Full text of Federal Reserve Bulletin : February 1937
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FEDERAL RESERVE
BULLETIN
FEBRUARY 1937
Increase in Member Bank Reserve Require*
ments
Business Developments in 1936
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
TABLE OF CONTENTS
PAGE
Review of the month—Increase in member bank reserve requirements—Business developments in 1936
Election of directors of Federal Reserve banks
National summary of business conditions
Summary of financial and business statistics
_
Law department:
Rulings of the Board:
Advance payments on Government bonds as deposits against which reserves must be carried
Payment of interest on demand deposits of public funds
Continuation of the Reconstruction Finance Corporation and related agencies
Extension of powers relating to stabilization fund and alteration of weight of dollar
Earnings and expenses of Federal Reserve banks during 1936
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
Federal Reserve bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements
All banks in the United States
All member banks
Reporting member banks in leading cities
Bank suspensions; bank debits; Postal Savings System
Acceptances, commercial paper, and brokers'balances
Federal Reserve bank discount rates
Money rates and bond yields
Security markets
Treasury
finance
Governmental corporations and credit agencies
Production, employment, and trade
Wholesale prices
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
Central banks
Bank for International Settlements
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open market Committee and staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches
II
95-107
107-108
109-110
112
113
113
114
115
116-117
120
121-125
126
127
128
129
130-131
132-135
136
137
138
139
140
141
142-143
144-152
153
156
157
157-159
160-163
163
164
165
165
166
167
168
168
170
171
FEDERAL RESERVE BULLETIN
VOL. 23
FEBRUARY 1937
REVIEW OF THE MONTH
On January 30 the Board announced a
further increase in the reserve requirements
of member banks. In conBoard issued the following
statement, which was released for publication on January 31:
"The Board of Governors of the Federal
Reserve System today increased reserve requirements for member banks by 33% percent, as follows: On demand deposits, at
banks in central reserve cities, from 191/2 to
26 percent; at banks in reserve cities, from
15 to 20 percent; and at "country" banks,
from IOV2 to 14 percent; on time deposits, at
all banks, from 4 ^ to 6 percent. For the
purpose of affording member banks ample
time for orderly adjustment to the changed
requirements, one half of the increase will
become effective as of the opening of business
on March 1,1937, and the remaining half will
become effective as of the opening of business
on May 1.
"The following table shows what the reserve requirements are at present, what they
will be from March 1 through April 30, and
what they will be commencing May 1:
RESERVE REQUIREMENTS
[Percent of deposits]
Demand deposits
Class of bank
Central reserve city
Reserve city
"Country"
---
Time deposits
Present Mar. 1 May 1 Present Mar. 1 M a y 1
require- through and require- through and
ments Apr. 30 after
ments Apr. 30 after
19#
15
10K
22^
17#
12K
26
20
14
4K
4^
4^
5K
5><
6
6
6
No. 2
"This action completes the use of the
Board's power under the law to raise reserve
requirements to not more than twice the
amount prescribed for member banks in section 19 of the Federal Reserve Act.
"The section of the law which authorizes
the Board to change reserve requirements for
member banks states that when this power is
used it shall be 'in order to prevent injurious
credit expansion or contraction.' The significance of this language is that it places responsibility on the Board to use its power to
change reserve requirements not only to
counteract an injurious credit expansion or
contraction after it has developed, but also to
anticipate and prevent such an expansion or
contraction.
"By its present action the Board eliminates
as a basis of possible credit expansion an estimated $1,500,000,000 of excess reserves
which are superfluous for the present or prospective needs of commerce, industry, and
agriculture and which, in the Board's judgment, would result in an injurious credit expansion if permitted to become the basis of a
multiple expansion of bank credit. The Board
estimates that, after the full increase has
gone into effect, member banks will have excess reserves of approximately $500,000,000,
an amount ample to finance further recovery
and to maintain easy money conditions. At
the same time the Federal Reserve System
will be placed in a position where such reduction or expansion of member bank reserves as may be deemed in the public interest may be effected through open-market
95
96
FEDERAL RESERVE BULLETIN
operations, a moreflexibleinstrument, better
adapted for keeping the reserve position of
member banks currently in close adjustment
to credit needs.
"As the Board stated on July 15, 1936, in
its announcement of the previous increase of
reserve requirements, excess reserves then
held by member banks had resulted almost
entirely from the inflow of gold from abroad
rather than from the System's credit policy.
Since that time the country's gold stock has
been further increased by a large inflow of
gold, amounting to $600,000,000. Between
the time of the banking holiday in 1933 and
December 24, 1936, when the United States
Treasury put into effect its program for preventing acquisitions of gold from adding to
the country's banking reserves, the gold
inflow aggregated approximately $4,000,000,000. This inflow of gold had the effect
of adding an equal amount to the reserves of
member banks as well as to their deposits.
The total amount of deposits in banks and
the Postal Savings System, plus currency outside of banks, is now $2,000,000,000 larger
than in the summer of 1929.
"The present volume of deposits, if utilized
at a rate of turnover comparable to pre-depression levels, is sufficient to sustain a vastly
greater rate of business activity than exists
today. In order to sustain and expand recovery, the country's commerce, industry, and
agriculture, therefore, require a more complete and productive utilization of existing
deposits rather than further additions to the
amount now available.
"The excess reserves of about $1,500,000,000 eliminated as a base of further credit
expansion by this action could support an increase in the supply of money, in the form of
bank credit, which beyond any doubt would
constitute an injurious credit expansion.
"The present is an opportune time for action because, as was the case when the Board
announced its prior action last July, excess
reserves are widely distributed among member banks, and balances with correspondent
FEBRUARY
1037
banks are twice as large as they have generally been in the past. All but a small number of member banks have more than sufficient excess reserves and surplus balances
with other banks to meet a 33 *>
/> percent increase in reserve requirements. As of January 13, the Board's survey indicates that only
197 of the 6,367 member banks lacked sufficient funds to meet such an increase in
reserve requirements by utilizing their present excess balances with the Reserve banks
and not more than one-half of their balances
with correspondent banks. On this basis
these 197 banks, in order to meet the full requirements, would have needed an additional
$123,000,000, of which $110,000,000 would
have been needed by banks in central reserve
cities, $11,000,000 by banks in other reserve
cities and only $2,300,000 by country banks.
"Another reason for action at this time is
that, as stated by the Board last July, 'it is
far better to sterilize a part of these superfluous reserves while they are still unused
than to permit a credit structure to be erected
upon them and then to withdraw the foundation of the structure.'
"The available methods of absorbing excess
reserves have been under consideration. It
has been decided that under present circumstances changes in reserve requirements
should precede reduction in reserves through
open-market operations, because changes in
requirements affect all banks, regardless of
their reserve position, and consequently
should be made while reserves are widely distributed.
"This action increases reserve requirements to the full extent authorized by law.
It is not the present intention of the Board to
request from Congress additional authority
to absorb excess reserves by means of raising
reserve requirements.
"It is the Board's expectation that, with
approximately $500,000,000 of excess reserves remaining with the banks, credit conditions will continue to be easy. At the same
time the Reserve System will be in a position
FEBRUARY
1937
to take promptly such action as may be desirable to ease or tighten credit conditions
through open-market and rate policy.
"In announcing the previous increase in reserve requirements, the Board said:
" The prevailing level of long-time interest
rates, which has been an important factor in
the revival of the capital market, has been
due principally to the large accumulations of
idle funds in the hands of individual and institutional investors. The supply of investment funds is in excess of the demand. The
increase in reserve requirements of member
banks will not diminish the volume of deposits held by these banks for their customers
and will, therefore, not diminish the volume
of funds available for investment. The maintenance of an adequate supply of funds at
favorable rates for capital purposes, including mortgages, is an important factor in
bringing about and sustaining a lasting recovery.'
"The same considerations apply with equal
force at the present time. The Board's action
does not reduce the large volume of existing
funds available for investment by depositors,
and should not, therefore, occasion an advance in long-term interest rates or a restrictive policy on the part of institutional and
other investors in meeting the needs for sound
business, industrial and agricultural credit.
"In view of all these considerations, the
Board believes that the action taken at this
time will operate to prevent an injurious
credit expansion and at the same time give
assurance for continued progress toward full
recovery."
Member bank reserve balances with Federal Reserve banks on January 27 were $6,770,000,000, of which $4,Recent changes in 620,000,000 were required
excess reserves
97
FEDERAL RESERVE BULLETIN
.
$1,880,000,000 on December 23 as a result of
withdrawals of currency into circulation to
meet holiday demands and of the building up
of Treasury deposits at the Reserve banks.
In the subsequent five weeks excess reserves
increased once more as currency returned
from circulation and Treasury deposits were
reduced. Further growth of $120,000,000 in
the country's gold stock from December 23 to
EXCESS RESERVES OF MEMBER BANKS
BILLIONS OF DOLLARS
4
r
BILLIONS OF DOLLARS
'"I 4
January 27 was more than offset by an increase of $160,000,000 in Treasury holdings
of cash, including inactive gold. An increase
of foreign-bank and other nonmember deposits, amounting to $60,000,000 in the five
weeks and to $100,000,000 since the beginning of December, has also withdrawn funds
from member bank reserves.
The increase in money in circulation in the
three months preceding Christmas amounted
to $450,000,000, the largest in several years,
while the decrease of $360,000,000 in the following five weeks was somewhat less than the
usual seasonal amount, indicating that the
growth of money in circulation, which has
been pronounced in the past two years, continued over the holiday period.
Effects of the announced increase in reserve requirements upon the various classes
of member banks are
Distribution of
shown approximately in
reserves, leaving excess reserves of $2,150,000,000, as shown in the
.
, 1 1 1
j
chart. After reserve requirements were in- excess reserves
the following table based
creased by 50 percent last August, excess
reserves grew from $1,800,000,000 to $2,- upon the reserve position of the banks as of
200,000,000 in November and early Decem- January 27, 1937. It is not possible to show
ber. They were then temporarily reduced to precisely how each group will be affected,
98
FEDERAL RESERVE BULLETIN
because by the time of the effective dates of
the two increases in requirements the total
amount of reserves and their distribution
among the various classes of banks and also
the amount of deposits on which required reserves are based may have changed, although
the changes within the next month will probably not be substantial. The figures indicate
what the results would have been if the increase in reserve requirements had become
effective on January 27. A factor that may
considerably affect the distribution of reserves will be the withdrawal of bankers' balances by country banks from their city correspondents for the purpose of providing
additional reserves needed.
FEBRUARY 1937
serve requirements either from excess reserves or by using one half of their balances
with correspondents, and all but 60 banks
could meet an increase of 16% percent in that
way. The Board's survey covered the situation on January 13 and the additional reserves needed by banks in the various classes
to meet increases in requirements of 16% and
33!;$ percent as of that date are shown in the
following table:
ADDITIONAL RESERVES REQUIRED BY MEMBER BANKS
TO MEET INCREASE IN REQUIREMENTS, POSITION AS
OF JANUARY 13, 1937.
fin millions of dollars]
Increase of 10% percent
RESERVE POSITION OF MEMBER BANKS,
JANUARY 27, 1937
[In millions of dollars. Figures partly estimated]
Reserves with Federal
Reserve banks
Class of bank
Total
Central reserve city banks..
Reserve city banks
Connt.rv banks
All member banks
3. 378
2, 147
1,2:18
6, 773
Required
Excess reserves
after increase
in required
reserves of—
33K
Excess percent percent
2, 371
1,492
756
1,007
655
492
612
406
306
217
158
240
4,019
2, 154
1,384
615
ObtainReable quired
by
after
using using
oneonehalf of half of
bank- bankers'
ers'
balbalances
ances
Increase of {Y3% percent
Total
Obtainable
by
using
onehalf of
bankers'
balances
Required
after
using
onehalf of
bankers'
balances
Class of bank
Total
Central reserve city
banks
Reserve city banks.
Country banks
28.0
48.0
24.4
8.0
47.8
23.8
20.0
.2
.6
147. 1
159.0
70.4
37.6
148.0
68.1
109.5
11.0
100. 4
79. 6
20.8
376.5
253. 7
122.8
All member
banks
2.3
These figures indicate that to meet a 16%
percent increase in requirements, member
banks outside of the central reserve cities
would need to raise about $70,000,000 of additional reserve funds, most of which would
probably be obtained by withdrawals from
balances with city correspondents. Probably half of these balances are held with reserve city banks, and some of the withdrawals will be absorbed by correspondent
banks with adequate excess reserves, but a
substantial portion of the withdrawals from
reserve city banks will be met in turn by
withdrawals from central reserve city banks.
As a consequence, a large part of the additional reserve funds obtained from bankers'
balances will in the end come from central
reserve city banks, 15 of which on the basis
individual banks
of their position as of January 13 would need
dividually, were able to to raise $28,000,000 of additional reserves,
meet an increase of 33% percent in reFigures in the table show that banks in
each class taken as a whole, on the basis of
their January 27 position, would still have
had large excess reserves after the first 16%
percent increase in requirements, with country banks having the largest relative amount.
The effect of the second increase will depend
upon changes that may take place in the
amount and distribution of member bank reserves by the end of April, but it would appear from the present situation that all the
classes of banks would still have substantial
excess reserves.
As pointed out in the Board's statement of
January 30, a recent survey by the Board
showed that all but 197
Reserve position of m e m ber banks, taken in-
in addition to meeting such withdrawals by
correspondents as may occur. The other 35
central reserve city banks would still have
over $500,000,000 of excess reserves. Since
this survey was made the New York City
banks as a whole, as shown in the chart on
page 97, have increased their excess reserves
by $100,000,000 and are in a position to meet
the increase with a smaller amount of readjustment.
These figures indicate that the amounts involved in the necessary adjustment of reserve
positions of member banks to the increase of
16% percent in reserve requirements at the
end of February will be smaller than those
needed at the time of the 50 percent increase
in requirements last August. At that time
the change was accomplished with little effect
on the money market. The effect of the final
increase at the end of April will depend to a
large extent upon the distribution of the
excess reserves remaining at that time.
Growth of bank deposits and of currency
in use by the public is limited by the amount
of reserves held by banks.
Reserves and
credit expansion
T h e
^ ^
Q{
deposits
L
a n d
currency outside banks is
now larger than at any previous time, and the
excess reserves held by member banks provide the basis for a further expansion in deposits. Increases in reserve requirements
substantially reduce the magnitude of possible further credit expansion not only by
decreasing the volume of excess reserves but
also by lowering the ratio of expansion possible on the basis of a given amount of reserves. The chart shows for selected dates
the relationship between member bank reserves, on the one hand, and all bank deposits
plus currency outside of banks on the other,
and also indicates the potential expansion on
the basis of excess reserves outstanding on
the dates shown.
In 1922 member banks held $1,780,000,000
of reserve balances with Federal Reserve
banks and all bank deposits and currency at
the disposal of the public aggregated about
99
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
$39,000,000,000, or 22 times member bank
reserves. By 1929 deposits and currency had
expanded to $55,000,000,000 and reserves
were $2,360,000,000, giving a ratio of more
than 23 to one. In those years member banks
held only the minimum amount of reserves
RESERVES AND CREDIT EXPANSION
( In millions of dollars )
1922
JUNE
1936
PRESENT
required. In June 1933 deposits and currency were $13,000,000,000 smaller than in
1929, but reserves held were only slightly
smaller, and member banks held $360,000,000
of excess reserves, which would have permitted on the basis of the 1922 ratio an expansion of $8,000,000,000 in deposits. From
June 1933 to June 1936, notwithstanding
an increase in deposits and currency to the
1929 level, the growth of member bank reserves was so great that there were $2,700,000,000 of excess reserves. These reserves
were sufficient to permit a further theoretical
expansion of $60,000,000,000 in deposits. The
increase in reserve requirements made last
August considerably reduced the possible expansion, but at the beginning of this year,
with deposits and currency $2,000,000,000
larger than the previous maximum, the $2,200,000,000 of excess reserves held by member banks could still support a further expansion of $32,000,000,000 in bank deposits
100
FEDERAL RESERVE BULLETIN
and currency, an amount far in excess of the
present or prospective needs of the country.
The final increase in reserve requirements
will reduce the amount of potential expansion in deposits and currency, on the basis of
existing reserves without recourse to the Reserve banks, to a maximum of $5,500,000,000.
In making these computations deposits of
nonmember banks, as well as those of member banks, are included because nonmember
banks hold most of their reserves with member banks, so that in the final analysis reserve
deposits of member banks constitute reserves
back of all deposits in the United States.
Changes in currency are also reflected in and
limited by available member bank reserves.
The figures for potential expansion indicate the maximum possible expansion on the
basis of reserves. The figures for June 1933
and June 1936 were computed by applying to
excess reserves on those dates the 1922 ratio
of reserves to deposits and currency. In computing potential expansion on the basis of
excess reserves now outstanding the 1922
ratio was reduced by one-third to allow for
the 50 percent increase in reserve requirements last August and by one-half to provide
for the further increase to double previous
requirements. In 1929 and 1933 corresponding ratios were somewhat larger than in 1922.
These figures indicate in a general way the
nature of the changes in the credit situation
effected by the further increase in reserve requirements ; they are not exact measurements
of what as a practical matter could have
happened had there been no such increase.
An expansion of as much as $60,000,000,000
or even of $32,000,000,000 in deposits and
currency would not have been likely, because
other forces would have prevented it, but a
substantial movement in that direction would
have been injurious to the business and
credit system. The extent to which deposits
and currency actually will expand in the
future depends upon developments that may
influence the attitude of borrowers and
lenders, change the volume of reserves, or
FEBRUARY
1937
affect the composition of deposits and therefore the ratio of deposits and currency to required reserves. Increases or decreases in
the amount of currency in circulation, for
example, would affect reserves as well as the
total supply of means of payment, and shifts
in the relative importance of demand and
time deposits, of deposits in the various
classes of reserve cities, or of those at member and nonmember banks would change the
ratio of potential expansion on the basis of a
given amount of reserves.
Recovery in business proceeded further in
1936 and the levels of activity and employment reached toward the end
maintained in January, although in some industries output has been
curtailed by strikes and floods. During 1936
industrial production advanced rapidly and
there was an even greater increase in the
demand for goods, with the consequence that
a substantial volume of unfilled orders had
accumulated by the end of the year. Recently shortages of equipment have appeared
in some industries, and orders for new machinery have increased further. There have
also been shortages of skilled labor in a few
lines, particularly the metal trades, reflecting
in part the fact that there were few apprentices in training during the depression.
Wholesale commodity prices rose rapidly
from the end of October to the middle of
January, with substantial increases not only
for farm products but also for industrial commodities, which previously had shown little
change in price for three years. Increased
buying accompanying greater industrial activity was supplemented by considerable
forward purchasing and by buying for
armament purposes. In the second half of
January prices of commodities traded in on
organized exchanges declined somewhat.
Total income paid out in 1936 was substantially larger than in the preceding year.
Pay rolls in industry and trade showed a
marked rise, reflecting increases in the num-
FEDERAL KESEIIVE BULLETIN
FK»RI:AKV
ber employed, in the average number of hours
worked, and, at the end of the year, increases
in wage rates. Profits and dividends were
also larger and agricultural income continued
to expand. With maintenance of recovery
and relief expenditures at a high level and
with adjusted service payments to veterans,
Governmental outlays were somewhat larger
in 1936 than in 1935. Capital values increased, security prices showing a marked
advance and real estate prices, for both rural
and urban property, showing a gradual upward movement. The volume of new securities issued by corporations continued to increase, both for new capital purposes and
for refunding. There was some growth in
new mortgage loans, with interest rates considerably reduced. Expenditures by both
producers and consumers, particularly for
durable commodities, showed a continued
growth, and there were substantial increases
in both domestic and foreign trade.
The course of business activity in recent
years is summarized in the following table:
BUSINESS CONDITIONS
[Index numbers, 1923-1925 averapo=1(X)]
Construcindus- tion
trial
conprotracts
ducawardtion
ed
(value)
1929
1932
1935
1930
. -.
1930:
Jan.-Mar
Apr.-June
Julv-Rept
Oct.-Dec
119
01
90
"105
117
28
37
/>55
95
102
108
PI15
54
48
00
*'59
Agricultural
production
Factory
employ-
ment
Factory
pay
rolls
105
104
90
99
105
00
80
92
109
47
71
82
111
69
79
88
95. 3
04.8
80. 0
80.8
88
89
93
90
75
80
82
91
83
80
89
92
80. 3
79. 2
81.2
82.7
Depart- Wholesale
ment
prices
store
sales (1920==
(value) 100)
p Preliminary.
NOTE.—Figures for periods of less than a year adjusted for seasonal
variation, except those for wholesale prices and for factory pay rolls.
Comparisons between current levels of activity and those in earlier years should be
made with due consideration of changes in
related factors, such as population, industrial
techniques, and foreign trade. Since 1929
total population has increased about 5 percent, with a larger increase in adult popula-
101
tion, and industrial techniques have improved
considerably. Foreign trade, on the other
hand, is still much smaller than in predepression years.
The volume of industrial output for the
year 1936 as a whole was 105 percent of the
1923-1925 average as compared
Production
with 90 in the preceding year
and a low of 64 in 1932. The
movement during the year was generally
upward, with an average in the third quarter
of 108 and in the fourth quarter of 115, a
level not far below the average of 119 for the
year 1929. In December the index reached
121, but preliminary data indicate a decline
in January, partly as a result of strikes and
floods.
The course of total manufacturing production and of output in selected industries
is shown for the period from 1928 to date in
the chart on page 102. The figures are
adjusted for seasonal variation and are expressed in terms of points in the total index
of manufacturing production, so that it is
possible to see how much of a movement in
the total index has been accounted for directly by changes in activity in the industries
indicated.
Continued increase in activity in steel-consuming industries and at steel mills was an
outstanding development of 1936. Buying
by railroads and the construction industry
showed a marked rise from relatively low
levels and most other steel-using industries
also reported increases. The automobile industry took more steel than in 1935 but its
proportion of the total consumption of
finished steel dropped from one-fourth to onefifth. Sustained general strength in demand
for steel was reflected in a 40 percent increase in output of steel ingots and in price
advances for finished steel as well as for steel
scrap and pig iron.
Automobile production in 1936 amounted
to 4,450,000 cars as compared with 3,950,000
in 1935, a depression low of 1,370,000 in 1932,
and a high of 5,360,000 in 1929. Output in
102
FEDERAL RESERVE BULLETIN
January has been curtailed somewhat by
strikes at automobile plants and at establishments producing plate glass.
In the lumber industry, the principal one
included in the "other durable manufactures"
group on the chart, output showed a further
INDEX OF MANUFACTURING PRODUCTION
1928 1929
1930 1931
1932
1933
1934 1935
1936
considerable increase, reflecting in large part
continued growth in the volume of residential
building from earlier extremely low levels
and increased activity in the furniture industry.
Altogether activity in industries manufacturing durable goods increased over 1935 by
approximately a third, and by the end of the
year was at about the level of the latter part
of 1928.
Output of nondurable manufactures, which
had declined much less than durable goods
output during the depression and had advanced by a smaller amount during earlier
years of recovery, increased considerably
in 1936. There was a rapid rise during the
FEBRUARY
1937
second half of the year and by the end of
the year output in this group of industries
was above the 1929 level. In the textile industry, after a moderate temporary decline
during the early part of the year, activity
showed a rapid advance to new high levels at
the end of the year, and output for the year
was about as large as in the peak years 1927
and 1929. Petroleum refining and output of
tobacco and leather products were at new
high levels in 1936.
Production at mines increased materially
during 1936. Output of petroleum reached a
new high level about 50 percent above the
1923-1925 average. Coal production also increased but was about 20 percent smaller
than the 1923-1925 average. Output of nonferrous metals likewise expanded considerably further in 1936 but remained below the
level of predepression years.
In construction, which w7as at an exceptionally low level for a long period during
the depression, there was a considerable increase in activity in 1936, as in 1935, with a
larger amount of residential building and of
privately-financed industrial construction
and commercial building, as well as a continued substantial volume of public projects.
The physical volume of construction is now
about two-thirds as large as in the period
of highest activity in the last half of the
1920's, with a larger proportion of the total
in public work. Residential building continued the increase which had begun early in
1935 but the level reached at the end of 1936
was still less than half that prevailing in the
years of greatest activity. Rents increased
as additions to the supply of dwelling units
were small in relation to the increase in demand accompanying recovery.
In agriculture, where fluctuations in total
output are much smaller than in construction,
manufacturing, or mining, production in 1936
increased slightly over the low level of the
preceding year to about the 1923-1925 average, according to figures of the Department
of Agriculture. Cotton production was larger
FEBRUARY
than in 1935 and output of truck crops and
of citrus fruits was in record volume, while
other fruit crops were small. Output of feedstuffs was sharply reduced as a result of
the drought. Livestock slaughter increased
about 20 percent in 1936, reflecting chiefly a
sharp rise in hog slaughter from the unusually low level of 1935.
The substantial growth in economic activity
in 1936 was accompanied by a general rise in
the number employed and also
Employment in the average number of hours
worked per week. The most
marked increases in employment wTere at factories and on privately financed construction
projects but increases in many other lines
were considerable. Employment by the public utilities, which at the beginning of 1936
was little above the depression low, increased
substantially during the year and employment on railroads showed a more marked increase than in any other year of the recovery
period. The number of workers in trade and
service industries increased more in 1936
than in any other year since 1933. Altogether,
FACTORY EMPLOYMENT
PER CENT
103
FEDERAL RESERVE BULLETIN
1937
ADJUSTED FOR SEASONAL VARIATION. 1923-25 AVERAGE = 100
120 ' —
PERCENT
120
able goods continued to increase rapidly during 1936, as is shown on the accompanying
chart, and in the latter part of the year there
was also a considerable increase in working
forces at factories producing nondurable
goods, where the number employed had remained at about the same level for three
years.
The accompanying table, comparing employment in the last quarter of 1936 and the
corresponding period of 1935, shows that
FACTORY EMPLOYMENT
[Fourth quarter, 19361
Industries
Total1
Durable goods group
Machinery
Iron and steel and products
Transportation equipment:
Automobiles
Other
Lumber and products
Railroad repair shops
Nonferrous metals and products
Stone, clay, find glass products
Nondurable goods group1
Textiles and products:
Fabrics
Wearing apparel
Food products
'Paper and printing
Rubber products
Chemicals and petroleum..
Leather and products
Tobacco products
A v enure
number
Increase from
year ago
employees X urn her
of employees
Percent
8. 122. 700
090,900
3.921.700
' 987, 300
812. 500
472. GOO
137.300
123,400
]4
10
17
42.200
29, 200
49. 700
34, 700
33,000
23, 100
9
29
9
13
12
11
502. 800
128.900
(510.300
292. 800
310.800
237. 300
4. 201, 000
1,097. 100
551.900
772. 800
557, 700
131, 100
39(5, 900
297. 200
89. 300
218.300
41,300
31, 500
43. 500
28. 900
18,200
17,800
8, 000
2. 400
(5
5
1(5
5
3
3
1
Includes a few miscellaneous industries not included in separate
groups.
there have been substantial increases in most
manufacturing industries. The increase of
9 percent shown for lumber and products is
not so large as that for most durable goods,
reflecting a temporary reduction in activity
at lumber mills in the last quarter of 1936 as
a result of the maritime strike on the Pacific
Coast; employment at furniture factories
increased by 16 percent in the period covered
by the table. Among the nondurable goods
I9f>9
1930
1931
195?:
1033
1934
1935
1936
industries, increases in employment were
over 2,000,000 more were employed in non- general but in most instances smaller than in
agricultural pursuits at the end of 1936 than the durable goods industries.
While the total number of unemployed cona year earlier.
Employment at factories producing dur- | tinues large, the number was considerably
104
FEDERAL RESERVE BULLETIN
reduced in 1936 and shortages of skilled labor
have developed in certain occupations, particularly the metal trades. During the depression many skilled workers in some lines,
such as the building trades, shifted to other
types of work and there was little training
of apprentices. With increasing demand for
skilled workers, however, some have returned
to former occupations and the number of apprentices in training has increased.
Since the early part of November there
have been numerous announcements of increases in wage rates, the first significant
change in rates in more than two years.
There were general increases throughout the
iron and steel industry and in the cotton and
woolen textile industries and increases by a
number of firms in many other industries.
Wholesale commodity prices showed a
broad advance from the end of October to
the middle of January, as is
Commodity shown in the accompanying
prices
chart. In this period, the general level of wholesale prices, as measured
FKHRUAKY 1937
grains, livestock, cotton, wool, and imported
foodstuffs.
Prices for industrial commodities began
to move upward in the middle of last year and
since that time the index for this group has
advanced 4 points to 83, with 3 points of the
advance during the last three months. Steel
scrap, silk, cotton goods, and some chemicals
began to increase in June, and higher prices
for some steel products were announced at
that time. Later lumber, coke, hides, and
leather shared in the advance, but until
October most of the increases were small.
Since October, however, prices of metals,
rubber, wool, silk, hides and leather, and
petroleum have shown a considerable rise;
many other raw and semimanufactured materials have advanced by smaller amounts;
and there have been increases in the prices
of a number of finished products, including
cotton goods, woolen and worsted goods,
paper, automobile tires, finished steel, glass,
and housefurnishings.
This rapid increase in prices reflected the
continued growth in demand for industrial
WHOLESALE PRICES
materials both in domestic and foreign markets, declining stocks of many commodities,
buying for armament purposes, and some
speculative buying. Many industrial and
commercial buyers have placed large forward
orders, partly to avoid price increases and
to be assured of supplies adequate for an increased volume of business.
Income paid out in 1936 was about $60,000,000,000, according to estimates of the
Department of Commerce, and the
1932
1933
1934
1935
1936
1937
rate of payment in the latter part
Indexes compiled by U. S. Bureau of Labor Statistics, 1926 = 100. Incomes
of the year was higher. This comby the Bureau of Labor Statistics' index, ad- pares with a high level of $79,000,000,000 in
vanced from 81 per cent of the 1926 average 1929 and a low level of $45,000,000,000 in
to 86 percent. Since the middle of January 1933. Prices, it should be remembered in
there have been declines in prices of a num- this connection, are lower than in 1929 and
ber of commodities traded in on organized higher than in 1933.
markets.
Factory pay rolls continued to expand
The increase for farm products and foods rapidly during 1936 and in December, at 95
from October to the middle of January re- j percent of the 1923-1925 average, were two
flected chiefly increases in the prices of and a half times what they were at the bot-
FEBRUARY
1937
FEDERAL RESERVE BULLETIN
torn of the depression. In trade and other
types of nonmanufacturing activity pay rolls
showed general increases of somewhat
smaller amounts. Pay rolls on private construction projects, which had been at an extremely low level for a long time, showed a
sharp increase. For the most part the growth
in pay rolls during 1936 represented an increase in the number of employed and in the
hours worked, but toward the end of the year
wage rate increases were also a factor. In
addition to the increase in pay rolls there
were substantial bonus payments to employees in the last few weeks of the year.
Cash agricultural income is estimated to
have increased 11 percent to $7,865,000,000
this year as compared with a low of $4,328,000,000 in 1932 and a level of $10,000,000,000 during the years of post-war prosperity.
Income from marketings showed an increase
of 16 percent over last year while Government payments to farmers were only half as
large as in 1935.
Corporate cash dividend declarations, according to figures compiled by the New York
Times, reached a total of $4,100,000,000 in
the calendar year 1936, an increase of 40
percent over 1935. A major part of this
increase occurred during November and December 1936 when cash dividend declarations
were $1,360,000,000 or 82 percent more than
in the corresponding months of 1935.
Distribution of commodities to consumers
increased steadily throughout 1936 and at a
more rapid rate than in any other
Domestic y e a r o f ftie recovery period. With
105
States showed a further increase in 1936 but
was still considerably below the
volumes of predepression years.
Value of imports rose by a greater
amount than value of exports, and the excess
of exports was only $34,000,000, compared
with $235,000,000 in 1935.
The greater part of the rise in exports in
1936, as in the two preceding years, was in
finished manufactures, with the largest increases reported for machinery and other
iron and steel products, refined mineral oils,
aircraft, and textile manufactures. Automobile exports, which had risen rapidly in 1934
and 1935, showed a small further increase.
Exports of crude materials continued in 1936
in about the same volume as in 1935, with
cotton exports slightly smaller this year.
There was some further growth in exports
of semifinished manufactures, while exports
of foodstuffs continued at the low level
reached in 1933.
The rise in imports was general. Reflecting greater industrial activity, imports of
crude materials, such as rubber, wool, hides,
and tobacco, and of semifinished manufactures, such as wood pulp, oils and fats, chemicals, and nickel, increased further. Imports
of foodstuffs also showed a continued rise.
There were larger shipments to this country
of finished manufactures, such as newsprint
and textiles, and of luxury items, such as
furs, diamonds, and beverages.
Security issues by domestic corporations
have shown a marked expansion during the
past two years in response to the
J
Capital
abundance of investment funds, low
trade
.,
u
interest
rates, and improved busiconsiderably larger wage payness
prospects.
Securities
sold by domestic
ments and other individual incomes in both
corporations
during
1936
reached
a total of
urban and rural areas, the expansion was
about $4,600,000,000, double that of 1935.
general for practically all lines of retail trade
The 1936 total is about 70 percent of the
and in all parts of the country. Wholesale
annual average for the predepression period
trade also showed a considerable increase in 1925-1929, and is to be compared with an
1936. The largest expansion was in sales of j annual average of $500,000,000 during the
building materials, machinery, furniture, period 1932-1934, as shown in the following
and other durable goods.
table. Corporate issues in 1936 comprised
Merchandise foreign trade of the United
106
FEDERAL RESERVE BULLETIN
.FEBRUARY 1937
capital has been for working capital purposes and for real estate, plant, and equipment rather than for repayment of bank
loans and other unfunded debt.
Of the $400,000,000 of corporate issues for
new capital in 1935, about one-half was
offered by corporations engaged in manufacturing and mining, concentrated largely in
CAPITAL ISSUES *
two industries, those producing metals and
[ID millions of dollars]
alcoholic beverages. In 1936 corporate issues
Domestic corporate
for
new capital purposes were broadly disTotal
Period
domestic
tributed.
Issues of railroads, most of which
and
Refundforeign
Total
New
appeared in the first half of the year, acing
counted for 22 percent of the total, and pub9.134
6,322
1,249
5, 073
1925-1929. annual average
1932-1934, annual average
283
1.658
505
221 lic utilities for 10 percent.
Substantial offerI935—total
1,804
404
4, (599
2, 207
1, 104 ings continued to be made in 1936, as in 1935,
4, 579
3,385
1936-total
6,215
by companies producing metals and alcoholic
i As compiled by the Commercial and Financial Chronicle; exclude
U. S. Government issues, other t h a n guaranteed issues publicly offered beverages; large amounts were also offered
Publicly-offered issues by States and mu- by oil companies, by merchandising firms,
nicipalities and by Federal agencies, exclud- and byfinancecompanies. Most of the securing direct obligations of the United State; ity issues of the merchandising and finance
Government, declined from $2,400,000,000 in companies appeared in the final quarter of
1935 to $1,500,000,000 in 1936. In the 1932- the year.
1934 period, issues of these securities averCorporate refunding issues during the past
aged about $1,100,000,000 a year, or more two years have been offered predominantly
than two-thirds of all capital issues. The by public utilities, with 64 percent of all redecrease in 1936 reflected principally the com- funding issues from this source in 1935 and
pletion of substantial refunding operations 59 percent in 1936. There has been no subby the Federal land banks.
stantial amount of refunding by railroads
In contrast with the 1925-1929 period, the except in the first half of 1936. Manufacturmajor part of the securities issued by domes- ing and mining companies accounted for
tic corporations during the last two years about 25 percent of the refunding issues in
has been for the purpose of refunding out- both 1935 and 1936. The major part of the
standing issues. Recently, however, there refunding by these groups was by corporahas been an increase in the amount and pro- tions engaged in the production of metals,
portion of security issues for new capital oil, and foods. The aggregate for industrial
purposes. Offerings for new capital, includ- corporations has been large enough to indiing that used for repayment of bank loans cate an important movement toward reducand other unfunded debt, increased from tion in interest costs through the refunding
$20,000,000 in the first quarter of 1935 to of high coupon obligations.
$425,000,000 in the fourth quarter of 1936. Well over 90 percent of all corporate issues
The total for 1936, which was $1,200,000,000, offered for refunding in 1935 and 1936 were
is still small as compared with the period in the form of bonds, with the balance chiefly
1925-1929 when the annual average was in preferred stock. In the case of corporate
about $5,000,000,000. Available information issues to secure new capital, the proportion
indicates that during the past two years an of bonds and notes declined from 90 percent
increasing proportion of the issues for new in the first quarter of 1935 to 81 percent in
three-fourths of all capital issues, according
to statistics compiled by the Commercial
and Financial Chronicle, which exclude direct
obligations of the United States Government.
This compares with about half of the total in
1935 and less than a third in the 1932-1934
period.
FEBRUARY
1937
the first quarter of 1936, and to 61 percent
in the last quarter. The decline in this proportion has resulted partly from a more rapid
increase during 1935 of preferred stock, but
mainly from the increase in 1936 of common
stock issues, as compared with bonds and
notes.
During 1936 prices of securities advanced
further, reflecting both investment and speculative demand. In the last quarter
markets o f 1 9 8 6 a v e r a £ e Prices of leading
stocks rose to the highest levels
since 1930, and bond prices were the highest
on record. These levels were generally maintained or exceeded in January.
Buying of securities in the past year has
been done principally with funds already
available and has been based on additional
credit to only a small extent. Stock exchange
firms reported an increase of about $140,000,000, or about 10 percent, in their advances to customers for margin trading, and
loans by banks to brokers and dealers in securities showed a similar increase. Other
loans on securities by banks showed little
change. Foreign buying of American securities was substantial in the course of the year,
amounting on balance to over $300,000,000
in the first nine months of 1936. In the six
weeks following inauguration of the new currency arrangement at the end of September,
the volume of foreign buying was greatly increased. Subsequently, however, it declined
to about the rate that characterized the first
three quarters of the year. In addition foreigners purchased on balance in American
markets about $150,000,000 of foreign securities in the first nine months of 1936, and
these purchases have continued undiminished.
Reflecting rising bond prices, bond yields
have continued to decline, reaching new lows
in the past year. From December 1934 to
December 1936 yields on long-term Government bonds fell from 2.97 to 2.27 percent, and
on high-grade corporate bonds from 3.81 to
3.10 percent. High-grade municipal bonds,
which in 1934 sold on a yield basis near that
107
FEDERAL RESERVE BULLETIN
of high-grade corporate bonds, now show
average yields close to those of long-term
United States Treasury bonds. Yields on
high-grade bonds declined fairly steadily
throughout 1936, with a sharp decline in
yields on United States Government and highgrade municipal bonds in November. Except
for some reaction in Government bonds,
yields have since continued near the record
low levels.
Prices of common stocks declined sharply
in the spring of 1936, following a sustained
advance during the preceding year, but the
decline was brief and the advance was soon
resumed. The sharpest increase occurred
between late September and early November. For the year as a whole average prices
of common stocks increased by about 30 percent, following upon an increase of about 40
percent in 1935. The average for shares of
industrial corporations rose to the highest
level since the middle of 1930 and utilities
and rails to the highest since the latter part
of 1931.
Volume of trading on the New York Stock
Exchange, which increased substantially in
the latter part of 1935 and early in 1936, declined in the second quarter of 1936 and during the summer averaged less than a million
shares per day, but increased again in the last
quarter of the year to a level of from two to
three million shares per day.
Election of Class A and Class B Directors
The member banks elected the following
Class A and Class B directors of the Federal
Reserve banks for the three-year term beginning January 1, 1937:
CLASS A
Boston—Leon A. Dodge.
New York—William F. Ploch.
Philadelphia—George W. Reily (reelected).
Cleveland—Ben R. Conner (reelected).
Richmond—Charles E. Rieman (reelected).
Atlanta—R. G. Clay (reelected).
Chicago—Walter J. Cu mm ings.
St. Louis—Max B. Nahm (reelected).
Minneapolis—H. C. Hansen (reelected).
108
FEDERAL RESERVE BULLETIN"
Kansas City—C. C. Parks (reelected).
Dallas—Ed H. Winton.
San Francisco—Keith Powell (reelected).
FEBRUARY
1937
Chairmen of Federal Reserve banks for the
year 1937:
New York—Owen D. Young (reappointed).
Cleveland—G. C. Brainard.
Atlanta—Wm. H. Kettig (reappointed).
Chicago—R. E. Wood (reappointed).
St. Louis—Paul Dillard (reappointed).
Kansas City—Edward P. Brown (reappointed).
San Francisco—A. P. Welch.
CLASS B
Boston—Edward J. Frost (reelected).
New York—Robert T. Stevens (reelected).
Philadelphia—J. Carl DeLaCour (reelected).
Cleveland—John E. Galvin (reelected).
Richmond—Charles C. Reed (reelected).
Atlanta—J. A. McCrary (reelected).
Chicago—Max Wellington Babb (reelected).
St. Louis—James W. Harris (reelected).
Retirement of Chairmen and Federal Reserve Agents
Minneapolis—Albert P. Funk (reelected).
at Federal Reserve Banks of Richmond, Atlanta
Kansas City—Willard D. Hosford (reelected).
and San Francisco
Dallas—J. R. Milam (reelected).
San Francisco—Malcolm McNaghten (reelected).
Effective at the close of December 31,1936,
Appointment of Class C Directors
The Board of Governors of the Federal
Reserve System appointed the following Class
C directors of Federal Reserve banks for the
periods shown:
Term expires Dec. 31
Boston
New York___
Cleveland
Richmond-__
Henry S. Dennison
Beardsley Ruml
Reynold E. Klages
W. G. Wysor
Donald H. Sherwood
Atlanta
Frank H. Neely
William T. Nardin
St. Louis
Kansas City. Edward P. Brown (reappointed).
J. H. Merritt
Dallas
1939
1938
1939
1939
1938
1938
1939
1939
1938
Designation of Chairmen and Federal Reserve Agents
and Appointment of Deputy Chairmen
The Board of Governors of the Federal
Reserve System designated the following Federal Reserve Agents and Chairmen of the
boards of directors of Federal Reserve banks
for the year 1937:
Boston—F. H. Curtiss (redesignated).
Philadelphia—R. L. Austin (redesignated).
Cleveland—E. S. Burke, Jr. (redesignated).
Richmond—Robert Lassiter.
St. Louis—William T. Nardin.
Minneapolis—W. B. Geery (redesignated).
Kansas City—J. J. Thomas (redesignated).
Dallas—C. C. Walsh (redesignated).
San Francisco—A. 0. Stewart.
The Board of Governors of the Federal Reserve System appointed the following Deputy
F. A. Delano and W. N. Moore retired as
Class C directors and Chairmen and Federal
Reserve Agents at the Federal Reserve Banks
of Richmond and San Francisco, respectively.
Mr. Delano has had a close contact with
the Federal Reserve System from the date of
its origin. He was appointed a member of
the original Federal Reserve Board, which
took office on August 10, 1914, and served in
that capacity until July 22, 1918. On July 1,
1921, he was appointed a Class C director of
the Federal Reserve Bank of Richmond, and
on January 1, 1923, he was appointed Deputy
Chairman of the bank, which office he held
until March 17,1936, when he was designated
Chairman and Federal Reserve Agent at the
bank.
Mr. Moore was appointed a Class C director
and Deputy Chairman of the Federal Reserve Bank of San Francisco on January 6,
1916, and served in that position until July 8,
1936, the date on which he was designated
Chairman and Federal Reserve Agent.
Effective at the close of December 31,1936,
H. Warner Martin resigned as Class C director and Chairman and Federal Reserve Agent
at the Federal Reserve Bank of Atlanta. Mr.
Martin on August 9, 1933, was appointed
Assistant to the Governor of the Federal Reserve Board, and served in that position until
October 30, 1934. On January 12, 1935, he
was appointed a Deputy Governor of the
Federal Reserve Bank of Atlanta, continuing in that position until his appointment as
a Class C director and designation as Chairman and Federal Reserve Agent at the bank
on February 18, 1936.
109
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 26 and released for publication January 28]
The Board's index of industrial production
showed a sharp advance in December after
allowance is made for the usual seasonal
changes. There was a marked expansion in
employment and pay rolls, and retail trade
continued at high levels.
Production and employment.—Actual volume of industrial production showed little
change from November to December, at a
time when a sharp seasonal decline is usual,
and the Board's adjusted index advanced
from 114 to 121 per cent of the 1923-1925
average. There was a further rise in activity
FACTORY EMPLOYMENT AND PAYROLLS
50
30 L
1929
INDUSTRIAL PRODUCTION
1930
1931
1932
1933
1934
1935
1936
1937
Monthly indexes of number employed and payrolls at factories,
unadjusted for seasonal variation, 1923-1925 average = 100.
largest advances at plants producing automobiles and machinery. In the nondurable
goods industries there were marked increases
in the number employed at textile mills and
at shoe factories. Reflecting principally the
higher level of employment and advances in
wage rates, factory pay rolls increased
sharply in December, particularly at steel
mills and in the textile industries. In retail
trade, employment rose more than seasonally,
... ..!
I 50
1936
1937
1929 1930
1931 1932 1933 1934 1935
and in most other nonagricultural pursuits
Monthly index of physical volume of production, adjusted for there were increases, when allowance is made
seasonal variation, 1923-1925 average = 100.
for seasonal changes.
Distribution.—Retail sales in December inat textile mills to the highest level on record,
and output of other nondurable manufac- creased seasonally at department stores and
tures was maintained. Declines in produc- by more than the usual seasonal amount at
tion of steel and lumber were smaller in De- variety stores and mail-order houses serving
cember than are usual in that month. At au- rural areas.
Freight-car loadings showed a smaller detomobile factories there was a marked increase in output. In the first three weeks of crease than is usual in December, and the
January activity at steel mills increased some- Board's seasonally adjusted index advanced
what, but there was a decline in assemblies of further.
Commodity prices.—Wholesale prices, for
automobiles as a result of shutdowns occasioned by strikes. Coal production declined both industrial and agricultural commodities,
seasonally from November to December, continued to advance in the second half of
while output of crude petroleum increased, December and the first half of January. There
were marked increases in prices of industrial
contrary to seasonal tendency.
Value of construction contracts awarded, raw materials, particularly nonferrous metaccording to figures of the F. W. Dodge Cor- als, lumber, hides, and wool, and prices of a
poration, showed a seasonal decrease in De- number of finished goods, such as steel products, paper, and textiles, also advanced.
cember.
Factory employment expanded further be- Since the middle of January there has been
tween the middle of November and the mid- a decline in prices of commodities traded in
dle of December, contrary to the usual sea- on the organized exchanges.
Bank credit.—Loans and investments of
sonal movement. Increases were general
among the durable goods industries, with the reporting member banks in leading cities de-
110
FEDERAL RESERVE BULLETIN"
WHOLESALE
PRICES
PLR f E M
120
......
110
.!
,110
:
1100
X*
• 90
!
100
!
90 i - ••
eo
• 80
BiLL'CNS OF_DOL'_ARS
I
—
60
50
The rate on 90-day bankers' acceptances
was raised Y\<\ of 1 percent on January 13
and now stands at *4 of 1 percent. Market
discount rates on Treasury bills have also increased, with bills offered in the week ending
January 16 selling at a discount of over %
of 1 percent, as compared with a rate of about
Y\ o of 1 percent early in December.
MEMBER BANK LOANS AND INVESTMENTS
^V
70
FEBRUARY 1937
__
LOANS
_
BlLLI
I
i'
INVESTMENTS
: eo
I
1929
1930'
193
1932
1933
1934
1935
1936
1937
Index compiled by U. S. Bureau of Labor Statistics, 1926 =
100. By months, 1929 to 1931 ; by weeks, January 2, 1932, to
January 23, 1937.
clined in the first three weeks of January, as
a result of reductions in commercial loans
and in loans to brokers. The decrease in loans
reflected in part the retirement of notes issued
by the Commodity Credit Corporation last
July and in part repayment of other loans,
which had increased sharply in preceding
weeks. Holdings of Government obligations
declined further at New York City banks but
increased at banks in other leading cities.
Demand deposits decreased at the turn of the
year, but thereafter increased somewhat, reflecting chiefly the return of currency from
holiday use.
Wednesday figures for reporting member banks in 101 leading
cities, Sept. 5, 1934, to Jan. 20, 1937. Loans on real estate and
loans to banks excluded.
Excess reserves of member banks increased
from $1,880,000,000 to $2,130,000,000 in the
four weeks ending January 20, reflecting
largely the post-holiday return flow of currency from circulation.
111
FEDERAL RESERVE BULLETIN
FEMU-ARY 1937
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
FIGURES
BILLiONS OF DOLLARS
12
MONEY IN CIRCULATION
TREASURY CASH
RESERVE BANK
CREDIT
Y
TREASURY
DEPOSITS
|V|V
MEMBER BANK
RESERVE BALANCES
1932
1933
1934
1935
1936
Latest figures for January 27, 1937. See table on page 120.
1937
112
FEDERAL RESERVE BULLETIN
FEBRUARY
1937
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1936
Dec.
Nov.
Oct
1933
1932
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
2,114
256
2,358
43
20, 510 20, 355 22, 064 19, 997 18,672 17, 505 19,080
591
820
969
820
815
337
800
2,242 2,237 2, 267 2, 301 2,711 3, 343 4, 508
4,968 4,926 5, 226 4,907 4,965 5, 222 6, 578
22, 599
1,405
6,251
9,231
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
6, 594
2,043
5, 716
2, 983
5, 757
3,061
5,469
2,820
5,001
2, 469
3, 676
1,564
2, 343
528
6, 665
2,046
6,785
2,219
2,482
7
9,241
1, 242
3, 247
5, 264
427
2,439
15,544
5, 045
6,155
11
20, 769
921
2,281
4, 982
5, 989
2,512
2,475
7
9, 232 9,310 8, 433 8,291 8,156 9, 080 7,989 6, 856
1, 255 1, 255 1,131 1,138 1,114 1, 250
928
-325
3, 202 3,283 3, 021 3,051 3,122 3,272 3,052 ' 3,000
5, 422 5,276 4,694 4,715 4,435 4, 799 4,024 2, 875
376
354
399
339
404
383
326
271
2,463 2,385 2,312 2,326 2, 253 2, 358 2,112 1,688
15,362 15,152 13,904 13, 779 13,359 14,619 12,729
(0
5,032 5,070 4,872 4,883 4,917 4,999 4,883 4,937
6, 236 6,080 5,388 5,400 5, 244 5,810 4,938 3,814
2
1
1
1
1
5
497
5,228
4,413
2,865
3, 121
1,822
240
1,322
(')
4,946
2, 822
115
3, 245
1, 673
214
1, 250
2,847
1,725
248
1,142
5, 666
2, 772
228
6,788
2, 787
674
1.72
1.16
.52
3.31
4.49
2.73
2.05
5.85
7.61
3. 65
5.01
3.60
4.73
(0
(0
Averages of weekly figures; percent per annum
.75
1.00
.10
2.29
3.15
.75
1.00
.13
2.42
3. 18
724
266
458
626
218
408
'372
'168
-"214
"-264
'111
••153
463
187
276
366
95
272
'422
'221
'201
167
67
101
'384
'118
'266
251
33
217
123
124
119
95
93
85
84
89
86
82
83
82
85
84
81
83
82
84
83
80
83
81
78
86
79
82
81
78
85
79
82
81
78
85
78
80
P121
i> 122
"116
11.4
115
111
58
40
72
96
91
80
93
.75
1.00
2.27
3.10
.75
.75
.09
.75
.75
.14
2.73
'3.44
2.73
3.47
.75
.91
.14
.75
.29
.20
2.77
3.52
2.47
3.24
.76
.56
.14
2.70
3.60
1.02
1.00
.26
3. 10
4.00
Amounts per month; n millions of dollars
'368
'149
'220
252
73
179
389
124
265
189
34
155
180
116
64
41
15
26
89
(50
29
32
13
18
146
100
46
54
27
27
959
841
118
781
667
115
111
78
72
63
48
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
518
165
353
382
99
282
Index numbers
Index numbers, adjusted for seasonal variation, 1923-25=100
P62
P41
P80
/>98
P95
86
•92
110
110
"•105
57
43
69
94
89
73
90
101
101
102
'68
26
'103
89
77
71
83
96
97
92
60
26
88
88
76
66
82
P105
Pl()5
P104
P55
P36
P70
P92
P82
72
88
95
95
93
48
25
66
87
76
64
78
90
90
91
37
21
50
86
71
63
79
79
78
86
32
12
48
82
63
62
75
76
75
82
25
11
37
72
49
58
67
64
63
71
28
13
40
66
47
56
69
119
119
115
117
87
142
105
109
106
111
178
138
140
121
134
437
367
Amounts per month; in millions of dollars
P230
P214
226
196
212 I
223
187
270
169
P204
P202
221
189
p Preliminary.
« Partly estimated.
' Revised.
2
Figures not available.
Include time deposits of banks, domestic and foreign, 1929-1934.
Revised series. See pages 950-978 of the BULLETIN for December 1936.
1
4
1929
Averages of Wednesday figures; in millions of dollars
22, 760 22, 444 22, 566
1,021
941
945
2, 261 2, 239 2,243
5,748 5, 575 5,530
MERCHANDISE EXPORTS AND IMPORTS
Exports, including re-exports..
General imports
1934
5
2,431
9, 059
2,478
5, 585
2, 791
128
507
BUSINESS INDEXES
Industrial production
Manufactures
Minerals
Construction—total
Residential
Allother
Factory employment 4
Factory payrolls (unadjusted) 4 .
Freight-car loadings
Department store sales
1935
2,482
2,481
8
6
5
4
2, 430
2, 430
9, 545 10, 578
2, 398
2, 503
5, 704 6,101
2, 638
2,474
55
446
560
551
PRICES
Common stocks(1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods..
Other commodities
Retail food prices (1923-25=100)
1936
5
2, 430
9, 777
2, 410
5,770
2,581
49
512
CAPITAL ISSUES
All issues—total..
New
Refunding
Domestic corporate issues—total..
New
Refunding
Oct
2,494
6
5
2, 430
10, 072
2, 454
5, 897
2,545
324
539
MONEY RATES AND BOND YIELDS
Commercial paper
Stock exchange call loans
U. S. Treasury bills
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa).
Nov.
2,498
2,472
2, 480
7
6
7
3
3
3
2,434
2,430
2,430
11,220 11, 116 10, 983
2,512
2, 528 2,517
6, 563 6, 401 6, 321
2, 357 2,373
2,413
155
86
146
506
502
461
REPORTING MEMBER BANKS
Total loans and investments
Loans to brokers in New York City..
Other loans on securities
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
2
Time deposits (excluding interbank)
Deposits of domestic banks 3 .._
Borrowings
Dec.
Averages of daily figures; in millions of dollars
RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS
Reserve bank credit—total
Bills discountedBills 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
Annual averages
1935
3
190
171
110
Do not include time deposits 1929-1934.
FEBRCART
FEDERAL RESERVE BULLETIN
1937
113
LAW DEPARTMENT
Advance payments on Government bonds as deposits Payment of interest on demand deposits of public
against which reserves must be carried
funds
The Board was recently presented with the
question whether advance payments on
United States Government bonds are deposits
against which member banks and Federal
Reserve banks are required to carry reserves.
It was understood that such advance payments on Government bonds are made by subscribers pursuant to instructions issued by
the Secretary of the Treasury which are designed to provide for an equitable allotment
and distribution of these bonds by requiring
the subscribers to make substantial initial
payments at the time their subscriptions are
entered. In cases where a bank enters subscriptions on behalf of its customers, the bank
is required to certify that there has been paid
to it by each such customer, "not subject to
withdrawal until after allotment and payment in full for securities allotted, the full
amount required to accompany his application." The question presented, therefore,
was whether these advance payments to
banks by subscribers constitutes deposits
against which reserves are required to be
carried.
The Board had previously taken the position that all funds received by a bank in the
course of its commercial or fiduciary business
must be considered as deposits against which
reserves are required to be carried, unless
such funds are trust funds and are actually
segregated from the other assets of the bank.
This position was stated in a ruling published at page 572 of the FEDERAL RESERVE
BULLETIN for
1922.
Since it appeared that these advance payments on Government bonds do not constitute
trust funds and are not actually segregated
from the bank's other assets, the Board of
Governors expressed the view that such advance payments constitute deposits against
which member banks and Federal Reserve
banks are required to carry reserves.
The Board of Governors has recently received a number of inquiries regarding the
payment of interest after August 23,1937, on
demand deposits of public funds of States and
their subdivisions. In answering these inquiries, the Board called attention to the fact
that the twelfth paragraph of section 19 of
the Federal Reserve Act provides that no
member bank shall pay interest on any deposit which is payable on demand and also
provides that until the expiration of two
years after the date of enactment of the Banking Act of 1935 the above prohibition shall
not apply to any deposit of public funds made
by or on behalf of any State, county, school
district, or other subdivision or municipality,
if the payment of interest with respect to
such deposit of public funds is required by
State law.
The Banking Act of 1935 was enacted on
August 23, 1935, and, therefore, the two-year
period during which member banks may pay
interest on demand deposits of public funds of
States and subdivisions thereof, where required by State law, expires on August 23,
1937. No member bank may pay any interest
accruing after August 23, 1937, on any demand deposit of public funds regardless of
whether or not the payment of interest on
such funds is required by State law.
The Board has also received several requests for advice as to whether member banks
may pay interest on demand deposits of Indian funds, Postal Savings funds, and other
United States Government funds. These inquiries apparently had reference to the question whether interest may be paid on such deposits after August 23, 1937. As a matter
of fact, interest may not now be paid on demand deposits of any such funds deposited by
the United States or by any public instrumentality, officer, or agent thereof, and this
114
FEDERAL RESERVE BULLETIN
situation will remain unchanged after August
23,1937.
Although the twelfth paragraph of section
19 of the Federal Reserve Act exempts from
the prohibition against the payment of interest on demand deposits the payment of interest accruing on or before August 23, 1937,
on demand deposits of public funds if the payment of interest with respect to such funds
is required by State law, this exception does
not include the payment of interest on public
funds pursuant to requirements of Federal
law. Furthermore, the last sentence of the
twelfth paragraph of section 19 of the Federal Reserve Act provides that so much of
existing law as requires the payment of inerest with respect to any funds deposited
by the United States, by any Territory, District, or possession thereof (including the
Philippine Islands), or by any public instrumentality, agency, or officer of the foregoing,
as is inconsistent with the provisions of section 19 of the Federal Reserve Act, as
amended, is repealed.
The Board called attention to the fact, however, that interest may be paid at a rate not
in excess of the applicable maximum rate set
forth in the supplement to Regulation Q on
funds of the kinds described above if they
are placed in time deposits in member banks.
FEBRUARY
1937
[PUBLIC—No. 2—75TH CONGRESS]
[CHAPTER 6—1ST SESSION]
[S. 415]
AN ACT
To continue the functions of the Reconstruction Finance Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That notwithstanding any other
provision of law, until the close of business on June
30, 1939, the Reconstruction Finance Corporation is
hereby authorized to continue to perform all functions which it is authorized to perform under law,
and the liquidation and winding up of the Corporation's affairs as provided for by section 13 of the
Reconstruction Finance Corporation Act, as amended,
are hereby postponed during the period that functions of the Corporation are continued pursuant to
this Act: Provided, That in order to facilitate the
withdrawal of the credit activities of the Corporation
when from time to time during such period the
President finds, upon a report of the Board of Directors of the Corporation or otherwise, that credit for
any class of borrowers to which the Corporation is
authorized to lend is sufficiently available from private sources to meet legitimate demands upon fair
terms and rates, the President may authorize the
directors to suspend the exercise by the Corporation
of any such lending authority for such time or times
as he may deem advisable.
SEC. 2. (a) Section 7 of the Act approved January
31, 1935 (Public, Numbered 1, Seventy-fourth Congress), is hereby amended by striking from the first
sentence thereof "April 1, 1937" and inserting in lieu
thereof "the close of business on June 30, 1939";
section 1 of the Act approved March 31, 1936 (PubContinuation of the Reconstruction Finance Corpora- lic, Numbered 484, Seventy-fourth Congress), is
tion and related agencies
hereby amended by striking from the first sentence
The following is the text of an Act ap- thereof "February 1, 1937" and inserting in lieu
"the close of business on June 30, 1939"; secproved January 26, 1937, extending until thereof
tion 9 of the Act approved January 31, 1935 (Public,
June 30, 1939, the period within which the Numbered 1, Seventy-fourth Congress), is hereby
Reconstruction Finance Corporation is au- amended by striking from the first sentence thereof
thorized to perform its functions and pro- "June 16, 1937" and inserting in lieu thereof "the
viding under specified circumstances for with- close of business on June 30, 1939".
drawal during that period of its lending ac- (b) The agencies referred to in the Acts referred
tivities. The Act also provides for continua- to in subdivision (a) of this section, and the RFC
Mortgage Company, shall be deemed to be estabtion until June 30, 1939, of the Commodity lished by or pursuant to law within the meaning of
Credit Corporation, the Electric Home and section 7 (a) of the First Deficiency Appropriation
Farm Authority, and the Export-Import Act, fiscal year 1936.
Bank of Washington.
Approved, January 26, 1937.
FEBRUARY 1937
FEDERAL RESERVE BULLETIN
115
Extension of powers relating to Stabilization Fund sooner declare the existing emergency ended and the
and a Herat ion of weight of dollar
operation of the stabilization fund terminated."
The following is the text of the Act ap- SEC. 2. The second sentence added to paragraph
(b) (2) of section 43, title III, of the Act approved
proved January 23, 1937:
May 12, 1933, by section 12 of said Gold Reserve Act
of 1934 is amended to read as follows: "The powers
[PUBLIC—No. 1—75TH CONGRESS]
of the President specified in this paragraph shall be
[CHAPTER 5—1ST SESSION]
deemed to be separate, distinct, and continuing
powers, and may be exercised by him, from time to
[S. 416]
time, severally or together, whenever and as the exAN ACT
pressed objects of this section in his judgment may
To extend the time within which the powers relating to the require; except that such powers shall expire June
stabilization fund and alteration of the weight of the dollar 30, 1939, unless the President shall sooner declare
may be exercised.
the existing emergency ended."
Be it enacted by the Senate and House of RepreApproved, January 23, 1937, 2 p. m.
sentatives of the United States of America in ConThe Gold Reserve Act of 1934, approved
gress assembled, That subsection (c) of section 10
January
30, 1934, was published in the
of the Gold Reserve Act of 1934, approved January
30, 1934, is amended to read as follows:
BULLETIN for February 1934, pp. 63-67; the
"(c) All the powers conferred by this section shall Act approved May 12, 1933, was published
expire June 30, 1939, unless the President shall in the BULLETIN for May 1933, pp. 307-318.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1936
Total
Boston
New
York
Philadelphia
Cleveand
Richmond
St.
Louis
Minneapolis
Kansas
City
Dallas
649
693
552
086
$1,495
798
1,804, 145
20, 385
$1,049
501
1,265,519
79,125
$4. 004
833
1,743,999
47, 995
$6, 586
832
1,458,501
93, 293
$2, 460
2. 088
3, 027, 680
75, 735
1,548
186, 948
17,736
18, 658
979
14, 785
9, 868
166, 605
5, 434
10,059
71,799
39, 638
1,803,217
1,362,018
1,973,304
1,574,705
3,219,400
$175,278
929, 865
$120, 291
614, 200
$191,473
983,910
$155,150
710, 856
$231,009
1,503,984
112,586
3, 658
8, 264
54, 586
193
12, 264
36,984
10,14i
10, 293
62, 520
11,432
20, 402
39,642
9,215
7,241
83, 432
10,845
13,911
Atlanta
Chicago
$1,
3,
4,124,
105,
San
Francisco
CURRENT EARNINGS
Discounted bills
Purchased bills
U. S. Government securities
Industrial advances
Commitments to make industrial ad
vances
All other
Total current earnings
$107,584
29, 592
35,181,125
1, 580, 688
$7, 658
2,103
2,394, 450
140,708
$70,150
10,577
9,909,061
374, 869
$7, 511
3,035
2, 854, 961
311,519
$1,459
2, 810
;,365, 116
84,341
$1,777
1,159
1,790,550
211,204
$1,780
1, 037
1, 442, 585
42, 368
282, 079
713, 57L
25, 019
2,80;
107.077
05, 290
2, 905
76, 500
15,731
(57, 090
21,068
29, 795
1, 025
34, 726
10, 537,030
3, 250, 497
3, 537, 159
37, 900, 639
2, 573, 553
1,524, 121
2, 056, 153
4, 423, 476
CURRENT EXPENSES
Operating expenses:
Salaries:
$2, 028, 875 $141,917
OiTicers
17, 304, 889 1,060,946
Employees
Retirement System contribu932,023
tions for current service
54, 870
Legal fees
09, 502
1,598
Directors' fees and expenses
128,713
5, 464
Federal Advisory Council fees
and expenses
14, 223
1,150
Traveling expenses (other than
directors and members of Federal Advisory Council)
296, 883
14,901
Postage and expressage
3,940,790
401,279
Telephone and telegraph
654,191
28, 708
Printing, stationery and supplies.
853, 709
58,159
Insurance on currency and se276, 422
curity shipments
37, 303
259, 737
O t her insurance
17, 501
Taxes on bank premises
1,369,378
143, 640
Depreciation on bank building. __ 1, 207, 339
55,832
Light, heat, power, and water.__
393, 592
26, 168
Repairs and alterations to bank
210,634
7,827
building
188,109
240
Rent
273, 736
23, 268
Furniture and equipment
990, 906
All other
30,515
Total operating expenses
Less reimbursements for certain
fiscal agency and other expenses
Xet operating expenses
Assessment for expenses of Board of
Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
$588,160
4,461,410
$158,790
1,405,995
$195,485
1,628,741
$155,642
988,167
233,413
4, 698
15,277
71,728
7, 045
8,882
83, 548
5, 234
7,394
54, 988
571
0,047
43, 726
4. 866
13,214
576
750
710
808
891
1,169
1,350
1,204
1,239
1,776
2, 600
55, 561
008,081
114, 920
221,175
32, 430
326, 562
41,444
79, 223
27, 224
365,295
54, 089
70,015
21, 324
250, 766
43, 789
43, 786
20, 293
273, 479
66, 741
48, 972
32, 523
513,020
46, 472
86, 086
14, 372
179, 613
47, 041
41, 488
29,912
148,932
23, 822
37,388
13, 600
272, 853
56,124
46, 247
13,104
187, 550
41, 355
43,617
21, 639
353, 360
89,086
77, 553
50,987
37,818
396, 709
227. 327
73, 964
29,192
2J,099
69, 767
126, 532
35, 478
27,907
19, 507
130, 185
156,782
45, 259
18, 102
15, 936
67,080
109,233
23, 459
15.206
17,264
53,187
47, 293
19, 345
31,217
21,871
169,742
125,834
45, 522
6,173
21, 169
53,050
62, 623
23,311
9,378
21,077
66,817
29,233
20, 067
10, 005
26, 204
87, 303
82,806
36, 262
10, 461
17, 269
32,114
72, 239
19, 140
24, 431
23, 022
93, 784
111,005
25, 617
49, 301
24, 967
1,070
23, 328
72, 285
13,274
81,962
30, 523
44,188
6,031
30, 794
8, 261
29,143
4, 754
4, 577
4,323
43, 421
22, 462
14,902
42, 258
62, 581
35,211
3,001
28,165
38,155
6,840
10, 804
11,411
34,135
4, 027
40,099
22, 869
1,480
12,551
32,141
6, 294
50,083
13,827
70,481
7, 770,933 2, 530, 573 2, 993,982 1,873,927
1,763,231
71,794
493, 762
$200, 848 $308,226
880,831 2,] 23, 984
31,993,651
2,117,286
5,977,313
277, 754
1,419,999
324, 475
20, 016, 338 1,839,532
6, 350, 934
2,212,098
609, 979
161,061
155,081
73, 747
58, 865
193, 744
444,896
35,199
138,315
13, 854
221,401
11,921
90, 270
10, 192
119,591
12, 880
327, 433
23, 623
1, 679, 566
2,011,748
166, 371
123, 479
172, 398
12,787
29, 874, 023 2,148,196
7,441,008
302, 939
636, 304
2, 534, 689 1,570,988
1,120,927
459, 293
2, 525, 328 2, 923, 092 1, 745, 197 1,318,203
3, 772, 377 1, 726,908 1, 238,131 1, 957, 370 1, 435, 770
2, 807,163
197, 977
342, 237
306, 463
428, 639
2, 908, 580 1, 309, 472 1,040,154
1,615,133
1, 129,307
2, 378, 524
49, 908
39, 751
48, 391
49, 148
116,412
80,095
11,210
57, 826
5, 458
66, 735
0, 773
90, 677
7, 403
196, 111
15,071
1, 143, 189 1, 737, 032 1,282,535
2,706, 118
863, 797
417,436
3, 453, 380 1,450,685
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1936—Continued
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
>
I; 3
PROFIT AND LOSS ACCOUNT
Current earnings
Current expenses
Current net earnings
Additions to current net earnings:
Profits on sales of U. S Government securities
All other
Total
Deductions from current net earnings:
Reserves for contingencies
Special reserves and charge-offs
on bank premises
Prior service contributions to
Retirement System
Assessment for building for
Board of Governors
Allother
$37, 900, 039 $2. 573. 553 $10,537,030 $3, 250. 497 $3,537,159 $2,050,153 $1,524,121 $4, 423, 470 $1,803,217 $1,302,018 $1, 973, 304 $1, 574, 705
29, 874, 023 2,148,190
7,441,008 2, 525, 328 2, 923, 092 1, 745,197 1,318,203 3, 453, 380 1, 450,085 1,143, 189 1,737,032 1, 282, 535
8,020,010
425, 357
3, 090, 022
731, 109
014,007
310,950
205, 858
970,090
412, 532
218,829
230, 272
292,170
513,288
8, 902, 507
584, 301
478,125
3,100
2,889, 122
2, 288
582, 301
7, 797
559, 035
554
290, 982
3, 290
239. 773
22,970
1,150,317
375, 743
308,700
13, 878
089,110
100,871
308, 007
20, 205
890,350
4,073
503, 419
23, 514
9, 480, 808
481,231
2,891,410
590, 098
500, 189
300, 278
202, 749
1,520,000
322, 044
795, 981
328,812
900, 423
520,933
3, 509, 550
57, 500
413,101
03, 120
10, 000
400, 982
39, 310
927, 009
301,355
089,110
88, 309
500, 000
73, 748
733, 594
504,874
2, 522, 917
178,800
038, 293
193,470
225, 748
157, 044
93, 840
329,958
2,007,219
107,711
117,001
505
729, 105
2, 947
192, 254
2, 490
185, 323
34, 279
88,123
21,537
70, 352
10, 837
231,578
75, 433
9,000,991
384, 400
2, 288, 320
451,340
455, 350
073,080
214,345
1, 503, 978
485,817
90, 705
003,090
138, 758
104,839
-373, 408
48, 404
-37,918
Xet earnings
8,512,433
522, 122
3,099, 112
809,927
718,900
- 0 2 , 452
254, 202
932,178
225, 105
Paid U. S. Treasury (sec. 13b)._.
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)
227, 448
7,829,581
102,944
352, 400
34, 488
503, 728
13,752
3, 030, 704
14,431
752,931
28, 354
725, 553
25,030
153,241
225, 724
-559
048, 050
280, 130
-20,247
-310, 341
254, 202
-70,094
83, 908
730, 185
94, 119
- 4 4 , 345
Total
Net additions to current net earnings.
$3,219,400
2,700,118
-48,450
17, 481
192, 404
18, 775
144,902
83,040
170,700
109,308
197, 748
59, 053
4,101
47, 510
14,224
57, 837
380
58, 743
124
139,134
788
510, 011
851,371
317,292
800,639
430,193
-187,307
-55,390
11,520
39, 784
90, 740
103, 439
247, 792
331,954
010,028
10,400
179, 052
10, 959
230, 833
25,030
228, 445
10,001
07,872
010, 028
- 3 2 , 073
NOTE.—Current expenses as shown above include the cost of furniture and equipment purchased during the year and normal depreciation on bank buildings and exclude contributions to
the Retirement System on account of services rendered prior to the establishment of the Retirement System on March 1, 1934. Heretofore prior service contributions have been included in
current expenses and the cost of furniture and equipment and normal depreciation on bank buildings have been shown as deductions from current net earnings. Operating expenses now include
reimbursable fiscal agency expenses which heretofore were shown separately.
i
F
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
119
120
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
reserve balances
Reserve bank credit outstanding
Date
"Rillc
X>111S
Bills
disbought
counted
U. S.
GovOther
ernReserve
ment
bank
securi- credit
ties
Total
Monetary
gold
stock
Treasury
currency
Money
in circulation
Treasury
Other
deposits
NonFed1 reaswith
memeral
ury
Federal ber de- Reserve
Reserve
accash
posits
banks
counts
Total
Excess
(estimated)
E n d of month figures:
1936—Jan. 31
Feb. 29
Mar. 3 1 . _ . .
Apr. 30
M a y 30
June 30
July 31
Aug. 31
Sept. 30 __._
Oct. 31
Nov. 3 0 . . . .
Dec. 31
9
7
8
5
5
4
4
8
9
6
7
3
5
5
5
5
3
3
3
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
35
40
31
34
35
35
24
30
30
36
13
64
2,479
2,482
2,474
2,475
2,474
2,473
2,462
2,471
2,473
2, 476
2,453
2,500
10,182
10,167
10,184
10,225
10,402
10, 608
10, 648
10,716
10,845
11,045
11,184
11,258
2,493
2,499
2,504
2,500
2,490
2,498
2,496
2, 500
2,512
2,516
2, 521
2,532
5,737
5,846
5,877
5,886
5,953
6,241
6,162
6, 227
6, 207
6,351
6, 400
0,543
2, 548
2,513
2, 530
2,531
2, 583
2, 497
2. 432
2, 404
2, 458
2, 388
2, 304
2, 370
453
424
1,077
082
518
690
447
104
253
77
78
244
304
327
332
356
337
262
306
287
234
205
201
259
253
254
259
260
256
257
253
256
202
202
201
201
5,860
5,784
5,087
5,486
5,719
5,633
6,005
6,410
6, 357
0, 753
0,788
0, 000
3,084
2,986
2,305
2,664
2,866
2,717
3,029
1,950
1,840
2,175
2, 236
1, 984
Wednesday figures:
1936—Mar. 4
Mar. 11
Mar. 18 . . . Mar. 25___.
6
5
6
6
5
5
5
5
2,431
2,430
2,430
2,430
34
33
44
45
2, 475
2,473
2,485
2,485
10,167
10,170
10,173
10,177
2,506
2,503
2,503
2,502
5,848
5,840
5,841
5,837
2, 519
2,518
2, 520
2, 520
379
391
1, 007
1,147
321
337
328
340
269
274
201
261
5,813
5,786
5,144
5,059
3,043
3,008
2,388
2,315
7
6
6
5
5
5
5
5
5
5
2,430
2,430
2,430
2, 430
2,430
34
38
35
35
32
2,477
2,479
2,477
2, 475
2,472
10,185
10,190
10,200
10, 209
10, 221
2, 504
2,505
2,502
2, 501
2,501
5,884
6,906
5,877
5,860
6,859
2,
2,
2,
2,
2,
528
538
544
557
529
1,080
904
830
712
079
331
346
335
355
362
259
258
260
260
259
5,077
5,161
5,333
5,442
5,506
2,338
2,384
2,548
2,640
2,686
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
_
May
May
May
May
6
13
20
27
5
5
5
5
5
5
5
4
2,430
2,430
2,430
2,430
38
30
30
26
2,478
2,469
2,470
2,466
10, 248
10,302
10, 375
10, 388
2,497
2,496
2,493
2,494
5,912
5,888
5,896
5,902
2,
2,
2,
2.
553
5S3
025
572
022
578
513
544
345
351
353
326
259
257
258
256
5,532
5,611
5,694
5,747
2,697
2,774
2,859
2,901
June
June
June
June
3
10
17
24
6
5
7
6
3
3
3
3
2,430
2,430
2,430
2,430
50
32
40
32
2,489
2,471
2,480
2,472
10, 409
10,480
10, 543
10, 600
2,493
2,489
2,490
2,500
5,953
5,937
6,048
6,173
2,
2,
2,
2,
579
548
607
048
505
510
1, 421
929
349
306
282
252
292
299
261
261
5,713
5,833
4,894
5,308
2,844
2,948
2,043
2,438
July
July
July
July
July
1
8
15
22
29
4
3
3
3
4
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
35
36
42
30
23
2,473
2,472
2,478
2, 466
2,460
10,612
10, 622
10,629
10,634
10, 642
2,498
2,498
2,496
2,497
2, 496
6, 250
6,242
6,190
6,153
6,123
2,501.
2, 508
2,428
2, 430
2, 441
731
507
593
519
400
256
203
206
300
298
256
256
255
254
253
5,589
5,814
5,872
5,935
6,016
2, 670
2,883
2,923
2,986
3,049
Aug.
Aug.
Aug.
Aug.
5
12
19
26
4
8
6
7
3
3
3
3
2,430
2,430
2,430
2,430
26
36
18
25
2,463
2,477
2,457
2,465
10,650
10, 661
10, 678
10,695
2,496
2,498
2,499
2,501
6,163
6,170
6,184
6,184
2,427
2,421
2,410
2,410
439
338
215
143
321
337
342
336
254
255
255
256
6,005
6,110
6,229
6,332
3,051
3,167
1,813
1,892
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
9
8
8
7
9
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
21
41
54
33
30
2,463
2,482
2,495
2,473
2,473
10,717
10, 736
10, 762
10, 786
10,845
2,502
2,508
2,507
2,509
2,512
6,225
6,276
6,255
6,239
6,267
2, 375
2, 305
2,371
2,399
2, 458
107
55
418
388
253
280
271
251
255
234
255
288
263
263
262
6,441
6,471
6,206
6,225
6,357
1,958
1,997
1,714
1,743
1,840
Oct.
Oct.
Oct.
Oct.
7
14
21
28
8
8
6
6
3
3
3
3
2,430
2,430
2,430
2,430
31
43
23
23
2,472
2,485
2,463
2,462
10,971
11,003
11,008
11,031
2,509
2,512
2,514
2,514
6, 305
6,316
6,311
6,302
2, 440
2,421
2, 403
2, 390
190
135
88
100
271
249
227
220
263
261
264
263
6,479
6,617
6,693
6,732
1,954
2,072
2,127
2,158
Nov.
Nov.
Nov.
Nov.
4
10
18
25
7
7
5
6
3
3
3
3
2,430
2,430
2,430
2,430
7
29
25
18
2,448
2,470
2,464
2,457
11,058
11,105
11,127
11,162
2,515
2, 516
2,520
2,520
6,378
6, 393
6,375
6, 429
2,392
2, 300
2,378
2, 370
95
55
50
79
200
191
197
206
262
262
260
261
6,693
6,825
6,851
6,795
2,138
2,260
2,276
2,210
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
6
6
8
9
5
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
28
29
42
100
46
2,467
2, 468
2,483
2, 542
2,484
11,188
11,206
11,222
11,229
11,251
2,522
2, 525
2, 532
2,531
2, 530
6,
0,
0,
0,
0,
400
497
552
080
550
2, 353
2, 372
2. 346
2, 342
2, 308
110
93
173
251
231
212
229
227
256
274
200
278
205
200
270
6,775
6,731
6,674
6, 507
6, 572
2,205
2,157
2,046
1,881
1,946
1937—Jan. 6
Jan. 13.
Jan. 20
3
2
2
3
3
3
2,430
2,430
2,430
28
40
32
2, 464
2, 476
2, 408
11,271
11,300
11,317
2, 531
2, 528
2, 533
0, 473
0,371
0, 339
2, 395
2, 439
2,403
232
190
188
278
308
312
201
201
201
6,627
6, 740
0, 755
2,010
2,103
2,130
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months
and years are shown in the table on p . 112.
121
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[Tn thousands of dollars]
End of month figures
Wednesd ay figures
1936
1937
J a n . 20
J a n . 13
Jan. 6
Dec. 30
Dec. 23
Dec. 16
Dec. 2
Dec. 9
1936
1935
Dec.
Dec.
ASSETS
Gold certificates on hand and due from
U. S. Treasury._
Redemption fund—F. R. notes
Other cash
Total reserves
9,177,196 9,167,961
Bills discounted:
For member banks..
1
For nonmember banks, etc
Total bills discounted
Bills bought: Payable in foreign currencies
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
8, 849, 893 8, 849, 882 8,851,383 8, 851, 878 8, 851, 876 8,853, 624 8,809, 324 8,811,021 8,851,880 7, 553, 357
12.741
11,407
12,729
13, 330
12,741
12, 133
11,986
12, 741
17,444
12,533
247, 672
314, 574
246, 357
304,749
199,574
232, 753
247, 464
256, 534
264, 550
278,370
9,142, 286 9, 112,291 9,064,191
2, 280
101
2,147
201
2, 740
301
2,381
2, 348
3, 084
24,131
3, 089
24,221
9,098,510
5, 076
301
8, 381
501
7,181
503
3,041
5, 377
8,882
3, 089
24, 328
3. 089
24,768
3, 088
24, 999
9,068, 774 9, 008, 785 9,1.21, 155 7,835,351
2,612
301
4,316
356
6, 338
2, 913
4,672
3,087
25, 696
3, 089
24, 650
4, 656
32, 493
5, 496
503
5, 835
503
7, 684
5, 999
3,089
25,313
3,088
25, 493
_._
490, 643
492, 045
408, 326
381,326
216,176
490,690
490,643
489, 576
490, (543
489, 576
1,345,963 1,343,963 1,340,963 1.340,963 1,347,163 1,347,163 1,417,283 1,449, 163 1,340,963 1,641,597
599,738
572, 958
598, 621
598,621
593,488
604,618
595, 574
598,621
593, 488
592,219
Total Government securities
Other reserve bank credit
2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430. 227 2, 430, 227 2, 430, 731
13, 079
3,651
2, 102
39, 281
20, 548
16,011
16, 745
3, 705
7, 874
74,846
Total Reserve bank credit outstanding
._
2, 467, 697 2, 475. 896 2, 461. 450 2, 484, 009 2, 542, 042 2, 483, 058 2, 468, 458 2, 467, 450 2, 500, 163 2,485,631
LIABILITIES
F. R. notes in actual circulation
4,159,036 4,176,758 4, 242, 336 4, 278, 786 4, 350. 488 4, 268, 972 4, 232, 669 4,202, 799 4, 283, 537 3, 709,074
Deposits:
Member bank—reserve account
6, 754, 890 6,739,615 6, 627,004 6,571,721 6, 507, 490 6,674,157 6, 730, 989 6, 775, 236 6, 606, 430 5, 587, 208
U. S. Treasurer—general account..
543, 770
243,662
109,628
188, 259
230, 829
93,08L
172, 826
190,033
232, 287
250, 560
Foreign bank...
28,935
98, 620
59, 405
94,900
94,016
65,198
95, 601
60,779
92, 638
74, 383
225, 896
160, 207
Other deposits
152, 320
217,540
182,021
179,918
163,415
165,803
215, 592
181,428
Total deposits
Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent)
7 255 589 7, 237, 878 7, 136,913 7, 076, 484 7,013,861
80.4
80. 3
80. 3
80. 2
7,073, 565 7, 052, 683 7,096, 589 7, 108,919 6, 385,809
80.2
79.8
80.4
80. 3
80. 1
77.6
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY
FEDERAL RESERVE BANKS
I In thousands of dollars]
6
Within
15 days
16 to 30
31 to 60
days
61 to 90
days
8, 882
5 377
3.041
2, 348
2 381
7, 757
4 737
2,615
1,914
1 893
189
171
18
16
110
176
161
143
144
255
421
302
25 L
254
82
3,088
3,089
3.089
3,089
3 084
1,615
194
527
64
2, 182
513
63
315
278
89
412
250
233
220
215
548
2, 582
2, 014
2, 527
598
24,999
24, 768
24 328
24, 221.
24,131
1,212
1, 167
925
1,010
1, 152
270
260
409
320
171
565
669
544
587
560
11,011
13 240
12,940
23, 499
22, 809
12,940
23 499
23, 809
25, 309
25, 329
51, 985
54 426
58,015
58, 029
61,374
Total
Bills discounted:
Dec 23
Dec. 30
Jan. 6
Jan 13
Jan. 20
Bills bought in open market:
Dec. 23
Dec 30
Jan 6
Jan.13
Jan 20
Industrial advances:
Doc 23
Dec 30
Jan. 6
Jan 13
Jan 20
U. S. Government securities:
Dec. 23
Dec.
Jan.
Jan.
Jan.
1
30
6
13
20
2, 430,
2 430
2, 430,
2, 430,
2, 430,
Includes maturities of over 1 year to 5 years.
227
227
227
227
227
days
.
91 days months
to
to 6
months 1 year
339
0
12
16
33
2
4
8
734
669
1 100
1,158
1,103
1,737
1,676
1,229
1,118
1, 206
120,481
120, 327
4, 280
4,210
4,257
61, 374
63, 548
79,000
60, 280
125,135
289,180
292, 766
260, 475
271, 115
208. 602
352, 045
346, 189
349, 429
342, 389
334,017
2 Maturity distribution not available.
1 year
to
2 years
(*)
00
5, 883
5, 878
5,867
375,
375,
375,
375,
375,
306
306
306
306
306
2 years
to
5 years
Over
5 years
9,958
9, 940
9,8.15
833,
827,
827,
830,
832,
934
784
784
784
834
442, 452
443,469
443,469
443, 516
444,821
122
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
MinSt.
neapChicago Louis
olis
Atlanta
Kansas
City
San
Dallas Francisco
ASSETS
Gold certificates on hand and due
from U. S. Treasury:
'20 3,1, 400, 897 500, 509
8, 851, 876 553, T2
Dec. 23
8, 851, 878 503, 142 3,409,003 501,243
Dec. 30
8.851,383 570,108 3, 409, 087 529, 021
Jan.G
8.849, 882 71,519 3,488,872 514,597
Jan. 13
8, 849, 893 558,002 3, 522, 019 499, 245
Jan. 20
Redemption fund—Federal Reserve
notes:
12.741
1,449
194
1, 435
Dec. 23
12, 741
1,449
1,435
194
Dec. 30
12,533
1,418
1, 303
132
Jan. 6
13,330
1,158
1,387
570
Jan. 13
1,040
1,300
12, 729
535
Jan. 20
-.-.
Other Cash:
199,574 15, 223 55, 903 19,852
Dec. 23
247, 0721 20, 495 04. 583 24, 124
Dec. 30
278, 370 22,071
70,319 20, 366
Jan. 6
304, 749 20. 332 77, 221 30,041
Jan. 13...
314, 574 27,315
77, 253 31,374
Jan. 20
Total reserves:
9,004,191 r)70, 3923,458, 235 520,555
Dec. 23
9,112,291 585, 080 3,475,021 525,561
Dec. 30
9,142. 280 594,257 3, 540, 709555, 519
Jan. 6
9,107,901 )99,238i3.507,251 545,814
Jan. 13
9,177,190 580, 737 \ 000, 918"•31,154
Jan. 20
Bills discounted:
Secured by U. S. Government
obligations direct or fully guaranteed:
3, 387
7.029 1,035
Dec. 23
493
4,521
695
2,410
Dec. 30
360
2, 191
002
1,010
Jan. 6
295
1,487
51
081
Jan.13
521
1, 500
95
708
Jan. 20
355
Other bills discounted:
37
1,205
Dec. 23
1,853
40
22
604
Dec. 30
850
27
22
507
Jan. 6
850
27
630
Jan. 13
801
18
584
Jan. 2 0 875
9
Total bills discounted:
1, 072
4,592
Dec. 23
539
3,014
717
387
Dec. 30
5,377
1, 577
084
322
3,041
Jan.6
1,311
00
2,348
539
Jan. 13..
1,352
2, 381
102
304
Jan. 20
Bills bought in open market:
225
3,088
1,100
317
Dec. 2 3 . . . .
225
3,089
1,100
317
Dec. 30
225
3,
089
1,100
317
Jan. 6
225
3, 089
1,100
317
Jan. 13...
225
3,084
1,095
317
Jan. 20
Industrial advances:
24, 999 2,888
6,051 4,748
Dec. 23
24,708 2,888
6,026 4, 700
Dec. 30
24,
328
5, 917 4,624
2,773
Jan. 6
24, 221 2,773
5,916 4, 010
Jan. 13
24,
131
5,910 4, 590
2,772
Jan. 20
U. S. Government securities:
Bonds:
489, 570 35,091 129,985 42,101
Dec. 23
490, 043 35,107 130,269 42,194
Dec. 30
490,043 35, 408 131,080 39, 324
Jan. 6
490, 090 35, 471 131, 699 39, 328
Jan. 13.
492,045 35, 509 132, 062 39, 437
Jan. 20
Treasury notes:
1, 347,103 90, 500 357, 682 115,851
Dec. 23
1, 340, 903 90,116 350. 035 115,317
Dec. 30
1, 340, 903 90, 930 359, 907 107,475
Jan. 6.
1, 343, 903 97,153 360,713 107,715
Jan. 13
1, 345, 903 97, 298 301,251 107, 875
Jan.20
Treasury bills:
593,488 42, 539 157, 570 51,038
Dec'23
598,021 42, 907 158,939 51,479
Dec. 30.
598,021 43,274 160,007 47, 978
Jan. 6_
595, 574 43, 054 159,848 47, 734
Jan. 13.
592,219 42,811 158, 947 47, 405
Jan. 20
Total U. S. Government securities:
2, 430, 227 174,190
045, 243 208, 990
Dec. 23
2, 430, 227 174,190
045, 243 208, 990
Dec. 30
2,
430,
227
175,078
052,200 194,777
Jan. 6
2, 430, 227 175, 678 052,200 194,777
Jan. 13
2,
430,
2
2
"
175,678
652,260 194,777
Jan. 20
664, 749 309,
970 244,
9, 9'
:, 6791,074,324 263, 674 180,679 255, 399 73,97, 029,301
006, 672 294, 947 21.9, 795 1.070,507 261,477 170, 100 252,494 67, 92' 038,505
643, 320 283,
283! 880 227, 470 1,059.710 251,882 171,781 246, 588 80, 789 017,081
623, 000 282, 229 22(i
f), 502 1,085,981 250. 834 171,024 '44,817 77,678 012,703
612,694 285,059 229, 988 1,091,987 255, 064 168,316 242,595 177,762 605, 902
978
978
931
894
854
13. 487
1 \). 330
21.943
22.114
22, 907
340
3 K)
533
707
436
2, 659
2,059
2,029
2, 598
2, 507
857
857
802
703
727
1, 570
1,570
1, 560
1, 551
1,540
915
915
909
905
900
666
660
058
049
642
198
198
190
084
077
1,480
1,480
1,468
1. 458
1,445
11,905
15,215
19, 228
18, 968
21,044
10,102
13, 477
15,407
15,591
15, 709
21,300
28, 232
32, 703
34, 750
38, 790
12,529
15,098
17,779
18, 395
18,512
5.615
7,411
8, 322
9, 407
9, 337
10,991
12,988
13,977
15, 745
15,158
5, 902
6, 358
6,731
7,050
6,724
16,705
20,355
22,924
28, 535
30, 451
079. 214 322,215 257,440
686, 986 310,5021205,931
606. 194303, 0411245,500
646,014 301,904 244,751
030, 455 307,139 248.204
,096, 481 77, 773
1, 705, 596 78,145
1,693,221 71,221
1,721,494 70, 780
1,731,504 75,110
100
85
10
98
50
20
105
85
50
1
1
1
1
101
28
18
9
22
13
13
9
4
254
11
45
42
138
58
35
35
23
11
45
39
40
43
35
19
35
21
21
14
16
70
28
28
18
9
22
13
173
94
14
352
61
65
147
223
68
35
35
23
61
40
40
47
44
136
1, 920
1,014
9
0
19
75
21
01
54
50
294
294
294
294
294
121
121
121
121
121
108
108
108
108
108
385
385
385
385
385
86
86
86
86
86
60
61
61
01
01
87
8"
87
87
87
87
8
87
87
87
218
218
218
218
218
1,214
1,214
1,184
1,182
1,178
2, 684
2, 654
2, 602
2, 597
2,572
485
400
395
391
386
1,435
1, 435
1, 429
1,413
1,389
459
424
423
381
375
1,071
1,070
1,055
1, 040
1,028
795
794
779
778
768
1, 340
1,334
1,319
1,315
1, 309
1, 823
1, 823
1, 828
1,825
1,842
49, 512
49,018
50, 519
50, 524
50, 664
25, 285
25, 340
26, 936
20,939
27,013
19,982
20, 025
22,196
22,198
22, 259
57,199
57, 324
55, 805
55,810
55, 964
23,329
23, 381
23, 430
23,432
23,497
18, 272
18, 313
17,247
17, 249
17, 297
25, 355
25, 409
25, 560
25, 562
25, 632
20, 273
20,3.18
19,173
19,175
19, 228
43,192
43, 285
43, 299
43, 303
43, 423
136, 238
135, 612
138,071
.138,380
138, 580
09, 574
09, 254
73, 017
73, 782
73, 891
54, 983
54, 731
60,664
60, 799
60,890
157, 395
156, 670
152, 519
152, 860
153,087
64,198
63, 901
64,037
04,181
64, 276
50, 283
50,051
47,138
47, 243
47, 313
55, 787 118,847
55, 530 118,301
52, 401 118,341
52,518 118,006
52, 590 118, 782
00,019
00, 539
01,03'
0L,323
00, 978
30, 051
30, 916
32, 864
32, 696
32, 512
24, 223
24,432
27,081
26, 944
26, 792
69,339 28, 282
69, 939 28, 527
28, 587
07, 740 28,441
07, 359 28, 281
22,152
22, 343
21,043
20,936
20, 819
69, 765
09, 445
69, 857
70, 013
70,118
30, 735
31,001
31,181
31, 020
30, 851
245, 709 125,510 99,188
245, 709 125, 510 99,188
250, 227 133,417 109, 941
250, 227 133,417 109,941
250, 228 133,416 109,941
283, 933 115,809
283,933 115,809
276,410 116,054
276,410 116,054
276, 410 116,054
87, 209 267, 056 80,135 647,486
78,432 266,148 74, 483 000, 400
81,012 261, 223 187,710 542,073
81,336 261
'31,211 85,412 42, 750
78, 553 258,
-"!,395 85,163 037, 798
1,902
1,002
40
40
40
24, 577
24, 789
23,392
23, 273
23,142
52, 357
52, 810
52, 828
52, 559
52, 262
90, 707 125,855 100, 637 214,396
90, 707 125, 855 100, 637 214,396
85, 428 126;
"i, 601 94, 960 214, 468
85, 428 126, 601 94, 906 214,468
214;
85, 429 126, 601 94, 966 214, 467
123
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Boston
New
York
Philadelphia
Richmond
Atlanta
247, 3523
247, 305
251, 733
251,721
251, 709
128, 337
128,298
136,313
136, 229
136,123
100,133
99, 75;
110, 509
110, 587
110,658
20
20
20
20
20
10
10
10
10
10
1, 315
2, 158
2,113
2, 272
1,033
2,408
3, 543
3,077
2,715
1,937
3, 202
3, 039
2,007
1,79'
05,140
78,137
02, 809
68.912
64, 345
57, 598
07, 39f
57. 549
55,170
00, 875
27, 375
24, 907
25,145
23, 437
25, 903
525
525
368
368
368
2, 919
2, 919
2,810
2,810
2,810
1,69'
1, 669
4,348
4, 439
4, 556
1,212
1,207
2,447
2, 588
2,011
Cleveland
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Francisco
ASSETS
Total bills and securities:
Dec. 23
2,407,196 178,375 050,980 214, 594
Dec. 30
- _ . 2,463,461 178,020 655, li383 214,400
2, 460, 685 179,300 600, 854 200,040
Jan.6
2, 459, 885 178, 742 060, 587 200, 243
Jan. 13
2, 459, 823 178,777 600, 023
" ' - 200,054
Jan. 20
Due from foreign banks:
221
17
Dec. 23
220
84
17
Dec. 30
220
84
17
Jan 6
220
84
17
Jan. 13
223
17
Jan. 20
8:
Federal Reserve notes of other banks:
321
23,834
5, 667
Dec. 23
759
326
29, 225
7, 734 1,311
Dec. 30
315
34,381
10, 433 1,083
Jan. 0
321
31,902
8, 948
Jan. 13
781
600
29,821
Jan. 20
736
8, 384
Uncollccted items:
747, 244 71,572 185,870 60, 751
Dec. 23
760, 260 81, 128 194,671 56, 334
Dec. 30
660, 987 70, 973 174, 802 55,401
Jan. 6
671,914 71,220 170, 465 51,335
Jan. 13
665, 840 09, 230 167,161 53,998
Jan. 20
Bank premises:
48,082
3, 113
10,860 5, 079
Dec. 23
48,082
10, 860 5,079
3,113
Dec. 30
40.146
10,134 4, 952
3,057
Jan. 6
10,134 4, 952
40, 146
3,057
Jan. 13
10,134 4, 952
46,140
3, 057
Jan. 20
All other assets:
40.147
30, 423 2, 793
471
Dec. 23
41,253
31,250 3, 190
Dec. 30
453
37, 727
9, 878 4, 86'
Jan. 6
2, 280
39, 200
10,353 4, 999
Jan. .13
2, 307
40,144
10, 470 5,090
Jan. 20
2, 443
Total assets:
12,390,915 1824,201 4, 348,132 804,r, 552
Dec. 23
[, 375,009 805,
12,454,798 848, 143 4,
Dec. 30
i, 902
:, 400, 894 821, 883
12,382,432 850, 259 4.
Jan. 6
12, 417, 228 854, 902 4, 427, 822 808,145
Jan. 13
12,419,193 840, 87;•3 4,
-, 457, 777 ""
790, 011
Jan. 20
6,
6,
6,
6,
6,
91,883 126,812
91,848 126,773
80, 554 127,497
80, 53" 127,504
86, 522 127, 49^
103,990 216,512
"2 210, 458
103,071:
90, 381 210,575
174 210,505
90, 37
90, 381 210, 583
285, 821
285, 788
278,259
278,231
"
278, 245
1.10,400
110,359
110,610
116,565
110,051
26
20
20
20
26
4
4
4
4
4
3
3
3
3
3
6
0
0
0
6
0
0
0
0
0
15
15
15
15
15
3, 609
3, 532
4,085
3,850
3,071
1, 533
1,
2, 785
2,210
1, 903
883
1,585
1,253
1,153
1,223
2, 193
1,445
2,154
2, 223
2, 398
609
1,034
024
710
522
3, 345
2, 582
2, 954
4, 284
4, 931
298
902
303
391
480
35,020
33, 808
29,450
31,539
28, 037
19,640
18,026
13,904
16,290
15,943
39,144
38, 799
35, 672
35, 692
34, 64
2,284
2, 284
2,237
2,237
2,237
4, 835
4, 835
4,710
4,710
4,710
2,453
2, 453
2, 390
2, 390
2, 390
1, 534
1,534
1,493
1, 493
1, 493
3,368
3, 368
3, 285
3, 285
3, 285
1,520
1, 520
1,201
1,201
1,201
3,
3,
3,
3,
3,
1,404
1,358
1, 501
1,620
1, 665
503
570
3, 504
3, 089
3, 810
218
250
1,570
1, 026
1,671
288
283
1,270
1,312
1,355
280
318
1,759
1,827
1, 923
378
330
1,420
1,480
1, 55;
414
357
2, 763
2, 900
2, 981
109,
93,
78,
89,
84,
27,
25,
25,
25,
27,
822
443
228
198
227
48,0.14
47, 656
31, 691
33, 259
33, 328
580
580
449
449
449
1,001,294 513,924 390, 581 2, 100, 033 433, 401301, 440 438, 86;"314, 400 919, 360
"-,048
,' 022, 800512,739 397,'
',507 2, 094,
,-255 432,
-, 807
291,711 436,857 305,900 931
993,585 506,313 388'1, 005 2~002, 228 424,030 285, 489431,590 3l2,030 899ii, 520
979,746 501, 794 384, 71'07 2,!, 101,397425,114 288,124 431, 748 310,441 903,228
904, 928 512,283 390, 592 2, 105, 85
52 420; 432 285J 092 428, 151312, 117 899. 085
LIABILITIES
Federal Reserve noies in actual circulation:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Deposits:
Member bank—reserve account:
Dec. 23
Dec. 30
Jan.6
Jan. .13
Jan. 20
U. S. Treasurer—general account:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Foreign bank:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Other deposits:
Dec. 23
Dec. 30
Jan. 6
Jan.13
Jan. 20
Total deposits:
Dec. 23
Dec. 30
Jan.6
Jan. 13
Jan. 20
4, 350, 488
4, 278, 786
4, 212, 330
4,170, 758
4, 159,036
360, 729
1302, 908
358, 059
351, 008
351,094
924,419 319,•,800
915,529 312,750
903, 645 308,05
884, 333 30,ior f 200
879,210 303,558
432,230 212,914 195, 497
420, 497 20<1>, 321 188,827
416,332 205,i,441 186,883
413,356 200, 082 182,701
408, 700 200,',724 182,615
975, 943 187,290
904, 742 183,914
959,177 182,174
950, 833 179,806
940,912 1'79,129
138,012 163,107
135,893 162,326
135,737 101,085
133,558 159,830
133, 723 159,452
0, 507, 490
0,571,721
0, 027, 004
0,739,615
0, 754, 890
!, 891, 216 376, 269
349, 910 2,
*f>9, 87- 2,902,122 388, 282
574,419 2, 952, 954 403, 043
384,031 2, 996, 496 398,871
372, 358 3, 042, 907 385, 890
427, 335 210,321 149, 446
445, 504 209, 407 160,012
433,071 220, 025 153,081
7, 149 154\
434,289 21.7,
~ •. 7 5 8
425,869 211 ,582 157,044
935, 744
942, 518
929, 090
972, 821
993,873
189,236
191,644
184,796
188,174
191,480
i3,125
119,270 222, 586 107,026 463,
. 240
2,
110,497 221,132 102,
9, 990
114,800 217,201 163,832 479,
119,040 221,803 108,885 483, 292
115,583 216,355 102;
'" 831 479,112
2, 112
3, 037
3, 097
4, 254
5, 200
39, 072
34, 117
33, 308
33, 390
25,120
3, 64.7
3, 566
4,084
4,812
3,218
10, 092
4, 992
5,105
2, 585
4,193
5, 680
4, 504
4, 049
3, 642
4, 962
8,000 4, 855
6,372 15, 471
7, 708 7,177
5, 078 11,880
8,074 14, 940
250, 500
230, 829
232, 287
190,033
188, 259
9,125
9,278
11,980
13, 490
15,131
74, 383
94,016
95,601.
92, 038
94, 900
5,803
0, 961
7,087
0, 855
7,028
115,237 14, 1,
104,251 6, 859
116, 354 7, 439
81,144 10,739
08, 409 11, 703
27, 822 10,701
29, 300 9,010
28,019 3, 367
11,647 7, 360
14, 404 12,905
95, 372 339,175
92, 042 333, 031
91,497 333, 055
89,017 325, 708
89, 074 324,185
24, 587
34, 284
34, 783
33,812
34,591
7, 293
8,748
8,907
8,615
8,833
7,214
8,654
8,811
8,523
8,738
3, 450
4,139
4,214
4,070
4,179
2, 745
3, 292
3,352
3, 243
3,324
9,09'
10,912
11,110
10, 740
11,017
2, 353
2, 822
2,873
2,779
2,849
1,882
2, 258
2, 299
2, 223
2, 280
2,274
2,728
2,778
2,687
2,754
2, 274
2,728
2, 778
2,687
2,754
5,411
6,490
6, 009
6, 392
6, 553
95, 725
95, .171
114,818
146, 750
151,411
2, 329
1,556
1,918
2,208
1,759
12, 836
12, 573
13,048
13,167
13,261
4, 835
4,952
3, 505
3,643
3,303
5,190
4,169
4,015
3,757
5,385
1,847
1, 073
1,203
1,300
1,333
7,664
7,171
8, 289
7,029
7,827
4,447
4,964
5,278
5,233
5,075
214
187
180
198
224
3, 259
3, 774
9,312
7,746
6, 519
40, 892
40, 653
10, 805
20, 234
19,133
7,013, 861|I3O7,022 3,120, 765 400,
7,070,484.'.379,188 3,135,828 405,
7,130,913 !397,046 3, 218, <
7, 237, 878 1408, 643 3, 258,:
7, 255, 589 396, 827 3,297, 318 408,191
475,207 235,307 159,499 985,760 202,900 135,697 230, 754 180,559 514, 283
496,097 227,514 170,510 989,220 205,203 128, 711 228, 551 175,357 534, 860
777 200, 042 127,548 i~
224, 208
183, 630
"'""
"•"510, 581
483, 549 231,171 104,145 974 T~"
9O9. 794
7Q4 129;
129 087
184.396
087 2'2«
228', 330
330 184',
396 521,798
467,626 232, 228 166,012 1,018,393
323202',
462, 272 231, 969 170, 953 1,031,343 205; 374127,131 224, 295 180,178 519, 738
124
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
672,619
739, 938
657,442
656,123
658,189
66, 439
81, 836
71, 275
70, 848
68, 558
169, 621
191,223
163,178
164,045
160,077
51,183
53, 780
59, 315
49,161
50,974
130,624
130, 833
131,704
131,792
131,972
9,381
9, 384
9,387
9, 385
9,391
50, 435
50,590
51,169
51,192
51, 237
145, 501
145,501
145,854
145, 854
145, 854
9,902
9, 902
9,826
9,826
9,826
27, 088
27,088
27,190
27,190
27,190
Minneapolis
Kansas
City
San
Dallas Francisco
32,956
33,458
31,404
32,097
31,578
18, 258
17,812
12,894
16,155
14, 938
35,183
36,095
35, 806
33, 701
34,468
27,450
27,399
26,606
26,104
31,946
42,056
39,351
31,523
31,929
31,274
12, 282
12, 324
12,514
12,532
12, 547
3,777
3,782
3, 783
3,788
3,802
2,943
2,943
2, r •
2, 944
2,940
3,960
3,962
3, 977
3,980
3, 984
3,826
3, 825
3,825
3,840
3,843
10.160
10,159
10,159
10,159
10.161
21, 350
21,350
21,504
21, 504
21,504
4, 655
4, 655
4,655
4, 655
4, 655
3,149
3,149
3,116
3,116
3,116
3,613
3, 613
3,613
3,613
3, 613
3,783
3,783
3,851
3,851
3,851
9,645
9, 645
9, 645
9,645
9,645
546
546
545
545
545
1, 003
1,003
1,003
1,003
1,003
1,142
1,142
1,142
1,142
1,142
1, 252
1,252
1,262
1, 262
1,262
1,696
1,696
1,696
1,696
1,696
7, 573
7, 573
7, 999
7, 999
7,971
898
898
1,194
1,194
1,194
1,408
1,4C8
2,097
2,097
2, 090
848
848
931
931
931
1,806
1,82'
980
1,3'
1,319
379
411
233
235
155
970
792
151
164
151
258
320
234
215
260
Richmond
Atlanta
62,097
74,415
62,115
67,042
62, 232
50, 711
63,935
54,955
54,135
64,778
22,137
24, 806
24, 510
23,493
24,526
94, 528
95,828
83,861
87,413
82,840
12,211
12,211
12,211
12,211
12, 203
12, 662
12,664
12,741
12.753
12,765
4,716
4,717
4,718
4,722
4,803
4,271
4, 272
4,277
4, 286
4, 296
50, 825
50, 825
51,474
51,474
51,474
13,406
13, 406
13,362
13, 362
13, 362
14,371
14,371
14, 323
14,323
14,323
5,186
5,186
4,809
4, 869
4, 869
5, 616
5, 616
5, 616
5, 616
5,616
2,874
2,874
2,874
2,874
2,874
7,744
7,744
7,744
7,744
7,744
4, 231
4,231
4, 325
4, 325
4, 325
1,007
1,007
1,007
1,007
1, 007
3,
3,
3,
3.
3,
448
448
422
422
422
754
754
754
754
754
34, 248
34, 25lj
36,248
36,268
36,232
1,513
1,513
1,570
1,571
1,570
8, 849
8, 849
9, 260
9, 260
9, 260
3.000
3, 000
3, 000
3, 000
3, 000
3,110
3,110
3,120
3,120
3,120
1,315
1,319
1,522
1,522
1,522
2, 557
2. 556
1,690
1,690
1,690
16, 486
21, 91'
4, 745
5, 365
5,131
401
538
222
147
133
9, 474
14, 421
1, 515
1, 566
1,457
673
1,073
312
393
398
610
639
398
519
449
267
299
215
214
196
250
226
130
155
142
Cleveland
St.
Chicago Louis
LIABILITIES—continued.
Deferred availability items:
Dec. 23
Dec. 30
Jan. 6.
Jan. 13
Jan. 20
Capital paid in:
Dec. 23
Dec. 30
Jan. 6.
Jan. 13
Jan. 20
Surplus (section 7):
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan.20
Surplus (section 13b):
Dec. 23.
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Reserve for contingencies:
Dec. 23
Dec. 30
Jan. 6_
Jan. 13
Jan.20
All other liabilities:
Dec. 23
Dec. 30
Jan. 0
Jan. 13
Jan. 20
Total liabilities:
Deo. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Commitments to make industrial
advances:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
1,391
1,391
1,416
1,416
1,416
1, 328 1,849
1,328 1,849
1,828 2,037
1,847 2,037
1,847 2,037
896
914
131
124
116
502
457
224
256
349
, 401301,440 438,
[, 552
1,001,294 513,924 390, 581 2.100,633 433,
12,390,915 824, 261 4, 348,132 804,
!, 805314, 466 919,366
•, 375,009 80;
931
)5, 902 1,022,800 512,739 397, 567 2, 094, 255432, 867 291,711 436, 857 305, 900 """.,048
12,454,798 848, 143 4,
431
82.1
993, 585 506,313 388,005 2, 062, 228 424, 030 285, 489•"',590
12, 382, 432 850, 259 4:, 406,894 12.1,883
312, 630 899'
\ 520
12,417, 228 854, 962 4,
:, 427, 822 808, 145 979,746 501,794 384,707 2,101,397 •125,114 288, 124 431, 748 310,441 903, 228
428, 15
12,419,193 840, 873 4,,457,77' 796,011
""1,151
964, 928 512, 283 390, 592 2, 105, 852 426, 432 285, 092
'
312,117 899, 085
21,064
20,959
20, 640
20, 565!
20, 332|
2, 093
2, 050
2, 002
1, 997
1,965
8, 665
8, 632
8, 450
8,494
8,389
252
247
225
228
225
1,280
1,280
1,221
1, 221
1,195
2,
2,
2,
2,
2,
334
333
302
288
283
294
290
288
288
286
1,125
1,125
1, 308
1,273
1,313
333
333
314
314
306
489
489
489
489
486
4,096
4,084
3, 900
3, 893
3,804
125
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO JANUARY 20, 1937
f Amounts in thousands of dollars]
Applications rec- Applications approved to date by Federal Reserve banks (with
ommended for
without conditions)
approval by InApplications
dustrial Advireceived to date,
sory CommitExpired, FinancFederal Federal
Date (last Wednesday of
net
tees to date
repaid, ing instiReserve Reserve
Approved or with
each month)
(with and withbank
tution
Total
bank
but not drawn by particiout conditions)
commitadvances ments
comapplipations
outpleted i
outcant,
outetc.
standing'
Number Amount Number Amount Number Amount standing standing
1936—Jan. 29
Feb. 26
Mar. 25____
Apr. 29
M a y 27
June 24
July 29
Aug. 26
Sept. 30____
Oct. 28
Nov. 25—_
Dec. 30
Jan. 2()3._...
"I
7,714
7,831
7,934
8,046
8,113
8,158
8,197
8,240
8,284
8, 308
8,339
8, 379
8, 393
2.212
2,245
2,294
2,338
2,374
2,394
2,413
2,437
2, 463
2,477
2. 483
2, 500
2, 504
311,081
315,08]
319, 595
323, 669
329,316
331. 391
331,659
333, 930
336,119
336, 763
339,903
342, 099
342, 921
134,243
135,320
138, 450
140,104
141, 749
142,811
143,978
145, 939
147,191
148, 237
148,317
149.204
J 49, 304
2,023
2,049
2,097
2,139
2,162
2,183
2,198
2,218
2, 243
2, 259
2, 266
2, 280
2,284
125,810
126, 643
129, 580
131,195
132,549
133, 343
134, 233
135,421
137, 251
138,731
138, 938
139,829
139,987
32,483
32,129
30,947
30,800
30,958
30, 487
30, 217
29, 265
28,885
27,038
26, 720
25, 533
24,831
27,004
25,866
25,421
25,576
25,095
24,454
23,711
23,355
23, 307
22, 790
22, 040
20, 959
20, 332
10.888
10.434
11,008
9,730
9,343
9,381
8,429
9,168
8,566
8,544
7,719
8, 226
7, 553
8,699
7,678
7,550
7,737
7,641
7,599
7,534
7,329
7,276
7,444
7,414
7, 208
7,022
46,736
50,636
54,654
57,351
59, 512
61,422
64,342
66,304
69, 217
72,915
75,045
77, 903
80, 249
1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
2
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$11,400,177 on Jan. 20, 1937.
1
Jan. 27 figures not yet available.
NOTE. —On Jan. 20, 1937, there were 39 applications amounting to $4,240,101 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
fin thousands of dollars]
Boston
Total :
Federal Reserve notes:
Issued to F. R. bank by F. K. agent:
Dec. 23
Dec. 30
Jan. 0
Jan. 13
Jan. 20
Held by Federal Reserye bank:
Dec. 23
Dec. 3C
Jan. 0
Jan. 13
Jan. 20
In actual circulat ion:1
Dec. 23
Dec. 30
J a n . (5
Jan. 13.
Jan. 20
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from C. S. Treasury:
Dec. 23
Dec. 3('
Jan. 0
J a n . 13
Jan. 20.
Eligible paper:
Dec. 23
Dec. 30
Jan. 0
Jan. 13
Jan. 20.
V. S. ( i o \ eminent securities:
Dec. 23
Dec. 30
Jan. 0
Jan. .13
Jan. 20
Total collateral:
Dec. 23
Dec. 30
Jan. 0 .
.
Jan. 13
Jan. 20.
1
NewYork
Philadelphia
Atlanta
St..
Louis
Chicago
Minneapolis
Kansas
City
Dallas
San
Francisco
|
4,040, 501 |J387, 544
4, 037, 989 '385, 800
4. 009, 04011384.333
4. 558, 517: 383'300
4,494, 145. 380.773
1.017.414 332,358 450,004 225, 454 217.030 1,009.495 190,878 142,4(50 174,377 100,38(5 381,101
1,018, 2941331. 151 452. 490 224, 201 210,091 1,007.92(5 190,205 142,141 173,777 103,295 385,892
1.017,280 328.432 447, 554 224.419 214.400 1,002.783 194,015 141,302 171, 198 101.093 382, 7(55
1,009. 1021320.013 442.907 218.0221209, 905 980. 254 191, 9111140,730 108.792 98, (589 382, 220
977.020 325,418 430, 72J|213,489 208, 781 978,381 191,272 138,313 108, 193 90, (5(58 378, 510
I
290.013:1 20,815
359.203.; 22.898
307. 301'i 20,274
381,759| 31,032
335. 109 ' 29,079
Ij
4, 350, 488: ,300, 729
4, 278, 780! :302, 908
1. 242. 33(5 358. 059
1 17(5. 758. 351.0(58
4, 159, 03(i'351.(594
92. 995
102.705
113,041
124.829
98,410
12,558
18,395
20.381
21i353
21,80(
921.419
915.529
903. 045
SS4. 333
879. 210
319.800
312.750
308,051
305, 2(50
303. 558
23,774 12,540
31,993 17,940
31,222 18.978
29,551 17,310
27,901 12,7(55
21,533
27, 8(54
27.517
27, 204
20, 1(5(5
432, 2301212,914 195,497
420, 497 200.321 188,827
410,332 205,441 180,883
413.350 200. (5821182, 701
K)8. 7(50 200, 7241182, (515
33, 552 9, 588
43. 184 12,351
43. 00(5 11.841
35,421 12,105
31,409 12, 143
4. 448 11,270 11,014 41,920
(5, 248 11,451 11,253 52,801
5, (525 9,513 9, 590 49, 110
7, 178 8, 95(5 9, (572 50,518
7, 594 54, 325
4, 590 8,741
975. 943j 187, 290 138,012
904, 742!183, 914 135.893
959. 177:182. 174 135,737
950. 833 179. 80(5 133.558
940,912 179. 129 133.723
1(53, 107
1(52,32(5
01,085
159.830
159,452
95, 372
92, 042
91,497
89, 017
89, 074
339, 1.75
333.031
333, (555
325. 708
324.185
]
4.010.838 400.000 1.025,700 332.000 157,0001220.000
K (510, 838!; 100, 000 1.025.700 332. 000 457, 000 22(5, 000
1.582,838:100,000 1,025,700 332,000 452, ()()() 219,000
4, 540. 838; 400, 000 1.025. 7001332. 000 448,(!0()i213,000
1. 488, 838I!400,000 990, 700 332, 000; 540, 0001209, 000
7. 397-j
4, (530 '
2.331.,
1.735'1
.1,897:
1,035
095
002
51
95
33
;^
3
3
2
4(5
13
20
29
32
30.000
30, 000
30, 000
; 30.000
22. 000
15.000
15,000
15, 000
15.000
15,000
5. 000
5, 000
5,000
5. 000
5, 000
;
1, 029, 214.332, 492|457. 03():220. 000!22 , 295 1,030. 010:201. 034 143,033
1. 028, 2151332, 300:4 57. 000! 220, 000 22 . 050 1,030.000 201,(533 143, 003
1.020. 8291332.295 452.000 225, 1(50.22 . 020 1.010.000 2O1.040|143,O03
1,020,599 332,521 448.000 219,085 2i: {. J05 990, 000! 201,(540 !143. 003
991,078 332.355 440.000 215.010 213.185 990.050.193.705 143,002
175. 040
175,013
175.020
175, 029
172.032
492
30
3(50
295
521 '..'.'..
355
95. 000! • . .
95.000 '
101.000:: ...
101.000:
93. 000
4.719,235 407.035
4.710.474 400.095
4.080. 109''400, 0(52
4. 043. 573:l400, 051
4. .=83. 735 '400. 095
17(5,000 1,030. OOO1171, (532 128, 000!170, 000
170.000 1, 030, 000 j 171,0321128. 000 170, 000
170.000 1,010, 000 j 171, 032 128.000 170,000
108,000 990.000 171.032 12s!000 170,000
1(58,000 900. (KM) 171,(532 128,000 107'000
2
1
8
8
133
3.5081
2. 509
1,123
893
972
100
85
10
|
'.
Includes Federal Reserye notes held byo t h e r Federal Reserye hanks.
Cleve- Richmond
land
10
295
50
20
105
.185
4, "). 000
4. "). 000
0.000 4 '). 000
(5. 000 4 >! 000
0, 000 4. ). 000
50
.. . .
105,
105.
103,
99,
97,
50()i389. 000
500 389, 000
500 389,000
500 389, 000
500 389, 000
1.90(5
1.005
40
"
10
40
40
47
107, 40(5 389. 040
100, 505J389. 000
103,500 389.040
99. 500 389, 040
97,510 389, 047
126
FEDERAL RESERVE BULLETIN
RESERVE POSITION OF MEMBER BANKS,
DECEMBER 1936
[Averages of daily
figures.
[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
banks
Required
1937
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
I n millions of dollars]
Gross
Net
dedeTime
mand mand
dededeposits
posits posits i
Classes of b a n k s
and districts
FEBRUARY
All
member
banks 1
Excess
neld
Central reserve
city b a n k s
New
York
Chicago
Reserve
city
banks
Country
banks*
Total reserves held:
1935—December
2,541
5,716
608
1,631
935
1936—January
2, 593
5,780
495
1,714
978
Centra] reserve city b a n k s :
February
2,579
487
998
1,745
New York _ _ _ _ _ _ 10.823 9.913
1,964
2, 662
694
697
March
2,271
5,420
463
978
',708
430
2,417
2. 105
605
175
Chicago
438
2,163
April
5,300
506
956
., 675
2,384
May
5,638
636
, 657
961
Reserve city b a n k s :
2,183
June
5,484
682
954
,664
Boston district .
139
231
93
1,010
887
123
2,279
July
5,861
653
1,042
N e w York district
32
34
2
208
173
139
2,502
Aug. 1-15
6, 063
572
1,090
Philadelphia d i s t r i c t . , 1, 177
155
255
99
965
233
2.503
Aug. 16-312
6,291
580
1,204
2,005
Cleveland district
215
332
117
1,546
1, 224
707
2, 462
September
6,345
619
1,218
2,046
R i c h m o n d district
84
143
59
684
503
200
2, 574
October
6, 594
637
2,153
1,230
A t l a n t a district
75
88
13
615
452
.161
2, 695
November
6, 785
2, 185
651
1, 254
Chicago d i s t r i c t . . ___ 1, 166
146
210
64
833
459
2, 662
December
6, 665
1,241
605
2,157
St. Louis district.
94
133
39
767
579
169
Week ending (Friday):
Minneapolis d i s t r i c t . . .
46
62
16
379
281
93
Dec. 4
1,248
6, 779
2, 698
2,
200
633
Kansas C i t y d i s t r i c t . - . 1,002
108
155
47
675
160
Dec. 11
1,261
6, 755
2, 666
2. 208
620
Dallas district
70
95
25
632
431
110
Dec. 18
1,244
6, 705
2, 687
2,142
632
San Francisco district- 1,973
317
418
102
1, 565 1,820
Dec. 25
1,216
6, 558
2, 643
2,108
591
Excess reserves:
2, 157
Total
675
11,160 8, 567 4, 374 1,482
1935—December
499
2,983
1, 350
353
780
1936—January
547
3,033
1,395
239
852
February
567
3,038
1,360
226
885
Country banks:
March
543
2,653
1,056
208
846
Boston district
131
42
792
610
562
89
512
April
2,510
940
262
796
New York district
256
94
1.258
973 1, 330
162
511
May
2,800
1, 134
377
778
Philadelphia district._
128
43
619
459
831
86
496
June
2,593
414
775
908
Cleveland district
115
46
575
403
592
69
575
July
2,907
369
961
1, 004
R i c h m o n d district
71
22
505
328
323
49
619
Aug. 1-15
3,105
290
970
1,226
A t l a n t a district
64
25
450
288
197
39
490
Aug. 16-312
1,852
160
601
600
Chicago district
165
85
751
517
568
80
498
September
1,852
195
624
535
St. Louis district
.
55
22
331
224
207
33
502
October
2, 043
205
696
639
Minneapolis d i s t r i c t . . .
62
29
311
200
2(58
33
523
November
2,219
221
724
751
Kansas C i t y d i s t r i c t . . .
70
36
439
257
156
34
498
December
2, 046
175
675
697
Dallas district
72
38
477
277
91
33
"Week ending (Friday):
San Francisco district.
52
17
365
231
247
35
515
Dec. 4
_.__.
742
744
2, 207
205
526
710
737
Dec. 11
2,163
190
1,241
742
Total
6, 873 4, 767 5, 376
498
502
715
661
Dec. 18
2, 075
197
672
467
619
Dec. 25
1,917
159
1
Gross d e m a n d deposits m i n u s d e m a n d balances w i t h domestic b a n k s
(except p r i v a t e b a n k s a n d American branches of foreign banks) and
1 Weekly figures of excess reserves of all m e m b e r banks a n d of c o u n t r y
cash items in process of collection.
b a n k s are estimates.
2 Reserve requirements increased 50 percent effective Aug. 16.
All m e m b e r banks-_ 31,273 25, 352
10,882
4.619
6, 665
2, 046
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily
figures.
All member b a n k s
Gross d e m a n d
Federal Reserve district
Boston.__ __
New York
Philadelphia
Cleveland
Richmond
Atlanta . .
Chicago
St. Louis
Minneapolis
Kansas C i t y
Dallas _
San Francisco
_ _
_
_
__
_
______
Total
__
I n millions of dollars]
M c m b e r b a n k s n larger centers
(I>1 aces o\ er 15,0(0)
M e m b e r b a n k s in smaller centers
(places under 15,000)
Gross d e m a n d
Gross d e m a n d
Time
Doc.
1936
Nov.
1936
Doc.
1936
Nov.
1936
1,802
12 290
1,796
2 121
1, 189
1,066
4 334
L097
090
1.442
1. 108
2, 338
1.853
12,100
1,776
2 068
1,167
1,030
4, 298
1,084
690
1,426
1,097
2, 254
685
2. 169
1,063
1, 299
358
1,465
375
362
316
201
2, 067
690
2, 133
1,075
1 310
522
358
1.441
370
361
318
201
2, 109
31,273
30, 843
10,882
10, 894
Time
Xov.
1936
Dec.
1936
1,731
i 1, 166
.1.548
1,850
985
887
i 1,605
891
498
1, 113
833
2, 107
561
i 1,006
037
1.033
342
282
i 790
278
178
201.
161.
1,969
i 15,455 115,214
i 7, 437
Doc.
1930
1
1
1.681
1.193
1,571
1,899
1.005
918
1,626
905
499
1, 122
842
2, 194
Xov
1936
1
565
1.008
647
1.042
342
282
i 781
279
178
203
160
2,011
i 7, 498
Dec.
1936
Xov.
1936
Time
Deo.
1936
Nov.
1936
121
273
22(5
222
183
117
291
192
191
320
207
144
122
280
228
218
183
142
284
193
192
313
264
147
124
469
426
266
180
77
237
97
184
115
40
98
125
472
428
269
181
76
232
97
183
115
40
97
2, 577
2, 566
2,313
2,314
i Excluding central reserve city b a n k s , for which figures for latest m o n t h are shown in table above.
N O T E . — F o r explanation and figures for period J a n u a r y - J u n e 1936 see September B U L L E T I N , p p . 700-701. For earlier figures see April 1936 B U L L E TIN, p . 299, a n d previous issues.
FEBRUARY
127
FEDERAL RESERVE BULLETIN
1937
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 189C
1
1935—December..
5,882
109
34
828
1936—January
February...
March
April
May
June—
July
August
September.
October
November..
December..
5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6, 543
107
106
104
103
102
101
100
99
98
97
96
95
33
34
34
34
34
35
35
36
37
37
37
38
809
841
864
886
914
955
958
986
998
1,020
1,051
1,057
Subsidiary
silver
1
Federal Federal
Reserve Reserve
bank
notes
notes
United
States
notes
Minor
coin
National
bank
notes
312
131
275
3,667
66
458
303
304
307
309
312
316
318
321
326
329
334
337
129
129
131
132
133
135
136
137
138
139
141
142
259
254
245
249
265
278
274
278
278
282
289
289
3,598
3,696
3,727
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
4,233
63
60
58
56
54
52
50
48
47
46
45
44
436
421
406
391
378
366
352
342
332
324
316
307
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 *
$50 and over
Coin
End of month
$1
$2
$5
$10
$20
Total
1935—December.
478
460
815
1,373
1,359
1936—January.._
February..
March
April
May.
June
July
August
September.
October___.
November.
December.
465
467
472
475
480
486
490
494
501
505
513
517
434
434
439
442
451
463
460
471
477
484
492
499
782
802
804
804
820
850
844
863
868
882
900
906
1,333
1,373
1,378
1,379
1,402
1,468
1,459
1,482
1,488
1,516
1,548
1,563
1,332
1,360
',361
$50
1,369
1,367
1,386
1,399
1,404
1,409
,466
1,479
,431
1,449
,436
1,452
,437
1,467
., 4(50 1,478
, 486 1,501
, 501 1, 530
$100
$500
$1,000
$5,000
$10,000
358
627
122
239
16
355
361
362
360
363
398
383
381
383
385
390
399
627
633
641
643
648
683
667
667
673
679
690
707
122
123
125
126
127
127
127
128
130
132
132
135
240
243
247
249
245
245
247
250
253
255
258
265
17
18
17
19
19
18
19
19
21
19
23
18
i Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures.—See Annual Report for 1935 (table 39).
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation.
millions of dollars]
Silver
dollars Sub-
Federal
Minor united Recoin States serve
notes bank
notes
In
[By selected banks in New York City. In thousands of dollars]
National
bank
notes
and
silver
bullioni
sidiary
silver
1935—December.. 2,476
1,124
328
136
347
68
473
1936—January....
February..
March
April
_
May
June
July
August
September _
October
November..
December _.
1,172
,197
,218
,230
1,236
L, 255
L, 264
L, 277
1,294
1,303
1,310
1, 323
328
328
329
330
330
332
335
338
341
346
351
356
137
137
137
138
138
139
140
142
143
145
140
147
347
347
347
347
347
347
347
347
347
347
•"347
347
64
62
59
57
55
53
51
49
48
47
46
45
446
429
413
398
384
372
358
348
339
329
322
314
End of month
Total
2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,515
2, 521
2, 532
r
Revised.
i I n c l u d e s silver held against silver cert ifieates a m o u n t i n g to $1,234,000,000 on D e c . 31, 1930, a n d .$996,000,000 on D e c . 31, 1935.
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
Month
Receipts
Shipfrom
ments to
Europe Europe
Net
receipts
1935—November.
December.
4,203
603
782
851
13,421
248
1936—January...
February..
March
April
May
June
July
August
September.
October
November.
December-
748
13
1,757
3,095
3,852
3,037
900
981
3,949
2,013
5,900
8,409
2,743
3,317
3,109
938
1,685
1,164
2,348
2,078
1,131
5,422
1, 536
745
1,995
3,304
1,352
12,157
12,167
11, 873
1,448
1,097
J 2,818
3,409
i 4,424
i 7, 724
i Net shipments.
For description and back figures see BULLETIN for January 1932,
pp. 7-9.
128
FEDERAL RESERVE BULLETIN
GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
VNALYSIS OF CHANGES IN MONETARY GOLD;
STOCK
!
[In millions of dollars]
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES l
[In thousands of dollars]
i
Year or month
December
No vein her
j
January.
December
F r o m or l o IrnIioris
Year.
1936—January
February
March
April
May
June
July
August
September
October
November
December. .
j 10, 182
i!
Year
1,25>
1. 132.
Belgium
- .. !
Kngland
i
France
. . . . ._ I
Germany. ... . .
Netherlands.
!
Switzerland..-. .... I
Union of Soviet
S o c i a l i s t , liepublics
Canada
._
, Central America..
; Mexico
__.
Argentina ..._
• Chile
J Colombia.... . . . . .
Kcuador .
Peru.
• l.'ruguay . . . . . .
, \"etie/.uela .. .
Australia.
. British India ... .
' China and Hong
i Kong
j Dutch Kast Indies
:Japan
• Philippine Islands
i Allot her countries-'
Ex-
ports
32. 999
9
3. 281 I
4. 709
324
500
Imports
Kxports
2. 515
•14. 005
20
I 3, 098
10,000
243
•189
240 '-
.... i ...
10S ,
51
(Mi
10, JOS
152 ! . .
171 i .
0. 182 j
432 '
1,028 i
,
50fi i._ . . ._ !
linports
ExI ports
3,350 i
179,920 | 5,820
590. Sol I 17. J80
71,773 I
7,510 |
11,208
72.700
3,007
40,004
12
7,893
11.910
3. 135
2,414
!
i
:_
!
!
I
I
!.
3,705
700
493 j .
23. 2S0 !..
77.892 i
7.917
21.513 : .
2. 704 |
57.070 '
99 | 75,902 j
27.534
Toial
': Corrected.
i Gold released from e a r m a r k at Federal Reserve b a n k s less gold
placed u n d e r e a r m a r k (with allowance w h e n necessary for changes in
gold e a r m a r k e d a b r o a d for a c c o u n t of Federal Reserve b a n k s ) .
I i Figures represent, customs valuations which, with some exceptions,
3
Figure? are derived from preceding columns a n d indicate net result I are at rate of $35 a fine ounce.
of such factors as domestic p r o d u c t i o n , m o v e m e n t s into a n d out of I 2 Includes all movements of unreported origin or destination.
n o n m o n e t a r y use or u n r e p o r t e d holdings, imports a n d exports t h a t do
Back figure* - See table, p. 829, and Annual Report for 1935 (tables 34
not affect gold stock d u r i n g t h e m o n t h or year, a n d i n c r e m e n t resultand 35).
ing from r e d u c t i o n in weight of gold dollar.
Back
figures—Bee
A n n u a l Report for 1935 (table 32).
129
FEDERAL RESERVE BULLETIN'
I'KHIUWKY
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 Hanking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private bank? included in the ficrures from June 1931 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1930, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
NUMBER OF BANKS
Nonmember
banks
National
Other
Mutual nonsavings member
banks
banks
Total
Call date
fin millions of dollars]
Member banks
Total
State
Member banks
Nonmember banks
National
State
Other
Mutual
savings non membanks ber banks
All
banks
Call dale
Total
1931—Dec. 31
19,900
7, 240
0, 308
878
597
12, 123 1931—Doc. 31__. 45, 821
27,432
17,271
10, 101
10, 105
8,284
1932-June 30
Sept. 30
Dec. 31
19,040
18.794
1.8. 390
0, 980
0, 904
0,810
0, 145
0,080
0,011
835
824
805
594
41.903
41,912
41,013
24, 755
24, 903
24, 803
15,029
15,035
10, 101
9,120
9, 208
8, 702
10,020
i 594
594
11,472
11,290
10, 980
1 10,020
10,022
7,188
7,020
0,818
1933-June 30*
Oct. 25 3
Dec. 30
14,519
5, 000
5,818
0,011
4, 897
5, 052
5,154
709
700
857
570
8, 337
1933—June 30 2. _ 37, 998
Oct. 25 »_.
Dec. 30.__ "38,505"
23, 338
23, 453
23,771
14, 772
15.070
15,380
8, 500
8, 383
8, 385
9,713
4, 940
~15f~6ll~
9, 708
5,026
200
375
433
442
5, 288
5,417
5,401
5, 402
918
958
972
980
578
25, 293
20,015
27, 484
28,943
10,203
17,01)7
17. 093
18, 519
9, 090
9,518
9,791
10, 424
9, 780
5, 475
9, 828
0, 000
579" ~"8,"42l
1932—June 30._.
Sept. 3 0 . .
Dec. 3 1 . . .
10,039
0,
0,
0,
0,
579
9,018
1934—Mar. f>3
June 3 0 . . . 41,870
Oct. 17 3...
Dec. 3 1 . . . 44,770
1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31
10, 024
15,994
15,904
15,837
0, 422
0,410
0, 400
6, 387
5, 440
5, 425
5, 403
5, 380
970
985
997
1,001
579
571
571
570
9,023
9.013
8, 933
8,880
1935—Mar. 4 . . . .
J u n e 29. .
Nov. l..._
Dec. 3l___
44. 455
45. 700
47,522
48, 904
28, 589
29, 490
31.072
32, 159
18,502
19,031
20, 128
20,S80
10,087
10, 405
10,944
11,273
9, 837
9, 920
9, 930
9,903
0,029
0, 350
0,513
0, 842
1936—Mar. 4
J u n e 30
15.808
15,752
6, 377
0, 400
5, 375
. 5,308
1, 002
1,032
509
500
8. 802 J936—Mar. 4 . . . . 48,771
J u n e 30— 51,335
8,780
31,774
34, 098
20, 005
21,980
11, 109
12, 112
9, 972
10,000
7, 025
7, 176
1934—Mar
June
Oct.
Dec.
5 3
30
17 3
31
15, 835
8,882
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Mutual savings banks
Call date
Total
1931—Dec. 31
_
1932—June 30
Sept. 30
Dec. 31
.
..
1983—June 30 2
Oct 25 •'
Dec. 30
1934—Mar
June
Oct
Dec.
1935—Mar. 4
June 29
Nov. 1
Dec. 31
.
_
1936—Mar. 4 __ _
J u n e 30
_.
Loans
Investments
Total
Loans
Investments
Total
Loans
In vestinonts
Other nonmember banks
Total
Loans
Investments
49, 704
31,305
18, 399
30,575
19, 201
11,314
10, 488
6,218
4, 270
8,041
5, 827
2,814
40,071
45, 852
44,910
27.834
20, 985
20, 003
18,237
18,807
18,883
28,001
28.015
27, 409
10,587
15,924
15,204
11,414
12, 121
12, 205
10,310
1 10, 310
10,182
0, 130
1 6, 130
0.079
4, 180
1 4, 180
4, 103
7, 755
7,491
7, 295
5, 117
4,931
4, 780
2, 037
2, 500
2,515
40, 070
22, 203
17,872
21,780
24, 953
25, 220
12, 858
13,059
12,833
11. 928
1L, 894
12,380
10, 044
5,941
4, 103
5, 240
3. 404
1,841
9, 985
5, 900
4, 079
5, J15
3, 238
1,877
12.700
12, 523
12 293
12,028
13,842
14,052
15.207
10,122
9, 904
5, 048
4, 250
5, 423
3,108
2,315
9, 782
5,491
4, 291
5, 520
2, 955
2,571
40,319
53
30
17 3
31 _ .
Nonmember banks
Member banks
All banks
21,977
18,342
42, 502
21,278
21,224
43. 458
20,473
22, 984
20, 548
27, 175
27, 559
28,150
43.747
44,416
45, 008
45,717
20,394
20,272
20. 140
20, -329
23, 353
24,145
24, 808
25, 388
28,271
28, 785
29, 301
29, 985
11,953
11,928
11,841
12, 175
10,318
10,857
17,400
17,810
9, 775
9,852
9,854
9, 804
5, 478
5,341
5,302
5, 210
4, 297
4,511
4, 552
4, 594
5, 701
5, 779
5. 853
5, 927
2, 903
3, 003
2, 997
2, 944
2,738
2, 777
2, 856
2, 983
40, 157
48, 458
20,275
20, 079
25, 882
27, 779
30, 288
32, 259
12,099
12,542
18,189
19, 717
9, 795
9,901
5, 202
5, 105
4, 592
4, 850
0. 074
0, 239
2, 974
3, 032
3,100
3, 206
1J Figures of preceding call carried forward.
Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
» Nonmember bank figures not available.
* Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Back figures—See Annual Report for 1935 (tables 47-48)
130
FEDERAL RESERVE BULLETIN
FEBRUARY 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
Re- OtherTo
portLoans
browise
To
ing
to
kers others
se- banks
Real banks'
Acoutcured
on
estate
own
cept- Bills Comside securi- loans
and
acceptances
New
ties
pay- merances unsecial
York
cured
able paper
able in abroad
Cityi
bought
United
States
Investments
U.S. Government obligations
Loans
to
Other
brosecurikers in Total
ties
New
Fully
York
Direct guarCityi
anteed
TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 2 _
1934—June 30
Dec. 31 _
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30.
515
4,857
4,721
4,708
4,748
4,834
4,963
5,006
4,960
5, 355
714
330
153
155
133
119
94
98
82
81
212
291
264
256
235
201
154
181
164
144
80
25
20
31
34
17
27
29
25
18
291
87
200
232
255
247.
260
272
280
278
2, 595
937
120
144
965
,024
164
, 054
145
82
, 085
101
,114
,096
107
,112
99
.238
65
322
162
68
63
52
48
35
42
29
28
128
224
225
210
203
183
135
158
141
123
46
10
10
16
19
7
12
16
13
8
21
10
13
6
4
5
4
5
4
3
237
219
202
232
236
227
249
251
284
88
30
13
11
8
7
6
6
5
5
9
27
13
29
14
4
3
1
2
3
5
7
1
5
3
1
1
1
1
2
1,538
1,131
1,124
1,090
1,077
1,105
1,103
1,094
1,096
1,101
3, 379
46
1,678
41
1, 634
1,671
49
48 1,677
1,682
40
44
1,806
46 1, 851
43 1,805
1,941
40
258
99
40
55
48
43
34
34
31
31
42
36
21
13
12
10
13
19
18
16
1,462
1,055
1,056
1,026
1,018
1,020
1,026
1,035
1,043
1,078
4, 705
3 2,005
3 1, 903
2
1,810
2 1,785
2 1,831
3 1,815
2 1,810
2 1.791
2 1,891
45
38
33
27
25
21
19
17
17
16
33
4
5
5
6
3
3
3
3
2
35,934
24, 786
27,175
28,150
28,271
28, 785
29, 301
29,985
30, 288
32, 259
23,193
11,337
10,804
10, 509
10, 420
10, 369
10,465
10, 548
10,460
10,943
803
165
208
187
184
192
179
196
211
266
7, 685
3, 752
3,309
3,110
3,031
2,931
2,885
2,893
2,832
2,863
3,191
2,372
2,357
2,273
2, 250
2,277
2,279
2,284
2,301
2,340
8,774
7,133
7,666
7,761
7, 783
8,303
8,167
8,418
8,802
9, 556
4,964
2,297
2,202
2,202
2,198
2,146
2,185
2,196
2,215
2,338
55
38
55
54
56
58
59
60
64
76
2,145
1,044
882
820
805
783
775
793
792
813
169
157
156
139
139
138
136
140
148
146
1. 757
,287
,445
,581
1,704
,592
,792
,868
1,946
L. 951
1, 330
589
491
435
462
458
433
455
456
513
240
48
41
29
30
33
25
28
32
59
533
251
188
170
171
163
154
149
148
145
21
30
21
18
17
15
15
15
13
14
12,029
8,492
9, 609
10,028
10,036
10,151
10, 521
10, 780
10, 655
11,306
8,418
4,258
4,096
4,024
3,974
3,967
4,089
4,144
4,071
4,242
425
63
97
90
83
87
82
96
101
115
2, 775
1,340
1,200
1,124
1,090
1,053
1,055
1,057
1,027
1,044
13, 375
7,873
8, 456
8,780
8,749
8,739
8,821
8,919
8, 885
9, 446
8,481
4,194
4,016
3,849
3,786
3,798
3,758
3,754
3,716
83
15
14
14
16
13
13
13
15
17
2, 231
1,117
1,039
996
966
932
902
894
865
861
11,
192
210
232
207
135
159
169
156
117
1,660 9,784
788 11,928
1,082 14, 652
843 16,122
875 16,318
975 16, 857
841 17,460
1,047 17,810
1,089 18,189
1,079 19,717
3,863
6, 887
9,137
9,906
9,821
9,871
10,080
10, 501
10, 564
11,721
1,202
720
883
662
678
930
828
1,018
1,043
1,028
2,091
3,709
4, 265
4,602
4,628
4,983
4,968
4,985
5, 355
6,028
1,112
2, 551
3,053
3, 246
3,200
3.462
3, 340
3,425
3,602
4,196
5
12
18
27
21
14
13
12
10
10
11
13
19
26
28
1
1
1
1
1
309
610
889
1,049
1,167
1,107
1,336
1, 392
1,470
1,419
116
384
585
743
877
766
973
1,061
1,131
1,014
24
6
6
9
9
7
12
10
9
7
102
38
97
108
122
112
111
120
120
113
239
45
135
105
106
25
9
21
30
34
2,944
4,011
5,214
5,715
5, 766
5,986
6, 253
6,432
6, 375
6, 863
1, 368
2,483
3, 516
3,809
3,724
3,712
3,892
4,076
3,958
4,349
5
1
2
2
2
2
2
2
1
1
163
27
72
92
109
116
132
135
145
152
208
10
45
50
64
18
3
7
14
16
4, 439
3, 598
4, 283
4,756
4, 757
4,780
4,903
5,002
4, 989
5,407
1, 267
1,469
1,982
2, 108
2,020
1,931
1,874
1,940
1,873
2,163
3 276
989
1,200
1, 558
1, 764
1, 768
1,880
1,950
5,921
5,041
3 5, 239
5,227
5,298
5,427
5, 615
5,541
5,745
6,045
NEW YORK CITY *
1929—Dec. 31
1933—June 30?
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
.
979
1,158
3 157 3 1,055
1,078
278
1,131
298
1,174
348
1,223
405
1,159
401
1,248
505
1,265
567
CITY OF CHICAGO *
1929—Dec 31
1933—June 30 >
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov 1
Dec. 31 __
1936—Mar. 4
June 30
5 5
24
21
16
12
12
11
14
12
10
3 76
78
78
87
96
88
89
92
193
226
3 228
229
212
254
267
243
250
312
" R E S E R V E CITY
BANKS
1929—Dec. 31
1933—June 30 2
1934—June 30. _
Dec. 31
1935—Mar. 4 ._.
June 29
Nov. 1 . .
Dec. 31
1936—Mar. 4
June 30
3 19
279
376
571
655
656
656
651
1,576
1,528
3 1, 679
1,628
1,666
1,703
1,706
1,701
1,761
1,863
COUNTRY B A N K S
1929—Dec 31
1933—June 30 2.
1934—June 30 .
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
3,850
3
25
355
448
553
609
623
630
640
3,172
2,129
3 2, 276
2,293
2,289
2,296
2,419
2,439
2,486
2,605
1 Loans (secured by stocks and bonds) to brokers and dealers in securities.
»
Beginning June 30, 1933,figuresrelate to licensed banks only.
1
An estimated small amount of Home Owners' Loan Corporation bonds fully guaranteed by the United States Government is included in
'•Other securities" on this date.
* Central reserve city banks.
Backfigures.—SeeAnnual Report for 1935 (table 52).
FEBRUARY
131
FEDERAL RESERVE BULLETIN
1937
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
ReBalserves
with Cash ances
with
Feddoin
eral vault
mesRetic
serve
banks 1
banks
Call date
Demand deposits
Cash
items
Certireport- Interbank
fied
ed as
Unitand
in
ed
offiproccers'
States PubDolic checks,
ess
For- Gov- funds
of col- meseign
erncash
tic
lecletters
tion a banks banks ment
of
credit
Time deposits
Individuals,
partnerships,
corporations,
etc.
Interbank
Demand
Pubdepostallic
its ad- Dojusted ' mesFor- funds savings
tic eign
banks banks
17, 526
11,830
13,349
14, 951
14,872
16,206
17,327
18,035
17, 927
19,322
16,647
12,089
14. 261
15, 686
15,999
17,530
18, 509
18,801
19,161
20, 284
5, 847
4,676
4,894
5, 370
5, 329
5,924
6,104
6,479
6,471
6, 891
4, 750
4, 358
4,800
5,069
5, 209
5,979
6,112
6,193
6, 398
6, 756
1.041
870
944
1,073
1,047
1, 208
1,274
1,301
1,243
1,444
957
912
1,077
1,189
1,179
1, 357
1,416
1,401
1, 390
1, 546
Individuals,
partner-
Borrowings
corporations,
etc.
TOTAL—AM. MEMBER BANKS
2,374
2, 235
3, 819
4,082
4,518
4, 933
5, 662
5, 573
5, 784
5, 607
1929—Dec. 31
1933-June 30 5
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
2,168
2, 008
2, 760
3,149
3,386
3, 396
3, 760
3,776
3,970
3, 944
3,896
1,485
1,057
1,903
1,475
1,183
1, 756
2, 255
1,718
2,147
3.517
3,057
4,070
4, 569
5,095
4,978
5, 558
5, 696
6, 148
5, 986
544
145
155
147
169
273
361
444
394
465
143
806
1,658
1,636
1,270
779
650
844
600
1,037
827
846"
1.4.17
1, 576
1,856
1,935
2, 590
2,541
2, 493
2.106
179
101
97
103
86
133
109
111
108
114
2,406
874
415
1,069
810
447
873
1,133
829
982
1,198
1, 255
1,592
1,798
2,047
1,983
2, 203
2, 338
2,527
2,390
464
127
135
126
147
248
327
410
363
428
20
332
802
792
572
369
219
224
140
215
128
96
167
229
190
354
468
323
260
357
169
232
436
415
359
675
581
511
480
749
133
203
162
207
182
249
188
09
195
195
158
61
57
90
70
73
83
135
96
147
310
259
391
445
505
504
527
522
594
635
46
47
46
41
20
62
98
81
102
42
87
174
182
184
198
204
208
217
221
1, 604
1,315
1, 785
1,984
2,179
2, 145
2,428
2, 422
2, 594
2, 551
76
312
635
620
505
299
273
385
285
513
423
349
526
585
643
674
685
707
733
733
300
108
117
169
132
140
146
204
151
152
5, 547
3.708
4, 360
4,919
4, 854
5,314
5, 855
6, 001
5,961
6,419
5,229
3, 764
4, 593
5, 136
5,197
5, 656
6,107
6,161
6.238
6,541
742
555
116
731
174
804
178
845
152
865
90
895
95
901
137
965
93
207 1,008
72
85
106
90
104
106
127
106
121
5,091
2, 576
3,150
3,589
3,642
3,761
4,095
4,254
4, 252
4,567
5,711
3,054
3,792
4,292
4,414
4,538
4,875
5,047
5,136
5,440
558
405
473
609
534
537
541
665
624
713
1,335 1,681
1,087
657
1,598
372
1, 799
838
741
1, 861
417
2,091
686
2, 251
882
2,139
779
2,173
789
2.320
95
89
122
134
145
136
132
151
152
151
154
1
8
595
300
333
294
290
285
310
361
344
378
122 12, 267
788 7,803
585 8,763
452 9,020
399 9,203
307 9,462
227 9,671
218 9,680
167 9,784
152 10,099
879
191
35
13
1,112
671
649
591
595
567
680
591
586
601
179
17
11
6
NEW YORK CITY 6
1929-Dec. 31
1933-June 30 s
1934—June 30
Dec. 31
193.r) Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar 4
June 30
CITY OF CHICAGO
1, 180
461
154
540
500
149
4.13
524
496
489
18
110
69
56
44
27
3
133
1
7
7
4
4
4
4
5
6
1929—Dec. 31
1933-June30 6
1934—June 30
Dec. 31
1935—Mar. 4_
June 29
Nov. I
Dec. 31
1936—Mar. 4
June 30
332
358
361
381
374
469
403
413
407
444
RESERVE CITY BANKS
1929—Doc. 31
1933—June 30 »_
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30...
751
705
1, 197
1,268
1,386
1,403
1, 59.1
1,594
1,794
1,763
156
122
154
207
197
213
218
256
264
289
947 1.041
1,002
401
1, 397
411
1,543
537
1, 690
432
1.607
471
1,849
579
1, 779
752
1,910
607
1.907
763
627
452
769
822
916
920
900
927
1,017
989
321
203
216
275
246
236
237
305
268
322
908
702
,104
,296
427
406
613
676
757
1,727
30
59
105
117
128
119
115
134
135
135
371
20H
234
206
211
203
218
266
251
288
41
388
259
186
167
118
84
79
72
65
4,433
2. 941
3. 366
3. 494
3,611
3, 670
3, 765
3, 796
3,853
3, 960
292
16
6, 390
3,833
367
167
35
13
14
9
8
COUNTRY BANKS
1929—Dec. 31
1933—June 30 5
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
291
149
174
207
163
192
221
235
187
256
405
228
303
342
364
347
399
415
433
410
133
86
87
84
285
256
210
188
162
140
136
95
87
554
, 623
4,756
4,824
4.879
4,938
5,094
> Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in " Other assets."
2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on
hand3 but not in process of collection, amounting on that date to $16,000,000.
Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less cash items reported on hand but not in process of collection.
6
Beginning
June 1933 figures relate to licensed banks only.
8
Central reserve city banks.
Back figures—See Annual Report for 1935 (table 53)
132
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
!
!
Loans to customers (except banks)
Open-market
loans
Investments
|
I
Total
loans
and
investments
Total
To
brokers
outside
New
York
City'
1935—December.
1936—June
July
_
August..
September.. ._
October.. _
November .._
December. ...
20, 769
22, 373
22, 484
22, 297
22, 520
22, 566
22,444
22, 760
6, 824
7, 050
7, 065
7, 066
7, 238
7, 403
7. 429
7, 607
174
238
235
209
212
218
215
227
Nov. 10... . ..
Nov. IS ... .
Nov. 25. . . . . .
Dec. 2
Dec. 9
Dec. 16
Dec. 23
..
Dec. 30
Jan. 6.
Jan. 13. .. Jan. 20.. .. .
22, 488
22,442
22. 401
22,459
22, 594
22,875
22,941
22,931
22, 853
22, 797
22. 657
7, 430
7, 450
7, 424
7, 456
7, 498
7, 648
7, 707
7, 725
7, 649 •
7.618 !
7, 497
216
209
210
212
222
228
233
242
2,095
2,178
2, 192
2. 148 i
2, 299 !
2, 326 !
2. 354 1
2, 129
59
i 2.350
i 2,378
I 2.358
2. 361
2, 370 !
2,461
2,483
2,469
! 2,431
I 2.421
2, 384
"8
"7
Date or month
-
.....
AcLoans ceptances
To
to
Other
others Real- loans banks and
comon se- estate
to
mercuri- loans custo-2
cial
ties
mers
paper
nought
Loans
to brokers in
New Total
York
City '
Reserve
with
FedOther eral
Resecuri- serve
Fully
ties banks
Direct guaranteed
1". S. Government, obligations
Cash
in
vault;
Balances
with
lomest ic
banks
TOTAL— 101 CITIES
2.107
2,096
2, 072
2, 023
2,035
2, 025
2.024
2, 034
2, 025
2.029
2.019
2. 024
2. 022
2,048
r
2,O4O
r
2,035
2.003
247
238 2.000
225 2, 000
3, 404
3, 567
3,613
3, 687
3, 848
4,018
4.042
4.192
81
92
58
63
92
55
62
64
358
319
315
320
315
315
323
338
921
1,074
936
916
983
945
941
1,021
12. 585
13. 838
14,110
13,932
13,892
13, 848
13, 689
13, 730
8, 433
9, 202
9, 484
9, 357
9, 320
9, 310
9, 232
9, 241
,131
1,303
,278
, 254
, 246
L, 255
1,255
, 242
3,021
3,333
3, 348
3,321
3, 326
3, 283
3, 202
3, 247
4, 694
4, 389
4,710
4, 875
4, 995
5, 276
5,422
5, 264
376
387
386
376
383
399
404
427
2,312
2, 290
2, 493
2, 354
2,311
2,385
2,463
2,439
,144 4. 045
,150 4.062
.154 4,041
,152 4. 068
, 154 4, 100
,153 4,219
, 155 M, 279
. 156 '4.292
, 155 4, 244
, 152 4. 228
, 153 r 4, 119
70
58
64
63
56
57
78
66
60
57
57
326
329
321
324
330
341
346
351
368
374
384
938
915
970
969
1.028
1,023
1,039
1.047
1.008
990
985
13,724
13,690
13, 622
13, 647
13, 682
13,806
13. 771
13,742
13,768
13, 758
13,734
9, 267
9, 234
9,178
9,173
9, 192
9,310
9, 290
9, 241
9, 303
9, 275
9, 262
1,258
1,261
,247
1,246
,246
. 239
1,240
,238
, 24.0
,240
1,229
3,199
3, 195
3, 197
3, 228
3, 244
3, 257
3,241
3, 263
3, 225
3, 243
3, 243
5, 462
5,471
5, 431
5,371
5.317
5, 307
5, 161
5,163
5, 184
5, 303
5, 325
403
404
407
401
436
429
437
433
411
413
389
2,440
2, 505
2.475
2,512
2,457
2, 498
2, 386
2,345
2^313
2, 354
2, 308
171
132
13L
4.712
5.591
5,614
5, 434
5,414
5, 308
5. 202
5, 169
3, 320
3. 896
3, 946
3, 843
3, 830
3. 761
3,721
1,013
, 134
, 146
, 125
,128
, 086
, 020
, 052
2,
2,
2,
2,
2,
2,
2,
2,
430
049
178
357
354
46.1
575
509
60
53
52
51
52
55
58
63
82
76
80
73
72
74
78
86
1,139
1, 149
, 145
,147
, 143
,142
,148
,154
NEW YORK CITY
1935—December
1936—June.... - July.... ... .
August
September.. .
October
November
December
Nov. 10 ...
Nov. 18
Nov. 25... ...
Dec. 2
.
Dec. 9.
Dec. 16
Dec. 23
.
Dec. 30. ....
Jan. (')..
.
Jan. 13
Jan. 20
7,921 i !
8,987 ,
8. 860 ' |
8. 607
8, 753
8. 687
8. 622
8, 750
8, 642
8,611
8, 625
8. 680
8, 745
8.777
8. 800
8. 749
8. 679
8, 634
8, 568
1
!
!
•4
"3
•4
"5
"8
•7
"•"»
•(>
"4
")
"6
T>
"6
"5
745
762
745
697
707
705
710
712
125
.133
133
132
132
131
130
130
1. 166
1,209
1,241
1,245
1,315
1,412
1.437
1,512
46
59
26
32
60
24
30
34
11.8
114
123
135
140
897
. 027
' 897
875
936
906
901
978
3, cm
379
561
522
466
456
461
461
451
712
713
707
706
701
726
719
708
696
704
705
130
130
.131
130
130
130
J30
129
130
130
129
1,430
1,458
1,444
1,451
1.464
1. 529
1, 55!)
1. 556
1. 529
1,512
1,475
39
26
32
32
25
27
49
38
28
26
27
136
137
135
135
136
141
.142
145
151
151
113
895
874
930
928
984
980
992
, 004
966
916
943
5, 222
5, 197
5, 170
5, 224
5, 230
5, 168
5, 134
5, 093
5, 103
5, 090
5,071
3, 742
3, 722
3. 699
3; 722
3, 722
3,661
3, 647
3. 579
3, 597
3. 573
3. 555
462
4(53
454
453
454
447
452
451
450
454
451
,018
,012
,017
, 049
, 054
, 060
, 035
. 063
. 056
1. 063
1,065
2.610
2, 592
2, 602
2, 547
2, 486
2, 582
2, 465
2, 467
2. 469
2. 544
2, 590
56
60
56
61
61
69
66
58
58
54
78
79
81
84
79
87
88
90
82
81
79
i
OUTSIDE N E W YORK
CITY
1935— December - .
1936—June _ . . . July
August..
September ...
October.....
November ...
December. . .
J 2. 8-18 ' 4. 729
13,386
4. 872
4. 873
13,624
13.690
4.918 ;
13.767
5, 009 :
13, 879 5, 077 !
13.822 ; 5,075 •
14,010 ! 5, 178
115
164
162
135
137
140
1. 362
1,334
1.327
1, 326
1. 328
.1.320
1,314
1,322
1,014
1,016
.012
1,015
.011
1.011
,01S
, 024
2. 238
2 358
2. 372
2, 442
2. 533
2. 606
2, 605
2, 680
35
33
32
31
32
31
32
30
187
187
184
202
201
192
188
198
21
47
39
41
47
39
40
43
7. 873
8, 247
8, 496
8. 498
8. 478
8, 540
8. 487
8.561
5, 113
5, 306
5. 538
5,514
5. 490
5.549
5,511
5, 575
752
742
756
788
790
794
794
791
2, 008
2, 199
2, 202
2, 196
2.198
2,197
2, 182
2, 195
2, 264
2, 340
2. 532
2,518
2, 641
2,815
2, 847
2, 755
316
334
334
325
331
344
346
364
2, 230
2,214
2,413
2,281
2, 239
2,311
2,385
2,353
Nov. 10
Nov. 18.... . _
Nov. 25
Dec. 2
Dec. 9...
Dec. 16... . . . .
Dec. 23... .
Dec. 30
_
Jan. 6... .. ..
Jan. 13. . ._
Jan. 20
.
13, 846 ' 5.080 1
13,831 1 5,072 1
13,776
5, 066 !
13,779
5. 095
13.849
5, 128
14,098
5, 187
14,141 1 5, 224
14.182
5, 256 j
14. 174
5,218 !
14. 163
5, .197
14.089
5, 113
.38 1,313
132 1.316
134 1,312
138
1,318
147
1. 321
152
1,322
158 '1,321
166 '•1.327
171 1,307
163
1.296
150
1,295
1,014
1,020
1,023
1,022
1,024
1,023
1,025
1,027
1,025
1,022
1,024
2.615
2. 60 1
2. 597
2,617
2. 636
2, 690
r
'l. 720
r
2. 736
2, 715
2,716
r
2. 644
31
32
32
31
31
30
29
28
32
31
30
190
192
186
189
194
200
204
206
217
223
211
43
41
40
41
44
43
47
43
42
44
42
8. 502
8, 494
8. 452
8, 423
8, 452
8, 638
8, 637
8, 649
8, 660
8, 668
8, 663
5, 525
j 5.512
5,479
5,451
5, 470
5. 649
o,613
5, 662
5, 706
5, 702
5. 707
796
798
793
793
792
792
788
787
790
786
778
2,
2,
2,
2,
2,
2,
2,
2,
2,
2.
2,
2, 852
2, 879
2, 829
2, 824
2,831
2, 725
2, 696
2, 696
2,715
2, 759
2, 735
348
348
317
315
375
368
368
367
353
355
335
2, 362
2, 426
2, 394
2,428
2, 378
2,41.1
2, 298
2. 255
2,231
2, 273
2, 229
'• Revised.
1
2
3
138
152
181
181
180
179
190
197
206
200
169
180
178
Loans (secured by stocks and bonds) to brokers and dealers in securities.
includes reporting banks' own acceptances.
Figures reported prior to 1936 excluded a certain amount of time balances and balances with priv ate banks; the amount excluded on Dec. 31,
1935. was approximately $38,000,000 at all weekly reporting member banks.
For other figures and notes, see next page.
133
FEDERAL RESERVE BULLETIN'
FEBRUARY 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data arc averages of weekly figures. In millions of dollars]
Date or month
Cash
items
reported as
in process of
collection '
Total
assets
Other
assets
Demand deposits
InterbankUnited
States
Govern
Foreign
ment
banks
Certified
checks,
Time deposits
Demand
Interbank
deposits-adOther justed* Do- For- Other
mestic eign
hanks banks
Borrowings
Other
liabilities
Capital account
Total
liabilities
Domestic
banks
1,429
1, 385
1,552
1,313
1,444
1,487
1,663
1,787
30,983
32,195
32, 948
32,516
32,961
33,411
33,714
34,047
5, 268
5,371
5, 904
5, 729
5,761
5, 950
6, 106
6, 025
438
447
427
409
423
467
448
435
609
797
829
821
837
793
548
601
556
499
545
439
484
446
584
617
14.776
15,449
15,760
15.658
15,922
16, 193
16,441
16,714
13,904
14,563
14,752
14. 785
14,962
15. 152
15, 362
15,544
120
132
133
130
129
130
130
130
4,872
5,037
5, 007
5,019
5,036
5, 070
5, 032
5, 045
821
913
851.
816
847
840
880
909
3,518
3, 543
3, 488
3,488
3, 503
3, 517
3, 539
3, 555
1,713
1,670
1,656
1,674
1,477
2,014
1,805
1,963
1,549
1,652
1,497
33, 805
33. 805
33, 72(5
33, 78!)
33, 652
34, 475
34.106
34,213
33, 645
33. 858
33, 531
6, 104
6, 167
6, 098
6, 153
6, 087
6,059
5, 945
5, 879
5. 998
5, 989
5, 927
451
444
450
443
443
445
419
423
412
410
418
596
521
419
449
450
700
702
702
702
655
560
704
556
600
594
559
633
608
691
551
r>i")[)
481
16,388
16.513
16,520
16,544
16,406
17, 006
16.771
16. 843
16,423
Hi. 659
16, 563
5,379
5, 399
5, 464
5, 46-1
5,488
5, 625
5. 574
5.571
5. 425
130
130
130
128
131
131
132
130
132
132
132
5.022
5, 029
5, 034
5. 037
5. 050
5. 031
5, 013
| 5,067
5. 052
5, 053
5.050 I
868
893
894
879
963
904
900
r
901
r
807
842
827
3, 537
3, 544
3, 545
3, 555
3, 559
3, 558
3, 553
r
3, 550
••3, 563
3, 560
3, 563
332
407
367
345
367
351
369
372
1, 459
1,470
1,429
1,427
1.427
K431
1.442
1,451
363
377
376
356
421
364
364
353
329
349
334
1,441
1, 442
1,444
1,450
1,452
1,452
1,451
1,451
1,464
1. 406
1,467
2.
2,
2.
2,
2,
2,
2,
2,
TOTAL—101 CITIES
1935—December
1936—June
July
August...
September
October
November..
December.....
Nov. 10
Nov. IS.
Nov. 25.... . .
Dec. 2
Dec. 9
Dec. 16 .. ... .
Dec. 23
- ...
Dec. 30
Jan. 6
Jan. 13
Jan. 20
15, 547
NEW YORK CITY
1935--December... . .
1936—June
July
....
August.... . ..
September.....
October.. .
November
December...
754
650
745
582
653
0-14
795
878
483
496
466
454
468
462
468
492
11.730
12,311
12,381
12, 124
12, 352
12.383
12, 596
12,778
2.210
2,310
2, 477
2, 380
2, 399
2, 444
2, 529
2, 408
403
416
391
372
387
427
408
397
182
194
192
191
192
172
102
155
326
361
281
313
277
402
415
6,217
6. 635
6, 604
6. 554
6. 674
6, 667
6, 756
6, 893
5.818 |
6,311 i
6,221 !
6.253 I
6,335 i
6,301 !
6.363 I
6, 430
Nov. 10
Nov. 18.
Nov. 25
Dec. 2
.
Dec. 9
Dec. Hi
Dec. 23 .... ..
Dec. 30 . . . .
Jan. ft..
Jan. 13
Jan. 20
886
795
793
811
724
972
867
1,016
710
769
654
456
462
489
496
487
480
503
496
489
489
497
12,727
12,595
12,650
12.674
12,582
12,959
.12, 792
12,884
12,487
12, 575
12,442
2, 545
2, 534
2,541
2. 536
2,501
2, 498
2, 428
2, 3S0
2, 432
2,431
2, 393
411
404
411
404
405
407
383
386
375
375
384
111
97
82
83
83
203
203
203
204
193
169
516
381
410
393
361.
427
410
483
351
366
295
6, 766
6, 774
6, 788
6, 835
6, 750
6, 990
6.909
6,981
6. 726
6. 795
6, 790
6, 300
6, 360
(i. 405
6,417
6, 387
6,445
6, 452
6, 448
6. 367
6, 392
6.431
675
735
807
731
791
843
868
909
920
875
857
847
840
836
850
878
19, 253
19, 884
20, 567
20, 392
20, 609
21,028
21, 118
21,269
3, 058
3.061
3. 427
3, 349
3. 362
3, 506
3, 577
3, 557
427
603
637
630
645
621
446
446
201
173
181
158
171
169
.182
202
8, 559
8,814
9, 156
9, 104
9, 248
9, 526
8, 685
9,821
8. 086
8. 252
8, 531
8. 532
8. 627
8. 851
8, 99V)
9, 114
120
132
133
130
.129
130
130
130
I '4,303
4. 490
4,451
1. 450
4.461
4, 460
1 4,449
1 4.432
489
506
484
471
480
489
827
875
863
863
753
1.012
' 93S
947
839
883
813
843
851
867
876
884
872
873
882
846
21,078
21,210
21.076
21. 115
21,070
21,516
21,314
21.329
2l| 158
21,2S3
85S ' 21.0S9
3, 559
3. 633
3, 557
3,617
3, 586
3.561
3.517
3. 499
3, 566
3. ^
3, 534
485
421
367
360
367
497
499
499
498
462
391
188
175
190
201
198
206
198
208
200
189
1S6
9, 622
9, 739
9, 732
9. 709
9, 656
10.010
9, 862
9, 862
9. 697
9.864
9. 773
8,
i),
),
9,
130
130
130
128
131
131
132
130
132
4,455
4, 449
4. 442
1. 124
4,4 45
4.417
4. 429
4.440
4,450
1. 456
4, 450
505
516
518
523
542
510
536
569
547
556
569
583
613
4
4
1
4
4
4
4
4
1
3 I
3
567 ,
580
592
613 !
605 '
614 I
614 I
621 |
602
597 I.
600
OUTSIDE NEW YORK
CITY
1935 -December.. . . .
1936—June.-.
July
August.
September... . . .
October
November.
December
Nov. 10
Nov. 18..
Nov. 25.
Dec. 2.
Dec. 9. ... .
Dec, Hi
Dec. 23 . . . .
Dec. 30. .
Jan. 6 . . . . . . .
Jan. 13. .. . . . .
Jan. 2(i.
. .
40
39
39
38
38
37 I
35 i
31 j
983
039
059
017
9.101
. 180
,K 122
J. 123
). 058
). 170
). 116
j
|
I
i
j
132 I
132 !
'•548
r
478
493
493
059
073
059
061
076
086
097
104
2, 096
2, 102
2. 101
2, 105
2. 107
2, 106
2, 102
'2. 099
r
2,099
2, 094
2. 096
1
Does [iot include cash items in processor collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount,
of cash,
items on hand hut. not in process of collection.
2
Demand deposits other than iiiterb.-ink an.l U. S. (,J.)vornrn:.»:it, less c.i<h items reported a-; 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 an.l description of figures see BULLETIN' for \\>vembi>r 1935. pp. 711-73S. or reprint, which may bo obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Keport for 1932 (.tables 7?i *2).
134
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Loans and investments,
total:
Dec. 23
Dec. 30
Jan. 0
Jan. 13
-..
Jan. 20
Loans to brokers and dealers
in New York:
Dec. 23
Dec. 30
Jan. 0
Jan. 13
Jan. 20
Loans to brokers and dealers
outside New York:
Dec. 23
Dec. 30
Jan. 6
Jan. 13.
Jan. 20
Loans on securities to others
(except banks):
Dec. 23..
Dec. 30
Jan.6
Jan. 13
Jan. 20
Acceptance and commerical
paper bought:
Dec, 23
Dec. 30
Jan. 0
Jan. 13
Jan. 20
Loans on real estate:
Dec. 23
Dec. 30
Jan. 0
Jan. 13
Jan. 20
Loans to banks:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Other loans:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
U. S. Government direct
obligations:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Obligations fully guaranteed
by U. S. Government:
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Other securities:
Dec 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
" Revised
22.941
22,931
22. 853
22, 797
22, 057
Boston
MinNew PhilaCleve- Rich- Atlan- Chica- St.
neapdelYork phia
ta
Louis
go
land m o n d
olis
Kansas
City
1, 198
1, 194
1, 198
1.204
1,213
9,
9,
9,
9,
9,
410
409
413
408
407
703
711
705
708
710
1,039
1,047
1,008 !
990 j
985 •
14
14
14
14
14
233
242
247
238
225
31
31
30
27
26
i
!
I
i
r
2.
r
040
2,035
2.003
2, ()()()
2.000
340 !
351
3(58
374 j
384
1. 155
U 150
1,155
1, 152
r
l, 153
78
00
r
\. 279
r
4, 292
4, 244
4, 228
'4, 119
9. 290
9,241
9, 303
9, 275
9, 262 !
1,240
1,238
1, 240
1,240 .
.1,229 j
3, 241
3, 203
3, 225
3, 243
3. 243
City
098
(553
579
531
462
1, 189
1, 197
1,187
1,192
1, 196
1,002
1,014
975
955
953
78
78
77
77
1,917
1. 937
1,941
1,926
1, 928
664
003
008
008
000
001
598
597
589
3,144
3,153
3, 157
3,101
587 3,104
9
9
9
9
9
1
19
20
19
20
20
15
15
16
16
15
4
4
4
4
4
0
0
7
7
1
7
094
693
692
693
691
San
Dallas Fran-
518
521
520
510
504
2, 205
2, 202
2, 190
2,201
2,189
1
1
8
5
5
5
4
New ChicaYork
go
8. 800
8. 749
8, 079
8, 034
8, 568
2,114
2, 118
2, 122
2, 127
2, 070
992
1,004
900
940
943
I
i
]
48
52
50
51
45
6
6
6
5
5
2
3
3
2
2
3
4
4
4
3
3
3
4
3
3
19
20
20
22
18
101.
150
157 j
150 !
719
708
090
704
705
43
46
50
45
38
146
143
144
144
144
849
839
826
833
836
M44
144
141
140
139
221
221
217
213
213
72
73
72
70
70
53
53
52
52
53
203
209
204
199
198
73
72
71
71
71
30
29
29
30
30
47
47
47
47
46
43
44
44
44
44
48
50
54
57
00
152
155
163
164
161
23
23
24
24
30
6
0
5
0
7
10
10
10
10
11
0
5
6
0
0
33
33
30
30
37
10
10
11
11
.12
10
11
12
12
12
24
23
23
23
23
2
2
1
1
1
22
23
23
24
24
142
145
151
151
143
14
14
15
15
87
87
80
80
80
242
241
242
242
241
62
02
03
03
63
180
180
180
180
180
20
20
20
26
26
20
20
25
25
26
72
72
73
73
74
44
44
43
44
43
0
0
0
18
19
18
18
19
23
24
23
23
23
309
309
370
307
360
130
129
130
130
129
M
3
2
4
4
4
50
39
29
2
2
2
2
2
3
3
4
3
3
1
1
I
2
2
2
49
38
28
20
27
312
307
302
314
319
1,716
1,713
1,087
1.672
1, 032
186
r
193
389
391
393
387
389
1
1
190
192
190
226
239
235
231
230
119
119
118
119
119
.1.70
170
175
171
107
509
507
571
570
519
145
144
142
144
Ml
3, 880
3,818
3, 832
3, 800
3, 787
343
344
345
346
352
931
940
957
949
952
297
295
305
307
304
210
210
212
208
208
1,039
1,044
1,041
1.047
1, 047
18
18
21
21
21
501.
500
499
500
493
94
94
94
95
89
55
55
54
54
bb
56
50
50
54
54
38
37
36
35
36
150
151
150
150
150
1,229
1, 250
1,248
1,255
1,255
307
306
300
301
302
279
278
273
273
273
80
79
76
77
85
84
83
83
83
27
r
j
1
j
77
0
o
o
0
o
o
10
9
9
9
9
1
1
r
2
2
2
2
2
139
.142
139
139
138
14
14
14
14
-115
147
151
150
J49
149
157
159
150
155
142
401
401
398
395
396
1,559
1, 550
1,529
1,512
1, 475
408
405
411
411
301
230
238
240
239
239
177
177
185
185
185
273
275
274
276
279
199
197
200
198
199
716
712
719
727
721
3,647
3, 579
3, 597
3, 573
3, bob
124
120
124
126
126
105
104
165
105
16t
02
02
03
03
03
12
12
12
12
13
48
48
48
49
49
38
39
39
39
39
153
153
153
153
153
452
451
450
454
451
96
95
94
95
95
397
398
397
400
407
112
111
110
110
111
48
48
46
46
140
141
138
139
139
53
53
53
53
53
361
358
351
350
349
125
123
120
110
44
1,035
1, 003
1, 050
1,063
1,065
209
209
209
276
276
135
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
[In millions of dollars]
City
Reserve with Federal lieserve bank:
Dec. 23
Dec. 30
Jan. ft
Jan. 13.Jan. 20..
Cash in vault:
Dec. 23.
Dec. 30
Jan. ft-
Jan. 13-.
Jan. 20
_.
Balances with domes! ii
banks:
Dec. 23 .
Dec. 30
Jan. 0 .--.
-Jan. 13.
Jan. 20- . .
Other assets:
Dec. 23 ...
Dec. 30_
.. ..
Jan. ()... -.
... Jan. 13_.
. ...
Jan. 20..
Demand deposits- adjusted:
Dec. 23
Dec. 30
Jan. (»
-Jan. 1 3 . . .
Jan. 20.
Time deposits:
Dec. 23.. ....
...
Dec. 30
--.
.
Jan. 6.. .
Jan. 13
Jan. 20
-.
I' S Government deposits:
Dec. 23
Dec. 30Jan.
<>-
. . .
Jan. 13
- .
Jan. 20 ...
Interbank deposits, domestic:
Dec. 23
-. . . .
Dec. 30
... .
Jan. •)
Jan. 13
Jan. 20.. .
Interbank deposits, foreign:
Dec. 23
.Dec. 30 . . .
Jan. fi.
-Jan. 13
Jan. 21). . .
Borrowings:
Dec. 23
Dec. 30
...
Jan. fi
Jan. 13
Jan. 20
Other liabilities:
Dec. 23 ...
Dec. 30
Jan.
»>
Jan. 13. .
Jan. 20. .
Capital account:
Dec. 23
Dec. 30
Jan. <).Jan. 13.
Jan. 20.
._
r Kevised
281
290
295
297
292
!! 2,46-)
ii 2,4(57
I' 2,469
' 2. 544
! 2,590
136
FEDERAL RESERVE BULLETIN'
BAISK SUSPENSIONS1
FEBRUARY
1937
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Non-member
banks
Member
banks
Total,
all
banks
N u m b e r of banks suspended:
1933, M a r . IB-Dec. 3 1 . . .
1934
1935
1936
Deposits of suspended banks
(in thousands of dollars): 3
1933, M a r . 16-Dcc. 31
1934
1935
1936
National
Assets
In- 2 Not
State sured
insured
179
57
34
44
9
1
4
.1
6
145,710
36, 937
10,099
11 358
17,322
40
5,313
506
3,527
8
22
40
164
48
8
3
1,912
3.847
10,260
124,861
34, 985
939
592
End of month
1930—June
1931—June
1932—June
1933—June
1934—June
1935—June
U . S . Government
Depo: securities
Cash,
itors'
Cash
bal- 1
indereGuarserve
ances Total ' posiDitory
rect teed funds,
|banks Total obli- obli- etc.2
gagations tions
175
347
785
1. 187
1. 198
1 205
:
< . ; ! 26
148
307
082
, 207
977
, 225 i 695
236 1 385
27
27
71
71
131 I 131
453 • 418
777
"""35
147
11
22
48
99
77
74
,224 j 319
,230 ! 306
L, 234 i 294
.237 ; 287
805 I 658
824 i 677
853 1 706
853 ! 706
147
147
147
147
100
100
87
97
167
166
166
166
167
167
167
167
167
167
117
147
128
107
97
95
135
145
141
121
185
350
801
1
1
Represents licensed banks suspended; does not include non-licensed
banks placed in liquidation or receivership after the banking holiday. 1935— September,.. 1, 192
1, 196
October
For
statistics of latter see Annual Report for 1935 (table 69).
8
1, 199
November
Federal deposit, insurance became operative January 1 1934.
3
1,
201
December
Deposits of member banks and insured non-member banks suspended
are as of dates of suspension, and deposits of non-insured non-member 1936—January
1,
20h
banks are based on the latest data available at time of the report of closing
February...
1, 214
of the banks.
1, 216
March1 215
April
Back figures.—See Annual Report for 1935 (table 69).
1 214
May
June.
_ _ 1,232
1, 244
Julv. _
1 249
August
BANK DEBITS
1,251
September
1 255
October
[Debits to individual accounts. Amounts in millions of dollars]
November
"1. 257
"1,260
December
L, 241
L. 248
.251
L 248
1,248
L, 265
1,279
1,283
. 285
! 248
I 225
221
i
1 216
! 211
! 203
1
172
1
166
' 162
! 158
876
876
902
925
940
967
972
972
982
1 011
•
•
!
709
710
736
I 759
I 773
! 800
805
!
805
•
815
' 814
1
" —
i
1935
1936
No. of
Centers
New York Citv
Outside New York C i t v . . _.
.. _
Federal Reserve districts:
Boston
N e w York
Philadelphia
Cleveland
Richmond Atlanta
Chicago
St. Louis _
Minneapolis..- , . _ _ . . . _
Kansas C i t y . _
_ _ .
Dallas
San Francisco
1 22. 058
1 10 23. 23S
11
10
13
15
21
....
Dec.
9
15
10
IS
.......
2. 476
23. 461
2, 062
2 503
841
1.019
6 3S3
1. 130
739
1, 252
7S6
3 23S
Total
r
Revised.
Back figures.—See Annual Report for 1935 (table 68).
Nov.
17.391
IS. 175
p Preliminary.
1
Outstanding principal, represented by certificates ol deposit. Does
not include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-percent reserve fund and
17.0S1 miscellaneous working funds with the Treasurer of the United Stales,
MS. 676 accrued interest on bond investments, and accounts due from la te postmasters.
Dec.
2. 100
2. 005
18.001
IS.337
1.6X7
1.0*1
1 900
1 SS7
0''»5
707
Ml
SI7
4. SSI
5. 11."
940
IMh
579
002
1.033
1.021
633
r
2. 001
2 627
....... .
r
35. 869 36. 360
Back
figures.-See BULLETIN for A u g u s t 1935. p . 502.
137
FEDERAL RESERVE BCLLETIX
FKBRI'AKY 1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding
End of month
1935—December
193G—January
February
March
April
May
June
July
August
September
October
November
December
. . ..
By holders
By classes
I
Total !
out- j!
stand- j
ing
Held by accepting
banks
I Based on
Based on
goods stored
Based ! eoods stored
in
foreign
!
'
in
r
.
S.
on excountries or
(warehouse Dollar
ports
exshipped
becredits)
or
from
change
tween forU. S. shipped beeign points
tween domesi ic point<
Based
'
I
j
j
j
;
i
,
. . . .
55
19
57
00
(56
75
83
S3
j
j
_.
8-1
80
87
89
82
85
81
79
70
3
2
2
2
1
2
2
2
2
2
1
SI
00
70
76
1
2
As reported by dealers; includes some finance company paper sold in open market.
Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents.
Back figures—See Annual Report for 1935 (tables 06 and 07).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Debit balances
End of month
1935—September.
October
November..
December..
1930—January ._.
February...
March
April
May
June
July
August
September..
October
November..
December. .
Debit
Customers' balances in
1
debit
partners'
' balances
investment
i (net) 1
and trading
accounts
!
!
I
Credit balances
Customers'
credit balances'
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
!
| Money
I bor- 2
: rowed
j
I
Other credit balances
In
In
partners' |
firm
In
j invest- , invest- ! capital
! ment and! Merit and ! accounts
trading i trading
(net)
accounts accounts
1
Free
Other
(net)
1,098
1J47
1,212
1, 258
05
08
73
75
134 I
135
182
187
189
179
771
800
859
930
257
277
294
280
89
93
92
79
23
22
22
24 i
12 I
10
13
10
396
405
415
410
1, 297
1, 290
1,351
1,295
1,257
1,207
1,295
1.287
1,317
1,333
1,304
1.395
03
04
07
05
05
07
08
09
72
09
05
04
139
147
108 j
173 I
159 |
104 |
158 |
142 ;
141 !
151 !
150 !
104 !
193
208
.181
208
229
219
221
213
227
235
200
249
922
908
995
1,033
970
985
981
907
995
989
980
1,048
319
328
303
301
282
270
287
283
289
1-318
340
342
91
98
89
88
83
80
90
92
99
r
99
110
103
20 '
20
23
28 !
25 |
17
15
15
13 |
14 |
410
425
429
426
422
420
422
423
423
428
435
424
119 ,
119 I
11
25 I
24 j
25
24 !
30 !
i
14
14
12
14 !
17
17
12
r
1
Revised.
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1930. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
138
FEDERAL RESERVE BULLETIN
FEBRUARY 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
Oast paragraph of
sec. 13 of the Federal
Reserve Act)
Advances under sec.
10(b) of the Federal
Reserve Act
Federal Reserve Bank
Rate
Jan. 30
Boston.
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
1
I*
2
2
2
2
2
2
2
In effect
beginning-
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
Previous
rate
8,1934
2.1934
17,1935
11,1935
9.1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934
Rate
Jan. 30
In effect
beginning-
In effect
Rate
Jan. 30 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. 20,1933
Feb. 8,1934
Oct. 20,1933
M a y 11,1935
Feb. 19,1934
Mar. 17,1934
Oct. 16,1933
Feb. 21,1935
Apr. 15,1933
M a y 10,1935
Mar. 12,1934
Oct. 19,1933
Rates indicated also apply to United States Government securities bought under repurchase agreement.
Back figures.See Annual Report for 1935 (table 40).
BUYING RATES ON ACCEPTANCES
RATES ON INDUSTRIAL ADVANCES
Buying rates at the Federal Reserve Bank of New York
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 Jan. 30, 1937.
[Percent per annum]
[Percent per annum]
Rate in
effect on
Jan. 30
Maturity
1-15 days 1 ...
16-30 days..
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
In effect beginning—
Previous
rate
Federal Reserve Bank
Oct. 20, 1933
do
do
do
do
do.
i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum rates on prime bankers' acceptances payable in
dollars; higher rates may be charged for other classes of bills.
Back figures.—See Annual Report for 1935 (table 41).
Boston
New York....
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City..
Dallas
Maximum rates that may be paid by member banks as established by San Francisco.
the Board of Governors under provisions of Regulation Q.
MAXIMUM RATES ON TIME DEPOSITS
[Percent per annum]
CommitOn porments
tion for
to make
On
rewhich
advances
institu- maining
portion
tion is
obligated
34-6
4-6
4-6
4-5
2V2
24
1-2
H-2
1
6
6
5-6
4-6
o
44
6
4-6
5-6
5-6
4
4
3-4
4-6
5
5-0
4.4
2
4
o-fi
4-5
Authorized rate 1 percent above prevailing discount rate.
Same as to borrower but not less than 4 percent.
* Flat charge.
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those 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
lower maximum rates established by State authority.
Advances to financing institutions—
1
2
In effect
Nov. 1, 1933 Feb. 1, 1935
beginning
to
to
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
8avings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more.
_
90 days to 6 months
Less than 90 days..
Advances
direct to
industrial
or commercial organizations
Backfigures.—SeeAnnual Report for 1935 (table 40).
1-2
1-2
3
,4
FEHRUARY
139
FEDERAL RESERVE BULLETIN
1937
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
Prevailing rate o n -
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates; percent per annum]
Average rate on—
Average
u. s. yield on New York City:
Prime Prime StockJanuary
exTreas- U.S.
Month or week com- bankury 273- TreasFebruary
loa ns
mercial ers' change
u
r
y
time
day
bills
March
paper, acceptoffered 3-5 year
April
4 to 6 ances , loans,
90
May
Re- within notes i
months 90
New newal
period
June..
days days
July
August
1935
September
October
y8
1
75
14
75
1.29
November
U
November _
1.26
75
75
09
1
December
M
December
M
1936
Year
8 other northern and
y
1
1.21
75
January _ _
75
10
eastern cities:
1/
1
75
08
1.15
75
February... __
January
\/
11
1
75
1.09
.75
February
H
March
1
75
. 75
10
1.10
H
April
March
\z
93
93
1.09
18
May
%
April
1.12
.00
23
1. 00
y8
June %
May
. 14
1.17
\\i 1.00 L. 00
%
July
June
1. 12
. 18
Vie
August...
H
July
ix 1.00 LOO
»/!•
.16
1.09
September
%
August
U4 1.00 .00
1.12
00
. 13
October
__
/l6
September
IK 1 00
%
.00
.99
November
.10
/l6
October
IK 1. 00
.21
December
1. 01
/l6
VA 1. 00 , 00
November
%
December
Week en iing:
1.12
.12
Oct 2 4 . . . . .
3/16
Year
Vi 1.00 .00
1.13 27 southern and
.12
1.00
L.00
Oct. 3I_-._
Vie
m
1.07
.11
Nov. 7
western cities:
Vie
IX 1.00 .00
Nov. 14..__
1.01
.10
January
Vie
IX 1.00 .00
.96
.08
Nov. 21
February
Vie
IK L.00 .00
H
.95
. 09
Nov. 2 8 . . .
3/l6
March
IX LOO LOO
K
.94
. 09
Dec. 5
April
Vie
IX L 00 L. 00
.94
.12
Dec. 12_.__
Vie
May
IK LOO LOO
1.07
.23
Dec. 19
June
Vie
IK LOO LOO
1.15
L 00 L 00
.29
Dec. 26. __
Vie
July
1.13
LOO LOO
.32
Jan. 2
Vie
August
H
.33
Jan. 9
1.17
Vie
September
%
IK LOO 1.00
1.19
.35
Jan. 16
October
% Vie-M
\K LOO 1.00
Jan. 23___.
1.19
.36
IK 1.00 1.00
November
%
14
December
!
For description of average and backfigures,see May BULLETIN, p. 317.
Year
Backfigures.—SeeAnnual Report for 1935 (tables 42 and 43).
Stock exchange call
•\y
3
3
3
8
%
IB
1928 1929 1930 1931 1932 1933 1934 1935 1936
4.56
4.44
4.59
4.72
4.97
5.09
5.38
5.56
5.63
5.63
5.56
5.63
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4.67
4.64
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2. 66
2.61
2.67
2.72
2.72
2.77
2.61
2.64
2.58
2.61
2.54
2.51
2.44
2.44
2.42
2.40
2.46
2.43
2.43
5.15 5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49
4.73
4. 76
4.81
4.91
5.04
5. 36
5. 57
5. 59
5. 80
5. 80
5. 82
5.91
4.61
4.63
4.62
4.5'
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91
5.07
5.13
5.14
5. 10
5.14
5.13
5. 05
5.12
5. 03
4.96
4.88
4.88
4.89
4.84
5.39
5. 09
4.
4.97
4.82
4.68
4.65
4.51
4.54
4. 59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.
4.08
4.02
4.05
3.99
3.88
3.78
3.8'
3.79
3.75
3. 75
3.63
3.6'
3.62
3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3. 50
3.47
3.46
5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52
5.53
5.53
5.54
5. 54
5.56
5. 6;
5.77
5.
5.82
5.87
5. 90
5.91
5.94
5. 96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
6.12
6.05
5.98
5.86
5.75
5. 69
5. 63
5. 58
5. 55
5.54
5.50
5.43
5.50
5.43
5.40
5.
5. 26
5. 34
5.30
5.28
5.32
5.38
5.53
5. 56
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5. 63
5. 56
5.55
5.60
5.60
5.56
5.66
5.68
5. 66
5.62
5. 54
5.53
5. 55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
4.85
4. 80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55
4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
r
4. 23
'4.24
4.14
5.70 6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35
Revised.
BOND YIELDS1
U. S.
Treasury 2
Year, month, or date
Municipal
(high
grade) 3
Corporate4
By groups
By ratings
Total
Aa
Aaa
Industrial
Baa
A
Railroad
Public
utility
N u m b e r of issues
6-12
15
120
30
30
30
30
40
40
40
1934 average. . .
1935 average
1936 average. - ._ ._
. . .
1936—January
February
March
__ _
April
3.10
2.70
2.47
2.68
2.62
2.54
2.51
2 50
2. 50
2. 50
2. 43
2.41
2.42
2. 29
2 27
3.95
3. 16
2. 68
2.93
2 86
2.78
2.76
2 76
2.72
2.70
2.68
2.62
2.58
2.45
2.31
4.96
4. 46
3. 87
4.04
3.95
3.95
3.97
3 96
3.94
3.90
3.85
3. 79
3. 75
3.71
3.67
4.00
3 60
3.24
3.37
3 32
3. 29
3. 29
3 27
3.24
3.23
3.21
3.18
3. 18
3. 15
3.10
4.44
3.95
3.47
3.57
3.55
3.55
3. 57
3 53
3.51
3.48
3.44
3.41
3. 38
3.31
3.28
5.08
4.55
4. 02
4.21
4.12
4.10
4.12
4 11
4.09
4.05
3.99
3.94
3.90
3. 85
3.78
6. 32
5. 75
4.77
5.00
4.80
4. 86
4.91
4.94
4.90
4.84
4.74
4.62
4.54
4.52
4.53
4.52
4.02
3. 50
3. 59
3.57
3. 56
3.57
3.55
3.54
3.52
3.48
3.44
3.42
3.38
3.37
4.96
4.95
4. 24
4.50
4.31
4.32
4.38
4.40
4.35
4.31
4.22
4.09
4.02
4.00
3.96
5.40
4.43
3.88
4.02
3.98
3.98
3.97
3.95
3.91
3.86
3.85
3.83
3.80
3.74
3.69
2.
2.
2.
2.
2. 29
2. 29
2. 35
2.35
3. 68
3. ()()
3. 65
3. 65
3. 10
3.08
3. 08
3. 09
3. 29
3.28
3.28
3. 29
3.77
3.76
3. 75
3.75
4. 55
4.51
4.48
4.47
3. 38
3. 36
3. 35
3.35
3.97
3. 95
3. 93
3. 92
3. 69
3.67
3.67
3.67
_. _ . . .
. . . __
Mav
June
July
.
August
September
October
November
December
Dec. 30. .
Jan. 6
Jan.13
Jan. 20
. ...
..
. .
1
;
. _
29
29
30
30
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.
i Standard Statistics Co.
4
Moody's Investors Service, revised series. Because of limited number of suitable issues, less t h a n 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4.
Back figures—See Annual Report for 1935 (table 74).
140
FEDERAL RESERVE BULLETIN
BOND PRICES ]
Number of issues.
_
Year, month, or date
Indus- Rail- Utility
trial road
Number of issues.
347
40
72
78
111
81
91
127
71
104
137.0
95
109
92
137.3
138.7
139. 6
138.8
138.6
138.8
139. 1
139. 3
139.0
138. 3
139. 0
140. I
100
106
109
109
101
106
109
113
114
119
124
123
115
121
125
125
116
121
124
128
130
136
144
143
97
103
103
102
95
102
106
109
108
109
109
111
140. 2
141.2
141.9
141.9
124
124
127
128 i
14")
143
147
149
111
112
116
114
20
20
88.2
92.2
83. 8
79. 4
94.7
87.8
98.2
105. 4
1934 average.
1935 average
1936 average
_
120.7
133.8
138.9
92.5
91.0
83.1
103. 1
1935—December..
95.3
97.2
96.6
95.9
95 5
96 2
97.1
97.7
98.6
99. 6
99.8
99. 9
92. 5
93.0
92.1
91.2
90.6
90.6
91.1
91. 6
92.2
93.1
94.2
94. 5
88.7
93.6
92.7
91.6
90.8
92.5
94.2
95.8
97.9
99.7
99.2
99. 0
104.7
105. 1
105. 1
104.8
105. 0
105. 5
106.0
105. 7
105.8
106. 0
106. 0
105.6
1936—January
February...
March
April
May
June
July
August
September..
October
November..
December..
99. 8
100. 1
100. 4
100. 7
94.2
94.7
94. 6
94. 9
99. 8
100. 2
100.8
101.2
10"). 3
105. G
105. 7
10(5. 0
97.3
109.,4
117.8
84.5
88.6
97.5
1935—December..
105.2
112.6
1936—January
February...
March
April
May
_.
June
July
August
SeptemberOctober
November..
December..
105.8
106.3
106.6
107.0
107.1
106 6
106. 6
107.2
107.2
106.9
108.2
1.08. 0
113.2
114.4
116.0
116.2
116.2
116. 9
117.4
117.8
118.8
119.5
122. 1
124.8
107.4
107.4
107. 3
107. 2
125.
125.
124.
124.
Dec.
Jan.
Jan.
Jan.
1
Monthly data are averages of daily figures except for municipal bonds,
which
are averages of Wednesday figures.
2
Average prices of all outstanding bonds due or callable after 8 years.
3 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.—See Annual Report for 1935 (table 73); for U. S. Treasury
bonds, see May
Preferred Common stocks (index, 1926=100)
stocks
(indusIndus- Rail- Utility
trial highTotal
road
grade)
trial
20
15
103. 5
100. 0
107.0
1
1
1
1
Corporate3
8J.9
6-12
1934 average
1935 average
1936 average
Dec. 30
Jan. 6
Jan. 13... ..
Jan. 20 . .
1937
STOCK PRICES *
U.S. MunicTreasipal
ury 2 (high-3
grade) Total
Year, month, or date
FEBRUARY
30...
(».. . . .
13...
20....
i Monthly data are averages of Wednesday figures.
Average derived prices.
Source.—Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73).
3
BULLETIN, p. 317.
CAPITAL ISSUES
fin millions of dollars]
For new capital
Total
Year or
month
(new
and
refunding)
Domestic
1935—Dec
9,774
9,898
11,513
7, 619
4,038
1, 751
1, 063
2, 160
r
4. 099
f.,215
Domestic
Total
(domestic
and
foreign)
Total
Corporate
ForState Fedeigni
and
eral
muBonds
Total and Stocks
nici- agencies2
pal
1927
1928
1929
1930
1931
1932
1933
1934
1935
1930
]For refunding
7, 556
8,040
10,091
6,909
3,089
1,194
720
1,386
"•1.457
1.983
6,219
6,789
9,420
6,004
2,860
1, 165
70S
1,386
"1,409
1.902
1,475
1.379
1,418
1, 434
1,235
762
483
803
r
855
71(»
"221
"221
122
107
130
177
112
217
103
217
179
187
115
107
130
177
112
216
103
217
178
174
"158
2(56
"422
1936—Jan
400
Feb....
302
Mar....
763
A p r i l . . . 1,004
May...
413
June
731
338
July.. .
August.
296
Sept....
409
Oct.....
463
Nov
'"372
Dec. . . .
724
1
2
r 1 -)(^
2(>(>
Total
(domestic
and
forTotal
eign)
notes
87
1,474
2,961
5,924
1, 503
1,337
1, 251
2,218
1,858
1, 422
State
and
municipal
22
1. 194
3,184
2, 385
2.078
2,980
1,239
305
40
144
334
841
"114
40
67
48
19
0
"201
"201
"19
50
89
60
49
68
63
33
46
104
79
47
48
0
4
11
0
6
1
0
0
0
0
0
0
65
13
59
128
38
152
70
171
75
95
"111
218
61
4
46
102
13
123
39
146
48
60
1H)
100
4
10
13
26
24
29
31
25
26
35
12
118
7
0
0
0
0
1
0
0
1
13
0
0
278
195
634
827
302
514
236
79
230
276
240
195
614
782
302
512
236
79
230
276
"197
458
38
8
69
53
31
43
9
10
55
4
16
47
64
0
87
75
77
64
405
150
4, 658
5,346
8,002
4,483
1,551
325
161
178
404
352
671
905
229
29
12
0
48
22
311
20
120
35
69
Corporate
Federal
agen-
Total
93
0
0
0
51
93
26
317
1,850
1,584
1,374
474
821
319
219
312
"3, 242
4, 232
1,978
1,620
1,387
527
893
498
283
765
"3, 2 Hi
4, 110
35
36
13
53
21
87
37
136
"30")
372
353
81
709
949
557
343
774
"214
458
987
(3)
6
9
199
4
93
2
8
0
1
28
3
3,' 385
Bonds
and Stocks
notes
1,586
1,054
542
451
789
315
187
312
1.782
3, 185
264
530
833
23
32
4
32
0
81
200
Foreign'
241
238
35
182
56
59
60
9
26
122
101
85
16
0
201
181
536
530
267
376
225
62
175
272
"153
408
201
170
525
492
252
325
222
55
156
249
"143
395
(')
11
11
38
16
50
3
6
19
22
10
13
39
0
19
45
0
2
0
0
0
0
0
r
Includes issues of noncontiguous U. S. Territories and Possessions.
Revised.
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.
» Less than $500,000.
Sources.—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 quarterly basis.
FK.HR c A it v
141
FEDERAL RESERVE BULLETIN
1937
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
fin millions of dollars]
MATURITIES
fin millions of dollars]
Interest bearing
Total
debt)
End of period (gross
Total
Bonds
Notes Certificates Bills
Noninterest
bearing
Interest-bearing debt outstanding Dec. 31,
1936
Total
Bonds'
Notes
Certificates
Bills
326
33, 700
381
Total
20, 576 10,804
117
2, 203
573 Obligations maturing:
924
Before Vpr 1, 1937
22
1,056
901
1,153
502
Apr. I-June 30, 1937
651
1935
July 1-Sept. 30, 1937
1,468
651
817
249 2,404
November.
29, 634
28,617
14,008
11,957
1,017
Oct. 1-Dec. 31, 1937
1,946
29, 596
14, 672 12, 274
961
1, 946
December.
30, 557
247 2,404
1938
2,762
2, 762
1939
2. 854
1936
2, 85»
1940
_ -_.
30,516
29,618
14, 688 12. 272
254 2,404
899
January
2,219
1,385
1941
834
874
February..
1943
_ _ _
898
898
30, 520
29,646
14,713 12, 270
258 2, 405
868
1, 401
March
1945
1, 401
31,459
30, 591
15,981
12, 400
258 1,953
1,519
825
1, 519
April
31, 425 30, 601
16,005 12, 383
259 1,953
1946
.
_ _ _ _ _
1,697
1,697
May
814
1947
31,636
30, 822
16, 030 12, 381
258 2, 153
1, 036
1, 036
790
33, 545 32, 756
18,395 11,861
146 2, 354
1948
June..
r
819
819
33. 436 r',\2. 672 '18.290
11.906
117 2, 353
764
1949
July..
r
11.327
11,327
757
August
33, 377 •'32. 621 ••18.274
11,886
107 2,353
After 1949
1.678 i 1,046
September.
33,833
19, 259 11,370
106 2,353
745 Other obligations ?__
33,088
515
117
.
October
749
33. 833 33,083
19, 258 11,368
105 2, 354
November.
33,08S
19,265
11,366
104 2, 353
33, 794
706
December.
i 707 1 Issues classified as of date of final maturity; most issues callable at
33. 407 33, 700 20. 576 10,804
117 2, 203
earlier dates; postal savings bonds only issues callable before 1940; adjusted service bonds and most of the U. S. savings bonds are redeemable
r
at 2option of holder.
Revised.
i Includes $358,000,000 of Government liability for retirement of
Includes United States savings bonds and such issues as postalnational bank and Federal Keserve bank notes, as a result of deposit savings bonds and notes, retirement-fund notes, and adjusted-serviceof funds by banks; this compares with $541,000,000 on Dec. 31, 1935, certificate series, in which special funds are invested; also includes
$451,000,000 of adjusted service bonds.
June 1932...
June 1933__.
June 1934._.
June 1935__
19, 487
22, 539
27, 053
28,701
19,161
22,158
26,480
27, 645
14,250
14,223
16, 510
14,936
1,465
4,780
6. 932
10, 501
2,831
2. 200
1, 635
156
616
954
1.404
2,053
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury.
In million" of dollars]
General and special funds
Receipts
Income
taxes
Total Inter-
3,116
3,800
4,116
818
1,099
1,427
1,470
1,657
2,010
6, 745
6,802
'8,477
1,845
1,902
2, 158
434
228
218
752
231
256
529
294
343
499
272
233
517
421
555
706
228
35
43
412
36
35
310
39
32
288
27
33
280
855
975
1, J33
153
138
132
291
152
158
164
201
264
161
J86
118
174
Total
1
3
General 2
Miscellaneous
All
inter- other
nal
revenue
Period
Fiscal year ending June:
1934
1935
1936
6 months ending:
December 1934 .
December 1935
December 1936
1935—December
193b—January
February
March
April
May
June
July
August
September
October
...
November
December
Expenditures *
828
1,044
680
est on All
public other
debt
In !
569 3. 105
373 3, 440
320 3, 503
591
52
456
55
496
43
570
48
614
43
558
63
55 '2,337
412
54
551
47
668
50
681
60
535
52
0,=i0
Recovery and relief
Trust
acor decounts, Increase
crease during
etc. *
period
Excess excess
of reof receipts ceipts
(+) or (+)or
exexpendi- pendiGeneral
tures
tures
Gross
fund
()
balance debt
Total
Relief
Public
All 3
works other
1,984
2, 325
4,436
4,004
3, 657
3, 291
1,844
2,342
985
645
1,020
2, 092
1,515
294
213
-3,630
-3,002
-4,361
+835 + 1 , 720
+613
-741
+123
+840
.1, 174
4H
358 1.414
403 1, 674
237
107
197
19
164
31
226
131
228
72
258
8
132 5 1,949
320
10
273
26
255
144
292
74
267
8
1.S17
1. 675
1,426
247
241
301
214
314
291
•256
82
252
268
315
260
250
1, 108
7S2
67
97
64
43
11
33
21
32
35
14
S
5
2
3
640
566
.1,585
148
225
218
254
259
264
306
275
247
252
277
260
274
69
327
6 226
2
« 49
40
6 51
22
7
6 83
6 228
69
8
32
«2
« 26
-1,560
-1.544
-1.345
-157
-228
-277
+ 110
— 18 +1.420
+ 1..S50
+55
+367
-59
+628
-776
+923
+774
+8
-41
+64
-205
+37
+3
-237
- 2 2 +1,099
+939
-34
—7
-424
+211
-84
+2,142
-.12
+323
-335
-451
-63
-327
+452
+284
()
-15
-424
(7)
]-358
-38
+013
+500
+26
757
821
140
200
+181
-383
-302
-1,807 =
-118
-208
-109
—409
-303
-138
+4, 514
+ 1,648
+5,078
2
Includes processing taxes, customs, and miscellaneous receipts.
Excludes public-debt retirement.
Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures
of
the
Reconstruction
Finance
Corporation.
4
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other than for retirement of national-bank notes), and beginning June 1935 transactions in checking accounts of certain special
governmental agencies whose balances were transferred on May 31, 1935, to those accounts.
5 Expenditures include $1,673,000,000
of payments to veterans under the Adjusted Compensation Payment Act of 1936.
7
e Excess of credits.
Less than $500,000.
142
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1936
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned.
Financed wholly from Government funds
ReconComstruction modity
Finance Credit
Corpo- Corporation
ration
Public AgriculWorks
tural
Admin- credit Other
istrainstitution
tions
In millions of dollars]
Financed partly from Government
funds
Farm
mortgage
institutions
Other
farm
credit
institutions
Home
mortgage
institutions
Total
Total
Nov.
Nov.
Oct.
Other 30,1936
31, 1930 30,1935
ASSETS
Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc
Home mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred
stock .
Cash
United States direct obligations. ..
Obligations of Government credit
agencies:
Fully guaranteed bv IT. S.
Other 2
Production credit association class
A stock
_.
Accounts and other receivables... _
All other assets
_
Total assets
other than interagency 2
1
378
059
2 938
1
819
212
1,850
2
212
30
5
1,899
o
137
3 114
2, 802
20
6
4
399
02
27
2, 938
112
41
221
22
93
3. 053
33
4
0
q
334
8,842
247
503
8, 912
205
500
9, 254
337
433
14
20
1
(2) 1
74
(5
101
2
197
29
197
29
215
29
32
198
159
150
3
48
3 232
4
12
75
288
020
75
297
028
77
191
402
155
721
3, 408
413
3, 370
400
10,800
10,904
10, 938
1,422
1,211
152
153
3
2, 993
2
123
0)
00
4, 007
1,438
403
4. 082
1,440
439
4, 507
1,335
201
75
2
210
0)
140
088
883
2,855
2, 900
082
1,180
144
255
130
17
534
709
2. 835
2 930
014
1.221
20
130
0)
0)
221
522
772
2, 802
2, 938
604
1, 203
0)
LIABILITIES
Bonds, notes, and debentures:
Guaranteed
by United States...
Other 2
Other liabilities (including reserves)
Total liabilities
other than
interagency 2
252
2
43
72
1
5
1
10
5
17
2,780
150
3.118
00
0, 509
0, 507
6,102
295
72
Excess of assets over liabilities, excluding interagency transactions...
Privately owned interests
1,005
144
140
149
704
022
102
257
3
258
33
400
151
4, 292
348
4,337
350
4, 836
343
U. S. Government interests._.
1,005
144
140
149
704
400
254
225
250
3, 943
3, 987
4, 493
2
i Less than $50C,000.
Excludes $701,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
3 Shares of Federal savings and loan associations subscribed by I1OLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury
amounting to $49,000,000 are classified under "All other assets."
•
NOTE.—For explanation of table and back figures see BULLETIN for April 1930, p. 220.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding.
Dec. 31,
1935
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
524, 127
47, 909
871,700
22, 240
390.250
147, 503
40,013
50,025
2. 283
154,001
In thousands of dollars]
J u n e 30,
1930
380, 343
45, 803
788, 922
1,499
388, 432
170, 209
52,051
50,114
3,115
134,170
July 31,
1930
374, ($30
45, 579
091,047
1,450
350,841
176, 250
55, 120
00, 103
2, 790
128,921
Aug. 31, Sept. 30, Oct. 31, N o v . 30, Dec. 31
1930
1930
1930
1930
1930
308, 393
48, 397
072, 087
1,400
350,948
181,339
50,149
00, 905
2,984
142,210
355, 539
48, 210
008, 015
1,385
349, 201
185,829
57, 090
01,778
3,037
140,478
344,591
47, 807
002, 587
1, 320
353, 810
190,509
00.945
62, 032
1,880
145,035
330, 883 i2 325,020
43, 509
47, 580
058, 054 G50,777
1,273
1, 309
345, 190 345, 980
194,184
195,044
(53, 592
01,045
64,343
03, 125
1, 928
1, 935
118,822
130.850
Total loans and investments, other than interagency... 2, 250, 177 2,027, 37 1,880,749 1, 885, 472 1,871,828 1,871,782 1,841,325 1,810,984
Loans to Federal land banks..
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Capital stock of, and loans to R. F. C. Mortgage Co
Preferred stock of Export-Import banks
Total loans and investments.
45, 074
207,541
14,721
10,000
33, 538
102, 280
97, 000
19. 10f)
17,000
32.959
92, 308
97, 000
30.218
17, 000
32.199
93. 002
97, 000
31,213
20, 000
30,933
95, 809
97. 000
32. 202
20, 000
27,993
97,910
97,000
33, 990
20,000
27. 020
98. 41
97,000
35.701
20,000
24,750
98, 721
97,000
37, 400
20,000
2, 593, 513 j 2,350,3002,150, 294 2, 158, 885 2,147, 771 2, 148, 7801 2, 120,103 ; 2,088,901
i Includes $109,000,000 of loans for distribution to depositors of closed banks. 2 Includes $034,000 of preferred stock instalment sale contracts.
Includes $100,000 of loans to Rural Electrification Administration.
NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220.
3
143
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
fin thousands of dollars]
Farm mortgage loans
byi-
End of month
1933—December.
1934—December.
1935—December.
1936-January....
February..
March
April
May
June.
July
August
September.
October _._
November.
December-
Federal intermediate
credit bank loans to
and discounts for—
Regional
agricultural
Other
credit
cor- financing
Land
porations,
instituFederal
Bank
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives a
1,232, 707
1,915,792
2,071,925
2.066, 308
2.058, 512
2.059, 978
2,061, 881
2,062.986
2,064.037
2, 064, 759
2.067, 106
2,067,711
2, 067, 647
2,005,719
2.064. 158
70, 738
616,825
794, 726
802, 782
810,811
817,899
823,110
827,052
827, 248
829, 464
831, 892
833, 906
835,187
836, 194
836, 779
60,989
55,672
46,490
46,045
46,679
48,045
50, 015
52,158
53, 231
53,041
52, 883
48,039
41,912
39,218
39.140
73, 263
99, 675
104, 706
105,457
110,806
122,849
132,715
140,177
144,155
146, 243
144, 423
138,653
135, 791
131,644
129.872
Loans to cooperatives b y -
EmerProduc- Regional
gency
agricultion credit tural
crop
and
credassociadrought
it corpotions
loans
rations
27
60,852
94,096
96, 240
103,002
116,392
127, 511
135, 467
139, 468
140, 982
135,603
122,004
110, 775
105,441
105,212
144,636
§7,102
43, 400
41,489
40, 510
39, 617
38, 665
37,711
36,026
34, 610
33,042
31, 216
28, 664
26, 491
25, 288
Federal
intermediate
credit
banks
89,811
110,186
172,489
170,072
168, 700
167,826
175,151
176, 789
176, 234
174, 207
172, 863
171, 320
168,688
166,291
164. 887
15,211
33,969
2,731
2,241
2,117
2,074
1, 685
932
247
225
314
405
758
1,336
1,641
Banks for Agriculcoopertural
atives,
Marketincluding ing Act
revolvCentral
ing fund
Bank
18, 697
27,851
50,013
46, 566
42,720
41,083
40, 015
39, 688
39,500
43,018
44,345
56, 267
71,150
72, 500
69, 647
157, 752
54,863
44,433
44,286
44,155
44,306
43, 523
41, 696
44, 556
44,431
44, 025
48, 583
51,348
56,216
53, 754
1
Does not include loans by joint stock land banks, which are now in liquidation.
2 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars]
OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES l
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans b y Federal savings and
loan associations
End of month
Home
Owners'
Loan Corporation '
Number of
associations
Total
1933—December-.
1934—December..
1935—December..
1936—January
February...
March
April
May
June
July
August
September..
October
November...
December _.
Reporting
Loans
reported
59
32, 394, 038
639
2,897,162 1,023
2, 924, 206
2,942,931
2, 951, 640
2, 960,197
2, 961, 761
2,944, 501
2,921,294
2, 898, 043
2, 870, 480
2,834, 610
2,801,827
2. 705. 098
1,044
1,061
1,078
1,102
1,114
1,135
1, 165
1, 175
1, 183
1, 192
1, 206
1,212
69. 734
315, 683
329, 643
336, 646
366,405
1,006 390, 810
1,006 404, 722
1,017 444.046
1,025 4(55, 682
1, 076 497, 852
1,076 512, 744
1,080 532, 064
1,080 544, 130
.1.046 543, 271
898
Federal
home
loan
bank
loans to
member
institutions 2
End of month
ReconHome
Federal
Owners' struction
Farm
Finance
Mortgage Loan
CorporaCorpora- Corporation »
tion 2
tion
Total
1933—December..
1934—December..
180
3,063
980
1,834
180
249
1935—June
July
August
September..
85, 442
October
86. 658
November..
102, 795
December..
4,123
4,205
4,248
4,369
4,421
4,460
4,494
,226
L, 274
L, 282
L, 368
L, 382
L,387
1,387
2,647
2,682
2,716
2,748
2,786
2,819
2,855
250
249
250
253
253
253
252
4,562
4,630
4,654
4, 676
4,703
4,718
'1, 724
'4, 609
4, 607
4, 082
4, 007
4. 009
1,399
1,407
1,407
L, 411
1,422
1,422
1,422
1,422
L, 422
1,422
1,422
,422
2,911
2,970
2,995
3,013
3,029
3,044
r
3, 050
'2, 995
2, 993
3, 008
2.993
2, 995
253
253
252
252
252
252
252
252
252
252
252
2f>2
102.800
102, 942
103. 358
105,972
110,922
118,587
122. 101
125, 218
129,767
134,941
137.261
145,401
1936—January
February...
March
April
_.
May
June
July...
August
September..
October
November..
December .
1
i
T
» In addition to loans the HOLC held on Dec. 31, 1936, $506,000,000 in
Revised.
other assets, consisting principally of investments in the Federal Savings
amount of obligations guaranteed as to interest and princiand Loan Insurance Corporation and in various savings and loan asso- pal.i Principal
Also guaranteed are debentures issued by Federal Housing Adminciations, real estate and other property, and accrued interest receivable. istrator.
The amount, outstanding Dec. 31, 1930, was $47,390. '
2 Includes loans to Federal savings and loan associations, all of which
a3 Excludes obligations guaranteed as to interest only.
are members, and a negligible amount to others than member institutions.
Excludes obligations held by U. S. Treasury and reflected in the
3 Includes accrued interest.
public debt. Figure for December 1933 includes notes given in purchase
of gold which were retired in February 1934.
144
FEDERAL RESERVE BULLETIN'
KKBRUAKY 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)
.
Tndu* trial production » *
Year
and
month
Manufactures
Total
Minerals
Residential
Total
2
FacFactory employment:i
All <jther
t(
viv
rolls 3
Freight-car
loadings A *
Department
store sales *
(value)
Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed |justed justed justed justed justed! justed usted justed justed justed justed justed justed justed justed justed justed
83
1919
87
07 :
85 .
101
95
104
108 :
100
111 . •""•" 1
119 '
90 .
81 "
04 !
70 : . .
79
90
Pi 05
1921.".. ..
1922.
.
1923.
1924....
1925-...
19201927-..
1928... .
1929.
1930. ..
19311932.. .
1933 . .
1934. ..
1935..
1930...
"
-
"
-
•
!
84
87
07
80
101
94
105
108
100
112
119
95
80
03
7.)
78
90
"105
.....
89
_
70
74 ....
105
90
99
- ...
108
107 .. ..
106
115 ...
99
84
71
82
80
91
P104
03
03
50
79
84
94
122
129
129
135
117
92
03
28
25
32
37
"55
44
30
44
08
... .
79
90
05
88
8(5
94 . . .
120
135
139
142
142
125
84
40
37
48
50
"70
81
95
124
....
121
117
120
87
50
37
13
11
12
21
P30
107
108
82
90
104
90
100
101
99
99
105
91
00
72
82
80
P92
98
118
77
82
103
90
101
104
102
102
109
89
07
47
49
03
71
P82
77
78
94
87
88
98
99
103
J 00
107
108
84
91
79
•
..
-
.
87
.100
97
103
100
103
103
100
92
75
56
58
02
03
72
HI
.....
.102
92
09
07
75
79
88
1933
80
81
57
45
13
11
93
73
78
78
50
03
56
09
121
75
82
80
89
89
84
71
71
70
73
73
70
88
92
100
90
88
87
84
80
82
81
81
90
80
89
91
81
80
80
84
83
87
87
81
85
49
44
33
32
20
20
27
27
29
31
31
31
40
38
33
30
32
31
30
28
30
29
28
25
12
12
11
12
11
12
12
10
10
10
12
14
13
13
12
10
II
12
11
12
12
11
10
04
60
50
54
47
40
44
43
45
43
41
30
78
81
84
85
80
85
83
83
78
81
81
82
77
81
84
80
80
85
82
81
80
82
80
81
55
01
00
08
08
00
01
03
59
02
01
04
04
04
00
02
03
04
01
59
59
57
59
04
58
01
03
00
03
04
03
03
07
04
00
50
73
73
70
70
75
73
73
70
74
74
75
77
57
59
73
73
]|
80
70
51
48
38
38
39
40
44
40
48
47
(JO
79
82
83
135
90
88
87
86
84
85
87
89
92
95
97
101
87
91
91
91
87
84
83
87
89
90
98
95
94
90
97
r
88
'90
98
r
85
81
87
93
92
102
'92
'93
90
79
88
97
81
85
'93
'101
95
27
28
26
27
27
30
35
38
43
48
00
'08
22
24
20
30
32
35
39
40
44
45
53
'54
12
1I
10
18
21.
24
25
24
25
25
20
20
10
13
10
22
25
20
25
24
25
25
25
22
39
39
35
33
32
30
43
50
58
00
88
M03
32
33
34
38
39
43
50
54
59
02
70
'80
84
85
85
80
85
81
85
80
80
82
85
80
80
85
83
83
80
88
89
89
88
05
70
72
72
09
07
(50
71
04
05
05
01
01
03
58
00
02
04
00
71
58
01
02
59
01
03
00
04
70
73
07
02
70
77
79
75
74
79
80
77
81
78
82
83
59
01
71
79
76
76
55
01
80
80
91
145
Jan
95
90
97
92
94
95
Feb
93
93
90
Mar... ..
103
April. .. | '101
100
101
May. - I .101 105
104
105
J une.... 104
109
105
Julv... .. 108
110
106
108
Aug....
110
M08
109
Sept....
110
111
110
Oct
114
Nov.. _.
115 i 115
Dec
"121 P114 "122
95
93
97
105
105
105
105
106
107
110
115
P115
'104
Mil
'96
MOO
M07
89
'95
r
50
'45
47
53
50
00
05
05
00
54
51
"50
25
25
20
30
32
30
44
40
47
43
40
21
22
28
35
'92
'75
03
00
57
05
71
75
09
09
72
"80
87
87
88
89
90
90
91
93
95
97
97
74
74
77
79
81
81
80
83
83
89
91
03
6o
02
66
71
P98
P95
70
70
06
09
70
70
73
70
72
73
80
80
81
83
84
81
87
87
91
80
88
90
93
92
03
66
77
85
89
84
63
08
94
99
105
101
75
09
73
Jan
.
78
81
Feb....
Mar...
81
April
80
May.....
80
84
June. .
July...
70
Aug. . . . 73
Sept..
71
74
Oct...
Nov...
75
80
Dec.
77
83
87
88
89
84
|
!
j
.
i
|
70
80
82
85
80
83
74
72
09
72
74
85
88
91
91
8!)
87 j
80 !
83
80
90
r
97
97
96
Dec..
. .
07
1931
73
73
73
75
74
78
77
70
51
1935
Jan... .
Feb...
Mar.. ...
April ...
May .
June. ...
Julv...
Aug
Sept
Oct.
So\".'..'.
Dec. ..
90
89
88
80
85
87
80
88
91
95
9(5
101
'97
87
88
89
74
70
70
77
J930
MOO
M02
MOO
101
'99
M02
M05
111
"110
MO I
M01
M02
104
M 10
'115
LI 5
PllO
02
52
47
47
40
52
59
02
59
57
58
"02
1 Ml
38
39
45
40
47
41
39
P35
r
75
'03
02
07
70
78
82
81
70
05
02
"02
89
87
8S
89
90
90
93
93
94
94
90
"98
72
75
76
82
84
80
74
r
p Preliminary.
Revised.
* Average per working day.
' For indexes of groups and separate industries see pp. 145-140; for description see BULLETIN for February and March 1927.
2
3-month moving average of F. \Y. Dodge Corporation data centered at second month; for description see BI.'I.I.ETIN for July 1931, p. 358.
3
The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of
BULLETIN for December 1930. For current indexes of groups and separate industries see pp. 14*7-150. Underlying figures are for pay-roll period
ending nearest middle of month.
-* For indexes of groups see p. 152.
Back figures. -See Annual Report for .1935 (table 75). For department store sales see p. 031 of BULLKTIN for August, 1930.
145
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation.
1923-25 average=1001
Industry
Nov.
Dec.
Manufactures—Total.
Jan. | Feb.
96
IRON AND STEEL.
103
71
106
Pig iron
Steel ingots.__
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity i
Carpet and rug loom activity'
Silk deliveries
.
FOOD PRODUCTS
Slaughtering and meat packing..
Hogs
Cattle
Calves
Sheep
Wheat
flour...
...
Sugar meltings
118
134
118
72
112
111
108
r. 3
125
122
)r.
Mar. | Apr.
May
June
July
Aug.
110
109 I
100
100
101
83
64
100
77
102
105
85
107
113
89
115
119 I
90 |
122 i
121
93
121
119
90
121
127 I
98 I
130 j
85 j
_
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers..
Goat and kid leathers..
Boots and shoes
Dec.
/'122
93
83
63
85
!
42
113
101
11,
21
23
IV)
29
117
92
125
110
144
1-12
i>\ 01
137
95
131
138
99 I
105
106
107
117
114
66
102
99
111
120
117
75
91
100
100
96
105
99
68
107
I
I
i
'
;
!
|
100
105
89
93
95
68
102
100
.103
97
103
101
68
97
107
111
103
121
95
66
101
115
124
106
125
97
67
108
120
125
115
136
101
77
118
120
127
108
121
97
88
130
114
119
105
109
101
95
121
90
89
68
114
116
134
88
95
84
84
66
104
111
128
87
78
88
85
61
113
119
133
94
89
92
92
79
116
130
91
96
70
90
100
79
1 '^5
93
105
91
115
129
152
82
08 i
98
109
100
115
122
109
S3
S3
99
100
85
117
125
100
87
115
59
136
62
137
02
140
(57
150
04
141
93
5
105
122
82
79
54
107
118
148
86
86
80
54
110
126
145
84
92
92
84
61
111
120
152
91
124
84
77
52
109
109
145
96
93
87 :
83 j
6i i
109
115
151
64
125
63
133
60
124
60
127
62
132
60
131
105
107
3
108
0
93
0
107
1
122
3
109 !
105
105
84
124
111
124
105
103
95
118
137
118
103
96
103
122
127
111
96
59
192
59
202
47
201
138 I
143
70
61
136
01
110
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Nov.
92
PAPER AND PRINTING:
Newsprint product ion.
Newsprint consumption
Sept. : Oct.
no I
95 I
107
93
94 !
85 !
110
121
103 |
116 i
97
94
85
115
119
58
181
71
213
112
97
93
78
121
122
74
220
118
9
124
9
111
8
102
91
84
88
113
109
113
91
93
115
95
97
70
113
128
117
126
S
90
91
08
109
12(5
M12
93
99
65
10°,
'124
115
101
110
79
1 12
122
SO
230
87
241
91
101
105
101
71
(
»7
100
71
1SS
241
92
121
''132
"149
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROIJS METALS:
Tin deliveries^
Zinc
Load
..
82
07
103
8-1
03
105
169
214
94
121
96 i
104
172 !
215
FUELS, MANUFACTURED:
Petroleum refining
Gasoline 1 ....
Kerosene
Fuel oil i
Lubricating oil • ..
Coke, byproduct
RUBBER
T I R E S AND T U B E S 1
Tires, pneumatic
Inner tubes 1
1
TOBACCO PRODUCTS.
Cigars
Cigarettes
Minerals—Total
Bituminous coal...
Anthracite2
...
Petroleum, crude..
Iron ore
Zinc
Lead
Silver
1
176
225
94
115
106
100
173
220
86
121
104
106
99:
103
99
102
137
69
191
147
73
205
110
82
148
73 |
02
94 j
130
98
103
89
92 ;
(57 ;
148 :
75 j
207 |
92 j
71
r
49
144
44
82
Si
101
91
70
92
1)9
143
112 !
103
69
128
101
107
100
00
168
210
98
119
105
100
178
223
104
119
116
112
180
227
97
120
116
120
181
233
98
117
.108
123
183 !
236 :
96
117
110
121
186
211
91
119
111
126
189
21(5
90
119
111
128
191
219
90
121
85
87
07
113
117
86
121
125
89
130
135
90
121
129
90
119
123
92
122
125
9(5
118
121
94
140
71
193
152
74
214
145
71
204
147 i
70 !
209 \
154
7(5
216
117
73
208
157
75
223
146
74
202
2l')9
M(6
M02
'105
111
T)0
M9
87
100
(50
88
r
86
''52
152
98
91
70
152
110
'Si I
ioo :
»•{;•()
80
'71
148
74
220
70
85
59 |
90
81
r
07 I
150 j
91
70
96
149
80
94
74
r
70
146
80
103
69
103
80
'•69
144
81
101
71
101
82
()0
140
93
98
00
111
130
119 i
91
89
105
9S
SO
130
12(5
no
.. .__
92
150
74
99
I S3
83
2(55
/'70
" I (50
98
SO
r
Without seasonal adjustment
*>> Proliminarv
rrpuminarv
Ke^'sen.
-' Revised figures for anthracite 1935, January through October, inclusive: 7S, 69, 50, 71, 73, 100, (54. 37. 00. 49.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, SepN
jmber 1933, pp. 584-587, and November 1936, p. 911. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper,
temb
ox
b board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
146
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.
1935
1923-25 average=100]
1936
Industry
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
98
95
95
93
97
105
105
105
105
106
107
110
115
Pl 15
89
70
91
90
69
92
83
67
85
87
64
89
94
67
96
111
82
114
114
87
117
113
88
115
111
85
113
118
89
121
118
93
120
124
98
126
127
100
130
125
102
128
TEXTILES
111
101
124
146
118
72
116
105
100
114
126
122
••65
106
110
111
108
120
114
66
112
108
106
117
131
117
75
98
102
105
98
107
99
68
103
103
112
88
90
95
68
101
100
106
92
95
101
68
96
101
106
97
109
95
66
90
107
113
99
112
97
67
103
113
112
110
126
101
77
123
120
123
111
127
97
88
136
118
122
111
120
104
95
121
126
128
125
141
117
92
129
132
133
143
163
137
95
119
FOOD PRODUCTS
86
87
60
123
120
146
93
67
82
91
71
115
120
142
81
52
92
96
81
112
112
154
89
82
82
75
57
96
101
136
93
91
86
78
62
95
116
137
86
113
85
80
61
101
126
126
80
110
82
81
64
101
126
126
82
87
87
84
65
106
124
131
83
106
90
87
64
115
126
135
98
94
87
85
53
126
130
139
99
79
90
94
59
138
138
165
91
75
95
104
80
134
135
167
92
65
104
121
110
133
124
167
90
65
101
117
111
122
119
157
84
66
63
134
63
137
61
119
60
125
61
138
61
141
60
140
64
135
59
117
59
121
60
137
62
149
66
160
64
145
124
4
125
3
108
0
93
0
124
1
149
3
142
6
134
9
128
9
82
9
42
6
65
5
127
9
147
104
103
104
80
122
105
106
102
100
81
127
108
109
99
97
85
116
116
113
99
101
78
114
122
110
92
95
69
105
122
108
95
94
76
114
117
103
91
88
74
116
111
98
90
83
86
113
103
112
94
90
90
109
123
127
96
95
85
111
147
129
95
94
78
114
151
'123
98
102
58
192
46
202
29
201
29
174
42
194
70
235
87
231
92
196
91
198
99
226
80
82
70
81
86
70
103
89
63
105
82
(14
95
90
60
101
95
69
98
95
73
112
99
70
128
97
68
176
225
101
115
106
102
174
220
93
121
104
107
170
214
96
121
96
105
172
215
96
130
98
106
168
210
95
119
105
103
178
223
103
119
116
114
179
227
93
120
116
119
181
233
91
117
108
121
99
103
75
99
102
75
107
110
82
89
92
67
85
87
67
113
117
86
121
125
89
140
82
189
119
55
168
141
56
204
135
65
188
132
64
183
140
70
195
95
'97
MOO
'107
89
r
80
T)l
143
37
82
70
83
r
71
142
88
'80
142
98
'100
140
70
145
86
70
68
89
63
81
82
64
100
90
60
99
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots
Cotton consumption .
Wool
Consumption
Machinery activity
Carpet and rug loom activitySilk deliveries
Slaughtering and meat packing.._
Hogs
Cattle
_Calves
.
Sheep
Wheat flour _ .
Sugar meltings
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT: .
Automobiles
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
CEMENT AND GLASS:
Cement .
Glass plate
NONFERROUS METALS:
Tin deliveries
Zinc
Lead
"112
107
'139
102
109
75
111
116
»'118
100
236
99
241
90
164
71
89
107
93
58
99
93
57
105
98
73
97
100
105
100
81
182
236
90
117
110
118
186
241
86
119
111
122
189
246
92
119
111
125
192
249
95
124
110
129
189
241
100
124
114
133
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
147
73
206
161
76
230
167
80
238
158
76
225
J73
86
245
157
91
212
153
90
207
149
62
217
95
MOl
M01
HY2
104
'110
'115
115
"110
71
r
7()
150
66
'74
150
120
95
73
88
66
151
149
157
99
70
101
72
75
r
50
152
177
93
58
88
87
lil
150
178
93
57
106
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS.
Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite l
Petroleum, crude
Iron ore
Zinc
Lead
Silver
_ .
95
97
r
147
164
97
68
85
94
r
6(>
153
167
98
73
118
106
150
93
100
138
P100
"75
P155
100
81
106
73
1
Revised figures for anthracite 1935, January through October, inclusive: 84, 74, 46, 74, 73, 87, 52, 37, 67, 63.
» Preliminary.
' Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. 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.
147
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
1930
1935
Industry and group
Nov. Dec.
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
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric, steam railroadLocomotives
Shipbuilding
RAILROAD REPAIR SHOPS.
Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
88.0
79. 0
97. 6
88.0
79.7
98.2
88.6
80.1
97.7
87.2
78.9
96.1
87.6
79.8
95. 9
88.5
80.9
96. 7
89.0
82.4
97.3
90. 3
83.4
97.6
92. 6
85.2
100. 4
93. 3
85.4
101.8
94. 3
93. 6
86. 3
87.9
1.01. 5 101.1
96. 0
89. 5
102.9
98.2
92. 0
104.8
84.0
93
71
50
78
55
64
80
59
90
55
90
70
132
84.4
93
71
57
80
50
05
87
59
97
53
94
78
138
85.1
93
72
57
81
57
05
85
00
97
50
97
79
139
83.4
91
71
59
78
56
03
83
00
97
57
96
77
132
84.0
92
71
00
77
54
02
84
01
97
59
90
79
135
85.8
94
74
62
75
56
62
86
63
97
02
97
78
137
87.7
97
74
62
76
58
62
87
65
97
65
99
78
140
89.4
99
75
62
76
59
61
84
65
103
67
99
80
137
92. 3
103
76
64
78
62
63
82
09
103
70
98
81
130
94. 1
100
70
04
79
00
57
85
09
107
72
101
80
135
95. 6
108
77
05
80
00
00
85
71
104
73
101
80
141
107
73
100
89
154
98. 1
109
81
67
84
64
73
86
71
107
73
98
93
164
99. 4
1.10
84
08
87
68
76
91
72
113
70
98
95
169
95. 5
118
110
84
82
100
170
07
112
90.3
120
112
82
115
83
109
189
08
110
95. 8
118
114
81
116
82
108
186
09
112
90. 8
121
110
82
118
84
109
179
69
112
99. 1
122
118
80
121
85
112
185
08
113
102.0
123
119
88
124
88
114
198
70
114
103. 6
124
112
90
122
90
116
209
70
87
105. 2
115
114
92
117
92
120
210
71
102
105. 1
100
100
92
113
93
1.19
209
73
114
106. 7
95
116
97
113
95
123
186
120
108.3
100
119
10C
115
96
125
170
75
132
J10. 2
92
120
103
120
97
127
171
75
135
113.6
97
121
100
123
100
129
188
70
140
98. 9
417
113
43
20
85
100.8
409
115
47
24
83
99. 7
408
113
40
24
80
96. 8
442
109
46
26
85
97. 5
471
108
50
27
92
99. 0
495
109
51
28
99
100. 8
487
112
50
31
101.8
470
112
53
34
99
104. 5
494
110
52
30
101
100. 7
505
109
59
35
102
100. 7
534
109
59
38
102
104. 7
534
113
64
41
102
112.0
527
123
67
42
98
110.4
577
.131
04
44
88
53. 7
02
53
54. 3
01
54
55. 0
02
54
56. 4
02
50
58. 0
02
58
57. 0
03
57
57. 0
02
57
58.2
62
58
57.4
02
57
58.7
02
58
59. 1
62
59
60. 1
00. 0
03
60
01.7
03
02
90. 1
101
99
102
81
97.4
101
100
103
80
78
08
77
147
97. 4
102
101
104
79
78
08
78
143
95. 0
99
99
104
93. 4
.100
97
105
70
73
04
78
131
93. 4
100
97
104
75
71
03
94. 0
102
99
105
78
70
02
70
135
96. 4
109
100
100
78
70
01
78
139
97.8
116
102
107
84
101. 1
110
100
113
88
79
00
78
141
102. 5
112
109
112
87
84
07
79
143
105. 2
115
110
114
88
89
70
78
153
100.7
118
111
115
91
94
70
78
154
110.7
.119
115
110
91
99
71
80
100
MACHINERY
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
Jan.
115
108
80
110
81
105
182
00
112
08
75
142
05
78
135
59
79
136
97.1
109
79
06
82
01
68
85
70
60
L U M B E R P R OI) U C T S
01. I
72
47
48
01.0
73
40
49
02.8
74
40
50
01.4
73
45
49
02. 8
72
40
50
03. 5
74
47
51
04.1
75
47
51
04. 2
70
49
50
05. 0
79
48
51
05. 1
81
51
49
05. 8
82
52
50
06. 2
81
53
50
66. 2
84
54
49
08. 0
80
STONE, CLAY, GLASS PRODUCTS.
00. 5
39
53
99
35
72
01.8
42
54
100
30
72
01.4
43
51
99
34
72
59. 7
4L
49
97
32
70
00. 8
42
53
90
37
72
01.9
43
54
90
38
71
02. 5
44
55
97
39
71
03. 0
45
54
96
41
73
05. 7
47
55
101
42
70
60. 4
47
59
102
43
74
00. 1
47
61
99
42
77
67.2
47
64
103
42
76
00. 3
48
05
90
42
75
68.7
51
68
J01
42
99. 8
94. 4
85
88
98
118
90
113
84
94
109. 5
100
.147
89
114
51
109
100. 4
94.0
80
88
99
117
90
113
84
93
111.1
109
.147
88
114
52
112
99. 2
93. 2
82
89
97
110
89
113
80
89
110.5
108
145
90
117
53
109
90. 5
90. 4
80
88
88
112
85
113
72
82
108. 2
105
143
87
110
50
110
90. 7
90. 0
81
88
88
113
84
114
74
82
108. 2
104
144
85
110
I
97. 0
91.8
81
88
91
116
85
114
78
84
108. 4
104
143
80
97. 0
91.3
83
89
91
115
88
113
70
80
109. 5
105
146
85
123
55
109
98. 1
91.8
83
90
94
116
93
112
78
80
110. 3
107
144
86
130
54
111
102. 0
95. 5
83
95
96
117
91
118
79
83
110.0
109
159
87
141
00
115
104. 9
98. 1
85
99
101
117
85
121
81
81
117.0
100
107
88
138
60
118
102. 6
96. 8
92
99
99
114
81
121
78
101.7
95. 5
92
97
101
115
82
117
113.6
104
157
88
133
57
116
113.4
105
155
89
130
104.4
97. 3
93
98
104
117
87
110
79
84
118.4
111
103
91
134
53
119
100.8
100.2
100
99
105
121
89
120
79
93
119.9
114
102
92
136
51
124
Furniture
Lumber, mill work
Lumber, sawmills
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS
A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
.
Dyeing, finishing textiles.
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods...
B. Wearing apparel .
Clothing, men's
Clothing, women's
Corsets, allied garments..
Men's furnishings
Millinery
'"_
Shirts, collars
109
118
55
111
79
78
55
117
51
148
FEDERAL RESERVE BULLETIN
FEBRUARY
1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933.
1935
1923-25 average = 100]
1936
Industry and group
LEATHER PRODUCTS
Boots, shoes
Leather
FOOD PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meatpacking..
Sugar, beet
Sugar refining, cane
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
CHEMICALS, PETROLEUM PRODUCTS __
A. Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining
RUBBER PRODUCTS
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
92.1
91
100
95.3
96
99
94.4
95
97
92.7
93
95
90.4
89.2
91
94
89
94
89.0
89
95
89.0
89
94
90.3
91
94
90.9
91
96
91.4
91
98
92.0
92
96
91. 9
95
99
107. 1 107.3
125
125
177
176
80
81
136
140
75
79
70
75
68
68
83
82
112
88
75
78
107.4
126
179
83
139
77
76
67
83
48
79
107. 7 109.3
127
127
178
189
84
85
131
137
77
77
76
74
71
74
84
85
90
84
81
80
110.3
127
183
86
147
77
74
72
86
88
80
112.4
129
196
86
140
78
77
72
92
92
78
113.2
129
195
85
141
82
76
70
92
109
79
113.3
129
196
82
148
78
74
72
92
111
76
112.7
131
187
82
146
76
74
69
91
118
74
113.4
132
197
82
135
80
73
70
96
114
67
100
98
115.0
132
196
84
146
81
74
72
96
96
70
61.7
56
62
61.1
57
62
62.4
57
63
61.9
56
63
106. 8 107.8
126
127
177
182
83
83
133
133
76
76
76
76
67
68
83
84
76
86
81
80
59. 9
56
60
60. 4
57
61
59. 6
56
60
60.0
55
61
60.1
98. 1
94
108
88
100
98.4
94
109
87
101
97.7
94
107
86
101
98.6
93
108
88
102
99.0
112.9
111.8
115
81
101
82
83
124
343
100
117
112.4
111.2
11.6
77
101
80
80
123
345
97
117
112. 2
111.2
116
76
100
81
80
123
344
97
116
110.6
109. 2
116
72
101
82
73
121
335
95
116
85.7
65
120
77
86.6
67
122
78
86.4
69
120
78
85.2
69
118
76
56
61
93
108
88
102
111.6
110.6
116
73
102
84
79
121
343
95
116
74.9
72
118
57
Nov.
Dec.
59.4
56
60
61.3
56
62
60.3
56
61
61.2
56
62
61.9
56
63
99.4
93
109
88
103
99.8
93
109
89
103
100.0
94
109
90
103
99.895
108
91
101
101.1
97
109
93
102
102. 7 103. 1 103. 6
99
100
100
110
111
112
94
94
95
105
105
104
104.0
103
113
94
104
110.8
109. 1
116
68
103
82
74
123
325
94
118
113. 1
112.0
117
71
104
79
91
122
342
96
118
113.2
112.2
117
62
105
84
86
124
350
97
117
115.7
114.6
121
61
105
88
87
126
358
95
120
115.4
114.9
122
53
102
89
87
127
360
103
117
118.5
118. 1
126
78
101
91
86
129
360
106
120
117.9
117.4
129
71
100
90
85
129
354
103
119
118.1
117.4
129
77
102
93
80
127
357
100
121
118.6
118.2
129
75
103
91
88
130
355
99
120
87.1
78
121
75
87.4
75
122
76
88.8
73
123
79
91.4
78
124
82
93.9
75
124
87
95.8
75
126
89
98.3
75
130
92
99. 5
74
133
93
101.9
75
138
95
NOTE.—Figures for December 1936 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936.
Underlying figures are for pay-roll period ending nearest middle of month.
149
FEDERAL RESERVE BULLETIN"
FEBRUARY 1037
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 pay rolls
Factory e m p l o y m e n t
Industry and group
1935
1935
1930
Nov.
Dec.
Aug.
Sept.
Oct.
Nov.
97.7
92. 0
103. 9
75. 5
09. 0
82.9
77.4
71.2
85. 3
83.4
70. 7
91.9
83. 4
77.0
91.5
88. 8
85. 0
93. 7
90. 5
88. 5
93.0
94. 6
92. 3
97.6
98. 8
109
84
67
88
68
77
88
73
109
70
95
90
109
69. 1
75
66
33
09
45
64
58
47
80
41
88
<o
120
73. 1
81
72
37
73
49
06
59
47
80. 2
98
42
88
81
129
80. 0
98
78
48
08
48
51
02
00
90
00
109
82
113
45
70
47
50
60
58
95
66
.113
82
lll
92.1
102
87
50
78
52
73
66
00
109
69
97
94
146
94.4
105
89
48
83
58
84
03
06
103
00
92
98
107
101.0
115
98
53
87
68
74
70
67
97
66
94
104
187
113.7
97
.121
100
121
99
131
203
144
83. ()
117
93
74
91
09
95
172
55
102
84. 9
125
101
74
94
72
101
137
62
99
93. 8
90
90
83
98
84
108
105
05
102
94. 6
83
105
84
91.
85
111
161
63
112
102. 5
101
117
93
99
90
122
178
66
129
105.4
97
.112
97
105
93
124
169
67
134
1.12.7
111
116
103
110
100
135
108
79
138
119.8
572
130
59
44
89
91.3
315
.105
34
14
78
91.8
317
104
40
14
83
80.7
353
83
58
25
98
75. 9
347
77
55
20
99
95. 4
372
102
63
27
103
112.9
390
126
61
28
97
118. 3
452
133
61.
31
90
01.2
03
01
52. 0
59
52
55. 2
02
oo
57. 7
01
58
59. 2
01
59
03. 9
64
60
65. 2
66
65
65. 4
66
60
111.0
119
110
121
93
101
<4
81
103
82. 3
90
84
102
03
71
83. ()
89
81
100
02
72
82. 9
100
89
95
02
Ofi
oO
02
124
88.0
99
95
105
72
75
99. 7
lll
103
110
84
83
102.0
115
104
122
78
97
105. 3
116
lll
117
74
101
04
123
08
154
70
.155
70
166
07.8
88
53
50
07. 2
8S
54
49
50. 1
59
38
38
49. 0
58
37
37
58. 9
08
47
45
(JO. 3
71
47
46
03. 5
77
50
47
60. 8
78
50
43
60. 5
78
51.
42
07. 3
50
(H
98
43
Of). 8
49
02
101
41
48. 7
29
41
90
24
49. 3
29
38
93
25
58. 3
40
60
93
40
58. 2
39
01
91
38
02. 5
41
02
103
38
61. 1
41.
63
99
34
58. 7
41
59
94
33
104.8
98 8
94
100
104
118
83
121
80
81
110.0
107
15S
90
143
IS
125
100. 5
101 8
98
101
105
123
SO
122
82
92
114.9
107
155
90
111
14
123
80. 7
81 3
08*
75
90
93
03
120
07
72
70 2
73
91
82
110
28
.00
83. 0
83 9
71
79
90
9S
70
113
70
77
77 7
70
94
80
100
29
87. 1
83 0
75
82
89
95
89
118
00
05
92. 4
87
119
80
98
4S
105
83. 9
81) 5
83
82
88
93
70
117
88. 5
85 1
90
87
100
98
01
121
07
00
91.5
82
119
91
118
3S
1.0
87.2
86 7
90
88
98
101
68
124
64
00
81. 0
79
103
88
120
31
110
94.8
90 !
98
98
100
110
83
127
09
84
80. 7
85
105
87
115
29
112
Dec.
Aug.
Sept.
Oct.
Xov.
Dec.
88 7
80. 1
07. 9
88.2
79.7
97.3
93. 4
84.4
102.9
95. 3
85. 5
105. 8
90. 5
88.9
104. 7
90. 7
90. 0
103.2
. . . . . . 83 8
Blast furnaces, steel works ..... .... 91
71
Bolts, nuts, washers, rivets
55
Cast-iron pipe
Cutlerv, edge tools
.. . .. .
80
55
Forgings
Hardware
.......
64
Plumbers'supplies
86
61
Steam, hot-water heating. .
1()9
Stoves
Structural, ornamental
Of)
94
Tin cans, tinware.
. .
Tools
"Wirework . . . . . . .
132
83.9
92
71
50
80
.-.05
84
59
94
53
91
79
138
94.2
100
70
00
70
59
55
80
09
108
75
109
83
135
90. 0
107
77
00
79
59
00
84
72
112
75
112
85
141
97. 8
9(5 5
113
108
80
107
80
1 Ofi
224
66
11")
95. 9
118
110
84
109
82
107
190
08
115
104. 3
95
100
92
113
93
114
211
71
112
107. 4
93
110
97
112
94
124
210
73
121
101.fi
103. 8
405
120
43
24
85
92 7
492
98
02
30
99
87. 1
499
90
00
38
102
101.8
114.7
510
110
01
40
103
532
128
00
41
97
53 7
(52
53
53. S
01
53
58. 4
02
58
59. 3
02
59
00 4
00. 0
03
60
63
00
98.4
102. 9
112
107
113
95
85
108 3
110.0
103
109
85
77
77
138
78
113
117
111
118
102
91
72
79
151
119
113
121
101
97
74
79
150
Xov.
Total.. .... ....
Durable goods.
.
Nondurable goods
. ...
......
IRON, STEEL PRODUCTS
MACHINERY.. .
Agricultural implements
Cash registers, etc
..
Electrical machinery.
Engines, turbines, etc..
. .
Foundry, machine-shop products
Machine tools
.
Radios, phonographs
Textile m a c h i n e r y . . . . . .
Typewriters. . . . . .
TRANSPORTATION EQUIPMENT
Aircraft
. . . . . . . . .... 421
Automobiles . . .
. . . . . 117
Cars, electric, steam railroad ... . 39
2")
Locomot ives
_.
Shipbuilding
84
KAII.ROAD REPAIR SHOPS.
Electric railroad
Steam railroad
.
. ...
.
..
XONFERKOUS METALS. PRODUCTS.
.
Aluminum
..
.....
Brass, bronze, copper
Clocks, watches
..
Jewelrv...
..... .. .
Lighting equipment. .
Silverware, plated ware . .
Smelting, refining
. .
Stamped, enameled ware
LUMHER PRODUCTS _
Furniture
.
Lumber, millwork . _
Lumber, sawmills
. .... . . .
STONE, CLAY, (JLASS PRODUCTS
Brick, rile, terra colt a
Cement
. . . . .
(Jlass
..
. .
Marble, granite, slate...
TEXTILES, PRODUCTS . .
..
. . .
.
V Fabrics
Carpet.s, rugs
...
Cotton goods
Col ton small wares
Dveina, finishing textiles. ...
Hats, fur-felt . .
........
Knit goods. . .
.......
Silk, ravon goods .
.
"Woolen, worsted goods. . .
B. Wearing apparel .
Clothing, men's. . . .
Clothintr, women's
.. . .
Corsets, allied garments . . ..
Men's furnishings
Millinerv. .
Shirts, collars
. ...
99. 0
102
101
107
90
80
71
70
113
98. 2
101
101
107
81
80
<0
78
114
02. 5
70
47
19
00. 8
71
45
47
00. 0
82
52
51
OS. 2
85
53
52
01.4
41
52
100
35
00. 1
40
47
100
35
08. 0
51
01.
100
47
08. 2
50
05
99
45
100. 1
95 8
80
89
98
120
80
118
85
94
107.3
102
113
88
122
40
115
100.0
00 1
85
91.
99
119
SO
115
87
93
100.3
102
111
80
101.8
91 7
85
95
94
111
90
110
80
82
115. 8
110
157
SO
127
59
.117
103. 4
95 8
90
90
97
111
88
.120
82
78
118.4
.109
103
88
132
03
121
us
•15
m
97. 0
108
79
66
83
01
08
80
73
117
103
90
154
108
81
60
80
04
73
86
74
115
73
96
94
161
109 5
111.3
95
119
100
112
90
120
218
73
133
91
120
J03
117
97
128
211
71
139
09. 2
87
53
52
09. 1
50
00
lOt
41
104.3
97 1
93
98
102
115
83
121
82
79
118.3
108
103
90
138
57
121
1930
t /
.•)9
59
127
62
130
t1
55
87. 0
81.
110
85
97
51
105
Dec.
150
FEDERAL RESERVE BULLETIN
FEBRUARY 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
Nov.
Dec.
Aug.
Sept.
Oct.
Nov.
Boots, shoes
Leather
86.5
84
100
90. 7
90
100
94. 4
95
90
94. 1
95
97
92. 8
93
97
89.0
88
98
FOOD PRODUCTS
107.8
103. 1
125
102
78
92
88
75
58
80
103
127.9
130
215
91
253
74
135.9
131
210
80
305
88
84
92
87
81
91
94
78
124.2
133
191
83
197
91
77
00
92
272
76
114. 1
133
183
82
113
92
75
02
97
274
08
03. 2
57
04
01. 0
57
02
03. 0
55
04
63. 0
55
05
04. 5
05
05. 9
57
07
PAPER, PRINTING
Boxes, p a p e r
Paper, pulp
Book, job p r i n t i n g
N e w s p a p e r , periodical p r i n t i n g
99. 4
100
108
88
101
100.3
97
109
90
103
100. 1
90
109
92
100
102. Oj
102
104.0
100
111
94
105
105.0
10(5
112
90
105
CHEMICALS, PETROLEUM PRODUCTS...
A. Ot her t b a n pet roleum
C hem icals__
C o t t o n s e e d oil, cake, meal
I )ruggists' p r e p a r a t i o n s
Explosives
F e r t il izers
114.5
.113.8
110
108
104
84
73
122
350
102
117
113.2
112. 3
110
100
103
81
73
121
352
90
117
113.4
112.2
123
40
100
88
01
124
357
102
118
119.5
118.8
127
97
103
91.
78
127
300
107
122
120. 3
120.2
130
104
101
93
80.2
70
123
80. 4
72
122
70
92. 2
75
119
80
125
87
LEATHER PRODUCTS -
Baking
Beverages
Butter
Canning, preserving
Con fectionery
Flour
Ice cream
Slaughtering, meatpacking
Sugar, beet
Sugar refining, cane
TOB ACCO M A N U FACTU R BS_ .
T o b a c c o , snuff
Cigars, cigarettes
Paints, varnishes
Kayon, allied products
Soap
B. Petroleum refining
RUBBER PRODUCTS
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
124
105
80
114
87
78
(')()
84
208
70
no !
93
104
j
I
94. 3
1936
1935
1936
Dec
Nov.
Dec.
Aug.
Sept.
64.4
50
90
72. 9
00
98
80. 3
77
94
132
180
82
90
90
74
01
100
178
09
95. 0
108
108
59
92
75
09
52
79
231
58
93. 3
108
104
00
79
82
00
52
81
141
00
114.0
116
237
71
231
00
04
50. 8
57
50
51.5
60
51
53. 5
58
53
53. 3
02
52
100. 0
107
113
98
100
80.8
90
91
76
92
90. 0
94
94
82
95
89. 4
93
97
80
92
119.3
119.2
.129
98
105
93
81
128
302
98
120
101.5
100.4
100
84
101
129
302
107
121
119.7
119.4
130
104
100
95
70
125
304
103
121
59
107
278
90
105
103. 3
101. I
100
79
104
73
02
100
283
93
111
97. 9
78
133
89
100.0
80
130
91.
101.0
81
13S
92
53
100
73
81.9
00
109
78
93. 8
94
98
no.
Oct.
74. ()
67
99
71
90
67. 3
58
101
Dec
71
105
108. 3
120
191
05
98
85
70
50
100
209
59
105. 8
120
187
03
90
85
09
54.7
61
54
54. 8
02
54
55. 4
65
54
92. 0
99
95
82
98
96. 5
108
102
85
101.
98. 0
109
105
88
102
102. 7
108
108
93
106
108. 1
100.8
118
38
105
88
55
114
300
101
112
112.0
110.6
120
78
107
89
76
114
302
101
116
114.4
113.9
125
85
113
90
70
120
308
105
114.8
113.4
128
83
113
98
03
117
300
102
119
118.7
118.4
133
82
112
98
122
323
104
120
90. 8
01
.110
92
92. 2
62
115
92
90. 8
05
128
94
101.2
09
131
99
103.8
74
139
C9
74
88
80
07
110.5
118
227
08
259
81
71
08
85
95
04
119
199
05
179
86
73
58
89
202
61
N O T E . — F i g u r e s for D e c e m b e r 1936 are p r e l i m i n a r y . For description see pages 950-953 of t h e B U L L E T I N for D e c e m b e r 1930.
o b t a i n e d from t h e B u r e a u of L a b o r Statistics. U n d e r l y i n g figures are for pay-roll period ending nearest m i d d l e of m o n t h .
Nov.
102
154
59
Hack d a t a m a y be
151
FEDERAL RESERVE BULLETIN
FKBKUARY 1937
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
I Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
Total
Month
Residential
Factories
Commercial
1935
Value of contracts in millions of dollars]
Public works
and public
utilities
Educational
1935
1935
1936
All other
1936
1935
1936
January
February...
March
April
May
June
July
August
September..
October
November..
December-.
75.0
122. 9
124. 0
126.7
148.0
159. 3
168.6
167. 4
200. 6
188.1
264. 1
'214.
"140.
'•198.
234.
216.
••232.
294.
275.
234.
225.
208.
199.
22. 4
16. 6
32. 2
42.2
44.9
49. 8
48.4
40.5
41.8
55. 1
39. 7
45. 1
37.4
31. 2
55. 2
67.2
70.3
73. 6
72.0
100. 5
80. 7
79.7
68. 4
65. 5
7.1
7.8
6.5
6.3
9.8
9.5
14.6
10.6
6.0
12. 0
8.9
9.9
9.0
13.4
18.4
25. 5
12.9
10. 2
19.1
15.0
18.8
18.4
14. 1
23. 1
10.8
9.2
12.2
15.2
13.9
15. 0
15.8
17.3
13.6
16.6
12.8
12.0
15.5
12.6
17.3
24.3
18.8
21.9
28. 6
22. 0
20. 1
22.0
23. 0
23.2
44.4
27.8
46.3
40.5
31.4
39.1
53.9
69. 5
76.1
86.3
80.3
94.5
'86. 9
46. 6
62.3
73.4
63. 6
r
80. 0
126.6
94.4
84.5
67.0
73. 9
61.3
3.7
5.8
10.4
8.3
9.0
17.7
9.2
8.7
4.3
9.2
24.7
62.6
39.5
21.1
19. 0
23.2
20.7
18.3
23.3
12.3
9.2
13.4
13.1
13.0
11.4
7.9
15.4
11.5
17.7
16.8
17.4
21.9
25.6
21.3
21.7
40.1
26.5
15.5
26.6
21.1
29. 8
28.7
25.1
31.1
21.0
25.3
15.7
13.6
Year..
1,844.5
2, 675. 3
478.8
801. 6
108. 9
198. 0
164. 5
249.1
690. 2
920. 4
173.5
226.1
228. 7
280.0
r
1936
r
1936
1935
Revised.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Liabilities
Number
1936
1935
1935
Federal Reserve district
1936
1936
1935
Federal Reserve
district
Dec.
Dec.
Nov.
Dec.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.
Total (11 districts).
14,623
38, 597
14,077
21,034
20, 891
28,689
35,678
10,864
7, 597
8, 591
7, 564
208. 204
23,323
45, 700
17,772
21,322
29, 285
20,394
53,155
19,484
10,702
15,072
7, 928
Boston
_ ...
New York
Philadelphia.
Cleveland
.
Richmond
Atlanta
Chicago
St. Louis . . . . .
Minneapolis
Kansas Citv
._
264,137 Dallas
San Francisco
Total.—
Nov.
70
78
227
35
40
23
24
82
32
19
27
13
92
205
37
50
44
24
92
25
12
32
15
82
692
688
Dec.
100
332
52
58
43
29
85
33
20
44
15
99
910
Dec.
Nov.
Dec.
785
4, 550
415
1,309
1,201
376
1, 203
553
83
157
204
696
1, 209
6,194
698
958
242
1,198
2,009
403
687
362
193
1,533
12, 288 11,532
15, 686
1,148
6, 346
368
757
250
278
1, 210
225
143
207
171
1,185
152
FEDERAL RESERVE BULLETIX
FKIJHUAKY 1937
MERCHANDISE EXPORTS AND IMPORTS
fin millions of dollars]
Merchandise imports 2
M e r c h a n d i s e exports i
Excess of exports
Month.
1933
199
182
195
136
131
131
96
84
95
136
133
158
167
152
177
187
193
199
15
23
24
25
18
13
37
30
33
9
11
8
11
-11
-4
164
165
170
193
201
"•18(5
127
112
110
88
107
122
147
155
136
171
171
157
203
191
190
9
20
4
17
7
2
33
6
34
-6
-5
13
-10
10
-5
162
172
191
173
172
199
180
178
220
79
91
98
143
155
147
127
120
132
177
169
162
194
M93
216
27
17
34
1
-23
13
34
52
6(1
-3
3
37
-14
-14
4
193
184
193
206
195
171
221
270
223
205
220
/>230
105
104
97
151
129
134
130
151
132
1S9
169
187
-213
190
/'211
48
34
35
42
50
59
44
38
32
100
37
1, 675
2,133
2, 2S3 /•2. 453
1, 323
1,450
1, 655
2.047 r'2, 119
288
225
478
235
1933
January
February
March
150
154
155
121
102
108
172
163
191
176
163
185
April
May
June
135
132
114
105
114
120
179
160
171
July
August
September
107
109
132
144
131
160
October
November
December .
153
139
132
1,611
Year .
1934
1935
1936
1934
1932
1932
1935
1936
1932
1933
1934
1935
1936
«-52
29
p-\5
v'.W
r
p1 Preliminary.
Revised.
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for March 1932, p. 160.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers based on value figures; 1923-25 average=100J
[Index numbers; 1923-25 average=I00]
1935 .
i
1930
Index of stocks (end of
month)
Index of sales '
:
i
i
Dec. ! Aug. ! S e p t . | Oct. : \ o v . ! Doc.
;
,
'
\
.'
i
71
74
OS
02
39
45
5S
Mi
r>0
!
I'olal . . . . . . .
!
Coal.
•
Coke.... . .
.
(Jrain a n d grain p r o d u c t s . j
:
Livestock
.
_
Forest p r o d u c t s
Ore..
Miscellaneous
Merchandise
. ..
..
70
71
7!)
73
52
47
S2
07
_.,
74
85
5S
IS
17
93
SO
07
73
79
S5
02
19
IS
95
S2
00
so
SO
SI
93
09
51
51
105
91
07
so
90
73
45
95
107
71
02
79
73
01
39
37
11
07
02
70
OS
71
ss
10
50
in
S5
07
S2
SO
S3
71
57
50
150
95
70
SI
90
S7
09
05
}«)
133
97
09
SO
92
90
73
59
49
73
92
OS
74
92
97
71
45
10
23
S3
00
Adjusted
for seasonal
variation
Without
seasonal
adjustment
1935
1936
1935
1936
1935
Januarv
February
March
76
77
79
81
83
84
59
61
71
63
66
77
64
64
63
61
65
April
75
74
79
84
87
87
79
76
76
85
89
84
64
64
63
65
05
64
61
68
67
62
80
81
91
80
88
55
61
86
63
68
94
61
62
64
63
07
08
57
60
67
59
05
71
78
82
83
90
93
92
86
91
145
99
105
161
66
67
65
09
71
71
75
61
SO
06
79
88
64
67
Mav
June
July
August
September
W i t h o u seasonal adju >t merit
Without,
seasonal
adjustment
5cc ec
rolal
...
..
Coal .
_. .
.
C o k e ._.
...
(Jrain a n d grain p r o d u c t s
Livestock.
.
.
Forest p r o d u c t s
.
Ore
. . _.
.
"Miscellaneous
.
Merchandise '.
Adjusted
for seasonal
variation
Month
i:)r sea ^onal v iria!i
A*
October
November
December
Year
._
1936
1935
66
1936
fi8
62
67
76
i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment, for seasonal variation makes
allowance in March and April for the ell'ects upon sales of changes in
1
In less-than-carload lots.
the date of Kaster.
Based on daily average loadings. Source of basic d a t a : Association of
Back figures.—Department store sales, see p. 631 of BULLETIN for
American Railroads.
August 1936; department store stocks, see pp. 254-255 of BULLETIN for
April
1935.
Hack figures. -See HI.'LLKTIN for F e b r u a r y 1931, p p . 10S l()i).
153
FEDERAL RESERVE BULLET EX
FEItUUARY 1937
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Tnde\ of B u r e a u of Labor Statistics.
1920= wo]
Other commodities
Farm
products
Year, m o n t h , or week
1929
1930
1931
193*>
1933.
1934
1935
1930
'
i
i
95.3 n
80.4 !
73.0 :;
0 4 . 8 li
0 5 . 9 jj
74.9 ''.
80.0 !•
80.8 ||
1935—Govern her
December
'
j
80.6''
80.9
1936—January
February
March
April
May
June
July
August
September
October
November
December
.
!
-1
I
i
i
... i
_
.
Week ending—
1936- Sept.. 5
Sept. 12
Sept,. 19
S e p t . 20
Oct. 3
Oct. 10
Oct. .17
Oct. 24
Oct. 31
N o v . 7 ...
X o v . II
N o v . 21
\f)V. 2S
Dec. 5 . .
Dec. 12
Dec. 19
Dec. 20
1937 -.Inn. 2
J;m. 9
J a n . I'1.
J a n . 23
:
!
.
!
,
-t
:
...
i
,
.
!
!
i
!
!
,
•
"
'
•
.'
.
Foods |
104.9
88.3
64.8 I
48.2
51.4 I
05.3 I
78.8
80. 9
99.9
90.5
74.0
61.0
60. 5
70.5
83 7
S2. I
78. 3
85.1
85.7
!
Hides a n d
TextileV
s
109.1
100. 0
86. 1
72. 9
80.9
86. 6
89.6
95. 1
i
'
I
i
I
!
I
ChemiI Fuel and
Metals
Building
liphtinjr andmetall " " ' " V ' 5 I cals and
materials products m a t e n a l * j drugs
90.4
80. 3
66.3
54.9
64.8
72.9
70. 9
95. 0
95. 4
80.9 j
86.8 ;
80.0 .
80.6 | :
79.6 ,
79.7 •"
78.6 ;.
79.2 |i
80.5
81.0 '•
81.0 ,,
81.5 !
82.4 !'
81.2 M
97.1
96. 1
94. 9
94. 0
94. ()
93.8
93. 4
93. 6
94. 6
95.0
97.0 |
99. ~
80.7
80.7
86. 6
80. 0
80. 3
80.2
80. 9
80.9 '
81.5 |:
81.4 j ,
81.0 i1
81*. 3 ;,
81.2 ,
81.2 I!
SI. 1
81.2 ' :
81.3 i'
82.0
82.4 ••
82.0 ,:
83.0 :
83.4 li
83.7
81. 1 j
81.7 "
85.2 ;i
85.7
85.3 |j
94.5 I
95.0 I
95.4 |
95.8 I
95. 7
90.1 I
95.9 |
90.5 I
90.0
90.2 I
90.8 |
98.3 I
99.3 !
99. 4 !
99.8 !
100.5 j
101. 1 I
101. I I
102. 0 I
101. S I
102. 0 I
J935 |
94.2
89.1
79.3
73.5
72. 0
75. 9
80. 5
80.4
100. 5
92.1
84.5
80. 2
79.8
80.9
l
« * \
87. 0
I
85. 8
85. 5
81.2
80.0
81.0
81.0
82. 0
82.8
83. 1
83. 2
83. 2
83.2 i
83.2 .
83. 2
83. 2 !
83.3 |
83.4 I
83.4 |
83.0 •
84.0
81.3
81.3
84.3
SI. 3
85. 3
85. 1
85. 7
ff: S i
1930
Subgroups
Subgroups
j Dec. sept
Oct.
Xov. | Dec.
Oct.
Nov.
I .
FARM PRODUCTS:
Graii s
Livestock and poultry
Other farm products.. ._ ....
-.V
102.0 102.1 102.9 109.0
81. 2 79. 7 85. 0
SO. 2 82.9 SI. 1
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meals
Other foods
71. S j 75. 4
85. 2 S7. 2
Si.4 M.O
.__
H I D E S AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather products
SS. 1
95. 9
T E X T I L E PRODUCTS:
Clothin-i
Co11 on goods
Knit 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 :
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
80.8
! SO. 0
! (51) 8
! 30.2
SO. 9
07. 1
07. 0
00. 5
METALS AND METAL PRODUCTS:
Agricultural implements
Tron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
BUILDING M ATERIALS:
Brick and tile
Cement
...
Lumber
Paint materials
Plumbing and heating
Structural steel
Other building materials
CHEMICALS AND DRUGS:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
IIOUSEFURXISITING GOODS:
Furnishings
Furniture-MISCELLANEOUS:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
47. 5
93. 9
SS. 8
90. 8
71.7
70. 0
92. 9
SS. 9
92. 0
75. 4
7(5. 7
88. 3
95. 5
80. 1
SO. 2
7(5. 0
97. 1
90. 4
SS.
95.
80.
80.
70.
97.
90.
89.
70.
07.
09.
0
5
4
7
89. 2
77. 9
OS. 0
09. 0
85. (5
78.3
85. 7
78. 8
47. 5
111.8
80. S
34. 4
SI. 5
50. 1
120.0
81. 5
37. 1
81.7
8
5
0
5
7
1
9
Back figures.—For m o n t h l y a n d a n n u a l indexes of groups, see A n n u a l R e p o r t for 1935 (table 80); indexes of s u b g r o u p s a v a i l a b l e a t B u r e a u
of L a b o r Statistics. F o r weekly indexes covering 1935, see A n n u a l R e p o r t for 1935 (table 81).
INTERNATIONAL FINANCIAL STATISTICS
156
FEDERAL RESERVE BULLETIN
FEBRUARY
1937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
1935—August
September
October. __
November
December.
1936—January...
February..
March
April
Total*
(52
United
counStates
tries)
Latin
Europe America
(26
(11
councountries)
tries)
Canada
Asia
and
Oceania (8
countries)
Europe
Africa
(5
countries)
United
Kingdom
France
Germany
21,038
21,115
21, 500
21,396
21, 583
9,203
9, 368
9,693
9,920
10,125
193
186
186
188
189
9,924
9,847
9,880
9,543
9,517
617
619
641
641
645
803
804
807
813
816
298
291
291
291
291
1,593
L, 595
,604
1,628
,648
4, 756
4,770
4,773
4,388
4,395
38
38
35
36
33
21, 598
21, 665
21,711
21,469
21, 364
Mav
21, 403
June
21,743
Julv
21,870
A ugust.
P21,
779
SeptemberOctober . . . "21,839
"22,
030
November.
10,182
10,167
10,184
10, 225
10, 402
10, 608
10, 648
10,71.6
10, 845
11,045
11, 184
11.258
186
186
184
187
188
187
187
189
191
180
188
9.467
9.529
9,547
9,312
9,024
8,866
9,159
9, 207
V 8,980
"8,835
P8. 886
p 9, 300
646
648
642
642
641
634
635
642
638
058
u
050
817
825
830
836
841
840
845
849
857
847
"851
300
310
323
268
268
268
269
269
209
209
"270
1,652
L, 653
,653
,670
,701
1,782
.977
2', 017
2,049
2,049
2,049
2, 584
4,324
4,362
4,348
4,106
3,781
3,580
3,643
3,614
3.322
3.194
3, 194
2. 995
31
29
29
28
28
29
29
28
25
26
27
27
December.
Belgium
Italy
612
604
609
615
611
600
593
586
581
610
638
633
632
631
621
630
632
419
379
346
330
270
8
Q "t eriana
oWltZ
Nether- Nalands tional B.I.S.
Bank
270
270
270
270
270
270
270
270
270
270
270
270
402
365
401
427
438
455
463
486
483
465
404
437
457
456
388
388
490
446
448
453
455
454
454
472
493
495
485
460
471
489
508
583
624
055
8
8
11
9
8
11
10
8
8
11
12
10
12
12
13
13
11
Europe—Continued
End of month
Austria
1935—August
September
October. __
November
December.
1936—January...
February,.
March
April
Mav
June
July
August ._.
September.
October . . .
November.
December.
Czechoslovakia
Bulgaria
45
45
45
45
46
46
46
46
46
46
46
46
46
40
40
46
40
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
Denmark
Greece
54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
113
113
113
113
112
112
112
113
113
113
113
113
109
108
"91
"91
"91
35
36
36
35
34
34
33
32
32
35
33
31
28
"28
"28
"28
"28
Hungary
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
25
25
Norway
84
84
84
84
84
84
84
84
84
84
89
89
91
98
98
98
98
Argen- Chile
tina
Colombia
Mexico
Peru
Portugal
Rumania
97
89
86
84
84
84
85
81
72
71
70
69
70
7
71
72
75
68
68
68
68
68
68
68
68
68
68
68
68
68
68
08
08
"OS
108
108
108
109
109
109
110
110
111
111
112
112
112
113
113
108
Spain
"108
741
734
734
735
735
735
735
726
726
718
718
718
3718
718
718
718
718
Yugoslavia
Sweden
162
165
174
180
185
194
200
206
209
220
231
231
232
238
239
239
240
Uruguay
5
other
countries
British
India
China
Japan
Java
New
Zealand
6 other
countries
59
62
62
63
63
63
65
67
67
68
70
71
73
75
"70
"70
"77
40
40
41
43
43
44
44
44
45
45
46
46
46
46
47
48
48
Africa
Asia and Oceania
Latin America
End of month
Poland
Turkey
2
other
countries
3
Egypt South
Africa
5
58
23
14
20
74
275
29
420
1935— August
413
23
4 26
34
5
7
416
55
23
23
6
14
26
20
74
35
275
29
420
September
8
55
23
15
20
74
275
29
418
36
23
5
26
October. __ 441
0
11
422
54
23
24
16
26
20
74
35
275
29
441
November
10
425
54
23
16
20
74
36
275
29
24
6
26
December. 444
54
1936—January. __ 444
74
11
23
24
17
20
275
29
428
3
26
36
15
431
54
23
24
3
18
26
20
74
37
275
29
444
February..
15
58
23
18
20
74
275
29
438
433
24
26
38
3
March
15
435
61
23
24
17
26
20
74
38
275
29
438
3
April
61
3
jg
29
17
16
74
39
275
438
439
23
24
26
May
3
16
60
29
13
23
19
68
275
435
June
442
24
26
40
3
60
29
July430
J3
23
26
20
68
275
40
447
24
29
20
41
59
August
441
15
450
23
17
08
26
275
24
3
19
453
00
23
24
3
437
29
17
20
20
08
42
275
September
0
4")0
4.V)
29
7
20
20
42
08
275
23
(JO
24
3
October...
•1")9
275 . . . . . .
00
23
2\
3
152
29
18
20
"20
OS
"13
November
p Preliminary.
1 See notes under Italy, Mexico and Spain.
2
Figure for December 1935 carried forward for subsequent months.
3
No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and
subsequent months.
* Figure for March 1935 carried forward for subsequent months.
other
countries
55
55
55
55
55
219
212
212
212
212
24
24
24
24
24
55
55
55
55
55
55
55
55
55
55
5f)
221
231
244
189
189
189
189
189
189
1S9
191
24
24
24
24
24
24
25
25
25
25
25
carried forward for
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siarn; and in Africa: Algeria, Belgian
Congo, and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp 311 318; June 1933, pp. 308 372; July 1930, pp. 544 547; and
August 1930, p. 067.
157
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production
North and South America
Africa
Total
South
Africa
Rhodesia
Belgian
Congo
West
Africa
United
Canada States Mexico
Colombia
Far East
Japan British
India
Chile
=25-8 10 grains of gold 9 10 fine; i. e., an ounce of fine gol.d = $£0.67
1929
1930
1931
1932
1933
404, 969
430,725
461, 592
499, 241
524,390
359,347
373,154
394,399
421, 656
420,093
1933
1934
1935
887,845
963,369
1,044, 627
711,260
722, 970
771,827
385, 474
366, 795
377,090
22, 578
24, 264
25, 477
11,214
12,153
13, 625
6,148
6,549
7,159
103. 224
104;023
114,971
89, 467
107, 632
126,325
22, 297
23,135
23,858
1935—December..
90, 685
70,501
31,829
2,272
1,174
542
10, 766
13, 342
1936—January
February..
March
April
May
June—
July
August
September.
October
November.
83, 355
82,4.44
86,988
87,001
93,071
99, 578
110,088
v109, 470
1*110,685
"116.087
P 107, 985
65, 771
64, 661
68,105
67,818
69, 388
70, 995
75. 605
P ? 3 , 687
P74.901
i»70. 704
v 72. 002
32, 275
31, 290
32, 709
31,991
32, 826
33, 086
33, 846
33, 830
33.816
34. 199
33. 042
2,320
2,201
2,359
2,410
2,413
2,384
2, 354
2, 425
2,363
2, 202
2. 270
1,221
1,164
1, 326
1, 258
1.289
1, 285
1, 352
1,412
1,444
»'l, 540
P\, 575
592
574
544
543
547
585
676
675
61)6
091
"691
9,714
9,325
10, 469
10,474
10, 797
11.083
11.183
1L504
11,579
11,693
11. 174
10,195
9,650
10,969
11,062
11,894
11,897
14,991
13,576
14.229
15, 770
III. 1S9
215,
221,
224,
238,
227,
242
526
863
931
673
11. 607
11,476
11,193
12,000
13, 335
4,297
4,995
5,524
5,992
6,623
2,390
2,699
3,224
3,642
3,631
39, 862
43.454
55, 687
62, 933
60, 968
45, 835
47,123
49, 524
50, 626
52,842
13, 463
13,813
12,866
12,070
13,169
2,823
3,281
4,016
5,132
6,165
683 I 8,712
428 : 9,553
442 ! 12,134
788 i 14. 563
3,009 i 16, 790
6,927
8,021
8,109
8,198
8,968
7,508
6,785
6,815
6,782
6,919
$7 = 15-5/21 grains of gold 9 '10 fine; i e., an ounce of fine gold
10,438
12,045
11,517
5,094
8, 350
9, 251
28, 428
30, 447
31,117
15,183
16,354
20,043
11,715
11,223
11, 394
2,583
834
905
3,423
1,866
966
2,092
2,815
1,627
2, 607
2,075
2, 570
2,632
Pi, 820
P 2 . 345
P 1,900
"2, 100
1,335
1,159
1,040
1,095
1,086
1, 065
1, 235
1,098
1.236
1, 109
770
918
1,147
499
552
611
777
1,029
r
407
798
J>798
2,690
2,801
2,882
3,127
3,045
3,476
3,602
3,422
3,515
3, 596
"3, 596
1, 595
1,843
2, 065
1,808
1,885
1,994
1, 977
1,916
2, 246
2.075
P'2, 030
971
920
968
944
979
958
981
981
966
982
*>982
i>\. 155
r
r
p
n aa rr y
l.ueviseu.
i e vised.
v P
± rr ee li ii m
mim
y ..
N O T E . — F o r m o n t h l y figures back t o J a n u a r y 1929 a n d for e x p l a n a t i o n of t a b l e see B U L L E T I N for April 1933, p p . 233-35, F e b r u a r y 1934, p . 108,
N o v e m b e r 1934, p . 737, April 1936, p . 284, a n d J u l y 1936, p . 600. F o r a n n u a l figures of world p r o d u c t i o n back t o 1873 see A n n u a l R e p o r t of D i r e c t o r
of t h e M i n t for 1935, p p . 107-108. Figures for C a n a d a b e g i n n i n g J a n u a r y 1936 are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or month
1934 i
1935
1936
1935—September
October
November
December
1936—January
February
March
April
May
..
June _
July
August
September
October
November
December
1
Net imports from or net exports (—) to:
Total
net
imports
or net
exports
United
Kingdom
France
Belgium
Netherlands
1,131,994
1, 739.019
1,116,584
499,870
315, 727
174,093
260,223
934,243
573, 67.1
8,902
3
3, 351
94, 348
227,185
71,006
156, 719
315,347
210,567
190,010
37,114
109,954
7,101
8,600
40, 423
156, 977
180,141
145, 388
45, 643
-16,635
5,480
28,055
169, 952
277, 775
15, 379
67, 493
171,824
218,812
75, 830
50. 970
3, 514
5,786
- 2 , 8 9 0 —17,180
13
- 1 , 792
1,564
1,493
4,003 133,157
3,644 202, 983
27
-9
17,880
5, 837
130. 071
8, 204
72, 1.54
95, 013
20
41, 005
I)
32,998
3
37,811
17,605
2, 676
4,727
Colombia
British
India
86,829
95.171
72, 648
30,270
13,667
39,966
16,944
10,899
11,911
76,820
75, 268
77, 892
16, 452
9,431
7,917
28,935
56, 453
76, 621
15,069
9.368
5,865
9,060
699
762
880
748
1
1,746
28
19.821
12,359
8,913
11,108
640
1,125
1,007
1,605
5,141
4,817
3,956
8,774
10, 745
273
1,677
11, 232
1,695
551
882
11,604
0, 338
12,222
10, 600
4, 709
764
659
772
713
4,322
14,584
869
15,289
634
530
308
402
1,743
11, 744
1,176
740
1,742
2,100
2,104
2,106
11
2,101
4
5,106
9,720
5,947
5,654
10, 688
6, 961
5. 782
0, 182
10, 108
385
847
603
10,170
5,185
5,154
5,819
5,357
8,546
5.847
4,234
8,487
6, 10;
7, 200
4,451
12,402
968
7, 511
629
- 3 , 421
-343
799
2, 545
2
8,751
38,811
1,463
25, 745
All
other
countries
Mexico
1
2
2
China
and
Hong
Kong
SwitzerCanada
land
524
8
3, 098
3,281
1,890
442
451
432
951
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.07 a fine ounce.
158
FEDERAL RESERVE BULLETIN
FEBRL-.VUY
1937
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
Net imports from or net exports (—) to:
Total
net imports
or net
exports
Year or month
1934
1935
1930
United
States
France
716,269| -497,166
369,747 -435,502
1, 170, 023! -276, 813
348,190
142,137
756, 204
-18,547
-1,141
-12,871
-81,032
-87,929
-33, 744
-22,075
86, 926
- 5 , 719
- 5 , 697
- 5 , 663
- 2 , 739
25,198
910
1935—June...
July
August
September
October
November
December
118,067i
16, 289j
39,016
-36,086
-36,158
18, 286
40,811
1936—January
February
March
April
May
June
July
August
September
October
November
December
41,974
38,649
47, 666
77,137
74, 590
69, 447
195,066
281, 401
151,814
7,615
83,168
100, 505
-12,059
3,202
1,136 - 3 , 253
3,440
6,738
-9,465
12,710
-12,611
26,936
-26,802
27,060
-4,384 142, 535
-16,120 240,868
-14,096 108, 666
-72,441
-383
-49, 224 72, 506
-63, 914 118,655
Germany
South
Straits Austra- Africa,
RhoSettledesia,
lia
ments
West
Africa
South
Amer- Canada British
India
ica
Netherlands
Belgium
32, 575
10, 796
-21,130
17, 568
8,832
6, 06'
206, 711
181, 627
128, 420
4,863
3,198
831
-943 -11,601
-4, 416
118 -11,888
-26
82
1,642
23
2
-36
68
217 -1,136
50
-20, 204
114
-27 -6,982
292
261
287
322
2,535
461
7,159
5,663
26,102
25,301
11,900
12,857
14,838
429
405
420
70
134
56
54
1,969
5,375
4,148
3,662
3,414
2,842
1,995
94
33
99
-1,383
-17,602
-536
-747
-804
6, 369
-1,039
377
- I , 13 0
311
138
430
145
317
2,564
240
335
206
434
517
370
11,035
11,686
10, 896
9,413
13, 289
10,860
9, 657
15,011
6, 581
7, 853
14,896
7, 243
56
63
69
87
64
133
66
113
47
112
-18
45
2,037
2,574
3,329
2,167
1,610
2, 531
2,089
2,084
1,984
2,304
2,126
121,017 -13,585
- 4 , 726 -17,476
23, 295 -15,133
78
173
92
4,295
1,875
3,903
1,913
1,789
6, 086
3, 964
-163
-621
-591
- 7 , 569
-13,354
-1,409
1,761
606
-2,421
- 2 , 907
-1,029
2, 458
I, 480
1, 836
5,958
4,090
899
1,708
270
41, 790 335, 253
37,981 404, 295
26, 723 488, 814
If!
42, 473
33, 532
35, 512
29,949
44,995
33, 325
42,442
All
other
countries
92, 737
22,020
39, 81L
6,933
- 8 , 731
—11,032
-8,683
-7,644
-4,353
7,265
39,852 -1,893
1.792
26,454
31,033
1, 558
55,108
3.409
53,802
2,883
45,147
4,902
43,122
2,285
34,552
6,474
380
36, 517
45, 323 19, 349
36, 230
4,257
41, 683 - 5 , 789
France1
Total net
imports or
net exports (-)
Year or month
1934
1935
1935—June
July
August
September
October
November
December
_._
1936—January
February
March
April
May
June
July
AugustSeptember
1
Net imports from or net exports (—) to:
United
States
United
Kingdom
Germany
Belgium
Italy
Netherlands
Switzer- All other
countries
land
South
Africa
Poland
-408,961
-818,053
-242,363
-909,665
-351,729
-120,828
31,036
-13,592
-17,669
-186,937
91,021
195,369
74,995
21,216
-1,371
7,227
746
10, 241
23,648
176,419
-17,276
2,494
- 3 9 3 , 376
-12,621
49,994
26, 482
-68,693
-246,615
-71,450
-223,070
414
14
- 2 3 , 688
-157,153
- 2 5 8 , 554
- 7 6 , 217
-110,370
-13,614
4,130
8,811
-72
-15,060
-117
-190
-1
-1,990
-700
-9,178
11
-595
- 5 6 , 265
-45
-1,148
27,224
4,597
-8,235
-10,133
620
2,093
27, 417
5,561
89,062
35,433
9,834
-1,167
-650
25, 759
-132
5,221
—11, 245
357
391
-180
-482
-917
-898
7,540
8
- 3 . 564
1,417
-3,164
236
—1,172
1,100
4,702
232
-2,054
544
606
900
2,397
719
40,393
23,375
13,923
- 5 7 , 613
-169,706
-222,872
-80,182
-290, 371
-450,809
-890
2,364
12, 209
- 6 , 234
-120,660
-185,001
- 6 , 695
-10,813
-238,402
-4,695
- 2 , 740
-5,915
- 1 2 , 241
- 2 4 , 575
- 2 5 , 671
- 7 0 , 681
-266, 234
-149,142
2,636
-221
2,037
-1
3
25
4
4
-4
-40
-5
1,495
-13,165
-27,139
-18,496
190
344
- 3 1 , 853
36, 598
18, 299
-789
-43
-8,138
-27,604
-2,019
-825
77
-26,896
- 1 8 , 727
-127
-330
-174
-175
8,309
8,110
6,992
3,619
1,060
-3,912
-2,097
2,157
-95
- 4 5 , 378
-411
-940
2 8, 791
748
282
? 9,192
765
2 13,319
2 32, 091
5
1
9,482
5
No figures published since September 1936.
2 $9,079,000 imported by France from Spain in March, $8,354,000 in June, $12,503,000 in August, and $38,436,000 in September 1936.
NOTE.— 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.
159
FEDERAL RESERVE BTJLLETIX
F E H K U A R Y 1U37
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
Germany
Year or month
Net imports from or net exports (—) to:
Total
Total
net
net
mports
imports
All
or net United
or
net
Switz- U.S. other
exports King- France Netherlands erland S. R. coun- exports
dom
()
()
tries
-90,920 -109,386 -42,907 -28,114
42,969
7,394
5,180 13,225
1934...
1935...
1936..
1935—June..
July..
Aug__
Sept..
Oct...
Nov_.
2,876
9, 525
4, 769
4,355
10, 566
780
2,004
1,057
4,504
33
-4
-49
-17
-87
1936—Jan
Feb
Mar
April
May
June
July
- 2 , 584
-1,307
-258
-1,201
-63(]
1,13(1
3, 248
1,580
—3,514
-3.521
426
-71
Dec.
AUR
Sept
Oct
Nov
Dec
Netherlands *
_
-59
-4,277
-3,935
-1,720
-1,905
-1,802
—6,080
- 3 , 959
244
275
4
3,972
7,058
591
-2,441
-2,029
-19
13
163 85, 390
6,376
12
1,014
810
693
480
2,532
680
810
4,113
17
4,014
1,116
67
671
Net imports from or net exports (—) to:
United
States
United
GerKing- France many
dom
3,934 -122, 664 -46,040 -31,038 - 7 8 , 610 25, 716 9, 285 - 4 , 784
905 -198,549 1-221, 245 18, 397 - 4 1 , 260 -5,142 48,004 -1,257
-210
227
2,283
488
2
199
183
192 14, 291
-339
-3
-312 13, 693
-1, 568
73
-3,010 -11, 829
-3,192 -19,941
-3,388 14, 868
-2, 793
-27
-2,389 8, 389
143
564
181
569
-166
427
34
974
995
216
201
1934.
1935..
1936.
170
-40
8,489
31,428
67
86
-167
29, 013
16,962
4,464
"I"
Switzerland
Year or
month
2,608
3,956
1,375
517 -14,797 -19,259
667 -862 3,379
94 -26,102 -29, 215 15, 702 -21,909 -462 9, 563
-86 2,900
54 -4,514
- 1 5 2 -9,436
2,861
249 -160
-276 -37, 290 -40,868
133
-13,080 -10, 373
514 - 1 , 339 -2,046
275
38, 746 -3,026 20,084 10, 564 -239 11, 248
4,749
5,334
-149 -561
16,967
1,761
-98
3,435
10,425
7,664
-140
-59
35,806
574 12,842
-37
31,083
1,384
- 2 8 -27,093 -10," 153 - 2 , 206
4 -61, 601 -37,430
-500
24
14, 226
1,966
172
27,153
1, 517
204
16, 461 - 7 , 335
110
7,436
2,628
94
-35
61
27
801
20
-142
22
3,077
76
3, 256
23
2,821
3, (XT 2, 061
20
3,188
20
2,342
32S
26
62
All
Bel- Switz- other
coungium erland
tries
Total
net
imports
or net
exports
()
Net imports from or net exports (—) to:
United United
States Kingdom
France
549
1,610
-38
3,017
1,085
-332
-2, 088
2,684 -8, 651
-1
2,998
1,273
-24
881
-3, 227
-4,166
21
1935—June..
July._.
Aug...
Sept...
Oct....
Nov...
Dec...
- 2 , 330
1936— J a n . . . .
Feb....
Mar...
ApriL.
May..
June...
July...
Aug__
Sept..
Oct.__
Nov...
Dec...
2,462
-195 - 6 , 783
6, 571
-518 - 5 , 705
-841 - 3 , 492
21,413
-131
7,292
22, 570
32 -4,298
284
13,386
- 4 -1,704
2,05'
5,188
820
-7
-249
-321
-113
3,176
2,829
-575 -6, 396
40, 875
33, 506
19
5,988
656
14,848
2,892
1,241
2, 210 -3,676
2, 291
-47
-2,87' -4,916
49
3
64
107
163
Belgium
Italy
All
Neth- other
ercounlands tries
Total
net
imports
or net
exports
Net imports from or net
exports (—) to:
United
United
Kingdom
All
other
countries
Change in:
Gold
production
Re- Private
in serves holdin
ings in4
India
India
18,397 19,431 2,580 1,500 -230,720 -82.183 -144,185 -4,352 11, 222
-13,940 25, 542
342 -6,795 -161,872 -36,181 -124,182 —1,508
14, 531 51, 299 4,600 23,378
- 4 6 , 06; -12,784 -45,955
-230, 788
647 -54,858
121, 788 -9,127 - 2 , 205
- 5 , 640
1,417
9,328
5, 84f
1,367
-934
British India
47
1,821
1,724
-3
-8
-235
1,166
-254
-286
8,177
1, 723
659
-74
4,080
3,312
1,343
1,849
4,724
9,496
9,612
21, 537
6,970
1,449
2,952
-20
-20
-641
62
-65
-33
-3,824
—22, 383
-25,464
-11,400
—11,160
-14, 540
-10,303
-26
-1,122
-13,378
-7,019
•-7,140
-1,573
-1,199
254
-3, 392
-233
397
202
232
139
958
961
949
974
953
34 -13,809
-137
-9,846
-16
1,377
567 1,917
- 7 , 667
29 2 8,413 -10,351
132 215, 794 -11,35^
9 -10,355
2,113
-121 -1,911 -15,032
-21
-7,983
59
- 8 , 273
41
48;
5' —n: —11,576
P
9 , 333
97
20 -848
-559
-362
-230
-287
249
260
378
-436
66
203
218
971
920
968
944
979
958
981
981
966
982
-352
262 -3,455
519 3,430
184
-766
241 -2,344
-49
825
-139 -682
-122
-889
-1,894
-2,733
-2, 055
-2, 732
-824
-4, 27
173 -219, 671
-150,472
I
r
p Preliminary.
Revised.
1 Netherlands figures for October 1936 are for gross imports; exports, which are subject to license, were not reported. No figures reported for
November and December, 1936.
2 $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936.
a Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred.
* Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
NOTE.—Qermany, Netherlands, and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the
revised official totals published for the year as a whole. German gold movements by individual countries, beginning with July 1936, are subject
to official revision.
160
FEDERAL RESERVE BULLETIN
FEBRUARY
1937
CENTRAL BANKS
Assets of banking department
Bank of England
Gold (in
issue
department)!
(Figures in millions of
pounds sterling)
Cash reserves
Coin
1935—Oct. 30..
Nov. 27.
Dec. 25_
194.7
197.6
200.1
0.8
.8
1936—Jan. 29..
Feb. 26_
Mar. 25.
Apr. 29 _
M a y 27.
June 24.
July 29..
Aug. 26.
Sept. 30.
Oct. 28..
Nov. 25.
Dec. 30.
200.5
200.6
200.6
202.7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7
.7
.8
.8
.9
1.0
1.0
1.1
1.1
1.0
.7
Notes
Discounts
and advances
Liabilities of banking department
Note
circulation
Securities
Deposits
Bankers'
Public
11.2
9.5
8.5
98.2
98.4
94.7
399.9
401.3
424.5
82.5
90.9
72.1
26. 2
19.7
12.1
38.6
36.5
37.1
17.7
17.8
18.0
63.3
60.7
54.1
45.9
40.3
41.5
51.4
61.3
59.3
65.9
63.1
46.3
18.8
11.0
5.0
8.3
6.7
7.6
7.1
9.2
8.6
6.6
6.8
17.5
94.0
96.2
97.0
114.0
104.7
116.1
115.5
102.6
100.7
99.7
98.6
155. 6
397.1
399.9
406.5
416.9
426.1
434.8
448.6
443.4
449.4
442.7
445. 6
467. 4
106.0
106.2
83.6
104.7
78.3
90.8
75.2
100.9
60.7
86.5
97.6
150. 6
15.9
8.8
18.0
7.5
19.8
20.0
42.3
17.2
49.7
27.6
12.1
12.1
36.7
35.5
37.0
39.0
36.7
37.4
39.4
37.8
40.9
41.4
41.7
39.2
18.2
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
18.0
Domestic bills
|
(Figures in millions of francs)
Gold*
i
Foreign
exchange
Special'
Other
54.8
56.3
35.5
Assets
Bank of France
Other
Other
Liabilities
Loans on—
Advances
Negotiato
Shortble seterm
GovOther curities
Govern- securiernment ment se- ties
curities
Deposits
Note
Other circulaassets
tion
Government
1935—Oct. 30
Nov. 29
Dec. 27
!
71,990
66,191
: 66,296
1, 262
1, 385
1,328
8,373
11,005
9,712
371
1,090
573
3,141
3,267
3,253
5,800
5,800
5,800
7,939 83, 306
8,032 !! 82,447
7,879 81,150
2,862
2,826
2,862
1936—Jan. 31
Feb. 28
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 30
i 65,223
65,789
j 05,587
61,937
' 57,022
53,999
54,942
54,511
50, 111
04,359
04,359
60,359
1,324
1, 309
1,297
1,305
1, 426
1, 297
1, 270
1,250
1,245
1,471
1,466
1,460
9,210
9, 758
12,053
14, 392
19,381
7, 750
6,041
7, 063
7,484
7, 332
8, 056
8,465
932
671
623
796
1,048
1,461
809
838
668
702
715
3,350
3,250
3,325
3,349
3,381
3,441
3,555
3,454
3, 553
3,447
3,464
3, 583
5,708
5,708
5,708
5,708
5,708
5,708
5,708
5,640
5,640
5,640
5,640
5, 640
8,724
8,186
8,028
8,193
8,134
8,015
2,798
2,854
27
547
925
1, 379
14,333
14,333
14,333
15, 903
12,303
12,298
17,698
8,125
9,643
8,204
8,029
8,344
.81, 503
j81,239
83.197
!82, 557
84, 705
85,106
85,892
84, 324
83, 750
87.198
86,651
89, 342
Rcichsbank
Gold
1935—Oct. 31.
Nov. 30.
Dec. 31.
1936—Jan. 31_.
Feb. 29_
Mar. 31.
Apr. 30.
M a y 30.
June 30_
July 31.
Aug. 31Sept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 31.
Other
2,059
2,136
2,113
8,706
8,434
2,722 7,895
1,850 6,909
1,305 6,528
1,594 6,254
7,037
1,523
1, 679 6,660
3,973 9,247
2,069 13,058
2,089 13, 655
2,119
2,134
2,148
2,334
2,383
2,652
2,267
2,301
2,356
3,553
3,160
2,557
Liabilities
Securities
Reserves
Foreign
exchange
Other
liabilities
10, 647
9,361
8,716
Assets
(Figures in millions of
reichsmarks)
liabilities
Other
Treasury bills
(and Security
bills
loans
checks)
Eligible
as note
cover
Other
Other
assets
4,058
4,096
4,498
345
346
349
316
315
315
922
853
3,884
4,026
4,201
4,353
4,606
4,699
4,623
4,693
4,875
4,888
4,852
5, 448
349
348
336
240
219
220
220
220
219
219
219
221
315
315
321
319
319
311
310
309
308
305
303
303
861
771
702
648
704
711
686
695
685
770
705
Note
circulation
Deposits
4,159
4,186
4,285
728
806
1,032
911
913
923
4,098
4,177
4,267
4,348
679
652
768
688
729
960
787
729
744
689
753
1,012
891
914
782
798
807
815
840
853
875
897
911
953
4,430
4,389
4,471
4,540
4,657
4,713
4, 674
4, 980
Other
liabilities
1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of the British Treasury under section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see Bulletin for August 1928, pp.*567-569), a
reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 10, 1930.
2 By law of October 1, 1930, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see Bulletin for November 1930,
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 the stabilization fund established by the law of October 1.
3
Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1930—see BULLETIN for October 1930, pp. 785-780), and bills rediscounled for account of the Banques Populaires (law of Aug. 19, 1930—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.
161
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
1935
Central bank
Dec.
National Bank of Albania (thousands of francs):
Gold
Foreign exchan ge
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold at home
Gold abroad and foreign exchange
Negotiable Government bonds..
Other assets
Note circulation
..
Deposits:
Member bank
Government
Other
Other liabilities
C o m m o n w e a l t h Bank of Australia (thousands of pounds 1 ):
Issue department:
Gold and English sterling. _
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
Austrian National Bank (million
of schillings):
Gold
243
Foreign bills
99
Domestic bills
208
Government debts. _
620
Note circulation
944
204
Deposits
National Bank of Belgium (millions of belgas):
Gold
3,728
Domestic and foreign bills
1, 390
Loans to State
1
157
Note circulation
4, 540
Deposits
Central Bank of Bolivia (thousands
of bolivianos) :
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities:
National Government
Other
Note circulation
Deposits
Bank of Brazil (millions of milreis):
Cash
Correspondents abroad
Loans and discounts
Note circulation
Deposits
National Bank of Bulgaria (millions of leva):
1, 652
Gold
Net foreign exchange in reserve. _
772
Total foreign exchange
1,440
Loans and discounts
2, 572
Government obligations
2,571
Note circulation
2,317
Other sight liabilities
1
2
1936
1935
Nov. Oct,
Dec.
Central bank
Nov.
Oct
7, 556
23, 804
3, 707
5, 082
10,850
16, 772
12, 527
7, 556 7, 556
24,161 17,705
3, 603 3,207
5, 553 5, 463
11,509 12, 243
16,970 9, 557
12,393 12,131
Dec.
1, 224
1,224
1,224
166
70
146
145
94
141
1,015
129
235
141
982
385
140
6
37
373
174
37
482
219
6
41
16,002 16,002
38, 559 38,559
15,994
39,182
1,206
21,803
17,569
35, 702
72, 485
47,039
1,102
21,780
16,859
36,108
71,934
47,039
689
12,938
13,428
35,764
61,997
51,295
213
105
208
624
915
247
243
11.2
210
624
932
235
242
112
225
624
976
216
3,717
1,367
157
4,446
950
3, 665
1,345
157
4,466
858
3, 457
1, 293
162
4,117
981
28,701 26, 652 1.9, 708
1,193
1,511
9,066
7, 786 7,919
7, 984
415,441 415,583 388, 727
4, 651 4, 646 3, 074
196,913 191.772 145,946
240, 674 232, 022 231,759
244
400
2,448
2,992
220
381
2, 799
10
3, 275
277
311
3,113
20
3, 299
1, 618
1,618
708
1,490
2, 572
2, 584
2,216
545
1,752
2,671
2, 663
2, 243
1,59J
-.118
583
1,520
2. 671
2,497
1,907
Dec.
Bank of Canada (thousands of Canadian dollars):
Gold
179,377
Sterling and United States
Exchange
9,125
Advances:
Dominion Government
Provincial Governments
Government securities:
2 years or less
61,299
Over 2 years
99,016
Other assets
8,168
Note circulation
135,735
Total deposits
207,809
Chartered banks
186,974
Government
18,776
Other liabilities
13,441
Central Bank of Chile (millions of
pesos):
Gold and foreign exchange in reserve
Loans and discounts
Government debt
Note circulation
Deposits
Central Bank of China2 (millions of
yuan):
Gold
Silver
Foreign exchange
Due from domestic banks
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
Foreign exchange
Loans to member banks
Note circulation
Deposits
National Bank of Czechoslovakia
(millions
of koruny):
2,592
Gold3
Foreign exchange
439
Discounts and advances
2,339
2,022
Government debt
1,100
Other assets
6, 478
Note circulation
410
Demand deposits
1, 605
Other liabilities
Bank of Danzig (thousands of
gulden):
29,661
" Gold
121
Foreign exchange of the reserve...
1, 343
Other foreign exchange
18,263
Loans and discounts..
32,045
Note circulation
8,292
Deposits
."National Bank of Denmark 4 (millions of kroner):
118
Gold
15
Foreign exchange
239
Loans to Government agencies...
204
Other loans and discounts
51
Investments
68
Other assets
399
Note circulation
139
Deposits
156
Other liabilities
179,148 179,369 180, 509
17, 607
8, 607
4,223
3,466
1,000
66,480
102,679
7,120
125, 344
233,227
214,920
16,849
14,463
55,763
97, 657
5.843
129,883
205,354
182, 877
22,161
13,000
30,873
83, 410
5,045
99,677
200, 319
181,636
17,917
7, 659
143
140
702
621
279
143
117
702
614
261
142
80
706
567
297
22
231
57
132
461
168
60
309
363
310
21
129
31
120
123
39
154
253
74
180
267
213
56
140
31, 266 29, 686 27, 637
3,407
4,585
5,327
7,622 4,375
6,979
51,108 47,864 43,189
33,498 31,676 29,949
2,590
486
1, 560
2,025
1,132
5, 662
576
1,555
2,592
464
1,620
2,029
1,054
5, 652
504
1, 604
2, 690
81
1,345
2,046
957
5,761
411
946
29, 409
489
4, 403
15,282
30, 646
10, 964
29,393
85
3,159
14,695
31,557
11,215
20,744
2,052
7, 264
16,945
29,208
3, 293
118
16
229
162
56
80
385
117
160
118
16
206
172
61
80
407
86
160
118
16
261
190
95
21
384
202
115
Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling.
Items for issue and banking departments'consolidated.
3 Increment resulting from revaluation of gold under law of October 9, 1936 (see Bulletin for January 1937, pp. 14-15), converted into foreign
exchange and carried partly in that item and partly in Other assets.
4 Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis
was as of June 30, 1936.
162
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
1935
Dec.
Central Rank of Ecuador ' (thousands of sucres):
Gold i
Foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Egypt 2 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Go vernment
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Other sight liabilities 3
Other liabilities 3
Bank of Estonia (thousands of
krooni) :
Gold
Net foreign exchange
Loans and discounts
Note circulation
Deposits—Go vernment
Bank
Other
Bank of F i n l a n d (millions of markkaa):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation
Other sight liabilities
Bank of Greece (millions of drachmas) :
Gold and foreign exchange
Loans and discounts
Government obligations
Note circulation-I
Other sight liabilities
Liabilities in foreign e x c h a n g e National B a n k of H u n g a r y (millions of pengos):
Gold.....
Foreign bills, etc
Loans and discounts
Advances to Treasury
Other assets
Note circulation
Deposits
Certificates of indebtedness
Miscellaneous liabilities
Reserve Bank of I n d i a (millions
of rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't securities
Rupee coin
Note circulation
Banking department:
Notes of issue department __.
Balances abroad
Loans to Government
Investments.._
Other assets
Deposits—Government
Bank
Other liabilities
c
1
1935
1936
Central bank
Central bank
Nov.
6, 5-15
2, 946
6, 651
Oct.
Dec.
32, 243
16,660
38.594
53.188
35,384
36, 565
12, 540
43,170
48,811
30, 268
6, 545
1, 664
6,269
6, 545
4,246
7,146
39,171 40,138 38, 935
4.804 4,198 5,238
22. 850 23. 387 23, 253
8,765
6. 931 5,809
21,748 20, 948 22, 385
8, 588 8, 670 7,709
13,040 13,026 12, 740
1,237
1,479
1,686
1,107
943
1,335
6, 636 6, 645 7,025
656
1, 506 1, 380
14,854 14,126 13,396
6,028
4,435 4, 303
3,342
5, 044
4,913
34,179
8, 775
25, 936
44,452
19, 675
9,778
2,121
34,178
6,140
24,070
44,992
15,766
7, 715
2,153
603
603
1,492
84
778
1, 630
1, 082
34,175
4,724
22, 801
45,085
14,940
7, 650
2,120
34,118
1, 563
22,896
39, 955
15,787
11,521
2, 689
603
472
1,353
84
722
1, 565
890
1,255
80
771
1, 561
854
1, 267
82
669
1,381
623
3,385
4,914
4,162
6, 203
5, 715
212
2, 945
5, 274
4,162
5, 969
5, 890
180
2,884
5, 326
4,162
6,145
5, 698
150
3,490
4, 834
3, 281
5, 988
4,784
229
84
42
549
98
165
436
213
93
164
84
31
520
95
158
402
194
93
167
79
36
520
94
149
427
157
93
167
79
33
587
77
96
417
147
104
174
444
673
234
640
1, 899
444
673
234
671
1, 748
444
673
234
681
1,710
444
662
255
571
1,721
93
166
10
63
14
69
152
124
274
111
10
58
11
92
249
124
323
87
212
263
119
180
20
52
7
71
282
120
Nov.
Oct
Dec.
544
788
501
1,491
406
540
821
454
1,453
397
504
893
746
1, 767
404
89
3
64
160
25
89
2
64
158
24
80
2
71
157
25
77
26
51
67
44
56
138
77
25
51
66
41
57
138
77
22
51
78
39
46
130
46
6
52
60
38
31
110
73
10
100
110
78
92
113
64
71
10
84
111
63
36
18
95
104
46
720
2
343
792
310
570
2
337
806
141
570
2
272
761
123
643
2
173
809
50
2,802
16, 579
2,802
16, 545
2,802
21, 399
5,095
2, 657
11,838
13, 636
9, 565
3,879
1, 659
3, 453
2,433
11,480
12,124
7,692
4,084
1,629
1,871
10, 721
13, 737
9,679
3, 696
1,614
215
82
212
406
1
97
215
75
219
409
1
93
185
36
223
348
3
80
809
779
552
839
47, 646
58,154
84,488
17, 254
379
25
818
1, 032
221
373
20
846
1,091
187
444
27
866
1,007
210
912
542
353
1,044
2,107
1, 049
911
485
327
1,045
2,118
945
459
352
1,047
2,205
781
15, 494
410
6,621
2,442
9, 421
11,192
592
6, 857
2, 435
11,380
10, 802
92
5, 417
2,727
10, 775
Dec.
Bank of J a p a n (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
Total deposits
B a n k of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
B a n k of Latvia (millions of lats):
Gold*
Foreign exchange reserve
Bills
1
Loans
Note circulation
Government deposits
Other deposits
Bank of L i t h u a n i a (millions of litu):
Gold
Foreign exchange
Loans and discounts
Note circulation
Deposits
N e t h e r l a n d s Bank (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Reserve B a n k of New Zealand
(thousands of pounds):
Gold
Sterling exchange
Advances to State or State undertakings
Other assets
Note circulation
Demand deposits
Bank
Government
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
Central Reserve B a n k of P e r u
(thousands of soles):
Gold and foreign exchange
Bills
Note circulation.
Deposits
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
Loans and discounts
Note circulation
Other sight liabilities
B a n k of P o r t u g a l (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations
Note circulation.
Other sight liabilities
National B a n k of R u m a n i a (millions of lei):
Gold 5
Foreign exchange of the reserve..
Loans and discounts
Special loans 6
State debt.
215
96
222
429
2
105
44,
86,
92,
34,
393
30
856
1,034
292
910
Corrected. The corrected figure for deposits in September 1936 is 29,685.
Gold in vault revalued at rate of 11.6466 sucres per gram of fine gold by decree of June 13,1936.
23 Items for issue and banking departments consolidated.
Due to change in statement, "Other liabilities" includes, beginning June 1936, an item formerly included in "Other sight liabilities."
< By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate
of about 15 lats to the pound.
56 By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see Bulletin for January 1937, p. 15).
Agricultural and urban loans in process of liquidation.
163
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1930
Central hank
National Bank of R u m a n i a - -Con.
Other assets
Note circulation. _ . . . . . . .
Demand deposits
_ .
Other liabilities
Sou I h African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Domestic bills
. . .
Note circulation
...
Deposits—Government
Bank
Other
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Domestic discounts and advances
Government securities
Other assets
Note circulation.
Total deposits
Bank
Government
Other liabilities
Swiss National Bank (millions of
francs):
Gold'
Foreign balances and bills
Loans and discounts
Note circulat ion
Demand deposits
1
1930
1935
Central bank
Dec.
Nov.
13, 337 13,281 11,479
21,512 21, 704 23, 127 ,
11, 111 8. 950 7,005 \\
12.072 12,078 H), 500
24. 635
.10,794
31
10,410
1,600
22, 4ol
3,917
23,140 22, 928 25, 723
9. 053 5,873 11,871
34
30
321
15,291 15, 502 14.133
2, 047 1,733
2, 430
21, 171 19.207 28, 435
4, 142 3, 309 4, 474
529
720
50
29
251
893
590
294
278
95
528
055
52
29
247
812
599
205
315
101
527
009
48
29
241
839
505
3(57
117
108
408
041
51
29
150
780
394
181
180
97
2, 709
58
00
1,482
1,303
2, 581
50
05
1,403
1.280
2, 408
50
142
1,413
1,232
1,389
8
295
1,300
401
Dec.
Nov.
32
34
30
188
25
179
37
99
30
25
39
180
25
177
39
90
Central Bank of t h e Republic of
T u r k e y (millions of pounds):
Gold".
.
Foreign exchange
..
Loans and discounts
Investments
..
Other assets
Note circulation
Deposits
Other liabilities .......
Bank of t h e Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation..
.
Hanking department:
Cash reserves..
Loans and discounts
Other assets
DepositsDemand
Time
Ministry of Finance
Other
Other liabilities
National Bank of t h e Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Advances to State
Note circulation
Other sight liabilities
Oct.
Dec.
30
10
42
180
25
172
39
88
29
10
29
.187
22
170
30
79
41,091 41,091
75, 733 81,850
41,001
82, 291
35, 051 40,074 37, 204
87,401 80,814 98. 455
01,793 49, (585 50,774
1,020
552
1,717
2, 248
5, 409
.1,029
31,572
43, 502
11, 128
13,092
84, 954
29. 080
43.210
12, 194
13,094
83, 790
28, 002
40, 830
25,057
20, 820
71,117
1,599
573
1,716
2, 202
5, 230
1, 593
1,592
574
1,725
2, 202
5,31.1
I, 508
1,432
304
1,781
2, 271
4.890
1,380
Gold revalued after September 30, 1930, at rate of 215 milligrams of fine gold per franc.
BANK FOR INTERNATIONAL SETTLEMENTS
fin
1936
thousands of Swiss francs]
1935
1936
1935
Assets
Liabilities
Dec. 31
Nov. 30
Demand deposits (gold)
27, 263
27, 540
19,912
Short-term deposits (various currencies) :
Central banks for own account:
Demand
Time—Not exceeding 3 months
20,577
98, 669
11,904
98, 500
28. 286
108,150
119,240
110,409
130.442
6, 242
4,201
8,135
2. 972
52
38
70
389
702
40
153,280
76, 040
43, 490
], 420
153,280
70, 040
43, 398
1,423
154.388
77, 194
(51,930
2,031
274,830
274. 74]
295. 542
125,000
125,000
125, 000
3 784
0,092
12,183
3 784
0 092
12,183
3, 324
5. 845
11,090
1,385
40,104
1,377
39,115
0.102
40, 638
6.16,284
004.. 907
656,405
NOTE.—Current figures expressed, as before devaluation of Swiss franc, in Swiss gold francs equivalent to 0.29032 gram of fine gold.
See BUL-
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
Dec. 31
Nov. 30
Dec. 31
33,135
40, 660
24, 285
23, 356
5, 253
19 262
5,050
3, 248
15,422
134.022
147,071
129.072
100,904
131,095
205, 054
281,093
290,630
337,350
25, 042
27, 669
33,933
21.370
33,317
17,993
42, 729
45. 252
32, 482
28.009
03,074
31.403
52, 739
21,300
03,379
Sundry bills and investments:
Maturing within 3 months:
Treasury bills._ _ __ _ __ .
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
_
Total
04. 053
35,247
41,371
33,830
33.442
34, 391
245,730
220 131
230 3LI
Other assets:
Guaranty of central banks on bills
sold
Sundry items
_ _
1 383
91
1,372
120
0,144
5,712
010,284
004, 907
656, 405
Total assets
LETIN for December 1936 p. 1025.
Total
Central banks for account of others:
Demand
Time—Not exceeding 3 months
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 fund
Other liabilities:
Guaranty on commercial bills sold.
Sundry items
__.
Total liabilities
Dec. 31
164
FEDERAL RESERVE BULLETIN
FKUKUARY 1937
COMMERCIAL BANKS
[Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures]
Liabilities
Assets
United Kingdom
(Figures in millions of pounds sterling)
Money at
Cash
call and Bills disreserves
counted
short
notice
Loans to
customers
Securities
Deposits
Other
assets
Total
Demand^
Time1
Other
liabilities
10 L o n d o n clearing banks
1936—April
May
June
July
August
September
October. __
November.
December.
220
213
218
217
226
222
219
225
23(5
154
152
152
152
156
159
155
172
187
264
304
322
341
338
336
343
322
316
607
610
612
610
612
620
627
626
(530
843
843
852
857
850
854
864
868
864
2,082
2,113
2,155
2,169
2,170
2,180
2, 202
2 210
2, 238
224
218
227
218
217
215
221
226
238
229
228
228
226
227
226
227
229
232
11 London clearing banks J
1936—April.
May..
June
July
August
September..
October
November..
December..
227
220
225
225
233
229
227
233
244
161
159
158
158
163
166
164
181
195
268
309
329
349
345
344
351
329
322
868
870
878
884
877
882
892
895
890
637
640
642
639
641
648
655
656
6(50
2,154
2,185
2,229
2,244
2,246
2,257
2,280
2,287
2,315
233
227
237
227
226
220
231
238
249
1936—April
May
June
July
August
September.
October. __
November
Cash
3, 517
3, 513
3, 494
3, 206
3.097
3,083
3, 186
3,173
Due from Bills disbanks
counted
2, 902
3,032
2, 768
2,410
2,32(5
2, 757
2, 766
2, 839
(5 large Berlin banks. Figures in milCash
lions of reichsmarks)
reserves
1936—April
May
June
July
August
September..
October
November.
16, 199
16,014
14,972
15,410
15, 445
14, 876
17.070
17, 298
Other
assets
Loans
Deposits
Total
7,677
7,542
7,328
7,215
7,031
7, 398
7, 452
7, 625
Demand
26, 714
26,523
25,022
24,761
24,451
24,613
27,028
27, 467
27, 410
27,199
25, 655
25,334
24,979
25, 137
27, 549
28.015
136
141
.175
146
138
180
130
137
Due
from
banks
301
300
295
2(53
274
287
273
2(59
Bills discounted
Loans
2,429
2, 406
2, 435
2. 363
2, 329
2, 360
2, 569
2, 5(57
2,847
2,884
2,858
2, 843
2, 826
2. 779
2, 735
2, 729
Securities
973
980
1,008
1,037
1,047
1,066
1,075
1,112
1
83
87
91
91
91
105
109
116
114
862
828
768
776
807
81(5
800
791
Other
assets
916
873
839
824
816
847
858
851
Total
5, 595
5,621
5,712
5, 557
5, 533
5,621
5,712
5, 751
Demand Time
2,585
2, 622
2, 688
2, 595
2, 529
2, 575
2, (544
2,661
3,010
2,999
3,023
2, 962
3,005
3,045
3, 068
3, 090
397
424
394
359
335
368
408
454
Credits
obtained
from
banks
644
636
622
613
605
575
58(5
575)
145
131
113
110
157
146
146
179
161
1,314
1, 345
1, 368
1,357
1,355
1. 380
i;363
1,316
1, 384
Other
assets
478
446
502
481
4S7
494
491
485
507
Note
circulation
114
116
115
113
115
111
112
10!)
103
Deposits payable in Can- i
ada excluding interbank
deposits
Total
2, 229
2,193
2, 207
2, 174
2, 175
2. 2(53
2,261
2, 2(59
2, 303
Demand
692
666
702
680
(572
7(52
751
722
755
Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total.
»District Bank included beginning January 1936.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.
Other
liabilities
3,757
3,812
3,897
3, 994
4,035
4,066
4,244
4, 290
Other
liabilities
1,363
1,327
1,276
1,306
1,291
1,323
1, 342
1,334
Liabilities
Security
Entirely in Canada
loans
Canada
abroad
and net Securi(10 chartered banks. Figures in milOther
ties
due
lions of Canadian dollars)
Cash
Security loans
from
reserves loans and dis- foreign
counts
banks
228
225
230
227
225
226
232
264
240
696
676
633
573
528
524
521
548
Deposits
Assets
1936—April
May
June
_
July
August
September..
October
November _
December. _
Own
acceptances
Time
Liabilities
Assets
Germany
240
239
240
237
240
238
239
243
245
Liabilities
Assets
France
(4 large banks. Figures in millions of
francs)
974
992
995
986
991
1,000
999
1,006
1,145
1,156
1,215
1, 223
1,212
1,228
1, 238
1,241
Other
liabili
ties
Time
1,536
1,527
1,505
1,494
1,503
1,501
1,510
1,547
1,548
767
753
757
748
800
785
784
783
790
165
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
GerNether
United
Kingdom France many Italy lands
In effect Nov. 1, 1935
Nov 5
Nov 14
Nov 15
Nov 22
Nov 26
Jan 2 1936
Jan.10
Jan.16
Feb. 4
Feb. 7
Mar 28
May 7
May 18
May 30
June 4__ __
June 24
June 25
June 26
June 30
July 7
July 10
Sept. 9
Sept. 25 __
Oct. 2
Oct. 9
Oct. 16
Oct. 20 _
Nov. 26
Dec. 3
Jan. 27
In effect Jan 29,1937
2
4
3
5
Central
bank of—
Switzerland
4
3
2lA
6
4j/ 2
3H
4>"2
5
4
4
3
Central
bank of—
Rate
Jan.
29
Italy
Japan
Java..
Latvia
Lithuania...
Netherlands.
New Zealand
Norway
Peru
Poland
Portugal
Rumania . . .
South Africa
Spain
Sweden
SwitzerlandTurkey
United Kingdom
U. S. S. R...
Yugoslavia-
4^
3.29
3
5
Date
effective
Albania
6H Jan. 2, 1937
Argentina. __
3 ^ Mar. 1, 1936
Austria
3H July 10, 1935
Belgium
M a y 16, 1935
2
Bolivia
July 5, 1932
6
British India
Nov. 28, 1935
3
Bulgaria
Aug. 15, 1935
6
Canada
2Yi Mar. 11, 1935
Chile
3i-41 Jan. 8, 1936
Colombia __
July 19, 1933
CzechosloJan. 1, 1936
vakia
3
Danzig
Jan. 2, 1937
4
Denmark
4
Nov. 19,1936
4
Ecuador
Nov. 30, 1932
El Salvador.
July 5, 1934
Estonia
4H Oct. 1, 1935
Finland.
Dec. 3, 1934
France
4
Jan. 27, 1937
Germany
4
Sept. 22, 1932
Greece
6
Jan. 4, 1937
H ungary.__
4
Aug. 29, 1935
4K
4
5
6
5
4
Rate
Jan.
29
5H
2
2
4
6
5
4#
4^
3H
5
2V2
5lA
2
8
5
Date
effective
May
Apr.
Jan.
Nov.
July
Dec.
18, 1936
7, 1936
14, 1937
1, 1936
1, 1936
3, 1936
June 29, 1936
Dec. 7, 1936
May 20, 1932
Oct. 26, 1933
M a y 12, 1936
Dec. 15, 1934
May 15, 1933
July 15, 1935
Dec. 1, 1933
Nov. 26, 1936
Mar. 2, 1933
June 30, 1932
Mar. 22, 1927
Feb. 1, 1935
2
5
3
Changes since Dec. 28: Albania—Jan. 2, down from 7 to <S}4 percent;
Danzig—Jan. 2, down from 5 to 4 percent; Greece—Jan. 4, down from 7 to
fi percent; Java—Jan. 14, down from 4 to 3 percent; France—Jan. 27, up
from 2 to 4 percent.
2V>
2
2
2lA
4
4
4
9
iy2
2
\y\
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month
Treasury
Bankers1
bills, 3
acceptances,
months
3 months
1935—December.
.53
.53
.52
.52
.54
.78
.58
. 53
.53
. 54
1936—January. __
February..
March
April
May
June
July
August
September.
October...
November.
December.
Month
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
.75
3.00
3.23
3.15
3.20
3.08
.75
.75
.75
.75
.75
.75
.75
.75
.75
3.00
3.00
3.00
3.00
2.92
2.88
2.88
2.88
3.00
2.94
3. 00
P3. 00
3.09
2.97
3.07
3.04
2.89
2.74
2.73
2.84
2.89
2.82
2.84
P2.88
2.81
2.77
2.99
2.83
2.76
2.67
2.96
3.01
3. 01
2.82
2. 79
P3. 05
2.37
1.31
1.20
1.19
2.27
4.05
2.04
1.37
1.33
2.03
1.00
P. 78
2.29
1.63
1.68
1.27
1.82
3.95
1.73
1.20
1.29
2. 51
1.55
.78
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Sweden
(Stockholm)
Hungary
Prime
commercial paper
1935-December.
2.50
1.88
5.89
5.00
4
1936—January...
February..
March
April
May
June
July
August
September.
October __
November.
December.
2.48
2.37
2.26
2.25
2.25
2.25
2.25
2.25
1. 98
.1. 69
1.46
1.25
1.52
1.45
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1. 29
1. 00
4.26
3.81
3.74
5.03
5. 60
5.60
3. 30
3. 00
3.38
2. 52
1.96
1. 99
5.00
5.00
5.00
5. 00
4.78
4.50
4.50
4. 50
4. 50
4.50
4. 50
4. 50
4 -6.V2
.2
4 -6'/
6' 2
up
Day-to-day Loans
to 3
money
months
-7
-6,4
-619
Japan (Tokyo)
Call
Discounted
money
bills
overnight
5.11
2%
2H
2V4
2%
2%
2H
2U
8
2A
2J/2-4J/O
23^4^
5.11
5.11
5.11
4.97
4.93
4.83
4.75
4.75
4.75
4.75
2.64
2.56
2.87
3.11
2.73
2. 63
2.53
2.69
2.81
2.92
» Preliminary.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and
May 1930, p. 318
166
FEDERAL RESERVE BULLETIN
FEBRUARY 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
1930—January
February
March
April
May
June
July
August
September. _.
October
November...
December ___
Year or month
1929
1930
1931
1932..
1933
1934
1935
1936
1936—January
February
March
April
May
June
July
August
September...
October
November...
December...
Year or month
1929
1930
1931
1932
1933
1934
1935
__
1936
1936—January
February. __
March
April
May
June
July
August
September..
October
November..
December _.
ArgenAus- Austria
tina
(schiltralia
ling)
(peso) (pound)
95.127
83. 505
00. 738
58.443
T2.801
33, 579
32. 059
33.137
33. 074
33. 329
33.135
32.954
33.111
33.418
33. 489
33. 503
33.011
32. 007
32. 583
32. 718
480. 83
458. 00
351. 50
279. 93
337. 07
400.95
388. 86
395. 94
394. 50
398. 00
390.01
393. 72
390. 09
399. 99
400.15
400. 34
401.00
390. 33
389. 54
390. 99
Czecho- Denslovakia mark
(koruna) (krone)
2. 9609
2. 9640
2.9619
2.9618
3.8232
4. 2424
4.1642
4.0078
4.1602
4.1936
4.1637
4.1359
4. 1432
4. 1375
4.1497
4.1318
4.1319
3. 6474
3. 5380
3. 5200
26.680
26. 765
25. 058
18.832
19.071
22. 500
21.883
22.189
22.153
22. 321
22.190
22.064
22.184
22. 405
22.419
22.434
22. 480
21.866
21.818
21. 907
14.058
14.089
14.023
13.900
15.448
18.793
18. 831
18.792
18.832
18.971
18.855
18. 724
18.722
18. 759
18.848
18.838
18.845
18.732
18.087
18.692
Belgium
(belga)
13.912
13.952
13.929
13.914
17.900
23. 287
18. 424
10.917
10.930
17.042
10.979
10.915
10.938
10.907
10.899
10.802
10. 893
10.835
10. 907
10. 901
Brazil (milrois)
Official
11.8078
10.7130
7. 0290
1223
7.9030
8. 4208
8. 2947
8. 5081
8.4107
8.3803
8.4871
8. 5504
8.5755
8.0310
8. 5349
8. 5222
8. 0445
8.7011
8. 6602
8.6981
Egypt Finland France
(pound) (markka) (franc)
498.07
498. 60
465.11
359. 54
434. 39
516. 85
502. 60
509. 68
508.83
512.70
509. 60
500. 78
509. 55
514. 02
514.95
515.32
510.70
502. 24
501.17
503. 20
2. 5100
2.5109
2. 3875
1.5547
1.8708
2. 2277
2.1027
2.1903
2.1890
2. 2063
2.1928
2.1807
2.1901
2. 2098
2. 2100
2.2118
2.2173
2.1578
2.1531
2.1011
3. 9161
3. 9249
3.9200
3. 9276
5.0313
6. 5088
0.0013
0.1141
0. 0251
0. 0810
6. 6338
0. 5898
0. 5858
0.5934
0. 0202
0. 5853
r(). 3409
4. 0002
4. 6472
4.6675
Free
market
5. 8307
5. 8901
5. 8452
5. 8031
5. 9525
British
India
(rupee)
Bulgaria
"(lev)
0.7216
0. 7209
0.7163
0. 7193
1.0039
1.2852
1.2951
1.2958
1.3440
1.3380
1. 2902
1.2812
1.2844
1.2838
1.2913
1.2988
1. 2978
1.2848
1.2795
1.2779
36. 202
36. 067
33. 690
26. 347
31.810
37. 879
30. 904
37. 523
37.401
37. 734
37.510
37.315
37. 504
37. 872
37. 889
37.931
38.017
36.991
36.913
37. 088
Germany Greece
(reichs- (drachma)
m ark)
23.809
23. 854
23. 630
23. 749
30. 518
39. 375
40. 258
40. 297
40. 397
40. 687
40.439
40. 238
40. 285
40. 273
40.321
40. 221
40. 083
40. 196
40. 223
40.230
Canada
(dollar)
Hong
Kong
(dollar)
1.2934
1.2959
1.2920
0. 8320
0. 7233
0. 9402
0. 9386
. 9289
0. 9424
0.9509
0.9457
0. 9389
0. 9338
0.9316
0. 9400
0. 9387
0. 9347
0. 8965
0.8935
0. 8973
47. 167
33.853
24.331
23. 460
29.452
38. 716
48.217
31.711
32. 205
32.796
32. 562
32. 525
32. 463
32. 260
32.040
31.152
31.104
30. 359
30.462
30. 540
Chile
(peso)
99.247 12.0001
99. 842 12.0785
90. 353 12.0009
88. 090 7. 9079
7. 6787
91.959
101.000 10.1452
99. 493 5. 0833
5.1240
99.913
5. 0950
99.930
5. 0950
100.114
99. 842 5. 0930
99. 502 5. 0853
5. 0775
99.800
5. 0659
99.721
99. 900 5.1243
99. 978 5.1725
5.1691
100.017
100. 022 5. 1727
5.1688
100.120
100. 002 5. 1719
Hun(pengo)
17.441
17.494
17.452
17. 446
22. 360
29. 575
29. 602
29. 558
29. 678
29. 786
29.017
29.478
29.424
29. 458
29. 492
19.777
19. 772
19. 774
19. 770
19.778
Italy
(lira)
5. 2334
5. 2374
5. 2003
5. 1253
0. 7094
8.5017
8.2471
7. 2916
8. 0276
8.0373
7. 9830
7.8936
7. 8500
7. 8045
7. 8845
7. 8673
7.8514
5. 5299
5. 2003
5. 2009
China
(yuan)
Colombia
(peso)
41.901
29.917
22. 437
21.736
28. 598
34. 094
36. 571
29. 751
29. 659
29.912
29. 824
29. 734
29. 090
29. 890
29. 907
30. 048
29. 940
29.331
29.466
29. 525
Japan
(yen)
Cuba
(peso)
99. 905
99. 952
99. 930
99.941
99. 940
99. 930
99. 920
99. 909
99. 923
99. 921
99. 903
99. 903
99. 900
99. 900
99. 900
99. 904
99.901
99. 924
99.916
99.916
96.551
96. 493
96. 570
95. 275
81.697
61.780
56.011
57. 083
57. 390
58. 268
57. 224
57.002
57. 004
50. 900
50. 900
50.900
50. 505
50. 501
57.097
57. 390
Mexico
(peso)
Netherlands
(florin)
48. 183
47. 133
35. 492
31.850
28.103
27. 742
27. 778
27. 700
27. 708
27. 769
27. 767
27. 768
27. 703
27. 764
27. 765
27. 753
27. 753
27. 747
27. 750
27. 750
40.162
40. 225
40. 230
40. 295
51.721
67. 383
67.715
04. 481
08.173
08. 077
08. 353
07. 885
07. 034
07. 080
68.078
67. 904
'66. 250
53. 632
53.991
54. 566
40.100
49. 390
48.851
28.111
25. 040
29.715
28. 707
29.022
28. 993
29. 130
28. 938
28. 809
29.075
29. 392
29.320
29.404
29.414
28. 009
28.559
28.512
United UruNew
Portu- R u m a - South Spain Straits
SwitzSettle- SweZealand Norway Poland
Africa
nia
den erland Turkey Kingguay
gal
dom
ments (krona)
(pound) (krone) (zloty) (escudo)
ipound) (peseta) (dollar)
(franc) 'pound) (pound)
(leu)
(peso)
483. 21
468. 22
415. 29
320.19
340.00
402. 46
391.26
398. 92
397. 53
401.15
399. 08
396. 80
399. 02
402. 84
403. 26
403. 42
403. 97
393.25
392.36
393. 87
26. 683
26. 700
25. 055
18.004
21.429
25.310
24. 027
24. 974
24. 932
25. 121
24. 974
24. 834
24.969
25. 218
25. 233
25. 249
25. 304
24. 608
24. 555
24. 050
11.194
11.205
11.197
11.182
14.414
18.840
18.882
18.875
18.931
19.132
18.962
18.826
18. 792
18. 800
18.915
18. 827
18.824
18. 828
18.825
18. 853
4.4714
4. 4940
4. 2435
3.1960
3.9165
4. 6089
4.4575
4.5130
4.5120
4. 5489
4. 5155
4.5092
4.5115
4. 5455
4.5568
4. 5558
4.5586
4.4475
4. 4373
4.4514
0. 5961
. 5953
. 5946
. 5968
. 7795
1.0006
. 9277
.7382
. 7879
. 7632
. 7377
. 7330
. 7309
. 7273
. 7279
.7317
.7315
. 7309
. 7289
. 7285
483. 27
483. 79
480.76
476. 56
414.98
498. 29
484. 66
485. 05
490. 83
494.51
491.56
488. 76
491.59
496. 53
497. 07
497.19
497. 99
484. 32
483. 43
485. 33
14. 683
11.007
9. 545
8.044
10. 719
13.015
13. 078
12. 850
13. 727
13.841
13.745
13.054
13. 045
13. 059
13.714
13.043
13.050
"~8~797
7.727
50.012
55.904
52.445
40.397
49. 232
59.005
57.173
58.258
58.057
58. 553
58. 243
57. 939
58. 240
58. 833
58. 873
58.910
59.095
57. 440
57.314
57. 544
20. 784
26. 854
25. 254
18.471
22. 032
25. 982
25. 271
25. 626
25. 583
25. 778
25. 626
25. 482
25. 019
25. 877
25. 893
25. 910
25. 905
25. 253
25.196
25. 300
19. 279
19. 382
19.401
19. 405
24. 836
32. 366
32. 497
30.189
32. 662
33.033
32,821
32. 580
32. 391
32. 425
32. 724
32. 599
31.418
22.993
22. 984
22. 985
48.411
47. 061
47. 181
47. 285
60. 440
79. 047
80.312
80. 357
80. 085
81. 303
80.818
80. 284
80. 278
80. 270
80. 355
80. 272
80.145
79. 834
79. 883
80.102
485. 09
480. 21
453. 50
350. 01
423. 68
503. 93
490.18
497. 09
496.27
500. 05
497.07
494. 27
496. 97
501. 92
502. 25
502. 59
503. 63
489. 84
488.80
490. 78
98. 629
85. 865
55. 357
47.064
60. 336
79. 956
80.251
79. 874
79. 947
80. 258
80. 022
79. 769
79. 720
79. 709
79. 820
79. 719
79. 679
79.857
80.045
80. 000
Yugoslavia
(dinar)
1.7591
1.7681
1. 7080
1.6411
1. 7607
2.2719
2. 2837
2. 2965
2.2991
2.3196
2. 3030
2. 2882
2. 2866
2.2871
2. 2985
2. 2926
2.2912
2. 2956
2. 2990
2. 3003
r
Revised.
NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina, Austria, Brazil (official rate), Bulgaria,
Chile, Colombia, Hungary, and Uruguay—since April 1933; Australia, New Zealand, and South Africa—since April 1934; Czechoslovakia—Sept.
26-Oct. 10, 1936; Finland—Sept. 26-Oct. 15, 1936; Greece—since Sept, 26, 1936; Italy—Nov. 23, 1935-Apr. 1, 1936, and Oct. 2-3, 1936; Poland— Apr. 28Aug. 4 and Sept. 26-Oct. 24, 1930; Portugal—since Sept. 20, 1930; Rumania—since Aug. 8, 1930; Spain—July 31-Sept, 21 and since Nov. 14, 1930,
no quotation being available Sept, 22-Nov. 13, 1930; Turkey—since July 25, 1930; Yugoslavia—since Aug. 11, 1936. In September 1936 exchange
quotations on all other countries, with the exception of Canada, Egypt, Straits Settlements, and United Kingdom, were partly nominal; and
quotations were unavailable on two days for Turkey, and on one day for Colombia, Egypt, and Straits Settlements.
Changes have occurred in the basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of
latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. Brazil—Free market rate quoted in addition to official rate
beginning Aug. 3,1936. Average free market rate for 1936 is for Aug. 3-Dec. 31. China—Beginning Apr. 10, 1933, new yuan, containing 23.4934
grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31;
average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. Hungary—Reported on new basis beginning August 3, 1936. Average for 1936 is for rates
reported on old basis for Jan. 1-Aug. 2; average for rates reported on new basis for Aug. 3-Dec. 31 was 19. 538 cents.
167
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index
United
States
Year or month
1926
1927
1928
1929
1930
1931
1932...
1933
1934
1935
_ ..
..
__
(1926=100)
100
95
97
95
86
73
65
66
75
80
.
_
_
.
1935—September
October ___ __
November
December
__
1936—January
FebruaryMarch
April
May
June
July
August
September
October
November
December
1
(1926 = 100)
..
_
.
__
_
_. .
___
Canada
„
_
numbers]
United
Kingdom
France
Germany
Italy
Netherlands
Japan
(October
1900=100)
(1926-30=100)
(1930=100)
(1913=100)
(1913=100)
(1913=100)
100
98
96
96
87
72
67
67
72
72
100
88
86
86
88
90
695
642
645
627
554
502
427
398
376
338
134
138
140
137
125
111
97
93
98
102
602
495
462
445
383
328
304
280
273
237
225
226
220
181
153
161
180
178
186
106
103
102
100
90
76
65
63
63
62
81
81
81
81
72
73
73
73
90
91
91
91
332
342
348
354
102
103
103
103
330
189
194
194
192
62
63
63
63
81
81
80
80
79
79
81
82
82
82
82
84
73
73
72
72
72
72
74
76
76
77
77
80
92
92
92
92
92
93
94
95
96
98
98
101
359
372
376
371
374
378
391
403
420
471
-•492
519
104
104
104
104
104
104
104
105
104
10-4
104
105
192
191
191
192
192
194
197
197
201
200
204
215
62
62
62
61
61
62
62
63
63
68
70
71
Revised.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month
__
_
_
1935—September
October _.
Novflm hfir
December
1936—January
February .
March
April
May
June
July
August
September
October _
November
December
_
_
Foods
Other
commodities
(1930=100)
Foods
F r a n c e (1913=100)
Indus- AgriculFarm
Industrial
trial
tural
and food
products products products products
Provisions
Industrial raw Indusfinand semi- trial
ished
finished
products products
100
87
85
87
90
90
581
599
584
579
526
542
482
420
393
327
793
678
697
669
579
464
380
380
361
348
129
138
134
130
113
104
91
87
96
102
132
129
133
125
113
96
86
75
76
84
130
132
134
132
120
103
89
88
91
92
150
147
159
157
150
136
118
113
116
119
88
89
88
89
90
92
93
93
322
331
338
350
356
104
104
105
105
84
84
84
84
92
93
93
93
119
119
119
119
89
88
87
87
88
89
90
94
95
98
97
99
93
94
94
94
94
94
96
96
97
97
99
102
364
391
396
385
392
394
405
425
449
487
500
522
355
356
358
359
358
364
378
384
396
457
484
516
105
105
105
105
105
106
106
106
105
104
103
104
84
85
85
85
85
85
85
85
86
86
86
91
93
94
94
94
93
93
93
94
94
95
95
96
120
120
120
120
121
121
121
121
122
122
123
123
100
99
106
105
88
65
48
51
65
79
100
97
101
100
91
75
61
61
71
84
100
94
93
92
85
75
70
71
78
78
100
89
88
83
85
87
80
78
78
78
86
85
85
86
78
78
79
79
78
80
77
77
75
78
81
84
84
84
85
89
84
83
80
80
78
80
81
83
83
83
84
86
79
79
79
79
79
79
80
80
80
80
81
82
Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678.
G e r m a n y (1913 = 100)
eococc
1926
1927 .
1928
1929
1930
1931_
1932_
1933 .
1934.
1935.
Farm
products
United Kingdom
168
FEDERAL RESERVE BULLETIN
FEBRUARY 1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbersl
[Index numbers]
Year or month
United
States
England
(July
1914=100)
(1923-25 =
100)i
France
(July
1914=100)
Germany
(191314=100)
105
100
82
68
66
74
80
161
156
157
154
145
131
126
120
122
125
554
557
549
611
(514
1935—December
82
1936—January
February
March_
April
May . .
Juno
July.. . _
August. . . .
September _
October
November
December .
82
81
80
80
80
84
84
84
84
83
83
83
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
,
..
.
_
..
..
_
.
United
States
Year or month
530
491
481
423
146
153
153
156
146
131
116
113
118
120
1926
1927.
1928.
1929
1930
1931
1932
1933
1934
1935
131
435
121
1935—December
131
130
129
126
125
126
129
129
131
132
130
136
441
44G
446
443
450
458
440
400
483
501
520
534
122
122
122
122
122
123
124
124
122
122
121
121
1936—January
February
March
April
May
June
July.
August
September
October
November
December
(192325 = 100)
__
103
102
100
99
97
89
80
76
78
81
81
81
82
82
82
England
(July
1914=100)
Germany
France
(Jan.-June
(19131914=100)
14 = 100)
170
164
166
164
158
148
144
140
141
143
505
514
519
550
581
509
52G
520
510
4S3
142
148
152
154
148
130
121
118
121
123
147
478
123
147
147
146
144
144
144
146
146
147
148
151
151
124
124
121
124
124
125
125
125
124
124
124
124
480
497
504
"539
p Preliminary.
i From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of
month.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistiscb.es Reichsamt; France—For retail food prices, Statistique Ge'ne'rale, and for cost of living, Commission d'e"tudes
relatives au coiit de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)1
Year or month
Number of issues
Common stocks (1926 average= 100)
France
Germany
England
(December (1913 aver- (average
1921 = 100)2 age =100)
price) »
60
87
36
97.6
100.7
100 8
98.0
99.3
90.9
69.5
73.4
84.5
88.6
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5
1935—December .
92.5
129.5
79.1
1936—January.
February
March
April
May
June
__
Julv
August
September .
October
Xoveinber.._ . - _
December.
95.3
97.2
96.6
95 9
95.5
96.2
97.1
97.7
98. 0
99. 6
99. 8
99. 9
130.1
131.0
130.2
131.5
131. 1
130.6
131. 0
131.6
132. 1
132.9
132.0
130.9
78.9
77.9
75.2
75.8
74.7
73.8
73.2
73.2
75.2
80.8
78.8
78.4
1926
1927
1928
1929
1930
1931
1932 . _ .
1933
1934 _1935
1
.
._ . .
...
139
United
States
England 2
France
Germany
329
419
278
300
100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
100.0
123.2
178 1
217. 6
187.6
132. 2
105.2
99 6
83.3
79.7
100.0
145.0
136. 1
122.8
100 2
• 78.0
3 50. 3
61.7
71 1
82 9
94.9
95.3
90.2
77.3
8! 9
95.1
95.2
95.3
95.3
95.5
95.8
95.9
90. 1
96. 1
96. 2
90. 3
90. 4
100.1
106.1
108.7
108.9
101.0
105.6
109. 2
113.0
114.1
118.7
124. 2
123. 1
93. 1
95.2
94.1
95.5
93.8
94.0
94.7
97.3
98.2
102.1
103. 2
103. 5
83.7
86.7
84.1
82 8
71.2
66. 1
59.2
58.8
05. 7
S3. 7
89.7
94. 8
8 4 •>
85 5
81.4
83.3
•83.4
8 67. 1
82.5
90.7
95.3
80 0
8* fi
8N 3
91 1
93 2
94 0
93. 4
91. S
97.2
97. 8
90.7
Prices derived from average yields for 00 corporate bonds as published by Standard Statistics Co.
2 Annual indexes are unweighted averages of monthly indexes.
» Exchange closed from July 13 to Sept. 2. 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
Source.—See BULLETIN for February 1932, p. 121, and June 1935. p. 394.
FEDERAL RESERVE DIRECTORY
169
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
JOHN K. MCKEE
CHESTER C. DAVIS
JOSEPH A. BRODERICK
M . S. SZYMCZAK
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MOKKILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
E. L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
GEORGE L. HARRISON, Vice Chairman
JOSEPH A. BRODERICK
CHESTER C. DAVIS
M. J. FLEMING
G. H. HAMILTON
JOHN K. MCKEE
B. A. MCKINNEY
RONALD RANSOM
GEORGE J. SCHALLER
M. S. SZYMCZAK
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 (NEW YORK) . .
District No. 3 (PHILADELPHIA)
HOWARD A. LOEB,
District No. 4 (CLEVELAND)
L. B. WILLIAMS.
District No. 5 (RICHMOND)
CHARLES M. GOHEN.
THOMAS M. STEELE.
W.W.ALDRICII.
V ice-President
District No. 6 (ATLANTA)
EDWARD BALL.
District No. 7 (CHICAGO)
EDWARD E. BROWN.
District No. 8 (ST. LOUIS)
WALTER W. SMITH,
President.
District No. 9 (MINNEAPOLIS) . . . . JOHN CROSBY.
CHESTER MORRILL, Secretary
District No. 10 (KANSAS CITY) . . . W. T. KEMPER.
WALTER WYATT, General Counsel
District No. 11 (DALLAS)
R. E. HARDING.
District No. 12 (SAN FRANCISCO) . . . PAUL S. DICK.
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open
Market Account
170
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent
Federal Reserve
Bank of—
Boston
F. H. Curtiss
Owen D. Young
First Vice President
W. W. Paddock
R. A. Young
1
New York
President
_ G. L. Harrison.
Allan Sproul
Vice Presidents
W. Willett.2
_ W. R. Burgess.
W. S. Logan.
J. II. Williams.
R. M. Gidney.
L. W. Knoke.
C. H. Coe.
Philadelphia
R. L. Austin
J. S. Sinclair
F. J. Drinnen
C. A. Mcllhenny.a
W. J. Davis.
E. C. Hill.
Cleveland
E. S. Burke, Jr.
M. J. Fleming
F. J. Zurlinden
II. F. Strater.
W. H. Fletcher.
W. F. Taylor.2
Richmond
Robert Lassiter __ __ Hugh Leach
J. S. Walden, Jr.
R. H. Broaddus.
J. G. Fry.
G. H. Keesee.2
Atlanta
W. H. Ketligi
Oscar Newton
R. S. Parker
H. F. Conniff.
L. M. Clark.
W. S.McLarin,Jr.a
Chicago
R E Wood1
G. J. Schaller
H. P. Preston
St. Louis _.
W. T. Nardin
W. McC. Martin
0. M. Attebery .
Minneapolis
W. B. Geery
J. N. Peyton
0. S. Powell
Kansas City_
J. J. Thomas._
G. H. Hamilton
C. A. Worthington.... A. M. McAdams.
J. W. Helm.s
Dallas
C C Walsh
B A McKinney
R R Gilbert
San Francisco
A. 0. Stewart
W. A. Day
Ira Clerk
_. W. H. Snyder.s
C. S. Young.
J. H. Dillard.
J. S. Wood.
J. G. McConkey.
Harry Yaeger.
II. I. Ziemer.*
E. W. Swanson.
R B Coleman «
W. J. Evans.
S. G. Sargent.
W
A/T FT Q 1 o
C. E. Earhart.2
1
Deputy chairman.
* Cashier.
» Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Managing director
New York:
Buffalo branch
R. M. O'Hara.
Cleveland:
Cincinnati branch
B. J. Lazar.
Pittsburgh branch
G. H. Wagner
Richmond:
Baltimore branch L__ __ W. R. Milford
Charlotte branch
W. T. Clements.
Atlanta:
Birmingham branch
P. L. T. Beavers.
Jacksonville branch
G. S. Vardeman, Jr.
Nashville branch
J. B. Fort, Jr.
New Orleans branch
Marcus Walker.
Chicago:
Detroit branch
R. H. Buss.
St. Louis:
Little Rock branch
A. F. Bailey.
Louisville branch
J. T. Moore.
Memphis branch..
W. II. Glasgow.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha branch
Dallas:
El Paso branch
Houston branch
San Antonio branch
-San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
J. E. Olson.
C. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
171
FEDERAL RESERVE DISTRICTS
MINNEAPOLIS
S.DAK.
!
MO.
t«P
^
/Louisville
ST.LOUIS
ATLANg
Birmingham
.—
®
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FEDERAL RESERVE BRANCH CITIES
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