921
6,045
16,
29,075
9,003
166,374
41,52:
141,484
155,252
64,373
221 1,801 2,859
530 2,322 2,542
2,842 3,751
1,403 2,484 2,012
599 2,206 1,113
1,993 1,197
1,051 2,279
),855 14,828
10,799 48,072
2,941
1,023
6,462 6,334
789
777
3,051
713
2'l28 1,249 3,299
1,270 1,186 3,458
448
49i
638 2,509 1,082 1,685
499
8^767
4,409
4,448
2,792
4,269
1,067
44,425
8,752
39,546
47,791
18,301
57,296
70,123
27,278
111,668
51,013
1 i', 962 54,154
39,462
14,882
7,180
2,
5,515
37,169
6^346
5,438
3,450
2,587
2,110
ast South Central:
Kentucky
Tennessee
Alabama
Mississippi
54,70C
35,32€
34.48C
1,27
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
19,44!
48,631
4,04'
32,402
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
39,57'
33,79'
4,081
28,17;
1,55
8,80
50,96!
2,114
261
2,074
746
748
252
1,426
4,51'
2,95'
1,87
1,78;
9,17:
2,764
33^82
Pacific:
Washington
Oregon
California
28,02'
3,50!
673,96
1,58;
77'
1,81 2,50:
733
921
71
77i
3,732
1,069
3,901
2,-641
15,27
86,00'
Total.
14,351,881
83,690
110,912
641
282
393
1,779
72'
1,284
2,474 4,408 4,79
13,6
4,332 16,936
1,655 2,549
4,349
33,150
30,086
25,48'
1,738
93£
1,726
14,55:
42,06:
3,23:
9,96C
643
564 1.60C
54
5,
2,763
7,255
11,063
3,253
78'
4,73:
523,553
138,738
396,417
75,986
50^377
126,543
20,254
26,93f
22^29:
"702
66,81 77,89 71,04:
592,808
579,239
253,259 582,23: 2,685,871 10,600,665
265
FEDERAL RESERVE SYSTEM
FIDUCIARY POWERS GRANTED TO NATIONAL BANKS
Under section 11 (k) of the Federal Reserve Act as amended, the
Board of Governors of the Federal Reserve System has authorized
the national banks listed below to exercise one or more fiduciary powers
as follows:
(1) Trustee.
(2) Executor.
(3) Administrator.
(4) Registrar of stocks and bonds.
(5) Guardian of estates.
(6) Assignee.
(7) Receiver.
(8) Committee of estates of lunatics.
(9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with
national banks are permitted to act under the laws of the State
in which the national bank is located.
The numerals opposite the name of each bank, which refer to the
list given above, indicate the power or powers it is authorized to
exercise.
Powers
granted
Powers
granted
DISTRICT NO. 1—Continued
DISTRICT NO. 1
CONNECTICUT
MAINE
(See also District No. 2)
Augusta: FirstNational Granite Bank..
Bangor: Merchants National Bank
Bar Harbor: First National Bank
Bath:
Bath National Bank
First National Bank
Belfast: FirstNational Bank
Biddeford: First National Bank
Camden: Camden National Bank
Damariscotta: First National Bank....
Ansonia: Ansonia National Bank
Canaan: Canaan National Bank
Danielson: Windham County National Bank.
Derby: Birmingham National Bank....
Hartford:
Capitol National Bank & Trust
Co.
First National Bank
Hartford National Bank & Trust
Co.
Meriden; Home National Bank
Middletown:
Central National Bank
Middletown National Bank
Mystic: Mystic River National Bank...
Naugatuck: Naugatuck N a t i o n a l
Bank.
New Britain: New Britain National
Bank.
New Haven:
First National Bank & Trust Co....
New Haven Bank, N . B . A
Second National Bank
Tradesmens National Bank
New London:
National Bank of Commerce
National Whaling Bank
New London City National Bank..
NewMilford: First National Bank
Norwich: Uncas-Merchants National
Bank.
Putnam: Citizens National Bank
Torrington: Torrington National Bank
& Trust Co.
Wallingford: First National Bank
Waterbury:
Citizens and Manufacturers National Bank.
Waterbury National Bank
Willimantic: Windham National Bank.
Winsted: Hurlbut National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ellsworth: Liberty National Bank in
Ellsworth.
Farmington:
FirstNational Bank
1 to 9.
Peoples National Bank
1 to 9.
Houlton: FirstNational Bank
1 to 9.
Lewiston:
1 to 9.
FirstNational Bank
Manufacturers National Bank
Ito9.
Norway: Norway National Bank
Pittsfield: First National Bank
Portland:
1 to 9.
CanalNational Bank
1 to 9.
First National Bank at Portland...
1 to 9.
National Bank of Commerce
1 to 9.
Portland National Bank
Presque Isle: NorthernNationalBank..
1 to 9.
Rockland: First National Bank
1 to 9.
Rumford: Rumford National Bank
1, 2, 3, 5, 7, Saco: York National Bank
and 8.
Skowhegan: First National Bank
1 to 9.
Springvale: Springvale National Bank .
Ito8.
Thomaston:ThomastonNationalBank.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 8.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1, 2, 3, 5,
and 6.
1 to 9.
1 to 9.
1 to 3, and 5.
1 to 5, and 9.
1 to 9.
1 to 5, and 9.
1, 2, and 3.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
L to 9.
I, 2 and 3.
L to 9.
I t o 9.
L to 9.
I to 9.
L to 9.
L t o 3. 5. 8.
and 9.
Waldoboro: Medomak National Bank.. 1 to 3, 5 to 7,
and 9.
Waterville: FirstNational Bank
1 to 9.
MASSACHUSETTS
Abington: Abington National Bank
Adams:
First National Bank
Gray lock National Bank
1.
Ito8.
L to 7 a n d 9,
266
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
DISTRICT NO. 1—Continued
DISTRICT NO. 1—Continued
MASSACHUSETTS—continued
Amherst: FirstNationalBank
Andover: Andover National Bank
Athol: FirstNationalBank
Attleboro: FirstNationalBank
Beverly: Beverly National Bank
Boston:
First National Bank
Merchants National Bank
National Rockland Bank
National Shawmut Bank
Second National Bank
Webster & Atlas National Bank....
Brockton:
Brockton National Bank
Home National Bank
Concord: Concord National Bank
Edgartown: Edgartown National Bank.
Everett:
Everett National Bank
Middlesex County National Bank..
Fall River: Fall River National Bank...
Falmouth: Falmouth National Bank...
Fitchburg: Safety Fund National Bank.
Foxbqro: Foxboro National Bank
Framingham: Framingham National
Bank.
Gardner: FirstNationalBank
Gloucester:
Cape Ann National Bank
Gloucester National Bank
Great Barrington: National Mahaiwe
Bank.
Greenfield: First National Bank &
Trust Co.
Haver hill:
Haverhill National Bank
Merrimack National Bank
Holyoke: Holyoke National Bank
Hudson: Hudson National Bank
Hyannis: Barnstable County National
Bank.
Ipswich: First National Bank
Lawrence: Bay State Merchants NationalBank.
Leominster: Merchants National Bank.
Lowell:
Apple ton National Bank
Union Old Lowell National Bank...
Lynn:
Central National Bank
Manufacturers National Bank
National City Bank
Maiden:
First National Bank
Marblehead: National Grand Bank
Marlboro:
FirstNationalBank
Peoples National Bank
Medford: First National Bank in Medford.
Methuen: Methuen National Bank
Mil ford:
Home National Bank
MilfordNationalBank & Trust Co.|.
Nantucket: Pacific National Bank
Needham: Needham National Bank....
New Bedford:
First National Bank
Merchants National Bank
Safe Deposit National Bank
Newburyport:
First and OceanNational Bank
Merchants National Bank
Newton: Newton National Bank
North Adams: North Adams National
Bank.
North Attleboro: Manufacturers National Bank.
Northampton:
First National Bank
Northampton National Bank &
Trust Co.
MASSACHUSFTTS-continued
1 to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
1 to 9.
1 to 9.
1
1
1
1
to 9.
to 9.
to 9.
to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to*9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 5 and 7.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1,2, 3 and 5.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
to 9.
to 9.
to
to
to
to
9.
8.
9.
9.
1 to 9.
1 to 9.
1 to 9.
Orange: Orange National Bank
Palmer: Palmer National Bank
Peabody: Warren National Bank
Pittsfield:
Agricultural National Bank
Pittsfield-Third National Bank &
Trust Co.
Plymouth: Plymouth National Bank..
Provincetown: FirstNationalBank
Rockport: Rockport National Bank
Salem: Merchants National Bank
Shelburne Falls: Shelburne Falls National Bank.
Somerville: SomervilleNationalBank..
Southbridge: Southbridge National
Bank.
Springfield:
Springfield National Bank
Third National Bank & Trust Co...
Tisbury: Martha's Vineyard National
Bank.
Townsend: Townsend National Bank'..
Uxbridge: BlackstoneNational Bank..,
Waltham: Waltham National Bank....
Wareham: NationalBank ofWareham.
Watertown: Union Market National
Bank.
Webster: FirstNationalBank
Wellesley: Wellesley National Bank
Westfield:
FirstNationalBank
Hampden National Bank & Trust
Co.
Williamstow n: Williamstown National
Bank.
Winchendon: FirstNationalBank
Winchester: Winchester NationalBank
Woburn: WoburnNationalBank
Worcester: MechanicsNationalBank..
Yarmouth: First National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 5.
1 to 9.
1 to 4.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
to 9.
to 8.
to 3.
to 4.
to 7 and 9.
to 9.
to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 6, 7,
and 9.
1 to 9.
1 to 9.
NEW HAMPSHIRE
Berlin: Berlin City National Bank
Charlestown: Connecticut River NationalBank.
Claremont:
Claremont National Bank
Peoples National Bank
Concord:
First National Bank
Mechanicks National Bank
National StateCapitalBank
Dover:
Merchants National Bank
Straff ord National Bank
Exeter: Rockingham National Bank...
Franklin: Franklin National Bank
Hanover: Dartmouth National Bank.,
Keene:
Ashuelot-Citizens National Bank
Keene National Bank
Laconia:
Laconia National Bank
Peoples National Bank
,
Lancaster: Lancaster National Bank..
Lebanon: NationalBank of Lebanon..
Manchester:
Amoskeag National Bank
Manchester National Bank
Merchants National Bank
Milford: Souhegan National Bank
Nashua:
IndianHeadNationalBank
SecondNationalBank
1.
1 and 4.
1, 2, 4, 6, 7,
and 9.
1.
1 to 9.
1, 2, 4, 6, 7,
and 9.
1, 2, and 4.
1 to 3.
1 to 4.
1, 2, and 4.
1, 2, and 9.
1,2,4, and 9.
1 and 4.
1 to 4.
1, 2, and 4.
1 and 4.
I,2,4,and9.
1, 2, 4, 6, 7,
and 9.
1, 2, and 4.
1.
1, 4, and 9.
1 and 4.
1 to 4, 6, 7,
and 9.
1,2, and 4.
267
FEDERAL RESERVE SYSTEM
Powers
granted
Powers
granted
DISTRICT NO. 2—Continued
DISTRICT NO. 1—Continued
NEW HAMPSHIRE—continued
Newport: CitizensNationalBank
Peterboro: FirstNationalBank
Plymouth:
Pemigewasset National
Bank.
Portsmouth:
First National Bank
CONNECTICUT—continued
1, 2, 4, 6, 7,
and 9.
1, 4, and 9.
1 and 4.
1, 2, 4, 6, 7,
and 9.
1 and 9.
1 and 2.
1, 2, 4, 6, 7,
and 9.
Wolfeboro: WolfeboroNationalBank... 1 and 4.
Stamford: First Stamford
Bank &TrustCo.
National
NEW JERSEY
(See also District No. 3)
Allendale: First National Bank
Allenhurst: Allenhurst National Bank
& Trust Co.
Allentown: Farmers National Bank
Asbury Park: Asbury Park National
Bank & Trust Co.
Atlantic Highlands: Atlantic HighRHODE ISLAND
lands National Bank.
Bayonne: Broadway National Bank....
Newport:
Belleville: Peoples National Bank &
Aquidneck National Bank
TrustCo.
1 to 9.
Newport National Bank
Bergenfield: Bergenfield National Bank
1 to 9.
Providence:
& Trust Co.
Blackstone Canal National Bank... 1 to 9.
Bernardsville: Bernardsville National
National Bank of Commerce & Ito9.
Bank.
TrustCo.
Boonton: Boonton National Bank
Providence National Bank
Boundbrook: First National Bank
1 to 9.
Butler: First National Bank
VERMONT
Caldwell:
Caldwell National Bank
Barre: Peoples National Bank
Citizens National Bank & Trust
1 to 9.
Bennington:
Co.
County National Bank
Cliff side Park: United National Bank...
1 to 9.
First National Bank
1 to 9.
Clifton:
Brandon: FirstNationalBank
CliftonNationalBank
1 to 4.
Brattleboro: Vermont PeoplesNational 1 to 9.
FirstNationalBank
Bank.
Closter: Closter National Bank & Trust
Burlington: Howard National Bank & 1 to 8.
Co.
TrustCo.
Cranbury: FirstNationalBank
Chester: National Bank of Chester
I,2,3,and5. Dover: National Union Bank
Danville: CaledoniaN ational Bank
Dunellen: First National Bank
1 to 9.
Derby Line: National Bank of Derby 1 to 3, 5, and Elizabeth: National State Bank.
Line.
9.
Englewood: CitizensNationalBank &
Enosburg Falls: Enosburg Falls Na- 1 to 3, 5 to 7.
TrustCo.
tional Bank.
Flemington:
Flemington National
Manchester Center: Factory Point Na- 1 to 9.
Bank & Trust Co.
tional Bank.
Freehold:
Middlebury: National Bank of Mid- 1 to 9.
Central National Bank
dlebury.
First National Bank
Montpelier:
Frenchtown: UnionNationalBank
FirstNationalBank
L to 4.
Hackensack:
Montpelier National Bank
L to 9.
Bergen County National Bank
Newport: National Bank of Newport.... L to 7 and 9.
CityNationalBank & Trust C o . . . .
Northfield: Northfield National Bank... L to 9.
Hackettstown :
Rutland:
HackettstownNationalBank
Clement National Bank
to 3, 5 to 7.
Peoples National Bank
Rutland County National Bank.... L to 9. •
Hamburg: HardystonNational Bank...
St. Albans: Welden National Bank in
I to 9.
Highland Park: First National Bank....
St. Albans.
Hillside: Hillside National Bank
St. Johnsbury:
Irvington:
First National Bank
1 to 6 and 9.
Irvington National Bank
Merchants IN ational Bank
1 to 8.
Peoples National Bank & Trust
Springfield: First N ational Bank
Co.
1 to 5.
Windsor: Windsor County National 1 to 3, 5 to 9. Jersey City:
Bank.
FirstNationalBank
Franklin National Bank
DISTRICT NO. 2
Hudson County National Bank
Kearny: First National Bank & Trust
CONNECTICUT
Co.
Lambertville:
(See also District No. 1)
Amwell National Bank
Bridgeport: First National Bank & 1 to 9.
Lambertville National Bank
TrustCo.
Little Falls: Little Falls National
Danbury:
Bank.
City National Bank & Trust C o . . . . 1 to 9..
Madison: FirstNationalBank
Danbury National Bank
1 to 9.
Manasquan:
Manasquan National
Greenwich: First National Bank in
Bank.
Greenwich
1 to 9.
Millburn: FirstNationalBank
New Canaan: First National Bank & 1 to 9.
Mill town: FirstNationalBank
TrustCo.
Montclair: First National Bank &
Norwalk: National Bank ofNorwalk
1 to 9.
Trust Co.
Ridgefield: First National Bank & 1 to 9.
Morristown:
TrustCo.
First National Bank
SouthNorwalk: CityNationalBank
1 to 9.
1
National Iron Bank
New Hampshire National Bank
Tilton: Citizens National Bank
Wilton: Wilton National Bank
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
Ho 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 7 and 9
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 and 4.
1 to 9.
1 to 9.
1
1
1
1
1
to
to
to
to
to
9.
9.
8.
9.
9.
1 to 9.
1 to 9.
1
1
1
1
to
to
to
to
9.
7 and 9.
9.
9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9
1 to 9.
268
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Newark:
Lincoln National Bank
Mount Prospect National Bank
National Newark & Essex Banking
Co.
National State Bank
Union National Bank in Newark
New Brunswick:
National Bank of New Jersey
Peoples National Bank
Newton: Sussex & Merchants National
Bank.
Nutley:
First National Bank
Orange:
Orange-First National B a n k . . . . . . . .
Second National Bank
Passaic: PassaicNationalBank & Trust
Co.
Paterson:
First National Bank
National Union Bank of America
in Paterson.
Paterson National Bank
Second National Bank
Perth Amboy:
Perth Amboy National Bank
Phillipsburg:
Phillipsburg National Bank &
Trust Co.
Second National Bank
Plainfield:
FirstNational Bank
Plainfield National Bank
Pomp ton Lakes: First National Bank
& Trust Co.
Prospect Park: Prospect Park National
Bank.
Rahway: Rahway National Bank...
Ramsey: FirstNational Bank & Trust
Co.
Red Bank: Second National Bank &
Trust Co.
Ridgewood: Citizens First National
Bank & Trust Co.
Roselle: First National Bank
Rutherford: Rutherford N a t i o n a l
Bank.
Sayreville: First National Bank
Somerville: Second National Bank
South Amboy: First National Bank...
South River: FirstNational Bank
Summit: FirstNational Bank & Trust
Co.
Sussex: Farmers National Bank
Tenafly: Northern Valley National
Bank.
Union City: First National Bank
Washington: First National Bank
Weehawken: Hamilton National Bank
Westfield: National Bank of Westfield.
West Orange: FirstNational Bank....
Westwood: First National Bank
NEW YORK
Albany:
National Commercial Bank &
Trust Co.
Amityville: First National Bank &
Trust Co.
Amsterdam:
Amsterdam City National Bank...
Farmers National Bank
FirstNational Bank
Auburn: TheNational Bank of Auburn
Babylon: Babylon National Bank &
Trust Co.
Baldwin: Baldwin National Bank &
Trust Co.
Baldwinsville: First National Bank &
Trust Co.
Powers
granted
DISTRICT NO. 2—Continued
NEW YORK—continued
Ballston Spa: Ballston Spa National
1 to 9.
Bank.
1 to 9.
Batavia: First National Bank
1 to 9.
Bath: Bath National Bank
Bay Shore: First National Bank &
Trust Co.
1 to 9.
1 to 9.
Beacon:
Fishkill National Bank
1 to 9.
Matteawan National Bank of
1 to 9.
Beacon.
1 to 9.
Binghamton:
City National Bank
FirstNational Bank
1 to 9.
Bridgehampton: Bridgehampton National Bank.
1 to 9.
Bronxville: Gramatan National Bank
1 to 9.
& Trust Co.
1 to 9.
Camden: First National Bank & Trust
Co.
Canandaigua: Canandaigua National
1 to 9.
Bank & Trust Co.
1 to 9.
Canton:
First National Bank
1 to 9.
St. Lawrence County National
1 to 9.
Bank.
Carmel: Putnam County National
1 to 9.
Bank.
Carthage: CarthageNationalExchange
Ito8.
Bank.
Catskill: Catskill National Bank &
1 to 9.
Trust Co.
Cazenovia: Cazenovia National Bank..
1 to 9.
Cedarhurst: PeninsulaNationalBank..
1 to 9.
Central Square: FirstNational Bank...
Central Valley: Central Valley National
1 to 8.
Bank.
Ito9.
Clayton: FirstNationalExchangeBank.
Clyde: Briggs National Bank & Trust
1 to 9.
Co.
1 to 9.
Cohoes: National Bank of Cohoes
Cooperstown:
1 to 9.
First National Bank
Second National Bank
1 to 9.
Corning: First National Bank & Trust
Co.
1 to 9.
Cortland: FirstNational Bank of Cort1 to 9.
land.
Cuba:
1 to 8.
Cuba National Bank
1 to 4.
First National Bank
1 to 9.
Delhi: Delaware National Bank
1 to 9.
Dolgeville: First National Bank
Dover Plains: Dover Plains National
1 to 9.
Bank.
Dunkirk:
1 to 5.
1 to 9.
Lake Shore National Bank
Merchants National Bank
1 to 9.
East Rockaway: East Rockaway Na1 to 9.
tional Bank & Trust Co.
1 to 9.
Edwards: Edwards National Bank
1 to 9.
Ellenville: FirstNationalBank & Trust
1 to 9.
Co.
1 to 9.
Elmira: First National Bank & Trust
Co.
Fairport: Fairport National Bank &
Trust Co.
1 to 8.
Farmingdale: FirstNationalBank
Far Rockaway: National Bank of Far
Rockaway.
1 to 9.
Floral Park: First National Bank &
Trust Co.
1 to 3, 5 to 8 Fort Plain: Fort Plain National Bank.
1 to 9.
Frankfort: Citizens FirstNationalBank
1 to 9.
Fredonia: National Bank of Fredonia.
1 to 9.
Freeport:
1 to 9.
Citizens National Bank
First National Bank & Trust Co...
1 to 9.
Fulton: Citizens National Bank &
Trust Co.
1 to 9.
Geneseo: GeneseeVaJleyNationalBanl
& Trust Co
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 8
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 8.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
269
FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 2—Continued
Powers
granted
DISTRICT NO. 2—Continued
NEW YORK—continued
NEW YORK—continued
Glens Falls:
First National Bank
Glens Falls National Bank & Trust
Co.
Gloversville:
City National Bank & Trust Co
Fulton County National Bank &
TrustCo.
Goshen: National Bank of Orange
County.
Granville: Washington County National Bank.
Groton: First National Bank
Hampton Bays: Hampton Bays National Bank.
Hancock: First National Bank
Haverstraw: National Bank of Haverstraw & Trust Co.
Hemrjstead: Second National Bank &
TrustCo.
Hoosick Falls: Peoples-First National
Bank.
Hudson:
Farmers National Bank
FirstNationalBank & Trust Co....
Hudson Falls:
Peoples National Bank
Sandy Hill National Bank
Huntington: First National Bank &
TrustCo.
Ilion:
Ilion National Bank & Trust Co....
Manufacturers National Bank
Irvington: Irvington National Bank &
TrustCo.
Islip: First National Bank
Ithaca: First National Bank
Jameetown:
National Chautauqua
County Bank.
Kingston:
FirstNationalBank of Rondout....
National Ulster County Bank
Rondout National Bank
State of New York National Bank. .
Liberty: Sullivan County National
Bank.
Little Falls: Little Falls National Bank.
Lockport: Niagara County National
Bank & Trust Co.
Lowville: Black River National Bank...
Ly nbrook:
Lynbrook National Bank & Trust
Co.
PeoplesNationalBank &TrustCo..
Malone: FarmersNationalBank
Massena: FirstNationalBank & Trust
Co.
Mattituck: Mattituck National Bank
& Trust Co.
Merrick: FirstNationalBank
Middletown:
First Merchants National Bank &
Trust Co.
National Bank of Middletown
Mineola: FirstNationalBank
Monticello: National Union Bank of
Monticello.
Morristown: FrontierNationalBank
Mount Kisco: Mount Kisco National
Bank & Trust Co.
MountVernon: FirstNationalBank....
Newburgh:
Highland-QuassaickNationalBank
& Trust Co.
National Bank of Newburgh
NewRochelle: FirstNationalBank
New York •
Chase National Bank of the City of
New York—Continued.
Dunbar National Bank
First National Bank
Grace National Bank
KingsboroNationalBank of Brooklyn in New York.
Lafayette National Bank of Brooklyn in New York.
National City Bank
National Safety Bank & Trust Co.
Peoples National Bank of Brooklyn in New York.
PublicNationalBank &Trust Co..
Sterling National Bank & Trust
Co.
Northport: First National Bank &
TrustCo.
Norwich:
Chenango County National Bank
& Trust Co.
National Bank & Trust Co
Nyack: Nyack National Bank & Trust
Co.
Olean:
Exchange National Bank
First National Bank
Oneida: Oneida Valley National Bank..
Oneonta:
CitizensNationalBank &TrustCo.
Wilbur National Bank
Ossining: FirstNationalBank & Trust
Co.
Oswego: First & Second National Bank
& Trust Co.
Ovid: First National Bank
Owego:
First National Bank
Owego National Bank
Pearl River: First National Bank &
Trust Co.
Peekskill:
Peekskill National Bank & Trust
Co.
West Chester County National
Bank.
Perry: FirstNationalBank
Plattsburg:
MerchantsNationalBank inPlattsburg.
Plattsburg National Bank & Trust
Co
Pleasantville: FirstNationalBank
Port Chester: First National Bank &
TrustCo.
Port Henry: CitizensNationalBank....
Port Jervis:
First National Bank
National Bank & Trust Co. of Port
Jervis.
Port Richmond: StatenlslandNational
Bank & Trust Co.
Port Washington: Port Washington
National Bank & Trust Co.
Potsdam: CitizensNationalBank
Poughkeepsie:
Fallkill National Bank &TrustCo..
Farmers &ManufacturersNational
Bank.
FirstNationalBank
Merchants National Bank & Trust
Co.
Red Hook: First National Bank
Richfield Springs: First National Bank.
Riverhead: Suffolk County National
Bank.
Rockville Center: Nassau County National Bank.
Rome: FarmersNationalBank &Trust
Co.
Roscoe: FirstNationalBank & Trust
CommercialNationalBank & Trust
Co.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 5.
2 and 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1
1
1
1
1
to 9.
to 9.
to 9.
to 9.
to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
I to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 8.
1 to 9.
I to 9.
1 to 9.
1 to 9.
1 to 9.
Co.
1
1
1
1
to 9.
to 9.
to 9.
to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 5, 7 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9
1 to 9.
1 to 9.
1, 2, and 3.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
270
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
DISTRICT NO. 3—Continued
DISTRICT NO. 2—Continued
NEW YORK—continued
Roslyn: RoslynNationalBank & Trust
Co.
Rye: Rye National Bank
St. Johnsville: First National Bank
Saranac Lake: Adirondack National
Bank & Trust Co.
Saratoga Springs: Saratoga National
Bank.
Saugerties:FirstNational Bank & Trust
Co.
Scarsdale: Scarsdale National Bank &
Trust Co.
Schenectady:
Mohawk National Bank
Union National Bank
Sidney: First National Bank in Sidney.
Silver Creek: Silver Creek National
Bank.
Skaneateles: National Bank & Trust
Co.
Southampton: FirstNationalBank
Spring Valley :FirstNationalBank
Springville: Citizens National Bank....
Stamford: NationalBank of Stamford..
Suffern:
Suffern National Bank &
Trust Co.
Syracuse:
LincolnNationalBank &TrustCo..
Merchants National Bank & Trust
Co.
Tarry town: Tarry town National Bank
& Trust Co.
Ticonderoga:
Ticonderoga National
Bank.
Troy:
Manufacturers National Bank
National City Bank
Union National Bank
Tuckahoe: First National Bank &
Trust Co.
Utica: Oneida National Bank & Trust
Co.
Valley Stream: Valley StreamNational
Bank & Trust Co.
Walden: FirstNationalBank & Trust
Co.
Walton: First National Bank & Trust
Co.
Warrensburg: Emerson National Bank.
Warwick: First National Bank
Watertown:
Jefferson County National Bank....
Watertown National Bank
Watervliet: National Bank of Watervliet.
Waverly: Citizens National Bank
Wellsville: Citizens National Bank
Westbury: Wheatley Hills National
Bank.
Westfield: NationalBank ofWestfield. .
Whitehall: Merchants National Bank. .
White Plains: PeoplesNationalBank &
Trust Co.
Yonkers:
CentralNationalBank
YonkersNationalBank &TrustCo.
DISTRICT NO. 3
DELAWARE
Delmar: First National Bank
Dover: FirstNationalBank
Harrington: FirstNationalBank
Laurel: PeoplesNationalBank
Milford: FirstNationalBank & Trust
Co.
Seaford: First National Bank
Smyrna:
Fruit Growers National Bank &
Trust Co.
NationalBank of Smyrna
for FRASER
Digitized
Powers
granted
DELAWARE—continued
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Wilmington:
Central National Bank
Union National Bank
NEW JERSEY
(See also District No. 2)
Absecon: First National Bank
Atlantic City: Boardwalk National
Bank.
Audubon: Audubon National Bank
Barnegat: First N ational Bank
Beach Haven: Beach Haven National
1 to 9.
Bank & Trust Co.
1 to 9.
Beverly: FirstNationalBank & Trust
1 to 9.
1 to 9.
Co.
Blackwood: First National Bank &
Trust Co.
1 to 9.
Bordentown: First National Bank
Bridgeton:
1 to 8.
Bridgeton National Bank
1 to 9.
1 to 9.
Cumberland National Bank
Farmers and Merchants National
1 to 9.
Bank.
1 to 9.
Burlington: MechanicsNationalBank..
Camden:
American National Bank
1 to 9.
First Camden National Bank &
1 to 9.
Trust Co.
Third National Bank & Trust Co...
1 to 3, 5 to 9.
Cape May: Merchants National Bank. .
Collingswood: CitizensNationalBank..
1 to 9.
Elmer: FirstNationalBank.
Glassboro: FirstNationalBank
Haddonfield:
Haddonfield National
1 to 9.
Bank.
1 to 9.
Hightstown: FirstNational Bank
1 to 9.
1 to 9.
Hopewell: Hopewell National Bank
Lakewood: Peoples National Bank in
Lakewood.
1 to 9.
Medford: Burlington County National
Bank.
1 to 9.
Merchantville: MerchantvilleNational
Bank & Trust Co.
1 to 9.
Millville: Millville National Bank
Mount Holly: Union National Bank
1 to 9.
& Trust Co. at Mount Holly.
1 to 9.
Paulsboro: First National Bank &
Trust Co.
1 to 9.
Pemberton: PeoplesNationalBank &
1 to 9.
Trust Co.
1 to 8.
Penn's Grove: Penn's Grove National
Bank & Trust Co.
1 to 9.
Pitman: Pitman National Bank &
Trust Co.
1 to 9.
Point Pleasant Beach: Ocean County
1 to 9.
NationalBank.
1 to 9.
Princeton: FirstNationalBank
Roebling: First N ational Bank & Trust
1 to 9.
Co.
1 to 9.
1 to 9.
Salem:
City National Bank & Trust C o . . . .
Salem N ational Bank & Trust Co..
Swedesboro:
Swedesboro N ational
1 to 9.
Bank.
1 to 9.
Toms River: FirstNational Bank
Trenton:
Broad Street National Bank
First-Mechanics National Bank
Prospect National Bank
Ventnor
City: Ventnor City National
1 to 8.
1 to 9.
Bank.
Vineland:
Vineland National Bank &
1 to 9.
1 to 8.
Trust Co.
Wildwood: MarineNationalBank
1 to 9.
Woodbury: First National Bank &
TrustCo.
1 to 8.
Woodstown:
FirstNationalBank
1 to 9.
WoodstownNationalBank & Trust
1 to 9.
Co.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to
4.
1 to
1 to
1 to
1 to
9.
9.
9.
9.
9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1
1
1
1
to
to
to
to
9.
9.
9.
9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
271
FEDERAL EESEKVE SYSTEM
Powers
granted
DISTRICT NO. 3—Continued
Powers
granted
DISTRICT NO. 3—Continued
PENNSYLVANIA
PENNSYLVANIA—continued
(See also District No. 4)
Hazleton:
First National Bank
Hazleton National Bank
Honesdale: Honesdale National Bank..
Honeybrook: FirstNationalBank
Hummelstown: Hummelstown National Bank.
Huntingdon:
FirstNationalBank
UnionNationalBank & Trust C o . . .
Johnstown:
Moxham National Bank
United States National Bank in
Johnstown.
Kane: First National Bank
Kennett Square: National Bank &
Trust Co.
Kingston: Kingston National Bank
Kutztown: Kutztown National Bank...
Lancaster:
Conestoga National Bank
Fulton National Bank
Lancaster County National Bank. ..
Langhorne: Peoples National Bank &
Trust Co.
Lansdale: FirstNationalBank
Lansdowne: National Bank of Lansdowne.
Lebanon:
First National Bank
Lebanon National Bank
Peoples National Bank
Lehighton:
Citizens National Bank & Trust Co.
FirstNationalBank
Lewisburg:
Lewisburg National Bank
Union National Bank
Le wistown:
Citizens National Bank
Mifflin County National Bank
Russell National Bank
Lititz: Farmers National Bank
Littlestown: LittlestownNationalBank
Lock Haven: First National Bank
Luzerne: Luzerne National Bank
Mahanoy City:
Union National Bank
Malvern-.National Bank of Malvern....
Manheim:
Keystone National Bank
Manheim National Bank
MauchChunk: MauchChunkNational
Bank.
Mechanicsburg: SecondNationalBank.
Media: First National Bank
Millheim: Farmers National Bank &
Trust Co.
Milton: First Milton National Bank....
Montoursville: FirstNationalBank
Montrose: First and Farmers National
Bank & Trust Co.
Mount Carmel:
FirstNationalBank
UnionNationalBank
Mount Joy:
First National Bank & Trust Co ..
Union National Mount Joy Bank...
Mountville: MountvilleNationalBank
Myerstown: Myerstown N a t i o n a l
Bank.
Nanticoke:
First National Bank
Miners National Bank
Nanticoke National Bank
Nazareth: Nazareth National Bank &
Trust Co.
New Holland: Farmers National Bank
& Trust Co.
Newtown: FirstNationalBank & Trust
Allentown:
AllentownNationalBank
Merchants National Bank
Second National Bank
Altoona: First National Bank
Annville: Annville National Bank
Ashland: Ashland National Bank
Ashley: First National Bank
Avoca: FirstNationalBank
Bangor: Merchants National Bank
Bellefonte: FirstNationalBank
Belleville: Kishacoquillas Valley National Bank.
Berwick:
Berwick National Bank
FirstNationalBank
Bethlehem:
Bethlehem National Bank
First National Bank & Trust Co....
Blossburg: Citizens National Bank &
Trust Co.
Boyertown:
Farmers National Bank & Trust
Co.
National Bank of Boyertown
Bradford: Citizens National Bank
Bridgeport: BridgeportNationalBank. .
Bristol: Farmers National Bank of
Bucks County.
Catasauqua:
Lehigh National Bank
National Bank of Catasauqua
Chambersburg:
National Bank of Chambersburg...
Valley National Bank
Chester: Delaware County National
Bank.
Clearfield: County National Bank at
Clearfield.
Coatesville:
National Bank of Chester Valley....
National Bank of Coatesville
Columbia:
Central National Bank
First-Columbia National Bank
Conshohocken: FirstNationalBank. .. .
Dallastown: First National Bank &
Trust Co.
Danville:
Danville National Bank
First National Bank
Doylestown:
Doylestown National
Bank & Trust Co.
DuBois:
Deposit National Bank
Du Bois National Bank
Easton:
Easton National Bank
First National Bank & Trust Co....
East Stroudsburg: Monroe County National Bank.
Ebensburg: First National Bank
Edwardsville: Peoples National Bank...
Elizabethtown: First National Bank
& Trust Co.
Emaus: Emaus National Bank
Ephrata:
Ephrata National Bank
Farmers National Bank
Gettysburg:
First National Bank
Gettysburg National Bank
Greencastle: First National Bank
Harleysville: Harleysville National
Bank.
Harrisb urg: Harrisb urg N a t i o n a l
Bank.
Hatboro: Hatboro National Bank
Hatfield: Hatfield National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1
1
1
1
to 9.
to 9.
to 9.
to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Co.
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
9.
9.
1 to 9
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
272
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
Powers
granted
DISTRICT NO. 3—Continued
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
PENNSYLVANIA—continued
Newville: FirstNationalBank
Norristown:
Montgomery National Bank
Peoples National Bank
Northampton: Cement National Bank
of Siegfried at Northampton.
Northumberland:
Northumberland
National Bank.
Oley: FirstNationalBank
Orwigsburg: First National Bank &
Trust Co.
Oxford: National Bank of Oxford
Palmerton: FirstNationalBank
Pen Argyl: First National Bank
Philadelphia:
Central-Penn National Bank
City National Bank
Corn Exchange National Bank &
Trust Co.
Erie National Bank
FirstNationalBank
Kensington National Bank
Market Street National Bank
National Bank of Germantown &
Trust Co.
North BroadNational Bank
Northeast National Bank
Northwestern National Bank in
Philadelphia.
Philadelphia National Bank
Second National Bank
Tioga National Bank & Trust Co. .
TradesmensNationalBank & Trust
1 to 9.
Philipsburg: First National Bank
Phoenixville: Farmers and MechanicsNational Bank.
Pine Grove: Pine Grove National Bank
& Trust Co.
Pittston:
FirstNationalBank
Liberty National Bank
Plymouth: FirstNationalBank
Port Allegany: FirstNationalBank....
Pottstown:
CitizensNationalBank & Trust Co.
National Bank of Pottstown
National Iron Bank
Pottsville:
Miners' National Bank
Pennsylvania National Bank &
Trust Co.
Red Lion:
Farmers & Merchants National
Bank.
FirstNationalBank & Trust Co....
Ridgway: Ridgway National Bank
Sayre: FirstNationalBank
Schuykill Haven: First National Bank
& Trust Co.
Schwenksville: National Bank & Trust
1 to 9.
1 to 9.
Co.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Co.
Scranton:
FirstNationalBank
Third National Bank & Trust
1 to 9.
1 to 9.
Co.
Shamokin:
Market Street National B a n k . . . —
NationalDimeBank of Shamokin. .
Shenandoah:
Merchants National Bank
Miners National Bank
Shickshinny: FirstNationalBank
Shippensburg:
FirstNationalBank
Peoples National Bank
Smethport: Grange National Bank of
McKeanCounty at Smethport.
Souderton: Union National Bank &
Trust Co.
Spring City: National Bank &TrustCo.
1 to 9.
1 to 9.
State College:
First National Bank
Peoples National Bank
Stroudsburg: First Stroudsburg National Bank.
Sunbury: First National Bank
Swarthmore: Swarthmore National
Bank & Trust Co.
Tamaqua:
First National Bank
Tamaqua National Bank
Top ton: National Bank of Topton
Towanda: CitizensNationalBank
Tyrone: First Blair County National
Bank.
Watsontown: Farmers National Bank..
Way nesboro:
CitizensNationalBank & Trust Co.
FirstNationalBank & Trust Co. in
Way nesboro.
Weatherly: First National Bank
to 9. Wernersville: Wernersville National
Bank & Trust Co.
West Chester:
FirstNationalBank
National Bank of Chester County
& Trust Co.
West Grove: National Bank & Trust Co.
Wilkes-Barre:
Miners National Bank
Second National Bank
Wyoming National Bank
Williamsport:
First National Bank
Williamsport National Bank
Wrightsville: FirstNationalBank
York:
CentralNationalBank &TrustCo. .
Drovers and Mechanics National
Bank.
First National Bank
Industrial National Bank of West
York.
Western National Bank
York County National Bank
York National Bank & Trust Co...
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to
1 to
1 to
1 to
1 to
9.
9.
4.
9.
9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
DISTRICT NO. %
KENTUCKY
(See also District No. 8)
Ashland:
Second National Bank
Third National Bank
Brooksville: Fmst National Bank
Covington: First National Bank &
Trust Co.
Cynthiana:
Farmers National Bank
National Bank of Cynthiana
Georgetown:
FirstNationalBank
Georgetown National Bank
Harlan: HarIan National Bank
Lexington: FirstNationalBank & Trust
Co.
Ludlow: FirstNationalBank
Middlesboro: National Bank of Middlesboro.
1 to 9.
Mount Sterling:
1 to 9.
Montgomery National Bank
1 to 3, 5 to 8.
Mt. Sterling National Bank
Traders National Bank
1 to 9.
Newport:
1 to 9.
AmericanNationalBank
1 to 9.
Newport National Bank
Paintsville:
1 to 9.
1
First N ational Bank
1
Second National Bank
1 to 9.
1 to 5, 7 to 9
1 to 5, 7 to 9
1 to 5 and 8
1 to 9.
1 to 9.
1 to 5, 7 to 9
1 to 9.
1 to 5, 7 to 9
1 to 5, 7 to 9
1 to 9.
1 to 9.
1 to 5, 7 to 9
1 to 8.
1 to 9.
1 to 5, 7 to 9
1 to 5, 7 to 9
1 to 5r 7 to 9
1 to 3, 5 to 8
1 to 8.
273
FEDERAL RESERVE SYSTEM
Powers
granted
Powers
granted
DISTRICT NO. 4—Continued
DISTRICT NO. 4—Continued
OHIO—continued
KENTUCKY-continued
Paris: National Bank & Trust Co
Pikeville:
FirstNationalBank
PikevilleNationalBank & Trust Co.
Richmond: Madison-Southern National Bank & Trust Co.
Salyersville:
Salyersville National
Bank.
Somerset:
Farmers National Bank
First National Bank
Williamsburg: FirstNationalBank
Winchester: Clark County National
Bank.
Toledo: National Bank of Toledo
Troy: First Troy National Bank &
Trust Co.
.1 to 8.
1 to 3, 5 to 9. Warren: Second National Bank
Wilmington: Clinton County National
1 to 9.
Bank & Trust Co.
Wooster: Wayne County National
2 to 8.
Bank.
Youngstown:
Mahoning National Bank
1 to 5, 7 to 9.
Union National Bank
1 to 9.
Zanesville:
1 to 4.
Citizens National Bank in Zanes1 to 5, 7 to 9.
ville.
First National Bank
1 to 9.
OHIO
1 to 9.
Third National Bank & Trust C o . . .
WintersNationalBank &TrustCo..
East Liverpool: FirstNational Bank
Greenville: Second National Bank
Hamilton:
FirstNationalBank & Trust C o . . . .
Second National Bank
Lima: National Bank of Lima
Lorain: National Bank of Lorain
Mansfield:
CitizensNationalBank & Trust Co.
Mansfield Savings Trust National
Bank.
Marietta: CitizensNationalBank
Marion: NationalCity Bank & Trust Co.
Massillon: FirstNationalBank inMassillon.
Mount Vernon: The Knox National
Bank.
Newark: Park National Bank
New Philadelphia: Citizens National
Bank.
Piqua:
CitizensNationalBank &TrustCo.
Piqua National Bank & Trust Co.
Portsmouth: SecurityCentralNational
Bank.
Ravenna: Second National Bank
Sandusky: Third National Exchange
Bank.
Springfield: First National Bank &
Trust Co.
Steubenville:
National Exchange Bank & Trust
Co.
Peoples National Bank
Tiffin:
Commercial National Bank
Tiffin National Bank
1
1
1
1
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1, 4 and 9.
PENNSYLVANIA
Alliance: Alliance FirstNational
Ashtabula:
Farmers National Bank &TrustCo.
National Bank of Ashtabula
Athens:
AthensNationalBank
Bank of Athens, N. B. A
Canton: FirstNationalBank
Cincinnati:
Atlas National Bank
First National Bank
Lincoln National Bank
Second National Bank
Circleville: FirstNational Bank
Cleveland:
Central National Bank
National City Bank
Columbus:
City National Bank & Trust Co
Huntington National Bank
Ohio National Bank
Coshocton: CommercialNationalBank.
Dayton:
Merchants National Bank & Trust
Co.
1 to 7 and 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1
1
1
1
1
to 9.
to 7 and 9.
to 9.
to 7 and 9.
to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1
1
1
1
to 7
to 7
to 7
to 7
and 9.
and 9.
and 9.
and 9.
1 to 9.
to 7 and 9.
to 9.
to 7 and 9.
to 7 and 9.
(See also District No. 3)
Braddock: Braddock National Bank....
Butler: Butler County National Bank
& Trust Co.
Charleroi: National Bank of Charleroi
& Trust Co.
Connellsville: National Bank & Trust
Co. of Connellsville.
East Pittsburgh: FirstNationalBank &
Trust Co.
Erie:
First National Bank
Marine National Bank
National Bank & Trust Co
Franklin: LambertonNational Bank...
Greensburg: First National Bank in
Greensburg.
Greenville:
FirstNational Bank
Greenville National Bank
Grove City:
First National Bank
Grove City National Bank
Knox: Clarion County National Bank..
Leechburg: First National Bank
McKeesport: FirstNationalBank
Meadville:
FirstNational Bank
Merchants National Bank & Trust
1 to 7 and 9.
Co.
1 to 9.
1 to 7 and 9. Meyersdale: CitizensNationalBank....
1 to 7 and 9. Monessen: Peoples National Bank &
Trust Co.
1 to 4 and 9. Monongahela City: First National
Bank.
1 to 7 and 9.
New Bethlehem: FirstNationalBank...
1 to 7 and 9. New Brighton: Union National Bank...
1 to 7 and 9. NewCastle:
4.
CitizensNationalBank
First National Bank of Lawrence
County at New Castle.
1 to 7 and 9.
New Kensington:
FirstNationalBank
1 to 7 and 9.
Logan National Bank & Trust
1 to 7 and 9.
Co.
Oil City:
FirstNational Bank
1 to 9.
Oil City National Bank
1 to 7 and 9.
1 to 7 and 9. Pittsburgh:
Farmers Deposit National Bank
FirstNationalBank at Pittsburgh...
1, 4, and 9.
Forbes National Bank
:
1 to 9.
Mellon National Bank
Union National Bank
1 to 9.
Punxsutawney: Punxsutawney National Bank.
1 to 7 and 9. Rey noldsville: First National Bank
Sharon:
FirstNationalBank in Sharon
1 to 7 and 9.
McDowell National Bank
Merchants and Manufacturers Na1 to 7 and 9.
tional Bank.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1
1
1
1
1
to 9.
to 9.
to 9.
to 9.
to 9.
1 to 9.
1 to 9.
1
1
1
1
1
to 9.
to 9.
to 9.
to 9.
to 9.
1 to 5, 7 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 3, 5 to 8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 8.
1 to 7.
1 to 9.
1 to 9.
4 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 8.
Ito9.
274
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
DISTRICT NO. 4—Continued
DISTRICT NO. 5—Continued
PENNSYLVANIA—continued
Titusville: Second National Bank
Uniontown: Second National Bank
Warren: Warren National Bank
Washington: Citizens National Bank..
Waynesburg:
First National Bank & Trust Co....
Union National Bank..
WEST VIRGINIA
(See also District No. 5)
Elm Grove: First National Bank &
Trust Co.
Sistersville: Union National Bank
Wheeling:
National Bank of West Virginia at
Wheeling.
National Exchange Bank
NORTH CAROLINA-continued
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to
7, and 9.
Graham: NationalBank of Alamance...
Greensboro: Security National Bank..
Lenoir: Union National Bank
Lumberton: National Bank of Lumberton.
Mooresville: FirstNational Bank
1 to 5, 7 to 9. Morganton: FirstNationalBank
1 to 9.
Mount Airy: FirstNational Bank
Reidsville: First National Bank.
Rocky Mount: Planters National Bank
& Trust Co.
Salisbury: FirstNationalBank
Thomasville: FirstNationalBank
1 to 9.
Wadesboro: FirstNational Bank
1 to 9.
SOUTH CAROLINA
1 to 9.
Anderson: Carolina National Bank
Camden: FirstNationalBank
Charleston: South Carolina National
Bank.
Chester: Peoples National Bank
Gaffney: Merchants & Planters National Bank.
Greenville:
First National Bank
Peoples National Bank
Holly Hill: FirstNational Bank
Rock Hill: Peoples National Bank
Spartanburg: Commercial National
Bank.
Sumter: National Bank of South Carolina.
VIRGINIA
Alexandria:
Alexandria National Bank
Citizens National Bank
FirstNational Bank
Appalachia: FirstNationalBank
Bedford: Peoples National Bank
Blackstone: FirstNationalBank
Bristol: Dominion National Bank
Charlottesville:
National Bank & Trust Co. at
Charlottesville.
Peoples National Bank
Christiansburg: FirstNationalBank
Clifton Forge:
FirstNational Bank
Mountain National Bank
Covington:
Citizens National Bank
Covington National Bank
Culpeper: Second National Bank
Danville:
American National Bank & Trust
Co.
First National Bank
Emporia:
Citizens National Bank
FirstNational Bank
Fairfax: NationalBank of Fairfax
Farmville:
First National Bank
Peoples National Bank
Fredericksburg:
Planters National
Bank in Fredericksburg.
Hampton:
Citizens National Bank
Merchants National Bank
Harrisonburg:
First National Bank
National Bank of Harrisonburg
Rockingham National Bank
Leesburg:
Loudoun National Bank
Peoples National Bank
Lexington:
First National Bank
Peoples National Bank
Rockbridge National Bank
1 to 9.
DISTRICT NO. 5
DISTRICT OF COLUMBIA
Washington:
HamiltonNationalBank
liberty National Bank
Lincoln National Bank
NationalBank of Washington
National Metropolitan Bank
Riggs National Bank
Second National Bank
1 to 8.
Ito8.
1 to 8.
1 to 8.
1 to 8.
1 to 8.
1 to 8.
MARYLAND
Baltimore:
BaltimoreNationalBank
FirstNationalBank
WesternNationalBank
Cumberland:
FirstNationalBank
Second National Bank
Denton: Denton National Bank
Easton: Easton National Bank
Frederick: Farmers & Mechanics National Bank.
Hagerstown:
Nicodemus National Bank
Second National Bank
Rising Sun: National Bank of Rising
Sun.
Rockville: Montgomery County NationalBank.
Salisbury: Salisbury NationalBank
Snow Hill: First N ational Bank
Towson: Towson National Bank
Westminster:
Farmers & Mechanics National
Bank.
FirstNationalBank
illiamsport:
Washington County
NationalBank.
Ito9.
Ito9.
1 to 9.
1
1
1
1
1
to
to
to
to
to
9.
9.
9.
9.
9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
NORTH CAROLINA
Asheboro: FirstNationalBank
1 to 9.
Asheville: FirstNationalBank & Trust 1 to 9.
Co. in Asheville.
Burlington: National Bank of Burling- 1 to 9.
ton.
Charlotte:
Charlotte National Bank
1 to 9.
Commercial National Bank
1 to 9.
Union National Bank
1 to 9.
Concord: Concord National Bank
1 to 9.
Durham: DepositorsNationalBank.... 1 to 9.
Elizabeth City: First & Citizens Na- 1 to 9.
tionalBank.
Gastonia: Citizens National Bank in 1 to 9.
Gastonia.
Powers
granted
1
1
1
1
to
to
to
to
9.
9.
9.
9.
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
9.
9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 9
1 to 9.
1 and 4.
1 to 9.
1 to
1 to
1 to
1.
1 to
1 to
1 to
9.
9.
9.
9.
9.
9.
1 to 9
1 to 9.
1-3,5 &8.
1 to 6 and 9
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
275
FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 5—Continued
DISTRICT NO. 5—Continued
VIRGINIA—continued
WEST VIRGINIA—continued
Lovingston: First National Bank of
Nelson County at Lovingston.
Lynchburg:
FirstNationalBank
LynchburgNationalBank & Trust
1 to 9.
Marion: MarionNationalBank
Marshall: Marshall National Bank &
Trust Co.
Martinsville: First National Bank
Marrows: FirstNationalBank
Newport News: First National Bank...
Norfolk:
National Bank of Commerce
Seaboard Citizens National Bank...
Norton: FirstNationalBank
Orange:
Citizens National Bank
National Bank of Orange
Petersburg: Citizens National Bank....
Phoebus: Old Point National Bank
Portsmouth: American National Bank.
Pulaski:
PeoplesNationalBank
Pulaski National Bank
Radford: First andMerchantsNational
Bank.
Richmond:
Central National Bank
First & Merchants National Bank..
Roanoke:
Colonial-AmericanNational Bank..
First National Exchange Bank
Rocky Mount: PeoplesNationalBank.
Salem: Farmers National Bank
Stanley: Farmers & Merchants National Bank.
Staunton:
Augusta National Bank
National Valley Bank
Staunton National Bank
Strasburg:
First National Bank
Suffolk: National Bank of Suffolk
Warrenton: Fauquier National Bank...
Waynesboro: FirstNationalBank
Winchester:
Farmers & Merchants National
Bank & Trust Co.
Shenandoah Valley National Bank.
Wytheville: First National Farmers
Bank.
WEST VIRGINIA
(See also District No. 4)
1 to 9.
1 to 9.
Beckley: Beckley National Exchange
Bank.
Bluefield:
First National Bank
Flat Top N ational Bank
Charleston:
Charleston National Bank
National Bank of Commerce.
Clarksburg:
Empire National Bank
Merchants National Bank of West
Virginia at Clarksburg.
Union National Bank
Grafton: FirstNationalBank
Huntington: First Huntington National Bank.
Logan: National Bank of Logan
Madison: Boone National Bank
Martinsburg: Old National Bank
Montgomery: Montgomery National
Bank.
Moorefield: South Branch Valley National Bank.
Parkersburg: Parkersburg National
Bank.
1 to 9.
Co.
Powers
granted
1 to 9.
Ho 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1.
1 to 4.
1 to 9.
1 to 9.
1 to 3, 5
1 to 9.
St.Marys: FirstNationalBank
Welch: McDowell County National
Bank in Welch.
Williamson:
FirstNationalBank
National Bank of Commerce
1 to 9.
1 to 9.
1 to 9.
1 to 9.
DISTRICT NO. 6
ALABAMA
Albertville: Albertville N a t i o n a l
Bank.
Anniston:
Anniston National Bank
Commercial National Bank
1 to 9.
FirstNationalBank
Birmingham: FirstNationalBank
Cullman: Leeth National Bank
Decatur: Morgan County National
Bank.
Dothan: FirstNationalBank
Fayette: FirstNationalBank
Florence: FirstNationalBank
Fort Payne: First National Bank in
Fort Payne.
Greenville: First National Bank
Mobile:
American National Bank & Trust
1 to 8.
1 to 9.
1 to 4.
1,2,3, and 5.
Co.
1 to 7 and 9.
1 to 5, 7, and
9.
1 to 8.
1 to 9.
1 to 8.
1.
1 to 9.
1 to 9.
FirstNationalBank
Ito9.
Merchants National Bank
1 to 9.
Montgomery:
Alabama National Bank
1 to 9.
FirstNationalBank
1 to 9.
Oneonta: FirstNationalBank
1 to 3, 5 to 9.
Opelika:
Farmers National Bank.
H o 9.
First National Bank
1 to 7.
Opp: First National Bank
1 to 9.
Piedmont: First National Bank
1 to 3.
Selma: City National Bank
1 to 8.
Sylacauga: Merchants & Planters Na- 1 to 9.
tional Bank.
Talladega:
Isbell National Bank
1 to 3. 5 to 7.
and 9.
TalladegaNationalBank
Ito9.
Troy: First Farmers & Merchants Na- 1 to 7 and 9.
tionalBank.
Tuscaloosa:
City National Bank
1 to 8.
1 to 8.
FirstNationalBank
Wetumpka: FirstNationalBank
1 to 9.
FLORIDA
Bradenton: First National Bank
DaytonaBeach: FirstAtlanticNational
Bank.
De Funiak Springs: First National
Bank.
Jacksonville:
Atlantic National Bank
Barnett National Bank
Florida National Bank
Miami:
FirstNationalBank
Florida National Bank & Trust Co:
at Miami.
Miami Beach: Miami Beach First National Bank.
Ocala: Munroe & Chambliss National
Bank.
Orlando: First National Bank at Orlando.
to 9. Palm Beach: First National Bank in
Palm Beach.
Pensacola; Citizens & Peoples National
Bank.
1 to 4.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
276
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
DISTRICT NO. 6—Continued
DISTRICT NO. 6—Continued
FLORIDA—continued
St. Augustine: St. Augustine National
Bank.
Sanford: Sanford Atlantic National
Bank.
Sarasota: Palmer National Bank &
Trust Co.
Tampa:
Exchange National Bank
First National Bank
West Palm Beach: West Palm Beach
Atlantic National Bank.
Winter Haven: Exchange National
Bank.
GEORGIA
Albany: City National Bank
Athens: National Bank of Athens
Atlanta:
First National Bank
Fulton National Bank
Augusta: National Exchange Bank
Barnesyille: First National Bank
Brunswick: National Bank of Brunswick.
Cartersville: First National Bank
Columbus:
First National Bank
Fourth National Bank
Dalton: First National Bank
,
Louisville: First National Bank
Macon: First National Bank & Trust
Co. in Macon.
Moultrie: MoultrieNationalBank
Rome:
First National Bank
National City Bank
Savannah:
Citizens & Southern National
Bank.
LibertyNationalBank &TrustCo..
TENNESSEE
Ito9.
Chattanooga:
Commercial National Bank
Hamilton National Bank
1 to 3, 5 to 7
Clarksville: First National Bank
and 9.
Copperhill: FirstNationalBank of Polk
County at Copperhill.
1 to 9.
Decherd: FirstNational Bank of Frank1 to 8.
lin County at Decherd.
1 to 9.
Gallatin: First & Peoples National
Bank.
1 to 9.
Greeneville: FirstNationalBank
Kingsport: FirstNationalBank
Knoxville:
Hamilton National Bank
1 to 9.
Park National Bank
1 to 4.
Lewisburg: FirstNationalBank
Nashville:
1 to 9.
American National Bank
1 to 9.
Broadway National Bank
1 to 9.
Third National Bank in Nashville..
1 to 8.
Shelbyville: Peoples National Bank....
1 to 9.
SouthPittsburg: FirstNationalBank..
Springfield: First National Bank
1 to 9.
1 to 9.
1
1
1
1
1
to 9.
to 9.
to 5.
to 9.
to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
LOUISIANA
(See also District No. 11)
Baton Rouge:
City National Bank
Louisiana National Bank
Gretna: First National Bank of Jefferson Parish at Gretna.
LaFayette: First National Bank
New Orleans:
Hibernia National Bank in New
Orleans.
NationalBankof Commerce in New
Orleans.
Whitney National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
MISSISSIPPI
(See also District No. 8)
Biloxi: First National Bank
Canton: First National Bank
Hattiesburg: First National Bank
Jackson:
Capital National Bank in Jackson.
Jackson State National Bank
Laurel:
Commercial National Bank &
Trust Co.
First National Bank
McCombCity: First National Bank...
Meridian:
Citizens National Bank
FirstNationalBank inMeridian...
Vicksburg:
First National Bank & Trust Co...
Merchants National Bank & Trust
Co.
Yazoo City: Delta National Bank
(See also District No. 8)
1 too.
I to 4.
1 to 9.
1 to 3, 5 to 8.
1,3 to 9.
1 to 9.
1
1
1
1
1
to 9.
to 7 and 9.
to 9.
to 9.
to 8.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 3, 5 to 9.
Ito9.
2, 3, 5 to 7,
and 9.
Tullahoma: Traders National Bank.... Ito9.
Winchester: Farmers National Bank... 1 to 3, 5 to 9.
DISTRICT NO. 7
ILLINOIS
(See also District No. 8)
Aurora:
MerchantsNationalBank
Old SecondNationalBank
Batavia:
Batavia National Bank
First National Bank
Belvidere: Second National Bank
Bloomington: National Bank of Bloomington.
Blue Island: FirstNationalBank
Charleston: Charleston National Bank
Chicago:
American National Bank & Trust
Co.
City National Bank & Trust Co
Continental Illinois National Bank
& Trust Co.
ContinentalNationalBank & Trust
Co.
First National Bank
FirstNationalBank ofEnglewood..
Lawndale National Bank
Liberty National Bank
Live Stock National Bank
Mutual National Bank
National Builders Bank
Terminal National Bank
Chillicothe: FirstNationalBank...
Cicero: FirstNationalBank
Danville:
FirstNationalBank
Palmer American National Bank...
SecondNationalBank
1 to 9.
Decatur:
Citizens National Bank
1 to 9.
National Bank of Decatur.
1 to 3 and 5. Des Plaines: First National Bank
Dixon: Dixon National Bank.
1 to 9.
Dundee: FirstNationalBank
1 to 9.
Elgin: FirstNationalBank
El Paso: Woodford County National
1 to 9.
Bank.
Ito9.
Evanston: First National Bank &
Trust Co.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1.
Ito9.
Ito9.
1
1
1
1
to 9.
to 8.
to 9.
to 8.
1 to 9.
1, 2, 3, 5
and 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1, 2, 3, 5
and 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
277
FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 7—Continued
DISTRICT NO. 7—Continued
ILLINOIS—continued
Galesburg: First Galesburg National
Bank & Trust Co.
Havana: Havana National Bank
Highland Park: FirstNationalBank.. ..
Kankakee: City National Bank
Knoxville: Farmers National Bank
Lake Forest: FirstNationalBank
La Salle: La Salle National Bank &
Trust Co.
Macomb: Union National Bank
Mattoon: National Bank of Mattoon...
Moline: Moline National Bank
Monticello: National Bank of Monticello.
Ottawa: FirstNationalBank
Paris:
Citizens National Bank
Edgar County National Bank
Pekin: American National Bank
Peoria:
CentralNationalBank &TrustCo. .
Commercial Merchants National
Bank & Trust Co.
First National Bank
Princeton: Citizens FirstNationalBank
Rockford:
Illinois National Bank & Trust Co..
Swedish-American National Bank..
Third National Bank
St.Charles: St.CharlesNationalBank.
Springfield:
First National Bank
Illinois National Bank
Streator: Union National Bank
Sycamore: National Bank & Trust Co..
Waukegan: FirstNationalBank
INDIANA
See also District No. 8)
Albion: Albion National Bank
Attica: CentralNationalBank & Trust
Co.
Auburn: City National Bank
Aurora: First National Bank
Batesville: First National Bank
Bloomington:
Bloomington National Bank
First National Bank
Bluff ton: Old First National Bank in
Bluff ton.
Brazil: RiddellNationalBank
Brookville:
Franklin County National Bank
National Brookville Bank
Butler: Knisely National Bank
Cloverdale: First National Bank
Columbus: FirstNationalBank
Crawfordsville:
Citizens National Bank
FirstNationalBank
Dana: First National Bank
Danville: First National Bank
Dyer: First National Bank
East Chicago :
FirstNationalBank inEast Chicago
Union National Bank of Indiana
Harbor at East Chicago.
Elkhart: FirstNationalBank
Elwood: First National Bank
Fort Wayne:
Fort Wayne National Bank
LincolnNationalBank &TrustCo..
Franklin: Johnson County National
Bank.
Goshen: First National Bank
Greensburg: Decatur County National
Bank.
Greencastle: CentralNationalBank
Powers
granted
INDIANA—continued
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
Hammond: Calumet National Bank
Indianapolis:
American National Bank at Indianapolis.
Indiana National Bank
Merchants National Bank
Knightstown: CitizensNationalBank..
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7,
and 9.
LaFayette:
First-MerchantsNationalBank
1 to 9.
La Fayette National Bank
1 to 9.
La Porte: FirstNationalBank & Trust
1 to 9.
Co.
1 to 3, 5 and
8.
Liberty: Union County National Bank.
Logansport: National Bank of Logans port.
1 to 9.
Lowell: Lowell National Bank
Marion:
1 to 9.
FirstNationalBank in Marion
1 to 9.
Marion National Bank
Michigan City:
1 to 9.
First National Bank
1 to 9.
Merchants National Bank
Mishawaka: First National Bank
1 to 9.
1 to 3, 5 to 8. Monterey: First National Bank
New Carlisle: FirstNationalBank
Noblesville: American National Bank..
1 to 9.
Plainfield: FirstNationalBank &Trust
1 to 9.
Co.
1 to 9.
Remington: FarmersNationalBank....
1 to 9.
Richmond:
FirstNational Bank
1 to 9.
Second National Bank
1 to 9.
Rochester: FirstNationalBank
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 8.
1 to 3, and 5.
1 to 9.
1 to 3.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3,5 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to
1 to
1 to
9.
1 to
9.
9.
5, 7, and
1 to
1 to
1 to
1 to
9.
3.
3 and 8.
4.
Rockville: RockvilleNationalBank
9.
Rushville:
Rush County National Bank
1 to 4.
Rushville National Bank
1 to 4.
Shelby ville:
FarmersNationalBank
1 to 9.
Shelby National Bank
1 to 9.
2,3, 5, and 8.
South Bend: MerchantsNationalBank. 1 to 9.
1 to 9.
Terre Haute:
Merchants National Bank
1 to 3, 5 and
L to 9.
8.
to 9.
TerreHauteFirstNationalBank
1 to 9.
to 9.
Thorntown: Home National Bank
1 to 8.
Tipton: CitizensNationalBank
1 to 9.
L to 9.
I to 7 and 9. Wabash: First National Bank in Wa- 1 to 9.
bash.
L to 9.
1 to 9.
IOWA
Akron: FirstNationalBank
1 to 9.
Arlington: American National Bank
1 to 9.
Boone: Citizens National Bank
2, 3, and 5
Cedar Rapids: Merchants National
1 to 9.
Bank.
1 to 9.
Charles City:
CitizensNationalBank
1 to 4.
Clinton: City National Bank
1 to 9.
Columbus Junction: Louisa County
1 to 3.
National Bank.
L to 9.
Council Bluffs: CityNationalBank
L to 4.
Creston: FirstNational Bank in Creston
Des Moines:
I to 9.
CentralNationalBank & Trust Co.
L to 9.
Iowa-Des Moines National Bank &
TrustCo.
L to 9.
Dubuque:
FirstNationalBank
L to 8.
Dysart: Dysart National Bank
Eldon:
FirstNationalBank
L to 9.
Fairfield: FirstNationalBank in FairI to 9.
field.
1 to 3, 5 and
Fonda: FirstNationalBank
8.
FortDodge:FortDodgeNationalBank..
1 to 3, 5, and
Grinnell: Poweshiek County National
8.
Bank.
2, 3, and 5.
Harlan: HarlanNationalBank
Iowa City: First CapitalNationalBank.
I to 9.
1 to 9.
1 to 9.
1 to 3 and 5.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 4.
1 to 8.
1 to 9.
1 to 8.
1 to 9.
278
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
Powers
granted
DISTRICT NO. 7—Continued
DISTRICT NO. 7—Continued
WISCONSIN—continued
IOWA—continued
Knoxville: Community National Bank
& Trust Co.
Le Mars: First National Bank in sLe
Mars.
Mason City: First National Bank
Newell: First National Bank
Newton: Newton National Bank
Oelwein: FirstNationalBank
Paullina: FirstNationalBank
Perry: FirstNationalBank
Peterson: FirstNationalBank
Primghar: FirstNationalBank
Red Oak: First National Bank
Remsen: First National Bank
Rippey: First National Bank
Sibley: FirstNationalBank
SiouxCity:
FirstNationalBank in SiouxCity..
Live Stock National Bank
Security National Bank
Toy National Bank
Spencer: Clay County National Bank..
Storm Lake: Citizens First National
Bank.
Thornton: FirstNationalBank
Waverly: FirstNationalBank
Webster City: Farmers N a t i o n a l
Bank.
MICHIGAN
(See also District No. 9)
Battle Creek:
Central National Bank at Battle
Creek.
City National Bank &TrustCo
Security National Bank
Charlotte: FirstNationalBank
Coldwater: Southern Michigan National Bank.
Detroit:
Manufacturers National Bank
NationalBank of Detroit
Flint: National Bank of Flint
Jackson: NationalBank of Jackson
Kalamazoo: First National Bank &
Trust Co.
Lapeer: First National Bank
Monroe: FirstNationalBank
Muskegon: Hackley Union National
Bank.
Petoskey: FirstNationalBank
Port Huron: First National Trust &
Savings Bank.
Quincy: FirstNationalBank
St. Johns: St. Johns National B a n k . . . .
Saginaw: Second National Bank &
Trust Co.
Union City: Union City National Bank.
Manitowoc: First National Bank in
Manitowoc.
1 to 3, 5, and Marinette: FirstNationalBank
8.
Menasha: FirstNationalBank
Milwaukee: MarineNationalExchange
1 to 9.
1 to 9.
Bank.
Monroe: FirstNationalBank
1 to 9.
1 to 7.
Neenah:
First National Bank
1 to 7 and 9.
National Manufacturers Bank
1 to 9.
Platteville: First National Bank
1 to 4.
Racine: First National Bank & Trust
1 to 9.
Co.
1 to 9.
Ripon: FirstNationalBank
1 to 8.
1 to 3, 5 to 8. Sheboygan: Security NationalBank....
Sparta: FarmersNationalBank
1 to 3.
Stevens Point:
Citizens National Bank
1 to 9.
First National Bank
1 to 9.
Waukesha: Waukesha National Bank...
1 to 9.
West Bend: FirstNationalBank
1 to 9.
Wisconsin Rapids: FirstNational Bank.
1 to 9.
1 to 9.
DISTRICT NO. 8
1 to 9.
ARKANSAS
1 to 4.
1 to 9.
El Dorado: FirstNationalBank
Fayetteville: FirstNationalBank
Fordyce: First National Bank
Forrest City: NationalBank of Eastern
Arkansas.
Fort Smith*
City National Bank
First National Bank
1 to 3, 5 to 8,
Merchants National Bank
Hot Springs: Arkansas National Bank. .
1 to 8
1 to 3, 5 to 8. Little Rock:
2, 3, 5, and 8.
Commercial National Bank
Peoples National Bank
1 to 9.
Union National Bank
Newport: FirstNationalBank
Pine Bluff: SimmonsNationalBank....
1 to 9.
Texarkana: StateNationalBank
1 to 9.
1 to 3, 5 and
ILLINOIS
1 to 9.
(See
also
District No. 7)
1 to 9.
1 to 9.
Alton: FirstNationalBank &TrustCo.
in Alton
Belleville:
Belleville National Bank
First National Bank
1 to 4.
St. Clair National Bank
1 to 9.
Benld: FirstNationalBank of Benld
2,3,5,and8. Bridgeport: FirstNationalBank
2,3,5,and8. BunkerHill: FirstNationalBank
Carlinville: CarlinvilleNationalBank..
Ito8.
Car mi: National Bank of Carmi
2, 3, 5, and 8. Centralia: Old National Bank
East St. Louis: Southern Illinois NationalBank.
WISCONSIN
Edwardsville: Edwardsville National
Bank &TrustCo.
(See also District No. 9)
Effinghain: FirstNationalBank
Baraboo: Baraboo NationalBank
1 to 3, 5 to 8. Highland: FirstNationalBank
Jonesboro: FirstNationalBank
Beaver Dam:
Lebanon: FirstNationalBank
American National Bank
1 to 9.
Mascoutah: First National Bank in
Old National Bank
1 to 9.
Mascoutah.
1 to 9.
Beloit: Second National Bank
Metropolis: City National Bank
Berlin: First National Bank
1 to 9.
Millstadt: First National Bank.
Fond du Lac:
Murphysboro: First National B a n k . . . .
First Fond du Lac National Bank... 1 to 8.
NationalExchangeBank
1 to 3, 5 and Nashville:
Farmers & Merchants National
8.
Bank.
Green Bay: Kellogg Citizens National 1 to 9.
First National Bank
Bank.
1 to 7 and 9. National Stock Yards: National Stock
Hartford: FirstNationalBank
Yards National Bank of National
1 to 9.
Janesville: FirstNationalBank
1 to 9.
City.
Lake Geneva: FirstNationalBank
2,3, 5, and 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 and 4.
1 to 9.
1 to 9.
1
1
1
1
to 9.
to 3.
to 9.
to 9.
1 to 9.
1 to 9.
1 to 9.
1
1
1
1
1
to
to
to
to
to
9.
8.
8.
9.
9.
1
1
1
1
to
to
to
to
9.
9.
9.
9.
1
1
1
1
to
to
to
to
9.
9.
9.
9.
1 to
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
8.
9.
9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito4.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
279
FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 8—Continued
DISTRICT NO. 8—Continued
ILLINOIS—continued
O'Fallon: First National Bank
Pittsfield: First National Bank
Sparta: First National Bank
Vandalia: First National Bank
INDIANA
Powers
granted
MISSISSIPPI
1 to 9.
(See also District No. 6)
1 to 9.
1 to 3, 5 to 7. Columbus: First Columbus National
1 to 8.
Bank.
Greenville: First National Bank
West Point: First National Bank
1 to 9.
1 to 4.
1 to 9.
MISSOURI
(See also District No. 7)
(See also District No. 10)
Bedford: Bedford National Bank
. . 1 to 3, 5 to 9.
Bicknell: First National Bank
1 to 9.
Brownstown: First National Bank.... 1 to 3, 5 to 7
and 9.
Cannelton: First Cannelton National 1 to 3, 5 to 8.
Bank.
Evansville:
National City Bank
1 to 9.
Old National Bank in Evansville.. 1 to 9.
Fort Branch: Farmers & Merchants 1 to 9.
National Bank.
1 to 9.
Madison: First National Bank
Mitchell: First National Bank
1 to 5.
New Albany: Union National Bank
1 to 9.
Petersburg: First National Bank
2, 3, and 5.
Princeton: Farmers National Bank.... 1 to 3, 5 to 7,
and 9.
Seymour: Seymour National Bank... . 1 to 9.
Tell City:
Citizens National Bank
1 to 7 and 9.
Tell City National Bank
1 to 9.
Vevay: First National Bank
1 to 9.
Vincennes: American National Bank.. 1 to 9.
Wadesville: Farmers National Bank.. . 1 to 9.
Washington:
Peoples National Bank & Trust 1 to 9.
Co.
Washington National Bank
1 to 9.
T^riTiPpfnTi *
X I I Ai.\>C t v l l •
Farmers National Bank
First National Bank
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
1 and.4.
(See alsoDistrictNo. 6)
(See also District No. 4)
Citizens Union National Bank
First National Bank
Liberty National Bank and Trust
Co.
Madisonville: Farmers National Bank.
Mayfield: First National Bank
Morganfield:
Morganfield National
Bank.
Owensboro: National Deposit Bank in
Owensboro.
Paducah: Peoples National Bank
1 to 8.
TENNESSEE
KENTUCKY
Bowling Green: American National
Bank.
Carrollton: First National Bank
Clay: Farmers National Bank
Columbia: First National Bank &
Trust Co.
Danville:
Citizens National Bank
Farmers National Bank
Elizabethtown: First-Hardin National
Bank.
Frankfort: State National Bank
Henderson: First National Bank
Lawrenceburg:
Anderson National Bank
Lawrenceburg National Bank
Lebanon:
Citizens National Bank
Farmers National Bank
Marion National Bank
Carrollton: First National Bank
Columbia:
Boone County National Bank
Exchange National Bank
Hannibal: Hannibal National Bank
Jefferson: City: Exchange National
Bank.
Kirksville: Citizens National Bank
Luxemburg: Lafayette National Bank
& Trust Co.
Monett: First National Bank
PeirceCity: First National Bank
St. Charles: First National Bank
St. Louis:
Boatmen's National Bank
First National Bank in St. Louis..
Mercantile Commerce National
Bank in St. Louis.
Security National Bank Savings
& Trust Co.
South Side National Bank in St.
Louis.
Sedalia: Third National Bank
Springfield: Union National Bank
Trenton: Trenton National Bank
Unionville: Marshall National Bank...
Warrensburg: Peoples National Bank.
Dyersburg: First-Citizens National
Bank.
Jackson:
1 to 9.
First National Bank
1 to 9.
National Bank of Commerce
1 to 3, 5 to 8.
Second National Bank
Memphis:
First National Bank
1 to 9.
National Bank of Commerce in
1 to 8.
Memphis.
1 to 9.
Union Planters National Bank &
Trust Co.
Union City: Old National Bank
1 to 9.
1 to 9.
DISTRICT NO. 9
1 to 3, 5 to 9.
MICHIGAN
1 to 8.
(See also District No. 7)
1 to 9.
1 to 9.
1 to 6 and 8. Houghton: Houghton National Bank..
Ironwood: Gogebic National Bank
Lake Linden: First National Bank
1 to 9.
Marquette:
1 to 9.
First National Bank & Trust Co..
1 to 9.
Union National Bank
Menominee:
1 to 9.
First National Bank
1 to 9.
Lumbermen's National Bank
1 to 9.
Munising: First National Bank of
Algcr County at Munising.
1 to 9.
Negaunee: First National Bank
1 to 9.
MINNESOTA
1 to 9.
Bemidji: First National Bank
1 to 3, 5 to 9. Chatfield: First National Bank
1 and 4.
1 to 9.
I
l'to9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
2,3, 5, and 8.
2,3, 5, and 8
1 to 9.
1 to 9.
1 to 9.
2, 3,5, and 8.
2,3,5, and 8
2,3,5,and,8.
1 to 9.
1 to 5.
280
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
Powers
granted
DISTRICT NO. 9—Continued
DISTRICT NO. 9—Continued
NORTH DAKOTA—continued
MINNESOTA—continued
Duluth:
City National Bank
1 to 9.
First & American National Bank.. 1 to 9
Minnesota National Bank
1 to 9.
1 to 9.
Northern National Bank
1 to 3, 5 to 9.
Eveleth: First National Bank
Fairmont:
1 to 9.
First National Bank
Martin Country National Bank... 1 to 9.
Faribault: Security National Bank & 1 to 9.
Trust Co.
Fergus Falls:
Fergus Falls National Bank & 1 to 8.
Trust Co.
First National Bank
1 toS.
1 to 9.
Hastings: First National Bank
1 to 3, 5, 6, 8
Little Falls: First National Bank
and 9.
Minneapolis:
First National Bank & Trust Co.... 1 to 9.
Marquctte National Bank
1 to 9
Midland National Bank & Trust 1 to 9.
Co.
Northwestern National Bank & 1 to 9.
Trust Co.
Northfield: Northfield National Bank 1 to 9.
& Trust Co.
1 to 9.
Proctor: First National Bank
RedWing:
1 to 9.
First National Bank
Goodhue County National Bank.. 1 to 9.
St. Paul:
Ito9.
American National Bank
Empire National Bank & Trust Co. I to 9.
First National Bank
1 to 9.
1 to 9.
Midway National Bank
1 to 8.
St. Peter: First National Bank
Stillwater: First National Bank
1 to 9.
Truman: Truman National Bank
1 to 9.
Virginia:
American Exchange Na- 1 to 3, 5 to 8.
tional Bank.
1 to 9.
Windom: First National Bank
Winona:
1 to 9.
First National Bank
Winona National & Savings Bank. 1 to 9.
MONTANA
Billings:
Midland National Bank
Montana National Bank
Bozeman: Commercial National Bank.
Butte: Miners National Bank
Dillon: First National Bank
Great Falls:
First National Bank
Great Falls N ational Bank
Helena: First National Bank & Trust
Co.
Kalispell: First National Bank
Lewistown: National Bank of Lewistown.
Livingston: National Park Bank in
Livingston.
Miles City: First National Bank in
Miles City.
Missoula:
First National Bank
Western Montana National Bank.
1
1
1
1
1
to 9.
to 9.
to 4.
to 9.
to 7 and 9.
Grafton: Grafton National Bank
Grand Forks: First National Bank in
Grand Forks.
Jamestown: National Bank of Jamestown.
Valley City: First National Bank
1 to 9.
1 to 9.
SOUTH DAKOTA
Aberdeen:
Aberdeen National Bank & Trust
Co.
First National Bank
Arlington: First National Bank in Arlington.
Brookings: Security National Bank..
Clear Lake: Deuel County National
Bank.
LakeNorden: First National Bank &
Trust Co.
Lead: First National Bank
Miller: First National Bank
Rapid City: First National Bank
Sioux Falls:
First National Bank & Trust Co.
in Sioux Falls.
National Bank of South Dakota,
Sioux Falls.
Northwest Security National Bank.
Watertown: First Citizens National
Bank.
Yankton: First Dakota National
Bank & Trust Co.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 3, 5 to 8
1 to 9.
1 to 9.
1 to 7 and 9
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
WISCONSIN
(See also District No. 7)
Barron: First National Bank
Chippewa Falls:
First National Bank
Lumbermen'sNationalBank
Eau Claire:
American National Bank & Trust
Co.
Union National Bank
Menomonie: First National Bank
Superior:
First National Bank of the City of
Superior.
National Bank of Commerce
1 to 3.
1 to 9.
1 to 9.
1 to 9
1 to 9.
1 to 9.
1 to 7.
1 to 9.
DISTRICT NO. 10
1 to 9.
COLORADO
1 to 4.
1 to 7 and 9. Boulder: National State Bank
Brush: First National Bank
Canon City:
1 to 4.
First National Bank
1 to 9.
Fremont County National Bank..
Center: First National Bank
1 to 9.
Colorado Springs;
Colorado Springs National Bank..
1 to 9.
Exchange National Bank
First National Bank
1 to 7 and 9. Denver:
American National Bank
1 to 8.
Colorado National Bank
Denver National Bank
NORTH DAKOTA
First National Bank
United States National Bank
Bismarck:
Durango: Burns National Bank
Dakota National Bank & Trust 1 to 9.
Eagle: First National Bank of Eagle
Co.
County at Eagle.
First National Bank
1 and 9.
Florence: First National Bank
1 to 9.
Dickinson: First National Bank
1 to 4.
Fort Collins: Poudre Valley National
Ellendale: First National Bank
Bank.
Fargo:
Fort Morgan: First National Bank.
First National Bank & Trust Co.. 1 to 9.
Glenwood Springs:
First National
Merchants National Bank & Trust 1 to 9.
Bank.
Co.
1 to 9.
1 to 9.
Ito9.
1 to 3, 5 to 8
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1
1
1
1
1
1
1
to 7.
to 9.
to 9.
to 9.
to 9.
to 7.
to 4.
1 to 9.
1 to 7 and 9
1 to 4.
Ito3,5to7
281
FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 10—Continued
DISTRICT NO. 10—Continued
COLORADO—continued
Grand Junction: First National Bank
in Grand Junction.
Greeley:
First National Bank
Greeley National Bank
G unnison: First N ational Bank
Hugo: First National Bank
Las Animas: First National Bank
Longmont:
First National Bank
Longmont National Bank
,
Montrose: Montrose National Bank
Ordway: First National Bank
Walsenburg: First National Bank
Windsor: First National Bank
,
KANSAS
Anthony:
Citizens National Bank
First National Bank
Arkansas City: Home National Bank.
Atchison: City National Bank
Chanute: First National Bank
Coffeyville:
Condon National Bank
FirstN ational Bank
Dodge City: P'irst National Bank in
Dodge City.
Emporia:
Citizens National Bank
Commercial National Bank &
Trust Co.
Fort Scott: CitizensNationalBank
Horton: First National Bank
Hutchinson:
American National Bank
Exchange National Bank
First National Bank
Jewel: FirstN ational Bank of Jewel City
Kansas City: Security National Bank.
Larned:
First National Bank in
Larned.
Lawrence:
First National Bank
Lawrence National Bank
Leavenworth: First National Bank....
Manhattan:
First National Bank
Union National Bank
Ottawa: Peoples National Bank
Paola: Miami County National Bank
Pratt: First National Bank in Pratt..
Salina:
Farmers National Bank
NationalBankof America at Salina
Topeka: National Bank of Topeka....
Troy: First National Bank
Wellington: First National Bank in
Wellington.
Wichita:
First National Bank in Wichita....
Fourth National Bank in Wichita
Southwest N ational Bank
Union National Bank
Winfield:
First National Bank
Winfield National Bank
MISSOURI—continued
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1.
1 to 9.
1 to 4.
1 to 8.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 9.
1 to 3 and 5.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 4.
1 to 9.
1 to 8.
1 to 4.
1 to 3.
1 to 9.
1 to 3 and 5.
1 to 8.
1 to 8.
1.
Ito9.
Lto9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
1 to 9.
1 to 4.
1 to 8.
NEBRASKA
Belden: First National Bank
Butte: First National Bank
David City: First National Bank
Umerson: First National Bank
Genoa: Genoa National Bank
Grand Island:
First National Bank
Overland National Bank
Holdredge: First National Bank
Lincoln:
Continental National Bank
First National Bank
National Bank of Commerce
Lyons: First National Bank
Nebraska City: Nebraska City National Bank.
Omaha:
First National Bank
Omaha National Bank
United States National Bank
Ord: First National Bank in Ord
South Omaha: Stock Yards National
Bank.
Utica: First National Bank
Wahoo: First National Bank
Wayne: First National Bank
1J to 3, 5 to 9.
to 3.
to 9.
to 8.
to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1, 2, and 5.
4.
2 and 3.
1 to 3, 5 to 9.
1 to 9.
NEW MEXICO
(See also District No. 11)
Albuquerque:
Albuquerque National Trust &
Savings Bank.
First National Bank in Albuquerque.
Farmington: First National Bank
Raton:
First National B a n k i n
1 to 5 and 8.
Raton.
1 to 9.
Santa
Fe:
First National Bank
1 to 9.
1 to 3.
1 to 9.
OKLAHOMA
MISSOURI
Inter-State National Bank
Stockyards National Bank
Traders Gate City National Bank
Union National Bank in Kansas
City.
Neosho: First National Bank
Plattsburg: First National Bank
St. Joseph:
American National Bank
Burns National Bank
Tootle-Lacey National Bank
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
(See also District No. 8)
Cameron: First National Bank
Carthage: Central National Bank
Independence: First National Bank...
Joplin:
Joplin National Bank &
Trust Co.
Kansas City:
City National Bank & Trust Co..
Columbia National Bank
First National Bank
Powers
granted
Ada: First National Bank in Ada....
Anadarko: First National Bank
Bartlesville:
First National Bank in Bartles:
ville.
Union National Bank
Bristow: American National Bank....
Broken Arrow: First National Bank.
Cleveland: First National Bank
Dewey: First National Bank
Enid:
Central National Bank
First National Bank
Guthrie: First National Bank
Holdenville: First National Bank
Hominy:
First National Bank in
Hominy.
Hooker: First National Bank
Lawton: City National Bank
1 to 9.
1 to 4 and 9. McAlester: First National Bank
1 to 9.
Miami: First National Bank
1 to 9.
1 to 9.
2 and 3.
1 to 7.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 4, 6 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 3 and 5.
1 to 3, 5 to 7,
and 9.
1 to 3, 5 to 7.
1 to 9.
282
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
Powers
granted
DISTRICT NO. 10—Continued
DISTRICT NO. 11—Continued
OKLAHOMA—continued
TEXAS
Abilene:
1 to 8.
Farmers & Merchants National
Bank.
1 to 9.
Albany: First National Bank
Amarillo: First National Bank
1 to 9.
Austin:
American National Bank
1 to 9.
Austin National Bank
1 to 8.
Bay City: First National Bank
1 to 9.
Beaumont:
American National Bank
First National Bank
L to 9.
t to 9.
Bonham: First National Bank
Brady: Brady National Bank
I to 9.
I to 9.
Brenham: First National Bank
t to 7 and 9. Brownsville: First National Bank at
L to 9.
Brownsville.
1 to 9.
Cameron: Citizens National Bank
Childress: First National Bank in
1 to 9.
Childress.
Colorado: City National Bank
1 to 9.
Corpus Christi: Corpus Christi Na1 to 9.
tional Bank.
Corsicana: First National Bank
1 to 9.
Dallas:
Dallas National Bank
1 to 3, 5 to 9.
First National Bank in Dallas
WYOMING
Mercantile N a t i o n a l B a n k a t
Dallas.
Buffalo: First National Bank
1 to 4.
National Bank of Commerce
Republic National Bank
Casper:
Casper National Bank
1 to 5.
Del Rio: Del Rio National Bank
Wyoming National Bank
1 to 9.
Denison:
Citizens National Bank
Cheyenne:
American National Bank
State N ational Bank
1 to 9.
Stock Growers National Bank
1 to 9.
El Paso:
El Paso National Bank
Cody:
State National Bank
First National Bank
1 to 9.
Shoshone National Bank
1 and 4.
Floresville: First City National Bank.
Evanston: First National Bank
1 to 3.
Fort Worth :
Kemmerer: First National Bank
Continental National Bank
1 to 5.
Laramie: First National Bank
1 to 3.
First National Bank
Powell: First National Bank
1 to 8.
Forth Worth National Bank
Galveston:
Rawlins:
City National Bank
First National Bank
1 to 9.
Rawlins National Bank
First National Bank
1 to 9.
Rock Springs: Rock Springs National 1 to 9.
Hutchings-Sealy National Bank...
Bank.
United States National Bank
Granger: First National Bank
Sheridan: First National Bank
1 to 9.
Greenville: Greenville National ExThermopolis: First National Bank in 1 to 9.
change Bank.
Thermopolis.
Houston:
City National Bank
DISTRICT NO. 11
First National Bank in Houston..
National Bank of Commerce
ARIZONA
San Jacinto National Bank
(See also District No. 12)
Second National Bank
South Texas Commercial Na1 to 8.
Nogales: First National Bank
tional Bank.
Tucson: Consolidated N ational Bank.. 1 to 4.
State National Bank
Union National Bank
LOUISIANA
Italy: First National Bank
Kingsville: First National Bank
(See also District No. 6)
La Grange: First National Bank
Longview: First National Bank
1 to 8.
Homer: Homer National Bank
Shreveport:
McKinney: Collin County National
Commercial National Bank in 1 to 9.
Bank.
Shreveport.
Mar fa: Mar fa National Bank
1 to 9.
First National Bank
Marshall:
First National Bank
NEW MEXICO
Marshall National Bank
Midland: Midland National Bank
(See also District No. 10)
Orange:
1 to 3.
Roswell: First National Bank
First National Bank in Orange....
Orange National Bank
Silver City: American N ational Bank. 2 and 3.
Palestine: Royall National Bank
Paris:
First National Bank
OKLAHOMA
Port Arthur:
First
National Bank
1
to
3,
5
to
8.
Durant: Durant National Bank in
Merchants National Bank
Durant.
Muskogee:
Commercial National Bank in
Muskogee.
First National Bank & Trust Co.
Norman:
First National Bank
Security National Bank
Okenah:
First National Bank
Okemah National Bank
Oklahoma City:
City National Bank & Trust Co..
Fidelity National Bank
First National Bank & Trust Co..
Liberty National Bank
Tradesmens National Bank
Okmulgee: Central National B a n k . . . .
Ponca City: First National Bank at
PoncaCity.
Shawnee: Federal National Bank
Stillwater:
First National Bank
Stillwater National Bank
Tulsa:
First National Bank & Trust Co..
National Bank of Commerce
1 to 9.
4.
1 to 9.
1 to 9.
1 to 9.
1 and 4.
1 to 9.
1 to 9.
1 to 3, 5 to 7
1 to 3 and 5
1 to 7 and 9
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 7.
1 to 9.
1 to 9.
1 to 9
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
i to 9.
1 to 9.
1 and 2.
Ito4.
Ito9.
Ito9.
1 to 7 and 9
1 to 9.
1 to 7 and 9
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1.
1 to 3, 5
and 8.
1 to 9.
1 to 9.
1 to 3 and 5
1 to 5.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 5.
1 to 9.
283
FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 12—Continued
DISTRICT NO. 11—Continued
TEXAS—continued
San Angelo:
Central National Bank
First National Bank
San Angelo National Bank
San Antonio:
Alamo National Bank
Frost National Bank
Groos National Bank
National Bank of Commerce
Seguin: First National Bank
Sherman: Merchants & Planters National Bank.
Stanton: First National Bank
Stephenville: Farmers-First National
Bank.
Teague: Teague National Bank
Terrell: American National Bank
Texarkana: Texarkana N ational Bank.
Troup: First National Bank
Tyler:
Citizens National Bank
Peoples National Bank
Victoria: Victoria National Bank
Waco:
Citizens National Bank
First National Bank
Wichita Falls:
City National Bank in Wichita
Falls.
First National Bank
Powers
granted
CALIFORNIA—continued
1 to 4.
1 to 9.
1 to 9.
1 to
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
9.
9.
9.
1 to 3.
1 to 9.
Ito9.
1 to 8.
1 to 9.
1.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 8.
1 to 9.
Santa Barbara:
County National Bank & Trust
Co.
First National Trust & Savings
Bank
Stockton: First National Bank
Ventura: Union National Bank
Whittier: Whittier National Trust &
Savings Bank.
Woodland: Bank of Woodland, N. A . . .
1 to 9.
1 to 9.
1 to 9.
1 to 5.
1 to 9.
1 to 3, 5 to 7
HAWAIIAN ISLANDS
Honolulu: Bishop National Bank of
Hawaii at Honolulu.
1 to 8.
IDAHO
Boise: Idaho First National Bank
Hailey: Hailey National Bank
Idaho Falls: American N a t i o n a l
Bank.
1 to 9.
1 to 3.
1 to 9.
NEVADA
Ely: First National Bank
Reno: First National Bank of Nevada,
Reno, Nevada.
1 to 3, 5 to 8
1 to 7, and 9
1 to 9.
OREGON
DISTRICT NO. 12
ALASKA
Fairbanks: First National Bank
1 to 9.
ARIZONA
Phoenix:
First National Bank of Arizona,
Phoenix.
Valley National Bank
Winslow: First National Bank
1 to 9.
1 to 9.
1.
CALIFORNIA
BeverLy Hills: Beverly Hills National
Bank & Trust Co.
Fullerton: First National Trust &
Savings Bank.
Los Angeles:
Citizens National Trust & Savings Bank.
Farmers & Merchants National
Bank.
Security-First National Bank
Mountain View: First National Bank..
Orange: First National Bank
Pasadena: Security National Bank
Pomona: First National Bank
Redwood City: First National Bank of
San Mateo County at Redwood City.
Riverside: Citizens National Trust &
Savings Bank.
Sacramento: Capital National B a n k . . .
Salinas: Salinas National Bank
San Bernardino: American National
Bank.
San Diego:
First National Trust & Savings
Bank.
San Francisco:
Anglo California National Bank..
Bank of America National Trust &
Savings Association.
Bank of California, N. A
Crocker First National Bank
Pacific National Bank
Santa Ana: First National Bank in
Santa Ana.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9
4.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5, 7,
8 and 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to S
1 to 9.
1 to 9.
1
1
1
1
to 9.
to 9.
to 9.
to 9.
Athena: First National Bank
1 to 9.
Baker: First National Bank
1 to 9.
Corvallis: First National Bank
1 to 9.
Eugene: First National Bank
1 to 9.
Harrisburg: First National Bank
1 to 3.
Marshfield: Coos Bay National Bank.. 1 to 9.
Portland:
First National Bank
1 to 9.
United States National Bank
1 to 9.
UTAH
Logan: First National Bank
Ogden: First Security Bank of Utah,
National Association.
Price: First National Bank
Salt Lake City:
Continental National Bank &
Trimfr C^n
First National Bank
1 to 9.
1 to 9.
2, 3, 5 to 8.
1 to 7 and 9
1 to 9.
WASHINGTON
Bellingham:
Bellingham National Bank
First National Bank
Northwestern National Bank
Burlington: First National Bank
Ellensburg:
Washington National
Bank.
Everett: First National Bank
Longview: First National Bank
Mount Vernon: First N ational Bank..
Okanogan: First National Bank
Port Angeles: First National Bank in
Port Angeles.
Pullman: First National Bank
Seattle:
National Bank of Commerce
Pacific National Bank
Peoples National Bank of Washington in Seattle.
Seattle-First National Bank
University National Bank
Spokane:
First National Bank in Spokane...
Old National Bank & Union Trust
Co.
1
1
1
1
1
to
to
to
to
to
1 to
1 to
1 to
1 to
1 to
9.
5 and 9
9.
7 and 9
9.
9.
9.
9.
9.
9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
284
ANNUAL REPORT OF BOARD OF GOVERNORS
Powers
granted
Powers
granted
DISTRICT NO. 12—Continued
DISTRICT NO. 12—Continued
WASHINGTON—continued
W ASHINGTON—continued
Tacoma:
National Bank of Washington, Tacoma, Washington.
Puget Sound National Bank
Waitsburg: First National Bank
1 to 9.
1 to 9.
1 to 9.
Walla Walla:
Baker-Boyer National Bank
First National Bank
Wenatchee: First National Bank
Yakima: West Side National Bank....
1 to
1 to
1 to
1 to
9.
9.
9.
9.
NOTE.— The above list does not include the names of national banks which have received permission to
administer trusts transferred to them in connection with the acquisition of assets of other banking institutions, but which have not been granted the right to accept new trust business.
DESCRIPTION OF FEDERAL RESERVE DISTRICTS
Land area Population
(square July 1, 1937
miles)
(estimated)
Federal Reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia....
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City....
11—Dallas
12—San Francisco..
Total
61,345
51,886
36,846
73,424
152,316
248,226
190,513
194,810
414,004
480,438
386,116
683,852
8,178,000
16,756,000
8,009,000
11,737,000
12,028,000
12,085,000
18,863,000
10,413,000
5,452,000
8,155,000
7,337,000
10,244,000
2,973,776
129,257,000
61,345
8,178,000
4,189
29,895
8 039
9,031
1,067
9,124.
1,322,000
856,000
4 426 000
510,000
681,000
383,000
51,886
16,756,000
631
3,601
419 000
3,378,000
47,654
12,959,000
36,846
8,009,000
1 965
3,913
261 000
965,000
30,968
6,783,000
FEDERAL RESERVE DISTRICTS
DISTRICT NO. 1—BOSTON
Connecticut (excluding Fairfield County)
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
DISTRICT NO. 2—NEW YORK
Connecticut (Fairfield
New Jersey
Counties of—
Bergen
Essex
Hudson
New York
Coimtvi
Hunterdon
Middlesex
Monmouth
Morris
Passaic
Somerset
Sussex
Union
Warren
DISTRICT NO. 3—PHILADELPHIA
Delaware
New Jersey
Counties of—
Cape May
Atlantic
Burlington
Cumberland
Camden
Pennsylvania (eastern part)
Counties of—
Adams
Clinton
Bedford
Columbia
Berks
Cumberland
Blair
Dauphin
Bradford
Delaware
Elk
Bucks
Cambria
Franklin
Cameron
Fulton
Carbon
Huntingdon
Center
Juniata
Chester
Lackawanna
Clearfield
Lancaster
Gloucester
Mercer
Ocean
Salem
Lebanon
Lehigh
Luzerne
Lycoming
McKean
Mifflin
Monroe
Montgomery
Montour
Northampton
Northumberland
Perry
Philadelphia
Pike
Potter
Schuylkill
Snyder
Sullivan
Susquehanna
Tioga
Union
Wayne
Wyoming
York
285
FEDERAL RESERVE SYSTEM
FEDERAL RESERVE DISTRICTS—Continued
Federal Reserve district
DISTRICT NO. 4—CLEVI]LAND
Kentucky (eastern pa rt)
Counties of—
Bath
Fleming
Bell
Floyd
Boone
Garrard
Bourbon
Grant
Boyd
Greenup
Bracken
Harlan
Breathitt
Harrison
Campbell
Jackson
Carter
Jessamine
Clark
Johnson
Clay
Kenton
Elliott
Knott
Estill
Knox
Fayette
Laurel
Ohio
Pennsylvania (western nart)
Counties of—
Allegheny
Crawford
Armstrong
Erie
Beaver
Fayette
Butler
Forest
Clarion
Greene
West Virginia (northern part)
Counties of—
Brooke
Marshall
Hancock
Ohio
DISTRICT NO. 5—RICHJVIOND
District of Columbia
Maryland .
North Carolina
South Carolina
Virginia
W^est Virginia (southern r>a.rf,^
Counties of—
Hardy
Barbour
Berkeley
Harrison
Boone
Jackson
Braxton
Jefferson
Cabell
Kanawha
Calhoun
Lewis
Clay
Lincoln
Doddridge
Logan
Fayette
McDowell
Gilmer
Marion
Grant
Mason
Greenbrier
Mercer
Hampshire
Mineral
DISTRICT NO. 6—ATLANTA
Alabama.
Florida
Georgia
Louisiana (southern part,)
Parishes of—
Evangeline
Acadia
Iberia
Allen
Iberville
Ascension
Jefferson
Assumption
Jefferson Davis
Avoyelles
Lafayette
Beauregard
Calcasieu
La Fourche
Cameron
Livingston
E a s t B a t o n Orleans
Rouge
Plaquemines
East Feliciana
Pointe Coupee
Mississippi (southern
Counties of—
Adams
Harrison
A mite
Hinds
Claiborne
Issaquena
Clarke
Jackson
Copiah
Jasper
Covington
Jefferson
Forrest
Jefferson Davis
Franklin
Jones
George
Kemper
Greene
Lamar
Hancock
Lauderdale
Lawrence
Lee
Leslie
Letcher
Lewis
Lincoln
McCreary
Madison
Magomn
Martin
Mason
Menifee
Montgomery
Morgan
Indiana
Jefferson
Lawrence
Mercer
Somerset
Nicholas
Owsley
Pendleton
Perry
Pike
Powell
Pulaski
Robertson
Rockcastle
Rowan
Scott
Whitley
Wolfe
Wood ford
Land area
(square
miles)
Population
July 1, 1037
(estimated)
73,424
17,614
11,737,000
1,395,000
40,740
13,864
6,733,000
3,393,000
1,206
216,000
152,316
9,941
48,740
30,495
40,262
22,816
12,028,000
627,000
1,679,000
3,492,000
1,875,000
2,706,000
1,649,000
248,226
51,279
54,861
58,725
26,891
12,085,000
2,895,000
1,670,000
3,085,000
1,444,000
25,519
969,000
Venango
Warren
Washington
Westmoreland
Tyler
Wetzel
62
Mingo
Monongalia
Monroe
Morgan
Nicholas
Pendleton
Pleasants
Pocahontas
Preston
Putnam
Raleigh
Randolph
Ritchie
Roane
Summers
Taylor
Tucker
Upshur
Wayne
Webster
Wirt
Wood
Wyoming
Rapides
St. Bernard
St. Charles
St. Helena
#
St. James
St. John the Baptist
St. Landry
St. Martin
St. Mary
St. Tammany
Tangipahoa
Terrebonne
Vermilion
Vernon
Washington
WestBaton
Rouge
West Feliciana
Lawrence
Leake
Lincoln
Madison
Marion
Neshoba
Newton
Pearl River
Perry
Pike
Rank in
Scott
Sharkey
Simpson
Smith
Stone
Walthall
Warren
Wayne
Wilkinson
Yazoo
286
ANNUAL REPORT OF BOARD OF GOVERNORS
FEDERAL RESERVE DISTRICTS—Continued
Land area
(square
miles)
Federal Reserve district
DISTRICT NO. 6—ATLANTA—Continued.
Tennessee (eastern pa rt)
Counties of—
Anderson
Giles
Bedford
Grainger
Bledsoe
Greene
Blount
Grundy
Bradley
Hamblen
Campbell
Hamilton
Cannon
Hancock
Carter
Hawkins
Cheatham
Hickman
Claiborne
Houston
Clay
Humphreys
Cocke
Jackson
Coffee
Jefferson
Cumberland
Johnson
Davidson
Knox
De Kalb
Lawrence
Dickson
Lewis
Fentress
Lincoln
Franklin
Loudon
McMinn
Macon
Marion
Marshall
Maury
Meigs
Monroe
Montgomery
Moore
Morgan
Overton
Perry
Pickett
Polk
Putnam
Rhea
Roane
Robertson
Rutherford'
30,951
2,022,000
190,513
18,863,000
35,448
6,597,000
26,707
2,821,000
55,586
40,789
2,552,000
4,512,000
Scott
Sequatchie
Sevier
Smith
Stewart
Sullivan
Sumner
Trousdale
Unicoi
Union
Van Buren
Warren
Washington
Wayne
White
Williamson
Wilson
DISTRICT NO. 7.-CHICAGO
Illinois (northern part^
Counties of—
Boone
Ford
Bureau
Fulton
Carroll
Grundy
Cass
Hancock
Champaign
Henderson
Christian
Henry
Clark
Iroquois
Coles
Jo Daviess
Cook
Kane
Cumberland
Kankakee
DeKalb
Kendall
DeWitt
Knox
Douglas
Lake
DuPage
La Salle
Lee
Edgar
Indiana (northern part)
Counties of—
Adams
Fountain
Allen
Franklin
Bartholomew
Fulton
Benton
Grant
Blackford
Hamilton
Boone
Hancock
Brown
Hendricks
Carroll
Henry
Cass
Howard
Clay
Huntington
Clinton
Jasper
Jay
Dearborn
Decatur
Jennings
DeKalb
Johnson
Delaware
Kosciusko
Lagrange
Elkhart
Lake
Fayette
Iowa
Michigan (southern part")
Counties of—
Alcona
Eaton
Allegan
Emmet
Alpena
Genesee
Antrim
Gladwin
Arenac
Grand Traverse
Barry
Gratiot
Bay
Hillsdale
Benzie
Huron
Berrien
Ingham
Branch
Ionia
Calhoun
Iosco
Cass
Isabella
Charlevoix
Jackson
Cheboygan
Kalamazoo
Clare
Kalkaska
Clinton
Kent
Crawford
Lake
Population
July 1, 1937
(estimated)
Livingston
Logan
McDonough
McHenry
McLean
Macon
Marshall
Mason
Menard
Mercer
Moultrie
Ogle
Peoria
Piatt
Putnam
Rock Island
Sangamon
Schuyler
Shelby
Stark
Stephenson
Tazewell
Vermilion
Warren
Whiteside
Will
Winnebago
Woodford
La Porte
Madison
Marion
Marshall
Miami
Monroe
Montgomery
Morgan
Newton
Noble
Ohio
Owen
Parke
Porter
Pulaski
Putnam
Randolph
Ripley
Rush
St. Joseph
Shelby
Starke
Steuben
Tippecanoe
Tipton
Union
Vermillion
Vigo
Wabash
Warren
Wayne
Wells
White
Whitley
Lapeer
Leelanau
Lenawee
Livingston
Macomb
Manistee
Mason
Mecosta
Midland
Missaukee
Monroe
Montcalm
Montmorency
Muskegon
Newaygo
Oakland
Oceana
Ogemaw
Osceola
Oscoda
Otsego
Ottawa
Presque Isle
Roscommon
Saginaw
St. Clair
St. Joseph
Sanilac
Shiawassee
Tuscola
Van Buren
Washtenaw
Wayne
Wexford
287
FEDERAL RESERVE SYSTEM
FEDERAL RESERVE DISTRICTS—Continued
Federal Res srve district
DISTRICT NO. 7.—CHICAGO—Continued
Wisconsin (southern part)
Counties of—
Adams
Green Lake
Brown
Iowa
Calumet
Jackson
Clark
Jefferson
Columbia
Juneau
Crawford
Kenosha
Dane
Kewaunee
Dodge
Lafayette
Door
Langlade
Fond du Lac
Manitowoc
Grant
Marathon
Green
Marinette
Marquette
Milwaukee
Monroe
Oconto
Outagamie
Ozaukee
Portage
Racine
Richland
Rock
Sauk
Shawano
Population
July 1, 1937
(estimated)
31,983
2,381,000
194,810
10,413,000
52,525
20,595
2,048,000
1,281,000
9,338
653,000
22,567
1,525,000
20,843
1,054,000
Sheboygan
Vernon
Walworth
Washington
Waukesha
Waupaca
Waushara
Winnebago
Wood
DISTRICT NO. 8—ST. LOUIS
Arkansas
Illinois (southern part)
Counties of—
Adams
Franklin
Alexander
Gallatin
Bond
Greene
Brown
Hamilton
Calhoun
Hardin
Clay
Jackson
Clinton
Jasper
Crawford
Jefferson
Edwards
Jersey
Effingham
Johnson
Fayette
Lawrence
Indiana (southern part)
Counties of—
Clark
Greene
Crawford
Harrison
Daviess
Jackson
Dubois
Jefferson
Floyd
Knox
Gibson
Lawrence
Kentucky (western part)
Counties of—
Adair
Crittenden
Allen
Cumberland
Anderson
Daviess
Ballard
Edmonson
Barren
Franklin
Boyle
Fulton
Breckinridge
Gallatin
Bullitt
Graves
Butler
Grayson
Caldwell
Green
Calloway
Hancock
Carlisle
Hardin
Carroll
Hart
Casey
Henderson
Christian
Henry
Clinton
Hickman
Mississippi (northern part)
Counties of—
Alcorn
De Soto
Attala
Grenada
Benton
Holmes
Bolivar
Humphreys
Calhoun
Itawamba
Carroll
Lafayette
Lee
Chickasaw
Choctaw
Leflore
Clay
Lowndes
Coahoma
Marshall
Land area
(square
miles)
Macoupin
Madison
Marion
Massac
Monroe
Montgomery
Morgan
Perry
Pike
Pope
Pulaski
Randolph
Richland
St. Clair
Saline
Scott
Union
Wabash
Washington
Wayne
White
Williamson
Martin
Orange
Perry
Pike
Posey
Scott
Spencer
Sullivan
Switzerland
Vanderburg
Warrick
Washington
Hopkins
Jefferson
Larue
Livingston
Logan
Lyon
McCracken
McLean
Marion
Marshall
Meade
Mercer
Metcalfe
Monroe
Muhlenberg
Nelson
Ohio
Oldham
Owen
Russell
Shelby
Simpson
Spencer
Taylor
Todd
Trigg
Trimble
Union
Warren
Washington
Wayne
Webster
Monroe
Montgomery
Noxubee
Oktibbeha
Panola
Pontotoc
Prentiss
Quit man
Sunflower
Tallahatchie
Tate
Tippah
TishomiSgo
Tunica
Union
Washington
Webster
Winston
Yalobusha
288
ANNUAL REPORT OF BOARD OF GOVERNORS
FEDERAL RESERVE DISTRICTS—Continued
Land area
(square
miles)
Federal Reserve district
DISTRICT NO. 8—ST. LOUIS—Continu ed.
IVIissouri (eastern part^
Counties of—
Adair
Douglas
Audrain
Dunklin
Barry
Franklin
Benton
Gasconade
Bollinger
Greene
Boone
Grundy
Butler
Harrison
Caldwell
Henry
Callaway
Hickory
Camden
Howard
Cape Girardeau Howell
Carroll
Iron
Carter
Jefferson
Cedar
Johnson
Chariton
Knox
Christian
Laclede
Clark
Lafayette
Cole
Lawrence
Cooper
Lewis
Crawford
Lincoln
Dade
Linn
Dallas
Livingston
Daviess
Macon
Dent
Madison
Tennessee (western pa-rt)
Counties of—
Benton
Fayette
Carroll
Gibson
Chester
Hardeman
Crockett
Hardin
Decatur
Haywood
Dyer
Henderson
Population
July 1, 1937
(estimated
58,206
2,981,000
10,736
871,000
414,004
5,452,000
16,691
318,000
80,858
146,131
70,183
76,868
23,273
2,652,000
539,000
706,000
692,000
545,000
DISTRICT NO. 10.—KANSAS CITY
480,438
8,155,000
Colorado
. . . #>.
Kansas
IVIissouri (western Dar
Counties of—
Andrew
Cass
Atchison
Clay
Barton
Clinton
Bates
DeKalb
Buchanan
Gentry
Nebraska
New I^texico (northern pai t)
Counties of—
Bernalillo
Mora
Colfax
Rio Arriba
Harding
Sandoval
McKinley
San Juan
103,658
81,774
10,521
1,071,000
1,864,000
1,008,000
76,808
48,359
1,364,000
231,000
Maries
Marion
Mercer
Miller
Mississippi
Moniteau
Monroe
Montgomery
Morgan
New Madrid
Oregon
Osage
Ozark
Pemiscot
Perry
Pettis
Phelps
Pike
Polk
Pulaski
Putnam
Rails
Randolph
Ray
Henry
Lake
Lauderdale
McNairy
Madison
Obion
Reynolds
Ripley
St. Charles
St. Clair
St. Francois
St. Louis
St. Louis City
Ste. Genevieve
Saline
Schuyler
Scotland
Scott
Shannon
Shelby
Stoddard
Stone
Sullivan
Taney
Texas
Warren
Washington
Wayne
Webster
Wright
Shelby
Tipton
Weakley
DISTRICT NO. 9.-MINNEAP0LIS
^tichigan (northern p art)
Counties of—
Alger
Dickinson
Baraga
Gogebic
Chippewa
Houghton
Delta
Iron
IVIinnesota
IViontana
North Dakota
South Dakota
Wisconsin (northern t>art)
Counties of—
Ashland
Dunn
Barron
Eau Claire
Bayfield
Florence
Buffalo
Forest
Burnett
Iron
Chippewa
La Crosse
Douglas
Lincoln
Keweenaw
Luce
Mackinac
Marquette
Menominee
Ontonagon
Schoolcraft
Oneida
Pepin
Pierce
Polk
Price
Rusk
St. Croix
Sawyer
Taylor
Trempealeau
Vilas
Washburn
J.VX4£J|JV^ U-A A y T» V O U V 1 1 1 JJIA/JL
Holt
Jackson
Jasper
McDonald
Newton
Nodaway
Platte
Vernon
Worth
San Miguel
Santa Fe
Taos
Union
Valen
289
FEDERAL RESERVE SYSTEM
FEDERAL RESERVE DISTRIGTS-Continued
Federal Reserve district
DISTRICT NO. 10.—KANSAS CITY—Continued.
Oklahoma (northwestern na,rt)
Counties of—
Adair
Ellis
Logan
Alfalfa
Garfield
Love
Beaver
Garvin
McClain
Beckham
Grady
Mclntosh
Blaine
Grant
Major
Caddo
Greer
Mayes
Canadian
Harmon
Murray
Carter
Harper
Muskogee
Cherokee
Haskell
Noble
Hughes
Cimarron
Nowata
Jackson
Cleveland
Okfuskee
Comanche
Jefferson
Oklahoma
K
a
y
Cotton
Okmulgee
Craig
Kingfisher
Osage
Creek
Kiowa
Ottawa
Custer
Latimer
Pawnee
Delaware
Le Flore
Payne
Dewey
Lincoln
Pittsburg
Wyoming
Pi ma
Santa Cruz
Madison
Morehouse
Natchitoches
Ouachita
Red River
Richland
Sabine
Tensas
Union
Webster
West Carroll
Winn
Lincoln
Luna
Otero
Quay
Roosevelt
Sierra
Socorro
Torrance
Johnston
McCurtain
Marshall
Pushmataha
DISTRICT NO. 12—SAN FRANCISCO
Arizona (northwestern nart^ .. .
Counties of—
Apache
Maricopa
Coconino
Mohave
Gila
California
Idaho
Nevada
Oregon
Utah
Washington
Navajo
Pinal
Population
July 1, 1937
(estimated)
61,770
2,382,000
Pontotoc
Pottawatomie
Roger Mills
Rogers
Seminole
Sequoyah
Stephens
Texas
Tillman
Tulsa
Wagoner
Washington
Washita
Woods
Woodward
DISTRICT NO. 11—DALLAS
Arizona (southeasten part)
Counties of—
Cochise
Greenlee
Graham
Louisiana (northern partA
Parishes of—
De Soto
Bienville
Bossier
East Carroll
Caddo
Franklin
Caldwell
Grant
Catahoula
Jackson
Claiborne
La Salle
Concordia
Lincoln
New Mexico (southern part)
Counties of—
Catron
Eddy
Chaves
Grant
Curry
Guadalupe
De Baca
Hidalgo
Lea
Dona Ana
Oklahoma (southeastern nart)
Counties of—
Atoka
Choctaw
Bryan
Coal
Texas
Land area
(square
miles)
97,548
235,000
386,116
7,337,000
23,412
120,000
18,518
688,000
74,144
191,000
7,644
166,000
262,398
6,172,000
683,852
10,244,000
90,398
292,000
155,652
83,354
109,821
95,607
82,184
66,836
6,154,000
493,'000
101 000
1,027]000
519,000
1,658,000
Yavapai
Yuma
290
ANNUAL REPORT OF BOARD OF GOVERNORS
FEDERAL RESERVE BRANCH TERRITORIES
(December 31, 1937)
BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows:
Monroe
Orleans
Allegany
Wyoming
Chautauqua
Genesee
Erie
Catiaraugus
Livingston
Niagara
CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal Reserve district No. 4, and
the following 25 counties in southern Ohio:
Adams
Clermont
Greene
Meigs
Ross
Athens
Clinton
Hamilton
Miami
Scioto
Brown
Darke
Highland
Montgomery
Vinton
Butler
Fayette
Jackson
Pike
Warren
Clark
Gallia
Lawrence
Preble
Washington
PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia
included in Federal Reserve district No. 4.
BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of West
Virginia:
Barbour
Grant
Lewis
Pendleton
Taylor
Berkeley
Hampshire
Marion
Pleasants
Tucker
Braxton
Hardy
Mineral
Preston
Upshur
Calhoun
Harrison
Monongalia
Randolph
Webster
Doddridge
Jackson
Morgan
Ritchie
Wirt
Gilmer
Jefferson
Nicholas
Roane
Wood
CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and
South Carolina:
NORTH CAROLINA
Alexander
Alleghany
Ashe
Avery
Buncombe
Burke
Cabarrus
Caldwell
Catawba
Cherokee
Clay
Cleveland
Gaston
Graham
Haywood
Henderson
Iredell
Jackson
Lincoln
Macon
Madison
McDowell
Mecklenburg
Mitchell
Polk
Rowan
Rutherford
Stanly
Swain
Transylvania
Union
Watauga
Wilkes
Yancey
SOUTH CAROLINA
Abbeville
Edgefield
Lancaster
Newberry
Saluda
Aiken
Fairlield
Laurens
Oconee
Spartanburg
Anderson
Greenville
Lexington
Pickens
Union
Cherokee
Greenwood
McCormick
Richland
York
Chester
BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile,
Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns
and cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad
and the Western Railway of Alabama.
JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida.
NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal Reserve
district No. 6 with the exception of the city of Chattanooga.
NEW ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi
located in Federal Reserve district No. 6, and the counties of Mobile and Baldwin in Alabama.
DETROIT BRANCH (District No. 7).—The following 19 counties in the State of Michigan:
Bay
Ingham
Livingston
Saginaw
Tuscola
Genesee
Jackson
Macoinb
Sanilac
Washtenaw
Hillsdale
Lapeer
Monroe
St. Clair
Wayne
Huron
Lenawee
Oakland
Shiawassee
LITTLE ROCK BRANCH* (District No. 8).—The State of Arkansas except the following counties:
Baxter
Craighead
Greene
Mississippi
Sebastian 2
Benton x
Crawford
Lawrence
Phillips
Sharp
Lee
Boone
Crittenden
Poinsett
Washington
Carroll
Cross
Madison
Randolph
Woodruff
Clay
Fulton
Marion
St. Francis
and except also the towns of DeVal Is Bluff (Prairie County), Mena (Polk County), and Newj
(Jackson County).
1
Town of Gentry assigned to Little Rock Branch.
Town of Mansfield assigned to Little Rock Branch.
LOUISVILLE BRANCH * (District No. 8).—That part of the State of Kentucky included in Federal
Reserve District No. 8, with the exception of the town of Morganfield (Union County), and the following 14 counties in the State of Indiana:
Clark
Floyd
Jefferson
Orange
Switzerland
Crawford
Harrison
Lawrence
Perry
Washington
Dubois 1
Jackson
Martin 2
Scott
2
1
Except the towns of Ferdinand and Holland.
Except the town of Loogootee.
* Effective March 1, 1938.
2
FEDERAL RESERVE SYSTEM
291
MEMPHIS BRANCH * (District No. 8).—Those parts of the States of Mississippi and Tennessee included in Federal Reserve District No. 8, with the exception of Union City (Obion County) Tennessee and Paris (Henry County) Tennessee, and the following 10 counties in the State of Arkansas:
Craighead
Cross
Lee
Phillips
St. Francis
Crittenden
Lawrence
Mississippi
Poinsett
Woodruff
also the town of DeValls Bluff (Prairie County), Arkansas.
HELENA BRANCH (District No. 9).—The entire State of Montana.
DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New
Mexico included in Federal Reserve District No. 10.
OKLAHOMA CITY BRANCH (District No. 10).—That part of the State of Oklahoma located in Federal
Reserve District No. 10.
OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming.
EL PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in
Federal Reserve District No. 11, and the following 14 counties in the State of Texas:
Andrews
Ector
Jeff Davis
Midland
Ward
Crane
El Paso
Loving
Pecos
Winkler
Culberson
Hudspeth
Martin
Reeves
HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeastern part of the State of
Texas:
Anderson
Colorado
Jackson
Montgomery
Shelby
Angelina
Fayette
Jasper
Nacogdoches
Trinity
Austin
Fort Bend
Jefferson
Newton
Tyler
Bastrop
Galveston
Lavaca
Orange
Victoria
Brazoria
Grimes
Lee
Polk
Walker
Brazos
Hardin
Liberty
Sabine
Waller
Burleson
Harris
Madison
San Augustine
Washington
Chambers
Houston
Matagorda
San Jacinto
Wharton
Cherokee
SAN ANTONIO BRANCH (District No. 11).—The following 54 counties in the State of Texas:
Starr
algo
Comal
Hidalgo
Llano
Aransas
Terrell
Jim Hogg
De Witt
Live Oak
Atascosa
ogg
Travis
Jim Wells
Mason
Dimmit
Bandera
Uvalde
Karnes ells
Duval
Maverick
Bee
Val Verde
Kendall
Edwards
McMullen
Bexar
Webb
Kenedy
Frio
Medina
Blanco
Willacy
Kerr
Nueces
Gillespie
Brewster
Wilson
Goliad
Kimble
Presidio
Brooks
Zapata
Gonzales
Kinney
Real
Caldwell
Zavalla
Guadalupe
Refugio
Kleberg
Calhoun
San Patricio
Hays
La Salle
Cameron
Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal Reserve
District No. 12, and the following counties in California:
Imperial
Los Angeles
Riverside
San Diego
Ventura
Inyo
Orange
San Bernardino
Santa Barbara
PORTLAND BRANCH (District No. 12).—The entire State of Oregon, and the town of Ilwaco and the
following five counties in the State of Washington:
Clark
Cowlitz
Klickitat
Skamania
Wahkiakum
SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in
Idaho and Nevada:
IDAHO
Ada
Adams
Bannock
Bear Lake
Bingham
Blaine
Boise
Bonneville
Butte
Camas
Canyon
Caribou
Cassia
Clark
Custer
Elmore
Franklin
Fremont
Gem
Gooding
Jefferson
Jerome
Lemhi
Lincoln
Madison
Minidoka
Oneida
Owyhee
Payette
Power
Teton
Twin Falls
Valley
Washington
NEVADA
Clark
Elko
Lincoln
White Pine
SEATTLE BRANCH (District No. 12).—The entire State of Washington except the city of Spokane, which
is affiliated with the Spokane Branch, and the town of Ilwaco and the following five counties which
arc affiliated with the Portland Branch:
Klickitat
Skamania
Wahkiakum
Clark
Cowlitz
Also, the following counties in the State of Idaho:
Idaho
Boundary
Latah
Benewah
Nez Perce
Kootenai
Clearwater
Bonner
Shoshone
Lewis
SPOKANE BRANCH (District No. 12).—The city of Spokane.
* Effective March 1, 1938.
DO
CD
FEDERAL RESERVE DISTRICTS
/
* !
to
1
/ &
O
w
o
>
o
o
V*VJ
wmmm BOUNDARIES OF FEDERAL RESERVE PISTRICTS
. « « •
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT}
0
FEDERAL RESERVE SANK OTIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
•
INDEX
Acceptances:
Bankers':
Outstanding
Buying rates
Chart
Discount rates, open market:
By months
By weeks
Member bank holdings:
All banks on call dates:
1928-1937
Dec. 31, 1937
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
New York City
Country member banks:
Call dates, 1928-1937
Reserve city member banks:
Call dates, 1928-1937
(See also Open market paper.)
Anthracite. (See Coal.)
Argentina :
Foreign exchange rates
Gold movements to and from U. S
Redemption of dollar bonds
Assets and liabilities. (See Condition statements.)
Australia:
Gold movements to and from U. S
Automobiles:
Factory employment index
Factory payrolls index
Production index
Bank credit. (See Credit, Bank.)
Bank debits. (See Debits to individual accounts.)
Bank examinations
Bank failures. (See Banks: Suspensions.)
Bank for International Settlements:
Credit agreements with Federal Reserve banks
Bankers' acceptances. (See Acceptances.)
Bankers' balances:
Foreign central bank and private balances in U. S.:
Chart
Discussion of
Member bank holdings:
All banks on call dates:
1917-1937
1928-1937
Dec. 31, 1936 and 1937, by districts
Central Reserve city member banks:
Call dates, 1928-1937:
Chicago
New York City
Charts
Country member banks:
Call dates, 1928-1937
Reporting banks:
All banks combined
New York City
Outside New York City
Reserve city member banks:
Call dates, 1928-1937
Pa e
s
156
98
7
99
100
116
110
120
118
124
122
83
82
16, 17
82
184
182
180
35
35
17
175 18
112
117
115
121
119
13, 15
125
143
147
151
123
293
294
INDEX
Pa e
Banking and financial legislation:
§
Federal Reserve notes, direct obligations of U. S. as collateral until June 30,
1939
30
Larceny and burglary included as crimes against member banks
30
Banking developments, Discussion of
11-15
Banking funds:
Movement to United States from abroad
16, 17, 84
Banking structure:
Note on publication of statistics relating to
23
Banks:
Branches:
Number of:
1933-1937
158
Dec. 31, 1936 and 1937, by States
160
1937, analysis of changes in
159
Loans to, by member banks:
All banks on call dates:
1928-1937
116
Dec. 31, 1937
110
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
120
New York City
118
Country member banks:
Call dates, 1928-1937
124
Reporting banks:
All banks combined
142
New York City
146
Outside New York City
150
Reserve city member banks:
Call dates, 1928-1937
122
Number of:
1915-1937
106
1933-1937
158
1937, analysis of changes in
21, 159
Group banks, Dec. 31, 1937
162
Reconstruction Finance Corporation investment in
23
Suspensions:
1921-1937
164
1937, by districts and States
165
Discussion of
23
(See also Commercial banks; Federal Reserve banks; Member banks; Nonmember banks; State banks; State member banks.)
Belgium:
Foreign exchange rates
83
Gold movements to and from U. S
82
National Bank of:
Reserves, notes, and deposits
19
Bills:
Bought in open market by Federal Reserve banks:
All banks combined:
1917-1937
47
Dec. 31, 1937
50
Annual averages
42
End of month figures
44, 52
Monthly averages
43
Wednesday
figures
45
Each bank, end of year
figures
54
Earnings on:
All banks combined
76
Each bank
72
Volume of operations:
All banks combined
63
Branches
66
Each bank
64
INDEX
295
Pa e
Bills—Continued.
§
Discounted by Federal Reserve banks:
All banks combined:
1917-1937
47
Dec. 31, 1937, in detail
50
Annual averages
42
End of month
figures
44, 52
Monthly averages
43
Wednesday
figures
45
Each bank, end of year
figures
54
Earnings on:
All banks combined
76
Each bank
72
Holdings, by classes:
Each bank, end of year
figures
58
Volume of operations:
All banks combined
63
Branches
66
Each bank
64
Federal Reserve bank holdings:
Maturity distribution
59
Payable by member banks. (See Borrowings.)
Bituminous coal. (See Coal.)
Board of Governors of Federal Reserve System:
Broderick, Joseph A., resignation
39
Building assessment on Federal Reserve banks
,
73
Expenses
39, 73, 235-236
Members and officers
229
Policy actions: 5
Direct obligations of U. S. as collateral for Federal Reserve notes. . . . 194
Discount rates
203
Gold desterilization
205
Insurance business by State member banks
193
Regulation A, discounts and advances
206
Regulation D, reserve requirements
195
Regulation F, trust powers of national banks
209
Regulation K, foreign banking corporations
202
Regulation M, foreign branches of national banks and corporations . 203
Regulation Q, interest on deposits
194, 198
Regulation T, margin requirements for brokers
199, 200, 207, 209
Regulation U, margin requirements for banks
201, 207
Receipts and disbursements
235-236
Removal of officers and directors of member banks
34
Salaries of officers and employees
230-234
Statement of objectives of monetary policy
221-223
Bolivia:
Gold movements to and from U. S
82
Bonds:
New issues. (See Capital issues.)
Prices
171
United States Government. (See United States Government securities.)
Yields:
Charts
7
Monthly and yearly
figures
172
Borrowings:
Member banks:
All banks on call dates:
1917-1937
112
1928-1937
117
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937, classification, by classes of banks
110, 111
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
121
New York
119
296
INDEX
Borrowings—Continued.
Pa e
Member banks—Continued.
s
Country member banks:
Call dates, 1928-1937
125
Reporting banks:
All banks combined
145
New York City
149
Outside New York City
153
Reserve city member banks:
Call dates, 1928-1937
123
Branch banks:
Foreign
38, 203
Group bank branches, Dec. 31, 1937
162
Number of:
1933-1937
158
Dec. 31, 1936 and 1937, by States
160
1937, analysis of changes in
•. 21, 159
Brazil:
Foreign exchange rates
83
British Guiana:
Gold movements to and from U. S.
82
British India. (See India, British.)
Broderick, Joseph A., resignation as member of Board of Governors
39
Brokers and dealers in securities:
Loans to, by member banks:
All banks on call dates:
1928-1937
116
Dec. 31, 1937
110
Central reserve city member banks:
*
Call dates, 1928-1937:
Chicago
120
New York City
118
Chart of
13
Country member banks:
Call dates, 1928-1937
124
Reporting banks:
All banks combined
142
New York City
146
Outside New York City
150
Reserve city member banks:
Call dates, 1928-1937
122
Margin account, Debit balances in. (See Brokers' balances.)
Brokers' balances:
Monthly,
figures
154
Movement to U. S. from abroad
84
Semi-annual figures, in detail
155
Building contracts. (See Construction contracts.)
Building materials:
Wholesale price indexes
188, 189
Business and credit conditions:
Discussion of
1,8, 10
Canada:
Foreign exchange rates
83
Gold movements to and from U. S
82
Capital:
Federal Reserve banks:
All banks combined:
Dec. 31, 1937
51
End of month
figures
53
Each bank, end of year
figures
54
Member banks:
All banks on call dates:
Dec. 31, 1937, by classes of banks
109
State bank and trust company members, Dec. 31, 1937, by individual
banks
242-259
INDEX
297
Capital account:
Member banks:
Pa e
All banks on call dates:
s
1917-1937
112
Dec. 31, 1936 and 1937, by districts . . .'
115
Reporting banks:
All banks combined
,
145
New York City
149
Outside New York City
:
153
Capital issues:
Statistics
169
Capital movement to United States:
Discussion of
16-19
Statistics
84
Capital stock:
Member banks:
Classification of stock, by classes of banks, Dec. 31, 1937
Ill
State member banks, Dec. 31, 1937, by size
261
Car loadings, Freight. {See Freight-car loadings.)
Cash:
Member bank holdings:
All banks on call dates:
1917-1937
112
1928-1937
117
Dec. 31, 1936 and 1937, by districts
115
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
121
New York City
119
Country member banks:
Call dates, 1928-1937
125
Reporting banks:
All banks combined .
143
New York City
148
Outside New York City
151
Reserve city member banks:
Call dates, 1928-1937
123
Cement:
Wholesale price index
189
Central America:
Gold movements to and from U. S
82
Central banks. {See Foreign banks: Central banks; also under name of
country, e.g. France: Bank of.)
Central reserve city member banks:
Assets and liabilities, Dec. 31, 1937:
Chicago
108
New York City
_
108
Classification of loans, investments, borrowings, and capital stock, Dec.
31, 1937
:
110
Deposits:
Chicago :
Monthly figures
134
New York:
Monthly figures
134
Loans, investments, reserves, deposits, and borrowings, call dates, 1928-1937:
Chicago
120
New York City
118
Reserves:
Chicago:
Monthly figures
129, 134
Weekly figures
127
New York City:
Monthly
figures
128, 134
Weekly figures
126
Charts:
Foreign central bank and private balances in the U. S
17
Member banks in Reserve cities
13
298
INDEX
Charts—Continued.
Member banks outside Reserve cities
Money rates and bond yields
Reporting member banks
Total bank deposits and currency
Check clearing and collection:
Interdistrict settlement fund
Par list, number of banks on
Volume of operations at Federal Reserve banks:
All banks combined
Branches
Each bank
Chemicals:
Factory employment index
Factory payrolls index
Wholesale price indexes
Chile:
Foreign exchange rates
Gold movements to and from U. S
China:
Foreign exchange rates
Gold movements to and from U. S
Cigars and cigarettes. (See Tobacco: Manufactures.)
Closed banks. (See Banks: Suspensions.)
Coal:
Production indexes
Wholesale price indexes
Coin:
Circulation
Outstanding
Received and counted by Federal Reserve banks:
All banks combined
Branches
Each bank
Colombia:
Gold movements to and from U. S
Commercial banks:
Branches
Number of
Commercial, industrial, and agricultural loans:
Charts of
Reporting member banks:
All banks combined
New York City
Outside New York City
Commercial paper:
Discount rates, open market:
By months
By weeks
Member bank holdings:
All banks on call dates:
1928-1937
Dec. 31, 1937
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
New York City
Country member banks:
Call dates, 1928-1937
Reserve city member banks:
Call dates, 1928-1937
Outstanding
(See also Open market paper.)
Commodity prices. (See Prices.)
Page
15
7
13
.
3
68
29, 70
63
66
64
184
182
188, 189
83
82
83
82
181
189
87, 88
89
63
66
64
82
21
20
13, 15
143
146
150
99
100
116
110
120
118
124
122
156
INDEX
299
Condition statements:
Federal Reserve banks:
Pa e
All banks combined:
§
Dec. 31, 1937, in detail
50
End of month figures, in detail
52
Each bank, end of year figures
54
Member banks:
All banks on call dates:
1917-1937
112
1928-1937
116
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937, by classes of banks
108
Dec. 31, 1937, classification of loans, investments, borrowings and
capital stock
110
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
120
New York City
118
Country member banks:
Call dates, 1928-1937
124
Reporting banks:
All banks combined
142
New York City
146
Outside New York City
150
Reserve city member banks:
Call dates, 1928-1937
122
Construction contracts awarded, Value of:
Indexes
173
Corporate trusteeship:
Federal Advisory Council recommendations, May 18, 1937, on S. 2344 ... 227
Corporations:
Bond prices. (See Bonds: Prices.)
Bond yields. (See Bonds: Yields.)
Foreign banking. (See Foreign banking corporations.)
New issues. (See Capital issues.)
Corporations and credit agencies, Governmental. (See Governmental corporations and credit agencies.)
Cotton. (See Textiles.)
Country member banks:
Assets and liabilities:
Dec. 31, 1937
108
Classification of loans, investments, borrowings, and capital stock, Dec. 31,
1937
110
Deposits:
Larger and smaller centers
135
Monthly figures
134
Loans, investments, reserves, deposits, and borrowings, call dates, 1923-1937 124
Reserves:
Monthly figures
130, 131, 134
Weekly figures
127
Credit agencies, Governmental. (See Governmental corporations and credit
agencies.)
Credit, Bank:
Federal Reserve:
Annual averages
42
Call dates, 1917-1937
47
End of month figures
44
Monthly averages
43
Wednesday figures
45
Crimes against member banks:
Larceny and burglary included
30
Currency:
Circulation. (See Money in circulation.)
Received and counted by Federal Reserve banks:
All banks combined
63
Branches
66
Each bank
,,,,,,,
64
300
INDEX
Page
Customers' debit balances of Stock Exchange firms. {See Brokers' balances.)
Debits to individual accounts
157
Debt, U. S. Government. {See Treasury finance: Public debt.)
Denmark:
Foreign exchange rates
83
Department store sales (value) index
173
Deposits:
All banks in United States:
Call dates, 1915-1937
..
106
Chart
3
Discussion of
3
Federal Reserve banks:
All banks combined:
Dec. 31, 1937, in detail
51
End of month figures, in detail
53
Monthly
figures
49
Each bank, end of year
figures
54
Foreign central bank and private balances in U. S
17, 18
Group banks, Dec. 31, 1937
162
Interest on. {See Interest on deposits; Interest rates.)
Member banks:
All banks on call dates:
1917-1937
...
112
1928-1937
117
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937, by classes of banks
109
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
121
New York City
119
Classes of banks
134
Country member banks:
Call dates, 1928-1937
125
Larger and smaller centers
135
Reporting banks:
All banks combined
144
New York City
148
Outside New York City
. 152
Reserve city member banks:
Call dates, 1928-1937
123
State bank and trust company members, Dec. 31, 1937, by individual
banks
242-259
State member banks:
Dec. 31, 1937, by size of capital stock
262
Dec. 31, 1937, by size of total deposits
264
Nonmember deposits in Federal Reserve banks:
Annual averages
42
Call dates, 1917-1937
47
End of month
figures
44
Monthly averages
43
Wednesday
figures
:
45
Postal Savings System. {See Postal Savings deposits.)
Reserves required against. {See Reserve requirements.)
Savings:
Payment of interest on. {See Interest on deposits.)
Suspended banks:
1921-1937
164
1937, by districts and States
165
Discussion of
23
Discount rates:
Federal Reserve banks:
By districts
95
Reduction in:
Discussion of
9
Policy action of Board of Governors
203
INDEX
301
Discount rates—Continued.
Page
Foreign central banks
102
Foreign countries, open market discount rates
103
Discounts and advances:
Federal Reserve banks for member banks:
Regulation A, revised:
Policy action of Board of Governors on
206
Summary of changes
30
Dividends:
Federal Reserve banks
74
Member banks
141
Drugs:
Wholesale price index
188, 189
Durable goods:
Factory employment index
184
Factory payrolls index
182
Dutch East Indies:
Gold movements to and from U. S
82
Earmarked gold. (See Gold: Earmarked.)
Earnings and expenses:
Federal Reserve banks:
All banks combined
74
Discussion of
24-20
Each bank
72
Sources of earnings
76
Member banks
140
Ecuador:
Gold movements to and from U. S
82
Edge Act corporations
35
Egypt:
Gold movements to and from U. S
82
Employment, Factory:
Indexes:
By groups
*
184
Total
173
England. (See United Kingdom.)
Examinations. (See Bank examinations.)
Expenses:
Board of Governors of Federal Reserve System
235-236
Federal Reserve banks
72, 74
Member banks
140
Factory employment. (See Employment, Factory.)
Failures, Bank. (See Banks: Suspensions.)
Farm products:
Wholesale price indexes
188, 189
Federal Advisory Council:
Meetings
39
Members of
227
Recommendations to Board of Governors:
May 18, 1937. S. 2344, Corporate trusteeships
227
Dec. 14, 1937. Reserve requirements
228
Federal Open Market Committee:
Meetings . ..
38, 211-220
Operations, Discussion of
6
Policy actions:
Authority to increase or decrease System account. . 213, 214, 216, 217, 219
Authority to replace maturing securities and to make shifts of securities
in System open market account
212, 213, 215, 216, 217, 219, 220
Emergency purchases of Government securities by Federal Reserve
banks
211
Exchange directly with Treasury Department of maturing Government
securities held in System open market account for new securities. . . 211
Recommendation that Treasury be requested to desterilize $300,000,000
of gold
217
302
INDEX
Federal Reserve agents:
Federal Reserve note account
Gold certificate fund, summary of transactions
List of
Federal Reserve bank notes:
Circulation
Outstanding
Federal Reserve banks:
Assessment for:
Building for Board of Governors
Expenses of Board of Governors
Bank premises, cost of, book value of, etc
Branches:
Directors, list of >
Volume of operations
Building operations
Chairmen, list of
Directors, list of
Dividends paid:
All banks combined
Each bank
Earnings and expenses:
All banks combined
Discussion of
Each bank
Sources of earnings
Employees, number and salaries
Officers and employees:
Number and salaries
Presidents, list of
Profit and loss account
Retirement system contributions
Salaries of officers and employees
Volume of operations:
All banks combined
Each bank
Federal Reserve branch banks. (See Federal Reserve banks: Branches.)
Federal Reserve building:
Note on new building in Washington
Official opening, address by President of the United States
Federal Reserve districts:
Area, square miles
Branch territories:
Changes in
Counties comprising
Map showing outline
Population
Federal Reserve notes:
Agents' accounts
Circulation:
Actual:
All banks combined, monthly
figures
Each bank, end of year
figures
Outside Treasury and Federal Reserve banks:
End of month and yearly
figures
End of month
figures
Collateral security:
Direct obligation of U. S. may be used as, until June 30, 1939
Each bank, end of year
figures
End of month
figures
Policy action of Board of Governors on direct obligations of
as collateral
Gold certificate fund, summary of transactions
Issued:
Each bank, end of year
figures
Pa e
g
77
69
237-240
87
89
73
73
71
237-240
66
28
237-240
237-240
74
73
74
24-26
72
76
26, 72, 241
26, 72, 241
237-240
73
72
26, 72, 241
27, 63
64
29
224
284-289
27
290-291
292
284-289
77
49
54
87
77
30
54
77
U. S.
194
69
54
INDEX
303
Pa e
Federal Reserve notes—Continued.
s
Redemption fund:
All banks combined:
Dec. 31, 1937
50
End of month figures
52
Each bank, end of year
figures
54
Federal Reserve System:
Membership changes
21
Fiduciary powers of national banks. (See Trust powers of national banks.)
Financial conditions. (See Business and credit conditions.)
Financial legislation. (See Banking and financial legislation.)
Food and food products:
Factory employment index
184
Factory payrolls index
182
Wholesale price indexes
188, 189
Foreign banking corporations:
List of
38
Regulation K, amended:
Policy action of Board of Governors on .
202
Summary of changes in reserve requirements
31
Regulation M, new regulation:
Policy action of Board of Governors on
203
Summary of rules for suspensions
32
Foreign banks:
Central banks:
Credits to, by Federal Reserve banks
35
Discount rates
102
(See also France, Bank of; etc.)
Commercial bank reserves
20
Deposits of, held by Federal Reserve banks:
All banks combined:
Dec. 31, 1937
51
End of month
figures
53
Monthly
figures
49
Each bank, end of year
figures
54
Deposits of, held by member banks:
All banks on call dates:
1917-1937
112
1928-1937
117
Dec. 31, 1936 and 1937, by districts
115
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
121
New York City
119
Country member banks:
Call dates, 1928-1937
125
Reporting member banks:
All banks combined
144
New York City
148
Outside New York City
152
Reserve city member banks:
Call dates, 1928-1937
123
Foreign exchange rates
83
France:
Bank of:
Discount rates
102
Foreign exchange rates
83
Gold movements to and from U. S
82
Money rates, open market
103
Franchise tax paid by Federal Reserve banks to Government, 1917-1932
74
Freight-car loadings:
Indexes
173
Fuel and lighting materials:
Wholesale price indexes
188, 189
Germany :
Foreign exchange rates
83
Gold movements to and from U. S.
82
304
INDEX
Germany—Continued.
*
Money rates, open market
Reichsbank:
Discount rates
Gold:
Earmarked :
Held by Federal Reserve banks for foreign account.
Net release from earmark
Imports and exports:
Discussion of
United States:
Gross
Net
Policy of U. S. (See Treasury gold policy.)
Production:
United States
Stock, monetary in U. S.:
Analysis of changes in
Annual averages
Call dates, 1917-1937
End of month
figures
Monthly averages
Wednesday
figures
Gold certificate fund:
Summary of transactions
Gold certificates:
Circulation
Federal Reserve bank holdings:
All banks combined:
Dec. 31, 1937
End of month
figures
Each bank, end of year
figures
Government bonds. (See United States Government securities.)
Government debt. (See Treasury finance: Public debt.)
Governmental corporations and credit agencies:
Holdings of U. S. Government obligations
Grain:
Wholesale price index
Great Britain. (See United Kingdom.)
Group banking in the United States:
Survey as of Dec. 31, 1937
Holding company affiliates, permits granted
Hong Kong:
Gold movements to and from U. S
Housefurnishing goods:
Wholesale price indexes
Hungary :
National Bank of:
Syndicate Credits renewed
India, British:
Foreign exchange rates
Gold movements to and from U. S
Industrial advances of Federal Reserve banks:
All banks combined:
Dec. 31, 1937
End of month
figures
Commitments:
All banks combined:
End of month
figures
Each bank, end of year
figures
Discussion of
Each bank, end of year
figures
Earnings on:
By sources
Each bank
Maturity distribution
Pa e
s
103
102
81
81
16-19
82
82
81
81
42
47
44
43
45
69
87
50
52
54
12
189
162
37
82
188, 189
35
83
82
50
52
53
54
28
54
76
72
59
INDEX
305
Page
Industrial advances of Federal Reserve banks—Continued.
Number and amounts:
Business and industry classification
62
Each bank
61
Size of loans
61
Rates
96
Volume of operations:
All banks combined
63
Branches
66
Each bank
64
Industrial bond prices. (See Bonds: Prices.)
Industrial bond yields. (See Bonds: Yields.)
Industrial loans. (See Commercial, industrial and agricultural loans; Industrial
advances of Federal Reserve banks.)
Industrial production. (See Production, Industrial.)
Industrial stock prices. (See Stocks: Prices.)
Insurance business:
Policy action of Board of Governors canceling prohibition against State
member banks conduct of
193
Insurance companies:
Holdings of U. S. Government obligations
12
Interdistrict settlement fund:
Summary of transactions
68
Interest on deposits:
Regulation Q, revised:
Policy action of Board of Governors on
194, 198
Summary of changes
32
Interest rates:
Charged customers by banks
>
101
Open market in New York City:
By months
99
By weeks
100
Time deposits
98
U. S. Government securities held by Federal Reserve banks
60
(See also Discount rates.)
International capital transactions of United States:
Statistics
84
Investments:
All banks in U. S.:
Call dates, 1917-1937
107
Member banks:
All banks on call dates:
1917-1937
112
1928-1937
116
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937, classification, by classes of banks
110
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
120
New York City
118
Country member banks:
Call dates, 1928-1937
124
Reporting banks:
All banks combined
143
New York City
147
Outside New York City
151
Reserve city member banks:
Call dates, 1928-1937
122
State bank and trust company members, Dec. 31, 1937, by individual
banks
242-259
(See also Loans and investments.)
Iron and steel:
Factory employment index
184
Factory payrolls index
182
Production index
180
Wholesale price index
189
Iron-ore shipments
181
306
INDEX
Italy:
Bank of:
Page
Discount rates
102
Foreign exchange rates
83
Gold movements to and from U. S
82
Money rates, open market
103
Japan:
Bank of:
Discount rates
102
Foreign exchange rates
83
Gold movements to and from U. S
82
Money rates, open market
103
Lead:
Production index
181
Leather and leather products:
Factory employment index
184
Factory payrolls index
182
Production index
180
Wholesale price indexes
188, 189
Liabilities. (See Condition statements.)
Livestock:
Wholesale price index
189
Loans:
Agricultural. (See Commercial, industrial, and agricultural loans.)
Brokers'. (See Brokers and dealers in securities: Loans to.)
Commercial. (See Commercial, industrial, and agricultural loans.)
Industrial. (See Commercial, industrial, and agricultural loans; Industrial
advances of Federal Reserve banks.)
Real estate. (See Real estate loans.)
Security. (See Securities: Loans on.)
Total for member banks:
All banks on call dates:
1917-1937
112
1928-1937
116
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937, classification, by classes of banks
110
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
120
New York City
118
Country member banks:
Call dates, 1928-1937
124
Reporting banks:
All banks combined
142
New York City
146
Outside New York City
150
Reserve city member banks:
Call dates, 1928-1937
122
State bank and trust company members, Dec. 31, 1937, by individual
banks
242-259
Loans and investments:
All banks in U. S.:
Call dates, 1917-1937
107
Group banks, Dec. 31, 1937
162
Member banks:
All banks on call dates:
1917-1937
112
1928-1937
116
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937, by classes of banks
108
Dec. 31, 1937, classification, by classes of banks
110
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
120
New York City
118
Charts
13, 15
INDEX
307
Loans and investments—Continued.
Member banks—Continued.
p
Country member banks:
age
Call dates, 1928-1937
124
Discussion of
12, 14
Reporting banks:
All banks combined
142
New York City
146
Outside New York City
150
Reserve city member banks:
Call dates, 1928-1937
122
Lumber and lumber products:
Factory employment index
184
Factory payrolls index
182
Wholesale price index
189
Machinery:
Factory employment index
184
Factory payrolls index
182
Manufactures:
Factory employment index
184
Factory payrolls index
182
Production index
173, 180
Margin account statistics:
Monthly figures
154
Semi-annual figures, in detail
155
Margin requirements:
Banks. Regulation U:
Policy actions of Board of Governors on
201, 207
Reduction of requirements, Discussion of
10
Summary of amendments
34
Brokers and dealers in securities. Regulation T :
Policy actions of Board of Governors on
199, 200, 207, 209
Reduction in requirements, Discussion of
10
Summary of amendments
33
Maturities:
Bills held by Federal Reserve banks. (See Bills: Federal Reserve bank
holdings.)
United States Government securities held by Reserve banks. (See United
States Government securities: Federal Reserve bank holdings.)
Meat packing production index
180
Member banks:
Bills discounted for. (See Bills: Discounted by Federal Reserve banks.)
Borrowings at Federal Reserve banks. (See Borrowings.)
Branches, Foreign
38
Condition of. (See Condition statements.)
Deposits. (See Deposits.)
Earnings and expenses
140
Loans and investments. (See Loans and investments.)
National banks. (See National banks.)
Number of:
Analysis of changes in 1937
21
Call dates, 1917-1937
106, 112
Dec. 31, 1936 and 1937, by districts
115
Officers and directors, Removal of
34
Reserves. (See Reserves.)
State banks. (See State member banks.)
Suspensions. (See Banks: Suspensions.)
Metals and metal products:
Wholesale price indexes
188, 189
Mexico:
Foreign exchange rates
83
Gold movements to and from U. S
82
Minerals:
Production index:
By industries
181
Total
173
Monetary gold stock. (See Gold: Stock, monetary.)
308
INDEX
Monetary legislation. (See Banking and financial legislation.)
Page
Monetary policy, Objectives of
221-223
Money in circulation:
Coin
88
Kinds of:
End of month figures
87
Paper currency
88
Total:
Annual averages
42
Call dates, 1917-1937
47
End of month figures
44
Monthly averages
43
Wednesday figures
45
Treasury currency outstanding
89
Money rates:
Charged customers by banks
101
Chart
7
Open market:
Foreign countries
103
New York City:
By months
99
By weeks
100
Municipal bonds:
Prices. (See Bonds: Prices.)
Yields. (See Bonds: Yields.)
Mutual savings banks:
Branches, Dec. 31, 1936 and 1937, by States
161
Deposits on call dates
106
Loans and investments on call dates
107
Number of, on call dates
106
National bank notes:
Circulation
87
Outstanding
89
National banks:
Assets and liabilities:
Dec. 31, 1937
108
Branches:
Foreign. Regulation M, on suspensions of:
Policy action of Board of Governors on
203
Summary of new regulation
32
Number of:
1933-1937
158
Dec. 31, 1936 and 1937; by States
160
1937, analysis of changes in
21, 159
Classification of loans, investments, borrowings and capital stock, Dec.
31, 1937
110
Deposits:
Call dates
106
Suspended banks:
1921-1937
164
1937, by districts and States
165
Number of:
1915-1937
106
1933-1937
158
1937, analysis of changes in
21, 159
Suspensions:
1921-1937
164
1937, by districts and States
165
Discussion of
23
Trust powers. (See Trust powers of national banks.)
Netherlands:
Bank of:
Discount rates
102
Reserves, notes, and deposits
19
Foreign exchange rates
83
Gold movements to and from U. S
82
Money rates, open market
103
INDEX
New Zealand:
Gold movements to and from U. S
Newfoundland:
Gold movements to and from U. S
Nondurable goods:
Factory employment index
Factory payrolls index
Nonferrous metals:
Factory employment index
Factory payrolls index
Wholesale price index
Nonmember banks:
Branches:
Number of:
Dec. 31, 1936 and 1937, by States
Deposits:
Call dates, 1915-1937
Suspended banks:
1921-1937
1937, by districts and States
Deposits of, held by Federal Reserve banks:
Annual averages
Call dates, 1917-1937
End of month figures
Monthly averages
Wednesday
figures
Insured:
Branches:
1933-1937 .
1937, analysis of changes in
Deposits:
Suspended banks:
1937, by districts and States
Number of:
1933-1937
1937, analysis of changes in
Suspensions:
Discussion of
1937, by districts and States
Loans and investments:
Call dates
Number of, on call dates
Suspensions:
1921-1937
1937, by districts and States
Uninsured:
Branches:
1933-1937
1937, analysis of changes in
Deposits:
Suspended banks:
1937, by districts and States
Number of:
1933-1937
1937, analysis of changes in
Suspensions:
Discussion of
1937, by districts and States
Norway:
Foreign exchange rates
Gold movements to and from U. S
Number of banks. (See Banks: Number of.)
Objectives of monetary policy
Open Market Committee. (See Federal Open Market Committee.)
309
Pa e
s
82
82
184
182
184
182
189
160
106
164
165
42
47
44
43
45
158
21, 159
165
158
21, 159
23
165
107
106
164
165
158
21, 159
165
158
21, 159
23
165
83
82
221-223
310
INDEX
Pa e
Open-market operations:
s
Discussion of
6
Policy actions of Federal Open Market Committee in making shifts in
account
211-220
Open-market paper:
Reporting member banks:
All banks combined
142
New York City
146
Outside New York City
150
Palestine:
Gold movements to and from U. S
82
Paper and printing:
Factory employment index
184
Factory payrolls index
182
Wholesale price index
189
Paper currency:
Circulation
88
Shipments and receipts
90, 91
Par collection system:
Membership in
29, 70
Payrolls, Factory:
Index:
By groups
182
Total
173
Peru:
Gold movements to and from U. S
82
Petroleum and products:
Factory employment index
184
Factory payrolls index
182
Production index
180, 181
Wholesale price index
189
Philippine Islands:
Gold movements to and from U. S
82
Policy actions. (See Board of Governors of Federal Reserve System: Policy
actions; Federal Open Market Committee: Policy actions.)
Postal savings deposits:
Interest rate on, paid by member banks
98
Member bank holdings:
All banks on call dates:
1917-1937
112
1928-1937
117
Dec. 31, 1936 and 1937, by districts
115
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
121
New York City
119
Country member banks:
Call dates, 1928-1937
125
Reserve city member banks:
Call dates, 1928-1937
123
Preferred stock. (See Stocks.)
President of the United States:
Address at official opening of Federal Reserve building
224
Prices:
Wholesale commodity:
Index:
By groups
188
By subgroups
. 189
Total
173
Private banks:
Branches, Dec. 1936 and 1937, by States
161
Production, Industrial :
Indexes
173
Production, Manufacturing :
Indexes
173, 180
Public debt, U. S. Government. (See Treasury finance: Public debt.)
INDEX
311
Public utilities:
Page
Bonds:
Prices. (See Bonds: Prices.)
Yields. (See Bonds: Yields.)
Stock prices. (See Stocks: Prices.)
Railroad repair shops:
Factory employment index
184
Factory payrolls index
1$2
Railroads:
Bonds:
Prices. (See Bonds: Prices.)
Yields, (See Bonds: Yields.)
Stock prices. (See Stocks: Prices.)
Real estate loans:
Member banks:
All banks on call dates:
1928-1937
116
Dec. 31, 1937, classification, by classes of banks
110
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
120
New York City
118
Country member banks:
Call dates, 1928-1937
124
Reporting banks:
All banks combined
142
New York City
146
Outside New York City
150
Reserve city member banks:
Call dates, 1928-1937
122
Reconstruction Finance Corporation:
Investments in banks
23
Redemption fund, Federal Reserve notes. (See Federal Reserve notes:
Redemption fund.)
Regulations of Board of Governors:
Regulation A, discounts and advances:
Policy action of Board on
206
Summary of changes
30
Regulation D, reserve requirements:
Policy action of Board on
195
Summary of supplement
31
Regulation F, trust powers of national banks:
Policy action of Board on
209
Summary of amendments
31
Regulation K, foreign banking corporations:
Policy action of Board on
202
Summary of changes in reserve requirements
31
Regulation M, foreign branches of national banks and corporations:
Policy action of Board on
203
Summary of new regulations regarding suspensions
32
Regulation Q, interest on deposits:
Policy action of Board on
194, 198
Summary of revisions
32
Regulation T, margin requirements for brokers:
Policy actions of Board on
199, 200, 207, 209
Summary of changes
33
Regulation IT, margin requirements for banks:
Policy actions of Board on
,
201, 207
Summary of amendments
34
Removal of bank officers and directors
34
Reserve bank credit. (See Credit, Bank.)
Reserve city member banks:
Assets and liabilities, Dec. 31, 1937
_
108
Classification of loans, investments, borrowings, and capital stock, Dec.
31, 1937
110
312
INDEX
Pa e
Reserve city member banks—Continued.
§
Deposits:
Larger and smaller centers
135
Monthly
figures
134
Loans, investments, reserves, deposits, and borrowings, call dates, 1928-1937 122
Reserves:
Monthly
figures
129, 131, 134
Weekly
figures
127
Reserve percentages:
Federal Reserve banks:
Monthly
figures
49
Reserve position of member banks:
Monthly figures, by classes of banks
134
Reserve requirements:
Federal Advisory Council recommendations, Dec. 14, 1937
228
Increase in:
Discussion of
2-8
Regulation D :
Policy action of Board of Governors on
195
Summary of supplement
31
Member banks
133
Reserves:
Federal Reserve banks:
All banks combined:
Dec. 31, 1937
50
End of month
figures
52
Monthly
figures
49
Each bank, end of year
figures
54
Ratio to liabilities:
All banks combined, end of month
figures
53
Each bank, end of year
figures
54
Foreign commercial banks
20
Member banks:
Account in Federal Reserve banks:
All banks combined:
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937
50
Call dates, 1917-1937
112
End of month
figures
52
Monthly
figures
49
Each bank, end of year
figures
54
Charts
13, 15
Deficiency penalties imposed by Federal Reserve banks
76
Discussion of
"
2, 4, 5, 7, 9, 14, 15
Excess:
Annual averages
42
Call dates, 1917-1937
47
Discussion of
2, 4, 5, 7, 9, 14
Monthly
figures
43, 44, 128, 131, 134
Weekly
figures
45, 126
Required:
Monthly
figures
128, 131, 134
Weekly
figures
126
Total:
All banks combined:
Annual averages
42
Call dates
47, 117
Monthly
figures
43, 44
Wednesday figures
45
Central reserve city member banks:
Chicago
:
121
New York City
119
Classes of banks:
Monthly
figures
128, 131, 134
Weekly
figures
126
Country member banks
125
INDEX
313
Reserves—Continued.
Member banks—Continued.
Total—Continued.
Reporting banks:
Page
All banks combined
143
New York City
147
Outside New York City
151
Reserve city member banks
123
Rubber and rubber products:
Factory employment index
184
Factory payrolls index
182
Production index
180
Wholesale price index
189
Salaries :
Board of Governors, officers and employees
230-234
Federal Reserve banks
72, 241
Savings deposits:
Interest rate on
98
Securities:
Loans on, by member banks:
All banks on call dates:
1928-1937
116
Dec. 31, 1937, classification, by classes of banks
110
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
120
New York City
118
Country member banks:
Call dates, 1928-1937
124
Reporting banks:
All banks combined
142
New York City
146
Outside New York City
151
Reserve city member banks:
Call dates, 1928-1937
122
New issues. (See Capital issues.)
Prices:
United States
171
Purchased by foreigners:
Discussion of
16, 17, 18
Statistics
84
United States Government. (Sec United States Government securities.)
Shipments and receipts of United States paper currency. (See Paper Currency:
Shipments and receipts.)
Silver:
Circulation
87
Outstanding
89
Production index
181
Silver certificates:
Circulation
87
Spain:
Foreign exchange rates
83
Gold movements to and from U. S
82
Stability, Economic:
Statement of Board of Governors on
221-223
Stabilization funds
,
19, 20
State member banks:
Assets and liabilities:
Dec. 31, 1937
108
Branches:
Number of:
1933-1937
158
Dec. 31, 1936 and 1937, by States
160
1937, analysis of changes in
21, 159
Capital stock, Dec. 31, 1937, by size
261
Classification of loans, investments, borrowings, and capital stock, Dec.
31, 1937
, . 110
314
INDEX
State member banks—Continued.
pa e
Deposits:
e
Dec. 31, 1937, by size of capital stock
262
Dec. 31, 1937, by size of total deposits
264
Call dates, 1915-1937
106
Suspended banks:
1921-1937
164
1937, by districts and States
165
Examinations of
35
Insurance business:
Policy action of Board of Governors canceling prohibition against. . . . 193
List of, Dec. 31, 1937, with their loans} investments, deposits, capital, and
surplus
242-259
Number of:
1915-1937
106
1933-1937
158
1937, analysis of changes in
21, 159
Dec. 31, 1937, by size of capital stock
260
Dec. 31, 1937, by size of total deposits
263
Suspensions:
1921-1937
164
1937, by districts and States
165
Discussion of
23
Steel. (See Iron and steel.)
Stock exchange:
Customers' debit ba]ances, etc., of firms carrying margin accounts:
Monthly
figures
154
Semi-annual figures, in detail
155
Discount rates on loans:
By months
99
By weeks
100
Stocks:
New issues. (See Capital issues.)
Prices:
United States
171
Stone and clay products:
Factory employment index
184
Factory payrolls index
182
Surplus :
Federal Reserve banks
73, 74
Member banks:
Dec. *31, 1937, by classes of banks
109
State bank and trust company members, Dec. 31, 1937, by individual
banks
242-259
Suspensions, Bank. (See Banks: Suspensions.)
Sweden:
Bank of:
Discount rates
102
Reserves, notes, and deposits
19
Foreign exchange rates
83
Gold movements to and from U. S
82
Switzerland:
Foreign exchange rates
:
83
Gold movements to and from U. S
82
Money rates, open market
103
Swiss National Bank:
Discount rates
102
Reserves, notes, and deposits
19
Textiles:
Factory employment index
184
Factory payrolls index
182
Production index
180
Wholesale price indexes
188, 189
INDEX
315
Tobacco:
Pa e
Manufactures:
s
Factory employment index
184
Factory payrolls index
182
Production index
180
Trade, Retail. (See Department store sales.)
Transportation equipment:
Factory employment index
184
Factory payrolls index
182
Treasury cash and deposits with Federal Reserve banks. (See United States
Government deposits: Federal Reserve banks.)
Treasury currency outstanding:
Annual averages
42
Call dates, 1917-1937
47
Monthly figures
43, 44, 89
Wednesday figures
45
Treasury finance:
Public debt :
Holdings by types of investors
. 12
Treasury gold policy:
Board of Governors request for desterilization of gold
9, 205
Federal Open Market Committee recommendation on desterilization of gold 217
Treasury notes of 1890:
Circulation
87
Trust company members of Federal Reserve System:
List of State bank and trust company members, Dec. 31, 1937, with their
loans, investments, deposits, capital and surplus
242-259
Trust powers of national banks:
List of banks and powers authorized to exercise
265-284
Permits granted
37
Regulation F, amended:
Policy action of Board of Governors on
209
Summary of changes
31
Trusteeships, Corporate:
Federal Advisory Council recommendations, May 18, 1937 on S. 2344
227
Union of Soviet Socialist Republics:
Gold movements to and from U. S
82
United Kingdom:
Bank of England:
Discount rates
102
Reserves, notes, deposits
19
Foreign exchange rates
83
Gold movements to and from U. S
82
Money rates, open market
103
United States Government credit agencies. (See Governmental corporations
and credit agencies.)
United States Government debt. (See Treasury finance: Public debt.)
United States Government deposits:
Federal Reserve banks:
All banks combined:
Dec. 31, 1937
51
Annual averages
42
Call dates, 1917-1937
47
Monthly figures
43, 44, 49, 53
Wednesday figures
45
Each bank, end of year figures
54
Member bank holdings:
All banks on call dates:
1917-1937
112
1928-1937
117
Dec. 31, 1936 and 1937, by districts
115
Central reserve city member banks:
Call dates, 1928-1937:
Chicago
121
New York
119
Country member banks:
Call dates, 1928-1937
125
316
INDEX
United States Government deposits—Continued.
Member bank holdings—Continued.
Reporting banks:
Page
All banks combined
144
New York City
148
Outside New York City
152
Reserve city member banks:
Call dates, 1928-1937
123
United States Government securities:
Bonds:
Issues held by Federal Reserve banks, selected dates
60
Prices
171
Yields
172
Chart
7
Collateral security for Federal Reserve notes:
Legislation extending to June 30, 1939
30
Statistics
77
Federal Reserve bank holdings:
All banks combined:
Dec. 31, 1937
50
Annual averages
42
Call dates, 1917-1937
47
Monthly
figures
43, 44, 52
Wednesday
figures
45
Discussion of
12, 14
Each bank, end of year
figures
54
. Earnings on:
All banks combined
76
Each bank
72
Interest rate on issues held
60
Issues held, selected dates
60
Maturity distribution
59
Holdings by types of investors
12
Member bank holdings:
All banks on call dates:
1917-1937
112
1928-1937
116
Dec. 31, 1936 and 1937, by districts
115
Dec. 31, 1937, classification, by classes of banks
110
Central reserve city member banks:
Chicago
".
120
New York City
118
Charts
13, 15
Country member banks:
Call dates, 1928-1937
124
Discussion of
11, 12, 14
Reporting banks:
All banks combined
143
New York City
147
Outside New York City
151
Reserve city member banks:
Call dates, 1928-1937
122
Policy action of Board of Governors on direct obligations of U. S. as
collateral for Federal Reserve notes
194
Policy actions of Federal Open Market Committee on
211-220
Treasury bills:
Discount rates on:
By months
99
By weeks
100
Issues held by Federal Reserve banks; selected dates
60
Treasury notes:
Issues held by Federal Reserve banks, selected dates
60
Yields:
By months
99
By weeks
100
INDEX
317
United States Government Securities—Continued.
Pa e
Volume handled by Federal Reserve banks:
s
All banks combined
63
Branches
66
Each bank
64
United States notes:
Circulation
87
Outstanding
89
United States Treasurer:
General Account on deposit in Federal Reserve banks. (See United States
Government deposits: Federal Reserve banks.)
Uruguay:
Gold movements to and from U. S
82
Venezuela:
Gold movements to and from U. S
82
West Indies:
Gold movements to and from U. S
82
Wholesale commodity prices. (See Prices: Wholesale commodity.)
Woolen and worsted. (See Textiles.)
Yugoslavia:
Gold movements to and from U. S
82
Zinc:
Production index
181
@FedFRASER