Full text of Federal Reserve Bulletin : June 1937
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FKDERAL RESERVE
BULLETIN
JUNE 1937
Recent Banking Developments
Condition of All Member Banks
Annual Report of Bank for International
Settlements
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
TABLE OF CONTENTS
PAGE
Review of the month—Recent banking developments
National summary of business conditions
Summary of financial and business statistics
Law Department: Field warehouse receipts
Revised indexes of freight-car loadings
Revision of weekly report of member banks in leading cities
Earnings and expenses of member banks
Condition of all member banks on March 31, 1937 (from Member Bank Call Report No. 72)
Annual Report of the Bank for International Settlements
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
503-508
509-510
512
513-521
522-529
530-531
532-537
538-539
540-575
578
579-583
584
585
586
587
588-589
590-593
594
595
596
597
598
599
600-601
602-610
611
612
613
613-614
615-618
619
619-620
621
621
622
623
624
624
626
627
FEDERAL RESERVE BULLETIN
VOL.
23
JUNE, 1937
REVIEW OF THE MONTH
On May 1 the final increase of 14% percent
in member bank reserve requirements went
into effect, and as a consequence excess reserves declined by about $700,000,000, although the total volume of
Recent banking m e m ber bank reserves at Feddevelopments
i
l
l
T
eral Reserve banks showed
little change. In connection with the final
increase in requirements there was some
shifting of reserves among member banks,
effected principally by withdrawals of interbank deposits and in small part by interbank
borrowings. Open-market rates on bankers'
acceptances and the average rate on weekly
sales of Treasury bills declined slightly in
May, while other open-market money rates
and rates on customers' loans showed little
or no change. High-grade bond prices, which
declined sharply in March and early April,
advanced somewhat in May, while stock
prices declined further.
Total deposits at weekly reporting member
banks continued to decrease in April and
May, reflecting declines in bankers' balances
and in United States Government deposits.
Other deposits, which had declined somewhat
in March, increased slightly in the following
weeks. Sales of securities by banks have
been the most important factor in accounting
for the decrease in deposits in recent months.
Member bank holdings of United States Government obligations continued to decline at
New York City banks during April and May,
but the decline was less rapid than in earlier
months, and holdings of other reporting
banks showed little change. Commercial
loans by banks increased further, although
No. 6
after the first week of April the rapid growth
of previous weeks slackened.
After the May 1 increase in reserve requirements member banks held excess reserves of more than $900,Reserve position 000,000, or about 16 percent
of member banks
'
_.,
of required reserves. The
following table shows the reserve position of
the various classes of banks in the week ending May 21 and changes since the last week
of January, covering the effects of both the
March and May increases in requirements.
Fluctuations in excess reserves at the various
classes of banks since the beginning of 1934
are shown on the chart on the next page.
RESERVE POSITION OF MEMBER BANKS
[Amounts in millions of dollars. Averages of daily figures,
partly estimated]
Change between weeks
ending Jan. 29, and
May 21, 1937
Total
Rereserve quired
balreances serves
Class of bank
re-
Excess reserves
week ending
May 21
Per
cent
of
reAmount quired
re-
serves
Central reserve city banks
New York
Chicago
-107
+25
+523
+122
-630
-97
212
58
9
11
Reserve city banks
Country banks
+ 119
+144
+466
+279
-347
-135
317
357
16
35
+ 181 +1, 390 -1,209
944
16
- _
All member banks
The increase of approximately $180,000,000 in total reserve balances from the end of
January reflected principally purchases during April of about $100,000,000 of United
States Government securities by the Federal
Reserve banks and declines in Treasury and
other nonmember deposits at the Reserve
banks, offset in part by an increase in money
503
504
FEDERAL RESERVE BULLETIN
in circulation. The increase in required re- some decline in the total amount of member
serves was the result of the increased ratios
bank deposits, accompanied
of requirements. As the consequence of this ?e*enV*fnge!
by important shifts in the
.
^ .
increase, offset in part by the effects of a de- in bank deposits
distribution ot deposits.
crease in the amount of deposits and shifts in
their distribution among member banks of These changes in deposits had the result of
the different reserve classifications, the ac- reducing required reserves by more than
tual addition to required reserves amounted $100,000,000 below what they would otherto about $1,390,000,000 and the decrease in wise have been. The declines occurred prinexcess reserves to about $1,210,000,000. Dur- cipally in deposits of the United States Goving the week ending May 21 member banks ernment and in interbank balances. Adjusted
demand deposits, which represent prinstill had excess reserves of $940,000,000.
In the period covered by the table reserve cipally deposits of individuals, corporations,
balances increased at reserve city banks and local governmental bodies, etc., declined
country banks, reflecting in part withdrawals somewhat at New York City and Chicago
of bankers' balances, while reserves of New but showed little change elsewhere, while
York City banks declined and those of Chi- time deposits and deposits of foreign banks
cago banks showed little change, notwith- increased. Changes in various types of destanding substantial liquidation of investment posits at reporting member banks in leading
holdings by banks in these cities. The ratios cities from the end of December to May 19
of excess reserves to required reserves in the are shown in the table and from the beginweek ending May 21 ranged from 9 percent ning of September 1934 in the chart.
EXCESS RESERVES OF MEMBER BANKS
CHANGES IN DEPOSITS AT REPORTING MEMBER BANKS
IN LEADING CITIES, DEC. 30, 1936, TO MAY 19, 1937
[In millions of dollars]
All reporting
banks
Adjusted demand.
U. S. Government.
Interbank:
Domestic
Foreign
Time
Total
Averages of daily figures for weeks ending Friday ; figures for
country banks and for all member banks are estimated.
at New York City banks to 35 percent at
country banks. The amounts of excess reserves held by the various classes of banks in
May were closely similar to those held in the
early weeks of 1934, as is shown in the chart,
but these amounts constituted a much smaller
proportion of required reserves, which have
increased as the result of a considerable
growth in deposits, as well as of the increase
in reserve percentages.
Since the beginning of 1937 there has been
New
York
City
-146
-520
- 56
-162
-894
+100
-464
+ 99
+138
+ 83
-1,322
-500
Chicago
Other
cities
+7
-78
- 12
-365
-50
-380
+ 1
5
+ 60
-125
-697
-
At country banks, for which call report figures as of March 31 are the latest available
by types of deposits, adjusted demand deposits showed little change in the first three
months of this year, while United States Government deposits declined by $120,000,000,
and there was a small decline in bankers'
balances. Time deposits increased by about
$100,000,000.
Interbank deposits, which had increased
considerably from 1933 to 1936, with the
large growth in excess reWithdrawals of
serves held by banks, have
bankers9 balances
been substantially reduced
in 1937. Balances of domestic banks at mem-
JUNE
1937
FEDERAL RESERVE BULLETIN
505
These withdrawals of bankers' balances
ber banks in leading cities amounted to more
than $6,000,000,000 at the end of 1936, as reflected principally adjustments by member
compared with an average of about $3,000,- banks to the increased reserve requirements.
000,000 held for many years prior to 1933. By Country banks in recent years have carried
May 19, 1937, they had been reduced to about a portion of their idle funds in excess re$5,100,000,000. Much of the previous ac- serves with Federal Reserve banks and a porcumulation of bankers' balances represented tion on balance with correspondents. Banks
the redeposit by banks with their city corre- having insufficient excess reserves with the
Reserve banks to meet the increases in requirements drew upon their balances with
other banks. Some banks probably also withDEPOSITS AT MEMBER BANKS IN LEADING CITIES
drew
balances to meet withdrawals of United
BILLIONS OF DOLLARS
Wednesday figures
BILLIONS OF DOLLARS
16 States Government deposits in this period.
Also in the early spring banks in agricultural sections customarily draw upon their
balances to meet payments in urban areas for
seed, machinery, and other supplies and
equipment required by farmers in that season.
These withdrawals of bankers' balances
had the effect of increasing total reserves
at country and reserve city banks and of decreasing reserves at central reserve city
banks, but at the same time they reduced
required reserves at the central reserve city
banks and, since balances with correspondents are deductible from gross demand deposits in computing net deposits subject to
reserve requirements, they resulted in an
increase in required reserves at other banks.
At country banks the increase in required
reserves resulting from withdrawals of balr\
_ „ _—»..,»•—
ances from city correspondents largely coun1935
1937
1936
teracted a reduction resulting from the loss
of Government deposits.
Treasury balances with depositaries other
spondents of funds received on deposit from
than
Federal Reserve banks declined from
other banks. In previous years there had
nearly $1,000,000,000 at the
been at banks in leading cities outside New
en
d °f December to about
York large increases in balances due from Decrease in
banks as well as in balances due to banks, and Treasury deposits $200,000,000 on May 19.
Deposits paid out by the
this year there were decreases in both. Reporting member banks in leading cities re- Treasury were redeposited at banks by the
ported balances with other banks of less than recipients so that there would have been an
$1,800,000,000 on May 19, a decline of $560,- increase in other deposits, had this increase
000,000 since the end of December. It would not been offset through purchases by deposiappear that in this period nonreporting banks tors of securities sold by banks. The reducwithdrew on balance more than $300,000,000 tion in bank deposits, therefore, corresponded
of their deposits from city correspondents.
to decreases in bank holdings of United States
s#-
—
506
FEDERAL RESERVE BULLETIN
Government obligations. Holdings of United
States Government obligations by reporting
member banks showed a decline of $930,000,000 between December 30 and May 19. Since
the volume of outstanding United States obligations increased during the period, it is
apparent that purchases of United States
obligations by non-banking investors increased substantially. Most of the purchases
of securities by investors were probably made
with funds that had been held idle, so that
these transactions did not result in a decrease
in the volume of active deposits.
The member bank call report for March
31, which has recently become available,
gives information on
Shifts in holdings of
changes in the various
Government securities types of United States
Government securities
held by all classes of member banks. For
the first quarter of the year total holdings
of all member banks decreased by about
$800,000,000, following a reduction of somewhat more than $100,000,000 in the last half
of 1936. While the decline last year was entirely at banks in New York, the decline this
year was at banks in Chicago and the other
reserve cities as well. A part of the decline
shown at Chicago banks on March 31 was
temporary, reflecting sales to customers over
a tax period. The following table shows holdings on March 31, 1937, of different types of
Government securities by the various classes
of member banks and by Federal Reserve
banks, compared with the total outstanding
amount of the kinds of debt that banks customarily purchase, together with changes
during the first quarter of this year.
Holdings of Treasury bonds by member
banks decreased by about $150,000,000, holdings of notes by $500,000,000, and of bills
by $130,000,000. Sales of bonds by banks
in this period were larger than the decrease
shown as many banks exchanged notes for
bonds in March when notes were refunded
into bonds. Of the net reduction of $128,000,000 in holdings of bonds by New York
BANK
J U N E 1937
HOLDINGS OF DIRECT OBLIGATIONS OF THE
UNITED STATES GOVERNMENT
[In millions of dollars]
Total
Change from Dec. 31, 1936
holdings
Mar. 31
Total Bonds Notes Bills
1937
Member banks:
Central reserve city banks:
New York
Chicago
Reserve city banks
Country banks
Total
Federal Reserve banks..
Total "open - market"
public
debt outstanding 3
3,356
853
4, 250
2,397
-383
-254
-176
10, 856
2,430
-783
32,000
-22
+29
-128
-20
-3
-3
-175
- 73
-268
-80
2 -161
+ 18
+95
+14
+146
-497
-122
-132
-24
+484
-506
12 Includes a small amount of U. S. Savings bonds purchased.
The decline in Chicago banks' holdings of bills is largely due to
temporary
sales to customers over a tax period.
3
United States Government interest-bearing debt excluding U. S.
Savings bonds, Postal Savings bonds, and other special issues not
generally purchased by banks.
banks, $107,000,000 consisted of bonds maturing after December 31, 1949, holdings of
which had increased in the last half of 1936.
The decline in holdings of Treasury notes
may be largely accounted for by the March
refunding, which reduced the . amount of
notes outstanding, although banks as a group,
including Federal Reserve banks, also sold
notes from their portfolios. The decline in
Treasury bill holdings is largely explained by
the sale of bills by Chicago banks to their
customers prior to the April 1 tax date. The
New York banks also reduced their holdings
of bills, while reserve city banks increased
their holdings. Changes in holdings of Government securities at country banks were
small.
The increase in the public debt outstanding
during the first quarter of 1937 was in United
States Savings bonds and various special issues ; obligations usually purchased by banks
showed no increase until April. The amount
of Treasury bonds outstanding increased by
about $500,000,000, while notes decreased by
a similar amount. Since bank holdings decreased during the period, it appears that
other investors substantially increased their
holdings of Government obligations, especially of bonds.
FEDERAL RESERVE BULLETIN
JUNE 1937
507
about $180,000,000 in the first quarter of
1937, and from March 31 to May 19 there has
been a further increase of about $140,000,000
at weekly reporting member banks. A large
part of this growth was at New York City
banks. The largest percentage increases in
these loans at reserve city banks in the quarter were in the Cleveland, New York, and
Chicago districts, while decreases occurred in
the Dallas and Minneapolis districts. As compared with March 1936 there were substantial
increases in New York City and Chicago, and
in the reserve cities of each district except
in the Minneapolis district.
At country banks the growth in commercial, industrial, and agricultural loans, as
m e a s u r e d by so-called " o t h e r " loans,
amounted to over $50,000,000 in the first
quarter of 1937. The increase since March
of last year was much smaller at country
banks than at reserve city banks, both in
dollar volume and on a percentage basis.
During the year, however, country banks in
most districts increased their loans on real
estate and their holdings of open-market
paper, in addition to their other loans to customers. From March 4, 1936, to March 31,
1937, total loans of country banks increased
by about $300,000,000 or by nearly 8 per cent.
COMMERCIAL, INDUSTRIAL, AND AGRICULTURAL LOANS Loans on securities declined by about $30,TO CUSTOMERS BY MEMBER BANKS
000,000, while loans on real estate increased
[Amounts in millions of dollars]
by over $100,000,000, most of which was on
urban property, other loans to customers inIncrease since
Increase since
creased by nearly $150,000,000, and holdings
Dec. 31, 1936
Mar. 4, 1936
of open-market paper increased by $70,000,Per
000.
Amount Per
Amount
cent
cent
The largest increases in loans at country
Central reserve city banks:
banks
during the first quarter of this year
44
1,600
73
5
488
New York
62 were in the Federal
5
155
407
1
Chicago
Reserve districts of
45
471
26
2.276
2
Reserve city banks
56
147
1, 937
8 Boston, New York, Chicago, and Dallas. InCountry banks
_._ __ _
3
6,220
179
1,260
25 creases also occurred in all other districts
All member banks
3
except San Francisco. From March 4, 1936,
NOTE.—Includes all loans other than loans on securities and on real
estate and loans to banks, acceptances and commercial paper bought, to March 31, 1937, there were substantial inforeign bills and own acceptances held by reporting banks.
creases in loans at country banks in all FedAt all member banks commercial, indus- eral Reserve districts except the three Northtrial, and agricultural loans increased by eastern districts and the Minneapolis district.
Amount outstanding
Mar. 31, 1937
Increased borrowing at banks by commerce
and industry, which became substantial in
1936, continued during the early
Increase in months of 1937. Most of the inDank loans crease in member bank loans durthe first quarter of 1937, as
shown by the call report for March 31, was in
loans to customers for commercial, industrial,
and agricultural purposes and in holdings of
acceptances and commercial paper bought in
the open market. There was also a small
increase in real estate loans, mostly at country
banks. Loans to brokers and dealers in securities have shown a rising tendency since
last autumn, according to weekly figures, but
were about the same at the end of March as
at the end of December.
Commercial loans to customers, as measured by loans other than those on securities
or on real estate, have shown substantial increases at member banks in the central reserve and reserve cities for the past year or
more. The following table gives the changes
in such loans by classes of banks during the
first quarter of 1937 and in the period since
March 4, 1936, the date of the spring call of
last year made about the time commercial
loans at member banks were beginning to
expand.
508
FEDERAL RESERVE BULLETIN
JUNE 1937
The amount of money in circulation has table giving end-of-month figures, was in
continued to increase this year, reflecting in coin and paper currency in denominations of
large part increased de- $20 and less, which are largely used for payIncrease in money
mands for trade and for rolls and in retail trade. Currency of dein circulation
payrolls. The amount of nominations of $50 and $100 decreased this
growth from the seasonal year, compared with increases in 1935 and
low point on January 27 to May 19—about 1936, and the largest denominations showed
$80,000,000—was somewhat less than in the a smaller increase than in those years.
corresponding period of 1935 and 1936, but
MONEY I N CIRCULATION, BY DENOMINAlarger than was customary in that period CHANGES INTIONS,
JANUARY 30-APRIL 30
in pre-depression years. One factor account[In millions of dollars]
ing for a smaller increase this year was a
1934
Denominations
1935
1936
1937
decline in vault cash holdings of banks, which
had increased slightly in the same period $20 and under. . . . . . _
+89
+98
+60
+ 113
+ 13
and $100
-27
-20
+21
of 1935 and 1936. Reporting member banks $50
+22
$500 and over
+ 10
+1
+ 15
in leading cities showed a decline in vault cash
+77
+79
+98
+149
Total*
of $60,000,000 from January 27 to May 19.
Total excludes unassorted amounts held in Treasury and Federa]
In this period currency outside reporting Reserve
banks and $1,000,000 of unknown denominations reported b y
the Treasury as destroyed, which are included in the figures b y demember banks increased by about $140,000,- nominations.
000, compared with an increase of nearly
$190,000,000 in the same period of 1936 and Appointment of Chairman and Federal Reserve
Agent and of Deputy Chairman of the
one of $120,000,000 in 1935.
Federal Reserve Bank of Atlanta
Banks have held larger amounts of curEffective
May 27,1937, Mr. William H. Ketrency in recent years than was formerly customary because with abundant excess re- tig was designated as Chairman and Federal
serves they had less incentive to return un- Reserve Agent at the Federal Reserve Bank
needed currency promptly to the Reserve of Atlanta for the period ending December
banks. The recent increases in reserve re- 31, 1937.
quirements have been responsible for the re- Effective May 27,1937, Mr. F. H. Neely was
duction in vault cash this year.
appointed as Deputy Chairman of the board of
The principal increase in currency in cir- directors of the Federal Reserve Bank of Atculation this year, as shown in the following lanta for the remainder of the current year.
1
509
FEDERAL RESERVE BULLETIN
JUNE 1937
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 25 and released for publication May 27]
Industrial activity in April and the first
half of May was maintained at the relatively
high level of recent months. The general
level of wholesale commodity prices declined
somewhat, reflecting considerable reductions
in prices of many raw materials and semifinished products.
Production, employment, and trade.—The
Board's seasonally adjusted index of industrial production in April continued at 118
percent of the 1923-1925 average. Manufacturing production rose further, reflecting
increased output of durable goods. Activity
at steel mills was at a rate slightly higher than
in March and about equal to that in the peak
and of other privately-financed work. Contracts awarded for publicly-financed construction have been considerably smaller in the
first four months of this year than in the corresponding period of 1936.
Employment rose further between the middle of March and the middle of April. There
was a considerable growth in the number of
persons employed in manufacturing and on
the railroads, little change in those employed
in the public utility industries and in trade,
and a decline at bituminous coal mines. At
factories the principal increases in employFACTORY EMPLOYMENT AND PAYROLLS
120
INDUSTRIAL PRODUCTION
120
110
110
f
100
120
110
100
A
\
90
\
80
^ \
Vv
70
60
50
1929
1930
1931
1932
l\
/^
1933
1934
90
I
J
/
Empl Dyment
V
70
V
50
1
90
80
\
Payrolls _^\%
60
V
—
J
70
60
50
\
40
40
30
1929
1935
1936
1937
Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.
month of 1929. Automobile production continued to expand. In the first three weeks of
May output in these industries was maintained at the levels reached at the close of
April. Increases in output in April were
also reported for lumber and plate glass. At
textile mills where output has been at a high
level in recent months there was a slight reduction in activity.
At bituminous coal mines output declined
sharply following an increase in March, when
consumers accumulated stocks of coal in anticipation of a strike. Crude petroleum output,
which had risen sharply from November to
March, showed further growth in April.
Production of most metals also increased.
Value of construction contracts awarded,
as reported by the F. W. Dodge Corporation,
increased more than seasonally from March
to April and continued higher than a year
ago, reflecting, as in earlier months of the
year, a larger volume of residential building
1
C^
80
100
1930
1931
1932
1933
1934
1935
1936
1937
Monthly indexes of number employed and payrolls at factories,
unadjusted for seasonal variation, 1923-1925 = 100.
ment were reported by the steel, machinery,
and automobile industries, while the number
employed in the clothing industry declined.
Working forces at textile mills were maintained, although a decrease is usual at this
season. Factory payrolls increased more
than employment, reflecting chiefly further
increases in wage rates.
In April sales at department stores showed
little change and mail order sales were also
maintained at the March level, while sales at
variety stores declined.
Commodity prices.—The general level of
wholesale commodity prices, as measured by
the index of the Bureau of Labor Statistics,
declined from 88.3 percent of the 1926 average at the beginning of April to 86.9 in the
middle of May. Prices of nonferrous metals,
steel scrap, cotton, and rubber declined considerably and there were also decreases in
the prices of grains, cotton goods, silk, hides,
and chemicals, while prices of shoes and clothing showed further small advances. Since
the middle of May prices of hogs and pork
510
FEDERAL RESERVE BULLETIN
have advanced sharply and grain prices have
also risen.
WHOLESALE
JUNE 1937
MEMBER BANK CREDIT
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
PRICES
110 f
Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to May 19, 1937. Loans on real estate,
loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown separately.
Indexes compiled by United States Bureau of Labor Statistics,
1926 = 100. By weeks, 1932 to May 22, 1937.
ings of United States Government obligations
and other securities showed some decline,
Bank credit.—Following upon the final in- which was offset in part by increases in loans.
While domestic interbank and United
crease in reserve requirements, which became
effective on May 1, excess reserves of mem- States Government deposits declined further,
ber banks declined from $1,600,000,000 to balances of foreign banks and other demand
about $900,000,000, and in the first three and time deposits at reporting member banks
weeks of May fluctuated around the new increased.
level. Adjustments by banks to the new re- Money rates.—The open-market rate on
quirements were reflected in a decrease in 90-day bankers' acceptances, which between
interbank balances and in a small increase January and the latter part of March had
in borrowings. The Federal Reserve System advanced from %6 to %6 percent, was rein April purchased $96,000,000 of United duced to y2 percent on May 7, and the rate
States Government securities, for the pur- on nine-months Treasury bills declined to
pose of easing the adjustment to the new .62 percent on May 24 compared with a high
requirements and preserving orderly condi- point of .74 percent on May 3. Other shortterm rates have shown little change in recent
tions in the money market.
Total loans and investments of reporting weeks. Yields on long-term Treasury and
member banks showed a small decline from other high-grade bonds have declined somethe middle of April through May 19. Hold- what.
JUNE
511
FEDERAL RESERVE BULLETIN
1937
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
12
12
11
11
10
10
GOLD STOCK
/
9
r
8
7
8
MO NEY IN CIRCULATION
/
6
5
4
4
TREASL RY CASH
3
.._
2
:
:
RESERVE BANK
(CREDIT
1
I
TREASURY DEPOSITS
3
....
2
i
. ,.*—•
1932
1933
1934
1935
. . . . v'V.-1
1936
1
0
1937
8
8
7
7
MEMBER BANK
RESERVE BALANCES-
6
6
5
5
4
4
EXCESS RESERVES •:•:•:•:
3
3
2
2
REQUIRED RESERVES^
1
1
0
0
1932
1933
1934
1935
1936
Latest figures for May 19, 1937. See table on page 578.
1937
512
FEDERAL RESERVE BULLETIN
JUNE 1937
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1937
Apr.
Mar.
Feb
Apr.
Mar.
Feb
1936
2,522
10
4
2,48011, 686
2,541
6,397
2,863
159
506
3
2,432
11, 503
2,537
6,391
2,682
205
530
6,824
1,552
6,704
1,371
2,472
2,480
2,484
3
5
2,431 2,430
11,399 10, 202
2,531 2,503
6,369 5,892
2,569 2,540
167
845
554
608
5
2,430
10,172
2,502
5, 857
2,518
760
603
5,300
2,510
5,420
2,653
2,475
6,747
2,152
1934
1933
1932
2,077
1929
2,493 2,481
g
4
5
2,430 2,430
10,163 10, 578
2,495 2,503
5,779 6,101
2,515 2,474
466
446
584
551
5,808
3,038
5,989
2,512
2,475
2,502
2,429
7/
<JO
900
Zoo
proi
0/1
2,4315
9,059
2,478
5,585
2,791
128
507
25
2,432
7,512
2,381
5,403
2,798
81
438
83
2,052
4,059
2,271
5,576
288
55
497
5,001
2,469
3,676
1,564
2,343 2,114
528
256
71
1,461
3,952
2,096
5,328
236
39
407
1,459
952
241
208
3,996
2,015
4,476
207
22
406
2,358
Averages of Wednesday figures; in millions of dollars
REPORTING MEMBER BANKS
22, 280
Total loans and investments
Loans to brokers and dealers in New York City 1,055
2, 267
Other loans on securities
6,077
All other loans
U. S. Government obligations:
8,447
Direct
Fully guaranteed
-. 1,181
3,253
Other securities..
5,340
Reserve with Federal Reserve banks
346
Cash in vault
1,967
Balances with domestic banks
15,
283
Demand deposits—adjusted
5,145
Time deposits (excluding interbank) 2
3
5,544
Deposits of domestic banks
3
Borrowings
22, 610 22, 600 21, 745 21, 449 21,053 22,064 19, 997 18, 672 17, 505 19,080 22, 599
1,078
982 1,008
995
901
969
820
815
591
337 1,405
2,270 2,256 2,292 2,274 2,230 2,267 2,301 2,711 3,343 4,508 6,251
5,938 5,744 5,061 4,957 4,850 5,226 4,907 4,965 5,222 6,578 9,231
8,802
1,206
3, 316
5,205
359
1,998
15, 429
5,142
5,679
3
9,118
1,212
3,288
5,326
387
2,252
15, 572
5,094
5,988
1
1.00
1.00
.70
2.74
3.42
.88
1.00
.58
2.50
3.32
.75
1.00
.38
2.31
3.22
All issues—total
New
Refunding
Domestic corporate issues—total..
New
Refunding
272
152
121
172
85
87
382
185
197
319
138
181
497
168
329
354
130
225
986
176
810
658
128
530
763
128
635
595
59
536
Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities
Retail food prices (1923-25=100)
125
130
130
109
109
106
111
88
94
88
86
85
86
91
87
84
85
80
77
80
79
80
80
77
80
79
80
81
80
83
79
81
81
81
82
80
82
8,767
1,273
3,344
4,180
370
2,262
13, 982
4,971
5,484
7
8,737
1,248
3,238
4,361
365
2,334
13, 882
4,923
5,650
13
8,708 9,080
1,194 1,250
3,170 3,272
4,782 4,799
356
383
2,335 2,358
14,064 14, 619
4,893 4,999
5,647 5,810
2
5
7,989
928
3,053
4,024
326
2,112
12, 729
4,883
4,938
6
4,413
2,865
3,121 3,245
1,822 1,673
240
214
1,322 1,250
2,847
1,725
248
1,142
6,856
«325
«3,000
2,875
271
1,688
5,228
0)
0)
0)
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
41
15
26
89
60
29
32
13
18
146
100
46
54
27
27
959
841
118
781
667
115
78
72
63
48
190
80
79
84
78
80
75
65
71
78
74
66
51
61
71
66
65
48
61
70
68
95
105
100
92
105
76
75
82
25
11
37
72
49
58
67
64
63
71
28
13
40
66
46
55
69
119
119
115
117
87
142
105
109
107
111
140
121
134
110
437
367
4,937 4,946 5,666
3,814 2,822 2,772
8
115
228
6,788
2,787
674
Averages of weekly figures; percent per annum
MONEY RATES AND BOND YIELDS
Commercial paper
Stock exchange call loans
_
U. S. Treasury bills
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa).
1935
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
Monetary gold stock..
Treasury currency
Money in circulation
Treasury cash
Treasury deposits with F. R. banks
Nonmember deposits and other accounts. _
Member bank reserve balances:
Total
Excess
Annual averages
1936
75
75
10
2.51
3.29
75
75
11
2 54
3 29
.75
.75
.08
2.62
3.32
.75
.91
.14
2.47
3.24
76
56
14
2 70
3 60
1.02
1 00
26
3 10
4 00
3.60
4.73
Amounts per month; in millions of dollars
CAPITAL ISSUES
303
107
196
195
13
181
518
164
354
382
99
282
392
121
270
189
34
155
Index numbers
Index numbers, adjusted for seasonal variation, 1923-25=100
BUSINESS INDEXES
Industrial production
Manufactures
Minerals
Construction—total
Residential
_
—
All other
Factory employment...
Factory payrolls (unadjusted)..
Freight-car loadings4
Department store sales
P105
84
93
118
117
128
56
45
64
101
101
83
93
116
116
115
62
47
75
100
96
82
95
P287
256
308
233
278
P118
P118
P114
?56
P48
P62
P102
93
93
97
47
26
63
88
78
66
84
94
92
111
52
25
75
87
74
71
83
193
203
195
199
182
193
v Preliminary.
• Partly estimated.
J
i Figures not available.
Include time deposits of banks, domestic and foreign, 1929-1934.
4
Revised series. For description and back data see pages 522-529 of this BULLETIN.
105
105
104
55
37
70
92
82
75
88
90
90
91
37
21
50
86
71
64
79
79
78
86
32
12
48
83
63
62
75
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
Exports, including re-exports..
-General imports
101
100
106
47
30
60
89
79
71
84
205
202
190
171
178
138
8 Do not include time deposits 1929-1934.
JUNE
FEDERAL RESERVE BULLETIN
1937
513
LAW DEPARTMENT
Field warehouse receipts
The Bureau of Agricultural Economics of
the United States Department of Agriculture
recently published an article regarding field
warehouse receipts. It is believed that the
article may be of interest to member banks,
and accordingly the text of the article is set
forth below for their information.
FOREWORD
In the administration of the United States Warehouse Act, the Bureau of Agricultural Economics
of the United States Department of Agriculture,
which is charged with its administration, receives
many inquiries regarding field warehousing. They
come from processors and merchandisers of agricultural products, from growers cooperative associations, and from bankers and other lending institutions which extend credit on the basis of warehouse
receipts covering agricultural products as collateral.
These inquiries reveal a deplorable lack of knowledge of the basic principles of warehousing that
must be observed if warehouse receipts are to constitute sound collateral. The purpose of this discussion is to supply the apparent need for a fairly comprehensive statement of the principles involved in
field warehousing as they relate to the extension
of credit.
FIELD WAREHOUSE RECEIPTS
By H. S. Yohe, in Charge, Administration U. S.
Warehouse Act
COLLATERAL OR NO COLLATERAL
The storing of agricultural products is not new.
Usually the storing of agricultural products in public warehouses is for one of two purposes—for future
need or for credit. Frequently storage is for both
purposes, especially on the part of merchandisers
and processors of agricultural products. During
the past fifteen years in many agricultural producing areas there has been an increasing tendency on
the part of the producers themselves to store for
both purposes.
When products are stored for credit purposes it
has been the general rule that such products should
be surrendered to the custody of someone wholly independent of the one who stores. The person with
whom products are stored is generally called a warehouseman. When goods are stored with a warehouseman he issues to the storer a receipt which is
generally termed a warehouse receipt. It is symbolical of the products themselves. It is this warehouse receipt which the storer offers to his banker
or lender as collateral for a loan.
FACTORS THAT MAKE RECEIPTS VALUABLE
The collateral value of warehouse receipts depends
upon several factors, the principal of which are:
(1) Suitability of the warehouse or storage facility for storing the product;
(2) Responsibility of the warehouseman;
(3) Competency of the warehouseman and his
assistants to properly care for the product while in
storage;
(4) Authority of law under which the receipt is
issued;
(5) Information on the warehouse receipt itself
which will give to the lender a concise yet comprehensive description of the product and thereby enable
him to form an opinion of its fair market value;
(6) Terms of the warehouse receipt in general;
(7) Whether there is bonded responsibility back
of the receipt, and, if so, by whom the bond is written, for the benefit of whom, with whom the bond
is lodged, under what conditions it may be realized
upon by the holder of the receipt, and what action
such receipt-holder must take to realize upon the
bond;
(8) Whether the receipt represents a bona fide
relationship of bailor and bailee between the storer
and the warehouseman and one under which the
warehouseman and his representatives or his local
custodians are completely and wholly independent
of the storer.
(9) The character and extent of disinterested
supervision exercised over the warehouse.
It is hardly necessary to comment in detail upon
these various elements save the fifth and the eighth.
As to the fifth factor, it is of course obvious that
since the warehouse receipt represents the product
stored in the warehouse it should contain such information as will convey to anyone to whom the
reecipt is offered for collateral purposes a fair, honest, and impartial description of the products themselves so as to enable one to form an opinion of the
fair, value of the product, and to identify it. This
becomes all the more important when the storer
seeks credit at some distance from the warehouse.
One of the first questions asked of a person seeking a loan by anyone engaged in commodity financing is: What is the commodity you propose to give
as security? In the opinion of some lenders certain
commodities are bankable or proper collateral. To
other lenders these same commodities would not constitute proper collateral. Hence, when a loan is
desired on products or commodities in storage, it is
important that the warehouse receipts covering such
commodities clearly recite just what the commodities
are which the receipts represent.
Obviously, a receipt that conveys no information
as to the quantity, quality, grade, or condition of
the product, or that fails to state what the product
actually is, does not inform the lender on points that
are essential to making a fair and sound loan. It
does not enable the lender to tell whether the product
is even a proper subject for collateral. Receipts
that recite that the warehouseman received a certain
number of cases or bales or packages "said to contain" canned tomatoes or wool or fancy cigar-leaf
tobacco give neither the storer nor the lender an
index as to the value of the product represented by
the receipt. And receipts which merely acknowledge
that the warehouseman has received a certain number of cases or bales or packages and then recite
"contents unknown" are not only of less value, but
are a clear attempt on the part of the warehouseman to escape all liability so far as the commodity
is concerned.
Under either the receipts which recite "contents
unknown" or "said to contain," so far as the warehouseman is concerned and his. liability to deliver a
specific product, the cases or packages covered by
the receipts might be filled with sawdust or mere
trash.
514
FEDERAL RESERVE BULLETIN
To a lender who has given no more than superficial
thought to making loans on the basis of warehouse
receipts as collateral, any receipt that contains such
statements as "said to contain" or "contents unknown" must have no appeal whatever as collateral.
The eighth factor—a bona fide relationship of
bailor and bailee between the depositor and the
warehouseman, or the creation of a completely disinterested custodianship—is always desirable in the
financing of warehoused products, and it is essential
in a field warehousing arrangement. Only to the
extent that the warehouseman is wholly independent
of the storer is there a disinterested custody of the
product.
The importance of a disinterested custodianship
of the product grows out of the fact that when the
storer offers his warehouse receipt to the lender as
security for a loan he proposes to pledge the products
in the warehouse covered by the warehouse receipt.
It is the products that are the real security. It is
essential to the validity of a pledge that the pledgor
surrender possession of the thing pledged. He cannot pledge an article and at the same time keep it.
In other words, so long as the products are pledged
as security for a loan they must remain in the custody and exclusive control of someone other than the
borrower. "The borrower and his collateral are
best parted."
In attempting to establish a disinterested custody
the person who desires to borrow on the products
should not content himself with representations of
those who wish to serve him as warehouseman. Nor
should he be content with something in the way of
warehousing which he thinks may get by his banker;
neither should he attempt short cuts to save a little
cost.
In testing collateral, the real issue always is:
Has there been an absolute and unequivocal parting
on the. part of the borrower with possession of the
products he proposes to give as security for the loan?
That question the owner of the products can easily
determine for himself. All he needs to do is to ask
himself and honestly answer the question: Under
the proposed form of warehousing have I at any
time access to the products other than in the presence
of the warehouseman and may I at any time exercise
any control of the products? If the answer is in the
affirmative to the slightest degree, possibility of trouble in the warehousing arrangements exists. "The
borrower and his collateral are best parted," and
there is no absolute and unequivocal parting such as
the law contemplates if the borrower has access to
his collateral at his own pleasure or can exercise
any control over it.
REQUIREMENT OF FEDERAL RESERVE ACT AND
REGULATIONS
The principle of disinterested custodianship is
recognized in the Federal Reserve Act and in the
regulations thereunder of the Board of Governors
of the Federal Reserve System relating to the eligibility of bankers' acceptances for rediscount by Federal Reserve Banks. Section 13 of the Federal
Reserve Act requires that a banker's acceptance
drawn to finance the storage of readily marketable
staples shall be "secured at the time of acceptance
by a warehouse receipt or
other such document conveying or securing title1 covering readily marketable staples." Section XI of Regulation A of the
Board of Governors requires that "a banker's ac-
JUNE
1937
ceptance drawn to finance the storage of readily
marketable staples shall be secured at the time of
acceptance by a warehouse, terminal, or other similar
receipt conveying security title to such staples,
issued by a party independent of the customer" 1
The requirement of the Federal Reserve Act that
such warehouse receipts must convey or secure title
to the products represented by the receipts obviously
contemplates that the accepting bank shall have a
lien on such products which is valid and enforceable
against general creditors of the person for whose
benefit the acceptance credit is granted. The regulation of the Board of Governors that such warehouse
receipts shall be issued by a party independent of
the customer obviously is intended to require that
the actual custody of the goods shall be maintained
by an independent and disinterested party so the
bank that holds the warehouse receipt may be able
to identify and obtain possession of the products
and thus enforce its lien without difficulty.
A lien on personal property is of no practical value
unless such property can be found and identified
when it becomes necessary to enforce the lien. If
custody of the pledged products is not given to and
maintained by a disinterested party, there is grave
danger that the borrower will be able to dispose of
or release the product in such manner that innocent
purchasers will acquire good title to them, and the
lender's security will thus be entirely destroyed.
DISINTERESTED CUSTODIAN PRINCIPLE RECOGNIZED BY
COURTS
The principle of disinterested custodianship has
been repeatedly recognized by the courts, particularly where there is a conflict of interests. In one
leading case the Supreme Court stated: "In this
conflict of interests, the law wisely interposes. It
acts not on the possibility, that, in some cases, the
sense of that duty may prevail over the motives of
self-interest, but it provides against the probability
in many cases, and the danger in all cases, that the
dictates of self-interest will exercise a predominant
influence, and supersede that of duty." In a New
Jersey case the principle was stated thus: "So jealous
is the law upon this point that a trustee may not put
himself in a position in which to be honest must be
a strain on him."
Obviously, the person who is seeking credit, and
offering stored agricultural commodities as collateral, is not a disinterested custodian, and neither
is he free from that conflict of interests to which
the Supreme Court referred in the quotation above
cited. As has many times happened, a borrower
who attempts to serve as the custodian of the collateral places himself in the position where "the
dictates of self-interest will exercise a predominant
influence and supersede that of duty."
In the light of these observations, the establishment between the storer of goods and the warehouseman of a relationship of bailor and bailee, and of
complete independence between the storer and the
warehouseman and his agents, becomes all the more
indispensable.
These preliminary observations, which apply to
the warehousing of agricultural products in the sense
that the public, the banking fraternity, and the courts
generally think of warehousing of products that are
to be used as collateral for credit purposes, are
1
Italics by author.
JUNE
FEDERAL RESERVE BULLETIN
1937
equally applicable to a consideration of field warehousing. The same requirements must be observed
if a field warehouse receipt is to stand the acid test
to which it will be subjected if a question is raised
as to its validity as collateral.
FIELD WAREHOUSING
What is field warehousing? In the last 5 years
much has been written on this subject. Some writers
have approached the subject as though they had
found a wholly new method of financing crops while
in storage awaiting demand; still others as though
they had found a formula for financing in a big
way a man who is entitled to little if any credit.
A few writers have used the subject as a vehicle
to attack other approved methods of warehousing
because those methods diverted revenue from those
making the attack. Other articles that were ostensibly about field warehousing gave the uninitiated
and uninformed little basic information on the subject but have complained of alleged evils in subsidiary warehousing, quite ignoring the fact that
subsidiary warehousing is authorized by statute and
has met with court sanction in a number of States.
Some of the authors who complained about subsidiary warehousing ignored the fact that they
themselves were engaged in a subsidiary warehouse
operation. Many of the articles on the subject had
the earmarks of super-salesmanship, and an attempt
to promote business on a shoe string.
In all that has been written about field warehousing it is regrettable that so few articles are really
informative as to basic facts tha.t are essential to the
patrons of warehousemen and to the lenders who
wish to make sound commodity loans. From many
articles that have appeared it is impossible for anyone to draw the essential principles. Even those
who conscientiously seek dependable information
have been confused.
FIELD WAREHOUSING GOVERNED BY PUBLIC WAREHOUSE
PRINCIPLES
There is nothing new or mysterious about field
warehousing. Reference to decisions of courts show
that the subject has been before the courts for the
last 40 years, if not longer.
The principles involved in public warehousing in
the generally accepted meaning of the term are well
known. They have been established by a long line of
judicial decisions. Field warehousing, being but an
off-shoot of public warehousing, is governed by the
same principles of law and finance. In the apparent
attempt to advance the theory that a new method
of financing has been developed, no claim is made
that new principles have been developed. Rather,
the claim is made that new procedures and methods
have been originated.
It is an apparent attempt to short-cut established
rules and principles, while at the same time professing that the established rules and principles of
public warehousing are being observed in everyday
operation. To the extent that these make-believe
observations and short-cuts and shams are injected
into field warehousing, to that extent are the warehouse operations and the warehouse receipts issued
thereunder likely to fail when a real legal test is
applied.
Field warehousing is a plan to store on the
premises of the owner the very products on which
he desires to effect a loan at the least cost to him-
515
self. The motive back of any field-warehousing
arrangement, as far as the storer is concerned, is
a desire on his part to enlarge his credit. In other
words, he endeavors to place his products in a position that will enable him to pledge them as collateral
to a loan. Almost without exception as soon as the
credit need passes the field-warehouse arrangement
also passes.
Placing the products in a credit or collateral position could be accomplished by placing them in storage in a public warehouse, but there might not be a
public warehouse in the town in which the owner of
the products operates. Moreover, the owner of the
products frequently owns or controls a warehouse
or storage facility. The very nature of his business
frequently obliges him to have storage facilities.
Naturally he wants to use them to greatest advantage. Again, he may wish to avoid unnecessary
freight hauls. Further, he may feel that he can
make sales and shipments to greater advantage
from his own warehouse facility than from some
other warehouse.
Field warehousing is seldom resorted to except
by merchandisers or processors of products. Therefore, growers of agricultural products do not use
this system of warehousing as individual producers.
They generally store in public warehouses if they
wish to use warehouse receipts for financing purposes. However, a group of growers such as a cooperative association may use field warehousing, but
only when the association has a warehouse of its
own that it desires to use.
The principal users of field warehousing in the
agricultural field are canners of fresh fruits and
vegetables, some grain merchants who have their
own elevators, crushers of cottonseed, a few sugar
and rice dealers, and some growers' cooperative associations whose members produce grain and fresh
fruits and vegetables for canning or other purposes.
In a field-warehousing plan that will stand the
crucial test, the merchant (or the growers' association) leases his warehouse to a party who is in no
way interested in or related to the merchant (or the
growers' association), to operate it as a public warehouse. The lessee takes complete charge and control
of the building by virtue of a valid lease. He receives the lessor's products in storage just as he
would receive the products of a farmer or any other
storer. In other words, the lessee—the warehouseman—must assume full responsibility for the operations of the warehouse. The only relation between
the warehouseman and the owner of the warehouse
should be that of lessor and lessee, and bailor and
bailee if the lessor stores products in the warehouse.
In some parts of the country it is not uncommon
for a warehouseman who operates in some city to
lease a number of warehouses at a number of diferent points throughout a State, or several States,
and operate these on the principle of field warehousing.
Field warehousing is sound if proper precautions
are taken scrupulously to establish and to maintain
the relationship of bailor and bailee. This means a
meticulous observance of all the legal requisites
essential to such a relation. Short-cuts on the plea
of lowering costs have no place in field warehousing.
The principle of disinterested custodianship must be
strictly observed. It will not do for a warehouseman to lease a building and then let the lessor or
employees of the lessor who may wish to store
516
FEDERAL RESERVE BULLETIN
therein run the warehouse and conduct it just the
same as before the lease arrangement was made.
In sound field warehousing the lessee must exercise
complete control and dominion at all times over the
warehouse and the products stored therein. This
does not necessarily mean that the lessor must be
denied access to the warehouse at all times, but it
does mean that he must be denied access except in
the presence of the lessee or his duly constituted
agent, as in the case of other public warehouses.
The mere leasing of premises to another who represents himself as a warehouseman and as in charge
of the building will not in itself suffice. And recording of the lease, even if there is a statutory requirement for the recordation, in and of itself will not
give validity to the warehouse receipts. Recording
is only an attempt to give notice that the premises
have temporarily passed from the real owner to
another. But if the recording is not required by
law, such recordation is not even constructive notice.
In sound field warehousing the warehouseman must
take and must maintain actual possession of the
building and the goods at all times. Such possession
must be exclusive and unequivocal, and open and
notorious, so that other creditors of the owner of the
goods may not be misled. A sufficient number of
signs of such size as readily to attract the notice
of the public, clearly indicating that the premises
are in the control of the warehouseman, must be
placed inside and outside the buildings or premises.
They should appear at all points of entry and exit
to the premises.
But all the leases, recorded or not, and all the
signs, large or small, inside and outside of the warehouse, will not serve to save the receipts from fatal
legal attack if it can be shown that collateral and
supplemental agreements existed between the warehouseman and the owner of the property, which were
in violation of well-established legal principles.
Again, if at any time the validity of the receipts
should be attacked it would probably be disastrous
if it could be established that the storer whose receipts are in question had a key that permitted him
free access to the warehouse.
Moreover, it would be most unfortunate for the
lender as holder of such collateral if it were shown,
as is frequently the case, that the storer not only
had a key to the warehouse, but that he entered at
his pleasure, and sampled and inspected the goods
in the presence of prospective buyers, when neither
the warehouseman nor his local custodian was present. That is not the kind of open, notorious, unequivocal, and exclusive control that the law contemplates.
The words used by a court in an outstanding case
may not be passed over lightly:
"Delivery of possession is of the very life of
the pledge. No mere agreements respecting
possession can create it. The contract of pledge
cannot exist outside of the fact of change of
possession. The pledgor must dispossess himself openly, completely, unequivocally, and 'without deceptive combinations which lead third persons into error as to the real possessor of the
thing/ and the pledgee must take and maintain
an open, exclusive, and unequivocal possession."
In another celebrated case the court said:
"The general law of pledging requires possession and cannot exist without it. * * * Merely
JUNE
1937
colorable or constructive change of possession
accomplishes nothing in favor of a pledgee.
There must be open, visible, unequivocal change
of possession manifested by such substantial
outward signs as to make it evident to the world
that the control of the owner has wholly ceased,
and that another has acquired; and is openly
exercising the exclusive dominion over the property."
There is no room for make-believe, pretense or
sham in field warehousing. No stronger language
could be used to condemn an intent to make one
believe that a disinterested custody existed when it
did not in fact, than was used in a celebrated case
in which the court said:
"There was really no delivery and no change
of possession, continuous or otherwise. The
alleged change was a mere pretense, a sham."
Nor is the collateral value of receipts improved by
a statement thereon that they are issued in conformity with the Uniform Warehouse Receipts Act.
That Act has no administrative provisions. It relates merely to the form of the receipt to be issued.
Even when a receipt complies in every respect with
that Act it leaves much to be desired from a collateral standpoint. In fact, a receipt issued in full
compliance with that statute ordinarily fails completely to give information to the lender as to what
the commodity is that the receipt represents, or its
condition, or quality, or quantity.
Each lot of goods covered by a receipt, unless stored
on a fungible basis, must be segregated from goods
of others, including other goods of the owner, and
the lots must be so marked as to permit identification
readily on the basis of the information appearing
on the warehouse receipt.
Warehouse receipts must be issued by a party
independent of the customer. This does not mean the
mere perfunctory signing of warehouse receipts by
the president or other official of a warehouse company. A receipt is issued by and in the name of the
warehouseman, whether he be an individual, a partnership, or corporation. It is the warehouseman as
such who must issue the receipts. He is supposed
to be the real custodian and the only custodian of
the goods, and his warehouse receipts represent that
he alone is the custodian. Therefore, regardless of
legal fictions, sound business principles dictate that
he should be wholly independent of the storer, and in
no way related to the storer financially, by stock
ownership in a storing corporation, or by virtue of
interlocking directorates or officials, or by blood or
kin relationships.
THE CUSTODIAN
Who may be a custodian? The answer is simple.
Anyone who is competent to care for the goods that
are to be stored, who is honest, and who is independent of the storer in every sense.
When a warehouseman operates more than one
field warehouse he uses at each building or warehouse a custodian who is- supposed to be his agent,
and his only. This custodian is the key man. He
may make or defeat the whole operation. It is essential that he should be as free and disinterested of
any storer as the warehouseman himself. The degree
to which he is disinterested may determine the validity of the receipts themselves.
What are the requirements of a custodian? These
JUNE
1937
FEDERAL RESERVE BULLETIN
the United States Department of Agriculture has
outlined in Service and Regulatory Announcements
No. 136 (B. A. E.), Sections 5 and 6, issued September, 1932. After years of experience in this field
and careful observation of what actually takes place
in every-day operation in field warehousing, and
after careful and exhaustive study of adjudicated
cases, the Department is convinced that these requirements are the minimum that should be exacted.
Anything short of that is fraught with danger.
It is always highly important that the custodian
arrangement be carefully scrutinized for the custodian is the key man. He is the man who controls.
If he fails, all fails. No lender can afford to take
any representations on this subject unless they be
by wholly disinterested parties who are competent
to investigate. Repeatedly the attempt has been
made to convey the impression under certain fieldwarehousing set-ups that the custodian is independent of the borrower and that he is solely the warehouseman's own employee. The following is quoted
from an article that recently appeared in print:
"Loans secured by field warehouse receipts
covering currently salable merchandise are made
by many large commercial banks. The bank
cannot take physical charge of the goods offered
as collateral, so some device is needed to give the
bank the protection of the value of the merchandise. Field warehousing provides the means of
getting this protection by providing a way of
placing the goods in the hands of a disinterested
and independent third party. The third party
in this case is the warehouse company operating
what is known as 'field warehouses.' * * *
"Goods and chattels are in the possession and
charge of the warehouse company which maintains a custodian on the premises where the
goods are stored. This custodian is properly
bonded and supervised by the warehouse company."
The word "device" here is in itself suggestive.
Webster defines it as "anything fanciful and ingeniously conceived, a scheme." No device is needed
to give the banker protection for the merchandise.
Public warehousing has been in existence for years
and generally gives a degree of disinterested custodianship equal to the best system of field warehousing.
The custodian is an integral and vital part of any
field warehousing operation. To say that he is
bonded and is supervised by the warehouse company
does not lend any more weight to the legality of his
appointment, nor does it establish that he is a proper
person to serve as custodian.
Bonding at its best is a relative term. But it might
be well to scrutinize the terms of the bond to see
what it covers, in whose favor it runs, under what
conditions the holder of the receipt can recover,
whether the surety is financially responsible, whether
one might be obliged to incur heavy expense or even
a trip abroad in trying to recover, the maximum
amount of recovery possible, and how many operations of the same warehouseman are subject to the
same bond.
It is always in order to investigate the custodian
carefully. What does he know about caring for the
goods in storage? What is his reputation? What
has been his past connection? Has he been in the
employ of the storer in the warehouse, or the bor-
517
rower? If so, when, and what were his duties? By
whom is he now employed, and who pays him? If
he has been taken from the employ of the borrower
on the eve of the creation of the warehousing arrangement, and transferred to the warehouseman's
pay roll, this should cause one to pause, for, as one
lender who has wide experience in commodity financing expressed it: "No barrier of legal sophistry will
prevent the servant from hearing his pay-master's
voice. Legal transfer means little so long as economic dependence continues."
The words of one court on this point also deserve
careful consideration:
"The appointment of the owner, or one of his
staff, as a warehouseman's custodian of goods
stored, while not conclusively ineffectual, is
nevertheless a circumstance to give pause, and
must be carefully weighed in connection with
the other facts in evidence."
In another case the court remarked:
"The custodian remained an employee of the
pledgor and any possession he may have had was
that of his employer."
Even if the warehouseman pays the custodian's
salary a serious question would arise if it were
established that the custodian is the same person
who served as custodian or warehouse clerk for the
borrower before the field warehouse arrangement
was ever entered into, that he receives the same
salary that he did from the borrower, that the warehouseman requires the storer or borrower to reimburse him for the salary of the custodian, and that
it is understood by the custodian and storer that
when need for the field-warehouse arrangement
ceases the custodian will return to the employ of
the storer. These facts would undoubtedly be referred to the jury in case of court action. Such facts
could give rise to a serious question as to whether
the field warehouseman ever had that exclusive and
unequivocal possession of the goods that the law
contemplates.
In considering this relationship of custodian and
former employee the following language taken from
a comprehensive opinion on field warehousing should
arrest attention:
"Actual change of possession means existing in
fact, and truly and absolutely carried out, as opposed to formal, potential, virtual, or theoretical
change. The proof required to show actual
change of possession is not measured by any
fixed set of rules. Dependence must be placed
upon the facts and circumstances of each particular case; and usually the determination must
rest upon the finding of the court or the jury
after hearing the evidence adduced on both
sides."
The question as to whether an employee who has
been transferred from the rolls of the borrower, or
storer, in a field warehouse to the payroll of the field
warehouseman is a proper person to serve as custodian for a warehouseman who would issue receipts
covering readily marketable staples which would be
attached to bankers' acceptances as collateral, under
the Federal Reserve Board's rules was referred by
the Department of Agriculture to the Board of Governors of the Federal Reserve System. The Board's
opinion appeared in the FEDERAL RESERVE BULLETIN
of March 1933 as follows:
518
FEDERAL RESERVE BULLETIN
"The Federal Reserve Board has had occasion
to consider the question whether receipts proposed to be issued by a warehouse company
under a certain field warehousing arrangement
would comply with the requirements of the Federal Reserve Act and the board's regulations
with reference to warehouse receipts securing
bankers acceptances drawn to finance the storage of readily marketable staples.
"The following are the principal facts upon
which the board's consideration and conclusion
with respect to this question were based: It was
proposed that premises, which were situated in
several different localities should be leased to
the warehouse company for the purpose of warehousing certain products owned by the lessor.
It was understood that the warehoused products
would be properly segregated from other goods
on the premises in separate buildings or in portions of buildings partitioned off for that purpose and locked with the warehouse company's
own locks and that conspicuous signs giving
notice that the products thus segregated were in
the custody of the warehouseman would be
placed both inside and outside the premises.
In the operation of these warehouses, however,
the company was not to detail men already in
its employ to take charge of the leased premises,
but for this purpose was to transfer to its payroll employees of the lessor, paying them the
same salary that they were receiving from the
lessor at the time of the transfer. It was expected that these employees would be reemployed
by the lessor at the close of the storage season
or when the products had been removed from
storage; but the warehouse company was to have
the right to terminate their services at any time.
These local custodians were to be the only representatives of the company at the warehouses;
but periodical audits were to be made by auditors
sent from the district office of the company which
was located at a considerable
distance from the
proposed warehouses.1 The premises were to be
leased at a nominal rental only and the lessor,
in addition to paying a monthly storage fee,
was to reimburse the warehouse company for
all expenses, including the compensation of the
custodians, the salaries and expenses of auditors, and the costs of the bonds which were to
be required of the custodians. A local custodian
was not to be permitted to issue warehouse
receipts or to authorize releases, but these functions were to be performed at the district office
of the warehouse company upon the basis of
statements signed by the custodian and a representative of the lessor.
"In order for a banker's acceptance drawn to
finance the domestic storage of readily marketable staples to be eligible for rediscount by
Federal Reserve Banks: (1) section 13 of the
Federal Reserve Act requires that it be 'secured
at the time of acceptance by a warehouse receipt or other such document conveying or
securing title covering readily marketable staples'; and (2) Section XI of the board's Regulation A requires that it be 'secured at the time
of acceptance by a warehouse, terminal or other
similar receipt, conveying security title to such
staples, issued by a party independent of the
customer.'
1
Italics by author.
JUNE 1937
"The requirement of the law that such warehouse receipts must convey or secure title to
readily marketable staples obviously contemplates that the accepting bank shall have a
lien on such staples which is valid and enforceable against general creditors of the person for
whose benefit such acceptance credit is granted.
Among the requirements generally recognized
as essential to the creation of a valid lien
through the pledge of warehouse receipts are
that the warehouseman must take and maintain
actual physical possession of the goods and that
his possession must be exclusive and unequivocal. Under the arrangement above described,
however, the actual possession of the goods would
be maintained by persons closely identified with
the owner of the goods and naturally subject
to his influence. Such a custodian, who might
be regarded by the owner and his creditors as
the employee of the owner rather than of the
warehouseman, probably would find it difficult
to deny access to the premises of his former
employer and the person to whom he looks for
future employment. In the circumstances it is
open to serious question whether the pledge of
receipts issued under the arrangement described
would fulfill the requirements for the creation
of a valid lien.
"The requirement of the board's regulations
that warehouse receipts securing bankers acceptances be issued by a party independent of
the customer contemplates that the actual custody of the goods shall be maintained by an
independent and disinterested party, so that the
bank holding the warehouse receipt may be able
to identify and obtain possession of the goods
and thus enforce its lien without any difficulty.
A lien on personal property is, of course, of no
practical value unless such property can be
found and identified when it becomes necessary
to enforce the lien; and, if custody of the goods
is not maintained by a disinterested party, there
is danger that the goods may be improperly
released or disposed of. In the case under consideration, whatever may be the theoretical requirements as to the control and custody of the
goods by the warehouseman, it is obvious that
in fact the warehouseman would not be independent of the owner; because the warehouse
company would have to rely upon its local custodians and they would not be independent of
the owner.
"After carefully considering this question and
studying all information received on the subject,
the Federal Reserve Board expressed the opinion
that bankers' acceptances issued against receipts, such as those proposed to be issued under
the circumstances above described, are not eligible for rediscount at Federal Reserve Banks;
because it is doubtful whether such receipts
comply with the requirement of section 13 of
the Federal Reserve Act that warehouse receipts
securing bankers' acceptances drawn to finance
the storage of readily marketable staples must
convey or secure title to such staples, and because such receipts do not, in the board's judgment, comply with the requirement of section
XI of the board's regulation A that warehouse
receipts securing such bankers' acceptances must
be 'issued by a party independent of the customer.'
JUNE 1937
FEDERAL RESERVE BULLETIN
"In giving expression to this opinion, the
Federal Reserve Board did not undertake to
pass upon the merits of field warehousing in
general, either as conducted by the warehouse
company in question or as conducted by any
other company; and the board's opinion relates
solely to warehouse receipts such as those proposed to be issued under the facts of the arrangement as above described."
Under every set of circumstances care must always
be taken to avoid a set of facts which would cause
a court to comment as one court did in an outstanding field warehousing case:
"The transaction is not changed by the form
of the agreement under which it is cloaked.
We are to look at the real purpose of the contract and not to the form or name given it by
the parties."
In another case the United States Supreme Court
stated:
"When there is conscious control, the intent
to exclude, and the exclusion of others, with
access to the place of custody as of right, these
are all the elements of possession in the fullest
sense.
"We deal with the case before us only. No
doubt there are other cases in which the exclusive power of the so-called bailee gradually
tapers away until we reach those in which the
courts have held as a matter of law that there
was no adequate bailment. So, different views
have been entertained where the owner has
undertaken to constitute himself a bailee by
issuing a receipt. We may concede, for purposes of argument, that all the forms gone
through in this case might be emptied of significance by a different understanding between
the parties, which the form intended to disguise."
519
in this field will make an honest effort to observe
the limitations laid down in well-considered cases,
and not attempt short-cuts with a view to accommodating prospective clients or storers, it should seldom if ever be necessary to submit the question of
validity of receipts to a court, or the facts to a jury.
What lender can afford to take a chance of submitting his loan collateral to a jury to determine
whether the facts surrounding its creation give it
legality.
The easiest course might be to follow the suggestion of a warehouseman, or the wishes and appeals
of the banker's borrowing client. But the safest
course is to follow well-established legal principles.
A banker has a higher duty than merely to loan
money. He too is a trustee of the property and interests of others. His first duty is that of a faithful
servant to his trust, and he can be faithful to that
trust when he lends money on field-warehouse receipts as collateral only as he makes it his business
to ascertain what actual methods of operation prevail at the warehouse and how closely they square
with well-established principles.
The experience of the Department of Agriculture
is that the word of no interested party should be
taken on this subject. Repeatedly it has found instances where storers, in spite of representations
to the contrary, were carrying keys to the warehouses, had free access to the warehouses, and operated to all intents and purposes just as freely as
they did before the alleged bailor-bailee relationship
was undertaken. It has found cases where, in spite
of statements to the contrary, the custodian was an
employee of the storer, or at best had been transferred temporarily to the pay roll of the warehouseman with the definite understanding that when the
warehouse arrangement was terminated his services
with the warehouseman would cease. Such facts
would be damaging evidence to submit to any jury.
Eternal vigilance is the price that the banker must
pay if he wants to feel reasonably certain of the
safety of his commodity loans collateralized by fieldwarehouse receipts.
In the administration of the United States Warehouse Act, when the Department of Agriculture
came to consider field warehousing it was found
necessary to superimpose special regulations upon
its regular commodity regulations that are applicable to warehousemen who operate in the usual
manner of public warehousemen.
To assist lending agencies in reaching a proper
conclusion as to the collateral value of any field
warehouse receipts which may be tendered them,
the special regulations applicable to field warehousemen are appended herewith.
In a most comprehensive case the court used this
language:
"Warehousing on the premises of the owner
proposing to pledge his merchandise is effective
when done in obedience to legal requirements;
but when done only far enough to get the goods
represented by documents without really getting
them stored, the documents are but scraps of
paper. The term 'field warehousing' is not a
talisman to give dominion by enchantment.
Taking exclusiveness of possession and control
as the criterion we find now and then a case
where it may be said as a matter of law that,
through the field warehouse, open, exclusive,
and unequivocal possession has passed construc- REGULATIONS SUPPLEMENTARY TO THE COMMODITY
tively to a pledgee; and then again in other
REGULATIONS UNDER THE UNITED STATES WAREcases we find that as a matter of law the possesHOUSE ACT FOR FIELD WAREHOUSEMEN 1
sion of the warehouseman 'tapers away' to
nothingness. Between these two extremes lies
(Approved July 30, 1932)
the aggregation of cases in which the facts are
such that different men may with reason reach
DEPARTMENT OF AGRICULTURE,
opposing conclusions. Cases of that character,
when tried by a jury, must be allowed to go
Washington, D. C.
under proper instructions to the jury, for their
By
virtue
of
the
authority
vested
in the Secretary
determination of the facts in controversy."
of Agriculture by the United States warehouse
CONCLUSION
act, approved August 11, 1916 (39 U. S. Stat. L., p.
1
The law on field warehousing is now so well deThese regulations were issued as Service and Regulatory Anfined that if those who attempt to render service nouncements No. 136 (B. A. E.) 1932.
520
FEDERAL RESERVE BULLETIN
486), as amended, I, R. W. Dunlap, Acting Secretary
of Agriculture, do make, prescribe, publish and give
public notice of the following rules and regulations
to be known as the regulations supplementary to
the commodity regulations under the United States
warehouse act for field warehousemen, and to be in
force and effect until amended or superseded by
rules and regulations which may hereafter be made
by the Secretary of Agriculture under said act.
In testimony whereof I have hereunto set my hand
and caused the official seal of the Department of
Agriculture to be affixed, in the city of Washington,
this 30th day of July, 1932.
R. W. DUNLAP,
[SEAL]
Acting Secretary.
SECTION 1. Definitions.—For the purposes of these
regulations, unless the context otherwise require, the
following terms shall be construed, respectively, to
mean:
Paragraph 1. Commodity regulations.—Rules and
regulations made under the act by the Secretary
for warehousemen storing certain designated agricultural products.
Par. 2. Field warehouse.—A warehouse that is
operated or is to be operated for the purpose of issuing warehouse receipts representing a disinterested
custodianship of the products stored therein and
which is leased from any person having a financial
interest in the products.
Par. 3. Field warehouseman.—Unless otherwise
clearly indicated by the context, any person lawfully engaged in the business of operating a field
warehouse as defined in paragraph 2.
Par. 4. Custodian.—A person appointed or designated by a field warehouseman to supervise or manage a field warehouse licensed under the act.
Par. 5. Assistant custodian.—A person appointed
or designated by a warehouseman to assist the custodian of a field warehouse in the supervision and
management thereof.
SEC. 2. Nothing in these field warehouse regulations shall be construed to conflict with, or to authorize any conflict with, or in any way impair or
limit, the effect or operation of the commodity regulations issued by the Secretary for warehousemen
storing any specified product or products, but these
regulations shall be considered as supplemental to
all such commodity regulations and to be effective
as to all field warehouses and field warehousemen
operating under the act.
SEC. 3. Applications for licenses to operate field
warehouses shall be made in accordance with the
commodity regulations for warehousemen storing the
particular agricultural product or products stored
or to be stored in the field warehouse.
SEC. 4. Compliance with all the preliminary requirements of the commodity regulations applicable
to the agricultural product or products in question,
as well as these regulations, shall be prerequisite
to issuing a license to operate a field warehouse.
SEC. 5. There shall be no close relationship, either
by blood or marriage, between the field warehouseman or his custodians and any depositor or the lessor
of the field warehouse.
SEC. 6. Paragraph 1. No employee, either full or
part-time, of any depositor, nor any person who is a
close blood or other relative of any person occuping
a supervisory or directing position in the business
JUNE 1937
or organization of any depositor, or closely interested
with any depositor in any business, shall be appointed as a custodian or an assistant custodian by
a licensed field warehouseman; nor shall any person
be appointed as a custodian or an assistant custodian
if he has resigned from the employ of any depositor
for the purpose of accepting employment from the
warehouseman at the warehouse.
Par. 2. The compensation, or any part thereof, of
any custodian, assistant custodian, or any other employee of the warehouseman, if any there be, must
be paid by the warehouseman and not by any depositor. The custodian or assistant custodians need
not be full-time employees of the warehouseman, but
shall not be, under any conditions, part or full-time
employees of any depositor of products in the warehouse.
Par. 3. Each person designated by a licensed field
warehouseman as a custodian or an assistant custodian shall file with the bureau a statement, on a
form provided by the bureau for the purpose, setting
forth his qualifications and experience in warehouse
work, the occupation or business he has been engaged
in during the five years next preceding the date of
the statement, the names of his employers, if any,
during such 5-year period, the names of at least five
persons who can vouch for his character and qualifications for the position, and such other information
as the Secretary, or his designated representative,
may require.
Par. 4. No custodian shall accept instructions
from anyone other than the warehouseman.
Par. 5. No custodian or assistant custodian shall
enter upon his duties as such at a licensed field
warehouse until he has been notified in writing by
the bureau that his appointment has been approved.
SEC. 7. The warehouse space licensed or to be
licensed shall be substantially separated from other
space and shall be kept securely locked or sealed in
accordance with section 15 of these regulations. All
keys to locks shall be kept in the possession of the
warehouseman or his authorized agent at all times.
In case there is any doubt whether all keys to the
warehouse are in possession of the warehouseman
or his agents the warehouseman shall provide new
locks and keys for the warehouse.
SEC. 8. It shall be the duty of a licensed field warehouseman to keep the licensed field warehouse securely locked at all times except when the warehouseman, the custodian, or an assistant custodian
is present, and no person other than the warehouseman, the custodian, or an assistant custodian shall
have access to the licensed warehouse or the products
stored therein except in the presence of and with the
consent of such warehouseman, custodian, or assistant custodian: Provided, That if any night watchman in the employ of the owner of the building is
required to enter the licensed warehouse under an
insurance requirement and his only duties at the
warehouse building are those of a night watchman
he may be given a key to the warehouse for that
purpose, if the approval of the bureau is first secured and the watchman's service is fully provided
for in the field warehouse lease agreement: Provided further That the provisions of this section
shall not apply in the case of warehouses where the
bin system is in effect as outlined in section 15 of
these regulations. The warehouseman shall at all
times exercise absolute and complete control and
JUNE
1937
FEDERAL RESERVE BULLETIN
dominion over the licensed warehouse and the products stored therein to the complete exclusion of all
parties except as provided herein.
SEC. 9. No misleading name or designation shall
be applied to any field warehouse licensed under the
act, but in every case the name shall indicate that
the warehouse is being operated as a public warehouse by the warehouseman as lessee.
SEC. 10. Paragraph 1. Before a license to conduct
a field warehouse is granted under the act, the warehouseman shall file with the bureau, in accordance
with the requirements of the commodity regulations,
a copy of his rules and a schedule of charges; and,
in addition, he shall file copies of all contracts and
agreements entered into by and between him and
any depositor or the lessor of the field warehouse
which in any way relate to the establishment, operation, management, or payment of expenses connected
with the operation of the warehouse. If there are
any agreements or understandings between the lessor
of the warehouse and the lessee with respect to any
of the aforementioned that have not been reduced
to writing, the warehouseman shall file with the
bureau a written statement setting forth the substance of such verbal agreements and understandings.
Par. 2. All warehouses licensed under the act
must be operated as public warehouses, and no rules
or schedules of charges filed by any warehouseman
applying for a license under the act shall be approved by the Secretary, or his designated representative, if it is not clear that the requirements of section 13 of the act can and will be met.
SEC. 11. Every receipt, whether negotiable or nonnegotiable, issued for products stored in a field warehouse, shall, in addition to complying with the requirements of section 18 of the act and regulation
4 of the applicable commodity regulations, embody
within its printed terms a statement that the warehouseman is lessee of the warehouse.
SEC. 12. Warehouse receipts for products stored
in a field warehouse licensed under the act shall be
issued in the town or city where the warehouse is
located, except that where two or more licensed field
warehouses are operated by a warehouseman receipts
for all such warehouses may be issued from a central
point, provided such central point is not more than
25 miles distant from the farthest warehouse. In
cases where receipts are issued from central points
the warehouseman shall, when requested by department representatives, provide transportation for
such representatives, when engaged in regular inspection work, to and from such warehouses.
SEC. 13. No field warehouse license shall be issued
by the Secretary, or his designated representative,
unless the lessee is wholly disinterested with respect
to depositors and the application is supported by
the original lease and one copy, dated and signed by
the contracting parties, and embodying the following: (a) A definite period of time not less than one
year after the date of execution, (b) a description
of the exact space leased to the field warehouseman
and a statement that all of such space is to be covered by the license, if issued, and (c) evidence that
said lease has been duly recorded in the county
where such warehouse is located, except where there
is a statutory inhibition against the recording of
521
such leases, and (d) a clause prohibiting the cancellation of the lease or ejecting the warehouseman
so long as any receipt issued under the act and the
regulations is outstanding.
SEC. 14. A license to conduct a field warehouse
under the act shall not be issued, or if issued, shall
not be allowed to remain in effect, if any depositor
agrees or has agreed with the warehouseman to indemnify him against loss due to failure of the warehouseman to exercise such care of the products in
his custody as a reasonably prudent owner would
exercise or as the warehouseman is required to exercise under the act and regulations.
SEC. 15. In the case of warehouses where approved
storage bins have been erected and such bins can be
sealed with seals furnished by the department for
the purpose, the bins may be licensed and the depositors may, with the consent of the warehouseman,
have access to such bins for the purpose of placing
goods therein before the seals are affixed and before
warehouse receipts are issued by the warehouseman,
or for the purpose of removing goods therefrom after
the outstanding receipts for all goods in such bin
or bins have been surrendered to and cancelled by
the warehouseman, and the warehouseman or his
custodian, or assistant custodian, has broken the
seals. Under no circumstances shall anyone other
than the licensed warehouseman, the custodian, assistant custodian, or duly appointed employees of
the Department of Agriculture in the performance
of their official duties, affix any seals to a licensed
bin or remove a seal therefrom. Where bins are
licensed no receipts may be issued for products
stored in any bin until after the seals have been
affixed, and no seals may be broken for the purpose
of delivering the products until the receipts covering
such products have been surrendered and canceled.
Seals may be broken to permit inspecting and reasonably sampling of the goods; but such work must
be done by the licensed warehouseman, the custodian,
or an assistant custodian, and after inspecting or
sampling new seals shall be affixed to the bin.
SEC. 16. Paragraph 1. Each licensed field warehouseman shall, during the period of his license,
maintain suitable signs on the licensed property in
such manner as to give ample public notice that
such property has been leased by the warehouseman
and is controlled and operated by him. Such signs
must be of such size and be so affixed to the outside
of each licensed building, and at appropriate places
within the building, as to attract the attention of and
give notice to the public as to the real tenancy, and
must be placed at each point of entry to and exit
from the licensed space.
Par. 2. Such signs shall include the following:
(a) The name and address of the licensee, (b) the
name of the warehouse, (c) the license number of
the warehouse, (d) a statement that the warehouseman is lessee, and (e) the words "Public Warehouse."
Par. 3. Such other wording or lettering as is not
inconsistent with the purpose of the act and these
regulations and is approved by the bureau may
appear in the sign or signs.
Par. 4. The warehouseman shall not permit signs
to remain on his licensed property which might lead
to confusion as to the tenancy.
522
FEDERAL RESERVE BULLETIN
JUNE
1937
REVISED INDEX OF FREIGHT-CAR LOADINGS
The Board's monthly index of railroad
freight-car loadings has been revised for
the period from 1919 to date. New seasonal
adjustment factors have been computed for
each class of freight and the method of combining indexes for the several classes into an
index for the total has been altered.
The principal changes in seasonal variation during recent years have been an increase in the proportion of a year's freight
traffic that occurs in the relatively slack
winter months and a decrease in the proportion in the late summer and autumn. Allowance for these changes has lowered the level of
the total adjusted index during the winter and
raised the level from August to October. The
most important effect of the change in the
method of combining the indexes for commodity classes has been to make the decline in
are estimated from the weekly data by prorating the figures for overlapping weeks according to the number of working days falling in each month. Daily averages of these
monthly figures are computed and are expressed as percentages of the 1923-1925
average. The total index is obtained by
weighting the indexes for individual classes
on the basis of revenue data compiled by the
Interstate Commerce Commission.
In computing the daily averages, allowance is made for Sundays and the following
holidays: New Year's Day, Washington's
Birthday (a half day), Memorial Day (a
half day), Independence Day, Labor Day,
Thanksgiving Day, and Christmas. The
allowance for Memorial Day was reduced
from a full day to a half day in compiling
the revised figures.
FREIGHT-CAR LOADINGS
PER CENT
130
1923-25 AVERAGE = 100
•i
120
110
: \
,:
100
."
•
/
1/
90
/ !
RO
PER CENT
130
\r
v.? :H u
•'
70
\:
wi
110
100
•
A
\
f
=
-rr\
/\?vA
— A jjusted f or seas Dnal varation
Without seasona adjustment
fin
80
60
/ !
50
50
40
40
1919
1920
1921
1922
1923
1924
1925
1926
1927
the total index from 1929 to 1933 larger than
that indicated by the former index and the
expansion since that time also more marked.
The revised index of total freight-car loadings is shown in the chart. Indexes for the
total and for individual classes of freight,
both adjusted for seasonal variation and
without seasonal adjustment, are given in
Table I and the seasonal adjustment factors
are shown in Table II.
The indexes are based on weekly data of
the Association of American Railroads for
eight commodity classes. Monthly loadings
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
Seasonal adjustment factors.—Seasonal adjustment factors were computed for the indexes for commodity classes by the ratio-totwelve-month moving average method generally used by the Board. In seven of the
eight series ratios to freehand curves were
used to 1supplement the ratios to moving
averages.
Changes during recent years in the seasonal characteristics of these individual
1
See
FEDERAL RESERVE BULLETIN for
December 1936,
pp.
952-
953, for discussion of the use of freehand curves in the revision of
seasonal factors for employment in manufacturing1 industries.
JUNE 1937
FEDERAL RESERVE BULLETIN
523
series have been large. Shipments of miscel- inasmuch as freight rate changes were small
laneous freight, which is the most important between 1923 and 1928. The following table
class, have recently shown a smaller seasonal shows for the eight classes of freight in the
decline during December and January than 1923-1925 base period the percentages of
in earlier years and a less marked seasonal total revenue, used as weight factors in the
peak in the autumn. During recent years revised index, and the percentages of total
coal loadings in February and March have loadings, used in deriving the index formerly
increased relative to loadings in other published.
months. Changes in the seasonal characteristics of most other series also have been
Percent
Percent
of total
of total
large. For freight-car loadings as a whole
revenue
cars
Class of freight
the amplitude of the seasonal movements has
loaded
(estimated
(1923-1925)
for
been smaller in recent years than in earlier
1923-1925)
years.
6.5
Grain
4.8
Method of weighting commodity classes.— Livestock..
2.6
_
_
_ _
3.5
21.0
18.0
In deriving the total index formerly pub- Coal
0.8
Coke
1.3
lished by the Board, indexes for commodity Forest Products 8.6
7.4
2.2
4.0
Ore
classes were combined solely on the basis of Merchandise, l.c.l..
10.6
25.3
. _
. . _._
35.7
47.7
the number of loadings in each class. In the Miscellaneous.- .
revised index an attempt was made to obtain
100. 0
100.0
Total
weights that would approximate the general
activity entering into the transportation of
each class of freight as the basis for com- The principal changes in the relative imbining the class indexes. This involved con- portance of the various classes are a reducsideration not only of the number of cars but tion in the weight given merchandise in lessalso of such factors as the number of tons, than-carload lots and an increase in the
length of haul, and loading and unloading weight of miscellaneous freight, which inactivity per car. After study of various cludes most manufactured commodities and
methods the proportion of revenue received other commodities of considerable value.
by the railroads for shipping each class of The relatively smaller importance of lessfreight was chosen as being better than any than-carload freight on a revenue as comother data available for measuring the rela- pared with a carload basis is in part a reflective amount of activity in the various classes tion of low tonnage per car and in part a rein the base period.
flection of duplications in reporting the numStatistics of revenue by commodities were ber of cars loaded.
Railroad shipments of merchandise in lessfirst published by the Interstate Commerce
Commission for 1928 and figures for that than-carload lots have been particularly afyear, regrouped to correspond as closely as fected by truck competition and currently
possible with the eight commodity classes are at a level lower, relative to the 1923-1925
of the Association of American Railroads, average, than most other classes of freight.
were used as the basis for estimating reve- Consequently, reducing the weight of this
nue by classes in the 1923-1925 base period. class has raised the current level of the reIt is believed that the revenue data for 1928 vised total index above that shown by the
were reasonably accurate for this purpose index formerly published.
524
FEDERAL RESERVE BULLETIN
JUNE 1937
TABLE 1.—INDEXES OF FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average=100.
Total
The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation.]
Coal
Grain
and grain
products
Coke
Livestock
Forest
products
Miscellaneous
Ore
Merchandise
Year and month
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
UnUnAdadjusted adjusted
jusi
91
78
85
100
83
1920—January
February.. March
April
May
June
July
August
September.
October
November _
December._
83
88
77
87
92
98
100
103
104
95
83
1921—January
FebruaryMarch
April
May
June
July
August
September.
October
November,
December..
72
71
69
70
76
78
79
83
1922—January
FebruaryMarch
April
May
June
July
August
September October
November.
December..
1923—January
F e b r u a r y . __
March
April
May
June
July
August
September _
October
November.
December..
101
100
91
97
100
105
102
102
101
101
91
90
95
97
100
102
103
106
110
110
104
UnUnUnUnUnUnUnAdAdAdAd
Adadadad- Adadjusted ad- J.[usted ad- justed ad- J1
justed
justed justed justed justed justed
justed
justed
justed
justed
104
51
78
115
84
101
110
88
86
102
78
53
36
48
112
89
82
106
95
99
111
103
103
107
104
104
107
92
74
55
58
62
64
75
1919—January
February __.
March
April
May
June
July
August
September .
October
November _
December—
Adsted
100
91
87
95
103
102
95
93
90
89
82
75
68
55
52
62
41
44
77
96
103
95
108
97
99
99
105
100
95
85
69
70
69
66
75
103
113
110
65
104
118
126
70
95
95
90
81
84
81
83
88
83
92
86
82
73
87
105
87
77
84
89
87
85
85
84
102
106
114
107
107
111
117
117
113
111
117
123
115
104
105
90
96
108
115
118
118
127
127
126
78
76
87
91
93
105
111
138
135
128
114
101
84
83
96
86
87
95
100
122
133
131
124
107
81
81
80
76
78
84
69
73
80
79
74
76
89
88
78
90
99
91
87
86
92
99
85
75
100
87
72
76
87
96
113
92
76
77
67
46
45
46
43
37
42
43
53
50
55
74
51
43
43
39
33
37
42
54
55
58
93
97
101
110
107
102
99
80
92
91
81
78
71
83
87
122
128
124
107
84
92
85
111
120
49
52
56
45
55
96
97
104
108
95
110
111
41
47
53
44
56
100
109
112
111
57
60
64
68
77
86
91
78
75
85
98
105
62
66
71
67
73
78
81
69
73
86
105
112
103
117
99
91
108
101
103
100
94
101
108
112
107
111
87
70
91
85
111
120
113
110
116
114
102
107
111
119
115
113
112
108
101
99
114
108
105
100
103
106
109
109
105
109
103
96
109
114
115
130
133
136
135
126
116
98
91
91
118
126
126
130
125
123
122
111
114
98
95
101
94
100
105
88
91
93
93
93
95
105
85
69
76
81
74
66
94
106
105
91
89
84
84
77
71
58
66
73
77
105
105
97
90
100
97
106
104
99
92
97
89
86
78
76
82
73
75
96
111
112
106
108
101
115
101
87
86
89
82
108
120
126
110
109
78
90
84
78
81
96
100
108
78
82
" 80
81
73
80
92
108
96
87
87
82
88
108
119
118
104
102
105
101
100
107
107
107
104
102
105
104
95
91
92
92
89
93
100
121
126
121
111
97
120
45
79
116
83
100
109
94
95
113
83
43
10
37
82
67
78
101
99
101
65
141
164
123
119
96
99
102
67
103
37
43
38
52
115
166
186
114
182
125
75
33
107
119
129
110
120
113
108
118
120
136
146
120
28
31
40
48
143
189
198
200
213
191
120
40
80
54
34
51
45
44
48
43
39
26
45
22
21
17
15
62
76
81
82
76
55
21
.14
106
109
108
111
115
99
78
55
58
95
72
82
86
85
82
78
72
78
85
87
62
66
71
69
70
60
62
66
72
70
63
70
67
70
74
80
81
81
79
80
82
87
91
67
70
72
77
83
86
78
79
80
81
87
82
43
42
44
56
37
81
93
100
82
86
94
11
11
14
25
46
138
170
170
140
120
77
27
60
63
72
78
84
90
91
91
97
100
96
82
100
95
93
103
106
105
107
101
105
104
102
103
85
108
97
110
110
116
120
120
121
116
112
121
97
28
25
34
52
159
204
220
205
196
152
95
28
82
84
101
101
103
105
105
104
103
104
95
87
94
96
99
105
105
105
104
105
97
87
72
67
65
64
66
94
96
93
95
97
100
99
97
96
97
97
97
98
96
85
97
93
90
93
96
100
99
99
101
110
112
104
84
97
102
102
102
95
525
FEDERAL RESERVE BULLETIN
JUNE 1937
TABLE 1.—INDEXES OF FREIGHT-CAR LOADINGS, BY CLASSES—Continued
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation.]
Total
Grain
and grain
products
Coke
Coal
Livestock
Forest
products
Miscellaneous
Ore
Merchandise
Year and month
UnUnUnUnUnAd- UnAd- Unad- Ad- ad- Ad- ad- Ad- ad- Ad- ad- Ad- adad- justed
justed justed
justed justed justed justed justed justed justed justed justed jusied jus
1924—January_-Febrllary_March
April
May
June
July
August
September
October. __
November
December.
95
93
92
92
95
100
102
101
101
89
91
91
93
100
112
114
106
93
1925—January. _.
February..
March
April
May
June
July
August
September.
October
November.
December.
103
102
99
102
101
102
103
106
102
101
105
108
1926—January...
February—
March
April
May
June
July
August
September.
October. __
November.
December.
97
112
100
103
102
96
102
108
110
91
74
61
59
59
73
80
86
101
112
110
102
90
79
77
77
81
98
112
132
140
106
97
93
91
97
95
93
112
101
106
109
103
104
97
94
90
84
85
86
92
100
112
127
132
95
97
103
111
106
112
114
109
115
116
126
121
106
101
101
94
95
99
104
108
120
129
139
129
137
131
110
103
104
104
106
106
106
108
105
98
148
151
117
102
97
113
118
119
105
102
101
97
102
101
95
89
90
126
123
117
93
89
97
95
93
93
91
89
85
77
76
79
94
93
95
105
98
92
83
89
83
85
94
107
117
114
105
85
83
85
84
87
85
83
85
120
120
95
99
100
100
109
109
112
110
104
100
103
108
97
84
85
87
85
88
102
99
99
102
115
110
93
70
76
95
95
95
96
99
100
104
111
116
114
110
105
96
87
95
99
99
104
112
97
97
99
97
117
99
84
80
103
104
104
105
107
108
109
106
107
109
110
109
94
96
99
99
105
106
110
113
122
124
115
99
1927—January...
February..
March
April
May
June
July
August
September.
October
November.
December.
107
108
108
106
105
104
103
104
104
101
99
97
101
104
100
104
103
104
110
118
116
102
1928—January ___
February __
March
April
May
June
July
August
September.
October. __
November.
December.
103
102
103
101
104
101
104
105
106
107
109
107
95
98
97
103
101
106
111
121
122
111
95
1929—January. __
February..
March
April
May
June
July
August
September.
October
November.
December.
108
109
106
108
107
109
108
110
108
105
102
101
97
101
100
103
107
110
112
116
123
120
103
90
92
97
97
98
100
101
103
97
107
113
90
99
100
102
100
100
104
102
106
109
108
107
85
100
107
108
99
97
87
96
111
114
109
113
94
97
100
91
79
68
66
67
75
90
100
107
87
81
84
81
101
132
150
145
123
105
103
103
102
100
102
102
103
104
109
92
114
123
123
115
100
107
109
92
80
71
80
79
96
118
116
99
110
112
102
97
93
96
89
92
94
97
92
98
93
97
109
93
81
84
81
79
81
90
104
126
109
101
94
104
108
109
103
99
97
98
102
103
104
116
99
88
99
93
95
101
93
85
80
85
88
123
119
108
112
98
97
93
90
93
93
91
94
95
94
100
92
91
100
104
101
94
88
86
83
80
83
77
77
82
95
97
97
99
102
100
94
99
106
103
101
97
96
94
83
79
85
87
103
119
131
117
102
106
103
100
83
84
80
75
77
86
88
91
91
106
105
116
105
103
84
98
103
109
106
121
110
104
104
105
102
102
90
77
82
95
140
132
111
96
85
90
103
114
104
99
104
101
102
98
102
100
110
122
129
112
100
105
105
110
96
92
91
98
74
116
124
133
117
117
106
110
100
91
88
93
85
82
82
83
81
83
88
115
119
107
92
100
107
106
101
98
92
91
95
96
98
100
100
104
106
105
103
100
99
97
98
101
97
99
99
100
100
101
99
97
94
95
84
81
82
86
81
79
84
98
116
104
87
93
102
96
87
87
88
83
84
90
85
84
99
97
84
78
79
75
70
75
105
113
98
87
90
79
71
80
77
70
70
73
96
109
93
95
113
112
105
102
94
87
95
96
98
99
22
25
30
53
135
152
146
129
125
108
50
96
100
96
96
92
91
94
97
99
102
101
101
102
115
118
107
87
97
99
99
100
100
101
91
96
101
101
99
97
97
98
104
104
103
97
120
110
26
29
31
74
163
162
166
160
150
126
85
30
102
104
104
104
103
105
106
106
107
106
108
114
85
92
100
103
103
106
108
113
125
122
114
97
102
105
103
103
103
105
104
106
106
105
106
106
95
101
105
105
104
104
104
105
111
109
109
101
101
102
98
73
89
104
110
116
120
127
116
100
25
27
27
39
139
178
193
198
199
171
81
26
108
108
105
105
111
110
110
108
109
111
110
110
90
95
101
104
112
111
114
116
128
130
113
92
106
106
105
105
106
105
105
105
105
105
105
106
102
107
107
107
105
105
105
110
110
108
101
102
111
103
118
24
62
154
168
168
159
147
122
47
22
109
110
110
110
110
110
109
108
108
107
106
104
90
96
106
110
112
113
114
117
128
125
107
85
105
106
105
104
105
104
105
105
104
104
103
104
98
102
106
106
106
104
104
106
110
109
106
22
21
22
27
117
171
166
164
168
151
84
27
109
109
109
108
111
109
112
113
113
114
115
116
94
105
109
114
112
117
121
134
133
115
95
105
105
104
104
104
104
105
104
104
104
104
105
98
101
105
105
105
104
104
104
109
109
107
99
23
25
30
78
186
196
202
194
183
148
71
22.
115
115
117
117
116
117
117
119
117
115
108
107
112
119
119
123
123
128
138
134
108
87
104
104
105
106
105
105
106
105
105
105
104
101
97
101
106
107
106
105
105
106
111
110
106
85
95
96
100
93
89
83
76
76
94
112
111
107
105
101
94
98
100
97
95
91
105
105
104
105
103
95
97
101
99
93
Ad- UnAd- Unadad- justed
isted justed
justed
99
113
102
140
107
95
95
84
51
75
96
94
96
102
112
120
114
106
104
113
148
120
110
112
112
111
109
109
100
99
526
FEDERAL RESERVE BULLETIN
JUNE 1937
TABLE 1.—INDEXES OF FREIGHT-CAR LOADINGS, BY CLASSES—Continued
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation.]
Total
Year and month
1930—January
February
March
April..._ _
May
June
July
August
September.
October
November
December..
Coal
Grain
and grain
Coke
Livestock
products
Forest
products
Miscellaneous
Ore
Merchandise
Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- UnAd- UnAdadadadadadadadadadjusted
justed justed
justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
100
100
96
97
95
94
91
91
88
86
84
82
90
93
91
94
95
94
95
96
100
98
86
74
• 103
92
82
91
90
90
89
87
84
85
85
81
115
98
78
76
79
77
78
83
90
99
94
90
88
82
79
84
83
84
80
77
73
73
69
68
95
96
82
83
80
78
72
68
70
73
69
74
92
98
97
97
95
97
95
108
92
86
87
91
88
96
84
84
82
90
131
129
104
88
82
80
79
80
80
77
76
76
72
71
71
72
72
72
84
77
69
72
70
64
61
64
84
96
84
73
74
77
76
76
69
65
59
55
55
53
50
51
65
80
80
79
73
68
57
57
58
54
49
43
98
93
90
86
90
90
86
81
77
71
68
63
22
22
23
39
138
160
161
145
128
96
40
15
107
110
107
105
103
100
98
98
95
92
89
87
86
95
102
108
106
106
103
105
112
107
89
71
101
102
100
100
98
97
95
95
95
93
92
91
94
98
101
101
99
98
95
95
99
97
94
86
81
79
79
79
78
76
75
72
68
68
67
65
73
73
74
77
77
76
77
75
76
77
68
59
80
74
76
78
76
74
74
72
69
71
65
62
90
79
74
65
66
63
64
68
74
83
72
70
67
60
62
60
57
48
46
44
44
45
46
46
74
73
65
57
55
45
41
38
42
45
46
50
94
92
93
89
89
84
88
79
74
83
85
72
87
90
82
80
78
79
121
95
83
83
80
62
72
71
70
69
68
65
66
69
64
65
69
66
76
67
59
65
62
55
56
64
76
86
80
66
51
48
45
43
43
41
39
37
35
33
32
30
45
49
47
45
46
43
38
38
37
33
31
25
61
60
57
48
30
44
49
48
45
37
30
39
13
15
15
20
44
77
92
90
79
50
16
10
85
85
84
84
84
81
79
76
70
70
70
69
69
73
79
87
87
86
83
81
81
81
70
57
90
90
89
90
89
88
88
86
84
83
83
81
83
87
90
91
90
89
87
87
89
87
85
77
1932—January
February _
March
April...
May
June
July..
August. __
September
October
November
December
62
60
58
57
52
49
49
51
54
57
56
54
56
57
56
55
51
49
50
52
60
65
57
51
59
60
66
62
49
45
51
55
60
66
65
66
66
66
67
52
42
39
43
49
64
77
72
74
41
40
46
35
27
26
25
27
33
40
41
44
47
52
48
31
26
24
21
23
31
40
41
48
73
78
69
74
69
60
61
69
74
72
67
67
66
74
62
66
62
57
84
83
83
72
63
57
63
62
60
60
55
53
53
53
53
52
50
51
65
57
49
57
51
44
45
51
65
70
59
50
29
27
27
26
24
22
21
21
23
25
23
22
25
27
27
27
26
23
21
21
25
26
23
18
34
29
25
22
5
6
9
10
9
11
13
19
8
7
7
9
7
10
16
18
16
16
5
65
62
57
56
54
52
50
50
54
57
56
52
53
53
54
58
56
56
52
53
62
66
56
45
80
78
76
74
73
70
68
68
69
69
68
67
75
76
76
75
73
70
68
68
72
72
70
64
1933—January
February
March
April...
May..
June
July....
August
September
October
November
December. _
53
52
48
53
55
61
66
64
60
59
60
60
50
50
46
51
54
61
67
64
67
67
61
56
57
62
50
54
54
66
79
83
69
64
66
63
64
72
52
45
46
56
67
73
73
72
72
70
38
39
34
33
34
48
66
67
63
55
54
54
45
52
36
28
32
45
56
56
59
55
54
60
66
60
65
85
88
86
71
54
62
64
71
68
59
56
59
77
79
84
99
64
69
64
66
59
51
51
49
53
53
56
53
51
51
51
51
49
53
46
39
50
49
46
46
50
63
68
60
48
23
20
20
23
28
35
39
36
33
33
33
31
20
19
21
24
29
36
39
38
36
34
33
26
22
20
22
21
15
20
35
51
59
50
33
32
5
5
5
9
21
34
66
95
103
74
18
8
54
52
48
52
57
62
66
62
60
60
61
64
46
44
45
54
59
66
68
64
68
70
61
56
68
66
63
64
67
68
70
69
68
67
66
67
65
64
63
65
67
68
70
69
71
70
68
64
62
65
65
63
64
64
62
61
60
59
59
60
58
62
64
60
63
64
62
62
67
65
60
57
68
73
78
69
71
68
66
65
66
63
65
68
77
86
83
58
61
58
56
57
69
69
71
77
57
64
69
57
59
60
45
43
47
45
43
48
67
86
72
48
57
56
38
35
45
45
43
52
73
71
70
64
67
79
69
71
68
66
63
66
65
65
64
57
61
78
95
85
76
66
60
57
52
53
50
53
54
56
79
96
81
61
55
52
53
46
40
48
49
46
70
96
104
83
64
51
30
32
32
32
33
32
30
29
29
30
30
31
26
31
33
33
35
34
30
31
32
31
29
26
37
34
39
45
42
51
44
39
36
28
25
33
8
8
10
19
58
86
83
73
64
42
14
8
64
68
67
66
67
67
64
63
62
61
62
62
55
58
64
68
70
71
65
65
70
70
63
55
68
67
67
66
66
65
65
64
64
63
63
64
65
65
67
67
66
65
65
65
67
66
65
61
63
66
65
62
61
64
59
63
64
68
68
68
59
62
63
59
60
63
59
64
71
75
69
64
72
69
73
63
69
84
57
64
64
70
68
71
82
81
77
53
59
72
48
56
66
77
74
79
56
51
48
54
50
52
47
52
57
62
63
66
66
68
50
46
48
48
39
43
54
62
63
73
60
63
63
64
61
57
50
75
80
76
73
71
54
57
58
57
55
55
69
90
90
76
69
61
45
44
42
42
42
36
34
39
42
45
42
41
44
37
34
38
38
30
30
39
54
63
51
40
32
37
34
34
33
35
38
40
41
41
40
43
28
36
35
35
35
37
38
42
44
43
39
37
40
41
45
65
51
49
47
48
53
55
67
68
9
10
11
27
71
84
89
89
93
82
37
17
67
73
69
66
63
64
66
67
69
73
74
74
58
62
67
69
66
67
67
69
77
82
76
67
64
65
65
64
64
63
63
64
64
64
64
64
61
63
65
65
64
63
63
64
67
67
66
62
1931—January...
February
March . . . .
April...
May
June
_
July
August .
September
October
November
December. .
__
_.
_
...
1934—January __
February
March __ _
April. _
May
June
July
August
September
October
November
December
1935—January
February
March
AprilMay..June
July....
August
September
October.
November
December...
___
__ _
527
FEDERAL RESERVE BULLETIN
JUNE 1937
TABLE 1.—INDEXES OF FREIGHT-CAR LOADINGS, BY CLASSES—Continued
[Index numbers; 1923-25 average—100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation.]
Total
Grain
and grain
products
Coke
Coal
Livestock
Forest
products
Miscellaneous
Ore
Merchandise
Year and month
UnUnUnUnUnAd- UnAdAdAdAd- UnAd- UnAdAdAd- Unadadad- justed
adad- justed
adad- justed
ad- justed
adjusted justed
justed justed justed justed justed justed justed
;ted Ju:
justed justed justed
;ted J
1936—January. __
February..
March
April
May
June
July
August
September
October. __
November
December.
1937—January...
February..
March
April
106
60
64
64
61
65
68
80
90
93
92
83
92
102
81
90
56
58
69
69
73
71
83
87
96
97
67
66
72
66
67
77
117
89
71
69
73
71
97
102
96
86
65
64
62
63
86
90
133
92
15
15
15
27
105
130
139
141
151
134
73
23
60
60
63
65
65
66
66
67
70
117
114
114
249
26
27
29
102
64
66
69
70
NOTE.—Basic data compiled by Association of American Railroads. Indexes for classes based on daily average loadings. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
528
FEDERAL RESERVE BULLETIN
JUNE 1937
TABLE 2.—FREIGHT-CAR LOADINGS: SEASONAL ADJUSTMENT FACTORS
[Average for year=100]
COAL
Month
January
February
March
April
May
June
July
August
September. __
October
November. __
December...
1919
1920
1921
1922
1923
1924
112.0
98.0
92.0
84.0
90.0
97.0
98.0
101.0
104.0
114.0
108.0
102.0
112.0
98.0
92.0
84.0
90.0
97.0
98.0
101. 0
104.0
114.0
108.0
102.0
112.0
98.0
92.0
84.0
90.0
97.0
98.0
101.0
104.0
114.0
108.0
102.0
112.0
99.0
93.0
84.0
90.0
96.0
98.0
101.0
104. 0
112.0
108.0
103.0
112.0
101.0
95.0
84.0
90.0
94.0
97.0
101.0
104. 0
110.0
108. 0
104.0
112.0
102.0
96.0
84.0
90. 0
92.0
96.0
100. 0
104.0
110.0
109. 0
105.0
1926
112.0
103.0
97.0
84.0
90.0
90.0
94.0
100. 0
104.0
110. 0
110.0
106.0
112.0
104.0
98.0
84.0
90.0
89.0
91.0
99.0
104.0
111.0
111.0
107.0
1928
112.0
105.0
98.0
84.0
90.0
87.0
88.0
98.0
106. 0
113.0
111.0
108.0
112.0
106. 0
97.0
84.0
90.0
86.0
87.0
96.0
107.0
115.0
111.0
109.0
1931
1932
112.0 112.0
107.0 107.0
95.0 97.0
84.0 84.0
88.0 87.0
85.0 85.0
87.0 87.0
96.0 94.0
107.0 107. 0
117.0 117.0
111.0 111. 0
111.0 112. 0
112.0
110.0
102.0
84.0
86.0
85.0
85.0
90.0
107.0
116.0
111.0
112.0
1930
112.0
107.0
95.0
84.0
89.0
86.0
87.0
96.0
107. 0
116.0
111.0
110. 0
1933
1934
1935
1936
114.0
118.0
106.0
84.0
86.0
85. 0
84.0
88.0
104.0
110.0
109. 0
112.0
114. 0
118.0
106.0
84.0
86.0
85.0
84.0
88.0
104.0
110.0
109.0
112.0
114.0
118.0
106.0
84.0
86.0
85.0
84.0
88.0
104.0
110.0
109.0
112.0
114.0
118.0
106. 0
84.0
86.0
85.0
84.0
88.0
104.0
110.0
109. 0
112.0
COKE
Month
January
February. __
March
.
April
May
June
July
August
September..
October
November..
December..
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
108.0
110.0
110.0
95.0
94.0
90.0
90.0
88.0
98.0
102.0
109. 0
106. 0
108.0
110.0
110.0
95.0
94.0
90.0
90.0
88.0
98.0
102.0
109. 0
106.0
108. 0
110.0
110.0
95.0
94.0
90.0
90.0
88.0
98.0
102.0
109.0
106.0
108.0
110.0
110.0
98.0
94.0
90.0
90.0
88.0
98.0
101.0
107.0
106. 0
108.0
111.0
110.0
100.0
94.0
90.0
90. 0
88.0
98.0
100.0
105.0
106. 0
108.0
112.0
110.0
100.0
94.0
90.0
90. 0
88.0
98. 0
100.0
104.0
106. 0
108. 0
114.0
108.0
100.0
94. 0
90.0
90.0
88.0
98.0
100. 0
104. 0
106.0
108.0
115.0
106.0
99. 0
94.0
92.0
90.0
89.0
98.0
100. 0
104.0
105.0
108.0
116.0
104.0
99.0
95.0
93.0
91.0
90.0
98.0
100.0
102.0
104.0
108.0
116.0
104.0
99.0
96. 0
93.0
91.0
90. 0
98. 0
100.0
101.0
104.0
108.0
116.0
104.0
99.0
96.0
93.0
91.0
89.0
98.0
100.0
100. 0
106.0
109. 0
117.0
104. 0
98.0
96.0
93.0
90.0
88.0
96. 0
100. 0
100. 0
109. 0
112.0
122.0
104.0
95.0
96.0
93.0
88.0
85.0
95. 0
100.0
100.0
110.0
115. 0
129. 0
104. 0
88.0
96.0
93.0
86.0
84.0
95.0
100. 0
100. 0
110.0
117.0
133.0
104.0
84.0
96.0
93.0
85.0
83.0
95. 0
100.0
100. 0
110.0
118.0
134.0
104. 0
84.0
96.0
93.0
84.0
82.0
95. 0
100. 0
100. 0
110.0
118.0
134.0
104.0
84.0
96.0
93.0
84.0
82.0
95.0
100.0
100.0
110.0
1932
1933
1934
1937
118.0
134.0
104.0
84.0
96.0
93.0
84.0
82.0
95. 0
100.0
100.0
110.0
118.0
134.0
104.0
84.0
96.0
93.0
84.6
82.0
95.0
100.0
100.0
110.0
1936
1937
GRAIN
Month
January
February. _.
March...
April
May
June
July
'_
August
September..
October
November..
December
104.0
95.0
88.0
77.0
85.0
86.0
111.0
120.0
121.0
108. 0
105.0
100.0
1920
1921
1922
1923
1924
1925
1926
104.0
95.0
88.0
77.0
85. 0
86.0
111. 0
120. 0
121.0
108.0
105. 0
100.0
104.0
95.0
88.0
77.0
85.0
86.0
111. 0
120.0
121. 0
108.0
105. 0
100. 0
104.0
95.0
88.0
77.0
84.0
84.0
108. 0
120. 0
121.0
109. 0
108. 0
102. 0
104.0
95.0
88.0
78.0
83.0
82.0
104. 0
120.0
121.0
111.0
UO.O
104. 0
103.0
95. 0
87.0
78.0
83.0
82.0
103.0
120.0
123.0
112.0
110.0
104. 0
103.0
95.0
86.0
78.0
83.0
83.0
103. 0
120.0
1.23. 0
112.0
110.0
104.0
102.0
96.0
86.0
79.0
83.0
85.0
106.0
120.0
123. 0
113.0
105. 0
102.0
101.0
97.0
86. 0
80.0
83.0
87.0
110. 0
120.0
123.0
113.0
101.0
99.0
100. 0
98.0
86.0
81.0
83.0
89.0
118.0
120.0
122.0
UO.O
97. 0
96.0
98.0
98.0
86.0
82.0
84.0
91.0
134. 0
120. 0
116.0
105.0
94.0
92.0
95.0
98.0
87.0
86.0
86.0
93.0
138.0
120.0
113.0
102. 0
94.0
88.0
92.0
98.0
88.0
90.0
88.0
94.0
138.0
120. 0
112.0
100.0
94.0
86.0
90.0
96.0
89.0
90.0
90.0
95.0
138.0
120.0
112.0
100.0
94.0
86.0
90.0
93.0
90.0
90.0
90.0
97.0
138.0
120.0
112.0
100.0
94.0
86.0
90.0
92.0
91.0
89.0
90.0
98.0
138.0
120.0
112.0
100.0
94.0
86.0
90.0
91.0
92.0
89.0
90.0
98.0
138.0
120.0
112.0
100.0
94.0
86.0
90.0
91.0
92.0
89.0
90.0
98.0
138.0
120.0
112.0
100.0
94.0
86.0
90.0
91.0
92.0
89.0
90.0
98.0
138.0
120.0
112.0
100. 0
94. 0
86.0
LIVESTOCK
Month
January
February
March
April
May
June
July
August
September
October
November
December. „..
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
110.0
96.5
88.5
88.0
92.0
90.5
86.0
91.5
110. 0
122.0
119.0
106.0
110.0
96.5
88.5
88.0
92.0
90.5
86.0
91.5
110.0
122.0
119.0
106.0
110.0
96.5
88.5
88.0
92.0
90.5
86.0
91.5
110.0
122.0
119.0
106.0
109.0
96.5
88.5
88.0
92.0
90.0
86.0
92.0
111.0
122.0
119.0
106. 0
107. 0
96.5
88.5
88.0
91.5
88.5
87.0
93.0
113.0
122.0
119.0
106. 0
107.0
96. 5
88.5
88.0
91.0
87.5
87. 0
93.0
113.0
124.0
118. 5
106. 0
107. 0
96.0
87.5
88.0
91.0
86.5
87.0
93.0
113.5
128.5
117. 0
105.0
107.0
95.5
87.5
88.0
91.0
86.5
87.0
93.0
115.0
130.0
117.0
102. 5
107.0
95.5
87.5
89.0
91. 0
86. 5
86.0
92.5
115. 5
131.0
117.0
101.5
107.0
95.5
87.5
90.5
91.0
86.0
85.0
90.0
116.5
132. 5
117.0
101.5
106. 5
95.5
86.5
93.0
91.5
85.0
84.0
90.0
117.0
133.0
117.0
101. 0
106.0
95. 5
85.5
94.0
92. 0
84.5
84.0
90.0
117.5
133.0
117.0
101.0
105.5
94.5
84.0
94.0
92.0
84.0
84.0
93.5
118.0
133. 0
117.0
100.5
104.5
92.5
81.5
94.0
92.0
83.5
85.0
96.0
122.0
133.5
117.0
98.5
103. 5
90.0
80.0
94.0
92.0
83.0
87.0
98.5
124.0
134.0
117.0
97.0
101.5
86.5
80.0
92.0
90.0
82.0
88.0
100.0
128.5
137.5
117.0
97.0
98.0
83.0
80.0
92.0
90.0
82.0
88.0
100.0
128.5
140.5
121.0
97.0
98.0
83.0
80. 0
92.0
90.0
82.0
88.0
100.0
128.5
140.5
121.0
97.0
98.0
83.0
80.0
92.0
90.0
82.0
88.0
100.0
128.5
140.5
121.0
97.0
JUNE
529
FEDERAL RESERVE BULLETIN
1937
TABLE 2.—FREIGHT-CAR LOADINGS: SEASONAL ADJUSTMENT FACTORS—Continued
[Average for year = 100]
FOREST PRODUCTS
Month
January
February
March
April
May
June
July."
August
September...
October
November...
December.._
95.0
104.5
102. 5
99.0
104. 0
105.0
i.O
100.0
102.0
101.0
101.0
90.0
1921
1922
1923
1924
1925
1926
1927
95.0
104.5
102. 5
100.0
104. 0
105.0
96.0
100.0
101.0
101.0
101.0
90.0 90.0
95.0
104. 5
103. 0
103. 0
104. 0
105. 0
96.0
100. 0
100.0
99. 5
100. 0
90.0
95.0
104.5
104.5
104. 5
104. 0
104.0
96.0
100.0
100.0
99.0
99. 0
89.5
95.0
105. 5
106. 0
104. 5
104.0
102.5
96. 0
100. 0
100. 0
99.0
98.5
89.0
95.0
106. 0
106.0
104. 5
104. 5
102. 5
96.0
100.0
101.0
99. 5
97.0
88.0
94.0
106.0
106.0
104.5
105. 0
102.5
96. 5
100.0
102.5
101.5
97.0
84.5
93.5
105. 5
105.0
104.0
105.0
102. 5
97.0
101.5
103.5
102.0
97.0
83.5
95.0
104. 5
102.5
99.0
104. 0
105.0
96.0
100.0
102.0
101.0
101.0
1928
1929
1931
!. 5 90.0
105.0 104. 0
104.5 104. 5
104.0 104.0
105.0 106.5
103.0 104.5
97.0 97.0
102.5 103.0
103.5 103.5
102.5 102.5
97.0 97.0
83.5 83.5
1935
1936
1937
88.0
97.0
102.0
102.5
105.0
106.0
100.0
104.0
109. 0
104.0
98.0
84.5
88.0
97.0
102.0
102.5
104.0
106.0
100.0
104.0
109.0
104.0
98.0
85.5
88.0
97.0
102.0
102. 5
104. 0
106.0
100.0
104.0
109.0
104.0
98.0
85.5
88.0
97.0
102.0
102.5
104.0
106. 0
100.0
104.0
109.0
104.0
98.0
85.5
1934
1935
1936
1937
22.0
24.0
25.0
41.0
140.0
170.0
190.0
185. 0
175.0
148.0
55.0
25.0
22.0
24.0
25.0
41.0
140.0
170.0
190.0
185.0
175.0
148.0
55.0
25.0
1932 1933
89.0
103.5
104.5
104.0
107.0
104.5
97.0
103.0
104.5
102. 5
97.0
83.5
89.0
102.0
103.5
104.0
107.0
104. 5
97.5
103. 0
106.0
102. 5
97.5
83.5
1.0
100.0
102. 5
104.0
106. 5
105.0
98.0
103. 0
108.0
103. 5
98.0
83.5
88.0
98.0
102.0
103.0
106.0
105.5
99.5
103.5
109. 0
104. 0
98.0
83.5
ORE
Month
January...
February. .
March
April
May
June
July
August
September.
October...
November.
December.
1919
1920
1921
26.0
26.0
31.0
44.0
120.0
168.0
183.0
170.0
177.0
140.0
82.0
33.0
26.0
26.0
31.0
44.0
120.0
168.0
183.0
170. 0
177.0
140. 0
82.0
33.0
26.0
26.0
31.0
44.0
121.0
168.0
183. 0
170.0
177. 0
140.0
82.0
32.0
1923
26.0
26.0
31.0
44.0
125. 0
170.0
183.0
170.0
172.0
140.0
82.0
31.0
26.0
26. 0
31.0
47.0
137.0
170.0
183.0
170.0
168. 0
135.0
78.0
29.0
26.0
26.0
31.0
53.0
146. 0
170. 0
177. 0
170.0
166.0
135. 0
72. 0
28.0
26.0
26.0
30.0
53.0
152.0
170.0
175.0
170.0
165.0
135.0
71. 0
27. 0
25.0
26.0
28.0
53.0
155. 0
171.0
175.0
171.0
165.0
135.0
70.0
26.0
24.0
25. 0
27.0
53.0
155. 0
175. 0
175.0
171.0
165. 0
135. 0
70.0
25.0
1928
1929
1930
1931
1932
23.0
24.0
26.0
53.0
155. 0
178.0
176.0
171.0
165.0
135.0
70.0
24.0
22.0
24.0
26.0
53.0
155.0
178.0
180.0
173.0
165.0
135. 0
65.0
24.0
22.0
24.0
26.0
45.0
153. 0
178. 0
188.0
179. 0
167. 0
135.0
59.0
24.0
22.0
24.0
26.0
42.0
144.0
176. 0
190.0
185. 0
175. 0
136. 0
55.0
25.0
22.0
24.0
26.0
41.0
140.0
172.0
190.0
185. 0
175. 0
145.0
55.0
25.0
22.0
24.0
25.0
41.0
140.0
170.0
190.0
185.0
175.0
148.0
55.0
25.0
22.0
24.0
25.0
41.0
140.0
170.0
190.0
185. 0
175.0
148.0
55.0
25.0
22.0
24.0
25.0
41.0
140.0
170.0
190.0
185.0
175.0
148.0
55.0
25.0
MISCELLANEOUS
Month
January
February
March
April
May
June
July
August
September...
October
November
December...
1919
1920
1921
85.5
88.0
96. 0
98.0
101.0
105.0
104.0
104. 5
112.0
116.0
103. 0
87.0
85.5
88.0
96.0
98.0
101.0
105.0
104.0
104. 5
112.0
116.0
103. 0
87.0
85.5
88.0
96. 0
98. 0
101.0
105. 0
104. 0
104.5
112.0
116.0
103. 0
87.0
1926 1927
85.5
88.0
96.0
98.0
101.0
104. 0
103. 5
104.5
112.0
116.0
104. 5
87.0
85. 5
88.0
96.0
98.5
100.5
102. 0
103. 0
104.5
113.5
116. 0
105. 5
87.0
85.0
88.0
96. 0
98.5
100. 0
101.0
102.5
105. 0
116.0
116.0
105. 5
86.5
84.0
88.0
96.0
99. 0
100.0
101.0
102.5
106. 0
117.0
116.0
105. 0
85.5
83.0
87.5
96.0
99.0
101. 0
101.5
103.5
107.0
118.0
117.0
103.0
83.5
82.0
87.0
96.0
99.5
102.5
102. 5
104. 5
107.5
118.0
117.0
101.5
82.0
1928
1929
1930
1931
1932
1933
1934
1935
81.5
86.5
96. 0
100.5
102.5
103.5
105. 0
107.5
118.0
117.0
100. 5
81.5
81.0
86.0
96.0
101.5
102.5
105.0
105.0
107. 5
117.5
116.5
100.0
81.5
81.0
86. 0
95.0
103.0
103.0
105.5
105. 0
107. 0
117.0
116.0
100. 0
81.5
81.0
86.0
94.0
103.5
103. 5
106.0
105.0
106. 0
116.0
116.0
100.0
83.0
82.5
86.0
94.0
103.5
103.5
106.0
104.0
104. 5
115.0
116.0
100.0
85.0
85.0
86.0
94.0
103.5
103.5
106. 0
103. 0
103.0
113.5
115.5
100. 0
87.0
86.0
86.0
95.5
103.5
103. 5
105.5
102.0
102. 5
112.5
113. 5
101.0
88.5
86.0
86. 0
96.0
103.5
103.5
104.0
101.5
102. 0
112.0
113.0
102.0
90.5
1931
1932
1933
1934
93.0
96. 5
100.5
101. 5
101.0
100. 5
99.5
100.5
105.0
104.5
102.5
95.0
94.0
96.5
100.0
101.5
100.5
100.5
99.5
100. 5
104.5
104. 5
102. 5
95.5
95.0
96. 5
100.0
101. 5
100. 0
100.5
99.5
100.5
104. 5
104.0
102.0
96.0
95.0
96.5
100.0
101.5
100. 0
100.5
99.5
100.5
104.5
104. 0
102.0
96.0
1937
86.0
86.0
96.0
103.5
103. 5
104. 0
101.5
102. 0
112.0
113.0
102.0
90.5
86.0
86.0
96.0
103.5
103.5
104.0
101.5
102.0
112.0
113.0
102.0
90.5
1936
1937
95.0
96.5
100.0
101. 5
100. 0
100.5
99.5
100.5
104.5
104.0
102.0
96.0
95.0
96.5
100.0
101.5
100.0
100.5
99.5
100.5
104.5
104.0
102.0
M E R C H A N D I S E L. C. L.
Month
January
February...
March
April
May
June
July
August
September.
October
November..
December..
1919
1920
1921
92.0
95.0
102. 0
102.0
101.0
100. 0
100. 0
99.5
105.0
104.0
103.0
96.5
92.0
95. 0
102.0
102. 0
101. 0
100.0
100.0
1.5
105. 0
104. 0
103. 0
96.5
92.0
95.0
102. 0
102. 0
101.0
100. 0
100. 0
99. 5
105.0
104. 0
103. 0
96. 5
1924
1925
1926
92.0 92.0
96.0
102. 0
102.0
101. 0
99.5
99.5
99.5 99.5
105.0 105.0
104. 0 104. 0
103.0 103. 0
96. 5 96.5
92.5
96. 5
102. 0
101. 5
101.0
99.5
99.5
99. 5
105. 0
104.0
103. 0
96.0
93.0
96. 5
101.5
101.5
101.0
99.5
99.5
100.0
105. 0
104. 0
103. 0
95. 5
1922- 1923
92.0
95. 0
102.0
102. 0
101.0
100. 0
100.0
99. 5
105.0
104. 0
103. 0
96. 5
95.0
102.0
102.0
101.0
100.0
100. 0
93.0 93.0
96.5 96.5
101. 5 101.0
101.5 101.5
101.0 101. 0
99.5 100.0
99. 5 99.5
100.5 100.5
105.0 105.0
104. 5 104.5
103. 0 103.0
94.5 94.5
93.0
96. 5
101. 0
101. 5
101.0
100.5
99.5
100.5
105.0
104.5
102.5
94.5
93.0
96.5
101. 0
101. 5
101.0
100.5
99.5
100.5
105.0
104. 5
102. 5
94.5
95.0
96.5
100. 0
101.5
100.0
100. 5
99.5
100. 5
104.5
104. 0
102. 0
96. 0
96.0
530
FEDERAL RESERVE BULLETIN
JUNE
1937
REVISION OF WEEKLY REPORT OF MEMBER BANKS IN LEADING CITIES
Effective May 12 the Board of Governors
revised the form of the weekly condition
report made each Wednesday by reporting
member banks in 101 leading cities. The
nature of the revisions, which affected only
certain of the loan classifications, was set
forth in the May issue of the Bulletin (pp.
440-441). On May 12 the banks reported
figures for the various types of loans in accordance with both the new and the old
classification and beginning with May 19 the
reports were made on the new form with an
additional subdivision of "Commercial, industrial and agricultural loans" and "Other
loans" into loans on security collateral and
loans otherwise secured and unsecured.
Table I shows the figures as reported on
the old basis for May 12 and on the new basis
for May 12 and May 19 for all reporting
banks and for banks in New York City and
outside. Table II gives the figures for all reporting banks with the new items regrouped
in a manner to show combinations comparable with previously published figures.
"Loans to brokers and dealers in securities" were somewhat larger on the new basis
than on the old because in the old form only
loans on securities were included, whereas the
revised form covers all loans to brokers and
dealers in securities whether secured or unsecured if they are made for the purpose of
purchasing or carrying securities. Loans to
brokers and dealers for that purpose that
were not secured by stocks or bonds amounted
on May 12 to $18,000,000, of which $14,000,000 were at New York City banks. Under
the old classification these loans were included in "Other loans."
"Loans on securities to others (except
banks)" in the old form are no longer reported as a single item. In the new form a
substantially comparable figure can be obtained by adding together three items:
"Loans to others for the purpose of purchasing or carrying securities," "Commercial, industrial, and agricultural loans on
securities," and "Other loans on securities."
The total of these three items is not exactly
comparable with the figures formerly reported because some loans without stock and
bond collateral may be included in "Other
loans for purchasing or carrying securities,"
but the amount, if any, is believed to be small.
No earlier figures comparable with the new
classification of "Other loans for purchasing
or carrying securities" are available. A
combination of "Loans to brokers and dealers in securities" and "Other loans for purchasing or carrying securities" measures the
total volume of loans made by reporting banks
for the purpose of purchasing or carrying
stocks and bonds.
Holdings of "Open-market paper" under
the new classification were $121,000,000
larger on May 12 than holdings of "Acceptances and commercial paper bought" as re-
TABLE I.—LOANS OF REPORTING MEMBER BANKS IN 101
LEADING
CITIES.
[In millions of dollars]
May 12, 1937
May 12, 1937
Old classification
Total loans
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others (except banks)
Acceptances and commercial
paper bought
i
Loans on real estate
Loans to banks
Other loans
i Breakdown not available.
All
reporting
banks
New
York
City
Other
cities
9,531
3,805
5,726
1,090
226
All
report-
New
York
City
Other
cities
All
reporting
banks
New
York
City
3,805
5,726
9,500
3,787
5,713
232
332
1,381
157
2,243
340
banks
1,047
72
734
382
1,161
122
4,482
New classification
May 19, 1937
101
130
80
1,641
43
154
1,334
281
1,031
42
2,841
Total loans
Commercial, industrial, and
agricultural loans:
On securities
Otherwise secured and unsecured
Open market paper....,
Loans to brokers and dealers in
securities
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks
Other loans:
On securities
Otherwise secured and unsecured
9,531
]
1
4,183
Other
cities
> 1, 608 i 2, 575
503
159
344
3,624
497
1,334
1,133
201
1,323
1,127
196
740
1,161
122
284
130
80
456
1,031
42
722
1,162
118
277
129
76
445
1,033
42
718
242
i 411
476
1,488
772
166
1
1,077
JUNE 1937
531
FEDERAL RESERVE BULLETIN
ported under the old classification, owing is a residual item covering all loans not otherto the fact that the new item includes the wise classified separately in the reports, and
holdings by reporting banks of their own since the new form gives a more detailed
acceptances, previously included in "Other classification, the item of "Other loans" has
loans." This is offset somewhat by the fact been considerably reduced. These loans now
that the old item "Acceptances and com- include only personal loans and other cusmercial paper bought" included an unknown tomer loans not secured by real estate and not
amount, probably small, of direct loans pay- made for business purposes, nor for financing
able abroad which in the revised form are the sale of goods, nor for purchasing or carryincluded in "Other loans". The new item ing securities. The figure obtainable from
"Open-market paper," therefore, is not com- the new form most nearly comparable with
parable with the old classification of "Ac- the old item "Other loans" is the sum of the
ceptances and commercial paper bought." two subgroups of loans not secured by stocks
Holdings of own acceptances have been re- and bonds reported under the new items
ported by member banks in the periodic call "Commercial, industrial, and agricultural
reports since June 1931, but figures for re- loans" and "Other loans." As shown in
Table II and explained in a footnote to that
porting member banks are not available.
"Commercial, industrial, and agricultural table, this total is smaller than the former
loans" is a new caption which covers loans figure of "Other loans" by a relatively small
made for business purposes, formerly divided amount.
between "Other loans" and "Loans on securities to others (except banks)". As explained TABLE II.—CLASSIFICATION OF LOANS AT REPORTING
above, the amount of "Commercial, indus- MEMBER BANKS, ARRANGED TO SHOW COMPARABLE
trial, and agricultural loans" made on securi- SERIES.
[In millions of dollars]
ties will hereafter be shown as a subitem separately from those loans not secured by stocks
Old
New
or bonds. Heretofore no separate figures
classiclassification
fication
have been available on "Commercial, industrial, and agricultural loans," and changes in
May 12, May 12, M a y 19,
this class of loans were only roughly meas1937
1937
1937
urable by changes in so-called "Other loans,"
which under the old classification included all
Total loans _
9,500
9,531
9, 531
to brokers and dealers in securities—
loans to customers other than loans on real LoansTotal
I
1,334
1,323
estate and securities. That the old classificaOn securities
_ . . _. _
. . . 1,316
Loans
on
securities
to
others
(except
banks)—
tion of "Other loans" is not closely compar2 2, 004
Total
2,068
2,068
able with the new classification of "Commerl
722
For purchasing or carrying securities
740
cial, industrial, and agricultural loans" is in- Commercial, industrial, and agricultural-.
/564
J 41, 322
Other
\718
dicated by the fact that of the commercial,
paper—Total (including own acindustrial, and agricultural loans reported in Open-market
ceptances held by reporting banks)
497
503
the new reports on May 19, $564,000,000 was
Acceptances and commercial paper bought
382
Real
estate
loans
_
1, 161
1,162
1,161
formerly reported under "Loans on securities Loans to banks
___
122
118
122
(old classification i.e., loans otherto others (except banks)," and of loans not Otherwiseloans
secured and unsecured)—Total
4,482 s 4, 345 5 4,396
made for commercial, industrial, and agri3,624
Commercial, industrial, and agricultural-_
cultural purposes, $772,000,000 was formerly
Other
772
reported under "Other loans". A$ already
explained, "Other loans" also formerly in- Figure not reported separately.
2 Total of subgroups shown; closely comparable with figure reported
cluded a small amount of loans to brokers under
classification (see note ).
and dealers not secured by stocks and bonds Mayoldinclude
a small amount of loans not secured by stocks and bonds.
Breakdown
not reported on May 12; total figure derived by deducand an appreciable amount of own accept- tion,
s This figure is smaller than the old figure of "Other loans" by the
ances purchased or discounted by the report- difference
between the sum of (1) own acceptances held by reporting
ing bank.
banks and (2) loans to brokers and dealers in securities made for the purpose of purchasing or carrying securities but not secured by stocks and
The new item of "Other loans" is not com- bonds,
over the amount of (3) direct loans payable abroad to the extent,
small, that such direct loans were included in the former item
parable with the old item of the same name. probably
"Acceptances and commercial paper bought." Figure for May 12
"Other loans" in both the new and old forms derived by deduction.
I
I
3
I
l
l
1
3
3
4
4
4
l
532
FEDERAL RESERVE BULLETIN
JUNE 1937
EARNINGS AND EXPENSES OF MEMBER BANKS
ALL MEMBER BANKS BY CLASSES OF BANKS, YEARS ENDED DECEMBER 31, 1936 AND 1935
A m o u n t s per $100 of loans and
investments l 2
Amounts (in thousands of dollars)
Nationa' member
bar iks
All member
banks
Earnings:
Interest and discount on loans
Interest and dividends on investments
Interest on balances with other banks.
Collection charges, commissions, fees,
etc.
Foreign department-_
Trust department
Service charges on deposit accounts
Rent received
Other current earnings .
Total current earnings.
Expenses:
Interest on deposits:
Time
Demand
Bank
Total
Salaries, officers . .
Salares and wages, employees (other
than officers)
Fees paid to directors and members of
executive, discount, and advisory
committees
Interest and discount on borrowed
money
Real estate taxes
Other taxes
Other expenses
1936
1935
513,399
487, 101
1,207
498, 419
467, 217
1,681
346, 951
325, 772
905
339, 272
315, 726
1,123
166, 448
161, 329
302
159,147 $1.64 $1. 72 $1. 75 $1.85 $1.44 $1. 50
1.43
1.62
1. 65 1.73
1.39
151,491 1.55
.01
.01
01
558
Total losses and depreciation
2
Loans
Investments 2___
Loans and investments 2
Time deposits 2
Total deposits 22
Capital funds 5
28,
12,
77,
35,
825
282
703
634
84,888
22,167
7,657
31,712
27, 467
/48,153
113, 043 }
20, 292
6, 887
28, 540
24,887
55,510
9, 230
4,508
56, 585
11,948
J30, 303
\ 6,428 }
8,533
5,395
49,163
10, 747
29,378
.10
.04
.28
.13
.10
.04
.27
.12
r.25
\.O6
.11
.04
.15
.14
.11
.04
.16
. 14
(.24
\.07
}.3O
.08
.04
.49
.10
f. 26
\.O6 /
.08
.05
.46
.10
'
1, 270, 908 1, 206, 649
823, 827
792, 237
447, 081
414, 412
4.05
4.17
4. 16
4.33
3.86
3.90
175,164
7, 137
2,175
196, 490
9,298
2, 695
126,175
5,144
1,425
142, 520
6, 726
1,703
48, 989
1, 993
750
53, 970
2,572
992
.56
.02
.01
.68
.03
.01
.64
.03
.01
.78
.04
.01
.42
.02
.01
.51
.02
.01
184, 476
135, 501
208, 483
132, 744
J 90, 548
150, 949
51,732
(44, 953
57, 534
.59
.72
.67
r. 46
.83
.45
[130,893
216,213
6 269
3
1
211,242
334,468
4,398
123,226
j- 1.16
1.66
(85, 320
3
1,871
.02
3
224, 654
142, 528
348
/12,409
1
\ 19, 234
91, 916
82,126
i.15
.79
832, 515
564, 331
547, 776
307, 783
284, 739
2.78
398, 794
374,134
259, 496
244, 461
139, 298
129, 673
1.27
94,
160,
230,
22,
71,901
277,027
47, 327
180,441
27,078
69, 515
/120, 654
1157, 891 J
12,187
24,
/39,
\72,
10,
508,071
376, 006
360, 247
240, 077
147, 824
135, 929
206, 548
131,406
252, 374
198 765
154, 312
91, 935
159, 978
116,182
52, 236
39, 471
38, 721
64, 873
33, 586
53, 537
26,416
33, 510
23, 329
26, 950
441, 548
538, 262
306,173
465, 317
198, 663
211,878
186, 810
313, 570
121,355
247
318
698 j
808
1 230
63,680
429
3
.02
3
t:
.54
I 1.16
3
.02
.01
265
/21, 561
\27, 941 }
155,981
Recoveries, profits on securities, etc.:
Recoveries on loans..
Recoveries on investments
Profits on securities sold
All other..
Net profits
Cash dividends declared 3
1935
1936
1935
Net earnings..
Total
1935
1936
872,114
Losses and depreciation:
On loans
On investments
On banking house, furniture and
fixtures
All other. _
1936
1935
State
member
banks
1935
31, 397
12,165
88, 297
39,415
78, 456
}
19, 471
1936
National
member
banks
1936
613
33,970 |
47, 175
247, 897
Total current expenses
All
member
banks
State member
banks
801
f.ll
\.14 1
\79 '
.23
.78
1.17
\79
2.88
2.85
3.00
2.65
2.68
1.29
1.31
1.33
1.20
1.22
.25
.30
J.51 1 .96
\.74
.09
.07
.35
/.61
\.8O
.06
} .«
.07
1.62
1.30
1.82
1.31
1.28
1.28
92, 396
82, 583
.66
.42
.87
.69
.78
.46
.87
.64
.45
.34
.87
.78
12, 305
31, 363
10, 257
26, 587
.12
.21
.12
.18
.13
.17
.13
.15
.11
.27
.10
.25
326, 439
135, 375
211, 823
1.41
1.86
1.55
1.79
1.17
2.00
158, 099
112,918
151, 747
77, 308
53, 779
73,892
1.48
.73
1.58
.86
1.31
.51
42,628
12, 309
732
664
807 }
621
21,052
24, 574
96,586
14, 769
f.ll
} .22
.78
.26
f.ll
} .20
.21
f. 34 \
j
.09
.77
.23
Q1
. yi
. 14
12, 543,829 11,985,150 7, 730, 096 7, 418, 739 4, 813, 733 4, 566, 411
18, 839,010 16, 913, 308 12, 059, 818 10, 866, 893 6, 779,192 6,046, 415
31,382,839 28, 898, 458 19,789,914 18, 285, 632 11, 592, 925 10, 612, 826
10. 660, 494 10,181, 426 7, 547, 641 7, 203, 568 3,112,853 2,977, 858
40,129,630 35, 694, 475 25, 831, 681 22, 976, 968 14, 297, 949 12, 717. 507
5, 209, 486 5,118, 478 3,136, 732 3,078, 033 2, 072, 754 2,040; 445
Other ratios 1 2
Net profit per $100 of capital funds s
Interest and discount on loans per $100 of loans
Losses on loans per $100 of loans
Interest and dividends on investments per $100 of investments
Losses on investments per $100 of investments
Interest on time deposits per $100 of time
deposits
Total deposits per $1 of capital funds 5
3
Loans and investments per $1 of capital fimds
For footnotes, see p. 533.
$8.93 $4.14 $10. 00 $5.14 $7. 32 $2.64
4.09 4.16 4.49 4.57 3.46 3.49
2.02
1.09
2.11 2.00 2.16
1.65
2.38 2.51
2.59 2.76 2.70 2.91
.76
.58 1.37
1.18
1.07
.70
1.81
1.93
1.98
1.57
1.64
1.67
7.46 6.90 6.23
7.70 6.97 8.24
5 20
5.94
5.59
6.02 5.65 6.31
533
FEDERAL RESERVE BULLETIN
JUNE 1937
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DECEMBER 31, 1936 AND 1935
[ In thousands of dollarsl
Federal Reserve District
Boston
1936
1935
Xew York
1936
1935
Philadelphia
1936
1935
Cleveland
1936
1935
Richmond
1936
1935
Earnings:
i
Interest and discount
37, 814
135, 272
131,151
42, 736
44,192
47, 754
24, 775
39, 559
47, 403
23, 944
on loans
Interest and dividends
142, 491
28, 886
149, 720
51,448
18, 672
28, 373
47, 542
48, 670
45, 337
18,915
on investments
Interest on balances
26
174
423
34
127
124
142
65
with other banks
129
64
C o l l e c t i o n charges,
1,012
886
6, 993
6, 421
commissions, fees, etc.
89'
1, 351
1, 216
651
1,271
1,160
1,075
8, 140
8,197
361
312
Foreign department
969
387
375
45
34
6, 270
36, 352
41, 975
6,328
Trust department
5, 369
5,550
8,120
7, 250
2,253
1,922
Service charges on de3.185
9, 016
2,970
1,768
2, 756
8,109
1,849
posit accounts
1,717
2, 245
1,728
5. 240
/23,84
f7. 773
f6,188
f3, 022
Rent received
6, 294
6,21
22, 348
8,810
3,185
1,424
\ 7,022
i 1. 976
\
556
U.139
Other current earnings.
Total current earn84,932
84,635
355, 492 108,919
119,874
114.149
52, 508
50, 952
105,868
ings
Expenses:
Interest on deposits:
12, 459
14. 087
30, 697
37,187
22, 491
23, 069
20, 441
23, 014
9,879
10, 451
Time
108
56
2.118
1. 933
606
519
806
239
194
1, 537
Demand
271
574
102
295
362
414
101
381
585
385
Bank
12. 838
32, 992
14, 438
24, 256
21,461
10, 219
Total
39, 879
23, 595
24,936
10, 747
9, 492
6, 220
Salaries, officers
10,271
(10,521
38, 019
Salaries and wages, em23,120
110,116
25, 242
12, 917
26, 207
ployees (other than
13,954
[ 75, 875
15, 978
7, 659
officers)
17, 470 i
Fees paid to directors
and members of executive,discount,and
3
673
advisory committees.
1,594
1,092
534
Interest and discount
on borrowed money. 37
65
131
17
226
51
123
35
19
2,434
110,959
Real estate taxes
12,862
(2, 946
/1,106
4, 543
16,979
5,126
7, 046
2,704
3.018
\13, 893
Other taxes
13, 464
15,910
\ 1,933
15. 284
14,434
84,156
75,414
Other expenses
18, 736
17,500
21,093
17, 73'
9,017
7,:
Total current ex730
56,
600
242,
614
257,619
71.586
36,
498
penses
75. 961
73,915
34, 268
37, 12;
28. 03,5
112.878
34, 282
38,188
16, 01C
16, 684
Net earnings
Recoveries, profits on securities, etc.:
5, 343
Recoveries on loans
29, 361
38, 405
3, 551
3,592
3,409
2,693
2,163
3,703
5, 491
Recoveries on invest6,130
J 97, 342 \ 106,212
ments
15,054
2, 211
5, 818 \ 23,091 i 5,718
16, 546
11,199
13, 489
Profits on securities sold
(78, 799
19,848
12, 080
20,282
11,682
1,728
Allother
1,514
5,8r
1, 404
2,134
1,061
1,103
1,955
842
26, 690
220. 363
20,119
147.255
Total
30, 662
28. 749
33. 625
21,016
14,204
Losses and depreciation:
14, 581
12,978
74, 209
102.197
17,144
17,233
16,04
24, 99'
9,241
5, 377
On loans
9,108
11,728
42, 833
75, 028
11,542
10,732
18,336
21,346
9,414
9,080
On investments
On banking house, fur2,
693
2.26;
11,212
11,338
2,77;
4,245
2,
381
1, 582
3,
30£
1,443
niture and fixtures...
2,724
23, 641
18, 216
5, 43J
5,521
2,821
1,916
3, 609
1,728
7,027
All other
Total losses and de29, 991
preciation
206, 653
29, 695
36, 98;
56, 675
37, 642
39, 585
17,816
21, 965
23,901
18, 459
53, 48C
28, 679
6, 356
33,110
19,619
192, 882
16, 281
8, 923
Net profits
4
13,459
13,048
86,
543
12.41
18,
588
ll,38f
6.976
6, 058
17,77f
85,
986
Cash dividends declared _.
2
956,
782
4,
629,
752
4,
358,
243
940,
553
955,
25c
971,934
969,886
946,
817
475,061
461,
543
Loans
976,916
931, 861 6, 863, 250 6,161,410 1,373,817 1, 239, 447 1, 661, 253 1, 478, 598 662, 198 607,442
Investments 2
Loans and
invest1,933, 698 1,887,116 11,493,002 10,519,653 2,314,370 2,211,381 2,631,139 2,425,415 1,137, 259 1, 068, 986
ments 2
T i m e deposits 2_.
T o t a l deposits 2 .
C a p i t a l funds 2 5.
Atlanta
1936
1935
20, 534
20, 704
15,225
13, 643
84
2, 562
190
1,574
2, 313
197
1,340
1,815
(3,309
1 599
3, 691
45, 892
43, 536
6, 004
417
102
7, 020
427
113
6, 523
5,544
7, 560
1,562
11,951
7,134
256
49
/1,637
1
3
0
1, "
9, 449
67
2,832
8, 583
31,899
30, 993
J 3, 993
12, 543
1,711
1,063
2, 564
7,956
548
7, 950
12, 779
9, 464
5, 459
5, 462
7,021
4,995
1, 555
1, 353
1,076
1, 093
13, 829
14,185
12,943
5, 783
406, 872
533, 655
7,822
4, 973
413, 357
453, 242
451
866, 599
940, 52;
699,973
341, 544
709, 371 2,090, 665 2, 090, 761 1, 045, 852 1,019,45' 1, 265, 576 1,163,093 506, 465 484, 873 352,188
2,430,010 2, 277, 545 14, 073, 530 12, 630, 417 2, 733, 955 2,482,511 3, 206, 451 2, 799, 395 , 563, 680 1, 382, 989 1, 329, 586 1,137,927
376, 766 373,166 2,012,211 1,996, 552 488, 329 481,912
497, 879 481, 445 187, 366 181, 884 164, 260 158,669
1 The ratios are based upon data taken frcm the customary abstracts of reports of condition and of earnings and dividends. It should be borne
in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are
therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison
with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks
whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected
by these
changes.
2
Figures for loans, investments, deposits, and capital funds are averages of amounts from reports of condition for 4 call dates for 1936 and 5 call
dates for 1935. (December to December).
3 Not reported separately; included partly in "Salaries" and in "other expenses."
4
Includes interest on capital notes and debentures.
5
By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for
contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Prior
to July, 1932, reserves for dividends were also included in capital funds.
Back figures.—See BULLETIN for July 1936, pp. 522-524. For summary figures for the country as a whole, see Annual Report for 1935 (table 60).
534
FEDERAL RESERVE BULLETIN
JUNE 1937
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1936 AND 1935—Continued
[In thousands of dollars]
Federal Reserve District
Chicago
Earnings:
Interest and discount on
loans
Interest and dividends
on investments
Interest on balances with
other banks
Collection charges, commissions, fees, etc
Foreign department
Trust department
Service charges on deposit accounts
Rent received
Other current earnings.__
Total current earnings._
Expenses:
Interest on deposits:
Time
Demand
Bank
Total
Salaries, officers
Salaries and wages, employees (other than
officers)
Fees paid to directors and
members of executive,
discount, and advisory
committees
Interest and discount on
borrowed money
Real estate taxes
Other taxes
Other expenses
Total current expenses.
Net earnings
Recoveries, profits on securities, etc.:
Recoveries on loans
Recoveries on investments
Profits on securities sold.
Allother
Total..
Losses and depreciation:
On loans
On investments
On banking house, furniture and fixtures
Allother
Total losses and depreciation
Net profits
Cash dividends declared
Loans 2
Investments 2
3
For footnotes see p. 533.
Kansas City
San Francisco
Dallas
1936
1935
1936
1935
1936
1935
1936
1935
1936
1935
1936
1935
45, 423
43,184
18, 711
17, 709
13, 533
13,103
23, 503
21,155
23, 005
21, 593
80, 339
74, 722
63, 905
57, 361
16, 447
17, 471
13, 220
13, 357
16, 652
18,145
11,726
11,159
53, 658
52, 295
91
54
40
108
121
120
185
13
31
225
353
5,125
852
10, 390
1,804
43
1,263
1,677
35
1,317
3,019
70
2,947
65
987
1,737
14
1, 467
1,643
13
1,192
1,628
26
521
1,412
27
484
3,809
3,374
1,206
5,550
5,877
1,489
(2, 057
\ 1,405
1,331
1, 931
/3, 446
\ 379
1,759
2,482
3,066
/3, 922
\ 869
2,820
3,006
1,206
/ I , 633
1 622
1,153
9,528
3,844
5,016
/9, 261
\ 1,763
10, 868
143, 821
132,408
43, 273
42, 586
34, 497
34, 215
51, 350
49, 768
42, 675
40, 309
161, 008
152, 731
18, 956
902
92
20, 704
1,293
82
6,303
233
61
7,242
292
57
5,708
169
77
6, 591
160
141
4,580
411
5,519
564
127
3,096
417
12
3,847
462
20
33, 972
896
234
38, 337
1,676
214
19,950
14, 822
22, 079
6,597
5,445
7, 591
5, 954
f 5, 259
6, 892
5,059
6,210
3, 525
[6,523
4,329
35, 102
15,705
40, 227
5,314
905
11,412
6,318
8,758
1,717
37,876
11,107
6,341
26, 204
21
2,472
7,195
\ 1,660
6,891
29,126
25, 728
13,325
13, 460
2,375
24, 288
90, 976
29,948
46, 297
41, 432
17,496
11, 698
97, 524
6,670
414
199
3
2,683
63
27, 324
(5,826
7,580
6,617
/ I , 251
\2,069
10,895
10,043
26
/ I , 653
\1,816
8, 621
25,815
34, 796
33, 389
28,189
8, 769
8,400
16, 554
16, 379
14,486
13, 5
2,615
3,34J
3,482
3,547
3,035
4,278
12, 279
/2, 956
\4, 748
938
7,148
11,98'
550
18, 659
33,133
3,622
28,518
3,858
/4, 085
\7, 573
671
72, 910
44, 074
14, 704
28, 969
14, 942
27, 840
19, 270
3, 67!
4,9i:
6,698
9,358
4,646
9, 729
3, 073
4,282
1,134
1, 790
58, 286
54, 465
60,921
12,116
31,041
1,127,378 1, 028, 626
2, 787, 017 2, 354, 313
13
2,620
12
7,717
28
14, 258
\4, 647
28, 043
27, 245
26, 714
115, 521
114,473
45, 487
38, 258
3,027
6,978
5,971
4,304
738
29, 594
2, 633
12, 614
13, 233
40, 642
36, 531
8,919
6,803
5,671
4, 023
7,864
5,073
25, 761
8, 618
21, 583
11,881
1, 72£
1,648
1,666
2,113
1,687
1, 85S
1, 363
1,964
4,202
7, 313
3, 803
14, 465
12, 613
19, 501
13, 240
16, 264
45, 894
46, 053
5,529
4,111
16, 949
7,804
11,133
4,950
13, 860
6,03!
10, 564
5,355
40, 235
20,165
28, 736
18, 390
290. 454
448, 705
280, 384
427, 835
406, 474
631,091
366, 41
608, 638
355, 554
407, 482
338,790 1, 584,151 1,485,430
1, 713, 270
381,193 1,
739,159
708, 219 1,037, 565
975,051
763,036
719,983 3, 470, 636 3,198, 700
10, 458
762
14, 939
786
11,594
13, 008
14, 255
4, 026
5,359
5,533
4, 446
4,794
1, 003
1,69'
1, 276
1,059
857
1, 086
11,509
18, 756
11, 720
16, 520
5,417
10,216
4,255
9, 036
3,922
400, 912
607,141
378, 352
556, 058
3,382,939 1,008,053
934,410
15, 5
36
/ 9,000
\22, 476
3,195
/3, 224
\5, 375
862
618
4, 363
40,011
11,605
14, 503
9,813
206
204
/1,238
U,741
8,132
51
2,739
5,717
27, 580
4,615
7,f"
4,868
250
461
Loans and investments1 3,914,395
T i m e deposits 2_.
T o t a l deposits 2 .
Capital funds 2 5.
Minneapolis
St. Louis
1, 375, 680 1, 219, 969 366, 316 349, 225 354, 918
5, 420, 515 4,611,951 1, 361, 068 1, 209, 970 1, 002, 510
496. 278 475, 608 151,474 147. 850 113.347
3,51'
8,978
343, 939 313,924 310,826 199,141 195, 838 2,089, 796 1, 952, 530
:, 160, 310 3, 699, 281
932, 536 1, 653, 524 1, 485, 726 1,194, 491 1,044,
114,811
159,983 154,969 147, 367 143, 334 414. 226 408. 278
535
FEDERAL RESERVE BULLETIN
JUNE 1937
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL MEMBER BANKS BY DISTRICTS, YEARS ENDED DEC. 31, 1936 AND 1935—Continued
Federal Reserve District
New York
Boston
Amounts per $100 of loans and investments:
Interest earned
Other earnings...
_ _.
Cleveland
Richmond
Atlanta
1936
1935
1936
1935
1936
1935
1936
1935
1936
1935
1936
$3. 45
.94
$3. 60
.88
$2. 48
.84
$2. 61
.77
$3. 91
.80
$4.05
.74
$3.78
.78
$3.97
.74
$3. 83
.79
$4. 02
.75
$3. 81
1.07
$3. 97
1.05
4. 39
4.48
3.33
3.38
4.71
4.79
4.56
4.71
4.62
4.77
4.88
5.02
.93
/.441
1- 69/
.05
1.07
.92
(.401
\.66f
.02
1.03
.90
/ . 551
1.01
I 67/
1.21
.03
3
.29
.74
.69
/. 591
•76/
.03
.01
(.171
1.14/
1.00
1935
12
_ ___
Total current earnings
Interest on deposits
Salaries, officers
_
_ ___
Salaries, employees
Fees paid to directors, etc
Interest and discount on borrowed monev
Real estate taxes
Other taxes
.__
_ ________
All other expenses
...
_ __ . .
.66
. 491
.72''
.03
1.23
3
.29
(.331
.66
.01
.38
1.05
3
1.14
3
1.08
3
.
Other ratios: 1 2
Net profit per $100 of capital funds 6
Interest and discount on loans per $.100 of loans
Losses on loans per $100 of loans
Interest and dividends on investments per $100 of
investments .
_ .
Losses on investments per $100 of investments
Interest on time deposits per $100 of time deposits..
Total deposits per $1 of capital funds 5 . ___ ___ .
(. 10;
/. 10\
.87
1.38
3
.01
.16
.72
/. 121
1.15'
.81
.23
.76
I 12;
.73
.79
/•HI
1.22,'
.80'
2. 99
3. 00
2.24
2.31
3.19
3. 24
3. 14
3.13
3.21
3.21
3.39
3. 58
1.38
1.55
1.48
1.07
1.57
1.08
1.92
1.32
1.07
1. 40
1.96
1.51
1.32
1.60
1.55
1.30
2.56
1.41
1.28
1.43
1.58
.87
1.63
1.41
1.59
1. 57
1.56
1.33
2.05
1.49
1. 36
1.47
1.44
1.09
1.64
1.24
.98
1.68
.51
1.24
.29
1.26
.81
1.43
.83
1.38
.90
6. 34
3. 95
1.52
4. 95
4.14
1.36
9.59
2.92
1.60
2.68
3.01
2.34
5.87
4.54
1.83
1.32
4.55
2.57
6. 65
4.92
1.77
4.08
5. 01
1.69
8. 69
5.22
1.13
4.91
5.19
2.00
7.88
5. 05
1.34
4.93
5.01
1.70
2.96
. 93
1.78
5 13
6.45
3.04
1.26
1.99
5. 06
6. 10
2. 18
.62
1.47
5. 71
6. 99
2.31
1.22
1.78
5.27
6.33
3.46
.84
1.95
4.74
5.60
3. 66
1.72
2.21
4.59
5.15
3.10
.65
1.82
5. 28
6.44
3.29
1.24
1. 98
5. 04
5.81
2.82
1.37
1.95
6. 07
8.35
3.11
1. 55
2. 16
5.88
7.60
2. 85
1.02
1.70
5. 73
8.09
3.01
1.10
2.06
5.46
7.17
. 131
.16'
.79
Net earnings
Recoveries, profit on securities, etc
Losses and depreciation
.
.77
01
Total current expenses
Net profit.
Philadelphia
.24
St. Louis
Chicago
Minneapolis
.25
.73
Kansas City
.33
.99
San Francisco
Dallas
1936
1935
1936
1935
1936
1935
1936
1935
1936
1935
1936
$2 79
.88
$2 97
.94
$3 49
.80
$3 77
.79
$3 63
1.03
$3 75
1.08
$3 88
1.07
$4 05
1. 05
$4 55
1.04
$4 55
1.05
$3 87
.77
$ 398
3.67
3.91
4.29
4.56
4.67
4.83
4.95
5.10
5.59
5.60
4.64
4.77
.49
/.741
1.73/
.02
.63
.46
/.851
1.76/
.03
.60
1.61
1.01
1.451
179/
.01
1.26
1.49
.22
1935
Amounts per $100 of loans and investments: ] 2
Other earnings
.
Total current earnings
___ -
_. _.. _.
.
Interest on deposits..
...
Salaries—officers
Salaries-—employees
Fees paid to directors, etc.. ___
Interest and discount on borrowed money
Real estate taxes
Other taxes
__
All other expenses
Total current expenses._
_._
.51
. 381
. 67 .'
.01'
Net earnings
Recoveries, profits on securities, etc.
Losses and depreciation
Net profit
-_.
. . .
Other ratios: 12
Net profit per $100 of capital funds 5
Interest and discount on loans per $100 of loans...
Losses on loans per $100 of loans
Interest and dividends on investments per $100 of
investment...
. . . _ _ __
Losses on investments per $100 of investments
Interest on time deposits per $100 of time deposits.
_
Loans and investments per $1 of capital5 funds 5
Total deposits per $1 of capital funds
_
For footnotes see p. 533.
.65
.81
.81
.97
1.63/
1.19
{•711
1.39
3
.02
02
(.121
3
\. 66;
.03
3
3
.93
1.25
3
01
.42
/. 121
1.03
(.221
1.24;
1.13
1.07
.81
.85
06
(.121
\ . 20;
1.05
3
.77
/.121
\ . 22/
.93
2.97
3.12
3.48
3.64
3.35
3.42
3.69
3.71
3.33
3.58
1 22
1.30
1.61
1 32
1.46
1.14
1 44
1.66
2.01
1 19
1.62
1.59
1 19
1.64
2.04
1 60
1.25
1.22
1 68
1.46
2.00
1 90
1.65
1.74
1 89
1.84
2.26
1 31
1.17
1.32
1.19
1.14
1.44
1. 56
.92
1.64
1.09
1.22
.78
1.63
1. 14
1.82
1.47
1.16
.90
12. 28
4.03
2.57
6.53
4.20
2.71
10.91
4.67
.92
6.91
4.68
1.77
7.97
4.66
1.39
4.82
4.67
2.49
10.59
5.78
1.09
7.18
5.77
2.43
9.41
6.47
1.59
7.37
6.37
2.32
9.71
5.07
1.63
7.04
5.03
1.45
2.29
.54
1.38
7.89
10. 92
2.44
.82
1.70
7.11
9.70
2.71
.81
1.72
6. 65
8.99
3.14
1.68
2.07
6.32
8.18
2.95
1.19
1.61
6.52
8.84
3.12
1.29
1.92
6.17
8. 12
2.64
.76
1.46
6.49
10.34
2.98
1.12
1.78
6.29
9.59
2.88
.99
1.55
5.18
8.11
2.93
1.33
1.96
5.02
7.29
2.84
.46
1.63
8.38
10.04
3.05
.69
1.96
7.83
9.06
.071
.15.'
.70
_
.65
1.12
.79
.20
.72
1.17/
.81
2.49
2.69
1 18
1.86
1.49
.29
.35
.27
1.13/
536
FEDERAL RESERVE BULLETIN
JUNE
1937
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
NATIONAL AND STATE MEMBER BANKS, BY SIX-MONTH PERIODS DURING 1936
[ Amounts in thousands of dollars]
All m e m b e r b a n k s
National member banks
State member banks
F i r s t half
of 1936
Second half
of 1936
F i r s t half
of 1936
Second half
of 1936
First half
253, 059
235, 227
596
15,021
4,533
41,470
19, 247
38,185
9, 226
260, 340
251, 874
611
16, 376
7. 632
46, 827
20,168
40, 271
10, 245
171, 729
158,092
443
10, 575
2, 591
14. 719
13, 408
23, 280
6,100
175, 222
167, 680
462
11, 592
5,066
16,993
14, 059
24, 873
6,943
81,330
77,135
153
4,446
1,942
26,751
5,839
14, 905
3,126
85,118
84,194
149
4,784
2, 566
29, 834
6,109
15, 398
3,302
616, 564
654. 344
400, 937
422,890
215, 627
231, 454
88, 210
3,706
1,101
86, 954
3, 431
1,074
63, 774
2, 657
722
62, 401
2,487
703
24, 436
1,049
379
24, 553
944
371
93,017
66, 514
105,043
91, 459
68, 987
111,170
67,153
44, 330
63, 397
65,591
46, 218
67, 496
25. 864
22,184
41, 646
25, 868
22, 769
43, 674
3, 020
295
17 032
21, 984
122, 980
3,249
318
16,938
25,191
124,917
2,090
117
10, 731
12, 705
77, 338
2,308
148
10,830
15, 236
78, 643
930
178
6,301
9,279
45,642
941
170
6,108
9,955
46, 274
429, 885
442, 229
277, 861
286, 470
152, 024
155, 759
Net earnings
186, 679
212,115
123,076
136,420
63, 603
75, 695
Recoveries, profits on securities etc.:
Recoveries on loans
Recoveries on investments
Profits on securities sold —
All other.
43 965
84, 931
115,729
8,987
50, 282
75,387
114,969
13, 821
32. 639
67, 932
78, 919
4,869
36, 876
52, 722
78, 972
7,318
11,326
16, 999
36, 810
4,118
13. 406
22, 665
35,997
6,503
253, 612
254,459
184, 359
175, 888
69, 253
78, 571
100,
65
15,
34,
297
315
582
950
106, 251
66,091
23,139
29, 923
76,154
44, 979
10, 624
16, 425
78,158
46, 956
15, 792
17,085
24,143
20,336
4,958
18, 525
28,093
19,135
7,347
12, 838
216,144
225,404
148,182
157,991
67,962
67, 413
224,147
95. 289
241,170
103, 374
159,253
57, 838
154,317
63, 517
64, 894
37,451
86, 853
39, 857
40 705 564
5, 235. 367
31,825
147, 823
42, 885, 326
5,275,179
31, 880
149, 422
26,152,801
3,159,252
24, 302
92, 431
27, 555, 856
3,164,624
24, 218
93, 565
14, 552, 763
2,076,115
7,523
55, 392
15, 329, 470
2,110, 555
7,662
55,857
6,400
6,376
5, 368
5,325
1,032
1,051
Earnings:
Interest and discount on loans._. . .
Interest and dividends on investments
Interest on balances with other banks
Collection charges commissions fees etc
Foreign department
Trust department .
_
Service charges on deposit accounts
Rent received . .
_ •
Other current earnings
. .
.
Total current earnings
Expenses:
Interest on deposits:
Time
Demand
Bank
...
Total
Salaries, officers
._
Salaries and wages, employees (other than officers)
..
Fees paid to directors and members of executive, discount, and
advisory committees
Interest and discount on borrowed monev .
Real estate taxes
Other taxes _.. _
.
Other expenses
Total current expenses.
Total...
Losses and depreciation:
On loans
On investments
On banking house, furniture and fixtures
Allother
Total losses and depreciation
Net profits
Cash dividends declared l
Total deposits at end of period
Capital funds at end of period
Number of officers at end of period .
Number of employees (full and part time) at end of period
Number of banks at end of period
1
Includes interest on capital notes and debentures.
.
of 1936
'
Second half
of 1936
537
FEDERAL RESERVE BULLETIN
JUNE 1937
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
EARNINGS, EXPENSES, AND DIVIDENDS OF STATE BANK MEMBERS DURING 1936, BY SIZE OF
BANKS1
[In thousands of dollars]
B anks operating throughout entire year, with deposits on Dec. 31, 1936 of
Banks
Total,
operall
ating
State
less
$5,
000,001
$1,000,001
$2,000,001
$500,001
$100,000
$100,001
$750,
001
$250,
001
Bank
$50,000,001 t h a n
and
to
to
to
to
to
to
to
members 2
under $250,000 $500, 000 $750,000 $1,000,000 $2,000, 000 $5, 000,000 $50,000,000 and over 1 years
Earnings:
Interest and discount on loans__
Interest and dividends on investments
Interest on balances with other
banks
Collection charges, commissions, fees, etc
Foreign department
Trust department
Service charges on deposit accounts
Rent received
Other current earnings
Total current earnings
Expenses:
Interest on deposits:
Time
Demand
Bank
._.
Total
S a 1 ar ies—offi cers
Salaries and wTaeres—employees
(other than officers)
Fees paid to directors and members of executive, discount,
and advisory committees . . .
Interest and discount on borrowed money
Real estate taxes
Other taxes._ _..
. . . _.
Other expenses
Total current expenses
Net earnings
._
Recoveries, profits on securities, etc.:
Recoveries on loans
Recoveries on investments
Profits on securities sold
Allother
Total
Losses and depreciation:
On loans _.
.
On investments
On banking house, furniture
and fixtures
Allother
Total losses and depreciation
N e t profits
Cash dividends declared 4
166,453
34
433
1,809
1,994
1,402
5, 264
11,367
43,538
100, 037
575
161 335
5
121
679
1 060
787
3 335
7 771
33, 573
113 124
880
3
5
5
11
16
65
202
9,231
4, 504
56, 581
3
56
1
177
180
92
344
5
8
21
194
728
54
662
1,997
213
8,041
5, 624
4, 236
45, 920
1,730
11 954
30, 300
6,429
2
30
15
9
148
121
41
162
137
50
127
141
25
435
484
141
1,163
1,375
412
4, 298
8, 385
2,164
5 515
19, 565
3,569
74
77
18
447, 094
44
665
2,983
3,596
2, 600
10, 208
23, 548
102, 274
297, 792
3,384
48 991
1,988
751
1
71
6
459
22
1
677
25
3
547
19
2,159
78
4
4, 976
124
19
17,812
702
270
22, 033
1,006
453
256
6
1
51,730
44 958
1
17
77
201
482
721
705
701
566
470
2,241
1, 638
5,119
2,742
18, 784
10, 989
23,492
26, 945
263
534
85 329
28
193
253
221
1,123
3,024
17, 587
62,155
745
1, 866
3
25
36
20
100
167
597
896
22
1
95
110
634
5
70
92
457
15
275
291
1,760
134
663
867
4,420
163
3,807
3, 053
20, 362
15
7, 364
14,516
62,996
36
180
600
307
30
342
12,408
19 242
91,915
2
2
9
14
32
133
9
82
99
544
307, 790
31
488
2,155
2, 535
1,901
7,443
17,136
75, 342
198, 379
2,380
139,304
13
177
828
1,061
699
2, 765
6,412
26, 932
99, 413
1,004
24,740
39,663
72, 808
10,610
9
1
1
41
8
54
9
163
97
213
33
215
146
368
55
117
97
301
44
397
507
1, 479
208
998
1,062
3,499
492
6,370
9, 254
14,987
3, 586
16, 383
28, 375
51,513
6,161
47
116
394
21
147.821
11
112
506
784
559
2,591
6,051
34,197
102, 432
578
52,231
39, 473
8
61
7
278
102
364
148
239
150
1,098
623
2,648
1, 596
14,832
11,053
32, 549
25, 668
154
126
12 320
31,372
2
6
27
20
122
106
113
130
86
123
363
436
694
1,016
2,980
7,248
7,891
22,131
42
156
135,396
16
115
608
755
598
2, 520
5, 954
36,113
88, 239
478
151,729
8
174
726
1,090
660
2, 836
6, 509
25,016
113,606
1,104
2, 353
11, 091
61, 170
713
534,017 2,687,107 11,603,173
' 2, 016
2,880
793
62, 540
176
77, 337
6
74
315
358
267
990
Total deposits on Dec. 31, 1936
15,343,276
N u m b e r of officers on Dec. 31, 1936..
7, 662
N u m b e r of employees (full and part
time) on Dec. 31, 1936
55, 857
533
12
12. 261
144
63, 030
427
79.634
372
63, 039
229
237, 942
613
1
65
297
328
257
1,006
2,441
12, 805
38, 043
614
7
67
170
128
73
166
170
189
48
42
N u m b e r of banks reporting during
the year ended Dec. 31, 1936
1,060
1 Corresponding figures for 1935 appear in the 1936 July BULLETIN, p. 528. Due to corrections received after publication the total number of
employees as shown in that statement should be 52,833 instead of 52,670, and the number of employees at banks with deposits of $50,000,000 and
over should be 35,508 instead of 35,345.
2 Figures differ slightly from those shown at p. 304 of the April BULLETIN due to minor adjustments.
3
Includes 2 banks having no deposits but operating throughout entire year.
4
Includes interest on capital notes and debentures.
538
FEDERAL RESERVE BULLETIN
JUNE 1937
ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES,
JUNE 30, 1932, TO MARCH 31, 1937
[Amounts in thousands of dollars]
1932
J u n e 30
1933 i
June 30
1934
March 5
1935
March 4
1936
March 4
1936
Dec. 31
1937
M a r c h 31
ASSETS
Loans (including overdrafts)
16, 587,185 12, 858, 099 12, 705, 759 11, 953,152 12,098,516 13, 359, 853 13, 699, 294
United States Government direct obligations
6, 887,123 8, 667,064 9,820,993 10, 564, 400 11,639,486 10,856, 351
5,627, 854
Securities fully guaranteed by United States Government.
180, 888 1,199, 664 1, 879, 722 1, 905, 718 1, 861, 336
Other securities
4, 994, 500 5, 297, 641 5, 745, 350 6, 094, 627 6,108,022
5, 785, 764 5,041,149
Total loans and investments
28,000,803 24,786,371 26,548,211 28,271,450 30,287,988 32,999,684 32,525,003
Customers' liability on account of acceptances
424, 263
458, 952
202, 067
395, 503
217, 545
167, 534
179,414
Banking house, furniture, and fixtures
982, 036
1,166,233
981, 712
982, 606 1, 003, 788
998, 653
981, 975
Other real estate owned
227,074
233,014
290, 329
368, 868
324, 369
371,344
367, 486
Reserve with Federal Reserve banks
1, 997, 656 2, 235,179
3,148,124
4,517,625
5, 784, 077 6, 571, 694 6,613,340
Cash in vault
404, 502
478, 224
486, 086
662, 310
534, 293
623, 518
697, 380
Balances with private banks and American branches of
foreign banks
•
27, 314
38, 070
35, 645
Demand balances with
banks in New York City
954, 090 1,416,791
590, 880
826, 636
1,676,670
1, 599, 810 1, 263, 080
Demand balances wTith other domestic banks
1,139, 890
1,181, 582
1, 849, 269 2,136, 395
1,349,359
2, 318, 810 2,049, 439
2
2
Time balances with other domestic banks
105, 539
120, 334
72, 520
119,033
112,192
Balances with banks in foreign countries
52, 641
101,070
135,190
108, 070
111,282
56, 429
55, 480
Due from own foreign branches
3,787
91, 549
106,041
3,000
14,209
98, 053
38, 083
Cash items in process of collection
1,
973,
621
f
1,718,306
2,
533,
275
1, 337,138
1, 485, 343 1,158,995
1, 474, 792
Cash items not in process of collection
9,857
10,052
12,919
Redemption fund and due from United States Treasurer.
32, 548
37, 261
40, 674
32,
620
Acceptances of other banks and bills sold with indorsement
24, 741
55, 022
11,087
2,602
7,948
7.221
10, 578
Securities borrowed
11,664
1.065
6,099
6,654
2,009
720
589
Other assets
216, 388
215,834
258, 612
227, 820
327, 397
241, 688
227,193
Total assets..
35,911,061
33, 046, 780 35, 925, 284 40, 268,157
17,199,780
11,890,163
387, 463
1,313,569
2, 870,029
172, 383
17,583,067 19,864,013 24,008,376 28,021,554 31,896,215 29,950,160
11,830,246 12, 251, 863 14,872,114 17, 927,045 20, 970. 304 20,084,779
414, 722
806, 297 1, 790, 401 1, 269, 713
881, 961
599, 587
2, 564, 303
1, 087, 329 1, 424, 731 1, 861, 412 2,173, 455 2, 329,180
3, 056, 527 3, 675, 699 5, 095, 059 6,148,144
6, 401, 831 5, 751, 796
169, 424
145, 750
457, 911
431, 808
394, 026
172, 768
44, 240, 698 48,718,333
47, 066, 564
LIABILITIES
Demand deposits—Total
Individuals, partnerships, and corporations
United States Government
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits—Total
Individuals, partnerships, and corporations:
Evidenced by savings pass books
Certificates of deposit
Open accounts
Christmas savings and similar accounts
Postal savings
States, counties, and municipalities
Banks in United States
Banks in foreign countries
566,173
10,636,021
|
7,491,268
1, 349, 514
772,363
609, 746
336, 929
69, 525
6,676
Total deposits
37,835,801
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments.._
Due to own foreign branches
National bank notes outstanding.
Agreements to repurchase securities sold
Bills payable and rediscounts
Acceptances of other banks and bills sold with indorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks_.
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid. _Dividends declared but not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures
Other liabilities
Capital notes and debentures
...
Capital stock
Surplus
_..
Undivided profits—net
Reserves for contingencies«
Retirement fund for preferred stock and capital notes and
debentures
Total liabilities (including capital account).
Net demand deposits
Demand deposits—adjusted
Number of banks
1
2
3
4
6
6
7
7
656,918
8,980,860
548, 551
9,416,145
6,127,412
1, 037, 747
3 578,812
58, 656
788, 492
299, 659
89, 084
998
6, 746, 532
879, 665
4 595, 249
36,162
754, 595
304, 926
91, 846
7,170
26,563,927
740, 654
779, 297
881,131
10,045,297 10,451,894 10,989,111
7, 745, 809
884, 424
533,198
39, 708
399,113
290, 033
145,105
7,907
8, 309, 030
833, 941
596,197
44, 548
167,114
343, 873
151,833
5, 358
8, 991, 216
765, 315
647, 498
25, 319
104,369
296, 229
153, 372
5, 793
676, 649
11,164,318
9,105, 389
758, 293
712,380
63, 082
97, 371
268, 739
152, 766
29,280,158 34,053,673 38,473,448 42,885,326 41,114,478
2, 817, 942
4, 016, 730 3,312,720 2, 773, 520 3,181,586
25, 263, 428 30, 740, 953 35, 699, 928 39, 703, 740 38, 296, 536
28,186
648,906
62,983
815,123
55,022
483, 064
6,912
11, 664
109, 927
23, 529
727,110
14, 244
191, 228
7,948
434, 997
7,302
6,654
67, 111
44, 667
786, 514
10,193
90,941
24, 741
413,794
10, 441
6,099
88, 330
957
623, 585
8,130
16, 553
2,602
225, 000
10,166
2,009
79, 444
70, 831
63, 968
84,142
13,493
10, 776
7,221
164, 302
19, 280
720
81, 244
1,810
15, 325
10, 578
173, 572
27, 915
589
79, 523
5,873
17, 740
11,087
200, 864
25, 225
1,065
98, 510
192, 553
165, 648
2, 440, 467
2, 366, 239
510, 696
343, 518
2, 220, 330
1, 847, 462
373, 258
396, 032
163, 544
125, 673
2,378,117
1, 724, 409
376, 282
401, 381
12, 674
126, 055
119,077
2, 560, 582
1, 654, 606
419, 272
351, 586
16,830
200, 328
109, 827
2, 511, 884
1, 721, 348
493,141
339, 405
45, 431
139,117
74, 432
2, 379, 408
1, 936, 370
560, 324
309, 817
33, 216
149,689
71, 057
2, 383, 209
1,952, 805
580,907
325,125
2,186
35,911,061
6,620
33, 046, 780 35, 925, 284 40, 268,157 44, 240, e
14, 481, 998 14,156, 304
12,432, 767 12,089,150
6,980
5,606
14, 828
11,572
48, 718. 333 47, 066, 564
15, 582, 434 19, 508, 098 22, 498, 578 25,449,917 24, 668, 338
13,066,150 15,999,388 19,161,491 21, 647,340 21,352,110
6,422
6,206
6,377
6,376
6,367
Beginning with 1933, figures relate to license banks only.
Included in " Other Assets."
Includes $33,418,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise.
Includes $34,030,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise.
Not reported separately.
Included in "undivided profits."
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935
less cash items reported on hand but not in process of collection.
539
FEDERAL RESERVE BULLETIN
J U N E 1937
ALL MEMBER BANKS—CONDITION ON MARCH 31, 1937, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All
member
banks
All
national
member
banks
All
State
member
banks
Central reserve city
member banks
New York
Reserve
city
member
banks
Country
member
banks
Chicago
ASSETS
13, 699, 294 8, 459, 550
Loans (including overdrafts)
10, 856, 351 6, 802, 590
United States Government direct obligations
Securities fully guaranteed b y United States Government- 1, 861, 336 1, 350, 087
6,108, 022 4,069,919
Other securities
32,525,003 20,682,146
Total loans and investments
202, 067
101,855
Customers' liability on account of acceptances
981,712
634, 618
Banking house, furniture, and fixtures
368, 868
175, 044
Other real estate owned
6, 613, 340 3,918,035
Reserve with Federal Reserve banks
662, 310
479, 849
Cash in vault
Balances with private banks and American branches of
27,314
17,030
foreign banks
1,263,080
932, 832
Demand balances with banks in New York City
2, 049, 439 1, 619, 322
Demand balances with other domestic banks
105, 539
80, 841
Time balances with other domestic banks
52, 641
28, 510
Balances with banks in foreign countries
3,787
3,787
Due from own foreign branches
1, 973, 621 1,187, 730
Cash items in process of collection
9, 857
Cash items not in process of collection
7,158
11,087
7,014
Acceptances of other banks and bills sold with indorsement
1,065
368
Securities borrowed
116,842
215, 834
Other assets
5, 239, 744
4,053, 761
511,249
2, 038,103
11,842,857
100, 212
347,094
193, 824
2, 695, 305
182, 461
3, 960, 709
3, 356, 274
472, 658
1,311,407
9,101,048
141, 822
229, 864
31, 283
2,718,967
56, 206
648, 572
852, 796
93, 935
272,899
1,868,202
8,919
22,386
6,617
481, 871
20, 858
4. 886,185
4, 250, 404
669,090
1, 805, 207
11,610,886
47, 729
339, 621
144, 909
2,108,118
263, 818
4, 203, 828
2, 396, 877
625. 653
2, 718, 509
9,944,867
3,597
389. 841
186,059
1, 304, 384
321, 428
10, 284
330,248
430,117
24, 698
24,131
1,932
66, 959
54,460
39
32, 226
3, 552
66, 769
21, 626
1,060
1,487
2, 957
492, 393
1,132, 944
55, 844
2,597
785,891
2,699
4,073
697
98,992
853, 318
901
114,012
368
64
18, 873
636, 959
840, 409
48, 596
16, 331
3,787
763, 953
3, 503
1,202
66,173
25, 278
29, 992,981
17,073, 583
13, 364, 696
2, 643,069
16, 918, 205 14,140, 594
11,283,453 10,623,203
7, 969, 379 7, 237,178
129,261
125,023
313, 639
652, 383
2, 008,125 2,170, 603
418, 714
223, 679
1,939,250
1,001, 407
96,136
202, 878
595, 746
5,088
10,633,593
6, 833, 037
132,370
935,034
2, 545, 823
32,304
6,754,114
5, 013,157
56,955
1,112, 752
439, 624
1,805
Total assets..
47,066, 564
19, 511
242, 338
5,085
323
1,065
54,872
LIABILITIES
Demand deposits—Total
Individuals, partnerships, and corporations
United States Government
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
29,950,160 18,666,707
20,084, 779 12,115, 400
289, 699
414,722
2, 564, 303 1,911,920
3, 743, 671
5,751,796
234, 232
457, 911
676, 649
11,164,318
371, 785
7,798,852
304, 864
3,365,466
353, 808
776,956
37, 995
440,207
155,025
4,411,269
129, 821
5,535,886
9,105,389
758, 293
712,380
63,082
97, 371
268, 739
152, 766
6,298
6, 395, 689
595, 973
345, 260
41,348
85, 712
202, 514
127, 487
4,869
2, 709, 700
162,320
367,120
21, 734
11, 659
66, 225
25. 279
1,429
356, 732
27, 485
371,093
3,098
375, 916
31, 235
29, 980
3,057
3,621,743
171,803
249, 659
20,327
33, 807
175, 609
136,523
1,798
4, 750, 998
527, 770
61, 648
36, 600
63, 564
79,088
16, 218
41,114,478
2, 817, 942
Secured b y pledge of loans a n d / o r investments
Not secured b y pledge of loans a n d / o r investments.__ 38, 296, 536
26,465,559
2,128,912
24, 336, 647
14,648,919 11,400,159
438, 909
689, 030
13, 959, 889 10, 961, 250
2,379,457
276, 082
2,103, 375
15,044,862
1.230,870
13,813,992
84,142
5,873
17, 740
11, 087
200, 864
25, 225
1, 065
98, 510
67,155
751
12, 267
7,014
104, 229
14,210
368
59, 699
16, 987
5,122
5 473
4,073
96, 635
11,015
697
38,811
84,142
2,729
1, 250
9,498
143, 665
15,139
1 000
64
8,392
928
22, 220
10, 219
42, 394
10, 865
323
2, 554
1,072
1,065
23, 677
33, 216
149, 689
71, 057
2, 383, 209
1, 952, 805
580, 907
325,125
19, 375
51,422
13, 841
98, 267
71,057
800, 912
895, 564
195.643
167, 693
17, 228
77, 865
625
563, 690
795, 707
133, 661
96, 917
1,287
3,608
225
125,850
61, 230
19, 063
31, 728
11,016
36, 028
31,152
768, 343
588, 291
202, 225
128, 220
3,685
32,188
39,055
925, 326
507, 577
225, 958
68,260
2,874
Time deposits—Total
Individuals, partnerships, and corporations:
Evidenced b y savings pass books
Certificates of deposit
Open accounts
Christmas savings and similar accounts
Postal savings
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Total deposits
Due to own foreign branches
Agreements to repurchase securities sold
Bills payable and rediscounts
Acceptances of other banks and bills sold with indorsement
Acceptances executed for customers
Acceptances executed b y other banks for reporting b a n k s .
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Dividends declared b u t not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures
Other liabilities
Capital notes and debentures
Capital stock
Surplus
Undivided profits—net
Reserves for contingencies
Retirement fund for preferred stock and capital notes and
debentures
Total liabilities (including capital account).
Net demand deposits
Demand deposits—adjusted7
Number of banks
For footnotes, see p. 538.
1, 582, 297
1, 057, 241
385, 264
157, 432
11,572
8,698
47, 066, 564
29,992, 981
24, 668, 338
21,352,110
6,367
14, 929. 468
13, 211. 375
5,305
14, 038
10
4,500
2,316
4, 625
1,202
46, 253
12,290,000
872,081
11,417,919
201
18
3,192
17, 073, 583 13, 364, 696
2, 643, 069
16,918,205
14,140, 594
9, 648, 466
7,051,307
37
1,736,950
1,128, 268
12
8,393,179
7,159,143
338
4, 889, 743
6, 013, 392
5,980
9, 738, 870
8,140, 735
1, 062
8,161
540
FEDERAL RESERVE BULLETIN
JUNE 1937
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
The seventh annual report of the Bank for of restrictive measures must inevitably be
International Settlements, covering the year applied, whereas in its opinion the only sound
ending March 31, 1937, was submitted by policy was that which ensured freedom of
Mr. L. J. A. Trip, president of the Bank, to action and, by allowing active economic forces
the general annual meeting of shareholders to operate with maximum facility, enabled
on May 3, 1937. Sections of the report are normal relations to be resumed with other
countries. The Financial Committee to which
given herewith:1
the report was submitted recorded its general
EXCHANGE RATES, PRICE MOVEMENTS AND agreement with the conclusions and stated
that the experience of recent years had clearly
FOREIGN TRADE
demonstrated that there are limits to the extent to which a stable internal equilibrium is
EXCHANGE RATES
attainable by a process of deflation (reducIn the course of 1935 a fair measure of sta- tion
of costs).
bility in the world's exchange position was
As
became known later—the secret having
achieved after the period of great pressure
to which first the British and then several been well kept—the French Government had
continental markets were exposed in the first for some time been discussing with the Govhalf of that year. In fact, after the devalua- ernments of the United States and the United
tion of the Belgian currency on April 1 and Kingdom the arrangements to be made in
the Danzig currency on May 2, 1935, thecase of a change in the value of the French
exchange rates of all European and practi- franc, and on September 25, 1936, five years
cally all extra-European currency moved and four days after the suspension of the
within very narrow limits for more than a gold standard by Great Britain in 1931, the
year. The underlying position was however French Government made known its decision
beset with great difficulties and monetary to propose to its Parliament a readjustment
confidence had not then been restored inter- of the value of the franc. This announcement was made in a declaration, which will
nationally.
found in Annex VII together with the
In 1936 the situation in France was affected be
simultaneous
made by the Britby the political changes consequent upon the ish and Uniteddeclarations
Governments, embodyelections in May. The outward movement of ing the so-calledStates
Tripartite Agreement.
funds from the French market, which had
gone on intermittently since 1933, began The most important point to retain from
again to assume large proportions and, after these declarations is that the readjustment
a respite in the summer of 1936, attained in of the French franc was welcomed by the
September a very high figure. These losses, other two governments; it was regarded by
added to previous reductions in the gold re- them not as a setback to collaboration but as
serves, led to an intense discussion about pos- a means of establishing more solid foundasible devaluation both among the public and tions for the stability of international ecoby expert bodies. The Report of the Economic nomic relations. In conformity with the
Committee of the League of Nations to the attitude thus adopted, the governments of
Council on September 14,1936, dealt with the the United Kingdom and the United States
necessity of filling the gap which separated not only abstained from taking any counterthe price levels of the majority of the coun- measures against the action of the French
tries on a gold standard (whether real or Government, but joined with that governnominal) from those of the majority of ment in declaring their intention to continue
the countries with depreciated currencies. the use of appropriate available resources so
While the Committee stated that it had no as to avoid as far as possible any disturbance
wish to pronounce dogmatically for or against of the basis of international exchange resultmonetary devaluation, it pointed out that in ing from the proposed readjustment and to
order to maintain an overvalued currency in arrange for consultations for this purpose
the face of opposing tendencies a whole series whenever necessary. While there was no
pooling of resources, it was made clear that
The report, available in English, contains in addition sections efforts would be made to maintain orderly
dealing with the general economic situation, developments in
central and commercial banking during the year, and current conditions on the exchange markets. Moreactivities of the bank in detail. For earlier reports see BULLETIN over, the three governments emphasized the
for June 1936, 1935, 1934, 1933, 1932 and July 1931.
1
JUNE
1937
FEDERAL RESERVE BULLETIN
importance they attached to the development
of international trade and especially to action being taken to relax progressively quotas
and exchange controls with a view to their
abolition. Finally, other countries were invited to co-operate and the hope was expressed that no currency depreciation would
be undertaken in order to obtain unreasonable competitive exchange advantages which
would hamper the efforts to restore more
stable economic relations. In the declarations there is an implied distinction between
a currency adjustment likely to produce a
more stable basis for international economic
relations and the reduction of the exchange
value of a currency to such a low point as
to be regarded as a measure of competitive
exchange depreciation.
On October 1, 1936, six days after the
announcement of the Tripartite Agreement,
a new monetary law in France relieved the
Bank of France of the obligation to redeem
its notes in gold and provided for the devaluation of the franc within a margin extending
between 25.19 and 34.35 percent of the previous parity. The provisions for a margin
would appear to have been made in order to
enable the French authorities to adapt the
value of the franc to the varying needs of the
situation. The United States Government
is still entitled to alter the gold content of
the dollar within a margin of 50 to 60 percent of the dollar's previous value and the
British authorities retain full freedom with
regard to the exchange value of the pound.
At the time of the adjustment of the franc
the gold holdings of the Bank of France
amounted to 50,218,000,000 francs, which
revalued at a rate of depreciation of 25.2
percent gave a book profit of about 17,000,000,000 francs. Of this profit about 7,000,000,000 francs were credited to the accounts
of the Treasury and 10,000,000,000 francs
allotted to an exchange equalization fund,
which was established with the task of regulating the relations between the franc and
foreign currencies and maintaining the parity of the franc in relation to gold within the
limits fixed. The fund also received the
amount of gold which, in accordance with the
monetary law, was to be surrendered at the
previous par rate of the franc by all persons
or corporate bodies domiciled in France who
owned gold ingots, bars or coins on September 26, 1936. The importation or exportation of gold without the authorization of the
541
Bank of France was prohibited and the
authorization of the bank was also required
for transactions in gold.
Following the publication of the Tripartite
Agreement, measures affecting the currency
position were also taken in the following
countries:
In Switzerland it was announced on September 26, 1936, that the Federal Council
had decided to alter the value of the franc and
by a decree of the following day the Swiss
National Bank was released from the obligation to redeem its notes in gold or gold
foreign exchange; on the other hand, it was
still obliged to maintain the gold cover of
its notes in circulation at the level of at least
40 percent. It was also required to maintain
the gold parity of the franc at a value between
215 and 190 milligrammes of fine gold, i.e.
within a margin corresponding to a 25.94 to
34.56 percent devaluation from the old parity. By special instructions from the Federal Council the bank was further directed
to keep the franc at a level approximately 30
percent below the old parity and to earmark
in a special account the book profits resulting
from the revaluation of its gold holdings at
a rate of devaluation of 25.94 percent. On
September 26, 1936, the gold holdings of the
Swiss National Bank amounted to 1,537,000,000 francs, which were revalued to 2,075,000,000 new francs, giving a book profit of
538,000,000 francs.
In the Netherlands a Royal Decree was
issued on September 26, 1936, prohibiting
the export of gold coins and gold bullion, and
this decree was ratified by the Act of September 30, 1936. By a further Act of the
same date an equalization fund was established for the purpose of influencing foreign
exchange rates by buying and selling money
transfers, bills and similar paper payable
abroad and gold. The Minister of Finance
was authorized to make advances to the
fund to a maximum of 300,000,000 guilders
and to procure the amounts required for this
purpose by the sale of Treasury paper or by
borrowing on the security of such paper.
While the exchange funds authorized in
France and Switzerland were constituted
from the profits arising from the revaluation
of the gold holdings of the central banks (in
accordance with the precedent set by the
United States), the fund authorized in the
Netherlands obtained its working capital by
the issue of Treasury bills (thus following
542
FEDERAL RESERVE BULLETIN
the method adopted in the case of the Exchange Equalization Account in London). No
provision was made in the Netherlands for
any margin of devaluation and, while the
fund intervened in the market, the exchange
rates of the guilder were allowed to fluctuate
somewhat under the influence of the movements of funds. In the Dutch East Indies the
gold standard was also suspended. The government declared that the parity of the currency with that of the mother country would
be maintained.
In Latvia by a decision of the Cabinet
Council on September 28, 1936, the lat, which
up to that date had been maintained at its
par value equal to the Swiss franc, was devalued and attached to sterling at a rate of
25.22 lats to the pound (the rate obtaining
before September 21, 1931), the change involving a devaluation of about 40 percent.
At the same time the gold holdings of the
Latvijas Banka were revalued on the basis
of the average rates quoted on the Riga exchange on September 28 and 29, 1936. The
book profits resulting from the revaluation
were allotted to an exchange stabilization
fund.
In Italy, by the Royal Decree Law of October 5, 1936, the value of the Italian lira was
made equal to 4.677 grammes of fine gold for
every 100 lire nominal value, representing a
devaluation of 40.94 percent (i. e. the same
as the devaluation of the U. S. A. dollar) in
relation to the previous parity, provision
being made in the decree for a possible further devaluation within a margin of 10 percent. The Banca d'ltalia was authorized to
revalue its assets in gold and foreign exchange on the basis of the new value of the
lira, the surplus resulting from the devaluation being transferred to the State.
In Czechoslovakia a law of October 9, 1936,
fixed the value of the Czech crown between
32.21 and 30.21 milligrammes fine gold, this
margin representing a devaluation of from
13.3 to 18.7 percent in relation to the existing
parity, and of from 27.7 to 32.2 percent in
relation to the old parity of 1929. Within
these limits the Government was empowered
to fix by decree the precise value of the crown
in relation to gold, and on the same day the
gold content of the crown was fixed at 31.21
milligrammes fine gold, representing a devaluation of 30 percent in relation to the 1929
parity. The reserves of gold and foreign exchange held by the National Bank were re-
JUNE
1937
valued provisionally on the basis of the upper
limit for the value of the crown. The book
profits resulting from the revaluation were
credited to the State, but the amount was left
as a standing deposit at the National Bank
to enable the bank to carry out the duty
placed upon it of maintaining the exchange
value of the crown.
In addition to these more outstanding
measures in seven countries, a series of other
monetary changes was made following the
announcement of the Tripartite Agreement.
In Turkey, on September 28, 1936, the Government adopted sterling instead of the
French franc as the basis for the currency.
The buying rate was fixed at £T 6.35 and the
selling rate at £T 6.38 to the pound sterling,
with little change from the rates previously
ruling.
In Greece, on September 29, 1936, the Bank
of Greece, in agreement with the Government, decided to attach the currency to the
pound instead of maintaining, as previously,
a stable rate in terms of the French franc.
The purchase price for sterling was to be
fixed, by decision of the Governor of the bank,
between a minimum rate of 540 and a maximum of 550 drachmae, and a decision was
taken to fix the purchase price at 546 and the
selling price at 550 drachmae to the pound
(against a rate of about 540 preceding the
change).
In the U. S. S. R. a decision was taken to
maintain the exchange link with the French
franc, but the rate of exchange was altered
from 3 francs equal one rouble (as fixed in
February 1936) to a rate of 4.25 francs to a
rouble.
In Rumania reference was made in a Royal
Decree dated November 6, 1936, to an authorization given to the National Bank on June 27
to pay a premium of 38 percent on fine gold,
and provision was made for the gold holdings
of the bank to be revalued at that rate, the
increment resulting from this revaluation
to be used in accordance with a convention
agreed upon by the State and the National
Bank. After the allocation of various
amounts for special reserves and repayments
the balance accruing to the State was to be
used exclusively to cover exceptional military
expenditure.
If comparison be made between the currency changes in the autumn of 1936 and the
wave of depreciation which swept over the
world in the autumn of 1931, some very
JUNE
1937
FEDERAL RESERVE BULLETIN
marked differences are to be noted. In 1931,
when the gold standard was suspended in
Great Britain and a number of other countries, the exchange values of the currencies
were as a rule left to find their own level in
the markets with little or no support from
the mostly depleted reserves of the central
banks. There followed a period of often violent and highly disturbing fluctuations, which
were only gradually brought under control.
In 1936, on the other hand, provisions were
made in almost every case for the maintenance of the exchange rates at a certain point
or within certain limits and special funds
were instituted or other steps taken to avoid
undue fluctuations.
In order to establish effective co-operation
between the monetary authorities in the countries which had joined in the Tripartite
Agreement certain technical arrangements
were agreed upon to enable the competent
bodies in the United States, Great Britain and
France to obtain, each of them on the two
other markets concerned, gold in exchange
for the currency held by them. The Secretary of the U. S. Treasury announced on October 13, 1936, that, subject to twenty-four
hours' notice, he would sell gold for immediate export to, or earmark for the account
of, the exchange equalization funds of those
countries whose funds likewise were offering
to sell gold to the United States, provided such
offerings of gold were at such rates and upon
such terms and conditions as the Secretary
would deem most advantageous to the public
interest. The Secretary would announce
daily the names of the foreign countries complying with the foregoing conditions—on the
same day he named Great Britain and France.
Statements were also issued by the British
Treasury and the French Ministry of Finance, announcing the day-to-day working
arrangements which had been agreed upon.
Already on September 26,1936, the Belgian
Government had declared that it adhered to
the principles of the Tripartite Agreement,
and on November 21 the Swiss and Dutch
Governments also announced their adherence
to the principles of this agreement. Three
days later the Secretary of the U. S. Treasury
included Belgium, the Netherlands and Switzerland in the list of countries complying with
the conditions for obtaining gold from the
U. S. Treasury; the British Treasury and the
French Ministry of Finance also made it
known that these three countries had become
parties to the agreement.
543
By these various arrangements the monetary authorities in the six countries which
have adopted the principles of the Tripartite
Agreement extended to one another technical facilities for the changing of their respective currencies into gold. The United States,
Belgium and Switzerland have indicated the
price in their respective national currencies
at which they will for the time being accept
and part with gold, while the other countries
have not gone so far in fixing a price in
advance. The monetary authorities in countries which have not adhered to the Tripartite
Agreement have not the same clearly defined
rights to obtain gold against currency. Apart
from such arrangements as may be made with
regard to individual transactions, gold can be
obtained by them only against the belga as the
National Bank of Belgium is bound to redeem
its notes with gold, which in fact may be
exported, and against sterling as gold can be
bought at the current price on the London
market within the limits of the available
supply.
It would contribute to the smooth conduct
of international monetary relations if technical facilities similar to those agreed upon
by the countries which have adhered to the
principles of the Tripartite Agreement were
more generally adopted, especially as gold is
being used increasingly for the settlement
of exchange balances. The present more
extensive use of gold is due, in part, to the
restricted holdings of foreign currencies in
the possession of central banks and exchange
funds (outside the sterling area), in part, to
the smaller scope afforded to private arbitrage transactions once the exchange markets
have become dominated by the intervention of
central monetary authorities, and, in part, to
a reduction, at least for certain countries, in
the total volume of commercial and other
credits between one market and another.
Technical methods are'being developed differing from those which were employed in
working the gold and gold exchange standards. The new system may be described as a
daily gold settlement system dependent upon
the action of the monetary authorities. In
the last year the Bank for International Settlements has similarly seen a great increase
in the gold transactions it has carried out for
the account of its customers, over and above
all figures known in the past.
During the year transfers of funds from
one market to another have continued on a
large scale and the effects of these transfers
544
FEDERAL RESERVE BULLETIN
have again overshadowed the effects of seasonal and similar movements. When, however, spot rates are kept more or less rigidly
at the same point, forward rates often give
an indication of the direction and strength
of a movement of funds. In the past year
the quotations on forward exchange markets
have largely reflected the distrust felt as to
the future value of currencies under pressure.
The discount on the forward market for the
French franc reached the high figure of about
35 percent (on a yearly basis) in the middle
of June and the second half of September
1936.
Three months Forward Rates in London
(weekly averages)
Zurich
That such high rates have been quoted has
been partly due to a restriction of the amounts
put at the disposal of the forward markets,
the central banks being anxious to limit the
possibilities of exporting capital by means of
forwardr transactions. Naturally such high
rates w ere an obstacle to genuine business
and in some instances special facilities were
arranged to meet the needs of bona fide
trade transactions. These rates for forward
French francs have been quoted at a heavy
discount also since the devaluation, while the
forward rates for the Swiss franc and the
guilder have kept within narrow limits.
Since the departure from the gold standard
spot quotations of the guilder have reflected
variations in the movement of funds into the
domestic market. In the last quarter of 1936
the exchange value of the guilder in terms of
the dollar moved between a maximum and
minimum depreciation of 22.67 percent on
October 5 and 19.54V2 percent on several
days in December.
The gold standard having been suspended
in France, Switzerland and the Netherlands,
there is, apart from Albania, no longer any
JUNE
1937
country free from exchange restrictions
which remains on gold at the parity existing
before the depression began. Among the
countries which apply exchange restrictions,
Germany, Poland and Lithuania have not
altered the par value of their currencies and
in the clearing agreements concluded by
these countries the par value is taken as the
basis for the accounts. Certain exceptions
have been allowed by Germany under special
arrangements, mostly with overseas countries, but the field of these exceptions has
recently been restricted—particularly by a
decree issued in February 1937. The "registered mark," available mainly for tourist
purposes, was quoted at a discount varying
between 40 and 56 percent during 1936. It
may be mentioned that in Italy lire are made
available to tourists at a price about 10 percent below the ordinary rate.
Exchange restrictions were introduced by
Poland in the spring of 1936 and in a number of countries, notably Germany, Greece,
Hungary and Yugoslavia, which have retained the exchange control already existing,
the methods have been perfected and more
stringent measures taken to prevent leakages
and evasions. On account of the civil war the
value of the Spanish peseta has fallen rapidly.
A debt moratorium was declared on August
2, 1936, and great difficulty has been experienced in dealing with the many problems arising from the impossibility of fulfilling contracts and meeting maturing obligations.
The following graph shows the sterlingdollar rate from the beginning of 1936.
There is a difference of 4 percent between
the highest and the lowest quotation in the
period covered by the graph. On September
25, 1936, the sterling rate influenced by the
flow of funds from France rose to $5.06, dropping to $4.93 on September 28 and to $4.87
at the beginning of November. Changes in
the dollar-sterling rate remained narrow up
to April 1937, when somewhat wider movements occurred. Latvia, Greece and Turkey,
as mentioned above, have joined the sterling
JUNE
545
FEDERAL RESERVE BULLETIN
1937
area and in the autumn of 1936 the Uruguayan currency was also linked to sterling.
The "free peso" of the Argentine appreciated in the course of the year, and in December 1936 the official selling rate was lowered
from 17.00 to 16.00 pesos per pound sterling,
the buying rate remaining at 15.00. This
change reflects a distinct improvement in the
export trade and budget position. South
American countries in general have benefited from the rise which has occurred in
prices of raw materials. The Brazilian currency appreciated to the extent of nearly 10
percent over the year 1936; on October 15
the currency was attached to the dollar and
more normal conditions were established on
the exchange market.
Peru and Venezuela remain the only South
American countries in which no exchange
control is in force, but the restrictions existing in the other countries have in the past
year as a rule been eased in their practical
application and the transfer of funds has
been facilitated. In Chile, it should be mentioned, foreign exchange for the import of
products qualified as luxury articles is only
available under certain conditions and at a
premium of 35 percent above the ordinary
rate, but otherwise there has in general been
a consolidation of foreign exchange rates.
Argentine Exchange Rates (in pesos per £ i)
ness towards the end of 1936 and in January
1937 exchange restrictions were imposed
largely to prevent heavy semi-speculative imports. There have been no private exports
of capital such as those from France but
large Japanese investments in Manchukuo
and heavy military expenditure have added
to the strain caused by the increase in the adverse trade balance from yen 15,000,000 in
1935 to yen 135,000,000 in 1936. It is recognized that the rapidly rising prices in the
country would render a further devaluation
of the yen particularly dangerous. In January 1937 the rate of Is. 2d. was officially
recognized, the Finance Minister announcing
that the exchange would remain pegged at
this rate and in March and April gold was
exported to the United States. The gold reserve of the Bank of Japan amounts to some
yen 1,600,000,000 at present prices, while
over 100,000,000 yen are obtained annually
from domestic gold mines. The Manchukuo
currency, the yuan, has been maintained at
par with the Japanese yen.
Since breaking the link with silver the Chinese dollar has been maintained at a stable
value with the result that fluctuations of the
rates of exchange in relation to the United
States dollar and sterling have been reduced
to a minimum. In 1936 the import surplus
of merchandise diminished considerably and
including the export of silver an active balance was obtained.
FOREIGN TRADE OF CHINA IN
1938
[In millions of Chinese silver dollars]
!!
Exports
Imports
Balance
The Japanese currency was adversely affected inter alia by the enhanced prices of
raw material imports (since the abandonment of the gold standard in 1931 the development of prices in foreign trade has been
unfavorable to Japan—the average price of
exports increasing by some 50 percent,
while the prices of imports have more than
doubled). The exchange rate, which has
been maintained on sterling by the unofficial
operations of the Yokohama Specie Bank for
four years at Is. 2d., showed signs of weak-
Merchandise
Silver
Gold
705.7
941.5
254.3
4.7
19.1
1.1
- 2 3 5 . fi
+249. 6
+18.0
979. 1
947.3
+31.1
Of the C.S. $254,300,000 of silver exports,
C.S. $216,900,000 (corresponding to 153 million ounces) were exported to the United
States. During the year the Chinese authorities sold large quantities of silver to the U. S.
Treasury Department, though the exact
amounts and the price paid have not been
announced. Against the silver sold, the Chinese authorities obtained United States dollars which were in part converted into gold
and the funds thus obtained enabled them to
consolidate their monetary position. In May
546
FEDERAL RESERVE BULLETIN
1936 the Chinese Government announced
that it had been decided to maintain an adequate reserve of gold, silver and foreign currencies as cover for the note circulation and
that the holdings of silver would represent
a minimum of 25 percent of the notes outstanding; that further increases would be
made in the holdings of gold and foreign currencies ; and that silver token coins of a half
and a full dollar would be issued. Moreover,
restrictions on the artistic and industrial use
of silver were abolished. It is expected that
by the middle of 1937 the transformation of
the Central Bank of China into a central reserve bank will have been completed.
Apart from the Spanish currency which
has lost ground, the exchange position has
been maintained practically stable since the
readjustments in the autumn of 1936. The
conclusion of the Tripartite Agreement was
a recognition of the fact that no country can
alter the external value of its currency without affecting the relative position of other
currencies and that the exchange fluctuations
of one currency, particularly an important
one, are the legitimate concern of all nations.
The Agreement also recognized that the basis
for exchange equalization must be gold and
by technical arrangements provided a mechanism for the settlement of balances.
At the meeting of the Board of the Bank
for International Settlements on October 12,
1936, a resolution was passed taking note
of the various measures adopted and "again
drawing attention to the urgent necessity of
assuring a general stabilization of exchange
rates". The previous week the Chancellor
of the Exchequer had made the following
statement:
JUNE
1937
in the monetary field. In a declaration on
September 30 the President of the Reichsbank explained inter alia that the German
Government and the Reichsbank would not
add to the uncertainty of the international
monetary situation by any change in the
value of the Reichsmark. Though the shortcomings of a system of exchange control as
practiced in Germany were recognized, this
system could not be abolished simply by the
devaluation of the mark. The German Government would, however, be ready at any
time to take part in efficacious international
negotiations aiming at greater freedom of
international trade and payments on the understood condition, emphasized in the threepower declaration, of the safeguarding of
national interests.
While therefore the underlying conditions
vary from country to country and there is a
diversity in the emphasis laid on different
aspects and in the precise interpretation of
the measures taken, there is undoubtedly a
common desire to construct a monetary basis
which will provide the greatest possible equilibrium in the system of international exchange and thus facilitate the development
of international trade.
PRICE MOVEMENTS
In the year under review the recovery in
business has been reflected in the strong upward trend of prices. The following graph
shows the movement of wholesale prices in
national currencies for four important countries in the period 1929-1937, reduced to the
common basis of 1929.
Wholesale Prices (Index figures 1929 = 100)
" . . . I do not see any reason to alter the view which
I have expressed before, that in the end we will probably come back to an international monetary standard on the only basis which appears to give general
confidence. Of course, it would be necessary before
we did that, to provide security against those violent
fluctuations in the value of gold, as expressed in terms
of commodities which have occasioned so much disturbance in recent years. If we can do that—and
that is a matter for further international co-operation—then I do not see myself any insuperable difficulties in the way of our ultimately arriving again at
a currency system based on the free exchange of
gold. . . ."
(London, 6th October 1936)
After the marked rise in prices that had
The Swiss National Bank in its annual report for 1936 finds the importance of the Tri- occurred in the autumn of 1935 there folpartite Agreement to lie particularly in the lowed a period of relative stability in the first
fact that it created a basis for collaboration half of 1936, in which some prices tended
JUNE
1937
FEDERAL RESERVE BULLETIN
547
even to decline slightly. The turning-point upward trend of prices. Depreciation of a
came in the course of the summer. For world currency in terms of gold enters among such
trade the development of prices in Great factors, not only because it may re-establish
Britain and the United States is of the great- a better relationship between domestic and
est importance. It will be seen from the foreign prices but also because of its effect
graph that in these two countries the upward on the money markets and the volume of gold
movement continued with great strength all production. It is significant that the readthrough the autumn and into 1937. The in- justment of currencies in the autumn of 1936
crease in armaments expenditure led to a caused no dent in the world price curve. It
spectacular rise in the prices of metals and came at a time when world prices were rising
certain other staple commodities. A more (and not, as the depreciation of sterling, in
widespread influence was, however, exerted the midst of an exceptionally severe depreson the price level by the increase in effective sion) and it was generally regarded as redemand as revealed by the larger volume of storing monetary equilibrium of a kind likely
retail sales concurrent with a rise in national to facilitate the revival of international trade.
incomes and a renewed activity in industries
The following table shows the increase in
producing capital goods.
British prices during 1936 in each of the
In the United States the national income groups into which the Board of Trade index
(technically: income paid out) was about is divided:
$60,000,000,000 in 1936, according to estiWHOLESALE PRICES IN GREAT BRITAIN
mates of the U. S. Department of Commerce,
[Averages 1930=100]
as compared with the low level of $45,000,000,000 in 1933; and it is reported that disDeDePercent
tribution of commodities to consumers incember,
increase
cember,
1936
in 1936
1935
creased throughout 1936 at a more rapid rate
than in any other year of the recovery period. Cereals
118.1
+28.6
91.8
__._.
In Great Britain the rise in retail sales from Meat, fish and eggs
85.0
+ 3.2
82.4
98.1
+ 7.8
Other food and tobacco
91.0
1935 to 1936 was at the rate of 7 percent, i. e.
+12.1
Total food and tobacco
_ __
88.6
99.3
at a higher rate than in any year since 1932
111.2
(the first year for which statistics of retail Coal
+ 2.9
108. 1
102.1
110. 5
Iron and steel ._
. _
._
+ 8.2
sales were collected).
+16.2
106.6
Non-ferrous metals
91.7
+ 6.3
94.5
88.9
Cotton
.
The growth of demand in the wholesale Wool
+25.6
122.7
97.7
+ 1.5
75.5
74.4
Other textiles.. _
trade at times became very intense, especially Chemicals
+ 3.7
97.1
93.6
and oils
+11.3
97.4
87.5
as many buyers placed large forward orders Miscellaneous
partly to anticipate price increases and to be Total industrials and manufactures. 92.9 101.6 + 9.4
assured of supplies adequate to an increased
+10.2
91.5
100.8
Total all articles
volume of business. It is particularly noticeable that since 1933 or 1934 there has been a
shift of location of stocks from producing to
Besides wool, the largest increases are
consuming centers. A decline in the visible found in cereals and non-ferrous metals. As
stocks of raw materials while production of regards cereals, the increase is due mainly to
them is increasing is a sign of industrial ac- a shortage of supply resulting from drought
tivity, but stocks held by manufacturers or in America and an unusually rainy summer
wholesale merchants tend to increase when in most importing countries in Europe. Nonbusiness improves and prices are rising. The ferrous metals have been particularly afposition is naturally much healthier when fected by the demand resulting from armastocks are held voluntarily by manufacturers ments. The increase in armaments expendiinstead of involuntarily by the original pro- ture has had a distinct effect on prices but
ducers. As effective demand has strength- this should not be overrated. The increased
ened and stocks have been cleared, higher demand, for instance, in the United States
quotas have as a rule been allowed for the market has on the whole been a more imporproduction or export of commodities subject tant factor. Something like 40 percent of the
to international schemes of regulation.
world production of rubber, copper and sevObviously all the factors which influence eral other industrial materials is absorbed by
the trend of economic recovery must be taken the United States market, and the conditions
into account in appraising the causes of the of business in that country are therefore of
548
FEDERAL RESERVE BULLETIN
paramount importance for the trend of
prices.
The following graph shows the price movements of main groups of commodities in the
United States since 1929.
U. S. A. Wholesale Prices (1926 = 100)
JUNE
1937
demand and a certain decline in the United
States output as a result of the drought. In
1931/32 and 1935/36 world production was
hardly changed at 26,250,000 American running bales, but of this total the American
production fell from over 60 to slightly under
40 percent. To a large extent the decline in
American production was the result of official
planning; in the meantime, however, production in the rest of the world increased by
over 60 percent and prices improved to the
advantage of those countries, such as Brazil
and Egypt, which have taken the place of
the United States in the world's supply.
Wholesale Prices in France (1914 = 100)
700
\
GOO
•
e,,,,
'
•
.
!
•
600
•
1929
1930
1932
1933
1934
1935
fj
500
'•
-
I
"'••
National products
**.
Prices for industrial commodities ("nonagricultural commodities" as shown in the
graph) began to move upwards in the summer of 1936 after having remained practically stable for two and a half years. The
recent rise in prices has affected a wide range
of goods, raw materials as well as semi-manufactured and finished products.
Among the few commodities which registered a fall in price during 1936, butter
shows the most marked decline. This commodity fell by not less than 15 percent on the
Wholesale Prices (1929 = 100)
British market, which is of special importance because it absorbs more than twothirds of all exported butter. Recently consumption in Great Britain has risen from
year to year but the price has nevertheless
fallen. In most exporting countries the exitayport of butter has been subsidized in one
form or another and production has thus
been increased in spite of falling prices. On
*^
the other hand, the price of wool rose by
about 25 percent in 1936, wool being an exV.
ample of an agricultural product which has
been hardly affected at all by artificial assistance to maintain the price during the depression. Australia, which is the country most
concerned, is reaping the reward for the
drastic policy she pursued in the depression Among the countries which adjusted their
years of selling all wool supplies without the currencies in the autumn of 1936, France was
accumulation of stocks to hang over future the one in which the rise of prices was the
most important; it was effected not only by
markets.
The price of cotton stiffened somewhat devaluation at a time when world prices were
during the year in response to increasing I rising, but also by a series of measures,
\
400
\
f
N
400
1
300
300
m ported products
^
"
*
200
100 7 i i . i i . i i i i
, 19Z9
!
:
:
1930
MIMIMIM
1931
..!.,!..I..
1932
1933
193^-
1935
1936 1937
90
—
i
y
90
80
/
70
70
\
<
rland/
\
*'
60
60
^ N e t h e rl^nds
50
50
^
'*
19Z9
1930
1931
1932
1933
I93<f
1935
1936
1937
JUNE
1937
FEDERAL RESERVE BULLETIN
largely of a social character, that raised internal costs of production. The graph shows,
separately for imported and national products, the movement in prices from 1929 to
date. The price index of national products,
which, as may be seen from the graph,
rose steeply from the middle of 1935, is
strongly affected by the prices of agricultural
products.
In Holland and Switzerland the rise in
prices since devaluation has been less marked
than in France. Italian prices rose rapidly
during 1935 but since the devaluation the
increase has been relatively moderate.
The adjustment of the lira was accompanied by the prohibition for two years of
any rise in rent, water, gas, electric power,
rates and transport tariffs, while the emergency duties on raw materials were removed
or substantially reduced; since then measures
have been taken to control the price movements of all commodities and services. A
price commission has also been appointed in
Switzerland and certain increases in prices
prohibited. In Germany, Italy, Poland and
some other countries increasingly strong
measures have been taken to prevent an undue
rise in prices. As part of the German FourYear Plan a price commissioner was appointed with the task not only of controlling
costs of living but of supervising the whole
national price structure. By decree, price
increases if not specially authorized are
forbidden, in particular for all requirements
of daily life, for the whole agricultural trade
and industrial production, transport of goods
as well as services; the decree also covers any
modification in the terms of payment and delivery and any indirect increase in prices by
the substitution of inferior materials.
Higher prices and increased demand for
raw materials have naturally improved the
position of those primary commodity countries which were severely hit by the depression. The remarkable change in economic
conditions in the Argentine since the middle of 1936 is directly due to the sharp rise
of cereal and linseed prices following the
drought and dust-storms in the United States
and Canada. The outlook for Brazil and
other South American countries is also
brighter. The improvement in the primary
producing countries should lead to a higher
return on the capital invested in them, to the
benefit of those countries such as England
and the Netherlands which invested large
549
sums in the past and during the depression
met with considerable losses.
In a period of recovery the initiative
comes from the large industrial countries
which are obliged to import larger quantities
of raw materials to meet the requirements
of expanding industrial production. Such
imports are a sign of reviving activity and
cannot be taken as an indication of some permanent disequilibrium in the balance of payments. The strengthening of the purchasing
power of overseas producers will in due time
enable them to expand their imports of manufactured articles.
When conditions are rapidly changing it is
not easy to determine whether any given currency ought or ought not to be regarded as
overvalued. Indices of wholesale prices certainly cannot be taken as a sufficient measure
of the inherent value of the different currencies. Account must also be taken of changes
in the cost level and of other elements affecting current balances of payments which do
not lend themselves easily to international
comparison. It is as a rule easier for a
country to attain equilibrium on the foreign
account when world prices are rising than
when they are falling. The present tendency
towards a rise in prices, though most marked
in raw materials, is also definitely permeating
to the cost of living.
During 1936 the increase in the cost of living in Great Britain was at a rate of nearly
3 percent; in the United States slightly less;
in the Netherlands, in spite of the devaluation, nt> increase; in Switzerland an increase
of 2 percent; in Italy about 6 percent and in
France still more, the upward movement in
the last-mentioned country being influenced
by the legislative and other measures which
have been taken affecting the cost of production. In Germany and Austria, on the other
hand, the index shows hardly any change.
In the large majority of countries where the
cost of living has gone up the increase began
to be more accentuated in the winter months
of 1936/37. The movement is thus of recent
date and has so far not had very much effect
in the direction of a modification of import
restrictions and other measures which tend to
keep up the cost of living. It has, however,
affected the movement of wages in a number
of countries and has in general intensified the
problems of the labor markets.
The following graph shows the development of wholesale prices in Great Britain
from 1800 onwards.
550
FEDERAL RESERVE BULLETIN
Wholesale Prices in Great Britain (1900 = 100
—
/
T
VA
•
,
:
1800
J
^
1810
1820
1330
1850
1860
1870
1880
1890
1900
1910
1920
K
1930 1935
'
It took thirty years up to the end of the
'forties before the decline in prices following
the Napoleonic wars came to an end and the
curve turned in an upward direction. It
would now seem as if the decline in prices
after the Great War had been arrested in half
that time and changed into an upward movement. In a world struggling under a large
volume of indebtedness some improvement in
prices is no doubt desirable, but if the rise be
too violent it may lead to a distortion of production and contain the germ of later difficulties. It is natural that some concern
should be felt about the strength of recent
price developments and that already attention should be directed to the consideration of
what measures may eventually have to be
taken.
FOREIGN TRADE
As compared with the level in 1929, the
physical volume of international trade had
fallen by 25 percent in 1932. Since then there
has been a gradual recovery, but the volume
of world trade in 1936 was still 14 percent below what it was in 1929. A marked improvement occurred in the closing months of 1936
and was continued in 1937. If the countries
are arranged according to the percentage improvement during 1936 in imports and exports as returned in their national currencies,
the order shown in the next table is obtained.
A substantial improvement occurred in the
countries of the Danubian region (Rumania,
Bulgaria, Hungary) which benefited from a
good harvest in a year when prices of cereals
were rising. Among overseas countries the
highest percentage increases in exports are
found in Indo-China, Manchukuo, the Dutch
East Indies, China, Canada, New Zealand,
Brazil, Chile and British India. The Dutch
East Indies remained on gold at the old par
rate up to September 1936, but nevertheless
exports increased by nearly 20 percent, the
JUNE
1937
country benefiting particularly from the rise
in the price of rubber. South African exports, consisting mainly of gold, continued
the steady rise of recent years. Imports also
increased by 15 percent and it is of interest
to note that in 1936 South Africa was the
most important customer of the United Kingdom, India losing the first place which she
had held for many years.
In the countries producing raw materials
and foodstuffs, exports with few exceptions
have risen more than imports, the improvement in purchasing power not yet having led
to larger purchases abroad. Indeed in the
case of the Dutch East Indies imports rose
only slightly in comparison with the previous
year. On the other hand, imports increased
more than exports in a number of European
countries and particularly in the United
Kingdom, France and Czechoslovakia; the
rise was due to the larger requirements of
raw materials for the expanding industrial
production. The United States have increased not only imports of raw materials
but also of semi-manufactured products
(wood-pulp, oils, fats, etc.), foodstuffs and
finished articles (newsprint, textiles, furs,
diamonds, beverages, etc.). In 1936, for the
first time in ten years, there was an import
surplus during the first half of the year. Exports however rose sharply in the autumn,
especially those of finished products and notably those of machinery and other iron and
steel products, refined mineral oils, aircraft
and textile manufactures. Over the whole
year the export surplus amounted to $34,000,000 (the lowest since 1895) as compared with
$235,000,000 in 1935.
The expansion of trade of the BelgianLuxemburg customs union is remarkable, exports having risen by 25 percent on the year;
to a large extent this rise is due to the increased demand for iron and steel goods.
Germany increased her export surplus
from RM 111,000,000 in 1935 to RM 550,000,000 in 1936. This surplus was due enentirely to the balance with Europe, that with
overseas countries being as usual in deficit.
The increase in the export surplus did not result in any improvement in the immediate
foreign exchange position of the country,
partly because larger amounts were earmarked for current financial charges; an
amount of about RM 100,000,000 has been absorbed by the reduction of debts on clearing
accounts which at the beginning of the year
totalled some RM 500,000,000. The New Plan
551
FEDERAL RESERVE BULLETIN
JUNE 1937
CHANGES FROM 1935 TO 1936
I N THE FOREIGN TRADE OF DIFFERENT COUNTRIES *
[In millions of national currencies]
Imports
Exports
Country
Country
1935
U. S. S. R
Estonia
Belgium-Luxemburg. _.
Iran
New Zealand
Lithuania
France
Latvia
Finland
U. S. A
Chile
Czechoslovakia
Poland
Canada
Union of South Africa..
Philippines
Australia
Manchukuo
United Kingdom
Denmark
Norway
Colombia
Japan
Mexico
Uruguay
Peru
Brazil
Greece
Yugoslavia
Sweden
Indo-China
Netherlands
Algeria
British Malaya
Hungary
Rumania
Irish Free State
Bulgaria
Turkey
Danzig
Haiti
Austria
Dutch East Indies
China
Germany
Morocco
Switzerland
Egypt
Siam
Argentina
Ceylon
India
Portugal
Syria
Italy
Palestine
Tunis
1
1936
1,353
1,057
87
69
17,112 21,098
718
878
36
44
129
156
20, 974 25, 387
101
122
6, 343
5, 344
2, 420
2,047
347
295
7,888
6,716
1,003
861
635
550
84
73
192
169
86
76
644
572
701
789
1, 276
1,431
912
816
119
107
2,702
2,427
452
406
67
60
201
181
4,269
3, 856
10, 680 11,808
3,984
3, 603
1, 619
1,476
899
979
936
1,017
2,844
3, 079
507
470
433
402
10, 846 11,535
39
37
3,181
3,009
93
93
40
38
1, 206
1,247
282
275
942
919
4,218
4,159
1,139
1,151
1, 263
1, 257
31
31
105
101
1,175
1,117
204
190
1,343
1, 221
2, 295
1, 967
2, 979
2,406
7, 790
6, 002
13
18
925
1,341
Percent
changes
+28.0
+26. 3
+23.3
+22.3
+21.5
+21.4
+21.1
+20.8
+18.7
+18.2
+ 17.7
+ 17.5
+16.5
+15.4
+14.9
+ 13.6
+12.8
+12.6
+12.6
+12.1
+11.8
+11.4
+11.3
+11.2
+11. 2
+11.0
+10.7
+10. 6
+10. 6
+ 9.7
+ 8.9
+ 8.6
+ 8.3
+ 7.9
+ 7.7
+ 6.3
+ 6.3
+ 5.7
+ 5.7
+ 5.6
+ 4.7
+ 3.4
+ 2.8
+ 2.4
+ 1.4
+ 1.1
+ 0. 5
- 2.1
-3.7
-5.0
- 6.9
- 9.1
-14.3
-19.2
-23.0
-23.7
- 31.0
1935
Philippines
Haiti
Latvia
Danzig
Manchukuo
Indo-China
Rumania
Morocco
Lithuania
Belgium-Luxemburg _..
Turkey
China
Canada
New Zealand
Bulgaria
Brazil
Dutch East Indies
Chile
Sweden
Finland
India
Norway
Australia
Hungary
Irish Free State
Germany
Union of South Africa..
Switzerland
Colombia
Poland
Netherlands
Portugal
British Malaya
Denmark
Peru
Yugoslavia
Czechoslovakia
U. S. A
Japan
Austria
Ceylon
Argentina
Italy
Estonia
Greece
Syria
United Kingdom
Mexico
Siam
Iran
France
Algeria
Egypt
Palestine
Uruguay...
U. S. S. R . .
Tunis
15,
1936
270
49
138
325
474
1,682
19, 692
782
191
19, 724
118
706
1,028
57
3,910
4, 896
533
549
1,515
7,215
1, 805
675
127
507
22
4, 768
112
881
158
1, 026
745
1, 020
630
1, 327
336
4, 376
8, 003
2, 455
2,631
952
244
1, 652
5, 458
83
7. 371
1^ 217
441
773
151
1, 960
15, 454
2, 534
33
4
81
1, 359
597
Percent
changes
+45. 2
+42. 0
+39. 4
+38.2
+33. 1
+29. 6
+17. 5
+25.9
+25. 1
+24.9
+22.9
+22.7
+22. 6
+21.9
+20.2
+19. 3
+19. 2
+18.2
+16.8
+15. 6
+14.8
+12.9
+12.4
+12.2
+12.1
+11.7
+11.6
+11. 2
+10. 5
+ 10.9
+ 10.4
+ 10.4
+ 10. 1
+ 9.3
+ 8.7
+ 8.6
+ 8.2
+ 7.5
+ 7.2
+ 6.4
+ 6.3
+ 5.3
+ 4.2
+ 3.8
+ 3.8
+ 3.7
+ 3. 5
+ 3.0
+ 1.8
+ 0.9
- 0.3
- 3.0
-4.2
-14.0
-14.9
-15.5
-31.6
Partly provisional figures.
instituted in September 1934 has now been in more scope to ordinary methods of commerce
existence for more than 2 ^ years and, al-and financing. When clearings are instituted
though much transit trade has been lost, Ger- payments are made to exporters in turn
many has to a large extent succeeded in bal- through accounts kept in the two countries.
ancing imports and exports and in reducing If arrears are accumulated an individual exaccumulated trade debts. In spite of all diffi- porter must wait until his turn comes for
culties, Germany still remains the third most payment and, what is more important, he
may not be able to calculate the exact duraimportant trading country in the world.
Exchange restrictions and clearing ar- tion of the delay. In such circumstances litrangements are still obstructing world trade, tle or no use can be made of the normal facilthough in recent years some technical im- ities provided by the banking systems and exprovements have been effected which give change markets and the working capital of
FEDERAL RESERVE BULLETIN
the exporter may be tied up in involuntary
trade credits; prices are influenced by the uncertainty inherent in the transactions and
business is frightened off to the detriment of
the general exchange of goods.
In November 1934 a new type of payments
agreement was concluded between Germany
and Great Britain which eliminated some of
the worst disadvantages of the ordinary
clearing arrangement. The conclusion of the
new agreement was made possible by the German system of foreign trade control, according to which every German importer
must obtain a permit for payment in order
to be able to obtain foreign exchange. The
German authorities are in a position to maintain the volume of imports within such limits as they wish to impose, not only in relation to the outside world as a whole but also
in relation to each individual country. In the
agreement of 1934, referred to above, it was
laid down that Germany's monthly imports
from the United Kingdom should amount to
55 percent of the German exports to the
United Kingdom two months previously;
apart from an amount which at the beginning
was earmarked to clear off existing commercial debts, the remaining 45 percent is partly
used for interest and certain other charges
and partly left at the free disposal of Germany. In a later agreement with the Belgian-Luxemburg customs union the contingents were calculated not on the basis of the
foreign trade statistics but on the declaration
of foreign exchange made by the German exporters, and in other agreements the basis
adopted was the amount of actual deliveries
of foreign exchange to the Reichsbank.
Similar payments agreements have been
concluded with some five countries in all and
experience of the working has on the whole
been satisfactory. A German importer who
has obtained a proper permit of payment is
assured that foreign exchange will be available when the date of payment arrives and
this enables the parties to the transaction to
use the ordinary facilities of the banking system. A foreign firm which sells to Germany
must of course carry the ordinary trading
risk as far as the standing of the German
purchaser is concerned, but he will not have
to fear a delay in payment resulting from
the difficulty of obtaining foreign exchange
against reichsmarks.
The ordinary clearing arrangements suffer
from the grave defect that they tend to de-
JUNE
1937
stroy direct relations between the buyer and
the seller, interposing administrative bodies
through which payments are obtained. As a
result, the traders lose touch with their markets and are inclined to give less attention to
the credit standing of their debtors, relying
upon the administrative arrangements which
involve more or less extended government action. The great advantage of the "payments
agreements" is that direct contact is maintained between buyer and seller and particularly that the seller must look to the buyer
for payment. These agreements thus represent a step forward but their working presupposes the institution of a control on foreign trade such as is in force in Germany
with all the complications which such control
involves. Many proposals have been made in
recent years to perfect the system of clearings, for instance by the offsetting of balances between a number of countries and the
arrangement of credits to pay off accumulated clearing balances. The more closely
these proposals are studied the clearer it becomes that the advantages of the international division of labour and the normal exchange of goods between nations are not compatible with a system which forces trade into
defined channels and which, especially for
transactions of limited amounts, becomes unduly cumbersome and costly. Clearings may
have had their uses in preserving some trade
in existence when exchange restrictions were
carried to extremes, or in ensuring the reimbursement of accumulated commercial debts
or at least part-payment in respect of other
debt charges. And the authorisation of socalled private clearings or compensations,
constituting a derogation from the clearing
principle, may sometimes have introduced an
element of flexibility into an otherwise rigid
system. But the objective of world trade must
be the return to the ordinary methods of
commerce and payments, under which all
those facilities which have been developed
for the benefit of commercial intercourse between nations can once more be fully and
profitably utilized.
A YEAR OF MOUNTING GOLD SUPPLIES
World gold production again reached a new
high figure in 1936, registering an increase
over 1935 of 4,300,000 ounces, which is the
largest absolute annual increase ever known:
It corresponds to a percentage increase of
1319, which has only been surpassed at times
JCJNE
of great new discoveries of gold deposits, i. e.
in the 'forties and 'fifties of the last century
when gold was found in California and Australia and in the 'nineties after the discovery
of the gold fields in the Transvaal. Shipments
of gold from India and China, representing
dehoarding in the East, still continued in
1936, although at a reduced rate. For the
first time since the beginning of the depression not only did hoarding in the western
world come to an end but there was in the last
quarter of the year a substantial disgorging
of gold. Moreover, the consumption of gold
in the arts remained at a low figure, taking
not more than 5 percent of the total gold
production. Consequently a very large
amount—at least 5,000,000,000 gold francs
or £335,000,000 at the present market price
of gold in London—was available for monetary purposes. This abundant supply of gold
has radically changed the situation which existed in the post-war decade and raises a
number of new problems, which are engaging
the attention of the monetary authorities to
an increasing extent.
THE SUPPLY OF GOLD
The output of gold increased during 1936
in all of the main producing areas, as can be
seen from the following table:
South
Africa
U. S.
S. R.
Year
U. S.
A.i
Canada
Other
producing
countries
World
production
millions
of gold
Swiss
francs
In thousands of fine ounces
1915 2
1923. _
1924
1925
1926 _
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
553
FEDERAL RESERVE BULLETIN
1937
_
9,096
9,149
9, 575
. . 9, 598
9,955
10,122
10, 354
10,412
10,716
10, 878
11,559
11,014
10,480
10,774
11,339
1,546
438
594
693
895
810
899
1,085
1,434
1,701
1,990
2,667
4, 263
5, 831
7,350
* Including the Philippines.
4,888
2,503
2,529
2,412
2,335
2,197
2,233
2, 208
2,286
2,396
2,449
2,537
2,916
3,619
4,295
918
1,233
1,525
1,736
1, 754
1,853
1,891
1, 928
2,102
2, 694
3,044
2,949
2, 972
3,283
3,721
6,146
4,463
4, 827
4,592
4,430
4, 464
4,206
4,040
4,184
4,702
5, 264
6,336
6,S99
7,484
8, 549
22, 594
17, 786
19, 050
19,031
19,369
19, 446
19,583
19,673
20, 722
22,371
24, 306
25, 503
27, 630
30, 991
35, 254
2,420
1,905
2,041
2,039
2,075
2,083
2,098
2,108
2,220
2,397
2, 604
2,732
2,960
3,320
3,777
2 Record year before 1932.
In, order to facilitate comparison with the
data given in earlier reports, the monetary
value of the gold production, as well as certain other figures in this report, is still given
in gold Swiss francs of the old parity. (To
convert approximately into present-day dollars it is sufficient to divide by three, and to
convert into sterling, when the gold price in
London stands at around 140 s. per ounce, the
amount should be divided by roughly fifteen.)
Nearly a third of the gold produced is obtained from South Africa, a fifth from Russia, a ninth from the United States and a
tenth from Canada, other countries together
producing the remaining quarter.
Other countries
South Africa
«.*I9I5
1925 1926 1927 928
1932 1933 1934 1935 1936
The South African producers have continued
to exploit lower-grade ores, which at the
present level of costs and the higher price
obtainable for the metal can be milled profitably. Though the gross tonnage of the ore
milled has increased by 9 percent, there has
been a rise of only 5 percent in the output of
gold, the figure for 1936 being still somewhat
lower than that of the record year 1932. The
use of lower-grade ores and the extension of
milling capacity has necessitated a larger
supply of labor and the number of native and
colored workers employed has risen from
213,000 in 1930 to 299,000 in 1935 and 310,000 in 1936.
No great difficulty has as yet been experienced in obtaining either European or native
labor, the technical education of the former
being supplied by the opening of new schools.
Wage rates paid remained practically constant in the years 1929-1935, the average
daily wage for European workers in 1929
being 24s. 4d., in 1935 24s. lOd. and in. 1936
25s. Id.; if the native and colored workers
only are considered there has even been a
slight tendency to fall. A certain allowance
must, however, be made for an increase in
other benefits such as, for example, those in
respect of paid holidays. In comparison with
1929 there has been a reduction rather than
an increase in the cost of machinery and
materials needed for production. In these
circumstances, the increase from 84s. l l ^ d .
to more than 140s. an ounce, or by nearly 70
percent, in the price obtainable for gold in
554
FEDERAL RESERVE BULLETIN
JUNE 1937
terms of the local currency and in sterling 1929 the output has nearly doubled and thus
has naturally resulted in great profits which, risen at about the same rate as in the United
however, have been subject to increased tax- States. The following table sets out for the
ation. It is only because mining companies main producing districts the gold production
have saved their high-grade ores and thein 1929 and 1936 and the percentage increase
seams more easily exploited for the future over the period:
that the increase in production has kept
within such narrow limits. There is every GOLD PRODUCTION IN THE PRINCIPAL COUNTRIES
possibility of a further large increase and, to
[In thousands of fine ounces]
judge from the reports of the leading mining
companies, the foundations have already been
Percent1929
1936
age
laid for a substantial rise in the output in the
increase
next few years.
South Africa
U S S. R
U. S. A.i
Canada
Australia .
Mexico
Japan
Rhodesia
_ _ _ _ _
Other countries. __
Price of Gold on the London Market
(in shillings per fine ounce)
A. ~—
L
r*"
Total .
- ij
' i ! i il
1111
1
-
111111. J i' ,, i., 11,!,. ulijJi.li.
.
.
+ 9
10, 412
1,085
2,208
1,928
426
652
335
562
2,065
11, 339
7,350
4,295
3,721
1,199
755
676
802
5,117
+577
+ 95
+ 93
+181
+ 16
+102
+ 43
+148
19, 673
35, 254
+ 79
Including the Philippines.
Of the world's total output of gold in 1929,
72 percent was produced in countries belonging to the British Empire and in 1936 only 53
percent by these countries. The fall is due
to the reduction in the share of South Africa,
whose production in 1929 amounted to 53
percent and in 1936 to 32 percent of the
world production.
In addition to the gold obtained in 1936
from current production, an amount to the
value of 437,000,000 gold Swiss francs was
shipped from the East, this being a reduction in comparison with the previous year
as the following table shows:
The volume of Russian production is
known only approximately, for the Soviet authorities do not publish figures of the total
amount of gold produced each year but only
indicate the percentage increase from one
year to another. For 1936 the increase is
given as having been at the rate of 26 percent,
which, on the basis of previous estimates,
leads to a figure of 7,350,000 ounces as the
amount produced during the year. It seems
GOLD FROM THE E A S T
as if the Five-Year Plan, as far as it con[In millions of gold Swiss francs]
cerned the gold-mining industry, had been
realized by the end of 1936 with a year to
Hong
spare. New gold mining centres have been
India
China
Kong
Total
established in recent years in Siberia and
Central Asia, some of them with a popula- 1931
477
54
63
594
1,014
118
59
1,191
tion of over 25,000. More than 750,000 1932
1933.
653
74
100
827
706
54
68
828
workmen and 12,000 trained Soviet engineers 1934
1935
34
495
43
572
are reported to be employed in the gold-min- 1936
29
371
37
437
ing industry.
Total
3,716
380
353
4,449
In the United States also gold production
has been rising rapidly, the output in 1936
being 19 percent higher than in 1935 and A substantial reduction has again occurred
nearly twice as high as in 1929. In Canada in the shipments from India and shipments
too production is rising as a result of new from China and Hong Kong have also fallen.
discoveries and exploitation in districts The likelihood appears that the outward
which had previously been inaccessible but movement of gold from the East will soon
are now within reach by air transport. Since be arrested, if not reversed. The increase
JUNE
1937
FEDERAL RESERVE BULLETIN
in the price of gold in local currencies no
longer exercises the same attraction as in
the years immediately following the depreciations in 1931 and the improvement in economic conditions is putting an end to socalled distress sales. It is reported from
Java that gold coins are beginning to be absorbed again by the natives. It may also
be mentioned .that after the four-year period
during which India's annual absorption of
silver averaged merely 10,000,000 ounces,
in 1936 the consumption of silver suddenly
rose to an amount estimated at 100,000,000
ounces, an indication of a renewed demand
for precious metals in the East.
Against the new gold that has become
available during the year there should be set
off in the first place whatever amount has
been required for use in the arts and in industry. It has been estimated that in the
period 1920-1929 about 20 percent of the
annual gold production was taken for such
purposes. During the depression there was
not only a decline in the absolute amount of
gold used industrially and in the arts, but also
an increase in the amount of gold recovered
by the purchase of old jewels etc. In the
United States, for which country fairly complete statistics on this subject exist, the industrial absorption of gold was given at
$14,000,000 and the recovery of old gold
at $62,000,000 in 1934, the corresponding
figures for 1935 being $26,000,000 and $32,000,000 respectively. With increasing prosperity the industrial use of gold may have
risen further and in 1936 it may not have
been fully met by recovery of old gold, but
the net amount needed is probably still insignificant.
In Great Britain the industrial use of
gold is estimated at about £2,000,000 per
annum and in recent years this amount has
been covered by old gold obtained from the
public. In France the industrial use of gold
is somewhat greater, being estimated for
the last two years at 25,000 kilogrammes, or
about 85,000,000 gold Swiss francs, per
annum (over and above the needs met by
the recovery of old gold). In Germany,
consumption of new gold has been estimated
for 1936 at about RM 30,000,000. For other
countries only incomplete information is
available; it is safe to assume however that
the net world consumption of gold by industry does not exceed 190,000,000 gold Swiss
francs, representing about 5 percent of the
555
current gold production. It is possible that
in coming years the industrial demand for
gold may rise somewhat but it is unlikely
that the pre-war figure will be reached again
There seems to have been a distinct change
in jewellery fashions for women, in that gold
objects are less in favour, being replaced on
the one hand by cheap jewellery which can
be changed often and, on the other hand,
by platinum for more expensive tastes.
Million gold
Swiss francs
To sum up, the amount of gold available
in 1936 from new production
3,777
increased by shipments from the East of. .
437
but reduced by the amount absorbed by
the arts and industry, namely
—190
thus totaled
4,024
These 4,024,000,000 gold Swiss francs correspond to about £270,000,000 or $1,300,000,000. An even larger amount was actually
available for monetary purposes in 1936, for
more than 1,000,000,000 gold Swiss francs
were obtained from dehoarding.
DEHOARDING OF GOLD
One of the most curious changes produced
by the depression was the simultaneous occurrence of large-scale dehoarding of gold in the
East and extensive hoarding in the West.
From 1931 to the end of 1936 nearly 4,500,000,000 gold Swiss francs (equal to 42,000,000 ounces) were shipped from India, China
and Hong Kong, corresponding to 2 ^ years'
pre-depression gold production. For many
reasons it has been somewhat difficult to obtain exact figures of the amount of gold
hoarded in the West since 1931, though sufficient indications have been available to give
a general idea of the movement in and out of
hoards in these years. For some countries
more complete data have recently been procured: for France certain particulars are
given in the following table which shows for
the period June 1931 to September 1936 the
amounts of gold bought from, and sold to, the
Bank of France by the French public, and
also the amounts imported and exported for
account of the public. The figures given in
the table have been calculated by deducting
from the gold movements at the Bank of
France or through the customs all transfers
of the metal known to have had a foreign
origin or destination (foreign markets, central banks or exchange funds).
556
FEDERAL RESERVE BULLETIN
JUNE 1937
March 1937 private gold sales to the stabilisation fund and declarations by traders and industrialists are valued at nearly 40 percent
[In millions of French francs—1928 parity]
of the estimated gold held privately within
France.
1931
1936
(June- 1932
1933
1934
1935 (Jan.- Total
During the last period of 1936 an amount
Dec.)
Sept.)
of about 150,000,000 gold Swiss francs was
At the Bank of
obtained from hoards within Switzerland and
France:
an amount equivalent to about 100,000,000
Gold bought
from the
gold Swiss francs within the Netherlands.
Bank
858
618 3,477
631 2,243
395 8,222
Gold sold to
Less precise information is available for other
the Bank...
80
443
788 1,035
455
597 3,398
countries; it is known, however that dehoard+778 +175 +2, 689 - 4 0 4 + 1 , 788 - 2 0 2 +4, 824 ing of gold occurred in the London market on
Through the cusa fairly extensive scale during the last quarter
toms:
Gold imported 1,274 2, 836 2,412 1,805 1, 835 2, 379 12, 541 of 1936. In its comments on the balance of
382
Gold exported
607 2, 546 2, 638 2, 039 1,714
9,926 payments of the United Kingdom for the year
+892 +2, 229 - 1 3 4 - 8 3 3 - 2 0 4 +665 +2, 615 1936, the Board of Trade Journal explains
Balance
+1, 670 +2, 404 +2, 555 - 1 , 2 3 7 +1, 584 +463 +7, 439 that "it seems likely from the recorded exports that some part of the gold sent to this
+ signifies increase in the gold holdings of the public; — signifies de- country at an earlier date to be held on
crease in the gold holdings of the public.
foreign account was repatriated after the
devaluation of the -gold-bloc currencies at the
Internal hoarding of gold in France be- end of September". It seems safe to assume
gan in the summer of 1931 and continued that during 1936 in all an amount of at least
until the devaluation in 1936, except for a 1,000,000,000 gold Swiss francs was obtained
break in 1934 when not only did the gold in Europe from hoards previously accumuholdings of the Bank of France rise by 4,532,- lated.
000,000 francs but also, as can be seen from
The movement out of hoards has continued
the table, the amount of gold hoarded in- during the opening months of 1937 reflecting,
ternally was reduced by more than a billion. it may be stated, a change in the attitude of
For the period June 1931 to September 1936 the public towards the holding of assets in
the net amount of gold acquired by the public the form of gold. More attention is being
from the Bank of France or from imports paid to the fact that gold not only earns no
amounted to 7,439,000,000 francs (of the old interest but that its hoarding involves the
parity). This amount, however, includes the payment of charges for the hire of safe degold absorbed by the arts and industry which, posits etc.; another consideration is the infor the period under review, is estimated at creased possibilities of making profits on
about 2,000,000,000 francs over and above investments at a time of rising quotations on
the recoveries of old gold. There thus re- the world's stock exchanges. Moreover, gold
mains an amount of about 5,400,000,000 is no longer regarded as providing the same
French francs which may be taken as a maxi- measure of safety as it did in the past. Under
mum figure of the gold hoarded in France up the legislation passed in the United States in
to September 30, 1936. It should be added 1934, gold held in the country had to be surthat only negligible amounts of the gold coins rendered to the government and was paid for
issued before the war are still held by the only at the old par value. In France after
public, and that smuggling of gold across the the devaluation in 1936 gold held by all perfrontiers can hardly have been of any sub- sons or corporate bodies domiciled in the
stantial volume.
country had to be surrendered at the previous
During the first nine months of 1936 the par rate of the franc, while holders of foreign
amount of gold held by the French public con- exchange, for instance, were subject to no
tinued to increase, but after the devaluation such obligation. Though the full market
at the end of September the movement was price was later paid to the French holders of
reversed. It will^be recalled that the new gold, the memory of the original provision
monetary law made surrender of gold obliga- remains, and it is not surprising that those
tory, with certain exceptions, for all persons who seek protection against monetary risks
and corporate bodies domiciled in France. at present prefer the holding of notes and
From the beginning of October 1936 up to money on deposit in foreign banks to the
MOVEMENTS
OF GOLD TO OR FROM THE PUBLIC IN
FRANCE
JUNE
1937
FEDERAL RESERVE BULLETIN
hoarding of gold. In this connection, it may
be mentioned that during 1936 the note circulation of the Bank of England rose by
about £50,000,000, of which it is estimated
that perhaps £25,000,000 were hoarded
abroad and, in addition, there has been some
hoarding of United States dollar notes in
Europe.
MOVEMENTS OF GOLD TO CENTRAL BANKS AND
OTHER MONETARY AUTHORITIES
The total amount of gold available for
monetary purposes in the year 1936 (as a
result of current production, shipments from
the East and deliveries from hoards in the
West, allowance being made for the requirements of the arts and industry) attained a
figure of 5,000,000,000 gold Swiss francs.
Where has this gold gone?
About 3,300,000,000 gold Swiss francs are
accounted for by a net increase in the reported gold holdings of banks of issue and
governments, which rose in 1936 from about
69,000,000,000 to 72,300,000,000 gold Swiss
francs. This leaves at least 1,700,000,000
gold Swiss francs, which, it may be concluded, have been incorporated in exchange
funds and other unreported holdings of monetary authorities. In the absence of published
information regarding these funds, it is impossible to indicate in detail the destination
of the gold. Relatively little guidance can
be obtained from statistics of the gold movements between different countries. Since the
currency changes at the end of September
1936, the foreign trade returns of France and
the Netherlands have given no information
about exports and imports of gold; and even
when trade figures are available the following observation of the Board of Trade in its
comments on the balance of payments of the
United Kingdom for 1936 must be borne in
mind: "with the practice so frequently
adopted at the present time of purchasing
gold and earmarking it in the country of sale,
instead of shipping it immediately to the
country to which it belongs, the physical
movements of gold do not necessarily coincide
in point of time with the operations giving
rise to them". There are, however, certain
allocations of gold to government exchange
funds which have been made known and
which throw light on the absorption of gold
during the year.
(i) On October 2, 1936 the 'gold holdings
of the Bank of France amounted to 50,218,000,000 French francs of the old parity, and
557
after revaluation to 67,275,000,000 francs,
giving a book profit of 17,057,000,000 francs.
Of this profit the Bank o^ France under various arrangements retained in its gold reserve
about 7,000,000,000 francs; the remaining
10,000,000,000 francs in gold were allocated
to the exchange stabilisation
fund and, statistically, that amount w7as thus transferred
from the reported gold holdings of the bank
to the unreported holdings of the government
fund. In October 7,000,000,000 francs were
sold back from the fund to the bank, but at
the end of November the bank's holding was
reduced by 4,000,000,000 francs—the balance
taken out of the bank being thus 7,000,000,000 francs, corresponding to somewhat more
than 1,000,000,000 gold Swiss francs. It is
known that during the last two months of
1936 the French exchange fund utilised part
of its holdings for the repayment of the government credit taken up in London in February 1936 and to support the franc, but at the
end of the year it still held part of the gold
allocated to it.
(ii) When an embargo was placed on the
export of gold from the Netherlands at the
end of September 1936, no revaluation was
made of the gold holdings of the Nederlandsche Bank. Gold to the value of 100,000,000 florins (corresponding to about 210,000,000 gold Swiss francs) however was obtained from the bank against government
securities and put at the disposal of the
newly-formed exchange equalisation fund.
In the last quarter of the year the fund acquired by purchases in various markets an
additional amount of gold and the Nederlandsche Bank also increased its gold holdings; the fund retained to the end of the
year the 100,000,000 florins transferred to it
at the time when it was constituted.
By the end of 1936 the French and Dutch
exchange funds thus held gold which had been
transferred to them from the holdings of the
Bank of France and the Nederlandsche Bank
respectively, and the amount of such gold in
their possession explains the destination of
one part of the 1,700,000,000 gold Swiss
francs which, during 1936, went into exchange funds and other unreported holdings
of monetary authorities. Apart from these
special allocations, however, the aggregate
holdings of unreported gold in the hands of
the various exchange funds also increased
in 1936.
The reported reserves of banks of issue
and governments still constitute the over-
558
FEDERAL RESERVE BULLETIN
whelmingly greater part of the monetary
gold stocks of the world. To indicate the
changes that have iaken place in monetary
reserves generally, the table on this page sets
out the reported gold stocks of each country
at the end of 1934,1935 and 1936 respectively,
the countries being divided into three groups:
those in which the reserves fell during 1936
REPORTED GOLD RESERVES OF BANKS OF ISSUE AND
GOVERNMENTS
(group 1) ; those where there was practically
no change in the magnitude of the reserves
(group 2) ; and those in which an increase
occurred (group 3).
As regards the gold-bloc countries, it is of
interest to distinguish between the period
before the monetary changes took place, comprising the first nine months of 1936, and
the second period extending over the last
three months of the year.
GOLD RESERVES
[In millions of gold Swiss francs]
Loss
Loss
End
of
1934
End
of
1935
(-)
or
End
of
1936
gain
(+)
during
1935
Group 1:
France
Spain
Italy
Czechoslovakia
Germany
Poland
South Africa
Greece
Uruguay
Australia
Canada
_.
Ecuador
Total
Group 2:
Albania
Algeria
Argentina
Austria
Belgian Congo
Chile
Denmark
Egypt
Estonia.
India..
Latvia
New Zealand
_.
_
Total
Group 3:
Portugal
Bulgaria
Morocco
Danzig
Hungary
Peru
Colombia
Turkey
Rumania
Yugoslavia
Dutch East Indies.
Lithuania
Norway
Finland
Belgium
Japan
Netherlands
Sweden
Switzerland
U. S. S. R
United Kingdom...
U. S. A
[End of month figures. In millions]
(-)
or
France
gain
(+)
during
1936
Gold
holdings
16,675 13, 455 - 3 , 2 2 0 9,168 4, 287
655
13 1 1, 600
2,268 2, 255
759
188
638
826
1,585
279
344
65
343
51
141
192
188
1936
30
258
228
293
649
28
621
562
26 January
18
104
78
122
23
226
17 February.._
209
249
8 March
0
13
13
91
3 April
575
669
578
2 May
3
11
16
13 June
22, 983 18, 913 -4,070 13, 553 - 5 , 360 July
August
September..
8
8
43
43
43
Movement to
1, 235
1, 235 1, 235
end Septem140 +
140
139
ber
9
9
9
90
90 +
89
164
164
185
165
165
165
40
40 +
34
840
840
840
46
46
46
71
71
76
October
November,.
2,851
2,868 2,851
December..
209
208
58
22
24
71
57
59
67
319
163
236
27
187
42
1,837
1, 205
1, 754
488
1,910
2,277
4, 850
25, 216
60 +
22
12
71
58 +
48 -
JUNE 1937
0
1
Movement in
last quarter..
Netherlands
Increase
Increase
Gold
holddedecrease ings crease
francs of
0.05895 gr.
fine gold
65,223
65, 789 +
63, 917
60, 768
57,022
54, 341
54,942 +
54,511
50, 111
1,041
566
1,872
3,149
3, 746
2,681
601
431
4,400
florins of
0.6048 gr.
fine gold
+ 27.3
+ 9.6
+ 33.3
670. 7
680.3
713. 6
710.0
640.2
594.2
651.2
682.2
669.8
- 3 . 6
- 69.8
- 46.0
+ 57.0
+ 31.0
- 12.4
64,359.
64, 359.
60, 359.
florins of
0.6048 gr.
fine gold
569.9
569. 9
4, 000 719.
4,000
Increase
<+),
Gold
holdings
decrease
francs of
0.2903 gr.
fine gold
0.0
1, 388.8|
1, 445. 2
1, 508. 5
1,516.4
1,483.5
1, 407. 0
1,440. 6
1, 496. 7
1,553.7
+
+
+
+
+
+
+ 26.
-16,153
francs of
0.0441 gr.
fine gold
Switzerland
+149.
1
+149.
56.3
63. 3
7.8
32.9
76.5
33.6
56.1
57.0
+164. 9
francs of
0.215 gr.
fine gold
+310. 4
+172. 6
+128. 0
2, 408. 4
2, 581. 0
2, 709. 0
1
+611.0
*In addition the Exchange Funds acquired gold.
64 +
6
58
10
83
11
72 +
350
15
335 + 16
131
148 + 17
167
69
185 + 18
19
8
38 + 19
42
257
70
299
44
62
20
106 +
20 1,934 + 77
1, 857
97 1,416 + 114
1, 302
159
414 1,499
1,340
73: + 169
566 + 78
521 2, 006 + 617
569 + 292 1 3, 535+ 966
196 7,911 +2, 865
30, 992 +5, 776 34, 439 +3, 447
There is this striking difference between
the gold movements of the three countries,
that during the first nine months of the year
the Nederlandsche Bank and the Swiss National Bank both added to their gold holdings,
while the Bank of France sustained on balance a very heavy loss, which was only for a
relatively small part due to a deficit on the
current account of the balance of payments.
During 1936 the gold holdings of the Bank
Total
41,077 46, 583 +5, 506 55,194 +8, 611
of France dropped every month except in
Grand total 2
67,300 69, 000 +1, 700 72, 300 +3, 300 February, when the proceeds of the £40,000,000 loan taken up in London by the
1 Estimated.
French Treasury became available, and in
Partly estimated and including also other countries.
2
JUNE
1937
FEDERAL RESERVE BULLETIN
July, when there was some repatriation of
French funds. This period however was of
short duration; in August the current again
turned and the loss of gold during the first
three and a half weeks of September 1936
was the heaviest ever experienced by the
bank.
The immediate result of the devaluation
of the French franc in the autumn of 1936
was the liquidation of the large volume of
forward engagements, and this in itself
caused a return movement of funds to the
French market. After a short period in the
latter half of October of no distinct movement in either direction, French funds again
began to be transferred abroad and this movement continued into the opening months of
1937; in spite of the raising of a credit of
£40,000,000 by the French Railways the
movement became intense in February and
in the first days of March, and the position
was only relieved after various measures had
been initiated in the second week of that
month. These measures included the payment of the full market price for gold and
the successful issue of two "tranches" of the
National Security Loan made repayable in
terms of certain foreign currencies.
In Switzerland the sale of gold from domestic hoards and the return flow of funds from
abroad set in immediately upon the devaluation of the franc. The Swiss National Bank
and the exchange fund acquired gold to an
amount exceeding 500,000,000 gold Swiss
francs in the course of a few months. As the
quotations of shares and bonds on the Swiss
stock exchanges rose very rapidly immediately after the devaluation, there was very
little inducement for foreign capital to invest
in Swiss securities and, in fact, few such investments were made. By the end of the
year the return flow of Swiss funds was coming to a standstill and at the beginning of
1937 there were even some signs of renewed
export of Swiss capital for the purchase of
securities in the United States and elsewhere.
In the Netherlands, after the liquidation
of some forward engagements in the first
half of October 1936, the movement on the
exchange market remained for a while without any definite tendency; but soon a demand
by foreigners for guilders for the purchase
of Dutch securities set in. Gradually the
Dutch themselves began to move to the home
market funds that had been previously exported, and towards the end of the year and
559
at the beginning of 1937 the return movement became very strong. The amount of
gold acquired by the exchange fund has not
been made known but the Nederlandsche
Bank increased its gold holdings from 669,800,000 guilders on September 28, 1936, to
919,500,000 guilders at the end of March
1937.
The large amounts of gold which were
taken by Switzerland and the Netherlands
did not cause any strain on the outside gold
markets for, quite apart from any measures
taken by the various exchange funds, an
abundant supply of gold was available not
only from the mounting gold production but
also from the outflow from France and the
gold coming out of hoards. Even the last
quarter of 1936 saw a substantial increase
in the gold reserves of Great Britain and the
United States.
In order to get a comprehensive idea of the
amount of gold which had to be effectively
disposed of in 1936, account must be taken
not only of the amount of at least 5,000,000,000 gold Swiss francs available from current
production, shipments from the East and dehoarding in the West, but also of the amount
of gold which came out of the reserves of the
Bank of France and of other central banks.
In the first nine months of 1936 the Bank of
France lost 16,153,000,000 francs of the 1928
parity and in the last three months 4,000,000,000 francs of 0.0441 grammes fine gold
were transferred to the exchange fund on the
occasion of the repayment of the London
credit, altogether making 3,888,000,000 gold
Swiss francs. With the gold from other central banks, something like 10,000,000,000 gold
Swiss francs was disposed of altogether.
It should be mentioned that the Soviet
monetary authorities retained practically the
whole of the gold produced in 1936 within the
territory of the U. S. S. R. although some important sales abroad were made in the spring
of 1937. Of the gold which moved internationally in 1936, the largest acquisitions were
made by the Bank of England and the United
States Treasury Department; next in order
of magnitude come the purchases of the
monetary authorities in Switzerland and the
Netherlands. The disposal of the gold, as far
as information is available, is shown in the
diagram on the next page.
The increase in the gold reserves of the
Bank of England, valued at £113,600,000 at
the old parity or about £188,000,000 at the
560
FEDERAL RESERVE BULLETIN
JUNE 1937
maturity of overseas loans. Such credit balances as may have resulted from these transactions and from profits which have accrued
(In millions of gold Swiss francs)
during the year from sales and purchases
Origins of Supply
Destination
of foreign securities account, however, for
only a part of the net gold imports; these imports have in the main been the result of
large-scale capital movements reflecting the
Bankof England
increased holding of foreign capital, princi2.865
New Gold
pally French, in London.
The gold reserves of the United States inreased in 1936 by $1,133,000,000; $102,000,000 were obtained from domestic sources and
$1,031,000,000 on balance from abroad. Net
imports were in fact $1,117,000,000 but $86,Dehoardinq
USA.Treasury
000,000 were earmarked for foreign account.
1.000
/ estimate >
For the third consecutive year the net gold
imports exceeded $1,000,000,000 and reflected
the general movement of capital funds from
foreign centres to the United States. On curFrom
Russian State Bk.
rent account of the balance of payments a
966
Bank of France
passive balance appeared for the first time
(estimate)
3.888
since before the war. Total trade and service
Swiss Nat.Bank
617
transactions, including interest and dividend
items, resulted in a debit balance of $132,OtherCentral Banks
000,000 in 1936 instead of a credit balance
& Exchange Funds
From
of $208,000,000 in the previous year. The
2.090
otherCentral Banks
change-over was brought about, on the one
1,073
hand, by a reduction in the export surplus of
merchandise from $236,000,000 in 1935 to
$34,000,000 in 1936 and, on the other hand,
by a net increase in freight and shipping pay"New Gold" includes production plus shipments from the
ments, tourist expenditure and immigrants'
East less industrial requirements.
"Dehoarding" includes only dehoarding in the West.
remittances of $128,000,000. Net receipts
from dividends and investments remained unmarket prices prevailing on the dates when changed at the figure of $375,000,000 to the
the gold was acquired by the bank, has ab- credit of the United States. As a result of
sorbed the greater part of the country's net continued foreign purchases of American
import of gold, which valued in sterling at corporate shares and of the higher dividend
current prices amounted to £228,000,000. rates declared in the course of the year, inThis large import of gold was not due to any terest and dividend payments to foreign
surplus on the current account of the balance holders of American securities rose by $54,of payments for, according to the estimates 000,000, but this increase was offset by an
of the Board of Trade there was a debit bal- increase in the income from American direct
ance on this account of £19,000,000. Al- investments abroad.
though in comparison with 1935 there were
Net recorded movements of capital to the
substantial increases in the sums received in
United
States amounted to $1,141,000,000 as
respect of shipping and overseas investments,
the import surplus of commodities rose by compared with $1,536,000,000 in 1935; and it
£73,000,000 (mainly as a result of larger is this continued flow of capital which acimports of raw materials) and net exports counts for the large movement of gold to the
of silver fell by £13,000,000. It may be added United States. It is indeed an interesting
that subscriptions to new overseas issues on phenomenon that the two countries which
the London market amounted to only £32,- in 1936 were the largest recipients of gold
000,000 in 1936 and were probably covered both reported an adverse balance on the curmore than twice over by the amount received rent account of their balances of payments
from sinking funds and from repayments at in that year.
Main Gold Movements in 1936
1937
FEDERAL RESERVE BULLETIN
561
Reference has already been made to the exported from Spain in connection with the
increase in the reserves of the Swiss National civil war.
In those countries where exchange control
Bank and of the Nederlandsche Bank.
Among other central banks which have in- has been imposed, outward movements of
creased their gold holdings during 1936, the capital are prohibited except under special
largest additions have been made by the authorisation, and a free inflow of capital is,
Sveriges Riksbank by about 169,000,000 gold as a rule, excluded in the circumstances. For
Swiss francs, the result partly of purchases these countries, therefore, gold movements
of internal production and partly of imports in the main still reflect changes on the current
from abroad. The Bank of Japan increased account of the balances of payments, but the
its gold holdings by 114,000,000 gold Swiss amounts involved are small in comparison
francs as a result of purchases of domestically with the gold movements which result from
produced gold and the National Bank of Bel- international transfers of capital. It should
gium by 77,000,000 gold Swiss francs. Forty- be noted that the funds thus moving have
four million gold Swiss francs were added to only to a very small extent been obtained by
the reserves of the Bank of Finland; in 1936, credit operations; they have consisted chiefly
as in the previous year, the bank converted of capital effectively owned by the individuals
part of the amount accruing from a surplus or bodies for whose account the transfer was
on the current account of its balance of pay- made.
ments into gold in its monetary reserves.
The Bank of Norway was also able to increase ABUNDANT GOLD SUPPLY IN THE MONETARY
its gold holdings—thanks in part to an imSYSTEM
provement in the country's balance of payThe large movements of gold in recent
ments. And among the Baltic countries the
gold holdings of the Lietuvos Bankas were years have given rise to a series of problems
which have engaged the attention of the
doubled during the year.
authorities
the various monetary centres.
The gold" holdings of the Banca d'ltalia In addition in
to
task of preventing undue
were revalued at the time of the devaluation fluctuations in the
exchange
account has
in the autumn of 1936 and, the book profits to be taken of the influencerates,
that
an influx or
having been allocated to the State, amounted efflux of gold may have on the internal
curat the end of the year to 3,959,000,000 lire as rency and credit conditions in the countries
compared with 3,027,000,000 lire at the end affected. In the influx of gold into a market
of 1935. In terms of gold, however, there is the result of a movement of funds liable to
was a diminution over the year amounting be
withdrawn again at any time, it may be
to about 188,000,000 gold Swiss francs. The dangerous
for the central bank in the market
gold holdings of the Reichsbank fell from receiving the
funds to acquire the gold withRM 82,500,000 at the end of 1935 to RM 66,- out any offsetting
operation; for such acquisi500,000 at the end of 1936, the decrease being tions would lead to
an increase in the credit
accounted for mainly by the internal require- base without any guarantee
that the increase
ments of gold for the arts and industry. The could be permanently maintained.
imports and exports of gold during 1936, as
Considerations of this kind have largely
returned by the German customs statistics, determined
the working of the British Exapproximately balanced; at the beginning change Equalisation
and it is interof 1937 there was, however, an increase in esting to note that Account,
the
underlying
idea of
the imports of gold resulting from the con- the policy of offsetting temporary movements
version into gold of the proceeds of foreign of funds from one market to another was
exchange and certain foreign securities sur- suggested by the Macmillan Committee in
rendered under the new exchange decree.
paragraph 355 (pp. 151 and 152) of the reIn the course of the year the gold holdings port published in the summer of 1931. Since
of the National Bank of Czechoslovakia were that time the further question has arisen
reduced by the equivalent of 65,000,000 gold whether such acquisitions of gold as are not
Swiss francs and those of the Bank Polski the counterpart to more or less temporary
by 30,000,000 gold Swiss francs. In Czecho- movements of funds should be allowed to
slovakia no important gold movements oc- raise the reserve balances of the commercial
curred after the devaluation in the autumn. banks to a level which, especially during an
Finally, it should be mentioned that gold was upward trend in the business cycle, might be
562
FEDERAL RESERVE BULLETIN
considered undesirable or whether measures
should be taken to neutralise as far as possible
the effects of such acquisitions.
In Great Britain the establishment of the
Exchange Equalisation Account in the spring
of 1932 provided for the funds (mainly in
the form of Treasury bills) required for intervention on the exchange market and, at
the same time, for the regulation of the internal credit position. When the Account
intervenes in the case of an inflow of funds
the sale of the Treasury bills acts as an offsetting operation, preventing the inflow from
increasing the cash balances of the joint
stock banks at the Bank of England; when
funds flow from the London market the Exchange Equalisation Account effects an offsetting movement by acting in the opposite
way, namely, selling foreign exchange or
gold and purchasing Treasury bills. An addition to the gold holdings of the Account
does not, therefore, lead to an increase in
bankers' balances. To provide for more notes
in circulation or an increase in bankers' balances, the Bank of England may take over
part of the gold without a counteracting sale
of securities, or purchase securities on its
own initiative.
The technique of offsetting has gradually
been adapted to allow for different kinds of
movements of credit and currency. If the
funds coming to the London market are put
into bank deposits and thus cause an increase
in the total volume of these deposits, the
amount of bankers' cash (their coin, notes
and balances at the Bank of England) must
be allowed to increase by about a tenth of
the amount of the new deposits if it is desired
to avoid a tightening of the banks' ratios
(traditionally kept at the rate of about a
tenth of total deposits). If, on the other
hand, there is an increased demand for notes,
the clearing banks will have to draw on their
balances at the Bank of England in order to
procure the notes to be paid out. To offset,
in this case, the resulting reduction in the
banks' "cash/' the Bank of England must
take steps to restore the balances of the banks
up to the full amount of the increase in the
note circulation. In the course of 1936 the
note circulation increased by roughly £50,000,000 and the Bank of England provided
for the increase by an addition to its gold
holdings. There was, however, a further
increase of £65,000,000 in the gold holdings
of the Bank of England in December 1936;
JUNE
1937
in this case the object was to take over gold
from the Exchange Equalisation Account (to
render the Account more liquid) without
causing a corresponding alteration in the
credit base of the market. The gold was acquired by the Bank of England mainly against
securities in a way that did not affect the
balances of the joint stock banks. Simultaneously the fiduciary note issue (i. e. the
amount of notes which may be issued by the
Bank of England over and above its gold
holdings) was reduced from £260,000,000 to
£200,000,000.
In the United States the Exchange Stabilisation Fund, established at the beginning of
1934, bought gold for account of the Treasury and paid for it with funds obtained at
the Federal Reserve banks against gold certificates, but it was not part of the Fund's
task to undertake any offsetting open-market
operations. Consequently, the inflow of gold,
which amounted to approximately $4,000,000,000 from the beginning of 1934 to the
end of 1936, had the effect of adding an
equivalent amount to the reserve balances of
the member banks as well as to the deposits
held with them. In this way reserve balances
were built up far in excess of the statutory
requirements; at the beginning of 1936 the
excess reserves amounted to $3,000,000,000.
It was feared that this increase in the credit
base would lead to a dangerous expansion in
the supply of money in the form of bank
credit and, in order to counteract such a potential expansion, the Board of Governors of
the Federal Reserve System decided to increase the reserve requirements for member
banks. In July 1936 these requirements were
increased by 50 percent and in January 1937
a further 50 percent increase of the original
amount was ordered; the reserve requirements of the member banks have thereby been
fixed at the highest rates allowed under the
law. It was estimated in January 1937 that
from May 1, when the increases become
fully effective, the excess reserves of member
banks will have been reduced to approximately $500,000,000 which, in the opinion of
the Board of Governors, is considered to be
"an amount ample tofinancefurther recovery
and to maintain easy money conditions."
Another measure to counteract the effects
of additions to the gold holdings was adopted
in December 1936. On the 21st of that month
the Secretary of the Treasury announced that
JUNE
1937
FEDERAL RESERVE BULLETIN
the Treasury would take appropriate action
with respect to net acquisitions or releases
of gold "by the sale of additional public debt
obligations, the proceeds of which will be used
for the purchase of gold, and by the purchase
or redemption of outstanding obligations in
the case of movements in the reverse direction." It was explained in the Federal Reserve Bulletin of January 1937 that, in so
far as such action is taken, effects on reserves
of additions to the gold supply, either from
imports or from new production, will be offset by the sale to the public of an equivalent
amount of United States Government obligations and by the setting aside of the purchased gold in an "inactive account" in the
Treasury. An outward movement of gold
will be similarly offset by the purchase or
redemption of United States obligations in
the market, thus restoring to it the funds
lost through the export of gold. To this extent, therefore, the volume of member bank
reserves will be neither increased nor decreased by changes in the supply of gold.
By the end of April 1937, the amount of socalled "inactive gold" held by the Treasury
and purchased out of ordinary Treasury resources since the measure was introduced in
December 1936 amounted to over $500,000,000.
In other countries also steps have been
taken to offset the effects of large increases
in the gold holdings. In the Argentine the
Central Bank continued to sell during 1936
government securities out of its own holdings
to the commercial banks; with the exhaustion
of the Central Bank's own securities, the
government created Treasury bills to absorb
the incoming gold under a plan similar to that
described above for the United States. In
New Zealand powers have been given to the
Reserve Bank to increase the minimum cash
requirements of the commercial banks. In
several other countries similar measures are
being discussed and proposals framed to
enable the monetary authorities either to
tighten cash requirements or to intervene on
the markets by the sale of securities. The
measures thus taken or envisaged in different
countries indicate the growing preoccupation
with problems arising from an abundant supply and massive movements of gold. A policy
of "sterilising gold" is being widely adopted
and the question arises to what extent the
measures involved will adequately neutralise
the effects which an increased monetary sup-
563
ply of gold would normally exert. Considering the variety of circumstances that may
occur, only a few typical and simplified cases
can be considered to emphasize some of the
more important points.
Suppose that gold is moved from one market to another, not to fill a gap in the current
balance of payments but as a means of effecting the transfer of capital funds. Against
the gold an equivalent amount of deposits is
obtained with commercial banks of the recipient country and, if the central bank acquires
the gold without any offsetting operation, the
reserve balances of the commercial banks are
also increased by a similar amount. Now,
if the central bank sells securities to the
amount of the gold acquired, the increase
made in the reserve balances of the commercial banks will be wiped out. What happens
to the deposits with the commercial banks
will depend upon whether these banks or the
outside market buy the securities. It is important to stress that the funds which were
transferred from abroad were of a capital
nature and, therefore, presumably will not
be spent on the purchase of commodities but,
if no longer kept on deposit, will be used for
the acquisition of capital assets. As, however, the financial market has been provided
with an increased amount of securities by
the action of the central bank, a balance is
brought about between the demand for, and
the supply of, capital assets on the market.
In individual cases there may be variations
in that funds may move into the stock market
or be otherwise invested instead of going into
the market for government securities, but on
the whole it may be assumed that the inflow
of funds and gold has been more or less offset
in the way described. It is necessary, however, that the money received in payment for
the securities sold by the central bank should
remain unspent, and the interest on these
securities will, therefore, be a net burden
on the central bank or the government, as
the case may be. No essential change is produced by the substitution of an exchange
fund for the central bank as the body performing the offsetting operations. It is simply necessary that a sufficient amount of government securities should be available for
intervention on the market, and the establishment of an exchange fund may have been the
method chosen (as in London) to provide
these securities.
A more difficult problem arises when the
564
FEDERAL RESERVE BULLETIN
gold is derived from current production. The
first result of an acquisition of such gold is
of course, as in the previous case, to produce
an increase in the deposits with commercial
banks and an increase in the banks' reserve
balances at the central bank. It is also true
that a sale of securities by the central bank
to the amount of the gold acquired reduces
the balances of the commercial banks with
the central bank and in that way a multiple
expansion of credit within the monetary system is avoided. But what happens to the
deposits which were obtained in the commercial banks ? These deposits in the hands
of the gold producers are not a form of capital
assets but must in the main be expended by
them for the payment of wages, materials,
taxes and dividends. The result is an additional demand for commodities based on an
expansion of monetary purchasing power.
Such an expansion may be desirable to counterbalance an increased production of goods,
but if the expansion should be too great, the
question arises how the increase in the volume of purchasing power can be offset. There
would have to be, in some way, a restriction
in the volume already existing corresponding
to the amount obtained by the gold producers,
as long as they can sell their gold within the
monetary system. A restriction of the kind
required would be produced if the amounts
needed to acquire the gold were raised by
taxation or through loans raised from effective savings. In the case of securities being
sold by the central bank to neutralise the
gold acquisitions, these securities must absorb part of current savings in order to prevent not only an enlargement of the credit
base but also an increase in the volume of
purchasing power directed towards the purchase of commodities. Even then, in order
to make the intervention effective, the absorption of savings to provide funds for the
acquisition of the new gold may have to be
carried to the point at which it stiffens interest rates. In so far as credit measures are
adopted to neutralise the effects of a too
abundant gold production, it may thus be
asked whether it is possible to continue for
long the application of a cheap money policy.
In practice it may be difficult to follow the
effects of the newly-mined gold as it moves
from the producers to the various monetary
centres, but the tendency that such gold has
to increase the demand for commodities cannot be doubted.
In 1936 the amount of gold that moved
internationally was exceptionally large for,
in addition to the mounting gold production,
gold continued to be shipped from the East
and was dehoarded in the West. Moreover,
an amount fully as large as the year's production came out of the reserves of the Bank of
France. Obviously, some of these supplies
will prove to be only temporary: the shipments from the East were smaller than in
previous years and may soon be reversed;
dehoarding in the West, which began after
the devaluation of the gold-bloc currencies,
has already accounted for a fair portion of
the accumulated hoards; and the improvement in the economic and financial position
of France has had a moderating effect on the
outflow of gold from that country. There remains the current gold production. In the
year 1936 the world's output of gold was in
ounces nearly 80 percent above the average
annual output in the period 1924-29. In this
period, at the gold price in London of 84 s.
lli/2 d. an ounce, the annual output had a
value of about £80,000,000, of which about
£50,000,000 were available for monetary purposes; and in 1936, at a gold price of about
140 s. an ounce, the value of the output had
risen to £245,000,000, the whole being available for monetary purposes. All the indications from the producing countries point to
a continued rise in output: in South Africa
the work of development is just beginning
to make itself felt; in the U. S. S. R. gold
production is still mounting and exports were
resumed in March and April 1937; in Canada,
official reports predict a further large increase; only in the United States would the
output seem to have reached, if not its maximum, at least a level which is unlikely to be
greatly exceeded. It has been forecast that
before long the world's gold production may
be at the rate of 40 million ounces per annum,
or more than twice as high as in 1929.
The recent extension of production has
been based on present price and cost conditions, and it may be questioned whether an increase in costs, itself an effect of the larger
supply of gold, may not be expected to exert
a restraining influence on future production.
This presupposes, it should be noted, that the
measures for sterilising gold at present applied do not succeed in preventing the increased supply from raising the level of costs
and prices. Let it be assumed, however, that
costs and commodity prices reach a level ap-
JUNE
1937
FEDERAL RESERVE BULLETIN
proximating to that obtaining in the years
1926-29; at $35 or 140 s. an ounce, the price
of gold would still be nearly 70 percent higher
than it was in those years. The Union Corporation in its report for 1936 states that
"weighted by the population of the various
countries, the average price for gold throughout the world is now some 85 per cent, above
the average price for 1929." In these circumstances, there is not much prospect for a
number of years to come that a rise in costs
and prices will really exert a restraining influence on gold production.
Turning to the demand for gold, it seems
likely that countries in the East will soon begin to hoard the metal again. In the period
1926-29 the gold demand from the East
amounted to something like £15,000,000 a
year, and maybe a somewhat higher demand
can be expected as prosperity returns. Moreover, the adoption of gold as part of the
monetary reserves of China may provide a
new outlet for gold in the East. The gold
that goes into the eastern hoards has, however, as a rule to be acquired out of current
savings and a surplus in the balance of payments, and the amounts which will be
absorbed cannot be very large.
An exceptional demand for gold may come
from countries in which present monetary
reserves are deficient. In the absence of foreign lending, however, the replenishment of
these reserves wTill most likely only be undertaken gradually. As far as France is concerned, a return flow of capital will no doubt
be accompanied by a large movement of gold,
but this movement will essentially be a redistribution of existing supplies, being a reversal of a previous outflow. At a time when
current gold production is at the rate of
£245,000,000 a year, the influence of even a
substantial return movement of funds will
hardly produce more than a temporary alleviation.
It should also be mentioned that the demand for gold in the arts and industry, which
previously absorbed as much as 20 percent
of the yearly production, at present absorbs
less than 5 percent of the current output.
In these circumstances the countries that
already possess large monetary reserves will
presumably continue to be faced with the task
of absorbing large and increasing amounts of
new gold; and a continuation of the policy of
sterilisation will involve them in ever-increasing expenses. It is not surprising that
565
the problems that have thus arisen are being
seriously considered and that alternative solutions are being put forward. For instance,
the suggestion has been made that gold production should be controlled and reduced; but
the adoption of such a measure, which deserves further consideration, has become
more difficult in recent years owing to the increase in the number of producing centres. It
has also been suggested that gold coins should
again be put into circulation. In some countries it might be possible to do so, but experience shows that, once the public has lost
the habit of carrying gold coins, it is difficult
to reintroduce them into active circulation.
And even if it were possible, it would not
solve the whole problem. There would certainly be no increase in the commercial banks'
balances at the central bank so long as the
gold went into circulation, but the new coins
when not hoarded might also constitute an
addition to the existing volume of purchasing
power, while gold production would not be
reduced. It is pertinent to remember that in
the years before the war, when gold was effectively in circulation to an extent that it would
be difficult to attain again, the increase in the
South African gold production brought about
an appreciable rise in prices.
It has also been suggested that the price
paid per ounce of gold should be lowered
from the high figures to which it has risen in
terms of depreciated currencies; in that way
the amount of monetary purchasing power
produced by a given weight of gold would be
reduced, and a restraining influence would
also be exerted on the output of gold, for gold
mining would become less profitable. It can
hardly be doubted that at present a lowering
of the price of gold would help to cope with
the serious problems resulting from the overabundant production. It would, however,
cause certain difficulties with regard to valuation of existing gold reserves and the relative
position of currencies (the latter, in so far as
equilibrium has already been attained, should
be disturbed as little as possible). It would,
moreover, involve the danger of manipulation of currencies in the future, which would
add an element of instability and distrust to
the monetary structure.
In the discussion of a reconstruction of the
world's monetary system these various questions, difficult though they may be, cannot be
avoided. Also from the point of view of the
gold producers, it is important to establish
566
FEDERAL RESERVE BULLETIN
JUNE 1937
conditions that will render gold continuously ceased but foreigners drew heavily on their
useful as a basis for currencies, instead of accumulated short-term dollar assets and on
concentrating attention on immediate profits. balance the outflow of capital from the United
States continu-ad during 1931-33, accomCAPITAL MOVEMENTS AND INTERNATIONAL panied at times by an efflux of gold and augSHORT-TERM INDEBTEDNESS.
mented during the latter year by a flight of
Large movements of capital between cred- American funds from the depreciating dollar.
itor countries continued to dominate the ex- After the fixing of the new value of the
change markets in 1936 as in the two previous dollar at the end of January 1934 at the rate
years. The flow of funds effected through of $35 an ounce of gold, compared with the old
transfers of gold to England, the Nether- price of $20.67, a violent change occurred in
lands, Switzerland and particularly the the trend of capital movements: the United
United States, has become an embarrassment States became overnight the biggest capitaland the possible effects of these large move- importing country in the world. In the three
ments is a subject for serious consideration. years 1934-36 the import of capital amounted
Foreign investment for the initiation of new to $4,000,000,000, corresponding almost exenterprises is still at a low ebb, in fact, debtor actly to the import of gold over the same
countries whose exchange conditions have im- period (the active balance on current account
proved are repaying old loans and credits, of the balance of payments being well covparticularly to England and the United ered by silver imports from abroad). This
States. There are, however, signs of direct global figure includes a number of diverse
private investment in such countries as the movements: American flight-capital reArgentine and Australia, which have been turned, credits from American banks to forable to carry out their obligations during the eign countries were withdrawn, foreigners
depression. Short-term foreign-owned bal- repurchased and redeemed issues previously
ances have continued to accumulate in Lon- made in New York and bought American sedon and New York, while short-term credits curities, and also increased their short-term
previously obtained from abroad by countries assets in the United States.
where exchange restrictions are in force, as
Of the $4,000,000,000 capital flow some
well as other blocked and frozen debts, con- three-quarters are "recorded" in the annual
tinue to be slowly and painfully liquidated. statistics on the balance of payments pubThe countries making these liquidations have lished by the U. S. Department of Commerce,
in general insufficient external resources, while the remainder appears only in a "residwhile those receiving the funds are concerned ual item", which must also be taken to include
about the growth of their monetary reserves. a certain allowance for the balance of errors
The most important movement has been in and omissions on current account. On the
the direction of the United States, and it can basis of these data, as well as from informabe followed, as in the case of no other country, tion recently issued by the U. S. Treasury
with a large degree of accuracy—thanks to Department, the following table has been
the statistical information made available by made showing the composition of the capital
the U. S. Department of Commerce and re- influx for the years 1934-36:
cently also by the U. S. Treasury.
Before the war the foreign holding of
NET CAPITAL INFLUX TO U. S. A.
American securities was estimated at about
[In millions of dollars]
$5,000,000,000 and, as foreign securities held
in the United States were negligible, this fig]Recorded
" R e s i - Grand
Gold
ure represented roughly the net debtor posid u a l " i total imports
tion. During the war about half of these
Long- Short- Total
(net)
term
term
American investments were sold back and the
world borrowed in the United States, which
192
194
482
386
868
1,132
became a strong creditor country and in the 1934
442
969
1935
455
1,411
1, 866
1,739
792
403
1936
146
1,341
1,195
1,117
'twenties the biggest lender to foreign counTotal
1, 564
1, 428
2, 992
1, 083
tries. To a certain extent, however, foreign4,075
3, 988
ers again built up a substantial holding of
for convenience of presentation, some recorded miscellaneAmerican investments. In 1931 American ous Including,
items) which explains the difference in the totals of the recorded movelending on long and short-term account ments
compared with those given on page 560).
1
JUNE
1937
FEDERAL RESERVE BULLETIN
The movement was at its strongest in 1935
when the influx of short-term capital was
greatest; it continued, however, on a large
scale in the following year with a preponderance of long-term transactions.
Of the net recorded influx of short-term
capital amounting in the three years to about
$1,560,000,000, withdrawals by American
banks from abroad account for $560,000,000,
of which nearly half represents the gradual
liquidation of frozen claims on European and
Latin American countries. Foreigners (i. e.
persons and institutions domiciled abroad)
increased their balances and other shortterm claims in the United States by $1,000,000,000, the total amount accumulated at the
end of 1936 being $1,500,000,000, i. e. about
three times as much as at the end of 1933 but
only half the volume of corresponding assets
in 1929. When, however, comparison is made
with the position seven or eight years ago, it
must be remembered that central banks then
possessed much larger dollar holdings than at
present, and also that recent figures are
somewhat more comprehensive than in previous years. At the end of September 1936
the principal holders of short-term assets in
the United States were as follows:
United Kingdom
France
Netherlands
Switzerland
Canada
Latin America
Far East
All other
Total
Millions of
dollars
300
172
81
154
174
203
211
201
1,496
There was little decline of the balances of
France, the Netherlands and Switzerland
after September 1936, but some reflux of
British balances took place, accompanied by
a reduction of the discount on forward sterling and some stiffening of interest rates in
London. British banking funds employed in
New York, as well as American balances in
London, are very sensitive to movements of
short-term interest rates and the forward
dollar-sterling exchange rate.
Some of the short-term assets held by foreigners in the United States may be "refugee" funds and the fact that the buildingup of funds, on account of England and the
old gold-bloc countries, took place at irregular intervals during periods of political and
567
Net Movement of Capital to United States
Cumulated weekly from 2nd January 1935, In million dollars
In Banking Funds and Security Transactions
Analysis by origin of funds
monetary uncertainty in Europe may suggest
possible instability in the future. But the
fact must not be overlooked that a very substantial part of these funds and the funds of
other countries which have built up balances
in a regular manner represents an accumulation of working balances customarily employed in foreign markets. "With an improvement in world trade, it is not improbable that the working balances which would
be kept here will increase markedly", wrote
the Secretary of the U. S. Treasury in an open
letter in September 1936; this is particularly
true at the present time when so many countries are forced to finance their own foreign
trade instead of being able to obtain dollar
credits.
The recorded net purchases of securities
by foreigners over the three years amount
to $1,430,000,000, but of this $535,000,000,
or more than a third, represented net purchases and redemptions of foreign securities
and may thus be regarded as a movement of
568
FEDERAL RESERVE BULLETIN
JUNE 1037
may not be disturbed for years, if past experience is any guide. "There appear to have
been no sustained foreign withdrawals from
the American security markets even during
the early years of the depression when confidence was at a low ebb and prices were declining sharply," says the Federal Reserve
Bulletin. Although naturally an influx of capital continuing for more than three years at
an average rate of over $100,000,000 a month
must be a cause of preoccupation, it seems
unlikely that a sudden reversal of the movement will set in.
On the whole, American investments
abroad have been far more variable during
the last decade than foreign investments in
the United States. In 1926, 1927 and 1928
new foreign issues were floated in the United
States at a rate of over $1,000,000,000 a year.
But, during the past three years the creditor
position of the United States in respect of
bond issues and short-term credits has been
reduced at a very rapid rate. It should be
mentioned that American direct investments
abroad in the form of industrial and commercial businesses and participations, etc.,
have shown much greater stability than the
TOTAL OF FOREIGN INVESTMENTS IN THE UNITED
volume of bonded investments and shortSTATES
term credits. In fact, American direct in[In millions of dollars]
vestments abroad increased throughout the
depression and at the end of 1935 accounted
Great Gold i Can- Other
Britain bloc
ada
coun- Total for $7,835,000,000 out of the total of all
tries
American foreign investments of $12,630,000,000.
372
552
683 2,015
Common stocks (market value)
408
Where have the funds come from that have
146
64
53
Preferred stocks (par value).._
329
66
91
338
607
49
129
Bonds (par value)
362
276
322
85 1, 045 sustained the large capital movement to the
Direct investments
403
235
161
240 1,039 United States in recent years?
Other investments
To throw
Total
1,190 5, 035 light on this question it is of interest to sum1,006
1,374
1, 465
marise the figures published by the U. S.
1
France, Netherlands and Switzerland.
Treasury covering the influx of capital dur"Although securities may have changed ing the years 1935 and 1936 (upon which the
hands and market value fluctuated, foreigners have maintained in this country throughIn
In
millions
ORIGIN OF INFLUX
out the depression a volume of securities sub- SHORT-TERM CAPITAL millions
of
of
dollars
dollars
stantially as great as the amount now held,"
observes the Federal Reserve Bulletin, addnet withdrawals
United Kingdom
830
ing, "not more than 10 percent of the $5,000,- American
from abroad
456 F ranee
300
230
000,000 of long-term assets shown in the Net influx of foreign money 916 Netherlands
Switzerland
335
table as held by foreigners at the end of 1935
1,372
Other European countries
356
appears to have been acquired since 1933." Security transactions
2,051
purchases of American
The purchase of $600,000,000 American se- Netsecurities
Total Europe
curities by foreigners in 1936, together with Net purchases of foreign 917
316
the rise of market values, is estimated to securities
All others
1,234
have increased the foreign holding of American investments at the end of 1936 to about
Total capital influx.. 2,607
2,607
Total
$6,250,000,000. Many of these investments
a permanent character. As regards purchases of American securities by foreigners,
aggregating $895,000,000, the movement did
not get under way until May 1935 and on the
whole has tended to gain in force since then.
The Federal Reserve Bulletin for July 1936
makes the observation that "the purchase of
American securities by foreigners since May
1935 appears to reflect conditions in the
United States more than conditions in
Europe" and that "the sustained character of
the movement at times when European balances were not increasing, or were being reduced, as in the five months ending April
1936, suggests that foreign investors believe
the American market offers an opportunity
for profitable investment of their funds/'
Similarly, after the currency changes of September 1936, purchases of American securities continued as actively as ever.
The total of foreign investments in the
United States was not known with any certainty until the U. S. Department of Commerce published the results of a detailed enquiry, which gave the following picture for
the end of 1935:
JUNE
1937
FEDERAL RESERVE BULLETIN
graphs given earlier in this chapter were
based).
American bank credits withdrawn in the
two years were met, by and large, from the
current balances of payments of the countries concerned—either from a general surplus, as in Finland, or from the earmarking
of a particular item, as in the case of Germany (through the sale of registered marks).
The amounts employed for repatriations and
cash redemptions of dollar bonds were also in
a large measure obtained from an active balance on current account in the countries
which like Finland, Belgium and the Argentine have been able thus to reduce their foreign indebtedness. With regard to the purchase of American securities and the building-up of dollar balances, on the other hand,
it cannot be said that the funds involved were
produced from an active current balance of
payments, except perhaps in a few cases, such
as Canada. For England, the transfer of
genuinely English funds was probably
largely offset by receipts from repayments of
old sterling loans (long as well as shortterm) , but for France, in particular, the outflow of funds was covered only by a charge
on the monetary gold reserves.
Capital exports from France went partly
to the United States, largely to England, but
also to Belgium, Switzerland and the Netherlands. The U. S. Treasury figures do not
show a very large capital import from
France. In the twenty-one months from the
beginning of 1935 to the devaluation in September 1936 only $200,000,000 are recorded
as being from France ($130,000,000 shortterm and $70,000,000 security purchases) —
equivalent to 3,000,000,000 of 1928 francs.
But French capital exports were several times
as great. In the same twenty-one months the
Bank of France lost Fes. 32,000,000,000 of
gold, to which should be added Fes. 5,000,000,000 of credits raised abroad. Allowance
must, however, be made for the adverse current balance of payments over the period considered, withdrawals of foreign funds,
hoarding of gold in France and certain other
items, together some Fes. 14,000,000,000,
which, deducted from the gross figure of
Fes. 37,000,000,000, gives Fes. 23,000,000,000 (say, $1,500,000,000) as a measure of
the French capital exported over this period.
This figure although large is little more than
half of the estimated export of French capital
that took place in the years 1924/26; but in
569
the earlier period the French current balance
of payments was active, whereas the strain
of the efflux in recent years has fallen directly
on the Bank of France and the Paris market.
The heavy outflow of funds from the
French market during the first nine months
of 1936 was the main factor responsible for
the forcing-up of the dollar-sterling rate from
4.95 early in March to over 5.05 in September
1936. After the devaluations at the end of
September 1936 the sterling-dollar rate, released suddenly from the pressure of incoming funds from the continent, fell rapidly to
4.90 early in October. Short sales of French
francs before devaluation were mostly
against sterling, and this position was covered in the first three weeks of October 1936.
The return flow of funds to France after devaluation did not assume large proportions
and, in fact, was reversed in November and
the following months. In February 1937 a
credit of £40,000,000 was raised in London
by the French Railways and after the successful issue of the National Security Loan
in France in the middle of March 1937 French
banks sold some sterling to cover their subscriptions in francs, while dollars were also
sold against francs.
The return of Swiss capital, on the other
hand, was rapid after devaluation of the currency and appears to have been completed by
December 1936, since when some slight efflux
has taken place. In the last quarter of 1936
the cash assets of the two biggest banks in
Switzerland with large international business
rose from Sw. fcs. 250,000,000 to Sw. fcs.
660,000,000, those of four smaller banks from
Sw. fcs. 135,000,000 to Sw. fcs. 225,000,000,
while the cash of the cantonal banks rose
from Sw. fcs. 150,000,000 to Sw. fcs. 300,000,000; at the same time sight balances at
the Swiss National Bank increased from Sw.
fcs. 460,000,000 at the end of September to
Sw. fcs. 1,360,000,000 at the end of the year.
The rapidity of the influx is shown by the
fact that 85 percent of this increase took
place in the month of October alone.
Besides Swiss capital there is doubtless
some foreign capital which has taken refuge
in Switzerland and the employment of this
large accretion of funds without an inflation
of values raises an acute problem. In the
absence of new foreign issues on the market,
it has been suggested that approved foreign
securities already quoted on foreign stock exchanges should be introduced to the Swiss
570
FEDERAL RESERVE BULLETIN
JUNE
1937
bourses; but, while such a measure might London, shows how the balances of American
somewhat ease the plethora in Switzerland, banks were reduced during 1935 from the
it seems likely that if successful it would in- high level at the end of 1934, the development
volve the export of gold to countries which of a forward discount on sterling being suffialready have abundant reserves.
cient to offset the higher interest rate in LonThe return of Dutch capital was somewhat don and thus making the employment of
slower in starting and was in fact rather pre- American balances in London no longer profceded by foreign funds. Towards the end of itable. The low level reached in the autumn
the year, however, the inward flow gathered of 1935 appears to be the working minimum
momentum and by the middle of February of these banks.
1937 appeared to have ceased. Despite the
Besides the balances of United States
large transfers of gold caused by theflowof banks, the graph shows holdings of sterling
funds to the Swiss and Dutch markets, the funds by certain bodies in British and stermonetary reserves in London and New York, ling-area countries. The sterling assets of
far from being reduced, rose substantially in the Currency Commission and the excess of
the last quarter of 1936 and at the beginning sterling assets over sterling liabilities of the
of 1937. The gold supplies on the markets
operating in the Irish Free State have
were increased by current production, large banks
remained
very stable, being largely a form
dehoarding on private account and the out- of permanent
investment. India and
flow of gold from France from November South Africa foreign
together,
as mentioned in the
onwards.
next chapter, repaid in 1936 some £35,000,The rise of spot sterling against the dollar 000 of old sterling loans from their own rein the summer of 1936 to a level which it was sources. Australia had a better year in 1936
expected would not be maintained led to a largely owing to the increased prices obtained
flow of banking funds from London for em- for Australian exports in the latter part of
ployment in New York, which could be ad- the year; there was also some influx of forvantageously covered owing to the wide dis- eign funds. The sterling holdings of the Comcount on forward sterling. The following monwealth
Bank increased by about £5,000,graph, giving the volume of certain funds in 000 over the
year but this does not tell the
whole story. The trading banks were also
able to make a much-needed addition to their
Certain Holdings of Sterling Assets in £ millions
London funds, sorely depleted in the depression years. The Directors' Report of the
Commonwealth Bank for June 30, 1936,
says: "London funds at present are sufficient
for normal requirements but are not sufficiently high to provide an adequate reserve
against adverse circumstances." On the other
hand, London funds of the Reserve Bank of
New Zealand and the trading banks shown
in the graph fell by £5,000,000 sterling on
balance over the year to £20,000,000 sterling,
the lowest point since the formation of the
Reserve Bank. Although the total of London funds now held compares very favorably with the period before the acquisitions
of sterling by the government in 1933, the
wide seasonal fluctuations to which New Zealand's exports are subject make the conservation of an adequate holding of London
funds desirable. The sterling holdings of the
central banks of Finland, Norway and
Sweden rose by £10,000,000, while these
banks added some £20,000,000 sterling to
1936
8*163.
1935
their gold holdings in 1936, the movement
continuing in the early months of 1937. All
a
571
FEDERAL RESERVE BULLETIN
J U N E 1937
three banks hold part only of their gold as ish kroner) and the Mortgage Bank of the
metallic reserve, the balance being considered Kingdom of Denmark raised £1,500,000 in
as secondary cover and in Norway specifically London in December 1936 (which was sanccalled "funds placed temporarily in gold." tioned by the British Treasury as the proThe Swedish position is unusual. The Swed- ceeds went to strengthen the sterling reish commercial banks normally hold net for- sources of a country in the sterling area).
eign short-term assets to the amount of Kr. The short-term foreign debt of Danmarks
100,000,000-200,000,000, and in September Nationalbank was reduced in 1936, even
1936 these assets amounted to Kr. 130,000,- showing a small net surplus of assets in the
000. In the following months, however, the middle of the year for the first time since
position was suddenly reversed
and at the 1933. In January 1937 the net debt in forend of March 1937 the banks7 return showed eign exchange of the Nationalbank at Kr. 14,a net deficit of Kr. 155,000,000. This appear- 000,000 showed an improvement of some
ance of a net liability was in no way due to Kr. 54,000,000 compared with January 1936.
an adverse development of the balance of
During 1936 the trade balance of Italy impayments, which, on the contrary, was active, proved, the passive balance being reduced to
but to a movement into krona assets connected Lit. 2,100,000,000 from Lit. 3,200,000,000 in
with the belief that the krona would appreci- 1935. The publication by the State of the
ate about 7 percent to the old parity with various clearing accounts to which Italy is a
sterling. The foreign exchange was sold to party was resumed in December 1936 and
the Riksbank and accounts for the increase of these accounts showed a not unfavourable
its holding of gold and foreign exchange to situation.
abnormal proportions in the first quarter of
The foreign indebtedness of Germany on
1937.
account of repayments, devaluation of creditor currencies and other factors has been reShipping Freight Index
duced as follows in recent years:
"Economist" figures 1898-1913 = 100
FOREIGN INDEBTEDNESS OF GERMANY
[In billions of reiehsmarks at end of month]
h
Vi
f
v
v7
Vv
V J
/
-
Lone-term _
Short-term
Total
_.
Julv
1931
Xov.
1931
Feb.
1932
Feb.
1933
Feb.
1934
Feb.
1935
10.7
13.1
10.7
10.6
10. 5
10. 1
10.3
8.7
7 2
6^7
6.4
6.7
23.8
21.3
20.6
19.0
13.9
13.1
Feb.
1936
6.1
6. 3
The figures for 1931 should be somewhat
higher as in the returns for that year only
debts above RM. 50,000 were included,
whereas for later years the limit was lowFinland, besides repaying a long-term dol- ered to RM. 5,000. The German foreign debt
lar loan in 1936, was able to increase its short- in gold values has thus been halved since the
term foreign assets. The improvement in the liquidity crisis. The devaluations in 1936
short-term foreign position of Norway and brought further reductions of the capital
Denmark is, however, in both cases partly debt, which now amounts to about RM. 11,due to the raising of new long-term debt 500,000,000. Credit lines under the standabroad. Swedish lending to the Norwegian still agreement continued to be reduced from
Government and the Mortgage Bank of the RM. 1,567,000,000 at the end of February
Kingdom of Norway amounted to Kr. 40,000,- 1936 to RM. 1,165,000,000 at the end of Feb000 in 1936 and Norway benefited also from ruary 1937 (of which RM. 1,041,000,000 were
an improvement of freight rates, of great im- availed of). Conversions into registered
portance to its merchant fleet now in full ac- marks in the first nine months of the 1936
tivity. The Danish Government borrowed agreement accounted for RM. 306,000,000 (of
Kr. 40,000,000 in Stockholm in May 1936which RM. 255,000,000 were employed for
(producing the equivalent of 45,000,000 Dan- travel purposes). The standstill agreement
.,l,,l,lll.
,,I.T
572
FEDERAL RESERVE BULLETIN
was renewed in February 1937 for a further
year with only slight modifications. The
check to the rapid reduction of the German
short-term indebtedness in 1934 was due
partly to the maturing of long-term debt,
which under the exchange restrictions was
not transferred, and partly to the accumulation of new indebtedness. In the first half of
1934 the quotas of foreign exchange allotted
to importers were gradually reduced and during the year commercial debts to foreign
countries grew considerably. German debts
on clearing and similar accounts reached
their highest point of EM. 567,000,000 in
March 1935, after which time the effects of
the New Plan for balancing imports and exports began to be felt and a gradual reduction of these debts took place. From about
RM. 500,000,000 at the beginning of 1936 the
total clearing debts had fallen to RM. 415,000,000 in November 1936. These accounts
give, of course, only the cash balances remaining of matured debts and thus do not
give a complete picture. In particular, Germany has in recent years exported to an increasing extent on credit and the sums owing
to German exporters and not yet due for payment are not inconsiderable. During 1936
the old commercial debts to England and Belgium were completely repaid and under the
present system of payments with these countries no similar debts can be accumulated in
future; some other countries such as the
Netherlands and France were also able to
obtain substantial reductions; on the other
hand, German clearing debts to certain other
countries increased, particularly to Poland
for railway transit through the Corridor.
The difficulties experienced with regard to
this and other amounts owing to Poland came
at a bad time for that country, which suffered
early in 1936 from a flight of capital; exporters tended to leave the foreign exchange
proceeds of exports abroad, imports against
cash increased and banks accelerated the repayment of foreign credits. Foreign exchange restrictions were introduced in April
1936, foreign trade control in May and transfer restrictions on the foreign debt service in
June. The active balance of trade fell from
Zl. 177,000,000 in 1934 to Zl. 64,000,000 in
1935 and Zl. 23,000,000 in 1936, while, in addition, gold coin was imported for hoarding
purposes. The gold reserve of the Bank
Polski fell from Zl. 510,000,000 in the middle
of 1935 to below Zl. 370,000,000 in the sum-
JUNE
1937
mer of 1936, but there was some relief in the
latter part of the year. Foreign credits
granted to Polish banks were reduced by the
equivalent of over Zl. 50,000,000 during the
year by repayments and by the devaluations
of foreign currencies in September, but in
the meantime interest and other sums blocked
under the exchange restrictions were accumulating. At the end of the year an important
credit was obtained in France.
The total foreign debt of Hungary has recently been estimated at 2,400,000,000 pengo
compared with 4,300,000,000 pengo in 1931,
but these figures are given in gold values and
the depreciation of the currencies of the creditor countries accounts for the greater part of
the apparent reduction, although some repayments of capital and repatriations of bonds
have also contributed.
There are few signs of a revival of international trade financing. Over a wide area
the working of clearing agreements precludes the financing of foreign trade through
the normal mechanism. The Governor of the
Bank of England recently gave the amount of
trade bills circulating in the London market
at £130,000,000 in the spring of 1936 compared with £220,000,000/230,000,000 five
years earlier (these figures being not necessarily complete but comparable). The decline of trade financing in dollars is even more
remarkable, dollar bank acceptances outstanding declining from over $1,500,000,000
at the end of 1930 to under $400,000,000 in
1935-36.
Exports of foodstuffs and raw materials
are, in general, made against very short
credit terms or cash, in some cases even payment in advance (for crop financing purposes) while credit for three months or
longer is given for industrial goods. It follows that agricultural countries, having been
paid cash for their exports, are normally indebted on commercial account in respect of
their imports over three months and more. In
so far as the industrial countries have in recent years shortened the period of credit or,
maybe, insisted on cash payment for their
exports, they have often placed severe burdens on the agricultural (usually debtor)
countries, even to the extent of forcing them
into exchange restrictions.
There is unfortunately insufficient information available as to the terms of credit
given in international trade but in some countries, for which these credits are of great im-
JUNE
1937
FEDERAL RESERVE BULLETIN
portance, estimates have been made in connection with balance of payments calculations. As an example it may be mentioned
that Polish imports in 1928-29 were at the
rate of over Zl. 3,000,000,000 per annum,
while trade credits outstanding were over Zl.
1,000,000,000, so that an average of four
months' imports was regularly made on
credit. Credits granted by Polish exporters,
on the other hand, were around Zl. 300,000,000, equivalent to about IV2 months' exports
only. When trade fell off after 1929, trade
credits were reduced even more severely—
Polish imports fell, requiring proportionately
less financing, but the foreign exporters gave
shorter as well as smaller credits. Polish imports declined by one-third from 1929 to 1930,
but the credits outstanding were reduced by
more than one-half—imports were again cut
by one-third from 1930 to 1931 and again
credits were reduced by over 50 percent. By
1932 the value of Polish imports was little
more than one-quarter of what it had been in
1928-29 while the trade credits received from
foreign exporters were only one-eighth and
represented the value of less than two months'
imports. The credits granted by Polish exporters were not so easily reduced and remained the equivalent of about IV2 months'
exports. In terms of cash this meant that on
balance Poland repaid in three years about
Zl. 800,000,000 of trade credits—a striking
proof of the liquidity of these credits; the
magnitude of this sum for Poland may best
be realised when compared with the total gold
and foreign exchange reserve of the Bank
Polski, which at its highest point in 1928 was
Zl. 1,350,000,000.
Several other countries which export
mainly agricultural or similar products are
now in a similar position, having almost entirely repaid the normal trade credits on account of imports and buying almost solely on
a cash basis. These countries should be in a
strong position when trade revives—any
lengthening of import credits will go directly
to ease the exchange position and help towards the reconstitution of the central bank's
reserves. The marked increase in foreign
trade since the summer of 1936 has, no doubt,
been accompanied by some growth of commercial lending internationally but hardly
any new facilities have been extended to countries with difficult exchange positions. From
a purely technical point of view, it is not easy
to combine the granting of credits with the
existing system of clearings.
573
In the field of middle-term credits, mention
should be made of the arrangement of a £10,000,000 trade credit for Russia in the United
Kingdom to run for five years at 5^/2 percent
with the principal and interest guaranteed by
the Export Credits Guarantee Department.
In addition a representative of this department was sent to China to study the possibility of similar trade credits to that country.
While these schemes are designed primarily
to increase British exports, they certainly
facilitate the general increase of trade by
prolonged credit terms. Now that for several reasons, including the large production
of gold, Russia is in less need of trade credits
than formerly, it has been granted middleterm credits on favourable conditions by a
number of countries including Czechoslovakia, Germany and England.
The continued stagnation of international
lending is partly the result of technical difficulties (such as the clearing systems) and
partly due to a feeling of uncertainty as to
general monetary and political developments.
Actually, the influence of the different factors
is closely intertwined. It would seem, however, as if there were a growing realisation
of the losses imposed upon the world by the
insufficient use made of the existing credit
apparatus in international intercourse. In
recent years great emphasis has often been
laid on the part that appropriate credit conditions may play in assisting recovery in the
various national economies. But the same
need is found internationally; and at a time
when the development of foreign trade is
urgently needed to maintain a balanced recovery this factor should not be minimised.
TREND OF INTEREST RATES
Taking the world as a whole the tendency
in the year 1936 continued to be towards the
establishment of low levels of interest rates
both on the short and long-term markets. Of
twenty-six European central banks nine reduced their official discount rates on balance
during the year, only two rates were increased, and the remainder were unchanged
throughout the year. Outside Europe the
same tendency prevailed, official discount
rates being reduced in Japan and the Dutch
East Indies (January 1937) and no increases
being made. The money markets have been
characterised by a continued, and in many
cases increased, liquidity; only in certain
countries of the sterling area, including Australia, Denmark and Norway, were there cer-
574
FEDERAL RESERVE BULLETIN
tain signs of a stiffening of rates during the
year, while in the first quarter of 1937 the
abnormally low rates which had prevailed on
the New York market became somewhat
higher. During the year there was a downward adjustment of long-term interest rates;
but here also a reaction began to be noticeable in some countries, especially in the early
months of 1937 when the quotations of British gilt-edged securities moved sharply down
in January and February, and United States
government bonds declined in March. There
was generally very little increase in bank
credit for industrial purposes, but in a large
number of countries a rather marked advance
in the volume of commercial financing reflected the increase in commodity prices.
CONCLUSION
A year ago recovery was well on its way
and spreading; now it has reached the stage
where strong upward forces dominate world
economy and threaten even to produce in some
branches a too rapid advance in costs and
prices, suggestive of boom conditions. It may
not be sufficiently realised how rapid the
change has been and there may be a tendency
still to hold fast to certain pessimistic ideas,
which may have been appropriate during the
depression but are out of date now that conditions have changed. Account must be taken
of the fact that there has been an almost
complete reversal of many of the problems
before us and the policy to be pursued must
be modified accordingly. To mention only
one example: as far as government finance is
concerned, not only has the need for extraordinary spending to stimulate general business activity disappeared but such spending
may be directly harmful to a healthy development.
On the whole it may probably be assumed
that, mindful of the violent economic changes
during the post-war period, not only those in
authority but also the public are more fully
aware of the dangers arising from the development of an unbalanced position. It is important, however, to concentrate attention
not on the symptoms but to deal with the
more fundamental causes liable to produce a
dangerous disequilibrium. During the difficulties that prevailed in the black days of the
depression, it was perhaps unavoidable that
many hasty measures should be taken, but
these, although understandable in an emergency situation, tended to increase rather
JUNE
1937
than reduce the state of uncertainty. It is to
be hoped that in a period of relative prosperity more calm and more caution will be observed and that efforts will be made to build
up a more enduring stability both in the economic and monetary sphere.
There still remains the pressing need of reducing trade barriers and particularly those
extraordinary hindrances to trade in the
form of quotas and prohibitions built up in
the past seven years; the other acute problem
is that of establishing a monetary system that
will combine an international stability of exchanges with a policy, both national and international, directed as far as possible towards the maintenance of a sound credit and
currency position. In addition, the burden of
international financial obligations must be
alleviated, where this has not yet been done,
by conversions to a level of interest rates
more in conformity with present conditions.
Without attacking these fundamental problems of world economy and finance, little hope
can be held out as to the chances of achieving
a lasting improvement in the various national economies. It cannot be denied, however, that a mastering of the problems involved in business fluctuations is connected
with the question of government expenditure,
particularly in view of the recent increase in
outlay on armaments; and this connection is
only one example of the political aspects of
the problems before us. It would be vain to
think that purely technical arrangements can
guarantee sound economic developments and
make an improvement in the standard of living possible, if the underlying conditions for
a peaceful interchange of goods and a balanced position in the different countries are
not fulfilled. All economic activity must
reckon with the future and if there is a continued lack of stability, the soundest businesses will be forced either into a curtailment
of their operations or compelled to take
speculative risks. Instead of embarking upon
expedients that would bring little or no advantage and might easily hamper normal
economic development, an attempt should be
made to get to the root of the matters responsible for the present difficulties. World opinion is beginning to demand that a serious
effort be made towards the solution of the
great outstanding problems, and this task
must be attacked with the understanding,
courage and goodwill necessary to achieve
satisfactory results.
575
FEDERAL RESERVE BULLETIN
JUNE 1937
BALANCE SHEET OF THE B A N K FOR INTERNATIONAL SETTLEMENTS AS OF
MARCH 31, 1937,
AND MARCH 31,
1936
[In thousands of old gold Swiss francs at par]
Assets
1937
1936
I. Gold in bars
II. Cash on hand and on current account with
banks
_. _
TTT Sight funds at interest
45, 087
24,198
25, 636
26,538
9.601
12, 960
I V . Rediscountable bills and acceptances:
(1) Commercial bills and bankers' acceptances
(2) Treasury bills
101,347
130,696
150,250
188, 279
232, 043
338, 529
Liabilities
I. Capital: Authorized and issued 200,000 shares
valued at 500,000,000 Swiss gold francs of
which 25 percent paid up
I I . Reserves:
(1) Legal reserve fund
(2) Dividend reserve fund
(3) General reserve fund
III.
V
Time funds at interest:
(1) Not exceeding 3 months
(2) Between 3 and 6 months,_
.
V I . Sundry bills and investments:
(1) Treasury bills
(2) Railway and Postal Administration
bills and sundry investments .
VII. Other assets:
(1) Guaranty of central banks on bills sold_
(2) Sundry items
27, 012
1,669
36.. 033
28 680
36 033
111,390
100,006
148, 042
126, 838
259, 432
226, 844
1,329
96
6, 235
6,383
1,425
12,619
Long-term deposits:
(1) Annuity trust account...
.
(2) German Government deposit
(3) French Government deposit (Saar)...
(4) French Government guarantee fund..
I V . Short-term and sight deposits (various currencies) :
(1) Central banks for their own account:
(a) Not exceeding 3 months
(b) Sight
(b) Sight
V. Sight deposits (gold)
VI.
...
. . .
Miscellaneous:
(1) Guaranty on commercial bills sold...
(2) Sundry items
VII. Surplus:
Profit for the financial year ended Mar. 31.
618, 842
660, 783
1936
125,000
125, 000
3.784
6,092
12,183
3,324
5,845
11, 690
22, 059
20, 859
153,158
76, 579
1,404
42, 819
154, 340
77,170
2,031
61, 930
273, 959
295, 471
105, 482
24,148
113,277
26,020
129,630
139, 297
4,248
2,985
11, 334
4,248
14, 319
8
229
83
813
(2) Central banks for the account of others'
(3) Other depositors:
(a) Not exceeding 3 months
(b) Sight
Total assets
1937
Total liabilities
237
896
23, 309
19,088
1,354
29,973
6,278
30, 382
31,327
36, 661
9,072
9,194
618,842
660, 783
B.I.S. N O T E . — T h e whole of the short-term and sight deposits in various currencies (Item IV—Liabilities) are more than covered b y assets
either in the currencies of the deposits or in currencies free from exchange restrictions, and of the long-term commitments the French Government
Deposit (Saar) and the French Government Guarantee F u n d (Items III—3 and 4) are similarly covered. T h e remaining long-term commitments
(Items III—1 and 2) which are recorded in a restricted currency (although the Bank's commitment in respect of Item III—1 is not clearly established), are covered by assets of the same currency, the gold value of a substantial part of which is specially guaranteed.
The capital, reserves, and surplus are represented to a large extent by assets in countries where exchange restrictions now prevail and do not
permit of free conversion of their currencies into gold or other currencies; however, as to these assets an important part is secured by special contracts guaranteeing their gold value and in one case specifically permitting their transfer. Moreover, under Article X of the Hague Agreement
of January 1930, the signatories thereto declared the Bank to be immune from any "prohibition or restriction of export of gold or currency and other
similar interferences, restrictions or prohibitions."
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
577
578
FEDERAL RESERVE BULLETIN
JUNE
1937
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
Date
Bills
Bills
discounted bought
End of month figures:
1936—Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1937—Jan. 31
Feb. 27
Mar. 31
Apr. 30
U. S.
GovOther
ern- Reserve Total
ment
bank
securi- credit
ties
Monetary
gold
stock
Treasury
currency
Money Treasin circulaury
tion
cash
Member bank
reserve balances
Other
Treasury
Feddeposits Noneral
memwith
Federal ber de- Reserve
acReserve posits
T'ntal xLxcess
(esticounts i otai
banks
mated)
5
5
4
4
8
9
6
7
3
3
5
12
12
5
3
3
3
3
3
3
3
3
3
3
3
4
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,525
34
35
35
24
30
30
36
13
64
60
27
12
24
2,475
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500
2,497
2,465
2,458
2,565
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
2,500
2,490
2,498
2,496
2,500
2,512
2,516
2,521
2,532
2,532
2,536
2,541
2,543
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543
6,349
6,399
6,377
6,426
2,531
2,583
2,497
2,432
2,404
2,458
2,388
2,364
2,376
2,520
2,608
2,753
2,967
682
518
690
447
104
253
77
78
244
195
194
311
88
356
337
262
306
287
234
205
201
259
281
288
236
288
260
256
257
253
256
262
262
261
261
260
253
258
257
5,486
5,719
5,633
6,005
6,410
6,357
6,753
6,788
6,606
6,781
6,695
6,639
6,881
2,664
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,
10,
10,
10,
650
661
678
695
2,496
2,498
2,499
2,501
6,163
6,170
6,184
6,184
2,427
2,421
2,410
2,410
439
338
215
143
321
337
342
336
254
255
255
256
6,005
6,116
6,229
6,332
3,051
3,167
1,813
1,892
Sept. 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.
Oct.
Oct.
Oct.
7 14
21
28
8
8
6
6
3
3
3
3
2,430
2,430
2,430
2,430
31
43
23
23
2,472
2,485
2,463
2,462
10, 971
11,003
11,008
11,031
2,509
2,512
2,514
2,514
6,305
6,316
6,311
6,302
2,440
2,421
2,403
2,390
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
2,205
2,157
6,731
6,674
2,046
6,507 , 1,881
1,946
6,572
3
2
2
3
3
3
3
3
2,430
2,430
2,430
2,430
28
40
32
42
2,464
2,476
2,468
2,478
11,271
11, 306
11,317
11, 345
2,531
2,528
2,533
2,531
6,473
6,371
6,339
6,318
2,395
2,439
2,463
2,503
232
190
188
180
278
308
312
315
261
261
261
259
6,627
6,740
6,755
6,779
2,010
2,103
2,130
2,160
Wednesday figures:
1936—July 1
July 8
July 15
July 22
July 29
Aug.
Aug.
Aug.
Aug.
1937—Jan. 6
Jan.13
Jan. 20
Jan. 27
Feb.
Feb.
Feb.
Feb.
3
10
17
24
3
3
3
4
3
3
3
3
2,430
2,430
2,430
2,430
28
42
41
22
2,463
2,477
2,478
2,460
11, 364
11, 387
11,403
11,425
2,531
2,531
2,530
2,532
6,348
6,360
6,351
6,372
2,529
2,563
2,575
2,602
176
132
162
180
286
310
300
302
261
259
256
255
6,758
6,771
6,768
6,705
2,150
2,184
2,186
2,097
Mar.
Mar.
Mar.
Mar.
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 5
May 12
May 19
17
16
15
4
5
4
2,526
2,526
2,526
30
29
19
2,577
2,576
2,565
11,838
11,882
11,907
2,547
2,545
2,547
6,426
6,405
6,399
3,013
3, 056
3,079
97
106
117
286
237
250
257
257
256
6,882
6,943
6,918
887
936
907
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. 512.
579
FEDERAL RESERVE BULLETIN
J U N E 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
May 19 M a y 12
May 5
Apr. 28 Apr. 21
Apr. 14
Apr. 7
April
March
April
ASSETS
Gold certificates on hand and due from U. S.
,842,
844,385
I, 8,
843,
Treasury
I, 838, 913 8,839, 408
8, 842, 902
843, 402 8, 843, 903 8, 843,
894 8, 843, 905 8, 843,
$, 843,
400 8,
7,, 703, 835
10, 079
9,
9,
11,583
" "
~ —595
" —776 10, 656 11,149
Redemption fund—F. R. notes
12, 877
9, 595 11,375
11,713
Other cash
289,155 288, 280 279, 497 289,136 282, 306 279, 673 273, 758 282,019 285, 028 332,496
Total reserves.
9,139, 651 , 139, 401 132, 478 9,142,133 9,135, 985 9,134, 223 9,128, 812 9,134, 999 9,140,803 8, 049, 308
Bills discounted:
For member banks
For nonmember banks, e t c
15, 282
15, 654
16, 835
10, c
7,492
200
10, 848
7, 950
200
12,098
11, 807
200
5,474
10
Total bills discounted.
15,282
15, 654
16, 835
10, 999
7,692
11,048
8,150
12, 098
12, 007
5,484
1,404
3,071
1,465
3,069
670
3,069
674
3,069
396
3,069
444
3,078
354
3,082
3,069
265
3,082
4,684
4,475
22, 523
4, 534
22, 779
3,739
22, 854
3,743
23,180
3, 465
23, 084
3, 522
22, 544
3,436
22, 566
3,738
22, 954
3,347
22, 338
4,684
30,346
Bills bought:
Payable in dollars
Payable in foreign currencies.
Total bills bought.
Industrial advances
XJ. S. Government securities:
Bonds
Treasury notes
Treasury bills
732, 608 732, 428 732, 428 734,728 688, 621 689, 621 662,084 733, 478 636,890 265, 683
1,152, 2131,152, 3931,152, 393 1,156, 393 1,174,343 1,190, 343 1,190, 343 1,156, 393 1, 218, 8431, 554,889
641,469 641, 469 641, 469 635,119 623, 619 606, 619 606, 619 635,119 574, 494 609, 667
Total Government securities..
Other Reserve bank credit
2, 526, 290,2,526,
526,2<240 2,486, 583
I, 2,
486,
486, 583 2,459, 046
524,2,
990 ,430, 227 2,
I, 430, 239
2, 526, 2902, 526, 290 ,526,
6,295
~ '"'
" '"'•
' ~'
6,
486
4,
471
932 - 9 ,
4, 330
2,227
-493
7,184
528,168 2, 492, 705 2, 564, 712 2, 458, 239 2, 475, 083
Total Reserve bank credit outstanding. 2, 564, 690 2, 575, 552 2, 576, 902 2, 570, 648 2, 523,2,051
LIABILITIES
F. R. notes in actual circulation
4,184, 425 4,193, 868 4, 207, 722 4,176, 990 4,184, 068 4,176,094 4,178, 4,
661204, 714 4,174, 2313, 762,106
Deposits:
Member bank—reserve account.. .
U. S. Treasurer—general account.
Foreign bank
Other deposits
882, 362 6,933,816 6, 876, 640 6, 900,
1,752 , 683, 9646, 881,1676, 639, 080 5,5,485, 655
6, 918, 227 6,942, 727 6,
116,777 106,177
"- • — 97, 263 94,747 118,631 111,674 274, 867 88, 010 310, 950 682,139
99, 234 93, 622 93, 463 94, 873 71, 405 80, 635
96,017
126,110 104, 979 103,914
123, 933 131, 566 181, 699 173, 966 145, 780 142, 271 153,102 192, 664 164,149 275, 262
Total deposits..
7, 285, 047 7, 285, 449 7, 265, 238 7, 298, 546 7, 240, 285 7, 248, 319 7, 205, 396 7, 256, 714 7,185, 584 6, 523, 691
Ratio of total reserves to deposit and F. R. note
liabilities combined (per cent)
79.7
79.7
79.6
78. 3
79.7
•0.0
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6
months
to
1 year
10,999
16, 835
15, 654
15, 282
10.226
15,911
14, 580
14,044
59
95
133
108
84
119
465
586
487
511
218
132
133
171
239
402
10
28
19
10
3, 743
3, 739
4,534
4,475
30
206
874
364
310
243
136
457
614
541
666
581
2,789
2, 749
2,858
3, 073
23,180
22, 854
22, 779
22, 523
942
837
795
817
221
245
206
188
413
586
577
552
661
1,108
1,101
1, 024
269
634
688
742
23, 790
27,420
27, 870
26,107
27, 770
26,007
24, 667
28, 520
59, 278
63, 221
68,121
68,298
67,123
65, 208
73,108
76, 689
354, 334
351, 765
344,144
333, 891
Total
Bills discounted:
Apr 28
May 5
M a y 12
M a y 19
Bills bought in open market:
Apr 28
May 5
May 12
M a y 19
Industrial advances:
\ p r 28
Alay 5
M a v 12
M a v 19
U . S . Government securities:
Apr 28
Mav 5
M a y 12
M a y 19
2,
2,
2,
2,
526,
526,
526,
526,
240
290
290
290
2,
1,
1,
1,
1 year
to
2 years
2 years
to
5 years
3, 815
3, 728
3,840
3,719
5, 558
5,517
5, 569
5, 515
9,301
9,199
9,003
8,966
375, 302
376, 376
372,087
376, 312
254, 971
254,971
254,971
254,971
679,815
679,815
679,815
679, 815
Over
5 years
683,
681,
681,
681,
857
507
507
687
580
FEDERAL RESERVE BULLETIN
JUNE 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Boston
Total
Gold certificates on hand and due
from U. S. Treasury:
Apr. 28
May 5
May 12
May 19
Kedemption fund—Federal Reserve
Notes:
Apr. 28
May 5
May 12
May 19
Other cash:
Apr. 28
May 5
May 12
May 19
Total reserves:
Apr. 28
May 5
May 12
May 19
Bills discounted:
Secured by II. S. Government
obligations direct or fully guaranteed:
Apr. 28
Mav 5
May 12
May 19
Other bills discounted:
Apr. 28_.
May
Ma 5
May 12
May 19
Total bills discounted:
Apr. 28
May 5
May 12
May 19
Bills bought in open market:
Apr. 28
May 5
May 12
May 19
Industrial advances:
Apr. 28
May 5
May 12
May 19
U. S. Government securities:
Bonds:
Apr. 28
May 5
May 12
May 19
Treasury notes:
Apr. 28
May 5
May 12
May 19
Treasury bills:
Apr. 28
May 5
May 12
May 19
Total U. S. Government securities:
Apr. 28.
May 5_.
May 12.
May 19.
8. 843,
8, 842,
8, 839,
8, 838,
402 =76,086
902 "3, 288
408 :67, 406
913 =53, 933
901
901
826
796
9, 595
10,079
11,713
11,583
289,136
279, 497
288, 280
289,155
32,
37,
39,
39,
603
854
323
458
9,142,133
9,132,478
9,139, 401
9,139,651
509, 590
512.043
507, 555
494,187
9, 366
13,917
12, 949
11,624
1,633
2, 918
2, 705
3,658
New
York
Philadelphia
383,
308,
304,
347,
347
297
863
482
38, 562
37, 676
.22. 660
.28,150
652, 533
686, 035
690,447
681, 240
563, 730
583,185
81, 529
!79, 63"
908
908
1,45;
1,336
346
346
703
653
590
590
935
898
522
522
471
691
85,
27,0;
76, 291 25,129
86, 564 25,33£
83, 760 24, 576
16,908
16,128
12, 470
12,812
20, 680
21, 486
19. 381
20, 079
Cleveland
Richmond
340
496
884
578
565,
563,151
548. 698
553, 379
670, 031
702, 753
703, 852
694. 950
284, 932
305,193
301.381
300, 407
794
994
664
899
3,411
5, 982
6, 583
5,711
1,718
1,728
1,858
1, 438
180
252
275
34C
63(
265
418
392
156
357
1,058
1,36'
1, 651
1,537
127
122
11
104
469,
385,
392,
432,
!38.
!47,
!50,
!44,
714
797
041
970
1.883
V
1, 769
1. 735
11.08.r
11.184
11.685
10,848
901
1,144
820
1, 256
4, 469
7, 346
8,234
7,248
1,845
1, 850
1. 969
1,542
198
252
275
34i
63S
26£
418
392
3, 74S
3,731
4,53'
4,47,
223
223
223
223
1, 73
1,728
2, 523
2,014
318
318
31
394
292
292
292
374
23,180
22, 854
22, 779
22, 52c
3,2'
3, 22C
3, 220
3,182
6,094
5, 956
5,966
5,91
Minneapolis
764,
736,
728,
738,
71,
!71,
271,
267,
80, 559 265, 731 .69, 436
188.209 274, 405 .82, 482
200, 352 274, 963 82,104
1, 374 .77, 469
L91, 224
548
658
828
262
1, 250
1,160
1.215
465
120
520
130
185
13, 525 5, 532 16,611
12. 368 5, 358 15, 420
13,494 4. 830 16, 378
14,607 5, 064 15, 670
6,192
6, 240
6,339
6,252
286, 592 .86,841
284, 769 194,31'
286. 481 205,914
283, 427 197,016
282, 825
290, 308
291.—
187, 474
76.168
89, 262
88, 963
.84, 235
23,897
22, 484
23, 298
23, 689
163, 342
577, 309
389, 763
383, 257
15
805
300
500
170
245
45
45
748
848
808
155
868
478
79
145
137
151
105
74
85
109
64
241
141
64
249
390
182
196
853
922
893
953
219
1,109
619
344
8'
114
112
249
249
249
312
704
683
683
677
1, 33*
1, 338
1, 33c
1, 32/:
1,911
1,927
1,925
1,921
206
264
229
599
11!
11!
11!
14'
384
383
383
459
86
86
6f
6(
6(
4,
4, 111
4.104
1,04'
981
983
9;
2,19C
2.18'
2,17:
2,131
1,006
1, 006
1,006
92C
337
335
784
777
54
37:
37!
38,
210. 85f 62, 04!
210,
61.84
210. 185 61, 84
210, 23c 61,86
71, 52(
71, 292
71,291
71, 301
38, 69C
38, 56
38, 56(
38,57
32, 321
32,27
32, 271
32,
1,156,395
1,152, 39c
1,152, 39c
1,152, 2i;
84,
83,
83,
83,
27!
98'
98'
97'
331,89.
330, 74:
330, 74:
330, 69:
97, 65(
97,31
97,31
97, 30:
112,57
112,18f
112,18£
112,167
60, 89*
60, 68;
60,68
60,67
50,
50,
50,
50,
80(i
631
631
622
127, 441
126, 991
126, 991
126, 971
635, II 1
641, 46(
641, 46'
641,46'
46,
46,
46,
46,
287
75C
75C
75C
182, 282
184,
184, 10,
184, lOi
53, 63C
54,17
54,17
54,17:
61.82*
62, 44f
62, 44!
62, 441
33,
33,
33,
33.
44'
78
78
78
27, 90J
28,18'
28.18'
28.18'
69, 991
70, 69:
70, 69:
70, 69:
133,
133,
133,
133,
03,
03'
03<
03
111.04C
m,09(
111,09:
111,09:
24C
29C
291
291
184, 101
184. 101
184,
184,101
725,
725,
725,
725,
02S
021
021
OS
175
250
171.
525
143
520
145
185
53,
53,
53,
53,
526,
526,
526,
526,
750
750
732
728
31
14
54
74
1.25'
1,968
1. 565
1,722
213, 33,
213,331
213, 33i
213, 33i
245,
245,
245,
245,
9:
9%
92!
92!
38, 424
53, 804
64,514
57 6 8
540
540
520
514
1, 335
1,335
1,286
1,276
29,941
29. 555
29.183
32, 340
794,805
767,013
758.638
771,188
732
066
701
544
483
483
436
430
316
800
627
586
734,
732, 428
732, 42£
732, 608
2,
2,
2,
2,
San
Dallas Francisco
St.
Louis
68:
864
495
553
251.
260.
263.
257,
Kansas
City
hicago
808
350
1,25;
99S
835
654
282
10,
16,
15,
15,
Atanta
20
805
305
505
332
1,021
1,021
1,951
1,940
32, 391 23, 89! 36, 09C 28, 68C 63, 704
80, 706 32, 29C 23, 82: 35, 98; 28, 59 63, 501
80, 706 32, 29C 23. 82: 35, 98; 28, 594 63, 501
80, 726 32, 29* 23, 82! 35, 99: 28, 601 63, 516
278,
278,
278,
278,
50, 98*
50, 81
50,81
50,80
37,
37,
37,
37,
61
488
48*
482
56, 821
56, 62
56, 62c
56, 61
45,15C
44, 994
44, 994
44, T
100,273
99, 925
99, 925
99, 910
28,
28,
28,
28,
20,
20,
20,
20,
66C
86€
866
86C
31, 20;
31,51
31,51!
31,51!
24, 7
25,04(
25, 041
25,04(
55, 072
55, 623
55, 623
55, 623
82,17(
82,171
82, T
82,17
124,12;
124,12'
124,12'
124, 12'
98, 63'
98, 63'
98, 63'
219,049
219,049
219,049
219, 049
004
284
284
28-
398 111, 38£
398 lll,38f
398 111, '
398
JUNE
581
FEDERAL RESERVE BULLETIN
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Boston
Total
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.
Chicago Louis
Minneapolis
Kansas
City
San
Dallas Fran-
cisco
ASSETS—continued
Total bills and securities:
2, 564,162 .88,511 737, 323 219, 723 247, 457 135,983 112, 672 279, 931 112,014 83, 040 125,167 100,913 221, 428
Apr. 28
2, 569, 718 .88, 696 740,059 219,682 247, 447 135, 602 113,435 280, 307 112,070 83, 818 125,i,287 1 0 0 , • ' 222, 334
May 5
2, 569, 25r .88, 372 741, 752 219, 742 247,472 135',
7' 743
113,014 279, 932 112, 035 83, 327 125, 079 100, 947 221, 842
May 12
' ~ "i,
2, 568, 570 88, 770 740, 206 219, 376 247, 615 135, 711 113,190 279, 962 112;
May 19
!, 429 83, 547 125,114 101,024 221, 626
Due from foreign banks:
2'
21
230
17
8
Apr. 28
23
3
10
16
27
21
17
23
230
8
May 5
3
10
16
27
23
21
17
May 12
230
3
10
16
27
23
21
17
228
May 19
3
10
16
Federal Reserve notes of other banks:
348
5,712
1,21
21,033
904
2,645 1,221
1, 825 2,384
Apr. 28
1, 251
522 1,736
21,036
352
4,258
1,310 1,704 2.169
990
2,866 2,011 1, 429 1,508
May 5
534 1,905
21,542
360
1,331 1,513 2, 476
906
4,77"
2,915 1,979
732 1,524
May 12
475 2, 556
21,402
369
1,366 1,917 1,78"
972
4,68
2,067 2,270 1,119 1,558
May 19
512
2,784
"Uncollected items:
626, 231 63, 470 149, 37 46,219
64, 043 51,097 26, 664 88,152 27, 836 18, 005 31,158 24, 550 35, 660
Apr. 28..
67, 631
146,407
86,
281
616,
874
50,
542
23,376
60,
883
16,095
28,
537
31,938
52,
634
/Fay
5_.
22,
977
29, 573
Ma)
95, 293 28,889 15,496 32, 903 25,213 32, 734
666, 762 72,036 157, 936 53, 361
69,070 59, 660 24,171
May 12
701, 718 76,794 175,818 54,745
67, 236 58, 433 26, 816 97, 281 29, 792 16, 997 36, 361 27,418 34,027
May 19
Bank premises:
3,043
10,088 4,910
4,682 2, 376 1,500 3,244 1,269 3,419
6, 333 2,773 2, 224
45, 861
Apr. 28
10,071 4, 910
4,671 2,372 1, 498 3,230 1,264 3,415
6, 320 2, 773 2,223
45, 785 3, 038
May 5
10, 071 4,910
4, 671 2,372 1,500 3, 230 1,264 3,415
6, 320 2,773 2, 223
45, 787 3.038
May 12
10,071 4, 910
4, 671 2,373 1,500 3, 230 1, 264 3, 415
6, 320 2,773 2,223
45, 788 3, 038
May 19
All other assets:
4,802 2, 800 1,793
12,755 6,190
4, 098 1,704 1,580 1.994 1,73! 3, 327
45, 495 2, 720
Apr. 28
2,758
4,194 1,730 1, 598 1,97
4, 838 2, 794 1,794
12, 735 5,441
45,122
May 5
1, 878 3, 385
4, 275 1. 760 1,606 2,010 1, 761 3,448
2,814
4, 900 2,858 1,820
13,07J
May 12
5, 629
45, 956
4,364
2,868
1,
790
1,631
1,
858
4,
984
13,145
May 19
5,
563
2,847
2, 098 1,812 3,504
46, 464
Total assets:
i, 420 397, 427 2,174, 340 431, 747 292, 23:
12,445,145 '67, 699 4t:, 384, 843, 954 993,
Apr. 28
445, 646 305,160 928, 928
12,431,243 74, 535 4, 299,113844, 739 1, 023, 572500, 710 403, 869 2,145, 359 431, 493 298, 758 454^
,255 316,903 937, 937
May 5
1, 530 318,630 953, 774
May 12
12, 488, 935 74,192 4, 320, 580 833!
13. 269 1, 032. 966503, 938 407, 207 2,145, 751 433, 520 308, 57
" 455, 842 316,272 948, 629
12, 523, 821 '66, 043 4, 376, 584838, 968 1, 022, 492502, 098 403, 435 2,159, 560 432, 085 301,813
May 19
LIABILITIES
Federal Reserve notes in actual circulation:
Apr. 28
M ay 5
May 12
May 19
Deposits:
Member bank—reserve account:
Apr. 28..
May7 5
Ma
Ma> 12.
May 19.
U. S. Treasurer—general account:
Apr. 28
May 5
May 12
May 19
Foreign bank:
Apr. 28
May 5
May 12
May 19
Other deposits:
Apr. 28
May 5
May 12
May 19
Total deposits:
Apr. 28
May 5
May 12
May 19
Deferred availability items:
Apr. 28
May5.
May 12
May 19
Capital paid in:
Apr. 28
May 5
May 12
May 19
4,176, 990
4, 207, 722
4,193, 868
4,184,425
319,438
319, 691
313, 301
307, 803
889, 743 311.912
899,147 311,295
890, 988 313,900
894, 201 312,114
6, 933,
6, 882,
6, 942,
6, 918,
816
362
727
227
346,012
350,149
346, 387
341,151
3,051,462 433,948
2, 941, 429 •-">,59C
436,
2, 986, 064419, 669
3, 000, 91 422, 609
94,
97,
106,
116,
747
263
r~
7
4,167
4,624
8, 200
6, 131
39, 663 1, 86
40, 774 2,414
60,791 2, 459
76, 085 2,32^
96,017
103, 91
104, 979
126,110
7, 010
7,570
7, 570
9,153
173,966
181,699
131, 566
123, 933
2,757
2, 851
2, 712
2, 535
7, 298,
7, 265,
7, 285,
7, 285,
425, 686 193, 379 182, 747
427, 17" 192,935 184,090
430, 974 195,329 182,352
426, 301 193,745 181,136
963, 699 178,254 139,700
970, 585 179,701 141, 397
969, 364 178, 340 140,582
970, 374 178,24 140,118
437, 003 210, 286 167, 0' 1,053,102 197, 82 116,546 234,67:
:,673 167,
466, 656 230, 235 176, 569 1,015,843 199, 242 124, 043 241, 605 177,
466, 121 227, 170 180,581 1,018,315 200,812 133, 456 246, 969 180,
459, 88' 225, 860 173, 782 1,022,17' .198, 599 127, 833 238, 921 1.73,
7, 366 2,227
4, 915 4,152
3, 978 1,166
2, 034 2, 289
2, 069
1, 826
2,102
2,263
12,666
14,544
5,208
7,421
4,540
2,303
3,176
2, 710
9, 410
10,162
10,165
12, 288
8,834
9, 540
9, 540
11,536
4, 129
4, 459
4, 459
5, 392
3, 361
3, 630
3,630
4,389
11,138
12, 029
12,021:
14, 545
2,881
3, 111
3,111
3,755
2, 726
1, 98C
2, 897
2, 234
2,208
2, 385
2,385
2,884
6, 307
1, 495
1,293
1, 226
21,346
21,971
22, 992
22, 768
5,673
3, 607
3,231
2, 559
3,611
2,421
2,606
2,564
1,632
1,653
2; 007
2,143
8,16'
7,195
6,937
6,857
4, 561
3,955
4,146
2,816
546 359, 946 3, 228, 776451, 532
3.
760450.661
" 3,137,
238 365, 194
449
:, 869 3,154, 650433, 583
047
1,970 3,187, 575438, 450
474,549
503, 082
502, 631
496, 225
34. 659
37, 651
38, 716
45, 993
102, 992
117, 906
69, 079
64, 582
619,975 64, 245
609, 920 65, 558
660, 69" 71, 949
705, 826 75,195
144, 612
140, 99f
153, 475
173, 479
9,376
9,376
9,376
9,376
51, 274
51, 273
51, 273
51, 271
132,183
132,193
132,193
132,199
222, 31 176,114 1,078,538 213,1,417
242, 453 184, 446 1,044,069 211,851
236, 026 188,919 1, 037, 559 214,036
236,100 182, 998 1,046, 281 211, 921
46, 314
49, 356
52,103
54, 935
61,
61,
67,
68,
748
428
409
023
48, 681
50, 258
57, 502
57,189
12,
12,
12,
12,
12,
12,
12,
12,
853
855
856
856
4,858
4,856
4,857
4,856
240
241
241
240
159, 270 18, 71; 324,449
160,930 10, 64, 330,129
159,459
694 329, 585
159, 740 90,19! 330, 454
25, 912 87, 316 29, 544
22, 669 ' 85, 901 29,423
23, 253 94,152 30, 605
26, 640 98, 204 31, 385
4,31'
4,31'
4,31'
4,31;
12,
12,
12,
12,
588
602
607
613
3,810
3,806
3,803
3,811
7, 461 2,302
5, 874 4, 403
4, 100 2, 563
6,564 1, 795
7,693
9,454
9, 537
4,924
2,785
3,007
3,007
3,636
2,785
3,007
3, 00:
3,636
6, 817
7,363
7,363
8, 903
152
171
158
17
4, 900
5,274
4,558
4,379
11,868
13, 200
11,847
11,327
126,041 245,071 77,
132,363 250, 657190,
142,
'
'" £884 254,234 190,
135,1 249, 298 183,
31,288
17,
15, 601 32, 716
15, 717 32, 854
16, 545 36, 805
2,897
2, 898
2,898
2,898
984 I517, 898
706 522,'.
- .5,295
831 536, 352
770 532, 728
3,993
3,993
3,993
3,994
27,
24,
26,
31,
971
390
959
580
544, 276
552,312
565. 099
557; 882
336 35, 884
789 31, 226
903 34, 775
442
3,862
3,864
3,860
3,861
35, 984
10,115
10,112
10,112
10,110
582
FEDERAL RESERVE BULLETIN
J U N E 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Dallas Fran-
cisco
LIABILITIES—continued
Surplus (section 7):
Apr. 28
May 5
May 12
May 19
Surplus (section 13b):
Apr. 28
May 5
May 12
May 19
Reserve for contingencies:
Apr. 28
May 5
May 12
May 19
All other liabilities:
Apr. 28
May 5
._
May 12
May 19
Total liabilities:
Apr. 28
May 5
May 12
May 19
Contingent liability on bills purchased for foreign correspondents:
Apr. 28
May 5
May 12
May 19
'Commitments to make industrial
advances:
Apr. 28
May 5
May 12
May 19
474
474
474
474
13.362
13, 362
13, 362
13, 362
2,874
2, 874
2,874
2,874
7,744
7,744
7,744
7,744
4,325
4,325
4, 325
4,325
1,007
1,007
1,007
1,007
3, 422
3,422
3, 422
3,422
1,570
1,570
1, 570
1,570
9, 260
9,110
9,091
9,091
3,000
3,000
3,000
3,000
3,121
3, 121
3,121
3,121
1,522
1,522
1, 522
1,522
424
446
427
429
1,800
1, 610
1, 885
1,749
1, 269
499
755
542
617
579
645
636
145,
145,
145,
145,
854
854
854
854
9,826
9, 826
9,826
9,826
27,
27,
27,
27,
490
490
490
490
36,142
35, 993
35,974
35, 939
7, 965
6, 833
7,410
7,041
51,
51,
51,
51,
12, 445,145 17, 699 4, 384, 683 843,
12, 431, 243
535 4, 299,113 844,
12, 488, 935
192 4, 320, 580 833,
12,523,821
043 4, 376, 584 838,
14,
14,
14,
14,
323
323
323
323
4, 869
4, 869
4, 869
374
395
411
395
504
504
504
504
4, 655
4,655
4,655
4,655
3,116
3,116
3,116
3,116
3, 613
3,613
3,613
3,613
3,851
3,851
3,851
3,851
9,645
9,645
9,645
9,645
754
754
754
754
1, 416
1,416
1,416
1,416
545
545
545
545
1, 003
1,003
1,003
1,003
1,142
1,142
1,142
1,142
1,262
1,262
1,262
1,262
1,996
1,996
1,996
1,996
1, 690
1,690
1, 690
1,690
7,888
7,860
1,197
l,:
l,:
l,:
2, 069
2,069
2,069
2,062
941
941
941
941
1,847
1,847
1,847
1,847
2,037
2,037
2,037
2,037
325
314
338
323
316
311
309
304
328
263
294
309
318
255
254
237
526
480
525
521
5, 616
5, 616
5, 616
5,616
27/
28/
306
288
21,
21,
21,
21,
1,391
1, 394
1,261
1,308
993, 904 479, 420 397, 427
2,174, 340 431, 747 292, 237 445, 646 305,
160 928,928
1,023, 572 500, 710 403, 8691,145,
2, 359 431, 493 298, 758 454.
255 316; 903 937,937
1, 032, 966 503, 938 407, 207
!, 2,
145, 751 433, 520
308, 578 456, 530 318, 630 953, 774
1, 022, 492 502,098 403, 435
2,159, 560 432, 085 301,813 455, 842316, 272 948, 629
784
1,034
1, 532
1,532
5;
76
112
112
283
373
553
553
77
101
150
150
72
95
141
141
17, 528
17, 454
17,183
17,311
2.377
2,335
2,333
2,314
6,293
6,044
6,004
174
16;
166
166
1,355
1, 350
1,340
1,352
91
120
178
178
2,185
2,182
2,177
2,160
358
354
351
350
56
73
109
109
1,004
1,001
1,001
1,201
136
134
134
134
302
302
302
302
3,269
3,255
3,261
3,252
JUNE
583
FEDERAL RESERVE BULLETIN
1937
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO MAY 19, 1937
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
1936—Apr. 29_.
May 27_.
June 24_.
July 29...
Aug. 26_.
Sept. 30..
Oct. 28...
Nov. 25..
Dec. 30_.
1937—Jan. 27...
Feb. 24 .
Mar. 31 .
Apr. 28..3
May 19
8,046
8,113
8,158
8,197
8,240
8,284
8,308
8,339
8,379
8,398
8,427
8,483
8,510
8,525
Amount
323, 669
329, 316
331, 391
331, 659
333,930
336,119
336, 763
339,903
342,699
342,999
343, 904
346,911
348, 342
349,193
Applications recommended for
approval by Industrial
Advisory
Committees to date
(with and without conditions)
Applications approved to date by Federal Reserve banks (with and
without conditions)
Number
Number
Amount
2,139
2,162
2,183
2,198
2,218
2,243
2,259
2,266
2,280
2,287
2,297
2,323
2,336
2,350
131,195
132, 549
133, 343
134, 233
2,338
2,374
2,394
2,413
2,437
2,463
2,477
2,483
2,500
2,506
2,517
2,543
2,563
2,576
Reserve
bank
advances
outstanding
Total
140,104
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, 700
135, 421
137,251
138, 731
138,938
139,829
140,213
140,515
141, 545
144, 564
145,025
Expired,
Federal
Reserve Approved repaid,
or withbank
t not drawn by
commit- b ucomappliments
pleted »
cant,
outetc.
standing
30,800
30,958
30,487
30,217
29,265
28,885
27,038
26, 720
25, 533
24, 781
24, 208
23,054
23,904
23, 312
25, 576
25,095
24,454
23, 711
23, 355
23, 307
22,790
22,040
20,959
20, 238
19, 523
18,611
17, 528
17,311
9,730
9,343
9,381
8,429
9,168
8,566
8,544
7,719
8,226
7,697
7,709
7,898
9,045
8,472
Financing institution
participations
outstanding 2
57, 351
59, 512
61, 422
64,342
66,304
69, 217
72,915
75,045
77,903
80, 500
82,163
85, 215
86, 806
88, 754
7,737
7,641
7,599
7,534
7,329
7,276
7,444
7,414
7,208
6,997
6,912
6,767
7,281
7,176
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
$11,352,447
on May 19, 1937.
3
May 26 figures not yet available.
NOTE.—On May 19, 1937, there were 30 applications amounting to $2,614,500 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
Federal Reserve notes:
Issued to F . R. b a n k b y F . R. agent:
Apr. 28
May 5
M a y 12
M a y 19
Held b y Federal Reserve b a n k :
Apr. 28
May 5
M a y 12
M a y 19
In actual circulation: 1
Apr. 28..
M aay
y 5.
M a y 12
M a y 19
Collateral held b y agent as security for
notes issued to b a n k :
Gold certificates on hand and due
from U. S. Treasury:
Apr. 28
May 5
M a y 12
M a y 19
Eligible paper:
Apr. 28
May 5
M a y 12
M a y 19
U. S. Government securities:
Apr. 28
May 5
M a y 12
M a y 19
Total collateral:
Apr. 28
May 5
M a y 12
M a y 19
1
4, 494, 218
4, 496,178
4,501,461
4, 498, 606
Boston
New
York
Philadelphia
Atlanta
353, 636 992, 010 326, 877 452, 283 204, 041 203, 542
203.
"'",351
335, 645 1, 004, 522 328, 785 452, 246 203, 962
333,140 1,002,986 330,312 456,131 205, c326 201,199
331,176 453,7 '8 204,,821 199,172
335, 061 1,001,136
'
317,228
288, 456
307, 593
314,18.1
34,198
15, 954
19, 839
27, 258
4,176, 990 319, 438
4, 207, 722319,691
4,193,868 313,301
4,184,425 307, 803
102, 26'
105,375
111,998
106, 935
14, 965
17, 490
16,412
19, 062
26, 597 10, 662 20, 795
25, 069 11,027 19, 261
25,15'
9, 997 18, 847
27,477 11,076 18,036
889, 743 311,912 425,i, 686 193,379
899,147 311,295 427, 177 192, 935
I, 900 430, 974 195,329
890, 98S 313.
894, 201 312,1]4 4126, 301 193,745
182,747
184, 090
182, 352
181,136
Chicago
MinSt.
Louis neapolis
Kansas
City
992. 281 187,275 143,653 170, 974
993,787 187, 953 145, 330 171,649
996, 697 187,696 144,851 71, 241
999, 475 187,498 144, 909 170, 723
28, 582
23, 202
27, 333
29,101
9,021
8,252
9, 356
9, 251
963, 699 178, 254
970, 585 179, 701
969, 364 178,340r
970, 374 178. 24
3, 953 11,704
3, 933 10,719
4. 269 11,782
4, 791 10, 983
139,700 159, 270
141, 39' 160, 930
140, 582 159,459
140, 118 159.740
4, 518,132 371, 000 1, 000, 000 332, 000 457, 000 204, 000 180, 000 1,000,000 174,632 138,000 174,000
4, 521,132 356, 000 1, 010, 000 332, 000 454, 000 204', 000 180, 000 1,010, 000 174, 632 139, 000 174,000
4, 536, 632356, 000 , oio, ooo 332,
- - -000 460, 000 206, 000 180,000 1, 010,000 174,632 146, 000 174, 000
4, 535, 632356,"""
000
000 1,010, 000 332, 000 457, 000 206, 000 182, 000 1, 010, 000 174, 632 146, 174,000
10, 848
16,759
16, 344
15, 891
887
1,144
820
1,256
4,497
7,442
9,116
7,610
1, 750
1,
1,894
1,543
52, 000
52, 000
45, 000
35, 000
180
252
275
422
630
265
418
422
1,250
1, 459
1,647
30, 000
30, 000
30, 000
20,000
120
520
145
261
200
264
199
575
15, 000
15,000
15, 000
15,000
15
305
524
244
371
179
221
San
Dallas Francisco
97, 12
98, 164
98,797
97, 844
369, 894
370, 784
373,085
373, 013
9, 039
7, 519
9,103
7, 652
45, 445
40, 655
43, 500
42, 559
88, 713 324,449
J ,
90, 645 330,:
"1,129
329, 585
90,192 330, 454
98, 500
98, 500
99, 000
99, 000
389, 000
389,000
389, 000
389,000
846
920
891
229
1,133
643
433
7,000
7,000
1, 004, 497 333, 750 457,180 204,
4, 580,
346 389, 229
371,
204, 630 211, 250 1, 000,120 1,832 145,015 174, 244
t, 252 204,265 2111 868 1, 010, 520 189,I, 896 146.
4, 589, 891357,144 1, 017,442 333, 7
74,371 99, 420 390,133
4, 597, 976356,~"
820 1,019,116 333,894 460,275 206,418 211 ,459 1, 010,145 189,1,831 146, 305 174,17!
:, 179 99, 891 389, 643
4, 586, 523357, 256 1,017, 610 333, 543 457, 422 206, 422 203, 647 1, 010, 261 190, 207 146, 524 174,221 99,977 389,433
Includes Federal Reserve notes held by other Federal Reserve banks.
Cleve- Richland mond
584
FEDERAL RESERVE BULLETIN
JUNE 1937
RESERVE POSITION OF MEMBER BANKS,
APRIL, 1937
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross N e t
deTime
demand m a n d
dedeposits
deposits posits 1
All member banks. _ 29, 922 24, 801 11,163
Reserves with
Federal Reserve
banks
Excess
Required Held
5,271
All
member 1
banks
1, 552
6, 824
Central reserve city banks:
10,287
New York
Chicago
2,182
9, 540
1,927
747
439
2, 209
461
2, 739
563
530
101
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 Ffancisco district.
977
197
1,174
1,458
631
583
1,134
721
342
938
578
1, 940
875
160
977
1.191
489
432
859
567
264
666
397
1,568
118
140
240
711
209
163
483
170
94
160
109
1,833
159
35
184
246
96
84
176
108
51
125
75
371
210
38
295
306
132
96
217
132
60
161
94
460
51
2
111
60
36
12
41
24
9
36
19
89
10, 673
8,444
4, 429
1,710
2, 201
490
Country banks:
793
Boston district
1,237
New York district
584
Philadelphia district._
583
Cleveland district
474
Richmond district
473
Atlanta district
775
C hicago district
327
St. Louis district
290
Minneapolis district.__
431
Kansas City district...
466
Dallas district
346
San Francisco district.
624
984
448
420
332
311
553
229
195
268
298
228
574
1,372
851
621
329
205
608
214
273
156
91
253
107
193
100
84
58
49
100
39
38
41
41
41
142
277
135
128
83
74
168
58
59
71
73
55
35
85
36
44
25
25
68
18
20
30
32
14
4,890
5,547
890
1,321
431
Total
Total
6,779
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 596, for percentages of deposits required to be held as reserves.
Total reserves held:
1936—February
March
April
May
June
._
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
February
Marchs
April
Week ending (Friday):
April 2
April 9
April 16
April 23. _
April 30
Excess reserves:
1936—February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
February
March3
April
Week ending (Friday):
April 2
April 9
April 16
April 23
April 30
Central reserve
city banks
New
York
Chicago
Reserve Country
city banks
i
banks
5,808
5. 420
5,300
5, 638
5,484
5, 861
6. 063
6, 291
6, 345
6, 594
6, 785
6, 665
6, 716
6, 747
6, 704
6,824
2, 579
2,271
2,163
2,384
2,183
2. 279
2. 5.02
2, 503
2, 462
2,574
2, 695
2, 662
2, 719
2,812
2, 652
2, 739
463
506
636
682
653
572
580
619
637
651
605
568
546
533
563
1, 745
1, 708
1, 675
1,657
1,664
1,886
1,899
2,005
2.046
2,153
2,185
2,157
2,158
2,128
2, 203
2,201
998
978
956
961
954
1,042
1,090
1,204
1,218
1,230
1, 254
1,241
1,271
1, 261
1,315
1,321
6, 658
6,692
6.840
6,888
6,922
2, 698
2,678
2,760
2, 768
2,755
494
486
547
608
640
2,171
2,185
2, 209
2,199
2, 222
1, 295
1,342
1, 325
1, 313
1,305
3,038
2, 653
2,510
2,800
2, 593
2, 907
3,105
1, 852
1,852
2,043
2,219
2,046
2, 093
2,151
1, 371
1,552
1, 360
1,056
940
1,134
908
1,004
1,226
600
535
639
751
697
767
868
401
530
226
208
262
377
414
369
290
160
195
205
221
175
147
128
54
101
885
846
796
778
775
961
970
601
624
696
724
675
662
651
488
490
567
543
512
511
496
575
619
490
498
502
523
498
518
505
428
431
472
460
548
566
557
50
40
83
135
164
466
481
500
485
507
407
452
435
423
415
1,394
1,433
1,566
1,609
1,643
1 Weekly figures of excess reserves of all member banks and of country
banks
are estimates.
2
Reserve requirements increased 50 per cent effective Aug. 16.
3
Reserve requirements increased 16%$ per cent effective Mar. 1.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places over 15,000)
(places under 15,000)
All member banks
Federal Reserve district
Gross demand
Gross demand
Time
April
March
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco.
1,770
11,721
1,757
2,041
1,105
1,057
4,091
1,047
632
1,370
1,044
2,286
11,954
1,738
2,040
1,121
1,085
4,180
1,063
636
1,378
1,052
2,258
692
2,259
1,091
1,332
538
368
1,530
384
367
316
200
2,085
691
2,288
1,073
1,330
537
367
1,527
383
367
316
199
2,090
Total...
29,922
30,285
11,163
11,169
1,781
April
April
March
1,652
i 1,164
1,538
1,813
929
891
1
1, 605
855
452
1,052
782
2,153
1
14, 887
March
Time
April
March
April
March
Time
April
March
1,663
1,159
1,519
1,813
942
918
1,619
873
455
1,059
791
2,124
565
,034
654
,056
353
288
840
283
180
201
159
1,
564
1,031
638
1,057
353
287
834
284
181
201
159
1,991
118
270
220
228
176
165
304
192
181
318
261
133
118
273
219
227
179
167
303
190
181
319
261
134
127
479
437
276
185
80
251
100
187
115
40
98
126
478
435
273
185
79
248
99
187
115
40
99
14, 935
17, 601
7, 580
2,566
2,571
2.376
2, 365
i Excluding central reserve city banks, for which figures for latest month are shown in table above.
Gross demand
585
FEDERAL RESERVE BULLETIN
JUNE 1937
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks.
End of month
Gold
certificates
Total
Silver
dollars
Silver
certificates
In millions of dollars]
Treasury
notes
of 1890
Subsidiary
silver
Minor
coin
United
States
notes
Federal
Reserve
notes
Federal
Reserve
bank
notes
National
bank
notes
1936—April
May
June
July
August
September
OctobersNovember.
December.
5,886
5,953
6,241
6,162
6,227
6,267
6, 351
6, 466
6,543
103
102
101
100
99
98
97
96
95
34
34
35
35
36
37
37
37
38
886
914
955
958
986
998
1,020
1,051
1,057
1
1
1
1
1
1
1
1
1
309
312
316
318
321
326
329
334
337
132
133
135
136
137
138
139
141
142
249
265
278
274
278
278
282
289
289
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
4,233
56
54
52
50
48
47
46
45
44
391
378
366
352
342
332
324
316
307
1937—January __.
February _
March
April
6, 349
6,399
6,377
6, 426
94
92
91
90
37
37
37
37
1,012
1,022
1,022
1, 039
1
1
1
1
329
329
333
335
140
140
141
142
276
288
287
291
4,118
4,155
4,139
4,171
42
41
40
40
300
294
287
281
Back figures. —See Annual Report for 1935 (table 38).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks.
I n millions of dollars]
Paper currency
2
Total
in circulation i
Coin
1936—March
April
May
June
July
August
September..
October
November..
December..
5, 877
5, 886
5, 953
6, 241
6,162
6, 227
6, 267
6, 351
6, 466
6, 543
472
475
480
486
490
494
501
505
513
517
439
442
451
463
460
471
477
484
492
499
32
31
32
33
32
32
33
33
33
35
804
804
820
850
844
863
868
882
900
906
1,378
1, 379
1.402
1, 468
1,459
1,482
1,488
1,516
1,548
1, 563
1,361
1,360
1,369
1,466
1,431
1,436
1,437
1,460
1,486
1,501
1,399
1,404
1,409
1,479
1,449
1, 452
1,467
1,478
1,501
1, 530
362
360
363
398
383
381
383
385
390
399
641
643
648
683
667
667
673
679
690
707
125
126
127
127
127
128
130
132
132
135
247
249
245
245
247
250
253
255
258
265
1937—January
February...
March
April
6, 349
6,399
6,377
6, 426
506
506
511
514
472
475
476
482
33
33
33
33
864
874
869
883
1,500
1,519
1,519
1,542
1,458
1,464
1,451
1, 468
1, 525
1,538
1,520
1, 507
393
395
386
381
702
706
696
687
135
135
136
137
269
273
275
277
End of month
$50 and over
$2
$1
$5
$10
$20
Total
$50
$100
$500
$1,000
$5,000 $10,000
Unassorted 2
7
6
6
7
7
7
17
19
19
18
19
19
21
19
23
18
10
4
3
3
4
7
7
8
8
9
9
9
18
19
18
17
9
10
2
3
7
7
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
[Held by Treasury and Federal Reserve banks and in circulation,
millions of dollars]
End of month
Total
Silver
dollars Suband
sidiary
silver
bulsilver
lioni
In
[By selected banks in New York City.
Year or month
FedTnitoH eral
Minor j nitea ReStates serve
coin
notes bank
notes
National
bank
notes
1936—April
May
June
July
August
September _
October
NovemberDecember ._
2,500
2,490
2,498
2,496
2,500
2,512
2,515
2,521
2,532
1,230
1,236
1,255
1,264
1,277
1,294
1,303
1,310
1,323
330
330
332
335
338
341
346
351
356
138
138
139
140
142
143
145
146
147
347
347
347
347
347
347
347
347
347
57
55
53
51
49
48
47
46
45
398
384
372
358
348
339
329
322
314
1937—January
February _.
March
April
2,532
2,536
2,541
2,543
1,332
1,343
1,355
1,365
356
356
357
357
148
149
149
150
347
347
347
347
44
42
42
40
305
298
291
284
i Includes silver held against silver certificates amounting to $1,243,000,000 on April 30, 1937 and $1,099,000,000 on April 30, 1936.
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
1932
1933
1934
1935
1936
Shipments to
Europe
567
554
345
10, 628
34, 774
1936—April
May
June
July
August
September.
October....
November.
December.
3,095
3,852
3,037
900
981
3,949
2,013
5,960
1937—JanuaryFebruary _
March..,.-.
April
2,092
4,279
968
1,434
In thousands of dollars]
Receipts
from
Europe
83, 838
91,059
40, 587
19, 966
26, 216
1,685
1,164
2,348
2,078
1,131
5,422
1,536
745
2,197
3,265
3,728
3,023
Net
shipments
Net
receipts
83, 271
90, 505
40, 242
9,338
8,558
2,157
2,167
1,873
1,448
1,097
2,818
3,409
4,424
7,724
105
1,014
2,760
1,589
For description and back figures see BULLETIN for January 1932
pp. 7-9.
586
FEDERAL RESERVE BULLETIN
JUNE
1937'
GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES1
[In millions of dollars]
[In thousands of dollars]
Gold stock at
end of year
or month
Year or month
Net
Increase
Net
release Other
in
from factors2
total
gold
eargold import
mark 1
stock
Total Inactive
account
4,226
4,036
8,238
1932 .
1933
1934
1935—August..
September
October... _
November
December
Year
52.9 -446. 2
-190.4 -173.5
4, 202. 5 1,133. 9
9,203
9,368
9,693
9,920
10,125
1936—January.
February
March
April . . . .
10,182
10,167
10,184
10, 225
May
10, 402
10, 608
June
July
10,648
10, 716
August
September. __ 10, 845
11,045
October...
11,184
November
December
11, 258
Year
1937—January
February
March
April
1
11,258
11, 358
11,436
11, 574
11,799
46.0
156.7
315.3
210.6
190.0
1.8
1.0
-1.9
.6
1.3
11.7
7.3
11.8
15.5
13.9
1, 887. 2 1, 739. 0
.2
148.0
45.6
-16.6
5.5
28.1
170.0
277.8
15.4
67.5
171.8
218.8
75.8
57.0
-1.7
-9.5
1.0
-.2
-3.2
-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.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
59.5
165 0
325.2
226.7
205.2
10,125
26.5
26.5
126.5
204.7
342.5
568. 0
41.6
457.5
41.1
-58.0
82.6 2,986.1
57.2
-15.5
17 2
41.0
176 7
206.6
39.2
68.4
129.0
199.7
139.6
73.3
100.1
78.2
137 9
225^6
121.3
120.3
154. 3
215.8
-48.3
-8.0
-.4
7.2
27.1
-34.1
-16.0
2.5
Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
gold earmarked abroad for account of Federal Reserve banks).
2 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.
Back figures.—See Annual Report for 1935 (table 32).
1937
JanuaryApril
March
April
From or to—
Imports
Belgium
5,399
596
France
Germany
Netherlands
.
Switzerland
Union of Soviet
S o c i a l i s t Republics
United Kingdom.. 175,172
7,226
Canada
290
Central America . . .
1,980
Mexico
-.
3
Argentina
915
Chile
4,261
Colombia
135
Ecuador
150
Peru .
Uruguay
42
Venezuela
2,388
Australia
British India
4,857
China and Hong
75
Kong
Dutch East Indies9,978
Japan
Philippine Islands. 2,231
126
All other countries 2 .
Total
215, 825
Exports
Imports
Exports
Imports
1,131
76
17, 222
12,673
1,086
1, 371
14, 662
723
3
124
250
504
853
677
120
328
6
3,134
4,264
568
882
51
3,467
4,017
217
10, 381
21,980
7 121,483
4,925
284
3,248
6
33
6
445,
28,
1,
16,
265
785
5,696
1,944
5,598
15, 674
8,408
7,151
13 154, 371
39
611,858
Exports
49>
15
64
1
Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
2 Includes all movements of unreported origin or destination.
Back figures.—See table p. 613, and Annual Report for 1935 (tables 34
and 35).
JUNE
587
FEDERAL RESERVE BULLETIN
1937
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
Nonmember
banks
Member banks
Total
Call date
Total
1932— June 30
Sept. 30
Dec. 31
1933—June 30 »
Oct. 25 3
Dec. 30
_
National
fin millions of dollars]
Member banks
Other
Mutual nonState savings member
banks
banks
Call date
All
banks
Total
National
State
Nonmember banks
Mutual
savings
banks
Other
nonmember banks
19,046
18,794
18, 390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1594
594
11,472
11,296
10,980
1932—June 30. __ 41,963
Sept. 30._ 41,942
Dec. 31___ 41, 643
24, 755
24, 903
24, 803
15,629
15, 635
16,101
9,126
9,268
8,702
10,020
1 10,020
10,022
7,188
7,020
6,818
14, 519
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
23,338
23, 453
23, 771
14, 772
15,070
15, 386
8,566
8,383
8,385
4,946
8,421
1933—June 30«__ 37, 998
Oct. 25 3
Dec. 30
38, 505
9,713
579
9,708
5,026
5,288
5,417
5,461
5,462
918
958
972
980
578
8,882
16, 203
17,097
17. 693
18, 519
9,090
9,518
9,791
10, 424
5,475
9,018
25, 293
26,615
27,484
28,943
9,780
579
1934—Mar. 5 3
June 30___ 41, 870
Oct. 17 3
Dec. 31__. 44, 770
9,828
6,000
15,011
1934—Mar. 5«
June 30
Oct. 17 3
Dec. 31
15, 835
16,039
6,206
6,375
6,433
6,442
1935—Mar. 4.
June 29
Nov. 1
Dec. 31
16, 024
15,994
15, 904
15,837
6,422
6,410
6,400
6,387
5,446
5,425
5,403
5,386
976
985
997
1,001
579
571
571
570
9,023
9,013
8,933
8,880
1935—Mar. 4
June29_._
Nov. 1__
Dec. 31.__
44, 455
45,766
47,522
48, 964
28, 589
29, 496
31,072
32,159
18, 502
19,031
20,128
20, 886
10,087
10,465
10,944
11, 273
9,837
9,920
9,936
9,963
6,029
6,350
6,513
6,842
1936— Mar. 4
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
8,786
8,687
1936— Mar. 4 . . . . 48, 771
June 30... 51, 335
Dec. 31 __ 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
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Member banks
All banks
Nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
1932—June 30
Sept. 30
Dec. 31
1933—June 30 3
Oct. 25 3
Dec. 30
_
._
Loans
Investments
Other nonmember banks
Total
Loans
Investments
46,071
45, 852
44, 946
27,834
26,985
26, 063
18,237
18, 867
18, 883
28,001
28,045
27, 469
16, 587
15,924
15, 204
11,414
12,121
12, 265
10,316
1 10,316
10,182
6,130
1 6,130
6,079
4,186
1 4,186
4,103
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
40,076
22, 203
17, 872
11, 928
11, 894
12, 386
4,103
5,246
3,404
1,841
18, 342
12, 858
13,059
12, 833
5,941
21,977
24,786
24,953
25, 220
10,044
40,319
9,985
5,906
4,079
5,115
3,238
1,877
12, 706
12, 523
12, 293
12,028
13, 842
14, 652
15, 267
16,122
9,904
5,648
4,256
5,423
3,108
2,315
9,782
5,491
4,291
5,526
2,955
2,571
42, 502
21, 278
21, 224
43, 458
20, 473
22, 984
26, 548
27,175
27,559
28,150
1935—Mar. 4
June 29
Nov. 1
Dec. 31
43, 747
44,416
45,008
45, 717
20, 394
20, 272
20,140
20, 329
23, 353
24,145
24,868
25, 388
28,
28,
29,
29,
271
785
301
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
Is936— Mar. 4 .
June 3€
Dec. 31
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
1834— Mar. 5 3
June 30
Oct 17 3
Dec. 31
1 Figures of preceding call carried forward.
1
gures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
Beginning June 30,1933, all figu
banks.
* Nonmember bankfiguresnot available.
« Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Backfigures.—SeeAnnual Report for 1935 (tables 47-48).
588
FEDERAL RESERVE BULLETIN
JUNE 1937
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)
Call date
Total
loans
and
investments
Total
Invest ments
Open-market loans
Purchased paper
To
ReOtherportbroLoans
To
ing
kers others Real
to
sebanks'
outAcon
estate own
cured banks
side securi- loans
ceptComand
Bills
acceptances
New
merties
ances unsepayYork
cial
cured
able in
paper
Cityi
United abroad bought
States
Sffi
U.S. Government obligations
Loans
brokers in
New
York
City*
Total
Direct
Fully
guaranteed
Other
securities
TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935—Mar. 4
J u n e 29
D e c . 31
1936—Mar. 4
J u n e 30
D e c . 31
1937—Mar. 31
35,934
24, 786
28,150
28,271
28,785
29,985
30, 288
32, 259
33,000
32, 525
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
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
1.757
L, 287
1,581
L, 704
1,592
1,868
L, 946
L951
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
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
1,340
1,124
1,090
1,053
1,057
1,027
1,044
1,048
1,039
1.538
L, 131
,090
,077
,105
,094
,096
,101
L, 124
L. 135
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
1,462
1.055
1,026
1,018
1,020
1,035
1,043
1,078
1,123
1,150
515
4,857
4,708
4,748
4,834
5,006
4,960
5, 355
6,041
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
9,784
11,928
16,122
16,318
16,857
17,810
18,189
19, 717
19,640
18,826
3,863
6,887
9,906
9,821
9,871
10, 501
10, 564
11, 721
11,639
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
5,745
6,045
6 095
6,108
2, 595
120
937
164
1,024
1,054
145
82
1,085
107
,096
1,112
99
65
,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
1,112
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
1,265
1,217
1,311
237
202
232
236
249
251
284
402
407
88
30
11
8
7
6
5
5
6
4
9
27
29
14
4
1
2
3
3
2
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
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
3, 679
46
1,678
49
1,671
48
1,677
40
1,682
1,851
46
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
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
5
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
2,605
2,734
2,719
11.
192
232
207
135
169
156
117
131
128
N E W YORK CITY »
1929—Dec. 31 _
1933—June 3 0 '
1934—Dec. 31 _ _
1935—Mar. 4
J u n e 29
D e c . 31
1936—Mar. 4
J u n e 30
D e c . 31
1937—Mar. 31
CITY OF CHICAGO »
1929—Dec. 31
1933—June 30 8
1934—Dec. 31
1935—Mar. 4
J u n e 29
D e c . 31
1936—Mar 4
J u n e 30
D e c . 31
1937—Mar. 31 _-_
5 5
24
16
12
12
14
12
10
8
2
RESERVE CITY
BANKS
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—Mar. 4
June 29 __
Dec. 31
1936—Mar. 4
June 30
D e c . 31
1937—Mar. 31
COUNTRY BANKS
1929—Dec. 31 >
1933—June 30 8
1934—Dec. 31
1935—Mar. 4 .__
June 29
Dec. 31
1936—Mar. 4
June 30 _
Dec. 31
1937—Mar. 31
1 Loans (secured by stocks and bonds) to brokers and dealers in securities.
2 Beginning June 30, 1933, figures relate to licensed banks only,
s Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 52).
JUNE
589
FEDERAL RESERVE BULLETIN
1937
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
Cash
Reitems
Interbank
CertiBal- reportserves
fied
with Cash ances
with
Unitand
Fedin
doed
offiin
eral vault mes- procubStates P lic
cers'
ReDotic 1 ess
Gov- funds jhecks,
serve
of col- mes- Forbanks
eign
erncash
banks
tic
lecbanks ment
letters
tion « banks
of
Time deposits
Interbank
IndividDeuals,
mand
part- deposits ad- Donerships, justed * mes- Forcortic eign
porabanks banks
tions,
etc.
credit»
Call date
Individuals, BorPos- Pub- partrowtallic
ner- ings
savfunds
ships,
ings
corporations,
etc.
TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 6
1934—Dec. 31
1935—Mar. 4
June 29
Dec. 31
1936-Mar. 4
June 30_
Dec. 31
1937—Mar. 31
N E W YORK CITY
_
„
558 2,168
405 2,008
609 3,149
534
537 3,396
665 3,776
624 3,970
713 3, 944
697 4,066
662 3,445
3,896 3,517
1,485 3,057
1,903 4,569
1,475 5,095
1,183 4,978
2,255 5,696
1,718 6,148
2,147 5,986
2,533 6,402
1,974 5,752
544
145
147
169
273
444
394
465
432
458
464
127
126
147
248
410
363
428
393
419
143 1,335 1,681
657
1,087
838
1,799
741
1,270 1,861
417
779 2,091
882
844 2,139
779
2,173
600
789
1,037 2,320
881
2,329
882
677
415 2,564
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, 530
18,801
20
332
792
572
369
224
140
215
225
129
128
96
229
190
354
323
260
357
285
314
5,847
4,676
5,370
5,329
5,924
6,479
6,471
6,891
7,274
7,237
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
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
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
58
1
332
358
381
374
469
413
407
444
449
440
14
371
208
206
211
203
266
251
288
203
176
4,433
2 941
3,494
3,611
3,670
3,796
3,853
3,960
4,026
4,064
292
16
2
41
388
186
167
118
79
72
65
35
34
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
-
61
285
210
188
162
136
95
87
69
64
19,161
20, 284
21,647
21,352
15
18
e
1929—Dec. 31
1933—June 30 e
1934—Dec. 31
1935—Mar. 4
June 29_
Dec. 31_
1936—Mar. 4
June 30
D e c 31
1937—Mar. 31
CITY OF CHICAGO
2,374
2,235
4,082
4,518
4,933
5,573
5,784
5,607
6,572
6,613
827
846
1,576
1,856
1,935
2,541
2,493
2,106
2, 658
2,719
179
101
103
86
133
111
108
114
133
123
2,406
874
1,069
810
447
1,133
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
169
232
415
359
675
511
480
749
558
482
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
8
46
46
41
20
98
81
102
72
96
42
87
182
184
198
208
217
221
191
203
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
742
555
116
178 804
152 845
865
90
137 901
965
93
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
6
7
16
17
16
16
17
16
16
16
1,180
461
540
500
149
524
496
489
457
354
12
1
8
1929—Dec. 31
1933-June 30 6
1934—Dec. 31
1935—Mar. 4
June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
RESERVE CITY BANK;
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
1929—Dec. 31_
627
1933—June 30 «
452
1934—Dec. 31
822
1935—Mar. 4
__.
916
June 29
920
Dec. 31.
927
1936—Mar. 4
1,017
June 30_
_
989
Dec. 31___.
1,247
1937—Mar. 31____
1,304
321
203
275
246
236
305
268
322
319
321
702
1,296
1,427
1,406
1,676
1,757
1,727
1,929
1,684
291
149
207
163
192
235
187
256
316
242
405
228
342
364
347
415
433
410
483
440
1929—Dec. 31__
1933—June 30 6
1934—Dec. 31
1935—Mar. 4
June 29__
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
1
'
COUNTRY BANKS
6
3
11
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
hand 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,
^ess cash items reported on hand but not in process of collection.
»6 Beginning June 1933 figures relate to licensed banks only.
Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 53).
590
FEDERAL RESERVE BULLETIN
JUNE
1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Open-market
loans
Loans to customers (except banks)
Date or month
Investments
AcTo
Loans cept- Loans
broTo
ances
Other
to
kers others Real- loans banks and to broin
out- on se- estate
com- kers
to
side
New Total
mer- York
loans custo-2
New curicial
ties
mers
York
paper City i
Cityi
bought
Reserve
with
FedOther eral
Resecuri- serve
Fully
ties banks
Direct guaranteed
BalCash ances
with
in
vault domestic
banks
Total
loans
and
investments
Total
21,745
22, 566
22, 444
22, 760
22, 734
22, 600
22, 610
22, 280
6, 932
7,403
7,429
7,607
7,567
7, 529
7,711
7,870
215
218
215
227
235
235
240
221
2. 077
2, 025
2,024
2,034
2,007
2,021
2.030
2, 046
1,141
1,142
1,148
1,154
1,153
1,150
1,152
1,155
3, 499
4,018
4,042
4,192
4,172
4,123
4,289
4,448
70
55
62
64
59
72
86
78
351
315
323
338
379
399
411
396
1,008
945
941
1,021
993
982
1,078
1,055
13,384
13, 848
13, 689
13, 730
13, 736
13, 618
13,324
12,881
8, 767
9,310
9,232
9,241
9,263
9, 118
8, 802
8,447
1,273
1,255
1, 255
1,242
1,230
1,212
1.206
1,181
3, 344
3,283
3,202
3,247
3, 243
3,288
3,316
3, 253
4,180
5,276
5,422
5,264
5, 292
5, 326
5.205
5, 340
370
399
404
427
401
387
359
346
2, 262
2,385
2,463
2,439
2,307
2,252
1,998
1,967
22, 801
22, 698
22, 560
22. 273
22, 356
22, 293
22, 268
22, 202
22. 240
22, 205
22, 177
7,662
7, 735
7, 753
7,811
7,841
7, 881
7, 883
7, 876
7, 908
7, 937
242
234
243
241
229
217
218
222
226
226
2,015
2. 030
2, 036
2. 051
2,049
2,048
2,047
2, 040
2, 054
2, 068
1, 152
1,153
1,151
1,157
1.156
1,153
1,156
1,156
1.157
-1,161
1,162
4, 253
4,318
4,323
4, 362
4,407
4, 463
4, 462
4, 458
r
4, 471
r
4, 482
81
90
92
81
78
74
76
84
'•I 29
122
118
407
408
414
410
405
395
392
393
381
382
1,110
1,104
1,088
1,064
1,049
1,044
1.051
1,075
1,115
1,090
13, 541
13,361
13,213
12. 907
12, 983
12, 899
12, 866
12, 774
12,707
•12, 674
12. 677
9,024
8,828
8, 696
8, 396
8,520
8, 457
8,439
8, 370
8, 334
8. 323
8,314
1,203
1,213
1,205
1,199
1,189
1,183
1,178
1,175
1,165
1, 164
1,162
3,314
3, 320
3, 312
3, 312
3.274
3, 259
3, 249
3, 229
3, 208
r
3.187
3, 201
5,242
5,327
5,112
5, 173
5,176
5, 381
5, 378
5, 425
5, 307
5, 359
5, 349
366
350
362
346
338
353
340
354
337
349
329
2,017
2, 075
1,963
-1,879
1, 924
2,018
1,962
1.964
1,797
1,783
1,781
8, 547
8,687
8,622
8,750
8,606
8,543
8, 651
8,385
2,121
2,326
2,354
2,429
2,409
2,399
2,483
2,550
747
705
710
712
709
731
733
734
132
131
130
130
130
129
128
128
1,175
1,412
1,437
1,512
1,495
1,465
1,548
1,616
164
123
135
140
146
136
133
114
967
906
901
978
949
943
,037
,013
5.259
5,308
5,202
5,169
5.074
5,022
4,943
4,660
3, 511
3,761
3,721
3,666
3,555
3,455
3,319
3,100
551
461
461
451
452
453
452
442
1,197
1,086
1,020
1,052
1,067
1,114
1,172
1,118
1,968
2,461
2, 575
2,509
2,565
2, 670
2, 506
2, 562
79
74
78
86
81
80
81
74
8,752
8, 691
8,597
8,524
8,449
8, 386
8, 350
8, 353
8, 379
8,322
8,318
2,461
2,505
2,497
2,523
2, 538
2,557
2,554
2, 549
2, 558
2, 577
725
735
736
739
740
736
731
728
732
734
128
128
128
127
127
127
129
129
129
130
129
1,532
1, 568
1,561
1,584
1, 598
1,622
1, 621
1,621
1,623
1,641
135
129
132
126
120
112
110
113
104
101
,071
062
048
,019
,008
1,004
1,011
1,031
1,073
1,047
5, 035
4,935
4,859
4,805
4,734
4, 668
4,629
4, 609
4. 565
4, 517
4,531
3,421
3, 309
3,226
3,171
3,148
3,106
3, 076
3.072
3.034
3, 027
3,022
447
451
457
456
448
442
439
439
442
434
434
1,167
1, 175
1, 176
1,178
1,138
1,120
1, 114
1, 098
1,089
1,056
1,075
2,500
2,545
2,440
2, 569
2, 485
2,622
2, 579
2, 562
2. 430
2, 480
2, 496
78
82
79
85
75
77
74
71
71
U. S. Government obligations
TOTAL—101 CITIES
1936—April
October
November..
December..
1937—January
February-_.
March
April
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 193
NEW YORK CITY
1936—April
October
November...
December..
1937—January
February...
March
April
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19 3
OUTSIDE NEW YORK
CITY
1936—April
October
November
December
1937—January
February
March
April
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12 3
May 19
13,198 4,811
13, 879 5,077
13, 822 5,075
14,010 5,178
14, 128 5,158
14,057 5,130
13,959 5,228
13, 895 5,320
148
140
138
152
160
161
166
149
1,330
1, 320
1,314
1,322
1,298
1,290
1,297
1, 312
,009
,011
,018
,024
,023
,021
,024
,027
2, 324
2,606
2,605
2,680
2,677
2, 658
2,741
2,832
187
192
188
198
233
263
278
282
8,125
8,540
8,487
8,561
8,662
8, 596
8,381
8,221
5, 256
5,549
5,511
5, 575
5,708
5, 663
5,483
5,347
722
794
794
791
778
759
754
739
2,147
2,197
2,182
2,195
2,176
2,174
2,144
2,135
2,212
2,815
2,847
2,755
2,727
2,656
2,699
2,778
319
344
346
364
345
334
310
293
2,183
2,311
2,385
2,353
2,226
2,172
1,917
1,893
5,201
5, 230
5, 256
5,288
5, 303
5, 324
5, 329
5, 327
5, 350
5, 360
166
160
171
168
156
145
145
151
152
154
1,290
1. 295
1, 300
1,3.12
1, 309
1,312
1,316
1,312
1,322
1, 334
,024
,025
1,023
1, 030
1,029
1, 026
1,027
1,027
1,028
1,031
1, 033
2,721
2,750
2, 762
2,778
2, 809
2,841
2,841
2. 837
r
2, 848
'2.841
272
279
282
284
285
2S3
282
280
277
281
8, 506
8.426
8,354
8,102
8,249
8, 231
8,237
8,165
8.142
r
$. 157
8,146
5, 603
5. 519
5, 470
5, 225
5,372
5, 351
5, 363
5, 298
5, 300
5. 296
5, 292
756
762
748
743
741
741
739
736
723
730
728
2,147
2,145
2,136
2,134
2,136
2,139
2,135
2.131
2,119
r
2.131
2,120
2,742
2,782
2, 672
2,604
2, 691
2,759
2,799
2. 863
2, 877
2,879
2, 853
316
301
313
297
288
299
290
296
282
294
278
1,939
1,993
1,884
'1, 794
'I, 849
1,941
1,888
1,893
1, 726
1.711
1,713
14, 049
14, 007
13, 963
13, 749
13, 907
13, 907
13,918
13,849
13, 861
13. 883
13, 859
r
1
Revised.
Loans (secured by stocks and bonds) to brokers and dealers in securities.
2 Includes reporting banks' own acceptances.
3 For new classification of loan items see page 592.
For other figures and notes, see next page.
591
FEDERAL RESERVE BULLETIN
JUNE 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]
Date or month
Cash
items
reported as Other
in proc- assets
ess of
collection i
Total
assets
Total
liabilities
Demand deposits
Time deposits
Interbank
United Certified
States
Domes- Foreign Govern- checks, Other
ment
tic
etc.
banks banks
Demand
deposits—adjusted:
Interbank
DoFor- Other
mestic eign
banks banks
Borrowings
Other Capiliabil- tal acities count
TOTAL—101 CITIES
1936—April
October
November
December
1937—January
February
March
April
. 526
,487
, 663
,787
,548
,573
, 602
., 503
1, 354
1,298
1,318
1,370
1,349
1,360
1,356
1,338
31,437
33,411
33, 714
34, 047
33, 631
33, 498
33,130
32, 774
5, 351
5,950
6, 106
6,025
5,953
5, 854
5,546
5,424
356
467
448
435
413
410
428
473
793
548
601
611
409
369
312
576
446
584
617
525
573
573
460
14,932
16,193
16, 441
16, 714
16, 539
16, 571
16,459
16, 325
13,982
15,152
15, 362
15, 544
15,516
15, 572
15, 429
15, 283
133
130
130
130
132
134
133
120
1937—Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
1,600
1,659
1,547
1.666
1.406
1, 611
1.487
1,509
1,347
1, 568
1, 448
1,390
1,333
1.338
1,351
1,352
1, 333
1, 323
1, 345
1,334
1,331
1,342
33,416
33, 442
32, 882
32, 688
32, 552
32,989
32, 758
32, 799
32, 362
32, 595
32, 426
5,608
5,656
5,453
5,332
5,435
5.526
5,414
5, 321
5,116
5,075
5,010
415
429
432
447
432
476
484
501
515
533
520
379
419
355
353
353
351
272
272
233
207
182
634
600
573
525
482
443
458
458
423
448
449
16,615
16, 600
16,310
16, 261
16,084
16,417
16, 362
16,439
16,273
16, 496
16, 424
15, 649
15, 541
15,336
15,120
15,160
15, 249
15, 333
15,388
15,349
15, 376
15,425
135
131
133
130
124
121
117
116
108
107
105
1936—April
October
November
December
1937—January
February
March
April
789
644
795
878
714
767
774
649
478
462
468
492
493
490
485
477
11,912
12, 383
12, 596
12, 778
12,515
12, 603
12. 546
12, 200
2,292
2,444
2,529
2,468
2,421
2, 392
2,233
2,149
325
427
408
397
378
375
392
436
197
172
102
155
181
138
131
105
390
277
402
415
336
398
388
279
6. 366
6,667
6, 756
6,893
6,783
6, 825
6,878
6,689
1937—Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
838
794
744
800
630
675
611
680
568
661
630
508
470
477
482
493
469
467
478
477
481
488
12,726
12, 631
12, 386
12, 509
12,182
12. 283
12,131
12,202
11,980
12.071
12,051
2,280
2,289
2,195
2,107
2,158
2,197
2,138
378
395
397
410
395
439
448
461
477
496
483
134
136
124
124
124
124
86
86
66
53
41
459
410
402
327
297
269
266
284
255
283
282
1936—April
October
November
December
1937—January
February
March./.
April
737
843
868
909
834
806
828
854
876
836
850
878
856
870
871
861
19, 525
21, 028
21,118
21, 269
21, 116
20, 895
20,584
20, 574
3, 506
3, 577
3,557
3,532
3, 462
3,313
3,275
561
621
446
446
430
271
238
207
1937—Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
762
865
803
866
776
936
876
829
779
907
818
882
863
861
'869
'859
864
856
867
857
850
854
20, 690
20,811
20, 496
20, 179
20, 370
20, 706
20, 627
20, 597
20,382
20, 524
20, 375
3, 328
3, 367
3,258
3, 225
3, 277
3,329
3,276
3,220
3, 133
3, 139
3, 094
245
283
231
229
229
227
186
186
167
154
141
4
4,971
5,070
5,032
5,045
5,052
5,094
5,142
5,145
1
1
11
3
1
3
3
822
840
880
909
837
880
894
925
3, 527
3,517
3,539
3,555
3,563
3, 568
3. 578
3,581
7
5,147
5,128
5,129
5,144
5,144
5,133
5,146
5,158
5,149
5, 201
5, 205
1
1
4
6
2
5
1
3
38
16
24
903
898
908
903
910
930
915
944
909
912
909
3, 575
3, 576
3,580
3,581
3,580
3, 581
3, 583
3,581
3,592
3, 593
3,591
5,968
6,301
6,363
6,430
6,404
6, 457
6,492
6,319
3
4
4
4
3
3
3
4
547
610
583
613
601
631
680
671
5
321
351
369
372
343
367
369
395
1,466
1,431
1,442
1,451
1,467
1,474
1,472
1,472
6, 950
6,887
6. 749
6, 998
6, 675
6,706
6, 656
6. 720
6, 646
6, 716
6, 740
6,571
6,503
6,407
6,525
6,342
6,300
6,311
6, 324
6,333
6. 338
6,392
3
3
4
4
4
4
4
4
4
6
6
674
671
672
695
673
671
671
671
658
704
704
377
371
372
372
383
401
390
405
387
393
389
1,471
1,469
1,471
1,472
1,473
1,472
1,472
1,470
1.475
1,476
1,475
186
169
182
202
189
175
185
181
8, 566
9,526
9, 685
9, 821
9, 756
9. 746
9. 581
9, 636
8,014
8,851
8, 999
9,114
9,112
9, 115
8,937
8,964
133
130
130
130
132
134
133
120
1
4,424
4,460
4,449
4,432
4,451
4, 463
4, 462
4,474
2
1
1
1
1
3
3
501
489
511
537
494
513
525
530
2,061
2,086
2,097
2,104
2,096
2,094
2,106
2,109
175
190
171
198
185
174
192
174
168
165
167
9, 665
9,713
9. 561
9, 263
9,409
9,711
9, 706
9, 719
9. 627
9,780
9, 684
9,078
9. 038
8. 929
8. 595
8,818
8. 949
9.022
9, 064
9, 016
9,038
9, 033
135
131
133
130
124
121
117
116
108
107
105
1
1
1
2
2
2
4,473
4, 457
4,457
4, 449
4,471
4.462
4, 475
4,487
4,491
4, 497
4, 501
1
1
4
6
2
5
1
3
9
8
9
526
527
536
531
527
529
525
539
522
519
520
2,104
2,107
2,109
2,109
2,107
2,109
2,111
2,111
2,117
2,117
2,116
4
5
5
3
4
5
6
4
4
5
6
6
6
6
6
6
7
NEW YORK CITY
2,101
1,983
1,936
1,916
1
10
2
29
8
15
OUTSIDE NEW YORK
CITY
3,059
1
1
1
2
2
9
9
2
1
1
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).
592
FEDERAL RESERVE BULLETIN
JiWE 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
fin millions of dollars]
City
Federal Reserve District
Total
Boston
New
York
San
Min- KanPhilaSt.
Cleve- Rich- Atlan- Uhicadelneap- sas Dallas FranLouis
ta
mond
and
City
phia
cisco
olis
1,279
1,288
1,292
1,295
9, 253
9. 271
9,212
9,207
1.169
1,181
1,190
1, 187
New | ChicaYork
ASSETS
Loans and investments,
total:
Apr. 28
Mayo
May 12
May 19
Loans to brokersl and dealers
in New York:
Apr. 28
May 5
May 12
Loans to brokers and dealers
outside of New York: 1
Apr. 28
May 5
__
May 12
Loans on securities to others1
(except banks):
Apr. 28
May5_._
May 12
Acceptances and1 commercial
paper bought:
Apr. 28.1
May 5
.
May 12
Loans on real estate:
Apr. 28
May 5
May 12
Loans to banks:
Apr. 28
May5
__
May 12
Other loans: 1
Apr. 28
May 5
.
May 12._
Commercial, industrial,
and
agricultural loans:1
Total:
May 12
May 19
On securities:2
May 19
Otherwise secured
and
unsecured:2
May 19
1
Open market paper:
May 12
May 19
Loans to brokers and dealers:1
May 12
May 19
Other loans for purchasing
or carrying securities:1
May 12
May 19
Real estate loans:
May 12
May 19
Loans to banks:
May 12
May 19
Other loans:1
Total:
May 12
May 19
On securities:2
May 19
Otherwise secured and
unsecured-2
May 19
22. 202
22, 240
22, 205
22,177
1.890
1,884
1.884
1,886
633
632
626
626
562
561
559
3,017
3,041
3, 051
3,051
388
383
383
381
1,043
1,082
1, 057
1.075
1,115
1,090
141
141
143
853
857
860
691
691
690
690
482
481
482
481
2.165
2,161
2,167
2.154
135
136
136
5
6
6
2
219
220
219
209
212
216
71
73
73
29
29
29
49 |
50 !
49 I
168
168
175
728
732
734
20 !
19 |
30
30
31
113
104
101
129
129
130
133
123
120
16
16
17
43
42
43
11
11
11
11
10
9
1, 156
1. 157
1 , 161
240
240
240
178
179
'•181
76
77
79
45
45
45
6
6
6
19 |
19 !
371
371
371
4
'5
4
2
2
1
4
4
10
17
7
5
8
9
2
2
!
I j
1 !
4
4
5
119
117
117
84
'129
122
6
5
5
51
79
80
4, 458
'•4,471
'4. 482
329
337
'330
1, 788
1. 792
1,811
203
202
205
259
1-260
'260
128
127
125
179
180
179
576
576
578
150
149
150
4, 183
'4, 188
274
273
1, 725
1,735
200
'199
269
265
105
106
148
146
576
'578
173
171
245
'43
156
3, 624
246
1,490
503
'497
119
119
178
175
131
'528
740
722
r
1,621
1, 623
1,641
40S
410
414
152
152
130
126
351
356
1, 608
1, 613
423
423
232
33
1,381
390
159
157
29
28
1. 133
I. 127
42
42
284
277
81
81
130
129
14
14
80
76
33
411
408
58
50
242
23
133
312
8 i
9 !
9 i
240
239
1 , 161
1,162
371
372
'181
181
'122
118
1,488
1, 490
130
133
274
'718
'772
508
'503
59
99
102
110
108
171
173
'28
40
23
62
58
56
13
3
425
428
422
8 !
366
358
15
14
14
145
145
146
1, 145
1,137
1,334
1,323
149
150
155
157
158
159
50
'224
1, 959
1,985
1,994
1,995
42
42
41
T
2
393
381
382
r
8, 353
8,379
8, 322
8. 318
1,031
1, 073
1,047
11:
222
226
226
2, 040
2, 054
2,068
673
666
669
663
171
164
33
r
Revised.
1 A new classification of loans was put into effect on May 12, but the figures were reported on both the old and the new basis on that date.
The figures on the new basis are shown in this table following those reported on the old basis. For explanation see pages 530-531 of this BULLETINS
and 2pages 440-441 of May BULLETIN.
Not reported separately on May 12.
593
FEDERAL RESERVE BULLETIN
Jl-NE 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO —Continued
[In millions of dollars]
Federal Reserve District
Total
Boston
New
York
Phila- Cleve- Rich- Atlandelland mond
ta
phia
'hicago
St.
Louis
Minneapolis
Kansas
City
1, 459
1, 467
1,471
1, 474
224
218
219
219
161
161
161
161
256
257
258
255
NewYork
Chicago
700
696
694
690
3.072
3, 034
3,027
3, 022
935
943
953
956
439
442
434
434
95
95
95
95
Dallas ! Fran-
ASSETS—continued
U. S. Government direct
obligations:
Apr. 28
May 5
May 12
May 19
Obligations fully guaranteed
by U. S. Government:
'Apr. 28
May 5
May 12
May 19
Other securities:
Apr. 28
May 5
May 12
May 19
Reserve with Federal Reserve bank:
Apr. 28
May 5
May 12
May 19
Cash in vault:
Apr. 28_.
May
ay 5_.
I
May 12
May 19
Balances
with
domestic
banks:
Apr. 28
May 5
May 12
May 19
Other assets:
Apr. 28
May 5
May 12
May 19
8.370
8,334
8,323
8,314
428
427
427
428
3,310
3, 271
3, 260
3, 255
335
349
349
347
854
856
1,175
1,165
1,164
1,162
21
22
22
22
479
481
473
473
91
89
92
92
59
59
58
58
167
167
173
172
56
51
51
49
46
45
44
46
131
131
135
134
141
140
150
151
1,283
1, 270
1.237
1,256
291
291
293
294
276
273
273
273
427
433
435
434
106
105
105
104
137
136
136
137
313
311
312
307
1.098
1,089
1, 056
1,075
295
296
297
5, 425
5, 307
5, 359
5, 349
260
254
251
244
2,
2,
2,
2,
668
567
603
619
310
301
286
291
321
337
341
334
126
138
135
136
96
105
107
105
862
811
817
821
138
136
138
136
163
165
169
161
104
110
113
106
311
311
320
321
2,
2,
2,
2,
657
595
599
609
354
337
349
329
69
69
65
59
74
71
71
67
17
16
17
16
38
38
39
39
20
18
20
18
12
11
12
11
64
61
65
61
11
10
11
11
13
11
13
12
11
9
11
10
19
18
19
19
58
31
30
31
29
1, 964
1,797
1,783
1,781
110
102
99
90
191
197
152
155
147
137
130
135
186
164
166
172
136
126
136
128
121
104
104
100
350
311
316
311
210
183
196
199
160
149
154
157
196
176
182
186
71
71
72
68
167
162
158
157
1, 345
1, 334
1,331
1,342
88
87
86
88
555
555
552
559
93
90
90
90
107
107
106
108
42
41
43
41
39
39
39
39
S9
97
96
96
23
23
23
23
28
29
29
29
231
226
226
229
478
477
481
488
66
64
64
53
920
959
898
956
891
886
876
892
1. 104
1,098
1.106
1,110
428
430
435
430
334
333
336
335
389
386
395
392
925
912
930
928
198
199
200
200
179
178
179
179
3, 229
3, 208
% 187
3, 201
r
268
269
268
268
179
176
175
174
186
186
187
187
562
430
480
496
LIABILITIES
Demand deposits—adjusted:
Apr. 28
May 5
M a y 12
M a y 19
Time deposits:
Apr. 28
May 5
M a y 12
M a y 19
V. S. Government deposits:
Apr. 28
May 5
M a y 12
M a y 19
.
Interbank deposits, domestic:
Apr. 28
May 5
May 12
M a y 19
Interbank deposits, foreign:
Apr. 28
....
May 5
M a y 12
M a y 19
Borrowings:
Apr. 28
May 5
M a y 12
May 19
Other liabilities:
Apr. 28
May 5
M a y 12
M a y 19
Capital accounts:
Apr. 28
May 5
M a y 12
M a y 19
15,
15,
15,
15,
388
349
376
425
1,018
1, 014
1,012
995
5, 158
5,149
5, 201
5, 205
277
278
278
278
1.071
1, 056
1, 102
1, 104
283
284
284
284
716
717
716
720
272
233
207
182
2
2
92
71
14
11
9
13
10
9
5,437
5, 224
5, 182
5, 115
231
229
226
221
6,
6,
6,
6,
45
2, 168
2, 050
2, 002
507
521
540
527
467
483
504
490
3
38
16
24
31
9
17
290
287
287
280
345
340
340
337
204
201
196
212
204
202
196
2,
2,
2,
2,
261
225
238
251
409
401
408
396
227
234
250
253
482
471
492
487
853
852
854
855
181
182
182
182
122
121
121
121
146
146
146
146
96
91
87
84
2
2
2
2
4
4
3
3
792
763
256
243
237
235
124
118
116
111
1
1
1
1
1
1
1
1
375
359
357
356
1,017
1,019
179
177
178
176
261
253
264
264
1
1
15
14
14
14
33
31
31
34
418
400
407
403
26
25
25
25
21
21
21
21
3,581
3, 592
3,593
3,591
235
236
236
236
1,605
1,611
1, 611
1, 610
227
228
228
227
342
343
343
343
89
324
333
338
392
1, 498
1,488
1,485
1,505
671
658
704
704
451
448
449
449
86
66
53
41
84
81
2, 101
1.983
1,936
1, 916
79
581
553
568
558
465
481
502
489
29
8
15
1
1
944
909
912
909
6,
6.
6.
6,
30
28
28
26
7
7
7
358
349
343
345
405
387
393
389
22
21
21
20
353
355
356
356
79
79
80
80
328
327
327
327
1,470
1,475
1,476
1,475
234
236
236
236
7
594
FEDERAL RESERVE BULLETIN
BANK SUSPENSIONS1
JUNE
193?
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Total,
all
banks
Number of banks suspended:
1933, Mar. 16-Dec. 3 1 . . . .
1934
1935
1936
...
1937, Jan -April
Deposits of suspended banks3
(in thousands of dollars):
1933, M a r . 16-Dec. 3 1 . . .
1934
1935
1936
1937 Jan -April
Non-member
banks
Member
banks
Assets
National
179
57
9
1
34
44
4
1
In- 2 Not
State sured
insured
6
8
22
40
13
17
145, 710
36,937
10,099
11,306
3,064
17, 322
40
5,313
3,527
507
1,912
3,847
10, 207
2,641
164
48
End of month
8
3
4
1930—June..
124, 861 1931—June..
34, 985 1932—June.
939 1933—June.
592 1934—June.
423 1935—June..
1935—D ecember. _.
iRepresents licensed banks suspended; does not include non-licensed 1936—January
February. _.
banks placed in liquidation or receivership after the banking holiday.
March
For
statistics of latter see Annual Report for 1935 (table 69).
2
April
Federal deposit insurance became operative January 1, 1934.
May
3 Deposits of member banks and insured non-member banks suspended
June
_.
are as of dates of suspension, and deposits of non-insured non-member
July
banks are based on the latest data available at time of the report of closing
August
of the banks.
September..
October
Back figures.—See Annual Report for 1935 (table 69).
November..
December 1937—January.....
BANK DEBITS
February...
March
[Debits to individual accounts. Amounts in millions of dollars]
April
No. of
Centers
New York City
Outside New York C i t y Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
.
1
140
141
U. S. Government
securities
Cash
Cash,
indereposi
Di- Guarserve
antory
rect teed funds,
banks Total obli- obli- etc.*
gagations tions
175
347
785
1,187
1,198
1,205
185
356
801
1,207
1,225
1,236
148
307
682
977
695
385
26
27
71
131
453
777
26
27
71
131
418
630
35
147
1,201
1,208
1,214
1,216
1,215
1,214
1,232
1,244
1,249
1,251
1,255
1,257
1,260
1, 266
I, 270
, 271
. 269
1,237
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
287
248
225
221
216
211
203
172
166
162
158
145
145
136
853
876
876
902
925
940
967
972
972
982
,011
,029
,058
.060
706
709
710
736
759
773
800
805
805
815
844
862
891
893
147
167
168
166
166
167
167
167
167
167
167
167
167
167
11
22
48
99
77
74
97
117
147
128
107
97
95
135
145
141
121
119
93
107
Apr.
Mar.
17, 082
20,051
20, 398
21, 605
2,030
17,800
1,745
2,155
728
918
5,270
995
665
1.158
'719
2,950
2, 226
21,131
2,096
2,148
763
972
6,011
1,037
616
1,174
733
3,096
p Preliminary.
1
Outstanding principal, represented b y certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
Apr.
2
Includes working cash with postmasters, 5-percent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
17,285 accrued interest on bond investments, and accounts due from late post17, 497 masters.
Back figures.—Bee BULLETIN for August 1935, p. 502,
1,928
17, 903
1, 456
1,879
604
717
4,673
822
600
9S7
568
2,645
37,133
42, 003
34, 783
1937
Back figures.—See Annual Report for 1935 (table 68).
Depositors'
balances1 Total
1936
595
FEDERAL RESERVE BULLETIN
JUNE 1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar accepts nces
Commercial
paper
outstanding 1
End of month
.
.
Mav
June
July
August
September _
October
November _
December
1937—January
February.
March
April.
.._
__
...
. _
By classes
B y holders
Total
outstanding
Held b y accepting
banks
Total
1936—March
April.
outstanding
Own
bills
Bills
bought
Held
by
others 2
Based
on
ports
into
U. S.
Based
on exports
Dollar
exchange
from
U . S.
180
174
184
169
188
205
197
199
191
215
359
344
331
316
316
308
315
330
349
373
321
310
297
276
278
279
276
296
309
315
150
143
155
129
131
140
139
150
157
151
171
167
142
147
147
139
137
147
152
164
38
34
34
40
37
29
39
34
40
57
113
111
110
107
105
104
107
110
112
126
91
86
81
74
68
63
64
67
244
268
290
285
387
401
396
395
325
340
316
318
154
160
150
147
171
180
166
171
62
61
80
141
158
160
167
Based on goods
stored in or shipped
between points in
Foreign
U. S.
countries
86
2
2
1
2
2
2
2
2
1
2
66
57
55
49
57
60
66
75
83
83
87
89
82
85
84
79
76
77
76
76
83
85
84
83
2
2
2
1
84
79
76
68
77
77
76
76
1
As reported by dealers; includes some finance company paper sold in open market.
2 For the first time since April 1935 Federal Reserve banks held dollar acceptances for own account amounting to $265,000 on March 31, 1937,
and $669,000 on April 30 and for account of foreign correspondents $784,000 on April 30.
Back figures.—See Annual Report for 1935 (tables 66 and 67).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
Debit
Customers' balances in
debit
partners'
investment
balances
and trading
(net)i
accounts
End of month
1935—September
December
_.. _ _
1936—March
April
May
June
July
August
September ___
October .
November
December
1937—January
February
March
April ._
_
Customers'
credit balances*
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts
1,098
1,258
65
75
119
135
182
179
771
930
257
286
89
79
23
24
12
10
396
410
1,351
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
67
65
65
67
68
69
72
69
65
64
62
61
61
58
168
173
159
164
158
142
141
151
150
164
162
188
175
163
181
268
229
219
221
213
227
235
260
249
243
230
223
227
995
1,033
970
985
981
967
995
989
986
1,048
1,028
1,084
1,172
1,215
303
301
282
276
287
283
289
318
346
342
372
366
346
314
89
88
83
86
96
92
99
99
110
103
118
116
115
111
23
28
25
24
24
25
24
25
24
30
32
32
29
29
15
13
14
14
14
12
14
17
17
12
19
25
18
18
429
426
422
420
422
423
423
428
435
424
428
418
419
417
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
596
FEDERAL RESERVE BULLETIN
JUNE
1937
FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Rediscounts and advances under sees. 13 and 13a of thel 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
M a y 31
Boston
New York_.__
PhiladelphiaCleveland
Richmond
AtlantaChicago
St. Louis
MinneapolisKansas CityDallas
San Francisco.
2
IX
2
In effect
beginningFeb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
PreRate
vious
rate May 31
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
beginning-
In effect
Rate
May 31 beginning-
Sept. 20,1935
Oct. 10,1935
Nov. 2,1935
Oct. 19,1935
Sept. 23,1935
Sept. 14,1935
Sept. 20,1935
Oct. 3,1935
Oct. 29,1935
Aug. 26,1935
Oct. 8,1935
Sept. 20,1935
Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.
20,1933
8,1934
20,1933
11,1935
19,1934
17,1934
16,1933
21,1935
15,1933
10,1935
12,1934
19,1933
1
Rates indicated also apply to United States Government securities bought under repurchase agreement.
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
May 31
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 May 31, 1937.
[Percent per annum]
Advances to financing institutions—
Previous
rate
Federal Reserve Bank
Oct. 20, 1933
do
____do
do
...__do
do
1-15 days i...
16-30 days..
31-45 days._.
46-60 days__.
61-90 days...
91-120 days..
121-180 days.
1
New Y o r k —
PhiladelphiaThis rate also applies to acceptances bought under repurchase agree- Cleveland
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum rates on prime bankers' acceptances payable in Richmond
Atlanta
dollars; higher rates may be charged for other classes of bills.
Chicago
St. Louis
Backfigures.—SeeAnnual Report for 1935 (table 41).
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Percent per annum]
In effect
Nov. 1, 1933 Feb. 1, 1935
beginning
to
to
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
On portion for
which
institution is
Commitments
to make
On re- advances
maining
portion
obligated
Boston
MAXIMUM RATES ON TIME DEPOSITS
Advances
direct to
industrial
or commercial organizations
Minneapolis..
Kansas C i t y Dallas
San Francisco.
3
3
3
3H-6
4-6
4-6
3H
4-5
(2)
4
4H-6
3H
6
6
5-6
4-5^
4-6
5
13
3H
4-6
5
5-6
4
6
4-6
5-6
5-6
4H-5
4H-5
4
4
3-4
4
5-6
4-5
1-2
1-2
H-2
1
Authorized rate 1 percent above prevailing discount rate.
2 Same as to borrower but not less than 4 percent,
a Flat charge.
Backfigures.—SeeAnnual Report for 1935 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits
and banks
On net demand deposits.-i
Central reserve city
Reserve city
Country
Prior to
Aug. 15,
1936
13
10
7
Aug. 15,
1936Feb. 29,
1937
Mar. 1,
1937Apr. 30,
1937
and after
19H
22%
17H
12M
26
20
14
15
ioy2
May 1
1937,
NOTE.—Maximum rates that may be paid by insured nonmember
deposits:
banks as established by the Federal Deposit Insurance Corporation, On time
All member banks
3
6
effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
i See footnote to table on page 584 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.
597
FEDERAL RESERVE BULLETIN
JUNE 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. _
.25
.13
.15
.90
.56
1.16
1.00
.56
.91
u. s.
Treasury 273day bills
offered
within
period
1.00
.56
.91
i .26
2.14
.14
.11
.10
.18
.23
.14
.18
.16
.13
.10
.21
.75
1
y%
M
1
.75
X
1~1K .93
X
I.
00
8 IX
X
% 8
IX LOO
IX LOO
8»A!
Ae
IX LOO
Vie
IK
IX
A Vi«-K
IX
ix
IX
IK
LOO
.00
LOO
LOO
1.00
1.00
1.00
1.00
.36
.38
.58
.70
1. 18
1.22
1.42
1.59
IX
IX
IX
IX
IK
IX
.00
.00
.00
LOO
.00
.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
.53
.71
.64
.66
.67
.70
.72
.74
.72
.69
.62
1 40
1.50
1.50
1.57
1.66
1.60
1.54
1.52
1.49
1.49
1.47
%
A
*A
Vie
%
3/
Feb
Mar
Apr
X
3
Average
yield on New York City:
January
U.S.
TreasFebruary
ury
March
3-5 year
April
May—.
notes
June
July . . .
August
2.11
September
1.28
October
1.11
November. _._
December
.75
.75
.93
1.00
1.00
1.00
1.00
I 00 1.00
LOO 1.00
L 00 1,00
Y
1937—Jan
Week ending:
Mar. 13.—
Mar. 20—.
Mar. 27_...
Apr. 3
Apr. 10-—
Apr. 17
Apr. 24...
May 1
May 8—Mav 15.._
May 22—
Prime Stock- Stock exexchange call
bankloans
ers' change
accept- time
ances , loans,
90
90
New Renewal
days days
1.02
.76
.75
1936—Mar
Apr
May
June
July.....
Aug
Sept
Oct.
Nov
Dec
Average rate o n -
H
Vie
Vie-Vie
Vie
Vie
Vie-7Ae
Vie
1
1
1
1
1
1
1
1
9
/l6
Vie
Vl6
Vie
Vie
Vie
K
IK
IK
IK
IK
1.09
1.10
1.09
1.12
1.17
1. 12
1.09
1.12
.99
1.04
i 91-day and 182-day bills.
2182-day and 273-day bills.
Back figures.—See Annual Report for 1935 (tables 42 and 43).
Year
8 other northern and
eastern cities:
January
February
March
April
May __
June
July „
. August
September. _
October
November
December
Year
27 s o u t h e r n and
western cities:
January
February
March
April
_
May
June
July
August. _
September
October
November
December
Year
BOND YIELDS
1929 1930 1931 1932 1933 1934 1935 1936 1937
5.74
5.73
5.81
5.85
5 88
5.93
5 88
6.05
6.06
6.08
5 86
5.74
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16
4 24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4 67
4.64
4 71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
4 1?
4.11
4.88
4.33
4 ?4
4. 10
3 93
3.97
3.79
3.76
3.52
3.48
3 58
3.43
3.31
3.39
3 4?
3.30
3.30
3.33
3.26
3.28
3.22
3.18
?, 83 ? 64
2.90 2 56
2.64 2.61
2.61 2 54
2.69 2.51
2.66 2 44
2.61 2.44
2.67 2.42
2.72 2.40
2.72 2 46
2.77 2.43
2.61 2.43
2.50
2 41
2.50
2 53
5.88 4.69 4.22 4.49 4.02 3.33 2.70 2 49
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6, 11
6.24
6 25
6.12
5.94
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4 79
4.74
4.75
4.66
4.68
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4 87
4.91
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5 12
5.03
4.96
4.88
4.88
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4 68
4.65
4 51
4.54
4.59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4 12
4.11
4 13
4.08
3.98
4.08
4.02
4.05
S. 99
3.88
3.78
3.87
3 79
3.75
3 75
3.63
3.67
6.04 5.07 4.61 5.05 4.83 4.29 3.86
S 50
5. 43
5.40
5.36
5.26
5 34
5 30
5.28
5.32
5.38
5.53
5.56
5.94
5 96
6.04
6 07
6.10
6 16
6.17
6.22
6 27
6.29
6.29
6.20
6.12
6 05
5.98
5 86
5.75
5.69
5.63
5.58
5 55
5.54
5.50
5.43
6.14
5.72 5.39 5.62 5.56
5.61
5 61
5.64
5 63
5.64
5 62
5.63
5.68
5 63
5.56
5.55
5.60
5.60
5 56
5.66
5 68
5.66
5 62
5.54
5.53
5, 55
5.50
5.42
5.43
5.40
5 39
5.40
5 34
5.28
5.19
5.07
5.05
5 04
5.05
4.93
4.92
4.95
4 84
4.85
4.80
4.79
4.76
4.58
4.63
4 51
4.55
4.51
4.55
3.62
3 63
3. 6C
3 47
3.45
3 51
3 61
3.47
3.45
3.50
3.47
3.46
3.36
3 43
3.34
3 36
3 52
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
5.17 4.69 4.35
1
[Percent per annum]
Year, month, or date
U. S.
Treasury 2
Municipal
(highgrade) 3
Corporate *
By groups
By ratings
Total
Aa
Aaa
Industrial
Baa
A
Railroad
Public
utility
Number of issues
7-12
15
120
30
30
30
30
40
40
40
1934 average
1935 average
1936 average
3 10
2.70
2.47
3.95
3.16
2.68
4.96
4.46
3.87
4.00
3.60
3.24
4.44
3.95
3.47
5.08
4.55
4.02
6.32
5.75
4.77
4.52
4.02
3.50
4.96
4.95
4.24
5.40
4.43
3.88
2.51
2.50
2.50
2 50
2.43
2 41
2.42
2.29
2 27
2.29
2 31
2.50
2 74
2.76
2.76
2.72
2.70
2.68
2.62
2.58
2.45
2.31
2.38
2 57
2.72
2 84
3.97
3.96
3.94
3 90
3.85
3 79
3.75
3.71
3.67
3.66
3 75
3.87
3.98
3.29
3.27
3.24
3.23
3.21
3.18
3.18
3.15
3.10
3.09
3.22
3.32
3.42
3.57
3.53
3.51
3.48
3.44
3.41
3.38
3.31
3.28
3.30
3.41
3.50
3.58
4.12
4.11
4.09
4.05
3.99
3.94
3.90
3.85
3.78
3.76
3.85
3.98
4.05
4.91
4.94
4.90
4.84
4.74
4.62
4.54
4.52
4.53
4.50
4.54
4.69
4.86
3.57
3.55
3.54
3.52
3.48
3.44
3.42
3.38
3.37
3.36
3.46
3.55
3.65
4.38
4.40
4.35
4.31
4.22
4.09
4.02
4.00
3.96
3.95
4.04
4.17
4.29
3.97
3.95
3.91
3.86
3.85
3 83
3.80
3.74
3.69
3.68
3.76
3.90
3.99
2.76
2 69
2.68
2. 68
2.84
2.82
2.75
2.74
3.98
3. 93
3. 91
3.92
3.41
3.36
3.34
3.32
3.57
3. 52
3.49
3.48
4.05
4. 00
3. 98
3.99
4.90
4. 83
4. 83
4.90
3.64
3.59
3.55
3.53
4.33
4.26
4.26
4. 29
3.98
3.94
3.93
3.96
. _
_.
1936—April
May
June _ _ _ _ _
.
July
August _
_. _
September
October
_
.
November
December
1937—January
__
February
March
April
April 28
May 5
Mav 12
May 19
12 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures.
Average of yields of all outstanding bonds due or callable after 8 years.
»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).
598
FEDERAL RESERVE BULLETIN
BOND PRICES 1
Year, month, or date
1936-April
May
June
July
August
September
October
November
December
1937—January
February
March
April
Apr.
May
May
May
28
5
12
19
STOCK PRICES 1
Corporate 3
U. S. M u n i c Treasipal
Indus- Rail- Utility
ury 2
(hightrial road
grade) 8 Total
Number of issues
1934 average
1935 average
1936 average
___
Common stocks (index, 1926=100)
Year, month, or date
Total
Industrial
Railroad
347
32
Number of issues.
60
20
20
20
103.5
106.0
107.0
97.3
1O9.;4
117.8
84.5
88.6
97.5
81.9
88.2
92.2
83.8
79.4
94.7
87.8
98.2
105.4
1934 average
1935 average
1936 average
107.0
107.1
106.6
106.6
107.2
107.2
106.9
108.2
108.0
107. 3
107. 2
105. 2
102. 6
116.2
116.2
116.9
117.4
117.8
118.8
119.5
122.1
124.8
123.5
119.7
116.9
114.8
95.9
95.5
96.2
97.1
97.7
98.6
99.6
99.8
99.9
100.3
100.0
98.5
96.6
91.2
90.6
90.6
91.1
91.6
92.2
93.1
94.2
94.5
94.8
94.7
93.5
92.0
91.6
90.8
92.5
94.2
95.8
97.9
99.7
99.2
99.6
100.6
100.2
98.3
95.3
104.8
105.0
105.5
106.0
105.7
105.8
106.0
106.0
105.6
105.7
105.1
103.6
102.4
102.4
103.1
103.1
103.2
114.8
115.1
116.4
116.6
95.9
96.7
96.4
95.8
91.6
92.2
92.2
91.7
94.2
95.4
95.4
94. 4
101.8
102. 5
101.8
101. 2
7-12
J U N E 1937
Utility
40
._
120.7
133.8
138.9
72
78
111
81
91
127
1936—April
May
June
July
August
September.
October
November.
December..
1937—January
February...
March
April
138.8
138.6
138.8
139.1
139.3
139.0
138.3
139.0
140.1
141.8
141. 2
138.0
136.0
109
101
106
109
113
114
119
124
123
126
130
130
125
125
116
121
124
128
130
136
144
143
147
152
153
147
69
71
104
102
95
102
106
109
108
109
109
111
114
111
106
101
Apr.
May
May
May
135.3
135. 5
135.4
135.0
115
119
117
114
135
140
137
134
94
98
94
91
28
5
12
19
I
1
i1 Monthly data are averages of Wednesday figures.
Average derived prices.
Source.—Standard Statistics Co
Back figures.—See Annual Report for 1935 (table 73)
Monthly data are averages of daily figures except for municipal bonds,
which
are averages of Wednesday figures.
8
Average prices of all outstanding bonds due or callable after 8 years.
1
Prices derived from average yields.
Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73); for U. S. Treasury
bonds, see BULLETIN for May 1936, p. 317.
CAPITAL ISSUES
[In millions of dollars]
For new capital
Total
Year or
month
1927
1928
1929
1930
1931
1932
1933
1934
1935. _
1938
1936—Apr
May...
June...
July....
Aug
Sept—
Oct
Nov
Dec
1937—Jan
Feb....
Mar....
Apr....
(new
and
refunding)
For refunding
Domestic
Domestic
Total
(domestic
and
foreign)
Total
Total
State
and
municipal
Federal
agencies2
87
Corporate
Total
Bonds
and Stocks
notes
Foreign*
(domestic
and
foreign)
Total
1,978
State
and
municipal
Federal
agencies2
Corporate
Total
Bonds
and Stocks
notes
Foreign'
9,774
9,898
11,513
7,619
4,038
1,751
1,063
2,160
4,699
6,214
7,556
8,040
10, 091
6,909
3,089
1,194
720
1,386
1,457
1,972
6,219
6,789
9,420
6,004
2,860
1,165
70S
1,386
1,409
1,949
1,475
1,379
1,418
1,434
1,235
762
483
803
855
735
64
0
87
75
77
64
405
150
22
4,658
5,346
8,002
4,483
1,551
325
161
178
404
1,192
3,184
2,385
2,078
2,980
1,239
305
40
144
334
839
1,474
2,961
5,924
1,503
311
20
120
35
69
352
1,337
1,251
671
905
229
29
12
0
48
23
2,218
1,858
1,422
709
949
557
343
774
3,242
4,242
1,620
1,387
527
893
498
283
765
3,216
4,123
35
36
13
53
21
87
37
136
365
382
93
0
0
0
51
93
26
317
987
353
1,850
1,584
1,374
474
821
319
219
312
1,864
3,387
1,586
1,054
542
451
789
315
187
312
1,782
3,187
81
200
241
238
35
182
56
59
60
9
26
119
986
420
734
339
297
409
464
372
726
603
497
382
272
176
112
218
104
217
178
186
158
266
241
168
185
152
176
112
217
103
217
177
173
158
266
241
168
185
152
48
68
64
33
46
103
78
49
48
146
34
47
67
0
6
1
0
0
0
0
0
0
0
4
0
0
128
38
152
70
171
75
95
109
218
95
130
138
85
102
13
123
39
146
48
60
97
100
64
74
99
45
26
24
29
31
25
26
35
12
118
31
56
39
40
0
0
1
1
0
1
13
0
0
0
0
0
0
810
308
516
236
80
231
278
214
459
362
329
197
121
765
308
514
236
80
231
278
199
459
289
255
197
101
37
37
45
9
11
56
5
16
49
59
9
12
13
199
4
93
2
8
0
1
28
3
26
21
4
1
530
267
376
225
62
175
272
155
408
204
225
181
87
492
252
325
222
55
156
249
145
395
87
140
162
69
38
16
50
3
6
19
22
10
13
116
84
19
18
45
0
2
0
0
0
0
15
0
73
74
0
20
1
264
530
833
23
32
4
32
o
Includes issues of noncontiguous U. S. Territories and Possessions.
2 Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home
Owners' Loan Corporation; excludes direct obligations of U. S. Treasury.
Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures —See Annual Report for 1935 (table 72) for figures of new issues—annual and monthly basis.
599
FEDERAL RESERVE BULLETIN
JUNE 1937
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
MATURITIES
[In millions of dollars]
VOLUME AND KIND OF SECURITY
[In millions of dollars]
Interest bearing
Total
End of period (gross
debt)
June 1932
June 1933
June 1934
June 1935
19,487
22,539
27,053
28, 701
Total
Bonds
Notes Certificates Bills
19,161
22,158
14,250
14, 223
16, 510
14,936
1,465
4,780
6,932
10, 501
27, 645
2,831
2,200
1,635
156
616
954
1,404
2,053
Total
326
381 Obligations m a t u r i n g :
573
1937—Before J u l y 1
1,056
J u l y 1-Sept. 30
Oct. 1-Dec. 31
1938—Jan. 1-Mar. 31
Apr. 1-June 30
J u l y 1-Dec. 31
1939
1940
194]
1943
1945
1946
1947
1948-1952
1953-1957
1958-1961
1936
March
April
May
June.July
August
September.. _
October
November
December
1937
January
February
March
April
Interest-bearing debt April 30, 1937
Noninterest
bearing
31,459
31, 425
31, 636
33, 545
33, 436
33, 377
33,831
33, 830
33, 791
34,405
30, 591
30, 601
30, 822
32, 756
32, 672
32, 621
33,086
33,081
33,085
33, 699
15,981
16,005
16,030
18, 395
18, 295
18, 274
19,257
19,255
19, 262
20, 575
12,400
12, 383
12, 381
11,861
11,906
11,886
11,370
11, 368
11,366
10,804
258
259
258
146
117
107
106
105
104
117
1,953
1,953
2,153
2,354
2,353
2, 353
2,353
2,354
2,353
2,203
825
814
790
764
757
745
749
706
707
_ 34, 503
34, 601
34, 728
34, 941
33,822
33, 926
34,064
34, 295
20, 597 10, 847
20, 644 10, 868
21, 273 10, 357
21, 295 10,377
125
161
231
269
2,253
2,253
2, 203
2,353
681
675
664
i 646
• Total
Bonds1
Notes
Certificates
34,295
21, 295
10, 377
269
751
1, 568
:
651
932
618
596
2,762
: 2,854
! 2, 219
;
898
1, 401
1, 519
1, 697
4, 328
5, 694
3, 643
Special issues:
U. S. savings bonds
752
Adjusted service bonds___
410
All other 2
1,001
2, 353
751
751
651
200
817
834
898
1,401
1,519
1,697
4,328
5, 694
3,643
Bills
732
618
596
2,762
2,854
1,385
752
410
119
1
1
Includes $324,000,000 of Government liability for retirement of
Issues classified as of date of final maturity; most issues callable at
national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal savings bonds only issues callable before 1940; adof funds by banks; this compares with $454,000,000 on Apr. 30, 1936. justed service bonds and most of the U . S . savings bonds are redeemable
at 2option of holder.
Includes such issues as postal savings bonds and notes, 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
public
debt
other
Trust
acor decounts, Increase
crease during
etc.
*
period
Excess excess
of reof reRecovery and relief
ceipts ceipts
(+)or (+)
or
exexpendi- pendi- General
All
tures
Gross
fund
tures
Total Relief Public others
works
)
balance debt
757
821
749
1,984
2,325
4, 436
4,004
3,657
3,291
1,844
2,342
985
645
1,020
2,092
610
663
72
8
132
10
26
144
74
8
140
14
20
159
68
1,958
2,228
3,113
228
258
51,949
320
273
255
292
267
266
318
331
388
401
2, 884
2, 744
2, 374
314
291
256
82
252
268
315
260
250
299
202
208
239
1, 907
933
860
1, 522
2, 447
'259
264
306
275
247
252
277
260
274
222
205
224
212
Receipts
Period
Total
Fiscal year ending June:
1934
1935
1936
10 months ending:
April 1935____
April 1936
April 1937
1936—April
.._.
May
JuneJuly
August
September
October
November
December
1937—January
February
March
April
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, 091
3. 331
4, 091
231
256
529
294
343
499
272
233
517
284
275
822
1,081
1,5(54
36
35
310
39
32
288
27
33
286
43
58
700
1,383
1.088
1,803
152
158
164
201
264
161
186
148
174
168
148
188
ICG
1,012
3G3
Expenditures >
1,044
General a
Total
6,745
6,802
'8,477
886 f>, 520
562 5, 582
725 6,150
43
614
63
558
55 '2,337
54
412
47
551
50
668
60
681
52
535
57
656
73
631
68
553
123
754
140
708
Interest on
All
1,515
294
213
117
289
148
22
7
6 83
s 228
6
9
8
32
e 2
6 26
74
64
6 18
6
-3, 630
-3,002
-4,3616
-2.430
-2 252
-2,058
-383
-302
-1,807
-118
-208
-169
-409
-303
-138
-348
-279
+257
-345
+835 +1,720
-741
+613
+840
+123
+4, 514
+1, 648
+5,078
-047
+601
-980
-424
-84
+323
-451
-327
+284
-424
-358
+500
-180
-187
+287
-124
+ 1,615
+2, 725
+1,162
-34
+211
+2,142
-335
-63
+452
(7)
-38
+613
+95
+99
+ 127
+212
+ 128
-84
7
+7
+2
-12
-55
(7)
-15
-17
+26
+72
-7
-98
+8
1
2
Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts.
Excludes public-debt retirement,
s 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 5unemployment trust fund account.
Expenditures include $1,673,000,000
of payments to veterans under the Adjusted Compensation Payment Act of 1936.
6
7
Excess of credits.
Less than $500,000.
600
FEDERAL RESERVE BULLETIN
J U N E 1937
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MARCH 31, 1937
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
Reconstruction
Finance
Corporation
Financed partly from Government
funds
ComPublic Agriculmodity Works
tural
Credit Admin- credit Other
Corpo- istra- institution
ration
tions
Farm
mortgage
institutions
Other
farm
credit
institutions
Total
Total
Home
morta r . 31 Feb. 28, Mar. 31,
Other M1937
gage
1936
1937
institutions
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
337
597
143
3 148
2,662
0)
2,922
1
813
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
1,748
3
3
31
6
1,791
167
24
146
269
24
6
5
416
67
30
14
25
2
129
167
129
0)
231
2,922
89
47
0)
2
()
6
486
745
2,662
2,922
569
1,211
494
746
2,699
2,930
584
1,204
578
856
2,952
2,943
707
1,137
0)
231
20
99
2,952
94
6
6
11
347
8,595
291
536
8 657
264
514
9,173
340
470
69
7
102
191
29
195
30
216
27
3
38
3 302
4
13
76
279
714
75
282
718
74
268
489
422
3,399
483
10,711
10, 735
11,055
161
2,993
1
138
86
4,666
1,340
497
4, 667
1,327
489
4,676
1, 375
332
2
76
C1)
C1)
18
167
0)
152
148
32
219
169
156
766
3,383
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
251
51
303
8
1,488
158
1,488
1,422
0)
S
5
1
27M
j
717 j
5
147
148
158
148
147
2 1,176
15C
48
717
0)
164
3,133
86
6,503
6,483
6,383
170
258
3
266
34
396
139
4,208
346
4,252
343
4, 672
344
400
255
232
257
3,802
3,908
4,328
630
2
i 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. In thousands of dollars]
Apr. 30
1936
Loans tofinancialinstitutions
Loans on preferred stock of banks and insurance companies..
Preferred stock, capital notes, and debentures
Agricultural loans
Loans to railroads (including receivers)
Loans for self-liquidating projects..
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
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..
1
3
410,
344, 591
47, 807
4-5,
662, 587
844,
1,326
8,
353, 810
394,
190,
569
164,
60,945
50,
62;
632
54,
1,880
3,
145, 635
143,
2,121,071 1, 871, 782
34, 365
291,961
__
Oct. 31,
1936
17, 623
17,000
27 993
97| 916
97,000
33,996
20,000
2, 482,020 2,148, 78
Nov. 30,
1936
330, 883
47, 586
658, 654
1,273
345,190
194,184
61,645
63,125
1,935
136, 850
Dec. 31,
1936
325, 620
43, 509
650, 777
1,369
345, 980
195,044
63, 592
64,343
Jan. 31,
1937
Feb. 28,
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
22, 784
135, 024
97,000
38, 670
20, 000
22,191
129,320
97,000
39, 233
20,000
i, r""
US, 822
1, 841, 325 1, 810, 984 1,775, 677 1,7
27, 620
98,417
97,000
35, 701
20, 000
24, 750
98, 721
97,000
37, 406
20,000
Mar. 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
i 286,611
2 41,132
591, 784
1, 468
345,084
215, 044
67, 729
70, 832
2,169
114, 537
1, 739, 265 1,736,389
14, 517
79,1
97,000
43, 769
20,000
2,120,163 2,088,961 2, 089, 255 2,056, 825 1, 994, 83;
14, 333
55,485
97,000
44,340
20,000
1,968, 547
2
Includes $90,000,000 of loans for distribution to depositors of closed banks.
Includes $483,000 of preferred stock instalment sale contracts.
Includes $1,000,000 of loans to Rural Electrification Administration.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.
601
FEDERAL RESERVE BULLETIN
JUNE 1937
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by-
Federal intermediate
credit bank loans to
and discounts for—
Loans to cooperatives b y -
Regional
EmeragriProduc- Regional
gency
agriculcultural
tion credit tural
Other
credcrop
and
credit cor- financing associait corpo
drought
Land
porations,
institutions
rations
loans
Federal
Bank
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
End of month
Federal
intermediate
credit
banks
Banks for Agricultural
cooperMarketatives,
including ing Act
revolvCentral
ing fund
Bank
for cooperatives i
1933—December.
1934—December.
1935—December.
1936—April
May_
June
July._
August
September.
October _..
November.
December.
1937—January....
February..
March
April
1,232, 707
1,915,792
2,071,925
2,061, 881
2, 062,986
2,064, 037
2.064, 759
2, 067,106
2,067, 711
2, 067, 647
2.065, 719
2,064,158
2,061,472
2,060, 233
2,057,930
2, 055, 397
70,738
616,825
794, 726
823,110
827,052
827, 248
829, 464
831,892
833, 906
835,187
836,194
836, 779
836,062
835, 509
833,821
832, 881
73,263
99, 675
104, 706
132, 715
140,177
144,155
146, 243
144, 423
138, 653
135, 791
131,644
129, 872
125, 825
130,139
144,250
153, 795
55,672
47,162
50, 672
52, 914
54,012
55,050
54,884
50,099
43,946
41, 277
41,017
40,080
41,061
42, 367
44, 042
27
60,852
94,096
127, 511
135.467
139.468
140, 982
135, 603
122, 004
110, 775
105, 441
105, 212
106,081
114,551
131, 905
143,901
144,636
87,102
43,400
38,665
37,711
36,026
34, 610
33, 042
31, 216
28, 664
26, 491
25, 288
24,454
24, 249
23,892
23, 588
89,811
110,186
172,489
175,151
176, 789
176, 234
174,207
172, 863
171, 320
168, 688
166, 291
164, 887
163, 250
174, 709
187,185
15,211
33,969
2,731
1,685
932
247
225
314
405
758
1,336
1,641
1,486
1, 359
1,305
1, 249
18,697
27,851
50,013
40,015
39, 688
39,500
43,018
44, 345
56, 267
71,150
72, 500
69,647
64,411
60, 356
56, 736
49, 314
157,752
64,863
44, 433
43, 523
41, 696
44, 556
44,431
44,025
48, 583
51,348
56, 216
53,754
54,322
52, 359
51,810
48, 522
1
Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
FEDERAL HOME JhPAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES L
LOANS OUTSTANDrUb, BY INSTITUTIONS
[Loans in thousands of dollars]
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans b y Federal savings and
loan associations
Home
End of month
Owners'
Loan Corporation i
Number of
associations
Total
Reporting
Loans
reported
Federal
home
loan
bank
loans to
member
institutions 2
1933—December
1934—December
1935—December
3 2.394,038
2, 897,162
59
639
1,023
455
881
69,734
315, 683
85,442
86, 658
102, 795
1938—April
May
June
July
August
September..
October
November.
December..
1937—January
February...
March
April
2, 960,197
2, 961, 761
2, 944, 501
2,921,294
2, 898, 043
2, 870, 480
2, 834, 610
2, 801, 827
2, 765,098
r
2, 729, 274
'2,698,611
'•2,661,542
2, G25, 493
1,102
1,114
1,135
1,165
1,175
1,183
1,192
1,206
1.212
1,228
1, 240
1,249
1,257
1,006
1,006
1,017
1,025
1,076
1,076
1,080
1,080
1,065
1,143
1,157
1,168
1,108
390, 810
404,722
444, 046
465, 682
497, 852
512, 744
532, 064
544,130
544,107
576, 299
'611,212
"630, 680
652,557
105, 972
110,922
118, 587
122,101
125, 218
129,767
134, 941
137, 261
145, 401
143, 745
141, 205
142,720
146,149
f
Revised.
i In addition to loans the HOLC held on April 30, 1937, $579,000,000 in
other assets, consisting principally of investments in the Federal Savings
and Loan Insurance Corporation and in various savings and loan associations, real estate and other property, and accrued interest receivable.
»Includes loans to Federal savings and loan associations, all of which
are3 members, and a negligible amount to others than member institutions.
Includes accrued interest.
End of month
^otal
Federal
Home
ReconFarm
Owners' struction
Mortgage Loan
Finance
Corpora- Corpora- Corporation
tions
tion
1933—December.
1934—December.
180
3,063
980
1,834
180
249
1935—November.
December.
1936—January.. _
February..
March
April
May
June
July
August
September
October. __
November.
December
1937—JanuaryFebruary..
March
April
4,460
4,494
4,562
4,630
4,654
4,676
4,703
4,718
4,724
4,669
4,667
4,667
4,662
4,662
4, 662
4, 662
4, 666
4,675
1,387
1,387
1,399
1,407
1,407
1,411
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1, 422
2,819
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
253
252
253
253
252
252
252
252
252
252
252
252
252
252
252
252
251
251
r
Revised.
i Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Administrator. The amount oustanding April 30, 1937, was $84,683.
> Excludes obligations guaranteed as to interest only.
3
Excludes obligations held by U. S. Treasury and reflected in the
public debt. Figure for December 1933 includes notes given in purchase
of gold which were retired in February 1934.
602
FEDERAL RESERVE BULLETIN
JUNE
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)3
Industrial production**
Year
and
month
Manufactures
Total
Factory employment3
Minerals
Total
Residential
All other
Factory
pay
rolls3
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- Unadusted justed justed justed usted justed usted justed usted justed usted justed usted justed usted justed justed usted justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932 „
1933
1934
1935
1936
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
104
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
107
108
82
90
104
96
100
101
99
99
105
91
77
66
72
83
86
92
98
118
77
82
103
96
101
104
102
102
109
89
67
46
49
63
71
82
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
1934
Mar
April
May....
June
July
Aug
Sept.....
Oct
Nov
Dec
84
86
86
84
76
73
71
74
75
86
87
88
89
84
73
73
73
75
74
78
82
85
86
83
74
72
69
72
74
85
86
89
89
84
71
71
70
73
73
76
100
90
88
87
84
80
82
81
81
90
91
81
86
86
84
83
87
87
84
85
33
32
26
26
27
27
29
31
31
31
33
36
32
31
30
28
30
29
28
25
11
12
11
12
12
10
11
12
11
12
12
14
13
13
12
10
11
12
11
10
51
48
38
38
39
40
44
46
48
47
50
54
47
46
44
43
45
43
41
36
84
85
86
85
83
83
78
81
81
82
84
86
86
85
83
84
80
82
80
82
66
68
68
66
61
63
59
62
61
64
65
63
64
64
62
61
60
59
59
60
64
60
63
64
62
62
67
65
60
57
76
76
75
73
73
76
74
74
75
77
73
73
77
70
51
60
79
82
83
135
90
90
88
86
85
87
86
88
91
95
96
101
88
91
91
89
87
86
83
87
90
97
98
96
90
88
87
86
84
85
87
89
92
95
97
101
87
91
91
91
87
84
83
87
89
96
98
95
95
97
97
88
90
99
85
83
87
93
93
102
92
93
90
79
88
97
85
86
93
101
96
97
27
28
26
27
27
30
35
38
43
48
60
68
22
24
26
30
32
35
39
40
44
45
53
54
12
14
16
18
21
24
25
24
25
25
26
26
10
13
16
22
25
26
25
24
25
25
25
22
39
39
35
33
32
36
43
50
58
66
88
103
32
33
34
38
39
43
50
54
59
62
76
80
84
85
86
86
85
84
85
86
86
87
88
89
82
85 l#70
86 ^ 7 2
72
86
69
85
67
83
r,7
84
71
86
74
88
75
89
76
89
78
88
63
66
65
62
61
64
76
77
63
64
68
68
68
59
62
63
59
60
63
59
64
71
75
69
64
75
74
79
80
77
81
78
82
83
59
61
71
79
76
76
55
61
86
86
91
145
95
93
97
105
105
105
105
106
107
110
115
114
104
111
97
106
102
100
101
99
102
105
112
117
100
107
90
95
101
101
102
104
110
115
115
111
62
52
47
47
46
52
59
62
59
57
58
66
50
45
47
53
56
60
65
65
60
54
51
53
25
25
26
30
32
36
44
46
47
43
40
45
21
22
28
35
38
39
45
46
47
41
39
38
92
75
63
60
57
65
71
75
69
69
72
83
75
63
62
67
70
78
82
81
70
65
62
65
89
87
88
89
90
90
93
93
94
94
96
99
87
87
88
89
90
90
91
94
96
97
97
98
74
74
78
79
81
81
80
84
84
89
91
95
70
71
66
71
72
73
76
76
75
77
82
83
65
68
64
68
71
73
77
77
84
86
84
77
81
83
84
84
87
87
91
86
88
90
94
92
63
66
77
85
89
84
63
68
94
100
105
161
113 109
118 115
122 128
,124 ,114
105
111
118
P104
63
62
56
51
54
56
45
47
45
,48
37
42
47
,57
77
75
64
63
64
63
99
100
101
,102
97
99
101
91
96
101
80
82
83
84
73
76
80
79
93
95
93
93
72
76
90
89
1935
Jan
Feb
Mar._._.
April
May....
June
July
Aug
8ept
Oct.—
Nov
Dec
• • ; • ;
70
1936
r
97
94
93
101
101
104
108
108
109
110
114
121
95
95
96
104
105
104
105
106
r
107
111
115
114
96
92
93
100
101
105
109
110
110
nil
115
121
114
Jan
Feb
116
Mar
118
April.— ,118
112
117
122
,122
115
116
117
,118
Jan.
Feb
Mar
April....
May___..
June
July
Aug
Sept
Oct
Nov
Dec
1937
P56
r
p Preliminary.
Revised.
* Average per working day.
* For indexes of groups and separate industries see pp. 603-604; for description see BULLETIN for February and March 1927.
2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931.
3
The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of
BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 605-608. Underlying figures are for pay-roll period
ending
nearest middle of month.
4
Revised series. For description, back figures, and indexes of classes of freight see pp. 522- 529 of this BULLETIN.
Back figures—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August 1936.
603
FEDERAL RESERVE BULLETIN
JUNE 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average = 100]
1936
Industry
Mar.
Manufactures—Total
IRON AND STEEL
Pig iron
__
Steel ingots
_
TEXTILES*
Cotton consumption ._.
_
Wool*
Consumption* __
__ _ _
Machinery activity *
Carpet and rug loom activity^
Silk deliveries
FOOD PRODUCTS
Slaughtering and meat packing
Hogs
Cattle
Calves
_
Sheep
Wheat flour ...
_ _
Sugar meltings
Apr.
May
June
July
1937
Aug.
Sept.
Oct.
Ill
Nov.
Dec-
Jan.
Feb.
Mar.
Apr.
93
100
101
105
109
no
no
115
121
115
116
117
P118
83
64
85
100
77
102
105
85
107
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
100
100
96
104
99
68
107
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
P123
87
83
61
109
115
151
92
96
90
89
68
114
116
134
88
95
84
84
66
104
111
128
87
78
88
85
64
113
119
133
94
89
92
92
72
116
130
135
101
77
91
96
70
128
141
138
92
71
90
100
79
125
144
143
77
70
93
105
94
115
129
152
82
68
98
109
100
115
122
169
83
83
99
100
85
117
125
160
87
115
89
87
65
111
130
175
87
98
87
86
66
108
122
151
89
89
92
89
69
113
136
139
89
108
98
93
75
113
130
142
95
123
62
132
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
107
1
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
108
9395
77
103
118
112
97
94
85
115
122
113
97
93
78
124
124
103
91
84
88
113
110
114
94
93
77
117
127
115
95
97
70
113
129
112
90
91
68
109
127
112
93
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
131
103
106
85
115
150
P129
58
184
72
213
74
220
75
218
75
220
77
226
81
236
87
242
91
164
91
89
86
77
85
244
93
229
241
95
85
59
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
80
125
80
76
131
83
70
144
107
75
138
110
85
168
210
98
119
105
100
178
223
104
119
116
112
180
227
97
120
116
120
181
233
98
117
108
123
183
236
96
117
110
121
186
241
91
119
111
126
189
246
90
119
111
128
191
249
90
124
110
129
188
241
92
124
114
130
191
242
102
132
116
136
189
236
117
135
111
137
194
245
106
130
126
136
190
242
108
126
120
138
141
85
87
67
113
117
86
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
123
128
91
123
128
91
133
138
99
140
71
193
152
74
214
145
71
204
147
70
209
154
76
216
147
73
208
157
75
223
146
74
202
150
75
209
183
83
265
165
83
234
168
78
242
153
83
212
158
82
220
97
106
102
100
101
99
102
105
112
117
109
115
128
P114
71
54
146
84
69
150
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
97
73
161
83
56
164
98
50
168
112
81
173
P95
P174
91
70
96
74
72
146
80
103
69
103
95
69
152
85
59
90
76
77
149
80
94
75
91
98
80
113
80
76
99
83
70
94
107
75
93
130
P126
P117
120
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 . - _
P145
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS:
Tin deliveries1
Zinc
Lead
FUELS, MANUFACTURED:
Petroleum refining
Gasoline *'
KeroseneJ
Fuel oil
Lubricating oil *
Coke, byproduct
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes 1
1
1
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead „
Silver
. . .
no
100
74
99
110
85
1
r
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.
1936
1935
* Revised indexes
Textiles.
_
Wool
Consumption.__ _ _
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
103
102
115
100
97
97
99
95
102
98
109
130
102
123
152
100
121
148
104
127
156
104
131
160
106
111
126
112
125
146
107
118
134
Dec.
Ill
113
125
Jan.
105
107
118
Feb.
102
111
121
604
FEDERAL RESERVE BULLETIN
JUNE 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment. ] 923-25 average =100]
1936
Industry
Manufactures—Total
IRON AND STEEL1
Pig iron. ._2 _
Steel ingots
TEXTILES*
Cotton consumption
Wool*
Consumption*
Machinery activity.
Carpet and rug loom activitySilk deliveries
FOOD PRODUCTS
Slaughtering and meat packing.__
Hogs
Cattle
Calves... __ __
Sheep
Wheat flour
Sugar meltings
Mar.
Apr.
97
105
105
94
67
96
111
82
113
114
87
117
102
105
97
106
99
68
103
102
112
88
90
96
68
101
100
106
92
94
102
68
96
86
78
62
95
116
137
86
113
85
80
61
101
126
126
80
110
61
138
124
1
June
1937
Oct.
Nov.
107
110
115
114
117
93
120
123
98
126
127
100
130
125
102
128
120
123
111
127
97
89
136
117
122
111
120
104
95
121
125
128
125
140
118
92
129
132
133
141
161
134
94
119
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
59
121
60
137
62
149
82
9
42
6
July
Aug.
105
105
106
112
88
115
110
85
113
118
89
121
101
106
97
108
95
66
90
107
114
99
111
98
66
103
112
112
110
126
101
77
123
82
81
64
101
126
126
82
87
87
84
65
106
124
131
83
106
90
87
64
115
126
135
98
94
61
141
60
140
64
135
59
117
148
3
142
6
134
9
128"
9;
May
Sept.
Jan.
Feb.
Mar.
113
118
122
P124
134
105
136
135
109
138
142
114
145
144
115
146
130
135
123
130
130
92
135
134
141
135
144
137
104
120
132
143
129
141
125
101
110
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
69
99
141
133
87
143
66
160
64
145
64
137
62
143
63
149
63
65
5
127
9
147
11
120
7
120
11
140
22
158
136
102
107
76
117
157
P126
Dec.
Apr.
140
P116
P117
119
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
.
r
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
F.
112
92
96
69
105
124
110
95
94
76
114
119
104
91
88
74
116
113
99
90
83
86
113
105
113
94
90
90
109
125
128
96
95
85
111
148
130
95
94
78
114
153
123
98
102
77
107
140
112
102
109
75
111
118
114
105
108
84
120
119
126
104
112
75
140
136
110
116
85
119
153
42
194
70
235
88
231
93
196
91
198
100
226
101
236
99
242
90
164
71
89
52
77
51
244
67
241
265
95
90
60
101
95
69
98
95
73
112
98
70
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
C
77
138
114
84
Petroleum refining
Gasoline
Kerosene
Fuel oil.. .
Lubricating oil
Coke, byproduct
168
210
95
119
105
103
178
223
103
119
116
114
179
227
93
120
116
119
181
233
91
117
108
121
182
236
90
117
110
118
186
241
86
119
111
122
189
246
92
119
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
142
RUBBER TIRES AND TUBES
85
87
67
113
117
86
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
123
128
91
123
128
91
133
138
99
132
64
183
140
70
195
147
73
206
161
76
230
167
80
238
158
76
225
173
86
245
157
91
212
153
90
207
149
62
217
156
64
230
153
67
220
146
76
201
145
77
200
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
lie
P142
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 _
90
95
101
101
102
104
110
115
115
111
105
111
118
P104
.71
44
145
71
72
150
72
57
147
164
97
68
85
75
51
152
177
'92
58
88
87
58
150
178
93
57
106
94
67
153
167
98
73
118
106
71
150
93
100
77
106
93
61
158
103
54
165
112
67
171
P99
P174
95
69
97
66
62
149
157
••98
70
101
103
72
156
90
60
99
67
77
150
120
95
73
88
100
81
114
85
77
100
89
72
102
113
77
102
114
84
c
p Preliminary.
*• Revised.
Corrected.
2
i February 1936 revised: 86.
January 1936 revised: 84.
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.
1935
* Revised indexes
Jan.
Textiles
Wool
Consumption.
108
103
118
Feb.
106
101
105
Mar.
Apr.
100
96
104
100
107
126
May
101
116
140
June
94
114
133
1936
July
97
118
139
Aug.
Sept.
Oct.
Nov.
99
125
149
106
114
133
116
133
160
Ill
124
146
Dec.
105
114
126
Jan.
110
109
121
Feb.
108
117
132
605
FEDERAL RESERVE BULLETIN
JUNE 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
Mar. 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
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric, steam railroad..
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS.
Electric railroad
Steam railroad
LUMBER PRODUCTS
Furniture
Lumber, millwork.
Lumber, sawmills..
STONE, CLAY, GLASS PRODUCTS _ .
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery..
TEXTILES, PRODUCTS
A. Fabrics
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing, finishing textiles.
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods...
B. Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments..
Men's furnishings
Millinery
Shirts, collars
July
Aug.
Sept.
Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
96.2
89.9
102.9
98.6
92.7
104. 9
92.4
105.4
99.7
93.9
105.8
100. 9 101.7
96.3
97.4
105. 9 106.3
106.4 108.1
116
119
90
93
71
73
87
87
69
73
99
99
95
98
80
82
116
112
76
78
104
105
101
101
187
186
81.2
96.5
82.7
97.3
90.4
83.8
97.6
92.8
85.6
100.4
93.4
85.7
101.8
101.6
94.4
88.2
101.2
85.3
92
71
60
77
54
77
84
61
97
59
96
79
146
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
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
76
114
73
103
98
179
103.7
112
89
69
87
70
96
90
78
117
75
105
99
176
123
116
82
119
84
109
179
69
112
99.3
124
118
86
122
85
112
185
68
113
102.2
125
119
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
1C0
83
153
123. 5
132
131
114
140
107
147
187
85
154
97.7
509
108
50
27
92
99.2
533
109
51
28
101.3
571
112
50
31
102.2
564
112
53
34
105.1
603
116
52
36
101
100.9
613
109
56
35
102
100.8
631
109
56
38
102
105.0
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
119.1
793
129
69
55
106
58.0
62
58
57.0
63
57
57.0
62
57
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
62.6
64
63
93.4
100
97
104
75
71
63
77
135
94.6
102
99
105
78
76
62
76
135
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. 5 105. 2 106. 7 110.7
118
112
115
118
111
109
110
115
115
112
114
117
91
87
88
91
94
84
89
99
67
70
70
71
78
79
78
80
154
153
143
166
109.6
121
120
120
90
75
72
80
163
111.7
121
122
120
114.4
121
126
124
90
100
74
85
158
62.8
72
46
50
63.5
74
47
51
64.1
75
47
51
64.2
76
49
50
65.6
79
48
51
65.1
81
51
49
65.8
82
52
50
66.2
81
53
50
66.2
84
54
49
67. 9
86
55
51
68.8
89
57
50
87
57
50
113.2
119
122
122
to
104
73
81
161
71.4
88
58
54
60.8
42
53
96
37
72
61.9
43
54
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
72.1
54
67
108
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
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
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
SO
88
117.9
108.0
103. 8
100
105
103
119
86
122
85
94
115.1
112
146
88
140
53
124
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
June
87.7
80.1
95.8
MACHINERY
A gricultural implements
Cash registers, etc
Electrical machinery
p]ngines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
May
100
97
105
76
73
64
78
131
71
97.6
91.8
81
88
91
113
116
84
85
114
114
74
78
82
84
108. 2 108. 4
104
104
144
143
85
86
116
118
55
57
109
96.7
• 90.6
81
118.4
111
163
91
134
53
119
so
123
81
93
120.9
114
159
93
140
57
132
73
79
159
no
156
£0
141
58
129
71.4
90
58
53
606
FEDERAL RESERVE BULLETIN
JUNE 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
LEATHER PRODUCTS .
Boots, shoes
Leather
FOOD PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meatpackingSugar, beet
Sugar refining, cane
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. Mar.
90.4
91
94
89.2
89
94
89.0
89
95
89.0
89
94
90.3
91
94
90.9
91
91.4
91
92.0
92
94.9
95
100
99.1
101
97
100
97
107.8
127
182
83
133
76
76
68
84
86
80
107.7
127
178
84
131
77
76
71
84
90
81
109.3
127
189
85
137
77
74
74
85
84
80
110.3
127
183
86
147
77
74
72
86
112.4
129
196
86
140
78
77
72
92
92
78
113.2
129
195
85
141
82
76
70
92
109
79
113.3
129
196
82
148
78
74
72
92
111
76
112.7
131
187
82
146
76
74
69
91
118
74
113.4
132
197
82
135
80
73
70
96
114
67
115.0
132
197
84
147
81
74
72
95
93
70
114.8
133
203
86
148
83
75
71
93
44
64
116.7 117.0
136
135
205
202
88
88
152
157
80
81
75
75
73
73
93
91
95
89
77
78
116.3
134
199
59.4
56
61.3
56
62
60.3
56
61
61.2
56
62
61.9
56
63
61.7
56
62
61.1
57
62
62.4
57
63
62.0
56
63
62.0
56
63
61.7
56
62
60.8
56
61
TOBACCO MANUFACTURES..
Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing...
CHEMICALS, PETROLEUM PRODUCTS __
A. Other than petroleum
Chemicals
Cottonseed
o t o n e e d oil,
o , cake,
a , meal
ea
Druggists'
D i t ' preparations
ti
Explosives
xpose
tili
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining.
RUBBER PRODUCTS
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes.
56
61
97.4
61.8
57
62
99
97
Apr,
96.5
97
100 ^
77
73
91
98
84
99.0
93
108
88
102
109
88
103
99.8
93
109
89
103
100.0
94
109
90
103
95
108
91
101
101.1
97
109
93
102
102.7
99
110
94
105
103.1
100
111
94
105
103.6
100
112
95
104
104.0
103
113
94
104
104.0
103
114
94
103
105.5 107.4
106
104
116
118
96
98
104
105
107.5
106
119
97
105
111.6
110.6
116
73
102
84
79
121
343
95
116
110.8
109.1
116
68
103
82
74
123
325
94
118
113.1
112.0
117
71
104
79
91
122
342
96
118
113.2
112.2
117
62
105
84
86
124
350
97
117
115.7
114.6
121
61
105
88
87
126
358
95
120
115.4
114.9
122
53
102
89
87
127
360
103
117
118.5
118.1
126
78
101
91
86
129
360
106
120
117.9
117.4
129
71
100
90
85
129
354
103
119
118.1
117.4
129
77
102
93
80
127
357
100
121
118.6
118.3
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.
133
80
109
92
86
133
363
110
121
122.5
122.7
135
67
111
90
88
135
370
111
122
124.6
124.8
136
77
113
95
94
136
378
106
124
74.9
72
118
57
87.1
78
121
75
87.4
75
122
76
73
123
79
91.4
78
124
82
93.9
75
124
87
95.8
75
126
99.4
74
133
102.2
76
138
95
102.3
75
140
95
101.7
73
140
94
96.0
82
142
80
86
145
79
75
130
92
NOTE.—Figures for April 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and
page 259 of the BULLETIN for March 1937. Underlying figures are for pay-roll period ending nearest middle of month.
607
FEDERAL RESERVE BULLETIN
JUNE 1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Ceiisus of Manufactures through 1933. 1923-25 average=100]
Factory employment
Industry and group
1936
Total
Durable goods
Nondurable goods
IRON STEEL PRODUCTS
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware. __ _
Tools
Wirework
_
_MACHINERY
Agricultural implements
Cash registers, etc.
Electrical machinery
Engines turbines, etc.
Foundry, machine-shop productsMachine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric, steam railroad.
Locomotives
Shipbuilding _
__
RAILROAD REPAIR SHOPS
Electric railroad
Steam railroad.
NONFERROUS METALS, PRODUCTS
Aluminum
__
Brass, bronze,
copper
Clocks, wTatches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped enameled ware
LUMBER PRODUCTS
._
__
Furniture
Lumber, millwork
Lumber, sawmills
__
STONE, CLAY, GLASS PRODUCTS
Brick, tile, terra cotta .
Cement
Glass
__
_
Marble, granite, slate
Pottery
TEXTILES, PRODUCTS
A Fabrics
Carpets, rugs.
Cotton goods
Cotton small wares.
Dyeing, finishing textiles
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods
B Wearing apparel
Clothing, men's ___
Clothing, women's
Corsets, allied garments .
Men's furnishings
Millinery
Shirts, collars...
c Corrected.
Factory pay rolls
1937
1936
Mar.
Apr.
Dec.
Jan.
Feb.
Mar.
Apr.
87.9
80.2
96.1
89.1
82.3
96.3
98.1
92.7
104.0
96.5
90.3
103.1
99.0
93.2
105.2
101.1
96.4
106.1
85.6
93
71
59
79
57
78
85
61
94
57
92
79
146
87.8
96
74
61
77
57
78
84
63
99
61
94
79
148
100.4
109
84
67
87
68
96
87
73
108
70
94
96
188
100.0
112
87
68
87
69
80
91
74
97
71
96
98
179
103.4
114
89
67
88
71
97
91
96.9
129
82
121
84
111
154
71
112
99.6
131
118
86
126
87
112
156
70
113
114.1
103
121
106
124
99
131
203
77
144
100. 9
514
113
50
27
93
104.9
544
116
55
29
102
58.0
62
58
1937
Mar.
Apr.
Dec.
Jan.
102.2
98 7
106.0
77.6
71 8
84.9
79.3
76 0
83.5
95.2
93 1
97.6
90.7
86 5
95.9
95.8
92 5
99. 9
101.1
100 0
102.6
104.8
106 2
103.0
108
72
98
100
176
106.8
117
90
69
89
73
100
96
80
113
74
100
102
187
109.0
120
93
71
90
74
100
96
82
114
76
103
102
186
75.4
83
69
38
65
48
74
62
49
79
46
91
79
131
79.7
89
78
41
66
49
77
58
50
80
51
91
79
137
103. 2
115
98
53
85
68
116
70
67
96
66
94
105
183
99.8
116
98
51
80
65
82
69
69
77
63
94
103
161
103.9
119
106
52
81
68
90
68
75
97
68
99
109
156
112.6
127
108
56
84
72
117
80
79
102
72
104
111
180
123.4
144
116
62
86
76
114
79
85
106
78
108
116
185
114.9
111
123
104
125
101
135
187
80
146
118.6
119
127
109
135
104
138
171
83
147
121.2
132
131
111
140
107
143
163
85
153
124.1
139
131
114
144
110
147
157
87
154
86.8
144
106
73
107
75
1Q2
105
66
94
91.2
146
111
78
110
79
103
113
64
98
113.6
122
123
103
118
100
136
168
79
138
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
133.3
181
148
120
152
118
159
126
96
157
122.1
691
139
57
44
90
112.7
725
125
56
45
95
116.0
756
127
63
50
99
121.0
791
132
70
54
107
125.9
809
137
74
58
109
87.0
420
94
46
16
91
99.9
442
109
52
18
102
120.9
620
136
60
31
91
100.7
606
108
59
31
97
112.3
652
122
67
37
98
123.6
703
132
79
41
116
128.6
738
136
88
45
123
57.8
63
57
61.2
63
61
61.2
63
61
61.6
63
62
62.2
64
62
63.5
64
64
60.9
64
61
58.6
63
58
65.5
67
66
61.2
65
61
63.4
65
63
65.8
67
66
67.9
67
68
94.6
104
99
105
75
73
65
78
135
94.4
103
99
103
73
72
64
77
139
111.6
118
116
121
93
101
74
81
162
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
115.6
124
128
123
88
101
74
85
163
77.6
93
80
91
51
62
51
62
122
77.8
92
81
88
50
64
48
60
127
105.5
115
112
118
75
104
71
70
164
97.1
115
113
109
62
69
58
69
148
103.5
122
120
111
66
90
63
69
15o
111.8
130
128
120
69
109
68
75
163
115.6
131
132
137
68
107
69
83
165
61.3
72
45
49
62.8
71
47
51
67.1
88
54
49
65.0
86
54
47
65.8
86
55
48
69.8
88
57
52
70.5
87
58
53
50.3
55
38
40
52.3
56
40
43
60.5
78
51
42
54.9
71
47
37
58.2
75
50
40
64.6
77
.53
48
68.2
79
55
52
58.9
38
47
97
34
75
63.0
43
55
99
38
75
67.1
49
62
101
41
77
62. 5
46
57
93
36
75
67.2
47
58
108
38
78
70.3
49
64
73.3
54
67
111
43
82
48.2
28
39
88
26
60
52.4
32
47
91
32
59
59.1
41
59
95
33
65
52.7
36
50
85
29
63
59.8
38
53
107
30
68
66.1
43
63
115
34
74
71.2
49
69
121
39
72
100.5
93.0
84
90
93
120
87
115
76
84
115.3
110
157
89
122
65
110
99.5
91. 7
82
89
95
119
86
115
76
80
115.0
106
160
DO
124
62
113
106.4 c 107.1
101.7 c 102. 3
98
98
101
103
106
107
122
123
88
86
122
120
81
83
92
93
115.6
114.8
108
110
154
155
89
89
141
130
45
55
123
119
110.2
103.6
100
104
107
123
90
123
84
92
122.6
114
166
92
143
62
127
110.0
103.7
102
106
108
123
88
123
82
89
121.9
114
163
92
147
60
127
85. 7
78.7
68
76
85
101
77
113
59
65
96. 0
91
121
92
98
62
99
81.3
77.2
67
75
89
101
64
111
59
61
86.2
77
113
90
93
51
101
94.6
96. 8
97
98
107
116
83
126
68
84
86.3
85
104
88
115
29
112
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
100.5
100.3
101
108
109
114
66
127
71
84
96.6
96
115
96
117
49
115
no
40
81
111.2
103. 8
102
105
109
123
91
124
83
90
125.5
116
170
93
148
67
130
Feb.
Mar.
Apr.
608
FEDERAL RESERVE BULLETIN
JUNE 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 p a y rolls
Factory employment
Industry and group
1936
Mar.
LEATHER PRODUCTS
Boots, shoes
Leather...
FOOD PRODUCTS
_
Baking
Beverages
Butter.-.
_-_
Canning, preserving.
Confectionery
Flour.
_
Ice cream
Slaughtering, meatpacking
Sugar, beet
Sugar refining, cane
93.6
95
90.8
91
95
94
97.7
125
100.3
126
177
81
94
72
74
67
82
40
81
171
78
78
75
75
60
82
35
79
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
._
PAPER, PRINTING
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
_
Dec.
Jan.
Feb.
Mar.
Apr.
Mar.
99.0
102
100.8
103
99
98.3
99
100
73.1
69
89
108.0
133
197
84
111
90.2
110
181
61
73
68
69
94.0
94
98
97.5
99
97
98
110.6
132
181
82
97
91
105.2
131
182
80
90
80
105.1
132
182
81
92
79
75
62
91
37
75
105.7
134
193
82
90
79
74
65
91
39
76
69
89
44
84
74
75
61
99
173
69
61
96
38
62
75
74
54
75
42
70
1937
Dec.
Jan.
Feb.
Mar.
67.7
62
90
78.3
71
105
86.3
82
103
90.9
88
105
92.4
89
107
87.4
81
112
90.3
109
187
62
81
62
65
58
75
42
69
105.7
120
188
63
91
86
100.5
118
188
62
86
76
71
56
96
42
51
101.3
122
189
104.1
124
211
64
64
97
76
71
57
88
44
90
76
70
59
92
45
81
108.3
123
220
66
115
72
72
64
99
50
81
Apr.
70
55
102
152
59
58.6
56
59
63.3
56
64
57.1
57
57
60.5
59
61
60.8
57
61
59.9
56
60
46.5
59
45
44.0
57
42
55.4
65
54
47.2
64
45
52.6
67
51
52.4
66
51
51.7
64
50
98.7
99.1
91
109
88
104
106.0
106
113
97
106
104.3
100
114
96
103
105.7
102
116
98
104
107.1
104
118
98
106
107.2
104
119
97
106
89.3
86
94
80
96
89.8
85
96
80
98.7
98
110
91
97
102.6
108
109
93
105
97
100.5
103
114
91
99
104.1
107
117
94
103
104. 8
108
120
94
104
112.3
111.3
116
52
102
80
120
125
325
95
117
87.9
72
123
78
119.3
119.3
129
98
107
93
80
128
362
99
120
101.9
83
138
93
120.2
120.4
131
91
107
94
87
128
368
100
119
101.3
77
139
93
121.9 124.9
122.4 126.0
134
131
82
69
112
110
93
90
136
96
131 • 135
370
373
111
110
121
120
101.6
96. 7
73
80
142
144
93
81
126.6
127.7
135
59
112
92
1.52
138
378
107
122
97.4
79
147
81
104.5
103.0
107
56
107
82
101
109
282
93
110
66. 7
56
106
56
103.8
102. 5
109
37
104
74
101
114
269
92
108
82.8
55
111
80
118.3
118.0
133
82
113
98
72
122
321
104
120
104.8
77
139
100
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
136.0
135.6
149
50
121
108
150
142
365
114
137
101.6
71
153
91
113.8
113.6
115
75
103
84
123
121
346
95
115
75.4
71
120
57
NOTE.—Figures for April 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.
Apr.
59.2
56
59
91
Boxes, paper
Paper, pulp
__. 108
Book, job printing
88
Newspaper, periodical printing.__ 103
CHEMICALS, PETROLEUM PRODUCTS.._
Apr.
1936
1937
Back data may be ob-
609
FEDERAL PRESERVE BULLETIN
JUNE 193?
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
September
October
November
December
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
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
2, 675. 3
Year
Factories
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
1937
1937
1936
37.0
12.6
22.2
30.1
198.0
Public works
and public
utilities
Commercial
15.5
12.6
17.3
24.3
18 8
21.9
28.6
22.0
20 1
22.0
23.0
23.2
1937
1936
21.6
22.3
30.0
28.7
86.9
46.6
62.3
73.4
63.6
80.0
126.6
94.4
84 5
67.0
73.9
61.3
68.5
59.6
52.5
65.7
920. 4
249.1
All other
Educational
1936
1937
39.5
21.1
19.0
23.2
20.7
18.3
23.3
12.3
9.2
13.4
13.1
13.0
1937
1936
19.6
11.3
10.0
14.0
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
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.]
Total
Privately financed1
Publicly financed!
Month
1932
January
February
March
April
May
June
July
August
September
October
November
December
85
89
112
122
146
113
129
134
128
107
105
81
Year
1,351
1933
S3
53
60
57
77
102
83
106
120
145
162
207
1,256
1934
1935
1S36
1937
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
200
1,543
1,845
2, 675
243
188
231
270
1932
1933
1934
39
34
45
61
93
64
85
81
80
61
73
52
39
27
25
18
29
20
47
71
1C0
126
156
157
C5
126
78
72
73
52
69
69
79
74
61
768
683
975
1935
1936
1£37
55 • 149
38
79
68
96
53
105
47
94
64
116
153
67
92
153
97
116
114
101
118
89
196
82
l,C07
112
••69
66
74
'
1,334
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
1937
130
119
165
196
»• R e v i s e d .
i Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
COMMERCIAL FAILURES, BY DISTRICTS
DISTRICTS
[Figures reported b y D u n & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
Liabilities
1936
Federal Reserve
1936
1937
1937
1936
Federal Reserve district
district
Mar.
Apr.
Apr.
Apr.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
18, 080
57, 896
15, 594
25,917
32, 372
17, 664
47, 336
16,055
9,168
17,237
12,617
14, 308
4'4, 658
11,772
26, 713
24, 372
19, 287
47, 502
16,417
6, 867
8. 350
11,000
269, 934
231, 246
19, 952
45, 128
14, 810
24.184
19, 230
20, 275
37, 252
16,737
8,561
10, 940
17, 562
Boston. _
New York
Philadelphia
Cleveland.. _
Richmond
Atlanta _
Chicago
St. Louis .
Minneapolis
Kansas Citv
..
234, 632 Dallas
San Francisco
Total
Mar.
Apr.
Apr.
Mar.
Apr.
69
252
43
63
36
35
105
21
15
29
16
102
79
249
40
68
53
38
115
26
14
51
9
78
80
273
47
61
37
29
104
25
25
35
17
97
664
2, 965
385
1,343
348
355
1,160
207
1.12
195
344
828
721
3,042
1,347
702
359
414
1, 565
276
90
778
129
1, 499
1,688
4, 542
476
1,452
437
1,634
1,725
296
221
226
520
940
786
820
830
8, 906
10, 922
14,157
610
FEDERAL RESERVE BULLETIN
JUNE 1937
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports *
Excess of exports
Merchandise imports»
Month
1934
1933
January
February
March
1936
1935
1933
1937
1934
1935
1937
1936
1934
1933
1936
1935
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
240
278
308
25
18
13
37
30
33
9
11
8
11
-11
-4
r—18
-45
-51
105
114
120
179
160
171
164
165
170
193
201
186
?269
88
107
122
147
155
136
171
171
157
203
192
"191
P287
17
7
-2
33
6
34
—6
-5
13
—10
r
9
-5
P-18
144
131
160
162
172
191
173
172
199
180
179
r221
143
155
147
127
120
132
177
169
162
r
195
193
216
1
-23
13
34
52
60
—3
3
37
r—15
—14
r
5
October
November
December
193
184
193
206
195
171
221
270
223
265
226
230
161
129
134
130
151
132
189
169
187
213
196
245
42
56
59
77
44
38
32
100
37
52
r
30
-15
Year
1,875
2,133
2,283
'2, 456
1,450
1,655
2,047
'2, 422
225
478
235
_
April
May
June
July
August
September
_ _
r
p Preliminary.
Revised.
i Including both domestic and foreign merchandise.
• General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source: Bureau of Foreign and Domestic Commerce.
Back 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]
1936
Apr.
1937
Dec.
Jan.
Feb.
Mar. Apr.
Without
Without
Adjusted
Adjusted
seasonal
seasonal
for seasonal
for seasonal
variation adjustment
variation adjustment
Month
Adjustec for seasonal variation
71
77
69
74
42
41
65
76
64
83
82
88
83
46
54
92
92
69
80
78
83
73
43
48
117
90
67
82
77
76
70
4151
114
95
68
83
87
92
68
42
51
114
94
69
GO OO
Total
Coal
_____
Coke
Grain and grain p r o d u c t s Livestock
Forest products
Ore.
_ _____
Aliscellaneous
Merchandise l~. _____
102
70
43
49
249
91
69
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products...
Livestock
_ __
Forest products
Ore
Miscellaneous
Merchandise 1
__ __
68
64
58
66
38
42
27
79
65
77
92
97
71
45
46
23
84
66
73
89
97
65
42
42
26
78
64
76
91
102
64
34
49
27
82
66
Index of stocks (end of
month)
1[ndex of sales l
80
92
96
62
34
52
29
90
69
79
68
86
63
39
51
102
94
70
1937
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
88
62
67
66
72
78
April
May
June
84
87
87
93
85
89
84
89
65
66
64
76
68
67
62
79
July
August
September
91
86
88
63
68
94
64
67
68
59
65
71
90
94
92
100
105
161
69
71
71
76
80
67
January
February
March
October
November
December
Year
_
_
88
67
i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and in number
of Sundays and holidays. Adjustment for seasonal variation makes
1
In less-than-carload lots.
allowance in March and April for the effects upon sales of changes in
NOTE.—Revised indexes. For description and back data see pages the date of Easter.
522-529 of this BULLETIN. Basic data compiled by Association of
Back figures.—Department store sales, see p. 631 of BULLETIN for
American Railroads. Indexes based on daily average loadings. Total
index compiled by combining indexes for classes with weights derived August 1936; department store stocks, see pp. 254-255 of BULLETIN for
April 1935.
from revenue data of the Interstate Commerce Commission.
JUNE
611
FEDERAL RESERVE BULLETIN
1937
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
Other commodities
All
commodities
Farm
products
1929
1930
1931
1932
1933
1934
1935
1936
95.3
86.4
73.0
64.8
65.9
74.9
80.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
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—March
April
May
June
July
August
September.
October....
November.
December.
79.6
79.7
78.6
79.2
80.5
81.6
81.6
81.5
82.4
84.2
76.5
76.9
75.2
78.1
81.3
83.8
84.0
84.0
85.1
88.5
80.1
80.2
78.0
79.9
81.4
83.1
83.3
82.6
83.9
85.5
78.9
78.9
78.8
78.8
79.5
79.7
79.6
80.1
81.0
82.2
1937—January—.
February __
March
April
Week ending—
1937—Jan. 9 — .
Jan. 16...
Jan. 23__.
Jan. 30...
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 I-..
M a y 8___
M a y 15..
85.9
86.3
87.8
88.0
91.3
91.4
94.1
92.2
87.1
87.0
87.5
85.5
85.2
85.7
85.3
85.4
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
90.9
92.3
90.3
91.4
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
86.7
87.3
86.7
86.9
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
Year, month, or week
Foods
Hides and Textile Fuel and Metals Building
leather products lighting and metal materials
materials products
products
Total
1936
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
94.9
94.6
94.0
93.8
93.4
93.6
94.6
95.6
97.0
99.7
70.8
70.2
69.8
69.7
70.5
70.9
70.9
71.6
73.5
76.3
83.4
84.1
85.5
86.5
101.7
102.7
104.2
106. 3
83.0
83.1
83.1
83.2
83.5
83.6
84.2
84.4
84.5
85.4
85. 6
85.8
86.1
86.3
86.5
86. 2
80. 3
86. 3
86.3
102.0
101.8
102.6
102.8
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
Jan.
Feb.
Mar.
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
76.2
76.4
76.0
76.1
76.2
76.3
76.1
76.8
76.8
76.5
86.2
86.9
87.1
85.3
85.7
85.8
85.8
86.7
86.9
87.1
87.3
87.7
89.5
79.3
78.5
77.7
78.0
79.4
79.8
81.7
82.2
82.5
85.3
81.4
81.5
81.5
81.4
81.2
81.4
81.7
82.0
82.3
83.2
68.3
68.6
69.2
69.7
71.0
71.5
71.3
71.5
73.4
74.5
77.5
77.5
78.3
79.5
76.6
76.8
76.2
76.8
90.9
91.7
96.0
96.5
91.3
93.3
95.9
96.7
87.7
87.8
87.5
86.9
86.5
87.9
88.4
89.0
76.2
77.3
79.5
81.1
76.8
76.9
76.9
76.9
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
77.5
77.1
76.9
77.0
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
90.1
90.4
90.7
90.7
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
90.8
91.2
91.2
91.2
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
86.8
87.9
88.0
87.6
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
85.3
85.4
85.7
85.8
87.3
87.4
89.4
89.4
89.6
89.8
89.8
90.3
90.3
90.3
90.3
90.4
90. 8
90.8
90.8
74.9
75.6
75.3
75.7
75.8
75.9
77.2
77.2
77.3
77.9
78.8
79.3
80.0
80.1
81.0
80.9
80.6
80.4
80.4
1937
Apr.
Jan.
Feb. Mar. Apr,
94.2
86.3
94.0
70.4
73.8
93.0
91.7
93.0
84.8
77.1
93.1 93.1
92.0 97.5
93.0 93.0
89.4 101.1
77.4 77.6
M E T A L S AND M E T A L PRODUCTS:
73.9 113.0 111.5 113.2 119.2
88.3 91.4 89.9 93.7 93.6
70.4 84.8 86.3 88.5 83.4
84.2
67.8
91.0
72.4
88.1
82.4
90.6
82.1
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
H I D E S AND L E A T H E R PRODUCTS:
100.3 99.7 101.4 102.3 103.8
90. 1 116.0 114.9 118. 5 121.4
84.5 94.3 95.5 97.1 100.7
95.4 101.1 101.7 101.7 102.3
T E X T I L E PRODUCTS:
80.8
76.2
62.0
30.1
82.2
67.5
83.9
91.9
64.4
34.5
91. 9
66.2
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
68.8
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
92.1
99.6
93.7
97.0
78.7
BUILDING M A T E R I A L S :
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
89.0 89.7 91.0 91.8 94.9
95.5 95.5 95.5 95.5 95.5
83.2 93.0 90.0 102.1 103.0
79.3 83.7 83.4 83.9 83.9
73.8 77.1 77.4 77.6 78.7
92.0 104. 7 104.7 112. 9 114.9
89.1 93.9 95.0 98.9 99.9
CHEMICALS AND D R U G S :
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
HOUSEFURNISIIING GOODS:
Furnishings
Furniture
85.5
73.2
64.6
64.5
96.4
79.0
70.6
71.4
95.6
83.0
70.7
71.7
95.3
83.0
70.3
71.7
94.2
82.9
70.7
72.0
85.0
78.0
89.0
84.0
91. 2
84.5
91.7
85.0
92.1
85.8
MISCELLANEOUS:
F U E L AND LIGHTING M A T E R I A L S :
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
94.2
89.1
79.3
73.5
72.6
75.9
80.5
80.4
Apr.
FOODS:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted g o o d s . . .
Other textile products
Miscellaneous
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
1936
F A R M PRODUCTS:
Shoes
Hides and skins
Leather
Other leather products
Housefurnishing goods
Subgroups
Apr.
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Chemicals and
drugs
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
1937
Subgroups
Grains
Livestock and poultry
Other farm products
1926=100]
80.0
96.8
93.7
82.8
84.8
57.9
81.6
96.8
97.6
81.0
82.2
58.3
81.6
97.4
97.6
80.8
80.7
59.1
77.8 72.4
97.5 98.6
97.7 102.8
79.8
58.6
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
45.0 51.8 53.1 55.0 56.4
74.0 135. 4 129.4 135. 0 146.8
80.5 84.8 87.5 90.2 93. 9
33.0 44.3 44.3 50.9 49.3
80.6 83.1 84.2 84.8 85.3
59.8
Back figures.—-For monthly and annual indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau of
Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81).
612
FEDERAL RESERVE BULLETIN
JUNE 1937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Total r
(52
United
counStates
tries)
1934—December. 21,051
1935—December 21, 583
1936—January... 21,572
February.. 21, 623
21,657
March
21,412
April
21,306
May
June __ __ 21,343
21 682
July
August
21,809
September 21,719
October . . . P21, 778
November. P 2 1 , 980
December _ P22, 602
1937—January... P22, 632
February.. P22, 743
P22, 959
March
April
Europe1"
(26
countries)
Canada
134
189
186
186
184
187
188
187
187
189
191
186
188
188
190
. 191
194
199
8, 238
10,125
10,182
10,167
10,184
10, 225
10, 402
10, 608
10, 648
10,716
10,845
11,045
11,184
11,258
11,358
11,436
11,574
11,799
Latin
America
(11
countries)
Asia
and
Oceania (8
countries)
601
645
11,010
9,517
9,441
9,487
9,493
9. 254
8,966
8,806
9,099
9,145
8, 919
P8, 774
P8, 829
P9,307
P% 225
P9, 268
P9, 295
805
816
817
825
830
836
841
840
845
849
857
847
852
858
646
648
642
642
641
634
635
642
638
658
656
708
P865
P870
P697
P6fi8
P723
P857
Europe
Africa
(5
countries)
263
291
300
310
323
268
268
268
269
269
269
269
270
P283
P297
P310
P317
P9,301
United
Kingdom
1,584
1,648
1,652
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
2, 584
2,584
oWltZ&x'iauu
GerFrance many
Italy
32
33
31
29
29
28
28
29
29
28
25
26
27
27
27
27
27
28
518
270
244
228
216
212
211
210
209
209
208
208
208
208
208
208
208
208
5,445
4,395
4,324
4,362
4,348
4,106
3,781
3,580
3,643
3,614
3,322
3,194
3,194
2,995
2,846
2,846
2,846
2; 846
Nether- Nalands tional B.I.8
Bank
Belgium
590
611
573
438
600
593
586
581
610
638
633
632
631
621
630
632
625
626
619
607
455
463
486
483
465
404
437
457
456
388
388
490
558
598
626
670
624
454
454
472
493
495
485
460
471
489
508
583
624
655
657
657
657
635
4
8
11
10
8
8
11
12
10
12
12
13
13
11
13
12
15
11
Europe—Continued
End of month
Austria
1934—December.
1935—December.
1936—January. _.
February..
March
April
May
June
July
August . . .
September.
October . . .
November.
December .
1937—January...
February. .
March
April
Czechoslovakia
Bulgaria
45
46
. 19
19
46
46
46
46
46
46
46
46
46
46
46
46
19
19
19
19
20
20
20
20
20
20
20
20
112
112
112
112
113
113
113
113
113
109
108
91
91
91
46
46
46
46
21
21
21
21
91
91
91
91
Denmark
Hungary
Greece
60
54
40
34
54
54
54
54
54
54
54
54
54
54
54
54
54
53
53
53
34
33
32
32
35
33
31
28
27
26
26
26
26
27
27
23
23
23
23
23
23
23
23
23
23
23
23
25
25
25
25
25
25
P27
Norway
61
84
84
84
84
84
84
89
89
91
98
98
98
98
98
98
98
98
1934—December.
1935—December.
1936—January...
February..
March
April.
May
June .
July
August
September
October . . .
November
December.
1937—January...
February..
March
Argen- Chile
tina
403
444
444
444
438
438
438
435
436
441
437
455
452
501
29
29
29
29
29
29
29
29
29
29
29
29
29
29
487
489
519
29
P29
P29
96
68
84
6b
104
xO9
740
735
84
85
81
72
71
70
69
70
71
71
72
75
75
76
77
78
68
68
68
68
68
68
68
68
68
68
68
68
109
110
110
111
111
112
112
112
113
113
113
114
735
735
726
726
718
718
718
718
718
718
718
718
68
68
114
115
115
718
718
718
718
P68
PG8
5
53
43
60
63
44
44
44
45
45
46
46
46
46
47
48
48
49
49
49
50
63
65
67
67
68
70
71
73
78
P79
3
Tur- other Egypt South other
key counAfrica countries
tries
77
04
54
54
58
61
61
60
60
59
60
60
60
60
25
23
23
23
23
23
23
23
23
23
23
23
23
23
24
0
55
55
24
24
24
24
24
24
24
24
24
24
24
26
3
3
3
3
3
3
3
3
3
3
3
4
55
55
55
55
55
55
55
55
55
55
55
55
184
212
221
231
244
189
189
189
189
189
189
189
191
203
466
469
456
60
60
60
23
23
23
28
29
29
P4
Pi
55
55
55
217
230
237
Uruguay
19
16
17
18
18
17
16
16
17
17
17
17
18
19
23
2 28
26
26
26
26
26
'26
26
26
26
26
26
26
19
20
20
20
20
20
19
19
20
20
20
20
20
20
82
74
74
74
74
74
74
68
68
68
68
68
68
69
26
36
36
37
38
38
39
40
40
41
42
42
43
44
275
275
275
275
275
275
275
275
275
275
275
275
275
275
7
10
11
15
15
15
17
13
13
15
19
6
7
8
20
22
18
26
26
26
20
69
66
P45
P45
P45
275
275
275
9
10
P10
P82
P82
P82
P82
Africa
394
425
428
431
433
435
439
442
447
450
453
456
459
463
Peru
P79
P82
2
New
Zealand
Mexico
?20
159
185
194
200
206
209
220
231
231
232
238
239
239
240
240
241
241
241
other British China Japan Java
coun- India
tries
Colombia
P20
other
Yugo- 6counslavia tries
Sweden
Asia and Oceania
Latin America
End of month
Ruma- Spain
Poland Portugal
nia
22
6
24
24
24
24
24
24
24
24
25
25
25
25
25
P25
P?5
P25
P25
P Preliminary.
r
Revised. 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.
1
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.
2
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.
613
FEDERAL RESERVE BULLETIN
JUNE 1937
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production
Africa
Total
South
Africa
Rhodesia
North and South America
Far East
United
West Belgian
Colom- Chile
Africa Congo Canada States Mexico
bia
Austra- Japan British
lia
India
$ 1=25-8/ 0 grains of gold 9/ '10 fine; i. e., an ou nee of fine gold=$ W.67
1929
1930
1931
1932
1933
- -
397,153
432, ] 19
460, 651
4L'8, 164
525,071
359, 347
373,154
394, 399
421,656
420, 093
215, 242
221, 526
224, 863
238,931
227, 673
11,607
11,476
11,193
12, 000
13, 335
4,297
4, 995
5,524
5, 992
6,623
• 39, 862
43, 454
55, 687
62, 933
60, S68
2,390
2, 699
3,224
3, 642
3,631
45, 835
47,123
49, 524
£0, 626
52, 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
$1—15-6/81 grains of gold 9/10 fine; i. e.t an ounce of fine gold=$S5
1933
1934
1935
1936
888, QQ7 711, 260
958, 033 '723,530
771,827
1,040, ?17
P 1 , 1 6 4 , 908 P854, 132
1936—March
April
May
June . . .
July
August . .
September. _
October
November _
December...
1937—January
February _._
March
86, 387
86, 327
91, 870
97, 877
107 686
P106 969
1-108 184
P 1 1 3 125
PIOO 291
P96 395
P91 847
P87 253
*>93 981
385, 474
366, 795
377,090
396,768
22, 578
24, 264
25, 477
28,053
32,709
31,991
32, 826
33, 086
33, 846
33, 830
33,816
34, 199
33, 042
33, 858
34, 352
32, 330
34, 381
2,359
2,410
2,413
2,384
2,354
2, 425
2,363
2,292
2,270
2,262
2,315
2,109
68,156
67, 896
69,439
71,046
75,655
P73, 738
P74, 952
P76, 693
P72, 460
P73, 564
P73,256
pf)8, 422
*>73, 950
P2,415
11.214
12.153
1? ,625
ie ,295
1,326
1,258
1L, 289
1 285
L, 352
,412
1,444
1,493
,506
,544
,671
,563
1,605
fi.148
6, 549
7, 159
7, 386
103 ??A
89, 467 22, 297
104, 023 '108,191 23,135
114, 971
126,325 23,858
130, 550 150,959 P26, 394
544
543
547
585
676
675
696
691
634
631
586
579
3'579
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
11,020
11,113
11,945
11,948
15,042
13, 627
14, 280
15, 821
13,240
12,977
11,483
10,171
12, 531
1,627
2,607
2,075
2,570
2,632
P!,820
P2, 345
Pi, 960
P2, 205
PI,645
P2, 870
P2, 240
P2, 24C
10, 438
12,045
517
13,633
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,
11, ?n
11, 394
11. 599
1 040
1 122
1 086
1, 065
i; ?35
i, 098
l, 236
l, 109
l. 035
l, 113
l, 332
l, 117
l, 285
1,147
499
552
611
776
1,029
467
784
758
708
940
2,882
3,127
3,045
3,476
3,602
3,422
3,515
3,596
3,467
4,170
3,158
3,714
P3, 714
2,065
1,808
1,885
1,994
1,977
1,916
2, 246
2,075
2,162
2,118
2, 065
2. 077
P2, 077
Q6S
P770
P805
944
970
9^8
Q81
981
966
982
96fi
983
984
899
c
Corrected.
p Preliminary.
NOTE.—For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, pp. 233-35, February 1931, p. 108,
November 1934, p. 737, July 1936, p. 600, March 1937, p. 267, April 1937, p. 363 and May 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 1935 are subject to official revision.
Estimated production of the U.S.S.R. for March 1937, in thousands of dollars: $10,800.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or month
Total
net
imports
or net
exports
1,131,994
1, 739,019
1,116, 584
1934 i
1935.
1936.
1936—January
February
March
April
May
June
July
August
September
October
November
December
1937—January
February
March
April
1
Net imports from or net exports (—) to:
United
King- France
dom
499,870 260, 223
315, 727 934, 243
174,093 573, 671
Bel-
67, 493
121, 325
120, 32(3
154, 332
215,81
5,83;
17, 880
8,204 136, 671
72,154 95,013
44, 665
20
32, 998
9
73, 950
75, 238
121, 451
175, 105
10, 864
1,138
76
596
Switzerland
30, 270
13, 667
39,966
1,463
25, 745
524
8
3,698
3,281
10, 745
273
1,677
11,232
1,
551
882
11, 664
6,338
12, 222
10, 660
4, 709
764
659
772
713
4,322
14, 584
869
15,
634
530
368
271
14
1,086
6,506
8,155
5, 865
10, 661
4,925
7, 225
1,945
9,153
3,242
-343
8,751
38, 811
10, 691
1,131
5,399
Mexico
86,829
95,171
72, 648
- 3 , 421
799
2,545
2
Canada
12,402
968
7,511
8,902 94, 348
3 227,185
3,351 71,006
3,514
5,786
45, 643
-16,635 - 2 , 890 - 1 7 , 1 8 0
13
5,480 - 1 , 7 9 2
1,493
1,564
28,055
4,003 133,157
169,952
3,644 202, 983
277, 775
-9
27
15, 379
171,824
2.18, 812
75, 836
56, 970
Nether-.
lands
1,973
AusColom- Philippine
bia
Islands tralia
16,944
10, 899
11,911
1, 743
1,742
2,100
2,104
2,106
11
2,101
4
3
4,261
12,038
15, 335
21, 513
1,029
3,498
23, 280
China
and
British
Hong India
Kong
16, 452
9,431
7,917
76, 820
75, 268
77,892
1, 236
1,520
1,578
1,716
1,735
2,124
2,425
716
2,405
2,157
1,628
2,273
5,196
1,499
373
651
1,029
2,511
856
1,747
2, 831
1,869
3,781
936
1,176
740
11, 744
385
84
603
5,106
9, 720
5,947
5, 654
10, 688
6, 961
5, 782
6,182
10,108
2,123
2,109
1,944
2,231
1,617
2, 910
3.46'
2,388
158
287
265
442
451
432
951
All
other
countries
15, 868
37, 620
31, 828
3,738
2, 166
3,203
3,452
2, 593
3,911
2, 566
1,771
3,251
2,079
1,857
1,242
6,028
1,305
7, 077 3, 583
4,017 12, 727
4, 857 11. 640
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 586.
614
FEDERAL RESERVE BULLETIN
JUNE
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:
Total
net imports
or net
exports
()
Year or
month
1934..
1935
1936..
_.
_.
United
States
Germany
France
South
Africa,
All
West
Africa
tries
NetherAustra- Rho- British other
lands Canada lia
desia, India coun-
Belgium
Change in:
Total Gold
net
proimports duc- Re- Private
tion serves holdor net
ings in
exports
in
in
India India* Indian
()
41,790 335, 253 206,711 115,168 -230, 720
37, 981 404, 295 181,627 34,050 -161,872
26, 723 488, 814 128, 420 46, 715 -121,102
716, 269 -497,166 348,190 121,017 -13,585 32, 575
369, 747 -435, 502 142,137 - 4 , 726 -17, 476 10, 796
1,170,023 -276,813 756, 204 23, 295 -15,133 -21,130
26, 316
16, 565
12, 928
217 - 1 , 1 3 6
-20, 204
- 2 7 - 6 , 982
1,798
1,798
3,414
2,842
1,995
5,958
4,090
899
1,708
1, i
2,037
2,574
3,329
2,167
1,610
2,531
11, 222
11,393
11, 599
-219,671
-150,472
-109,503
974
953
-10,186
- 1 3 , 587
- 9 , 337
•'•
1935— Oct....
Nov...
Dec...
-36,158
18, 286
40, 811
1936—Jan....
Feb...
Mar...
Apr...
May..
June..
July..
Aug._
Sept...
Oct...
Nov..,
Dec.
41, 974
1937—Jan. __
Feb..
Mar..
Apr . .
47, 666
77,137
74, 590
69, 447
195, 066
281, 401
151,814
7,615
83,168
100, 505
- 8 7 , 9 2 9 - 2 , 739
- 3 3 , 744 25,198
- 2 2 , 075
910
-12,059
1,136
3,440
- 9 , 465
-12,611
- 2 6 , 802
- 4 , 384
-16,120
-14,096
-72,441
- 4 9 , 224
-63,914
3,202
- 3 , 253
6,738
12, 710
26,936
27,060
142, 535
240, 868
108, 666
-383
72,506
118, 655
- 2 5 , 523 - 7 3 , 568 22,453
122, 296 —75, 615 163, 919
78, 484 -104,399 124,121
12,063 -149,444 11,281
68
50
114
94
78
33
173
99
92
4,295 - 1 , 3 8 3
1,875 -17,602
3,903
-536
1,913
-747
1,789
-804
6,369
3,964 - 1 , 0 3 9
— 163
377
-624 -1,130
-220
153
507
-1,055
414
452
1,587
104
-591
- 7 , 569
-13,354
- 1 , 409
1,761
606
- 2 , 421
- 2 , 907
-1,029
2,458
1,486
1,836
1,021
1,756
965
927
270
____
-3
44, 995 11,900 - 4 , 975 - 1 1 , 1 6 0
33, 325 12,857 - 3 , 836 - 1 4 , 540
42, 442 14,838
7,799 - 1 0 , 303
39, 852
26, 454
31, 033
55,108
53,802
45,147
43,122
34, 552
2, 084 36, 517
45, 323
% 304 36, 230
2,126 41, 683
2,504
1,968
2,727
2,122
16,903
24,113
26, 593
44,198
11, 035 - 1 , 5 2 6 -13,809
11,686
1,993 - 9 , 846
10,896
2,057 - 7 , 667
9,413
3,641 -10,351
13, 289 3,264 -11,357
10,860
7,599 -10,355
9,657
2,591 -15,032
15,011
6,922 -7,!
6,581
633 - 8 , 273
7,853 19, 895 -11, 576
14,896
4,756 - 9 , 347
7,243 - 5 , 368 - 5 , 506
- 9 0 , 920
42,969
1935—Oct
Nov.
Dec.
1936—Jan....
Feb
Mar
April
May
June
July
Aug
Sept.
Oct
Nov
Dec
_
-42,907 -28,114
13, 225
7,394
- 2 , 1 2 1 20,188
Net imports from or net exports (—) to:
United United France
States Kingdom
Belgium
Italy
Netherlands
All
other
countries
1,500
- 6 , 795
23, 378
1,343
1,849
4,724
241
-49
-139
- 2 , 344
825
47 9,496
1,821 9,612
1,724 21, 537
-3
6,970
-8
1,449
- 2 3 5 2,952
1,166
-20
-254
-20
-286
-641
8,177
62
1,723
-65
-33
-137
1,377
567
29
132
2,113
-121
-21
487
57
97
20
34
-16
1,917
5 8,413
615, 794
9
-1,911
59
42
-112
-3
-848
2,532
680
810
1,116
67
671
- 2 , 584
—1,307
-258
-1,201
-630
1,130
3,248
1,580
- 3 , 514
- 3 , 521
426
4,763
-2,441
-2,029
-19
13
-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
17, 426
27,024
588
15, 352
11,432
1
-95
-77
52
14, 231
23
1937—Jan...
Feb...
Mar__
Apr?..
-7,463
- 2 , 262
p-3,181
2,580
342
4,600
7,058
5
591
2,346
982
163 4 89, 324 - 4 6 , 0 6 5 -12, 784 - 4 5 , 955 - 2 9 , 235 18,397 19,431
9,888 4 7, 281 -230, 788
647 -54, 858 -181,725 -13,940 25,542
3,239 - 3 9 0
121, 788 - 9 , 1 2 7 - 2 , 205
39, 305 14, 531 51, 299
10, 566
780
2,004
2
2
2
4
-2
981
981
- 8 , 926
-6,699
- 9 , 407
-10,378
- 9 , 397
-14,051
-7,002
- 7 , 307
- 1 0 , 594
- 8 , 381
- 4 , 523
Switzerland
Total Net imports from or net exports (—) to: Total
net
net
imports
All imports
or net United
or
net
Switz- other
exports King- France Netherlands erland coun- exports
dom
(-)
tries
1934...
1935...
1936 . .
944
979
3,953
1,019 -8,447
8,705 - 3 , 1 5 6 -3,161
5, 760 3 20, 624 P - 4 , 0 8 0
2,848 3 101, 055
Germany
Year or month
971
920
1,367
-934
-2,330
-140
-59
-37
-28
4
-38
-55
37
-20
30
15
2,462
6,571
21, 413
22, 570
13,386
5,188
-321
2,829
33, 506
14,848
2,210
- 2 , 874
1,897
-135
1,558 - 1 7 , 0 3 4
1,157
57,
-1,372
163
32
-4
-7
-575
19
-3,676
-4,916
- 6 , 675
- 6 , 247
1,085
-332
-2,088
881
- 3 , 227
-4,166
-195
-518
-841
-131
-4,298
-1,704
820
-113
- 6 , 396
2,892
2,291
- 6 , 783
- 5 , 705
- 3 , 492
7,292
284
2,057
-249
3,176
40,875
656
1,241
-47
5,227
2,436
-463
-2,516
-612
-1
-490
-228
21
732
852
653
-100
-575
1,866
-566 '-13,507
55
819
1,372
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.
* Figures derived from preceding columns; net imports plus production minus reserves in India.
3
$22,520,000
imported by United Kingdom from U. S. S. R. in March and $98,510,000 in April 1937.
4
$85,390,000 imported by Germany from U. S. S. R. in 1934, and $6,376,000 in 1935.
8
$8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in May 1936.
s $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.
JUNE
615
FEDERAL RESERVE BULLETIN
1937
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
issue
department)!
Cash reserves
Coin
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Feb. 26 __
Mar. 25
Apr 29
May 27
June 24
_
July 29
Aug. 26
Sept 30
Oct. 28
Nov 25
Dec. 30
_ _
1937—Jan. 27
Feb. 24
Mar 31
Apr. 28
Liabilities of banking department
Assets of banking department
Gold (in
145.8
147.6
120.7
119.8
190.7
192.3
200.1
200.6
200.6
202.7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7
Notes
.2
.6
.6
.8
1.0
.5
.6
.7
.8
.8
.9
1.0
1.0
1.1
1.1
1.0
.7
.6
.4
313.7
313.7
313.7
313.7
.7
1.0
1.0
Discounts
and advances
26.3
38.8
31.6
23.6
58.7
47.1
35.5
60.7
54.1
45.9
40.3
41.5
51.4
61.3
59.3
65.9
63.1
46.3
22.3
49.0
27.3
18.5
16.8
7.6
8.5
11.0
61.4
58.6
39.8
44.8
8.0
5.0
8.3
6.7
7.6
7.1
9.2
8.6
6.6
6.8
17.5
4.9
7.1
5.5
Note
circulation
Securities
Deposits
Bankers'
84.9
104.7
133.0
120.1
101.4
98.2
94.7
96.2
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
399.9
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
106.2
83.6
104.7
78.3
90.8
75.2
100.9
60.7
86.5
97.6
150.6
97.4
105.3
123.4
119.7
452.3
455.1
473.8
468.8
98.4
100.4
62.3
87.6
Public
8.8
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
35.5
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
18.2
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
38.4
37.9
38.5
39.6
18.1
18.2
18 3
17.7
6.6
7.7
8.9
22.2
9.9
12.1
8.8
18.0
7.5
Assets
Liabilities
Loans o n Deposits
Advances
Negotia- Other Note
Other
to
Shortble seliabiliGovOther curities
assets circulaterm
tion
Governties
Other ern- Govern- securiOther
ment
ment ment se- ties
curities
Domestic bills
Bank of France
Gold*
Foreign
exchange
1929—Dec 27
193O—rw 26
1931—Dec 30
1932—Dec. 30
1933—Dec 29
1934—Dec 28
1935—j) ec 27
1936—Yeb 28
Mar 27
Apr. 24_
May 29
June 26
July 31
Aug 28
Sept. 25
Oct. 30
Nov. 27
Dec 30
41,668
53, 578
68,863
83, 017
77,098
82,124
66,296
65, 789
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
1,309
1,297
1,305
1,426
1,297
1,270
1,250
1,245
1,471
1,466
1,460
1937 Jan 29
Feb. 26
Mar. 26
Apr. 30
57, 359
57,359
57, 359
57, 359
1,435
1,323
1,194
4,112
(Figures in millions of francs)
Other
liabilities
Special
27
547
925
1,379
8,624
8,429
7,389
3,438
4, 739
3,971
9,712
9,758
12,053
14,392
19,381
7,750
6,041
7,063
7,484
7,332
8,056
8,465
14,333
14,333
14, 333
15,903
12,303
12, 298
17, 698
1,620
1,524
1,514
1,470
8,553
8,990
8,440
7,639
19,772
19, 772
20,066
19, 991
573
932
671
623
796
1,048
1,461
809
838
668
702
715
1,168
873
225
965
2,521
2,901
2,730
2,515
2,921
3.211
3^ 253
3,250
3,325
3,349
3,381
3,441
3,555
3,454
3,553
3,447
3,464
3,583
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,708
5,708
5,708
5,708
5,708
5,708
5,640
6,640
5,640
5,640
5,640
5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,186
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
81,239
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
2,854
2,889
2,722
1,850
1,305
1,594
1,523
1,679
3,973
2,069
2,089
7,850
11,698
22,183
20,072
13,414
15, 359
8,716
8,706
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
2,134
2,148
2,334
2,383
2,652
2,267
2,301
2,356
3,553
3,160
2,557
3,701
3,594
3 698
3,918
5,640
5,640
5,640
5,642
8,209
8,235
8,543
9,256
87, 688
87, 062
85, 746
87,063
1,955
2,315
1,977
4,361
15,280
15, 386
16,404
13,408
2,534
2,547
2,552
2,518
1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), a
reduction of £fO,00(),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.
2
By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
ip. 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 estab;shed by the law of October 1.
3 Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populates (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.
8!
616
FEDERAL RESERVE BULLETIN
JUNE 1937
CENTRAL BANKS—Continued
Assets
Reichsbank
Reserves
(Figures in millions of
reichsmarks)
Gold
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
iV«6—Feb.
31
31
31
31
30
31
31.
29
Mar. 31_
Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1937—Jan. 30
Feb. 27
Mar. 31
Apr. 30
Liabilities
Securities
Foreign
exchange
Other
Treasury bills
(and Security
loans
bills
checks)
241
206
98
16
49
45
53
43
54
71
37
98
90
74
51
55
57
62
404
469
172
114
9
5
5
5
5
5
5
5
5
6
6
5
5
2,283
2,216
984
806
386
79
82
72
72
70
70
72
72
69
63
65
66
66
67
67
68
68
Note
circulation
Other
Eligible
as note
cover
2,608
2,366
4,144
2, 806
3,177
4,021
4,498
4,026
4,201
4,353
4,606
4,699
4,623
4,693
4,875
4,888
4,852
5,448
251
256
245
176
183
146
84
72
56
73
60
66
67
65
59
79
67
74
259
445
349
348
336
240
219
220
220
220
219
219
219
221
4,835
4,777
5,101
5,124
65
102
51
52
223
222
167
106
Other
Deposits
Other
liabilities
92
102
161
398
322
319
315
315
321
319
319
311
310
309
308
305
303
656
638
1, 065
1,114
735
827
853
861
771
702
648
704
711
686
695
685
770
765
5,044
4,778
4,770
3,560
3,645
3,901
4,285
4,177
4,267
4,348
4,430
4,389
4,471
4,540
4,657
4,713
4,674
4,980
755
652
755
540
640
984
1,032
652
768
688
729
960
787
729
744
689
753
1,012
736
822
1,338
1,313
836
1,001
923
914
782
798
807
815
840
853
875
897
911
953
302
302
312
310
959
1,059
1,021
896
4,799
4,816
4,938
4,979
707
785
970
794
973
816
N O T E — F o r 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]
National Bank of Albania (thousands of francs):
Gold
Foreign assets
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold at home
Gold abroad and foreign exchange
Negotiable Government bonds._.
Other assets
Note circulation
Deposits—Member bank
Government
Other
Other liabilities
C o m m o n w e a l t h 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):
Gold
Foreign exchange (non-reserve) _.
Loans and discounts
Government debts
Other assets
Note circulation
Deposits
Other liabilities
National Bank of B e l g i u m (millions of belgas):
Gold
Discounts, domestic and foreign..
Loans
_..
Other assets
1937
Apr.
Feb.
7, 555 7, 555
24, 522 24, 234
3,668
3, 819
3,951
3, 755
11,539 11.469
16. 382 16, 237
11,775 11,657
1,224
1,224
286
307
165
1,140
383
117
5
31
154
1,134
391
124
6
30
16,012
38, 560
16,012
38, 561
1,093
28, 829
15.328
38, 251
79,940
47,039
1,297
22. 680
17, 594
38, 251
76. 509
47', 039
243
97
195
620
139
S05
228
161.
243
96
197
620
125
891
243
148
243
96
202
620
130
893
241
156
3. 579
1,331
38
310
3, 651
1,373
38
314
3, 690
1, 363
34
316
1 Gold a b r o a d r e v a l u e d in D e c e m b e r 1936.
Mar.
1936
Apr.
Central bank
[Figures as of last report
date of month]
1937
Apr.
National Bank of Belgium—Cont.
Note circulation
4,421
Demand deposits—Treasury
143
7, 556
Other
622
18, 209
Other liabilities
72
3,111
5,029 Central Bank of Bolivia(t housands
of bolivianos):
11,545
Gold at home and abroad 1
10.710
Foreign exchange
11,650
Loans and discounts
Securities—Government
Other
1,224
Other assets
Note circulation
__
111
Deposits
212
Other liabilities
153
1,021 Bank of Brazil (millions of milreis) :
Cash
451
Correspondents abroad
190
Loans and discounts
9
Note circulation
29
Deposits
National Bank of Bulgaria (millions of leva):
1,755
Gold
16,003
Foreign exchange reserve (net)...
40,341
546
Other foreign exchange
979
Loans and discounts
1,225
3,551
Government debt
19,314
Other assets
995
10, 642
Note circulation.
35, 657
2,636
Deposits
63, 9Q2
2,899
Other liabilities
48,045
2,291
Bank of Canada (thousands of Canadian dollars):
Gold
_
_
243
191,192
Silver bullion
82
2,388
Sterling, United States and other
219
624
exchange
11,215
Advances to Provincial Gov'ts...
168
Government securities:
952
2 years or less
210
50, 252
174
Over 2 years
101,687
Other assets
6,537
Note circulation
129,063
Deposits—Chartered banks
3,429
199, 472
Dominion Government 21, 222
1,247
Other
75
796
325
Other liabilities
12, 718
1936
Mar.
Feb.
Apr.
4,404
166
734
72
4,477
25
828
72
4,255
31
719
72
50,421
111,320
11,642
414, 560
4,735
13,968
231, 293
271,155
104,199
67,400 22, 243
8.640
71, 773
7,230
11,068
413, 360 388,202
2,921
4,795
12, 524 16,976
220, 568 56, 534
256,097 225.162
104, 255 64,515
239
413
2,441
268
503
2,439
2, 949
2,952
1,755
1,755
554
921
3,551
1,053
2,440
3,109
2,287
622
765
3,551
970
2,317
3,111
2,235
1,591
-128
374
1,372
2,671
1,099
2,252
2,219
2,508
87, 947 179, 423
2,358
2,281
.79, 951
1,636
211
379
2,921
10
3,146
14, 575
9,384
2,000
50, 975 55,196
101, 797 101,661
7,826
4,709
125, 970 119,218
194, 275 195,045
36, 751 30,038
1,452
1,315
12,160
12, 230
28, 602
82,323
5,154
90, 309
L87,447
23,915
327
7,054
19, 706
617
FEDERAL RESERVE BULLETIN
JUNE 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937
1936
Apr.
Mar.
Feb.
Deposits
Central Bank of China1 (millions of
yuan):
Gold
Silver
Foreign exchange
Due from domestic banks
Loans and discounts
Securities
Other assets
Note circulation
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
32, 504
Gold
11,490
Foreign exchange
11,294
Loans and discounts
Government loans and securities. 45,912
26, 638
Other assets
51,544
Note circulation
Other liabilities
National Bank of Czechoslovakia
(millions of koruny):
Golds
.
-.
.
Foreign exchange
Discounts
Loans
Government debt.
Other assets
Note circulation
Demand deposits
_ _
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts . . . _ _
Other assets
Note circulation _
Demand deposits
Other liabilities
National Bank of Denmark? (mil
lions of kroner):
Gold
Foreign exchange.
Discounts
_
_ _
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thou-
143
225
699
680
302
142
102
706
598
275
34
236
168
144
474
162
85
358
795
149
51
230
86
124
210
311
48
269
667
125
38 573
37, 720
40,212
9, 690
7, 024
45, 752
27,015
51. 478
41 158
37, 058
37, 779
12,725
7, 705
45, 585
26,871
52, 730
41 413
36, 521
2, 581
127
1, 239
1,005
2,018
1,011
5, 944
363
1, 674
2, 583
146
1,180
1,069
2,018
1.046
5, 949
464
1, 628
2, 587
277
1,094
791
2,019
1,041
5,787
415
1, 607
2, 694
44
837
599
2, 038
911
5, 509
647
967
29, 566
465
1,442
15, 359
4, 146
32, 654
12.866
19,179
29, 552
310
2, 076
15, 34.1
4,136
32.018
13, 243
19, 019
29, 342
1,615
2, 354
16, 372
4, 224
31,373
13, 905
19,115
20, 783
1,723
6,317
15,038
4, 376
28, 869
2, 651
19, 044
118
15
29
184
155
54
63
392
78
149
118
17
28
180
141
54
65
378
78
147
118
15
32
173
135
56
63
375
72
146
118
27
25
223
142
76
38
382
155
113
33, 235
25, 171
38, 879
57,313
38, 751
29,314
6,536
37, 783
46,756
12, 280
6, 545
3,515
4,136
6,545
3, 535
5,059
6, 545
2,558
5,016
39, 059
8,086
21,153
10, 505
21,533
8,151
38, 742
5, 999
21, 545
8,833
21,321
8,183
39, 555
5, 309
21, 246
6,185
23, 384
8,169
1
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Feb.
Apr.
13,142
6,986
597
6, 364
2,510
18,182
7,176
4,240
13,138
5, 720
1 279
6,546
2 464
18,584
6,578
3,984
12,917
4 345
484
6 842
1 882
14 800
7,569
4,102
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
34,176
12,390
25 871
21,228
46 005
33, 703
13 957
34,125
2, 463
21 453
23 433
41 887
27, 251
12 335
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
815
1 939
1, 051
295
301
' 1 757
531
513
1,601
501
1 559
1,021
262
293
1 546
35
600
1,454
3,304
3, 385
4, 104
2, 258
6,680
4,442
1,930
3,272
3, 066
4,154
2,156
6, 368
4, 363
1, 916
3, 229
2, 957
4,157
1, 940
6, 061
4, 208
2,015
3,078
5,140
4.172
1, 249
5, 791
5, 949
1, 899
84
48
421
104
12
221
435
174
93
190
84
47
451
102
12
208
417
200
93
194
84
47
462
101
12
199
418
202
93
192
79
31
487
80
12
130
390
109
104
216
444
793
224
619
1,944
444
773
244
622
1,939
444
683
234
591
1,707
136
265
144
251
76
10
381
106
74
6
368
106
246
194
40
50
8
432
106
540
572
204
93
629
228
1,464
400
83
319
556
547
199
148
571
179
1, 529
314
83
275
515
614
133
184
554
183
1,317
512
69
285
89
3
68
89
2
67
89
1
61
Central Reserve Bank of El Salva-
pesos) :
Gold and foreign*exchange in reserve
Loans and discounts
Government debt
Note circulation
1
2
1936
Mar.
Apr.
Apr.
Central Bank of Chile (millions of
sands of sucres):
Gold *
Foreign exchange
Loans and discounts
Note circulation
Deposits
1937
Central bank
Central bank
29,
5,
4,
45,
25,
42,
30
37,
789
738
323
341
721
824
633
454
dor (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).
Leans 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 _
Loans to Government
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
543
559
208
74
651
223
1,450
439
62
308
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 as of June 30, 1936
* By decree of June 13, 1936, gold in vault revalued at rate of 11.6466 sucres per gram of fine gold.
618
FEDERAL RESERVE BULLETIN
J U N E 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1927
1936
Apr.
Bank of Java—Cont.
Other assets
Note circulation
_.
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Gold i
_
Foreign exchange reserve
Loans and discounts
Other assets
Note circulation >
Deposits
Other liabilities . .
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Deposits . __ _
Other liabilities
Netherlands Bank (millions of guilders) :
Gold
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling and gold exchange reserve
Advances: To State or State undertakings
Investments
_
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
Discounts
Loans
Securities
Other assets
Note circulation
Demand deposits—GovernmentOther
Other liabilities
Mar.
Feb.
Bank of Portugal—Cont.
Non-reserve exchange
Loans and discounts...
Government debt.
Other assets
Note circulation
Other sight liabilities
46
7
Other liabilities
99
182
51
26
102
178
55
25
51
155
23
24
77
42
120
47
46
208
31
77
40
118
44
49
201
30
77
33
117
52
43
203
32
113
51
38
149
30
77
6
97
33
112
79
22
77
6
99
34
114
80
21
7
100
32
113
80
21
53
21
80
23
107
50
20
985
19
2
21
178
63
796
76
349
46
920
17
2
21
179
63
814
74
269
45
879
20
2
21
173
62
774
76
261
45
710
20
1
24
128
67
766
62
75
48
2,802
2,802
2,802
19, 099
18, 804
24, 225
7,130
2, 453
273
13,179
16, 921
1,656
8,369
2,453
295
12, 753
18, 327
1, 644
1,816
272
10, 240
17, 272
1,602
215
103
215
215
93
185
83
254
227
149
25
53
16
410
46
44
59
229
143
26
60
11
399
56
36
58
226
171
19
35
17
364
51
38
59
2
C2)
C)
(2)
411
56
61
(2)
c
1
Mar.
Feb.
Apr.
163
328
1.044
1 220
2,062
1 105
1,054
100
380
1,046
1,027
2,026
1,033
864
15 731
4,460
6 329
2,157
10 820
9,267
25 949
11,657
11 158
15 708
4,670
6,146
2,432
10, 555
9,188
24, 961
11,755
11,982
10, 971
4,702
5,553
2,474
11,151
7,239
22, 401
8,580
11,110
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
27, 962
6,014
22
16,086
15, 918
30 478
3,688
22, 931
9,446
99
13, 567
13,068
29, 984
2,990
532
873
12
22
32
360
862
782
187
531
891
11
22
33
346
873
775
185
530
877
11
23
33
322
842
795
160
461
565
10
25
33
189
780
391
111
2,623
22
29
32
612
1,386
1,298
633
2,718
22
30
43
622
1,394
1,409
633
2,718
25
30
40
615
1,376
1,412
640
1,516
12
144
65
73
1,311
403
97
Apr.
Apr.
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 (net).
1936
1937
Central bank
Central bank
.
National Bank of Rumania (mil-
lions of lei):
Golds
Special exchange accounts. _
Loans and discounts
Special loans 4
_ __
Government debt._
Other assets _.
Note circulation
Demand deposits ._
Other liabilities
C
South African Reserve Bank
(thousands of pounds):
Gold.
Foreign bills
Other bills and loans. __
Other assets
__ __
Note circulation
Deposits
Other liabilities
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Discounts
Loans
Domestic securities _ _
Other assets
_ __ _
Note circulation
Demand deposits..
Other liabilities
Swiss National Bank (millions of
francs):
Golds
Foreign exchange
Discounts. __
Loans.Other assets __
_ _
Note circulation
Other sight liabilities. _
Other liabilities _ .
Central Bank of the Republic of
Turkey (millions of pounds): •
Gold-_
36, 709 36, 707 36, 704 30, 004
445
62
Foreign Exchange—Free. _ ._ _
23
54
46,488 48, 927 42, 728 18,111
In clearing acccounts
Loans and discounts
34,175 30, 239 26,182 15, 972
Securities...
86,971 187,132 186, 978 186,023
24, 517 26, 202 24, 981 19, 272
Other assets
Note circulation
76, 376 80 975 180, 975 163, 293
Deposits
37, 022 38, 331 39,914 39,182
Other liabilities
15,484 09, 955 96, 746 67, 354
tank of the Republic of Uruguay
42, 351
30, 974
42, 300
8,480 1
86, 950
24, 617
12, 537
409
36
614
134
454
996
245
407
406
35
640
135
453'
1,000
254
415
400
36
690
135
437
1,000
254
444
381
15
809
91
452
1,010
148
589
912
554
910
460
(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):
Gold
Foreign exchange
_ _
Loans and discounts
Government debt
Other a s s e t s . . .
__ _ __
Note circulation
Other sight liabilities ___
. _
Other liabilities
_____
41,601
89, 654
41,091
81, 330
23,156 25, 681
82, 559 81,611
85, 977 84,168
01, 594 101, 981
90 097 89, 479
40, 309
91, 647
54, 838
13,789
73, 005
1,642
693
1,696
2,249
1,686
5, 347
1, 909
710
1, 497
307
1,617
2,273
1,269
4,824
1,553
41,601
92,162
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
586
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.
2 Figures not yet available.
3 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.
5
Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc.
FEDERAL RESERVE
JUNE 1937
619
BULLETIN
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francs }]
1937
1937
1936
Liabilities
Assets
Gold in bars
Cash on hand and on current account
with banks
Demand funds at interest
Undiscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances
Treasury bills..
Total
Time funds at interest—Not exceeding
3 months
Between 3 and 6 months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items
Total assets.
Apr. 30
Mar. 31
Apr. 30
32, 235
45, 087
23, 200
32, 695
25, 234
25,636
26, 538
9,538
14, 094
106, 654
133, 379
101,347
130, 696
137,125
188, 792
240, 034
232, 043
325,917
26,138
1, 666
27,012
1, 669
38, 952
21,605
99, 451
26, 864
68, 036
27,158
61, 993
10, 282
48, 481
6, 637
68, 233
21, 385
63, 683
77, 449
5, 779
77, 890
11,773
51, 583
1, 694
263,047
259,432
227,496
1,302
400
1, 329
96
6,213
6, 566
622, 750
618, 842
651, 976
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 months
Total
Central banks for account of others:
Demand
Time—Not exceeding 3 months
Other depositors:
Demand
Time—Not exceeding 3 months
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund.
French Government deposit (Saar)_
Total
Capital paid in.
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund—
Other liabilities:
Guaranty on commercial bills sold
Sundry items
Totalliabilities
A p r . 30
M a r . 31
Apr. i
21, 688
23, 309
31,143
103, 744
24,148
105, 482
23, 606
108,075
134, 887
129, 630
131, 681
4,268
4,248
7,679
2,989
354
229
522
684
153,280
76, 640
41, 727
1,368
153,158
76, 579
42, 819
1,404
154, 764
77, 382
61, 930
2,031
273, 015
273, 959
296,106
125,000
125,000
125,000
3,784
6, 092
12,183
3,784
6, 092
12,183
3,324
5,845
11,690
1,359
40,111
1,354
39, 045
6,265
40, 882
622, 750
618,842
651, 976
19,3
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(11 London clearing banks. 1 Figures in reserves
counted
short
millions of pounds sterling)
notice
1930—December
1931—December
1932—December
1933—December
1934—December
2935—December
1936—January
February
March
April
MayJune
July
August
September
October
November
December
1937—January .
February
March
April
_ .__
__
_
__
_ _
_
_ __ _
__ _ __
Securities
Loans to
customers
Other
assets
Deposits
Total
Demand 2
Other
Times
208
184
207
213
216
221
228
229
217
227
220
225
225
233
229
227
233
244
144
119
127
119
151
159
159
157
162
161
159
158
158
163
166
164
181
195
322
246
408
311
255
322
346
295
252
268
309
329
349
345
344
351
329
322
285
297
472
565
594
605
630
629
635
637
640
642
639
641
648
655
656
660
933
905
778
740
759
784
815
828
854
868
870
878
884
877
882
892
895
890
240
222
208
237
247
231
227
227
230
233
227
237
227
226
226
231
238
249
1,876
1,737
1, 983
1, 941
1,971
2,091
2,164
2,123
2,108
2,154
2,185
2,229
2,244
2,246
2,257
2,280
2,287
2,315
992
868
991
1,015
1,044
1,140
1,166
1,125
1,123
1,145
1,156
1,215
1,223
1,212
1,228
1,238
1,241
1,288
847
846
963
900
910
924
937
940
951
974
992
995
986
991
1,000
999
1,006
1,012
238
230
226
179
167
170
177
345
307
248
241
669
671
667
661
885
909
939.
951
239
243
254
256
2,307
2,274
2,244
2,252
1,254
1,217
1,200
1,005
997
1,003
230
1 Ten banks through 1935; District Bank included beginning January 1936.
2 Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total.
NOTE.—For otherfiguresand explanation of table see BULLETIN for October 1933, pages 639-640.
liabilities
.
254
237
216
244
251
231
242
242
241
240
239
240
237
240
238
239
243
245
247
252
259
263
620
FEDERAL RESERVE BULLETIN
JUNE 1937
COMMERCIAL BANKS—Continued
Assets
(4 large banks. Figures in millions of
francs)
1930—December
1931—December
1932—December
1933—December
1934—December
1935—December
1936—January
February
March
April
May
June
July
August
September
October
November
December
1937—January
February
.
_
_ _.
_-
—-
_
__ _ _-
Cash
reserves
2,419
11,311
9,007
5,870
5,836
3,739
3,451
3,431
3,587
3,517
3,513
3,494
3,206
3,097
3,083
3,186
3,173
3,100
2, 852
2,798
Due from Bills disbanks
counted
4,675
2,168
1, 766
1,416
1,421
2,48' I
2,5fr J
2,52*I
2,61' 1
2,902
3,032
2,768
2,410
2,326
2,757
2,766
2,839
2, 975
3,589
3,770
20, 448
18, 441
22,014
19, 848
18, 304
16,141
16, 601
16,470
16,135
16,199
16,014
14,972
15,410
15, 445
14,876
17, 070
17, 298
17, 582
18, 289
17,825
Liabilities
Deposits
Other
assets
Loans
10,743
9,274
7,850
8,309
8,159
8,025
7,765
8,006
7,700
7,677
7,542
7,328
7,215
7,031
7,398
7,452
7,625
7,631
7,949
8,056
Total
2, 361
2,130
1,749
1,827
1,717
1 900
1 086
1 101
1
1,270
1,333
1,385
1,445
1,451
1,457
1,727
1,824
1,957
1, 340
1,397
Demand
36, 681
38, 245
37, 759
32, 635
30, 943
27, 553
27, 548
27, 603
27,194
27,410
27,199
25, 655
25,334
24,979
25,137
27, 549
28,015
28, 484
29, 831
29, 644
35, 284
37, 023
36, 491
31, 773
30,039
26, 859
26, 859
26, 903
26, 522
26, 714
26, 523
25,022
24,761
24,451
24,613
27,028
27, 467
27,955
29, 304
29, 061
Assets
(5 large Berlin banks. Figures in mil- Cash
reserves
lions of reichsmarks)
1930—November
1931—November
1932—November
1933—November
1934—November
1935—November
1935—January
February
IVIarch
April
May
__ ._ __
__
-
June
July
August
September
October
November
1937—January
February
March
_
__ __
191
173
143
131
115
139
134
128
186
136
141
175
146
138
180
130
137
154
130
201
Due
from
banks
1,483
817
583
471
393
316
306
307
317
301
300
295
263
274
287
273
269
303
301
315
Securities
7,416
5, 377
4,570
3,731
3,331
2,884
2,847
2,900
2,890
2,847
2,884
2,858
2,843
2,826
2,779
2,735
2,729
2,679
2,673
2,732
482
807
938
860
874
1,027
1,003
987
982
973
980
1,008
1,037
1,047
1,066
1,075
1,112
1,020
1,022
1,014
Other
assets
880
1,127
991
1, 003
983
983
958
945
935
916
873
839
824
816
847
858
851
837
822
813
Total
9,091
6,062
6,161
5,754
5, 816
5, 376
5,460
5,472
5,544
5,595
5,621
5,712
5,557
5,533
5,621
5,712
5,751
5,973
6,029
6,135
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
Other
assets
604
694
778
861
967
1,155
1,207
1,265
1,316
1,314
1,345
1,368
1,357
1,355
1,380
1,363
1,316
1,384
1,412
1,422
1,427
602
510
439
432
449
485
472
444
459
478
446
502
481
487
494
491
485
507
468
483
516
June
July
August
SeDtember
October
November
December
1937—January
February
March
-- ----
207
201
211
197
228
228
220
224
227
228
225
230
227
225
226
232
264
240
247
239
242
205
135
103
106
103
83
78
78
77
83
87
91
91
91
105
109
116
114
119
119
124
1,275
1,253
1,104
1,036
977
945
874
869
864
862
828
777
768
776
807
816
800
791
796
805
814
4,357
4,503
4,331
4,362
4 301
4,399
3,568
3,595
3 677
3,757
3,812
3,897
3 994
4,035
4,066
4,244
4,290
4,289
3, 626
3,600
Demand
3, 857
3,252
2, 958
2,624
2,731
2, 435
2,480
2,409
2,560
2,585
2,622
2,688
2,595
2,529
2, 575
2,644
2,661
2,923
2,760
2,942
Time
5,233
2,810
3, 203
3,130
3, 085
2,941
2,980
3,063
2,985
3,010
2,999
3,023
2,962
3,005
3,045
3,068
3,090
3,050
3,270
3,194
Credits
obtained
from
banks
1,986
1, 328
1,146
661
485
686
659
652
651
644
636
622
613
605
575
586
579
557
578
559
Other
liabilities
1,828
2.341
1,550
1,481
1, 432
1,449
1,423
1,417
1 399
1,363
1,327
1,276
1,306
1,291
1,323
1,342
1 334
1, 357
1,307
1,288
Liabilities
Entirely in Canada
1930 December
1931—December
1932—December
1933 December
1934—December
1935 December
193Q—January
Februarv
Miarch
April
921
576
295
273
193
337
349
338
391
397
424
394
359
335
368
408
454
473
561
602
1,397
1,222
1,268
862
904
694
689
700
672
696
676
633
573
528
524
521
548
529
527
583
Deposits
Assets
Canada
Own
Other
acceptances liabilities
Liabilities
Bills dis- Loans
counted
2. 453
1,431
1,631
1,702
2, 037
2,162
2, 294
2,275
2,285
2,429
2,406
2,435
2,363
2,329
2,360
2,569
2,567
2, 895
2, 966
2,908
Time
171
146
155
134
155
141
150
151
154
145
131
113
110
157
146
146
179
161
173
214
161
Note
circulation
133
129
115
121
124
111
112
118
117
114
116
115
113
115
111
112
109
103
103
108
105
Deposits payable in Canada excluding interbank
deposits
Total
2,115
2,058
1,916
1, 920
2.035
2,180
2,144
2,152
2,197
2,229
2,193
2,207
2,174
2,175
2,263
2,261
2,269
2,303
2, 330
2, 369
2,370
Demand
689
698
538
563
628
694
645
635
665
692
666
702
680
672
762
751
722
755
782
805
786
Other
liabilities
Time
1,426
1,360
1,378
1,357
1,407
1,486
1,499
1,517
1,532
1,536
1,527
1,505
1,494
1,503
1,501
1,510
1 547
1,548
1,549
1, 564
1,584
816
752
760
725
718
745
745
761
783
767
753
757
748
800
785
784
783
790
781
804
810
1
Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
srlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes m reporting practice,
ee BULLETIN for June 1935, p. 389.)
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.
621
FEDERAL RESERVE BULLETIN
JUNE 1937
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
GerNether- SwitzerUnited
Kingdom France many Italy lands
land
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
In effect May 29,1937
2
4
6
5
4
5
3K
... _
VA
%y
5 2
6
w2
5
4
4
3H
3
3
2
5
3
2H
2
Rate
May
29
Central
bank of—
Albania
Argentina...
Austria
Belgium.™..
Bolivia...^..
British India
Bulgaria
Canada
Chile
Colombia. __
Czechoslovakia
Danzig
Denmark. __
Ecuador
El Salvador.
Estonia
Finland
France
Germany
Greece
Hungary
Date
effective
6
3H
VA
2
6
3
6
iy,
April 1, 1937
Mar. 1, 1936
July 10, 1935
May 16, 1935
July 5, 1932
Nov. 28, 1935
Aug. 15, 1935
Mar. 11, 1935
3*-4* Jan. 8, 1936
July 19, 1933
3
4
4
4
4
4^
4
4
6
4
Jan. 1, 1936
Jan. 2, 1937
Nov. 19,1936
Nov. 30, 1932
Aug. 23, 1935
Oct. 1, 1935
Dec. 3, 1934
Jan. 28, 1937
Sept. 22, 1932
Jan. 4, 1937
Aug. 29, 1935
Central
bank of—
Rate
May
29
Italy
Japan
...
Java
_
Latvia
Lithuania...
Netherlands.
New Zealand. _
Norway
Peru
_
Poland
Portugal
Rumania
South Africa
Spain
_
Sweden
SwitzerlandTurkey
United\Kingdom
TJ. S. S. R...
Yugoslavia..
4H
3.29
3
5
May
Apr.
Jan.
Nov.
July
Dec.
2
4
6
5
4K
4M
3H
5
VA
5j|
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
Date
effective
18, 1936
7, 1936
14, 1937
1, 1936
1, 1936
3,1936
2^
VA
2
2
4
4
4
2
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month
Netherlands (Amsterdam)
Germany (Berlin)
Bankers' Treasury
Bankers'
acceptances, bills, 3 Day-to-day
allowance
money on
3 months
months
deposits
Private
discount
rate
Money for Day-to-day
1 month
money
1936—April
May
June
July
August
September
October...
November
December.
3.00
2.92
2.88
2.88
2.88
3.00
2.94
3.00
3.00
3.04
2.89
2.74
2.73
2.84
2.89
2.82
2.84
2.88
2.83
2.76
2.67
2.96
3.01
3.01
2.82
2.79
3.05
1937—JanuaryFebruary..
March
April
3.00
3.00
3.00
2.90
2.88
2.86
2.86
2.71
2.54
2.47
3.10
2.55
Switzerland
Belgium
(Brussels)
Franc©
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Month
Sweden
(Stockholm)
Hungary
Prime
commercial paper
1936—April
May
June
July
August
September
October.,_
November
December.
2.25
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
1.38
1.29
1.00
1.00
5.03
5.60
5.60
3.30
3.00
3.38
2.52
1.96
1.99
5.00
4.78
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4
4
4
4
4
4 -6^
4
4
4 -6H
1937—January.._
February..
March
1.25
1.18
1.00
1.00
1.00
1.00
2.22
4.01
4.06
4.50
4.50
4.50
4
4 -6H
up
Day-to-day Loans
to 3
money
months
2%
2%
2'
2K
2%
2%
1%
Private
discount
rate
Money for
1 month
1.19
2.27
4.05
2.04
1.37
1.33
2.03
1.00
P.
56
P.
P.
24
22
1.27
1.82
3.95
1.73
1.20
1.29
2.51
1.55
1.48
Japan (Tokyo)
Call
Discounted
money
bills
overnight
4.97
4.93
4.83
4.75
4.75
4.75
4.75
4.75
4.75
3.11
2,73
2.63
2.53
2.69
2.81
2.92
2.86
2.74
4.75
4.75
4.75
2.63
2.67
2.83
p Preliminary.
NOTB.—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.
622
FEDERAL RESERVE BULLETIN
JUNE 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
November.
December _.
1937—JanuaryFebruary. .
March
April
Year or month
1929
1930
1931
1932
1933
1934
1935
...
1936
1936—May
June
_
July
August
SeptemberOctober
NovemberDecember _
1937—January-..
FebruaryMarch
April
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
Argentina
95.127
83. 505
66.738
58. 443
72. 801
33. 579
32. 659
33.137
33. Ill
33. 418
33. 489
33. 503
33.611
32.667
32. 583
32. 718
32. 718
32. 627
32. 570
32. 774
Aus- Austric
tralia
(schil(pound) ling)
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
Czecho- Denslovak! mark
(koruna) (krone)
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
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
Belgium
Brazil (milreis)
British
India
(rupee)
Bulgaria Canada
(dollar)
(lev)
Chile
.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
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
99. 960
99. 964
100.051
100.120
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
5.1726
5.1731
5.1726
5.1725
GerHong
Egypt Finland France many Greece
(drach- Kong
(pound) (markka) (franc) (reichsma)
(dollar)
mark)
Hungary
(pengd)
Italy
(lira)
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
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
Official
13.912 11.8078
13.952 10.7136
13.929
7.0290
13.914
7.1223
17. 900 *. 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
16. 860 8. 7080
16.861
8. 7053
16. 847 8. 7021
16. 860 8. 7105
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
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
Free
market
5. 8788
5.8367
5. 8901
5.8452
5. 8631
5. 9525
6.0812
6.1076
6.1069
6. 2538
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
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
1.2934
1. 2959
1.2926
.8320
.7233
.9402
.9386
.9289
.9338
.9316
.9400
.9387
.9347
.8965
.8935
.8973
.8984
.8965
.8951
.9003
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
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
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
China
(yuan)
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
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
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
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
.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7309
.7273
.7279
.7317
.7315
.7309
.7289
.7285
.7273
.7275
.7284
.7286
483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
485. 05
491. 59
496. 53
497.07
497.19
497. 99
484. 32
483. 43
485. 33
485. 40
484. 24
483. 81
486. 89
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
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
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
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
Cuba
(peso)
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
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
57. 390
57. 234
57.008
56. 956
99.917
99. 917
99. 917
99.918
NetherJapan Mexico lands
(peso) (florin)
(yen)
46.100
49. 390
48. 851
28. Ill
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
New
Portu- Ruma- South Spain Straits
SwitzSettle- SweZealand Norway Poland
gal
nia
Africa
den erland Turkey
ments (krona)
(krone.)
(zloty)
(pound)
(escudo)
(leu)
pound) (peseta) (dollar)
(franc) pound)
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
Colombia
(peso)
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
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
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
27.
27.
27.
27.
54.
54.
54.
54.
750
750
750
751
752
686
702
757
United Uru- YugoKing- guay slavia
dom
(dinar)
(pound) (peso)
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
490. 78
490. 75
489. 39
488. 51
491. 63
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
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.
2.
2.
2.
3022
3059
3057
3056
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.
623
FEDERAL RESERVE BULLETIN
JUNE 1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Year or month
1926
1927 _
1928
1929
1930
1931
1932
1933
1934
1935
1936
Switzerland
(July 1914
=100)
Germany
Italy
(1930=100)
(1913=100)
(1928=100)
(October
1900=100)
100
88
86
86
88
89
94
695
642
645
627
554
502
427
398
376
338
411
134
138
140
137
125
111
97
93
98
102
104
100
95
85
75
70
63
62
68
76
237
225
226
220
181
153
161
180
178
186
J>197
106
103
102
100
90
76
65
63
63
62
64
144
142
145
141
126
110
96
91
90
90
96
100
98
96
96
87
72
67
67
72
72
80
80
79
79
81
82
82
82
82
84
72
72
72
72
74
76
76
77
77
80
92
92
92
93
94
95
96
98
98
101
376
371
374
378
391
403
420
471
492
519
104
104
104
104
104
105
104
104
104
105
75
76
76
76
75
76
77
77
78
79
191
192
192
194
197
197
201
200
204
215
62
61
61
62
62
63
63
68
70
71
91
92
92
92
93
93
97
103
105
107
86
86
88
88
81
83
86
86
103
104
107
109
538
533
'550
552
105
106
106
106
'81
'83
84
233
230
240
248
73
74
76
77
108
111
113
1936—March
April .
May
..
_
__ _
1937—January.. _
February
March
April
p Preliminary.
Netherlands
(1926-30=
100)
France
(1913=100)
100
95
97
95
86
73
65
66
75
80
81
.
.
United
Kingdom
(1926=100)
-_.
June
July
August
September
October
November__
December
Canada
(1926=100)
" Revised.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926 = 100)
Year or month
Farm
products
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1936—March
April
May
June
July
August
September
October._
November.
December
1937—January..
February _
March
April
r
Revised.
Sources—See
100
99
106
105
88
65
48
51
65
79
81
100
97
101
100
91
75
61
61
71
84
82
77
77
75
78
81
84
84
84
85
80
80
78
80
81
83
83
83
84
92
BULLETIN for
Foods
86
Other
commodities
100
94
93
92
85
75
70
71
78
78
France (1913=100)
Foods
100
Germany (1913 = 100)
IndusFarm
Indus- Agricultrial
and food
trial
tural
products products products products
100
87
85
87
90
90
96
94
94
94
94
581
599
584
579
526
542
482
420
393
327
426
90
94
95
98
97
99
97
97
99
102
392
394
405
425
449
487
500
522
99
99
101
102
105
107
111
113
532
516
528
522
793
678
697
669
579
464
Provisions
132
129
133
125
113
96
•86
75
76
84
Industrial raw Indusfinand semi- trial
ished
finished
products products
130
132
134
132
120
103
150
147
159
157
150
136
118
113
116
119
121
361
348
397
129
138
134
130
113
104
91
87
96
102
105
35S
359
358
364
378
384
396
457
484
516
105
105
105
106
106
106
105
104
103
104
120
120
121
121
121
121
122
122
123
123
543
548
'570
103
103
104
104
123
123
124
124
March 1931, p . 159, March 1935, p . 180, October 1935, p . 678, March 1937, p . 276, and April 1937, p . 372.
624
FEDERAL RESERVE BULLETIN
JUNE 1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
Year or
month
[Index numbers]
itzUnited EngNether- S werFrance mGerStatesl
land
a n y lands
July
land
1923July
19131911July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
161
156
157
154
145
131
126
120
122
125
130
105
100
82
68
66
74
80
82
80
80
80
84
84
84
84
83
1936—Mar...
April...
May...
June...
July—.
Aug
Sept....
Oct.
Nov.__
Dec
83
83
1937__j an< _
85
Feb....
Mar.
Apr
85
85
86
554
557
549
611
614
611
536
491
481
423
470
129
126
125
126
129
129
131
132
136
136
446
443
456
458
446
460
483
504
136
135
135
135
562
520
534
577
577
580
146
153
153
156
146
131
116
113
118
120
122
161
163
166
160
158
157
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
122
122
122
123
124
124
122
122
121
121
117
118
119
119
120
120
120
121
123
1936
121
122
122
122
124
126
122
129
129
162
150
136
119
120
124
118
120
119
121
124
124
122
156
152
141
125
117
115
114
120
123
123
itzUnited E n g - France G e r - N e t h e r - S werlands
many
States
land
Jan.land
1911June
19131923July
July*
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
Year or
month
103
102
100
. .
99
97
89
80
76
78
81
82
Mar.
April...
May
81
JuneJuly . .
Aug
Sept....
Oct
Nov.
Dec...
82
82
82
1937 Jan.
Feb.
Mar
Apr.
84
170
164
166
164
158
148
144
140
141
143
147
505
514
519
556
581
569
526
520
516
483
507
142
148
152
154
148
136
121
118
121
123
125
146
144
144
144
146
146
147
148
151
151
486
124
124
124
125
125
125
124
124
124
124
151
151
151
151
497
504
540
168
168
169
162
160
161
168
161
151
141
139
140
136
«132
161
158
150
138
131
129
128
130
•131
130
130
130
131
132
134
134
133
134
134
125
125
125
125
581
130
130
130
130
132
132
132
133
136
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 (1926 average=100)
Bonds
Year or m o n t h
United
States
(average
price) i
Number of issues. _
England
(December
1921=100)
France G e r m a n y
(1913 aver- (average
age=100)
price)
Netherlands 3
(1929=100)
139
8
419
278
300
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
100.0
145.0
136.1
122.8
100.2
2 78.0
2 50.3
61.7
71.1
82.9
91.6
100
109.8
113.7
112.7
82.3
50.0
31.4
33.6
30.8
29.8
38.3
United
States
Fngland
France
Germany
Netherlands
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
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
1936-March
April
May
.
June
_
July
August
September.__
October
November...
December. __
96.6
95.9
95.5
96.2
97.1
97.7
98.6
99.6
99.8
99.9
130.2
131.5
131.1
130.6
131.0
131.6
132.1
132.9
132.0
130.9
75.2
75.8
74.7
73.8
73.2
73.2
75.2
80.8
78.8
78.4
95.3
95.3
95.5
95.8
95.9
96.1
96.1
96.2
96.3
96.4
105.5
105.5
103.4
100.2
106. 0
108. 5
109.9
117. 5
120.0
120.3
108.7
108. 9
101.0
105.6
109.2
113.0
114.1
118.7
124.2
123.1
94.1
95.5
93.8
94.0
94.7
97.3
98.2
102.1
103.2
103.5
84.1
82.8
71.2
66.1
59.2
58.8
65.7
83.7
89.7
94.8
85.6
88.3
91.1
93.2
94.6
93.4
91.8
97.2
97.8
96.7
35.0
33.5
32.8
33.7
34.2
35.0
35.5
47.5
53.8
55.4
100.3
100.0
98.5
96.6
129.7
125.5
124.3
125.3
77.5
75.1
74.6
72.6
96.7
97.4
97.7
98.5
121.9
121.2
121.6
126.4
129. 5
129.9
124.5
104.2
103.8
102.7
101.0
114.6
113.3
112.0
96.6
97.8
99.2
100.3
101.5
63.1
67.3
69.3
1926
1927
1928
1929
1930. _
1931
1932
1933
1934
1935
1936
_
_
1937—January
February
March
April
329
1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
2 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune;
index for 1932 represents average of months May-December.
3
Index of reciprocals of average yields. Average yield in the base year 1929 was 4.57 percent.
Sources— See BULLETIN for February 1932, p. 121, June 1935, p . 394, and April 1937, p. 373.
FEDERAL RESERVE DIRECTORY
625
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
JOHN K. MCKEE
CHESTER C. DAVIS
JOSEPH A. BRODERICK
M. S. SZYMCZAK
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
0 . E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
FEDERAL ADVISORY COUNCIL
MARRINER S. ECCLES, Chairman
District N o . 1 (BOSTON)
T H O M A S M . STEELE.
GEORGE L. HARRISON, Vice Chairman
District N o . 2 ( N E W YORK)
W . W . ALDRICH.
JOSEPH A. BRODERICK
CHESTER C. DAVIS
W M . A. DAY
W M . M C C . MARTIN
JOHN K. MCKEE
B. A. MCKINNEY
RONALD RANSOM
J O H N S. SINCLAIR
M. S. SZYMCZAK
District N o . 3 (PHILADELPHIA)
. . . . HOWARD A. LOBB,
Vice-President
District No. 4 (CLEVELAND)
L. B. WILLIAMS.
District No. 5 (RICHMOND)
CHARLES M. GOHEN.
District No. 6 (ATLANTA)
EDWARD BALL.
District No. 7 (CHICAGO)
EDWARD E. BROWN.
District No. 8 (ST. LOUIS)
W'ALTER W. SMITH.
President.
District No. 9 (MINNEAPOLIS) . . . . JOHN CROSBY.
CHESTER MORRILL, Secretary
WALTER WYATT, General Counsel
District No. 10 (KANSAS CITY)
. . . W. T. KEMPEB.
J. P. DREIBELBIS, Assistant General Counsel
District No. 11 (DALLAS)
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
District No. 12 (SAN FRANCISCO) . . . PAUL S. DICK.
W. RANDOLPH BURGESS, Manager of System Open
Market Account
626
R. E. HARDING.
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent
Federal Reserve
Bank of—
President
First Vice President
Boston
F. H Curtiss
R A Young
W W Paddock
New York
Owen D. Young*
G. L. Harrison
Allan Sproul
Vice Presidents
W Willett2
_ 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
W. J. Davis.
E. C. Hill.
Cleveland...
E. 8. Burke, Jr
M. J. Fleming
F. J. Zurlinden
H. F. Strater.
W. H. Fletcher.
W. F. Taylor.2
Richmond.
Robert Lassiter
Hugh Leach
Atlanta
W. H. Kettig
Oscar Newton
Chicago
_ R. E. Wood1
__ J. S. Walden, Jr
R S Parker
G. J. Schaller...
R. H. Broaddus.
J. G. Fry. 2
G. H. Keesee.
H F Conniff
L M. Clark.
W. S.McLarin.Jr.a
_ H. P. Preston
_ W. H. Snyder.a
0. S. Young.
J. H. Dillard.
St. Louis
W. T. Nardin . .
W. McC. Martin
0. M. Attebery.
J. S. Wood.
J. G. McConkey.
Minneapolis
W. B. Geery
J. N. Peyton..
0. S. Powell
Harry Yaeger.
Kansas City
J. J. Thomas..
Dallas
C C. 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.»
E. W. Swanson.
1
__ G. H. Hamilton..
Deputy chairman.
C. A. Worthington.... A. M. McAdams.
J. W. Helm.3
* Cashier.
s Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch..
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch.
Nashville branch...
New Orleans branch
Chicago:
Detroit branch._
St. Louis:
Little Rock branch
Louisville branch..
Memphis branch
Managing director
R. M. O'Hara.
B. J. Lazar.
G. 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.
627
FEDERAL RESERVE DISTRICTS
7—1.
OKLA.
Oklahoma City
••IMM
M M .
®
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED
CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
@FedFRASER