Full text of Federal Reserve Bulletin : July 1937
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FEDERAL RESERVE
BULLETIN
JULY 1937
Recent Banking and Business Developments
Statistics of International Capital Transactions
Condition of All Banks in the United States
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
TABLE OF CONTENTS
PAGE
Review of the month—Recent banking and business developments
National summary of business conditions
Summary of financial and business statistics
Statistics of international transactions of the United States, January-March 1937
Statistics of all banks in 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
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
629-634
635-636
_. 638
639-642
643-647
650
651-655
656
657
658
659
660-661
662-665
666
667
668
. 669
670
671
672-673
674-682
683
686
687
687-688
689-692
693
693-694
695
695
696
. . . 697
698
698
700
701
FEDERAL RESERVE BULLETIN
VOL.
23
JULY, 1937
REVIEW OF THE MONTH
In June excess reserves of member banks
showed considerable fluctuations. These reserves, which had been at about
$900,000,000 since May 1, when the
Excess
reserves
final increase in reserve requirements went into effect, declined by
$180,000,000 during the week ended June 16
as a result of Treasury operations around the
mid-June financing period. The decrease
reflected a reduction of $120,000,000 in total
balances of member banks with the Reserve
banks and an increase of about $60,000,000
in required reserves owing to a growth in
Treasury balances at depositary banks. During the following week excess reserves increased to $810,000,000'. These changes had
little effect in the money market and caused
no advances in money rates. Rates on bankers' acceptances declined slightly in June.
During the first quarter of this year openmarket rates for money advanced somewhat
from the extreme low levels
of t h e
Rates on
latter part of 1936, but
customer loans this stiffening in open-market
rates was not reflected in
changes in rates charged by banks to their
customers. Rates on customer loans as reported by banks in 36 leading cities have continued in recent months near the low level
reached last year. As shown by the chart,
the open-market rate on commercial paper
increased from three-fourths of 1 percent,
which had prevailed since the beginning of
1935, to 1 percent in the latter part of March,
but customer rates on the average showed
little change.
No. 7
This is in accordance with usual developments. Open-market rates quickly reflect
changes in credit conditions, while customer
rates are usually much slower to respond.
Customer rates had not fully reflected until
last year the extreme monetary ease caused
by the growth in excess reserves and the de-,
cline in the demand for credit during the
depression. From the latter part of 1929 to
the beginning of 1935 open-market commerSHORT-TERM MONEY RATES
1932
1933
1934
1936
1937
cial paper rates fell sharply, while customer
rates showed a much smaller decline. In
1935 and 1936, on the other hand, openmarket rates remained steady at a low level,
while customer rates continued to fall,
though not to the extremely low level reached
by open-market rates.
In 1929 customer rates in leading cities
were close to 6 percent. By the summer of
1936 they had fallen in New York to below
23/2 percent, and have remained near that
level since that time. In other leading cities
there were further reductions in customer
rates in the latter half of 1936, and this year
629
630
FEDERAL RESERVE BULLETIN
JULY
1937
they have averaged about 3% percent in 8 issued by the Treasury. Subsequently a part
other northern and eastern cities and about of the notes purchased was resold to other
41/s percent in 27 southern and western cities. investors, and bank holdings of Treasury bills
During the first five months of 1937 also declined owing to the repayment by the
the Treasury increased the public debt by Treasury of maturing bills. As a net result
about $800,000,000 and reduced of these transactions, holdings of direct obliTreasury i t s working balance by $900,000,- gations of the United States Government at
financing 000. In order to replenish the reporting member banks increased during
working balance, the Treasury on the two weeks ending June 23 by $120,000,June 15 sold $850,000,000 of Treasury notes. 000, all of which was in leading cities outside
The offering was divided equally into two New York and Chicago.
issues, one maturing on September 15, 1939, Payment for the new Treasury notes acand the other on March 15, 1942. Receipts quired by banks was made largely through
from these new issues, together with income crediting the deposit accounts of the Treastaxes and other revenues in June, were uti- ury, with the consequence that United States
lized for meeting current expenditures, for
purchases of gold, and for the redemption of Government deposits at reporting member
$300,000,000 of Treasury bills, and in addi- banks increased by $440,000,000 in the week
tion the working balance of the Treasury in- ending June 16. Government deposits in
these banks, which had declined from $700,creased by $500,000,000.
000,000 at the beginning of the year to a
Bank loans to customers for business pursmall
figure by the middle of June, were reposes have continued to increase. At reporting member banks in leading stored to $550,000,000 by June 23.
citie
Disbursements by the Treasury of its bank
Member bank
s the increased demand
balances
largely accounted for the increase in
credit
for commercial loans was readjusted
demand deposits at reporting memflected through May 12 in socalled "other" loans and since that time in ber banks since March. As the Treasury
the newly reported item of "commercial, in- drew upon its balances, which are not industrial, and agricultural loans." Until June cluded in adjusted demand deposits, funds
commercial loans increased both at banks in were transferred to private accounts and
New York City and at other banks but in the were added to these deposits.
four weeks ending June 23 the further in- Balances due to banks, following a decline
crease was confined to banks in New York from March through the early part of May
City. In this period New York reporting in connection with adjustment by interior
banks also showed a further increase in loans
to brokers and dealers in securities. These banks to the raising of reserve requireloans have increased during most of the ments, showed little change thereafter in
period since last November and for all report- New York but outside New York they coning banks are now about $320,000,000 larger tinued to decline through the first part of
June. On June 23 balances due to banks
than at that time.
Member bank holdings of United States by all reporting member banks were someGovernment securities, after declining what less than $5,000,000,000, as compared
sharply in the first quarter of the year, with a level of about $6,000,000,000 during
showed further slight reductions until June, the latter half of 1936 and the opening
when they increased. On June 15 reporting months of this year and with an average level
member banks in leading cities purchased a of about $3,000,000,000 for several years
considerable part of the $850,000,000 of notes prior to 1934.
JULY
FEDERAL RESERVE BULLETIN
1937
Prices of securities, including both stocks
and bonds, have shown a considerable downward movement since the beginning
Security of this year, as shown on the chart.
markets yQY b o n ( j s t h e c h a r t shoWS not
prices, but yields, which in the case of bonds
are more significant. In order to facilitate
comparison with stock prices the scale on
the bond chart is inverted, so that a rise
BOND YIELDS AND STOCK PRICES
BOND YIELDS
INVERTED SCALE
t
2
2
U.S. GOVERNMENT
3
3
4
4
5
5
6
6
CORPORATE Ba<
7
7
8
8
9
9
10
10
11
11
ijV
12
13
12
13
STOCK PRICES
INDEX OF PRICES, 1926=10
20
1932
1933
1934
1935
1936
1937
Sources : U. S. Government bonds, Treasury Department; cor>
porate bonds, Moody's Investors' Service; 419 common stocks
Standard Statistics Company. Latest figures are for week end'
ing June 26.
631
n yields of bonds as prices decline and a define in prices of stocks are both reflected
n downward movements of the curves on the
ihart.
The decline in security prices in 1937 followed further advances during 1936 to new
high levels for bonds and to the highest levels
since 1930 for stocks. The decline in bond
prices began near the end of 1936, and in
March prices of Treasury bonds and other
lasses of United States Government securities declined rapidly and prices of stocks also
declined. Since early in April prices of highgrade bonds have improved somewhat, while
lower-grade corporate bonds have continued
to be weak, and prices of stocks have declined
further.
Near the end of June the average yield on
longer-term Treasury bonds was 2.65 percent, compared with a high of 2.78 percent
in April and a low of 2.22 percent last December. The average for high-grade corporate bonds was 3.29 percent, as compared
with 3.48 percent at the high point in April
and with 3.07 percent at the low in January.
For lower-grade corporate bonds average
yields as shown by Moody's average of Baa
bonds were near 5 percent in the last week of
June, as compared with 4.50 percent in
January. At their current levels yields of
bonds of the various grades are about the
same as in the early part of 1936.
In the last week of June the general level
of stock prices was about 15 percent below
the high level for the recovery period reached
early in March and about the same as in
August 1936. The decline in average prices
from March to June was somewhat larger for
railroad than for industrial and public utility
stocks.
Declines in bond prices in the first quarter
of the year were accompanied by hesitation
in the capital markets. In January
Capital offerings of new securities sold less
issues
readily than before and for some
new issues the price declined below
the original offering price. Under these con-
632
FEDERAL RESERVE BULLETIN
ditions security offerings were considerably
curtailed in March, April, and May. During
these months the amount of capital issues, as
compiled by the Commercial and Financial
Chronicle, averaged about $300,000,000, compared with a monthly average of over $500,000,000 during 1936. Available information
indicates that in June total offerings increased to about $600,000,000.
As shown in the following table the decline
during the spring reflected principally reductions in the volume of municipal issues from
the unusually large amount sold in January
and in the amount of corporate refunding
issues. Corporate issues to raise new capital also declined somewhat in April and
again in May. Other offerings, including
foreign issues and publicly offered issues of
Federal agencies, were small following a
large amount of foreign refunding issues in
January and February.
CAPITAL I S S U E S 1
[In millions of dollars]
Domestic
corporate
Total
domestic and
foreign
Re-
funding
New
capital
Munic- Other
ipal
1936—Monthly average
518 j
282
99
93
44
1936—December
1937—Januarv
February
M arch
April
Mav
726
603
497
382
272
261
408
204
225
181
87
218
95
130
138
85
78
97
206
44
59
80
51
3
98
98
4
20
45
1
1
1
1
i
87
i
1
As compiled by the Commercial and Financial Chronicle; exclude
U. S. Government issues, other than guaranteed issues publicly offered.
Notwithstanding a decline in April and
May, corporate securities for new capital
sold in the first five months of 1937 averaged
$100,000,000, which is about the same as the
average monthly volume during 1936. It is
reported that about three-fourths of the
amount offered for new capital in the early
months of 1937 was intended to be used for
increasing working capital and for the acquisition of plant, equipment, and real estate.
JULY
1937
This is about the same proportion as for the
last quarter of 1936.
A substantial proportion of the offerings
for newT capital came from railroads and
from petroleum companies. Issues for new7
capital by public utility companies and by
companies in the metal and mining industries
have been smaller than in 1936.
In recent months an increased proportion
of corporate issues for both new and refunding purposes has been offered to security
holders of the issuing corporation, and there
has also been some increase in private offerings to insurance companies and other institions.
Industrial production was maintained in
April and May at 118 percent of the 19231925 average, as compared
Recent business w i t h a n average of 115 in the
developments fourth quarter of 1936 and
119 for the year 1929. Preliminary reports indicate a decline in June,
reflecting a sharp reduction in steel output,
largely as a result of labor disturbances. In
the construction industry, public projects
have been in smaller volume this year than
a year ago and in recent months the expansion in private work, which had been in
progress since the early part of 1935, appears to have been somewhat retarded by the
sharp rise in construction costs that occurred
during the past winter and spring. In agriculture, growing conditions have been better
than a year ago, and with increased acreage,
crops are expected to be considerably larger.
Since the beginning of April wholesale
prices of many raw materials and semifinished products, which earlier had risen
most, have declined considerably, while
prices of finished goods have shown little
change. Price declines in some agricultural products like grains and cotton have
reflected in part prospects for larger supplies than last season. Trade reports indicate that buying from manufacturers, which
was in unusually large volume during the
JULY 1937
latter part of 1936 and the first quarter of
1937, has been at a lower level during the
second quarter and this has been a factor in
recent price developments.
Incomes of the different groups of the
population have shown a further substantial growth this year, and distribution of
commodities to consumers has been in larger
volume than last year. Industrial payrolls
have advanced sharply, reflecting increases
in employment and in wage rates, and agricultural income and corporate profits and
dividends have been considerably larger than
a year ago.
Profits reported by large industrial corporations during the first quarter of 1937,
although slightly below those
Corporate profits of the preceding quarter,
and dividends
were about 50 percent larger
than in the corresponding
period of 1936. The decline from the final
quarter of last year is attributed in part to
seasonal factors, in part to labor difficulties,
particularly in the automobile industry, and
in part to increasing costs. The increase
as compared with the first quarter of 1936
was chiefly in various groups of corporations
in the heavy industries, including iron and
steel, building materials, household supplies,
railroad equipment, and machinery. In the
automobile industry profits were affected by
labor disturbances.
The number of persons employed in nonagricultural pursuits has continued to increase this year and is now7 from
Course of
8 1 o to 9 millions larger than in
March 1933, according to estimates recently compiled by the
Bureau of Labor Statistics. These figures,
which take into account 1935 census data,
indicate a higher level of employment in recent years than had previously been estimated. The current number employed is
Railroads as a group reported a profit for
the first three months of 1937 as compared
with a loss in the same period of 1936. Profit:
of public utility companies were somewhat
higher.
Total cash dividends declared by corporations, as compiled by the New York Times,
were about 20 percent larger in the first five
months of 1937 than in the corresponding
period of 1936. Since the latter part of 1936
the monthly distribution of dividend payments has been affected by changes in dividend policy resulting from the Federal tax on
undistributed corporate profits.
633
FEDERAL RESERVE BULLETIN
NONAGR1CULTURAL EMPLOYMENT
1929
1930
1931
1932
1933
1934
1935
1936
1937
Source: Bureau of Labor Statistics.
shown as nearly 35 millions, which is between 1 and IV2 millions lower than the
average in 1929. Since that time the labor
force of the country has grown considerably
so that the increase in the number of persons
unemployed or employed on relief projects
has been much larger, as compared with
1929, than the decline in the number em-
634
FEDERAL RESERVE BULLETIN
JULY
1937
ployed. The course of employment since while employment in other lines showed
1929 is shown for various groups in the table decreases ranging from 25 percent for the
and in the accompanying chart. The figures public utilities and service industries to 50
percent for construction.
are not adjusted for seasonal variation.
Of the 81/2 to 9 millions increase in employNONAGRICULTURAL EMPLOYMENT
ment since early in 1933, approximately one[Thousands of persons]
half has been in manufacturing and mining
and one-fourth in trade and service.
Change from
The fact that the number currently emMav
1929
1937
March
ployed
is less than in 1929 reflects largely the
1933
average
continued low level of employment in conTotal
34, 722
-1,436
+8, 825 struction, transportation, and mining.
In
Manufacturing
+ 3 , 984 manufacturing and in trade and service the
9,749
+37
Mining
758
-265
+ 174
Construction
1,234
i +532 current level of employment is about the same
-550
Transportation
1,920
-585
+365
Public utilities
931
-193
+99 as in 1929. Employment in government and
Trade
5, 849
-200
+1,618
2,625
-21
Service
+659 the professions is above pre-depression levels
Other nonagricultural:
795
-95
+83 and the number of proprietors and self-emFinance
Government and professions
3,531
+302
+319
Proprietors and self-employed
4,245
+157
+504 ployed is also larger.
The current levels of
Casual workers
3,085
-23
+488
employment for the various groups differ
i Of the 532,000 increase in construction employment, about 200,000
is due to the usual seasonal rise from March to May. The comparisons from those in 1929, partly as a result of
shown for other groups and for the total are not greatly affected by sea- differences in activity, but also because of
sonal influences.
Source: Bureau of Labor Statistics.
changes in efficiency and in the number of
hours worked.
Nonagricultural employment as a whole
declined from about 36 million persons in
Appointment of Class C Director at Federal
1929 to about 26 million in March 1933, a
Reserve Bank
decrease of 28 percent. Employment in the
group, including proprietors and self-em- On June 15, 1937, Mr. J. Frank Porter was
ployed, casual workers, and those employed appointed as Class C director of the Federal
Reserve Bank of Atlanta for the unexpired
in government service and in the professions, portion
of the three-year term ending Dedeclined by 10 percent during the depression, cember 31, 1939.
635
FEDERAL RESERVE BULLETIN
JULY 1937
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled June 25 and released for publication June 27]
Volume of industrial production in May index advanced somewhat further. Employcontinued at the level of the two preceding ment in the durable goods industries conmonths. Commodity prices declined slightly tinued to increase while employment in other
in May and the first three weeks of June.
lines declined seasonally. Factory payrolls
Production, employment, and trade.—In remained at the April level, following sharp
May the Board's seasonally adjusted index increases in earlier months.
of industrial production remained unchanged
FACTORY EMPLOYMENT AND PAYROLLS
at 118 percent of the 1923-1925 average.
Output of iron, steel, automobiles, and lumber 120
increased further. At cotton and woolen
110
mills and at shoe factories activity continued 110
100
at a high level, while at silk mills, meat- 100
4 90
packing establishments, and sugar refineries 90
Employment
A
80
there were considerable decreases. Crude 80
j
PER CENT
PERC
H\
NA
70
INDUSTRIAL PRODUCTION
60
140
1 1
130
1
i
110
1
100
1— -i
\
60
K>30
A '
1 \J
f
'
»
30
50
i
!
1929
1930
40
30
1931 1932 1933 1934 1935 1936 1937
Monthly indexes of number employed and payrolls at factories,
unadjusted for seasonal variation, 1923-1925 average = 100.
~
: -—
VtfVv
r
1931 1932 1933 1934 1935 1936 1937
Monthly index of physical volume of production, adjusted
seasonal variation, 1923-1925 average =• 100.
70
60
Payrolls _ > v ^
40
50
1929
r
\
50
——
90
\
1
"" 1 1
120
/
for
Distribution of commodities to consumers
continued in May at the level of other recent
months. Sales at department stores and at
variety stores showed a seasonal rise and
mail-order sales were maintained.
Commodity prices.—Between the middle
of May and the third week of June, prices of
petroleum production continued to rise and
WHOLESALE PRICES
output of bituminous coal increased somewhat, following a sharp decline in April
Shipments of iron ore in May were larger
than in the corresponding month of any previous year. In the first three weeks of June
automobile production declined seasonally
and, largely owing to labor disturbances, steel
output was reduced to 77 percent of capacity
as compared with 90 percent in May.
Value of construction contracts awarded in
May was smaller than in April, according to
figures of the F. W. Dodge Corporation,
There were declines in awards for residential
and other private projects, while contracts Indexes compiled by United States Bureau of Labor Statistics,
for public projects increased, In the first
1926 = 100. By weeks, 1932 to June 19, 1937.
half of June awards for both private and
public work were at a somewhat higher rate grains, except spring wheat, declined conthan in May.
siderably and there were smaller declines in
Factory employment, which usually de- cotton, cotton goods, wool, rubber, and steel
clines at this season, showed little change scrap, while prices of most other commodifrom April to May and the Board's adjusted ties showed little change.
636
FEDERAL RESERVE BULLETIN
Bank credit.—Excess reserves of member
banks, which had been about $900,000,000
after the May 1 increase in reserve requirements, declined by about $180,000,000 during
MEMBER BANK CREDIT
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
'34
1935
1936
1937
Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to June 16, 1937. Loans on real estate,
loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown separately.
JULY 1937
the week ending June 16, in connection with
Treasury operations, but increased in subsequent days and on June 23 were at a level of
$810,000,000.
At reporting member banks in leading
cities holdings of United States Government
obligations, after several weeks of little
2hange, increased sharply during the week
ending June 16, reflecting purchases of the
new issues of Treasury notes.
Commercial loans at member banks continued to increase in the four weeks ending
June 16. This increase was largely at banks
in New York City, which also showed a
growth in loans to other New York banks and
to brokers and dealers in securities.
Money rates.—The open-market rate on
90-day bankers' acceptances, which had been
reduced from %c> to Vo of 1 percent on May
7, was further reduced to ~4r> of 1 percent on
June 22. Other money rates have shown little
change in recent weeks.
637
FEDERAL RESERVE BULLETIN
J U L Y 1937
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
13
13
y
12
12
11
11
H 10
10
GOLD STOCK
^
c
8
\
\
/
_
8
MO MEY IN CIRCULATION
1
j
^ ^ ^
4
4
TREASL RY CASH
i
3
^•—.y......
2
1
0 I—-—-—;;:;,
1932
1933
"*•*"*
j
:
RESERVE BANK
(:REDIT
:
TREASURY DEPOSITS
:
j fx
1934
,»•
...
2
1
T
1935
3
0
1936
1937
8
8
7
7
MEMBER BANK
RESERVE BALANCES-
6
6
5
5
4
4
3
3
2
2
REQUIRED RESERVES
1
1
0
0
1932
1933
1934
Latest figures for June 23, 1937.
1935
1936
See table on pa*?e 650.
1937
638
FEDERAL RESERVE BULLETIN
JULY
1937
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1936
1937
May
Apr.
Mar.
2,522
10
2,472
6
2,476
5
2,480
6
2,484
6
5
4
3
4
5
5
2,526 2,480 2,432 2,430 2,430 2,430
11,901 11, 686 11, 503 10, 324 10,202 10,172
2,546 2,541 2,537 2,495 2,503 2,502
6,426 6,397 6,391 5,918 5,892 5,857
- 3,069 2,863 2,682 2,574 2,540 2,518
85
559
760
159
845
205
603
511
506
606
608
530
6,932
927
6,824
1,552
1933
1932
1929
1,459
952
2,481
6
2,502
36
2,429
283
2,077
521
4
25
83
71
241
2,475
7
5
2,430 2,431
10, 578 9,059
2,503 2,478
6,101 5,585
2,474 2,791
446
128
551
507
1,461
3,952
2,096
5,328
236
39
407
208
3,996
2,015
4,476
207
22
406
3,676
1,564
2,343
2,114
2,358
528
256
43
22, 610 21, 832 21, 745 21, 449 22,064 19,997 18, 672 17,505 19,080
618
981
111
1,318 1,185 1,223 1,193 1,181
991
2,030 2,078 2,077 2, 076 2,055 2,1S1 2,545 3,157 4,226
5,938 5,092 5,061 4,957 5,226 4,907 4,965 5,222 6,578
22, 599
«2,208
«5, 448
9,231
6,704
1,371
5,638
2,800
5,300
2,510
5,420
2,653
5,989
2,512
8,802 8,877 8,767 8,737 9,080
1,206 1, 286 1,273 1,248 1,250
3,316 3,314 3,344 3,238 3,272
5,205 4,577 4,180 4,361 4,799
378
365
383
370
359
1,998 2,283 2,262 2,334 2,358
15, 429 14, 371 13,982 13, 882 14, 619
5,142 5,051 4,971 4,923 4,999
5,679 5,477 5,484 5,650 5,810
7
13
5
3
5,001
2,469
7,989 6,856
•325
928
3,053 •3,000
4,024 2,875
326
271
2,112 1,688
12, 729
4,883 4,937
4,938 3,814
6
8
5,228
4,413
2,865
3,121
1,822
240
1,322
3,245
1,673
214
1,250
2,847
1,725
248
1,142
4,946
2,822
115
5,666
2,772
228
6,788
2,787
674
1.72
1.16
.52
3 31
4.49
2.73
2.05
.88
3.65
5.01
5.85
7.61
180
116
64
189
34
41
15
89
60
29
146
100
46
155
26
18
27
115
49
190
65
48
61
70
68
95
105
100
92
105
64
63
71
28
13
40
119
119
115
117
87
142
Averages of weekly figures; percent per annum
--
1.00
1.00
.65
2 67
3.33
1.00
1.00
.70
2.74
3.42
1.00
.58
2.50
3.32
261
150
111
272
152
121
420
112
308
763
128
635
319
138
305
38
986
176
810
172
85
382
185
197
595
59
382
99
87
181
267
530
536
282
.88
.75
.93
.18
2.50
3.27
.75
.75
.10
2.51
3.29
.75
.75
.11
2.54
3.29
.75
.76
.91
.14
2.47
3.24
.56
.14
2.70
3.60
1.02
1.00
.26
3.10
4.00
" 360
4.73
Amounts per month; in millions of dollars
_
_
165
78
87
658
128
518
164
354
392
121
270
32
13
54
27
959
841
118
781
667
Index numbers
PRICES
Common stocks (1926—100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities
Retail food prices (1923-25=100)
116
125
130
101
109
109
111
78
72
63
87
90
84
86
87
88
92
86
87
86
88
94
88
86
85
79
75
78
79
80
80
77
80
79
80
80
77
80
79
80
81
81
82
80
82
80
79
84
78
80
75
65
71
78
74
66
51
61
71
66
*>118
P118
P116
118
118
115
53
44
61
r
Index number s, adjusted for seasonal variation 1928-25=100
BUSINESS INDEXES
M4
-
118
117
128
56
45
64
80
102
105
84
101
101
83
93
93
93
P102
101
101
102
46
32
57
90
81
72
87
101
100
106
47
30
60
93
93
97
47
26
63
89
79
71
88
78
66
84
84
105
105
104
55
37
70
92
82
75
88
90
90
91
37
21
50
86
71
64
79
78
86
32
12
48
76
75
82
25
11
37
83
63
62
72
49
58
66
46
55
105
109
107
75
67
69
111
178
138
140
121
134
110
437
367
79
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
P269
P287
256 1 201
192
308
r
Partly estimated.
v** Preliminary.
rreiiiuuiary.
•Revised.
xveviseu.
Includes loans on securities to banks, 1929-1934.
Figures not available.
3 Include time deposits of banks, domestic and foreign, 1929-1934.
* Do not include time deposits 1929-1934.
1934
2,052
4,059
2,271
5,576
288
55
497
CAPITAL ISSUES
1
8
1935
2,432
7,512
2,381
5,403
2,798
81
438
MONEY RATES AND BOND YIELDS
Commercial paper
Stock exchange call loans
__-_
U. S. Treasury bills
TJ S Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa)
Exports, including re-exports
General imports
1936
Averages of Wednesday figures; in millions of dollars
22, 201 22, 280
Total loans and investments
Loans to brokers and dealers in securities 1 ._ 1,326 1,276
2,028 2,046
Loans on securities to others (except banks)
6,169 6,077
All other loans
- - U. S. Government obligations:
8,320 8,447
Direct
1,163 1,181
Fullv guaranteed
3,195 3,253
Other securities
5,350 5,340
Reserve with Federal Reserve banks
338
346
Cash in vault
1,790 1,967
Balances with domestic banks
15, 420 15, 283
Demand deposits—adjusted
-3. __
5,194 5,145
Time dpnosits (excluding interbank)
5,138 5,544
Deposits of domestic banks*
20
3
Borrowings
Industrial production
Manufactures
__
Minerals..
Construction—total
..
Residential All other
- Factory employment
Factory payrolls (unadjusted)
Freight-car loadings
Department store sales
Mar.
2,577
16
REPORTING MEMBER BANKS
All issues—total
New
Refunding
Domestic corporate issues—total
New
Refunding
_
Apr.
Averages of daily figures ; in millions of dollars
RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS
Reserve bank credit—total
Bills discounted
Bills bought
U. S. Government securities
IVtonetary gold stock
Treasury currency
Money in circulation
_
Treasury cash
Treasurv deoosits with F R. banks
Nonmember deposits and other accounts
Member bank reserve balances:
Total
Excess
May
Annual averages>
193
203
195 1 205
202
199
190
171
639
FEDERAL RESERVE BULLETIN
JULY 1937
STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
JANUARY-MARCH 1937
Statistics of international capital transac- period from May 1929 to the end of 1936, totions of the United States through the first gether withfivecharts and a detailed descripquarter of 1937 are published in the follow- tion of the statistics, were published in the
ing tables. Monthly and weekly data for the BULLETIN for May 1937, pages 394-431.
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935
[In millions of dollars.
TABLE
Minus sign indicates net movement from United States]
1.—TOTAL CAPITAL MOVEMENT
In banking funds
Total
From Jan. 2, 1935, to—
Total
1935—Dec. 31
1936—j) ec 30
1937—Jan. 6
Jan.13
_
Jan. 20
Jan. 27. __
Feb 3
Feb. 10
Feb. 17
Feb 24
Mar. 3
Mar 10
Mar. 17
Mar 24
Mar. 31
1,411.4
2, 606. 7
2, 618. 6
2, 614. 1
2, 651. 4
2, 679. 3
2, 716. 7
2, 736. 5
2, 773. 6
2, 807. 5
2, 828. 5
2, 873. 9
2, 899. 6
2, 922. 4
2, 929. 8
..
-
.
___
963.5
1, 360. 3
1, 356. 2
1, 339.8
1, 357. 5
1, 449.0
1, 470. 5
1, 476. 0
1, 499. 7
1, 565.1
1, 520. 2
1, 538. 7
1, 515. 5
1, 539.9
1, 530. 9
Increase in
foreign
funds
in U. S.
In security transactions
Decrease
in U. S.
funds
abroad
360.3
429.8
432.1
432.9
425.9
422.2
419.1
419.2
432.4
428.3
425.4
435.8
415. 5
429.3
409.3
603. 3
930.5
924.0
906.9
931.6
1,026. 8
1,051.4
1, 056. 8
1, 067. 3
1,136. 8
1,094. 8
1, 102. 9
1,100. 0
1,110.6
1,121. 6
In
brokerage
balances
6.0
12.9
15.6
13.0
7.6
8.1
10.9
.9
7.3
2.3
4.7
-2.9
5.6
3.3
4.1
Total
securities
441.8
1, 233. 6
1, 246. 8
1, 261. 3
1, 286. 3
1, 222. 2
1, 235. 3
1, 259. 6
1, 266. 6
1, 240.1
1, 303. 5
1,338.0
1, 378. 5
1, 379. 3
1, 394. 8
Domestic
securities
Foreign
securities
316.7
917.4
918.5
927.9
948.9
957.9
968.3
1, 000. 4
1, 004. 3
1,014. 5
1,025.7
1,054. 4
1,064. 7
1,062.1
1, 075. 7
125.2
316.2
328.3
333.4
337.4
264.3
266.9
259.2
262.3
225.6
277.9
283.7
313.9
317.1
319.1
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,
to—
1935—Dec. 31
1936—Dec. 30
1937—Jan. 6
Jan.13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Total
1,411.4
2, 606. 7
2, 618. 6
2, 614.1
2, 651. 4
2, 679. 3
2, 716. 7
2, 736. 5
2, 773. 6
2, 807. 5
2, 828. 5
2, 873. 9
2, 899. 6
2, 922. 4
2, 929. 8
» Inflow less than $50,000.
United
Kingdom
France
554. 9
829.3
843.7
834.6
855. 6
843.0
849.6
848.3
871.7
891. 5
899.9
921.5
931.6
945. 3
927.2
210.2
299.5
295.7
297.8
285. 7
291. 4
295. 1
303.7
301. 1
308.5
312.2
316.8
309. 6
321. 2
308. 9
Netherlands
114.5
229. 7
226. 5
228.0
231. 3
238.0
240.5
248.4
249.8
250. 2
257.3
259.8
260.3
263.3
267.1
Switzerland
130.4
335.5
340.7
342.9
346. 8
350.3
350.7
351.5
357. 4
349. 7
354.1
359.0
359.8
358.4
363.5
Germany
36.6
83.1
84.0
83.7
85. 6
83.5
93.1
100.4
101.3
103.1
106.7
102.3
103. 4
102.6
103. 5
Italy
24.0
45. 6
43.8
41.6
39.6
37.7
34.8
32.5
29.9
38.4
34.9
40.8
39.1
38.9
37.0
Other
Europe
Total
Europe
130.0
228.5
233.7
232.4
239. 9
237.3
237.5
232.9
236. 1
229. 9
221.3
224.1
242.7
251.0
258.1
1, 200. 6
2,051. 3
2,068. 2
2, 061.1
2,084. 4
2, 081.1
2,101. 4
2,117. 7
2,147. 3
2,171. 4
2,186. 5
2, 224. 3
2, 246. 5
2, 280. 8
2, 265. 2
Latin
Canada America
0)
150.5
149.0
144.3
146. 5
143. 9
151. 1
154.3
160.6
161.5
164.7
168.8
168.0
155.9
142.0
69.8
199. 6
202.1
204.5
215.0
254. 8
259.8
260. 8
269.1
270.6
273.4
276.5
282.8
291.4
334. 9
Far
East
128.3
184.0
182.0
188.4
189. 6
182. 9
187.8
186.1
180.4
186.2
187.0
185.3
183. 3
177.7
170.4
All
Other
12.7
21.4
17.5
15.9
15.9
16.6
16.5
17.7
16.2
17.9'
16.8
19.0
19.1
16.6
17.2
640
FEDERAL RESERVE BULLETIN
JULY 1937
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES
From Jan. 2,1935,
United
Kingdom
Total
France
Netherlands
Switzerland
74.0
112.5
117.4
115.6
114.3
114.4
112.6
108.5
113.0
99.8
28.8
68.7
69.2
69.0
71.6
69.7
79.6
87.9
89.5
91.8
100.8
102.7
101.1
99. 5
102. 6
95. 9
92. 0
93.3
92.6
93.5
193.5—Dec. 31
1936—Dec. 30..
1937—Jan. 6-....
Jan. 13...
Jan. 20...
Jan. 27.-.
Feb. 3__.
Feb. 10..
Feb. 17...
Feb. 24..
963. 5
1,360.3
1,356.2
1,339.8
1, 357. 5
1, 449. 0
, 470. 5
, 476. 0
, 499. 7
, 565.1
337. 4
341.6
354. 0
345. 5
361. 0
345.4
348.4
320.8
337. 3
348. 0
201.8
201.6
188.4
192. 6
194. 6
201. 5
198. 5
203. 2
55. 4
62. 6
59. 0
56. 8
57. 5
61.8
6.1.0
60. 5
f8.2
52. 5
Mar. 3
Mar. 10
Mar. 17.
Mar. 24.
Mar. 31 _.
, 520. 2
, 538.7
,515.5
1, 539. 9
1,530.9
348. 8
355. 1
359. 6
371. 1
347.2
205. 6
209. 8
202. 9
215.9
203. 9
54. 5
50. 6
46.9
49.8
49.1
177.6
206. 2
Other
Europe
Total
Europe
21.0
39.3
37.6
35.6
33. 7
31.8
29.0
26.9
24.5
33. 1
69.5
101.7
103. 7
102.2
108.4
104. 5
103.5
125.5
128.2
117.7
763.7
932.5
942.6
926.4
935. 0
920.2
928.7
931.6
949.1
646.1
41.4
123.6
113.0
106.3
105.7
180.1
185.1
191.1
197. 9
206. 6
174.8
177.2
187.2
226.9
231. 7
231.8
238.3
292.8
96.1
120.7
119.2
125.0
124. 6
116.3
119.6
116.0
110.6
114.6
9.9
10.8
6. 6
5.0
5.0
5.4
5.4
5.4
3.9
4.9
29.5
35.6
34.0
34.0
32.1
108.0
111.3
101.5
108.8
115.9
943.2
957.1
939.2
971.7
944.3
164. 2
165.6
159.9
152.4
135. 3
295.5
298.6
304.1
312.7
355.4
113.9
111.7
106.3
99.9
92.3
3.4
5.7
5.9
3.2
3.5
Latin
Canada America
52.5
172.6
Far
East
All
Other
TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
1935—Dec. 31.
1936—Dec. 30.
1937—Jan. 6_.
Jan. 13.
Jan. 20Jan. 27.
Feb. 3_.
Feb. 10.
Feb. 17.
Feb. 24Mar. 3_Mar. 10..
Mar. 17..
Mar. 24_.
Mar. 31 _.
603. 3
930.5
924.0 |
906. 9
931.6
1, 026. 8
1,051.4
1, 056. 8
1,067. 3
1,136. 8
128. 6
163.5
175.7
162. 3
176.8
159.2
168. 6
142. 8
146.9
156. 9
129. 6
144.2
142.0
141.3
128. 5
133.4
134. 9
141.9
137.2
142.4
55. 7
65.9
62.2
60. 3
60. 1
63.0
61.3
59.9
58.7
53.3
72.4
109.8
114.7
112.6
111.3
111.5
109.3
105.4
109.9
96.9
- .8
1,094. 8
1,102. 9
1,100. 0
1,110.6
1, 121.6
149.0
156. 5
170.1
173. 6
154. 7
144.4
148.2
142. 1
155.5
140.9
55.2
50. 0
48.5
48.9
47.6
97.7
99.6
97.9
98.0
99.4
26. 6
22.2
23.9
23.8
24.5
2.7
1.7
.9
2.4
.6
9.9
18.2
19.8
23.3
18.4
60.7
79.7
80.8
79.3
85.5
81.3
80.5
103. 8
105.4
98.6
453.5
588.9
598.4
576.3
582.1
564.9
578.3
584.8
587.1
590.0
46.0
86.8
79.1
75.9
82.5
162. 7
165.7
164. 6
167.4
176.2
33.5
149.3
148.9
152.2
161.2
200.1
204.5
206.9
213.0
268.7
58.8
90.4
86.0
91.9
95.2
87.9
91.1
88.5
87.5
11.5
15.2
11.7
10. 6
10.6
11.2
11.7
12.0
12.3
12. 1
15.1
20.1
19.8
19.9
17.9
89.4
90.7
81.6
86.1
94.2
577.5
587.4
583.9
605. 8
579.2
128. 5
125.4
129. 3
115.8
110.7
268.4
275.6
278.0
283.9
326. 4
109.0
101.2
95.8
93.2
94.7
11.5
13.3
13. 0
11.9
10.5
7.3
23.0
21.3
19.6
17.5
16.0
13.9
12.7
9.3
TABLE C .—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
1935—Dec. 31
1936—Dec. 30
X937—Jan 6
Jan 13
Jan. 20
Jan 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
360. 3
429.8
432.1
432.9
425. 9
422. 2
419.1
419.2
432.4
428. 3
208.8
178.0
178. 3
183. 2
184.2
186.2
179.8
178.0
190. 3
191.1
48.1
62. 0
59.8
60. 3
60. 0
59. 2
59. 7
59.6
61.3
60. 8
425.4
435.8
415.5
429.3
409.3
199.8
198. 6
189.5
197. 6
192. 4
61.2
61.6
60.8
60.4
63.0
.6
-.5
-.9
1.6
2.7
2.7
3.0
3.0
3.0
3.4
3.0
3.1
2.9
29.7
66.0
67.4
68.2
69. 3
69.1
69.7
69.8
69.7
68.4
13.7
16.3
16.4
16.0
16.2
15.8
15.2
14.2
15.3
14.7
8.8
22.0
22.8
23.0
22.9
23.2
22.9
21.7
22.8
19.0
310.2
343.7
344.2
350.2
352. 9
355.3
350.3
346.9
361.9
356.1
-4.6
36.9
33.9
30.4
23.2
17.4
19.4
26.5
30.5
30.4
19.0
23.2
25.9
24.9
26.0
26.8
27.1
24.9
25.3
24.1
37.3
30.4
33.2
33.1
29.3
28.4
28.5
27.5
23.1
24.9
-1. b
-4.4
-5. 1
-5.6
—5 6
-5.8
-6. 2
-6. 6
-8.5
-7.2
'.6
-1.5
.9
1.5
3. 1
3.1
3.2
1.5
3.2
69.3
69.8
69.4
68.8
69.0
14.4
15.5
14.2
14.1
14.2
18.6
20.6
19.9
22.7
21.7
365. 7
369.8
355.4
365.9
365.1
35.7
40.2
30. 6
36.6
24.6
27.1
23.1
26.1
28.8
29.0
4.9
10.5
10.5
6.7
-2.4
-8.0
—7. 7
-7.1
-8.7
-7.0
7.6
22.6
24.1
23.5
19.7
22.0
23.8
15.6
20.9
17.0
-4.5
-7.6
-5.7
-7.9
-8.6
-10.1
-9.2
-10.3
-9.1
-8.6
1.0
-4.2
-4.4
-4.3
-4.5
-4.6
-4.8
-4.7
-3.7
-5.1
2.9
2.1
1.7
1.7
10
1.0
1.6
.4
-.3
-.8
-.9
(2)
-.1
.1
—l
-.1
—. 5
(2)
-.4
-.2
21.5
17.8
21.8
24.1
24.3
-8.7
-9.8
-6.4
-11.5
-10.0
-5.8
-6.1
-5.1
-5.1
-5.4
-2.1
-4.6
-4.9
-4.5
-5.4
-.2
-. 1
.2
.3
.5
-.4
-3.3
-3.2
-3.5
-2. 6
-1.2
TABLE 6. —BROKERAGE BALANCES, BY COUNTRIES
1935—Dec. 31
1936—Dec. 30
1937—Jan. 6
Jan. 13
Jan 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
8.1
10.9
.9
7.3
2.3
4.9
7.5
1.6
3.7
2.5
2.4
10.4
9.9
9.5
9.2
9.8
9.0
8.4
9.6
8.0
4.7
-2.9
5.6
3.3
4. 1
3.8
-.1
2.2
2.4
.8
8.8
8.0
8.6
10. 3
9.4
6.0
12.9
15.6
13.0
7.6
i Inflow less than $50,000.
0)
4.0
4.2
5. 1
4.6
1.3
-.9
-.6
_
9
-1.4
-.8
-.4
-1.5
-1.0
-1.2
.4
1.2
.6
.8
2.7
2.5
9.1
8.7
8.4
7.4
7.9
7.5
7.6
9.4
8.2
7. 7
8.5
9.8
9.8
10.3
2 Outflow less than $50,000.
-.2
—. 7
0)
.1
(2)
(2)
.2
0)
0)
0)
0)
1
( 2 )'
(2)
-. 1
.1
.3
2
'.2
.2
.1
1.7
.4
-.2
.1
.1
.2
. 1
.3
-.1
-.6
-1.1
-.8
.3
.2
.2
.1
.2
1.4
.4
.4
0)
.5
.8
.9
641
FEDERAL RESERVE BULLETIN
JULY 1937
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
T A B L E 7 . — T O T A L SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
to —
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
1935—Dec. 31193(5—Dec. 30.
441.8
1,233.6
217. 5
483.8
30.2
82.9
57. 9
168.0
£3 9
213! 9
7.9
15.1
2.9
6.1
59.1
126.4
1937—Jan. 6...
Jan. 13.
Jan. 2 0 Jan. 2 7 -
246.8
261.3
286.3
222.2
485.4
484.0
490. 0
492.7
84.0
86.7
88.0
89.0
168.1
171.4
175. 2
176.9
214.6
218. 9
225. 1
228.0
14.9
14.6
14.0
13.9
6.0
5.8
5.8
5.7
128.4
129.8
131.7
132.8
134.2
108.0
108.9
113.1
Feb.
Feb.
Feb.
Feb.
3_-_
10_ _
17. _
24. _
235.3
259. 6
266. 6
240.1
493.7
526.0
530.7
540. 9
91.5
93.8
93.0
97.4
179.9
189.4
192. 6
198. 9
230.6
235. 4
235. 0
241. 7
13.3
12.5
11.8
11.3
5.7
5.4
5.3
5.0
Mar.
Mar.
Mar.
Mar.
Mar.
3...
10..
17. _
24.
31..
303. 5
338.0
378.5
379. 3
394. 8
547. 3
566.5
569. 9
571. 8
579. 2
97.8
98.9
98.0
95. 1
95.6
202.4
207.9
212.7
212. 7
215.3
245. 6
247. 8
248.9
249. 1
250. 5
10.8
10.4
10.2
10.0
10.0
5.1
5.0
4.9
4.8
4. 7
All
Other
TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
1935—Dec. 31- _
1936—Dec. 30. _
316.7
917.4
149.8
367.7
23.4
64.7
50.5
157.6
55.1
200. 2
-5.4
-7.5
-|
-3.3
12.9
38.5
286.2
818.0
2.8
32.6
3.7
15.5
21.4
44.1
2.6
7.1
1937—Jan. 6 — .
Jan. 13...
Jan. 20...
Jan. 27...
918. 5
927.9
948.9
957.9
368. 8
367.1
373. 6
376.5
65.8
67.9
68.8
69.2
157.9
161.0
164.5
165.6
200. 9
204. 3
209.9
212. 5
— 1.1
-7.9
-8.9
-9.3
-3.4
-3.5
-3.5
-3.6
38.7
39.5
40.9
41.1
821.0
828.4
845.4
852.0
30.0
31.1
32.7
33.5
15.8
15.9
16.3
16.3
44.4
44.8
46.8
48.1
7.3
7.6
7.8
8.0
Feb.
Feb.
Feb.
Feb.
968.3
1,000.4
1,004.3
1,014. 5 !
378.4
393. 6
397.8
404.6
71.7
73.5
72.6
74.6
168.4
176.6
179.0
182.2
214.8
218.8
217. 8
216.4
-9.8
-10.6
-11.2
-11.8
-3.6
-3.7
-3.8
-4.0
41.1
42.3
42.4
43.3
860.9
890.5
894.6
905.3
34.1
32.8
32.1
29.9
16.4
16.7
16.7
16.6
48.8
51.5
51.8
53.5
8.1
8.8
9.0
9.2
1,025. 7
1,054. 4
1,064. 7
1,062.1
1,075.7
408.7
427.2
431.3
432.3
438.7
74.9
76.1
75.2
72.4
72.9
185.9
191.0
195.5
195.2
197.5
219.4
221.0
221.9
221.7
222. 7
-12.3
-12.7
-13.1
-13.4
-13.6
-4.3
-4.3
-4.5
-4.5
-4.6
42.6
42.0
42.2
42.0
42.4
914.9
940.3
948.5
945.7
956.0
28.5
29.1
29.0
28.9
30.2
16.8
16.8
16.3
16.2
16.9
56.1
58.9
62.1
62.4
63.6
9.4
9.3
8.7
8.9
9.0
3_-_
10-.
17_.
24__
Mar. 3__.
Mar. 10-Mar. 17Mar. 24..
Mar. 31-.
TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
1935—Dec. 31
1936—Dec. 30
125.2
316.2
67.8
116.1
6.8
18.2
7.4
10.4
-1.2
13.7
13.3
22.5
2.9
9.4
46.1
87.9
143.1
278.3
-39.7
1.7
12.7
15.7
7.9
17.0
1. 1
3.5
1937—j a n fi
J a n . 13
J a n 20
Jan 27
328.3
333.4
337.4
264.3
116. 6
116.9
116.4
116.2
18.3
18.8
19.2
19.7
10.2
10.4
10.8
11.3
13.7
14.6
15.1
15.5
22.6
22.5
22.9
23.2
9.3
9.2
9.3
9.3
89.6
90.3
90.7
91.7
280. 4
282.8
284.3
286.9
11.8
14.8
16. 6
-59.6
15.8
15.7
16.0
16.2
16.8
17.0
17.2
17.5
3.5
32
3.3
3.3
266.9
2£9. 2
262.3
225.6
115.3
132.4
133.0
136. 3
19.8
20.3
20.3
22.8
11.5
12.8
13.6
16.6
15.8
16.6
17.2
25.4
23.2
23.1
23.1
23.1
9.3
9.1
9.0
9.0
S3.1
65.7
66. 5
69.8
288. 0
279. 9
282.7
303.0
-58.9
-59.3
-60. 2
-06.5
16.6
17.1
17.9
-33.7
17.8
18.2
18.3
18.8
3.4
3.5
3.7
4.0
277.9
283.7
313.9
317.1
319.1
138.6
139.3
138.6
139.6
140.5
22.9
22.8
22.8
22.7
22.7
16.5
16.9
17.2
17.5
17.8
26.1
26.8
27.1
27.4
27.8
23.1
23.1
23.3
23.4
23.6
9.4
9.4
9.4
9.3
9.3
70.3
70.7
€8.6
£9.3
< 8. 9
307.0
309.1
336.9
339.3
340.6
-19.3
-16.1
-14.5
-13.9
-13.4
-33.1
-32.8
-32.5
-32.3
-32.1
19.1
19.3
19.7
19.9
19.8
4 1
4.2
4.2
4.2
4.2
Feb
Feb.
Feb.
Feb.
3
10
17
24
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
- -
642
FEDERAL RESERVE BULLETIN
JULY
1937
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[In millions of dollars]
TABLE 10.—LIABILITIES TO FOREIGNERS
Date
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Other
Europe
Italy
Total
Latin
Europe Canada America
Far
East
All
Other
Reported by Banks in New York City
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
31
31
30
28
27
2, 672. 7
2, 335.0
1, 303. 5
745.6
392.0
301. 5
214. 5
104. 9
169. 7
48. 9
923.
799.
549.
71.
27.
7
4
2
1
0
99.
122.
44.
11.
8.
1
2
6
9
0
105.2
222.2
66.0
78.0
11.5
204. 5
161. 0
41. 1
32. 9
17. 5
157.
111.
33.
39.
11.
4
2
2
8
7
371.3
281.3
122.2
66.2
31.1
2, 162.8
1, 911.7
961.2
469. 6
155.7
241.8
216. 8
148. 3
98.2
86.1
188.2
130.8
103.3
121.7
96.7
49.0
38.2
69.0
43.5
42.7
31.0
37.5
21.6
12.6
10.9
Reported by Banks in United States
1934—Dec. 26_
1935—Dec. 31..
1936—Dec. 30_
610.6
1, 200. 2
1, 491. 6
83.0
205.5
235.7
39.6
163.5
176.3
12.2
68.6
78.8
13.5
86. 1
123. 5
30.0
29.0
32.0
19.5
26. 1
41.7
47.1
107.5
126.3
245. 0
686.3
814.3
97.9
145.3
186.1
125.2
156. 3
263.9
130.1
188.9
200.2
12.4
23.4
27.1
1937—Jan.
Jan.
Jan.
Jan.
6—
132027-
1,485.1
1, 468. 0
1, 492. 7
1, 587. 9
247.9
234.5
249.0
231.3
174.1
173.4
160.6
165.5
75.0
73.2
73.0
75.8
128.4
126.3
124.9
125.1
31.1
30.2
31.7
29.9
40.0
38.3
36.2
34.8
127.4
125. 8
132.1
127.9
823.8
801. 7
807. 5
790.3
178.4
175.2
181.8
262.0
263.5
266.8
275.7
314.7
195.8
201.8
205.1
197.8
23.6
22.6
22.6
23.1
Feb.
Feb.
Feb.
Feb.
3._
10.
17..
24.
1,612.5
1,617.9
1, 628. 5
1, 698. 0
240.8
214.9
219.1
229.1
167.0
174.0
169.3
174.5
74.1
72.8
71.6
66.2
122.9
119.1
123.5
110.6
39.3
47.5
49.1
52.7
32.6
31.5
28.0
37.2
127. 1
150.4
152.0
145.2
803. 7
810.2
812.5
815.4
265. 0
263. 9
266. 7
275.6
319.1
321.4
327.6
383.2
201.0
198.4
197.4
199.6
23.6
24.0
24.3
24.1
Mar.
Mar.
Mar.
Mar.
Mar.
310.
17.
24.
31.
1, 656. 0
1, 664.0
1, 661.1
1,671.7
1, 682. 7
221.2
228.6
242, 2
245. 7
226.9
176.5
180.4
174.3
187.6
173.0
68.1
62.8
61.3
61.8
60.4
111.4
113.3
111.6
111.7
113.1
55.9
51.6
53.2
53.1
53.9
33.8
38.9
38.5
38.7
36.6
136.0
137.3
128.2
132.7
140.8
802.9
812.8
809.3
831.2
804.7
227.8
224.7
228.6
215.1
210.0
383.0
390.1
392.5
398.4
441.0
218.9
211.1
205.7
203.1
204.6
23.4
25.3
25.0
23.8
22.5
TABLE 11.—FOREIGN ASSETS
Date
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Latin
Total
Europe Canada America
Far
East
All
Other
Reported by Banks in New York City
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1,102. 3
918.2
879.8
166. 2
92.5
197.7
29.5
62.9
66.9
20.9
13.0
18.4
12.6
6.2
12.3
467.2
434.9
260.9
18.7
11.8
16.7
149.2
97.0
83.2
864.3
718.3
656.2
58.1
42.2
32.3
135.5
130.3
135.5
41.8
24.0
49.7
2.6
3.5
6.2
Reported by Banks in United States
1934—Dec. 26
1935—Dec. 31
1936—Dec. 30
1,115.0
762.1
656.7
287.0
93.3
119.3
85.7
32.5
16.8
17.6
19.0
21.9
8.3
6.6
5.4
233.6
202.0
165.1
29.7
13.5
10.9
81.0
71.2
57.8
742.8
438.2
393.7
94.0
100.9
59.4
152.4
132.8
119.9
117.8
80.1
67.2
8.0
10.1
12.9
1937—Jan. 6
Jan.13
Jan. 20
Jan. 27
654.4
653.6
660.6
664.4
119.0
114.2
113.2
111.1
19.0
18.4
18.8
19.5
21.8
22.2
21.2
19.8
5.4
5.1
5.0
5.1
163.7
163.0
161.9
162.1
10.8
11.2
11.0
11.4
56.9
56.8
56.9
56.6
396.7
390.8
388.0
385.7
62.4
65.9
73.1
78.8
117.2
118.2
117.1
116.4
64.4
64.5
68.3
69.2
13.6
14.1
14.1
14.3
3
10
17
24
667.4
667.3
654.1
658.2
117.5
119.4
107.0
106.2
19.0
19.2
17.5
18.0
18.9
18.0
19.1
19.5
4.7
5.0
5.0
5.1
161.5
161.4
161.5
162.7
12.1
13.0
11.9
12.5
56.8
58.0
57.0
60.8
390.6
394.1
379.0
384.8
76.9
69.8
65.7
65.9
116.0
118.3
117.9
119.1
69.1
70.1
74.5
72.7
14.7
15.1
16.9
15.7
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
661.1
650.7
671.0
657.2
677.2
97.6
98.8
107.8
99.8
104.9
17.5
17.2
18.0
18.3
15.8
19.3
18.0
20.2
17.7
5.0
5.0
4.9
6.6
161.8
161.4
161.8
162.4
162.2
12.8
11.7
13.0
13.1
13.0
61.2
59.2
59.9
57.1
58.1
375.2
371.2
385.6
375.1
375.9
60.6
56.1
65.7
59.7
71.7
116.1
120.1
117.1
114.4
114.1
92.7
87.1
87.1
90.9
100.0
16.5
16.2
15.5
17.2
15.5
Feb.
Feb.
Feb.
Feb.
17.1
4.9
NOTE.—The outstanding amounts shown above for Dec. 30, 1936, and subsequent dates indicate movements since earlier dates shown that
differ from the movements recorded in tables 1, 4, and 5, due to a change on Aug. 12, 1936, in the reporting practice of one bank. See BULLETIN
for May 1937, pages 425 and 431.
643
FEDERAL RESERVE BULLETIN
JULY 1937
ALL BANKS IN THE UNITED STATES
1
ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, DECEMBER 31, AND
MARCH 4, 1936, BY DISTRICTS
[Amounts in millions of dollars; iigures for nonmember banks are for dgites indicated or nearest thereto for which figures are available.]
1i-oans a ad Investments
Total
Federal Reserve District
Mar.
1937
Loans
Investments
Mar.
1936
Mar.
Dec.
1937
1936
Mar.
1936
5,676 5,583 5,429
18, 921 19,149 18, 225
3,456 3,462 3,263
3,578 3,593 3,251
1,931
1,914
1,699
1,291
1,113
1,286
5,195 5,366 4,770
1,497
1,362
1,481
1,083
994
1,095
1,356
1,227
1,369
948
835
954
4,205 4,271 3,944
2,793
8,881
1,267
1,374
840
611
1,849
672
415
600
465
2,025
2,726
8,771
1,260
1,341
809
602
1,820
662
415
585
458
2,001
2,769 2, 883 2, 857
8,412 10,040 10,378
1,258 2,189 2,203
1,279 2,204 2,252
744 1 091 1,106
684
511
681
1,509 3,346 3,547
818
597
825
680
416
668
784
538
757
496
408
484
1,826
2,181 2,271
Dec.
Deposits, exclusive of
interbank deposits
Mar.
1937
Number of
banks
Mar.
1937
Dec.
1936
888
1,241
948
1,265
1,060
1,089
2,556
1,599
1,368
1,921
991
643
887
1,248
948
1,274
1 063
1,087
2,557
1,602
1,382
1,928
996
656
893
1,259
947
1,273
1 069
1,088
2,579
1,645
1,398
1,958
1,009
690
49,138 49, 524 46,115 21, 790 21,449 20, 267 27, 348 28,075 25, 847 52, 577 53, 701 48, 716 15, 569 15, 628
15,808
1936
Mar.
1937
Dec.
1936
Mar.
1936
Dec.
1936
Mar.
1936
Mar.
1936
ALL BANKS 1
Boston 7
New York "
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
-
Total1"
2, 661 5, 876 5,897 5, 696
9,813 18, 942 19,116 17, 765
2,006 3,678 3,713 3,368
1,972 3, 860 3,962 3,461
955 2,198 2,244
1,978
602 1, 535 1,530
1,325
3,261 5,888 6,372 5,507
765 1,756
1,777
1, 543
578 1,238
1,273
1,156
688 1,740
1,794
1,609
427 1,211
1,243
1,089
2,119 4,656 4,780 4,220
MEMBER BANKS
Boston
_ _
New York
Philadelphia
Cleveland
Richmond
Atlanta
__
Chicago
St. Louis _
Minneapolis
Kansas City
Dallas
San Francisco..
956 2,187 2, 215 2,098
6,678 11,651 11, 822 10, 574
2,522 2,573 2,302
1,327
3,005 3,115 2,678
1,576
1,433
609 1,415
1,248
1,164
1,021
506 1,155
2,743 4,499 4,998 4,268
1,155
1,023
594 1,123
868
906
827
416
1,314
1,183
588 1,267
1,063
929
380 1,032
1,818 4,020 4,136 3,622
360
789
658
623
405
327
752
388
476
727
548
314
360
789
658
627
404
330
741
388
481
726
550
322
362
791
657
623
403
328
701
390
498
727
550
347
32, 525 33, 000 30, 288 13, 699 13, 360 12,099 18, 826 19, 640 18,189 34, 746 35, 893 31, 774
6,367
6,376
6,377
2,020 1,950
1,896
11,642 11, 851 11,186
2, 366 2,394 2,258
2,796 2,822 2,516
1,232
1, 227 1,062
1,024
886
1,027
4,109 4,278 3,758
1,091
975
1,092
709
762
782
974
1,119
1,100
716
827
816
3,566 3,631 3,354
Total
1,031
5,045
941
1,040
533
469
1,361
457
287
444
385
1,706
970
4,914
939
1,010
511
459
1,319
446
289
434
387
1,682
939
4,507
931
941
453
380
1,014
381
293
388
337
1,535
989
6,597
1,424
1,756
699
555
2,748
634
476
656
431
1,860
980
6,937
1,455
1,812
717
568
2,959
646
493
685
440
1,948
NONMEMBER BANKS
Boston
New York r
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3,534
7,040
1,006
735
637
228
1,012
387
286
253
119
591
1,762
3,836
325
334
306
142
488
215
129
156
79
319
1,757
3,857
321
330
298
143
501
216
126
151
72
319
1,829
3,904
327
339
291
132
494
216
123
151
72
291
1,894
3,443
765
448
392
126
598
191
192
100
53
320
1,877
3,441
747
440
389
116
588
172
188
99
55
322
1,704
3,135
679
397
345
96
518
170
162
103
47
300
3,597
7,190
1,066
784
730
304
1,239
520
329
426
159
598
528
452
290
642
655
762
1,804
1,211
892
1,194
443
329
527
459
290
647
659
757
1,816
1,214
901
1,202
446
334
531
468
290
650
666
760
1 878
1,255
900
1,231
459
343
16, 613 16, 524 15, 827
8,091
8,089
8,169
8,522
8,435
7,658 17, 832 17, 808 16,942
9,202
9,252
9,431
3,655
_
_
Total r
r
_ . 7,279
1,090
782
699
268
1,087
406
321
256
132
639
3,634
7,298
1,068
771
687
259
1,089
388
313
250
127
641
3,689
7,291
1,156
854
783
380
1,388
633
370
473
178
636
3,682
7,294
1,140
847
812
366
1,374
622
366
480
181
644
Amounts for March 1936 revised.
i Comprises all licensed National banks in the continental United States and all licensed nonnational banks described in footnote 1. on page 646.
644
FEDERAL RESERVE BULLETIN
JULY
1937
ALL BANKS IN THE UNITED STATES—Continued
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER 31
AND MARCH 4, 1936, BY STATES—Continued
[Amounts in thousands of dollars]
March
1937
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia._
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East. South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
r
1
107,358
Deposits, exclusive of interbank deposits
Investments
Loans
Dec.
1936
March
1937
Dec.
1936
March
1936
Dec.
1936
March
1936
104, 251
305,878
111,122 209, 254 203, 219
191, 294 327, 253 320, 821
258,494
169,462
266,979
167, 599
265,087
103,021
160,960
165, 548
80, 508
170,084
81, 327
169,052
84,137
79,565
1,829,723 1, 726,818 1, 715, 592 1,608,044 3, 711, 528 3, 735, 832 3, 615,920
443,958
462,838
177, 568 279,642 277, 580
258,154 461,293
595, 928 552, 481 545, 099
481,286 1,234,639 1, 228, 756 1,174, 562
100,602
99,178
85.104
85,969
1,857,938 1,816,840
179, 594
172,129
597, 203
582, 344
8,138, 243 8,038,120
729,812
721,063
1,511,574 1, 516,041
March
1937
March
1936
Number of
banks
Mar. Dec.Mar.
1937 1936 1936
103
110
91
395
35
197
102
110
91
395
35
197
103
112
92
396
35
r
913
897
904
7, 675, 934 9, 070,156 9,401,500 '8, 950, 42616, 997, 72817,157, 907 "15,950,1
423
419
884, 338 1,993,053 2,021,730 1, 845,060 419
732, 510 1, 000,199 1,009,176
1,490,669 3,003,623 3,063, 829 2, 803, 251 4, 647, 835 4, 729, 62- 4, 296, 037 1,125 1,132 1,130
715
550
882
475
619
713
536
882
471
607
715
536
882
471
607
688
657
673
192
184
435
705
659
673
196
191
435
708,
152,353
674,336
283, 221
441, 544
243,393
278, 111
115,869
303, 845
260,831
48
199
22
323
187
209
149
325
162
48!
199
22
323
187i
211
150
325
158
48
202
22
327
184
214
149
321
155
415,405
400, 538
253, 210
190, 986
364, 309
348,842
213, 716
150, 954
434
312
218
207
434
315
218
435
326
217
209
62,100
185,669
163,991
457, 577
156, 238
152,846
50,149
140, 824 343,465 367, 504
359,919
142, 673 358,928
396, 459 1,080, 877 1,107,652
125,394
296, 661
326, 344
981,761
222
146
401
878
222
146
403
882
225
150
404
892
63,172
40,953
18, 279
123, 815
18,071
26,064
52,896
15,929
51,946
35, 557
15,969
110,851
14,842
24,378
54, 208
13, 960
128, 734
95,402
58, 299
285,191
51, 552
75,035
124, 466
31,093
116, 255
77, 558
51, 207
249,972
42, 877
64,692
114,177
26, 764
117
53
58
149
41
13
59
10
119
53
58
151
41
14
59
10
120
60
59
155
41
15
59
10
215,864 219,913
194, 315 457,402 462,843
176, 573 174,520
153,167
141,371
266,144
70, 232
58. 963
146, 274
132,337 266,165
77,149
1, 670,652 1,653,569 1,531,011 1,694, 238 1, 775,799 1,671,089 3,623, 531 3, 744, T
393,052
227, 303
3, 334,441
185
83
244
186
93
246
188
94
270
826, 324
244,16^
958.
345, 172
240, 07
787, 396
238, 595
926,714
366, 020
234, 901
873,983 2,144,109 2,171,116 1,878.047
746,335 1,035,989 1,036, 753
643, 796
765,810
758,801
318,112
216, 509 383, 554 380, 863
736, 942 1,805, 915 2, 035, 754 1,945,740 2, 925,140 3, 387, 586 2, 925, 696
680, 054
617,366 1,309,087 1, 342, 727 1,169,898
293. 033 711,093
382, 583 802, 649 807, 626
220, 614 457, 521 462, 937
703, 497
286,113
229, 293
416, 55^
23, 263
31,385
105,013
128,471
287, 765
219,06;
407. 875
23, 483
30, 629
101. 674
127, 535
279, 622
198,339
363,069
26, 274
32, 722
97, 545
123, 226
443, 575
244,194
591, 390
32, 941
36, 734
120,449
138,164
455, 628
239, 496
597,652
34. 283
36, 634
134,836
139, 548
750, 790
390,997 800, 573 828, 283
557, 565
503, 535
213, 854 583,955
558,651 1,217,917 1, 232, 268 1,086,012
69,148
66,544
67,132
28,075
86, 575
77, 662
84, 329
31,415
261,117
121, 564 258, 721 273,012
333, 559
130, 946 356, 295 375, 672
78,973
207,317
97, 915
259,198
119,245
136, 268
46, 750
185, 503
76,940
72,736
197. 530
95, 234
251. 966
117,734
126,659
46, 645
181, 876
74,415
70, 749
198,015
86.082
233, 427
113,002
105, 860
34,916
147,1
59, 282
102,482
480,852
147, 771
177, 710
98, 348
155, 667
53, 453
113,174
166,949
106,112
489,616
134,533
190, 239
96, 625
164,479
51, 732
121, 644
145,981
89,479
424, 772
116,798
154,943
86, 985
149,615
40, 732
126,050
132,785
176, 428
721, 230
316,371
494,836
269, 588
311,676
147, 097
340, 603
322, 559
194, 287
747, 739
306,711
506,129
268, 524
327,082
150, 407
342, 860
290, 655
206, 672
191,902
95, 646
56, 525
206,109
191, 75'
93,126
53, 716
193, 061
159,196
84,982
53, 679
163,359
156,193
108,975
78, 535
163,432
158,335
106, 345
76, 083
154.521
140, 927
87, 361
62,155
411,670
391, 610
249, 780
187,048
47, 200
123, 241
124,471
418,57
45, 893
124,532
118,742
413,869
44, 700
107,1
110,885
367,821
62, 597
171,397
157, 769
445,366
28,822
24, 255
21, 216
79,942
15, 601
23, 443
50, 915
28, 458
24,157
20,085
79,993
14, 692
26,032
51, 520
6,535
32,113
19, 673
19, 662
66,440
12, 754
18, 230
44,363
4,994
62,146
41,190
18, 519
126,657
19,017
26,804
53, 523
14,325
123,945
94,038
54, 748
278,454
51,011
80,777
124,168
30,180
687
662
706
201
199
21, 790, 473 21, 449,056 20, 267,375 27, 347, 913 28,075,017'25,847, 28452, 577, 207 53, 700,966'48, 716,272 15, 56915,628 15,808
Revised.
Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on page 646.
645
FEDERAL RESERVE BULLETIN
JULY 1937
ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND
DECEMBER 31 AND MARCH 4, 1936, BY STATES—Continued
[Amounts in thousands of dollars]
Loans
March
1937
New England:
Maine
New Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut
M i d d l e Atlantic:
N e w York
N e w Jersey
Pennsylvania
E a s t N o r t h Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West N o r t h Central:
Minnesota
Iowa
Missouri
North Dakota
South D a k o t a . - .
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of ColumbiaVirginia
West Virginia
N o r t h Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon__
C alifornia
Total-.. -
36, 990
28,822
21, 637
552, 445
46, 279
113,470
Dec.
1936
35,099
27, 398
20, 772
519, 326
38, 680
103,021
1, 745, 733 1, 702, 004
233, 23^
224, 488
779, 660
776, 095
Deposits, exclusive of interbank deposits
Investments
March
1936
36,036
26, 681
20,059
491,471
38,186
106, 036
March
1937
68, 801
33, 242
27, 257
481, 231
40, 275
106, 827
Dec.
1936
68, 670
31, 379
28,076
464, 342
39, 756
107, 956
March
1936
March
3937
Dec.
1936
63, 930: 118,383
114.479
30, 377
61, 964!
63, 856
50,344|
51,376
25, 919
466, 845 1,117,4521 1,117,511
42, 949
78,657!
77,951
102, 437
258. 8361
263, 928
March
1936
X umber of
banks
Mar.
1937
Dec. Mar.
1936 1936
107. 290
58, 397
47, 349
1, 087, 620
75, 211
244,159
40
52
42
128
12
54
40
52
42
128
12
54
4(
52
43
12*
12
54
1,551,811 2, 641, 636 2,814,528 2, 527, 057 4, 294, 789! 4. 294, 468 3, 912, 940
219, 557
774, 213
398, 927
407, 904
355, 732
667, 521
745, 5361
756, 557 1, 479, 489 1, 544, 095 1, 378, 091 2, 284. 739 j 2, 326, 029 2, 080, 823
451
233
703
455
233
708
459
234
709
306,166
104, 081
697, 613
155, 012
105, 502
98, 509
688, 644
159, 778
100, 326
260,
77,
524,
107,
92,
565
493, 269
432, 234
927, 478
792, 491
495, 951
918, 784
882
219, 547
184,108
379, 389
313, 604
216, 856
372, 380
798 1,238,411 1, 432, 274 1, 369, 403 1, 960, 959 2, 348, 929 2,042, 063
393,127
336, 284
708, 462
617,087
677
372,094
673, 205
256, 690
218,139
422,474
372, 269
777
262,106
417,49'
248
124
309
83
105
249
124
307
83
105
24S
125
299
83
106
199,822
73, 290
181,211
13, 884
17, 650
73, 490
59, 066
204, 648
70, 355
172, 529
14,104
16, 327
71,119
58, 533
200,
63,
142,
16,
16,
66,
55,
309
583
776
253
979
569
553
7. 646
60, 070
44, 5f$
138, 501
58, 719
38, 945
26. 102
122, 783
55, 513
7,651
58, 596
42, 958
135, 700
57, 872
35, 193
26, 56'
119, 156
52, 337
54, 334
38, 743
127, 332
54, 764
30,101
18,871
90, 989
42, 689
96, 266
131,979
69, 879
18, 436
95, 703
134,324
67, 359
18, 013
27, 591
80, 848
106,
348, 853
13, 297
10, 650
13, 490
60, 446
11,726
16,190
20, 304
5,278
316, 448
104, 435
274,935
26, 857
25,018
112, 082
87, 495
270, 830
95, 460
269, 871
22,000
20,975
102,5341
81, 535
540, 872
194, 435
432, 373
46, 910
50. 722
185,653
189. 950
572, 764
190,169
446, 724
48, 926
50, 795
198,160
202, 360
524, 688
173,447
404,023
47, 449
45, 949
190,191
180,062
197
113
86
57
48
136
188
197
113
86
61
48
135
188
205
118
87
64
52
137
190
117, 644
52, 877
31,039
30,139
81, 332
135, 705
10, 274
192, 691
77, 706
127, 958
54,069
34,152
29, 091
89, 802
117, 380
9, 6231
167, 883
70, 307
98, 949
49,716
30, 807
20, 577
101,015
106, 847
18.512
249, 936;
172,1961
301,074
139, 299
87, 690
76,060
218. 822|
241. 572
18, 049
265, 405
169,041
310, 714
139.713
92, 871
78,116
221, 079
217, 357
16, 522
243, 902
157, 620
272, 210
125, 541
77, 698
60,103
201, 399
196, 484
16
63
9
132
79
43
20
56
53
16
63
9
132
79
43
20
56
53
16
63
9
132
79
43
20
57
51
87, 908
106, 959
57,126
17, 960
86,1
124,240
79, 487
28, 855
86, 772
129,058
76, 85'
28, 172
89, 343
115,893
59, 651
23,145
201,
269,
173,
63,
204, 981
282, 405
176,893
64, 908
187, 310
247, 423
150,542
52, 342
100
72
69
25
100
72
69
25
100
72
69
25
26, 284
82,108
102, 653
347,149
24, 533
67, 418
95,613
301, 044
40, 830
120, 349
142,216
396, 780
40,333
134, 695
148, 053
395,415
33,593
101,161
127, 840
346, 527
84,407
215, 818
309, 605
922, 788;
87, 799
236,928
930^ 409
72,195
192,818
281, 379
823, 252
50
30
214
457
50
30
214
456
."0
30
214
454
13,201
9, 776
12,844
61, 333
11. 020
18, 559
19, 585
5,119
16, 862
7,529
12,363
50, 288
9, 440
11,961
17, 399
3,991
37, 939
22, 318
14, 730
108, 413
15, 680
17,753
24, 992
12,161
38, 513
21,311
14, 750
106, 902
14, 996
17, 288
23, 840
13, 738
31. 693
15, 503
. 12, 768
93, 498
11,800
15,878
26, 294
12,040
71,155
42,971
38, 615
223, 827
40, 049
53, 646
54, 679
25, 266
74, 482
43,095
40,961
232,018
40,051
50, 706
54, 997
25, 993
68, 26'
32, 340
35, 852
204, 636
33,711
41, 949
50, 442
20, 883
44
20
26
77
22
6
13
5
45
20
26
78
22
7
13
5
46
23
26
81
22
304, 575
135. 802
155,088
297, 657
256, 303
150, 701
127, 796
226, 852
192, 354
225, 079
122, 469
115, 084
1,153,300 1, 216, 120 1,147.610 2, 540, 492 2, 626, 423 2, 324, 518
55
32
108
56
38
108
58
41
123
107,148
108. 083
62, 783
56, 406
1,158,556 1,141, 856
8. 459, 550 8, 257, 123
300, 884
105,099
25,
24,
98,
86,
515
i
322
393
10, 530
186,124
246
594
463
569
Oil
<
13
6
5, 305
5, 5.
3()f325 5, 375
7, 420, 57512, 222, 59612,756.077 11, 567. 557 22. 355. 300 23, 106. 775 20. 604, 62P
i
i
646
FEDERAL RESERVE BULLETIN
JULY
1937
ALL BANKS IN THE UNITED STATES—Continued
STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER
31, AND MARCH 4, 1936, BY STATES—Continued
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank deposits
Investments
Number of
banks
State
March
1937
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.Virginia
West Virginia
North Carolina
South Carolina4
Georgia
Florida
East South Central:
Kentucky
T ennessee
Alabama.
Mississippi
West South Central:
Arkansas
Louisiana..-^
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
PacificWashington
Oregon
California
Total
Dec.
1936
March
1936
March
1937
Dec.
1936
March
1936
March
1937
Dec.
1936
March
1936
Mar.
1937
Dec.
1936
Mar.
1936
134, 549
127,364
69,152
140,453
75,086
208, 870 206, 342
70,368
198, 588
130, 583 203,123
71, 780
76, 340 136, 220 136, 220
203,123
71, 780
200,097
53, 251
64, 332
64, 078
53, 251
53, 646 118,708
118, 708
64, 332
118,199
L, 305,493 1, 297, 514 1, 338, 252 1, 245, 587 1, 251, 250 1,141,199 2, 594,076 2, 618, 321 2, 528, 300
237, 824
133, 449
139, 382 239,367
215, 205 382, 636 384,887
133,315
368, 747
489, 892 445, 654 437,143
378, 849 975, 803 964, 828
483, 733 479, 323
930,403
63
58
49
267
23
143
62
58
49
267
23
143
63
60
49
268
23
144
>, 392, 510 6, 336,116 r6,124,123 6, 428, 520 6, 586, 972 r6, 423, 36912, 702,939 12,863,439 12,037,940
512, 953 601, 272 601, 272
496, 575 496, 575
528, 606 1, 247, 517 1, 247, 517 1,177, 539
734,112 1, 524,134 1, 519, 734 1, 425,160 2, 363,096 2, 403, 598 2, 215, 214
739,946
731,914
446
186
422
449
186
424
454
189
421
520,158
140,086
261,153
2190,160
134, 575
140, 086
238,070
206, 242
134, 575
485, 770
138, 627
212,144
185, 356
127, 837
542, 720
164,007
567, 504
317, 966
200, 831
540,802
164,007
603,480
307, 960
200, 831
441, 749 1, 225, 325 1, 243, 638 1,085, 556
134, 004 386, 421 386, 421
330,192
576, 337 964,181 1,038, 657
883, 633
281,082
635,882
634, 265
552,811
164,444
385,152
385,152
331, 228
465
412
573
388
502
466
412
575
388
502
467
425
583
392
513
86, 291
156,003
235, 346
9,379
13, 735
31, 523
69,405
83,117
148, 712
235,346
9,379
14, 302
30, 555
69,002
79, 313
134, 756
220, 293
10,021
15, 743
30, 976
67,673
142, 691
139,095
322, 717
7,426
11,887
22,127
51, 771
139,180
135,061
322, 717
7,426
11,616
22, 754
52,053
120,167
259, 701 255, 519
118, 394 3 389, 520 367, 396
288, 780 3 785,544 3 785,544
6,075
20, 222
20, 222
10, 440
33, 607
35, 780
19,030
74, 852
73, 068
49, 411 3166, 345 3 173,312
226,102
3 330,088
681, 989
19,095
31, 713
70, 926
153, 497
491
544
587
135
136
299
51'
482
544
619
137
147
299
533
71, 327
147, 247
53, 346
120, 697
60, 526
97, 323
20, 648
62, 720
21, 427
65,085
138,934
52, 276
116, 266
59, 862
91,466
20,078
62, 720
22,078
62, 961
143,681
47, 339
106, 095
58, 238
75, 759
16, 045
56, 709
16, 593
91, 952
294, 728
58, 939
60, 066
45, 471
124,628
23, 314
31,842
31, 244
95, 838
296,925
56, 827
62, 281
42, 556
130,327
22, 641
31, 842
28,601
79,856
256, 889
46,491
55, 994
37, 269
118,808
20,155
25,035
25, 938
157, 916
471, 294
144,175
193, 762
130, 289
223,986
3 71,037
121, 781
176, 238
482,334
137, 670
195, 415
128,811
234,211
3 72, 291
121, 781
73, 298
135, 831
430, 434
125, 601
169, 334
117, 852
200, 413
55, 766
102, 446
64, 347
32
136
13
191
108
166
129
269
109
492
546
58:
135
143
300
520
32
136
13
191
108
168
130
269
105
32
139
13
195
105
171
129
264
104
110, 406
59,923
25, 767
110, 406
57, 433
25, 767
35, 703
105,153
52, 237
27, 856
35, 719
76, 660
31,953
29, 488
49, 680
76, 660
29, 277
47, 911
65,178
25,034
27, 710
39, 010
210, 424
122,016
76, 317
123, 479
210, 424
118,133
76,317
126, 078
176, 999
101, 419
63,174
98, 612
334
240
149
182
334
243
149
183
335
254
148
184
19, 609
42, 393
17, 484
69, 723
19, 609
42, 424
16,089
66, 720
20,167
40, 390
15, 272
66, 777
21, 767
51,048
15, 553
48, 586
21, 767
50, 974
15,938
62,162
16, 556
39, 663
14, 833
49, 932
127, 647
49, 323
158,089
68,439
130, 576
48, 633
177, 243
53,199
103, 843
44, 965
158, 509
172
116
187
421
172
116
189
426
175
120
190
438
15, 525
13,605
7,726
19, 496
3,875
7,253
30, 611
1,391
15, 257
14,381
7,241
18, 660
3,672
7,473
31,935
1,416
15, 251
12,144
7,299
16,152
3,314
6,269
26, 964
1,003
24, 207
18, 872
3,789
' 18, 244
3,337
9,051
28, 531
2,164
24, 659
19, 642
3,529
16, 913
3,075
8,776
29,056
2,191
20, 253
20,054
3,201
17, 353
3,042
8,500
27, 914
1,920
52, 790
3 51,067
16,133
54, 627
10,962
3 27,131
69, 489
3 4,914
54, 252
s 52, 307
17,338
53,173
11, 501
3 24,329
69, 469
3 5,100
47, 988
3 45,218
15, 355
45, 336
9,166
3 22,743
63, 735
3 5,881
73
33
32
72
19
7
46
5
74
33
32
73
19
7
46
5
74
37
33
74
19
8
46
4
68, 490
14, 366
512,096
67, 372
13, 826
511,713
58, 799
11, 264
478, 623
65,163
18, 902
540,938
64, 825
18, 478
559, 679
58, 513 159, 745 158, 268
136, 749
17, 253
39, 313
41, 065
34, 949
523, 479 1,083,039 1,117, 976 1,009, 923
130
51
136
130
55
138
130
53
147
13, 330,923 13,191, 933 1 2 , 846, 800 15,125, 317 15, 318, 940 1 4 , 279, 727 30, 221, 907 30, 594,191 '28, 111, 644 10, 264 10, 303 10, 433
r Revised.
1 Comprises all licensed state commercial banks, trust companies, m u t u a l and stock savings banks and such private banks and industrial
banks as are included in abstracts issued b y State banking departments.
2
T h e reduction in loans since December 31,1936 is due to the elimination of practically all "real estate mortgages securing debentures," amountng to $21,000,000 on December 31, from the abstract of condition reports of trust companies.
s Includes interbank deposits.
* Includes cash depositories.
N O T E . — A l l figures in the M a r c h 1937 columns are as of March 31, except as follows: Maine, M a r . 27; New Hampshire, J u n e 30, 1936; Vermont,
New Jersey, Indiana, Wisconsin, N o r t h Dakota, Georgia, K e n t u c k y , Alabama, Arkansas, Dec. 31; Massachusetts, savings banks, Oct. 31; Rhode
Island, State banks, M a r . 17, savings banks, Dec. 31; New York, savings banks, Dec. 31; Pennsylvania, M a r . 1; Minnesota, Apr. 3; Missouri,
Nov. 25; Nebraska, M a r . 22; Kansas, M a r . 20; Maryland, State banks, Apr. 2; savings banks, Dec. 31; Louisiana, Apr. 5. For call dates of figures
included in December and M a r c h 1936 columns, see footnotes on bottom of pages 437 and 533, respectively, of the M a y 1937 and J u l y 1936 BULLETINS.
JULY
647
FEDERAL RESERVE BULLETIN
1937
ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND DECEMBER
31, 1936 AND MARCH 4, 1936, BY STATES
[Figures in this table are also included in the table on p. 646 covering "State Banks." Amounts in thousands of dollars.
Loans
Deposits, exclusive of interb a n k deposits
Investments
State
March
1937
Connecticut:
District No 1
District No. 2
Georgia l
__ -_
Indiana i:
District No. 7
District No. 8
Iowa
Kansas
New Jersey Dist. No. 2 L_
New York
Ohio .
Pennsylvania:
District No. 3
District No. 4_
South Carolina
Total
Dec.
1936
March
1936
March
March
Dec.
1936
1937
1936
March
1937
Dec.
1936
March
1936
N u m b e r of
banks
Dec.
1936
Mar.
1937
Mar.
1936
311
132
800
318
134
800
290
147
594
213
122
287
199
132
287
185
99
161
449
364
2,491
451
383
2,491
404
314
1,803
3
1
43
3
1
43
3
1
40
1,830
254
161
2
3
16
93, 856
2,157
1,830
254
168
3
16
89, 232
2,073
2,019
287
136
2
15
'90,831
1,958
1,380
170
260
25
11
407, 263
648
1,380
170
258
25
11
408, 039
626
1,288
159
236
67
17
'342,913
508
5,379
532
546
82
6
435,083
3,345
5,379
532
582
84
6
401, 434
3,308
4,730
543
513
95
21
r
323, 237
3,075
25
4
2
1
1
14
14
25
4
2
1
1
17
14
27
5
2
1
2
18
14
3 9,785
31, 086
735
9,618
1, 057
817
9,667
1,084
901
45, 582
1,103
237
41,013
997
255
40, 691
732
2
67,175
2,207
1,311
60, 492
2,217
1,240
63,136
1,713
1,127
17
5
1
17
5
1
19
5
1
111,126
106, 320
107, 931
457, 301
453, 392
387, 058
518, 970
478, 599
"•400, 711
131
134
138
r
r
1
2
3
r
December 31 figures repeated in the March 1937 columns.
Figures are for March 20.
Figures are for March 1.
Revised.
NOTE.—For call dates of figures included in the March 1936 columns, see footnote 1 at bottom of page 535 of the July 1936 BULLETIN.
MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 31, 1937, AND
DECEMBER 31, 1936, AND MARCH 4, 1936, BY STATES
[Figures in this table are also included in the table on p. 646 covering "State Banks." Amounts in thousands of dollars.]
Loans
Investments
N u m b e r of
banks
Deposits
State
March
1937
California
Connecticut:
District No. 1.
District No. 2.
Delaware
Indiana:
District No. 7.
District No. 8.
Maine
Maryland
Massachusetts
Minnesota
New Hampshire.New Jersey:1
District No. 2
District No. 3
New York
Ohio
Oregon
Pennsylvania:
District No. 3
District No. 4.
Rhode Island
Vermont
Washington
Wisconsin:
District No. 7
District No. 9.
Total
Dec.
1936
March
1936
March
1937
Dec.
1936
March
1936
March
1937
Dec.
1936
March
1936
Mar.
1937
Dec.
1936
Mar.
1936
32,903
33, 644
35, 750
61, 277
61, 340
57,405
87, 684
88,457
87, 926
1
1
1
276,308
78,926
12,024
277, 549
78,960
11,913
285,964
80,786
12,156
262,133
80, 095
26,032
255, 764
77, 929
24, 976
220,642
71,866
22, 626
555, 513
159,670
34, 563
547, 904
156,906
34,099
538, 273
151,647
31,822
59
14
2
59
14
2
59
14
2
8,085
8, 085
4,461
4,461
31,131
30, 778
45, 541
45, 541
1,074,983 1,074, 983
10,174
10,071
63,824
63,824
3,494
3,494
8,684
2,340
2,340
4,650
95, 385
99,956
34,759
163,982
163,982
51,807
1,120,932 1,016,973 1,016,973
53,656
54,111
10,460
127, 772
127, 772
68,095
2,681
13,028
13,028
1,988
7,630
7,630
90, 369
126,623
125, 210
149, 758
216, 639
216, 639
936,250 2,128, 242 2,128,242
49, 856
67, 389
67,031
122, 769
186,860
186,860
12, 724
7,151
123,014
2Q8, 598
2,087, 771
64,647
185,324
4
1
32
12
193
1
45
4
1
32
12
193
1
45
4
1
32
13
193
1
47
136,581
136, 581
5,048
5,048
3,007, 537 3,007, 537
37, 727
39,113
714
752
168,511
168,511
142,878
8,800
8,900
5,276
3,100, 329 2, 283,128 2, 283,128
72,187
36, 452
71, 785
626
171
723
154,413
314,929
314, 929
8,042
14,656
14, 656
2,038, 653 5,246,086 5, 246,086
72,845
118, 297
119,137
1,479
583
1,370
309, 393
14, 213
5,188,808
116,869
801
22
3
135
3
1
22
3
135
3
1
22
3
135
3
1
6
1
9
14
3
4
1
73,144
12, 965
51,340
32, 464
27, 057
73,124
13, 059
51, 340
32, 464
26, 784
76,179
13, 521
55, 603
30,110
25, 540
410,139
40,429
125,859
27, 721
32, 444
389,119
39, 617
125,859
27, 721
32, 446
378,072
37,047
115,508
30,896
28, 272
521, 345
52,140
173, 762
65, 733
60, 547
518,311
51, 502
173,762
65, 733
60,808
497,169
48,828
169, 580
67,637
56, 085
6
1
9
14
3
6
1
9
14
3
2,067
50
2, 067
50
2,274
61
1,790
57
1,790
57
1,493
35
4,255
98
4,255
98
4,099
83
3
1
3
1
4, 592, 069 10,157,168 10,142, 653
9, 972,462
565
565
5,026,022 5,026, 760
5, 202,487 5,069, 651 5,033, 572
569
NOTE.—All figures in the March 1937 columns are as of March 31, except as follows: Indiana, Maryland, New Jersey, New York, Rhode Island,
and Vermont, which are as of Dec. 31; Maine, Mar. 27; Massachusetts, Oct. 31; Minnesota, Apr. 3; New Hampshire, June 30,1936; Pennsylvania,
Mar. 1. For call dates of figures included in the Dec. and Mar. 1936 columns, see footnotes at bottom of pages 438 and 534, respectively, of the
May 1937 and July 1936 BULLETINS.
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
649
650
FEDERAL RESERVE BULLETIN
JULY
1937
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstand ing
U. S.
Bills
Gov- Other
ern- Reserve Total
Bills
disbank
counted bought ment
securi- credit1
ties
Date
End of month figures:
1936—May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1937—j an> 31
Feb. 27
Mar. 31
Apr. 30
May 31
Monetary
gold
stock
Treasury
cur*
rency
outstanding
Money Treasin cirury
culacash
noiQ"
hrVM
tion
ings
Member bank
reserve balances
Treasury
Other
Feddeposits Nonmemeral
with
Federal ber de- Reserve
Excess
acReserve posits
(estibanks
counts Total
mated)
5
4
4
8
9
6
7
3
3
5
12
12
17
3
3
3
3
3
3
3
3
3
3
3
4
6
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2.430
2. 525
2,526
35
35
24
30
30
36
13
64
60
27
12
24
35
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500
2.497
2,465
2,458
2, 565
2,585
10,402
10, 608
10,648
10,716
10, 845
11,045
11,184
11, 258
11,358
11,436
11,574
11,799
11,990
2,490
2,498
2,496
2,500
2,512
2,516
2,521
2,532
2,532
2. 536
2, 541
2, 543
2,547
5,953
6,241
6,162
6,227
6,267
6, 351
6.4C6
6.543
6.349
6.399
6.377
6,426
6,462
2,583
2,497
2,432
2,404
2,458
2,388
2,364
2,376
2, 520
2,608
2, 753
2,967
3,144
518
690
447
104
253
77
78
244
195
194
311
88
73
337
262
306
287
234
205
201
259
281
288
236
288
272
256
257
253
256
262
262
261
261
260
253
258
257
255
5,719
5,633
6,005
6,410
6,357
6,753
6,788
6,606
6,781
6,695
6,639
6,881
6, 915
2,866
2,717
3,029
1,950
1,840
2,175
2,236
1,984
2,152
2,078
1,398
1,594
4
3
3
3
4
3
3
3
3
3
2,430
2,430
2,430
2.430
2,430
35
36
42
30
23
2,473
2,472
2,478
2,466
2,460
10, 612
10, 622
10, 629
10, 634
10, 642
2,498
2,498
2,496
2,497
2,496
6.250
6,242
6,190
6,153
6,123
2,501
2,508
2,428
2,436
2,441
731
507
593
519
466
256
263
266
300
298
256
256
255
254
253
5,589
5,814
5,872
5,935
6,016
2,670
2,883
2,923
2,986
3,049
5
12
19
26
4
8
6
7
3
3
3
3
2,430
2,430
2,430
2,430
26
36
18
25
2.463
2.477
2,457
2,465
10, 650
10,661
10, 678
10, 695
2,496
2,498
2,499
2,501
6,163
6,170
6,184
6,184
2,427
2,421
2,410
2,410
439
338
215
143
321
337
342
336
254
255
255
256
6,005
6,116
6,229
6,332
3,051
3,167
1,813
1,892
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
9
8
8
7
9
3
3
3
3
3
2,430
2.430
2,430
2,430
2,430
21
41
54
33
30
2,463
2,482
2,495
2,473
2,473
10,717
10.736
10, 762
10, 786
10, 845
2,502
2,508
2,507
2,509
2,512
6,225
6,276
6,255
6,239
6,267
2,375
2,365
2,371
2,399
2,458
107
55
418
388
253
280
271
251
255
234
255
288
263
263
262
6,441
6,471
6,206
6,225
6,357
1,958
1,997
1,714
1,743
1,840
Oct. 7
Oct. 14
Oct. 21
Oct. 28._ _
8
8
6
6
3
3
3
3
2,430
2,430
2,430
2,430
31
43
23
23
2,472
2,485
2,463
2,462
10, 971
11,003
11,008
11,031
2,509
2,512
2,514
2,514
6,305
6,316
6,311
6,302
2,440
2,421
2,403
2,390
196
135
88
100
271
249
227
220
263
261
264
263
6,479
6,617
6,693
6,732
1,954
2,072
2,127
2,158
Nov.
Nov.
Nov.
Nov.
4.
10
18
25
7
7
5
6
3
3
3
3
2,430
2.430
2,430
2,430
7
29
25
18
2,448
2,470
2,464
2.457
11,058
11,105
11,127
11,162
2,515
2,516
2,520
2,520
6,378
6,393
6,375
6,429
2,392
2,366
2,378
2,370
95
55
50
79
200
191
197
206
262
262
260
261
6,693
6,825
6,851
6,795
2,138
2,260
2,276
2,210
Dec.
Dec.
Dec.
Dec.
Dec.
2 _.
9
16
23
30
6
6
8
9
5
3
3
3
3
3
2.430
2.430
2,430
2,430
2,430
28
29
42
100
46
2.467
2.468
2.483
2.542
2,484
11,188
11,206
11,222
11,229
11,251
2,522
2,525
2,532
2,531
2,530
6,466
6,497
6,552
6,680
6,550
2,353
2,372
2,346
2,342
2,368
110
93
173
251
231
212
229
227
256
274
260
278
265
266
270
6,775
6,731
6,674
6,507
6,572
2,205
2,157
2,046
1,881
1,946
3
3
3
4
3
3
3
3
2,430
2,430
2,430
2,430
28
42
41
22
2,463
2,477
2.478
2,460
11,364
11,387
11,403
11,425
2,531
2,531
2,530
2,532
6,348
6,360
6,351
6,372
2,529
2,563
2,575
2,602
176
132
162
180
286
310
300
302
261
259
256
255
6,758
6,771
6,768
6,705
2,150
2,184
2,186
2,097
Wednesday figures:
1936—July 1
July 8
July 15
July 22
July 29
Aug.
Aug.
Aug.
Aug.
.
1937—Feb. 3
Feb. 10
Feb. 17
Feb. 24
918
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
7
5
4
8
12
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
17
16
12
22
12
2,457
2,454
2,450
2,463
2,458
11,443
11,484
11,515
11, 541
11, 574
2,535
2,537
2,538
2,537
2,541
6,407
6,376
6,385
6,375
6,377
2,620
2,672
2,697
2,723
2,753
216
186
87
279
311
280
238
243
326
236
253
254
261
260
258
6,660
6,749
6,830
6,578
6,639
1,310
1,380
1,449
1,269
1,398
Apr.
Apr.
Apr.
Apr.
7
14
21
28
8
11
8
11
3
4
3
4
2,459
2,487
2,487
2,526
23
27
25
29
2.493
2,528
2. 523
2,571
11,592
11, 697
11,737
11, 782
2,539
2,541
2,540
2,541
6,387
6,383
6,388
6,381
2,774
2,876
2,914
2,956
275
112
119
95
247
236
245
270
258
258
259
258
6,684
6,901
6,877
6,934
1,442
1,627
1,587
1,643
May
May
May
May
5
12
19
26
17
16
15
16
4
5
4
6
2,526
2,526
2,526
2,526
30
29
19
9
2,577
2,576
2,565
2,557
11,838
11,882
11,907
11,977
2,547
2,545
2,547
2,546
6,426
6,405
6,399
6,399
3,013
3,056
3,079
3,140
97
106
117
80
286
237
250
261
257
257
256
256
6,882
6,943
6,918
6,944
887
936
907
938
June
June
June
June
2
9
16
23
17
14
14
13
6
6
5
4
2,526
2,526
2,526
2,526
23
26
38
19
2,573
2,573
2,583
2,562
12,027
12, 118
12, 220
12, 270
2,548
2,547
2,548
2, 550
6,487
6,435
6,415
6,394
3,182
3,254
3,348
3,396
115
85
250
151
255
279
267
324
256
255
263
263
6,854
6,929
6,808
6,854
860
931
752
814
1 Includes industrial advances.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months
and years are shown in the table on p. 638.
JULY
651
FEDERAL RESERVE BULLETIN
1937
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
E n d of m o n t h
1937
June 23 June 16
June 9
June 2
1937
May 26 May 19 May 12
May
1936
April
May
ASSETS
Gold certificates on hand and due from U. S.
Treasury
Redemption fund—F. R. notes
Other cash
Total reserves
10, 241
322, 491
!,405 8, 838, 401 8, 838, 414 8, 838, 913 8, 839,
8, 837, 903 8, 838,
1,408 8, 838, 416 8, 843, 385 7,
', 824, 035
9,971
11,341
11,341
9, 860
11, 583
11,713
11,341
9,595
13,061
313, 595 305, 738 272, 695 296, 310 289,155
285, 236 282,019 295, 258
9,169, 636 9,161, 358 9,154,114 9,122, 437 9,146,065 9,139, 651 9,139, 401 9,134, €
9,134, 999 8,132, 354
Bills discounted:
For member banks
For nonmember banks, etc
13, 302
1
14,2
14, 295
17, 485
15, 698
15,282
15, 654
17, 425
12,098
5,437
11
Total bills discounted
13, 303
14, 328
14, 295
17, 485
15, 698
15, 282
15, 654
17,425
12, 098
5,448
1,190
3,083
2,012
3,082
2,743
3,075
3,186
3,075
3,18!
3,071
1,404
3,071
1,465
3, 069
3,189
3,075
669
3,069
3,076
4,273
22, 012
5,094
22,049
5,818
22,196
6,261
22, 232
6,260
22, 40'
4,475
22, 523
4, 534
22, 779
6,264
22, 404
3,738
22, 954
3,076
30, 274
Bills bought:
Payable in dollars
Payable in foreign currencies
Total bills bought
Industrial advances
U. S. Government securities:
Bonds
Treasurv notes
Treasury bills
732, 558 732, 608 732, 608 732, 608 732, 608 732, 608 732, 428 732, 608 733, 478 265, 847
1,168, 213 1,166, 213 1, 152, 213 1,152,213 1,152, 213 1, 152, 213 1,152, 393 1,152, 213 1,156, 393 1, 545, 908
641, 469 641, 469 641,469 641, 469 641, 469 641, 469 635,119 618, 648
625, 469 627,
Total Government securities
2, 526, 240 2, 526, 290 2, 526, 290 2, 526, 290 2, 526, 2902, 526, 290 2, 526, 290 2, 526, 290 2, 524, 990 i,2,430, 403
-3,376
' —
- " -13,260
15, 502
4,225
965
12, 892
6,295
932
4,727
Other Reserve bank credit
Total Reserve bank credit outstanding.
2, 562, 452 , 583, 263 2, 572, 824 2, 573, 233 2, 557, 395 2, 564, 690 2, 575, 552 2, 585, 275 2, 564, 712 2,473,
LIABILITIES
4,162, 832 4,177, 805 4, 200, 965 4, 235,114 4,184, 042 4,184,425 4,193,868 4, 223, 418 4, 204, 714 3, 794, 589
F. R. notes in actual circulation
Deposits:
6,854,411 >, 807, 978 6, 928, 91 6, 853, 710 6, 943, 597 6, 918, 227 6, 942, 727 6, 915, 388 6, 881,167 5, 719, 490
150,928 250,21"
84, 642 115,099
80, 486 116,777 106,177
73,449
88,010 517,941
Member bank—reserve account
166, 963 147, 450 139, 671 121, 749 124,041 126,110 104,979 120,365
94,873
53,523
U. S. Treasurer—general account
156, 553 119, 479 139,470 133,705 136, 725 123,933 131,566 151,460 192,664 283,173
Foreign bank
Other deposits
7, 328, 855 7, 325,119 7, 292, 760 7, 224, 263 7, 284, 849 7, 285,047 7, 285, 449 7, 260, 662 7, 256, 714 6, 574,127
Total deposits
Ratio of total reserves to deposit and F. R. note
liabilities combined (per cent)
79.6
79.
79.
79.6
79.6
78.4
79.6
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Bills discounted:
May 26
June 2 __
.
- _
June 9
June 16
June 23
Bills bought in open market:
May^26
June 2
June 9
June 16
_. ._
June 23
Industrial advances:
May 26
June 2
June 9
__ _
June 16
June 23
U. S. Government securities:
May 26
June 2
June 9
June 16_ _
June 23
_.
.-
.
. . _.
_.
___
._
2,
2,
2,
2,
2,
6
Within
15 days
16 to 30
31 to 60
days
61 to 90
91 days
to 6
months
months
to
1 year
15, 698
17,485
14,295
14,328
13, 303
14,276
15,947
12, 525
12, 663
11,451
165
269
586
474
616
722
574
416
437
375
236
367
406
397
400
292
320
358
354
459
7
8
4
3
2
6,260
6,261
5,818
5,094
4,273
770
1, 437
3,223
3,098
1,956
1,663
3,002
880
233
470
886
635
528
647
1,421
2,915
1,187
1,187
1,116
426
26
22, 407
22, 232
22,196
22,049
22,012
794
812
791
903
871
178
324
297
135
140
566
521
996
920
910
1,027
735
465
687
748
1,872
1,996
1,889
1,826
1,844
3,533
3,476
3,405
2 537
3,309
526, 290
526, 290
526, 290
526, 290
526, 240
24, 767
22,120
33, 561
44,151
34,710
33, 461
42,051
34, 660
32, 247
35, 063
70, 223
67, 808
70, 608
76, 689
78, 920
78, 920
63,075
70,121
58, 493
132, 266
323, 534
331,049
319,423
307,828
219, 008
378, 912
383, 714
381, 444
464, 330
481, 721
Total
days
days
1 year
to
2 years
2 years
to
5 years
5,482
5,436
5,433
6,224
5,385
8,955
8,932
8,920
8 817
8,805
258,971
258,971
258, 971
252, 497
247, 497
675, 815
675,815
675, 815
608, 368
615, 368
Over
5 years
681, 687
681, 687
681,687
681, 687
681, 687
652
FEDERAL RESERVE BULLETIN
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
MinSt.
Louis neapolis
KanSan
sas Dallas FranCity
cisco
ASSETS
Gold certificates on hand and due
from U. S. Treasury:
May 26
June 2
June 9
June 16
June 23
Redemption fund—Federal Reserve
Notes:
May 26
June 2
June 9
June 16
June 23
Other cash:
May 26
June2_._
June 9
June 16
June 23
Total reserves:
May 26
June 2
June 9
June 16
June 23
Bills discounted:
Secured by U. S. Government
obligations direct or fully guaranteed:
May 26
June 2
June 9
June 16
June 23
...
Other bills discounted:
May 26
June 2
June9
June 16
June 23
Total bills discounted:
May 26
June 2
June 9
June 16
June 23
Bills bought in open market:
May 26
June 2
June 9
June 16
June 23
Industrial advances:
May 26
June 2
June 9
June 16
June 23
U. S. Government securities:
Bonds:
May 26
June 2
June 9
June 16
June 23
Treasury notes:
May 26
June 2
June 9
June 16
June 23
Treasury bills:
May 26
June 2
June 9
June 16
June 23
i, 377, 286 526,551
8, 838, 414 448, 948 3,
r
520^ 043
8, 838, 401 448, 543 3,311,491
8, 838, 405455, 399 3, 287,131507, 990
8, 837, 903 456, 501 3,269,758 """\516
,
!, 238
8, 836,904 434, 425 3, 375, 522 502,
11,341
11,341
9,971
9,860
10, 241
682,195 279, 228 240, 4481,718,769 278,
1,077 192,192 263, 488 176, 276 654, 956
695, 341 292, 412 242,880 1,743,519 279,
i,478 190, 568 274, 686 183,194 656, 246
695, 531 280, 110 237,728 1,777,278 276,
•,727 196,189 276, 304 182,134 665, 884
693, 906 281, 014243, 224 1, 770, 731277, 792 195,187 279,
1,467 189,125 663, 682
""' 197 280,837 237,068 1, 718, 325 283; 373197,138 270,
1,025 186,058 660,1'""
761
760
652
624
600
1, 194
1,194
881
769
1,650
595
59J
493
443
394
850
850
743
704
666
39, 087
39,152
40,838
40, 693
46, 610
83, 633
69,126
92,342
89, 428
85, 949
22, 852
22, 460
23,823
23, 847
24, 574
16, 585
16, 340
13, 573
15, 672
17, 928
857
857
512
738
464
1, 265
1,265
1,226
l,21f
1, 20(
723
723
706
702
697
421
421
401
395
508
508
483
477
470
21, 547 12, 894
32, 861 14, 69£
20, 407 10, 291
30,142 14,137
18,957 12, 496
36, 732 15,688
40, 546 16, 952
20, 654 12,318
39, 541 17,17?
21, 629 13, 441
<
699, 630 301, 632 255,039
1,998
( 1,752,171 294,03;
1,146, 065 , 7953. 462,113 549,
:, 381,811543,098 712, 531 313, 676 254,868
i 1, 774, 202 294, 880
>, 122, 437488, 455 3;
3, 380, 354532,
1 306 709, 847 299, 579 251,!
,813 1, 814, 412 293, 641
1,154,114
>, 161, 358497, 818 3, 359, 955 541, 806 710, 282 302, 406 257,098 1,811,641 295,960
527,206 709, 791 302, 930 252,032 1, 758, 190 301,
1,169, 636 481, 635 3, 463,121
5, 57t
5,331
4,790
5,234
5,292
16, 531
15, 752
16, 542
16,749
17, 235
5,960
5,453
5,939
6,032
296, 310
272, 695
305, 738
313, 595
322, 491
12, 326
12,524
11,006
11,521
9,844
794
1,014
620
850
1,490
6,481
6,214
6,118
5,033
4,063
1,969
1,409
1,372
1,402
1,138
3,372
4,961
3,289
2,807
3,459
347
97
111
136
1,611
1,914
1,808
1,570
1,868
9'
93
76
4
11
84
15,698
17, 485
14, 295
14, 328
13, 303
1,281
1,361
717
961
1,626
8,092
8,128
7,926
6,603
5,931
2, 066
1,502
1,448
1,406
1,149
310
365
495
762
848
6, 260
6,261
5,818
5,094
4,273
223
223
223
223
223
1,998
1,996
2,041
1,758
1,552
393
394
394
394
385
374
374
374
374
359
22, 40'
22, 232
22,196
22,049
22,012
3,170
3,168
3,173
3,154
3,134
5,909
5,904
5,922
5,908
4,101
4,011
3,994
3,988
3,979
732, 608
732, 608
732,608
732, 608
732, 558
53, 385
53, 385
53,385
53, 385
53, 385
210, 233
210, 233
210,233
210, 233
210, 233
61,861
61, 861
61, 861
61, 861
61, 861
1,152, 213
1,152, 213
1,152, 213
1,166, 213
1,168, 213
83, 974
83, 974
83,974
84,994
85,140
641, 469
641, 469
641, 469
627,469
625, 469
46, 750
.46, 750
46, 750
45, 730
45. 584
310
365
495
762
764
490
538
442
743
1, 697
1, 697
1,589
1,556
1, 523
541
541
402
364
324
1,930
1,930
1,883
1,872
1,860
24,086
24,104
24,018
25, 470
7,916 25,197
198,494 280,440 182, 744 680, 972
196, 622 290, 859 189,155682, 280
201, 685 293; 247188, 556 691, 785
201,123 296,611 195,
195 634
634 691,024
203,127 287,64^ 194, 444 687, 755
380
230
350
53
3
36
34
45
45
95
75
75
294
464
224
197
164
523
523
523
544
510
12
12
74
78
72
72
78
5
8
8
33
142
131
140
150
131
128
142
154
236
256
252
300
305
158
102
1,074
2,585
1,123
1,942
1,309
222
182
240
205
85
424
1,158
452
302
164
355
61
11
44
67
187
176
235
225
206
422
606
378
433
420
lib
823
828
702
612
149
149
149
149
149
133
133
133
109
107
459
460
460
424
384
112
112
112
92
86
79
72
69
60
114
114
114
114
112
112
112
112
2,114
2,115
1,634
1,276
772
922
2,130
2,124
2,123
2,030
2,029
229
224
221
215
211
920
920
920
918
913
333
329
328
324
325
785
782
791
788
784
672
660
655
630
629
1,284
1,278
1,292
1,261
1,258
1,921
1,927
1,895
1,920
1,920
71,:
71, 309
71,309
71, T
71, 309
38, 575
38, 575
38, 575
38, 575
38, 575
32, 284
32, 284
32, 284
32, 284
32,234
80, 726
80, 726
80, 726
80, 726
80, 726
32, 298
32, 298
32,298
32, 298
32, 298
23,828
23, 828
23,828
23,828
23, 828
35, 992
35, 992
35,992
35,992
35,992
28,601
28,601
28,601
28,601
28, 601
63, 516
63, 516
63, 516
63,516
63, 516
330, 691
330, 691
334, 709
335, 283
97, 303 112,167 60,678 50,623 126,979 50,803 37,482
97, 303 112,167 60, 678 50, 623 126,979 50, 803 37, 482
97,303 112,167 60,678 50,623 126, 979 50,803 37, 482
98, 485 113, 529 61,415 51, 239 128, 522 51, 421 37,937
98, 654 113, 724 61, 521 51,326 128,742 51, 509 38,002
44,987 99,910
44, 987 99, 910
44, 987 99, 910
45, 533 101,125
45,612 101,298
184,105
184,105
184,10;
180,087
179,513
54,172
54,172
54,172
52,990
52, 821
56,616
56, 616
56, 616
57, 304
57, 402
31, 519
31, 519
31, 519
30,831
30, 733
900
900
62, 446
62, 446
62, 446
61, 084
60,889
510
649
494
1,444
54fi
210
170
240
205
85
564
1,936
629
498
760
490
538
442
743
33, 781
33, 781
33, 781
33,044
32,938
28,184
28,184
28,184
27, 568
27,481
70, 693
70,693
70, 693
69,150
68,930
28, 284
28,284
28,284
27, 666
27, 578
20, 866
20,866
20,866
20,411
20, 346
25,046
25,046
25,046
24,500
24, 421
55, 623
55, 623
55, 623
54, 408
54,235
JULY
653
FEDERAL RESERVE BULLETIN
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
New
York
Boston
Philadelphia
Cleveland
Kichmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Dallas Francisco
ASSETS—continued
Total U. S. Government securities:
May 26
June 2
June 9
June 16
June 23
Total bills and securities:
M ay 26
June 2
June 9
__
June 16
June 23
Due from foreign banks:
May 26
June 2
June 9
June 16
June 23
Federal Keserve notes of other banks:
May 26
June 2
June 9
June 16
June 23
Uncollected items:
May 26
June 2
_
June 9
June 16
June 23
Bank premises:
May 26
June 2
June 9.. _
June 16
June 23...
All other assets:
May 26. —
June 2
June 9
June 16
June 23Total assets:
May 26
June 2
J une 9
June 16..
June 23
I, 526, 290184,109
I, 526, 290184,109
I, 526, 290184,109
!, 526, 290184, 109
I, 526, 240184,109
725, 029 213, 336
725,029 213, 336
725, 029 213, 336
725, 029 213, 336
725,029 213, 336
245, 922 133, 034
245, 922 133,034
245, 922 133,034
245, 922 133, 034
245, 922 133, 034
!, 570, 655188,
!, 572, 268188,
», 568, 599188,
!, 567, 761188,
\ 565, 828 189,
783
861
222
447
092
741,017 219,896
741,062 219,
~ "1,243
740, 900 219,17:
1,172
739,312 219,1,124
738,
1,849
247, 570 135, 803 112, 52'
247, 561 135,845 114,:, 033
247, 691 135, 748
247, 957 135,956 112,568
113,357
248, 051 136,098 112,668
228
226
226
219
219
1
17
17
17
23
23
23
23
23
21,615
18, 847
22, 025
21, 277
23, 108
307
321
314
350
354
5,268
700
3,846
620
4,708
973
5,729
768
5, 924 1,005
604, 558
646,056
595, 266
866, 372
630, 603
64, 557
63, 883
60,000
84, 286
64, 239
148, 398
147, 814
141, 355
205, 574
157, 316
45, 776
45, 685
45, 687
45, 700
45, 697
3, 038
3,033
3,033
3, 033
3,033
10, 071
10,055
10,055
10,069
10,069
47, 202
47, 853
49,199
40, 243
40, 733
17
21
21
21
21
21
10
10
10
10
10
111.091
111,091
111,091
111,091
111,041
111,385 82,176 124,127
278,
278, 398 111'., 385 82,176 124,127
278, 398 111,385 82,176 124,127
278, 398 111,385 82,176 124,127
278, 398 111,385 82,176 124,127
279,999
279, 960
280,018
279,945
279, 780
8
8
8
8
8
98, 634 219, 049
219,049
98, 634 219,049
98, 634 219, 049
98, 634 219,049
112,254 83, 39; 125,100 100,452 223, 859
83, 098 125,077 100,630 223,914
112,277 83,050 125,131 100, 416 223, 112,103 83,07 125,096 100, 440 222
222,!947
111,960 83, 087 125,060 -~~
100, 410 222, 353
27
27
27
27
27
3
3
3
3
3
6
6
6
6
16
16
16
16
16
1.483
988
1,526
1, 298
1, 726
1,814
1, 360
2,168
2,033
2,008
2, 346
1,493
2, 296
1,865
1, 522
2,432
2, 631
3,353
2,503
2,427
1,755
1, 377
1,754
1,491
1,821
758
1,206
1,533
1, 692
1,921
1.307
1,214
1, 610
463
648
461
415
1,801
1,489
2,219
2,473
2,830
48,147
48, 644
48,197
75, 665
52,109
59, 760
68, 835
55, 354
99, 854
60, 463
52, 591
60, 949
54, 308
69,101
52, 821
22, 568
20, 482
24, 254
28,117
21, 352
81, 921
89, 717
83,171
131, 746
87, 578
25, 872
27, 4?"
26, 616
35, 457
26,215
14, 761
18,098
16, 288
21,
16, 521
31, 020
36,029
31, 503
39,002
32, 541
24, 094
28,006
25, 270
30, 849
24, 557
30, 869
36,120
28, 950
44, 854
34, 891
6. 320
6,306
6, 307
6, 306
6, 307
2,773
2, 764
2, 764
2,764
2,764
2,220
2,219
2, 219
2,219
2, 216
4,671
4, 661
4, 661
4,661
4,661
2,373
2, 369
2,370
2,370
2,369
1, 500
1, 497
1,497
1, 497
1,497
3, 230
3,217
3,217
3,217
3,217
,264
,259
,259
,259
,259
3, 406
3, 406
3, 406
3, 406
3,406
2, 909
2,990
3,033
2,421
2,440
4,910
4, r
4,1
4,899
4,, r "
13, 407 5, 645
13,667 5, 675
13, 849 6,319
11,495 5,011
11,648 5, 077
5,058
5,093
5,166
4, 335
4, 395
2,904
2,899
2, 983
2, 549
2,570
4,413
1,821
1, 865
1,890
1, 505
1,524
1, 662
1,
1,714
1,428
1,439
2,129
2,108
2,152
1.765
1,793
,817
,843
,905
,563
,566
3, 557
3,618
3,682
2,940
2,982
4,184,042 307, 526
4,235,114 307, 243
4, 200, 965 305,012
4, 177, 805 290, 718
4, 162, 832 285, 279
894, 825 313,, 381
925, 351 315,159
903, 732 314,
314, 661
909, 872 312,, 946
902, 248 310,, 630
V
M
4,576
3,665
3,716
!, 436,099748,406 4, 380, 359 829, 319 019,I, 842 497, 527 396, 588 2,125, 634 438, 254 301, 306 443, 618 310,
'66 944,
£ 480
!, 453, 372
1,298,340
560 4,
298, 340822,202
822, 202 041, 335 517, 503 395, 024
[ 2,155, 687 441, 475 302, 824 459, 217
950, 843
321,362 950^
1.435,116 751; 508 4,
291, 306
306 811,
811, r889 025,.,912 497,560 395,088 2,190,218 438, 553
"-""-•
304, ""
995 456, 563318,060 953,
t, 291,
{ 464
332, 212 847,!
!, 702, 930776, 372 4,
776 310^
310,201
070,053 514;
819 40< 230 2, 23< 188 448; 776
201 466,911 330, 212 967,
514,819
:, 332.
( 660
"~J, 475, 824740,810 4,
584 307,
207 451, 874322, 657 954, 233
"
'" ""•
"
381 2, 136; 379 445,
:, 386, 576 809, 168 030,754 499, 201 391,
LIABILITIES
Federal Reserve notes in actual circulation:
May 26
June 2
June 9
June 16
June 23
Deposits :
Member bank—reserve account:
May 26
June 2
June 9
June 16
June 23
U.S. Treasurer—general account:
May 26
June 2
June 9
June 16
June 23
Foreign bank:
May 26
June 2
June 9
June 16
June 23
6. 943, 597 336, 710 3,
1,068, 347 4031,493
962; 418 395,
6, 853, 710336, 780 2,
!, 962,
.,259
6, 928,977 347,171 2, 982,927 385,
385, 788
6, 807,978 330,037 2,
\ 975,037 372,430
'
6,854,411 336,340 31, "023,153
378, 241
430, 756
431, 089
433,185
429,416
431,546
192,
178, 517
193, 969 178; 71
192, 741 176, 705
190, 843 175,161
192,129 172, 920
971, 525
976,166
970, 324
966, 872
967,598
177, 620
180,397
178, 302
178, 296
177,170
138, 723 158, 848
139, 292 160, 453
138,338 162,030
137,948 162,049
137, 901 161,070
90, 411 329, 173
92, 736 334,490
91,
' 930 334,005
91, 336 332, 348
92, 213 332,128
455, 380 221, 640 174, 4071, 002, 566 209,
•,166 130,305 235,080 172,922 533, 581
465,929 227,464 "' " ' 1,007, 477 206, '4 128,842 241,234 179,223 527, 587
462,681 224,162 172,152 1,065,
,
, 637 203,
, 245 132,
- , 2 737
4 0 , 8 2 2 177, 820 533, 835
455,784 218,320 174,782 1, 006, 707 203, 985 130, 822 238, 347 181, 382 520, 345
454, 279 219, 065 168, 597 11, 771 214, 648 134, 529 237, 207 174, 636 531, 945
80, 486 4,095
115,099 3,223
84, 642 3,543
250, 212 34, 312
150, 928 16,444
33, 467 3, 880
35, 813 8,322
28, 769 5,333
32,037 25,171
26, 470 9,833
5,825 8,467
8,619 12,367
5,855 3, 392
20,155 14,175
16,093 11,037
2,153
2,373
2,925
4,768
7,033
7,139
21, 044
8,317
63, 843
33,984
2,746
3,536
3,518
6,314
4,782
2,554 4,554
1,784 7,161
3,457 8,064
5,354 12, 592
2,433 7,017
2,371 3,225
2,222 8,635
3,395 8,074
4,532 26, 959
9,128 6,674
124,041
121, 749
139,671
147,450
166, 963
46,137
45,1171
50, 337
53, 800
62, 779
11,216
11,033
12,862
13, 483
15,000
5, 242
5,157
6,012
6, 302
7,011
4, 267
4,197
14,142
13,911
16,217
17,000
18,913
3,657
3,598
4,194
4,397
4,891
2,804
2,758
3,215
3,371
3,750
3,536 8,656
3,478 8,515
4,054 9. 926
4,250 10, 406
4,728 11,576
8,900
8, 754
10, 206
10, 699
11, 902
11,948
11,753
13, 701
14, 363
15,978
5,129
5,707
3,536
3,478
4,054
4,250
4,728
654
FEDERAL RESERVE BULLETIN
JULY
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.
Chicago Louis
Minneapolis
Kansas
City
San
Dallas Francisco
LIABILITIES—continued
Deposits—Continued
Other deposits:
May 26
June 2
June 9
June 16
June 23
Total deposits:
May 26
June 2
June 9
June 16
June 23
Deferred availability items:
May 26
June 2
June 9
June 16
June 23
Capital paid in:
May 26
June 2
June 9
June 16
June 23
Surplus (section 7):
May 26
June 2
June 9
June 16
June 23
Surplus (section 13b):
May 26
June 2
June 9
June 16
June 23
Reserve for contingencies:
May 26
June 2
June 9
June 16
June 23
All other liabilities:
May 26
June 2
June 9
June 16
June 23
Total liabilities:
May 26..
June 2
June 9
June 16
June 23
Contingent liability on bills purchased for foreign correspondents:
May 26
June 2
June 9
June 16
June 23
Commitments to make industrial
advances:
May 26
June 2
June 9
June 16
June 23
136, 725
133, 705
139, 470
119, 479
156, 553
2,994
2,606
2,050
2,282
2,255
7, 284, 849 352,
7, 224, 263 351,
7, 292, 760 362,
7,325,119 377,
7,328, 855 366,
699
363
970
330
941
62, 368
67,711
52,113
92, 477
9,235
9,115
9,331
9,488
9,180
496,
509,
505,
512,
506,
53, 814
49,110
48, 955
79, 391
51, 582
60,
68,
54,
96,
60,
12, 856
12, 856
12, 861
12, 875
12, 875
4,856
4,857
4,854
4,855
4,856
14,
14,
14,
14,
14,
323
323
323
323
323
64, 093
64, 860
59, 226
84,199
64, 441
147, 473
145, 554
136, 306
187, 774
157, 496
132, 202
132,198
132,196
132, 240
132, 205
9,378
9,376
9,376
9,374
9,373
51, 267
51, 261
51, 257
51, 257
51,196
12,
12,
12,
12,
12,
145,
145,
145,
145,
145,
854
854
854
854
854
9, 826
9,826
9,826
51,
51,
51,
51,
51,
474
474
474
474
474
13, 362
13, 362
13, 362
13, 362
13, 362
490
490
490
490
490
2,874
2,874
2,874
2,874
2,874
7,744
7,744
7,744
7,744
7,744
4, 325
4, 325
4, 325
4,325
4, 325
35, 939
35,940
35, 940
35, 931
35,906
1,570
1, 570
1, 570
1,570
1,570
9,091
9,091
9,091
9,14:
9,11'
7,677
7,196
8,64^
7, 402
8,484
440
448
654
481
506
1,870
2,149
1,958
1,
2,422
27,
27,
27,
27,
27,
12, 436, 099 748,
12, 453, 372 "47,
12, 435,116 751,
12, 702, 930 776,
12, 475, 824 740,
1,532
1.532
2, 532
3,745
4,044
17,18*
17,01
16, 95€
16, 801
16, 732
2, 355
4,149
3,567
3,268
3,050
216,615 ;28, 566
105, 716 t24, 449
129, 744 414,153
112,987 421, 452
204, 879 413, 232
618, 046
645, 317
591, 267
851,089
634,198
9, 826
23, 937
23, 867
24, 429
23, 050
20, 884
2,781
3,533
2,872
3,437
3,906
553
553
914
2,815
2,833
2,186
2,147
2,683
.38,478 243, 334 .82, 846 .56, 786
.36, 217252,115 L88, 361 .57,043
.41, 595 253,128 188, 464 563, 772
.41,694 255,
~~~ ""
423 93, 627 569,110
43, 395 249,092 L91, 893 561,116
720
898
927
208
916
21,
18,
22,
28,
20,
83,
90,
83,
133,
87,
416
21
589
202
427
34,160
35,027
31, 343
41, 901
36, 607
V
3,!
3,995
3,995
3,995
4,002
3.861
3,861
3,861
3, 864
3,865
10.112
10,110
10,110
10.113
10,113
4,655
4,655
4, 655
4, 655
4,655
2,894
3,116
3,116
3,116
3,116
3,116
3,613
3,613
3,613
3, 613
3,613
3,851
3,851
3,851
3,851
3,851
9,645
9,645
9,645
9,645
9,645
1,416
1,416
1,416
1,416
1,416
545
545
545
545
545
1,003
1,003
1,003
1,003
1,003
1,142
1,142
1,142
1,142
1,142
1,262
1,262
1,262
1,262
1,262
1,996
1,996
1,996
1,996
1,996
7,860
7,'"
7,
7,
7,
199
199
199
199
2,062
2,062
2,062
2,055
2, 055
941
941
941
941
941
1,847
1,847
1,847
1,847
1,847
2,037
2,037
2,037
2,037
2,037
1,435
1,228
1,658
1, 360
1,433
385
320
340
300
329
348
246
282
286
326
272
227
256
223
299
571
495
556
510
591
14, 739
17, 978
15, 682
21,156
16, 517
4,323
4,323
4,323
4,327
4,336
12, 608
12, 609
12,608
12,631
12, 637
3,811
3,813
3,813
3,813
3,815
2,899
4,
4,869
4,
4,
5,616
5,616
5,616
5,616
5,616
21,
21,
21,
21,
21,
504
504
504
504
504
1,00'
1,007
1,007
1,007
1,007
3,422
3,422
3,422
3,422
3,422
754
754
754
754
754
3,000
3,000
3,000
3,000
3, 000
3,121
3,121
3,121
3,121
3,121
1,522
1,522
1, 522
1,497
1,49'
632
558
1,194
581
794
701
593
661
631
710
273
1,
1, 652
2, 294
2,248
2, 235
2,194
2,175
6,119
6,042
6,038
5,898
5, 883
170
170
15.c
15!
155
11,324
12,306
11,937
11,400
10,921
025,819 222,036
044,116 221,472
091,615 221, 517
089, 371 221, 472
036, 434 230, 211
28, 004
29, 074
28,182
38, 496
27, 660
150
150
248
346
367
4,017
3,438
3,195
3,463
3,401
.83, 608
.84, 826
.82,842
,88,116
:85, 243
467
788
233
202
525
239
239
239
239
243
164
242
188
234
140
358 237, 704
448 249,137
827 237,133
472 242,065
256 240,163
51,
59,
52,
66,
51,
997
350
566
857
859
420
377
453
411
406
764
749
826
241
480
1,690
1,
1,690
1,690
1, 690
316
29'
332
325
342
406 4, 380, 359 829,
1,319 1,019. 842497, 527 396, 588
560 4, 298, 340822, 20: 1, 041, 335517, 503 395, 024
508 4, 291
, 306 811,889 1, 025, 912497, 560 395, 088
372 4, 332, 212847, 296 1,070, 053514, 819 404, 230
810 4, 386, 576*" 1,168 1, 030, 754499, 201 391, 381
112
112
185
258
1,972 6,467
1,684 7,564
1,444 10, 560
1,821 6,776
1,766 5,890
141
141
233
325
344
1,350
1,336
1, 333
1,322
1,315
66
66
109
152
161
54
54
89
124
131
2,01
2,008
2,00
2,01
2,002
350
350
345
345
339
258
300
326
31,
36,
31,
39,
31,
399
712
432
462
688
26,
29,
26,
34,
27,
125, 634 438, 254 301, 306443, 618 310, 766944,480
155, 687441, 475302,824 459, 217 321,36! 950,843
190, 218438, 553 304,995 456, 563 318,060 953,464
234,188 448, 776 310, 201 466,911 330,212 967, 660
136, 379 445,
.51, 874 322, 65' 954, 233
i, 584307,
178
178
294
410
434
46
46
76
106
112
1,161
1,158
1,158
1,145
1,139
102
109
44
473
103
109
109
109
180
251
130
128
128
128
128
302
302
302
302
302
3,226
3,200
3,186
3,226
3,220
655
FEDERAL RESERVE BULLETIN
JULY 1937
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO JUNE 23, 1937
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
1936—May 27June 24..
July 29_.
Aug. 26..
Sept. 30.
Oct. 28..
Nov. 25..
Dec. 30__
1937—Jan. 27...
Feb. 24 .
Mar. 31 .
Apr. 2 8 May 26.
June 23 3.
8,113
8,158
8,197
8,240
8,284
8,308
8,379
8,427
8,483
8,510
8,524
8,542
329,316
331,391
331,659
333,930
336,119
336, 763
339.903
342,699
342,999
343.904
346,911
348,342
349,288
351,346
Applications recommended for
approval by Industrial Advisory
Committees to
date
(with and without conditions)
Applications approved to date by Federal Eeserve banks (with and
without conditions)
Number
Amount
Number
2,374
2,394
2,413
2,437
2,463
2,477
2,483
2,500
2,506
2,517
2,543
2,563
2,577
2,582
141, 749
142,811
143, 978
145,939
147,191
148,237
148, 317
149,204
149, 527
149, 711
150, 561
152,724
153,720
153.988
Expired,
Federal Federal
repaid,
Reserve Reserve
Approved or
bank
withbank
but not drawn
commitby
advances ments
comapplioutpleted i
outcant,
Amount standing standing
etc.
Financing institution
participations
outstanding 2
59, 512
61,422
64,342
66,304
69,217
72,915
75,045
77,903
80,500
82,163
85, 215
86,806
89,268
91, 282
7,641
7,599
7,534
7,329
7, 276
7,444
7,414
7,208
6,997
6,912
6,767
7,281
7,114
7,229
Total
2,162
2,183
2,198
2,218
2,243
2,259
2,266
2, 280
2,287
2,297
2,323
2,336
2,353
2, 357
132, 549
133, 343
134,233
135,421
137, 251
138, 731
138,938
139,829
140,213
140,515
141, 545
144,564
145,228
145, 383
30,958
30,4«7
30, 217
29,265
27,038
26, 720
25, 533
24, 781
24, 208
23,054
23,904
23,166
22,872
25,095
24,454
23, 711
23,355
23,307
22, 790
22,040
20,959
20,238
19, 523
18,611
17,528
17,188
16, 733
9,381
8,429
9,168
8,566
8,544
7,719
8,226
7,697
7,709
7,898
9,045
8,462
7,267
1
2
Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$11,351,024
on June 23, 1937.
3
June 30 figures not yet available.
NOTE.—On June 23, 1937, there wTere 29 applications amounting to $3,603,500 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Richdelphia land mond
Atlanta
Chicago
MinSt.
Louis neapolis
San
Kansas Dallas Francisco
City
Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
4, 496,626 332,491 999,945 333,813 457,091 203,168 196,384 1,001,507
May 26
.,454 144,[, 36971,191
97,977 372,236
1
4, 505,125 334,824 1,004,087 331,135 456, 647 203,886 194,643 1,002,007 188,688 145,088 17:
June 2
71,111 99, 054 373,955
373,
4,517,118 334,842 1,011,396 331, 905 458, 523 203, 729 193," "684
1
June 9
188,556 143, 076 172,878
' ,000,115
101
''., 763376,651
r
4, 505, 873 331, 867 1,011,746 328, 984 457,943 201, 516 191
June 16
699,881 188,114 142,845 17:2,166 101, 340 377.
4, 501, 262 329,452 1,013,053 327,837 457,915 203, 678 191.
June 23
995,202 187,042 142,992 172,
~!,279 100, 211 1^481
Held by Federal Reserve bank:
312, 584 24,965 105,120 20,432 26, 335 10,431 17,867
May 26
29, 982 8,834 5,646 12, 343 7, 566 43,063
270,011 27, 581 78, 736 15,976 25, 558 9, 917 15,874
June 2
25, 841 8,291 5, 796 10, 658 6,318 39,465
316,153 29, 830 107, 664 17,244 25, 338 10, f" 16,979
June 9
29, 791 10, 254 4,738 10,848 9,833 42, 646
328,068 41,149 101,874 16, 038 28, 527 10,673 16, 477
June 16
33, 009 9,818 4,897 10,117 10, 004 45, 485
44,173
338,430
110,805
June 23
:_
11,549
17,
207
26,
369
18,
200
27,604 9,872 5,091 11, 209 7,998 48,353
In actual circulation: 1
4,184,042 307, 526 894,825 313,381 430,756 192,737 178,517 971,
May 26
, 620138,723 158,848 0, 411 329,173
4, 235,114 '607, 243 925,351 315,159 431,089 193,'969
June 2
92, 736 334, 490
,969 178,769 976, 106 180,397 139, 292 16.0,
4, 200,965 305,012 903, 732 314, 661 433,185 192',
741176,705 970,324 178, 302 138, 338 162,
June 9
91,930 334,005
1,741
4,177,805 2<J0, 718 909,872 312,
?" "
" 416190, 843 175,161 966, 87:'2 1178, 296 137, 948 162,049 91, 336 332,348
June 16
946 429,
4,162, 832 285,279 902, 248 310, 630 431, 546 192', 129 172J 920 967, 598 177,170 137,901 161,070 92, 213 332,128
June 23
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
4, 537,132 341,000 1,010,000 335,000 459, 500 206,000 178,000 1,010,000 189,632 146,000 174,000 99,000 389,000
May 26...
4, 538,132 341,000 1,010,000 335,000 459, 500 206,000 178', 000 1,010', 000189,632 146,000 174,000 100,000 389,000
June 2..
4, 550,132 341,000 1,020,000 335,000 459, 500 206,000 178,000 1,010,000 i, 632 146,000174,000 102,000 389,000
June 9
4, 544, 632341, 000 1,020,000 335,000 459, 500 203,000 178,0001,010,000
June 16
'
189, 632 143,000 174,000 102, 500 389,000
4, 542, 632
June 23
1, 020,000 335,000 459, 500 205,000 178,000 1,010,000 189, 632 144,000 174,000 102,500 389,000
Eligible paper:
May 26
18,037 1,281
8,378 2,067
392
400 374
520
999
298
212
447 2, 669
June 2
19, 943 1,361
8,433 1,503
447
80
567 2, 610
258 1,134
201
632 2,717
June 9
16, 324
8,291 1,449
717
577
428
22
471
1,148
316
262
403 2,240
June 16
15, 634
6, 659 1,478
961
844
208
53
772 1,944
245
254
458 1,758
June 23
13,801 1,626
5,751 1,205
915
916
1,309
85
114
67
217
430 1,166
U. S. Government securities:
May 26
20,000
20,000
June 2
20,000
20,000
20,000
June 9
_
20,000
June 16
20,000
20,000
June 23
20,00C
20,000
Total collateral:
May 26
4, 575,169 342, 281 1,018,378 337,067 459, 892 206, 520 198,999 1,010,298 190,032 146,i, 374174, 212 99, 447 391,«
,669
June 2_.
4, 578,075 342,361 1,018,433 336,503 459;
,717
', 947 206, 567 200,610 1,010,258 190,766 146,080 174, 201 100, 632 391,'
June 9
4, 586,456 341,717 1,028,291 336,449 460,0'
,240
i,077 206, 471 199,148 1,010,316 190,060 146,022 174,262 102, 403 391,:
4, 580, 266341,661 1, 026, 659 336, 478 460,344
June 16
i,344 203,
203'
7727 199,944 1,010,245 189, 840 143,053 174, 254 102; 958 390, 758
4, 576, 433337, 626 1, 025, 751 336, 205 460,
June 23
),415 205, 916 199,309 1,010,085 189,7
c, 067174,217 102,930 390,166
1 Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank.
656
FEDERAL RESERVE BULLETIN
JULY
RESERVE POSITION OF MEMBER BANKS,
MAY, 1937
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Gross Net
dedeTime
mand mand
dedede- 1 posits
posits posits
Classes of banks
and districts
All member banks.. 29, 501 24, 748 11,224
Res erve? with
Fede ral Reserve
banks
All
mem-
ber
banks 1
Excess
Required Held
6,005
6, 932
927
Central reserve city banks:
10,056
New York
2, 233
Chicago
9. 367
1,969
765
440
2,481
538
2, 684
589
203
51
Reserve city banks:
Boston district
New York district
Philadelphia district.
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district...
Kansas City district...
Dallas district...
San Francisco district.
960
193
1,146
1,445
619
552
1, 137
682
328
912
570
1,908
867
163
971
1,204
480
425
884
556
256
664
400
1,576
116
138
246
707
211
163
486
168
93
160
109
1, 853
180
41
209
283
109
95
206
121
57
142
87
426
194
42
278
327
137
105
242
141
66
167
101
473
69
44
28
10
36
20
9
25
14
47
10,453
8, 446
4, 450
1,956
2, 272
316
638
998
452
427
334
309
566
234
199
271
302
236
576
1,376
853
624
329
208
615
215
273
155
91
253
124
222
115
97
66
56
116
46
44
47
48
48
150
292
144
135
89
71
175
60
62
73
58
26
69
29
38
22
16
59
15
17
26
30
10
4, 966
5, 570
1,029
1, 386
357
Total
Country banks:
791
Boston district..
1,244
New York district
Philadelphia district..
583
Cleveland district
586
Richmond district
467
Atlanta district
450
Chicago district.
780
St. Louis district
327
Minneapolis district
288
Kansas City district...
431
Dallas district.. .
466
San Francisco district.
345
Total
6, 759
13
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.
NOTE.—See table at foot of page 668, for percentages of deposits required to be held as reserves.
Total reserves held:
1936—April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
February
March 2
April
May 2
Week ending (Friday):
May 7
May 14
May 21
May 28
Excess reserves:
1936—April
May
• June
July
Aug. 1-15
Aug. 16-31-'
September
October
November
December
1937—January
February
March -'
April 2
May
Week ending (Friday):
May 7
May 14
May 21
May 28
Central reserve
city b a n k s
New
York
Chicago
Reserve
city
banks
1937
Country
banks1
5,300
5,638
5, 484
5,861
6,063
6,291
6,345
6,594
6, 785
6, 665
6, 716
6, 747
6,704
6,824
6, 932
2,163
2,384
2,183
2, 279
2,5X)2
2,503
2,462
2,574
2, 695
2,662
2,719
2,812
2, 652
2,739
2,684
506
636
682
653
572
580
619
637
651
605
568
546
533
563
589
1. 675
1.657
1,664
1,886
1, 899
2,005
2,046
2,153
2,185
2,157
2,158
2,128
2,203
2,201
2, 272
956
961
954
1,042
1, 0(J0
1, 204
1,218
1,230
1,254
1,241
1,271
1,261
1,315
1,321
1, 386
6,897
6, 943
6,946
6, 950
2,634
2,676
2,687
2,724
592
582
599
588
2,278
2,291
2,274
2,258
1. 392
1,394
1,385
1,380
2,510
2,800
2, 593
2,907
3,105
1, 852
1,852
2,043
2,219
2,046
2,093
2,151
1,371
1,552
927
940
1,134
908
1,004
1, 226
600
535
639
751
697
767
868
401
530
203
262
377
414
369
290
160
195
205
221
175
147
128
54
101
5L
796
778
775
961
970
601
624
696
724
675
662
651
488
490
316
512
511
496
575
619
490
498
502
523
498
518
505
428
431
357
883
931
943
948
145
196
213
242
56
46
58
48
319
324
317
307
364
365
355
350
1 Weekly figures of excess reserves of all member banks and of country
banks are estimates.
2 Reserve requirements increased Aug. 16, 1936, March 1, 1937, and
May 1, 1937; see table at foot of page 668 for amount of changes.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
M e m b e r b a n k s in larger centers
(places over 15,000)
All member banks
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond. _ _
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
.
Dallas
San Francisco-..
Total
1
.
.
.
. ...
...
Gross demand
Time
May
April
May
1,751
11,493
1 729
2,031
1,086
1 003
4,151
1 009
616
1, 343
1 035
2,253
1 770
11,721
X 757
2 041
1,105
1 057
4,091
1 047
632
1,370
1 044
2,286
692
2,278
1 099
1,332
540
372
1.541
383
365
316
200
2,106
692
2, 259
1 091
1 332
538
368
], 530
' 384
367
316
'?00
2, 085
29, 501
29, 922
1.1,224
11,163
Time
Gross demand
May
April
1 632
1,167
1 511
1 804
913
846
1
1 616
817
437
1,026
774
2,121
1
1
14, 664
May
April
564
i 1 035
661
1 054
355
291
1
847
282
178
201
160
2,008
565
i 1 034
654
1 056
353
288
1
840
283
180
201
159
1,987
1
1
April
1
1
1
1 652
1,164
1 538
] 813
929
891
1 605
855
452
1, 052
782
2,153
14, 887
7, 637
Excluding central reserve city banks, for which figures for latest month are shown in ta*ble above.
7, 601
Member banks in smaller centers
(places under 15,000)
Gross demand
May
April
Time
May
April
119
270
219
227
173
157
302
193
178
317
261
132
118
270
220
228
176
165
304
192
181
318
261
133
128
479
438
277
185
80
254
101
187
114
40
98
127
479
437
276
185
80
251
100
187
115
40
98
2,547
2,566
2,383
2,376
JULY
657
FEDERAL RESERVE BULLETIN
1937
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Gold
certificates
Total
Treasury
notes
of 1890
Silver
certificates
Silver
dollars
1936-May
June
July
August
September
October...
November.
December,
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543
1,020
1,051
1,057
1937—January...
February.
March
April
May
6,349
6,399
6,377
6, 426
1,012
1.022
1, 022
1, 039
6. 462
1.062
Subsidiary
silver
914
955
958
102
101
100
Minor
coin
National
bank
notes
Federal Federal
Reserve Reserve
bank
notes
notes
United
States
notes
312
316
318
321
326
329
334
337
133
135
136
137
138
139
141
142
265
278
274
278
278
282
3,760
4.002
3,937
3,978
4,011
4,076
4,156
4,233
378
366
352
342
332
324
316
307
329
329
333
335
338
140
140
141
142
143
276
288
287
291
289
4,118
4,155
4,139
4,171
4. 189
300
294
287
281
27o
Back figures. —See Annual Report for 1935 (table 38).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve, hanks. In millions of dollars]
2
Papei currency
Total
in circulation^
Coin
1936—May
June
July
August
September.
October. __
November.
December.
5, 953
6,241
6,162
6, 227
6, 267
6,351
6, 466
6,543
480
486
490
494
501
505
513
517
451
463
460
471
477
484
492
499
32
33
32
32
33
33
33
35
820
850
844
863
868
882
900
806
1,402
1, 468
1,459
1,482
1,488
1, 516
1,548
1, 563
1.369
1, 466
1,431
1,436
1,437
1, 460
1, 486
1, 501
1, 409
1,479
1, 449
1,452
1, 467
1,478
1, 501
1,530
363
398
383
381
383
385
390
399
648
683
667
667
673
679
690
707
127
127
127
128
130
132
132
135
245
245
247
250
253
255
258
265
n
7
19
18
19
19
21
19
23
18
1937—January...
February..
March
April
May
6. 349
6, 399
6, 377
6, 426
6, 462
506
506
511
514
518
472
475
476
482
489
33
33
33
33
33
864
874
869
883
893
1,500
1,519
1,519
1,542
1,558
1, 458
1, 464
1,451
1,468
1. 466
1,525
1,538
1,520
1, 507
1.507
393
395
386
381
380
702
706
696
687
689
135
135
136
137
136
269
273
275
277
278
8
9
9
9
8
18
19
18
17
17
¥,nd of month
$50 and over
$2
$1
$10
$5
$20
Total
$50
$100
$500
$1,000 $5,000 $10, 000
7
7
6
6
7
Unassorted ^
10
4
3
3
4
10
2
3
4
1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
2 Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures.—See Annual Report for 1935 (table 39).
TREASURY CURRENCY OUTSTANDING
fHeld b y Treasury and Federal Reserve banks and in circulation,
millions of dollars]
E n d of m o n t h
Total
2 490
Silver
dollars Suband
sidsilver
iary
bulsilver
lion*
Federal
M i n o r United ReStates serve
coin
notes bank
notes
[By selected b a n k s in N e w York City.
Year or m o n t h
Na-
tional
bank
notes
June_._
July
August
September .
October _.
November. _
December __
2, 498
2,496
2,500
2, 512
? 515
2,521
2, 532
1,236
1,255
1,264
1,277
1,294
1,303
1,310
1,323
330
332
335
338
341
346
351
356
138
139
140
142
143
145
146
147
347
347
347
347
347
347
347
347
55
53
51
49
48
47
46
45
384
372
358
348
339
329
322
314
1937—January
February...
March
April
May
2, 532
2,536
2,541
2,543
2, 547
1, 332
1,343
1,355
1,365
1, 375
356
356
357
357
358
148
149
149
150
150
347
347
347
347
347
44
42
42
40
39
305
298
291
284
278
1936—May
* Includes silver held apainst silver certificates amounting to $1,2C8,000,000 on May 31, 1937, and $1,107,000,000 on May 31, 1936.
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
In
1P32
1933
1934
1935
1936
Shipments to
Europe
567
554
345
10, 628
34, 774
1936—May
June
Julv
August
September...
October
November .
December...
1937—January
Februarv
March
April
Mav
. . . . . .
In thousands of dollars]
Receipts
from
Europe
83,
91,
40
19,
26,
838
059
587
966
216
3,852
3,037
900
981
3,949
2,013
5,960
8,469
1,685
1,164
2,348
2,078
1, 131
5,422
1,536
745
2,092
4,279
968
1,434
909
2,197
3,265
3,728
3, 023
1, 8(>o
Net
shipments
Net
receipts
83, 271
90,505
40 242
9,338
8,558
2,167
1,873
1,448
1,097
2,818
3,409
4,424
7,724
105
1,014
2, 760
1 589
95(3
For description a n d back figures see B U L L E T I N for January 1932
pp. 7-9.
658
FEDERAL RESERVE BULLETIN
JULY 1937
GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND FROM
UNITED STATES»
[In millions of dollars]
[In thousands of dollars]
Gold stock at
end of year
or month
Net
Increase
release Other
Net
in
from factors*
total
gold
gold import ear- 1
stock
mark
Total Inactive
account
Year or month
1932
1933
1934
_
1935— September. _
October
November
December
Year
4,226
4,036
8,238
52.9 -446. 2
— 190 4 173.5
4, 202. 5 1,133.9
9,368
9, 893
9,920
10,125
165.0
325 2
226.7
205.2
10,125
10,182
February
10,167
March
10,184
April
__ 10, 225
May..
10,402
10, 608
June
July
_._ 10, 648
10, 716
August
September. 10, 845
11,045
October
11,184
November
11,258
December
1,887.2 1,739.0
1936—January
Year
1937—January
February
March
__
April
M a y . . . , .__
156.7
315.3
210.6
190.0
26.5
11, 258
26.5
11,358
11,436
11, 574
11, 799
11, 990
126. 5
204.7
342.5
568.0
759.1
57.2
-15.5
17. 2
41.0
176 7
206.6
39.2
68.4
129. 0
199.7
139.6
73.3
45.6
-16.6
5.5
28.1
170.0
277. 8
15.4
67.5
171.8
218. 8
75.8
57.0
41.6
457.5
-58.0
41.1
82.6 2,986.1
.6
1.3
7.3
11.8
15.5
13.9
.2
148.0
1.0
-1.9
-1.7
-9.5
1.0
-.2
-3.2
-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.7
13.3
10.6
10.7
13. 1
10.0
-46.4
21.5
12.9
-14.0
-7.9
60.8
17.0
1,132.5 1,116.6
-85.9
101.7
121.3
120.3
154. 3
215.8
155.4
-48.3
-8.0
-.4
7.2
26.2
27.1
-34.1
-16.0
2.5
9.6
100.1
78.2
137.9
225. 6
191. 1
1
Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
gold
2 earmarked 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
nonmonetary use or unreported holdings, imports and exports that do
not affect gold stock during the month or year, and increment resulting from reduction in weight of gold dollar.
Backfigures.—SeeAnnual Report for 1935 (table 32)
1937
May
JanuaryMay
April
From or to—
Imports
Belgium
1, 375
France
Germany
Netherlands
1,166
Switzerland
Union of Soviet
S o c i a l i s t Republics
United Kingdom.. 103,822
14, 438
Canada
285
Central America,..
2,800
Mexico __ _ __ _.
2
Argentina
354
Chile
5,496
Colombia
144
Ecuador
67
Peru
Uruguay
31
Venezuela
2,613
Australia... .
3,797
British India.._ ._
China and Hong
53
Kong
Dutch East Indies.
Japan
16, 593
Philippine Islands. 2,106
225
All other countries 2 .
Total
155, 366
Exports
Imports
Exports
5,399
596
Imports
Exports
17, 222
14, 048
1,371
15, 827
-- 175,172
7,226
260
1,980
• 3
915
4, 261
7
6
42
2,388
4,857
15
248
75
12, 994
25, 777
837
9,978
2,231
126
32, 267
10 513
7, 376
215, 825
49
4
3,487
9.761
711
948
135
150
4
504
549, 675
43,115
1,405
19,129
13
767, 224
67
1 Figures represent customs valuations which, with some exceptions,
are2 at rate of $35 a fine ounce.
Includes all movements of unreported origin or destination.
Back figures.—See table p. 687, and Annual Report for 1935 (tables
and 35).
659
FEDERAL RESERVE BULLETIN
JULY 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 the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
Nonmember
banks
Member banks
Call date
Total
Total
1932—Dec. 31
1933—June 30»
Oct. 25 2
Dec. 30
National
fin millions of dollars]
Other
Mutual nonState savings member
banks
banks
Call date
All
banks
Member banks »
Nonmember banks
Total
National
Other
Mutual
savings nonmembanks ber banks
State
_ 18,390
6,816
6,011
805
594
24,803
16,101
8,702
10,022
6,818
14,519
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
14, 772
15,070
15, 386
8,566
8,383
8,385
4,946
8,421
23,338
23, 453
23, 771
9,713
579
1933—June 301_. 37,998
Oct 25 2
Dec. 30 — 38, 505
9,708
5,026
5,288
5,417
5,461
5,462
918
1934—Mar. 5 K..
958 """578" ~~"8,~882
June 30—_ ~4l,~870~
972
Oct 17 2
980
579
9,018
Dec. 3 1 . . . 44, 770
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
5,47fi
9,828
6,000
_ 15,011
10,980 1932—Dec. 31. __ 41,643
1934—Mar. 5 2
June 302
Oct. 17 _ _
Dec. 31
15,835
16,039
6,206
6,375
6,433
6,442
193fi—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
6,386
976
985
997
1,001
579
571
571
570
9,023 1935—Mar. 4.
44,455
9,013
June 29.._ 45, 766
8,933
Nov. l..._ 47, 522
8,880
Dec. 31.._ 48,964
28,589
29, 496
31,072
32,159
18, 502
19,031
20,128
20,886
10,087
10, 465
10,944
11,273
9,837
9,920
9,936
9,963
6,029
6,350
6,513
6,842
1936—Mar. 4
June 30
Dec. 31_
15, 808
15, 752
15,628
6,377
6,400
6,376
5,375
5,368
5,325
1,002
1,032
1,051
569
566
565
8,862 1936—Mar. 4 . . . . 48,771
8,786
June 3 0 . . . 51, 335
8,687
Dec. 3 1 . _ 53, 701
31, 774
34,098
35,893
20,605
21,986
23,107
11,169
12,112
12, 786
9,972
10,060
10,143
7,025
7,176
7,666
1937—Mar. 31
15, 569
6,367
5,305
1,062
565
8,637 1937—Mar. 31
34, 746
22, 355
12, 390
10,157
7,674
For footnotes see table below.
52, 577
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Nonmember banks
Member banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
2,515
1932—Dec. 31
44,946
26,063
18,883
27,469
15,204
12, 265
10,182
6,079
4,103
7,295
4,780
1933—June 30 *
Oct 25 2
Dec. 30
40,076
22, 203
17,872
4,103
5,246
3,404
1,841
18, 342
11,928
11, 894
12, 386
5,941
21,977
12,858
13,059
12,833
10,044
40,319
24, 786
24,953
25, 220
9,985
5,906
4,079
5,115
3,238
1,877
1934—Mar. 5 2
June 30_
Oct. 17 2
Dec 31
42, 502
21,278
21, 224
4,256
5,423
3,108
2,315
22, 984
13, 842
14,652
15, 267
16,122
5,648
20, 473
12, 706
12, 523
12, 293
12, 028
9,904
43, 458
26, 548
27,175
27,559
28,150
9,782
5,491
4,291
5,526
2,955
2,571
1938—Mar. 4
June 29
Nov. 1
Dec. 31
43,747
44,416
45,008
45, 717
20, 394
20, 272
20,140
20, 329
23, 353
24,145
24,868
25, 388
28, 271
28, 785
29, 301
29,985
11,953
11,928
11, 841
12,175
16, 318
16, 857
17, 460
17, 810
9,775
9,852
9,854
9,804
5,478
5,341
5,302
5,210
4,297
4,511
4,552
4,594
5,701
5,779
5,853
5,927
2,963
3,003
2,997
2,944
2,738
2,777
2,856
2,983
46,157
48, 458
49, 524
20, 275
20, 679
21,449
25, 882
27, 778
28,075
30, 288
32. 259
33,000
12, 099
12, 542
13, 360
18,189
19, 717
19, 640
9,795
9,961
10, 060
5,202
5, 105
5,027
4,592
4,856
5,034
6,074
6,238
6,464
2,974
3,032
3,062
3,100
3,206
3,402
49,138
21, 790
27, 348
32, 525
13, 699
18, 826
10, 096
5, 026
5,070
6.. 518
3,065
3,453
1936—Mar. 4
June 30
Dec. 31
_ .
1937—Mar. 31
1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
* Nonmember bank figures not available.
» Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Back figures.—See Annual Report for 1935 (tables 47-48).
660
FEDERAL RESERVE BULLETIN
JULY
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
portbroLoans
wise
To
ing
kers others
to
seReal
outAcon
cured banks ceptestate banks'
own
side securiloans accept- and
Bills ComNew
ances
ties
pay- merances unseYork
paycial
cured
able paper
City i
able in abroad
United
bought
States
U.S. Government obligations
Loans
to
Other
brosecurikers in Total
ties
New
Fully
York
Direct guarCityJ
anteed
TOTAL—ALL MEMBER BANES
1929—Dec. 31
23,193
11,337
10, 509
10, 420
10,369
10, 548
10, 460
10,943
11,628
11,862
803
165
187
184
192
196
211
266
266
258
7,685
3,752
3,110
3,031
2,931
2,893
2,832
2,863
2, 785
2,816
3,191
2,372
2,273
2,250
2,277
2,284
2,301
2,340
2,405
2,440
11, 515
192 4,857
232 4,708
207 4,748
135 4,834
169 5,006
156 4,960
117 5,355
131 6,041
128 6,220
714
330
155
133
119
98
82
81
85
99
212
291
256
235
201
181
164
144
161
170
80
25
31
34
17
29
25
18
18
22
291
87
232
255
247
272
280
278
324
386
1,660
788
843
875
975
1,047
1,089
1,079
1, 144
1,159
8,774
7,133
7,761
7,783
8,303
8,418
8,802
9.556
9,280
9,101
4,964
2,297
2,202
2,198
2,146
2,196
2,215
2,338
2. 567
2,676
55
38
54
56
58
60
64
76
78
74
2,145
1,044
820
805
783
793
792
813
753
790
169
157
139
139
138
140
148
146
144
142
2, 595
937
120
164 1,024
145 1,054
82 1.085
107 1,0 )6
99 1,112
65 1,238
65 1,527
69 1,600
322
162
63
52
48
42
29
28
42
51
128
224
210
203
183
158
141
123
136
119
46
10
16
19
7
16
13
8
10
6
21
10
6
4
5
5
4
3
5
4
1,202
720
662
678
930
1,018
1,043
1,028
1,095
1,105
2,091
3,709
4,602
4,628
4,983
4,985
5, 355
6,028
5, 425
5,140
1,757
1,287
1,581
1,704
1,592
1,868
1,946
1,951
2,100
1,868
1,330
589
435
462
458
455
456
513
613
629
240
48
29
30
33
28
32
59
50
52
533
251
170
171
163
149
148
145
140
155
21
30
18
17
15
15
13
14
13
14
88
9
27
29
14
4
1
2
3
3
o
5
7
5
3
1
1
1
2
1
1
5
12
27
21
14
12
10
10
10
12
11
13
26
28
1
1
1
1
1
1
12,029
8,492
10,028
10,036
10,151
10, 780
10, 655
11, 306
11,795
11,611
8,418
4,258
4,024
3,974
3,967
4,144
4,071
4,242
4,582
4,618
425
63
90
83
87
96
101
115
123
114
2.775
,340
, 124
,090
L, 053
,057
,027
,044
,048
,039
13, 375
7,873
8,780
8,749
8,739
8,919
8,885
9,446
9,825
9,945
8,481
4,194
3,849
3,786
3,798
3,754
3,716
3,850
3,866
3,940
83
15
14
16
13
13
15
17
16
17
2,231
1,117
996
966
932
894
865
861
843
833
35,934
1 9 3 3 _ j u n e 3Q2
24, 786
1934-Dec. 31
28,150
28,271
1935—Mar. 4 _.
28, 785
June 29
29, 985
Dec. 31_
30, 288
1936—Mar. 4
June 30 _ _ 32, 259
33,000
Dec. 31
32, 525
1937—Mar. 31
9,784
3,863
11,928
6,887
16,122
9, 906
16, 318 9,821
16,857
9,871
17, 810 10, 501
18, 189 10,564
19,717 11, 721
19, 640 11, 639
18,826 10,856
989
1,200
1,558
1, 768
1,880
1,950
1,906
1,861
5,921
5,041
5,227
5,298
5,427
5,541
5,748
6,045
6,098
6,108
1,112
2,551
3,246
3,200
3,462
3,425
3,602
4,196
3,739
3,356
278
298
348
401
505
567
470
473
979
1,158
1,078
1.131
1, 174
1,159
1,248
1.268
1,217
1,311
309
610
1,049
1,167
1,107
1,392
1,470
1,419
1,467
1,220
116
384
743
877
766
1,061
1,131
1,014
1,107
853
78
78
87
88
89
92
94
94
193
226
229
212
254
. 243
250
312
266
273
NEW YORK CITY S
1929—Dec 31
1933—June 30'
1934—Dec. 31 .
1935—Mar. 4 . . . .
June 29 _
Dec. 31___
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
CITY OF CHICAGO «
1929—Dec. 31
1933—June 30 »
1934—Dec. 31 _
1935—Mar. 4
June 29
Dec. 31 .
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
5 $5
24
16
12
12
14
12
10
8
2
237
202
232
236
249
251
284
402
407
30
11
8
1,538
1,131
1,090
1,077
1,105
1,094
1,096
1,101
1,124
1,135
3, 679
46 1,678
49 1,671
48 1,677
40 1,682
46 1,851
43 1,805
40 1,941
56 2,231
55 2,276
258
99
55
48
43
34
31
31
23
29
42
36
13
12
10
19
18
16
17
37
24
6
9
9
7
10
9
7
5
10
102
38
108
122
112
120
120
113
131
154
239
45
105
106
25
21
30
34
36
38
2,944
4,011
5,715
5,766
5,986
6,432
6,375
6,863
7,000
6, 725
1,368
2,483
3,809
3,724
3,712
4,076
3,958
4,349
4,426
4,250
"279"
376
571
656
656
651
697
669
1,576
1,528
1,628
1,666
1,703
1.701
1,761
1,863
1,877
1,805
1,462
1.055
1,026
1,018
1,020
1,035
1,043
1, 078
1,123
1,150
4, 705
3 2,005
2 1,810
2 1,785
2 1,831
2 1,810
2 1.791
2 1,891
3 1,881
2 1,937
45
38
27
25
21
17
17
16
14
15
33
4
5
6
3
3
3
2
4
12
5
1
2
2
2
2
1
1
2
163
27
92
109
116
135
145
152
178
216
208
10
50
64
18
7
14
16
13
16
4,439
3,598
4,756
4,757
4,780
5, 002
4,989
5,407
5, 747
5, 741
1, 267
1, 469
2,108
2,020
1,931
1,940
1,873
2,163
2,368
2,397
"355"
448
553
623
630
640
645
626
3,172
2,129
2,293
2,289
2, 296
2, 439
2,486
2,606
'2.734
2,719
6
5
5
6
4
RESERVE CITY
BANKS
1929—Dec. 31
1933—June 30 a
1934—Dec. 31
1935—Mar. 4 . . .
June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31. _
1937—Mar. 31....
COUNTRY BANKS
1929—Dec. 31
1933—June 30 «
1934—Dec. 31
1935—Mar 4
June 29
Dec. 31
1936-Mar. 4 _._
June 30
Dec. 31
1937—Mar. 31...
1
8
Loans (secured by stocks and bonds) to brokers and dealers in securities.
Beginning June 30, 1933, figures relate to licensed banks only.
8 Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 52).
5
JULY
661
FEEERAL RESERVE BTJLLETITv
1937
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
ReBal- items Interbank
serves
ances report with
Fed- Cash
in
doin
eral vault
mes- procReess
Dotic
serve
col- mes- Forbanks1 ofleceign
banks
tic
tion 2 banks banks
117 1 < 1 k
Call date
Time deposits
IndiInterbank
vidDeuals, mand
part- deposner- its ad- Doships, justed 4 mesForcoreign
tic banks
porabanks
tions,
of
credit« etc.
Certified
Unitand
ed
offiStates Pubcers'
lic
Gov- funds checks,
erncash
ment
letters
Individuals,
Pos- Pub- parttal- lic nersav- funds
ships,
ings
corporations,
etc.
Borrowings
TOTAL—ALL MEM
B E R BANKS
2,374
2,235
4,082
4,518
4,933
5,573
5,784
5,607
6. 572
6.613
558
405
609
534
537
665
624
713
697
662
2,168
2,008
3,149
3,386
3,396
3,776
3,970
3,944
4,066
3. 445
3,896
1,485
1,903
1,475
1,183
2,255
1,718
2,147
2,533
1,974
3,517
3,057
4,569
5.095
4,978
5,696
6,148
5,986
6,402
5,752
544
145
147
169
273
444
394
465
432
458
143
806
1,636
1,270
779
844
600
1,037
882
415
1,335
1,087
1,799
1,861
2,091
2,139
2,173
2,320
2,329
2,564
1,681
657
838
741
417
882
779
789
881
677
17,526
11,830
14,951
14,872
16,206
18,035
17, 927
19,322
20,970
20,085
16,647
12,089
15,686
15,999
17, 630
18,801
19,161
20, 284
21, 647
21,352
95
89
134
145
136
151
152
151
153
153
154
1
7
8
5
5
5
6
6
6
122
788
452
399
307
218
167
152
104
97
595
300
294
290
285
361
344
378
296
269
12,267
7,803
9,020
9,203
9,462
9,680
9,784
10,099
10,429
10,639
879
191
13
17
9
6
11
6
15
18
827
846
1,576
1,856
1,935
2,541
2,493
2,106
2, 658
. 2,719
68
46
86
58
51
65
57
65
61
56
179
101
103
86
133
111
108
114
133
123
2,406
874
1.069
810
447
1,133
829
982
1,087
853
1,198
1,255
1,798
2,047
1,983
2,338
2 527
2,390
2,493
2,171
464
127
126
147
248
410
363
428
393
419
20
332
792
572
369
224
140
215
225
129
128
96
229
190
354
323
260
357
285
314
1,180
461
540
500
149
524
496
489
457
354
5,847
4,676
5,370
6,329
5,924
6,479
6,471
6,891
7,274
7,237
4,750
4,358
5,069
5,209
5,979
6,193
6,398
6,756
6,929
7,051
40
22
1
1
133
1
7
7
4
4
4
5
4
5
18
110
56
44
27
3
33
4
4
4
6
12
11
10
13
14
1.112
671
591
595
567
591
586
601
679
758
179
8
169
232
415
359
675
511
480
749
558
482
13
34
40
34
37
39
35
38
32
21
133
203
207
182
249
209
195
195
188
93
158
61
90
70
73
135
96
147
159
114
310
259
445
505
504
522
594
635
599
596
26
2
2
3
3
4
4
5
5
5
8
46
46
41
20
98
81
102
72
96
42
87
182
184
198
208
217
221
191
203
32
16
23
19
24
27
26
27
27
38
1,041
870
1,073
1,047
1,208
1,301
1,243
1 444
1, 495
1,001
957
912
1,189
1,179
1,357
1,401
1,390
1,546
1, 554
1,128
19
7
2
6
1
68
1
332
358
381
374
469
413
407
444
449
440
41
751
705
1,268
1,386
1,403
1,594
1,794
1,763
2,108
2,108
156
122
207
197
213
256
264
289
285
264
947
1,002
1,543
1,690
1,607
1,779
1,910
1,907
1,816
1,545
1.041
401
537
432
471
752
607
763
971
764
1,604
1,315
1,984
2,179
2,145
2,422
2,594
2,551
2,826
2,546
50
15
17
18
21
28
26
30
33
32
76
312
620
505
299
385
285
513
407
132
423
349
585
643
674
707
733
733
843
935
300
108
169
132
140
204
151
152
230
155
5,547
3.708
4,919
4,854
5,314
6,001
5,961
6,419
7,023
6,833
5,229
3,764
5,136
5,197
5,656
6.161
6.238
6.541
7,126
7,159
30
59
117
128
119
134
135
135
137
137
627
452
822
916
920
927
1,017
989
1,247
1,304
321
203
275
246
236
305
268
322
319
321
908
702
1,296
1,427
1,406
1,676
1,757
1,727
1,929
1,684
291
149
207
163
192
235
187
256
316
242
405
228
342
364
347
415
433
410
483
440
3
1
2
1
1
1
1
1
2
2
39
742
116
555
178
804
152
845
90
865
137
901
93
965
207 1,008
178 1,011
57 1,113
169
72
106
90
104
127
106
121
167
130
5,091
2,576
3,589
3.642
3,761
4,254
4,252
4. 567
5,177
5,013
5,711
3,054
4.292
4,414
4,538
5.047
5.136
5,440
6.039
6,012
1 <29—Dec. 31
1933—June 30 «
1934—Dec. 31
1936—Mar. 4
J u n e 29
Dec. 31
1936 M a r 4
J u n e 30
Dec. 31
1937—Mar. 31
NEW YORK CITY •
1929-Dec. 31
1933—June 30 6
1934—Dec. 31 . . .
1935—Mar. 4
J u n e 29
Dec. 31
1936—Mar 4
J u n e 30
Dec 31
1937—Mar. 31
2
2
12
1
CITY OF CHICAGO •
1929—Dec. 31
1 9 3 3 - J u n e 30 5
1934—Dec. 31 1935—Mar. 4_
J u n e 29
Dec. 31 . .
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31. -
1
RESERVE CITY BANKS
1929—Dec. 31
1 9 3 3 - J u n e 30*
1934—Dec. 31
1935—Mar. 4
J u n e 29 _
Dec. 31
1936-Mar. 4
J u n e 30
Dec. 31
1937—Mar. 31
14
.....
2
41
388
186
167
118
79
72
65
35
34
371
208
206
211
203
266
251
288
203
176
4,433
2,941
3,494
3.611
3 670
3.796
3, 853
3960
4.026
4,064
292
16
61
285
210
188
162
136
95
87
69
64
133
86
84
75
76
83
82
80
80
79
6.390
3.833
4,554
4,623
4.756
4 879
4,938
5.094
5. 275
5,377
367
167
13
14
9
6
8
6
3
11
1
1
5
COUNTRY BANKS
1929—Dec. 31.
1933-June 30*
1934—Dec. 31
1935—Mar. 4
June 29 _
Dec. 31
1936—Mar. 4
June 30
Dec 31
1937—Mar. 31
6
7
16
17
16.
16
17 . . . .
16
16
16
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
band 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 5cash items reported on hand but not in process of collection.
6 Beginning June 1933figuresrelate to licensed banks only.
Central reserve city banks.
Backfigures.—SeeAnnual Report for 1935 (table 53)
662
FEDERAL RESERVE BULLETIN
J U L Y 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Investments
Loans 1
Total
loans
and
investments
Date or month
Total
To
brokers
and
dealers
in securities*
On
securities to
To
others b a n k s
(except
banks)'
Real
estate
loans
U. S. Governm e n t obligations
Open
mar- Other
ket
loans1
paper'
Total
Direct
Fully
guaranteed
Reserve
with
FedOther
eral
securi- Reties
serve
banks
BalCash ances
with
in
vault domestic
banks
TOTAL—101 CITIES
1936
May
November
December..
1937—January
_.
February
March
April
May
°1 832
22, 444
22, 760
22, 734
22, 600
22, 610
22, 280
22, 201
8 355
8, 755
9,030
8,998
8,982
9,286
9,399
9,523
1,185
1 156
1,248
1,228
1 217
1,318
1 276
21, 328
2,078
2 024
2,034
2,007
2 021
2,030
2 046
2 2,061
82
62
64
59
72
86
78
120
1,146
1,148
1,154
1,153
1,150
1,152
1,155
1,160
333
323
338
379
399
411
396
2 382
3,531
4,042
4,192
4,172
4,123
4,289
4,448
2
4,477
13, 477
13, 689
13, 730
13, 736
13, 618
13, 324
12, 881
12, 678
8,877
9,232
9,241
9,263
9,118
8,802
8,447
8,320
1,286
1,255
1,242
1,230
1,212
1,206
1,181
1,163
3,314
3,202
3,247
3,243
3,288
3,316
3,253
3,195
4,577
5,422
5,264
5,292
5, 326
5,205
5,340
5,350
378
404
427
401
387
359
346
338
2, 283
2,463
2,439
2,307
2,252
1,998
1,967
1,790
1937—Apr. 14.
Apr. 21
Apr. 28
May 5 _ _ __
May 12
May 19
May 26
June 2
June 9
June 16
June 23
22. 293
22, 268
22, 202
22, 240
22, 205
22, 177
22, 182
22,158
22, 214
22. 573
22,414
9,394
9,402
9,428
9, 533
9,531
9,500
9, 529
9, 571
9.647
9,741
9,766
1,261
2,048
1,269
2,047
1 297
2 040
1,341
2 054
1 316
2 068
1
1 , 323 12 002
1 324
1 989
1,333
1,995
1 369
2 000
2,010
1,370
1,444
2,011
74
76
84
128
122
118
110
123
123
167
142
1,153
1,156
1,156
1,157
1,161
1,162
1,161
1,161
1,166
1,166
1,171
395 4,463
392 4,462
393 4,458
381 4,472
382 4,482
1497 14, 398
490 4,455
483 4,476
481 4,508
475 4, 553
465 4,533
12, 899
12, 866
12, 774
12, 707
12, 674
12, 677
12, 653
12, 587
12, 567
12,832
12,648
8,457
8, 439
8,370
8,334
8,323
8,314
8,308
8,287
8,258
8,556
8,374
1,183
1,178
1,175
1,165
1,164
1,162
1,159
1,156
1,166
1,165
1,160
3,259
3,249
3,229
3,208
3,187
3,201
3,186
3,144
3,143
3,111
3,114
5,381
5,378
5,425
5,307
5,359
5, 349
5,385
5,278
5,367
5,280
5,335
353
340
354
337
349
329
338
329
337
299
308
2,018
1,962
1,964
1,797
1,783
1,781
1,796
1,766
1,751
1,774
1,734
8, 585
8,622
8, 750
8,606
8. 543
8, 651
8,385
8,335
3,261
3,420
3,581
3, 532
3,521
3,708
3, 725
3,804
1 000
978
1, 053
1,024
1,017
1,111
1 085
U,133
750
710
712
709
731
733
734
2 733
48
30
34
28
43
55
48
76
133
130
130
130
129
128
128
129
144 1,186
135 1,437
140 1, 512
146 1,495
136 1,465
133 1,548
114 1,616
2 103 21, 632
5,324
5,202
5,169
5,074
5,022
4, 943
4, 660
4,531
3,647
3,721
3,666
3,555
3.455
3,319
3,100
3,024
545
461
451
452
453
452
442
435
1, 132
1,020
1,052
1,067
1,114
1,172
1,118
1,072
2,234
2,575
2,509
2,565
2,670
2,506
2,562
2,492
52
58
63
56
53
49
53
54
74
78
86
81
80
81
74
70
8, 386
8,350
8,353
8,379
8.322
8,318
8,320
8.392
8,474
8. 606
8,513
3,718
3,721
3,744
3,814
3,805
3,787
3, 808
3, 856
3,921
4,011
4,032
1,076
1,084
1,102
1 147
1 119
1
1,127
1 124
1,140
1,168
1 169
1,217
736
731
728
732
734
*751
746
753
753
758
761
45
46
51
79
80
76
69
74
81
126
100
127
129
129
129
130
129
129
129
131
131
134
112 1, 622
110 1,621
113 1,621
104 1,623
101 1,641
1157 11, 547
158 1,582
160 1, 600
162 1, 626
163 1, 664
164 1, 656
4, 668
4, 629
4,609
4,565
4,517
4,531
4,512
4,536
4,553
4, 595
4,481
3,106
3,076
3,072
3,034
3,027
3,022
3,014
3,060
3,062
3,141
3,023
442
439
439
442
434
434
429
428
441
440
438
1,120
1,114
1,098
1,089
1,056
1,075
1,069
1,048
1,050
1,014
1,020
2,622
2,579
2,562
2,430
2,480
2,496
2,561
2,440
2,498
2,478
2,509
54
50
58
55
55
51
54
64
51
48
49
77
74
71
71
72
68
71
70
62
69
64
1936—Mav
November
December..
1937—January
February...
March
April
May
13, 247
13. 822
14. 010
14, 128
14, 057
13,959
13, 895
13, 866
5, 094
5, 335
5, 449
5, 466
5,461
5, 578
5, 674
5,719
185
178
195
204
200
207
191
2 195
1,328
1,314
1, 322
1,298
1,290
1,297
1,312
2
1 , 328
34
32
30
31
29
31
30
44
1,013
1,018
1,024
1,023
1,021
1,024
1,027
1,031
189 2,345
188 2,605
198 2,680
233 2,677
263 2, 658
278 2,741
282 2,832
2 279 2 2,845
8,153
8,487
8, 561
8,662
8,596
8,381
8,221
8,147
5,230
5, 511
5,575
5, 708
5,663
5,483
5,347
5, 296
741
794
791
778759
754
739
728
2,182
2.182
2,195
2,176
2,174
2,144
2,135
2,123
2,343
2,847
2, 755
2,727
2, 656
2,699
2,778
2,858
326
346
364
345
334
310
293
284
2,209
2,385
2,353
2,226
2,172
1,917
1,893
1,720
1937—Apr. 14
Apr. 21
Apr. 28
May 5
May 12 . . . .
May 19
May 26
June 2
June 9
June 16
June 23
13,907
13, 918
13,849
13. 861
13, 883
13, 859
13, 862
13, 766
13, 740
13, 967
13,901
5,676
5, 681
5, 684
5.719
5, 726
5, 713
5. 721
5,715
5, 726
5.730
5,734
185
185
195
194
197
U96
200
193
201
201
227
1,312
1,316
1,312
1, 322
1,334
11,251
1,243
1,242
1,247
1,252
1,250
29
30
33
49
42
42
41
49
42
41
42
1.026
,027
027
,028
031
033
,032
,032
, 035
L 035
1,037
283 2,841
282 2,841
280 2,837
277 2,849
281 2,841
1340 12, 851
334 2,871
323 2, 876
319 2,882
312 2,889
301 2,877
8,231
8,237
8,165
8,142
8,157
8,146
8,141
8.051
8,014
8,237
8,167
5,351
5, 363
5,298
5,300
5, 296
5,292
5,294
5,227
5,196
5,415
5,351
741
739
736
723
730
728
730
728
725
725
722
2,139
2,135
2,131
2, 119
2,131
2,126
2,117
2,096
2,093
2,097
2,094
2,759
2,799
2, 863
2,877
2,879
2, 853
2,824
2,838
2,869
2,802
2,826
299
290
296
282
294
278
284
265
286
251
259
1,941
1,888
1,893
1,726
1,711
1,713
1, 725
1,696
1,689
1,705
1,670
NEW YORK CITY
1936—May
November _
December
1937—January. _
February
March
April
May.. _
1937—Apr.
Apr.
Apr.
May
May
May
May
June
June
June
June
.
.
14..
21
28 .
5
12
19.
26
2
9 . _
16
23
OUTSIDE NEW YORK
CITY
1
Loan classification revised May 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly
published; for explanation of revision see June BULLETIN, pages 530-531; for current figures on basis of new classification, see pages 664-665 of this
BULLETIN.
2
Average of figures for May 5 and 12 only (see note above).
663
FEDERAL RESERVE BULLETIN
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]
Cash
items
reported as Other
in proc- assets
ess of
collection !
Date or month
Demand deposits
Total
assets
Time deposits
Interbank
United CertiStates
fied
Total Domes- Foreign Govern- checks, Other
tic
liabilment
etc.
ities banks banks
Demand
deposits—adjusted2
Interbank
DoFormestic eign
banks banks
Other
Borrowings
liabilities
5,051
5, 032
5,045
5.052
5^094
5,142
5,145
5, 194
11
3
1
3
3
20
874
880
909
837
880
894
925
915
3. 541
3, 539
3,555
3,563
3, 568
3,578
3, 581
3, 593
930
915
944
£09
912
909
929
COf)
928
915
904
3,581
3, 583
3, 581
3, 592
3, 593
3, 591
3, 596
3, 607
3, 003
3, 604
3, 597
300
369
372
343
367
369
395
394
1,470
1,442
1,451
1,467
1,474
1,472
1, 472
1, 475
1,472
1,472
1, 470
1, 475
1,476
1, 475
1,474
1,478
1,477
1,477
1,475
Other Capital account
TOTAL—101 CITIES
1936- May
November
December
1937—January
February
March
April
May....
-__.
1,269
1, 663
1,787
1,548
1,573
1,602
1,503
1,450
1,376
1,318
1,370
1,349
1,360
1,356
1,338
1,338
31,715
33,714
34, 047
33, 631
33, 41-8
33,130
32, 774
32, 467
5, 346
6,106
6,025
5,953
5, 854
5, 546
5,424
5, 032
375
448
435
413
410
428
473
528
752
548
601
611
409
369
312
201
420
584
617
525
573
573
460
441
15, 220
16,441
16,714
16, 539
16, 571
16,459
16,325
10,429
14,371
15, 362
15, 544
15,516
15,572
15,429
15,283
15,420
131
130
130
132
134
133
120
106
1937—Apr.
Apr.
Apr.
May
May
May
May
June
June
June
June
1, 611
1,487
1,509
1,347
1,568
,448
,439
, 563
, 301
,727
, 385
1,333
1,323
1, 345
1,334
1,331
1,342
1, 344
1,340
1,338
1,306
1,338
32,
32,
32,
32,
32,
32,
32,
32,
32,
32,
32,
989
758
799
362
595
426
484
434
308
959
514
5,526
5,414
5, 321
5,116
5,075
5,010
4,927
5, 039
4, 939
4, 942
4.802
476
484
501
515
533
520
543
549
567
580
599
351
272
272
233
207
182
181
142
103
547
549
443
458
458
423
448
449
444
463
454
496
434
16,417
16,362
16,439
16,273
16,496
16,424
16,523
16,374
16, 353
16,473
16,240
15, 249
15, 333
15, 388
15, 349
15,376
15,425
15,528
15,274
15,506
15,242
15,289
121
117
116
108
107
105
105
100
100
99
105
1936—May
November
December
1937—January
February
March
April
May
565
795
878
714
767
774
649
622
494
468
492
493
490
485
477
482
12,004
12, 596
12, 778
12, 515
12, 603
12, 546
12,200
12,055
2, 303
2,529
2, 468
2,421
2,392
2,233
2,149
1,926
345
408
397
378
375
392
436
490
196
102
155
181
138
131
105
50
261
402
415
336
398
388
279
274
6, 478
6, 756
6,893
6, 783
6, 825
6,878
6, 689
6, 730
1937—Apr. 14
Apr. 21
Apr. 28
May5
May 12....
May 19
May 26
June 2__
June 9_
June 16
June 23
675
611
680
568
661
630
629
699
567
762
602
469
467
478
477
481
488
483
480
481
469
471
12,283
12,131
12,202
11,980
12. 071
12,051
12,118
12, 145
12,133
12,432
12,208
2,197
2,138
2,101
1,983
1,936
1,916
1,867
1,933
1,896
1,905
1,863
439
448
461
477
496
483
504
509
527
541
559
124
86
86
66
53
41
41
23
4
289
289
269
266
284
255
283
282
275
287
291.
318
258
704
834
806
828
854
828
882
850
878
856
870
871
861
856
19,711
21,118
21, 269
21,116
20, 895
20, 584
20, 574
20, 412
3, 043
3,577
3,557
3,532
3, 462
3,313
3,275
3, 106
556
446
446
430
271
238
207
151
936
876
829
779
907
818
810
864
734
965
783
856
867
857
850
854
861
860
857
837
867
20, 706
20, 627
20, 597
20, 382
20, 524
20, 375
20, 366
20, 289
20,175
20, 527
20, 306
3, 329
3, 276
3,220
3,133
3,139
3, 094
3, 060
3,106
3, 043
3, 037
2,939
227
186
186
167
154
141
140
119
99
258
260
NEW
14
21
28
5
12
19
26
2
9
10
23
s
5
5
3
4
5
6
8
6
6
6
6
10
11
12
12
13
5.133
5,146
5,158
5,149
5, 201
5, 205
5, 222
5, 231
5, 233
5, 233
5, 233
6,175
6, 363
6,430
6, 404
6, 457
6, 492
6,319
6, 382
4
4
4
3
3
3
4
6
581
583
613
601
631
680
671
697
6, 706
6, 656
6, 720
6, 646
6,716
6, 740
6,819
6, 771
6, 777
6, 707
6, 596
6, 300
6,311
6, 324
6, 333
6. 338
6, 392
6, 465
6, 359
6, 501
6, 263
6, 252
4
4
4
4
6
6
8
9
10
11
11
671
671
671
658
704
704
721
727
724
726
722
9
14
53
31
401
390
405
387
393
389
409
399
413
405
404
159
182
202
189
175
185
181
167
8,742
9,685
9,821
9, 756
9, 746
9,581
9, 636
9, 699
8,196
8,999
9,114
9,112
9,115
8,937
8, 964
9,038
131
130
130
132
134
133
120
106
1
1
1
4, 470
4,449
4,432
4, 451
4, 463
4,462
4,474
4, 497
1
1
1
3
3
7
508
511
537
494
513
525
530
521
2, 071
2,097
2,104
2,096
2, 094
2,106
2, 109
2,118
174
192
174
168
165
167
169
176
163
178
176
9,711
9, 706
9, 719
9, 627
9,780
9, 684
9, 704
9, 603
9, 576
9, 766
9, 644
8,949
9,022
9, 064
9,016
9,038
9,033
9, 063
8,915
9, 005
8, 979
9,037
121
117
116
108
107
105
105
100
100
99
105
529
525
539
522
519
520
520
506
515
510
500
2,109
2,111
2,111
2,117
2,117
2,116
2,122
2,129
2.126
2.127
2,122
5
1
3
38
16
24
4
13
16
38
YORK CITY
1
10
2
"l3~
29
8
15
OUTSIDE NEW YORK
CITY
1936—May
November
December
1937—January
February
March
April
May
-
1937—Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
1
2
2
2
2
2
2
2
1
1
2
2
2
1
2
4,462
4,475
4,487
4,491
4,497
4,501
4, 501
4,504
4, 509
4, 507
4,511
5
1
3
9
8
9
4
4
2
5
7
1 Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
of cash items on hand but not in process of collection.
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash
items reported as on hand but not in process of collection.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).
664
FEDERAL RESERVE BULLETIN
JULY 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[In millions of dollars]
Federal Reserve District
Total
City
San New
Fran- York
cisco
Minneapolis
Kansas
City
Dallas
663
656
634
632
641
642
381
379
382
382
391
392
690
688
684
686
693
686
481
479
477
476
487
489
2,154
2,147
2,125
2,131
2,168
2,156
8,318
8,320
8,392
8,474
8, 606
8,513
1,995
2,009
1,989
1,958
1,988
1,979
971
977
977
974
976
985
291
289
289
284
284
282
164
163
165
166
168
168
252
253
252
253
252
253
214
214
213
214
214
216
1, 023
1,019
1,011
1,020
1,024
1,018
3,787
3,808
3,856
3,921
4,011
4,032
647
657
657
652
655
668
15
12
12
12
12
12
50
50
50
50
50
51
45
44
44
43
43
42
10
9
10
10
10
10
19
20
17
17
17
18
10
15
15
15
16
15
44
46
46
41
40
40
232
229
227
227
226
228
33
33
32
33
33
34
'92
'92
'92
90
89
87
131
133
133
131
129
128
528
'534
533
534
533
530
126
125
123
121
121
119
71
71
72
74
76
75
133
135
134
136
136
135
116
116
116
116
115
118
312
312
307
307
312
306
1,381
1,410
1,433
1, 456
1,491
1,484
390
396
395
395
394
394
Boston
New
York
PhilaClevedelland
phia
22,177
22,182
22,158
22, 214
22, 573
22, 414
1,295
1,291
1,288
1,299
1,336
1,332
9,207
9,219
9,292
9,374
9,511
9,399
1,187
1,178
1,163
1,165
1,182
1,192
1,886
1,891
1,888
1,884
1,901
1,883
626
634
631
620
643
640
556
555
551
552
559
557
3,051
3,065
3,043
3,013
3,061
3,046
9,500
9,529
9,571
9,647
9, 741
9,766
694
696
698
704
704
705
4,223
4,248
4,296
4,362
4,449
4,468
454
454
457
457
458
468
699
700
698
699
702
696
242
243
243
242
239
238
273
273
272
272
271
269
'572
'572
'570
563
565
566
'37
'37
'38
38
"38
38
'244
'241
240
240
239
241
43
44
44
43
44
43
41
40
40
40
42
42
'14
14
14
14
246 ' 1 , 491
254 ' 1 , 519
259 1,542
262 1,564
263 1,600
1, 592
264
156
156
158
156
157
160
231
'232
231
228
'230
228
Rich- Atlan- Chica- St.
mond ta
go Louis
Chicago
ASSETS
Loans and investments,
total:
May 19
May 26
June 2
June 9
June 16
June 23
Loans—total:
May 191
May 26
June 2
June 9
June 16
.
_
June 23
Commercial, industrial, and
agricultural loans:
On securities:
May 191 May 26
June 2
_ _
June 9
June 16
- June 23
Otherwise secured and
unsecured:1
May 19
May 26
—
June 2
June 9
_ _
June 16
June 23
Open market1 paper:
May 19
May 26
June 2
June 9
June 16
June 23
Loans to brokers
and dealers:
May 191
May 26
June 2
June 9
June 16
June 23
Other loans for purchasing or
carrying securities:
May 191
June 26
June 2
June 9
__ _
June 16
June 23
Real estate loans:
May 191
May 26
June 2
June 9
June 16
June 23
Loans to banks:
May 191
.May 26
June 2
June 9
June 16
June 23
Other loans:
On securities:
May 191
May 26
June 2
June 9
June 16
June 23
Otherwise secured and
unsecured:1
May 19
May 26
June 2 __
June 9.
_
June 16
June 23
U. S. Government direct
obligations:
May 26
June 2
June 9
June 16
J u n e 23
'3, 633
'3, 679
'3 700
3,719
'3 761
3,742
r
497
'490
483
481
r
475
465
119
116
113
111
110
105
175
178
180
182
181
180
27
26
26
26
26
25
20
21
19
17
16
15
13
13
13
12
12
11
6
6
6
6
6
5
52
'51
50
50
50
49
11
11
10
11
11
11
8
8
8
8
7
7
21
20
20
20
'20
21
2
2
2
3
2
2
43
38
36
35
34
34
157
158
160
162
163
164
28
30
29
29
29
28
1,323
1,324
1,333
1,369
' 1 , 370
1,444
44
42
40
41
42
44
1,137
1,138
1,152
1,181
1,180
1,228
25
24
25
27
27
36
18
18
18
18
19
21
4
4
4
4
4
4
7
50
52
50
50
53
66
6
6
6
6
6
6
2
2
1
2
2
2
4
4
4
4
'4
4
3
3
3
3
3
3
23
24
23
26
23
23
1,127
1,124
1,140
1,168
1,169
1,217
42
44
43
42
44
58
722
'715
720
719
716
716
37
37
37
37
37
37
358
358
361
359
359
360
38
'39
39
39
39
39
38
38
38
39
38
38
21
20
20
21
20
20
18
17
17
17
17
17
96
96
97
96
96
95
13
13
13
13
13
13
9
9
9
9
9
9
15
15
15
15
14
14
19
15
15
15
15
15
60
58
59
59
59
59
277
276
280
278
278
278
81
81
82
81
81
80
1,162
1,161
1,161
1,166
1,166
1,171
83
83
83
83
83
86
239
238
239
240
240
243
61
61
61
61
60
60
181
181
181
182
181
180
28
28
28
28
28
29
27
26
26
27
27
27
80
80
80
80
81
81
45
45
45
45
45
45
6
6
6
6
6
6
19
19
19
19
19
19
21
21
21
21
21
21
372
373
372
374
375
374
129
129
129
131
131
134
14
14
14
14
14
14
118
110
123
123
167
142
5
5
6
6
6
6
76
69
74
81
126
100
2
2
3
3
2
2
4
4
4
4
4
4
2
2
2
2
2
2
4
5
5
5
5
5
7
7
12
7
7
7
9
8
9
8
8
9
2
2
2
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
5
4
4
4
4
3
76
69
74
81
126
100
3
3
8
3
3
3
'708
'702
'705
718
729
729
'64
'62
'62
63
63
62
274
273
278
281
287
288
47
46
45
46
47
47
118
118
119
122
123
121
28
29
29
29
28
30
23
21
22
22
22
23
46
46
45
46
46
45
11
12
12
12
12
]2
9
9
9
9
9
9
16
15
15
14
14
14
11
9
9
9
9
9
61
62
60
65
69
69
242
241
246
248
254
255
23
23
22
22
23
22
'765
'776
776
789
'792
791
59
60
60
63
62
63
229
234
230
234
237
236
55
56
56
56
56
56
'48
'48
48
49
'49
47
40
41
41
42
42
41
42
46
44
45
46
45
62
61
60
61
60
61
25
25
27
25
25
25
47
47
48
47
48
48
24
24
27
27
27
27
31
32
31
31
32
32
103
102
104
109
108
110
166
172
167
170
173
172
33
33
32
33
34
35
8,308
8 287
8,258
8,556
8,374
422
420
423
462
457
3, 249
3 299
3,301
3,388
3, 255
345
332
332
347
348
859
861
857
872
860
276
275
270
296
293
174
170
171
179
178
1,482
1, 460
1,434
1,478
1.455
215
193
198
205
209
160
160
160
167
169
252
250
251
260
254
186
186
183
194
194
688
681
678
708
702
3,014
3,060
3,062
3,141
3,023
961
942
916
943
922
7
7
7
1 May 19figures,although published in the previous BULLETIN, are repeated in this BULLETIN
on a revised basis because of numerous changes
r
made in some loan items since their original publication.
Revised.
664
JULY
665
FEDERAL RESERVE BULLETIN
.1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[In millions of dollars]
Federa Reserve District
Total
Phila- Cleve- Richdelland m o n d
phia
Boston
New
York
1,159
1,156
1,166
1,165
1,160
22
22
23
23
23
469
467
481
480
477
93
93
94
94
94
59
60
60
59
60
3,186
3,144
3,143
3,111
3,114
151
148
149
147
147
1, 253
1,230
1, 230
1, 194
1,199
286
281
282
283
282
273
269
268
268
267
5, 385
5,278
5,367
5,280
5, 335
244
243
253
239
246
2,688
2,571
2,616
2, 615
2,666
270
258
250
237
245
338
329
337
299
308
59
53
54
39
36
70
80
68
64
65
1,796
1, 766
1,751
1,774
1,734
90
97
93
87
85
1,344
1,340
1,338
1, 306
1, 338
City
Atlan- Chica- St.
ta
Louis
go
Minneapolis
Kansas Dallas
City
San
Francisco
New
York
Chicago
135
132
130
131
129
429
428
441
440
438
95
95
95
95
95
44
45
44
44
43
138
136
135
134
134
51
50
51
51
51
305
301
303
305
307
1 069
1,048
1 050
1,014
1,020
296
295
295
295
294
148
145
141
143
153
78
78
78
78
80
158
165
164
163
160
106
113
110
113
108
322
312
317
312
319
2,561
2,440
2 498
2,478
2, .509
593
596
653
598
586
63
59
65
61
62
11
11
11
11
11
6
5
6
5
6
13
11
13
11
13
10
9
10
9
10
19
19
20
18
19
54
64
51
48
49
27
26
29
28
28
95
96
94
101
100
332
316
301
309
297
87
80
86
91
92
71
73
78
72
71
193
183
187
208
201
160
148
150
156
152
176
171
175
190
171
71
70
62
69
64
168
166
153
145
141
42
41
42
43
42
40
40
40
40
40
98
97
97
91
91
24
24
24
23
23
17
17
17
16
17
23
23
23
23
23
29
28
28
27
27
230
230
224
217
210
483
480
481
469
471
64
64
64
59
59
1,108
1,111
1,098
1,100
1,086
429
425
433
424
425
338
337
335
338
342
2, 286
2,237
2,266
2,272
2,244
385
352
380
392
408
261
261
263
266
270
486
474
488
499
494
396
389
390
397
390
935
910
921
925
911
6 465
6 359
6,501
6 263
6,252
1 523
1 498
1,519
1 512
1,499
286
283
282
281
282
720
722
722
719
719
201
201
201
199
200
178
180
179
180
180
856
858
860
861
862
183
182
183
183
183
121
121
121
121
121
145
145
145
146
145
120
121
121
122
122
1,012
1,011
1,015
1,014
1,016
721
727
724
726
722
449
450
451
451
453
7
3
7
5
23
23
19
19
4
3
1
13
13
5
3
2
14
15
84
79
74
56
57
1
1
1
9
9
2
2
2
2
2
3
2
2
8
8
7
5
4
12
13
15
12
8
47
47
41
23
4
289
289
78
74
71
41
41
1,932
2,001
1,963
1,970
1,927
293
292
283
282
264
329
345
332
337
322
195
196
197
191
184
189
187
189
186
177
745
758
751
748
730
260
262
235
228
225
106
110
114
112
111
347
351
344
351
342
174
174
172
175
175
252
248
246
249
243
1,867
1 933
1,896
1,905
1, 863
547
554
551
548
534
10
10
10
9
10
514
520
539
554
572
4
4
4
4
4
1
1
1
1
1
8
8
8
8
8
1
1
1
1
1
1
1
14
15
14
14
14
512
518
537
552
570
7
7
7
7
7
1
2
1
2
2
1
10
15
54
32
9
14
53
31
929
905
928
915
904
35
35
36
37
38
423
412
427
419
418
26
24
25
25
26
22
20
22
21
21
26
27
27
28
23
7
7
8
7
7
27
26
26
28
29
10
9
9
9
9
5
5
5
5
6
3
3
3
3
3
7
6
6
6
5
338
331
334
327
319
409
399
413
405
404
20
20
20
22
22
3,596
3,607
3,603
3,604
3,597
237
237
237
236
236
1,610
1,615
1,613
1,613
1,609
227
229
228
228
227
343
346
346
346
346
92
92
92
93
93
89
89
88
89
89
357
358
358
357
358
87
87
86
87
87
55
55
55
55
55
91
91
91
91
91
80
80
80
80
81
328
328
329
329
325
1 474
1,478
1, 477
1,477
1,475
237
238
238
237
237
CO CO CO CO CO
28
28
28
28
28
CO CO 00 00 35
Tt^ CO CO C^,
45
46
47
47
45
T^
to to to to to
ASSETS—continued
Obligations fully guaranteed
by U. S. Government:
May 26
June 2
June 9
June 16
June 23
Other securities:
May 26
June 2
June 9
June 16
__ _ _
June 23
Reserve with Federal Reserve bank:
May 26
- -June 2
June 9
-June 16
. -- June 23
Cash in vault:
May 26
- June 2
June 9
June 16
--- -June 23
Balances with domestic banks:
Mav 26
June 2
June 9
June 16
June 23
Other assets:
May 26
June 2
June 9
June 16
Tune 23
31
31
31
31
31
49
49
49
49
49
72
70
70
70
70
77
78
78
78
79
433
433
432
434
433
103
103
101
103
102
328
342
332
333
332
132
136
135
133
132
106
106
104
106
102
805
809
867
808
792
17
15
18
16
17
39
38
40
38
39
20
18
20
17
18
11
11
12
10
12
170
172
160
158
146
136
139
135
325
153
165
173
158
165
155
121'
118
134
112
111
89
90
91
91
89
554
552
553
540
582
91
89
90
89
89
107
109
109
106
105
15, 528
15, 274
15,506
15, 242
15, 289
1,001
995
1,013
971
970
7,054
6, 954
7,083
6,852
6, 879
849
829
836
806
870
5,222
5,231
5,233
5,233
5,233
278
278
279
279
280
1,122
1,129
1,125
1,128
1,123
181
142
103
547
549
1
1
1
46
45
45
26
6
298
298
5,032
5,139
5, 039
5,041
4,907
210
215
213
212
207
553
560
579
592
612
4
13
16
58
38
LIABILITIES
Demand deposits—adjusted:
May 26
June 2
__ _
June 9
June 16
June 23
.
Time deposits:
May 26
-- -June 2
June 9
-June 16
June 23
U. S. Government deposits:
May 26
June 2
_June 9
June 16
--_____
June 23
Interbank deposits, domestic:
May 26
--- -_ June 2
June 9
-.
June 16
June 23
Interbank deposits, foreign:
May 26
June 2
June 9
June 16
June 23
Borrowings:
Mav 26
June 2
June 9
June 16
June 23
Other liabilities:
May 26
June 2
June 9
June 16
_
June 23
Capital account:
May 26
June
June
June
June
2
9
16
23
1
1
1
1
1
2
1
1
1
4
665
666
FEDERAL RESERVE BULLETIN
BANK SUSPENSIONS1
JULY
1937
POSTAL SAVINGS SYSTEM
[In millions of dollarsl
Total,
all
banks
N u m b e r of banks suspended:
1933, Mar. 16-Dec. 31 . . .
1934
IQ35
1936
1937 J a n - M a y
Deposits of suspended banks
(in thousands of dollars): 3
1933, Mar. 16-Dec. 31
1934
1935
1936
1937 Jan - M a v
Non-member
banks
Member
banks
I
Assets
National
State
Not
Insured 2 insured
E n d of m o n t h
179
57
34
44
18
9
1
4
1
6
145, 710
36 937
10,099
11,306
3.205
17, 322
40
5,313
507
3,527
8
22
40
14
164
48
8
3
4
1,912
3,847
10, 207
2,782
124, 861
34, 985
939
592
423
iRepresents licensed banks suspended; does not include non-licensed
banks placed in liquidation or receivership after the banking holiday.
For statistics of latter see Annual Report for 1935 (table 69).
2
Federal deposit insurance became operative January 1, 1934.
3
Deposits of member banks and insured non-member banks suspended
are as of dates of suspension, and deposits of non-insured non-member
banks are based on the latest data available at time of the report of closing
of the banks.
Back
figures—See
Annual Report for 1935 (table 69).
BANK DEBITS
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.
Back
figures.—See
1
140
Total
Direct
obligations
May
Apr.
15,114
19, 292
17, 082
20,051
16.227
16, 998
1,930
15,914
1,788
2, 029
691
867
5, 020
1,024
620
1,099
682
2,743
2, 030
17, 800
1, 745
2, 155
728
918
5,270
995
665
1,158
719
2, 950
1,740
16,904
1,490
1.794
589
758
4, 559
904
559
955
563
2.410
34, 406
37,133
33, 225
Cash,
reserve
funds,
etc.*
185
356
801
1,207
1,225
1,236
148
307
682
977
695
385
26
27
71
131
453
777
26
27
71
131
418
630
35
147
11
22
48
99
77
74
1936—January
February._.
March
April
May
June
-.
July
August
September..
October
November..
December _
1937—January....
February..
1,208
1,214
1,216
% 215
,214
,232
,244
,249
,251
,255
,257
,260
,266
1,241
1,248
1,251
1,248
1,248
1,265
1,279
1,283
1,285
1,290
1,293
1.296
1,303
1,307
248
876
225
876
221
902
216
925
211
940
203
967
172
972
166
972
162
982
158 1,011
145 1,029
709
710
736
759
773
800
805
805
815
844
862
891
893
894
167
166
166
166
167
167
167
167
167
167
167
167
167
167
117
147
128
107
97
95
135
145
141
121
119
93
107
113
April
May
272
269
1, 268
1,058
1,060
1, 001
p Preliminary.
Outstanding principal, represented b y certificates of deposit. D o e s
not include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-percent reserve fund a n d
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late postmasters.
1
May
Guaranteed
obligations
175
347
785
1,187
1,198
1,205
March
Back figures.—See BULLETIN for August 1935, p . 502,
A n n u a l R e p o r t for 1935 (table 08).
U. S. Government
securities
Cash
in depository
banks
1930—June..
1931—June..
1932—June. _
1933—June. _
1934—June..
1935—June. _
[Debits to individual accounts. Amounts in millions of dollar?]
No. of
centers
Depositors'
balances 1 Total
JULY
667
FEDERAL RESERVE BULLETIN
1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Bv classes
B y holders
Commercial
paper
End of month
out-
standing1
Total
Held b y accepting
banks
outstanding
Total
Own
bills
Bills
bought
Held b y Federal
Reserve banks
Based
on
im-
For ac- Held
For
count of
by
own ac- foreign others
count
correspond-
Based
on ex- Dollar
exports
from change
U.S.
ports
into
U. S.
Based on goods
stored in or shipped
between points in
U. S.
Foreign
countries
ents
1936—ApriL
_ . ..
M av
June
July
August _
September
October.
November
December
174
184
169
188
205
197
199
191
215
344
331
316
316
308
315
330
349
373
310
297
276
278
279
276
296
309
315
143
155
129
131
140
139
150
157
151
167
142
147
147
139
137
147
152
164
1937—January
February
March
April
Mav
,
244
268
290
285
184
387
401
396
395
386
325
340
316
318
295
154
160
150
147
137
171
180
166
171
159
(2)
1
3
1
2
34
34
40
37
29
39
34
40
57
Ill
110
107
105
104
107
110
112
126
86
81
74
68
63
64
67
77
86
62
61
80
76
86
141
158
160
167
168
83
85
84
83
81
2
1
2
2
2
2
1
2
2
2
1
1
57
55
49
57
60
66
75
83
83
89
82
85
84
79
76
77
76
76
84
79
76
68
62
77
77
7h
7(
7.r>
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
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]
Debit balances
Credit balances
Customers'
credit balances*
1935—September .
December
_.
1036—April May
June
July
August...
September
October
November
December
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
1,098
1,258
65
75
119
135
182
179
771
930
257
286
89
79
23
24
12
10
396
410
1,295
1,257
1,267
1,295
1,287
1,317
1,333
1,364
1,395
1,433
1,482
1,549
1,559
1, 50 3
65
65
67
68
69
72
69
65
64
62
61
61
58
56
173
159
164
158
142
141
151
150
164
162
188
175
163
149
268
229
219
221
213
227
235
260
249
243
230
223
227
209
1,033
970
985
981
967
995
989
986
1,048
1,028
1,084
1,172
1,215
1,188
301
282
276
287
283
289
318
346
342
372
366
346
314
284
88
83
86
96
92
99
99
110
103
118
116
115
111
101
28
25
24
24
25
24
25
24
30
32
32
29
29
24
13
14
14
14
12
14
17
17
12
19
25
18
18
12
426
422
420
422
423
423
428
435
424
428
418
419
417
408
Customers'
debit
balances
(net)i
End of month
_- _ _
_^
1937—January
February
March
April
Mav
Other credit balances
Debit
balances in
partners'
investment
and trading
accounts
Money
borrowed 2
Free
Other
(net)
In
In
partners'
In
firm
investcapital
investment and ment and accounts
trading
(net)
trading
accounts accounts
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.
* 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.
668
FEDERAL RESERVE
BULLETIN
JULY 1937
FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Rediscounts and advances under sees. 13 and 13a of the1 Federal Reserve Act
Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)
Advances under sec.
10 (b) of the Federal
Reserve Act
Federal Reserve Bank
Rate
June 30
In effect
beginningFeb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas C i t y . .
Dallas
San Francisco
PreRate
vious
rate June 30
8,1934
2,1934
17,1935
11,1935
9,1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934
In effect
beginningSept.
Oct.
Nov.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Aug.
Oct.
Sept.
In effect
Rate
June 30 beginning-
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
21,1938
15,1933
10,1938
12,1934
19,1933
1
Rates indicated also apply to United States Government securities bought under repurchase agreement.
Backfigures.—SeeAnnual Report for 1935 (table 40).
RATES ON INDUSTRIAL ADVANCES
BUYING RATES ON ACCEPTANCES
Buying rates at the Federal Reserve Bank of New York
[Percent per annum]
Rate in
effect on
June 30
Maturity
In effect beginning—
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 June 30, 1937.
[Percent per annum]
Previous
rate
Advances
direct to
industrial
or commercial organizations
Federal Reserve Bank
Oct. 20, 1933
____do
....do.
....do
....do.
....do
....do
1-15 days i...
16-30 d a y s 31-45 days...
46-60 days...
61-96 days...
91-120 days..
121-180 days.
Boston
New Y o r k . . . .
Philadelphiai This rate also applies to acceptances bought under repurchase agree- Cleveland
ments, which agreements are always for a period of 15 days or less.
Richmond
NOTE.—Minimum rates on prime bankers' acceptances payable in Atlanta
dollars; higher rates may be charged for other classes of bills.
Chicago
St. Louis
Back figures.—See Annual Report for 1935 (table 41).
3K-6
MinneapolisKansas City..
Dallas.
San Francisco.
6
4-6
5-6
5-6
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Percent per annum]
Nov. 1, 1933 Feb. 1, 1935 In effect
to
to
beginning
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days..
Advances to financing institutions—
Commitments
On porto make
tion for
On re- advances
which
maining
institu- portion
tion is
obligated
4-6
4-6
4^-6
6
6
5-6
3
3
3
Wi
4-5
(2)
4
4-6
5
13
4-6
5
5-6
4
4-5H
4^-5
4
4
3-4
4^-5
4
5-6
4-5
1-2
Yi
1-2
A
i Authorized rate 1 percent above prevailing discount rate.
« Same as to borrower but not less than 4 percent.
»Flat charge.
Back figures.—See Annual Report for 1935 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits
and banks
On net demand deposits:*
Central reserve city..
Reserve city
Country
-.
June 21,
1917Aug. 15,
1936
Aug. 16,
1936Feb. 28,
1937
Mar. 1,
1937Apr. 30,
1937
193/2
15
22%
May 1
1937,
and after
20
14
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation, On time deposits:
All member banks
effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board
1
and the Federal Deposit Insurance Corporation are superseded by
See footnote to table on page 606 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.
669
FEDERAL RESERVE BULLETIN
JULY 1937
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates; percent per annum]
Prevailing rate o n Year,
month or
date
Prime
commercial
paper,
4 to 6
months
1934 average._.
1935 average.__
1936 average. _
1936—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1937—Jan
Feb
Mar
Apr
May
Week ending:
Apr. 10
Apr. 17... _
Apr. 24...
May l_-_
May 8
May 15...
May 22...
May 29..__
June 5
June 12
June 19
Stock exPrime Stockbankexchange call
ers' change
loans
accept- time
ances , loans,
90
90
ReNew
days
days
newal
1.02
.25
.13
.15
.76
.75
U
%
Average rate o n -
Ys
y&
H
H-Vie
Vie
Vie
Vie
Vie
%
8
/
S
Vii-k'
A
3
/
Vie
•K-i Vie-Vie
l
l
Vie
#-»/ie
l
l
l
i
i
i
i
l
i
l
l
Vie
Vie
Vie
Vie
Vie
X
v2
X
X
X
X
.90
.56
1.16
1
1.00
.56
.91
.75
.93
1-1X
IX 1.00
IX 1.00
IX 1.00
IX 1.00
00
\yA 11.00
1929 1930 1931 1932 1933 1934 1935 1936 1937
Average
yield on
U.S.
u. s.
Treasury 273- Treasday bills u r y
offered 3-5 year
within
notes
period
2.11
1.28
1.11
New York City:
January
February
March
__.
April
May.
June
July
August
September
October
November.
December
1.00
.56
.91
i .26
2.14
.14
.75
.93
LOO
LOO
LOO
L. 00
LOO
LOO
nn
.10
.18
.23
.14
.18
.16
.13
.10
21
1.10
Year
1.09
1.12 8 other northern and
eastern cities:
1.17
January
1.12
February
„.
1.09
March.
1.12
.99
April
1 04
May.
1.18
1.22
1.42
1.59
1.48
IX
IX
IX
IK
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.36
.38
.58
.70
.65
IX
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.00
.67
.70
.72
.74
.72
.69
.62
.56
. 55
.57
.58
June
July
August
September.
October
November
December
Year
1.66
1.60 27 s o u t h e r n a n d
western cities:
1. 54
January
1. 52
February
1.48
March
1.49
April
1.47
May
1.46
June
—
1.49
July
1. 52
August
1 56
September
October
November
December
r
Revised.
i 91-day and 182-day bills.
«182-day and 273-day bills.
Back figures.—See Annual Report for 1935 (tables 42 and 43).
Year
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
4.29 3.93
4.27
4.
4.17 4.67
4.16 4.64
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.71
4.71
4.72
4.
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
4.12
4.11
4.
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2.77
2.61
2.64
2 56
2.61
2.54
2.51
2.44
2.44
2.42
2.40
2.46
2.43
2.43
5.88 4.C
4.22 4.49
4.02 3.33
2.70
2.49
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.61
4.
4.62
4.57
4.55
4.49
4.
4.47
4.
4.62
4.87
4.91
4.
4.84
5.39
5.09
4.
4.97
4.82
4.
4.65
4.51
4.54
4.59
4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67
3.62
3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.46
6.04
5.07
4.61 5.05 4.83 4.29
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.
5.75
5.
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
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88
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.
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
4.65
4.49
4.52
4.52
4.39
4.
4.15
4.12
4.11
4.13
4.
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
2.50
2.41
2.50
2.53
2.44
2.34
3.36
3 43
3.34
3.36
3.45
3.32
3.52
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
4.23
4.24
4.14
4.16
4.15
4.15
4.21
4.17
4.18
6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35
BOND YIELDS1
[Percent per annum]
Year, month, or date
U.S.
Treasury a
Number of issues
7-12
1934 average
1935 average
1936 average
1936—May
June
3. 10
2.70
2.47
2.50
2.50
2 50
2.43
2.41
2.42
2.29
2 27
2.29
2 31
2.50
2.74
2 67
2.64
2 63
2.63
2 64
2.65
July
August
September
October
November
December
1937—January
February
March
_
April
...
_
May
Mav 26
June 2
June 9
June lfi
June 23
1
Municipal
(highgrade) 3
15
3. 95
3. 16
2.68
2.76
2.72
2 70
2.68
2.62
2.58
2.45
2.31
2.38
2 57
2.72
2.84
2 76
2.71
2 68
2. 60
2 66
2.69
Corporate 4
By groups
By ratings
Total
Aaa
120
4.96
4.46
3.87
3.96
3.94
3.90
3.85
3.79
3.75
3.71
3.67
3.66
3 75
3.87
3.98
3.92
3.91
3 92
3.89
3 92
3.93
A
Aa
30
4.00
3.60
3.24
3.27
3.24
3.23
3.21
3.18
3.18
3.15
3.10
3.09
3 22
3.32
3.42
3.33
3.31
3 30
3. 26
3 28
3. 27
30
4.44
3.95
3.47
3.53
3.51
3.48
3.44
3.41
3.38
3.31
3.28
3.30
3 41
3.50
3.58
3.49
3.46
3.46
3.43
3 44
3.45
Industrial
Baa
30
5 08
4.55
4.02
4.11
4.09
4.05
3.99
3.94
3.90
3.85
3.78
3.76
3 85
3.98
4.05
3.99
3.97
3. 98
3.96
3 98
4. 00
30
6 32
5.75
4.77
4.94
4.90
4 84
4.74
4.62
4.54
4.52
4.53
4.50
4 54
4.69
4.86
4.87
4.91
4 92
4.90
4 96
5. 00
40
4 52
4.02
3.50
3.55
3.54
3 52
3.48
3.44
3.42
3.38
3.37
3.36
3 46
3.55
3.65
3.55
3.52
3 51
3.49
3 51
3.51
Railroad
40
4 96
4.95
4.24
4.40
4.35
4.31
4.22
4.09
4.02
4.00
3.96
3.95
4 04
4.17
4.29
4.27
4.26
4 27
4.24
4 28
4.31
Public
utility
40
5.40
4.43
3.88
3.95
3.91
3.86
3.85
3.83
3.80
3.74
3.69
3.68
3.76
3.90
3.99
3.95
3.96
3.97
3.94
3.97
3.98
Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures.
2 Average of yields of all outstanding bonds due or callable after 8 years,
a 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).
670
FEDERAL RESERVE BULLETIxV
STOCK PRICES l
BOND PRICES i
Corporate 3
U. S. i MunicTreasipal
ury
Indus- Rail- (Jtility
(highroad
grade)3 Total trial
Year, month, or date
Number of issues..
20
20
84.5
88.6
97.5
81.9
88.2
92.2
83.8
79.4
94.7
95.5
96.2
97.1
97.7
98.6
99.6
90.6
90.8
90.6
92.5
91.1
94.2
91.6
95.8
92.2
97.9
93. 1 99.7
94.2
99.2
94.5
99.6
94.8 100.6
94.7 100.2
93.5
98.3
92.0
95. 3
91. 9 95. 0
7-12
1934 average..
1935 average..
1936 average..
10». 5
106.0
107.0
117.8
1936— May_
June
_
July
August
September..
October
November..
December..
1937—January
February. _.
March
April
May.
107.1
106.6
106 6
107.2
107.2
106. 9
108. 2
108. 0
107.3
107.2
105. 2
102J)
103. 3
116 2
116 9
117 4
117.8
118.8
119.5
122.1
124, 8
123.5
110.7
116.9
114.8
116.3
100.3
100.0
98.5
96. 6
96. 2
103.
103.
103.
103.
103.
117. 1
117.7
118. 1
118.1
117.5
96. 0
95. 7
95. 8
95. 1
94. 6
May
June
June
June
June
2ti
2_. __
9_.
16
23 ... .
T)
<>
t)
.5
4
97.3
109.(4
JULY 1937
94. 6
94. 2
94.6
93. 0
92. 5
91.8
91.6
91.4
90. 9
91.0
20
Year, month, or date
Preferred Common stocks (index, 1926=100)
stocks
(indusRail- Utility
trial highTotal Indusroad
trial
grade) 2
Number of issues
40
32
87.8 1934 average
98.2 1935 average
105.4 1936 average
120.7
133. 8
138.9
/2
78
111
8i
9' |
127 |
71
104
105.0 1936—May
June
105. 5
July
106.0
August
105. 7
September.
105. 8
October....
106.0
November106.0
December..
105. 6
105. 7 1937—January
February. _.
105.1
March
103.6
April
102.4
May
101.8
138.6
138.8
139.1
139.3
139.0
138.3
139.0
140.1
141.8
141.2
138.0
136.0
135. 4
106
109
113
114
119
124
123
126
130
130
125
116
H6
121
!24
128
130
136
144
143
147
152
153
147
137
95
102
106
109
108
109
109
111
114
111
106
101
94
135. 6
135.7
135.9
135.7
134.9
117
116
116
110
112
138
136
137
130
133
94
93
93
89
90
May
June
June
June
June
101.5
101. 2
101.4
100.6
100. 3
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.
> 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 (tabl8 73); for U. S. Treasury
20.....
2
9 .....
16.
23
i Monthly data are averages of Wednesday figures.
> Average derived prices.
/Source.—Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73).
bonds, see BULLETIN for May 1936, p. 317.
CAPITAL ISSUES
[In millions of dollars]
]For
Total
(new
Year or
month
1927 .
1928
1929
1930
1931
1932
1933
1934. ___
1935..
___
1936
1936—May...
June...
July....
Aug....
Sept....
Oct
Nov
Dec
1937—Jan
Feb....
Mar....
Apr.. _
May...
refunding)
Total
(domestic
and
forTotal
eign)
9,774 7 556
9 898 8 040
11,513 10,091
7 619 6,909
4 038 3 089
1,751 1,194
1,063
720
2,160 1,386
4,699 1,457
6,214 1,972
420
734
339
297
409
464
372
726
603
497
382
272
261
1
112
218
104
217
178
186
158
266
241
168
185
152
150
6,219
6 789
9,420
6,004
2 860
1,165
new capital
For refunding
Domestic
State
and
munici-
Federal
1, 475
1,379
1,418
1,434
1,235
87
pal
64
0
87
75
77
Corporate
Foreign!
(domestic
and
forTotal
eign)
93
51
93
26
317
987
353
1,864
3 387
1,782
3 187
81
200
241
238
35
182
56
59
60
g
26
119
4
93
2
8
0
1
28
3
26
21
4
1
16
267
376
225
62
175
272
155
408
204
225
181
87
87
252
325
222
55
156
249
145
395
87
140
162
69
66
16
50
3
6
19
22
10
13
116
84
19
18
21
0
2
0
0
0
0
15
0
73
74
0
20
0
4,658
5 346
8,002
4,483
1,551
3,184
2 385
2,078
2,980
1 239
325
161
178
404
311
20
120
35
69
352
229
29
12
48
23
3 242
4 242
3,216
4 123
35
36
13
53
21
87
37
136
365
382
24
29
31
25
26
35
12
118
31
56
39
40
31
0
1
1
0
1
13
0
0
0
0
0
0
0
308
516
236
80
231
278
214
459
362
329
197
121
111
308
514
236
80
231
278
199
459
289
255
197
101
111
37
45
9
11
56
5
16
49
59
9
12
13
8
1,386
1,409
1 949
64
405
150
22
1,192
305
40
144
334
839
112
217
103
217
177
173
158
266
241
168
185
152
150
68
64
33
46
103
78
49
48
146
34
47
67
43
6
1
0
0
0
0
0
0
0
4
0
0
29
38
152
70
171
75
95
109
218
95
130
138
85
78
13
123
39
146
48
60
97
100
64
74
99
45
47
o
2 218
1 858
1 422
1,978
1 620
1,387
709
949
557
343
774
527
893
498
283
765
Foreign!
Federal
Total
1 474 1 337
2 961 1 251
5,924
671
1,503
905
Corporate
State
and
munici-
Bonds
and Stocks
notes
762
483
803
855
735
708
Domestic
Total
pal
o
o0
Total
Bonds
and Stocks
notes
1,850
1 584
1,374
1,586
1,054
474
821
319
219
312
542
451
789
315
187
312
264
530
833
23
32
4
32
o
Includes issues of noncontiguous U. S. Territories and Possessions.
«Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home
Owners' Loan Corporation; excludes direct obligations of U. S. Treasury.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures —See Annual Report for 1935 (table 72) for figures of new issues—annual and monthly basis.
JULY
FEDERAL RESERVE
1937
671
BULLETIN
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]
MATURITIES
[In millions of dollars]
Interest bearing
E n d of period
Total
(gross
debt)
Total
Bonds
Notes Certificates
Bills
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 2,831
4,780 2,200
6,932 1.635
10, 501
156
616
954
1, 404
2,053
June
July
August
September..
October
November..
December..
31, 425
31, 636
33, 545
33, 436
33, 377
33,831
33, 830
33, 791
34, 405
30, 601
30, 822
32, 756
32, 672
32, 621
33,086
33,081
33,085
33, 699
16,005
16,030
18, 395
18, 295
18, 274
19,257
19,255
19, 262
20, 575
12, 383
12, 381
11,861
11,906
11,886
11,370
11, 368
11,366
10, 804
259
258
146
117
107
106
105
104
117
1,953
2,153
2 354
2, 353
2, 353
2;353
2,354
2, 353
2, 203
1937
January
February . .
March
April
May
34, 503
34, 601
34, 728
34, 941
35,213
33,822
33,926
34,064
34, 295
34. 591
20, 597
20, 644
21, 273
21, 295
21,314
10, 847
10, 868
10,357
10,377
10. 421
125
161
231
269
303
2,253
2, 253
2, 203
2, 353
June
June
June
June
1932.....
1933....
1934.....
1935—.
1936
April
May
2.553
Noninterest
bearing
Interest-bearing debt M a y :il, 1037
Total
Bonds'
Notes
Total
34, 591
21,314
Obligations maturing:
1937—Before J u l y l._
July 1-Sept. 30.
1, 7(59
Oct. 1-Dec. 31
' 651
1938—Jan. 1-Mar. 31
1,132
825
Apr. 1-June 30
618
814
J u l y 1-Scpt. 30
596
790
Oct. 1-Dec. 3.1
___ ....
764
1939
2, 762
757
1940
2,854 I
745
1941
2,219
834
749
1943
898 I
898
706
1945
1,401 1 1,401
1946
1,519 i
707
1,519
1947
1,697 !
1,697
1948-1952
4, 328
4,328
1953-1957
5, 694
5. 694
1958-1961
3,643 i 3, 643
675
664 Special issues:
I
646
U. S. savings bonds
775
i 022 Adjusted service bonds.__
405
405
All other 2
1,078
119
10, 121
326
381
573
1,056
m|
i Includes $316,000,000 of Government liability for retirement of
national b a n k and Federal Reserve b a n k notes, as a result of deposit
of funds b y banks; this compares with $438,000,000 on M a y 31, 1936.
Certificates
Bills
551
817
951
051
401
732
618
596
2, 762
2,854
1,385
656
303
1
Issues classified as of date of final maturity; most issues callable at
earlier dates; postal savings bonds only issues callable before 1940; adjusted service bonds and most of the U. S. savings bonds are redeemable
at 2option of holder.
Includes such issues as postal savings bonds, retirement fund notes,
and old age reserve account and unemployment trust fund series.
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds
Total
Income
taxes
Miscellaneous All
inter- other
nal
revenue
3,116
3,800
4,116
818
1,099
1,427
1,470
1, 657
2,010
3, 337
3, 587
4,426
256
529
294
343
499
272
233
517
284
275
1,012
363
335
845
1,116
1, 610
35
310
39
32
288
27
33
286
43
58
700
57
47
1,519
1, 846
1,971
158
164
201
264
161
186
148
174
168
148
188
166
169
Period
Fiscal year ending June:
1934
1935
1936
11 months ending:
May 1935
May 1936..
May 1937
!8?5—May
June...
July
August
September
October
November
December
1937—January
February
March
April
May
Trust
acor decounts, Increase
crease during
etc.
*
Excess
period
of reRecovery and relief
of receipts ceipts
(+) or (+)
or
exexpendi- pendiGeneral
All
tures
tures
fund
Gross
Total Relief Public
works other'
balance debt
Expenditures 3
Receipts
828
1,044
680
Generala
Total
6,745
6,802
8,477
972 6, 062
625 6,140
844 6, 702
63
558
55 '2,337
54
412
47
551
50
60
52
535
57
656
73
631
68
553
123
754
140
708
119
552
Interest on All
public other
debt
757
821
749
618
132
10
26
144
74
8
140
14
20
159
68
9
1,984
2,325
4,436
4,004
3, 657
3,291
1, 844
2,342
985
645
1,020
2,092
1,515
294
213
-3, 630
-3,002
-4, 361 6
4-835 +1,720
-741
+613
+840
+123
+4,514
+1, 648
+5,078
2,128
2,487
3,443
258
»1,949
320
273
255
292
267
266
318
331
388
401
331
3, 232 2,084
3, 035
953
2,585
76
291
21
256
32
82 :
35
;
252
14
268
8
315 ,
5
260 •
2
250 ;
3
299
2
202
2
208
2
239 '
2
212
2
938
1, 786
2, 639
264
306
275
247
252
277
260
274
222
205
224
212
192
209
296
130
7
«83
6 228
-2, 725
-2,553
-2, 276
-302
-1,807
-118
-208
-169
-409
-303
-138
-348
-279
+257
-345
-217
+515
+135
+ 1,585
+2, 936
+1, 434
+211
+2,142
-335
-63
+452
V)
-38
+613
+95
+99
+127
+212
+272
5
6
32
e 2
8 26
74
64
6 18
25
18
+7
+2
-12
-55
(7)
-15
-17
+26
+72
-98
+8
-625
+517
-928
-84
+323
-451
-327
+284
-424
-358
+500
-180
-187
+287
-124
+52
1 Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts.
2 Excludes public-debt retirement.
3 Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures of the Reconstruction Finance Corporation.
4 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other than for retirement of national-bank notes), transactions in checking accounts of certain special governmental agencies,
and unemployment trust fund account.
s Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936.
* Excess of credits.
* Less than $500,000.
672
FEDERAL RESERVE BULLETIN
JULY 1937
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, APRIL 30, 1937
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
ComReconstruction modity
Finance Credit
Corpo- Corporation
ration
Public AgriculWorks
tural
Admin- credit Other
istrainstitution
tions
Financed partly from Government
funds
Farm
mortgage
institutions
Other
farm
credit
institutions
Home
mortgage
institutions
Total
Total
Other Apr. 30, Mar. 31 Apr. 30,
1937
1937
6
480
752
2,625
2,916
558
1,235
486
745
2,662
2,922
569
1,211
567
852
2,960
2,949
705
1,176
1936
ASSETS
Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc
Home mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans
1
327
592
146
3 161
2,625
0)
2,916
1
824
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
1,745
2
3
32
6
1, 788
140
24
128
140
(i)
128
24
7
5
439
57
30
14
25
2
76
2
0)
19
140
0)
152
147
156
283
238
0)
2,916
121
44
238
23
99
2,932
105
6
6
11
347
8,567
326
534
8,595
291
536
9,209
319
470
69
1
9
102
193
29
191
29
214
26
3
36
3 330
4
15
76
285
751
76
279
714
74
273
513
485
10, 760
10,711
11,099
88
4, 674
1,350
516
4,666
1, 340
497
4,696
1,382
328
0)
(2)
1
32
224
175
157
783
3,413
433
3,418
0)
LIABILITIES
Bonds, notes, and debentures:
Guaranteed
by United States...
Other 2
Other liabilities (including reserves)
Total liabilities
other than
interagency 2
Excess of assets over liabilities, excluding interagency transactions. _
Privately owned interests.
U. S. Government interests
49
6
5
2
46
1,422
2 1,175
170
172
3
3,002
1
148
299
6
5
48
2,767
176
3,152
88
6, 541
6,503
6,406
1,489
134
147
147
735
646
174
257
3
266
35
397
139
4,220
350
4,208
346
4, 693
346
1,489
134
147
147
735
473
255
231
257
3,869
3,862
4, 347
0)
250
0)
2
1 Less than $500,000.
Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
3
Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury
amounting to $48,000,000 are classified under "All other assets."
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding.
M a y 31,
1936
Loans to financial institutions
Loans on preferred stock of banks and insurance companies
Preferred stock, capital notes, and debentures
Agricultural loans
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts.
Other loans
Securities purchased from Public Works Administration._
Total loans and investments, other than interagency.
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
I n thousands of dollars]
Nov. 30,
1936
330,883
47, 586
658, 654
1,273
345,190
194,184
61,645
63,125
1,935
136,850
403.148
45, 992
839, 714
8,684
393,154
174.149
50,779
55, 228
3,518
129, 634
Dec. 31,
1936
325,620
43, 509
650, 777
1,369
345,980
195,044
63, 592
64,343
1,928
118,822
J a n . 31,
1937
313, 335
41, 796
630, 272
1,327
345, 502
200,181
63,079
65,164
1,943
113,076
304,815
41, 465
607, 777
1.405
345, 447
206, 721
63, 838
66,553
1,949
108, 714
M a r . 31,
1937
295,654
41, 379
596,998
1,461
340, 367
208,496
63,493
67, 744
2,050
121, 622
Apr. 30,
1937
286,611
41,132
591, 784
1,468
345,084
215,044
67,729
70,832
2,169
114,537
M a y 31,
1937
1 277, 349
2
40,677
587, 668
1,402
344,823
218, 589
69, 524
71, 253
2,312
120,929
2,103, 999 1, 841,325 1,810,984 1,775, 677 1, 748, 684 1, 739, 265 1, 736,389 1, 734, 526
33,
172,
97,
18,
17,
27,620
98,417
97,000
35, 701
20,000
948
800
000
429
000
2,443,1
24,750
98, 721
97,000
37,406
20,000
22, 784
135,024
97,000
38, 670
20,000
22,191
129, 320
97,000
39,233
20,000
14, 517
79, 688
- 97,000
20,000
14, 333
55,485
97,000
44,340
20,000
13,934
50,371
97, 000
45,994'
20,000
2,120,163 2,088,961 2,089,255 2,056,825 1,994,837 1,968,547 1 1, 964, 225
^sM&*i*
«Includes $2,400,000 of loans to Rural Electrification Administration.
F e b . 28,
1937
.;.r>a 10 J
iir>;o7 uiommy.ii c?Aa aebulonl
10) 11 mil i3ri?o) W03 no insar
oo£ jhfiru v-nni Jaeravolqma::.*.!!
i
JULY
673
FEDERAL RESERVE BULLETIN
1937
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by-
Federal
land banks
Land
Bank
Commissioner
Regional
agricultural
credit corporations,
production
credit associations,
and banks
for cooperatives l
1,232,707.
1,915, 792
2,071,925
2,062,986
2,064,037
2.064, 759
2,067,106
2,067,711
2, 067, 647
2.065, 719
2,064,158
2,061,472
2, 060, 233
2,057,930
2,055, 397
2, 053, 558
70,738
616,825
794, 726
827,052
827, 248
829, 464
831, 892
833,906
835,187
836,194
836, 779
836,062
835, 509
833,821
832, 881
831,705
73, 263
99, 675
104, 706
140,177
144,155
146, 243
144, 423
138,653
135, 791
131,644
129, 872
125,825
130,139
144, 250
153, 795
159, 073
End of month
1933—December.
1934—December.
1935—December.
1936—May
June
July
August
September.
October ___
November.
December.
1937—January...
February..
March
April
May
Federal intermediate
credit bank loans to
and discounts for—
Other
financing
institutions,
except
cooperatives
60,989
55, 672
47,162
52,914
54,012
55,050
54,884
50,099
43,946
41, 277
41,017
40, 080
41,061
42,367
44, 042
45,131
Loans to cooperatives b y -
Regional
Production credit agricultural
cred
associait corpotions
rations
27
60,852
94,096
135, 467
139,468
140,982
135,603
122,004
110, 775
105,441
105, 212
106,081
114,551
131,905
143, 902
152. 466
144,636
87,102
43,400
37,711
36,026
34, 610
33,042
31, 216
28, 664
26,491
25, 288
24, 454
24, 249
23,892
23, 588
23,453
Emergency
crop and
drought
loans
89,811
110,186
172,489
176,789
176, 234
174,207
172,863
171,320
168, 688
166,291
164,887
163,868
163, 250
174, 709
187,185
189,686
Federal
intermediate
credit
banks
15,211
33,969
2,731
932
247
225
314
405
758
1,336
1,641
1,486
1,359
1,305
1,249
1,070
Banks for
cooperatives,
including
Central
Bank
18, 697
27,851
50,013
39, 688
39,500
43,018
44, 345
56, 267
71,150
72, 500
69, 647
64,411
60, 356
56, 736
49, 314
45,000
Agricultural
Marketing Act
revolving fund
157,752
54,863
44,433
41, 696
44,556
44,431
44,025
48,583
51,348
56,216
53, 754
54,322
52,359
51,810
48, 522
47, 732
- Revised.
i Some of the loans made b y 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. T h e amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars]
OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES x
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans b y Federal savings and
loan associations
End of month
Home
Owners'
Loan Corporation i
N u m b e r of
associations
Total
Reporting
Loans
reported
Federal
home
loan
bank
loans to
member
institutions 2
1933—December
1934—December
1935— December
32, 394,038
2, 897,162
59
639
1,023
455
881
69, 734
315, 683
85,442
86, 658
102, 795
1936—May
June
July
August
September..
October
November.
December.
1937—January
February-_
March
April
May
2,961, 761
2,944, 501
2, 921, 294
2,898, 043
2, 870, 480
2,834, 610
2,801,827
2, 765,098
2, 729, 274
2,698,611
..2,661,542
2, 625, 493
2, 591,115
1,114
1,135
1,165
1,175
1,183
1,192
1,206
1,212
1,228
1,240
1, 249
1, 257
1,270
1,006
1,017
1,025
1,076
1,076
1,080
1,080
1,065
1,143
1,157
1,168
1,168
1,157
404, 722
444,046
465, 682
497,852
512, 744
532,064
544,130
544,107
576, 299
611,212
630, 680
652,557
663,924
110,922
118,587
122,101
125, 218
129,767
134,941
137, 261
145, 401
143, 745
141, 205
142, 720
146,149
153,488
E n d of month
Total
Federal
Home
ReconFarm
Owners' struction
Mortgage
Loan
Finance
Corpora- Corpora- Corporation?
tion
tions
1933—December.
1934—December.
180
3,063
980
1,834
180
249
1935—Deeember.
1936—-January..,
February..
March
April
May
June
July
August
September
October. _.
November.
December
1937—January...
February. _
March
April
May
4,494
4,562
4,630
4,654
4,676
4,703
4,718
4,724
4,669
4,667
4,667
4,662
4,662
4,662
4,662
4,666
4,675
4, 659
1,387
1,399
1,407
1,407
1,411
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1, 422
1,422
2,855
2,911
2,970
2,995
3,013
3,029
3,044
3,050
2,995
2,993
2,993
2,988
2,988
2,988
2,988
2,992
3,002
2,987
252
253
253
252
252
252
252
252
252
252
252
252
252
252
252
251
••250
250
r
Revised.
1
Principal amount of obligations guaranteed as to interest and principal.
Also guaranteed are debentures issued by Federal Housing Admin1 In addition to loans the H O L C held on M a y 31, 1937, $607,000,000 in
other assets, consisting principally of investments in the Federal Savings istrator. T h e amount oustanding M a y 31, 1937, was $89,822.
a
Excludes
obligations guaranteed as to interest only.
and Loan Insurance Corporation and in various savings and loan asso» Excludes obligations held by U. S. Treasury and reflected in the
ciations, real estate and other property, and accrued interest receivable.
2
public
debt.
Figure for December 1933 includes notes given in purchase
Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member institutions. of gold which were retired in February 1934.
3
Includes accrued interest.
674
FEDERAL RESERVE BULLETIN
JULY 1937
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value)8
Industrial production1*
Year
and
month
Manufactures
Total
Factory employment3
Minerals
Total
Residential
All other
Factory
pay
rollss
Freight-car
loadings4*
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
1936
83
87
84
87
67
85
101
95
104
108
106
111
119
96
81
64
67
86
101
94
105
108
106
112
119
95
80
63
76
79
75
78
90
105
105
77
89
63
63
70
74
105
56
79
84
96
99
108
107
106
115
99
94
122
129
129
135
117
92
63
84
71
95
124
121
117
126
87
37
13
11
12
21
55
37
32
79
107
90
65
88
86
94
120
135
139
142
142
108
82
90
104
96
100
101
99
99
105
91
125
84
40
37
48
50
70
50
37
28
25
82
86
91
104
90
44
30
44
68
81
77
66
72
83
86
92
98
118
84
77
78
82
103
96
101
104
102
102
109
89
85
100
98
103
67
46
74
78
94
87
88
91
98
99
103
106
107
107
108
104
104
107
111
102
92
92
69
67
75
79
88
55
58
62
49
63
64
75
71
82
1934
86
86
88
July
Aug
Sept
Oct.
Nov
84
76
73
71
74
75
Dec
86
84
73
73
73
75
74
78
April
May.—
June
85
86
83
89
74
72
69
72
74
85
89
89
84
71
71
70
73
73
76
90
88
87
84
81
86
86
84
83
32
26
26
36
32
31
30
28
30
29
28
25
12
11
12
12
10
11
12
11
12
27
22
12
27
27
80
82
81
81
90
85
29
31
31
31
95
97
97
92
93
90
28
26
88
90
99
85
83
79
88
97
87
87
84
14
13
13
12
10
11
12
11
10
48
38
38
39
40
44
46
48
47
54
47
46
44
43
45
85
86
85
43
41
36
81
81
82
32
33
43
84
85
86
86
85
84
50
54
59
85
86
86
62
76
80
88
89
83
83
78
86
86
85
83
84
80
82
80
82
68
68
66
61
63
59
62
61
64
63
64
64
62
61
60
59
59
60
60
63
64
62
62
65
59
62
63
59
60
63
59
64
74
76
76
78
63
66
65
62
61
64
59
63
64
68
68
68
74
74
78
71
66
67
65
60
57
76
75
73
73
76
74
74
75
77
73
77
70
51
60
79
82
83
135
1935
Jan.
Feb
Mar
April-...
May....
June
July
Aug
Sept
Oct
Nov
Dec
90
90
88
88
91
91
86
85
89
87
87
86
88
91
95
96
101
90
88
86
83
87
90
97
98
96
87
86
91
91
91
84
85
87
84
87
89
92
95
97
101
83
87
89
96
98
95
96
92
93
100
101
105
109
110
95
93
87
87
93
93
102
85
86
93
101
96
97
24
14
30
35
38
43
48
60
68
26
30
32
35
39
40
44
45
53
54
16
18
21
24
25
24
25
25
26
26
10
13
16
22
25
26
25
24
25
25
25
22
62
52
50
45
25
25
26
30
32
36
44
21
22
28
35
38
39
45
46
47
43
40
45
46
47
45
47
37
42
47
27
27
39
39
35
33
32
36
43
50
58
66
88
103
34
38
39
87
82
85
86
86
85
83
84
86
88
89
89
88
70
72
72
69
67
67
71
71
75
76
77
79
75
74
79
80
77
81
78
69
64
82
83
65
68
64
68
81
83
84
84
71
73
77
77
87
87
59
61
71
79
76
76
55
61
86
86
91
145
1936
Jan.
Feb
Mar
AprilMay.....
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar....
97
94
93
101
101
104
108
108
109
110
114
121
114
116
118
April.... 118
P118
May
95
95
96
104
105
104
105
106
107
111
115
114
110
111
115
121
112
117
115
122
122
P122
117
116
118
P118
100
105
105
105
105
104
111
97
106
102
100
101
106
107
110
115
114
99
102
105
112
117
104
113
118
122
124
PUS
109
115
105
111
118
105
P117
97
128
115
P116
107
90
95
101
101
102
110
115
115
111
47
47
46
52
59
62
59
57
58
66
63
62
56
53
P53
47
53
56
60
65
65
60
54
51
53
51
54
56
61
P64
45
44
P44
41
39
38
51
P51
92
75
75
63
62
63
60
57
65
67
70
78
89
87
88
89
90
90
93
93
71
75
69
69
72
83
82
62
65
96
99
77
75
63
64
100
64
61
P61
63
68
P75
81
70
65
94
94
99
101
102
P102
87
87
88
89
90
90
91
79
81
81
80
70
71
72
73
76
76
75
77
91
63
66
77
85
89
84
63
68
94
100
105
161
94
84
96
84
89
91
95
82
83
84
77
94
92
91
96
101
105
P105
80
82
83
84
80
73
76
80
93
95
93
72
76
79
80
93
93
89
95
97
97
98
97
99
101
102
no2
84
86
86
88
90
90
p Preliminary.
* Average per wording day.
1
For indexes of groups and separate industries see pp. 675-676; for description see BULLETIN for February and March 1927.
8
3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931.
8
The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of
BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 677-680. Underlyingfiguresare for pay-roll period
ending
nearest middle of month.
4
For indexes of groups see p. 682.
Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car
loadings, see pp. 522-529 of BULLETIN for June 1937.
FEDERAL RESERVE
JULY 1937
675
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100]
1937
J936
Industry
Manufactures—Total
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
100
101
105
109
110
110
Ill
115
121
115
116
117
118
P118
IRON AND STEEL
100
77
102
105
85
107
112
89
115
119
90
121
120
93
123
119
96
121
127
98
130
137
99
141
143
104
147
139
107
142
129
107
131
126
108
128
130
109
132
134
113
136
TEXTIIES
99
105
89
92
96
68
102
100
103
96
103
102
68
97
107
111
103
120
95
66
101
116
125
106
125
98
66
108
119
125
115
136
101
77
118
120
127
108
121
97
89
130
114
119
105
109
104
95
121
121
123
118
128
118
92
125
139
144
140
160
134
94
134
124
129
121
126
130
92
118
126
132
129
132
137
104
112
129
136
128
139
125
101
114
124
130
119
128
118
96
120
P\22
130
P120
90
89
68
114
116
134
88
95
84
84
66
104
111
128
87
78
88
85
64
113
119
133
94
89
92
92
72
116
130
135
101
77
91
96
70
128
141
138
92
71
90
100
79
125
144
143
77
70
93
105
94
115
129
152
82
68
98
109
100
115
122
169
83
83
99
100
85
117
125
160
87
115
89
87
65
111
130
175
87
98
87
86
66
108
122
151
89
89
92
89
69
113
136
139
89
108
98
93
75
113
130
142
95
123
83
76
54
99
124
145
90
98
60
131
59
136
62
137
60
131
61
136
61
140
62
140
67
150
64
141
63
142
62
145
64
144
62
144
62
147
122
3
117
6
118
9
124
9
111
8
107
6
93
5
105
8
122
10
120
8
120
11
121
22
130
30
135
112
97
94
85
115
122
113
97
93
78
124
124
103
91
84
88
113
110
114
94
93
77
117
127
115
95
97
70
113
129
112
90
91
68
109
127
112
93
100
65
103
125
116
104
111
79
112
124
134
108
111
98
111
151
136
108
111
90
119
154
134
106
108
92
114
152
130
107
107
94
121
145
Pi 31
103
106
85
115
150
?*147
72
213
74
220
75
218
75
220
77
226
81
236
87
242
91
164
91
89
86
77
85
244
93
229
87
241
78
223
101
91
70
98
94
75
112
103
69
128
104
71
107
99
60
99
97
60
105
101
71
97
100
74
105
98
125
80
76
131
83
70
144
107
75
138
115
116
76
178
223
104
119
116
112
180
227
97
120
116
120
181
233
98
117
108
123
183
236
96
117
110
121
186
241
91
119
111
126
189
246
90
119
111
128
191
249
90
124
110
129
188
241
92
124
114
130
102
132
116
136
189
236
117
135
111
137
194
245
106
130
126
136
190
242
108
126
120
138
195
249
103
123
131
141
113
117
86
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
123
128
91
123
128
91
133
138
99
132
137
99
Cigars
Cigarettes
152
74
214
145
71
204
147
70
209
154
76
216
147
73
208
157
75
223
146
74
202
150
75
209
183
83
265
165
83
234
168
78
242
153
83
212
158
82
220
155
74
221
Minerals—Total
106
102
100
101
99
102
105
112
117
109
115
128
115
Pi 16
84
69
150
76
77
149
80
94
75
91
74
72
146
80
103
69
103
79
69
144
81
104
71
101
76
51
149
87
99
60
88
82
58
146
93
97
60
111
86
52
152
98
101
71
119
95
69
152
110
100
74
99
97
73
161
83
56
164
98
50
168
112
81
173
72
97
174
98
80
113
80
76
99
83
70
94
107
75
93
110
85
103
Pig iron
Steel ingots
Cotton consumption ___ __
Wool
Consumption
Machinery activity 1
Carpet and rug loom activityL
Silk deliveries
FOOD PRODUCTS
Slaughtering and meat packing...
Hogs
Cattle
Calves
_
Sheep
Wheat
flour_
_
__
Sugar meltings
P118
P92
109
PAPER AND PRINTING:
Newsprint production
Newsprint consumption __
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS:
Tin deliveries 1
Zinc
Lead
no
85
FUELS, MANUFACTURED:
Petroleum refining
Gasoline 1
Kerosene ___
Fuel oil 1
._
Lubricating oil 1
Coke, byproduct
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes J
TOBACCO PRODUCTS
1
1
_ _
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
.
91
70
96
P$Q
P176
159
116
76
i Without seasonal adjustment.
P Preliminary.
«- Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping
paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process
of revision.
676
FEDERAL RESERVE BULLETIN
JULY
1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.
1923-25 average = 100]
1936
Industry
1937
Oct.
Nov.
110
115
114
123
98
126
127
100
130
125
102
128
112
112
110
126
101
77
123
120
123
111
127
97
117
122
111
120
104
95
121
125
128
125
140
118
92
129
132
133
141
161
134
94
119
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
64
135
59
117
59
121
60
137
62
149
142
6
134
9
128
9
82
9
42
6
110
95
94
76
114
119
104
91
88
74
116
113
99
90
83
86
113
105
113
94
90
90
109
125
128
96
95
85
111
148
70
235
88
231
93
196
91
198
101
95
69
98
95
73
112
98
70
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
178
223
103
119
116
114
179
227
93
120
116
119
RUBBER TIRES AND T U B E S
113
117
86
Feb.
Mar.
105
105
105
105
111
82
113
114
87
117
112
88
115
110
85
113
113
118
. 122
124
P123
134
105
136
135
109
138
142
114
145
144
115
146
121
146
116
149
102
112
88
90
96
68
101
100
106
92
94
102
68
96
101
106
97
108
95
66
90
107
114
99
111
98
66
103
130
135
123
130
130
92
135
134
141
135
144
137
104
120
132
143
129
141
125
101
110
127
140
117
124
118
96
119
FOOD PRODUCTS
Slaughtering and meat packing
Hogs
_.
_
Cattle
Calves
_
Sheep
Wheat flour
Sugar meltings
85
80
61
101
126
126
80
no
82
81
64
101
126
126
82
87
87
84
65
106
124
131
83
106
101
117
111
122
119
157
84
66
91
100
87
112
121
176
85
64
86
85
73
95
114
142
86
88
91
84
69
99
137
126
83
127
94
83
67
99
141
133
87
143
82
74
52
96
140
142
85
109
61
141
60
140
66
160
64
145
64
137
62
143
63
149
63
154
63
151
148
3
65
5
127
9
147
11
120
7
120
11
140
22
158
27
163
130
95
94
78
114
153
123
98
102
77
107
140
112
102
109
75
111
118
114
105
108
84
120
119
126
104
112
75
113
140
136
110
116
85
119
153
136
••103
107
76
117
157
128
105
107
85
120
142
,12!
100
226
101
236
99
242
90
164
71
89
52
77
51
244
67
241
85
265
92
234
128
97
68
107
92
58
99
93
57
105
98
73
97
100
77
105
100
81
125
85
77
131
89
72
144
113
' 77
138
114
84
115
117
75
181
233
91
117
108
121
182
236
90
117
110
118
186
241
86
119
111
122
189
246
92
119
111
125
192
249
95
124
110
129
189
241
100
124
114
133
192
242
111
132
116
138
189
236
119
135
111
138
194
245
108
130
126
140
190
242
104
126
120
142
195
249
102
123
131
142
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
123
128
91
123
128
91
133
138
99
132
137
99
140
70
195
147
73
206
161
76
230
167
80
238
158
76
225
173
86
245
157
91
212
153
90
207
149
62
217
156
64
230
153
67
220
146
76
201
145
77
200
157
76
224
95
101
101
102
104
no
115
115
111
105
111
118
105
P117
67
77
150
120
95
73
88
66
62
149
157
98
70
101
72
57
147
164
97
68
85
87
58
150
178
93
57
106
94
67
153
167
98
73
118
106
71
150
93
100
77
106
103
72
156
93
61
158
103
54
165
112
67
171
61
101
174
100
81
114
85
77
100
89
72
102
113
77
102
114
84
104
w oo
117
93
120
OS CO
OO O-
Cotton consumption
.
Wool
Consumption ._ _ __ _ _
Machinery activity
Carpet and rug loom activity.
Silk deliveries
107
rHOO
TEXTILES
CO
Pig iron
Steel yigots
Sept.
O
Manufactures—Total
IRON AND STEEL
Aug.
Dec.
Jan.
Apr.
C
May
P122
134
P114
P120
CO
July
O
June
oo to
May
Apr.
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
. _
^133
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS:
Tin deliveries
Zinc
Lead
..
__
_
FUELS, MANUFACTURED:
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver__ _
.
__
__ _
71
72
150
95
69
97
75
51
152
177
92
58
88
P70
P177
238
117
75
r
c
v Preliminary.
Revised.
Corrected.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see-BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box
board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
677
FEDERAL RESERVE BULLETIN
JULY 1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
1936
1937
Industry and group
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
88.6
81.2
96.5
89.8
82.7
97.3
90.4
83.8
97.6
92.8
85.6
100.4
93.4
85.7
101.8
93.8
86.6
101.6
94.4
88.2
101.2
96.2
89.9
102.9
98.6
92.7
104.9
98.8
92.4
105.4
99.7
93.9
105.8
100.9
96.3
105.9
101.6
97.4
106.2
102.1
98.3
106.1
87.1
94
74
62
75
56
78
86
63
97
62
97
78
148
89.0
97
74
62
76
58
77
87
65
97
65
99
78
151
90.8
99
75
62
76
59
77
84
65
103
67
99
80
148
93.5
103
76
64
78
62
79
82
69
103
70
98
81
146
95.3
106
76
64
79
60
72
85
69
107
72
101
86
143
96.8
108
77
65
80
60
75
85
71
104
73
101
86
149
98.4
109
79
66
82
61
84
85
70
107
73
100
89
164
99.6
109
81
67
84
64
91
86
71
107
73
98
93
175
101.0
110
84
68
87
68
95
90
72
111
70
97
95
188
102.3
113
87
68
89
69
80
94
76
114
73
103
98
179
103.7
112
89
69
87
70
96
90
78
117
75
105
99
176
106.4
116
90
71
87
69
99
95
80
116
76
104
101
187
108.0
118
93
72
87
73
99
97
82
113
78
105
101
186
108.8
120
94
72
89
73
98
97
82
113
77
108
103
184
MACHINERY
99.3
124
118
86
122
85
112
185
68
113
102.2
125
119
88
125
88
114
198
70
114
103.9
126
112
90
124
90
116
209
70
87
105.3
117
114
92
119
92
120
210
71
102
105.3
101
100
92
115
93
119
209
73
114
106.8
96
116
97
115
95
123
186
75
120
108.4
102
119
100
117
96
125
176
75
132
110.4
95
120
103
122
97
127
171
75
135
114.0
103
121
106
125
100
129
188
76
139
116.0
109
123
104
128
102
136
201
79
145
118.9
113
127
109
134
104
136
196
81
148
121.1
125
131
111
137
106
141
190
83
153
123.7
130
131
115
140
108
147
189
85
154
125.4
136
133
118
147
110
150
148
87
154
TRANSPORTATION EQUIPMENT
99.2
533
109
51
28
99
101.3
571
112
50
31
98
102. 2 105.1
603
564
116
112
52
53
36
34
101
99
100.9
613
109
56
35
102
100.8
631
109
56
38
102
105.0
645
113
61
41
102
112.3
646
123
64
42
98
118.7
698
133
62
44
89
110.2
740
120
62
49
95
113.0
772
123
66
54
100
117.3
783
127
71
54
106
118.6
798
128
70
55
106
122.1
802
133
72
55
104
57.0
63
57
57.0
62
57
58.2
62
58
57.4
62
57
58.7
62
58
59.1
62
59
60.1
63
60
60. 6
63
60
61.7
63
62
62.3
63
62
61.9
63
62
62.2
64
62
62.4
64
62
62.2
63
62
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
105. 2 106. 7
118
115
111
110
115
114
91
88
94
89
70
70
78
78
154
153
110.7
118
115
117
91
99
71
80
109.6
121
120
120
90
75
72
80
163
111.7
121
122
120
89
98
73
79
159
113.2
119
122
122
90
104
73
81
161
114.3
121
126
124
90
100
74
85
158
115. 2
123
124
125
95
100
73
87
160
LUMBER PRODUCTS
63.5
74
47
51
64.1
75
47
51
64.2
76
49
50
65.6
79
48
51
65.1
81
51
49
65.8
82
52
50 .
66.2
81
53
50
66. 2
84
54
49
67.9
86
55
51
68.8
89
57
50
68.1
87
57
50
71.4
88
58
54
71.4
90
58
53
71.4
91
56
53
STONE, CLAY, GLASS PRODUCTS..
61.9
43
54
96
38
71
62.5
44
55
97
39
71
63.0
45
54
96
41
73
65.7
47
55
101
42
76
66.4
47
59
102
43
74
66.1
47
61
99
42
77
67.2
47
64
103
42
76
66.3
48
65
96
42
75
69.0
51
68
101
42
76
69.5
54
68
98
43
77
72.6
55
68
109
43
77
72.6
54
70
109
43
71.8
54
66
108
43
78
71.3
52
62
110
44
78
97.6
91.8
81
88
91
116
85
114
78
84
108.4
104
143
86
118
55
111
97.6
91.3
83
89
91
115
88
113
76
80
109.5
105
146
85
123
55
109
98.1
91.8
83
90
94
116
93
112
78
80
110.3
107
144
86
130
54
111
102.6
95.5
83
95
96
117
91
118
79
83
116.6
109
159
87
141
60
115
104.9
98.1
85
99
101
117
85
121
81
81
117.0
106
167
88
138
60
118
102.6
96.8
92
99
99
114
81
121
78
77
113. 6
104
157
88
133
57
116
101.7
95.5
92
97
101
115
82
117
79
78
113.4
105
155
89
130
55
117
104.4
97.3
93
98
104
117
87
116
79
84
118.4
111
163
91
134
53
119
106.8
100.1
99
99
106
121
89
119
79
92
119.8
115
160
92
135
51
124
108.3
101.7
101
101
107
120
80
123
81
93
120.9
114
159
93
140
57
132
107.3
100.7
101
102
102
117
89
123
79
85
119.8
111
161
91
141
57
129
107.0
101.1
99
103
102
116
88
122
80
88
117.9
110
156
90
141
58
129
107.9
103. 8
101
105
103
119
86
122
85
94
115.0
113
146
88
140
54
124
107.5
103.1
102
106
96
119
84
121
84
89
115.1
116
144
89
138
53
119
Total
Durable goods
Nondurable goods __-.
IRON, STEEL PRODUCTS.
_
Blast furnaces, steel works. _
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools__
___
Forgings
Hardware—
Plumbers' supplies
Steam, hot-water heating.-_
Stoves
Structural, ornamental
Tin cans, tinware.
._
Tools
Wirework
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products
Machine tools
Radios, phonographs
Textile machinery
Typewriters
Aircraft
Automobiles
Cars, electric, steam railroad
Locomotive?
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..
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
678
FEDERAL RESERVE BULLETIN
JULY 1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average = 100]
1936
1937
Industry and group
Apr.
LEATHER PRODUCTS .
May
June
July
Aug.
Sept.
Oct.
Nov.
95. C
96
100
113.4
132
197
82
135
80
73
70
96
114
67
115.0
132
197
84
147
81
74
72
95
93
70
114.8
133
203
86
148
83
75
71
93
44
64
116.7
135
202
88
157
81
75
73
91
89
78
117. 0
136
205
88
152
80
75
73
93
95
77
110.1
134
199
86
154
79
77
73
91
98
84
114.6
135
203
88
142
78
76
76
90
88
77
61.1
57
62
62.4
57
63
62.0
56
63
62.0
56
63
61.8
57
62
61.7
56
62
61. 1
56
62
61.1
56
62
102.7
99
110
94
105
103.1
100
111
94
105
103.6
100
112
95
104
104.0
103
113
94
104
104.0
103
114
94
103
105. 5 107.4
104
106
116
118
96
98
104
105
107. 5
106
119
97
105
108. 0
106
120
98
106
115.4
114.9
122
53
102
89
87
127
360
103
117
118.5
118.1
126
78
101
91
86
129
360
106
120
117.9
117.4
129
71
100
90
85
129
354
103
119
118.1
117.4
129
77
102
93
80
127
357
100
121
118.6
118.3
129
75
105
91
87
130
355
100
120
120.7
120.9
133
85
105
94
87
131
364
102
120
121.6
121.8
133
80
109
92
86
133
363
110
121
122.5
122.7
135
67
111
90
88
135
370
111
122
124.4
124.8
136
77
113
95
94
136
378
107
123
126. 0
126.3
138
77
111
92
100
134
392
104
125
93.9
75
124
87
95.8
75
126
89
98.3
75
130
92
99.4
74
133
93
102.2 102.3
76
75
138
140
95
95
101.7 96.0
82
73
142
140
80
94
9o. 8
82
144
79
101.7
8i a
145
L8»J
90.9
91
96
91.4
91
98
92.0
92
96
94.9
95
99
107.7
127
178
84
131
77
76
71
84
90
81
109.3
127
189
85
137
77
74
74
85
84
80
110.3
127
183
86
147
77
74
72
86
88
80
112.4
129
196
86
140
78
77
72
92
92
78
113.2
129
195
85
141
82
76
70
92
109
79
113.3
129
196
82
148
78
74
72
92
111
76
112.7
131
187
82
146
76
74
69
91
118
74
TOBACCO MANUFACTURES..
59.4
56
60
61.3
56
62
60.3
56
61
61.2
56
62
61.9
56
63
61.7
56
62
PAPER, PRINTING
99.4
99.8
93
109
89
103
100.0
94
109
90
103
99.8
95
108
91
101
101.1
97
109
93
102
110.8
109.1
116
68
103
82
74
123
325
94
118
113.1
112.0
117
104
79
91
122
342
96
118
113.2
112.2
117
62
105
84
86
124
350
97
117
115.7
114.6
121
61
105
88
87
126
358
95
120
87.1
78
121
75
87.4
75
122
76
88.8
73
123
79
91.4
78
124
82
Boxes, paper
93
Paper, pulp
109
Book, job printing
88
Newspaper, periodical printing— 103
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.
71
May
96. 5
97
100
90.3
91
94
Tobacco, snuff
Cigars, cigarettes
Apr.
97.4
99
97
89.0
89
94
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meatpacking..
Sugar, beet
Sugar refining, cane
Feb. :Uar.
98.1
100
97
89.0
89
95
FOOD PRODUCTS
Jan.
98.8 99.1
100
101
98
97
89.2
89
94
Boots, shoes
Leather
Dec.
NOTE.—Figures for May 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and
page 259 of the BULLETIN for March 1937. Underlyingfiguresare for pay-roll period ending nearest middle of month.
679
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average==100]
Factory pay rolls
Factory employment
Industry and group
Apr.
Total
Durable goods
Nondurable goods
_ _
___
IRON STEEL PRODUCTS
Blast furnaces, steel works
Bolts, nuts, washers, rivets.
Cast-iron pipe
__
Cutlery, edge tools
Forgings
. __
Hardware _
__ _
Plumbers' supplies
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
-_
Tools
Wirework
_ _ __
MACHINERY
- -
Agricultural implements
Cash registers, etc.
Flectrical machinery
Engines turbines, etc.
Foundry, machine-shop productsMachine tools
_ _
Radios phonographs. _ _
Textile machinery
Typewriters
_____
TRANSPORTATION EQUIPMENT
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, womec's
Corsets, allied garments
Men's furnishings
Millinery .
Shirts collars
r
Revised.
May
Jan.
1936
Feb.
Mar.
Apr.
May.
Apr.
1937
May
89.1
82.3
90. 3
96. 5
89. 8
84. 0 '90. 4
96. 0 '•103. 0
99. 0
93. 2
105. 2
101.1
96. 4
106.1
102. 1
98. 6
105. 9
102.2
99. 8
104.7
79. 3
76. 0
83. 5
80.8
78. 5
83.8
87.8
96
74
61
90.1
99
74
62
76
58
78
85
103.4
114
89
67
88
71
97
91
108.9
120
93
71
90
74
100
95
110.2
108
72
98
100
176
106.8
117
90
69
89
73
100
96
80
113
74
100
102
187
115
76
102
102
186
117
77
106
103
184
79.7
89
78
41
66
49
//
58
^0
80
51
91
79
137
118.6
119
127
109
135
104
138
171
83
147
121.2
132
131
111
140
107
143
163
85
153
124.3
138
131
115
144
110
147
158
87
154
125.9
140
133
118
149
112
150
133
88
154
116.0
756
127
63
50
99
121.0
791
132
70
54
107
125.4
814
136
75
<*)7
63. 3
99
61
94
79
148
100
65
97
78
151
100.0
112
87
68
87
69
80
91
74
97
71
96
98
179
99. fi
131
118
86
126
87
312
150
70
113
102.4
129
119
88
127
89
114
178
70
114
114.9
111
123
104
125
101
135
187
80
146
104 9
106. 3
582
117
55
33
101
/ i
57
78
84
544
Aircraft
116
Automobiles
Cars, electric, steam railroad, _ _ 55
29
Locomotives
102
Shipbuilding
RAILROAD REPAIR S H O P S . -
1937
1936
12 7
I725
125
56
45
95
57 8
03
57
58. ()
62
58
61. 2
63
61
61.6
03
62
62. 2
64
62
94. 4
103
99
103
73
72
64
77
139
94. 7
104
100
103
72
76
64
76
137
106 9
119
119
118
84
73
69
80
155
111.5
122
122
120
89
97
72
79
159
114.6
124
124
122
89
104
74
81
165
62.8
71
47
51
64. 1
72
48
52
65. 0
86
54
47
65. 8
86
55
48
69. 8
88
57
52
(53. 0
43
55
99
38
75
65. 3
47
61
99
40
74
62. 5
46
57
93
36
75
67.2
47
58
108
38
78
70.3
49
64
110
40
81
99 5
91.7
82
89
95
119
86
115
76
80
115.0
106
160
90
124
62
113
97.4
90. 4
83
89
93
115
87
113
71
79
110.9
101
155
87
127
58
110
107.1
102. 3
98
103
107
122
88
120
83
93
115.6
110
155
89
130
55
119
110.2
103. 6
100
104
107
123
90
123
84
92
122. 6
114
166
92
143
62
127
111.2
103.8
102
105
109
123
91
124
83
90
125. 5
116
170
93
148
67
130
64
63
115.5
124
128
123
88
101
74
85
162
70. 6
87
58
53
73. ()
53
67
111
43
82
109.9
103.7
103
106
108
123
88
123
82
89
121.8
115
162
92
147
61
127
Feb.
Mar.
Apr.
May
90. 7
86. 6
96. 0
95. 8
92. 5
99. 9
101.1
100. 0
102. 6
104 9
106. 4
102.9
J05.1
107.4
102. 2
83.0
93
78
45
64
49
79
63
53
82
56
95
78
140
99. 8
116
98
51
80
65
82
69
69
77
63
94
103
1()[
103.9
119
106
52
81
68
90
68
75
97
68
99
109
156
112.6
127
108
56
84
72
117
80
102
72
104
111
180
124 5
146
116
62
86
76
114
78
8'")
106
79
108
116
184
124.7
146
113
63
87
74
118
76
83
107
79
113
113
191
91. 2
146
111
78
110
79
103
113
64
98
94.7
142
114
81
112
83
107
136
65
100
111.0
132
121
97
120
99
137
146
83
131
118.2
140
130
107
131
105
142
124
88
138
125. 5
162
140
112
139
112
153
127
90
153
133 Q
180
148
121
153
119
159
127
96
157
134.7
183
148
123
157
119
162
102
95
155
128.2
818
140
79
59
106
99. 9
442
109
52
18
102
101.6
491
111
52
21
102
100. 7
606
108
59
31
97
112.3
652
122
67
37
98
123. 6
703
132
79
41
116
128 o
739
136
89
45
123
135.0
739
145
91
47
118
63. 4
63
63
58. 6
63
58
59. 5
63
59
61.2
65
61
63. 4
65
63
65. 8
67
66
67.4
68
68
66. 5
66
67
115.3
126
126
123
89
100
74
87
163
77.8
92
81
88
50
04
48
60
127
79. 0
92
84
90
51
68
48
61
123
97.1
115
113
109
62
69
58
69
148
103. 5
122
120
111
66
90
63
69
155
111.8
130
128
120
69
109
68
75
163
114 2
131
133
122
68
107
69
82
164
112. 8
135
126
122
69
101
70
84
166
71.4
87
57
54
52. 3
56
40
43
54.4
56
42
45
54. 9
71
47
37
58.2
75
50
40
64. 6
77
53
48
68 3
79
56
52
67. 8
74.3
55
68
112
45
81
52.4
32
47
91
32
59
55. 6
37
55
92
37
55
52. 7
36
50
85
29
63
59.8
38
53
107
30
68
66. 1
43
63
115
34
74
71.1
49
69
120
39
72
71.9
49
71
118
41
/o
107.2
102.1
102
106
98
119
83
122
79
87
116.3
111
153
92
142
56
120
81.3
77.2
67
75
89
101
64
111
59
61
86.2
77
113
90
93
51
101
78.2
75.2
66
75
84
92
70
105
54
61
80. 9
72
106
85
96
44
97
94.6
96. 0
96
100
104
112
86
120
69
83
88.1
88
108
85
93
41
100
100.1
97. 6
98
100
105
112
94
127
71
82
100. 9
99
125
93
114
50
112
103.2
97. 5
103
101.
109
113
90
127
71
79
110.4
106
138
98
123
65
122
100. 2
100.3
102
108
108
115
66
128
71
83
95.7
96
113
96
116
49
115
96. I
98. 0
101
107
96
107
69
125
68
81
88. 5
90
105
92
106
39
102
122
94
72
89
74
99
96
O')
109
Jan.
r
r
11
55
52
680
FEDERAL RESERVE BULLETIN
JULY
1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory pay rolls
Factory employment
Industry and group
LEATHER PRODUCTS
Baking
Beverages
Butter
_
Canning, preserving
Confectionery
•
Flour
_
Ice cream
_..•
Slaughtering, meatpacking
Sugar, beet
_
Sugar refining, cane
Feb.
Mar.
Apr.
May.
Apr.
May
Jan.
Feb.
Mar.
Apr.
90.8
91
94
88.2
88
94
97.5
99
97
99.0
102
98
100.8
103
99
98.3
99
100
94.7
95
99
67.7
62
90
63.8
57
91
86.3
82
103
90.9
88
105
92.4
89
107
87.7
82
111
81.1
74
110
100.3
126
177
- 81
94
72
_-_ 74
67
82
40
81
102.7
127
193
86
94
70
72
80
84
44
81
105.2
131
182
80
90
80
75
61
96
38
62
105.1
132
182
81
92
79
75
62
91
37
75
105.7
134
193
82
90
79
74
65
91
39
76
107.7
133
197
84
111
74
74
69
88
44
84
107. 7 90.3
135
109
208
187
89
62
81
98
62
71
65
74
58
82
75
89
42
46
95.7
113
214
67
87
61
67
70
79
46
69
100.5
118
188
62
86
76
71
56
96
42
51
101.3
122
189
64
97
76
71
57
88
44
66
104.1
124
211
64
90
76
70
59
92
45
81
108.2
123
220
66
113
71
72
64
99
50
81
111.5
131
237
71
107
69
73
75
99
50
71
58.6
56
59
60.0
55
61
57.1
57
57
60.5
59
61
60.8
57
61
60.2
56
61
59.8
56
60
44.0
57
42
48.5
60
47
47.2
64
45
52.6
67
51
52.4
66
51
52.3
66
51
53.2
66
52
99.1
99.5
92
109
89
103
104. 3
100
114
96
103
105. 7
102
116
98
104
107.1
104
118
98
106
107. 2
104
119
97
106
107.7
104
120
98
106
89.8
85
96
80
97
90.7
86
96
81
97
98.7
98
110
91
97
100.5
103
114
91
99
104.1
107
117
94
103
104.8
108
120
93
104
106.0
106
122
95
105
112.3
111.3
116
52
102
80
120
125
325
95
117
87.9
72
123
78
111.8
110.7
117
44
101
78
96
128
336
96
117
88.9
71
123
80
120.2
120.4
131
91
107
94
87
128
368
100
119
101. 3
77
139
93
121.9
122.4
131
82
110
93
96
131
370
110
120
101. 6
73
142
93
124.9
126.0
134
69
112
90
136
135
373
111
121
96.7
80
144
81
126.6
127.7
136
59
112
92
152
138
378
108
122
96.7
76
147
81
124. 6
124.8
138
48
108
91
106
140
384
104
124
103. 6
76
147
94
103. 8
102.5
109
37
104
74
101
114
269
92
108
82.8
55
111
80
105.4
104.0
111
32
102
77
93
120
273
94
110
86.4
54
110
86
119.4
119.4
132
76
113
98
78
120
338
107
120
99.4
67
136
95
123.6
123.9
135
67
119
93
87
127
345
125
123
104.4
65
141
101
128.1
128.8
140
59
121
98
128
133
350
123
126
99.8
72
146
90
136.4
136.2
151
50
120
108
151
142
365
116
137
100.3
68
151
91
136.3
136.0
152
42
118
104
118
145
382
113
137
109. 3
73
154
103
Tobacco, snuff..
Cigars, cigarettes
PAPER, PRINTING
Boxes, paper
91
Paper, pulp
_
109
Book, job printing
_._• 88
Newspaper, periodical printing... 104
CHEMICALS, PETROLEUM PRODUCTS.._
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
69
NOTE.—Figures for May 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936.
tained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month.
May
Jan.
TOBACCO MANUFACTURES
A. Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining
1937
May
_.
FOOD PRODUCTS
1936
Apr.
Boots, shoes
Leather
RUBBER PRODUCTS
1937
1936
Back data may be ob-
JULY
681
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. Value of contracts in millions of dollars.!
Residential
Total
Month
January
February
March
April
_.
May
June
July
August
p^pf p-friber
October
November
December
Year
Factories
1936
1937
1936
1937
214.8
140.4
198.8
234.6
216.1
232.7
294 7
275 3
234 3
225. 8
208.2
199.7
242.8
188.3
231.2
269.9
244.1
37.4
31.2
55.2
67.2
70.3
73.6
72 0
100.5
80 7
79.7
68.4
65.5
78.4
63.0
90.2
108.0
83.9
1936
9.0
13.4
18.4
25. 5
12.9
10.2
19 1
15.0
18 8
18.4
14.1
23.1
801.6
2, 675. 3
1937
37.0
12,6
22.2
30.1
18.5
Commercia
Public works
and public
utilities
Educational
1936
1936
1936
1937
15.5
12.6
17.3
24.3
18.8
21.9
28.6
22.0
20 1
22.0
23.0
23.2
21.6
22.3
30.0
28.7
25.7
86.9
46.6
62.3
73.4
63.6
80.0
126 6
94.4
84 5
67.0
73.9
61.3
249.1
198.0
1937
68.5
59.6
52.5
65.7
66.7
920.4
All other
1937
19 6
11.3
10 0
14.0
22 2
39.5
21.1
19.0
23.2
20.7
18 3
23 3
12 3
9 2
13.4
13.1
13 0
1937
1936
26 5
15.5
26 6
21.1
29 8
28 7
25 1
31 1
21 0
25.3
15 7
13 6
226.1
17 8
19.4
26 4
23.4
27 0
280.0
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Publicly financed1
Total
Month
January* »
February
March
April
May
June _
July
August __ _
September
October
November
December
Year
1
1932
1933
1934
85
89
112
122
146
113
129
134
128
107
105
81
83
53
60
57
77
102
83
106
120
145
162
207
186
97
178
131
134
127
120
120
110
135
112
93
1C0
75
123
124
127
148
159
169
167
201
188
264
215
140
199
235
216
233
295
275
234
226
208
2C0
1,351
1,256
1,543
1,845
2,675
1935
1936
Privately financed1
1937
1832
1933
1934
243
188
231
270
244
39
34
45
61
93
64
85
81
80
61
73
62
39
27
25
18
24
29
20
47
71
100
126
156
157
65
126
78
72
73
52
69
69
79
74
61
55
38
68
53
47
64
67
92
97
114
118
186
149
79
96
105
94
116
153
153
116
101
89
82
768
683
975
1,007
1,334
1935
1936
1837
112
69
66
74
93
1932
1933
1934
1935
45
55
67
61
54
49
44
53
47
46
32
29
44
26
35
39
53
74
63
59
49
45
36
51
29
31
52
53
63
54
67
51
41
57
38
32
45
37
55
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
141
122
119
125
119
117
583
573
568
837
1.341
1936
1837
130
119
165
196
152
Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
fFigures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
Liabilities
1936
1837
Federal Reserve district
May
Apr.
May
20,816
60,110
15,018
26, 302
24,030
18, 779
37,412
13, 333
8,142
8,815
11,356
18,080
57,896
15, 594
25,917
32, 372
17, 664
47, 336
16, 055
9,168
17, 237
12,617
16,059
40, 284
13,704
21,718
23,418
14, 512
41,619
16,409
8, 938
1,0, 889
8, 521
244,113
269,934
216,071
Federal Reserve
district
1937
May
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta _
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
_
_ _ _
Total (11 districts)
_ _.
_.
__ _
Boston. _ _ . _
New York _ _ _ _ _
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis _..
Kansas City___ ._.
Dallas
._ _
San Francisco
Total
1936
Apr.
May
1937
1936
May
Apr.
May
83
259
42
47
42
33
120
28
16
48
13
103
69
252
43
63
36
35
305
21
15
29
16
102
87
245
47
76
44
17
109
40
34
30
13
80
766
2,715
452
584
310
224
1,530
309
134
203
84
1,053
664
2, 965
385
1,343
348
355
1,160
207
112
195
344
828
1, 660
7, 988
467
1,042
611
150
1, 691
480
236
243
76
731
834
786
832
8,364
8, G06
15, 375
682
FEDERAL RESERVE BULLETIN
JULY 1937
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2
Merchandise exports *
Excess of exports
Month
1934
1933
January
February
March
1935
1936
1937
1933
1934
1935
1936
1937
121
102
108
172
163
191
176
163
185
199
182
195
222
233
256
96
84
95
136
133
158
167
152
177
187
193
199
105
114
120
179
160
171
164
165
170
193
201
186
P269
88
107
122
147
155
136
171
171
157
203
192
191
July
August
September™ __ _ _
144
131
160
162
172
191
173
172
199
180
179
221
143
155
147
127
120
132
177
169
162
October
December..
193
184
193
206
195
171
221
270
223
265
226
230
151
129
134
130
151
132
Year-
1,675
2,133
2,283
2,456
1,450
1,655
April
May
June
_ _-
NovflTnher
__
1933
240
278
308
1934
1935
1936
25
18
13
37
30
33
9
11
8
11
-11
-4
17
7
—2
33
6
34
-6
—5
13
-10
9
—5
195
193
216
1
—23
13
34
52
60
—3
3
37
— 15
— 14
5
189
169
187
213
196
245
42
56
59
77
44
38
32
100
37
52
30
-15
2,047
2,422
225
478
235
34
P287
1937
18
-45
-51
P-18
p Preliminary.
*• Including both domestic and foreign merchandise.
2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source: Bureau of Foreign and Domestic Commerce.
Back figures.—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers; 1923-25 average=100]
[Index numbers based on value figures; 1923-25 average=100]
1937
1936
May
Jan.
Feb.
Adjusted
Without
Without
Adjusted
for seasonal
seasonal
for seasonal
seasonal
variation adjustment variation adjustment
Month
Adjusted for seasonal variation
Total
- Coal. _. _
Coke
Grain and grain products.._
Livestock
Forest products _- ._
Ore
Miscellaneous
Merchandise *
72
74
72
75
40
44
75
79
65
80
78
83
73
43
48
117
90
67
82
77
76
70
41
51
114
95
68
83
87
92
68
42
51
114
94
69
84
81
102
70
43
49
249
91
69
80
77
88
64
44
53
133
90
69
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products...
Livestock
Forest products
_ __
Ore
Miscellaneousi
Merchandise
71
64
69
67
36
45
105
81
65
73
89
97
65
42
42
26
78
64
76
91
102
64
34
49
27
82
66
80
92
96
62
34
52
29
90
69
79
68
86
63
39
51
102
94
70
80
66
85
58
39
55
187
93
69
i In less-than-carload lots.
NOTE.—For description and back data see pages 522-529 of BULLETIN
for June 1937. Based on daily average loadings. Basic data compiled
by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.
Index of stocks (end of
month)
Index of sales i
Mar. Apr. ' M a y
January
February
March
April
May
June
_
July...
August..
3eptember._
October
November
December
Year
_
__
_
1936
1937
1936
1937
1936
1937
1936
81
83
84
93
95
93
63
66
77
72
76
90
66
66
65
74
76
76
68
62
67
66
72
78
84
87
87
93
93
85
89
84
89
95
65
66
64
76
76
68
67
62
79
78
91
86
88
63
68
94
64
67
68
59
65
71
90
94
92
100
105
161
69
71
71
76
80
67
88
1937
67
1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of Easter.
Back figures.—Department store sales, see p. 631 of BULLETIN for
August 1936; department store stocks, see pp. 254-255 of BULLETIN for
April 1935.
683
FEDERAL RESERVE BULLETIN
JULY 1937
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
109.1
100.0
86.1
72.9
80.9
1936—April
May
June
July
August
September
October
November
December
79.7
78.6
79 2
80.5
81.6
81.6
81.5
82.4
84.2
76.9
75.2
78.1
81.3
83.8
84.0
84.0
85.1
88.5
80.2
78.0
79.9
81.4
83.1
83.3
82.6
83.9
85.5
78 9
78.8
78.8
79.5
79 7
79.6
80.1
81.0
82.2
1937—January
February
March
April
May
Week ending—
1937—Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
M a y 15
M a y 22
M a y 29
June 5
June 12
85.9
86.3
87.8
88.0
87.4
91.3
91.4
94.1
92.2
87.1
87.0
87.5
85.5
84.2
85.4
85.6
86.0
86.1
86.1
87.2
87.6
87.8
88.3
87.9
87.6
87.5
87.4
87.3
86.9
87.4
87.4
87.1
86.7
90.5
91.6
91.4
91.4
91.6
93.6
94.4
94.7
96.0
93.5
92.4
92.7
91.5
91.0
89.3
91.2
91.0
89.3
88.0
86.7
86.6
86.9
86.7
86.3
87.3
87.9
87.5
87.9
86.1
85.3
85.0
85.2
84.7
84.2
85.1
84.9
84.8
84.5
Year, month, or week
1926=100]
Total
Hides and Textile Fuel and Metals Building ChemiHouseleather
lighting and metal
cals and furnishproducts products materials products materials
drugs
ing goods
95.4
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
94.2
89.1
79.3
73.5
72.6
75.9
80.5
80.4
94.3
92.7
84.9
75.1
75.8
81.5
80 6
81 7
82.8
77.7
69.8
64.4
62 6
69 7
68.3
70.5
94.6
94.0
93.8
93.4
93.6
94.6
95.6
97.0
99.7
70.2
69.8
69.7
70 5
70.9
70.9
71.6
73.5
76.3
76.4
76.0
76.1
76.2
76.3
76.1
76.8
76.8
76.5
86 6
86 3
86 2
86 9
87.1
86.8
86.9
87.9
85.7
85.8
85.8
86.7
86.9
87.1
87.3
87.7
89.5
78.5
77.7
78.0
79.4
79.8
81.7
82.2
82.5
85.3
81.5
81.5
81.4
81.2
81.4
81.7
82.0
82.3
83.2
69.2
69.7
71.0
71.5
71.3
71.5
73.4
74.5
83.4
84.1
85.5
86.5
86.3
101.7
102.7
104.2
106.3
106.7
77.5
77.5
78.3
79.5
78.7
76.6
76.8
76.2
76.8
77.2
90.9
91.7
96.0
96.5
95.8
91.3
93.3
95.9
96.7
97.2
87.7
87.8
87.5
86.9
84.5
86.5
87.9
88.4
89.0
89.3
76.2
77.3
79.5
81.1
80.5
83.5
83.6
84.2
84.4
84.5
85.4
85.6
85.8
86.1
86.3
86.5
86.2
86.3
86.3
86.3
86.3
86.3
86.2
86.0
103.1
103.3
103.6
103.2
103.4
104.2
105. 0
105.7
106.0
106.8
107.2
106.7
106.8
107.7
107.6
107.1
107.0
107. 6
107. 6
77.0
76.9
77.0
76.9
76.9
77.2
77.6
78.1
78.2
78.6
78.7
78.6
78.6
78.3
78.2
78.1
77.9
77. 6
77.4
77.2
77.6
77.8
77.8
77.7
77.2
76.8
76.9
77.2
77.1
77.5
77.6
77.9
78.2
78.2
78.2
78.2
78.2
78.1
90.4
90.5
91.1
92.0
92.2
95.8
96.0
96.0
96.1
96.3
95.8
95.1
95.1
94.8
95.0
95.0
95.1
95.1
95.1
92.1
92.2
92.8
93.7
94.1
95.7
96.2
96.2
96.6
96.8
96.8
96.6
96.6
96.8
96.9
96.9
97.2
97.0
97. 0
87.2
87.0
87.7
87.5
87.1
87.3
87.3
87.0
87.0
87.0
86.6
85.6
85.2
84.4
83.9
83.5
83.6
83.3
83.4
87.3
87.4
89 4
89.4
75.8
75.9
77.2
77.2
77.3
77.9
78.8
79.3
80.0
80.1
81.0
1937
1936
Subgroups
Subgroups
May
FARM PRODUCTS:
Grains
Livestock and poultry
Other farm products
FOODS:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
H I D E S AND LEATHER PRODUCTS:
Shoes
Hides and skins
Leather
Other leather products
T E X T I L E PRODUCTS:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
F U E L AND LIGHTING MATERIALS:
Anthracite
Bituminous coaL
Coke
Electricity
Gas
Petroleum products
Feb.
Miscellaneous
Mar.
Apr.
May
89.8
90.3
90.3
90.3
90.3
90.4
90.8
90.8
90.8
90.8
90.9
91.0
91.0
80.4
80.4
80.5
80.2
80.0
79.4
1937
May
Feb.
Mar. Apr. May
94.2
86.3
93.0
70.7
73.8
93.1 93.1
92.0 97.5
93.0 93.0
89.4 101.1
77.4 77.6
METALS AND METAL PRODUCTS:
70.6 111.5 113.2 119.2 113.9
82.5 89.9 93.7 93.6 95.9
71.4 86.3 88.5 83.4 79.0
75.0
82.2
72.3
85.1
71.5
88.7
89.3
87.8
90.3
78.8
90.2
90.1
86.5
92.0
78.2
78.5
89.8
83.5
94.9
77.0
73.1
88.7
84.1
95.9
75.2
100. 2 101.4 102.3 103.8 106.1
87.3 114.9 118.5 121.4 117.7
84.4 95.5 97.1 100.7 100.6
95.4 101.7 101.7 102.3 102.3
81.1
75.5
60. 6
29.1
82.2
67.5
84.2
91.3
64.7
33.7
93.1
65.9
84.8
94.0
64.9
33.6
92.6
66.5
95.1
65.9
33.8
93.5
87.2
92.6
65.7
32.5
93.3
A gricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
92.1
99.6
93.7
97.0
78.7
99.6
93.7
91.7
78.7
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
91.0 91.8 94.9 95.0
95.5 95.5 95.5 95.5 95.5
83.0 90.0 102.1 103. 0 103.0
78.8 83.4 83.9 83.9 83.7
77.6 78.7 78.7
73.8
92.0 104*. 7 112.9 114.9 114.9
101.3
89.9 95.0 98.9
CHEMICALS AND DRUGS:
Chemicals
. .
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
84.1
73.2
64.7
65.3
95. 6
83.0
70.7
71.7
95.3
8.3.0
70.3
71.7
94.2
82.9
70.7
72.0
91.1
79.2
70.6
72.2
85.0
77.9
91.2
84.5
91.7
85.0
92.1
85.8
92.5
86.1
47.5
71.2
80.5
32.3
80.7
53.1 55.0 56.4 56.4
.29.4 135.0 146.8 139. 9
87.5 90.2 93.9 94.6
44.3 50.9 49.3 44.6
85.3 85.5
84.2
HOUSEFURNISHING GOODS:
Furnishings
Furniture
MISCELLANEOUS:
76. 6
96.5
93.7
84.2
87.3
58.2
81.6
97.4
97.6
80.8
80.7
59.1
77.8 72.4 74.2
97.5 98.6 98.5
97.7 102.8 105.1
77.8
79.8 80.7
58.6 59.8 60. c
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Back figures.—For monthly and annual indexes of groups, see Annual Eeport for 1935 (table 80); indexes of subgroups available at Bureau of
Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81).
INTERNATIONAL FINANCIAL STATISTICS
686
FEDERAL RESERVE BULLETIN
JULY 1937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
1934—December.
1935—December
1936—February..
March
April
May
June
Julv
August
SeptemberOctober
NovemberDecember .
1937—January __
February..
Alarch
April _
May
Total*
United
(52
coun- States
tries)
Canada
Europe
(26
countries)
21,051
21, 583
8, 238
10,125
134
189
11,010
21,623
21, 657
21,412
21, 306
21, 343
21,682
21,809
21,719
21,778
21,980
22, 602
P22, 632
P22, 773
7>22 %2
P23, 212
10,167
10,184
10, 225
10, 402
10, 608
10, 648
10,716
10,845
11,045
11,184
11,258
11,358
11,436
11 574
11,799
11,990
186
184
187
188
187
187
189
191
186
188
188
190
191
194
199
193
9, 487
9,493
9, 254
8, 966
8, 806
9, 099
9,145
8, 919
8,774
8, 829
9,307
9, 225
9, 268
() 295
9, 302
*9. 463
Latin
America
(11
countries)
9,517
Asia
and
Oceania (8
countries)
Europe
Africa
(5
countries)
United
Kingdom
601
645
805
816
263
291
1, 584
1,648
648
642
642
641
634
635
642
638
658
656
708
P697
P698
P723
825
830
836
841
840
845
849
857
847
852
858
P865
310
323
268
268
268
269
269
269
269
270
283
297
310
317
P746
P876
1,653
1,653
1,670
1,701
1, 782
1.977
2,017
2,049
2,049
2,049
2,584
2,584
2, 584
3
2 584
2, 584
2, 647
P870
P859
P295
France
Switzerland
Nether- Nalands tional B.I.S.
Bank
Germany
Italy 2
Belgium
32
;*3
518
270
590
611
573
438
624
454
4
8
29
29
28
28
29
29
28
25
26
27
27
27
27
27
28
28
228
216
212
211
210
209
209
208
208
208
208
208
208
208
208
208
593
586
581
610
638
633
632
631
621
630
632
625
626
619
607
609
463
486
483
465
404
437
457
456
388
388
490
558
598
626
670
769
472
493
495
485
460
471
489
508
583
624
655
657
657
657
635
635
10
5,445
4,395
4,362
4,348
4,106
3,781
3,580
3,643
3,614
3,322
3,194
3,194
2,995
2,846
2,846
2 846
2,846
2.846
8
11
12
10
12
12
13
13
11
13
12
15
11
17
Europe—Continued
End of month
Bulgaria
Austria
1934—December.
1935—December,
1936— February..
March
April
M a y^
June
July
August
SeptemberOctober
NovemberDecember _
1937—January...
February.March
April
Czechoslovakia
Denmark
Hungary
Greece
Norway
19
19
112
112
60
54
40
34
23
23
61
84
96
84
46
46
46
46
46
46
46
46
46
46
46
112
113
113
113
113
113
109
108
91
91
91
54
54
54
54
54
54
54
54
54
54
54
33
32
32
35
33
31
28
27
26
26
26
23
23
23
23
23
23
23
23
23
25
25
84
84
84
84
89
89
91
98
98
98
98
85
81
72
71
70
69
70
71
71
72
75
68
(J8
(38
(38
I38
38
58
58
58
58
58
58
58
104
109
19
19
19
20
20
20
20
20
20
20
20
110
110
111
111
112
112
112
113
113
113
114
735
726
726
718
718
718
718
718
718
718
718
159
185
200
206
209
220
231
231
232
238
239
239
240
46
46
46
46
46
21
21
21
21
22
91
91
91
91
90
54
53
53
53
53
26
27
27
27
26
25
25
25
25
25
98
98
98
98
88
75
76
77
78
78
58
58
58
68
58
114
115
115
115
718
718
718
718
718
240
241
241
241
242
May
"^ —---
June
July
August
September
October...
November
December.
1937—January. __
February—
March
April
Argen- Chile
tina
Colombia
403
444
444
438
438
438
435
436
441
437
455
452
501
29
29
29
29
29
29
29
29
29
29
29
19
16
18
18
17
16
16
17
17
17
17
18
19
487
489
519
536
29
29
29
29
20
22
18
18
29
29
p
740
735
Pi 15
5
British China Japan
India
Java
New
Zealand
Turkey
Peru
Uruguay
other
countries
26
26
26
26
26
26
26
26
26
26
26
19
20
20
20
20
19
19
20
20
20
20
20
20
82
74
74
74
74
74
68
68
68
68
68
68
69
26
36
37
38
38
39
40
40
41
42
42
43
44
275
276
275
275
275
275
275
275
275
275
275
275
275
7
10
15
15
15
17
13
13
15
19
6
7
8
394
425
431
433
435
439
442
447
450
453
456
459
463
77
64
54
58
61
61
60
60
59
60
60
60
60
25
23
23
23
23
23
23
23
23
23
23
23
23
22
24
24
24
24
24
24
24
24
24
24
24
26
26
26
26
26
20
20
20
P20
69
66
66
66
P45
P45
P45
P46
275
275
275
274
9
10
12
16
466
469
456
P455
60
60
60
74
23
23
23
23
28
29
29
29
Mexico
23
£-28
Yugoslavia
6 other
countries
53
43
60
63
44
44
45
45
46
46
46
46
47
48
48
49
49
49
50
50
68
67
67
68
70
71
73
78
79
79
82
82
82
82
82
Africa
Asia and Oceania
Latin America
1934—December1935—December.
1936—February..
March
April
Sweden
Spain
45
46
May
End of month
RumaPoland Portunia
gal
2
other
countries
i
6
b
3
3
3
3
3
3
3
3
3
3
4
4
4
4
1
4
i
i
3
South other
Egypt Africa
countries
55
65
55
55
55
65
55
55
55
55
55
55
55
184
212
231
244
189
189
189
189
189
189
189
191
203
24
24
24
24
24
24
24
25
25
25
25
25
25
55
55
55
55
217
230
237
215
25
25
25
p Preliminary
See notes under United Kingdom, Italy, Spain, and Mexico.
Decline in reported gold holdings of Bank of Italy during 1936 has been distributed monthly on basis of gold imports from Italy reported by
other
countries. Figures for February and March 1937 are for 20th of month; other figures for 1937 carried forward from last previous report date.
3
According to a recent official announcement the British Exchange Equalization Account held $934,000,000 of gold on Mar. 31, 1937. Gold
of the account is not included in above figures since this is the first occasion on which amount has been reported. For detailed statement of statistics included
in above table see BULLETINS to which reference is made in note at foot of page.
4
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.
6
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.
1
2
687
FEDERAL RESERVE BULLETIN
JULY 1937
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production
Africa
Total
South
Africa
Rho-
North and South America
Far East
West Belgian
1 ColomUnited
Japan
Chile AustraAfrica Congo Canada States Mexico
bia
lia
British
India
$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$t0.67
1929
1930
1931
1932
1933
397,153
432,119
460,651
498,164
525,071
359, 347
373,154
394, 399
421,656
420, 093 i
215, 242
221, 526
224, 863
238,931
227,673
11,607
11,476
11,193
12,000
13, 335
4, 297
4, 995
5, 524
5. 992
6,623
2, 390
2, 699
3, 224
3, 642
3,631
39,
43,
55,
62,
60,
862
454
687
933
968
45,
47,
49,
50,
52,
835
123
524
626
842
13,463
13,813
12,866
12,070
13,169
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
rains of gold 9/10 fine; i. c, an ounce of fine gold=$85
1933
1934
1935
1936
1936—January
February ___
March
April
May
June
July
August
September, _
October
November __
December,..
1937—January
February ___
March
April
385, 474
366, 795
377,090
396, 768
22. 578
24, 264
25, 477
28,053
32, 275
31,2£0
! 32,709
67, 896 ' 31,991
69, 439 ' 32,826
33 086
71,046
75, 655
33, 846
33, 830
73, 736
33,818
74,954
76, 677 i 34,199
33, 042
72.546
33, 858
73, 566
34, 352
73, 235
32, 330
68, 408
34, 381
P73, 764
P34,381
P 72, 122
2. 320
2, 201
2, 359
2, 410
2,413
2,384
2,354
2, 425
2,363
2,292
2,270
2,262
2,315
2,109
2, 416
2, 391
888, 997
958,033
1,040,217
1,164,979
711,260
723, 530
771,827
854, 203
82.853
81,943
86, 387
86, 327
91,870
97 877
107, 686
106, 967
108,185
113,108
105,377
96, 397
91,826
87,240
P93, 795
P92, 393
65, 822
64,712
68, lb(\
11,214
12,153
13,625
16,295
1,221
1,164
1, 326
1, 258
1,289
1 285
1,352
1,412
1,444
1,493
1, 506
1,544
1,671
1, 563
1,605
P ] , 633
6,148
6, 549
7,159
7,386
103,224
104, 023
114,971
130,550
592
574
544
543
547
585
676
675
696
691
634
631
586
579
9,714
9, 325
.10, 469
10,474
10, 797
11,083
11,183
11,504
11,579
11,693
11,174
11, 555
11, 499
10,853
11, 420
11,317
P579
P579
89, 467
108,191
126, 325
150,959
10,246
9, 701
11,020
11,113
11,945
11 948
15,042*
13, 627
14, 280
15,821
13, 240
12,977
11,483
10,171
12, 531
11, 131
22, 297
23,135
23, 858
26, 465
10,438
12,045
11,517
13, 633
2, 092
1, 335
1,159
2, 815
1, 040
1,627
1,122
2,607
1,086
2, 075
1,065
2 570
2,632
1, 235
1,098
1,818
1,236
2,346
1, 943 1,109
1,035
2,291
1,113
1,647
1,332
2, 854
1,117
2, 227
1,285
P2. 240
P2, 240 Pl, 285
5.094
8,350
9,251
9,018
28.428
30,447
31,117
39,793
15,183
16, 354
20,043
23,684
11, 715
11, 223
11,394
11, 599
770
918
2, 690
2,801
2,882
3,127
3,045
3 476
3,602
3,422
3, 515
3,596
3,467
4,170
3,158
3,714
3, 550
P3, 500
1,595
1,843
2,065
1,808
1,885
1,994
1,977
1,916
2,246
2,075
2,162
2,118
2,065
2, 077
2, 156
P2, 100
971
920
968
944
979
958
981
981
966
982
966
983
984
89S
982
P945
1,147
499
552
611
776
1,029
467
784
758
708
'•635
769
620
P620
r
p Preliminary.
Revised.
1
Beginning August 1936 figures are from the monthly bulletin of the Banco Nacional de Mexico. From November 1932 through July 1936
figures are those reported in Revista de Economia y Estadistica, published up to September 1936 b y the Secretaria de Economia Nacional. For
source of earlier figures see BULLETIN for April 1933, p. 234.
NOTE.—For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, p p . 233-35, February 1934, p . 108,
November 1934, p . 737, July 1936, p . 600, March 1937, p . 267, April 1937, p . 363 and M a y 1937, p . 487. For annual figures of world production back
to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning January 1936 are subject to official revision.
Estimated production of the U.S.S.R. for April 1937, in thousands of dollars: $11,040.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Net imports from or net exports (—) to:
Year or month
All
other
countries
China
and
Hong
Kong
1934 1
1935.
1936.
1,131,994 499,870 260,223
1,739,019 315, 727 934, 243
1,116, 584 174,093 573, 671
1936—May
June.
July—.
August.
September
October
November
December
169,952
4,003 133,157
277, 775 3,644 202, 983
15, 379
-9
27
67,493
5,837 17,880
171,824
8,204 136, 671
218, 812 72,154 95,013
75, 836 44, 665
20
56,970 32,998
1937—January
February
March
April
May
121, 325 73,950 10,864
120, 326 75, 238
1,138
154, 332 121,4511
76
215,811 175,165!
596
155, 362 103, 8221 1, 375
94, 348
227,185
71,006
11, 664
6,338
12, 222
10, 660
4,709
5, 865
10, 661
4,925
7, 225
14.434
12,038
15,335
21, 513
1,029
3,498
23, 280
76, 820
75, 268
77, 892
1,735
2,124
2,4251
2,405'
2,157
1
2,273
1,029
2,511
856
1,747
2,831
1,
781
936
,720
5,947
5,654
10, 688
6,961
5,782
6,182
10,108
2,123,
2,109 j
1,944
2, 231
2.106
1,617
2,9101
3.467
2,388
2. 613
,028
7,077
4,017
4,857
3, 797
7161
15, 868
37, 620
31.828
1, 305
3, 583
12, 727
11, 640
17,700
i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
NOTE.—For gross import and export figures and for additional countries see table on page 658.
688
FEDEKAL RESERVE BULLETIN
JULY
1937
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
British India
Net imports from or net exports (—) to:
Year or
month
1934
1935
1936
_„.
1935—Nov...
Dec...
1936—Jan.. _.
Feb.__
MarApr
May._
June...
July.__
Aug...
Sept...
Oct....
Nov.__
Total
net imports
or net
exports
United
States
716, 269
369, 747
1,170,023
Germany
France
26,316
16, 565
12,928
-20, 204
-6,982
1,798
1,798
25,198
910
50
114
-12,059
1,136
3,440
- 9 , 465
- 1 2 , 611
-26,802
-4,384
-16,120
-14,096
-72,441
- 4 9 , 224
100, 505 - 6 3 , 9 1 4
3,202
-3,253
6,738
12, 710
26,936
27,060
142, 535
240,868
108,666
-383
72, 506
118, 655
78
173
92
4,295
1,875
3,903
1,913
1,789
6,086
3,964
-163
-624
41, 974
38, 649
47, 666
77,137
74, 590
69,447
195, 066
281,401
151,814
7,615
Dec1937—Jan... _ -25, 523
Feb ... 122,296
78,484
Mar...
Apr __. «12.036
May _. -48', 319
- 7 3 , 568 22, 453
- 7 5 , 615 163, 919
-104,399 124,121
-149,444 11,281
-101,710
-274
South
Africa,
All
West
Africa
tries
Austra- Rho- British other
Bel- Nethergium lands Canada
desia, India counlia
-497,166 348,190 121,017 -13,585 32, 575
-435, 502 142,137 - 4 , 726 -17,476 10, 796
-276,813 756, 204 23, 295 -15,133 -21,130
18,286 - 3 3 , 744
40,811 - 2 2 , 0 7 5
Change in:
-27
94
33
99
-1,383
-17,602
-536
-747
-804
-591
- 7 , 569
-13,354
-1,409
1,761
606
- 2 , 421
-2,907
—1,029
2,458
-1,
377
-1,130
1,836
-220
414
153
452
507
1,587
-1,055
104
-1,7.
-1,545
1,021
1,756
965
927
452
5,958
4,090
899
1,708
270
-3
41,790 335, 253 206,711 115,168 - 2 3 0 , 720
37, 981 404, 295 181,627 34,050 - 1 6 1 , 8 7 2
26, 723 488, 814 128, 420 46, 715 - 1 2 1 , 1 0 2
Total
net
or net United
exports Kingdom
1934..-.
1935.-...
1936
1935—Nov..
Dec.
780
2,004
-17
-87
5
591
1936—Jan
Feb.
Mar
April
May
June
July
Aug
Sept.
Oct
Nov
Dec
- 2 , 584
-1,307
—258
-1,201
-630
1,130
3,248
1,580
- 3 , 514
- 3 , 521
426
4,763
-71
35
-59
—4,277
-3,935
- 1 , 720
-1,898
-1,661
-6,076
-3,954
259
572
-2,441
-2,029
-19
13
1937—Jan..
Feb..
Mar.
Apr.
Mayp
17,426
27,024
588
I, 1
221
-120
-504
944
15,352
11,432
1
2
2
2
2
4
—2
2,346
173 - 2 1 9 , 6 7 1
- 6 -150,472
-109,503
953
966
-13,587
-9,337
1,889
2,037
2,574
3,329
2,167
1,610
2,531
2,089
2,084
1,984
2,304
2,126
39, 852
26,454
31,033
55,108
53,802
45,147
43,122
34, 552
36, 517
45,323
36, 230
41, 683
11, 035 - 1 , 5 2 6 - 1 3 , 8 0 9
11, 686 1,993 - 9 , 8 4 6
10,896
2,057 - 7 , 667
9,413
3,641 - 1 0 , 3 5 1
13,289
3,264 - 1 1 , 3 5 7
10,860
7,599 - 1 0 , 3 5 5
2,591 - 1 5 , 0 3 2
9,657
6,922 - 7 , ! " "
15,011
633 - 8 , 273
6,581
7,853 19,895 - 1 1 , 576
14, 896 4,756 - 9 , 347
7,243 -5,r~ - 5 , 506
971
920
968
944
979
958
981
-12,838
- 8 , 926
2,504
1,968
2,727
2,122
2,353
16,903
24,113
26, 593
44,198
37,106
3,953
1,019
-8,447
8,705 - 3 , 1 5 6 -3,161
5,760 3 20, 624 - 3 , 494
2,848 3 101,055 P - 7 , 0 1 7
8,3C8 ' 8. 717
982
966
982
P982
-9,407
- 1 0 , 378
- 9 , 397
-14,051
-7,002
- 7 , 307
-10, 594
-8,381
- 4 , 523
-7,463
-2,262
- 2 , 512
P-6,035
Switzerland
Total
net
imports
All
or
net
Switz- other
France Netherlands erland coun- exports
()
tries
- 9 0 , 9 2 0 -109,386 -42,907 -28,114
7,394
5,180 13,225
42,969
- 2 2 , 784 - 2 , 1 2 1 20,188
11,222
11,393
11,599
33, 325 12,857 - 3 , 8 3 6 - 1 4 , 540
42,442 14, 838 7,799 - 1 0 , 3 0 3
Net imports from or net exports (—) to:
Net imports from or net exports (—) to:
imports
Private
holdings in
Idis
2,842
1,995
Germany
Year or month
Total Gold
net
proimports duc- Re
or net
tion serves
exports
in
India India*
()
United United
States Kingdom
France
Belgium
Italy
Netherlands
All
other
countries
18,397 19,431
163 * 89,324 - 4 6 , 0 6 5 -12,784 -45,955 - 2 9 , 2 3 5
647 -54,858 -181,725 -13,940 25, 542
9,888 4 7,281 -230, 788
39, 305 14, 531 51, 299
121, 788 - 9 , 1 2 7 - 2 , 205
3,239 - 3 9 0
2,580
342
4,600
1,500
-6,795
23,378
1,849
4,724
-49
-139
825
34
-16
1,917
6 8, 413
615,794
9
-1,911
59
42
-112
-3
-848
810
67
671
-35
801
-142
3,077
3,256
2,821
3,121
3,265
2,496
448
73
1,006
61
27
20
23
76
23
2,061
30
26
7
65
822
52
-95
- 7 7 14, 231
23
-89
93
-138
-140
-59
-37
-28
4
-38
-55
37
-20
30
15
- 2 , 330
-332
-2,088
-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
-2,874
—195
-518
-841
-131
-4,298
-1,704
820
-113
- 6 , 396
5,988
2,892
2,291
-6,783
- 5 , 705
-3,492
7,292
284
2,057
-249
3,176
40,875
656
1,241
-47
47 9,496
1,821 9,612
1,724 21, 537
—3 6,970
1,449
-8
2,952
-235
-20
1,166
-254
-20
-641
-286
62
8,177
1,723
-65
659
-33
-137
1,377
567
29
132
2,113
-121
-21
487
57
97
20
5,227
2,436
-463
-1,966
-1,987
-612
-1
-490
-289
-3,132
732
852
653
192
1,107
-575
1,866
-566 «-13 f 507
55
819
1,897
-135
1,558 - 1 7 , 0 3 4
1,157
57."
876 - 1 , 5 0 6
- 4 , 479
32
-4
-7
-675
19
-3,676
-4,916
- 6 , 675
- 6 , 247
-26
-1,174
21
-100
584
611
p1 Preliminary. c Corrected.
Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred
a
Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
3
$22,520,000 imported by United Kingdom from U. S. S. R. in March, $98,510,000 in April, and $8,430,000 in May 1937.
« $85,390,000 imported by Germany from U. S. S. R. in 1934, and $6,376,000 in 1935.
6
$8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in May 1936.
«$15,322,000 exported by Switzerland to Germany in February 1937.
NOTE.—Germany, Switzerland, and United Kingdom.—In some cases the annual aggregates of the official monthly figures differ somewhat from
the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with January 1937, are subject to official revision. France and Netherlands.—No figures reported by France since September and by Netherlands since October 1936.
689
FEDERAL RESERVE BULLETIN
JULY 1937
CENTRAL BANKS
Assets of banking department
Bank of England
Gold (in
issue
depart-1
ment)
(Figures in millions of
pounds sterling)
Oash reserves
Notes
Coin
1929—Dec. 25
1930—Dec. 31 __
1931—Dec. 30
1932—Dec. 28 _1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Mar. 25
Apr. 29 .
M a y 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25 _.
Dec. 30
_
. ___
_
1937__j an . 27
Feb. 24
Mar. 31
Apr. 28
May 26
145.8
147.6
120.7
119.8
190.7
192.3
200.1
200.6
202.7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7
.2
.6
.6
.8
1.0
.5
.6
.8
.8
.9
1.0
1.0
1.1
1.1
1.0
.7
.6
26.3
38.8
31.6
23.6
58.7
47.1
35.5
54.1
45.9
40.3
41.5
51.4
61.3
59.3
65.9
63.1
46.3
313.7
313.7
313. 7
313.7
321.3
.4
.7
1.0
1.0
61.4
58.6
39.8
44.8
46.0
.9
Discounts
and advances
22.3
49.0
27.3
18.5
16.8
Liabilities of banking department
Securities
Note
circulation
Deposits
Bankers'
17.5
84.9
104. 7
133.0
120.1
101.4
98.2
94.7
97.0
114.0
104.7
116.1
115.5
102.6
100.7
99.7
98.6
155.6
379.6
368.8
364.2
371.2
392.0
405.2
424.5
406.5
416.9
426.1
434.8
448.6
443.4
449.4
442.7
445.6
467.4
71.0
132.4
126.4
102.4
101.2
89.1
72.1
83.6
104.7
78.3
90.8
75.2
100.9
60.7
86.5
97.6
150.6
8.0
4.9
7.1
5.5
4.9
97.4
105.3
123.4
119.7
119.7
452.3
455.1
473.8
468. 8
475.2
98.4
100.4
62.3
87.6
91.4
7.6
8.5
5,0
8.3
6.7
7.6
7.1
9.2
8.6
6.6
6.8
Public
Domestic bills
(Figures in millions of francs)
1929—Dec. 27
1930—Dec 26
1931—Dec 30
1932—Dec. 30
1933—Dec. 29
1934—Dec. 28
1935—Dec. 27
1936—M ar. 27
Apr. 24 .
M a y 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27__
Dec. 30
1937—Jan. 29_
Feb. 26 _
Mar. 26
Apr. 30
M a y 27
c
_
Gold*
Foreign
exchange
41,668
53, 578
68,863
83,017
77,098
82,124
66, 296
65, 587
61,937
57,022
53, 999
54,942
54, 511
50,111
64, 359
64,359
60,359
25,942
26,179
21,111
4,484
1,158
963
1,328
1,297
1,305
1,426
1,297
1,270
1,250
1,245
1,471
1,466
1,460
1,435
57, 359
1,323
57,359
1,194
57, 359
57, 359 c 1,112
57, 359
1,053
Spe-8
cial
Other
19.8
20.0
42.3
17.2
49.7
27.6
12.1
12.1
35.8
36.2
40.3
33.8
36.5
36.4
37.1
37.0
39.0
36.7
37.4
39.4
37.8
40.9
41.4
41.7
39.2
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
18.0
12.1
13.0
52.2
26.2
24.9
38.4
37.9
38.5
39.6
37.5
18.1
18.2
18.3
17.7
17.8
22.2
9.9
12.1
18.0
7.5
Liabilities
Deposits
Loans o n Advances
Negotiato
Shortble seGovOther
term
ernGovern- securi- curities
ment ment se- ties
curities
Other
assets
Note
circulation
Government
Other
Other
liabilities
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,708
5,708
5,708
5,708
6,708
5,640
5,640
5,640
5,640
5,640
5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,028
8,193
8,134
8,015
8,699
8,125
9,643
8,204
8,029
8,344
68, 571
76, 436
85,725
85, 028
82, 613
83,412
81,150
83,197
82, 557
84, 705
85,106
85,892
84, 324
83, 750
87,198
86,651
89,342
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,889
2,722
1,850
1,305
1,694
1,523
1,679
3,973
2,069
2,089
7,850
11, 698
22,183
20,072
13,414
15,359
8,716
8,434
7,895
6,909
6,528
6,254
7,037
6,660
9,247
13,058
13, 655
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,148
2,334
2,383
2,652
2,267
2,301
2,356
3,553
3,160
2,657
5,640
5,640
5,640
5,642
5, 642
8,209 87, 688
8,235 87,062
8,543 85,746
9, 256 87,063
8,158 85, 745
1,955
2,315
1,977
4,361
3,154
15,280
15, 386
16,404
13,408
14, 766
2,534
2,547
2,552
2,518
2,502
547
925
1,379
8,624
8,429
7,389
3,438
4,739
3,971
9,712
12,053
14,392
19,381
7,750
6,041
7,063
7,484
7,332
8,056
8,465
14,333
14,333
14,333
15,903
12,303
12,298
17, 698
1,048
1,461
809
838
668
702
715
2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,325
3,349
3,381
3,441
3,555
3,454
3,653
3,447
3,464
3,583
1,620
1,524
1,514
1,470
1,437
8, 553
8,990
8,440
7,639
8,377
19, 772
19, 772
20,066
19,991
19, 980
1,168
873
225
965
385
3,701
3,594
3.698
3,918
3,777
27
Other
8.8
6.6
7.7
8.9
Assets
Bank of France
Other
liabilities
573
671
623
796
Corrected.
i Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), a
reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 16, 1936. From
August 1,1931 to March 31,1933, an increase of £15,000,000 in the fiduciary issue (and securities held as cover) was authorized by the British
Treasury under Section 8 of the Currency and Bank Notes Act.
a
By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established by the law of October 1.
' Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19,1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463 and July 1936, p. 603.
690
FEDERAL RESERVE BULLETIN
JULY
1937
CENTRAL BANKS—Continued
Assets
Reichsbank
Liabilities
Securities
Reserves
(Figures in millions of
reichsmarks)
Gold
Foreign
exchange
Other
Treasury bills
(and Security
bills
loans
checks)
1929—Dec 31
1930—Dec. 31
1931—Dec. 31
1932—Dec 31
1933—Dec. 30
1934— Dec. 31
1935—Dec. 31
itf3b—Mar 31
Apr. 30
M a y 30
J u n e 30
J u l y 31
Aug. 31
Sept. 30
Oct. 31
N o v . 30
Dec. 31
2,283
2,216
984
806
386
79
82
72
70
70
72
72
69
63
65
66
66
404
469
172
114
9
5
5
5
5
B
5
5
6
6
5
5
6
241
206
98
1937—Jan. 30
F e b . 27
M a r . 31
Apr. 30
M a y 31
67
67
68
68
69
6
6
6
6
6
23
35
10
29
54
49
45
53
54
71
37
98
90
74
51
55
57
62
4,' 606
4,699
4,623
4,693
4,875
4,888
4,852
5,448
251
256
245
176
183
146
84
56
73
60
56
67
65
59
79
67
74
4,835
4,777
5,101
5,124
5,001
65
102
51
52
50
2,608
2, 366
4,144
2, 806
3,177
4,021
4, 498
4,201
Eligible
as note
cover
Note
circulation
Other
assets
Other
Deposits
Other
liabilities
259
445
349
336
240
219
220
220
220
219
219
219
221
92
102
161
398
322
319
315
321
319
319
311
310
309
308
305
303
303
656
638
1,065
1,114
735
827
853
771
702
648
704
711
686
695
685
770
765
5,044
4, 778
4, 776
3, 560
3, 645
3,901
4, 285
4,267
4,348
4,430
4,389
4,471
4,540
4,657
4,713
4,674
4,980
755
652
755
540
040
984
1,032
768
688
729
960
787
729
744
689
753
1,012
736
822
1,338
1,313
836
1,001
923
782
798
807
815
840
853
875
897
911
953
223
222
167
106
104
302
302
312
310
310
959
1,059
1,021
896
947
4,799
4,816
4,938
4,979
4, 902
707
785
970
794
804
973
968
826
816
835
c
Corrected.
NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
Central bank
[Figures as of last report
date of month]
May
National Bank of Albania (thousands of francs):
Gold
Foreign assets
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold at home
Gold abroad and foreign exchange
Negotiable Government bonds___
Other assets
Note circulation
Deposits—Member bank
Government
Other
Other liabilities
Commonwealth Bank of Australia (thousands of pounds):
Issue department:
Gold and English sterling.__
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
Austrian National Bank (millions
of schillings):
243
Gold
98
Foreign exchange (non-reserve) __
193
Loans and discounts
620
Government debts
143
Other assets
882
Note circulation
259
Deposits
157
Other liabilities
National Bank of Belgium (millions of belgas):
3,591
Gold
Discounts, domestic and foreign_. 1,341
35
Loans
310
Other assets
1
Gold abroad revalued in December 1936.
1936
1937
Apr.
Mar.
May
7, 554
23, 958
3, 458
4,174
11,518
15,869
11,758
7, 555
24, 522
3, 668
3, 951
11,539
16, 382
11,775
7, 556
18,095
3, 009
5, 061
11,697
10,401
11,624
1,224
1,224
1,224
338
26
193
1,165
450
128
6
33
286
Central bank
[Figures as of last report
date of month]
May
Apr.
Mar
May
4, 380
4,421
143
622
72
4,404
166
734
72
4,284
26
943
72
National Bank of Belgium—Cont
Note circulation
10,012
38,560
165
, 140
383
117
5
31
16,012
39,806
121
75
158
1, 018
338
181
11
30
16, 003
39, 343
1,093
28, 829
15,328
38, 251
79.940
47^ 039
1,109
26, 299
15,139
38, 251
56, 487
48, 289
1,223
20, 664
11, 364
35, 657
65,901
47, 045
243
97
195
620
139
905
228
161
243
96
197
620
125
891
243
148
243
86
220
624
162
958
213
163
3, 651
1,373
38
314
3, 597
1,323
79
326
3, 579
1,331
38
310
•
1936
1937
Demand deposits—Treasury
117
Other
708
Other liabilities
Central Bank of Bolivia(thousands
of bolivianos):
Gold at home and abroad*
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
Bank of Brazil (millions of milreis) :
Cash
Correspondents abroad
Loans and discounts
Note circulation
Deposits
National Bank of Bulgaria (millions of leva):
Gold
1, 766
Foreign exchange reserve (net)___
Other foreign exchange
477
Loans and discounts
1, 031
Government debt
3,551
Other assets
1,015
Note circulation
2,430
Deposits
3,171
Other liabilities
2, 239
Bank of Canada (thousands of Canadian dollars) :
Gold
187, 454
Silver bullion
2, 438
Sterling, United States and other
exchange
14,613
Advances to Provincial Gov'ts...
Government securities:
2 years or less
7,165
Over 2 years
100,816
Other assets
4,573
Note circulation
131,113
Deposits—Chartered banks
190, 604
Dominion Government 21, 541
Other
923
Other liabilities
12, 878
il, 430
104,602
13, 077
413, 413
4,736
15,076
240, 655
253, 908
107,770
50, 421 22, 350
111,320 20,861
7,702
11, 642
414,560 418,072
2, 921
4, 735
13, 968 17.480
231, 293 162,106
271,155 260,859
104,199 66, 420
212
333
2, 909
10
3,177
224
459
2,425
239
413
2,441
3,056
2, 949
1,755
1,755
546
979
3, 551
995
2, 636
2,899
2,291
554
921
3, 551
1,053
2,440
3,109
2.287
1,607
-129
482
1, 385
2,671
1,102
2, 247
2,305
2,567
191,192 187, 947
2, 358
2,388
79, 733
1,683
19, 706
15, 314
3, 000
50, 252 50, 975
101, 687 101,797
7,826
6, 537
129,063 125,970
199, 472 194, 275
21, 222 36, 751
1,452
796
12, 718 12,160
30, 607
80, 241
3,202
93, 397
85, 071
27, 235
1,197
6,880
11,215
691
FEDERAL RESERVE BULLETIN
Jl-i.Y 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937
1936
Central bank
May
Central Bank of Chile (millions of
pesos) :
Gold and foreign,exchange in reserve
Loans and discounts
Government debt.
_
Note circulation
Deposits
1
Central Bank of China (millions of
yuan):
Gold
Silver
Foreign exchange
Due from domestic banks
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
24, 880
Gold
20,457
Foreign exchange
]2,581
Loans and discounts
Government loans and securities 45, 832
25,811
Other assets
Note circulation
_ 51,728
39, 958
Deposits
37, 875
Other liabilities
National Bank of Czechoslovakia
(millions of koruny):
2, 578
Gold*
444
Foreign exchange.
967
Discounts
897
Loans
_ _ __
2,017
Government debt
980
Other assets
. _ .. _
5, 789
Note circulation
402
Demand deposits
1,692
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
.
Foreign exchange of the reserve
Other foreign exchange
I oans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Denmark^ (millions of kroner):
J18
Gold.
__
9
Foreign exchange
30
Discounts
_
_.
202
Loans—To Government agencies
337
Other
53
Securities
66
Other assets..
_
Note circulation
384
83
Deposits
147
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold < .
Foreign exchange
Loans and discounts
Note circulation
__ _. __
Deposits
National Bank of Egypt 1 (thousands of pounds):
Gold
Foreign exchange..
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation.
_ _
Deposits—Government
Other
Other liabilities
1
2
1937
1936
Central b a n k
Apr.
Mar.
May
143
148
799
715
298
143
129
799
702
291
142
108
706
614
261
55
274
218
188
401
173
79
369
870
150
42
265
200
160
448
164
82
363
846
152
58
248
64
131
208
314
51
279
673
123
32, 504
11,490
31,294
45, 912
26 638
51,544
38, 573
37, 720
40,212
9, 690
7, 024
45, 752
27 015
51, 478
41,158
37, 058
2, 581
127
1,239
1,005
2,018
1 011
tj q44
' 363
1,674
2, 583
146
1,180
1,069
2,018
1,046
5 949
464
1,628
2, 695
36
767
494
2, 038
849
5 482
464
932
29 5C)6
465
1 442
15,359
4 146
32, 654
12,866
19,179
29, 552
310
2,076
15,341
4 136
32,018
13, 243
19,019
20, 785
2, 325
5, 934
14,919
4 359
29, 298
3, 480
19,042
118
15
29
184
155
54
63
392
78
149
118
17
28
180
141
54
65
378
78
147
118
32
23
198
136
74
43
392
119
113
34, 006
24, 706
31,794
58,336
43 462
27, 881
6, 974
36,480
47, 441
12, 574
6 545
2,619
3 698
6 545
3,515
4,136
6 r)4 5
2, 576
3,494
38 427
8, 856
20, 879
9,468
21 643
8,155
39, 059
8, 086
21,153
10, 505
21, 533
8,151
40, 589
5, 387
20, 529
6, 271
23, 485
8, 307
28,
4,
5,
45,
25,
43,
29,
36,
013
900
296
200
448
260
095
503
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts... _ _
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
.
Foreign exchange (net) - _
Loans and discounts
Other assets.
_
Note circulation
Demand deposits
Other liabilities
Bank of Finland (millions of markkaa):
Gold.
Foreign assets__ _ __ . _
Loans and discounts
Domestic securities _
Other assets
Note circulation
Deposits—Treasury._ __
Other
Other liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net)__
Loans and discounts.. ._
Government obligations.
Other assets
__
Note circulation
_
Deposits
Other liabilities
National Bank of Hungary (millions of pengos):
Gold
_ .
Foreign exchange reserve. _
Discounts __
Loans—To Treasury
Other
Other assets
Note circulation
Demand deposits
Certificates of indebtedness.. _
Other 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
Investments __
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Gold. _
Discounts
Loans—Government
Other
Government bonds
Other assets
Note circulation. _
Deposits—Government
Other
Other liabilities
Bank of Java (millions of guilders):
Gold
_
Foreign bills
Loans and discounts
May
Apr.
Mar.
May
13,143
6,870
260
6,197
2 816
17. 023
8, 059
4 203
13,143
7,119
219
6, 247
2, 606
17, 463
7,905
3, 967
13,142
6,986
597
6, 364
2,510
18,182
7,176
4,240
12, 965
3, 903
124
6,798
1,792
14,076
7, 361
4,144
34,187
15,229
24, 625
92 024
43, 901
36 901
15,263
34,184
15,389
26, 577
22,114
46, 471
36 089
15,703
34,180
17,164
26,121
21, 285
47,184
36 206
15, 360
34,135
3,220
19, 460
21, 734
40, 997
25 738
11,814
811
2, 023
1,135
324
382
1 900
396
671
1,709
816
2,017
1,130
316
323
2,008
415
495
1,684
816
1,960
1,085
308
320
1,913
467
483
1,627
501
1,457
1,017
273
309
1, 501
15
583
1,459
3,248
3,614
4,104
2, 359
6, 329
4 928
9 QfJJ
3, 304
3, 385
4,104
2,258
6, 680
4,442
1 930
3,272
3,060
4,154
2,156
6, 368
4, 363
1,916
2, 994
5,130
4,172
1,410
5, 641
6,154
1,911
84
51
405
107
12
238
421
187
93
197
84
48
421
104
12
221
435
174
93
190
84
47
451
102
12
208
417
200
93
194
79
26
493
80
12
127
385
119
98
217
444
803
274
557
] 927
444
793
224
619
1,944
444
683
235
605
1, 659
151
273
6
404
103
136
265
76
10
381
106
308
153
62
8
424
108
543
559
208
74
651
2^3
1,450
439
62
308
540
572
204
93
629
228
1,464
400
83
319
520
566
140
142
562
177
1,371
358
87
292
109
3
67
89
3
68
89
1
62
Items for issue and banking departments consolidated.
By decree of October 9,1936 (see BULLETIN for January 1937, p. 15), gold revalued at rate of 31.21 milligrams fine gold per crown; resulting increment3 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 4as of .Tune 30, 1936.
By decree of June 13, 1£36, gold in vault revalued at rate of 11.6466 sucres per gram of fine gold.
692
FEDERAL RESERVE BULLETIN
JULY 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
Other Bssots
Notp oiroiilation
Deposits
Other liabilities .
Netherlands Bank (millions of guilders) •
Gold
Silver (including subsidiary coin)
Foreien bills
Discounts
Loans
Other assets
Note circulation
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Advances: To State or State unInvestments
Other assets
Note circulation
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
Discounts
Loans
Securities
Other assets _ __
.__
Note circulation
Demand deposits—Government
Other
Other liabilities
Central Reserve Bank of Peru
(thousands of soles) :
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
Loans and discounts
Securities
_ _.
.
Other assets
Note circulation
Other sight liabilities
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
Other reserves fnet^
c
1
1936
Central bank
Apr.
May
Bank of Java—Cont.
Other assets
Note circulation
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Gold*
Foreign exchange reserve-.
Loans and discounts .
Other assets
Deposits
Other liabilities
Bank of Lithuania (millions of litu):
Gold
Loans and discounts
1937
1936
1937
Central bank
Mar.
May
May
Bank of Portugal—Cont.
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation- _
Other sight liabilities
Other liabilities
110
191
73
25
99
182
51
26
50
156
22
24
47
46
212
31
77
42
120
47
46
208
31
40
118
44
49
201
30
46
7
113 National Bank of Rumania (mil53
lions of lei):
37
Gold 3
153
Special exchange accounts
30
Loans and discounts
4
77
6
92
34
108
78
22
77
6
97
33
112
79
22
77
6
99
34
114
80
21
54
Government debt
21
Other assets
74
Note circulation
25
Demand deposits
108
Other liabilities
45 South African Reserve Bank
21
(thousands of pounds):
1 130
19
2
985
19
2
21
178
63
796
76
349
46
920
17
2
21
179
63
814
74
269
45
684
21
1
28
131
64
763
49
73
44
2,802
20, 309
2,802
19 099
2 802
23 738
6, 749
2,906
219
12, 957
18,401
1, 627
7,130
2,453
273
13,179
16,921
1,656
1,996
451
10 157
17, 252
1 578
195
124
215
103
215
100
185
79
239
254
174
26
54
16
411
56
61
60
227
149
25
53
16
410
46
44
59
223
166
19
38
22
366
50
33
60
77
42
122
19
183
63
836
64
473
44
(2)
(2)
403
62
47
(2)
44, 071
32,148
42,121
8,285
88, 673
25, 563
12 389
...:::
.:
412
41
580
135
475
975
268
399
Special loans
409
36
614
134
454
996
245
407
406
35
640
135
453
1,000
254
415
375
7
851
91
449
1, 061
123
588
914
567
913
574
910
478
Gold
_
Foreign bills
Other bills and loans
Other assets...
Note circulation
Deposits
_.
Other liabilities
Bank of Sweden (millions of
kronor):
533
Gold
923
Foreign assets
12
Discounts
_
__
26
Loans
Domestic securities _ _
6
Other assets
374
837
Note circulation
853
Demand deposits..
_
186
Other liabilities
Swiss National Bank (millions of
francs):
2,624
Gold*
22
Foreign exchange
26
Discounts
_
30
Loans
608
Other assets ._
-_
1,374
Note circulation
1,301
Other sight liabilities
635
Other liabilities
Central Bank of thec Republic of
Turkey (thousands of pounds):
36,709
Gold
66
Foreign exchange—Free
41, 694
In clearing acccounts
37, 477
Loans and discounts
186, 748
Securities
26,982
Other assets... _
173,327
Note circulation.
36, 277
Deposits
120,072
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
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
1,669
Gold
764
Foreign exchange.
.
1,712
Loans and discounts
2,250
Government debt.
1,944
Other assets
5,433
Note circulation
2,176
Other sight liabilities
731
Other liabilities
Apr.
Mar.
May
167
336
1,043
1,303
2,021
1,204
1,105
169
332
1,044
1, 2£0
2,059
1,152
1,111
102
365
1, 046
1 049
2,025
1,041
883
15 797
4,857
6,372
2,077
10, 740
9 739
26,131
12, 666
10 785
15 731
4,460
6,329
2,157
10,820
9 267
25, 949
11, 657
11,158
11 005
4,618
5,467
2,445
11,193
6 930
21, 983
8,780
10 896
26, 331
4 765
28
15, 770
16, 646
27, 237
3,011
28, 783
5 455
22
17, 048
15, 355
31,904
4,049
22, 923
10 389
67
14, 370
15, 013
29,989
2,745
532
873
12
22
32
360
862
782
187
531
891
11
22
33
346
873
775
185
484
522
11
25
33
211
773
413
99
2,623
22
29
32
612
1,386
1,298
633
2,718
22
30
43
622
1,394
1,409
633
1,484
6
146
64
72
1,302
373
96
36, 709 36, 707 30,199
54
23
435
46,488 48,927 19,265
34,175 30,239 13,068
186,971 187,132 185, 504
24, 517 26, 202 20,925
176,376 180,975 162,790
37,022 38, 331 38, 547
115,484 109,955 68,059
41, 601
91, 494
41, 601
92,162
41,091
79, 600
25,118 23,156 46,157
76, 286 82, 559 90, 388
81,381 85, 977 57, 339
93,130 101, 594 113,161
89, 655 90,097 80, 722
1,663
706
1,669
2,250
1,879
5,463
1,991
712
1,650
623
1,683
2,249
1,835
5,381
1,980
679
1,522
341
1, 623
2,273
1,374
4,844
1,625
665
Corrected.
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.
» By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see BULLETIN for January 1937, p. 15).
* Agricultural and urban loans in process of liquidation.
«Gold revalued after September 30, 1936, at rate of 215 milligrams offinegold per franc.
693
FEDERAL RESERVE BULLETIN
JULY 1937
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francs i
1937
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' accentances
Treasurv bills
Total..
Time funds at interest—Not exceeding
3 months..
Between 3 and 6 months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments..
Between 3 and 6 months:
Treasury bills.
Sundry investments
Over 6 months:
Trpasnrv bills
Sundry investments
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items
Total assets
_.
1936
1937
1936
Liabilities
M a y 31
Apr. 30
M a y 31
51, 041
32, 235
32, 292
Demand deposit (gold)
42, 643
43, 556
32, 695
25, 234
7,765
15, 308
Short-term deposits (various currencies) :
Central banks for own account:
Demand.
.
_. . . _.
Time—Not exceeding 3 months.
Time—Between 3 and 6 months.
117 834
131,417
106 654
133, 379
154 212
176, 390
249, 251
240, 034
330, 602
Central banks for account of others:
21, 898
14, 281
26,138
1,666
33, 994
Time—Not exceeding 3 months
Other depositors:
Demand
Time—Not exceeding 3 months
17, 899
86, 707
21, 605
99, 451
28. 944
41, 481
15,498
68, 784
10, 282
48,481
29, 365
84, 964
80 410
4,577
77 449
5,779
41 388
1,765
273, 874
263, 047
227, 908
1,319
355
1,302
400
1,330
7,045
Total
Long-term deposits:
Annuity trust account . . .
German Government deposit
French Government guaranty fund.
French Government deposit (Saar).
Total
698, 219
622, 750
656, 243
Capital paid in
Reserves:
Legal reserve fund
_
Dividend reserve fund
General reserve fund
__ _
Profits allocated for distribution on
July 1, 1937
Other liabilities:
Guaranty on commercial bills sold..
Sundry items
Total liabilities
M a y 31
Apr. 30
M a y 31
16, 641
21, 688
24,110
47, 667
155, 204
12, 889
31,143
103, 744
24,095
113, 615
215, 760
134, 887
137, 711
3,517
4,268
5, 435
2,994
428
8
354
8
119
333
152, 911
76, 456
41, 483
1,360
153, 280
76, 640
41,727
1,368
154,905
77, 453
61,930
2,031
272, 210
273,015
296,318
125, 000
125, 000
125,000
4, 238
6, 315
12, 631
3,784
6,092
12,183
3,784
6,092
12,183
7 994
7 928
1,389
32,155
1, 359
40,111
1,334
32, 837
698, 219
622, 750
656, 243
i See BULLETIN for December 1936, p. 1025.
COMMERCIAL BANKS
[Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures]
Liabilities
Assets
United Kingdom
Money at
Cash
call and Bills dis(Figures in millions of pounds sterling) reserves
counted
short
notice
Securities
Loans to
customers
Deposits
Other
Total
Demand1
Time1
Other
liabilities
10 London clearing banks
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
184
207
213
216
221
236
144
119
127
119
151
159
187
322
246
408
311
255
322
316
285
297
472
565
594
605
630
933
905
778
740
759
784
864
240
222
208
237
247
231
238
1,876
1,737
1,983
1,941
1,971
2,091
2,238
992
868
991
1,015
1,044
1,140
1, 288
847
846
963
900
910
924
1,012
254
237
216
244
251
231
232
11 London clearing banks 2
1936—February...
March.
April
May
June
July
August
September..
October
November..
December..
229
217
227
220
225
225
233
229
227
233
244
157
162
161
159
158
158
163
166
164
181
195
295
252
268
309
329
349
345
344
351
329
322
629
635
637
640
642
639
641
648
655
656
660
828
854
868
870
878
884
877
882
892
895
890
227
230
233
227
237
227
226
226
231
238
249
2,123
2,108
1,125
1,123
1,145
1,156
1,215
1,223
1,212
1,228
1,238
1,241
1,288
940
951
974
992
995
986
991
1,000
999
1,006
1,012
242
241
240
239
240
237
240
238
239
243
245
1937—January...
February..
March
April
May
238
230
226
230
233
179
167
170
177
168
345
307
248
241
244
669
671
667
661
657
885
909
939
951
957
239
243
254
256
259
2,307
2,274
2,244
2,252
2,255
1,254
1,217
1,200
1,194
1,005
997
1,003
1,008
247
252
259
263
263
1
2
2,154
2,185
2,229
2,244
2,246
2,257
2,280
2,287
2,315
Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total.
District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640.
694
FEDERAL RESERVE BULLETIN
J U L Y 1937
COMMERCIAL BANKS—Continued
[Figures as of end of month]
Liabilities
Assets
France
(4 large banks. Figures in millions of
francs)
1930—December..
1931—December..
1932—December. _
1933—December__
1934—December..
1935—December..
1936—March
April
May
June
July
August
September.
October
November _
December..
1937—January
February...
March
April
Cash
reserves
2,419
11,311
9,007
5. 870
5,836
3,739
3, 587
3,517
3,513
3,494
3,206
3,097
3,083
3,186
3,173
3,100
2, 852.
2,798
5, 237
2, 891
Due from Bills disbanks
counted
4, 675
2,168
1,766
1,416
1,421
2.484
2,617
2,902
3,032
2,768
2,410
2,326
2,757
2,766
2,839
2,975
3, 589
3,770
3, 596
3, 579
20, 448
18,441
22,014
19, 848
18,304
16,141
16,135
16,199
16,014
14,972
15,410
15,445
14,876
17, 070
17, 298
17,582
18, 289
17,825
16,901
16, 043
Deposits
Other
assets
Loans
10, 743
9, 274
7, 850
8.309
8,159
8,025
7, 700
7,677
7,542
7,328
7, 215
7,031
7,398
7,452
7, 625
7, 631
7,949
8, 056
8,357
8,116
Total
Demand
(5 large Berlin banks. Figures in milCash
lions of reichsmarks}
reserves
1930—November
_
1931—November
1932—November
1933—November
1934—November
._ _
1935—November
1936—March
April. _ _
May
June
July
August
September
October
November _ _
1937—January
February..
March
April
_...
_
__ _
_
191
173
143
131
115
139
186
136
141
175
146
138
180
130
137
154
130
201
132
Due
from
banks
1,483
817
583
471
393
316
317
301
300
295
263
274
287
273
269
303
301
315
297
Bills dis- Loans
counted
2, 453
1, 431
1, 631
1,702
2, 037
2,162
2,285
2,429
2,406
2, 435
2,363
2,329
2,360
2,569
2,567
2,895
2, 966
2, 908
3,204
1,397
1,222
1, 268
862
904
694
672
696
676
633
573
528
524
521
548
529
527
583
543
539
7,416
5,377
4, 570
3, 731
3,331
2,884
2,890
2,847
2,884
2,858
2,843
2,826
2,779
2,735
2,729
2,679
2, 673
2,732
2. 666
Securities
482
807
938
860
874
1,027
982
973
980
1,008
1,037
1,047
1,066
1, 075
1,112
1,020
1,022
1,014
949
Other
assets
880
1,127
991
1,003
983
983
935
916
873
839
824
816
847
858
851
837
822
813
805
Deposits
Total
9,091
6,062
6,161
5,754
5.816
5,376
5,544
5,595
5,621
5,712
5,557
5,533
5,621
5,712
5,751
5,973
6,029
6,135
6.213
Demand
3, 857
3,252
2, 958
2,624
2,731
2,435
2, 560
2,585
2,622
2,688
2,595
2,529
2,575
2,644
2,661
2,923
2,760
2,942
2,926
Assets
Security
loans
abroad
and net Securi(10 chartered banks. Figures in milOther
due
ties
lions of Canadian dollars)
Cash Security loans
from
reserves loans and dis- foreign
counts
banks
1930—December.. _.
1931—December
1932—December
1933—December
1934—December..
1935—December
1936—March..
_
April
May
June
July
August
September
October
November
December
1937—January
February
March
__
April
__ _
_
_ ._ _
_
207
201
211
197
228
228
227
228
225
230
227
225
226
232
264
240
247
239
242
246
205
135
103
106
103
83
77
83
87
91
91
91
105
109
116
114
119
119
124
121
1,275
1,253
1,104
1, 036
977
945
864
862
828
nil
768
776
807
816
800
791
796
805
814
835
921
576
295
273
193
337
391
397
424
394
359
335
368
408
454
473
561
602
600
583
4,357
4, 503
4,331
4,362
4,301
4,399
3,677
3,757
3,812
3,897
3,994
4,035
4,066
4,244
4,290
4,289
3,626
3,600
3, 732
3,825
Time
5, 233
2,810
3,203
3,130
3,085
2,941
2,985
3,010
2,999
3,023
2,962
3,005
3,045
3, 068
3,090
3,050
3,270
3,194
3,287
Credits
obtained
from
banks
1,986
1,328
1,146
661
485
686
651
644
636
622
613
605
575
586
579
557
578
559
551
Other
liabilities
1,828
2,341
1, 550
1,481
1,432
1,449
1,399
1,363
1,327
1,276
1,306
1,291
1,323
1,342
1,334
1,357
1,307
1,288
1, 289
Liabilities
Entirely in Canada
Canada
Other
liabilities
] liabilities
Assets
Germany *
Time
35,284
37, 023
36,491
31, 773
30,039
26, 859
26, 522
26, 714
26, 523
25,022
24,761
24, 451
24, 613
27,028
27, 467
27, 955
29, 304
29,061
30, 465
27,164
2, 361
2,130
1,749
1,827
1,717
1, 900
1,222
1,270
1,333
1,385
1,445
1,451
1,457
1,727
1,824
1, 957
1,340
1, 397
1,448
1,481
Own
acceptances
171
146
155
134
155
141
154
145
131
113
110
157
146
146
179
161
173
214
161
141
604
694
778
861
967
1,155
1,316
1,314
1,345
1,368
1,357
1.355
1,380
1,363
L, 316
1,384
1,412
1,422
1, 427
, 440
Other
assets
602
510
439
432
449
485
459
478
446
502
481
487
494
491
485
507
468
483
516
511
Note
circulation
133
129
115
121
124
111
117
114
116
115
113
115
111
112
109
103
103
108
105
106
Deposits payable in Canada excluding interbank
deposits
Total
2,115
2,058
1,916
1,920
2,035
2,180
2,197
2,229
2,193
2,207
2,174
2,175
2,263
2 261
2,269
2,303
2,330
2,369 i
2. 370 i
2,383j
Demand
689
698
538
563
628
694
665
692
666
702
680
672
762
751
722
755
782
805
786
799
Other
liabilities
Time
1,426
1,360
1,378
1,357
1.407
1,486
1,532
L, 536
L, 527
L 505
L 494
1,503
1,501
L 510
L 547
1,548
L 549
I, 564
.584
L, 583
816
752
760
725
718
745
783
767
753
757
748
800
785
784
783
790
781
804
810
805
1
Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932figuresrefer to six large
Berlin banks. Beginning in 1935figuresare not entirely comparable with those shown for previous years due to changes in reporting practice.
(See BULLETIN for June 1935, p. 389)
NOTE.—For other backfiguresand explanation of table see BULLETIN for October 1933. pp. 641-646, and June 1935, pp. 388-390.
695
FEDERAL RESERVE BULLETIN
JULY 1037
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
United
Kingdom Franc
In effect Jan. 1, 1936
Jan 2 1936
Jan 10
Jan.16 .
Feb. 4
_
Feb. 7
Mar 28
May 7
May 18
May 30
June 4
June 24
June 25
__
June 26
June 30
July 7
July 10 —
Sept 9
Sept. 25
Oct 2
Oct. 9
Oct. 16
_
Oct. 20
Nov. 26
_
Dec. 3
Jan. 28,1937
.
June 15
__ -_
In effect June 30,1937
2
Nether
Germany Italy lands
6
5
4
4
Switzerland
sy2
5
2y2 Albania
Argentina. __
Austria
Belgium
Bolivia
_
British India
Bulgaria
Canada
Chile
Colombia
Czechoslovakia
_
Danzig
Denmark ___
Ecuador
El Salvador.
Estonia
2
Finland
France
Germany
Greece
Hungary
3
iy2
g
6
41^
4K
5
4
4
3
3
5
3
2V2
2
2
4
6
6
IK
2
2
4
Central
bank of—
Rate
June
30
Date
effective
6
April 1, 1937
Mar. 1, 1936
July 10, 1935
May 16, 1935
July 5, 1932
Nov. 28, 1935
Aug. 15, 1935
Mar. 11,1935
Jan. 8, 1936
July 19, 1933
Rate
June
30
Central
bank of—
Italy
__.
Japan
Java
__
Latvia
2
Lithuania6
Netherlands.
3
New Zea6
land
_
Norway
Peru
_.
Poland
3 Jan. 1,1936 Portugal
4
Jan. 2, 1937 Rumania
4
Nov. 19,1936 South Africa
4
Nov.-30, 1932 Spain
4
Aug. 23, 1935 Sweden
4H Oct. 1, 1935 Switzerland4
Dec. 3, 1934 Turkey
6
June 15, 1937 UnitediKing4
Sept. 22, 1932
dom
6
Jan. 4, 1937 U. S. S. R...
4
Aug. 29, 1935 Yugoslavia..
in
Date
effective
4H
3.29
3
5
May
Apr.
Jan.
Nov.
July
Dec.
2
4
6
5
4K
4M
3^
5
2H
5}J
June 29, 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
s«
18, 1936
7,1936
14, 1937
1, 1936
1, 1936
3, 1936
Changes since MajT 29: France—June 15, up from 4 to 6 percent.
V/2
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month
Bankers'
Treasury
acceptances, bills, 3
3 months
months
Netherlands (Amsterdam)
G e r m a n y (Berlin)
Bankers'
Day-to-day allowance
money
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
1936—May
June
July
August
September
October, __
November
December.
2.92
2.88
2.88
2.88
3.00
2.94
3.00
3.00
2.89
2.74
2.73
2.84
2.89
2.82
2.84
2.88
2.76
2.67
2.96
3.01
3.01
2.82
2.79
3.05
2.27
4.05
2.04
1.37
1.33
2.03
1.00
.82
1937—January...
FebruaryMarch
April
May
3.00
3.00
3.00
2.90
2.88
2.88
2.86
2.86
2.71
2.63
2.54
2.47
3.10
2.55
2. 69
P.
P.
P.
P.
P.
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Hungary
Money for
1 month
1.82
3.95
1.73
1.20
1.29
2.51
1.55
1.48
56
28
24
22
22
Sweden
(Stockholm)
Japan (Tokyo)
Loans up
to 3
months
Call
Discounted
money
bills
overnight
Month
1936—May
June
July
August
September
October
November
December,
2.25
2.25
2.25
2.25
1.98
1.69
1.46
1.25
1.38
1.38
1.38
1.38
1.38
1.29
1.00
1.00
5.60
5.60
3.30
3.00
3.38
2.52
1.96
1.99
4.78
4.50
4.50
4.50
4.50
4.50
4.50
4.50
1937—JanuaryFebruary. .
March
April
1.25
1.18
1.00
1.00
1.00
1.00
1.00
2.22
4.01
4.06
4.00
4.50
4.50
4.50
4. 50
Prime
commercial paper
4 -6;
4 -6 ;
4 -e:
4 -6
4 -6^
4 -6;
-6k
6H
Day-to-day
money
4.93
4.83
4.75
4.75
4.75
4.75
4.75
4.75
2.73
2.63
2.53
2.69
2.81
2.92
2.86
2.74
4.75
4.75
4.75
4.75
2.63
2.67
2.83
2.80
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.
696
FEDERAL RESERVE BULLETIN
JULY 1937
FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Year or month
1929
1930
1931
1932
1933
1934
1935
1936
1936—May
June
July
August
SeptemberOctober
NovemberDecember _.
1937—January...
February..
March
April
May
Year or month
1929
1930
1931
1932
1933
1934
1935
1936
1936—May
June
July
August
September
October
November
December
1937—January
February
March
April
May
Year or month
1929.
1930
1931
1932
1933
1934
1935
1936—
1936—May
June
July
August
September—.
October
November
December
1937—January
February
March
April
May
Argentina
(peso)
95.127
83. 505
66. 738
58. 443
72. 801
33. 579
32. 659
33. 137
33 111
33.418
33. 489
33. 503
33.611
32. 667
32 583
32.718
32. 718
32. 627
32. 570
32. 774
32. 928
AusA ustria Beltralia
(schilgium
ling)
(pound)
(belga)
480.83
458. 60
351.50
279. 93
337. 07
400. 95
388. 86
395. 94
396.09
399. 99
400.15
400. 34
401.06
390. 33
389. 54
390. 99
390 98
389. 93
389. 26
391.78
393. 70
Czecho- D e n slovak!
mark
(koruna) (krone)
14.058
14.089
14. 023
13.960
15. 448
18. 793
18. 831
18. 792
18. 722
18. 759
18.848
18 838
18.845
18. 732
18-687
18. 692
18. 682
18. 677
18. 677
18. 687
18.719
Brazil (mi Ire is)
Official
13.912 11.8078
13.952 10.7136
13.929
7. 0290
13.914
7. 1223
17. 900 7. 9630
23. 287 8. 4268
18. 424 8. 2947
16.917
8. 5681
16. 938 8. 5755
16. 907 8. 6310
16.899
8. 5349
16. 862 8. 5222
16.893
8. 6445
16. 835 8.7011
16.907
8. 6662
16. 901 8. 6981
8.
7080
16. 860
16. 861 8. 7053
8.
7021
16. 847
16. 860 8. 7105
8. 7192
16.868
Egypt Finland France
(pound) (markka] (franc)
Free
market
5. 8788
5. 8367
5. 8901
5. 8452
5.8631
5. 9525
6. 0812
6.1076
6.1069
6. 2538
6.4164
British
India
(rupee)
Bulgaria
(lev)
36.202
36.067
33.690
26. 347
31.816
37.879
36. 964
37. 523
37. 504
37. 872
37.889
37. 931
38.017
36. 991
36.913
37. 088
37. 094
36. 973
36. 888
37.120
37. 280
Canada
(dollar)
.7216
.7209
.7163
.7193
1.0039
1. 2852
1. 2951
1. 2958
1. 2844
1. 2838
1.2913
1. 2988
1. 2978
1. 2848
1. 2795
1. 2779
1. 2873
1. 2903
1. 2884
1. 2875
1.2839
Germany Greece Hong
Kong
(reichs- (drach(dollar)
ma)
mark)
Chile
(peso)
12.0601
12.0785
12.0669
7.9079
7. 6787
10.1452
5. 0833
5.1240
5.0775
5.0659
5.1243
5. 1725
5.1691
5.1727
5.1688
5.1719
99. 960 5.1726
99. 964 5.1731
100. 051 5.1726
5.1725
100.120
5.1725
100.149
99. 247
99. 842
96.353
88. 090
91. 959
101.006
99. 493
99.913
99.806
99.721
99.900
99. 978
100.017
100. 022
100.120
100. 062
Hungary
(pengo)
Italy
(lira)
China
(yuan)
Colombia
(peso)
41.901
29. 917
22.437
21. 736
28. 598
34.094
36. 571
29. 751
29. 690
29. 890
29. 967
30.048
29. 940
29. 331
29.466
29. 525
29. 654
29. 600
29. 664
29. 714
29. 798
96. 551
96. 493
96. 570
95.275
81. 697
61. 780
56.011
57. 083
57.004
56.900
56.900
56.900
56. 505
56. 501
57.097
57. 390
57. 390
57. 234
57. 008
56. 956
56. 967
Cuba
(peso)
99.965
99.952
99.930
99. 941
99. 946
99. 936
99. 920
99. 909
99.900
99.900
99.900
99.904
99. 901
99. 924
99. 916
99.916
99. 917
99.917
99. 917
99.918
99.917
Japan Mexico Netherlands
(yen)
(peso)
46.100
49.390
48.851
28. I l l
25. 646
29. 715
28. 707
29.022
29.075
29.392
29.326
29.404
29. 414
28. 609
28. 559
28. 512
28. 537
28. 529
28. 494
28. 635
28. 780
48.183
47.133
35.492
31.850
28.103
27. 742
27. 778
27. 760
27. 763
27.764
27. 765
27. 753
27. 753
27. 747
27. 750
27. 750
27. 750
27. 750
27. 750
27. 751
27. 750
40.162
40. 225
40. 230
40. 295
51. 721
67. 383
67. 715
64. 481
67. 634
67.686
68.078
67. 904
66. 250
53. 632
53.991
54. 566
54. 752
54. 686
54. 702
54. 757
54. 936
w e - Switz- Turkey United
UruNew
P o r t u - Ruma- South Spain Straits
King- guay
Settle- Sden
Zealand Norway Poland
nia
Africa
gal
ments (krona) erland
pound) d o m
(franc)
(peso)
(pound) (krone) (zloty) [escudo)
(leu) (pound)
(pound)
[dollar)
Yugoslavia
(dinar)
2.9609
2. 9640
2. 9619
2. 9618
3. 8232
4. 2424
4.1642
4.0078
4.1432
4. 1375
4.1497
4.1318
4.1319
3. 6474
3. 5380
3. 5200
3. 4922
3.4883
3. 4879
3. 4862
3. 4853
483.21
468. 22
415. 29
320.19
340.00
402.46
391. 26
398. 92
399.02
402. 84
403.26
403.42
403.97
393. 25
392. 36
393. 87
393. 82
392. 92
392. 32
394. 76
396. 61
26. 680
26. 765
25. 058
18. 832
19. 071
22. 500
21. 883
22.189
22.184
22. 405
22. 419
22. 434
22. 480
21. 866
21.818
21. 907
21. 908
21. 847
21. 807
21. 945
22. 051
26. 683
26. 760
25.055
18.004
21.429
25. 316
24. 627
24. 974
24. 969
25. 218
25.233
25. 249
25. 304
24. 608
24. 555
24. 656
24. 658
24. 589
24. 544
24. 699
24. 819
498.07
498. 60
465.11
359. 54
434.39
516. 85
502. 60
509. 68
509. 55
514. 62
514. 95
515. 32
516. 76
502. 24
501.17
503. 20
503.17
501. 78
500.87
504. 07
506.49
11.194
11. 205
11.197
11.182
14.414
18.846
18. 882
18. 875
18. 792
18. 800
18. 915
18. 827
18. 824
18.828
18. 825
18. 853
18.924
18. 929
18.939
18. 959
18.934
2. 5160
2. 5169
2. 3875
1.5547
1. 8708
2. 2277
2.1627
2.1903
2.1901
2. 2098
2. 2106
2. 2118
2. 2173
2.1578
2.1531
2.1611
2.1607
2.1579
2.1531
2.1656
2.1784
4. 4714
4. 4940
4. 2435
3.1960
3. 9165
4.6089
4. 4575
4. 5130
4.5115
4. 5455
4. 5568
4. 5558
4. 5586
4.4475
4. 4373
4. 4514
4.4487
4.4457
4. 4411
4. 4599
4. 4723
3.9161
3. 9249
3.9200
3. 9276
5.0313
6. 5688
6. 6013
6.1141
6. 5858
6. 5934
6. 6202
6. 5853
6. 3409
4. 6662
4. 6472
4.6675
4. 6672
4. 6555
4.5945
4. 4963
4. 4768
23.809
23.854
23. 630
23. 749
30. 518
39. 375
40.258
40. 297
40. 285
40. 273
40. 321
40. 221
40.083
40.196
40. 223
40. 230
40. 225
40.226
40. 215
40.206
40. 171
.5961 483. 27
.5953 483. 79
.5946 480. 76
.5968 476. 56
.7795 414.98
1.0006 498. 29
.9277 484. 66
.7382 485. 05
.7309 491. 59
.7273 496. 53
.7279 497. 07
.7317 497.19
.7315 497.99
.7309 484.32
.7289 483.43
.7285 485. 33
.7273 485.40
.7275 484. 24
.7284 483. 81
.7286 486. 89
. 7290 489. 17
1. 2934
1. 2959
1. 2926
.8320
.7233
.9402
.9386
.9289
.9338
.9316
.9400
.9387
.9347
.8965
.8935
.8973
.8951
.9003
. 9052
14. 683
11.667
9.545
8.044
10. 719
13.615
13. 678
12. 314
13. 645
13. 659
13.714
13. 643
12. 347
8.954
8.798
7.727
7.099
6.736
6.149
5.711
5.348
47.167
33.853
24. 331
23.460
29. 452
38. 716
48. 217
31.711
32.463
32. 260
32.040
31.152
31.104
30. 359
30.462
30. 540
30 566
30.403
30. 355
30.509
30. 600
56.012
55.964
52.445
40.397
49. 232
59.005
57.173
58. 258
58. 240
58. 833
58. 873
58.916
59.095
57. 446
57.314
57. 544
57. 549
57.404
57.194
57. 640
57. 929
17. 441
17.494
17. 452
17. 446
22. 360
29. 575
29. 602
29. 558
29. 424
29.458
29. 492
19.777
19. 772
19. 774
19.776
19. 778
19. 776
19. 782
19. 779
19. 785
19. 781
26.784
26. 854
25. 254
18. 471
22. 032
25. 982
25. 271
25. 626
25. 619
25. 877
25. 893
25.910
25.965
25. 253
25.196
25. 300
25. 301
25. 232
25. 186
25. 339
25. 465
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8.5617
8. 2471
7.2916
7.8560
7.8645
7.8845
7.8673
7. 8514
5. 5299
5. 2603
5. 2609
5. 2610
5. 2608
5. 2608
5. 2607
5. 2606
19. 279
19. 382
19. 401
19. 405
24. 836
32. 366
32. 497
30. 189
32. 391
32. 425
32. 724
32. 599
31. 418
22 993
22!984
22. 985
22. 936
22.829
22. 792
22. 824
22. 870
48.411
47. 061
47.181
47. 285
60. 440
79.047
80.312
80. 357
80. 278
80. 270
80. 355
80. 272
80.145
79. 834
79 883
80.162
80.156
79. 700
79. 953
80. 246
80. 134
485. 69
486. 21
453. 50
350. 61
423. 68
503.93
490.18
497.09
496. 97
501. 92
502. 25
502. 59
503. 63
489. 84
488.80
490. 78
490. 75
489. 39
488. 51
491. 63
493. 99
98. 629
85. 865
55. 357
47.064
60.336
79.956
80.251
79.874
79. 720
79. 709
79.820
79. 719
79.679
79. 857
80.045
80. 000
78. 926
78. 856
78. 753
78. 626
78. 659
(florin)
1. 7591
1. 7681
1. 7680
1. 6411
1. 7607
2.2719
2. 2837
2.2965
2. 2866
2. 2871
2. 2985
2. 2926
2. 2912
2. 2956
2.2990
2.3003
2. 3022
2. 3059
2. 3057
2.3056
2. 3060
NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of
quotation, see note in BULLETIN for April 1937, p. 371.
JULY
697
FEDERAL RESERVE BULLETIN
1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index
Year or month
United
States
(1926=100)
100
95
97
95
86
73
65
66
75
100
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
United
Kingdom
Canada
(1926=100)
Switzerland
( J u l y 1914
=100)
Italy
(1928=100)
695
642
645
627
554
502
427
398
376
338
411
134
138
140
137
125
111
97
93
98
102
104
100
95
85
75
70
63
62
68
76
237
225
226
220
181
153
161
180
178
186
197
106
103
102
100
90
76
65
63
63
62
64
144
142
145
141
126
110
96
91
90
90
96
101
371
374
378
391
403
420
471
492
519
104
104
104
104
105
104
104
104
105
76
76
76
75
76
77
77
78
79
i92
192
194
197
197
201
200
204
215
61
61
62
62
63
63
68
70
71
92
92
92
93
93
97
103
105
107
103
104
107
109
111
538
533
550
552
550
105
106
106
106
106
81
83
84
233
230
240
248
241
73
108
111
113
113
100
86
Netherlands
(1926-30=
100)
Japan
France
Germany
(1913=100) (1913=100)
(1930=100)
1936—April
May
June
July
August
September
October. __
November
December.
1937—January. __
February..
March
April
May
numbers]
(October
1900=100)
• 74
76
77
77
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month
1926
1927
1928
1929
1930
1931
1932 .
1933 .
1934
1935.. .
1936
1936—April
May
June
July
August. .
September
October
November
December
1937—January
February
March
April...
May
r
Revised.
Sources.—See
Farm
products
— , _
_
_ __
Foods
Other
commodities
United Kingdom
(1930=100)
Foods
F r a n c e (1913=100)
G e r m a n y (1913 = 100)
Indus- AgriculFarm
Industural
trial
and food
trial
products products products products
Provisions
Industrial raw Indus*
finand semi- trial
ished
finished
products products
100
87
85
87
90
90
96
581
599
584
579
526
542
482
420
393
327
426
793
678
697
669
579
464
380
380
361
348
397
129
138
134
130
113
104
91
87
96
102
105
132
129
133
125
113
96
86
75
76
84
86
130
132
134
132
120
103
89
88
91
92
94
150
147
159
157
150
136
118
113
116
119
121
87
88
89
90
94
95
98
97
99
94
94
94
96
96
97
97
99
102
385
392
394
405
425
449
487
500
522
359
358
364
378
384
396
457
484
516
105
105
106
106
106
105
104
103
104
85
85
85
85
85
86
86
86
91
94
93
93
93
94
94
95
95
96
120
121
121
121
121
122
122
123
123
99
99
101
102
102
105
107
111
113
115
532
516
528
522
520
543
548
570
•"577
576
103
103
104
104
104
93
94
95
95
98
97
97
98
97
97
123
123
124
124
124
100
99
106
105
88
65
48
51
65
79
81
100
97
101
100
91
75
61
61
71
84
82
100
94
93
92
85
75
70
71
78
78
80
100
89
88
83
85
87
92
77
75
78
81
84
84
84
85
89
80
78
80
81
83
83
83
84
86
79
79
79
80
80
80
80
81
82
91
91
94
92
90
87
87
88
86
84
83
84
86
87
86
B U L L E T I N for M a r c h 1931, p . 159, M a r c h 1935, p . 180, October 1935, p . 678, M a r c h 1937, p . 276, a n d A p r i l 1937, p . 372.
698
FEDERAL RESERVE BULLETIN
JULY
1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United EngGer- Nether- SwitzerStates * land France
many
lands
July
land
July
1923191319111914=100
July
1925=100 1914=100
1914=100 1913=100 1914=100
Year or
month
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936 _
109
105
_.
103
105
100
82
68
66
74
80
82
__
80
80
1936—April. .
May...
June...
July—Aug
Sept.—
Oct.
Nov. __
Dec
84
84
84
84
83
83
83
85
1937—Jan. .
Feb.
85
Mar.._.
Apr
May_
85
86
87
161
156
157
154
145
131
126
120
122
125
130
554
557
549
611
614
611
536
491
481
423
470
146
153
153
156
146
131
116
113
118
120
122
126
125
126
129
129
131
132
136
136
443
456
458
446
460
483
504
520
534
122
122
123
124
124
122
122
121
121
136
135
135
135
136
562
577
577
580
584
121
122
122
122
122
161
163
166
162
150
136
119
120
124
118
120
119
121
124
124
122
124
122
123
125
United
France
Eng-
Ger-
Nether-
Switz-
erJan.many
lands
States
land
land
June
19131923July
1911July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
Year or
month
160
158
157
156
152
141
125
117
115
114
120
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
119
119
120
120
120
121
123
123
123
1936—April..
126
129
129
129
129
1937—Jan.
Feb.
Mar....
103
102
100
99
97
89
80
76
78
81
82
170
164
166
164
158
148
144
140
141
143
147
81
144
144
144
146
146
147
148
151
151
May,_
June
July —
Aug.
Sept....
Oct.
Nov
Dec
82
82
82
84
Apr
May
151
151
151
151
152
505
514
519
556
581
569
526
520
516
483
507
142
148
152
154
148
136
121
118
121
123
125
168
168
169
168
161
151
141
139
140
136
»132
124
124
125
125
125
124
124
124
124
497
504
540
131
132
134
134
133
134
134
134
136
125
125
125
125
125
581
162
160
161
161
158
150
138
131
129
128
130
130
130
130
130
130
130
132
132
132
133
136
136
137
136
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 recalculated as from March 1936 (see BULLETIN for April 1937, p. 373).
Sources—See BULLETIN for April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
United
States
Year or month
(average
price) 1
Number of issues. _
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
.
.
1936—April
May
June
July
August
September...
October
November...
December __.
1937—January
February
March..
April
May
_ -
(1926 = 100)
England
(December France
1921=100) (1913=100)
Netherlands 3
Germany
(average
price)
(1929=100)
139
8
419
278
100.0
107.0
115. 9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
United
States
England
Netherlands 4
Germany
(1930=100)
300
329
100
100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
100.0
145.0
136.1
122.8
100.2
*78.0
»50.3
61.7
71.1
82.9
91.6
100. 0
70.0
46. 0
52. 0
55.0
55.0
66.0
France
60
87
36
97.6
100.7
100.8
98.0
99.3
90.9
69.5
73.4
84.5
88.6
97.5
110.0
110. 7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
85.5
81.4
83.3
2 83.4
2 67.1
82.5
90.7
95.3
95.8
100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.1
95.9
95.5
96.2
97.1
97.7
98.6
99.6
99.8
99.9
131.5
131.1
130.6
131.0
131.6
132.1
132.9
132.0
130.9
75.8
74.7
73.8
73.2
73.2
75.2
80.8
78.8
78.4
95.3
95.5
95.8
95.9
96.1
96.1
96.2
96.3
96.4
105. 5
103.4
100.2
106.0
108.5
109.9
117.5
120.0
120.3
108.9
101.0
105.6
109.2
113.0
114.1
118.7
124.2
123.1
95.5
93.8
94.0
94.7
97.3
98 2
102! 1
103.2
103.5
82.8
71.2
66.1
59.2
58.8
65.7
83.7
89.7
94.8
88.3
91.1
93.2
94.6
93.4
91.8
97.2
97.8
96.7
59. 6
58.5
60.3
61.9
62.2
63.5
78.9
88.6
91.2
100.3
100.0
98.5
96.6
96.2
129.7
125. 5
124. 3
125.3
125.0
77.5
75.1
74.6
72.6
72.3
96.7
97.4
97.7
98.5
98.8
121.9
121.2
121.6
126.4
129.5
129.9
124.5
116.3
104.2
103.8
102.7
101.0
99.3
114.6
113.3
112.0
96.6
94.8
97.8
99.2
100.3
101.5
102.6
101.5
109.0
113.7
110.1
105 5
1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
» Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune;
index for 1932 represents average of months May-December.
3
Index of reciprocals of average yields. Average yield in the base year 1929 was 4.57 percent.
4
New index of stock prices of the Centraal Bureau voor de Statistiek, published in the Maandschrift (monthly bulletin) of the Bureau.
Sources— See BULLETIN for February 1932, p . 121, June 1935, p. 394, and April 1937, p. 373.
FEDERAL RESERVE DIRECTORY
699
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
JOHN K. MCKEB
CHESTER C. DAVIS
JOSEPH A. BRODERICK
M. S. 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
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division oj Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
0 . E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
GEORGE L. HARRISON, Vice Chairman
JOSEPH A. BRODERICK
CHESTER C. DAVIS
W M . A. DAY
W M . M C C . MARTIN
JOHN K. MCKEB
B. A. MCKINNEY
RONALD RANSOM
J O H N S. SINCLAIR
M. S. SZYMCZAK
FEDERAL ADVISORY COUNCIL
.THOMAS M. STEELE.
District No. 1 (BOSTON)
W. W. ALDRICH.
District No. 2 (NEW YORK)
District No. 3 (PHILADELPHIA) . . HOWARD A. LOEB,
Vice-President.
District No. 4 (CLEVELAND) . .
District No. 5 (RICHMOND) . .
District No. 6 (ATLANTA) . . . .
L. B. WILLIAMS.
District No. 7 (CHICAGO)
EDWARD E. BROWN.
District No. 8 (ST. LOUIS) . . .
WALTER W. SMITH,
District No. 9 (MINNEAPOLIS) . .
JOHN
CHESTER MORRILL, Secretary
District No. 10 (KANSAS CITY)
W. T. KEMPER.
WALTER WYATT, General Counsel
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO) .
J. P. DREIBELBIS, Assistant General Counsel
CHARLES M. GOHEN .
EDWARD BALL.
President.
.
CROSBY.
R. E. HARDING.
PAUL S. DICK.
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open
Market Account
700
WALTER LICHTENSTEIN, Secretary
SENTOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of—
Chairman and Federal
Reserve Agent
President
Boston...
F. H. Curtiss.
R. A. Young
New York
Owen D. Young1
G. L. Harrison.
First Vice President
_ W. W. Paddock.
Vice Presidents
_ W. Willett.2
Allan Sproul.
W. R. Burgess.
W. S. Logan.
J. H. Williams.
R. M. Gidney.
L. W. Knoke.
C. H. Coe.
Philadelphia
_ R. L. Austin..
J. S. Sinclair...
F. J. Drinnen
C. A. Mcllhenny.3
E. C. Hill.
Cleveland .
E. 8. Burke, Jr.
M. J. Fleming
F. J. Zurlinden
H. F. Strater.
W. H. Fletcher.
W. F. Taylor.a
Richmond
Robert Lassiter.
Hugh Leach
J. S. Walden, Jr
R. H. Broaddus.
J. G. Fry. 2
G. H. Keesee.
Atlanta
W. H. Kettig
Oscar Newton
R. S. Parker
H. F. Conniff.
L M. Clark.
W. S. McLarin, Jr.»
Chicago
R. E. Wood1
G. J. Schaller
H. P. Preston.
W. H. Snyder.s
C. S. Young.
J. H. Dillard.
St. Louis
W. T. Nardin . . .
W. McC. Martin
0. M. Attebery
J. N. Peyton..
0. S. Powell
J. S. Wood.
J. G. McConkey
Harry Yaeger.
Minneapolis
_ W. B. Geery
rr
T 7iflrn«r 3
E. W. Swanson.
Kansas City
__. J. J. Thomas..
__ G. H. Hamilton
C. A. Worthington...
A. M. McAdams.
J. W. Helm.3
Dallas
C. 0. Walsh
B. A. McKinney
R. R. Gilbert
R. B. Coleman.'
W. J. Evans.
San Francisco
A. 0. Stewart
W. A. Day
Ira Clerk_
S. G. Sargent.
W. M. Hale.
C. E. Earhart.*
1
Deputy chairman.
* Cashier.
3
Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch.
Jacksonville branch
Nashville branch
New Orleans branch
Chicago:
Detroit branch._
St. Louis:
Little Rock branch
Louisville branch
Memphis branch
Managing director
R. M. O'Hara.
B. J. Lazar.
G. H. Wagner
W. R. Milford
W. T. Clements.
P. L. T. Beavers.
_ G. S. Vardeman, Jr.
J. B. Fort, Jr.
Marcus Walker.
R. H. Buss.
A. F. Bailey.
J. T. Moore.
W. H. Glasgow.
Federal Reserve Bank of—
Minneapolis:
Helena branch.
Kansas City:
Denver branch
_.
Oklahoma City branch
Omaha branch
Dallas:
El Paso branch
_
Houston branch
San Antonio branch
__
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch....
Spokane branch
Managing director
R. E. Towle.
J. E. Olson.
C. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
701
FEDERAL RESERVE DISTRICTS
• • • • • BOUNDARIES OF FEDERAL RESERVE DISTRICTS
_ « • « BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
($
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED
CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
@FedFRASER