Full text of Federal Reserve Bulletin : January 1937
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FKDERAL RESERVE
BULLETIN
JANUARY 1937
Gold Movements and Excess Reserves
Statistics of International Capital Transactions
Definition of "Interest" in Regulation Q
*********
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
TABLE OF CONTENTS
PAGE
Review of the month—New Treasury gold policy—Gold movements and excess reserves
National summary of business conditions
.
Summary of financial and business statistics
Law Department—Effective date of definition of interest in section 1 (f) of Regulation Q
Insurance of deposits
Monetary legislation in Czechoslovakia and Rumania
Statistics of international capital transactions of the United States
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
December crop report
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
1-6
7-8
10
11
12-13
14-16
17-39
42
43-47
48
49
50
51
52-53
54-57
58
59
60
61
62
63
64-65
66-74
75
76
78
79
79-81
82-85
85
86
87
87
88
89
90
90
92
93
FEDERAL RESERVE BULLETIN
VOL.
23
JANUARY 1937
No. 1
Reserve balances of member banks, which
have
been increasing rapidly in recent years,
On December 21 the Secretary of the Treasreached a new high level of
ury announced that the Treasury "proposes,
Continued
growth
$6,800,000,000 in the early
whenever it is deemed advisaP a r t o f December, largely
New Treasury b j e a n ( j j n t h e pu blic interest to blnir^rves
gold policy
^
as a result of continued gold
do so, to take appropriate action
imports.
Of
this
amount $4,600,000,000 conwith respect to net additional acquisitions or
stituted
required
reserves
and $2,200,000,000
releases of gold by the Treasury Department.
This will be accomplished by the sale of ad- excess reserves. From the effective date of
ditional public-debt obligations, the proceeds the 50 percent increase in reserve requireof which w7ill be used for the purchase of gold, ments last August to the beginning of Deand by the purchase or redemption of out- cember total reserves of member banks instanding obligations in the case of move- creased by $580,000,000. Of this increase
$160,000,000 has been absorbed by an inments in the reverse direction."
crease
in required reserves resulting from
The operations under this policy permit
a
growth
in the member banks' deposit lianeutralizing the effect on member bank rebilities,
and
$420,000,000 has been added to
serves of future gold acquisitions or sales of
excess
reserves
of member banks throughout
such gold. Effects on reserves of additions
the
country.
to the gold supply, either from imports or
from new production, will be offset by the In the three weeks from December 2 to
sale to the public of an equivalent amount December 23 excess reserves declined by
of United States Government obligations and about $320,000,000, as a result of increases in
by the setting aside of the purchased gold in money in circulation preceding Christmas
an inactive account in the Treasury. In this and in balances of the Treasury at the Reway the gold will be kept out of the country's serve banks, built up by quarterly income
credit base. An outward movement of gold tax receipts and the sale for cash of new
acquired through sale of bills will be simi- Treasury securities. This reduction in relarly offset by the purchase or redemption of serves, however, is temporary, since the
United States obligations in the market, thus return flow of currency from circulation
restoring to it the funds lost through the ex- after the Christmas holidays and disburseport of gold. To this extent, therefore, the ments by the Treasury out of its balances
volume of member bank reserves will neither
increase nor decrease as the result of changes with the Reserve banks may be expected to
build up member bank reserves in January
in the supply of gold.
The announcement by the Secretary of the to a level at least as high as that at the beTreasury states that the action was taken ginning of December. The new Treasury
after conferring with the Board of Governors policy of offsetting the effect of gold moveof the Federal Reserve System. The problem ments on reserves will prevent any further
of dealing with the volume of excess reserves increase that might result from additional
which is now in existence will not be affected gold imports and purchases of domestic gold.
Growth of member bank reserves in the
by the new policy.
REVIEW OF THE MONTH
FEDERAL RESERVE BULLETIN
past three years has been due to gold imports
of $4,000,000,000, to gold acFactors affecting quired f rom domestic sources
volume and
in the amount of $500,000,distribution of
000, and to $800,000,000 of
excess reserves
silver purchased by the
Treasury against which silver certificates
were issued. While gold imports have been
the principal factor in the growth of the total
volume of member bank reserves, other factors have widely distributed these reserves
among the different groups of member banks
and the different sections of the country.
This distribution has been effected by the
complex of industrial, commercial, financial,
and governmental transactions which involve
the continuous shifting of funds among
regions and among banks.
Gold imported into this country is sold to
the Treasury and Treasury checks are drawn
in payment for the gold or for the foreign
exchange used to purchase it. These checks
are drawn upon the Treasury's balances at
the Federal Reserve banks, and become available to member banks, which deposit them
at the Reserve banks and in exchange receive
credits to their reserve accounts. Reserve
balances of member banks receiving Treasury
checks are thereby increased. In the past
the Treasury did not offset this increase but
replenished its balances with the Reserve
banks by giving the Reserve banks an equivalent credit in the gold-certificate account.
Under the newly adopted Treasury policy
the Treasury will segregate the gold and will
replenish its balances at the Reserve banks
by the sale of Treasury bills in the market.
This operation will diminish member bank reserves, thus offsetting the previous increase.
Since most of the foreign exchange transactions take place in New York, the effect of
gold imports on member bank reserves has
been as a rule immediately reflected in additions to the reserves of New York City
banks, but in time these reserves have become
widely distributed among banks elsewhere.
In some cases this transfer to other parts of
JANUARY
1937
the country may occur immediately after or
even antedate the completion of the gold
transaction. The foreign exchange used to
obtain the gold may be obtained from an
exporter, a foreigner purchasing securities
in this country, or someone transferring a
balance to this country, and this seller of exchange may deposit the funds or use them to
make payments elsewhere than in New York.
Thus reserves may be transferred from a
New York City bank to a bank elsewhere
before the gold is sold to the Treasury.
Subsequent to the importation of gold the
continuous flow of funds in connection with
a variety of payments leads to a broad distribution of the additional reserves thus acquired among different banks and regions.
It is not possible to measure quantitatively
the complex elements that make up this flow
of payments, but several of the more important movements may be enumerated. Improvement in agricultural conditions since
1933 and the increase in farm income have
carried funds to agricultural regions in payment for their crops sold at higher prices.
Likewise industrial expansion in various sections of the country has resulted in a substantial shifting of funds to such sections.
Perhaps the most important factor in the
geographical distribution of surplus funds of
banks since 1933, however, has been the expenditure by the Treasury of funds raised by
the sale of Government obligations to banks.
Funds spent by the Treasury are not necessarily raised in the locality in which they are
spent and do not necessarily remain in the
particular section in which payments are
made. The bulk of them may be transferred
from one locality to another for the purpose
of investment or in payment for goods and
services; and with each transfer there is a
shift of member bank reserves through the
clearing system. City banks, especially those
in New York City, have until recently bought
relatively more Government securities than
the so-called country banks, but expenditure
by the Government throughout the country of
JANUARY 1937
FEDERAL RESERVE BULLETIN
funds obtained from city banks has tended to
reduce the excess reserves of city banks and
to distribute them widely among country
banks in different parts of the country.
Country banks thus acquiring excess funds
in other parts of the country. A summary
of the more important of these figures is
given in the chart, which shows cumulative
movements since the beginning of 1934 when
gold imports, excess reserves, and bankers'
balances all began to increase rapidly.
FACTORS OF GAINS AND LOSSES OF RESERVE FUNDS
The chart shows that during the past three
AT BANKS IN NEW YORK F. R. DISTRICT
years
New York banks have gained reserves
4
through gold imports, and that there has also
been a net gain of funds by the New York
district from other parts of the country arising from an increase in balances held in New
York City for outside banks and from other
transactions growing largely out of ordinary
commercial and financial operations. During the same period the Treasury has made
large withdrawals of funds from the New
York district, representing the excess of
funds raised in the district through the sale
of Government securities and through tax
receipts over Government disbursements in
the district. These funds have been spent
by the Government in other parts of the
country, thus shifting reserve funds from
Weekly figures of net gains and losses cumulative from January 1, New York banks to outside banks.
Upon
1934, through December 16, 1936.
receipt of these funds the banks outside of
have kept a portion as excess reserves with New York, however, have in part redeposited
Federal Reserve banks, have invested a por- them in the form of bankers' balances with
tion, and have placed a substantial amount on New York City banks. As a consequence of
deposit with correspondent banks in financial these various movements total reserves and
centers. Balances carried by country banks excess reserves of New York banks and total
with city correspondents are now more than reserves, excess reserves, and New York baltwice as large as they were at any time prior ances of outside banks have all shown a conto 1934. City banks have, therefore, con- siderable growth.
tinued to hold a large part of legal excess reThe preceding paragraphs have described
serves, but a portion of these reserves in effect how gold imports in recent years have inbelongs to country banks which may withcreased the aggregate voldraw them on demand.
ume of excess reserves, and
Distribution of
among
how
Government borrowing
Figures have been compiled by the Fed- reserves
classes of
and spending and other ordieral Reserve Bank of New York measuring member banks
nary business and financial
important elements in the movement of fund
into and out of the New York Federal Re- transactions have distributed the increased
serve district, comprised mostly of transfer reserves among the various classes of meminto and out of New York City. These figure; ber banks. As shown in the following table
illustrate the way in which reserves of banks and also in the chart, all classes of member
in New York are affected by gold imports and banks in the latter half of November had
the shifts of funds between them and bank; much larger excess reserves than in January
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
FEDERAL RESERVE BULLETIN
1934, and, notwithstanding the recent increase in reserve requirements, the ratio of
excess to required reserves for member banks
in the aggregate was somewhat larger than
at the beginning of 1934.
DISTRIBUTION OF EXCESS RESERVES, BY CLASSES OF
BANKS
[Averages of daily figures]
Amount of excess reserves (in millions of
dollars)
Jan.
1934
Aug.
1-15,
1936
Nov.
16-30,
1936
Percent of excess to
required reserves
Jan.
1934
Aug.
1-15,
1936
Nov.
16-30,
1936
and of further expansion in deposits. Since
the reserve funds of these banks increased
by only $215,000,000, their excess reserves
declined by $460,000,000. Reserve city banks,
at which required reserves have increased by
$530,000,000, showed a loss of but $240,000,000 in excess reserves. At country banks,
notwithstanding increased requirements of
nearly $260,000,000, excess reserves declined
by only $100,000,000 from an unusually high
level in the first half of August, and are now
at about the same level as in the first half
of 1936.
EXCESS RESERVES OF MEMBER BANKS
BILLIONS OP DOLLARS
Central reserve city
banks:
New York
Chicago
Reserve city banks.
Country banks
All member
banks
147
171
305
242
1.226
290
970
619
767
225
729
518
3,105
2,240
20
110
52
64
JANUARY 1937
BILLIONS OF DOLLARS
96
103
104
131
49
Aggregate reserve balances of member
banks in the latter part of November were
slightly less than 50 percent in excess of requirements. Banks in reserve cities held
excess reserves of 50 percent, while the socalled country banks held reserves of 70 percent above requirements. Central reserve
city banks in New York City, with reserves
of about 40 percent above requirements, had Averages of daily figures for weeks ending Friday; figures for
country banks and for all member banks are estimated.
the smallest percentage of excess reserves of
any class of banks.
Owing to the large volume of balances that
Excess reserves of the various classes of banks outside of New York City carry with
banks are smaller than they were before the
correspondent banks, the effective,
increase in requirements last August, but, Bankers' a s contrasted with the technical, reowing to the subsequent growth in total re- balances serve position of these banks is conserves, they are substantially larger than imsiderably understated when their
mediately after the increase went into effect. balances with Federal Reserve banks alone
All classes of member banks have shared in are considered. Banks outside of New York
this increase in reserves, but the gains have require balances with correspondents to serve
been unequal, and the relative distribution of as secondary reserves and for clearing purexcess reserves among the various classes of poses, but the volume of such balances at the
banks has been considerably altered. In the present time is much larger than normal recase of New York City banks required re- quirements. New York City banks have conserves increased by $675,000,000 between tinued to hold only small working balances
the first half of August and the latter part of with correspondents. On June 30, 1936, all
November, as a result of the Board's action member banks held demand balances with
JANUARY 1937
FEDERAL RESERVE
other domestic banks of $3,800,000,000,
whereas from 1922 to 1929 they held an
average of $1,900,000,000, which may be considered as a more nearly normal amount of
working balances.
Of the total bankers' balances on June 30
about $1,700,000,000 belonged to country
member banks, compared with $900,000,000
held by them at the end of 1929. Last July
and August, following announcement of the
increase in reserve requirements and about
the time of its effective date, between $100,000,000 and $200,000,000 of bankers' balances
were withdrawn from New York City banks,
and there were also some withdrawals from
banks in other cities. Since that time, however, country banks have again built up their
balances with correspondents, and it is estimated that in November they were fully
$200,000,000 larger than last June. When
balances with correspondent banks, as well as
excess reserves, are considered, it appears
that total unutilized funds owned by country
banks at present are larger than last summer,
before reserve requirements were increased.
It has been pointed out that in November
each class of member banks taken as a group
had aggregate rieserve balReserve position of a n c e s Considerably in exindividual banks
cess of requirements. A
survey of the reserve position of member banks shows that this was
true also of the majority of individual members. The results of this survey have been
tabulated so as to show the number of banks
that have reserves 16% percent above requirements, or sufficient to meet an increase
of one-half of the Board's authority to raise
reserve requirements; banks that have reserves between 16% and 33% percent above
requirements, and banks that have reserves
33% percent or more above requirements,
which would be sufficient to meet the maximum authorized increase in requirements.
Out of the total of 6,400 member banks in the
first half of November, nearly 3,800, or 59
percent, had reserves that were 33% percent
5
BULLETIN
or more in excess of current requirements.
About 60 percent of all country banks and 47
percent of all central reserve and reserve city
banks were in this position. The results of
the survey are summarized in the following
table:
NUMBER OF MEMBER BANKS DISTRIBUTED ACCORDING
TO PERCENTAGE OF EXCESS RESERVES
[Based on daily averages for first half of November 1936]
Ratio of excess to
required reserves
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Less than 16% percent
16% percent-33% percent.__
333^ percent and over
1,445
1,171
3, 772
14
8
15
4
1
12
110
71
155
1,317
1,091
3,590
Total number of member banks
..
6, 388
37
17
336
5,998
The 2,600 banks which in the first half of
November had excess reserves amounting to
less than 33% percent of required reserves
were short of this amount by a total of $350,000,000, of which $120,000,000 was at central
reserve city banks in New York and $230,000,000 at other banks. With comparatively
few exceptions banks outside of New York
City were in a position to cover the difference
by using not more than half of their balances
with correspondents, which have been approximately twice as large as was customary
prior to 1934. New York City banks, however, hold only small working balances with
other banks. The principal New York banks
showing excess reserves of less than a third
of required reserves hold substantial amounts
of liquid assets, such as Treasury bills and
notes, bankers' acceptances, and brokers'
loans, which can be readily sold or called and
thus shifted to other banks that have excess
reserves.
An increase in reserve requirements at a
time when member banks hold sufficient excess reserves to meet the
Effects of increase increase results in making
in requirements
unavailable as a basis of
credit expansion a portion
of member bank funds for which these banks
6
FEDERAL RESERVE BULLETIN
JANUARY
1937
are not finding a profitable outlet. An in- reserve deposit of some member bank. It is
crease at such a time has no immediate effect for this reason that the Reserve banks purupon the supply of credit in the money mar- chase United States Government securities
ket, but merely limits a possible future when they wish to ease the credit situation
growth in this supply.
by placing additional funds at the disposal of
The balance sheet of the Federal Reserve member banks.
banks is in no way changed by an increase
Mechanically the process is as follows:
in reserve requirements of member banks, when a Reserve bank purchases a Governexcept to the extent that member banks may ment obligation, it pays for it by a check
borrow to meet the increase. So long as mem- drawn on itself. The seller of the obligation
ber banks have excess reserves out of which deposits this check at his bank, and the bank
to meet the increase, it does not affect the in turn deposits it at the Federal Reserve
total amount of deposits at the Reserve banks, Bank where it is credited to the depositing
but merely converts a portion of the deposits bank's account. Similarly when a Reserve
already held from reserves held by member bank discounts paper for a member bank or
banks with the Reserve banks in excess of makes an advance to it, the member bank's
requirements to required reserves. It has no reserve account is credited with the amount
effect whatever on the volume of funds avail- involved. In both cases, therefore, member
able to the Reserve banks for investment.
bank deposits at the Federal Reserve banks
From the nature of the functions of the are increased.
Federal Reserve banks it is clear that it is
Limits of possible expansion by the Reserve
not a correct description of banks are not related to the legal distinction,
Source of
their operations to say that as between required and excess reserves, of
fending power t h e y invest funds deposited member bank deposits that they hold, but are
with them by member banks. set by the amount of cash reserves of the
The lending power of the Re- Reserve banks themselves. The extent to
serve banks is derived from the authority they which the lending power of the Federal Rehave to issue Federal Reserve notes and to serve banks is put to use, however, is not
create deposits on the basis of a 40 or a 35 determined by the theoretical possibilities of
percent reserve, respectively, to be held expansion on the basis of available reserves or
against notes and against deposits. When a by the possible earnings from such expansion,
Reserve bank purchases in the market a but solely by a consideration of the amount
United States Government obligation and of reserve funds required for the accommodapays for it, directly or indirectly, with a tion of commerce and business and the maindeposit credit on its books, it adds to the tenance of sound credit conditions.
FEDERAL RESERVE BULLETIN
JANUARY 1937
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 23 and released for publication December 25]
Production, wage payments, and the dis- Factory employment showed little change
tribution of commodities to consumers in- from October to November, although a decreased considerably from October to No- crease is usual at this season of the year, and
vember. Wholesale commodity prices have the Board's seasonally adjusted index adadvanced steadily since the end of October. vanced to 96 percent of the 1923-1925 averProduction and employment.—The Board's age. The number employed at factories proindex of industrial production, which makes ducing durable goods continued to increase,
allowance for changes in the number of workthe largest expansion in the automobile
ing days in the month and for the usual sea- with
and
machinery
industries. There was a desonal variations, was 114 percent of the 1923- cline in employment
at lumber mills and in
1925 average in November, as compared with
the
glass
industry.
In
the nondurable goods
109 percent in October. Output of both durable and nondurable manufactures showed a industries as a group employment showed a
considerable rise. Production of steel ingots smaller decline than is usual in November.
increased further to a rate of 79 percent of At shoe factories and establishments producing wearing apparel smaller than seasonal
declines were reported and there were inINDUSTRIAL PRODUCTION
creases in employment at cotton and woolen
J
textile mills and at meat-packing plants.
DEPARTMENT STORE SALES
1929
1930
1931
1932
1933
1934
1935
1936
Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.
capacity in November, and output of automobiles also increased. Figures for the first
three weeks of December indicate continued
expansion in output of both steel and automobiles. In the plate glass industry, where
there has been a strike, production was
sharply reduced in November, and activity
at lumber mills declined, reflecting the effects
of the maritime shipping strike on the Pacific
Coast. Increases in output were reported at
meatpacking establishments and textile mills,
and sugar meltings and output of tobacco
products declined by less than the usual seasonal amount. At mines, coal production increased and output of crude petroleum and
iron ore showed a smaller than seasonal reduction.
Value of construction contracts awarded,
according to figures of the F. W. Dodge Corporation, continued at about the same rate
in November as in the previous month.
1929
1930
1931
1932
1933
1934
1935
1936
Indexes of value of sales, 1923-1925 average = 100.
Distribution.—Department store sales increased substantially in November, and there
was also a rise in sales at variety stores and
at chain grocery stores. Sales by general
merchandise stores and mail order houses
serving rural areas declined from the high
level reported for October.
Freight-car loadings showed a smaller than
seasonal decrease in November. Loadings
of coal, coke, and grain increased contrary
to the usual seasonal tendency, and shipments
of miscellaneous commodities and of most
other classes of freight declined by less than
the seasonal amount.
8
FEDERAL RESERVE BULLETIN
Commodity prices.—The general level of
wholesale commodity prices continued to advance from the middle of November to the
third week of December. There were substantial increases in the prices of wheat,
flour, nonferrous metals, and rubber. Prices
of wool, cotton yarns, and worsted yarns advanced somewhat further and cotton, pig
iron, and steel scrap prices also increased in
this period.
JANUARY
1937
weekly reporting member banks through the
first half of December, reflecting additions to
monetary gold stock, as well as a sharp increase in bank loans.
At reporting banks outside New York City
holdings of Government securities increased
by $140,000,000 in the four weeks ending
December 16, while at New York City banks
they showed a further small decline. There
was an increase of $100,000,000 in loans to
brokers and dealers in securities in New
York City, largely for the purpose of buying
United States Government securities. Commercial loans showed a further increase of
$150,000,000, carrying the total volume of
such loans to a level $800,000,000 higher than
a year ago.
MEMBER BANK CREDIT
1929
1930
1931
1932
1933
1934
1935
1936
Indexes compiled by the United States Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931 ; by weeks, 1932 to date.
Latest figure is for week ending December 19, 1936.
Bank credit.—The reserve position of member banks in recent weeks has been influenced
largely by temporary seasonal developments
in connection with holiday currency requirements and mid-December financing by the
United States Treasury.
Notwithstanding the increased demand
for currency for Christmas shopping, there
was a further growth in demand deposits at
Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to December 16, 1936. Loans on real
estate, loans to banks, and acceptances and commercial paper
bought included in total loans and investments but not shown
separately.
FEDERAL RESERVE BULLETIN
JANUARY 1937
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1930
Wednesday figures
1931
1932
1933
1934
1935
1936
MEMBER BANK
RESERVE BALANCES
1930
1931
1932
1933
1934
1935
Latest figures for December 23, 1936. See table on page 42.
1936
10
FEDERAL RESERVE BULLETIN
JANUARY
1937
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1936
Nov.
Oct.
Sept.
472
6
3
2,430
1,116
2, 517
6,401
2,459
461
2,480
7
3
2,430
10,983
2,512
6, 321
2, 559
502
2,479
8
3
2,430
10,764
2, 507
6,258
2,619
528
RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS
Nov.
Oct.
Sept.
1929
1934
1935
2,502
36
25
2,432
7,512
2,381
5,403
2, 879
438
2,475
7
5
2,431
9,059
2,478
5, 585
2,919
507
2,358 2,114 2,343 3,676
43
256
528 1, 564
5,001
2,469
1932
1933
Averages of daily figures; in millions of dollars
Reserve bank credit—total
Bills discounted
Bills bought
U. S. Government securities
Monetary gold stock
Treasury currency
Money in circulation
Treasury cash and deposits with Federal Reserve banks
Nonmember deposits and other accounts
Member bank reserve balances:
Total
Excess
6,785
2,219
2,482
7
5
2,430
9,777
2,410
5,770
2, 630
512
2,482
8
5
2, 430
9, 545
2, 398
5,704
2, 693
560
2,480
10
5
2,430
9,246
2,389
5,651
2,734
488
6, 594 6, 345 5, 757 5, 469 5, 243
2,043 1,852 3, 061 2,820 2,628
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
Time deposits (excluding interbank)*
Deposits of domestic banks 3
Borrowings
Annual averages
1935
1,459
952
241
208
3,996
2,015
4,476
229
406
2,077
521
71
1,461
3,952
2,096
5, 328
275
407
2,429
283
83
2,052
4,059
2,271
5,576
343
497
Averages of Wednesday figures; in millions of dollars
12, 444 22, 566 22, 520 20,510 20,355 20,187 22, 599 19, 080 17, 505 18, 672
941
945
983
820
800
844 1,405
337
591
815
2, 239 2,243 2,247 2,242 2,237 2,228 6,251 4, 508 3,343 2,711
5, 575 5, 530 5,398 4, 968 4,926 4,857 9,231 6,578 5,222 4,965
19,997
820
2,301
4,907
9,232
1, 255
3, 202
5,422
404
2, 463
5, 362
5, 032
6,236
1
9,310
1,255
3,283
5,276
399
2,385
15, 152
5,070
6,080
1
9, 320
1,246
3,326
4,995
383
2,311
14,962
5,036
5, 890
15
7,989
928
3,052
4,024
326
2,112
12,729
4,883
4,938
1.00
.10
2. 29
3.15
.75
1.00
.13
2.42
3.18
.75
1.00
.16
2.41
3.18
All issues—total
_
__.
New
Refunding
Domestic corporate issues—totalNew
Refunding
349
156
192
239
109
130
'463
••187
276
366
95
272
409
179
230
250
75
175
380
116
264
251
33
217
Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities
Retail food prices (1923-25=100)
124
119
114
82
85
84
81
83
82
84
83
80
83
82
84
83
80
84
P114
?114
P110
P58
^40
P72
110
110
104
57
43
69
94
89
73
90
_
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)
4,413 5,228 6, 856
fc
325
2,847 3,245 3,121 «3,000
1, 725 1, 673 1,822 2,875
248
214
240
271
1,142 1, 250 1,322 1,688
2,865
0)
0)
0)
0)
1.72
1.16
.52
3.31
4.49
1.02
1.00
.26
3.10
4.00
6, 788 5, 666 4,946 4,937
2,787 2,772 2,822 3,814
674
228
115
8
.75
.75
.14
2.73
'3.47
.20
2.77
3.52
.75
.25
.22
2.78
3.59
5.85
7.61
2.73
2.05
3.60
4.73
3.65
5.01
.76
.56
.14
2.70
3.60
959
841
118
781
667
115
146
100
46
54
27
27
89
60
29
32
13
18
180
116
64
41
15
26
124
265
189
34
155
93
Index numbers
85
190
85
48
63
72
78
81
78
85
79
82
81
78
85
78
80
81
80
86
78
80
65
48
61
70
68
66
51
61
71
66
75
65
71
78
74
80
79
84
78
80
76
75
82
25
11
37
72
49
58
67
79
78
86
32
12
48
82
63
62
75
90
90
91
37
21
50
86
71
63
79
140
121
178
138
190
171
362
145
217
252
73
179
436
177
259
276
45
231
95
105
100
92
105
Index numbers, adjusted for seasonal variation, 1923-25=100
109
110
101
59
47
69
94
83
72
88
96
97
92
f;0
26
88
88
76
66
82
95
95
93
48
25
66
87
76
64
78
91
92
87
43
25
58
86
74
62
81
119
119
115
117
87
142
105
109
106
111
64
63
71
28
13
40
66
47
56
69
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
265
212
220
216
270
169
221
189
199
162
437
367
134
110
r
p Preliminary.
* Partly estimated.
Revised
i4 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.
8,045
1,094
3,119
4, 251
336
2,212
13,283
4, 853
5,116
10
Amounts per month; in millions of dollars
BUSINESS INDEXES
Exports, including re-exports..
General imports
8,156
1,114
3,122
4,435
339
2, 253
13,359
4,917
5,244
1
Averages of weekly figures; percent per annum
CAPITAL ISSUES
Industrial production..
Manufactures
Minerals
Construction—total.
Residential.
All other.._
Factory employment 4
Factory payrolls (unadjusted) 4
Freight-car loadings. _
Department store sales
_.
8,291
1,138
3,051
4,715
354
2, 326
13,779
4,883
5, 400
1
3 Do not include time deposits 1929-1934.
JANUARY
1937
FEDERAL RESERVE BULLETIN
11
LAW DEPARTMENT
Effective date of definition of interest in section l ( f )
of Regulation Q
During the latter part of 1935, the Board
of Governors of the Federal Reserve System
revised its Regulation Q relating to the payment by member banks of interest on deposits, and the regulation in its revised form
was made effective January 1, 1936. However, the definition of interest in subsection
(f) of section 1 of such revision of Regulation Q was not made effective on January 1,
1936, but the date on which the subsection
should become effective was deferred until
further action of the Board of Governors. A
notice of such deferment was published at
page 48 of the FEDERAL RESERVE BULLETIN
for January, 1936.
During the past year the Board of Governors has given exhaustive consideration
to this subject, and, as a result of this consideration, has taken action fixing February
1, 1937, as the date on which subsection (f)
of section 1 of Regulation Q shall become
effective. This subsection which contains
the definition of interest and which is quoted
below will become effective on February 1,
1937, in the same form as that contained in
subsection (f) of section 1 of the revision of
Regulation Q published at page 862 of the
FEDERAL RESERVE BULLETIN for December,
1935, all of the other provisions of which
became effective on January 1, 1936. The
subsection reads as follows:
"The term 'interest' means a payment,
credit, service or other thing of value which
is made or furnished by a bank as consideration for the use of the funds constituting a
deposit and which involves the payment or
absorption by the bank of out-of-pocket expenses (i.e., expenses arising out of specific
transactions for specific customers and definitely attributable to such transactions as
distinguished from overhead and general
operating expenses), regardless of whether
such payment, credit, service or other thing
of value varies with or bears a substantially
direct relation to the amount of the depositor's balance.
"The term 'interest' includes the payment
or absorption of exchange and collection
charges which involve out-of-pocket expenses, but does not include the payment or
absorption of taxes upon deposits whether
levied against the bank or the depositor nor
the payment or absorption of premiums on
bonds securing deposits where such bonds
are required by or under authority of law.
"Notwithstanding the foregoing, the payment or absorption of isolated items of outof-pocket expense in trivial amounts and not
of a regularly recurrent nature, where the
charging of such items to customers would
cause undue friction or misunderstanding,
will not be deemed to be a payment of interest, provided that the bank acts in good faith
and does not utilize the absorption of such
items as a basis for soliciting accounts or
obtaining an advantage over competitors and
provided further that the bank maintains and
makes available to the examiners authorized
to examine the bank a record showing the
amounts of such items paid or absorbed by it,
the dates of such payment or absorption, and
the names of the customers for whom such
items were paid or absorbed."
12
FEDERAL RESERVE BULLETIN
JANUARY 1937
INSURANCE OF DEPOSITS
The Federal Deposit Insurance Corpora- $100,000 each were 95 percent insured. In
tion has published the results of a survey 13,204 banks with deposits of not more than
showing for different size groups and classi- $5,000,000 each, comprising 93 percent of the
fications of deposits and for different size total number of insured commercial banks,
groups and types of banks the number and the insurance coverage was about 78 percent.
dollar amount of deposits in insured banks In 772 banks, each with deposits of between
and the number and dollar amount of deposits $5,000,000 and $50,000,000 about 52 percent
wholly protected by insurance as of May 13, of the deposits were insured. In 109 banks
1936. The full text of the report, together with deposits of over $50,000,000 each, approximately 25 percent of the deposits were
with statistical tables, is as follows:
insured. These 109 banks held more than
The Federal Deposit Insurance Corpora- one-half of total deposits and almost one-third
tion on May 13, 1936, insured deposits in of insured deposits of all insured commercial
14,092 commercial banks in the United States
and its possessions, more than 92 percent of banks.
the 15,194 commercial banks in operation on INSURANCE COVERAGE BY TYPE OF DEPOSIT, INSURED
COMMERCIAL BANKS, MAY 13, 1936
that date. The percent of operating commercial banks in each State insured by the
Number A m o u n t of deposits Percent
Corporation varied from 100 percent in Ari(in millions of dollars)
of
of
accounts
Type
of
deposit
deposits
zona, District of Columbia, Utah, Vermont
(in thouinsured
In sured
sands)
T o t al
and Wyoming to less than 70 percent in Kansas and Rhode Island.
19, 578
45 188
57, 398
On May 13, 1936, insured commercial Total
Deposits of individuals,
partnerships
and
corbanks reported a total of 57 million accounts,
porations:
38
7. 620
22, 106
19 737
Demand
of which 56 million, or 98.4 percent, were ac82
10, 351
12 559
32, 563
Savings and time
counts with balances not exceeding $5,000, Interbank
6
379
6 315
93
funds of States
the maximum insurance for each depositor. Public
and political subdivi422
sions
244
3 360
Deposits in these banks amounted to $45
S. Government and
billion, of which $19.5 billion, or 43 percent, U.postal
3
37
14
1 165
savings
30
1 150
343
516
trust funds_.
were insured. On October 1, 1934, total de- Uninvested
52
167
318
469
Drafts
44
259
584
1, 393
posits of 14,060 insured commercial banks Other items
amounted to $36 billion, of which $15.6 billion, or 43.5 percent, were insured.
Insurance coverage varied also according
Figures for May 13, 1936, showed that in- to the type of bank. Banks operating branches
surance protection varied widely among or additional offices reported a higher proporbanks, the coverage being affected by size of tion of insured deposits than did unit banks
bank, type of bank, and type of deposit.
with the same volume of total deposts. The
Insurance coverage was highest in small deposits of insured mutual savings banks
banks and lowest in large banks. Deposits in were 89 percent protected, approximately the
banks with total deposits not in excess of same protection as was reported for savings
deposits in commercial banks of similar size.
INSURANCE COVERAGE BY SIZE OF BANK, INSURED
Insurance coverage varied also according
COMMERCIAL BANKS, MAY 13, 1936
to the type of deposit. The general public
held demand and time deposits amounting to
Amount of deposits
Number (in millions of dollars) Percent $32 billion. More than 95 percent of bank
of
of
banks
deposits accounts were of this type. These deposits
Total
Insured insured were 55 percent insured. Other deposits consisting chiefly of deposits of other banks and
All b a n k s
14.085
45 188
19 578
43
of governmental bodies amounted to $13 bilB a n k s w i t h deposits of:
$100,000 a n d u n d e r
917
64
61
95 lion and were 12 percent insured.
$100,000 to $250,000
527
3. 028
476
90
Demand deposits of individuals, partner$250,000 to $500,000
3, 300
1.190
1,029
86
$500,000 to $1,000,000...
2.751
1,950
1.602
82 ships and corporations in all insured banks
$1,000,000 to $2,000,000.
1.926
2, 703
78
2. 111
In the 13,204 banks
$2,000,000 to $5,000,000.
1. 282
3, 880
2, 800
72 were 38 percent insured.
$5,000,000 to $50,000,000
772
9, 980
5.215
52 reporting deposits not in excess of $5,000,000
Over $50,000,000
109
24, 894
0. 284
25
each, demand deposits were 81 percent in-
JANUARY 1937
FEDERAL RESERVE BULLETIN
13
sured. Of the 22 million accounts of this
Interbank deposits amounted to $6 billion
type, more than 98 percent contained bal- and were only 6 percent insured. Of these
ances not exceeding $5,000, the maximum in- deposits, nearly half were in banks in New
surance for each depositor. Savings and time York. Since these deposits are held only for
the account of banks, the low coverage in this
NUMBER AND DEPOSITS OF COMMERCIAL BANKS IN THE
class of deposit does not indicate lower insurUNITED STATES AND POSSESSIONS, MAY 13, 1936
ance protection for the general public. The
[Deposits in thousands of dollars]
suspension of a bank with a large volume of
interbank deposits, however, seriously affects
Insured banks
Noninsured banks the solvency of its correspondent banks. In
these latter banks, the Federal Deposit InsurDeposits
NumNumance Corporation protects a large proportion
ber
ber
Deposits
of the deposits and in the event of their failTotal
Insured
ure would be called upon to make substantial
United States and
payments
to their depositors.
possessions —
Insurance protection given to United States
total i
14, 085 45,187, 902 19, 577, 577 1,102
1, 449, 538
States—total
14, 081 45,182, 497 19, 573, 600 1,075
1, 336, 524 Government
and postal savings deposits
144,966
242,389
Alabama
10
207
1,906
44, 375
73, 282
Arizona
15
amounted
to
only
3 percent of the more than
147,411
93, 206
Arkansas
213
9
645
California
239 3, 733,043 1, 964, 055
10
21,536 $1 billion of such deposits, but these accounts
297, 421
160,984
Colorado
139
15
2,161 were fully protected by the pledge of security
468, 346
Connecticut. __
253, 767
105
20
69, 393
123, 867
62, 607
Delaware
44
2
259 and by legal preferment.
Public funds of
District of CoStates and political subdivisions amounting
172,254
lumbia
323, 645
22
159, 956
319, 056
149
Florida
2,892
5
193,911
390, 485
261
Georgia
60
4,923 to more than $3 billion, were about 12 per51,860
75,084
Idaho
57
3
6,468 cent insured and uninvested trust funds,
Illinois
863 3, 665,195 1, 401, 733
19
9,529
420, 347
718,915
496
Indiana
42
13,131 amounting to $1 billion, were about 30 per367,471
549, 519
585
76
Iowa
32, 079 cent insured.
In addition, however, a sub203, 223
325, 213
463
260
Kansas
55, 931
260, 778
401, 545
389
44
Kentucky
11,798 stantial proportion of these deposits was
179,126
387,557
148
Louisiana
2
391
132,211
180, 372
10
Maine
61
18,634 secured by the pledge of collateral or was
249, 870
527, 293
Maryland
184
3
47,072
Outstanding drafts and other
708, 074
Massachusetts-.
198 1, 810, 007
4
49, 821 preferred.
666,356
446
Michigan
1,229,422
43,934 miscellaneous items amounted to less than $1
28
463, 271
649
Minnesota
794, 906
38
10, 222
108, 583
196
Mississippi
10
151,481
2,998 billion, of which about 45 percent were pro560, 153
635
Missouri
49
1,320,243
7,244
120
80, 568
124,092
Montana
1
222 tected by insurance.
377
184,327
Nebraska
59
10,411
310,451
The percent of total deposits insured in the
9
18,060
26, 932
Nevada
1
223
49, 427
74, 093
New Hampshire
9
56
6,370 various States ranged from 85 percent in
1,008,747
1,543,917
New Jersey
388
7
30, 791
29,054
New Mexico
1
492 Vermont to 22 percent in New York State.
47, 461
40
New York
25
765 13, 072, 910 2,881,634
698,470 The low coverage in New York, Massachu183, 887
North Carolina234
1
359, 066
4,121
North Dakota. _
57, 227
192
12
1,405 setts, Illinois and several other States was
70, 606
692 1,974, 947 1,127,153
21
5, 350
Ohio
199, 493
385
18
2, 806 due to the concentration of deposits in a few
413, 543
Oklahoma
159, 645
1
61
255, 585
90
Oregon
33
49, 584 large banks holding large proportions of inPennsylvania. _. 1,084 4, 377, 329 2, 044, 645
126, 462
7
63,130 terbank deposits, United States Government
230,197
Rhode Island.__
16
74, 751
39
123,357
South Carolina8,137
111
62, 654
1
85,419
South Dakota...
606 and other public funds, and uninvested trust
196
229, 676
10
435, 756
Tennessee
2. 406
307
The percent of accounts with bal576, 962
808 1, 164, 546
Texas
71
18, 666 funds.
76, 724
147, 075
Utah
59
ances
of
$5,000 or less ranged from 99.2 per85, 976
100,807
Vermont
76
335, 849
829 cent in North and South Dakota and West
513,310
Virginia
3
323
217,061
385, 464
Washington
172
8
4,825
176,879
257, 818
West Virginia...
172
10
6, 038 Virginia to 97 percent in New York.
525, 276
774,136
Wisconsin
586
18
8, 614
The protection given to the general public
38, 326
Wyoming
57, 983
59
3, 977
4
Possessions—total
113,014 by Federal insurance of deposits is measured
5,405
by the amount of demand, savings and time
The number of operating insured commercial banks is 14,092. The deposits of individuals, partnerships and correports of 7 insured banks are not included. Deposit figures of noninsured banks are for nearest available date, predominantly June 30, 1936. porations, covered by insurance. In the counDeposit figures for 40 noninsured banks are not included.
try as a whole, these deposits were about 55
deposits of individuals, partnerships and cor- percent insured. The proportion of deposits
porations were 82 percent insured. Accounts of individuals, partnerships and corporations
of this type numbered more than 32.5 million, protected by insurance ranged from 88 perof which 99 percent contained balances not cent in North Dakota and Vermont to 30 percent in New York.
exceeding $5,000.
1
14
FEDERAL RESERVE BULLETIN
In the 70 insured banks which were placed
in receivership up to October 31, 1936, each
of the 84,687 depositors was insured up to a
maximum of $5,000. Insurance fully protected 84,253 or 99.5 percent of the depositors. In addition 25 depositors were fully
protected by pledge of collateral or by the
holding of preferred claims.
Total deposits in these 70 banks amounted
to $19.6 million, of which 72 percent were insured and 14 percent were protected by
pledge of security, by counterclaims, or by
preferred claims. Depositors holding the re-
JANUARY 1937
maining 14 percent of deposits and the Corporation receive proportionate shares of the
proceeds of the liquidation of the assets of
the banks.
NOTE : In order to lessen the work to be done by insured banks
in making the report on May 13, 1936, banks were asked to report on a basis of balances in each account without combining
accounts standing to the credit of a depositor in the same right
and capacity. Banks reported the volume of deposits in accounts
of $5,000 and under and the first $5,000 in accounts exceeding
that amount instead of amounts standing to the credit of each
depositor in the same right and capacity. To simplify presentation, figures used throughout are those reported. Tests showed
that failure to combine accounts caused a relatively small error.
This treatment overstates the amount of insured deposits by less
than 1 percent of total deposits for the country as a whole. The
number of accounts is greater than the number of depositors.
MONETARY LEGISLATION IN CZECHOSLOVAKIA AND RUMANIA
The Czechoslovak Parliament enacted leg- Czechoslovak legislation
islation on October 9, 1936, effective October
3
10, providing for reduction of the gold con- ACT OF PARLIAMENT OF 9TH OCTOBER 1936
tent of the crown by not less than 13.30 per- (No. 262 in the Collection of Laws and Decrees)
concerning a readjustment of Czechoslovak
cent nor more than 18.68 percent, for recurrency
valuation of the gold and foreign exchange
holdings of the National Bank, and for creaThe National Assembly of the Czechotion of a stabilization fund from the proceeds slovak Republic has passed the following law:
of revaluation. A brief summary of this
Article 1. (1) The Czechoslavak crown
measure was given in the BULLETIN for No- (Kc) as the monetary unit of the Czechovember 1936, p. 852. Full texts of the law slovak Republic is hereby fixed at not less
and of a decree fixing the gold content of the than 30.21 and not more than 32.21 millicrown are given below. The decree fixes the grams offinegold.
value of the crown at 31.21 milligrams of fine (2) The Government is empowered to fix
gold, midway between the upper and lower by decree within the above limits the precise
limits established by the law. The gold con- value of the Czechoslovak crown in relation
tent of the Czechoslovak crown was pre- to gold.
viously reduced in February 1934 from 44.58
(3) The National Bank of Czechoslovakia
milligrams of fine gold to 37.15
milligrams, is under the obligation of maintaining the ex1
change rate of the Czechoslovak crown at a
a reduction of 16% percent.
By Royal decree of November 6, 1936, the level answering to the provisions of sees. 1
Rumanian Government provided for revalua- and 2.
(4) This measure replaces the legal protion of the gold holdings of the National Bank
of Rumania and for allocation of the resulting visions hitherto in force expressing the value
increment in accordance with a convention of the Czechoslovak crown in relation to gold.
between the Bank and the Government. Since
(5) The Czechoslovak crown as fixed acJune 1, 1936, the National Bank of Rumania cording to sees. 1 and 2 takes the place of the
has been permitted to buy gold at a premium hitherto existing monetary unit, in all legal
of 38 percent above the price fixed by the relations into which the Czechoslovak crown
monetary law of February 7, 1929.2 The au- enters, in the proportion of 1:1.
thorization was granted by the Council of
Art. 2. The gross weight of gold coin will
Ministers on June 26, 1936, with retroactive befixedby Government Decree.
effect as from June 1. There has been no Art. 3. The amount of the appreciation in the
change in the legal gold content of the leu, value of the reserves of gold and foreign curwhich was fixed at 10 milligrams of gold .900 rency at the National Bank of Czechoslovakia,
fine by the law of February 7,1929. Transla- which shall be ascertained after deducting the
tions of the Royal decree and two conventions liabilities of the Bank in gold and foreign curof November 6, 1936, are given below.
1
See BULLETIN for May 1934, p. 288.
2
See BULLETIN for March 1929, p. 201.
3
The English texts given herewith are those published in a
supplement to the Bulletin of the National Bank of Czechoslovakia for October 1936.
JANUARY
1937
FEDERAL RESERVE BULLETIN
rency, shall be calculated, according to the
position obtaining on the day upon which this
law takes effect, provisionally on the basis of
the upper limit referred to in article 1, sec. 1,
and is the property of the State. It will be
kept at the National Bank of Czechoslovakia
as a standing deposit for the purpose of enabling the National Bank to fulfil the duty
laid upon it in article 1. Details regarding
the booking and administering of this deposit
will be fixed by a special agreement between
the State and the National Bank of Czechoslovakia.
Art. 4. Gold which is subject to compulsory registration and surrender under the
terms of the Government Decree of the 10th
September 1934 (No. 202 in the Collection of
Laws and Decrees) concerning the registration and compulsory offer of foreign legal
tender, of claims against foreign countries, of
precious metals and securities, as laid down in
the Government Decree of 7th December 1934
(No. 242 in the Collection of Laws and Decrees) will be taken over by the National
Bank of Czechoslovakia at a price corresponding to the value of the Czechoslovak
crown prior to the coming of this law into
force.
Art. 5. This law amends the Regulations of
the Standing Committee of 7th November
1929 (No. 166 in the Collection of Laws and
Decrees) and the Act of 17th February 1934
(No. 25 in the Collection of Laws and Decrees).4
Art. 6. This law becomes effective on the
day of promulgation, and will be carried out
by the Minister of Finance.
GOVERNMENT DECREE OF 9TH OCTOBER 1936
(No. 263 in the Collection of Laws and Decrees)
fixing the precise value of the Czechoslovak
crown in relation to gold
The Government of the Czechoslovak Republic, in accordance with article 1, sec. 2 of
the Act of Parliament of 9th October 1936
(No. 262 in the Collection of Laws and Decrees) concerning a readjustment of Czechoslovak currency, decrees as follows:
Article 1. The value of the Czechoslovak
crown is fixed at 31.21 milligrams of fine
gold.
Art. 2. This Decree becomes effective on
the day of promulgation, and will be carried
out by the Minister of Finance.
4
S«e BULLETINS for December 1929, pp. 797-798, and May 1934
p. 288.
15
Rumanian legislation
ROYAL DECREE NO. 2504 OF NOVEMBER 6,
1936, CONCERNING THE REVALUATION OF
THE METALLIC STOCK OF THE NATIONAL
BANK OF RUMANIA
Charles II, by the grace of God and the will
of the nation, King of Rumania,
To all to whom these presents shall come,
greetings:
By virtue of the report of Our Minister
Secretary of State to the Department of Finance No. 252,224 of November 6,1936,
By virtue of the minutes of the Council of
Ministers No. 2,376, drawn up at its session
of November 6,1936,
We have decreed and do decree:
Article I. By authority of the minute of the
Council of Ministers No. 1228, published in
the Moniteur Officiel No. 147 of June 27,1936,
the National Bank of Rumania pays at present for each kilogram of fine gold, over and
above the price of 111,111.11 fixed by the
monetary law of February 7,1929, a premium
of 38 percent, making a total of 153,333.33
lei for each kilogram of fine gold.
Accordingly, the National Bank of Rumania shall value and enter the gold bullion
and coin included among its assets, and that
which it may acquire in future, at the price
indicated above, 153,333.33 lei for each kilogram of fine gold.
Art. II. The increment which shall result
from the revaluation of the cover (couverture), shall be credited to the account of the
Public Treasury, in accordance with a convention between the State and the National Bank,
which convention shall establish the manner
of use of this increment.
Art. III. The net increment which shall
accrue to the State under the above provisions, shall not be used for ordinary budget
expenditures but only for exceptional military requirements.
Art. IV. Exchange transactions, as well as
those in precious metals, continue subject to
the legal provisions now in effect.
Art. V. The provisions of the present decree shall become effective from the 5date of
publication in the Moniteur Officiel.
Art. VI. Our Minister Secretary of State
for the Department of Finance is charged
with the execution of this decree.
Given at Bucarest, November 6, 1936.
5
Published in the Moniteur
1936.
Officiel No. 260 of November 7,
16
FEDERAL RESERVE BULLETIN
CONVENTIONS BETWEEN THE RUMANIAN
STATE AND THE NATIONAL BANK OF
RUMANIA
FIRST CONVENTION
JANUARY
1937
" (d) With the sum of 100,000,000 lei a fund
is established at the disposal of the N. B. R.
to cover the expenses connected with transactions in and control of exchange. The unused portion of this fund shall be turned back
to the Public Treasury;
"(e) The sum of 347,091,906 lei shall be
credited to a separate account set aside to
cover the premium of 38 percent on the unpaid balance of the credit negotiated by the
N. B. R. in 1931 at the Bank of France and
utilized for the transfer of foreign payments
of the State.
" (f) The balance of the net increment shall
be credited to the State and shall be devoted
exclusively to meeting the necessary expenditures for military requirements."
Between the Rumanian State, represented
by the Minister of Finance, Monsieur M. Cancicov, on the one part, and the National Bank
of Rumania on the other part, represented by
the Governor, Monsieur M. Constantinescu,
acting under the authority granted by the
Administrative Council of the said institution, at its session of November 6, 1936, the
following convention is adopted:
"The increment resulting from the revaluation of the gold stock held at the National
Bank of Rumania, November 6, 1936, shall be
utilized in accordance with art. 2 of the Royal
Decree No. 2,504, published in the Moniteur
SECOND CONVENTION
Officiel No. 260 of November 7, 1936, as follows:
Between the Rumanian State, represented
"(a) The sum of 220,506,179 lei shall be by the Minister of Finance, Monsieur M. Canused to reimburse the N. B. R. for the pre- cicov, on the one part, and the National Bank
miums paid by it for gold bought;
of Rumania on the other part, represented by
"(b) The sum of 1,817,919 shall be used to the Governor, Monsieur M. Constantinescu,
pay the interest of 5 percent on the advance of acting under the authority granted by the
15 millions of French francs granted by the Administrative Council of the said institu'Steaua Romana' and utilized for the for- tion, at its session of November 6, 1936, the
eign payments of the State;
following convention is adopted :
"(c) A sum up to 275,000,000 lei is al'The Public Treasury shall reimburse the
located to cover the differences resulting from National Bank of Rumania to the amount of 2
the devaluation of foreign currencies. The billions of lei to extinguish the temporary adunused balance, after the final accounting has vance, granted to the State by this institution,
been made, shall automatically accrue to the in accordance with art. 34, paragraph 4 of
Treasury.
its statutes."
JANUARY 1937
FEDERAL RESERVE BULLETIN
17
STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED
STATES
Statistics of international capital transac- States and the growth of excess reserves in
tions of the United States from the begin- member banks of the Federal Reserve Sysning of 1935 to September 30, 1936, were tem. International capital movements have
published by the Treasury on November 27, been discussed in several issues of the FED1936, and will continue to be published ERAL RESERVE BULLETIN on the basis of the
quarterly.1 These statistics are reported on figures published at the end of this article.
a weekly basis2 by banks and brokers in the Such discussions occurred in the Bulletins
United States. Most of the international for October and December 1935 and for May,
capital transactions of this country appear to July, and December 1936.
have been handled by these reporting institutions. Reports received from other sources, DETAILED DESCRIPTION OF THE STATISTICS
such as the larger exporters, importers, and
Since the international movement of capital
commercial and industrial concerns, indicate consists of transfers of ownership of balthat the net movement of capital through ances, securities, properties, and other claims
these agencies has been comparatively small. between the United States and foreign counThere are, however, unreported capital move- tries, the distinction between domestic entiments which may at some periods have been ties and foreign entities must be precisely
fairly substantial.
indicated. Banking institutions, security
In order that the figures relative to inter- dealers, other concerns, and persons are renational capital transactions may be readily garded as domestic, whatever their nationavailable to readers of the FEDERAL RESERVE ality, if domiciled within the United States.
BULLETIN, they are presented at the close of Conversely, banking institutions, security
this article in summary form. The first table dealers, other concerns, and persons are reshows the total capital movement as reported garded as foreign, whatever their nationality,
by banks and brokers. Thefivemajor forms if domiciled outside the United States. Thus,
which this movement has taken are also the branches in the United States of foreign
shown in the first table. Each of the six banking institutions are regarded as domescolumns is then made the subject of a suc- tic, while foreign branches of domestic bankceeding table in which the data are classified ing institutions are regarded as foreign.
according to leading countries and areas.
Not every transfer of ownership between
In addition to these seven tables, tables 8 and Americans and foreigners, however, involves
9 show the outstanding assets and liabilities an international exchange transaction. A
from which the figures of the movement of foreign buyer of American securities with
banking funds are derived. Only short-term funds on deposit at an American bank, for
balances reported by banks are shown. Out- instance, may use these funds to pay for the
standing balances reported by brokers are of securities purchased; or, not having such
little importance and figures on outstanding funds, may borrow from an American bank
security holdings are not collected for the or broker. Thus, the recorded inflow of capiTreasury. Four charts showing the capital tal represented by the security transaction
movement to the United States and its prin- would be offset by a recorded outflow of capicipal components are presented on pages tal reflected, in the first case, in a decrease in
38 and 39.
American deposit liabilities to foreigners;
The movement of capital between the and, in the second case, in an increase in the
United States and foreign countries consti- foreign assets of an American bank or broker.
tutes a major element in the balance of inter- No foreign exchange transaction would have
national payments of the United States. In occurred, since what appear in the recorded
recent years it has been the factor chiefly figures as two separate operations are really
responsible for the gold flow to the United two offsetting aspects of a single operation,
See document entitled "Statistics of capital movements between the United States and foreign countries and of purchases transacted wholly in dollars. The net figures,
and sales of foreign exchange in the United States, January which would show no movement of capital,
1935 through September 1936."
- The figures are reported to the Federal Reserve banks pur- would report this fact correctly.
suant to the Executive Order of January 15, 1934 (BULLETIN for
The following paragraphs describe in deFebruary 1934, pp. 78-79), and the Treasury Regulation of Notail the source and nature of the figures in
vember 12, 1934 (BULLETIN for December 1934, p. 780).
1
18
FEDERAL RESERVE BULLETIN
the various tables. The figures in the first
column of table 1, and in table 2, represent
the summation of the several components
described below.
Banking funds (table 1, second column,
and table 3).—The term banking funds is
here used to cover short-term liabilities to
foreigners reported by banks in the United
States, and short-term claims on foreigners
reported by such banks. The reports also
cover accounts of clients so far as these are
handled by the banks. The figures discussed
here relate only to the net movement of capital to the United States represented by
changes in these liabilities and assets. Figures of the outstanding amounts of liabilities
and assets are presented in tables 8 and 9, and
the source and nature of these figures are
described more fully in connection with those
tables.
The net movement of capital to the United
States in banking funds represents the cumulated sum of (a) increases in liabilities to foreigners (table 8) and (b) decreases in foreign assets (table 9), reported by banks in
the United States. Decreases in liabilities
and increases in assets constitute outward
movements of capital and reduce the cumulative inward movement. The extent to which,
for any given period, the net movement in
banking funds represents (a) an increase
in liabilities to foreigners, as opposed to (b)
a decrease in assets held abroad, may readily
be derived from the figures in tables 8 and 9.
Brokerage balances (table 1, third column,
and table 4).—The term brokerage balances
is here used to cover balances due from foreigners to reporting brokers and dealers in
securities domiciled in the United States, and
balances due to foreigners by such brokers
and dealers. Total brokerage balances due
from foreigners include both debit balances
in foreign accounts with domestic brokers
and dealers (reflecting funds borrowed by
foreigners, presumably for the purchase of
securities), and funds held abroad in the form
of balances with foreign banks and brokers.
Total brokerage balances due to foreigners
include both credit balances in foreign accounts with domestic brokers and dealers, and
overdrafts carried abroad by such brokers
and dealers.
The net movement of capital to the United
States in brokerage balances represents the
cumulated sum of (a) increases in balances
due to foreigners by security brokers and
dealers in the United States and (b) de-
JANUARY 1937
creases in balances due from foreigners to
such brokers and dealers. Decreases in (a)
and increases in (b) constitute outward
movements of capital and reduce the cumulative inward movement. A net outward movement of capital in brokerage balances has
usually indicated that foreigners have bought
securities on margin in the United States.
Outstanding amounts of brokerage balances, both due to and due from foreigners,
are not large and the figures are not published
with this article, although they are available
in the Treasury bulletin of November 27.
Brokerage balances outstanding at the beginning and end of the period covered, and for
the intermediate dates on which the cumulative net inward and net outward movements
of capital in brokerage balances were largest,
are given below.
TOTAL BROKERAGE BALANCES
OUTSTANDING
[In millions of dollars]
Jan. 2, 1935
Opt 9, 1935
F e b 19, 1936. . .
Sept . 30, 1935
Due to
foreigners
Due from
foreigners
17.0
22.3
21.9
36.6
94.2
68.7
102.3
90.6
Since changes in brokerage balances are
closely related to security transactions, it appears desirable, for most purposes, to consider them as part of the net movement of
capital in security transactions. 3
Total securities (table 1, fourth column,
and table 5).—The net movement of capital
to the United States in security transactions
represents the cumulated net purchases of
both domestic and foreign securities from
Americans by foreigners, i.e., total foreign
purchases minus total foreign sales, as reported by banks, bankers, brokers and dealers in the United States. The reports cover
(a) transactions executed in the United
States for foreign account, or on behalf of
a domestic trustee or nominee known to be
acting for foreign account; (b) transactions
executed in foreign countries for account of
reporting institutions in the United States
or their domestic clients; 4 (c) transactions
executed for joint foreign arbitrage account,
3
4
See first chart, p. 38, and note.
In general, transactions executed abroad otherwise than
through the intermediary of a regularly reporting agency are not
reported, though certain special transactions reported directly by
industrial concerns are included.
JANUARY 1937
FEDERAL RESERVE BULLETIN
19
as reported by brokers and dealers in the
Short-term foreign liabilities (table 8) and
United States who participate as principals assets (table 9) reported by banks in United
in security arbitrage accounts jointly with States.—The figures in tables 8 and
9 reprebrokers and dealers domiciled abroad.
sent, respectively, the short-term 5 indebtedThe basic figures represent the total amount ness to, or claims on, governments, banks,
of money debited or credited (to either for- oncerns, and individuals domiciled abroad,
eign or domestic account), i.e., the cost of recorded on the books of banks and bankers
purchases plus commissions, tax, etc., or the in the United States. These figures are deproceeds of sales less commissions, tax, etc. rived from weekly reports furnished by banks
When security purchases in the United States and bankers performing foreign banking
are partially financed by funds borrowed in operations, including domestically owned
this country, the full cost of the purchase is commercial banks and trust companies, priincluded in the security figures and the funds vate banks, domestic branches and agencies
borrowed are reported by the lending bank of foreign banks, and the Federal Reserve
or broker; and conversely when such securi- banks. The reports cover not only the reties are sold and the indebtedness is repaid. porting banks' own short-term liabilities to
Domestic securities (table 1, fifth column, foreigners, but also short-term obligations
and table 6).—The net movement of capital held for foreign account which represent
to the United States in security transactions claims on institutions, firms, and individuals
during the period covered by the figures has in the United States. Thus, for example,
States Treasury bills and certificates
represented principally net foreign purchases United
and commercial bills drawn on American
of domestic securities. The term "domestic firms
reported as liabilities to foreigners
securities" is used to designate securities of if heldare
for
foreign account by reporting banks
the United States Government, States, and and bankers.
Similarly, the reports cover
municipalities, and of corporations chartered short-term claims on foreigners of domestic
in the United States, except that changes in clients as well as those of the reporting banks.
foreign holdings of United States Treasury Thus, deposits maintained abroad, or bills
bills and certificates are largely reflected in sent abroad for collection, for account of
the figures in table 8 (see below) and are not domestic clients, are included in the figures
included in the figures of transactions in of foreign assets. The reports show shortdomestic securities.
term liabilities to, or claims on, all concerns
Foreign securities (table 1, sixth column, and individuals, whatever their nationality,
and table 7).—The other component of the domiciled outside the United States, including
net movement of capital to the United States foreign branches, subsidiaries, or affiliates
in security transactions represents net for- of domestic banks and other concerns.
eign purchases of foreign securities. The
In considering the scope of the figures preterm "foreign securities" covers the securi- sented in tables 8 and 9 it should be recogties of foreign governments and political sub- nized that, although they are believed to cover
divisions, and of corporations chartered in the most important portion of this country's
foreign countries, except that changes in short-term foreign liabilities and assets, there
American holdings of foreign government are several classes of liabilities and assets
securities maturing within one year of the that are not reflected in the records of domesdate of issue are largely reflected in the tic banks and bankers, and, consequently, do
figures in table 9 (see below), and are not not enter their figures. Three such classes
included in the figures of transactions in for- not included in the figures in tables 8 and 9
eign securities. Foreign purchases of foreign are: (1) the short-term foreign liabilities and
securities include, in addition to ordinary in- assets on open account of commercial, indusvestments, two special types of transaction: trial, and other concerns domiciled in the
(1) the amounts of called or matured foreign United States; (2) the foreign debit and
securities redeemed in the United States, and credit balances of security brokers and deal(2) sinking fund purchases of foreign securi- ers in the United States; and (3) foreign
ties in the United States. New foreign se- holdings of United States currency. Alcurity issues in the United States are included though reports are received from commercial,
in the figure of foreign sales of foreign securities, and foreign subscriptions to such issuei
licly
are also reported as foreign purchases.
even when they come within one year of maturity.
20
FEDERAL RESERVE BULLETIN
JANUARY
1937
2. Loans to brokers and dealers in securities for
industrial, and other concerns, publication of
foreign account
the figures has been postponed, owing to cer3. Bills held for foreign account
tain statistical inadequacies, until necessary
4. Short-term United States Government obligaimprovements have been developed. The net
tions held for foreign account
5. Allother
movement of capital in brokerage balances is
Payable in foreign currencies
given in table 4, however, and some idea of
6. Borrowings from foreign banks
the net change in foreign holdings of United
7. Acceptances made by foreign banks
States currency may be obtained from figures
8. All other
published monthly in the FEDERAL RESERVE Short-Term Foreign Assets
BULLETIN and annually by the Department of
Payable in foreign currencies
Commerce in The Balance of International
1. Banks' own deposits abroad
2. Deposits abroad for account of domestic
Payments of the United States.
clients
The detailed classification of foreign lia3. All other (including publicly offered securibilities and assets, as reported by banks and
ties of foreign governments or political subbankers and as published in the Treasury
divisions maturing within one year of date of
issue)
bulletin of November 27, is as follows:
Payable in dollars
4. Loans to foreign banks
5. Acceptances made for foreign account
6. All other
Short-Term Foreign Liabilities
Payable in dollars
1. Deposits for foreign account
NOTE.—Certain of the figures for August 12, 1936, and succeeding weeks, in tables 8 and 9, are not precisely comparable to the corresponding figures for weeks preceding August 12, owing to a revision in
reporting practice by one of the reporting banks. In order that allowance may be made for this revision,
the figures for August 12, 1936, are presented below on a basis comparable with those for preceding weeks.
FIGURES FOR AUGUST 12, 1936, COMPARABLE WITH THOSE OF PREVIOUS WEEKS
[In millions of dollars]
Table
Tables....
Table 9
Total
United
Kingdom
1,383. 3
655. 8
262.0
93.9
France Nether- Switzlands erland
139.3
24.4
90. 8
20.6
127. 6
4.2
Germany
21. 1
176.3
Italy
28.3
11.9
Other
Total
Europe Europe
116.8
54.8
786.0
386.1
Canada
Latin
America
East
150. 2
75.1
210.2
115.7
211.0
68.8
Far
All
other
19.8
10. 1
JANUARY
21
FEDERAL RESERVE BULLETIN
1937
TABLE 1.—TOTAL CAPITAL MOVEMENT
Net Movement to United States Cumulated Weekly from Jan. 2, 1935
[In millions of dollars.
Week ending—
Total
In
banking
funds
Minus sign indicates net movement from U. S.]
In security transactions
In
brokerForDoage
Total
mestic
eign
balsecursecur- securities
ances
ities
ities
In security transactions
Week ending—
1935
Total
In
banking
funds
In
brokerage
balances
Total
securities
Domestic
securities
Foreign
securities
1936
Jan. 9
Jan.16
Jan.23
Jan.30
8.2
23.2
100.7
119.5
1.2
5.3
72.9
86.3
2.6
2.0
3.7
3.7
4.4
15.9
24.1
29.4
1.6
6.6
11.3
14.0
2.8
9.2
12.7
15.4
Jan. 8
Jan.15
Jan. 22
Jan. 29
1,448.2 1,008. 6
1,457.1 1,011.2
1,463. 4 1,053. 2
1, 450. 3 1,037.8
4.5
6.8
6.6
6.5
435.1
439.0
403.6
406.0
336. 2
336.7
342.0
347.1
98.9
102.3
61.6
58.9
Feb.
Feb.
Feb.
Feb.
6__.
13._
20..
27._
178.9
211.7
219.8
215.2
139.2
168.5
170.7
166.8
3.3
5.0
7.0
10.9
36.3
38.3
42. 1
37.5
17.2
19.0
16.8
12.3
19.1
19.3
25.2
25.2
Feb.
Feb.
Feb.
Feb.
5
12
19
26
1, 461. 7
1, 453. 2
1, 469. 2
1, 498. 0
995. 2
981. 6
982.6
991.4
6.5
1.9
-3.2
.4
459. 9
469.8
489.9
506.3
355.8
363.0
384.9
400.5
104.2
106.8
104.9
105.7
Mar.
Mar.
Mar.
Mar.
6...
13_.
2O._
27..
217.9
221. 5
236.0
253. 5
170.5
179.4
194.3
215.2
13.7
15.4
20.2
21.7
33.7
26.7
21.5
16.6
6.5
(l)
-4.0
27.2
26.7
25.5
23.1
Mar.
Mar.
Mar.
Mar.
4
11
18
25
1, 495. 6
1,495. 9
1, 502. 5
1,513.9
3.5
1.1
6. 1
.5
510. 2
504.8
513. 2
530.7
402.3
406.1
410.0
424.5
107.9
98.7
103. 2
106. 3
Apr.
Apr.
Apr.
Apr.
3
10
17
24
258. 7
318.2
347.2
390.6
211.9
270.5
294.2
338.8
21.1
20.9
21.7
21.0
25.6
26.9
31.3
30.8
-6.2
-4.1
-3.3
-2.9
31.8
31.0
34.6
33.7
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
1,510.1
967.6
1, 530. 0
972.4
1,571.1 1, 001. 0
1, 582. 7 1,000. 0
1, 597. 7 1,024. 9
.4
-. 1
4.5
2.9
7.4
542.1
557. 7
565.6
579.8
565.5
427.6
445.7
456.3
468. 0
477.0
114.4
112.0
109.3
111.7
88.5
May
M y
May
May
May
1
348.2
365.4
386.6
412. 3
506.9
300.3
317.6
342.0
362. 3
453.8
21.8
21.9
20.9
20.3
20.7
26.1
25.9
23.7
29.8
32.4
-6.8
-7.4
-7.5
-1.0
2.0
32.9
33.3
31.2
30.8
30.3
May
May
May
May
6
13
20
27
1, 619. 5
1, 658. 0
1, 715. 5
1, 733. 2
1,042. 5
1, 068. 9
1,113. 1
1,128.1
17.1
16.5
17.1
14.7
559. 9
572.6
585. 3
590.3
462.0
469.0
474.1
475.1
97.9
103.6
111.2
115.2
June 5._.
June 12..
June 19...
June 26..
551.9
608. 8
632.9
632. 1
477.1
527.7
549. 2
551.9
26.4
26. 5
28.7
27.1
48.5
54.6
54.9
53.2
9.3
12.5
13.2
12.8
39.2
42.1
41.7
40.4
June
June
June
June
3
10
17
24
1,761.5
1,841.5
1,929.4
1, 967. 4
1,131.7
1,184. 6
1,256.3
1, 276. 5
17.6
18.3
19.4
20.1
612. 1
638.5
653. 6
670.8
473.5
495.2
502.9
515.8
138.6
143.3
150.7
155.0
July
July
July
July
July
3
10—
17—.
24....
31—
615.2
637.4
663.1
676.1
682.4
525.8
550.4
571.2
578. 5
572.6
29.8
26.8
24.8
25.6
25.4
59.5
60.2
67.1
72.0
84.4
15.8
16.2
24. 1
28.1
39.1
43.7
44.0
43.0
43.9
45.3
July
July
July
July
July
1
8
15
22
29
1, 948. 2
1, 972. 4
1,990.6
2,008.1
2, 020.1
1, 227.0
1, 236. 4
1, 234. 9
1, 233. 0
1, 229. 4
16.5
20.0
19.1
20.5
17.9
704.7
716.0
736.7
754. 6
772.8
524. 1
528.7
535.9
549.3
562.8
180. 5
187.3
200.8
205.3
210.0
Aug.
Aug.
Aug.
Aug.
7-..
14..
21..
28..
686.4
721. 7
753.9
769.0
565. 5
593.4
682. 6
693.4
23.6
18.4
19.8
20.4
97.4
109.8
51.5
55.2
49.6
59.-7
66.8
69.5
47.8
50.2
-15.2
-14.3
Aug.
Aug.
Aug.
Aug.
5
12
19
26
2,032. 5
2,062. 5
094.2
2,123. 8
1, 230. 5
1, 252. 8
1, 269. 1
1, 288. 0
19.9
20.1
19.6
18.2
782.0
789.6
805.4
817.6
566.8
571.1
582. 6
591. 3
215.2
218.5
222.8
226.4
766. 2
777.0
784.3
830.0
678.7
685. 2
663.8
699. 6
24.6
23.5
25. 1
29.8
62.9
68.2
95.4
100.6
72.6
75.5
79.6
-9.7
-7.2
15.8
17.9
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
2,139. 9
2, 171. 7
2,184. 6
2, 231. 9
2, 281. 7
1, 274. 2
1, 295. 0
1, 287. 0
1, 315. 3
1, 353.1
15.2
16.9
20.1
19.3
23.2
850.5
859.7
877.5
897. 3
905.4
596. 3
600. 6
614. 5
631.6
633. 3
254.2
259. 1
263. 0
265. 6
272.2
I5^
22/^f
29
Sept. 4
Sept. 11.. .
Sept. 18....
Sept. 25....
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
898.3
965. 7
1,051.8
1,103. 8
1,131.4
738.2
793.9
871. 3
902. 6
912.3
29.8
30.7
27.1
23.7
20.5
130.4
141.1
153.4
177.5
198.6
90.3
97.5
104.7
124.9
142.6
40.1
43.6
48.7
52. 6
56.0
Nov.
Nov.
Nov.
Nov.
0...
13
20..
27..
1,128.8
1,154.9
1,196.9
1,257.1
900.3
907.1
912.1
936.9
19.3
15.1
5.9
5.5
209.2
232.7
278.9
314.7
154.2
177.2
216.6
249.6
55.0
55.5
62.3
65.0
Dec.
Dec.
Dec.
Dec.
Dec.
4...
11..
18.
24..
31..
1, 346. 5
1,381.3
1,391.0
1,418.2
1,411.4
992.0
986.2
976.8
985. 7
963. 5
13.2
6.3
9.8
9.5
6.0
341.4
388.9
404.5
422.9
441.8
253.9
283.2
290.6
302.7
316. 7
87.5
105. 7
113.8
120.3
125. 2
i Outflow less than $50,000.
22
FEDERAL RESERVE BULLETIN
JANUARY
1937
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Net Movement to United States Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Week ending-
Jan. 9
Jan.16
Jan. 23
Jan. 30
United
Kingdom
France
Netherlands
Switzerland
8.2
23.2
100. 7
119.5
-2.4
4.7
42.9
49.8
10.1
15.0
33.7
31.4
.2
-1.9
2,2
12.9
-1.0
-.9
.8
2.8
14.3
.1
-1.2
-.9
Total
1935
Germany
Other
Europe
Total
Europe
2.7
-1.5
3.6
7.4
21. 6
92.8
103.1
.8
.4
4.2
1.0
1.8
-1.4
-.9
-.6
-.9
13.1
17.7
22.3
17.6
150. 4
177. 5
188.7
190. 6
1.0
4.3
5.3
3.6
10.7
11. 1
11.7
14.0
-1. 1
-1.7
21 9
23! 4
26.8
27.9
194.4
196.3
203. 9
214. 5
-1.4
-6.9
-2.9
-3.1
18.1
19.8
19.0
21.6
26. 5
29 9
30.' 0
32. 0
Italy
Latin
Canada America
Feb.
Feb.
Feb.
Feb.
6
13
20
27
178.9
211.7
219. 8
215.2
68.3
87.5
97.5
109.0
45.3
41.3
45. 5
42.6
14.4
18.1
17.2
14.7
8.6
7.6
6.5
5.9
2.0
6.2
.4
1.7
Mar.
Mar.
Mar.
Mar.
6
13
20
27
217.9
221. 5
236.0
253.5
108. 9
109.3
122.7
135.4
44.7
42.5
33. 2
33.1
13.2
14.9
15.3
15.7
4.6
4.9
1. 7
1.5
3.0
4.9
1.9
April
April
April
April
3
10
17.._.
24
258. 7
318.2
347.2
390.6
140. 6
176. 2
187.2
210.6
25. 1
37.4
46.2
42.6
9.0
-3.4
13.fi
26.7
16.0
14.4
16.0
3.3
2.6
3.2
4.6
-1.6
-.2
-.8
-.4
35.2
29.4
29. 0
30.2
219.2
257. 9
29° 7
330^2
May
May
May
May
May
1
8
15
22
29
348.2
365. 4
386.6
412.3
506.9
197.1
208.3
219. 4
248.9
266. 2
48.1
45. 1
34.7
13. 1
72.3
29.6
24.9
25.7
28.7
15.7
17.9
17.6
21.4
24.3
4.8
6.1
8.9
8.9
10.3
-1.0
-.3
(2)
1.4
-.4
27.6
29 9
36.7
37.7
40.2
321. 9
331.9
343. 0
360. 0
448. 6
-10.4
0)
97
-.2
-19.3
-19.4
-16.8
-12.5
-8.8
June
June
June
June
5
12
19
26
551.9
608. 8
632.9
632. 1
304.7
293.9
306. 5
308. 0
56. 3
112.1
120. 1
119.9
38.0
51.8
45. 9
49.8
31.8
30. 4
29.4
13.2
12.2
13. 9
16.0
r
43.0
44. 1
46.3
45.0
486. 6
543. 7
561.9
566. 7
-12.4
-11.6
-8.0
-8.1
35.5
38.8
37.4
39. 2
July
July
July
July
July
3
10
17
24
31
615.2
637.4
663.1
676.1
682.4
307. 5
318.1
330. 8
326. 9
328.2
114.0
116.0
119.4
118.5
117.7
48.3
47.8
50.6
56.1
47.6
27.4
25.8
26. 2
27. 1
29.5
15.0
15. 0
17.2
19.5
22.8
2.6
3.0
2.2
.6
2.9
49. 1
51.3
53.4
53.8
55.2
563. 9
577. 0
599. 8
602. 5
603. 9
-20.4
-23.0
-20.9
-18.9
-18.5
37. 6
43. 6
41.7
47.0
45.8
Aug.
Aug.
Aug.
Aug.
7
14
21
28
686. 4
721.7
753.9
769.0
329.0
327.2
342.5
337.6
116.8
115.0
120.3
119. 5
52.3
71.9
74.0
78.7
31.2
33. 6
36.0
37.6
25.0
25. 1
26.2
27.5
4.3
4.6
3.2
2.7
53.7
54.1
60. 0
62. 6
612.3
631. 3
662. 3
666. 2
-30.7
-21.1
-16.8
-17.3
51.5
50.2
51.0
55.7
Sept.
Sept.
Sept.
Sept.
4
11
18
25_....
766.2
777.0
784.3
830.0
331.0
337.8
348. 1
367.1
118.0
105. 4
96.9
77.6
74.8
69.7
58.4
72. 1
41.1
45.2
49.7
57.1
30.0
30. 0
31.8
33.6
2.5
3.1
5.6
4.7
658. 8
656. 8
663. 5
693.5
-17.5
-19.2
-27.6
-20.8
56.4
58.1
59.9
64.7
898.3
965.7
1,051.8
1.103.8
1,131.4
379.9
408. 2
434.5
456. 5
456.5
100.4
83. 1
110.9
104.5
125.4
82.7
94.9
102.3
103. 6
102. 9
69.8
74.0
81.7
89. 2
92. 7
33.3
32.2
31.2
31.0
32.1
7.3
8.4
10.0
10.1
10.7
61.3
65. 5
73.1
81.2
84.5
98.8
111.1
123. 6
123.3
799. 6
881.7
918.4
943.4
-21.5
-13. 9
-13.6
-10.4
-16.2
64.2
71.5
72.1
73.4
76.0
78.3
76.0
77. 6
77.3
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
Nov.
Nov.
Nov.
Nov.
6
13
20
27
1,128. 8
1,154. 9
1.196.9
1, 257.1
462. 9
466.5
490.5
537.2
119.4
128.9
129.9
120.2
99. 1
99.9
98.6
101.7
99.1
101.7
108.3
114.0
32.5
31.9
33.1
32.9
12.9
16.4
26.2
24.2
121. 1
123.0
123.9
125.8
946. 8
968. 3
1,010.6
1,056. 0
-20.1
-11.8
-16.0
-3.3
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
1, 346. 5
1,381.3
1,391.0
1, 418. 2
1,411.4
553. 2
559.1
559.9
565. 3
554.9
180. 9
206.0
218.1
214.0
210.2
106.9
113.7
112. 9
116.8
114.5
124.2
125. 5
126. 8
127. 7
130.4
32.7
34.3
35.2
36.6
36.6
25. 1
25.7
23.9
23.3
24.0
125.1
126.2
124.3
130.7
130.0
1,148.1
1,190. 6
1, 201. 2
1, 214. 3
1, 200. 6
-10.3
-13.7
-12.8
-4.2
1
Inflow less than $50,000.
2 Outflow less than $50,000.
All
Other
30.9
32.8
34.7
33.5
33.6
78.7
81.3
75.2
69.8
10.5
JANUARY
23
FEDERAL RESERVE BULLETIN
1937
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES—Continued
Net Movement to United States Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
Jan.
Jan.
Jan.
Jan.
1936
8_.
1522__
29_.
1, 448. 2
1,457.1
1, 463. 4
1, 450. 3
555. 9
550. 8
553. 4
552.1
216. 6
219. 4
220. 2
223.1
116.3
114.4
115.0
116.0
136. 7
141.2
142.0
145.2
35.4
37.1
38.3
40.5
24.0
21.6
25.1
23.4
137.7
144.3
144.6
141.5
1, 222. 7
1, 228. 9
1, 238. 5
1,241.7
12.5
14.0
10.1
3.9
70.3
68.2
71.0
68.7
132.6
137.2
134.5
127.0
10.0
8.7
9.4
9.0
Feb.
Feb.
Feb.
Feb.
5__.
12..
19 _.
26_.
1, 461. 7
1, 453. 2
1,469.2
1,498. 0
549. 6
545.8
580.3
599. 4
220.8
225. 3
204. 3
197. 2
119. 5
120.9
125.8
129. 9
145. 9
146. 5
146.4
148.2
38.8
37.5
36.7
36.2
22.6
22.4
20.7
18.9
141.3
141.5
145.1
144.7
1, 238. 5
1, 239. 9
1,259.3
1, 274. 5
7.3
3.1
-2.7
2.3
71.7
73.9
76.7
81.8
136.0
127. 5
127.2
130.2
8.2
8.8
8.7
9.3
Mar.
Mar.
Mar.
Mar.
4___
11..
18..
25..
1,495.6
1,495. 9
1, 502. 5
1, 513. 9
592.8
590. 0
576.1
575.3
202.3
205.0
211. 1
217. 5
128.9
127. 2
127.5
131.9
152. 3
153.7
158.7
160.8
36.7
35.6
36.2
34.8
18.4
18.6
17.5
18.4
145.4
142.0
140.6
139.7
1,276. 8
1, 272.1
1, 267. 6
1, 278. 3
-.6
-2.5
-2.1
-5.9
87.1
89.7
95.6
100.6
124.4
127.3
133.7
133.8
7.8
9.3
7.7
7.1
April
April
April
April
April
1. _
8. _
15.
22.
29.
1,510.1
1, 530.0
1,571.1
1, 582. 7
1, 597. 7
560.4
564. 5
584. 5
592. 6
602.2
221.7
216.1
224. 3
222.5
210.4
125. 0
129.8
133.0
133. 8
133.6
173.0
176.3
178.2
180.4
182.2
36.4
35.3
35.5
35.4
39.2
20.5
21.6
20.9
19.9
19.3
139.2
141.1
132.8
126. 9
130.9
1, 276. 3
1, 284.6
1, 309. 2
1,311.5
1,317.7
-1.5
12.7
15.5
17.9
102.4
109.1
110.1
115.2
118.5
126.0
129.7
133.0
134.1
138.2
6.8
6.7
6.1
6.5
5.4
May
May
May
May
6—
132027-
1,619.5
1. 658.0
1,715.5
1, 733. 2
611. 6
632.1
640.6
646.1
210.1
205. 6
235. 2
227.2
136.6
138. 3
147.5
149.1
188.1
191.0
194.5
201.1
37.6
37.6
39.9
43.8
18.4
21.0
21.2
21.3
132.3
136. 5
131.7
133.4
1, 334. 7
1, 362.1
1,410.6
1,422. 0
13.9
16.7
18.4
23.9
122.6
126.4
132.3
131.3
140.2
144.4
145. 5
147.1
8.2
8.4
8.7
8.9
June3_.
June 10_.
June 17.
June 24..
1, 761. 5
1, 841. 5
1,929. 4
1, 967.4
643.6
673.7
689.6
696.5
220.5
211.8
236.9
243.6
148.9
170.9
182.7
195.9
214.9
229.9
238.3
243.9
43.0
42.5
47.6
47.2
20.8
21.8
24.9
23.5
141.0
145.4
157.1
159.9
1, 432. 7
1,496. 0
1, 577. 3
1,610.4
20.5
22.9
29.9
32.0
136.1
141.8
140.9
142.7
163.3
169. 8
168. 7
169.3
8.9
11.0
12.7
13.1
July
July
July
July
July
1-8-15..
22..
29..
1, 948. 2
1,972.4
1,990. 6
2,008.1
2, 020.1
682.3
687. 6
678. 0
688.2
694.7
240.0
238.8
242.8
238.9
233. 0
198. 2
200.0
199. 2
197.2
197. 7
247.5
248.2
251.4
253.4
251. 5
47.2
48.5
50.4
52.6
57.3
22.3
25.1
25.2
25.6
25.7
159. 5
160.2
166. 6
166.0
169.6
1, 596. 9
1, 608. 4
1,613.5
1, 622.0
1, 629. 6
26.0
33.1
38.6
44.9
47.6
142.6
149.7
151.9
151.9
153.9
168.8
169.0
174.8
177.6
177. 3
13.9
12.3
11.8
11.8
11.7
Aug.
Aug.
Aug.
Aug.
5-_.
12..
19_.
26..
2, 032. 5
2, 062. 5
2, 094. 2
2,123. 8
698.7
707.6
720.2
723.7
237.9
229.6
232.6
231.4
198.2
195.4
195.4
196. 2
253.3
258.6
259.3
261.1
57. 1
58.6
61.8
63.8
25.1
27.0
28.1
29.2
171.6
173. 1
177.6
172. 5
1,641.9
1, 650. 0
1, 675. 0
1,678.0
53.7
63.9
71.1
88.6
155.0
154. 8
153.6
154.3
169.9
180.5
181.7
190.8
12.0
13.3
12.8
12.1
2,139. 9
2,171. 7
2,184. 6
2.231.9
2,281.7
701.3
707. 3
701. 9
725. 5
780.2
232. 7
233. 3
226. 2
226. 6
201.9
197.5
197. 3
201.4
200. 8
195.0
267.3
267.9
275.4
283. 2
297. 6
64. 6
68.3
71.2
68.0
73.9
27.7
29.0
26.3
27. 1
28.7
179.1
182.1
186.1
190. 7
197. 2
1, 670. 2
1,685.2
1,688.5
1,721.9
1,774.6
112.8
115.2
120.7
129.9
138.5
155. 7
161. 5
160.8
162.4
159.6
188.0
195.9
201. 1
204. 3
195.4
13.2
13.9
13.4
13.4
13.7
Sept. 2_Sept. 9...
Sept. 16_.
Sept. 23...
Sept. 30..
i Outflow less than $50,000.
24
FEDERAL RESERVE BULLETIN
JANUARY
1937
TABLE 3.—BANKING FUNDS, BY COUNTRIES
Net Movement to United States Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Week ending—
United
Kingdom
France
Netherlands
Switzerland
1.2
5.3
72.9
86.3
-5.3
-2.9
30.6
34.6
8.8
14.7
32.7
30.5
-1.1
-4.0
-.8
8.8
1.3
5.9
0)
1.0
3.2
14.2
-.2
Total
Germany
Latin
Canada America
Far
East
Other
Europe
Total
Europe
-1.0
—. 7
.4
.1
-.1
1.5
-3.5
.7
2.3
11.8
75.1
80.4
-. 1
-5.3
-4.8
-8.5
1.1
-1.7
-1.0
3.6
—. 5
-1.5
2.7
9.5
-1.7
2.0
.9
1.3
6.9
10.4
13.3
8.2
121.6
143.0
151.1
152.2
-8.2
-2.4
-4.2
-3.8
9.8
9.7
9.9
12.0
14.7
17.2
13.4
7. 1
1.3
.9
.6
_, 7
6.4
5.5
8.9
8.8
154.0
158.0
166.5
175.0
-6.4
-7.5
-3.2
2.6
15.9
17.3
16.4
18.5
7.3
11.1
12.7
17.6
-.3
.4
1.9
1.6
12.6
6.0
5.2
6.1
177.6
213.2
244.9
282.9
-8.1
6.5
2.4
6.5
20. 6
23.3
23.1
24.9
17.5
24.4
19.4
21.9
4.3
3.0
4.5
2.6
Italy
All
Other
1935
Jan 9
Jan.16
Jan. 23
Jan. 30
.1
Feb.
Feb.
Feb.
Feb.
6
13_.
20
27 .
139.2
168. 5
170.7
166.8
52.4
68.3
77.0
88.3
43.6
38.4
43.2
39.9
9.4
12.7
11.1
8.6
9.2
8.3
7.2
6.5
1.7
5.8
-.1
1.4
-1.6
Mar.
Mar.
Mar.
Mar.
6
13
20
27
170.5
179.4
194.3
215.2
89.4
92.8
107.5
120.2
42.7
40.8
31.5
30.8
7.7
9.7
9.8
10.1
6.3
7.9
5.0
4.8
2.3
2.5
4.1
.7
-.8
-1.3
-.3
Apr.
Apr.
Apr.
Apr.
3 ... _
10
17. _.
24
211.9
270.5
294.2
338. 8
127.2
162.7
171.3
195.7
22.7
35.6
44.8
41.6
2.4
-11.3
5.4
18.7
11.4
18.2
16.4
17.4
2.3
1.3
1.8
3.0
-.9
.6
.1
.4
May
May
May
May
May
1 .
8...
15
22....
29
300.3
317.6
342.0
362.3
453.8
182.9
193. 2
206.3
232.3
248.5
48.0
45.3
34.3
11.4
68.9
21.9
16.6
16.5
19.0
24.3
16.4
17.8
17.4
20.4
22.5
3.0
4.3
6.7
6.3
7.8
.3
.4
.7
2. 1
.2
3.1
4.6
10.3
10.8
12.8
275.7
282.2
292. 1
302.2
385.0
-9.6
-5.6
1.7
7.8
13.8
23.9
25.8
27.6
26.3
26.7
8.9
12.2
18.4
24.0
25. 7
1.4
3.0
2.2
2.1
2.6
June
June
June
June
5
12. __
19
26. _
477.1
527.7
549.2
551.9
281.0
270.2
282.2
284.5
51.6
106.7
114.1
113.1
25.4
38.5
32.2
36.3
29.4
27.2
25.7
23.5
10.8
9.6
11.5
13.4
.1
. 1
.8
12.0
9.0
11.4
9.3
410.3
461.1
477.2
480.9
8.1
10.7
16.1
21.2
28.4
31.8
30.5
31.6
26.1
19.8
19.2
14.3
4.1
4.3
6.3
4.0
July 3
June 10
July 17
July 24..
July 31
525. 8
550.4
571 2
578.5
572.6
279.9
290.7
300 4
294.2
289.4
107.3
109.1
112 6
111.7
110.5
34.0
33.6
36 4
40.0
27.2
22.5
20.5
19 7
19.7
20.8
12.7
12. 7
14 8
17.0
20.2
2.8
3.0
2 2
.7
2.9
11.5
13.3
15.3
15.3
16.2
470.7
483 0
501 2
498.6
487.1
7.5
7.9
8 3
9.7
11.4
30.1
36.0
34 2
39.1
37.5
13.8
19.9
23 9
27.5
32.6
3.7
3.7
3.6
3.5
4.1
Aug.
Aug.
Aug.
Aug.
7
14
21
28
565. 5
593.4
682.6
693.4
284.9
278. 6
290.9
284.5
109.1
107.9
114.1
112.5
30.3
48.7
49.2
52.4
21.6
22.5
22.7
22.6
22.2
22.2
22.9
23.9
4.1
4.3
2.9
2.4
14.3
13.7
19.4
21.2
486.5
497. 9
522.2
519.4
-2.0
7.1
76.6
78.6
42.6
41.3
41.8
45.6
34.3
42.9
40.4
47. 0
4.0
4.2
1.5
2.8
Sept.
Sept.
Sept.
Sept.
4.
11
18..
25
678. 7
685.2
663.8
699.6
274.0
279. 2
278.7
295.2
110 2
97.7
88.6
68.1
48 3
43.1
28.5
40.6
24 9
28.9
32.6
37.4
26 5
25.9
27.3
29.4
2 0
2.5
4.9
4.0
17.9
21.4
28.3
35.4
503 9
498.7
488.9
509. 9
76 2
74. 1
54.2
63.4
46 3
47.7
48.6
53.1
48 6
62.6
67.4
68.0
3.7
2. 1
4.8
5.2
738.2
793.9
871.3
902.6
912.3
303.4
328 5
353.1
364.8
352.7
89 7
72 4
99.3
90.4
110. 6
49.6
60 1
66.5
66.3
63.5
48.4
50 4
56.3
62.3
63.2
29 3
28 2
26.7
26.1
26.7
6 5
7'7
9.3
9.0
9.4
37.9
50.0
60.6
70.9
69.9
564.7
597 1
671.8
689.8
696.0
44.6
51 9
51.8
53.2
49.6
52.2
58 9
58.9
59.7
62.1
70.4
78 9
81.5
92.3
95.0
6.2
7.0
7.4
7.6
9.6
Oct.
Oct.
Oct.
Oct.
Oct.
2...
9.
16
23
30
n
-.6
—. 7
A
Nov.
Nov.
Nov.
Nov.
6
13.
20
27..
900.3
907.1
912.1
936. 9
353.3
345.0
349.5
372.5
103.0
110 7
109.6
95 8
57.8
56 1
51.1
48 8
68.3
68 3
69.3
72.2
26.9
26 0
27.0
26 5
11.7
15 0
24.7
22 7
66.6
67.6
68.0
68.6
687.6
688 7
699. 2
707 1
50.1
60 9
54.4
70 2
63.4
61 2
62.2
61 8
89.8
87 7
88.0
88 8
9.4
8.6
8.4
9.0
Dec.
Dec.
Dec.
Dec.
Dec.
4_._
11
18..
24
31_
992.0
986.2
976.8
985. 7
963. 5
381.2
360.6
355.1
352.5
337. 4
155 9
178.3
188 9
184. 0
177.6
54 1
58.4
56 1
58.7
55.4
79 2
77.9
76 3
74.5
74.0
25 9
27.2
27 8
29.0
28.8
22 6
22.9
21 1
20.4
21.0
67 4
69.0
65 5
70.8
69.5
786 3
794.2
790 8
789.8
763.7
43 2
35.1
32 3
38.2
41.4
62 5
62.8
64 4
58.2
52.5
88 2
85.9
81 7
90.3
96.1
11.8
8.1
7. 7
9. 3
9.9
1
Inflow less than $50,000.
2 Outflow less than $50,000.
JANUARY
25
FEDERAL RESERVE BULLETIN
1937
TABLE 3.—BANKING FUNDS, BY COUNTRIES—Continued
Net Movement to United States Cumulated Weekly from Jan. 2, 1935
fin millions of dollars. Minus sign indicates net movement from U. S.]
Week ending—
United
Kingdom
Total
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan.
Jan.
Jan.
Jan.
8-__
15..
22-.
29_.
1,008.6
1,011.2
1,053.2
1, 037. 8
331.4
325. 1
328.8
324.0
179.4
180.9
179.5
181.6
52.8
48.6
47.2
46.9
77.9
80.4
77.5
79.5
27.5
29. 1
30.0
32.3
20.8
18.4
21.7
19.8
75.0
81.2
80.3
76.9
764.8
763.6
765.1
761.1
83.6
86.7
126.4
124.6
53.4
50.6
53.6
51.7
99.7
104.6
101.9
94.5
7.0
5. 6
6.3
5.9
Feb.
Feb.
Feb.
Feb.
5...
12_.
19_
2G_.
995. 2
981.6
982.6
991.4
321.0
317.6
342.6
349. 2
177.7
180.9
159. 1
153.4
47.7
47.8
47.9
49.5
76.6
74.8
73.6
30. 5
28.7
27.6
26.9
19.0
18.9
17.2
15.3
76.2
76.2
79.1
77.5
750. 9
746. 6
748.3
745. 4
80.6
76.6
74.3
79.4
54.0
56.6
59.7
64.6
104.6
96.0
95.4
96.7
5.0
5.7
4.8
5.3
Mar.
Mar.
Mar.
Mar.
4__.
11.
18..
25
981.8
990. 0
983.2
982.8
342.
336.
326.
323.
2
9
1
9
157.4
158. 3
162. 4
165.9
48.3
46.5
45.5
48.6
76.6
75.5
75.7
75.3
27. 1
25.8
26. 1
24.8
14.4
14.6
13.6
14.6
78.1
90.7
88.6
86.7
744.0
748.3
738.1
739.9
75.8
74.2
68.6
62.5
68.7
71.0
76.6
81.4
89.7
91.4
96.4
96.1
3.6
5.1
3.6
2.9
Apr.
Apr.
Apr.
Apr.
Apr.
I.8....
lo_
22_.
29
967. 6
972.4
1,001.0
1, 000. 0
1,024.9
305. 6
303. 9
304.5
305. 3
304.9
169. 6
163. 1
168.4
167. 6
154.6
40.3
42.0
42.2
41.2
40.9
85. 3
84.9
84.4
84.5
82.7
26.5
25.3
25. 1
24.9
28.5
16.8
17.8
17.1
16.2
15.6
84.9
91.9
104.7
95.6
98.3
729.0
728.9
746.4
735. 2
725.6
67.2
65.8
74.5
79.1
108.5
80.7
86.9
87.5
92.1
94.2
88.0
88.3
90.7
91.5
95.9
2.7
2.4
1.8
2.1
May
May
May
May
6
13..
20
27-
1,042.5
1,068.9
1, 113. 1
1,128.1
315.8
337. 1
345. 1
354. 6
153. 7
148.9
176.0
166.9
45.5
45.5
54. 1
54. 3
88.3
87.8
89.0
93.7
26.7
26.5
28.7
32.4
14.7
17.4
17.6
18.0
99.2
102.4
97.8
99.3
743.9
765.6
808.2
819.3
98.4
97.5
92.6
97.2
97.3
100.6
105.9
104.7
100.0
102.1
103.1
104.0
2.9
3.1
3.2
3.0
June 3. __
June 1O_.
June 17...
June 24..
1, 131.7
1, 184.6
1,256.3
1,276.5
362. 4
391. 9
410.2
413.2
159. 7
149.9
174.8
180.5
51.8
69. 5
78.1
87.4
102.3
113.1
116.8
118.2
31. 6
30. 9
36. C
35. 4
17.6
19. 1
22.4
21.0
84.6
86.9
97.3
98.5
809.9
861.4
935. 7
954.2
78.1
78.5
79.7
109. 0
114.5
112.8
114.2
120.4
125.7
122.8
121.6
2.8
4.9
6. 6
6.9
July !___.
July 8....
July 15...
July 22...
July 29...
1,227.0
1,236.4
1,234.9
1,233.0
1, 229. 4
393. 3
393.7
382.8
387.6
388.2
176. 1
175.0
178.7
172.5
165.9
89.6
89.2
86.8
83. 0
81.4
119.8
119.3
119.2
118.8
114. 7
35.7
37.0
38.7
40. 6
45.2
20.1
22.7
23.2
23.5
23.6
97. 1
97.3
93.8
92.6
94.4
931.7
934.3
923.1
918.5
913.4
52.3
55.0
58.4
59.2
60.7
113.8
120.4
122.0
122.3
123.6
121. 6
120.8
126.0
128. 1
127.3
7.6
5.9
5.3
5.0
4.5
Aug.
Aug.
Aug.
Aug.
1,
1,
1,
1,
5
8
1
0
388. 0
393.3
402.2
401.7
170.6
161.6
162. 6
161. 7
79.8
76.0
74.2
73.7
113.8
117.8
116. 8
116.4
45. 1
46.6
49.4
51.3
22.9
24.9
26. 0
27.1
94.7
95.2
98.3
93.2
914.9
915.4
929.4
925.3
67.2
78.1
81.5
96.0
124.1
123.5
121. 8
122.8
119.2
129.6
130. 8
139.0
5.1
6.2
5.6
5.0
1, 274. 2
1, 295. 0
1,287.0
1, 315. 3
1,353.1
377.6
382.7
373. 3
389. 4
437. 9
162. 7
162. 8
155. 1
155. 1
128.4
73.5
71.6
72.0
67.9
61.0
120. 4
119.8
121.3
125.2
136. 5
51.9
55.4
58.2
54.7
60.4
25.3
26.9
24.3
25. 1
26.7
95.8
97. 5
99.9
103.6
110.1
907.3
916.7
904.0
921.0
961.0
102.5
100.5
102.8
111.0
118.6
123.2
128.9
127.3
128. 7
123.7
135. 5
142.5
146.8
148.7
143. 6
5.8
6.4
6.0
5.9
6. 1
5_._
12..
19-26_-
Sept.
Sept.
Sept.
Sept.
Sept.
2...
9...
16-.
23-.
30-.
230.
252.
269.
288.
26
FEDERAL
RESERVE
JANUARY 1937
BULLETIN
TABLE 4.—BROKERAGE BALANCES, BY COUNTRIES
Net Movement to United States Cumulated Weekly from Jan. 2. 1935
[In millions of dollars.
Minus sign indicates net movement from U. S.]
United
Kingdom
France
Netherlands
Switzerland
Germany
2.6
2.0
3.7
3.7
-.8
-.9
.4
.9
2.1
.3
1.2
1.3
.4
.3
-.3
-.2
-.4
-.2
.2
-.6
-.1
Feb.6
Feb. 13
Feb. 20
Feb. 27
3.3
5.0
7.0
10.9
.5
2.1
2.8
3.5
2.0
2.2
1.6
3.2
-.1
-.2
.1
.4
-1.6
-1.6
.1
.1
Mar.
Mar.
Mar.
Mar.
6
13
20
27
13.7
15.4
20.2
21.7
4.5
4.3
5.8
7.0
3.7
4.5
4.9
5.6
.8
1.1
2.0
2.1
-.2
.1
.1
Apr.
Apr.
Apr.
Apr.
3.
10
17
24
21.1
20.9
21.7
21.0
6.5
5.8
6.3
6.3
5.6
4.5
3.9
3.3
2.6
2.9
2.9
2.7
.3
.8
.8
.9
(2)
.1
May
May
May
May
May
1
8
15
22
29
21.8
21.9
20.9
20.3
20.7
7.0
7.9
6.8
6.4
5.0
3.5
2.6
2.3
2.7
4.0
2.7
2.9
3.4
3.1
2.8
1.0
1.1
.8
1.2
1.2
.1
(2)
.1
.1
26.4
26.5
28.7
27.1
7.4
6.7
7.4
6.5
5.6
6.4
6.5
6.7
3.3
3.2
3.8
3.3
2.5
2.2
2.3
2.3
July 3
July 10
July 17
July 24 __
July 31
29.8
26.8
24.8
25.6
25.4
6.8
5.9
5.3
5.1
4.9
7.0
6.6
5.4
5.3
5.5
3.6
3.4
3.3
3.4
3.4
2.2
2.0
2.2
2.6
2.7
Aiig. 7
Aug. 14
Aug. 21
Aug. 28
23.6
18.4
19.8
20.4
4.4
3.8
4.7
4.4
5.2
4.7
3.9
5.1
3.2
3.3
3.1
3.4
2.3
2.4
2.5
2.9
Sept. 4 . .
Sept. 11
Sept. 18
Sept. 25
24.6
23.5
25.1
29.8
5.4
4.7
5.1
6.0
6.3
5.6
5.3
5.7
3.5
3.3
3.1
3.7
3.7
3.2
3.5
3. 1
-.4
_
0)
-.1
Oct.
Oct.
Oct.
Oct.
Oct.
29.8
30.7
27.1
23.7
20.5
6.2
7.2
6.1
4.8
5.0
6.1
5.7
4.8
4. 5
3.4
3.7
4.3
3.8
2.8
2.8
3.3
3.4
3.4
3.0
2.8
-.1
Week ending—
Total
Italy
Other
Europe
Total
Europe
Canada
.4
.1
.2
.5
1.7
-.5
1.7
2.1
.6
1.3
1.8
1.6
.9
2.8
4.4
7.8
1.6
1.0
1.0
1.5
-.2
0)
.2
1.1
1.2
1.7
1.5
Latin
America
Far
East
All
Other
1935
Jan.
Jan.
Jan.
Jan.
9
16
23
30...
June 5
June 12___
June 19
June 26
2
9
16
23
30
. . __-
._
__
.3
i
0)
.2
(2)
-.1
.4
.6
.4
.5
-.2
.6
-. 1
-.1
(2)
-.1
0)
-.1
.1
.1
-.1
(2) i
.5
1.1
1.1
1.0
9.5
10.5
13.9
15.9
2.6
2.5
3.5
3.3
.1
.1
.1
0)
1.6
2.4
2.8
2.6
1.2
1.4
1.2
1.2
16.1
15.5
15.1
14.4
2.2
2.4
3.7
3.6
.3
.4
.5
.7
2.5
2.7
2.4
2.4
0)
0)
(2)
1.3
1.4
1.4
.6
.7
15.4
15.8
14.6
14.0
13.8
3.2
2.6
2.5
2.3
2.3
.6
.7
.7
.8
.8
2.6
2.9
3.2
3.0
3.7
-.1
-.2
-.2
-.2
-.2
-.2
-.1
-.1
.8
.8
.8
.7
19.3
19.0
20.5
19.3
2.4
2.8
3.2
2.8
.8
1.0
.8
1.4
3.9
3.7
4.2
3.7
-.2
-.2
-.2
-.1
—. 1
1.6
1.4
.8
.9
.4
20.8
19.2
16.9
17.2
16.8
3.3
2.0
2.5
2.7
2.5
1.3
1.2
.9
1.3
1.4
4.4
4.5
4.6
4.5
4.8
-. 1
.1
-.4
-.2
15.0
14.0
13.7
15.5
2.8
.3
1.2
.4
1.4
.6
.5
.6
4.6
4.4
4.5
4.6
-.3
-.9
-.3
-.7
(')
.1
1.2
1.4
2.1
2.2
19.5
18.1
19.1
20.8
.5
.9
1.1
3.2
.5
.5
.5
1.0
4.8
4.7
4.9
5.1
-.7
-.5
-.5
-.3
0)
.2
.3
1.6
1.5
1.6
1.9
1.8
20.8
22.2
19.8
17.1
15.9
3.2
2.8
1.3
1.1
-.3
1.0
.9
1.2
.8
.6
5.1
5.2
5.4
5 2
5.0
—.3
-.5
-.5
— 6
-.8
.1
1.7
1.6
1.2
1.9
14.8
11.9
4.9
7.1
-.6
-2.1
-3.2
-4.6
.9
.8
.5
.4
50
5.1
4.7
37
- 8
-.6
-.9
—1 1
.1
.1
.1
.1
.1
2.6
.9
1.8
1.4
1.4
12 2
7.8
8.9
9.8
7.6
—2 9
-4.4
-3.1
-3.8
-4.5
.9
.6
1.2
1.1
1.0
3 9
3.2
3.5
3.3
2.9
—1 0
1 0
-.8
- 9
-.9
(
2
)
-.1
-.1
(0
-.1
-.1
—. 1
-.1
-.1
-.1
-.1
-.1
(2)
6
13
20
27
19.3
15.1
5.9
5 5
4.4
1.9
-3.0
-2.8
3.1
3.0
2.0
3.7
2.6
2.9
1.9
1.8
3.0
2.5
2.8
2.5
-.1
-.1
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
13 2
6.3
9.8
9.5
6.0
.5
.4
.3
.6
0)
4.5
2.9
2.6
3.2
2.4
1.4
.8
1.4
1.9
1.3
3.3
2.8
2.8
2.8
2.5
—. 1
-.1
-.2
-.2
-.2
(2)
-.2
-.4
.1
.3
.4
.4
Nov.
Nov.
Nov.
Nov.
i Inflow less t h a n $50,000.
0)
-.1
(2)
1
.1
0)
* Outflow less than $50,000.
-.1
-. 1
-.2
-. 1
I
-.1
-.1
-. 1
(2)
(0
-. 1
.1
0)
0)
0)
-. 1
(2)
(2)
1
-.1
27
FEDERAL RESERVE BULLETIN
JANUARY 1937
TABLE 4.—BROKERAGE BALANCES, BY COUNTRIES—Continued
Net Movement to United States Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U.S.]
Week ending—
Total
United
Kingdom
France Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
7.2
9.8
Latin
Canada America
Far
East
All
Other
1936
Jan. 8
Jan.15 .
Jan. 22
Jan. 29
4.5
6.8
-.8
1.4
6.6
-.5
6.5
Feb 5
Feb. 12
Feb 19
Feb. 26
6 5
Mar.
Mar.
Mar.
Mar.
.7
1.7
2.5
2.3
2.6
1.8
2.9
2.1
2.1
1.4
2.9
2 5
1 6
11
28
1.9
-.6
—3 2
—2 1
.4
4
11
18
25
3.4
2.5
3.5
-.9
.3
1.1
6.1
.5
.6
1.0
-.3
.4
2
4 5
7.4
—. 5
-1.8
— 8
-2.0
-1.2
17 1
16.5
17 1
14.7
June 3
June 10
June 17._
June 24
July 1
July 8
July 15
July 2 2 . .
July 29
April 1
April 8 .
April 15
April 22
April 29
May
May
May
May
Aug.
Aug.
Aug.
Aug.
_ ._
5
12 -_19
26 . _
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30—
__
.2
.1
. 1
.1
1.3
2.0
3.3
11.7
— 2
-. 1
2
-.2
2
.2
2
.2
2.9
10 9
2.2
6.2
1 9
3 6
2.0
2.6
4.5
.4
4
-.7
7.7
-.7
1.9
-. 1
2
-.1
-.2
.2
.4
.3
.1
2.6
. 1
. 1
2
.1
1.7
1 9
1 6
2.3
1.5
2.3
2.0
6.7
-.8
.5
.3
2
6.1
-.8
1.8
7.9
7.7
7.1
7.6
.8
3.0
-. 1
-.1
1
-.1
— 2
3 3
2.2
2 6
1.8
9 3
9. 1
86
8.7
2. I
2.2
1.9
1.7
3 3
3.7
3 8
3.5
— 1
-. 1
2
-.2
17.6
18 3
19.4
20.1
1.5
2 3
8.7
9 1
1.9
1 8
3.7
4 1
2.7
9.4
2.1
3.9
-.1
1
-. 1
3.2
9.2
1.7
3.9
16.5
20.0
19.1
20.5
17.9
2.1
3.6
2.1
3.0
1.3
8.8
9.6
9.6
9.9
9.5
.8
1.9
2.9
2.7
2.2
4.1
4.6
5.1
5.7
5.9
1
-. 1
. 1
19.9
20.1
19.6
18.2
2.7
4. 1
1.8
-.2
10.2
9.7
11.0
10.7
2.2
2.0
1.9
2.1
6.6
6.2
6.8
7.1
15.2
16.9
20.1
19.3
23.2
.8
-.2
1.3
-.2
.6
10. 3
10.8
12.1
11.7
14.4
1.8
1.7
1.9
1.8
3.0
6.6
6.4
6.3
6.6
7.4
2.9
6
13
20
27
—. 1
-.2
-.1
i Inflow less than $50,000.
85
6.6
1
-.2
1 7
2.7
3.0
9.7
-5.4
-5.9
-5.5
-6.8
.5
.6
3.1
3.5
.3
3.3
2.9
.6
-.2
3 0
— 1.5
-1.4
2 2
7.1
—7.0
-5.7
—6 6
-5.9
1.6
1.4
1.3
.9
10.8
10.9
13.0
9.9
-6.3
-8.4
-5.4
-6.6
-1.8
-2.2
-2.5
-3.2
1.8
-3.3
-3.7
—3.9
-3.7
-2.7
1.7
8.8
1.8
11.8
(1)
1.6
1.9
2 0
1.1
19 5
19.0
18 8
16.7
—4.6
-4. 5
—4.0
-3.9
— 2.2
-1.9
— 1.7
-1.8
4 5
4. 1
4 2
3.9
2.3
2 4
-2. 1
—3. 6
-3.6
-3.7
-1.9
— 1.8
-1.8
-1.8
3.7
4 2
4.4
5.5
(1)
7.2
2 1
11 7
1.8
2.1
1.4
0)
0)
9.9
1.7
-6.2
-6.0
—6 1
-4.9
-4.3
0)
1.3
1.8
3.0
1.2
3.6
4 0
3.9
3.5
— .9
-1.1
-1.2
-1.2
—1 0
-1.5
—1 0
-1.0
-1.1
-1.0
-1.1
-1.1
-1.2
-1.1
—1 1
-1.1
-1.0
2
-.2
— 1
-.1
-.1
— 1
0)
2.2
18.0
19 6
20.4
20.1
(0
. 1
.1
.1
.1
2.0
2.4
2.1
1.7
2.0
17.8
22.1
22.0
23.1
20.9
-4.0
-5.4
-6.0
-5.3
-6.1
-1.5
-1.5
-1.1
-1.6
-1.4
4.1
4.8
4.2
4.2
4.2
.1
.1
.2
. 1
.2
.1
.1
.1
1.6
1.8
2.0
1.9
23.6
24.0
23.7
21.7
-1.8
-2.0
-1.9
-3.0
4.2
4.2
3.5
3.3
.2
.1
.1
.1
2
.2
.1
.2
1.5
1.7
1.7
2.1
2.2
21.3
20.6
23.3
22.2
27.8
-6.2
-6.5
-6. 0
-4.0
-7.3
-5. 3
-5.2
-4.6
-6.4
-2.3
-2.3
-2.1
-2.2
-2.4
3.3
3.8
3.8
3.7
3.9
.2
.2
.2
.3
.3
0)
0)
. 1
.1
1
.1
2 Outflow less than $50,000.
2.3
-.1
.1
.1
0)
.2
.3
.3
.3
.1
28
FEDERAL RESERVE BULLETIN
JANUARY 1937
TABLE 5.—TOTAL SECURITIES, BY COUNTRIES
Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France
Nether- Switzlands erland
Germany
Other
Europe
Italy
Latin
Total
Europe Canada America
Far
East
All
Other
1935
.8
1.8
3.3
4.3
_ -
-.5
5. 1
5.6
6.0
5.7
1.0
.8
-.3
-.9
-1.7
-2.8
-3.3
-3.3
4.8
4. 1
3.5
3.4
-1.7
-2.8
-3.3
-3.4
.4
.6
.8
1. 1
— 3. 1
-2.8
—2 5
-2.3
39
4.9
53
5.3
—3 9
-3.0
—2 7
-2.3
1 l
1.2
14
1.6
7.2
72
6.4
10 2
12.7
-3.5
—2 8
-1.9
—1 0
- .6
5.0
54
5.8
66
8.5
-1.7
—1 0
-.5
— 2
.6
1.7
19
2.3
26
2.5
48.5
54.6
54.9
53.2
16.4
17.0
16.9
17.1
- .9
-1.0
- .5
.2
9.3
10. 1
9.9
10.2
-. 1
1.0
1.4
1.6
2.6
2.7
2.6
2.7
July 3
July 10
Julyl7_.
Julv 24
July 31,
59.5
60.2
67.1
72.0
84.4
20.9
21.4
25.1
27.6
33.8
-
.3
.3
1.4
1.4
1.6
10.7
10.8
11.0
12.7
17. 1
2.6
3.2
4.3
4.8
6.0
2.5
2.4
2.6
2.7
2.6
Aug. 7_._
Aug. 14
Aug. 21Aug. 28
97.4
109.8
51.5
55.2
39.8
44.8
46.9
48.7
2.5
2.4
2.4
1.9
18.7
19.9
21.6
23. 0
7.4
8.7
10.7
12. 1
2.8
3. 1
3.4
3.7
Sept. 4
Sept. 11._
Sept. 18
Sept. 25
62.9
68.2
95.4
100.6
51. 6
54.0
64.3
65.9
1. 5
2.1
3.0
3.9
23.0
23.3
26.8
27.8
12.6
13.1
13.5
16.6
Oct.
Oct.
Oct.
Oct.
Oct.
2___
9.
16...
23.
30
130.4
141 1
153.4
177. 5
198.6
70.4
72 5
75.3
86. 8
98.8
4.6
4.9
6.8
9.6
11.4
29.4
30.6
32.0
34.5
36.6
Nov.
Nov.
Nov.
Nov.
6_.
13
20..
27
209.2
232.7
278.9
314.7
105.1
119.7
144.1
167.5
13.3
15.3
341.4
388.9
404.5
422.9
441.8
171. 5
198.1
204.6
212.2
217 5
Jan. 9
Jan.16
Jan. 23
Jan. 30--. --
4.4
15.9
24.1
29.4
3.7
8.5
11.9
14.3
36.3
38.3
42.1
37.5
15.4
17. 1
17.7
17.2
Mar. 6
Mar. 13
Mar. 20
Mar. 27
33.7
26.7
21.5
16.6
Apr.
Apr.
Apr.
Apr.
3
10
17
24
_____
25.6
26.9
31.3
30.8
15. 1
12.3
9.3
8.2
69
7. 7
96
8.7
May
Mav
Mav
Mav
May
1
8
15
22
29
_ _
26.1
25.9
23.7
29.8
32.4
June 5
June 12 _
June 19
June 26
Feb.
Feb.
Feb.
Feb.
6
13
20 _
27
Dec. 4__
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1
._
_ -_
.
Purchases less then $50,000.
i
-.1
-.1
.1
2
.6
1.0
1.8
2.4
3.4
10.3
16.0
20.6
4.4
7.2
7.9
.6
1.0
.9
1.2
.3
6.2
7.1
8.6
9.0
27.9
31.7
33.2
30.6
7.6
5.7
8.5
6.0
1.2
1.3
1.8
1.9
.1
.4
.1
(2)
- .1
2
- L 3O
-.2
-.3
^
14.3
16.8
16.9
18.1
30.9
27.8
23.5
23.6
-
2.4
1.9
3.2
9.0
2.1
2.3
2.5
3. 1
-1.5
-1.4
-1.4
-1.3
— 6
-.8
— 9
-.8
21 3
21.9
22 5
22.9
25 5
29.2
32 7
32.9
— 4 5
8.9
— 8 8
-10.3
5.6
6.1
64
6.5
— 1.1
(2)
.5
1.1
.2
.5
.5
.6
23.2
23 9
25.0
26 4
26.7
30.8
33 8
36.3
43 8
49.8
-12.9
— 16 3
-20.9
—22 6
-24.9
6.4
6.4
6.5
64
6.1
1.2
1.4
1.4
1.7
1.2
.6
.6
.5
.4
.2
30.2
34.2
34.2
34.9
57.0
63.6
64.2
66.5
-22.8
-25. 1
-27.3
-32.1
7.2
9.2
10.9
11.5
.8
.9
1.0
1. 1
35.9
36.6
37.3
37.6
38.6
72.3
74.9
81.7
86.8
99.9
-31.3
-32.9
-31.6
-31.3
-32.4
11.2
10.7
93
8^7
8.6
1.1
1. 1
1.2
1.2
1.4
.3
.3
.4
.4
39.4
40.3
41.0
41.5
110.8
119.4
126. 3
131.3
-31.5
-28.5
-94.7
-96.3
6.3
6. 1
6.1
6.1
•
6.2
6.4
6.5
6.6
6.9
7.5
8.3
8.6
9.4
9.1
9.0
9.5
9.0
1.6
1.6
l.S
1.8
3.9
4. 1
4.5
4.3
.6
.6
.7
.7
42.3
42.8
42.8
43.5
135.5
140.1
155.5
162.8
-94.2
-94.1
-82.8
-87.3
9.6
9.9
10.8
10.6
10.2
10.5
10.2
13.0
1.9
1.9
1.7
1.6
18.2
20. 1
22.0
24.0
26.7
4. 1
4. 1
4.5
4.9
5.4
.7
.7
.9
1. 1
45.0
47.3
48.9
50.9
51.6
172.3
180.3
190.1
211.4
231.5
-69.3
-68. 6
-66. 7
-64.7
-65.5
11.0
11.6
12.0
12.9
13.3
14.4
15.8
15.9
15.8
17.1
1.9
2.0
2.0
2.0
2.3
18.3
20.7
38.7
40.8
45.6
51.1
27.7
31.0
36.2
39.2
5.7
5.9
6.2
6.6
1. 1
1.3
1.4
1.4
52.7
53.7
54.7
55.3
244.4
267. 8
306.5
341.8
-69.6
-70.6
— 67. 1
-68. 9
14.0
14.0
14.9
15.1
18.2
19.5
22.3
24.1
2.2
2.0
2.4
2.6
20.6
24.8
26.6
26.8
30 2
51.3
54.5
55.4
56.2
57.9
41.7
44.8
47.7
50.4
53.9
6.9
7.3
7.6
7.9
7.9
2.5
2.6
2.7
2.8
2.9
55.1
56.4
56.9
58.4
59.1
349.6
388.5
401.5
414.7
429.4
-50.6
-44.4
-42.0
-38. 6
-36.9
15.3
15.3
15.6
15.9
16.4
24.4
25.9
25.8
27.3
29.3
2.6
3.6
3.5
3.6
3.7
-.8
0)
-.3
-.5
2
•I
-.8
-.3
-.1
-.3
0)
.l
.2
.3
.4
.3
2 Sales less than $50,000.
0)
(2)
-1.2
—. 7
-.6
rj
-.5
-.2
-.2
—. 1
.1
0)
(2)
.3
-.2
-.2
2
2
-.2
-.2
O
-.2
1
. 1
2
29
FEDERAL RESERVE BULLETIN
JANUARY 1937
TABLE 5.—TOTAL SECURITIES, BY COUNTRIES—Continued
Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Ger-
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan.8
Jan.15
Jan. 22_._
Jan. 29
.
435.1
439. 0
403.6
406.0
225. 3
224.2
225.1
225.9
33.8
36.0
38.0
39.4
62,8
64.2
66. 0
67.7
56.3
58.5
61.6
62.7
8.1
8.3
8.5
8.4
3.0
3.2
3.3
3.5
61.4
61.2
61.3
61.3
450.7
455. 5
463. 8
468.8
- 65.6
- 66.8
-110.9
-113.9
16.4
17.0
17.1
17.1
29.8
29.1
29.3
29.6
3. 9
4.2
4.3
4.3
Feb.
Feb.
Feb.
Feb.
5
12
19
26
459. 9
469. 8
489.9
506.3
226.1
228.8
239.8
251.1
41.5
42.7
43.4
39.4
70.6
72.7
77.5
81.1
64.4
67.4
70.0
72.3
8.5
8.9
9.3
9.4
3.4
3.4
3.3
3.4
62.2
63.2
64.1
65.2
476.7
487.0
507.3
522.0
-66.3
-67.8
-70.4
-71.2
17.1
17.5
18.5
18.6
28.3
28.5
29.7
31.8
4. 1
4.6
4.8
5.0
Mar.
Mar.
Mar.
Mar.
4
11
18. . .
25
510. 2
504.8
513. 2
530. 7
250.3
252.5
248.9
251.7
37.2
38.8
41.0
44.4
81.3
81.5
81.4
83.0
73.8
76.6
80.7
83.5
9.7
10.0
10.2
10.2
3.8
3.6
3.7
3.7
65.8
49.9
50.6
52.0
521.9
512.8
516.4
528.5
-70. 1
-68.3
-65. 3
-61.9
20.2
20.9
21.5
22.5
32.9
34.1
35.2
36.3
5.3
5.3
5.2
5.3
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
542.1
557.7
565. 6
579. 8
565.5
255. 3
262. 4
280.9
289.2
298.5
85.0
88.5
90.8
92.9
91.9
85.1
89.6
92.1
93.2
96.5
10.0
10.2
10.5
10.6
10.8
3.6
3.7
3.6
3.7
3.7
53.0
47.4
26.0
29.6
30.7
537.4
548.6
551.2
567.4
580.4
-62.5
-59.8
-55.7
-58.8
-86.3
25.0
25.8
26.4
26.8
27.0
36.9
37.8
38.3
38.8
38.9
5.3
5.4
5. 4
5.5
5.6
May
May
May
May
6
13
20
27
559. 9
572. 6
585.3
590.3
292.4
292. 8
292. 9
289.7
45.4
46.8
47.3
48.3
48.2
47.2
47.6
50. 6
51.5
89.0
90.6
91.5
93. 1
96. 5
99.5
101.7
103. 9
11.0
11.2
11.4
11.5
3.7
3.6
3.6
3.3
31.5
32.2
31.9
33.0
571. 3
577. 5
583.6
586.0
-80.0
-76.3
-70.2
-69.4
27.5
27.7
28.0
28.5
35.7
38.2
38. 3
39.2
5.5
5.5
5.6
6.0
June
June
June
June
3
10
17
24
612.1
638. 5
653.6
670.8
279. 7
279.5
276.7
280.1
52.1
52.8
52.6
53.8
95.2
99.6
102. 6
106.8
108. 9
112.7
117.6
121.8
11.6
11.7
11.7
11.9
3.1
2.6
2.4
2.4
54.1
56.0
57.6
59.2
604.7
614.9
621.2
636.0
-67.0
-51.6
-45.1
-43.9
29.0
29.2
29.9
30.3
39. 2
39.8
41.4
42.2
6.2
6.2
6.2
6. 2
July 1
Julys
July 15
July 22
July 29
704.7
716.0
736.7
754. 6
772.8
286.9
290.3
293.1
297. 7
305.1
55.1
54.1
54.5
56.5
57.7
107.7
108. 9
109.5
111.6
114.0
123.6
124.2
127.1
128.9
131.0
11.6
11.6
11.6
12.0
12.1
2.2
2.2
2.0
2.0
2.0
60.4
60.5
70.7
71.7
73.3
647.5
652.0
668.5
680.4
695.2
-22.3
-16.5
-13.8
- 9.0
-6.9
30.2
30.8
31.0
31.2
31.8
43.1
43. 4
44.6
45.4
45.8
6.3
6.3
6.5
6.6
6. 9
Aug.
Aug.
Aug.
Aug.
5
12
19
26
782.0
789.6
805. 4
817.6
308. 0
310.2
316.2
322.2
57.1
58.3
59.1
59.0
116.3
117.4
119.3
120.5
132.9
134.7
135.8
137.7
11.8
11.9
12.2
12.4
2.0
2.0
2.0
1.9
75.4
76.1
77.3
77.4
703.4
710.6
721.8
731.0
-7.2
-7.7
-4.4
- 3.4
32.7
33.2
33.7
34.4
46.5
46.7
47.4
48.4
6.7
6.8
6.9
7. 1
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16... .
23
30
850. 5
859. 7
877.5
897. 3
905.4
322.9
324.7
327. 3
336.3
341.7
59. 7
59.7
59.0
59.8
59.2
122.2
124.0
127.6
131.1
130. 9
140.3
141.7
147.8
151.4
153. 7
12.5
12.8
13.1
13.2
13.4
2.3
1.9
1.9
1.8
1.8
81.8
82.9
84.5
85.0
85.0
741.7
747.9
761. 1
778.6
785.7
17.6
19.9
23.1
23.5
26.2
34.7
34.9
35.6
35.9
38.3
49.2
49.7
50.5
51.9
47.9
7.3
7.3
7.2
7.3
7.3
30
FEDERAL RESERVE BULLETIN
JANUARY
1937
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France
Switzerland
Netherlands
Germany
Italy
Other
Europe
Total
Europe
()
-. 1
.2
.4
7
1
3
3
2.4
5.2
7.4
10.1
-1.1
.9
3.3
3.5
13.0
15.1
15.0
12.3
3.9
3.8
2.7
1.1
- .4
- .6
-1.9
-1.9
()
-2.5
-2.4
-3.4
-1.8
-1.3
-1.5
-1.1
-2.6
-2.7
-2.9
-3.0
1.0
1.1
1.2
1.2
-3.2
-3.4
-3.1
-2.4
1.0
1.1
1.1
1.0
.7
-2.6
-2.7
-3.1
-3.0
-3.6
.7
.5
.5
2.4
4.1
5.7
5.7
Latin
Canada America
All
Other
Far
East
1935
Jan. 9
Jan. 16
Jan. 23
Jan.30
1.6
6.6
11.3
14.0
2.3
4.4
5.5
6.7
.7
1.7
2.9
3.6
Feb.
Feb.
Feb.
Feb.
6
13
20
27
17.2
19.0
16.8
12.3
7.6
8.8
9.2
8.8
3.9
4.2
4.6
4.2
Mar.
Mar.
Mar.
Mar.
6
13
20
27
6.5
(2)
-4.0
-6.6
7.3
5.4
3.1
1.4
-1.9
-3.1
-3.5
-3.7
3.5
2.9
2.4
2.3
-
.2
.5
.7
-1.1
-1.2
-1.3
-1.4
3
3
1
3
8.5
4.5
.7
-1.1
Apr.
Apr.
Apr.
Apr.
3
10
17
24
-6.2
-4.1
-3.3
-2.9
.7
.8
.9
-3.6
-3.3
-3.3
-3.4
2.7
3.4
3.6
3.5
-1.8
-1.9
-1.9
-1.9
4
3
4
5
-2.2
- .6
May
May
May
May
May
1
8
15
22
29
-6.8
-7.4
-7.5
-1.0
2.0
-1.4
-2.4
-2.7
-4.6
-4.0
-3.4
-3.0
-2.9
3.1
3.3
3.6
5.0
6.8
-1.3
- .5
- .3
.1
.5
1.2
1.6
2.1
2.7
-2.1
-2.3
-2.2
-2.3
-2.7
.5
.8
2.5
3.2
3.6
8.5
-1.7
-3.2
-4.9
-3.8
-3.6
June
June
June
June
5
12
19
26
9.3
12.5
13.2
12.8
1.3
1.8
1.9
2.3
-3.4
-3.4
-3.4
-3.1
7.6
8.2
7.9
8.0
2.4
3.5
4.3
4.5
-2.8
-2.9
-3.3
-3.4
4.0
4.2
3.9
4.1
11.2
11.1
12.2
-3.3
-4.0
-4.8
-6.6
July
July
July
July
July
3
10
17
24
31
15.8
16.2
24.1
28.1
39.1
5.3
5.4
8.7
11.0
16.0
-3.6
-3.1
-2.0
-2.0
-1.7
8.6
8.6
9.9
14.1
5.6
6.4
7.3
7.6
9.1
-3.8
-4.1
-4.1
-4.1
-4.4
4.2
4.5
5.0
5.1
5.5
16.0
17.2
23.2
27.2
38.1
-6.8
-7.3
-4.5
-4. 1
-4.1
Aug.
Aug.
Aug.
Aug.
7
14
21
28
49.6
59.7
66.8
69.5
21.6
26.4
28.9
30.1
-1.1
-1.3
-1.3
-1.8
15.5
16.5
17.9
19.2
10.5
11.8
13.9
15.2
-4.5
-4.6
-4.5
-4.5
5.9
6.5
47.6
55.0
61.4
64.6
-3.6
-1.4
- .7
-1.0
Sept.
Sept.
Sept.
Sept.
4
11
18
25
72.6
75.5
79.6
82.7
32.5
33.9
35.6
35.2
-1.5
- .7
.2
19. 1
19.3
22.5
23.2
15.8
16.4
16.7
19.9
-4.6
-4.6
-4.6
-4.9
6.8
6.7
6.7
67.1
69.8
75.8
79.9
90.3
97.5
104.7
124. 9
142.6
38.4
40.0
41.4
51.7
60.3
.3
.5
2.4
5.0
6.7
24.6
25.8
27.0
29.2
30.9
21.4
23.2
25. 1
27.2
29.3
-5.4
-5.6
-5.6
-5.5
-5.4
8.4
8.6
8.8
9.0
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
-
.3
.4
.5
.5
1.9
1.6
-3.7
-2.8
-
.9
4.7
(0
.1
.1
.*3
i
0)
0)
.1
.1
.1
0)
()
0)
.1
.1
.1
.1
.1
.1
.2
.2
.1
.8
.8
.7
1.0
5.2
4.9
3.9
3.4
3.2
1.1
1.7
1.7
2.2
3.5
3.4
3.1
2.5
1.1
1.0
1.2
1.2
-1.6
-1.1
-2.6
-5.1
2.2
1.8
2.0
1.6
3.7
3.7
3.4
5.5
1.3
1.2
1.1
85.6
92.0
98.4
116.1
130.8
-4.7
-5.2
-4.6
-2.8
-1.6
1.8
1.8
2.1
2.7
3.0
6.7
7.9
7.8
7.8
9.3
1.0
1.0
1.0
1.0
1.2
Nov.
Nov.
Nov.
Nov.
6
13
20
27
154. 2
177.2
216.6
249.6
66.2
80.7
101. 9
122.3
8.5
10.2
12.9
15.0
32.9
34.8
39.1
44.3
30.3
33.3
38.1
41.0
-5.3
-5.2
-5.2
-5.1
9.5
10.4
10.9
10.9
142.0
164.1
197.7
228.3
-2.9
-3.0
-1.0
- .5
3.1
3.1
3.7
3.6
10.8
12.1
14.9
16.8
1.1
.9
1.3
1.5
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
253.9
283.2
290. 6
302.7
316.7
125.2
138.7
141.5
146. 5
149.8
14.6
18.4
20.0
20.3
23.4
44.5
47.5
48.3
48.9
50.5
43.5
46.7
49.6
52.0
55.1
-5.1
-5.0
-5.0
-5.0
-5.4
10.7
11.5
11.8
12.4
12.9
233.3
257.6
266.1
275.0
286.2
-1.2
1.6
.7
2.1
2.8
3.2
3.2
3.1
3.3
3.7
17.1
18.3
18.4
19.7
21.4
1.5
2.5
2.3
2.5
2.6
1
Purchases less than $50,000.
2 Sales less than $50,000
JANUARY
31
FEDERAL RESERVE BULLETIN
1937
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES—Continued
Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935
[In millions of dollars.
Week ending-
Total
Minus sign indicates net sales by foreigners.]
United
Kingdom
France
Netherlands
Switzerland
Ger-
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan.
Jan.
Jan.
Jan.
8—
15..
22..
29_.
336. 2
336.7
342.0
347.1
156.6
153. 8
154. 5
154.7
26.7
28.7
30.5
31.2
55.1
56.3
57.8
59.5
57.2
59.5
62.6
64.0
-5.4
-5.4
-5.4
-5.7
-.1
-. 1
-.1
—. 1
12.9
12.5
12.4
12.2
303.0
305. 3
312.4
315.8
5.1
3.2
1.1
2.7
3.6
4.2
4.3
4.5
21.7
20.9
20.9
20.9
2.8
3.1
3.3
3.3
Feb.
Feb.
Feb.
Feb.
5__.
12_.
19_.
26_.
355.8
363.0
384.9
400.5
154.9
156. 2
166.7
177.6
33.3
34.3
35.1
31.2
62.3
64.1
68.7
71.9
65. 6
69.0
72.1
74.2
-5.7
-5.6
-.2
2
— .2
2
12.7
13. 5
14.2
15.5
323. 0
331. 4
351. 1
364. 7
4.6
2.6
3.1
3.6
4.4
4.6
5.2
5.2
20.6
20.7
21.7
23.0
3. 1
3.6
3.8
4.0
Mar.
Mar.
Mar.
Mar.
4___
11_.
18..
25_.
402.3
406.1
410.0
424. 5
176.1
175.8
171. 9
174.2
29.2
30.2
32.5
35.8
72.4
72.6
72.6
74.2
75.6
78.2
82.0
84.5
-o. 6
-5. 5
-5.7
-5.8
-.3
rj
—. 5
16.0
16.0
16.5
17.9
363. 5
366. 7
369. 3
380.2
5.1
4.3
4.6
6.9
5.9
6.4
6.5
7.0
23.8
24.5
25.4
26. 2
4.1
4. 1
4. 1
4.2
Apr.
Apr.
Apr.
Apr.
Apr.
1__.
8._.
15..
22_.
29_.
427.6
445.7
456.3
468.0
477.0
175.0
182.4
186.8
195.2
203.8
36.6
37.9
38.5
39.1
38.7
75.9
79.1
81.3
83.1
81.9
90.0
92. 6
93. 8
96.8
-6. 1
-6. 1
-6. 1
-6.2
-6.1
-.5
-.4
-.4
-.4
-.4
17.8
18.2
18.3
18.7
18.9
384. 7
401.2
410.9
423.3
433. 6
4.9
5.5
5.7
4.5
3.1
7.3
7.6
7.9
8.2
8.2
26. 6
27.3
27.5
27.9
27.9
4.1
4. 1
4.2
4.2
4.2
May
May
May
May
6...
13_.
20_.
27..
462.0
469.0
474.1
475.1
196. 9
196.7
196.9
193.5
37.4
37.5
40.3
40.5
79.1
80.6
81.3
82.6
96.6
99.3
101.0
102.7
-6. 1
-6. 1
-6. 1
-6.2
-.4
- A
-.7
19. 1
19.3
18.7
18.6
422.7
426.8
431. 6
431.1
2.5
3.1
3.6
3.8
8.2
8.2
8.3
8.6
24.6
26.8
26. 5
27.3
4. 1
4. 1
4. 1
4.4
June 3...
June 10_.
June 17..
June-24..
473.5
495.2
502. 9
515.8
186.1
186.0
182. 5
186.0
40. 6
40.6
40.2
41.0
84.5
88.2
91.0
95. 0
107. 2
110.6
115. 1
118.9
-6.2
-6.2
-6.3
-6. 3
- .8
- .9
-1.0
- .9
18.3
18.6
19. 1
20.0
429.7
436. 9
440. 5
453. 7
3.8
17.7
20.0
18.9
8.4
8.6
8.9
9.0
27.2
27.7
29.1
29.7
4.5
4.4
4.4
4.4
July 1 . . .
July8.._
July 15. _
July 22._
July 29..
524.1
528.7
535. 9
549.3
562. 8
190. 5
191.6
192. 1
196. 1
202.6
42.2
41.3
41.5
43.3
44.3
96. 1
98.2
99.6
101.6
104.3
120.3
120.9
123.7
125.1
126.9
-6.7
-6.7
-6.7
-6.5
-6.5
-1. 1
-1.2
-1.5
- 1. 5
-1.6
20. 6
20. 1
21.5
22. 3
22.6
461. 9
464. 3
470. 1
480.4
492. 5
18.5
20.0
20.2
22.5
23.2
8.9
9.2
9.2
9.2
9.6
30.5
30. 7
31.7
32.5
32.7
4.4
4.4
4.7
4.7
4.8
Aug.
Aug.
Aug.
Aug.
566. 8
571. 1
582. 6
591. 3
205.4
207.3
213.5
219.2
43.7
44.6
45.1
44.9
106. 4
107.4
109.3
110.3
128.4
129.9
131.0
132.6
-6.9
-6.8
-6.8
-6.7
-1.7
-1.6
-1.7
- 1. 7
23.8
24. 3
24. 9
25.0
499.2
505. 0
515.3
523.5
19.6
17.7
17.8
17.0
10.3
10.4
10.8
11.2
33.2
33. 4
34. 1
34.9
4.5
4.5
4.6
4.6
596. 3
600. 6
614. 5
631.6
633.3
219.0
220. 9
223.7
231. 9
235. 5
45.6
45.4
44.5
44.9
44.0
111.9
113.6
117.1
120.2
119.9
134.9
136. 0
141.2
144. 5
146. 6
-6.7
-6. 7
-6. 7
-6. 7
-6.8
-1.7
-1.8
-1.9
-1.9
-1.9
219
25. 6
26.5
26.7
26.3
527.9
532. 9
544.4
559.5
563. 6
16.3
15.6
16.7
17.0
18.5
11.4
11.5
12.0
12.2
12.5
35.9
36.0
30.9
38.2
33. 9
4.7
4.7
4.5
4.6
4.7
5...
12_.
19..
26..
Sept.
Sept.
Sept.
Sept.
Sept.
2...
9...
16..
23..
30..
32
FEDERAL RESERVE BULLETIN
JANUARY
1937
TABLE 7.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Latin
Canada America
Far
East
Other
Europe
Total
Europe
-. 1
-.1
.1
.2
.6
1. 1
1.6
2.0
.9
5.2
8.6
10.5
1.4
3.5
3.9
4.4
.5
.6
.6
.6
.1
.3
-.1
.1
.3
.3
.4
.3
5.5
6.0
7.3
7.7
13.0
15.4
15.8
16.8
14.9
16.6
18.2
18.3
3.7
1.9
5.8
4.9
.5
.'9
1.1
.3
.4
.6
1.1
22.4
23.2
22.8
24.8
2.5
.6
-.8
1.4
1.6
1.9
2.1
1.1
1.3
1.5
1.8
Italy
All
Other
1935
Jan.9
Jan.16
Jan. 23
Jan. 30
2.8
9.2
12.7
15.4
1.4
4. 1
6.4
7.6
Feb.6
Feb. 13
Feb. 20
Feb. 27
19. 1
19.3
25.2
25.2
7.7
8.3
8.5
8.3
.3
.4
.3
Mar.
Mar.
Mar.
Mar.
6
13
20
27
27.2
26.7
25.5
23.1
7.8
6.9
6.2
6.8
Apr
Apr.
Apr.
Apr.
3
10
17
24
31.8
31.0
34.6
33.7
May
May
May
May
May
1
8
15
22
29
June
June
June
June
-.4
-.3
-.3
-.7
-.1
.2
1.2
1.4
1.4
1.5
-.9
-.8
-.9
-1.1
.2
.3
.2
.3
.2
.. 1
.1
.1
-1.5
-2.3
-2.6
-2.6
6.1
6.9
8.7
8.7
.4
.6
.8
1.1
.3
.5
.7
32.9
33.3
31.2
30.8
30.3
8.6
9.6
9.1
10.2
11.5
]. 1
1.2
1.5
2.0
2.3
5
12
19
26
39.2
42.1
41.7
40.4
15.0
15.2
15.0
14.8
July
July
July
July
July
3
10
17
24
31
43.7
44.0
43.0
43.9
45.3
Aug.
Aug.
Aug.
Aug.
7
14 .
21
28
Sept.
Sept.
Sept.
Sept.
1.0
1.2
1.4
-2.6
-2.5
-2.4
-2.4
1.6
1.8
2. 1
2.5
2.8
3. 1
3.3
3.5
-
.
.
.
.
3
4
4
4
19.9
20.6
21.1
21.4
27.7
29.8
32.7
33.7
-2.7
-7.5
-7.3
-9.2
4.6
5.0
5.2
5.3
2.0
3.3
3.6
3.5
2.0
2. 1
2.1
1.6
1.7
-2.2
-2.2
-2.1
-2.3
-2.1
3.8
4.1
4.4
4.9
5.2
-
.
.
.
.
.
4
3
4
3
3
21.7
22. 1
22.5
23.1
23.1
34.5
36.6
37.2
39.1
41.3
-11.2
-13.2
-16.1
-18.8
-21.4
5.3
5.3
5.3
5.4
5.3
3.7
4. 1
4.5
4.7
4.8
2.4
2.4
2.9
3.2
1.7
2.0
2.0
2.2
-2.4
-2.6
-2.9
-2.9
5.4
5.6
5.8
6.1
-.3
-.3
26.2
30.0
30.3
30.8
48.1
52.3
53.1
54.3
-19.5
-21.1
-22.5
-25.5
5.5
5.6
5.6
5.5
4.9
5.1
5.3
5.8
15.6
16.1
16.3
16.5
17.8
3.3
3.4
3.4
3.5
3.4
2.2
2.3
2.3
2.7
2.9
-3.0
-3.1
-2.9
-2.8
-3.0
6.3
6.5
6.7
6.8
7.0
.3
.4
.4
.4
.5
31.7
32.1
32.4
32.5
33.1
56.3
57.7
58.5
59.6
61.8
-24.5
-25.6
-27.1
-27.1
-28.3
5.6
5.8
5.7
5.8
6.0
6.1
5.8
5.5
5.3
5.4
47.8
50.2
-15.2
-14.3
18.2
18.3
17.9
18.6
3.5
3.6
3.6
3.7
3.2
3.4
3.7
3.8
-3.2
-3.1
-3.2
-3.1
.6
.7
33.5
33.8
34.2
34.6
63.2
64.4
64.9
66.6
-28.0
-27.1
-93.9
-95.2
6.4
6.6
6.9
7.3
5.6
5.6
6.4
6.5
4
11
18
25
-9.7
-7.2
15.8
17.9
19.1
20.1
28.6
30.7
3.7
3.6
3.7
3.6
3.9
4.0
4.3
4.6
-3.3
-3.3
-3.2
-3.3
7.3
7.6
7.9
8.2
8.5
8.7
9.1
9.2
1.1
1.1
1.1
1.2
35.4
36.0
36.1
36.8
68.4
70.2
79.7
82.9
-92.6
-93. 1
-80.2
-82.2
7.4
8.1
8.8
9.0
6.5
6.9
6.8
7.5
Oct. 2
Oct. 9
Oct. 16
Oct. 23Oct. 30
40. 1
43.6
48.7
52.6
56.0
32.0
32.5
33.8
35.1
38.4
4.3
4.5
4.4
4.6
4.7
4.8
4.7
5.0
5.2
5.7
-3.2
-3.1
-3.1
-3.2
-2.7
9.5
9.7
10.1
10.4
10.8
1.2
1.1
1.1
1.1
1.1
38.2
38.9
40.4
42.1
42.6
86.8
88.3
91.7
95.4
100.7
-64.6
-63.4
-62.1
9.2
9.8
10.0
10.2
10.3
7.8
7.9
8.1
7.9
7.8
1.0
1.0
1. 1
Nov.
Nov.
Nov.
Nov.
6
13
20
27
55.0
55.5
62.3
65.0
39.0
39.0
42.2
45.2
4.8
5.1
5.4
5.8
5.8
6.1
6.5
6.7
-2.5
-2.3
11.0
11.1
11.4
11.7
1.1
1.4
1.4
1.5
43.2
43.3
43.7
44.4
102.4
103.7
108.8
113.5
-66.7
-67.6
-66. 1
-68.4
10.9
10.8
11.2
11.5
7.3
7.5
7.4
7.3
1. 1
1.1
1. 1
1.1
Dec.
Dec.
Dec.
Dec
Dec.
4
11
18
24
31
87.5
105.7
113.8
120. 3
125.2
46.3
59.4
63.0
65.6
67.8
6.0
6.5
6.6
6.6
6.8
6.8
7.0
7.2
7.3
7.4
12.0
12.3
12.6
12.9
13.3
2.6
2.7
2.8
2.9
2.9
44.4
44.9
45. 1
46.0
46. 1
116.3
130.9
135.4
139.7
143. 1
-49.4
-46.0
-42.7
-40.7
-39.7
12.1
12.1
12.5
12.6
12.7
7.4
7.6
7.5
7.6
7.9
1. 1
1.1
1.1
1. 1
1. 1
i Purchases less than $50,000.
.9
1.6
1.2
.1
(2)
0)
2 Sales less than $50,000.
JANUARY
33
FEDERAL RESERVE BULLETIN
1937
TABLE 7.—FOREIGN SECURITIES, BY COUNTRIES—Continued
Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
"Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Far
East
All
Other
1936
Jan. 8
Jan. 15
Jan. 22
Jan.29
98.9
102.3
61.6
58.9
68.7
70.5
70.6
71.2
7.1
7.3
7.5
8.2
7.7
7.8
8.1
8.2
-.8
-1.0
-1.0
— 1.2
13.4
13.7
13.9
14.1
3.1
3.3
3.4
3.5
48.4
48.6
48. 9
49. 0
147.6
150. 2
151.4
153. 1
-70.7
-70. 0
-112.0
-116.6
12.8
12.8
12.7
12.6
8.1
8.3
8.4
8.7
1.1
1. 1
1.0
1.0
Feb. 5
Feb. 12
Feb. 19__
Feb. 26
104.2
106.8
104. 9
105.7
71.2
72.6
73.1
73. 5
8.1
8.4
8.2
8.1
8.3
8.6
8.7
9.2
-1.3
-1.6
-2. 1
-1.9
14.2
14.5
14.8
15.0
3.6
3.5
3.6
3.7
49. 5
49. 6
49.9
49.7
153. 7
155. 6
156.2
157. 3
-71.0
-70.5
-73. 5
-74.8
12.7
12.9
13. 2
13.4
7. 7
7.8
8.0
8.8
1.0
1.0
1.0
1.0
Mar.
Mar.
Mar.
Mar.
4
11
18
25
107. 9
98.7
103.2
106.3
74.1
76.7
77.1
77.6
8.1
8.6
8.4
8.7
8.9
8.9
8.9
8.9
-1.8
-1.6
-1.3
-1.0
15.3
15.5
15.8
16.0
4. 1
4. 1
4.1
4.1
49.7
33.9
34.1
34.2
158. 4
146. 1
147. 1
148.4
-75. 2
-72. 5
-69. 9
-68.8
14.3
14.5
15. 0
15.4
9.1
9.5
9.9
10.1
1.2
1. 1
1.1
1.2
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
114.4
112.0
109. 3
111.7
88.5
80.3
80.0
94.1
94.0
94.7
8.8
8.9
8.8
9.2
9.6
9. 1
9.4
9.5
9.8
10.0
-.8
-.4
-.5
-.6
-.4
16.1
16.3
16.6
16.8
16.9
4.1
4.1
4.1
4.1
4.1
35.2
29.2
7.7
10.9
11.9
152. 7
147.4
140.3
144.2
146.8
-67. 4
-65. 3
-61.4
-63. 2
-89.4
17.7
18.2
18.5
18.6
18.8
10.2
10. 4
10. 7
10.9
10.9
1. 2
1.2
1.3
1.3
1.4
May
May
May
May
6
13
20
27
97.9
103.6
111.2
115.2
95.5
96.1
96.0
96.2
9.8
10.1
10.3
11.0
9.8
10.0
10.2
10. 4
-.2
.2
7
L2
17.0
17.3
17.5
17.7
4. 1
4. 1
4. 1
4.0
12.5
12.9
13.2
14.4
148. 6
150.7
152. 0
154. 9
-82.5
-79. 4
-73.8
-73.2
19.4
19.5
19.7
19.9
11. 1
11.4
11.7
11.9
1.4
1.4
1.5
1.6
June
June
June
June
3
10
17
24
138. 6
143. 3
150. 7
155.0
93.7
93.5
94.2
94.1
11.5
12.2
12.4
12.8
10.7
11.3
11.5
11.8
1.7
2.2
2.5
2.9
17.8
17.9
18.0
18.1
3.9
3.6
3.4
3.4
35.8
37.5
38.4
39.2
175.0
178.1
180.6
182.3
-70.7
-69.3
-65.1
-62.9
20.6
20.5
21.1
21.3
12.0
12.2
12.3
12.5
1.8
1.8
1.8
1.8
July 1
JulyS
July 15
July 22
July 29
180.5
187. 3
200.8
205.3
210.0
96.4
98.7
100.9
101.6
102.6
12.8
12.9
13.1
13.2
13.4
11.6
10.7
9.9
10.0
9.8
3.3
3.3
3.4
3.8
4.1
18.2
18.3
18.4
18.5
18.6
3.3
3.4
3.5
3.5
3.6
39.9
40.4
49.2
49.3
50.7
185. 6
187. 6
198. 3
200. 0
202. 7
-40.8
-36.5
-34.0
-31.5
-30.2
21.3
21.6
21.8
22.0
22.2
12.6
12.7
12.8
12.9
13.1
1.8
1.8
.1.8
1.9
2.2
Aug.
Aug.
Aug.
Aug.
5
12
19
26
215.2
218.5
222.8
226.4
102.6
102.9
102.7
102.9
13.4
13.7
14.0
14.1
9.9
10.0
10.0
10.1
4.4
4.8
4.8
5.1
18.6
18.7
18.9
19.1
3.6
3.6
3.7
3.7
51.5
51.7
52.4
52.5
204.1
205. 5
206.4
207. 5
-26. 8
-25.4
-22.2
-20.4
22.4
22.8
22.9
23.2
13.3
13.2
13.2
13.5
2.2
2.3
2.3
2.5
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
254.2
259.1
263.0
265.6
272.2
103.9
103.8
103.6
104.4
106.2
14.1
14.3
14.5
14.9
15.2
10.3
10.4
10.4
10.9
11.0
5.4
5.7
6.6
6.9
7. 1
19.3
19.6
19.8
20.0
20. 1
3.9
3.8
3.8
3.7
3.7
56. 9
57.4
58.0
58.4
58.6
213.8
215.0
216. 7
219. 1
222. 1
1.3
4.3
6.5
6.5
7. 7
23.3
23.4
23. 5
23.7
25.7
13.2
13.7
13.6
13.7
14.0
2.6
2.6
2.7
2.7
2.6
34
FEDERAL RESERVE BULLETIN
JANUARY
1937
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Reported by Banks in United States
[Outstanding weekly amounts, in millions of dollars]
Date
United
Kingdom
Total
SwitzFrance Netherlands erland
Germany
Italy
Other
Europe
Latin
Total
Europe Canada America
Far
East
All
Other
1935
Jan.
Jan.
Jan.
Jan.
Jan.
2
9
16.._
23
30—
597.0
599.3
584. 4
609.7
649.2
76.9
78.6
75.3
92.6
100.2
33.9
37.6
37.3
44.8
52.0
12.9
12.3
10.0
15. 0
22.0
13.7
14.5
14.2
14.6
18.9
29.9
30.7
31.5
32.4
26.9
18.8
18.2
18.1
19.3
17.5
46.8
47.5
47.9
41.3
47. 1
232.9
239. 4
234. 4
260.1
284.6
99.3
101.6
96.1
94.8
95.4
122.8
124.3
122.5
123. 7
128.5
130.1
123.1
117.3
118.2
127.1
12.0
10 9
14.0
12 9
13.5
Feb.
Feb.
Feb.
Feb.
6
13
20
27
654. 8
663. 3
657. 5
643.3
100.7
108.2
104.7
105.8
50.9
47.4
49.0
46.8
20.1
21.8
20.0
18.0
21.4
20.3
18.7
18.2
26.9
26.8
27.0
26.5
17.0
16. 5
16.1
16.5
51.8
53. 9
57.7
51.4
288.8
294. 8
293. 2
283.4
95.4
100. 4
99.5
100.7
130.7
129. 0
129.1
131.4
125.9
125. 4
122.1
115.5
13.9
13 7
13.6
12 4
Mar.
Mar
Mar.
Mar
6
13
20
27
639. 5
628.1
626. 8
635 6
97.2
92 5
92. 1
92.4
50.0
44 4
38.5
38.1
17.2
18.5
18.2
18.8
17.8
19. 5
16.6
16.0
27.8
27.9
27.7
25.3
15.9
15.4
15.8
14.3
51.3
49.8
51.9
51.2
277.1
268.0
260.8
256.2
96.6
94.7
98.5
106.5
133.6
134.9
134.7
137.4
119.4
117 2
118.1
120.5
12.8
13 4
14.7
15.0
Apr.
Apr.
Apr.
Apr.
3
10
17___
24
654.
679.
685.
693.
7
8
3
0
96. 1
103.6
104.9
107 7
47. 1
43.5
46.9
45. 7
18.1
21.0
30.4
28.9
22.4
29.9
27.6
29.0
25.8
23.7
22.9
23.6
14.9
16.2
16.5
16.4
55.5
51.2
48.4
49.0
280.0
289.2
297.6
300.2
95.9
106.5
107.8
111.6
138.9
141.1
140.3
141.8
122.2
126. 5
121.9
123.8
17.7
16.5
17.7
15 6
Mav
May
May
May
May
1
8
15
22. _
29
666.
673.
695.
736.
883.
7
6
6
3
6
101.9
107.2
108. 3
124.6
139.3
49.6
46. 7
49.5
56. 9
173.1
29.7
26.4
26.0
28.2
32.2
27.4
28.4
28. 0
31. 1
32.8
23.2
23.2
23.4
23.5
24.5
16.7
15.8
15. 8
16.2
14.5
46.1
47.5
52.3
53. 0
56.0
294.7
295.1
303.2
333.5
472.5
98.2
101.9
108.1
114.6
120.3
142.9
144.1
146.3
145.3
147.0
116.3
116.4
122.5
128.1
128.3
14 6
16.1
15.5
14.8
15 5
June
June
June
June
5 _
12
19
26
865.0
837.3
841.0
839.0
165.7
150. 7
149.8
153. 2
120.0
104.2
102.0
98.4
35. 4
46. 1
40.2
43.9
39.2
37.1
38.0
35.4
25. 6
26.1
26.1
25.3
15.3
15.8
16.4
16.9
54.9
54.4
56.8
55.1
456.1
434.4
429.3
428.4
115.4
116.9
127.0
132.4
148.8
148.5
146.1
145.7
127.8
120.4
119.7
115.7
16 9
17 0
18.9
16.8
July
July
July
July
July
3
10. _
17
24.
31
810.8
829. 2
836. 4
838.0
834.8
144.7
153. 5
157.4
156.2
154.7
92.1
91.2
94.6
92. 5
£2.1
41. 5
41.3
43.7
46.8
43.7
36. 0
35. 1
34.8
33.9
35.0
24.6
23.6
23.8
23. 9
23.8
18.5
18.5
18.4
17.1
18.9
55.6
56.9
57.4
56.1
57.4
412.9
420.1
429. 9
426. 5
425. 5
123. 6
126.8
126.6
129.1
127.0
145.3
149.4
146.5
149.0
147.6
112.4
116.5
117.2
117.1
118.0
16 6
16.4
16 2
16 3
16.7
Aug. 7
Aug. 14.
Aug. 21
Aug. 28
819.1
850. 8
925. 8
931.4
146 0
148.1
154.4
150.3
88.8
88.0
92.9
92.6
45.0
56. 6
57. 8
58. 5
35.8
36.5
37.0
36.9
24.0
23. 5
23.8
24.3
18.8
20.5
18.6
18.5
54.4
53.3
56.9
58.0
412.7
426. 4
441.5
439. 1
119.3
129.6
195.1
196. 0
150.3
150.6
149.0
148.7
120. 2
127.4
125.3
132.2
16 6
16.8
14 9
15 5
Sept.
Sept.
Sept.
Sept.
880.5
886. 5
871.8
922. 9
142.0
147.3
145. 8
162 4
90.2
82.6
79. 5
84.1
54.8
50. 3
42.8
51.2
39.1
42.9
46.1
50.7
26.7
25.6
26. 1
27.4
16.9
17.1
18.4
16.5
51. 5
54.9
60.4
68.1
421.1
420.7
419.0
460. 6
159.8
159.0
138. 7
144.3
150.9
151.4
152.1
155.4
132.3
140.6
144.2
144.9
16 4
14.8
17.7
17 7
4 .
11
1825
Oct.
Oct.
Oct.
Oct.
Oct.
2-__
9 .
16
23.-_
30 .
947. 6
1,019. 1
1,075. 7
1,111. 1
1,117.6
171.4
199.2
225. 3
232.7
231.0
92.0
89.7
97. 6
98 0
102. 8
56. 3
66. 9
73. 6
74.0
71.2
61.9
63. 5
68. 6
75. 1
75.8
28.2
27.1
26. 1
25. 7
25.7
18.8
19. 1
18.6
17.9
18.0
68.9
81.3
92.8
101.5
101.7
497.5
546. 7
602. 6
624.8
626.4
125. 8
133. 6
135.0
137.7
135. 4
155. 9
162. 3
159.5
159. 1
161.0
149.8
157.6
159.2
170.1
173. 2
18.6
18.9
19 4
19. 5
21 6
Nov.
Nov.
Nov.
Nov.
6
13
2027
1,111.5
1, 133.8
1,147.9
1,241.8
225 9
223. 2
227.4
253. 3
104.9
116.4
118.0
165. 1 !
66. 2
65. fi
61.0
58. 8
80.4
80. 9
82.7
85. 3
25. 8
25. 4
26 8
27.0
19.7
23. 9
31.1
29.0
98.8
101.6
102.5
104.7
621.7
636. 9
649. 6
723.3
135. 2
145. 1
142.1
156. 3
162. 7
160.8
162. 0
161. 5
170.2
170.0
172. 9
178.0
21.7
21.0
21.4
22.6
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18.__
24
31
1,259.7
1, 234. 1
1,219.9
1, 227. 3
1, 200. 2
259. 3
241.1
229. 3
226.1
205. 5
171.3
170. 9
175. 1
170. 0
163.5
62.8
67.7
67.1
69.6
68.6
92. 5
90. 7
89.3
87.5
86. 1
26.7
26.8
29.5
29.9
29.0
28.0
28.3
26. 6
25.4
26. 1
105. 4
105. 5
103.8
109. 2
107. 5
746. 2
731.1
720. 7
717. 7
686. 3
149.4
144.1
138.7
141.4
145. 3
162. 0
162. 7
163.5
158.8
156. 3
176. 8
174.7
175.9
186.7
188.9
25.3
21. 5
21.0
22.8
23.4
._
JANUARY
35
FEDERAL RESERVE BULLETIN
1937
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued
Reported by Banks in United States
[Outstanding weekly amounts, in millions of dollars]
Date
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Far
East
All
Other
1936
Jan.8
Jan.15
Jan. 22
Jan. 29
1,213.3
1,218.9
1, 264.1
1 253 5
204.5
196.2
199.2
196 7
161.7
165.5
164.0
164 8
66.3
62.9
61.4
61 5
90.0
92.6
89.8
91.7
28.9
29.7
29.8
31.6
26.0
24.0
26.1
24 2
111.8
119.6
118.0
115.0
689.2
690.6
688.3
685.3
150.4
158.8
202.1
203 2
157.9
155.2
158.5
156.6
195.6
195.7
195.5
189.1
20. 3
18.6
19.6
19.2
Feb.
Feb.
Feb.
Feb.
5
12 . .
19
26
1,205.9
1,187.3
1,180. 2
1,182. 2
188.3
181.9
204.0
210.8
160.2
164.7
144.1
137. 7
60.0
59.9
59.8
59.6
90.3
88.4
86.4
85.1
29.3
27.7
26.5
25.5
23.6
23.4
21.3
19.2
114.0
112.6
113.2
110.2
665.9
658.6
655. 4
648.2
160.9
156.0
151.4
155.2
159.9
162.1
164.4
169.3
200.4
190.8
190.1
190. 2
18.9
19.7
19.0
19.3
Mar.
Mar.
Mar.
Mar.
4
11
18
25
1,173. 2
1,186.4
1,179. 0
1,177.2
203.1
202.8
191.5
186.6
138. 5
139.9
142. 6
145.8
61. 4
61.3
62.3
65.8
87.7
86.5
86.7
86.3
25.3
23.2
22.7
21.6
19.2
19.4
18.1
18.7
110.7
122.8
120. 4
118.3
645.9
655.9
644.4
643.1
151.4
150.9
149.8
144.2
174.7
177.4
182. 6
189.3
183.8
182.9
184.3
183.1
17.4
19.3
17.9
17.5
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15 _ .
22
29
1,175.4
1 168 8
1,194.5
1 193 8
1,231.2
179.3
166 9
167. 3
169 0
175. 9
151.7
144 1
147.5
146 2
140.9
57.6
60 1
60.4
59 2
58.9
96.4
96.0
95.5
95 5
94.0
21.6
20.7
20.7
21 1
20.5
21.4
22.6
22.0
21 2
20.3
116.0
121.9
135.5
125. 8
127.4
643.9
632.3
648.9
638.0
637.9
148.4
146.6
150.6
157. 7
190.0
187.1
192.6
193. 2
197.0
200.1
178.7
180.4
184.6
183. 6
186.7
17.3
16.8
17. 1
17.5
16.6
May
May
May
Mav
6
13
20
27
1,283.1
1,291.0
1,293.4
1, 299. 8
186.2
202.8
203.7
212.9
177.7
160. 4
152.8
148.7
63.1
63.8
71.4
71.0
99.5
97.9
99.2
103.3
19.9
19.9
20.3
21.3
19.9
21.9
22.2
22.4
128.3
132.7
128.2
128.7
694.7
699.3
697.8
708.4
178.3
177.8
176.8
176.9
202.5
206.0
208.7
204. 4
189.2
189.9
191.9
191. 9
18.5
18.1
18.1
18.3
June
June
June
June
3 __
10
17
24
1, 328. 4
1, 393. 3
1,437.1
1, 426. 2
222.0
251.1
274.2
270.5
164.0
173.3
174.9
157.8
69.4
85.7
94.6
102.8
112.4
123.2
126. 6
128.3
20.0
19.8
20.7
20.6
22.3
23.8
26.9
25.3
110.6
112.9
120.8
123.1
720.8
789.8
838.6
828." 2
172.9
159.8
160.6
160.6
208.9
213.9
208.2
207.4
207.7
209.5
208.3
208.2
18.1
20.4
21.4
21.7
July
July
July
July
July
1
8
15. __
22
29
1, 376. 0
1,375.0
1, 367. 5
1 363 5
1, 358. 3
255.2
255.7
247.7
252 5
256.6
152 9
148.8
152. 5
146 7
142.1
105. 3
104.2
100.9
97 3
95.2
129.6
129.1
128.9
128.4
124.3
20.1
19.6
19.8
19.7
21.0
24.4
27.5
27.6
27.3
27.0
121.5
121.9
117.8
117.6
117.7
809.0
806.8
795.2
789.6
784.0
133.0
133.1
136.0
136.8
137.8
205.2
209.0
209.2
208.8
210.1
206.4
205.4
206. 8
208.5
207. 6
22.4
20.8
20.4
19.8
19.0
Aug.
Aug.
Aug.
Aug.
5 _
12*
19
26
1, 358. 6
1,347.4
1, 350. 0
1 365 0
257. 0
257. 2
255. 1
257 3
144.0
137.5
136. 6
136 9
92.1
90.8
88.4
89.5
123. 6
127. 5
126.2
126.0
21.2
20.5
20.5
20.6
26.3
28.3
28.3
29.4
116.5
116.6
119.6
112.7
780.7
778.5
774.6
772. 3
145. 9
156.2
162.1
173.2
212.4
202.0
200.8
202.2
200.5
190.8
193. 3
197.9
19.1
19.8
19. 2
19.4
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
1,317 5
1, 338. 4
1,337 7
1, 380. 9
1,459.6
230 6
234.1
228 4
242.0
293. 7
136 6
140.0
142 4
156. 0
163.2
87.5
85.6
86.4
81.5
76.8
129.8
129.4
130.6
133.4
147.3
19.3
19.1
19.0
19.1
19.2
27.5
29.1
26.7
27.6
29.2
115.9
117.6
117.9
121.3
128.8
747.2
754.8
751.3
781.0
858.3
156.1
157.5
156.7
164.2
170.7
199.8
205.8
202.9
204.6
200.5
194.6
200. 2
207.0
211.4
210.2
19.8
20.0
19.7
19.6
.19.8
" See note at end of introductory article, page 20.
36
FEDERAL RESERVE BULLETIN
JANUARY 1937
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Reported by Banks in United States
[Outstanding weekly amounts, in millions of dollars]
Total
Date
United
Kingdom
France Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1935
1,122.4
1,123.4
1,104. 4
1, 062.1
1,088. 3
302.1
309.1
303. 5
287.2
290.8
80.5
75.4
69.3
58.8
68.1
18.6
19.2
19.8
21.5
18.9
8.2
8.8
8.6
7.7
7.4
231.7
231.5
230.2
220.0
229.0
27.2
27.7
27.3
27.3
25.8
80.0
80.8
79.7
78.0
79.7
748.4
752.6
738. 2
700. 5
719.7 i
96.3
98.7
98.4
96.6
100.9
151.8
152.1
153.1
153. 7
154.0
117.4
111.0
106.2
102.8
104.9
1, 040. 9
- - 1, 020. 2
1,012.2
1,001.9
273.4
265.1
252.9
242.7
54.0
55.7
52.4
53.6
16.5
14.9
14.7
15.2
6.6
6.3
227.1
222.8
229.0
227.0
27.1
25.8
25.1
25.8
78.2
76.7
77.6
76.4
682.8
667 3
657. 6
646.7
100. 6
99.7
100.7
101.5
149.9
148.2
148.2
148.3
98.5
95.6
96.1
95.7
9.1
9.3
994.3
974.1
957.9
945.7
233. 0
224. 9
209.7
197.4
53.9
50.2
53.6
53.9
15.3
14.6
14.2
14.5
5.9
227.3
227.2
225. 5
226.5
25.2
25.2
24.5
23.2
78.1
77.5
76.2 '
75.7 ,
638. 7
625. 5
609.8
596. 8
100. 0
99.2
98.6
100.8
146.6
146. 5
147.3
147.9
99.4
93.4
92.8
90.3
96
9 4
10 0
Apr 3
Apr. 10
Apr. 17
Apr 24
968 2
934.8
916.4
879.6
194 1
166.1
158. 9
137.2
71.1
54.6
48.8
50.8
21.4
38.0
30.7
16.0
5.4
225.4
224. 3
223. 0
222.4
24.3
24.1
24.9
24.4
76.1
78.3
76.4
76.1
617.9
591.6
568. 2
532. 9
101.0
96.9
102.4
102.1
147.3
146.7
146. 2
145.9
92.0
89.5
89.9
89.2
99
10.0
9. 7
95
May 1
May 8
May 15
Mar. 22
Mar 29
891.8
881.4
879.0
899.4
955.1
144 2
139.2
127 2
117.5
116 0
48.3
48.0
61.8
92.2
150. 9
13.6
15.6
15.2
15.0
13.6
5.4
5.0
5.0
5.1
4.7
222.0
220.7
218.6
219.1
218.6
104.8
104. 5
103. 4
103.8
103.4
147.9
147.3
147.7
148.0
149.3
94.7
91.5
91.4
91.5
89.9
98
9.6
99
9.2
94
913 3
834.9
817.1
812.4
110 0
105. 7
92 8
94.0
115.0
44.1
34. 5
32.0
15.9
13.4
13.7
13.4
4.3
6.7
6.3
216. 6
218.3
216.5
213.8
76.3
76.1
75. 2
75.4
76.5 1
76.1
78.7
78.7
79.1
534 6
528. 4
526. 6
546. 9
603.1
June 5
June 12
June 19
June 26
24.9
23.8
23.6
22.6
22.8
23 6
24.3
24.8
24.6
561. 3
488.8
467 7
463.1
104.3
103.2
107.8
108.2
149.4
145.7
144 6
143.0
89 0
88.0
87.9
88.8
93
9.2
9 i
9.3
July 3
July 10
July 17
July 24
July 31
810.3
804.2
790.6
785.0
787. 6
90.0
87.9
82.2
87.1
90.5
31.5
28.7
28.6
27.4
28.2
13.3
13.5
13.1
12.5
22.3
213. 7
212.7
210.9
208.8
205.4
24. 1
23.9
24.6
24.9
24.5
77.3
76.9
75.3 1
74.0 1
74.4
457. 7
452.6
444.3
443.4
453.9
113.0
115.9
115.3
116.4
112.7
144.2
142.4
141.2
138.9
139.1
86.0
84.0
80.6
76.9
72.8
95
92
9.2
93
9.2
Aug.
Aug.
Aug.
Aug.
7
14
21
28
779.0
782.8
768.6
763.4
86.4
94.6
88.7
91.0
26.3
26.7
25.4
26.7
20.4
13.7
14.3
11.9
8.6
203.7
203.1
202.8
202.3
23.1
24.6
24.1
24.5
73.3
72.8
70.7
70.0
441.8
444.0
434.8
435.2
118.3
119.5
115.4
114.4
136.7
138.3
136.2
132.1
73.2
71.8
72.2
72.5
91
91
Sept. 4
Sept. 11
Sept. 18
Sept. 25
727.2
726.7
733.4
748.7
93.2
93.3
92.3
92.5
26. 6
31.5
37.6
62.7
12.2
13.0
20. 1
16.5
8.6
202.0
201.5
200.6
199.9
23.4
23.0
22.0
21.0
66.9
66.8
65.3
65.9
432.8
437.6
445.7
466.2
80.6
81.9
81.6
77.9
133.6
132.7
132. 5
131.3
71.0
65.3
64.2
64.3
93
734.8
750. 6
729.8
733.9
730.7
93.3
95.9
97.4
93.0
103.5
48.9
64.0
44.9
54.2
38.9
12.5
12.6
12.9
13.5
13.5
6.7
7.2
7.0
200.8
200.8
201.2
201.4
200.9
20.7
19.9
17.7
17.3
17.1
64.3
64.5
65.5
63.8
65.0
448.3
465. 1
446.4
450. 5
445.9
78.1
78.7
80.2
81.4
82.8
132. 7
132.3
129. 6
128.4
127.9
66.7
66.0
65.0
65.1
65.6
Nov. 6
Nov. 13
Nov. 20
Nov. 27
736.5
752.1
761.2
830.3
97.7
103.5
103.1
106.0
48.5
52.4
55.1
116.0
14.2
15.2
15.7
15.8
6.5
7.0
7.8
7.5
200.7
201.2
201.7
202.4
16.5
17.4
14.8
14.8
65.5
67.2
67.7
69.4
449.6
463. 8
465.9
531.8
82.1
81.2
84.7
83.1
128.3
128.5
128.8
128.7
67.8
69.6
72.2
76.6
8.8
8.9
9 6
10.2
Dec.
Dec.
Dec.
Dec.
Dec.
793.1
773.3
768. 5
767.0
762.1
103.3
105.8
99.4
98.8
93.3
62.1
39.2
32.9
32.7
32.5
14.5
15. 1
16.8
16.7
19.0
7.7
7.2
202.7
201.5
203. 5
202.8
202.0
13.9
13.9
14 0
13.5
13.5
71.2
69.8
71.5
71.7
71.2
475.4
452.4
445.5
443.4
438.2
103.2
105.9
103.4
100.2
100.9
128.5
128.9
128. 1
129.6
132.8
75.9
76.2
81 6
83.7
80.1
10.1
9.8
99
10.1
10.1
Jan. 2
Jan. 9
Jan. 16.
Jan. 23
Jan 30
Feb 6
Feb. 13
Feb. 20 _
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar 27
Oct.
Oct.
Oct.
Oct.
Oct.
2
9___
16
23
30
4
11
18
24
31.
_ __
--
5.9
6.1
6.0
6.1
5.7
6. 1
5.7
6.0
4.2
7.8
8.9
9.5
8.6
8.6
8.3
8.7
8.8
8.4
7.9
7.8
7.9
7.5
7.4
7.4
6.6
8.5
9. 1
8.5
8.5
87
9.6
9.6
9.5
9.9
9.2
9.2
94
9.1
89
8.5
8.6
84
8.5
JANUARY
37
FEDERAL RESERVE BULLETIN
1937
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued
Reported by Banks in United States
[Outstanding weekly amounts, in millions of dollars]
Date
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan.8
Jan.15
Jan. 22
Jan. 29
730.1
733.0
736.2
741.1
98.3
96.3
95.5
97.8
28.9
31.3
31.1
29.8
19.2
20.1
20.0
20.4
6.6
6.6
6.6
6.6
203.3
202. 5
201.7
201.1
13.6
14.1
12.9
12.8
70.0
71.6
70.9
71.3
439.9
442. 5
438.8
439.8
63.8
69.0
72.7
75.6
133.5
133.6
133.9
134.0
83.1
78.4
81.0
81.9
9.8
9.6
9.8
9.9
Feb.
Feb.
Feb.
Feb.
736.0
731.1
723.0
716.2
92.5
89.5
86.6
86.8
29. 1
30.4
31.7
31.0
18.0
17.9
17.6
15.9
6.0
6.2
6.0
5.9
200.7
200.8
200.8
200.4
13.1
12.9
12.6
12.4
71.1
69.7
67.3
65.9
430.5
427.5
422.6
418.3
77.2
76.4
74.0
72.8
134.8
134.5
133.7
133.7
83.1
82.2
82.0
80.9
10.4
10.5
10.7
10.5
Mar. 4
Mar. 11 _
Mar. 18 .
Mar. 25
716.8
721.7
721.1
719.8
86.2
91.1
90.6
87.9
27.7
28.2
26.8
26.5
18.9
20.5
22.6
22.9
5.5
5.4
5.4
5.4
200.1
199. 3
198. 4
198.6
13.2
13.3
13.0
12.6
65.9
65.3
65.0
64.8
417.4
423.1
421.8
418.7
72.6
73.7
78.2
78.7
135. 0
135.4
135.0
137.0
81.5
78.8
75.3
74.3
10.3
10.7
10.9
11.2
Apr. 1
Apr 8
Apr. 15
Apr. 22
Apr. 29
733.2
721 8
718.8
719.2
731.7
98.8
«« 2
88.0
88.9
96.2
28.8
27.7
25.7
25.2
33.0
23.0
23.8
24.0
23.8
23.7
5.5
5.6
5.6
5.4
5.7
196.9
197.3
197.4
198.0
193.8
13.1
13.3
13.4
13.5
13.2
64.3
63.2
64.1
63.5
62.3
430.5
419.0
418.1
418.3
427.9
78.2
77.8
73.1
75.6
78.4
135.4
134.7
134.7
134.0
134.9
78.0
79.4
81.2
79.4
78.1
11.1
10 9
11.8
11.9
12.4
766.0
747.5
705.6
697.1
95.6
90.9
83.8
83.5
70.7
58.1
23.5
28.4
23.4
24.1
23. 1
22.4
5.6
4.5
4.6
4.0
195.1
195.2
193.5
190.7
13.6
13.0
13.1
12.9
62.3
63.5
63.6
62.7
466.3
449.3
405.1
404.7
76.9
77.2
81.1
76.7
134.2
134.3
131.8
128.7
76.5
75.2
76.1
75.2
12.1
11.5
11.5
11.8
722.1
734.0
706.1
675.1
84.9
84.4
89.1
82.5
51.0
70.1
46.7
23.9
23.4
21.9
22.3
21.2
4.5
4.5
4.2
4.5
190.3
190.7
J86.5
187. 0
13.1
13.1
12.9
12.7
59.3
59.2
56.7
57.8
426.4
443.9
418.5
389.6
80.2
78.7
79.1
78.0
128.9
128.3
124.4
122.3
74.6
71.1
72.8
73.9
11.9
12.0
11.3
11.4
July 1
July 8
July 15
July 22
July 29
674.4
664.0
658.0
655.9
654.3
87.1
87.1
90.1
90.1
93.6
23.5
20.4
20.5
20.9
22.9
21.4
20.8
19.9
20.1
19.5
4.2
4.2
4.1
4.1
4.1
186.2
184.4
183.0
181.0
177.6
12.8
13.2
12.9
12.3
11.9
57.6
57.8
57.1
58.2
56.6
392.8
388.0
387. 6
386.6
386.1
77.8
75.1
74.5
74.6
74.1
120.4
117.6
116.2
115.5
115.5
72.1
71.9
68.1
67.8
67.6
11.4
11.4
11.6
11.3
11.0
Aug. 5
Aug. 12*
Aug. 19
Aug. 26
653.4
620.0
606.2
602.4
94.2
89.1
78.1
80.7
20.1
22.6
20.7
21.8
18.2
20.6
20.0
21.5
4.2
4.1
3.9
177.9
175.8
172.9
171.1
11.8
11.9
10.8
10.7
55.0
54.6
54.5
52.7
381.3
378.6
360.7
362.6
75.6
75.1
77.6
74.2
117.2
107.1
107.6
108.0
68.7
49.0
50.2
46.6
10.6
10.1
10.0
10.9
Sept. 2
Sept. 9 .-.Sept. 16
Sept. 23
Sept. 30
568.6
568.7
576.1
590.9
631.9
78.1
76.6
80.3
77.8
81.0
20.5
23.8
34.0
47.6
81.5
19.8
19.7
20.2
19.4
21.5
4.0
3.7
2.6
5.2
169.2
165.5
162.6
166.3
160.6
10.6
10.7
10.9
10.9
11.0
53.4
53.3
51.2
51.0
52.0
355.5
353.6
362.8
375.5
412.8
50.6
53.9
50.9
50.1
49.1
105.1
105.5
104.2
104.6
105. 5
46.8
45.5
48.0
50.5
54.4
10.6
10.2
10.2
10.2
10.2
1
12
19
26
_.
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
-
* See note at end of introductory article, page 20
4.0
3.9
38
FEDERAL RESERVE BULLETIN
JANUARY 1937
CAPITAL MOVEMENT TO UNITED STATES-NET
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
2400
2400
2200
2200
200
1935
SECURITY PURCHASES BY FOREIGNERS-NET
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
800
BOO
600
600
Domestic S e c u r i t i e s ^ ^ " ^
400
400
Foreign Securities^..**""
200
/
.*•••'*""
0
0-200
I
J.
!
F.
1
M.
-200
!
A.
M.
J.
J.
1935
A.
S.
0.
N.
D.
J.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N.
D.
1936
Figures for above charts taken from table 1. The movement in security transactions in the first chart
includes the movement in brokerage balances, which is closely related to security operations.
39
FEDERAL RESERVE BULLETIN
JANUARY 1937
SHORT-TERM FOREIGN ASSETS AND LIABILITIES
OF BANKS IN U.S.
MILLIONS OF DOLLARS
1600 !
MILLIONS OF DOLLARS
""
1600
1400
-600
J.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N.
D.
J.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N.
D.
SHORT-TERM FOREIGN LIABILITIES OF BANKS IN U.S.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS-
1000
1000
/\^_ J
800
To Europe
/
800
^v^
600
600
To Non-Europe
400
To Gold Bloc
h
/ '
.•• ••
200
400
'
w
200
To England
0
0
J.
F
M.
A.
M.
J.
J.
1935
A.
S.
0.
N.
D.
J.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N. D
1936
Figures for above charts based on those in tables 8 and 9. The Gold Bloc, in the second chart, represents.
France, Netherlands, and Switzerland.
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
41
42
FEDERAL RESERVE BULLETIN
JANUARY 1937
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit
Date
Bills
Bills
disbought
counted
U. S.
Government
securities
Member bank
reserve balances
outstanding
Other
Reserve Total
bank
credit
Monetary
gold
stock
Treasury
currency
Treasury
cash and
Money deposits
in cirwith
culaFederal
tion
Reserve
banks
Other
NonFedmemeral
ber de- Reserve
posits
accounts
Total
Excess
(estimated)
End of month figures:
1935—Dec. 31
5
5
2,431
45
2,486
10,125
2,476
5,882
3,110
255
253
5,587
2,844
1936—Jan. 31
Feb. 29
Mar. 31
Apr. 30
M a y 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
9
7
8
5
5
4
4
8
9
6
7
5
5
5
5
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
35
40
31
34
35
35
24
30
30
36
13
2,479
2,482
2,474
2,475
2,474
2,473
2,462
2,471
2,473
2, 476
2,453
10,182
10,167
10,184
10, 225
10, 402
10, 608
10, 648
10, 716
10, 845
11,045
11,184
2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,516
2,521
5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6, 351
6, 466
3,001
2,937
3,607
3,213
3,101
3,187
2,879
2, 508
2,711
2, 465
2,442
304
327
332
356
337
262
306
287
234
205
201
253
254
259
260
256
257
253
256
262
262
261
5,860
5,784
5,087
5,486
5,719
5, 633
6,005
6,410
6, 357
6, 753
6,788
3,084
2,686
2,305
2,664
2,866
2,717
3,029
1,950
1,840
2,175
2,236
10
8
7
7
5
5
5
5
2,430
2,430
2,430
2,430
44
65
64
33
2,489
2,508
2,505
2,475
10,168
10,155
10,160
10,163
2,491
2,496
2, 499
2,502
5,742
5, 763
5,771
5,775
2,958
2,993
2,979
2,949
324
364
327
323
255
254
255
254
5,869
5, 784
5, 832
5,839
3,089
3,007
3,f)45
3,062
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
2,898
2,909
3.587
3,667
321
337
328
340
269
274
261
261
5,813
5,786
5,144
5,059
3,043
3,008
2,388
2,315
__
_
Wednesday figures:
1936—Feb 5
Feb. 12
Feb. 19
Feb. 26
Mar.
Mar.
Mar.
Mar.
4
11
1825
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22 .
29
7
6
6
5
5
5
5
5
5
5
2,430
2,430
2,430
2,430
2,430
34
38
35
35
32
2,477
2,479
2,477
2,475
2,472
10,185
10,190
10, 200
10, 209
10, 221
2,504
2,505
2,502
2,501
2,501
5,884
5,906
5,877
5,860
5,859
3,614
3,502
3,374
3,269
3,208
331
346
335
355
362
259
258
260
260
259
5, 077
5,161
5,333
5,442
5,506
2,338
2,384
•2, 548
2,640
2,686
May
May
May
May
6 _
13
20
27
5
5
5
5
5
5
5
4
2,430
2,430
2,430
2,430
38
30
30
26
2,478
2,469
2,470
2,466
10,
10,
10,
10,
248
302
375
388
2,497
2,496
2,493
2,494
5,912
5,888
5,896
5,902
3,175
3,161
3,138
3,116
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 17
June 24
June 3
June 10
6
5
7
6
3
3
3
3
2,430
2,430
2,430
2,430
50
32
40
32
2,489
2,471
2,480
2,472
10,
10,
10,
10,
409
480
543
600
2,493
2,489
2,490
2,500
5,953
5,937
6,048
6,173
3,084
3,064
4,028
3,577
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 1
July 8
July 15
July 22
July 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
3,232
3,015
3,021
2, 955
2,907
256
263
266
300
298
256
256
255
254
253
5, 589
5, 814
5,872
5,935
6,016
2,670
2,883
2,923
2,986
3,049
Aug.
Aug.
Aug.
Aug.
4
8
6
7
3
3
3
3
2,430
2,430
2,430
2,430
26
36
18
25
2,463
2,477
2,457
2,465
10,
10,
10,
10,
650
661
678
695
2,496
2, 498
2,499
2,501
6,163
6,170
6,184
6,184
2,866
2,759
2,625
2,553
321
337
342
336
254
255
255
256
6,005
6, 116
6,229
6,332
3,051
3,167
1,813
1,892
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
2,482
2,420
2,789
2,787
2,711
280
271
251
255
234
255
288
263
263
262
6,441
6,471
6,206
6,225
6,357
1,958
1,997
1,714
1,743
1,840
8
8
6
6
3
3
3
3
2,430
2,430
2,430
2,430
31
43
23
23
2,472
2,485
2,463
2,462
10, 971
11,003
11, 008
11,031
2,509
2,512
2,514
2,514
6,305
6,316
6,311
6,302
2,636
2, 556
2,491
2,490
271
249
227
220
263
261
264
263
6,479
6,617
6,693
6,732
1,954
2,072
2,127
2,158
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
2,487
2,421
2,428
2, 449
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. 2 _
Dec 9
Dec. 16
6
6
8
3
3
3
2,430
2,430
2,430
28
29
42
2,467
2, 468
2,483
11,188
11,206
11,222
2,522
2, 525
2,532
6, 466
6, 497
6,552
2,463
2, 465
2,519
212
229
227
260
278
265
6,775
6,731
6,674
2,205
2,157
2,046
_
5 ._..
12
19
26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
7
14
21
28
. .
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. 10.
JANUARY
43
FEDERAL RESERVE BULLETIN
1937
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
W e d n e s d a y figures
E n d of m o n t h figures
1936
Dec. 16
Dec. 9
Dec. 2
N o v . 25
N o v . IS
N o v . 10
Nov. 4
Oct. 28
1936
1935
Nov.
Nov.
ASSETS
Gold certificates on hand and due from
8, 853, 624 8, 809, 324 8,811,021 8, 768, 838 8, 730, 839 8, 726, 337 8, 650, 837 8,635,831 8, 799,020 7, 329, 649
U. S. Treasury..
12,133
11,986
11,407
Redemption fund—F. R. notes
11,407
12, 585
11,853
12,273
11,354
11,407
17, 669
232, 753
247, 464
246, 357
Other cash
_ __
__.
247,458
258, 858
243,801
265, 825
237, 476
249, 355
218,557
Total reserves
9, 098, 510 9,068, 774 9,068, 785 9, 027, 703 9, 002, 282 8, 981, 991 8,911,546 8, 913, 929 9, 047, 903 7, 565, 875
Bills discounted:
For member banks
For nonmember banks, etc..
Total bills discounted
Bills bought: Payable in foreign currencies
— - - - -- -- Industrial advances
7, 181
503
5, 496
503
5, 835
503
7,684
5, 999
6,338
3,089
25, 313
3,088
25, 493
3,087
25, 696
5, 562
503
4.742
503
6, 363
503
6, 574
503
5, 604
503
0,146
503
6,065
5,245
3,086
25, 980
3,086
26,037
6, 866
7,077
6,107
0, 649
6,179
3,086
26, 281
3,087
26, 474
3,087
26, 299
3, 087
25, 828
4,674
32, 574
6,072
107
U. S. Government securities:
Bonds
- Treasury notes
Treasury bills
489,576
408, 326
378.077
381,326
3S1, 326
379,960
379, 960
379, 960
381,326
219 940
1 347,163 1,417,283 1,449,163 1,449,163 1 443 363 1,443 363 1.443 363 1,443, 363 1,449 163 1 650 756
608. 787
593, 488
599, 738
599, 738
606, 904
604,618
606, 904
606, 904
599, 738
559, 482
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, 2?7 2, 430, 227 2. 430, 227 2, 430,178
-3,382
W, 745
2, 102
-981
3,651
3, 248 - 1 8 , 577
-12,734
6, 340
-8,241
Total Reserve bank credit outstanding
2, 483, 058 2, 468, 458 2,467, 450 2,457,117 2,463,614
2, 469, 70S 2, 448, 28S 2. 462. 338 2, 453, 057 2. 479, 945
LIABILITIES
4, 208, 972 4, 232, 609 4, 202, 799 4,169, 201 4,134, 270 4, 142, 981 4, 134, 717 4, 086, 242 4,198, 618 3, 647, 097
F . R. notes in actual circulation
Deposits:
6,674,157 6, 730, 989 6, 775, 230 6, 794, 650 6, 850, 652 6, 824, 565 6, 693, 359 6, 732, 003 6, 788. 055 5, 835, 228
M e m b e r bank—reserve account
99, 903
50, 485
94, 549
109, 628
79, 079
54. 589
78, 377
172,826
93,081
46, 425
U. S. Treasurer—general account.52, 702
65, 479
46, 778
59, 405
53,955
48,804
57, 480
60,779
65, 198
39, 178
Foreign b a n k
154,170
152, 320
143,893
142, 440
153,316
143,879
152,525
165, 803
163,415
245, 246
Other deposits
7, 073, 565 7, 052, 683 7, 096, 589 7, 080, 209 7, 097, 732 7, 070, 398 6, 988, 002 7,051,555 7, 007, 800 6, 160, 077
T o t a l deposits
Ratio of total reserves to deposit and
F . R. note liabilities combined (per
cent)
80. 2
80.4
80.3
80.3
80.1
80.1
80. 1
80.0
SO. 3
77.1
MATURITY DISTRIBUTION OF U. S. GOVERNMENT SECURITIES HELD BY RESERVE BANKS
MATURITY DISTRIBUTION OF BILLS HELD
BY RESERVE BANKS
[In thousands of dollars]
[In t h o u s a n d s of dollarsj
Total
Total:
Nov.
Dec.
Dec.
Dec.
25
2
9
16
2,
2,
2,
2,
Treasury bills:
N o v . 25
Dec. 2
Dec. 9
Dec. 16
T r e a s u r y notes:
N o v . 25
Dec. 2
Dec. 9
Dec. 16
Treasury
Nov.
Dec.
Dec.
Dec.
430,
430,
430,
430,
227
227
227
227
599, 738
599, 738
604,618
593, 488
With- 6 mos. 1 year I years Over
in 6
to 1
5
to 2
to 5
mos.
year
years years years
Bills discounted:
N o v . 25
._
608, 932 348, 663 377, 30659,124 336, 202
Dec. 2
606, 869 337, 726 379, 300"0,124 336, 202
Dec. 9
,78, 569 338, 096 379, 306T3, 054 361, 202
Dec. 16
432, 719 345, 816 379^ 306 829, 934 442, 452
348,052 251, 686
358,989 240,749
363,499 241,119
344, 649 248,
;, 839
1,449, 163 260,880
1,449,163 "!47, 880
1,417,283 215,070
1,347,163 88, 070
bonds:
25
2
9
16
381,326
381,326
408, 326
489,576
Total
96, 97'
96, 97'
96,977
96, 977
377,
379,
379,
379,
106
306
306
306
714,000
725,000
725, 930
'82,810
45,124 336, 202
45,124 336, 202
47,124 361
"",202
47.12-1 442, 452
Within 15
days
16 to
30
days
31 to
60
days
61 to 91 days
90
to 6
days
mos.
6, 297
542
272
495
230
504
311
26S
246
144
145
148
551
3, 086
3,087
3,088
3,089
163
134
1, 950
1,944
99
., 895
545
581
204
587
158
326
2, 620
4^"
25, 980
25, 696
25, 493
25,313
1,0.17
1,022
928
938
334
40'
047
64'
819
668
522
468
713
962
805
853
6, 065
6, 338
5. 999
7, 684
4, 832
5, 082
4,568
Bills bought in
open m a r k e t :
N o v . 25
Dec. 2
Dec. 9
Dec. 16
Industrial
advances:
N o v . 25
Dec. 2
Dec. 9
Dec. 16
Over
43
528
21,072
20, 942
20, 858
20, 683
44
FEDERAL RESERVE BULLETIN
JANUARY 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Gold certificates on hand and due
from U. S. Treasury:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Redemption fund—Federal Reserve
notes:
Nov. 25
Dec. 2
Dec. 9
Dec. 10
Other Cash:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Total reserves:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Bills discounted:
Secured by U. S. Government
obligations direct or fully guaranteed:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Other bills discounted:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Total bills discounted:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Bills bought in open market:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Industrial advances:
Nov. 25
_
Dec. 2
Dec. 9
Dec. 16
j*.
U.S. Government securities:
Bonds:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Treasury notes:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Treasury bills:
Nov. 25
Dec. 2
Dec. 9
.
Dec. 16
Total U. S. Government securities:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Total bills and securities:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Due from foreign banks:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Boston
New
York
577, 657
8,811,021 "~i, 246
8. 809, 324 587,""""
8, 853, 624 545, 780
11,407
11,407
11, 986
12,133
1,559
1,559
1,518
1,492
247, 458
246,357
247, 464
232, 753
25, 704
22, 687
21,
18, 922
Philadelphia
3, 355,108 488,i, 678
3, 396,13' 480, 601
.
1,325,
357 489,139
3,;, 471, 784 490, 233
4,211
4,351
3,994
5,856
504
132
93
1,788
1,854
1,98'
2,005
1,828
37
3"
3'
37
6, 065
6,338
5, 999
Atlanta
644,638
648,885
646, 457
658, 578
291,093
298i;,996
302, 631
291,185
236, 937
243,479
247, 458
244, 50'
2,368
2,368
2,327
2,300
973
973
1, 785
1 "'
198
198
122
276
672
672
617
583
239
239
344
600
56, 476
56, 387
68,067
62, 478
27, 753
27, 988
26,765
25,105
20, 529
21, 445
15, 479
14,185
14, 858
14,445
13,059
12, 771
9, 027, 703604, 920 3,i, 412, 55'516, 629
9, 068,785 603, 492 3,I, 453, 497508, 78'
9,068, 774 610, 843 3!
i, 395, 209516,026
9,098,510 566,194 3, 535, 942 515]
1, 614
MinSt.
Chicago Louis
neapolis
Richmond
Cleveland
San
Dallas Francisco
1, 734, 576254, 614 178, 321 245, 339 65,182
1, 701, 363"254.
-,697 183,270 248,
8, 903 170, 264 605,180
1,711,
-, 666183, 573 256,, 392 172, 060 622, 322
1, 701, 356252, 726 174,194 256,, 244 166, 935 600,
"1,102
12, 305
12, 489
11,872
11,561
577
577
511
475
24,883
25,848
25,134
26,372
1,
688
681
720
720
709
702
227
227
217
211
1,567
1,567
1, 549
1, 540
6,629
7,097
6,602
6,335
14, 359
14,475
13,967
12, 679
7, 475
7, 335
7,429
6,937
19,315
19, 600
20, 798
20,127
1,619
1,606
1,597
17,172
16, 561
16, 362
15, 281
665,839 306,190 251,610 1,760,036 273, 405 185, 638 260,1,418 172,884 617, 577
671, 002 313, 680 258, 3361,727,""
'88 272,!
191,055 264,098 177.826 626, 347
~^~!877
, 190,856 271,068 179, 706 644,, 669
662,553 316,034 261,65" 1,737,519
282,634
304,
556
258,
368
1,728,203
~"~>625 174, 083 621.769
181, 206 269,
673,346
269, 604
304
310
292
425
7;
60
85
80
12
52
12
2
1,444
1,462
1,346
1,173
46
47
47
46
46
46
46
46
22
22
22
22
541 4,260
4, 648
169
4, 562
130
4,434
1, 825
350
357
339
471
121
106
131
126
34
74
34
24
146
271
262
116
221
346
331
294
294
294
294
120
120
120
121
108
108
108
108
2, 816
3,186
3,216
3,261
Kansas
City
99
151
151
10]
226
205
285
115
45
25
58
58
58
58
4r
45
45
45
66
56
67
74
35
35
35
35
58
13;
58
58
385
385
385
385
196
196
146
271
271
341
182
74
60
35
35
86
80
86
86
61
61
61
61
87
8'
87
8'
218
218
218
218
496
489
485
1, 539
1,509
1,485
1,438
488
48'
471
466
1,103
1, """
1, 066
1,081
813
804
804
795
69
r
3, 086
3, 08'
3,088
3, 089
22c"
225
225
225
1, 098
1,099
1,100
1,100
31'
31'
31
31
25, 980
25, 6%
25, 493
25, 313
2,914
2,914
2,914
2,:"-
6, 402
6, 304
6, 299
6,282
4, 995
4,934
4,822
4,79"
1,236
1,218
1,21
1,214
2,742
2, 726
2,684
381,326
381, 326
408, 326
489, 576
27, 332
27, 332
29, 26"
35,091
101,245
101,245
108, 414
129, 985
32, 793
32, 793
35,115
42,101
38, 563
38, 563
41,294
49, 512
19, 694
19, 694
21, 088
25, 285
15, 563
15,563
16, 666
19, 982
44,552
44, 55:
47, 706
57,199
18,171
18,171
19,458
23, 329
14, 233
14, 233
15,240
18, 272
1,449,163
1, 449, 163
1,417,283
1, 347,163
103,871
103, 871
101, 586
96, 560
384,
384,
376,
357,
763
763
298
682
124, 622
124, 622
121,880
115,851
146, 55f
146, 555
143,330
136, 238
74, 843
74, 843
73,196
69, 574
59,147
59,147
57, 845
54, 983
169,311
169,311
165, 587
157, 395
69, 058
69,058
67, 539
64,198
54,
54,
52,
50,
599, 738
599, 738
604,618
593, 488
42, 98'
42, 98'
43, 33'
42, 539
159,
159,
160,
157,
235
235
531
576
51, 575
51,575
51, 995
51, 038
60, 651
60, 651
61,145
60, 019
30, 973
30, 973
31, 226
30, 651
24, 478
24, 478
24, 677
24,223
070
070
040
339
28,580
28, 580
28, 812
28-, 282
22,
22,
22,
22,
174,190
174,190
174,190
174,190
645,
645,
645,
645,
243
243
243
243
125, 510
125, 510
125, 510
125, 510
99,188
99,188
99,188
99,188
283, 933
283,933
283, 933
283, 933
115,
115,
115,
115, 809
90, 707 125,855 100, 637 214, 396
90, 707 125,855 100, 637 214,396
90, 70' 125,855 100, 637 214, 396
90, 707 125, 855 100, 637 214, 396
2, 465, 358
2, 465, 348
2,464,""
2, 466, 313
177, 870
177, 498
177, 459
179,128
657, 003 214,;,65
657,
:,598
657, 204 214i: ,468
657,059 214,:,575
247, 420
247,387
247,411
247, 403
128, 446 99,908
128, 446 100, 006
128, 390 100, 127
128, 339 100,112
285,915
285,960
285, 861
285, 814
116, 579
116, 578
116,512
116, 632
91,883 127, 026 102,153 216, 503
91, 869 127,087 102,142 216, 483
91, 849 126, 928 102,141 216, 457
91,
126, 811 102,104 216,472
221
221
220
220
17
17
17
17
21
21
21
21
20
20
20
20
2,
2,
2,
2,
430,
430,
430,
430,
227
227
22~
227
208,
208,
208,
208,
990
990
990
990
245,
245,
245,
245,
76!)
76(J
769
769
10
10
10
10
8
8
8
8
70,
70,
70,
69,
26
26
26
26
1,403
1,397
1,396
1,360
1,809
1,809
1,808
1,823
19,748
19, 748
21,146
25, 355
15, 791
15, 791
16,909
20,273
33, 641
33, 641
36,023
43,192
089
089
900
283
75, 048
75, 048
73, 398
69, 765
60,010 127,846
60,010 127,846
58, 690 125,034
55, 787 118,847
385
385
567
152
31,059
31,059
31,311
30, 735
24, 836
24,836
25,038
24, 577
6
6
6
6
6
6
52, 909
52, 909
53, 339
52, 357
15
15
15
15
45
FEDERAL RESERVE BULLETIN
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
lanta
MinSt.
Chicago Louis
neapolis
Kansas
City
San
Dallas Francisco
ASSETS
Federal Reserve notes of other banks:
3,280 1,322
25, 464
369
7,105
660
1,348 2,221 2,002
853 2,009
Nov. 25
667 3, 628
6, 339
1,939
1,639
2,206 2, 131 1,121
23, 823
365
677
1,497
1,376
Dec. 2
569 3,964
7,860
1,959
1, 779
2,661 1, 558 1,455 1,344
353
73'
1,232
26, 074
Dec. 9
667 4,469
10,011
1,532
2,653 1,675 1,421 1,419
300
7V
1,457 1,682
26, 646
Dec. 16
527 3,252
Uncollected items:
615,194 64, 509 156, 606 46,898
79, 629 26, 662 15, 675 31,
56, 758 54, 259 21, 772
Nov. 25
23, 665 36, 900
651, 945 69, 362 158, 521 52, 221
86, 640 30, 516 16,911 36,448 24, 667 35, 544
62, 858 56,044 22, 213
Dec. 2
582,369 57, 733 143,706 43,545
77,356 26,082 15, 420 31,460 23,996 30,118
56, 408 52, 212 24,333
Dec. 9
895, 842 82, 632 255, 210 65, 639
86, 013 70, 862 28, 210 128, 408 32, 221 20, 543 40, 290 34, 344 51, 470
Dec. 16
Bank premises:
4,833 2,453 1,534 3,361 1,526 3,580
3,113
6, 525 2,919 2,284
48,066
10, 860 5,078
Nov. 25
6,525 2,919 2,284
4, 833 2,453 1,534 3,361 1, 526 3,580
3,113
48,066
10, 860 5,078
Dec. 2
6, 525 2,919 2,284
4,833 2,453 1, 534 3, 368 1, 526 3,580
3.113
48, 078
10,864 5, 079
Dec. 9
6,525 2,919 2,284
4,835 2,453 1,534 3,368 1, 526 3,580
3,113
48,082
10, 866 5,079
Dec. 16
All other assets:
42, 673
478
1,706 1,220 1,394
579
32,851 2,!
300
301
Nov. 25_
351
330
1,765 1, 200 1,438
43, 285
567
225
481
33, 450 2, 803
296
307
Dec. 2
366
387
1,704 1,181 1, 369
46, 200
551
36,163 3,267
213
481
303
264
Dec. 9____
_
35P
345
1,774 1,215 1,391
39, 468
569
29, 707 2, 769
20:
296
301
Dec. 16
357
488
394
Total assets:
12,224,679 851,27
!76 4, 277,067 786, 826 979,616 495, 265 378, 978 2,
!, 134. 298420, 700 295, 886 424, 982 301, 231 878,554
Nov. 25
12,301,473 854, 328
~~ 4!
784,185 991,054 504, 238 385,
'""4:[24, 784 302, 789 432, 683 307,102 886, 320
; 924 2,108, 020
Dec. 2
(
12,236,522
;91,
55"
849,
%
090
783,143
975,
853
2,108,
429, 456 301, 420 434, 438 308, 401 899, 653
502,
""
705 3
Dec. 9
999 4!
12,575,081 831, 872 4, 498, 87 804, 414 1, 016, 538509, 583 391,905 2,150,508 422, 796 296, 86' 441, 820 312, 947 896, 952
Dec. 16
LIABILITIES
Federal Reserve notes in actual circulation:
Nov. 25
Dec. 2
Dec. 9
_ _
Dec. 16
Deposits:
M e m b e r bank—reserve account:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
U . S . Treasurer—general account:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Foreign bank:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Other deposits:
Nov. 25
Dec. 2
Dec. 9.
_
Dec. 16
Total deposits:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Deferred availability items:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Capital paid in:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Surplus (section 7):
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Surplus (section 13b):
Nov. 25
Dec. 2
Dec. 9
Dec. 16
78
869, 520
883, 585 30'17; 568.
886,042 310, 783
899, 42<~
" :,730
!6 314!
4,169, 201
4, 202, 799
4, 232, 669
4, 268, 972
363,911
367, 727
370,153
373, 727
6,
6,
6,
6,
389,092 3,013, 945 383. 956
381, 492 2,2,997,
997,784 382', 355
372,620:2, -937,157 383, 883
341, 481 3, 023, 932 378,104
794, 650
775, 236
730, 989
674,157
i5,170 204,157 185,07
405,
403, 441 207,39" 186,098
413,426
;, 427187, 296
415,612 210, 255 189,431
936, 700 181, 658 133, 863 157,1
941,127 183,049 135,814 159,840
948. 753 183, 444 136,317 160, 416
956, 836 185, 088 136,493 159,852
92,154 331,415
93, 234 333,919
92, 729 334,883
93,118 334, 404
442, 750 205,
i, 955 148,065 1, 053, 344189,107 128, 763 220,814
220,
162,935 155, 924
450,176 217,838 151,091 1,018,113 187,873 131,981 221, 415 166,96; 468,151
"!, 818155, 323 1,013, 207 197, 383 131,858 227!',202 167, 043 484;
441,848 218,
"1,647
1,694 147, 381 981, 664 179,015 121,, 772 222.
452, 319 203,
J, 732162, 333 459,
1,730
79,079
109, 628
93,081
172, 826
1,962
3,662
2,472
4, 079
13, 808
60, 617
43,564
77,196
8,399
3,516
2,859
4,857
14,130
13, 579
9, 510
13, 940
10, 290
2,121
1, 963
5,248
1,807
2,101
2, 304
5,344
11, 292
6, 792
16,197
31,571
2, 337
1,952
1,94"
3, 592
2,361
3,436
2, 556
3,816
2,148
2,716
2,625
6, 826
3,895 6,650
3,"""
5,270
5,610
1,474
4,702 11,655
53, 955
59, 405
65,198
60, 779
3,860
4, 291
4,830
4,435
20, 832
22, 582
23, 752
22, 723
4,851
5, 393
6,070
5,574
4,799
5, 335
6,005
5,514
2,295
2, 551
2,872
2,637
1, 825
2,030
2,284
2,097
6,051
6,727
7,571
6,952
1, 565
1, 739
1,958
1,798
1,252
1, 392
1, 566
1,438
1,513
1,682
1,893
1,738
1,513
1,682
1,"""
1,738
3,599
4,001
4,504
4,135
4,011
76, 363
3, 726 72, 429
2,851
96,380
2, 987 102, 970
1,824
3,087
1,649
1,740
24, 775
24, 936
16, 084
12, 748
1,856
1, 719
1,848
2,393
7,584
7,731
7,192
7,636
4,204
4,135
4, 131
4, 573
792
197
196
722
3,272
3,136
3,259
3,161
16, 686
16,655
17,842
16, 416
152,525
152, 320
163, 415
165,803
7, 080, 209 398, 925 3,124, 948 399,030
7,096, 589 393,171 3,153, 412 394!":, 351
7, 052, 683 382, 773 3,100, 853
7, 073, 565 352,982 3, 226, 821 394, 461
390, 275
623, 656 64, 466 156, 253 46, 540
650,064 69, 393 156, 380 48, 901
578,938 57, 843 137,147 43,998
879, 31 81,124 245, 766 66, 028
3,880 7,278
4,084 10, 485
4,173 7,810
4,361 6,096
486, 454 222, 420 158, 975 1, 072, 543200, 593 136,
225 267 171,615 482, 859
i,5l580 !25,
494, 026 226, 594 165, 707 1,033, 351 199,295 140,i,944 226,010 17565
175,651 494,077
I, 480 140,111 231,916 177, 805 508, 467
473, 447 227,
!27, 826 167, 721 1,038,823 208,
484, 521 215, 940 160, 918 1, 022, 580192, 041 131, 599 232,!,018 171, 934 491, 936
56, 468
62, 004
54, 563
84, 608
53. 785
55, 341
51, 212
68, 432
21,495
20, 675
23,098
28,097
81,181
89, 704
77,133
126, 716
28,182
32, 230
27,190
35, 442
32, 276
37,033
31,802
40,121
26, 370
27,110
26,772
36, 733
40, 450
34, 508
32, 492
46, 781
3,953
3, 954
3,960
3,960
3,822
3,822
3,822
3,822
10,174
10,174
10,164
10,162
130, 247
130,275
130, 283
130, 390
9,386
9,386
9, 383
9,381
50, 259
50, 259
50, 261
50,271
12, 221
12,224
12, 224
12, 224
12, 569
12, 569
12, 569
12, 652
4, 716
4, 716
4,718
4,716
4.255
4, 258
4, 259
4,271
12,189
12, 205
12,20;
12, 210
3, 756
3, 761
3,770
3,776
16,190
16, 785
15, 688
19, 469
2,947
2,947
2,946
2, 945
145,501
145, 501
145, 501
145, 50:
9,902
9,902
9,902
9,902
50, 825
50, 825
50, 825
50,825
13, 406
13,406
13, 406
13, 406
14, 371
14,371
14, 371
14,371
5,186
5,186
5,186
5,616
5,616
5,616
5,616
21, 350
21, 350
21, 350
21,350
4, 655
4, 655
4,655
4,655
3,149
3,149
3,149
3,149
3,613
3,613
3,613
3,613
3,783
3,783
3,783
3,783
9,645
9,645
9,645
9,645
27,088
27,088
27,088
27, 088
2,874
2,874
2,874
2,874
7,744
7,744
7,744
7,744
4,231
4,231
4,231
4,231
1,007
1,007
1,007
1,007
3,448
3,448
3,448
3,448
754
754
754
754
546
546
546
546
1,003
1,003
1,003
1,003
1,142
1,142
1,142
1,142
1,252
1,252
1,252
1,252
1,696
1,696
1,696
1,696
1,391
1,391
1,391
1,391
46
FEDERAL RESERVE BULLETIN
JANUARY 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
San
Kansas Dallas Francisco
City
LIABILITIES—continued.
Reserve for contingencies:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
All other liabilities:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Total liabilities:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Commitments to make industrial
advances:
Nov. 25
Dec. 2
Dec. 9
Dec. 1G
34,
34,
34,
34,
290
251
249
246
1,513
1,513
1,513
1,513
i, 849
5,849
5,849
3,000
3, 000
3,000
3,000
3,110
3,110
3,110
3,110
299
14,487
362
14, 906
35,111 15, 558
16, 002
369
8,669
8,992
9,369
9,177
520
504
1,040
520
46'
526
3, 360
65"
12, 224, 6?
12, 301, 47:
12,236,522
12, 575, 081
22, 040
21, 544
21, 491
21,371
1, 304
1,305
1,309
1,313
2,563
2,563
2,55"
2,55'
7,573
7, 573
7, 573
7,573
898
898
898
1,415
1,415
1,415
1,408
840
848
848
848
1,328
1,328
1,328
1,328
1,849
1,849
1,849
1,849
249
251
579
293
242
253
256
261
1,371
1, 319
1, 577
1,852
364
350
473
350
739
732
791
801
194
243
741
266
907
922
910
977
466
452
457
479
378, 978 2,134, 298 420, 700 295, 886
385,
" ~ "i,<924 2,108, 020 424,:,784 302, 789
391, 557 2,108, 807 429,>, 456 301,420
391, 905 2,150, 508 422, 796 296, 867
424, 982
432, 683
434, 438
441,820
851,, 276 4,, 277,06' 786,826
616 495, 26i
854,:, 328 4, 320,046 784,185 991,054 504, 238
"!, 143 975,853 502',
849,I, 999 4j,. 251,090
,
783!
\ 70;
831,872 4, 498, 879 804, 414 1,016, 538 509, 583
2,373
2,172
2,162
2,103
8,962
8,851
8,844
8, 893
242
242
24
252
1,363
1,354
1,343
1, 283
2,366
2,360
2,353
2,346
299
294
294
294
1,287
1,160
1,15'
1,135
343
341
341
333
301,231 878,554
307,102 886 320
308;
"., 401899; 653
312, 947 896, 952
492
492
492
492
4,192
4,158
4,139
4,121
JANUARY
47
FEDERAL RESERVE BULLETIN
1937
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO DECEMBER 16, 1936
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
Applications recommended for
approval by Industrial Advisory
Committees to date
(with and without conditions)
Amount Number
Applications approved to date by Federal Reserve banks (with and
without conditions)
Expired,
Federal Federal
repaid,
Reserve Reserve
Approved or
withbank
bank
but not drawn
by
commitadvances ments
comapplioutpleted i
cant,
outAmount standing standing
etc.
Total
Amount Number
Financing institution
participations
outstanding 2
1936—Dec. 31 (Tuesday) _...
7,615
306,708
2,176
132,460
1,993
124,493
32, 493
27, 649
11, 548
44,025
8,778
1936-Jan. 29
Feb. 26
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 163
7,714
7,831
7,934
8,046
8,113
8,158
8,197
8,240
8,284
8,308
8,339
8,361
311,081
315,081
319, 595
323,669
329, 316
331,391
331,659
333,930
336,119
336,763
2,212
2,245
2,294
2,338
2,374
2,394
2,413
2,437
2,463
2,477
2.483
2,490
134, 243
135,320
138,450
140,104
141, 749
142,811
143,978
145,939
147,191
148,237
148,317
148, 392
2,023
2,049
2,097
2,139
2,162
2,183
2,198
2,218
2,243
2,259
2,266
2,272
125,810
126, 643
129, 580
131,195
132, 549
133,343
134, 233
135,421
137, 251
138,731
138, 938
139,073
32,483
32,129
30,947
30,800
30,958
30,486
30, 217
29,265
28,885
27,038
26, 720
26,051
27,004
25,866
25,421
25,576
25,095
24,452
23,711
23,355
23, 307
22,790
22, 040
21,371
10,888
10,434
11,008
9,730
9,343
9,381
8,429
9,168
8,566
8,544
7,719
7,551
46, 736
50, 636
54, 654
67,351
59, 512
61, 422
64, 342
66,304
69, 217
72,915
75,045
76,845
8,699
7,578
7,550
7,737
7,641
7,598
7,534
7,329
7,276
7,444
7,414
7, 255
_.
339, 903
340, 874
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
$11,319,379 on Dec. 16, 1936.
» Dec. 30 figures not yet available.
NOTE.—On Dec. 16, 1936, there were 39 applications amounting to $4,435,801 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R. agent:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Held by Federal Reserve bank:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
In actual circulation:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Eligible paper:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
U. S. Government securities:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Total collateral:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Boston
New
York
Phila- Cleve- Richdelphia land mond
Chicago
MinSt.
Louis neapolis
KanSan
sas Dallas FranCity
cisco
961, 574 318, 044 431, 267 217,454 207, 554970, 848 191, 258 138,06: 168, 782 100,026 379, 733
4, 497, 999 390,123 969, 453 323, 940 429,478 220, 317 208,099972, 927 191, 483 138, 769 169, 751 101, 675 381, 984
103,179
72,
'" '" 382,513
4, 538,157 392, 243 983,115 325,032 436,093 220,835 210,871 980,141 191,644 140,402 172,089
I, 70' 171, 612 103, 339 381, 050
441, 760
760 222,832 210,843985, 434 193,
4, 576, 604395, 454 1,001, 557 328, 271 441,
4,473,196 388, 589
303,995
295,200 22,396
305,488 22,090
307, 632 21,727
4,169, 201 363,911
4, 202, 799367, 727
4, 232, 669 370; 153
4, 268, 972 373, 727
92,054
85,868
97,073
102,131
10,166
16, 372
14,249
13, 541
26,097
26,037
22, 667
26,148
13, 297
12, 920
12,408
12, 577
22, 476
22,001
23, 575
21, 412
34,148
31,800
31,388
28, 598
504
132
93
1,788
4,204
2,955
4,085
4, 214
11,085 7,872
9,911 8,441
11,673 10, 450
11,760 10,221
48, 318
48,065
47, 630
46, 646
92,154 331L,415
93, 234 333;5,919
92, 729 334,883
93,118 334;
334,404
166, 632 129, 000 167,000
166,632 131,000 168,000
166, 632 131,000 168,000
166, 632 127,000 168,000
101, 500 >,000
1,000
102, 500 389;
i,000
104,000 389,
104, 500 389,000
000 219,000 166,000 986,000
4, 437,838 396,000 965, 706 319, 000 433,1
( 221,000 166,000 986,000
4, 464, 838 396,000 ~~~, 706 325, 000 433,000
'~' 000 986,000
4, 492, 338396,000 995, 706 325', 000 438, 000222, 000 171,0
4, 535, 838406,000 1, 010, 706 329, 000 444, 000224,000 171,0000 996,000
4,395
4,695
4,290
6,143
9,600
8,434
8, 200
8,651
869, 520
5 307, 878 405,170 204,157 185,078 936, 700 181, 658 133,863 157, 697
186, 098 941,127 ;, 049135,814 159, 840
883,585 307,568 403,441 207,
••" 426
"i 208, 4 2 7 187, 296 948, 753 183,444 136,317 160,416
886,042 310, 783 413,
• •" 159, 852
899, 426 314, 730 415, 612210, 255 189, 431 956, 836 1 8 5 , 0 8 8 136, 493
2,93'
3,394
3,249
3,289
304
310
293
425
88,000
88,000
90, 000
5,000
l:
52
12
99
163
288
274
152
152
102
227
45,000
45,000
45,000
45,000
30,000
30,000
30,000
30,000
256
326
158
49
10, 000
10,000
10,000
15,000
11
6
45
25
3,000
3,000
5,000
5,000
4, 530, 233396, 504 968, 643 319, 304 433,075 219,012211,099 986,000 196, 784 139,000 170,256 101, 511 389,045
"141,000 171,326 102;
" " 506 389,>,025
4, 557, 533396,132 984,100 325, 310 433, 060 221,052 211,163 986, 075 196,784
000""
196, 734 141,003 173,158 104,007 389,000
4, 586, 628396, 093 998, 955 325, 293 438, 085 222,012 216, 288 986,
73049 104,
04 506 389,000
000 196, 859 142,003 173,049
4, 636, 981407,"' 1, 013, 995 329, 425 444,080 224,002 216, 274 996,
1 Includes Federal Reserve notes held by other Federal Reserve banks.
Atlanta
48
FEDERAL RESERVE BULLETIN
JANUARY 1937
RESERVE POSITION OF MEMBER BANKS,
NOVEMBER 1936
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[ Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Gross
Classes of banks
and districts
Net
deTime
mand
dedeposits
posits i
demand
deposits
All member banks. _ 30, 843 24,987 10,894
Reserves with
Federal Reserve
banks
Required Held
Excess
4,566
6,785
2,219
Central reserve city banks:
10, 654
New York
2,409
Chicago
9,820
2,107
653
429
1,944
430
2,695
651
751
221
Reserve city banks:
Boston district
New York district
Philadelphia districtCleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis d i s t r i c t Kansas City d i s t r i c t Dallas district
San Francisco district-
1,053
209
1,179
1,510
667
594
1,157
752
378
995
627
1,892
925
173
969
1,181
492
439
814
558
284
662
423
1,489
122
140
238
716
198
160
455
170
94
162
110
1,863
144
32
156
209
83
73
143
91
47
107
68
307
250
35
267
330
142
85
234
129
62
155
91
405
106
2
111
120
59
12
91
38
15
48
23
98
11,013
8,409
4,429
1,461
2,185
724
Country banks:
800
Boston district.
1,237
New York district
596
Philadelphia district. _
558
Cleveland district
500
Richmond district
436
Atlanta district
733
Chicago district
331
St. Louis district
312
Minneapolis district—
432
Kansas City d i s t r i c t 470
Dallas district
362
San Francisco district-
607
942
443
388
315
279
501
220
203
253
274
226
568
1,340
836
595
324
197
558
207
267
156
91
245
89
159
84
68
48
38
78
32
33
34
33
35
139
255
130
115
75
61
166
55
65
70
71
51
50
96
46
48
27
23
88
22
31
37
38
17
4,651
5, 383
731
1,254
523
Total
Total
6,767
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
All
member
banks 1
Total reserves held:
1935—November
December
1936—January
February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
Week ending (Friday):
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Excess reserves:
1935—November
December
1936—January
February
March
April
May
June
July
Aug. 1-15 2
Aug. 16-31
September
October
November
Week ending (Friday):
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks*
5,757
5,716
5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,063
6,291
6,345
6,594
6,785
2,563
2,541
2,593
2,579
2,271
2,163
2,384
2,183
2,279
2,502
2,503
2,462
2,574
2,695
614
608
495
487
463
506
636
682
653
572
580
619
637
651
1,639
1,631
1,714
1,745
1,708
1,675
1,657
1,664
1,886
1,899
2,005
2,046
2,153
2,185
941
935
978
998
978
956
961
954
,042
,090
1,204
, 218
,230
,254
6,715
6,790
6,828
6,807
2,650
2,689
2,707
2,729
645
646
656
660
2,170
2,192
2,199
2,177
,251
,263
1, 266
1,241
3,061
2,983
3,033
3,038
2,653
2,510
2,800
2,593
2,907
3,105
1,852
1,852
2,043
2,219
1,393
1,350
1,395
1,360
1,056
940
1,134
908
1,004
1,226
600
535
751
359
353
239
226
208
262
377
414
369
290
160
195
205
221
803
780
852
885
846
796
778
775
961
970
601
624
696
724
506
499
547
567
543
512
511
496
575
619
490
498
502
523
2,160
2,224
2,258
2,235
717
745
762
774
215
217
225
229
731
735
721
526
531
530
511
639
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
2 Reserve requirements increased 50 percent effective Aug. 16.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers M e m b e r b a n k s in smaller centers
(places over 15,000)
(places under 15,000)
All member banks
Gross demand
Federal Reserve district
Nov.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas . _
San Francisco
_
_ __ _
- ---
_
Total
1
. _ _
Time
Oct.
1936
Nov.
1936
1,812
11,938
1,776
2,039
1,136
1,025
4,275
1,056
665
1,411
1,061
2,261
690
2,133
1,075
1,310
522
358
1,441
376
361
318
201
2,109
695
2,169
1,078
1, 299
523
357
1, 429
375
359
317
201
2,109
1,731
1,166
1,548
1,850
985
887
i 1, 605
891
498
1,113
833
2,107
30, 457
10,894
10, 910
1936
Oct.
1936
1,853
12,100
1,776
2,068
1,167
1,030
4, 298
1,084
690
1,426
1,097
2,254
30, 843
Nov.
Gross demand
Oct.
1936
1936
1
1
15, 214
Time
1,687
1,156
1,548
1,821
959
889
i 1, 582
866
475
1,104
806
2,114
1
1
15, 008
Nov.
1936
1
1
Oct.
1936
Gross d e m a n d
Nov.
1936
Oct.
1936
Time
Nov.
1936
Oct.
1936
565
1,008
647
1,042
342
282
i 781
279
178
203
160
2,011
570
i 1,012
648
1,036
343
281
l 772
278
178
202
160
2,010
122
280
228
218
183
142
284
193
192
313
264
147
125
281
229
218
177
137
278
190
190
308
255
147
125
472
428
269
181
76
232
97
183
115
40
97
125
471
429
263
180
76
226
7, 498
i 7, 492
2,566
2,533
2,314
2,302
181
115
41
98
Excluding central reserve city banks, 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 BULLETIN, p p . 700-701. For earlier figures see April 1936 B U L L E TIN, p . 299, a n d previous issues.
JANUARY
49
FEDERAL RESERVE BULLETIN
1937
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Total
End of month
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
Minor
coin
United
States
notes
Federal Federal
Reserve Reserve
bank
notes
notes
National
bank
notes
1935—November.
December.
5,846
5,882
110
109
34
34
812
828
1
1
309
312
130
131
284
275
3,612
3,667
68
66
487
458
1936—January...
February..
March
April
May
June
July
August
September
October
November.
5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6, 466
107
106
104
103
102
101
100
99
98
97
96
33
34
34
34
34
35
35
36
37
37
37
809
841
864
886
914
955
958
986
998
1,020
1,051
1
1
1
1
1
1
1
1
1
1
1
303
304
307
309
312
316
318
321
326
329
334
129
129
131
132
133
135
136
137
138
139
141
259
254
245
249
265
278
274
278
278
282
289
3,598
3,696
3,727
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
63
60
58
56
54
52
50
48
47
46
45
436
421
406
391
378
366
352
342
332
324
316
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 1
$50 and over
Coin
End of month
$1
$2
$5
$10
$20
Total
$50
$100
$500
$1,000
$5,000
$10,000
1935—November.
December.
472
478
448
460
815
815
1,380
1,373
1,354
1,359
1,349
1,369
356
358
617
627
120
122
234
239
15
16
1936—January.. _
February..
March
April
May
June
July
August
September
October....
November.
465
467
472
475
480
486
490
494
501
505
513
434
434
439
442
451
463
460
471
477
484
492
782
802
804
804
820
850
844
863
868
882
900
1,333
1,373
1,378
1,379
1,402
1,468
1,459
1,482
1,488
1,516
1,548
1,332
1,360
1,361
1,360
1,369
1,466
1,431
1,436
1,437
1,460
1,486
1,367
1,386
1,399
1,404
1,409
1,479
1,449
1,452
1,467
1,478
1,501
355
361
362
360
363
398
383
381
383
385
390
627
633
641
643
648
683
667
667
673
679
690
122
123
125
126
127
127
127
128
130
132
132
240
243
247
249
245
245
247
250
253
255
258
17
18
17
19
19
18
19
19
21 •
19
23
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
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
[Held by Treasury and Federal Reserve banks and in circulation. In
millions of dollars]
End of month
Silver
Feddollars Suberal
U nited Residand
Minor
Total silver iary
coin States serve
bul- silver
notes bank
lion1
notes
1935—November . 2,438
December.. 2,476
1936—January
February..
March
April
May
June
July
August
September .
October
November. _
National
bank
notes
1,066
1,124
322
328
135
136
347
347
70
68
499
473
2,493 1,172
2,499 1,197
2,504 1,218
2,500 1,230
2,490 1,236
2,498 1,255
2,496 1,264
2,500 1,277
2,512 1,294
2, 515 1,303
2, 521 1,310
328
328
329
330
330
332
335
338
341
346
351
137
137
137
138
138
139
140
142
143
145
146
347
347
347
347
347
347
347
347
347
347
346
64
62
59
57
55
53
51
49
48
47
46
446
429
413
398
384
372
358
348
339
329
322
1
Includes silver held against silver certificates amounting to $1,211,000,000 on Nov. 30, 1936, and $947,000,000 on Nov. 30, 1935.
[By selected banks in New York City. In thousands of dollars]
Month
ShipReceipts
from
ments to
Europe E u r o p e
1935—October. __
November.
December.
2,536
4,203
603
864
782
851
1936—January...
February..
March
April
May
June
July
August
September.
October
November.
748
13
1,757
3, 095
3,852
3,037
900
981
3,949
2,013
5,960
2,743
3,317
3,109
938
1,685
1,164
2,348
2,078
1,131
5,422
1,536
1
Net
receipts
11,672
13,421
248
1,995
3,304
1,352
12,157
12,167
11, 873
1,448
1,097
i 2,818
3,409
1 4, 424
Net shipments.
For description and back figures see BULLETIN for January 1932,
pp. 7-9.
50
FEDERAL RESERVE BULLETIN
JANUARY
1937
GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES1
[In millions of dollars]
[In thousands of dollars]
Year or month
Gold
stock
at end
of
year or
month
1932
1933
1934 .
1935—April
May
June
July
August
September... _
October
November...
December
Year
1936—January
February
March
April
May
June_
July
.
August
September
October _
November _ . _
1936
Increase Net
in gold
gold
stock
import
Net
release
from
earmark i
Other
factors2
November
Imports
4,226
4,036
8,238
52.9
190.4
4, 202. 5
-446. 2
-173.5
1,133.9
457.5
-58.0
82.6
41.6
41.1
2,986.1
8,710
8,858
9,116
9,144
9, 203
9,368
9,693
9,920
10,125
143.4
148.1
257.1
27.9
59.5
165.0
325.2
226.7
205.2
148.6
140.0
230.4
16.2
46.0
156.7
315. 3
210.6
190.0
-2.3
-1.5
1.0
-.4
1.8
1.0
—1.9
.6
1.3
-2.9
9.6
25.8
12.1
11.7
7.3
11.8
15.5
13.9
10,125
1, 887. 2
1,739.0
.2
148.0
10,182
10,167
10,184
10, 225
10,402
10, 608
10,648
10, 716
10, 845
11,045
11, 184
57.2
-15.5
17.2
41.0
176.7
206.6
39.2
68.4
129.0
199.7
139. 5
45.6
-16.6
5.5
28.1
170.0
277.8
15.4
67.5
171.8
218.8
75.8
-1.7
-9.5
1.0
—.2
-3.2
-24.8
2.3
-11.9
-28.8
-11.3
3.0
13.3
10.6
10.7
13. 1
10.0
-46.4
21.5
12.9
-14.0
7.9
GO. 7
Belgium
2, 545
44, 665
England
20
France
Germany
Netherlands
3,69S
Switzerland
Union of Soviet
Socialist Republics—
10,666
Canada
243
Central America
489
Mexico .
Argentina
632
Chile
Colombia
152
Ecuador
Peru
_
171
Uruguay
93
Venezuela
3, 781
Australia
6, 182
British India
China and Hong
Kong
Dutch East Indies,
Japan
1, 628
Philippine Inlands
566
All other countries2
January.
November
October
From or to—
Exports
Imports
799
72, 156
95, 013
Exports
2
25, 745
8
5
Imports
3 349
146,921
590,841
7
74, 773
4 229
1,099
4
360
181
11,208
67, 997
3,343
40,104
. 12
7, 648
11,910
3, 267
2,315
45
1,869
5, 782
441
22, 343
67, 784
451
6 966
2 157
102
19, 240
2, 351
12, 222
291
644
1
Exports
5, 825
17,180
3, 765
57
6
1 Gold released from earmark at Federal Reserve banks less gold
75, 962
127 218,929
117 1. 087, 048 27, 434
Total
placed under earmark (with allowance when necessary for changes in
gold2earmarked abroad for account of Federal Reserve banks).
Figures are derived from preceding columns and indicate net result
of such factors as domestic production, movements into and out of
1 Figures represent customs valuations which, with some exceptions,
nonmonetary use or unreported holdings, imports and exports that do are at rate of $35 a fine ounce.
not affect gold stock during the month or year, and increment result> Includes all movements of unreported origin or destination.
ing from reduction in weight of gold dollar.
Back figures.—See table, p. 829, and Annual Report for 1935 (tables 34
Back figures—See Annual Report for 1935 (table 32)
and 35).
JANUARY
51
FEDERAL RESERVE BULLETIN
1937
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare
available.
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
NUMBER OF BANKS
fin millions of dollars]
Nonmember
banks
Member banks
Member banks
Total
Call date
19,966
1931—Dec. 31
Total
National
7,246
6,368
Other
Mutual nonState savings membanks
ber
banks
878
597
All banks
Nonmember banks
Total
National
State
Mutual
savings
banks
Other
nonmember banks
12,123
1931—Dec. 31___ 45, 821
27,432
17, 271
10,161
10,105
8,284
1932—June 30___ 41,963
Sept. 30._ 41,942
Dec. 31___ 41, 643
24, 755
24, 903
24, 803
15, 629
15,635
16, 101
9,126
9,268
8,702
10,020
1 10, 020
10, 022
7,188
7,020
6,818
1933—June 30 2__ 37, 998
Oct. 25 3_
Dec. 30— 38, 505
23, 338
23, 453
23, 771
14, 772
15, 070
15, 386
8, 566
8,383
8, 385
25, 293
26,615
27, 484
28,943
16, 203
17, 097
17, 693
18,519
9,090
9,518
9, 791.
10, 424
9,780
5,475
9, 828
6,000
1932—June 30
Sept. 30
Dec. 31
19, 046
18,794
18, 390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1 594
594
11,472
11, 296
10, 980
1933—June 30 >
Oct. 25 3
Dec. 30
14, 519
5, 606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
15,011
Call date
8,421
579
9,713
4,946
9, 708
5, 026
5,288
5, 417
5, 461
5,462
918
958
972
980
578
8,882
16,039
6,206
6,375
6,433
6,442
579
9,018
1934—Mar. 5 3
June 3 0 . . . 41, 870
Oct. 17 3
Dec. 31.__ 44,770
1935—Mar. 4
June 29
Nov. 1
Dec. 31
16,024
15,994
15,904
15,837
6,422
6,410
6,400
6,387
5,446
5,425
5,403
5,386
976
985
997
1,001
579
571
571
570
9,023
9,013
8,933
8,880
1935—Mar. 4____
June 29.. _
Nov. 1____
Dec. 31 —
44, 455
45, 766
47, 522
48, 964
28, 589
29, 496
31,072
32,159
18,502
19,031
20,128
20, 886
10,087
10,465
10,944
11,273
9,837
9, 920
9, 936
9, 963
6,029
6, 350
6, 513
6,842
1936—Mar. 4
15, 808
15, 752
6,377
6,400
5, 375
5,368
1,002
1,032
569
566
8,862
8,786
1936—Mar. 4 . . . . 48,771
J u n e 30— 51,335
31,774
34, 098
20, 605
21, 986
11,169
12,112
9,972
10, 060
7,025
7,176
1934—Mar. 5 3
June 30
Oct. 17 3 .
Dec. 31
15,835
.
June 30
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks
Member banks
All banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1931—Dec 31
49, 704
31,305
18,399
30,575
19, 261
11,314
10,488
6,218
4,270
8,641
5,827
2,814
1932—June 30
Sept 30
Dec. 31
46, 071
45, 852
44, 946
27, 834
26,985
26,063
18, 237
18, 867
18, 883
28,001
28, 045
27, 469
16, 587
15, 924
15,204
11,414
12,121
12, 265
10,316
10, 316
10,182
6,130
1 6,130
6,079
4,186
1 4,186
4,103
7,755
7, 491
7, 295
5,117
4, 931
4,780
2, 637
2,560
2,515
1933—June 30 2
Oct 25 3
Dec. 30
40, 076
22,203
17, 872
11,928
11,894
12, 386
4,103
5,246
3,404
1,841
18, 342
12,858
13,059
12,833
5, 941
21, 977
24,786
24, 953
25, 220
10, 044
40, 319
9,985
5,906
4,079
5,115
3,238
1,877
12, 706
12, 523
12, 293
12, 028
13, 842
14, 652
15,267
16,122
9,904
5,648
4,256
5,423
3,108
2,315
9,782
5,491
4,291
5,526
2,955
2,571
1
1934—Mar 5 3
June 30
Oct 17 3
Dec. 31
42, 502
21, 278
21, 224
43, 458
20, 473
22,984
26,548
27,175
27, 559
28,150
1935—Mar. 4
June 29
Nov. 1
Dec. 31
43, 747
44,416
45,008
45,717
20, 394
20, 272
20,140
20, -^29
23, 353
24,145
24, 868
25, 388
28, 271
28, 785
29, 301
29, 985
11, 953
11,928
11, 841
12,175
16,318
16, 857
17, 460
17, 810
9,775
9,852
9,854
9,804
5,478
5,341
5,302
5,210
4,297
4,511
4, 552
4,594
5,701
5,779
5, 853
5,927
2,963
3,003
2,997
2,944
2,738
2,777
2,856
2,983
46,157
48, 458
20, 275
20, 679
25, 882
27, 779
30, 288
32, 259
12, 099
12, 542
18,189
19, 717
9,795
9,961
5,202
5,105
4,592
4,856
6,074
6,239
2,974
3,032
3,100
3,206
_
1936—Mar. 4
June 30
13 Figures of preceding call carried forward.
Beginning June 30,1933, allfigures(other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
1
Nonmember
bankfiguresnot available.
4
Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Backfigures—SeeAnnual Report for 1935 (tables 47-48)
52
FEDERAL RESERVE BULLETIN
JANUARY 1937
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)
Call date
Total
loans
and
investments
Total
Investments
Open-market loans
Purchased paper
Re- OtherTo
portLoans
browise
To
ing
to
kers others
se- banks
Real banks'
Acoutcured
estate
on
cept- Bills Comside securi- loans own
and
acceptances
New
ties
pay- merances unseYork
cial
cured
able paper
able in abroad
City*
United
bought
States
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
J u n e 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
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
,704
,592
1,792
,868
946
1,951
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
,124
,090
,053
055
,057
027
,044
1,538
1,131
1,124
1.090
,077
1,105
,103
094
,096
1,101
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
3,850
83
15
14
14
16
13
13
13
15
17
2,231
1,117
1,039
996
966
932
902
894
865
861
1,462
1,055
1,056
,026
1,018
,020
1,026
1,035
1,043
,078
11, 515
192 4,857
210 4,721
232 4,708
207 4,748
135 4,834
159 4,963
169 5,006
156 4,960
117 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
1,660
788
1,082
843
875
975
841
1,047
1,089
1,079
9,784
11,928
14, 652
16,122
16, 318
16, 857
17,460
17,810
18,189
19, 717
3,863
6,887
9,137
9,906
9,821
9,871
10,080
10, 501
10, 564
11,721
,,<?•
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
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
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
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
3 76
78
78
87
96
88
89
92
3, 679
46 1,678
41 1, 634
49 1,671
48 1,677
40 1,682
44
1,806
46 1,851
43 1,805
40 1,941
258
99
40
55
48
43
34
34
31
31
42
36
21
13
12
10
13
19
18
16
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
3 19
279
376
571
655
656
656
651
45
38
33
27
25
21
19
17
17
16
33
4
5
5
6
3
3
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
3,172
2,129
3 25 3 2, 276
355
2,293
448
2,289
553
2,296
609
2,419
623
2,439
630
2,486
640
2,605
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_- ._
144
164
145
82
101
107
99
65
595
937
965
1,024
1,054
1,085
1,114
1,096
1,112
1,238
979
1,158
3 157 3 1,055
278
1,078
298
1,131
1,174
348
405
1,223
401
1,159
505
1,248
567
1,265
CITY OF CHICAGO <
1929—Dec. 31
1933—June 30 2 _
1934—June 30
Dec. 31
1935—Mar. 4 _ _
J u n e 29
Nov. 1
Dec. 31
1936—Mar. 4
J u n e 30_ _ _
5 35
24
21
16
12
12
11
14
12
10
193
226
3 228
229
212
254
267
243
250
312
RESERVE CITY
BANKS
1929—Dec. 31
1 9 3 3 _ j u n e 30 2
1934—June 30
Dec. 31
1935—Mar. 4 . __
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
3
1,576
1,528
1, 679
1,628
1,666
1,703
1,706
1,701
1,761
1,863
COUNTRY 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. __
4,
3
3
2
2
2
3
2
2
2
705
2,005
1,903
1,810
1,785
1,831
1,815
1,810
1.791
1,891
3
3
2
i Loans (secured by stocks and bonds) to brokers and dealers in securities.
» Beginning June 30, 1933, figures relate to licensed banks only.
» 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.
Back figures.—See Annual Report for 1935 (table 52).
JANUARY
53
FEDERAL RESERVE BULLETIN
1937
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
ReBalserves
with Cash ances
with
Fedin
doeral vault
mesRetic
serve
banks 1
banks
Call date
TOTAL—ALL MEMBER BANKS
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
NEW YORK CITY 6
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 6
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Demand deposits
Cash
items
Certireport- Interbank
fied
ed as
Unitand
in
ed
offiprocStates Pubcers'
lic checks,
Doess
For- Gov- funds
of col- meseign
erncash
tic banks
lec- 2
ment
letters
tion banks
of
credit
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
827
846
1,417
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
1929—Dec. 31.
232
1933—June 30 «
436
1934—June 30
415
Dec. 31
359
1935—Mar. 4
675
June 29
581
Nov. 1
511
Dec. 31
480
1936—Mar. 4
749
June 30
RISERVE CITY BANKS
751
1929—Dec. 31
705
1933—June 30 »
1,197
1934—June 30
Dec. 31
1935—Mar. 4
,403
June 29__
,591
Nov. 1
,594
Dec. 31
,794
1936—Mar. 4
,763
June 30__
133
203
162
207
182
249
188
209
195
195
158
61
57
90
70
73
83
135
96
147
156
122
154
207
197
213
218
256
264
947
1,002
1,397
1,543
1,690
1,607
1,849
1,779
1,910
1,907
321
203
216
275
246
236
237
305
268
322
702
1,104
1,296
1,427
1,406
1.613
1,676
1,757
1,727
CITY OF CHICAGO
558
405
473
609
534
537
541
665
624
713
143 1,335
806 087
1,658 598
1,636
799
1,270 861
779 091
251
650
139
844
173
600
1,037 320
Time deposits
Individuals,
partnerships,
corporations,
etc.
Interbank
Individ- Boruals,
PosPub- tal- part- rowlic
ner- ings
For- funds savings ships,
eign
cortic banks
porabanks
tions,
etc.
Demand
deposits ad- Dojusted '• mes-
1,681
657
372
838
741
417
686
882
779
789
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
20, 284
1,180
461
154
540
500
149
413
524
496
489
5,847
4,676
4,894
5,370
5,329
5,924
6,104
6,479
6,471
6,891
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
17
18
110
69
56
44
27
3
3
1,112
671
649
591
595
567
680
591
586
601
179
8
58
1
2
6
1
1
332
358
361
381
374
469
403
413
407
444
371
208
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
133
86
87
84
75
76
78
83
82
80
61
285
256
210
188
162
140
136
95
6,390
3,833
4,388
4,554
4,623
4,756
4,824
4,879
4,938
5,094
367
167
35
13
14
95
89
122
134
145
136
132
151
152
151
154
1
8
7
8
5
6
5
5
6
595
300
333
294
290
285
310
361
344
378
4,750
4,358
4,800
5,069
5,209
5,979
6,112
6,193
6,398
6,756
40
22
1
1
1
133
1
7
7
7
4
4
4
4
5
33
4
12
4
4
6
13
12
11
10
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
19
7
14
19,161
20
332
802
792
572
369
219
224
140
215
128
96
167
229
190
354
468
323
260
357
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
1,041
401
411
537
432
471
579
752
607
763
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
30
59
105
117
128
119
115
134
135
135
291
149
174
207
163
192
221
235
187
256
405
228
303
342
364
347
399
415
433
410
742
39
116
555
174 731
178 804
152 845
90
865
95
895
137 901
93
965
207 1,008
169
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
6
7
15
16
17
16
17
16
17
16
6
11
6
8
COUNTRY BANKS
1929—Dec. 31
1933-June 30 e
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
JuEe 30
627
452
7f9
822
916
{20
9K)
927
1,017
1
1
1
1
1
1
1
1
87
1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,
includes
time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2
Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on
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.
* 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.
6
Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 53)
54
FEDERAL RESERVE BULLETIN
JANUARY
1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Open-market
loans
Loans to customers (except banks)
Date or month
Total
loans
and
investments
Total
Investments
AcTo
Loans cept- Loans
broances
To
Other
to
kers others Real- loans banks and to broout- on se- estate
in
com- kers
to
side
New Total
mer- York
loans custo-2
New curicial
ties
mers
York
paper Cityi
Cityi
bought
Reserve
Balwith Cash ances
Fedwith
in
Other eral
vault domesRetic
securi- serve
banks 3
Fully ties banks
Direct guaranteed
U. S. Government obligations
TOTAL—101 CITIES
1935—November
1936— May
June
July
August
September...
October
November. __
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
7....
14...
21...
28._
4...
10..
18..
25..
2...
9....
16..
161 2,081
212 2,078
238 2, 096
235 2, 072
209 2,023
212 2,035
218 2, 025
215 2,024
1,141
1,146
1,149
1,145
1,147
1,143
1,142
1, 148
3,387
3,531
3,567
3,613
3,687
3,848
4,018
4,042
102
82
92
58
63
92
55
62
338
333
319
315
320
315
315
323
820
973
1,074
936
916
983
945
941
12, 480
13, 477
13,838
14,110
13, 932
13,892
13,848
13, 689
8,291
8,877
9,202
9,484
9, 357
9,320
9,310
9,232
1,138
1,286
1,303
1,278
1,254
1,246
1, 255
1,255
3,051
3,314
3,333
3, 348
3,321
3,326
3,283
3,202
4,715
4,577
4,389
4,710
2,041
2,019
2,014
2,026
2,024
2,025
2,029
2, 019
2, 024
2, 022
2,048
1,142
1,142
1, 143
1,143
1,143
1,144
1,150
1,154
1,152
1, 154
1,153
3,975
4,018
4,044
4,033
4, 019
4,045
4, 062
4,041
4,068
4, 100
4.219
56
54
56
53
54
70
58
64
63
56
57
315
315
316
313
317
326
329
321
324
330
341
953
929
965
933
943
938
915
970
969
1,028
1,023
13,G04
13,873
13, 820
13, 796
13, 721
13,724
13.6<J0
13,622
13,647
13,682
13, 806
9, 359
9,323
9,286
9,274
9, 250
9, 267
9, 234
9,178
9,173
9,192
9,310
1,250
1,258
1,254
1, 257
1,253
1,258
1,261
1,247
1,246
1,246
1, 239
3,295
3,292
3,280
3,265
3,218
3,199
3,195
3,197
3, 228
3,244
3,257
2,092
2,141
2,178
2,192
2,148
2,229
2,326
2,354
727
750
762
745
697
707
705
710
123
133
133
133
132
132
131
130
1,183
1,186
1,209
1,241
1,245
1,315
1,412
1,437
155
144
132
131
118
114
123
135
928
1,027
897
875
936
906
901
4,718
5,324
5,591
5,614
5,434
5,414
5,308
5,202
3,313
3,647
3,896
3,946
3,843
3,830
3,761
3,721
378
545
561
522
466
456
461
461
2,424
2,234
2,049
2,178
2,357
2,354
2,461
2,575
81
74
76
80
73
72
74
78
2,305
2,328
2,334
2,340
2,331
2,350
2,378
2,358
2, 361
8, 745 2, 370
8,777 2, 461
709
705
702
705
707
712
713
707
706
701
726
131
131
131
131
131
130
130
131
130
1,386
1,412
1,424
1, 426
1,415
1,430
1, 458
1,444
1,451
1,464
1,529
120
121
125
127
131
136
137
135
135
136
141
914
891
924
894
903
895
874
930
928
984
5,352
5,324
5,285
5,269
5,219
5,222
5,197
5,170
5, 224
5,230
5,168
3,794
3,768
3,742
3,738
3,722
3,742
3,722
3,699
3,722
3,722
3,661
460
462
459
464
464
462
463
454
453
454
447
2,411
2,429
2,495
2,509
2,496
2,610
2,592
2,602
2,547
2,486
2,582
72
73
76
77
76
78
79
81
84
79
87
20, 510
21,832
22, 373
22, 484
22, 297
22, 520
22, 566
22, 444
6, 770
6,967
7, 050
7,065
7, 066
7,238
7, 403
7, 429
22, 607 7, 379
22, 568 7, 397
22, 571 7,414
22,517 7,422
22, 446 7,411
22, 488 7,430
22, 442 7,450
22,401 7,424
22, 459 7, 456
22, 594 7, 498
22, 875 7,648
221
218
213
220
225
216
209
210
212
222
228
4, 875
4,995
5, 276
5,422
354
378
387
386
376
383
399
404
2,326
2,283
2,290
2,493
2,354
2,311
2,385
2,463
5,117
5,248
5,350
5,390
5,324
5,462
5,471
5,431
5, 371
5,317
5,307
390
410
393
405
402
403
404
407
401
436
429
2,346
2, 433
2,389
2,371
2,435
2,440
2,505
2,475
2,512
2,457
2,498
NEW YORK CITY
1935—November...
1936—May
June
July
August
September...
October
November...
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
7
14
21
28
4
10
18
25
2
9
16
7,828
8, 585
8,987
8,860
8,607
8,753
8,687
8,622
8,716
8,687
8,692
8,653
8, 608
8,642
8,611
3,625
OUTSIDE N E W YORK
CITY
1935—November. __
1936—May
June
July
August
September
October
November
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
7....
14..
21...
28..
4__.
10_.
18..
25..
2...
9_._
16..
12, 682
13, 247
13, 386
13, 624
13, 690
13,767
13, 879
13, 822
4,678
4,826
4,872
4,873
4,918
5,009
5,077
5,075
102
140
164
162
135
137
140
138
1, 354
1 328
1,334
1,327
1,326
1,328
1,320
1,314
1,018
1,013
1,016
1,012
1,015
1,011
1,011
1,018
2,204
2,345
2,358
2,372
2,442
2,533
2,606
2,605
183
189
187
184
202
201
192
188
7,762
8,153
8,247
8,496
8,498
8,478
8,540
8,487
4,978
5,230
5,306
5,538
5,514
5,490
5,549
5,511
760
741
742
756
788
790
794
794
2,024
2,182
2,199
2,202
2,196
2,198
2,197
2,182
2,291
2,343
2,340
2,532
2,518
2,641
2,815
2,847
295
326
334
334
325
331
344
346
2,245
2,209
2,214
2,413
2,281
2,239
2,311
2,385
13, 891
13, 881
13,879
13, 864
13, 838
13, 846
13, 831
13, 776
13, 779
13, 849
14, 098
5,074
5,069
5,080
5,082
5,080
5,080
5,072
5,066
5,095
5,128
5,187
142
138
136
142
147
138
132
134
138
147
152
1,332
1,314
1,312
1,321
1,317
1,313
1,316
1,312
1,318
1,321
1,322
1,011
1,011
1,012
1,012
1,012
1,014
1,020
1,023
1,022
1,024
1,023
2,589
2,606
2,620
2,607
2,604
2,615
2, 604
2,597
2,617
2, 636
2,690
195
194
191
186
186
190
192
186
189
194
200
8,552
8,549
8,535
8,527
8,502
8,502
8,494
8,452
8,423
8,452
8,638
5,565
5,555
5,544
5,536
5,528
5,525
5,512
5,479
5,451
5,470
5, 649
790
796
795
793
789
796
798
793
793
792
792
2,197
2,198
2,196
2,198
2,185
2,181
2,184
2,180
2,179
2,190
2,197
2,706
2,819
2,855
2,881
2,828
2,852
2,879
2,829
2,824
2,831
2,725
337
352
340
349
343
•348
348
347
345
375
368
2,274
2,360
2,313
2,294
2,359
2,362
2,426
2,394
2,428
2,378
2,411
1
2
3
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 private banks; the amount excluded on Dec. 31,
1935, was approximately $38,000,000 at all weekly reporting member banks.
For other figures and note, see next page.
55
FEDERAL RESERVE BULLETIN
J A N U A R Y 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]
Cash
items
reported as
Date or month
Time deposits
Demand deposits
Total
assets
Other
ess of
collection i
Total
liabilities
Interbank
United CertiStates
fied
Domes- Foreign Govern- checks, Other
ment
tic
etc.
banks banks
Demand
deposts—adusted 2
Interbank
For- Other
Domestic eign
banks )anks
Borrowings
Other Capiliabil- tal acities count
TOTAL—101 CITIES
1935—November
1936—May
June
July
August ___
September
October _ _
November
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Nov. 25
Dec. 2
Dec. 9_
Dec. 16
_..
1,343
1,269
1,385
1,552
1,313
1,444
1,487
1,663
1,387
1,376
1,371
1,323
1,301
1,308
1,298
1,318
30, 635
31,715
32,195
32,948
32, 516
32, 961
33,411
33, 714
5,282
5,346
5,371
5,904
5,729
5,761
5,950
6,106
385
375
447
427
409
423
467
448
519
752
797
829
821
837
793
548
484
420
499
545
439
484
446
584
14, 638
15, 220
15, 449
15,760
15, 658
15,922
16,193
16, 441
13, 779
14,371
14, 563
14, 752
14, 785
14,962
15,152
15, 362
118
131
132
133
130
129
130
130
4
5
4
4
5
4
4
5
4,883
5,051
5,037
5,007
5,019
5,036
5,070
5,032
1,338
1,473
1,465
1,400
1,613
1,713
1,670
1,656
1 674
1,477
2,014
1,305
1, 299
1,284
1,303
1 302
1,299
1,313
1, 356
1 372
1 371
1,352
33,103
33, 701
33, 452
33, 386
33,522
33, 805
33,805
33, 726
33 789
33, 652
34,475
5,903
6,032
5,954
5,909
6,057
6,104
6,167
6,098
6,153
6,087
6,059
466
480
462
462
448
451
444
450
443
443
445
849
848
772
704
626
596
521
449
449
450
700
450
433
448
454
477
704
556
600
594
559
633
15,877
16,362
16, 245
16, 286
16,342
16, 388
16,513
16, 520
16, 544
16, 406
17, 006
14, 989
15,052
15, 228
15, 340
15, 206
15, 379
15,399
15,464
15,464
15,488
15,625
129
130
130
132
130
130
130
130
128
131
131
4
4
4
5
5
5
5
4
4
5
5,073
5,068
5,072
5, 065
5, 042
5,022
5,029
5,034
5,037
5, 050
5, 031
1
3
2
15
1
1
1
2
3
2
3
807
874
913
851
816
847
840
880
3. 514
3, 541
3 543
3 488
3 488
3. 503
3,517
3, 539
836
829
847
849
865
868
893
894
879
963
904
3. 515
3,513
3,518
3, 520
3 530
3,537
3, 544
3. 545
3 555
3 559
3, 558
325
366
407
367
345
367
351
369
1,458
1,470
1,470
1,429
1,427
1 427
1,431
1,442
354
345
355
350
362
363
377
376
356
421
364
1,431
1,430
1 433
1,432
1,440
1 441
1,442
1,444
1,450
1,452
1,452
482
508
506
484
471
480
489
511
2.056
2, 071
2,073
2,059
2, 061
2,076
2,086
2, 097
482
484
492
499
503
505
516
518
523
542
540
2,084
2,083
2,085
2,088
2,090
2,096
2,102
2,101
2,105
2, 107
2. 106
N E W YORK CITY
1935—November
June
July
August _
September
October
November
688
565
650
745
582
653
644
795
488
494
496
466
454
468
462
468
11, 568
12,004
12,311
12, 381
12,124
12,352
12, 383
12, 596
2,203
2,303
2,310
2,477
2,380
2,399
2,444
2,529
354
345
416
391
372
387
427
408
184
196
194
192
191
192
172
102
308
261
326
361
281
313
277
402
6,146
6,478
6,635
6,604
6, 554
6,674
6,667
6,756
5,766
6,175
6,311
6,221
6,253
6,335
6,301
6,363
4
4
4
4
4
4
4
4
586
581
547
556
569
575
610
583
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Nov. 25
Dec 2
Dec. 9
Dec. 16
597
718
623
637
706
886
795
793
811
724
972
475
457
452
463
465
456
462
489
496
487
480
12, 324
12, 422
12 391
12, 395
12, 410
12, 727
12, 595
12,650
12, 674
12, 582
12, 959
2,445
2,463
2,446
2,423
2,496
2,545
2,534
2,541
2,536
2,501
2, 498
429
439
421
418
405
414
404
411
404
405
407
193
193
164
137
117
111
97
82
83
83
203
286
257
272
292
299
516
381
410
393
361
427
6,577
6,678
6,685
6,730
6,696
6,766
6,774
6,788
6, 835
6, 750
6,990
6,266
6,217
6,334
6, 385
6,289
6, 396
6,360
6,405
6,417
6,387
6,445
4
4
4
4
4
4
4
4
4
4
4
605
613
611
609
591
567
580
592
613
605
614
655
704
735
807
731
791
843
868
899
882
875
857
847
840
836
850
19, 067
19, 711
19, 884
20,567
20, 392
20,609
21,028
21,118
3,079
3,043
3,061
3,427
3,349
3,362
3,506
3,577
31
30
31
36
37
36
40
40
335
556
603
637
630
645
621
446
176
159
173
184
158
171
169
182
8,492
8,742
8,814
9,156
9,104
9,248
9, 526
9,685
8,013
8,196
8,252
8,531
8,532
8,627
8,851
8, 999
118
131
132
133
130
129
130
130
741
1,025
842
763
907
827
875
863
863
753
1. 042
830
842
832
840
837
843
851
867
876
884
872
20, 779
21, 279
21,061
20, 991
21,112
21, 078
21,210
21,076
21, 115
21, 070
21,516
3,458
3, 569
3 508
3,486
3,561
3, 559
3,633
3, 557
3,617
3, 586
3, 5fi 1
37
41
41
44
43
37
40
39
39
38
656
655
608
567
509
485
424
367
366
367
497
164
176
176
162
178
188
175
190
201
198
206
9,300
9, 684
9 560
9, 556
9, 646
9, 622
9,739
9,732
9, 709
9, 656
10,016
8,723
8, 835
8 894
8, 955
8, 917
8, 983
9, 039
9,059
9, 047
9, 101
9,180
129
130
130
132
130
130
130
130
128
131
135
1936—May
.
2
1
14
1
2
2
OUTSIDE NEW YORK
CITY
1935—November
1936—May
June _
July
August-_.
September
October
November
Oct. 7
Oct. 14
Oct. 21
Oct. 28_ _
Nov. 4
Nov. 10
Nov. 18 .
Nov. 25
Dec. 2
Dec 9
Dec. 16
1
1
1
1
1
1
1
1
4,297
4,470
4,490
4,451
4,450
4,461
4,460
4,449
1
_.
4,468
4, 455
4, 461
4, 456
4,451
4,455
4,449
4,442
4,424
4 445
4,417
1
2
1
1
1
_.
3
1
Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
of cash
items on hand but not in process of collection.
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash
items reported as on hand but not in process of collection.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).
56
FEDERAL RESERVE BULLETIN
JANUARY 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:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Loans to brokers and dealers
in New York:
Nov. 25
Dec.2
Dec. 9
Dec. 16
Loans to brokers and dealers
outside New York:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Loans on securities to others
(except banks):
Nov.25
Dec.2
Dec. 9
Dec. 16
Acceptance and commercial
paper bought:
x>©c.*2_ "iiiiiiiizizizrz
Dec. 9
Dec. 16
Loans on real estate:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Loans to banks:
Nov.25
Dec. 2
Dec. 9
Dec. 16
Other loans:
Nov. 25
Dec.2
Dec. 9
Dec. 16
U. S. Government direct
obligations:
Nov.25
Dec. 2
Dec. 9
Dec. 16
Obligations fully guaranteed
by U. S. Government:
Nov.25
Dec. 2
Dec. 9
Dec. 16
Other securities:
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Reserve with Federal Reserve bank:
Nov.25
Dec. 2
Dec. 9
Dec. 16
Cash in vault:
Nov. 25
Dec.2
Dec. 9
Dec. 16
22,401
22,459
22, 594
22, 875
City
Boston
MinNew PhilaCleve- Rich- Atlan- Chica- St.
delLouis neapland mond
York phia
ta
go
olis
1,201
1,191
1,189
1,204
9,504
9,557
9,631
9,677
1,170
1,167
1,171
1,185
1,851
1,847
1,850
1,891
619
624
626
659
584
583
589
602
3,023
3,049
3,073
3,117
669
670
684
691
407
406
404
411
San
Kansas Dallas Francisco
City
514
513
512
523
692
691
699
699
2,167
2,161
2.166
2,216
8,625
8,680
8,745
8,777
Chicago
2,042
2,061
2,078
2,096
930
928
984
980
939
938
996
990
970
969
1,028
1,023
New
York
36
37
38
41
210
212
222
228
2,019
2,024
2,022
2,048
149
149
148
149
840
839
833
858
146
146
145
145
321
324
330
341
42
43
47
48
143
142
144
150
22
24
23
23
1,154
1,152
1,154
1,153
88
88
87
87
242
241
241
241
62
61
61
62
3
3
3
3
32
32
25
28
2
2
2
2
64
63
56
57
221
224
224
223
3
4
4
5
182
182
181
180
707
706
701
726
141
140
141
141
26
25
24
24
21
21
.21
20
135
135
136
141
12
12
13
14
18
18
18
18
365
366
369
368
131
130
130
130
14
14
14
14
372
386
388
397
1,100
1,105
1,115
1,118
4
4
4
3
1
1
1
1
138
140
144
145
124
123
121
123
145
145
146
147
161
160
158
157
382
385
390
406
32
32
25
27
1,444
1,451
1,464
1,529
226
223
227
233
178
178
177
181
259
258
267
268
186
186
187
202
709
695
688
725
3,699
3,722
3,722
3,661
2
2
2
2
4,041
4,068
4,100
4,219
303
304
306
308
1,593
1,601
1,614
1, 684
180
180
183
185
209
207
206
216
114
115
116
118
171
174
175
9,178
9,173
9,192
9,310
407
396
386
391
3,929
3,951
3,956
3,901
331
330
334
344
894
887
890
920
264
265
263
295
202
198
200
213
1,247
1,246
1,246
1,239
17
18
17
18
499
495
498
495
93
94
92
93
3,197
3,228
3,244
3,257
152
151
153
152
1,209
1,242
1,247
1,252
307
303
302
304
55
55
55
55
273
273
273
276
5,431
5,371
5,317
5, 307
304
295
286
258
2,705
2,653
2,601
2,700
263
266
264
263
333
340
336
345
407
401
436
429
123
124
126
127
18
17
20
20
35
35
41
40
75
72
79
79
157
159
158
158
197
198
200
524
537
542
555
1,593
1,606
1,617
1,637
165
165
165
166
59
60
63
64
51
51
49
48
157
156
156
154
454
453
454
447
388
388
392
394
107
108
109
109
140
141
142
141
358
358
362
364
1,017
1,049
1,054
1,060
263
263
265
266
130
141
141
134
869
826
827
800
133
130
136
121
149
149
152
149
102
108
107
103
284
293
296
282
2,602
2,547
2,486
2,582
654
629
627
623
19
18
20
19
67
67
73
73
12
12
13
13
12
11
13
12
10
10
11
10
20
20
22
20
60
56
61
61
37
37
39
38
97
97
97
98
57
FEDERAL RESERVE BULLETIN
JANUARY 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
[In millions of dollars]
City
Federal Reserve District
Total
CD
Balances with
domestic
banks:
Nov. 25
Dec 2
Dec. 9
Dec 16
Other assets:
Nov 25
Dec. 2 _ __
Dec. 9
Dec. 16
Demand deposits—adjusted:
Nov. 25 ._
Dec. 2
Dec. 9
Dec. 16
Time deposits:
Nov. 25
Dec. 2_ .
Dec. 9
Dec. 16
U. S. Government deposits:
Nov. 25 . _.
Dec. 2
Dec. 16
Interbank deposits, domestic:
Nov. 25
Dec. 2
Dec. 9_
Dec. 16
Interbank deposits, foreign:
Nov. 25
Dec. 2 __
Dec. 9
Dec 16
Borrowings:
Nov 25
Dec. 2
Dec 9
Dec 16
Other liabilities:
Nov. 25
Dec. 2
Dec. 9
. .
Dec. 16
Capital account:
Nov. 25.
Dec. 2
Dec 9
Dec. 16
_ _
San
Kansas Dallas Francisco
City
New
York
Chicago
184
182
187
188
241
243
255
256
81
84
79
87
187
193
189
206
24
24
24
24
29
30
29
29
228
233
236
230
489
496
487
480
71
71
81
75
280
293
285
278
492
486
491
494
377
378
382
382
900
900
895
932
6,405
6,417
6. 387
6,445
1, 596
1,590
1,609
1,614
180
180
179
179
122
121
121
121
147
146
146
146
122
122
122
121
1,020
1,018
1,035
1,007
592
613
605
614
436
437
438
449
78
78
78
111
9
9
9
13
3
3
3
3
15
15
15
17
34
34
34
41
45
45
45
67
82
83
83
203
47
47
47
72
222
223
227
226
875
886
881
866
283
284
288
281
131
128
135
132
406
411
407
416
220
224
222
224
299
301
304
301
2, 541
2, 536
2,501
2,498
649
653
652
639
1
3
1
1
6
6
6
6
13
16
14
14
415
408
409
411
5
4
5
4
MinCleve- Rich- Atlan- Chica- St.
Louis neapland mond
ta
go
olis
Boston
New
York
Philadelphia
2,475
2, 512
2,457
2, 498
136
139
132
139
200
219
198
217
171
176
166
183
259
265
260
240
216
206
201
171
124
124
127
139
427
435
427
449
146
148
139
136
95
100
102
97
276
275
263
283
1,356
1,372
1,371
1,352
82
85
85
83
563
570
561
553
90
88
88
88
109
112
111
110
41
41
40
40
42
42
41
42
105
105
114
108
24
24
24
24
19
18
18
18
15,464
15, 464
15, 488
15, 625
1,041
1,023
1,018
1,011
6, 956
6,984
6, 960
7,042
815
808
814
820
1,107
1,111
1,111
1,130
428
434
438
432
320
321
330
340
2, 331
2,310
2,342
2,349
417
416
422
415
5, 034
5,037
5, 050
5,031
280
280
280
277
988
1,007
999
1,008
273
268
269
267
711
707
707
702
197
194
194
194
177
177
179
178
817
817
819
831
449
449
450
700
9
9
9
11
106
107
107
233
49
49
49
72
46
46
46
62
23
23
23
31
32
31
32
39
6, 228
6, 281
6, 218
6,190
246
251
240
239
2, 608
2, 606
2, 568
2,564
321
336
323
325
367
377
374
374
250
254
249
242
454
450
447
450
9
9
7
9
417
410
411
413
4
4
4
4
2
1
1
1
1
2
1
1
1
1
1
1
2
2
3
2
1
894
879
963
904
27
28
29
30
390
370
435
378
24
22
23
24
15
17
19
17
36
34
34
33
8
8
8
9
32
31
33
30
9
9
12
11
5
5
5
5
3
2
2
3
7
7
6
6
338
346
357
358
376
356
421
364
24
24
26
24
3,545
3,555
3,559
3, 558
234
234
235
235
1,580
1,587
1,590
1,587
226
227
227
227
339
340
340
340
90
91
89
90
87
87
87
87
352
354
355
354
86
86
86
86
57
57
56
57
90
90
91
79
78
79
79
325
324
325
325
1,444
1,450
1,452
1,452
234
236
237
236
58
FEDERAL RESERVE
BANK SUSPENSIONS1
BULLETIN
JANUARY 1937
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Total,
all
banks
Number of banks suspended:
1933, Mar. 16-Dec. 31
1934 _.
_.
1935
1936, Jan -Nov
Deposits of suspended banks3
(in thousands of dollars):
1933, Mar. 16-Dec. 31.._
1934
1935
1936, Jan.-Nov.
Member
banks
National
179
57
34
39
Non-member
banks
Assets
In- 2 Not
State sured
insured
End of month
164
48
8
3
6
9
1
4
8
22
36
Depositors'
balances 1 Total
1930—June
175
1931—June
.
347
1932—June
785
1933—June .
1,187
1934—June
1,198
1,205
1935—June. .
1935—August..
1,192
i Represents licensed banks suspended; does not include non-licensed
September
1,192
banks placed in liquidation or receivership after the banking holiday.
October
1,196
For statistics of latter see Annual Report for 1935 (table 69).
November
1,199
*
Federal
deposit
insurance
became
operative
January
1,
1934.
3
December
1,201
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
1,208
banks are based on the latest data available at time of the report of closing
February
1,214
of the banks.
March1,216
April
1,215
Back figures.—See Annual Report for 1935 (table 69).
1,214
May
June
_ 1,232
1,244
July...
August
. 1,249
BANK DEBITS
September
1, 251
October
Pl, 255
[Debits to individual accounts. Amounts in millions of dollars]
November
Pl, 257
145, 710
36, 937
10,099
9,967
17, 322
40
5,313
3,527
1,912
3,847
9,375
1936
No. of
Centers
New York City
Outside New York City..
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
r
1
140
1935
Nov.
Oct.
17, 394
18, 475
17,171
20,142
2,100
18,004
1, 684
1, 887
707
817
4,881
940
579
1,033
633
2,604
2,148
17, 890
1,741
2,059
791
943
5, 260
1,078
681
1,117
729
2,875
35, 869
37,313
185
356
801
1,207
1,225
1,236
1,224
1,224
1,230
1,234
1,237
148
307
682
977
695
385
348
319
306
294
287
26
27
71
131
453
777
780
805
824
853
853
26
27
71
131
418
630
633
658
677
706
706
35
147
147
147
147
147
147
11
22
48
99
77
74
96
100
100
87
97
1,241
1,248
1,251
1,248
1,248
1,265
1,279
1,283
1,285
248
225
221
216
211
203
172
166
162
876
876
902
925
940
967
972
972
982
709
710
736
759
773
800
805
805
815
167
166
166
166
167
167
167
167
167
117
147
128
107
97
95
135
145
141
p Preliminary.
Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
Nov.
2
Includes working cash with postmasters, 5-percent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
15, 542 accrued interest on bond investments, and accounts due from late post'16, 685 masters.
Back figures—See BULLETIN for August 1935, p . 502.
1
Revised.
Back figures.—See Annual Report for 1935 (table 6S).
124,861
34, 985
939
592
U. S. Government
securities
Cash
Cash,
in dereposiDi- Guarserve
an- funds,
tory
rect teed
banks Total obli- obli- etc.2
gagations tions
1,947
16,110
1,460
1,656
618
737
4,329
885
567
931
553
r
2, 435
'32,
227
59
FEDERAL RESERVE BULLETIN
JANUARY 1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
By classes
B y holders
Commercial
paper
outstanding1
End of month
Held b y accepting
banks
Total
outstanding
Own
bills
Total
1935—November
December. _ _
1936—January
February
March ._
April
May
June .
July
August
September
October
November
__.
.
.
._._
.
_.
.
. . .
.
_.
__ _
Based
on
Held
by
others2
imports
into
U. S.
Bills
bought
Based
Based
on goods
on
stored in
goods
United
stored
Based
States
in
on ex(ware- Dollar foreign
ports
house
excounfrom
credits) change tries or
U.S.
or
shipped
shipped
bebetween
tween
domestic
foreign
points
points
178
172
387
397
358
368
182
183
175
185
29
29
105
107
84
94
111
110
3
2
84
84
178
176
180
174
184
169
188
205
197
199
191
384
377
359
344
331
316
316
308
315
330
349
353
340
321
310
297
276
278
279
276
296
309
181
172
150
143
155
129
131
140
139
150
157
172
168
171
167
142
147
147
139
137
147
152
31
37
38
34
34
40
37
29
39
34
40
108
114
113
111
110
107
105
104
107
110
112
94
94
91
86
81
74
68
63
64
67
77
96
81
66
57
55
49
57
60
66
75
83
3
2
2
2
1
2
2
2
2
2
1
84
86
87
89
82
85
84
79
76
77
76
i
1
2
As reported by dealers; includes some finance company paper sold in open market.
Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents.
Back figures.—See Annual Report for 1935 (tables 66 and 67).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net)i
accounts
E n d of m o n t h
Customers'
credit balances*
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts
1935—September. . . ._
October
November
December __ . .
1, 098
1,147
1,212
1,258
65
68
73
75
119
119
134
135
182
187
189
179
771
806
859
930
257
277
294
286
89
93
92
79
23
22
22
24
12
10
13
10
396
405
415
410
1930—January
1,297
1, 290
1,351
1, 295
1,257
1, 267
1, 295
1,287
1,317
1, 333
1,364
63
64
67
65
65
67
68
69
72
69
65
139
147
168
173
159
164
158
142
141
151
150
193
208
181
268
229
219
221
213
227
235
260
922
908
995
1,033
970
985
981
967
995
989
986
319
328
3'.l3
301
282
276
287
283
289
316
346
91
98
89
88
83
86
96
92
99
100
110
26
26
23
28
25
24
24
25
24
25
24
17
15
15
13
14
14
14
12
14
17
17
416
425
429
426
422
420
422
423
423
428
435
February
March __ _
A pril
May .
June ___ __
July
August . .
September
October.
November
_
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
60
FEDERAL RESERVE BULLETIN
JANUARY 1937
FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Rediscounts and advances under sees. 13 and 13a of the1 Federal Reserve Act
Advances under sec.
10(b) of the Federal
Reserve Act
Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)
In effect
beginning-
In effect
Rate
Dec. 31 beginning-
Federal Reserve Bank
Rate
Dec. 31
Boston
__.
New York___.
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City..
Dallas
San Francisco.
2*
2
2
2
2
2
2
2
In effect
beginning-
Previous
rate
Feb. 8,1934
Feb. 2.1934
Jan. 17,1935
May 11,1935
May 9.1935
Jan. 14,1935
Jan. 19,1935
Jan. 3,1935
May 14,1935
May 10,1935
May 8,1935
Feb. 16,1934
Rate
Dec. 31
Sept.
Oct.
Nov.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Aug.
Oct.
Sept.
20,1935
10,1935
2,1935
19,1935
23,1935
14,1935
20,1935
3,1935
29,1935
26,1935
8,1935
20,1935
Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.
20,1933
8,1934
20.1933
11,1935
19.1934
17.1934
16,1933
21.1935
15.1933
10,1935
12.1934
19,1933
i 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. 13(b) of the Federal
Reserve Act as amended June 19, 1934. Percent per annum except
as otherwise specified. In effect Dec. 31, 1936.
[Percent per annum]
[Percent per annum]
Rate in
effect on
Dec. 31
Maturity
In effect beginning—
Previous
rate
Oct. 20, 1933
do
....do
do.
....do
do
....do
1-15 days i...
16-30 days,.
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
1
1
1
1
1
1
1
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).
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta....
Chicago
St. Louis
Minneapolis
Kansas 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]
Nov. 1, 1933 Feb. 1, 1935
In effect
to
to
beginning
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days
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.
1
Advances
direct to
industrial
or commercial organizations
Advances to financing institutions—
Commitments
On porto make
tion for
On
readvances
which
institu- maining
portion
tion is
obligated
3H-6
4-6
4-6
3
3
3
6
6
5-6
4-6
5
1-2
4
1
1-2
i 3
4-6
5
5-6
4
4
3-4
4
5-6
4-5
6
4-6
5-6
5-6
Authorized rate 1 percent above prevailing discount rate.
2 Same as to borrower but not less than 4 percent.
»Flat charge.
Back figures.—See Annual Report for 1935 (table 40).
&
1
1 L£_2
]
61
FEDERAL RESERVE BULLETIN
JANUARY 1937
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates; percent per annum]
Prevailing rate on—
Prime
Month or week commercial
paper,
4 to 6
months
Average rate o n -
Prime Stock- Stock exbankexchange call
ers' change
loans
accept- time
ances , loans,
90
90
ReMOOT
days
days IN ew newal
1935
October
November
December
1
y
y%
y%
M
*A
%/
8/
H
1
1
K
.29
.75
.75
.29
.75
.75
Average
yield on New York City:
TreasU. S.
January
ury 273- TreasFebruary
day bills u r y
March..
offered 3-5 year
April
within notes i
May
period
June
July
August
September
October
.20
1 37
November
.14
L29
December
.09
1.26
1936
January
February.
March
April
May
June
July „ „
August
September
October
November
Week ending:
Sept. 19....
Sept. 26___
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31__._
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12__._
Dec. 19
v/
y
%/
M
H
8A
l
X
TZ_3 /
Vie
Vie
Vie
Vie
%
X
X
X
X
%
%
%
%
%
%
Vie
Vie
Vie
Vie
Vie
«/!!
Vie
3
A«
Vie
Vie
3
/ie
Vie
%
A
1
1
1
1
IK
IK
IK
IX
IK
IK
IK
IK
IK
IK
VA
IK
IK
IS
1928 1929 1930 1931 1932 1933 1934 1935 1936
u. s.
.75
.75
.75
.75
.93
1.00
1.00
1.00
1.00
1 00
1.00
.75
.75
.75
.75
.93
1.00
1.00
1 00
1.00
1 00
1.00
.10
.08
.11
.10
18
.23
.14
.16
.13
.10
1.21
1 15
1.09
1.10
1.09
1 12
1.17
1 12
1.09
1.12
.99
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.16
.19
.16
.14
.12
.12
.12
.11
.10
.08
.09
.09
.12
.23
1.09
1.12
1.13
1.11
1.12
1.12
1.13
1.07
1.01
.96
.95
.94
.94
1.07
. 18
Year
8 other northern and
eastern cities:
January
February
March
April
May
June
July.
August
September
October
November
December
Year
27 southern and
western cities:
January
February
March
April
May
June
July
August
September
October
November
December
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.
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.
4.41
4.29
4.26
4.17
4.16
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
4.71
4.71
4.72
4.
4.55
4.61
4.42
4.45
4.
4.35
4.12
4.22
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2.77
2.61
2.64
2.56
2.61
2.54
2.51
2.44
2.44
2.42
2.40
2.46
2.43
4.22 4.49 4.02 3.33 2.70
5.15 5.88
4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.
5.80
5.82
5.91
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4.67
4.64
5.88
5.
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.
4.68
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.
4.
4.87
4.91
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.
4.88
4.88
4.
4.84
5.39
5.09
4.
4.97
4.82
4.
4.65
4.51
4.54
4.59
4.65
4.49
4.52
4.52
4.
4.30
4.15
4.12
4.11
4.13
4.
3.98
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67
3.62
3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86
5.53
5.53
5.54
5.54
5.56
5.67
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
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
4.85
4.
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55
4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.22
4.23
J
For description of average and back figures, see May BULLETIN, p. 317.
Back figures—See Annual Report for 1935 (tables 42 and 43).
Year
5.70 6.14 5.72 5.39 5.62 5.56 5.17 4.
BOND YIELDS1
U. S.
Treasury 2
Year, month, or date
Municipal
(high
grade) 3
Corporate4
By groups
By ratings
Total
Aaa
Baa
A
Aa
Industrial
Railroad
Public
utility
Number of issues
6-12
30
30
30
40
40
40
1933 average
1934 average
1935 average
1935—December
1936—January
February
March... . . . .
April
May
June
July. . . _
August
September
October
November
3.31
3.10
2 70
2.73
2.68
2 62
2.54?
2 51
2.50
2 50
2.50
2.43
2.41
2.42
2.29
4.71
3.95
3 16
2.97
2.93
2 86
2.78
2 76
2.76
2 72
2.70
2.68
2.62
2.58
2.45
5.88
4.96
4 46
4.19
4.04
3 95
3.95
3 97
3.96
3 94
3.90
3 85
3.79
3 75
3.71
4.49
4.00
3 60
3.44
3.37
3 32
3.29
3 29
3.27
3 24
3.23
3.21
3.18
3.18
3.15
5.23
4.44
3 95
3.65
3.57
3 55
3.55
3 57
3.53
3 51
3.48
3.44
3.41
3.38
3.31
6.09
5.08
4.55
4.35
4.21
4.12
4.10
4.12
4.11
4 09
4.05
3.99
3.94
3.90
3.85
7.76
6.32
5.75
5.30
5.00
4.80
4.86
4.91
4.94
4.90
4.84
4.74
4.62
4.54
4.52
5.32
4.52
4.02
3.71
3.59
3.57
3.56
3.57
3.55
3.54
3.52
3.48
3.44
3.42
3.38
6.06
4.96
4.95
4.73
4.50
4.31
4.32
4.38
4.40
4.35
4.31
4.22
4.09
4.02
4.00
6.25
5.40
4.43
4.12
4.02
3.98
3.98
3.97
3.95
3.91
3.86
3.85
3.83
3.80
3.74
2.25
2.25
2 23
2.29
2.31
2.33
2.33
2 32
2.31
2.30
3.69
3.67
3 66
3.66
3.70
3.12
3.11
3 10
3.09
3.11
3.29
3.27
3 28
3.28
3.31
3.82
3.80
3 77
3.76
3.79
4.53
4.51
4.50
4.51
4.57
3.36
3.35
3.36
3.36
3.40
4.00
3.97
3.95
3.94
3.99
3.71
3.69
3.68
3.67
3.70
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
___
_.
.
_ _
15
120
30
12 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.
34 Standard Statistics Co.
Moody's Investors Service, revised series. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4.
Back figures.—See Annual Report for 1935 (table 74).
62
FEDERAL RESERVE BULLETIN
STOCK PRICES 1
BOND PRICES 1
Corporate3
U.S.
Year, month, or date Treasury2
Number of issues
Year, month, or date
Indus- Railtrial road Utility
Total
Preferred Common stocks (index, 1926=100)
stocks
(industrial highIndus- Rail- Utilit y
grade) 2 Total
trial
road
Number of issues.
6-12
15
20
20
1933 average
1934 average
1935 average
102.5
103.5
106.0
87.1
97.3
109.4
73.4
84.5
88.6
69.2
81.9
88.2
70.5
83.8
79.4
1935—November
December
1936—January
February
March
April
May
.
June
July
August
September
October
November
105.3
105.2
111.6
112.6
91.1
92.5
90.8
91.0
79.8
83.1
102.7 1935—November.
December..
103.1
105.8
106.3
106.6
107.0
107.1
106.6
106.6
107.2
107.2
106.9
108.2
113.2
114.4
116.0
116.2
116.2
116.9
117.4
117.8
118.8
119.5
122.1
95.3
97.2
96.6
95.9
95.5
96.2
97.1
97.7
98.6
99.6
92.5
93.0
92.1
91.2
90.6
90.6
91.1
91.6
92.2
93.1
94.2
88.7
93.6
92.7
91.6
90.8
92.5
94.2
95.8
97.9
99.7
99.2
108.6
108.6
108.7
107.3
107. 1
124.5
124.5
124.6
124.7
124.9
100.1
100.1
100.1
99.5
94.3
94.7
94.7
94.6
94.3
98.5
99.6
99.8
99.9
99.0
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
JANUARY 1937
20
419
104.8
120.7
133.8
136.9
137.0
63
72
78
93
95
107
109
90
92
104.7 1936—January
105.1
February...
105.1
March
104.8
April
105.0
May
105.5
June
106.0
July
105.7
August
105.8
September.
106.0
October
106.0
November.
137.3
138.7
139.6
138.8
138.6
138.8
139.1
139.3
139.0
138.3
139.0
100
106
109
109
101
106
109
113
114
119
124
115
121
125
125
116
121
124
128
130
136
144
97
103
103
102
95
102
106
109
108
109
109
105.9
105. 9
105.8
105.7
105.3
139. 5
140.6
140.0
189.8
139.8
123
122
123
124
121
143
142
142
144
141
110
111
111
111
109
20
1933 average
87.8 1934 average
98.2 1935 average
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 BULLETIN, p. 317.
Nov. 2 5 . Dec. 2
Dec. 9
Dec. 16
Dec. 22
40
sssss
78
347
81
91
1 Monthly data are averages of Wednesday figures.
2
Average derived prices.
Source.—Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73).
CAPITAL ISSUES
[In millions of dollars]
For new capital
Total
(new
Year or
month
1926
1927
1928
1929 _
1930
1931
1932
1933
1934
1935
refunding)
Total
(domestic
and
forTotal
eign)
7,359 6,314
9,774 7, 556
9,898 8,040
11,513 10, 091
7,619 6,909
4,038 3,089
1,751 1,194
720
1,063
2,160 1,386
4,672 1,486
5,189
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,438
Domestic
State
and
municipal
cies2
91
87
64
0
87
75
77
64
405
150
3,754
4,658
5,346
8,002
4,483
1,551
2,667
3,184
2,385
2,078
2,980
1,239
325
161
178
404
305
40
144
334
33
67
65
13
59
128
38
152
70
171
75
95
109
380
417
116
231
116
231
82
124
1936—Jan
Feb....
400
302
763
731
338
296
409
122
107
130
177
112
217
103
217
179
'463
'187
349
156
115
107
130
177
112
216
103
217
178
174
156
50
89
60
49
68
63
33
46
104
79
47
0
4
11
0
6
1
0
0
0
0
0
June
July....
August.
Sept....
Oct
Nov
Total
Bonds
and Stocks
notes
1,344
1, 475
1,379
1, 418
1,434
1,235
762
483
803
884
1935—Nov....
Dec
Mar.._.
Corporate
Federal
0
40
April... 1,004
May
413
]For
1,087
1,474
2,961
5,924
1,503
Foreign1
Total
(domestic
and
forTotal
eign)
refunding
Domestic
State
and
municipal
Federal
agencies2
Corporate
Total
Bonds
and Stocks
notes
Foreign'
311
20
120
35
69
1,125
1,337
1,251
671
905
229
29
12
0
48
1,044
2 218
1,858
1,422
709
949
557
343
774
3 186
881
1 978
1,620
1 387
527
893
498
283
765
3 160
22
35
36
13
53
21
87
37
136
309
40
93
0
0
0
51
93
26
317
987
820
1 850
1 584
1 374
474
821
319
219
312
1 864
687
1 586
1 054
542
451
789
315
187
312
1 782
133
264
530
833
23
32
4
32
81
163
241
238
35
182
56
59
60
9
26
30
48
3
19
0
0
264
186
261
186
26
4
17
81
217
101
216
85
1
16
4
0
61
4
46
102
13
123
39
146
48
60
97
4
10
13
26
24
29
31
25
26
35
12
7
0
0
0
0
1
0
0
1
'13
0
278
195
634
827
302
514
236
79
230
276
192
240
195
614
782
302
512
236
79
230
276
174
38
8
69
53
31
43
9
10
55
4
16
201
181
536
530
267
376
225
62
175
272
130
201
170
525
492
252
325
222
55
156
249
120
(8)
11
11
38
16
50
3
6
19
22
10
39
0
19
45
0
2
0
0
0
0
19
(3)
6
9
199
4
93
2
8
0
1
28
o
r
1 Includes issues of noncontiguous U. S. Territories and Possessions.
Revised.
2 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.
63
FEDERAL RESERVE BULLETIN
JANUARY 1937
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND K I N D OF
SECURITY
MATURITIES
[In millions of dollars
[In millions of dollars]
E n d of period
Interest bearing
Total
(gross
debt)
Total
Bonds
Notes
Certif- Bills
icates
Noninterest
bearing
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
326
381
573
1,056
October.._
29, 462
November _ 29, 634
December
30, 557
28, 380
28, 617
29,596
13, 998
14, 008
14, 672
11,929
11,957
12, 274
250
249
247
2,204
2,404
2,404
1.081
1,017
961
1936
January
February _.
March. _ .
April
_
MayJune
_.
July
August... __
September
October
November
29, 618
29,646
30, 591
30,601
30, 822
32, 756
32, 679
32, 624
33,088
33,083
33,088
14, 688
14,713
15,981
16,005
16,030
18, 395
18, 303
18,277
19,259
19,258
19, 265
12, 272
12, 270
12, 400
12, 383
12, 381
11, 861
11,906
11, 886
11,370
11, 368
11,366
254
258
258
259
258
146
117
107
106
105
104
2,404
2,405
1,953
1,953
2,153
2,354
2,353
2,353
2,353
2,354
2,353
899
874
868
825
814
790
764
757
745
749
i 706
June
June
Tune
June
193?
1933
1934
1935
1935
30, 516
30, 520
31, 459
31, 425
31, 636
33, 545
33, 444
33,380
33,833
33, 833
33, 794
Interest-bearing debt outstanding Nov. 30,
1936
Total
Obligations maturing:
Before Jan. 1, 1937. _
Jan. 1-Mar. 31, 1937
Apr. 1-June 30, 1937
July 1-Sept. 30, 1937
Oct. 1-Dec. 31, 1937
1938
1939
1940
1941
1943 .
1945
1946
1947
1948
1949
After 1949
Other obligations 2
Total
Bonds'
Notes
Certificates
33,088
19,265
11,366
104
1,008
1.080
1,153
1,218
1,946
2,762
2,854
2,015
898
1 401
1,519
1,697
1,036
819
10,025
1,658
2. 353
(\')\
651
fiol
401
358
429
502
817
834
898
1 401
1,519
1,697
1,036
819
10,025
1,037
Bills
1,946
2,762
2,854
1,181
517
104
1
Issues classified as of date of final maturity; most issues callable at
earlier dates; postal savings bonds only issues callable before 1940; adIncludes $367,000,000 of Government liability for retirement of justed service bonds and most of the U. S. savings bonds are redeemable
national bank and Federal Reserve bank notes, as a result of deposit at option of holder.
of funds by banks; this compares with $568,000,000 on Nov. 30, 1935. 2 Includes United States savings bonds and such issues as postalsavings bonds and notes,
retirement-fund notes, and adjusted-servicecertificate series, in wThich special funds are invested; also includes
$470,000,000 of adjusted service bonds.
1
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds
._
__
...
.
.
Recovery and rel ef
Total
Interest on All
public other
debt
3,116
3,800
4,116
818
1,099
1,427
1,470
1,657
2,010
6,745
6,802
8, 477
757 1,984
821 2,325
749 -4,436
4,004
3,657
3,291
1,844
2,342
985
645
1,020
2,092
1,515 - 3 , 630
294 - 3 , 0 0 2 5
213 - 4 , 361
+835 +1, 720
+613
-741
+123
+840
+4,514
+1, 648
+5,078
1,460
1,468
1,641
234
434
228
218
752
231
256
529
294
343
499
272
233
256
326
420
19
228
35
43
412
36
35
310
39
32
288
27
33
724
821
959
142
153
138
132
291
152
158
164
201
264
161
186
148
285
250
263
983
1,177
1,408
1,497
1,428
1, 176
901
685
64
560
419
1,311
36 - 1 . 3 0 4
324 - 1 , 3 8 7
e 199 - 1 . 2 0 6
-985
+73
-407
+47
-85 - 1 , 2 7 6
10
107
216
237
262
247
127
97
+246
+933
+ 16
+172
+923
Fiscal year ending June:
December.._
1936— January
February
March
April
__
May...
_
June
July
____
August
September
October
November
General 2
Miscellaneous All
Income inter- other i Total
nal
taxes
revenue
Period
1934
1935
1936
5 m o n t h s ending:
N o v e m b e r 1934
N o v e m b e r 1935
N o v e m b e r 1936. - _
1935—November
Trust
acIncreas e or decounts,
4
crease during
etc.
Excess excess
per iod
of reof
receipts ceipts
(+) or
Expenditures 2
Receipts
828
1,044
680
5
480 2, 764
321 2, 856
262 2,847
74
487
52
591
55
456
43
496
570
48
614
43
63
558
55 5 2,337
412
54
47
551
50
668
60
681
52
535
19
31
131
72
8
197
164
241
301
226
214
228
258
132 s1,949
10
26
144
74
8
(+) or
exexpendi- pendiAll
tures tures General
Gross
fund
Total Relief Public
works others
(-)
(-) balance debt
314
291
225
218
11
254
33
21
259
264
320
273
256
82
252
32
35
14
268
315
8
5
267
200
2
255
299
13C
148
64
43
306
275
247
252
277
260
4
2
e 49
40
-253
-157
-228
-277
6 51
+181
22
-383
-302
7
6
83 - 1 , 8 0 7 5
-118
6 228
6
9
-208
8
-169
32
-409
6 2
-303
+42
+8
+64
+37
-39
+774
-205
-237
-41
-22
-7
+1, 099
+939
-12
+323
+7
+2
— 55
(7)
— 15
-17
-424
-84
-451
-327
+284
-424
-358
+3
-34
+211
+2, 142
-335
-63
+452
(7)
-38
2
1 Includes processing taxes, c u s t o m s , and miscellaneous receipts.
Excludes p u b l i c - d e b t r e t i r e m e n t .
^ I n c l u d e s expenditures classified b y t h e T r e a s u r y as agricultural aid, aid to h o m e owners, a n d miscellaneous, which includes direct loans a n d
expenditures of t h e R e c o n s t r u c t i o n F i n a n c e C o r p o r a t i o n .
4
I n c l u d e s also i n c r e m e n t resulting from r e d u c t i o n in t h e weight of t h e gold dollar, receipts from seigniorage, e x p e n d i t u r e s chargeable against
i n c r e m e n t on gold (other t h a n for r e t i r e m e n t of n a t i o n a l - b a n k notes), and beginning J u n e 1935 t r a n s a c t i o n s in checking accounts of certain special
g o v e r n m e n t a l agencies.whose balances were transferred on M a y 31, 1935, to these a c c o u n t s .
8
E x p e n d i t u r e s include $1,673,000,000 of p a y m e n t s to veterans u n d e r t h e Adjusted C o m p e n s a t i o n P a y m e n t Act of 1936.
• Excess of credits.
' Less t h a n $500,000.
64
FEDERAL RESERVE
BULLETIN
JANUARY 1937
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1 9 3 6
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned.
Financed wholly from Government 'unds
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
Oct.
Oct.
Sept.
Other 31, 1936 30,1936
31, 1935
ASSETS
Loans and preferred stock:
Loans tofinancialinstitutions..
Preferred stock etc
Home mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred
stock
_
Cash
United States direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U S
Other 2
Production credit association class
A stock
Accounts and other receivables
All other assets
Total assets
other than interagency 2
135
3 107
2,835
1
392
663
0)
6
534
769
2, 835
2, 939
614
1,221
540
759
2, 870
2, 936
617
1,204
711
881
2, 812
2. 944
683
1,168
2.939
1
831
1,887
5
34
4
1,930
212
29
145
255
29
6
4
400
67
27
2, 939
108
41
227
20
93
3, 076
44
4
6
16
332
8,912
265
500
8,926
267
500
9.199
363
451
14
27
1
74
6
101
2
(2) 1
197
29
198
33
215
37
168
156
4
50
3 215
4
13
75
297
628
75
282
580
193
370
3,414
418
3,394
472
10,904
10.861
10, 906
1,422
1,214
158
157
3
3,008
2
128
58
4, 682
1, 446
439
4,667
1, 460
395
4, 466
1, 357
254
136
212
136
(i)
75
o
4
0)
21.5
17
0) ~
32
224
152
157
751
227
0)
0)
—
LIABILITIES
Bonds, notes, and debentures:
Guaranteed by United States
Other 2
Other liabilities (including reserves)
Total liabilities
other than
interagency 2
.
252
0)
0)
2
5
1
44
5
45
2, 794
161
3,138
58
6, 567
6, 521
6,078
72
42
0)
294
72
Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests
1, 636
143
152
152
707
620
161
257
3
257
32
414
154
4, 337
350
4, 340
353
4,828
356
U. S. Government interests...
1,636
143
152
152
707
458
254
224
260
3,987
3, 987
4,473
2
Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
i Less than $500,000.
3 Shares of Federal savings and loan associations subscribed by HOLC, formerly included in "All other assets," are now classified in "Preferred stock, etc." "All other assets" includes $49,000,000 of unclassified assets of Federal savings andL 1loan associations.
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
N o v . 30, M a y 31,
1935
1936
Loans tofinancialinstitutions
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
533,769
47, 880
879, 348
22, 524
412, 765
174,373
37, 335
45, 488
1,947
15, 238
June 30,
1936
386, 343
45, 863
788, 922
1,499
388, 432
170,269
52, 651
56,114
3,115
134,170
403.148
45, 992
839,714
8,684
393,154
174.149
50,779
55,228
3,518
129, 634
July 31,
1936
374,630
45, 579
691,047
1,456
350, 841
176, 256
55,120
60,103
2,796
128, 921
Aug. 31,
1936
368, 393
48, 397
672, 687
1,400
350, 948
181, 339
56,149
60, 965
2,984
142, 210
Sept. 3C
1936
355,539
48,216
668,615
1,385
349, 261
185, 829
57, 690
61, 778
3,037
140, 478
Oct. 31, N o v . 30,
1936"
1936
344,591
47, 807
662, 587
1,326
353, 810
190,569
60, 945
62, 632
1, 880
145, 635
1
330,883
2 47, 586
658, 654
1, 273
345, 190
194, 184
61,645
63,125
1,935
136, 850
Total loans and investments, other than interagency.. 2, 270, 669 2,103,999 2,027, 37/ 1, 886, 749 1, 885, 472 1, 871, 828 1,871,782 1,841.325
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.
50,108
265, 994
13,555
10,000
32, 959
92, 368
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
97,916
97, 000
33, 996
20, 000
27,620
98,417
97, 000
35,701
20,000
2,610,324 2, 443,175 2, 356, 360 2,156, 294 2,158, 885 2,147, 771 3 2,148, 7S 3 2, 120,163
p Preliminary.
1
Includes $108,000,000 of loans for distribution to depositors of closed banks.
3
Includes $100,000 of loans to Rural Electrification Administration.
NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220.
33,538
162,280
97,000
19,165
17,000
33,948
172, 800
97,000
18, 429
17, 000
2
Includes $648,000 of preferred stock instalment sale contracts
65
FEDERAL RESERVE BULLETIN
J A N U A R Y 1937
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
fin thousands of dollars]
F a r m mortgage loans
by i—
End of month
Federal
land banks
1933—December
1934—December
1935—November
December
1936 - J a n u a r y
February
March
April
May
June
July
August
September
October
November
Land
Bank
Commissioner
70, 738
616,825
785, 898
794. 726
802. 782
810.811
817,899
823,110
827, 052
827, 248
829, 464
831,892
833, 906
1, 232, 707
1, 915, 792
2, 065. 620
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, 065, 719
835, 187
836, 194
Federal intermediate
credit bank loans to
and discounts for—
Regional
agricultural
credit corporations,
production
credit associations,
and banks
for cooperatives 2
Other
financing
institutions,
except
cooperatives
60 989
55 672
46 867
46, 490
46, 045
46, 679
48,045
50, 015
52,158
53, 231
53, 041
52, 883
48,039
41,912
39, 218
73, 263
99, 675
100,343
104, 706
105, 457
110,806
122,849
132. 715
140, 177
144,155
146, 243
144,423
138,653
135,791
131.644
Loans to cooperatives b y -
Regional
EmerProducagriculgency
tion credit tural
credcrop
and
associait corpodrought
tions
rations
loans
27
60, 852
91, 522
94,096
96, 240
103, 002
116,392
127,511
135, 467
139,468
140, 982
135, 603
122,004
110,775
105,411
144,636
87,102
46, 220
43,400
41,489
40,510
39,617
38, 665
37, 711
36,026
34, 610
33, 042
31,216
28, 664
26,491
89,811
110,186
175, 438
172,489
170, 072
168, 700
167,826
175, 151
176, 789
176,234
174, 207
172,863
171, 320
168, 688
166,291
Federal
intermediate
credit
banks
15,211
33, 969
3,221
2,731
2,241
2,117
2,074
1, 685
932
247
225
314
405
758
1,336
Banks for
cooperatives,
including
Central
Bank
18, 697
27,851
51, 246
50,013
46, 566
42, 720
41,083
40,015
39, 688
39, 500
43,018
44, 345
56, 267
71, 150
72, 500
Agricultural
Marketing Act
revolving fund
157,752
54, 863
44, 688
44,433
44, 286
44,155
44,306
43,523
41. 696
44, 556
44,431
44, 025
48, 583
51, 348
56,216
1
Does not include loans by joint stock land banks, which are now in liquidation.
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.
2
FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars]
OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES 1
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans b y Federal savings and
loan associations
End of month
ITome
Owners'
Loan Corporation i
N u m b e r of
associations
Total
Reporting
Loans
reported
Federal
home
loan
bank
loans to
member
institutions 2
1932—December
1933—December
1934—December
32, 394, 038
59
639
455
69, 734
838
85, 442
86, 658
1935—November
December
2,855,312
2, 897, 162
1,002
1, 023
851
881
295, 480
315, 683
97, 089
102, 795
1936—January
February
March ___
\pril
Mav
June
July
August
September
October
November
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
1,044
898 329, 643
1,061
898 336, 646
1,078
980 366, 405
1,102
390, 810
1,006
404, 722
1,114
1,006
1,135
444. 046
1,017
1 165 1, 025 465, 682
1,175
1, 076 497, 852
1, 183 1, 076 512, 744
1,192 r 1,080 '532, 064
544,130
1, 206 1,080
102, 800
102. 942
103, 358
105, 972
110,922
118, 587
122, 101
125, 218
129, 767
134,941
137.261
r
Revised.
In addition to loans the H O L C held on Nov. 30, 1936, $462,000,000 in
other assets, consisting principally of investments in the Federal Savings
and Loan Insurance Corporation and in various savings and loan associations, real estate and other property, and accrued interest receivable.
2
Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member institutions.
3
Includes accrued interest.
1
End of month
Total
ReconFederal
Home
Farm
Owners' struction
Finance
Mortgage
Loan
Corpora- Corpora- Corporation 3
tion
tion 2
180
1933—December
180
1934—December
3,063
980
1, 834
249
3,728
4,123
4, 205
4,248
4, 369
4,421
4,460
4,494
1,188
1,226
1,274
1,282
1,368
1,382
1,387
1,387
2.290
2,647
2,682
2,716
2,748
2,786
2,819
2,855
250
250
249
250
253
253
253
252
4, 562
4,630
4, 654
4, 676
4,703
4,718
4, 719
4,668
4,667
4, 682
4, 667
1,399
1,407
1,407
1,411
1,422
1,422
1,422
1,422
1,422
1,422
1.422
2,911
2, 970
2,995
3, 013
3,029
3,044
3. 045
2, 994
2, 993
3. 008
2, 993
253
253
252
252
252
252
252
252
252
1935— Mav..
June
July
August
September
October
November..
December.
..
--.
...
1936—January
February
March .
April.. __ _ . . .
May
June
July
August
September
October
November . . .
2f>2
252
1 Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Administrator. The amount outstanding Nov. 30, 1936, was $12,650."
2 Excludes obligations guaranteed as to interest only.
3 Excludes obligations held by U. S. Treasury and reflected in the
public debt. Figure for December 1933 includes notes given in purchase
of gold which were retired in February 1934.
66
FEDERAL RESERVE BULLETIN
JANUARY 1937
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average = 100.
Industrial production
Year
and
month
Manufactures
T()tal
l
The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
*
Construction contracts awarded (value)
2
Factory employment 3
Minerals
Total
Residential
All other
Factory
pay
rolls «
Freight-car
loadings 4 *
Department
store sales *
(value)
Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
1919._._
1920
1921.._.
1922
1923
1924
1925
1926
1927
1928
1929....
1930
1931
1932
1933
1934
1935
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
78
90
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
107
108
82
90
104
£6
100
101
99
99
105
91
77
66
72
82
86
98
118
77
82
103
96
101
104
102
102
109
89
67
47
49
63
71
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
62
63
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
1933
Nov
Dec
72
75
76
66
73
80
78
80
78
57
56
59
63
eo
93
10
10
12
14
13
13
12
10
11
12
11
10
80
78
81
84
85
86
85
83
83
78
81
81
82
77
81
84
86
86
85
82
84
80
82
80
81
55
61
66
68
68
66
61
63
59
62
61
64
64
64
66
62
63
58
38
38
39
40
44
46
48
47
64
60
50
54
47
46
44
43
45
43
41
36
59
64
61
63
60
63
64
63
63
67
64
60
56
12
14
16
18
21
24
25
24
25
25
26
26
10
13
16
22
25
26
25
24
25
25
25
22
39
39
35
33
32
36
43
50
58
66
88
101
32
33
34
38
39
43
50
54
59
62
76
79
84
85
85
86
85
84
85
86
86
87
88
80
82
85
86
86
85
83
83
86
88
89
89
88
65
70
72
72
60
67
6')
71
74
76
76
64
65
65
61
61
63
58
60
62
64
66
71
58
61
62
59
61
63
60
64
70
73
67
62
25
25
26
30
32
36
44
46
47
43
"40
21
22
28
35
38
30
45
46
47
41
"3J
73
62
62
67
70
78
82
81
70
65
"62
8!)
87
88
8!)
00
00
(.);]
93
01
04
87
87
88
80
00
00
01
93
05
07
Pd7
70
70
66
69
70
70
73
70
72
73
80
63
65
62
66
70
73
70
67
82
86
85
81
48
57
42
45
13
13
12
11
77
76
80
82
85
86
83
75
82
86
89
89
88
92
100
90
88
84
71
87
49
44
33
32
26
26
40
83
38
33
36
32
31
30
28
30
29
28
25
12
12
11
12
11
12
12
10
11
12
11
12
28
26
27
27
30
35
38
43
48
60
67
22
24
26
30
32
35
39
40
44
45
53
53
61
52
47
47
46
52
50
62.
50
57
50
44
47
53
56
00
65
65
60
54
72
69
56
67
69
75
121
1934
Jan.. _
Feb
Mar
April
May
June
July
Aug
Sept....
Oct.
Nov... .
Dec
Jan
Feb
Mar
April
Mav
June
July_.__
Aug
Sept
Oct.
Nov
Dec
78
81
84
86
86
85
71
70
73
73
76
84
80
82
81
81
90
86
89
91
81
86
86
84
83
87
87
84
85
88
91
91
89
87
86
83
86
90
'96
97
96
90
88
87
86
84
85
87
89
92
95
97
101
87
91
91
91
87
84
83
87
89
96
98
95
94
96
97
87
89
98
84
81
87
93
92
102
91
92
90
79
88
97
84
85
92
100
95
96
95
95
96
103
105
104
105
106
107
111
"115
96
92
93
100
101
105
109
110
110
110
"114
95
93
97
105
105
105
105
10'")
107
110
"115
103
110
95
105
101
90
101
08
101
104
99
106
80
04
100
100
101
101
109
"110
Pi 14
87
73
71
74
75
86
88
89
84
73
73
73
75
74
78
90
89
88
86
85
87
86
88
91
95
96
101
97
94
93
100
101
104
108
108
100
110
84
76
74
72
69
72
74
27
27
29
31
31
31
27
70
51
48
64
61
59
59
57
73
73
76
76
75
73
73
76
74
74
75
77
76
57
59
73
73
77
70
51
60
79
82
83
135
77
79
75
74
79
80
77
81
78
82
83
59
61
71
79
76
76
55
61
86
86
91
145
81
83
84
84
87
87
91
86
88
90
93
63
66
77
85
89
84
63
68
94
99
105
1936
Jan
Feb
Mar...
April.___
May
June
Julv
Aug
Sept
Oct
Nov
"114
m
90
73
63
60
57
65
71
75
00
()d
"72
74
74
77
70
81
81
80
83
83
89
"00
71
72
75
76
82
84
8;)
r
p Preliminary.
Revised
*1 Average per working day.
For indexes of groups and separate industries see pp. 67-68; for description see BULLETIN for February and March 1927.
2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN 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 the BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 69-72. Underlying figures are for
pay-roll
period ending nearest middle of month.
4
For indexes of groups see p. 74.
Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for x\ugust, 1936.
67
FEDERAL RESERVE BULLETIN
JANUARY 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100]
1935
1936
Industry
Oct.
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity 1
Carpet and rug loom activity 1
Silk deliveries _
FOOD PRODUCTS _ _
Slaughtering and meat packing. __
Hogs
_.
Cattle
Calves
_
Sheep
Wheat flour
Sugar meltings
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
95
97
101
96
92
93
100
101
105
109
110
110
110
P114
88
65
90
96
69
99
103
71
106
86
67
88
83
63
85
83
64
85
100
77
102
105
85
107
113
89
115
119
90
122
121
93
124
119
90
121
127
98
130
138
99
142
112
99
120
140
119
70
132
106
98
118
134
118
72
112
111
108
114
125
122
66
119
105
106
107
117
114
66
98
102
99
111
120
117
75
91
100
100
96
105
99
68
107
100
105
89
93
95
68
102
100
103
97
103
101
68
97
107
111
103
121
95
60
101
115
124
100
125
97
07
108
120
125
115
130
101
114
119
105
109
104
95
121
P121
123
118
120
127
108
121
97
88
130
83
82
57
111
117
154
88
78
82
79
54
107
118
148
86
86
83
80
64
110
126
145
84
92
92
84
61
111
120
152
91
124
84
77
52
109
109
145
96
93
87
83
61
109
115
151
92
96
90
89
68
114
116
134
88
95
84
84
66
104
111
128
87
78
88
85
64
113
119
133
94
89
92
92
72
116
130
135
101
77
91
96
70
128
141
138
92
71
90
100
79
125
144
143
77
70
93
105
94
115
129
152
82
68
98
109
100
115
122
169
83
83
61
124
64
125
63
133
60
124
60
127
62
132
60
131
59
136
62
137
60
131
61
136
01
140
62
140
67
150
96
1
105
3
107
3
108
93
o
107
1
122
3
117
6
118
9
124
9
111
8
107
6
93
5
105
o
105
97
98
74
119
110
109
105
105
84
124
111
124
105
103
95
118
137
118
103
96
103
122
127
111
96
95
85
110
121
107
93
94
77
103
116
110
97
94
85
115
119
112
97
93
78
124
122
102
91
84
88
113
109
113
94
93
77
117
126
115
95
97
70
113
128
111
'90
'91
68
109
126
111
93
99
65
103
123
Pill
52
193
59
192
59
202
47
201
49
174
58
184
71
213
74
220
74
218
74
220
77
226
80
236
87
241
91
164
92
80
81
103
105
95
101
98
112
128
107
99
105
97
.176
227
95
110
103
176
225
94
115
106
100
173
220
86
121
104
106
169
214
94
121
96
104
172
215
94
130
98
103
168
210
98
119
105
100
178
223
104
119
116
112
180
227
97
120
110
120
181
233
98
117
108
123
183
236
96
117
110
121
186
241
91
119
111
120
189
246
90
119
191
249
90
124
128
no
125
90
121
118
94
^130
P117
125
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
P123
CEMENT AND GLASS:
Cement
Glass, plate _ _ _ _ _ _
3
NONFERROUS METALS:
1
Tin deliveries
FUELS, MANUFACTURED:
Petroleum refining
Gasoline l
Kerosene
Fuel oil i
Lubricating oil '
Coke, byproduct _ ._
RUBBER TIRES AND lTUBES *
TOBACCO PRODUCTS
Cigars
Cigarettes
__
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude __
Iron ore
Zinc __
Lead
Silver
99
103
75
99
102
75
107
110
8'?
89
92
07
85
87
67
113
117
80
V?\
89
130
135
90
124
129
90
138
70
190
137
69
191
147
73
205
148
73
208
148
75
207
140
71
193
152
74
214
145
71
204
147
70
209
154
70
210
147
73
208
157
75
223
140
74
202
93
92
102
103
110
95
105
101
99
101
98
101
104
-•=8
140
02
80
08
71
48
144
44
82
67
68
78
71
146
80
70
148
92
93
143
70
48
146
84
63
150
84
70
68
84
63
80
77
62
93
85
59
90
91
70
96
70
09
149
80
94
75
91
74
60
146
80
103
09
103
80
05
144
81
104
71
101
47
149
87
100
60
88
82
50
140
93
98
00
111
80
48
152
98
101
71
119
91
93
Tires, pneumatic
Inner tubes *
__
130
129
119
123
92
150
75
209
P110
P92
P153
110
100
r
Without seasonal adjustment.
2 Includes also lead and zinc; see "Minerals."
*> Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS) for
IKJi. March
I V i a i l - U 1932,
IC/Ui-j pp.
.Hi-'" 194-196,
-L*7* ICUj SepK>\S}J
• - - pp.
- • 584-587,
- • - - and
- - -November 1936, p. 911. Series"on silk-loom activity and on production
. of
. book
. .paper,^ wrapping
tember 1933,
wrapping paper,
paper, fine
finep;
paper,
box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, ar~•e in process of revision.
68
FEDERAL RESERVE BULLETIN
JANUARY 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100]
1936
1935
In dustry
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activitySilk deliveries
FOOD PRODUCTS
Slaughtering and meat packing...
Hogs
Cattle
Calve?
Sheep
Wheat flour
Sugar meltings
.
_ _
Mar.
Apr.
93
97
105
87
64
89
94
67
96
111
82
114
110
111
108
120
114
66
112
108
106
117
131
117
75
98
102
105
98
107
99
68
103
82
91
71
115
120
142
81
52
92
96
81
112
112
154
89
82
82
75
57
96
101
136
93
91
63
134
63
137
61
119
1
124
4
125
3
115
103
101
88
124
123
104
103
104
80
122
105
59
193
June
July
Aug.
Sept.
Oct.
105
105
105
106
107
110
P115
114
87
117
113
88
115
111
85
113
118
89
121
118
93
120
124
98
126
127
100
130
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
P126
128
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
60
125
61
138
61
141
60
140
64
135
59
117
59
121
60
137
62
149
66
160
108
0
93
0
124
1
149
3
142
6
134
9
128
9
82
9
42
6
65
5
127
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
r
94
78
114
151
122
98
102
77
107
138
^106
58
192
46
202
29
201
29
174
42
194
70
235
87
231
92
196
91
198
99
226
100
236
99
241
90
164
92
80
81
103
105
95
101
98
112
128
107
99
105
97
176
227
100
110
103
97
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
182
236
90
117
110
118
186
241
86
119
111
122
189
246
92
119
125
192
249
95
124
110
129
133
91
93
76
99
103
75
99
102
75
107
110
82
89
92
67
85
87
67
113
117
86
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
148
85
200
140
82
189
119
55
168
141
56
204
135
65
188
132
64
183
140
70
195
147
73
206
161
76
230
167
80
238
158
76
225
173
86
245
157
91
212
100
95
96
99
106
89
94
100
100
101
104
109
114
P114
82
62
141
105
78
70
74
80
50
143
37
82
70
73
83
69
142
88
75
142
98
99
140
70
40
145
71
65
150
89
63
81
82
64
100
90
60
99
95
69
97
66
57
149
157
99
70
101
72
53
147
164
97
68
85
75
47
152
177
93
58
88
87
57
150
178
93
57
106
94
62
153
167
98
73
118
^103
86
70
68
66
69
150
120
95
73
88
Dec.
Jan.
Oct.
Nov.
96
98
95
95
85
65
87
89
70
91
90
69
92
83
67
85
116
102
133
161
119
76
132
111
101
124
146
118
72
116
105
100
114
126
122
66
106
86
84
49
129
123
170
99
74
86
87
60
123
120
146
93
67
61
132
Feb.
May
Nov.
P125
P141
P117
129
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
P116
CEMENT AND GLASS:
Cement .
Glass plate
NONFERROUS METALS:
!
Tin deliveries..
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
__
Petroleum, crudp
Iron ore
_.
Zinc
Lead
Silver
1
153
90
207
P67
P152
93
100
Includes also lead and zinc; see "Minerals."
P Preliminary.
r 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 revis? >n.
69
FEDERAL RESERVE BULLETIN
JANUARY 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]
1935
1936
Industry and group
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
Oct.
Nov.
Dec.
87.2
78.0
97.0
88.0
79.0
97.6
79.7
98.2
80.1
97.7
87.2
78.9
96. 1
83.0
92
69
54
78
54
63
87
58
95
55
96
74
126
84.0
93
71
56
78
55
84.4
93
71
57
80
56
65
87
59
97
53
94
78
138
85.1
93
72
57
81
57
65
85
60
97
56
97
79
139
95.5
115
108
86
110
81
105
182
66
112
95.5
118
110
95.6
441
110
36
24
81
98.9
417
113
43
26
85
52.$
61
52
53.7
62
53
54.3
61
54
96.1
101
99
102
81
77
68
75
142
Mar.
Apr.
May
June
87.6
79.8
95.9
88.5
80.9
96.7
89.6
82.4
97.3
90.3
83.4
97.6
83.4
91
71
59
78
56
63
83
60
97
57
96
77
132
" 84.0 85.8
92
94
71
74
60
62
77
75
54
56
62
62
84
86
61
63
97
97
59
62
96
97
79
78
135
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
96.3
120
112
82
115
83
109
189
68
110
95.8
118
114
81
116
82
108
186
69
112
96.8
121
116
82
118
84
109
179
69
112
99.1
122
118
86
121
85
112
185
68
113
102. 0 103. 6
123
124
119
112
88
90
124
122
88
90
114
116
198
209
70
70
114
87
105.2
115
114
92
117
92
120
210
71
102
100. S 99.7
409
408
115
113
46
47
24
24
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
98
101. 8
470
112
53
34
99
104. 5 100.7
505
494
109
116
59
52
35
36
102
101
55.0
62
54
56.4
62
56
58.0
62
58
57.0
63
57
57.0
62
57
58.2
62
58
57.4
62
57
58.7
62
58
59.1
62
59
97.4
101
100
103
80
78
68
77
147
97.4
102
101
104
79
78
68
78
143
95.0
99
99
104
77
76
65
78
135
93.4
100
97
105
76
73
64
78
131
93.4
100
97
104
75
71
63
77
135
94.6
102
99
105
78
76
62
76
135
96.4
109
100
106
78
76
61
78
139
97.8
116
102
107
84
75
59
79
136
101.1
116
106
113
88
79
66
78
141
102.5
112
109
112
87
84
67
79
143
61.1
72
47
48
61.6
73
46
49
62.8
74
46
50
61.4
73
45
49
62.8
72
46
50
63. 5
74
47
51
64.1
75
47
51
64.2
76
49
50
65. 6
79
48
51
60.5
39
53
99
35
72
61.8
42
54
100
36
72
61.4
43
51
99
34
72
59.7
41
49
97
32
70
60.8
42
53
96
37
72
61.9
43
54
96
38
71
99.8
93. 1 94.4
86
85
86
88
93
98
117
118
87
90
114
113
84
94
109. 2 109.5
106
105
147
147
89
89
109
114
54
51
110
109
100.4
94.6
86
88
99
117
90
113
84
93
111.1
109
147
88
114
52
112
99.2
93.2
82
89
97
116
89
113
80
89
110.5
108
145
90
117
53
109
94.3
Agricultural implements
112
Cash registers, etc
106
Electrical machinery
85
Engines, turbines, etc
108
Foundry, machine-shop products. 79
Machine tools
104
Radios, phonographs
186
Textile machinery
65
112
Typewriters
MACHINERY
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric, steam railroad
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS.
Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
LUMBER PRODUCTS
Furniture
Lumber, millwork
Lumber, sawmills
STONE, CLAY, GLASS PRODUCTS .
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS
A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles.
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods...
B. Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments _.
Men's furnishings
Millinery
Shirts, collars
101
82
73
138
61.7
72
47
49
60. 2
39
54
99
34
71
59
96
55
96
76
132
106
176
67
112
Feb.
96. 5
96.7
97.6
90.4
90.6
91.8
80
81
81
88
88
88
88
88
91
112
113
116
85
84
85
113
114
114
72
74
78
82
82
84
108. 2 108. 2 108.4
105
104
104
143
144
143
87
85
86
116
116
118
50
57
55
110
109
111
July
Sept.
Oct.
92.6
93.3
85.2
85.4
100. 4 101.8
94.1
92.3
106
103
76
76
64
64
78
79
60
62
57
63
85
82
69
69
107
103
72
70
101
98
86
81
135
136
93. 6
86.3
101.5
94.3
87.9
101.1
95.8
89.3
102. 9
95.6
108
77
65
80
60
60
85
71
104
73
101
86
141
97.1
109
79
66
82
61
68
85
70
107
73
100
89
154
109
81
67
84
64
73
86
71
107
73
98
93
164
105. 1 106. 7 108 3
100
95
100
100
116
119
92
97
10C
113
113
115
93
95
96
119
123
125
209
186
176
73
75
75
114
120
132
100. 7 104.7
534
534
113
109
64
59
41
38
102
102
60
Nov.
110. I
93
119
103
120
97
127
171
75
135
110.7
527
121
69
42
98
60.8
63
61
105. 2 106. 6
115
118
111
110
• 115
114
88
90
89
95
70
70
78
78
153
154
65. 8
82
52
50
66.2
81
53
50
66. 0
84
54
49
66.1
47
61
99
42
77
98. 1 102. 6 104.9 102. 6
97.6
98. 1 96. 8
91.8
95.5
91.3
85
92
83
83
83
99
99
90
95
89
101
99
94
96
91
117
114
116
117
115
85
81
93
91
88
121
121
112
118
113
81
78
78
79
76
81
77
80
83
80
109. 5 110.3 116. 6 117.0 113.6
104
106
107
109
105
157
167
144
159
146
88
88
86
87
85
138
133
130
141
123
60
57
54
60
55
118
116
111
115
109
67.2
47
64
103
42
76
66.1
62.5
44
55
97
39
71
63.0
45
54
96
41
73
65. 1
81
51
49
65. 7 66. 4
47
47
59
55
102
101
43
42
74
76
101.7
95.5
92
97
101
115
82
117
79
78
113.4
105
155
89
130
55
117
43
75
104. 4
97.3
94
98
104
116
87
116
79
84
118.4
111
163
91
133
53
119
70
FEDERAL RESERVE BULLETIN
JANUARY 1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933.
1923-25 average = 100]
1936
1935
Industry and group
Oct.
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
90.2
90
95
Nov.
92. 1
91
100
Dec.
Jan.
95.3
94.4
96
99
95
97
May
June
89.2
89.0
89.0
90.3
90.9
91.4
92.0
89
94
89
95
89
94
91
94
91
96
91
98
92
96
-•112.7
Mar.
Apr.
92.7
90.4
93
95
91
94
Feb.
July
Aug.
Sept.
107.2
107. 1
107.3
107.4
106. 8
107. 8
107.7
109.3
110.3
112.4
113.2
113.3
125
172
81
139
77
76
67
81
120
78
125
177
SO
136
75
76
68
83
112
75
125
176
81
140
79
75
68
82
88
78
126
179
83
139
77
76
67
83
48
79
126
177
83
133
76
76
67
83
76
81
127
182
83
133
76
76
68
84
86
80
127
178
84
131
77
76
71
84
90
81
127
189
85
137
77
74
74
85
84
80
127
183
86
147
77
74
72
86
88
80
129
196
86
140
78
77
72
92
92
78
129
195
85
141
82
76
70
92
109
79
129
196
82
148
78
74
72
92
111
76
Oct.
131
187
82
"•146
76
74
69
91
118
74
60.3
59.9
60.4
59.6
60.0
60.1
59.4
61.3
60.3
61.2
61.9
61.7
61.1
57
61
56
60
57
61
56
60
55
61
56
61
56
60
56
62
56
61
56
62
56
63
56
62
57
62
101.1
102.7
103.1
97
109
93
102
99
110
94
105
100
111
94
105
98.2
94
108
87
101
98.1
98.4
94
108
88
100
94
109
87
101
112.9
111.9
112.9
111.8
112.4
111.2
115
81
101
82
86
122
344
100
117
115
81
101
82
83
124
343
100
117
116
77
101
80
80
123
345
97
117
86.6
67
119
79
85.7
65
120
77
86.6
67
122
78
97.7
94
107
86
101
98.6
99.0
99.4
93
108
88
102
93
108
88
102
93
109
88
103
112.2
111.2
110.6
109.2
111.6
110.6
116
76
100
81
80
123
344
97
116
116
72
101
82
73
121
335
95
116
116
73
102
84
79
121
343
95
116
86.4
69
120
78
85.2
69
118
76
74.9
72
118
57
99.8
100.0
99.8
93
109
89
103
94
109
90
103
95
108
91
101
110.8
109.1
113. 1
112.0
113.2
112.2
115.7
114.6
115.4
114. 9
118.5
117.9
118. 1 r117.4
116
68
103
82
74
123
325
94
118
117
71
104
79
91
122
342
96
118
117
62
105
84
86
124
350
97
117
121
61
105
88
87
126
358
95
120
122
53
102
89
87
127
360
103
117
126
78
101
91
86
129
360
106
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
129
71
100
90
85
129
354
103
119
94.8
95
99
112.9
132
197
82
132
79
73
70
96
116
67
62.5
57
63
103.5
100
112
95
104
117.7
117.2
129
102
93
80
126
356
100
120
98.3
75
130
92
73
132
93
r Revised.
NOTE.—Figures for November 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.
71
FEDERAL RESERVE BULLETIN
JANUARY 1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average = 100]
Factory employment
Industry and group
1935
Oct.
Total
Durable goods
Nondurable goods.
Factory p a y rolls
1936
Nov.
1935
1936
July
Aug.
Sept.
Oct.
Nov.
Oct.
Nov.
91.0
84.3
93.4
84.4
102.9
95.3
85.5
105.8
96.5
88.9
'•104. 7
96.6
90.4
103.2
76.3
68.2
86.6
108
81
6(5
86
64
73
86
74
115
74
96
94
164
July
Aug.
Sept.
69. 6
82.9
80.0
75.6
85.6
83.4
76.7
91.9
83.4
77.0
91.5
85.0
93.7
90.1
87.8
92.9
69.5
74
67
32
66
43
60
63
50
90
43
96
72
110
69. 1
75
66
33
69
45
64
58
47
80
41
88
75
120
80.8
93
74
46
61
46
56
56
54
77
61
98
76
115
48
68
48
51
62
60
90
66
109
82
113
86.2
98
77
45
70
47
56
60
58
95
66
113
82
111
92.1
102
87
50
78
52
73
66
66
109
69
97
94
'146
94.2
105
89
48
83
58
84
64
66
103
66
92
98
161
Oct.
Nov.
89.3
79.0
100.4
80. 1
97. 9
83.4
91
69
54
79
54
63
88
60
104
56
99
75
126
83.8
91
71
55
80
55
64
85
61
102
55
94
77
132
91.8
103
76
66
73
59
62
85
66
101
71
102
81
136
94.2
106
76
66
76
59
55
86
69
108
75 .
109
83
135
96.0
107
112
85
141
97.6
108
79
66
83
61
68
86
73
117
75
103
90
154
95. 6
107
106
85
105
79
104
231
64
113
96. 5
113
108
8?)
107
80
106
224
66
115
103.8
108
114
92
118
91
118
194
71
99
104.3
95
100
92
113
93
114
211
71
112
107.4
93
116
97
112
94
124
216
73
121
109.5
95
119
100
112
96
126
218
73
133
111.2
92
119
103
117
97
128
211
74
139
82.7
110
96
74
90
68
94
178
55
99
83. 0
117
93
74
91
69
95
172
55
102
105
106
83
101
81
108
143
63
90
90
90
83
98
84
108
165
65
102
94.6
83
105
84
91
85
111
161
63
112
102.5
101
117
93
99
90
122
178
66
129
105.2
93
111
97
105
93
124
169
67
134
92.9
421
106
34
23
82
101.6
421
117
39
25
84
101. 3
509
111
54
37
99
92.7
492
98
62
36
99
87.1
499
90
60
38
102
101.8
510
110
61
40
103
113. 3
532
126
62
41
97
77.9
325
88
30
13
75
91.3
315
105
34
14
78
92.0
368
100
51
24
99
353
83
58
25
98
75.9
347
77
55
26
99
95.4
372
102
63
27
103
109. 0
390
120
63
28
97
53.1
61
53
53.7
62
53
56.9
62
57
58.4
62
58
59.3
62
59
60.4
63
60
60. 8
63
61
51.3
60
51
52. 6
59
56. 0
62
56
57.7
61
58
59.2
61
59
63. £
64
64
65.8
66
66
97.7
101
99
104
95
80
71
74
139
99. 0
102
101
107
90
80
71
76
143
94.5
111
100
103
76
73
54
78
135
98.4
111
103
109
85
77
65
77
138
102.9
112
107
113
95
85
67
78
143
108.3
117
111
118
102
91
72
79
154
109. 9
119
113
121
100
97
74
80
156
82.1
89
83
98
74
69
58
55
126
82.3
90
81
102
63
71
59
59
77.4
96
83
94
51
63
39
62
116
82.9
100
89
95
62
66
50
62
124
88.0
99
95
105
72
75
55
64
123
LUMBER PRODUCTS
64.5
77
48
51
62. 5
76
47
49
65. 6
77
50
52
66.6
82
52
51
68.2
85
53
52
69.2
87
53
52
67. 6
88
53
50
54.4
62
40
43
50. 1
59
38
38
54.5
60
42
43
58.9
68
47
45
60.3
71
47
46
63.5
77
50
47
60.4
78
49
42
STONE, CLAY, GLASS PRODUCTS .
61.9
41
56
99
36
72
61.4
41
52
100
35
73
67.0
50
63
99
45
70
68.0
51
64
100
47
68.2
50
65
99
45
76
69.1
50
66
104
44
67.2
50
64
97
43
49.5
30
43
90
27
55
48.7
29
41
90
24
57
55.3
39
58
88
37
50
58.3
40
60
93
40
55
58.2
39
61
91
38
62.5
41
62
103
38
66
61.2
41
63
99
35
67
101.2
94.6
87
86
94
117
88
118
91
89
113.8
108
154
90
116
56
116
100.1
95. 8
86
89
98
120
86
118
85
94
107.3
102
143
88
122
46
115
96.3
91.7
83
92
91
109
88
112
75
80
104.6
107
129
85
124
44
110
101.8
94.7
85
95
94
111
90
116
80
82
115.8
110
157
86
127
59
117
103.4
95.8
90
96
104.3
97.1
93
98
102
115
83
121
82
79
118.3
108
163
90
138
57
124
104.8
98.8
95
100
104
117
83
121
80
84
116. 1
106
159
90
143
48
125
86.0
82.1
71
74
86
93
64
121
75
72
90.0
85
115
84
106
40
106
77.3
77.1
68
79
82
89
79
104
60
63
74.3
81
81
77
91
87.4
83.0
75
82
89
95
89
118
66
65
92.4
87
119
80
98
48
105
83.9
80.5
83
82
88
93
76
117
65
55
87.0
81
110
85
97
51
105
90
87
100
98
61
124
67
60
91.5
82
119
91
118
38
116
87.2
86.6
90
88
98
100
68.
124
64
66
84. 7
79
103
88
125
31
116
IRON, STEEL PRODUCTS
Blast furnaces, steel works..
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water heating...
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
MACHINERY
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT
Aircraft
A u tomobiles
Cars, electric, steam railroad
Lccomqti yes
Shipbuilding
RAILROAD REPAIR SHOPS.
Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
Furniture
Lumber, millwork
Lumber, sawmills
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
TEXTILE?, 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
72
77
66
79
59
60
84
72
112
75
97
111
88
120
82
78
118.4
109
163
88
132
63
121
77
<O. 0
81.3
90
93
63
120
67
72
76.2
73
91
82
110
28
106
111
103
116
84
83
68
68
154
101. 6
115
104
122
77
93
70
155
72
FEDERAL RESERVE BULLETIN
JANUARY 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]
Factor. T employment
Industry and group
1935
Factory p a y rolls
1936
1936
1935
Nov.
Oct.
Nov.
July
Aug.
Sept.
Oct.
Nov.
Oct.
Nov.
July
Aug.
Sept.
91.0
91
96
86. 5
84
100
91.4
92
94
94.4
95
96
94.1
95
97
92.8
93
97
88.9
88
98
71.4
65
94
64.4
56
96
74.2
70
90
80.3
77
94
75.7
71
96
74.0
67
99
67.5
59
101
118.4
127
175
82
188
92
79
64
81
276
81
107.8
124
165
80
114
87
78
60
84
268
76
116.9
129
220
92
174
67
78
88
91
53
80
127.9
130
215
91
253
74
77
84
92
87
81
135.9
131
210
86
305
88
77
77
91
94
78
124.2
133
191
83
197
91
113.8
133
183
82
101.2
109
175
61
155
83
75
55
77
197
63
95. 0
108
168
59
92
75
69
52
<9
234
58
107.0
116
266
72
138
56
76
80
87
53
69
114.0
116
237
71
231
66
75
74
88
80
67
116.5
118
227
68
259
81
71
68
85
95
64
111.5
119
199
65
179
86
73
58
89
202
61
108. 1
120
191
65
94
85
63.6
57
64
63. 2
57
64
60.6
55
61
63.0
55
64
63.6
55
65
64.5
57
65
66. 1
57
67
52.5
58
52
50. 8
57
50
51.0
58
50
53.5
58
53
53.3
62
52
54.7
61
54
55. 0
62
54
99.0
100
108
87
101
99. 4
100
108
88
101
98.5
92
108
89
100
100.1
96
109
92
100
102. 6
102
110
93
104
104.0
106
111
94
105
104. 9
106
112
96
106
87. 1
99
93
76
91
86.8
96
91
76
92
86.6
86
93
77
92
89.4
93
97
80
92
92.0
99
95
82
98
96. 5
108
102
85
101
98.7
109
105
88
102
CHEMICALS, P E T R O L E U M PRODUCTS-__ 115.5
A. Other t h a n petroleum
114.8
Chemicals.
___ _ _ 116
118
Cottonseed oil, cake, meal
106
Druggists' preparations
84
Explosives
Fertilizers
77
122
P a i n t s , varnishes
R a y o n , allied p r o d u c t s . _
351
104
Soap
118
B. Petroleum refining
114.5
113.8
116
108
104
84
73
122
350
102
117
112.7
110.5
123
41
100
86
59
126
347
93
122
113.4
112.2
123
46
100
88
61
124
357
102
118
119.5
118.8
127
97
103
91
78
127
360
107
122
120.3
120.2
130
104
104
93
77
129
362
107
121
119.3
119.2
130
103
106
95
70
125
364
102
120
103.0
101.3
104
91
106
64
108
278
99
109
101. 5
100.4
106
84
101
77
59
107
278
96
105
106.4
103.8
115
33
101
84
52
114
288
92
115
108.1
106.8
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
96
70
120
308
105
116
114. 5
112.9
127
83
113
98
63
116
294
102
119
R U B B E R PRODUCTS
R u b b e r boots, shoes
R u b b e r goods, o t h e r . __
R u b b e r tires, inner tubes
86.2
70
123
75
90.8
72
121
84
92.2
75
119
86
94.3
125
87
97.9
78
133
89
99. 5
79
135
91
75.7
56
108
69
77.2
53
106
73
87. 1
55
106
89
90. 8
61
110
92
92.2
62
115
92
96.8
65
128
94
100.7
66
131
99
LEATHER PRODUCTS
Boots, shoes __
Leather
_ __ __ _._ _. _
FOOD PRODUCTS
_ _
Baking
_
______
Beverages
Butter __
Canning, preserving
Confectionery
___
Flour
_
_____
Ice cream
Slaughtering, meatpacking
Sugar, beet
Sugar refining, cane
TOBACCO M A N U F A C T U R E S
Tobacco, snuff
Cigars, cigarettes _ _ _ __
PAPER, PRINTING
Boxes, p a p e r .
Paper, p u l p
Book, job printing
N e w s p a p e r , periodical printing
86.3
71
121
76
92
272
76
91
62
97
278
68
Oct.
i\
56
100
281
59
r
Revised.
NOTE.—Figures for November 1936 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be
obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month.
JANUARY
73
FEDERAL RESERVE BULLETIN
1937
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.
Total
Residential
Factories
Commercial
Public works
and public
utilities
Educational
1935
1935
1935
Month
1935
January ___
February
March
April
May .
._
June
July . - August
September. _
October
November
December
Year
_
1936
99.8
75.0
122.9
124.0
126.7
148.0
159.3
168.6
167.4
200.6
188.1
264.1
_
__ __
204.8
142.1
199.0
234.6
216.1
233.1
294.7
275. 3
234. 3
225. 8
208.2
1935
22.4
16.6
32.2
42.2
44.9
49.8
48.4
40.5
41.8
55.1
39.7
45.1
1936
37.4
31.2
55.2
67.2
70.3
73.6
72.0
100. 5
80.7
79. 7
68.4
478.8
1, 844. 5
1935
7.1
7.8
6.5
6. 3
9.8
9.5
14.6
10.6
6.0
12.0
8.9
9.9
1936
9.0
13.4
18.4
25.5
12.9
10.2
19.1
15.0
18.8
18.4
14.1
108.9
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported b y the
F . W. Dodge Corporation. Value of contracts in thousands of dollars.]
Value of contracts in millions of dollars]
1936
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
164.5
1936
44.4
27.8
46.3
40.5
31.4
39.1
53.9
69.5
76.1
86.3
80.3
94.5
76.9
48 3
62.3
73.4
63.6
80.4
126.6
94.4
84.5
67.0
73.9
690 2
3.7
5 8
10.4
8.3
9.0
17.7
9.2
8.7
4.3
9.2
24.7
62.6
All other
1935
1936
39.5
21 1
19.2
23.2
20.7
18.3
23.3
12.3
9.2
13.4
13.1
1936
26.5
15.5
26.6
21.1
29.8
28.7
25.1
31.1
21.0
25.3
15.7
11.4
79
15.4
11.5
17.7
16.8
17.4
21.9
25.6
21.3
21.7
40.1
173 5
228 7
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by D u n & Bradstreet.
dollars.]
Amounts in thousands of
Number
L abilities
1935
Federal Reserve district
Nov.
1936
Federal Reserve
district
Nov.
19.096
48.870
11,769
22, 495
r
24, 513
20,896
38, 216
15,328
6, 666
8,851
9, 069
Boston
New York
Philadelphia
C leveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
'• Revised.
'
208,204
'225,768
13, 964
42,036
9, 783 Boston
14, 265 New York
16,417 Philadelphia
19,051 Cleveland
29,211 R i c h m o n d .
15,722 Atlanta
6, 538 Chicago.
11,066 St. Louis
10,062 Minneapolis
Kansas Citv
188, 115 Dallas
San Francisco
Total
_ ..
1935
Oct.
Nov.
1936
Nov.
1935
Oct.
Nov.
70
205
37
50
44
24
92
25
12
32
15
82
63
165
30
45
27
24
87
26
15
29
10
90
85
337
45
70
32
33
85
34
11
21
30
115
785
4, 550
415
1,309
1,201
376
1, 203
553
83
157
204
696
704
3,315
408
639
694
147
726
379
120
202
80
846
810
7,379
723
888
392
192
1,665
341
370
114
314
1,196
688
611
898
11,532
8. 266
14, 384
74
FEDERAL RESERVE BULLETIN
JANUARY 1937
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars)
Merchandise imports 2
Merchandise exports *
Excess of exports
Month
1932
1933
1934
1935
1936
150
154
155
121
102
108
172
163
191
176
163
185
199
182
195
135
132
114
105
114
120
179
160
171
164
165
170
193
201
185
July
August...
September
107
109
132
144
131
160
162
172
191
173
172
199
October . .
November
December
153
139
132
193
184
193
206
195
171
221
270
223
Year
1,611
1,675
2,133
2,283
April
May
June
.
1934
1933
1935
1936
1932
1934
1933
1935
1936
9
11
8
11
-11
-4
6
34
-6
-5
13
-10
10
—5
1
-23
13
34
52
60
-3
3
37
-14
-14
4
48
34
35
42
56
59
77
44
38
32
100
37
53
P29
288
225
478
235
96
84
95
136
133
158
167
152
177
187
193
199
15
23
24
25
18
13
112
110
88
107
122
147
155
136
171
171
157
203
191
190
9
20
4
17
7
-2
180
178
220
79
91
98
143
155
147
127
120
132
177
169
162
194
192
216
27
17
34
265
P226
105
104
97
151
129
134
130
151
132
189
169
187
212
P196
1,323
1,450
1,655
2,047
coco c^
January
February
March
1932
37
p1 Preliminary.
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 ==100)
[Index numbers; 1923-25 average=100]
1935
Nov. J u l y
Aug.
Sept.
Oct.
Nov
Month
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products...
Livestock.
Forest products..
Ore
Miscellaneous...
Merchandise *.
66
67
61
65
44
40
46
64
73
74
83
98
49
48
77
80
67
70
71
79
73
52
47
82
77
67
72
74
85
58
48
47
93
80
67
73
79
85
62
49
48
95
82
66
80
84
93
69
51
51
105
94
67
67
74
62
69
50
39
32
76
66
Index of stocks (end of
month)
Without
Adjusted
seasonal
for seasonal
variation adjustment
Without
Adjusted
seasonal
for seasonal
variation adjustment
75
65
73
117
41
47
139
84
66
76
68
71
88
40
50
141
85
67
82
80
83
71
50
150
95
70
84
90
87
69
65
49
133
97
69
1935
1936
1935
1936
1935
1936
1935
January
February .
March
76
77
79
81
83
84
59
61
71
63
66
77
64
64
63
66
65
65
57
61
65
58
62
67
April
May
June
75
74
79
84
87
87
79
76
76
85
89
84
64
64
63
65
65
64
66
66
61
68
67
62
_ _
80
77
81
91
86
88
55
61
86
63
68
94
61
62
64
63
67
68
57
60
67
59
65
71
October
November _____
December ..
78
82
83
90
93
86
91
145
99
105
66
67
65
69
71
72
75
61
76
80
July
_
August
September
Without seasonal adjustment
Total
Coal...
Coke
Grain and grain products...
Livestock
Forest products
Ore
Miscellaneous .._
Merchandise 1
Index of sales '
1936
80
92
96
73
59
49
73
92
6_<
Year-
79
1936
64
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 effects upon sales of changes in
1
In less-than-carload lots.
the date of Easter.
Back figures.—department store sales, see p. 631 of BULLETIN for
Based on daily average loadings. Source of basic data: Association of August
1936; department store stocks, see pp. 254-255 of BULLETIN for
American Railroads.
April 1935.
Back figures.—See BULLETIN for February 1931, pp. 108-109.
75
FEDERAL RESERVE BULLETIN
JANUARY 1937
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
Foods
95. 3
86.4
73.0
64.8
65.9
74.9
80.0.
104.9
88.3
64.8
48.2
51.4
65.3
78.8
99.9
90.5
74.6
61.0
60.5
70.5
83.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
109.1
100.0
86.1
72.9
80.9
86.6
89.6
90.4
80.3
66.3
54.9
64.8
72.9
70.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
95.4
89.9
79.2
71.4
77.0
86.2
85.3
94.2
89.1
79.3
73.5
72.6
75.9
80.5
94 3
92.7
84.9
75.1
75 8
81.5
80.6
82 6
77.7
69 8
64.4
62. 5
69.7
68.3
80.5
80.6
80.9
78.2
77.5
78.3
85.0
85.1
85.7
78.3
78.8
78.7
93.6
95.0
95.4
72.9
73.4
73.2
73.4
74.5
74.6
86.5
86. 9
86.8
86.1
85.8
85.5
81.1
81.2
80.6
80.6
81.0
81.0
67. 5
67.4
67.5
78.2
79.5
76.5
76 9
75.2
78.1
81.3
83.8
84.0
84.0
85. 1
83.5
83.2
80.1
80 2
78.0
79.9
81.4
83.1
83.3
82.6
83.9
78.8
79.0
78.9
78 9
78.8
78.8
79.5
79.7
79.6
80.1
81.0
97.1
96.1
94.9
94 6
94.0
93.8
93.4
93. 6
94. 6
95. 6
97. 0
71.7
71.0
70.8
70 2
69.8
69.7
70.5
70.9
70.9
71.6
73.5
75.1
76. 1
76.2
76 4
76.0
76.1
76.2
76.3
76.1
76.8
70. 8
86.7
86.7
86.6
86 6
86.3
86.2
86.9
87.1
86.8
86. 9
87. 9
85.7
85.5
85.3
85 7
85.8
85.8
86.7
86.9
87.1
87.3
87.7
80.5
80.1
79.3
78 5
\UgllSt
September
October
November
80.6
80.6
79.6
79 7
78.6
79.2
80.5
81.6
81.6
81.5
82. 4
78.0
79.4
79 8
81.7
82. 2
82. 5
81.4
81.5
81.4
81 5
81.5
81 4
• 81.2
81.4
81.7
82 0
82. 3
67.8
68.1
68.3
68 6
69.2
69.7
71.0
71 5
71.3
Week ending—
1936—\ug. 1
Aug. 8 _ .
A up 15
\ug 22
Aug 29
Sept. 5
Sept 12
Sept. 19
Sept. 26
Oct. 3
Oct 10
Oct. 17
Oct. 24
Oct 31
Nov. 7
Nov. 14
Nov. 21
Nov 28
Dec 5
Dec 12
Dec 19
80.3
81.1
81.1
81.5
81.2
80.9
81.5
81.4
81.0
81.3
81 2
81.2
81. 1
81.2
81.3
82.0
82.4
82 6
83 0
83 4
83.7
81.5
83.2
83.6
84.6
83.3
82.1
84.6
84.8
83. 1
84.5
84 1
84.7
84.2
83. 9
84.2
85. 5
85. 2
85. 5
86 7
87. 3
87.7
81.0
82.9
82.6
82.8
82.5
82.2
83.5
83. 1
82.5
83.0
82.6
82.5
82. 1
82.3
82.6
83. 5
84.5
84.4
84 8
84.8
85.1
79.4
79.6
79.6
79.7
79.7
79. 6
79. 6
79.6
79.7
79. 8
79.9
79.9
80.1
80.2
80.3
80.8
81.2
81. 5
81 7
81. 9 j
82. 2
94.1
94.4
94.2
94.3
94.3
94.5
95.0
95.4
95 8
95.7
96.1
95.9
96.5
96. 0
96. 2
96.8
98. 3
99. 3
99 4
99.8
100. 5
70.3
70.5
70.6
70.4
70. 3
70. 1
70.2
70.5
70.6
70. 7
70.9
70.9
71.2
71. 0
71.7
72.4
73. 5
74.3
74 6
75 2
77.0
77.0
'6.9
11 0
'6.9
'6 9
'7.0
T> 9
86.3
86.3
86.3
86.3
86.4
86.4
85.9
85.9
85.9
86.3
86 4
86.4
86.3
86 4
80. 5
87. 1
87.3
87 5
8* 0
88 4
88.8
86.8
86.9
86.9
86 9
86.9
87.0
86.8
87.0
86.9
86.9
87 1
87.2
87.3
87 4
87.5
87 7
87.8
87 8
88 4
S8 7
89. 2
78.9
78.8
79.2
79 5
80.3
80. 5
81.5
81.5
81.8
81.7
81 7
81.9
82.3
81. 5
81.6
81.9
82.5
82 7
83 3
84 2
85. 4
82.6
82.4
82.5
82 6
82.6
82 6
82.8
83. 1
83 2
83. 2
83 2
83.2
83.2
83 2
83. 3
83. 4
83.4
83 6
84 0
84 3
81.3
70.5
71.3
71. 1
71.6
71.6
71.4
71.3
71.2
71. 1
71. 1
71 0
71.3
71.5
71.9
72.0
73. 5
73.9
74 1
74 1
74 1
74.4
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
.
1935—October
November
December
1936—January
February
March
_
April
Mav
._ June
July
_
--
Total
Hides and Textile Fuel and Metals
ChemiHouseleather
lighting and metal Building cals and furnishproducts products materials products materials
drugs
ing goods
•7 1
•7 3
'7 ?.
"7 3
"7.3
"7 4
"7.4
"7 6
"7 6
11 5
~7 5
1936
1935
1936
1935
Nov.
Aug.
Sept.
77.9
83. 1
73 5
I()'M
84.5
77.8
102.0
83. 8
78. 6
Oct.
Nov.
102. 1 102.9
81.2
79. 7
80. 2 82.9
81. 1
97. 2
63. 2
94. 3
80.8
87.6
87. 5
70. 1
86. 4
75. 6
89. 5
87. 6
71. 5
87. 3
70 7
87.4
87.5
73. 8
84.4
77.4
99.
96.
88.
86.
6
0
1
3
99. 3
90. 0
82.4
95. 4
99. 3
93. 3
84.2
95. 4
99. 3 99. 3
97 2 101 2
85.4
88.4
95. 4 95. 9
80.7
85 8
(S3. 2
35. 0
80. 7
68. 5
80. 8
79 5
60. 3
31.6
81.2
f>7. 0
80.8
80. 0
00 8
30. 2
80. 9
07. I
81.2
82.0
01. 1
31.1
80. 5
07. 0
88.2
85. 9
74. 8
85 2
81.4
81.5
85. 5
01.2
33.4
84. 3
00. 5
M E T A L S AND M E T A L P R O D U C T S :
Agricultural i m p l e m e n t s
Iron a n d steel
M o t o r vehicles
Nonferrous m e t a l s .
Plumbing and heating
Nov.
Nov.
Aug.
Sept.
Oct.
94 6
87.0
93. 8
71.3
71 1
94 2
87.9
92. 9
70.8
70. 5
94 2
88. 1
91.5
71.4
76. 5
93 9
88.8
90. 8
71.7
70. 0
92 9
88.9
92. 0
75. 4
70.7
88.3
95 5
81 8
80 3
71. 1
92 0
90. 6
89. 1
95 5
83 8
81.0
70. 5
97. 1
90. 3
89. 0
95 5
84 9
80. 0
76 5
97. 1
90. 3
88. 3
95 5
86. 1
80.2
70. 0
97. 1
90. 4
88.8
95 5
80. 0
80.5
76. 7
97. 1
90. 9
88.4
74.7
07. 5
07 (5
80.2
73. 3
00.7
(59 3
88.
75
07.
09
0
3
0
4
89.0
70. 5
07. -1
09. 7
89.
77.
68.
09.
84. 7
77 1
85.2
77 0
85.4
78 0
85. 6
78. 3
85.7
78.8
BUILDING MATERIALS:
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
HOUSEFURNISHING
2
9
0
0
GOODS:
Furnishings
Furniture
MISCELLANEOUS:
83. 0
98. 5
88. 9
80. 2
86. 0
52. 5
79.
96.
93.
82.
8fi.
57.
1
4
7
6
1
9
80. 0
97. 0
93. 9
83. 2
87.2
57. 5
81.8
97. 3
97. 8
82. 8
80. 0
57. 9
82.4
97. 2
97.8
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber crude
Other miscellaneous
58. 1_
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 I
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).
73.4
Subgroups
Subgroups
FARM PRODUCTS:
Grains
Livestock and poultry
Othpr farm oroducts
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
M^eats
Other foods
H I D E S AND L E A T H E R PRODUCTS:
Boots and shoes.
Hides and skins .
Leather
Other leather products
. ._
T E X T I L E PRODUCTS:
Clothing
Cotton coods
Knit goods
-Silk and ravon _
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 . __.
< o. /
no
vi.i
Miscellaneous
_ _
47. 5 47.5
47. 5
45.0
69. 1 114.2 10/. 5 111.8
79 4 80 6 80 7 80. 8
34. 4
33. 7 34.2
80' 2 81 3 81 5 81. 5
indexes of s u b g r o u p s
50. 1
120.0
81. f
37. 1
81. 7
available at B u r e a u
76
FEDERAL RESERVE BULLETIN
JANUARY 1937
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of Dec. 1, 1936]
fin thousands of units]
Cotton
Federal Reserve district
Production
Total....
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M i n neapql is
Kansas C i t y
Dallas
San Francisco
Total
1
2
Bales
1,346
2, 649
1,466
2, 996
i 2, 243
2 3, 402
471
3, 569
360
3, 709
593
10,638
12, 407
241
Oats
Corn
Federal Reserve
district
Winter wheat
Spring wheat
Production Estimate
Estimate
Production Estimate
Production Estimate
Dec. 1, 1936
Dec. 1, 1936
1935
1935
Dec. 1, 1936
Dec. 1, 1936
Bales
Boston
New York
Philadelphia.-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis _..
Kansas City__.
Dallas
San Francisco..
Total wheat
Bushels
170
7,351
19,083
52, 324
26, 723
5, 587
60,361
51,231
137.344
150,811
12, 120
103,239
Bushels
119
6. 601
17.730
45. 798
25,331
5. 938
64, 389
60,806
56, 655
213.604
19,441
110,049
626.344 j * 626.461 |
T a m e hay
Bushels
Bushels
7,219
18,893
52, 160
26, 723
5. 587
57, 990
51, 109
17, 658
141,896
12,015
74,069
6, 496
17, 555
45, 605
25.331
5, 938
62,177
60. 630
8, 249
206, 125
19. 348
61,559
465,319
519,013
Tobacco
Bushels
170
132
190
164
Bushels
119
105
175
193
2,371
122
119.686
8. 915
105
29,170
2. 212
176
48, 406
7, 479
93
48, 490
161,025 I
107, 448
W h i t e potatoes
Production E s t i m a t e
Production E s t i m a t e
Product ion E s t i m a t e
Production E s t i m a t e
Production E s t i m a t e
Dec. 1, 1936
1935
1935
Dec. 1, 1936
Dec. 1, 1936
1935
Dec. 1, 1936
1935
Dec. 1, 1936
Bushels
8,283
29, 575
54, 140
199, 227
138,381
171,565
881, 629
262, 714
237, 631
200,468
106,342
6, 714
Bushels
7, 754
23, 779
48,733
155, 673
126,279
149,800
548, 775
202, 726
107,341
70, 862
75,613
6, 982
Bushels
6, 835
26, 992
16,699
61,382
19,771
10, 644
455, 460
38, 123
326,511
161,191
41,259
30, 035
Bushels
6, 900
19,819
15, 104
50, 268
15, 286
10. 496
366, 027
38,026 i
129, 907
82, 429
24, 577
30, 261
I 2,296,669
1,524,317
1, 194, 902
789, 100
Tons
3, 350
5, 884
2, 403
5, 347
3, 534
2,784
17,844
6, 438
9, 485
8, 539
1,224
11.522
78, 354
Includes 9,000 bales grown in miscellaneous territory.
Includes 15,000 bales grown in miscellaneous territory.
NOTE.—1935 figures for all crops except cotton are as revised in December 1936.
Tons
3, 103
4, 443
1,788
3,816
2, 532
2, 524
14. 091
4, 447
7.417
6, 153
1. 194
11. 850
63.358 :
Pounds
22, 958
567
28,488
87,331
801,491
147, 469
15,835
189,075
1,131
2, 865
Pounds
27, 600
1,009
32, 500
81, 563
671, 004
153.456
18,175
178. 520
1.286
1,955
1.297,210 \
1.167,068
Bushels
46, 330
32, 267
24, 888
25, 403
28, 290
12,042
57, 661
13,747
55, 274
36, 742
3.441
50. 295
386,380 I
Bushels
53.493
31, 139
25,631
21, 222
19, 690
9,921
47, 4v2
8, 333
27.369
29, 170
3, 620
52, 967
329. 997
INTERNATIONAL FINANCIAL STATISTICS
77
78
FEDERAL RESERVE BULLETIN
JANUARY 1937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars!
End of month
1935—July
August
September
October. __
November
December.
1^36— January___
February..
March
April __ _
May
June
July
August
September.
October ._.
November.
Total*
United
(52
States
countries)
Latin
E u r o p e America
(26
(11
councountries)
tries)
Canada
Europe
Asia
and
Oceania (8
countries)
Africa
(5
countries)
Switzerland
United
Kingdom
France
Germany
Nether- Nalands tional
Belgium
Italy
20,954
21,038
21,115
21, 500
21, 396
21, 583
9,144
9,203
9,368
9.693
9.920
10,125
188
193
186
186
188
189
9,896
9,924
9,847
9,880
9.543
9,517
615
617
619
641
641
645
803
803
804
807
813
816
308
298
291
291
291
291
1,588
1,593
1, 595
1,604
1,628
1,648
4,726
4,756
4,770
4,773
4,388
4,395
38
38
38
35
36
33
468
419
379
346
330
270
624
612
604
609
615
611
380
402
365
401
427
438
21, 598
21, 665
21,711
21,469
21, 364
21, 403
21,743
21, 870
P21, 779
10,182
10,167
10,184
10, 225
10, 402
10, 608
10, 648
10,716
10, 845
11.045
Pll,184
186
186
184
187
188
187
187
189
191
186
188
9,467
9 529
9.547
9,312
9,024
8,866
9,159
9,207
P8, 980
P8.835
P8, 890
646
648
642
642
641
634
635
642
P638
PG58
817
825
830
836
841
840
845
849
857
300
310
323
268
268
268
269
269
269
P860
P269
1,652
1,653
1. 653
1.670
1.701
1.782
1,977
2,017
2,049
2,049
2, 049
4,324
4,362
4,348
4,106
3,781
3,580
3,643
3,614
3,322
3,194
3,194
31
29
29
28
28
29
29
28
25
26
27
2 270
270
270
270
270
270
270
270
270
270
270
600
593
586
581
610
638
633
632
631
621
630
455
463
486
483
465
404
437
457
456
388
388
P21,852
B.I.S.
Bank
421
446
448
453
455
454
454
472
493
495
485
460
471
489
508
583
624
8
8
8
11
9
8
11
10
8
8
11
12
10
12
12
13
13
Europe—Continued
End of month
Bulgaria
Austria
1935—July
August
September
October...
November
December.
1936-January...
February..
March
April
Mav
June
July
August
September.
October __.
November.
Czechoslovakia
Denmark
Hungary
Greece
Norway
1935-July
August
September
October.__
November
December.
1936 J a n u a r y . . .
February..
March
April
May
Yugoslavia
Sweden
Spain
6 other
countries
45
45
45
45
45
46
19
19
19
19
19
19
113
113
113
113
113
112
60
54
54
54
54
54
36
35
36
36
35
34
23
23
23
23
23
23
75
84
84
84
84
84
97
97
89
86
84
84
68
68
68
68
68
68
107
108
108
108
109
109
741
741
734
734
735
735
162
162
165
174
180
185
40
40
40
41
43
43
57
59
62
62
63
63
46
46
46
46
46
46
46
46
46
46
40
19
19
19
19
20
20
20
20
20
20
20
112
112
113
113
113
113
113
109
108
91
54
54
54
54
54
54
54
54
54
54
54
34
33
32
32
35
33
31
28
23
23
23
23
23
23
23
23
23
23
25
84
84
84
84
84
89
89
91
98
98
98
84
85
81
72
71
70
69
70
71
71
72
68
68
68
68
68
68
68
68
68
109
110
110
111
111
112
112
112
113
113
P113
735
735
726
726
718
718
718
3718
718
718
718
194
200
206
209
220
231
231
232
238
239
239
44
44
44
45
45
46
46
46
46
47
48
63
65
67
67
68
70
71
73
75
P76
P91
P28
P28
P2S
Latin America
End of month
Poland Portu- Rumagal
nia
Argen- Chile
tina
Colombia
Mexico
420
420
420
441
441
444
29
29
29
29
29
29
14
14
14
15
16
16
4 26
444
444
438
438
438
435
436
441
437
455
29
29
29
29
29
29
29
29
29
29
17
18
18
17
16
16
17
17
17
17
26
26
26
26
26
26
26
26
26
26
26
26
26
26
26
P68
PG8
Asia and Oceania
Peru
Uruguay
5
other
countries
20
20
20
20
20
20
20
20
20
20
19
19
20
20
20
74
74
74
74
74
74
32
34
35
36
35
36
275
275
275
275
275
275
74
74
74
74
74
68
68
68
68
36
37
38
38
39
40
40
41
275
275
275
275
275
275
275
275
275
275
British
India
Tava
New
Zealand
Turkey
410
413
416
418
422
425
61
58
55
55
54
54
23
23
23
23
23
23
23
23
23
23
24
24
5
5
6
5
5
6
55
55
55
55
55
55
428
431
433
435
439
442
447
450
453
456
54
54
58
61
61
60
60
59
60
60
23
23
23
23
23
23
23
23
23
23
24
24
24
24
24
24
24
24
24
24
3
3
3
3
3
3
3
3
3
3
55
55
55
55
55
55
55
55
55
55
China Japan
6
5
7
8
11
10
11
15
15
15
17
13
13
15
19
Africa
2
other
countries
Egypt
South
Africa
230
219
212
212
212
212
221
231
244
189
189
189
189
189
189
189
3
other
countries
24
24
24
24
24
24
24
24
24
24
24
24
25
25
25
P25
June . .
July
August
P42
September
42
October...
p1 Preliminary.
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 carried forward for
subsequent months.
* Figure for March 1935 carried forward for subsequent months.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian
Congo, and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp 368-372; July 1936, pp. 544-547; and
August 1936, p. 667.
79
FEDERAL RESERVE BULLETIN
JANUARY 1937
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production
Africa
Total
South
Africa
Rhodesia
North and South America
Belgian
Congo Canada
West
Africa
United
Mexico
Colombia
Far East
Australia
Chile
Japan
British
India
$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67
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
215, 242
221, 526
224,863
238, 931
227, 673
11, 607
11,476
11,193
12,000
13, 335
4,297
4,995
5,524
5,992
6,623
__
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
1935— NovemberDecember..
94, 639
90, 685
66, 056
70, 501
31,671
31, 829
2,205
2,272
1936—January
February..
March
April
May
June.
_
July
August
September.
October
83, 355
82, 444
86,988
87,001
93,071
99, 578
110,088
P109, 470
PllO,3fi7
65, 771
64, 661
68,105
67,818
69, 388
70, 995
75, 605
P73,687
P74, 584
P76, 548
32, 275
31, 290
32, 709
31,991
32, 826
33, 086
33, 846
33, 830
33,816
34, 199
2,320
2,201
2,359
2,410
2,413
2, 384
2, 354
2,425
2,363
P2, 380
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
13,189
2,823
3,281
4,016
5,132
6,165
683
428
442
788
3,009
8,712
9,553
12,134
14, 563
16, 790
6,927
8,021
8,109
8,198
8,968
7,508
6,785
6,815
6,782
6,919
grains of geld 9/10 fine; i. e., an ounce of fine gold=*$35
1933
1934
1935
P115,931
r
Preliminary.
103,224
19, 467
104,023 107, 632
126,325
22, 297
23,135
23,858
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
11,067
13,342
1,115
2,583
981
834
937
905
3,279
3,423
1,785
1,866
953
966
10,195
9, 650
10, 969
11,062
11.894
11,897
14, 991
13,576
14,229
15, 770
2,092
2,815
1,627
2,607
2,075
2,570
2,632
P 1,820
P2, 345
P2, 275
1,335
1,159
1,040
1,095
1,086
1,065
1,235
1,098
1. 236
Pl.120
770
918
1,147
499
552
611
777
1, 029
456
P456
2,690
2,801
2,882
3,127
3,045
3,476
3,602
3,422
3, 515
P3, 515
1,595
1,843
2,065
1,808
1,885
1,994
1,977
1,916
PI, 960
P I , 960
971
920
968
944
979
958
981
981
966
P966
9,714
9,325
10, 469
10, 474
10, 797
11,083
11,183
11,504
11,579
U.
Revised.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, April 1936, p. 284, and July 1936, p. 600. For annual figures of world production back to 1873 see Annual Report of Director
of the Mint for 1935, pp. 107-108. Figures for Canada beginning January 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
1935—August
. .
Sept ember
October...
November
December
.
1936—January . .
February
March
April
May
June _ . _
July
August
September
October
November
1
Net imports from or net exports (—) t o :
Total
net
imports
or net
exports
United
Kingdom
France
Belgium
Netherlands
1,131,994
1, 739, 019
499, 870
315, 727
260, 223
934, 243
8,902
3
94, 348
227,185
12, 402
968
45, 983
156,719
315,347
210,567
190,010
5
37,114
109, 954
7,101
8,600
40
40, 423
156, 977
180,141
145, 388
3
28, 277
37,811
17, 605
2,676
4,727
629
45, 643
-16,635
5,480
28,055
169, 952
277, 775
15,379
67, 493
171,824
218,812
75, 836
3,514
5,786
—2, 890 —17,180
-1,792
13
1,493
1,564
4,003 133,157
3,644 202, 983
-9
27
5, 837
17, 880
8,204 136,671
72,154
95,013
44, 665
20
1
—3 421
-343
2
2
799
2,545
8,751
38,811
1,463
25, 745
524
8
3, 698
China
and
Hong
Kong
All
other
countries
Mexico
Colombia
British
India
86, 829
95,171
30, 270
13, 667
16.944
10, 899
76, 820
75, 268
16, 452
9,431
28, 935
56, 453
5,398
15, 069
9,368
5,865
9,060
753
699
762
880
748
6,671
19. 821
12, 359
8,913
11,108
1,127
640
1,125
1,007
1,605
3,711
5,141
4,817
3,956
8,774
10, 745
273
1,677
11. 232
1,695
551
882
11,664
6,338
12, 222
10, 660
764
659
772
713
4,322
14,584
869
15,289
634
530
368
1,743
11, 744
1,176
740
1, 742
2,100
2,104
2,106
11
2,101
4
5.106
9,720
5 947
5,654
10, 688
6, 961
5,782
6,182
385
847
603
10,170
5,185
5,154
5,819
5,357
8, 54*
5,847
4,234
8,487
6,105
7,266
SwitzerCanada
land
I
1,746
28
1,890
442
451
432
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
80
FEDERAL RESERVE BULLETIN
JANUARY 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
;
France
Germany
Belgium
-13,585
-17,476
All
other
countries
92, 737
22,020
17, 568
8,832
26. 316
16, 565
206,711
181, 627
4,863
3,198
41, 790
37, 981
-11,601
-593
118 - 1 1 , 888
1,642
82
-36
2
217 - 1 , 1 3 6
- 2 0 , 204
-6,982
-27
292
261
287
322
2,535
461
480
3,570
2,831
449
7,159
5,''""
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
6,933
42,473
33, 532 - 8 , 7 3 1
35,512 -11,032
29, 949 - 8 , 683
44, 995 - 7 , 644
33, 325 - 4 , 353
7, 265
42, 442
94
-591
78
33 - 7 , 569
173
92
99 -13,354
4,295 - 1 , 3 8 3
-1,
"
1,875 -17,602
1,761
3,903
-536
606
1,913
-747
-2,421
1,789
-804
- 2 , 907
6,
6,369 - 1 , 029
3, 964
-1,039
2,458
-163
37
1, 485
311
138
430
145
317
2,564
240
335
206
434
51
11, 035
11, 686
10, 896
9,413
13, 289
10,""'
9,657
15,011
6, 581
7, 853
14,
56
63
69
87
64
133
66
113
47
112
-18
1,889
2,037
2,574
3,329
2,167
1,610
2, 531
39,852 c-1,893
1,792
26, 454
1, 558
31,033
3.409
55,108
2, 883
53,802
4,902
45,147
2,285
43,122
6,474
34, 552
380
36,517
19, 349
45, 323
4. 257
30. 230
-497,166
-435, 502
348,190
142,137
121,017
- 4 , 726
118,067
16, f"
39,016
- 3 6 , 086
-36,158
18, 286
40,811
-18,547
-1,141
-12,871
-81,032
- 8 7 , 929
- 3 3 , 744
-22,075
86, 926
-5,719
- 5 , 697
- 5 , 663
- 2 , 739
25,198
910
-943
-4,416
-26
23
68
50
114
41,974
38, 649
47, 666
77,137
74, 590
69, 447
195, 066
281, 401
151,814
7,615
83. 168i
-12,059
1,136
3,440
- 9 , 465
-12,611
- 2 6 , 802
-4,384
-16,120
- 1 4 , 096
-72,441
- 4 9 , 224
3,202
- 3 , 253
6,738
12, 710
26, 936
27,060
142, 535
240, 868
108, 666
-383
72,
1936- January
February
March
April
May
June
July
August
September
October
November
South
Straits Austra- Africa,
RhoSettledesia,
lia
ments
West
Africa
South
Amer- Canada British
India
ica
Netherlands
32,575
10, 796
716, 269
369, 747
1934
1935
1935—June
July
August
September
October
November
December
United
States
28
1,798
1""
5,958
4,090
899
1,708
270
3
2^084
1,984
2, 304
335, 253
404, 295
France
Total net
imports or
net exports (—)
Year or month
Net imports from or net exports (—) to:
United
States
United
Kingdom
Germany
Belgium
Italy
Netherlands
Poland
South
Africa
1934_.
1935_.
-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
1935—June
July
August
September..
October
November..
December..
- 393, 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
-76,217
-110,370
-13,614
4,130
8.811
-72
-15,060
-117
-190
-1
-1,990
-700
-9,178
11
-595
-56,265
-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
1
9,482
1936—January
February
March _
April
May
June
July
August
September?..
40, 393
23. 375
13,923
- 57, 613
-169,706
-222,872
- 80,182
-290,371
- 4 4 8 , 732
-890
2,364
12, 209
- 6 , 234
-120,660
-185,001
-6,695
-10.813
-238,402
- 4 , 695
- 2 , 740
-5,915
-12,241
-24,575
- 25, 671
-76,681
-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
-31,853
36, 598
18, 299
p Preliminary.
c
-43
-8,138
- 2 7 , 604
-2,019
-825
77
-26,896
-18,727
-127
-330
-174
-175
8,309
Switzer- All other
countries
land
23, 648
176. 419
-17,276
2,494
- 3. 564
1,417
- 3 , 164
236
-1,172
1,100
4,702
232
-2,054
-544
606
900
2,397
719
8,110
6,992
3,619
1,060
-3,912
-2,097
2,157
-95
- 4 5 , 391
-411
-940
i 8. 791
748
282
i 9,192
765
113,319
134,781
Corrected.
i $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.
81
FEDERAL RESERVE BULLETIN
J A N U A R Y 1937
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
Netherlandsl
Germany
Net imports from or net exports (—) to:
Total
net
imports
or net
exports
()
United
Kingdom
NetherFrance lands
- 9 0 , 920
42, 969
-109,386
5,180
-42, 907 -28,114
7,394
13,225
1935—June..
July..
Aug..
Sept..
Oct...
Nov..
Dec.
2,876
9, 525
4, 769
4, 355
10, 566
780
2,004
1,057
4,504
33
-4
-49
-17
-87
275
4
3,972
142
7,058
5
591
1936—Jan
Feb___
- 2 , 584
-1,307
-258
-1,201
-630
1,130
3,248
1,580
-3,514
- 3 , 521
-71
35
-59
- 4 , 277
-3,935
-1,720
- 1 , 905
-1,802
- 6 , 080
- 3 , 959
-2,441
- 2 , 029
-19
13
Year or month
1934..
1935_.
Mar
April
May
June
July
Aug
Sept
Oct
Nov
-2
Switzerland
1,014
810
693
480
2, 532
680
810
All
other
countries
U.S.
S. R.
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
United
Kingdom
United
States
Total
net
imports
or net
exports
United
Kingdom
-122,664 -46,040 -31,038 - 7 8 , 6 1 0 25, 716 9,285 -4,784
-198,549 -221, 245 18,397 - 4 1 , 260 - 5 , 1 4 2 48, 004 -1,257
12
4,113
17
4,014
1,116
67
671
517
94
54
-276
-93
45
-14,797
-26,102
- 4 , 514
-37, 290
-13,080
38, 746
4,749
-35
61
801
27
-142
20
3,077
22
3, 256
76
2,821
23
3, 067 2, 061
3,188
20
2,342
20
325
5
France
-140
-59
-37
-28
4
24
172
204
110
16,967
10, 425
35, 806
31,083
-27,093
-61,601
14, 226
27, 153
16,461
7, 436
-19,259
- 2 9 , 215
- 4 0 , 868
-10,373
- 3 , 026
-862
1,375
667
15, 702 - 2 1 , 909
-462
-152 - 9 , 4 3 6
-86
249
2,861
-160
514 - 1 , 3 3 9 -2,046
20,084 10, 564
-239
5,334
-149
-561
1,761
7,664
12, 842
1,384
- 1 0 , 1 5 3 - 2, 206
- 37, 430
-500
1,966
1,51
96
-7,335
2, 628
3,435
574
1935—June
July
Aug
Sept
Oct
Nov
Dec
1936-Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
49
3
64
107
163
2,684
2, r" •
1,273
-24
- 2 , 330
549
1,610
-38
3,017
1,085
-332
-2, <
- 3 , 227
-4,166
2,462
6,571
21,413
22, 570
13, 386
5,188
-321
2, 829
33. 506
14,848;
2, 210
-195
-518
-841
-131
32 - 4 . 2 9 8
- 4 -1,704
820
-7
-113
- 5 7 5 - 6 , 396
19
5,'
- 3 , 676
2, 892
- 6 , 783
-5,705
- 3 , 492
7,292
284
2, 057
-249
3, 176
40, 875
656
1,241
-5,640
1,41
9,328
5, 845
1,367
170
-40
31, 428
67
86
-167
29,013
16,962
4.464
3,379
9,563
2, 900
133
2751
11,248
2,608
3,956
113
-8
-23
9
—114
-86
-52
-210
227
2, 283
488
2
199
183
192 14, 291
-11
-3
-474
-339
-47
- 3 1 2 13, 693
73
-66
- 1 , 568
-391
-3,010 -11,829
- 3,192 -19, 941 - 6 5 8
-27
-3,388 14, 868
- 2 7 -1,553
-2, 793
-351
-2, 389 8,389
143
564
181
569
-166
427
34
974
995
216
201
British India
Belgium
- 4 6 , 0 6 5 -12,784 - 4 5 , 955 - 2 9 , 235 18,3c
647 - 5 4 , 858 - 1 8 1 , 7 2 5 -13,940
- 2 3 0 , 788
1934.
1935..
All
other
countries
Switzerland
Belgium
3,934
905
Net imports from or net exports (—) to:
United
States
Germany
163 85, 390
9,888 6,376
Switzerland
Year or
month
France
Italy
19, 431
25, 542
Netherlands
All
other
countries
Total
net
imports
or net
exports
()
Net imports from or net
exports (—) to:
United
States
United
Kingdom
All
other
countries
Gold
production
in
India
2,580
1,500 - 2 3 0 , 720 - 8 2 . 1 8 3 - 144,185 - 4, 352 11,222
342 - 6 , 795 - 1 6 1 , 8 7 2 •-30,371 '•-129,992 •-1,508 11,393
Change in:
RePrivate
lerves holdin
ings in
India 3 India 4
-21P, 671
-150,472
4,080
3,312
1,343
1,849
4,724
-352
153
262 - 3 , 45.
519 3,430
-766
184
241 - 2 , 344
-49
825
-139
-26
- 1 , 122
-13,378
-7,019
-1,330
-1,573
-1,199
254
- 4, 052
-17.869 -3,392
-11,852
-233
- r4, 778
'39:
-10,032
202
-13,199
232
- 9 , 243
139
937
958
961
949
974
953
966
-2,8S7
— 21, 4-^5
- 24, 503
-10,451
-10,1S6
-13,5^7
-9,337
47 9,496
9,612
1.821
1,724 21, 537
6,970
-3
1,449
-8
2, 952
-235
-20
1,166
-20
-254
-641
-286
62
8, 17'
1,723
34
-137
-16
1,377
1,917
567
29 8,413
132 215, 794
2,113
9
- 1 2 1 -1,911
-21
59
4:
487
57 — 1 1 2
97
-559
-362
-230
-287
249
260
378
-436
66
203
971
920
968
944
979
958
-12,838
- 8 , 926
-6,699
- 9 , 407
-10,378
- 9 , 397
-14,051
-7,002
-7,307
P—10. 603
p - 8 , 367
- 8 , 651
-1
21
-74
-12,888
-9,616
-122
- 7, 258
-9,711
-889
-9,723
-1,894
- 8 , 000
-2,733
- 2 , 055 -12,541
—2, 732 —5,317
- 7 , 652
-824
966
P966
P996
r
p Preliminary.
Revised.
Netherlands figures for October 1936 are for gross imports; exports, which are subject to license, were not reported. N o figures reported for
November 1936.
2 $8,444,000 imported b y Switzerland from Czechoslovakia in April and $15,933,000 in M a y 1936.
s Through March 1935 gold held by Government; subsequently, gold held b y Reserve Bank of India to which Government gold was transferred.
4
Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
1
NOTE.—Germany, Netherlands, and Switzerland.—In
revised official totals published for the year as a whole.
to official revision.
some cases t h e annual aggregates of the official m o n t h l y figures differ somewhat from t h e
German gold movements b y individual countries, beginning with J u l y 1936, are subject
82
FEDERAL RESERVE BULLETIN
JANUARY 1937
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Liabilities of banking department
Assets of banking department
Gold (in
issue
depart-1
ment)
Cash reserves
Notes
Coin
Discounts
and advances
Note
circulation
Securities
Deposits
Bankers'
Other
liabilities
Other
Public
1935—Aug. 28
Sept. 25
Oct. 30
N o v . 27
Dec. 25
193.4
193.6
194.7
197.6
200.1
.7
.8
.8
.8
.6
53.8
55.4
54.8
56.3
35.5
12.9
12.4
11.2
9.5
8.5
93.5
95.4
98.2
98.4
94.7
399.6
398.2
399.9
401.3
424.5
96.9
'87.2
82.5
90.9
72.1
9.4
19.5
26.2
19.7
12.1
36.5
39.0
38.6
36.5
37.1
18.2
18.3
17.7
17.8
18.0
1936— J a n . 29
F e b . 26
M a r . 25
Apr. 29
M a y 27
J u n e 24
J u l y 29
Aug. 26
Sept. 30
Oct. 28
N o v . 25
200.5
200. 6
200.6
202.7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
.6
.7
.8
.8
.9
1.0
1.0
1. 1
1.1
1.0
0.7
63.3
60.7
54.1
45.9
40.3
41.5
51.4
61.3
59.3
65. 9
63.1
18.8
11.0
5.0
8.3
6.7
7.6
7.1
9.2
8.6
6.6
6.8
94.0
96.2
97.0
114.0
104.7
116.1
115.5
102.6
100.7
99.7
98. 6
397.1
399.9
406.5
416.9
426.1
434. 8
448.6
443.4
449.4
442.7
445. 6
106.0
106.2
83.6
104.7
78.3
90.8
75.2
100. 9
60.7
86. 5
97. 6
15.9
8.8
18.0
7.5
19.8
20.0
42.3
17.2
49.7
27.6
12.1
36.7
35.5
37.0
39.0
36.7
37.4
39.4
37.8
40.9
41.4
41.7
18.2
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
__
Assets
Domestic bills
Hank of F r a n c e
(Figures in million? of franc?)
Gold 2
Sre-3
cial
Other
Deposits
Leans on—
Advances
to
Government
NegotiaShortble seOther curities
term
Govern- securities
ment securities
assets
tion
Government
Other
Other
liabilities
71.742
71,952
71,990
66,191
66, 296
, 236
1 232
1. 262
1, 385
1,328
7, 575
8 060
8,373
11,005
9,712
543
192
371
1,090
573
3,103
3 C98
3,141
3,267
3,253
5,800
5 800
5,800
5,800
5,800
8,212
8 023
7,939
8,032
7,879
82
82
83
82
81
240
3G9
306
447
150
3, 244
3 051
2,862
2,826
2. 862
10,666
10 848
10,647
9,361
8,716
2,062
2 060
2, 059
2, 136
2,113
65.223
65, 789
65, 587
61,937
57 029
53,999
54, 942
_ .
._ 54, 511
_ .__ 50,111
64, 359
64,359
1,324
1, 309
1,297
1,305
1 4 ^6
1,297
1,270
1,250
1,245
1,471
1,466
9,210
9, 758
12,053
14,392
19 381
7,750
6,041
7, 063
7,484
7,332
8,056
969
932
C71
623
796
1,048
1,461
809
838
668
702
3,350
3, 2£0
3,325
3,349
3 381
3,441
3, 555
3, 454
3, 553
3, 447
3, 464
5,708
5,708
5,708
5,708
5 708
5, 708
5, 708
5, 640
5,640
o, 640
5, 640
8,724 ;
8,186
8,028
8,193
8 134
8,015
8,699
8, 125
9, 643
8,204
8, 029
81 503
81 939
83,197
82, 557
84 705
85 106
85 892
84 394
83, 750
87,198
86, 651
2, 798
2, 854
2,889
2,722
1 850
1,305
1,594
8.088
8, 706
8,434
7, 895
6 909
6, 528
6, 254
7,037
6, 660
9,247
13,058
2,119
2, 134
2,148
2,334
2 383
2, 652
2, 267
2, 301
2, 356
3. 553
3, 160
1935—Aug. 30
Sept 27
Oct. 30
Nov. 29
Dec. 27
1936—Jan. 31
Feb. 28
M a r . 27
Apr. 24
M a y 29
J u n e 26 . .
July 31
Aug. 28
Sept. 25
Oct. 30
N o v . 27
Foreign
exchange
Liabilities
27
547
925
14,333
14,333
14,333
15,903
12,303
12, 298
1,679
3, 973
2. 069
Liabilities
Assets
Reichsbank
Reserves
Securities
(Figures in millions of
reichsmarks)
Gold
1935—Aug. 3l..._
Sept. 30
Oct. 31_._
Nov. 30
Dec. 31.
95
95
88
88
82
1936—Jan. 31
Feb. 29_ . .
Mar. 31
Apr. 30__
M a y 30
J u n e 30.
July 31
Aug. 31 _
Sept. 30-.__
Oct. 31
Nov. 30.. _
77
72
72
70
70
72
72
69
63
P5
66
Foreign
exchange
5
6
6
5
5
5
5
5
5
5
6
6
5
Other
Treasury bills (and
bills
checks)
Security
loans
Eligible
as note
cover
Other
Other
assets
Note
circulation
Deposits
Other
liabilities
35
40
52
56
53
4,000
4,144
4,058
4,096
4, 498
54
73
66
78
84
340
346
345
346
349
324
324
316
315
315
781
770
868
922
853
4 ,032
4 ,143
4 , 159
4 ,186
4 ,285
743
774
728
806
1,032
860
879
911
913
923
79
43
54
71
37
98
90
74
51
55
57
3,884
4,026
4,201
4,353
4.606
4.699
4,623
4,693
4,875
4.888
4,852
72
72
56
73
60
56
67
65
59
79
07
349
348
336
240
219
220
220
220
219
219
219
315
315
321
319
319
311
310
309
308
305
303
888
861
771
702
648
704
711
686
695
685
770
4 ,098
4 ,177
4 ,267
4 ,348
4 ,430
4 ,389
4 ,471
4 ,540
4 ,657
4 . 713
4 ,674
679
652
768
688
729
960
787
729
744
689
753
891
914
782
798
807
815
840
853
875
897
911
1
Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000.
2
Bylaw of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc. 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. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, and July 1936, p. 603.
83
FEDERAL EESERVE BULLETIN
JANUARY 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
1935
Oct.
Sept.
Nov.
7. 556
24,161
3, 603
5, 553
11,509
16,970
12,393
7 556
25, 387
3, 758
4,732
11,590
17,555
12,287
7, 556
16,855
3,172
5, 537
12,585
9, 336
11,199
1,224
1,224
1,224
1,224
166
70
146
1, 038
145
94
141
1,015
131
87
141
1,004
125
238
153
940
385
140
373
174
319
219
6
37
5
37
4
37
204
187
174
1T6
40
16, 002
38 559
16,002
39 059
15,994
34 634
1,102
21,780
16,859
36, 108
71,934
47, 039
1,190
21 778
15, 564
36 237
71, 186
47 039
17.
15,
35.
69,
47
243
105
208
624
915
247
243
112
210
624
932
235
243
132
213
624
944
262
242
124
228
624
953
254
3, 717
1,367
157
4, 446
950
3, 665
1,345
157
4, 466
858
3. 726
1, 367
157
4. 506
903
3, 480
1,364
162
4, 158
1,054
26, 652 25, 416
1 51 1 21 480
7, 161
7,919
17,828
9 947
8, 665
Nov.
National Bank of Albania (thousands of francs):
Gold
Foreign exchange
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
Goverrment
Liquidation Institute
Other
Other liabilities
Commonwealth Bank of Australia (thousands of pounds i):
Issue department:
Gold and English sterling _
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
Austrian National Bank (millions
of schillings):
Gold
Foreign bills
Domestic bill5'
Government debts
Note circulation
Deposits
National Bank of Belgium (millions of belgas):
Gold
Domestic and foreign bills
Loans to State
Note circulation
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 l e v a ) :
Gold
N e t foreign exchange in reserve
T o t a l foreign exchange
Loans a n d discounts
G o v e r n m e n t obligations
N o t e circulation
Other sight liabilities
1
1936
1935
Central bank
Central bank
182
126
495
302
045
415,583 416, 109 397, 163
4, 646
3, 076
4, 645
191.772 187 096 143, 206
232, 022 235,180 245,130
220
381
2, 799
10
3 275
223
326
2, 834
10
3 2°7
206
282
3, 118
20
3 142
, 1,618
1,618
708
1, 490
2, 572
2, 584
2,216
545
1, 752
2, 671
2, 663
2, 243
1,616
69
490
1,884
2, 671
2, 790
2, 055
1. 583
—192
509
1, 309
2,671
2, 303
2, 030
Nov.
Bank of Canada (thousands of Canadian dollars):
Gold
Sterling and United States
Exchange
Advances:
Dominion Government
Provincial Governments., _
Government securities:
2 years or less
Over 2 years
Other assets.
Note circulation
Total deposits
Chartered banks
Government
Other liabilities
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
Pank
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):
GokP
Foreign exchange
Discounts and advances
Government debt_ .'
Other asset?
Note circulation
Demand deposits
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserve
Other foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Denmark 4 (millions of kroner) •
Gold
Foreign exchange
Loans to Government agencies..
Other loans and discounts.._
Investments
O t h e r assets.
Note circulation...
Deposits
Other liabilities.
__
179,148
17, C07
Oct.
Sept.
Nov.
179, 369 179,430
181,394
8, 607
3. 082
8, 973
1,000
3, COO
2 ?23
66, 480 55, 763 46, 071 36, 386
102,679
97, 657 92.016 84,193
7 1^0
5 843
4 696
4 469
125,344 129 883 127 790 95 260
233, 227 205. 354 187,563 215, 894
214,920 182.877 173.846 186,723
16 849 22 161
13 616 28 151
14,463
13,000
12, 940
6, 483
143
117
702
614
261
31,266
5 327
6, 979
51 108
33, 4C8
c
>9 409
489
4, 403
15, 282
30, 646
10,964
118
16
229
162
56
80
385
117
160
142
143
128
709
616
272
710
544
335
66
262
60
132
413
164
56
317
300
387
23
127
33
160
66
38
233
206
48
152
240
171
86
134
29.686
3, 407
7, 622
47 864
31,, 676
29. 210
3, 379
5, 149
46 231
29,152
27, 896
4. Of.fi
2' 763
38 685
31,624
2 592
464
1 620
2, 029
1 054
5 652
504
1 604
2, 595
41
1, 772
2,031
768
5 742
391
1 073
2, 691
80
1,084
2, 051
947
5 599
320
934
29 393
85
3, 159
14,695
31.557
11.215
29.013
451
4, 099
14.870
31,471
11,630
20. 730
364
8, 105
17. 225
29, 897
1,95
118
16
206
172
61
80
407
86
160
118
17
230
132
62
78
377
102
159
118
14
250
161
97
23
384
K'9
]!1
8°
Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling.
23 Items for issue and banking departments consolidated.
Increment resulting from revaluation of gold under law of October 9, 1936, converted into foreign exchange and carried partly in that item
and partly in Other Assets.
< 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.
* Gold in vault revalued at rate of 9.968331 sucres per gram of fine gold by decree of Dec. 18, 1935 and at rate of 11.6466 sucres per gram of fine gold
by decree of June 13, 1936.
84
FEDERAL RESERVE BULLETIN
JANUARY 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
Other sight liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange _
Loans and discounts
Government obligations...
Other sight liabilities
Liabilities in foreign exchange
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to Treasury
Other assets
Note circulation
Deposits
Certificates of indebtedness
Miscellaneous liabilities _ _ _ _
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't securities
Rupee coin
Note circulation
Banking department:
Notes of issue department._
Balances abroad . .
Loans to Government . . . ._
Investments _
Other assets
Deposits—Government
Bank
_.
O t h e r liabilities
1935
Central bank
Oct.
Sept.
Nov.
32, 243
16,660
38.594
53,188
44, 432
31,904
15, 987
29. 983
52,175
33, 971
13,278
12, 220
60, 342
47, 878
22, 190
6, 545
1, 664
6, 269
6 545
1, 559
5, 220
6 545
3, 999
6, 721
40, 138
4, 198
23, 387
5, 809
20. 948
8,670
40. 216
4, 648
23, 276
5, 458
21 018
8, 436
39, 381
4, 038
24, 603
9, 082
18 712
8, 288
13,040
1 686
1,335
6 636
1 506
14,854
4 435
4 913
13, 026
1,479
943
6, 645
1, 380
14, 126
4, 303
5, 044
13,026
806
528
6, 723
1 163
13.710
4,418
4, 120
12,499
1, 076
1,088
7, 039
1,315
13,196
6, 157
3, 664
34, 178
6 140
24 070
44, 992
15 766
7 715
2 153
34, 175
4,724
22. 801
45, 085
14,940
7, 650
2. 120
34, 169
5 965
21,260
43, 173
13.431
9, 606
2, 489
34,180
405
14,248
39, 945
15,440
6, 979
2, 100
603
603
603
467
1 353
84
722
1 565
890
1, 255
80
771
1, 561
854
1, 118
83
798
1 551
735
1,240
76
684
1 319
604
2 945
5, 274
4, 162
5 969
5. 8'K)
180
2,884
5, 326
4, 162
6, 145
5, 698
150
3, 076
5, 745
4, 162
5 926
6, 451
244
3, 559
4, 246
3, 281
5 910
4,319
205
84
31
520
95
158
402
194
93
167
79
36
520
94
149
427
157
93
167
79
31
525
93
135
417
154
96
163
79
28
560
74
93
393
130
104
176
444
673
234
671
1,748
444
673
234
681
1,710
444
673
234
681
1,645
444
662
255
588
1, 604
274
111
10
58
11
92
249
124
323
87
388
69
346
113
54
11
93
263
119
56
10
127
279
117
52
7
119
282
Nov.
Central Bank of Ecuador 1 (thousands of sucres):
Gold
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—Government
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—Government
.
Bank
Other
Bank of Finland (millions of markkaa):
Gold
Balances abroad and foreign
credits,..
Foreign bills
Domestic bills
._
1936
1935
1936
Central bank
Nov.
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
Total deposits... .
Bank of Java (millions of florins):
Gold
_.
Foreign bills
Loans and discounts
Note circulation
Deposits -_ .
Bank of Latvia (millions of lats) :
Gold 4 ._
Foreign exchange reserve
Bills
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions of florins):
Gold
Foreign bills
__ .
Loans and discounts
Note circulation
Deposits
Reserve Bank 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 Bank of Peru
(thousands of soles):
Gold and foreign exchange
..
Bills
Note circulation
Deposits
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
Loans and discounts
Note circulation
Other sight liabilities
Bank of Portugal (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations
Note circulation
._
Other sight liabilities
National Bank of Rumania (millions of lei):
Gold
Foreign exchange of the reserve
Loans and discounts
Special loans 5
State debt
544
788
501
1,491
406
Oct.
Sept.
Nov.
540
821
454
1, 453
397
536
669
556
1,321
529
500
920
570
1, 443
580
89
2
64
158
24
89
2
61
155
23
80
3
66
157
21
22
51
78
39
46
130
46
12
51
78
36
44
129
46
6
52
59
38
30
112
71
8
92
113
64
71
10
84
111
63
65
15
77
108
54
36
18
92
104
42
570
570
2
272
761
193
670
2
161
773
101
628
1
177
787
75
2.802
16, 545
2,802
16 8" 6
2,802
17, 459
3, 453
2, 433
11,480
12, 124
7, 692
4 084
1, 629
1 795
2,361
11 175
11.013
6 874
3 898
1 605
1,778
9, 124
11.315
5. 257
5,717
1,539
215
75
219
409
1
93
215
63
214
390
2
105
185
34
203
331
43, 746
85 564
91 312
33 415
46, 614
56,315
82,615
16, 804
373
20
846
1.091
187
373
16
828
1, 048
196
443
19
859
1,034
133
911
485
327
1, 045
2,118
945
910
502
332
1 045
2, 156
928
910
455
336
1,047
2,077
873
11,192
592
6, 857
2, 435
11,380
11,149
392
6, 363
2 445
11,373
10,757
91
5,272
2,740
10, 678
2
337
806
141
215
82
212
406
1
97
379
25
818
1,032
221
76
12 Due to change in form of statement, figures for November 1935 are not precisely comparable with those given for Steptember and October 1936.
Items for issue and banking departments consolidated.
2 Due to change in statement, "Other liabilities" includes, beginning June 1936. an item formerly included in ''Other sight liabilities."
4 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.
s Agricultural and urban loans in process of liquidation.
85
FEDERAL RESERVE BULLETIN
JANUARY 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
Central bank
Nov.
National Bank of Rumania—Con.
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank
(thousands of pounds):
23,146
Gold_
9, 653
Foreign bills
34
Domestic bills _
15,291
Note circulation
2,
647
Deposits—Government
21, 171
Bank
4,142
Other . _
Bank of Sweden (millions of
kronor) :
528
Gold
Foreign assets
655
52
Domestic discounts and advances.
29
Government securities
247
Other assets
812
Note circulation
599
Total deposits
265
Bank
315
Government
Other liabilities . .
101
Swiss National Bank (millions of
francs) *1
2, 581
Gold
Foreign balances and bills
.
56
65
Loans and discounts
1 403
Note circulation
1,280
Demand deposits
1935
1936
Central bank
Oct.
Sept.
Nov.
13,281
24, 704
8, 956
12, 078
13,292
24, 269
8, 697
12,048
12,717
22, 329
8,611
11,315
22, 928
5, 873
30
15, 562
1, 733
19,267
3, 309
22, 930
5,116
16
14.097
3. 389
17.994
2, 389
25, 735
10,117
256
13,961
2, 263
28, 146
4, 463
527
609
48
29
241
839
505
367
117
108
596
562
45
29
239
853
447
306
118
101
398
630
52
79
144
733
472
176
265
96
2, 408
56
142
1,413
1, 232
1, 554
27
224
1,369
459
1, 392
5
208
1,323
337
Nov.
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
__.
Foreign exchange . .
Loans and discounts. _
Investments
Other assets
Note circulation
__ ___
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Cash reserves
Loans and discounts
Other assets
Deposits—
Demand
Time
Ministry of Finance
Other
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
_ _
Advances to State
Note circulation
Other sight liabilities
1935
Oct.
30
25
39
186
25
177
39
90
1, 599
573
1,716
2. 2 )2
5 236
1,593
Sept.
Nov.
30
16
42
186
25
172
39
88
30
11
34
187
22
163
45
77
29
6
28
186
26
162
29
85
41,091
75, 733
41,091
75, 104
41,091
76,602
46. 074
86 814
49, 685
45, 501
84 923
53, 287
42, 376
99 467
47, 011
29, 680
43 216
12. 194
13 694
83, 790
30, 541
43 296
13,311
13 689
82, 873
27, 733
40 271
25, 652
20 058
75, 141
1, 592
574
1, 725
2. 262
5,311
1, 508
1 553
574
1,671
2, 262
5 250
1, 500
1,426
314
1,810
2,281
4, 838
1,375
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
Assets
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
Treasurv bills
Total
Time funds at interest—Not exceeding
3 months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Sundry investments
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items
_
Total assets
1935
1936
Oct. 31
_
27, 546
27, 541
21,687
Short-term deposits (various currencies) :
Central banks for own account:
Demand
Time—Not exceeding 3 months
11,904
98, 506
11,196
97, 200
22,089
103,704
110,409
108,396
125, 793
4,201
5, 393
9, 869
2, 969
70
389
113
284
462
299
153,280
76,640
43,398
1,423
153,280
76, 640
43, 289
1,419
154, 905
77, 452
61, 930
2,031
274, 741
274, 628
296, 318
125, 000
125, 000
125, 000
3,784
6,092
12,183
3,784
6,092
12, 183
3,324
5,845
11,690
1,377
39,115
1,377
38, 098
6, 221
39, 711
604, 907
602,888
649, 188
Nov. 30
40, 666
38, 539
27, 647
Demand deposits (gold)..
19,262
5, 050
16,322
6, 157
2,688
15, 647
119,079
165 186
131, 389
201 252
290 636
284 265
332 641
27, 669
34. 291
36, 265
17,993
42, 729
23,917
64, 184
33, 762
43,426
31,463
52, 739
24,490
32, 391
27, 550
53, 064
41 371
33, 836
43 682
33, 556
30 604
34, 384
220, 131
222, 220
222, 791
1,372
120
971
124
6,174
5, 336
604, 907
602, 888
649,188
N o v . 30
Nov. 30
Oct. 31
129, 672
160 964
1935
1936
Liabilities
Nov. 30
Total
C entral 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 fundFrench Government deposit (Saar).
Total
Capital paid in...
Reserves:
Legal reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold
Sundry items
Total liabilities
NOTE.—Current figures expressed, as before devaluation of Swiss franc, in Swiss gold francs equivalent to 0.29032 gram of fine gold. See BULLETIN for December 1936 p. 1025.
86
FEDERAL RESERVE BULLETIN
JANUARY 1937
COMMERCIAL BANKS
[Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures]
Assets
United Kingdom
(Figures in millions of pounds sterling)
Money at
Cash
call and Bills disreserves
counted
short
notice
Liabilities
Loans to
customers
Securities
Deposits
Other
assets
Demand 1
Total
Time 1
Other
liabilities
10 London clearing banks
1936—March
April
May
June
July
August
September.
October, __
November.
210
220
213
218
217
226
222
219
225
155
154
152
152
152
156
159
155
172
249
264
304
322
341
338
336
343
322
605
607
610
612
610
612
620
627
620
221
224
218
227
218
217
215
221
226
829
843
843
852
857
850
854
864
868
230
229
228
228
226
227
226
227
229
2,038
2,082
2,113
2,155
2,169
2,170
2,180
2,202
2,210
11 London clearing banks *
1936—March
April
May
June
July
August
September.
October.._
November.
217
227
220
225
225
233
229
227
233
162
161
159
158
158
163
166
164
181
1936—March
April
May
June
July
August
September..
October
Cash
3,587
3,517
3,513
3,494
3, 206
3,097
3, 083
3,186
Due from Bills disbanks
counted
16,135
16,199
16,014
14, 972
15,410
15,445
14,876
17,070
2,617
2,902
3,032
2, 768
2,410
2, 326
2, 757
2, 766
230
233
227
237
227
226
226
231
238
854
870
878
877
892
895
2,108
2,154
2,185
2, 229 .
2,244
2,246
2.257
2,280
2,287
(5 large Berlin banks. Figures in mil- Cash
lions of reichsmarks)
reserves
186
136
141
175
146
138
180
130
Due
from
banks
317
301
300
295
263
274
287
273
951
974
992
995
986
991
1,000
999
241
240
239
240
237
240
238
239
243
Liabilities
Other
assets
Loans
Total
1,222
1,270
1,333
1,385
1.445
1, 451
1,457
1,727
7,700
7,677
7,542
7,328
7. 215
7,031
7,398
7,452
Demand
26, 522
26,714
26, 523
25,022
24, 761
24,451
24, 613
27,028
27,194
27,410
27,199
25, 655
25,334
24,979
25,137
27, 549
Own
acceptances
Time
672
696
676
633
573
528
524
521
391
397
424
394
359
335
368
408
Other
liabilities
3,677
3,757
3,812
3,897
3,994
4,035
4, 066
4,244
Liabilities
Bills discounted Loans
2,285
2,429
2,406
2, 435
2, 363
2, 329
2, 360
2, 569
1,123
1,145
1,156
1,215
1,223
1,212
1,228
1,238
Deposits
Assets
Germany
1936—March
April
May
June
July
August
September..
October
635
637
640
642
639
641
648
655
656
Assets
France
(4 large banks. Figures in millions of
francs)
252
268
309
329
349
345
344
351
329
2,890
2,847
2.884
2, 858
2,843
2, 826
2. 779
2, 735
Securities
982
973
980
1,008
1,037
1.047
1,066
1, 075
Other
assets
935
916
873
839
824
816
847
858
Deposits
Tctal
5,544
5,595
5,621
5,712
5, 557
5, 533
5, 621
5, 712
Demand
2,560
2, 585
2,622
2,688
2, 595
2,529
2,575
2,644
Time
2,985
3,010
2,999
3, 023
2, 962
3,005
3, 045
3,068
Credits
obtained
from
banks
651
644
636
622
613
605
575
586
Other
liabilities
1,399
1,363
1,327
1,276
1,306
1,291
1,323
1,342
Liabilities
Canada
(10 chartered banks. Figures in millions of Canadian dollars)
1936—March
April
May
June
July
August. ._
September
October, __
1
Security
loans
abroad
and net SecuriOther
ties
due
Security loans
from
loans and dis- foreign
counts
banks
Entirely in Canada
Cash
227
228
225
230
227
225
226
-232
83
87
91
91
91
105
109
862
828
777
768
776
807
816
154
145
131
113
110
157
146
146
1,316
1,314
1,345
1,368
1,357
1,355
1,380
1,363
Other
assets
Note
circulation
Deposits payable in Canada excluding interbank
deposits
Total
459
478
446
502
481
487
494
491
117
114
116
115
113
115
111
112
2,197
2,229
2,193
2,207
2,174
2,175
2,263
2,261
Demand
665
692
666
702
680
672
762
751
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
Time
1,532
1,536
1,527
1,505
1,494
1,503
1,501
1,510
783
767
753
757
748
800
785
784
87
FEDERAL RESERVE BULLETIN
JANUARY 1937
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
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
In effect Dec. 28,1936
2
4
3
Albania
Argentina.-.
Austria
Belgium.. ..
Bolivia
British India
Bulgaria
Canada
Chile
Colombia
Czechoslovakia
Danzig
Denmark...
Ecuador
El Salvador.
Estonia
Finland
France
Germany
Greece
Hungary
5
4
4
5
6
5
4
3
7>A
VA
5
6
4h
3^
4M
5
Rate
Dec.
28
Central
bank of—
GerNether- SwitzerUnited
Kingdom France many Italy lands
land
4
4
3
7
June 15, 1936
3H Mar. 1, 1936
3M July 10, 1935
May 16, 1935
2
July 5, 1932
6
Nov. 28, 1935
3
Aug. 15, 1935
6
2 H Mar. 11, 1935
Jan. 8, 1936
July 19, 1933
3
5
4
4
5
43/2
4
2
4
7
4
Central
bank of—
Rate
Dec.
28
Italy
Japan
Java
Latvia
Lithuania...
Netherlands.
New Zealand
Norway
PeruPoland
Portugal
Rumania
South Africa
Spain
Sweden
SwitzerlandTurkey
United Kingdom
U. S. S. R. .
Yugoslavia..
4H
3.29
4
5
Date
effective
Jan. 1, 1936
Oct. 21, 1935
Nov. 19, 1936
Nov. 30, 1932
July 5, 1934
Oct. 1, 1935
Dec. 3, 1934
Oct. 16, 1936
Sept. 22, 1932
Oct. 14, 1933
Aug. 29, 1935
^A
2
Date
effective
May
Apr.
July
Nov.
July
Dec.
18, 1936
7, 1936
1, 1935
1, 1936
1, 1936
3, 1936
53/2
June 2% 1936
Dec. 7, 1936
May 20, 1932
Oct. 26, 1933
May 12, 1936
Dec. 15, 1934
May 15, 1933
July 15, 1935
Dec. 1, 1933
Nov. 26, 1936
Mar. 2, 1933
2
8
5
June 30, 1932
Mar. 22, 1927
Feb. 1, 1935
2
4
6
5
4K
4^
3H
5
iy2
2
5
3
Changes since Nov. 30: Netherlands—Dec. 3, down from 2]4 to 2
percent; Norway— Dec. 7, up from 3% to 4 percent.
2\i
V/2
2
2
2
2
4
IK
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
Bankers'
Day-to-day allowance
money
on deposits
3.10
3.23
3.07
3.15
3.15
3.20
3.00
3.08
. 75
y2
y2
y2
3.00
3.00
3.00
3.00
2.92
2.88
2.88
2.88
3.00
2.94
3.00
3.09
2.97
3.07
3.04
2.89
2.74
2.73
2.84
2.89
2.82
2.84
2.81
2.77
2.99
2.83
2.76
2 67
2.96
3.01
3.01
2.82
2.79
2.37
1.31
1.20
1.19
2.27
4.05
2.04
1.37
1.33
Pi. 97
P. 92
2.29
1.63
1.68
1.27
1.82
3.95
1.73
1.20
1.29
.56
.55
.56
.55
.55
.78
.58
.55
.55
.56
.56
.53
.53
.52
.52
.54
.78
.58
.53
.53
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
1935—November
December
1936—January
February
March . _
April
May
June
July
August
_
September
October
November
.
Money for
1 month
3.01
3.00
1936—January
February
March
April _
May
June
July ._
August
September
October
November.
Month
Private
discount
rate
A
y2
.55
.68
.55
Money for Day-to-day
1 month
money
X
.57
.71
_
Private
discount
rate
.75
.75
1935—November
December. _
. 54
Netherlands (Amsterdam)
Germany (Berlin)
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
y2
y2
yX2
A
V*
Sweden
(Stockholm)
Hungary
Prime
commercial paper
up
Day-to-day Loans
to 3
money
months
2.44
2.50
1.88
1.88
3.89
5.89
5.00
5.00
4 -7
4 -7
3
2.48
2.37
2.26
2.25
2.25
2.25
2.25
2.25
1.98
1 69
1.46
1.52
1.45
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1 29
4.26
3.81
3.74
5.03
5.60
5.60
3.30
3.00
3.38
2. 52
1. 96
5.00
5.00
5.00
5.00
4.78
4.50
4.50
4.50
4.50
4 50
4 50
4 -6H
2%
2%
2y2-±y2
4 ~6J^2
4
4
4
4
4
4
—6A
~§}/2
~6//2
-%y2
6y>
~6//2
2%
2%
2%
2%
2%
21^-41^
21/6-4 V£
2i/£-4i/£
21^-41^
21^ 4 1 /
2 V£-41/£
2y>-A.x<
Japan (Tokyo)
Call
Discounted
money
bills
overnight
5.11
5.11
2.78
2.69
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
p 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.
88
FEDERAL RESERVE BULLETIN
J A N U A R Y 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
1935—November..
December __
1936—January
February...
March
April
May
June
July
August
September. _
October
November, _
Year or month
1929
1930
1931
1932
1933
1934
1935
1935—No vember
December
1936—January
February
March
April
May
June
July
August
September
October
November
Year or month
1929
1930
1931
1932
1933
1934
1935
1935—No vember
December
1936—January
February
March
April
May
June
July
August
September
October
November
Argen- Aus- Austria
tina
tralia
(schil(peso) (pound)
ling)
95.127
83. 505
66. 738
58.443
72.801
33, 579
32. 659
32.815
32. 854
33. 074
33. 329
33.135
32. 954
33.111
33.418
33. 489
33. 503
33. 611
32. 667
32. 583
480.83
458. 60
351.50
279. 93
337. 07
400. 95
388. 86
390. 90
391.28
394.50
398. 06
396. 01
393. 72
396.09
399. 99
400.15
400. 34
401.06
390.33
389. 54
Czecho- Denslovakia mark
(koruna) (krone)
9609
9640
9619
9618
8232
2424
1642
1363
1433
1602
1936
1637
1359
1432
1375
1497
1318
1319
6474
5380
14. 058
14. 089
14. 023
13.960
15.448
18. 793
18. 831
18. 775
18.783
18.832
18. 971
18.855
18.724
18. 722
18. 759
18.848
18. 838
18. 845
18.732
18.687
Belgium
(belga)
13.912
13. 952
13.929
13.914
17.900
23. 287
18. 424
16.895
16.857
16.936
17. 042
16. 979
16.915
16. 938
16.907
16. 899
16. 862
16.893
16. 835
16. 907
Brazil (milreis)
Official
11.8078
10.7136
7. 0290
7.1223
7. 9630
8. 4268
8. 2947
8. 3792
8. 3902
8. 4167
8. 3803
8. 4871
8. 5564
8. 5755
8. 6310
5349
8. 5222
8. 6445
8.7011
8. 6662
Fgypt F i n l a n d
(pound) (markka) (franc)
26. 680 498. 07
26. 765 498. 60
25. 058 465.11
359. 54
18.832
434.39
19.071
22. 500 516. 85
502. 60
21. 883
504.96
21.983
505. 35
22. 001
22. 153 508. 83
22. 321
512. 70
22.190
509.66
22. 064
506. 78
22. 184
509. 55
22. 405
514.62
22. 419
514. 95
22. 434
515. 32
22. 480 i 516.76
21. 866
502. 24
21.818
501.17
2.5160
2.5169
2. 3875
1.5547
1.8708
2. 2277
2.1627
2.1719
2.1745
2.1890
2. 2063
2.1928
2.1807
2. 1901
2.2098
2. 2106
2. 2118
2. 2173
2. 1578
2. 1531
3.9161
3. 9249
3. 9200
3. 9276
5.0313
6. 5688
6.6013
6. 5862
6. 5986
6. 6251
6. 6810
6. 6338
6. 5898
6. 5858
6. 5934
6. 6202
6. 5853
6. 5095
4.6662
4. 6472
British
India
(rupee)
Free
market
Bulgaria
(lev)
Canada
(dollar)
Chile
(peso)
36. 202
36. 067
33. 690
26. 347
31.816
37. 879
36. 964
37.142
37. 201
37. 461
37. 734
37.510
37.315
37. 504
37. 872
37. 889
37.931
38.017
36.991
36. 913
0. 7216
0. 7209
0.7163
0. 7193
1.0039
1. 2852
1. 2951
1. 3404
1.3389
1.3446
1. 3380
1. 2902
1.2812
1.2844
1.2838
1.2913
1. 2988
1. 2978
1.2848
1.2795
99. 247
99. 842
96. 353
88. 090
91.959
101.006
99. 493
98. 924
99. 045
99. 930
100.114
99. 842
99. 502
99. 806
99. 721
99. 900
99. 978
100.017
100. 022
100. 120
12.0601
12. 0785
12.0669
7. 9079
7. 6787
10. 1452
5. 0833
5.0950
5. 0937
5. 0950
5. 0950
5. 0930
5. 0853
5. 0775
5.0659
5.1243
5.1725
5.1691
5.1727
5.1688
Germany Greece
(reichs- (drachma)
mark)
Hong
Kong
(dollar)
Hungary
(pengo)
Italy
(lira)
1.2934
1.2959
1.2926
0. 8320
0. 7233
0. 9402
0.9386
0.9390
0. 9383
0.9424
0. 9509
0.9457
0. 9389
0. 9338
0.9316
0. 9400
0. 9387
0. 9347
0.8965
0.8935
47. 167
33. 853
24.331
23.460
29. 452
38. 716
48. 217
36. 477
32. 702
32. 205
32.796
32. 562
32. 525
32. 463
32. 260
32. 040
31. 152
31. 104
30. 359
30. 462
17.441
17.494
17. 452
17. 446
22. 360
29. 575
29. 602
29. 624
29.619
29. 678
29.786
29. 617
29.478
29. 424
29. 458
29. 492
19.777
19. 772
19. 774
19.776
c
5. 8367
5. 8901
5. 8452
5.8631
23. 809
23. 854
23. 630
23. 749
30.518
39. 375
40. 258
40. 225
40.217
40. 397
40. 687
40. 439
40. 238
40. 285
40. 273
40. 321
40. 221
40. 083
40. 196
40. 223
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8. 5617
8.2471
8.1024
8. 0750
8. 0276
8.0373
7. 9830
7. 8936
7. 8560
7. 8645
7. 8845
7. 8673
7.8514
5. 5299
5. 2603
lomChina C obia
(yuan)
(peso)
96. 551
96. 493
96. 570
95. 275
81.697
61. 780
56.011
56. 595
57. 030
57. 390
58.268
57. 224
57.002
57. 004
56. 900
56. 900
56.900
56. 505
56. 501
57.097
99. 965
99. 952
99.930
99. 941
99. 946
99. 936
99. 920
99. 920
99.920
99. 923
99. 921
99. 903
99. 903
99. 900
99.900
99. 900
99. 904
99. 901
99. 924
99. 916
Mexico
(peso)
Netherlands
(florin)
48.183
47. 133
35. 492
31. 850
28.103
27. 742
27. 778
27. 767
27. 768
27. 768
27. 769
27.767
27.768
27. 763
27. 764
27. 765
27. 753
27. 753
27. 747
27. 750
40. 162
40. 225
40. 230
40. 295
51. 721
67. 383
67. 715
67. 802
67. 770
68.173
68. 677
68. 353
67. 885
67. 634
67. 686
68. 078
67. 904
66.738
53. 632
53.991
41.901
29. 917
22. 437
21. 736
28. 598
34. 094
36. 571
29. 649
29. 450
29. 659
29.912
29. 824
29.734
29. 690
29. 890
29. 967
30. 048
29. 940
29.331
29. 466
Japan
(yen)
46. 100
49. 390
48.851
28.Ill
25. 646
29.715
28. 707
28. 683
28.739
28. 993
29.130
28.938
28. 869
29. 075
29. 392
29.326
29.404
29. 414
28. 609
28.559
New
Portu- Ruma- South Spain Straits
w e - Switz- Turkey UKni intge -d U r u Settle- Sden
Zealand Norway Poland
nia Africa
gal
guay
ments (krona) erland
dom
(pound) (krone) (zloty) (escudo)
pound) (peseta) (dollar)
(leu)
(franc) (pound) (pound)
(peso)
483.21
468. 22
415. 29
320. 19
340. 00
402. 46
391.26
393. 74
394. 32
397. 53
401.15
399. 08
396. 80
399. 02
402. 84
403. 26
403. 42
403. 97
393.25
392. 36
c
1
2
26. 683
26. 760
25. 055
18.004
21.429
25. 316
24.627
24.740
24.761
24. 932
25.121
24. 974
24.834
24. 969
25. 218
25. 233
25. 249
25. 304
24.608
24. 555
11.194
11.205
11.197
11.182
14. 414
18.846
18. 882
18.825
18. 849
18.931
19.132
18. 962
18.826
18. 792
18.800
18.915
18.827
18.824
18. 828
18.825
4.4714
4. 4940
4. 2435
3. 1960
3. 9165
4. 6089
4. 4575
4. 4787
4. 4854
4. 5120
4. 5489
4.5155
4. 5092
4. 5115
4.5455
4.5568
4. 5558
4. 5586
4. 4475
4.4373
0.5961
. 5953
. 5946
. 5968
.7795
1. 0006
.9277
.7899
.7879
.7879
. 7632
. 7377
. 7330
. 7309
.7273
. 7279
. 7317
.7315
. 7309
. 7289
483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
487. 08
487. 44
490. 83
494.51
491.56
488. 76
491. 59
496. 53
497. 07
497.19
497. 99
484. 32
483. 43
14.683
11.667
9. 545
8.044
10.719
13.615
13. 678
13. 648
13. 670
13.727
13.841
13. 745
13. 654
13. 645
13.659
13.714
13.643
13. 650
2
8.797
56.012
55. 964
52. 445
40. 397
49. 232
59. 005
57.173
57. 607
57.611
58. 057
58. 553
58. 243
57. 939
58. 240
58. 833
58.873
58. 916
59. 095
57. 446
57. 314
26.784
26. 854
25. 254
18.471
22. 032
25. 982
25. 271
25. 388
25. 409
25. 583
25. 778
25. 626
25. 482
25. 619
25. 877
25. 893
25. 910
25. 965
25. 253
25.196
19. 279 48.411
19.382 47. 061
19.401 47. 181
19. 405 47. 285
24. 836 60.440
32. 366 79. 047
32. 497 80.312
32. 445 80.267
32. 432 80.154
32. 662 80. 685
33.033 81. 303
32. 821 80. 818
32. 580 80. 284
32. 391 80. 278
32. 425 80. 270
32. 724 80. 355
32. 599 80. 272
31.418 l80.145
22. 993 79. 834
22. 984 79. 883
Cuba
(peso)
485. 69
486. 21
453. 50
350. 61
423. 68
503. 93
490.18
492. 50
492. 88
496. 27
500. 05
497. 07
494.27
496. 97
501. 92
502. 25
502. 59
503. 63
489. 84
488. 80
98. 629
85.865
55. 357
47. 064
60.336
79.956
80. 251
80.150
80.208
79. 947
80. 258
80. 022
79. 769
79. 720
79. 709
79. 820
79. 719
79. 679
79. 857
80.045
Yugoslavia
(dinar)
1.7591
1. 7681
1.7680
1.6411
1. 7607
2.2719
2. 2837
2. 2858
2. 2886
2.2991
2. 3196
2. 3030
2. 2882
2. 2866
2. 2871
2. 2985
2. 2926
2. 2912
2. 2956
2. 2990
Corrected.
No quotation available on one day for Egypt and on two days for Turkey.
Average based on nominal quotations for 13 days beginning November 14.
NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in
the basis of quotation, see note in BULLETIN for November 1936, p. 928, which applies currently except as noted above.
89
FEDERAL RESERVE BULLETIN
JANUARY 1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Year or month
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
_
.
.
.
.
. . . .
1936 -January
February
March
April
May „
June
July
August
September _ _
October
November
___
_ _
_ __
Netherlands
Japan
France
Germany
Italy
(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
81
72
72
73
73
73
88
90
91
91
91
330
332
342
348
354
102
102
103
103
103
323
330
183
189
194
194
192
61
62
63
63
63
81
81
80
80
79
79
81
82
82
82
82
73
73
72
72
72
72
74
76
76
77
92
92
92
92
92
93
94
95
96
98
98
359
372
376
371
374
378
391
403
420
471
491
104
104
104
104
104
104
104
105
104
104
104
192
191
191
192
192
194
197
197
201
200
204
62
62
62
81
61
62
62
63
63
08
70
100
95
97
95
86
73
65
66
75
80
.
United
Kingdom
(1930 = 100)
(1926 = 100)
_ .
1935 August
September..
October
November
December
Canada
(1926=100)
(October
1900=100)
(1926-30 =
100)
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926 = 100)
Year or month
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Farm
products
i.__
1935—August
September.-
._
October . .
November
December
1936 —January
February..
March
April
May
June
July
August
September
October _
November
_
__
Foods
Other
commodities
United Kingdom
(1930=100)
Foods
F r a n c e (1913 = 100)
Indus- AgriculFarm
Industrial
and food
tural
trial
products products products products
Provisions
Industrial raw
and semifinished
products
Industrial finished
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
86
88
89
88
89
90
90
92
93
93
311
322
331
338
350
347
341
351
357
356
104
104
104
105
105
85
84
84
84
84
91
92
93
93
93
119
119
119
119
119
89
88
87
87
88
89
90
94
95
98
97
93
94
94
94
94
94
96
96
97
97
99
364
391
396
385
392
394
405
425
449
487
500
355
356
358
359
358
364
378
384
396
457
484
105
105
105
105
105
106
106
106
105
104
103
84
85
85
85
85
85
85
85
86
86
86
93
94
94
94
93
93
93
94
94
95
95
120
120
120
120
121
121
121
121
122
122
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
79
80
78
78
78
85
86
85
85
86
78
78
78
79
79
78
80
77
77
75
78
81
84
84
84
85
84
83
80
80
78
80
81
83
83
83
84
79
79
79
79
79
79
80
80
80
80
81
Sources.—Bee BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678.
G e r m a n y (1913 = 100)
90
FEDERAL RESERVE BULLETIN
JANUARY 1937
PRICE MOVEMENTS IN PRINC:iPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
States
(July
1914 = 100)
France
(July
1914=100)2
Germany
(191314 = 100)
105
100
82
68
66
74
80
161
156
157
154
145
131
126
120
122
125
113
113
112
124
125
124
109
100
98
86
146
153
153
156
146
131
116
113
118
120
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1935—November
December
82
82
131
131
87
88
120
121
1935—November
December __
1936—January
February
March
April
May
June
July
August
September
October
November
82
81
80
80
80
84
84
84
84
83
83
131
130
129
126
125
126
129
129
131
132
136
90
91
91
90
93
93
91
93
98
102
106
122
122
122
122
122
123
124
124
122
122
121
1936—January
February
March
__
April
May
June
_ __
July.
August
September
October
November...
Year or month
(1923-25 =
100)1
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
England
Year or month
United
States
(192325=100)
103
102
100
99
97
89
80
76
78
81
__
. .
81
81
82
82
England
(July
1914=100)
France Germany
(1913(Jan.-June
1914=100)2 14 = 100)
170
164
166
164
158
148
144
140
141
143
103
104
105
113
118
116
107
106
105
98
142
148
152
154
148
136
121
118
121
123
147
147
97
123
123
147
147
146
144
144
144
146
146
147
148
151
124
124
124
124
124
125
125
125
124
124
124
99
101
102
1
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.
2
Index represents prices converted to gold basis of 1914.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6ne"rale, and for cost of living, Commission d'Studes
relatives au cout 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
1926
1927
1928
1929
1930
_.
1931. _
1932
1933
_
1934
1935..
60
...
1935—November
December
.
______
1936—January
February _ .
March
April _
May
June
July
August
September
October
November
r
1
2
__
_,_
Common stocks (1926 average = 100)
France
England
Germany
(December (1913 aver- (average
1921 = 100)2 age =100)
price) 2
87
36
England 2
France
Germany
329
139
419
85 5
81 4
83.3
83 4
3 67 1
82.5
90 7
95.3
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
3 78.0
3 50.3
61.7
71.1
82.9
78.8
79.1
94.9
94.9
93.3
95.3
88.9
90.2
76.8
77.3
82.1
81.9
78 9
77 9
75.2
75 8
74.7
73.8
73.2
73.2
75.2
80.8
78.8
95.1
95.2
95.3
95 3
95.5
95 8
95.9
96.1
96 1
96 2
100 1
106.1
108.7
108 9
101.0
105 6
109.2
113.0
114 1
93.1
95.2
94.1
95 5
93.8
94 0
94.7
97.3
98 2
102. 1
103. 2
83.7
86.7
84.1
82 8
71 2
66 1
59.2
58.8
65 7
84.2
86.0
85.6
88 3
91.1
93 2
94.6
93.4
91.8
97.2
97.8
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
91.1
92.5
128.9
129.5
95.3
97.2
96.6
95 9
95 5
9T). 2
97.1
97.7
98.6
99 6
99.8
130.1
131.0
130.2
131.5
131,1
130.6
131.0
131.6
132.1
132.9
132.0
97.6
100.7
100.8
98.0
99.3
90.9
United
States
2
9f>. 3
118. 7
124.2
278
300
89. 7
Revised
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
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.
Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394.
FEDERAL RESERVE DIRECTORY
91
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 MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
J. P. DREIBELBIS, 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 ADVISORY COUNCIL
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
District No. 1 (BOSTON)
District No. 2 (NEW YORK)
District No. 3 (PHILADELPHIA)
.THOMAS M. STEELE.
JAMES H. PERKINS.
HOWARD A. LOEB,
V ice-President
District
District
District
District
District
No. 4
No. 5
No. 6
No. 7
No. 8
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
(ST. LOUIS)
District No. 9 (MINNEAPOLIS) . . .
ARTHUR E. BRAUN.
CHARLES M. GOHEN.
. H. LANE YOUNG.
EDWARD E. BROWN.
.WALTER W. SMITH,
President.
THEODORE WOLD.
CHESTER MORRILL, Secretary
District No. 10 (KANSAS CITY)
WALTER WYATT, General Counsel
District No. 11 (DALLAS)
. JOSEPH H. FROST.
District No. 12 (SAN FRANCISCO) . .
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open
Market Account
92
. W. T. KEMPER.
PAUL S. DICK.
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent
Federal Reserve
Bank of—
F. H. Curtiss
Boston
1
President
First Vice President
Vice Presidents
R A Young
W W Paddock
W Willett 2
G. L. Harrison.
Allan Sproul
W. R. Burgess.
L. R. Rounds.
W. S. Logan.
J. H. Wiliiams.
R. M. Gidney.
C. H. Coe.
New York
Owen D. Young
Philadelphia
R. L. Austin
J. S. Sinclair
F. J Drinnen
C. A. Mcllhenny.3
W. J. Davis.
E. C. Hill.
Cleveland
E. S. Burke, Jr.
M. J. Fleming
F. J. Zurlinden
H. F. Strater.
W. H. Fletcher.
W. F. Taylor.2
Richmond
Robert Lassiter
Hugh Leach
J S. Walden, Jr
R. H. Broaddus.
J. G. Fry.
G. H. Keesee.2
W. H. Kettigi
Oscar Newton
R. S. Parker
H. F. Connifl.
L M. Clark.
W. S.McLarin,Jr.
M. W. Bell.2
Chicago
R. E. Wood1
G. J. Schaller
H. P. Preston
W. H. Snyder.s
C. S. Young.
J. H. Dillard.
St. Louis
Paul Dillard 1
W. McC. Martin
0. M. Attebery
J. S. Wood.
J. G. McConkey.
Minneapolis
W. B. Geery
J. N Peyton
0 S Powell
Harry Yaeger.
H. I. Ziemer.a
E. W. Swanson.
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
R. B. Coleman.a
W. J. Evans.
San Francisco
A. 0. Stewart
W. A. Day
Ira Clerk
S. G. Sargent.
W. M. Hale. 2
C. E. Earhart.
Atlanta ___
...
1
Deputy chairman.
2 Cashier.
s Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch
Managing director
R. M. O'Hara.
. B. J. Lazar.
G. II. Wagner
W. R. Mil ford
W. T. Clements.
P. L. T. Beavers.
G. S. Vardeman, Jr.
_ J. B. Fort, Jr.
Marcus Walker.
R. H. Buss.
A. F. Bailey.
J. T. Moore.
W. H. Glasgow.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver branch..
Oklahoma City branch
Omaha branch
Dallas:
El Paso branch.
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch. _
Managing director
R. E. Towle.
J. E. Olson.
C. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
__ M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
_. C. R. Shaw.
_ _ D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
93
FEDERAL RESERVE DISTRICTS
i V /
<^r
v
L.
/
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORJES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
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@FedFRASER