Full text of Federal Reserve Bulletin : August 1937
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FEDERAL RESERVE
BULLETIN
AUGUST 1937
Recent Gold Movements
Analyses of the Banking Structure
French Financial Developments
**??!*»*
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON .
TABLE OF CONTENTS
PAGE
Review of the month—Recent gold movements—French financial developments
703-708
Analyses of the banking structure
709, 781-813
Treasury announcement regarding sale of gold to China and Brazils
710
National summary of business conditions
;__
-711-712
Summary of financial and business statistics
.
714
Law Department:
Rulings of the Board:
Savings deposits received during first five days of month
715
Purchase of called preferred stock by State member banks
715
Transfers of loans under Regulation U
715
Application of Regulation U to the purchase of debentures
,
716
Application of Regulation U to a loan to an investment trust to retire debentures
717
Amendment of Regulation U
__.
718
Earnings and expenses of Federal Reserve banks
719
French financial measures
:
720
Annual report of the Netherlands Bank
_
_._
721-730
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
732
Federal Reserve bank statistics ,
„.
-.
1.
- 733-737
Reserve position of member banks; deposits in larger and smaller centers
-- 738
Money in circulation
- 739
Gold stock and gold movements
740
All banks in the United States
1
.
-- 741
All member banks .._
.
_
742-743
Reporting member banks in leading cities
744-747
Bank suspensions; bank debits; Postal Savings System
...
748
Acceptances, commercial paper, and brokers' balances
._749
Federal Reserve bank discount rates
__.
750
Money rates and bond yields
__.
751
Security markets
.
_--- 752
r.
Treasury
finance
753
Governmental corporations and credit agencies
754-755
Production, employment, and trade
__
756 764
Wholesale prices
.
_
765
Crop report
766
International financial statistics:
Gold reserves of central banks and governments
768
Gold production
_.
__
769
Qold movements
_
.
._
769-770
Central banks
_
.
771-774
Bank for International Settlements
775
Commercial banks
_.
775-776
Discount rates of central banks
777
Money rates.
777
Foreign exchange rates
778
Price movements:
Wholesale prices
_
779
Retail food prices and cost of living _...__
__
_
_
780
Security prices
_
_
780
Federal Reserve directory:
Board of Governors and staff; Open market Committee and staff; Federal Advisory Council
816
Senior officers of Federal Reserve banks; managing directors of branches
_
817
II
FEDERAL RESERVE BULLETIN
VOL.
23
AUGUST, 1937
REVIEW OF THE MONTH
Movement of gold from Europe to the
United States, which had been in large volume
in the spring, declined sharply early in July
and then virtually ceased. The dollar price
of gold in London throughout the s rin had been such
P *
as to render gold shipments
to the United States unusually profitable; but
in July it rose to a point at which gold purchased in London no longer yielded a profit
when sold in New York, after deduction of
costs. Gold imports continued to arrive, however, from Canada and from Japan.
The Japanese Minister of Finance had announced early in March that $14,000,000 of
gold would be exported and that more would
be shipped if necessary. By the end of July
$130,000,000 of Japanese gold had been
shipped to this country. Late in July a plan
was announced for revaluing the gold reserves of the Bank of Japan on the basis of
a gold content for the yen about 13 percent
higher than the gold equivalent of the current
exchange rate. The proposed revaluation
will increase the Bank's gold reserves by
about 160 percent and will yield the Government a profit of about 800,000,000 yen
($250,000,000), of which it is reported that
some 200,000,000 yen will be utilized to repay
advances from the Bank of Japan, and the
remainder will be allocated to an exchange
stabilization fund.
Other important developments in relation
to gold were the revaluation of gold reserves
of the Bank of France and enlargement of
No. 8
the resources of the British Exchange Equalization Account, which are discussed later in
this review. During the month the United
States Treasury made arrangements to sell
up to $60,000,000 of gold to Brazil at such
times and in such amounts as the Brazilian
Government might request, and to sell gold
to China and purchase silver in order to assist the Chinese Government in maintaining
stability of the yuan. On July 20 the Treasury's inactive gold account showed a reduction of $42,000,000. This was the first reduction in this account since its establishment on
December 24, 1936. Prior to this decline the
gold held inactive by the Treasury amounted
to $1,213,000,000. Nearly two-thirds of this
was acquired through the heavy movement
of funds to the United States during the
spring.
This movement of funds was associated to
a considerable extent with dishoarding of
gold in London. It reflected the second wave
of dishoarding which has occurred in
hoards * ess t h a n a y ear * L a s t September,
on the eve of the new currency arrangement, it is estimated that from $1,500,000,000 to $2,000,000,000 of gold was hoarded
in Europe. Estimates of this character
necessarily have a wide margin of error.
Some of the basic information is shown in
the table on the next page.
While most of the data in the table are
officially reported, figures for gold reaching
the outside world from the U. S. S. R. represent, in the absence of Soviet figures, aggregates of net gold imports from the U. S. S. R.
703
704
FEDERAL RESERVE BULLETIN
A U G U S T 1937
reported by other countries. Somewhat sim- Netherlands, and Switzerland had been subilar methods have been employed for China, Fall dishoarding jected in connection with the
defense of their existing gold
Straits Settlements, and Egypt. Figures for movement
parities ended with major
the return of coin and scrap and for industrial consumption are based in part on reg- readjustments downward in the exchange
ularly reported statistics, in part upon scat- rates of these countries. At the same time
the Tripartite Declaration, indicating a comtered data and estimates.
The table starts with the year 1931, in mon policy of maintaining stability on the
which the international crisis developed and new exchange basis, subject to the requiregold hoarding on a large scale began. It in- ments of internal prosperity, was issued by
dicates that in the period 1931 through Sep- England, France, and the United States. Beltember 1936 gold to the amount of $3,450,- gium, the Netherlands, and Switzerland subsequently announced their adherence to this
000,000 went into unreported central holdings declaration. The new international currency
or into private hoards, mainly in Europe. The arrangement was followed by increased acamount of gold in stabilization funds and tivity in the capital markets of all the parother unreported holdings of governments ticipating countries. Stock prices in France,
and central banks in September can be known Switzerland, and the Netherlands rose at a
only within broad limits, but it is believed more rapid rate than in the United States, and
that the amount was in the neighborhood of in England there was a moderate advance.
$1,700,000,000. Of the $1,500,000,000 to $2- In conjunction with this expansion of stock000,000,000 accumulated in private holdings market activity capital flowed to the former
in Europe, perhaps two-thirds was in the gold-bloc countries as well as to the United
London market, much of it held by nationals States—much of it coming from gold and
of countries other than England.
other resources previously held idle in LonThe first substantial dishoarding movement don. During October and the first half of
occurred last fall. At the end of September November, while Europeans reduced their
• 1936 the series of crises to which France, the deposits in this country, they greatly inSOURCES AND U S E S OF GOLD, t JANUARY 1 9 3 1 TO J U N E 1 9 3 7
[In millions of dollars at $35 an ounce]
Total*
Sources of gold:
Mine output (excluding U.S.S.R.)
Receipts from:
Indian private holdings
U.S.S.R.
*.
China, Straits Settlements, and Egypt
Return of coin
Return of scrap
Oct.
1936
to
June
1937P
January 1931 to September 1936
Total
1936
(9 mos.)
1935
748
4,713
715
883
823
794
776
722
1,224
522
367
250
799
49
88
11
18
1
66
163
25
29
35
110
206
86
52
51
144
234
68
68
98
146
355
82
114
65
162
129
100
73
105
1,245
1,362
1,409
1,554
1,129
1,532
66
-19
76
964
87
500
132
1,598
57
1,051
633
-236
1,352
504
496
66
8,622
1,023
7,599
899
5,822
566
2,177
63
3,645
502
136
63
,
6,387
2,240
4,147
199
532'
78
610
Indicated increase in unreported official holdings and
private hoards in western countries
2,235
1,217
3,452
701
635
..
Reported uses of gold:
Increase in reported central gold reserves (excluding
U.S.S.R.)
Industrial consumption
Total
9 Preliminary.
1931
1933
5,460
1,176
373
355
250
733
Total
1934
149
12
AUGUST
705
FEDERAL RESERVE BULLETIN
1937
creased the rate of their investment in Amer- Meanwhile, however, a gold scare had ocican securities.
curred, accompanied by dishoarding and a
These developments indicate that the sub- heavy movement of European funds into
stantial dishoarding of gold which occurred American bank deposits. This movement
in the fall was in response to an increased was accelerated by a rise in sterling to levels
feeling of security in regard to currency re- which the market did not regard as permalationships and to a belief that investment nent, and a consequent increase in the disopportunities were exceptionally attractive. count on sterling for future delivery which
The dishoarding movement of this spring increased the inducement to move bank funds
was of quite a different character. It oc- to New York. At the greater forward discurred at a time of weakness or uncertainty count a better return could be realized by
in most of the leading stock London banks through placing funds in New
Spring dishoarding
markets of the world. Pro- York and buying future sterling back at a
movement
ceeds of the sales of disRETURN ON BRITISH SHORT-TERM FUNDS
hoarded gold, insofar as they came to the
EMPLOYED IN LONDON OR IN NEW YORK
United States, were apparently not invested,
1.50
but were largely held idle on deposit with
1.25
American banks. The movement was accompanied by rumors of impending reductions 1.00
in the American gold price, and at the close
u
A ...
of the movement the French franc, which .75 •VI
had suffered a sharp decline in April, under- .50
Ml V
IN
- rwent a more severe crisis, with the result
that the exchange basis determined upon last
fall was abandoned.
1
A
IN NEW YORK
(wcf IT r x w
In
|P
/
/
r I
.NOV.
1936
STERLING EXCHANGE IN NEW YORK
DAILY RATES
DOLLARS PEB POUND
DOLLARS PEft POUND
J
1/
11f
L
L
FCHW»*O
JON D O N
(TRC*(U
A
I
)
APR.
1937
The return in London represents the rate per annum earned on
three-months British Treasury bills on the basis of the Friday
tender; the return in New York is on a daily basis and represents
the profit (expressed as percent per annum) obtained when
sterling: funds are employed to purchase spot dollars, and simultaneously a contract is made to convert the dollars back into a
larger amount of sterling three months later. Such a profit is
possible only when forward sterling is at a discount. Minor incidental expenses or the possibility of obtaining interest in the New
York market have been disregarded. Most of the movement of
short-term funds into the United States this spring took the form
of deposits in American banks without interest.
discount than could be made by lending the
same funds in the London open market. This
(if
situation is shown in the second chart on this
page; the first chart shows the rise in sterling
in April, which was to a considerable extent
the result of the heavy American purchases
1937
1936
of gold in London. The rise in sterling was
This sequence of events began with a de- halted at the end of April, but dishoarding
cline in the American stock market in the continued and the gold flow to the United
middle of March. Foreign buying interest, States was sustained. Toward the end of the
which had receded to more moderate levels movement funds began to leave France in
since the first wave of dishoarding in the fall, large volume, and while most of these funds
disappeared altogether, and in April foreign- went in the first instance to London and
ers sold American securities on balance. other nearby centers, indirectly they con-
w
N
A
NOV.
if
APR-
706
FEDERAL RESERVE BULLETIN
tributed to the movement to the United
States.
From the end of March through the first
week of July $775,000,000 of gold was received from abroad and added to the Treasury's stock of inactive gold. During this
period the volume of gold produced or dishoarded abroad was of comparable magnitude. Since September 1936 more than
$1,000,000,000 of gold appears to have come
out of private holdings, leaving a remainder
probably considerably less than $1,000,000,000. As the dishoarding movement has been
chiefly concentrated in London, the amount
of hoarded gold still held in that market must
now be less than half a billion dollars.
Early in July the British authorities took
action to enlarge the resources of the Equali„ .
,
zation Fund. The capacity
AUGUST 1937
adoption of a new financial program. The
June crisis was the second of the year for
France, the first having come to a head early
in March as the result of a persistent outflow
of capital during the four preceding months.
The principal measures taken to meet the situation in March were removal of the restrictions on private dealings in gold imposed by
the law of October 1, 1936, creation of a new
administration for the Stabilization Fund,
flotation of a large loan with a foreign exchange guarantee, and an undertaking, in
view of improved economic conditions, to reduce Government expenditures. The details
of this program were made known on March
5. Subsequently there was a, considerable return flow of capital to France, and the franc,
which -had fallen from -about 4.65 to 4.50
cents, recovered a large part of its losses.
French exchange continued to rise until the
Slerhng exchange Q f ^
- ^ t() b u y g o M .f
need be was raised by £200,- end of the first week in April, when rumors
000,000 (about $1,000,000,000). This action of an impending reduction in the American
was proposed to Parliament in the midst of price for gold led to a speculative demand for
the French crisis in the latter part of June dollars in foreign markets. The franc, in comwhen French funds were moving in large mon with other leading currencies, was subvolume to London. After the readjustment jected to pressure. But while the degree of
downward of the franc and the institution of decline in other currencies was narrowly renew budgetary measures, this movement of stricted, the franc suffered a severe descent.
funds was reversed. The backflow of French The speculative demand for dollars gradually
subsided following President Roosevelt's
money, however, did not depress sterling,
statement on April 9 that he knew of no
which, on the contrary, rose during the first plan to reduce the price of gold, but the franc
three weeks of July under the influence of never recovered from its decline. Continued
market forces, among them a transfer of application of the social reform measures enJapanese funds from New York to London. acted in 1936, labor difficulties and demands
The rise of sterling to new high levels served by labor for additional social reforms, the
to maintain the unusual discount on forward persistence of a heavy import surplus, and
sterling, and this in turn continued to exert rumors regarding the position of the Treasan influence against the return of' British ury, served to create nervousness regarding
funds from New York to London.
the political outlook and the economic situaIn France the outflow of capital during tion- Disappointing tax receipts for April,
the second quarter of the year resulted in a reported at the end of May, further contrib_ , „
financial
crisis. Depletion of uted to the uneasiness of the markets. DurFrench financial rn
,
,
-.
,.
ing the first half of June, while the Governdevelopments
Treasury cash and exhaustion ment was preparing its financial program,
of the gold resources of the capital left France in large amounts. By the
French Stabilization Fund in June were fol- middle of June the gold resources of the Stalowed by a change of Government and the
AUGUST 1937
FEDERAL RESERVE BULLETIN
707
bilization Fund were exhausted. While of- 29 the Treasury's cash resources amounted
ficial support had served to maintain a fairly- to only 20,000,000 francs, and obligations at
steady rate of exchange for spot francs, the the end of June were met by exceptional
prevailing uncertainty was reflected in the means.
appearance of unusually wide discounts on The first measure taken by the Governfrancs for future delivery.
ment under the new powers was a decree,
At this juncture the Cabinet decided to re- dated June 30 to take effect July 1, removing
quest authority to take financial measures by the limits to exchange movements of the franc
decree rather than to submit detailed legisla- laid down in the law of October 1,1936. The
tion to Parliament. Following two refusals October law abolished the former gold conby the Senate to grant the authority in the tent of the franc and authorized the Governform requested the Cabinet resigned on June ment to fix the gold content, by decree, at
21 and a new Cabinet was formed by Camille not more than about 75 percent nor less than
Chautemps. Former Premier Blum was made about 66 percent of its previous amount.
Vice-Premier and Finance Minister Auriol, Pending such a decree the Stabilization Fund
who became Minister of Justice, was replaced established by the law was required to mainby Georges Bonnet, at that time Ambassador tain the gold value of the franc within the
of France to the United States.
above limits, which worked out, in terms of
No definitive action was taken by the new dollars, at 4.96 and 4.35 cents respectively.
Government until June 29, following the re- The decree of June 30 removing these limits
turn of Finance Minister Bonnet from the is published on a later page of this issue of
United States. On that day the stock and the BULLETIN. The same decree approves a
commodity exchanges were closed, postpone- convention providing that the Bank of France
ment of commercial obligations expressed in shall make additional temporary advances to
gold or foreign exchange was authorized, and the Treasury without interest for a maxithe Government's program was presented. mum amount of 15,000,000,000 francs. On
On June 30 Parliament voted to authorize the July 1 the franc was quoted in this market
Government until August 31, 1937, to take at 3.84 cents, a decline of approximately 14
by decree "any measures tending to insure the percent from the June level and of about 2
repression of attacks on the credit of the percent from the pre-depression parity of
State, the prevention of speculation, economic 3.92 cents.
recovery, control of prices, equilibrium of the
Assurance that the Tripartite Agreement
budget and of the Treasury, and the defense,
of
September 25,1936, would remain in effect
without exchange control, of the reserves of
between
France, England, and the United
the Bank of France." On July 1 the stock
market was reopened and the privilege of States was contained in communications on
postponing commercial payments was can- July 1 between the Treasuries of the three
celled. The commodity markets were not re- countries. Secretary Morgenthau addressed
the following message to the French Minister
opened until July 6.
In explaining the necessity for the grant of Finance, and a similar message was sent
of decree powers to the Government the by the British authorities:
Finance Minister revealed that gold losses by "Now that the French Ministry of Finance has
the Bank of France and the Stabilization been given the powers which it sought to meet the
situation, I look forward to a continuation of
Fund between June 1 and 28 had amounted present
close cooperation between our Treasuries under the
to nearly 7,800,000,000 francs, or approxi- Tripartite Declaration.
I express to you the sincere hope that France
mately $350,000,000. He also disclosed the will"May
soon emerge from the temporary difficulties with
difficult position of the Treasury. On June which she is now confronted?"
708
FEDERAL RESERVE BULLETIN
AUGUST 1937
Finance Minister Bonnet replied as fol- government securities in France yielded more
than 5 percent compared with about 2% perlows :
cent in the United States and less than S1^
"I wish to express my heartfelt thanks for the percent in England.
wishes you were kind enough to convey to me. The
French Government attaches the greatest value to
For the remainder of 1937 French Treasthe close collaboration which unites the two Treasury
requirements, as announced by Finance
uries. The energetic efforts we are now making to
achieve our financial rehabilitation will allow us to Minister Bonnet, will be in excess of 30,pursue fruitfully the policy of the Tripartite Declaration and to put an end to the difficulties with 000,000,000 francs. Advances from the Bank
which we have been confronted."
of France under the convention of June 30
will
cover 15,000,000,000 francs of this
Further monetary measures were taken in
amount.
Decrees dated July 8 increased tax
the latter part of July. Following the resigrates
on
incomes
of 20,000 francs or over by
nation of Governor Labeyrie of the Bank of
20
percent,
raised
other direct and indirect
France and his replacement by Pierre Fourtaxes
by
substantial
amounts, and made tax
nier, first Deputy Governor of the Bank, a
evasion
more
difficult.
It was estimated that
convention was concluded between the Treasury and the Bank of France providing for the these measures would yield between 3 and
second revaluation of the gold reserves of the 4,000,000,000 francs of additional revenue in
Bank since last September. Under a con- a half year. Increases in railroad fares and
vention approved by the law of October 1, freight rates were expected to reduce the
1936, the Bank's gold reserves had been re- amount of the railway deficit, for which the
valued at the rate of 49 milligrams of gold Treasury is responsible, by 1,000,000,000
0.900 fine per franc, the upper limit to the francs. Measures to reduce expenditures are
gold value of the franc set by that law. Un- in progress.
der the new convention the gold reserves are Anti-speculative measures include a decree,
to be revalued at the rate of 43 milligrams of promulgated July 2, which prohibits comgold 0.900 fine per franc, the lower limit set modity prices from being increased except as
by the law of October 1, although this limit officially approved for certain reasons such as
is no longer in effect. The resulting incre- the higher cost of imported products. Toment will amount to about 6,800,000,000 wards the end of June, according to official
francs and will be allocated to a fund estab- announcement, banks were instructed to curlished for the purpose of regulating the mar- tail their foreign exchange business, parket for government securities. Purchases of ticularly forward operations. A decree of
securities by this fund, in addition to their July 8 imposed a tax of 100 percent on the
direct effect upon security prices, will in- profits derived from speculative forward purcrease the available resources of the money chases of gold or foreign exchange negotiated
market and tend to ease credit conditions between June 10 and 30 and falling due after
generally. At the end of July both short June 28.
and long-term money rates in France were Following its initial decline French exsubstantially above those in other leading change rose moderately during the first two
centers. The discount rate of the Bank of weeks of July. In the third week, however, it
France was 5 percent, to which it was reduced
from 6 percent on July 7. The open-market broke sharply. At the end of July the franc
rate of discount in Paris was also about 5 per- was quoted at about 3.75 cents, which was
cent compared with rates of ^ percent or less somewhat above the low point reached, but
in New York, London, and Amsterdam. Most about 2 percent below the level at the beginning of the month.
AUGUST
1937
FEDERAL RESERVE BULLETIN
709
ANALYSES OF THE BANKING STRUCTURE
As a part of its function to keep the Board although some of them reported no demand
of Governors informed of developments deposits on December 31, 1935, numbered
within the fields of its responsibilities, the 14,935. Of these 5,386 were national, 998
Board's staff regularly pursues studies of State members of the Federal Reserve Sysproblems in finance, money, credit, and bank- tem, 7,641 insured nonmember, and 910 uning. It has been the Board's policy to make insured banks. Other institutions included
material of this kind available to the public in the total of 15,964 are 39 cash depositories,
through the FEDERAL RESERVE BULLETIN. 234 private banks, 82 Morris Plan and indusRecent issues have presented data on inter- trial banks, 567 mutual savings institutions,
national capital movements, interest rates 10 branches of foreign banks, 77 trust comcharged by banks, State laws relating to bank panies without deposits, 5 other financial inreserves, earnings and expenses of member stitutions without deposits, 1 deposit insurbanks, laws relating to branch banking, large ance national bank authorized to accept dedeposit accounts, and liquidity of banks. It posits, 1 State operated bank, and 13 trust
is the Board's purpose in the pursuance of companies (with some deposits) which do
this policy to publish such pertinent material not do a general banking business.
in more frequent sequence, and in the near The tabulations distribute the 14,935 sofuture it contemplates publication of factual called commercial banks by States and geomaterial on the following subjects among graphic divisions on the basis of the amount
others: Changes in the banking structure and of loans and investments, amount of deposits,
bank assets and liabilities over the past 15 ratio of demand to total deposits, ratio of
years, bank suspensions, bank profits, branch total capital account to total deposits, and acbanking, and group banking.
cording to the population of the city in which
In this issue of the BULLETIN tabulations located. Analyses are also presented of
given on pages 781-813 present a detailed banks not on the Federal Reserve par list
analysis by States of the banking structure and of banks with capital stock less than the
on December 31, 1935, accounting for 15,964 applicable minimum statutory requirements
banking institutions. Incorporated banks of for Federal Reserve membership or for the
deposit, generally referred to as commercial, establishment of national banks.
710
FEDERAL RESERVE BULLETIN
TREASURY ANNOUNCEMENTS REGARDING SALE
OF GOLD TO CHINA AND BRAZIL
July 9,1937.
The following joint statement is made by
the Secretary of the Treasury and the Minister of Finance of China:
"The monetary cooperation which resulted
from the conference of the Secretary of the
Treasury of the United States of America
with representatives of the Chinese Ministry
of Finance in May, 1936, has contributed to
the very successful functioning of the new
Chinese monetary system with benefits both
to the internal economy of China and to
American trade.
"We are now able to announce further
progress in monetary cooperation between
the two countries in pursuit of the understanding reached a year ago. At that time
the Secretary of the Treasury, in a public
statement, said:
" *I feel confident that the monetary program being
pursued by the National Government of China is not
only along sound lines, but constitutes an important
step toward the desired goal of stability of world
currencies.
" *To supplement their efforts toward that objective
and to cooperate with them in their program of
monetary reform and currency stabilization, and in
accordance with our silver purchase policy, we have
definitely indicated our willingness, under conditions
mutually acceptable, to make purchases from the
Central Bank of China of substantial amounts of
silver, and also to make available to the Central Bank
of China, under conditions which safeguard the interests of both countries, dollar exchange for currency
stabilization purposes.'
"At the same time, the Minister of Finance
of China in a public statement expressed the
firm belief that the new measures of monetary reform which were then being adopted by
the Chinese Government, and the arrangements made with the United States would insure the stability of the Chinese currency, and
this would inevitably lead to greater economic
improvement and prosperity of the Chinese
people.
"Arrangements have now been made
through which the Government of China will
purchase from the United States Treasury a
substantial amount of gold. To aid the Chinese Government thus to augment its gold
reserves, and in accordance with the terms of
the United States Silver Purchase Act of
1934, the United States Treasury will purchase an additional amount of silver from the
Chinese Government.
AUGUST 1937
"The United States Treasury will also
broaden the scope of the arrangements under
which the Central Bank of China has been
enabled, under conditions which safeguard
the interests of both countries, to obtain dollar exchange for currency stabilization purposes.
"Both the Secretary of the Treasury and
the Finance Minister of China are greatly
gratified by the beneficial results to both countries which have been the consequence of
their understanding reached last year, and
they are equally gratified to be able to announce further progress in their cooperation.
It is a source of satisfaction to them that the
program of monetary reforms and currency
stabilization in China has been carried out
with great success and has been accompanied
by* an increase of trade between China and
other nations, particularly the United States,
which occupies the first place in China's foreign trade.
"Because of his desire to express the appreciation of the Chinese Government and the
people of China, the Chinese Minister of
Finance came in person to the United States
to conduct the negotiations which have just
been concluded.
"The Secretary of the Treasury greatly appreciates having had this opportunity for personal contact with the Finance Minister of
China and of undertaking in conference with
him to further the welfare of both countries/'
July 16,1937.
The following joint statement is made by
the Secretary of the Treasury and the Minister of Finance of Brazil:
"The Secretary of the Treasury of the
United States of America and the Minister
of Finance of the United States of Brazil
are entering into an agreement under which:
"1. The United States undertakes to sell
gold to Brazil at such times and in such
amounts as the Brazilian Government may
request, up to a total of $60,000,000;
"2. The United States will make dollar exchange available to the Government of Brazil
or its fiscal agent, under conditions which
safeguard the interests of both countries, for
the purpose of promoting exchange equiibrium.
"The agreement is designed to promote the
development of conditions favorable to the
maintenance of monetary equilibrium be-
711
FEDERAL RESERVE BULLETIN
AUGUST 1937
tween the two countries and to facilitate the
establishment by the United States of Brazil
of a central reserve bank as a part of the
program of the Brazilian Government for
improving the financial structure of the
Nation to meet the needs of its expanding
economy.
"In recent years there has occurred a
notable improvement of the trade and financial position of Brazil. It is a matter of
gratification both to the Secretary of the
Treasury and the Finance Minister that
this favorable development of the Brazilian
economy makes feasible at this time this
important step.
"Both the Secretary of the Treasury and
the Minister of Finance are pleased to have
had this opportunity to extend the field of
cooperation between their countries and, in
accordance with their conversations, the Secretary of the Treasury stands ready to supply such technical assistance as Brazil may
care to avail itself of in connection with the
organization of the new bank."
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 26 and released for publication July 28]
Activity in most manufacturing industries
and at mines continued in June at the May
level, with allowance for seasonal influences,
but the total output was decreased by labor
difficulties in steel mills* In July, production
at these mills increased*
Production and employment.—Volume of
industrial output, as measured by the Board's
seasonally adjusted index, was 115 percent
of the 1923-1925 average in June as compared
with 118 percent maintained in the preceding
three months. The decrease was largely accounted for by the decline in steel produc1NDUSTR1AL PRODUCTION
120
Q
F. W. Dodge Corporation. There was a
marked rise in contracts for public projects,
and awards for private building increased
somewhat, reflecting chiefly a larger volume
of contracts for factories and for apartments.
Factory employment and payrolls declined
more than seasonally from the middle of May
to' the middle of June, largely as a result of
strikes in the iron and steel industry. In
most other manufacturing industries and also
in non-manufacturing lines changes in employment were chiefly of a seasonal nature.
Agriculture.—The July 1 cotton report of
the Department of Agriculture showed an
acreage of 34,192,000, which is larger than in
any year since 1933, but considerably smaller
than the average of 41,424,000 acres for the
five years 1928-1932. Reports on other major
crops indicate larger production than last
season and about equal to the average for
1928-1932.
Distribution.—Distribution of commodities
to consumers was maintained in June at the
DEPARTMENT STORE SALES
PER CENT
250
50
1929
1930
1932
1933
1934
1935
1936
1937
200
Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.
-.
44 !^4r V
tion. Automobile production declined seasonally and lumber output showed little
change. There was considerable reduction
T
in activity at shoe factories and at sugar
refineries, while textile production was close
to the level of other recent months. At
mines output continued in about the same
1929 1930 1931
1932
1933
1934 1935 1936
1937
volume as in May.
Indexes of value of sales, 1923-1925 average = 100.
Value of construction contracts awarded,
which had declined in May, increased con- level of other recent months, with allowance
siderably in June, according to figures of the for seasonal influences. Department store
is ted for st tasonal variation
With wtseasont I adjustment
I
712
FEDERAL RESERVE BULLETIN
sales showed a seasonal decline and there was
little change in mail-order business. Sales
at variety stores increased somewhat. Department store trade in the mid-western industrial area in June and in the first half of
the year showed larger increases over a year
ago than did sales in other parts of the
country.
Freight-car loadings declined somewhat
further in June, reflecting largely a decrease
in shipments of miscellaneous freight.
Wholesale commodity prices.—The general
level of wholesale commodity prices, which
had declined gradually from the beginning of
April to the middle of June, advanced someWHOLESALE PRICES
member banks increased from $810,000,000
to $870,000,000, owing principally to a decline in the amount of required reserves resulting from a decrease in deposits at member
banks in leading cities.
Commercial* loans of reporting member
banks continued to increase both in New
York City and in other leading cities during
the five weeks ending July 21. There was a
substantial decline in adjusted demand deposits, mostly at New York City banks. This
decline corresponded to decreases in holdings
of United States Government obligations, following increases at the time of new Treasury
note issues at the middle of June, and in holdMEMBER BANK CREDIT
PERCENT
PERCENT
AUGUST 193
120
120
BILUONS DF DOLLARS
no
110
16
too
100
IS
BILLIONS OF DOLLARS
24
23
d He
AdjU5te&— - J * » "
"
14
22
21
' V
20
13
90
90
12
Obligation
11
80
ao
70
to
5
4
60
60
3
Balances of
pnnks in 11 S
6
50
1929
1930
1931
1932
1933
1934
1935
1936
1937
2
1
0
11
/
Time Deposits
J>
Totol Loons
Other Sroinfies^
^ ^
10
J*/*\
^ ?
/ ^ ^ ^
S
-—^
U.SG0VI Deposit*
1936
'34
1955
1936
1937
Index compiled by United States Bureau of Labor Statistics,
1926 = 100. By months, 1929 to 1931; by weeks, January 2,
Wednesday
figures
for
reporting:
member
banks
in 101 leading
1932, to July 17, 1937.
citiea, September 5, 1934, to July 21, 1937. Loans on real estate,
loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown separately.
what after that time. Prices of hogs and
pork rose considerably and grain prices advanced during most of the period. Steel
scrap prices increased sharply and prices of
tin, zinc, and hides also advanced, while cotton goods and rubber continued downward.
In the past week prices for grains declined
and cotton prices also moved lower.
Bank credit.—In the four-week period ending July 21 the volume of excess reserves of
ings of other securities. Loans to brokers
and dealers in securities, which increased in
June, declined during the first three weeks of
July.
Money rates.—Open-market rates on Treasury bills and yields on Treasury notes and
bonds declined in July to the lowest levels
since March.
713
FEDERAL RESERVE BULLETIN
AUGUST 1937
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
13
13
/
12
12
11
11
_
10
^
10
GOLD STOCK/
9
8
8
1
II
II
MO MEY IN CIRCU LATION
J
l\
1 \
* —^^^-^
"w
4
4
-\. J [ R E A S l RY CASH
3
!
:
2
/
RESERVE BANK
(DREDIT
2
1
1
1
1
TKbASUKY ULHObllb
•••••»•••••
0
.»••••••••*••
1932
1934
1933
1935
1936
1937
1936
1937
MEMBER BANK
RESERVE BALANCES
::-.-::-EXCESS RESERVES
%• REQUIRED RESERVES
rjf^
1932
3
1933
_ _ +Mm+a.MmS
***********
1934
* ffff
**
**
Jf
1935
Latest figures for July 21, 1937. See table on page 732.
714
FEDERAL RESERVE BULLETIN
AUGUST 1937
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
Annual averages
1937
June
May
Apr.
Jane
2,578
15
5
2,526
12,189
2,548
6,435
— 3,322
131
549
—
6,878
876
2,577
16
5
2,526
11,901
2,546
6,426
3,069
85
511
2,522 2,478
10
6
4
3
2,480 2,430
11,686 10,514
2,541 2,492
6,397 6,062
2,863 2,579
159
793
506
567
6,932 6,824
927 1,552
5,484
2,593
8,355 8,320 8,447 9,202
1,160 1,163 1,181 1,303
3,118 3,195 3,253 3,333
5,332 5,350 5,340 4,389
338
315
346
387
1,761 1,790 .1,967 2,290
15,300 15,420 15,283 14,563
5,233 5,194 5,145 5,037
5,028 5,138 5,544 5,503
20
25
3
3
2,476
5
4
2,430
10,324
2,495
5,918
2,574
559
606
5,638
2,800
8,877
1,286
3,314
4,577
378
2,283
14,371
5,051
5,477
__
1.00
1.00
.65
2.67
3.33
1.00
1.00
.70
2.74
3.42
560
359
200
418
269
149
261
150
111
165
78
87
272
152
121
172
85
87
734
218
516
528
152
376
420
112
308
305
38
267
114
116
125
106
101
87
89
85
86
86
87
90
84
86
87
88
92
86
79
78
80
79
84
79
75
78
79
80
.75
1.00
.23
2.50
3.24
.75
.93
.18
2.50
3.27
87
1929
2,480 2,481
6
6
5
4
2,430 2,430
10,202 10, 578
2,503 2,503
5,892 6,101
2,540 2,474
845
446
608
551
5,300
2,510
5,989
2,512
2,475i
7*
5
2,431
9,059
2,478
5,585
2,791
1
128
507
2,502
36
25
2,432
7,512
2,381
5,403
2,798
81
438
2,429
283
83
2,052
4,059
2,271
5,576
288
55
497
2,077
521
71
1,461
3,952
2,096
5,328
236
39
407
1,459
952
241
208
3,996
2,015
4,476
207
22
406
5,001
2,469
3,676
1,564
2,343 2,114
528
256
2,358
43
8,767 9,080 7,989 6,856
•325
928
1,273 1,250
3,344 3,272 3,053 '3,000
4,180 4,799 4,024 2,875
370
383
326
271
2,262 2,358 2,112 1,688
13,982 14,619 12,729
(*)
4,971 4,999 4,883 4,937
5,484 6,810 4,938 3,814
5
6
8
22.599
•2,208
•5,448
9,231
5,228
4,413
2,865
3,121
1,822
240
1,322
(*)
4,946
2,822
115
3,245
1,673
2,847
1,725
248
1,142
(2)
6,788
2,787
674
1.72
1.16
.52
3.31
4.49
2.73
2.05
.88
3.65
5.01
5.85
7.61
214
1,250
&
&
2,772
228
.75
.75
.10
2.51
3.29
.75
.91
.14
2.47
3.24
.76
.56
.14
2.70
3.60
1.02
1.00
.26
3.10
4.00
3.60
4.73
986
176
810
658
128
530
392
121
270
189
34
155
180
116
64
41
15
26
89
60
29
32
13
18
146
100
46
54
27
27
959
841
118
781
667
115
111
78
72
63
49
190
81
81
82
80
82
80
79
84
78
80
75
65
71
78
74
66
51
61
71
66
65
48
61
70
68
95
105
100
92
105
64
67
63
71
28
13
40
66
46
55
69
119
119
115
117
87
142
105
109
107
111
140
121
134
110
437
367
518
164
354
382
99
282
86
109
80
77
80
79
80
Index numbers, adjusted for seasonal variation, t9S$-£5=100
P103
78
93
118
118
116
56
44
fi6
102
105
80
93
118
118
115
53
44
61
102
105
84
93
104
105
100
52
36
65
90
81
73
87
101
101
102
46
32
57
90
81
72
87
101
100
106
47
30
60
89
79
71
84
105
105
104
55
37
70
92
82
75
88
90
90
91
37
21
50
86
71
64
79
79
78
86
32
12
48
83
63
62
75
76
75
82
25
11
37
72
49
58
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
P2Q5
290
285
p Preliminary.
. • Partly estimated.
* Includes loans on securities to banks, 1929-1934.
* Figures not available.
* Includes time deposits of banks, domestic and foreign, 1929-1934.
* Do not include time deposits 1929-1934.
1932
Index numbers
BUSINESS INDEXES
Exports, including re-exports..
General imports
1933
Amounts per month: in millions of dollars
PRICES
Industrial production
Manufactures
Minerals
Construction—total
Residential
Allother
Factory employment
Factory payrolls (unadjusted).
Freight-car loadings
Department store sales
1934
Averages of weekly figures; percent per annum
1.00
1.00
.58
2.64
3.28
CAPITAL ISSUES
Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
,
Foods
Other commodities
-,
Retail food prices (1923-25=100)
1935
22,330 22,201 22,280 22,373 21,832 21,745 22,064 19,997 18,672 17,505 19,080
618
1,393 1,326 1,276 1,312 1,185 1,223 1,181
991
981
777
2,006 2,028 2,046 2,096 2,078 2,077 2,055 2,131 2,545 3,157 4,226
6,298 6,169 6,077 5,127 5,092 5,061 5,226 4,907 4,965 6,222 6,578
MONET RATES AND BOND YIELDS
All issues—total
New
Refunding
Domestic corporate issues—total
New
Refunding
1936
Averages of Wednesday figures; in millions of dollars
REPORTING MEMBER BANES
Total loans and investments
Loans to brokers and dealers in securities 1
Loans on securities to others (except banks)
All other loans
*
—
U. S. Government obligations:
Direct
Fully guaranteed
Other securities
Reserve with Federal Reserve banks
Cash in vault
Balances with domestic banks
Demand deposits—adjusted
Time deposits (excluding interbank)*
Deposits of domestic banks*
Borrowings
_
-
Commercial paper
Stock exchange call loans
—U. S. Treasury bills
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa)
Apr.
Averages of daily figures; in millions of dollars
RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND BELATED 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
May
269
287
186
191
201
192
193
203
205
202
190
171
178
138
AUGUST
1937
FEDERAL RESERVE BULLETIN
715
LAW DEPARTMENT
Savings deposits received during first five days of
month.
1. ESSENTIALS OF THE TRANSFER OF A
IOAN.—The first question presented in connection with this provision was whether a
bank should be regarded as accepting the
transfer of a loan if it makes a loan to a customer to enable him to reduce or retire existing indebtedness at another bank or to replace
funds which the borrower has used to reduce
or retire indebtedness at another, bank.
A transaction such as that described should
not be considered to be the accepting of the
transfer of a loan pursuant to section 3 (e).
The provisions of section 3 (e) apply only to
a loan which is transferred by the process of
payment by the transferee bank to the transferor bank against the receipt of the proper
collateral, and a transaction such as that described above does not come within the provisions of the section.
The Board's Regulation Q provides in section 3(d) that "A member bank may pay
interest on a savings deposit received during
the first five days of any calendar month at
the applicable maximum rate prescribed pursuant to the provisions of subsection (a) of
this section calculated from the first day of
such calendar month until such deposit is
withdrawn or ceases to constitute a savings
deposit under the provisions of this regulation, whichever shall first occur/* The Board
has taken the position that where the fifth
day of any calendar month is a Sunday or a
full holiday, a savings deposit received on
the next business day after the fifth day of
the month may be deemed to have been received during the first five days of the month
AND COLLATERAL TO
within the meaning of this provision of the 2. THE INDEBTEDNESS
BE TRANSFERRED.1—Questions also were
regulation.
raised as to the indebtedness and the collatPurchase of called preferred stock by State member eral to be transferred. In general, two different types of cases were presented in this conbanks.
one relating to indebtedness incurred
Under the provisions of section 5136 of nection,
on
or
after
May 1, 1936, and the other to inthe United States Revised Statutes and sec- debtedness incurred
prior to that date. Since
tion 9 of the Federal Reserve Act, State mem- no question was presented as to the requireber banks of the Federal Reserve System are ments that might affect the transferor bank,
not permitted to purchase stock for their the two types of cases were considered only
own account. An inquiry was received by with respect to the requirements that affect
the Board as to whether a State member the transferee bank.
bank may purchase called preferred stock in Loans made on or after May 1,1936.—The
view of these provisions of the law and, after first type of case involved indebtedness that
considering the matter in the light of the was for the purpose of purchasing or carrydecisions of the courts on similar questions, ing stocks registered on a national securities
the Board expressed the view that preferred exchange, that was not excepted from the
stock which has been called for redemption regulation, and that was incurred on or after
or retirement must still be considered as May 1, 1936. Although the transferor bank
stock within the meaning of the statute and, may have treated certain portions of this indebtedness as separate loans for certain purtherefore, may not be purchased by a State poses,
the agreement between the customer
member bank for its own account.
and the bank was such that all the collateral
for any of the described indebtedness secured
all such indebtedness.
Transfers of loans under Regulation U.
In this connection, it is to be noted that the
The Board has recently considered a num- second
paragraph of section 1 of Regulation
ber of questions regarding the transfer of U provides:
loans pursuant to section 3(e) of Regulation
* * * the entire indebtedness of any borrower to
U which provides in part as follows:
any bank incurred on or after May 1, 1936, for the
A bank may accept the transfer of a loan from another bank, or permit the transfer of a loan between
borrowers, without following the requirements of this
regulation as to the making of a loan, provided the
loan is not increased and the collateral for the loan is
not changed; * * *
i In view of Amendment No. 3 of Regulation U which eliminates
the distinction between loans made on or after May 1, 1936, and
loans made before that date, that portion of part 2 of this ruling
which relates to loans made before May 1, 1936, will no longer
be applicable after September 1, 1937, the effective date of Amendment No. 3. On and after this effective date, transfers of all loans
should be treated as if the loan had been made after May 1, 1936.
716
FEDERAL RESERVE BULLETIN
purpose of purchasing or carrying stocks registered
on a national securities exchange shall be considered
a single loan; and all the collateral securing such indebtedness shall be considered in determining whether
or, not the loan complies with this regulation.
AUGUST 1937
lateral which has been treated as having loan
value for the purposes of the loan and as not
having loan value for other purposes, should
be considered as a unit, and they should be
so considered without regard to a customers'
agreement under which collateral for one
loan secures another.
Accordingly, if the entire amount of such
an old loan thus identified is to be accepted
by the transferee bank pursuant to section
3(e), it should be accompanied by all the
collateral which, as indicated above, has been
treated as having loan value for the purposes
of the loan and as not having loan value for
other purposes. Similarly, if a portion of
such a loan is to be accepted by the transferee
bank pursuant to section 3(e), it should be
accompanied by a corresponding portion of
the collateral so that the collateral will not be
changed, i.e., the ratio of the part of the
indebtedness transferred to the part of the
collateral transferred is the same, as that of
the indebtedness originally treated as a single
loan to the collateral treated as having loan
value only for the purposes of such loan.
In view of this provision, it is evident that
the regulation contemplates that, in certain
connections, the aggregate of the described
indebtedness and all the collateral that secures
the indebtedness should be considered a unit,
regardless of whether or not the transferor
bank may have treated a portion of such indebtedness as a separate loan and assigned
particular collateral to that portion. It is
clear that it would be permissible under section 3 (e) for a transferee bank to accept the
transfer of the aggregate of such indebtedness accompanied by the aggregate collateral,
but there was presented the additional question of whether it is permissible under section
3 (e) to accept the transfer of a portion of this
aggregate indebtedness accompanied by a
proportionate part of the aggregate collateral.
If a portion of the aggregate, indebtedness
is transferred to a bank and the transferred
portion is accompanied by a corresponding 3. DETERMINATION OF FACTS REGARDING
portion of the collateral so that the ratio of TRANSFER OF LOAN.—A question was also
the part of the indebtedness transferred to presented as to the method which a transferee
the part of the collateral transferred is the bank may use to determine whether or not the
same as that of the aggregate indebtedness conditions necessary for the transfer.of a loan
to the aggregate collateral, it may properly pursuant to section 3 (e) are being followed.
be considered that "the collateral for the loan Specifically, the question was raised whether
is not changed" and the transferee bank may the transferee bank may rely upon a signed
in accordance with section 3 (e) of the regula- statement of the borrower or the transferor
tion accept such a transfer "without follow- bank which it accepts in good faith to deing the requirements of this regulation as to termine these facts.
the making of a loan".
Board pointed out that, as in the case
Loans made before May 1, 1936.—The of The
a
number
other facts that are relevant
other type of case involved indebtedness that to operations of
under
the regulation, no specific
was for the purposes of purchasing or carry- method of determining
facts is reing registered stocks, that was not excepted quired. The requirementthese
is
that
the bank
from the regulation, but that was incurred act diligently and in entire good faith,
and
prior to May 1, 1936.
in
doing
this
it
may
utilize
various
methods
It will be noted that the provision of section 1 of the regulation quoted above with for ascertaining the facts in particular cases.
respect to the treatment of aggregate in- As one method of determining the facts in
debtedness and aggregate collateral as a unit connection with the transfer of a loan, a
does not apply to indebtedness incurred prior transferee bank acting in good faith would
to May 1, 1936. In the case of such an old be justified in relying upon a signed stateloan, therefore, identification of the loan and ment of the borrower or the transferor bank.
the collateral therefor, all or part of which
are to be transferred, should be made on the Application of Regulation U to the purchase of debasis of the practice which the transferor bentures*
bank and the borrower have consistently t The Board recently considered the quesfollowed in good faith in dealing with the tion whether the purchase of certain debenloan. Any indebtedness which has been tures by a national bank is subject to the
treated as constituting a single loan, and col- Board's Regulation U, which relates to loans
AUGUST 1937
FEDERAL RESERVE BULLETIN
717
by banks for the purpose of purchasing or corporate investment trust on stocks to encarrying stocks registered on a national se- able the investment trust to retire certain
debenture bonds issued by it prior to the encurities exchange.
It appeared that the debentures in question actment of the Securities Exchange Act of
were issued for the purpose of obtaining 1934. It was understood that the debentures
funds to acquire certain stocks which were were originally issued to obtain funds for
registered on a national securities exchange.- the usual operations of the investment trust
These stocks were pledged with a trustee that which consist very largely of purchasing and
was to maintain the collateral for the deben- carrying listed stocks.
Since the loan was to retire the debentures
tures at a certain level, calling debentures for
redemption and liquidating collateral as of the investment trust, it appeared not to
be for the purpose of purchasing stocks regismight be necessary for this purpose.
It seemed clear that the purpose of the tered on a national securities exchange and,
issue of debentures was to purchase or carry therefore, the question was whether the loan
stocks registered on a national securities ex- was for the purpose of carrying such stocks.
change, but it was noted that Regulation U It appeared from the nature of the loan
is expressed almost entirely in terms of that it was one for the purpose of carrying
"loans" instead of using the somewhat registered stocks unless some provision of
broader term of "extend credit" which ap- the regulation removed it from that category.
pears in the provisions of section 7 of the In this connection section 3 (b) of the regulaSecurities Exchange Act of 1934 under which tion provides:
the regulation is issued. This, of course, No loan, however it may be secured, need be treated
would not prevent the scope of the regulation as a loan for the purpose of "carrying" a stock regison a national securities exchange unless the purfrom being broadened in this respect if such tered
pose of the loan is to enable the borrower to reduce or
a change should appear to be advisable.
retire indebtedness which was originally incurred to
The information in the inquiry was not purchase such a stock, or, if he be a broker or dealer,
entirely clear as to the status of the deben- to carry such stocks for customers.
tures ; but it was the view of the Board that, It will be seen that section 3(b) was inif the debentures complied with the require- tended to exempt from the regulation loans
ments of section 5136 of the Revised Statutes which might otherwise be considered to be
and the regulations of the Comptroller of the for the purpose of "carrying" registered
Currency issued thereunder with respect to
the purchase of investment securities, the stocks merely because they happen to be
purchase of the debentures, whether directly secured by such stocks. This was to afford
from the issuer or from some other source, banks more certainty in their operations
would not be subject to the present pro- under, the regulation.
It was the view of the Board that the devisions of .Regulation U since the regulation
is at present expressed in terms of loans. If bentures in question constituted indebtedness
the debentures were securities that failed to within the meaning of section 3(b) and that
meet these requirements, the inability of the the purpose of the loan must be considered
national bank to purchase the debentures to be the retirement of these debentures
would have prevented any question from aris- rather than merely their purchase. It also
ing in the present case as to the application was felt that in connection with matters of
this kind the present status of the stocks
of Regulation XL
The Board further stated that, if the facts should be considered and that, therefore,
are such that the debentures should not be since the stocks in question had become regisconsidered to be securities and thus would tered after the passage of the Act, the denot be subject to section 5136, they should, bentures should be considered to be indebtedof course, be treated as loans. The facts ness originally incurred for the purchase of
stated in the inquiry seemed to indicate that, registered stocks within the meaning of sec*
if the debentures should be treated as loans tion 3(b). Furthermore, the reference in
they would be loans subject to Regulation U the section to brokers and dealers indicates
Application of Regulation U to a loan to an investment that the section was not intended to exempt
loans which are closely connected with tradtrust to retire debentures.
ing in registered stocks and emphasizes the
The Board has considered a question as to fact
that loans of the type under considerawhether Regulation U applies to a loan to a
718
FEDERAL RESERVE BULLETIN
tion do not come within the general purposes
of the exemption contained in the section.
In view of these facts, the Board expressed
the opinion that the loan in question was subject to the provisions of Regulation U.
Amendment of Regulation U
Regulation U, which relates to loans by
banks for the purpose of purchasing or carrying stocks registered on a national securities
exchange, was recently amended by the
Board, effective September 1, 1937. This
amendment, which is designated as Amendment No. 3 of Regulation U, is as follows:
Regulation U, as amended, is hereby further
amended in the following respects:
1. Section 1 of said regulation is amended by inserting the words "o? at any previous time," in the
second paragraph of said section after the words
"incurred on or after May 1, 1936,"; and by substituting the words "While a bank maintains any
such loan, whenever made, the" for the words "After
any such loan has been made, a" in the third paragraph of said section'; so that said section 1 as thus
amended will read as follows:
"SECTION 1 . GENERAL RULE
On and after May 1,1936, no bank shall make
any loan secured directly or indirectly by any
stock for the purpose of purchasing or carrying
any stock registered on a national securities exchange in an amount exceeding the maximum
loan value of the collateral, as prescribed from
time to time for stocks in the supplement to this
regulation and as determined by the bank in
good faith for any collateral other than stocks.
For the purpose of this regulation, the entire
indebtedness of any borrower to any bank incurred on or after May 1, 1936, or at any previous time, for the purpose of purchasing or
carrying stocks registered on a national securities exchange shall be considered a single loan;
and all the collateral securing such indebtedness
shall be considered in determining whether or
not the loan complies with this regulation.
While a bank maintains any such loan, whenever made, the bank shall not at any time permit
withdrawals or substitutions of collateral that
would cause the maximum loan value of the
AUGUST
1937
collateral at such time to be less than the amount
of the loan. In case such maximum loan value
has become less than the amount of the loan, a
bank shall not permit withdrawals or substitutions that would increase the deficiency; but the
amount of the loan may be increased if there is
provided additional collateral having maximum
loan value at least equal to the amount of the
increase."
2. Section 2 of said regulation is amended by substituting the word "may" for the word "thereafter"
in the unlettered portion of said section so that the
unlettered portion of said section as thus amended
will read as follows:
"SECTION
2 . EXCEPTIONS TO GENERAL
RULE
Notwithstanding the foregoing, a bank may
make and may maintain any loan for the purpose
specified above, without regard to the limitations
prescribed above, if the loan comes within any of
the following descriptions:"
In general, the effect of this amendment is
to eliminate the distinction between loans
made on and after May 1, 1936, and loans
made prior to that date so that, on and after
the effective date of the amendment, withdrawals and substitutions of collateral for
loans made before May 1, 1936, will be subject to the provisions of the regulation to the
same extent as if the loans had been made
after that date. In view of this amendment,
the explanatory foreword accompanying Regulation U has been changed to read as follows:
EXPLANATORY FOREWORD
(Not a part of the regulation)
This regulation is issued pursuant to the provisions
of section 7 of the Securities Exchange Act of 1934.
The regulation does not restrict the right of a bank
to extend credit, whether on securities or otherwise,
for any commercial, agricultural, or industrial purpose, or for any other purpose except the purchasing
or carrying of stocks registered on a national securities exchange.
The regulation does not prevent a bank from taking
for any loan collateral in addition to that required
by the regulation, nor does it require a bank to reduce
any loan, to obtain additional collateral for any outstanding loan, or to call any outstanding loan because
of insufficient collateral.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING THE SIX-MONTH PERIOD ENDED
JUNE 30, 1937
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San Francisco
CURRENT EARNINGS
Discounted bills
Purchased bills
U. S. Government securities
Industrial advances
_
Commitments to make industrial advances
Allother
Total currents earnings
$77, 908
16,056
18,627,456
591,341
106,592
339,253
$7,613
1,033
1,352,209
68t 512
9,630
2,156
$33,017
5,888
5,173,956
139,104
39,969
42,289
$11,762
1,527
1,534,036
121,603
957
8,958
$1,822
1,414
1,862,943
25,956
6,467
34,873
$2,665
570
1,001,690
65,302
10,415
12,063
$6,622
511
830,766
8,987
781
11,093
$2,792
1,824
2,084,018
29,357
98
91,360
854,563
8,965
7,197
8,973
$1,201
310"
629,733
21,782
349
4,060
$1,831 $3,396
416
416
942,472 732,060
19,086 37,003
1,342
2,037
75,946
5,702
$3,065
1,703
1,629,111
45,684
27,350
41,780
19,758,606
1,441,153
6,434,223
1,678,843
1,933,475
1,092,605
858,759
2,209,449
882,264
657,435 1,041,093 780,614
1,748,693
CURRENT EXPENSES
Operating expenses:
Salaries:
Officers
Employees
_
Retirement System contributions for current
service
Legal fees
Directors' fees and expenses
_
Federal Advisory Council fees and expenses..
Traveling expenses (other than directors and
members of Federal Advisory Council)
Postage and expressage.Telephone and telegraph ,
Printing, stationery and supplies
Insurance on currency and security shipments
Other insurance
i
Taxes on bank premises
Depreciation on bank building
Light, heat, power, and water
Repairs and alterations to bank building
Rent
-Furniture and equipment
Allother
Total operating expenses
Less reimbursements for certain fiscal agency
and other expenses
Net operating expenses
Assessment for expenses of Board of Governors._.
Federal Reserve currency:
Original cost
,
Cost of redemption
Total current expenses.
Current net earnings.
Dividends paid
1,15Q, 528
8,114,334
58,875
549,673
270,582
2,144,257
58,913
649,457
97,738
725,841
75,250
470,284
78,719
416,170
121,225
947,501
86,374
440,669
53,310
271,999
439,676
26,507
66,276
8,663
27,606
1,623
3,095
750
114,847
802
4,639,
454
37,702
2,796
4,205
575
26,742
20,129
1,186
5,966
493
51,354
29
3,216
706
25,344
3,237
437
6,787
675
16,663
4,551
6,136
565
28,585
5,352
13,039
850
143,584
1,588,575
277,168
388,227
140,896
121,193
702,666
602,072
191,415
64,634
90,579
96,316
275,519
8,506
173,338
12,869
37,370
19,963
7,643
73,143
27,916
11,796
1,747
120
8,277
14,536
29,725
265,181
55,621
79,344
27,667
14,606
206,519
101,064
37,070
10,997
11,503
141,821
.26,404
28,433
15,091
8,857
65, 538
78,385
21,308
4,166
42,057
805
26,742
11,539
127,186
17,707
21,445
9,962
7,994
34,137
54,617
11,898
3,250
14,719
3,807
14,827
7,842
116,903
27, 675
25,336
9,066
9,157
28,548
21,307
9,216
1,002
2,255
4,841
19,869
12,955
177,457
17,839
38,090
15,091
10,446
92,431
62,003
20,896
8,858
3,093
7,837
32, 595
10,956
72,781
20,318
20,653
3,020
11,581
26,642
24,447
11,571
7,239
1,540
13, 641
20, 585
10,989
57,605
10.249
16, 656
4,213
9,982
33,467
14,073
8,708
3,424
46
2,638
12,877
5,334
101,738
23,075
23,039
4,719
12,248
43,471
70,045
16,916
6,015
24,429
33, 572
33,941
486
4,12£
550
13,182
151,968
17,399
37,580
15,234
9,388
34,884
63,266
19,035
5,675
660
14,418
33,787
14,494,828
1,038,846
3,421,376
1,163,849
1,339,967
909,028
805,580
1,623,622
804,723
538,151
908,523 660,820
2,053,582
105,614
359,191
113,309
133,043
139,645
267,354
286,706
195,760
78,467
113,914 137,493
123,086
3,062,185
1,050,540
1,206,924
769,383
538,226
1,336,916
794,609 523,327
1,157,257
17,391
5,504
459,684
=
17,974
15,390
2,808
841,109 577,955 1,287,123
—
—
199,984 202,659
461,570
119,725 115,707
304,194
12,441,246
279,458
76,089
71, 245
33,110
27,084
653,043
99,349
52,648
7,260
206,304
21,192
34,746
8,704
51,803
6,948
28,091
6,112
23,627
8,757
108,893
14,870
13,967,003
1,049,343
3,569,139
1,170,079
597,694
1,550,373
654,716
495,856
5,791, 603
3, 904,404
391,810
281,271
261,065
129,546
659,076
377,402
227,548
114,134
161, 579
87,306
773, 365
1,865,084
1, 538,033
508,764
367,066
1, 336,920
696,555
385,051
255,909
144,969
82,316 65,900
450,130 352,045
4,148
17,503
18,798
4,540
4,269
758
6,635
75,026
18,650
19,603
4,234
8,210
16,162
33,371.
8,990
4,582
. 765
4,545
13,737
107,326
37,965
5,142
7,561
1,850
14,4*8
127,571
29,462
40,678
12,646
11,081
47,724
51, 578
14,011
7,679
25,424
7,030
34,889
1,280,343
22,185
22,748
54,717
21,045
3,270
27,505
4,375
65,600
9,549
720
FEDERAL RESERVE BULLETIN
AUGUST 1937
FRENCH FINANCIAL MEASURES
At the end of June and during July a num- October 1, 1936,1 are superseded by the following
ber of measures were taken in France with provisions:
Article 2. The new gold content of the franc, the
a view to improving the financial situation French
monetary unit, shall be fixed ultimately by a
and promoting economic recovery. The law decree adopted by the Council of Ministers.
of June 30, 1937, which granted the Govern- The provisions regarding convertibility into gold
Bank of France notes shall likewise be fixed by a
ment wide powers to take action by decree, of
adopted by the Council of Ministers.
and a decree of the same date modifying the decree
Article 3, paragraph 1. Until issuance of the first
monetary law of October 1,-1936, and approv- decree mentioned in the preceding article, a stabilizaing an agreement by the Bank of France to tion fund shall regulate the relationships between
franc and foreign currencies.
extend additional non-interest-bearing ad- theART.
convention between the Minister of
vances to the Treasury, are given in transla- Finance2.aridThe
the Governor of the Bank of France,
tion below. Other measures are briefly dis- concluded June 30, 1937, is approved and its text is
cussed on pages 706-708 of this issue of the attached to the present decree.
ART. 3. The decree of June 28, 1937, providing
for suspension of payment of commercial bills and
LAW GRANTING THE GOVERNMENT POWERS WITH A other commercial obligations denominated in gold or
foreign currencies, is ratified.
VIEW TO INSURING FINANCIAL RECOVERY
ART. 4. The present decree shall be submitted to
The Senate and the Chamber of Deputies have the Chambers for ratification in conformity with
adopted,
the provisions of the law of June 30, 1937.,
The President of the Republic promulgates the
Done at Paris, June 30, 1937.
following law:
ALBERT LEBRUN.
SOLE ARTICLE. Until August 31,1937, the GovernBy the President of the Republic:
ment is authorized to take, by decrees deliberated in
The Minister of Finance,
Council of Ministers, any measures tending to insure
the repression of attacks upon the credit of the State,
GEORGES BONNET.
the prevention of speculation, economic recovery,
control of prices, equilibrium of the budget and of CONVENTION BETWEEN THE MINISTER OF FINANCE AND
the Treasury, and the defense, without exchange conTHE GOVERNOR OF THE BANK OF FRANCE
trol, of the reserves of the Bank of France.
Between the undersigned, M. Georges Bonnet,
These decrees shall be submitted to the Chambers
for ratification within three months from the pro- deputy, Minister of Finance, acting on behalf of the
.
mulgation of the present law, or, in any case, at State,
And M. E. Labeyrie, Governor of the Bank of
the first meeting of the extraordinary session of 1937.
The present law, deliberated and adopted by the France, duly authorized by decision of the general
Senate and the Chamber of Deputies, shall be exe- council of the Bank of France, under date of June
30, 1937,
cuted as law of the State.
It has been agreed as follows:
Done at Paris, June 30, 1937.
ARTICLE 1. Notwithstanding
article 8 of the conALBERT LEBRUN.
vention of June 23,1928,2 the Bank of France underBy the President of the Republic:
takes to grant to the State, at the request of the
The President of the Council,
Minister of Finance, and in addition to the advances
provided 3for in article 3 of the convention of June
CAMILLE CHAUTEMPS.
18, 1936, new temporary advances in a maximum
The Minister of Finance,
amount of 15,000,000,000 francs.
GEORGES BONNET.
ART. 2. These advances shall be subject to the
provisions set forth in the convention of June 18,
MODIFICATION OF THE MONETARY LAW OF OCTOBER 1, 1936, in so far as advances mentioned in article 3
1936, AND APPROVAL OF A CONVENTION WITH THE of the said convention are concerned.
ART. 3. The present convention is exempt from
. BANK OF FRANCE
stamp and registration taxes.
The President of the French Republic,
Executed in duplicate at Paris, June 30, 1937.
By virtue of the law of June 30, 1937, granting the
Read and approved:
Government powers with a view to insuring financial
GEORGES BONNET.
recovery*;
Read and approved:
On the report of the Minister of Finance;
E. LABEYRIE.
The Council of Ministers concurring,
Decrees:
1
See
BULLETIN
for November 1936, pp. 878-880.
ARTICLE 1. The provisions of article 2 and of the
2
first paragraph of article 3 of the monetary law of 3 See BULLETIN for August 1928, pp. 571-574.
BULLETIN.
See BULLETIN for July 1936, p. 636.
AUGUST 1937
FEDERAL RESERVE BULLETIN
721
ANNUAL REPORT OF THE NETHERLANDS BANK
The annual report of the Netherlands Bank as well as through the action of other factors
for the year ending March 31,1937, was pre- enumerated above.
sented to .the general meeting of shareholders There can be little doubt, therefore, that
on June 1, 1937, by Mr. L. J. A. Trip, Gover- developments in the past few months involve
nor of the Bank.1 Sections of the report are the danger of inflation. The * authorities
should exercise great caution and be ready
given herewith:
In the world's economic andfinancialhis- to act promptly to keep the balance from
tory the year 1936 will be recorded as a sig- shifting. These dangers were pointed out in
nificant period. Many influences were at last year's report. Meanwhile they have bework, and the resulting changes throw a come more imminent and of greater imporsharper light on the course which world tance than could be expected at that time.
Gold production.—The following data (in
affairs will follow in the near future.
International developments.—Taken as a round figures) show the rapid growth in gold
whole, the world has freed itself from pres- production:
sure exerted by the depression of 1929 and
Output in
Year
fine ounces
the years following, with their disastrous con1930
20,722,000
sequences in economic and financial spheres.
1931
22,371,000
An added advantage of the new situation is
1932
24,306,000
1933
25,503,000
that it has helped to diminish, if not com1934
27,630,000
pletely to dispel, the depression psychology.
1935
30,991,000
On the other hand, existing conditions are
1936
35,254,000 ^
still far from healthy and are full of dangers
During a period of six years, the annual
for the future. This is the result of artificial
and unsound measures to which all countries production of gold rose by 70 percent in
resorted during the depression and which actual amount. Expressed in terms of money
the increase, as a result of depreciation of
continue to exert their influence.
Another major cause of rising prices and various currencies, was considerably greater.
of increased employment of labor and capital The output for 1930 was worth about 430,is the great expansion of armaments. This 000,000 U. S. A. dollars of the weight and finedevelopment gives no encouragement for the ness of that time, while production for 1936
future for it reflects the unsatisfactory state represented a value of 1,234,000,000 presentof international political relations, and shows day dollars, an increase of more than 187
that mankind has reverted to the dangerous percent. Under present conditions, morementality of pre-war days. Re-armament, over, nearly all new gold is added to monemoreover, has no lasting beneficial effect; it tary reserves, whereas before the depression
does not produce new sources of income but more than 40 percent was used each year for
only leads to a further and drastic rise of the non-monetary purposes, including the demand
already inflated level of public expenditure. from the Far East. Increasing quantities of
The consequences to national budgets in the gold are also being sold out of the private
countries, concerned will be serious, and ulti- hoards built up in previous years and go to
mately the taxpayers will have to bear the swell monetary reserves.
added burden.
VALUE OF MONETARY GOLD STOCKS ACCORDING TO
Finally, one should take account of changes
OFFICIAL PUBLICATIONS
in the price level resulting from the rapid
End of
increase in gold production. Such an inEnd of 1929 '
Country
March 1937
crease, to judge from past experience, as a
rule exerts its influence only gradually. In United States
$3,900,000,000 11,574,000,000
I...
£146,100,000
Britain
:
313,662,000
present circumstances, however, the increase Great
Francs 41,668,000,000 57,359,000,000
France
may well have more rapid and more power- Belgium
5,876,000,000 18,256,000,000
447,000,000
Switzerland...
:
2,718,000,000
ful effects because of world-wide currency Netherlands
- — Guilders 595,000,000
921,000,000
depreciation and the expansion of gold stocks,
1
The report, available in Dutch and English, contains in addition sections dealing with international economic, finance, and,
monetary developments, the money market, etc., together with a
number of tables. For earlier reports, see BULLETIN for July
1936, 1934, 1933, September 1932, August 1931, etc.
A complete record of the gold stocks in
each country cannot be given, because figures
for the various Exchange Equalization Funds
722
FEDERAL RESERVE BULLETIN
are not published. From figures published
in a few important countries, however, we
have the preceding table. Values are based
on the parities given in the official publications,
i
\
Dangers of over-expansion of credit; remedial measures.—The figures given above indicate the extent to which the basis of potential
lending has been widened. The dangers inherent in such an expansion are generally
admitted. A study might well be made of
further possible means of counteracting these
dangers, in addition to indirect governmental
measures, such as enlarging quotas, reducing
subsidies to home industries and agriculture,
reducing armament and public works, and
balancing the budget. First and foremost, a
farsighted policy on the part of leaders in
industry, trade and banking is of fundamental importance. Above all, no expansion of
productive capacity requiring substantial
new investments should be made except
where there is an assured and permanent
increase in demand from actual consumers.
Problems of this character facing managers
of industrial concerns and bankers are ex->
tremely complex, but past experience of
heavy losses caused by over-investment justifies the hope that the necessary caution will
be observed. *
Second, central banks should be guided by
developments in the international situation
in shaping -their credit policies. The London
Conference of 1933 recommended that central banks should adapt their credit policy,
so far as the business position in their own
country would permit, towards the correction of undesirable changes in the development of business activity; and that any expansion of business which obviously could
not be permanent in character should be a
reason for a policy of credit restriction on the
part of central banks.
This recommendation, however wise and
desirable, can be followed only when the central bank is a lender in such* volume that it
can influence the market by contracting
credit. Where the central bank cannot do
this, because the inflow of gold has created
such an abundance of funds that the bank's
discounts and advances have declined to a
negligible amount, the policy recommended
will have little or no effect. This is the case
at present in a number of countries. Some
Governments have therefore adopted a policy
of sterilizing newly imported gold by paying
AUGUST 1937
for it, partly or entirely, with funds not newly
created by the central bank but withdrawn
from the money market through sales of
Treasury bills, so that a further easing of
the money market is prevented. Along this
line, the Equalization Funds having Treasury
bills available for the purchase of gold and
foreign exchange have rendered good service. This method, however, has its limitations both as to duration and extent, because it involves the expense of interest payments on the Treasury bills, whereas the
assets purchased with the proceeds of the
bills consist almost entirely of gold and therefore yield no return.
Three other measures for the same purpose
should be mentioned.*
The first is to put gold coins into circulation
again on a large scale. Advocates of this
measure admit that it is out of the question
so long as the principal currencies have not
been brought into a fixed and permanent relation to gold. Once this condition is fulfilled,
distrust of the stable value of currencies will
disappear; in which case, as experience has
shown, bank notes are preferred to gold coins
for ordinary use. The crucial point, however,
lies in the fact that to put gold coins into circulation will have no influence in checking
the production of gold, which will be maintained at its present excessively high level.
On the other hand, gold put into circulation
is taken out of the reserves of central banks,
or at least does not augment those reserves.
Hence, the maximum of bank notes and deposits which can be issued by central banks
against gold reserves will be less than if gold
were not put into circulation. Against this it
can be said that the creation of fiduciary
money in excess of the sums expended on purchases of gold depends on the policy of the
central bank and can be restricted without
putting gold coins into circulation, while gold
once put into circulation is no longer available for its main purpose, namely, to serve
as an international means of payment.
In contrast to the measure just described,
the two others would, if adopted, affect the
output of gold. The first of these two measures would be to reduce the price—as expressed in national currency—which central
banks and Equalization Funds would pay for
gold. This would mean at least a partial reversal of the policy of devaluation and depreciation, which has been followed since September 1931. Gold mining would become less
AUGUST
1937
FEDERAL RESERVE BULLETIN
723
profitable and the policy of working low grade regard to the production of gold. In the inores might have to be abandoned. In any terest of the producers themselves as well as
case, the quantity of money made available of the whole world, it is highly desirable that
through purchases of gold would be kept at the annual output of gold be so regulated as
to insure a harmonious and healthy growth
a lower level.
On the other hand, before it would be pos- of trade and general production throughout
sible to lower the price of gold without caus- the world.
ing new disturbances in the foreign ex- It should not be inferred from what has
changes, agreement between the principal been said, however, that'gold exerts an unPowers as to the extent of the reduction to favorable influence on world economic and
be effected would have to be reached. As con- financial conditions and that it should thereditions vary widely from country to country, fore cease to be the basis of the international
and the effects of a uniform reduction in the monetary system. Apart from the undenigold price would probably be vastly different able fact that conditions prevailing at present
in various countries, it is unlikely that such are mainly the result of currency tinkering
an agreement could be reached. Apart from in various countries, it must be remembered
these considerations, however, I wish to em- that the experience of the recent past has
phasize the dangerous and objectionable con- once more proved that gold is an indispensable
sequences which the measure would entail. instrument for making international payPractically, it would result in making the gold ments. Especially in times like the present,
price the permanent regulator of economic when nationalism is rampant, and the isolaand financial developments. For, as soon as tion of several countries is particularly proa slump became apparent or finanical difficul- nounced, such an instrument is more than
ties manifested themselves, an irresistible ever necessary. It is as such an instrument
pressure would be brought to bear on the that gold renders its most excellent services.
authorities to alter the gold price once more, Conditions in the Netherlands.—During the
and this time to raise it. A continuous and past year a considerable measure of recovery
highly undesirable state of uncertainty would took place in the Netherlands. Even prior to
thereby be created, leading to arbitrary ac- September 26, 1936, the date on which the
gold standard was suspended, a gradual imtions and difficult situations.
It seems to me more desirable to try to provement was in process. The value of both
control the output of gold directly through imports and exports rose, and the volume of
international cooperation. This idea was advo- exports expanded. Activity increased in
cated by Professor R. A. Lehfeldt of Johann- some important branches of industry. Shipesburg in 1926, a year before his death. It ping companies experienced a larger demand
lies outside the scope of this report to discuss for their tonnage. Adjustment of the Dutch
the proposals contained in Professor Leh- level of costs and prices to that of other counmade progress. Even without currency
feldt's book, but I believe his idea to be based tries
depreciation,
these developments would unon a true understanding of the problem and doubtedly have
occurred and would have
well worth further consideration. The output gathered
force;
they were brought about
of gold is no doubt a factor which in the long chiefly by expansion
of production throughrun powerfully affects the world's economic out
the
world,
a
growing
demand for goods,
and financial well-being. History supports rising prices, and higher freight
Imthis contention. In present circumstances proved business conditions in the rates.
Netherland
the yearly output of gold is chiefly deterwhich is an important producer of
mined—apart from the effects of the exhaus- Indies,
raw
materials
for export, would in any case
tion of old or the discovery of new mines— have afforded substantial
support to the ecoby the general price level. A steep fall in nomic position of the Netherlands.
It is idle
commodity prices will be followed by an in- to speculate on how much progress might
have
crease in gold production, whereas a decline been made, and whether the nation's interests
in gold production is to be expected only after would not ultimately have been better served,
a sharp rise in commodity prices. It follows if our country had been able to maintain legal
that the remedial action will set in only after gold parity. The link between the guilder and
the evil has manifested itself in the form of gold had to be severed, and the general trend
violent and harmful price fluctuations. If of affairs since September 26, 1936, has been
planning is called for anywhere, it is with
724
FEDERAL RESERVE BULLETIN
favorable. What share each of the contributing factors has had in accelerating recovery
is impossible to determine and is of minor
importance. The main point is that Holland
has been able to shake off her depression
psychology and, without serious disturbance,
to improve her international trade relations
This is the result in large measure of the admirably calm attitude of the public, both at
home and in the colonies, as well as of international cooperation in stabilizing exchange
rates. The attitude of the public enabled
monetary measures and price regulations to
have their full effect. Both at home and
abroad, confidence in the economic and financial future of the Netherlands was considerably strengthened. That such was the case—
although the ratio of guilder depreciation remained substantially smaller than that of
other currencies—is undoubtedly to a great
extent the result of the policy of adaptation
followed in previous years.
Trade figures reflect a favorable trend.
The value of imports and exports by quarters
since the beginning of 1936 shows the following proportionate changes as compared with
the corresponding periods of the preceding
year:
AUGUST
1937
other countries during the same period, as
shown in the following table:
Percent
United States.
"Great Britain.
France
Belgium
Switzerland
2.8
2.1
9.6
5.2
5.0
The Government's efforts to prevent or
mitigate an increase in the cost of living have
had excellent results; they will be among the
most important factors determining the
country's future. It is imperative, particularly for the Netherlands, that an upward
trend in the cost of living, so far as it results
from depreciation of the guilder, should be
opposed to the utmost. The best means to
this end will be the gradual removal of measures which have thus far kept the Dutch price
level above that in other countries which, in
this respect, are comparable with the Netherlands. A consistent use of such, means, to
whatever extent may be necessary to achieve
the main purpose, is called for even though
the agricultural relief fund or budgets of
public bodies should suffer as a result. Moreover, it holds good in cases where the State
and other public bodies are concerned that
the execution of a good policy may require
Imports Exports
them to take a loss.
The restoration, both at home and abroad,
Percent Percent
1936, first quarter...
- 2.1 of confidence in the future of economic condi+ 3.0
1936, second quarter.
- 1.9
+ 2.2
1936, third quarter,.
+ 6.6
+11.5 tions in the Netherlands and the Netherland
1936, fourth quarter,
+21.3
+28.0 Indies led to a large scale repatriation of
1937, first quarter....
+44.6
+68.1
capital invested abroad, and to an influx of
foreign capital seeking investment in Dutch
In general, industries producing for world and Indian securities. As a result, easier
markets improved their position and in- conditions came to prevail in the money and
creased their earning capacity. In some cases capital markets, and the rate of interest for
there is even a shortage of skilled labor. both short- and long-term loans declined apShipping is employed at full capacity; ship- preciably. Private as well as public borrowyards are well supplied with orders. Wheil, ers benefited greatly by the fall in interest
in addition, one considers the sharp advance rates, which enabled them to improve their
in prices of the Netherland Indies' export financial position by consolidating outstandproducts and in the demand.for them, with a ing debts or by converting such debts into
consequent increase of purchasing power both loans at lower interest. In the last month
in the Netherland Indies and in the Nether- of the financial year the rapid progress of
lands, it is clear that a fundamental change conversion operations was interrupted. This,,
in conditions has taken place.
however, seems to me rather the result of tooIn these circumstances it must be con- rapid a succession of conversion loans than,
sidered a great advantage that the trend of of a change in the trend of interest rates.
living costs, thus far at least, constitutes no The weaknesses of the Netherlands ecothreat to what has been accomplished. From nomic structure, in my opinion, are unemSeptember 1936 up to March 1937 the cost ployment, which is still widespread, and the*
of living rose by only 1.7 percent. This con- state of the public finances. As to the first
trasts favorably with the changes in some point, it seems probable that a considerable
AUGUST 1937
FEDERAL RESERVE BULLETIN
number of persons will continue to be unemployed in spite of the anticipated further increase of employment. On March 31,1937, the
number of unemployed persons had declined
by 25,681 as compared with last year; yet on
that date there were still as many as 403,365
unemployed person registered at the labor
exchanges. The Government has taken an
important step in setting up an inquiry into
the causes and actual significance of this
more permanent unemployment. The results
of this investigation will form the basis of
corrective measures.
In regard to public finance, it is enough to
recall the Government's statement that various measures taken to diminish temporary
deficits are of an emergency nature and cannot be regarded as sound budgetary practice.
This applies both to the Government and to
a number of municipalities. This restoration of budgets really balanced on a sound
basis is an aim that will undoubtedly meet
with general approval, especially now that
our country is unable to avoid increasing expenditure on armaments, while the debts of
the State and local authorities show a considerable rise over the past few years. The
consolidated debt of the Kingdom, together
with the balance of outstanding short-term
obligations, rose from 2,489,491,000 guilders
on December 31,1931, to 3,176,882,000 guilders on December 31, 1936; an increase of
687,391,000 guilders, or more than 27 percent
in five years' time. The consolidated debt
and the balance of short-term liabilities over
cash of all the municipalities rose from
2,252,523,000 guilders on January 1, 1930,
to 2,695,552,000 guilders on January 1, 1936,
an increase of 443,029,000 guilders, or 20
percent in six years. The increase in these
debts was a result of the world crisis, but it
must not be overlooked that in too many
cases new debts were created for unproductive purposes. It is urgently necessary,
therefore, to resume the financial policy of
the period 1925-1931, which brought about
a reduction of 577,961,000 guilders in the
consolidated Government debt, and to follow
the same course with regard to the debts of
local authorities.
It has been asked whether Holland, as a
result of the recent heavy growth of her
monetary gold reserves and the resulting
liquidity of the money market, is in danger
-of overexpansion and therefore of an unsound inflationary development. In a dis-
725
cussion of this problem it is well to bear in
mind that a little country like our own, so
greatly dependent on international trade,
will never be able to escape the influence of
powerful international factors. From this
it follows that the real desideratum is to
avoid serious disturbances and to prevent
any undesirable consequences of conditions
created or measures taken within the country
itself, so far as they are unrelated to international developments. From this point of
view there would seem to be little danger of
inflation. This opinion is confirmed by the
fact that the Netherlands has undertaken no
such experiments as might cause unforeseen
and considerable fluctuations. The economic
revival was comparatively late in getting
under way and its progress at first was
gradual. The depreciation of the guilder as
compared with that of pther currencies remained within narrow limits. The business
community, although weakened by the depression, is fundamentally sound. The banking system is strong and has been distinguished by wise management, which is a
safeguard against a dangerous and unwarranted expansion of credit. The Government
has in readiness numerous measures such as
lowering or discontinuing subventions, easing or abolishing quotas, and lightening other
burdens which, directly or indirectly, have
an unfavorable effect on the cost of living.
Furthermore, reorganization of expenditures
for public works and unemployment relief
and reform of the public budgets, are sure
to have a powerful influence for good.
My conclusion would be, therefore, that the
economic and financial prospects of the Netherlands are favorable, and that no fear of
excesses and over-expansion need be entertained if the country's affairs continue to be
conducted in a spirit of wise foresight.
The Netherlands Bank.—For the Netherlands Bank the past year was a period of
great significance. Without doubt, the suspension of the gold standard was the outstanding event, and had important consequences in respect of the Central Bank's
tasks and responsibilities. The decision of
the French Government on September 25,
1936, to reduce the gold value of the franc
and thus to withdraw from the gold bloc,
placed the two remaining countries, Switzerland and the Netherlands, in a most difficult
position which had to be dealt with immediately.^ The Netherlands took the view that,
726
FEDERAL RESERVE BULLETIN
AUGUST
1937
since developments in France had caused the to yield. It was plain that serious inconFrench franc to lose much of its former in- veniences would follow for trade and indusfluence upon the currencies of the other two try in the form of dear money, and for the
countries, and since the international price Government when it came to issue short-term
level was showing a strong upward trend Treasury bills or to renew those outstanding;
as a result of increasing industrial activity, while the Netherlands Bank would have to
the two countries acting together might be come in with help on a large scale in order
successful in continuing their policy of main- not only to enable the Treasury to meet its
taining their gold parity. At first there were obligations, but also to preserve the necesgood reasons to expect that Switzerland sary liquidity of the banking system by rewould take the same view. When, however, discounting and making advances against
Switzerland decided on September 26, 1936, eligible securities. On the other hand, there
to follow the French example, Holland, as was no assurance that, if these injurious conthe only country in the world still holding sequences were accepted, the desired object
to the pre-war gold parity of its currency, would be achieved, and that the tension might
had to consider what policy to follow in these not become so strong as to make it necessary
circumstances. The result of its delibera- in the end to abandon the effort. Finally,
tions was set forth in the following statement when one considers that if the necessity bepublished by the Government on September came a fact conditions would have become
27, 1936:
much more unfavorable, and many people
After the Netherlands Government, following the would in the meantime have had an opporannouncement of monetary measures in France, had tunity to enrich themselves at the expense
proclaimed its intention to maintain its monetary of the general welfare and of their less privipolicy without change, the decision taken by the leged fellow-citizens, it is beyond question
Swiss Government has compelled the Netherlands that the Government's decision was justified
Government to reconsider its attitude.
Now that the Netherlands has become the only and was made necessary by the facts in the
country in the world to maintain intact the gold case.
parity of its currency, and consequently will experiThe Royal decree of September 26, 1936,
ence to the fullest extent the pressure on her exchange and her gold stocks, it is no longer possible No. 52, prohibiting the export of gold was
made effective by the act of the 30th of the
to continue the present monetary policy.
In order to prevent Holland from being forced to same month (Staatsblad No. 101). A second
abandon the gold standard after an unjustifiable de- act of the same date (Staatsblad No. 403)
crease of the gold stock of the Netherlands Bank,
the Government, in complete agreement with the established the Exchange Equalization Fund,
views of the Netherlands Bank, has decided to pro- and suspended the obligation of the Netherhibit as from September 27 the export of gold, except lands Bank to redeem its notes in gold. The
as covered by an authentic certificate of the Nether- texts of both acts are given in annexes to the
lands Bank.
The Stock Exchange will be closed on Monday, Sep- report. Measures passed promptly by the
tember 28, and Tuesday, September 29. Further Legislature outlined the new monetary recommunications regarding the intentions of the gime under which the Netherlands would
Government will be published on Monday, Septem- function for some time to come. In addition,
ber 28.
the Government explicitly stated that the
It is clear from this statement that the relation between the Netherlands and the
Government and the Bank were in complete Netherland East Indian currencies would be
agreement as to the course to be taken. In maintained, and that no change of the existfact, the Bank considered it necessary to ing parity would be effected, the currencies
point out that the Government would be wise being allowed, of course, to fluctuate in relato reserve to itself full freedom of action tion to one another within the same narrow
and no longer to hold itself bound by inter- limits as formerly.
national rules which, in their original form, As a result of these measures the Netherwere observed nowhere else in the world. lands Bank was tacitly released from the obAs to the further development of monetary ligation which it had assumed in its staterelationships nothing could be predicted. So ment of 1903 and which had previously been
much only was certain, that it would be real- suspended from July 31, 1914, until April
ized at home and abroad that the Nether- 29, 1925. The statement reads as follows:
lands, as the last surviving member of the The Bank undertakes vis-a-vis the Government to
gold bloc, would sooner or later be compelled maintain and continue the gold policy hitherto pur-
AUGUST 1937
FEDERAL RESERVE BULLETIN
sued by the Bank, by continuing to keep its gold stock
available for export, as far as lies within its power,
on the basis of 1,653.44 guilders per kilogramme fine
for bullion, and at corresponding prices for gold
specie, whenever the foreign exchanges rise above
gold parity.
The task of regulating exchange rates
through the purchase and sale of gold and
foreign exchange has now been turned over
to the Exchange Equalization Fund. This
Fund, which has at its disposal Treasury bills
in an amount of 300,000,000 guilders, is
managed by the Netherlands Bank in accordance with regulations laid down by the
Minister of Finance, and under his supervision.
No decision has as yet been taken in regard to the new gold parity of the guilder.
The authorities have reserved to themselves
full freedom of action on this point This
does not mean, however, that the guilder has
been abandoned to its fate. In the interest
of industry and trade, the Equalization Fund
was created to prevent or at least to mitigate
the undesirable effects of capital movements
or speculative operations. It is not surprising that some uncertainty prevailed as to the
future of the exchanges. At first the guilder
was generally expected to depreciate to a
lower level than was indicated by spot quotations, partly because the Fund, having only
Treasury bills at its disposal, had no resources with which to support the guilder,
however much it might wish to do so. In
order to make quite clear that such support
on a substantial scale was its intention, the
Fund bought gold from the Netherlands Bank
on October 5,1936, to the amount of 100,000,000 guilders. So far, however, na measures
to support the guilder have been necessary.
On the contrary, the 100,000,000 guilders of
gold was repurchased by the Bank from the
Fund in December; and during the remainder of the fiscal year, as a result of the
firmness of the guilder, the Bank on several
occasions bought further quantities of gold
from the Fund.
In appraising these events, it should not
be overlooked that in the circumstances the
decision of September 26, 1936, was bound
to have far-reaching consequences. Before
that date confidence in the guilder was at a
low ebb in the Netherlands and abroad.
There was a general tendency to sell guilders
or to contract debts expressed in guilders.
After that date a radical change took place
and a strong demand for guilders developed
727
both in the Netherlands and in foreign countries. Except for the intervention of the
Fund along the lines for which it was created,
violent and disastrous fluctuations would undoubtedly have resulted. This intervention
meant that the Fund must take up substantial amounts of gold; this, in turn, caused
great liquidity on the money market. Because of the secret character of the operations of the Equalization Fund, details regarding its intervention cannot be given. I
can say only that no artificial measures to
increase the liquidity of the money market
have been taken and that, on the contrary,
the course adopted in financing the Fund has
resulted in the placing of less money at the
disposal of the market than would have been
the case if confidence had been restored under
the regime of the gold standard.
Renewal of the Bank's charter,—The second event in the history of the Netherlands
Bank was the promulgation of the act of
February 2, 1937 (Staatsblad No. 400), for
the renewal and revision of the Bank's
charter. The complete text of the Bank Act
of 1937 (Staatsblad No. 401) is published as
an annex to the report.
The term of the new charter is limited to
a period of five years/ expiring March 31,
1942. Thereafter the charter will be renewed
from year to year, unless either the Bank or
the Government avails itself of the right to
terminate it at three years' notice. In this
respect the act differs very greatly from the
bill as originally drafted, which provided for
a renewal of the Bank's charter for fifteen
years andfixedthe period for notice of termination at five years. We deplore the change
because it makes the continuation of the
Bank's existence as a Central Bank uncertain, and must inevitably have an adverse
influence on decisions touching business operations and personnel, which must be taken
within the next few years. The change was
made because a majority in the Second
Chamber wanted the^recommendations of a
Royal Commission on the banking situation
in this country. The Royal Commission was
established by the Royal Decree of March 4,
1937, No. 34. Its terms of reference are
"to consider and report on the question whether legislation with regard to commercial banking is necessary or desirable; if so, to report further on what
would be the most suitable form for such legislation,
and also on the question whether and to what extent
the status of the Netherlands Bank needs to be modified, without impairing the Bank's independence."
728
FEDERAL RESERVE BULLETIN
AUGUST
1937
It seems wise not to enter in ^dvance upon sterling. On the other hand, no allocation to
a discussion of the matters which the Com- the general reserve fund is to be made until
mission will have to investigate. But it may that loss has been amortized out of the yearly
be observed that no criticism has been voiced profits, in accordance with the provisions of
which demands such an investigation. The the act.
general view is that the Dutch banking sys- Thus the amortization of the loss on stertem can in every respect bear comparison ling will proceed, notwithstanding the suswith that of any other country. Also it is a pension of the gold standard and the deprecause for satisfaction that, so far as infor- ciation of the guilder. This follows from the
mation is available, the independence of the conviction that, for the time being, no stateCentral Bank, so consistently observed in the ment can be made regarding the ultimate
past, is to be maintained in the future.
gold value of the guilder, and for this reason
The second important change inaugurated the gold stock of the Netherlands Bank must
by the new Bank Act consists in broadening continue to be valued at the same level as
the functions of the Bank to include open- before the suspension of the gold standard.
market operations. These operations will There has, therefore, been no discussion of a
consist of purchases and sales of bankers' book profit on the gold reserves. The Bank,
acceptances, and of Treasury bills to the ex- in an exchange of views with the Governtent that they were in the hands of third ment, took the position that there should be
parties before purchase. Almost all Central a direct and necessary connection between a
Banks are now authorized to conduct an profit of this character and the loss on steropen-market policy. This authorization will ling incurred in 1931. We feel that no profit
have to be used with great care; and only on the revaluation of the gold stock can be
gradually, to the extent justified by circum- said to have been made until the entire loss
stances, will these operations gain impor- incurred by the Bank—amounting to 29,889,tance as strengthening the Bank's control 408.15 guilders—has been amortized. In our
over the money market.
opinion the Bank should recognize that any
The other changes to be mentioned have profit surplus above this amount belongs to
to do with the allocation of the Bank's profits. the community for the general welfare; on
The governing motive has been the desire to the other hand, the Bank has an equal right
strengthen the Bank's reserves* After de- to demand that its entire loss should first of
ducting from the gross profits an amount all be made good. This does not mean that
equal to 3 ^ percent of the authorized capital we favor the distribution to the shareholders
for the benefit of the shareholders, 15 per- of such part of the amount repaid as would
cent of the remaining amount is to be applied exceed the remainder of loss as shown on the
to the general reserve fund until it is equal balance sheet. We should prefer to allocate
to the amount of the authorized capital almost all of any possible surplus to the
(20,000,000 guilders). Under the former Bank's reserves, as provided for in the new
charter the general reserve fund received 10 charter., Such a procedure is the more to
percent of the remainder up to a maximum be recommended because, so far as can be
of one quarter of the authorized capital. judged at this time, the Bank's earning power
Moreover, one half of the income derived by wUl continue to be severely limited. The
the Bank from open-market and foreign ex- existing abundance of funds in the market
change operations is to be applied to a special and the low rates of interest prevailing genreserve fund, until it is equal to one half of erally will not fail to have an adverse effect
the authorized capital; this allocation is to on the earnings of the Bank.
be made prior to any 'distribution of profits Discount policy.—In view of the continued
to shareholders. On the other hand, no demands made on the Bank's gold stock durbonuses out of profits are henceforth to be ing May 1936, and in connection with the
paid to the management, the board of direc- tightening of the money market, we raised
tors, and the advisory committee.
the discount rate by 1 percent—from 2i/2 to
The last two provisions will come into 31/2 percent—effective May 30, 1936. The
force independently of the amortization, effect of this measure was unsatisfactory;
under the Act of May 27, 1932 (Staatsblad the outflow of gold continued as a result of
No. 221), of the remainder of the Bank's the tension prevailing in the foreign exdebt to the State resulting from the loss on change market, while the private discount
AUGUST
1937
FEDERAL RESERVE BULLETIN
729
rate rose above the Bank's discount rate. In vincial and municipal authorities was more
order to prevent this situation from leading than double last year's figure. It rose from
at last to an excessive demand for credit ac- 22,000,000 to 59,500,000 guilders. New iscommodation at the Bank, we raised all our sues for account of private enterprises inrates once more by 1 percent, as of June 4, creased from 3,500,000 to 18,900,000 guilders.
Of the latter amount, 7,500,000 guilders was
1936.
The return of easier conditions in the for- issued in the form of shares, and was 5,100,eign exchange and money markets, which be- 000 guilders higher than the corresponding
came apparent in the second half of June, figure for last year. Although the total
induced us to lower our rates of interest by amount of shares Issued is by no means high,
and some of the flotations concerned took
V% percent, effective June 25, 1936; this
measure was followed by two similar reduc- place in connection with reorganizations, the
tions on June 30, 1936, and on July 7, 1936, increase may be considered a symptom of the
respectively. On the latter date the discount improvement of business conditions.
During the first part of the past year conrate again stood at 3 percent.
When enough time had elapsed for the ditions on the capital market were dull; not
monetary events of September 1936 to make until the end ot July, 1936, was some imtheir influence felt in the money market, we provement noticeable; but the monetary
once more lowered our rates by % percent measures of September caused investors once
on October 20, 1936. A similar reduction more to adopt a waiting attitude. It was not
was made effective on December 3, 1936, long, however, before these measures had a
bringing the discount rate to 2 percent. In favourable influence on the Stock Exchange;
the existing circumstances the reduction was on the share market a sharp advance took
•of negligible importance for debtors of com- place, while bond prices also rose as a result
mercial banks; for the banks, although they of the restoration of confidence after moneuse the Netherlands Bank's bill discount rate tary uncertainty was removed. Money soon
as the basis for rates to their own customers, became so abundant on the capital market
do not usually make reductions below a cer- that a great number of conversions could
tain minimum, which in most cases had al- take place, while the interest rate for loans
ready been reached. Nevertheless, we de- of public bodies fell to about 31/2 percent.
cided to make the reduction because it would Domestic conversions aggregated 444,000,000
have a favorable psychological effect and, guilders in the year under review, as comabove all, considering the low level of bank pared with only 59,800,000 guilders in the
rates prevailing in most foreign countries, previous year.
Conversions of foreign bonds amounted to
we wished to avoid even the appearance of
any intention to keep our own rate at a 13,549,000 guilders. In this connection it
higher level than circumstances required. may be recalled that we had privately intiOther rates were always kept one half of mated at the beginning of 1933 that, in our
1 percent above the discount rate for bills. view, no flotation of new issues for foreign
should take place until more cerCapital market.—Demands made on the account
tainty
existed
with regard to the developDutch capital market during the year under ment of international
Recent
review show a slight decrease as compared events have enabled us torelations.
modify
our
attiwith the previous year. The total of public isslightly in this respect. Although we
sues, exclusive of conversions and introduc- tude
still of the opinion that issues and introtions, amounted to 126,300,000 guilders, as are
ductions
of foreign securities should not be
against 144,900,000 guilders last year.
allowed
in
amounts in existing cirThe amount of new issues for account of cumstances,unlimited
we
are
prepared
to consider in
the Government was much smaller than in each individual case whether special
the previous year. It decreased from 119,- exist to justify giving permission forreasons
a spe400,000 to 47,900,000 guilders. On the other cial issue.
hand the amount floated for account of pro-
730
FEDERAL RESERVE BULLETIN
BALANCE SHEET OP THE NETHERLANDS BANK AS OF MARCH 31, 1937,
AUGUST 1937
AND MARCH 31,
1936
[In thousands of guilders]
' Assets
Gold coin
_
__.
Gold bullion
Silver coin
Correspondents abroad
Foreign bills
_
_..
Domestic bills
_
Loans
_
Advances in current account
_._
_.
Advances to the Government (law of May 27,1932).
Investments in shares listed by the Amsterdam
Brokers' Association
_._
Shares of the Bank for International Settlements
of which 25 percent is paid in
_
Other investments
Net balance with banking correspondents
Cash items
Interest accrued on loans
Interest accrued on advances in current accountInterest accrued on investments
Commission account
Bank premises and furniture
Total assets
March
31, 1937
March
31,1936
124,107
796,408
17,119
2,400
2,364
20,256
84,420
95,051
10,194
127,602
587,052
19,315
1,797
1,079
24,486
32,736
28,315
1,208
8,669
233
37
615
1,200
9,845
6
45
41,856
11,958
709
343
78
4,600
331
47
4,600
1,201,548
950,433
Liabilities
Notes in circulation
Current accounts
Other demand liabilities
Capital
_
Reserve fund
_•
Special reserve
_
„_.
Pension fund
._,
Unearned discount on domestic bills
,
Unearned discount on foreign bills
.,
Dividends payable
,
Balance of profits at the disposal of the general
meeting
,
Total liabilities.
March
31, 1937
March
31,1936
143
20,000
4,339
6,600
11,278
4
2
22
792,019
117,549
169
20,000
3,106
6,300
10,144
12
1
18
940
1,116
1,201,548
950,433
823,131
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
731
732
FEDERAL RESERVE BULLETIN
AUGUST 1937
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
Bills
Bills
discounted bought
Date
End of month fleures:
1936—May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1937—Jan. 31
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
5
4
4
8
9
6
7
3
3
5
3
3
3
3
3
3
10
3
3
3
4
6
4
4
8
6
3
3
3
12
12
17
Wednesday figures:
1936—Aug. 5
Aug. 12
Aug. 19
Aug. 26
3
3
U. S.
GovOther
ernReserve Total
ment
bank
securi- credit*
ties
Treasury
Monecurtary
rency
gold
outstock
standing
Treasury
Money Treas- deposits
on
with
in circulahold- Federal
tion
Reserve
ings
banks
256
257
253
256
262
262
73
93
337
262
306
287
234
205
201
259
281
288
236
288
272
285
257
255
260
6,005
6,410
6,357
6,753
6,788
6,606
6,781
6,695
6,639
6,881
6,915
6,900
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
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
1,958
1,997
1,714
1,743
1,840
10,402
10,608
10,648
10,716
10,845
11,045
11,184
11,258
11,358
11,436
11,674
11,799
11,990
12,318
2,490
2,498
2,496
2,500
2,512
2,516
2,521
2,532
2,532
2,536
2,541
2.543
2,547
2,550
5,953
6,241
6,162
6,227
6,267
6 351
6,466
6,543
6,349
6,399
6,377
6,426
6,462
6,447
2,583
2,497
2,432
2,404
2,458
2,388
2,364
2.376
2,520
2,608
2,753
2,967
3,144
3,445
518
690
447
104
253
12
24
35
22
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500
2,497
2,465
2,458
2.565
2,585
2,562
26
36
18
25
2.463
2,477
2,457
2,465
10,650
10,661
10,678
10,695
2,4S6
2.498
2,499
2,501
6,163
6,170
6,184
6,184
21
41
10,717
10,736
10,762
10,786
10,845
2,502
2.508
2,507
2,509
2,512
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,525
2,526
2,526
35
35
24
30
30
36
13
64
60
27
7
3
2,430
2,430
2,430
2,430
9
8
8
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
30
2,463
2,482
2,495
2,473
2,473
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
6t'311
6,302
2,440
2 421
2,403
2,390
3
3
2,430
2,430
2,430
2,430
7
29
25
18
2,448
2,470
2,464
2,457
11,058
11,105
11,127
11,162
2,515
2,516
2,520
2,620
6,378
6,393
6.375
6,429
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
3
3
3
4
3
3
3
3
2,430
2,430
2,430
2,430
28
42
41
2,463
2,477
2,478
2,460
11,364
11,387
11,403
11,425
7
5
4
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
17
16
12
22
12
2,457
2,454
2,450
2,463
2,458
Apr. 7
Apr. 14
Apr. 21
Apr. 28
8
11
fi
11
3
4
3
4
2,459
2,487
2,487
2,626
23
27
25
29
May
May
May
May
17
4
5
4
6
2,526
2,526
2,526
2,526
2,526
2,626
2,526
2,526
2,526
2,526
2,526
2,526
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
7
9
g
Oct. 7
Oct. 14 ""
Oct. 21
Oct. 28
8
6
6
Nov.
Nov.
Nov.
Nov.
4
10
18
25
7
7
5
6
Dec.
Dec.
Dec.
Dec.
Dec.
2 ..„.
9
16_..__
23
30_>
6
6
8
.
1937—Feb. 3
Feb. 10
Feb. 17.
Feb. 24
Mar.
Mar.
Mar.
Mar.
Mar.
3......
10
17.—.
24
31
512.",.
19
26
9
8
12
16
15
16
3
3
June 2_.____
June 9
June 16
June 23
June 30
17
14
14
13
10
6
6
5
4
4
July 7
July 14.
July 21
13
15
12
4
4
3
Member bank
reserve balances
Other
FedNoneral
member de- Reserve
Excess
acposits
(esticounts Total mated)
77
78
244
195
1P4
311
88
261
261
260
253
258
.\ 719
MB3
2,866
2,717
3,029
1,950
1,840
2,175
2,236
1,984
2,152
2,078
1,398
1,594
918
865
280
255
271
251
288
263
255
234
263
262
6,441
6,471
6,206
6,225
6,357
196
135
8S
100
271
249
227
220
263
261'
264
263
6,479
6,617
6,693
6,732
1,954
2,072
2,127
2,158
2,392
2,366
2,378
2,370
95
55
50
79
200
262
191
197
260
6,693
6,825
6.851
6,795
2,138
2,260
2,276
2,210
6,466
6,497
6,552
6,680
6,550
2,353
2,372
2,346
2,342
2,368
110
93
173
251
231
212
229
227
256
274
260
278
6,775
6,731
6,674
6,507
6,572
2,205
2,157
2,046
1,881
1,946
2,531
2,531
2,530
2,532
6,348
6,3P0
6.351
6,372
2,529
2,563
2,575
2,602
176
132
162
180
286
310
300
261
259
302
256
255
6,758
6,771
6.768
6,705
2,150
2,184
2,186
2,097
11,443
11,484
11,515
11,541
11,574
2,535
2,537
2,538
2,537
2,541
6,407
6,376
6,385
6t375
6,377
2,620
2,672
2,697
2,723
2,753
216
186
87
279
311
280
238
243
326
236
253
2£4
261
2P0
258
6,660
6,740
6,830
6,678
6,639
2,493
2,528
2.523
2,571
11,592
11,697
11,737
11,782
2,539
2,541
2,540
2,541
6,387
6,383
6,388
6,381
?,774
2,876
2.914
2,956
275
247
236
245
270
258
258
259
258
6,684
6,901
6,877
6,934
1,310
1,380
1,449
1,269
1,398
1,442
1,627
1,587
1,643
30
29
19
9
2,577
2,576
2,565
2,557
11,838
11,882
11,907
11,977
2,547
2,545
2,547
2,546
6 426
6,405
6,399
6,399
3 013
3,056
3,079
3,140
97
106
117
80
286
257
257
256
256
6,882
6,943
6,918
6,944
887
936
907
938
23
26
12,027
12,118
12,220
6,487
6,435
6,415
6,394
6,447
3,182
3,254
3,348
3,396
3,445
255
12,270
12,318
2,548
2,547
2,548
2,550
2,550
115
"85
250
151
93
279
267
324
22
2,573
2,573
2,583
2,562
2,562
256
255
263
263
260
6,854
6,929
6,808
6,854
6,900
931
752
814
865
35
40
22
2,578
2,585
2,564
12,376
12,423
12,404
2,552
2,551
2,553
6 524
6,457
6,436
3 511
3,550
3,527
101
90
184
258
258
258
6 827
6,928
6,858
875
964
874
54
33
22
38
19
206
112
119
95
237
250
261
285
285
•
275
258
262
261
265
266
270
goo
i Includes industrial advances.
NOTE.^-For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily fitmres for recent months
and years are shown in the table on p . 714.
•
733
FEDERAL RESERVE BULLETIN
AUGUST 1937
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1937
July 21
July 14
July 7
1937
June 30 June 23 June 16
June 9
June
1936
May
June
ASSETS
Gold certificates on hand and due from U. S.
Treasury
8,833,905 8,835,407 8,835,406 8,835,907 8,836,904 8,837,903 8,838,405 8,835,907 8,838,416 8,106,542
Redemption fund—F. R. notes
9,976
9,549
10,399
10,471
10,241
9,860
9,971
10,471
11,341
12,949
Other cash
__
318,928 307,824 277,661 312,309 322,491 313,595 305,738 312,309 285,236 265,154
Total reserves.
9,162,809 9,152,780 9,123,466 9,158,687 9,169,636 9,161,358 9,154,114 9,158,687 9,134,993 8,384,645
Bills discounted:
For member b a n k s . . .
For nonmember banks, etc.-
12,171
1
Total bills discounted.
Bills bought:
Payable in dollars
Payable in foreign currencies.
Total bills bought.
Industrial advances
13,017
1
13,018
9,928
1
9,929
13,302
14,328
14,295
9,928
1
17,425
4,072
10
12,172
15,045
1
15,046
13,303
14,328
14,295
9,929
17,425
4,082
206
3,074
513
3,083
586
3,083
718
3,083
1,190
3,083
2,012
3,082
2,743
3,075
718
3,083
3,189
3,075
3,077
3,280
21,665
3,596
21,759
3,669
21,783
3,801
22,152
4,273
22,012
5,094
22,049
5,818
22,196
3,801
22,152
G,264
22,404
3,077
29,878
V. S. Government securities:
Bonds
Treasury notes
_
Treasury bills
732,508 732,508 732, 508 732, 508 732, 558 732,608 732,60S 732, 508 732,608 315,671
1,162,713 1,165,713 1,165, 713 1,170,713 1,168,213 1,166,213 1,152,213 ., 170,713 , 152,213 ,494,219
630,969 627,969 627,969 622,969 625,469 627,469 641,469 622,969 641,469 620,337
Total Government securitiesOther Reserve bank credit
2,526,190 2, 526,190 2, 526,190 2,526,190 2, 526,240 2, 526,290 2, 526,290 2, 526,190 , 526,290 ,430,227
12,892
5,415
491
18,499
-3,376
13,161
15,502
4,225
Total Reserve bank credit outstanding'. 2,563,798 2,585,090 2,577,8212,561,674 2, 562,452 2,583,263 2, 572,824 2,561,674 2,585,275 , 472,679
LIABILITIES
F . R. notes in actual circulation
4,197,871 4,213,898 4,252,41' 4,206,477 4,162,832 4,177,805 4,200,965 4,206,477 4,223,418 4,034,482
Deposits:
Member bank—reserve account...
U. S. Treasurer—general account.
Foreign bank
Other deposits.
6,858,300
183,743
161,864
95,966
6,927,951 6,826,70; 6,900,288 6,854,411 6,807,978 6,928,97' 6,900,288 6,915,388 5,632,735
73,449 690,102
92,813
84,642
90,232 100,93;
92,813 150,928 250,212
54,169
159,009 172,325 157,400 166,963 147,450 139,671 157,400 120,365
151,460
207,723
127,671
115,621 112,381 127,671 156,553 119,479 139,470
292,813 7,212,350 7,278,172 7,328,855 7,325,119 7,292; 760 7,278,17! 7,260,662 6,5S4,729
Total deposits..
Ratio of total reserves to deposit and F . R. note
liabilities combined (per cent)
79.5
79.6
79.7
79.8
79.6
79.6
79.
79.5
79.0
MATURITY DISTRIBUTION OF BILLS AND U- S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
June 30
July 7—
_c
July 14
. July 21
Bills bought in open market:
June 30
July 7
July 14
July 21
Industrial advances:
June 30
July 7
July 14
July 21
TJ. S. Government securities:
June 30
July 7
_...._.
July 14
July 21
6
year
months 1 to
Within 16 to 30 31 to 60 61 to 90 91todays
6
to
days
days
15 days days
months 1 year 2 years
9,929
13,018
15,046
12,172
8,044
11,053
12,877
9,624
596
162
151
283
724
562
761
918
206
399
414
559
3,801
3,669
3,596
3,280
232
438
1,455
273
1,523
1,256
190
225
419
348
324
232
1,627
1,627
1,627
2,550
22,152
21, 783
21,759
21,665
849
784
749
1,216
246
767
736
87
721
341
657
674
813
969
808
844
2,526,190
2,526,190
2,526,190
2,526,190
32,247
35,063
35,561
33,045
35,561
33,045
66,075
61,621
57,993
127,416
148,926
153,359
146,834
65,661
43,375
2 years
to
5 years
Over
5 years
354
828
830
786
3,763
3,116
2,485
3,056
5,251
5,379
5,442
5,434
8,569
8,455
8,524
8,464
212,481 483,848
209,877 491,173
214,377 490,745
217,990 496,651
247,497
247,497
244,497
238,997
617,868
612,868
615,868
621,368
1,940
1,972
2,358
1,890
681,687
681,687
681,687
681,687
734
FEDERAL RESERVE BULLETIN
AUGUST 19 3 7
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
MinSt.
Rich- Atmond lanta Chicago Louis neapolis
KanSan
sas Dallas FranCity
cisco
ASSETS
Gold certificates on hand and due
from U. S. Treasury:
June 30
July 7
July 14
July 21
Kedemption fund—Federal Reserve
Notes:
June 30
—
July 7
—.—-.
July 14
July 21.__
Other cash:
June 30
'-_-..
July 7
,
July 14
July 21
Total reserves:
June 30—
July7
July 14
July 21
Bills discounted:
Secured by U. S. Government
obligations direct or fully guaranteed:
June 30
July 7
July 14
July 21
_
Other bills discounted:
June 30
July 7
July 14
July 21
Total bills discounted:
June 30
July 7
July 14
July 21
Bills bought in open market:
June 30
July7
>—.
July 14
July 21
Industrial advances:
June 30
July 7
July 14
July 21
17. S. Government securities:
Bonds:
June 30
_
July 7
July 14
_
July 21
Treasury notes:
June 30
July 7
July 14
July 21.
Treasury bills:
June 30
July 7
July 14
._.„
July 21
_
Total XJ. S. Government securities:
June 30
„„
July 7
'.
July 14
July 21
8,835,907 422,242 3,400,750 516,195
8,835,406
, , 5 442,120 3,292,784 522,36:
8,835,40" 435,976 3,349,41- 511,107
8,835,407
8,833,90, 442,862 3,380,930 509,846
182,055 658,230
693,641273,234 235,324 1,716,071 276,912
, 194,183 267,070
,
702,877 275,144 238,919 1,738,264 284,086 201,563 281,510 182,431 673,341
697,133 269,588 231,839 1,724,808 280,637 197
"T 986 282,252 185,188 669,479
692,774 268,854 225,241 1,711,917 272,519 195, 234 279,298 182,350672,080
10, 47:
10,39S
9,54S
9,971
577
552
51482
1,555
1,441
1,270
1,068
354
313
313
692
629
589
525
896
515
808
426
706
1,492
1,455
1,402
1,348
778
722
651
509
1,195
1,182
1,165
1,124
312,30S
277,661
307,824
318,928
43, 876
38, 797
39,207
38,711
76,695
74,594
82,254
81,769
22,444
19,625
22,461
22,954
16,979
12, 797
14,977
19, 958
21,591
18,129
18,667
20,809
13,431
10,618
12,112
40,449
34,284
41,871
43,091
17,681
16,376
16,944
16,314
9,158,687
9,123,466
9,152,780
9,162,809
466,695 3,
;, 479,000 538,993
481,
•'" 469 3,368,819 542,305
475,697 3,432,938 533,881
482,055 3,463,767 533,492
JJ"ift
riv*
n
* firm
• • * * _
_n.
n
j _ _ _
380
371
358
310
462
453
440
421
1,842
1,826
1,806
1,762
16,850 10,228 25,125
5,385 15,003 9,666 22,387
6,312 15,502 11,088 26,429
6,706 15,210 11,910 27,927
711,249 295,340 250,247 1,757,298 295,788 201,835 284,300 192,745 685,197
716, 263 294,081 250,992 1, 773,270 301,644 207,635 296,884 192,550 697,554
712,635 288,681
, 245,353
330 298,746 204,977 298,112 196,716 697,714
713/628 290,369 240,158 1,755^ 517 289; 957 202J 598 294J 818 194| 681701,769
7,042
9,623
11,718
8,619
735
1,845
770
435
3,284
3,863
6,809
4,070
944
1,012
1,014
1,076
569
506
566
579
2,887
3,395
3,328
3,553
136
139
67
102
1,628
1,845
1,762
l —
7
8
8
9,929
871
13,018 1,984
15,046
837
12,172 • 53'
13, 569
692
687
679
658
586
801
1,091
668
301
525
376
387
84
84
84
34
63
149
482
523
599
731
4,912
951
5,708 •1,020
8,571 1,022
5,839 1,076
653
590
650
613
586
801
1,144
817
783
1,048
975
1,118
20
85
183
183
355
355
355
341
322
322
322
321
146
146
146
146
108
108
108
.108
385
385
384
5,897 3,954
5,889 3,907
5,885 3,910
5,867 3,902
916
876
874
854
2,007
2,004
2,001
1,996
200
198
195
193
913
912
898
896
20
85
145
145
100
94
75
154
54
84
34
34
25
52
30
61
60
60
92
91
91
110
152
180
161
240
84
145
94
94
117
91
91
125
38
79
179
234
345
629
604
367
207
232
392
169
326
174
82
411
540
1,081
514
955
778
449
15
3,801
3,669
3,596
3,280
224
224
224
224
22,152
21,783
21,759
21,665
3,200
2,955
2,973
2,961
732,508
732,508
732,508
732,508
53,385
53,385
53,385
53,385
210,233
210,233
210,233
210,233
61,861
61,861
61,861
61,861
71,309
71,309
71,309
71,309
38,575
38,575
38,575
38,575
32,184
32,184
32,184
32,184
80,726
80,726
80,726
80,726
1,170,713
1,165,713
1,165,713
1,162,713
85,322
84,958
84,958
84,739
336,001 98,865
334,566 98,443
334,566 98,443
333,705
113,968
113,481
113,481
113,189
61,652
61,389
61,389
61,231
51,436
51,216
51,216
51,085
129,018
128,467
128,467
128,136
51, 619
51,398
51,398
51,266
38,083
37,921
37,921
37,823
57,525
57,279
57,279
57,132
45,709 101,515
45,514 101,081
45,514 101,081
45,397 100,821
622,969
627,969
627,969
630,969
45,402
45,766
45,766
45,985
178,795
180,230
180,230
181,091
60,645
61,132
61,132
61,424
32,807
33,070
33,070
33,228
27,371
27,591
27,591
27,722
68,654
69,205
69; 205
69,536
27,468
27,689
27,689
27,821
20,265
20,427
20,427
20,525
30,610
30,856
30,856
31,003
24,324
24,519
24, 519
24,636
2,526,190
2,526,190
2, 626,190
2, 526,190
184,109
[84,109
:84,109
.84,109
725,029 213,336
725,029 213,336
725,029 213,336
725,029 213,336
245,922 133,034
245,922 133,034
245,922
245,922 133i1,034
245,922 133,034
110,991
110,991
110,991
110,991
1,545
1,413
1,339
1,131
52,610
53,032
53,032
53, 286
60
60
60
60
98
99
99
1
376
376
376
1,249
1,246
1,238
1,230
2,078
2,076
2,075
2,073
32,298
35,992 28, 601
32,298 23,828 35,992 28,601
32,298 23,828 35,992 28,601
32,298 23,828 35,992 28,601
63,516
63,516
63,516
63,516
324
322
320
320
278,398 111, 385
278,398 111,385
278,398 111,385
278,398 111,385
776
774
771
760
624
619
613
82,176 124,127
82,176 124,127
82,176 124,127
82', 176 124,127
54,018
54,452
54,452
54,712
98,634 219,049
98,634 219,049
98,634 219,049
98,634 219,049
AUGUST
735
FEDERAL RESERVE BULLETIN"
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
2,562,072
2,564,660
2,566,591
2, 563,307
188,404
189,272
188,143
187,831
219
219
219
222
16
16
16
16
83
83
86
23,933
21,950
26,890
28,917
332
340
346
348
664,235
638,313
759,714
645,445
New
York
Philadelphia
Cleveland
Richmond
MinSt.
Chicago Louis
neapolis
Atlanta
Sati
Kansas
City
Dallas Francisco
83,090
83,155
83,101
83,090
124,978
[24,938
124,933
124,901
.00,207 222,017
00,389 222,450
00,511 222,278
01,044 221,855
4
4
4
4
3
3
3
3
G
6
6
6
6
6
6
1G
10
16
16
3,750 1,940
4,133 .1,629
3,599 1,898
3,427 1,789
1,339
972
1,903
1,366
1,097
1,506
1,916
2,315
464
601
564
551
2,908
3,399
4,040
4,336
ASSETS—Continued
Total bills and securities:
June 30
,
July 7_
July 14...
July 21
Due from foreign banks:
June 30
July 7
July 14
,
July 21
Federal Reserve notes of other banks:
June 30.
July 7
„
July 14._
July 21
TJncollected items:
June30.._.
July 7
July 14
July 21
Bank premises:
June 30..—
j
July7..._
July 14
July 21
All other assets:
June 30
July 7
_
July 14_______.
July 21
_
Total assets:
June 30—*
July 7
:
July 14
July 21
737,383 218,596
738,039 218,618
740,824 218,623
737,866 218,655
247,813 135,773 112,082
247,710 135,985 112,345
247,768 136,325 112,269
247,710 135,993 112,410
279,716 111,947
279,780 111,973
279,804 111,952
279,861 112,031
22
22
22
22
20
20
20
20
5,528
3,435
6,442
8,604
902
1,034
1,027
1,359
1,119
1,305
1,516
2,559
2,554
1,741
1,679
1,674
1,360
2,096
1,959
70,159
62,299
78,544
65,459
190,137
146,011
189,228
152,809
50,516
48,726
56,757
50,975
63,646
62,555
80,000
65,535
51,706
58,653
60,137
53,531
19,317
24,375
22,761
21,299
45,615
45,601
45,601
45,582
3,029
3,029
3,029
3,029
10,053
10,053
10.Q53
10,053
,8 .
4,889
4,878
6,293
6,293
6,293
6,293
2,755
2,755
2,755
2,755
2,216
2 f 2l6
2,216
2,213
4,651
4;,651
4,651
4,651
2,;
2,366
495
495
,495
495
3,217
3,203
3,203
3,203
1,253
1,253
1,253
1,253
3,398
3,398
3,398
3,393
41,720
41,977
42,945
43,588
2,502
2,562
2,599
2,650
11,724
12,032
12,415
12,458
5,559
4,962
5,031
5,261
4,456 "2,604
4,556 2,651
4,619 2,723
1,624
1,630
1,659
3,763
3,880
3,975
4,047
1,563
1,596
1,625
1,655
469
490
,525
,541
1,810
1,853
1,918
1,962
1,604
1,646
3,042
3,119
3,188
3,243
12,496,481
12,436,186
12,594,740
12,489,870
4f"
8
8
2,718
1 —
26
26
26
26
26,990 16,986 34,303
85,631 30,166 17,485 39,051
108,773 34,645 19,227 44,654
88,667 29,085 18,026 40,904
2,366
%r~
22,083 28,372
20,839 30,522
29,333 35,665
20,185 32,979
l!G75
731,137 4,433,908 819,558 1,034,836 490,746 387,168 2,139,164 440,598 306,223 449,771 18,422 944,950
738,987 4,278,472 820,424"
— 449,378
" 312,235 467,441
'" "" 323,284 966,464
2,168,218 451,236 312,231 474,742 330,051 966,305
748,374 4,391,983 820,237
2,136,196 436,887 308,119 468,169 325,395 967,591
741,388 4,385,634 814,310 1,039,391 487J 054 379', 736
LIABILITIES
Federal Reserve notes in actual circulation:
June 30..
_
July 7 . . . . — - .
July 14
July 21
Deposits:
Member bank—reserve account:
June 30
July 7
July 14
July 21
U. S. Treasurer—general account:
June 30
July 7...
July 14
....
July 21
Foreign bank:
June 30
July 7
July 14
_
July 21
Other deposits:
June 30
_
'July-7
_
July 14
July 21
Total deposits:
June 30
July 7
July 14
July 21
j
Deferred availability items:
June 30
July 7
July 14
July 21
4,206,477
4,252,417
4,213,898
4,197,871
287,534
292,200
288,546
286,131
6,900,288
6,826,707
6,927,951
6,858,300
333,590 3,064,437
344,231 2,956,830
342,775 3,026,785
348,742 3,000,620
390,492
391,521
388,500
389,111
929,245 313,868
934,341315,753
927,059 315,012
923,025 313,590
92,813
100,937
90,232
183,743
2,229
3,636
1,026
16,746
9,454
31,272
103,112
6,720
6,635
4,696
3,174
157,4Q0
172,325
159,009
161,864
11,712
12,488
11,491
11,835
55,336
63,472
58,418
68,271
15,724
16,765
15,427
15,888
127,671
112,381
115,621
95,966
2,299
1,818
2,876
3,055
61,825
49,037
49,000
30,779
9,236
9,107
9,431
9,1S6
7,278,172
7,212,350
7,292,813
7,299,873
349,830 3,198,344 422,172
362,173 3,078,793 424,028
358,168 3,165,475 418,054
365,992 3,192,782 417,359
664,852
625,371 60,726
741,434 77,713
645,176 65,323
185,562
145,029
179,064
149,311
49,669
47,421
53,942
49,896
432,425
437,711
435,236
431,788
191,833
193,254
190,942
189,605
172,081
173,027
169,876
168,659
972,225
981,517
976,354
975,289
178,305
179,469
178,972
179,144
137,700
139,739
137,334
137,546
162,429
165,408
164,828
164,659
92,387
94,160
92,037
92,227
336,442
345,838
337,702
336,208
994,944 205,596 132,154 233,309 174,692 525,801
990,085 212,161 136,487 245,414 175,516 525,367
, 003,381 209,740 138,193 247,704 182,062 543,091
463,
_ .,.
461,320 212,279 166,331 984,864 200,410 133,401 243,774 177,102 540,346
463,985 211,715 169,573
461,109
'
217,101 170,885
9,068 11,348
12,209 4,547
8,087 4,664
13,371 7,188
3,054
3,632
3,592
3,204
16,826
29,628
19,187
21,899
5,875
4,399
3,870
5,074
3,569
3,456
2,863
3,933
4,081
3,219
4,254
4,812
7,057 6,240
6,149 13,973
3,860 2,861
6,488 9,128
14,301
15,278
14,483
14,915
6,899
7,356
6,769
6,971
5,616
5,987
5,510
5,674
18,612
19,844
18,261
18,806
4,813
5,132
4,722
4,863
3,690
3,935
3,621
3,729
4,653
4,961
4,565
4,701
4,653
4,961
4,565
4,701
20,254
20,538
20,721
20,499
3,642
3,530
3,247
4,898
3,350
3,121
1,872
1,794
1,594
1,827
6,029
6,403
6,910
6,405
2,586
2,549
2,358
2,481
154
215
187
165
2,885
11,391
12,146
11,177
11,510
3,947 11,308
3,981 9,947
4,88: 11,012
4,869 10,568
507,608 233,225 183,141 1,032,254 222,31; 141,999 242,197 190,349 554,740
509,134 232,646 183,854 1,041,351 228,095 146,427 253,809 190, 607 561,433
568,141
195,
506,397 228,058 181,742 1,042,423 225,242 147,035 256,710 195,368
510,105 229,685 178,094 1,027,396 216,752 143,544 253,452 193,16C0 571,552
63,187
59,978
79,194
65,703
50,776
55,977
58,539
52,946
19,320
23,398
22,045
20,305
90,126
83,687
104,681
88,76:
29,544
31,380
36,531
30,510
17,245
16,767
18,541
17,71
35,333
38,399
43,24:
40,08:
24,726
27,544
31,628
29,004
29,715
35,065
36,315
35,616
736
FEDERAL RESERVE BULLETIN
A U G U S T 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Rich
mond
Atlanta
MinSt.
neapChicago Louis
olis
Kansas
City
San
Dallas Francisco
LIABILITIES—continued
Capital paid in:
June 30
July 7
July 14
July21__
Surplus (section 7):
June 30
July 7
__
July H
July 21
_„_•_-__
Surplus (section 13b):
June 30.
July 7._
July 14
_.
July 21
Reserve for contingencies:
June 30July 7
_
__._
July 14
__._
July 21
_.
All other liabilities:
June 3 0 July 7
July 14
July 21
_.„
Total liabilities:
June 30
July 7
_
_.
July 1 4 —
.
July 21
Contingent liability on bills purchased for foreign correspondents:
June 30
July 7
_
Julyl4__
July 21_
_.„
Commitments to make industrial
advances:
June 30
__
July 7
July 14
July 21
_
'
132,302
132, 355
132,459
132, 514
9,374
9,374
9,378
9,385
51,196
51,201
51, 223
51, 223
12,243
12, 245
12,245
12, 247
12,876
12,876
12,916
12,918
4,85;
4,858
145,854
145,854
145, 854
145,854
9,826
9,826
9,826
9,826
51,474
51,474
51,474
51,474
13,362
13,362
13,362
13,362
14,323
14,323
14,323
14, 323
27,490
27,490
27,490
27,490
2,874
2,874
2,874
2,874
7,744
7,744
7,744
7,744
4,325
4,32,
4,325
4,325
35,906
35,906
35,906
35,872
1,570
1,570
1,570
1,570
9,117
9,117
9, 117
9,117
5,428
4,443
4,886
6,220
244
299
287
1,226
773
827
. 958
12,496,481
12,436,186
12,594,740
12,489,870
4^861
4,340
4,334
4,336
4,337
12, 727
12, 740
12, 746
12,758
3,815
3,818
3,823
3,834
2,894
2,895
2,896
2,896
4,002
4,008
4,022
4,034
3,865
3,872
3,877
3,878
10,113
10,134
10,137
10,143
4,869
4,869
4,869
4,869
5,616
5,616
5,616
5,616
21,504
21,504
21,504
21,504
4,655
4,655
4,655
4,655
3,116
3,116
3,116
3,116
3,613 .3,851
3,613 3,851
3,613 3,851
3,613 3,851
9,645
9,645
9,645
9,645
1,007
1,007
1,007
1,007
3,422
3,422
3,422
3,422
754
754
754
754
1,416
1,416
1,416
1,416
54,
545
545
545
1,003
1,003
1,003
1,003
1,142
1,142
1,142
1,142
1,262
1,262
1,262
1,262
1,996
1,996
1,996
1,996
3,000
3,000
3,000
3,000
3,121
3,121
3,121
3,121
1,497
1,497
1,497
1,496
1,
1,690
I,1""
1,691
7,832
7,832
7,832
7,805
1,199
1,199
1,199
1,199
2,055
2,055
2,055
2,048
941
941
941
941
1,847
1,847
1,847
1,847
2,037
2,037
2,037
2,037
919
290
297
531
446
426
26'
165
184
170
226
253
293
280
1,080
1,324
1,262
1,261
219
217
269
248
211
233
251
252
114
121
245
24'
135
141
181
166
262
316
332
394
731,, 137 ,4,
433,908 819, 558 1,034,836 490,746 387,168 2,139,164 440,598 306,223 449, 771 318,422 944,950
738,987 4;,278,
278; 472 820^ 424 1,038, 516 496^ 688 392^ 926 2,151,371
% 151^ 371 449,378
449,' 378 312,
3 l £ 235 467,441
467|
323,284 966,464
748,374 4,,391,
391, 983 820,237 1,052, 640 492,371 386,352 f2,168,218 451, 236 r
312,231 474,
" 742
" ' 330,051 966,305
487,054 379, 736 2,136,196 436; 887 308,119 468,169 325,395 967,591
741,388 4,385,634 814,310 1,039,391
1
4,015
4,138
4,150
3,587
293
306
306
262
1,449
1,458
1,470
1,295
393
411
411
351
386
16,331
16,110
16,171
15,859
2,155
2,169
2,145
2,089
5,747
5,553
5,527
5,484
155
155
167
167
1,313
1,308
1,435
1,307
173
180
180
154
141
147
147
126
1,995
1,991
1,955
335
315
315
315
466
487
416
120
126
126
108
1,074
1,072
1,072
1,045
82;
117
122
122
104
117
122
122
104
285
298
298
255
128
125
125
125
302
302
302
302
3,049
3,041
3,019
2,996
737
FEDERAL RESERVE BULLETIN
A U G U S T 1937
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 24, 1936, TO JULY 21, 1937
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
1936—June 24
July 29
Aug. 26____.
Sept. 3O..__
Oct. 28
Nov. 25....
Dec. 30.....
1937—Jan. 27
Feb. 24 _...
M a r . 31 ....
Apr. 28
May 26....
J u n e 30
July 213....
8,168
8,197
8,240
8,284
8,308
8,339
8,379
8,398
8,427
8,483
8,510
8,524
8,546
8,549
Applications rec*
ommended for
approval by Industrial Advisory
Committees to date
(with and without conditions)
Amount Number
331,391
331,659
333,930
336,119
336,763
339,903
342,699
342,999
343,904
346,911
348,342
349,288
351,420
351,7C0
2,394
2,413
2,437
2,463
2,477
2,483
2,500
2,506
2,517
2,543
2,563
2,577
2,587
2,560
Applications approved to date by Federal Reserve banks (with and
without conditions)
Expired, FinancFederal Federal
repaid, ing instiReserve Reserve
Approved or
bank
with- tution
bank
but not drawn
by particiadvances commitcomments
applipations
outpleted »
outcant,
outstanding
Amount
standing
etc.
standing*
Total
Amount
Number
142,811
143,978
145,939
147,191
148,237
148,317
149,204
149,527
149,711
150,561
152,724
153,720
154,960
155,023
2,183
2,198
2,218
2,243
2,269
2,266
2,280
2,287
2,297
2,323
2,336
2,353
2,361
2,366
133,343
134,233
135,421
137,251
138,731
138,938
139,829
140,213
140,515
141,545
144,564
145,228
145,758
145,854
30,487
30,217
29,265
28,885
27,038
26,720
25,533
24,781
24,208
23,054
23,904
23,196
23,014
22,530
24,454
23,711
23,355
23,307
22,790
22,040
20,959
20,238
19,523
18,611
17,528
17,188
16,331
158£9
9,381
8,429
9,168
8,566
8,544
7,719
8,226
7,697
7,709
7,898
9,045
8,462
3,470
1,074
61,422
64,342
66,304
69,217
72,915
75,045
77,903
80,500
82,163
85,215
89,268
97,668
99,053
7,599
7,534
7,329
7,276
7,444
7,414
7,208
6997
f
6,912
6,767
7,281
7,114
7,275
7,338
' * 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
$ 11,364,524
on July 21,1937.
3
July 28 figures not yet available.
NOTE.—On July 21, 1937, there were 15 applications amounting to $2,810,833 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Rich- Atdelphia land mond lanta
Chicago
MinSt. neapLouis olis
KanSan
sas Dallas FranCity
cisco
Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
202,725 189,496 995, 213 186,743 142,961 .72,503 .01,360 382,627
,
\ 709 1,020,431 330,078 457,127
June 30
• 4,508,973 327,
July 7_
_
• 4,550,464 332,879 1, 031, 111 333,290 460,703 203,072 189,935 1 004,503 188,872 144,129 .74,998 .01,561 385,411
202,129
188,930 1,005,242 187,565 [43,317 "5,037 [00,969 390,354
1,032,588
331,127
463,501
?
4,552,646
331,887!
July 14
__
4, 540,032 329,120 ,028,550 333,349 462,836 201,139 187,352 1,003,842 189,035 L42, 769 .75,822 100,597 385,621
July 21
Held by Federal Reserve bank:
8,435 5,261 10,074 8,973 46,185
91,186 16,210 24,702 10,892 17,415
302,496 40,175
June 30
22,986 9,403 4,390 9,500 7,401 39,573
96,770 17,537 22,992 9,818 16,908
298,047 40,679
July 7
—
28,888 8,593 5,983 10,209 8,932 52,652
19,054
July 14
-_—• 338,748 43,341 105,529 16,115 28,265 11,187
28,553 9,891 5,223 11,163 8,370 49,413
July 21
—. 342,161 42,989 105,525 19,759 31,048 11,534 18,693
In actual circulation:1
972,225
178,308 L37,700 162,429 92,387 336,442
172,081
245
313,868
432,425
191,833
929,
4,206,477 287,534
June 30
_.. 315,753 437,711
..
iQ3t254 173,027 981,517 1
" '- L39,739 165,408 94,160 345,838
179,469
4,252,417 292,200 934,341
July7
976,354
78,972 L37,334 164,828 92,03' 337,702
190,942
169,876
July 14
_
—. 4,213,898 288,546 927,059 315,012 435,236
975,289
179,144
137,546 [64,659 92,227 336,208
923,025
313,590
431,788
189,605
168,659
4,197,871
286,131
July 21
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from XJ. S. Treasury:
4,552,632 336,000 1,030,000 335,000 459,500 205,000 178,000 1,010,000 189,632 144,000 174,000 102,500 389,000
June 30
:~189,632
1,010,000
145,000 76,000 102,500 399,000
. .
**"
"
4,563,632 336,000.11030,000 335,000 462,500 205,000 173,000
July 7
4,587,632 336,000 1,040,000 335,000 465,500 205,000 173,000 1,020,000 190,632 145,000 76,000 102,500 399,000
July 14
336!
656
£
04a
606
33^
OOO
46^
500
20i;
000
173;
000
1,020|
000
190^
632
145,000 178,000 102,500 399,000
4,585,632
July 21
Eligible paper:
122
84
20
127
296
612
783
682
4,738
9,984
871
June 30
—125
145
85
101
422 1,100
827
978
619
5,402 1,056
12,844
July7
_
106
94
100
923
183
55
1,170
967
679
1,058
8,192
14,860
July 14
185
94
135 1,092
512
183
843
1,110
64:
1,099
5,244
11,677
53'
July 21
U. S. Government securities:
20,000
20,000
June 30
20,000
20,000
July7_
20,000
20,000
July 14
20,000
20,000
Jmy 21
Total collateral:
198,
783 1,010,020 189, 754 144,084 174,127 102,796 389,669
4,582,616 336,871 1,034,738 335,980 460,182 205,612
June 30
_
189,757 145,14, 176,10 102,922 400,100
978 1,010,085
1
1,035,402 336,056 463,1191205,827 193,97r
July 7
- 4,596,476 337,984 1,048,192
738 145,094 176, JOC 103,051 399,923
193,96'
1,020,183 190,7"
206,170
336,058 466,179
,
4,622,492
July 14
194,110
190,81 145,094 178,13£ 103, 593 399,512
1,020,183
1,045,244
336,099
466,142
201,843
4,617,309
336,537
July 21
i Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank.
738
FEDERAL RESERVE BULLETIN
AUGUST 1937
RESERVE POSITION OF MEMBER BANKS,
JUNE 1937
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross Net
dedeTime
mand mand
dede- posits
deposits posits*
Reserves with
Federal Reserve
banks
6,878
876
803
442
2,493
533
2,669
176
70
117
Central reserve city banks:
10,106
New York.
2,205
Chicago
9,402
1,948
Reserve city banks:
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district..
Chicago district
St. Louis district
Minneapolis district...
Kansas City district...
Dallas district
San Francisco district.
955
191
1,102
1,435
609
547
1,141
673
343
913
573
1,897
866
159
925
1,199
.483
422
886
539
262
661
403
1,563
92
160
111
1,861
180
40
200
282
109
94
207
118
58
142
87
424
10,380
8,368
4,464
Country banks:
Boston district „
783
1,252
New York district
Philadelphia district..
591
Cleveland district
587
Richmond district
468
Atlanta district
438
Chicago district.
779
St. Louis district
329
299
Minneapolis district
Kansas City d i s t r i c t 431
Dallas district..
464
San Francisco district.
340
640
1,002
456
434
333
304
570
239
208
274
302
239
6,762. 5,001
Total
Total
Excess
Required Held
6,002
All member banks.. 29,452 24,718 11,299
603
66
168
102
470
14
2
39
40
25
9
34
31
8
26
15
45
1,941
2,230
289
577
1,382
851
632
329
208
621
217
272
156
91
253
124
223
115
99
66
55
117
46
45
48
48
49
145
290
145
138
86
69
169
60
66
72
76
59
21
67
30
39
20
14
52
14
21
24
28
11
5,589
1,035
1,377
341
138
243
709
210
164
491
168
All
member
banks*
194
42
239
323
134
103
240
149
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.
NOTE.—See table at foot of page 750, for percentages of deposits required, to be held as reserves.
Total reserves held:
1936—April
_.
May
June
.
July.
Aug. 1-15
Aug. 16-312
September.,
October
November
December
1937—January
February
March*
April....
May K
June
Week ending (Friday)
June 4
June ll._
June 18—
June 25
Excess reserves:
1936-April
_
May
_
June
July
Aug. 1-15.
Aug. 16-312
September
October
November
December
1937—January
February...
March a
April...
May»
June.
_.
Week ending (Friday)
June 4
June 11
June 18
June 25
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Couniry
banks*
5,300
5,638
5,484
5,861
6,063
6,291
6,345
6,594
6,785
6,665
6,716
6,747
6,704
6,824
6,932
6,878
2,163
2,384
2,183
2,279
2,502
2,503
2,462
2,574
2,695
2,662
2,719
2,812
2,652
2,739
2,684
2,669
506
636
682
653
572
580
619
637
651
605
568
546
533
563
589
603
1,675
1..657
1,664
1,886
1,899
2,005
2,046
2,153
2,185
2,157
2,158
2,128
2,203
2,201
2,272
2,230
6,884
6,891
6,859
6,854
2,670
2,632
2,647
2,672
591
625
604
593
2,238
2,246
2,226
2,200
956
961
954
L,042
L,090
L,204
L, 218
Lf230
1,254
1,241
1,271
1,261
1,315
1,321
1,386
1,377
1,386
1,388
1,381
1,389
2,510
2,800
2,593
2,907
3,105
1,852
1,852
2,043
2,219
2,046
2,093
2,151
1,371
1,552
927
876
940
l t 134
908
1,004
1,226
600
535
639
751
697
767
868
401
530
203
176
262
377
414
369
290
160
195
205
221
175
147
128
54
101
51
70
796
778
775
961
970
601
624
696
724
675
662
651
488
490
316
289
512
511
496
575
619
490
498
502
523
498
518
505
428
431
357
341
. 905
908
850
839
192
152
151
172
54
87
70
63
304
313
283
252
354
355
346
352
i Weekly figures of excess reserves of all member b a n k s a n d of country
banks
are estimates.
3
Reserve requirements increased Aug. 16, 1936, March 1, 1937, and
M a y 1,1937; see table at foot of page 750 for amount of changes.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places over 15,000)
(places under 15,000)
All member banks
Federal Reserve district
Gross demand
June
Boston
:
New York
Philadelphia
Cleveland...
Richmond
Atlanta
Chicago
St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco
Total
May
1,751
1,738
11,549 11,493
1,729
1,692
2,031
2,023
1,086
1,077
1,003
985
4,151
4,125
1,009
1,002
616
642
1,345* 1,343
1,035
1,037
2,253
2,237
29,452
29,501
Time
Gross demand
Time
June
May
694
2.323
1..094
1,341
539
372
1,555
385
364
316
202
2,114
692
1,619
1,632
565
564
2,278 11,173 11,167 il,040 11,035
1,099
1,472
1,511
656
661
1,332
1,795
1,059
1,054
540
906
*913
354
355
372
835
846
292
291
1,541 U,618 i 1,616
1856
1847
383
807
817
282
2.8.2
365
463
437
178
178
316
1,027
1,026
201
201
200
777
774
161
160
2,106
2,108
2,121
2,017
2,008
11,299
June
May
June
11,224 U4,601 114,664 . 1 7,662
* Excluding central reserve city banks, for which figures for latest month are shown in table above.
May
17,637
Gross demand
June
May
Time
June
May
119
270
220
228
171
150
302
195
178
317
260
129
119
270
219
227
173
157
302
193
178
317
261
132
128
480'
438
282
185
80
257
102
186
115
41
97
128
479
438
277
185
80
254
101
187
114
40
98
2,541
2,547
2,391
2,383
739
FEDERAL RESERVE BULLETIN
A U G U S T 1937
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars!
End of month
Gold
certificates
Total
Silver
dollars
Treasury
notes
of!890
Silver
certificates
Subsidiary
silver
Minor
coin
Federal Federal
Reserve Reserve
bank
notes
notes
United
States
notes
National
bank
notes
1936—June
July
August
September.
October.
November.
December.
6,241
6,162
6,227
6,267
6,351
6,466
6,543
101
100
09
93
97
96
95
955
053
986
993
1,020
1,051
1,057
316
318
321
326
329
334
337
135
136
137
133
139
141
142
278
274
278
278
282
4,002
3,037
3,978
4,011
4,076
4,156
4,233
366
352
342
332
324
310
307
1937—January...
February..
March
April....:.
May
June
6,349
6,399
6,377
6,426
6,462
6,447
94
92
91
90
89
1,012
1,022
1,022
1,039
1,062
1,078
329
329
333
335
333
341
140
140
141
142
143
141
276
288
287
291
289
281
4,118
4,155
4,139
4,171
300
294
287
281
275
2C9
4,189
4,169
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
1936—JuneJuly.
August
September
October
November
December
1937—January
February March . .
April
May
June
$50 and over
in circulation!
Coin
6,241
— 6,162
6,227
6,267
6,351
»
. . . . . . . . 6,466
6,543
486
490
494
501
505
513
517
463
460
471
477
484
492
499
33
32
32
33
33
33
6,349
- 6,399
—.. 6,377
6,426
6,462
6,447
506
506
511
514
518
523
472
475
476
482
489
487
33
33
33
33
33
34
End of month
..
l
$2
.$1
$10
$5
850
. 844
863
86S
882
900
906
35
864
' 874
869
883
893
885
$20
Total
$50
$100
$500
Unassort$1,000 $5,000 $10,000 ed*
1,468 1,466 1,479
1,459 1,431 1,449
1,482 1,43G 1,452
1,488 1,437 1,467
1,516 1,400 1,478
1,548 1,486 1,501
1,563 1,501 1,530
398
383
381
383
385
390
399
683
667
667
673
679
690
707
127
127
128
130
132
132
135
245
247
250
253
255
258
265
7
7
6
6
7
1, 525
1,538
1,520
1,507
1,507
1,526
393
395
386
381
380
384
702
70G
696
687
689
699
135
135
136
137
136
138
269
273
275
277
278
283
S
1,458
1,464
1,451
1,468
1,406
1,458
1,500
1,519
1,519
1,542
1,558
1,539
t
7
18
19
19
21
19
23
13
4
3
3
4
18
19
18
17
17
14
9
10
9
9
9
8
8
7
7
8
2
,
3
4
5
i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
»Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported t
the Treasury as destroyed.
Back figuTes.Sw Annual Report for 1935 (table 39).
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation. In
millions of dollars]
End of month
FedSilver
Nadollars SubUnited eral
Minor
sidand
States Re- tional
Total silver iary
coin notes serve bank
bank notes
bul- silver
notes
lion*
1936—June
July
August
September
October
NovemberDecember ..
2,498
2,496
2,500
2,512
2,515
2,521
2,532
1,255
1,264
1,277
1,294
1,303
1,310
1,323
332
335
338
341
346
351
356
139
140
142
143
145
146
147
347
347
347
347
347
347
347
53
51
49
48
47
46
45
1037—January....
February...
March
April
May
June
2,532
2,536
2,541
2,543
2,547
2,550
1,332
1,343
1,355
1,365
1,375
1,382
356
356
357
357
358
359
148
149
149
150
150
151
347
347
347
347
347
347
44
42
42
40
39
38
Year or month
1932
1933
1934
1935
1936
372
353 1936—June
July
348
August
339
September....
329
October
322
November....
314
December...!
305
298 1937—JanuarysFebruary .
291
March
284
April
278
M
ay.......
272
June
* Includes silver held against silver certificates amounting to $1,305,000,000 on June 30,1937, and $1,134,000,000 on June 30,1936.
[By selected banks in New York City. In thousands of dollars]
ShipReceipts
ments to
from
Europe Europe
567
554
345
10,628
34,774
83,838
91,059
40,587
19,966
20,216
3,037
900
081
3,049
2,013
5,060
1,164
2,348
2,078
1,131
5,422
1,536
745
2,092
4,279
96S
1,434
909
7,000
2,197
3,265
3,728
3,023
1,865
1,972
Net
shipments
8,553
Net
receipts
83,271
90,505
40,242
9,338
1,873
2,818
4,424
7,724
1,014
1,448
1,097
3,409
105
2 t 760
5,028
1.5S9
956
For description and back figures see BULLETIN for January 1032
pp. 7-9.
740
FEDERAL RESERVE BULLETIN
AUGUST
1937
GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES l
[In millions of dollars]
[In thousands of dollars]
Gold stock at
end of year
or month
Increase
in
Net
total
gold
gold import
stock
Total Inactive
account
Year or month
8,238
1934
1935—October
November—
December
Year
1936—January
February...
March
April
May
June
July
August
September
October
November
December
4,202.5 1,133.9
325.2
226.7
205.2
9,693
_ 9,920
._. 10,125
_ „ 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 "~26.~5~
Year
1937—January
February
March
April
May
June.
11, 258
26.5
11,358 .126.5
11,436
204.7
11, 574 342.5
11,799
568.0
11,990
759.1
12,318 1,086.8
Net
release
from
earmark
-1.9
.6
1.3
1,887.2 1,739.0
.2
45.6
-16.6
5.5
28.1
170.0
277.8
15.4
67.5
171.8
218.8
75.8
57.0
-1.7
-9.5
1.0
-.2
-3.2
-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.7
1,132. 5 1,116. 6
-85.9
100.1
78.2
137.9
225.6
191.1
327.8
121.3
120.3
154.3
215.8
155.4
262.0
-48.3
-8.0
-A
7.2
26.2
-15.9
JanuaryJune
May
June
From or to—
Imports
82.6
315.3
210.6
190.0
57.2
-15.5
17.2
41.0
176.7
206.6
39.2
68.4
129.0
199.7
139.6
73.3
1937
Belgium
France
Germany
5,228
11,059
1 392
Switzerland
36,235
Union of Soviet
S o c i a l i s t Republics
United Kingdom.. 156, 959
Canada
20,946
Central America. „_
605
Mexico
730
Argentina
Chile
_
2,359
Colombia
2,177
Ecuador
164
Peru
444
Uruguay
Venezuela
__.
19
Australia
2,167
British India
3,966
China and Hong
Kong
237
Dutch East Indies.
Japan
15,316
Philippine Islands. 2,064
All other countries 2 .
38
Total-
262,103
Exports
Imports
Exports
Imports
1,375
22, 450
25,107
1,166
2,762
52,002
16 103,822
14,438
285
2,800
64
2
354
5,496
144
67
31
2,613
3,797
4
504
706, 634
64,060
2,010
19,859
7
5,846
11,937
" 875
1,392
Exports
65
4
79
267
15,162
9Q
74 ^
53
1,074
16, 593
2,106
225
47,584
12,577
7 414
81 155, 366
4 1,029,327
148
Back figures.—See Annual Report for 1935 (table 32).
i Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
* Includes all movements of unreported origin or destination.
Back figures.—See table p. 769, and Annual Report for 1935 (tables 34
and 35).
741
FEDERAL RESERVE BULLETIN
AUGUST 1937
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
Nonmember
banks
Member banks
Total
Call date
Total
Na- '
tional
{In millions of dollars]
Member banks *
Other
Mutual nonState savings mem*
ber
banks
banks
All
banks
Call date
Total
National
State
Nonmember banks
Mutual
Other
savings nonmembanks ber banks
1932—Dec. 31
18,390
6,816
6,011
805
694
24.803
16,101
8,702
10,022
6,818
1933—June 30 *
Oct. 25 *
Dec. 30.
14,619
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
676 . 8,337 1933—June 30»__ 37,998 23.338
Oct. 25 *..
23,453
8,421
579
Dec. 3 0 . . . "38," 505" 23.771
14,772
15,070
15,386
8,566
8,383
8,385
9.713
4,946
9,708
5,020
5,288
5,417
6,461
5.462
918
958
972
980
578
25,293
26.615
27,484
28,943
16,203 9,090
17,097* 9,518
17,693 9,791
18,519 10,424
9,780
5.475
579
1934—Mar. 5*...
8,882
June 30... 41,870
Oct. 17 •
9,018
Dec. 3 1 . . . 44,770
9,828
6,000
15,011
10,980 1932-Dec. 3 1 . . . 41,643
1934— Mar. 5 *
June 30
Oct. 17 *.
Dec. 31
15,835
16,039
6,206
6,375
6,433
6,442
1835—Mar. 4
June 29
Nov. 1
Dec. 31
16,024
15,994
15,904
15,837
6,422
6,410
6,400
6,387
5,446
6,425
5,403
5.386
976
985
997
1.001
579
571
671
570
9,023 1935-Mar. 4
9,013
June29_._
8,933
Nov. 1
8,880
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
1936—Mar. 4
June 30
Dec. 3 1 . .
16,808
15,752
15,628
6,377
6,400
6,376
5,375
6,368
5,325
1,002
1,032
1,051
569
566
565
r
8,862 1936—Mar. 4
48,716
8,786
June 30
51,335
8,687
Dec. 3 1 . . 53,701
31,774
34,098
35,893
20,605
21,986
23,107
11,169
12,112
12,786
9t972
10,060
10,143
'0,970
7,176
7,666
15,569
6,367
5,305
1,062
565
8,637 1937—Mar. 31... 52,577
34,746
22,355
12,390
10,157
7,674
,
1937—Mar. 31
For footnotes see table below.
' Revisec1.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
:Nonmember banks
Member banks
i l l banks
Mutua 1 savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans,
Investments
Other nonmember banks
Total
Loans
Investments
1932—Dec. 31
44,946
26,063
18,883
27,469
15,204
12,265
10,182
6,079
4,103
7,295
4,780
2.616
1933-June 30»
40,076
22,203
17,872
4,103
5,246
3,404
1,841
18,342
11,928
11,894
12,386
5,941
21,977
12,858
13,059
12,833
10.044
40,319
24,786
24,953
25,220
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
11,953
11,928
11,841
12,175
12,099
12,542
13,360
13,699
16,318
16,857
17,460
17,810
18,189
19,717
19,640
18,826
9.775
9,852
9,854
9.804
9,795
9,961
10,060
10,096
5,478
5,341
5,302
5,210
5,202
5,105
5,027
5,026
4,297
4,511
4,552
4,594
5,701
5,779
5,853
5,927
r
6,032
6,238
6,464
6,518
2,963
3,003
2,997
2,944
2,738
2,777
2,856
2,983
'2,966
3,032
3,062
'3,066
3,206
3,402
3,065
3,453
Dec. 30
Dec 31
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
1538 Mar 4
—
'46,115
48,458
49,524
••20,267
20,679
21,449
••25,847
27,778
28,075
30,288
32,259
33,000
49,138
21,790
27,348
32,525
1034—Mar. 5 *
June 30
42,502
Dec. 31
1937—Mar. 31
21,278
21,224
4,856
5,034
5,070
* Beginning June 30,;i933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
• P r i o r t o D w . 30?193Vmember^bank figures include interbank deposits not subject to Immediate withdrawal, which aggregated $103,000,000
on that date.
Back ftguTcs.-B&e Annual Report for 1935 (tables 47-48).
742
FEDERAL RESERVE BULLETIN
AUGUST 1937
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans
Loans to customers (except banks)
Total
loans
and
Investments
Call date
Total
Purchased paper
ReTo
Other- Loans
portbrowise
To
kers
to
seReal banks
out- others
banks Acestate
cured
on
side securi- loans own
ceptComand
New
ances Bills meraccept-1 unseties
York
payances cured
cial
able paper
Cltyi
able in abroad
United]
bought
States
Investments
U.S. Government obligations
Loans
to
Other
brosecurikers in Total
ties
New
Fully
York
guarDirect
Oityi
anteed
TOTAL—ALL MEMBER BANES
1920—Dec. 31
, 35,934
24,786
1033—June 30 *
28,150
1034—Dec. 31
28,785
1935—June 29
29,985
Dec. 31_._.
1936—Mar. 4
32, 259
June 30
33,000
Dec. 31_...
32,525
1937—Mar. 31
32,710
June 30P
23,193
11,337
10,509
10,369
10, 548
10,460
10,943
11,628
11,862
12,361
165
187
192
196
211
266
266
258
260
3,191
3,752 2,372
3,110 2,273
2,931 2,277
2,893 2,284
2,832 2,301
2,863 2,340
2,785 2,405
2,816 2,440
2,832 2,505
11, 515
192 4,857
232 4,708
135 4,834
169 5,006.
156 4,960
117 5,355
131 6,041
128 6,220
113 6,651
714
330
155
119
93
82
81
85
99
115
212
291
256
201
181
164
144
161
170
133
169
157
139
13S
140
148
146
144
142
149
2,595
120
937
164 1,024
82 1,085
107 1,096
99 1,112
65 1,238
65 1,527
69 1,600
65 1,770
322
162
63
48
42
29
28
42
51
62
128
224
210
183
158
141
123
136
119
291
87
232
247
272
280
278
324
386
378
1,660
788
843
975
1,047
1,089
1,079
1,144
1,159
1,279
9,784 3,863
11,928 6,887
16,122 9,906
16,857 9,871
17,810 .0,601
18,189 0, 564
19,717 1, 721
19,640 1,630
:8,826 0,856
18,432 L0,872
1,558
1,768
1,880
1,950
1,906
1,861
1,818
5,921
5,041
6,227
5,427
5,541
5,74fl
6,04fi
6,095
6,108
5,742
NEW YORK CITY «
8,418
8,802
9,556
9,280
9,101
8,989
4,964
2,297
2,202
2,146
2,196
2,215
2,338
2,567
2,676
2,884
1,757
1,287
1,581
1,592
1,868
1,946
1,951
2,100
1,868
1,957
1,330
589
435
458
455
456
513
613
629
646
240
48
29
33
28
32
59
50
62
50
140
155
144
12,029
8,492
10,028
10,151
10,780
10,655
11,306
11,795
.
11.611
11,632
8,418
4,258
4,024
3,967
4,144
4,071
4,242
4,582
4,618
4,738
425
63
90
87
96
101
115
123
114
114
2,775
1,340
1,124
1,053
1,057
1,027
1,044
1,048
1,039
1,034
1,638
1,131
1,090
1,105
1,094
1,096
1,101
1,124
1,135
1,164
13,375
7,873
8,780
8,739
8,919
8,885
9,446
9,825
9,945
10,132
8,481
4,194
3,849
3,798
3,754
3,716
3,850
2,231
1,117
996
932
894
865
861
843
833
830
1,462
L055
1,026
1,020
1,035
1,043
1,078
1,123
1,150
1,180
8,774
7,133
7.761
1929—Dec. 31
1933—June 301
1934—Dec. 31
1935-June 29
Dec. 31
1938—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30P
2,145
1,044
820
783
793
792
813
753
790
824
1,202
720
662
930
1,018
1,043
1,028
1,095
1,105
1,219
2,091
3,709
4,602
4,985
5,355
6,028
6,425
5,140
4,719
1,112
2,551
3,246
3,462
3,425
3,602
4,196
3,739
3,356
3,176
610
1,049
1,107
1,392
1,470
1,419
1,467
1,220
1,288
116
384
743
766
1,061
1,131
1,014
1,107
853
903
278
348
401
505
567
470
473,
454
979
1,158
1,078
1,174
1,159
1248
1 26fi
1,217
1,311
1,089
CITY OF CHICAGO »
1929—Dec. 31
1933—June 30 »
1934-Dec. 31
193fi—June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31.
1937—Mar. 31
June 30*
..
.
,
633
251
170
163
149
148
635
14rf
237
202
236
249
251
284
402
407
433
193
226
229
264
243
250
312
260
273
292
RESERVE CITT
BANES
1929-Dec. 31
1933-June 30 >
1934—Dec. 31
1935—June 29
Dec. 31
1936-Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30?
3,679
1,678
1,671
1.682
1,851
1,805
1,941
2,231
2,276
2,387
258
99
55
43
34
31
31
23
29
34
102
38
108
112
120
120
113
131
154
145
239
45
105
25
' 21
30
34
163
27
92
116
135
145
152
178
216
212
208
10
50
18
7
14
16
13
16
16
44
2,944
4,011
5,715
6,986
6,432
6,375
7,000
6,725
6,639
1,368
2,483
3,809
3,712
4,076
3,958
4,349
4,426
4,250
4,272
279
571
656
656
651
697
1,576
1,628
1,628
1,703
1,701
1,761
1,863
1,877
1,805
1,730
COUNTRY BANES
1029-Dec. 31
1933—June 30 »
1934—Dec. 31
1935-June 29
Dec. 31_
1936-Mar. 4
June 30
Dec. 31_
1937—Mar. 31
June 30P
3; 940
4,093
705
2,005
1.810
1,831
1,810
1,791
1,891
1,881
1,937
2,061
p Figures for this date are preliminary.
1 Loans (secured by stocks and bonds) to brokers and dealers in securities.
J Beginning June 30,1933, figures relate to licensed banks only.
3 Central reserve city banks.
Back figures,—See Annual Report for 1935 (table 52).
4,439
3,598
4.756
4,780
5,002
5,407
6,747
5,741
5,786
1,267
1,469
2,108
1,931
1,940
1,873
2,163
2,368
2,397
2,520
355
553
623
630
640
645
626
635
3,172
2,129
2,293
2,296
2,439
2,486
2,606
2.734
2,719
2,631
743
FEDERAL RESERVE BULLETIN
AUGUST 1837
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Call date
TOTAL—ALL MEMBER BANES
1929-Dec. 31
1933—June 30«
1934—Dec. 31
1935-Mar. 4
_.
June 29
Dec. 31_
1936-Mar. 4.
„..
June 30..
Dec. 31
1937—Mar. 31
Demand deposits
Cash
items
ReInterbank
Bal- reportCerti
serves
fled
with Cash ances
with edinas
and
UnitFeddooffiIn
ed
eral
proccers'
States Pub
Re- vault meslie checks,
Dotic 1 ofess
For- Gov- funds
serve
colmesbanks leceign
erncash
banks
tic
letters
tion* banks banks ment
of
credit *
IndiInterbank
vidDeuals,
mand
part- deposnerits ad- Doships, justed mesForcoreign
tic banks
porabanks
tions,
etc.
2,374
2,235
4,082
4,518
4,933
5,573
6,784
5,607
6,572
6,613
17,626 16,647
11,830 12,089
14,951 15,686
14,872 15,999
16,206 17,530
18,035 18,801
17,927 19,161
19,322 20,284
20,970 21,647
20,085 21,352
568
405
609
534
537
665
624
713
697
662
2,168
2,008'
3,149
3,386
3,396
3,776
3,970
3,944
4,066
3.445
1,485
1,903
1,475
1,183
2,255
1,718
2,147
2,533
1,974
3,517
3,057
4,569
5,095
4,978
5,696
6,148
5,986
6,402
5,752
544
145
147
169
273
444
394
465
432
458
143
806
1,636
1,270
779
844
600
1,037
882
415
1,335
1,087
1,799
1,861
2,091
2,139
2,173
2,320
2,329
2,564
1,681
657
838
741
417
882
779
789
881
677
1,198
1,255
1,798
2,047
1,983
2,338
2,527
2,390
2,493
2,171
464
127
126
147
248
410
363
428
393
419
20
332
792
572
369
224
140
215
225
129
128
96
229
190
364
323
260
357
285
314
1,180
461
540
600
149
624
496
489
457
354
310
259
445
605
504
522
594
635
8
46
46
41
20
98
81
102
72
96
42
87
182
184
198
208
217
221
191
203
76
312
620
605
299
385
285
613
407
132
423
349
685
643
674
707
733
733
.843
935
742
655
116
178 804
152 845
00 865
137 901
93 965
207 1,008
178 1,011
57 1,113
Time deposits
95
89
134
145
136
151
152
151
153
153
154
1
7
8
6
5
6
6
6
6
Individuals, BorPos- Pub- partrowtal- lie
ner- ings
sav- funds
ships,
ings
corporations,
etc.
12,267
7,803
9,020
9,203
9,462
9,680
9,784
10,099
10,429
10,639
879
191
1,112
671
691
595
667
591
586
601
679
758
179
8
332
358
381
374
469
413
407
444
449
440
41
41
388
186
167
118
79
72
65
35
34
371 4,433
208 2,941
206 3,494
211 3,611
3,670
3,796
251 3,853
288 3,960
203 4,026
176 4,064
292
16
61
285
210
188
162
136
95
87
69
64
133 6,390
86 3,833
84 4,554
75 4,623
76 4,756
83 4,879
82 4,938
80 5,094
80 5,275
79 5,377
367
122
788
452
399
307
218
167
152
104
97
13
17
9
6
11
6
16
18
NEW YORK CITY *
1929—Dec. 31
1933—June 30«
1934—Dec. 31
1935—Mar. 4
June 29
Dec. 31
1936-Mar. 4
June 30
Dec, 31
1937—Mar. 31
._.
827
846
1,576
1,856
1,935
2,541
2,493
2,106
2,658
2,719
179
101
103
86
133
111
108
114
133
123
2,406
874
1,069
810
447
1,133
415
359
675
511
480
749
658
133
203
207
182
249
209
195
195
188
93
168
61
90
70
73
135
1,087
853
5,847
4,676
5,370
6,329
5,924
6,479
6,471
6,891
7.274
7,237
4,750
4,368
6,069
5,209
6,979
6,193
1,041
870
1,073
1,047
1,208
1,301
1,243
],444
1,495
1,001
957
912
1,189
1,179
1,357
1,401
1,390
1,546
1,554
1,128
300
108
169
132
140
204
151
152
230
155
5,547
3,708
4,919
4,854
5,314
6,001
5,961
6,419
7,023
6,833
6,229
3,764
5,136
5,197
5,656
6,161
6,238
6,541
7,126
7,159
169
72
106
90
104
127
106
121
167
130
6,091
2,576
5,711
3,054
4,292
4,414
4,538
5,047
5,136
5,440
6,039
6,012
133
1
7
7
4
4
4
5
4
6,756
6,929
7,031
12
1
CITY OF CHICAGO •
1929—Dec. 31
1933-June 30«
1934—Dec. 31
1936—Mar. 4
June 29_
Dec. 31
1936—Mar. 4
June 30Dec. 31.
1937—Mar. 31
Da
147
159
114
19
RESERVE CITY BANKS
1929—Deo. 31
1933-June 30»
1934—Dec. 31
1936—Mar. 4
June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
751
705
1,268
1,386
1,403
1,594
1,794
1,763
2,108
2,108
156
122
207
197
213
256
264
289
285
264
947
1,002
1,543
1,690
1,607
1,779
1,910
1,907
1,816
1,545
1,041
401
637
432
471
762
607
763
971
764
1,604
1,315
1,984
2,179
2,145
2,422
2,594
2,651
2.826
2,546
627
452
822
916
920
927
321
203
275
246
236
305
268
322
319
321
702
1,296
1,427
1,406
1,676
1,757
1,727
1,929
291
149
207
163
192
236
187
266
316
242
405
228
342
364
347
415
433
410
483
440
14
59
117
1
128
119 " "l
134
1
135
1
135
1
137
1
137
2
COUNTRY BANKS
1929—Dec. 31
1933—June 30»
1934—Dec. 31
1936—Mar. 4
June 29
Dec. 31_
1936-Mar. 4
June 30
Dec. 31_.'__.
1937—Mar. 31
1,017
989
1,247
1,304
3,642
3,761
4,254
4,252
4,567
5,177
5,013
167
13
14
9
6
8
6
3
11
I Prinr tn TW %\ 1935 excludes balances with private banks to the extent that they were then reported in "Ither assets." Since Oct. 25, 1933,
i n c l u d i time balances with S ? t T c banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
?Does™ot; mcluite cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on
b
% b n U clu n d»
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,
less cash items reported on hand but not in process of collection.
a Beginning June 1933 figures relate to licensed banks only.
s Central reserve city banks.
Back figures—See Annual Report for 1935 (table 53).
744
FEDERAL RESERVE BULLETIN
AUGUST 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Loans 1
Investments
Total
loans
and
investments
Total
To
brokers
and
dealers
in securities'
1936—June
December..
1937—January....
February—
March
April
May
June
22,373
22,760
22,734
22,600
22, 610
22, 280
22,201
22,330
8,535
9,030
8,998
8,982
9,286
9,399
9,523
9,697
1,312
1,248
1,228
1,217
1,318
1,276
si,328
1,393
2,096
2,034
2,007
2,021
2,030
2,046
*2,061
2,006
92
64
59
72
86
78
120
131
1,149
1,154
1,153
1,150
1,152
1,155
1,160
1,167
319
338
379
399
411
396
2382
474
3,567
4,192
4,172
4,123
4,289
4,448
4,477
4,526
1937—May 12..
May 19..
May 26..
June 2...
June 9
June 16—
June 23—
June 30July 7 . . .
July H . .
July 2 1 . .
22,205
22,177
22,182
22,168
22,214
22,573
22,414
22,290
22,217
22,163
22,213
9,531
9,500
9,529
9,571
9,647
9,741
9,766
9,760
9,734
9,714
9,740
1,316
11,323
1,324
1,333
1,369
1,370
1,444
1,447
1,425
1,356
1,357
2,068
12,002
1,989
1,995
2,000
2,010
2,011
2,016
1,999
2,003
2,001
122
118
110
123
123
167
142
98
111
106
129
1,161
1,162
1,161
1,161
1,166
1,166
1,171
1,169
1,168
1,161
1,162
382
1497
490
483
481
475
465
467
••464
463
459
4,482
14,398
4,455
4,476
4,508
4,553
4,533
4,563
4,567
4,625
4,632
1936—June
December...
1937—January
February....
March
April
May
June........
8,987
8,750
8,606
8,543
8,651
8,385
8.335
8,491
3,396
3,581
3,532
3,521
3,708
,3,725
3.804
3,969
1,101
1,053
1,024
1,017
1,111
1,085
n,133
1,184
762
712
709
731
733
734
*733
758
59
34
28
43
55
48
76
88
133
130
130
129
128
128
129
132
132 1,209
140 1,512
146 1,495
136 1,465
133 1,548
114 1,616
*103 U,632
163 1,644
1937—May 12..
May 19..
May 26..
June 2...
June 9...
June 16June 2 3 June 30__
July 7___
July 14..
July 2 1 . .
8,322
8,318
8,320
8,392
8,474
8,606
8,513
8,470
8,417
8,325
8,359
3,805
3,787
3,808
3,856
3,921
4,011
4,032
4,026
4,000
3,959
3,964
1,119
»1,127
1,124
1,140
1,168
1,169
1,217
1,227
1,207
1,147
1,142
734
1751
746
753
753
758
761
766
756
759
751
80
76
69
74
81
126
100
61
73
66
91
130
129
129
129
131
131
134
133
134
134
135
13,386
14,010
14,128
14,057
13,959
13,895
13,866
13,839
5,139
5,449
5,466
5,461
5,578
5,674
5,719
5,728
211
195
204
200
207
191
*195
209
1,334
1,322
1,298
1,290
1,297
1,312
U.328
1,248
13,883
13, 859
13,862
13,766
13,740
13,967
13,901
13,820
13,800
13,838
13,854
5,726
5,713
5,721
5,715
fi, 726
5,730
5,734
5,734
5,734
5,755
5,776
197
»196
200
193
201
201
227
220
218
209
215
1,334
11,251
1,243
1,242
1,247
1,252
1,250
1,250
1,243
1,244
1,250
Date or month
On
securiReal Open
ties to
mar- Other
To
others banks estate ket loans'
lpans paper:
(except
banks)
Total
U. S. Government obligations
Other
securiFully ties
Direct guaranteed
13,838
13,730
13,736
13, 618
13,324
12,881
12,678
12,633
9,202
9,241
9,263
9,118
8,802
8,447
8,320
8,355
Reserve
Balwith Cash ances
Fedwith
in
eral vault domesRetic
serve
banks
banks
TOTAL—101 CITIES
1,303
1,242
1,230
1,212
1,206
1,181
1,163
1,160
3,333
3,247
3,243
3,288
3,316
3,253
3,195
3,118
4,389
5,264
5,292
5,326
5,205
5,340
5,350
5,332
387
427
401
387
359
346
338
315
2,290
2,439
2,307
2,252
1,998
1,967
1,790
1,761
12,674 8,323 1,164
12, 677 8,314 1,162
12,653 8,308 1,159
12, 587 8,287 1,156
12,567 8,258 1,166
12,832 8,556 1,165
12,648 8,374 1,160
12,530 8,301 1,152
12,483 8,297 1,141
12,449 '8,254 1,154
12,473 8,240 1,195
3,187
3,201
3,186
3,144
3,143
3,111
3,114
3,077
3,045
3,041
3,038
5,359
5,349
5,385
5,278
5,367
5,280
5,335
5,400
5,278
5,352
5,302
349
'329
338
329
337
299
308
303
314
325
300
1,783
1,781
1,796
1,766
1,751
1,774
1,734
1,783
1,743
1,801
1,785
5,591
5,169
5,074
5,022
4,943
4,660
4,531
4,522
3,896
3,666
3,555
3,455
3,319
3,100
3,024
3,059
561
451
452
453
452
442
435
437
1,134
1,052
1,067
1,114
1,172
1,118
1,072
1,026
2,049
2,509
2,565
2,670
2,506
2, 562
2,492
2,506
76
86
81
80
81
74
70
66
101 1,641
1157 11,547
158 1,582
160 1,600
162 1,626
163 1,664
164 1,656
166 1,673
164 1,666
162 1,691
159 1,686
4,517
4,531
4,512
4,536
4,553
4,595
4,481
4,444
4,417
4,366
4,395
3,027
3,022
3,014
3,060
3,062
3,141
3,023
3,010
3,006
2,968
2,966
434
434
429
428
441
440
438
437
429
427
458
1,056
1,075
',069
,048
,050
,014
,020
997
982
971
971
2,480
2,496
2,561
2,440
2,498
2,478
2,509
2,603
2,462
2,514
2,508
72
68
71
70
1,016
1,024
1,023
1,021
1,024
1,027
1,031
1,035
187 2,358
198 2,680
233 2,677
263 2,658
278 2,741
282 2,832
2279 *2,845
311 2,882
8,247
8,561
8,662
8,596
8,381
8,221
8,147
8,111
5,306
5,575
5,708
5,663
5,483
5,347
5,296
5,296
742
791
778
759
754
739
728
723
2,199
2,195
2,176
2,174
2,144
2,135
2,123
2,092
2,340
2,755
2,727
2,656
2,699
2,778
2,858
2,826
334
364
345
334
310
293
284
262
2,214
2,353
2,226
2,172
1,917
1,893
1,720
1,695
1,031
1,033
1,032
1,032
1,035
1,035
1,037
1,036
1,034
1,027
1,027
281
1340
334
323
319
312
301
301
300
301
300
2,841
2,851
2,871
2,876
2,882
8,157
8,146
8,141
8,051
8,014
8,237
8,167
8,086
8,066
8,083
8,078
5,296
5,292
5,294
5,227
5,196
5,415
5,351
5,291
5,291
5,286
5,274
730
728
730
728
725
725
722
715
712
727
737
2,131
2,126
2,117
2,096
2,093
2,097
2,094
2,080
2,063
2,070
2,067
2,879
2,853
2,824
2,838
294
278
284
265
286
251
259
249
262
270
252
1,711
1,713
1,725
1,696
1,689
1,705
1,670
1,716
1,675
1,733
1,718
NEW YORK CITY
64
67
68
68
67
OUT3IDE NEW YORK
CITY
1936—June
December
1937—January
February
March
April
May
June
1937—May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
-_.
—
__
2,877
2,890
2,901
2,934
2,946
2,802
2,826
2,797
2,816
2,838
2,794
i Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly
published; for explanation of revision see June BULLETIN, pages 530-531; for current figures on basis of new classification, see pa^es
664-665 of this
D
BULLETIN.
* Average of figures for May 5 and 12 only (see note above).
•• Revised.
745
FEDERAL RESERVE BULLETIN
AUGUST 1937
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
Demand deposits
Total
assets
Time deposits
Demand
Interbank
Interbank
Bor- Other CapideposUnited Certirow- liabil- tal acfied
its-ad-1
States
ings
ities count
Other
Other
justed DoForTotal Domes- Foreign Govern- checks,
etc.
mestic eign
liabilment
tic
ities
banks
banks
banks banks
TOTAL—101 CITIES
14,563
15,544
15,516
15,572
15,429
15,283
15,420
15,300
132
130
132
134
133
120
106
101
6
8
12
5,037
5,045
5,052
5,094
5,142
6,145
5,194
5,233
16,496 15,376
16,424 15,425
16,523 15,528
16,374 15,274
16,353 15,506
16,473 15,242
16,240 15,289
'16,462 '15,187
15,880 14,855
16,131 15,031
16,008 15,018
107
105
105
100
100
99
105
103
103
102
100
7
7
10
11
12
12
13
14
15
16
17
5,201
5,205
5,222
5,231
5,233
5,233
5,233
5,235
5,249
5,250
5,251
6,311
6,430
6,404
6,457
6,492
0,319
6,382
6,324
4
4
3
3
3
4
6
11
547
613
601
631
680
671
697
723
6,338
6,392
6,465
6,359
6,501
6,263
6,252
6,243
6,011
6,061
6,071
6
704
6
8
9
10
11
11
12
13
13
14
704
721
1936—June
December
1937 January
February
March .
April
May
June-
1.385
1,787
1,548
1,573
1,60?
1,503
1,450
569
1.371
.370
1,349
1,360
,356
1,338
,338
3?fi
32,195
34,047
33,631
33,498
33,130
32,774
32,467
32,632
5,371
6,025
5,953
5,854
5,546
5,424
5,032
4,927
447
435
413
410
428
473
528
579
797
601
611
409
369
312
201
378
499
617
525
573
573
460
441
489
1937—May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
1,568
1,448
1,439
1,563
1,301
1,727
1,385
1,871
1,568
1,560
1,449
1,331
1,342
1,344
1,340
1,338
1,306
1,338
1,302
1,282
1,287
1,276
32,595
32,426
32,484
32,434
32,308
32,959
32,514
32,949
32,402
32,488
32,325
5,075
5,010
4,927
6,039
4,939
4,942
4,802
4,913
5,037
5,003
4,977
633
520
543
549
567
580
599
602
622
612
607
207
182
181
142
103
547
549
547
477
451
429
449
444
463
454
496
434
596
543
460
459
December
650
878
714
774
649
622
716
12,311
12,778
12,515
12 603
12,546
12,200
12,055
12,306
2,310
2,468
2,421
2 392
2,233
2,149
1,926
1,911
416
397
378
375
392
436
490
540
194
155
181
138
131
105
50
179
326
415
336
398
388
279
274
311
6,635
6,893
March
April
May
496
492
493
490
485
477
482
474
M a y 12
661
630
629
699
567
762
602
949
739
642
616
481
488
483
12,071
12,051
12,118
12,145
12,133
12,432
12,208
12,610
12,198
12 064
12,054
1,936
1,916
1,867
1,933
1,896
1,905
1,863
1,957
1,985
1,927
1,929
496
483
504
509
63
41
41
23
4
283
282
275
287
291
318
6,716
19,884
21,269
21,116
20,895
20,584
20,574
20,412
20,326
3,061
3,557
3,532
3,462
3,313
3,275
3,106
3,016
448
15,449
16,714
16,539
16,571
16,459
16,325
16,429
16,380
4
6
3
4
5
3
11
3
1
3
3
20
25
16
24
4
13
16
58
38
9
7
18
013
009
837
880
894
925
915
906
3 543
3,655
3,563
3,568
3,678
3,581
912
909
929
905
928
915
904
879
869
860
862
3,593
3,591
3,590
3,607
3,603
3,004
3,597
3,598
3,598
3,596
3,597
407
372
343
367
369
395
394
404
1,470
1,451
1,467
1,474
1,472
1,472
1,475
1,477
393
3S9
409
399
413
405
404
400
1,476
1,475
1,474
1,478
1,477
1,477
1,475
1,478
1,475
1,474
1,475
3,593
3,CO2
NEW YORK CITY
1 Q^fil_June
767
1937
May 19
May 26
June 2
June 9
June 16
Juno 23
Timft30
July 7
July 14
July 21
480
481
469
471
467
460
460
456
527
541
559
564
579
570
566
289
289
289
248
235
224
258
400
365
280
289
6,783
6,825
6,878
6,689
6,730
6,729
6,740
6,819
6,771
6,777
6,707
6,596
6,792
6,385
6,423
6,398
727
724
726
722
718
742
741
743
2
10
2
13
21
8
15
9
14
53
31
4
402
401
15
401
1
1
1
1
537
OUTSIDE N E W YORK
CITY
lO^fi
Til n ft
December
..
1937—January
February
March „- . . .
April
May...
- - June.
1937—May 12
M a y 19 May 26
June 2.
June 9
June 23
June 30
July 7
July 14.
July 21
875
735
909
834
806
878
856
870
828
854
871
861
828
853
856
851
907
818
810
864
734
965
783
922
829
918
833
,
850
854
861
860
857
837
867
835
822
827
820
20,524
20,375
20,366
20,289
20,175
20,527
20,306
20,339
20,204
20,424
20,271
3,139
3,094
3,060
3,106
3,043
3,037
2,939
2,956
3,052
3,076
3,048
31
38
35
35
36
37
38
39
37
37
39
40
40
39
40
38
43
42
41
603
173
446
202
430
'271
238
207
151
199
189
175
154
141
140
119
99
258
260
258
229
216
205
165
167
169
176
163
178
176
1%
178
180
170
185
181
167
178
8,814
9,821
9,756
9,746
9,581
9,636
9,699
9,651
9,780
9,684
9,704
9,603
9,576
9,766
9,644
9,670
9,495
9,708
9,610
8,252
9,114
9,112
9,115
8,937
8,964
9,038
8,976
9,038
9,033
9,063
8,915
9,005
8,979
9,037
8,944
8,844
8,970
8,947
132
130
132
134
133
120
106
101
107
105
105
100
100
99
105
103
103
102
100
1
i"
2
2
2
1
1
1
2
2
2
1
2
2
2
3
3
4,490
4,432
4,451
4,463
4,462
4,474
4,497
4,510
4,497
4,501
4,501
4,504
4,509
4,507
4,511
4,517
4,507
4,509
4,508
3
3
7
4
8
9
4
4
2
5
7
5
7
3
506
494
513
525
530
521
502
519
520
520
506
515
510
500
479
467
459
461
2,073
2,104
2,096
2,094
2,106
2,109
2,118
2,125
2,117
2,116
2,122
2,129
2,126
2,127
2,122
2,120
2,123
2,122
2,122
i Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
of ^ D ^ ^ d ° g e ^ n £ s b ^
U.DS. 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).
*• Revised.
746
FEDERAL RESERVE BULLETIN
AUGUST 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
City
Boston
Min- Kan. San New ChicaNew PhilaRich- Atlan Chica- St. neapdel- Clevesas Dallas Fran- York
land mond ta
York phia
go Louis olis City
go
cisco
22,290
22, 217
22,163
22,213
1,324
1,318
1,321
1,316
9,358
9,296
9,207
9,242
1,178
1,174
1,176
1,177
9,760
9,734
9,714
9,740
703
706
705
701
v4,473
4,444
4,405
4,410
461
461
461
463
ASSETS
Loans and investments—
total:
June 30
July 7
July l4—._
July 21
Loans—total:
June 30
July 7
JulyH
July 21—
Commercial, industrial, and
agricultural loans:
On securities:
June 30
July 7——
JulyH
July 21
Otherwise secured and
unsecured:
June 30
July 7
July 14...
July 21
Open market paper:
June 30
July 7
July 14
•
July 21
Loans to brokers and dealers:
June 30
July 7
•
July 14
July 21
-~—
Other loans for purchasing or
carrying securities:
June 30
July 7
July 14
July 21
Real estate loans:
June 30
July 7
July 14
July 21
Loans to banks:
June 30
July 7
July 14
July 21
Other loans:
On securities:
June 30
July 7
July 14
July 21
Otherwise secured and
and unsecured:
June 30
July 7
July 14
July 21
XT. S. Government direct
obligations:
June 30
July 7
~
July 14
July 21
Obligations fully guaranteed
by U. S. Government:
June 30...
July 7
July 14
July 21
,
' Revised.
1,878
1,880
1,881
1,883
700
616
638
631
620
552
550
545
546
3,035
3,029
3,050
3,059
640
641
652
660
391
391
389
390
687
233
238
237
236
991
987
999
1,006
280
279
285
291
166
166
165
166
254
259
265
265
702
714
278
490
491
491
494
2,141
2,119
2,118
2,112
8,470
8,417
8,325
8,359
1,967
1,963
1,979
1,993
219
221
224
222
1,015
1,008
1,001
1,002
4,026
4,000
3,959
3,964
667
666
674
41
'36
37
37
229
230
239
241
32
32
31
32
304
'304
306
310
1,495
1,491
1,519
1,512
401
404
413
419
242
243
252
255
566
'558
572
579
3,765
' 3,773
3,835
3,847
266
267
271
270
1,605
1,602
1,631
1.623
467
"464
463
'459
•103
103
101
99
1,447
1,425
1,356
1,357
43
44
41
40
161
160
161
163
227
227
229
230
128
127
124
124
540
543
555
559
117
117
119
123
136
141
149
154
' 181
179
178
174
27
27
26
26
17
17
17
17
5
5
5
5
49
49
51
52
11
10
11
11
20
21
22
24
34
•"33
33
32
166
164
162
159
27
27
28
29
1,248
1,226
1,166
1,162
26
26
25
25
21
23
21
22
7
61
• 58
56
61
4
4
4
4
22
22
22
21
1,227
1,207
1,147
1,142
51
49
48
52
7
121
123
126
126
714
713
707
703
361
361
355
351
38
38
•58
56
56
56
279
279
274
270
81
78
78
78
1,169
1,168
1,161
1,162
242
242
242
243
179
178
178
178
375
375
368
368
133
134
134
135
14
14
14
14
03
111
106
129
61
74
67
91
4
4
4
4
2
2
2
2
61
73
66
91
2
2
2
2
736
728
724
719
290
280
278
273
258
247
246
240
24
24
24
24
798
794
790
785
243
237
236
238
178
175
172
174
35
36
36
36
3,010
3,006
2,968
684 2,966
911
911
919
915
128
127
128
126
95
95
95
100
8,301
8,297
•-8,254
8,240
1,152
1,141
%154
1,195
456
448
450
44S
47
48
47
47
46
3,237
3,232
3,189
3,188
337
334
'330
331
477
466
94
94
-•99
99
500
120
121
121
122
854
857
856
855
45
282
300
295
284
33
60
109
109
109
108
176
174
170
172
1,438
1,438
1,446
1,440
173
174
174
181
209
209
213
214
169
169
168
167
257
259
262
265
192
192
189
192
694
685
437
429
427
458
747
FEDERAL RESERVE BULLETIN
A U G U S T 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
City-
Phila- CleveMinRich- Atlan- Chica- St.
delland mond
Louis neapta
go
phia
olis
KanSan
sas Daflas FranCity
cisco
Boston
New
York
3,077
3,045
3,041
3,038
142
141
142
143
1,171
1,154
1,144
1,144
286
285
286
284
268
266
267
268
68
63
67
67
78
77
77
77
433
430
431
432
102
103
103
103
44
44
44
44
130
128
127
125
51
50
50
51
304
299
303
300
997
982
971
971
294
21)1
291
292
5,400
5,278
5,352
5,302
242
250
248
255
2,717
2.584
2,644
2,626
257
258
252
255
340
334
332
333
126
130
127
127
102
103
104
101
805
795
806
791
145
151
148
137
80
84
34
31
161
170
171
166
110
110
116
111
315
309
320
319
2,603
2,462
2,514
2, .503
583
595
581
303
314
325
300
33
34
35
33
69
69
72
65
16
17
17
16
38
40
41
37
16
18
19
18
11
11
12
11
63
64
65
61
10
11
12
11
6
6
6
6
12
13
14
13
10
11
11
10
19
20
21
19
54
52
55
48
30
30
30
27
1,783
1,743
1,801
1,785
82
100
89
86
151
149
146
138
156
139
128
132
166
156
167
160
117
106
116
127
101
98
101
99
322
315
309
312
91
91
93
90
76
73
75
71
199
203
232
227
153
143
157
155
169
165
188
188
67
68
6S
67
158
156
152
143
1,302
1,282
1,287
1,276
88
86
86
85
538
531
531
527
90
S3
87
87
106
105
107
105
42
39
40
41
40
39
39
38
93
92
93
93
24
23
23
23
17
16
16
16
23
23
23
23
26
26
26
26
215
214
216
212
4G7
460
4G0
456
60
60
61
61
957
969
964
968
6,792
6,557
6,611
6,607
869
852
834
837
1,105
1,080
1,096
1,093
411
415
424
427
340
332
338
337
2,261
2,238
2,263
2,269
399
392
403
399
274
273
273
269
482
478
493
499
390
386
402
401
907
883
925
912
6,243
6,011
6,061
0,071
'1,513
1,494
1,511
1,510
281
280
280
280
1,120
1,143
1,141
1,143
278
279
283
285
718
720
722
721
199
200
200
200
180
180
179
179
867
866.
866
867
183
184
184
184
122
121
121
121
145
144
144
144
122
122
122
121
1,020
1,010
1,008
1,006
718
742
741
743
450
455
454
454
45
39
37
35
298
256
243
231
23
20
19
18
19
17
16
15
13
12
11
10
14
13
12
12
57
50
47
45
9
8
8
7
2
2
2
2
8
8
7
7
12
11
11
10
47
41
33
37
289
243
235
224
41
35
34
32
203
219
218
214
2,022
2,052
1,995
1,997
270
272
270
276
323
332
330
326
180
191
185
183
176
180
176
171
••740
747
754
744
224
238
239
236
110
112
112
109
353
375
399
399
179
183
182
180
236
239
245
242
1,957
1,935
1,927
1,929
'537
543
553
549
10
11
11
11
577
594
585
582
4
5
5
4
1
2
1
1
1
1
7
8
1
1
1
1
14
14
576
592
6
7
i
l^
1
8
1
16
580
7
1
4
4
16
New ChicaYork
go
ASSETS—continued
Other securities:
June 30
July 7 -July 14
July 21
Reserve with Federal Reserve bank:
June 30 - ...
July 7
July 14
July 21
„Cash in vault:
July 7
July 14
July 21
Balances with
banks:
June 30
July 7
July 14
July 21
Other assets:
July 7
July 14
July 21
—
domestic
-
—-
LIABILITIES
Demand deposits—adjusted:
June 30
--• -- ••15,187
14,855
July 7
15,031
July 14
15,018
July 21
Time deposits:
5,235
June 30 - —
5,249
July 7
5,250
j u l y 14
5,251
July 21
XT. S. Government deposits:
547
June 30
-- --July 7
477
451
July 14
429
July 21
Interbank deposits, domestic: r
5,016
June 30
5,140
July 7
..
6,105
July 14
5,077
July 21
Interbank deposits, foreign;
616
June 30
637
July 7
July 14
628
July 21
624
Borrowings:
June 30
—
9
July 7
7
July 14
18
July 21
Other liabilities:
879
June 30
869
July 7
860
July 14
862
July 21
Capital account:
3,598
June 30
3,598
July 7
J u l y 14
J u l y 21
r
Revised.
3,596
3,597,
2
2
1
1
1
1
r
1
4
15
38
33
33
32
412
414
413
413
25
21
22
20
18
19
18
17
23
19
20
21
7
6
6
6
27
25
24
23
8
3
'8
S
6
5
5
6
3
3
3
3
5
4
4
4
307
312
304
309
400
402
401
401
19
19
19
19
235
236
236
235
1,612
1,609
1,608
1,609
228
227
227
227
344
345
345
345
91
91
91
91
88
88
83
83
359
361
360
360
87
87
'86
87
55
56
56
56
91
91
91
91
80
SO
80
80
328
327
328
328
1,478
1,475
1,474
1,475
239
239
239
239
748
FEDERAL RESERVE
BULLETIN
AUGUST 1937
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS *
[In millions of dollars]
Total,
all
banks
Member
banks
Non-member
banks
InNot
State sured*
insured
National
E n d of month
Number of banks suspended:
1934
1935
_
1936
_„.
1937, Jan.-June___
Deposits of suspended banks
(in thousands of dollars)' *
36,937
1934
1935
_:____ "10,015
11,306
1936...
6,311
1937, Jan.-June
Assets
40
5,313
507
1,466
1,912
'3,763
10,207
4,410
34,985
939
592
435
1930—June
1931—June
1932—June
1933—June
1934—June
1935—June
_
_
Depos'
itors'
balances1 Total
175
347
785
1,187
1,198
1,205
185
356
801
1,207
1,225
U. S. Government
securities
Cash
Cash,
indereposiDi- Guarserve
antory
rect teed
funds,
banks Total obli- oblietc.*
gations
148
307
682
977
695
385
26
27
71
131
453
777
26
27
71
131
418
630
11
22
48
99
77
74
35
1,236
147
Revised.
1,214 1,248
225
710
166
147
876
1 Represents licensed banks suspended; does not include non-licensed 1936—February
March
1,216 1,251
221
166
128
736
902
banks placed in liquidation or receivership.
April
"
"
1,216
216
166
107
1,248
759
925
2 Federal deposit insurance became operative January 1, 1934.
3
1,214 1,248
May
211
167
97
773
940
Deposits of member banks and insured non-member banks suspended
1,232 1,265
167
95
June
203
800
967
are as of dates of suspension, and deposits of non-insured non-member
1,244 1,279
167
135
July
172 972
805
banks are based on the latest data available at the time the suspen1,249
167
145
August
166
1,283
805
972
sions were reported.
1,251 1,285
167
141
162 982
September
815
1,255 1,290
167
121
158 1,011
October
Back figures.—See Annual Report for 1935 (table 69).
844
1,257 1,293
167
119
145 1,029
November
862
1,260 1,296
167
93
145 1,058
December
891
BANK DEBITS
1,266 1,303
167
107
136 1,060
1937—January
893
1,270 1,307
167
113
133 1,061
February
894
[Debits to individual accounts. Amounts in millions of dollars]
1,272 1,310
167
81
132 1,097
March
930
1,270 1,307
167
73
134 1,100
April
933
1268
May
1937
1936
June...
, 268
No. of
centers
June
May
June
» Preliminary.
i Outstanding principal, represented by certificates of deposit. Does
New York City
1 16,434 15,114 18,623 not include accrued interest nor outstanding savings stamps.
140 20,019 19, 292 18,880
' Includes working cash with postmasters, 5-percent reserve fund and
Outside New York City.
miscellaneous working funds with the Treasurer of the United States,
Federal Reserve districts;
accrued interest on bond investments, and accounts due from late postBoston
1,972
1,930
1,943 masters.
New York
17,330 15,914
19,406
Back figures.—See BULLETIN for August 1935, p . 502.
Philadelphia..,.
1,801
1,665
1,788
Cleveland
_
2,152
2,029
1,960
Richmond
680
727
691
Atlanta
865
867
748
Chicago
5,225
5,020
5,256
St. Louis
1,043
952
1,024
Minneapolis
636
620
624
Kansas City
1,184
1,099
1,059
Dallas
710
682
593
San Francisco
2,808
2,742
2,617
r
Total
141
36,453
Back figures.—See Annual Report for 1935 (table 68).
34,406
37,503
749
FEDERAL RESERVE BULLETIN
AUGUST 1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
By holders
Commercial
paper
outstanding*
End of month
1936—May
June
July
August
Sentember
October
Total
outstanding
Held by accepting
banks
Total
Own
bills
155
129
131
140
139
150
157
331
316
316
308
315
330
349
297
276
278
279
276
296
309
Deepmbpr
184
169
188
205
197
199
191
215
373
315
151
1937 January
February
March
April . .
May
June-
244
268
290
285
C
287
285
387
325
154
401
396
395
386
364
340
316
318
295
273
160
150
147
137
130
Vnvpm hpr
By classes
Held by Federal
Reserve banks
For ac- Held
For count of
by
Bills own ac- foreign others
bought count correspondents
142
147
147
139
137
147
152
164
171
180
166
171
159
143
Based
on
imports
into
U.S.
34
40
37
. 29
39
34
40
57
62
(')
1
3
1
61
80
76
86
87
1
2
4
Based
on ex- Dollar
ports
exfrom change
U.S.
Based on goods
stored in or shipped
between points in
U.S.
Foreign
countries
110
107
105
104
107
110
112
126
81
74
68
63
64
67
77
86
1
2
2
2
2
2
1
2
55
49
57
60
66
75
83
83
76
77
76
76
141
158
160
167
168
157
83
85
84
83
81
77
2
2
2
1
1
1
84
79
76
68
62
55
77
77
76
76
75
74
82
85
84
79
«Corrected.
.
i As reported by dealers; includes some finance company paper sold m open market.
* Less than $500,000.
Backfigures.—SeeAnnual 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
Customers'
credit balances1
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net)i
accounts
End of month
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Money
borrowed *
Free
1935—September.
December..
1,098
1,258
119
135
182
179
771
930
257
286
1936—March
June
July
August
September
October.
November
December
1937—January
February
March
April
May
June
1,351
1,267
1,295
1 287
1,317
1,333
1,364
1,395
1,433
1,482
1,549
1,559
1,503
1,489
168
164
158
142
141
151
150
164
162
188
175
163
149
161
181
219
221
213
227
235
260
249
243
230
223
227
209
214
995
985
981
967
995
989
986
1,048
1,028
1,084
1,172
1,215
1,188
1,217
303
276
287
283
289
318
346
342
372
366
346
314
284
266
-
Other
(net)
96
92
99
99
110
103
118
116
115
111
101
92
Other credit balances
In
In
firm
partners'
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts
23
24
366
410
23
24
24
25
24
25
24
30
32
32
29
29
24
25
429
420
422
423
423
428
435
424
428
418
419
417
408
397
» Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
f
° ^ T n c l u d e s ^ t h 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 theifigur£ are derived S d 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.
750
FEDERAL RESERVE BULLETIN
AUGUST 1937
FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Act >
Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)
Advances under sec.
10(b) of the Federal
Reserve Act
Federal Reserve Bank
Rate
July 31
Boston
,
New York
Philadelphia
Cleveland
„__.
Richmond
Atlanta
,
Chicago..—
,
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
r
2
2
2
2
2
2
2
In effect
beginningFeb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
Previous
rate
8,1934
2.1934
17,1935
11,1935
9.1935
14,1035
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934
Rate
July 31
In effect
beginning-
Rate
In effect
July 31 beginning-
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.
r
4
4
4W
4
20,1933
8,1934
20,1933
11,1936
19,1934
17,1934
16,1933
21,1935
15,1933
10,1935
12,1934
19,1933
1
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. I3(b) of the Federal
Reserve Act as amended June 19, 1934. Percent per annum except
as otherwise specified. In effect July 31, 1937.
[Percent per annum]
Buying rates at the Federal Reserve Bank of New York
[Percent per annum]
Rate in
effect on
July 31
Maturity
In effect beginning—
Previous
rate
Federal Reserve Bank
1-15 days*
16-30 days
31-45 days
46-60 days
61*90 days
Oct. 20, 1933
.....do
Advances
direct to
industrial
or commercial organizations
Ji"idoiinii;;
do
.
..do
do........
01-120 days...,:
121*180 days....
Boston
New York
Philadelphia
i This rate also applies to acceptances bought under repurchase agree- Cleveland
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum rates on prime bankers' acceptances payable in Richmond
Atlanta
dollars; higher rates may be charged for other classes of bills.
Chicago
3t. Louis...
Back figures.—See Annual Report for 1935 (table 41).
Minneapolis
Kansas City
Dallas
San Francisco
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. I, 1936
Savings deposits,
_
" Postal Savings deposits
Other time deposits pay'
able in:
6 months or more
90 days to 6 months
Less than 90 days
... „
1
Commitments
On porto make
tion for
On
readvances
which
institu- maining
portion
tion is
obligated
3H-6
4-6
4-6
3
3
3
6
6
5-6
4-6
5
6
4-6
5-6
5-6
43^-5
4
3-4
$
1
1-2
M
1-2
4-6
5
5-6
4
1
1
5-6
4-5
i Authorized rate 1 percent above prevailing discount rate.
* Same as to borrower but not less than 4 percent.
* Flat charge.
Back figures^8e& Annual Report for 1935 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
and banks
5*
Advances to financing institutions—
On net demand deposits:*
Central reserve city
Reserve city
Country
June 21,
1917Aug. 15,
1936
Aug. 16,
1936Feb. 28,
1937
8*
ion
Mar. 1,
1S37Apr. 30,
1937
Mayl
1937,
and after
20
14
NOTE.—Maximum rates that may be paid by Insured nonmember
banks as established by the Federal Deposit Insurance Corporation, On time deposits:
All member banks
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
and the Federal Deposit Insurance Corporation are superseded by
See footnote to table on page 738 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.
751
FEDERAL RESERVE BULLETIN
AUGUST 1937
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
(Weighted averages of prevailing rates; percent per annum]
Prevailing rate o n Year,
month or
date"
Prime
commercial
paper,
4 to 6
months
1934 average...
1935 average...
1936 average...
1936—May
June
July
Aug
Sept
Oct Nov
Dec
1937—Jan......
Feb
Mar.....
Apr
May.....
June
Week ending:
May 1 5 _
May 22...
May 29....
June 5__._.
June 12
June 1 9 . _ .
June 26.. „
July 3
July 1 0 . . . .
July 1 7 . . . .
July 24....
Average rate o n -
Prime Stock- Stock ex*
bankexchange call
ers' change
loans
accept- time
ances, loans,
90
90
Redays
days IN8W newal
1.02
.76
.75
1.00
1.00
1.16
.56
.91
.56
.91
1-IK
.93
93
1.00
1.00
1.00
1.00
1 00
1.00
Vtf. 1 00
1.00
1.00
1.00
IK
iy^
iK
IK
IK
1.00
1.00
1.00
1.00
1.00
1.00
L.00
LOO
LOO
LOO
.70
.65
iK
IK
IK
IK
IK
IK
IK
iK
IK
IK
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
LOO
;LOO
LOO
LOO
LOO
.69
.62
.56
.55
.57
.58
.62
.49
.51
.50
.49
.90
.56
.25
.13
.15
M
% •\jt_x
%
%
Vie
Vie
Si.
%
A VM
% VM
H */\*-H
% Vie
8
IK
IK
IK
IK
IK
K
X
l
i
l
l
Vii
j/"
VM
U. S.
Treasury 273day bills
offered
within
period
.00
.00
LOO
L,00
LOO
t.00
i.oo
1.00
1.00
1.00
1.00
1.00
1.26
*.14
.14
.18
.23
.14
.18
.16
.13
.10
.21
.36
.38
.58
.58
1929 1930 1931 1932 1933 1934 1935 1936 1937
Average
yield on New York City:
U.S.
5.74 5.64 4.24 L71 4.12
January
2.83 2 64 2.50
TreasFebruary
5.73 5.35 4.31 1.71 4.11 3.43 2.90 2 66 2.41
March
ury
5.81 5.22 4.20 t.72 4.88 3.31 2.64 2.61 2.50
3*5 year
April
5.85 .91 4.17 i. 69 4.33 3.39 2.61 2.64 2.53
notes
May
5.88 .74 4 . U 1.55 4.24 3.42 2.69 2.51 2.44
4.5'J 4.13 ;.6i 4.10 3.30 2.66 2.44 2.34
June
...
5
July
5.88 US 4.05 .42 3.93 3.30 2.61 2.44 2.36
Aucust
6.05 i.41 3.97 i. 45 3.97 3.33 2.67 2.42
2.11
September
6.06 1.29 3.93 .30 3.79 3.26 2.72 2.40
1.28
October
6.08 1.26 4.27 i.35 3.76 3.28 2.72 2.46
17 4.67 L 12 3.62 3.22 2.77 2.43
1.11
November
5.86
December
5.74 1.16 4.64
22 3.48 3.18 2.61 2.43
1.09
4.22 4.40 4.02 3.33 2.70 2.49
Year
5.88
1.12
1.17 8 other northern and
eastern cities:
1.12
5.87 5.88 4.61 6.07 4.
1.65 4.08 3.62 3.36
January
1.09
5.86 5.66 4.63 5.13 4.84 1.49 4.02 3.63 3.43
1.12
February..—
.99
5.91 5.47 4.62 5.14 5.39 L52 4.05 3.6C
3.34
March
6.00 5.22 4.57 5.10 5.09 , 5 2 3.99 3.41 3.36
April
1.04
6.09 5,13 4.55 5.14 4.99 .39 3.88 3.4C 3.45
May
1.18
6.02 6.06 4.49 5.13 4.97 .30 3.78 3.51 3.32
June
6.08 4.81 4.48 5.05 4.82 .15 3.87 3.61 3.32
July...
1.22
6.11 4,79 4.47 6.12 4.68 L12 3*. 79 3.47
August
1.42
6.24 4.74 4.48 5.03 4.65 .11 3.75 3.45
1.59
September
6.25 4.75 4.62 4.96 4.51 i.13 3.75 3.50
1.48
October
6.12 4.66 4.87 4.
4.54 1.08 3.63 3.47
November
1.54
5.94 4.68 4.91 4.88 4.69 3.98 3.67 3.46
December
1.48
L47
1.46
1.49
1.52
1.56
1.57
1.55
1.50
1.45
1.41
»* Revised.
» 91-day and 182-day bills.
*182-day and 273-day bills.
Back figures.—Bee Annual Report for 1935 (tables 42 and 43).
Year
27 s o u t h e r n a n d
western cities:
January
February.
March
April
May
.
June —— — -•
July
August..
September
October
NovemberDecember
Year
6.94
5.96
6.04
6.07
6 10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
5.07 4.61 6.05
4.83
4.29
5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56
5.60
5.56
5.66
5.68
5.66
5.62
5.64
5.63
5.65
5.50
5.42
5.43
5.40
6.39
5.40
5.34
6.28
5.19
5.07
6.05
5.04
5.05
4.93
4.92
6.12
6.05
5.98
6.86
5.75
5.69
5.63
5.58
5.55
5.54
5.50
5.43
5.61
6.61
5.64
5.63
6.64
5.62
5.63
6.68
6.63
5.56
5.55
5.60
3.62
4.95
4.84
4.85
4.80
4.79
4.76
4.68
4.63
4.51
4.55
4.51
4.55
4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.23
4.24
4.14
4.16
4.15
4.15
4.21
4.17
4.18
4.19
6.14 6.72 5.39 5.62 6.56 6.17 4.69 4.35
BOND YIELDS1
[Percent per annum]
U.S.
Treasury 1
Year, month, or date
7-12
Number of issues
Mav
J U ly 7
July 14
July 21
-
3.10
2.70
2.47
2.50
2.50
2.43
2.41
2.42
2.29
2.27
2.29
2.31
2.50
2.74
2.67
2.64
• 2.65
2.63
2.61
2.58
Municipal
(highgrade) »
15
3.95
3.16
2.68
2.72
2.70
2.68
2.62
2.58
2.45
2.31
2.38
2.57
2.72
2.84
2.76
2.67
2.65
2.64
2.64
2.62
Corporate4
By ratings
Total
120
4.96
4.46
3.87
3.94
3.90
3.85
3.79
3.75
3.71
3.67
3.66
3.75
3.87
3.98
3.92
3.93
3.9S
3.91
3.91
3.91
Aa
Aaa
30
4.00
3.60
3.24
3.24
3.23
3.21
3.18
3.18
3.15
3.10
3.09
3.22
3.32
3.42
3.33
3.23
3.29
3.27
3.27
3.27
]By
30
4.44
3.95
3.47
3.51
3.48
3.44
3.41
3.38
3.31
3.28
3.30
3.41
3.50
3.58
3.49
3.45
5.48
3.44
3.43
3.45
Industrial
Baa
A
30
30
5.08
4.55
4.02
4.09
6.32
5.75
4.77
4.90
4.84
4.74
4.62
4.54
4.52
4.53
4.50
4.54
4.69
4.86
4.87
4.97
5.12
4.96
4.96
4.95
105
3.99
3.94
3.90
3.85
3.78
3.76
3.85
3.98
4.05
3.99
3.99
4.02
3.97
3.96
3.96
groups
Railroad
Public
utility
40
40
40
4.52
4.02
3.50
3.54
3.52
3.48
3.44
3.42
3.38
3.37
3.36
3.46
3.55
3.65
3.55
3.51
3.53
3.50
3.51
3.52
4.96
4.95
4.24
4.35
4.31
4.22
4.09
4.02
4.00
3.96
3.95
4.04
4.17
4.29
4.27
4.29
4.39
4.29
4.30
4.30
5.40
4.43
3.8$
3.91
3.86
3.85
3. S3
3.80
3.74
3.69
3.68
3.76
3.90
3.99
3.95
3.97
4.02
3.95
3.91
3.91
i 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.
* MoodVs 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.Set Annual Report for 1935 (table 74).
752
FEDERAL RESERVE BULLETIN
AUGUST 1937
BOND PRICES x
Year, month, or date
STOCK PRICES»
Corporate'
U . S . MunicTreasipal
ury'
(highIndus- Rail- Utility
road
grade> Total trial
Number of Issues
15
60
20
97.3
109.14
117.8
84.5
88.6
97.5
81.9
88.2
92.2
7-12
Preferred Common stocks (index, 1926=100)
stocks
(IndusIndus* Rail- Utility
trial highgrade) 8 Total
trial
road
Year, month, or date
Number of Issues
20
20
'420
••348
120.7
133.8
138.9
72
78
111
81
91
127
69
71
104
138.8
139.1
139.3
139.0
138.3
139.0
140.1
141.8
141.2
138.0
136.0
135.4
135.2
106
109
113
114
119
124
123
126
130
130
125
116
114
121
124
128
130
136
144
143
147
152
153
147
137
134
102
106
109
108
109
109
111
114
111
106
101
94
91
133.9
134.8
135.3
136.4
112
118
118
121
132
139
140
143
40
•—-i
1934 average
1935 average
1936 average.
103.5
106.0
107.0
1936-June
July
August
SeptemberOctober
November
December.
1937—January
February
March
April
May
June..
June 30
July 7
July 14..F____
July 21
87.8 1934 average
98.2 1935 average
105.4 1936 average
106 6
106.6
107.2
107.2
106.9
108.2
108.0
107.3
107.2
105.2
102.6
103.3
103.5
96 2
116 9
117 4 97.1
117.8 97.7
118 8 98.6
119.5 99.6
122.1
99.8
124.8 99.9
123.5 100.3
119.7 100.0
116.9 98.5
114.8 96.6
116.3 96.2
117.9
95.0
90.6
91.1
91.6
92.2
93.1
94.2
94.5
94.8
94.7
93.5
92.0
91.9
91.2
92.5
94.2
95.8
97.9
99.7
99.2
99.6
100.6
100.2
98.3
95.3
95.0
93.2
105.5
106.0
105.7
105.8
106.0
106.0
105.6
105.7
105.1
103.6
102.4
101.8
100.6
103.4
103.6
103.8
104.1
118.2
118.4
118.4
118.8
90.8
91.5
91.4
91.6
90.7
93.6
93.4
93.5
99.5
101.0
101.1
101.3
93.7
95.4
95.3
95.5
._
1936—June
July
August
September".
October
November™
December
1937—January
.
February
March
April
May
June.
June 30
July 7___.__
July 14
July 21
II..
—
__
____
91
96
r
Revised.
1 Monthly data are averages of Wednesday figures.
* Average derived prices.
Source.—Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73).
i Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
*3 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 Treasury Department; for other bonds, Standard Statistics Co.
Back figures—Bee Annual Report for 1935 (table 73); for U. S. Treasury
bonds, see BULLETIN for May 1936, p. 317,
CAPITAL ISSUES
[In millions of dollars]
For new capital
Year or
month
1927.
1928
1929
1930
1931
1932
1933
1934
1935
1936
1936—June...
July....
Aug—
Sept....
Oct.....
Nov....
Dec...
1937—Jan.....
Feb..,.
Mar.
Apr....
May...
June
Total
(new
and
refunding)
Total
(domestic
and
forTotal
eign)
9,774 •7,555
9,898 8,040
11,513 10,091
7,619 6,909
4,038 3,089
1,751 1,194
720
1,063
2,160 1,386
4,699 1,457
6,214 1,972
734
339
297
409
464
372
726
603
497
382
272
261
560
218
104
217
178
186
158
266
241
168
185
152
150
359
r
For refunding
Domestic
State
and
municipal
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,409
1,949
1,475
1,379
1,418
1,434
1,235
762
483
803
855
735
217
103
217
177
173
158
266
241
168
185
.152
150
359
64
33
46
103
78
49
48
146
34
47
67
43
90
Federal
agen- Total
cies!
Corporate
Bonds
and
Stocks
notes
87 '4,657 ••3,183
64 5,346 2,385
0 8,002 2,078
87 4,483 2,980
75 1,551 1,239
325
77
305
161
64
40
178
405
144
404
150
334
22 1,192
839
1
0
0
0
0
0
0
0
4
0
0
29
0
152
70
171
75
95
109
218
95
130
138
85
78
269
123
39
146
48
60
97
100
64
74
99
45
47
187
Foreign*
1,474
2,961
5,924
1,503
311
20
120
35
69
352
1,337
1,251
671
905
229
29
12
0
29
31
25
26
35
12
118
31
56
39
40
31
82
1
1
0
1
13
0
0
0
0
0
0
0
0
S
Total
(domestic
and
forTotal
eign)
Domestic
Corporate
Foreign^
State
and
municipal
Federal
agencies*
Total
Bonds
and Stocks
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
0
81
200
241
238
36
182
56
59
60
9
26
119
516
236
80
231
278
214
459
362
329
197
121
111
200
514
236
80
231
278
199
459
289
255
197
101
111
200
45
9
11
56
5
16
49
59
9
12
13
8
21
93
2
8
0
1
28
3
26
21
4
1
16
30
376
225
62
175
272
155
408
204
225
181
87
87
149
325
222
55
156
249
145
395
87
140
162
69
66
139
50
3
6
19
22
10
13
116
84
19
18
21
11
2
0
0
0
0
15
0
73
74
0
20
0
0
Revised.
i 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.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures.—See Annual Report for 1935 (table 72) for figures of new issues—annual and monthly basis.
AUGUST
753
FEDERAL RESERVE BULLETIN
1937
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND K I N D O F SECURITY
[In millions of dollars]
MATURITIES
[In millions of dollars]
Interest bearing
Total
End of period (gross
debt)
Total
Bonds Notes Certificates Bills
June 1932
June 1933
June 1934
June 1935
19,161
22,158
26,480
27,645
14,250
14,223
16,510
14,936
19,487
22,539
27,053
28,701
1,465
4,780
6,932
10,501
2,831
2,200
1,635
156
616
954
1,404
2,053
1936
May
June
July
August
September
October
November
December
31,636
33,545
33,436
33,377
33,831
33,830
33,791
34,405
16,030
18,395
18,295
18,274
19,257
19,255
19,262
20,575
12,381
11,861
11,906
11,886
11,370
11,368
11,366
10,804
258
146
117
107
106
105
104
117
2,163
2,354
2,353
2,353
2,353
2,354
2,353
2,203
1937
January
February
March
April
May—.....June
34,503 33,822 20,697
34,601 33,926 20,644
"34,732 '34,069 '21,277
34,941 34,295 21,295
35,213 34,691 21,314
36,425 35,800 21,822
10,847
10,868
10,357
10,377
10,421
11,325
125
161
231
269
303
350
2,253
2,253
2,203
2,353
2,553
2,303
30,822
32,756
32,672
32,621
33,086
33,081
33,085
33,699
Noninterest
bearing
Interest-bearing debt June 30, 1937
Total
Bonds*
Notes
Certificates
21,822
11,325
350
326
Total
35,800
381 Obligations maturing:
573
1937—Before Oct. 1
1,819
1,056
Oct. 1-Dec. 31
651
1938-Jan. 1-Mar. 31
1,383
Apr. l-June30.....
618
814
July 1-Sept. 30
596
790
Oct. 1-Dec. 31
764
1939
3,188
757
1940
2,854
745
1941
2,219
749
1942
426
706
1943
„ „
898
707
1945
1,401
1946
1,519
1947
1,697
1948-1952
4,328
681
1953-1957
6,694
675
1958-1961
„
3,643
664
646 Special issues:
U. S. savings bonds ___
800
622
Adjusted service bonds
1625
889
All other»_
1,177
817
2,303
1,001
651
651
732
618
596
834
Bills
3,188
2,854
1,385
426
89S
1,401
1,519
1,697
4,328
5,694
3,643
800
889
119
708
350
*• Revised,
i Issues classified as of date of final maturity; most issues callable at
i Includes $310,000,000 of Government liability for retirement of
national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal savings bonds only issues callable before 1940; adjusted service bonds held by veterans amounting to $389,000,000 and
of funds by banks; this compares with $424,000,000 on June 30, 1936.
most of the U. S. savings bonds are redeemable at option of holder.
»Includes such issues as postal savings bonds, retirement fund notes,
and 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
Trust
acIncrease or decounts,
Receipts
crease<luring
etc.*
Excess excess
peri
of
reJ
Recovery and relief
of re*
General
ceipts ceipts
Mis(+for <+)or
cellaexIn- neous All
ex*
pendi- pendiTotal* Intercome inter- other*
General
est on Aft Total Belief Public All
tures
nal
taxes
Gross
tures fund
works other'
public other'
reve(-)
balance debt
(»)
debt
nue
Expenditures >
Period
Total
Fiscal year ending June:
1934
1935
1936
1937
1936—Tune
July..
August
—
September
October
November
*
December
1937""-January * - „
-_
February
March
April
_
May
June
3,116
3,800
4,116
5,294
529
294
343
499
272
233
517
284
275
1,012
363
335
868
-818
1,099
1,427
2,158
310
39
32
288
27
33
286
43
58
700
57
47
547
1,470
1,657
2,010
2,181
164
201
264
161
186
148
174
168
148
183
166
169
210
828 6,745
1,044 6,802
680 8,477
955 8,001
65 2,337
412
54
551
47
668
50
681
60
535
52
656
57
631
73
553
68
754
123
708
140
119
552
111 1,300
757
821
749
866
132
10
26
144
74
8
140
14
20
159
68
9
194
1,984
2,325
4,436
4,288
1,949
320
273
255
292
267
266
318
331
388
401
331
845
645 1,515 -3,630
4,004 1,844
294 -3,002
3,657 2,342 1,020
3,291
985 2.092
213 -4,361
2,846
78
•92 -2,707
256
32
306
• 83 —1,807
35
275 •228
-118
82
14
247
•9
-208
252
8
252
8
-169
268
5
277
32
-409
315
2
260
«2
-303
260
*3
274
•26
-138
250
2
222
74
-348
299
2
205
-279
202
•4
2
224
+257
208
•18
239
2
212
25
-345
212
2
192
18
-217
261
2
221
38
-432
+835
+613
+123
-67
-12
+840
-12S
-55
-327
+284
-424
-358
+500
-180
-187
+287
-124
+52
+800
+2
0)
-15
-17
+26
+72
-7
-98
+8
-3
+20
+323
-451
+4,514
+1,648
+5,078
+2,646
+2,142
-335
-63
+452
O
-38
+613
+95
+99
+127
+212
+272
+1,212
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.
t
t
* 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.
* Includes expenditures under the Adjusted Compensation Payment Act of 1936, amounting to $1,673,000,000 in June 1936 and to $557,000,000
in fiscal year 1937 of which $500,000,000
was in June.
7
* Excess of credits.
Less than $5p0,000.
754
FEDERAL RESERVE BULLETIN
AUGUST 1937
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 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
ReconComstruction modity
Finance Credit
Corpo* Corporation
ration
Public AgriculWorks
tural
Admin- credit Other
istrainstitution
tions
Financed partly from Government
funds
Farm
mortgage
institutions
Other
farm
' credit
institutions
Home
mortgage
institutions
Total
Total
31, Apr. 30, May 31,
Other May
1936
1937
1937
ASSETS
Loans and preferred stock:
Loans to financial institutions..
Preferred stock, etc
Farm mortgage loans
Other agricultural loans
All other loans „ . — ^
.
..
Total loans and preferred
stock
Cash
United States direct obligations
Obligations of Government credit
agencies:
Fully Guaranteed by U. S—.
Other *
Production credit association class
A stock
Accounts and other receivables
All other assets
Total assets other than interagency '
...
318
588
1
830
126
1,737
5
4
126
35
6
1,788
123
123
23
157
293
23
7
5
451
67
31
14
25
2
76
0)
0)
143
2,910
2,910
72
44
244
6
478
760
2,591
2,910
552
1,246
480
752
2,625
2,916
558
1,235
565
848
2,962
2,954
678
1,180
0)
244
27
100
2,917
94
13
6
11
348
8,537
283
545
8,567
326
534
9,187
298
468
69
1
11
102
196
29
193
29
5
34
3 363
4
14
76
285
790
76
285
751
213
28
74
260
542
485
10*742
10,760
11,070
88
4,669
1,324
505
4,674
1,350
516
4,719
1,392
316
32
229
173
159
152
811
3,359
445
3,433
20
126
153
8 173
2,591
1
j
(0
LIABILITIES
Bonds, notes, and debentures'.
Guaranteed by United States,..
Other»
Other liabilities (Including reserves)
250
47
1
5
47
1,422
a 1,119
174
178
7
2,997
26
137
Total liabilities
other than
interagency 1
-
297
1
5
49
2,714
184
3,160
88
6,498
6,541
6,427
Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests
1,490
125
143
148
762
645
177
261
3
272
36
397
139
4,244
355
4,220
350
4,642
347
U. S. Government interests
1,490
125
143
148
762
468
258
237
258
3,889
3,869
4,295
C1)
t Less than $500,000.
»Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
* Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferr ed stock, etc " Shares held by U. S. Treasury
amounting to $48,000,000 are classified under "All other assets."
,
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p . 220.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
June 30,
1936
Loans to financial Institutions
Loans on preferred stock of banks and insurance companies..
Preferred stock, capital notes, and debentures
Agricultural loans
_
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
*.
Securities purchased from Public Works Administration
45,863
788,922
1,499
388,432
170,269
52,651
56,114
3,115
134,170
Dec. 31,
1936
325,620
43,509
650,777
1,369
345,980
195,044
63,592
64,343
1,928
118,822
Jan. 31,
1937
313,335
41,796
630,272
1,327
345,502
200,181
63,079
65,164
1,943
113,076
Feb. 28,
1937
304,815
41,465
607,777
1,405
345,447
206,721
66,553
1,949
108,714
Mar. 31,
1937
295,654
41,379
1,461
340,367
208,496
63,493
67,744
2,050
121,622
Apr. 30,
1937
286,611
41,132
591, 784
1,468
345,084
215,044
67,729
70,832
2,169
114,537
M a y 31,
1937
June 30,
1937
277,349 i 271,588
40,677 * 40,483
581,900
587,668
1,349
1,402
354,320
344,823
221,907
218,589
70,549
69,524
72,424
71,253
2,533
2,312
120,110
120,929
Total loans and investments, other than interagency.__ 2,027,377 1,810,984 1,775,677 1,748,684 1,739,265 1,736,389 1,734,526 1,737,443
Loans to Federal land banksLoans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Capital stock of, and loans to E. F . C. Mortgage Co.
Preferred stock of Export-Import banks
Total loans and investments
33,538
162,280
97,000
19,165
17,000
24,750
98,721
97,000
37,406
20,000
22,784
135,024
97,000
38,670
20,000
22,191
129,320
97,000
39,233
20,000
14,517
79,688
97,000
43,769
20,000
14,333
55,485
97,000
44,340
20,000
13,934
50,371
97,000
45,994
20,000
13,757
47,393
97,000
48,286
20,000
2,356,360 2,088,961 2,089,255 2,056,825 1,994,837 1,968,647 1,964,225 1,967,870
i Includes $83,000,000 of loans for distribution to depositors of closed banks.
»Includes $465,000 of preferred stock instalment sale contracts.
* Includes $4,000,000 of loans to Rural Electrification Administration.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p . 220.
755
FEDERAL RESERVE BULLETIN"
AUGUST 1937
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by —
Regional
agriOther
cultural
credit
cor- financing
Land
instituporations,
Federal
Bank
tions,
land banks Commis- production
except
credit assioner
sociations, cooperatives
and banks
for cooperatives i
End of month
1933—December
1934—December
19357-December
1936-June
July
August
September
October
November
December-.,.
1937—January
February
March
April
May
June
Federal intermediate
credit bank loans to
and discounts for—
__—
_
•_.
,
1,232,707
1,915,792
2,071,925
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
2,057,930
2,055,397
2,053,558
2,052,319
70,738
616,825
794,726
827,248
829,464
831,892
833,906
835,187
836,194
836,779
836,062
835,509
833,821
832,881
831,705
830,577
73,263
99, 675
104,706
144,155
146,243
144,423
138,653
135,791
131,644
129,872
125,825
130,139
144,250
153,795
159,073
164,977
60,989
55,672
47,162
54,012
55,050
54,884
50,099
43,946
41,277
41,017
40,080
41,061
42,367
44,042
45,131
45,337
Loans to cooperatives b y -
EmerProduc- Eegional
agriculgency
tion credit tural
cred- crop and
associait
corpodrought
tions
rations
loans
27
60,852
94,096
139,468
140,982
135,603
122,004
110,775
105,441
105,212
106,081
114,551
131,905
143,902
152,466
159,439
144.636
87,102
43,400
36,026
34,610
33,042
31,216
28,664
26,491
25,288
24,454
24,249
23,892
23,588
23,453
22,914
89,811
110,186
172,489
176,234
174,207
172,863
171,320
168,688
166,291
164,887
163,868
163,250
174,709
187,185
189,686
189,141
Federal
intermediate
credit
banks
16,211
33,969
2,731
247
225
314
405
758
1,336
1,641
1,486
1,359
1,305
1,249
1,070
635
Banks for Agriculcoopertural
atives,
Marketincluding ing Act
revolvCentral
ing fund
Bank
18,697
27,851
50,013
39,500
43,018
44,345
58,267
71,150
72,500
69,647
64,411
60,356
66,736
49,314
45,000
45,032
157,752
54,863
44,433
44,556
44,431
44,025
48,583
61,348
56,216
53,754
54,322
52,359
51,810
48,522
47; 732
46,854
i Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal Intermediate credit banks. The amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
LOANS OUTSTANDING, BY INSTITUTIONS
OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES l
[Loans In thousands of dollars]
AMOUNTS OUTSTANDING, BY AGENCIES
FEDERAL HOME LOAN BANK BOARD
[In millions of dollars]
Home mortgage loans b y Federal savings and
loan associations
End of month
Home
Owners'
Loan Cor-l
poration
Number of
associations
Total
1933—December...
1934—December.,.
1936—December...
1936—June..
July
August
September..
October
NovemberDecember,.
1937—January
February..,
March
June
Reporting
Loans
reported
Federal
home
loan
bank
loans to
member
institutions *
•2,394,038
2,897,162
1,023
69,734
315.683
85,442
86,658
102,795
2,944,501
2,921,294
2,898,043
2,870,480
2.834,610
2,801,827
2,765,098
2,729,274
2.698,611
2,661,542
2,625,493
2,591,115
2,556,401
1,135 1,017 444.046
1,165 1,025 465, 682
1,175 1,076 497,852
1,183 1,076 512,744
1,192 1,080 532,064
1,206 1,080 544,130
1,212 1,065 544,107
1,228 1,143 576,299
1,240 1,157 611,212
1,249 1,168 630,680
1,257 1,168 652 557
1,270 1,166 ••679,949
1,286 1,166 699,849
118,587
122,101
125,218
129,767
134,941
137,261
145,401
143,745
141,205
142,720
146,149
M53,491
167,057
r
455
881
Revised
*In addition to loans the H O L C held on June 30, 1937, $680,000,000 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.
* Includes loans to Federal savings and loan associations, all of which
are1 members, and a negligible amount to others than member institutions.
Includes accrued interest.
End of month
Total
Federal
Home
ReconFarm
Owners' struction
Mortgage Loan
Finance
Corporaorpora- Corporation
tion*
tion'
1933—December..
1934— December..
1935—December..
180
3,063
4,494
1,387
1.834
2,855
180
249
252
1936—February
March
April
May
June.
July
August
September
October
November
December
1937—January
February
March
April
May...
June
4,630
4,654
4,676
4,703
4,718
4,724
4,669
4,667
4,667
4,662
4,662
4,662
4,662
M, 662
4,675
4,659
4,684
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
1,422
1,422
1,422
1,422
2,970
2,995
3,013
3,029
3,044
3,050
2,995
2,993
2,993
2,988
2,988
2,988
2,988
••2,988
3,002
• 2,987
3,012
263
252
252
252
252
252
252
252
252
252
252
252
252
251
250
250
250
r
Revised.
i Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Administrator. The amount outstanding June 30,1937, was $90,366.
' Excludes obligations guaranteed as to interest only.
* Excludes obligations held by U. 8. Treasury and reflected in the
public debt. Figure for December 1933 includes notes given in purchase
of gold which were retired in February 1934.
756
FEDERAL RESERVE BULLETIN
AUGUST 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) *
Industrial production**
Year
and
month
Manufactures
Total
Total
Minerals
Residential
Allother
Factory employment*
Factory
pay
rolls'
Freight-car
loadings**
Depai•tment
store sales*
(va lue)
Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
84
87
67
86
101
83
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
77
89
94
105
108
106
112
119
95
.
80
63
75
78
90
105
70
74
105
96
99
108
107
106
115
99
•
84
71
82
86
91
104
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
79
44
30
44
68
81
95
124
121
117
126
107
108
82
90
104
96
100
101
99
99
105
91
77
66
90
65
88
86
94
120
135
139
142
142
-87
125
84
40
37
48
50
70
50
37
13
11
12
21
37
72
83
86
92
84
91
78
85
100
98
103
107
104
104
98
118
77
82
103
96
101
104
102
102
109
89
67
46
49
63
71
82
. . . .. . .
107
92
74
55
58
62
64
75
78
94
87
88
9S
99
103
106
107
108
111
102
92
69
67
75
79
88
1934
May.—
June
July
Aug
Sept
Oct
Nov
Dec
86
84
76
73
71
74
75
86
89
84
90
90
88
•86
85
87
86
88
91
88
91
91
86
83
74
73
73
73
75
74
72
69
72
74
85
78
89
84
71
71
70
73
73
76
88
87
84
80
82
81
81
90
86
86
84
83
87
87
84
85
26
26
27
27
29
31
31
31
32
31
47
46
44
11
12
12
10
11
12
11
12
13
13
12
10
11
12
11
10
99
i n
in
An
24
26
30
32
35
39
40
44
45
53
54
14
13
16
16
22
25
26
25
24
25
OR
39
35
33
32
36
43
50
58
fifi
50
54
59
flrt
25
22
88
103
76
80
21
22
28
35
92
75
63
60
57
65
71
75
69
69
72
83
75
63
70
78
82
81
70
65
62
65
77
75
64
61
6ft
63
64
63
68
81
30
28
30
29
28
25
38
38
39
40
44
46
48
47
43
45
43
41
36
86
85
83
83
78
81
81
82
86
85
83
84
80
68
66
61
63
82
80
62
59
64
64
62
61
60
63
64
62
62
67
65
60
57
75
73
73
76
74
74
76
77
79
75
74
79
80
77
81
78
82
83
61
64
59
59
60
86
85
83
84
86
88
89
89
88
65
70
72
72
69
67
67
71
74
76
76
78
63
66
65
62
61
64
59.
63
64
68
68
68
59
62
63
59
60
63
59
74
74
78
79
81
81
80
84
84
89
91
95
70
71
66
71
72
73
76
76
75
77
82
83
65
68
64
68
71
73
77
77
84
99
87
87
88
89
90
90
91
94
96
97
97
98
84
77
88
90
94
92
99
100
101
102
102
97
99
101
102
102
91
96
101
105
105
80
82
83
84
80
78
73
76
80
79
80
79
93
95
93
93
93
93
82
75
77
7770
51
60
79
82
83
135
1935
Jan.
Feb
Mar
April-™
May
June
July
Aug
Sept
Oct.
Nov
Dec
1936
Jan
Feb
Mar
April-..
May
June
July
Aug
Sept
Oct
95
96
101
97
94
93
101
101
104
108
108
109
90
88
87
86
84
89
87
86
83
87
90
97
85
87
89
92
95
97
101
98
96
95
95
96
104
105
104
96
• 92
93
100
101
105
109
110
110
111
115
121
Nov
Dec
1937
114
121
105
106
107
111
115
114
Jan......
Feb.
Mar
April..__
May
June
114
116
118
118
118
112
117
122
122
122
115
116
117
118
118
nis
ni4
no
87
91
91
91
87
84
83
87
89
96
98
95
95
93
97
105
105
105
105
106
107
110
115
114
113
118
122
'125
123
*115
95
97
97
88
90
99
85
83
87
93
93
102
104
111
97
106
102
100
101
99
92
93
90
79
88
97
85
86
93
101
96
97
100
107
90
95
101
101
102
104
102
105
112
117
115
115
111
109
115
128
115
116
105
111
118
105
117
*U8
nis
no
97
28
26
27
27
30
35
38
43
48
60
68
62
52
47
47
46
52
59
62
59
57
58
66
63
62
56
53
56
P60
50
45
47
53
56
60
65
65
60
54
61
53
51
54
56
61
68
P70
18
21
24
25
24
25
25
26
26
25
25
26
30
32
36
44
46
47
43
40
45
45
47
45
44
44
"43
38
39
45
46
47
41
39
38
37
42
47
51
52
J>47
32
33
34
38
39
43
62
67
84
85
86
86
85
84
85
86
86
07
87
88
89
89
87
88
89
90
90
93
93
94
94
96
*>102
82
85
86
• noi
*»103
71
75
69
64
81
83
84
84
87
87
91
QA
61
71
79
76
76
55
61
86
OR
91
145
63
66
77
85
89
84
63
68
94
100
105
161
72
76
90
89
95
90
* Preliminary.
•• Revised.
* Average per working day.
i For indexes of groups and separate industries see pp. 757-758; for description see BULLETIN for February and March 1927
J 3-month moving average of F . W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931.
* 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. 759-762. Underlying figures are for pay-roll
period
v
endmg nearest middle of month.
* For indexes of groups see p. 764.
Back figures.—See Annual Report for 1935 (table 75). For department store sales see p . 631 of BULLETIN for August 1936, and for freight-car
loadings, see pp. 522-529 of BULLETIN for June 1937.
757
FEDERAL RESERVE BULLETIN
AUGUST 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100]
1936
1937
Industry
May
Manufactures—Total
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
101
105
109
110
110
Ill
115
121
115
116
117
118
118
P114
105
85
107
112
89
115
119
90
121
120
93
123
119
96
121
127
93
130
137
99
141
143
104
147
139
107
142
129
107
131
126
108
128
130
109
132
134
'114
136
119
107
121
TEXTILES
100
103
96
103
102
68
97
107
111
103
120
95
66
101
116
125
106
125
98
66
108
119
125
115
136
101
77
118
120
127
108
121
97
89
130
114
119
105
109
104
95
121
121
123
118
128
118
92
125
139
144
140
160
134
94
134
124
129
121
126
130
92
118
126
132
129
132
137
104
112
129
136
128
139
125
101
114
124
130
119
123
118
96
120
123
' 130
121
132
120
93
109
P126
136
P120
P131
H18
P94
115
FOOD PRODUCTS
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
63
98
109
100
115
122
169
83
83
99
100
85
117
125
160
87
115
89
87
65
111
130
175
87
98
87
86
66
108
122
151
89
89
92
89
69
113
136
139
89
103
93
93
75
113
130
142
95
123
83
76
54
99
124
145
90
93
80
77
49
111
134
145
93
09
59
136
62
137
60
131
61
136
61
140
62
140
67
150
64
141
63
142
62
145
64
144
62
144
62
147
61
145
....
117
6
118
9
124
9
111
8
107
6
93
5
105
8
122
10
120
8
120
11
121
22
130
30
135
25
130
LEATHER AND PRODUCTS*
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
63
109
127
112
93
100
65
103
125
116
104
111
79
112
124
134
108
111
98
111
151
136
108
111
90
119
154
134
106
108
92
114
152
132
103
106
85
115
150
••131
132
109
P120
74
220
75
218
75
220
77
226
81
236
87
242
91
164
91
89
86
77
85
244
93
229
98
94
75
112
103
69
128
104
71
107
99
60
99
97
60
105
101
71
97
100
74
105
93
80
125
80
76
131
83
70
180
227
97
120
116
120
181
233
98
117
108
123
183
236
96
117
110
121
186
241
91
119
111
126
189
246
90
119
111
123
191
249
90
124
110
129
188
241
92
124
114
130
191
242
102
132
116
136
139
236
117
135
HI
137
TlTTTlttFR TTREq AND TtTEES 1
Tirfts THiPTiniRtic I
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
123
128
91
TOBACCO PRODUCTS
Cigars ..
Cigarettes—
145
71
204
147
70
209
154
76
216
147
73
203
157
75
223
146
74
202
150
75
209
102
100
101
99
102
105
112
IRON AND STEEL
Pig iron
Steel ingots
.. _
..
Cotton consumption .
Wool
Consumption
..
Machinery activity *
Carpet and rug loom activity*.
Silk deliveries
Slaughtering and meat packing...
Hogs ._
Cattle
Calves
Sheep
„„
Wheat flour
Sugar meltings
PAPER AND PRINTING:
Newsprint production...
Newsprint consumption
.
TRANSPORTATION EQUIPMENT:
Automobiles
Tanning
Cattle hidfi leathers
Clftif ftnrt kin leathftrs
Goat and kid leathers
Boots and shoes
.......
CEMENT AND GLASS:
Cement
Glass* plate
NONFERROUS METALS:
Tin deliveries *
Zinc ..
FUELS, MANUFACTURED:
-p.
Fuel oil I
Onlrp hvnroduct
-
Mineral*—Total
Bituminous coal
Zinc
Lead
Silver
...
„-..--
—
i Without seasonal adjustment.
paper,
of revision.
76
77
149
80
94
75
91
74
72
146
80
103
69
103
79
69
144
81
104
71
101
p Preliminary.
76
51
149
87
99
60
83
82
58
146
93
97
60
111
Revised.
86
52
152
98
101
71
119
95
69
152
110
100
74
99
.
107,
107
94
121
'146
no
81
133
146
P12S
87
241
78
223
260
144
107
75
138
110
85
115
116
76
112
115
70
194
245
106
130
126
136
190
242
103
126
120
138
195
249
103
123
131
141
200
253
112
130
131
143
123
12891
133
138
99
132
137
99
133
138
100
132
137
94
183
83
265
165
S3
234
163
78
242
153
33
212
158
82
220
155
74
221
150
73
212
117
109
115
128
115
116
P115
97
73
161
83
56
164
98
50
168
112
81
173
72
97
174
98
80
113
30
76
99
S3
70
94
107
75
93
110
85
103
80
63
176
159
116
76
101
P80
P74
P173
122
115
70
758
FEDERAL RESERVE BULLETIN
A U G U S T 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100]
1937
1936
Industry
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
106
107
110
115
114
113
118
122
125
123
P115
85
113
118
89
121
117
93
120
123
98
126
127
100
130
125
102
128
134
105
136
135
109
138
142
114
145
144
115
146
146
116
149
119
105
101
106
97
108
95
66
90
107
114
99
111
98
66
103
112
112
110
126
.101
77
123
120
123
111
127
97
89
136
117
122
111
120
104
95
121
125
128
125
140
118
92
129
132
133
141
161
134
94
119
130
135
123
130
130
92
135
134
141
. 135
144
137
104
120
132
143
129
141
125
101
110
127
140
117
124
118
96
119
123
134
116
122
120
93
108
*>120
130
J>114
.
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
91
84
69
99
137
126
83
127
94
83
67
99
141
133
87
143
. 82
74
52
96
140
142
85
109
78
76
50
104
139
142
82
82
.
60
140
64
135
59
117
59
121
60
137
62
149
'66
160
64
145
64
137
62
143
63
149
63
154
63
151
63
144
142
6
104
91
88
74
116
113
134
128
82
42
65
127
147
120
120
140
158
163
24
147
99
90
83
86
113
105
113
94
90
90
109
125
128
96
95
85
111
143
. 130
95
94
78
114
153
123
98
102
77
107
140
112
102
109
75
111
118
114
105
108
84
120
119
126
104
112
75
113
140
136
110
. 116
85
119
153
136
103
107
76
117
157
128
105
107
85
120
'143
121
103
105
77
124
133
PU6
88
231
93
196
91
198
100
226
101
236
99
242
90
164
71
89
52
77
51
244
67
241
85
265
92
234
234
98
95
73
112
98
70
128
97
68
107
92
58
09
93
57
105
98
73
97
100
77
105
100
81
125
85
77
131
89
72
144
113
77
138
114
84
115
117
75
112
111
72
179
227
93
120
116
119
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
no
129
189
241
100
124
114
133
192
242
111
132
116
138
189
236
119
135
111
138
194
245
108
130
126
140
190
242
104
126
120
142
195
249
102
123
131
142
199
253
108
130
131
142
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
123
128
91
123
128
91
133
138
• 99
132
137
99
133
138
100
132
137
94
147
73
206
161
76
230
167
80
238
158
76
226
173
86
245
157
91
212
153
90
207
149
62
217
156
64
230
153
67
220
146
76
201
145
77
200
157
76
224
164
80
234
101
101
102
104
no
115
115
111
105
111
118
105
117
J>118
67
77
150
120
95
73
88
66
62
149
157
98
70
101
72
57
147
164
97
75
51
152
•177
92
58
88
87
58
150
178
93
57
106
94
67
153
167
98
73
118
106
71
ISO
93
100
77
106
103
72
156
93
61
158
103
54
165
112
' 67
171
61
101
174
100
81
114
85
77
100
89
72
102
113
77
102
114
84
104
70
63
177
238
117
75
98
p&5
P177
240
111
72
June
July
105
105
105
114
87
117
112
88
115
no
100
106
Cotton consumotion
- 92
Wool
94
Consumption -~ . . . . .*....
102
Machinery activity
68
Carpet and rug loom activity.
96
Silk deliveries
Manufactures—Total _
IRON AND STEEL
Pig iron
Steel ingots — -.
TEXTILES
-
.
......
........ . . . . .
.-_
..
...
FOOD PRODUCTS. _
Slaughtering and meat packing...
Hogs
~
Cattle
Calves •
Sheep . . .. __.._ .* . . .
Wheat flour
Sugar meltings „
..
PAPER AND PRINTING;
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT;
Automobiles
Locomotives
....
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers.
Calf and kin leathers
Goat and kid leathers
Boots and shoes.
.. .
OO
CEMENT AND GLASS:
Cement
Glass, plate...
_
NONPERROUS METALS:
Tin deliveries
Zinc * .
Lead
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene -
Fuel oil
Lubricating oil
Coke, byproduct
RUBBER TIRES AND TUBES
Tires pneumatic
Inner tubes
TOBACCO PRODUCTS
. . .
Cigars
.
Cigarettes
Mineral*—Total
Bituminous coal
Anthracite...
Petroleum, crude - ..
Iron ore
.. ...
.
Zinc.
Lead
Silver..
.
. ..
..
-
.„
.
June
Aug. Sept.
May
es
85
P118
J>118
P94
102
P121
P71
r
p Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box
board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
AUGUST
759
FEDERAL RESERVE BULLETIN
1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1523-25 average=100]
1936
1937
Industry and group
July
Aug.
Sept.
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
90.4
83.8
97.6
92.8
85.6
100.4
85.7
101.8
93.8
86.6
101.6
94.4
88.2
101.2
96.2
89.9
102.9
98.6
92.7
104.9
98.8
92.4
105.4
99.7
93.9
105.8
100.9
96.3
105.9
101.6
97.4
106.2
102.2
98.4
106.2
101.6
98.0
105.4
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
96.8
108
77
65
80
60
75
85
71
104
73
101
86
149
98.4
109
79
66
82
61
84
85
70
107
73
100
89
164
99.6
109
81
67
84
64
91
86
71
107
73
98
93
175
101.0
110
84
68
87
68
95
90
72
111
70
97
95
188
102.3
113
87
103.7
112
108.0
118
93
72
87
73
99
97
82
113
78
105
101
186
108.7
120
94
72
89
73
94
76
114
73
103
98
179
87
70
96
90
78
117
75
105
99
176
106.4
116
90
71
.87
69
99
95
80
116
76
104
101
187
82
113
77
107
103
183
102.4
109
82
69
86
72
96
91
80
118
78
105
101
180
102.2
125
119
88
125
88
114
198
70
114
103.9
126
112
90
124
90
116
209
70
87
105.3
117
114
92
119
92
120
210
71
102
105.3
101
100
92
115
93
119
209
73
114
106.8
96
116
97
115
95
123
186
75
120
108.4
102
119
100
117
96
125
176
75
132
110.4
95
120
103
122
97
127
171
75
135
114.0
103
121.
106
125
100
129
188
76
139
116.0
109
123
104
128
102
136
201
79
145
118.9
113
127
109
134
104
136
196
81
148
121.1
125
131
111
137
106
141
190
83
163
123.7
130
131
115
140
108
147
189
85
154
125.6
136
134
118
147
110
160
155
87
154
128.6
141
136
118
146
113
153
193
87
159
101.3
671
112
60
102.2
664
112
53
34
105.1
603
116
52
36
101
100.9
613
109
66
35
102
100.8
631
109
66
38
102
105.8
645
113
61
41
102
112.3
646
123
64
42
118.7
698
333
62
44
110.2
740
120
62
49
95
113.0
772
123
66
54
100
117.3
783
127
71
54
106
118.6
798
128
70
65
106
122.2
807
133
71
65
104
122.7
789
134
71
57
104
67.0
62
67
58.2
62
57.4
62
67
68.7
62
58
59.1
62
59
60.1
60.6
63
60
61.7
63
62
62.3
63
62
61.9
62.2
64
62
62.4
64
62
62.4
63
62
63.9
62
64
G4.6
102
99
105
78
76
62
76
135
96.4
109
100
106
78
76
61
78
139
97.8
116
102
107
84
75
59
79
136
101.1
116
106
113
88
79
66
78
141
102.5
112
109
112
87
84
67
79
143
105.2
115
110
114
106.7
118
HI
115
91
94
70
78
154
110. 7
118
115
117
91
99
71
80
166
109.6
121
120
120
90
75
72
80
163
111.7
121
122
120
113.2
119
122
122
90
104
73
81
161
114.3
121
126
124
SO
100
74
85
158
115.4
123
124
125
95
100
73
88
160
115.6
132
123
124
95
96
73
89
162
64.1
75
47
51
64.2
76
49
60
65.6
79
48
51
65.1
81
51
49
65.8
82
52
50
66.2
81
63
60
66.2
84
54
49
67.9
86
55
51 *
57
50
68.1
87
57
50
71.4
88
68
64
71.4
90
58
53
71.7
91
56
54
71.9
92
56
STONE, CLAY, QLASS PRODUCTS .
62.5
44
55
97
39
71
63.0
45
54
96
41
73
65.7
47
55
101
42
76
66.4
47
69
102
43
74
66.1
47
61
99
42
77
67.2
47
64
103
42
76
66.3
48
65
96
42
75
69.0
51
68
101
42
76
69.5
54
68
98
43
77
72.6
55
68
109
43
77
72.6
54
70
109
43
78
71.8
54
66
108
43
78
71.3
52
62
110
44
79
70.3
50
62
109
42
81
TEXTILES, PRODUCTS
97.6
91.3
98.1
91.8
83
90
94
116
93
102.6
95.5
83
95
96
117
91
118
79
83
116.6
109
159
87
141
60
115
104.9
98.1
85
.99
101
117
85
121
81
81
117.0
106
167
88
138
60
118
102.6
96.8
92
99
99
114
81
121
78
77
113.6
104
157
88
133
67
116
101.7
95.5
92
97
101
115
82
117
79
78
113.4
105
155
89
130
55
117
104.4
97.3
93
98
104
117
87
116
79
84
118.4
111
163
91
134
63
119
106.8
100.1
99
99
106
121
89
119
79
92
119.8
115
160
92
135
51
124
108.3
101.7
101
101
107
120
90
123
81
93
120.9
114
159
93
140
57
132
107.3
100.7
101
102
102
117
89
123
79
85
119.8
111
161
91
141
67
129
107.0
101.1
99
103
102
116
88
122
80
88
117.9
110
156
£0
141
68
129
107.9
103.8
101
105
103
119
86
122
85
94
115.0
113
146
88
140
54
124
107.6
103.2
102
106
96
119
84
121
84
90
115.3
116
144
89
138
53
119
105.6
101.4
102
104
99
113
90
118
86
87
112.5
110
142
90
141
54
119
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
Bteam, 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
*_
~
• LUMBER PRODUCTS
Furniture
Lumber, millwork
Lumber, sawmills
.
Brick, tile, terra cotta
Cement........ •-—- -—
Glass
—
Marble, granite, slate
Pottery
A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing,finishingtextiles.
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
-
May
June
89.8
82.7
97.3
91
115
88
113
76
*78
80
80
109.6 110.3
107
105
144
146
86
85
130
123
64
55
111
109
70
78
163
73
79
159
760
FEDEEAL RESERVE BULLETIN
AUGUST
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]
1937
Industry and group
May
June
July
89.0
89
95
89.0
89
94
90.3
91
94
109.3
127
189
85
137
77
74
74
85
84
80
110.3
127
183
86
147
77
74
72
61.3
56
62
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing....
CHEMICALS, PETROLEUM PRODUCTS __
LEATHER PRODUCTS .
Boots, shoes
Leather
—
FOOD PRODUCTS
Baking
Beverages
„
Butter
Canning, preserving
Confectionery
;
Flour
—
Ice cream
Slaughtering, meat packing
Sugar, beet
_
Sugar refining, cane
.
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
„
PAPER, PRINTING
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
,
Mar.
Apr.
May
June
97.4
96.5
97
100
96.0
96
100
95.9
96
99
116.1
134
199
86
154
79
77
73
91
98
84
114.7
135
203
88
144
78
114.1
136
204
90
138
77
75
77
90
90
75
61.7
56
62
61.1
56
61.2
56
62
60.1
58
105.5
104
116
96
104
107.4
106
118
98
105
107.5
106
119
97
105
108.0
106
120
98
106
108.2
106
121
98
106
120.7
120.9
133
85
105
94
87
131
364
102
120
121.6
121.8
133
80
109
92
86
133
363
110
121
122.5
122.7
135
67
111
90
88
135
370
111
122
124.4
124.8
136
77
113
95
94
136
378
107
123
126.0
126.1
138
77
112
93
98
134
392
103
125
127.7
128.2
137
75
114
97
108
134
408
104
125
102.3
75
140
95
101.7
73
140
94
96.0
82 •
142
80
95.8
82
144
79
101.7
81
145
89
99.6
75
143
90.9
91
96
91.4
91
92.0
92
94.9
95
99
98.8
100
98
99; 1
101
97
98.1
100
97
112.4
129
196
86
140
78
77
72
92
92
78
113.2
129
195
85
141
82
76
70
92
109
79
113.3
129
196
82
148
78
74
72
92
111
76
112.7
131
187
82
146
76
74
69
91
118
74
113.4
132
197
82
135
80
73
70
96
114
67
115.0
132
197
84
147
81
74
72
95
93
70
114.8
133
203
86
148
83
75
71
93
44
64
116.7
135
60.3
• 56
61
61.2
56
62
61.9
56
61.7
56
62
61.1
57
62.4
57
63
62.0
56
62.0
56
63
61.8
57
62
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
113.1
113.2
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
91.4
78
124
82
93.9
75
124
87
95.8
75
126
89
98.3
75
130
92
99.4
74
133
102.2
76
138
95
112.0
A. Other than petroleum
112.2
Chemicals
—
__. 117
117
71
Cottonseed oil, cake, meal
62
104
Druggists' preparations
105
79
Explosives.
„
84
Fertilizers
91
86
122
Paints, varnishes
124
342
% 350
Bayon, allied products
96
Boap
97
118
B. Petroleum refining
117
RUBBER PRODUCTS
Feb.
Oct.
80
87.4
75
122
76
88.8
73
123
79
Nov. Bee.
Jan.
Aug. Sept.
157
81
75
73
91
89
78
99
97
117.0
136
205
88
152
80
75
73
93
95
77
90
90
78
NOTE.—Figures for June 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. Underlyingfiguresare for pay-roll period ending nearest middle of month.
761
FEDERAL RESERVE BULLETIN
AUGUST 1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory employment
Factory pay rolls
1937
Industry and group ,
1936
1937
May
June
Feb.
Mar.
Apr.
May
June
May
June
Feb.
Mar.
Apr.
lay
89.8
84.0
96.0
90.1
84.7
95.9
99.0
93.2
105.2
101.1
96.4
106.1
102.1
98.6
105.9
102.3
99.9
104.8
101.2
99.0
103,6
80,8
78.5
83.8
81.1
79.0
83.9
95.8
92.5
99.9
101.1
.00.0
-02.6
104.9
106.4
L02.9
05.2
,07.5
.02.3
102.8
104.4
100.8
90.1
99
74
62
76
58
78
85
65
100
65
97
78
151
91.4
100
75
64
76
59
77
85
65
104
68
101
80
148
103.4
114
89
67
88
71
97
91
77
108
72
98
100
176
106.8
117
90
110.1
122
94
72
89
74
99
96
82
117
77
105
103
183
103.1
110
82
71
86
72
97
93
80
119
79
108
101
180
83.0
93
78
45
64
49
79
63
53
82
56
95
78
140
84.6
95
75
46
67
48
78
63
55
87
103.9
119
73
100
96
80
113
74
100
102
187
108.9
120
93
71
90
74
100
95
82
115
76
102
102
186
80
134
52
81
68
90
68
75
97
68
99
109
156
112.6
>27
,08
56
84
72
117
80
79
102
72
104
111
180
24.5
.46
.16
62
86
76
L14
78
85
106
79
108
116
.84
.24.7
46
13
62
87
74
.17
77
83
107
79
12
14
,89
111.6
126
93
60
86
72
96
77
76
100
82
116
115
188
102.4
129
Agricultural implements
119
Cash registers, etc.
Electrical machinery
~, 88
127
Engines, turbines, etc
Foundry, machine-shop products. 89
114
Machine tools
178
Radios, phonographs
70
Textile machinery
„
114
Typewriters
103.6
124
112
P0
127
90
116
200
70
84
118.6
119
127
109
135
104
138
171
83
147
121.2
132
131
111
140
107
143
163
85
153
124.3
138
131
115
144
110
147
158
87
154
126.1
140
134
118
149
112
150
140
88
154
128.4
139
136
118
150
113
153
185
87
154
94.7
142
114
81
112
83
107
136
65
100
95.8
131
107
83
112
84
110
155
62
73
118.2
140
130
107
131
105
142
124
88
138
125.5
162
140
112
139
112
153
127
90
153
133.9
180
148
121
153
119
159
127
96
157
134.9
84
49
24
57
,19
62
109
95
.55
136.4
179
147
124
155
119
165
158
94
151
IO6.3
582
117
55
33
101
105.3
593
116
57
35
98
116.0
756
127
63
50
99
121.0
791
132
70
54
107
125.4
814
136
75
57
109
128.3
823
140
78
59
107
126.6
828
138
101.6
491
111
52
21
102
98.7
509
107
54
22
112.3
652
122
67
37
123.6
703
132
79
41
116
128.6
739
136
89
45
123
34.1
739
44
90
47
Ll9
125.8
'56
132
93
51
115
58.0
62
58
58.5
62
58
61.6
63
62.2
64
62
63.3
64
63.6
63
64
64.2
62
64
59.5
63
59
60.1
62
60
63.4
65
63
65.8
67
66
67.4
68
68
67.1
66
69.1
67
70
94.7
104
100
103
72
76
64
76
137
95.5
107
100
104
73
76
62
78
139
111.5
122
122
120
89
97
72
79
159
114.6
124
124
122
89
104
74
81
165
115.5
124
128
123
88
101
74
85
162
115.5
126
126
123
89
100
74
88
163
114.5
130
123
122
90
96
75
89
162
79.0
92
84
00
51
68
48
61
123
79.9
94
84
103.5
122
120
111
66
90
63
69
155
111.8
130
128
120
69
109
68
75
163
114.2
131
133
122
6S
107
69
82
164
113.1
135
127
122
69
102
70
85
166
112.1
136
125
119
71
94
69
85
166
64.1
72
48
52
,
65 3
47
61
99
40
74
64.8
74
50
52
65.8
86
55
48
57
52
70.6
87
58
53
71.6
87
57
55
72.5
89
57
55
54.-4
56
42
45
55.8
59
44
45
58.2
75
50
40
64.6
77
53
48
68.3
79
56
52
68.2
77
55
53
72.3
79
58
57
66.4
49
62
99
43
71
67.2
47
58
108
38
78
70.3
49
64
110
40
81
73.0
53
67
111
43
82
74.4
55
69
112
45
82
73.9
54
70
112
44
80
55.6
37
55
92
37
55
55,8
39
56
91
37
52
59.8
38
53
107
30
66.1
43
63
115
34
74
71.1
49
69
120
39
72
72.0
49
71
119
41
75
71.1
49
75
119
37
70
96.2
90.3
83
110.2
103.6
100
104
107
123
-90
123
84
92
122.6
114
166
92
143
62
127
111.2
103.8
102
105
109
123
91
124
83
90
125.5
116
170
93
148
67
130
109.9
103.7
103
106
108
123
88
123
82
89
121.8
115
162
92
147
61
127
107.3
102.2
102
106
98
119
83
122
79
88
116.5
112
153
91
142
56
120
103.6
99.8
102
103
96
109
84
118
79
86
109.8
107
138
90
137
51
119
78.2
75.2
66
75
84
92
70
105
54
61
80.9
72
106
85
96
44
97
76.8
75.2
66
76
82
88
75
104
56
62
76.6
79
86
82
97
35
95
100.1
97.6
98
100
105
112
94
127
71
82
100.9
99
125
93
114
50
112
103.2
97.5
103
101
109
113
90
127
71
79
110.4
106
138
98
123
65
122
100.2
100.3
102
108
108
115
66
128
71
83
95.
96
113
96
116
49
115
96.
98.0
101
107
96
106
69
125
68
81
88.9
90
106
92
106
39
102
91.6
94.0
100
102
91
95
75
120
68
79
83.1
88
92
86
104
37
103
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.^
TRANSPORTATION EQUIPMENT
Aircraft
AutomobilesCars, electric, steam railroad...
Locomotives
_..
Shipbuilding
.
RAILROAD REPAIR SHOPS
Electric railroad
Steam railroad
.„.
:
NONFEKROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
,.
Clocks, watches
«
Jewelry.
ewey.....
L
ihti
Lighting
equipment
_
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
LUMBER PRODUCTS,
Furniture
Lumber, millwork
Lumber, sawmills
•_,
STONE, CLAY, GLASS PRODUCTS..
Brick, tile, terra cotta
Cement
—•
Glass
_
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS
A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles __
Hats, fur-felt
„
Knit goods
Silk, rayon goodsWoolen, worsted goods
B. Wearing apparel.
Clothing, men's.-J
,._.
Clothing, women's
Corsets, allied garments.._
Men's furnishings
Millinery
Shirts, collars
97.4
60.4
83
so
oy
63
115
87
113
71
79
110.9
101
155
87
127
58
110
OQ
oy
91
111
87
112
72
79
107.6
104
140
86
126
51
111
103
92
52
69
46
63
125
i06
762
FEDERAL RESERVE BULLETIN
AUGUST 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
1937
1936
1937
1936
May
June
Feb.
Mar.
Apr.
May
June
May
June
Feb.
Mar.
Apr.
May
88.2
88
94
86.8
86
93
99.0
102
100.8
103
99
98.3
99
100
95.1
95
99
93.6
94
63.8
57
91
64.6
58
90
90.9
88
105
92.4
89
107
87.7
82
111
81.6
74
110
80.4
73
108
102.7
127
Baking
.
193
Beverages
86
Butter
...
94
Canning, preserving
70
Confectionery
-_,
72
Flour.
,
Icecream
„ 80
84
Slaughtering, meat packing
44
Sugar, beet.
Sugar refining, cane
31
107.9
128
199
91
126
69
72
84
86
49
80
105.1
132
182
81
92
79
75
62
91
37
75
105.7
134
193
82
90
107.7
133
197
84
111
74
74
107.9
135
207
89
100
71
74
112.0
137
222
95
119
44
84
47
78
91
89
49
75
95.7
113
214
67
87
61
67
70
79
46
98.9 ,101.3
115
122
221
189
64
71
103
97
60
76
67
71
73
57
81
88
50
44
67
66
104.1
124
211
64
90
76
70
59
92
45
81
108.2
123
220
66
113
71
72
64
99
50
81
111.6
130
237
71
109
69
73
76
99
51
72
115.8
134
259
76
122
68
74
82
99
55
55
61
60.5
59
61
60.8
57
60.2
56
61
56
60
60.0
56
60
48.5
60
47
50.1
56
49
52.6
67
51
52.4
66
51
52.3
66
51
53.6
66
52
55.6
70
54
_
99.5
Boxes, paper
_
92
Paper, pulp
109
Book, job printing...
___ 89
Newspaper, periodical printing... 103
98.8
91
109
88
103
105.7
102
116
98
104
107.1
104
118
98
106
107.2
104
119
97
106
107.7
104
120
97
106
106.9
103
121
95
105
90.7
86
96
81
97
89.2
86
95
78
97
100.5
103
114
91
99
104.1
107
117
94
103
104.8
1C8
120
93
104
105.9
106
122
95
105
104
104
124
91
104.9
111.8
110.7
117
44
101
78
96
128
336
96
117
88.9
71
123
80
110.3
108.5
119
38
100
83
59
129
336
96
118
121.9
122.4
131
82
110
93
96
131
370
110
120
101.6
73
142
124.9
126.0
134
69
112
90
136
135
373
111
121
126.6
127.7
136
59
112
92
152
138
378
108
122
124.5
124.6
138
48
108
91
105
140
384
103
124
103.6
76
147
94
124.1
123.6
139
46
109
96
74
140
391
104
126
100.8
71
142
93
105.4
104.0
111
32
102
77
93
120
273
94
110
86.4
54
110
86
105.4
103.3
113
29
99
84
55
121
277
95
112
89.0
57
111
90
123.6
123.9
135
67
119
93
87
127
345
125
123
104.4
65
141 •
101
128.1
128.8
140
59
121
98
128
133
350
123
126
99.8
72
146
136..4
136.2
151
50
120
108
151
142
365
116
137
100.3
68
151
91 '
136.7
136.2
153
42
118
103
116
145
382
114
138
109.2
73
154
103
137.4
136.2
155
41
120
103
79
143
392
116
141
103.8
69
145
LEATHER PRODUCTS
Boots, shoes
Leather
FOOD PRODUCTS
60.0
55
61
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
P A P E R , 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
,
R U B B E R PRODUCTS
..
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
,
122
S3
79
74
65
91
39
76
96.7
80
144
81
96.7
76
147
81
69
74
90
NOTE.—Figures for June 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936.
tained from the Bureau of Labor Statistics. Underlyingfiguresare for pay-roll period ending nearest middle of month.
June
Back data may be ob-
763
FEDERAL RESERVE BULLETIN
AUGUST 1937
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[ Figures for 37 States east of the Eocky Mountains, as reported b y the F . W . Bodge Corporation. Value of contracts in millions of dollars.]
Total
Month
January
February,
March
April
May.
June..
July
August
Septemb er
October
November
December
1937
1936
1937'
214.8
140.4
198.8
234.6
216.1
232.7
294.7
275.3
234.3
225.8
208.2
199.7
242.8
188.3
231.2
'269.7
244.1
318.1
37.4
31.2
65.2
67.2
70.3
73.6
72.0
100.5
80.7
79.7
68.4
65.5
78.4
63.0
90.2
108.0
83.9
93.1
.
2,675.3
Year
Factories
1936
....
.
Residential
1936
9.0
13.4
18.4
25.5
12.9
10.2
19.1
15.0
18.8
18.4
14.1
23.1
1937
37.0
12.6
22.2
30.1
18.5
36.8
Public works
and public
utilities
Educational
1936
1937
1936
1936
21.6
22.3
30.0
'28.5
25.7
24.5
86.9
46.6
62.3
73.4
63.6
80.0
126.6
94.4
84.5
67.0
73.9
61.3
15.5
12.6
17.3
24.3
18.8
21.9
28.6
22.0
20.1
22.0
23.0
23.2
1937
68.6
59.6
52.5
65.7
66.7
99.9
920.4
249.1
198.0
801.6
Commercial
All other
1937
39.5
21.1
19.0
23.2
20.7
18.3
23.3
12.3
9.2
13.4
13.1
13.0
1936
19.6
11.3
10.0
14.0
22.2
37.4
1937
26.5
15.5
20.6
21.1
29.8
28.7
25.1
31.1
21.0
25.3
15.7
13.6
226.1
17.8
19 4
26.4
23.4
27.0
26.4
280.0
*• .Revised.
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
(Figures for 37 States east of the Rocky Mountains, as reported b y the F . W . Dodge Corporation. Value of contracts in millions of dollars.)
1932
1933
October
November
December
86
89
112
122
146
113
129
134
128
107
105
81
83
63
€0
67
77
102
83
106
120
145
162
207
Year
1,351
1,256
January
February..*
March
April
May*.
June
July
August
1934
186
97 .
378
331
134
127
120
320
110
135
112
93
1,643
Privately financed1
Publicly financed'
Total
Month
3835
1936
1937
1932
1933
1S34
1935
1936
1937
1932
1633
1934
1935
1936
3C0
75
323
124
127
148
159
169
167
201
388
264
235
340
235
216
233
£95
275
234
226
208
2C0
243
388
231
270
244
318
39
34
46
61
93
64
85
81
£0
61
73
52
89
27
25
18
24
29
20
47
71
1C0
126
156
167
65
126
78
72
73
62
69
69
79
74
61
66
38
68
63
47
64
67
92
97
114
118
1S6
149
79
96
105
94
116
363
163
336
301
89
82
112
69
66
74
93
138
45
56
67
61
64
49
44
63
47
46
32
29
44
2fi
36
39
53
74
63
59
49
45
36
51
29
31
62
63
63
64
67
51
41
67
38
32
45
37
65
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
341
122
119
125
119
117
3,845
2,675
768
683
976
1,007
1,334
583
673
668
837
1,341
1937
130
119
165
196
152
180
i Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported b y Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Eocky Mountains, as reported b y the
F . W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
Liabilities
1936
1937
Federal Reserve
1937
1937
1936
1936
Federal Reserve district
district
June
May
June
May
June
May
June
June
June
17,409
20,816
20,226
Boston
70,513
60,110
46,318 Boston
New York
~
83
67
66
889
766
848
16,538
15,018
14,442 New York
Philadelphia
217
203
259
2,270
2,715
2,661
34,923
26,302
20,286 Philadelphia
Cleveland
54
34
42
770
452
926
39,994
24,030
22,143 Cleveland
Richmond
54
49
731
47
584
1682
21,299
18,779
18,962 Richmond
40
37
442
42
310
,
266
55,492
37,412
39,577
Chicago
15
21
279
33
224
Atlanta
164
18,310
13,333
26,154 Chicago
St. Louis
120
90
1,458
120
1,530
_.
1,749
13,559
8,142
7,874 St. Louis
Minneapolis
33
22
249
28
309
,
12,049 Minneapolis
8,815
15,279
Kansas City
17
21
207
16
134
,
106
7,450 Kansas City
11,356
11,959
Dallas
28
38
297
48
203
[IL97
17
17
105
13
84
Dallas
,
1148
232,665
244,113
318,092
Total (11 districts)
111
72
494
103
San Francisco
1,053
1,087
• *
Total
670
834
773
8,191
8,364
9,177
764
FEDERAL RESERVE BULLETIN
A U G U S T 1937
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Excess of exports
Merchandise imports»
Merchandise exports *
Month
1933
1934
1935
1936
1937
1933
1934
1935
1936
1937
222
233
'257
96
84
95
136
133
158
167
152
177
187
193
199
240
278
'307
25
18
13
37
30
33
9
11
8
11
-11
-4
-18
-45
-51
269
290
83
107
122
147
155
136
171
171
157
203
192
191
287
285
P286
17
—2
33
6
34
—6
—5
13
—10
9
—5
-18
5
p 21
180
179
221
143
155
147
127
120
132
177
160
162
195
193
216
1
-23
13
34
52
60
—3
3
37
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
15
-14
5
52
30
-15
2,283
2,456
1,450
1,655
2,047
2,422
225
478
235
34
1933
1934
1935
1936
121
102
108
172
163
191
176
163
185
199
182
195
April
May
June
105
114
120
179
160
171
164
165
170
193
201
186
July
August
September
144
131
160
193
184
193
162
172
191
173
172
199
206
195
171
1,875
2,133
January
February
March
...
*
October
.
November
December
Year
1937
P265
r
* 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.
Source: Bureau of Foreign and Domestic Commerce.
Back figure*.—See BULLETIN for January 1931, p. 18, and for July 1933, p . 431.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers; 1923-25 average=100]
[Index numbers based on value figures; 1923-25 average=100]
1936
June
1937
Feb.
Mar. Apr. M a y
June
Without
Adjusted
Without
Adjusted
seasonal
for seasonal
seasonal
for seasonal
variation adjustment variation adjustment
Month
Adjusted for seasonal variation
Total
Coal
Coke .
...
.
Grain and grain products
Livestock
Forest products
Ore
Miscellaneousl
Merchandise
73
72
75
79
43
45
76
80
65
82
77
76
70
41
51
114
95
68
83
87
92
68
42
51
114
94
69
84
81
102
70
43
49
249
91
69
80
77
88
64
44
53
133
90
69
78
76
89
74
41
52
113
87
67
Without seasonal adjustment
Total
Coal.
CokeGrain and grain products
Livestock
...
Forest products
Ore .
Miscellaneous,
Merchandise 1
__
73
61
69
77
35
48
130
83
66
76
91
102
64
34
49
27
82
66
80
92
96
62
34
52
29
90
69
79
68
86
63
39
51
102
94
70
Index of stocks (end of
month)
Index of sales i
80
66
85
58
39
55
187
93
69
79
65
82
72
33
55
192
90
68
January
.
February.*.
March*.
.
April
May
June
_
...
1936
1937
1936
81
83
84
93
95
93
84
87
87
93
93
93
1937
1936
63
66
77
72
66
76 • 66
65
90
74
76
76
58
62
67
66
72
78
85
89
84
89
95
90
76
76
75
68
67
62
79
78
73
65
66
64.
July...
August
September
91
86
88
63
68
94
64
67
68
59
65
71
October
November
December
90
94
92
100
105
161
69
71
71
76
80
67
Year..
1937
1936
1937
88
67
1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
* In less-than-carload lots.
N O T E . — F o r description and back data see pages 522-529 of BULLETIN and April for the effects upon sales of changes in the date of Easter.
for June 1937. Based on daily average loadings. Basic data compiled
Back figures.—Department store sales, see p. 631 of BULLETIN for
b y Association of American Railroads. Total index compiled b y com- August 1936; department store stocks, see pp. 254*255 of BULLETIN for
bining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.
765
FEDERAL RESERVE BULLETIN
AUGUST 1937
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
Tear, month, or week
Ail
commodi-
1926=100]
Other commodities
Farm
prod*
acts
Foods
Total
Hides and Textile Fuel and Metals Building Chemi- Houseleather
lighting and metal
cals and furnishproducts products materials products materials
drugs ing goods
Miscellaneous
1929
1930
1931
1932
1933
1934
1935
1936
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
104.9
88.3
64.8
48.2
61.4
65.3
78.8
80.9
99.9
90.6
74.6
61.0
60.5
70.5
83.7
82.1
91.6
85.2
76.0
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
78.6
67.5
70.3
66.3
73.3
73.5
76.2
100.6
92.1
84.5
80.2
79.8
86.9
86.4
.87.0
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
94.2
89.1
79.3
73.6
72.6
76.9
80 6
80.4
94 3
92.7
84.9
76.1
75.8
81.6
80 8
81 7
82.6
77.7
69 8
64.4
62 5
69 7
68.3
70.6
1936-May
June
July
August
September.
October....
November.
December..
78 6
79 2
80 6
81:6
81.6
81.5
82.4
84.2
75.2
78.1
81.3
83.8
84.0
84.0
85.1
88.5
78.0
79.9
81.4
83.1
83.3
82.6
83.9
85.6
78.8
78.8
79.5
79.7
79.6
80.1
81.0
82.2
94.0
93.8
93.4
93.6
94.6
95.6
97.0
99.7
69.7
70.6
70.9
70.9
71.6
73.5
76.3
76.0
78.1
76.2
76.3
76.1
76.8
76.8
76.5
86.3
86 2
86.9
87.1
86.8
86.9
87.9
85.8
85.8
88.7
86.9
87.1
87.3
87.7
89.5
77.7
78.0
79.4
79.8
81.7
82.2
82.6
85.3
81.5
81.4
81.2
81.4
81.7
82.0
82.3
83 2
69.2
69.7
71.0
71.6
71.3
71.6
73.4
74.5
1937—January-.,
February..
March
April
May
June
Week ending—
1937—Mar. 13..
Mar. 20..
Mar. 27..
Apr. 3 . . .
Apr. 10..
Apr. 17__
Apr. 24..
May l.._
May 8
May 15..
May 22..
May 29..
June 5-__
June 12..
June 19..
June 26—
July 3 —
July 10...
July 17...
85.9
86.3
87.8
88.0
87.4
87.2
91.3
91.4
94.1
92.2
89.8
88.6
87.1
87.0
87.5
85.5
84.2
84.7
83.4
84.1
85.6
86.5
86.3
86.1
101.7
102 7
104.2
106.3
1D6.7
106.4
77.5
77.5
78.3
79.5
78.7
78.2
76.6
76.8
76.2
76.8
77.2
77.5
90.9
91 7
96 0
96.5
95.8
95.9
91 3
93 3
95.9
96.7
97.2
96.9
87.7
87.8
87.6
86.9
84.6
83.6
86.5
87 9
88.4
89.0
89.3
89.5
76.2
77.3
79,5
81.1
80.5
79.4
87.2
87.6
87.8
88.3
87.9
87.6
87.5
87.4
87.3
86.9
87.4
87.4
87.1
86.7
86.5
86.7
87.2
87.7
87.8
93.6
94.4
94.7
96.0
93.5
92.4
92.7
01:5
91.0
89.3
91.2
91.0
89.3
88.0
87.4
88.4
89.7
90.5
91.1
87.3
87.9
S7.5
87.9
86.1
85.3
85.0
85.2
84.7
84.2
85.1
84.9
84.8
84.5
84.0
84.4
85.3
86.8
86.1
85.4
85.6
85.8
86.1
86.3
86.5
86.2
86.3
86.3
86.3
86.3
86.3
86.2
86.0
85.9
85.9
85.9
86.1
86.2
104.2
105.0
106.7
106.0
106.8
107.2
106.7
106.8
107.7
107.6
107.1
107.0
107.6
107.6
107.2
106.8
106.6
106.4
107.6
77.2
77.6
78.1
78.2
78.6
78.7
78.6
78.6
78.3
78.2
78.1
77.9
77.6
77.4
77.3
77.4
77.4
77.9
77.7
77.2
76.8
76.9
77.2
77.1
77.5
77.6
77.9
78.2
78.2
78.2
78.2
78.2
78.1
78.1
78.2
78.1
78.3
78.4
95.8
96.0
96.0
96.1
96.3
95.8
95.1
95.1
94.8
95.0
95.0
95.1
95.1
95.1
95.1
95.1
95.1
95.3
95.3
95.7
96.2
96.2
96.6
96.8
96.8
96.6
96.6
96.8
96.9
9G.9
97.2
97.0
97.0
97.0
96.9
96.9
96.9
96.8
87.3
87.3
89.8
89.8
90.3
00.3
90.3
90.3
90.4
90.8
90.8
77.9
78.8
79.3
80.0
S0.1
81.0
80.9
80.6
80.4
80.4
80.5
80.2
80.0
79.4
79.2
78.6
78.8
78.9
79.2
Subgroups
June Mar. Apr. May
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
73.0 113.2 119.2 113.9 105.7
83.2 93.7 93.6 95.9 £8.3
75.8 88.5 83.4 79.0 77.4
Grains
Livestock and poultry
Other farm products
FOODS:
77.6
81.6
82.0
85.1
72.3
Dairy products
Cereal p r o d u c t s . . .
Fruits a n d vegetables
Meats
Other foods
H I D E S AND L E A T H E R PRODUCTS:
Shoes
Hides and s k i n s . , .
Leather
Other leather products
T E X T I L E PRODUCTS:
Clothing
Cotton goods
K n i t goods „
Silk and rayon
..
Woolen and worsted goods
Other textile products
F U E L AND LIGHTING M A T E R I A L S :
—
SO. 2
90.1
86.5
92.0
78.2
78.5
89.8
83.5
94.9
77.0
73.1
88.7
84.1
95.9
75.2
72.0
SO. 4
84.5
S8.0
74.3
99.7 102.3 103.8 106.1 107.5
89.0 118.5 121.4 117.7 114.6
83.2 97.1 1C0.7 100.6 £8.8
95.4 101.7 102.3 102.3 102.3
87.2
92.6
65.7
32.5
93.3
68.9
89.1
89.7
64.6
32.6
63.2
67.6
80.9
75.4
60.3
29.3
82.6
66.9
84.8
94.0
64.9
33.6
92.6
66.5
77.0
96.5
93.7
83.4
88.0
67.7
77.8 72.4 74.2 74.5
97.5 98.6 98.5 S8.5
97.7 102.8 105.1 105,0
77.8 77.1
79.8 80.7 83.0
68.6 59.8 60.9 61.5
95.1
65.9
33.8
S3. 5
68.8
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint and paint materials—
Plumbing and beating
Structural steel
Other building materials
CHEMICALS AND D R U G S :
v
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture...:
MISCELLANEOUS:
Auto tires and tubes
Cattle feed
Paper and pulp
• Bubber, crude.—
Other miscellaneous
GO. 8
90.8
90,9
91.0
91.0
91.0
91.0
91.0
91.3
91.6
1937
June Mar. Apr. M a y June
June
M E T A L S AND M E T A L PRODUCTS:
F A R M PRODUCTS:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1936
1£37
1936
Sub£roups
87.0
87.0
87.0
86.6
85. G
85.2
84.4
83.9
83.5
83.6
83.3
83.4
83.6
83.0
83.1
83.0
83.4
—•
94.2 93.1
86.3 97.5
92.9 93.0
70.0 101.1
73.8 77.6
92.1
99.6
93.7
97.0
78.7
93.8
99.6
93.7
91.7
78.7
94.1
69.7
93.7
91.9
78.7
89.2 91.8 94.9 95.0 95.0
95.5 95.5 95.5 95.5 95.5
82.1 [02.1 103.0 103.0 .02.2
79.5 83.9 83.9 83.7 83.6
73.8 77.6 78.7 78.7 78.7
92.5 112.9 114.9 114.9 114.9
S0.1 98.9 99.9 101.3 101.1
84.3
-~ 73.2
_.. 64.0
66.0
95.3
83.0
70.3
71.7
94.2
82.9
70.7
72.0
91.1
79.2
70.6
72.2
S0.1
78.0
70.5
72.3
85,2
77.5
91.7
85.0
92.1
85.8
92.5
86.1
92.5
86.6
47.5 55.0 56.4 56.4 56.4
80.7 135.0 146.8 139.9 116.9
80.6 £0.2 93.9 94.6 95.0
33.0 50.9 49.3 44.6 41.0
80.8 84.8 85.3 85.5 85.8
Back figure*— For monthly and annual indexes of groups, see Annual Eej irt for 1935 (table 80); indexes of subgroups available at Bureau of
Labor Statistics. For weekly indexes covering 1935, see Annual Report for 19 5 (table 81).
766
FEDERAL RESERVE BULLETIN
AUGUST 1937
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of July 1, 1937]
[In thousands of units]
Total wheat
Corn
Federal Reserve district
Estimate
July 1,
1937
Production
1936
Production
1936
Estimate
July 1,
1937
Boston
New York___PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City__
Dallas
San Francisco.
Bushels
7,754
23,779
48,733
155,673
126,279
149,800
548, 775
202,726
107, 341
70,862
80,623
6,982
Bushels
7,743
26,759
53,613
183,167
136,771
167,889
992,210
342,550
240,447
327,677
85,690
7,335
Bushels
119
6,601
17,730
45,798
25,331
5,938
64,389
60,806
56,655
213,604
19,441
110,049
Bushels
92
9,024
20,162
57,029
29,125
7,602
86,842
75,760
164,665
274,981
42,955
114,050
Total —
1,529,327
2,571,851
626,461
882,287
Tame hay
Oats
Federal Reserve district
Production
1936
Estimate
July 1,
1937
Boston,..
New York__.
Philadelphia-.
Cleveland
Richmond
Atlanta
Chicago
__
St. Louis
Minneapolis..
Kansas C i t y Dallas
San Francisco.
Bushels
6,900
19,819
.15,104
50,268
15,286
10,496
366,027
38,026
129,907
82,429
24,577
30,261
Bushels
7,176
21,336
17,256
55,772
18,452
12,838
488,864
46,319
267,677
116,999
31,658
Total...
789,100
1,111,229
Production
1936
Tons
3,103
4,443
1,788
. 3,816
2,532
2,524
14,054
4,447
7,405
6,153
1,194
11,850
NOTE.—1936 figures for corn, tame hay and tobacco are as revised in July 1937.
Winter wheat
Production
1936
Estimate
July 1,
1937
Bushels
Bushels
6,496
17,555
45,605
25,331
5,938
62,177
60,630
8,249
206,125
19,348
61,559
19,972
56,814
29,125
7,602
84,839
75,631
15,069
263,811
42,853
59,027
519,013
663,641
Tobacco
Estimate
July 1,
1937
Production
1936
Estimate
Julyl,
1937
Spring wheat
Production
1936
Bushels
119
105
175
193
Estimate
July 1,
1937
Bushels
92
126
190
215
2,212
176
48,406
7,479
93
48,490
2,003
129
149,596
11,170
102
55,023
107,448
218,646
White potatoes
Production
1936
Estimate
Julyl,
1937
Tons
3,482
5,856
2,342
5,048
3,492
2,879
15,980
5,984
10,253
7,190
1,310
11,505
Pounds
27,748
1,008
33,650
80,888
658,341
152, 515
18,880
176,784
1,361
1,908
Pounds
31,574
1,374
32,015
126,223
761,125
158,332
25,408
279,823
1,938
3,131
Bushels
53,493
31,139
25,631
21,222
19,690
9,921
47,442
8,333
27,369
29,170
3,620
52,967
Bushels
61,281
33,877
26,402
21,071
30,297
14,299
58,355
12,843
47,486
33,017
4,196
61,105
75,321
1,153,083
1,420,943
329,997
404,229
INTERNATIONAL FINANCIAL STATISTICS
767
768
FEDERAL RESERVE BULLETIN
AUGUST 1937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Total*
End of month
1934—December.
1935—December.
1936—March
April
May
June
*
July..
August
SeptemberOctober . . .
NovemberDecember 1937—January
February..
March
April
May
June
(52
countries)
Canada
United
States,
601
9,517
645
642
642
186
188
9,493
9,254
8,966
8,806
9,099
9,145
8,919
8,774
8,829
187
9,225
9,268
9,295
9,302
J>Q 464
P9,466
8,238
10,125
134
189
21,657
21,412
21,306
21,343
21,682
21,809
21,719
21,778
21,980
22,602
*>22, 632
P22.773
P22, 962
P23.213
10,184
10,225
10,402
10,608
10,648
10,716
10,845
11,045
11,184
11,258
11,358
11,436
11,574
11,799
11,990
12,318
184
187
188
187
187
189
191
188
190
191
194
199
193
Europe
Latin
Asia
Amerand
Africa
Ocean*
ica
(5
ia (8
(11
councoun- coun- tries)
tries)
tries)
11,010
21,051
21,583
P23,580
Europe
(26
countries)
641
634
635
642
638
658
656
9,307
805
816
263
291
1,584
1,648
830
836
841
840
845
849
857
323
268
268
268
1,653
1,670
1,701
1,782
1,977
2,017
2,049
2,049
2,049
2,584
2,584
2,584
»2,584
847
852
858
*865
P870
P859
P876
P875
708
*>697
P698
P723
P743
*767
United
GerKing- France many
dom
269
269
269
269
270
283
297
310
317
295
P291
2,584
2,647
2,689
5,445
4,395
4,348
4,106
3,781
590
611
32
33
518
29
216
28
212
211
270
28
29
29
3,680
3,643
3,614
3,322
3,194
3,194
2,995
2,846
2,846
2,846
2,846
2,846
2,722
686
681
610
638
633
632
631
621
630
632
210
209
209
208
208
208
208
208
208
208
208
28
25
26
27
27
27
27
27
28
28
28
Swltzt
Nether- Nalands tional B.I.S.
Bank
Belgium
Italy*
624
464
457
489
508
583
456
388
388
490
625
8
8
8
11
12
10
12
12
13
13
11
624
655
657
657
657
635
558
598
626
670
769
848
625
4
493
495
485
460
471
437
626
619
607
609
208
208
573
438
486
483
465
404
13
12
15
11
17
8
635
635
Europe—Continued
End of month
Austria
1934—December .
1935—December.
1936-March
April
May
June
July
August .__
September.
October . . .
November.
December.
1937—January...
February. March
45
46
46
46
46
46
46
112
112
19
113
113
113
113
113
20
20
20
20
20
Denmark
20
91
91
21
21
21
21
22
22
91
91
91
91
90
91
Hungary
Greece
40
34
32
32
35
33
60
64
64
54
64
54
54
54
109
108
91
20
20
it 5
At5
At)
45
June.—
19
19
19
it
it
it
it
it
it ;
it J
April
May „
Czechoslovakia
Bulgaria
23
23
31
28
54
54
54
27
26
26
26
26
54
54
53
63
53
53
53
Norway
27
27
27
26
23
61
"
. 84
23
23
23
23
23
84
84
23
23
23
25
91
25
98
26
25
25
25
25
25
98
98
84
89
89
98
98
98
98
98
88
88
Latin America
End of month
1934—December.
1935—December.
1936—March
April
May
June
July
August
September
October
November
December.
1937—January...
February.*
March
April
May
Argen- B razil Chile
tina
403
8
444
438
438
438
435
436
17
441
437
455
452
501
487
489
519
536
565
19
19
20
21
21
22
23
23
24
25
25
26
26
27
28
29
29
29
29
20
29
29
29
29
29
29
29
29
29
29
29
29
Colombia
19
16
18
17
16
16
17
17
17
17
18
19
•20
22
18
18
14
68
96
84
81
72
71
70
69
70
71
71
72
75
75
76
77
7R
to
78
80
68
68
68
110
111
111
68
68
68
112
112
112
113
113
113
114
68
68
68
68
63"
68
68
49
49
49
82
82
82
71R
718
242
50
220
231
231
232
238
239
239
240
718
718
718
718
718
718
718
iIK
110
11R
HO
P68
240
241
241
241
242
209
718
115
CO
DO
ftff
Do
I lo
116
Uruguay
other
countries
19
20
20
20
10
19
20
20
20
20
20
20
20
20
82
74
74
74
74
68
68
68
68
68
41
«45
68
69
69
66
66
66
66
45
45
45
45
45
45
45
45
45
45
P45
P45
P44
P45
P45
British China Japan
India
275
275
275
275
275
275
276
275
275
276
7
10
16
15
17
13
13
15
19
275
275
275
6
7
8
9
275
275
274
10
12
274
16
19
394
425
433
436
439
442
447
460
453
456
459
463
466
469
456
P455
P452
Java
77
54
68
61
61
60
60
59
60
60
60
60
60
60
60
74
74
countries
60
159
185
206
•TIC
1 J.O
114
115
6 other
53
43
44
46
45
46
46
46
46
47
48
48
740
735
726
726
718
104
109
68
Yugoslavia
Sweden
Spain
63
67
67
68
70
71
73
78
79
79
82
en
82
OK)
50
Asia and Oceania
5
Peru
20
21
RumaPoland Portugal
nia
82
P79
Africa
New
Zealand
2
TUT*
key
25
23
23
23
23
23
22
24
23
23
24
24
24
24
26
28
23
23
23
23
23
23
23
23
24
24
24
24
29
29
29
29
other
countries
3
South other
Egypt Africa
countries
6
6
3
3
3
3
55
55
55
65
55
55
184
212
244
189
189
189
0
00
33
3
3
4
189
189
189
Pi
65
55
55
65
65
55
65
Pi
55
65
Q
P4
ee
55
24
24
24
24
24
24
25
26
25
25
191
203
25
25
217
230
237
25
215
211
25
25
25
P25
p1 Preliminary.
See notes under United Kingdom, Italy, Spain, and Latin America: 5 other countries.
* Decline in reported gold holdings of Bank of Italy during 1936 has been distributed monthly on basis of gold imports from Italy reported by
other countries. Figures for February and March 1937 are for 20th of month; other figures for 1937 carried forward from last previous report date.
a According to a recent official announcement the British Exchange Equalization Account held $934,000,000 of gold on Mar. 31, 1937. Gold
of the Account is not included in above figures since this is the first occasion on which amount has been reported. For detailed statement of statistics included in above table see BULLETINS to which reference is made in note at foot of page.
« No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for
suDseQuent months.
* Figure of $26,000,000 reported by Bank of Mexico for March 1935 carried forward for subsequent months.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia. Finland, Latvia, and Lithuania;
m
in Latin America: Bolivia, Ecuador, El Salvador, Guatemala, and Mexico; in Asia and Oceania: Australia, and Siam; and in Africa- Algeria, Belgian Congo, and Morocco.
Au ust 193? fiB667S a n d ^ * U U d e s c r i p t i o n o f t h i s t a b l e ' s e e B u L ^ E T I ^ for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, p p . 544-547; and
769
FEDERAL RESERVE BULLETIN
AUGUST 1937
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Estimated
world
production r
Tear or month
Africa
Total
South
Africa
Rhodesia
West Belgian
Colom
United
Africa Congo Canada States ' Mexico
bia
%l-t6-8/10
1923 „ .
1930....
1931—.
1932....
397.163
432,119
460,651
498.164
525,071
1933...
1934...
1935..,
1936-
888.997
958,033
1,040,217
1,166,529
711,260
723,530
771,827
855,753
385,474
366,796
377,090
396,768
82,073
86,516
86,456
92,000
98,006
107,816
107,096
108,314
113,237
105, 506
96,526
91,826
87,240
J>93,850
*>92,695
*>100,768
64,841
68,285
68,025
69,568
71,175
75,784
73,865
75,083
76,806
72,675
73,695
73,235
68,408
31,2S0
32,709
31,991
32,826
33,086
33,846
33,830
33,816
34,199
33,042
33,858
34,352
32,330
34,381
34,308
*33, S£0
359,317
373,154
394,399
421,656
420,093
215,242
221,526
224,863
238,931
227,673
North and South America
11,607
11,476
11,193
12,000
13,335
22.578
24i 264
25,477
28,063
Japan
Chile Australia
British
India
grains of gold 9/10 fine; i. e.t an ounce offineQ0ld-%Z0.67
4,297
4,995
5,524
5,992
6,623
%1-16-6/tl
Far East
2,390
2,699
3,224
3,642
3,631
39,802
43,454
55,687
02.933
60,968
45,835
47( 123
49, 524
50,626
52,842
13,163
13,813
12,806
12,070
13,169
2,823
3,281
4,016
5,132
6,165
083
428
442
788
3,009
8,712
9,553
12,134
14,503
16,790
6,927
8,021
8,109
8,198
8,963
7,608
6,785
6,815
6,782
6,919
16,183
16,354
20,043
23,684
11.716
11,223
11,394
11,599
grains of gold 9/10 fine; i. e., an ounce of fine aotd-%S5
11,214
12,153
13,625
16,295
6,148
6,549
7,169
7,386
103,224
104,023
114,971
130,550
2,201 ~~L~164
2,359
1,326
2,410
1,258
2,413
1,289
2,384
1,285
2,354
1,352
2,425
1,412
2,363
1,444
2,292
1,493
1,606
2,270
1,544
2,262
2,315
1,671
2,109
1,663
2,416
1,605
2,391
3,669
2,4C8 Pi, 715
574
544
543
547
9,325
10,409
10,474
10,797
11,083
11,183
11,604
11,579
89,467
108,191
126,326
162,509
22,297
23.135
23,858
26,465
10,438
12,045
11,617
13,633
97830 ~2,815
11,149 1,627
11,242 2,607
12,074 2,075
12,077 2,570
15,171 2,632
13,756 1,818
14,409 2,346
15,960 1,943
13,369 2,291
13,106 1,647
11,483 2,854
10,171 2,227
12,631 P2,240
11,131 *2,240
14,248 P2,240
1,159
1,040
1,122
1,086
1,065
1,235
1,098
1,236
1,109
1,035
1,113
1,332
1,117
1,285
1,269
1,234
6,094
8,360
9,251
9,018
28,428
30,447
31,117
39,793
.,,1...,
1936—February __,
March
April
May
June
July
August,. „__
SeptemberOctober
November.
December!.
1937—January
February „
March
April.
May
P73,819
*72,363
*>75,737
685
676
675
696
691
11,693
11,174
11,665
634
631
11,499
10,863
11,420
11,317
11, £04
586
579
634
638
»63S
918
1,147
499
652
611
776
1,029
467
784
758
708
935
769
'620
F620
*620
~2,801 ~ 1,843
2,882 2,005
3,127
1,808
3,045
1,885
3,476
1,994
3,602
1,977
3,422
1,916
3,516
2,246
3,596
2,075
3,467 2,162
4,170
2,118
3,168
2,065
3,714
2,077
3,550
2,156
3,725 *2,100
*3,725 >2,100
920
968
944
970
968
981
981
966
982
966
983
084
899
982
956
' Revised. Monthly figures for United States (including Philippine Islands) for 1936 represent estimates of American Bureau of Metal Statistics revised by adding to each monthly figure a constant amount so that the aggregate for 1936 is equal to the final annual estimate compiled by
Bureau of the Mint in cooperation with Bureau of Mines.
JJHJUUU11UH
UaLIJl
MJ
1 0 I O BCC
Jli-lJJUlU
iWUWi I
m
i y i i s t v u i
«->*
*i*w
.iriiuv
»«*
»"»«|
*»*" • « * '
-.»•».
— - o —
«~
-
^ — —
to official revision. Estimated production of the TLS.S.R. for May 1937, in thousands of dollars: $15,840.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or month
19341
1935...
1936
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
United
King- France
dom
1,131,994 499,870 260,223
1,739,019 315,727 934,243
174,093 573,671
1,116,584
...
1936—June
„..
July
August
September
October
November
December
277,775
15,379
67,493
171,824
218,812
75,836
66,970
1937—January
February.
March——._«.--—
April
May
June
121,325
120,326
164,332
215,811
155,362
262,022
3,644 202,983
27
—9
6,837 17,880
8,204 136,671
72,164 95,013
20
44,665
9
32,998
73,960
75,238
121,451
175,165
103,822
166,943
10,864
1,138
76
696
1,375
11,069
Netherlands
Belgium
799
2,645
2
10,691
1,131
6,399
6,228
AusColom- Philippine
bia
Islands tralia
Canada
Mexico
12,402
968
7,511
86,829
95,171
72,648
30,270
13,667
39,966
16,944
10,899
11,911
12,038
15,335
21,613
1,029
3,498
23,280
524
8
3,698
3,281
14,684
869
15,289
634
630
368
462
2,104
1,403
25,745
551
882
11,664
6,338
12,222
10,660
4,709
2,124
2,425
716
2,405
2,157
1,628
2,273
2,511
856
1,747
2,831
1,869
3,781
936
271
14
1,086
6,606
8,155
1,392
36,235
5,865
10,661
4,925
7,225
14,434
20,946
1,945
9,163
3,242
1,973
2,800
665
2,123
2,109
1,944
2,231
2,106
2,064
1,617
2,910
3,467
2,388
2,613
2,167
8,902 94,348
3 227,185
3,351 71,006
2
2
Switzerland
38,811
tig
2,101
1
3
4,261
5,496
2,177
China
and British
Hong India
Kong
All
other
countries
16,452
9,431
7,917
76,820
75,268
77,892
15,868
37,620
31,828
603
442
451
432
951
5,947
5,654
10,688
6,961
5,782
6,182
10,108
3,911
2,666
1,771
3,251
2,079
1,857
1,242
158
287
265
75
53
237
6,028
7,077
4,017
4,857
3,797
3,966
1,305
3,683
12,727
11,640
17,700
18,945
""1,190
ts and exports for January 1934 are valued
at approximately $20.67 a fine ounce.
i Differs from official customhouse figures in which Imports
vi
N O T E ! - F O T gross Import and export figures and for additional countries see table on page 740.
770
FEDERAL RESERVE BULLETIN
AUGUST 1637
GOLD MOVEMENTS—Continued
[ID thousands of dollars at approximately $35 a fine ounce]
British India
United Kingdom
Change in:
Net imports from or Bet exports (—) to:
Year or
month
Total
net imports
or net
exports
United
States
716,269
369,747
1,170,023
1934
1936
1936
1935-Dec...
1936-Jan
Feb.-.
liayT
June....
July.
Aug....
Sept*
Oct
Nov.__
Dec
1937—Jan...
Feb.
Mar.
y
June.
Germany
France
348,190 121,017 -13,686 32,675 26,316
142,137 -4,726 -17,476 10,796 16,565
756,204 23,295 -15,133 -21,130 12,928
•
-••
40,811
-22,07e
41,974
3,202
-12,059
1,136 -3,253
3,440 6,738
-9,466 12,710
-12,611 26,936
-28,802 27,060
-4,384 142,535
-16,120 240,868
-14,096 108,666
-383
-72,441
-49,224 72,506
-63,914 118,655
38,649
47,666
77,137
74,580
69,447
195,066
281,401
161,814
7,615
83,168
100,505
-25,623
122,296
78,484
12.036
-48,319
22,957
Total Gold
pro*
net
South
duc- BeAll
Imports
Africa,
tkm
or net
Bel- Nether-: Canada Austra- Rho- British other
in
in
gium
desia, India coun- exports
lands
lia
India India*
tries
West
Africa
910
- 2 7 -6,982
114
94
-691
78
173
-7,.
62
-13,354
4,295
-1,409
1,876 -17,602
1,761
3,903
-536
606
1,913
-747 -2,421
1,789
-804 -2,907
6,086
6,369 -1,029
3,964 -1,039
2,458
-163
377
1,486
-624 -1,130
1,836
-73,568 22,453
414
-220
-75,616 163,919
452
153
-104,399 124,121
1,587
507
-149,444 11,281 -1,055
104
-101,710
-274 -1,786 -1,545
-128,380 79,545 8,398 -7,915
41,790
206,711 115,168 -230,720 11,222
37,981 404,295 181,627 34,050 -161,872 11,393
26,723 488,814 128,420 46,715 -121,307 11,599
:
1,798
1,995 42,442 14,838
966
7,799
1,889 39,852 11,035 -1,526 - 1 3 , 8 0 9
971
6,"958 2,037 26,454 11,686
1,993 - 9 , 8 4 6
620
4,090 2,574 31,033 10,896
2,057 - 7 , 6 6 7
668
3,329 55,108
899
3,641 - 1 0 , 5 5 6
944
9,413
1,708 2,167 63,802 13,289
3,264 - 1 1 , 3 5 7
976
1,610 45,147 10,860 7,599 - 1 0 , 3 5 5
958
2,631 43,122 9,657
2,591 - 1 5 , 0 3 2
681
270
34,662 15,011
6,922 - 7 , 9 8 3
633 - 8 , 2 7 3
2,084 36,517 6,681
1,984 45,323
982
7,853 16,865 - 1 1 , 5 7 6
4,756 - 9 , 3 4 7
2,304 36,230 14,896
966
2,126 41,683
7,243
-6,506
1,021
1,756
965
927
452
S97
-18
2,504
.1,668
2,727
2,122
2,353
1,552
16,903
24,113
26,593
44,198
37,106
46,933
Germany
Tear or month
1034
1936
1936
1936—Dec
1936—Jan
Feb.
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
1937-Jan
Feb
Mar
Apr
May
June
.,
1,019
3,953
8,705 - 3 , 1 5 6
5,760 * 20,624
2,848 '101,055
-8,447
-3,161
-3,464
-6,068
3 8,717 *-3,G02
2,782 3 19,061 P - 1 , 8 4 8
173 - 2 1 6 , 6 7 1
- 6 -150,472
'-109,708
684
896
682
656
*»956
J>956
2,004
•• —
-87
„ -2,684
-1,307
-258
-1,201
-630
1,130
3,248
1,680
-3,614
-3,621
426
4,763
-71
35
-69
-4,277
-3,935
-1,720
17,426
27,024
688
1,778
2,654
221
-120
-604
944
ir~
-6,076
-3,964
259
572
661
-2,441
-2,029
-19
13
2
2
2
4
2,346
15,352
11,432
2
1
810
-35
801
-142
3,077
3,256
2,821
3,121
3,265
2 496
448
73
1,006
-9 f 3l7
-12,838
-8,926
'-6,612
-10,378
-9,397
-14,051
-7,002
-7,307
-10,594
-8,381
- 4 , 523
-7,463
-2,512
-5,11s
*>-2,946
p-892
Switzerland
Net imports from or net exports (—) to:
Total Net imports from or net exports {—) to; Total
net
net
imports
All imports
or net United
or net
NethBelexports King- France Nether- Switz- other exports United United France
erlands erland counStates Kinggium Italy lands
dom
tries
dom
-90,920 -109,386 -42,607 -28,114
42,969
5,180 13,225
7,394
1,868 -22,784 -2,121 20,188
Private
holdings in
India>
All
other
countries
163 * 89,324 -46,065 -12,784 -45,955 -26,236 18,397 16,431
9,888 «7,281 -230,788
647 -64,858 -181,725 -13,640 26,642
3,239 -390 121,788 -9,127 -2,205
14,631 61,299
—
671
19 - 2 , 3 3 0
-2,088 -4,166
21 4,724
2,580
342
4,600
1,500
-6,765
23,378
-139
-682
61
27
20
23
76
23
2,061
30
26
-137
1,377
567
29
132
2,113
-121
-21
487
67
97
20
65
822
-95
52
- 7 7 14,231
-89
23
-138
93
-143
-68
-140
-69
-37
-28
4
-38
-55
37
-20
30
15
2,462
6,671
21,413
22,570
13,386
6,188
-321
-195
-518
-841
-131
32 -4,298
-4
-7
-1,704
820
2,826
-113
33,506 ' " - 5 7 5 -6,366
14,848
19
5,988
2,210 -3,676
2,892
-2,'87< -4,916
2,291
1,867
-13S
1,658 -17,034
57£
'876 -1,506
34; -4,479
-49,417
—6,675
-6,247
5,227
2,436
-463
-1,666
-1,174 -1,987
-36,242 -4,351
-6,783
-5,705
-3,462
7,262
284
2,057
-249
3,176
47 6,496
1,821 9,612
1,724 21,637
- 3 6,970
- 8 1,449
-235 2,952
1,166
-20
-264
-20
-286 - 6 4 1
8,177
62
1,723
-65
-33
-612
-1
-490
-289
-3,132
-8,740
732
662
653
192
1,107
521
-100
-16
1,917
*8,413
•15,764
6
-1,611
69
42
-112
-3
-848
1,866
—575
-566 •-13.507
819
55
584
611
96
-879
274
p Preliminary.
»Revised.
J Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
1
Figures derived from preceding columns; net imports plus production minus increase in reserves in India
! S?'£5'2iX S p o r t e d by United Kingdom from U. S. S. R. in March, $98,510,000 in April, $8,430,000 in May, and $14,027,000 in June 1937.
* $86,390,000 imported b y Germany from U. S. S. R. in 1934, and $6,376,000 in 1635.
* $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in M a y 1936
« $14,292,000 (corrected) 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 January 1637, are subject to official revision. France and Netherlands.—No figures reported by France since September and by Netherlands since October 1636.
771
FEDEEAL RESEBVE BULLETIN
AtJOVST 1937
CENTRAL BANKS
Bank of England
(Figure? is millions of
pounds sterling)
Assets of banking department
Gold (in
issue
department)*
Cash reserves
Notes
Coin
Nov. 25...
Dec. 30.-.
145.8
147.6
120.7
119.8
160.7
192.3
200.1
202 7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7
1937—Jan. 27
Feb. 24...
Mar. 31...
Apr. 28...
May 26...
June 3O.._
313.7
313.7
313.7
313.7
321.3
326.4
1929—Dec. 25___
1930—Dec. 3 1 . . .
1931-Dec. 30...
1932—Dec. 28—
1933~Dec. 27—
1934—Dec. 26___
1936—Dec. 25—
1&36—Apr. 2 9 . . .
May 27...
June 24...
July 29-...
Aug. 26...
Sept. 30._
Oct. 28.__
.2
.6
.6
.8
1.0
.5
.6
.8
.9
1.0
1.0
1.1
1.1
1.0
.4
.7
1.0
1.0
Bis*
counts
and advances
Liabilities of banking department
Securities
Note
circulation
Deposits
Bankers'
Public
26.3
38.8
31.6
23.6
58.7
47.1
35.5
45.9
40.3
41.fi
51.4
61.3
59.3
65.9
63.1
46.3
22.3
49.0
27.3
18.5
16.8
7.6
8.5
8.3
6.7
7.6
7.1
9.2
8.6
6.6
6.8
17.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
114.0
104.7
116.1
115.5
102.6
100.7
99.7
98.6
155.6
379.6
368.8
364.2
371.2
392.0
405.2
424.5
416.9
426.1
434.8
448.6
443.4
449.4
442,7
445.6
467.4
71.0
132.4
126.4
102.4
101.2
89.1
72.1
104.7
78.3
90.8
75.2
100.9
60.7
86.5
97.6
150.6
8.8
6.6
7.7
8.9
22.2
9.9
12.1
7.5
19.8
20.0
42.3
17.2
49.7
27.6
12.1
12.1
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.0
36.7
37.4
39.4
37.8
40.9
41.4
41.7
39.2
61.4
58.6
39.8
44.8
46.0
38.0
8.0
4.9
7.1
5.5
4.9
6.3
97.4
105.3
123.4
119.7
119.7
164.3
452.3
455.1
473.8
468.8
475.2
4S8.4
98.4
100.4
62.3
87.6
91.4
140.5
12.1
13.0
52.2
26.2
24.9
10.8
38.4
37.9
38.5
39.6
37.5
40.2
Liabilities
Assets
Domestic bills
Bank of France
(Figures in millions of francs)
Feb. 26
Mar. 26
Apr. 30
May 27
June 24
..
-
111
Loans o n Advances
Negotiato
Shortble seGovOther curities
term
ernGovern* securiment ment se- ties
curities
Special*
Other
83,017
77,098
82,124
66,296
61,937
57,022
53,999
54,942
54,511
50,111
64,359
64,359
60,359
25,942
26,179
21,111
4,484
1,158
963
1,328
1,305
1,426
1,297
1,270
1,250
1,245
1,471
1,466
1,460
27
547
925
1,379
8,624
8,429
7,389
3,438
4,739
3,971
9,712
14,392
19,381
7,750
6,041
7,063
7,484
7,332
8,056
8,465
14r333
14,333
14,333
15,903
12,303
12,298
17,698
57,359
57,359
67,359
57,359
57,359
54,859
1,435
1,323
1,194
1,112
1,053
1,058
1,620
1,524
1,514
1,470
1,437
1,260
8,553
8,990
8,440
7,639
8,377
9,356
19,772
19,772
20,066
19,991
19,980
21,380
41,668
53,578
' 1929-Dec.27
1930—Dec. 26
1931—Dec. 30
1932— Dec. 30
1933—Dec. 29
1934—Dec. 28
1935—Dec. 27
1936—Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov.'27.
Dec. 30
1937—Jan. 29
Gold*
Foreign
exchange
Other
Other
liabilities
Deposits
Other
assets
702
715
2,521
2,901
2,730
2,615
2,921
3,211
3,253
3,349
3,381
3,441
3,555
3,454
3,553
3,447
3,464
3,583
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,708
5,708
5,708
5,708
6,640
5,640
5,640
6,640
5,640
8,545
9,196
8,251
8,288
7,879
8,193
8,134
8,015
8,699
8,125
9,643
8,204
8,029
8,344
68,671
76,436
85,725
85,028
82,613
83,412
81,150
82,567
84,705
86,106
85,892
84,324
83,750
87,198
86,651
89,342
1,168
873
225
965
385
776
3,701
3,594
3 698
3,918
3,777
4,013
6,640
5,640
6,640
5,642
5,642
5,641
8,209
8,235
8,543
9,256
8,158
8,110
87,688
87,062
85,746
87,063
85,745
85,985
573
623
796
1,048
1,461
Other
Other
liabilities
11,737
7,850
12,624 11,698
5,898 22,183
2,311 20,072
2,322 13,414
3,718 15,359
2,862
8,716
2,722
7,895
1,850
6,909
1,305
6,528
1,594
6,254
1,523
7,037
1,679
6,660
3,973 9,247
2,069 13,058
2,089 13,655
1.812
2,241
1,989
2,041
1,940
1,907
2,113
2,334
2,383
2,652
2,287
2,301
2,356
3,653
3,160
2,657
Note
circulation
Government
1,955
2,315
1,977
4,361
3,164
2,209
15,280
15,386
16,404
13,408
14,766
15,710
2,534
2,647
2,652
2,518
2,602
2,649
i Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-669), a
reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 16,1936. From
August 1, 1931 to March 31, 1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British
Treasury under Section 8 of the Currency and Bank Notes Act.
* 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.
'Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19,1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463 and July 1936, p. 603.
772
FEDERAL RESERVE BULLETIN
AUGUST 1937
CENTRAL BANKS—Continued
Liabilities
- Assets
ReJchsbank
Securities
(Figures in millions of
reichsmarks)
Gold
1929-Dec. 3 1 . .
1930-Dec. 31 „
1931—Dec. 3L_.
1932—Dec. 31...
1933—Dec. 30...
1934—Dec. 31...
1935—Dec. 31...
1936—Apr. 30..
May 30...
June 30__.
July 31...
Aug. 31...
Sept. 30..
Oct. 31 __
Nov. 30..
Dec. 31...
Foreign
exchange
Other
Treasury bills
(and Security
loans
bills
checks)
404
469
2,283
2,216
984
806
386
79
82
70
70
72
72
69
63
65
172
114
9
5
5
6
6
5
6
1937—Jan. 3(U_
Feb. 27...
Mor. 3K.
Apr. 30...
May 31..,
June 30..
241
206
93
1
49
45
53
71
37
98
90
74
51
55
57
62
2,608
2,366
4,144
2,806
3,177
4,021
4,498
4,353
4,608
4,699
4,623
23
35
10
29
54
61
Eligible
as note
cover
4,875
4,888
4,852
5,448
251
256
245
176
183
146
84
73
60
66
67
65
59
79
67
74
259
445
349
240
219
220
220
220
219
219
219
221
4,835
4,777
5,101
5,124
5,001
5,262
65
102
51
52
50
55
223
222
167
106
104
104
Note
circulation
Other
Other
Deposits
Other
liabilities
770
765
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,348
4,430
4,389
4,471
4,540
4,657
4,713
4,674
4,980
755
652
755
540
640
984
1,032
688
729
960
787
729
744
689
753
1,012
736
822
1,338
1,313
836
1,001
923
798
807
815
840
853
875
897
911
953
959
1,059
1,021
896
947
878
4,799
4,816
4,938
4,979
4,902
4,992
707
785
970
794
804
SSO
968
826
816
835
S62
92
102
161
398
322
319
315
319
319
311
310
309
308
656
638
1,065
1,114
735
827
853
702
648
704
711
686
303
302
302
312
310
310
300
973
NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
Central b a n k
[Figures as of last report
date of month]
National Bank of Albania (thousands of francs):
Gold
Foreign assets
Loans and discounts
Other assets
Note circulation
Other sight liabilities...
Other liabilities..
Central Bank of t h e Argentine
Republic (millions of pesos):
• Gold at home
Gold abroad and foreign exchange^
Negotiable Government bonds
Other assets
Note circulation
Deposits—Member bank
Government
Other
Other liabilities
C o m m o n w e a l t h B a n k of A u s 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
Austrian N a t i o n a l B a n k (millions
of schillings):
Gold
.
Foreign exchange (non-reserve) ~
Loans and discounts
„„
Government debts
Other assets
... . . . _.„
Note circulation..
Deposits.
„
Other liabilities
"_
N a t i o n a l B a n k of B e l g i u m (millions of belgas):
Gold
Discounts, domestic and foreign..
Loans
Other assets
1937
June
7,554
23,471
3,332
4,255
11,275
15,649
ll,6£0
1,224
262
32
157
1,137
363
135
6
16,012
38,559
1,109
33,100
13,953
38,032
47,039
243
100
191
62Q
145
896
245
159
243
98
1C3
620
143
882.
259
157
3,688
1,391
33
309
3,591
1,341
35
310
» Gold abroad revalued i n December 1936.
May
Apr.
Central bank
[Figures as of last report
date of month]
Juno
National B a n k of Belgium— Cont.
Note circulation...
4,418
7,556
Demand deposits—Treasury
165
17,756
Other .
7C6
3,507
Other liabilities
„.
I
72
4,7C8 Central B a n k of Bolivia (thousands
11,491
of bolivianos):
10,322
Gold at home and abroad'
11,774
Foreign exchange
Loans and discounts
Securities—Government
1,224
1,224
Other
Other assets
106
Note circulation
26
54
Deposits
J
193
159
Other liabilities
1,165
1,013 B a n k of Brazil (millions of milreis) :
. 450
326
Cash
128
158
Correspondents abroad.,
6
8
Loans and discounts
33
37
Note circulation ^
Deposits
N a t i o n a l B a n k of B u l g a r i a (mil*
lions of leva):
16,012 15,999
Gold
1,797
38,560 39,342
Foreign exchange reserve (net)
Other foreign exchange -..
415
1,093
1,201
Loans and discounts..
1,109
28,829 21,018
Government debt
...
3,523
15,328 13,602
Other assets
1,038
38,251
Note circulation
2,394
79,940 70,S88
Deposits
3,268
47,039 47,045
Other liabilities
2,189
B a n k of C a n a d a (thousands of Canadian dollars):
243
243
Gold
181,543
97
87
Sterling, and United States ex195
220
change .
.
._ 18,113
620
624
Canadian Gov't. securities: "
.139
164
2 years or less
35,943
£05
9S0
Over 2 years..
98,269
228
221
Other securities
10,018
161
168
Other assets
7,402
Note circulation
133,142
Deposits—Chartered banks
3,579
3,762
Dominion Government 14, SSO
1,331
1,402
Other
£01
38
78
Other liabilities
13,219
310
325
7,554
23,958
3,458
4,174
11,518
15,869
11,758
1936
1937
May
Apr.
June
4,380
117
708
72
4,421
143
622
72
4,354.
13
1,129
72
52,006
110, 537
15t 725
413,247
4,735
16, £82
246,6£8
259,705
105,430
51,430 22,834
104,602 16,533
8,038'
13,077
413,413 415,896
2,820
4,736
15,076 14,973
240,655 167,956
253,908 240,169
107,770 72,971
2S0
343
3,003
10
3,324
202
464
2,376
224
459
2,425
3,127
3,056
1,766
1,755
477
1,031
3,551
1,015
2,430
3,171
2,239
546
979
3,551
995
2,636
2,899
2,291
1,607
-140
446
1,402
2,671
1,212
2,453
2,174
2,570
187,454 191,192
79,692
11,215
9,760
47,165 50 252
100,816 101,687
28,049
14,613
9, £84
8,925
7,010
131,113 129,063 95,764
190,604 199,472 189,463
21,541 21,222 17,878
326
796
923
7,593
12,878 12,718
773
FEDERAL RESERVE BULLETIN
AtJGtiST 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
1937
June
May
Apr.
C e n t r a l B a n k of Chile (millions of
Gold and foreign I exchange in reserve
Loans and discounts
Government debt
Note circulation
Deposits
C e n t r a l B a n k of China 1 (millions of
yuan):
Cold
Silver
Foreign exchange
Due from domestic banks
Loan? and discounts
Securities
Other assets
,
Note circulation
Deposits
__.
Other liabilities
_
B a n k of t h e Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
l o a n s and discounts
Government loans and securitiesOther assets
Note circulation
Deposits
Other liabilities
N a t i o n a l B a n k of Czechoslovakia
(millions of koruny):
Gold*
_
Foreign exchange
Discounts......
Joans...
Government debt
Other assets
Note circulation..
Demand deposits.
.
....
Other liabilities
B a n k of Danzig*« (thousands of
gulden):
Gold...
Foreign exchange of the reserve—
Other foreign exchange
Loans and discounts
Other assets
Note circulation...
._—
Demand deposits
Other liabilities
_
N a t i o n a l B a n k of D e n m a r k (mil'
lions of kroner):
Gold
:.
Foreign exchange
Discounts
Loans—To Government agencies
Other
*
Securities
Other assets
Note circulation
—
Deposits.
—.
Other liabilities
C e n t r a l B a n k of E c u a d o r (thousands of sucres):
Gold
. Foreign exchange
Loans and discounts
_
-.
Note circulationDeposits
N a t i o n a l B a n k of E g y p t 1 (thousands of pounds):
Gold
Foreign exchange..—..
•
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation.^
Deposits—Government
.,..
Other....Other liabilities
1036
1037
Central bank
Central bank
143
150
799
711
323
143
148
799
715
298
64
279
255
171
414
168
80
374
904
154
55
274
218
188
401
173
79
369
870
150
24,880 32,504
20,457 11,490
12,681 11,294
45,832 45,912
25,811
51,728 51,544
39,958 38,573
37,875 37,720
2,579
382
1,176
3,028
2,015
960
6,158
211
1,771
2,578
444
967
897
2,017
£80
5,789
402
1,692
2,581
127
1,239
l,0C5
2,018
1,011
5,944
363
1,674
28,118
1,053
1,670
15,815
4,139
32,661
12,120
19,015
29, £66
465
1,442
15,359
4,146
32,654
12,866
19,179
118
8
28
2E0
115
53
118
15
29
184
155
54
63
392
78
149
65
387
95
154
34,912
26,012
40,302
60,500
41,188
6,545
2,236
3,291
6,545
2,619
3,6£8
37,446
8,964
20,111
9,604
20,407
8,361
38,427
8,856
20,879
9,468
21,643
8,155
June
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
_-.
143
Loans and discounts
117
Government debt and securities.
702
Other assets
612
Note circulation
278
Deposits
.
„.
Other liabilities
45 B a n k of Estonia (thousands of
kreoni):
270
Gold
52
Foreign exchange (net)
92
Loans and discounts...
365
Other assets
184
Note circulation
53
Demand
deposits
—
300
Other liabilities
639
Bank
of
F
i
n
l
a
n
d
(millions
of
mark122
kaa):
Gold
Foreign assets
28,537
Loans
and discounts
-3,933
Domestic securities
6,606
Other
assets
46,311
Note circulation
25,419
Deposits—Treasury
45,330
Other.....
29,038
Other liabilities
36,438
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net).
2,697
Loans and discounts
30
Government obligations.—
892
Other assets
1,030
Note circulation
2,037
Deposits
...
878
Other liabilities
5,701
851 N a t i o n a l Bank of H u n g a r y (mil*
lions of pengos):
1,012
Gold
Foreign exchange reserve
Discounts
20,785
Loans—To Treasury
3, £80
Other
6,235
Other assets
15,1C8
Note circulation...
4,387
Demand deposits
29,S£6
Certificates of indebtedness
4,743
Other liabilities
,
19,720
Reserve B a n k of I n d i a (millions
of rupees):
Issue department:
118
Gold at home and abroad...
30
Sterling Fecurities
22
Indian
Gov't securities..."..
239
Rupee coin
108
Note
circulation
71
Banking department:
86
Notes of issue department..
381
Balances abroad
138
Investments
155
Other assets
Deposits
Other liabilities
33,334
5,492 Bank of J a p a n (millions of yen):
Gold
32,348
Discounts
47,241
Loans—Government
...
17,084
Other
Government bonds
Other assets
6,545
Note circulation
2,679
Deposits— Government
3,387
Other
Other liabilities
_._
40,675
Bank
of
J
a
v
a
(millions of guilders)
5,224
Gold
19, 578
Foreign bills
7,044
Loans and discounts
23,419
8,368
June
May
Apr.
June
L3,143
6,870
260
6,197
2,816
7,023
8,059
4,203
3,143
7,119
, 219
6,247
2,606
7,463
7,905
3,967
3,004
3,473
238
6,782
1,403
3,856
5,860
5,184
34,192
17,534
25,405
22,727
42,901
40,772
16,183
34,187
15,229
24,625
22,024
43,901
36,901
5,263
34,184
15,389
26,577
22,114
46,471
36,089
693
2,170
1,114
329
416
1,859
268
864
1,731
811
2,023
1,135
324
382
l,£00
396
671
1,709
816
2,017
1,130
316
323
2,008
415
495
1,684
531
1,331
1,005
280
374
1,465
3,177
3,951
4,1C0
2,265
6,447
4,915
2,131
3,248
3,614
4,104
2,359
6,329
4,928
2,067
3,304
3,385
4,104
2,258
6,680
4,442
1,930
2,846
5,654
4,172
1,729
5,608
6,597
2,196
84
54
400
107
12
247
437
180
93
195
84
51
405
107
12
238
421
187
93
197
84
• 48
421
104
12
221
435
174
93
ISO
79
26
499
90
12
127
393
134
98
209
444
803
274
563
l,8C0
444
803
274
551
1,903
444
803
274
557
1,927
444
683
234
633
1,641
225
228
74
7
428
106
169
245
70
7
385
105
151
273
77
6
404
103
353
1E8
CO
9
473
108
524
489
231
64
854
221
1,571
352
£8
373
535
509
218
11
713
174
1,502
339
84
338
543
559
2C8
74
651
223
1,450
439
62
308
524
548
147
122
545
196
1,439
260
72
311
109
5
68
109
SS
2
63
•5,703
34,145
3,071
18,872
22,225
39,372
26,975
.1,966
620
1,436
i Items .„. «,™» „ „ - - - - _ „ „ --, g 0 I i
gold revamea
revalued at
at rate
rate oi
of »i
31.21 milligramsfinegold per crown; resulting incref January 1937, p. 15;,, gold
ment oSnVertVd Into toS SSSS* and carried partly fa that Hem and partly m other assets.
» Figures not yet available.
774
FEDERAL RESERVE BULLETIN
AUGUST 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937
1936
June
B a n k of Java—Cont.
Other assets
_
Note circulation
Deposits
Other liabilities
B a n k of Latvia (millions of late):
Gold i
Foreign exchange reserve
.,
Loans and discounts
Other assets
Note circulation
*
..
Deposits
Other liabilities
B a n k of L i t h u a n i a (millions of Htu
Gold
Foreign exchange
__
Loans and discounts
Other assets
.
Note circulation
Deposits
....
Other liabilities
N e t h e r l a n d s B a n k (millions of gull
ders):
Gold
__
Silver (including subsidiary coin]
Foreign bills
Discounts
Loans
Other assets
.
Note circulation
Deposits—Government
Other
Other liabilities
___
Re»erre B a n k of New Zealand
(thousands of pounds):
Gold
,
Sterling exchange reserve
Advances: To State or State undertakings
Investments
Other assets
Note circulation.^
Demand deposits
___
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
_
Discounts
Loans
_
Securities
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities
C e n t r a l Reserve B a n k of P e r u
(thousands of soles):
Gold and foreign exchange
Discounts
_
Government loans
Other assets
__
Note circulation
Deposits
Other liabilities
__.
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
__
Loans and discounts
Securities
Other assets
_._
Note circulation
Other sight liabilities
Other liabilities
B a n k of P o r t u g a l (millions of
escudos):
Gold
Other reserves (net)
1937
1936
Central bank
Central bank
May
Apr,
June
117
191
81
25
110
191
73
25
50
156
23
24
122
47
47
209
31
77
4:
122
47
46
212
31
77
4!
120
47
46
208
31
46
8
112
54
36
154
30
77
6
94
35
108
81
22
77
6
92
34
108
78
22
77
6
97
33
112
79
22
59
16
73
28
106
48
22
1,246
19
2
18
178
64
821
75
590
42
1,130
19
2
19
183
63
836
64
473
44
985
19
2
21
178
63
796
76
349
46
594
21
1
46
144
62
767
13
48
40
77
41
2,802 12,802 2,802
22,327 20,309 22,122
4,873 6,749
2,906 2,906
179
219
12,975 12,957
18,489 18,401
1,624
1,627
2,037
465
10,041
15,796
1,590
215
103
195
73
254
174
26
54
16
411
56
61
60
53,047
35,152
45,164
10,154
96,016
30,108
17,394
49,287
36,561
45,247
8,609
95,045
30,244
14,415
423
32
598
135
464
989
256
406
409
36
614
134
454
996
245
407
914
569
914
567
June
Bank of Portugal—Cont.
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities...
Other liabilities
.__
National Bank of Rumania (mil*
lions of lei):
Gold *
Special exchange accounts
Loans and discounts
Special loans *
Government debt
Other assets
Note circulation
Demand depositsOther liabilities
South African Reserve Bank
(thousands of pounds):
Gold
_
Foreign bills
Other bills and loans
,
Other assets
,
Note circulation
Deposits
_.
Other liabilities
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Discounts
,.
Loans
Domestic securities
..
Other assets
„
Note circulation
Demand deposits.
Other liabilities
iwiss National Bank (millions of
francs):
Gold*
Foreign exchange
Discounts
.
Loans. _»
.
Other assets
III""""
Note circulation
Other sight liabilities
Other liabilities
224 > n t r a l Bank of t h e Republic of
166
Turkey (thousands of pounds):
19
Gold
39
Foreign exchange—Free
21
In clearing acccounts- J
376
Loans and discounts
__,
29
Securities
47
Other assets
„.
60
Note circulation
Deposits
Other liabilities
44,664 Sank of t h e Republic of Uruguay
35,705
(thousands of pesos):
41,941
Issue department:
8,413
Gold and silver
_
90,293
Note circulation
27,675
Banking department:
12,655
Casn reserves
Loans and discounts
370
Other assets
7
Deposits
.„
838
Other liabilities
'
109
ational Bank of the Kingdom of
387
Yugoslavia (millions of dinars):
1,019
173
Foreign e x c h a n g e " ™ ! " ! ™ ™
520
Loans and discounts..
Government debt
Other assets
Note circulation
501
Other sight liabilities."!!"
Other liabilities™
I!!!!
May
Apr.
June
164
315
1,043
1,326
2,006
1,216
1,109
167
336
1,043
1,303
2,021
1,204
1,105
111
354
1,046
1,057
2,053
1,017
909
15,863 15,842
5,875 5,785
6,281
6,184
2,069 2,075
10,985 10,955
9,798
9,712
25,975 26,158
13,015 12,991
11,698 11,588
15,797
4,857
6,372
2,077
10,740
9,739
26,131
12,666
10, 785
11,041
2,886
6,534
2,447
11,394
8,211
22,268
8,548
10,697
25,628
5,615
37
14,771
16,852
26,325
2,874
26,331
4,765
28
15,770
16,646
27,237
3,011
22,916
9,771
25
13,754
14,244
29,272
2,950
533
923
532
873
12
22
32
360
862
782
187
509
504
11
35
33
235
792
440
95
24,409
6,285
139
13,408
15,416
25,990
2,835
534
962
13
28
6
351
872
851
170
2,624
71
23
31
615
1,409
1,320
12
26
6
374
837
853
186
2,624
'22
26
30
60S
1,374
1,301
635
2,623
1,407
22
29
161
32
89
74
' 612
1,301
1,386
340
1,298
97
633
36,710 36,709 36,709
46
66
23
40,952 41,694 46,488
43,806 37,477 34,175
86,430 186,748 86,971
31,451 26,982 24,517
173,252 173,327 76,376
42,190 36,277 37,022
123,953 120,072 .15,484
1,678
880
1,630
2,250
2,001
5,474
2,216
750
30,205
327
10,212
27,783
85,276'
20,999
62,684
44,430
67,688
41,601
89,973
41,601
91,494
23,031
75,927
83,481
91,981
90,457
25,118
76,286
81,381
93,130
89,655
41,091
77,481
44,270
83,026
60,940
106,598
81,638
1,669
764
1,712
2,250
1,944
5,433
2,176
731
1,663
706
1,669
2,250
1,879
5,463
1,991
712
1,531
439
1,606
2,261
1,374
4,833
1,616
762
L a t v l a n c u r r e n c y w a s I i n k e d t 0 s t e r l m a t r a t e o f 25 22
of a b J u U 5
tato*totSb8o2il19Mt
*
- lats to the pound compared with previous market rate
»Figures not yet available.
y
7
d cree of
ov 6 193 6 gold
! ? ™ ?} ^
, ? \ '
. '
^valued at rate of 153,333.33 lei per kilogram of fine gold (see BULLETIN for January 1937 p . 15).
* Agricultural and urban loans in process of liquidation.
*
* i« «ir January iww, p . *ty.
* Gold revalued after September 30,1936, at rate of 215 milligrams of fine gold per franc.
775
FEDERAL RESERVE BULLETIN
Auoust 1937
BANK FOR INTERNATIONAL SETTLEMENTS
tin thousands of Swiss gold francs *]
1937
Assets
June 30
Gold In bars
..
Cash on hand and on current account
with banks
Demand funds at interest
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances
Treasury bills
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
,
TotaLOther assets:
Guaranty of central banks on bills
sold
_
Sundry items**..*...
».-*
Total assets....
1936
1937
May 31
June 30
25,223
51,041
37,334
Demand deposits (gold).—.
21,141
36,436
42,643
43, 556
8,563
1-6,867
ShorMerm deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 months.
Time—Between 3 and 6 months.
136,066
140,555
117,834
131,417
276,621
249,251
26,276
12,807
21,898
14,281
9,327
105,855
17,899
86,707
21,229
30,814
38,197
78, 743
15,408
68,784
23,164
94,778
65,820
4,664
80,410
4,577
45,943
1,708
302,606
273,874
217,696
1,317
1,429
1,319
355
698,219
1,351
6,854
703,855
151,925
180,922
1936
Liabilities
TotaL
Central banks for account of others:
Demand
Other depositors:
Demand
„
Time—Not exceeding 3 months.
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund.
French Government deposit (Saar).
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fand
Profits allocated for distribution on
July 1,1937.
Other liabilities:
Guaranty on commercial bills sold..
Sundry items
«
661,468
Total liabilities.
June 30
May 31
8,265
16,641
25,484
48,450
167,960
12,840
47,667
155,204
12,889
22,476
117,466
229,256
215,760
139,942
2,906
3,517
10,606
511
28
428
8
257
28
152,790
76,395
41,550
1,362
162,911
76,456
41,483
1,360
154,059
77,029
61,930
2,031
272,097
272,210
295,049
125,000
125,000
125,000
4,238
6,315
12,631
4,238
6,315
12,631
3,784
6,092
12,183
7,926
7,928
7,994
1,383
33,299
1,389
32,155
1,351
33,698
703,855
698,219
661,468
June 30
i See BULLETIN for December 1936, p . 1025.
COMMERCIAL BANKS
{Figures are as of end of month, except those for the United Kingdom, which are averages of weekly flgnresj '
Liabilities
Assets
Money at
United Kingdom
call and Bills disCash
counted
short
(Figures in millions of pounds sterling) reserves
notice
Loans to
Securities
Other
assets
Deposits'
Total
Demand 1
Time*
Other
liabilities
10 London clearing banks
1930—December...
1931—December..
1932—December...
1933—December.^
1934—December..
1935—December^
1936—December..
208
184
207
213
216
221
236
144
119
127
119
151
159
187
322
246
408
311
255
322
316
285
297
472
565
594
605
630
933
905
778
740
759
784
864
1,876
1,737
1,983
1,941
1,971
2,091
2,238
992
868
991
1,015
1,044
1,140
1,288
847
846
963
900
910
924
1,012
254
237
216
244
251
231
232
230
233
227
237
227
226
226
231
238
249
2,108
2,154
2,185
2,229
2.244
2,246
2,267
2,280
2,287
2,315
1,123
1,145
1,156
1,215
1,223
1,212
1,228
1,238
1,241
1,288
951
241
240
239
240
237
240
238
239
243
245
239
243
254
256
259
261
2,307
2,274
2,244
2,252
2,255
2,293
1,254
1,217
1,200
1,194
1,203
240
222
208
237
247
231
238
11 London clearing banks 1
1936— March
^
April
May
t
June
July
August
September
October
November..
December
1937—January...
FebruaryMarch....
April......
May
June
217
227
220
225
225
233
229
227
233
244
162
161
159
158
158
163
166
164
181
195
252
268
309
329
349
345
344
351
329
322
635
637
640
642
639
641
648
655
656
660
854
868
870
878
884
877
226
230
179
167
170
177
168
171
345
307
248
241
244
259
669
671
667
661
657
654
885
909
939
951
957
241
895
890
i Excluding deposits of the National. Bank relatin* to offices outside the United Kingdom, which are included in the total.
l
J^^SS^S^^^La^
of table see BULLETIN for October 1933, pages 639-540.
974
092
995
986
991
1,000
999
1,006
1,012
1,005
997
l t 003
1,008
1,006
247
252
259
263
263
261
776
FEDERAL EESERVE BULLETIN
AUGUST 1937
COMMERCIAL BANKS—Continued
[Figures as of end of month]
Liabilities
Assets
France
(4 large banks. Figures in millions of
francs)
Cash
1930—December
1931—December
1932—December
1933—December
1934—December
1935—December
1936— April
May
June
July
August
September.
October
November
December
1937—January
February
March
April
May
2,419
11,311
9,007
5,870
5,836
3,739
3,517
3,513
3,494
3,206
3,097
3,083
3,186
3,173
3,100
2,852
2,798
5,237
2,891
3,014
...
Due from Bills discounted
banks
4,675
2,168
1,766
1,416
1,421
2,484
2,902
3,032
2,768
2,410
2,326
2,757
2,766
2,839
2,975
3,589
3,770
3,596
3,579
3,666
20,448
18,441
22,014
19,848
18,304
16,141
16,199
16,014
14,972
15,410
15,445
14,876
17,070
17,298
17,582
18,289
17,825.
• 16,701
16,043
16,479
(5 large Berlin banks. Figures in milCash
lions of reichsmarks)
reserves
_.
Canada
<10 chartered banks. Figures in millions of Canadian dollars)
1930—December
1931—December
1932—December
1933—December. . . . .
1934—December
1935—December
1936—April
May.
June
July.
August....
September
October
„
November
December
1937—January
February...
March
April
May
Deposits
Other
Total
10,743
9,274
7,850
8,309
8,159
8,025
7,677
7,542
7,328
7,215
7,031
7,398
7,452
7,625
7,631
7,949
8,056
8,357
8,116
7,996
Demand
36,681
38,245
37,759
32, 635
30,943
27,553
27,410
27,199
25,655
25,334
24,979
25,137
27,549
28,015
28,484
29,831
29,644
31,008
27,703
28,242
2,361
2,130
1,749
1,827
1,717
1,900
1,270
1,333
1,385
1,445
1,451
1,457
1,727
1,824
1,957
1,340
1,397
1,448
1,481
1,446
35,284
37,023
36,491
31,773
30,039
26,859
26,714
26,523
25,022
24,761
24,451
24,613
27,028
27,467
27,955
29,304
29,061
30,465
27,164
27,682
Assets
Germany *
1930—November
1931—November
1932—November
1933—November
1934—November
1935—November
1936—April
May.
June.
July
August
September
October..
November
1937—January
February
March
April
May
Loans
191
173
143
131
115
139
136
141
175
146
138
180
130
137
154
130
201
132
139
Due
from
banks
1,483
817
583
471
393
316
301
300
295
263
274
287
273
301
315
297
288
7,416
6,377
4,570
3,731
3,331
2,884
2,847
2,884
2,858
2,843
2,826
2,779
2,735
2,729
2,679
2,673
2,732
2,666
2,637
Securities
482
807
938
860
874
1,027
973
980
1,008
1,037
1,047
1,066
1,075
1,112
1,020
1,022
1,014
949
1,039
Other
assets
880
1,127
991
1,003
983
983
916
873
839
824
816
847
858
851
837
822
813
805
807
Deposits
Total
9,091
6,062
6,161
5,754
5,816
5,376
5,695
5,621
5,712
5,557
5,533
5,621
5,712
5,751
5,973
6,029
6,135
6,213
6,246
207
201
211
197
228
228
228
225
230
227
225
226
232
264
240
247
239
242
246
240
921
576
295
273
193
337
397
424
394
359
335
368
408
454
473
561
602
600
583
542
Demand
3,857
3,252
2,958
2,624
2,731
2,435
2,585
2,622
2,688
2,595
2,529
2,575
2,644
2,661
2,923
2,760
2,942
2,926
2,979
Time
5,233
2,810
3,203
3,130
3,085
2,941
3,010
2,999
3,023
2,962
3,005
3,045
3,068
3,090
3,050
3,270
3,194
3,287
3,267
Credits
obtained
from
banks
1,986
1,328
1,146
661
485
686
644
636
622
613
605
575
586
579
557
578
559
551
543
Assets
Liabilities
Security
loans
abroad
and net SecuriOther
due
ties
Security loans
from
loans and dis- foreign
counts
banks
Deposits payable in Canada excluding interbank
deposits
Entirely in Canada
Cash
1,397
1,222
1,268
862
904
694
696
676
633
573
528
524
521
548
529
527
583
543
539
560
205
135
103
106
103
87
91
91
91
105
109
116
114
119
119
124
121
117
1,275
1,253
1,104
1,036
977
945
862
828
777
768
776
807
816
800
791
796
805
814
835
852
Other
liabilities
4,357
4,503
4,331
4,362
4,301
4,399
3,757
3,812
3,897
3,994
4,035
4,066
4,244
4,290
4,289
3,626
3,600
3,732
3,825
3,817
Liabilities
Bills dis- Loans
counted
2,453
1,431
1,631
1,702
2,037
2,162
2,429
2,406
2,435
2,363
2,329
2,360
2,569
2,567
2,895
2,966
2,908
3,204
3,171
Own
acceptances
Time
171
146
155
134
155
141
145
131
113
110
157
146
146
179
161
173
214
161
141
139
604
694
778
861
967
1,155
1,314
1,345
1,368
1,357
1,355
1,380
1,363
1,316
1,384
1,412
1,422
1,427
1,440
1,438
Other
Note
circulation
Total
602
510
439
432
449
485
478
446
602
481
487
494
491
485
607
468
483
516
511
491
133
129
115
121
124
111
114
116
116
113
115
111
112
109
103
. 103
108
105
106
103
2,115
2,058
1,916
1,920
2,035
2,180
2,229
% 193
2,207
2,174
2,175
2,263
2,261
2,269
2,303
2,330
2,369
2.370
2,383
2,372
Demand
689
698
538
563
628
694
692
666
702
680
672
762
751
722
755
782
805
78fl
799
799
Time
1,426
1,360
1,378
1,357
1,407
1,486
1,636
1,627
1,605
1,494
1,603
1,501
1,510
1,647
,1,648
1,649
1,664
1,684
1,583
1,574
Other
liabilities
1,828
2,341
1,550
1,481
1,432
1,449
1,363
1,327
1,276
1,306
1,291
1,323
1,342
1,334
1,357
1,307
1,288
1 289
1,291
Other
liabilities
816
752
760
725
718
746
767
753
757
748
800
785
784
783
790
781
804
810
805
* Corrected.
,
,
eets n o t
I C £ m J 2 n e d S101
!1111.? b&lan°« s !>
Published
for December.
Prior to merger of two of the banks in February 1932figuresrefer to six large
e
gUreS
nOt
m
S S S
S ^e^pf3890
™
«> I*»Ne with those shown for previous years due t o c h a n g e d reportmg practicl.
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp, 641-646, and June 1935, pp. 388-390.
777
FEDERAL RESERVE BULLETIN
AUGUST 1937
DISCOUNT RATES OF CENTRAL BANKS
(Percent per annum]
Central bank of—
Date effective
United
Ger
Nether
Kingdom Frnnce many Italy lands
Switzerland
In effect Jan. 1,1
Jan. % 1936
Jan. 10
Jan. 18
Feb. 4
Feb. 7
Mar. 2 8 . .
May 7
May 18
May 30
June 4
June 24
June 25
June 26
June 30
July 7
July 10
Sept. 9__
Sept. 25
Oct. 2
Oct. 9.
Oct. 16.
Oct. 20
Nov. 26
Dec. 3 . . , .
Jan. 28,1937
„
June 15
—
July 7
In effect July 31,1937
Rate
July
31
Central
bank of-
Albania
Argentina...
Austria
Belgium
Bolivia
British India
Bulgaria
Canada
Chile
Colombia...
Czechoslovakia
Danzig
Denmark. „
Ecuador
El Salvador.
Estonia
Finland
France
Germany
Greece
Hungary
Date
effective
Rate
July
31
Central
bank of—
April 1, 1937
Mar. 1,1936
July 10,1935
May 16, 1935
July 6,1932
Nov. 28,1935
Aug. 15, 1935
Mar. 11, 1935
Jan. 8, 1936
July 19f 1933
Italy
Japan
Java
Latvia
Lithuania...
Netherlands.
New Zealand
Norway
Peru
Poland
._
Jan. 1,1936 Portugal
Jan. 2, 1937 Rumania
Nov. 19,1936 South Africa
Nov. 30, 1932 Spain
Aug. 23, 1935 Sweden
Oct. 1, 1935 Switzerland .
Dec. 3, 1934 Turkey
July 7, 1937 UnitedKingSept. 22, 1932
dom
Jan. 4, 1937 U. 8. S. R...
Aug. 29, 1935 Yugoslavia..
Date
effective
May
July
Jan.
Nov.
July
Deo.
18, 193fl
15, 1937
14, 1937
1, 1936
1, 1936
3,1936
June 29, 1936
Dec, 7, 1930
May 20, 1932
Oct. 26. 1933
May 12, 1936
Dec. 15, 1934
May 15, 1933
July 15, 1935
Dec. l t 1933
Nov. 26, 1936
Mar. 2,1933
June 30, 1932
Mar. 22, 1927
Feb. 1, 1935
Changes since June 30: France—July 7, down from 6 to 5 percent;
Japan—July 15, down from 3.285 to 2.92 percent.
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum)
United Kingdom (London)
Month
Treasury
Bankers'
acceptances, bills, 3
months
3 months
Netherlands (Amsterdam)
Germany (Berlin)
Bankers'
Day-to-day allowance
money
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
1936—June
July
August
September.
October....
November.
December.
.78
.58
.55
.55
.56
.56
2.88
2.88
2.88
3.00
2.94
3.00
3.00
2.74
2.73
2.84
2.89
2.82
2.84
2.88
2.67
2.96
3.01
3.01
2.82
2.79
3.05
4.05
2.04
1.37
1.33
2.03
1.00
.82
3.95
1.73
1.2U
1.29
2.51
1.55
1.48
1937— January ....
February..
March
April
May...
June
.56
.55
.55
.55
.55
3.00
3.00
3.00
2.90
2.88
2.88
2.88
2.86
2.86
2.71
2.63
2.63
2.54
2.47
3.10
2.55
2.69
2.78
.63
.39
.38
.38
.31
P. 19
1.01
1.00
1.00
1.00
1.00
Switzer
land
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
Private
discount
rate
Private
discount
rate
Hungary
Sweden
(Stockholm)
J a p a n (Tokyo)
Month
rate
Prime
commercial paper
up
Day-to-day Loans
to 3
money
months
Discounted
bills
Call
money
overnight
1936—June
July
August
September.
October
November.
December..
2 25
2.25
2.25
1.98
1.69
1.46
1.25
1.38
1.38
1.38
1.38
1.29
1.00
1.00
5.60
3.30
3.00
3.38
2.52
1.96
1.99
4.50
150
4.50
4.50
4.50
4.50
4.50
4.83
4.75
4.75
4.75
4.75
4.75
4.75
2.63
2.53
2.69
2.81
2.92
2.86
2.74
1937—JanuaryFebruary.,,
March
April-...-.
May
1.25
1.18
1.00
1.00
1.00
1.00
1.00
1.00
1.00
2.22
4.01
4.06
4.00
3.93
4.50
4.50
4.50
4.50
4.50
4.75
4.75
4.75
4.75
4.75
2.63
2.67
2.83
2.86
2.69
* Preliminary.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-7S6; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and
May 1930, p. 318.
778
FEDERAL RESERVE BULLETIN
AUGUST 1937
FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Year or month
1929
1930
1931
1932
1933
1934
1935
1936
1936—June
July.
August
September..
October
NovemberDecember ._
1937—January
February...
March
April
May
June
Year or month
1929
1930
1931
1932
1933
1934
1935
1936
1936—June
July
August
September
October
November
December.
1937—January
February
March
April
May
June—
Year or month
1929
1930
1931
_.
1932 •„_
1933
1934
____
1935
1936 __
1936—June....
July
__.
August
September
October
November..*.
December
1937— January
February
March
April
__.
May
June
Brazil (milreis) British
India
(rupee)
Argen- Aus- Austria
tralia
tina
(peso) (pound) (schilling)
95.127
83.505
66.738
58.443
72.801
33.579
32.659
33.137
33.418
33.503
33.611
32.667
32.583
32.718
32.718
32.627
32.670
32.774
32.928
32.898
480.83
458.60
351.50
279.93
337.07
400.05
395.94
400.15
400.34
401.06
390.33
389.54
390.99
389.93
389.26
391.78
393.70
393.25
14.058
14.089
14.023
13.960
15.448
18. 793
18.831
18.792
18.759
18.848
18.838
18.845
18.732
18.687
18.692
18.682
18.677
18. 677
18.687
18. 719
18.714
13.912
13.952
13.929
13.914
17.900
23.287
18.424
16.917
16.907
16.899
16.862
16.893
16.835
16.907
16.901
16.860
16.861
16.847
16.860
16.868
16.866
11.8078
10.7136
7.0290
7.1223
7.9630
8.4268
8.2947
8.5681
8.6310
8.5349
8.5222
8.6445
8.7011
8.6981
8.7080
8.7053
8.7021
8.7105
8.7192
8.7179
5.8788
5.8367
5.8901
5.8452
5.8631
6.9525
6.O8R2
6.1076
6.1069
6.2538
6.4164
6.5543
36.202
36.067
33.690
26.347
31.816
37.879
36.964
37.523
37.872
37.889
37.931
38.017
36.991
36.913
37.088
37.094
36.973
36.888
37.120
37.280
37.245
Bulgaria Canada
(lev)
(dollar)
Chile
(peso)
China C obl oi am (yuan) (peso)
.7216
.7209
.7163
.7193
1.0039
1.2852
1.2951
1.2958
1.2838
1.2913
1.2988
1.2978
1.2848
1.2795
1.2779
.2873
.2903
.2884
.2875
.. 2839
12.0601
12.0785
12.0669
7.9079
7.6787
10.1452
5.0833
5.1240
5.0659
5.1243
5.1725
5.1691
5.1727
5.1688
5.1719
5.1726
5.1731
5.1726
5.1725
5.1725
5.1738
41.901
29.917
22.437
21.736
28.598
34.094
36.571
29.751
29.890
29.967
30.048
29.940
29.331
29.466
29.525
29.654
29.600
29.664
29.714
29.798
29.653
99.247
99.842
96.353
88.090
91.959
101.006
99.493
99.913
99.721
99.900
99.978
100.017
100.022
100.120
100.062
99.960
99.964
100.051
100.120
100.149
99.944
GerCzech o- DenHong Hunmany Greece
ilovakia mark Egypt Finland France (reichs(drach- Kong
gary
(koruna) (krone) (pound) (markka) (franc) mark)
(dollar) (pengo)
ma)
2.9609
2.9640
2.9619
2.9618
3.8232
4.2424
4.1642
4.0078
4.1375
4.1497
4.1318
4.1319
3.6474
3.5380
3.5200
3. 4922
3.4883
3.4879
3.4862
3.4853
3.4841
26.680
26.765
25.058
18.832
19.071
22.600
21.883
22.189
22.405
22.419
22.434
22.480
21.866
21.818
21.907
21.908
21.847
21.807
21.945
22.051
22.031
498.07
498.60
465.11
359.54
434.39
616.85
502.60
509.68
514.62
514.95
515.32
516.76
502.24
501.17
503.20
503.17
501.78
600.87
504.07
506.49
£06.05
2.5160 3.9161
2.5169
3.9249
2.3875
3.9200
1.5547 3.9276
1.8708 5.0313
2.2277
6.5688
2.1627 6.6013
2.1903
6.1141
2.2098 6.5934
2.2106 6.6202
2.2118 6.5853
2.2173
6.3409
2.1578 4.6662
2.1531
4.6472
2.1611 4.6675
2.1607 4.6672
2.1579 4.6555
2.1531 4. 5945
2.1656 4.4963
2.1784 4.4768
2.1792 » 4.4399
23.809
23.854
23.630
23.749
30.518
39.375
40.258
40.297
40.273
40.321
40.221
40.083
40.196
40.223
40.230
40.225
40.226
40.215
40.206
40.171
40.071
483.21
468.22
415.29
320.19
340.00
402.46
391.26
398.92
402.84
403.26
403.42
403.97
393.25
393.87
393.82
392.92
392.32
394.76
396.61
396.21
26.683
26.760
25.055
18.004
21.429
25.316
24.627
24.974
25.218
25.233
25.249
25.304
24.608
24.555
24.656
24.658
24.589
24.544
24.699
24.819
24.797
11.194
11.205
11.197
11.182
14.414
18.846
18.882
18.875
18.800
18.915
18.827
18.824
18.828
18.825
18.853
18.924
18.929
18.939
18. 959
18.934
18.928
4.4714
4.4940
12435
3.1960
3.9165
4.6089
4.4575
4.5130
4.5455
4.5568
4.5558
4.5586
4.4475
4.4373
4.4514
4.4487
4.4457
4.4411
4.4599
4.4723
4.4689
.5961 483.27
.5953 483.79
.5946 480.76
.5968 476.66
.7795 414.98
1.0006 498.29
.9277 484.66
.7382 485.05
.7273 496.53
.7279 497.07
.7317 497.19
.7315 497.99
.7309 484.32
.7289 483.43
.7285 485.33
.7273 485.40
.7275 484.24
.7284 483.81
.7286
.7290 489.17
.7279 488.68
99.965
99.952
99.930
99.941
99.946
99.936
99.920
99.909
99.900
99.900
99.904
99.901
99.924
99.916
99.916
99.917
99.917
99.917
99.918
99.917
99.919
NetherJapan Mexico lands
(yen)
(peso) (florin)
40.162
40.225
40.230
40.295
51.721
67.383
67.715
64.481
67.686
68.078
67.904
66.250
53.632
53.991
54.666
54.752
64.686
64.702
54.757
54.936
54.976
Straiti SweSwitz- Turkey United
Settle- d e n
King** U r u m e n t s [krona) erland (pound) d o m
(frano)
(dollar)
(pound)
Yugoslavia
(dinar)
.8951
.9003
.9052
.9043
14.683
11.667
9.545
8.044
10.719
13.615
13.678
12.314
13.659
13.714
13.643
12.347
8.954
8.798
7.727
7.099
6.736
6.149
5.711
5.348
5.215
(peso)
48.183
47.133
35.492
31.850
28.103
27.742
27.778
27.760
27.764
27.765
27.753
27.753
27.747
27.750
27.750
27.750
27.750
27.750
27.751
27.750
27.751
1.2934
1.2959
1.2926
.8320
.7233
.9402
.9386
.9289
.9316
.9400
.9387
.9347
.8965
.8935
.8973
New
P o r t u - Ruma* S o u t h
Z e a l a n d Norway Poland
gal
nia Africa Spain
(pound) (krone) (zloty) (escudo) (leu) (pound) (peseta)
Italy
(lira)
96.551
96.493
96.670
95.275
81.697
61.780
56.011
67.083
56.900
56.900
56.900
56.505
56.501
57.097
67.390
57.390
57.234
57.008
56.956
56.967
57.006
Cuba
47.167
33.853
24.331
23.460
29.452
38.716
48.217
31.711
32.260
32.040
31.152
31.104
30.359
30..540
30.566
30.403
30.355
30.509
30.600
30.349
56.012
55.964
52.445
40.397
49. 232
59.005
57.173
58.258
58.833
58.873
58.916
59.095
57.446
57.314
57.544
57.549
57.404
57.194
57.640
57.929
57.836
17.441
17.494
17.452
17.446
22.360
29.575
29.602
29.558
29.458
29.492
19.777
19.772
19. 774
19.776
19.778
19.776
19.782
19.779
19.785
19. 781
19.771
5.2334
5.2374
6.2063
6.1253
6.7094
8.6617
8.2471
7.2916
7.8645
7.8845
7.8673
7.8514
5.6299
5.2603
6.2609
5.2610
5.2608
5.2608
5.2607
5.2606
5.2607
26.784 19.279
26.854 19.382
25.254 19.401
18.471 19.405
22.032 24.836
25.982 32.366
25.271 32.497
25.626 30.189
25.877 32.425
25.893 32.724
25.910 32.599
25.965 31.418
25.253 22.993
25.196 22.984
25.300 22.985
25.301 22.936
25.232 22.829
25.186 22.792
25.339 22.824
25.465 22.870
25.444 22.879
48.411
47.061
47.181
47.285
60.440
79.047
80.312
80.357
80.270
80.355
80.272
80.145
79.834
79.883
80.162
80.156
79.700
79.953
80.246
80.134
79.897
46.100
49.390
48.851
28.111
25.646
29.715
28.707
29.022
29.392
29.326
29.404
29.414
28.609
28.559
28.512
28.537
28.529
28.494
28.635
28.780
28.711
485.69 98.629
486.21 85.865
453.50 65.357
350.61 47.064
423.68 60.336
503.93 79.956
490.18 80.251
497.09 79.874
601.92 79.709
502.25 79.820
602.59 79.719
503.63 79.679
489.84 79.857
488.80 80.045
490.78 80.000
490.75 78.926
78.856
488.51 78.753
491.63 78.626
493.99 78.659
493.55 79.143
1.7591
1.7681
1.7680
1.6411
1.7607
2.2719
2.2837
2.2965
2.2871
2.2985
2.2926
2.2912
2.2956
2.2990
2.3003
2.3022
2.3059
2.3057
2.3056
2.3060
2.3056
i Quotations nominal June 29-30,1937.
'Sp6Cial
faCtors a f f e c t i l
« t h e « ™ « « . a n d • * • » « • in the
779
FEDERAL RESERVE BULLETIN
AUGUST .1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
Canada KUnited
France
Germany
Italy
State*
ingdom
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100), (1928=100)
1926_._
19271928__._
1929
1930
1931.__
1932
1933
1934
1935
1936
100
95
97
05
86
73
65
66
75
80
81
1936—May
June..:
July.
August
September.
October
November.
December..
86
Netherlands
(1926-30=
100)
Switzerland
(July 1914
=100)
94
695
642
645
627
554
502
427
398
376
338
411
134
138
140
137
125
111
97
93
98
102
104
100
95
85
75
70
63
62
68
76
237
225
226
220
181
153
161
180
178
186
197
106
103
102
100
90
76
65
63
63
62
64
144
142
145
141
126
110
96
91
90
90
96
94
95
96
98
98
101
374
378
391
403
420
471
492
519
104
104
104
105
104
104
104
105
76
76
75
76
77
77
78
79
192
194
197
197
201
200
204
215
61
62
62
63
63
68
70
71
92
92
93
93
97
103
105
107
103
104
107
109
111
111
538
533
550
552
550
557
105
106
106
106
106
••82
83
*85
86
233
230
240
248
241
238
73
74
76
77
77
76
108
111
113
113
113
112
100
79
79
81
82
82
82
82
84
1937—January
February
March
April
May
June
Preliminary.
100
98
Japan
(October
1900=100)
*• Revised.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
F r a n c e (1913-100)
United S t a t e * (1926-100)
Year or month
1926
1927
1928
1929
1930
1931
1932.
1933
1934
1935.
1936
1036-May
June
July
August
September.
October „ .
November.
December.
1937—January...
February..
March
April
MayJune
Farm
products
Foods
Other
commodities
100
99
106
105
88
65
48
61
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
75
78
81
84
84
84
85
78
80
81
79
79
80
80
80
80
81
82
Foods
100
99
99
101
102
102
102
G e r m a n y (1913-100)
Indus- AgriculIndusFarm
tural
trial
and food
trial
products products products products
Provisions
100
87
85
87
90
90
96
£81
599
584
£79
£26
£42
482
420
393
327
426
793
678
697
669
£79
464
380
380
361
348
397
129
138
134
130
113
104
91
87
96
103
105
132
129
133
126
113
96
86
7fi
76
84
86
94
94
96
96
97
97
99
102
392
394
405
425
449
487
500
£22
364
378
384
396
457
484
£16
lOfi
106
106
106
105
104
103
104
85
85
85
85
86
86
86
91
105
107
111
113
115
115
532
£16
528
522
520
532
543
548
570
577
576
579
103
103
J(i4
104
104
P105
Industrial raw Indusfinand semi- trial
ished
finished products
products
130
132
134
132
120
103
s L I ^ - ^ e BULLETIN for March 1931, p . 159, March 1935, p . 180, October 1935, p . 678, March 1937, p. 276, and April 1937, p . 372.
150
147
159
157
150
136
118
113
116
119
121
121
121
121
121
122
122
123
123
123
123
124
124
124
780
FEDERAL RESERVE BULLETIN
AUGUST 1937
PRICE MOVEMENTS IN PRIN<CIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
(Index numbers]
Year or
month
Nether- SwitzUnited EngerFrance mGerlands
any
States 1 land
land
July,
191319111923July
July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
554
557
146
109
105
103
105
100
82
68
66
74
80
82
lfil
156
157
154
145
131
12fi
120
122
125
130
549
611
614
611
536
491
431
423
470
153
153
156
146
131
116
113
118
120
122
July «
Aug . . .
Sept.—
Oct.
Nov. __
Dec...
80
84
84
84
84
83
83
S3
125
126
129
129
131
132
136
136
456
458
446
460
483
504
520
534
122
123
124
124
122
122
121
121
1937—Jan
.
Feb.._.
Mar.__.
Apr
May- —
June
85
85
85
86
R7
86
136
135
135
135
136
136
562
577
577
580
5R4
576
121
122
122
122
122
123
1926
1D°7
1928
1929
J930
1931
1932
1933
1934
1936
June —
%
161
163
166
162
150
136
119
120
124
118
120
119
121
124
124
122
124
122
123
125
126
160
158
157
156
152
141
125
117
115
114
120
France Ger- Nether- SwitzUnited Enserlands
land
Janmany
States
land
June
1911July
19131923July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
Year or
month
1926
1927
1928
1929
1930
1931
1932
1933
1934..."
1935
1936
__
103
102
100
99
97
89
80
...
—
76
78
81
82
—
_
119
120
120
120
121
123
123
123
1936—May...
126
129
129
129
129
131
1937—Jan
Feh.._._
Mar....
Apr
May
June . . .
June...
July „
82
AUg
82
Sept.—
Oct
Nov „
Dec
82
84
170
164
166
164
158
148
144
140
141
143
147
144
144
146
146
147
148
151
151
151
151
151
151
152
152
142
148
152
154
148
136
121
118
121
123
125
505
514
519
556
581
569
526
520
516
483
607
497
504
162
160
161
161
158
'132
130
128
131
124
124
132
134
130
130
130
130
130
132
134
132
124
133
132
125
134
133
134
136
134
136
136
137
136
125
581
150
138
131
129
124
125
125
125
124
540
168
168
169
168
161
151
141
139
140
136
125
125
125
125
136
137
J 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 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(average
price)*
England
Germany
(December F r a n c e
(average
1921=100) (1913=100)
price)
60
87
30
97.6
100.7
100.8
98.0
99.3
00.9
69.5
73.4
84.5
88.6
97.5
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119. 7
127.5
129.9
131.2
57.4
71 7
80.8
85 1
95 8
96 9
886
81.3
82.1
83.5
76 3
1936-May
June
July.
August
September
October
November
December...
95.5
96.2
97.1
97.7
98.6
99.6
09.8
99.9
131.1
130.6
131.0
131 6
132.1
132.9
132.0
130.9
1937—January
February
March...—.
April
May
June
100 3
100 0
98 5
9ft.fi
90.2
95.0
129.7
125 5
124.3
125.3
125.0
123.9
Number of issues..
1926
1927
1928
1929
1930.
1931
1932
1933
1934
1935
1936
...*— .
_ _
Common stocks
139
Netherlands 3
(1929=100)
(1926*= 100)
United
State*
England
France
Germany
Netherlands
(1930=100)
100
8
•"420
278
300
329
85.5
81.4
83.3
*83.4
>67.1
82.5
90.7
95.3
95.8
100.0
104.3
104 1
94 8
105 3
113.4
107.8
109.1
100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.1
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
100 0
145 0
136 1
122 8
1002
>78.0
>50 3
61 7
71 1
82.9
91.6
100.0
70.0
46.0
52.0
55.0
55.0
66.0
74 7
73.8
73.2
73.2
75.2
80.8
78.8
78.4
95 5
95.8
95.9
96.1
96.1
96.2
96.3
96.4
103.4
100.2
106.0
108.5
109.9
117.5
120.0
120.3
101.0
105.6
109.2
. 113.0
114.1
118.7
124.2
123.1
93.8
94.0
94.7
97.3
98.2
102.1
103.2
103.5
71.2
66.1
59.2
58.8
65.7
83.7
89.7
94.8
91.1
93.2
94.6
93.4
91.8
97.2
97.8
96.7
58.5
60.3
61.9
62.2
63.5
78.9
88.6
91.2
77.5
75 1
74.6
72/6
72.3
74.6
96 7
97.4
97.7
98.5
98.8
98.9
121.9
121.2'
121.6
126.4
129.5
129.9
124.5
116.3
113.6
104.2
103.8
102.7
101.0
99.3
97.0
114.6
113.3
112.0
96.6
94.8
94.0
97.8
99.2
100.3
101.5
102.6
103.5
101.6
109.0
113.7
110.1
105.6
103.4
r
Revised.
Kevisea.
* Prices
P
derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
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 Januarya Index of reciprocals of average yields. Average
*a?e yield in the base year 1929 was 4.57 percent.
Sources.—See BULLETIN for February 1932, p. 121
June 1935
p 373,
373 and
and Jul
121, June
1935, p
p. 394
394, April
April 1937
1937, p.
July 1937, p. 698.
ANALYSES OF THE BANKING STRUCTURE
781
782
FEDERAL RESERVE BULLETIN
AUGUST 1937
ANALYSES OF THE BANKING STRUCTURE
TABLE 1.—NUMBER OP BANKS BY CLASSES AND BY STATES, DECEMBER 31,1935
Member commercial banks
Total,
all
banks
State
United States—total
New Eneland—total
_
Maine
New Hampshire
_ ...
_
Massachusetts
.Rhode Island
Connecticut
Middle Atlantic—total
New York
New Jersey
Pennsylvania
..
.
East North Central—total...
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central—total
_
Minnesota
Iowa
Missouri
North Dakota
South Dakota-—
Nebraska
Kansas
South Atlantic—total
Delaware
Maryland
District of Columbia
Virginia
West VirginiaNorth Carolina
_
South Carolina
Georgia
Florida
„
._
._
_
....___
East South Central—total
Kentucky
Tennessee
Alabama
Mississippi
West South Central—total
Arkansas
Louisiana.
Texas
Mountain—total
Montana
Idaho.
Wyoming
Colorado
'_
_
_
New Mf*xif*o
Arizona
Utah
Nevada
Pacific—total
Washington
Oregon...
.
California...,
For footnotes see page 784.
_
_
Uninsured nonmember banks*
Other
Trust bankcoming
panies instiwith- tutions
out
deposits
National
State 3
Commercial
Morris
Plan
and
industrial
15,964
5,386
998
7,641
62
936
330
45
139
20
103
110
92
398
35
198
40
52
43
129
12
54
6
1
30
2
6
16
3
33
40
2
45
6
2,486
1,404
245
575
13
930
425
1,131
459
236
709
119
53
73
177
100
298
13
3,271
863
250
1,962
714
550
883
505
619
249
125
299
84
106
72
8
64
. 91
15
361
361
500
270
470
3,631
855
140
2,107
688
673
702
204
199
437
728
205
118
87
66
52
137
190
15
26
51
23
9
16
429
438
507
126
123
230
254
1,666
471
101
870
30
48
202
22
327
183
244
145
339
156
16
63
9
132
79
44
20
- 57
51
4
10
2
24
19
10
4
25
3
23
110
10
163
72
159
64
175
94
1
1
1
3
1,186
266
35
806
6
72
435
325
217
209
100
72
69
25
9
5
18
3
281
235
1J9
171
2
3
42
10
10
10
1,710
748
64
741
107
225
150
405
930
50
30
214
454
7
4
1
52
156
114
172
299
8
2
18
79
224
70
205
21
120
60
59
157
41
15
59
10
46
23
26
81
22
7
13
6
21
10
8
5
4
3
19
52
24
25
55
14
5
27
3
1
3
557
225
48
236
5
14
17
12
188
97
272
58
44
123
26
6
16
88
43
105
3
1
1
8
1
5
3
1
13
15 9
_
_._
Insured nonmember
banks 1
Mutual
savings*
57
14
Commercial
910
—
44
9
9
Morris
Plan
Private and
industrial
228
19
T
Mutual
savings
510
74
79
346~
5
3
26
45
4
7
15
64
18
23
44
2
119
2
14
2
7
6
10
18
2
24
2
133
11
5
12
11
74
68
1
2
8
3
4
14
26
1
4
6
15
18
18
17
1
498
16
1
36
76
49
11
1
61
264
4
1
1
2
2
1
28
1
3
10
3
3 —__^_..
if o
7
18
10
2
1
1
6
10791
12
1
»8
7
111
1
3
10
2
3
15
1
2
2
15
59
1
10
1
16
23
1
23
I
193
9
73
1
1
58
6
1
2
13
12
2
11
2
1
3
1
41
12 2
13 39
5
1
37
6
7
4
37
6
3
1
1
1
783
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 2.—DEPOSITS OF BANKS * BY CLASSES AND BY STATES, DECEMBER 31, 1935
[In thousands of dollars]
Member commercial banks
Total
all
banks
State
Insured nonrcember banks i
Uninsured nonmember banks '
National
State <
Commercial
Morris
Plan
Mutual5 Com*
and
Indus- Savings mercial
trial
74,619
Morris
Plan
Private and
ndus*
trial
575,815
—,
701
Mutual
Savings
Other
bankng institutions
888,316
83,879
229,920
73
United States—total
_. 55,349,686
4,801,793
3,648,296
,503,729
,067,066
701,779
New England—total
6,235,242
1,848,348
558,802
314,369
82,844
201,085
Maine
New Hampshire
Vermont
'--
308, 576
260,865
_168,663
. .-—
3,849,288
458,697
1,189,153
112,154
60,418
48,850
1,284,252
83,319
259,355
30,805
1,284
30,029
7,791
51,320
"§28," 124" 100,563
135,366
6,019
63,223
118,647
14,351
14,018
6,631
107,219
184,741
48,594
64,418
67,424
701
087,755
lf>9,575
679,730
• 73
5,704,293
8,299,086
9,130.907
,427,772
29,671
639,265
210,970
550,973
186
414,998
465
- 9,049,047
1,917,428
4,737,818
5,094,625
717,025
2,487,436
7,491,226
517,935
1,121,746
562,129
328,799
536,844
29,671
499,051
134,839
5,375
138,553
30,587
41,830
543,854
21
7,098
1S6
689,752
188,222
537,024
'465
East North Central—total.— 8,225,546
4,933,056
1,747,721
,301,365
16,640
133,900
40,594
10,802
459
6,800
31,209
2,025,080
699,950
3,541,033
1,211,129
748,354
891,197
364,401
2,578,631
681,578
417,249
710,535
38,378
648,449
277,784
72,575
294,833
263,986
302,101
197,400
246,045
7,042
116,553
13,483
3,014
4,456
459
6,482
3,864
1,447
7,837
8,692
14,315
8,303
•927
»3,160
27,122
West North Central—total-. 3,591,958
2,036,441
602,876
733,227
61,313
114,397
3,485
874,116
530,259
1,302,204
102,843
83,829
310,978
387,729
649,629
213,090
599,821
52,552
50,417
241,556
229,376
6,391
70,153
495,807
64,313
10,853
3,881
15,791
144,298
213,999
193,307
17,701
22,007
54,392
87,523
9,485
29,637
7,228
1,412
552
11,149
54,934
South Atlantic—total
3,104,485
1,582,484
576,604
623,647
19,005
District of Columbia
VirginiaWest Virginia.
163,119
747,622
293,691
500,770
246,483
365,269
131,711
385,634
270,186
16,881
305,504
171,256
316,650
129,818
87,895
72,427
269,838
212,215
73,670
96,196
67,862
78,001
58,107
135,453
8,150
•51,055
8,110
41,223
98,873
53,236
95,141
53,468
132,749
42,706
58,390
47,861
232
1,431
1,337
10,384
782,058
85,441
354,100
3,262
18,444
635
222,427
327,688
175,009
56,934
3?, 050
13,288
34,036
1,070
136,328
88,808
33,312
95,652
618
1,450
10,926
2,314
1 883
3,321
6 635
West South Central—total- 2,085,941
1,703,350
90,243
258,820
25,125
6,662
1,741
144,959
374,517
386,093
1,180,372
87,292
267,394
339,564
1,009,100
15,643
32,147
489
41,964
41,034
74,568
42,845
100,373
6,662
1,741
833,018
564,595
142,985
115,940
990
408
3,195
20,532
9,498
133,170
80,826
57,679
291,535
43,967
63,758
136,270
25,813
78,191
34,784
41,458
246,015
34,777
42,010
66,021
21,339
34,545
• 28,690
3,579
21,360
1,345
7,249
46,217
20,308
10,865
12,642
21,973
7,343
14,499
24,032
4,278
4,325,260
3,052,375
712, 714
371,489
145,534
25,112
18,036
446,429
246,904
3,631,927
306,507
211,920
2,533,948
42,914
3,571
666,229
29,425
26,143
315,921
55,501
801
89,232
3,838
60
21,214
"8,244
"4,409
"5,383
Rhode Island
Connecticut
Middle Atlantic—total
New York
New Jersey
Pennsylvania..
Ohio
Wi<?nnn«iin
"NTnrtVi TKftlcota
ftnntli Tlftkotfl
-
Georgia
—
Florida
—
1,243,943
East South Central—total
407,984
Kentucky.
-433,548
Tennessee
245,434
Alabama
156,977
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
-
--
--
Mountain—total
Montana
Idaho.
Wyoming
Colorado..
New Mexico
Arizona
Utah
Nevada
-
-
-
—
-
~-
—
Pacific—total
Washington
California
For footnotes see page 784.
68,493
9,598
6,011
6,041
1,210
56,554
1,210
153
37,870
53
5,090
3,320
4,956
3,668
1,444
5,053
568
1 1Q<1
4,394
3,332
------
™—*•
318
31,178
3,380
31,178
105
3,192
2,003
237,498
2,283
30,960
206,538
541
1,077
2,115
799
112
*2,283
errs
126
6,487
2,187
196
784
FEDERAL RESERVE BULLETIN
AUGUST 1937
NOTES TO TABLE 1
NOTE.—The number of banks shown in table 1 differs slightly from the number of operating banks on December 31,1935, as shown in table 101
on page 100 of the 1936 Annual Report of the Federal Deposit Insurance Corporation. The differences are accounted for by (1) banks excluded
from table 1 but included in the Federal Deposit Insurance Corporationfigures:37 banks operating under some form of restrictions and 12 private
banks which had ceased banking operations; (2) banks included in table 1 but excluded from Federal Deposit Insurance Corporationfigures:5
branches of foreign banks, 74 trust companies without deposits, 13 trust companies which have some deposits but do not do a general banking business, 5 "other"financialinstitutions without deposits, 2 private banks in Pennsylvania which also have offices in other States, 1 private bank in
Connecticut which does not conduct a regular banking business, and 6 industrial banks in Texas—all of which are included in State bank abstracts
—and 3 private banks in Texas not included in State bank abstracts. In addition to the foregoing differences, Morris Plan and industrial banks
are shown separately under that heading in table 1 although the Federal Deposit Insurance Corporation includes such banks in its "commercial"
bank classification.
Underlying balance-sheet data for tables 2-31 were taken from December 31,1935 condition reports except in the case of uninsured banks, where
the data were taken from bank directories, reports of State banking departments and other available sources. .
The figures of deposits shown in tables 2-31 differ somewhat from those shown in abstracts or summaries of condition reports as the former
figures reflect any corrections in the condition reports which may have been made after the summaries were compiled. The differences in loan and
investmentfiguresbetween tables 2-31 and quarterly abstracts or summaries of condition reports are also due to corrections made after the summaries
were compiled and, in the case of some State member banks, to the fact that valuation and unallocated reserves were not deducted from loans and
investments in compiling the quarterly abstracts.
i Exclusive of 6 private banks, 1 trust company without deposits, 1 Deposit Insurance National Bank authorized to accept deposits, and 24
cash depositories, which are included in the column at the extreme right.
i Exclusive of 15 cash depositories, 10 branches of foreign banks, 5 otherfinancialinstitutions without deposits, 1 State operated bank (Bank
of North Dakota), and 13 trust companies (with some deposits) which do not do a general banking business, all of which are included in the column at the extreme right.
* Exclusive of 2 trust companies without deposits and 1 industrial bank, which are included in the column at the extreme right.
«Includes 1 bank (in California) without capital stock classified by the Federal Deposit Insurance Corporation as a commercial bank.
* Includes 1 member trust company without deposits and 1 uninsured branch of a foreign bank.
• Includes 1 uninsured private bank which does not do a general banking business.
7 Uninsured trust companies (with some deposits) which do not do a general banking business.
« Comprises 1 member trust company without deposits, 1 insured nonmember trust company without deposits, and 1 Deposit Insurance National Bank authorized to accept deposits.
• Includes 2 uninsured trust companies (with some deposits) which do not do a general banking business and 6 insured private banks.
"Member industrial bank.
n Uninsured State operated bank (Bank of North Dakota).
u Uninsured "other"financialinstitutions without deposits, included in State abstracts.
» Comprises 24 insured and 15 uninsured nonmember cash depositories.
i* Uninsured nonmember branches of foreign banks.
« Comprises 6 uninsured nonmember branches of foreign banks, and 3 uninsured "other"financialinstitutions without deposits included in
State abstracts.
NOTES TO TABLE 2
1 l e e not . es appended to Table 1 for sources offiguresand for statement of classes of banks included under the heading "commercial banks."
are inctodeTkUhe coESInat tV"!?* 6
' h' * D e p o s i t I n s u r a n c e National Bank authorized to accept deposits, and 24 cash depositories, which
s Exclusive of deposits of 15 cash depositories, 10 branches of foreign banks, 13 trust companies (with some deposits) which do not do a general
banking business, and 1 state operated bank (Bank of North Dakota), all of which are included in the column at the extreme right.
< Exclusive of deposits of 1 industrial bank which are included in the column at the extreme right. •
bank
deposits of 1 bank (in California) without capital stock classified by the Federal Deposit Insurance Corporation as a commercial
• Deposits of 1 uninsured trust company which does not do a general banking business.
* Deposits of 1 Deposit Insurance National Bank authorized to accept deposits.
amoun?inP°to%562oS)milSUred t m S t c o m p a n i e s w h i c n d o n o t d o a £eneral banking business amounting to $71,000, and of 6 insured private banks
» Deposits of 1 member industrial bank.
*» Deposits of 9 uninsured trust companies which do not do a general banking business
»i Deposits of 1 uninsured State operated bank (Bank of North Dakota).
amountiSOto^440 OoV*5111^ n o n m e m b e r c a s h depositories amounting to $1,843,000 and deposits of 15 uninsured nonmember cash depositories
n Deposits of uninsured noDmember branches of foreign banks, as follows: 2 in Washington, 1 in Oregon, and 6 in California.
785
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 3.—NUMBER OF COMMERCIAL BANKS X CLASSIFIED ACCORDING TO RATIO OF DEMAND DEPOSITS TO TOTAL
DEPOSITS, DECEMBER 31, 1935
Total
number
of
banks
All commercial banks—total
Number of commercial banks with the following ratios (percentages) of
demand deposits to total deposits:
0-19.9 >0-29.9 0-39.9 0-49.9 0-59.9 10-69.9 0-79.9 0*89.9 0-99.9 100
perperperperperperperperperpercent
cent
cent
cent cent
cent cent cent
cent
cent
1-4.9 5-9.9
perpercent cent
0.0
percent
14,773
27
28
39
397
1,195
1,917
5,386
998
7,641
*748
1
21
5
1
2
22
3
12
1
23
3
191
17
574
82
506
33
758
163
962
34
558
3
3
6
50
77
92
13
5
25
1
2
4
18
20
17
4
13
34
5
19
2,149
2,103
2,125
,856
,466
962
509
789
162
713
158
1,144
88
725
141
1,171
88
616
113
,014
113
483
73
779
131
338
72
406
86
20
227
83
57
53
24
20
51
39
8
2
7
43
6
1
2
5
23
1
2
32
1
15
5
5
34
3
6
15
1
5
10
1
4
1
19
2
17
3
9
2
11
0
0
2
12
BY CLASSES OF BANKS
"National banks
Ktntft mpmbGr banks
Tn^nrpd nonniGiilbBr bunks _ -«. - - TTr»in^nrpd nonmGinber batiks
10
179
•
»
186
76
BY STATES
New England—total
"Mow TTnTnnshire
"M* a Wft rflll^fitts
Middle Atlantic—total.
xjp^p Vork
"N^w Tprsev
Ppnnsvlvania
-- -
-._--.-
East North Central—total
nViin
Illinois
West North Central—total
1
1
1
1
2
2,245
2
1
North Dakota
Nebraska
Kansas
South Atlantic—total
557
631
405
204
93
46
33
41
12
3
13
207
112
' 312
141
95
169
76
47
81
31
16
46
19
10
17
13
S
12
36
3
2
11
1
183
80
294
3
5
6
70
291
592
652
555
468
251
157
65
687
505
881
457
604
2
1
1
2
1
1
2
1
1
2
14
2
3
6
45
75
16
18
64
118
168
43
75
123
183
158
101
147
112
134
107
104
105
96
83
104
118
186
33
27
36
63
132
12
8
12
38
101
5
1
4
15
43
2
1
3,484
2
1
1
16
110
237
427
510
657
687
518
257
14
86
10
11
1
1
1
142
33
37
18
3
2
2
206
68
63
43
13
23
11
122
128
81
44
29
61
45
70
152
117
47
47
94
130
30
130
139
25
54
111
198
10
83
135
18
29
74
169
3
28
82
6
19
32
87
2
4
28
25
2
3,134
104
280
1
1
1
7
i
4
1
1
1
6
2
1
2
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado....
Utah
Nevada
—
-
120
60
59
151
41
15
59
10
250
251
214
210
126
68
3
30
16
39
6
1
32
7
3
4
32
1
94
48
29
13
20
9
2
19
12
54
45
47
12
37
23
4
9
2
19
28
53
22
56
21
1
8
3
14
20
42
22
61
39
1
6
1
1
10
40
1
98
25
9
3
5
5
3
2
1
3
23
13
51
28
100
189
228
241
173
2
57
17
13
13
86
60
12
31
83
62
48
35
69
80
51
41
42
45
43
43
1
14
31
90
171
269
1
6
5
1
2
15
11
1
4
30
34
15
11
28
45
54
44
9
31
78
2
6
1
3
7
1
15
8
1
2
1
525
180
94
249
5
5
I
I
"*
r
2
34
19
13
5
1
1
2
2
I
1
"""I
10
4
1
9
Q
196
1
2
4
17
100
1
2
7
3
8
1
«,
61
43
1,648
217
150
397
884
515
1
19
4
1
1
427
317
208
West South Central—total
1
lift
1,168
-
M^^^
11
3
45
20
139
*>1 A
East South Central—total
Washington
Oregon
California
1
10
15
204
1,498
45
186
21
320
180
Delaware
Maryland.—-—--Virginia
West Virginia
North Carolina
Georgia
Florida
1
4
16
762
394
1,089
685
638
693
203
199
416
650
Iowa—--
Kentucky
Tennessee
Alabama
Mississippi
71
65
76
203
23
120
I
3
I
8
8
2
i ""16
20
i
46
3
81
3
11
21
17
35
56
Q
•25
t]
4
15
1
16
24
19
1
1
2
2
2
15
2
96
43
55
24
23
25
24
18
8
5
12
23
8
18
6
390
32
18
136
204
390
291
47
28
105
89
37
76
270
21
1
9
260
119
129
102
35
2
26
10
11
31
23
43
i
39
1(
31
16
1A
23
1 A.
„„..
:
2
10
i(
i
_»_
130
109
67
24
50
24
56
46
30
33
33
22
12
12
12
5
1
1
3
TABLE 4.—TOTAL DEPOSITS OF COMMERCIAL B A N K S
l
3
00
CT
CLASSIFIED ACCORDING TO RATIO OF DEMAND DEPOSITS TO TOTAL DEPOSITS,
DECEMBER 31, 1935
[In thousands of dollars]
Total
deposits
of banks
Deposits of commercial banks with the following ratios (percentages) of demand deposits to total deposits:
90-99.9
percent
100
percent
0.0
percent
0.1-4.9
percent
5-9.9
percent
10-19.9
percent
20-29.9
percent
30-39.9
percent
40-49.9
percent
60-59.9
percent
percent
70-79.9
percent
^44,583,574
77,803
339,313
62,353
617,472
1, 781, 454
4,038,354
4,312,520
3,564,617
3,707,219
5,926,927
9,085,021 10,861,638
308, 884
24,801,793
13, 648, 295
5, 503, 729
2 629, 757
3,066
27,930
46,807
2,700
19,770
206,682
10,160
31,288
1,274
28,267
1,524
326,319
35,033
242, 365
13,755
915,889
207,831
593,757
63,977
2,525,924
577,758
911,705
22,967
1,951,924
1,454,290
876,422
29,884
1,770,321
998,162
746,169
49,965
1,946,849
974,633
725,713
60,024
4,061,826
1,320,330
516,760
28,011
7,030,779 4,152,402
1,658,024 6,342,112
271.487
310,128
95,637
86,090
85,572
56,012
46,344
120,956
New England—total. _
2,922, 604
47,375
12,386
9,134
81,950
176,781
367,749
252,811
243,656
194,077
122,750
446,912
16,152
Maine
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut
187,006
76,124
100,170
1,761,533
289,122
508, 649
1,429
2,365
10,021
43,554
15,620
24,372
34,068
13,236
45,931
50,245
4,735
18,015
106,298
146,780
41,676
40,287
1,560
10,022
130,459
45, 459
487
22,185
14,239
34,872
723
5,089
4,842
982
2,953
2,458
3,679
1,130
4,950
19,040,328
3,296
2,700
405,036
1,024,006
1,460,396
1,052,603
119,131
467,441
382,588
610, 367
491,116
225,623
335,864
AH commercial banks—total
80-89.9
percent
BY CLASSES OF BANKS
National banks
State member banks
Insured nonmember banks
Uninsured nonmember banks.
BY STATES
Middle Atlantic—totalNew York
New Jersey
PennsylvaniaNorth Central—totalOhio
Indiana—
Illinois
Michigan..
WisconsinWest North Central—totalMinnesota
IowaMissouri
North DakotaSouth Dakota .
Nebraska
Kansas
2,803
36,690
70,483
13,532
6,054
8,434
1,490
4,965
111,675
17, 343
45,473
76,556
8,101
28,169
806,337
4,131
135,438
1,305
20,076
569
343,822
44,073
37,067
677,019
917,852
1,223,218
3,019,807
200,298
191,315
285,406
437,674
234,959
245,219
245,730
166,060
811,428
6,482
3,133
1,036
147,916
977
84,112
9,064,586
153,119
2,193,751 8,652,845
5,491
51,249
406,250
774,807
152,289
2,414,566
284, 649
13,590
402,875
161,492
417,138
403,423
233,788
83,379
39,675
2,174,015
117,436
61
3,840
54,646
223,511
1,334
1,318
3,657
4,640
4,995
298
376,621
677,271
1,051,690
559,566
14,788
62,344
93,446
64,166
26,858
22,244
46,252
61,311
159,811
105, 641
253,206
5,065
19,594
35,235
98, 719
271,769
86,002
463,450
1,697
14,809
116,186
97,777
146
38,093
359,850
541
5,535
67,080
88,321
625
3,136
5,686
373, 984
807,132
469,442
215,104
7,840
125
237,465
67,566
50,499
24,404
55, 210
38,362
82,733
22,545
36,215
27,080
1,756
88,961
118,791
141,844
51,848
39, 798
38, 559
215,385
110,190
13, 286, 533
1, 566,080
4,187,715
3,296
2,700
4,548
32,142
219,515
326,258
237,857
459,891
8,019,889
1,044
30,642
6,279
60,598
295,339
556,404
1,185,477
739,293
813,292
1,618,716
4,491
720
240
92, 978
23,263
12,273
72, 775
94,050
181, 268
45,596
103, 593
102,250
123,697
535,027
828
14,993
1,779
1,764
10,699
31,363
159,351
276,940
143,471
214,707
128,635
210,349
87,223
98,379
360,318
139,896
220,223
78,653
14,202
424
10,907
84,509
142,135
241,847
294,931
10,702
62,926
7,005
14,075
384
62
57
77,492
22,387
35,871
5,125
940
190
130
83,397
72,257
54,390
14,610
5,084
8,275
3,834
80,591
91,793
44,783
17,357
15,124
28,564
16,719
166,990
265,203
382,459
1,971
35,879
5,801
111, 090
67, 740
17,892
8,761
9,733
6,336
510
9,894
138,303
65,500
48,233
62,559
4,966
36,870
15,624
1,897, 533
673,571
3, 537,872
1,168,097
742,816
851
193
2,541
10,420
16,215
1,466
3, 456, 827
1,203
935
809,803
521,031
1,295,477
71,665
83,829
306,131
368,891
336
935
28
867
South Atlantic—total _
2,837,845
6,617
Delaware
Maryland
District of Columbia.
Virginia
West Virginia.
„
North Carolina
South Carolina._
Georgia
Florida
-
131,927
538,443
292,354
489,845
246,483
359,417
128,239
382,951
268,186
10
1,299
5,032
5,982
867
3,555
6,607
1,560
424
177
2,334
38,596
96,162
1,588
3,911
27,824
14,456
45,144
254
492
3,256
345
26, 510
7,675
1,616
105
3,155
293
468
4,686
40,854
1,473
82, 501
27,092
1,931
1,002
3,502
. 3,949
950,871
125
3,921
91,665
39,776
41,780
54, 585
"""830
437
3,425
1,479
335
2,715
60,839
12,118
24,923
49,658
775
384
407
2,928
296
East South Central—total
Kentucky „ .
Tennessee
Alabama
Mississippi *....,...
1,236,885
.
.
., „
Mountain—total
Montana
Idaho
Wyoming __ _«
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific—total „
Wash ingto n
Oregon
California
1,484
1,484
779
603
139
640
„__
__
_:
- -
133,170
80,826
57,679
290,482
43,967
63,758
136,270
25,813
4,161,690
3S2,684
241,694
3, 537,312
33,316
45,596
151, 013
197, 853
305,174
333,476
93, 654
73,553
18,966
3,414
15,257
7,314
27,703
5,462
5,160
7,271
59, 516
35t223
14,213
42,061
47,289
69,249
53,046
28,269
* 72,020
147,923
65,153
20,078
86,953
112,033
85,869
37,621
18,565
50,550
12,004
12,535
66,097
1,405
881
4,169
8,044
1,002
6,430
3,490
745
17,787
31,537
74,203
233,546
534,753
935,164
185,869
83,633
98
6,113
3,418
228
8,028
9,364
6,574
343
5,246
29,504
25,803
6,723
12,173
22,882
71,302
45,855
92,507
35, 297
163,192
135,154
191,109
12,487
98,753
175,695
648,229
23,476
4,380
19,803
138,210
5,095
122
938
76,467
7,169
15,331
33,363
133,653
183,515
389,797
133,935
36,868
448
3,904
30,736
9,960
11,535
41,969
5,747
6,821
57,297
19,480
33,280
51,105
13,281
117,757
16,719
26,795
28,453
2,407
36,679
10,138
10,735
37,098
9,683
735
17,857
2,172
383
1,367
1,798
10,233
10,687
228
448
973
144,316
374, 517
384,739
1,171,969
831,965
3,414
608
3,075,541
West S o u t h C e n t r a l — t o t a l
Arkansas
Louisiana ..
Oklahoma
Texas
404,997
430,801
244,240
156,847
973
943
17,749
1,374
70
873
3,828
13,921
1,274
15,811
168,139
5,610
1,695
15,841
166,444
3,293
2,317
15,998
15,998
1,914
5,157
4,739
5,095
4,646
3,239
1,608
15,275
441
98
961
632
5,649
2,505
21,305
5.93L
12,500
66,333
1,144
14,019
10,532
889
74,074
1,366,066
1,103,676
832,550
310,138
340,815
26,903
5,533
1,359
5,170
5,913
68,904
1,260,153
30,759
3,232
1,074,685
44,871
27,575
750,104
56,821
193,433
59,874
215,452
10,405
114,958
20,839
2,821
3,242
1,145
875
3,512
19
60
1,280
I
0
i See notes appended to Table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
»Exclusive of deposits of $72,023,000 covering 162 banks for which the distribution of demand and time deposits was not reported.
5
d
788
FEDERAL RESERVE BULLETIN
AUGUST 1937
1
TABLE 5.- -NUMBER OP COMMERCIAL BANKS CLASSIFIED ACCORDING TO AMOUNTS OP THEIR LOANS AND
INVESTMENTS, DECEMBER 31,1935
. Number of commercial banks with the following amounts of loans and investments:
Total
All commercial banks-total 14,935
Under |$100,000-|$150, OOO^SO, 000-|$500,000~|U 000,000-|$2,000.000-1*5,000.000-|$10,000, 000-|$50,000,000
|$100,000 $149,000 $249,000 $4997000 $999,000 $1,999,000 H 999,000 $9,999,000 $49,999,000 arid over
2,072
1,537
2,397
3,057
2,482
1,622
1,070
340
272
86
154
31
1,488
253
47
1,108
129
602
115
1,538
142
172
1,586
118
1,235
162
1,024
61
930
139
522
31
633
154
271
12
203
63
68
150
76
35
11
45
39
1
1
21
67
130
130
136
50
29
9
10
15
14
15
1
12
14
20
19
41
2
24
19
11
23
47
5
25
16
7
16
54
6
27
3
1
23
2
13
117
347
566
515
42$
126
127
41
179
181
103
282
168
100
247
144
91
193
23
212
200
15
BY CLASSES OF BANKS
National banks
State member banks
Insured nonmember banks...
Uninsured nonmember banks
5,386
998
7,641
910
BY STATES
New England—total
558
Maine.
New HampshireVermont
Massachusetts
Rhode Island
Connecticut
71
65
76
203
23
120
Middle Atlantic—total.._
New York
New Jersey—-.
Pennsylvania...
2,247
East North Central—total
3,149
189
298
789
593
366
688
509
881
463
13
27
85
32
32
42
64
104
43
45
96
107
175
97
125
182
119
196
119
173
Ifi5
96
135
72
125
97
57
89
52
71
3,600
SOS
603
749
745
398
173
685
658
694
203
199
437
724
103
47
198
83
53
107
212
74
100
114
34
52
85
144
145
151
130
28
47
108
140
197
182
H4
39
24
80
118
103
58
11
9
32
34
42
34
S
10
13
31
1,499
20$
146
226
311
268
175
10
43
1
80
44
34
15
21
20
Ohio
Indiana.—
Illinois
Michigan^
Wisconsin.
West North Central—total
Minnesota.
Iowa
Missouri
North DakotaSouth Dakota—
Nebraska
Kansas
South Atlantic—total
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
14
762
395
1,090
•112
45
186
21
320
180
214
104
280
149
18
2
23
27
102
28
25
12
28
11
38
12
49
23
44
19
45
21
8
43
1
75
48
41
19
44
32
1,179
282
145
202
223
188
432
322
216
209
70
96
65
51
53
47
33
12
68
53
42
39
50
85
44
25
34
1,660
45S
235
313
316
172
Arkansas. _.
' Louisiana..
OklahomaTexas
221
150
405
8S4
101
15
313
229
124
30
29
89
165
40
66
172
Mountain'—total.
520
73
58
Georgia
Florida
E a s t S o u t h Central—total
KentuckyTennessee.. .
Alabama
MississippiWest S o u t h Central—total
Montana.
Idaho..
WyomingColorado—.
New MexicoArizona
Utah..
Nevada
120
60
59
156
41
15
59
10
Pacific—total..
Washington..
Oregon
.,.
California
41
43
95
126
30
26
18
16
32
13
3
16
2
13
7
9
20
6
2
10
3
74
133
107
99
88
37
37
180
94
249
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial b a n k s / '
37
li
1
2
11
789
FEDERAL RESERVE BULLETIN
AUGUST 1S37
TABLE 6.—TOTAL LOANS AND INVESTMENTS OP COMMERCIAL BANKS * CLASSIFIED ACCORDING TO AMOUNTS OF
THEIR LOANS AND INVESTMENTS, DECEMBER 31, 1935
[In thousands of dollars
Total loans and investments by size groups:
Total
All commercial b a n k s
total
Under $100,000- $150,000- $250.000- $500,000- 11,000,000- ;2,000,000- 5,000,000- .0,000,000- 50,000,000
,000 $999,000 $1,999,000 U, 909,000 19,999,000 149,999,000 and over
;ioo,ooo $149,000 $249,000
35,144, 019 133,11?
190,589
47?, 085i ,090,527 , 757, 625
2,277,025
3,256,916
2,335,301
5,525,019
8,105,790
878,700 1,312,769
115,5101
199,907
719,527
722,161
1,924,673
504,811
790,411
1,377,398
446,693
407,971
2,996,651
1,594,020
699,570
9,864,411
8,012,198
153,184
BY CLASSES OF BANKS
National banks
18,949, fifiP11,190
State member banks;
10,968,340
2,25?
Insured nonmember banks.. 4,641,74? 95,629
Uninsured
nonmember
banks
584,281 23,041
31,542 120,4 W
fi, 876 23.311
137,373 301,200
15,7981
27,128
431,870
63,856
553,722
41,079
43,888
42,188
37,021
43,339;
234,802
75,997
90,342
11,026
14.890
12.007
31,403
1,213
18,903;
191,078
28,580
15,5.58
31,938
72,93?
6,097
35,970
384,863
47,109
17,765
44,931
173,018
23,793
78,247
599,217
24,666
711,003
271,350'
125,310
177,891
617,200
93,743
1,303,216 10,273,083
860,233 8,530.409
527,343
166,845
515,6401 1,575,829
BY STATES
1,765
34,509
3,814
4,895
5,31?
5,458
487
4,543
Middle Atlantic—total-.
New York
New Jersey.....
Pennsylvania
15.634,158
10,562,224
1,339,455
3,732,479
647]
1,815
23.8S0
130,239
1851
84,
378
400
381
1,034
6,950
1,690
16,240
48,106
15,719
66,354
409,135
132,457
75,841
200,837
734,684 1,292,122
455,008
241,4881
287,356
139,524
649,768
353,672|
353,882
55,908
17,8341
6,740
103,058
12,966
97,376
565,337
286,928
124, 672
453,737
East North Central—
total
Ohio
Indiana...
Illinois—Michigan.
Wisconsin,
6,030,761
1,491,120
503,912
2,588,711
846,807
600,21'
13,811
36,951
118,617
927|
2,130
5.915
2.461
2,378
5,411
7,815
12,835
5,285]
5,605
IP, 595
20,814
34.246
IP, 521
24,441
281,988
64,974
42,511
71,509
41,056
61,848
415,535
114,264
68,691
94,191
50,250
88,139
513,176
137,742
77,971
125,23?
73,248
98,980
601,627
166,280
68,927
202,013
91,376
73,031
416,973
131,083
55,097
132,239]
76,229
52,331
683,440 2,918,640
291,288
659, 550
101,551
58,405
118,4921 1,701,916
109,846
377,536
62,264
131,197
West North Central—
total
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
2,513,993
630,916
406,28?
889,3W
54,670
64,734
220,485
247,551
54,059
7,420
3,363
12, 557
5.378
3,816
7,387
14,138
74,704
9,205
12,372
14,122
4,042
6,433
10,492
18,038
148.015
28,633
297PP
26,237
5.420
8,930
21.387
27,612
259,335
67,999
63,376
41,607
10,336
8,592
26,920
40,505
276,756
74,795
78,668,
4C, 823!
7,690
6,760
21,462
46,568
231,966
46, 245
54,363
47,312
10,946
13,207
17,692
42,201
245,040
45, 789
51,414
96,231
10,858
11,218
14,407
15,123
125,496!
27,995
17,398
31,868
348,313 j
35,36!
05,631
115,762
5,788
21,283
21,164
79,455
22,202
South Atlantic—total.. 2.142,159
122,811
Delaware
449,661
Maryland
207,010
District of Columbia...,
375,42?
Virginia
199,62?
West Virginia
255,648
North Carolina
_..
76,765
South Carolina
Georgia
—
186,422
Florida
12,559
230
390
18,025
655
l,892j
44,02f
239,892
1,493
3,425
1,332
4,706
1,421
4,460
8,272
3,723
8,650
4,168
2,621
53,915
41,187
37,178
7,640
19,795
28,115
303,286
16,147
55,688
21,363
61.715
53,984
24,551
17,676
31,345
20,91-
161,866]
13,55'
32,768
32,0441,025
217j
1,531
1,491
5,482|
1,924'
112,159] 190,434
6,548,
3,060
30,9821
15,523
806
297
55,445
27,710
31,514
17,486
25,127
14,233
10,856
6,83?
14,289
15,445
11,567 . 14,867
939,416
343,120
309,879
173,290
113,127
16,952
4,759
5,483|
3,665'
3,045
17,856
6,504
5,895
4,016
1,441
39,14;
13.14C
10,216
8.21?
7,575
78,503 133,347
59,264
32,606
17,820 30,952
9,820 18,066
18,257 25,065
107,075]
56,794
17,646
15,023
17,612
103,998
36,19^
15,55:
17,192
35,06:
69,296
West South Central—
1,382,831
- total
94,184
Arkansas—
,
255,973
Louisiana
_
253,075
Oklahoma
779,659
Texas
27,252
5,560
928
7,140
13,624
28,055
2,494
1,675
8,452
15,434
60,836 111,068
12,88'
5,650
5.7621 14,429
23,496
17,06:
60,266
32,363
118,177
11,435
19,238
25,443
62,061
114,673
9,05:
12,456
29,521
63,645
143,152
8,89C
14,679
26,572
93, o r
153,388
38,21'
23,602
16,053
76, Sir
431,070
192,220
87,886
100,337
245,84"
116,902
545,743
83,864
66,044
34,454
189,313
27,082
42,608
94,354
18,024
4,659]
991
477
563
2,262
271
19,024
6,78
1,789
2,263
4,253
1,869
44,768
9,496
6,328
5,514
11,604
4,044
1,272
6,648
862
49,304
8,86!
5,63:
6,223
14,162
4,322
1,44?
6,597
2,05?
77,7W
68,526
11,044,596
8,831
13,996r
14,09.
11,68
4,283
68,643
27,53J
956
205,952
18,78^
106,06'
95
7,167
1,906
1,249
623
2,400
368
136
496
12,75'
19,9552,38:
10,11
3,595,808
293,517
185,212
3,117,078
2,884
1,724
855
305
5,269
2,47
1,880
918
14,387]
6,060
3,272
5,055
47,958
15,16:
74,595
21,295
13,341,
39,959
66,781
17,856
6,07'
42,85]
114,302
88,41
16, IS
7,21
65,03
New Fngland—total
Maine
New Hampshire
Vermont...:
Massachusetts
Rhode Island.
Connecticut
East South Central—
total
Kentucky
Tennessee
A labama
Mississippi..^
Mountain—total*.
Montana
Idaho
^-.
Wyoming
.,
Colorado
,
New Mexico
Arizona
,
Utah
Nevada
,
Pacific—total-.
WashingtonOregon
California™.
2,359,087
171,472|
72,341
101,374
1,335,283!
263,76P;
414,807
289
747
155;
126
255
244
""67
121
141
105
613
3
4,280
2,91
158
6,oo:
25,89!
7,287
42,164]
18,241
8,97i
10,43:
15,784
2,123
8,llf
9,18:
4,835
26, o:
11,305
76,97C
17,868
7,368
5,772
14,474
40, o:
24,204
720,138
74,644
124,995
90,741
121,427
49,281
68,533
19,841
81,707
88,969
750.309
287,473
~462,"S36
336,774
140,999
69,138
54,930
"81,"707
373,246
93,83!
182,11!
97.29C
5,07
75,318
17,43;
257,45:
83,4(
173,99;
2,923,761
103,303
134,364
2,686,094
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial b a n k s . "
790
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 7.—NUMBER OP COMMERCIAL BANKS 1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR LOANS AND
INVESTMENTS AND ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935
Number of commercial banks located in places with a population (1930 census) of:
Size group—Loans and investments
Under $100,000
$100 000-S149.000
$150,000-$249,000
$250,000-$499,G00
$500,000-$999,000
$1,000,000-$1,999,000
$2,000,000-$4,999,000
$5,COO,000-$9,999,000
$10,000,000-$49,999,000
$50,000,000 and over.___
Total
Total
Under
250
2,072
1,537
2,397
3,057
2,482
1,622
1,070
340
272
86
565
196
162
62
18
14,935
1,003
250499
728
485
486
248
55
10
3
2,5004,999
488
465
764
669
205
33
2
239
280
721
1,106
624
147
26
28
63
182
562
638
301
69
3
2
9
26
47
223
504
384
162
6
2
8
13
85
250
424
326
53
7
24
59
146
192
83
12
2,616
3,143
1,848
1,361
1,168
528
1
2,016
5,000- 10,000- 25,000- 60,000- 100,000- 500,000
9,999 24,999 49,999 99,999 499,999 and over
1,0002,499
500999
3
2
4
5
8
20
34
54
105
74
36
1
5
6
15
48
73
61
109
78
157
21
1
1
2
10
22
62
76
43
57
64
341
573
338
i See notes appended to Table 1 for sources offiguresand for statement of classes of banks included under the heading "commercial banks."
TABLE 8.—TOTAL LOANS AND INVESTMENTS OF COMMERCIAL BANKS 1 CLASSIFIED ACCORDING TO AMOUNTS
OF THEIR LOANS AND INVESTMENTS AND ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER
31, 1935
[In thousands of dollars]
Total loans and investments of commercial banks located in places with a population (1930 census) of:
Size group—Loans and
investments
Under $100,000
$100,000~$149,000-..-.
$150,000-$249,000-'-...
$250,000-$499,000
$500,00O-$999,000____.
$l,000,000-$l,999,000..
$2,000,000-$4,999,000_.
$5,000,000-$9,999,000..
$10,000,000-$49,999,00<
$50,000,000 and over..
Total
_
Total
133,112
190,689
472,085
1,090,527
1,757,625
2,277,025
3,256,916
2,335,301
5,525,049
18,105,790
Under
250
34,323
24,104
31,357
19,780
11,492
250499
500999
46,119 32,217
59,311 57,981
93,221 147,674
82,462 228,987
37,234 137,756
11,715 40,787
7,128
4,223
18,689
1,0002,499
2,5004,999
16,973
35,175
144,583
395,701
422,542
191,279
61,737
1,975
7,848
36,690
207,365
446,624
410,779
184,566
18,206
30,271
5,000-
588
3,365
9,742
85,316
371,021
531,755
441,180
40,891
10,00024,999
73
988
2,494
32,642
189,710
610,324
973,264
344,985
84,961
25,00049,999
243
286
1,360
8,652
43,722
221,930
631,572
552,978
148,056
50,000- 100,000- 500,000
and over
99,999
24
336
241
142
735
654
311
3,099
1,654
3,982
17,691
8,049
16,852
64,571
26,101
91,769
85,633
81,054
247,425
355,149 350,672
307,487
511,440 559,314
,.. ,
589,271 3,288,681 1,365,120
54,930 1,570,684 16,480,176
35,144,019 121,056 355,879 649,625 1,267,990 1,344,224 1,483,858 2,239,341 1,608,799 1,628,543 5,931,416 18,513,288
J See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
791
FEDERAL EESERVE BULLETIN
A U G U S T 1937
TABLE 9.—NUMBER OF COMMERCIAL BANKS
1
CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS,
DECEMBER 31,1935
Number of commercial banks with the following amounts of deposits:
Total
All commercial t a n k s total.—
Under 100,000- 150,000- 250,000- 500,000- 1,000,000- 2,000,000- 5.000,000- 0,000,000- >50,000,000
100,000 149,000 249,000 499,000 999,000 1,999,000 $4,099,000 9,999,000 $49,999,000 nd over
14.935
1.258
1,186
2,236
3,439
2,840
1,854
1,270
419
324
109
5.386
'998
7,641
910
54
11
901
292
124
23
905
134
424
79
1,560
173
1,174
169
1,946
150
1,343
200
1,211
86
994
149
670
41
769
163
321
17
261
75
80
3
182
85
44
13
61
44
3
1
558
5
6
21
63
111
122
136
51
36
7
12
19
19
38
3
20
19
12
21
40
4
26
18
7
14
59
6
32
9
3
2
24
2
11
2
18
5
11
5
1
1
BY CLASSES OF BANKS
National banks
._..»..
State member banks
Insured nonmember banks...
Uninsured nonmember banks
BY STATES
4
1
2
1
1
4
6
2
2
1
7
7
13
17
15
1
10
2,247
7
24
106
336
539
522
433
144
91
45
--
762
395
1,090
2
2
3
4
2
18
32
7
67
128
36
172
17fi
* 89
275
160
113
249
146
85
202
53
29
62
34
28
29
East North Central— total
3,149
121
218
515
825
660
401
256
82
688
509
881
463
608
14
18
43
20
26
28
35
82
28
45
74
101
156
74
110
187
129
206
142
161
168
95
168
82
147
69
37
83
37
30
3,600
522
467
760
912
523
105
75
95
55
71
236
111
21
7
27
14
13
34
52
13
11
16
6
4
27
28
4
13
19
68
71
ot
A(\
216
208
150
39
29
112
158
341
130
137
86
10
13
53
94
39
70
45
9
12
19
42
21
19
29
6
5
8
23
5
7
15
1
2
2
2
3
5
8
301
217
119
39
38
7
9
45
1
91
45
35
16
33
26
6
32
1
47
32
39
12
23
25
5
14
4
24
22
18
8
11
13
2
8
8
8
1
5
1
3
3
2
S
5
5
4
4
2
2
6
1
1
1
1
205
111
S3
13
14
3
17
8
13
15
4
5
3
7
4
1
1
1
31
4
(
71
65
76
203
23
120
Maine
Wftw TTflmDshire
Vermont
Massachusetts
Middle Atlantic—total-—
New York
New Jersey
Ohio
Indiana
Illinois
M^chitran
-
-
West North Central—total
Minnesota
Iowa
Missouri
North Dakota
—
KnntTi Tlfilrntft
Nebraska
Kansas...
South Atlantic—total
Maryland
District of Columbia
.
Virginia
West Virginia
North Carolina...
South Carolina
—-Georgia
Florida
—
East. South Central—total
Tennessee
——
Mississippi
West S o u t h Central—tota
Montana
Wyoming
Colorado
New Mexico
-
Utah
Nevada
Washington _.Y
Oregon
California
694
203
199
437
724
130
66
41
61
131
114
40
41
59
102
129
147
112
32
56
117
167
1,499
118
111
20S
685
45
186
21
320
180
214
104
280
149
5
7
17
1
14
11
54
9
1,179
432
322
216
209
175
57
67
24
27
1,660
-
4
10
1
24
19
7
10
10
36
1K
39
21
39
15
49
20
10
37
1
69
47
49
29
67
32
144
194
267
9
1
5
3
1
8
3
5
6
5
1
2
49
44
32
19
68
58
38
30
94
61
57
55
90
45
30
40
49
26
17
19
244
163
303
430
262
123
€9
31
221
150
405
8S4
53
10
52
129
25
6
47
85
39
20
88
156
46
41
112
231
31
39
48
144
16
17
30
60
4
6
20
39
c
4
3
19
19
.1
1
2
520
42
25
74
136
HI
56
44
13
18
1
11
6
6
9
2
6
2
2
120
60
59
156
41
15
59
10
523
Pacific—total
1
180
94
249
9
3
5
21
2
6
5
2
11
1
2
24
19
3«-
28
12
11
r
22
8
24
5
1
8
1
55
28
12
15
29
16
17
40
13
29
11
15
24
10
5
19
129
40
27
62
9
9
7
18
5
A
*
\
1
i
5
1
128
66
49
12
41
21
66
20
13
33
11
4
34
3
1
15
1
2
2
11
See notes appended to table 1 for sources offiguresand for statement of classes of banks included under the heading "commercial banks.'*
792
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 10.—TOTAL DEPOSITS OF COMMERCIAL B A N K S X CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS,
DECEMBER 31, 1935
[In thousands of dollars]
Total deposits by size groups:
Total
AH commercial banks
41,655,597
—total.
Under $100,000- $150,000- $250,000- $500,000-11,L, 000,000- $2,000,000- $5,000,000- $10,000,000- $50,000,000
*
$249,000 $499,000 $999,000 ^1,999,000 $4,999,000 $9,999,000 $49,999,000 and over
$100,000 $149,000
85,233
147,465
439,876 1,226,489 2,016,334
2,617,120
3,810,457
2,919,663
6,711,849 24,681,111
4,249
879
62,092
15,954
2,902
112,06^
85,394
16,215
305,226
429,713
62,890
680,484
967,056
141,684
846, 624
2,314,804
516,516
926,211
1,833,842
518,146
545,686
3,762,105 13,988,438
1,822,659 10,328,182
274,712
827,182
18,013
16,542
33,041
53,402
60,970
1,400,238
238,223
923, ur
55, 214
52,926
21,989
299,903
89, 779
2,922,604
187,006
76,124
100,170
1,761,533
289,122
508,649
301
716
480
122
114
83,221
8,381
13,961
14,368
29,542
2,284
14,685
177,936
28,569
17,828
31,348
59,915
4,843
35,433
409,612
51,652
20,958
36,298
185,266
21,825
93,613
361,497
69,180
17,184
11,320
168,690
14,209
80,914
1,153,437
89
23,520
2,822
4,450
6,330
5,830
464
3,624
708.265
25,539
159
31
22
4,099
863
1,174
384
375
333,275
131,352
218,099
978,481
114,114
60,842
Middle Atlantic- -total- 19,068,735
New York
13,286,533
1,594,346
New Jersey
4,187,856
Pennsylvania..
East North Central—
total
8,025,736
Ohio
1,898,012
Indiana
674,602
Illinois
3,537,873
Michigan
i
1,171,077
Wisconsin
744,172
446
95
130
221
3,091
467
262
2,362
745,030 1,303,013
232,142
453,831
159,029
261,781
587,401
353,859
1,009,546
368,407
193,678
447,461
BY CLASSES OF BANKS
National banks...
__. 24,801, 793
State member banks
__. 13,648,296
Insured nonmember banks. 5,503,729
Uninsured nonmember
banks
_
701,779
BY STATES
New England—total
Maine.
,
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
8,996
1,131
1,394
2,925
1,537
2,009
1,303
21,802 125, 758 394,787
6,377 48,066 130,567
13,730 66,058
1,431
13,994 63,962 198,162
1,883,836 13,581,426
744,894 11,301,687
320,545
577,702
561,240 1,959,194
27,344 101,828 292,833
3,604 14,594 67,601
4,445 19,900 44,875
74,175
10,158 30,811
3,411
14,512 48,735
5,726 22,011 57,446
467,205
120,671
66,619
116,304
58,254
105,357
559,442
149, 521
99,376
131,936
76,888
101,721
745,606
199,084
104,469
250,089
111,398
80,566
555,866
140,277
50,369
183,199
95,015
87,006
953,418
225,944
187,637
266,126
171,363
102,348
4,313,199
975,585
95, 518
2,472,150
589,964
179,982
368,585
93,861
95,986
62,032
334,798
65,(718
64,265
89,549
17,246
16,236
22,401
227,544
34,655
44,351
100,107
6,188
15,035
15,545
11,663
575,601
66,689
118,570
166,927
1,100,203
380,985
8,144
35,481
66,085
320,010
53, 346
93,232
62,150
12,416
15,658
27,110
56,098
137,842
• 85,573
41,128 120,801 211,361
238
3,659
5,872
4,606 13,169 31,149
322
867
8,080 24,219 64,536
4,241
17,658 32,378
7,290 16,483 24,679
2,945 10,203
11,289
9,761
23,583 22,577
3,967 11,505 18,014
302,543
9,333
43,037
1,473
66,019
45,095
53,824
16,936
32,176
34,600
371, &46
13,532
44,416
14,026
71,693
72,737
52,136
28,019
33,408
41,879
272,931
15,177
48,125
57,497
59,062
6,368
37,090
6,961
23,250
19,401
871,924
31,834
182,876
130,221
128,052
67,101
94,671
50,156
49,221
137,792
173,519
90,860
34,357
23,630
24,672
156,411
49,263
22,164
37,425
47,559
94,847
24,051
44,543
352,160
66,709
206,770
78,681
155,832
54,100
51,177
50,555
West North Central—
total
Minnesota
Iowa
___
Missouri
North Dakota
South Dakota....
Nebraska..:
Kansas
-
3,486,941
809,803
526,879
1,296,163
71,665
83,829
310,978
387,624
35,408
5,057
2,011
8,278
4,083
2,922
4,125
8,932
57,722
8,713
4,891
14,164
4,846
5,060
7,:
12,759
South Atlantic—totalDelaware
Maryland
District of Columbia..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
__
Florida
_
2,839,289
131,92;
538,443
292,354
489,845
246,483
359,417
128,239
382,951
269,630
7,573
339
560
13,591
487
1,165
1,215
84
1,059
561
3,043
712
2,400
821
1,185
1,169
4,604
1,760
Eaat South C e n t r a l total
Kentucky—
TennesseeAlabama
Mississippi-
1,240,046
406,731
432,098
244,240
156,977
11,553
3,985
4,142
1,621
1,810
17,884
6,108
6,365
4,086
2,325
38,150
2,077,538 16,384
144,959 3,456
374,517
657
386,093 3,332
l, 171, r "
20,361
3,208
723
5,837
10,593
59,515
7,386
4,127
17,423
30,579
153,561
16,147
15,661
38,417
83,336
180,721
20,169
27,606
32,849
100,097
168,711
22,096
23,845
38,350
84,420
210,024
12,112
17,975
59,320
120,617
215.827
36,407
25,279
17,817
136,324
723,292
23,978
147,952
121,057
430,305
329,142
3,180
741
669
247
1,392
131
14, 777
4,732
1,473
967
4,643
1,034
173
1,559
196
49,056
10,374
5,886
6,147
14,820
4,814
76,909
20,048
6,744
9,606
17,116
7,107
79,803
14,624
13,517
9,739
25,356
5,559
130,015
91.806
16,8^4
54.603
7,015
8,661
3,658
9,581
1,426
17,318
17,717
24,840
6,578
20,554
4,363
5,282
330,070
31,767
35,011
10,859
5,583
2,174
3,102
45,881
14,211
9,108
22,562
89,588
27,343
15,754
46,491
90,137
26,955
17,569
45,603
149,132
33,195
14,041
101,896
est South Central—
total
Arkansas
Louisiana
Oklahoma—
Texas
Mountain—total.
Montana
__
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific—Total-.
WashingtonOregon.
California
833,018
133,170
80,826
57,679
291,535
43,967
63,758
136,270
25,813
2,800
627
208
373
1,218
184
4,161,690
382,684
241,694
3,537,312
1,767
1,382
244
141
190
3,576
1,554
1,382
640
147,718 319,352
25,075 75,704
29,283 74,290
21,880 61,858
6,032 13,858
10,907
9,867
22,697
31,844 55,287
13,426
11,095
7,'""
5,993
95,728 143,957
33,703 64,526
22,024 30,461
19,887 20,719
20,114 28,251
719,218
625,591
51,456
169,290
87,948
64,569
71,000
"l8l,"328
26,253
12,883
23,979
18,560
13,831
5,659
89.799
21,4W
68,339
110,692
51,691
166,759
123,568
25,231
99,242
15,251
313,283 3,367,678
182,582
68,419
' 10,124 171,298
3,013,798
234,740
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
793
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 11.—NUMBER OF COMMERCIAL B A N K S 1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS AND
ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935
Number of commercial banks located in places with a population (1930 census) of:
Size group—total deposits
Under $100,000.
$100,000-$149,000
$150,000-$249,000___.
$250,000-$499,000
$500,000-$999,000
$l,000.000-$l ,999,000
$2,000,000-$4,999fOOO.
$5,000,000-$9,999,000._
$10,000,000-$49,999,000
$50,000,000 and over
Total
- -
- —
.
-
Total
Under
250
1,258
1,186
2,236
3,439
2,840
1,854
1.270
419
324
109
454
219
207
102
20
1
14,935
1,003
250499
500999
459
464
614
390
72
13
3
1,0002,499
2,5004,999
238
321
774
955
292
34
2
71
152
477
1,266
934
212
31
10
14
97
439
769
421
92
4
2
5
3
36
143
412
516
228
13
4
2
10
52
188
392
431
74
15
3
3
- 4
25
40
102
201
128
22
4
2
7
20
25
42
108
77
54
2
37
64
71
101
77
165
38
3
1
2
5
24
50
73
46
65
69
2,616
3,143
1,848
1,361
1,168
£28
341
573
338
1
2,016
5,000- 10,000- 25,000- 50,000- 100,000- 500,000
9,999 24,999 49,999 99,999 499,999 and over
7
5
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
TABLE 12.—TOTAL DEPOSITS OF COMMERCIAL BANKS 1 CLASSIFIED ACCORDING TO AMOUNTS OF THEIR DEPOSITS
AND ACCORDING TO POPULATION OF TOWNS AND CITIES, DECEMBER 31, 1935
[In thousand of dollars]
Total deposits of commercial banks located in places with a population (1930 census) of:
Size group—total deposits
Under $100,000
$100,000-$149,000
$150,000-$249,000
$250,000-$499,000
$500,000-$999,000
$1,000,000-$1,999,000
$2,000,000-$4,999,000
$5 000(000-$9,999,000
$10,000,000-$49,999,000
$50,000,000 and over
Total.
.
-
Total
85,233
147,465
439,876
1,226,489
2,016,334
2,617,120
3,810,457
2,919,663
6,711,849
24,681,111
Under
250
250499
500-
29,219 31,849 16,663
26,719 57,487 40,214
39,444 116,942 152,891
33,278 129,884 330,306
13,005 47,480 196,649
43,340
ir- 16,036
6,820
4,646
25,180
10,00024,999
1,0002,499
2,5004,999
5,0009,999
5,298
19,321
97,657
456,705
634,500
277,803
76,501
702
1,771
19,608
165,135
556,220
576,169
242,627
24,458
33,742
374
275
1,981
7,326
20,271
57,429
310,121 142,659
719,731 579,511
1,291,550
630,905 1,
79,857 483,881
191,858
25,00049,999
178
363
858
10,164
31,480
151,946
637,134
884,458
278,990
50,000- 100,000- 500,00099,999 499,999 and over
100
437
141
579
340
1,450
2,040
13,270
17,157
48,873
73,122
118,908
231,551
367,983 320,740
666,353 562,176 318,480
_ ,
925,485
3,750,590 ,506,004
150,619 3,100,758 21,429,734
195
221
1,379
8,007
18,290
59,458
44,655,597 142,761 431,678 784,609 1,567,785 1,620,432 1,806,026 2,712,295 1,995,571 2,097,990 7,917,781 23,678,669
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading '•commercial banks."
794
FEDERAL RESERVE BULLETIN
TABLE 13*—NUMBER OF COMMERCIAL BANKS
AUGUST 1937
r
CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES,
DECEMBER 31, 1935
Number of commercial banks located in places with a population (1930 census) of:
Total
All commercial banks—total
5,000- 10,000- 25,000- £0,000- 100,000- 500,000and
9,999 24,999 49,999 99,999 499,999 over
Under
250
250499
500999
14,935
1,003
2,016
2,616
3,143
1,848
1,361
1,168
528
341
573
338
5,386
998
7,641
910
47
13730
213
292
61
1,439
224
676
96
1,662
182
1,279
183
1,563
118
908
132
755
53
738
100
488
35
648
111
392
17
280
63
178
7
164
49
113
15
242
82
222
27
112
108
99
19
1
15
84
71
87
124
63
31
62
17
5
15
17
29
11
13
5
16
34
1
18
12
15
13
58
3
23
6
6
25
4
22
5
5
15
6
28
12
22
17
12
15
17
10
14
3
15
169
1,000- 2,5002,499 4,999
BY CLASSES OF BANKS
National banks
State member banks .. .._._.__
Insured nonmember banks - - --- Uninsured nonmember banks .. s *
BY STATES
558
New Hampshire
Vermont
Massachusetts
Rhode Island
71
65
76
203
23
120
.'_
-
Middle Atlantic—total
New York
Pennsylvania
East North Central—total
Ohio
Indiana
Illinois
Michigan
Wisconsin..
* ---
-
...
-
West North Central—total
Minnesota
_
Iowa
,
Missouri
North
Dakota
South DakotaNebraska
Kansas.
.
South Atlantic—total-*-.-.Delaware
Maryland...
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central—total—
Kentucky
Tennessee Alabama —
Mississippi .
West South Central—total
Arkansas
Louisiana
Texas
Moun t a i n—t ot al Montana
Idaho
Wyoming
Colorado
New Mexico.Arizona
Utah
Nevada
_
Pacific—total
Washington
Oregon
California
. t
.*
1
7
1
2
2,247
23
105
270
385
381
296
319
109
94
96
762
395
1,090
5
2
16
37
1
67
116
25
129
154
51
180
127
. 61
193
73
73
150
93
70
156
33
35
41
19
22
53
20
55
21
3,149
166
466
614
626
333
295 « 237
161
70
95
86
688
509
881
463
60S
14
23
66
10
53
75
74
150
59
108
122
105
167
87
133
151
88
167
113
107
69
59
89
53
63
85
47
76
47
40
71
41
49
45
31
42
26
38
18
37
7
7
22
17
17
44
38
5
8
8
1
52
3,600
554
730
757
701
289
180
161
41
50
109
28
685
658
694
203
199
437
724
105
89
106
32
- 26
65
131
136
101
125
59
58
106
145
143
151
126
52
49
89
147
127
139
135
33
40
103
124
62
76
59
3
7
26
56
S8
32
41
12
4
19
34
31
26
27
7
10
14
46
20
5
5
5
15
18
43
9
24
28
6
6
11
9
24
1,499
11
169
223
382
209
149
91
63
46
72
45
186
21
320
180
214
104
280
149,
2
15
6
24
5
32
13
35
7
30
1
12
10
10
30
6
8
4
9
3
60
11
24
3
36
5
47
25
39
16
48
11
68
57
58
30
81
40
37
22
28
18
37
30
23
22
22
IS
27
24
22
11
17
5
15
11
14
9
12
3
6
9
4
17
6
7
11
1
1,179
99
188
216
265
165
79
69
22
12
34
432
322
216
209
54
33
6
6
81
57
24
26
78
73
42
53
86
66
61
52
46
45
38
36
34
24
13
8
21
4
22
22
14
2
6
6
12
18
4
1,660
46
223
320
466
250
165
83
29
23
55
221
150
405
884
4
5
15
22
34
15
62
112
54
22
67
177
49
39
126
252
42
31
51
126
18
19
42
86
12
7
23
41
3
4
6
16
5
3
15
5
13
37
520
28
63
92
128
70
64
33
19
4
19
120
60
59
156
41
15
59
10
6
1
6
14
18
9
5
24
4
10
14
7
12
10
1
13
3
12
7
7
18
8
6
5
1
6
10
523
10
79
106
77
46
2
1
51
4
2
5
2
4
2
1
71
32
9
25
32
6
2
20
2
8
4
4
12
2
1
28
16
5
26
9
1.
6
1
21
11
31
180
94
249
3
5
2
37
20
14
35
16
28
36
21
49
24
14
39
4
8
34
17
5
29
7
1
13
11
17 ——'"*
4
20
10
6
11
21
15
85
.
84
19
IS
18
10
15
9
20
i See notes appended to table 1 for sources offiguresand for statement of classes of banks included under the heading "commercial banks."
795
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 14.—DEPOSITS OF COMMERCIAL BANKS1 CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES,
DECEMBER 31, 1935
[In thousands of dollars]
Deposits of commercial banks located in places with a population (1930 census) of:
Total
Under 250250
499
500909
1,0002,499
2,5004,999
5,0009,999
10,00024,999
25,00049/999
All c o m m e r c i a l banks—total* 44,655,597 142,761 431,678|784,60»|l, 567,78511,620,432 1,806,026 !, 712,2951 1,995,571
50,00099,999
100,000- 500,000
499,999 and over
097,990 r,917,78l|33,578,669
BY CLASSES OF BANKS
National banks
State member banks
Insured nonmember banks
Uninsured nonmember banks
24,801,793 12,654 111,651 262,8151 753,819
13,648,296 3,144 16,673|, 35,734 104,759
5,503,72P104,627 "1651 446,676 661,069
701t77Pi 22,336| 33,703 39,384' 48,138
888,930 ,069,004
129,648 153,209
558,695 547,678
43,159 30,135
652,715 ,, 242,195 1,315,796
311,940 341,314 475,725
710,959 397,990 294,797
36,681
11,672
14,072
083,418 2,408,796
907,525| 0,168,625
732,065
779, 522
147,3161 269,183
BY STATES
289,456! 178,8651 787,916 1,131,632
52,4921 34,839,
23,607 10,270
9,552
55,770
70,675] 126,759! 269,611
4,4851
11,982
8,251
22,468
8,227
4,842]
20,239
12,772
10,700
9,352
1,917
15,695
24,922
3,094
28,412
42,557
3,890
23,884
38,047
18,130
32,106
122,148
12,414
46,769
7,468 41,878|l37,354
301,021
486,896
526,234
961,875
2,3251 15,81F 59,172
85P
244 15,377
4,287 28,819 62,805
122,411
44,446
134,164
179,577
77,265
230,054
144,289
130,207
251,738
East North Central—total—. 8,025,736 32,389|l26,125|l93,189| 319,898
281,036
356,649
321, 531 177,344 168,224 506,815 ,589,030
221,566 131,537 139,947 832,901
418,778 160,381 285,220' 174,920 2,436,690
429,893 503,502 304,851 167,141 4,311,060
1,898,012 2,385 16,02? 43,638
674,60? 4,925 14,45? 29,803
3,537,873 12,255 56,78P 47,640
l,171,077j 1,782 10,813 23,349
744,1721 11,042 28,052 48,759
77,698
43,232
84,770
54,417
59,781
63,522
44,378
79,935
36,456
56,745
100,648
50,038
87,440
67,230
61,293
130,58-1
67,075
99,807
69,383
63,044
127,623
66,209
124,799
87,642
97,229
24,691 746,757
30,9801 292,682
111,947 48,225
84,522 79,477
52,714
564,444
30,828
, 784,269
656,006
275,513
3,486,941 65,848|l25,887|l94,203
297,519
205,913
196,936
281,242
106,602
215,293! 188,232!
609,266
61,034
74,327
42,813'
29,751
49,901
11,309
8,797
21,620
32,745
63,904
48,622
49,255
14,846
17,567
24,815
62,233
54,0771
837297
54,012
514,568
79,067,
387,119
609,266
11,7601
40,318
37,666
118,371
89,107
206,288
203,701
449,218
882,013
New England—total
Maine
_
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut..
3922,60*
__
i
_
187,006
76,124
100,170
_ 1,761,533
_
289,122
508,649
2,365] 4,119
885
9,068,735
13,286,533
_ 1,594,346J
4,187,856
Middle Atlantic—total—
New York
_
New Jersey
Pennsylvania
Ohio
Indiana
Illinois...
Michigan
_
Wisconsin
West North C e n t r a l — t o t a l -
-
Kentucky
Tennessee
Alabama
Mississippi
West South C e n t r a l — t o t a l Arkansas
_
Louisiana
Oklahoma
Texas
Mountain—total
Montana
.._
Idaho
Wyoming
_
Colorado
New Mexico
Arizona
Utah
Nevada
_•_
Pacific—total
Washington
Oregon
California
14,811
42,416
48,469
41,305
65,429
36,982
2,526!
4,838
17,004
37,829
2,839,289 15,373 46,305 70,236
187,852
197,110
197,303
3,267
15,866
9,054)
23,115'
29,401
29,564
425]
18,427
27,044
27,3921
49,326
34,071
23,814
11,678
22,723
14,071
32,717
17,853
41,738
10,243
18,193
17,401
34,901
34,282
34,255
16,297
22,830
51,209l
22,891
52,196
12,175
22,931
17,842
43,001
25,875
48,912
13,644
13,555
31,322
85,063| 128,777
78,821
131,927
538,443
292,354
489,845
246,483
359,417
128,239
382,951
13,876'
16,633
10,808
2,200
2,728
7,644
11,959
27,1921
24,202
18,432
6,40Pi
7,818:
18,630
23,204
551 2,340
4,303 8,842
6,441 21,086
1,004 3,726
1,387 6,413
451
743
517 2,977
470
427
19,639
9,137
10,372
2,773
7,604
1,578
1,240,046 12,203 29,987 60,219
East South Central—total
42,7971
28,354!
20,463
25,011
34,858
31,554
18,889
30,082
36,902
24,683
12,594
10,984
30,256
9,826
43,024
45,671
2,077,538
3,954 28,925 60,157
161,732
145,688
162,912
193,204
2,873 9,931
3,013 7,923
7,984 11,724
15,055 30,579
11,778]
18,117
37,205
94,632
23,415
22,976
28,137
71,160
14,744|
17,591
38,371
92,206
33,222
26,856
47,504i
85,622
18,270
21,773
18,371
55,352
4,1671 11,000 28,295
69,258
56,987
93,502| 142,246
142,185
20,850
4,307
15,158
16,403
3,493
851
17,073
15,090
14,326
16,519
7,521
13,953
6,145;
2,875
37,57'
37,752'
19,945
20,799
37,756
1,036
7,074j
16,621
4,918
7,141
6,894
886]
8,73;
4,716!
1,359] 16,206 31,404
58,1101
60,744]
60,66Si
5,875 11,655
5,095 5,373
5,236 14,376
16,751
9,453
31,906
18,882
13,842]
28,020
2,170
It! 4101
47,088
133,170
80,826
57,679
291,535
43,967
63,758
136,270
25,813
'. 4,161,6S0
382,684
241,694
3,537,312
148
628,
990|
161
796
1,331
3,259
2,099
1,003
3,339
515
271
514
317
633
409
4,796
1,533
7,065
3,156
562
2,057
532
7,160
95,955
37,801
240,558 1,131,032
258,310
289,048
593,391 1,514,636 4,025,720
383,890
383,890
292,354,
32,666 198,859
97,644
140,330
60,235
116,291 155,3301
2,052 148,581
78,439 534,529
44,4341 18,299| 149,801
5,686 ~60,"l40j 307,254
77,474
28,801!
113,766 185,781 ,021,419
8,024 16,517 24,843
2,889 6,626 15,426
654 3,184 7,818
636 3,660 12,132
833,018
^..
U6T625| 115,3831
14,100
18,027
406,731
432,098
244,240
156,977
144,959
—
374,517
386,093
1,171,969
1
469,262
45,111
51,474
25,091
10,472
9,243
20,160
32,652
809,803!
526,879
1,296,163
71,665
...
83,829
310,978
387,624
-
Minnesota
—
Iowa
_
Missouri.
North Dakota..
.
South Dakota..
Nebraska
Kansas
South Atlantic—total
Delaware
Maryland
District of Columbia
Virginia
West Virginia..
North Carolina
South Carolina-—
Georgia
Florida
111,041
12,591
89,725
30,5781
43,959; 211,68:
195,447
111,244 614,29;
25,771
259,604
20,873
12,727
47,506
23,323
25,77'
172,29:
99,156)
88,276)
66,375] 562,29: 3,117,101
28,055
10,883
60,2ir
19,92C
10,1258,232
66,37J
1,264
15,25:
87,3
279,059
174,887
108,35: 3,lit, 101
1 See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
796
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 15.—LOANS AND INVESTMENTS OF COMMERCIAL BANES 1 CLASSIFIED ACCORDING TO POPULATION OF TOWNS
AND CITIES, DECEMBER 31, 1935
[In thousands of dollars]
Loans and investments of commercial banks located in places with a population (1930 census) of:
Total
AH commercial banks—total
Under 250250 ' 499
500999
1,0002,499
2,5004,999
5,0009,999
10,00024,999
25,00049,999
50,00099,999
100,000- 500,000
499,999 and over
35,144,018 121,056 355,879 649,625 1,267,990 1,344,234 1,483,858 3,239,341 1,608,799 1, 638,543 5,931,416 18,513,2SS
BY CLASSES OF BANKS
National banks..
. State member banks
Insured nonmember banks
Uninsured nonmember banks
18,949,650 11,992 93,881 228, 590 625, 786 743,883
10,968,340 2,698 12,933 27,699
82, 545 106,970
4,641,748 88,179 224,229 365,192 524,408 460,999
584,281 •18,187 24,836 28,144
35,251 32,367
870,293 1,336,483
126,340 259,008
457, 311 609,353
29,914
34,497
982,731
297,627
337, S57
10,584
984,225 3,660,544 9,431.237
381,646 1,491,804 8,179,070
679, 594
253,255 641,371
223,387
9,417 137,697
253,920
160,214
BY STATES
New England—total
*
Maine
New Hampshire
_
Vermont..
.
Massachusetts
Rhodo Island..
Connecticut
Middle Atlantic—total
New York
New Jersey.Pennsylvania
- .
East North Central—total
Ohio
Indiana
Illinois „
Michigan
Wisconsin
2,359,087
2,665
9,559
55,585
66,935
118,827
249,610
4,325
4,244
67
11,186
8,092
23,812
7,992
923
4,500
22,243
19,226
12,520 • 3,034
10,189
28,942
7,820
38,935
2,071
4,347
15,109
21,326
3(5,325
16,137
31, 522
111,243
13, 219
41,164
15,634,158
7,702 45,084 136,296
292,356
466,341
490,621
878,313
431,173
542,990 1,263,388 11,079,833
10,562,224
1,339,455
3,732,47E
2,336 15,873 59,161
871
217 15,097
4,495 28,994 62,038
119,604
41, 763
130,985
171,213
72,494
222,634
134,710
117,033
238,878
297,591
183,994
391,728
161,766
116,815
152,592
154,240
129,851
258,899
444,836 9,000,854
656,320
162,203 2,079,029
6,030,764 28,12C 105,732 165,877
264,436
230,489
236,246
351,217
391,155
234,109
849,200 3,114,177
87,158
39,177
68,908
55,993
45,010
109,434
55,193
76,079
56,390
54,121
108,455
50,736
87,897
69,772
74,295
20,255
23,718
86,458
63,300
40,378
440,391
549,083
25,456
197,139
35,432 2,014,634
429,635
67,54C
204,061
171,472
72,341
101,374
1,335,283
263,750
414,867
2,665
1,491,120 2,195
503,912 4,316
2,588,711 9,526
846,807 1,518
600,214 10,571
_
14,742
12,617
43,892
8,770
25, 711
38,631
24,461
39,379
19,195
44,211
66,888
35,893
65,245
43,323
53,087
53,8S8
35,206
61,261
31,365
48,769 ^
656,976
781,796
202, 789
232,074
222,113
784,796
29,308
48,856
24,380 ' 8,178
93,436
12,039
75,209
88,205
34,523
West North Central—total... 3,513,993 54,891 100,343 151,883 225,005 155,001 143,363 206,710 77,343 148,743 800,947 449, SC4
Minnesota
630,9ie 12,157 23,453 38,477
51,609
36,135
36,604
381,402
51,019
406,282 13,410 19,054 40,121
Iowa
54,946
50,672
22,194
65,143 —
34,755 ""42~858 ""63," 129
889,355 9,427 14,113 19,284
Missouri
32,676
26,734
449,864
35,721
38,867
35,841 220,583
6,245
North Dakota
_
54,670 2,102 5,311 8,358
8,132
1,779
8,992
10,038
9,958
South Dakota
64,734 2,318 6,987 7,388
11,713
3,536
13,235
6,523
13,034
Nebraska
..
220,485 6,108 14,041 15,235 32,003
11,873
13, 566 19,12t
25,884
82,646
247, 551 9,369 17,384 23,020
33,866
39,667
24,272
19,763
51,173
5,148
23,8S9
Kansas
„.
.
South Atlantic —total—
2,143,159 13,095 39,283 57,302 146,912 158,753 149,711 163,084 153,688 313,213 639,494
307,724
Delaware
Maryland
-
Virginia
West Virginia
North Carolina
South Carolina
Georgia
_
Florida
East South Central—total
122,811
449,561
375,422
199,622
255,648
76,765
268,898
186,422
635
4,001
2,532 2,914
8,684 15,498
5,841 17,853 17,073
832 3,895 7,309
837 3,993 7,016
291
362 1,725
329 1,619 4,557
329
345 1,110
9,491
21,667
30,096
28,583
41,562
29,624
15,866
6,569
13,835
8,298
27,326
14,006
28,887
6,656
10,436
12,763
394
16,392
28,628
28,544
22,225
10,387
16,446
26, 695
76,749
23,303
23,709
43,873
18, 559
38,660
9,173
16,729
12,787
38,074
21,666
34,092
6,533
10,312
19,302
23,602
75,187
104,072
35,069
74,165
1,118
120,470
103,675
939,416 10,819 24,283 46,738
89,178
87,972
67,791
95,421
59,356
58,682
399,677
343,120
309,87G
173,290
113,127
7,088 14,848 21,660
2,377 5,069 11,821
492 1,824 4,533
360 2,542 8,724
38,188
20,756
11,468
18,767
28,358
24,462
12,355
22,707
32,848
19,035
8,829
7,079
23,472
6,897
30,861
34,191
£6,115
16,185
4,574
42,497
124,358
214,888
60,431
West S o u t h C e n t r a l — t o t a l — 1,382,891
2,804 18,692 39,940
102,605
95,361
107,974
121,899
110,068
705,955
Kentucky
Tennessee
Alabama
Mississippi •.
Arkansas
Louisiana
Oklahoma
Texas
~
Montana
Idaho
Wyoming
ColoradoNew Mexico.__
Arizona
Utah
Nevada
Pacific—total Washington
Oregon
California
18,667
94,184
255,973
253,07E
779,659
94
584
906
a, 220
1,593 6,066
2,167 6,025
4,945 7,761
9,987 20,088
6,104
12,049
23,522
60,930
14,120
15,631
18,105
47,505
10,097
12,181
24,975
60,721
22,159
15,568
30,549
53,623
77,593
13,608
17,212
11,489
35,284
545,743
3,056
7,463 18,221
293,517
185,212
3,117,076
20,343
22,074
67,651
152,482
130,823
422,650
11,410
173,822
11,990
7,756
31,651
17,560
11,410
116,973
45,472
37, 652
60,628
94,505
93,514
4,947
3,201
1,011
4,558
2,044
314
1,766
380
12,674
2,960
9,642
10,565
2,304
.605
6,929
793
4,637
9,340
3,743
4,484
4,106
489
6,865
3,988
11,790
9,952
8,329
10,972
4,190
9,549
4,155
1,691
22,234
29,135
10,497
15,212
6,339
24,557
1,065 13,334 23,909
46,440
45,720
48,697
78,582
71,157
49,114
441,956 2,776,834
12,582
6,627
27,231
13,486
9,512
22,722
1,805
7,914
38,978
20,320
8,032
50,230
14,357
7,219
49,581 ""49,"ll4
217,806
137,780
86,370 2,776,834
83,864
734 2,291
56,044
102 1,354
34,454
599
633
189,313 1,042 2,107
27,082
343
42,608
94,354
"""253
18,024 " 579
482
3,595,80S
307,724
207,010
131,590
292
485
288
4,089 8,780
3,620 4,023
4,625 11,106
977
10,111
56,849
i See notes appended to table I for sources offiguresand for statement of classes of banks included under the heading "commercial banks."
AUGUST
797
FEDERAL RESERVE BULLETIN
1937
TABLE 16.—NUMBER OF COMMERCIAL BANKS 1 CLASSIFIED ACCORDING TO RATIO OF TOTAL CAPITAL ACCOUNT2 TO
f
TOTAL DEPOSITS, DECEMBER 31, 1935
Number of commercial banks with 3the following ratios (percentages) of total capital
account to total deposits:
Total
All commercial banks—total
Less
than 5-5.9
5 per per
cent cent
6-6.9
per
cent
7-7.9
per
cent
8-8.9
per
cent
20 per
9-9.9 10-10.9 11-11.9 12-12.9 13-13.9 4-14.9 5-19.9 cent
per
per
per
per
per
per
per
and
cent cent cent cent cent cent cent over
14,935
19
41
114
246
356
545
678
799
875
820
912
3,575
5,955
5,386
993
7,641
910
8
19
10
1
16
5
47
12
47
8
107
18
106
15
151
29
154
22
254
44
226
21
312
62
274
30
333
67
357
42
353
79
400
33
329
91
364
36
359
73
434
46
1,424
247
1,753
151
1,685
275
3,500
495
1
1
7
16
17
29
25
42
163
256
1
1
3
7
15
13
17
77
3
50
BY CLASSES OF BANKS
National banks
-.
......
State member banks
Insured nonmember banks
Uninsured nonmember banks
BY STATES
New England—total
Maine . _
New Hampshire
Vermont . _
Massachusetts
Rhode Island ...
._
--.
*
Middle Atlantic—total
N G W JGTSGV
East North Central—total
---
-
West N o r t h Central—total—— -
North Dakota
fintitta T)ft.lfota
Nebraska
Kansas
-- -
South Atlantic—total
IVTnrvland
*•„--
Virginia...
West Virginia
North Carolina
South Carolina
Florida
-
—
-
East South Central—total
Tennessee
Alabama...
-
-
A k
Montana...
—
-
Pacific—total
Wash i nfft n ti
1
6
• 9
7
6
4
2
1,066
297
129
640
12
29
51
71
123
123
127
2
6
4
9
16
23
13
27
30
47
39
56
32
37
49
30
44
39
248
99
294
2
4
15
14
71
16
47
33
641
3
1
31
41
14
31
46
.68
111
185
189
211
211
198
733
1,091
6
8
13
12
7
9
29
17
9
15
15
41
20
20
32
25
47
43
31
55
34
43
36
43
54
23
52
27
36
33
34
54
35
33
38
52
1
1
5
11
10
4
4
2
1
1
6
3
3
177
136
196
113
166
272
162
327
115
218
3,600
8
14
36
87
126
192
220
237
251
206
780
1,197
685
658
694
203
199
437
724
1
2
4
1
6
3
5
15
6
1
14
37
12
1
22
43
24
40
63
70
26
5
65
48
54
64
49
43
3
53
45
35
1
3
1
3
6
33
145
130
134
25
35
114
197
144
103
277
135
121
162
255
1,499
3
3
11
45
186
21
320
180
214
104
280
149
1
1,660
3
120
60
59
156
41
15
59
10
523
180
94
249
2
3
22
3
23
7
4
20
16
32
25
39
59
18
33
45
44
65
63
1
1
l
4
1
5
6
4
, 20
3
9
6
5
8
1
1
2
1
1
1
2
2
2
7
3
13
8
4
6
35
7
21
13
3
15
6
9
7
10
21
30
63
37
246
63
53
41
9
9
33
80
327
744
1
8
2
16
11
6
4
6
9
60
3
10
3
20
6
10
13
3
' 7
73
6
44
4
82
51
48
17
46
29
289
35
95
4
156
90
88
32
188
56
6
1
6
6
11
6
2
4
1
13
6
13
6
9
6
13
41
47
• 10
7
62
15
13
7
6
17
15
7
8
26
13
8
15
22
10
13
15
34
12
9
18
101
39
44
55
183
145
125
72
530
1
4
4
11
11
2
11
11
35
44
€4
52
82
76
74
72
347
796
1
5
4
2
6
15
6
39
34
110
164
121
68
88
519
4
18
36
37
18
38
27
35
10
9
13
17
22
23
21
11
9
S
5
.3
3
2
5
1
3
2
1
31
46
11
6
12
4
1
3
1
6
3
4
9
3
1
3
2
9
3
7
15
V
2
3
4
2
1
32
12
23
2
5
1
--
57
60
35
3
1
1
4
1
13
4
5
4
17
i
1
432
322
216
209
520
Mountain—total
Nevada
1
__„
6
2
6
4
2
20
1
9
3
221
150
405
884
ii<iifttift"*"
1
1
3
4
3
1
4
1
4
6
1
1
11
688
509
881
463
608
3,149
1,179
West South Central^total
Wyoming
Colorado
New Mexico
Arizona
1
1
762
395
1 090
---
Pennsvlvania
Ohio*
Indiana
Illinois
71
65
76
203
23
120
2,247
New York
T
1
558
1
1
23
15
1
29
24
25
22
32
29
122
120
3
4
4
4
7
5
1
4
12
3
4
26
16
16
36
6
2
18
2
31
10
14
37
5
1
22
6
6
3
3
2
2
13
3
3
11
4
2
2
14
19
24
38
45
32
33
45
118
152
10
5
4
7
7
10
14
13
11
12
14
19
16
7
9
11
2
20
15
10
20
40
50
2
5
5
4
1
6
1
3
4
1
2
1
10
26
31
28
3
10
2
2
2
1
4
2
16
62
15
87
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks,"
* Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits and reserves.
4
to
TABLE 17.—TOTAL DEPOSITS OF COMMERICAL BANKS 1 CLASSIFIED ACCORDING TO RATIO OF TOTAL CAPITAL ACCOUNT2 TO TOTAL DEPOSITS,
DECEMBER 31, 1935
GO
[In thousands of dollars]
Total deposits of commercial banks grouped by ratios (percentages) of total capital account* to total deposits:
Total
All commercial hanks—total- 44,655, 597
Less
than 5
percent
5-5.9
percent
6-6.9
percent
" 7-7.9
percent
8-8.9
percent
9-9.9
percent
183,026
387, 428
2,090,442
2,154,808
2,634,181
3,888,674
4,413, 490
158, 771
342,521
6,179
33, 470
5,258
1,391,259
625,049
66,270
7,864
1,719,268
300,502
123,414
11,624
2, 299,914
156,963
164,070
13,234
2,073,320
1,457,103
346,187
12,064
4,744
12,544
96,941
273, 712
94, 996
6,581
1,924
9,244
11-11.9
percent
12-12.9
percent
13-13.9
percent
14-14.9
percent
15-19.9
percent
20
percent
and over
4,225,855
6,792,228
1,755,469
2,218,012
8,544,521
5,367, 463
1, 679, 649 2,939, 708 4, 765,241
2,306,101
846, 461 1,606,820
404,451
403,172
406,219
• 15,716
24,568
33,467
880,074
515,435
318,996
40,964
1,530,884
333, 768
328,362
24,998
2,898,096
4,300,994
1,227,942
117,489
2,123,088
1,192,921
1, 657,830
393,624
279, 58G
193, 773
781, 489
717,136
465,565
27,719
24,155
1,302
1,329
75,831
26, 727
3,239
2,878
715,532
6,108
27,005
42,909
27,251
31,250
474,173
14,162
127,391
47,245
28,660
55,698
125,297
90,497
118,168
* 10-10.9
percent
BY CLASSES OF BANKS
National banks
24,801, 793
State member banks
13,648,296
Insured nonmember banks
5, 503, 729
Uninsured nonmember banks. __
701, 779
23, 346
909
BY STATES
New England—total
Maine.
New Hampshire
Vermont
._
Massachusetts
Rhode Island
Connecticut
- __ 2,922,604
2,118
_
_
187,006
76,124
100,170
1,701,
533
___ . ._
289,122
608,649
_.
Middle Atlantic—total
19, 068, 735
New York_.__
New Jersey:
Pennsylvania
. _.
East North Central—totaL.
13,286, 533
1, 594,346
4,187,856
82, 752
9,746
6,428
593
45,439
21,252
11, 538
12,673
86,756
1,412,991
1, 723, 786
824,978
5,390, 327
708,176
443,474
5,435,016
2,978,282
52,276
II, 687
986
22,200
62, 701
1,855
784,858
220,228
407,905
1,307,932
66,133
349,721
584,899
192,577
47,502
4, 696,157
303,587
390, 583
429,272
115,004
163,900
219,874
112,154
111,446
4,046,972
272,247
1,115,797
1,194,369
185, 752
1,598,161
4,744
12,544
2,118
52,276
•
1, 678
82,741
5,941
179, 792
6,744
45, 440
157,103.
42,580
91,156
8,025, 736
4,764
290,578
1,442,976
495,095
197,888
626,987
1,016,070
1,619,846
361, 771
342,841
276,550
850,336
500,031
1,898,012
674,602
3,537,873
1,171,077
744,172
4,479
285
3,756
727
156, 904
125, 111
4,080
11,673
100, 714
1,202,991
122,875
4,723
12,940
19, 707
72,389
383,349
6,710
3,676
33, 500
105,989
34,211
20,512
217,723
26,597
309,139
33, 806
39, 722
451,228
57, 670
131, 673
92, 775
282,724
305, 634
73, 745
1,090,634
78, 716
71,117
122, 633
73, 746
78,218
61,930
25,244
154,892
56,409
50,058
47,957
33, 528
87,535
32,116
75,797
28,543
52,559
320, 691
132,216
150,193
122,039
125,197
205,631
67, 455
109, 409
39, 765
77,771
West North Central—total- 3, 486, 911
139,572
G6,597
237,359
505,908
266,147
472,487
560,063
234,587
185,071
118,855
149,700
349,282
201,313
809,803
526,879
1,296,163
71,665
83,829
310,978
387,624
977
846
136,840
258
38,521
16,359
2,667
20,157
184,568
755
38,162
59,868
101, 773
4,702
909
2,969
8,490
22,069
7,143
13, 491
60,132
245,141
1,996
2,023
93, 574
89,551
44,269
17,373
289,871
61, 573
41,094
4,711
3,850
21,064
50, 324
188,480
80,695
245,839
4,542
14,983
10,414
15,110
55,967
27,885
88,785
7,767
13,908
15, 588
24,687
63,760
23,343
32,636
10,607
4,981
9,217
40, 527
26,297
25,457
33,225
2,936
3,812
13,207
13,921
30,733
26,555
42,412
6,776
10,577
18,629
14,018
71, 847
79,885
75,293
9,955
11,548
33,107
67,647
27,293
21,962
52,198
16,918
18,147
26, 871
37, 924
3,839,289
2,285
3,881
102,361
276,132
231, 705
318,949
224,879
228,270
190,8G8
122,574
110,427
433,464
593,494
1,448
11,602
28, 611
18,080
32,120
8,738
3,234
1,631
17,110
4,462
43,636
10, 643
16,033
8,127
8,912
6,811
5,585
6,218
10,314
50,332
76,344
78, 206
87,865
39, 891
13,003
45,102
32,407
115,703
96,738
15,880
120, 736
88,670
40,117
6,751
85t 882
23, 017
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
.. . 1
_
-.
South Atlantic—total
Delaware
Maryland
_
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida—
_-
- -
131,927
538, 443
292,354
489,845
246,483
359,417
128,239
382,951
269,630
1,001
1,902
169,290
1,155
1,284
1,323
1,995
48,928
6,098
563
45,433
948
62,465
31,236
11,038
26,021
19,210
36,934
1,135
108,946
4,529
2,801
32,129.
3,928
113, 889
70, 486
4,315
30, 740
5,012
81,155
9,424
48,612
5,801
70,040
9,955
27,470
13,306
9,251
40,444
6,198
2,535
41,314
6,293
18,176
3,751
107,816
42,187
79,183
19,441
36,861
8,003
25,228
12,492
9,660
w
cj
East South Central—total. -_
Kentucky. _
Tennessee
Alabama..
„_. _
l f 240,046
406, 731
432,098
244,240
156,977
Mississippi..
West South Central—total-. 2,077,538
Arkansas,. _
144 959
374, 517
Louisiana...,
386,093
Oklahoma
1, 171,969
Texas
Mountain—total
833,018
Montana
.
Idaho
Wyoming
Colorado
.
New Mexico
Arizona
Utah. . .
Nevada
Pacific—total
Washington
Oregon
California
2*
133,170
80,826
57,679
291,535
43,967
63,758
136,270
25,813
4,161,690
382,684
241 694
3, 537,312
995
3,661
119, 403
51,582
93,497
140,975
995
3,149
4,192
44,253
45,605
53,906
26,226
15,238
87,133
67,786
117,336
65,371
250,640
241,661
15, 64G
28, 690
32,29&~
10,502
38,558
6,965
7,253
15,010
16,327
57,048
27,306
16,655
31,065.
15,373
8,316
10,617
67,192
101, 358
42,420
39, 670
90,572
34,039
96, 775
20,275
515
63,823
43,729
446
11,405
3,137
29,607
46, 737
3,200
13,953
4,537
56,433
247,861
191,878
247,962
119,5S0
172, 035
221,802
54,268
182,397
274,304
267, 760
15, 271
17,950
866
3,671
1,769
22t 127
10,023
23,014
2,694
111,320
10,030
123,817
32,034
1,561
65, 927
95,356
13,161
77,919
57,426
99,456
1,390
21,240
22,627
74,323
20,938
10,571
14,745
125, 781
5,826
41,548
13,259
161,169
13, 647
8,796
9,712
22,113
4,880
19,524
59,984
98,009
16,831
25,295
94,505
137,673
31, 789
34,616
11,718
189,637
2,189
10,687
50,474
90,285
159,267
81,981
152.534
100, 936
54,728
14,873
31,455
52,267
31,342
1,259
6,012
325
11,500
12,574
678
7,155
8,366
8,684
58,541
3,283
4,256
33,297
6,361
10,358
74,929
2,577
31,745
19,686
17,280
2,156
1,820
3,041
2,229
4,762
302
3,419
20,026
991,
4,581
1,046
1,955
11,305
6,121
8,312
14,083
1,728
1,843
7,796
1,079
6,147
1,500
5,405
5,249
1,013
173
11,855
33,221
2,542
2,189
5,833
2,312
'
18,126
9,030
9,030
10,365
2,921
4,223
25,099
2,407
27,646
25,744
5,070"
34,954
1,743
2,205
52,857
2,315
7,955
4.778
9,352
46,468
10,094
5.178
17,111
11,802 - 3,713
11,002
1,210
11.145
15,016
840
144,399
402,707
1,433,414
536,879
201,891
863,071
40,289
82,770
177,149
182,076
88, 0t5
144,399
27,162
119, 538
256,007
205,683
72,884
l t 154,847
6,119
6,498
524,262
22,233
9,019
170,639
6,856
10,403
845,812
11,177
5,215
23,897
10, 578
1,588
70,604
16,919
6,591
153, 639
54,238
3,804
124,034
21,719
6,154
60,142
See notes appended to table 1 for sources offiguresand for statement of classes of banks included under the heading "commercial banks."
Aggregate book value of capital stock, capital notes andjiebentures, surplus, undivided profits and reserves.
CO
800
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 18.—NUMBER AND TOTAL DEPOSITS OF COMMERCIAL BANKS 1 NOT ON THE FEDERAL RESERVE PAR LIST,
DECEMBER 31, 1935
Number of commercial banks
not on par list
Deposits of commercial banks not on
par list (in thousands of dollars)
State*
Total
United States—total
East North Central—totalIndiana
Illinois
Wisconsin.
West North Central—total.
Insured
Uninsured
nonmember nonmember
banks
banks
Insured
Uninsured
nonmember nonmember
banks
banks
Total
2,553
2,320
233
7S8,775
742,671
46,104
1SS
183
5
61,484
60,593
891
5
19
164
4
19
160
14
1,063
4,219
56,202
901
4,219
55,473
729
195,103
22,143
956
845
111
217,245
Minnesota
Iowa
Missouri
North Dakota..
South Dakota..,
Nebraska
Kansas
392
108
65
133
100
157
1
31
22
5
10
102,874
37,010
17,403
17,416
13,454
28,995
93
South Atlantic:—total-
539
361
86
60
123
100
114
1
499
Virginia
West Virginia—
North CarolinaSouth CarolinaGeorgia
Florida
48
6
144
75
188
78
47
6
144
60
165
77
488
12
178
124
174
43
162
98,325
27,463
16,812
16,090
13,454
22,865 '
93
4,549
9,547
591
1,326
6,130
40
228, 686
218,597
10,089
1
17,896
1,590
98,096
23,421
45,314
32,280
53
15
23
1
17,949
1,590
98.096
28,345
48,982
33,724
4,924
3,668
1,444
455
33
164,630
158, 429
6,201
6
171
114
164
6
7
10
10
1,255
38,575
29,429
95,371
743
38,090
27,546
92,050
512
485
1,883
3,321
326
287
39
104,20$
98,451
5,757
99
104
12
111
92
102
12
81
7
2
20,568
60,785
1,570
15,528
902
408
30
21,470
61,193
1,570
19,975
4,447
otul.
Mountai:
Montana..
Wyoming..
Colorado
23
20
3
6,214
5,983
231
17
3
3
16
3
1
1
5,642
249
92
126
2
5,768
249
197
Pacific—totalWashington..
Oregon
33
31
2
6,308
5,516
792
29
4
28
3
1
1
6,486
822
4,754
762
732
60
East South Central—totalKentucky...
TennesseeAlabama
Mississippi West South Central—total.
Arkansas..,
Louisiana...
OklahomaTexas L_.
i See notes ap r
„
> Only the States having non-par banks on Dec. 31,1935 are listed.
1
' commercial banks.''
105
FEDERAL RESERVE
AUGUST 1937
801
BULLETIN
TABLE 19.—NUMBER OF COMMERCIAL BANKS 1 NOT ON THE FEDERAL RESERVE PAR LIST ON DECEMBER 31, 1935,
CLASSIFIED ACCORDING TO POPULATION OF TOWNS AND CITIES
Number of commercial banks not on Par List located in places with a population (1930 census) of
State*
Total
2,553
United States—total
5
Indiana
Illinois
Wisconsin
West North Central—total
Iowa
IVIissouri
North Dakota
South T)a/kotR
South Atlantic—total
Wft<?t Vireinia
Nortli Carolina
Sontli Carolina
Florida
East S o u t h Central—total
-~
_. _-
West South Central—total,...Dlrlfthnma
Texas
Mountain—total
-
IVTontana
Colors do
-
-
500999
1,0002,499
637
656
569
59
59
33
2
6
2,5004,999
5,0009,999
10,00024,999
25,00049,999
4
4
5
11
2
4
3
76
30
T
1
2
1
211
19
5
25
1
51
2
4
53
1
2
164
30
3
956
222
302
242
143
35
12
392
108
65
100
19
11
119
22
18
91
35
13
56
18
7
5
8
133
100
157
1
Kansas
Pacific—total
361
188
East North Central—total - - -
jvemuc y.
A1 at) am a
MississiDDi
Under . 250499
250
31
19
41
1
47
39
57
36
31
36
25
15
18
10
18
5
2
1
3
1
1
539
34
86
116
174
73
36
48
6
144
75
188
78
10
g
2
37
44
10
5
2
51
27
58
31
5
1
13
14
21
19
1
3
18
1
24
3
35
5
8
13
6
3
3
3
2
1
1
488
48
97
134
118
62
15
11
2
12
178
124
g
29
5
3
49
20
14
18
3
5
8
4
9
14
48
34
25
52
22
70
3
4
1
26
13
2
14
1
35
38
8
8
12
5
10
2
3
30
93
87
36
28
22
5
26
35
14
17
29
38
22
5
2
4
7
3
9
1
1
4
2
3
g
6
326
99
104
12
111
23
17
3
4
3
2
1
33
1
16
9
6
1
29
4
1
13
3
9
5
1
1
2
2
1
2
1 See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
2 Only the States having non-par banks on Dec. 31,1935, are listed.
2
1
1
3
7
44
174
50,000- 100,000
99,999 and over
1
1
802
FEDERAL BESERVE BULLETIN
AUGUST 1937
TABLE 20.—NUMBER OF COMMERCIAL BANKS 1 NOT ON THE FEDERAL RESERVE PAR LIST ON DECEMBER 31, 1935,
CLASSIFIED ACCORDING TO AMOUNT OF DEPOSITS
Number of commercial banks not on Par .List with the following amounts of deposits:
Total
States
United States—total
East North Central—total
Indiana
Illinois
Wisconsin
- ---
_
West North Central—total
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
~-
.
South Atlantic—total -
Virginia
West Virginia.......
..
North Carolina
South Carolina...
__
Georgia
_
Florida
_._
East South Central—total
Kentucky..
Tennessee
Alabama
Mississippi
.
_
West South Central—total
Arkansas
Louisiana
Oklahoma
Texas
Mountain—total...-
Montana..
Wyoming
Colorado
Pacific—total
Washington.
Oregon
;SXK?^^^^^
.
_.
__
Under $100,000- $150,000- $250,000- $500,000- $1,000,000- $2,000,000- $5,000,000- $10,000,000
$100,000 $149,000 $249,000 $499,000 $999,000 $1,999,000 $4, 999,000 $9,999,000 and over
2,553
566
423
603
600
270
74
188
19
33
50
50
32
5
5
19
164
4
15
2
7
23
1
3
46
2
3
45
2
30
• 5
956
226
193
249
212
66
9
1
392
108
65
133
100
157
1
64
5
17
63
33
43
1
66
9
18
31
31
38
107
30
11
25
32
44
115
45
10
14
4
24
36
16
6
4
3
2
1
539
97
70
120
140
71
34
4
48
6
144
75
188
78
9
3
3
10
9
33
15
12
3
42
24
39
20
10
14
11
54
9
11
3
38
14
39
15
21
12
16
12
15
5
6
5
%
488
115
79
99
115
55
16
7
2
12
178
124
174
7
60
22
26
3
32
26
18
2
38
31
28
31
35
49
13
9
33
4
1
11
7
2
326
89
43
71
71
40
10
1
1
99
104
12
111
37
10
4
38
11
5
4
23
22
19
3
27
19
33
1
18
8
27
2
8
1
1
23
7
2
5
5
4
17
3
3
2
2
3
1
1
5
5
4
33
13
3
8
7
2
29
4
12
1
3
7
1
5
2
2
13
3
3
1
2
1
2
8
5
1
1
2
803
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 21.—TOTAL DEPOSITS OF COMMERCIAL BANKS 1 NOT ON THE FEDERAL RESERVE PAR LIST ON DECEMBER 31,1935,
CLASSIFIED ACCORDING TO AMOUNT OF DEPOSITS
[In thousands of dollars]
Total deposits of commercial banks not on Par List with the following amounts of deposits:
Total
State*
United States—total
East North Central—total
Indiana
Illinois
-
788,775
37,298
52,145
116,852
206,218
183,832
96,094
61,484
1,460
4,010
9,844
17,481
22,456
6,233
283
833
2,894
162
566
9,116
618
1,264
15,599
1,214
21,242
6,233
23,690
48,174
72,083
43,923
11,606
2,476
5,310
3,983
2,313
2,476
1,063
4,219
56,202
--
Under $100,000- $150,000- $250,000- $500,000- $1,000,000- $2,000,000- $5,000,000- $10,000,000
$100,000 $149,000 $249,000 $499,000 $999,000 $1, 999,000 $4, 999,000 $9,999,000 and over
34, 429
18,575
43,332
10,692
5,525
32,507
5,525
32, 507
~ 217,345
342
1,118
15,293
102,874
37,010
17,403
17,416
13,454
28,995
93
4,759
366
1,095
3,843
2,349
2,788
93
8,105
1,117
2,273
3,666
3,847
4,682
20,580
6,069
2,201
4,780
6,089
8,455
39,394
15,771
3,057
5,127
1,169
7,565
24,726
9,704
3,988
228,686
5,982
8,700
23,407
47,267
49,375
45,231
17,949
1 590
98,096
28,345
48,982
33,724
588
377
3,634
1,185
1,118
4,260
1,760
3,901
877
13,651
8,200
13,463
7,175
7,223
1,059
580
3,043
712
2,226
713
7,090
2,703
7,683
2,092
14,043
8,573
11,015
8,521
20,418
7,171
7,508
6,500
2,618
164,630
7,410
9,817
19,222
40,206
36,846
19,037
19,042
13,050
--
1,255
38, 575
29,429
95,371
488
3,648
1,495
1,779
384
3,940
3,295
2,198
383
7,057
6,230
5,552
10, 514
12,045
17,647
8,433
5,332
23,081
4,983
1,032
13,022
19,042
13,050
West South Central—total
104,208
5,765
5,311
13,581
25,223
27,297
13,987
2,219
10,825
21,470
61,193
1,570
19,975
2,355
657
243
2,510
1,362
601
461
2,887
4,133
3,891
593
4,964
6,346
12,456
273
6,148
4,737
19,094
2,537
11,450
2,219
10,825
6,211
453
235
1,130
1,751
5,768
249
197
116
140
197
126
109
1,130
1,751
2,645
2,645
6,308
935
382
1,494
2,207
1,290
5,486
822
875
60
382
1,322
172
1,617
590
1,290
West North Central—total
Minnesota
- Iowa
Missouri
North Dakota
Smith Tiakota
--
-.--
Nfihrfl^lvfi
Kansas
W*i<5t Virginia
North Carolina
Smith Carolina
-- *
Florida
East South Central—total-—
Mississippi
*
Louisiana
Oklahoma
Texas
__
-
Montana.
Colorado
—-
-
Pacific—total
Washington
Oregon
_'
—-
5,505
2,010
6,064
3,466
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading ' 'commercial banks."
a Only the states having non-par banks on Dec. 31,1935, are listed.
804
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 22.—NUMBER AND TOTAL CAPITAL STOCK OF NONMEMBER COMMERCIAL BANKS 1 WITH CAPITAL STOCK2 LESS
THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR ADMISSION TO FEDERAL RESERVE MEMBERSHIP, AND AMOUNTS BY WHICH SUCH REQUIREMENTS EXCEED CAPITAL STOCK AS OF DECEMBER 31, 1935
[Amounts are in thousands of dollars]
Nonmember commercial banks with capital stock less than the applicable minimum statutory
requirements for Federal Reserve membership
Total
State
Banks operating no branches
outside head office city established after Feb. 25, 1927
Banks operating branches outside head office city established after F e b . 25,1927*
Number
Excess of
Federal
Reserve
membership requirements
over capital stock
Number
Capital
stock*
Excess of
Federal
Reserve
membership requirements
over capital stock
Number
Capital
stock*
Excess of
Federal
Reserve
membership requirements
over capital stock
United States—total
3,816
87,936
180,434
3,506
63,420
53,930
310
25,506
126,494
New England—total
Maine
- _
New Hamnshire
Vermont
Massachusetts
Rhode Island
,
_
Connecticut
Middle Atlantic—total—
New York
N e w Jersey
Pennsylvania
East N o r t h Central—total
Ohio
.
Indiana
- Illinois
Michigan
- Wisconsin
West N o r t h Central—total
Minnesota
Iowa
.
Missouri...'
N o r t h Dakota
South Dakota —
Nebraska . . Kansas
-. ._
South Atlantic—total
Delaware
Maryland
~District of Columbia—
Virginia.
-.West Virginia
N o r t h Carolina
South Carolina
Georgia
Florida
East South Central—totalKentucky
Tennessee *.
,
.
Alabama..
Mississippi
. .
West S o u t h C e n t r a l — t o t a l
Arkansas
.
Louisiana..
--Oklahoma.—
Texas
Mountain—total
_
Montana
Idaho.
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific—total
_
Washington
Oregon
California
31
6
3
1
6
4
11
33
2
8
22
383
54
64
75
61
129
1,394
264
211
284
53
46
115
321
357
4
15
5
52
10
46
33
66
26
345
137
111
30
67
317
63
22
138
94
76
6
11
10
36
7
2
4
3,623
875
125
180
975
495
973
3,143
275
850
2,018
18,339
3,143
3,999
2,342
2,750
6,095
38,438
5,356
7,116
5,728
974
918
2,100
6,236
13,383
363
638
500
2,977
820
4,378
1,125
1,704
878
8,434
3,028
2,534
661
2,211
7,333
1,278
1,580
2,356
2,119
3,008
170
230
105
773
275
200
255
3,877
1,125
375
20
825
905
627
3,357
125
750
1,382
48,371
3,657
11,301
1,583
5,150
26,580
63,772
4,844
43,909
5,897
826
582
2,100
5,614
36,267
437
1,237
500
8,298
930
10,347
1,925
1,796
797
18,341
5,672
5,341
739
6,589
10,992
3,122
3,845
2,544
1,481
3,442
105
145
145
927
425
250
445
20
1,843
1,457
3
125
375
11
6
1,780
875
2,430
1,125
4
2
11
32
2
8
22
287
48
43
75
50
71
1,199
264
118
284
52
45
115
321
208
4
13
5
34
9
20
31
66
26
314
129
102
30
53
302
58
12
138
94
69
6
11
10
36
3
500
246
973
3,143
275
850
2,018
10,839
2,418
2,346
2,342
1,673
2,050
33,813
5,356
2,546
5,728
949
898
2,100
6,236
7,358
363
503
500
' 1,263
770
532
845
1,704
878
5,989
2,521
1, 734
661
1,073
5,752
1,009
268
2,356
2,119
1,473
170
230
105
773
90
300
155
627
2,257
125
750
1,382
7,771
1,382
2,454
1,583
727
1,625
2X,387
4,844
1,979
5,897
601
352
2,100
5,614
6,942
437
372
500
1,012
480
343
1,205
1,796
797
5,286
2,179
1,641
739
727
5,073
891
157
2,544
1,481
1,527
105
145.
145
927
110
1
2
2
180
475
250
20
525
750
96
6
21
7,500
725
1,653
40,500
2,275
8,847
11
58
95
1,077
4,045
4,615
4,423
24,955
43,385
93
4,570
41,930
1
1
25
20
225
230
49
6,025
19,325
2
135
865
18
1
26
2
1,714
50
3,846
280
7,286
450
10,004
720
31
8
9
2,445
507
800
13,055
3,493
3,700
14
15
5
10
1,138
1,581
269
1,312
5,862
5,919
2,231
3,688
7
535
915
3
105
95
4
2
1
185
200
150
315
250
350
81
46
20
15
3,345
1,147
526
1,572
4,205
1,428
699
2,078
75
45
19
11
2,220
947
416
857
2,230
1,128
309
793
6
1
1
4
1,025
200
110
715
1,975
300
390
1,285^
•2^882^
Capital
stock*
8 5 * 2 ? * i D C l u d e d under the heading "c
-Section 5155, U. 8. B . S. defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place
usiness
at which deposits are received, or checks paid, or money lent". T h e term "branch" is used in that sense in this compilation
805
FEDERAL RESERVE BULLETIN
AtJGUST 1937
TABLE 23.—NUMBER OF NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO AMOUNT OF
CAPITAL STOCK, DECEMBER 31, 1935
Number of banks (with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership) with the following amounts of capital stock:
State.
Total
Less than $15,000$15,000
United States—total
2,816
New England—total
31
Maine
.
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
$25,000
$25,100$49,900
1,197
189
169
1
2
- .
-
32
NPW York
New Jersey
Pennsylvania
East North Central—total
•
*
---
West North Centra —total
Nnrth "Dakota
Smith "Dftltotd
South Atlantic—total
T) 1
"District of Columbia
Virginia
-—
Woof Virginia
North Carolina
Smith Carolina
TFlnHrta
TTfintnckv •
Tennessee
Alabama
--
West South Central—total
A k
Louisiana
Texas
Mountain—total
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific—total
Washington
California
-
204
140
85
85
5
2
9
8
2
1
1
383
25
1
1
$100,100- $200,000
5199,900
nd over
26
4
3
2
1
2
8
22
1
2
3
2
2
1
2
1
4
6
4
7
13
1
5
4
1
5
1
1
2
10
1
116
49
51
35
59
17
25
6
13
12
1
6
7
7
18
13
4
4
8
3
3
7
1
2
7
2
10
9
4
10
26
3
4
3
12
7
40
30
39
17
15
4
5
8
1,294
459
567
77
54
78
25
25
6
3
264
211
284
53
46
115
321
106
30
133
3
4
35
148
108
71
115
44
39
66
124
14
43
4
2
1
4
9
13
16
9
4
1
2
9
13
30
7
7
8
4
3
6
4
2
3
1
8
19
6
6
257
23
98
16
25
34
22
17
13
9
1
1
1
2
3
3
2
5
1
5
3
1
54
64
75
61
129
13
4
15
5
52
10
46
33
66
26
1
4
2
10
10
2
15
8
45
16
3
2
2
2
4
1
3
1
7
7
5
75
202
13
137
111
30
67
50
7
18
317
92
112
46
15
29
162
63
22
138
94
28
3
49
12
24
7
70
61
76
27
21
2
9
16
3
7
1
10
345
East South Central—total
$100,000
1
2
1
3
1
6
4
11
-
$50,100$99,900
$50,000
6
Middle Atlantic—total
Ohio
Indiana
Illinois
721
$24,900
6
11
10
36
10
•7
2
4
2
1
6
3
10
1
2
5
10
2
2
5
3
9
6
3
2
2
19
11
11
4
9
5
3
5
4
2
4
2
1
8
1
5
4
1
22
9
13
12
2
4
1
3
2
3
2,
5
3
1
4
2
5
1
3
1
9
1
2
4
1
1
10
8
7
7
2
2
2
2
1
1
1
3
4
1
1
2
4
1
1
1
6
1
3
i •
1
i
2
1
9
•
2
3
1
2
1
81
19
31
2
2
15
3
2
46
20
15
15
4
19
12
2
1
8
2
5
1
2
*
1
5
1
i See notes ancended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
»Including capital notes and debentures sold to Reconstruction Finance Corporation.
2
1
806
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 24.—NUMBER OF. NONMEMBER COMMERCIAL BANKS 1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO AMOUNT OF
DEPOSITS, DECEMBER 31, 1935
Number of banks (with capital stock less than the applicable minimum statutory
requirements for Federal Reserve membership) with the following amounts of deposits:
State
Total
Under
$100,000
United States—total
.-.
New England—total
Maine
New Hampshire
Vermont..
Massachusetts
Rhode Island
Connecticut
..
- . -
- .-
Middle Atlantic—total
New York
New Jersey.
Pennsylvania
$100.000$149,000
$150,000$249,000
$250,000$499,000
$500,000$999,000
$1,000,000- $2,000,000
$1,999,000 and over
2,816
842
521
473
277
159
43
31
1
3
2
4
11
10
1
1
1
2
1
2
1
6
3
1
6
4
11
32
1
2
8
1
501
1
2
3
1
4
3
1
2
6
10
10
2
1
3
3
1
2
4
6
1
5
2
2
-.-
22
7
2
East North Central—total-
383
60
53
75 '
82
68
35
10
54
64
75
61
129
S
3
24
7
18
3
4
19
6
21
12
11
13
13
26
10
18
9
19
26
11
12
5
8
32
7
12
3
7
3
4
2
1
1,294
398
257
279
223
87
43
7
264
63
57
66
54
19
5
2
15
46
27
16
1
2
4
18
20
6
It
66
39
3
52
47
25
Ohio
Indiana
Illinois. .
Michigan
Wisconsin
- -_
West N o r t h Central—total—.
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic—total
_
_
Delaware
Maryland,.
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
_
•__ w.
_
_
East South Central—total
Kentucky
Tennessee
Alabama
Mississippi
.:
__
West South Central—total—
Arkansas
Louisiana
Oklahoma
Texas
_
_
_
Mountain—totalMontana
Idaho
Wyoming
Colorado
New Mexico.,.
Arizona
Utah
Nevada
-
_.
_
_
_
_
_
_
Pacific—total
Washington
Oregon
___
Q
211
284
53
46
115
321
15
113
29
21
39
118
28
68
57
49
7
12
27
61
257
62
22
40
4
15
5
52
10
46
33
66
26
3
1
1
2
2
3
6
8
6
3
6
36
5
2
3
4
4
9
1
8
6
g
6
1
12
3
11
10
10
2
1
14
3
9
3
4
7
\ i
1
2
3
7
5
4
2
345
146
77
49
38
23
11
1
137
111
30
67
50
60
13
23
32
26
7
12
24
10
5
10
18
6
3
11
10
5
2
6
3
4
4
1
317
133
67
49
41
22
5
63
22
37
5
4
6
18
13
4
4
8
6
1
2
2
16
7
6
1
2
1
2
2
3
21
59
13
94
48
9
3
36
19
76
23
10
8
2
31
8
12
1
4
18
2
2
2
4
2
2
1
6
1
3
3
3
4
1
2
6
11
10
36
7
2
4
2
10
9
2
1
6
2
2
1
81
18
14
12
13
9
13
2
46
20
15
15
3~
7
7
8
3
1
5
5
3
6
4
2
7
1
3
snt of classes of banks included under the heading "commercial banks."
Finance Corporation.
1
807
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 25.—TOTAL DEPOSITS OF NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE
MINIMUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO AMOUNT
OP DEPOSITS, DECEMBER 31, 1935
fin thousands of dollarsj
State
Total
Total deposits of banks (with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership) with the following amounts of
deposits:
Under
$100,000
United States—total -
954,001
51,500
New England—total -
61,340
89
$100,000$149,000
$150,000$249,000
$250,000$499,000
$500,000$999,000
61,359
99,771
163,993
194,300
1, 403
585
890
2,673
13,594
615
2,816
1,299
241
165
Maine.
New HampshireVermont
Massachusetts....
Rhode Island
Connecticut
14,800
1,553
2,097
22,9G7
4,378
15,545
Middle AtJantic—total-
29,730
74
914
6,176
22,640
74
175,739
1,000,0001, 999,000
179
890
2,058
1,109
4,378
3,992
340
2,423
6,829
13,247
3,528
9,719
,000,000ind over
11,128
2,097
21,858
8,426
6,693
124
340
656
1,767
840
1,992
3,997
4,263
6,452
14,924
29,101
47,196
46,979
26,824
34,367
43,170
22,312
27,786
48,104
198
1,516
488
1,362
367
463
2,267
754
2,601
2,454
2,260
2,490
2,475
5,245
3,531
6,772
3.488
6,107
9,203
8,134
8,143
5,694
21,536
9,237
16,540
3,836
9,200
8,157
9,945
8,794
5,026
3,059
st North Central—total-
328,563
26,236
31,378
53,234
76,345
63,778
55,387
22,205
Minnesota
62,435
100, 559
62,189
6,430
6,203
21,705
69,042
4,679
1,126
6,959
1,609
1,449
2,491
7,923
6,967
2,534
7,164
1,568
1,321
3,474
8,350
12,486
11,169
9,566
1,342
2,223
5,105
11,343
17,941
23,300
12,963
1,156
6,039
25,721
8,320
16.790
5,415
16,146
14,323
19,919
11,802
755
1,210
2,948
12,821
South Atlantic—total.
154,976
3,490
2,658
7,642
18,262
31,951
35,876
Delaware
Maryland.
District of ColumbiaVirginia
_West Virginia
-.
North Carolina
South Carolina
-Georgia.
Florida
279
6,800
7,732
22,622
7,248
68,771
16,158
15,493
9,873
163
96
116
237
376
562
747
152
285
1,822
410
258
352
504
444
1,646
245
1,484
1,138
1,596
1,157
1,134
322
4,081
1,106
3,782
3,733
3,401
703
867
9,987
1,744
5,868
2,720
2,896
4,063
1,148
1,473
2,374
4,153
10,428
7,930
5,274
3,096
46,799
East South Central—total.
74,644
9,543
9,348
9,175
12,871
16,526
14,276
2,905
29,420
19,889
4,772
20,563
3,439
3,659
865
1,580
3,923
3,060
904
1,461
4,508
1,808
970
1.!
6,299
1,889
961
3,722
7,330
4,113
1,072
4,011
3,921
5,360
4,995
2,905
14,305
15,810
7,255
New York
New Jersey
PennsylvaniaEast North Central—total Ohio
Indiana
Illinois
Michigan..
Wisconsin-
Iowa
•___.
Missouri
North Dakota. _
South Dakota!-.
Nebraska
Kansas.
Kentucky...
Tennessee—
Alabama....
Mississippi-
2,848
12,459
63,095
8,157
8,236
9,332
Arkansas...
Louisiana..
Oklahoma. ,
Texas
10,276
9,530
27,224
16,065
2,249
353
2,615
2,940
1,136
353
4,426
2,321
1,566
372
5,877
1,517
1,498
2,370
5,718
4,719
2,644
2,878
5,720
4,568
1,183
3,204
2,868
Mountain—total
28,542
1,365
1,277
2,405
5,673
4,241
8,006
46
277
1,042
261
276
24:
493
48:
335
154
1,201
288
82!
1,090
1,267
1,467
543
1,077
1,346
1,456
1,165
4,323
1,277
228
74C
2,13;
4,123
5,193
1,455
499
180
1,647
1,433
1,045
3,47
West South Central—total -
^Montana
Idaho..
Wyoming
Colorado
New MexicoArizona
Utah..
Nevada
1,579
3,901
1,768
9,782
3,909
5,575
2,028
Pacific—total--
37,372
1,283
1,786
WashingtonOregon
California
15,618
5,258
16,496
1,039
244
906
880
l,06C
55,094
5,070
3,225
5,575
5,575
16,781
6,070
,68
2,20
9,896
*3,"660
2,410
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
* Including capital notes and debentures sold to Reconstruction Finance Corporation.
808
FEDEEAL EESERVE BULLETIN
AUGUST 1937
TABLE 26.—NUMBER OF NONMEMBER COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR FEDERAL RESERVE MEMBERSHIP CLASSIFIED ACCORDING TO POPULATION
OF TOWNS AND CITIES, DECEMBER 31, 1935
Number of banks (with capital stock less than the applicable minimum statutory requirements
for Federal Reserve membership) located in places with a population (1930 census) of:
State
Total
Under
250
2,816
United States—total
New En glands—total
......
500999
746
508
6
3
1
6
4
11
total
- --
Ohio . . „ _ Indiana
Illinois
-„
Michigan
.
Wisconsin
„
West North Central—total
Minnesota
Iowa
Missouri
North Dakota.
South Dakota
Nebraska
Kansas
-
South Atlantic—total
Delaware
Maryland
District of Columbia.—
Virginia
West Virginia
North Carolina
South Carolina
Georgia
_
Florida
•___
Kentucky
Tennessee
Alabama..
Mississippi
West South Central—total..
Arkansas
Louisiana
Texas
Mountain—total
154
39
136
3
2
3
2
1
1
1
1
_
128
26
1
3
11
1
1
1
2
1
2
3
2
6
1
6
3
13
1
3
6
6
6
3
1
30
11
24
27
14
11
19
8
3
2
5
1
1
2
7
3
8
5
1
5
8
3
7
4
2
2
1
J
8
1
2
3
3
15
1
1
9
3
9
9
75
9
50
9
37
35
9
20
49
12
28
17
3
1
2
12
2
3
2
7
22
11
3
4
10
18
5
10
2
5
8
9
7
2
1
1
1
14
8
1
2
8
1
1
2
2
9
8
7
19
38
82
42
31
59
16
11
11
60
2
4
3
13
47
41
34
3
22
7
17
17
13
24
55
43
4
54
64
75
61
129
2
5
27
1
22
11
9
3 . 5
21'
4
13
11
34
24
10
7
1
9
16
i
1,294
422
349
230
264
211
284
53
46
115
321
89
53
89
13
13
49
116
76
39
- 76
257
26
•
19
5
1
1
3
1
13
10
6
4
1
6
1
10
1
23
2
7
7
13
5
6
1
11
5
3
7
345
76
114
75
137
111
30
67
40
27
3
6
47
40
10
17
21
25
7
22
317
31
113
84
28
63
22
138
94
4
. 1
13
13
26
7
50
30
19
6'
32
28
5
20
3
1
76
17
19
12
4
4
3
12
3
5
1
1
2
1
5
12
.
3
3
1
1
2
3
2
5
6
1
4
2
3
1
3
1
3
3
5
1
26
19
1
16
9
1
1
7
9
6
2
9
5
4
3
7
1
7
4
1
4
5
1
1
1
4
2
2
19
5
23
7
1
4
1
4
5
5
5
1
3
1
2
3
7
11
1
1
1
1
1
1
1
1
1
2
1
:
24
11
5
1
46
20
15
2
5
19
5
9
2
2
3
1
4
1
1
2
4
3
3
3
5
2
4
2
2
2
2
1
1
5
5
5
5
3
1
4
2
1
1
1
1
1
1
3
7
3
3
5
1
1
3
1
1
I
2
1
2
2
1
2
81
2
11
4
5
4
A
^_
r
56
2
80
6
11
10
36
7
2
T
33
2
1
57
4
15
5
52
10
46
33
117
1
1
2
383
26
East South Central—total
Washington
Oregon
20
_
2
8
22
East N o r t h Central—total
Pacific—total
217
_
32
New York
New Jersev
Pennsylvania
Montana
Idaho
Wyoming
Colorado
New Mexico-„_
Arizona
_
Utah
Nevada
500,000
1,000- 2,500- 3,000- 5,000- 6,000- 10,000- 25,000- 50,000- 100,000- and
2,499 2,999 4,999 5,999 9,999 24,999 49,999 99,999 499,999 over
31
Maine
New HamDshire
Vermont
Massachusetts*
Rhode Island-—
Connecticut
Middle Atlantic
636
250499
2
1
3
1
1
1
12
5
2
5
1
AUGUST
809
FEDERAL RESERVE BULLETIN
1937
TABLE 27.—NUMBER AND TOTAL CAPITAL STOCK OF STATE COMMERCIAL BANKS 1 WITH CAPITAL STOCK2 LESS T H A N
THE APPLICABLE MINIMUM STATUTORY REQUIREMENTS FOR THE ESTABLISHMENT OF NATIONAL BANKS, AND
AMOUNTS BY WHICH SUCH REQUIREMENTS EXCEED CAPITAL STOCK AS OF DECEMBER 31, 1935
[Amounts are in thousands of dollars]
State commercial banks with capital stock less than the applicable minimum statutory requirements for
establishment of national banks:
Total
Nonmember banks with
sufficient capital stock
to meet the minimum
statutory requirements
for Federal Reserve
membership*
State member'banks'
State
Excess of
national
bank reNum- Capital quire- Num- Capital
stock=
stock* ments
ber
ber
over
capital
stock
United States—total.
5,933 179,119
291,681
3,809
4,041
1,150
394
20
38
7
N e w England—total
Maine
"WflW TTftTTirishirB
M i d d l e Atlantic—total
Naw York
F©nnsylv3nlfl
*.--«East N o r t h C e n t r a l — t o t a l — .
Ohio
4
1
156
180
6
4
16
81
22
1,103
4.595
3,255
7
905
495
4
8
51
1,240
203
•248
305
212
272
Illinois
West N o r t h C e n t r a l — t o t a l - -
Iowa --.
Missouri
North Dakota
South Dakota
'.
Kansas
South Atlantic—total
2,343
431
436
466
127
133
276
474
615
g
55
5
Virginia
Wftst Virginia
North Carolina
South Carolina
Georgia
...
Florida
East S o u t h Central—total
Kentucky
Alabama
West S o u t h C e n t r a l — t o t a l —
Arkansas
103
39
123
63
153
66
644
235
190
105
114
60S
124
48
181
255
-
Oklahoma
198
Wyoming
New Mexico—-.
Arizona
Utah
Nevada
<.-
Pacific—total
Washington
Oregon
California
900
231
49
28
25
61
15
3
16
166
93
41
32
975
495
850
2,840
44,889
7,794
9,957
8,945
7,409
10,784
57,873
10,124
13,191
10,976
3,208
3,433
6,465
10,476
23,661
474
1,758
500
4,530
1,746
6,633
1,908
4,156
1,956
17,157
5,866
4,803
2,783
3,705
15,887
2,939
2,335
3,471
7,142
5,617
1,516
680
590
1,468
490
225
623
25
5,631
2,515
1,094
2,022
7,053
Excess of
Excess of
Excess of
national
national
national
bank reDank re^ank require* Num- Capital quire- Num- apital quirements
ber
stock* ments
ber stock* ments
over
over
over
capital
capital
capita
stock
stock
stock
4,997
825
905
747
750
2,010
68,211
6,456
14,693
7.955
8,841
30,266
111,577
13,626
51,309
15,674
3,392
3,467
8,285
15,824
36,639
3
61
19
3
13
25
1
65
12
10
10
17
8
8
16
200
110
150
90
90
60
1.926
1,324
558
90
445
803
30
392
60
355
497
20
1,898
1,402
368
320
290
232
230
210
450
255
215
400
145
185
385
415
526
2,242
500
9,770
1,454
12,317
2,992
4,744
2,094
31,293
10,434
9,347
2,967
8,545
23,113
5,811
4,615
6,329
6,358
6,183
984
770
660
2,182
610
275
677
25
7.369
3,335
1,556
2,478
3
3
2
1
6
1
17
1
2
11
3
22
85
75
50
25
150
30
485
25
50
335
75
698
65
75
50
25
150
20
415
25
50
265
75
452
22
30
698
930
452
620
11
7
7
21
1
1
315
200
235
75
55
25
25
235
150
115
25
45
25
25
13
501
413
63
25
249
187
37
25
10
2
1
Nonmember banks with
capital stock less than
minimum statutory requirements for Federal
Reserve membership*
2,SS6
84,140
60,160
2,816
87,926
226,524
7
1
1
186
25
164
25
19
31
6
3,623
3
1
125
180
3,877
1,125
375
20
5
42
16
130
975
495
973
825
905
627
3,143
2,257
26
796
130
181
217
126
142
984
155
215
172
74
70
153
145
342
4
40
31
520
120
848
280
6
4
11
32
2
732
56S
24.634
4,093
5,868
6,158
3,856
4,659
27,547
4,400
5,755
4,958
2,234
2,065
4,110
4,025
9,863
15,166
2,407
3,182
4,692
2,444
2,441
21,653
3,350
4,995
3,642
1,466
1,435
3,540
3,225
7.237
S
22
111
89
880
1.252
1,120
1,468
851
932
449
2,205
1,545
1,748
32
10
8
24
2,302
1,048
8,238
2,813
2,219
1,787
1,419
7,856
1,661
755
1,115
4,325
2,679
1,031
250
250
620
6
160
140
11
1
72
37
19
16
343
25
1,885
955
505
425
207
25
1,715
895
445
375
48
26
75
29
81
39
282
97
77
64
44
269
61
26
43
139
92
758
692
902
5,862
2,037
1,631
1,413
781
5,594
1,389
545
1,035
2,625
383
54
64
75
61
129
1,294
264
211
284
53
46
115
321
875
275
850
2,018
18,329
3,143
3,999
2,342
2,750
6,095
28,428
5,356
7,116
5,728
974
918
257
2,100
6,236
13,383
4
363
15
5
638
500
2,977
52
10
46
33
66
26
345
137
111
30
67
317
63
22
138
94
1,921
76
569
250
150
580
6
11
10
36
7
2
4
81
46
20
15
125
750
1,382
51,721
3,657
11,451
2,908
5,900
27,805
88,522
10,044
46,084
11,822
1,926
1,632
4,600
"12,414
29,017
473
1,362
500
8,773
820
930
4,378
1,125
1,704
10,722
2,275
2,846
1,172
25,016
8,372
7,666
1,289
7,689
17,067
878
8.434
3,028
2,534
661
2,211
7,333
1,278
1,580
2,356
2,119
2,008
170
230
105
773
275
200
255
3,245
1,147
526
1,572
5,294
3,281
3,642
180
370
395
1,577
425
250
445
5,405
2,253
1,074
2,078
i See notes appended to table 1 for sources offiguresand for statement of classes of banks included under the heading "commercial banks.'J Including capital notes and debentures sold to Reconstruction Finance Corporation.
. . .
,CT4 t . , i ^ J
,*,
i The mmTmum statutoryCapital requirements for the organization of a national bank and for the admission of a State bank to Federal Reserve
inATnhfi^hin werekicreased from $25,000 to $50,000 by the Banking Act of 1933, with the proviso that under certain conditions State banks with a
^ S ^ t l S S ^ S S ^ d k ^ A t a p aces with a population not exceeding 3,000 could be admitted to membership The 231 State bank
members withTcapital stock less than that required by law for establishment of national banks comprised 224 banks with a capital of less than
So WCfmd 7'wltt*acapital of $5ofoOOto$100,000, inclusive. On December 31,1935 there were 1 000 national banks with capital of less than $50,000
each The law does nStrequke such banki to increase their capital stock to the present minimum of $50,000.
810
FEDERAL RESERVE BULLETIN
A U G U S T 1937
TABLE 28.—NUMBER OF STATE COMMERCIAL BANKS 1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM
STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED ACCORDING TO AMOUNT OF
CAPITAL STOCK, DECEMBER 31, 1935
Number of banks (with capital stock less than the applicable minimum statutory requirements
for establishment of national banks) with the following amounts of total capital stock:
Total
State
New England—ttotal.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
$25,000
$25,100$49, 900
$50,000
$50,100$99,900
1,197
2,004
1,463
201
147
85
86
26
6
4
5
2
9
8
1
7
4
1
1
1
1
1
2
721
6
4
81
New York
New Jersey
Pennsylvania
__
... .
East North Central—total
1
2
1
2
3
4
3
2
1
4
2
27
23
6
4
7
13
8
12
1
5
19
11
116
164
7
40
90
89
151
81
53
203
248
305
Minnesota
Iowa.
Missouri
North Dakota....
South Dakota
Nebraska
Kansas
1
22
8
51
1,240
Ohio
*,
Indiana
Illinois
.
Michigan.
Wisconsin
1
West North Central—total
25
13
212
272
12
30
39
2,343
459
567
431
106
108
436
466
127
133
276
30
133
3
4
35
71
115
44
39
66
1
5
4
I
1
2
10
191
35.
60
17
26
89
122
83
Q
10
3
4
3
4
3
4
25
3
7
6
81
116
7
7
2
13
754
425
78
11
26
26
115
79
217
106
34
48
122
13
66
89
46
41
45
7
9
4
19
(j
34
22
474
148
124
112
59
615
23
98
240
159
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
8
55
5
103
39
123
63
153
66
1
4
3
31
2
12
10
10
2
10
15
8
45
16
27
18
38
28
63
32
30
14
48
11
33
9
1
6
2
5
3
9
6
75
202
178
152
7
18
112
46
15
29
61
47
55
15
608
92
162
124
28
48
181
net
3
49
24
7
70
198
27
21
SO
2
9
16
3
7
1
10
17
15
6
_
.
_.
East South Central—total
Kentucky
Tennessee
„
Alabama
Mississippi
West South Central—total
Arkansas
Louisiana
Oklahoma
Mountain—total
Montana
Idaho
Wyoming
Colorado.
New Mexico
Arizona
Utah
^..
Nevada
Pacific—total
Washington
Oregon
California
_.
_
T_.__
.- . .
611
235
190
105
114
49
28
25
61
15
3
16
1
50
g
30
7
1
8
South Atlantic—total
_
3
2
1
16
Middle Atlantic—total -
$200,000
$100,000 $100,100$199,900 and over
38
5,933
United States—total- -
Less than $15,000$24,900
$15,000
2
Q
1
2
3
3
17
13
9
1
2
3
3
2
1
5
3
1
Q
5
10
11
12
4
9
51
35
25
41
5
4
1
1
2
4
1
5
2
1
1
2
3
181
137
13
13
47
11
50
76
19
3
2
5
3
1
4
2
6
56
28
3
9
5
7
1
1
3
4
3
7
1
1
2
6
1
3
166
19
31
71
16
93
41
32
15
4
19
12
39
18
9
3
8
2
2
14
4
5
2
5
1
4
1
2
4
1
1
1
1
3
1
2
2
2
1
1
2
5
2
4
2
1
i
i See notes appended to table 1 for sources of figures and for statement of classes of banks included under the heading "commercial banks."
* Including capital notes and debentures sold to Reconstruction Finance Corporation.
o
4
2
5
23
10
1
7
1
6
3
" fi
10
3
2
2
16
5
97
1
1
811
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 29.—NUMBER OF STATE COMMERCIAL BANKS1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM
STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED ACCORDING TO AMOUNT OF
DEPOSITS, DECEMBER 31, 1935
State
Number of banks (with capital stock less than the applicable minimum
statutory requirements for establishment of national banks) with the following
amounts of deposits:
Total
Under
United States—total
New England—total
-
Maine
*--N P W HaniDShire -
-
.--
Connecticut
-
-
Middle Atlantic—total
•-
East North Central—total
_._
*
Ohio
South Atlantic—total
---
TJictrint of ColllTTlblft
Virginia
Wp«<t Virginia
Nnrth Carolina
-
----
-
-~
-
QmitVi darolinft
Florida
-East South Central—total
-
West South Central—total
Arkansas
Louisiana
Oklahoma
Texas....
Mountain—total
T
Arizona
Utah..
Nevada
-------
--
Montana
Idaho...
Wyoming
Colorado..
—
-
--
$100,000$149,000
$150,000$249,000
$250,000$499,000
$500,000$999,000
5,933
1,181
1,013
1,595
1,469
464
168
43
38
2
1
4
3
7
11
10
2
1
2
1
2
1
1
7
Massachusetts.
•-
,000,000- 2,000,000
1,999,000 and over
$100,000
4
1
6
4
16
81
1
1
2
3
4
4
3
4
5
21
22
17
10
2
22
8
51
7
3
5
14
8
2
12
6
3
8
1,210
121
197
386
381
106
3
7
39
10
203
248
305
212
272
18
17
42
19
25
27
33
68
27
42
57
90
98
64
77
70
77
75
79
80
20
15
16
14
41
8
12
4
3
4
2
2,343
509
425
636
569
152
45
7
431
436
466
127
133
276
474
68
24
128
64
39
60
126
70
40
104
32
35
56
88
113
141
100
21
41
88
132
136
159
102
9
13
59
91
39
46
24
1
5
11
26
5
21
615
112
97
151
156
64
26
8
55
5
103
39
123
63
153
66
4
5
2
6
1
18
16
1
12
12
53
9
17
6
10
8
33
15
23
12
35
13
35
14
1
16
1
28
12
37
20
23
18
8
1
16
5
16
5
5
S
2
1
2
3
75
4
2
644
170
129
154
138
235
190
105
114
55
67
22
26
46
39
55
47
28
24
58
24
24
32
39
18
9
4
8
13
3
4
1
5
608
205
102
51
10
46
98
114
23
4
36
51
151
124
48
181
255
29
11
52
59
14
16
36
36
31
6
5
9
11
5
1
2
2
198
35
20
51
55
29
6
49
28
25
61
15
3
16
1
5
2
5
21
1
5
5
2
8
15
13
7
11
10
7
11
6
3
4
3
7
2
1
1
5
1
1
1
26
18
4
15
3
1
5
1
2
2
8
7
5
o
6
2
11
9
2
1
ft
1
1
2
1
3
1
1
41
43
19
13
25
2
166
23
Pacific—total—-11
1
27
19
12
93
19
Washington
-10
8
15
3
41
Oregon..
1
1
?
6
9
32
4
California
- i See notes appended to table 1 for sources offiguresand for statement of classes of banks included under the heading "commercial banks."
* Including capital notes and debentures sold to Reconstruction Finance Corporation.
812
FEDERAL RESERVE BULLETIN
AUGUST 1937
TABLE 30.—TOTAL DEPOSITS OF STATE COMMERCIAL BANKS 1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE
MINIMUM STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED^ ACCORDING TO
AMOUNT OF DEPOSITS, DECEMBER 31, 1935
[In thousands of dollars]
,
State
11 ill ted StHtes^~*total
total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
..
.
*
Minnesota
Iowa
_
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic—total
2,595
13,247
7,509
6,176
29,821
74
1,406
221
616
2,881
2,540
656
4,095
3,489
1,992
5,596
3,528
9,719
6,693
388,295
9,024
24,484
75,611
128,657
71,123
52,572
26,824
74,945
84,855
76,395
66,535
85,565
1,545
1,312
2,752
1,482
1,933
3,343
4,206
8,298
3,311
5,326
11,475
17,659
19,009
12,368
15,100
24,097
26,357
25,318
26,014
26,871
13,615
9,987
10,525
9,826
27,170
10,925
16,540
5,467
10,475
9,165
9,945
8,794
5,026
3,059
589,691
34,366
52,400
123,109
195,0C7
101,989
57,555
22,205
115,967
166,164
105,217
15,809
22,094
56,944
107,496
5,057
1,922
8,105
3,957
2,767
4,045
8,513
8,596
4,891
12,854
3,949
4,293
6,904
10,913
21,822
28,020
19, 522
3,992
7,864
17,019
24,870
46, 739
55,811
34,011
3,156
4,221
19,350
31,779
27,714
31,947
16,990
755
2,949
6,778
17,856
6,039
26,783
8,320
16,790
5,415
235,801
7,037
11,906
29,253
52,526
42, 773
37,212
988
17,028
7,732
33,894
14,295
88,792
23,358
30,228
19,486
253
407
1,120
84
886
612
2,963
712
236
694
238
3,395
2,149
698
1,185
983
4,201
1,760
4,546
2,460
6,502
2,474
6,888
2,750
261
5,190
322
9,169
4,082
12, 515
7,101
7,411
6,475
4,858
867
11,311
2,818
10,477
4,258
3,491
4,693
2,484
1,473
2,374
4,153
10,428
7,930
5,274
3,096
46,799
149,120
11,189
15,918
29,780
46,555
25,948
16,825
2,905
55,813
37,535
21,947
33,825
3,818
4,142
1,469
1,760
5,707
4,735
3,278
2,198
. 10,608
8,856
5,572
4,744
19P642
7,844
7,959
11,110
12,117
6,598
2,140
5,093
3,921
5,360
1,529
6,015
2,905
119,714
13,309
13,994
29,044
34,812
21,300
7,25,5
21,109
15,983
38,121
44,501
3,300
657
2,869
6,483
2,851
477
4,426
6,240
5,556
2,178
10,185
11,125
4,508
5,961
11,496
12,847
3,711
3,506
6,277
7,806
1,183
3,204
2,868
65,426
2,251
2,544
10,150
18,996
17,904
8,006
15,695
9,143
7,081
15,647
6,147
5,748
5,769
196
345
138
373
1,218
85
637
669
247
991
3,321
1,256
812
2,886
597
173
909
196
4,553
2,351
3,917
3,388
2,521
6,839
3,383
1,732
2,841
1,667
4,323
1,277
2,266
1,442
1,060
60,492
1,675
3,203
8,212
13,677
10,872
16,783
6,070
28,505
11,542
20,445
1,382
244
49
1,423
1,263
517
5,552
1,431
1,229
6,125
4,685
2,867
6,928
1,717
2,227
4,685
2,202
9,896
2,410
„
- . . . ___*__... _
Washington
Oregon
California..*.-
11,128
11,077
-
_
.
_____
, -
2,816
1,299
1,266
-
.
43,509
1,198
970
241
165
,7,291
-
Pacific—total--
168,875
13,594
4,287
_
Montana
:
Idaho
-. Wyoming
_
Colorado
New Mexico....
Arizona
Utah
Nevada
223,049
4,763
616
West South Central—total
Mountains—total
310,749
1,266
295
East South Central—total
Arkansas
Louisiana
Oklahoma
Texas
498,847
815
409
-
Kentucky
Tennessee
Alabama
Mississippi
310,261
114
114
,
Delaware
_._ _
Maryland,
District of Columbia
Virginia
West Virginia
North Carolina.
South Carolina
Georgia
Florida
125,179
178
89
-
._
-*
___•
79,321
64,239
43,506
_
1,716,284
-
_
West North Central—total
$500,000- $1,000,000- $2,000,000
$999,006 1,999,000 and over
1,109
4,378
3,992
-
.
$250,000$499,000
.
East North Central—total
Ohio
Indiana
Illinois
Michigan... _
Wisconsin
$100,000- $150,000$149,000
$249,000
15,383
2,523
2,097
22,967
4,378
16,891
.
Middle Atlantic—total —
New York
New Jersey
Pennsylvania
„ _
Total
Under
$100,000
New En eland
_,„_—.
Total deposits of banks (with capital stock less than the applicable minimum
statutory requirements for establishment of national banks) with the following amounts of deposits:
89
92
2,097
21,858
8,426
6,693
2,848
13,565
55,094
5,070
3,225
5,575
1,346
5,575
3,660
See notes appended to table 1 for sources of figures and for statement of classes of banks included
t i ™ "nrnnmprrmi hanks "
e a uunder
n a e r i the
n e nh
e a^ r m
J Including capital notes and debentures sold to Reconstruction Finance Corporation"
a K commercial banKS.
AUGUST
813
FEDERAL RESERVE BULLETIN
1937
TABLE 31.—NUMBER OP STATE COMMERCIAL BANKS 1 WITH CAPITAL STOCK2 LESS THAN THE APPLICABLE MINIMUM
STATUTORY REQUIREMENTS FOR ESTABLISHMENT OF NATIONAL BANKS CLASSIFIED ACCORDING TO POPULATION
OF TOWNS AND CITIES, DECEMBER 31, 1935
Number of banks (with capital stock less than the applicable minimum statutory requirements
for establishr ''nt of national banks) located in places with a population (1930 census) of;
State
Total
United States—total
5,933
New England—total
38
7
4
New Hampshire
Vermont
*.
Massachusetts
Rhode Island
-
81
New York
New Jersev
Pennsylvania
East North Central—total
- '
West North Central—total
Iowa
TVIissouri
• -----*»••- *. -
South Atlantic—total
"District of Columbia
Virginia
West Virginia
Smith Carolina
Florida
East South Central—total
-
Kentucky
Tennessee
Alabama
_
Mississippi
West South Central—total
Arkansas
Louisiana
Oklahoma
Texas
„
Mountain—total
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific—total
920
_
--
1,0002,499
1,547
1,061
98
157.
7
3
3
1
1
1
22
8
51
1,240
—
—
2
4
1
11
16
17
1
3
9
7
1
4
8
7
10
4
148
382
351
197
16
203
248
305
212
272
14
21
59
9
45
62
63
113
55
89
60
79
78
66
68
41
41
28
51
36
5
2,343
538
641
569
431
436
466
127
133
276
474
103
86
104
32
25
60
128
121
91
118
46
49
93
123
615
g
55
5
103
39
123
63
163
66
62
1
6
125
1
19
27
5
g4
9
2
33
3
24
5
35
5
17
12
35
11
43
10
8
9
41
20
44
32
2
1
2
5
1
5
644
92
176
191
122
235
190
105
114
608
50
31
74
55
58
58
32
33
A
6
24
43
nty
25
42
175
191
126
124
48
181
255
4
4
13
21
34
12
54
45
14
39
93
51
17
11
5
10
7
75
198
25
45
49
28
25
61
5
1
6
13
9
9
4
19
2
i f\
Washington
Oregon
California
1,607
2,500- 3,000- 5,000- 6,000- 0,000- 25,000- 50,000- 00,000- 500,000
2,999 4,999 5,999 9,999 24,999 49,999 99,999 499.999 and
over
500999
-1
6
4
16
Middle Atlantic—total
Ohio
Indifl.na
Illinois
Under 250499
250
3
16
1
39
142
118
2
2
3
1
4
1
1
2
1
' 33
1
1
56
128
27
3
1
2
11
1
3
2
6
1
13
1
1
2
6
3
1
3
6
6
3
1
2
1
6
19
3
15
2
11
30
11
25
27
14
11
4
6
1
9
3
9'
9
2
5
4
1
2
7
3
8
6
1
5
8
3
7
4
2
2
1
1
8
1
2
3
354
30
51
9
3$
35
9
20
49
96
121
111
34
36
61
110
60
73
86
13
21
40
61
8
7
5
7
22
12
3
4
10
18
5
10
7
3
2
8
5
8
9
7
2
1
1
1
14
8
1
1
2
2
9
9
7
2
4
3
13
143
2
13
161
17
23
7
17
17
13
7
1
3
1
1
24
4
2
3
2
5
6
2
4
2
3
1
3
1
3
3
5
1
7
20
1
16
10
1
1
7
1
5
1
1
1
7
4
1
4
2
2
5
4
Q
8
4
2
14
19
5
24
7
1
4
28
9
49
40
46
5
4
5
5
5
7
1
3
1
4
2
3
7
12
8
1
1
14
4
9
8
2
1
1
1
1
1
1
2
1
2
1
2
i
1
9
1
4
5
6
2
1
1
5
4
3
3
3
3
1
4
5
'5
2
4
2
2
5
5
1
1
5
5
1
3
1
1
1
1
3
2
1
2
1
1
3
1
1
1
166
9
52
35
31
4
4
5
12
1
93
41
32
3
5
1
32
14
6
23
8
4
17
9
5
3
1
1
2
3
1
1
5
2
5
1
1
1
1
3
2
9
7
3
1
banks included under the heading "commercial banks."
* Including capital notes and debentures sold to ReconstructionFinance Corporation.
3
e
j
3
FEDERAL RESERVE DIRECTORY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
JOHN K. MCKEB
CHESTER C. DAVIS
JOSEPH A. BRODERICK
M. S. SZTMCZAK
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WTATT, 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
B. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEP THOMAS, Assistant Director, Division of Research and Statistics
LAUGHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNEK, 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
FEDERAL ADVISORY COUNCIL
MARRINER S. ECCLES, Chairman
District No. 1 (BOSTON)
THOMAS M. STEELE.
GEORGE L. HARRISON, Vice Chairman
District No. 2 (NEW YORK)
W. W. ALDRICH.
District No. 3 (PHILADELPHIA)
HOWARD A. LOEB,
District No. 4 (CLEVELAND) . . .
L. B. WILLIAMS.
District No. 5 (RICHMOND)
CHARLES M. GOHEN.
JOSEPH A. BRODERICK
CHESTER C. DAVIS
W M . A. DAY
W M . M C C . MARTIN
JOHN K. MCKEB
B. A. MCKINNEY
RONALD RANSOM
J O H N S. SINCLAIR
M. S. SZYMCZAK
Vice-President.
District No. 6 (ATLANTA)
EDWARD BALL.
District No. 7 (CHICAGO)
EDWARD E. BROWN.
District No. 8 (ST. LOUIS)
WALTER W. SMITH,
District No. 9 (MINNEAPOLIS)
JOHN CROSBY.
President.
CHESTER MORRILL, Secretary
WALTER WYATT, General Counsel
District No. 10 (KANSAS CITY)
J. P. DREIBELBIS, Assistant General Counsel
District No. 11 (DALLAS)
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
District No. 12 (SAN FRANCISCO) . . . PAUL S. DICK.
W. RANDOLPH BURGESS, Manager of System Open
Market Account
816
. . W. T. KEMPER.
R. E. HARDING.
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of—
Chairman and Federal
Reserve Agent
F. H. Curtiss
...
President
Vice Presidents
First Vice President
Boston
New York...
Owen D. Young*.-
G. L. Harrison
Philadelphia.
R. L. Austin..
J. S. Sinclair
F. J. Drinnen
0. A. Mcllhenny.'
W. J. Davis.
E. 0. Hill.
Cleveland
E. S. Burke, Jr
M. J. Fleming
F.J.Zurlinden
H. F. Strater.
W. H. Fletcher.
W. F. Taylor.*
Hugh Leach
J. S. Walden, Jr
R. H. Broaddus.
J. G. Fry.
G. H. Keesee.'
Richmond
-_„_.„< Robert Lassiter....
R. A. Young
W. W. Paddock..
,
W. Willett.i
W. R. Burgess.
L. R. Rounds,
W. 8. Logan.
J. H. Williams.
R. M. GIdney.
L. W. Knoke.
0. H. Coe.
Allan Sproul
Atlanta
W. H. Kettig
Oscar Newton
R. S. Parker
H. F. Connifl.
L M. Clark.
W.S.McLarin,Jr.«
Chicago
R. B. Wood*
G. J. Schaller
H. P. Preston
W. H. SnydeM
0. S. Young.
J. H. Dillard.
W. T. Nardin
W. McO. Martin
O. M. Attebery
J. S. Wood.
J. G. McConkey.
C. M. Stewart*
J. N. Peyton
O. S. Powell
Harry Yaeger.
H. I. Ziemer."
E. W. Swanson.
St. Louis
..
Minneapolis
. . . . W. B. Geery—
Kansas City
J. J. Thomas
G. H. Hamilton
O. A. Worthington
A. M. McAdams.
J. W. Helm.*
Dallas
O. O. Walsh
B. A. McKinney
R. R. Gilbert
R. B. Coleman.«
W. J. Evans.
San Francisco
A. O. Stewart
W. A. Day.
Ira Clerk
t Deputy chairman.
> Cashier.
!
S. G. Sargent.
W. M. Hale.
0. E. Earhart.*
* Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch *
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch ._
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch
Managing director
R. M. O'Hara.
B. J. Lazar.
G. H. Wagner.
W. R. Mllford.
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—
Managing director
Minneapolis:
Helena branchy „..
. . . R. E. Towle.
Kansas City:
Denver branch
: „ J. E. Olson.
C. E. Daniel.
Oklahoma City branch
L. H. Earhart.
Omaha branch
Dallas:
El Paso branchy
J. L. Hermann.
Houston branch
W. D. Gentry.
San Antonio branch..
M. Crump.
San Francisco:
Los Angeles branch
W. N. Ambrose.
Portland branch
- R. B. West.
Salt Lake City branch
W. L. Partner.
Seattle branch
0. R. Shaw.
Spokane branch
D. L. Davis.
SUBSCRIPTION PRICE OF BULLH7TIN
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.
817
FEDERAL RESERVE DISTRICTS
MINNEAPOLIS
S.DAK.
KANSAS CITY
KANS.
f
—
OKLA.
Oklahoma City
M B
—#
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES S/ERVE CERTAIN DESIGNATED
CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
Antonio"
@FedFRASER