Full text of Federal Reserve Bulletin : April 1937

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FEDERAL RESERVE
BULLETIN




APRIL 1937

Recent Money Market

Developments

Interest Rates Charged by Banks
French Financial Measures

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

TABLE OF CONTENTS

PAGE

Review of the month—Recent money market developments
National summary of business conditions
Summary of financial and business statistics
Law Department:
Deduction of withdrawable dividends from amount of demand for margin under Regulation T
Determination of market value of stock for loan under Regulation U
Interest rates charged by member banks
United States Government corporations and credit agencies in 1936
Earnings and expenses of State member banks
Earnings and expenses of nonmember insured banks
French financial measures
Annual report of the Bank of France
Annual report of the Bank of Canada
Annual report of the Swiss National Bank
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
Federal Reserve bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements
All banks in the United States
i
All member banks
Reporting member banks in leading cities
Bank suspensions; bank debits; Postal Savings System
Acceptances, commercial paper, and brokers' balances
Federal Reserve bank discount rates
Money rates and bond yields
Security markets
Treasury
finance
Governmental corporations and credit agencies
Production, employment, and trade
Wholesale prices
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
Central banks
Bank for International Settlements
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
.
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open market Committee and staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches




283-289
290-291
293
294
294
295-298
299-303
304
305
306-308
309-313
314-318
318-323
326
327-331
332
333
334
335
336-337
338-341
342
343
344
345
346
347
348-349
350-358
359
362
363
363-364
365-368
368
369
370
370
371
372
373
373
374
375

FEDERAL RESERVE BULLETIN
APRIL 1937

VOL. 23
REVIEW OF THE MONTH

On March 1 an increase of 16 2/3 percent
in reserve requirements of member banks
went into effect, in accordIncrease in reserve ance with the action of the
requirements
Board of Governors of January 30, which also provided for a final increase of the same amount
to become effective May 1. As a result of the
change on March 1 required reserves of member banks increased from about $4,600,000,000 to $5,400,000,000 and excess reserves declined from about $2,100,000,000 to $1,300,000,000. Changes in total reserves held, in
required reserves, and in excess reserves by
classes of banks over the period of the change
and the amounts of excess reserves held after
the change are shown in the following table:
RESERVE POSITION OF MEMBER BANKS, BY CLASSES
[Dollar amounts in millions. Figures partly estimated]
Change between last half Excess reserves
of February and week
week ending
ending March 12
March 12
Class of bank

Central reserve city banks._
Reserve city banks
Country banks
_._ _
All member banks

RePercent
Total quired Excess Amount of required
reserves reserves reserves
reserves
-165
+103
+61

+385
+246
+130

-550
-143
-69

435
499
443

29
50

-1

+761

-762

1,377

26

16

Country banks and reserve city banks
gained reserves in the period, while central
reserve city banks lost reserves owing in part
to shifts in bankers' balances. Each class




No. 4

of banks, taken as a whole, early in March
had excess reserves more than sufficient to
cover the increase in requirements to take
place on May 1, which will amount to oneseventh, or 14% percent, of present requirements. Country banks had the largest
amount of excess reserves relative to their
requirements and central reserve city banks
the smallest.
In view of the large amount of excess
reserves remaining after the increase in
requirements on March 1 and their broad
distribution, member banks were able to
make the change with very little borrowing.
The great majority of banks had sufficient
reserves in excess of requirements to meet
the increase; some banks, in addition, drew
upon their balances with other banks; and a
certain number of banks found it necessary
to liquidate some earning assets.
In February and March there was a substantial volume of sales of Government obligations, both by banks and by other holders.
These sales reflected in part adjustment of
reserve positions by banks in connection with
the increase in reserve requirements, and in
part other influences, particularly profit-taking at the high levels of prices reached in
recent months.
As a result of the selling of securities yields
on Government obligations, both long-term
and short-term, showed sharp advances in
February and March. There were also increases in open-market money rates on bankers' acceptances and commercial paper and
in yields on corporate bonds. Variations in

283

284

FEDERAL RESERVE BULLETIN

APRIL

1937

short-term money rates and in high-grade that had been placed with them, in many
bond yields during the past 40 years are cases replenished their reserves by drawing
upon their own balances with other banks.
shown in the chart on page 285.
In addition some of these banks withdrew
Excess reserves of member banks after a part of their balances to meet the increase
March 1, when the new reserve requirements in their own reserve requirements. Altowent into effect, showed gether $130,000,000 was withdrawn from
Excess reserves smaller changes than are New York City banks and $170,000,000 from
and Treasury
usual j
p e r iod of Treasury reporting banks in other leading cities.
It
operations m
^
/
would appear that during this three-week peMarch
fiscal
operations. Usually in
riod there were only small withdrawals of
quarterly tax-payment pebankers' balances by member banks outside
riods Treasury receipts exceed expenditures,
the leading cities, that is, by country banks,
Treasury balances at the Reserve banks conpartly because these banks were gaining resequently increase, and the resulting withserves through other operations. In the week
drawal of funds from the market results in
ending March 24 bankers' balances were
decreases in member bank reserves. In the
again reduced, reflecting in large part withpast two years the loss of reserves at these
drawals to meet a Treasury call for funds
periods has been more than usually profrom depositary banks and the payment of
nounced because, in addition to the customary
Federal taxes by other depositors.
excess of receipts over disbursements, the
Treasury's balance was further augmented
There has been continued reduction in
by proceeds from the sale of new securities to recent weeks in the amount of United States
the public. This year the Treasury arranged
Government securities held
for $300,000,000 of bills to mature during the Decline in bank by reporting banks. Unlike
March tax-payment period, in addition to the holdings of
the decline in these holdings
regular weekly amount, and the paying off of Government
these bills out of tax receipts restored to the obligations
during the last half of 1936,
market reserves that would otherwise have
which occurred only at membeen temporarily withdrawn.
ber banks in New York City, the decline since
Transfers of reserves among member the beginning of this year has been at reportbanks for the purpose of meeting the increase ing banks outside as well as in New York.
in reserve requirements Reductions were substantial in the three
Withdrawals of
that became effective March weeks ending February 10 and were particubankers' balances l were not on a large scale larly large in the three weeks ending March
owing to the wide distribu- 24. From the end of December to March 24,
tion of excess reserves. There was little United States Government securities held by
borrowing by banks and withdrawals of reporting member banks declined by $545,bankers' balances, which represent in large 000,000, of which $370,000,000 was in the
part idle funds that banks place with city last three weeks of the period. A portion
correspondents, were not unusually large. of the reduction in the two weeks ending
Between February 17 and March 10 deposits March 24 reflected the net retirement of $200,of other banks with weekly reporting mem- 000,000 of maturing Treasury bills, a part of
ber banks in 101 leading cities declined by which was held by weekly reporting member
about $300,000,000. This figure includes a banks. Holdings of New York City banks desubstantial amount of duplication, however, clined by $110,000,000 in January and Febsince reporting banks outside New York, ruary and by $240,000,000 in the three weeks
losing funds through withdrawal of balances
ending March 24, and those of reporting banks




285

FEDERAL RESERVE BULLETIN

APRIL 1937

outside New York City declined by $120,000,The accompanying chart shows fluctua000 in the five weeks ending March 3 and tions in short-term money rates and highby an additional $130,000,000 in the two
grade bond yields for the
weeks ending March 24.
Money rates and P a s t 4 0 years. The principal
fact brought out by the chart
Commercial loans of weekly reporting bond yields
is that, while we are at presmember banks, following a sharp seasonal
decline in January, in- ent in a period of low rates both for shortRenewed increase creased in the following and long-term money, short-term rates are
in commercial
two months. In the eight much lower than in the past in relation both
loans
weeks ending March 24 so- to their own previous levels and to long-term
called "other" loans, which include loans rates. Principal factors in the low level of
made for commercial, industrial, and agri- short-term rates in recent years have been
cultural purposes, increased at reporting the large amount of excess reserves held by
banks by an aggregate of $225,000,000, of member banks together with the relatively
which $100,000,000 was at banks in New small demand for loans by trade and industry.
York City and $40,000,000 in Chicago. On The decline in long-term rates in recent years,
March 24 these loans, both at New York City which has not been as great as the decline in
banks and at other reporting banks, exceeded short-term rates, has been due principally to
the amount outstanding on December 30, the the great abundance of funds in the hands of
all classes of investors, as well as to the small
maximum since 1932.
MONEY RATES AND BOND YIELDS

1900

1905

1910

1915

1920

1925

1930

1935

Commercial paper rates are averages of open-market rates on 4-6 months prime commercial paper. The
index of yields of railroad bonds is computed by the National Bureau of Economic Research to represent changes
in yields of bonds of a high and unchanging- grade; the general level of this index is somewhat below averages of actual
yields on high-grade bonds in all industries. Corporate bond yields are averages of yields on Moody's Aaa bonds.
United States Government bond yields are averages for bonds callable or maturing after 8 years. Latest figure in
each case is for the last week in March 1937.




286

FEDERAL RESERVE BULLETIN

APRIL

1937

Offerings of new securities have been
volume of capital issues offered in the market.
With regard to the relationship between long- smaller in recent weeks. Security issues
during January, aggregating $600,term and short-term rates, the chart shows
that long-term rates have shown much Capital 000,000, were larger than for most
months of 1936 and included an unsmaller fluctuations and less responsiveness issues
usually large amount of State and
to changes in business conditions.
municipal issues. The volume of issues was
Money rates on short-term paper in the also large during February, totaling $500,open market have advanced somewhat fur- 000,000, but offerings declined sharply in the
ther in recent weeks. Rates on bankers' ac- last week of the month and continued small
ceptances have had several advances this during March, with the exception of one large
year. On March 24 the offered rate on 90-day issue. Corporate issues in 1937 have included
bankers' acceptances was %6 of 1 percent, a substantial amount of common stock offercompared with %6 at the beginning of the ings both for refunding and for new capital
year. The buying rate for acceptances at the purposes. During January and February
Federal Reserve Bank of New York has re- there were about $150,000,000 of foreign
mained unchanged at V2 of 1 percent. The issues for refunding purposes.
average yield on 3-5 year Treasury notes increased from .94 percent in December to 1.26 Prices of common stocks, which rose to
percent at the end of February and to 1.50 new high levels in the early part of March,
percent on March 24. The rate on prime comdeclined somewhat after the middle
of t h e
mercial paper was advanced in the week end- Stock
month. The increase during
ing March 27 from % of 1 percent to 1 per- market the first two months of the year occent. Rates on call and time money on the
curred principally in prices of inNew York Stock Exchange have remained dustrial and railroad shares, while stocks of
unchanged and rates charged on customers' utility companies declined steadily after the
loans by banks in leading cities have shown early part of January.
little change.
Following a temporary decline in stock
In the long-term bond market yields have prices in April 1936, a practically uninteradvanced since last December, as prices of rupted advance for ten months, accompanyUnited States Government, municipal, and ing improvement in earnings reports, carried
corporate bonds have declined. The decline average prices from 100 to 130 percent of
was shown first for municipal bonds, which their 1926 level, according to the weekly
had risen sharply in November and Decem- index of prices of 419 common stocks, comber. Prices of corporate bonds began to de- puted by the Standard Statistics Company.
cline in the latter part of January, and by the During the twelve months ending March 31,
last week of March average yields on high- 1936, stock prices had advanced from 65 to
grade corporate issues, as computed by 110 percent of the 1926 average. Average
Moody's Investors Service, had risen to about prices of industrial and of railroad stocks
the level of January 1936. The decline in showed sharp advances in both periods.
United States Government obligations oc- Prices of utility stocks rose moderately after
curred first in short- and medium-term issues, April 1936 as compared with a rapid advance
but in March longer-term bonds also declined. during the preceding year.




APRIL 1937

FEDERAL RESERVE BULLETIN

Outstanding advances of stock exchange
members to customers for margin trading
increased by about $150,000,Stock market ^^0 in the five months ending
credit
January 31, 1937, and in February there was a further increase of $50,000,000 to a total of $1,480,000,000, approximately the highest level reached
at any time in recent years. These advances
had shown little change from May to August
last year, following increases in margin
requirements effective February 1 and April
1, 1936.
Loans by banks to brokers and dealers in
securities, which showed little more than customary seasonal fluctuations from last May
until February of this year, increased by
$150,000,000 in the three weeks ending March
10. In the following two weeks they declined
slightly. Most of the wide short-period fluctuations in those loans in recent months have
reflected borrowings by dealers in Government securities, but loans to brokers alone
have increased substantially. Other loans on
securities by banks, including loans for purchasing listed stocks which also were made
subject to margin requirements last May,
have shown little change since the autumn of
1935, following a decline lasting for several
years.
Industrial production increased more than
seasonally in February and March and the
level for the first quarter as a
Recent business whole is estimated at 116 perdevelopments
cent of the 1923-1925 average,
as compared with 115 for the
fourth quarter of 1936. In many industries,
furthermore, there is a substantial volume
of unfilled orders on hand. Construction contracts have shown a further increase, with
a greater proportion of privately-financed
work. Employment has continued to expand
although a number of industries have been
affected by strikes, and payrolls have increased, partly as a result of advances in
wage rates.




287

Over the past year output and distribution
of both durable and nondurable products have
shown continued expansion. Currently output of electric power and of many manufactures, including textiles, shoes, leather, and
petroleum products, is at a higher rate than
in 1929. Reflecting strong demand from the
machinery and automobile industries and
from many other sources, output of steel is at
approximately the high level reached in the
summer of 1929. Construction, however, is
still in considerably smaller volume than in
predepression years, and this is reflected in
industries producing materials such as lumber and cement, where output, though increasing, is at a lower rate than in most other
industries. As compared with a year ago,
construction is substantially larger, reflecting
an increased volume of private work, including factory and commercial construction as
well as residential building. The number of
non-farm dwelling units built in 1936, according to recent comprehensive estimates, was
nearly 300,000 as compared with a low of
55,000 in 1933 and in 1934, a post-war high
of 935,000 in 1925, and 520,000 in 1929. Further discussion of recent business developments is given in the national summary of
business conditions on pages 290-291.
Wholesale commodity prices have continued to advance during the first quarter
and since the end of October the
Commodity i n d e x o f t h e Bureau of Labor
prices
Statistics has risen from 81.2
percent of the 1926 average to
87.6 percent, as shown in the chart on page
290. Until the middle of January this upward movement reflected a rapid general
advance and since that time many commodities have shown further substantial increases. Since October prices of industrial
materials, such as iron and steel, nonferrous
metals, lumber, wool, cotton, rubber, and
hides, have advanced considerably more than
prices of finished products. The following
table shows the index of the Bureau of Labor

288

FEDERAL RESERVE BULLETIN

APRIL

1937

Statistics for three principal groups of com- zation Fund and advise the Government remodities at the end of October, the middle of garding the maintenance of orderly conditions in the money market. The committee
January, and the week ending March 20.
is composed of Messrs. Labeyrie, Governor
WHOLESALE PRICES
of the Bank of France; Rist, honorary vicegovernor of the Bank of France; Baudouin,
(1926 = 100)
general manager of the Bank of Indo-China;
Week ending
and Rueff, manager of the General Movement of Funds in the French Treasury. Es1937
1936
tablishment of the new committee came at a
Jan. 16
Mar. 20
Oct. 31
time of considerable unsettlement in the ex81.2
All commodities
85.7
change market. The franc, which had been
92. 3
94.4
Farm products
pegged to sterling since the middle of October,
82.3
87.3
87.9
Foods
80.2
83.1
Other commodities
85.6
was allowed to decline sharply and the subsequent rise was checked at a level about
1 percent lower than that which had prevailed
The French Cabinet stated on March 5 during the previous five months. The new
that steps were being taken to establish a free committee, according to the official statement,
gold market in France, to is to administer the Fund with the object of
French financial create a new administration assuring the security of commerce and the
measures
of the Stabilization Fund, to stability of prices.
control Government expendiIn conjunction with these monetary meastures, and to issue a large loan for national
ures assurance was given that, save for cerdefense. Translations of the official statetain necessary increases in small salaries, the
ment and of several legislative measures imGovernment would request no further explementing the program are given on pages
penditures from Parliament. On the con306-308 of the BULLETIN.
trary it was anticipated that expenditures
One of these measures, the law of March already budgeted could be reduced by 6,000,10, abolishes the system created by the Mone- 000,000 francs in view of the improving ecotary Law of October 1, 1936, under which all nomic situation in France. To cover extraortransactions in gold (including exports and dinary credits for armaments a large loan
imports) were made subject to authorization was announced payable in francs, pounds,
by the Bank of France and owners of gold and dollars.
were required to sell their holdings to the
This loan was authorized by the law of
Bank of France at the old legal parity or to
March 10. It was limited to 10,500,000,000
pay to the Government as a tax the full profit
francs. A first instalment of 5,000,000,000
from the altered gold value of the franc.
Provision is made for reimbursing those who francs was offered on March 12 and a second
complied with the October law. The new law instalment of 3,000,000,000 on March 16.
does not restore the obligation of the Bank Both were immediately oversubscribed.
of France to redeem its notes in gold, which They were issued at 98 with interest at 4Vk
was suspended by the law of October 1; nor percent and maturities of 60 years, and are
is the Bank required to buy gold at current subject to call beginning March 1, 1942.
market prices. Such purchases are, how- Holders may elect to receive payment of inever, freely being made as a matter of policy. terest and principal either in French francs
A committee of four was established on in France or in Swiss francs in Switzerland,
March 6 to administer the Exchange Stabili- with an exchange guarantee of not less than




FEDERAL RESERVE BULLETIN

the equivalent of £9.7s. or $45.66 per 1,000
French francs. The holder will benefit by
payment on the basis of dollars or pounds if
the French franc at the time of payment has
a market value less than 4.566 cents per franc
or 106.95 francs per pound. At the time the
first instalment was issued, the franc had a
value in the exchange market somewhat




289

higher than either of these rates, and subsequently it rose further.
Appointment of Class C Director at Federal
Reserve Bank

On March 4, 1937, Mr. Jay Taylor was
appointed as Class C Director of the Federal
Reserve Bank of Dallas for the unexpired
portion of the three-year term ending December 31, 1939.

290

FEDERAL RESERVE BULLETIN

APRIL 1937

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled March 25 and released for publication March 27]

Volume of production, employment, and
Factory employment and pay rolls intrade increased more than seasonally in Feb- creased from the middle of January to the
ruary and wholesale prices of industrial com- middle of February by more than the usual
modities continued to advance.
seasonal amount. The number employed in
Production and employment.—The Board's the machinery industries increased considerindex of industrial production, which makes ably and there were smaller increases at auallowance for changes in the number of tomobile and plate-glass factories. In the
working days and for usual seasonal varia- nondurable goods industries as a group there
tions, was 116 percent of the 1923-1925 aver- was a seasonal rise in employment.
age in February as compared with 114 in Distribution.—Department store sales inJanuary and an average of 115 in the last creased from January to February and the
quarter of 1936. At steel mills activity con- Board's seasonally adjusted index advanced
tinued to increase in February and the first from 93 to 95 percent of the 1923-1925 average. Sales at variety stores also increased
INDUSTRIAL PRODUCTION
more than seasonally, while mail-order sales,
largely in rural areas, showed less expansion
140
130
than is usual at this time of year. Total
130
freight-car loadings increased in February
120
120
and the first half of March, owing in part to
/
110
110
seasonal influences.
/
100
100
Commodity prices.—The general level of
90
IT A li 1
wholesale commodity prices advanced from
90
80
the middle of February to the third week of
TV
80
70
March, reflecting principally further sub70
stantial increases in the prices of industrial
60
60
materials. Prices of iron and steel, non50
50
1
PERCENT

J

V £T

1929

1930

1931

1932

1933

1934

1935

1936

1937

WHOLESALE PRICES

Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.

three weeks of March and, although the
growth was somewhat less than seasonal,
output currently is at about the peak level
reached in the summer of 1929. Automobile
production, while fluctuating considerably
with strikes at important plants, has been
larger for the year to date than in the corresponding period last year. Output of plate
glass in February showed a sharp rise from
the low level of the two preceding months
when strikes curtailed production. At textile
mills and shoe factories activity continued at
a high level, while output at meatpacking
establishments declined somewhat further.
Mineral production increased, reflecting
chiefly greater output of coal and a further
rise in crude petroleum production.
Value of construction contracts awarded
this year, according to the F. W. Dodge Corporation, has been considerably larger than
a year ago, reflecting an increased volume of
private residential building and other types
of private construction, while the volume of
publicly-financed work has been smaller.




110

- no

100

- 100

90

90

\

80

80

70

J

60

I

50
1929

1930

1931

1932

1933

- 70
60

i
1934

1935

50
1936

1937

[ndex compiled by U. S. Bureau of Labor Statistics, 1926 =
I:
). By months, 1929 to 1931 ; by weeks, January 2, 1932, to
Ma•™^ 20, 1937.

ferrous metals, lumber, cotton, rubber, and
hides advanced considerably and there were
also increases in the prices of cotton goods,
paper, and furniture. Wheat prices have advanced in recent weeks following a decline in
the latter part of February.
Bank credit.—On March 1, when the first
half of the recent increase in reserve requirements went into effect, excess reserves of
member banks declined from $2,100,000,000

291

FEDERAL RESERVE BULLETIN

APRIL 1937

to about $1,300,000,000. In the next three
weeks, which included the March tax collection period, excess reserves showed moderate fluctuations around the new level. In
connection with the increase in reserve requirements there were some withdrawals of
MEMBER BANK LOANS AND INVESTMENTS
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

were above last year's high level reached on
December 30. Loans to brokers and dealers
in securities increased sharply.
Money rates. — Since the beginning of
March the rate on 90-day bankers' acceptances advanced from 5/i6 of 1 percent to %6
of 1 percent and commercial paper rose from
a flat % percent to a range of between %
and 1 percent.
MONEY RATES IN NEW YORK

°a<ri Dealers*"
^ * l ^

I
'34

ijf^S^^J^/

- A«?ptqneM

•
1935

I
1936

1937

'34

1935

19

Wednesday figures for reporting member banks in 101 leading
cities, Sept. 5, 1934, to March 17, 1937. Loans on real estate and
loans to banks excluded.
1934

bankers' balances from city banks but practically no borrowing by member banks from
the Reserve banks.
Holdings of United States Government obligations at reporting member banks in leading cities declined by $280,000,000 in the
four weeks ending March 17, a part of the
decline reflecting large maturities of Treasury bills. Commercial loans increased further at reporting banks and on March 17




1935

1936

Minimum rate on rediscounts for and advances to member
banks by Federal Reserve Bank, and weekly prevailing rates on
prime commercial paper, 4 to 6 months, and prime bankers' acceptances, 90 days. For weeks ending January 3, 1931, to March
20, 1937.

Bond yields, which until recently had been
near the extreme low point reached last December, advanced by between 14 and y% percent and on March 24 were at about the levels
prevailing early in 1936.

292

FEDERAL RESERVE BULLETIN

APRIL 1937

MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES

BILLIONS OF DOLLARS

12

12

11

11
*

10

GOLD STOCK

10

/

r

8

J

i

8
MO MEY IN CIRCU LATION

7

y

!!X

4

4

n

3

TREASL RY CASH

3
i
j

2

RESERVE BANK
(DREDiT

.•••• "
'.

1

|

1932

1933

IREASURY DEPOSITS

1934

2
1\

1

II

i V

i^

0
1935

1936

1937

1936

1937

MEMBER BANK
RESERVE BALANCES

1932




1933

1934

1935

Latest figures for March 24, 1937. See table on page 326.

293

FEDERAL RESERVE BULLETIN

SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1937
Feb.

A n n u a l averages
Jan.

Dec.

Feb.

RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS

Reserve bank credit—total
Bills discounted
Bills bought
U. S. Government securities
Monetary gold stock
Treasury currency
Money in circulation
Treasury cash
Treasury deposits with F. R. banks
Nonmember deposits and other accounts
Member bank reserve balances:
Total
Excess

Jan.

1936

Dec.

1935

1934

1933

1932

1929

2, 429
283
83
2,052
4, 059
2,271
5, 576
288
55
497

2,077 1
521
7
1
1,461
3, 952
2, 096
5, 328
236
39
407

1, 459
952
241
208
3. 996
2,015
4, 476
207
22
406

Averages of daily figures; in millions of dollars

2, 485 2,498
3
7
3
3
2,430 2,434
11,310 11,220
2,531 2,528
6,400 6, 563
2,450 2,357
167
200
155
554
560
506

2. 475
3
3
2. 431
11,399
2, 531
6, 369
2, 569

2, 493
8
5
2, 430
10,163
2,495
5, 779
2, 515
466
584

6, 747
2,152

6, 716 6, 665 5,808
2,093 2, 046 3,038

REPORTING MEMBER BANKS

2.484
6
5
2, 430
10,158
2, 486
5, 757
2, 564
494
533

2, 494
6
5
2, 430
10.072
2,454
5, 897
2, 545
324
539

2, 475
7
5
2,431
9, 059
2,478
6.101
5, 585
2,474 2,791
446
128
551
507

2,481
6
4
2, 430
10, 578
2, 503

5, 780 5, 716 5, 989 5,001
3, 033 2, 983 2, 512 2,469

2, 502
36
25
2, 432
7,512
2, 381
5, 403
2, 798
81
438

3,676 2, 343 2, 114
1, 564
528
256

2, 358
43

Averages of Wednesday figures; in millions of dollars

Total loans and investments
22, 600 22, 734 22, 760 21,053 20, 928 20, 769 22, 064 19, 997 18, 672 17, 505 19,080 22, 599
982
Loans to brokers and dealers in New York City
1,021
993
901
923
921
815
591
969
820
337 1, 405
2. 256 2,242
Other loans on securities
2, 261 2,230 2,247
2,281
6, 251
2, 267 2, 301 2, 711 3, 343 4, 508
5, 744 5,763
All other loans
5,748 4,850 4,910
4,982
5,226 4,907 4,965 5,222 6,578
9, 231
IT. S. Government obligations:
2, 865
9,118
9,241
Direct
9,263
8,708 8, 599
8,433
9,080 7,989 6, 856 5, 228 4,413
e
1,212
1,242
Fully guaranteed
1,230
1,155
1,194
1,131
1, 250
325
928
3.288 3, 243
3,247 3,170
3,094
Other securities
3,021
3. 245 2,847
3,272 3,053 «3,000 3,121
5, 326 5,292
5,264 4,782 4,773
4, 694
Reserve with Federal Reserve banks
4,799 4,024 2,875 1,822
1, 673 1,725
387
354
356
376
427
Cash in vault
401
248
214
240
383
326
271
2, 252 2,307
2,312
2,439 2, 335 2, 336
Balances with domestic banks
1, 322 1, 250
2, 358 2,112
1,142
1,688
15, 572 15, 516 15, 544 14, 064 13, 824 13, 904 14, 619 12, 729
Demand deposits—adjusted
0)
0)
0)
0)
5. 094 5,052
4,872
5,045 4,893 4,892
Time deposits (excluding interbank) 2
4,999 4,883 4,937 4,946 5, 666
6,788
5, 988 6, 085
5,647 5,620
5,388
6,155
Deposits of domestic banks 3
2,787
4, 938 3,814
5,810
2,822 2,772
1
2
2
2
11
Borrowings
3
6
674
228
5
115
Averages of weekly figures; percent per

MONEY RATES AND BOND YIELDS

C ommercial paper
Stock exchange call loans
U. S. Treasury bills
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa).

.75
1.00
.38
2.31
3.22

.75
1.00
.36
2.29
3.09

.75
1.00
.21
2.27
3.10

.75
.75
.08
2.62
-3.32

CAPITAL ISSUES

.75
.75
.10
2.68
3.37

.75
.75
.09
2.73
3.44

.75
.91
.14
2.47
3.24

.76
.56
.14
2.70
3.60

annum

1.02
1.00
.26
3.10
4.00

5.85
7.61

1.72
1.16
.52
3.31
4.49

2.73
2.05
.88
3.65
5.01

3.60
4.73

180
116
64
41
15
26

89
60
29
32
13
18

146
100
46
54
27
27

959
841
118
781
667
115

Amounts per month; in millions of dollars

All issues—total
New
Refunding
Domestic corporate issues-—totalNew
Refunding

497
168
329
354
130
225

610
249
362
306
102
204

'726
266
r
459
626
218
408

'303
107
r
196
195
13
181

400
122
278
266
65
201

C o m m o n stocks (1926=100)
Wholesale c o m m o d i t y prices (1926=100):
All commodities
F a r m products
Foods
Other commodities
Retail food prices (1923-25=100)

130

126

123

106

100

95

11
1

78

72

63

48

86
91
87
85
85

86
91
87
83
85

84
89
86
82
83

81
80
83
79
81

81
78
84
79
82

81
78
86
79
82

81
81
82
80
82

80
79
84
78
80

75
65
71
78
74

66
51
61
71
66

65
48
61
70
68

95
105
100
92
105

64
63
7
1
28
13
40
66
46
56
69

119
119
115
117
87
142
105
109
106
111

13-1
110

437
367

422
221
201
167
67
101

518
'164
r
354
382
99
282

392
121
270
189
34
155

Index numbers

Index number s, adjusted for seasonal variation,
1923-25=100

BUSINESS INDEXES

PIOO

"96
80
95

114
115
109
63
45
77
99
91
80
93

121
121
117
66
45
83
99
95
86
92

222
240

"116
"116
/> 114
"64
"47
"78

Industrial production
Manufactures
Minerals
Construction—total
Residential
All other..
Factory employment
Factory payrolls (unadjusted).
Freight-car loadings
Department store sales

230
245

p Preliminary.
1
Figures not available.




2

97
96
104
62
25
92
89
74
70
81

101
101
102
68
26
103
89
78
71
83

105
105
104
55
37
70
92
82
72
88

90
90
91
37
21
50
86
7
1
63
79

79
78
86
32
12
48
83
63
62
75

76
75
82
25
11
37
72
49
58
67

Amounts per month; in millions of dollars

MERCHANDISE EXPORTS AND IMPORTS
E x p o r t s , including re-exports.
General imports._.

94
92
111
52
25
75
87
74
70
83

182
193

199
187

223
187

c
r
P a r t l y estimated.
Revised.
Include t i m e deposits of b a n k s , domestic and foreign, 1929-1934.

205
202

3

190
171

178
138

140
121

Do not include time deposits 1929-1934.

294

FEDERAL RESERVE BULLETIN

APRIL

1937

LAW DEPARTMENT
Deduction of withdrawable dividends from amount Determination of market value of stock for loan
of demand for margin under Regulation T.
under Regulation U.

The Board recently had occasion to consider the question whether cash dividends
which had been received in an account under
Regulation T within the preceding 35 days
might be deducted from the amount of the
demand for margin for a transaction in the
account if the dividends had not been withdrawn and there had been no transactions in
the account subsequent to the crediting of the
dividends until the subject transaction.
Section 8(b) of the regulation permits the
withdrawal of cash dividends in such a situation and the question presented was in effect
whether the broker should demand the full
amount of margin that would ordinarily be
required on the transaction, possibly forwarding with the demand for margin a check
for the amount of dividends, or whether it is
permissible for the broker in such a case to
deduct the amount of the withdrawable dividends from the amount of the demand for
margin. The Board expressed the opinion
that it is permissible in such circumstances
for the broker to deduct the amount of the
withdrawable dividends from the amount of
the demand for margin instead of demanding
the full amount of margin without deduction
of the dividends. The Board stated further,
however, that in order to make it clear that
the dividends are not thereafter available for
other purposes, and also to comply fully with
the requirement of the regulation that margin
be demanded upon the basis of the aggregate
transactions in the account on a given day,
the notation that the dividends are no longer
withdrawable (which in effect amounts to a
withdrawal and redeposit of the dividends)
should be made on the date of the transaction
in question rather than on the later date on
which margin is deposited in response to the
demand.




The Board recently considered a question regarding the determination of the market value of a stock in connection with a loan
on the stock under Regulation U. In the case
presented, a bank made an agreement with
an out-of-town customer to lend a certain
sum of money on a registered stock, the
amount being 45 percent of its then market
value and the purpose being to purchase registered stocks. The borrower delivered the
stock and the note as promptly as possible on
the next day, but the market value of the
stock had become lower in the interval so that
the amount the bank had agreed to lend was
in excess of 45 percent. The question arose
as to whether Regulation U permits the bank
to carry out its commitment.
It appeared that the bank had entered into
an enforceable commitment, the details of the
loan had been perfected in so far as practicable on the first day, and the negotiations
for and completion of the loan were to take
place as nearly contemporaneously as the circumstances of the case would permit. In the
circumstances, the Board expressed the view
that the market value of the stock for the purpose of completing the loan might properly
be determined as of the time when the bank
and the customer agreed upon the amount
and terms of the loan. The Board pointed
out, however, that any clearly foreseeable
change in the stock during the interval, such
as a split-up of shares or the stock selling
"ex" a dividend of any kind, should be taken
into account in such a determination.

APRIL

1937

295

FEDERAL RESERVE BULLETIN

INTEREST RATES CHARGED BY MEMBER BANKS

Results of a recent survey made by the
Board of Governors and the Federal Reserve
banks with regard to interest rates charged
by member banks indicate that as of last October the rate most frequently charged by
banks on loans to their customers was 6 percent. In the larger cities a rate of 5 percent
and frequently considerably less was common, while at many country banks the most
common rate was 8 percent. It would appear
that the rates reported for last October were
lower than those in effect in pre-depression
days, when a 5 percent rate was much less
frequent and 10 percent was charged more
often than at present.
The survey, which was made as of October
1, 1936, covered information as to interest
rates charged by each member bank (1) on
the largest number of loans of specified types,
(2) on the largest amount of such loans, and
(3) the lowest and highest rates charged.
The inquiry was made as simple as possible
in order to enable banks readily to comply
with it from their records without the necessity of special compilations of figures. The
results were compiled to show the rates reported most frequently under the various
headings, treating each bank as a unit without regard to size of bank or volume of loans
made at the respective rates. As a consequence, the results of the survey show rates
most frequently charged, rather than the
average rate of interest actually received by
member banks on the total volume of their
customer loans. Small banks, which constitute a large proportion of the banks but account for a small portion of all loans, dominate the results. The fact is that the bulk of
bank loans is made by relatively few large
banks and to large borrowers at relatively
low rates. Rates charged, as indicated by the
survey, are, therefore, higher than the average returns earned by banks on their loans,
as indicated by the banks' earning statements.
Rates charged greatest number of borrowers.—The single rate most frequently reported by banks as charged the greatest number of borrowers was 6 percent for all types
of loans. In general the rates charged the
greatest number of borrowers were somewhat higher than rates charged on the largest
volume of loans, because loans made at low
rates to borrowers of the best credit standing, though not great in number, constitute




a considerable proportion of the total volume
of bank loans.
For central reserve city banks in New York
and Chicago, as shown in the following table,
no rates higher than 6 percent were reported.
In New York City 13 banks reported 6 percent as the rate most frequently charged on
commercial and industrial loans, but 7 banks
reported rates of 1*4 or 1% percent, 9 banks
reported rates between 2 and 3% percent, and
9 others rates between 4 and 5% percent as
most commonly charged. Of the rates reported on urban property loans in New York
City and in Chicago and on commercial and
industrial loans in Chicago 5 percent is probably a representative rate.
RATES CHARGED GREATEST NUMBER OF BORROWERS,
OCTOBER 1936, CENTRAL RESERVE CITY BANKS
[Number of banks charging rates indicated]

Cities and rates

New York City:

Com- Loans on Loans on
mercial
urban
urban
and
comresidenindustrial mercial
tial
loans
property property

6
Total number of banks reporting
Chicago:

7
9
4
5
13

1
5
5

0
1
4
7
7

38

19

19

2
2

2-3%
4-4% .

0
1

1

5
3

4_43/
5-5K
6
Total number of banks reporting

4
0

0
0
6
3

12

5

9

At reserve city and country banks, as
shown in the following table, 6 percent was
by far most frequently reported as charged
the greatest number of borrowers on all types
of loans. The next most frequent rate at
banks in the reserve and larger nonreserve
cities was 5 percent, which was especially
common as to loans on urban real estate. In
the smaller cities, however, country banks
frequently reported rates of 8 percent and
many borrowers were being charged 10 percent. The higher rates were especially common on agricultural loans.
Rates charged on largest volume of loans.—
In view of the fact that large loans are usually made at lower rates of interest than
small loans, rates charged the largest number

296

FEDERAL RESERVE BULLETIN

RATES CHARGED GREATEST NUMBER OF BORROWERS,
OCTOBER 1936, RESERVE CITY AND COUNTRY BANKS
[Number of banks charging rates indicated]

Classes of cities
and rates

Reserve city banks and country banks in nonreserve
cities of over 100,000 population:
5 percent
6
"

Commercial
and
industrial
loans

Loans Loans
on
on
urban
urban
resicommercial dential
propproperty
erty

Loans
Agrion
farm cultural
loans
real
estate

APRIL 1937

affect the comparability of the two sets of
rates. The differences shown in case of reserve city banks and of country banks are
due principally to methods used in compiling
the figures.
In New York City IV2 percent was commonly reported as charged on the largest
volume of commercial loans, whereas the
average rate earned by New York City banks
VOLUME OF LOANS AND RATES CHARGED BY MEMBER
BANKS IN 1936

74
330
10
22
0
85

78
222
12
5
0
47

110
282
18
7
0
62

23
155
20
0
13

33
110
16
22
1
18

521

364

479

218

200

8
•' IIZIIZIIZIIIZII
•
10
"
Allotheri

3,054
706
1,132
347
223

190
2, 450
293
458
78
115

425
3,011
448
698
137
207

386
2,845
418
816
198
202

37
2, 362
723
1,094
634

Total number of banks
reporting

5,551

8
" _"""
10
"
Allotheri
Total number of banks
reporting
Other country banks:
5 percent
6
';

[Amounts in thousands of dollars ; rates in percent per annum]
Oct. 1, 1936;

Classes of banks
Average
volume
of
loans1

Central reserve city banks:
3, 469, 549
New York City
494,921
Chicago
1
4, 356, 536
All other rates reported, including all fractional rates and ranges of Reserve city banks
3, 950, 815
Country banks
rates.
3,584

4,926

4,865

most common
rate on largest
volume of loans

First half of 1936

4,949

ComInterest Aver- mercial, Real
age indus- estate
earned
trial,
rate
on
agriloans earned cultural loans
loans

40, 789
7,983
93,153
111,134

2. 36
3.22
4.28
5.62

V

V4,
5"
6-8

5-6

6
6-8

All member banks__ 12, 271, 821 253,059
4.12 6
of borrowers do not indicate what rates are
paid on the bulk of the loans. Figures were Averages of amounts from reports of condition for three call dates
obtained in the survey as to rates charged on December 31, 1935; March 4, 1936; and June 30, 1936.
the largest volume of loans of each class by
each reporting bank. The results of this (2.36 percent) was somewhat larger, reflectphase of the inquiry are also dominated by ing the influence of other loans, including
figures for small banks, since in compiling some commercial loans, made at higher rates.
them each bank, whether large or small, was In Chicago it was not possible to select from
given equal consideration. Although, as the October survey a single most common rate
brought out by the following table, significant because both IV2 and 5 percent were reported
differences are found when the banks are most frequently; the average rate earned, 3.22
divided into classes, it is still clear that the percent, was midway between these. The
most common rates reported as charged by most common rates reported as charged on
member banks are generally somewhat higher the largest volume of loans by banks in rethan average rates actually earned by these serve cities were generally above the average
banks on their loans.
rate earned in those cities, and the same is
Differences between these two sets of rates true for country banks. It is clear from the
are due in part to the fact that rates actually relationship shown and from other available
earned relate to the total volume of loans, in- information that member banks have made an
cluding open-market paper, brokers' loans, appreciable volume of loans at rates lower
and personal loans, as well as commercial, in- than those reported as the most common rates
dustrial, agricultural, and real estate loans. charged on the largest volume of loans.
The ratio of earnings to loans outstanding is Rates in large cities.—Detailed analysis of
also affected by loans on which interest may the figures obtained by the survey show that
not be received by banks in the period many banks in large cities were making loans
covered. Rates actually earned apply to the at lower rates, in some cases appreciably
first half of 1936, since complete earnings re- lower, than those reported by most member
ports for the last half of the year are not yet banks. In Boston, Cleveland, Richmond, Atavailable, but partial data for the last half of lanta, New Orleans, Detroit, St. Louis,
1936 indicate that this difference does not Minneapolis, and San Francisco, as well as




1

297

FEDERAL RESERVE BULLETIN

in New York City and Chicago, the majority
of banks reported rates on commercial and
industrial loans of 4 percent or less charged
on the largest volume of their loans, with l1/^
percent frequently reported. In 35 other
cities rates between 4 and 5 percent were
reported more frequently than higher rates.
Real estate loans at most banks in these cities
were most commonly made at 6 percent, with
5 percent in a number of cases, especially in
the central western cities, and lower rates
occasionally. Loans on commercial properties
were in some cases reported at rates of 3 or
4 percent.
These 46 cities, in which customers' rates
seem to be more sensitive to changing moneymarket conditions than in other cities, include all cities with Reserve banks, 17 with
Reserve bank branches, 8 other reserve cities,
and 9 country bank cities with population
of over 100,000. The country bank cities
are mostly in the Boston and New York Federal Reserve districts. There were 8 Reserve
bank branch cities, 16 other reserve cities and
35 country bank cities with population of
over 100,000 not included in this list. In most
of these excluded cities a rate of 6 percent
was most common, but rates of less than 6
percent w7ere found more frequently than at
banks in smaller places.
Rates in reserve cities by Federal Reserve
districts.—The following table compares rates
charged by banks in principal cities, other
than New York and Chicago, by Federal Reserve districts. The first column shows the
most common rates charged on the largest
volume of their industrial and commercial
loans by reserve city banks as indicated by
the survey of last October, the second column
shows prevailing rates charged in October on
the bulk of commercial loans by selected
banks in Federal Reserve bank and branch
cities as reported monthly to the Board, and
the third column shows the annual rate of
interest earned on loans by reserve city banks
in the first half of 1936.
These three sets of figures generally show a
reasonable similarity in each district, when
allowance is made for differences in cities
covered, in loans included, and in methods of
collection and compilation. Prevailing rates
in the monthly series and interest earned are
more similar to each other than they are to
the most common rates derived from the
recent survey. Although rates in some districts are lower than in others there appear
to be few marked geographical differences.




RATES CHARGED AND INTEREST EARNED ON LOANS AT
RESERVE CITY BANKS

Federal
Reserve
district

Boston
New York4
PhiladelphiaCleveland
Richmond
Atlanta 4
Chicago
St. Louis
Minneapolis..
Kansas C i t y Dallas
San Francisco.

Most
common
rate charged Prevailing
rate on
on indus- commercial
trial and
loans,
commercial Oct. 19362
loans,
Oct. 1, 19361
1 14

5
5
4 Yi
5
4 ?2
5
4
i Vi

5 }9

5
5

3.22
4.40
4.17
4.04
3.99
4.14
3.22
3. 66
3.61
4.09
5.07
4.38

Interest
earned
on loans
first half
of 19363

2.88
3.98
3.58
4.38
4.62
4.34
4.02
3.78
3.72
4.46
5.00
4.90

1 Most common rate reported as charged on largest volume of loans
by2 reserve city banks.
Weighted average of rates charged by leading banks in cities with a
Federal Reserve bank or branch, except New York City and Chicago.
3
Ratio of interest earned (doubled to put on annual basis) to average
amount of loans outstanding.
4
Central reserve city banks not included.

The lowest rates seem to be charged by city
banks in the Boston, Minneapolis, and St.
Louis districts, while higher rates are charged
in the Dallas, Kansas City, and San Francisco
districts. Customers' rates reported by reserve city banks in the New York and Philadelphia districts are higher than rates earned
on loans, a difference that may reflect holdings of open-market paper, an appreciable
volume of loans at low rates in a few banks, or
differences in reporting rates charged. Since
the two sets of figures shown for rates
charged—most common rates and prevailing
rates 1 —are based on data reported by individual banks with little or no allowance for
volume of loans made at different rates, they
are likely to be higher than rates actually
earned, which are more influenced by the
large loans and large banks. This does not
seem to have been the case, however, in Boston and Minneapolis, where the rates reported as charged on the largest volume of
loans are considerably lower than those
earned and also lower than the prevailing
rates reported monthly.
Rates at country banks.—At country banks
there is less variation in rates charged than
1
Figures for prevailing rates are based on rates charged on
prime customer loans of three types—commercial loans and demand and time loans on securities—as reported by large banks
in cities containing Federal Reserve banks or branches. The
method of computing the averages takes into account the relative
importance of each of these types of loans and the relative importance of each reporting bank, as measured by total loans. In
the district averages, the average rate for each city included is
weighted according to the importance of that city in the group,
as measured by loans of all banks in the city.

298

FEDERAL RESERVE BULLETIN

APRIL

1937

at city banks. At a large majority of country RATES CHARGED AND INTEREST EARNED ON LOANS AT
COUNTRY BANKS
banks 6 percent is the most common rate
charged on loans; in a great many banks 7
Most common rate charged,
and 8 percent is more common, and 10 perOctober 1, 1930, on
cent is not infrequent, especially on agriculFederal
tural loans. A rate of 5 percent is seldom reComReserve
mercial Agriported by country banks in cities of less than
district
and
100,000, except on real estate loans.
indus- cultural
loans
trial
The following table shows by Federal Reloans
serve districts the annual rate of earnings on
loans at all country banks and the most com- Boston
4.88
6
4.94
6
mon rates charged on various types of loans New York
5.16
Philadelphia6
6.00
Cleveland
6
at country banks other than those in country Richmond
5.68
6
6.32
bank cities with a population of more than Atlanta
6-8
5.66
Chicago
6
100,000. The reason that rates earned by St. Louis
5. 90
6
5.48
7-8
country banks in the Boston, New York, and Minneapolis-_
7.58
Kansas City_.
Philadelphia districts are considerably lower Dallas
8.80
10
6. 32
San Francisco.
8
than the most common rates charged is probably that in these districts there are a number
Most common rate charged on largest volume
country
of larger cities with a country bank status banks excluding banks in country bank cities with of loans at of more
population
than 100,000.
where rates charged are lower than in the
smaller communities. In most of the other All country banks; rate per a n n u m .
districts, except perhaps Minneapolis, the
comparisons of rates reported as charged and There is a marked geographical variation
rates earned seem reasonable, considering in rates among country banks. In the eastern
the various factors, previously mentioned, and central western districts the prevailing
that may account for differences. At country rate is 6 percent. In the southern and westbanks variations in size of loans and in rates ern districts of Atlanta, Minneapolis, Kansas
charged are smaller than at city banks, and City, Dallas, and San Francisco higher rates
the average rates earned on the total amount prevailed on commercial and agricultural
of loans are therefore more nearly compar- loans—generally 8 percent, with 10 percent
able with rates charged on the largest volume as most common on agricultural loans in the
of loans. The figures shown in the table are Dallas district. On real estate loans a 6 perprobably fairly typical, not only of rates cent rate was more nearly universal, with 8
charged on the largest volume of loans by all percent ruling in the Dallas district and a
banks, but also of those charged largest num- range of 6-8 percent reported by the other
southern and western districts.
ber of borrowers.




1

2

APRIL

1937

FEDERAL RESERVE BULLETIN

299

UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES IN 1936
Outstanding loans of Government corpora- the Treasury Department. The three printions and credit agencies, together with cipal groups of agencies are (1) the Reconinvestments in the stock of financial insti- struction Finance Corporation, together with
tutions, decreased by $400,000,000 in 1936 certain affiliated corporations, and the Public
and at the end of the year totaled $8,900,- Works Administration; (2) the farm mort000,000. The proprietary share of the United gage institutions under the Farm Credit
States in these corporations and agencies de- Administration; and (3) the institutions
creased by $500,000,000 to $3,900,000,000. under the Federal Home Loan Bank Board.
There was almost no change during the year Other agricultural loans amounted to $550,in the combined equity of private stockhold- 000,000, and miscellaneous loans of various
ers in Government credit agencies, but out- agencies accounted for the remaining $140,standing bonds and notes of the agencies 000,000. The major part of these miscelwere over $200,000,000 larger at the end of laneous loans are ship construction and wartime railroad loans.
1936, when they totaled $6,100,000,000.
The decrease in loans and investments of TABLE 1.—ASSETS AND LIABILITIES OF GOVERNMENT
CORPORATIONS AND CREDIT AGENCIES, DECEMBER
these agencies reflected principally declines 31, 1936.
in loans to financial institutions, and in hold[In millions of dollars]
ings of preferred stock and capital notes and
Change from
debentures of banks. Loans by the ComDec. 3 L, 1936
Dec. 31, 1935
modity Credit Corporation declined, and
other agricultural production and commodity
FiFiFiFinanced nanced nanced nanced
loans showed little change, but there was an
wholly partly wholly partly
increase in outstanding rehabilitation loans
from
from
from
from
Govt. Govt. Govt. Govt.
to farmers. Farm mortgage loans showed a
funds funds funds funds
much smaller increase than in other recent
years and home mortgage loans declined, but
ASSETS
other assets of the home mortgage agencies Loans and preferred stock:
Loans to financial institutions_..
369
152
increased.
+46
-204
Preferred stock, etc.
651
i 126
+106
-224
Table 1 shows for December 31, 1936, the
-132
2,765
Home mortgage loans
+13
2,937
Farm mortgage loans
combined assets and liabilities of agencies
Other agricultural loans
381
+22
218
-101
.__ 1,200
+79
classified by the Treasury as wholly financed All other loans
from Government funds and of those classiTotal loans and preferred stock- 2,600 6,197
+55
-450
fied as financed partly from Government Cash
—24
81
178
—35
32
474
+50
funds and partly from private funds. United States direct obligations
+6
Obligations of Government credit
Changes in the various items from the end of agencies:
Fully guaranteed by U. S
14
181
-13
-6
the preceding year are also indicated. SimiOther
—3
28
+5
22
lar data for January 31, 1937, for important Production credit association class A
75
stock_
_
-2
groups of agencies, as derived from the Shares of Fed. sav. and loan associations held by U.
49
monthly statement published by the Treasury Accounts and otherS. Treasury
74
receivables
+29
211
+13
Other assets
+246
228
388
Department, appear in the regular BULLETIN
+27
table on page 348. Data given in these tables
Total assets other than inter+329
3,133
7,680
-431
agency
differ from those in statements released by
LIABILITIES
the various agencies themselves in that
interagency assets and liabilities are here Bonds, notes, and debentures:
+124
-1
Guaranteed by United S t a t e s 252
4,417
excluded.
Other
72
+21
+72
92
370
+33
+144
Other liabilities (including reserves).
Out of the total of outstanding loans and
Total liabilities other than ininvestments of $8,920,000,000 at the end of
+289
416
6,143
teragency—
+105
1936, $8,230,000,000 was held by three groups
assets over
of agencies, as is shown in Table 2, which Excess of interagency liabilities, ex- 2,716 1,537 -536 +40
cluding
transactions.__
-2
338
groups the agencies in such a way as to show Privately owned interests.—
separately those agencies which are not priU. S. Government interests... 2,716
1,199
-536
+41
marily lending agencies and so as to arrange
the lending agencies in four important classes * Shares of Federal and other savings and loan associations held by
and a miscellaneous group. This table is Home Owners' Loan Corporation. Land bank bonds held by Federal
2 Excludes $761,000,000 of Federal
based in part on additional data furnished by Farm Mortgage Corporation.
3 Less than $500,000.




300

FEDERAL RESERVE BULLETIN

The Government's proprietary share in
agencies which are or have been engaged primarily in lending, also shown in Table 2,
amounted to $3,420,000,000 at the end of
1936. The equity of the United States in the
assets of the Federal Deposit Insurance Corporation and the Federal Savings and Loan
Insurance Corporation, which are not primarily lending agencies, totaled $260,000,000.
Certain other Government corporations and
agencies have no loans outstanding. The
Government's equity in three of these agencies, the Tennessee Valley Authority, the
Panama Railroad Company and the Federal
Housing Administration, amounted to $200,000,000.

TABLE 2.—LOANS AND INVESTMENTS OF GOVERNMENT
CORPORATIONS AND CREDIT AGENCIES AND PROPRIETARY INTEREST OF UNITED STATES, DECEMBER

31, 1936.
[In millions of dollars]

Agency or group of agencies

Outstanding
loans; nvestments in preferred stock,
capital notes
and debentures !

Dec.
31,
1936

Agencies engaged primarily in lending:
Reconstruction Finance Corpor2,207
ation and affiliated agencies 2
3 2, 937
Farm mortgage agencies
Home mortgage agencies.. ._ _ . 3,085
Other agricultural credit agencies:
Federal intermediate credit banks
and banks for cooperatives
218
Regional agricultural credit corporations and production credit
100
corporations _ _
_ _
Congressional a p p r o p r i a t i o n s
administered by Farm Credit
* 145
Administration
_ ...
87
Resettlement Administration
Other lending agencies:
82
U. S. Maritime Commission
30
Loans to railroads
Other lending agencies financed
18
wholly by United States

Change
from
Dec.
31,
1935

-512

Proprietary

interest
of U . S.
Government

Dec.
31,
1936

1,900
459
230

Change
from
Dec.
31,
1935

-621

Reconstruction Finance Corporation and
affiliated agencies.—The decrease in out253
+22
+9 standing loans and investments of Government corporations and credit agencies during
-20
147
- 2 0 1936 was principally in assets held by the
Reconstruction Finance Corporation, the
(5)
182
+15
87
+79
+79 Commodity Credit Corporation and the Public Works Administration. Table 3 shows
115
-11
-45
-1
_ 1 details concerning the loans of the Recon30
17
+17
+16 struction Finance Corporation, three corpoto which it supplies funds, and
8,910
3,422
- 5 3 9 rations
Total, lending agencies
-397
the Public Works Administration, for whose
Other agencies:
loans the Reconstruction Finance CorporaFederal Deposit Insurance Corporation and Federal Savings
7
256
and Loan Insurance Corporation
+4 tion acts as distributing agent in sales to
+4
127
Tennessee Valley Authority
+45 private investors.
Other non-lending agencies fi6
110
-4
As shown in this table, Reconstruction
nanced wholly by United States. _
~
Corporation investments in pre- 4 9 4 Finance
8,922
3,915
Total, all agencies
-397
ferred stock, capital notes and debentures
NOTE.—Farm mortgage and home mortgage agencies, the Federal inter- of banks were reduced during 1936 by $225,mediate credit banks and banks for cooperatives and the Federal Deposit Insurance Corporation and Federal Savings and Loan Insurance 000,000; at the end of the year the ReconCorporation are classified in Treasury statements as agencies "partly
Finance Corporation's holdings
financed by the United States" as is also the War Finance Corporation, struction
which is not included in groups shown in this table and for which the were about three-quarters of the peak level.
amounts were less than $500,000.
About two-thirds of the year's retirements
Including also investment in Class A stock of production credit occurred in June and July, when along with
associations and in shares of Federal savings and loan associations which
retirements by other banks a few very large
are Federally chartered institutions.
Including Commodity Credit Corporation, Export-Import Bank banks completely retired their outstanding
and R F C Mortgage Company. Including also, though not an affilipreferred stock. Reconstruction Finance
ated agency, the Public Works Administration.
The difference between this figure, derived from the Treasury De- Corporation loans to banks, including all
partment statement, and the sum of corresponding figures in the regular loans to aid in the reorganization or liquidaBULLETIN table on Farm Credit Administration loans is due to the inclusion of Federal Land bank "loans called for foreclosure" and matured tion of closed banks, were also reduced fur"extensions" in the Treasury figure. On earlier dates other differences existed between the data from the two sources. As a result of these ther in 1936 by $180,000,000, and are now
differences and changes, the Treasury figure for Federal Land bank about $500,000,000 below the peak in 1933.
loans shows a decline of $29,000,000 in 1936 but the Farm Credit Administration figure shows a decline of $8,000,000; on an accounting basis com- The major part of the repayments of bank
parable for the two dates it appears that there would have been shown loans were on loans originally made to rean increase of somewhat more than $10,000,000. Federal Farm Mortgage Corporation loans, also included in the figure in the table increased ceivers of closed banks and for reorganiza$42,000,000.
tion of closed banks. Outstanding loans on
The difference between this figure and the sum of corresponding
figures shown in the regular BULLETIN table on Farm Credit Adminis- commodities by the Reconstruction Finance
tration loans is due chiefly to deduction in the Treasury figure of re- Corporation, Commodity Credit Corporation
serves for uncollectible items.
and Export-Import Bank also declined cons Less than $500,000.
+13
+16

+8
+20

5

1

2

3

4




FEDERAL RESERVE BULLETIN

APRIL 1937

siderably. These loans are principally Commodity Credit Corporation loans on cotton
made in 1934 to farmers who signed agricultural adjustment contracts. The combined
holdings of the Reconstruction Finance Corporation and the Public Works Administration of securities acquired by the Public
Works Administration in making loans for
public works to various state and local government units and to railroads were smaller
TABLE 3.—LOANS AND INVESTMENTS OF THE RECONSTRUCTION FINANCE CORPORATION AND AFFILIATED
AGENCIES 1 DURING 1936.
[In millions of dollars
Disbursed
in
1936
Investment2 in preferred stock, etc.,
of banks
Loans for distribution to depositors
of closed banks
Other loans to banks
Miscellaneous loans _____
Loans on commodities 3
P.W.A. loans held by P.W.A. and
RFC
Loans to railroads
_
Self-liquidating loans
Loans to industrial and commercial
businesses _
Loans to drainage, levee and irrigation districts
R F C Mortgage Company loans
Total

Repaid
in
1936

Outstand- Change
from
ing
Dec.
Dec.
31,
31,
1935
1936

22

248

664

-225

54
1
25

191
46
43

109
122
343
231

-137
45
-18

30
60

80
12

248
346
195

+47

32

9

64

+24

15

4

64
22

+14
+17

2,207

-67
-50

-512

1
Including Commodity Credit Corporation, Export-Import Bank,
and RFC Mortgage Company. Including also, though not an affiliated corporation, the Public Works Administration. Except as otherwise indicated by title or footnote all items are R.F.C. loans or investments.
2
Including loans secured by preferred stock, etc., of banks.
3
Including all loans of Commodity Credit Corporation and ExportImport Bank in addition to Reconstruction Finance Corporation loans.
4
Less than $500,000.

at the end of 1936 than a year earlier,
although a substantial amount of new advances continued to be disbursed by the Public Works Administration. Reconstruction
Finance Corporation loans to railroads declined and there was a further small reduction in the outstanding amount of miscellaneous Reconstruction Finance Corporation
loans to mortgage loan companies, building
and loan associations, insurance companies,
other financial institutions and certain other
borrowers.
Four classes of loans made from Reconstruction Finance Corporation funds continued to increase during 1936. Outstanding
loans for self-liquidating projects increased
by $47,000,000, in large part as the result of




301

commitments made in earlier years, loans to
industrial and commercial businesses by
$24,000,000, and loans to refinance indebtedness of drainage, levee and irrigation districts
by $14,000,000. Outstanding loans of the
RFC Mortgage Company increased by $17,000,000, and there was also an increase of
$14,000,000, not shown in table 3, in investments held. The loans of the RFC Mortgage
Company are largely made to refinance mortgages on such properties as apartment houses,
hotels and office buildings. The company has
also purchased a considerable number of
Federal Housing Administration insured
loans on newly constructed homes.
In summary, the net decline during 1936
in outstanding loans and investments of the
Reconstruction Finance Corporation and
affiliated agencies amounted to more than
$500,000,000. Funds returned to the Treasury during 1936 as the result of realization of
the loans and investments of these agencies
and of other changes in their assets and
liabilities exceeded this amount by more than
$100,000,000. The difference is accounted
for largely by the sale in July of an issue of
six-month notes of the Commodity Credit
Corporation. The combined earned surplus
of these agencies showed a small increase;
the earned surplus of the Reconstruction
Finance Corporation increased by $33,000,000, but the Commodity Credit Corporation
showed a deficit for the year.
Farm mortgage loans.—Outstanding loans
of the permanent Federal Land banks and of
the emergency Federal Farm Mortgage Corporation increased by a relatively small
amount during 1936. Outstanding loans of
the Federal Farm Mortgage Corporation,
which are known as "Land Bank Commissioner loans" and may be made until February 1, 1940, were $837,000,000 on December 31, 1936. The rate at which these loans
have been made has declined sharply since
1934; new loans were made in 1936 in the
amount of $77,000,000 and there was a net
increase of $42,000,000 in the amount outstanding. These loans are made to farmers,
either on first or second mortgage security,
frequently in connection with a loan from
a Federal Land bank. They are to be amortized in periods up to forty years, beginning
three years after the loan is made.
Loans to farmers by the Federal Land
banks have also been made in declining
amounts in the past two years. These mort-

302

FEDERAL RESERVE BULLETIN

APRIL

1937

Outstanding loans of the Federal Home
Loan banks on December 31, 1936, were
$145,000,000; these loans are almost entirely to member building and loan associations and the outstanding volume has been
increasing steadily since March 1935. An
increase of $43,000,000 in 1936 was financed
to the extent of $24,000,000 by increase in
capital paid in by the United States, $4,000,000 by payments on private capital subscriptions, and $7,000,000 by increase in members' deposits.
Home Owners' Loan Corporation loans to
home owners were reduced by a net amount
of $132,000,000 in 1936. These loans are to
be amortized in 15 years. Principal instalments on a considerable proportion of the
Corporation's loans were not required until
June 13, 1936. Foreclosures and voluntary
transfers of title completed in 1936 appear to
Assets and liabilities other than funded debt:
have accounted for about half the gross reducCash and United States Government direct obligations
tion of $285,000,000 in outstanding loans.
increased
$34,000,000
Loans outstanding at the end of the year agLoans and other assets less miscellaneous liabilities increased
58,000,000
gregated $2,765,000,000.
A total increase of
$93,000,000
The Home Owners' Loan Corporation is
Funded debt and net worth:
authorized to invest up to $300,000,000 in
F.F.M.C. bonds fully guaranteed by United States increased
$35,000,000 shares of Federal and other savings and loan
Federal Land bank bonds and private capital stock inassociations. Investments of this kind increased
28,000,000
Earned surplus increased
22,000,000 creased to $126,000,000 by the end of 1936.
United States Government proprietary interests:
In addition, the Treasury holds $49,000,000
Paid-in capital and surplus increased ___ $35,000,000
Net liability to other agencies decreased. 26,000,000
of shares of Federal savings and loan asso—a net increase of
8,000,000
ciations which were acquired in 1934 and
$93,000,000 1935.
Exclusive of interagency liabilities.
There follows a summary of changes in the
The increase in earned surplus during the condition statement of the Home Owners'
year and new funds obtained from the United Loan Corporation during 1936:
States totaled $30,000,000, or a little less
liabilities other
than the increase in cash and Government Assets and decreased 1 than funded debt:
Loans
$132,000,000
securities held. New issues of securities to
Cash and United States Government direct obligations
decreased
53,000,000
private investors were a little larger than the
Shares of Federal and other savings and loan associanet increase in loans and other assets less
tions increased
106,000,000
miscellaneous liabilities. Outstanding loans
Other assets (largely property held for sale) less miscellaneous liabilities increased
147,000,000
are not shown separately from other assets
An aggregate net increase of
$68,000,000
because of changes during the year in the
accounting classification in the Treasury Funded debt and net worth:
Bonds fully guaranteed by United States increased *__ $71,000,000
statement. (These changes were referred to
Deficit increased
3,000,000
in a footnote to Table 2.)
$68,000,000
Home mortgage loans.—Government lendNew
January to June 12 were
ing agencies under the supervision of the 1 Data loans made fromamount of 1bonds guaranteed$163,000,000. only
include a small
as to interest
which were called for redemption on July 1, 1935.
Federal Home Loan Bank Board include the
permanent Federal Home Loan banks, which
lend to private home-financing institutions, There was an increase in outstanding
and the emergency Home Owners' Loan Cor- bonds of the Home Owners' Loan Corporaporation, whose loans were made directly to tion and a decline in cash and Government
home owners in a refinancing program which securities held, and a nearly corresponding
terminated on June 12, 1936.
increase of $106,000,000 in holdings of shares

gage loans are amortized generally over a
period of 30 or more years, and the amount
now outstanding is about twice as large as in
the years 1926-1932, before the program of
emergency refinancing commenced. New
loans made in 1936 totaled $109,000,000, but
foreclosures and voluntary repayments resulted in there being only a small increase in
unpaid balances outstanding. Principal payments on loans in good standing which were
outstanding in June 1935 are not required at
present until July 1938; this applies to a
large majority of the banks' loans.
The following table, derived from a consolidation of Treasury statements for the
Federal Land banks and the Federal Farm
Mortgage Corporation, gives a general indication of the sources from which funds were
obtained to finance increased assets in 1936:
1

1




2

APRIL

1937

of Federal and other savings and loan associations.
Other agricultural loans. — Agricultural
loans and investments, other than those of
the Reconstruction Finance Corporation and
its affiliated agencies and other than farm
mortgage loans discussed above, totaled
$550,000,000 at the end of 1936, an increase
of $80,000,000 in the year, as shown in
Table 2. The most important change during
1936 was the growth of outstanding rehabilitation loans made by the Resettlement Administration from $8,000,000 to $87,000,000.
Loans and investments of corporations and
banks under the supervision of the Farm
Credit Administration aggregated $318,000,000 on December 31, 1936. This includes
credit extended by the regional agricultural
credit corporations, the production credit
corporations, the Federal intermediate credit
banks and the banks for cooperatives. Loans
of the regional agricultural credit corporations, which were originally financed by the
Reconstruction Finance Corporation and are
now in liquidation, declined in 1936 to $25,000,000. Investments of the production
credit corporations in class A stock of the
the Federally chartered but privately managed production credit associations were
$75,000,000 at the end of the year, only
slightly smaller than a year earlier. The
function of the production credit corporations is to organize, to assist in capitalizing
and to supervise the operations of the local
associations. Their investments in stock of
the associations were made almost entirely
in 1933 and 1934, when associations were
being organized, and provide capital funds
which are largely invested by the associations
in marketable securities to be offered as additional collateral for rediscounts obtained
from the Federal intermediate credit banks.
Discounts and loans of the Federal intermediate credit banks and the banks for cooperatives to production credit associations,
other financing institutions (chiefly State-




303

FEDERAL RESERVE BULLETIN

chartered agricultural credit corporations),
and cooperatives increased by $22,000,000
during 1936, to $218,000,000, as shown in the
following table. Outstanding debentures of
the Federal intermediate credit banks were
$13,000,000 larger on December 31, 1936,
than a year earlier and payments by the
United States for capital stock of the banks
for cooperatives made in 1936 were $3,500,000.
DISCOUNTS AND LOANS OF FEDERAL INTERMEDIATE
CREDIT BANKS AND OF BANKS FOR COOPERATIVES.
[In millions of dollars]
Dec.
31,
1936
Discounts for production credit associations
Discounts for other financing institutions.._
Loans to cooperatives
Total

Change
from
Dec.
31,
1935

1 108
39
71

+11

2 218

+22

+19

1 This figure, which is that of rediscounts for and loans to the production credit associations by the Federal intermediate credit banks, is
$2,000,000 larger than total outstanding loans of the production credit
associations to farmers on the same date.
2
This figure differs from the total of similar items in the regular BULLETIN table on Farm Credit Administration loans by $22,000,000, the
amount of loans and discounts by the Federal intermediate credit banks
to the banks for cooperatives.

Other agricultural loans outstanding at the
end of 1936 were loans financed by special
appropriations from Congress. Rural rehabilitation loans of the Resettlement Administration, made principally in 1936,
amounted to $87,000,000. Emergency crop
loans and drought relief loans administered
by the Farm Credit Administration were
outstanding in the amount of $105,000,000
after reserves of $60,000,000 for uncollectibles; $17,000,000 of these loans were made
in 1936. Loans of the old Federal Farm
Board and of the Agricultural Marketing
Act Revolving Fund, to which the assets of
the Federal Farm Board were transferred in
1933, totaled $40,000,000 after reserves for
uncollectibles; these are principally loans to
cooperative marketing associations.

304

FEDERAL RESERVE BULLETIN

APRIL 1937

EARNINGS AND EXPENSES OF STATE MEMBER BANKS

Earnings and expense reports of State of State member banks increased from $64,member banks show a further substantial 000,000 in the first half to $76,000,000 in the
increase in their net profits during the last second half of 1936. With losses on loans and
half of 1936. Similar reports for National investments about the same in both halves of
member banks are not yet available. Growth the year and with recoveries on loans and
in profits at State member banks reflected investments somewhat larger in the second
increased net earnings from current opera- half, there was considerable improvement in
tion and a larger amount of recoveries on net profits before payment of dividends. In
loans and investments. Banks also had sub- the last 6 months net profits amounted to $87,stantial profits on securities sold. Income 000,000 as compared with $65,000,000 in the
from interest and dividends and the amount first 6 months.
of collection and service charges and earnings The following table gives the detailed reof trust departments increased somewhat, port of earnings and expenses of State memwhile expenses showed little change. As a ber banks during each half of 1936 and for
result, net earnings from current operations the years 1935 and 1936.
[In thousands of dollars]
First
half
of 1936
Earnings:
Interest and discount on
loans
Interest and dividends on
investments
Interest on balances with
other banks
Collection charges, commissions, fees, etc
Foreign department
Trust department
Service charges on deposit
accounts
Rent received
Other current earnings
Total earnings from current operations
Expenses:
Interest on deposits:
Time
Demand
Bank
Total
Salaries—officers
Salaries
and
wages — employees (other than officers)
Fees paid to directors and
members of executive discount and advisory committees
Interest and discount. 01;
borrowed money
1

: Second
i half
of 1936

81, 330 !
!
77, 135 '
153 I

Y e a r

u

85,118

First
Second
half
half
of 1936 ' of 1936

Year
1936

m

159,147 ;

166, 448

84,194 I 151, 491 :
!
558 j
149 i

Expenses (continued):
Real estate taxes
Other taxes
O ther expenses

6,301
9,279
45, 642

Year
1935

G'lOS 1} 21,052 (

9; 955 j/ ^»«^\i
46,274 I 82,126 !

Year
1936

12, 409
19,234
91,916

161.329

!

;

Total current expenses

152, 024 ; 155, 759 j 284, 739 j 307, 783

302
Net earnings

4,446 •
1,942 i
26,751 |

4, 784
2, 566 j
29,834 ;

8, 533
5, 395 |
49,163 j

9,230
4,508
56, 585

5,839 i
14, 905
3,126

6,109 : 10, 747 i
15,398 1
j
3,302 1

11,948
30, 303
6,428

63, 603 •

75, 695 ! 129, 673 | 139, 298

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

11, 326 I
16,999 |
36,810 i
4,118 ;

13, 406
22,665
35,997
6,503

. 24, 574 |
\ q f i KQfi/j
/ Jb'58b\i
! 14,769 i

24, 732
39,664
72,807
10,621

69, 253

78, 571 ! 135, 929 J

147, 824

24,143 i
20,336 !

28, 093
19, 135

92,396 !
82,583 ;

52, 236
39,471

4,958 :
18, 525

7,347
12, 848

10,257 :
26,587 ;

12, 305
31,363

Total..
215,627 : 231,454 . 414,412 ', 447,081

24,436 !
1,049 •
379 ;

25,864 I
22, 184 !

24,553 i
944 !
371 i

25, 868
57, 534
22, 769 :)
f
:

41, 646

;

53,970
2, 572 ;
992

43,674

930

170

51, 732
44, 953

Total losses and depreciation

!l23,226J
j

Net profits
Cash dividends declared 2 ..

['

911

178

48, 989
1, 993
750

Losses and depreciation:
On loans
On investments-.On banking house, furniture
and fixtures
Allother

1,871
801

348

Capital funds 3 4
N u m b e r of officers *
N u m b e r of employees (full and
part t i m e ) 4
N u m b e r of banks 4 .

67, 962 !

67, 423 : 211, 823 j 135, 375

64,894 i
37.451 !

86,843 | 53,779
39,857 j 73,892

151,747
77,308

, 076, 115 2, 110, 555 2, 046, 123|2, 110, 555
7, 523 ;
7, 653 j
7, 337;
7, 653
55,392 !
1,032 i

55,739 I
1,051 j

52,670;
1,001J

55,739
1,051

N o t r e p o r t e d s e p a r a t e l y ; included p a r t l y in " s a l a r i e s " a n d in " o t h e r e x p e n s e s " .
- Includes i n t e r e s t on c a p i t a l notes a n d d e b e n t u r e s .
T h e a g g r e g a t e book value of capital stock, capital notes and d e b e n t u r e s , s u r p l u s , undivided profits, reserves for contingencies, e t c .
1
At end of period.

3




APRIL

305

FEDERAL RESERVE BULLETIN

1937

EARNINGS AND EXPENSES OF NON-MEMBER INSURED BANKS




3

1
2
3

to 1-4-to

+1+1

The Federal Deposit Insurance Corpora- 7. Losses charged off on assets were more
tion has just released the following report: than 30 percent lower than in 1935.
Tabulation of statements of 1936 earnings,
EARNINGS,
expenses and disposition of profits submitted PRELIMINARY STATEMENT OF OF OPERATINGEXPENSES
AND DISPOSITION OF PROFITS
INSURED
to the Federal Deposit Insurance Corpora- COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL
tion by 7,584 insured State banks not mem- RESERVE SYSTEM
bers of the Federal Reserve System disclosed
the following picture of their operations dur- Calendar Year 1936 Compared With Calendar Year
ing the year:
1935
[Amounts in millions of dollars]
1. Net profits before dividends amounted
to $76 million, compared with a net loss of
Calendar year
Change
$5 million in 1935. Net profits amounted to
about 7V2 percent on total capital account.
1936
1935 Amount Percent
2. Cash dividends declared and interest
earnings:
paid on common and preferred capital Current operatingdiscount on loans
+ 4.9
150
143
Interest and
+ 7
+ 11.3
+ 9
89
Interest and dividends on securities
80
amounted to $25 million, compared with $20
Commissions, exchange, service
million in 1935. For the banks as a whole
+36. 0
-f 9
34
25
charges, etc
22
— 6 -21.4
Other current operating earnings..
28
dividends and interest averaged approxi295
276
Gross current operating earnings.
+19 + 6.9
mately 2% percent on total capital account
and approximately 4 percent on common and Current operating expenses:
Interest on time and savings depreferred capital.
- 3.1
63
65
posits
_-_ - .
+ 5.3
80
76
Salaries, wages, and fees
- 6.7
3. Gross current earnings were 7 percent
14
115
Taxes (other than on income)
+ 3.8
greater than in 1935, amounting to $295 mil- Other current operating expenses _. 254 52
+ 1.4
211
208
Total current operating expenses.
+ 3
lion.
4. Notwithstanding the inclusion of regu- Net current operating earnings ._.- 84 68 + 16 +23. 5
lar annual depreciation on banking house, Profits on assets sold or exchanged,
etc.:
furniture and fixtures with expenses in 1936, recoveries, on securities sold or exProfits
1
changed
which was not done in 1935, net current oper- All other profits, recoveries, e t c — 37 28 4_ Q +32, 3
28
39
+11 +39.
ating earnings were 24 percent greater in
Total profits on assets sold or ex+35.7
+20
76
the year just closed. Net current operating
56
changed, recoveries, etc
earnings were $84 million in 1936, $68 mil- Losses, charge-ofls, etc.:
-47. 0
-31
66
35
On loans
..
lion in 1935.
-42. 5
-17
23
40
On securities.
-._ .+ 4.3
24
223
All other losses, charge-oils, etc
+1
5. Comparative items of expense were
-36. 4
-17
82
129
Total losses, charge-offs, etc
lower than in 1935 except salaries and wages,
2
which increased by 5 percent. Total cur- Income taxes, Federal and State
()
rent operating expenses were $211 million in Net profits before dividends
76
+S1
Cash dividends declared and interest
1936, $208 million in 1935.
+25. 0
20
25
+ 0
paid on capital._._ __
6. Profits on assets sold and recoveries on Net profits after dividends.. .
51
+76
-25
assets previously charged off were 36 percent Number of banks
7,584
7, 723
higher than in 1935 and amounted to $76
million. Approximately half of this amount Includes income taxes.
annual depreciation on
represented profits on securities sold or ex- Includes regular"Taxes" under "Current banking house.
Included with
operating expense"'.
changed.

306

FEDERAL RESERVE BULLETIN

APRIL

1937

FRENCH FINANCIAL MEASURES
There are published herewith translations 000,000 francs. Taking account of this reduction and
which the
make
of several recent laws and administrative of that the year inGovernment has decided toof the
during
the railway deficit, and
orders affecting the financial situation in 8,000,000,000 francs already paid since January 1,
France, together with a translation of the the requirements of the Treasury will be reduced to a
figure which
capacity of
statement issued on March 5 in which the the Treasuryshould not exceed the normal issue loans.
to sell
or to
French Government announced its new fi- About half of these its obligations represent extraorrequirements
nancial program. As a result of the recent dinary armament credits which the Government has
legislation, the Monetary Law of October 1, decided to cover by a large National Defense Loan
is, under
1936, which was published in the FEDERAL with exchange guarantees and options, that plead the
citizen
RESERVE BULLETIN for November 1936, pp. such conditions that no Frenchto evade can civic obliexcuse of his personal interest
his
878-880, has been altered in several respects. gation.
For launching this loan the French Government
STATEMENT ISSUED BY FRENCH CABINET,
makes and will make an appeal to all elements in
the nation.
MARCH 5, 1937
The National Defense Loan is the only one which
The Council of Ministers has examined the finan- the Treasury will issue during the course of the
cial situation in its essential and related elements: year; the rest of the Treasury requirements should be
currency, the budget, and the Treasury. On proposal easily covered by normal operations in the shortof M. Vincent Auriol, Minister of Finance, it has term market.
unanimously reached the following decisions:
These measures represent a coherent whole, in
Currency: The tripartite agreement concluded Sep- which the solutions applied to the problems of the
tember 25 with the United States and Great Britain currency and the Treasury, of budgetary equilibrium
and prices, act and react on one another. They are
remains the basis of French monetary policy.
of such a nature as to assure to the nation the finanRecourse to exchange control is thus excluded.
The Government is asking the Bank of France to cial security which economic progress permits and
give a general authorization for free importation without which this progress would be threatened.
The Government believes it has done its duty. It
of and free trading in gold within the country. Beginning Monday, March 8, the Bank of France will counts on every Frenchman to do his.
purchase gold at the current price without requiring
identification of the owner.
ADMINISTRATIVE COMMITTEE ESTABLISHED FOR THE
EXCHANGE EQUALIZATION FUND
A commission composed of Messrs. Labeyrie, Governor of the Bank of France; Charles Rist, honorThe Minister of Finance,
ary governor; Paul Baudouin, general manager of
By virtue of article 3 of the monetary law of Octhe bank of issue of Indo-China, and Jacques Rueff,
manager of the General Movement of Funds [in the tober 1, 1936, reading as follows [text omitted],
French Treasury] will manage the exchange equalOrders:
ization fund—which was granted by the monetary
ARTICLE 1. There is established for the Exchange
law all the means necessary to assure defense of the Stabilization Fund, created by article 3 of the monfranc—with a view to assuring the security of com- etary law of October 1, 1936, an administrative commerce and the stability of prices.
mittee composed of:
The authority of this commission shall extend to
M. Labeyrie, Governor of the Bank of France.
supervising the market for rentes in agreement with
M. Charles Rist, honorary governor of the Bank
the general manager of the Caisse des Depots.
France.
Budget: Tax receipts for the month of January of M. Paul Baudouin, general manager of the bank
and other factors indicating economic recovery give of issue of Indo-China.
reason to hope that the small deficit shown in the
M.
finance law will not be exceeded and will even dimin- ment Jacques Rueff, manager of the General Moveof Funds.
ish to an important degree in the course of the budget
ART. 2. This committtee will also be called upon to
year.
The Government is resolved not to allow unfore- give advice regarding supervision and regularization
seen expenditures to hinder a return to real equilib- of the financial market.
rium. The strictest instructions have been given
Done at Paris, March 6, 1937.
to all departments to forbid additional credits.
VINCENT AURIOL.
With the single exception of appropriations neces- LAW AUTHORIZING THE ISSUE OF A LOAN WITH GUARsary to increase small salaries, the Government
ANTEES O OPTIONS OF EXCHANGE AND ABROGATING
R
pledges itself not to introduce in Parliament requests
VARIOUS PROVISIONS OF THE MONETARY LAW OF
for new credits. The effort for stabilization applied
OCTOBER 1, 1 9 3 6
to public expenditures will be applied simultaneously
The Senate and the Chamber of Deputies have
to prices which already appear to have risen sufficiently far; unjustified increases will be prevented adopted,
The President of the Republic promulgates the
or restrained.
Treasury: Improvement in the economic situation following law:
and progressive reabsorption of the unemployed in
ARTICLE 1. Within the scope of the authorizations
certain industries make it possible to change the given in the finance law of December 31, 1936, the
rate of certain capital expenditures by the State or Minister of Finance is authorized, in order to insure
public bodies. Under the circumstances and taking the financing of expenditures for national defense,
account of the actual state of its commitments, the to issue a loan with guarantees or options of exGovernment estimates that payments to be charged to change on principal and interest.
the Treasury during 1937 can be reduced by! 6,000,The said loan may be issued in several instalments




APRIL 1937

FEDERAL RESERVE BULLETIN

307

ARTICLE 1. The Minister of Finance is authorized,
provided that the net proceeds do not exceed direct
expenditures for national defense in the budget year for the purpose of financing expenditures for na1937, either under the heading of ordinary expendi- tional security, to issue a first instalment of a loan
tures for new public works or under the heading of for an effective amount of 5,000,000,000 francs in the
capital investments, the entire amount being limited form of 4.50 percent rentes, amortizable in 60 years
to 10,500,000,000 francs. This authorization includes at the maximum, which will be inscribed in a special
that given by article 25 of the finance law of Decem- section of the Great Book of the Public Debt.
ART. 2. Both principal and interest of these
ber 31, 1936, as set forth in section I (national defense) of the capital investment account.1
rentes will carry an exchange guarantee on the
ART. 2. The provisions of articles 8, 10, 11, and basis of:
1000 French francs: 9 pounds sterling 7 shillings;
12 of the monetary law of October 1, 1936,2 are
1000 French francs: 45 dollars 66 cents of the
abrogated.
States of North America.
Any measure having as its objective the establish- TheyUnitedalso carry an exchange option, the terms
will
ment of an exchange control may only be enacted
of which are indicated in articles 4 and 5.
by law.
ART. 3. The new rentes will bear interest from
ART. 3. The Minister of Finance is authorized to
pay to holders of receipts delivered by the Bank of March 1,1937.
During the entire life of the securities these rentes
France at the time of surrender of gold or foreign
exchange in application of article 10 of the mon- may be registered or made out to bearer at the option
etary law of October 1, 1936, and of article 553 of of the holders.
Bearer bonds will be delivered to subscribers, at
the finance law of December 31, 1936, the difference
between the value of gold as determined by the aver- their option, in denominations of 500, 1,000, 10,000,
age of the rates established by the Bank of France or 100,000 francs.
on March 8, 9, and 10, on the one hand, and, on the Bonds issued in registered form will be for a
other hand, the amount of cash paid to them in principal amount of 500 francs or a multiple of 500
return for gold surrendered, increased, if necessary, francs.by the value of negotiable certificates delivered to
ART. 4. The interest on the 4.50 percent rentes
them at the time of issuance of the 3% percent will be payable semi-annually on March 1 and
national defense bonds. The value of the said cer- September 1 of each year, and for the first time
tificates shall be equal to the average of the rates on September 1, 1937.
quoted on the Bourse from December 28, 1936, to On 500-franc bonds the semi-annual coupons will
January 28, 1937.
be payable at the holder's option as follows:
Notwithstanding the provisions of article 2 above,
In France for the amount in French francs
persons who, having surrendered to the Bank of
corresponding to the highest of the three followFrance, at the market price, the gold which they
ing amounts:
had declared to the administration of direct taxes,
Nominal amount in French francs, i.e., 11.25
have obtained delivery of negotiable certificates, refrancs.
main subject to a levy equal to the value of the said
Equivalent in French francs of 0 pounds
certificates determined as set forth above.
sterling 2 shillings 1 penny calculated on the
The present law, deliberated and adopted by the
basis of the average closing rates of exchange
Senate and the Chamber of Deputies, shall be exeofficially quoted at Paris at the three meetings
cuted as law of the State.
of the Bourse preceding the second day before
Done at Paris, March 10, 1937.
that on which the coupon is due.
ALBERT LEBRUN,
Equivalent in French francs of 0 dollars 51
cents of the United. States of North America
By the President of the Republic:
calculated on the basis of the average closing
The President of the Council,
rates of exchange officially quoted at Paris at
LEON BLUM.
the three meetings of the Bourse preceding
The Minister of Finance
the second day before that on which the couVINCENT AURIOL.
pon is due.
An order of the Minister of Finance, to be pubISSUE OF A 4.50 PERCENT LOAN, AMORTIZABLE IN 60
YEARS, TO FINANCE EXPENDITURES FOR NATIONAL lished in the Journal Officiel not later than the day
before that on which the coupon is due, shall fix
SECURITY
the French franc amounts of the coupons on bonds
The President of the French Republic,
of different denominations for the corresponding inBy virtue of article 25 of the law of December 31, terest date.
1936;
The amounts thus fixed shall apply also to all
By virtue of article 1 of the law of March 10, coupons paid on and after the said coupon date what1937;
ever their due date may have been.
On the report of the Minister of Finance,
Through the intermediary of the Bank for
Decrees:
International Settlements, at institutions desig1
nated by the Bank in agreement with the French
The authorization referred to amounts to 9,500,000,000 francs.
2
See BULLETIN for November 1936, pp. 878-880.
Government, in Swiss francs equivalent at the
8
Article 55 of the finance law of December 31, 1936, provided
sight rate of exchange on the day of payment to
that persons holding gold abroad or freely disposable foreign
11.25 French francs, or to 0 pounds sterling 2
exchange could, without being subjected to penalties imposed by
shillings 1 penny, or to 0 dollars 51 cents of the
other legislation (see BULLETIN for September 1936, pp. 706-707,
and articles 10-12 of the law of October 1, 1936) utilize these
United States of North America.
resources in payment for the 3% percent national defense bonds
The coupons of bonds of other denominations
issued under decree of December 16, 1936. These bonds, which
shall be paid as provided above at the following
are payable on December 15, 1939, at 140 percent of their
nominal value, were made available to persons who should deliver
equivalents:
gold to the Bank of France at the old legal parity or who had
Coupon of 22.50 French francs—Pounds:
so delivered gold in accordance with article 10 of the law of
October 1, 1936.
0,4,2; dollars: 1.03.




308

FEDERAL RESERVE BULLETIN

APRIL 1937

Coupon of 225 French francs—Pounds: advance of all or part of the securities then out2,2,1; dollars: 10.27.
standing. The redemption price shall include, in
Coupon of 2,250 French francs—Pounds: this case, the principal amount of the bonds and
21,0,9; dollars: 102.74.
accrued interest.
The said principal amount and accrued interest
ART. 5. The principal amount of the 4.50 percent
rentes amortizable in 60 years will be divided into shall be payable as provided above, the calculation
of the equivalent in French francs of the amounts
series.
Amortization shall be effected either by purchase in pounds sterling and in dollars of the United States
on the Bourse or by redemption through drawings by of North America being effected on the basis of; the
lot. The number of securities to be amortized each average closing rates of exchange officially quoted at
year shall be fixed by an amortization table based on Paris at the three meetings of the Bourse preceding
a constant annuity. This table shall be published in the second day before that fixed for redemption.
the Journal Offlciel within two months from the clos- ART. 6. All privileges and immunities applying to
ing of the loan. Drawings by lot shall take place, the 3 percent perpetual rentes are also guaranteed to
if occasion arises, on January 15 and July 15 of each the 4.50 percent rentes amortizable in 60 years.
The latter are also exempt from all special French
year, the redemption price being payable on and after
the due date of the coupon following each drawing. taxes on securities. In addition, they may be emOn 500-franc bonds this redemption price shall be ployed for the uses and investments specified in article 29 of the law of September 16, 1871.
payable, at the holder's option, as follows:
The
and
In France, for the amount in French francs livered receipts, acknowledgments,by thereleases defor operations authorized
present
corresponding to the highest of the three follow- cree shall be exempt from the special stamp taxdeon
ing amounts:
Nominal amount in French francs, i.e., 500 receipts.
Also exempt from the stamp tax shall be posters
francs.
which
Equivalent in French francs of 4 pounds public. have as their sole purpose an appeal to the
sterling 13 shillings 6 pence calculated on the ART. 7.
basis of the average closing rates of exchange single cash Subscriptions must be taken up in a
payment.
officially quoted in Paris at the three meetings
ART.
relative to
of the Bourse preceding the second day before version, 8. AH transactionsthe 60-year transfer, conand exchange of
4.50 percent
that on which the coupon is due.
rentes
proEquivalent in French francs of 22 dollars visions shall be effected in accordance with theBook
governing
83 cents of the United States of North Amer- of the Public Debt.rentes entered in the Great
ica calculated on the basis of the average
ART. 9. The Minister of Finance is charged with
closing rates of exchange officially quoted in
Paris at the three meetings of the Bourse fixing, by order, other conditions governing transacpreceding the second day before that on which tions and assuring the execution of the present decree
which shall be published in the Journal Officiel.
the coupon is due.
Done at Paris, March 11, 1937.
The order of the Minister of Finance provided for
ALBERT LEBRUN,
in article 4 above for the purpose of fixing the
By the President of the Republic:
amount of the coupons shall also fix the redemption
Finance,
price in French francs of bonds of different denom- The Minister of AURIOL.
VINCENT
inations. This redemption price shall likewise apply
to all bonds drawn at preceding drawings which are LAW MODIFYING ARTICLE 6 OF THE MONETARY LAW OF
redeemed on and after the coupon date to which the
OCTOBER 1, 1 9 3 6
ministerial order applies.
The Senate and the Chamber of Deputies have
Through the intermediary of the Bank for
International Settlements, at institutions desig- adopted,
The President
nated by the Bank in agreement with the French following law: of the Republic promulgates the
Government, in Swiss francs equivalent at the
ARTICLE 1. 1 Article 6 of the monetary law of Ocsight rate of exchange on the day of payment
1936, is abrogated.
to 500 French francs, or to 4 pounds sterling tober 1,2. The provisions of the monetary law of
ART.
13 shillings 6 pence, or to 22 dollars 83 cents October 1, 1936, are not applicable to international
of the United States of North America.
Redemption of bonds of other denominations payments which, prior to the promulgation of that
shall be effected as provided above at the follow- law, were validly to be made in gold francs.Algeria,
ART. 3. Payments made between France,
ing equivalents:
Tunisia, Morocco, the colonies, the
Bonds of 1,000 French francs—Pounds: states and territories under Frenchprotectorates, the
mandate are not
9,7,0; dollars: 45.66.
Bonds of 10,000 French francs—Pounds: international payments. of the present law shall be
ART. 4. The provisions
93,9,10; dollars: 456.60.
Bonds of 100,000 French francs—Pounds: effective as of October 1, 1936. and adopted by the
The present law, deliberated
934,18,7; dollars: 4,566.00.
Senate and the Chamber of Deputies, shall be exeThe interest on securities belonging to the series cuted as law of the State.
designated by lot for redemption in principal shall
Done at Paris, February 18, 1937.
cease on the date of redemption and the principal
ALBERT LEBRUN,
amount shall be held at the disposal of the rightful
By the President of the Republic:
holder, not including the amount of the subsequent
coupons which should not be presented, the value of The President of the Council,
LEON BLUM.
the coupon being calculated on the same basis as that
The Minister of Finance,
of the principal to be redeemed.
VINCENT AURIOL.
The State reserves the right to proceed at any time
on and after March 1, 1942, to the redemption in 1 See BULLETIN for November 1936, pp. 878-8




FEDERAL RESERVE BULLETIN

309

ANNUAL REPORT OF THE BANK OF FRANCE
The annual report of the Bank of France ever, was of short duration. In August the
for the year ending December 24, 1936, was outflow was resumed and 431,000,000 francs
submitted on January 28, 1937, to the first were withdrawn from the reserves. In Sepannual general meeting of stockholders since tember the outflow increased sharply as withits statutory reorganization in July 1936. The drawals of gold reached almost 4,400,000,000
main text of the address of the governor of francs.
the bank, M. Emile Labeyrie, is given here- The October currency revaluation.—In
with.1
view of this gradual weakening of our moneGold and capital movements.—The past tary position and, more particularly, in order
year was marked by a further considerable to establish a better balance between French
decline in the metallic reserve of the Bank of prices and those in other countries, the GovFrance. This impairment of the national ernment, after negotiations with the authorigold stock, following upon the sharp reduc- ties of Great Britain and the United States,
tion recorded in 1935, compelled the Govern- decided to readjust the value of the currency
ment last September to ask Parliament for and to set up a new monetary regime in
legislation amending the monetary law of France.
June 1928.
This reform, which was effected by the law
The outflow of gold, like that of the preced- of October 1, 1936,2 freed the Bank of France
ing year, was the result of large exports of from the obligation to deliver gold in exFrench capital. Neither the deterioration of change for its notes. The convertibility of
our foreign trade balance, nor the changes the franc is assured by a special organization,
which occurred in other elements of our bal- called the Stabilization Fund, which is manance of payments, could explain the reduction aged by the Governor of the central bank
of more than 16,000,000,000 francs in our within the limit of instructions given by the
gold reserve during the first three quarters Minister of Finance.
of 1936.
Parliament assigned to the Government the
Except for one month during that period responsibility of fixing the new value of the
the outflow of capital was continuous, though franc, stipulating that it should be neither
its pace was irregular. In January the gold lower than 43 milligrams, nor higher than
withdrawals amounted to 1,073,000,000 49 milligrams of gold .900 fine per franc.
francs. Although in February and March the Under the law as it now stands, franc exgold reserve rose by 363,000,000 francs, this change can fluctuate between these new
increase was the consequence of the loan of limits.
40,000,000 pounds sterling contracted by the During the final quarter of last year a coFrench Treasury with a group of British operative effort to avoid appreciable foreign
banks. The realization of the proceeds of this exchange fluctuations was made by the councredit in foreign exchange made it possible tries in which trade is unhampered. In the
during these two months to maintain the Paris market the quotation of the pound sterequilibrium of the exchange market without ling fluctuated only between 104.72 and
drawing upon the reserves of the central 105.82, whereas during the first 9 months of
bank.
the year the range had exceeded 2!/2 points,
Beginning with April the export movement and in 1935 had amounted to almost 5 points.
of gold was augmented. During this month The dollar remained attached to gold, under
gold exports rose to 4,818,000,000 francs; in the conditions established by the President of
May they amounted to 3,747,000,000 francs, the United States in January 1934.
and to 3,023,000,000 francs in June.
The greater stability of Franco-British exIn July the stock of gold was increased by change is one of the fortunate results of the
a return flow of 943,000,000 francs, as the collaboration established between the various
international movement of gold again became exchange stabilization funds as a result of the
favorable to France owing to the repatriation joint declaration made by the Governments
of French funds. This improvement, how- of Great Britain, the United States, and
1
The report, available in French, contains in addition an intro- France on September 25, 1936, and adhered
ductory section paying tribute to the previous administration of
the Bank, together with tables showing the operations of the Bank
in detail. For earlier reports, see BULLETIN for March, 1936,
1935, 1934, 1933, 1932, 1931, 1930, etc.




- See BULLETIN for November, 1936, pp. 878-880.

310

FEDERAL RESERVE

BULLETIN

APRIL 1937

to later by Belgium, Switzerland, and Hol- At the time when this loan was granted, the
land.
Bank had agreed to deliver to the GovernThe spirit of cooperation that unites these ment against a payment in francs the quantity
nations is one of the most valuable guar- of gold required for final settlement of the
antees for the maintenance of the inter- transaction.
national monetary system. During these past
The money market.—The considerable gold
months, in spite of the large movements of movements of the first 9 months of the year
capital that took place, it made possible an —when the Bank was obligated to convert
exchange stability similar to that which its notes into gold—could not fail to influence
would have been achieved through the normal the money market and, in particular, to refunctioning of the gold standard. Thanks are duce the volume of available funds. The
due to the British and American authorities Bank of France nevertheless tried to give
for their cooperation.
commerce, industry, and agriculture the
terms
Revaluation of the reserves.—In accordance benefit of the best possible rate of discount.
Accordingly, the official
with the provisions of the convention of Sep- from 5 to 4 percent on January was reduced
9 and to ?>y»
tember 25, entered into between the Govern- percent on February 6, even though during
ment and the Bank and approved by the law this period gold was being withdrawn from
of October 1, the Bank proceeded to revalue the reserve.
its metallic stock, and its reserves of foreign
exchange carried on the balance sheet under The resumption of the gold outflow, howthe following heads: Funds available on de- ever, compelled the former Council of
mand abroad, commercial bills discounted on Regents to raise the discount rate again to 5
foreign countries, negotiable bills and other percent on March 28, and to 6 percent on
short-term foreign assets. The gold, and the May 6. As soon as the situation improved the
foreign exchange convertible into gold, were rate was again lowered, and by July 9 it had
revalued on the basis of 49 milligrams of been reduced to 3 percent, where it remained
gold .900 fine per franc; foreign exchange until September 24.
not linked to gold was revalued on the basis On the eve of the currency alignment, beof the average quotation on the Paris market. cause of the heavy demand for gold, it was
The increment resulting from this new considered necessary to raise the rate to 5
percent. After the passage
valuation of our gold and foreign exchange to say, on October 1, it was of the law, that is
reduced to 3 perholdings was slightly in excess of 17,000,- cent, to 21/2 percent on October 8, and to 2
000,000 francs. The entire amount was de- percent on October 15. The latter rate is still
voted to the repayment of advances by the
3
In the entire
of
Bank
Bank to the Treasury, except for a sum of effective. it has been inhistory onlythetimes.
of France
effect
4
10,000,000,()00 francs which was allocated to France
the benefit
the Stabilization Fund and was at once of suchhas, therefore, seldom hadcredit confavorable short-term
almost entirely converted into gold.
as during the
The Stabilization Fund has not continued ditionsprivate discountlast 3 months of 1936.
The
rate has remained, for
to keep the total sum allocated in the form of the most part, fairly close to the official rate.
gold. During the last quarter of 1936, the This situation, reflecting a considerable strinBank had occasion both to buy gold from and
the money
money
to sell gold to the Fund in accordance with gency ininstitutions market, inducedpart of
market
to rediscount
the provisions of the monetary law. These
transactions gave rise to effective transfers their portfolios with the bank of issue.
Discount policy.—According to custom, the
of the metal.
The gold reserve of the Bank of France Bank freely accepted for discount such paper
amounted after revaluation to 57,962,000,000 as met our statutory requirements. In spite
francs; it rose to 62,359,000,000 francs on of various needs for credit which became apOctober 9 and to 64,359,000,000 francs on parent from time to time, the volume of the
October 23, and declined to 60,359,000,000 commercial portfolio was on the whole fairly
francs on December 4. This decline occurred stable from April to December 1936, showing
in connection with the repayment of the a difference of somewhat less than 2,500,credit of 40,000,000 pounds sterling con- 000,000 francs between the maximum of
tracted by the Treasury in February and 3 On January 28, 1937, the rate was advanced from 2 to 4
March 1936, which matured in November. percent.




APRIL

1937

FEDERAL RESERVE BULLETIN

8,159,000,000 francs and the minimum of
5,676,000,000 francs.
The advance in prices of agricultural products, especially wine, made it possible to
offer better terms for advances secured by
such products. Operations of this character
are included in the commercial portfolio, and
supplement the assistance rendered by the
Bank to agriculture through the medium of
the National Bank for Agricultural Credit.
The creation of the National Wheat Board
in August 1936 4 was accompanied by legislative provisions which enabled the Bank indirectly to render even greater assistance to
producers. On December 24, 1936, the
volume of bills rediscounted for the National
Bank for Agricultural Credit amounted to
584,000,000 francs.
In execution of the law of August 19,
1936,5 moreover, the bank discounted
through the medium of the Central Office of
the Banques Populaires, notes drawn by the
beneficiaries of loans granted by virtue of
this law. On December 24 the total of bills
of this kind included in our portfolio
amounted to 757,000,000 francs.
In collaboration with the Commission of
Insurance Credit, the Bank participated in
the mobilization of old or new credits 6 held
by French exporters in countries having
transfer restrictions, by discounting large
amounts of receipts representing these
credits.
The Bank will continue to furnish the
greatest possible facilities to commerce, industry, and agriculture, and is firmly resolved to keep its discount rate as low as the
monetary position permits. It will endeavor
also, by collaborating with private money
market institutions, to establish a better organization of credit.
Assistance of the Bank to the Treasury.—
In addition to assisting the productive activity of the country, the Bank cooperated
with the Treasury. During the first half
year, large amounts of Treasury bills were
discounted. The increase of 11,486,000,000
francs in the bill portfolio between December
24, 1935, and June 26, 1936, represented in
large measure new loans granted to the
Government. On June 26 the Bank held a
total of 13,833,000,000 francs of Government
bills, part of which represented advances

made in 1935 and renewed thereafter from
quarter to quarter.
In order to regularize these operations, a
convention between the Bank and the
Treasury was signed on June 18, 1936, and
approved by the law of June 23.7 Under this
arrangement, a new account of temporary
advances to the State was opened, to which
Treasury bills were transferred as they matured. By this means the portfolio, which
had risen from 9,735,000,000 francs on December 24, 1935, to 21,221,000,000 francs on
June 26 following, was gradually reduced to
7,174,000,000 francs on September 25.
Afterwards it rose steadily to 8,901,000,000
francs at the end of the year. This increase
of more than 1,700,000,000 francs represented loans granted exclusively for economic
purposes.
By the aforementioned convention of June
18, 1936, the Bank also agreed to grant the
Government a new temporary advance for a
maximum amount of 10,000,000,000 francs.
The Treasury immediately made use of this
privilege, and at the end of September these
loans totaled 2,070,000,000 francs. After
having been completely liquidated on October
1, 1936, by means of the increment from revaluation of the metallic reserve, the debt of
the Government rose to 3,800,000,000 francs
on December 24.
The convention of June 18, 1936, provided
that the Bank should receive three months'
noninterest bearing Treasury bills, renewable at maturity, to represent its advances to
the State. It also provided that, as reimbursement for expenses, the Bank should
receive an annual commission of 0.2 percent
of the effective amount of the aforesaid
advances.
The law of July 24, 1936,8 reforming the
statutes of the Bank, provided in article 13,
that all bills of the floating debt, issued by the
Treasury and maturing within a maximum
period of 3 months, should be admitted without limit to rediscount at the central bank,
except for the benefit of the Treasury.
The Bank issued such instructions as were
required for full application of article 13,
which regulates the conditions on which
Treasury bills and National Defense bills
may be admitted to rediscount. On the other
hand, by agreement with the Government,
the Bank took measures to insure that these

4

See BULLETIN for October, 1936, p. 786.
"See BULLETIN for October, 1936, p. 788.
« See BULLETIN for October, 1936, p. 787.




311

7
8

See BULLETIN for July, 1936, p. 536.
See BULLETIN for September, 1936, p. 705.

312

FEDERAL RESERVE BULLETIN

facilities should be granted only to bona fide
holders of short-term securities, and that
they should not provide the basis for making
indirect loans to the Government, as was
done in 1935 and during the first half of
1936.
Advances.—Advances on securities have
risen from 3,347,000,000 francs to 3,521,000,000 francs. Their increase was especially
marked during the first 5 months of the year.
Thereafter, with the exception of a sharp and
temporary increase at the end of September,
they showed only moderate fluctuations.
Variations in the rate on advances in general
paralleled those in the discount rate.
Thirty-day advances on Government securities having a maturity of not more than
2 years 9 showed somewhat wider fluctuations. They varied between a minimum of
269,000,000 francs and a maximum of 1,627,000,000 francs. The magnitude of credit
demands on certain occasions demonstrated
the usefulness of this new form of loan. It
relieved temporary end-of-month stringency
and thus brought about greater flexibility in
the functioning of the money market.
Advances on bullion rose from 1,205,000,000 francs at the beginning of the year
to 1,671,000,000 francs in May and declined
thereafter. At the end of 1936 they totaled
only 1,259,000,000 francs. The Bank no
longer makes advances of this kind to individuals or private enterprises. Operations of
this character still outstanding, except those
concluded with foreign central banks, have
been in gradual process of liquidation.
In the aggregate, the total amount lent by
the Bank of France to business—that is, exclusive of advances granted directly or indirectly to the Government—increased by almost 3,000,000,000 francs during 1936, that
is, from 10,160,000,000 francs to 13,060,000,000 francs.
This expansion in the volume of Bank of
France credit, together with the increase in
the debt of the Government and the revaluation of the Bank's reserve, brought about an
expansion in note circulation, current accounts, and deposits. Total sight liabilities
were 102,211,000,000 francs on December 24,
as compared with 92,799,000,000 francs on
December 24, 1935. The reserve ratio was
59.05 percent, as compared with 71.44 percent at the end of 1935. On September 25,
9

See BULLETIN for March, 1934, p. 175.




APRIL

1937

1936, on the eve of the currency revaluation,
it had declined to 54.42 percent.
Economic recovery—During the past year
business activity experienced a revival. It is
true that the revival was by no means steady.
After an improvement during the first
months of 1936, business operations again
slowed down. Beginning in the autumn,
however, a marked recovery took place and
conditions at the end of the year would indicate that France has definitely passed the
most acute period of the depression.
The economic improvement was aided by
the general advance in prices. The index of
wholesale prices, computed by the Statistique Generate de la France, rose during
the year from 357 to 499, an advance of r39.8
percent. The index of retail prices show ed a
similar but slower movement, and advanced
by not more than 22.5 percent.
Freight-car loadings showed an appreciable increase as compared with last year; the
volume of industrial production, on the other
hand, has shown no marked increase as yet.
In November last the general index stood at
98 as compared with 95 a year ago.
Unemployment in December was substantially below that in December a year ago.
The improvement in this distressing condition is certainly one of the most significant
symptoms and at the same time one of the
most hopeful aspects in the economic recovery of the country.
Foreign trade during the past year showed
an increase in the import surplus from 5,478,000,000 francs to 9,944,000,000 francs.
This, however, is chiefly the result of larger
purchases of raw materials, which increased
by 2,488,000,000 francs, and thus to a great
extent reflects an improvement in the economic situation.
It is reasonable to hope that the recovery
recorded in 1936 will make further progress
during 1937. It is, indeed, an essential condition for the reestablishment of budgetary
equilibrium and restoration of Government
credit. Solution of the financial problem, as
well as improvement of the general business
situation, would, moreover, be greatly facilitated if the investors of the nation would perform their proper function.
France is being deprived at present of a
vast amount of capital, which either has been
sent abroad or continues to be hoarded within
the country. The return of these funds to
the money market would have the advantage

APRIL 1937

FEDERAL RESERVE

313

BULLETIN

not only of accelerating the flpw of income which, by facilitating the reduction of longand of increasing business activity, but also term money rates, would afford valuable supof creating an abundance of available funds port to the entire economic system.
BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 24, 1936, AND DECEMBER 24,
[In thousands of francs]
Dec. 24,
1936

Dec. 24,
1935

Gold reserve (coin and bullion)
60, 358. 742 66. 297, 836
Silver and copper coins
552, 350
664, 412
Funds available on demand abroad
9, 648
11,204
Foreign bills:
1.436.914
Negotiable
1,111,213
Other
15,313
206, 942
Domestic bills:
Negotiable
172. 203
307,291
Other
7, 544, 433 9, 527, 776
Agricultural bills and warehouse receiptguaranteed by the National Wheat Board
(law of Aug. 15, 1936)
j
584, 457
Bills rediscounted at the Central Coordinat-j
ing Committee for the Banques Populairesj
756. 743
(law of Aug. 19, 1936)
Advances against gold coin and bullion
1,258.498
1.205,455
Advances against securities
3. 247, 060
3, 508, 784
Advances for 30 days against Government
securities having a maturity of not more
464,941
342, 263
2 years
Postal current accounts
769,210
669, 289
Negotiable bills of the Caisse Autonome
d'Amortissement (convention of June 23,
1928, and Dec. 7, 1931)
5, 800, 394
5, 639,",
Loans to the Government without interest
(law of June 9, 1857; convention of Mar. 29.
1878; law of June 13, 1878, extended; laws of
Nov. 17, 1897, Dec. 29, 1918, and June 25,
1928)
3, 200. 000
3, 200, 000
Temporary noninterest bearing advances to
the Government:
Convention of June 18, 1936 (approved by
law of June 23, 1936):
12,298.092
Articles I and 2
Article 3
3. 800, 000
Rentes earmarked for special purposes,.
112.981
1.12,981
Bank buildings and equipment
4. 000
4. 000
Miscellaneous resources
2. 435, 859
2, 475, 860
Total assets _
1

104, 975, 349

Liabilities

1935

Dec. 24.
1936

Demand liabilities:
87, 419. 591
Notes in circulation
136, 687
Current account of the Treasury
Current account of the Caisse Autonome
1.968, 446
d'Amortissement
12,612,957
Other current accounts and deposits.
73,525
Other demand liabilities
182,500
Capital
Surplus (laws of June 9, 1857, and Nov. 17,
294,980
1897)
Reserve invested in legal securities (law of
May 17, 1834; decree of Apr. 27 and May 2,
22, 106
1848; law of June 9, 1857)
4, 000
Depreciation reserve (real estate)
Profit and loss:
23,000
Special reserve
.
Provision against risks on foreign ex47, 000
change
266
Provision for exceptional payment
22,813.
Gross dividends 1251 francs
...
25, 826
Carried forward
2, 141, 652
Miscellaneous 1 labilities
Total liabilities

Dec. 24.
1935

80, 668, 784
85, 148
2, 750, 809
9, 144, 788
149,909
182, 500
274,097
22,106
4,000

22. 398
25,000
1,705,951

104, 975, 349

95.131,564

102, 211, 206
Total demand liabilities
Ratio of gold reserve to demand liabilities
59. 05
(percent)

92, 799, 437
71.44

95,131.564

For second half year 1936. Gross dividend for first half year 1936, 125 francs. In accordance with the law of Dec. 23, 1933, and the decree of
July 11, 1934, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares of the Bank of France was 205
francs for the year for shares subject to a tax of 18 percent; and 220 francs for the year for shares subject to a tax of 12 percent.




314

FEDERAL RESERVE BULLETIN

APRIL 1937

ANNUAL REPORT OF THE BANK OF CANADA
The annual report of the Bank of Canada ment of issues payable in other currencies
for the year ending December 31, 1936, was (including optional payment bonds) was
submitted to the annual general meeting of about $202,000,000 in 1936. Some of these
shareholders by Mr. Graham F. Towers, Gov- bonds, of course, were owned in Canada, and
ernor of the Bank, on February 23, 1937.to that extent the refunding has not produced
Sections of the report are given herewith r1 any net change, although it has relieved the
The Canadian dollar in 1936.—In a year issuer of the liability to pay in United States
in which the foreign exchanges were under dollars or sterling.
an almost continuous strain, the Canadian
Preliminary estimates of our balance of
dollar exhibited a remarkable steadiness, par- international payments during 1936 indicate
ticularly in its relationship to the United that we may have had available over $300,States dollar. In general, it may be said that 000,000 on current account; that is, after
the Canadian and United States dollars drew making allowance for all items other than
closer together and moved in greater harmony capital movements. Of this favorable balthan has been the case for some years. The ance, provisional estimates put the amount
range of fluctuations was less than 1*4 per- used for repatriation of obligations held outcent, with the Canadian dollar, which was side the country at $145,000,000.
quoted below par in the earlier months,
Taking into consideration amounts retired
strengthening to close the year at a small in 1935, and under way this year, the record
premium. Vis-a-vis the pound sterling, which is a surprisingly favorable one. We should,
remained above its old parity throughout the I think, guard against repatriation on a scale,
year, the range was twenty points or approxi- or at a speed, which overestimates the powers
mately 4 percent.
of absorption of our bond market, or imposes
Movements of capital on a large scale, both a strain on the Canadian dollar. Of the latter
before and after the abandonment of the gold development there is as yet no sign, but there
standard by France, Holland, and Switzer- are indications of some congestion in the
land in September, were factors contributing market for securities.
to fluctuations in the exchange value of the An unusually large favorable balance in
pound. After the adoption of the tripartite our visible trade is characteristic of the early
monetary agreement, on October 13, the period of a Canadian recovery, and it is not
pound moved within a range of 1.027 percent surprising that the surplus of exports should
in Canada, and .962 percent in New York.
have been particularly substantial on this
Stability in foreign exchanges is of great occasion, in view of the liquidation of wheat
benefit to the world at large. The fact that stocks. It can be expected that a continuance
the United Kingdom, the United States, and of satisfactory conditions in the export field
France found it possible to enter into a work- will further stimulate domestic activity, and
ing arrangement designed to promote sta- cause the increase in imports to be more
bility is most encouraging.
closely related to the increase in exports than
Reduction of foreign debt.—A combination was the case last year.
of circumstances has greatly encouraged the
Savings.—During the past year, the Dorepatriation of a substantial amount of Ca- minion and provincial governments of Canada
nadian external indebtedness. For one thing, raised a little over $160,000,000 of new
our balance of international payments has money, if we include guaranteed issues. In
been exceptionally favorable; and for an- the same period, the chartered banks' portother, conditions in the domestic market have
facilitated the issue of bonds payable in Ca- folios of Dominion and provincial issues rose
nadian dollars to replace obligations in other by $160,000,000, and Bank of Canada showed
an increase of $46,000,000 in its holdings of
currencies.
government securities. On balance, thereIt is not possible to state the exact amount fore, other institutions and the general pubby which our external indebtedness has de- lic, though of course taking a part of the new
creased, but there are various ways in which issues, may be
we can gain some idea of the sums involved. with $46,000,000regarded as having parted
of
holdings,
For example, we know that the net retire- or a greater amount their existing so far as
than this in
In addition, the report contains sections dealing with profit they took up a portion of the new issues.
and loss, personnel, etc. For the first report of the Bank, see
This does not necessarily mean, of course,
BULLETIN for April, 1936, page 256.
1




APRIL

1937

FEDERAL RESERVE BULLETIN

that the savings of the public have been
diminished—on the contrary, they have, in
fact, increased. For supposing that on balance we may regard all new issues as taken
up by the banks, then the governments, who
received the proceeds, would have spent this
cash, and the deposits of the general public
in the chartered banks would have been
swollen by the same amount. A considerable
proportion of these deposits takes the form
of savings deposits. Again, if the banks buy
from the public pre-existing issues, that only
means that the sellers receive a cash balance
in place of the securities in which their savings were previously invested, and these cash
balances, which again may largely be savings
accounts, represent to that extent a change
in the form of the public's savings, and not a
diminution or increase. Finally, the public
has saved by purchasing out of income securities previously held outside Canada.
Treasury bills.—During 1936 the amount
of Dominion Government Treasury bills outstanding was increased from $105,000,000 to
$150,000,000. The average tender rate during the year was .85 percent for 90-day bills.
The rate ranged from 1.198 percent on the
offering of January 2, 1936, to a low of .643
percent on September 15, 1936, and the last
offering of the year was sold at a rate of .746
percent.
I referred last year to the desirability of
an active bill market, and expressed the hope
that we should make some progress towards
the establishment of such a market in this
country, at least in so far as Dominion Government Treasury bills were concerned. One
must recognize, however, that the goal is a
long way off. I feel that it is quite likely that
if money conditions ever become less easy
than they have been in the last few years,
Treasury bills may be rather neglected, and
that holders may tend to allow their bills to
run off through a desire to obtain additional
cash. Such a development would call for the
refunding of a suitable portion—perhaps a
substantial portion—of the bills now outstanding. The market would then be short
of assets which can properly be classified as
second line reserves. I think it is probable
that experience over a period of years, and
of a variety of conditions in the money market, will be necessary before we achieve a
satisfactory bill market in Canada.
Budgets and indebtedness.—A country such
as Canada, which is highly dependent on ex-




315

port trade in foodstuffs and raw materials,
is exposed to wide fluctuations in business,
due to conditions beyond our control. When
we are severely hit by a depression, it is idle
to suggest that governmental budgets should
be balanced. Theoretically, such a result
might be achieved by a heavy increase in
taxation. In fact, the imposition of additional taxation of this order would probably
defeat its own object by intensifying the depression. I do not suggest that possible
economies should ever be disregarded, but
rather that substantial increases in debt are,
in any event, inevitable during bad times. It
follows that a reduction in debt during more
prosperous periods is essential. If we, as a
country, increase our debt materially during
depression, but never decrease it during better times, the ultimate result is obvious. The
test which we face is our ability not only to
balance budgets, but to achieve surpluses for
the purpose of debt reduction.
Our estimate of the increase in Dominion,
provincial, and municipal debt in the six
years ended March 31 last—including guaranteed debt—is over $1,800,000,000. When
figures become so large they cease to convey
very much to the average man, but they definitely suggest that we must expect high taxation and need economical administration for
many years to come.
The character of governmental responsibilities has changed materially during the
present century. The budgets of 25 years
ago—whether they pertained to the Dominion
or to provinces or to municipalities—contained no expenditures for old age pensions
or mothers' allowances, and the charges for
hospitals and public health were much
smaller than the amounts required today.
Still less was there any unemployment relief.
These social expenditures arise from an
altered conception of public needs and governmental responsibilities. This change imposes a necessity for financial administration
of a high order if the burden is to be equitably
distributed or, indeed, if it is to be borne at
all. Our system of government has the
rigidity common to all Federal states. That
it does not adapt itself readily to fundamental
changes is sufficiently obvious not to require
emphasis.
Relations with provinces.—Perhaps it
would not be out of place if I were to make
some general remarks on the nature of the
relationship which it is possible for us to have

316

FEDERAL RESERVE BULLETIN

with provincial governments. In this connection, we start from the indication given to
us by the Bank of Canada Act, which says
that "The Bank shall act as fiscal agent of the
Government of Canada without charge, and
subject to the provisions of this Act, by agreement, may also act as banker or fiscal agent
of the government of any province." 2 As a
central bank we must have the closest relations with the Dominion Government, but it
is not essential, though it may be desirable,
that we should also have somewhat similar
relationships with provincial governments,
and this distinction our Act recognizes. The
primary function of any central bank is to
control the volume of credit (and to some extent of currency) in the country, and this
task it could not perform without close cooperation with the central government. It is
possible for the Bank to carry out its main
functions without the same kind of cooperation with provincial governments; nevertheless, cooperation between the Bank and such
governments can, we believe, be helpful both
to the individual governments concerned and
to the country as a whole. The Bank feels
that any such relationships should be entered
into on the understanding that it would be of
a continuing character, for without a close
and continuous connection the Bank would
not be able to acquire that full knowledge of
a province's position which would enable it
to give the province the best service of which
it is capable in the matter of expert advice.
Impartial advice the province can, we believe,
count upon receiving from us; but that, like
patriotism, is not enough.
If such a connection is established, the
Bank can perform for a provincial government much the same kind of services as it
undertakes for the Dominion Government.
It would not be necessary for the Bank to
become the sole banker of the province:
existing connections could remain undisturbed.
Security markets.—The improvement in
corporation earnings, both actual and prospective, has led to a very material rise in
the price of Canadian securities. To the
extent that these increased prices reflect the
re-establishment of our industries on a
profitable basis, the development is a welcome one. The growing volume of speculation, however, is not so satisfactory. While
governments can and should give the max2

Section 23 ( 1 ) . See BULLETIN for October, 1934, p. 657.




APRIL

1937

imum possible protection against fraudulent
practices in the sale of securities, the decision
as to what securities shall be purchased, and
at which prices, rests with the individual.
But the extent to which the individual obtains
credit to enlarge his speculative activities is
a matter of public interest and concern. I
believe that it was a wise move on the part of
the leading Canadian stock exchanges to raise
margin requirements during 1936, and I feel
sure that they will have the cooperation of
other lenders if—as may well be the case—
further increases become necessary.
Business recovery.—Developments in Canadian business during 1936 have been distinctly encouraging. A substantial enlargement of the volume of trade has been accompanied by a further recovery in commodity
prices; moreover, the price relationship between farm products and raw materials on
the one hand, and manufactured goods on the
other, has come into better balance than at
any time since 1929. The extent of the recovery is shown rather strikingly by comparing some 1936 figures with those of the
low point of the depression. Such a comparison shows that the estimated volume of business has increased 41 percent; national
income, 41^2 percent; car loadings, 23 percent ; retail trade, 20 percent; external trade,
in value: exports, 96 percent, imports, 58
percent; and employment 24 percent.
It should be noted that the benefits of
recovery have not been evenly distributed
throughout the country, because of drought
conditions in the West; and that the construction industry has been a laggard. Improvements in western agricultural results and in
building trade activity are greatly to be
desired, not only for the direct effects which
would be produced, but also as a means of
further stimulating general employment,
enlarging railroad revenues and reducing
relief costs.
In volume, business in Canada in 1937 will
probably exceed the 1926-29 average; in
value it may come reasonably close to the
figures of those pre-depression years. Because of the increase in working population
since that time, we must hope to do a substantially larger volume of business than we
have ever done before, in order to attain a
satisfactory level of prosperity. I believe that
goal will be reached. The banker is traditionally a pessimist, so that it may not be
thought surprising if I express the belief that

APRIL

FEDERAL RESERVE BULLETIN

1937

the permanency of the recovery is open to
question, in view of the unsettled state of
world affairs. If this fear is not attributable
entirely to professional caution, it indicates
the necessity for tackling some of our pressing problems while conditions are favorable.
Changes in Bank portfolio.—As at Decem-

ber 31 last our holdings of Dominion and
provincial government securities, maturing
within two years, amounted to $61,299,024,
and those having a maturity longer than two
years totaled $99,016,389. Compared with
December 31, 1935, the total increase in our
security holdings was $46,032,570. This addition to our portfolio more than offset the
increase in our active note circulation, and
was one of the factors leading to an increase
of $12,600,000 in the chartered banks' cash
reserves.
It may be of interest to analyze the changes
in our position which caused the chartered
banks' cash to increase by the amount which
I have mentioned.
[Figures shown in millions of dollars]
Changes
Changes
producing producing
a decrease an increase
in charin chartered
tered
banks'
banks'
cash
cash
Increase in sterling and U.S.A. funds
Decrease in advances to Dominion Government
Increase in investments _. _ _
Increase in capital and rest fund
Increase in notes in active circulation
Increase in Dominion Government balancesIncrease in other banks' balances
.
Other net changes

4.9

35
57
28.8

46.0

1.7
1.3
2.7

Deduct

53.6
41.0

Increase in chartered banks' cash reserves
(notes of and deposits with Bank of Canada)-

1.2. 6

41.0

Thus, disregarding the minor changes, one
can say that the increase of $46,000,000 in
our security holdings was offset to the extent
of $34,000,000 by our new capital and the
enlargement of our active note circulation,
leaving some $12,500,000 as an addition to
the chartered banks' cash.
Changes in Bank of Canada Act.—You will

have noted that issued and paid up capital




317

has been increased by $5,100,000 since our
last meeting. On June 23, 1936, an Act 3 was
passed amending the Bank of Canada Act in
a number of respects, the most important of
which was the creation of an additional
102,000 shares of Class B stock to be issued
to the Minister of Finance at the price of
$50 a share—the par value of the stock—
and to be held by the Minister on behalf of
the Dominion of Canada. This stock was
issued by us and paid for by the Minister on
September 11, 1936. As the holder of these
Class B shares, the Minister, with the approval of the Governor in Council, is entitled
to appoint to the board of the Bank six
directors, each of whom has two votes prior
to the annual general meeting in 1940, at
which time the number of directors elected by
Class A shareholders will have been reduced
to three.
I am sure that I speak, not only for myself,
but for other members of the board as originally constituted, when I say that we welcome the new directors, and have had occasion to appreciate their counsel and
cooperation at the meetings which have taken
place since the date of their appointment
last September.
Auditors are now appointed by the Minister instead of by the shareholders, and a
number of other alterations have been made
in the Act, many for the sake of greater
clarity of meaning or convenience of operation. The form of our notes is to be changed,
and we are hoping to put out the new issue
by the end of the summer.
These modifications in the Act made it
necessary to revise also our bylaws, a new
form of which received approval by Order
in Council on December 16, 1936.
Bank rate.—Our Bank rate has remained
unchanged throughout the year at 21/£ percent. Cash having been in plentiful supply,
there has been practically no need for loans
or rediscount facilities. Advances to banks
were made on two occasions during 1936, but
only for relatively small amounts and for
short periods.
:J

See BULLETIN for October, 1936, p. 789.

318

FEDERAL RESERVE BULLETIN

APRIL 1937

BALANCE SHEET OF THE BANK OF CANADA AS OF DECEMBER 31, 1936, AND DECEMBER 31, 1935
[In thousands of dollars]

Reserve—at market value:
Gold coin and bullion
Silver bullion
Sterling and U. S. A. dollars
Funds of other countries on a gold standardSubsidiary coin
Advances to Dominion Government..
Investments—at not exceeding market values:
Dominion and provincial government shortterm securities
Other Dominion and provincial government
securities
.
1

D e c . 31,
1935

179,377
2, 257
9, 125

180, 509
1, 638
4, 223
9
186,380
129
3, 466

61, 299

83, 410

160,315

5, 000
5,100

Dec. 31,
1935

5,000

Rest fund
Notes in circulation.

10,100
744
135, 735

5,000
173
99, 677

Deposits:
Dominion Government-.
Chartered banks
Other banks

19,917
186, 974
2,060

18, 263
181, 636

Dividend declared—payable Jan. 2, 1937
Other liabilities

208, 951
183
1,273

200, 665
113
2,027

356, 986

307, 655

112
3, 286
307, 655

Capital:
Authorized, issued, and paid up:
100,000 Class A shares par value $50 each,
102,000 Class B shares, par value $50 each.

Dec. 31,
1936

114,283

351
5,417

Liabilities

30, 873

99,016

356, 986

Bank premises (land, buildings and equipment)
at cost less amounts written off
Other assets
Total assets.

Dec. 31,
1936

190, 759

Assets

Total liabilities..

ANNUAL REPORT OF THE SWISS NATIONAL BANK

The annual report of the Swiss National Devaluation of the French franc would
Bank for the year ending December 31, 1936, probably have revived speculation against
was presented to the annual meeting of the Swiss franc. From the technical point
shareholders by the President of the Bank, of view, however, the National Bank was
Dr. G. Bachmann, on February 20, 1937.sufficiently strong to withstand these attacks.
Sections of the report are given herewith.1 For several months the ties between memDevaluation of a number of currencies took bers of the gold bloc had been greatly weakplace during 1936. On September 25 theened. The reversal of economic policy and
French Government decided to devalue the the unfavorable development of the financial
French franc, an action which led Switzer- situation in France strengthened the convicland to abandon its currency parity and tion of the National Bank that the abandonHolland to place an embargo on the export ment of parity on the part of France did not
make devaluation of the Swiss franc ineviof gold.
Devaluation of the Swiss franc.—In the table. The Federal Council, however, as it
conviction that maintenance of the former stated in its report to the Federal Assembly
gold parity was in the best interests of the on September 28, 1936, feared that the ecoSwiss economy, the National Bank struggled nomic situation in Switzerland might befor years to preserve this parity; on several come worse. The Council was afraid that
occasions it called the attention of the Fed- France might buy less Swiss merchandise
eral authorities to the interdependence of the and might become a more formidable comcurrency, the economic situation, and Gov-petitor in the world market; Switzerland, in
ernment finances. A bank of issue cannot a weakened competitive position, would sufpursue a monetary policy which is in op- fer a revival of unemployment and a worsenposition to the economic and financial policy ing of the financial situation of the Governof a country, nor can the authorities follow ment. The Federal Council also feared that
for any length of time an economic and finan- the franc would in the end break under
cial policy which is prejudicial to the cur- speculative attack, and that it would be
forced to devalue at a time when the position
rency.
of the bank of issue was less favorable. On
The report, available in French, contains in addition sections the other hand, the Council attached great
dealing with the international situation, the economic position of
Switzerland prior to and after devaluation, prices, foreign trade, importance to the monetary agreement conetc., together with a number of tables showing the operations of cluded between France, England, and the
the Bank in detail. For earlier reports see BULLETIN for May
United States. Inasmuch as a relaxation of
1936, April 1932, 1931, May 1930, April 1929, 1928, etc.
1




APRIL

1937

FEDERAL RESERVE BULLETIN

the system of quotas and foreign exchange
restrictions was anticipated, the Federal
Council—as it stated expressly in the above
mentioned report—felt that "we ought not
to miss the opportunity of collaborating in
an effort to improve international relationships, and thus to free ourselves from the
pressure exerted on our country in recent
years, as a result of the potential competition
between Switzerland and the great commercial powers of the world."
It is clear from the report of the Federal
Council and from our own comments on the
position of the National Bank, that devaluation was not put into effect for monetary
reasons but as a result of economic considerations.
Decree of the Federal Council.—The decree
of the Federal Council of September 27,
1936,1 made notes of the Swiss National Bank
legal tender. The bank of issue, furthermore, is released from the obligation to redeem its notes in gold or gold exchange by
the suspension of articles 20 and 20 bis of
the Federal law governing the National
Bank. On the other hand, it is still bound to
maintain the statutory reserve. The legal
status of National Bank notes, therefore, is
the same as during the period from August
1914 to March 1930.
From the practical point of view the most
important provision of the decree just mentioned is contained in article 3, which instructs the National Bank to maintain the
gold parity of the franc at a value ranging
between 190 and 215 milligrams of fine gold,
as compared with 290.32 milligrams under
the law of June 3, 1931. The minimum devaluation, therefore, is 25.944 percent for a
weight of gold of 215 milligrams; and the
maximum is 34.556 percent for a weight of
gold of 190 milligrams, which corresponds to
a mean devaluation of 30 percent.
On September 27, 1936, the Federal Council gave the National Bank the following instructions :
(1) The Swiss National Bank is instructed
to maintain the gold value of the franc
at a level corresponding to a devaluation of about 30 percent of its legal
parity.
(2) The Swiss National Bank shall place
to the credit of a special gold settlement account the bookkeeping sur1

See BULLETIN for November 1936, p.




319

plus, resulting from the revaluation
of the gold reserve effected by taking
the franc at par value of 215 milligrams of fine gold as a basis.
Neither the decree of the Federal Council
nor the instructions given to the National
Bank imply the establishment of a new parity. The parities calculated on the basis of a
30 percent devaluation have neither a legal
nor, therefore, a final character. The new
Swiss franc is linked with gold, but it is not
based on gold at a fixed ratio. In various
quarters it was suggested that the Swiss
franc should have been linked to the pound
sterling or to the dollar. It should be remembered, however, that Switzerland's community of interests is not bound up with any
limited group of countries, but that its relations extend throughout the world. The Federal Council deferred the adoption of a definitive parity and limited its action to decreeing
a maximum and minimum rate of devaluation. Although it is not intended to permit
fluctuations of the franc to cover the entire
range between the points established by the
decree in question, the Federal Council has
nevertheless the legal authority and the
means to adjust the Swiss franc, in case of
necessity and within the prescribed limits,
to those currencies which are important to
our country.
Rate of devaluation.—As to the proportion
of devaluation, opinion in general favored a
rate ranging between 25 and 40 percent. A
devaluation of 25 percent would perhaps not
have been sufficient to permit the export and
hotel industries to adjust their costs of production to those prevailing abroad. On the
other hand, in the situation existing at the
time, it was feared that a devaluation of 40
percent would lead foreign countries to take
measures of defense, and that a too abrupt
rise of prices would take place in Switzerland. A rate of 40 percent would have increased the cost of imports by 66% percent.
Computations on the basis of price index
numbers can give no exact information about
the difference between the purchasing power
of the Swiss franc and that of foreign currencies. Neither the index of wholesale
prices nor that of the cost of living furnishes
a unit of measure which enables one to compare the purchasing power of different countries without correction. The differences are
considerable according to whether one takes
the cost of living index or that of wholesale

320

FEDERAL RESERVE BULLETIN

prices as a basis of comparison; whether one
takes the years 1913-1914 or the year 1929.
Again, the result is altogether different according to what given country is compared
with another given country. Moreover, when
the rate of devaluation was decided upon,
less reliance was placed on theoretical calculations than on the findings of an investigation made by the Federal Department of
Public Economy at the time of granting subsidies to exports. From these findings it
appeared that a devaluation of 30 percent
would be sufficient to adjust, in the required
degree, the level of production costs and of
domestic prices to those abroad.
The reduction of the gold content of the
franc from 290 milligrams to a level between
215 and 190 milligrams of fine gold would
necessarily increase the value of gold by
35.033 percent at the minimum or 52.801 percent at the maximum. The mean rate of
devaluation of 30 percent is equivalent to an
increase of 42.857 percent. Until further
notice the National Bank will pay 4,869.80
francs per kilogram of fine gold, which is 42
percent higher than before devaluation.
The proposal was made to pay a lower price
for gold which had been hoarded in Switzerland or to put a tax upon it, and to lay a duty
in case of exportation. But for the bank of
issue in its role as monetary institution gold
could have only one price. It would have
been unjust to apply different treatments to
gold, since gold had been deposited abroad
for Swiss account, and protection against a
devaluation of the Swiss franc could be had
not only by exchanging francs for gold but
also by purchasing foreign exchange, securities, commodities, or other real values. To
expropriate profits realized on gold or to
prevent their creation would have been very
popular measures but ineffective, unfair, and
economically harmful. Certain effects of devaluation which were essential to economic
recovery—namely, easing of the money market and the decline of interest rates—would
not have been achieved. If we wished to reap
the advantages of devaluation, it was imperative to permit full and complete freedom
of gold and foreign exchange operations, and
to pay for gold at a price in line with the
average rate of devaluation. The movement
of gold with foreign countries is in no way
restricted, and foreign exchange operations
are subject to no control whatever. For the
sake of the capital market and the currency




it was necessary to refrain from taking
measures which would impede the normal
course of events. The experience of other
countries shows that gold emigrates when
measures of financial policy destroy the feeling of confidence. It should be observed,
however, that speculation was not responsible
for devaluation of the Swiss franc. Prior
to the adoption of this measure, the quotation of the franc was at a premium in terms
of the dollar, and the forward discount—that
is, the difference between spot and forward
quotations of the Swiss franc, a difference
which to some extent reflects speculative tendencies—was declining and gave no evidence
of tension during the weeks preceding devaluation.
Gold clause.—Switzerland has not had to
enact any legislation concerning the subsequent validity of the gold clause. In case of
necessity, it will be the duty of the judge to
decide upon the interpretation of this clause,
which appears in the most widely differing
forms. In domestic matters it has no great
importance and the authorities have always
taken the view that the provisions of the law
governing bond issues make it superfluous to
include the gold clause in contracts. In 1924,
the Federal Council forbade any mention of
gold francs in the land tax register because
this violated the legal provision that every
registration should be expressed in the monetary unit of the country. The National Bank
has always opposed the use of the gold clause
in domestic transactions as suggesting distrust of the national currency.
Exchange Equalization

Fund.—Immedi-

ately after devaluation various opinions were
expressed regarding the use to be made of the
increment resulting from revaluation by the
bank of issue. Some people urged that it
should be used to finance large scale programs of work creation, or to develop exports ; others, that it should be used to lower
the cost of living, to relieve overburdened
debtors, to assist the Federal railways or to
reduce the public debt. But they ignored the
fact that revaluation of the gold reserve is
an artificial measure; the resulting increment is purely a bookkeeping entry; it is not
the result of economic activity. Inasmuch
as the application of this increment to economic ends might well lead to inflation, the
Federal Council decided, and stated in its
instructions to the National Bank on September 27, 1936, that the bookkeeping in-

APRIL

1937

FEDERAL RESERVE BULLETIN

321

crement resulting from revaluation of the merce and thus contributing to the stability
gold reserve should be carried on the balance of the Swiss franc.
sheet of the National Bank as a special gold It is still too early to pass final judgment
settlement account. Revaluated on the basis on the effects of devaluation, and it may never
of the minimum devaluation rate, that is at be possible to evaluate them accurately. For
35.033 percent, the gold reserve of 1,537,000,- the economic situation in Switzerland is af000 francs held on September 26, 1936, gave fected not only by devaluation of the curan increment of 538,000,000 francs. This rency, but also by forces, national and interitem was shown for the first time in the con- national, economic and political, which are
dition statement of October 7, 1936, and was constantly at work. One cannot determine
included in "Demand liabilities." On the the precise extent to which each of these facannual balance sheet the Exchange Equaliza- tors reacts favorably or unfavorably upon
tion Fund and its holdings are included as economic development.
distinct items on the asset side and the liaRelease of hoarded gold.—One of the first
bility side of the statement.
consequences of devaluation was the releasGentlemen's agreement.—The question was ing of hoarded gold. As the National Bank
raised after devaluation whether the Gentle- was prepared to buy gold at the new price
men's Agreement,1 intended to check specu- upon the promulgation of the decree of the
lation in currencies, should be specifically Federal Council of September 27, 1936, large
maintained in force. Because of changes re- amounts of Swiss and foreign gold coins
sulting from devaluation, and the efforts which had been held in reserve for years, as
which were being made to give business the well as gold bullion, reappeared at the wingreatest possible freedom, the National Bank dows of the Bank. Funds held abroad, forfelt that, until further notice, it need not eign securities, and foreign bank notes beinsist on the maintenance of this agreement longing to Swiss nationals were also conin its entirety. It might be added that the verted into Swiss francs. As foreigners
fundamenal principles of the Gentlemen's regained confidence in the Swiss franc, a
Agreement were included in the decree of the steadily increasing inflow of foreign capital
Federal Council of June 19, 1936,2 for pro- was added to the funds repatriated by Swiss
tection of the national currency, and that citizens. The liquidation of funds held abroad
this decree has remained in force since the by Swiss nationals, and the purchase of Swiss
francs by foreigners were matched by condevaluation of the franc.
Arrangement with the United States.— tinued shipments of gold to Switzerland.
Switzerland gave its adherence to the mone- Whereas Swiss and foreign coins were extary accord of October 12, 1936,3 and on changed exclusively at the windows of the
October 28 declared its readiness to buy and National Bank, most of the gold bullion was
sell gold at a fixed price in transactions with deposited for our account in foreign banks of
the United States; and like the United States, issue. Of the increase shown by the gold reSwitzerland reserves the right to nullify this serve between September 28 and the end of
declaration on twenty-four hours' notice. 1936, 2 percent represented Swiss coin, 8 perUntil further notice, the buying price for cent foreign coin, and 90 percent gold bullion.
gold delivered to the National Bank at its A table compiled at our Zurich office showed
the
persons who came to exoffice in Berne is 4,869.80 francs per fine kilo- that of their 8,840 between September 30 and
change
gold
gram ; and the selling price for gold delivered November 30, 87 percent turned in amounts
by the Bank in Berne is 4,973.92 francs per not exceeding 500 francs, and 46 percent
fine kilogram. Thus Switzerland can obtain
gold for dollars bought on the open market, turned in amounts not exceeding 100 francs.
total
in
and can acquire dollar exchange by the de- Almost a third of theof not sum turned500
represented deliveries
more than
livery of gold. This arrangement does not francs.
mean that the Swiss franc is linked to the
dollar; its sole purpose is to facilitate the From September 28 to the end of the year,
National Bank's task of adjusting the foreign the total gold reserve of the National Bank
exchange situation to the daily needs of com- increased by 1,172,000,000 francs; but of this
total, the sum of 538,000,000 francs was
See BULLETIN for May 1936, pp. 345-6.
solely the result of the new method of comSee BULLETIN for September 1936, p. 707.
puting. The effective increase in the stock
See BULLETIN for November 1936, p. 852.
1
2
3




322

FEDERAL RESERVE BULLETIN

of gold was, therefore, only 634,000,000
francs. The Bank purchased 538,000,000
francs of gold for account of the Exchange
Equalization Fund.
Money market.—Gold purchases by the
bank of issue and the Equalization Fund
brought an abundance of funds to the money
market. Repatriation of Swiss capital and
the influx of foreign capital more than
doubled the deposits at the bank of issue,
which were already considerable before devaluation. According to the end-of-year balance sheet, demand deposits amounted to
1,361,000,000 francs, of which 183,000,000
francs were deposits of the Federal administrations and 30,000,000 francs were individual deposit accounts.
Interest rates.—In order to adjust the general level of interest rates to the changed
conditions, the National Bank on November
26, 1936, lowered the official discount rate
from 2 to l1/^ percent, and the rate for advances on collateral from 3 to 2!/2 percent.
This is the first instance of an official discount rate of IV2 percent in the history of the
central banking regime in Switzerland. This
rate is of practical importance because, in
part at least, it determines the private bank
rates. It is bank paper that benefits chiefly
from the reduction of the central bank rate.
Following the reduction of the official discount rate, the private rate declined from
IV2 to 114 percent and, by agreement among
the banks, it remained at that level to the
end of the year.
Note circulation. — While devaluation
brought about the dishoarding of gold, it
had only a slight influence on the note circulation. For some time bank notes were
undoubtedly used for buying goods, for making deposits at the banks and, later on, for
subscriptions to the national defense loan.
But the uncertainty of the political situation
in Europe, and the very low rates paid on
short-term funds, constituted an impediment
to any marked return flow of bank notes.
Part of the deposit balances in checking accounts bore no interest. At the end of the
year the note circulation was 1,482,000,000
francs, or 116,000,000 francs more than at
the end of 1935. Of this increase, 111,000,000 francs represented denominations of 500
to 1,000 francs.




APRIL

1937

Position of the banks.—It is clear from the
balance sheets already published by the commercial banks that their position has become
more liquid since devaluation. New funds
flowed into all the larger banking institutions. A part of the funds deposited with
the large banks is held here on demand by
foreigners and is hardly seeking investment
in Switzerland; these funds are, in fact,
ready to take flight at the least alarm, or to
be withdrawn when their country of origin
or some other financial center seems to offer
greater advantages than the place of their
temporary refuge. Any outflow of funds,
however inconsiderable, depresses the money
market and the rate of exchange. The reduction of the discount rate by the National
Bank on November 26 for the purpose of
bringing about lower money rates also tended
to hinder somewhat the inflow of foreign
funds to Switzerland. At the cantonal banks,
investments in certificates of indebtedness
increased, while savings deposits continued
to decline after devaluation; savings were
undoubtedly withdrawn to pay for subscriptions to the national defense loan or to be
exchanged for certificates of indebtedness.
As debtors paid their indebtedness to the
banks, the banks in turn used the funds
which they received to reduce their own obligations. Some banks were able to cancel
their requests for cash at the offices for the
issue of mortgage bonds.
Economic policy. — After devaluation,
many suggestions as to economic policy were
made to the Federal authorities. Almost all
agreed in demanding that the cost of living
should be kept as low as possible. It will,
of course, be impossible to check the progressive advance in prices which results from the
purchase of foreign raw materials and food
stuffs. Nevertheless, by reducing customs
duties and easing import restrictions and
quotas, the Federal Council has endeavored
to offset part of the rise resulting from purchases abroad. The measures taken to protect the domestic economy against foreign
competition are no longer so necessary as
formerly, since devaluation acts as a check
to imports. To maintain these measures now
would hinder the adjustment of our economy
to the altered conditions.

APRIL

323

FEDERAL RESERVE BULLETIN

1937

BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DECEMBER 31, 1936, AND DECEMBER 31, 1935
[In thousands of Swiss f r a n c s ]
1935

Assets
Swiss and foreign gold coinGold bars
1

793, 569
1, 288, 844

499, 965
670, 655

Total gold in v a u l t Gold earmarked abroad,._

2,082,413
626, 592

1,170,620
218, 187

2, 709, 005

1,388,807

Total gold_
Increment from gold calculationOther cash items.
Foreign exchange
Swiss portfolio:
Swiss bills
Rescriptions
Other discounts-.

1

31.323
5, 459
53, 405

4, 265
8, 305

7,715
9, 457
2, 345

25, 281
114,552
12,644

19,517
28, 500
43, 648
3, 120

1935

1,482,222
1, 093, 851
183, 396
29, 878
62, 935
847
98
50, 000
12, 500
5, 253
11
1,000
1,000
538, 584
44, 338

, 366, 274
357, 905
7, 629
24, 838
16,433
1,222
839
50, 000
12, 000
5, 253
12
1,000
1,000

3, 505, 913

1, 887, 435

43, C

85, 535

Advances on security:
On call at 10 days' notice_.
Other

Notes in circulation
Giro accounts
Federal accounts
Other deposits
Foreign clearing accounts
Drafts and checks in circulation.
Rediscounts
Capital
Surplus
Net profits
Dividend unpaid
Reserve for uninsured risks
Reserve for printing bank notes..
Exchange Equalization Fund
Miscellaneous liabilities

1936

152,477

Securities of the Loan Office of the Swiss Confederation

Liabilities

139, 189
3, 003

46, 768

142,193

Government securities
Due from postal check offices

15,897
2,190

44, 887
1,189

Due from correspondents:
Swiss
Foreign

14, 212
4, 216

26, 655

18, 427
1, 756
781
153
25, 000
3,000
2
()
538, 584
6,148

26, 655
1, 332
732

3, 505, 913

1,887,435

Items for collection
Coupons
Interest accrued on securities. _
Unpaid capital
Bank premises
Furniture and fixtures
Exchange Equalization F u n d Miscellaneous assets
Total assets..

313
25, 000
3,000
(2)
2, 746

Total liabilities..

rresponds to a gold value
VLK,A has been carried on the

the balance sheet as "Incre-

2

Carried at 1 franc.




FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES




32.")

326

FEDERAL RESERVE BULLETIN

APRIL

1937

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
reserve bal annas

Reserve bank credit outstanding

U. S.
Bills
Bills
discounted bought

Date

Gov- Other
ern- Reserve Total
bank
ment
securi- credit
ties

stock

Treasury
currency

Monetary
gold

Money Treasin circulaury
tion
cash

Treasury
Other
deposits NonFedwith
memeral
Federal ber de- Reserve
Reserve posits
acbanks
counts

iLxcess
1 otal

(estimated)

End of month figures:
1936—Feb. 29
Mar. 31
Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30___._
Oct. 31
Nov. 30
Dec. 31
1937—Jan. 3i
Feb. 27

7
8
5
5
4
4
8
9
6
7
3
3
5

5
5
5
3
3
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
2,430

40
31
34
35
35
24
30
30
36
13
64
60
27

2,482
2,474
2,475
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500
2,497
2,465

10,167
10,184
10, 225
10, 402
10, 608
10,648
10,716
10,845
11,045
11,184
11, 258
11,358
11,436

2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,516
2,521
2,532
2,532
2,536

5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543
6,349
6,399

2,513
2,530
2,531
2,583
2,497
2,432
2,404
2,458
2,388
2,364
2,376
2,520
2,608

424
1.077
682
518
690
447
104
253
77
78
244
195
194

327
332
356
337
262
306
287
234
205
201
259
281
288

254
259
260
256
257
253
256
262
262
261
261
260
253

5,784
5,087
5,486
5,719
5,633
6,005
6,410
6,357
6,753
6,788
6,606
6,781
6,695

2,986
2,305
2,664
2,866
2,717
3,029
1,950
1,840
2,175
2,236
1,984
2,152
2,078

Wednesday figures:
1936—May 6
May 13
May 20
May 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

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,
10,
10,
10,

409
480
543
600

2,493
2,489
2,490
2,500

5,953
5,937
6,048
6,173

2,579
2,548
2,607
2,648

505
516
1,421
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

June
June
June
June

3 .
10
17
24

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,
10,
10,
10,

650
661
678
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
6,116
6,229
6,332

3,051
3,167
1,813
1,892

Sept.
Sept.
Sept.
Sept.
Sept.

2
9
16
23
30

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
1,714
1,743
1,840

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

7

Oct.
Oct.
Oct.
Oct.

__

7
14
21
28

Nov.
Nov.
Nov.
Nov.

4
10
18
25

7
7
5
6

3
3
3
3

2,430
2,430
2,430
2,430

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

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

11,271
11,306
11,317
11,345

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

Feb.
Feb.
Feb.
Feb.

3
10
17
24

3
3
3
4

3
3
3
3

2,430
2,430
2,430
2,430

28
42
41
22

2,463
2,477
2,478
2,460

11, 364
11,387
11,403
11,425

2,531
2,531
2,530
2,532

6,348
6,360
6,351
6,372

2,529
2,563
2, 575
2,602

176
132
162
180

286
310
300
302

261
259
256
255

6,758
6,771
6,768
6,705

2,150
2,184
2,186
2,097

Mar.
Mar.
Mar.
Mar.

3
10
17
24

7
5
4
8

3
3
3
3

2,430
2,430
2,430
2,430

17
16
12
22

2,457
2,454
2,450
2,463

11,443
11,484
11,515
11, 541

2,535
2,537
2,538
2, 537

6,407
6,376
6,385
6,375

2,620
2,672
2,697
2,723

216
186
87
279

280
238
243
326

253
254
261
260

6,660
6,749
6,830
6,578

1,310
1,380
1,449
1,269

NOTE.—For descripion of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months
and years are shown in the table on p. 293.




327

FEDERAL RESERVE BULLETIN

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

E n d of m o n t h figures
1937

1937
M a r . 24

M a r . 17

M a r . 10

Mar. 3

Feb. 24

F e b . 17

Feb. 10

Feb.

1936

Jan.

Feb.

ASSETS

Gold certificates on hand and due from
U . S . Treasury
Redemption fund—F. R. notes
Other cash

8, 844, 417 8, 846, 407 8, 847, 402 8, 847, 384 8, 847, 885 8, 848, 378 8, 847, 398 7,651,863
12,523
15,684
11,449
11,475
11, 925
11, 198
12, 746
11,475
284, 440
265, 865
263, 025
266, 405
270, 622
338,020
277, 090
275, 480

7, 669, 673
14,902
336, 754

9, 126, 887

Total reserves

8, 844, 385
12, 095
270, 407

9, 122, 805 9, 120, 630 9, 125, 256 9,129,481

8,021,329

Bills discounted:
For member banks__ __ _
For nonmember banks, etc. _ - -

7, 492
200

4, 134
200

4,724
200

Total bills discounted
Bills bought: Payable in foreign currencies _
"
.
Industrial advances
. _
_____

7, 692

4,334

i 3,310
22, 666

3,079
22, 653

7, 339

4, 106
1

4, 924

7,339

4, 107

3, 083
23, 037

3,083
23,106

9, 144, 250 9,138,214 9,134,353 8,005, 567

3, 083
23, 350

2,482
101

4,619

8,384
359

3, 045

2, 583

4, 619

8,743

6,929

3, 071
23, 230

3, 081
23, 582

3, 083
23, 257

4, 671
32, 089

4,673
31, 778

3, 044
1

6, 570
359

U. S. Government securities:
Bonds
Treasury notes
_ __
_
Treasury bills._. _

631,784
1,231,343
567, 100

524, 282
498, 232
215,680
589, 725
533, 682
533, 682
507, 482
533, 682
1,261,343 1,303,971 1,303.971 1,313,371 1, 330, 663 1,339,913 1,303,971 1,616,559
592, 574
592, 574
592, 082
592, 082
592, 574
592, 574
598,008
579, 159

215, 692
1,622, 595
592, 011

Total Government securities
Other Reserve bank credit

2, 430, 227
- 1 , 339

2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 247
4,232
-10,681
18, 352
17, 623
3,098
-7,417
- 6 , 259
-868

2, 430, 298
7,978

Total Reserve bank credit outstanding
__ __ ___ __ . 2, 462, 556

2, 449, 612 2, 453, 854 2, 457, 496 2, 459, 899 2, 477, 925 2, 477, 096 2, 465, 418 2, 478, 848

2,481,656

4,172, 763 4, 169, 467 4,195, 436 4, 167,930

4, 160, 199 4, 165,838 4,190, 294 3, 633,064

3, 732, 223

6, 829, 578 6, 749,105 P), 660,138 6, 705, 293 6, 767, 740 6, 770, 854 6, 694, 612 5, 860,064
86, 538
216,471
179, 882
193,854
452, 524
186, 381
162, 357
132,152
88, 588
108, 924
122,746
114,760
48, 155
79, 217
110,585
102,803
154, 860
171, 342
179,263
173, 541
256, 073
159,198
189, 496
207,319

5, 784, 423
424, 142
51,143
275,715

7, 159, 564 7, 173,901 7, 156,875 7, 187,184 7,230, 178 7, 213, 128 7,176,767 6, 616, 816

6, 535, 423

LIABILITIES

F. R. notes in actual circulation

4, 166,726

Deposits:
6, 578, 279
Member bank—reserve account
278, 659
U. S. Treasurer—general account-102, 999
Foreign bank__
_
223, 223
Other deposits
___ _
Total deposits _ _

7. 183, 160

Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent)
_ __ .

80.4

80.5

80.4

80.4

80. 4

80.3

80.4

80.3

78.1

78.1

i Includes $233,000 payable in dollars.

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY
FEDERAL RESERVE BANKS
[In thousands of dollars]
91 days

Bills discounted:
Mar 3
Mar. 10
Mar 17
Mar. 24
Bills bought in open market:
Mar 3
Mar. 10
Mar. 17
Mar 24
Industrial advances:
Mar. 3
Mar 10
Mar. 17
Mar 24
U. S. Government securities:
Mar 3
Mar. 10
Mar. 17
Mar. 24




6

1 year
to
2 years

to
5 years

4, 104
3,962
3, 779
3,585

5, 645
5, 636
5, 537
5,520

9, 296
9, 268
9,145
9, 263

379, 430
370, 926
373, 698
348, 688

297, 840
297, 840
280, 257
274,257

848, 834
848, 834
743, 768
720, 018

Within
15 days

16 to 30

31 to 60
days

61 to 90
days

to 6
months

months
to
1 year

7 339
4, 924
4, 334
7, 692

6 902
4, 240
3 611
6,971

157
149
20
88

95
310
338
287

79
65
74
104

102
151
278
223

3,083
3, 083
3, 079
3,310

717
1, 934
1, 642

1, 642

263
263
441
566

461
886
996
2, 744

23, 106
23, 037
22, 653
22, 666

876
843
1, 343
1, 271

707
710
177
133

363
340
348
433

515
496
607
508

1,600
1,782
1,717
1,953

_.._..____

2,
2,
2,
2,

28, 535
25, 474
24, 309
12, 250

24, 309
12, 250

45, 905
55, 905
35.017
48,597

58, 186
65, 827
72, 437
78,171

268, 280
274, 263
365, 790
371, 486

2 years

4
9
13
19

Total

430,
430,
430,
430,

227
227
227
227

days

Over
5 years

478, 908
478, 908
534,951
576, 760

328

FEDERAL RESERVE BULLETIN

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]

Total

New
York

Boston

Philadelphia

Cleveland

Richmond

MinSt.
lanta Chicago Louis neapolis

Kansas
City

San
Dallas Francisco

ASSETS
Gold certificates on h a n d and due
from U. S. Treasury:
Mar. 3
M a r . 10
Mar. 17
Mar. 24
Redemption fund—federal Reserve
notes:
Mar. 3
M a r . 10
M a r . 17
M a r . 24
Other cash:
Mar.3
M a r . 10
M a r . 17
M a r . 24
Total reserves:
Mar. 3
M a r . 10
M a r . 17
M a r . 24
Bills discounted:
Secured b y U. S. Government
obligations direct or fully guaranteed :
Mar. 3
Mar. 10
Mar. 17
M a r . 24
Other bills discounted:
Mar. 3
M a r . 10
M a r . 17
Mar. 24
Total bills discounted:
Mar. 3
Mar. 10
Mar. 17
M a r . 24
Bills brought in open market:
Mar. 3
M a r . 10
Mar. 17
Mar. 24
Industrial advances
Mar. 3
Mar. 10
Mar. 17
M a r . 24
U. S. Government securities:
Bonds:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Treasury notes:
Mar. 3
M a r . 10
M a r . 17
Mar. 24
Treasury bills:
Mar. 3
M a r . 10
Mar. 17
Mar. 24
Total U. S. Government securities:
Mar. 3
M a r . 10
M a r . 17
Mar. 24
Total bills and securities:
Mar. 3
M a r . 10
M a r . 17
M a r . 24
D u e from foreign banks:
Mar. 3
M a r . 10
M a r . 17
M a r . 24




8. 847, 402 559,613 3,
8, 846, 40' 555, 75" 3,
8, 844, 417 536, 792 3,
8, 844, 385 528,
3,

420, 666 503, 627
362, 253 515, 868
478, 730 490.
i0,910
347, 906 599!65'
i9,

11,449
11, 198
12, 523
12, 095

1, 143
1, 076
1.046
1,036

1, 155
883
1,749
1,667

25G
167
619
594

266, 405
263,025
265, 865
270, 407

21, 665
20, 534
22,013
22, 521

69, 824
68, 569
76, 405
81,134

29, 600
28,052
29, 293
26, 831

666, 787
654, 388
621,126
645, 846

9.125, 256 582, 421 3,491,645 533, 477
:,
9,120, 630
',367 3, 431, 705544, 087
9,122, 805 559,851 3, 556, 884520, 822
,
9.126, 887 552. 424 ! 430, 707 627,

6, 572
3,
3,170
6,175

90
121
135
358

2,512
2,414
1,572

767
1,005
1,164
1,51

10
25
15
215

7,339
4,924
4,334
7,692

100
146
150
573

2,958
2,950
2,254
3,554

224
224
224
224

1,095
1,095
1,090
1,322

319
319
319
319

23,106
23,037
22, 653
22, 666

2,71
2, 786
2,774
2,773

5,816
5,805
5,811
5,812

4,316
4,305
4,251
4,287

533, 682
533, 682
589, 725
631, 784

38, 579
38, 579
42, 631
45, 671

143, 238
143,238
158,279
169,568

1, 303, 971
1, 303, 971
1, 261, 343
1, 231, 343

94, 263
94, 263
91,180
89, 012

349, 978 104,511
349, 978 104,511
338, 538 101,094
330, 485 98, 690

592, 574
592, 574
579,159
567,100

42, 836
42, 836
41, 867
40,995

159,044
159,044
155,443
152, 207

19,
20,
17,
16,

260
270
50
515

608
663
635
1,028

1,450
1,429
1,418
1, 399

859
847
843
778

77,=
014 11,428
92; 10,647
768 10, 550

28, 571
30, 27.
28, 45;
31,544

15,095
15, 236
13, 952
13, 621

7, 387
8,201
7, 676
6,782

47,
47,
46,
45,

493
493
418
451

15,309 5, 397 22,
15,027 5, 584 22,
15, 390 5, 663 23,
15, 209 6,018 24,

221
366
307
727

300
300
350
420

12
18
18
4'

5
5
5

26
32
42
42

119
121

10
40
40
50

146
27
102
97

2,537
42
62

326
332
392
462

75
85
128
135

60
55
55
75

60
60
60
60

219
219
219
219

50
15
15
25

533

9
149
164

269
276
239
264

31
71
570

293
293
294
293

120
120
120
120

108
108
108
108

385
385
385
385

86
86

87

87
87

1,131
1,125
],131
1,111

2,534
2,531
2,244
2,244

354
350
349
349

1,051
1,051
1,049
1,049

34'
347
342
342

813
810
804
804

733
732
728

1,274
1,266
1,252
1,250

1, 969
1,929
1,918
1,918

18, 760
18, 760
20, 731
22, 209
45, 838
45, 838
44, 339
43, 285

27, 802
27,802
30, 721
32, 912

20, 854
20, 854
23,045
24,688

47, 098
47,098
52,043
55, 755

67. 929
67, 929
65, 709
64,146

50, 956
50,956
49, 289
48,117

15,074
15,074
11,313
08, 665

398
20,831
398 28, 298 20,831
872 27, 657 20, 359
501 27, 081 19, 935

30, 870
30, 870
30, 171
29, 543

23,156
23,156
22, 632
22,161

52, 295
52, 295
51,111
50, 047

951
951
721
052

29, 298
29, 298
32, 375
34, 684

24, 143
24,143
26, 678
28, 581

60, 700
60, 700
67,074
71, 858

25, 486
25, 486
28, 162
30,170

134,263
134,263
129, 874
126,785

71, 586
71, 586
69, 246
67, 599

58, 991
58, 991
57,062
55, 705

148,312
148, 312
143, 464
140,051

62, 270
62, 270
60, 235
58, 803

61,014
61,014
59, 633
58, 391

32, 532
32, 532
31,795
31,133

26, 80;
26, 807
26,201
25, 655

54,
54,
60,
65,

67,
67,
65,
64,

652, 260 194, 777
652, 260 194, 777
652, 260 194, 777
652, 260 194, 777

250,
250,
250,
250,

228
228
228
228

133,416 109,941
133,416 109, 941
133, 416 109, 941
133, 416 109, 941

276, 410 16,054 85,
276, 410 16,054 85,
276, 410 16,054 85,
276, 410 16, 054 85,

2, 463, 755 78, 770
2, 461, 271 78, 834
2, 460, 293 .78, 826
2, 463, 895 179, 248

662,129 200,020
662,110 200,084
,415
661, 4 200,011
, 948
662, 9 200, 440

251, 912
251,934
251, 721
252,165

136,070 110, 672
136,076 110,675
135,929 110,637
135,944 110,662
'"" ""

277, 846
277, 877
277,915
278, 414

17
17
17
17

1,304
1,183
1,170
1,151

2, 537
37
5'
203

2, 430, 22' 175, 678
2, 430, 227 175, 678
2, 430, 227 175, 678
2, 430, 227 175, 678

225
225
230
232

614
603
596
579

134
9
84
50
194
201
164
264

260

773
773
265
636

56i
541
538
528

1,691,232 272,265 184, 613 270, 303 202, 533 632,643
!
,
1,716,209 276,310 186,029 276, 199,005 655, 220
[,924
1,708,685 266,631 179, 104 273,015 193,091 663, 330
1, 694, 015 269, 405 183, 953 609 194, 093 659,164
275,

140
155

18
18
18

42,
42,
47,
50,

176, 36: 254, 431 196, 522 609,118
176,981 261, 350 192,818 631,671
170, 5 257,087 186, 832 638, 853
176,393 259, 872 187,496 633, 286

812
708
660
627

264. 941
687, 128 312,055 5
673,037 316,049 268,;, <688
637, 134 302,072 262,186
661,389 308, 553 270, 493

683
664
1,057

3,083
3,083
3,079
3,310

19,842
17,739
15, 139
14, 702

250, 925 1. 661, 849 255,
i,720
255, 068 1, 685, 226259,
249, 381 1, 679, 570251,261
257, 863 1,661,844 254,
2, 297
2, 192
2, 158
2, 080

503
653
857
81E

499
910
869
841

446
536
682
687

2,867

291,77;
295, 382
283, 290
290, 970

27
27
27
27

429
429
429
429

16,633
16, 514
16, 584
16, 579

88,839
86,341
86, 355
86, 501

4
4
4
4

3
3
3
3

26,601 94, 966 214, 467
26,601 94, 966 214, 467
26, 601 94,966 214, 467
214, 467
26, 601
27, 747
27, 752
27, 80f
.27, 871

96, 402 216, 715
96, 404 216, 670
96,433 216, 659
96, 438 216, 679
16
16
16
16

329

FEDERAL RESERVE BULLETIN

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

KanSan
sas Dallas FranCity
cisco

ASSETS—continued

Federal Reserve notes of other banks:
Mar. 3
22,180
318
4, 532
1,158
823
1, 867 2, 616
2,714 2,473
1,464
566 2,823
Mar. 10
22,043
334
4,736
1,185 1, 691 2, 890
770
722 2,007
487 2, 910
2, 598 1,713
20, 740
311
3,948
1,280
Mar. 17
739
1,381 2,565
355
836
854
2.769 2,387
19, 810
316
3,861
1,334
Mar. 24
785
511 3, 315
1,178 2, 333
2,335 1,631 1,184
3,459
Uncollected items:
166, 84' 54,
62, 684 54,071 22,417
Mar. 3
649, 595 65, 56'
91, 743 28, 233 13,309 33, 741 25, 419 30, 879
55,406 50,168 21,652
Mar. 10
564,065 58, 654 137, 789 42, 665
74, 880 25, ""' 13,148 31,495 22, 973 29, 302
804,811 77, 313 196,151 63, 923
75,836 71,804 32, 34'
Mar. 17
115, 990 35, 567 18,058 40, 772 34,188 42,862
618,002 64, 458 157, 678 48,144
54, 454 53, 674 21, 840
Mar. 24
79, 622 25, 405 14,067 32,982 24,912 40, 766
Bank premises:
3,047
Mar. 3
46,020
10,105 4,931
6,346 2, 791 2,230
4,690 2,384 1,501 3,285 1,261 3,449
Mar. 10
46, 015 3,047
10,105 4, 931
6, 346 2,791 2,230
4,
2, 383 1,497 3,285 1,261 3,449
45, 987 3,047
10,105 4,931
6, 346 2, 791 2,230
Mar. 17
4,690 2,382 ] , • " "
3,257 1,260 3,449
45, 973 3,047
10,105 4,920
6, 346 2,791 2, 227
Mar. 24
4, 690 2,382 1,499 3,257 1,260 3,449
All other assets:
12, 784 5,721
5, 344 3,036 2,000
Mar. 3
48, 248 3,015
4, 63;
1,
1,838 2,270 1,876 3, 736
13,093 6, 779
5,403 3,099 2,012
50, 043 3,059
Mar. 10
4,743 2,028 1,855 2,296 1,884 3, 792
10,
4,548 2,617 1, " ~
40, 858 2, 468
5,092
Mar. 17
3, 973 1,634 1,536 1 , " " •
1.571 3,058
11,458 5, 206
4, 793 2, 751 1,756
42, 933 2, 593
Mar. 24
•_._
4,072 1, 721 1,605 1,987 1,690 3, 295
Total assets:
12, 355, 279 833,155 4, 348,127 799, 679 1,014,593 509, 900 404, 884 2, 072,885 423,987 290,929 438,816 328,063 890, 261
Mar. 3
1
,
12, 264, 292 821, 312 4, 259, 623 799, 338 993, 332 509,
Mar. 10
408,155 2,081,024 424,885 289, 595 443, 76, 322,020 911,359
12, 495, 724 821, 833 4, 439, 402 795, 540 976, 886 516,604 411,638 2,114,049 425,189 287, 391 447, 599 326, 904 932, 689
Mar. 17
12, 317, 732 802,103 4, 276,849 886, 599 980, 502 504, 907 409, 319 2, 063; 17,417,127 288,812 442,601 318, 910 926, 828
Mar. 24
LIABILITIES

Federal Reserve notes in actual circulation:
Mar. 3
Mar. 10
Mar. 17
•__
Mar. 24
Deposits:
Member bank—reserve account:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
U. S. Treasurer—general account:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Foreign bank:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Other deposits:
Mar. 3
Mar. 10
Mar. 17
i
Mar. 24
Total deposits:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Deferred availability items:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Capital paid in:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Surplus (section 7):
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Surplus (section 13b):
Mar. 3
Mar. 10
Mar. 17
Mar. 24




4,195, 436
4,169, 46'
4,172, 76;
4,166, 726

355, 60'
333, 894
333, 658
334, 854

6,660,138
6, 749, lOf
6,829, 578
6, 578, 279

362, 679
376, 231
374,181
346, 380

2, 957, 400 3801,967
2, 961, 693 386,
1,289
3,020,904 381 ,459
2, 892, 082 397,911

471 15, 360
381 19,118
538
29r
659 22, 780

66, 328 14,571
30,269 21,049
82,053
596
87, 607 13, 290

108, 924
79,217
88, 588
102, 999

8,071
5,81'
6, 443
7,474

38, 277 10, 835
28, 303 7, 808
32,193 8, 649
37, 578 10,033

171,
159,198
154, 860
223, 223

1,522
2, 279
1, 784
2,104

114,858 1,186
101,112 1,234
96, 574 1, 857
94, 883 76, 128

13, 169
12,884
13,306
12, 908

4,196
3, 698
4, 533
3, 516

54, 002
49, 80.1
68, 556
53,334

216,
186,
86,
278,

7,156,875
7, 173, 901
7, 159, 564
7, 183, 160

387,
403,
382,
378,

888,119
882,198
891, 540
886,176

304,999
304, 883
306,056
307, 333

417, 59; 196,257 184, 789 952, 689
422, 387 198,421 184, 204 952, 547
417,061 198,011 184, 642 952,134
421, 960 198, 137 183, 83" 949, 590

179, 710 135, 982 160,414
178, 483 136, 669 158, 973
179.105 137, 491 158, 799
178, 060 137, 625 157, 922

456,411
437, 87:
2
430,146
423, 23'

928, 461
951,849
987, 22
930, 279

,05"
186,164 119,682 224,057 173, 999 473,166
193, 309 119,037 236, 921 177, 849 500,110
I
,
189, 254 115; 502 232, 908177,812 519, 604
184, 523 116,03; 231,241 170,014 501, 428

41, 860
45, 12^
79
45,147

8,844 4,016 6,277 12,374 9,854
6, 626 3, 949 3,290 10, 768 7, 457
564
604
568
359
272
6,919 4, 451 8,054 13, 549 21, 256

12, 825
9, 243
10, 238
11,876

3,317 2, 543 3, 206
2. 390 1, 832 2,311
2; 648 2,030 2, 559
3,072 2, 355 2,969

227, 434 169, 718
!
175, 426
232,, 519
226, 503 174,080
216,540 168, 607

21,624
25, 796
41
25, 872
.10,171
7, 330
8,119
9, 419

8,334 7, 029
7,101 5,831
324
349
14, 025 15, 709
4,754
3,426
3, 795
4,402

3, 869
2,7
3,089
3,583

89, 795 329, 478
88, 945 327, 863
S
88, 836 325, 430
88, 293 322, 939

3,206
2,311
2, 559
2,969

7, 850
5, 657
6, 266
7,269
13, 649
14,057
14,115
13,153

4, 559
200 5, 540
1,150 6, 325 4,
207 5,577
5,678
1,307 6,157 5,008
247 4, 904
1, 403 6,121 4,522
5, 494
252 5, 030
1, 515 6, 291 4, 669
2,774
632 3, 176,863 40'7, 559 501,375 244, 18 185,175 984, 296 204, 650 131,229 233,740 195, 119504, 519
>
,
f
445 3,121,37'
S, 380 483, 882 246, 744189,724 1, 007, 526 208,
208,482 129, 826 242, 729196, 505 527, 281
703 3, 231, 724 392, 561 452, 046 235,155 183,012 998, 945 198,295 122, 622 236, 073 185,879 540, 549
738 3;
"'•'7,362 471, 436 '1,483 190, 673 988, 817 200, 805 127,512 242,516 191, 562 543, 106
38 1,112,150 497;
238!

656, 079
571, 707
815,722
619, 573

66,011
60, 091
81, 367
64, 503

161,784
134, 473
194,634
156, 657

53, 855
43, 544
63,,
48, 606

64,030
55, 408
76, 168
55, 400

132, 281
132,276
132,242
132, 236

9,373
9, 372
9, 373
9,377

51, 349
51,351
51, 350
51, 334

12,240
12, 239
12,236
12, 236

145, 854
145,854
145, 854
145, 854

9, 826
9, 826
9, 826
9,826

51,474
51, 474
51, 474
51, 474

13,
13,
13,
13,

27,190
27, 490
27, 490
27, 490

2.874
2,874
2,874
2,874

7,744
7,744
7,744
7,744

362
362
362
362

4, 325
4,325
4,325
4,325

22, 386
21,673
31,443
22, 231

91, 456
76, 402
118,341
80,199

34,773
31,887
42, 829
32, 230

31,910
25, 334
41, 094
27, 971

32, 285
32, 004
42, 582
36, 519

29,196
27,496
37, 399
27, 779

14, 391
13, 594
17,711
14,144

12. 836 4, 831 4, 336
12, 836 4,837 4,328
12, 845 4,852 4, 330
12, 852 4,854 4,329

12, 570 3, 799
12, 577 3,799
12, 581 3,798
12, 585 3,798

2, 906
2,905
2, 900
2,899

3, 991 3,855 10,195
3, 991 3,865 10,176
10,116
3,992
3, 992 3, 869 10,111

14, 323 4,869 5,616
14, 323 4,869 5,616
14, 323 4, 869 5, 616
14, 323 4,869 5,616

21, 504
21, 504
21,504
21, 504

4, 655
4,655
4,655
4,655

3,116
3,116
3,116
3,116

3, 613
3, 613
3,613
3,613

3,851
3,851
3,851
3,851

9, 645
9, 645
9,645
9,645

3,422
3,422
3,422
3,422

1,416
1,416
1,416
1,416

545
545
545
545

1,003
1,003
1,003
1,003

1,142
1,142
1,142
1,142

1,262
1,262
1,262
1,262

1, 696
1, 996
1,996
1, 996

1,007
1,007
1,007
1,007

754
754
754
754

330

FEDERAL RESERVE BULLETIN

APRIL 1937

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

LIABILITIES—continued

Reserve for contingencies:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
All other liabilities:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Total liabilities:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Commitments to make industrial
advances:
Mar. 3
Mar. 10
Mar. 17
Mar. 24




36, 200
36, 200
36,166
36,176

1,570
1,570
1,570
1,570

9,260
9, 260
9,260
9, 260

3,000
3,000
3,000
3,000

3,120
3,120
3,120
3,120

1,522
1,522
1,522
1,522

1,690
1,690
1,690
1,690

7,943
7,943
7,916
7,916

1,197
1,19'
1,197
1,197

2,083
2,r~
2,076
2,076

931
931
931
941

1,847
1, 847
1,847
1,847

2,037
2,037
2,037
2,037

5,364

262
240
462
361

1,534
1,746
1,676
2,054

1,605
402
375

305
369
316
404

279
268
217
286

138
166
151
189

1,011
1,109
1,212
1,148

235
228
195

219
399
472
437

212
499
220
245

424
411
266
255

406
357
334
475

5^923
6, 517
12,355,279
12, 264, 292
12, 495, 724
12,317,732
19, 537
19,496
19,178
19,135

833,155 4, 348,127 799, 6791,014,593 509,900 404, 884 2,072, 885 423, 987 290, 929 438, 816 328,063 890, 261
993, 332 509,884 408,155 2,081, 024 424,885 289, 595 443, 765 322,020 911 9
821,312
—,
,5
3
,
,
,
821, 833 4j 439,402 795, 540 976, 886 516, 604 411 , ,
447, 599 326, 904 932, 689
, 638
802,103 4, 276, 849 886, 599 980, 502 504, 907 409, 2,114, 049 425,189 287, 391
318,910 926,828
, 319 2, 063,175 417,127 288, 812 442, 601

1,952
1,!
1,948
1,947

8,086
8,074
7,899
7,895

207
20'
178
178

1,214
1,216
1, 190
1,185

2,307
2,358
2,352
2,343

279

275
275
275

1,291
1, 287
1,287
1,287

153
153
150
142

483
447
447
444

3,487
3,454
3,375
3,362

APRIL

331

FEDERAL RESERVE BULLETIN

1937

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO MARCH 17, 1937
[Amounts in thousands of dollars]

Date (last Wednesday of
each month)

Applications rec^
ommended
for
approval by InAdvidustrial
sory
Committees
to
date
(with and without conditions)

Applications
received to date,
net

Applications approved to date by Federal Reserve banks (with and
without conditions)

Number
1936—Feb. 26..
Mar. 25.
Apr. 29..
May 27..
June 24_.
July 29..
Aug. 26_.
Sept. 30_
Oct. 28..
Nov. 25
Dec. 30__
1937—Jan. 27..
Feb. 24 .
Mar. 173.

Amount

Number

Amount

Number

7,831
7,934
8,046
8,113
8,158
8,197
8,240
8,284
8,308
8,339
8,379
8,398
8,427
8,461

315,081
319, 595
323, 669
329,316
331,391
331, 659
333,930
336,119
336,763
339, 903
342, 699
342, 999
343,904
345,104

2,245
2,294
2,338
2,374
2,394
2,413
2,437
2,463
2,477
2,483
2,500
2,506
2,517
2,536

135, 320
138, 450
140,104
141,749
142,811
143,978
145,939
147,191
148, 237
148,317
149, 204
149, 527
149,711
150, 235

2,049
2,097
2,139
2,162
2,183
2,198
2,218
2,243
2,259
2,266
2,280
2,287
2,297
2,314

Expired, FinancFederal
ing instiReserve Approved repaid,
bank
or withtution
commit- but not drawn by particicomments
pations
applipleted !
outoutcant,
standing2
standing
etc.

Federal
Reserve

Total

Amount
126,643
129,580
131,195
132, 549
133, 343
134, 233
135, 421
137, 251
138, 731
138,938
139,829
140,213
140, 515
141, 231

advances
outstanding

32,129
30, 947
30,800
30,958
30, 487
30,217
29,265
28, 885
27,038
26, 720
25, 533
24, 781
24, 208
23,375

25,866
25, 421
25, 576
25,095
24,454
23,711
23,355
23, 307
22, 790
22,040
20, 959
20, 238
19, 523
19,178

10,434
11,008
9,730
9,343
9,381
8,429
9,168
8,566
8,544
7,719
8,226
7,697
7,709
7,738

50,636
54, 654
57, 351
59, 512
61, 422
64, 342
66,304
69, 217
72,915
75,045
77,903
80, 500
82,163
84,159

7, 578
7,550
7,737
7,641
7,599
7, 534
7,329
7,276
7,444
7,414
7,208
6,997
6,912
6,781

1

Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$11,497,998 on Mar. 17, 1937.
3
Mar. 31 figures not yet available.
NOTE.—On Mar. 17, 1937, there were 43 applications amounting to $3,809,001 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
2

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

Total
Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Held by Federal Reserve bank:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
In actual circulation:1
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury.
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Eligible paper:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
U. S. Government securities:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Total collateral:
Mar. 3
Mar. 10
Mar. 17
Mar. 24
1

Boston

4, 476, 257
4, 474,025
4,464,801
4,473,064

378, 220
359, 731
358,076
355, 376

280,821 22,613
304, 558 25, 83'
292,038 24, 418
306, 338 20, 522

492,132
518,132
511,132
499,132
7,168
4,518
3,813
7,394

Philadelphia

974,
978,
979,
992,

324, 789
322,194
322,466
323,489

671
702
331
383

443, 684
445,022
443, 832
444,193

206, 563 206, 526
210,196 206,141
208, 564 206, 100
208, 618 205;
205,983

586,
587,
586,
578,

300
650
945
526

Chicago

St.
Louis

Minneapolis

975, 914 189, 614 140, 237
978, 659 188, 936141,181
977, 657 188,056 141,711
977, 043 187, 496 141, 851
23,225 9,904
26,112 10,453
25, 523 8,951
27,453 9,436

888,119
882,198
891, 540
886,176

304,999
304,883
306,056
307, 333

1,710
417,597 196, 257 184, 789 952, 689 179, 135, 982
422, 387 ", 421 184, 204 952, 547178,483 136,669
.
417,061 198,011 184, 642 952,134 179,105 137,491
"
421, 960 198,137 183,837 949, 590 178, 060 137, 625

406,000 990,000
406,000 990,000
406,000 990,000
386, 000 1,000,000

332,000
332,000
332,000
332,000

445,000
448,000
448,000
448, 000

208,000
211,000
'
211,000
,000
209,000

608
663
644
1,037

260
270
50
515

140
155

607
894
658
854

100
131
135
558

2,791
2,681
1,873
3,415

26,087
22, 635
26, 771
22,233

10,306
11,775
10, 553
10,481

87,000
65,000
72,000
72, 000
4,
4,
4,
4,

lanta

19, 790
17,311
16, 410
16,156

21, 73
21,937
21, 458
22,146

406,100 992, 791
406,131 992,681
r
3
406,135 991, 873
386, 558 1, 003, 415

332, 608
332, 66!
332, 644
333, 037
i,

445, 260
448,270
448,050
448, 515

208,000
211,000
211,140
209,155

Kansas
City

170,191
170, 932
170.492
169, 595

4,255 9,777
4,512 11, 959
4,220 11, 693
4,226 11,673
160,414
158,973
158, 799
157,922

San
Dallas Francisco

96,404
97, 620
96, 567
97, 099

369,, 444
374, 711
371, 949
369,938

39,966
8,675 46,848
7,731 46, 519
46, 999
89, 795
88,945
88,836
~"
88, 293

329, 478
327, 863
325,430
322,939

,
,000
168,000 990,000 171, 632 128,000 167,000
180,000 990,000 171, 632 135,000 167,000 98, 500 389,000
180^ 000 990,000 "" ~~~ 128,000 167,000 98, 500 389,000
180,000 990,000 171,632
180,000 990, 000 171, 632 128,000 167,000 98, 500 389, 000
268
268
231
256

8
48
547

45,000
30,000
30,000
30,000

Includes Federal Reserve notes held by other Federal Reserve banks.




Cleve- Richland mond

86,552
96, 504
87, 791
106, 207

4,195, 436 355,
4,169,467 333,
4,172, 763 333,
4,166, 726 334,

4,
4,
4,
4,

New
York

213, 268 990,000
210, 268 990,008
210, 231 990,048
210, 256 990,
1,54;

146
21
96
79

2,537
37
5;
203

22,000 15,000
22,000 8,000
22,000 15,000
22,000 15,000

74
75
115
115

326
326
386
456

58
38
38
58

574
575
615
615

389,058
389,038
389,038
389, 058

5,000
5,000
5,000
5,000

193, 778
193,653
193, 728
193, 711

145, 537
143,037
143,05r
143, 203

172, 326
172,326
172, 386
172, 456

97,
98,
98,
98,

332

FEDERAL RESERVE BULLETIN

[Averages of daily figures. In millions of dollars]

[Averages of daily figures. In millions of dollars]

Classes of banks
and districts

Net

dedeTime
m a n d mand
deposits
dedeposits posits i

All member banks._ 30,698 25, 208 11,089

Reserves with
Federal Reserve
banks

All
member 1
banks

Required

Held

Excess

4,595

6,747

2,152

Central reserve city banks:
10,613
New York
2,317
Chicago

9,805
2,039

721
447

1,944
418

2,812
546

868
128

Reserve city banks:
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis d i s t r i c t Kansas City district...
Dallas district
San Francisco district.

1,014
201
1,145
1,491
654
616
1,154
769
346
970
607
1,954

899
161
956
1,200
510
445
842
587
272
676
405
1,568

123
142
225
717
209
161
476
170
95
162
109
1,842

140
31
153
212
86
74
148
96
45
109
66
318

247
34
240
304
143
91
217
137
54
151
93
416

107
3
86
92
57
17
70
41
9
43
27
98

10, 924

8,521

4,431

1,477

2,128

651

Total

Country banks:
797
Boston district
New York district
1,259
Philadelphia district..
596
Cleveland district
• 587
Richmond district
486
Atlanta district
477
Chicago district
768
St. Louis district
327
Minneapolis district...
292
Kansas City district._.
436
Dallas district
472
San Francisco district.
345
Total

6,844

1937

MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS

RESERVE POSITION OF MEMBER BANKS,
FEBRUARY 1937

Gross

APRIL

624
987
456
412
328
300
537
223
198
265
287
224

566
1,360
846
614
328
202
594
210
273
156
90
251

91
165
86
71
49
41
83
33
33
35
34
35

131
268
126
122
73
68
165
54
59
67
76
53

40
103
40
51
24
27
82
21
26
32
41
18

4,843

5,489

756

1,261

505

i Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.

Total reserves held:
1936—January
February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
February
Week ending (Friday):
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Excess reserves:
1936—January
February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
February
Weekending (Friday):
Feb. 5
Feb. 12
Feb. 19
Feb. 26

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks 1

5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,063
6,291
6,345
6,594
6, 785
6,665
6,716
6,747

2,593
2,579
2,271
2,163
2,384
2,183
2,279
2,502
2,503
2,462
2,574
2,695
2,662
2,719
2,812

495
487
463
506
636
682
653
572
580
619
637
651
605
568
546

1,714
1,745
1,708
1,675
1, 657
1,664
1,886
1,899
2,005
2,046
2,153
2,185
2,157
2,158
2,128

978
998
978
956
961
954
1,042
1,090
1,204
1,218
1,230
1,254
1,241
1,271
1,261

6,767
6, 777
6,735
6,733

2,824
2,833
2,802
2,809

544
547
538
555

2,146
2,143
2,126
2,109

1,252
1,254
1,269
1,259

3,033
3,038
2,653
2,510
2,800
2, 593
2,907
3,105
1,852
1, 852
2,043
2,219
2,046
2,093
2,151

1,395
1,360
1,056
940
1,134
908
1,004
1,226
600
535

239
226
208
262
377
414
369
290
160
195
205
221
175
147
128

852
885
846
796
778
775
961
970
601
624
696
724
675
662
651

547
567
543
512
511
496
575
619
490
498
502
523
498
518
505

2,161
2,183
2,153
2,133

872
890
867
860

127
130
124
134

650
636

499
499
513
503

639

751
697
767

1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
2
Reserve requirements increased 50 percent effective Aug. 16.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)

All member banks
Fed era ] Reserve district

Gross demand

Time

February

January

Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

1,812
12,073
1,742
2,078
1,141
1,093
4,239
1,096
639
1,406
1,080
2,299

1,829
12,168
1,797
2,123
1,154
1,086
4,290
1,105
664
1,426
1,095
2,330

2,223
1,072
1,331
537
362
1,517
380
367
317
200
2,093

Total—

30, 698

31,068

11,089

February

January

2,170
1,069
1,309
529
359
1,505
377
366
315
200
2,088

Gross demand
February
1,692
1,183
1,520
1,849
961
934
1,624
903
458
1,087
814
2,163

10, 975 115,187

Time

January

February

1,707
1,190
1,573
1,896
972
930
1,648
909
478
1,106
830
2,192

563
i 1,026
638
1,056
353
285
1826
282
180
203
160
1,993

15,430

7, 564

[

[

* Excluding central reserve city banks, for which figures for latest month are shown in table above.




January
1

Gross demand
February

January

Time
February

January

562
1,019
637
1,038
347
281
1816
279
180
201
160
1,988

120
277
222
229
180
159
298
193
181
319
266
136

122
274
224
227
182
156
293
197
186
320
265
139

126
476
434
274
184
78
244
98
187
115
40
100

125
475
432
271
182
77
241

7, 508

2,581

2,586

2,356

2,342

115
40
100

333

FEDERAL RESERVE BULLETIN

APRIL 1937

KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]

Total

End of month

Gold
certificates

Silver
dollars

Treasury
notes
of 189C

Silver
certificates

1936—February...
March
April
May
June
July
August
September _
October
November..
December..

5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6, 466
6,543

106
104
103
102
101
100
99
98
97
96
95

34
34
34
34
35
35
36
37
37
37
38

841
864
886
914
955
958
986
998
1,020
1,051
1,057

] 937—January
February...

6,349
6,399

94
92

37
37

1,012
1,022

Subsidiary
silver

United
States
notes

Minor
coin

Federal Federal
Reserve Reserve
bank
notes
notes

National
bank
notes

304
307
309
312
316
318
321
326
329
334
337

254
245
249
265
278
274
278
278
282
289
289

3,696
3,727
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
4,233

60
58
56
54
52
50
48
47
46
45
44

421
406
391
378
366
352
342
332
324
316
307

329
329

1

129
131
132
133
135
136
137
138
139
141
142
140
140

276
288

4,118
4,155

42
41

300
294

Back figures—See Annual Report for 1935 (table 38).

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Paper currency *
) and over

Coin

End of month

$1

$2

$5

$10

$20

Total
1936—February..
March
April
May
June
July
August
September.
October....
November.
December.

467
472
475
480
486
490
494
501
505
513
517

434
439
442
451
463
460
471
477
484
492
499

32
32
31
32
33
32
32
33
33
33
35

802
804
804
820
850
844

1937—January...
February..

506
506

472
475

33
33

$50

$100

$500

$1,000

$5,000

$10,000

882
900
906

1,373
1,378
1,379
1,402
1,468
1,459
1,482
1,488
1,516
1,548
1,563

1,360
1,361
1,360
1,369
1,466
1,431
1,436
1,437
1,460
1,486
1,501

1,386
1,399
1,404
1,409
1,479
1,449
1,452
1,467
: 478
,
,501
,530

362
360
363
398
383
381
383
385
390
399

641
643
648
683
667
667
673
679
690
707

123
125
126
127
127
127
128
130
132
132
135

243
247
249
245
245
247
250
253
255
258
265

18
17
19
19
18
19
19
21
19
23
18

864
874

1,500
1,519

1,458
1,464

,525
,538

395

702
706

135
135

269
273

18
19

1
Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures.—See Annual Report for 1935 (table 39).

TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation, In
millions of dollars]

End of month

Total

Silver
dollars Subsidand
silver iary

FedTTnitoH eral
M i n o r u mieQ Recoin States serve
notes bank
notes

National
bank
notes

silver

2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,515
2,521
2,532

1,197
1,218
1,230
1,236
1,255
1,264
1,277
1,294
1,303
1,310
1,323

328
329
330
330
332
335
338
341
346
351
356

137
137
138
138
139
140
142
143
145
146
147

347
347
347
347
347
347
347
347
347
347
347

62
59
57
55
53
51
49
48
47
46
45

429
413
398
384
372
358
348
339
329
322
314

2,532
1937—January
February .._ 2,536

1,332
1,343

356
356

148
149

347
347

44
42

305
298

Includes silver held against silver certificates amounting to $1,209,000,000 on Feb. 28, 1937, and $1,055,000,000 on Feb. 29, 1936.




[By selected banks in New York City. In thousands of dollars]
Year or month

bullion*

1936—February..
March
April
May
June
July
August
September.
October
November. _
December..

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY

1932
1933
1934
1935
1936

ShipReceipts
ments to
from
Europe
Europe
567
554
345
10, 628
34, 774

83, 838
91,059
40, 587
19, 966
26, 216

1936—February _.
March
April
May
June
July
August
September
October___
November
December.

13
1,757
3,095
3,852
3,037
900
981
3,949
2,013
5,960

3,317
3,109
938
1,685
1,164
2,348
2,078
1,131
5,422
1,536
745

1937—January...
February _

2,092
4,279

2,197
3,265

Net
shipments

Net
receipts
83, 271
90,505
40, 242
9,338

8,558
3,304
1,352
2,157
2,167
1,873
1,448
1,097
2,818

3,409

4,424
7,724

105
1,014

For description and back figures see BULLETIN for January 1932
pp. 7-9.

334

FEDERAL RESERVE BULLETIN

GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK

MOVEMENT OF GOLD TO AND FROM
UNITED STATES1

[In millions of dollars]

[In thousands of dollars]
1937

Gold stock at
end of year
or month

Year or month

Net
Increase Net
in
gold release Other
total import from factors2
eargold
mark 1
Total Inactive stock
account
4,226
4,036
8,238

1932
1933 .
1934
1935—July
August
September. _
October
November.
December
Year

52.9 -446 2
c-190. 4 -173.5
4, 202. 5 1,133. 9

-.4
1.8
1.0
-1.9
.6
1.3

12.1
11.7
7.3
11.8
15.5
13.9

.2

148.0

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
-0.7

13.3
10.6
10.7
13.1
10.0
-46.4
21.5
12.9
-14.0
-7.9
60.8
17.0

1,132. 5 1,116.6

-85.9

101.7

121.3
120. 3

-48.3
-8.0

27.1
-34.1

27.9
59.5
165.0
325.2
226.7
205.2

10,125

26.5

Year

11,258

26.5

1937—January
February

11,358
11,436

126.5
204.7

c

16.2
46.0
156.7
315.3
210.6
190.0

1,887.2 1, 739. 0

9,144
9,203
9,368
9,893
9,920
10,125

10,182
1936—January
February
10, 167
10, 184
March
10, 225
April
10, 402
May
June
. 10, 608
10, 648
July
August.
_ 10, 716
September. _ 10, 845
11,045
October
11,184
November
11,258
December

457.5
41.6
-58.0
41.1
82.6 2, 986.1

57.2
-15.5
17.2
41.0
176.7
206.6
39.2
68.4
129.0
199. 7
139.6
73.3

100.1
78.2

February

JanuaryFebruary

January

From or to—
Imports
Belgium
75 239
England
1,138
France
Germany
14
Netherlands
Switzerland
__
8, 155
Union of Soviet
S o c i a l i s t Re504
publics
Canada ._
10, 661
Central America .
377
Mexico
9, 153
1
Argentina
917
Chile
Colombia
Ecuador
148
319
Peru
Uruguay
70
Venezuela
2,910
Australia
British India.. _
7,077
China and Hong
Kong
_ _
287
Dutch East Indies.
Japan
Philippine Islands. 2, 109
All other countries 2 . 1, 246
120,326
Total

Exports

Imports
10, 691
73, 959
10,864

Exports
9

271

Imports
10, 691
149,198
12,001

Exports
9

285

6,506

14, 662

5,865
169
1,948
1
578
1
160

16, 527
546
11,101
2
1,495
1
308

504
2

163

482

54
1,617
6,028

123
4,526
13,105

158

445

2, 123
181
121,336

2

4 232
1,426
11

241,663

12

Corrected.
Figures represent customs valuations which, with some exceptions,
1 Gold released from earmark at Federal Reserve banks less gold are at rate of $35 a fine ounce.
2
Includes all movements of unreported origin or destination.
placed under earmark (with allowance when necessary for changes in
gold earmarked abroad for account of Federal Reserve banks).
2
Back figures.—See table p. 363, and Annual Report for 1935 (tables 34
Figures are derived from preceding columns and indicate net result
of such factors as domestic production, movements into and out of and 35).
nonmonetary use or unreported holdings, imports and exports that do
not affect gold stock during the month or year, and increment resulting from reduction in weight of gold dollar.
Back figures.—See Annual Report for 1935 (table 32).




335

FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.

NUMBER OF BANKS

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
Nonmember
banks

Member banks
Total

Call date

Total

National

State

fin millions of dollars]

Member banks

Nonmember banks

Total

Other
nonsavings member
banks
banks

Mutual

National

State

Mutual
Other
savings nonmembanks ber banks

All
banks

Call date

1932—June 30
Sept. 30
Dec. 31

19,046
18,794
18,390

6,980
6,904
6,816

6,145
6,080
6,011

835
824
805

594
» 594
594

11,472
11,296
10,980

1932—June 30___ 41,963
Sept. 30._ 41,942
Dec. 31___ 41, 643

24, 755
24, 903
24,803

15,629
15, 635
16,101

9,126
9,268
8,702

10,020
i 10,020
10,022

1933—June 30 *
Oct. 25 3
Dec. 30.

14, 519

5,606
5,818
6,011

4,897
5,052
5,154

709
766
857

576

8,337

23, 338
23,453
23, 771

14, 772
15,070
15, 386

8,566
8,383
8,385

4,946

8,421

1933—June 30 2__ 37,998
Oct. 25 3_
Dec. 30___ 38, 505

9,713

579

9,708

5,026

5,288
5,417
5,461
5,462

918
958
972
980

578

8,882
9,018

25, 293
26, 615
27,484
28,943

16,203
17,097
17, 693
18, 519

9,090
9,518
9,791
10, 424

5,475

579

1934—Mar. 5 3
June 30___ 41,870
Oct. 17 3
Dec. 31.._ 44, 770

9,780

16,039

6,206
6,375
6,433
6,442

9,828

6,000

16,024
15,994
15,904
15,837

6,422
6,410
6,400
6,387

5,446
5,425
5,403
5,386

976
985
997
1,001

579
571
571
570

9,023
9,013
8,933
8,880

1935—Mar. 4_
June 29_ _
Nov. 1___.
Dec. 31.__

44,455
45,766
47,522
48, 964

28, 589
29, 496
31,072
32,159

18, 502
19,031
20,128
20,886

10,087
10,465
10,944
11, 273

9,837
9,920
9,936
9,963

6,029
6,350
6, 513
6,842

15, 808
15,752

6,377
6,400
6,376

5,375
5,368
5,325

1,002
1,032
1,051

569
566

8,862
8,786

1936—Mar. 4____ 48, 771
June 30.__ 51,335
Dec. 313 _

31, 774
34,098
35,893

20, 605
21,986
23,107

11,169
12,112
12, 786

9,972
10,060

7,025
7,176

15,011

1934—Mar. 5 3

June 30__
Oct. 17 a
Dec. 31
1935—Mar. 4_
June 29
Nov. 1_
Dec. 31

15,835

_

1936—Mar. 4
June 30
Dec. 31 3

For footnotes see table below

7,188
7,020
6,818

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]

Mutual savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments

Total

Loans

Investments

Other nonmember banks
Total

Loans

Investments

46,071
45, 852
44,946
_-

27,834
26,985
26,063

18,237
18,867
18,883

28,001
28,045
27,469

16,587
15,924
15,204

11,414
12,121
12, 265

10,316
» 10,316
10,182

6,130
» 6,130
6,079

4,186
i 4,186
4,103

7,755
7,491
7,295

5,117
4,931
4,780

2,637
2,560
2,515

40,076

22,203

17,872

11,928
11,894
12, 386

4,103

5,246

3,404

1,841

18, 342

12,858
13,059
12,833

5,941

21,977

24, 786
24, 953
25, 220

10, 044

40, 319

1932—June 30
Sept. 30
Dec. 31
1933—June 303»
Oct. 25
Dec 30

Nonmember banks

Member banks

All banks

9,985

5,906

4,079

5,115

3,238

1,877

12, 706
12, 523
12, 293
12,028

13, 842
14, 652
15,267
16,122

9,904

5,648

4,256

5,423

3,108

2,315

9,782

5,491

4,291

5,526

2,955

2,571

1934—Mar. 5 3
June 30
Oct 17 3
Dec 31

42, 502

21,278

21, 224

43,458

20, 473

22, 984

26,548
27,175
27, 559
28,150

1935—Mar. 4
June 29
Nov. 1
Dec. 31

43,747
44,416
45,008
45, 717

20,394
20, 272
20,140
20, 329

23. 353
24,145
24, 868
25,388

28, 271
28,785
29, 301
29,985

11,953
11,928
11,841
12,175

16,318
16,857
17,460
17,810

9,775
9,852
9,854
9,804

5,478
5,341
5,302
5,210

4,297
4,511
4,552
4,594

5,701
5,779
5,853
5,927

2,963
3,003
2,997
2,944

2,738
2,777
2,856
2,983

46,157
48, 458

20, ^75
20, 679

25, 882
27, 779

30. 288
32. 259
33,000

12,099
12, 542
13, 360

18,189
19, 717
19, 640

9, 795
9,961

5,202
5,105

4, 592
4,856

6,074
6,239

2,974
3,032

3,100
3,206

1936—Mar. 4
June 30
Dec. 3 1 3

__

i Figures of preceding call carried forward.
' Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
» Nonmember bank figures not available.
* Prior to Dec. 30, 193d, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Backfigures.—SeeAnnual Report for 1935 (tables 47-48)




336

FEDERAL RESERVE BULLETIN

A P R I L 1937

ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)

Open-market loans

Investments
U.S. Government obligations

Purchased paper
Total
loans
and
investments

Call date

Total

To
brokers
outside
New
York
Cityi

Report- Other- Loans
To
wise
ing
to
others Real banks' seon
estate own cured banks
securi- loans accept- and
ties
ances unsecured

Acceptances
payable in
United
States

Loans
to
Other
brosecurikers in Total
Comties
Bills
New
merFully
payYork
cial
Direct guarable
Cityi
anteed
abroad paper
bought

TOTAL—ALL MEMBER BANKS
35,934
24, 786
28,150
28, 271
28,785
29,301
29,985
30, 288
32, 259
33,000

23,193
11, 337
10, 509
10, 420
10,369
10, 465
10, 548
10, 460
10,943
11,628

803
165
187
184
192
179
196
211
266
266

7,685
3,752
3,110
3,031
2,931
2,885
2,893
2,832
2,863
2,785

3,191
2,372
2,273
2,250
2,277
2,279
2,284
2,301
2,340
2,405

8,774
7,133
7,761
7,783
8,303
8,167
8,418
8,802
9,556
9,280

4,964
2,297
2,202
2,198
2,146
2,185
2,196
2,215
2,338
2,567

55
38
54
56
58
59
60
64
76
78

2,145
1,044
820
805
783
775
793
792
813
753

169
157
139
139
138
136
140
148
146
144

1,757
1,287
1,581
1,704
1,592
1,792
1,868
1,946
1,951
2,100

1,330
589
435
462
458
433
455
456
513
613

240
48
29
30
33
25
28
32
59
50

533
251
170
171
163
154
149
148
145
140

21
30
18
17
15
15
15
13
14
13

12,029
8,492
10,028
10, 036
10,151
10, 521
10, 780
10, 655
11, 306
11, 795

8,418
4,258
4,024
3,974
3,967
4,089
4,144
4,071
4,242
4,582

425
63
90
83
87
82
96
101
115
123

2,775
1,340
1,124
1,090
1,053
1,055
1,057
1,027
1,044
1,048

1.538
1,131
1,090
1,077
1,105
1,103
1,094
1,096
1.101
1,124

13, 375
1929—Dec. 31
1933—June 30 «
_ 7,873
1 9 3 4 _ D e c # 3i
8,780
8,749
1935—Mar. 4. __ .
8,739
June 29
8,821
Nov. 1
8,919
Dec. 31
8,885
1936—Mar. 4
9,446
June 30
9,825
Dec. 31

8,481
4,194
3,849
3,786
3,798
3,758
3,754
3,716
3,850
3,866

83
15
14
16
13
13
13
15
17
16

2,231
1,117
996
966
932
902
894
865
861
843

1,462
1,055
1,026
1,018
1,020
1,026
1,035
1,043
1,078
1,123

1929_Dec. 31
1933—June 302
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31

515
4,857
4,708
4,748
4,834
4,963
5,006
4,960
5, 355
6,041

714
330
155
133
119
94
98
82
81
85

212
291
256
235
201
154
181
164
144
161

80
25
31
34
17
27
29
25
18
18

291
87
232
255
247
260
272
280
278
324

1,660
788
843
875
975
841
1,047
1,089
1,079
1,144

9,784
11, 928
16,122
16, 318
16,857
17,460
17,810
18,189
19, 717
19, 640

3,863
6,887
9,906
9,821
9,871
10,080
10, 501
10, 564
11, 721
11,639

989
1,200
1,558
1,764
1,768
1,880
1,950
1,906

2, 595
120
937
164 1,024
145 1,054
82 1,085
101
,114
107
1,096
99 1,112
65 1,238
65
.527

322
162
63
52
48
35
42
29
28
42

128
224
210
203
183
135
158
141
123
136

46
10
16
19
7
12
16
13
8
10

21
10
6
4
5
4
5
4
3
5

1,202
720
662
678
930
828
1,018
1, 043
1,028
1,095

2,091
3,709
4,602
4,628
4,983
4,968
4,985
5, 355
6,028
5,425

1,112
2,551
3,246
3,200
3,462
3,340
3,425
3,602
4,196
3,739

278
298
348
405
401
505
567
470

237
202
232
236
227
249
251
284
402

88
30
11
8
7
6
6
5
5
6

9
27
29
14
4
3
1
2
3
3

5
7
5
3
1
1
1
1
2
1

5
12
27
21
14
13
12
10
10
10

11
13
26
28
1
1
1
1
1
1

309
610
1,049
1,167
1,107
1,336
1,392
1,470
1,419
1,467

116
384
743
877
766
973
1,061
1,131
1,014
1,107

78
78
87
96
88
89
92
94

193
226
229
212
254
267
243
250
312
266

3, 679
46
,678
49
,671
48
,677
40
,682
44
,806
,851
46
43
,805
.941
40
56 2,231

258
99
55
48
43
34
34
31
31
23

42
36
13
12
10
13
19
18
16
17

24
6
9
9
7
12
10
9
7
5

102
38
108
122
112
111
120
120
113
131

239
45
105
106
25
9
21
30
34
36

2,944
4,011
5,715
5,766
5,986
6,253
6,432
6,375
6,863
7,000

1,368
2,483
3,809
3,724
3,712
3,892
4,076
3,958
4,349
4,426

279
376
571
655
656
656
651
697

1,576
1,528
1,628
1,666
1,703
1,706
1,701
1,761
1,863
1,877

45
38
27
25
21
19
17
17
16
14

33
4
5
6
3
3
3
3
2
4

5
1
2
2
2
2
2
1
1
2

163
27
92
109
116
132
135
145
152
178

208
10
50
64
18
3
7
14
16
13

4,439
3,598
4,756
4,757
4,780
4,903
5,002
4,989
5,407
5,747

1,267
1, 469
2,108
2,020
1,931
1,874
1,940
1,873
2,163
2,368

355
448
553
609
623
630
640
645

3,172
2,129
2,293
2,289
2,296
2,419
2,439
2,486
2,605
2,734

11,
192
232
207
135
159
169
156
117
131

5,921
5,041
5,227
5,298
5,427
5,615
5,541
5,745
6,045
6,095

N E W YORK CITY 3

1929—Dec. 31
1933—June 30 «.
1934—Dec. 31
1935—Mar. 4_
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31

.

979
158
,078
1,131
J

174

m

, 159
265
°17

CITY OF CHICAGO 8

1929—Dec. 31
1933—June 30 « .
1934—Dec. 31
1935—Mar. 4
J u n e 29 . .
Nov. 1
Dec. 31__
1936—Mar. 4 __
J u n e 30
Dec. 31

5 J5
24
16
12
12
11
14
12
10
8

RESERVE CITY
BANKS
1929—Dec. 31
1933—June 30 2
1934_Dec. 31
1935—Mar. 4
J u n e 29 _
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
COUNTRY BANKS
4, 705
3 2.005
2
L 810
,
2
,785
2
,831
3
L 815
,
2
810
2
L791
2 1,891
881
3

1 Loans (secured by stocks and bonds) to brokers and dealers in securities.
2 Beginning June 30, 1933, figures relate to licensed banks only.
3 Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 52).




337

FEDERAL RESERVE BULLETIN

APRIL 1937

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand
Cash
items
ReBal- report- Interbank
with Cash ances ed as
with
UnitFed- in
in
doed
eral vault mes- procStates
ReDotic ofess
For- Govserve
colbanks* leceign ernbanks
tic
tion a banks banks ment

Call date

deposits

Time deposits

Certified
and
offiPub- cers'
lic
funds checks,
cash
letters
of
credit

IndiInterbank
vidDeuals, mand
part- deposner- its ad- Doships, justed • mes- Forcortic eign
porabanks banks
tions,
etc.

Individuals, BorPos- Pub- part- rowtallic
nersav- funds ships, ings
ings
corporations,
etc.

TOTAL—ALL MEMBER BANKS

2,374
2,235
4,082
4,518
4,933
5,662
5,573
5,784
5,607
6,572

1929—Dec. 31
1933—June 30 5
1934—Dec. 31
1936—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31

3,896
1,485
1,903
1,475
1,183
1,756
2,255
1,718
2,147
2,533

3,517
3,057
4,569
5,095
4,978
5,558
5,696
6,148
5,986
6,402

544
145
147
169
273
361
444
394
465
432

143
806
1,636
1,270
779
650
844
600
1,037
882

1,335
1,087
1,799
1,861
2,091
2,251
2,139
2,173
2,320
2,329

1,681
657
838
741
417
686
882
779
789
881

17, 526
11,830
14,951
14, 872
16,206
17,327
18,035
17, 927
19,322
20,970

21, 647

179
101
103
86
133
109
111
108
114
133

2,406
874
1,069
810
447
873
1,133
829
982
1,087

1,198
1,255
1,798
2,047
1,983
2,203
2,338
2,527
2,390
2,493

464
127
126
147
248
327
410
363
428
393

20
332
792
572
369
219
224
140
215
225

128
96
229
190
354
468
323
260
357
285

1,180
461
540
500
149
413
524
496
489
457

5,847
4,676
5,370
5,329
5,924
6,104
6,479
6,471
6,891
7,274

4,750
4,358
5,069
5,209
5,979
6,112
6,193
6,398
6.756
6,929

133
203
207
182
249
188
209
195
195
188

158
61
90
70
73
83
135
96
147
159

310
259
445
505
504
527
522
594
635
599

42
87
182
184
198
204
208
217
221
191

1,041
870
1,073
1,047
1,208
1,274
1,301
1,243
1,444
1,495

957
912
1,189
1,179
1,357
1,416
1,401
1,390
1,546
1,554

156
122
207
197
213
218
256
264
289
285

947
1,002
1,543
1,690
1,607
1,849
1,779
1,910
1,907
1,816

1,041
401
537
432
471
579
752
607
763
971

1,604
1,315
1,984
2,179
2,145
2,428
2,422
2,594
2,551
2,826

76
312
620
505
299
273
385
285
513
407

423
349
585
643
674
685
707
733
733
843

300
108
169
132
140
146
204
151
152
230

5,547
3,708
4,919
4,854
5,314
5,855
6,001
5,961
6,419
7,023

5,229
3,764
5,136
5,197
5,656
6,107
6,161
6,238
6,541
7,126

30
59
117
128
119
115
134
135
135
137

321

908
702
1,296
1,427
1,406
1,613
1,676
1,757
1,727
1,929

291
149
207
163
192
221
235
187
256
316

405
228
342
364
347
399
415
433
410
483

742
39
555
116
804
178
152 845
865
90
895
95
901
137
965
93
207 1,008
178 1,011

72
106
90
104
106
127
106
121
167

5,091
2,576
3,589
3,642
3,761
4,095
4,254
4,252
4,567
5,177

5,711
3,054
4,292
4,414
4,538
4,875
5,047
5,136
5,440
6,039

122
788
452
399
307
227
218
167
152
104

595 12,267
300 7,803
294 9,020
290 9,203
285 9,462
310 9,671
361 9,680
344 9,784
378 10,099
296 10,429

879
191
13
17
9
9
6
11
6
15

18
110
56
44
27
3

1,112
671
591
595
567
680
591
586
601
679

179
8

19

46
46
41
20
62
98
81
102
72

154
1
7
8
5
6
5
6
6
6
133
1
7
7
4
4
4
4
5
4

2,168
2,008
3,149
3,386
3,396
3,760
3,776
3,970
3,944
4,066

558
405
609
534
537
541
665
624
713
697

16,647
12,089
15,686
15,999
17,530
18,509
18,801
19,161
20,284

95
89
134
145
136
132
151
152
151
153

NEW YORK CITY 6

1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935— Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
CITY OF CHICAGO

827
846
_. 1,576
1,856
1,935
2,590
_ 2,541
2,493
2,106
2, 658
8

1929—Dec. 31
1933—June 30«
1934—Dec. 31_.
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30_
Dec. 31

_.

169
232
415
359
675
581
511
480
749
558

332
358
381
374
469
403
413
407
444
449

RESERVE CITY BANKS

1929—Dec. 31
1933—June 30 5
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31_
1936—Mar. 4
June 30
Dec. 31

751
705
1,268
1,386
1,403
1,591
1,594
1,794
1,763
2,108

14
41
..... 388
186
167
118
84
79
72
65
35

371
208
206
211
203
218
266
251
288
203

4,433
2,941
3,494
3,611
3,670
3,765
3,796
3,853
3,960
4,026

292
16

61
285
210
188
162
140
136
95
87

133
86
84
75
76
78
83

6,390
3,833
4,554
4,623
4,756
4,824
4,879
4,938
5,094
5,275

367
167
13
14

COUNTRY BANKS

1929—Dec. 31
1933—June 30 *
1934—Dec. 31_
1935—Mar. 4
June 29..
Nov. 1
Dec. 31
1936—Mar. 4
June 30.
Dec. 31

627
452
822
916
920
900
927
1,017
989
1,247

275
246
237
305
322
319

i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
s
Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on
hand but not in process of collection, amounting on that date to $16,000,000.
J
Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less 6
cash items reported on hand but not in process of collection.
Beginning June 1933 figures relate to licensed banks only.
• Central reserve city banks.
Back figures—See Annual Report for 1935 (table 53).




338

FEDERAL RESERVE BULLETIN

APRIL 1937

REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]

Loans to customers (except banks)

Date or month

Total
loans
and
investments

Total

Open-market
loans

AcTo
loans ceptbroances
To
Other
to
kers others Real- loans banks and
out- on se- estate
comto
side
merNew curi- loans custocial
ties
mers 2
York
paper
Cityi
DOUght

Investments

loans

to brokers in Total
New
York
City i

Reserve
with
FedOther eral
Resecuri- serve
Fully ties banks
Direct guaranteed
U. S. Government obligations

BalCash ances
with
in domesvault
tic
banks

TOTAL—101 CITIES

352
320
315
315
323
338
379

901
916
983
945
941
1,021
993
982

13,072
13, 932
13,892
13, 848
13, 689
13, 730
13, 746
13,618

'08
9,357
9,320
9,310
9,232
9,241
9,263
9.118

1, 194
1,254
1,246
1,255
1,255
1,242
1, 230
1,212

3,170
3,321
3, 326
3,283
3,202
3,247
3,243
3,288

4,782
4,875
4,995
5,276
5,422
5,264
5,292
5,326

356
376
383
399
404
427
401

2, 335
2,354
2,311
2,385
2,463
2,439
2,307
2,252

374
384
391
392
399
400
405
415
407
408

1,008
990
985
987
964
974
974
1,017
1,024
1,110
1,104

13, 768
13, 758
13,734
13, 684
13,638
13,591
13,621
13,621
13, 597
13,541
13, 361

',303
9,275
1,262
•,212
9,149
9, 121
9,107
9,094
9, 067
9.024
8.828

1,240
1,240
1,229
1,212
1,214
1,216
1,210
1, 209
1,208
1, 203
1,213

3,225
3,243
3,243
3,260
3,275
3,254
3,304
3.318
3.322
3,314
3,320

5,184
5,303
5,325
5,355
5,330
5,351
5,333
5, 291
5,171
5,242
5, 327

411
413
389
390
375
397
379
398
374
366
350

2,313
2,354
2,308
2,255
2,249
2, 231
2,321
2,206
2,055
2,017
2,075

1,100
1,245
1,315
1,412
1,437
1,512
1,495
1,465

161
118
114
123
135
140
146
136

873
875
936
906
901
978
949
943

4, 969
5,434
5,414
5,308
5,202
5,169
5.074
5,022

3, 430
3,843
3,830
3,761
3,721
3,666
3,555
3,455

434
466
456
461
461
451
452
453

1, 105
1,125
1,128
1,086
1,020
,052
,067
. 114
,

2,484
2,357
2,354
2,461
2,575
2,509
2,565
2,670

79
73
72
74
78

130
130
129
129
129
129
128
128
128
128
128

1,529
1,512
1,475
1,462
1,463
1,461
1,461
1,476
1, 496
1,532
1, 568

151
151
143
141
136
136
136
137
141
135
129

946
943
942
924
. 933
936
978
984
1,071
1, 062

5,103
5,090
5,071
5,033
5,016
4,979
5,032
5, 062
5, 080
5, 035
4, 935

3,597
3,573
3,555
3,494
3,464
3,444
3,447
3, 466
3, 466
3.421
3, 309

450
454
451
454
455
454
452
451
452
447
451

,056
,063
,065
,085
,097
,081
,133
,145
,162
,167
, 175

2,469
2,544
2,590
2,656
2,658
2,697
2,677
2,648
2,474
2, 500
2, 545

82
81
79
82
81
77
81
82
80
78
82

1,013
1,015
1,011
1,011
1,018
1,024
1,023
1,021

2,186
2,442
2,533
2,606
2,605
2,680
2,677
2,658

191
202
201
192
188
198
233
263

8, 103 5,278
5,514
5,490
5,549
5,511
5,575
5,708
5,663

760
788
790
794
794
791
778
759

2, 065
2,196
2,198
2,197
2,182
2,195
2,176
2,174

2, 298
2,518
2,641
2,815
2,847
2,755
2,727
2, 656

305
325
331
344
346
364
345
334

2,256
2,281
2,239
2,311
2,385
2,353
2,226
2,172

1,025
1,022
1,024
1,023
1,022
1,020
1,021
1,021
1,021
1,024
1,025

2,715
2,716
'2, 643
r
2, 635
% 636
'2, 655
r% 668
2,673
2, 695
2,721
2,750

217
223
241
250
256
263
264
268
274
272
279

8,665

790 2,169
786 2,180
778 2,178
758 2,175
759 2,178
762 2,173
758 2,171
758 2,173
756 2,160
756 2,147
762 2,145

2,715
2,759
2,735
2,699
2,672
2,654
2,656
2, 643
2, 697
2, 742
2, 782

353
355
335
336
325
340
329
344
325
316
301

2,231
2,273
2,229
2,173
2,168
2,154
2,240
2,124
1,975
1,939
1,993

1936—February
August
September—_
October
November. __
December....
193 7—January
February

21,053 6, 659
22, 297 7,066
22, 520 7,238
22, 566 7,403
22, 444 7,429
22, 760 7,607
22, 734 7,567
22, 600 7, 529

174
209
212
218
215
227
235
235

2,056
2,023
2,035
2,025
2,024
2,034
2,007
2,021

1937—Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17

22, 853
22. 797
22, 657
22, 627
22, 579
22, 555
22, 589
22, 675
22,718
22, 801
22, 698

7,649
7,618
7.497
7,505
7,525
7,519
7,518
7, 553
7, 596
7, 662
7, 735

247
238
225
231
240
231
227
243
239
242
234

2,003 1,155 4,244
2,000 1,152 4,228
'2, 001 1,153 4,118
% 025 1,152 •4,097
'2,035 1,151 •4,099
'2,023 1,149 •4,116
r
2,013
149 •4,129
2,012
149 4, 149
2,017
149 4,191
2, 015
152 4, 253
2,030 1,153 4,318

1936—-February
August
September...
October
November...
December
1937—January
February

8,061
8,607
8,753
8,687
8,622
8,750
8,606
8,543

2, 025
2,148
2,299
2,326
2,354
2,429
2,409
2,399

734
697
707
705
710
712
709
731

130
132
132
131
130
130
130
129

1937—Jan. 6....
Jan. 13...
Jan. 20...
Jan. 2 7 Feb. 3 . . .
Feb. 10_.
Feb. 17Feb. 24..
Mar. 3__.
Mar. 10..
Mar. 17-.

8,679
8,634
8,568
8,542
8,513
8,488
8,538
8,633
8, 691
8,752
8,691

2,431
2,421
2,384
2,396
2,407
2,396
2, 387
2, 406
2,430
2, 461
2, 505

704
705
731
741
732
725
727
730
725
735

1936—February.
August
September
October
November
December
1937—January
February

12, 992
13, 690
13,767
13, 879
13, 822
14,010
14,128
14,057

4, 634
4,918
5,009
5,077
5,075
5,178
5,158
5,130

113
135
137
140
138
152
160
161

1,322
1,326
1,328
1,320
1,314
1,322
1,298
1,290

1937—Jan. 6
Jan. 13
Jan. 20
Jan.27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17

14,174
14,163
14,089
14,085
14.066
14.067
14,051
14,042
14, 027
14, 049
14,007

5,218
5,197
5,113
5,109
5,118
5,123
5,131
5,147
5,166
5, 201
5,230

171 1,307
163 1,296
150 1,296
157 1, 294
166 1 , 294
157 '1,291
154 '1, 288
168 1, 285
163 1,287
166 1, 290
160 1,295

1,143
1,147
1,143
1,142
1,148
1,154
1,153
1,150

3,286
3,687
3,848
4,018
4,042
4,192
4,172
4,123

NEW YORK CITY

OUTSIDE NEW YORK
CITY

r

Revised.
i Loans (secured by stocks and bonds) to brokers and dealers in securities.
Includes reporting banks' own acceptances.
For other figures and notes, see next page.

J




8,478
8,540
8,487
8,561
8, 662
8, 596

8,651
8,622
8,612
8,589
8,559
8,517
8,506
8,426

5,706
5,702
5,707
5,718
5,685
5,677
5,660
5,628
5, 601
5,603
5, 519

339

FEDERAL RESERVE BULLETIN

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]

Date or month

Cash
items
reported as Other
in proc- assets
ess of
collection 1

Time deposits

Demand deposits

Total
assets

Demand
Interbank
Interbank
deposUnited Certiits—adStates fied
ForTotal Domes- Foreign Govern- checks, Other justed2 Do
mestic eign
liabiltic
etc.
banks ment

ities

Other

Bor- Other Capirow- liabil- tal acings ities count

banks banks

banks

TOTAL—101 CITIES

1936—February
August
September
October
November
December
1937—January
February

1,277
1,313
1,444
1,487
1,663
1,787
1,548
1, 573

1,337
1,301
1,308
1,298
1,318
1,370
1,349
1,360

31. 140
32, 516
32, 961
33,411
33, 714
34,047
33,631
33, 498

5,512
5,729
5,761
5,950
6,106
6,025
5,953
5, 854

397
409
423
467
448
435
413
410

545
821
837
793
548
601
611
409

493
439
484
446
584
617
525
573

14, 848
15, 658
15, 922
16,193
16,441
16,714
16,539
16,571

14,064
14, 785
14, 962
15,152
15, 362
15, 544
15,516
15, 572

135
130
129
130
130
130
132
134

4, 893
5,019
5,036
5,070
5,032
5,045
5,052
5, 094

807
816
847
840
880
909

3,505
3,488
3,503
3,517
3,539
3,555
3, 563
3,568

1937—Jan. 6
Jan. 13..
Jan. 20
Jan.27
Feb.3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17

1,549
1, 652
1,497
1,494
1,422
1,438
1,690
1, 740
1,540
1,600
1.659

1, 335
1,339
1,355
1, 368
1,349
1, 360
1,365
1,367
1,367
1,390
1, 333

33, 645
33, 858
33, 531
33, 489
33, 304
33,332
33, 677
33, 677
33, 225
33,416
33. 442

5, 998
5,989
5,927
5,896
5,853
5,820
5,905
5, 839
5, 679
5, 608
5, 656

412
410
418
411
414
403
410
412
418
415
429

702
655
560
526
476
434
383
342
340
379
419

551
555
481
514
518
538
590
647
532
634
600

16, 423
16, 659
16,563
16,510
16, 397
16. 452
16,704
16,731
16,509
16.615
16,600

15,425
15,562
15,547
15, 530
15, 493
15,552
15, 604
15, 638
15.501
15. 649
15,541

132
132
132
133
135
133
133
134
136
135
131

5, 052
5,053
5,050
5,052
5,077
5,095
5.093
5,111
5. 167
5, 147
5, 128

807
842
827
873
867
885
884
885
860
903
898

3,563
3,560
3,563
3,566
3,564
3,568
3,568
3, 572
3,578
3, 575
3, 576

1936— February
August
September
October
November
December
1937—January
February

627
582
653
644
795
878
714
767

472
454
468
462
468
492
493
490

11,774
12, 124
12, 352
12, 383
12, 596
12, 778
12, 515
12,603

2, 336
2,380
2,399
2,444
2,529
2,468
2,421
2, 392

368
372
387
427
408
397
378
375

1.43
191
192
172
102
155
181
138

317
281
313
277
402
415
336
398

6, 295
6, 554
6,674
6, 667
6,756
6,893
6,783
6, 825

5, 985
6,253
6,335
6, 301
6, 363
6,430
6,404
6, 457

537
569
575
610
583
613
601
631

312
345
367
351
369
372
343
367

1, 463
1,427
1,427
1,431
1,442
1,451
1,467
1,474

1937—Jan. 6.~.
Jan. 13...
Jan. 20...
Jan. 27...
Feb. 3 . . .
Feb. 10..
Feb. 17..
Feb. 24_.
Mar. 3_.
Mar. 10.
Mar. 17.

710
769
654
725
680
704
827
857
694
838
794

489
497
498
494
492
490
485
491
508
470

12, 487
12, 575
12, 442
12, 557
12, 476
12,515
12, 663
12,759
12,479
12, 726
12, 631

2,432
2,431
2,393
2,428
2,393
2,381
2,408
2, 385
2, 294
2, 280
2, 289

375
375
384
378
381
368
373
376
382
378
395

204
193
169
159
146
136
135
134
135
134
136

351
366
295
331
348
371
412
462
343
459
410

6,726
6,795
6,790
6,821
6,751
6. 854
6,910
6, 804
6, 950
6, 887

6,367
6,392
6,431
6,427
6,419
6, 453
6,439
6. 515
6, 453
6, 571
6, 503

602
597
600
606
619
628
632
645
688
674
671

329
349
334
362
362
367
371
369
353
377
371

1,464
1,466
1,467
1,469
1,473
1,475
1, 475
1,475
1,477
1, 471
1,469

1936—February. ....
August
September
October
November
December
1937—January
February

650
731
791
843
868
909
834
806

840
836
850
878
856
870

19,366
20, 392
20, 609
21, 028
21,118
21, 269
21,116
20, 895

3.176
3,349
3,362
3,506
3,577
3, 557
3,532
3, 462

402
630
645
621
446
446
430
271

176
158
171
169
182
202
189
175

8, 553
9,104
9,248
9,526
8,685
9.821
9.756
9, 746

8, 079
8,532
8,627
8,851
8,999
9,114
9,112
9, 115

135
130
129
130
130
130
132
134

4, 356
4,450
4,461
4, 460
4,449
4,432
4, 451
4, 463

495
471
480
489
511
537
494
513

2,042
2,061
2,076
2,086
2,097
2,104
2,096
2,094

1937—Jan. 6 . . .
Jan.13..
Jan. 20..
Jan. 27...
Feb. 3—
Feb. 10..
Feb. 17..
Feb. 24
Mar. 3 . .
Mar. 10.
Mar. 17 _

839
883
843
769
742
734
863
883
846
762
865

21, 158
21, 283
21, 089
20,932
20, 828
20,817
21,014
20,918
20, 746
20, 690
20,811

3,566
3,558
3,534
3, 468
3,460
3,439
3,497
3. 454
3. 385
3, 328
3. 367

462
391
367
330
298
248
208
205
245
283

200
189
186
183
170
167
178
185
189
175
190

9,697
9, 864
9,773
9,689
9,646
9,666
9,850
9, 821
9, 705
9, 665
9, 713

9,058
9,170
9,116
9,103
9,074
9,099
9,165
9, 123
9,048
9, 078
9. 038

132
132
132
133
135
133
133
134
136
135
131

4,450
4,456
4,450
4,446
4,458
4,467
4,461
4, 466
4,479
4, 473
4,457

478
493
493
511
505
518
513
516
507
526
527

2,099
2,094
2,096
2,097
2,091
2,093
2,093
2,097
2, 101
2, 104
2,107

NEW YORK CITY

OUTSIDE NEW YORK
CITY

850
858
870
855
868
875
882
876
882

1
Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
of cash items on hand but not in process of collection.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash
items reported as on hand but not in process of collection.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).




340

FEDERAL RESERVE BULLETIN

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
City

Federal Reserve District
Total
Boston
Loans and investments,
total:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Loans to brokers and dealers
in New York:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Loans to brokers and dealers
outside New York:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Loans on securities to others
(except banks):
Feb. 24
Mar. 3
Mar. 10
Mar. 17
__.
Acceptances and commercial
paper bought:
Feb. 24
Mar. 3
Mar. 10
Mar. 17_—
Loans on real estate:
Feb. 24
Mar. 3
Mar. 10
Mar. 17__-Loans to banks:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Other loans:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
U. S. Government direct
obligations:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Obligations fully guaranteed
by U. S. Government:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
.
Other securities:
Feb. 24
Mar. 3
Mar. 10
May 17




22, 675
22, 718
22,801
22, 698

New
York

Phila- Cleve Rich- Atlan- Chica- St.
MindelLouis neapta
go
phia land mond
olis

1,218
1,230
1,242
1,242

9,526
9,584
9,642
9, 577

1,180
1,172
1,173
1,176

1,017
1,024
1,110
1,104

1,895
1,890
1,896
1,890

656
652
656
647

3,148
3,151
3,167
579 3,140
581
583

693
694

409
411
408
406

KanSan
sas Dallas FranCity
cisco

704
701
701
700

485
482
487

2,177
2,169
2,158
2,154

New
York

8, 633
8, 691
8,752
8,691

Chicago

2,119
2,117
2,133
2, 102

978

994
1,079
1,072

1,071
1,062
75
76

50
47
49
47

154
155
155
159

727
730
725
735

142
144
145
146

243
239
242
234

2,012
2,017
2,015
2,030

141
141
142
140

855
857
852
862

136
136
135
135

215
215
214
213

405
415
407
408

71
71
75

159
163
158
152

32
31
30
30

11
13
13
14

6
6
5
5

24
24
24
24

33
33
35

137
141
135
129

17
15
14
15

1,149
1,149
1,152
1,153

85
85
85
85

238
239
239
239

63
63
63
63

179
179
179
178

26
26
26
26

18
18
19
19

367
366
367
367

128
128
128
128

14
14
14
14

79
86
81
90

5
5
5
6

50
56
50
60

2
2
3
2

3
3
3
3

1
1
1
1

1
1
1
1

4
4
4
4

50
56
50
60

5
5

4,149
4,191
4,253
4,318

318
324
327
329

1,633
1,654
1,691
1,729

190
186
187
188

235
240
245
250

9,094
9,067
9,024
8,828

402
401

3,691
3,690
3,644
3,525

347
345
344
346

1,209
1,208
1,203
1,213

21
21
21
21

496
497
493
498

85
87
90
92

3,318
3,322
3,314
3,320

149
145
143
143

1,339
1,356
1,358
1,364

298
294
294
293

200
201
204
207

120
120
122
122

168
169
170
172

537
546
553
565

146
147
147
149

112
113
113
115

148
149
151
153

138
139
142
143

404
404
405
403

1,476
1,496
1,532
1,568

378
387
394
404

292
288
290
282

201
203
196

1,663
1,651
1,658
1,616

240
241
243
243

187
190
187
183

273
271

189
184
187
187

714
712
706

3,466
3,466
3,421
3,309

1,147
1,132
1,140
1,100

54
54
54
56

163
164
163
164

59
59
60
61

48
47
50

145
142
137
135

451
452
447
451

95
95

276
278
276
277

405
411
411
413

113
109
107
107

139
138
138
138

336
330
328
326

1,145
1,162
1,167
1,175

270
276
276
275

263

341

FEDERAL RESERVE BULLETIN

APRIL 1937

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
[In millions of dollars]
City

Federal Reserve District
Total
Boston
Reserve with Federal Reserve bank:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Cash in vault:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Balances with domestic
banks:
Feb. 24
Mar. 3
Mar. 10-_Mar. 17
Other assets:
Feb. 24 . .
Mar. 3
Mar. 10
Mar. 17
Demand deposits—adjusted:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Time deposits:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
U. S. Government deposits:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Interbank deposits, domestic:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Interbank deposits, foreign:
Feb. 24..;
I..
Mar. 3
Mar. 10
Mar. 17
Borrowings:
Feb 24
Mar. 3
Mar. 10
Mar. 17
Other liabilities:
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Capital account:
Feb. 24
Mar. 3.
Mar. 10
Mar. 17




New
York

Phila- Cleve- Rich- Atlandelta
phia land mond

5,291
5,171
5,242
5,327

299
271
285
287

2,760
2,593
2,602
2,667

242
254
259
255

398
374
366
350

115
113
94
92

70
64
66
64

17
16
16
15

2,206
2,055
2,017
2,075

123
128
117
115

184
182
173
174

149
146
135
138

1,367
1,367
1,390
1,333

93
96
95
94

567
574
593
554

15,638

15, 501
15,649
15, 541

1,049
1,038
1,032
1,023

5,111
5,167
5,147
5,128

Chicago

MinSt.
Louis neapolis

New
York

Chicago

105
111
115
113

273
279
300
311

2,648
2,474
2,500
2,545

554
530
541
569

14
13
13
12

10
10
10

20
19
19
18

54
49
50
49

31
29
31
29

63
68
71

243
219
212
233

182
169
161
167

229
203
222
244

82
80
78
82

182
154
151
152

25
25
25
24

17
17
17
16

24
24
24
23

28
28
28
28

227
223
227
225

485
491
508
470

67
66
66
62

2,326
2,288
2,301
2,259

422
416
420
415

265
264
263
256

922

495

387
386
392
394

6,515
6,453
6,571
6,503

1,586
1,552
1,552
1,499

854
857
857
852

180
180
180
181

123
123
123
123

146
146
146
147

121
120
120
120

1,008
1,017
1,009
1,001

645
688
674
671

455
455
455
450

16
15
15
15

121

5
5
5
5

2
2
2
2

18
18
19
19

31
30
32
36

134
135
134
136

36
36
r 7i
106

224
218
219

237
236
234
232

839
824
807
826

291
282
283
278

114
113
118
121

199
193
186
187

286
278
281

2,385
2,294
2,280
2,289

615
595
} 584
600

1
1
1
1

1
1
1
1

379
385
381
398

4
5
5
5

94
100
103
100

740
737
760
791

132
127
133
130

19
18
18
18

12
11
11
11

66
60
64
60

11
10
11
10

221
206
201
200

139
130
128
132

135
130
133
132

404
356
347
358

129
123
120
111

90
90
91
90

109
109
110
106

45
43
41
40

42
39
40
40

100

7,094
7,038
7,132
7,074

834
835
830

1,085
1,100
1,094
1,084

431
431
431
428

339
341
341

278
279
279
279

1,046
1,089
1,076
1,073

260
262
263
262

719
718
718
714

198
198

178
178
178
178

342
340
379
419

5
5
5
5

143
144
144
146

23
22
23
22

12
12
12
12

5,973
5,815
5,743
5,787

240
239
239
244

2,453
2,363
2,346
2,357

308
299
290
297

381
379
367
361

381
387
383
399

4
4
4
4

1
1
1
1

416
422
419
433

San
Dallas Francisco

146
153
164
156

130
139
134
141

305
339
319
312

Kansas
City

65

395
385
374
379

1
1
1
1

2
1
1
885
860
903

34
35
35
35

382
365
390

22
23
25
25

17
17
19
19

32
26
28
26

339
341
351
350

353
377
371

25
20
22
20

3,572
3,578
3,575
3,576

235
235
235
236

1,608
1,611
1,605
1,603

227
227
227
227

342
342
342
343

350
351
352
352

326
326
327
327

1,475
1,477
1,471
1,469

232
233
233
234

342

FEDERAL RESERVE BULLETIN
BANK SUSPENSIONS1

APRIL

1937

POSTAL SAVINGS SYSTEM
[In millions of dollars]

Total,
all
banks

Non-member
banks

Member
banks
National

Assets

Not
InState sured2 insured
End of month

N u m b e r of banks suspended:
1933, M a r . 16-Dec. 31
1934
1935
.
1936
1937, J a n . - F e b .

179
57
34
44
6

9
1
4
1

6

Deposits of suspended b a n k s
(in thousands of dollars): 3
1933, M a r . 16-Dec. 31
1934
_.
1935
1936 .
1937, J a n . - F e b .

145, 710
36,937
10, 099
11,358
801

17,322
40
5,313
506

3,527

8
22
40
5

164
48
8
3
1

1,912
3,847
10, 260
708

124,861
34,985
939
592
93

Depositors'
balances1 Total

U. S. Government
securities
Cash
Cash,
in dereposiDi- Guar- serve
an- funds,
tory
rect teed
banks Total obli- obli- etc.»
gagations tions

1930—June..
1931—June
1932—June
1933—June
1934—June
1935—June

175
347
785
1,187
1,198
1,205

185
356
801
1,207
1,225
1,236

148
307
682
977
695
385

26
27
71
131
453
777

26
27
71
131
418
630

35
147

11
22
48
99
77
74

1935—November

1,199

1,234
1,237
1,241
1,248
1,251
1,248
1,248
1,265
1,279
1,283
1,285
1,290
1,293

294
853
287
853
248
876
225
876
221
902
216
925
211
940
203
967
172
972
166
972
162
982
158 1,011
145 1,029

706
706
709
710
736
759
773
800
805
805
815
844
862

147
147
167
166
166
166
167
167
167
167
167
167
167

87
97
117
147
128
107
97
95
135
145
141
121
119

1,201
December
'Represents licensed banks suspended; does not include non-licensed
_ 1,208
banks placed in liquidation or receivership after the banking holiday. 1936—January
1,214
February
For statistics of latter see Annual Report for 1935 (table 69).
March..
_ 1,216
> Federal deposit insurance became operative January 1. 1934.
1,215
8
April . . .
Deposits of member banks and insured non-member banks suspended
1,214
May
are as of dates of suspension, and deposits of non-insured non-member
1,232
June
banks are based on the latest data available at time of the report of closing
I. 244
of the banks.
July
August
1,249
September
,251
Backfigures.—SeeAnnual Report for 1935 (table 69).
1,255
October
I, 257
November
?60
December
BANK DEBITS
V
266
1937—January .
February. _ V .270
[Debits to individual accounts. Amounts in millions of dollars]

Feb.

Federal Reserve districts:
Boston
New York
__.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Back figures.—See

Jan

16, 907
17, 620

New York City
Outside New York City_.

19, 096
20, 383

2, 226
19, 791
1,781
2,140
793
649
960
819
5, 460
4,615
909
835
599
520
967
1,147
640
739
2, 645 2,934

1,951
17,588
1, 525
1,773

141

34,526

Annual Report for 1935 (table 68).




v Preliminary.
1
Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-percent reserve fund and
Feb.
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late post15.806 masters.
15, 766 Backfigures.—SeeBULLETIN for August 1935, p. 502,
1936

1937
No. of
Centers

39, 479

1,702
16, 424
1,507
1,545
560
693
4,108
771
479
877
555
2,351
31, 572

343

FEDERAL RESERVE BULLETIN

APRIL 1937

COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances o u t s t a n d i n g

By holders
Held by accepting

banks

ing

__

_ -

_ -

1937—January
February

359
344
331
316
316
308
315
330
349
373
387
401

Bills
bought

Based
on exports
from
U. S.

ports
into
U. S.

Dollar
exchange

172
168
171
167
142
147
147
139
137
147
152
164

38
34
34
40
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

279
276
296
309
315

181
172
150
143
155
129
131
140
139
150
157
151

325
340

154
160

171
180

62
61

141
158

83
85

353
340
321
310
297

Based on goods
stored in or shipped
between points in
U. S.

CO CO

. _

178
176
180
174
184
169
188
205
197
199
191
215
244
268

_..

S3 tO

1936—January
February. . _
March
April. .
M a y ___
June
Julv
August
September. _
October
November
December

CO CO

Total

Own
bills

Held
by
others 2

Based
on

Foreign
countries

96
81
66
57
55
49
57
60
66
75
83
83

84
86
87
89
82
85
84
79
76
77
76
76

84
79

77

o to

Total
outstand-

to —' tO tO tO to to

E n d of month

By classes

to to

Commercial
paper
outstanding1

1

1
2

As reported by dealers; includes some finance company paper sold in open market.
Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents.
Back figures.—See Annual Report for 1935 (tables 66 and 67).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.

Ledger balances in millions of dollars]
Credit balances

Debit balances

Debit
Customers' balances in
debit
partners'
balances
investment
(net)'
and trading
accounts

End of month

Customers'
credit balances1

Debit
balances in
firm
investment
and trading
accounts

Cash on
hand
and in
banks

Money
borrowed2

Free

Other
(net)

Other credit balances
In
In
firm
In
partners'
investcapital
investment and ment and accounts
trading
(net)
trading
accounts accounts

1935—September
December

1,098
1,258

65
75

119
135

182
179

771
930

257
286

89
79

23
24

12
10

396
410

1936—January
February
March
April
May
June
July
August _
September
October
November
December
1937—January
February

1,297
1,290
1,351
1,295
1,257
1,267
1,295
1,287
1,317
1,333
1,364
1, 395
1,433
1,482

63
64
67
65
* 65
67
68
69
72
69
65
64
62
61

139
147
168
173
159
164
158
142
141
151
150
164
162
188

193
208
181
268
229
219
221
213
227
235
260
249
243
230

922
908
995
1,033
970
985
981
967
995
989
986
1,048
1,028
1,084

319
328
303
301
282
276
287
283
289
318
346
342
372
366

91
98
89
88
83
86
96
92
99
99
110
103
118
116

26
26
23
28
25
24
24
25
24
25
24
30
32
32

17
15
15
13
14
14
14
12
14
17
17
12
19
25

416
425
429
426
422
420
422
423
423
428
435
424
428
418

__ _

1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other nationa Securities exchanges and (2)
of firms' own partners.
8
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).

NOTE.—For explanation of thesefiguressee "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.




344

FEDERAL RESERVE BULLETIN

APRIL 1937

FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]

Advances under sec.
10(b) of the Federal
Reserve Act

Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)

PreIn effect
Rate
vious
rate Mar. 31 beginning-

In effect
Rate
Mar. 31 beginning-

Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Act l
Federal Reserve Bank
In effect
Rate
Mar. 31 beginningFeb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.

Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
1

8,1934
2.1934
17,1935
11,1935
9.1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934

Sept. 20,1935
Oct. 10,1935
Nov. 2,1935
Oct. 19,1935
Sept. 23,1935
Sept. 14,1935
Sept: 20,1935
Oct. 3,1935
Oct. 29,1935
Aug. 26,1935
Oct. 8,1935
Sept. 20,1935

Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.

20,1933
8,1934
20,1933
11,1935
19,1934
17,1934
16,1933
21,1935
15,1933
10,1935
12,1934
19,1933

Rates indicated also apply to United States Government securities bought under repurchase agreement.

Back figures—See Annual Report for 1935 (table 40).

RATES ON INDUSTRIAL ADVANCES

BUYING RATES ON ACCEPTANCES

Rates on advances and commitments under Sec. 13 (b) of the Federal
Reserve Act as amended June 19, 1934. Percent per annum except
as otherwise specified. In effect Mar. 31, 1937.
[Percent per annum]

Buying rates at the Federal Reserve Bank of New York
[Percent per annum]
Rate in
effect on
Mar. 31

Maturity

In effect beginning—

Previous
rate

Advances
direct to
industrial
or commercial organisations

Federal Reserve Bank
1-15 days i...
16-30 days..
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.

Oct. 20, 1933
....do
,
____do_
____do_
....do
....do

1
1
1
1
1
1

IK

Advances to financing institutions—
Commitments
On porto make
tion for
On re- advances
which
institu- maining
portion
tion is
obligated

Boston
New York....
PhiladelphiaThis rate also applies to acceptances bought under repurchase agree- Cleveland
ments, which agreements are always for a period of 15 days or less.
Richmond
NOTE.—Minimum rates on prime bankers' acceptances payable in Atlanta
dollars; higher rates may be charged for other classes of bills.
Chicago
St. Louis.
Backfigures.—SeeAnnual Report for 1935 (table 41).

33^-6
4-6
4-6
6
6
5-6

4-6
5
13

Minneapolis..
Kansas CityDallas
San Francisco

6
4-6
5-6
5-6

4
4
3-4

1

MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Percent per annum]
Nov. 1, 1933 Feb. 1, 1935
In effect
to
to
beginning
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days

4-5

4-6
5
5-6
4

1-2

1-1
1

4^-5
5-6
4-5

H-2

1
2

Authorized rate 1 percent above prevailing discount rat>.
Same as to borrower but not less than 4 percent.
» Flat charge.
Back figures.—See Annual Report for 1935 (table 40).

MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits
and banks
On net demand deposits:1
Central reserve city
Reserve city
Country
-- . .

Prior to
Aug. 15,
1936

Aug. 15,
1936Feb. 29,
1937

13
10

19J.2
15

Mar. 1,
1937Apr. 30,
1937

22*4
173-2
12i 4

M a v 1,
1937.
a n d after

26
20
14

10H
NOTE.—Maximum rates that may be paid by insured nonmember
deposits:
banks as established by the Federal Deposit Insurance Corporation, On timemember banks
6
All
3
effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board
1
See footnote to table on page 332 for e x p l a n a t i o n of m e t h o d of c o m p u t and the Federal Deposit Insurance Corporation are superseded by
ing n e t d e m a n d deposits.
lower maximum rates established by State authority.




345

FEDERAL RESERVE BULLETIN

APRIL 1937

MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
Prevailing rate on—

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates ; percent per annum]
1929 1930 1931 1932 1933 1934 1935 1936 1937

Average rate on—

Average
Prime Prime Stock- Stock exyield on New York City:
u. s. U. S.
January
Month or week com- bankchange call Treasexmercial ers' change
loans
ury 273- TreasFebruary
paper, accept- time
day bills u r y
March
4 to 6 ances , loans,
offered 3-5 year
April
90
May
months 90
New Re- within notes i
days
days
newal period
June
._
July....
August
1936
September
v/
.75
.75
.10
January
%
1
1.21
October
1 /
%/
1
.75
.08
.75
1.15
February . _
November
\s
.75
.75
March
.
1
.11
1.09
December
l/j
.75
.10
.75
April
%/
1
1.10
\s
.93
.93
.18
May
1.09
Year
%
4
is
.23
June
1.12 8 other northern and
IK 1.00 1.00
.14
1.17
eastern cities:
IK 1.00 1.00
July
H
.18
August
1.00 1.00
1. 12
January ._
Vie
.16
1.09
September
IK 1.00 1.00
Vie
%
February
.13
Vie
March
October. _
IK 1 00 1 00
1.12
.10
.99
November
IK 1.00 1.00
%
April
.21
May
s/ie
December
IK 1 00 1.00
1.04
M
June
1937
July
3
3/
.36
January
IK 1.00 1.00
1.18
Ae-K
August
__
1.22
.38
February
IK 1.00 1.00
Vie
September
October
November
Week ending:
December
.23
Vie
Dec. 19_._.
%
IK 1.00 1.00
1.07
.29
Year
%
Vie
Dec. 26__.
IK 1.00 1.00
1.15
.32
Vie
%
Jan. 2
IK 1.00 1.00
1.13 27 southern and
western cities:
.33
Vie
Jan. 9
IK 1.00 1.00
1.17
%
.35
January
Jan. W
IK 1.00 1.00
1.19
V..-M
%
.36
February
Jan. 23___.
IK 1.00 1.00
1.19
%
.40
March
Jan. 30
%
IK 1.00 1.00
1.20
K
.37
Vie
April _ _
Feb. 6
IK 1.00 1.00
1.19
%
.37
May
Vie
Feb. 13._._
1.00 1.00
1.20
X
.39
Vie
June
Feb. 2 0 . . . .
1.00 1.00
1.24
.40
July
Vie
Feb. 27....
IK 1.00 1.00
1.26
X
.45
Vie
August
Mar. 6
IK 1.00 1.00
1.30
X
.53
September
Vie
Mar. 13....
IK 1.00 1.00
1.40
October
.71
Mar. 20.__
IK 1.00 1.00
1.50
H
November
December..
1
For description of average and back figures, see BULLETIN for May
Year
1936, p. 317.
Back figures.—See Annual Report for 1935 (tables 42 and 43).

18

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 4?
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 2.50
2 56 ? 41
2 61
2.54
2.51
2.44
2 44
2.42
2.40
2.46
2.43
2.43 : : : : :

5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6 24
6.25
6.12
5.94

5.88
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 4.08
4.49 4.02
4.52 4.05
4.52 3.99
4.39 3.88
4.30 3.78
4.15 3.87
4 V?, 3 79
4 11 3 75
4 13 3 75
4.08 3.63
3.98 3.67

3.62 3.36
3. 63 3 43
3.6C
3.47
3.45
3.51
3.61
3 47
3.45
3.50
3.47
3.46

6.04 5.07 4.61 5.05 4.83 4 29 3 86 3.52
5.94
5.96
6.04
6.07
6.10
6 16
6.17
6.22
6.27
6.29
6.29
6.20

6.12
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
fi 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 4.16
4.51 4.15
4.44
4.40
4.43
4 39
4 35
4.25
4.29
4.23
4.24
4.14

6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35

BOND YIELDS1
[Percent per annum]

Year, month, or date

U. S.
Treasury 2

Municipal
(highgrade) 3

Corporate 4
B y ratings
Total

By groups

Aa

Industrial

Baa

Railroad

Public
utility

Number of issues,.

7-12

30

30

30

30

40

1934 average..
1935 average..
1936 average..

3.10
2.70
2.47

3.95
3. 16
2.68

4.96
4.46
3.87

4.00
3.60
3.24

4.44
3.95
3,47

5.08
4.55
4.02

6.32
5.75
4.77

4.52
4.02
3.50

4.96
4.95
4.24

5.40
4.43
3.88

1936—February...
March
April
May
June
July
August
September..
October
November..
December..
1937—January
February...

2.62
2.54
2.51
2.50
2.50
2.50
2.43
2.41
2.42
2.29
2.27
2.29
2.31

2.86
2.78
2.76
2.76
2.72
2.70
2.68
2.62
2.58
2.45
2.31
2.38
2.57

3.95
3.95
3.97
3.96
3.94
3.90
3.85
3.79
3.75
3.71
3.67
3.66
3.75

3.32
3.29
3.29
3.27
3.24
3.23
3.21
3.18
3. 18
3.15
3.10
3. 09
3.22

3.55
3.55
3.57
3.53
3.51
3.48
3.44
3.41
3.38
3.31
3.28
3.30
3.41

4.12
4.10
4.12
4.11
4.09
4.05
3.99
3.94
3.90
3. 85
3.78
3. 76
3.85

4.80
4.86
4.91
4.94
4.90
4.84
4.74
4.62
4.54
4.52
4.53
4.50
4. 54

3.57
3.56
3.57
3.55
3.54
3.52
3.48
3.44
3.42
3.38
3.37
3. 36
3.46

4.31
4.32
4.38
4.40
4.35
4.31
4.22
4.09
4.02
4.00
3.96
3. 95
4. 04

3.98
3.98
3.97
3.95
3.91
3. 86
3.85
3.83
3.80
3.74
3.69
3.68
3. 76

2. 32
2. 33
2.38
2. 58

2 60
2.64
2. 65
2. 70

3.78
3.78
3.82
3. 92

3. 24
3.24
3.29
3.35

3.43
3.43
3. 47
3.53

3.88
3.88
3. 92
4.02

4. 57
4.57
4.60
4.77

3.48
3.48
3.51.
3.58

4. 08
•i. 08

3. 78
3. 79
3. 86
3. 95

Feb. 24..
Mar. 3__.
Mar. 10..
Mar. 17..
1
2

40

•1.

11

4.22

Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures.
Average of yields of all outstanding bonds due or callable after 8 years.
• Standard Statistics Co.
4
Moody's Investors Service, revised series. 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.
Back figures—See Annual Report for 1935 (table 74).




346

FEDERAL RESERVE BULLETIN
STOCK PRICES l

BOND PRICES ]
Corporate3

U.S. MunicTreasipal
ury 2 (high-3 Total
grade)

Year, month, or date

Number of issues.

APRIL 1937

Year, month, or date

Indus- Rail- Utility
trial road
20

7-12
103.5
106.0
107.0

97.3
109.4
117.8

84.5
88.6
97.5

81.9
88.2
92.2

79.4
94.7

1936—February..
March
April
May.
June
July
August
September.
October....
NovemberDecember..
1937—January
February.-.

106.3
106.6
107.0
107.1
106.6
106.6
107.2
107.2
106.9
108.2
108.0
107.3
107.2

114.4
116.0
116.2
116.2
116.9
117.4
117.8
118.8
119.5
122.1
124.8
123.5
119.7

97.2
96.6
95.9
95.5
96.2
97.1
97.7
98.6
99.6
100.3
100.0

93.0
92.1
91.2
90.6
90.6
91.1
91.6
92.2
93.1
94.2
94.5
94.8
94.7

92.7
91.6
90.8
92.5
94.2
95.8
97.9
99.7
99.2
99.6
100.6
100.2

Feb. 24
Mar. 3
Mar. 10
Mar. 17—_

107.0
107.0
106.4
104.4

119.1
118.4
118. 2
117.3

99.6
99.6
99.3
98.0

94.3
94.4
94.1
93 3

99.7
99.9
99.7
97.5

Number of issues.

20

40

87.8 1934 aveiage
98.2 1935 average
105.4 1936 average

120.7
133.8
138.9

71
104

105.1 1936—February..
March
105.1
April
104.8
105.0
May
__.
105.5
June
106.0
July
105.7
August
105.8
September106.0
October
106.0
November105.6
December..
105.7 1937—January
105.1
February...

138.7
139.6
138.8
138.6
138.8
139.1
139.3
139.0
138.3
139.0
140. 1
141.8
141.2

106
109
109
101
106
109
113
114
119
124
123
126
130

121
125
125
116
121
124
128
130
136
144
143
147
152

103
103
102
95
102
106
109
108
109
109
111
114
111

140.3
139.6
138.8
137.6

129
132
132
130

151
155
156
152

108
108
107
105

20

1934 average
1935 average
1936 average

Preferred Common stocks (index, 1926=100)
stocks
(indusRail- Utility
trial highroad
grade) 2 Total

20

Feb. 24
Mar. 3
Mar. 10
Mar. 17

104.9
104.6
104.2
103.3

1
Monthly data are averages of dailyfiguresexcept for municipal bonds,
which are averages of Wednesday figures.
* Average prices of all outstanding bonds due or callable after 8 years.
> Prices derived from average yields.
Source.—U. S. Treasury bonds, based on price quotations from Treasary Department; for other bonds, Standard Statistics Oo.
Backfigures.—SeeAnnual Report for 1935 (table 73); for U. S. Treasury

i Monthly data are averages of Wednesday figures.
J
Average derived prices.
Source.—Standard Statistics Oo.
Back figures—See Annual Report for 1935 (table 73).

bonds, see BULLETIN for May 1936, p. 317.

CAPITAL ISSUES
[In millions of dollars]
1
For

Year or
month

1927 _ .
1928
1929 _
1930
1931
1932
1933—
1934
1935
1936

>

1936—Feb. _._

Mar—

Aj)r
May...
June...
July—
Aug
Sept—
Oct
Nov.—
Dec
1937—Jan
Feb.___

Total
(new
and
refunding)

Domestic

Total

(domestic
and
forTotal
eign)

9,774 7,556 6,219
9,898 8,040 6,789
11,513 10,091 9,420
7,619 6,909 6,004
4,038 3,089 2,860
1,751 1,194 1,165
1,063
708
720
2,160 1,386 1,386
4,699 1,457 1,409
'6, 214 '1, 972 '1, 949
'303

107

107

763

'128
'176

'128
'176

'218
'104

'217

'986
'420
'734
'339
'297
409

'464
372

'726
610
497

112

112

217

103
217

'178
'186

'177
'173

158
266
249
168

1 refunding
For

new capital

158
266
249
168

State
and
municipal

Federal
agen-

1,475
1,379
1,418
1,434
1,235
762
483
803
855
'735

87
64
0
87
75
77
64
405
150
22

'90
'58
'48
68
'64
33
46
'103
'78
'49
48
146
34

4
11
0
6
1
0
0
0
0
0
0
0
4

Corporate
Total

Bonds
and Stocks
notes

4,658
5,346
8,002
4,483
1,551

3,184
2,385
2,078
2,980
1,239

325
161
178
404

305
40
144
334

'1,192
13
59
128
38
152
70
171
75
95

'109
218
102
130

1,474
2,961
5,924
1,503

Foreign*

Total
(domestic
and
forTotal
eign)

Domestic
State
and
municipal

1,337
1,251

Federal
agencies*

Corporate

Total

Bonds
and Stocks

Foreign1

notes

2,218
1,858
1,422
709
949
557
343
774
3,242
'4, 242

1,978
1,620
1,387
527
893
498
283
765
3,216
'4, 123

35
36
13
53
21
87
37
136
365
'382

93
0
0
0
51
93
26
317
987
353

1,850
1,584
1,374
474
821
319
219
312
1,864
'3, 387

1,586
1,054
542
451
789
315
187
312
1,782
'3,187

264
530
833
23
32
4
32

'839

311
20
120
35
69
352

671
905
229
29
12
0
48
'23

81
200

'119

4
46
102
13
123
39
146
48
60
'97
100
72
74

10
13
26
24
29
31
25
26
35
12
118
31
56

0
0
0
0
1
'1
0
1
13
0
0
0
0

'196
'635
'810
'308
'516
236
'80
'231
'278
214
'459
362
329

'196
'616
'765
'308
'514
236
'80
'231
'278
'199
'459
289
255

8
'71
'37
'37
'45
9
'11
'56
'5
16
'49
59
9

6
9
199
4
93
2
8
0
1
28
3
26
21

181
536
530
267
376
225
62
175
272
'155
408
204
225

170
525
492
252
325
222
55
156
249
'145
395
87
140

11
11
38
16
50
3
6
19
22
10
13
116
84

0
19
45
0
2
0
0
0
0
'15
0
73
74

o

241
238
35
182
56
59
60
g
26

' Revised.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home
Owners' Loan Corporation; excludes direct obligations of U. S. Treasury.
Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Backfigures.—SeeAnnual Report for 1935 (table 72) for figures of new issues—annual and monthly basis.
1
2




APRIL

347

FEDERAL RESERVE BULLETIN

1937

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
MATURITIES
[In millions of dollars]

VOLUME AND KIND OF SECURITY
[In millions of dollars]
Interest bearing
Total
End of period (gross
debt)

June 1932.....
June 1933-..
June 1934....
June 1935.—
1936
January
February. _.
March
April
May
June
July
August
September..
October
November..
December. _.
1937
January
February „.

19,487
22, 539
27,053
28,701
30,516
30, 520
31,459
31, 425
31, 636
33, 545
33, 436
33, 377
33,831
33,830
r
33, 791
34, 407

Certif- Bills
icates

Total

Bonds

19,161
22,158
26,480

14,250
1,465 2,831
14, 223 4,780 2,200
16, 510 6,932 1, 635
14,936 10, 501
156

27, 645

29,618 14, 688
29,646 14,713
30, 591 15,981
30, 601 16,005
30, 822 16,030
32, 756 18, 395
32, 672 18, 295
32, 621 18, 274
33,086 19,257
33,081 19,255
'33,085 '19, 262
33, 700 20, 576

34, 502 33, 821
34,601 33,926

Notes

12, 272
12, 270
12,400
12, 383
12, 381
11,861
11,906
11,886
11,370
11, 368
11, 366
10, 804

20, 597 10, 847
20, 644 10,868

254
258
258
259
258
146
117
107
106
105
104
117
125
161

Interest-bearing debt Feb. 28, 1937

Noninterest
bearing

616
954
1, 404
2,053

Total
326
381 Obligations m a t u r i n g :
1937— Before Apr. 1
573
Apr. 1-Jun. 30
1,056

2,404
2,405
1,953
1,953
2,153
2,354
2,353
2,353
2,353
2,354
2,353
2, 203

J u l y 1-Sept. 30
Oct. 1-Dec. 31
1938—Jan. 1-Mar. 31
Apr. 1-Dec. 31
1939
1940
1941
1943
1945
1946
1947
1948-1952.
1953-1957
1958-1961

2, 253
2, 253

874
868
825
814
790
764
757
745
749
706
707

Certificates

Total

Bonds1

Notes

33,926

20, 644

10,868

2,253

502
817

551
651
651
401

I
551
: 1,153
:
1,468
;
401
732
1,214
2, 762
2,851

2,219
898
1,401
1, 519
1, 697
4,328

Special issues:
U. S. savings bonds
Adjusted service bonds___
681
All other 2
i 675

5, 211
3, 643

567
428
881

834
898
1, 401
1, 519
1, 697
4,328
5,211

Bills

732
1,214
2,765
2, 854
1,385

3, 643

567
428
119

601

161

r
1
Revised.
Issues classified as of date of final maturity; most issues callable at
i Includes $340,000,000 of Government liability for retirement of earlier dates; postal savings bonds only issues callable before 1940; adnational bank and Federal Reserve bank notes, as a result of deposit justed service bonds and most of the U". S. savings bonds are redeemable
of funds by banks; this compares with $490,000,000 on Feb. 29, 1936. at 2
option of holder.
Includes such issues as postal savings bonds and notes, retirement
fund notes, arid old age reserve account and unemployment trust fund
series.

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds
Receipts
Period
Total

Fiscal year ending June:
1934
1935
1936
8 months ending:
February 1935
February 1936
February 1937
1936—February
March
April
May
June
July
August
September
October
November
December
1937—January
February

Income

Miscellaneous All
inter- other 1 Total
nal
revenue

3,116
3,800
4,116

818
1,099
1,427

1,470
1,657
2,010

2, 262
2,348
2,717
218
752
231
256
529
294
343
499
272
233
517
284
275

467
633
807
43
412
36
35
310
39
32
288
27
33
286
43
58

1,078
1,245
1, 449
132
291
152
158
164
201
264
161
186
148
174
168
148

Trust
acor decounts, Increaseduring
crease
etc. 4
period
Excess excess
of reof reRecovery and relief
ceipts ceipts
(+)or (+)or
exexpendi- pendi- General
tures
Public All
tures
Gross
fund
Total Relief works other'
balance debt

Expenditures *

1,044
680

6,745
6,802
8,477

4, 363
4, 398
462 4, 687
43
496
48
570
43
614
63
558
55 6 2,337
54
412
47
551
50
668
60
681
52
535
57
656
73
631
68
553

General a
Interest on

All
public other
debt

1,984
2,325
4,436

4,004 : 1,844
3, 657 2,342
3,291 ;
985

645
1,020
2,092

1,515
294
213

-3,630
-3, 002
-4,361'

+835 + 1 , 720
-741
+613
+840
+123

+4, 514
+1, 648
+5,078

1, 575
407 1, 775
437 2, 323
31
164
131
226
72
228
258
8
132 s 1,949
10
320
273
26
255
144
292
74
267
8
266
140
318
14
331
20

2, 317 1,511
2,216
889
1,927
71
301 i
43
214 i
11
314 !
33
21
291 :
32
256
35
82 i
14
252 i
8
268 :
5
315
2
260
3
250
2
299
202
2

741
1,009
2,012
218
254
259
264
306
275
247
252
277
260
274
222
205

65
3L8
e 156
40
6 51
22
7
6 83
e 228
6
9
8
32
B 2
6 26
74

-2, 101
-2,050
-1,971
-277

+127
+157

+1,473
+1, 819
+822

757
821
749

64

+181

-383
-302
-1,807 5
-118
-208
-169
-409
-303
-138
-348
-279

-501
—75
-1,143
-237
- 2 2 +1,099
-424
-7
-84
+323
+2 - 4 5 1
-327
-55
+284
(7)
-424
-15
-17
-358

+6
+37

+26
+72

+500
-180
-187

+3
+939

-34
+211
+2,142
-335
-63
+452
(7)
-38
+613
+95
+99

2
i Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts.
Excludes public-debt retirement.
Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures of the Reconstruction Finance Corporation.
4
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other than for retirement of national-bank notes), transactions in checking accounts of certain special governmental agencies,
and unemployment trust fund account.
« Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936.
7
«Excess of credits.
Less than $500,000.
3




348

FEDERAL RESERVE BULLETIN

APRIL 1937

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1937
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

Financed wholly from Government funds
Reconstruction
Finance
Corporation

Financed partly from Government
funds

Com- Public AgriculFarm
Other Home
modity Works tural
mortfarm
mortCredit Admin- credit Other gage
credit
gage Other
Corpo- istra- instituinstitu- institu- instituration
tion
tions
tions
tions
tions

Total

Total

Jan.
Jan.
Dec.
31,1937 31,1936 31,1936

ASSETS

Loans and preferred stock:
Loans tofinancialinstitutions
Preferred stock, etc.Home mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans...
Total loans and preferred
stock
Cash
United States direct obligationsObligations of Government credit
agencies:
Fully guaranteed by U S.
Other 2
Production credit association class
A stock
Accounts and other receivables _ _
All other assets
_
Total assets other than interagency 2_.

1

355
630

2 93 9
1
804

212

38
6
1,838

141
258

24
6
4

399
70
28

14
27

1,790
4

24

2

131
212

131

0)

75
1

4

(0

16

215

(0

146

152

0)
2

()

505
762
2,729
2, 932
590
1,193

521
776
2,765
2,937
599
1,200

651
884
2,924
2,917
695
1,103

0)

211

2, 932
80
47

6

144
3
132
2,729

211
22
92

3,005
44
4

6
21
335

8,711
246
511

8,798
259
506

9,175
338
455

74

6

101

195
30

196
30

214
30

3

43
3 302

4
13

75
283
702

75
285
665

74
266
447

480

10, 754

10,813

10,999

84

4,687
1 324
449

4,669
1 428
462

4,601
1,365
300

2

31
210

160
155

740

3, 376

403

3,404

0)

LIABILITIES

Bonds, notes, and debentures:
Guaranteed by United States.__
Other 2
Other liabilities (including reserves)
Total liabilities other than
interagency2
Excess of assets over liabilities, excluding interagency transactions._
Privately owned interests
U. S. Government interests.._

252
66

1

5

17

1,422
1 179
151

143
3

3,013
2
122

318

1

5

18

2,752

146

3,136

84

6,461

6, 559

6,266

1, 520

214

146

147

722

624
167

257
3

267
32

396
139

4,293
341

4,253
338

4,734
344

1,520

214

146

147

722

457

254

235

256

3,952

3,915

4,390

(0

2

(l)

2
1 Less than $50C,000.
Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
Shares of Federal savings and loan associations subscribed by IIOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury
amounting to $49,000,000 are classified under "All other assets."
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220.
3

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding.
Feb. 29,
1936

In thousands of dollars]
Aug. 31,
1936

Sept. 30,
1936

Oct. 31,
1936

Nov. 30,
1936

Dec. 31.

Jan. 31,
1937

Feb. 28,
1937

474, 596 368, 393 355, 539 344, 591 330, 883 325, 620 313, 335 1304,815
Loans tofinancialinstitutions
2 41,465
Loans on preferred stock of banks and insurance companies. _ 46, 730 48, 397 48, 216
47,807
43, 509
41,796
47, 586
Preferred stock, capital notes, and debentures
861,749
672, 687 668,615
662, 587 658,654
650, 777 630, 272 607, 777
1. 405
Agricultural loans
21,910
1,400
1,385
1,326
1,273
1,369
1,327
390, 202 350, 948 349,261
Loans to railroads (including receivers)
353,810
345,190
345, 980 345, 502 345, 447
156, 592 181, 339 185, 829 190, 569 194,184
206, 721
Loans for self-liquidating projects
195,044
200,181
56,149
63, 838
Loans to industrial and commercial businesses
46, 488
61,645
63, 592
57, 690
60,945
63,079
60,965
66, 553
51, 853
Loans to drainage, levee, and irrigation districts
62, 632
64,343
65,164
61,778
63,125
_
2,984
1,949
3, 8' "
Other loans
1,943
3,03'
1,880
1,935
154, 242 142,210
108, 714
Securities purchased from Public Works Administration
118,822
140,478
145, 635 136,850
113,076
Total loans and investments, other than interagency... 2, 208, 2 1, 885, 472 1, 871, 828 1, 871, 782 1,841,325 1, 810, 984 1, 775, 677 1, 748, 684
Loans to Federal land banks
22,191
35,215
32,199
30,933
27,993
22, 784
27, 620
24, 750
Loans to Commodity Credit Corporation
93,002
95, 809
97, 916
98, 417
98, 721
135, 024 129, 320
297,449
97,000
97, 000
97,000
97, 000
Capital stock of Commodity Credit Corporation
97,000
97,000
97, 000
39, 233
31,213
32, 202
33,996
15,952
35, 701
37, 406
Capital stock of, and loans to R. F. C. Mortgage Co
38, 670
20,000
20,000
20,000
20,000
20,000
20,000
10,000
Preferred stock of Export-Import banks
_
20, 000

Total loans and investments..

2, 566, 854 2,158,885 2,147,771 2,148, 786 2,120,163 2,088, 961 2, 089, 255 2,056,825

1
2
Includes $98,000,000 of loans for distribution to depositors of closed banks.
Includes $509,000 of preferred stock
sale 3 contracts.
Includes $398,000 of loans to Rural Electrification
Administration.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.




instalment

APEIL

349

FEDERAL RESERVE BULLETIN

1937

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm

End of month

1933—December
1934—December..
1935—December
1936—February
March
April
May
June.
July__
August
September
October
November
December
1937—January
February

Federal intermediate
credit bank loans to
and discounts for—

or^_.„
by-

Loans to cooperatives b y -

Eegional
agricultural
Other
credit cor- financing
Land
porations,
instituFederal
Bank
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives *
1,232, 707
1,915, 792
2,071,925
2, 058, 512
2,059,978
2, 061, 881
2, 062,986
2,064,037
2,064, 759
2, 067,106
2,067,711
2, 067, 647
2, 065, 719
2,064,158
2,061,472
2, 060, 233

70, 738
616,825
794, 726
810,811
817,899
823,110
827,052
827, 248
829, 464
831,892
833, 906
835,187
836,194
836, 779
836,062
835, 509

EmerProduc- Regional
agriculgency
tion credit tural cred- crop and
associait corpodrought
tions
rations
loans

60,989
55, 672
46,490
46, 679
48,045
50, 015
52,158
53,231
53,041
52,883
48,039
41,912
39, 218
39,140
38,192
39,171

73, 263
99, 675
104, 706
110,806
122,849
132, 715
140,177
144,155
146,243
144,423
138, 653
135, 791
131,644
129,872
125, 825
130, 139

27
60,852
94,096
103,002
116, 392
127, 511
135, 467
139, 468
140,982
135,603
122,004
110, 775
105, 441
105, 212
106,081
114,551

144, 636
87,102
43,400
40, 510
39. 617
38, 665
37, 711
36,026
34,610
33,042
31, 216
28, 664
26, 491
25, 288
24, 454
24, 249

Federal
intermediate
credit
banks

15,211
33,969
2,731
2,117
2,074
1,685
932
247
225
314
405
758
1,336
1,641
1,486
1,359

89, 811
110,186
172,489
168, 700
167,826
175,151
176, 789
176, 234
174,207
172, 863
171,320
168, 688
166, 291
164, 887
163, 868
163, 250

Banks for
cooperatives,
including
Central
Bank

18,697
27,851
50,013
42, 720
41,083
40,015
39, 688
39,500
43,018
44, 345
56, 267
71,150
72, 500
69, 647
64,411
60, 356

Agricultural
Marketing Act
revolving fund

157, 752
54, 863
44,433
44,155
44,306
43, 523
41, 696
44,556
44,431
44,025
48, 583
51,348
56, 216
53, 754
54,322
52, 359

1
Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.

FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS

OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES 1

[Loans in thousands of dollars]

AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]

Home mortgage loans b y Federal savings and
loan associations
End of month

Home I
Owners' i Number of
Loan Cor-1 associations
poration
Total

Reporting

Loans
reported

1933—December..
1934—December..
1935—December..

'2, 394, 038
2, 897, 162

59
639
1,023

455
881

69, 734
315, 683

1936—February...
March
April
May
June
July
August
September..
October
November.
December _
1937—January
February...

2, 942, 931
2, 951, 640
2, 960,197
2, 961, 761
2, 944, 501
2, 921, 294
2, 898, 043
2, 870, 480
2. 834, 610
2, 801,827
2, 765, 098
r
2, 71J, 451.
2, 680. 230

1,061
1,078
1,102
1,114
1,135
1, 165
1, 175
1,183
1, 192
1,206
1, 212
1,228
1. 240

898
980
1,006
1, 006
1,017
1, 025
1, 076
1, 076
1,080
1, 080
1, 065
•1, 143
1, 143

336, 646
366, 405
390,810
404, 722
444,046
465, 682
497, 852
512, 744
532, 064
544,130
544,107
-r>7(). 209

588, 038

Federal
home
loan
bank
loans to
member
institutions 2

85,442
86, 658
102, 795
102,942
103, 358
105,972
110,922
118,587
122,101
125, 218
129, 767
134, 941
137. 261
145,401
143,745
141,205

» He vised.
•
1 In addition to loans the HOLC held on Feb. 28, 1937, $506,000,000 in
other assets, consisting principally of investments in the Federal Savings
and Loan Insurance Corporation and in various savings and loan associations, real estate and other property, and accrued interest receivable.
2 Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member institutions.
* Includes accrued interest




End of month

Federal
Farm

Total

ReconHome
Owners' struction
Finance
Corporations

Mortgage
Loan
Corpora- Corporation
tions

1933—December...
1934—December..

180
3,063

980

1935—September..
October
November..
December...
1936—January
February.._
March
April
May
June
_._
July
August
September..
October
November..
December _
1937—January
February.. _

4,369
4,421
4,460
4,494
4,562
4,630
4, 654
4,676
4,703
4,718
4,724
4,669
4,667
4, 667
••4, 662
4,669
4, C87
4, 667

1,368
1,382
1,387
1,387
1,399
1,407
1,407
1,411
1,422
1,422
1,422
1,422
1,422
1,422
1, 422
1, 422
1,422
1,422

1,834

180
249

2,748
2,786
2,819
2,855
2,911
2,970
2,995
3,013
3,029
3,044
3,050
2,995
2,993
2, 993
r
2,988
2. 995
3, 013
2, 993

253
253
253
252
253
253
252
252
252
252
252
252
252
252
252
252
252
252

1
r

Revised.
1 Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Administrator. The amount outstanding Feb. 28, 1937, was $50,620.
2 Excludes obligations guaranteed as to interest only.
3 Excludes obligations held by U. S. Treasury and reflected in the
public debt. Figure for December 1933 includes notes given in purchase
of gold which were retired in February 1934.

350

FEDERAL RESERVE BULLETIN

APRIL 1937

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) 2

Droductioni*
Industrial ]

Year
and
month

Manufactures

Total

Minerals

Ad- Unad- Ad- U n a d Ad- Unad
justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

84
87
67
86
101

83

87
67
85
101
95

__

104
..
__

.

76
79

75
78

90
105

90
105

107

90

65
88
86
94

108
82
90

124
121

135

117

139

126

142

117

87

92
63
28
25

82
86
91

68
81

122
129
129
135

84
71

63

79

30

79
84
94

105
96
99
108
107
106
115
99

80

44
44

63
63
56

70
74

106
112
119
95

Residential

All other

Factory
pay
rollss

Freight-car
loa<imgs 4 *

Department
store sales*
(value)

Ad- U n a d Ad- U n a d Ad- U n a d Ad- U n a d Unad- Ad- Unad- Ad- Unadjust ec justed justed justed justec justed justec justed justed justed justed justec justed

77

108

108
106
111
119
96
81
64

Total

89

94
105

Factory employment*

50

142
125

95

96
100
101
99

120

99
105
91

84
40
37

37
13
11
12
21

32
37
55

104

104

77
66

72

48
50

37

83
86
92

70

84

98
118

78
94
87
88
98
99

91

79
87

77
82
103
96
101

100

97

103
106

103
106
103
103
106
92

104
102
102
109
89

107
108
111
102
92
69
67
75
79
83

75

67
46
49
63
71

56
58
62
63
72

82

1934

Feb
Mar

81
84

April....

86

May....
June
July
Aug
Sept

86
84
76
73
71
74
75
86

83
87
88
89
84
73
73
73
75
74
78

Jan

90

88

Feb
Mar.....
April
May....
June
July
Aug.....
Sept

90
88

91
91
89
87
86
83

Oct.

Nov
Dec

80
82
85
86
83

74
72
69

72
74
85

82
86
89

92

89

100
90
88
87

86
86

84
80
82
81
81
90

84
83
87
87
84
85

87

95

91
91
91
87
84
83

97
97

92
93
90

88
90
99
85

88

89
84
71
71
70
73
73
76

91

81

44
33
32
26
26

27
27
29

31
31
31

38
33
36
32

12
11
12
11

31
30
28
30
29
28

12
12

10
11

25

12

12

11

10
12

14
13
13
12
10

11
12
11
10

70
51
48
38
38
39

40
44
46
48
47

60

81
84
85
86
85

50
54
47
41
44
43
45
43

81

41
36

81
82

84
85
86
86

83
83

78

81
84
86
86
85
83
84
80
82
80
82

61
66

68
68
66
'
61
63

64
66
62

63
64
61

62

59
59
57

61
64

59
64

59

61
63
60
63
64
63
63

67
64
60
56

73
76
76
75
73
73
76
74
74
75
77

59
73
73
77
71
51
60

79
82
83
135

1935

86

90
88
87

86
88
91
95
96
101

90
97
98
96

86
84
85
87
89
92
95
97
101

Jan.
97
94
Feb
93
Mar
April.-.. 101

96
95
96
104

96
92
93
100

May....

101

June
July
Aug
Sept

104
108
108
109
110
114

105
104
105
106
108

101
105

Oct.

Nov._-_
Dec

85

87

87

87
89
96
98
96

83
87
93
93
102

79
97
85
86
93
101
96

97

27

22

12

28

14
16

27
30
35

24
26
30
32
35
39

38
43

40
44

48
60
68

45
53

62
52

50
45

47
47
46
52

51

45

26
27

54

18
21
24
25
24
25
25
26
26

10
13

39
39

32
33

16

35

34

22
25
26
25
24

33
32
36

38
39
43
50
54
59
62

85
84
85
86
86

76

25

43
50
58

25
25
22

66
88
103

25
26
30

21
22
28
35

32
36
44
46
47
43
40
45

38
39
45
46
47
41
39
38

87

82
85
86
86
85
83
84
86

88

88

89
89

80

89

88

92

75

75

63
62

89
87

87
87

88
89

88
89
90
90
91

65
70
72
72
69
67

67
71
74
76
76
78

64
65
65
61
61
63
58
60
62
64
66

71

76
77
79
75
74

59
61
71
70
76
76
55

58
61
62
59
61
63
60

79
80

64
70

77

61

81

86
86
91
145

73
67
62

78
82
83

1936

Oct
Nov..___
Dec

121

109
110

110

111

111

115
114

115
121

95
93

97
105
105
105
105
106
107
110
115
114

104
111
97

100

106

102

95
101

100
101

101
102

99
102

104

107
90

115

59
57
58

117

111

66

47
53
56
60
65
65
60
54
51
53

109

105
P110

63
J>64

*>55

105
112

110
115

59
62

25

63
60

57
65
71
75

67
70
78
82

90
90
93
93

74
74
78
79
81
81
80
84
84

63
65
62
66

89
91

70
70
73
70
72
73

71
72
75
76
82
84

80

80

95

86

74

92

80
80

70
72

93

69
69

81
70
65

72
83

62
65

96
99

94
96
97
97
98

37

77

99
P100

91

P7S

63
P66

97

P42

^99

*96

94
94

70
70
66
69

81
83
84

84
87
87
91
86

88
90
r94

63
66

77
85
89

84
63
68
94
100
105
161

1937
Jan
Feb

114
P116

112
P117

115
P116

113
P118

P114

95

'72
76

r
p Preliminary.
Revised.
* Average per working day.
For indexes of groups and separate industries see pp. 351-352; for description see BULLETIN for February and March 1927.
* 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931.
8
The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of
BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 353-356. Underlying figures are for pay-roll period
ending nearest middle of month.
* For indexes of groups see p. 358.
Back figures—See Annual Report for 1935 (table 75) For department store sales see p. 631 of BULLETIN for August 1936.
1




351

FEDERAL RESERVE BULLETIN

APE1L 1937

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal van ation. 1923-25 average = 100]
1936

Industry

Jan.

Manufactures—Total

Feb.

Mar.

Apr.

May

June

1937

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

96

92

93

100

101

105

109

110

110

Ill

115

121

115

P116

86
67
88

83
63
85

83
64
85

100
77
102

105
85
107

113
89
115

119
90
122

121
93
124

119
96
121

127
98
130

138
99
142

143
104
147

139
107
142

129
107
132

105
105
106
117
113
64
98

102
99
111
120
117
75
91

100
100
96
105
99
68
107

100
105
89
93
95
68
102

100
103
97
103
101
68
97

107
111
103
121
95
66
101

116
125
106
125
97
67
108

120
125
115
136
101
77
118

120
127
108
121
97
88
130

114
119
105
109
104
95
121

121
123
119
129
117
92
125

139
144
141
161
134
96
134

124
129
121
127
130
92
118

92
84
61
111
120
152
91
124

84
77
52
109
109
145
96
93

87
83
61
109
115
151
92
96

90
89
68
114
116
134
88
95

84
84
66
104
111
128
87
78

88
85
64
113
119
133
94
89

92
92
72
116
130
135
101
77

91
96
70
128
141
138
92
71

90
100
79
125
144
143
77
70

93
105
94
115
129
152
82
68

98
109
100
115
122
169
83
83

99
100
85
117
125
160
87
115

89
87
65
111
130
175
87
98

60
124

60
127

62
132

60
131

59
136

62
137

60
131

61
136

61
140

62
140

67
150

64
141

63
142

62

108
0

93
0

107
1

122
3

117
6

118
9

124
9

111
8

107
6

93
5

105
8

122
10

120
8

120

120
103
96
103
122
131

113
96
95
85
110
125

108
93
'95
77
103
118

112
97
94
85
115
122

113
97
93
78
124
124

103
91
84
88
113
110

114
94
93
77
117
127

115
95
97
70
113
129

112
90
91
68
109
127

112
93

134
108
111
98
111
151

136
108
110
90
119
154

,134

65
103
125

116
104
111
79
112
124

_ _

47
201

49
174

58
184

72
213

74
220

75
218

75
220

77
226

81
236

87
242

91
164

91
89

86
77

85
244

-

103
84
63

105
77
62

95
85
59

101
91
70

98
94
75

112
103

128
104
71

107
100
60

99
98
60

105
101
71

97
100
74

105
98
80

125
80
76

131
84
70

169
214
94
121
96
104

172
215
94
130
98
103

168
210
98
119
105
100

178
223
104
119
116
112

180
227
97
120
116
120

117
108
123

183
236
96
117
110
121

186
241
91
119
111
126

189
246
90
119
111
128

191
249
90
124
110
129

188
241
92
124
114
130

191
242
102
132
116
136

189
236
117
135
111
137

136

107
110
82

89
92
67

85
87
67

113
117
86

121
125
89

130
135
90

124
129
90

119
123
92

122
125
96

118
121
94

126
130
92

123
128
91

148
73
208

148
75
207

140
71
193

152
74
214

145
71
204

147
70
209

154
76
216

147
73
208

157
75
223

146
74
202

150
75
209

183
83
265

165
83
234

168
78
242

104

111

97

106

102

100

101

99

102

105

112

117

109

P114

81
71
148

92
100
143

71
54
146

84
69
150
91
70
96

76
51
149
87
100
60
88

82
58
146
93
98
60
111

86
52
152
98
101
71
119

95
69
152
110
100
74
99

P50
P166

85
59
90

79
69
144
81
104
71
101

83
56
164

77
62
93

74
72
146
80
103
69
103

97
73
161

84
63
80

76
77
149
80
94
75
91

98
80
113

80
76
99

IRON AND STEEL

Pig iron
Steel ingots
TEXTILES

Cotton consumption
Wool
Consumption
Machinerv activity 1
Carpet and rug loom activity*.
Silk deliveries.
FOOD PRODUCTS .

.

Slaughtering and meat packing...
Hogs
Cattle . .
Calves
Sheep
Wheat flour
Sugar meltings

132
P128
3»131
P136
112
87
86
66
108
122
151
89
89

PAPER AND PRINTING:

Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives

_

LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes _
__ _

Pl51

Cement _
Glass, plate

__

NONFERROUS METALS:
1

Tin deliveries
Zinc
Lead

OS

CEMENT AND GLASS:

Petroleum refinins
Gasoline *
Kerosene
Fuel oil*
Lubricating oil 1
Coke, byproduct
RUBBER TIRES AND TUBES

Tires, pneumatic
Inner tubes 1

1

1

TOBACCO PRODUCTS

Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite
.
Petroleum, crude
Iron ore
Zinc
Lead
Silver

_ _

-O COOO

FUELS, MANUFACTURED:

84
70

r
i Without seasonal adjustment.
P Preliminary.
Revised.
NOTE.—For descriptions see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p . 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping
paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process
of revision.




352

FEDERAL RESERVE BULLETIN

APRIL 1937

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.

1923-25 average =100]
19 11

936

Industry

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

95

93

97

105

105

105

105

106

107

110

U5

114

113

*118

83
67
85

87
64
89

94
67
96

111
82
114

114
87
117

113
88
115

111
85
113

118
89
121

118
93
120

124
98
126

127
100
130

126
102
128

134
105
137

136
109
138

110
111
108
120
113
64
112

108
106
117
131
117
75
98

103
105
98
107
99
68
103

103
112
88
90
95
68
101

100
106
92
95
101
68
96

101
106
97
109
95
66
90

107
114
99
112
97
67
103

113
112
110
126
101
77
123

120
123
111
127
97
88
136

118
122
111
120
104
95
121

126
128
125
141
117
92
129

132
133
142
163
134
96
119

130
135
123
130
130
92
135

P134
141

92
96
81
112
112
154
89
82

82
75
57
96
101
136
93
91

86
78
62
95
116
137
86
113

85
80
61
101
126
126
80
110

82
81
64
101
126
126
82
87

87
84
65
106
124
131
83
106

90
87
64
115
126
135
98
94

87
85
53
126
130
139
99
79

90
94
59
138
138
165
91
75

95
104
80
134
135
167
92
65

104
121
110
133
124
167
90
65

101
117
111
122
119
157
84
66

91
100
87
112
121
176
85
64

86
85
73
95
114
142
86
88

61
119

60
125

61
138

61
141

60
140

64
135

59
117

59
121

60
137

62
149

66
160

64
145

64
136

62

Automobiles. _. __
Locomotives

108
0

93
0

124
1

149
3

142
6

134
9

128
9

82
9

42
6

65
5

127
9

147
11

120
7

120

LEATHER AND PRODUCTS

111
99
97
85
116
119

115
99
101
78
114
126

112
92
r
96
69
105
124

110
95
94
76
114
119

104
91
88
74
116
113

99
90
83
86
113
105

113
94
90
90
109
125

128
96
95
85
111
148

130
95
94
78
114
153

123
98
102
77
107
140

112
102
109
75
111
118

114
105
108
84
120
119

126
104
111
75
113
140

P137

29
201

29
174

42
194

70
235

88
231

93
196

91
198

100
226

101
236

99
242

90
164

71
89

52
77

51
244

103
89
63

105
82
04

95
90
60

101
95
69

98
95
73

112
99
70

128
97
68

107
93
58

99
93
57

105
98
73

97
100
77

105
100
81

125
85
77

131
89
72

Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct

170
214
96
121
96
105

172
215
96
130
98
106

168
210
95
119
105
103

178
223
103
119
116
114

179
227
93
120

181
233
91
117
108
121

182
236
90
117
110
118

186
241
86
119
111
122

189
246
92
119
111
125

192
249
95
124
110
129

189
241
100
124
114
133

192
242
111
132
116
138

189
263
119
135
111
138

140

RUBBER TIRES AND TUBES

107
110
82

89
92
67

85
87
67

113
117
86

125
89

130
135
90

124
129
90

119
123
92

122
125
96

118
121
94

126
130
92

123
128
91

141
56
204

135
65
188

132
64
183

140
70
195

147
73
206

161
76
230

167
80
238

158
76
225

173
86
245

157
91
212

153
90
207

149
62
217

156
64
230

153
67
220

100

107

90

95

101

101

102

104

110

115

115

111

105

P\10

89
77
142

97
107
140

71
44
145

71
72
150
95
69
97

75
51
152
177
93
58
88

87
58
150
178
93
57
106

94
67
153
167
98
73
118

106
71
150
93
100
77
106

P102
pfA
p\6Z

90
60
99

72
57
147
164
97
68
85

93
61
158

82
64
100

66
62
149
157
•99
70
101

103
72
156

89
63
81

67
77
150
120
95
73
88

Manufactures—Total
IRON AND STEEL

Pig iron
Steel ingots

_. . .

TEXTILES

Cotton consumption
Wool
. .
__ ._
Consumption
Machinery activity
Carpet and rug loom activity.
Silk deliveries

FOOD PRODUCTS

Slaughtering and meat packing.__
Hogs
Cattle
.
.
Calves
Sheep
.
Wheat flour
Sugar meltings

nu
P143
2>136
120

PAPER AND PRINTING:

Newsprint production
Newsprint consumption

...

.

TRANSPORTATION EQUIPMENT:

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes

p

153

CEMENT AND GLASS:

Cement
Glass, plate

...

NONFERROUS METALS
Tin deliveries.. _ ._
Zinc
Lead.

.

FUELS, MANUFACTURED:

Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS

Cigars .
Cigarettes

Minerals—Total

.

Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver

100
81
114

85
77
100

89
72

r
p Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.




353

FEDERAL RESERVE BULLETIN

APRIL 1937

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
1936

1937

Industry and group
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

N o v . Dec.

Jan. F e b

88.8
80.4
97.8

87.4
79.2
96.3

87.7
80.1
95.8

88.6
81.2
96.5

89.8
82.7
97.3

90.4
83.8
97. 6

92.8
85.6
100.4

93.4
85.7
101.8

101.

94.4
88.2
101.2

96.2
98.6
89.9
92.7
102. 9 104.9

98.8
99.6
92.4
93.8
105. 6 105.7

91
71
59
78
56
79
83
60
97
57
96
77
142

85.3, 87.1
92
94
71
74
60
62
77
75
54
56
77
78
84
86
61
63
97
97
59
62
96
97
79
78
146
148

89.0
97
74
62
76
58
77
87
65
97
65
99
78
151

90.8
99
75
62
76
59
77
84
65
103
67
99
80
148

93.5
103
76
64
78
62
79
82
69
103
70
98
81
146

95.3
106
76
64
79
60
72
85
69
107
72
101
86
143

108
77
65
80
60
75
85
71
104
73
101
86
149

109
79
61
84
85
70
107
73
100
89
164

101.0
110
84
68
87
68
95
90
72
111
70
97
95
188

102. 3 103.8
112
113
88
87
69
68
87
89
70
69
98
80
90
91
78
76
119
114
75
73
105
103
98
99
179
175

95.8
120
114
81
116
82
108
186
69
112

96.9
123
116
82
119
84
109
179
69
112

99.3
124
118
86
122
85
112
185
68
113

102.2
125
119
88
125
88
114
198
70
114

103. 9 105. 3 105.3
126
101
117
112
100
114
90
92
92
124
115
119
93
90
92
119
116
120
209
209
210
70
73
71
114
87
102

106. 8
96
116
97
115
95
123
186
75
120

108.4
102
119
100
117
96
125
176
75
132

109
81
67
84
64
9L
86
71
107
73
98
'*
•
175
110.4
95
120
103
122
97
127
171
75
135

114.0
103
121
106
125
100
129
188
76
139

115. 9
108
123
104
128
102
136
201
79
145

118.8
112
128
110
134
104
136
195
81
148

100.0
449
113
46
24

97.0
484
109
46
26
85

97.7
509
108
50
27
92

99.2
533
109
51
28
99

101.3
571
112
50
31

102.2
564
112
53
34

105.1
603
116
52
36
101

100.9
613
109
56
35
102

100.8
631
109
56
38
102

105. 0 112.3
646
645
123
113
64
61
42
41
102

118.7
698
133
62
44
89

109.8
737
120
63
49
94

113. 5
770
123
68
54
100

55.0
62
54

56.4
62
56

58.0
62
58

57.0
63
57

57.0
62
57

58.2
62
58

57.4
62
57

58.7
62
58

59.1
62
59

60. 6
63
60

61.7
63
62

62.3
63
62

61.6
64
62

97.4
102
101
104
79
78
68
78
143

95.0
99
99
104
77
76
65
78
135

93.4
100
97
104
75
71
63
77
135

94.6
102
99
105
78
76
62
76
135

97.8
116
102
107
84
75
59
79
136

101.1
116
106
113
88
79
66
78
141

102.5
112
109
112
87
84
67
79
143

105. 2 106.7
115
118
111
110
115
114
91
94
70
70
78
78
154
153

110.7
118
115
117
91
99
71
80
166

109.7
121
120
120
90
75
72
80
163

111.7
121
122
120
89
100
71
78
160

LUMBER PRODUCTS

62.8
74
46
50

61.4
73
45
49

62.8
72
46
50

63.5
74
47
51

64.1
75
47
51

64.2
76
49
50

65.6
79
48
51

65.1
81
51
49

65.8
82
52
50

66.2
81
53
50

67.9
86
55
51

68. ()
89
57
50

67.7
87
57
50

STONE, CLAY, GLASS PRODUCTS _

61.4
43
51
99
34
72

59.7
41
49
97
32
70

60.8
42
53
96
37
72

61.9
43
54
96
38
71

62.5
44
55
97
39
71

63.0
45
54
96
41
73

65.7
47
55
101
42
76

66.4
47
59
102
43
74

66.1
47
61
99
42
77

67.2
47
64
103
42
76

99.2
93.2
82
89
97
116
89
113
80
89
110.5
108
145
90
117
53
109

96.5
90.4

96.7
90.6
81
113
84
114
74
82
108.2
104
144
85
116
57
109

97.6
91.3
83
89
91
115
88
113
76
80
109.5
105
146
85
123
55
109

98.1
91.8
83
90
94
116
93
112
78
80
110.3
107
144
86
130
54
111

102.6
95.5
83
95
96
117
91
118
79
83
116.6
109
159
87
141
60
115

104.9
98.1
85
99
101
117
85
121
81
81
117.0
106
167
88
138
60
118

102.6
96.8
92

112
85
113
72
82
108.2
105
143
87
116
50
110

97.6
91.8
81
88
91
116
85
114
78
84
108.4
104
143
86
118
55
111

101.7
95.5
92
97
101
115
82
117
79
78
113.4
105
155
89
130
55
117

Total
Durable goods
Nondurable goods .
IRON, STEEL PRODUCTS

Blast furnaces, steel works..
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware.
Tools
Wirework
MACHINERY

Agricultural implements
Cash registers, etc
Electrical machinery
__.
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs.
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT

Aircraft
Automobiles
Cars, electric, steam railroad..
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS.

Electric railroad
Steam railroad..NONFERROUS METALS, PRODUCTS..

Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
Furniture
Lumber, mill work..
Lumber, sawmills..

Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS

A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles _
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods
B. Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments._.
Men's furnishings
Millinery
Shirts, collars
r

Revised.




86.4
93
72
57
81
57
81
85
60
97
56
97
79
149
96.3
82
114
83
109
189
68
110

100
97
105
76
73
64
78
131

109
100
106
78
76
61
78
139

114
81
121
78
77
113.6
104
157
88
133
57
116

60.1
63
60

66. 2
84
54
49

66. 3 69.0
51
48
68
65
101
96
•42
42
75
104. 4
97.3
93
98
104
117
87
116
79
84
118.4
111
163
91
134
53
119

106. 8
100. 1
99
99
106
121
89
119
79
92
119.8
115
160
92
135
51
124

69. 5 72.6
54
54
66
68
97
110
43
44
78
78
108.3
101.7
101
101
107
120
90
123
81
93
120. 8
114
159
93
137
56
132

107. O
100. 6'
102
102
102
117
89
123
79
86
119.4
111
16091
139
50
128

354

FEDERAL RESERVE BULLETIN

APRIL 1937

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933.

1923-25 average = 100]

1936

1937

Industry and group

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Boots, shoes
Leather

94.4
95
97

92.7
93
95

90.4
91
94

89.2
89
94

89.0
89
95

89.0
89
94

90.3
91
94

90.9
91
96

91.4
91
98

92.0
92
96

94.9
95
99

98 8
100
98

99 0
101
97

98 2
100
96

FOOD PRODUCTS

107.4

106.8
126
177
83
133
76
76
67
83
76
81

107.8
127
182
83
133
76
76
68
84
86
80

107.7
127
178
84
131
77
76
71
84
90
81

109.3
127
189
85
137
77
74
74
85
84
80

110.3
127
183
86
147
77
74
72
86
88
80

112.4
129
196
86
140
78
77
72
92
92
78

113.2
129
195
85
141
82
76
70
92
109
79

113.3
129
196
82
148
78
74
72
92
111
76

112.7
131
187
82
146
76
74
69
91
118
74

113.4
132
197
82
135
80
73
70
96
114
67

115.0
132
197
84
147
81
74
72
95
93
70

114.7
133
202
87
147
83
75
71
93
44
64

117.0
135
201
88 .
157
82
75
73
91
88
78

59.6
56
60

60 0
55
61

60.1
56
61

59.4
56
60

61.3
56
62

60.3
56
61

61.2
56
62

61.9
56
63

61.7
56
62

61 1
57
62

62.4
57
63

62.0
56
63

62.3
56
63

62.6
57
63

97.7
94
107
86
101

98.6
93
108
88
102

99.0
93
108
88
102

99.4
93
109
88
103

99.8
93
109
89
103

100.0
94
109
90
103

99.8
95
108
91
101

101.1
97
109
93
102

102.7
99
110
94
105

103.1
100
111
94
105

103.6
100
112
95
104

104.0
103
113
94
104

104.0
103
114
94
103

105.5
104
116
96
104

112.2
111.2
116
76
100
81
80
123
344
97
116

110.6
109.2
116
72
101
82
73
121
335
95
116

111.6
110.6
116
73
102
84
79
121
343
95
116

il0.8
109.1
116
68
103
82
74
123
325
94
118

113.1
112.0
117
71
104
79
91
122
342
96
118

113.2
112.2
117
62
105
84
86
124
350
97
117

115.7
114.6
121
61
105
88
87
126
358
95
120

115.4
114.9
122
53
102
89
87
127
360
103
117

118.5
118.1
126
78
101
91
86
129
360
106
120

117.9
117.4
129
71
100
90
85
129
354
103
119

118.1
117.4
129
77
102
93
80
127
357
100
121

118.6
118.3
129
75
105
91
87
130
355
100
120

120.8
120.9
133
85
105
94
86
131
364
103
120

121.4
121.4
133
79
109
92
85
132
363
111
121

86.4
69
120

85.2
69
118
76

74.9
72
118
57

87.1
78
121
75

87.4
75
122
76

88.8
73
123
79

91.4
78
124
82

93.9
75
124
87

95.8
75
126
89

98.3
75
130
92

99.4
74
133
93

102.2
76
138
95

102.3
75
140
95

101.7
75
140
94

LEATHER PRODUCTS

126
Baking
Beverages
_ _ _ _ _ 179
83
Butter
139
Canning, preserving
Confectionery
77
76
Flour
67
Ice cream
83
Slaughtering, meatpacking
Sugar, beet
__
48
79
Sugar refining, cane
TOBACCO MANUFACTURES

Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING

Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
CHEMICALS, PETROLEUM PRODUCTS _ _

A. Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
_ - _ __ _
B. Petroleum refining
RUBBER PRODUCTS

Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes

_

78

NOTE.—Figures for February 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and
page 259 of the BULLETIN for March 1937. Underlying figures are for pay-roll period ending nearest middle of month.




355

FEDERAL RESERVE BULLETIN

APRIL 1937

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933.

Factory pay rolls

Factory employment
1936

Industry and group
Jan.
Total
Durable goods
Nondurable goods.
IRON, STEEL PRODUCTS

Blast furnaces, steel works._
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water h e a t i n g . . .
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
MACHINERY

Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT

Aircraft
Automobiles
Cars, electric, steam railroadLocomotives
Shipbuilding
RAILROAD R E P A I R S H O P S .

Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
L U M B E R PRODUCTS

Furniture
Lumber, millwork.
Lumber, sawmills..
STONE, CLAY, GLASS PRODUCTS...

Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS
A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles.
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods
B. Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments __
Men's furnishings
Millinery
Shirts, collars




Feb.

1923-25 average=100]

1937

1936

1937
Jan.

Feb

Oct.

Nov.

Dec.

Jan.

Feb

96.7
89.2
104.7

96.9
91.0
103.3

98.1
92.7
104.0

96.5
90.3
103.1

93.2
105.1

73.8
66.9
82.5

73.7
66.6
82.7

89.0
85.3
93.7

90.7
88.9
92.9

95.1
93.1
97.6

108
79

9.3
108
81

100.0
112
87

61
85
86
73
117
75
103
90
164

64
92
86
74
115
73
96
94
175

100.4
109
84
67
87
68
96
87
73
108
70
94
96
188

69.6
77
71
36
66
46
77
54
45
60
42
87
78
122

70.3
77
68
37
67
46
73
59
47
73
42
83
77
116

93.2
102
87
50
78
52
93
66
66
109
69
97
94
152

95.8
105
89
48
83
58
106
63
66
103
66
92
98
173

102.0
115
98
53
85
68
94
70
67

179

103.5
113
88
67
88
71
99
91
77
110
72
99
100
175

94
105
183

77
63
94
103
161

103.8
118
105
50
82
68
91
68
75
101
67
98
109
154

114.8
111
123
104
125
101
135
187
80
146

118.5
118
128
110
136
104
138
169
82
147

82.5
136
105
70
97
70
100
121
63
90

83.5
139
106
70
101
72
101
109
64
93

102.7
106
117
93
100
90
122
178
66
129

105.6
102
112
97
106
93
124
169
67
134

113.6
122
123
103
118
100
136
168
79
138

111.0
131
121
97
120
99
137
145
83
131

118.3
141
129
109
131
105
143
123
86
138
112.0
657
121
67
37

Jan.

Feb.

Oct.

Nov.

Dec.

78.7
95.4

86.9
78.6
95.8

84.4
92
72
57
79
57
81
82
58
83
54
90
79
149

84.4
92
71
58
79
56
80
84
60
90
54
90
78
142

95.3
125
112
82
112
82
108
176
69
112

95.5
126
114
81
117
83
110
162
70
111

109.6
98
119
100
113
96
126
218
73
133

120
103
118
97
128
211
74
139

114.1
103
121
106
124
99
131
203
77
144

102.6
440
118
41
22
86

475
114
44
24
84

102.1
619
110
59
40
103

115.0
646
128
58
41
97

122.1
691
139
57
44
90

112.3
722
125
56
45
94

116.5
755
128
65
50

85.7
371
96
37
12
83

77.1
388
84
40
14
81

95.8
528
102
60
27
103

113.4
553
126
58
28
97

120.9
620
136
60
31
91

100.6
604
108
59
31
96

90.6
86.5
95.9
116
97
51
81
65
75

95.7
92.5
99.7

54.0
62
53

56.1
62
56

60.4
63
60

60.6
63
60

61.2
63
61

61.2
63
61

61.4
64
61

50.5
61
50

55.9
63
56

63.9
64
64

65.2
66
65

65.5
67
66

61.2
65
61

66
64

95.0
100
100
103
74
76
65
78
136

94.9
100
99
104
76
75
65
78
135

108.3
117
111
118
102
91
72
79
154

110.0
119
113
121
101
97
74
79
156

111.6
118
116
121
93
101
74
81
162

107.0
119
119
119
84
73

111.5
122
122
120
88
99
71
78
160

76.1
87
82
84
51
67
48
60
114

76.0
89
81
90
50
63
48
60
114

99.7
111
103
116
84
83
68
68
154

102.0
115
104
122
78
97
72
70
155

105.5
115
112
118
75
104
71
70
164

97.1
115
113
109
62
69
58
69
148

103.5
122
120
111
65
92
62
68
155

59.2
71
44
47

59.2
72
44
46

69.2
87
53
52

67.8
88
53
50

67.1
88
54
49

64.8
86
54
47

65.4
86
55
47

45.9
51
35
36

45.8
54
34
35

63.5
77
50
47

60.8
78
50
43

60.5
78
51
42

54.9
71
47
37

58.1
75
51
40

55.2
36
40
94
29

55.3
35
40
96
28
71

69.1
50
66
104
44
77

67.3
50
64
98
43
77

67.1
49
62
101
41
77

62.5
46
57
93
37
76

67.2
46
57
108
38
78

41.9
25
29
81
20
51

42.4
24
29
83
19
55

62.5
41
62
103

61.1
41
63
99
34
67

59.1
41
59
95
33
65

52.5
36
50
84
29
64

59.7
38
52
107
31

98.2
93.8
80
90
97
118
88
111
83
89
105.8
104
142
86
109
52

99.2
93.1
80
90
92
118
87
113
77
88
110.8
108
148
87
117
54
108

104.3
97.1

104.8
98.8
94
100
104
118
83
121
80
84
116.0
107
158
90
143
48
125

106.4
101.7
98
101
106
123
86
122
81
92
114.8
108
154
89
141
45
123

109.9
103.5
98
103
107
122
88
120
83
93
115.5
110
155
89
127
55
119

96.5
90.4
101
104
107
123
90
123
83
93
122.2
115
165
92
140
61
126

80.2
78.7
64
76
89
97
75
102
63
71
79.9

82.3
78.5
67
77
83
96
78
107
57
70
86.5
87
106
89
92
42
92

88.5
85.1
90
87
100
98
61
124
67
60
91.5
82
119
91
118
38
116

87.2
86.7
90

94.6
96.8
97
98
107
116
83
126
68
84
86.3
85
104
88
115
29
112

94.7
96.0
96
100
104
112
86
120
69
83
88. 2
88
108
85
91
41
100

100.0
97.4
98
100
104
113
94
126
70
83
101.0
99
125
92
115
51
113

102
115
83
121
82
79
118.3
108
163
90
138
57
124

155

79
82
40
81

11
0
124
64
79
103
88
126
31
116

356

FEDERAL RESERVE BULLETIN

APRIL 1937

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average = 100]
Factory pay rolls

Factory employment

Industry and group

]936

1936

1937

Jan.

FOOD PRODUCTS __

Nov.

Dec.

Jan.

94.4

92.8

89.0

94.0

93
97

Boots, shoes
Leather

Oct.

92.9

LEATHER PRODUCTS

Feb.

95
96

93
97

88
98

94
98

124.2

114.1

110.6

105.1

105.3

133
191
83
197
91
77
66
92
272
76

133
183
82
113
92
75
62
97
274
68

132
181
82
97
91
74
61
99
173
69

131
182
81
90
80
75
61
96
38
62

133
181
81
93
80
75
62
91
37
75

98.4

Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour_
Ice cream
Slaughtering, meatpacking
Sugar, beet
Sugar refining, cane

123
11
6
77
85
75
75
57
86
42
76

TOBACCO MANUFACTURES

Jan.

Feb.

Oct.

Nov.

Dec.

Jan.

97.4

100.0

76.7

77.4

74.0

67.3

78.3

85.8

99
97

102
97

72
95

74
92

67
99

89.8

108
163
58
72
67
69
50
83
43
63

87.4

108
159
58
68
66
70
49
75
37
62

90.9

58
101

71
105

82
103

88
104

111.5

108.3

105.7

100.4

101.3

119
199
65
179
86
73
58
89
202
61

120
191
65
98
85
70
56
100
269
59

120
188
63
91
86
70
55
102
152
59

118
187
62
86
76
71
56
96
42
51

122
188
64
97
76
71
57
88
44
66

58.7

64.5

65.9

63.3

57.4

61.2

43.0

44.9

54.7

54.8

55.4

47.2

51.0

57
59

57
65

57
67

56
64

57
57

59
61

60
41

58
43

61
54

62
54

65
54

63
45

67
49

98.0

98.8

Boxes, paper
91
Paper, pulp
L7
0
Book, job printing
88
Newspaper, periodical printing.__ 101
CHEMICALS, PETROLEUM PRODUCTS... 111.8
A. Other than petroleum
110.8

Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers.._
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining

___

114
81
102
81
81
120
348
96
116
85.6

71
118
76

104.0

105.0

106.0

104.3

105.7

86.9

87.7

91
108
90
102

106
111
94
105

106
112
96
105

106
113
97
106

100
114
96
103

102
116
97
104

82
91
79
93

83
93
79
93

108
102
85
101

109
105
88
102

108
109
93
105

98
110
91
97

104
113
91
99

110.8
109.8

120.3
120.2

119.7
119.4

119.3
119.3

120.3
120.5

121.7
122.0

100.4
98.8

99.9
98.5

114.4
113.9

114.7
113.3

118.3
118.0

119.5
119.5

123.8
123.6

114
74
102
83
82
120
341
95
115

130
104
104
93
77
129
362
107
121

130
104
106
95
70
125
364
103
121

129
98
107
93
80
128
362
99
120

131
91
107
94
87
128
368
101
119

131
82
110
93
95
131
370
110
120

104
61
102
72
65
104
279
93
106

125
85
113
96
70
120
308
105
116

128
83
113
98
63
117
298
102
119

133
82
113
98
72
122
321
104
120

132
76
113
98
80
120
338
107
120

134
65
119
92
88
127
345
124
124

100.0

101.9

101.2

101.5

101.2

104.8

80
136
91

83
138
93

77
139
93

75
141
93

69
131
99

77
139
100

85.1

69
119
75

97.9

78
133
89

78.0

57
103
75

104
55
100
77
63
106
275
93
105
74.9

53
103
71

96.5

96.8

65
128
94

98.6

NOTE.—Figures for February 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936.
obtained from the Bureau of Labor Statistics. Underlying figuresare for pay-roll period ending nearest middle of month.




Feb.

58
55

PAPER, PRINTING

Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes

Feb.

54.9

Tobacco, snuff
Cigars, cigarettes

RUBBER PRODUCTS

96.7

124
160
77
78
74
76
57
83
32
78

1937

102.6

98.7

99.0

67
136
94

100.2

104.0

67
141
100

Back data may be

357

FEDERAL RESERVE BULLETIN

AmiL 1937

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[ Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total

Month
1936

Year

1936

214.8
140.4
198.8
234.6
216.1
232.7
294.7
275 3
234.3
225 8
208.2
199.7

January
February
March
April
May
__
June
July
August
September. __
October
November _ _ __
December

1937
242.8
188.3

37.4
31.2
55 2
67.2
70.3
73 6
72.0
100 5
80.7
79 7
68.4
65.5

„ 2, 675. 3

Commercial

1937

1936

78.4
63.0

1937

9.0
13.4
18.4
25. 5
12.9
10.2
19.1
15.0
18.8
18.4
14.1
23.1

37.0
12.6

Educational

1936

1936

1937

15.5
12.6
17 3
24 3
18.8
21 9
28.6
22.0
20.1
22.0
23.0
23.2

21.6
22.3

1937

86.9
46.6
62.3
73 4
63.6
80 0
126.6
94 4
84.5
67 0
73.9
61.3

249 1

198.0

801.6

Public works
a n d public
utilities

1936

Factories

Residential

68.5
59.6

920 4

All other

39.5
21.1
19 0
23.2
20.7
18.3
23.3
12 3
9.2
13 4
13.1
13.0

1937

1936

1937
19.6
11.3

26.5
15.5
26 6
21 1
29.8
28 7
25.1
31 1
21.0
25 3
15.7
13.6

17.8
19.4

280 0

226 1

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total
Month
January
February
March
— _\pril
M ay
June
__
July
August
September
October
November
December __
Year

1932

1933

1934

Privately financed1

Publicly financed*

1935

1937

1936

85
89
112
122
146
113
129
134
128
107
105
81

83
53
60
57
77
102
83
106
120
145
162
207

186
97
178
131
134
127
120
120
110
135
112
93

100
75
123
124
127
148
159
169
167
201
188
264

215
140
199
235
216
233
295
275
234
226
208
200

1,351

1,256

1,543

1,845

1932

1933

1934

243
188

39
34
45
61
93
64
85
81
80
61
73
52

39
27
25
18
24
29
20
47
71
100
126
156

157
65
126
78
72
73
52
69
69
79
74
61

55
38
68
53
47
64
67
92
97
114
118
196

149
79
96
105
94
116
153
153
116
101
89
82

768

683

975

1,007

1,334

2, 675

1935

1936

1937

1932

1933

1934

1935

112
70

45
55
67
61
54
49
44
53
47
46
32
29

44
26
35
39
53
74
63
59
49
45
36
51

29
31
52
53
63
54
67
51
41
57
38
32

45
37
55
71
80
84
93
76
70
87
70
68

66
62
103
130
122
116
141
122
119
125
119
117

583

573

568

837

1,341

1936

1937
130
119

i Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS

COMMERCIAL FAILURES, BY DISTRICTS

[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
Liabilities
1936

1937

Federal Reserve district

Feb.

Jan.

Feb.

Federal Reserve
district
Feb.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas

__

Total (11 districts)
r

Revised.




10, 824
48, 758
17,292
17,408
22,103
11,411
28, 970
10,193
2, 687
8,966
9, 646

12,486
51, 794
12,277
28, 648
32,621
22, 586
44, 055
16,478
4, 510
9, 694
7, 679

188, 257

242, 827

13,931
'26,198
9, 382
13, 388
13, 227
12, 588
23, 490
7,730
3,606
4, 293
12,586

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
_
Minneapolis
Kansas City
'"140,419 Dallas
San Francisco
Total

1936

1937
Jan.

Feb.

1937

1936

Feb.

Jan.

Feb.

61
242
41
53
44
21
107
19
22
31
18
62

85
280
44
46
61
31
103
26
18
26
11
80

87
267
34
79
43
21
96
50
16
40
26
97

666
3, 899
633
641
402
251
1,724
162
230
452
218
493

588
3,772
734
449
523
249
1,114
238
143
201
42
608

1,708
4,383
627
1, 917
1,608
108
1,405
722
221
173
281
936

721

811

856

9, 771

8,661

14,089

358

FEDERAL RESERVE BULLETIN

APRIL 1937

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports i

Merchandise imports 2

Excess of exports

Month
1933

1934

1935

1936

_ __

121
102
108

172
163
191

176
163
185

199
182
195

_

105
114
120

179
160
171

164
165
170

144
131
160

162
172
191

October
November
December

193
184
193

Year

1,675

January
February
March
April
May
June

. .

July
August _

_

1937

1933

222
P233

1934

1935

1936

1937

1933

1934

1935

1936

240
P278

25
18
13

37
30
33

9
11
8

11
-11
—4

17

96
84
95

136
133
158

167
152
177

187
193
199

193
201
186

88
107
122

147
155
136

171
171
157

203
191
190

-2

33
6
34

—6
—5
13

—10
10
—5

173
172
199

180
179
220

143
155
147

127
120
132

177
169
162

194
193
216

1
-23
13

34
52
60

—3
3
37

— 14
-14
r
5

206
195
171

221
270
223

265
226
230

151
129
134

130
151
132

189
169
187

213
196
245

42
56
59

77
44
38

32
100
37

52
29
-15

2,133

2,283

2,455

1,450

1,655

2,047

2,420

225

478

235

1937

35

7

19
P-45

r

p Preliminary.
Revised.
1
Including both domestic and foreign merchandise.
'General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431.

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORES—SALES, STOCKS
[Index numbers based on value figures; 1923-25 average=100]

[Index numbers; 1923-25 average= 100]

Oct. Nov. Dec.

Feb.

Index of sales l

Jan.

Adjusted
Without
seasonal
for seasonal
variation adjustment

Feb.

Month
Adjusted for seasonal variation

Total
Coal
Coke
_
Grain and grain products
Livestock
Forest products
Ore
_ _
]V1 iscellaneous

70
97
79
68
33
36
62
74
62

73
79
85
62
49
48
95
82
66

80
84
93
69
51
51
105
94
67

86
86
90
73
45
57
95
107
71

80
79
88
68
40
48
108
97
68

80
83
89
66
36
48
114
95
68

Forest products
Ore
M iscellaneous
Merchandise 1

65
106
89
66
31
37
15
63
60

84
90
87
69
65
49
133
97
69

Without
Adjusted
for seasonal
seasonal
variation
adjustment

80
92
96
73
59
49
73
92
68

74
92
97
71
45
46
23
83
66

70
89
97
65
42
42
26
78
64

1936

January
February
March_
April
May
June

_
__

July. _
August
September

Without seasonal adjustment
Total
Coal
Coke
Grain and grain products-__

Index of stocks (end of
month)

1937

1936

72
91
101
64
34
49
27

October
November __
December
Year

_
_

__

1937

1936

1937

1936

1937

1Q36

81
83
84

93
95

63
66
77

•72
76

66

74
76

65

58
62
67

65
66
64

68
67
62

84
87
87

85
89
84

91
86
88

63
68
94

90
'94
92

'100
105
161
88

r

r64

66
72

59
65
71

67
68
69
71
71

1937

r

76
80
67

67

09

r
Revised.
1 Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes
1 In less-than-carload lots.
allowance in March and April for the effects upon sales of changes in
Based on daily average loadings. Source of basic data: Association of the date of Easter.
American Railroads.
Back figures.—Department store sales, see p. 631 of BULLETIN for
August 1936; department store stocks, see pp. 254-255 of BULLETIN for
Back figures.—See BULLETIN for February 1931, pp. 108-109.
April 1935.




66

APRIL

359

FEDERAL RESERVE BULLETIN

1937

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.

1926=100]
Other commodities

All
commodities

Farm
products

Foods

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9

99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6

109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0

1936—January...
February..
March
April
May
June
July
August
September.
October.._.
November.
December.

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

1937—January. __.
February. _
Week ending—
1936—Nov. 7...
Nov. 14..
Nov. 21_.
Nov. 28..
Dec. 5___
Dec. 12_.
Dec. 19_.
Dec. 26_.
1937—Jan. 2___.
Jan. 9___.
Jan. 16...
Jan. 23...
Jan. 30—.
Feb. 6__.
Feb. 13..
F e b . 20..
Feb. 27..
Mar. 6...
Mar. 13..
M a r . 20 .

85.9
86.3

91.3
91.4

87.1
87.0

83.4
85.4

101.7
102. 7

77.5
77.5

76.6
76.8

81.3
82.0
82.4
82.6
83.0
83.4
83.7
84.1
84.7
85.2
85.7
85.3
85.4
85.4
85.6
86.0
86.1
86.1
87.2
87.6

84.2
85.5
85.2
85.5
86.7
87.3
87.7
88.4
90.4
90.9
92.3
90.3
91.4
90.5
91.6
91.4
91.4
91.6
93.6
94.4

82.6
83.5
84.5
84.4
84.8
84.8
85.1
85.7
86.2
86.7
87.3
86.7
86.9
86.7
86.6
86.9
86.7
86.3
87.3
87.9

80.3
80.8
81.2
81.5
81.7
81.9
82.2
82.4
82.6
83.0
83.1
83.1
83.2
83.5
83.6
84.2
84.4
84.5
85.4
85.6

96.2
96.8
98.3
99.3
99.4
99.8
100.5
101.1
101.1
102.0
101.8
102.6
102.8
103.1
103.3
103.6
103.2
103.4
104.2
105.0

71.7
72.4
73.5
74.3
74.6
75.2
75.7
76.1
76.2
76.8
76.9
76.9
76.9
77.0
76.9
77.0
76.9
76.9
77.2
77.6

77.4
77.4
77.5
77.6
77.6
77.5
77.5
77.5
77.2
77.5
77.1
76.9
77.0
77.2
77.6
77.8
77.8
77.7
77.2
76.8

Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1936

__.

Total

Chemicals and
drugs

Housefurnishing goods

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7

94.2
89.1
79.3
73.5
72.6
75.9
80.5
80.4

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5

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
71.3
71.5
73.4
74.5

90.9
91.7

91.3
93.3

87.7
87.8

86.5
87.9

76.2
77.3

86.5
87.1
87.3
87.5
88.0
88.4
88.8
89.1
89.9
90.1
90.4
90.7
90.7
90.4
90.5
91.1
92.0
92. 2
95.8
96.0

87.5
87.7
87.8
87.8
88.4
88.7
89.2
89.7
90.2
90.8
91.2
91.2
91.2
92.1
92.2
92.8
93.7
94.1
95.7
96.2

81.6
81.9
82.5
82.7
83.3
84.2
85.4
86.1
86.1
86.8
87.9
88.0
87.6
87.2
87.0
87.7
87.5
87.1
87.3
87.3

83.3
83 4
83.4
83 6
84.0
84.3
84.3
84.3
84 3
85 3
85.4
85.7
85.8
87.3
87.4
89.4
89.4
89.6
89.8
89.8

72.0
73.5
73.9
74.1
74.1
74.1
74.4
74.5
74.9
74.9
75.6
75.3
75.7
75.8
75. 9
77.2
77.2
77.3
77.9
78.8

Hides and
Metals
Textile Fuel and and metal Building
leather
lighting
products products materials products materials

86.2
86.9
87.1
86.8
86.9
87.9

1936

1937
Subgroups
N o v . Dec.

Jan.

Boots and shoes
Hides and skins
Leather
Other leather products

85.7
88.5
62.4
92.1
78.1

88.2
85.9
74.8
85.2
81.4

88.9
87.1
75.4
87.2
84.0

88.9
88.1
82.4
90.6
82.1

89.3
87.8
90.3
78.8

100.5 99.3 99.4 99.7 101.4
96.7 101.2 110.4 116.0 114. 9
86.0 88.4 92.6
:. 3 95.5
95.4 95.9 96.3 101.1 101.7

T E X T I L E PRODUCTS:

Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products

80.7
78.1
62.0
31.6
82.8
67.2

81.5
85.5
61.2
33.4
84.3
65.5

83.1
90.3
63.0
33.8
90.5
65.3

83.9
91.9
64.4
34.5
91.9
66.2

84.2
91.3
64.7
33.7
93.1
65. 9

Jan.

Feb.

Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating

94.9
86.9
93. 6
69.7
73.8

92.9
88.9
92.0
75.4
76.7

93.0
91.7
93.0
84.8
77.1

93.1
92.0
93.0
89.4
77.4

88.4
95.5
82.3
79.5
73.8
92.0
89.5

89.7 91.0
95.5 95.5 95.5 95.5
86.6 89.6 93.0 99.0
80.5 82.4 83.7 83.4
76.7 76.7 77.1 77.4
97.1 101. 7 104.7 104. 7
90.9 92.6 93.9 95.0

87.0
73.2
04. 5
68.8

77.9
68.0
69.6

93.3
77.4
68. 6
71.4

96.4
79.0
70.6
71.4

95. 6
83.0
70.7
71.7

85.7

86.9
79.4

89.0
84.0

91.2
84.5

93.0
90.9
93.0
78.6
76.7

BUILDING M A T E R I A L S :

Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
CHEMICALS AND D R U G S :

Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture
-

85.0
77.9

MISCELLANEOUS:

F U E L AND LIGHTING M A T E R I A L S :

Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products

Nov. Dec.

M E T A L S AND M E T A L PRODUCTS:

78.3 102. 9 109.0 113.0 111.5
90. 3 79.7 85.0 91.4 89.9
72.7 82.9 84.4 84.8 86.3

FOODS:

H I D E S AND L E A T H E R PRODUCTS:

Feb.

Feb

F A R M PRODUCTS:

Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods

1937

Subgroups
Feb.

Grains
Livestock and poultry
Other farm products

Miscellaneous

82.6
100.1
93.7
86.2
82.1
55.7

82.4
97.2
97.8
82.7
81.9
58.1

82.3 81.6
97.3 96.8
97.8 97. 6
82.7
83. 1 '82.T
58.0 58.3

81.6
97.4
97.6

Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous

45.0 50.1 50.1 51.8 53.1
68.1 126. 0 130.7 135.4 129. 4
79. 9 81.5 82.9 84.8 87.5
32.0 37.1 41.9 44.3 44.3
80.6 81.7 82.2 83.1 84.2

59.1

Back figures.—For monthly and annual indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau
of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81).







INTERNATIONAL FINANCIAL STATISTICS

361

362

FEDERAL RESERVE BULLETIN

APRIL

1937

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]

End of month

1935— September
October. __
November
December.
1936—January.,.

February. .
March
April
May

June
July

August
September.
October
NovemberDecember _
1937—January...
February

Total 1
(52
countries)

21,115
21, 500
21,396
21, 583
21, 598
21, 665
21,711
21,469
21, 364
21,403
21, 743
21,870
21, 783
P21, 842
P22, 044
?22, 667
P22, C97

Latin
Europe Amer(26
ica
coun(11
tries)
countries)

Canada

United
States

9, 368
9, 693
9,920
10, 125
10, 182
10,167
10,184
10,225
10, 402
10, 608
10,648
10, 716
10, 845
11, 045
11, 184
11, 258
11, 358
11, 436

186
186
188
189
186
186
184
187
188
187
187
189
191
186
188
188
190
191

Asia
and
Oceania (8
countries)

619
641
641
645
646
648
642
642
641
634
635
642
638
658
656
P708

804
807
813
816
817
825
830
836
841
840
845
849
857
847
852
858

P696

9,847
9,880
9,543
9,517
9,467
9,529
9,547
9,312
9,024
8,866
9,159
9,207
8,983
P8, 838
P8, 893
P9, 372
P9, 291
P9, 334

P865

Europe
Africa
(5
countries)
291
291
291
291
300
310
323
268
268
268
269
269
269
269
270
P283
P297

United
Kingdom

France

L, 595
L,604
1,628
]L, 648
L, 652
L, 653
L, 653
L, 670
1,701
1,782
1.977
2,017
2,049
2,049
2,049
2, 584
2, 584
2, 584

4,770
4,773
4,388
4,395
4,324
4,362
4,348
4,106
3,781
3,580
3,643
3,614
3,322
3,194
3,194
2,995
2,846
2, 846

Germany
38
35
36
33
31
29
29
28
28
29
29
28
25
26
27
27
27
27

Switzerland
Nether- Nalands tional B.I.S.
Bank

Belgium

Italy
379
346
330
270
»270
270
270
270
270
270
270
270
270
270
270
270
270
270

604
609
615
611
600
593
586
581
610
638
633
632
631
621
630
632
625
626

365
401
427
438
455
463
486
483
465
404
437
457
456
388
388
490
558
598

8
11
9
8
11
10
8
8
11
12
10
12
12
13
13
11
13
12

448
453
455
454
454
472
493
495
485
460
471
489
508
583
624
655
657
657

Euroj >e—Continued

End of month

Bulgaria

Austria
1935—September
October. __
November
December.
1936—January. __
February..
March
April
May

June
July

Denmark

Hungary

Greece

54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
53

113
113
113
112
112
112
113
113
113
113
113
109
108
91
91
91
91
91

19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
21
21

45
45
45
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46

August . . .
September.
October .__
NovemberDecember _
1937—January __.
February_.

Czechoslovakia

23
23
23
23
23
23
23
23
23
23
23
23
23
23
25
25
25
25

36
36
35
34
34
33
32
32
35
33
31
28
27
26
26
26
26
27

Norway
84
84
84
84
84
84
84
84
84
89
89
91
98
98
98
98
98
98

Latin America
End of month

1935—September
October. __
November
December.
1936—January...

Argen- Chile
tina

Colombia

August
September
October...
November
December.

420
441
441
444
444
444
438
438
438
435
436
441
437
455
452
501

29
29
29
29
29
29
29
29
29
29
29
29
29
29
29
29

14
15
16
16
17
18
18
17
16
16
17
17
17
17
18
19

1937—January...

487

P29

20

February..
March
April
May _. .

June
July . _

426
26
26
26
26
26
26
26
26
26
26
26
26
26
26
26
26

Portu- Rumania
gal
t8
(8
(8

89
86
84
84
84
85
81
72
71
70
69
70
71
71
72
75
75
76

108
108
109
109
109
110
110
111
111
112
112
112
113
113
«113
<ai4
114
115

68
()8
t8
t)8
f)8
()8
()8
(58
(58
(38
(58
(38
p 38
p 38
V 38

Uruguay

other
countries

British
India

China

Japan

Java

New
Zealand

20
20
20
20
20
20
20
20
19
19
20
20
20
20
20

74
74
74
74
74
74
74
74
74
68
68
68
68
68
68
P68
*69

35
36
35
36
36
37
38
38
39
40
40
41
42
42
43
44

275
275
275
275
275
275
275
275
275
275
275
275
275
275
275
275

7
8
11
10
11
15
15
15
17
13
13
15
19
6
7
8

P45

275

9

416
418
422
425
428
431
433
435
439
442
447
450
453
456
459
463
466

55
55
54
54
54
54
58
61
61
60
60
59
60
60
60
60
60

23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23

P20

den

734
734
735
735
735
735
726
726
718
718
718
»718
718
718
718
718
718
718

165
174
180
185
194
200
206
209
220
231
231
232
238
239
239
240
240
241

6 other
countries
62
62
63
63
63
65
67
67
68
70
71
73
80

40
41
43
43
44
44
44
45
45
46
46
46
46
47
48
48
49
49

P81
P81
P86
P86
P86

Africa

Peru

P20

Yugoslavia

iSwe-

Spain

Asia and Oceania
5

Mexico

Poland

3

2

Tur- other Egypt South other
key counAfrica countries

tries

23
23
24
24
24
24
24
24
24
24
24
24
24
24
24
26
28

6
5
5
6
3
3
3
3
3
3
3
3
3
3
3
4
P4

55
55
55
55
55
55
55
55
55
55
55
55
55
55
55
55
55

212
212
212
212
221
231
244
189
189
189
189
189
189
189
191
203
217

24
24
24
24
24
24
24
24
24
24
25
25
25
25
25
P25
P25

p Preliminary.
c Corrected.
1
See notes under Italy, Mexico and Spain.
» Figure for December 1935 carried forward for subsequent months.
8
No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for
subsequent months.
4
Figure for March 1935 carried forward for subsequent months.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian
Congo, and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and
August 1936, p. 667.




363

FEDERAL RESERVE BULLETIN

AritiL 1937

GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month

Estimated
world
production" r

Africa
Total

South
Africa

Rhodesia

North and South America

West
Africa

Far East

Canada United Mexico Colom- Chile
bia
States

Congo

Austra- Japan
lia

British
India

$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$£0.67
1929.
1930
1931.
1932.
1933.

397,153
432,119
460, 651
498,164
525,071

359,347
373,154
394,399
421,656
420,093

215,242
221,526
224,863
238,931
227,673

11,607
11, 476
11,193
12,000
13,335

4,297
4,995
5,524
5,992
6,623

2,390
2,699
3,224
3,642
3,631

39,862
43,454
55, 687
62, 933
60,968

45, 835 13, 463
47,123 13,813
49, 524 12,866
50, 626 12,070
52,842 13,169

2,823
3,281
4,016
5,132
6,165

683 8,712
428 9, 553
442 12,134
788 14, 563
3,009 16,790

6,927
8,021
8,109
8,198
8,968

7,608
6,785
6,815
6,782
6,919

%1=15-B/Z1 grains of gold 9/10fine;ie., an ounce of fine gold=$55
1933
1934
1935
1936

711, 260
722,970
771,827

888, 997
958,033
1,050,042
PI, 189,828

P854, 052

82, 943
87, 487
87,400
93,470
100,077
110, 586
P109, 969
Pill, 184
P116, 525
P108, 291
P98, 042
*91, 455

64, 712
68,156
67,869
69,439
71, 046
•75. 655
P73, 738
P74, 952
P76, 693
P72, 460
P73, 510
P73, 423

1936—February __
March
April
May
June
July
August
September.
October ___
November.
December..
1937—January

385,474 22,578
366, 795 24., 264
377,090 25,477
396, 768 28,053

11,214
12,153
13, 625
16,295

2,201
2,359
2,410
2,413
2,384
2,354
2,425
2,363
2,292
2,270
2,262
2,315

1,164
1,326
1,258
1,289
1,285
1,352
1,412
1,444
1,493
1,506
1,544
Pi, 750

31,290
32, 709
31, 991
32, 826
33, 086
33, 846
33,830
33,816
34,199
33, 042
33,858
34, 352

6,148
6,549
7,159
7,386

103,224
104,023
114,971
130, 550

574
544
543
547
585
676
675
696
691
634
631
J>631

89,467 22, 297
107, 632 23,135
126,325 23,858
150, 959 P26, 394

9,325
10, 469
10, 474
10, 797
11,083
11,183
11,504
11, 579
11,693
11,174
11, 555
11, 499

9,701
11,020
11,113
11,945
11,948
15, 042
13, 627
14, 280
15, 821
13, 240
12,977
11, 483

2,815
1,627
2,607
2,075
2,570
2,632
P1,820
P2, 345
PI, 960
P2, 205
PI,645
P2, 030

10,438
12,045
11,517
13, 606

5,094
8,350
9,251
9,018

28,428 15,183
30,447 16,354
31,117 20,043
39, 793 P23, 631

11, 715
11,223
11,394
11, fi99

1,159
1,040
1,095
1,086
1,065
1,235
1,098
1,236
1,109
1,035
1,113
1,332

918
1,147
499
552
611
•"776
1,029
467
784
758
708

2,801
1,843
2,882
2,065
3,127
1,808
3,045
1,885
3,476
1,994
3,602
1,977
3,422
1,916
3,515
2,246
3,596
2,075
3,467
2,162
4,170 P2, 065
P4, 17() P2, 170

920
968
944
979
958
981
981
966
982
966
983
P983

P70£

p Preliminary.
r
Revised. Estimated world production figures for 1929-1935 have been revised on basis of new estimates published in Annual Report of Director of Mint for 1936. Estimate of Mint for all areas not reporting monthly in 1935, other than U.S.S.R., is used for 1936-1937. To this fixed amount
of $110,776,145 per year or $9,231,345 per month, are added—pending revision—the monthly estimates of production in U.S.S.R. in 1936 given in
BULLETIN for April 1936, p. 284.

NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, July 1936, p. 600, and March 1937, p. 267. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1936 are subject to official revision.

GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United State

Year or month

Total
net
imports
or net
exports
()

Net imports from or net exports (—) to:

United
Kingdom France

1,131,994
1,739,019
1,116,584

499,870
315,727
174,093

260, 223
934,243
573, 671

1935—November..
December..

210, 567
190,010

7,101
8,600

45, 643
-16,635
5,480
28,055
169, 952
277, 775
15, 379

8,902
3
3,351

180,14J
145,388

1936—January
February...
March
April
May
June.
July
August
September..
October
November..
December _

Belgium Netherlands

1934 L.
1935...
1936...

1937—January . .
February..

67, 493

171,824
218,812
75, 836
56,970
121,325
120, 326

3,514
5,786
- 2 , 8 9 0 —17,180
- 1 , 792
13
1,564
1,493
4,003 133,157
3,644 202, 983
27
-9
5,837
17,880
8,204 136, 671
72,154
95,013
44, 665
20
32,998
73, 950
75, 238

10, 864
1,138

94, 348
227,185
71,006

Switzer- Canada
land

12,402
968

7,511

2,676
4,727

9,060

1,463
25, 745

524
8
3,698
3,281

10, 745
273
1,677
11, 232
1,695
551
882
11,664
6,338
12, 222
10, 660
4,709

271
14

6,506
8,155

5,865
10, 661

- 3 , 421
-343
8,751
38,811

799
2,545
2
10, 691

86,829
95,171
72,648
^—-- —
5,865

Mexico

Colombia

British
India

China
and
Hong
Kong

All
other
countries

30, 270
13, 667
39,966

76,820
75, 268
77,892

748

8,913
11,108

1,007
1,605

1,743

11, 744

1,176
740

1,742
2,100
2,104
2,106
11
2,101
4

5,106
9,720
5,947
5,654
10, 688
6,961
5,782
6,182
10,108

385
847
603
442
451
432
951

3,956
8,774
10,170
5,185
5,154
5,819
5,357
8,546
5,847
4,234
8,487
6,105
7,266
4,451

6,028
7,077

158
287

5,045
8,602

764
659
772
713
4,322
14,584
869
15, 289
634
530
368
462
1,945
9,153

28,935
56, 453
76,621

* Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounea.




364

FEDERAL RESERVE BULLETIN

APRIL

1937

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]

British India

United Kingdom
Net imports from or net exports (—) to:
Total
net imports
or net
exports

Year or
month

United
States

France

Germany

Belgium

Nether- Canada Australands
lia

716, 269 -497,166 348,190 121,017 -13,585 32, 575
369, 747 -435, 502 142,137 - 4 , 7 2 6 -17,476 10,796
1,170, 023 -276, 813 756, 204 23, 295 -15,133 -21,130

1934
1935
1936

26,316
16,565
12, 928

1,642
82
-36
2
217 - 1 , 1 3 6
- 2 0 , 204
- 2 7 - 6 , 982

449

-12,871 - 5 , 697
-81,032 - 5 , 663
- 8 7 , 929 - 2 , 739
- 3 3 , 744 25,198
910
- 2 2 , 075

-26
23
68
50
. 114

3,202
- 3 , 253
6,738
12,710
26, 936
27,060
142, 535
240, 868
108, 666
-383
72, 506
118, 655

78
173
92
4,295
1,875
3,903
1,913
1,789
6,086
3,964
-163
-624

94
33
99
- 1 , 383
-17,602
-536
-747
-804
6, 369
-1,039
377
-1,130

-591
- 7 , 569
-13,354
-1,409
1,761
606
-2,421
- 2 , 907
-1,029
2,458
1,486
1,836

1937—Jan.... - 2 5 , 523 - 7 3 , 568 22, 453
Feb . . . . 122, 296 -75,615 163, 919

-220
153

414
452

1,021
1,756

1935—Aug....
Sept...

Oct
Nov...
Dec
1936—Jan
Feb...
Mar._._
Apr...
May._.
June
July....
Aug
Sept....
Oct
Nov
Dec

39,016
- 3 6 , 086
-36,158
18, 286
40,811
41, 974
38, 649
47, 666
77,137
74, 590
69, 447
195, 066
281, 401
151,814
7, 615
83,168
100, 505

-12,059
1,136
3,440
-9,465
-12,611
-26,802
- 4 , 384
-16,120
-14,096
-72,441
- 4 9 , 224
- 6 3 , 914

28
1,798
1,798
5,958
4,090
899
1,708
270
3

-3

Change in:

South
Africa,
Rhodesia,
West
Africa

All

1934
1935
1936
1935—Aug.

Sept...
Oct
Nov.
Dec
1936—Jan
Feb
Mar
April
May
June
July
Aug _
Sept
Oct .
Nov
Dec

4,769
4,355
10, 566
780
2,004
- 2 , 584
-1,307
-258
-1,201
-630
1,130
3,248
1,580
—3, 514
- 3 , 521
426
4,763

1937—Jan'

17, 426

-10,325
- 8 , 291
- 4 , 975
—3, 836
7,799

- 2 5 , 464
-11,400
-11,160
-14,540
-10,303

961
949
974
953
966

-24, 503
-10,451
-10,186
-13,587
- 9 , 337

1,889
2,037
2,574
3,329
2,167
1,610
2,531
2,089
2,084
1,984
2,304
2, 126

39, 852
26, 454
31, 033
55,108
53, 802
45,147
43,122
34, 552
36,517
45, 323
36, 230
41,683

11,035 - 1 , 5 2 6
11,686
1,993
10, 896
2,057
9,413
3,641
13, 289
3, 264
10, 860
7,599
9,657
2,591
15,011
6,922
6, 581
633
7, 853 19,895
14, 896
4,756
7,243 - 5 , 3 6 8

-13,809
- 9 , 846
- 7 , 667
-10,351
-11,357
-10,355
-15,032
-7,983
- 8 , 273
-11,576
- 9 , 347
- 5 , 506

971
920
968
944
979
958
981
981
966
982
966
983

-12, 838
- 8 , 926
- 6 , 699
- 9 , 407
-10,378
- 9 , 397
-14,051
- 7 , 002
- 7 , 307
-10,594
- 8 , 381
- 4 , 523

2,504
1, 968

16,903
24,113

983

P-7,406

3,953
1,019 P-8,
8,705 - 3 , 1 5 6

389

P

Switzerland
Net imports from or net exports (—) to:

United United
States King-

France

dom

Belgium

Italy

163 3 89, 324 -46,065 -12,784 -45,955 - 2 9 , 235 18, 397 19,431
647 - 5 4 , 858 -181,725 -13,940 25,542
9,888 3 7, 281 -230, 788
39, 305 14, 531 51, 299
3,239 - 3 9 0 121, 788 - 9 , 1 2 7 - 2 , 205
17
4,014
1,116
67
671

54
-276
-93
45
19

9,328
5,845
1,367
-934
- 2 , 330

- 7 1 -2,441
35 - 2 , 029
-19
-59
13
- 4 , 277
-3,935
-1,720
2
-1,898
2
-1,661
2
- 6 , 076
4
- 3 , 954
259
572
2,346

-35
801
-142
3,077
3,256
2,821
3,121
3,265
2,496
448
73
1,006

61
27
20
23
76
23
2,061
30
26
7
65
822

-98
-140
-59
-37
-28
4
-38
-55
37
-20
30
15

2,462
6,571
21,413
22, 570
13,386
5,188
-321
2,829
33, 506
14,848
2,210
- 2 , 874

-95

52

1,897

-135
-16,924

15, 352

-109,503

26,102
25, 301
11,900
12,857
14,838

693
480
2,532
680
810

221

173 -219, 671
- 6 -150,472

35,512
29, 949
44, 995
33, 325
42,442

3,972
142
7,058
5
591

33
-4
-49
-17
-87

11,222
11,393
11, 599

4,148
3,662
3, 414
2,842
1,995

Total Net imports from or net exports (—) to: Total
net
net
imports
imports
All
or net
or net United
other
exports King- France Nether- Switz- coun- exports
lands erland
dom
tries
-90,920 -109,386 -42,907 -28,114
5,180 13, 225
7,394
42,969
1,868 - 2 2 , 784 - 2 , 1 2 1 20,188

Gold
producRe- Private
tion serves holdings in
in
in
2
India India* India

41, 790 335, 253 206,711 115,168 -230, 720
37,981 404, 295 181, 627 34,050 -161,872
26, 723 488, 814 128, 420 46, 715 -121,102

Germany

Year or month

other
countries

British
India

Total
net
imports
or net
exports
(-)

64
107
163

-38
3,017
1,085
-332
- 2 , 088

1,273
-24
881
- 3 , 227
-4,166

-575
19
- 3 , 676
-4,916

-195
-518
-841
-131
-4,298
-1,704
820
-113
- 6 , 396
5,988
2,892
2,291

- 6 , 783
- 5 , 705
-3,492
7,292
284
2,057
-249
3,176
40, 875
656
1,241
-47

- 6 , 675
-6,174

5,227
2,744

-612

32
-4
-7

Netherlands

All

other
countries

2,580
342
4,600

1,500
-6,795
23, 378

4,080
3,312
1,343
1,849
4,724

519
-766
241
-49
-139

3.430
184
-2,344
825
-682

47 9,496
1,821 9,612
1,724 21, 537
6,970
-3
1,449
-8
- 2 3 5 2,952
-20
1,166
-20
-254
-641
-286
62
8,177
-65
1, 723
-33
659

-137
1,377
567
29
132
2,113
-121
-21
487
57
97
20

34
-16
1,917
* 8,413
415, 794
9
-1,911
59
42
—112
-3
-848

16
21

732
915

-100

1,866
-575
- 4 5 7 6-13,950

p Preliminary.
i Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
J
Figures derived from preceding columns; net imports plus production minus reserves in India.
3 $85,390,000 imported by Germany from U.S.S.R. in 1934, and $6,376,000 in 1935.
^ $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in May 1936.
« $15,322,000 exported by Switzerland to Germany in February 1937.
NOTE—Germany, Switzerland, and United Kingdom.—In some cases the annual aggregates of the official monthly figures differ somewhat from
the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with July 1936, have been
officially revised. France and Netherlands.—No figures reported by France since September and by Netherlands since October 1936.




APRIL

365

FEDERAL RESERVE BULLETIN

1937

CENTRAL BANKS
Assets of banking department

Bank of England

Liabilities of banking department

Gold (in

issue
department)1

(Figures in millions of
pounds sterling)

Cash reserves
Coin

1936—Jan. 29..
Feb. 26.
Mar. 25.
Apr. 29 _
M a y 27_
June 24..
July 29..
Aug. 26.
Sept. 30.
Oct. 28..
Nov. 25.
Dec. 30..

200.5
200.6
200.6
202.7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7

1937—Jan. 27..
Feb. 24.

Notes

.6
.7
.8
.8
.9
1.0
1.0
1.1
1.1
1.0
.7

313.7
313.7

Discounts
and advances

63.3
60.7
54.1
45.9
40.3
41.5
51.4
61.3
59.3
.65.9
63.1
46.3

Securities

Deposits
Bankers'

18.8
11.0
£.0
8.3
6.7
7.6
7.1
9.2

61.4
58.6

Note
circulation

Public

17.5

397.1
399.9
406.5
416.9
426.1
434.8
448.6
443. 4
449.4
442.7
445.6
467.4

106.0
106.2
83.6
104.7
78.3
90.8
75.2
100.9
60.7
86.5
97.6
150.6

15.9
8.8
18.0
7.5
19.8
20.0
42.3
17.2
49.7
27.6
12.1
12.1

36.7
35.5
37.0
39.0
36.7
37.4
39.4
37.8
40.9
41.4
41.7
39.2

18.2
18.2
18.3
17.7
17.8
17.9
18.1
18 2
18.3
17.7
17.8
18.0

8.0
4.9

97.4
105.3

452. 3
455.1

98.4
100.4

12. 1
13.0

38.4
37.9

18.1
18.2

Domestic bills
(Figures in millions of francs]
Gold*

Foreign
exchange

1936—Jan. 31
Feb. 28
Mar. 27
Apr. 24
M a y 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 30

I
i
|
i
i

65,223
65,789
65,587
61,937
57,022
53,999
; 54,942
; 54,511
| 50,111
! 64,359
: 64,359
j 60,359

1,324
1,309
1,297
1,305
1,426
1,297
1,270
1,250
1,245
1,471
1,466
1,460

1937—Jan. 29
Feb. 26

: 57,359
I 57,359

1,435
1,323

SpeciaP

Other

Other

94.0
96.2
97.0
114.0
104.7
116.1
115.5
102.6
100.7
99.7
98.6
155.6

Assets

Bank of France

Other
liabilities

Liabilities
Deposits

Loans on
Advances
to
Government

27
547
925
1,379

9,210
9,758
12,053
14, 392
19,381
7,750
6,041
7,063
7,484
7,332
8,056
8,465

14,333
14,333
14, 333
15, 903
12,303
12, 298
17, 698

1,620
1,524

8, 553
8,990

19,772
19, 772

Shortterm
Government securities

932
671
623
796
1,048
1,461
668
702
715
1,168
873

Note
circulaGoverntion
ment

Other
assets

3,350
3, 250
3,325
3,349
3,381
3,441
3,555
3,454
3,553
3,447
3,464
3,583

5,708
5,708
5,708
5,708
5,708
5,708
5,708
5,640
5,640
5,640
5,640
5,640

8,724
8,186
8,028
8,193
8,134
8,015
8,699
8,125
9,643
8,204
8,029
8,344

81, 503
81,239
83,197
82, 557
84, 705
85,106
85,892
84, 324
83, 750
87,198
86,651
89, 342

2,798
2,854
2,889
2,722
1,850
1,305
1,594
1,523
1,679
3,973
2,069
2,089

8,088
8,706
8,434
7,895
6,909
6,528
6,254
7,037
6,660
9,247
13,058
13, 655

2,119
2,134
2,148
2,334
2,383
2,652
2,267
2,301
2,356
3, 553
3,160
2,557

3,701
3,594

5,640
5, 640

8,209
8,235

87, 688
87, 062

1,955
2,315

15,280
15, 386

2,534
2,547

Other

Liabilities

Assets

Reichsbank

Other
liabilities

Negotiable securities

Other
securities

Securities
Other
Treasury
bills (and
bills
checks)

Security
loans

1936-Jan. 31_.
Feb. 29.
Mar. 31.
Apr. 30.
M a y 30.
June 30.
July 31.
Aug. 31_
Sept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 31.

3,884
4,026
4,201
4,353
4,606
4,699
4,623
4,693
4,875
4,888
4,852
5,448

72
72
56
73
60
56
67
65
59
79
67
74

349
348
336
240
219
220
220
220
219
219
219
221

315
315
321
319
319
311
310
309
308
305
303
303

1937—Jan. 30..
Feb. 27.

4,835
4,777

65
102

223
222

302
302

(Figures in millions of
reichsmarks)
Gold

Foreign
exchange

Eligible
as note
cover

Other

Other
assets

861
771
702
648
704
711
685
770
765
959
1, 059

Other
liabilities

Note
circulation

Deposits

4,098
4,177
4,267
4,348
4,430
4,389
4,471
4,540
4,657
4,713
4,674
4,980

679
652
768
688
729
960
787
729
744
689
753
1,012

891
914
782
798
807
815
840
853
875
897
911
953

4,799
4,816

707
785

973
968

1
Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, b y direction
of the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, p p . 567-569), a
reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 16, 1936.
2
By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by the law of October 1.
1
Bills and warrants endorsed b y the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, p p . 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p . 788).
N O T E . — F o r explanation of table see BULLETIN for February 1931, p p . 81-83, July 1935, p . 463 and July 1936, p. 603.




366

FEDERAL RESERVE BULLETIN

APRIL

1937

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936

1937

1937

Dec.

Feb.

7,556
24, 560
3,818
4,457
10, 653
17, 352
12, 385

7,556
18, 406
3,233
4,647
11, 720
10, 780
11, 342

1 224

1,224

1,224

291
20
133
1,106

303
19
129
1,094

407
119
6
30

426
121
5
27

405
249
11
47

16,012
38, 561

16,002
42,046

15, 994
35,173

1,360
18, 838
20, 426
37, 990
75, 818
47, 039

1,132
22, 838
15, 852
35,319
68, 956
50, 539

930
18, 575
14,044
35, 707
69, 680
47, 045

243
96
201
620
893
241

243
100
202
620
895
245

243
99
208
620
944
204

243
82
220
624
931
233

3 690
1,363
155
4 477
854

3,689
1,370
155
4,480
876

3,728
1,390
157
4,540
888

3,359
1,201
160
4,072
830

66, 062
50, 605
10, 650

64, 203
41, 432
10, 762

413 364
4,691
12,211
214,913
239, 074
103, 597

413, 406
4,726
12, 452
210, 296
232, 672
104,013

273
406
2,488

211
328
2,471

2,977

3,174

1,755

1,705

1,652

622
765
3,551
2,317
2, 995

814
710
3, 551
2,572
2,802

772
1,440
2,572
2, 571
2,317

Feb.

Jan.

N a t i o n a l B a n k of Albania (thousands of francs):
Gold
- . --

Foreign exchange
Loans and discounts
Other assets
Note circulation

Demand deposits.
Other liabilities
Central B a n k of t h e A r g e n t i n e
R e p u b l i c (millions of pesos):
Gold at home

Gold abroad and foreign exchange
Negotiable Government bonds...
Other assets
Note circulation
Deposits:
Member bank
Government

Other
. .
Other liabilities . .
C o m m o n w e a l t h B a n k of A u s 1
tralia (thousands of pounds ):

Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation

A u s t r i a n N a t i o n a l B a n k (millions
of schillings):
Gold
- _
.
Foreign bills

Domestic bills
Government debts
Note circulation

Deposits
N a t i o n a l B a n k of B e l g i u m (millions of belgas):
Gold
Domestic and foreign bills

Loans to State

Note circulation
Deposits
Central B a n k of Bolivia(thousands
of bolivianos):
Gold at home and abroad*
Foreign exchange r

Loans and discounts
Securities:
National Government
Other —
Other Assets
Note circulation
Deposits

.

Other Liabilities
Bank of Brazil (millions of milreis):
Cash
CorresDondents abroad

Loans and discounts
Note circulation

Deposits
N a t i o n a l B a n k of Bulgaria (millions of leva):
Gold
.
-

Net foreign exchange in reserve
Total foreign exchange
Loans and discountsGovernment obligations
Note circulation
Other sight liabilities

1936

Central bank

Central bank

Feb.

Dec.

Feb.

B a n k of Canada (thousands of Canadian dollars):
Gold
179,423 179,459 179, 377 180, 565

Sterling and United States
Exchange. _ _
Government securities:
2 years or less
Over 2 years
Other assets
Note circulation
Total deposits
Chartered banks
Government

141
Other liabilities..
190 Central B a n k of Chile (millions of
145
pesos):
989
Gold and foreign exchange in re-

14, 575

142
79
706
577
281

31
216
136
160
476
156
97
343
403
354
22
150

27
223
116
131
477
156
64
340
369
317
28
140

51
161
90
102
181
323
45
225
275
284
38
132

35 589
11 630
3 318
52, 465
38,152

33, 232
8 746
8,520
57, 229
33,135

30,974
4 168
1,208
41, 532
31, 880

2,587
277
1,885
2 019
1,041
5,787
415
1,607

2,589
390
1,956
2 021
988
5,816
601
1,527

2,592
439
2,339
2,022
1,100
6,478
410
1,605

2,690
73
914
2,041
956
5,210
534
929

29 342
1,615
2,354
13, 873
31, 373
13, 905

29 091
857
1,890
14,532
31, 764
10, 270

29 661
121
1,343
18, 263
32, 045
8,292

20 761
1,631
5,491
15, 785
27, 698
2,990

118
15
173
166
58
63
375
72
146

118
12
147
200
57
65
374
76
149

118
15
239
204
51
68
399
139
156

118
19
228
177
85
28
375
164
116

Silver

Foreign exchange
_.
Due from domestic banks
Loans and discounts
Securities
Other assets
___
Note circulation
Deposits—Government- „ _

Bank..
Other...
Other liabilities .
Bank of t h e Republic of Colombia

(thousands of pesos) :
Gold at home and abroad
Foreign exchange
Loans to member banks _ _
Note circulation
Deposits
.__

Investments.. .
Other assets
Note circulation

Deposits. -.
_
Other liabilities

_

8,451

143
168
699
653
288

yuan):
Gold

Discounts and advances
Government debt
_
Other assets

9,125

143
181
699
643
300

Deposits
_
Central B a n k of China3 (millions of

N a t i o n a l B a n k of Czechoslovakia
(millions of koruny):
Gold 4 . . .
Foreign exchange

11,843

55,196 61,995 61, 299 26,125
101, 661 97, 784 99, 016 82, 540
5,132
6,990
6,250
8,168
119,218 123, 534 135, 735 84, 605
226, 397 221, 970 207, 809 212, 006
195 045 197 041 186 974 186 933
30, 038 23, 262 18, 776 23 989
6 202
12 230 11 826 13 441

Loans and discounts..
Government debt
Note circulation.

Note circulation
21, 294
Demand deposits
7,752
Other liabilities
7,943 Bank of Danzig (thousands of
gulden):
388, 723
Gold
2,877
Foreign exchange of the reserve16,430
Other foreign exchange
149, 819
Loans and discounts
229, 490
Note circulation
65, 711
Deposits
N a t i o n a l Bank of Denmark 5 (mil264
lions of kroner):
307
Gold
2, 885
Foreign exchange
20
Loans to Government agencies.._
3,116
Other loans and discounts
1,591
-100
440
1, 226
2,671
2,113
2,131

Jan.

* Figures for foreign exchange in October and November 1935 have bee a revised to 21,195,030 and 32,288,000 bolivianos respectively.
1 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling.
2 Gold abroad revalued in December 1936.
3 Items for issue and banking departments consolidated.
4 By decree of October 9,1936 (see BULLETIN for January 1937, p. 15), gold revalued at rate of 31.21 milligramsfinegold per crown; resulting increment converted into foreign exchange and carried partly in that item and partly in Other assets.
5 Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis
was as of June 30, 1936.




367

FEDERAL RESERVE BULLETIN

APRIL 1937

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937

1936

1937

Feb.
Central Bank of Ecuador (thousands of sucres):
Gold *
Foreign exchange
Loans and discounts
Note circulation. _
Deposits
National Bank of Egypt »(thousands of pounds):
Gold •
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
D eposi ts—G o vernment
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government securities __
Other assets
Note circulation
Other sight liabilities 3
Other liabilities 3
Bank of Estonia (thousands of
krooni):
Gold
Net foreign exchange - Note circulation
Deposits—Government
Bank
Other _
Bank of Finland (millions of markkaa):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation
Other sight liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange
Loans and discounts
Government obligations. __ _
Note circulation
Other sight liabilities
Liabilities in foreign exchange
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts .
Advances to Treasury
Other assets
__
Note circulation
Deposits
Certificates of indebtedness
Miscellaneous liabilities __ _ _ _
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't securities
Rupee coin
Note circulation
Banking department:
Notes of issue department _
_
Balances abroad
Loans to Government _
Tn vestments
Other assets
Deposits—Government™
Bank
Other liabilities _ .
e
1

1936

Central bank

Centra bank
Jan.

Dec.

32,844
26, 076
39, 318
57, 066
42, 343

32, 586
24,330
39,138
56, 599
34,363

31, 568
6,131
39, 757
47, 370
15,160

6, 545
4,014
5, 998

6,545
4,064
6,902

6,545
4,125
5,963

38,194
5, 920
21,936
8,725
21,964
8,046

37, 719
4,978
23,138
7,712
21, 449
7,911

38,024
5,683
22,240
6, 657
23,141
8,303

13,076
3,524
1, 657
6, 594
1, 995
17, 462
5, 689
3, 696

13,054
1,450
1, 695
6, 626
884
15, 656
4, 556
3,498

12,818
3,957
798
6, 996
1,923
15, 667
7, 531
3,295

34,176
12, 390
25 571
46, 005
22,143
8, 545
3,015

34,174
11,593
24, 230
44, 604
21, 555
8,512
2,622

34,179
8, 775
25, 936
44, 452
19, 675
9, 778
2,121

34,130
2,046
22, 471
41,278
18,594
9, 393
2,464

815

815

814

Feb.

Feb.

489

1,733
93
877
1,629
1, 356

1, 655
86
834
1, 600
1,307

1,492
84
778
1,630
1,082

1,263
85
766
1, 445
589

3, 389
2, 957
4,157
6, 061
4, 208
160

3,350
4,819
4,162
5, 989
5, 978
181

3,385
4, 914
4,162
6,203
5,715
212

3, 358
4,873
3,281
5, 521
5,401
251

84
47
474
101
183
418
202
93
147

84
44
487
99
167
415
197
93
147

84
42
549
98
165
436
213
93
164

79
33
526
81
90
393
122
104
163

444
723
244
631
1,926

444
673
234
640
1,899

444
673
244
587
1,671

116
213

93
166
10
63
14
69
152
124

278
202

76
14
125
177
116

51
5
75
353
108

Bank of Japan (millions of yen):
Gold .
Advances and discounts
Government bonds
Notes issued...
Total deposits
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts ___
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold"....
Foreign exchange reserve
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litu):
Gold.—
.
Foreign exchange
Loans and discounts
Note circulation
_ __
Deposits
N e t h e r l a n d s Bank(millions of florins):
Gold
Foreign bills.._ _
Loans and discounts
Note circulation
Deposits . .

Jan.

Dec.

Feb.

556
718
571
1,529
397

553
754
602
1,586
374

548
830
765
1,790
390

511
1,222
397
1,657
369

89
2
71
177
40

89
2
62
162
34

80
2
65
156
22

77
33
49
68
43
62
141

77
31
49
67
41
62
140

77
26
51
67
44
56
138

46
50
58
37
38
103

77
100
113
80

75
8
100
112
82

73
10
100
110
78

41
22
89
106
47

879
2
194
774
337

820
2
210
767
302

720
2
343
792
310

680
2
154
750
130

2,802
17, 902

2,802
16, 534

2,802
23,113

7,910
3,401
13,068
17,313
11,887
5,040
1,633

7,860
2,912
13, 641
14,832
11,056
3, 540
1,634

2,012
9, 855
16,445
10, 671
5, 676
1,628

215
95
180
40l
1
95

215
96
222
429
2
105

185
41
203
346
4
83

(thousands of pounds):
2,802
Gold
18, 804
Sterling exchange
Advances to State or State under8,369
takings
Other assets
.
__ 2,748
Demand deposits
Bank
.
.
Government
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation _
Foreign deposits
Total deposits _
___ _
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Bills
Note circulation
Deposits
Bank of Poland (millions of zlotys):
Gold
Foreign exchange _
Loans and discounts _
Note circulation
Other sight liabilities
Bank of Portugal (millions of escudos):
Gold
__
Other reserves
Discounts and advances
Government obligations
Note circulation
Other sight liabilities _ _

12.753
18,327
11,741
6,351
1,644
215
79
169
399
1
92

c

48,
57,
84,
18,
400
36
690
1,000
254

397
32
722
999
233

393
30
856
1,034
292

445
17
750
979
163
910
445
370
1,046
2,005
970

National Bank of Rumania (millions of lei):
Gold*
Foreign exchange of the reserve
Loans and discounts __
Special loans 6
State debt

813
951
855
610

15, 708

15, 644

15, 568

6,146
2,432
10,555

6, 303
2,423
9, 446

6,474
2,430
9, 442

10, 884
9
5,399
2,688
10, 956

Corrected.
Gold in vault revalued at rate of 11.6466 sucres per gram of fine gold by decree of June 13,1936.
2 Items for issue and banking departments consolidated.
s Due to change in statement, "Other liabilities" includes, beginning June 1936, an item formerly included in "Other sight liabilities."
* By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate
of about 15 lats to the pound.
5 By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see BULLETIN for January 1937, p. 15).
6
Agricultural and urban loans in process of liquidation.




368

FEDERAL RESERVE BULLETIN

APRIL

1G37

CENTRAL BANKS—Continued
[Figures as of last report date of month]

Feb.

N a t i o n a l B a n k of R u m a n i a — C o n .
Other assets
Note circulation
Demand deposits
Other liabilities
S o u t h African Reserve
Bank
(thousands of pounds):
Gold
Foreign bills
Domestic bills
Note circulation
Deposits—Government
Bank
Other
B a n k of S w e d e n (millions of
kronor):
Gold
Foreign assets
Domestic discounts and advances
Government securities
Other assets
Note circulation
Total deposits
Bank
Government
Other liabilities
Swiss N a t i o n a l B a n k (millions of
francs):
Gold»
Foreign balances and bills
Loans and discounts.
Note circulation
Demand deposits
1

1937

1936

1937

Central bank

Dec.

Jan

Central bank

Feb,

13,858
24,961
11,755
11,982

14,185
24, 898
10,989
12,114

13, 770
25, 663
10, 300
11,722

11,751
22,127
8,479
11,081

27, 962
6,014
22
15,918
1, 596
27,072
1,810

26, 336
7,252
27
15,760
1,797
23, 770
4,511

24, 635
10, 794
31
16,416
•1, 666
22, 451
3,917

28, 074
5,206
277
14, 251
1,615
32, 834
1 378

530
877
40
29
320
842
795
570
151
160

529
742
43
29
256
827
666
468
174
107

529
720
50
29
251
893
590
294
278
95

2,718
25
53
1, 376
1,412

2,717
40
61
1,385
1,430

2,709
58
66
1,482
1, 363

440
607
45
29
177
756
442
237
174
100
1,445
13
234
1,274
466

Feb.

Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange
Loans and discounts
Investments
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Cash reserves
Loans and discounts.
Other assets
DepositsDemand
Time
Ministry of Finance
Other
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Advances to State
Note circulation
Other sight liabilities

1936

Dec.

Jan

Feb.

1,632
650
1, 691
2,248
5,292
1,895

41,091
82, 865
38, 452
93, 785
55, 738

33, 207
44, 577
9,678
13,619
80,128

35
38
34
187
27
185
37
98

30
16
17
188
24
166
37
72

28, 474
86, 753
65, 983

1,642
693
1,696
2,249
5,347
1,909

32
34
36
188
25
179
37
99

41,601
88, 579

37
43
26
187
29
181
40
101

31,615
41, 595
22, 021
20, 737
72, 007

1,626
552
1, 717
2,248
5,409
1,629

1,480
325
1,676
2,272
4,930
1,472

Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc.

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1937

1937

1936

Feb. 28

Gold in bars
Cash on hand and on current account
with banks...i
Demand funds at interest
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances
Treasury bills
Total
Time funds at interest—Not exceeding
3 months
...
Between 3 and 6 months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items

Jan. 31

29, 879

35, 272
39, 245
26, 505

107,145
131, 574

Feb. 28

Feb. 29

30, 708
49, 386

102, 044
144,915

Demand deposits (gold)

8, 502
14, 092

Short-term deposits (various currencies) :
Central banks for own account:
Demand
Tirne—Not exceeding 3 months

147, 953
211,768

238, 719

246,959

359, 721

26, 095
853

25, 420

33, 738

31, 729
56, 804

24, 406
35, 244

42, 541
53, 322

6, 249
78, 780

17,187
95, 340

13, 424
42, 422

75, 038
11, 191

71,412
9,710

44,317
35, 148

259, 791

253, 299

231, 174

1,351
86

1, 359
160

6,150
6, 235

627,918

646, 280

Total

Jan. 31

_

Long-term deposits:
A n n u i t y trust account
German Government deposit
French Government guaranty fund.
French Government deposit (Saar).
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund..
Other liabilities:
Guaranty on commercial bills sold.
Sundry items

27, 070

23,948

24, 898
110, 222

37, 739
112, 048

45, 915
113, 752

135,120

149, 788

159, 668

3,572

4,701

9,605
2,980

284

67
282

2,446
201

153, 280
76, 640
43, 285
1,419

153, 280
76, 640
43,401
1,423

154,434
77, 217
61, 930
2,031

274, 625

274,744

295,611

125, 000

125, 000

125, 000

3,784
6,092
12,183

3,784
6,092
12,183

3, 324
5,845
11, 690

1, 362
42, 369

1,363
41, 205

6,150
43,023

627, 918

646, 280

689, 491

689, 491

NOTE.—Current figures expressed, as before devaluation of Swiss franc, in Swiss gold francs equivalent to 0.29032 gram of fine gold.
LETIN for December 1936 p. 1025.




Feb. 29

23, 518

Central banks for account of others:
Demand
Time—Not exceeding 3 months
Other depositors:
Demand
__.
Time—Not exceeding 3 months

Total liabilities
Total assets

1936

Liabilities

Assets

See B U L -

369

FEDERAL RESERVE BULLETIN

APRIL 1937

COMMERCIAL BANKS
[Figures are as of end of month, except those for the United Kingdom, which arc averages of weekly figures]
Assets

United Kingdom
(11 London clearing banks. Figures in
millions of pounds sterling)

Money at
Cash
call and Bills disreserves
short
counted
notice

Liabilities

Securities

Loans to
customers

1936—FebruaryMarch
April
May
June
July
August
September.
October
November.
December.

229
217
227
220
225
225
233
229
227
233
244

157
162
161
159
158
158
163
166
164
181
195

295
252
268
309
329
349
345
344
351
329
322

629
635
637
640
642
639
641
648
655
656

238
230

179
167

345
307

669
671

Other
assets

854
868
870
878
884
877
882
892
895

1937—January....
February..

Deposits

885
909

1935—December.
1936—January _._

February..
March
April
May
June
July
August
September.
October. _
_
November
December.

3,739
3,451
3,431
3,587
3,517
3,513
3,494
3,206
3,097
3,083
3,186
3,173
3,100

Due from Bills disbanks
counted
2,484
2,563
2,528
2,617
2,902
3,032
2,768
2,410
2,326
2,757
2,766
2,839
2,975

940
951
974
992
995
986
991
1,000
999
1,006
1 012
,

242
241
240
239
240
237
240
238
239
243
245

2,307
2,274

1,254

1,005

247
252

Liabilities

16, 601
16, 470
16,135
16,199
16,014
14,972
15,410
15,445
14,876
17,070
17,298
17, 582

Loans

Other
assets

8,025
7,765
8,006
7,700
7,677
7,542
7,328
7,215
7,031
7,398
7,452
7, 625
7, 631

Deposits
Total

Demand

(8 large Berlin banks. Figures in mil- Cash
lions of reichsmarks)
reserves

Securities

Other
assets

Deposits
Total

Demand

Time

306
307
317
301
300
295
263
274
287
273
269

2,294
2,275
2,285
2,429
2,406
2,435
2,363
2,329
2,360
2,569
2,567

2,847
2,900
2,890
2,847
2,884
2,858
2,843
2,826
2,779
2,735
2,729

1,003
987
982
973
980
1,008
1,037
1,047
1,066
1,075
1,112

958
945
935
916
873
839
824
816
847
858
851

5,460
5,472
5,544
5,595
5,621
5,712
5,557
5,533
5,621
5,712
5,751

2,480
2,409
2,560
2,585
2,622
2,688
2,595
2,529
2,575
2,644
2,661

3,063
2,985
3,010
2,999
3,023
2,962
3,005
3,045
3,068
3,090

303

134
128
186
136
141
175
146
138
180
130
137

2,895

2,679

1,020

837

5,973

2,923

220
224
227
228
225
230
227
225
226
232
264
240
247

Credits
obtained
from
banks

78
78
77
83
87
91
91
91
105
109
116
114
119

874
869
864
862
828
777
768
776
807
816
800
791
796

659
652
651
644
636
622
613
605
575
586
579

4,399
3,568
3,595
3,677
3,757
3,812
3,897
3,994
4,035
4,066
4,244
4,290
4,289

Other
liabilities
1,423
1,417
1,399
1,363
1,327
1,276
1,306
1,291
1,323
1,342
1,334
1,357

Liabilities

150
151
154
145
131
113
110
157
146
146
179
161
173

1,207
1,265
1, 316
1,314
1,345
1,368
1,357
1,355
1, 380
1,363
1,316
1,384
1,412

Deposits payable in Canada excluding interbank
deposits
Other

472
444
459
478
446
502
481
487
494
491
485
507
468

Note
circulation

112
118
117
114
116
115
113
115
111
112
109
103
103

Total

2,144
2,152
2,197
2,229
2,193
2,207
2,174
2,175
2,263
2, 261
2, 269
2,303
2, 330

Demand

645
635
665
702
680
672
762
751
722
755
782

Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total.
* Combined monthly balance sheet not published for December.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.




337
349
338
391
397
424
394
359
335
368
408
454
473

3,050

Security
Entirely in Canada
loans
Canada
abroad
(10 chartered banks. Figures in miland net SecuriOther
lions of Canadian dollars)
due
Cash
Security loans
from
reserves loans and dis- foreign
counts
banks

1

689
700
672
696
676
633
573
528
524
521
548
529

Other
liabilities

Liabilities

Due
from Bills dis- Loans
banks counted

Assets

1936—January...
February..
March
April
May
June
July
August
September.
October
November
December.
1937—January...

Own
acceptances

Time

26,859
26, 859
26,903
26, 522
26, 714
26, 523
25,022
24,761
24,451
24, 613
27,028
27, 467
27,955

27, 553
27, 548
27, 603
27,194
27,410
27,199
25, 655
25,334
24, 979
25,137
27,549
28,015
28,484

1,900
1,086
1,101
1,222
1,270
1,333
1,385
1,445
1,451
1,457
1,727
1,824
1,957

Assets

Germany

1936—January
February. _
_
March
April
May
June
July
August
September..
October
November..
December 2 .
1937—January

16,141

Other
liabilities

1,125
1,123
1,145
1,156
1,215
1,223
1,212
1,228
1,238
1,241
1,288

Assets
Cash

Time 1

2,123
2,108
2,154
2,185
2,229
2,244
2,246
2.257
2,280
2,287
2,315

227
230
233
227
237
227
226
226
231
238
249

France
(4 large banks. Figures in millions of
francs)

Demand 1

Total

Other
liabilities

Time

1,499
1,517
1,532
1,536
1,527
1,505
1,494
1,503
1,501
1,510
1,547
1,548
1,549

745
761
783
767
753
757
748
800
785
784
783
790
781

370

FEDERAL RESERVE BULLETIN

A P R I L 1937

DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective

Nether- SwitzerGerUnited
land
Kingdom France many Italy lands

In effect Nov. 1,1935
Nov. 5
N o v . 14
N o v . 15
N o v . 22
N o v . 26
Jan. 2, 1936
Jan. 10
Jan. 16 _. __
Feb. 4 .
Feb. 7.
Mar. 28
May 7__
May 18
May 30
June 4
J u n e 24
J u n e 25
June 26. _
June 30
July 7
July 10
Sept 9
Sept. 25__
Oct. 2
Oct. 9
Oct. 16 .
Oct. 20
.
Nov. 26
Dec. 3
Jan. 28
In effect Mar. 27,1937

2

4

3

5

3H

5
6

Date
effective

434

5
4
4

3K
3
3

Rate
Mar.
27

Central
bank of—
Italy
__
Japan
Java
Latvia
Lithuania..Netherlands.
New Zealand
Norway
Peru
Poland
Portugal
Rumania
South Africa
Spain
Sweden
SwitzerlandTurkey
United.Kingdom __ ___
U. S. S. R._.
Yugoslavia..

V*

3
2\i

3H

Rate
Mar.
27

Albania
Jan. 2, 1937
Argentina—.
3 ^ Mar. 1, 1936
Austria
July 10, 1935
Belgium
M a y 16, 1935
Bolivia
July 5, 1932
British India
N o v . 28, 1935
6
Bulgaria
Aug. 15, 1935
3
Canada
M a r . 11, 1935
6
Chile
2 ^ J a n . 8, 1936
Colombia ___ 3^-41 July 19, 1933
Czechoslovakia
3
Jan. 1,1936
Danzig
4
Jan. 2, 1937
Denmark ___
4
Nov. 19,1936
Ecuador
4
Nov. 30, 1932
El Salvador.
5
July 5, 1934
Estonia
4K Oct. 1, 1935
Finland
Dec. 3, 1934
France
4
Jan. 28, 1937
Germany
4
Sept. 22, 1932
Greece
6
Jan. 4, 1937
Hungary
4
Aug. 29, 1935

4K

4
5
6
5
4

Central
bank o—
f

Date
effective
May
Apr.
Jan.
Nov.
July
Dec.

4^
3.29
3
5
5V2

18, 1936
7, 1936
14, 1937
1, 1936
1, 1936
3, 1936

2
4
6
5
4^
4K
&A
5
2H
IK

June 29, 1936
Dec. 7, 1936
M a y 20, 1932
Oct. 26, 1933
M a y 12, 1936
Dec. 15, 1934
M a y 15, 1933
July 15, 1935
Dec. 1, 1933
N o v . 26, 1936
M a r . 2, 1933

2
8
5

J u n e 30, 1932
M a r . 22, 1927
Feb. 1, 1935

2

5
3
2
2H
2

4
4

2

4

2

m

MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month

1936—February
March _ _
April
May
June
July
August
September __
October
November
December.. _ _

Bankers'
Treasury
acceptances,
bills, 3
3 months
months

Bankers'
Day-to-day allowance
money
on deposits

.55
.56
.55
.55
.78
.58
.55
.55
.56
.56
.83

.53
.52
.52
.54
.78
.58
.53
.53
.54
.55
.84

.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.78

.56
.55

.54
.53

.75
.75

Switzerland

(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

_ _

1937—January
February

Private
discount
rate

Private
discount
rate

Private
discount
rate

Belgium

Private
discount
rate

M o n e y for Day-to-day
1 month
money

May

June
July
August
September .
October
November
December
1937—January

Private
discount
rate

Vi

3.00
3.00
3.00
2.92
2.88
2.88
2.88
3.00
2.94
3.00
3.00

2.77
2.99
2.83
2.76
2.67
2.96
3.01
3.01
2.82
2.79
3.05

3.00
3.00

2.88
2.86

2.54
2.47

P.
P.

Money for
1 month

1.31
1.20
1.19
2.27
4.05
2.04
1.37
1.33
2.03
1.00
P. 80

Vi
Vi
V2

2.97
3.07
3.04
2.89
2.74
2.73
2.84
2.89
2.82
2.84
2.88

V2

S
V*
Vi
V*
Vi
V*

Sweden
(Stockholm)

Hungary

Month

1936—February
March
April
_ __ _

Netherlands (Amsterdam)

G e r m a n y (Berlin)

2.37
2.26
2.25
2.25
2.25
2 25
2.25
1.98
1.69
1.46
1.25

1.45
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.29
1.00
1.00

3.81
3.74
5.03
5.60
5.60
3.30
3.00
3.38
2.52
1.96
1.99

5.00
5.00
5.00
4.78
4.50
4.50
4.50
4.50
4.50
4.50
4.50

1.25

1.00

2.22

4.50

Prime
commercial paper
4 -%y2
4 -6M
4 -6H
4 -6M>
4 -6X2
4 -6K2
4 -634
4 -6H
4 -6H
4 -WA
4 -6H

Day-to-day Loans up
to 3
money
months
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%

2y2-±lA
2y2-±y2
2y2-±lA
2H-4M2^-43^
2^-43/2

y/rVA

2H-4K?
2)4-43/2
23^-43/?
2H-4H
2XA-^A

1.63
1.68
1.27
1.82
3.95
1.73
1.20
1.29
2.51
1.55

56
28

Japan (Tokyo)
Call
Discounted money
bills
overnight
5.11
5.11
4.97
4.93
4.83
4.75
4.75
4.75
4.75
4.75
4.75

2.56
2.87
3.11
2.73
2,63
2.53
2.69
2.81
2.92
2.86
2.74

Preliminary.
NOTE.—For explanation of table see BULLETIN for November 1926, p p . 794-796; April 1927, p . 289; July 1929, p 503; November 1929, p . 736, and
M a y 1930, p . 318.




371

FEDERAL RESERVE BULLETIN

APEIL 1937

FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York.

Year or month

1929_
1930
1931
1932
1933
1934
1935
1936
1936—March.
April
May
June
July
August
SeptemberOctober
November..
December __.
1937—January
February

Year or month

1929
1930..
1931.
1932
1933
1934
1935
1936
1936—March
April
May
June
July
August
September
October
November
December
1937—January
February

Year or month
1929
1930
1931
1932
1933
1934
1935
1936
....
1936—March
April
May
June
July
August
September.
October
NovemberDecember _
1937—January-...
February..

ArgenAus- Austria
tina
tralia
(schil(peso) (pound)
ling)
95.127
83. 505
66. 738
58.443
72. 801
33. 579
32. 659
33.137
33.135
32. 954
33. Ill
33.418
33. 489
33.503
33.611
32. .667
32. 583
32. 718
32.718
32. 627

458. 60
351. 50
279. 93
337. 07
400.95
388. 86
395. 94
396.01
393. 72
396. 09
399. 99
400.15
400. 34
401. 06
390. 33
389. 54
390. 99
390.98
389. 93

Czecho- D e n slovakia mark
(koruna' (krone)
2. 9609

2. 9640
2.9619
2.9618
3. 8232
4. 2424
4. 1642
4. 0078
4.1637
4.1359
4.1432
4. 1375
4.1497
4.1318
4.1319
3. 6474
3. 5380
3. 5200
3. 4922
3.4883

26. 680
26. 765
25. 058
18. 832
19. 071
22. 500
21. 883
22. 189
22.190
22. 064
22.184
22. 405
22. 419
22. 434
22. 480
21.866
21.818
21. 907

14. 058
14. 089
14. 023
13. 960
15. 448
18.793
18. 831
18. 792
18.855
18.724
18. 722
18. 759
18. 848
18. 838
18. 845
18. 732
18. 687
18. 692
18.682
18. 677

Belgium
(belga)
13.912
13. 952
13. 929
13.914
17. 900
23.287
18. 424
16.917
16. 979
16.915
16. 938
16. 907
16. 899
16. 862
16. 893
16. 835
16.907
16. 901
16.860
16. 861

Brazil (milreis)
Official
11.8078
10.7136
7. 0290
7.1223
7. 9630
8.4268
8. 2947
8. 5681
8. 4871
8. 5564
8. 5755
8. 6310
8.5349
8. 5222
8. 6445
8.7011
8. 6662
8. 6981
8. 7080
8. 7053

Egypt Finland France
(pound) (markka) (franc)
498. 07
498. 60
465.11
359. 54
434. 39
516.85
502. 60
509. 68
509.66
506. 78
509. 55
514.62
514.95
515. 32
516.76
502. 24
501.17
503. 20
503.17
501. 78

2. 5160
2.5169
2. 3875
1.5547
1. 8708
2. 2277
2.1627
2.1903
2.1928
2.1807
2.1901
2.2098
2. 2106
2.2118
2. 2173
2.1578
2.1531
2.1611
2.1607
2.1579

3. 9161
3. 9249
3. 9200
3. 9276
5.0313
6. 5688
6. 6013
6.1141
6.6338
6. 5898
6. 5858
6. 5934
6. 6202
6. 5853
6. 3409
4. 6662
4. 6472
4.6675
4. 6672
4.6555

Free
market

5.8788

5. 8367
5. 8901
5. 8452
5.8631
5. 9525
6.0812
6.1076

In cents per unit of foreign currency]

British
India
(rupee)

Bulgaria
(lev)

36. 202
36. 067
33. 690
26.347
31.816
37.879
36. 964
37. 523
37.510
37.315
37. 504
37. 872
37. 889
37. 931
38.017
36. 991
36.913
37. 088
37. 094
36. 973

.7216
.7209
.7163
.7193
1.0039
1.2852
1. 2951
1. 2958
1. 2902
1.2812
1. 2844
1. 2838
1. 2913
1. 2988
1.2978
1. 2848
1.2795
1. 2779
1.2873
1.2903

Canada
(dollar)

(yuan)

Colombia
(peso)

41. 901
29.917
22. 437
21.736
28. 598
34.094
36. 571
29. 751
29. 824
29. 734
29. 690
29. 890
29. 967
30. 048
29.940
29. 331
29. 466
29. 525
29. 654
29. 600

96. 551
96.493
96. 570
95. 275
81. 697
61. 780
56.011
57. 083
57. 224
57.002
57. 004
56. 900
56. 900
56. 900
56. 505
56. 501
57. 097
57. 390
57. 390
57. 234

China

99. 247 12. 0601
99. 842 12.0785
96. 353 12.0669
88. 090 7.9079
91. 959 7. 6787
101.006 10.1452
99. 493 5. 0833
5.1240
99.913
99. 842 5.0930
99. 502 5. 085399. 806 5.0775
99. 721 5. 0659
99. 900 5.1243
99. 978 5. 1725
100. 017 5. 1691
100. 022 5.1727
5.1688
100.120
100. 062 5.1719
99. 960 5.1726
99. 964 5.1731

Germany
(reichsmark)

Greece
(drachma)

Hong
Kong
(dollar)

Hungary
(pengo)

23. 809
23. 854
23. 630
23. 749
30. 518
39. 375
40. 258
40. 297
40.439
40. 238
40. 285
40. 273
40. 321
40. 221
40. 083
40. 196
40. 223
40. 230

1. 2934
1. 2959
1.2926
.8320
.7233
.9402
.9386
.9289
.9457

47.167
33. 853
24. 331
23. 460
29.452
38. 716
48. 217
31.711
32. 562
32. 525
32. 463
32. 260
32.040
31.152
31.104
30. 359
30.462
30. 540

17.441
17.494
17. 452
17. 446
22. 360
29. 575
29. 602
29. 558
29.617
29.478
29. 424
29. 458
29. 492
19. 777
19. 772
19. 774
19.776
19. 778
19. 776
19.782

.9316
. 9400
.9387
.9347
. 8965
. 8935
. 8973
".8984
. 8965

Chile
(peso)

Italy
(lira)

Japan
(yen)

5. 2334
5. 2374
5. 2063
5.1253
6.7094
8. 5617
8.2471
7. 2916
7. 9830
7.8936
7. 8560
7. 8645
7. 8845
7. 8673
7. 8514
5. 5299
5. 2603
5. 2609

Mexico
(peso)

46.100
49. 390
48. 851
28. Ill
25. 646
29.715
28. 707
29. 022
28.938
28. 869
29.075
29. 392
29.326
29. 404
29.414
28. 609
28.559
28. 512
28. 537
28. 529

48.183
47.133
35.492
31.850
28.103
27. 742
27. 778
27. 760
27. 767
27. 768
27. 763
27. 764
27. 765
27. 753
27. 753
27. 747
27. 750
27. 750

Cuba
(peso)
99.965
99.952
99. 930
99.941
99. 946
99. 936
99. 920
99.909
99.903
99. 903
99. 900
99. 900
99.900
99. 904
99. 901
99. 924
99. 916
99. 916
99.917
99. 917

Netherlands
(florin)
40.162
40. 225
40. 230
40. 295
51.721
67. 383
67. 715
64. 481
68. 353
67. 885
67.634
67. 686
68.078
67. 904
66. 250
53. 632

27. 750
27. 750

53. 991
54. 566
54. 752
54. 686

New
P o r t u - R u m a - S o u t h Spain Straits Swe- Switz- Turkey United UruKingSettle- den erland
Zealand Norway Poland
gal
nia
Africa
guay
dom
ments
(krone) (zloty) (escudo)
(pound)
(leu) (pound) (peseta) (dollar) (krona) (franc) ipound) (pound) (peso)

Yugoslavia
(di nar)

483.21
468. 22
415.29
320. 19
340. 00
402. 46

391. 26
398. 92
399.08
396. 80
399. 02
402. 84
403. 26
403. 42
403. 97
393. 25
392. 36
393. 87
393. 82
392. 92

c

21. 908
21.847

26. 683
26. 760
25. 055
18. 004
21. 429
25. 316
24. 627
24. 974
24. 974
24. 834
24. 969
25. 218
25. 233
25. 249
25. 304
24. 608
24. 555
24. 656
24. 658
24.589

11.194
11.205
11.197
11.182
14. 414
18. 846
18. 882
18. 875
18. 962
18. 826
18. 792
18. 800
18. 915
18. 827
18. 824
18. 828
18. 825
18. 853

4. 4714
4. 4940
4. 2435
3.1960
3. 9165
4.6089
4. 4575
4.5130
4. 5155
4. 5092
4.5115
4. 5455
4. 5568
4. 5558
4. 5586
4.4475
4. 4373
4. 4514

.5961
. 5953
. 5946
. 5968
.7795
1. 0006
. 9277
.7382
. 7377
. 7330
.7309
. 7273
. 7279
.7317
.7315
.7309
.7289
.7285

18. 924
18. 929

4. 4487
4. 4457

.7273
.7275

40. 225
40.226

483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
485. 05
491. 56
488. 76
491. 59
496. 53
497. 07
497.19
497. 99
484.32
483. 43
485. 33
485. 40
481. 24

14. 683
11. 667
9.545
8.044
10. 719
13.615
13. 678
12. 314
13. 745
13. 654
13. 645
13. 659
13.714
13. 643
12. 347
8.954
8.798
7.727
7. 099
6. 736

30. 566
30.403

56. 012
55. 964
52. 445
40. 397
49. 232
59.005
57.173
58. 258
58. 243
57. 939
58. 240
58. 833
58. 873
58. 916
59. 095
57. 446
57. 314
57. 544
57. 549
57.404

5. 2610
5. 2608

48.411
47. 061
47.181
47. 285
60. 440
79. 047
80. 312
80. 357
80. 818
80. 284
80. 278
80. 270
80. 355
80.272
80.145
79. 834
79. 883
80.162

485. 69
486. 21
453. 50
350. 61
423. 68
503. 93
490. 18
497. 09
497. 07
494. 27
496. 97
501.92
502. 25
502.59
503. 63
489. 84
488.80
490. 78
25. 301 22. 936 80.156 490. 75
25. 232 22. 829 79. 700 489. 39

26. 784
26. 854
25. 254
18.471
22. 032
25. 982
25. 271
25. 626
25. 626
25. 482
25. 619
25. 877
25. 893
25.910
25. 965
25. 253
25.196
25. 300

19. 279
19. 382
19.401
19. 405
24. 836
32. 366
32. 497
30. 189
32.821
32. 580
32. 391
32.425
32. 724
32.599
31.418
22.993
22. 984
22.985

98. 629
85. 865
55. 357
47. 064
60. 336
79. 956
80. 251
79. 874
80. 022
79. 769
79. 720
79. 709
79. 820
79. 719
79. 679
79. 857
80.045
80.000

1. 7591
1. 7681
1. 7680
1. 6411
1. 7607
2. 2719
2. 2837
2. 2965
2. 3030
2. 2882
2. 2866
2. 2871
2. 2985
2. 2926
2. 2912
2. 2956
2. 2990
2. 3003

78. 926
78. 856

2. 3022
2. 3059

Corrected.
NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina, Austria, Brazil (official rate), Bulgaria,
Chile, Colombia, Hungary, and Uruguay—since April 1933; Australia, New Zealand, and South Africa—since April 1934; Czechoslovakia—Sept.
26-Oct. 10, 1936; Finland—Sept. 26-Oct. 15, 1936; Greece—since Sept. 26, 1936; Italy—Nov. 23, 1935-Apr. 1, 1936, and Oct. 2-3, 1936; Japan—Jan. 9Feb. 26, 1937; Poland—Apr. 28-Aug. 4 and Sept. 26-Oct. 24, 1936; Portugal—since Sept. 26, 1936; Rumania—since Aug. 8, 1936; Spain—since July
31, 1936; Turkey—since July 25, 1936; Yugoslavia—since Aug. 11, 1936. In September 1936 exchange quotations on all other countries, with the
exception of Canada, Egypt, Strait Settlements, and United Kingdom, were partly nominal; and quotations were unavailable on two days for
Turkey, and on one day for Colombia; Egypt, Spain, and Straits Settlements.
Changes have occurred in the basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of
latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. Brazil—Free market rate quoted in addition to official rate
beginning Aug. 3, 1936. Average free market rate for 1936 is for Aug. 3-Dec. 31. China—Beginning Apr. 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 Apr. 10-Dec. 31;
average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. Hungary—Reported on new basis beginning August 3, 1936. Average for 1936 is for rates
reported on old basis for Jan. 1-Aug. 2; average for rates reported on new basis for Aug. 3-Dec. 31 was 19.775 cents.




372

FEDERAL RESERVE BULLETIN

APRIL 1937

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

United
United
France
Canada Kingdom
Germany
Italy
States
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)
100
98
96
96
87
72
67
67
72
72

Netherlands
(1926-30=
100)
106
103
102
100
90
76
65
63
63
62
64

144
142
145
141
126
110
96
91
90
90
96
91
91
91
92
92
92
93
93
97
103
105
107

P75

100
88
86
86
88
89
94

695
642
645
627
554
502
427
398
376
338
411

134
138
140
137
125
111
97
93
98
102
104

P76

237
225
226
220
181
153
161
180
178
186
P197

92
92
92
92
92
93
94
95
96
98
98
101

359
372
376
371
374
378
391
403
420
471
492
519

104
104
104
104
104
104
104
105
104
104
104
105

74
75
75
76
76
76
75
76
77
77
78
79

192
191
191
192
192
194
197
197
201
200
204
215

86
86

81
83

103
104

537
532

105
106

80

233
230

73
74

81
81

_ .

1937—January.
February

Switzerland
(July 1914
=100) i

62
62

80
80
79
79
81
82
82
82
82
84

73
73
72
72
72
72
74
76
76
77
77
80

100
95
97
95
86
73
65
66
75
80
81

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

1936—January. _
February
March .
April
May
June.. _
Julv
August .
September
October
November
December

Japan
(October
1900=100)

95
85
75
70
63
62
68

62
61
61
62
62
63
63
68
70
71

108

p Preliminary.
i Official index of the Office Federate de l'industrie, des arts et matters et du travail.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926 = 100)
Year or month

1926
1927
1928
1929
1930 —
1931
1932 . . .
1933
1934
1935
1936

..

Farm
products

..

..

1936—January._
February
March__
April
May

June

July
AugustSeptember
October
November
December
1937—January
February

_
_

Foods

Other
commodities

United Kingdom
(1930 = 100)

F r a n c e (1913 = 100)

G e r m a n y (1913 = 100)

Agricultural
products products

Farm
and food
products

100
89
88
83
85
87
92

100
87
85
87
90
90
96

581
599
584
579
526
542
482
420
393
327
426

793
678
697
669
579
464
380
380
361
348
397

129
138
134
130
113
104
91
87
96
102
105

132
129
133
125
113
96
86
75
76
84
86

130
132
134
132
120
103
89
88
91
92
94

150
147
159
157
150
136
118
113
116
119
121

364
391
396
385
392
394
405
425
449
487
500
522

355
356
358
359
358
364
378
384
396
457
484
516

105
105
105
105
105
106
106
106
105
104
103
104

84
85
85
85
85
85
85
85
86
86
86
91

93
94
94
94
93
93
93
94
94
95
95
96

120
120
120
120
121
121
121
121
122
122
123
123

532
516

541
546

103
103

93
94

97
97

123
123

100
99
106
105
88
65
48
51
65
79
81

100
97
101
100
91
75
61
61
71
84
82

100
94
93
92
85
75
70
71
78
78
80

78
80
77
77
75
78
81
84
84
84
85
89

84
83
80
80
78
80
81
83
83
83
84
86

79
79
79
79
79
79
80
80
80
80
81
82

89
88

98
97
99

93
94
94
94
94
94
96
96
97
97
99
102

91
91

87
87

83
85

99
99

105
107

87
87
88
89
90

94
95

Industrial

Sources.— See BULLETIN for March 1931, p. 159, March 1935, p. 180, October 1935, p. 678, and March 1937, p. 276.




Industrial raw Indusand semi- trial finished
finished
products products

Industrial
products

Foods

Provisions

APRIL

373

FEDERAL EESERVE BULLETIN

1937

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES

COST OF LIVING
[Index numbers]

[Index numbers]
United
Statesi
19231925=100

Year or
month

England
Julv
1914=
100

France
July
1914=100

Ger-

Nether-

161
156
157
154
145
131
126
120
122
125
130

554
557
549
611
614
611
536
491
481
423
470

146
153
153

Mar..._
April
May._.
June..
July
Aug.
Sept....
Oct.
Nov
Dec

82
81
80
80
80
84
84
84
84
83
83
83

131
131
130
129
126
125
126
129
129
131
132
136
136

435
441
446
446
443
456
458
446
460
483
504
520
534

121
122
122
122
122
122
123
124
124
122
122
121
121

1937—Jan.
Feb....

85
85

136
135

562
577

121
122

_.

. _

1935—Dec..
1936—Jan.
Feb.

to

to

oooo

o

105
100
82
68
66
74

;»

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

i
United E n g - France G e r - N e t h e r - S w rt z e lands
land
Jan.many
States
land
June
19111923July
1913July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100

Switz-

ermany
lands
land
19111913July
1914=100 1913=100 1914=100

Year or
month

103
102
100
99
97
89
80

161
163
166
162
150
136
119
120
124
118
120

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

119

118
118
118
118
119
119
120
120
120
121
123
123
123

1935—Dec.
1936—Jan
Feb
Mar.
April
May
June...
July..._
Aug.
Sept..._
Oct
Nov.
Dec..__

126

156
146
131
116
113
118
120
122

160
158
157
156
152
141
125
117
115
114
120

1937 Jan.
Feb

117
119
121
124
124
122

76
78
81
82
81
81
82
82
82

170
164
166
164
158
148
144
140
141
143
147

505
514
519
556
581
569
526
520
516
483
507

142
148
152
154
148
136
121
118
121
123
125

168
168
169
168
161
151
141
139
140
136
2 132

162
160
161
161
158
150
138
131
129
128
130

147
147
147
146
144
144
144
146
146
147
148
151
151

478

123
124
124
124
124
124
125
125
125
124
124
124
124

137

130
130
130
130
130
130
130
130
130
130
132
132
132

486
497
504
540

151
151

2 131
131
132
134
134
133

133

125
125

i From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of
month.
'Index recalculated as from March 1936. The fall of 6 points from December 1936 to March 1937 is composed of two factors: approximately
3.8 points are attributable to the new method of calculation, 2.2 points to genuine price movements.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Keichsamt; France—For retail food prices, Statistique Generale. and for cost of living, Commission d'e"tu des
relatives au cout de la vie k Paris; Netherlands—Bureau van Statistiek van Amsterdam; Switzerland—Office F6derale de l'industrie, des arts et matters
et du travail.

SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States

Year or month

(average
price)i

Common stocks (1926 average=100)

England

France

Germany

(December
1921=100)

(1913 averago=100)

(average
price)

France

Germany

Netherlands

329

278

300

85.5
81.4
83.3
2 83.4
2 67.1
82.5
90.7
95.3
95.8

100
104.3
104.1
94.8
105. 3
113.4
107.8
109.1

100. 0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0

100.0
123.2
178.1
217.6
187. 6
132. 2
105.2
99. 6
83.3
79.7
77.2

100.0
145.0
136.1
122. 8
100. 2
2 78.0
2 50.3
61.7
71.1
82.9
91.6

100
109.8
113.7
112.7
82.3
50.0
31.4
33.6
30.8
29.8
38.3

78.9
77.9
75.2
75.8
74.7
73.8
73.2
73.2
75.2
80.8
78.8
78.4

95.1
95.2
95.3
95.3
95.5
95.8
95.9
96.1
96.1
96.2
96. 3
96.4

109.1
106. 5
105. 5
105.5
103. 4
100. 2
106.0
108.5
109. 9
117.5
120. 0
120. 3

100.1
106.1
108.7
108.9
101.0
105. 6
109. 2
113.0
114.1
118. 7
124. 2
123.1

93.1
95.2
94.1
95.5
93.8
94.0
94.7
97.3
98.2
102.1
103.2
103.5

83.7
86.7
84.1
82.8
71.2
66.1
59.2
58.8
65.7
83.7
89.7
94.8

84.2
86.0
85.6
88.3
91.1
93.2
94.6
93.4
91.8
97.2
97.8
96.7

35.3
36.5
35.0
33.5
32.8
33.7
34.2
35.0
35.5
47.5
53.8
55.4

77.5
75. 1

96. 7
97.4

126. 4
129. 5

104.2
103.8

114.6
113.3

97.8
99.2

63.1

95.3
97.2
96.6
95.9
95. 5
96.2
97.1
97.7
98.6
99.6
99.8
99.9

130.1
131.0
130. 2
131. 5
131.1
130. 6
131.0
131. 6
132.1
132. 9
132.0
130.9
129.7
125. 5

1937—January
February

England

419

36
57.4
71.7
80.8
85.1
95.8
96. 9
88.6
81.3
82.1
83.5
76.3

1936—January
February
March
April
May
June
July
August
September... I
October
!
November... 1
December . . .

States

100.0
118. 3
149.9
190. 3
149. 8
94.7
48.6
63.0
72.4
78.3
111.1

87
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119. 7
127.5
129. 9
131.2

100.3
100.0

1926
1927
1928 . 1929
1930
1931
1932
1933
1934
. .
1935
1936.
..

United

8

60
97. 6
100.7
100. 8
98.0
99.3
90.9
69. 5
73.4
84. 5
88.6
97.5

N u m b e r of issues:-.

Netherlands :
(1929=100)

139

1

1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
2
Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
3 Index of reciprocals of average yields. Average yield in the base year 1929 was 4.57 percent.
Sources—Netherlands—Index of stock prices of the Centraal Bureau voor de Statistiek, published in the Maandschrift (monthly bulletin) of the
Bureau; original base 1921-25=100. Bond index is derived from the average yield of eight bonds calculated by the Netherlands Bank, also published in the Maandschrift. For other countries see BULLETIN for February 1932, p. 121, and June 1935, p. 394.




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman
JOSEPH A. BRODERICK
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. BETHHA, Assistant Secretary

S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman

GEORGE L. HARRISON, Vice Chairman
JOSEPH A. BRODERICK
CHESTER C. DAVIS
W M . A. DAY
W M . M C C . MARTIN
JOHN K. MCKEE
B. A. MCKINNEY
RONALD RANSOM
J O H N S. SINCLAIR
M. S. SZYMCZAK

FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 (NEW YORK)
District No. 3 (PHILADELPHIA)

.THOMAS M. STEELB.
. W. W. ALDRICH.
HOWARD A. LOEB,

V ice-President
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)

. L. B. WILLIAMS.

District No. 6 (ATLANTA)

. EDWARD BALL.

District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)

.WALTER W. SMITH,

. CHARLES M. GOHEN.
.EDWARD E. BROWN.

President.
District No. 9 (MINNEAPOLIS) . .

JOHN CROSBY.

CHESTER MORRILL, Secretary

District No. 10 (KANSAS CITY) . . W. T. KEMPER.

WALTER WYATT, General Counsel

District No. 11 (DALLAS)
. R. E. HARDING.
District No. 12 (SAN FRANCISCO) . . PAUL S. DICK.

J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist

W. RANDOLPH BURGESS, Manager of System Open
Market Account
374




WALTER LICHTENSTEIN, Secretary

SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of—

Chairman and Federal
Reserve Agent

President

First Vice President

Vice Presidents

Boston

F. H Curtiss .

R. A. Young _

W . W. Paddock

W . Willett.2

New York

Owen D. Young*

G. L. Harrison

Allan SDrouL

W . R. Burgess.
L. R. Rounds.
W. S. Logan.
J. H. Williams.
R. M. Gidney.
L. W. Knoke.
C. H. Coe.

Philadelphia

R. L. Austin___

__ J. S. Sinclair

C. A. Mcllhenny.'

F . J. Drinnen.

"W

E. C. Hill.

Cleveland

E. S. Burke, Jr

M. J. Fleming

___ F . J. Zurlinden..

H F. Strater.
W . H. Fletcher.
W . F. Taylor.*

Richmond

Robert Lassiter

Hugh Leach

J. S. Walden, Jr.

R. H. Broaddus.
J. G. Fry.
G. H. Keesee.2

Atlanta

W . H . Kettig 1

Oscar Newton

R. S. Parker..

H. F. Connifl.
L M. Clark.
W . S.McLarin, Jr.«

Chicago

R. E. Wood1

G. J. Schaller

H P. Preston

W . H. Snyder.s
C. S. Young.
J. H. Dillard.

St. Louis

W . T Nardin

0 . M. Attebery.

J. S. Wood.
J. G. McConkey.

Minneapolis

w

J. N. Peyton..

O S. Powell

Harrv Yaesrer.
H I. Ziemer.*
E W. Swanson.

Kansas City

J J. Thomas

G. H. Hamilton

O A. Worthington...

A M. McAdams.
J. W. Helm.*

Dallas

nn

B. A. McKinney

R R. Gilbert

R B. ColemanJ
W. J. Evans.

San Francisco _

A 0 Stewart.

W. A. Day

Ira Clerk.

S. G. Sargent.
W . M. Hale.
C E. Earhart.»

__ W. McC. Martin

B Geery

Walsh

* Deputy chairman.

»Cashier.

» Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch..
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch

Managing director

_ R. M. O'Hara.
B. J. Lazar.
G. H. Wagner
W. R. Milford
__ W. T. Clements.
P. L. T. Beavers.
G. S. Vardeman, Jr.
J. B. Fort, Jr.
Marcus Walker.
R. H. Buss.
A. F. Bailey.
J. T. Moore.
W. H. Glasgow.

Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha branch
_
Dallas:
El Paso branch
Houston branch..
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch..
Spokane branch

Managing director

R. E. Towle.
__ J. E. Olson.
C. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
___ M. Crump.
W. N. Ambrose.
R. B. West.
._ W. L. Partner.
C. R. Shaw.
D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
375




FEDERAL RESERVE DISTRICTS

MINNEAPOLIS^
S.DAK.

!

IOWA

CH1CAG
ILL.

KANSAS CITY
KANS.

OKLA.
Oklahoma City

" • BOUNDARIES OF FEDERAL RESERVE DISTRICTS
— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
• FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
LOUISVILLE, LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN
DESIGNATED CITIES RATHER THAN 20NE5 DETERMINED BY STATE. OR COUNTY LINES