Full text of Federal Reserve Bulletin : March 1937
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FEDERAL RESERVE
BULLETIN
MARCH 1937
Banking Developments in 1936
State Laws Relating to Bank Reserves
Condition of All Member Banks
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
TABLE OF CONTENTS
PAGE
Review of the month—Banking developments in 1936
National summary of business conditions
Summary of financial and business statistics
Law Department:
Supplement to Regulation D—Increasing reserve requirements
Definition of interest in Regulation Q
Use of obligations of the United States as collateral for Federal Reserve notes
Provisions of State laws relating to bank reserves
Condition of all member banks on Dec. 31, 1936 (from Member Bank Call Report No. 71)
Report of the Federal Deposit Insurance Corporation
Annual report of the Bank of Belgium
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 R eserve banks; managing directors of branches
II
173-181
182-183
185
186
186
187
188-219
220-221
222-224
225-228
.
230
231-235
236
237
238
239
240-241
242-245
246
247
248
249
250
251
252-253
254-263
264
266
267
267-268
269-272
272
^_ 273
•_. 274
274
275
276
277
277
280
281
FEDERAL RESERVE BULLETIN
VOL.
23
MARCH 1937
REVIEW OF THE MONTH
In the first two months of 1937 total loans
and investments at weekly reporting member
banks in leading cities deRecem banking clined, reflecting largely the
developments
further sale of United States
Government obligations by New York City
banks and a decline in commercial loans.
The decline in commercial loans in January
amounted to $190,000,000, or about the
amount of the increase in December, which
had reflected to some extent borrowing by
corporations to pay dividends before the end
of the year because of the tax on undistributed earnings of corporations. Some of the
decrease in January was due to repayment of
Commodity Credit Corporation notes bought
by banks last July. In the three weeks ending February 17, there was a slight increase
in commercial loans at banks outside New
York City. Loans to brokers and dealers in
securities declined in January following a
seasonal increase at the end of the year.
Adjusted demand deposits at reporting
member banks showed little change, notwithstanding the decline in loans and investments.
This was due primarily to the effects of the
seasonal return of currency from circulation
and of Treasury expenditures from accumulated balances. The return flow of currency
also resulted in an increase in excess reserves
of member banks. All of the increase in reserves was at banks in New York City, which
recently have gained funds from other parts
of the country through their own security
sales and through commercial and financial
transactions of bank customers.
No. 3
Reports of condition of all member banks
for the end of 1936 have just become available. They show that the
1936
outstanding developments
for the year were a considerable growth, for the first time since 1929,
of commercial borrowing from banks, the cessation of the prolonged growth in the banks'
holdings of United States Government obligations, and a further large increase in deposits. By the end of the year the total of
bank deposits and currency outside banks
was larger than at any previous time. Reserves held by member banks were further
increased through a continued inflow of gold
from abroad. Notwithstanding an increase
in the amount of required reserves caused by
expansion of bank deposits and by action of
the Board of Governors last summer in raising reserve requirements, member bank reserves at the end of the year were still $2,000,000,000 in excess of legal requirements. A
large part of this excess will be absorbed by
the further increase in requirements which
was ordered by the Board on January 30, onehalf to become effective on March 1 and onehalf on May 1.
Total loans and investments of member
banks continued to increase in 1936 and were
larger at the end of the year than at any time
since September 1931. At New York City
banks total loans and investments declined in
the last half of the year, reflecting a reduction in holdings of United States Government
obligations at these banks for the first time in
many years, this decrease being offset only in
part by a substantial increase in loans. Banks
in other reserve cities increased both loans
173
174
FEDERAL RESERVE BULLETIN
]VI ARCH
1937
and investments throughout the year. Coun- equalled or exceeded the extension of new
try banks showed a larger increase in total loans. Writ]mg off of doubtful loans, which
loans and investments than in any other year had been wi<lespread during the depression,
since 1927, reflecting substantial increases in also continueid at many banks until recently.
holdings of securities and of commercial An additiona 1 factor was the increased supply
paper purchased in the open market, and of funds ma de available through large-scale
some increase in real estate loans, while their borrowing aiid spending by the Federal Govother loans to customers continued small. It ernment, the proceeds of which found their
appears that in 1936 banks in larger cities way into th e accounts of individuals and
showed a considerable growth in commercial firms, enablirlg them to repay debts and relievlending, while country banks, having an ex- ing them of rtthe necessity of borrowing from
ceptionally large volume of idle funds, uti- banks for the purpose of financing business
lized a part of them in increasing their hold- expansion.
ings of investments.
LOANS A ND INVESTMENTS OF MEMBER BANKS
Detailed information from the call reports
of member banks as of December 31, 1936, is
14
14
published in tables on pages 220-221.
Connmerc alLo ans
*A
Financial returns of the operation of mem- 12 \
12
/
\
ber banks improved in 1936, reflecting the
/
10
improvement in business and agricultural 10
s curity Loons \ V
/
/
conditions, the rise of commodity prices and 8
/
of security and real estate values, and the
' Ai curitie
Z *— Other Se
6
betterment in the general financial standing 6
ties
of individuals and business firms. For the
•' 1
4
first half of 1936, the most recent period for 4
•
~
r
1
-•""
—
which figures are available, recoveries on 2
2
-^- R»al Estate Loans
loans and investments and profits on securities sold exceeded reported losses on loans 0 1922 1924 1926 1928 1930 1932 1934 1936 0
and investments for the first time in many
loans, security loans, and real estate loans
years. Money rates continued at a low level Figures for commercial
partly estimated 1921-1928.
and, notwithstanding the growth in volume
of loans and investments, gross returns on Growth in commercial loans to customers
these assets showed little increase.
in 1936 was almost entirely at banks in the
Resumption on a substantial scale of bor- larger cities throughout the country. The
rowing from banks for commercial purposes following table shows for that year the inbegan early in March 1936. crease in so-called "other" loans to customers
386
F r
loans ^ ^ ^
° m t h e m i d d l e O f 1 9 3 3 U n " at central reserve city banks in New York
til that time, as shown on and Chicago, at other reserve city banks in
the chart, commercial loans of member banks the various Federal Reserve districts, and at
had been less than half of the pre-depression country banks. These loans include all loans
volume. That these loans did not increase other than loans on securities, loans to banks,
earlier in the recovery period was the result loans on real estate, acceptances, and comof several factors. The first impact on the mercial paper bought. They cover, therefore,
banks of the betterment in business and agri- loans for commercial, agricultural, and incultural conditions was a repayment of loans dustrial purposes, as well as instalment loans,
by borrowers whose financial position had personal loans, etc., not secured by stocks or
improved, so that for a time repayments bonds or by real estate. In addition to these
BILLIONS OF DOLLARS
JUNE 3 0 THROUGH 19Z8; CALL DATES THEREAFTER )
BILLIONS OF DOLLARS
(
•
\
1.
S
\
4
—
- • •
\
.
— -
—
^
—
MARCH 1937
FEDERAL RESERVE BULLETIN
175
loans, holdings of acceptances and of com- tion to loans to customers, reserve city banks
mercial paper bought in the open market also reported a small increase in their holdings of
reflect commercial borrowing.
acceptances, but at New York City banks
holdings of acceptances, including their own
"OTHER" LOANS TO CUSTOMERS BY MEMBER BANKS acceptances held by reporting banks, declined
by about $70,000,000.
Change since
At country banks, most of which are in the
December December 31, 1935
31, 1936
smaller
cities and in agricultural areas,
(Million
dollars)
Million Percent "other" loans showed an increase of only
dollars
$70,000,000 in the year as a whole and de6,041
All member banks
+1,035
+21
clined by $10,000,000 in the last half of the
Central reserve city banks:
year, reflecting in large part seasonal influ+39
New York City___
1,527
+431
402
Chicago
+61
+153
ences. Small increases took place at counReserve city banks, by districts:
try banks in all Federal Reserve districts exBoston
213
+21
+11
New York
59
+13
+28
cept Boston, New York, Philadelphia, and
Philadelphia
172
+18
+12
Cleveland
221
+58
+36
Minneapolis. Country banks showed inRichmond
_. __ _
+15
96
+19
+29
Atlanta
165
+20
creases in both halves of the year in holdings
+63
Chicago
__
170
+59
+31
St. Louis
+27
144
of commercial paper bought in the open
-3
Minneapolis
109
+22
Kansas City
156
+16
market.
+25
Dallas
149
+20
+89
San Francisco
._
574
+18
Loans on real estate by member banks in1,881
+71
Country banks—total
+4
creased by $120,000,000 in 1936, the increase
NOTE.—Includes all loans other than loans on securities and on real being largely in loans on urban real estate at
estate and loans to banks, acceptances and commercial paper bought,
country banks. Loans on securities to brokforeign bills and own acceptances held by reporting banks.
ers and dealers, made mostly by city banks,
At member banks in the two central reserve increased during the year by $170,000,000,
and 60 reserve cities these loans to customers while other loans on securities declined
increased by $950,000,000, or by 30 percent, further by about $100,000,000.
during 1936, and increases occurred in all Investment holdings of member banks,
Federal Reserve districts except Minneapolis, which have increased rapidly since 1931, conwhere there was a slight decline. Increases
tinued to grow in the first
were generally larger in the second half than Member bank
h a l f o f 1 9 3 6 b u t dedined
in the first half of the year, although at re- investments
slightly in the latter half.
serve city banks in the Boston, Philadelphia, This decrease reflected principally a reducCleveland and Chicago districts larger in- tion by New York City banks in their holdcreases occurred in the first half of the year. ings of Government obligations. Security
Some of the growth in commercial loans was holdings of member banks outside New York
the result of special transactions, such as the generally increased throughout the year.
purchase in July of Commodity Credit Cor- These changes are shown in the table.
poration notes and the granting of loans to Fluctuations in member bank holdings of
receivers of closed banks; the first of these investments since 1922 are shown on the
had an important influence on the figures for chart on page 174. They showed a rapid inthe city of Chicago, and the second was impor- crease from 1930 to the middle of 1936, actant during the spring in Detroit, also in the companying a decline in loans and an increase
Chicago district. It is probable, however, in member bank reserves. In the years 1930that the bulk of the increase in "other" loans 1935 total investments of member banks rose
reflected a demand for additional funds by by $8,000,000,000. In this period United
producers and distributors of goods. In addi- States Government obligations, direct and
A
176
FEDERAL RESERVE BULLETIN
MARCH
1937
fully guaranteed, increased by $8,400,000,- banks, while city banks showed little further
000, while holdings of other types of securi- change.
ties declined by about $400,000,000. The in- The decrease in holdings of Government
obligations by member banks in the last half
CHANGES IN INVESTMENTS OF MEMBER BANKS, 1936 of 1936 reflected in part adjustments by New
York City banks of their reserve positions in
[In millions of dollarsl
anticipation of possible increases in reserve
U. S. GovOther
Total
requirements and in part the smaller volume
ernment
investments
securities
obligations
of new borrowing by the Treasury in that
2nd
1st 2nd period and a change in the type of securities
1st
2nd
1st
half
half
half half half
half
offered. It would appear that purchases of
+50 Government obligations by non-banking inAll member banks
+1,907 - 7 7 +1,402 -126 +504
vestors increased in 1936. Of the Treasury
Central reserve city banks:
-48
New York
+1,043 -603
+937 -554 +106
- 4 6 issues in 1936 a greater portion were long- 4 3 +95 +69
Chicago
+27 +48
Reserve city banks
+268 +123 +162
+14 term bonds than in other recent years, and
+431 +137
Country banks
+240 +210 +166 + 129 the amount of Treasury notes and Treasury
+405 +340
bills outstanding was reduced. Member banks
in the larger cities, particularly in New York,
crease in Government obligations comprised where there are large amounts of bankers'
nearly half of the new securities issued by the balances and other deposits subject to quick
Government and its agencies in connection withdrawal, generally hold more of the
with the relief and recovery program. Over shorter-term obligations than of bonds, but
this period country banks took about one- in 1936 they substantially increased their
sixth of the Government obligations acquired holdings of bonds. Even in the last half of
by member banks, member banks in New the year, when New York City banks reduced
York City took about one-third, and banks in their total holdings of Government obligaChicago and other reserve cities about one- tions, they bought more long-term Treasury
half.
bonds.
In the first half of 1936, as shown by the Deposits of member banks increased furtable, member banks added another $1,400,- ther in 1936, reflecting a growth of $3,000,000,000 of Government obligations to their
000,000 in loans and investholdings, of which about one-sixth was at Further growth
ments, an addition of over
country banks, about the same amount at bank deposits
$1,000,000,000 to monetary
reserve city banks, and the remainder at
gold stock, and expenditures
banks in New York City. The decline in by the Treasury from previously accumulated
holdings of Government obligations in the balances. Funds from these sources, howsecond half of the year was entirely at New ever, were not reflected entirely in an inYork City banks, while at the other classes crease in deposits, but were partly absorbed
of member banks there were further in- by an increase of nearly $700,000,000 in the
creases. In the first half of the year member volume of currency in circulation.
banks also increased their holdings of other Total adjusted demand and time deposits
securities by $500,000,000, which was fairly of member banks increased during the year
evenly distributed among the three classifi- by $3,500,000,000, of which about $2,800,cations of banks, central reserve city, reserve 000,000 was in demand deposits and $700,city, and country banks; in the last half of 000,000 in time deposits. These deposits are
the year the increase continued at country adjusted to exclude bankers' deposits, Gov-
MARCH
ernment deposits, Postal Savings redeposited
in banks, and cash items in process of collection. Increases in deposits took place during
the year in each of the Federal Reserve districts but were smallest in the Northeastern
part of the country, particularly in the Boston
district, and in the Western agricultural districts of Minneapolis and Kansas City, which
had suffered from severe drought. The largest percentage increases in deposits were in
the Federal Reserve districts of Cleveland,
Chicago (outside of the city of Chicago),
Dallas, and San Francisco. During the first
half of the year there were substantial increases in deposits at central reserve city
banks in New York City and Chicago, aggregating over $700,000,000, but in the second
half the increase at New York City banks was
much smaller and at banks in the city of
Chicago there was practically no change.
ADJUSTED DEPOSITS OF MEMBER BANKS
[In millions of dollars]
Dec.
June
Dec.
Dec.
31,1929 30,1933 31,1935 31,1936
All member banks..
29, 500
20, 200
!8, 800
32,400
5,900
1,400
5,000
1,300
1,800
7,600
2,000
10, 000
6,900
10, 200
11,400
12,200
7,000
10,000
11,400
tion of idle funds, especially during the early
stages of depression, at banks in the financial
centers. Percentage increases in deposits
since 1933 have been somewhat smaller at
banks in New York and Chicago than elsewhere, and during the latter half of 1936 the
percentage increase at country banks was
half again as large as at city banks, while
deposits showed much smaller increases at
banks in New York City and Chicago than in
other cities. This recent movement has been
toward a redistribution of deposits more in
accordance with the pre-depression pattern.
The estimated volume of deposits in all
banks and currency outside banks at the end
of 1936 is compared in the
Deposits at
following table with the volall banks
?
ume at the end of June 1933,
the low point of recent years, and at the end
of 1929, before the decline in the early 30's.
The figures are estimates covering total deposits in all banks, except private banks for
which comparable data are not available,
and they are adjusted to exclude interbank
BANK DEPOSITS AND CURRENCY OUTSIDE BANKS
[In millions of dollars.
Central reserve city banks:
New York City
Chicago
Reserve city banks.
Country banks
T
22, 400
200
28,400
14,100
900
21, 600
21,900
900
24, 200
25,100
1,000
25,500
19,300
8,900
200
10, 700
9,700
1,200
13,000
10,000
1,200
14,000
10,200
1,300
3,600
4,800
5,000
5,500
Total deposits and currency. __ 54, 600
41, 400
52,000
57,100
Demand deposits—adjusted
U. S. Government deposits
M u t u a l savings banks
Postal Savings System
Since 1933, as shown by the table, deposits
at all classes of member banks have increased
substantially. As compared with 1929, deposits of member banks in central reserve
and reserve cities at the end of 1936 were
$3,700,000,000 or 21 percent greater, but
those at country banks were still somewhat
smaller than the previous maximum. This
is due to a combination of factors, among
which is the fact that losses of deposits
through bank failures were relatively larger
among country banks than among city banks.
Another important factor was the accumula-
Partly estimated]
Dec.
June
Dec.
Dec.
31,1929 30,1933 31,1935 31,1936
NOTE.—Deposits other than United States Government deposits, Time deposits
interbank deposits, and Postal Savings redeposited in banks, and less
Commercial banks
cash items in process of collection.
177
FEDERAL RESERVE BULLETIN
1937
Currency~outside banks
NOTE.—Demand deposits are adjusted to exclude interbank and
United States Government^deposits and cash items in process of collection, 1 and time deposits!,at commercial banks exclude Postal Savings
redeposited. Deposits at'private banks'are not included.
deposits and items in process of collection.
Deposits in the Postal Savings System,
whether or not they are redeposited in banks,
are shown separately under time deposits.
Prior to 1933 practically all Postal Savings
deposits were redeposited in banks, but in
recent years such deposits have declined, and
178
FEDERAL RESERVE BULLETIN
MARCH 1937
use. The rate of turnover of deposits in all
banks, excluding interbank deposits and deposits in mutual savings banks, has continued
since 1933 at about 15 times per annum.
This compares with a turnover of about 20
times per annum in the period 1922-1926,
prior to the stock-market boom that culminated in 1929.
Short-term money rates continued at exDEPOSITS AT BANKS IN UNITED STATES
eptionally low levels during 1936, and longterm rates, as reflected in
Money rates and b on( j yields, declined f uryie s
ther. As shown in the chart,
money rates declined continuously from 1929
to 1935, with brief interruptions during the
banking crisis of 1933 and in the autumn of
1931, when England and a number of other
countries suspended specie payments and
gold was leaving this country in large volume. Since the middle of 1934 rates in the
open market on short-term paper have been
1920
1922
1924
1926
1928
1930 1932
1934 1936
almost negligible and have shown little
Figures included for nonmember banks are partly estimated ; for
change until recently, while rates charged
further explanation see note under table, page 177.
customers by banks in leading cities and
By the end of 1935 the total of deposits and bond yields continued to decline in 1935 and
currency had increased to $52,000,000,000, 1936.
which was about $10,600,000,000 larger than Rates on bankers' bills and Treasury bills
the low point reached in June 1933 but was have generally been below *4 of 1 percent
still $2,600,000,000 below the 1929 figure. since the middle of 1934. The lowest level
Growth in 1936 brought the total to $57,100,- reached by bankers' bills before 1930 was 2
000,000, about $2,500,000,000 or 5 percent percent in 1924. The rate on call loans with
above the 1929 level. Recent increases in stock exchange collateral, until recent years
deposits, as well as the increase since the the most important open-market rate, delow point of 1933, have been largely in de- clined to 14 of 1 percent in 1935, but has
mand deposits. The accompanying chart been fixed since last May at 1 percent. There
shows that demand deposits are now at an were only six scattered years in the period
all-time peak of $25,100,000,000 and are from 1890 to 1930 when this rate averaged
about 12 percent larger than in 1929.
below 2 percent and it was never below 1
The volume of checks drawn against bank percent. Commercial paper, which for more
deposits in 1936 remained well below the than half a century has been a popular medvolume of pre-depression ium for investment of short funds by counVelocity of
years, indicating that the try banks, now sells at a rate of % of 1
deposits
.
« .
percent; the lowest quoted rate prior to 1930
average rate of turnover was 3 percent in 1924.
of deposits, as measured by the ratio of check Yields on high-grade long-term bonds have
payments to deposits, was relatively low, ow- in recent years been at the lowest levels of
ing in part to the large volume of bank de- this century. Long-term United States Govposits held idle awaiting investment or other
at the end of 1936 they amounted to only
about $150,000,000; most of the remaining
funds of the Postal Savings System were
invested in Government obligations. Vault
cash of banks has been excluded from the
total of currency in circulation in obtaining
the amount of currency held outside banks.
S OF DOLLARS
(
J U N E 3 0 T H R 0 U G H 1928
<
CALL DATES
THEREAFTER )
BILLIONS OF DOLLARS
MARCH 1937
FEDERAL RESERVE BULLETIN
ernment bonds have sold on a yield basis of
less than 2V2 percent, notwithstanding the
largest volume of Government debt on record.
The lowest level reached by these bonds in
the twenties was 3*4 percent. Pre-war rates
are not comparable because most United
179
held by others than banks has also been a
factor in the low yields on long-term obligations. Insurance companies, other institutional investors, corporations, and individuals have in recent years held a large volume
of idle deposits awaiting investment. Restoration of confidence and improved corporate
MONEY RATES
earnings resulting from continued business
7
recovery have to some extent encouraged
active investment of these funds. Many investors, holding idle funds awaiting the return of what they might consider as normal
interest rates, have gradually decided to put
funds to use at prevailing rates.
Reduction of excess reserves of banks by
the increase in reserve requirements last
August had practically no effect on the level
of money rates, but since early in December,
when the possibility of a further increase in
1927 1928 1929 1930 1931 1932 1933 1334 1935 1936 1937
reserve requirements began to be discussed,
Monthly figures ; customers' rates are averages of prevailing there have been increases in some of the more
rates charged by banks in 36 cities ; others are averages of daily
figures: Moody's Aaa corporate bonds, outstand'ng Treasury sensitive market rates, as shown in the folbills of 3-5 year maturities, and 90-day bankers' acceptances.
lowing table, which gives various open-marStates Government bonds then bore the cir- ket rates in January 1934, in July 1938, and
culation privilege, which was at that time of
MONEY RATES IN NEW YORK CITY
considerable value. The highest-grade cor[Percent per annum]
porate bonds have recently sold on a yield
basis of about 3 percent, compared with a
In week ending
low level for the twenties of 4 to 4 ^ percent
Jan.
July
Feb.
Dec.
and with 3y% to 3 ^ percent in the years
6, 1934 18,1936
20,1937
around the turn of the century.
acceptances, 90-day unenLow money rates prevailing in recent years Bankers'
3/16
5/16
dorsed
1/2
1/8
Commercial
have been the result of the large supply of months paper, prime, 4-6 1 1/2 3/4 3/4 3/4
1.00
1.00
1.00
1.00
funds seeking profitable use and the small Stock exchange call loans
U.
S.
Government
obligations:
demand from acceptable borrowers. Excess
.12
.09
.62
Treasury bills
1.18
.94
3.14
1.24
Treasury notes, 3-5 years
reserves of banks have bsen the principal
2.33
2.50
2.25
3.45
Treasury
bonds,
8
years
and
overfactor of supply in the short-term market
3.23
3.11
and have also been an important influence Corporate bonds, high-grade
in the decline in long-term rates. The abundant supply of available funds, together with for selected recent dates. These changes may
the small demand for loans, has encouraged be due only in part to anticipation of Board
banks to buy large amounts of securities, action, however, since there are many other
particularly Government obligations, and factors affecting money rates. The rate on
bank holdings of securities are now the larg- 90-day bankers' acceptances, which was inest on record not only in total amount but creased from Ys to %6 of 1 percent last August, was further increased about the middle
also in proportion to total bank assets.
The abundant supply of investment funds of January and again on February 1, and is
PER CENT
180
FEDERAL RESERVE
BULLETIN
MARCH 1937
now %6 of 1 percent. The rate on 9-months to 8.6 percent of total capital funds as against
Treasury bills rose from .10 of 1 percent early 4.1 percent in 1935 and an average of 8.9
in December to .40 of 1 percent at the end of percent in 1928 and 1929. In 1932, 1933,
January; in February a slightly lower rate and 1934 the banks showed deficits owing to
prevailed. The average yield on 3-5 year the charging off of large losses on loans and
Treasury notes rose from slightly below 1 investments. Restoration of profits in 1935
percent early in December to about 1.20 per- had reflected a drop in total losses and deprecent in February. High-grade bond prices ciation charges to the smallest amount since
have declined slightly in recent weeks with a 1930 and an increase in recoveries, profits on
securities sold, etc. In the first half of 1936
consequent small increase in yields.
Mostly as a result of general improvement recoveries, profits on securities sold, etc., exin business and financial conditions, member ceeded losses and depreciation for the first
banks in the first half of time in many years.
Bank earnings
In 1936 the number of banking offices 1 in
1 9 3 6 t h e latest period for
and expenses
.
^
operation in the United States, according to
which figures are available,
preliminary figures, deshowed a large increase in net profits. Re- Changes in the
creased slightly from 18,^^^
-«, «, „
.
, -..
flecting the continued low level of interest bankmg structure
336 to 18,256, including
rates, earnings from current operations
showed little increase in 1936, but a substan- 15,021 banks and 3,235 branches. The detial decline in losses and depreciation charges crease of 80 in the total number of offices
and a considerable increase in recoveries and reflected a decline of 197 in the number of
profits on securities sold resulted in an in-banks and an increase of 117 in the number of
crease in member bank profits. The follow- branches. The increase in branches resulted
ing table gives important items from member in part from the establishment of 88 new
EARNINGS AND EXPENSES OF MEMBER BANKS,
branches and in part from the conversion of
1928-1936
76 banks into branches. The number of
[In millions of dollars]
branches discontinued was 47. The decrease
in banks reflected principally consolidations
1928 1929 1933 1934 1935 (1st
half*) and absorptions of 170, including conversions
to branches. There were 44 suspensions and
2,194 2,399 1,237 1,244 1,207 1,233
Total current earnings
63 liquidations and 80 banks newly organized
Total current expenses
1, 614 1,684 859 849 833
Net earnings from current
or reopened after suspension.
580 715 378 394 374
operations
Recoveries, profits on securities
141 137 125 254 376
sold, etc
507
The number of offices of member banks of
Losses and depreciation
432
217 295 858 873 538
448 the Federal Reserve System increased by 92,
Net profit or deficit (—)
504 557 -356 -225
212
190
Cash dividends declared
327 409 151 174 187
while those of nonmember insured banks de^Doubled to convert to annual basis.
creased by 127 and those of uninsured banks
decreased by 45. In the year 76 nonmember
bank reports of earnings and expenses for banks became members of the Federal Recertain recent years; since figures for 1936 serve System, while 24 banks withdrew from
are available only for the first half of the year, the System. During the year 40 uninsured
they have been doubled to make them com- banks entered the Federal Deposit Insurance
parable with figures for complete years.
System. At the end of the year there reAlthough current earnings and expenses mained 1,051 uninsured banks.
of mutual savings banks, private banks not under
showed little change in 1936, net profits on an StateExclusive
supervision, and trust companies and other financial inwhich do not receive deposits but are included in
annual basis more than doubled and amounted stitutions
State bank abstracts.
1
MARCH
FEDERAL RESERVE BULLETIN
1937
Meeting of the Federal Advisory Council
The first meeting of the Federal Advisory
Council for 1937 was held on February 15 and
16, 1937. Walter W. Smith was reelected
president and Howard A. Loeb was reelected
vice president. These officers as ex officio
members and Messrs. Steele, Aldrich, Brown,
and Kemper will comprise the executive committee. Walter Lichtenstein was reappointed
secretary.
List of Registered Stocks
The Board of Governors of the Federal
Reserve System has published a "List of
Stocks Registered on National Securities Exchanges" as of January 31, 1937, for the purpose of facilitating compliance by banks with
the provisions of Regulation U. Additions
and changes in the list will be indicated in
181
supplementary lists to be issued quarterly, in
May, August, and November 1937.
Regulation U applies to loans by banks for
the purpose of purchasing or carrying stocks
registered on a national securities exchange,
and in determining, for the purposes of Regulation U, whether or not a security is a "stock
registered on a national securities exchange",
a bank may rely upon the list published by the
Board.
A copy of this list has been mailed to each
member and nonmember bank in the United
States. Copies have also been furnished to
bank examiners and supervisory authorities,
national securities exchanges, etc. Other
persons may obtain copies of these lists,
directly from the Board, at a charge of 25
cents for the annual number and the three
supplements, with a reduction on subscriptions for five or more copies.
182
FEDERAL RESERVE BULLETIN
MARCH 1937
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled February 26 and released for publication February 28]
Industrial activity, adjusted for seasonal
changes, showed a decline in January following a rapid rise in November and December.
Distribution of commodities to consumers declined more than seasonally.
Production and employment.—Volume of
industrial production, which usually increases
at this time of year, declined from December
to January, and the Board's seasonally adjusted index was 115 percent of the 19231925 average as compared with 121 in December and 114 in November. Steel production increased, though by less than the usual
INDUSTRIAL PRODUCTION
PER CENT
PER
130
120
output of coal. There was a further rise in
output of crude petroleum.
Value of construction contracts awarded
showed a considerable rise in January, according to figures of the F. W. Dodge Corporation, and was substantially larger than
a year ago. The most marked increases over
December were in factory building, which
recently has been in larger volume than at
any time since 1930, and in residential building. The increase in residential building was
largely in publicly financed apartment construction.
Factory employment and pay rolls showed
about the usual seasonal decline between the
middle of December and the middle of January. Among the durable goods industries
130;
A.
\
\
110
100
90
120
\
\
80
A
\
\J
70
60
50
V
j\ A 1
/^
J
110
120
100
110
90
1930
1931
1932
1933
r
\
60
1934
1935
1936
1937
100
90
\
70
60
50
1929
seasonal amount, and was larger in January
than at any other time during the recovery
period. In the first three weeks of February
output of steel increased somewhat further.
Output of automobiles was curtailed by
strikes in January and the first half of February but after the strikes were settled production rose sharply. At lumber mills there
was a considerable decrease in activity in
January, reflecting in part the effects of unusually cold weather in the western lumber
regions. Production of plate glass declined
further in January but toward the end of the
month the strikes which had restricted output
since October were settled. At textile mills
activity declined from the exceptionally high
level reached in December, and in the meatpacking industry there was also a decrease,
while output at shoe factories increased.
Mineral production was smaller in January
than in December, reflecting a reduction in
y
|
\
70
Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 averages 100.
PERC
100
80
50
1929
FACTORS EMPLOYMENT
PERCENT
1930
1931
1932
1933
1934
1935
1936
1937
Monthly indexes of number employed at factories, adjusted for
seasonal variation, 1923-1925 average = 100.
there were increases in employment at blast
furnaces and steel mills and at foundries and
machine shops, while in the automobile industry there was a considerable decline. In
industries producing nondurable goods employment declined by less than the usual seasonal amount, with increases at textile mills
and in the chemical industries, and seasonal
reductions in working forces in most other
lines.
Distribution. — Department store sales
showed the usual seasonal decrease in January, while sales at variety stores and mail
order houses declined considerably more than
is usual. Car loadings of revenue freight also
declined in January, reflecting in part the
effects of floods. There were substantial de-
183
FEDERAL RESERVE BULLETIN
MARCH 1937
clines in shipments of forest products, coal,
and miscellaneous freight.
Commodity prices.—The general level of
wholesale commodity prices, which, according
to the Bureau of Labor Statistics, had advanced more than 5 percent from the end of
October to the middle of January, showed
little change from the middle of January to
the third week of February. Prices of agricultural commodities declined slightly, while
industrial commodities as a group continued
to advance. There were substantial increases in nonferrous metals, lumber, and
petroleum and smaller increases in a wide
variety of finished products, while prices of
WHOLESALE
loans, following a seasonal decline in January, increased at reporting banks outside
New York City and remained practically unchanged in New York.
On January 30 the Board of Governors
raised reserve requirements for member
banks by 33% percent, half of the increase
to become effective on March 1 and half on
May 1. This action completes the use of the
Board's authority under the law to raise reserve requirements.
Excess reserves of member banks showed
little change in the five weeks ending FebMEMBER BANK LOANS AND INVESTMENTS
LIONS OF DOLLARS
BILLIONS OF DOLLARS
PRICES
PER (
110
100
100
90
90
Other
Commodities
80
ods
70
80
J'Xsf
70
60
60
50
50
1 Farm Products
40
40
1932
1933
1934
1935
1936
1937
Index compiled by U. S. Bureau of Labor Statistics, 1926 =
100. By months, 1929 to 1931 ; by weeks, January 2, 1932, to
February 20, 1937.
glass and certain cotton textiles declined,
following rapid increases in other recent
months.
Bank credit.—Total loans and investments
of weekly reporting member banks in leading
cities declined somewhat further during the
four weeks ending February 17, reflecting
principally a decrease in holdings of United
States Government obligations. Commercial
'34
1935
1936
Wednesday figures for reporting member banks in 101 leading
cities, Sept. 5, 1934, to Feb. 17, 1937. Loans on real estate and
loans to banks excluded.
ruary 24; there was a further increase at
New York City banks and a decline at banks
elsewhere.
The rate on bankers' acceptances was
raised y1Q of 1 percent on February 1, following a similar increase on January 16.
Market yields on short and medium term
Treasury obligations also increased slightly
in January and the early part of February,
while yields on long-term Government bonds
showed little change.
184
FEDERAL RESERVE BULLETIN
MARCH
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
12
12
11
11
10
10
GOLD STOCK
/
r
8
8
MO ^JEY IN CIRCU LATION
TREASl RY CASH
i
3
3
•4^..
2
:
:
RESERVE BANK
CREDIT
1
:
I
TREASURY DEPOSITS
1932
/
1933
i
1934
1935
"•'"
2
1
Uv
1936
0
1937
8
8
7
7
MEMBER BANK
RESERVE BALANCES
6
6
5
5
4
4
3
3
2
2
REQUIRED RESERVES
1
1
0
0
1932
1933
1934
1935
1936
Latest figures for February 24, 1937. See table on page 230.
1937
1937
185
FEDERAL RESERVE BULLETIN
M A R C H 1937
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1937
Jan.
1936
Dec.
Nov.
2,485 2,498
3
7
3
3
__ 2,430 2,434
11,310 11, 220
2,531 2,528
6,400 6,563
2,450 2,357
200
155
560
506
6,716
2,093
6,665
2,046
2,472
6
3
2,430
11,116
2,517
6,401
2,373
86
461
6,785
2,219
Nov
1936
1935
1934
1933
1932
1929
2,484 2,494
6
6
5
5
2,430 2,430
10,158 10,072
2,486 2,454
5,757 5,897
2,564 2,545
494
324
533
539
5,780
3,033
5,716
2,983
2,482 2,481
7
6
5
4
2,430 2,430
9,777 10, 578
2,410 2,503
5,770 6,101
2,581 2,474
49
446
512
551
2,475
7
5
2,431
9,059
2,478
5,585
2,791
128
507
2,502
36
25
2,432
7,512
2,381
5,403
2,798
81
438
2,429
283
83
2,052
4,059
2,271
5,576
288
55
497
2,077
521
71
1,461
3,952
2,096
5,328
236
39
407
1,459
952
241
208
3,996
2,015
4,476
207
22
406
5,757
3,061
5,001
2,469
3,676
1,564
2,343 2,114
528
256
2,358
43
5,989
2,512
22, 734 22, 760 22,444 20, 928 20,769 20, 510 22, 064 19,997 18, 672 17, 505 19, 080 22, 599
993 1,021
941
923
921
820
969
820
815
591
337 1,405
2,242 2,261 2,239 2,247 2,281 2,242 2,267 2,301 2,711 3,343 4,508 6,251
5,763 5,748 5,575 4,910 4,982 4,968 5,226 4,907 4,965 5,222 6,578 9,231
1,230
3,243
5,292
401
2,307
15, 516
5,052
6,085
3
9,241
1,242
3,247
5,264
427
2,439
15, 544
5,045
6,155
11
9,232
1,255
3,202
5,422
404
2,463
15, 362
5,032
6,236
1
.75
1.00
.36
2.29
3.09
.75
1.00
.21
2.27
3.10
.75
1.00
8,599
1,155
3,094
4,773
354
2,336
13, 824
4,892
5,^20
2
8,433
1,131
3,021
4,694
376
2,312
13,904
4,872
5,388
2
8,291
1,138
3,051
4,715
354
2,326
13, 779
4,883
5,400
1
9,080
1,250
3,272
4,799
383
2,358
14, 619
4,999
5,810
5
7,989
928
3,052
4,024
326
2,112
12, 729
4,883
4,938
6
6,856
«325
*3,000
2,875
271
1,688
(0
5,228
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
(l)
6,788
2,787
674
0)
0)
1.72
1.16
.52
3.31
4.49
2.73
2.05
5.85
7.61
3.65
5.01
3.60
4.73
4,937 4,946 5,666
3,814 2,822 2,772
8
115
228
Averages of weekly figures; percent per annum
MONEY RATES AND BOND YIELDS
Commercial paper
Stock exchange call loans..
_..
_.
TJ. S. Treasury bills
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa).
Dec.
Averages of Wednesday figures; in millions of dollars
REPORTING MEMBER BANKS
Total loans and investments
Loans to brokers in New York CityOther loans on securities
_
All other loans
U. S. Government obligations:
Direct
Fully guaranteed
Other securities
Reserve with Federal Reserve banks
Cash in vault
Balances with domestic banks
Demand deposits—adjusted
2
Time deposits (excluding interbank)
Deposits of domestic banks 3
Borrowings
—
Jan
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
1935
2.29
3.15
.75
.75
.10
.75
.75
.09
.75
.75
.14
.75
.91
.76
.56
2.68
'3.37
2.73
3.44
2.73
3.47
2.47
3.24
2.70
3.60
1.02
1.00
.26
3.10
4.00
Amounts per month; in millions of dollars
CAPITAL ISSUES
384
118
266
251
33
217
All issues—total
New
Refunding
Domestic corporate issues—totalNew
Refunding
610
249
362
306
102
204
724
266
458
626
218
408
372
158
214
264
111
153
400
122
278
266
65
201
422
221
201
167
67
101
Common stocks(1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products.
__
Foods
Other commodities
Retail food prices (1923-25=100)
126
123
124
100
95
93
84
89
86
82
83
82
85
84
81
83
81
78
84
79
82
81
78
86
79
82
81
78
85
79
82
'270
189
34
155
180
116
64
41
15
26
89
60
29
32
13
18
146
100
46
54
27
27
959
841
118
781
667
115
111
78
72
63
48
190
81
81
82
80
82
80
79
84
78
80
75
65
71
78
74
66
51
61
71
66
65
48
61
70
68
95
105
100
92
105
518
165
353
382
99
282
'392
••121
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 loadings
Department store sales
P115
P115
P110
P91
80
93
121
121
117
66
45
83
99
95
86
92
114
115
'•112
58
40
72
96
91
80
93
230
244
226
196
p Preliminary.
Figures not available.
1
2
101
101
102
68
26
103
89
'78
71
83
96
97
'93
60
26
88
88
76
66
82
105
105
104
55
37
70
92
82
72
88
90
90
91
37
21
50
86
71
63
79
79
78
86
32
12
48
'83
63
62
75
76
75
82
25
11
37
72
49
58
67
64
63
71
28
13
40
66
'46
56
69
119
119
115
117
87
142
105
109
106
111
178
138
140
121
134
110
437
367
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
Exports, including re-exports..
General imports
97
96
104
62
25
92
89
74
70
81
199
187
223
187
• Partly estimated.
' Revised.
Include]time deposits of banks, domestic and foreign, 1929-1934.
270
169
204
202
190
171
» Do not include time deposits 1929-1934.
186
FEDERAL RESERVE BULLETIN
MARCH 1937
LAW DEPARTMENT
ment of interest on deposits by member
banks, to become effective January 1, 1936,
There is set forth below the text of a sup- and this revision contained in subsection (f)
plement to its Regulation D which was of section 1 thereof a definition of the term
adopted by the Board of Governors of the "interest" as used in the regulation.
Federal Reserve System on January 30, The Banking Act of 1935 also required the
board of directors of the Federal Deposit
1937:
Insurance Corporation, by regulation, to prohibit
the payment of interest on demand
SUPPLEMENT TO REGULATION D
deposits in insured nonmember banks. In
RESERVES REQUIRED TO BE MAINTAINED BY MEMBER December of 1935 the Board learned that the
BANKS WITH FEDERAL RESERVE BANKS
regulation which the Federal Deposit InPursuant to the provisions of section 19 of the surance Corporation was preparing to issue
Federal Reserve Act and section 2(a) of its Regula- on this subject, effective January 1, 1936,
tion D, the Board of Governors of the Federal Re- contained a definition of interest which difserve System increases by 33% per cent the reserve
requirements established by the Supplement to Regu- fered from that prescribed in Regulation Q.
Thereupon the Board deferred the effeclation D made effective at the close of business on
August 15, 1936: Provided, however, That one-half tive date of its definition of "interest" so that
of such increase shall be effective as to each member
bank at the opening of business on March 1, 1937, an opportunity would be provided to consult
and the remaining one-half of such increase shall be with the Federal Deposit Insurance Corporaeffective as to each member
bank at the opening of tion with a view to harmonizing if possible
business on May 1, 1937.1
the provisions of the two regulations govEffective at the opening of business on March 1, 1937, the erning the payment of interest on deposits
requirements as to reserves to be maintained by each member by member banks and by insured nonmember
bank will be 75 per cent above the requirements prescribed bv
section 19 of the Federal Reserve Act and, effective at the banks. However, efforts of the two organiopening of business on May 1, 1937, the requirements as to reserves to be maintained by each member bank will be 100 per zations during the year 1936 to accomplish
cent above the requirements prescribed by section 19 of the this end were unsuccessful, and on December
Federal Reserve Act.
21, 1936, the Board of Governors announced
The text of a press statement regarding that it had taken action making effective on
the action of the Board in increasing reserve February 1, 1937, subsection (f) of section
requirements of member banks as provided 1 of Regulation Q containing the definition
in the above supplement was set forth in the of the term "interest".
FEDERAL RESERVE BULLETIN for February
Subsequently the Board was requested by
1937 at page 95.
the Chairman of the House Banking and Currency Committee and the Chairman of the
Senate Banking and Currency Committee to
Definition of interest in Regulation Q
postpone the effective date of the definition
The Federal Reserve Act, as amended by of interest and, in view of these requests, the
the Banking Act of 1933, provides that "no Board postponed from February 1 to May
member bank shall, directly or indirectly, by 1, 1937, the effective date of subsection (f)
any device whatsoever, pay any interest on of section 1 of the regulation. There is
any deposit which is payable on demand printed below the text of a press statement
* * *." In the amendments to the Federal issued by the Board of Governors on January
Reserve Act which were made by the Bank- 30, 1937, with reference to this action:
ing Act of 1935, Congress retained this pro- Chairman Steagall, of the House Banking and Curhibition upon the payment of interest on rency
Committee, and Chairman Wagner, of the
demand deposits and added to the law a pro- Senate Banking and Currency Committee, have revision authorizing the Board of Governors quested the Board of Governors of the Federal ReSystem to postpone the effective date of the
to determine what shall be deemed to be a serve
definition of interest contained in subsection (f) of
payment of interest and to prescribe such section
1 of the Board's Regulation Q, which the
rules and regulations as would effectuate the Board on December 21, 1936, announced would bepurposes of the law and prevent evasions come effective on February 1, 1937.
The Board, after careful consideration, had
thereof. Accordingly, in the latter part of reached
the conclusion that the law and the existNovember 1935, the Board adopted a revi- ence of certain
banking practices required the adopsion of its Regulation Q relating to the pay- tion of this definition but the Board feels that the
Supplement to Regulation D.—Increasing reserve requirements.
1
MARCH
1937
187
FEDERAL RESERVE BULLETIN
request which these two Chairmen have now made
should be granted in view of the fact that the Board
has been informed that a number of Members of
Congress are giving consideration to the question of
the advisability of amending the law under which
the Board's regulation was issued, and desire additional time for that purpose. The Board, therefore,
has postponed from February 1 to May 1, 1937, the
effective date of subsection (f) of section 1 of Regulation Q, which contains the definition of interest.
of Governors removes this finding or specification
from its regulation.
Henceforth under both regulations the question of
what in a particular case is a payment of interest
upon a demand deposit or a device to evade the prohibition against the payment of such interest, becomes, for both agencies, a matter of administrative
determination under the general law in the light of
experience and as specific cases may develop.
Following this action, the Board of Governors and the Federal Deposit Insurance
Corporation conferred again with a view to
finding a basis upon which the differences between their regulations in this respect could
be eliminated, with the result that, effective
February 11, 1937, the respective regulations were amended by striking out subsection (f) of section 1 of each regulation and
by inserting after the first sentence of subsection (a) of section 2 the following sentence :
Use of obligations of the United States as collateral
for Federal Reserve notes
There is set forth below the text of an Act
of Congress, approved March 1, 1937, extending the period during which direct obligations of the United States may be used as
collateral security for Federal Reserve notes
until June 30, 1939.
[PUBLIC—No. 9—75TH CONGRESS]
[S. 417]
AN ACT
To extend the period during which direct obligations of the
United States may be used as collateral security for Federal
Reserve notes.
Within this regulation, any payment to or for the
account of any depositor as compensation for the
Be it enacted by the Senate and House of Repreuse of funds constituting a deposit shall be consentatives of the United States of America in Considered interest.
assembled, That the second paragraph of
There is printed below a press statement gress
section 16 of the Federal Reserve Act, as amended,
which was released on February 12, 1937, is amended to read as follows:
Federal Reserve bank may make application
jointly by the Board of Governors and the to "Any
the local Federal Reserve agent for such amount
Federal Deposit Insurance Corporation in of the Federal Reserve notes hereinbefore provided
for as it may require. Such application shall be
connection with this matter:
with a tender to the local Federal ReIn view of widespread differences of opinion in accompanied
serve
agent
of
in amount equal to the sum
the law-making and administrative branches of the of the Federal collateral
Reserve
notes
thus applied for and
Government as to the intent of the law and as a issued pursuant to such application.
The collateral
result of further consultations between the Federal security thus offered shall be notes, drafts,
of
Deposit Insurance Corporation and the Board of exchange, or acceptances acquired under thebills
proviGovernors of the Federal Reserve System, their re- sions of section 13 of this Act, or bills of exchange
spective regulations relating to the payment of inby a member bank of any Federal Reserve
terest on demand deposits have been brought into endorsed
district and purchased under the provisions of secuniformity by amendments adopted by the Board tion
14 of this Act, or bankers' acceptances purand by the Corporation.
chased under the provisions of said section 14, or
The definition of "interest" has been eliminated gold
certificates: Provided, however, That until June
from Regulation Q of the Board and from Regula- 30, 1939,
the Board of Governors of the Federal Retion IV of the Federal Deposit Insurance Corpora- serve System
should it deem it in the public
tion and paragraph (a) of section 2 of each regula- interest, upon may,
affirmative vote of not less than a
tion has been amended by inserting after the first majority of itsthe
members, authorize the Federal Resentence the following: "Within this regulation, any serve banks to offer,
and the Federal Reserve agents
payment to or for the account of any depositor as
compensation for the use of funds constituting a to accept, as such collateral security, direct obligations of the United States. At the close of business
deposit shall be considered interest."
The effect of these amendments is to declare exist- on such date, or sooner should the Board of Goving law rather than to interpret and apply the law ernors of the Federal Reserve System so decide, such
to particular practices. This will permit the general authorization shall terminate and such obligations
application by each agency of a uniform law and a of the United States be retired as security for Feddetermination of specific cases based upon the facts eral Reserve notes. In no event shall such collateral
involved. It will also permit each agency to de- security be less than the amount of Federal Reserve
termine, with respect to" cases coming before it, notes applied for. The Federal Reserve agent shall
whether or not any practice involved in any such each day notify the Board of Governors of the Fedcases is a "device" within the meaning of the statute eral Reserve System of all issues and withdrawals
employed by the banks to evade the prohibition of of Federal Reserve notes to and by the Federal
Reserve bank to which he is accredited. The said
the law.
The Board of Governors, in its original definition Board of Governors of the Federal Reserve System
of the term "interest" (section 1 (f)), specified that may at any time call upon a Federal Reserve bank
such term should include the payment or absorption for additional security to protect the Federal Reserve
of exchange or collection charges which involve out- notes issued to it."
of-pocket expenses. The present action of the Board
Approved, March 1, 1937.
188
FEDERAL RESERVE BULLETIN
MARCH
1937
PROVISIONS OF STATE LAWS
There is printed below a summary of the statutory provisions in force in the various States as of
prepared in the Office of General Counsel of the Board of Governors of the Federal Reserve System
was published in the FEDERAL RESERVE BULLETIN for September 1930, pp. 570-597. The figures
centages are based on the amount of deposits;
State
! Dis- |
i trict i Institutions affected
| No. !
Vault reserve
Total amount of
reserve required
Amount
Balances in reserve depositaries
May consist of— I Amount
May be carried in—
Alabama. __
All banks, firms, per- 15 per cent of de- :
sons and corpora- I
tions doing banking \ mand deposits j
I
business (1).
j (1).
:
Banks and bankers; provided said
balances are payable on demand
CD-
l/3
Lawful money of
United States
(1).
2/3
1/4
I
i Lawful money of
United States
i (1).
3/4
Solvent banks, trust companies
or national banks, other than
savings banks, approved by the
superintendent.
Reserve deposit in any one depository
shall not exceed 15 per cent of
capital and surplus of depository, nor more than 25 per cent
of bank's legal reserve on deposit shall be kept in any one
depository with capital and surplus of less than $200,000. Two
banks shall not be reciprocal
reserve depositories for each
other (1).
2/5
!
Cash on hand (1).
3/5
Arizona.—111, 12
15 per cent of aggregate deposits
and demand liCommercial banks (1).
abilities (1).
20 per cent in cities
over 50,000(1).
I
Arkansas...
Savings banks (1).
j 10 per cent of deposit liabilities
Reserve agents (6).
20 per cent of aggregate deposits
(7).
(1).
I
2/5
| 15 per cent of ag- ;
i gregate deposits
I (1).
i1 Any bank with restricted deposits
Banks, trust compa- | may maintain A part (1)
nies and savings ; against such deposits reserve rebanks (1) (3).
i quired by Fed1
eral Reserve Act
i against time de
| posits (1).
Banks
located
in j
towns of less than :, 50 per cent of de1,500 inhabitants,
posits (2).
with capital under
$25,000 (2).
Cash (7).
Cash (1).
3/5
; Other banks or trust companies,
in or out of State, approved by
commissioner (7).
; Any other bank, banks, or trust
R e m a i n - ! companies which have been apder (1). • proved by commissioner as rei serve agents (1).
MARCH
189
FEDERAL RESERVE BULLETIN
1937
RELATING TO BANK RESERVES
January 1, 1937, with respect to the subject of bank reserves. This compilation, which has been
with the assistance of the Counsel of the Federal Reserve banks, supersedes the compilation which
in parentheses refer to the authorities cited in the last column. The amounts expressed in perthose expressed in fractions, on the total reserves.
Remainder
Amount
May consist of—
Carried in Federal
reserve bank
Provisions for enforcement of
regulations
Remarks
Banks, savings banks
and trust companies, which are
members of Federal
Reserve System, are
required to maintain reserve required
by Federal Reserve
Act and amendments, in lieu of
State law requirements (2).
Commercial banks,
savings banks and
t r u s t companies
which are members
of Federal Reserve
System, may comply with reserve requirements of Federal Reserve Act in
lieu of State law requirements (2).
Authorities
i
Civil Code of Alabama.
(1) Sec. 6337.
(2) Sec. 6418.
Any bank failing to make good
its reserve within 30 days after
receipt of notice from the Banks maintaining both commercial and savings departsuperintendent of banks so to
ments required to maintain
do may be deemed insolvent
legal reserves for each departand proceeded against as such
ment (1).
(1).
No new loans shall be made
while reserves are impaired (1).
Revised Code of
1928, Ch. 8.
(1) Sec. 235, as
amended
by
Ch. 97, Laws
of 1933.
(2) Sec. 268.
While reserve below required
amount, bank may make no
new loans or investments (exBanks, trust compacept purchase of sight drafts) Any State or National bank
nies or
savings
or pay dividends. If reserve
may, after approval by bank
banks, including renot restored within 30 days
commissioner become reserve
serve agents, which
after
notice
by
Commissioner
agent (6). Reserve agent
are members of Fedmay be appointed (5).
must furnish commissioner
eral Reserve Sys- If receiver
five statements annually (8).
2
consecutive
statements
tem, required to
National banks may furnish
of reserve agent show defimaintain reserves
copies of statements required
ciency
in
its
reserve,
commisrequired by Fedby National Bank Act (8).
sioner shall notify bank to reeral Reserve Act in
Reserve agents shall be substore
it,
and
if
third
conseculieu of State reject to examination by Banktive statement does not show
quirements (4).
ing Department (9).
that it has been restored the
commissioner shall immediately revoke the right to act
United States Bonds
as reserve agent (8).
(2).
(1) Act 60, 1933
Laws, approved Feb. 27,
1933.
(2) Act 69, 1933
Laws, approved Mar. 2,
1933.
Arkansas Banking
Statutes
1931 Compilation.
(3) Sec. 21.
(4) Sec. 113.
(5) Sees. 25, 91
(5).
(6) Sees. 111-114.
(7) Sec. 111.
(8) Sec. 114.
(9) Sec. 112.
190
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
California-_
District
No.
Institutions affected
Total amount of
reserve required
Vault reserve
Amount I May consist of—
Balances in reserve depositaries
Amount
May be carried in—
Remainder.
Federal reserve bank or bank designated as depositary by superintendent of banks. Such depositaries may be banks or
national banking associations
located in the State, or banking
corporations with capital and
surplus of $1,000,000 or more
located in any city in United
States. But no bank or national
banking association shall be
designated as a depositary unless
it has a capital and surplus of the
following amounts: $250,000 if in
a city of 300,000 or over; $200,000
if in a city of 100,000 to 300,000;
$150,000 if in a city of 50,000 to
100,000; $100,000 elsewhere in the
State. If located in township
or city of less than 50,000, depositary shall maintain reserve
equal to that required of bank
in city of 50,000 to 100,000 population (2).
Deposits in any other bank prohibited (except Federal Reserve
bank) unless approved by superintendent of banks and directors or trustees of depositing
bank. Superintendent of banks
may, in his discretion, revoke
such designation (8).
5 per cent of ag- 1 per cent
gregate deof d e posits, exclusive
posits;
of United States,
bullion or
but re- Gold
postal savings
any form of curSavings banks and
serves
bank, S t a t e ,
rency
or money 4 per cent
savings departments
on hand
county and
authorized by
subject
of banks and trust
in any
municipal, and
t
h
e
l
a w s of
to call.
companies (6), (7).
case
other
public
United States
neednot
money deposits
(6).
exceed
secured as re$400,000
quired by law
(6).
(6).
Reserve depositaries same as for
commercial banks (see above)
(6).
All commercial banks
and all trust companies doing commercial
business
which have principal place of business in cities of 100,000 or over (2), (7).
18 per cent of deposits exclusive
of United States
and postal deposits, and deposits of the
State, counties,
cities, and other
public and municipal corporations which are
secured as re- ,
quired by law '
(2).
All commercial banks
and trust companies
doing commercial
business in cities of
50,000 to 100,000 and
all reserve depositaries in judicial
townships or cities
of less than 50,000
(2), (7).
15 per cent of deposits exclusive
of United States
and postal deposits, and deposits of the
State, counties,
cities, and other
public and municipal corporations which are
secured as required by law
(2).
All commercial banks
and trust companies
doing commercial
business and located
elsewhere in the
State (2), (7).
12 per cent of deposits exclusive
of United States
and postal deposits, and deposits of the
State, counties,
cities, and other
public and municipal corporations which are
secured as required by law
(2).
12
10 per cent of deposit liabilities
up to and includ-
Mutual savings
banks
(without
capital stock) existing at time of enactment of statute (1).
ing $1,000,000; 5
per cent of deposit liabilities
in excess of $1,000,000 up to
and including
$3,000,000; 3 per
cent of deposit
liabilities in excess of $3,000,000
up to and including $25,000,000; 1 per cent of
deposit liabilities in excess of
$25,000,000 (1).
Mutual savings
banks
(without
capital s t o c k ) At least $1,000,000
created after enact(4).
ment of the statute
(4).
6 per cent
of such
deposits,
unless a Gold bullion or
reserve
any form of
deposimoney or curt ar y,
rency authorthen #
ized by laws of
of t h e
United States
total re(2).
serves
required (2).
MARCH
191
FEDERAL RESERVE BULLETIN
1937
ING TO BANK RESERVES—(Continued)
Remainder
Amount
Carried in Federal
reserve bank
May consist of—
Provisions for enforcement of
regulations
Authorities
Remarks
If any bank fails to maintain
total reserves required, the
superintendent of banks may
impose a penalty on it for any
encroachment amounting to 1
per cent or more of its deposits !
as follows: 6 per cent per an- j
num upon any encroachment j All banks and trust companies <•
not exceeding 2 per cent; 8 per j must maintain separate re- i
Members of Federal \ cent per annum upon any en- i serves for each department,
Reserve System ex- { croachment in excess of 2 per j
the kind required for that
pressly permitted to | cent and not exceeding 3 per ! of
(3) (7).
j
comply with the re- • cent; 10 per cent upon any en- | Alldepartment
or
any part of the reserves
serve requirements ! croachment in excess of 3 per , required
by
State
law
may
be
of the Federal Recent and not exceeding 4 per i deposited subject to call with
serve Act in lieu of
cent; and at the rate of 12 per j the Federal reserve bank of
the State law recent per annum upon any ad- I the district in which the bank
quirements (2) (6). I ditional encroachment in exis located (2), (6).
i
cess of 4 per cent of deposits (2). |
While reserves are below the re- j
quired amount, no new loans
or discounts (except of sight \
drafts) shall be made; nor
dividends paid; and, after 30
days' notice from the bank
superintendent, it may be
deemed insolvent (2).
4
per
cent
(6).
Reserves on hand,
bonds or interestbearing obligations
of the United States
or gold bullion, or
any form of money
or currency authorized by laws of
United States (6).
j
|
j
|
Subject to penalties provided
in section 20 for commercial
banks (6).
No new loans may be made during deficiency in total reserves
(6).
The deposits shall not be increased while the reserve requirements are not complied
with (1).
" No savings bank or savings department shall receive deposits
of other banks other than savings deposits, and such deposits shall not be treated or
considered as part of the reserves on deposit of such depositing bank; provided, that
the sum so deposited shall not
exceed 30 per cent of the paidin capital and surplus of the
depositing bank nor more
than 15 per cent of the capital
and surplus of the depositary
bank" (6).
Deposit liabilities of mutual
savings banks existing at time |
of enactment of statute (1923)
"shall be exclusive of United !
States, and postal savings de- ;
posits, and deposits of the
State of California, the counties, cities and counties, cities
and towns" thereof, "and of
any other governmental or
political subdivision of the
State of California which are
secured as required by law or
are insured under section 12B
of the Federal Reserve Act, as
amended." (1).
The directors of any mutual savings bank must, before each
dividend, carry at least 1/10 of
the net profit- for the preceding 6 months to reserve fund;
but such bank may provide
by its by-laws for the disposal
of any reserves above the required amounts or for final
disposal upon dissolution of
bank. A larger reserve fund
may be created, if desired.
Losses may be pail from the
reserve fund; but the fund
must not be reduced below
the required amount (5).
BankActofCalifornia, as
amended, 1935.
(1) Sec. 19.
(2) Sec. 20.
(3) Sec. 25.
(4) Sec. 60.
(5) Sec. 64.
(6) Sec. 68.
(7) Sec. 106.
(8) Sec. 43.
192
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
Colorado___!
Institutions affected
Total amount ofreserve required
Reserve banks (1).
25 per cent of deposits (1).
'
Vault reserve
Amount
May consist of—
Amount
May be carried in-
10 !
20 per cent ;
of r e q u i r e d j Cash.
reserve
(1).
I
Every bank, includ- j
ing savings banks I 15 per cent of all
and trust compan- ! deposits (1).
ies(l).
Connecticut
Balances in reserve depositaries
! National banks located in cities
designated by Federal law as reserve cities, or banks or trust
companies designated by the
I State bank commissioner as reserve banks. The State bank
Remain- j commissioner must designate as
der (1). ; reserve banks such banks or
trust companies in other States
as he may deem necessary (1);
but no bank shall carry on deposit with any other bank for
more than 60 days in any year
more than 20 per cent of its own
' deposits (2).
1, 2
State banks and trust I
companies (1).
1/3
12 per cent of de- |
mand deposits,
5 per cent of
t i m e deposits i(1), (3).
|
Gold and silver j
coin, demand ;
obligations of
United States, j
or national bank i
c u r r e n c y , or |
Federal reserve ;
notes and Fed- j
eralreserve
bank notes (1), i
(3).
!
The
re- |
mainder, !
Federal reserve banks; or another
bank being member of Clearing
House Association of New York,
Boston, Philadelphia, Chicago,
Albany, or Buffalo; or a national
banking association, State bank,
or trust company located in New
Haven, Hartford, Bridgeport,
Stamford, or Waterbury, and
approved by bank commissioner (1), (3).
Private bankers (3).
Industrial banks (4).
10 per cent of total
liability for unhypothecated
certificates of indebtedness (4).
/2 S e e
• • R e- Cash (4).
marks."
Demand deposit with State bank
and trust company or national
banking association located
within the State or with another
bank which is a member of the
Boston or New York clearing
house association and is approved by the bank commissioner as reserve agent (4).
Delaware. _
j 10 per cent of de- |
Every bank and trust
companyexceptsavings banks (1).
5 per cent of deposits
Maximum cash
reserve required
for mutual savings banks shall
not be more
than$400,000(l).
All, or at
least 1/3
of r e serves
required
against
demand
deposits
(1). See
"Remarks,"
Lawful money of
United States,
gold or silver
certificates, or
notes and bills
issuedbynational banking associations or Federal r e s e r v e
bank notes (1).
Not more Any bank or trust company in
than 2/3
Delaware having capital of at
of r e least $50,000 and surplus of at
serves
least
$50,000, or any bank or
required
trust company, or individual
against
banker
or firm of bankers doing
demand
business in Philadelphia, New
deposits
York
City,
or Baltimore, all of
(1). See
which must be approved by
"Rebank
commissioner
(1).
marks."
193
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount
May consist of—
3/10 of
cash ! Liberty Bonds or
re| other obligations of
serve, i United States (1).
Bonds of the United
States.
Bonds so
held shall at no time
exceed at par value
one-sixth of total reserve fund (1).
Carried in Federal
reserve bank
Provisions for enforcement of
regulations
Remarks
I Banking Laws,
| 1928 Compila
i tion; Compiled
I Laws, 1921.
(1) Sec. 29 and
Sec. 2679, re; spectively, as
i1 a m e n d e d b y
Sec. 3, Ch. 62,
! Session Laws
• of 1929.
1 (2) Sec. 46 and
! Sec. 2694, re! spectively.
(3) Sees. 30, 54
and Sees. 2680,
i 2700, respectively.
i (4) Sec. 149; Ch.
| 70, S e s s i o n
i Laws of 1923.
With approval of While reserve is impaired the !
State bank commisbank may make no new loans
sioner, banks and
or discounts (except of sight |
trust companies bedrafts against actually exist- \
coming members of
ing values) nor pay any divi- '
the Federal Reserve j dends, and reserve must be j
System are relieved
fully restored within 30 days'
of State law reserve
notice from bank commis- •
requirements (4).
sioner (3).
The provisions of the j
State law relating j
new loans, discounts, or divito reserves and cash ! Nodends
be made while rebalances of banks j serve ismay
below 12 per cent reand trust companies j quirement;
and if requireshall not apply to I ment not met
30 days'
any bank or trust j notice, bank after
commissioner
company which is a
take possession or restockholder in any | may
Federal
Reserve j ceiver may be appointed (1).
bank (1).
"Demand deposits" include all
deposits payable within 30
days, and "time deposits" include all deposits payable
after 30 days (1), (3).
1/6
| Bonds which are legal
I investments for sav- j
ings banks in this i
; State; but bonds so !
| held shall at no time !
| exceed at par value j
( one-sixth of total re- |
| serve fund (3).
j
I
1/2
Bonds or other obliga- j
tions of the United I
States or of this I
State (4).
|
No new loans, discounts investments, dividends or distribution of profits may be made
while reserve is below 12 per
cent requirement; and if requirement is not met after 30
days' notice, receiver may be
appointed (3).
Reserve fund shall not apply to
savings deposits of banks and
trust companies (2).
General Statutes
of Connecticut
(1) Sec. 3898, as
a m e n d e d by
s e c . 1452c
(1933), 1935
Cumulative
Supplement.
(2) Sec. 3908.
(3) Sec. 3953.
1935 Cumulative
Supplement.
(4) Sec. 1513c.
One-half of the required reserve
may be carried either as cash
on hand or with a reserve
agent (4).
The whole of the reserve required against time deposits
may be kept on deposit subject to call with depositaries
specified as reserve depositaries of banks and trust comBonds or other obligaWhile the reserve of any institupanies or a part of such reserve
tions of the United j
tion
is
below
required
amount,
may
consist of lawful money
States owned abso- I
bank not reit must not make any new
of the United States, gold cerlutely by bank or Member
loans
or
discounts
(except
on
q
u
i
r
e
d
t
o
c
a
r
r
y
tificates,
silver certificates, or
trust company, un- j greater reserve than
sight drafts) or declare or pay
notes and bills issued by a
hypothecated and I that required by
any
dividends;
and
if
reserve
national
bank, or Federal
unpledged, to ex- I Federal Reserve Act
is not restored after 30 days'
reserve bank notes (1).
tent of 90 per cent
notice
from
bank
commisNo
money
received
in a fiduci(2).
of face value, upon i
sioner, the institution may be
ary character shall be carried
written permission
deemed
insolvent
(1).
or
counted
as
part
of lawful
of bank commismoney reserve (1).
sioner (1).
Every corporation receiving
both demand and time deposits must maintain reserves
required for each type of deposit (1).
Authorities
(1) Laws of 1921,
ch. 103, vol. 32,
as amended by
Laws of 1931,
chs. 131 and
132, vol. 37,
and by Laws
of 1933, ch. 93,
vol. 39 — Sec.
10; Banking
L a w s , 1936
Compilation,
page 66 et seq.
(2) Laws of 1919,
ch. I l l , vol.
30, as amended
by Laws of
1929, ch. 89,
vol. 36, and by
Laws of 1933,
ch. 92, vol. 38
—Sec. 9; Banking Laws, 1936
Compilation,
p. 82.
194
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
District of
Columbia.
District
i No.
5
Institutions affecte
Vault reserve
Total amount of
reserve required
Every bank and trust
company not mem- i
ber of Federal Re- \
banks.
serve System.
Amount
May consist of—
Balances in reserve depositaries
Amount
ired
na1
May be carried in—
Such agency or agencies which
shall have approval of Comptroller of the Currency.
Florida
All banking compa- 20 per cent of agnies and trust comgregate deposits
nies receiving depos(1).
its (1) (5).
Morris Plan
(6).
Banks
10 per cent of
amount of indebtedness on
deposits, investment certificates, contracts
or agreements
2/5
!
3 per cent.
See "Remarks".
Lawful money of
United States
(1).
3/5
See "Remarks".
Banks or bankers in other cities
with which such company may
keep its current account (2).
Cash (6).
3 per cent.
See "Remarks."
Demand deposit in other approved
banks of this State (6).
(6).
Georgia
Banks whose deposits
are subject to check
(1).
Savings banks and
trust companies
with deposits not
subject to check (1).
Idaho
Illinois
5 per cent of savings and time
deposits and 15
Lawful money of
per cent of deUnited States,
mand deposits No amount
gold and silver No amount Banks and bankers approved by
(1).
certificates, Fed- specified
specified
superintendent of banks (1).
eral reserve
(1).
notes, national
5 per cent of
bank notes (1).
amount of deposits (1).
All banks (3).
15 per cent of aggregate deposits
(3).
See "Remarks".
Savings banks and
trust companies not
engaged in commercial banking and
maintaining a savings department (6).
5 per cent of savings deposits (6).
All.
State banks.
15 per cent of aggregate deposits.
At least 5 per cent
of bank's capital
for operating expenses (1).
(See "Remarks".)
7,8
Cash in its vaults
(3).
See "Remarks".
On deposit subject to check with
any other banks approved by
the commissioner as reserve
depositories (3).
Actual cash (6).
Approved reserve agents.
195
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount
May consist of—
Carried in Federal
reserve bank
Provisions for enforcement of
regulations
No new loans shall be made or
dividends paid unless and
until total required reserves
are fully restored.
Bonds of the United
States, Florida, or
3/5
counties or cities of
See''ReFlorida approved by
marks".
the comptroller (2).
'per
cent.
Marketable securities
(6).
All (1).
Reserves against savings and time deposits may be invested in bonds of
United States and
Georgia (1).
1/3
of
such
r e serve.
State authorities permit balances on deposit in Federal
Reserve bank to be
included as part of
reserves which maybe kept in depositories or correspondent banks.
While the reserve is below the
required amount the company
must make no new loans or
discounts (except of sight
drafts) nor make any dividends; and, after 30 days'
notice, a receiver may be appointed (1).
Authorities
Reserves carried with an agency ;
or agencies may, under regu- j
lations and subject to such ; District of Copenalties as may be pre- i lumbia Code.
scribed by Comptroller of the ! Supp. II, Title 5
Currency, be checked against j sec. 299.
and withdrawn for purpose \
of meeting existing liabilities, j
Three-fifths of the lawful reserve
may be kept either in a depositary or depositaries, or in
approved bonds (2).
After paying dividend and
crediting surplus with amount
required by statute, one-half
undivided profits remaining
shall be invested in Federal,
State, County, Municipal or
Sub School District bonds
which shall be deposited with
State Treasurer as a Stockholder's Reserve Fund until i
par and market value of such
bonds equal 100 per cent of :
capital stock, to be withdrawn
and used only upon approval
of Comptroller.
When reduced
below
aggregate
amount, it shall be restored in
same manner as accumulated.
Interest accumulation thereon
: may be withdrawn (3).
A similar statute, in the case of
trust companies, sets up a
Stockholders' Statutory Liability Reserve Fund (4).
General Banking
L a w s , 1933
Compilation.
(1) Sec. 4140.
(2) Sec. 4141.
(3) Sec. 4144.
(4) Sec. 4191.
(5) Sec. 4197.
Laws of 1935,
Act approved
June 4, 1935.
(6) Sec. 8.
3 per cent of required reserve
may be held either as cash on
hand or as a demand deposit
in an approved depositary (6).
Deposits, investment certificates, contracts or agreements
held as security for its own
loans, shall not be considered
as indebtedness for which a
reserve must be maintained
(6).
Any bank which is
a member of Federal Reserve System
may keep such reserve as is required
by Federal Reserve
Act in lieu of that
required by State
law (1).
While reserve is below required
amount, no bank, savings
bank or trust company shall
increase its liabilities by making any new loans or discounts
(except sight drafts) nor pay
any dividends. If reserve not
raised to requirements within
30 days superintendent of
banks may take charge of its
business and assets (2).
United States Gov- i
ernment bonds not
Members of Federal j While reserve of any bank is
hypothecated (3).
ReserveSystemmay ; below required amount no
comply with the
new loans or discounts (except
reserve requireof sight drafts) shall be made;
ments of the Federal
and, after 30 days' notice,
Reserve Act in lieu
bank
commissioner may proof the State law requirements (2), (3). I ceed as in act provided (4), (5).
Remarks
No statute, but Audi- I
tor's office has never
compelled member !
banks to maintain j
reserves in excess
of requirements of
Federal R e s e r v e
Act.
Demand deposits shall comprise
all deposits payable within 30
days. Time deposits shall Banking Laws,
comprise all deposits payable
1935 Compilaafter 30 days and all savings \ tion.
accounts and certificates of (1) Sec. 27, p. 80.
deposit subject to not less (2) Sec. 28, p. 81.
than 30 days' notice before
payment (1).
The word "Bank" shall be
construed to mean any incorporated bank or institution, or individual, copartnership or unincorporated
association conducting the
business of receiving money
on deposit or transacting a j
trust business (1).
Two thirds of bank's required
reserve must consist of cash in
its vaults or deposits with
reserve depositories (3).
| No reserve required by statute,
i but auditor requires reserves
indicated, as matter of practice.
Auditor may require additional
amount for operating expenses
according to bank's condition
(1).
Idaho Code Annotaed, 1932.
(1) Sec. 25-102.
(2) Sec. 25-213.
(3) Sec. 25-501.
(4) Sec. 25-502.
(5) Sec. 25-901(5).
(6) Sec. 25-1406.
(1) Illinois Banking Act, Sec. 5.
196
FEDERAL RESERVE BULLETIN
MARCH
1937
PROVISIONS OF STATE LAWS RELAT
District
No.
State
Indiana
Total amount of
reserve required
Institutions affected
Vault reserve
Amount
May consist of—
Balances in reserve depositaries
Amount
May be carried in—
7,8
Iowa
7
Kansas
All banks and trust
companies (2).
12K per cent of aggregate demand
deposits and 3
per cent of time
deposits (2).
Savings banks (6).
May keep not
exceeding 20 per
cent of total
amount of deposits (6).
State and savings
banks and trust
companies
doing
commercial business
and not located in
reserve cities (2).
7 per cent of aggregate demand deposits and 3 per
cent of time deposits (2).
State and savings
banks and trust
c o m p a n i e s doing
commercial business
and located in reserve cities (2).
of re10 per cent of ag- 3/20
serve
gregate demand
fund
(2).
deposits and 3
per cent of time
deposits (2).
Savings banks doing
exclusively savings
bank business (2).
8 per cent of deposits at all
times (2).
Cash fund (2).
Every bank doing
business under the
act (1).
15 per cent of demand deposits
and 5 per cent of
time deposits(1).
Cash in its vaults
(1).
See "Remarks".
Cash in
own
vaults (2).
See "Remarks".
With other banks or trust companies (2).
See "Remarks".
Cash
in
own
vaults (6).
Any bank organized in this State
or any bank in adjoining State
organized in that State, or any
National bank, but no such deposit shall be made outside
Indiana except in National
banks, without approval of
bank commissioner (6).
"Actual net balance" (2).
17/20
On deposit subject to call with
other State or National banks
(2).
1/2
Correspondent banks none of the
stockholders of which are stockholders in the depositing bank,
except when approved by State
bank commissioner (1), (2).
See "Remarks".
10
1/2
25 per cent of de-
•
Trust companies receiving deposits (6).
§ » £ »**»<*
{°
^fentaoftim°
j
deposits (6).
See "Remarks".
See "Remarks".
197
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount
May consist of—
Provisions for enforcement of
regulations
Carried in Federal
reserve bank
p.-,,],.
Remarks
Authorities
Banking department shall prescribe basis for ascertaining
deposits against which required balances to be main- Acts
Affecting
tained (2), (5).
Financial InReserves may, under regulastitutions, 1935
Banks or trust comtions of banking department,
Compilation.
panies, which are
be checked against and with- (1) Sec. 206, p.
members of the Fed- No bank or trust company
drawn in order to meet exist110.
eral Reserve System
shall make any new loans or
ing liabilities (3).
(2) Sec. 207, p.
may comply with
pay any dividends unless and Demand deposits shall com110.
reserve
requireuntil total balance required
prise all deposits payable on (3) Sec. 208, p.
ments of Federal
by law is fully restored (3).
demand without notice. Time
111.
Reserve Act in lieu
deposits shall comprise all (4) Sec. 209, p.
of State law requireother deposits, including sav111.
ments (4).
ings accounts, certificates of (5) Sec. 210, p.
deposit subject to notice before
111.
payment, and all postal sav- (6) Sec. 22, p
ings deposits (1).
219.
Required reserves may be kept
in own vaults or with other
banks or trust companies (2),
(6).
All State banks, savings banks, and
trust
companies,
members of Federal
R e s e r v e System
need carry only
such reserve funds
as may be required
from time to time
to be maintained by
national bank members of Federal Reserve System (1).
1/2
May be invested in
bonds or other evidences of indebtedness of the United
States or in Kansas
municipal bonds or
warrants or secured
bonds of private corporations subject to
certain stipulated
conditions (1).
See "Remarks."
;
No bank shall make new loans or
pay dividends unless at the
"Reserve cities" are such cities
as are denned by the Federal
reserve act as "reserve cities";
and institutions located in outlying districts of a reserve city,
or in territory added to such Banking Laws,
1934 Compilacity by the extension of its
tion.
corporate charter may, upon
(1)
Sec. 9270.
approval of the superintendent
of Banking and the State (2) Sec. 9270-cl
banking board, maintain reserves specified for institutions not located in reserve
cities (2).
One half of required reserve
shall be kept either as cash in
own vault or as balances with
correspondent banks (1).
The bank commissioner may
suspend
any of the reserve requirem
§?H S f o r a ? e r i o d n o t t o
S ^ ^ o n f^Ve'rfoTs
en
time the required reserve is , SU(?0n, s ue s P
| i o n tor periods Banking Laws,
maintained (1).
xN A ^ c e e i15dfys i }t ^
CompilaAny bank the reserves of which
f balance
only due to and t1935
ion ; Re v .
f
m
er
are below the required amount ! t a™
°^
banks shall be
Stats.,
k n m t o
which shall violate any regu- i
f
amount in esti- (1) Sec. 1935.
52 and
! lation of the bank commis- • m a t n ? g amount of deposits
Sec. 9-112, rei sioner as to such reserve, ? n d
on which reserve requirement
spectively.
(2) Sec. 53 and
8
I S S3Jo'daVs^noSce
mly"be Demand d^osits shall comprise
Sec. 9-113, reI &e ^nTlvenn°t^)maybe;
^ ° ^ ^ £ ^ spectively.
1
comprise all deposits payable (3) Sec. 54 and
Sec. 9-114, re:
I after 30 days and all savings
spectively.
|
accounts and certificates of
|
; deposit subject to not less (4) Sec. 55 and
Sec. 9-115, rethan 30 days' notice before
spectively.
|
< payment (3).
(5) Sec. 56 and
Sec. 9-116, respectively.
Sec. 148 and
Reserves are to be kept in same (6)Sec.
17-2003, remanner and subject to same
spectively.
; rules as State banks, except
United States bonds and dei mand loans secured by United
States, State, county, or muj
nicipal bonds to cash value
of such loan shall be accepted
; as part of legal reserves of
i
trust companies in lieu of de1
' posits in banks (6).
;
198
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
District
Kentucky.. 4, 8
Vault reserve
Institutions affected j ^ a m o u n t tf
! No.
I Amount
! May consist of—
Balances in reserve depositaries
Amount |
May be carried in—
^e^S^I^-nt^
serve
cuieb
unuer j
Federal Reserve act|
^ qn
p r OOnt
nf
%£*£££&%.
Banks and trust com- j ^ ^ ^ I S
panies located in re^ d 3 D e ? cent of
serve cities (l).
t i m e d e p o s i t s (1)
"Money" (1).
2/3
"Other banks subject to call" (1).
: Cash (1), (3).
4/5
Cash balances in other banks (1),
(3). (See also "Remainder.")
2/c>
/6
Any national bank or any trust
company created under laws of
Maine or any trust company located in New England States or
New York and approved by
bank commissioner (2).
1/3
All other banks and i 7 per cent of detrust companies inmand deposits
corporated
under
and 3 per cent of
laws of Kentucky
time
deposits
(i).
; (i).
Louisiana. . 6, 11
All banking associations carrying on the
i
business of a bank
of discount, deposit,
>
exchange and circu- 20 per cent of delation (1); Corpor- j mand deposits :
ations conducting
(1), (3).
savings, safe deposit, and trust
;
banking
business
j (3).
•
Maine
:
1
j
; 1
Trust and banking
companies having
authority to receive
deposits (2).
i 15 per cent of demand deposits
and deposits
subject to with- ;
drawal within
10 days (2).
|
Savings banks (1).
ceDt
i tU S ^ f u i S ! 5uflf
!u»"}»*•
on hand
;
;
yi of 1 per cent ;
Maryland-
1/5
amounts to 5
per cent (1).
!
;
j Lawful money or
national - bank
[ notes of United
States (2).
j
i
'•••
"
l
!
'
5
All banks except savings banks without
capital stock (1). ;
Cash (1).
i
Such banks or trust companies of
State of Maryland or elsewhere,
of good standing, as board of
directors or executive committee
may direct. Cash items shall
not be considered as a part of reserve (1).
15 per cent of demand deposits
All trust companies (1)
See "Remarks."
199
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount
May consist of—
Carried in Federal
reserve bank
Provisions for enforcement of
regulations
State authorities permit banks which
are members of Federal Reserve System to comply with
provisions of Federal Reserve Act in
lieu of State law.
While reserve is below required
amount, no new loans or discounts (except of sight drafts)
shall be made; and, after 30
days' notice, receiver may be
appointed (2).
HemarkS
Authorities
"Demand deposits" include all
deposits payable within 30
days, and "time deposits" in- Banking Laws,
1932 Compilaclude all deposits payable
tion.
after 30 days and all savings
accounts and certificates of de- (1) Sec. 584.
posit which are subject to not (2) Sec. 585.
less than 30 days' notice before
payment (1).
4/5
reserves deposLawful money of the Cash
ited in Federal ReUnited States, or
serve
banks by
cash due from other
the amount of lawful money
State banks which If on
banks or bills of exthe premises, cash deposits
are members of the
change or discounted
in other banks, or short paper
Federal
Reserve
p a p e r maturing
falls
below the required
System shall be rewithin not more
amount and remains so for 10
garded and conthan one year, or
days,
it
is the duty of the
strued as cash on
deposits not subject to
bonds, stocks, or
president of the bank to notify Savings
hand (1), (3).
withdrawal "except upon
securities of the Banking
the
bank
examiner of the
associations
notice" are not considered deUnited States, or of
shortage,
and
it
is
unlawful
for
which are members
mand deposits (1), (3).
any of the United
the bank to discount any new
of the Federal ReStates or of the
paper until the proper reserve
serve
System
are
municipalities
or
is reestablished. By failure
permitted by State
corporations, public
to comply with this regulaauthorities to comor private, thereof,
tion a bank forfeits $10 for each
ply
with
reserve
or of the levee boards
day it is in default (2).
requirements of the
of the State of LouFederal
R
e
s
e
r
v
e
isiana (1), (3).
Act.
1/3
T r u s t companies,
members of Federal
Reserve System, become subject to the
Bonds of the United
r
e s e r v e requireStates or State of
ments of the FedMaine (2).
j eral Reserve Act
instead of State reserve requirements
(2).
Whenever the reserve falls below All of required reserves may be
the required percentage, it
carried either as cash on hand
must not be further diminor as deposits in banks and
ished by new loans until the
investments in bonds (2).
required reserve is restored (2).
(1) B a n k i n g
L a w s , 1932
Compilation,
Sec. 14, p. 12;
Act 179 of 1902;
Sec.
14 as
amended
by
Act 91 of 1918.
(2) B a n k i n g
L a w s , 19 32
Compilation,
Sec. 15, p. 13;
Act 179 of 1902
Sec. 15.
(3) B a n k i n g
L a w s , 1932
Compilation,
Sec. 5, p.- 38,
Act 45 of 1902,
Sec.
5,
as
amended
by
Act 92 of 1918.
Revised Statutes
of Maine, Ch.
(1) Sec. 34.
(2) Sec. 80.
If fund becomes impaired below
5 per cent of deposits, it must
be restored in manner provided for its accumulation (1).
Before declaring dividend K of
1 per cent of deposits must be
passed to the reserve fund until the reserve fund amounts to
5 per cent of the deposits. The
reserve fund must be kept constantly "on hand as a security against losses and contingencies" (1).
Any part of required reserve
may be carried as cash on
hand or in depositaries (1).
Demand deposits shall comprise
all deposits payable within
30 days (2).
1/3
Any banking institution which is a member of the^ Federal When reserve is below required
amount no new loans or disReserve |,,System
Registered bonds, or
counts may be made (except
shall not be required
public stock of Unitof
sight drafts); and, after 30
to
keep
any
reserves
ed States or Marydays' notice, a receiver may
other than those reland, or Baltimore,
be
appointed (4).
quired
of
banking
or bonds of any
institutions which
county or municipal
are
members
of
the
corporation of MaryFederal
Reserve
land, which shall be
System (3).
approved by the
banking commissioner; securities deposited with State
treasurer may be
counted in this reserve (1).
In estimating the amount of deposits of a trust company for
the purpose of determining the
amount of reserve, deposits
made by city of Baltimore and
secured by counter deposits of
Baltimore City stock are not
counted (1).
10 per cent of the reserve must
consist of cash on hand or of
balances with approved depositories and the additional
5 per cent must consist of
balances with approved depositories or of bonds and
securities of the kinds prescribed (1).
(1) Laws of 1910
Ch. 219, Sec.
61, as amended
by Laws of
1931, Ch. 503,
Sec. 62.
(2) Laws of 1918,
Ch. 33, Sec.
62B.
(3) Laws of 1918,
Ch. 33, Sec.
62C.
(4) Laws of 1910,
Ch. 219, Sec.
62.
200
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
District
No.
State
Massachusetts
Total amount of
reserve required
Institutions affected
Vault reserve
Amount
May consist of—
May be carried in—
1/5
• Lawful money of
United States, j
silver
certifi- \
cates, or notes •
| and bills issued !I
by any national
banking associa- \
tion or Federal
reserve bank (2).
4/5
Any trust company in Boston authorized by bank commissioner,
to act as reserve agent, or any
member bank of the Federal
reserve system located in Massachusetts, in a reserve city in
second, third, or fourth Federal
reserve district, or in a central
reserve city (2).
1/2
Lawful money of i
theUnited;
States,
silver i
certificates, or \
notes and bills
! issued by any I
national bank- !
I ing association
(3).
7
,„
Any trust company in Boston authorized to act as reserve agent,
or any national banking association doing business in Massachusetts, New York City, Philadelphia, or Chicago (3).
15 per cent of demand deposits j
and time deposits subject to j
withdrawal;
within 30 days
! CD-
:
All trust companies
incorporated as such \
in
Massachusetts '
(1).
20 per cent of de- !
Trust companies domand deposits
ing business in Bosand time depos- |
ton and less than 3
its subject to
miles from statewithdrawal
house (1).
within 30 days
(1).
Trust companies au- j Depends upon lqthorized to act as ' cation as indireserve agents (3).
cated above.
Morris
(9).
Michigan_.| 7, 9
Balances in reserve depositaries
Amount
5 per cent of aggregate amount \
of
certificate
funds, exclusive
Plan banks
! of
certificate
' funds pledged to j
it as security for i
loans (9).
'
Deposits payable on demand in
any trust company in Massachusetts which is a member of
Federal Reserve System, or in
any national bank in Massachusetts or in cities of New
York, Philadelphia or Chicago
or in Federal Reserve Bank of
Boston (9).
Cash (9).
Commercial banks (1) J 12 per cent of total
deposits (1).
On hand with National or State
banks or trust companies in
cities approved by the commiS'
sioner as reserve cities (1).
Savings banks (5).
12 per cent of total
deposits (5).
See "Remarks."
! 20 per cent of ma- ;
tured obligations;
Trust companies (6). |I and
money due i
I and payable (6). j
Minnesota.;
9
1/4
On hand (6).
per cent of de- |
State banks and trust 15mand
deposits
companies in reserve
and
5 per cent of
cities.
time deposits.
State banks and trust
companies not in reserve cities.
12 per cent of de- :
mand deposits j
and 5 per cent of
time deposits.
National or State banks or trust
companies in State reserve cities
(5).
On hand (5).
Cash.
3/4
Any bank or trust company approved by the commissioner (6).
Solvent banks; but no bank having less than $25,000 capital and
surplus shall act as reserve agent,
except with approval of commissioner of banks.
MARCH
201
FEDERAL RESERVE BULLETIN
1937
ING TO BANK RESERVES—Continued
Remainder
Amount
May consist of—
Carried in Federal
reserve bank
Provisions for enforcement of
regulations
Bonds, notes, bills,
and certificates of
i n d e b t e d n e s s of
United States or
Not over
Massachusetts com2/5
puted at fair mar- ,
ket value, which are
absolute property
and under control
new loans or investments
of corporation (2). : Member trust compa- Nomay
be made while reserve is
nies shall carry rebelow required amount; and
serves required by
if reserve is not restored after
Federal Reserve Act
30 days' notice from bank
in lieu of those recommissioner, he may appoint
quired by State law
a conservator or may take
(4).
possession of the business and
liquidate its affairs.
1
Remarks
Authorities
Trust company shall not keep
any part of reserve with reserve agent without written
consent of commissioner (3). :
! Trust company shall not keep
| on deposit with any bank except reserve agent, sum in excess of 10 per cent of its own
capital stock, surplus and
guaranty fund (3).
Commissioner may revoke authority of any trust company
to act as reserve agent (3).
;
Laws of
If governor declares banking ! General
emergency exists, commis- (1)Massachusetts.
Ch. 172, Sec.
sioner may increase or de- |] 73.
crease, in his discretion, reserve balances required against,: (2)74.Ch. 172, Sec.
either demand or time depos- (3) Ch. 172, Sec.
its (3).
i
Provision is made for the crea- ! (4)75.Ch. 172, Sec.
tion and maintenance of a j 81.
guaranty fund for savings de- | (5) Ch. 172, Sec.
posits of trust companies (6). j
Provision is made for creation | (6)76.Ch. 172, Sec.
and maintenance of trust
guaranty fund by trust com- (7)64.Ch. 172, Sees.
panies (7).
78, 79.
No reserve requirements for (8)77,Ch.
168, Sees.
savings banks but provision
45, 46.
is made for the creation and (9) C h . 172 A,
maintenance of a guaranty
Sec. 10.
fund (8).
Bonds or other obligations
of
United
States computed at
fair market value
(9).
All or part in interestbearing obligations
of the United States
(5).
Reserves of commercial banks, savings
banks and
trust
company
banks,
members of Federal
Reserve
System,
shall be as fixed by
Federal
Reserve
Act and not as fixed
by State law (1),
(5), (7), (8).
When the reserve of a commercial bank is below the required
amount, it shall not increase
its liabilities by making new
loans or discounts (except of
sight drafts); and, after 30
days' notice, a receiver may be
appointed (2); and a bank in a
reserve city failing to comply
with the reserve requirements
or otherwise violating the
State law may be denied the
right to act as a legal depositary of reserve funds (3).
Savings banks may be closed if
reserves not restored within 30
days after notice (5).
It is the duty of the bank commissioner annually to designate certain cities as reserve
cities (3).
When a bank combines commercial and savings business
separate reserves must be kept
for each (4).
Trust companies are permitted
to do general banking business; but when so doing are
"subject to all the applicable
provisions of the general banking law * * * including the
provisions of the State banking law with respect to the
maintenance of reserves" (7),
\
(8.)
State authorities
permit reserves required by Federal
Reserve
Act,
if
within definition of
reserves required by
State law, to be
counted as part of
reserves required by
State law.
While reserve is impaired no
new loans or discounts (except of sight drafts) shall be
made and no dividends declared.
The term "reserve city" means
cities designated as reserve
cities by Federal authority.
| Banking Laws,
1936 Compilation, and Act
No. 66, P. A.,
'
1929.
1
(1) Sec. 36, and
! sec. 21 respectively.
; (2) Sec. 37, and
sec. 22, respectively.
; (3) Sec. 42, and
sec. 27, respectively.
(4) Sec. 46, and
; sec. 31, respectively.
(5) Sec. 39, and
sec. 24, respec:
tively.
Banking Laws,
1936 Compilation, and Act
No. 67, P . A.,
1929.
(6) Sec. 147, and
I sec. 20, respecI tively.
i (7) Sec. 151, and
sec. 23, respec!
tively.
(8) Sec. 152, and
sec. 24, respec! tively.
Banking Laws,
1933 Compilation, pp. 26,
77; Minn. St.
1927, Sec. 7680
as
amended,
Laws 1931, Ch.
93,
Sec.
1;
Minn. St. 1927,
Sec. 7726.
202
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
Mississippi
District
No.
Institutions affected
6,8
Total amount of
reserve required
Vault reserve
Amount
May consist of—
Banks doing business
in cities or towns of
less than 50,000 (1).
15 per cent of demand deposits
and 7 per cent of
time and savings
deposits (1).
Banks doing business
in cities of over
50,000 (1).
25 per cent of demand deposits
and 10 per cent
of time and savings deposits (1).
Banks and trust companies in cities of
200,000 or over (1),
(2).
18 per cent of demand deposits
and 3 per cent of
time
deposits
(1), (2).
7 per cent
of d e mand
deposits,
an d 3
per cent
of time
deposits
(1), (2).
Banks and trust companies in cities of
25,000 to 200,000 (1),
(2).
15 per cent of demand deposits
and 3 per cent
of time deposits
(1), (2).
on hand
6 per cent Reserves
in any form of
of decoin
or
currency
m and
authorized by
deposits,
law of United
and 3
States (1), (2).
per cent
of time
deposits
(1), (2).
Banks and trust companies located elsewhere (1), (2).
15 per cent of de- 3 per cent
mand deposits
of time
and 3 per cent of
deposits
time
deposits
(1), (2).
(1), (2).
Banks not
banks (1).
10 per cent of deposit liabilities
(1).
Balances in reserve depositaries
Amount
Actual cash (1).
Missouri. __ 8,10
Montana. _
Nevada
Good and solvent banks (1).
Banks, trust companies, or national banking associations approved by finance commissioner
(3), (4).
9
reserve
Reserve banks (1).
Nebraska._
May be carried in—
Such part
as board Banks approved by superintendof direcent of banks as reserve banks
tors may
(1).
determined).
15 per cent of deposit liabilities
(1).
10 Banks in cities of more 20 per cent of dethan 25,000 (1).
posits (1).
Banks elsewhere (1).
15 per cent of deposits (1).
Savings banks and
savings
departments of commercial banks (1).
5 per cent of deposits (1).
12 Banks acting as re- 25 per cent of deserve depositaries
posits (1).
(1).
Lawful money of
the United States
and exchange for 1
any c l e a r i n g
house
associa- That portion (1), (2).
tion not Depositaries approved by
banking department (1).
kept in
bank(l).
1/3
Actual cash (1).
2/3
All other State banks
(1).
15 per cent of entire deposits (1).
1/3
Actual cash (1).
2/3
Banks doing savings
bank or trust company business but
not general banking
business (1).
10 per cent of deposits (1).
1/2
Actual cash (1).
1/2
the
Good solvent banks approved by
superintendent of banks (1).
But superintendent of banks
may refuse to consider as part
of its reserve balances due from
any bank which shall fail to
furnish him with information
required to enable him to determine its solvency (1).
203
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount
May consist of—
Carried in Federal
reserve bank
Provisions for enforcement of 1
regulations
KemarKs
Authorities
Reserve must be in "actual cash
or balances due from good and
solvent banks"; and no certain proportion of each is re- '
Banks and trust companies, members of
Federal reserve system, shall carry reserves required by
Federal reserve act
in lieu of those required by State
law (2).
i Matured time certificates of de- B ^ S n g A c t o f
posit and savings deposits as m g p
47
to which depositors have given v im9nd9d ' bv
written notice of intention to \ p£ ,«f T *W«
withdraw shall be considered
of 1QS6
as demand deposits and banks ,0? G " no/™
shall maintain the same per- U j b e c ' 1 1 8 Wcentage cash reserve covering
such deposits as is required
for deposits payable on demand (1).
Whenever it appears to Commissioner that reserves are below requirements, he may :
issue order directing that re- i
Banks and trust companies which are
members of the Federal Reserve System
are required
to
maintain only such
reserves as are required by the Federal Reserve Act
(1), (2).
^sasssrtfi-sssss-gs: 5 3 3 3 n is ssi
eral may institute proceedings
against any institution failing
l y with the banking
MF
. » m o u n t equals the capital (9).
^ l ^ ^ t g f c a S til pro
(4) g e c
5 SeC
5433
- 5310(3)'
va ni S n T ^ f o f S S t C S $ Hcc gjgindemnity
fund of 10 per g ^
*«£
cent
° f d e P 0 S l t s to meet any ; ( 9 ) g e c 5 5 0 6
contingency or loss (10).
J 10) g e c 5 5 0 8
i
WMe any bank or trust com- !
pany has for a period of 1
week had less than required
amount of reserve it shall make
no new loans, discounts, or
acceptances except discounts
of sight drafts (7), (8).
<>
j
i Session Laws of
i
j 1927, Ch. 89,
While reserve1is below required \ A n y solvent bank having paid- \ Rev. Codes,
Any bank becoming
member of Federal
Reserve System and
comp lying with
regulations of same
shall be deemed to
have complied with
State regulations (1).
1/5
State authorities require State banks to
maintain reserves
United States Governrequired by State
ment bonds at their
law, regardless of
market value (1).
membership in Federal Reserve System.
Compliance with reserve requirements
of Federal Reserve
Act by banks and
t r u s t companies
which are members
of the Federal Reserve System accepted in lieu of
compliance
with
State law requirements (2).
^AZTof Slh&
ifoo^^hlTioHSLi' (1 'fee. 53 and
shalfbe Sade Bank shalf re i
poftdlfiden?vin?^rves to !
s^DerintenS
Where re i
i n an
^ S t a t e of U n i t e d S t a t e s
ma
be
1 Sec" 6014-57' re"
?
designated by the | spectively.
superintendent of banks as a ' (2) Sec. 103 and
superintendenr mav
Y
h S nw 5 m
bank (1), (2), (3).
the business of receiving de- ! 131 r e s p e c Posits or transacting a trust or \ tively.
(4) Sec. 2 and
i n v e s t m e n t b u s i n e s s (4).
Sec. 6014.2 rej spectively.
L T e ' l a n s ^ e l o w ^ V e d !' = e a g e n t for Montana ; f P^ X ^ '
™ B e r £ d ^ r ^ l n u a l l v T h e ^ ^ b a x A " includes any 1 (3) 1ea%l(5)
fSll MowreaSireTamSSt7' corporation formed to conduct ; and Sec. 6014.& \
,
May not make new loans or discounts (except sight drafts)
nor pay dividends, while reserves are below requirements, Available funds shall consist of Compiled Statcash on hand and balances
utes, 1929.
and if reserves not made good
due from other solvent banks ! (1) Sec. 8-134.
within such time as Superin(2).
! (2) Sec. 8-135.
tendent of Banks may direct,
bank may be placed in hands
of a receiver and liquidated
(2).
While reserve is below required
amount no new loans or discounts (except of sight drafts)
nor shall any dividends be
made; and, after 60 days' notice, the bank may be deemed
insolvent (1).
(1) B a n k i n g
L a w s , 1935
Any bank which is a member
Compilation,
of the Federal Reserve System
Sec. 14; Act of
may deposit in the Federal i March 28, 1933
Reserve Bank any of its avail- i Sec. 14.
able funds including any part (2) B a n k i n g
of its reserve, and need not
L a w s , 1935
maintain additional reserves
Compilation,
against such deposits (1).
Sec. 4, p. 57;
Act of March
27, 1919, Sec. 4
204
FEDERAL RESERVE BULLETIN
MARCH
1937
PROVISIONS OF STATE LAWS RELAT
State
District
No.
NewHampshire
Institutions affected
Total amount of
reserve required
Trust companies or
similar corporations !
incorporated for the 15 per cent of ag- j
purpose of doing the
gregate deposits !
business of trust ! in commercial
companies or a gendepartment (2).
eral banking business (1).
Vault reserve
Amount
1/3
Lawful money of
United States, i
gold or silver
certificates, Fed-;
eral
Reserve
notes or national
banknotes (2). ,
Other banks approved by bank
commissioner (2).
2, 3
All hanks
Y
All
DanKS Pex
inp-d hanks
All trust companies
receiving
money
subject to check or
payable on demand
(2).
NewMexr
ico
May be carried in—
Cash and public
funds of the
United States
(4).
Savings banks and ;
savings departments 5 per cent of deof banks and trust ! posits (4).
companies (4).
New Jersey
Balances in reserve depositaries
May consist of— i Amount
15
of i m
P e r c e n t linhili
"
rnprhafp
15 per cent of im- j
mediate
d e-j
mand liabilities I
(2).
|
2/5
! Cash on hand (1). !
3/5
' Good solvent banks or trust companies (1).
1/5
Cash on hand (2).
4/5
Good solvent banks or trust com5(2).
: 10,11!
!
!
All
12
P e r c e n t of i
^'deposits;
Reserve shall be kept on deposit
with any bank or banks in State
having capital of not less than
$50,000 and surplus of not less
than 50 percent of capital,or with
any other bank or banks outside
of State having capital of not less
than $200,000 and surplus of not
less than 50 per cent of capital,
approved as reserve agents by
State bank examiner (2).
No bank shall carry on deposit
with any other bank more than
20 per cent of its own deposits,
except in reserve banks (4).
205
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Reminder
Amount
May consist of—
Carried in Federal
reserve bank
Provisions for enforcement of
regulations
Remarks
Authorities
Trust companies permitted to become
members of Federal
: Reserve System,and i
thereupon become ; No new loan or investment per- I ^ ^ f ^ T r u T c o m p a n i e ^ a r e '
subject to the rees
when reserve
require- i ?&$*£$*
rese^eTquire- :
serve requirements | mitted
ments not met (2).
ments for savings banks (4). *
of the Federal Re- ! ;
serve Act instead of
Public Laws of
the State reserve reNew Hampquirements (3).
shire.
(1) Ch. 264, Sec.
Every savings bank must annually pass to its guaranty fund
10 per cent of its net earnings
until such fund amounts to 5
percent of its deposits (5).
Dividends may not be paid
until the requirements of the
guaranty fund are met (6).
Until general deposits of a guaranty savings bank or a bank
conducted as a guaranty savings bank shall exceed $1,000,000 its paid-in guaranty fund
shall equal 10 per cent of general deposits. Provision is
made for a guaranty fund
surplus of 5 per cent of all dei posits in excess of $1,000,000
! (7).
State requirements do i
not apply to any !
bank which is a |
member of the Federal Reserve System (4).
;
Whenever the reserve is below
the required amount the bank
All trust companies
or trust company shall not
and State banks
make any new loans or dismembers of Federal
counts, except of sight drafts,
Reserve System benor make any dividends (1),
come subject to re(2).
serve requirements Whenever Commissioner of
of Federal Reserve
Banking and Insurance deAct instead of State I cides that bank or trust comreserve requirements I pany has violated any State
(3).
law he may take possession
of the bank or trust company
and liquidate it (4).
| Compliance with Fed| eral Reserve Act reI serve requirements
deemed compliance
with State law requirements (2), (6).
(2)'Ch. 264, Sec.
6.
(3) Ch. 264, Sec.
(4)'Ch. 262, Sec.
(5)'Ch. 261, Sec.
18.
(6) Ch. 261, Sec.
19.
(7) Ch. 261, Sec
21.
(1) B a n k i n g
Laws, Sec. 20,
1935 Compilation, p. 39;
Comp. St. p.
171.
(2) Trust Company Law, Sec.
20, 1935 Compilation, p. 86;
Savings banks are required to inComp. St. p.
vest their deposits; but are al5662.
lowed to keep not over 10 per
cent as an "available fund" (3) B a n k i n g L a w s , 19 3 5
for the purpose of meeting curCompilation,
rent expenses and payments,
p. 138; 1924
This fund may be kept on
Cum. Supp. to
hand or on deposit in any solComp. St. p.
vent New Jersey bank or trust
130.
company or national bank in
New Jersey; or deposited on (4) B a n k i n g
call, at interest, in a solvent
Laws, Sec. 24,
New Jersey, New York, or
and Trust
Pennsylvania bank or trust
Company
company or national bank in
Laws, Sec. 22,
New York or Pennsylvania;
1935 Compilaor loaned upon certain named
tion, pp. 40 and
securities; or not more than
87; Comp. St.
one-half of the "available
pp. 172 and
fund" may be invested tem5663.
porarily in certain notes, (5) S a v i n g s
drafts, etc. (5).
Bank
Laws,
Sees. 36, 37,
1935 Compilation, pp. 26, 27;
1930 C u m .
Supp.
to
Comp. St. p.
16 6 1 , a n d
Comp. St. p.
4706.
The bank act provides: "The
word 'bank' as used in this act
While reserve is impaired the
includes every person, firm,
bank shall make no new loans
company, copartnership or
or discounts and must restore
corporation, except national N e w M e x i c o
reserves within 30 days from
Statutes Annobanks, engaged in the business
time State bank examiner notitated, 1929.
of banking in the State of New
fies bank of impairment. ImMexico. Banks are divided (1) Sec. 13-102.
pairment of reserve is subject
into
the
following
classes:
(a)
(2)
Sec. 13-128.
to penalty of 10 per cent per
Commercial banks; (b) sav- (3) Sec. 13-129.
annum on the impairment,
ings
banks;
and
(c)
trust
com(4)
Sec. 13-139.
computed on basis of average
panies" (1).
(5) Sec. 13-147.
daily impairment covering
Any
State
bank
maintaining
the
(6)
Sec.
13-702.
weekly periods (2).
required reserve and making
No dividends shall be declared
proper
application
to
the
State
while reserve is impaired (5).
bank examiner may be designated a reserve bank (2).
206
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
I Dis- !
I m , ,
, e I
trict I Institutions affected i ^ v e ^ e Z i r e d
; No. I
reserve required
Vault reserve
!
New York.
Amount
M a y consist of_
i
Balances in reserve depositaries
1
~~~
M a y be carried i n Amount
12 per cent
deposits (.,, (2).
mand
;
(1), (2).
Banks and private
bankers with offices
in boroughs of between 1,000,000 and
1,500,000 and no
office in a borough of
1,500,000 or over (1),
(2).
I 10 per cent
15 per cent of ag- j ofaggregregate demand
gate de- Any part of a
deposits (1), (2).
bank's reserves
m and
on hand in exdeposits
cess of 4 per cent
(1), (2).
of its aggregate
demand deposits and any part
of a trust com4 per cent
pany's reserves
Banks and private 12 per cent of agof aggreon hand in exgregate demand
bankers located elsecess of 3 per cent
gate dedeposits (1), (2).
of its aggregate
where in State (1),
m and
demand depos(2).
deposits
its may be de(1), (2).
posited, subject
to call, with a
Federal reserve
bank in the dis: 10 per cent
Trust companies with 15 per cent of ag- I of aggretrict in which
offices in boroughs of
such bank or
gregate demand ; gate de1,500,000 or over (4).
trust company
deposits (4).
, man d
is located; and
deposits
the reserves on
(4).
hand not so deposited
shall
consist of gold
bullion, g o l d
Trust companies with
8 per cent
offices in boroughs 13 per cent of agcoin, U n i t e d
ofaggreof from 1,000,000 to
States gold cergregate demand
gate de1,500,000 and no oftificates, United
deposits (4).
m an d
fice in a borough of
States notes or
deposits
1,500,000 or over (4).
any form of cur(4).
rency authorized
bythelaws of the
United States
(1), (4). (But see
4 per cent
Trust companies in 10 per cent of ag" C a r r i e d in
of aggregregate demand
cities of first and secFederal Reserve
gate deond class with less
deposits (4).
bank.")
m an d
than 1,000,000 popudeposits
: lation (4).
(4).
Trust companies in
cities of third class
and in villages (4).
10 per cent of aggregate demand
deposits (4).
3 per cent
ofaggre- j
gate dem an dj
deposits
(4).
!
10 per cent of aggregate p a y ments on outstanding unhypothecated
bonds, notes or
certificates of in- 1/3 S e e Cash on hand (9).
Industrial banks (9).
debtedness. 15
"Reper cent of outmarks."
| standing bonds,
i notes or certifi! cates of indebt! edness payable
on demand (9).
Depositaries designated by superintendent of banking, which
may be a bank, trust company,
or national banking association
in the State having combined
capital and surplus of at least
(a) $1,000,000, if located in a
borough of 1,500,000 or over; (b)
$750,000, if located in a borough of
1,000,000 to 1,500,000, or in a city
of 400,000 or over; (c) $500,000, if
located elsewhere in the State.
No corporation, if located in a
borough of 1,500,000 or more
shall be a depositary for an institution having a combined
capital and surplus greater than
its own, unless the combined
capital and surplus of such
depositary exceeds $2,000,000.
Such depositary may also be a
banking corporation with capital and surplus of $2,000,000 or
more located in Chicago, Boston, or Philadelphia, provided
such banking corporation makes
reports and submits to examinations as required by superintendent of banking (5).
See
R emarks."
1/3
Depositary (any other moneyed
corporation) designated as such
by vote of majority of directors of
industrial bank, exclusive of any
director who is an officer, director or trustee of depositary (9),
(10).
207
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount
Carried in Federa]
reserve bank
May consist of—
Provisions for enforcement of
regulations
Remarks
Any part of a bank's
reserves on hand in
excess of 4 per cent
Every private banker shall
of its aggregate de- Banks, trust companies, and primaintain the same reserves
mand deposits and
vate bankers failing to mainas are required of banks.
tain the required reserves are
any part of a trust
However, a private banker
liable to assessments varying
company's reserves
located in the same city as a
with the amount of shortage
on hand in excess of
Federal Reserve bank or
3 per cent of its ag- I (1), (2), (3), (4).
branch may keep 2/3 of his
gregate demand de- |
reserves on deposit in a reserve
posits may be de- j Whenever superintendent dedepositary and 1/3 in the form
posited, subject to
of obligations of the United
cides that reserves of bank,
call, with a Federal I private banker or trust comStates maturing within 5
Reserve bank in the | pany are below amount reyears (2).
district in which
quired by law or are not being
such bank or trust ! kept on hand as required by The reserves indicated in the colcompany is located ! law, he may issue an order
umn headed "Vault reserve"
(1), (4). See "Re- ! directing that such reserves
are the reserves which the
1
New York law defines as "remarks;" "Vault re- !j be made good within the time
specified in such order; and
serves on hand," which under
serve."
that law includes reserves in
Compliance with re- ! superintendent may take posvault and balances with a
serve requirements ! session of any bank, private
Federal reserve bank (6).
of Federal Reserve j banking firm or trust company which has neglected to All savings banks are required
Act by member
comply with the terms of his
banks and trust comto maintain guaranty funds
panies exempts them j order (8).
for the security of their deposfrom
compliance |
itors or to meet contingencies
with State law re- j
(7).
; quirements (1), (4). j
Authorities
•
Bonds or notes of !j
other corporations
public or private, j
domestic or foreign j
or of any body poli- |
tic having an ascer- I
tained market value ]j
in aggregate not less
than such 2/3's (9).
1/3 of reserves may consist of
either cash on hand or de- i
posits with designated deposi- j
taries (9).
C onsolidated
Laws, Ch. 2;
Laws of 1914,
Ch. 369, as
amended.
(1) Sec. 112.
(2) Sec. 157.
(3) Sec. 30.
(4) Sec. 197.
(5) Sec. 38.
(6) Sec. 3(11).
(7) Sees. 234, 236,
252, 253, 254,
255.
(8) Sees. 56(3),
57(7).
(9) Sec. 308.
(10) Sec. 294(7).
208
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
North Carolina __ __
District
No.
Vault reserve
Total amount of
reserve required
Institutions affected
Balances in reserve depositaries
Amount j May consist of— • Amount
May be carried in—
5
15 per cent of ag- I
gregate demand !
deposits and 5
per cent of time
deposits (1).
i
All banks (1), (5).
Other solvent banks designated as
depositaries (2).
Cash (2).
i
North Dakota
20 per cent of de^
depots
of time deposits
Banking associations
KJm
(1).
2/5
Savings banks (2).
20 per cent of demand deposits,
10 per cent of
! deposits on time
1 certificates, and
| 5 per cent of savi ings deposits (2).
Banks or trust com- '
rkanipc
^
, .
(ta
ra/>aiVinrr ' ^ P e r C e n t Of Se- j
Deposits" (3).
'
deposits
(<$). ,
i
Actual cash on
hand. Cash
items shall not
be counted and
nothing shall be
carried as cash
e x c e p t legitimate bank exchange w h i c h
shall be cleared
on same or next
: business day (1),
! (2);
3/5
In another depart- !
ment of t h e
bank (3).
\
. ,'
4
4
Commercial banks (1).
U
$
^
f total
(°1 )
j
Savings banks, sav- 15 per cent of deings societies, trust
mand deposits
companies, and speand 10 per cent
cial plan banks (6),
of time deposits
(7), (8), (9).
(6).
Balances due from solvent national banks or State banks or
trust companies approved by
State banking board (2).
Balances due from reserve agents
to be approved by the State
banking board (3).
!
1
Ohio
Bank of North Dakota or good
solvent State or national banks,
or trust companies carrying
sufficient reserve to entitle them
to act as such depositary banks,
located in such commercial centers as will facilitate the purposes of banking exchange, and
approved by State banking
board (1).
9
p e r
cent of
demand
deposits !
and 2
per cent
of time
deposits
(1).
1
Lawful
ZtlT
notes,
money
FPSS :
federal
;Qther
b a n k s d e s i g n a t e d by resol u t i o n of b o a r d of d i r e c t o r S a n d
s u b j e c t to approval of superin-
cent
cent of
of
S
F
e S l reTerve
ddeposits
eSs
federal
reserve
bank notes, or
and 13
D 0 teS a n d
S ' o r '1 v p r
V?T??*l i
gold or silver ! of time
cer ificates
of
deposits ,
United States
(1).
Lawful
money,
national bank
notes, Federal
i Reserve notes,
Federal Reserve
!
bank notes, or !
bills, notes, gold
bullion, a n d
gold and silver
! certificates
or
any kind of currency
authorized by the
United
States
(fl)-
t e n d e n t of b a
k s (2)
N o bank
°
"
in any
depositary an amount in
excess of 50 per cent of capital
t
k
d s u r p l u s of s u c n d e p o s .
^
it
a n d n0^t w o b a n k s
be reciprocal depositaries (3).
h n d e p o s i t a s a reserve
|
j Any part of such reserve may be
deposited with Federal Reserve
bank. No bank shall deposit
any reserve funds in any other
bank except Federal Reserve
! bank, unless approved as reserve
bank (6).
j
!
!
!
209
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount ;
May consist of—
Carried in Federal
reserve bank
Provisions for enforcement of
regulations
Remarks
i
Authorities
No provision as to amount to be \
carried as cash on hand.
j No reserve is required on deposj its secured by a deposit of
United States bonds or bonds
I of the State of North Carolina
! 0)-
When reserve is below required
amount the bank shall not Ii The term "bank" includes any
Banks becoming memmake any new loans or dis- j| corporation accepting money
bers shall maintain
counts, except of sight drafts, ii or its equivalent on deposit as
reserves required of
nor make any dividends. I a business, but does not inmember banks in
Upon failure to restore reserves
clude building and loan assolieu of those required
within 30 days, commissioner ; ciations, Morris Plan banks,
by State law (1), (3).
of banks may take charge of
industrial banks or trust combank until reserve is adjusted i panies not receiving money
or bank is liquidated (4).
on
deposit (5).
;
North Carolina
Code of 1935,
Ch. 5.
(1) Sec-220(0(2) Sec. 220(g).
(3) Sec. 220(q).
(4) Sec. 222(i).
(5) Sec. 216(a).
(6) Sec. 221 (g).
Bank's board of directors may
designate any other bank as
depositary or reserve bank,
subject to approval of the
commissioner of banks, which
approval may be withdrawn
at any time (6).
1/4
May carry, with permission of State
banking board, in
United States bonds, ;
or certificates of in- |
debtedness, North ! State authorities perDakota Land series j mit reserves re- While reserve is below required
b o n d s , B a n k of
quired by Federal
amount, no new loans or disNorth D akota
Reserve Act, if withcounts, except of sight drafts,
bonds, or North Dain
definition
of
reand
no dividends shall be
kota mill and elevaserves required by ! made; and, after 30 days' notor bonds (1).
State law, to be
tice State banking board may !
counted as part of
impose penalty of from $100
reserves required by
to $500 (1), (2).
State law.
The reserves, bonds, and investments of the secured savings department shall be kept
separate and apart from the
other reserves, bonds, investments, loans, and discounts of
the bank and shall be applicable only to the repayment of
such secured savings deposits
(3).
Compliance by member banks with reserve requirements
of the Federal Reserve Act expressly
accepted in lieu of
State reserve reBonds or other obliga- | quirements (4).
tions issued or guar- |
anteed as to both
principal and inter- !
est by the United \
States, free and unpledged (6).
Trust companies are not reWhile reserve fund is below required to keep reserve on trust
quired amount no new loans
funds (8). Special plan banks
or discounts, except of sight
are not required to keep redrafts, can be made and no
serves against deposits hydividends can be paid; and
pothecated to secure indebtedafter 30 days' notice the superness of the depositor to the
intendent of banking may take
bank (9).
possession of the property and Deposits against which reserves
wind up the affairs of the inare required are exclusive of
stitution (5).
United States and Postal
savings deposits (6).
Banking Laws,
1935 Compilation; Ch. 96,
Session Laws,
1931.
(1) Page 34 and
Sec. 30, respectively.
(2) Page 66 and
Sec. 49(f), respectively.
(3) Page 61 and
Sec. 48, respectively.
General Code of
Ohio.
(1) Sec. 710-138.
(2) Sec. 710-127.
(3) Sec. 710-128.
(4) Sec. 710-5(1).
(5) Sec. 710-129.
(6) Sec. 710-144.
(7) Sec. 710-148g.
(8) Sec. 710-167.
(9) Sec. 710-180.
210
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
Oklahoma _
Dis- I
, trict Institutions affected
I No.
10,11
Total amount of
reserve required
Savings banks which ' 2 0 e r ce
do not transact a ' P s l t s
general b a n k i n g | P °
business (1).
of de
"
12 i All State banks and 155 per cent of total
t r u s t companies
demand depos- ;
whose deposits are
its and 10 per |
not insured in whole
cent of total \
or in part by United | time deposits of
States or any agency ! the commercial
or instrumentality
department (1).
thereof (1), (9).
i-lUU l i l S U l C U
111
WIIUIC
UOilt
Savings banks and
savings departments
of banks and trust
companies
whose
deposits are not insured in whole or in
part by United
States or any agency
or instrumentality
thereof (1), (9).
Ul
liKJldi
; Actual cash (1).
2/3
Good solvent banks selected from
time to time with approval of
bank commissioner (1). (See
i also "Remarks.")
10 per cent
of depos- Actual cash (1).
its (1).
3/20
Actual money of
United States '
(1).
17/20
i
Lawful money of
the United
States (1), (9). i
Balances payable on demand in
reserve banks or trust companies
having unimpaired capital and
surplus of not less than $75,000
and approved by superintendent of banks and directors of
depositing bank or trust comt pany (1), (2), (9).
All, or at
least 1 /3,
unless
banking |
departRemainm ent
der (1).
approves! Gold bullion, gold
lesser
coin, silver coin.
United States
amount
gold or silver
(1).
certificates,
notes or bills,
7 1/2 per cent of A l l ( 1 ) .
issued by any A l l ( 1 ) . Any institution or person aptotal time deproved by banking department
See
See I national bankposits (1).
as reserve agent (1), (2).
"Remarks"! ing association 'Remarks"
or Federal Reserve bank, or
any other form i
of currency of '
| All, or at i t h e U n i t e d ! All, or at
j least 2/3 : States (1).
least 2/3
7 1/2 per cent of ! (1). \
(1).
total deposits (1). See "ReSee
"Remarks".
marks".
15 per cent of total
I d e m a n d deposits and de! mand liabilities
Every bank, bank 1 (1).
and trust company,
or private bank (1).
Savings banks (1).
1/3
5 per cent of savings deposits (1). |
All State banks and I
trust
companies I
per cent of total
whose deposits are j 15demand
insured in whole or j posits and 5dein part by United j cent of time per
deStates or any agency I
or instrumentality ! posits (9).
thereof (9).
|
! 3, 4
May be carried in—
25 per cent of deposits (1).
Reserve banks (1).
Pennsylvania
Balances in reserve depositaries
Banks in towns of ; 20 per cent of demore than 2,500 (1). : posits (1).
Banks in towns or : 15 per cent of decities of less than
posits (1).
2,500 (1).
Oregon
Vault reserve
Amount I May consist of— ! Amount
MARCH
211
FEDERAL RESERVE BULLETIN
1937
ING TO BANK RESERVES—Continued
Remainder
Amount |
10 per
cent
of dep o s its.
1/2
1/3
Carried in Federal
reserve bank
May consist of—
Compliance with reserve requirements
of Federal Reserve
Act deemed
full
compliance with
State law (2).
Good bonds of United
States, or State,
county, school district, or municipal
bonds of State of
Oklakoma worth
not less than par (1).
Interest-bearing obligations of the United
States at the actual
cash market value \
thereof (1).
|
, Bonds or other interi est-bearing obligaI tions
of
United
States, Commonwealth of Pennsylv a n i a , or a n y
political
subdivision thereof, computed at their current market value
I
Provisions for enforcement of
regulations
While reserve is below the required amount the bank shall
make no new loans or discounts, except of sight drafts,
nor make any dividends; and
after 30 days' notice from the
bank commissioner it may be
declared insolvent (1).
A bank shall be deemed to be
insolvent when it shall fail to
make good its reserve as required by law (3).
Remarks
The banking commissioner may
refuse to consider as part of the
reserve of any bank balances
due to it from any other bank
which shall refuse or neglect to
furnish such information as he
may require relating to its
business with any other State
bank which shall enable him
to determine its solvency (1).
The commercial banking and
savings department of a trust
company is subject to the
State laws relating to State
banks (4).
Authorities
Banking Laws,
1926 Compilation; Oklahoma Statutes,
1931.
(1) Sec. 12, p. 16,
and Sec. 9136,
respectively.
(2) Sec. 51, p. 34,
and Sec. 9140,
respectively.
(3) Sec. 34, p. 25,
and Sec. 9170,
respectively.
(4) Sec. 144, p. 75,
and Sec. 9232,
respectively.
State reserve laws do
not apply to member banks and trust
c o m p a n i e s who
maintain the reserves required by
Federal Reserve Act
(1), (3). (4), (9).
While reserve of any bank or
trust company is below required amount it shall not increase its loans and discounts
(except of sight drafts) nor
make any investment of its
funds or dividend of its profits,
and after 30 days' notice from
superintendent of banks may
be declared insolvent (5).
A bank or trust company shall
be deemed insolvent when it
fails to make good its reserve
as required by law (6).
No reserves required against Oregon C o d e ,
United States deposits or ! 1930.
deposits of Postal Savings I (1) Sec. 22-701.
funds (1), (9).
! (2) Sees. 22-707,
Cash items are not considered as ! 22-708.
part of the reserve, excepting ! (3)Sec.22-529(d).
unpresented checks on other (4) Sec. 22-702.
solvent banks or trust com- (5) Sees. 22-704,
panies in same town or city
22-706.
received in regular course of ! (6) Sec. 22-1901,
business (1), (9).
as amended.
Banks and trust companies ! (7) Sees. 22-703,
whose deposits are not insured j
22-1102.
are required to maintain for | (8) Sees. 22-2507,
each department the reserves
22-2531,22-2532,
required for that department
22-2534.
and to keep the reserves for (9) Sees. 22-3201,
j each department separate and |
22-3204 a n d
distinct from any other de22-3212, as addpartment (7), (9).
•
ed in 1935 SupProvision is made for creation
plement, being
and maintenance of a guar- i
Sees. 1, 4 and
anty fund by mutual savings
12 of Ch. 57,
banks (8).
Laws of 1935.
Members of Federal
Reserve System
shall comply with
reserve requirements of Federal
Reserve Act in lieu
of State requirements but shall be
subject to State law
requiring notice of
reserve
deficiency
(3).
While the reserve is below the
required amount, no new loans
or discounts and no dividends
shall be made. Immediate
written notice to banking
department must be given
whenever total reserve fund
has been deficient
for 5
consecutive business days or
for total of 10 business days
during any 30-day period.
Upon failure to give notice,
penalty of $50 per day may
be assessed (4). Dividends
shall not be declared or
paid unless at opening of
business upon day dividend is declared, capital,
surplus and reserve fund
would, despite such dividend,
be unimpaired (5).
Banking Code of
1933.
(1) Sec. 908 as
amended by
Act No. 33 of
Jan. 2, 1934,
P. L. 128 and
Act No. 168 of
June 21, 1935,
P . L . 369.
(2) Sec. 906 as
amended by
Act No. 33 of
Jan. 2, 1934,
P.L. 128 and
Act No. 179 of
June 21, 1935,
P.L. 402.
(3) Sec. 910.
(4) Sec. 909.
(5) Sec. 701 as
amended by
Act No. 31 of
April 24, 1935,
P.L. 56.
All reserves may be carried
either in own vaults or with
reserve agent, but at least 2/3
of savings banks' reserves
must be so carried (1).
"Demand deposits" of banks
(other than savings banks)
and trust companies include
all deposits payable on demand or within any period
less than 30 days after demand; "demand liabilities"
include all other obligations
payable on demand; and
"time deposits" include all
deposits payable in not less
than 30 days (1).
212
FEDERAL RESERVE BULLETIN
MARCH
1937
PROVISIONS OF STATE LAWS RELAT
State
Rhode Island
District
No.
Vault reserve
institutions affected 1
^
"
^
!
Balances in reserve depositaries
Amount
May be carried in—
3/5
Banks, national banking associations or trust companies in, and
members of the clearing house
association of, Providence, and
national banking associations,
Federal reserve banks, and
banks or trust companies incorporated by the state in which
located, which are located in
New York, Boston, Philadelphia, Chicago and Albany and
which are approved by the
bank commissioner and which
are members of the Federal
Reserve System, or which maintain the reserve required by the
Federal Reserve Act (2).
Banks and trust companies in
cities or towns other than
Providence, however, may deposit reserves in any bank,
national banking association or
trust company located in Providence which is a member of the
Providence clearing house association and maintains merely
the reserve required of banks
not acting as reserve agents (2).
2/5
Gold and silver
coin, the demand obligations of United
States, or national bank currency (1).
5
All
banks
A
11D
anKs
'
South Dakota
May consist of—
1
15 per cent of aggregate deposits,
excepting savAll banks and trust
ings or particicompanies in the
pating deposits
State except sav(l).
ings banks (1).
See ''Remarks,"
South Carolina
Amount
9
7 inper cent of check S deposits and
3 per cent of time
; deposits.
| Cash.
Any bank.
i 20 per cent of to-
Reserve banks (1).
« ° f
*.&
marks".)
AH other banks (1).
17^ per cent of to^ T e f "•&
marks".)
All banks, firms, persons, and corporations doing banking
business (1).
10 per cent of demand deposits
and 3 per cent
of time and savings deposits
(1).
Tennessee-. 6, 8
Amount
determ i n e d Banks approved by superintendby board ent of banks as reserve banks (1).
of directors (1).
Cash (1).
Banks and bankers (1).
213
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount j
May consist of—
Carried in Federal
reserve bank
While there is no
specific provision of
law, State authorities permit reserves
required by Federal
Reserve Act to be
applied as portion
of reserves required
by State law.
Provisions for enforcement of
regulations
No bank or trust company
whose reserve is deficient shall
make any loans or discounts,
other than by discounting or
purchasing bills of exchange
payable at sight, nor make
any dividends; and if company fails to restore reserve in
30 days after notice from bank
commissioner, receiver may be
appointed (1).
Remarks
Authorities
Deposits in the savings or participation departments of
banks and trust companies
or deposits received as savings or on participation are
subject to the requirements
which are applicable to sav; ings banks regarding the crei ation and maintenance of a
; guaranty fund (1).
No reserve requirements for
savings banks but provision
is made for the creation and
maintenance of a guaranty
fund (3).
There is no provision as to the
It is the duty of the State bank
requirements.
3/5
SXfcalhm^f
,
i
*" "*'
1Q d a y g m a y n Q t b e c o u n t e d a s
cash reserves.
Cash items not considered as
i part of reserve (1).
United States bonds,
certificates of in- 1
"No bank shall be required to
debtedness, Treas- State authorities perI keep on hand at any time any
ury certificates, or
mit reserves re- While reserve is below required ! P°[ t i o ^ °f * * * £eposits
any other evidence i quired by Federal
amount no new loans or dis- ' obelonging
to the United States,
of indebtedness or
R e s e r v e A c t , if
SSSXs fex?eSt^f sieht drafts) i t or an
? department thereof, or
t h e S t a t e eount
: obligation of the
within definition of
Sail
be
made
and
afte?
30
'
y> municiU n i t e d States
reserves
required
day ' ^ o S c f ^ u p e ^ n S e n ? | Palit* school district, or townowned by bank and
by State law, to
of
Lnks
may
liquidate
affairs
^
/
,
h
depositsanyenot hypothecated as
be counted as part
ol ban* {Z).
| b y g a i d b a n k , , (1)
part of r e s e r v e
of r e s e r v e s r e such securities to be
quired by State
i carried at their marlaw.
Provision is also made for the
i ket value (1).
1 creation and maintenance of
1 a Depositors' Guaranty Fund
(3).
Compliance by mem- While reserve is below required
ber banks and trust
amount, the bank may make
companies with reno new loans or discounts (exserve requirements
cept of sight drafts) nor make
of Federal Reserve
any dividends; and, after 30
Act is accepted in
days' notice, superintendent
lieu of State law remay take charge (2).
quirement (3).
The reserve may consist of cash
or balances and the proportion
of each is not stipulated (1).
General Laws of
Rhode Island.
(1) Ch. 277, Sec.
(2)'Ch. 277, Sec.
3.
(3) Ch. 277, Sec.
2.
Banking Laws,
1930 Compilation, No. 72,
p. 34; Code of
South
Carolina, 1932, Sec.
7863.
(1) Ch. 49, Session Laws,
1933.
South
Dakota
Revised Code
of 1919, as
amended.
(2) Sec. 8979.
(3) Sec. 9005 et
seq.
Banking Laws,
1935 Compilation.
(1) Sec. 6021.
(2) Sees. 60 2 2,
6023.
(3) Sec. 5933.
214
FEDERAL RESERVE BULLETIN
MARCH 1937
PROVISIONS OF STATE LAWS RELAT
State
Texas
I Dis| trict
No.
Institutions affected
Total amount of
reserve required
Vault reserve
Balances in reserve depositaries
Amount | May consist of— • Amount
May be carried in—
State banks or trust
companies with capital stock less than 20 per cent of demand deposits
$25,000 a n d n o t
members of Federal , (!)
reserve bank (1). !
Cash (1).
Banks or trust companies not in central
reserve city, hav- 15 per cent of deing capital stock of
mand deposits
$25,000 or more and
(1).
n o n m e m b e r s of
Federal reserve
bank (1).
,
Banks or trust com-
12 per cent of de-
bank not in reserve
or central reserve
cities(2).
and 5 per cent
of time deposits
(2).
Any bank or banking association
of Texas or any State or United
States bank, banking association, or trust company approved
by commissioner and having
paid-up capital stock of $50,000
or more; but the deposit in any
one bank or trust company
shall not exceed 20 per cent of
total deposits, capital and surplus of the depositing bank (1).
4/12
Same as required
of n a t i o n a l
banks under
United States
laws (2).
5/12
Federal reserve bank (2).
Banks or trust com- 15 per cent of demand deposits
panies members of
Federal reserve
and 5 per cent
bank and in reserve
of time deposits
city (2).
(2).
Savings departments
of State banks and
trust companies (3).
Utah_
15 per cent of
whole amount
of savings deposits (3).
Savings banks (4).
15 per cent of
whole amount
of assets (4).
Commercial banks in
cities of 50,000 or
more (1).
20 per cent of aggregate amount
of deposits and
demand liabilities (1).
Commercial banks
elsewhere (1).
15 per cent of aggregate amount
of deposits and
demand liabilities (1).
Savings banks (2).
5 per cent of deposit liabilities
(2).
5/15
1
'
/o
p a nt
Same as required
of n a t i o n a l ;
banks under'
laws of United j
States (2).
6/15
Actual
2/3
cash
in
such s a v i n g s
department (3).
On hand (4).
Reserve agents designated and apj
proved by the commissioner of
insurance and banking (3).
Any bank or banking association
of Texas or under laws of the
United States approved by
banking commissioner and hav; ing paid-up capital stock of
Any part. ; $50,000 or more; but the deposits
1
in any one bank or trust com! pany must not exceed 20 per cent
i of the total deposits, capital, and
surplus of such savings banks (4).
7/8
Lawful money of
United States
(1), (2).
1/4
Solvent banks other than savings
banks (1), (2).
3/4
215
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount j
Carried in Federal
reserve bank
May consist of—
Provisions for enforcement of
regulations
Banking associations
which are members
of the Federal Re- Whenever the reserve of any
serve System are
bank falls below the required
permitted to comply
amount it shall make no new
with reserve reloans or discounts until it shall
quirements of the
restore it by collection (1).
Federal Reserve
Act.
Own vaults or in
Federal reserve
bank or in both (2).
Any part of the vault ,
reserves may be invested in United
States bonds or
other direct obligations of the United
States (3).
i
Compliance by mem- I
ber banks and trust j While reserve is below required
companies with reamount the loans and disj serve requirements ; counts (except of sight drafts)
of Federal Reserve
shall not be increased; and,
j Act shall be in lieu of \ after 30 days' notice from bank
commissioner, the bank may
I compliance with rebe deemed insolvent (5).
serve requirements
! of State law (4).
Remarks
Authorities
"Demand deposits" include all
deposits payable in 30 days;
and "time deposits" include
all deposits payable after 30
days and all savings accounts
and certificates of deposit subject to not less than 30 days'
notice before payment. A
reserve or central reserve city
is one defined by the laws of
the United States or designated by the Comptroller of
the Currency (5).
j
Members of Federal Reserve
bank shall have all rights permitted them under Federal •
Reserve Act as to reserve deposits with State banks and
banks and trust companies
(2).
Revised
Statutes 1929.
(1) Art. 522.
(2) Art. 521.
(3) Art. 432.
(4) Art. 417.
(5) Art. 523.
Banks having both commercial
and savings departments must
maintain required reserve for
each (3).
Revised Statutes
of 1933, as
amended.
(1) Sec. 7-3-36.
(2) Sec. 7-3-37.
(3) Sec. 7-3-38.
(4) Sec. 7-3-40.
(5) Sec. 7-3-39.
216
FEDERAL RESERVE BULLETIN
MARCH
1937
PROVISIONS OF STATE LAWS RELAT
District
No.
State
Vermont-__
Institutions affected
Total amount of
reserve required
Balances in reserve depositaries
Vault reserve
Amount
May consist of—
Amount
1
1/10
All banks (1).
15 per cent of commercial deposits
and 3 per cent of
savings deposits
1/10
1/5
Demand deposits in banks and
national banking associations in
which banks of this State are
authorized by law to make deposits (2). (See "Remarks".)
At least one-half of these balances
shall be in a bank not occupying
the same banking room (2).
5
All banks (1).
Washington
Banks or national banking associations located not more than 100
miles from the depositing bank
or any banks which are members
of the Federal Reserve System
located in the Boston Federal
Reserve district or in New
York city (2).
Cash on hand (2).
0).
Virginia.. __
May be carried in—
10 per cent of demand deposits
and 3 per cent
of time deposits
(1).
Other approved solvent banks (1).
Cash (1).
12
•
West Virginia
Banks and trust companies (1).
15 per cent of total
deposits and 100
per cent of its
uninvestedtrust
funds (1).
All banking institutions.
10 per cent of demand deposits
and 5 per cent
of time deposits.
Such banks or trust companies
as State bank examiner may
approve (1).
Actual cash or
checks on solvent banks in
same city (1).
Deposits in another bank or trust
company prohibited (except
Federal Reserve bank) unless
appointed by vote of majority
of directors of depositing bank
(2).
4, 5
1/5
Lawful money of
United States.
4/5
Any national or State bank
doing business in the State, or
any solvent banking institution
outside of State, payable on demand.
ING
TO BANK RESERVES—Continued
Remainder
Amount
3/5
217
FEDERAL RESERVE BULLETIN
MARCH 1937
Carried in Federal
reserve bank
May consist of—
Compliance by member banks and trust
companies with reserve requirements
of Federal Reserve
Act deemed compliance with State
law (3).
B o n d s of U n i t e d
States (2).
Provisions for enforcement of
regulations
No new loans may be made
when bank s reserve does not
meet requirement (1).
State banks, members i
of Federal Reserve I
System, must com- !
ply with reserve re- !
quirements of Federal Reserve Act
(1).
i
State banks and trust j
companies, mem- ;
bers of the Federal |
Reserve
System, j
• duly
complying !
with all reserve and
other requirements |
thereof are expressly
excepted from the j
State reserve requirements (1).
i
;
Remarks
The term "bank" includes savings banks and trust companies (4).
State banks are authorized to
deposit in banking associations and trust companies approved by the bank commissioner under supervision of
State or Federal authority in
Vermont or in cities of New
York, Boston, Chicago, Albany, Philadelphia, Concord,
N. H. or any other bank designated as United States depositary and national banks in St.
Paul, Minneapolis and Kansas City or not exceeding 4
per cent of depositing bank's
assets in chartered Canadian
banks (5).
Authorities
Public Laws of
Vermont,
Chapter 272.
(1) Sec. 6747.
(2) Sec. 6748.
(3) Sec. 6684.
(4) Sec. 6664.
(5) Sec. 6706.
(VI) (b).
No provision as to the amount Virginia Code of
which shall be carried as cash i 1936, Title 37.
and in solvent banks.
i (1) Sec. 4149(33).
The term "bank" includes sav- (2)
Sec. 4149(1).
ings banks and trust companies (2).
!
No loan shall be made by a
bank or trust company unless
it has on hand more than the
minimum of available funds
required" by law, "and no
loan shall be made if thereby
its available funds be reduced
to less than such minimum"
(3).
Mutual savings banks are re- j (1) B a n k i n g
L a w s , 1929
quired to invest their deposits;
Compilation
but for the purpose of paying
Sec. 61; Remwithdrawals or meeting exington Revised
penses or awaiting more favorStatutes, Sec.
able opportunities for investment, they are allowed to | 3253.
keep on hand or on deposit in j (2) Laws of 1933,
any bank or trust company in | Ch. 42, Sec. 19;
the State of Washington or in I Remington Reany bank or trust company in I vised Statutes,
New York City, Chicago, ! Sec. 3253-2.
Portland, San Francisco, or ! (3) Laws of 1933,
Los Angeles, an available fund ! Ch. 42, Sec. 27;
not exceeding 20 per cent of its i Remington Reaggregate deposits, but the
vised Statutes,
sum deposited by any such
Sec.
3289 as
savings bank in any one bank
amended.
or trust company shall not ex- j (4) B a n k i n g
ceed 25 per cent of the paid-up | L a w s , 1929
capital and surplus of such ! Compilation,
bank or trust company, and
Sec. 186; Remno more than 5 per cent of the , ington Revised
aggregate deposits of any savStatutes, Sec.
ings bank shall be deposited | 3381-25.
in a bank or trust company of j (5) B a n k i n g
which a trustee of such savings I L a w s , 1929
bank is a director (4).
I Compilation,
Sec. 187 et seq;
Provision is made for creation
Remington Reand maintenance of a guarvised Statutes,
anty fund by mutual savings
Sec. 3350 et seq.
banks (5).
| Deposits requiring notice of 30 j
Compliance by mem| days or more for withdrawal,
ber banks and trust
; and time certificates of deposit, Banking Laws,
companies with re1931 Compilaj trust funds and Christmas
serve requirements While reserve is below required ' savings, shall be deemed time
tion, Sec. 16,
amount no new loans may be
of Federal Reserve
p. 21; Code of
deposits, and all checking acmade
Act accepted in lieu
1932, Sec. 3198
counts, certified checks, cashof compliance with
(Ch. 31, Art. 8,
ier's checks, demand certifiState law reserve
Sec. 16).
cates of deposit and balances
requirements
due other banks, shall be
deemed demand deposits
218
FEDERAL RESERVE BULLETIN
MARCH
1937
PROVISIONS OF STATE LAWS RELAT
State
Wisconsin _
Distrifit
| No.
7,9
Institutions affected
Total amount of
reserve required |
Vault reserve
Amount
!
; May consist of—
j
May be carried in—
;
Banks approved by commission
as reserve banks (1), (2), (4).
State banks not State i 12 per cent of total !
reserve banks (1). i deposits (1).
Reserve banks (1).
20 per cent of total
deposits (1).
Trust companies (2).
12 per cent of de- '
posits (2).
I
Mutual savings banks
(4).
5 per cent of total
deposits (4).
|
Lawful
money
(1), (2), (4).
!
Wyoming..
Balances in reserve depositaries
Amount
10 Savings associations
and trust companies (1), (3).
Banking associations
and loan and trust
companies (2), (5).
Savings departments
of banks and trust
companies (6).
10 per cent of sav- I
ings deposits (1), 1
(3).
;
20 per cent of deposit liabilities,
except secured
d e p o s i t s of
United States,
State of Wyoming or its political subdivisions or deposits
of Postal Savings funds (2), '
(5).
;
10 per cent of savings deposits (6). |
j National banks or other banks
organized under general laws (1),
| (3).
Cash (1), (3).
1
Cash (2), (5), (6).
!
!
National or State banks approved
! by the State examiner as reserve
j agents (2), (5), (6).
FEDERAL RESERVE BULLETIN
MARCH 1937
ING TO BANK RESERVES—Continued
Remainder
Amount
1/3
May consist of—
Carried in Federal
reserve bank
and trust comUnited States Gov- Banks
panies b e c o m i n g
ernment
bonds,
members
of the Fedhome owners loan
eral Reserve System
corporation bonds
are
required
to mainor Federal farm
tain only the reserve
mortgage corporarequired to be kept
tion bonds (in the
by member banks
case of State banks
(1).
only) (1).
Provisions for enforcement of
regulations
Whenever the reserve of banks
is below required amount no
loans or discounts (except of
sight drafts) may be made;
and, after 30 days' notice,
receiver may be appointed(3).
! Any bank or trust Whenever the reserve of a bank '
\ company that is a
is below the required amount
member of the Fedit shall not increase its loans
(except by discounting sight
eral Reserve System
drafts) nor make investments
! may keep the reor pay dividends and if the
serve required by
bank fails to make good its rethe Federal Reserve
serve within 30 days after
| Act in lieu of State
notice it shall be deemed inlaw
requirements
solvent (4).
i (2).
Remarks
Cash items are not considered as
part of reserve of any bank
(1).
Mutual savings banks are also
required semiannually to set
aside from the net profits 1/4
per cent to 1 per cent of their
total deposits as a guaranty
fund until it amounts to 10 per
cent of deposits (5).
Authorities
Wisconsin Statutes, 1929.
(1) Sec. 221.27.
(2) Sec. 223.04.
(3) Sec. 221.28.
(4) Sec. 222.20.
(5) Sec. 222.16.
Banking Laws,
1 935 Compilation; Revised
! Statutes, 1931.
(1) Sec. 10-207.
(2) Sees. 10-141,
10-301.
(3) Sec. 10-403
' (13th).
! (4) Sec. 10-142.
! (5) Sec. 10-305.
i (6) Sec. 10-130,
; as amended by
Ch. 113, Session Laws,
1933.
220
FEDERAL RESERVE BULLETIN
MARCH 1937
ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, DEC. 31, 1931, TO DEC. 31, 1936
[Amounts in thousands of dollars]
Dec. 31,
Loans (including overdrafts)
IT. S. Government direct obligations
Securities fully guaranteed by U. S. Government
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve Banks
Cash in vault
Balances with private banks and American branches of
foreign banks
Demand balances with other domestic banks
Time balances with other domestic banks
Balances with banks in foreign countries
Due from own foreign branches
Cash items in process of collection
Cash items not in process of collection
Redemption fund and due from United States Treasurer. __
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
Total assets..
1931
D e c . 31,
1932
D e c . 30,
1933'
D e c . 31,
1934 1
19, 260, 685
5, 318, 654
15, 204, 050
6, 539, 706
12, 833, 483
7, 254, 234
5, 995, 786
5, 725, 714
5,131,926
12,028,103
9,905,692
989, 208
5, 227, 275
718, 500
1,174, 957
211,755
1, 975,169
522, 551
412, 248
1,150, 245
268, 945
2,511,374
422, 838
459, 264
981, 206
274. 966
2, 677, 693
471, 006
241,951
1,001,087
313, 556
4,081, 565
608, 602
12,175,102 12, 541,845
10, 500, 527 11,721,475
1,767,864
1,950,457
5, 541, 381 6, 045,033
29,984,874 32,258,810
179,071
156, 954
991, 684
994, 921
366, 979
379, 457
5, 573, 212
5, 607,119
664, 778
713, 421
1, 662, 226
2, 415, 656
1, 969,141
3,035,834
{
36,759
\ 3,621,009
()
91,175
30,575,125 27,469,470 25,219,643 28,150,278
()
Dec. 31,
1935 1
118, 111
50, 788
5,572
f 2,254,755
1, 903, 307 \
15,972
J u n e 30,
1936 1
Dec. 31,
1936 1
13,359,853
11,639,486
1, 905, 718
6,094, 627
32,999,684
179,
981,
367,
6, 571,
697,
414
975
486
694
380
34, 463
3, 792, 738
35, 645
3, 918,620
116,311
51, 698
2,502
2,147,493
11,027
112,192
55,480
14, 209
2, 533, 275
12,919
90, 928
83, 255
102, 706
61, 868
158,683
143, 816
2,094,822
1,121, 949
1.132, 338
31,372
39, 242
40, 307
33, 956
310, 502
13, 473
223, 687
14, 869
12, 928
226, 281
46,349
10,827
229,219
1,761
1,896
313,208
11,137
791
246, 543
10, 340
555
256,178
10, 578
589
227,193
39, 688,322
36, 259,926
33, 876, 326
40,077,191
44,122,035
46, 533,987
48, 718, 333
13,652,127
411, 845
1, 303, 273
2,832, 296
398, 390
12, 272, 777
474,741
1,118, 702
3,608,839
243, 395
12,108, 621
967.167
1,319. 689
3,138, 755
129, 248
14,951,169 18,035,082 19, 321, 998 20, 970, 304
881,961
844, 041
1,036, 575
1, 635, 516
2, 320, 453 2, 329,180
1, 799,435 2,139, 464
6,401,831
5,
695,
795
5,
985,
886
4, 569, 264
431, 808
443, 998
• 464, 642
146, 838
797, 263
421, 804
8,134,097
1, 471, 624
7, 259, 337
1, 352, 347
770, 750
799,136
462, 647
387, 700
62, 899
26,125
708,426
342, 417
86,627
1,289
113,139
184, 515
92, 536
LIABILITIES
Demand deposits:
Individuals, partnerships, and corporations
U. S. 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:
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
.
Total deposits
30,711,036 2 8 , 6 8 9 , 8 3 7
Secured by pledge of loans and/or investments
(4)
(4)
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 endorsement
.
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
378,253
6, 428, 536
900, 043
3 610,402
18, 061
778, 205
300,559
82, 793
6,642
27,166,974
(4)
35, 350
624, 234
81, 583
839,128
53,160
776, 749
45, 579
546, 785
13, 748
775, 270
11, 669
143,340
310, 502
732, 253
14,169
13, 473
14, 869
429, 738
7,335
12, 928
73, 276
46,349
480, 969
10, 725
10, 827
69,120
()
228, 597
)
200, 501
2, 499, 098
2, 524, 460
605, 403
370, 368
2, 409, 859
2,148, 260
438,521
412, 529
()
184, 973
103, 610
2, 312,019
1, 749,935
355, 386
441,412
838, 255
881, 706
789,137
7,599,028
881,978
520,089
19,347
451,988
294, 452
133, 552
7,494
i, 293,860
815,901
548,372
21, 503
217, 564
361, 346
150, 775
4,776
i, 565, 632
843, 255
613,013
77,295
152,234
377,998
151, 248
6,198
33,848,405
3, 694,023
30,154, 382
63, 378
40, 312
134,114
120, 465
2, 543, 621
1, 661, 656
391,013
335, 218
8,991, 216
765, 315
647,498
25, 319
104, 369
296, 229
153, 372
5,793
38,454,183 40,705,564 42,885,326
3,100, 721
35,353, 462
3, 432, 822 3,181, 586
37, 272, 742 39, 703, 740
51, 379
101,159
63, 968
8,108
6,091
13. 697
5,850
1,810
15, 325
11,137
173, 204
24, 367
791
68, 607
10, 340
151,155
27, 066
555
80, 105
10, 578
173, 572
27, 915
589
79, 523
43,999
159,130
106,844
2, 460, 353
1, 806, 516
520, 283
45.431
139,117
74.432
2, 379,408
1, 936, 370
560, 324
309,817
650, 935
6,341
12, 787
1,761
253, 791
8,976
1,8Q6
881,131
41,019
137,977
115,100
2, 518, 640
1, 710, 599
458,292
336, 375
331,310
2,522
14, 828
6,166
10,061
Total liabilities (including capital account).
Number of banks
39, 688, 322
36, 259,926
33, 876,326
40,077,191
44,122, 035
7,246
6,816
6,011
i,442
6,387
48, 718, 333
46, 533, 987
6,400
6,376
1
Beginning with 1933, figures relate to licensed banks only.
Included in "Other assets."
Includes $27,288,000 of deposits the payment of which was deferred by agreement with depositors or otherwise
separately
from June 30, 1933, to June 30, 1934, inc.
4
Not reported separately.
2
3
Such deposits were reported
221
FEDERAL RESERVE BULLETIN
MARCH 1937
ALL MEMBER BANKS—CONDITION ON DEC. 31, 1936, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All
member
banks
Loans (including overdrafts)
U. S. Government direct obligations.
Securities fully guaranteed by U. S. Government
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with private banks and American branches of
foreign banks
Demand balances with other domestic banks
Time balances with other domestic banks
Balances with banks in foreign countries
Due from own foreign branches
Cash items in process of collection
Cash items not in process of collection
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
Total assets,.
13, 359, 853
11,639,486
1,905,718
6,094, 627
32,999,684
179,414
981, 975
367, 486
6, 571, 694
697, 380
All
national
member
banks
All State
member
banks
8, 257,123 5,102, 730
7,289, 607 4, 349, 879
1, 383, 464
522, 254
4,083,006
2,011,621
21,013,200 11,986,484
78, 692
100, 722
631, 400
350, 575
176, 431
191, 055
3, 828, 463 2, 743, 231
514, 717
182, 663
Central reserve city
member banks
New York
Chicago
3,854,977
3, 738, 935
469, 806
1, 216, 760
9,280,478
632, 514
1,106,897
93, 992
266,487
Reserve
city
member
banks
Country
member
banks
4, 794, 299
4, 425,967
697, 314
1,877,119
4,078,063
2, 367,687
644, 606
2, 734, 261
2,099,890 11,794,699
9,824,617
137, 079
231, 643
31,155
2, 658,095
61,490
3,838
22, 611
6,856
558,002
31, 700
35, 326
338, 437
142, 000
2,108,285
284, 794
3,171
389, 284
187,475
1, 247, 312
319, 396
3,721
1,867, 576
57, 917
3,286
12, 822
903,795
24,010
27,438
6,895
1, 067, 387
3,826
1,796
131,259
38
35, 671
6,475
180,178
1,055
2,452
23, 653
1, 739, 607
53,182
14,071
7,314
1,087, 375
1,558
159,183
224
970, 647
5,945
316,070
5,192
4,799
316
100, 876
8,874
264
1,120
69,173
35,967
72, 982
320
589
49,071
48, 718, 333 31,011,439
17, 706, 894
13, 742, 579
17, 592, 062
14, 274, 997
20, 970, 304 12,671,701
881, 961
562, 713
2, 329,180 1, 819, 370
6,401,831 4,119, 583
431,808
198, 766
881,131
468, 556
8, 298, 603
319,248
509, 810
2, 282, 248
233, 042
412, 575
7, 274,049
225,086
285,049
2,493,398
392, 979
457,330
1, 495,419
* 72, 284
190,644
599, 271
4,559
26,926
7,023,406
406, 675
842, 672
2,826, 051
32, 702
230, 328
5,177, 430
177, 916
1,010,815
483, 111
1,568
166, 547
2, 649, 379
162,137
350, 635
9,109
12,088
62,163
27, 453
348, 801
30,048
299, 223
749
379, 658
37, 408
29, 737
2,637
3, 588, 483
168, 729
260, 341
8,490
35, 227
203, 211
137,174
1,348
4, 674, 274
529, 130
58,197
13, 443
69,142
79, 764
16,183
35, 645
3, 918, 620
112.192
55,480
14, 209
2, 533, 275
12, 919
10, 578
589
227.193
22, 823
3, 014, 825
88,182
28,042
7,314
1, 465, 888
9,093
5,779
273
126, 317
LIABILITIES
Demand deposits:
Individuals, partnerships, and corporations, U. S. Government
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Certified and officers' checks, etc
Time deposits:
Individuals, partnerships, and corporations:
Evidenced by savings passbooks
Certificates of deposit
Open accounts
Christmas savings and similar accounts,.
Postal savings
States, counties, and municipalities
Banks in United States
Banks in foreign countries
8, 991, 216
765, 315
647, 498
25, 319
104, 369
296, 229
153, 372
5,793
i, 341,837
603,178
296, 863
16, 210
92, 281
234, 066
125, 919
4,813
13, 244
10
4,445
Total deposits
42,885,326 27,555,856 15,329,470 11,824,411
424, 020
Secured by pledge of loans and/or investments
3, 181, 586 2, 380, 979
800, 607
Not secured by pledge of loans and/or investments.. 39, 703, 740 25,174, 877 14, 528,863 11,400, 391
Due to own foreign branches
Agreements to repurchase securities sold
_.
Bills payable and rediscounts
Acceptances of other banks and bills sold with endorsement
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, etc
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) Number of banks
2,838,558 15,764,837
271,158
2, 567, 400
12,457,520
1, 520, 200
14, 244, 637
966, 208
11,491,312
1,176
15
634
3,310
63, 968
1,810
15, 325
51, 753
835
2,650
12, 215
975
12, 675
63,968
10, 578
173, 572
27, 915
589
79, 523
5,779
83,101
11, 504
273
47, 594
4,799
90, 471
16,411
316
31,929
8,874
132, 793
21, 446
264
1,809
437
1,120
34, 447
5,330
20, 878
8,394
32, 970
320
2,523
702
589
17, 281
28, 640
58, 830
16, 791
80, 287
74, 432
784, 368
891, 763
191, 939
163, 844
15, 962
57, 277
625
547, 805
798, 378
145, 770
92, 352
1,240
12,012
238
126, 300
61, 211
25, 986
30, 225
16, 513
39, 052
33,145
772,175
579, 081
187, 003
120, 421
11,716
30, 776
40, 424
933,128
497, 700
201, 565
66, 819
12,000
45, 431
139,117
74, 432
2, 379,
1, 936,370
560, 324
309,817
1, 595,040
1, 044, 607
368, 385
145,973
14,828
10, 619
4,209
40
21
4,777
9,990
48, 718, 333
31,011,439
17, 706, 894
13, 742, 579
3,108, 695
17, 592, 062
14, 274, 997
6,376
5,325
1,051
37
14
336
5,989
222
FEDERAL RESERVE BULLETIN
MARCH
1937
REPORT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
The Federal Deposit Insurance Corporation has published a report of its activities
during the period from July 1, 1936, to December 31, 1936, giving an analysis of
changes in the number of operating insured
banks during the year 1936 and a statement
of the Corporation's assets and liabilities as
of December 31, 1936. The complete report
is republished below:
To banks insured by the Federal Deposit
Insurance Corporation:
The board of directors of the Federal Deposit Insurance Corporation submits herewith a report relating to the activities of the
Corporation during the period from July 1,
1936, to December 31, 1936, with additional
information pertaining to operations from
the beginning of deposit insurance. A statement of assets and liabilities as of December
31, 1936, including an analysis of surplus for
the 6 months ended on that date is also submitted.
OPERATIONS
The total income of the Corporation for the
6 months ended December 31, 1936, was
$22,374,205.28, of which $18,104,565.08 was
assessments on insured banks and $4,269,640.20 was interest on securities owned, less
provision for amortization of premiums.
Total expenses and losses during this period
amounted to $3,031,898.67. The Corporation
is earning approximately $8,800,000 annually
on securities owned, and is operating on an
annual budget of less than $2,500,000 for
administrative expenses.
The surplus of the Corporation, representing an excess of income from all sources over
total expenses and losses from the beginning
of deposit insurance, was $54,105,323.78 as
of December 31, 1936. Total income from
interest on securities, profit on securities
sold, and assessments collected from banks
for the entire period of operation of the Corporation to December 31, 1936, amounted to
$71,499,971.33, of which $47,036,705.88 represents assessment collections. During the
same period total losses and expenses
amounted to $17,394,647.55 after allocating
$151,023.33 to the banks which withdrew
from the temporary Federal deposit insurance funds on June 30,1934. These losses and
expenses consisted of total disbursements actually made or pending to depositors of closed
banks in settlement of their claims and to
merging banks for loans and purchases of
assets amounting to $24,804,179.24, and expenses and other charges of $343,292.27 incident thereto, less estimated recoveries of
$17,114,589.48; and administrative expenses
and other charges of $9,361,765.52.
CLOSED INSOLVENT INSURED BANKS
Depositors in insured banks which become
insolvent are protected by three distinct functions of the Corporation. First, in cases
where banks are closed by action of their
respective supervisory authority, the Corporation makes almost immediate payment
of the full amount of the claim, up to a maximum of $5,000, of each depositor. Second,
in cases where it is possible to merge insolvent banks with sound banks the Corporation
makes loans to the banks or purchases assets
where such action will result in smaller losses
to the Corporation than if the banks are liquidated. Third, in cases where the Corporation
is appointed receiver of closed banks the depositors having balances in excess of $5,000
may be assured of a maximum recovery, since
the Corporation, as the principal creditor of
the banks by virtue of its subrogation to the
rights of insured depositors who have been
paid, is directly concerned with an efficient
liquidation.
During the six months ended December 31,
1936, 31 insured banks closed because of insolvency. Of these banks 15, with deposits
of $7,353,000, suspended and were placed in
receivership, and 16, with deposits of $3,167,000, were merged or consolidated with other
banks with the aid of loans or purchases of
assets by the Corporation. The suspended
and merged banks had 34,681 depositors, all
but 134 of whom were fully protected from
loss. In the 15 suspended banks $5,955,000
of deposits were protected by insurance, offset, pledge of security, or preferment. Of the
$1,398,000 of deposits not so protected almost
$800,000 had been placed under restrictions
in 1933 and were not eligible for insurance.
From the beginning of deposit insurance to
December 31, 1936, 75 insured banks suspended and were placed in receivership by
supervisory authorities. The 88,912 depositors in these banks, having total deposits of
$21,989,000, were protected to the extent of
$18,130,000 by insurance, offset, pledge of
FEDERAL RESERVE BULLETIN
MARCH 1937
security, or preferment. All but 446, or onehalf of 1 percent of the depositors, were fully
protected against loss. The Corporation has
also facilitated the mergers of 28 insolvent
banks by making loans of $8,527,000 and purchasing assets amounting to $1,067,000. In
these banks there were 58,682 depositors having total deposits of $21,056,000, which were
made immediately available in the merged
banks.
As of December 31, 1936, the Corporation
was acting as receiver for 14 banks. Of these
6 were national banks and 8 were State banks,
with deposits respectively of $6,074,000 and
$4,071,000 at date of suspension.
MEMBERSHIP
On December 31, 1936, 14,030 operating
commercial banks were insured with the
Federal Deposit Insurance Corporation, a
reduction of 151 for the calendar year. The
decrease in the number of insured banks resulted in part from a definite program of
eliminating insolvent or weak banks either
by closing them or by merging them with
sound banks with aid from the Corporation,
in part from mergers and consolidations, and
in part from the exercise of control by supervisory authorities over the chartering of new
banks. During the year 241 insured banks
were eliminated by closing, merger or consolidation, or voluntary liquidation, 1 insured
bank withdrew from the Federal Reserve
System without continuance of insurance,
and 91 banks were admitted to insurance.
Of the banks admitted to insurance, 32 were
banks first opened for business during the
year, 16 were reorganizations of or successors
to banks which had been closed, and 43 were
banks in operation, or successors to non-insured banks in operation, at the beginning
of the year. These changes, which are summarized in Table I, do not include cases in
which insured banks were succeeded by other
insured banks.
The Corporation favors the establishment
of banking facilities in every community
which can furnish sufficient justification for
banking service, but it opposes the chartering
of institutions which it believes to be economically unsound and likely to fail. It has
received the cooperation of most of the supervisory authorities in preventing the indis-
223
criminate chartering of banks. However,
there will be an increasing pressure for the
creation of new banks as the banking business becomes more profitable and more attractive to investors. Unless effective and proper
control of chartering is maintained our banking system will inevitably be weakened.
INSURANCE LIABILITY
The Corporation has assumed a potential
liability of about $20 billion in the insurance
of deposits in commercial banks and of nearly
$1 billion in mutual savings banks. More
than 98.4 percent of all depositors in insured
banks are fully insured. In the 13,204 commercial banks with deposits of not more than
$5,000,000 each, comprising more than ninetenths of the total number of insured commercial banks and holding about $8.5 billion
of insured deposits, the average insurance
coverage is about 78 percent.
A more detailed analysis of insurance of
deposits by the Federal Deposit Insurance
Corporation is contained in a pamphlet issued
in November 1936 and distributed to all insured banks.
The solvency and successful operation of
the Corporation is dependent upon the maintenance of a sound banking system. The
Corporation is insisting that banks under its
supervision take their losses when they occur,
in order that their true condition may be reflected. It is insisting that banks maintain
adequate capital structures and that banks
which seek to retire their preferred capital
shall retain capital sufficient to provide protection against the uncertainties of banking
operations. It is taking action against banks
which continue to engage in unsafe and unsound practices. It is endeavoring to secure
the prompt elimination of insolvent banks so
that it may take its insurance losses as they
occur, and thus avoid, insofar as possible,
their concentration in times of economic depression. Close cooperation of bankers and
supervisory officials and a progressive improvement in practices of bank management
are essential, however, if the banking system
is to be kept in a strong position.
By order of the board of directors,
LEO T. CROWLEY, Chairman.
WASHINGTON, D. C, February 8, 1937.
224
FEDERAL RESERVE BULLETIN
TABLE 1.—ANALYSIS OF CHANGES IN THE NUMBER OF
OPERATING INSURED BANKS, 1936—UNITED STATES
AND POSSESSIONS 1
Commercial banks
National
State
Not
members
F. R.
System
13,974
5,325
1,051
7,598
14,125
5,386
1,001
7,738
-151
-151
-61
+50
-140
91
91
9
4
78
Members F . R.
System
All
banks
Total
Number of b a n k s Dec. 31, 1936
14,030
Number of b a n k s Dec. 31, 1935
14,181
Net change-._
Additions—total
Previously operating banks
becoming
insured2
Banks
commencing operations during 1936 insured at close
of year
Closed or restricted banks
reopened or
succeeded3
Reductions—totals_
Insolvent banks
suspended -_
Insolvent banks
merged
or
consolidated
with
other
banks
Other mergers,
c o n s o 1 i d ations, absorptions and voluntary liquidations — net
decreaseWithdrawal
from Federal
Reserve membership without continuing insurance .
Successions
and
changes in classification — net
change.-- _
STATEMENT
43
1
2
40
$19, 099,151. 38
7, 707,929. 23
Less: Reserve for losses..
11, 391, 222.15
1.00
48, 905. 91
Total assets
$353,171,605.34
LIABILITIES
32
32
6
1
25
16
16
2
1
13
242
242
60
12
170
41
41
1
40
Current liabilities:
Accounts and assessment rebates
payable
Net balances of depositors in closed
insured banks, pending settlement
or not claimed—contra
$76, 623. 72
1, 261,435. 84
Unused credits for assessments paid to
temporary Federal deposit insurance
funds and prepaid assessments
Reserve for undetermined expenses and
losses
27
173
27
2
173
1
10
24
106
57
1
1
1
58
-48
$1,338,059. 56
8,360,441. 69
68,223.32
Total liabilities
Figures are subject to revision.
Includes successors to noninsured banks in operation at the beginning
of 3the year.
Includes two cases where new charters were issued to the resulting
bank in consolidations of insolvent banks and four cases where new
banks were organized to replace insolvent banks suspended or merged.
OF ASSETS AND LIABILITIES,
DECEMBER 31, 1936
Furniture, fixtures and equipment
Deferred charges and miscellaneous assets.
43
1937
Cash on hand and on deposit
$9,089,127. 20
United States Government securities—
(cost less reserve for amortization of
premiums) and accrued interest receivable
332, 642, 349. 08 $341, 731, 476. 28
Mutual Assets acquired through b a n k suspensavings
sions and mergers:
banks
Subrogated claims of depositors
against closed insured banks
$10,410,968. 67
Net balances of depositors in closed
insured banks pending settlement
or not claimed, to be subrogated
when paid—contra
1,261,435.84
Loans to merging banks to avert de56
posit insurance losses
6,406,006. 52
Assets purchased from merging
56
banks to avert deposit insurance
1,020,740.35
losses
$9, 766, 724. 57
Capital stock
Surplus:
Balance June 30, 1936
Add adjustments applicable
periods prior to J u l y 1, 1936
$289,299, 556. \
$34,482,918. 50
to
280,098. 67
Balance as adjusted June 30, 1936__- $34, 763,017.17
Surplus for the six months ending
December 31, 1936:
Additions:
Deposit insurance assessments
$18,104,565.08
Interest earned (less provision
for
amortizat i o n of
premiums) _
-10
1
2
MARCH
4, 269,640. 20
$22, 374, 205. 28
Deductions:
Deposit insurance losses
and
expenses
$1, 759, 265. 95
Administrative expen1, 247, 264. S
ses
Furniture, fixtures and
equipment
purchased
and charged
25, 367. 79
off
$3,031,898. 67
Total capital
Total liabilities and capital
19,342, 306. 61
54,105,323. 78
$343,404,! i0. 77
-•— $353,171,605.34
MARCH 1937
FEDERAL RESERVE BULLETIN
225
ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM
The annual report of the National Bank of icy and the functioning of the different
Belgium for the year ending December 25, Exchange Equalization Funds. Thus the
1936, was presented to the general meeting transition was effected without shock or difof stockholders on February 22, 1937. Sec- ficulty. We are in a position to insure the
tions from the address of the governor of equilibrium of our exchange market at all
the bank,
M. Louis Franck, are given here- times. The stability of our currency has
with.1
been strengthened, while our monetary
In the monetary field, the year 1936 was regime has in no way been changed.
marked by important events which had con- A declaration issued in November 1936
siderable influence on world economy. After by the Secretary of the United States Treaslong-continued efforts to overcome her inter- ury, and confirmed in London and Paris, supnal economic crisis through deflationary plemented the earlier measures. Under the
measures, France decided toward the end of terms of this document the United States
September to realign her currency. The de- Treasury will deliver gold to those countries
valuation of the French franc was followed —of which Belgium is one—that have dealmost at once by that of the Swiss franc, the clared their own willingness to sell gold to
Netherlands florin, the Italian lira, and the the United States.
Czechoslovak koruna. Later the Greek The declaration of the American Secretary
drachma, the Latvian lat, and the Turkish of the Treasury may be denounced on 24
pound were linked to sterling.
hours' notice. In spite of this reservation,
The Three-Power monetary agreement.— which is explained by the provisional charDevaluation of the French franc was pre- acter of the monetary regime in most of the
ceded by a joint declaration on the part of the countries concerned, the agreement has not
French, British, and American Governments, only practical importance but also symbolistating their common desire to avoid every- cal significance. Once again it confirms gold
thing prejudicial to the new exchange equili- in its function as the ultimate instrument for
brium which was the object of the French international payments.
monetary reform, and to cooperate in re- The British Empire, the United States of
establishing prosperity throughout the world America, France, Holland, Switzerland, and
by means of a more liberal tariff policy.
Belgium have thus solemnly affirmed their
On September 26, Belgium announced its desire for monetary restoration; they have
adherence to the tripartite declaration. To- translated the desire into action through
ward the end of November Holland and technical collaboration by the central banks
and the Exchange Equalization Funds.
Switzerland also joined the agreement.
The devaluation of the French franc, the A de facto monetary stability has thus been
Netherlands florin, and the Swiss franc, organized in a large number of countries.
which involved temporary suspension of the This is a very considerable achievement,
convertibility of these currencies into gold, all the more because the Scandinavian councreated a new situation for Belgium. Over- tries, the Argentine Republic, Portugal,
night, Brussels became the only monetary Greece, Turkey, and the other countries that
center in Europe which made deliveries of are linked to sterling, benefit indirectly from
gold. On the other side of the Atlantic Ocean the monetary stability thus achieved.
the United States alone was in a similar posi- It is to be hoped that this valuable experition. In order to prevent the inconvenience ment may continue to be successful, and that
which such a situation would ultimately it may lead to a definitive legal regime which
create, the National Bank at once entered shall at last restore monetary peace to the
into negotiations with the central banks con- world.
cerned, and made technical arrangements
The exchange market—In last year's rewhich, without obligating these countries for port we described the movements which took
the future or involving their return to the place on the exchange market just after degold standard, facilitated our monetary pol- valuation of the belga. The considerable inThe report, available in French, contains in addition tables flow of gold recorded at that time was the
showing the operation of the bank in detail and sections dealing result of the fortunate decision to link the
with the economic situation, devaluation of the gold-bloc currencies, clearing agreements with other European countries, Belgian monetary unit to gold at once on the
and discussion of individual industries. For earlier reports see
basis of a new parity.
Bulletin for April 1936, 1932, 1931, May 1930, April 1929, etc.
1
226
FEDERAL RESERVE BULLETIN
The complete stability of the franc enabled
the Government, in agreement with the
bank, to fix the gold content of the belga
definitively on March 31, 1936, that is, exactly 12 months after the provisional devaluation of the currency. The gold value of
the belga was fixed at 0.150632 gram of fine
gold, a basis of conversion which had proved
satisfactory during an entire year. The
bank's obligation to redeem its notes in gold,
which had been suspended on March 31, 1935,
was reimposed.
From the outset all measures were taken
with a view to guarding against the effects
which devaluation of three great Continental
currencies—the French franc, the Swiss
franc, and the Netherlands florin—might
have on the capital market. Withdrawals of
foreign funds did take place during October;
but in the following month the return flow of
gold largely offset these withdrawals. Thus
the end-of-year balance sheet gives hardly
any indication of an outflow of capital.
Following devaluation of the French franc,
the Netherlands florin, and the Swiss franc,
that is, from October to December, the decline in the bank's gold reserve amounted to
only 300,000,000 Belgian francs. This is all
the more remarkable inasmuch as, during
this very period, the bank set aside for account of the Government the funds necessary for repayment of the balance of the 7
percent stabilization loan of 1926 to the
United States and to Switzerland, that is,
$12,800,000 and 31,000,000 Swiss francs, respectively. In order not to disturb the exchange market, the bank acquired most of
the foreign exchange required through sales
of gold.
In one year, from December 25, 1935, to
December 25, 1936, the weekly condition
statements show an increase of 1,398,000,000
Belgian francs in the gold reserve.
The belga was usually firm in the foreign
exchange market; it was hardly affected by
the important events which took place in international monetary affairs during the last
quarter of the year. In the forward market
the belga stood at a premium over most other
currencies. This strong position enables the
bank to regard without anxiety the development of monetary affairs abroad, as well as
the withdrawal of foreign funds which have
been seeking temporary refuge in Belgium.
Credit policy.—The rate of discount, lowered from 2i/2 to 2 percent on May 15, 1935,
MARCH
1937
has remained at that level ever since. Notwithstanding these moderate terms, the volume of the bank's discounts has declined
steadily. This is primarily the result of the
abundance of short-term funds available to
the banks, which enables them to retain their
bills in portfolio. The private discount rate
of 1 percent, which has been in force for
several months, is typical of the prevailing
tendency. Undoubtedly the low National
Bank rate for discount accommodation, which
is readily available through our offices to solvent industrialists and merchants, has reacted
upon the cost of private credit.
During the past year the Institute of Rediscount and Guarantee floated several issues
of Treasury bills with a maximum maturity
of 90 days. These issues were made by competitive bidding; they were allotted on the
basis of the lowest rate offered and in proportion to the amounts subscribed. The rate on
these investments varied from 0.425 to 1.25
percent for bills of 60, 70, 80, and 90 days.
Issues of Treasury bills floated in the same
manner by the Belgian Congo were also sold
on favorable terms. These rates are without
precedent in the history of our money market.
In his address to the meeting of shareholders on August 31, 1936, the governor of
the bank described the role of the National
Bank at the time of the banking crisis in the
months immediately preceding devaluation.
Its measures of intervention were fully effective. The Belgian banking system was
enabled to overcome a formidable crisis,
thanks to the substantial aid given by the
central bank. Emphasis should be laid on
the fact that none of the paper accepted by
the bank at that time proved disappointing.
The banks and the Banking Commission.—
The Banking Commission was established on
July 9, 1935, for the purpose of supervising
the execution of the Royal Decree, No. 185,
of July 9, 1935, regarding control over banks
and the issue of securities.
During the past year the Commission continued its work and has been organizing its
functions on a scientific basis. It published
a list of banks which are subject to the application of the decree; organized the office of
examiners as set up by the decree in place of
the former bank commissioners; and drafted
provisional forms for monthly condition
statements, as well as for balance sheets and
profit and loss accounts to be prepared by
credit institutions.
MARCH
1937
FEDERAL RESERVE BULLETIN
227
It has also, by authority of Title II of the by 3 percent obligations of the office for
decree, examined statements submitted by medium-term credit of the Cooperative Sobusiness enterprises desiring to float issues ciety of the Agricultural League, which represent farmers' savings.
on the capital market.
The close relations which it constantly
These operations were altogether satismaintained with the banks under its super- factory. The Institute was able to finance
vision, the study of technical questions sub- them out of its own capital funds, and
mitted by the banks for its judgment, especi- through the issue of short-term bills to which
ally in relation to the application of the pro- allusion has already been made. The success
visions of the decree, and, lastly, the reports of these periodical issues of short-term bills
regularly forwarded by the examiners, en- indicates that they meet a genuine need. At
abled the Commission to begin the elabora- no time has the Institute had to draw on its
tion of a body of precedents regarding the rediscount credit with the National Bank.
interpretation of legal provisions in the matIntervention of the Government during the
ter of banking control.
crisis.—Government intervention in the matThis body of precedents is the subject of ter of credit could have only an exceptional
the first report published by the Banking and temporary character. The Government,
Commission, in accordance with the provi- accordingly, as the economic situation seemed
sions of its organic charter. In addition, the to be developing favorably, put an end to the
report gives the aggregate balance sheet of measures that it had taken to overcome the
the supervised banks at the end of each quar- unprecedented depression.
ter of the year 1936. The condition stateThe liquidation office for crisis measures
ments were prepared with the assistance of was established by Royal Decree of March 31,
the National Bank, which will itself assume 1936, for the purpose of centralizing the manthe responsibility of publication, whenever agement and bringing about the progressive
the final forms of monthly condition state- liquidation of outstanding credit operations
ments, balance sheet, and profit and loss ac- effected under Government guarantee. On
count shall have been made the subject of a behalf of the liquidation office, the National
new Royal Decree to be taken in execution Bank opened a current account for advances
of Article 12 of the Royal Decree of July 9, against public securities, but the office has
1935.
never made use of the accommodation, having
The Banking Commission is an autono- been able to cover all its needs either by loans
mous institution responsible to the Govern- on the market or out of its own resources.
ment. The National Bank collaborates with The office has worked energetically at its task
it in technical matters and assumes part of of liquidation and, aided by the improvement
its general expenses.
in the economic position, has been able to
The Institute of Rediscount and Guarantee. achieve important results.
—The Institute of Rediscount and Guarantee,
Government credit and the security market.
created by the Royal Decree of June 13, 1935, —The restoration of the credit of the State
in order to assist Belgian banks and Belgian is one of the most remarkable facts of the
industrial, commercial, and agricultural year 1936. The consolidated 4 percent loan,
undertakings by facilitating the temporary which was quoted at 93.50 at the beginning
mobilization of their credits in case of crisis, of the year, has been above par for the past
has thus far been putting itself in a position four months. The widening of the market ento exercise the function which it may eventu- abled the Treasury to place a new tranche of
ally be called upon to perform. Because of the almost 1,000,000,000 francs of the consoliabundance of funds, only a small proportion dated 4 percent loan without difficulty, and
of the rediscount credits opened by the Insti- without being compelled to float a public
tute with credit institutions—particularly issue.
for the purpose of financing medium term
The successful conversion of the entire 4
operations—has been utilized. The Institute percent internal debt was followed by the
has rendered valuable service to industry conversion of the Anglo-Netherlands and
and agriculture by assuring the rediscount Swedish tranche of the 7 percent Stabilizaof commercial claims temporarily blocked in tion Loan of 1926. The National Bank was
certain countries, and by granting short- entrusted with the task of preparing the way
term advances, to a limited amount, secured for this important operation. The conven-
228
FEDERAL RESERVE BULLETIN
MARCH 1937
tions relative to the conversion were signed was repaid at the beginning of last November.
by the Minister of Finance on February 15, Amortization of the short-term external
1936, in London. The balance of the Anglo- debt also received the Government's attenNetherlands tranche outstanding at the end tion. The loan of 75,000,000 florins, floated
of February amounted to £7,674,500. The at the end of 1934 on the Netherlands market
conversion loan was issued at 98.50 with in- at 4 percent, has now been reduced to 38,600,terest at 4 percent, and was several times 000 florins, this amount having been renewed
oversubscribed.
last December for a period of 1 year at 1%
At the same time the Swedish market took percent. The Belgian Congo repaid in full
up a 4 percent issue of 20,000,000 kronor during June and July the loan of 25,000,000
priced at 98, one-third of the proceeds being florins which had been outstanding in the
utilized to settle the tranche of the Stabiliza- Netherlands market for 18 months. Altotion Loan denominated in Swedish kronor. gether, a total of 1,447,000,000 francs of exThe remainder of the Stabilization Loan, ternal debt was redeemed during the year
denominated in dollars and in Swiss francs, 1936.
BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM AS OF DEC. 25, 1936 AND 1935
[In thousands of francs]
1936
Gold reserve
18, 684, 229
Subsidiary coin
271,834
Belgian and foreign bills
6, 874,618
Advances on Belgian public securities
350, 535
Bonds, annuities, and other securities of the
Belgian Treasury (laws of Dec. 27, 1930, and
July 19, 1932)
773,512
Public securities
199, 748
Public securities in the surplus account of the
bank
98, 824
Public securities in amortization account for
bank premises, furniture, and fixtures
59, 519
Bills deposited for collection in current account
200, 631
Bank premises
154, 693
Furniture and fixtures
2,772
Provision for the manufacture of bank notes. _
2,041
Interest earned on public securities
21, 281
Assets held in pledge or to be liquidated (art.
34 of the statutes)
2,796
Total assets
27, 697,032
1935
17, 285, 784
329,945
6, 531, 526
437, 084
Liabilities
Bank notes:
Issued
Held b y the bank
In circulation
798,981
199, 879
Current accounts:
Treasury
Private
1935
23, 716,494
1, 264, 680
21,975, 744
1, 338, 430
22,451,814
20,637, 313
539, 864
4, 111, 207
341, 793
4, 554,894
4, 651,071
4, 896, 687
200, 631
200,000
100, 050
69, 286
200,000
97, 732
59, 702
1,815
59, 702
2,316
16, 212
14,985
5,842
9,894
5,842
9,894
27, 697, 032
25, 993, 758
96, 541
59, 628
69, 286
156,123
4,772
1,713
19, 480
3,016
25,993,758
Bills deposited for collection in current account
Capital
Surplus
Amortization account for bank premises, furniture, and fixtures
Rediscount
Taxes payable to the Government:
Tax on fiduciary circulation
Share of the Government in profits (art.
38 of the statutes)
Unpaid dividends for second half year
Total liabilities
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
229
230
FEDERAL RESERVE
BULLETIN
MARCH 1937
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
fin millions of dollars]
Reserve bank credit outstanding
Date
Bills
Bills
dis- bought
counted
U.S.
Gov- Other
ern- Reserve Total
bank
ment
securi- credit
ties
Monetary
gold
stock
Treasury
currency
Money
in circulation
Treasury
deposits
± reaswith
ury
Federal
Reserve
cash
banks
Member bank
reserve balances
Other
NonFedmemeral
ber de- Reserve
Excess
acposits
(esticounts Total
mated)
End of month figures:
1936—Jan. 31
Feb. 29
Mar. 31.__.
Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30 ____
Oct. 31
Nov. 30_._.
Dec. 31
1937—Jan. 31
9
7
8
5
5
4
4
8
9
6
7
3
3
5
5
5
5
3
3
3
3
3
3
3
3
3
2,430
2, 430
2,430
2 430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2.430
2,430
35
40
31
34
35
35
24
30
30
36
13
64
60
2,479
2, 482
2,474
2.475
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500
2,497
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
2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,516
2,521
2,532
2,532
5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543
6,349
2,548
2, 513
2,530
2,531
2,583
2,497
2,432
2,404
2,458
2,388
2,364
2,376
2,520
453
424
1,077
682
518
690
447
104
253
77
78
244
195
304
327
332
356
337
262
306
287
234
205
201
259
281
253
254
259
260
256
257
253
256
262
262
261
261
260
5,860
5.784
5,087
5,486
5,719
5,633
6,005
6,410
6,357
6,753
6,788
6,606
6,781
3,084
2,986
2,305
2,664
2,866
2,717
3,029
1,950
1,840
2,175
2,236
1,984
2,152
Wednesday figures:
1936- Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
7
6
6
5
5
5
5
5
5
5
2,430
2,430
2,430
2,430
2,430
34
38
35
35
32
2,477
2,479
2,477
2.475
2,472
10,185
10,190
10, 200
10, 209
10, 221
2,504
2,505
2,502
2,501
2,501
5,884
5,906
5,877
5,860
5.859
2,528
2,538
2,544
2,557
2,529
1,086
964
830
712
679
331
346
335
355
362
259
258
260
260
259
5,077
5,161
5,333
5,442
5.506
2,338
2,384
2.548
2,640
2,686
May
May
May
May
6
13
20
27
fi
5
5
5
5
5
5
4
2,430
2,430
2,430
2,430
38
30
30
26
2,478
2,469
2,470
2,466
10, 248
10,302
10, 375
10, 388
2,497
2,496
2,493
2,494
5,912
5,888
5,896
5,902
2,553
2,583
2,625
2,572
622
578
513
544
345
351
353
326
259
257
258
256
5,532
6,611
5,694
5,747
2,697
2,774
2,859
2,901
June
June
June
June
3
10
17
24
6
5
7
6
3
3
3
3
2,430
2,430
2,430
2,430
50
32
40
32
2,489
2,471
2,480
2 472
10,409
10, 480
10, 543
10, 600
2,493
2,489
2,490
2.500
5,953
5,937
6,048
6.173
2,579
2,548
2,607
2,648
505
516
1,421
929
349
306
282
252
292
299
261
261
5,713
5,833
4,894
5 308
2,844
2,948
2,043
2,438
July
July
July
July
July
1
8. _
15
22
29
4
3
3
3
4
3
3
3
3
3
35
36
42
30
23
2,501
2,508
2,428
2,436
2,441
2,427
2,421
2,410
2,410
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
3
3
3
3
6,250
6,242
6,190
6,153
6,123
6,163
6,170
6,184
6,184
256
263
266
300
298
4
8
6
7
2,498
2,498
2,496
2,497
2,496
2,496
2,498
2,499
2,501
731
507
593
519
466
5
12
19
26
2,473
2,472
2,478
2,466
2,460
2,463
2,477
2,457
2,465
10,612
10, 622
10,629
10,634
10, 642
Aug.
Aug.
Aug.
Aug.
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
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.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
9
8
8
7
9
3
3
3
3
3
21
41
54
33
30
10,717
10, 736
10, 762
10,786
10,845
6,441
6,471
6,206
6, 225
6,357
3
3
3
3
31
43
23
23
10, 971
11,003
11,008
11,031
196
135
88
100
271
249
227
220
263
261
264
263
6,479
6,617
6,693
6,732
1,958
1,997
1,714
1,743
1,840
1,954
2,072
2,127
2,158
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
2,375
2,365
2,371
2,399
2,458
2,440
2,421
2,403
2,390
2, 392
2,366
2,378
2,370
255
288
263
263
262
8
8
6
6
6,225
6,276
6,255
6,239
6,267
6,305
6,316
6,311
6,302
280
271
251
255
234
7
14 __
21
28
2,502
2,508
2,507
2,509
2,512
2,509
2,512
2,514
2,514
107
55
418
388
253
Oct.
Oct.
Oct.
Oct.
2,463
2,482
2,495
2,473
2,473
2,472
2,485
2,463
2,462
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
26
36
18
25
10, 650
10, 661
10, 678
10,695
Nov.
Nov.
Nov.
Nov.
4
10
18 . . . .
25
7
7
5
6
3
3
3
3
2,430
2,430
2,430
2.430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
Dec.
Dec.
Dec.
Dec.
Dec.
2.
9
16
23
30
6
6
8
9
5
3
3
3
3
3
2,430
2,430
2,430
2,430
2,430
28
29
42
100
46
2,467
2,468
2,483
2,542
2, 484
11,188
11,206
11, 222
11,229
11, 251
2,522
2,525
2,532
2,531
2,530
6,466
6,497
6,552
6,680
6,550
2,353
2,372
2.346
2,342
2,368
110
93
173
251
231
212
229
227
256
274
260
278
265
266
270
6,775
6,731
6,674
6,507
6,572
2,205
2,157
2,046
1,881
1,946
3
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
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,
11,
11,
11,
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
1937—Jan. 6
Jan. 13
Jan. 20
Jan.27
Feb.3
Feb. 10
Feb. 17
Feb. 24
364
387
403
425
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. 185.
231
FEDERAL RESERVE BULLETIN
MARCH 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 figures
1937
Feb. 24
Feb 10
F e b . 17
1936
1937
Feb. 3
I a n . 20
Jan. 13
849,893
12, 729
314, 574
849, 882 8, 849, 887
13, 330
12,121
304, 749
293, 576
8, 851, 880 7, 651, 863
15, 684
12, 741
256, 534
338, 020
9,170, 386 9, 177,196
9 167, 961 9, 155, 584
9, 121, 155 8, 005, 567
J a n . 27
Dec.
Jan.
Jan.
ASSETS
Gold certificates on hand and due from
IT S Treasury
Redemption fund—F. R. notes
Other cash
Total reserves
Bills discounted:
For member banks
For nonmember banks, etc
Total bills discounted
Bills bought: Payable in foreign currencies
Industrial advances.. _ _ _ -
8, 847, 384
11, 475
270, 622
8 847, 885 8, 848, 378
11,925
12, 746
284,440
277, 090
9,129, 481
9, 144, 250 9,138, 214 9, 150,176
848, 389 8, 849,914
12, 746
12, 729
289,041
307, 743
4, 106
1
3,044
1
2,482
101
2,700
101
2, 756
101
2,280
101
?
147
201
3,171
101
4, 107
3,045
2 583
2,801
2, 857
2,381
2, 348
3, 083
23, 350
3,071
23, 230
3 081
23 582
3,081
23, 649
3,081
24, 085
3,084
24,131
3 089
24, 221
492,182
1 345,963
592,082
?
61?,
301
8,384
359
3,272
2 913
8,743
3,081
23,829
3 089
24 650
4,671
32,089
U. S. Government securities:
Bonds
_ __ .
Treasurv notes
Treasury bills
524 282
1,313 371
592 574
507, 482
498 232
1 330, 663 1,339 913
592, 082
592 082
492,182
492, 182 492, 045
490, 690
1, 345, 963 1 345, 963 1 343 963 1 345, 963
592, 082
592,082
595, 574
592, 219
490 643
215, 680
1 340 963 1, 616, 559
598, 008
598 621
Total Government securities
Other Reserve bank credit
2,430 227
-868
2 430, 227 2, 430, 227 2 430, 227 2, 430, 227 2, 430,227 2 430, 227 2 430,227
16,011
36, 201
18,352
17, 623
3,603
17, 813
7,874
2 430, 227 2, 430, 247
3,098
39, 284
2,459 899
2 477, 925 2,477 096 2 463, 361 2, 478, 063 2, 467, 697 2 ,475, 896 2 496, 610
2 500 163 2, 478, 848
F. R. notes in actual circulation
4,167 930
4 160,199
Deposits:
Member bank—reserve account.__
U. S. Treasurer—general accountForeign bank
Other deposits
6, 705,
179,
122.
179
6, 767, 740 6,770 854 6 757, 714 6, 778, 700 6 754, 890 6,739 615 6, 780, 789
190 033
132 152
194, 902
175, 745
180, 253 188, 259
162, 357
92 638
102 803
74, 947
76, 893
94, 900
76, 265
110. 585
204, 514
215, 592
207 319
209, 520
239, 763 217, 540
189, 496
Total Reserve bank credit outstanding
. .
LIABILITIES
Total deposits
Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent)
__ _ . _
293
882
746
263
4,165, 838 4 158,067
7,187 184
7 230,178
80.4
80.3
4,140, 506 4 159,036
4,176 758 4 159, 665
7,213 128 7 219, 244 7, 273, 663 7 255, 589 7,237 878 7 257, 098
80.4
80.3
80.4
80.3
80.2
30.3
4 283 537 3, 633, 064
6 606,
243,
98,
160
430 5, 860, 064
452, 524
662
48,155
620
207
256, 073
7 108 919 6, 616, 816
80. 1
78.1
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
2,857
2 801
2,583
3 045
4 107
2,458
2 651
2,335
2 919
3 841
245
32
17
13
3
5
112
9
77
80
78
85
87
12
68
31
30
26
161
3
4
4
4
3
3 081
3,081
3,081
3 071
3 083
319
142
226
335
762
227
334
235
708
1,889
650
416
416
1,637
247
1,885
2,189
2,204
391
185
24,085
23, 649
23, 582
23, 230
23, 350
1,003
955
937
1,001
977
290
364
314
207
197
529
991
1,012
935
894
1,052
465
434
469
517
1,238
1,700
1,659
1,628
1,589
4,363
3,901
3,988
4,044
4,087
2,430,227
- - - - 2, 430, 227
2, 430, 227
2, 430, 227
2, 430, 227
24, 509
24, 329
23,033
27, 802
31, 959
24,033
27,802
31, 959
31, 535
29, 724
63, 548
66, 600
51,480
108,425
68, 778
109,961
100,347
106, 597
35,017
48, 597
228,318
231,886
244, 345
253,033
261, 400
Total
Bills discounted:
Jan 27
Feb 3
Feb 10
Feb 17
Feb 24
Bills bought in open market:
Jan 27
Feb 3
Feb 10
Feb 17
Feb 24
Industrial advances:
Jan 27
Feb 3
Feb 10
Feb 17
Feb 24
U. S. Government securities:
Jan 27
Feb 3
Feb 10
Feb 17
Feb. 24
--
----
326,
407,
397,
389,
385,
760
631
431
783
337
1 year
to
2 years
2 years
to
5 years
5,899
5,764
5,750
5,674
5,657
9,711
9,509
9,488
9,272
9,432
375, 306
293, 840
293, 840
293, 840
293, 840
832, 834
832, 834
833,584
833,584
839, 584
Over
5 years
444, 958
444, 958
447, 958
457, 208
471, 008
232
FEDERAL RESERVE BULLETIN
MARCH 1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Richdelphia land mond
Atlanta
MinSt.
neapChicago Louis
olis
Kansas
City
San
Dallas Francisco
ASSETS
Gold certificates on hand and due
from U. S. Treasury:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Redemption fund—Federal Reserve
notes:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
__: \
Feb. 24
Other cash:
Jan. 27
Feb. 3
_.""
Feb. 10
Feb. 17
Feb. 24
Total reserves:
Jan. 27
Feb. 3
Feb. 10
Feb.17
""_""
Feb. 24
Bills discounted:
Secured by U. S. Government
obligations direct or fully guaranteed:
Jan. 27
Feb. 3
Feb. 10
_ .
Feb. 17
Feb. 24
"I".".'
Other bills discounted:
Jan. 27
__ .
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Total bills discounted:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Bills bought in open market:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Industrial advances:
Jan. 27
Feb. 3
Feb. 10
Feb.17
Feb. 24
U . S . Government securities:
Bonds:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Treasury notes:
Jan. 27
Feb. 3
Feb. 10
_ .
Feb. 17
Feb. 24
Treasury bills:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Total U. S. Government securities:
Jan. 27
Feb. 3____Feb. 10
Feb. 17
Feb. 24 .
, 588, 509 486, 298 611, 925 289, 902 220,614 1, 663, 745 258, 867 163, 401 238, 912 174, 604 596, 417
8, 849, 914556, 720 3,
3, 562,
,, 617 486, 286 626, 940 285, 973 228, 644 1, 643,060 257, 797 168, 681 244, 369 179, 342 593, 699
8,848, 389 570,981",
\
579, 245 480, 956 625, 725 282, 717 232, 1,465
8, 848, 378558, 672 3,579,
638, 204 256, 242 167^ 012 244,124 179,538 603,'
i,563,558 483,311 629,953 281, 670 237, 632 1, 626, 545 244,108 167, 705 245,
i,445 183, 304 609,019
8, g47,885 575,635 3,
'
~
•
242,183, 783 592, <
!, 540, 387 488, 447 636, 042 286,096 244, 424 1, 644, 248 252,856 168, 966
8, 847, 384567,073 3,
1,637
535
417
41
318
253
854
733
733
581
502
30,536
30,070
27, 394
77,393 29,188
71,049 29, 003
23, 494
21,166
21,052
19,963
18, 631
12, 729
12,7
12, 746
11,925
11, 475
1,360
1,258
1,258
1,182
1,143
1,046
1,712
1,712
1,369
1,157
307, 743
289, 041
277,090
284, 440
270, 622
24,807
23, 731
22, 385
21, 424
18, 409
76,992
74, 020
6 9 , •""
436
573
573
753
504
19, 954
20, 260
20, 534
19, 541
19, 289
2,567
2,448
2,448
2,340
2,299
727
563
563
456
816
15,414
14,183
13, 521
12,971
12, 616
35, 358
32,168
32, 238
31, 638
31, 864
900
883
883
871
861
642
614
614
596
565
677
652
652
636
615
17,950 10,036
15, 712 9,414
16, 692 8,728
16, 572 8,775
16,631 8,730
15, 712
14, 907
14, 794
16, 285
15, 595
6,751
6,210
5,793
6,069
5,884
1,540
1,502
1,502
1,468
1,452
1,445
1,391
1,391
1,355
1,308
30, 739
27, 200
24, 761
24, 621
22,921
292 238, 595 1, 699, 830 278,
9,170, 386 582, 887 3, 666, 547 517, 369 636, 273 310,
*,357 174,337 255, 266 182,032 628, 601
!,290
806 245, 275 1, 675, 791 275,
9,150,176 595, 970 3, 638, 349 516, 773 648,839 306,
5,011 178,978 259,890 186, 204 622,:
303, 824 248, 4341, 671,005 174,
(
1,630
274,436 176, 623 259, 532185, 983 629,
650,155 508, 76',647, 510~~~
9,138, 214 582,315 3, ""
190,
009
634,«..
,995
1, 658, 639 262,148177, 351 262,326
9,144, 250 598, 241 3, 642, 320 512,817 650, 497 301, 964 252, 943
9,129,481 586, 625 3,
190,
282
616,
654
1, 676,928 270,939 178, 557
258,
797
3, 612, 593 517, 703 655,175 305, 889 259, 339
~~-
2,344
2,359
2,142
2,
3, 406
660
50
45
55
155
789
1,404
1,366
1,837
2,204
75
25
60
60
75
523
525
595
356
262
203
176
513
442
441
346
701
50
142
35
35
38
3
103
100
100
2,857
2,801
2,583
3,045
4,107
667
57
52
55
155
1,145
1,666
1,569
2,013
2,730
419
543
532
525
595
29
19
45
70
3,081
3,081
3,081
3,071
3,083
225
224
224
224
224
1,093
1,093
1,094
1,082
1,096
317
319
319
319
319
294
293
293
293
293
24,085
23, 649
23, 582
23, 230
23, 350
2,772
2,769
2,769
2,769
2,769
5,921
5,890
5,878
5,858
5,857
4,557
4,503
4,477
4,389
4,363
492,182
492,182
498, 232
507, 482
524, 282
35, 579
35; 579
36,017
36,686
37, 900
132,099
132, 099
133, 723
136, 205
140, 715
39, 448
39, 448
39, 932
40, 673
42,019
1, 345,963
1, 345,963
1, 339,913
1,330, 663
1,313,371
592, 082
592,082
592,082
592,082
592, 574
110
61
11
11
35
35
121
120
120
120
120
108
108
108
108
108
385
385
385
385
385
1,171
1,161
1,157
1,160
1,152
2,570
2,557
2,553
2,543
2,542
374
369
361
361
358
1,385
1,134
1,127
1,110
1,110
50, 678
50, 678
51,300
52,253
53, 983
27,021
27,021
27, 352
27, 860
28, 782
22, 265
22, 265
22, 539
22,958
23, 718
97,298
97,298
96,860
96,191
94,942
361, 251 107, 875 138, 586 73, 891
361, 251 107,875 138,
' 586 73, 891
359, 627 107, 391 137, 964 73, 560
357,145 106,
i, 650137,011 73,052
352, 501 105, 265 "".,231
135;
72,102
42,801
42, 801
42, 801
42, 801
42,836
158, 910
158, 910
158, 910
158,910
159,044
2, 430, 227175, 678
2,430,227 175;
>,678
2,430, 227 175, 678
2,430,227 175,678
2,430,227 175, 678
4
4
19
25
40
43
44
15
15
15
12
12
113
28
163
160
175
139
4
4
1
1
51
116
41
16
13
63
86
86
120
155
50
16
17
17
6
10
27
77
71
59
59
19
167
40
47
48
136
172
97
86
60
87
87
87
87
87
87
87
87
87
87
218
219
218
219
218
360
359
359
348
348
1,052
1,045
1,036
832
834
767
758
758
757
756
1,309
1,307
1,301
1,299
1,287
1,847
1,797
1,806
1,804
1,974
55,980
55,980
56, 668
57, 720
59, 631
23, 503
23, 503
23,793
24, 235
25,037
17,302
17,302
17,515
17,839
18,430
25, 639
25,639
25, 955
26, 437
27,312
19,233
19,233
19, 469
19, 831
20, 487
43, 435
43,435
43, 969
44, 785
46, 268
60,890
60,890
60, 616
60,197
59, 416
153,087
153,087
152,399
151, 347
149, 381
64, 276
64, 276
47, 313
47,313
47,100
63, 544 46, 776
62, 719 46,168
70,118
70,118
69, 802
69,320
68, 419
52, 596 118, 782
52, 596 118, 782
52, 360 118, 248
51,998 117, 432
51, 323 115, 904
26, 786
26, 786
26, 786
26, 786
26, 807
67, 343
67, 343
67, 343
67,343
67, 398
28, 275
28, 275
28, 275
28, 275
28, 298
20, 814
20,814
20,814
20, 814
20, 831
30, 844
30, 844
30,844
30, 844
30, 870
23,137
23,137
23,137
23,13'
23,156
652,260 194, 777 250,,228 133,
, 416 109,
1,941
652, 260 194,777
194, 777 250, 228 133, 416 109,
1,941
652,260 194,
~ 777 250,228 •133,416
""
1,941
109,
652, 260 194, 777 250, 228 133,416 109,
1,941
652, 260 194, 777 250, 228 133', 416 109',
1,941
276, 410
276, 410
276,410
276,410
276,410
116,054
116,054
116,054
116,054
116,054
47,
47,
47,
47,
47,
454
454
454
454
493
60, 964
60,964
60,964
60, 964
61,014
32,
32,
32,
32,
32,
504
504
504
504
532
85, 429 126, 601
85, 429 "1,601
126,
85,429 126, 601
85, 429 126,
\ 601
85, 429 126,
i, 601
52, 250
52, 250
52,250
52, 250
52, 295
966 214, 467
966 214,467
966 214,467
966 214, 467
966 214, 467
MARCH
233
FEDERAL RESERVE BULLETIN
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Boston
New
York
Phila- Cleve- Richdelland mond
phia
MinAtSt.
lanta Chicago Louis neapolis
Kansas
City
San
Dallas Francisco
79,
78,
78,
78,
78,
342
728
723
726
826
660, 419
660,909
660, 801
661,213
661,943
00,070 !51,
00,142 251,
00,105 251,
00,010 251,
100,054 251,
702
711
697
726
743
36, 246
36,097
36,093
36,079
36,188
10, 536
10, 446
10, 573
10, 570
10, 582
27,482
27, 523
.27, 517
27, 504
27, 503
96, 381 216, 668
"1,655
96, 394 216,
96, 399 216i,576
96, 388 216,i, 719
226
226
226
238
225
17
17
17
17
17
90
85
85
97
85
21
23
23
23
22
20
21
21
21
21
10
10
10
10
10
25,022
24, 497
22,897
24, 482
20, 260
301
307
314
322
326
7,194
7,369
6,478
6,950
4,480
705
688
699
779
640
1,316
1,575
1,020
1,215
1,048
2,721
1,485
1,640
2,231
1,693
490
735
707
331
706
142,769
146,472
133,035
189, 736
164, 412
45,210
47, 412
42, 632
64,074
50, 359
56, 397
57, 292
55,926
73, 613
67, 285
46,145
46,140
46,152
46,152
46,152
3,057
3,057
3,057
3,057
3,057
10,134
10,134
10,138
10,138
10,138
4, 952
4,952
4,952
4,952
4,952
41, 592
40, 369
41,465
44,092
46,61
2,510
2,440
2,522
2,717
2,880
10,909
10,434
10, 893
11,563
12,346
5,356
4,984
5,113
5,358
5,616
Total
ASSETS—continued
Total bills and securities:
Jan. 27
Feb.3
Feb. 10
Feb. 17
Feb. 24
Due from foreign banks:
Jan. 27
Feb.3
Feb. 10
Feb. 17
Feb. 24
Federal Reserve notes of other banks:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Uncollected items:
Jan. 27
Feb.3
Feb. 10
Feb. 17
Feb. 24
Bank premises:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
All other assets:
Jan. 27
Feb.3
Feb. 10
Feb. 17
Feb. 24
Total assets:
Jan. 27_
Feb. 3
Feb. 10
Feb. 17
Feb. 24
2,460, 250
2, 459, 758
2, 459, 473
2, 459, 573
2, 460, 767
576,113
584, 725
562, 251
745,150
681,605
62,
63,
55,
72,
66,
278, 241
277,940
277, 933
277,940
277, 940
16, 616
16, 540
16,515
16, 501
16, 551
86, 547
86, 540
86, 534
86, 329
86, 330
27
27
27
27
4
4
4
4
4
3
3
3
3
3
2, 529
2,044
2,496
2,434
1,972
2,806
2,780
3,289
2,225
2,174
885
1,682
1,569
2,763
2,298
495
749
1,098
1,188
874
1,616
1,385
1,389
984
1,
48, 687
49, 598
51, 255
60, 325
56, 896
23. 742
^740
22, 966
27,189
29, 873
23, 382
24, 401
33,603
38,081
31, 76"
13, 839
13, 269
12,061
15,372
15,811
28, 782
29, 989
31,412
35, 502
36, 557
6,368
6,372
6,372
6, 372
6,372
2,810
2,800
2,800
2,800
2,800
2,236
2,23'
2,237
2,237
2,237
76, 738
74,949
73, 325
99,041
96, 777
4,710
4, 710
4, 710
4,710
4,710
2,390
2,390
2,390
2,390
2,390
1,493
1,493
1,501
1,501
1,501
4,668
4,554
4,690
4,964
5,213
2,690
2,610
2,701
2,788
2,929
1,711
1,659
1,71
1,838
1,918
3,968
3,800
3,933
4,252
4,480
1,728
2,122
1,857
1,808
1,916
1,391
1,360
1,399
1,685
1,764
15
16
16
16
16
633
460
616
726
531
3,821
3,973
2,289
2,665
2,530
509
891
550
727
460
31, 568
32,977
27, 779
39,159
34,702
3,285
3,285
3,285
3,285
3, 285
1,261
1,261
1,261
1,261
1,261
3,449
3,449
3,449
3,449
3,449
1,
1,
1,944
2,092
2,218
1,604
1,535
1,581
1,683
1,791
3,077
2,982
3,118
3,344
3,540
22,
20,
22,
30,
30,
,199
2,319, 734 0, 604 4,498, 062 73, 683 956, 744 503, 456 379, 357 2, 066, 319 423, 362 278,105 418, 417 304,
2,305, 89: 344, 254 4,473, 752 774, 97< 970, 364 499, 406 385,409 2,039,997 122,150 282,392 423, 967 306, 884 882,!, 342
"»,085 308,391 882, 869
2, 270, 678 322, 655 4, 471, 585 '62,29: 967,236 498, 323 " "i, 428 2,034, 222 430,37' 279, 219 425,
320,811 900,204
.2, 463,93"355,411 \, 522,017 788,013 988, 408 506,197 397,219 2,046,i, 834 423, 283, 429 431
284,840 430,060 320, 719 877, 610
2,385,10: 338, 437 4, 465,99; 779, 346 986, 857 506, 405 405,92£ 2,063,036 425,
LIABILITIES
Federal Reserve notes in actual circulation:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Deposits:
M e m b e r bank—reserve account:
J a n . 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
U S Treasurer—general account:
J a n . 27
Feb. 3
Feb. 10
Feb.17
Feb. 24
Foreign b a n k :
J a n . 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
.
Other deposits:
J a n . 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Total deposits:
J a n . 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
351,
4,140,
351,
4,158,
350,
4,165,
4,160, 199 350,
353,
4,167,
756
452
799
585
72'
871,971 303, 34! 412,853 199, 877 180, 74i
877,85' 303, 51 409, 507 1,599 182, 5H
!,04f 182,852
879,48 306,17C 417,48*
305,127 412, 807 197, 33 183, 50:
418,
287
305,
47^
195, 73i 182, 75:
881,21
6,77
6, 757,
6, 770,
6, 767,
6, 705,
371, 763
381,125
374, 72
387,15'
378,729
3,106,22
3,116,50
3,132,757
3,132, 62C
3,102,641
180,
175,
132,
162,
179,
11,56'
16, 44i
6,825
9,64
5,29^
56, 65S
44,07c
31,44
39, 526
31,912
74,
76,
102,
110,
122,
5,53
5,564
7,490
8,074
8,58(
239,
209,
207,
189,
179,
3,23.
2,35J
3,14'
3, 51
1,92<
7, 273,
7, 219,
7, 213,
7, 230,
7.187,
392,09:
405,48'
392,18J
408, 38
394 53
3,
3,
3,
3,
3,
178,073 132,462 158,910
179, 512 134,309 159,892
178,006 133, 502 159, 595
178, 354 133, 71" 159, 961
177,626 134,058 159,155
963, 658
927,006
931,25:
914,382
928, 569
200, 740
190,168
199,91:
185, 538
188,26C
86, 685 321,052
87,606 324, 646
87,447 324, 434
87, 503 323, 689
87, 759 324, 240
112,32: 213,399 166, 221 475,913
114, 57; 217, 235 168,106 464, 235
113,352 218, 506 169,140 470,443
113, 616 220, 232 169, 383 474,
114,01 215, 650 166, 418 461,109
218,09;
215,
218,20C
216, 828
214, 938
155,09:
158,90
157, 67!
157, 68:
158,88:
20, 292
19, 858
19, 655
19, 06*
27,44'
18, 27'
13, 6310, 231
8,800
14,844
2,49:
2,21
4,235
7,08
825
29,
36,
26,
25,
30,
281
26t
51*
80f
71.
3,21:
3,17:
2,64.
6,498
6,03]
3,217
3,503
3,762
4,011
4,23.
4,005 8,302
4,042 7,581
3,337 8,118
2,212 11, 288
6,048 15,020
6,953 6,871
27, 47
27, 562 7,'" 7,01:
37, 242 10,055 9,43!
39,91 10, 839 10,17
47, 63S 11,519 10,81
3,290
3,277
4,412
4,75
5,05
2,61
2,668
3,
3,87
4,11-
8,671
8,84:
11,901
12,83C
13, 63^
2,24;
2,28'
3,071
3,318
3,526
1,794
1,753
2,360
2,544
2, 703
2,168
2,210
2,975
3,20"
3,409
2,168
2,210
2,975
3,20'
3,409
5,159
5,411
7,284
7,853
8,345
13,5:
14,18'
14, 36'
14,12
13,95'
3,17'
4,431
4,2H
4, 55:
4,51;
4,40,
5,67"
5,85i
6,78i
9,74:
207
211
205
220
193
5,84'
5,614
5,413
5,368
5,129
19, 527
21, 957
19, 555
17, 815
15, 606
393, 235 462, 81.
391, 682 476,01:
380, 871 465, 44:
391, 372 472,
390,169 469,
242,831
237, 261
237,05:
234, 94:
239,35.
173,18.
136, 51:
140,04J
122,331
114,9H
363, 53:
324, 65'
341, 49
334,39:
297,10:
373,14' 422,124
434, 95t
362,91 421,981
366, 54, 428, 76f
358, 53i 417, 544
942,773
947,662
948,02:
949, 239
947, 902
10, 73f
13,16f
6,562
12, 296
19,225
2,399
2,067
1,341
1,692
164,
169,
171,
175,
180,
7,256
1,814
1, 45S 10,0;
1,098 7,20S
1,354 6,908
6,747
803
60' 1,003, 43C 213,4;
46
973, 568 205,68.
36C 970, 768 212, 84;
422 954,3" 202,26:
992 973, 72( 204, 57(
5,19:
4,99:
4,87
4,82
4,841
122, 522
124, 82^
124,34
125,005
125, 78S
12,219
11, 787
8,817
16,123
10, 856
219, 779 182, 538 512, 818
223, 698 183,511 503,390
225,023 185,646 506,
225, 87 189, 246 516,781
225, 300 189, 976 495, 916
234
FEDERAL RESERVE BULLETIN
MARCH
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Kansas
City
Dallas Fran-
13,792
13,935
12,000
15, 420
15, 683
29,806
30,500
30,563
35,951
35, 664
24, 269
24,839
24, 300
32, 908
31, 723
29, 404
30,392
28, 392
35, 796
33, 447
3,803
3,807
3,810
3,798
3,798
2,939
2,942
2,945
2,1"" "
2,906
3,985
3,989
4,000
3,990
3,991
3,847
3, 850
3,846
3,852
3,855
10,176
10,175
10,172
10, 205
10, 214
4,655
4,655
4,655
4,655
4,655
3,116
3,116
3,116
3,116
3,116
3,613
3,613
3,613
3,613
3,613
3,851
3,851
3,851
3,851
3,851
9,645
9,645
9,645
9,645
9,645
1,416
1,416
1,416
1,416
1,416
545
545
545
545
545
1,003
1,003
1,003
1,003
1,003
1,142
1,142
1,142
1,142
1,142
1,262
1,262
1,262
1,262
1,262
1,696
1,696
1,696
1,696
1,696
7,971
7,971
7,971
7,943
7,943
1,197
1,197
1,197
1,197
1,197
2,090
2,090
2,090
2,083
2,083
931
931
931
931
931
1,847
1,847
1,847
1,847
1,847
2,037
2,037
2,037
2,037
2,037
1,095
1,495
948
985
953
219
301
223
258
285
180
172
216
179
201
251
202
218
240
264
127
118
192
342
446
371
361
394
355
415
New
York
Philadelphia
Cleve- Richland mond
Atlanta
558, 526 62,848
581,348 63,408
544,854 55,792
727,036 72, 528
66, 313
141,119
149, 660
129,122
188,121
166, 240
43, 569
46, 571
41, 950
58. 306
50, 325
49,
53,
52,
71,
66,
331
111
531
698
967
45, 919
47, 732
48, 376
59,092
56, 468
75, 569
73, 836
71,031
98, 805
97,035
21,419
26,449
29,095
32,626
33,189
132,105
132, 321
132, 239
132,246
132,249
9,371
9,363
9,368
9,372
9,372
51, 270
51,454
51, 330
51,339
51, 342
12, 230
12, 249
12, 240
12,240
12, 240
12,813
12,832
12, 840
12, 841
12, 836
4,809
4,811
4,810
4,814
4,815
21,481
20, 915
21, 702
25, 785
29, 644
4,301
4,304
4,315
4,318
4,317
12, 561
12,545
12, 563
12, 571
12, 563
145, 854
145, 854
145,854
145, 854
145, 854
9,826
9,T
9,!
9,826
9,826
51,474
51,474
51, 474
51, 474
51, 474
13, 362
13, 362
13, 362
13, 362
13, 362
14, 323
14,323
14, 323
14, 323
14, 323
4,869
4,!
4
5,616
5,616
5,616
5,616
5,616
21, 504
21, 504
21, 504
21, 504
21, 504
27,190
27,190
27,190
27,190
27,190
2,874
2,874
2,874
2,874
2,874
7,744
7,744
7,744
7,744
7,744
4,325
4,325
4, 325
4,325
4,325
1,007
1,007
1,007
1,007
1,007
3,422
3,422
3,422
3,422
3,422
754
754
754
754
754
36, 235
36,235
36, 235
36, 200
36,200
1,570
1,570
1,570
1,570
1,570
9,260
9,260
9,260
9,260
9,260
3,000
3,000
3,000
3,000
3,000
3,120
3,120
3,120
3,120
3,120
1,522
1,522
1,522
1,522
1,522
1,690
1,690
1,690
5,655
5,632
5,340
5,034
5,796
262
274
241
274
222
619
270
373
281
450
483
452
485
481
555
200
185
229
205
219
162
153
138
132
163
Total
Boston
MinSt.
Chicago Louis
neapolis
San
cisco
LIABILITIES—continued.
Deferred availability items:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Capital paid in:
Jan. 27
Feb. 3
.__.
Feb. 10
Feb. 17
Feb. 24
Surplus (section 7):
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Surplus (section 13b):
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Reserve for contingencies
Jan. 27
Feb.3
Feb. 10
Feb.17
Feb. 24
All other liabilities:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Total liabilities:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Commitments to make industrial advances:
Jan. 27
Feb. 3
_•
Feb, 10
Feb. 17
Feb. 24
319, 734
305, 891
270, 678
463,937
385,101
20, 238
19,999
19,939
19, 678
19, 523
1,649
1,302
1,623
4,5
l', 690
830,>, 604 4, 498,062
773, 683 956, 744 503,456 379,!
418,417 304,426 887,199
844, 254 4, -473, 752 774,974 970, 364 499, 406 385,409 2,039, 997 422J150 282; 392 423,' 967 306^ 884 882| 342
822, 655 i, 471,585 762,291967,236 498,323 388,'
~"
855,411 4, 522, 017 788,013 988,408 506,197 397,:
838,
~~~ 437
" ' 465,997 779, 346 986, 857 506, 405 405, 929 2,063; 036 425; 865 28< 840 430; 060 320, 719 877; 610
1,965
1,
1,942
1,916
1,916
8,327
8,218
8,216
8,129
8,113
225
225
224
219
217
1,211
1,197
1,193
1,109
1,104
2,277
2,269
2,262
2,258
2,310
283
282
283
283
283
1,305
1,295
1,295
1,295
306
223
223
213
213
486
486
483
3,769
3,752
3,737
3,691
3,511
235
FEDERAL RESERVE BULLETIN
MARCH 1937
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO FEBRUARY 17, 1937
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
1936— Feb. 26..
Mar. 25.
Apr. 29..
May 27_
June 24_.
July 29..
Aug. 26.
Sept. 30.
Oct. 28..
Nov. 25.
Dec. 30.
Jan. 27..
Feb. 173.
Applications
received to date,
net
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
Amount
Number
Amount
Number
7,831
7,934
8,046
8,113
8,158
8,197
8,240
8,284
8,308
8,339
8,379
8,398
8,426
315,081
319, 595
323,669
329,316
331, 391
331,659
333, 930
336,119
336, 763
339,903
342, 699
342,999
344, 020
2,245
2,294
135,320
138,450
140,104
141, 749
142, 811
143, 978
145, 939
147,191
148, 237
148,317
149,204
149,527
149, 648
2 049
2,097
2,139
2,162
2,183
2,198
2,218
2,243
2,259
2,266
2,280
2,287
2,294
2,374
2,394
2, 413
2,437
2,463
2,477
2,483
2,500
2,506
2,515
Expired,
Federal Federal
repaid,
Reserve Reserve
Approved or
bank
withbank
but
not
commitdrawn
by
advances ments
comapplioutpleted
i
outcant,
etc.
Amount standing standing
Total
126,643
128. 580
131,195
132, 549
133, 343
134, 233
135, 421
137, 251
138,731
138, 938
139,829
140, 213
140, 427
25, 866
25, 421
25, 576
25,095
24,454
23, 711
23, 355
23, 307
22, 790
22,040
20, 959
20, 238
19, 678
32,129
30,947
30,800
30, 958
30,487
30, 217
29, 265
28, 885
27,038
26, 720
25, 533
24. 781
24, 092
10,434
11,008
9,730
9,343
9. 381
8,429
9,168
8, 566
8,544
7,719
8,226
7, 697
7,705
Financing institution
participations
outstanding2
7.578
7,550
7.737
7,641
7.5S9
7,534
7,329
7,276
7,444
7,414
7,208
6,997
6,913
60, 636
54,654
57, 351
59, 512
61, 422
64, 342
66,304
69, 217
72,915
75,045
77, 903
80, 500
82, 039
'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
$11,467,998 on Feb. 17, 1937.
» Feb. 24 figures not yet available.
NOTE. — On Feb. 17, 1937, there were 39 applications amounting to $3,485,501 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
Federal Reserve notes:
Issued to F . R. bank by F. R. agent:
Jan. 27
4, 477,
377, 417
Feb. 3
4,475, 246 380, 552
4, 487, 216 379,484
Feb. 10
Feb. 17
4, 472,449 379,027
Feb. 24
4, 472, 092 381, 453
Held by Federal Reserve bank:
Jan. 27
337, 474 25, 661
Feb. 3
._._
317,179 29,100
Feb. 10
321, 378 28, 685
312, 250 28,442
Feb. 17
304,162 27, 726
Feb. 24
1
In actual circulation:
Jan. 27
4,140,492 351, 756
Feb. 3
4,158, "'"" 351,452
Feb. 10
4,165, 838 350, 799
Feb. 17
4,160,199 350,585
Feb. 24
4,167, 930 353, 727
Collateral held b y agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Eligible paper:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
U . S . Government securities:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Total collateral:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
491, 838 i, 000
491,132 406,000
492,132 406,000
488,132 406,000
492,132 406, 000
2,588
2,556
2,390
2,948
3,""
50
45
55
155
New
York
Phila- Cleve- Richdelphia land mond
974, 988 324, 579 439, 353 211, 986 208,190
974,832 325,026 438,133 211,034
977, 721
971, 572 324| 739 441', 358 207,
970, 075 324, 386 443, 653 207, 357
12,109
11,435
12,317
10,335
11,6211
27, 444
25,143
24,409
23,397
23, 410
871, 976 303, 343 412, 853 199, 877
•" 1, 507 199, 599
877, 857 303, 515 409,
879, 481
',488 198, 042
412, 807 197,331
878,385
,
881, 212 305, 475 418,
"",287 195, 736
180, 746
182, 510
182^ 8,,53
183; 501
183,
51
182, 752
103,012
96,975
98,240
93,187
21, 236
21,511
20, 453
19,612
18,911
26, 500
28,626
23, 892
28, 551
25, 366
990, 706 332, 000 440,000 212,000 168,000
990,000 332,000 440, 000 212,000 168,000
990,000 332, 000 443,000 212, 000 168,000
990,000 332,000 443, 000 208, 000 168,000
990, 000 332,000 445, 000 208,000 168,000
975
1,537
1,440
1,920
2,512
410
483
523
525
595
87,000
87,000
87,000
87, 000
87,000
135
110
75
25
160
160
175
Chicago
973,
974,
977,
975,
973,
St.
Louis
787
980
669
614
476
31,014
27,318
29,648
26,375
25, 574
Minneapolis
Kansas
City
189, 638 137,',890 167,915
,242
191,081 137, 730
190, 665 138,
" 1,462 169,156
190,115 138. 725 168, 228
189, 751 139,157 170, 267
11, 579
11, 569
12, 659
11, 761
12,125
5,428 9,005
3,421 8,350
4,960 9,561
5,008 8,267
5,098 11,112
San
Dallas Francisco
96,658 375, 565
95,186 370;
""1,797
95,193 373,
1,242
95,137 373!1,370
96, 502 369;, 853
9,973
7,580
7,74fi
7,634
8,743
54,513
46,151
49, 681
45, 613
942, 773 178,059 132, 462 158,910 86, 685 321, 052
606 324, 646
'1,892
947, 662 179,), 512 134, 309 159;
447 324, 434
948,021 178,006 133;
"" 502 159, 595
, 689
949, 239 178,354 133', 717 159, 961
759 324, 240
947, 902 177, 626 134,059 159,155
990, 000
990,000
990,000
990, 000
990, 000
50
45,000
45, 000
45, 000
45, 000
45,000
581,426 406, 660 991,681 332, 410 440, 000 212,135213,075
332,483 440,020 212,000 213, 025
580, 688 406,050 991, 537 332,
440 332,
332, 523 443,010 212,000 213,160
581, 522 406,045 991,440
578,080 406,055 991, 920 332, 525 443, 045 208,000 213,160
583,018 406,155 992', 512 332; 595 445, 070 208,110 213,175
Includes Federal Reserve notes held by other Federal Reserve banks.
Atlanta
990,050
990,000
990,000
990,035
990, 035
171, 632 128,000 167,000
171, 632 128, 000 167,000
171, 632 128,000 167,000
167,000
'71,
""" """1,000
171', 632
128!
171, 632 128,;, 000167, 000
113
38
13
13
63
23
73
68
58
58
22, 000
22,000
22,000
22,000
22,000
15, 000 5,000
15,000 5,000
15,000 5,000
15,000 5,000
15,000 5,000
193, 745 143,004 172, 023
193, 670
" " 143, 004 172,073
193, 645 143,007 172,068
193; 645 143!1,007 172, 058
193; 695 143, 007172,058
1,000
97, 500 389,
i,000
97, 500 389,
1,000
95, 500 389,
95; 500 389, 000
97, 500 389, 000
16
164
37
47
48
127
162
87
83
58
516 389,127
664 389,162
537 389,087
547 389,083
548 389, 058
236
FEDERAL RESERVE BULLETIN
RESERVE POSITION OF MEMBER BANKS,
JANUARY 1937
Gross N e t
dedeTime
mand m a n d
dededeposits
posits posits i
All member banks _ _31,068 25, 399 10, 975
Central reserve city banks:
10, 703
New York.
2,349
Chicago- .
9,859
2,054
676
448
Reserve city banks:
Boston district
New York district
Philadelphia district _ _
Cleveland district
Richmond district
Atlanta district _ _ Chicago district.
St. Louis district
Minneapolis district--.
Kansas City district--Dallas district... _ San Francisco district.
1,016
210
1,182
1,536
663
615
1,177
772
363
986
621
1,975
892
172
978
1,245
514
449
857
588
273
678
428
1,580
11,116
Country banks:
813
Boston district
1,255
New York district
Philadelphia district -.
615
Cleveland district
587
Richmond district
491
Atlanta district _
471
Chicago district _ ___ 763
St. Louis district
334
Minneapolis district-.,
300
Kansas City d i s t r i c t 440
Dallas district. _. __474
San Francisco district_
356
Total
Total
6,899
1937
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
MARCH
[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
banks
ReHeld
quired
Excess
4,622
2,093
6,716
1,953
421
2,719
568
767
147
123
139
229
707
203
159
470
168
95
160
110
1,838
139
32
157
219
86
75
150
96
45
109
69
320
234
35
257
312
142
90
224
137
56
150
93
427
95
3
100
93
56
16
75
41
10
42
24
107
8,654
4,401
1,496
2,158
662
617
978
464
410
331
299
530
225
198
266
283
230
565
1,355
840
602
326
200
587
209
271
155
90
250
90
164
87
70
49
40
82
33
33
35
34
35
144
261
130
121
74
65
168
55
60
69
72
52
54
98
44
50
24
25
86
22
27
34
38
17
4,833
5,449
753
1,271
518
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
All
member 1
banks
Total reserves held:
1936—January
February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
Week ending (Friday)
Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Excess reserves:
1936—January
February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
Week ending (Friday)
Jan. 1
Jan. 8
Jan.15
Jan.22
Jan.29
Central reserve
city banks
New
York
Chi-
Reserve Country
city
banks banks*
5,420
5,300
5,638
5,484
5,861
6,063
6,291
6,345
6,594
6,785
6,665
6,716
2,593
2, 579
2,271
2,163
2,384
2,183
2,279
2,502
2,503
2,462
2,574
2,695
2,662
2,719
495
487
463
506
636
682
653
572
580
619
637
651
605
568
1,714
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
978
998
978
956
961
954
1,042
1,090
1,204
1,218
1,230
1,254
1,241
1,271
6,567
6,626
6,717
6,752
6,765
2,629
2,658
2,679
2,723
2,794
561
540
570
594
574
2,129
2,140
2,187
2,177
2,155
1,248
1,288
1,282
1,257
1,241
3,033
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
1,395
1,360
1,056
940
1,134
908
1,004
1,226
600
535
639
751
697
767
239
226
208
262
377
414
369
290
160
195
205
221
175
147
852
885
846
796
778
775
961
970
601
624
696
724
675
662
547
567
543
512
511
496
575
619
490
498
502
523
498
518
1,938
1,998
2,087
2,133
2,153
669
700
730
774
842
137
122
145
172
155
632
644
685
680
665
499
532
526
507
491
5,780
1
Weekly figures of excess reserves of all member banks and of country
banks
are estimates.
2
Reserve requirements increased 50 percent effective Aug. 16.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures." In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)
All member banks
Federal Reserve district
Boston
New York
Philadelphia
Cleveland .
_ ._ . .
Richmond
Atlanta
Chicago _ .
St, Louis
Minneapolis _
_
Kansas City ._ _ ___ _. _
Dallas
San Francisco..
Total
Gross d e m a n d
_. .
..
Gross demand
Time
Jan.
1937
Dec.
1936
Jan.
1937
Dec.
1936
1,829
12,168
1,797
2,123
1,154
1,086
4,290
1,105
664
1,426
1,095
2,330
1,802
12, 290
1,796
2,121
1,189
1,066
4,334
1,097
690
1,442
1,108
2,338
688
2,170
1,069
1,309
529
359
1,505
377
366
315
200
2,088
685
2,169
1,063
1,299
522
358
1,465
375
362
316
201
2,067
31, 068
31, 273
10, 975
10, 882
Jan.
1937
Dec.
1936
Jan.
1937
1,707
i 1,190
1,573
1,896
972
930
i 1, 648
909
478
1,106
830
2,192
1,681
i 1,193
1,571
1,899
1,005
918
i 1,626
905
499
1,122
842
2,194
562
i 1,019
637
1,038
347
281
i 816
279
180
201
160
1,988
1
15, 430 U5,455
Dec.
1936
Jan.
1937
Dec.
1936
Time
Jan.
1937
Dec.
1936
561
1, 006
637
1,033
342
282
i 790
278
178
201
161
1,969
122
274
224
227
182
156
293
197
186
320
265
139
121
273
226
222
183
147
291
192
191
320
267
144
125
475
432
271
182
77
241
98
186
115
40
100
124
469
426
266
180
77
237
97
184
115
40
98
i 7, 508 i 7,437
2,586
2,577
2,342
2,313
Excluding central reserve city banks, for which figures for latest month are shown in table above.
Gross demand
Time
1
MARCH
237
FEDERAL RESERVE BULLETIN
1937
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks.
Total
End of month
1936—January
February...
March
April
May
June
July
August
September _
October
November..
December..
5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543
1937—January
6,349
Gold
certificates
Silver
dollars
Treasury
notes
of 1890
Silver
certificates
107
106
104
103
102
101
100
In millions of dollars]
Subsidiary
silver
841
864
886
914
955
958
1,020
1,051
1,057
304
307
309
312
316
318
321
326
329
334
337
1, 012
329
Federal
Federal Reserve
Reserve
bank
notes
notes
United
States
notes
Minor
coin
129
129
131
132
133
135
136
137
138
139
141
142
259
254
245
249
265
278
274
278
278
282
National
bank
notes
3,598
3,696
3,727
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
4,233
436
421
406
391
378
366
352
342
332
324
316
307
4,118
300
Back figures- See Annual Report for 1935 (table 38).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks.
In millions of dollars]
Paper currency
]
$50 a n d over
Coin
End of month
$1
$2
$5
$10
Total
1936—January. __
February..
March
April
May
June
July
August
September.
October
November.
December.
465
467
472
475
480
486
490
494
501
505
513
517
434
434
439
442
451
463
460
471
477
484
492
499
782
802
804
804
820
850
844
1937— January „_
506
472
900
906
1,333
1,373
1,378
1,379
1,402
1,468
1,459
1,482
1,488
1,516
1,548
1,563
,332
,360
L, 361
,360
,369
,466
,431
L, 436
,437
1,460
1,486
,501
1,367
1,386
1,399
1,404
1,409
1,479
1,449
1,452
1,467
1,478
1,501
1,530
864
1,500
1,458
1,525
$50
355
361
362
360
363
398
383
381
383
385
390
399
$100
$500
$1,000
122
123
125
126
127
127
127
128
130
132
132
135
627
633
641
643
648
683
667
667
673
679
$5,000
$10,000
17
18
17
19
19
18
19
19
21
19
23
18
240
243
247
249
245
245
247
250
253
255
258
265
702
1
Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures.—See Annual Report for 1935 (table 39).
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation,
millions of dollars]
End of month
Total
Silver
dollars Suband
sidsilver
iary
bul- silver
lion^
Federal
TTrntprl
Minor U OltfcKl Recoin States serve
notes bank
notes
1936—January
February. _
March
April
May
June
July
August
September _
October
November__
December..
2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,515
2,521
2,532
1,172
1,197
1,218
1,230
1,236
1,255
1,264
1,277
1,294
1,303
1,310
1,323
328
328
329
330
330
332
335
338
341
346
351
356
137
137
137
138
138
139
140
142
143
145
146
147
347
347
347
347
347
347
347
347
347
347
347
347
64
62
59
57
55
53
51
49
48
47
46
45
1937—January
2,532
1,332
356
148
347
44
In
[By selected banks in New York Cit5.
Year or month
National
bank
notes
1932
1933
1934
1935
1936
446
1936—January....
429
February..
413
March
398
April
384
May
372
June
358
July
348
August
339
September
329
October
322
November.
314
December.
305
1937—January. _.
i Includes silver held against silver certificates amounting to $1,204,000,*
000 on Jan. 31, 1937, and $1,027,000,000 on Jan. 31,1936.
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
F o r description a n d back
pp. 7-9
Shipments to
Europe
567
554
345
10, 628
34, 774
In thousands of dollars]
Receipts
from
Europe
83,
91,
40,
19,
26,
2,743
3,317
3,109
938
1,685
1,164
2,348
2,078
1,131
5,422
1,536
745
2,092
2,197
Net
receipts
83, 271
90, 505
40, 242
9,338
838
059
587
966
216
13
1,757
3,095
3,852
3,037
900
981
3,949
2,013
5,960
8,469
figures
Net
shipments
1,995
3,304
1,352
2,157
2,167
1,873
1,448
1,097
2,818
3,409
4,424
7,724
105
see BULLETIN for January 193S
238
FEDERAL RESERVE BULLETIN
MARCH
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
Total Inactive
account
1935—June.
July...
August
September
October
November
December
Year
1936—January
February
March.
April
May
June
July
August
September. __
October
November...
December
Year
1937—January
Net
gold
gold
stock
52.9 -446-2
190.4 - 1 7 3 . 5
4, 202. 5 1,133.9
4,226
4,036
8,238
1932
1933
1934____
1937
Increase
in
total
9,116
9,144
9,203
9,368
9,393
9,920
10,125
10,182
10,167
10,184
10,225
10, 402
10, 608
10, 648
10,716
10, 845
11,045
11,184
11, 258
26.5
11, 258
26.5
11,358
126.5
41.6
457. 5
41.1
— 58.0
82.6 2, 986. 1
25.8
12.1
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
-0.7
13.3
10.6
10.7
13.1
10.0
-46.4
21.5
12.9
-14.0
-7.9
60.8
17.0
1,132. 5 1,116. 6
-85.9
101.7
121.3
-48.3
27.1
100.1
1
Gold released from earmark at Federal Eeserve 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).
JanuaryDecember
December
From or to—
1.0
-.4
1.8
1.0
-1.9
.6
1.3
57.2
-15.5
17.2
41.0
176.7
206.6
39.2
68.4
129.0
199.7
139.6
73.3
1936
Jaunary
Other
factors 2
230.4
16.2
46.0
156.7
315.3
210.6
190.0
257.1
27.9
59.5
165.0
325.2
226.7
205.2
10,125
Net
release
from
earmark1
Belcium
England
Germany
Netherlands
Switzerland
Union of Soviet
S o c i a l i s t Republics
Canada
Central America...
Mexico...
Argentina
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
Australia
British India
China and Hong
Kong
Dutch East Indies
Japan
Philippine Islands,
2
Imports
Exports
Imports
Exports
10 691
73, 959
in sfid
9
2
32, 999
1
3 350
179, 920
enn
Q
271
6,506
Imports
DM
7
74 773
7,510
3,281
Exports
5,826
17
ion
3,765
168
100
11 208
72, 706
3, 667
40, 664
12
7 893
11 910
3 435
2 414
54
1,617
6 028
51
936
10 108
493
23, 280
77 892
158
951
7 917
2,123
2,273
353
21, 513
2,704
6
57,070
99 1,144,117
27, 534
5,865
169
1,948
1
5781
160
163
All other countries .
181
Total
--. 121, 336
2
4,709
324
560
246
11
98
57
70
i 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. 829, and Annual Report for 1935 (tables 34
and 35).
MARCH
239
FEDERAL RESERVE BULLETIN
1937
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
Member banks
Nonmember
banks
National
Other
Mutual nonsavings member
banks
banks
Total
Call date
Total
State
[In millions of dollars]
Call date
All
banks
Member banks
Nonmember banks
Total
National
State
Other
Mutual
savings nonmembanks ber banks
1932—June 30
Sept. 30
Dec. 31
19,046
18, 794
18, 390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
i 594
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
i 10,020
10,022
7,188
7,020
6,818
1933—June 30 «
Get. 25 3
Dec. 30
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 2_. 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
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 . . . 48, 771
June 30— 51,335
Dec. 3 1 3 .
31, 774
34,098
35,893
20, 605
21,986
23,107
11,169
12,112
12, 786
9,972
10,060
7,025
7,176
15,011
1934—Mar. 5 3
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 1935—Mar. 4 . . . .
9,013
June 29
8,933
Nov. 1 — .
8,880
Dec. 3 1 —
1936-Mar. 4
15,808
15, 752
6,377
6,400
6,376
5,375
5,368
5,325
1,002
1,032
1,051
569
566
8,862
8,786
June 30
Dec 31 3
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Total
.
1933—June 30 *
Oct 25 3
Dec. 30
1934—Mar. 5 3
June 30
Oct 17 3
Dec. 31
Nonmember banks
Mutual savings banks
Call date
1932—June 30
Sept. 30
Dec. 31
Member banks
__
.
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30 3
Dec. 31
Loans
Investments
Total
Loans
Investments
Total
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
43, 747
44,416
45,008
45,717
20, 394
20,272
20,140
20, 329
23, 353
24,145
24,868
25,388
28,271
28,785
29,301
29,985
11,953
11,928
11,841
12,175
16,318
16,857
17, 460
17,810
9,775
9,852
9,854
9,804
5,478
5,341
5,302
5,210
4,297
4,511
4,552
4,594
5,701
5,779
5,853
5,927
2,963
3,003
2,997
2,944
2,738
2,777
2,856
2,983
• 46,157
48, 458
20, 275
20, 679
25, 882
27, 779
30, 288
32, 259
33, 000
12,099
12, 542
13, 360
18,189
19, 717
19, 640
9,795
9,961
5,202
5,105
4,592
4,856
6,074
6,239
2,974
3,032
3,100
3,206
1J Figures of preceding call carried forward.
Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
» Nonmember bank figures not available.
* Prior to Dec. 30, 193J, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Back figures—See Annual Report for 1935 (tables 47-48)
240
FEDERAL RESERVE BULLETIN
MARCH
1937
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars
Loans to customers (except banks)
Call date
Total
loans
and
investments
Total
Open-market loans
Purchased paper
ReTo
Other- Loans
portbroTo
wise
ing
kers others
to
Real banks'
sebanks Acoutestate
on
cured
side securi- loans own
ceptComand
accept- unseNew
ances Bills
merances cured
York ties
pay- paycial
able
Cityi
able in abroad paper
United
bought
States
Investments
Loans
to
brokers in Total
New
York
City*
U.S. Government obligations
Direct
Fully
guaranteed
Other
securities
TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 s
1934—Dec. 3 1 . . _ . _ .
1935— Mar. 4
June 29
Nov. 1
Dec. 31
1936-Mar. 4
June 30
Dec. 31
7,685 3,191
3,752 2,372
3,110 2,273
3,031 2,250
2,931 2,277
2,885 2,279
2,893 2,284
2,832 2,301
11, 515
192 4,857
232 4,708
207 4,748
135 4,834
159 4,963
169 5,006
156 4,960
117 5, 355
131 6,041
714
330
155
133
119
94
98
82
81
85
212
291
256
235
201
154
181
164
144
161
2,595
937
120
164 1,024
145 1,054
82 1,085
101 1,114
107 1,096
99 1,112
65 1,238
65 1,527
322
162
63
52
48
35
42
29
28
42
128
224
210
203
183
135
158
141
123
136
35,934
24, 786
28,150
28, 271
28, 785
29, 301
29,985
30, 288
32, 259
33,000
23,193
11, 337
10, 509
10, 420
8,774
7,133
7,761
7,783
8,167
8,418
8,802
9,556
9,280
4,964
2,297
2,202
2,198
2,146
2,185
2,196
2,215
2,338
2,567
1,757
1,287
1,581
1,704
1,592
1,792
1,868
1,946
1,951
2,100
1,330
589
435
462
458
433
455
456
513
613
240
48
29
30
33
25
28
32
59
50
533
251
170
171
163
154
149
148
145
140
12,029
8,492
10,028
10,036
10,151
10, 780
10,655
11,306
11, 795
8,418
4,258
4,024
3,974
3,967
4,089
4,144
4,071
4,242
4,582
425
63
90
83
87
82
96
101
115
123
2,775
1,340
1,124
1,090
1,053
1,055
1,057
1,027
1,044
1,048
1,538
1,131
1,090
1,077
1,105
1,103
1,094
1,096
1,101
1,124
3,679
1,678
1,671
1,677
1,682
1,806
1,851
1,805
1,941
2,231
13,375
7,873
8,780
8,749
8,739
8,821
8,919
8,885
9,446
9,825
8,481
4,194
3,849
3,786
3,798
3,758
3,754
3,716
3,850
3,866
2,231
1,117
1,462
1.055
1,026
1,018
1,020
1,026
1,035
1,043
1,078
1,123
4,705
2,005
1,810
1,785
1,831
1,815
1,810
1.791
1,891
1,881
10, 465
10, 548
10, 460
10,943
11, 628
165
187
184
192
179
196
211
266
2,785
2,340
2,405
2,145
1,044
820
805
783
775
793
792
813
753
169
157
139
139
138
136
140
148
146
144
291
87
232
255
247
260
272
280
278
324
1,660
788
843
875
975
841
1,047
1,089
1,079
1,144
9,784
11,928
16,122
16, 318
16, 857
17, 460
17,810
18,189
9, 717
.9, 640
3,863
6,887
9,906
9,821
9,871
L0, 080
10, 501
10, 564
1,721
1,639
1,200
1,558
1,764
1,768
1,880
1,950
1,906
5,921
5,041
5,227
5,298
5,427
5,615
5,541
5,745
6.045
6,095
1,202
720
662
678
930
828
1,018
1,043
1,028
1,095
2,091
3,709
4,602
4,628
4,983
4,968
4,985
5,355
6,028
5,425
1,112
2,551
3,246
3,200
3,462
3,340
3,425
3,602
4,196
3,739
278
298
348
405
401
505
567
470
979
1,158
1,078
1,131
1,174
1,223
1,159
1,248
1,265
1,217
309
610
1,049
1,167
1,107
1,336
1,392
1,470
1,419
1,467
116
384
743
877
766
973
1,061
1,131
1,014
1,107
N E W YORK CITY 3
1929— Dec. 31
1933—June 30?
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
CITY OF CHICAGO 3
1929—Dec. 31
1933—June 30 «
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
5 5
237
202
232
236
227
249
251
284
402
193
226
229
212
254
267
243
250
312
266
RESERVE CITY
BANKS
1929—Dec. 31
1933—June 30 «
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
10, 521
258
99
55
48
43
34
34
31
31
23
24
102
38
108
122
112
111
120
120
113
131
239
45
105
106
25
2,944
4,011
5,715
5,766
5,986
6,253
6,432
6,375
6,863
7,000
1,368
2,483
3,809
3,724
3,712
3,892
4,076
3,958
4,349
4,426
279
376
571
655
656
656
651
697
1,576
1,528
1,628
1,666
:, 703
,706
,701
,761
^,863
1,877
163
27
92
109
116
132
135
145
152
178
208
10
50
64
4,439
3,598
4,756
4,757
4,780
4,903
5,002
4,989
5,407
5,747
1,267
1,469
2,108
2,020
1,931
1,874
1,940
1,873
2,163
2,368
355
448
553
609
623
630
640
645
3,172
2,129
2,293
2,289
2,296
2,419
2,439
2,486
2,605
2,734
COUNTRY BANKS
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1..
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1
2
8
932
902
894
865
861
843
Loans (secured by stocks and bonds) to brokers and dealers in securities.
Beginning June 30,1933, figures relate to licensed banks only.
Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 52).
MARCH
241
FEDERAL RESERVE BULLETIN
1937
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
ReBalserves
with Cash ances
with
Fedin
doeral vault
mesRetic
serve
banks 1
banks
Call date
Demand deposits
Cash
items
Certireport- Interbank
fied
ed as
Unitand
in
ed
offiprocStates Pubcers'
ess
lic cher
DoGov- funds
Fors,
of col- meserneign
cash
lec- 2
tic banks
ment
letters
tion banks
of
credit 3
Time deposits
Individuals,
partnerships,
corporations,
etc.
Interbank
Demand
deposits ad- Dojusted 4 mesForeign
tic banks
banks
Individuals, BorPos- Pub- partrowtalings
lic
nersav- funds
ships,
ings
corporations,
etc.
TOTAL—ALL MEMBER BANKS
1929- Dec. 31
1933—June 30 5
1934—Dec. 31
1935— M a r . 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
J u n e 30
Dec 31
NEW YORK CITY
1929—Dec. 31 . .
1933 - J u n e 30 B
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar 4
June 30
Dec. 31
CITY OF CHICAGO
2,374
2,235
4,082
4,518
4,933
5,662
5,573
5,784
5.607
6,572
558
405
609
534
537
541
665
624
713
697
2,168
2,008
3,149
3,386
3,396
3,760
3,776
3,970
3.944
4,066
3,896
1,485
1,903
1,475
1,183
1,756
2,255
1,718
2,147
2,533
3,517
3,057
4,569
5,095
4,978
5,558
5,696
6,148
5,986
6,402
544
145
147
169
273
361
444
394
465
432
143
806
1,636
1,270
779
650
844
600
1,037
882
1,335
1,087
1,799
1,861
2,091
2,251
2,139
2,173
2,320
2,329
1,681
657
838
741
417
686
882
779
789
881
17, 526
11,830
14,951
14, 872
16, 206
17, 327
18,035
17, 927
19,322
20, 970
16,647
12,089
15, 686
15,999
17, 530
18,509
18,801
19,161
20,284
21,647
95
89
134
145
136
132
151
152
151
153
154
1
7
8
5
6
5
5
6
6
122
788
452
399
307
227
218
167
152
104
827
846
1,576
1,856
1,935
2,590
2,541
2,493
2.106
2, 658
68
46
86
58
51
54
65
57
65
61
179
101
103
86
133
109
111
108
114
133
2,406
874
1,069
810
447
873
1,133
829
982
1,087
1,198
1,255
1,798
2,047
1,983
2,203
2,338
2,527
2.390
2,493
464
127
126
147
248
327
410
363
428
393
20
332
792
572
369
219
224
140
215
225
128
96
229
190
354
468
323
260
357
285
1,180
461
540
500
149
413
524
496
489
457
5,847
4,676
5,370
5. 329
5,924
6,104
6,479
6,471
6,891
7,274
4,750
4,358
5,069
5,209
5,979
6,112
6,193
6,398
6,756
6,929
40
22
1
1
133
1
7
7
4
4
4
4
5
4
18
110
56
44
27
3
3
169
232
415
359
676
581
511
480
749
558
13
34
40
34
47
158
61
90
70
73
83
135
96
147
159
310
259
445
505
504
527
522
594
635
599
26
2
2
3
3
4
4
42
87
182
184
198
204
208
217
221
191
32
16
23
19
24
22
27
26
27
27
1,041
870
1,073
1,047
1,208
1,274
1,301
1,243
1,444
1,495
957
912
1,189
1,179
1,357
1,416
1,401
1,390
1.546
1,554
7
5
5
8
46
46
41
20
62
98
81
102
72
19
39
35
38
32
133
203
207
182
249
188
209
195
195
188
751
705
1,268
1,386
1,403
1,591
1,594
1,794
1.763
2,108
156
122
207
197
213
218
256
264
289
285
947
,002
,543
,690
,607
,849
,779
.910
1 907
1,816
1,041
401
537
432
471
579
752
607
763
971
1,604
1,315
1,984
2,179
2,145
2, 428
2,422
2,594
2.551
2,826
50
15
17
18
21
27
28
26
30
33
76
312
620
505
299
273
385
285
513
407
423
349
585
643
674
685
707
733
733
843
300
108
169
132
140
146
204
151
152
230
5,547
3.708
4,919
4,854
5,314
5,855
6.001
5,961
6,419
7,023
5,229
3,764
5,136
5,197
5,656
6,107
6,161
6,238
6.541
7,126
30
59
117
128
119
115
134
135
135
137
14
627
452
822
916
920
900
927
1,017
989
1,247
321
203
275
246
236
237
305
268
322
319
908
702
1.296
L, 427
1,406
1,613
1,676
,757
1,727
1,929
291
149
207
163
192
221
235
187
256
316
405
228
342
364
347
399
415
433
410
483
3
1
2
1
1
2
1
1
1
2
39
742
555
116
804
178
152
845
90
865
95
895
137
901
93
965
207 1.008
178 1,011
169
72
106
90
104
106
127
106
121
167
5,091
2,576
3,589
3,642
3,761
4,095
4,254
4,252
4, S«7
5,177
5,711
3,054
4,292
4,414
4,538
4,875
5,047
5,136
fi, 440
6,039
6
7
16
17
16
17
16
17
595 12, 267
300 7,803
294 9,020
290 9,203
285 9,462
310 9,671
361 9,680
344 9,784
378 10 099
296 10, 429
879
191
13
17
9
9
6
11
6
15
6
.
33
4
4
4
6
13
12
11
10
13
1,112
671
591
595
567
680
591
586
601
679
170
8
2
6
1
58
1
332
358
381
374
469
403
413
407
444
449
41
41
388
186
167
118
84
79
72
65
35
371
208
206
211
203
218
266
251
288
203
4,433
2,941
3,494
3,611
3,670
3,765
3,796
3,853
3,960
4,026
292
18
61
285
210
188
162
140
136
95
87
69
133
86
84
75
76
6,390
3,833
4,554
4,623
4,756
4,824
4,879
4,938
5,094
5,275
367
167
13
14
0
8
2
1
2
12
6
1929—Dec. 31_.______
1933—June 30 5
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
EE'ERTE CIT^ BANKS
1929—L»ec. 31
1933—June 30 «
1934—Dec. 31
1935—Mar. 4
June 29
N o v . 1.
Dec. 31
1936—Mar. 4
June 30
Dec. 31
COUNTRY BANKS
1929—Dec. 31
1933—June 30 6
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31.
1936—Mar. 4
June 30
Dec. 31_._
•53
4
16
16
~T
__._
I
i
I
I
I
....
78
83
82
80
80
1
s6
3
i 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."
a 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.
3 Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935
< Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less cash items reported on hand but not in process of collection.
* Beginning June 1933 figures relate to licensed banks only.
• Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 53)
242
FEDERAL RESERVE BULLETIN
MARCH 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Loans to customers (except banks)
Open-market
loans
Investments
Reserve
with
FedOther eral
Resecuri- serve
Fully ties banks
Direct guaranteed
BalCash ances
with
in domesvault
tic
banks
Total
loans
and
investments
Total
1936—January
July
August
September. _
October
November. _
December...
1937—January
20, 928
22, 484
22, 297
22, 520
22, 566
22,444
22, 760
22, 734
6,723
7,065
7,066
7,238
7,403
7,429
7,607
7,567
176
235
209
212
218
215
227
235
2,071 1,142
2,072 1,145
2,023 1,147
2,035 1,143
2,025 1,142
2,024 1,148
2,034 1,154
2,007 1,153
3,334
3,613
3,687
3,848
4,018
4,042
4,192
4,172
364
315
320
315
315
323
338
379
923
936
916
983
945
941
1,021
993
12, 848 8,599
9,484
9,357
13, 892 9,320
13, 848 9,310
13, 689 9,232
13, 730 9,241
13, 746 9,263
1,155
1,278
1,254
1,246
1,255
1,255
1,242
1,230
3,094
3,348
3,321
3,326
3,283
3,202
3,247
3,243
4,773
4,710
4,875
4,995
5,276
5,422
5,264
5,292
354
386
376
383
399
404
427
401
2,336
2,493
2,354
2,311
2,385
2,463
2,439
2,307
1936—Dec. 9...
Dec. 16..
Dec. 23..
Dec. 30..
1937—Jan. 6_._
Jan. 13...
Jan. 20...
Jan. 27..
Feb. 3__.
Feb. 10..
Feb. 17..
22, 594
22,875
22, 941
22, 931
22, 853
22, 797
22, 657
22, 627
22, 579
22, 555
22, 589
7,498
7,648
7,707
7,725
7,649
7,618
7,497
7, 505
7,525
7,519
7,518
222
228
233
242
247
238
225
231
240
231
227
2,022
2,048
2,040
2,035
2,003
2,000
2,000
2,024
2,034
2,022
2,012
1,154
1,153
1,155
1,156
1,155
1,152
1,153
1,152
1,151
1,149
1,149
4,100
4,219
4,279
4,292
4,244
4,228
4,119
4,098
4,100
4,117
4,130
330
341
346
351
368
374
384
391
392
399
400
1,028
1,023
1,039
1,047
1,008
990
985
987
964
974
974
13, 682
13, 806
13, 771
13,742
13,768
13, 758
13, 734
13, 684
13, 638
13, 591
13,621
9,192
9,310
9,290
9,241
9,303
9,275
9,262
9,212
9,149
9, 121
9,107
1,246
1,239
1,240
1,238
1,240
1,240
1,229
1,212
1,214
1,216
1,210
3,244
3,257
3,241
3,263
3,225
3,243
3,243
3,260
3,275
3,254
3,304
5,317
5,307
5,161
5,163
5,184
5,303
5,325
5,355
5,330
5,351
5,333
436
429
437
433
411
413
389
390
375
397
379
2,457
2,498
2,386
2,345
2,313
2,354
2,308
2,255
2,249
2,231
2,321
7,937
8,860
8,607
8,753
8,687
8,622
8,750
2,036
2,192
2,148
2,299
2,326
2,354
2,429
2,409
730
745
697
707
705
710
712
709
128
133
132
132
131
130
130
130
1,119
1,241
1,245
1,315
1,412
1,437
1,512
1,495
173
131
118
114
123
135
140
146
895
897
875
936
906
901
978
4,799
5,614
5,434
5,414
5,308
5,202
5,169
5.. 074
3,346
3,946
3,843
3,830
3,761
3,721
3,666
3,555
399
522
466
456
461
461
451
452
1,054
1,146
1,125
1,128
1,086
1,020
1,052
1,067
2,498
2,178
2,357
2,354
2,461
2,575
2,509
2, 565
76
80
73
72
74
8,745
8,777
8,800
8,749
8,679
8,634
8,568
8,542
8,513
8,538
2,370
2,461
2,483
2,469
2,431
2,421
2,384
2,396
2,407
2,396
2,387
701
726
719
708
696
704
705
731
741
732
725
130
130
130
129
130
130
129
129
129
129
128
1,464
1,529
1,559
1,556
1,529
1,512
1,475
1,462
1,463
1,461
1,461
136
141
142
145
151
151
143
141
136
136
136
984
980
992
1,004
966
946
943
942
924
933
936
5,230
5,168
5,134
5,093
5,103
5,090
5,071
5,033
5,016
4,979
5,032
3,722
3,661
3,647
3,579
3,597
3,573
3,555
3,494
3,464
3,444
3,447
454
447
452
451
450
454
451
454
455
454
452
1,054
1,060
1,035
1,063
1,056
1,063
1,065
1,085
1,097
1,081
1,133
2,486
2,582
2,465
2,467
2,469
2,544
2,590
2,656
2,658
2,697
2, 677
79
87
88
90
82
81
79
82
81
77
81
1936—January
12, 991
July
13, 624
August
13, 690
September
13, 767
October
_. 13, 879
November
13, 822
December
14, 010
1937—January
14,128
4,687
4,873
4,918
5,009
5,077
5,075
5,178
5,158
117
162
135
137
140
138
152
160
1,341
1,327
1,326
1,328
1,320
1,314
1,322
1,298
1,014
1,012
1,015
1,011
1,011
1,018
1,024
1,023
2,215
2,372
2,442
2,533
2,606
2,605
2,680
2,677
191
184
202
201
192
188
198
233
8,049
8,478
8,540
8,487
8,561
8,662
5,253
5,538
5,514
5,490
5,549
5,511
5,575
5,708
756
756
788
790
794
794
791
778
2,040
2,202
2,196
2,198
2,197
2,182
2,195
2,176
2,275
2,532
2,518
2,641
2,815
2,847
2,755
2,727
301
334
325
331
344
346
364
345
2,260
2,413
2,281
2,239
2,311
2,385
2,353
2,226
1936—Dec. 9
Dec. 16.
Dec. 23
Dec. 30
1937—Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
5,128
5,187
5,224
5,256
5,218
5,197
5,113
5,109
5,118
5,123
5,131
147
152
158
166
171
163
150
157
166
157
154
1,321
1,322
1,321
1,327
1,307
1,296
1,295
1,293
1,293
1,290
1,287
1,024
1,023
1,025
1,027
1,025
1,022
1,024
1,023
1,022
1,020
1,021
2,636
2, 690
2,720
2,736
2,715
2,716
2,644
2,636
2,637
2,656
2,669
194
200
204
206
217
223
241
250
256
263
8,452
8,638
8,637
8,649
8,665
8,668
8,663
8,651
8,622
8,612
8,589
5,470
5,649
5,643
5,662
5,706
5,702
5,707
5,718
5,685
5,677
5,660
792
792
788
787
790
786
778
758
759
762
758
2,190
2,197
2,206
2, 200
2,169
2,180
2,178
2,175
2,178
2,173
2,171
2,831
2,725
2,
375
368
368
367
353
355
335
336
325
340
329
2,378
2,411
2,298
2,255
2,231
2,273
2,229
2,173
2,168
2,154
2,240
Date or month
AcTo
Loans cept- Loans
broTo
Other
ances
to
kers others Real- loans
to brobanks and kers
out- on se- estate
com- Newin Total
to
side
loans custo-2
mer- York
New curities
cial
mers
York
paper City i
Cityi
bought
U. S. Government obligations
TOTAL—101 CITIES
14,110
13, 932
NEW YORK CITY
1936—January
July
August..
September
October
November
December
1937—January
1936—Dec. 9_
Dec. 16
Dec. 23—
Dec. 30
1937—Jan. 6
Jan.13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
__.
OUTSIDE NEW YORK
CITY
__. 13, 849
_. 14,098
1
14,141
14,182
14,174
14,163
14,089
14,085
14.066
14.067
14,051
2,715
2,759
2,735
2,699
2,672
2,654
2,656
Loans (secured by stocks and bonds) to brokers and dealers in securities.
Includes reporting banks' own acceptances.
Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31,
1935, was approximately $38,000,000 at all weekly reporting member banks.
For other figures and notes, see next page.
2
3
243
FEDERAL RESERVE BULLETIN
MARCH 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 }
Time deposits
Demand deposits
Total
assets
Interbank
United Certified
States
Total Domes- Foreign Govern- checks, Other
tic
ment
etc.
liabilbanks banks
ities
Demand
deposits—adjusted1
Interbank
For- Other
Domestic eign
banks banks
Borrowings
Other Capiliabil- tal acities count
TOTAL—101 CITIES
1936—January
July
August
September.
October
November.
December,1937—January _.._
1,335
1,552
1,313
1,444
1,487
1,663
1,787
1,548
1,330
1,323
1,301
1,308
1,298
1,318
1,370
1,349
31,056
32,948
32, 516
32,961
33, 411
33, 714
34,047
33, 631
5,485
5,904
5,729
5,761
5,950
6,106
6,025
5,953
427
427
409
423
467
448
435
413
654
829
821
837
793
548
601
611
537
545
439
484
446
584
617
525
14, 622
15, 760
15, 658
15, 922
16,193
16, 441
16, 714
16,539
13,824
14, 752
14, 785
14, 962
15,152
15, 362
15, 544
15,516
135
133
130
129
130
130
130
132
4,892
5,007
5,019
5,036
5,070
5,032
5,045
5,052
796
851
816
847
840
880
909
837
3,503
3,488
3,488
3,503
3,517
3,539
3,555
3,563
1936—Dec. 9...
Dec. 16..
Dec. 23..
Dec. 30_.
1937—Jan. 6...
Jan. 13..
Jan. 20_.
Jan. 27..
Feb. 3...
Feb. 10..
Feb. 17-
1,477
2,014
1,805
1,963
1,549
1,652
1,497
1,494
1,422
1,438
1,690
1,371
1,352
1,376
1,378
1,335
1, 339
1,355
1,368
1,349
1,360
1,365
33, 652
34, 475
34,106
34, 213
33, 645
33, 858
33, 531
33, 489
33, 304
33, 332
33, 677
6,087
6,059
5,945
5,879
5,998
5,989
5,927
5,896
5,853
5,820
5,905
443
445
419
423
412
410
418
411
414
403
410
450
700
702
702
702
655
560
526
476
434
383
559
633
608
691
551
555
481
514
518
538
590
16,406
17, 006
16, 771
16, 843
16, 423
16, 659
16,563
16, 510
16, 397
16, 452
16, 704
15,488
15, 625
15, 574
15, 571
15, 425
15, 562
15, 547
15, 530
15, 493
15, 552
15, 604
131
131
132
130
132
132
132
133
135
133
133
5,050
5,031
5,043
5,067
5,052
5,053
5,050
5,052
5,077
5,095
5,093
963
904
900
901
807
842
827
873
867
885
3,559
3, 558
3,553
3,550
3,563
3,560
3, 563
3,566
3,564
3,568
3, 568
670
745
582
653
644
795
878
714
472
466
454
468
493
11, 706
12, 381
12,124
12, 352
12, 383
12, 596
12, 778
12, 515
2,359
2,477
2,380
2,399
2,444
2,529
2,468
2,421
391
372
387
427
408
397
378
180
192
191
192
172
102
155
181
361
281
313
277
402
415
336
6,101
6,604
6,554
6,674
6,667
6,756
6,893
6,783
5,779
6,221
6,253
6,335
6,301
6,363
6,430
6,404
540
556
569
575
610
583
613
601
314
367
345
367
351
369
372
343
1,462
1,429
1,427
1,427
1,431
1,442
1,451
1,467
724
972
867
3,016
710
769
654
725
680
704
827
487
480
503
496
489
489
497
498
494
492
490
12, 582
12, 959
12, 792
12, 884
12, 487
12, 575
12, 442
12, 557
12,476
12,515
12, 663
2,501
2,498
2,428
2,380
2,432
2,431
2,393
2,428
2,393
2,381
2,408
405
407
383
386
375
375
384
378
381
368
373
83
203
203
203
204
193
169
159
146
136
135
361
427
410
483
351
366
295
331
348
371
412
6,750
6,990
6,909
6,795
6,790
6,821
6,751
6,786
6,854
6,387
6,445
6,452
6,448
6,367
6,392
6,431
6,427
6,419
6,453
6,439
605
614
614
621
602
597
600
606
619
628
632
421
364
364
353
329
349
334
362
362
367
371
1,452
1,452
1,451
1,451
1,464
1,406
1,467
1,469
1,473
1,475
1,475
665
807
731
791
843
868
909
834
857
847
840
836
850
878
856
19, 350
20, 567
20, 392
20, 609
21, 028
21,118
21, 269
21,116
3,126
3,427
3,349
3,362
3,506
3,577
3, 557
3,532
474
637
630
645
621
446
446
430
189
184
158
171
169
182
202
189
8,521
9,156
9,104
9,248
9,526
8,685
9,821
9,756
8,045
8,531
8,532
8,627
8,851
8,999
9,114
9,112
135
133
130
129
130
130
130
132
4,352
4,451
4,450
4,461
4,460
4,449
4,432
4,451
482
484
471
480
489
511
537
494
2,041
2,059
2,061
2,076
2,086
2,097
2,104
2,096
753
1,042
938
947
839
883
843
769
742
734
863
872
873
882
846
850
858
870
855
868
875
21, 070
21, 516
21, 314
21, 329
21,158
21, 283
21, 089
20, 932
20, 828
20, 817
21,014
3,586
3,561
3, 517
3,499
3, 566
3,558
3,534
3,468
3,460
3,439
3, 497
367
497
499
499
498
462
391
367
330
298
248
198
206
198
208
200
189
186
183
170
167
178
9,656
10,016
9,862
9,862
9,697
9,864
9,773
9,689
9,646
9,666
9,850
9,101
9,180
9,122
9,123
9,058
9,170
9,116
9,103
9,074
9,099
9,165
131
131
132
130
132
132
132
133
135
133
133
4,445
4,417
4,429
4,446
4,450
4,456
4,450
4,446
4,458
4,467
4,461
542
540
536
548
478
493
493
511
505
518
513
2,107
2,106
2,102
2,099
2,099
2,094
2,096
2,097
2,091
2,093
2,093
NEW YORK CITY
1936—January
July
August
September.
October
November.
December—
1937—January
1936—Dec. 9.,.
Dec. 16..
Dec. 23..
Dec. 30..
1937—Jan. 6...
Jan. 13..
Jan. 20..
Jan. 27._
Feb. 3...
Feb. 10..
Feb. 17..
OUTSIDE NEW YORK
CITY
1936—January
July
August
September.
October
November.
December. .
1937—January
1936—Dec. 9 —
Dec. 16..
Dec. 23..
Dec. 301937—Jan. 6__.
Jan. 13..
Jan. 20..
Jan. 27..
Feb. 3...
Feb. 10_.
Feb. 17..
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).
244
FEDERAL RESERVE BULLETIN
MARCH
1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
City
Federal Reserve District
Total
Loans and investments,
total:
Jan. 27
Feb. 3
Feb. 10
F e b . 17
Loans to brokers and dealers
in New York:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Loans to brokers and dealers
outside New York:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Loans on securities to others
(except banks):
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Acceptances and commercial
paper bought:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Loans on real estate:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Loans to banks:
Jan. 27
Feb.3
Feb. 10
Feb. 17
Other loans:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
U. S. Government direct
obligations:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Obligations fully guaranteed
b y U. S. Government:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Other securities:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
22,
22,
22,
22,
Boston
New
York
Philadelphia
Cleve- Richland mond
627
579
555
589
1,213
1,208
1,218
1,223
9,438
9,405
9,385
9,434
1,194
1,189
1,193
1,183
1,922
1,918
1,909
1,897
964
974
974
15
14
[13
13
954
933
945
945
656
650
659
659
Atlan- Chica- St.
go
Louis
ta
590
584
582
581
3,124
3,143
3,129
3,129
691
Minneapolis
Kansas
City
410
410
409
408
708
706
704
706
San
Dallas Francisco
New
York
Chica-
2,180
2,183
2,189
2,191
8,542
8,513
8,488
8,538
2,087
2,112
2,099
2,102
501
942
924
933
936
41
47
41
40
231
240
231
227
2,024
2,034
2,022
2,012
145
145
144
143
861
870
861
854
139
•137
137
137
391
392
399
400
63
31
32
33
32
216
215
215
214
53
67
160
155
155
157
1,152
1,151
1,149
1,149
85
85
239
240
240
238
63
63
63
63
180
180
179
179
60
60
72
76
4
4
4
4
30
31
45
48
2
2
2
2
3
3
3
3
4,098
4,100
4,117
4,130
315
309
314
316
1,618
1,618
1,617
1,618
189
188
191
191
229
232
232
234
119
119
119
120
9,212
9,149
9,121
9,107
387
386
394
401
'3, 727
3,698
3,678
3,676
351
348
349
347
944
935
925
915
291
295
296
1,212
1,214
1,216
1,210
21
22
22
21
496
496
497
3,260
3,275
3,254
3,304
150
151
149
149
1,277
1,288
1,272
1,326
155
155
155
155
731
741
732
725
138
142
142
141
23
22
24
24
25
27
27
29
141
136
136
136
17
17
17
17
19
19
18
18
366
365
366
367
129
129
129
128
14
14
14
14
2
1
1
1
3
3
3
4
30
30
44
47
5
5
5
5
196
200
199
199
10
5
5
521
526
528
534
141
142
143
144
114
112
111
112
148
149
148
149
141
140
139
139
395
396
405
404
1,462
1,463
1,461
1,461
363
369
370
375
1, 663
1,668
1,661
1,655
243
237
240
240
188
190
189
187
278
276
274
275
205
200
193
189
718
719
722
725
3,494
3,464
3,444
3,447
1,139
1,150
1,142
1, 141
85
55
55
55
54
163
164
164
164
59
59
59
59
48
49
49
49
151
149
146
145
454
455
454
452
94
95
95
95
302
302
302
298
272
274
274
275
406
405
406
406
111
111
111
113
139
139
139
139
345
344
341
338
1,085
1,097
1,081
1,133
275
272
272
273
169
170
169
209
201
201
245
FEDERAL RESERVE BULLETIN
MARCH
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
Reserve with Federal Reserve bank:
Jan. 27
Feb. 3
Feb. 10
Feb 17
Cash in vault:
Jan 27
- ._
Feb 3
Feb 10
Feb. 17
Balances with domestic
banks:
Jan 27 — Feb 3
Feb 10
Feb. 17
Other assets:
Jan 27
Feb 3
Feb 10
Feb 17
Demand deposits—adjusted:
Jan 27
Feb. 3
Feb 10
Feb. 17
Time deposits:
Jan 27
Feb 3
Feb 10
Feb 17
U. S. Government deposits:
Jan 27
Feb.3
Feb 10
Feb. 17
Interbank deposits, domestic:
Jan. 27
Feb.3
Feb 10
Feb. 17 - -_.
Interbank deposits, foreign:
Jan 27
Feb 3
Feb 10
Feb 17
Borrowings:
Jan 27
Feb 3
Feb 10
Feb 17
Other liabilities:
Jan 27
Feb. 3
_Feb. 10
Feb. 17
Capital account:
Jan. 27
Feb. 3
Feb. 10
Feb 17
Bos- N e w
York
ton
Philadelphia
Cleve- Richland mond
Atlanta
Chicago
City
MinSt.
Louis neapolis
Kansas
City
San
Dallas Francisco
New
York
Chicago
5,355
5,330
5,351
5,333
289
296
290
30.2
2,764
2,771
2,794
2,783
255
251
248
249
307
319
306
316
139
136
135
132
91
91
90
92
775
737
746
727
134
133
140
129
61
63
62
62
141
149
149
148
109
108
107
108
290
276
284
285
2,656
2,658
2,697
2,677
565
543
547
537
390
375
397
379
114
113
114
113
70
65
74
65
17
16
18
16
35
34
37
36
19
18
19
17
11
11
11
11
66
63
66
64
11
12
11
11
5
5
5
5
13
11
13
12
10
9
10
10
19
18
19
19
54
50
57
50
34
33
33
32
2,255
2,249
2,231
2,321
128
130
125
124
185
184
180
252
152
154
136
145
222
224
220
231
131
150
143
138
134
140
149
148
405
398
390
395
138
144
149
142
85
80
74
252
236
243
254
182
178
185
186
241
231
234
232
82
81
77
81
185
172
174
170
1,368
1 349
1,360
1,365
90
90
92
92
574
573
571
572
87
88
89
89
108
107
107
108
43
41
41
43
38
38
39
39
108
97
99
100
24
24
24
24
16
16
17
17
24
24
24
24
28
28
28
28
228
223
229
229
498
494
492
490
75
65
67
68
15, 530
15, 493
15, 552
15, 604
1,018
1,037
1,042
1,050
6,989
6,985
7,016
7,078
825
824
818
826
1,104
1,107
1,087
1,094
428
429
431
425
334
333
334
339
2,324
2,298
2,307
2,274
420
416
430
422
270
267
268
265
494
489
492
499
393
384
387
388
931
924
940
944
6,427
6,419
6,453
6,439
1,564
1,561
1,564
1, 540
5,052
5,077
5 095
5,093
280
279
279
278
1,003
1,019
1,028
1,033
258
260
261
260
708
715
717
718
197
196
198
198
176
177
177
178
850
851
853
854
180
180
180
180
123
123
123
123
146
146
146
146
121
121
121
121
1,010
1,010
1,012
1,004
606
619
628
632
454
454
454
454
526
476
434
383
8
7
6
6
181
165
153
148
51
46
42
35
51
48
45
32
22
19
17
14
29
26
24
19
78
69
59
55
9
8
6
3
2
2
2
14
13
12
9
33
31
29
23
47
42
38
34
159
146
136
135
49
41
36
36
6,029
5,988
5,953
6,038
252
242
238
245
2,498
2,463
2,447
2,474
320
316
310
309
374
376
372
385
222
230
232
234
232
235
241
241
835
842
827
846
295
300
302
297
120
121
116
115
393
387
391
398
199
201
198
200
289
275
279
294
2,428
2,393
2,381
2,408
613
615
605
617
414
417
407
414
6
6
7
7
382
386
373
378
4
4
4
4
1
1
1
1
5
6
6
6
1
1
1
1
1
1
1
1
13
12
13
14
381
384
371
376
4
4
5
5
5
3
2
873
867
885
884
32
31
32
33
374
374
379
383
21
21
22
21
16
15
16
17
30
29
30
29
6
6
7
30
25
30
32
9
10
9
9
5
5
5
5
2
2
2
2
5
5
5
5
343
344
348
341
362
362
367
371
23
19
25
26
3,566
3, 564
3,568
3,568
235
235
235
235
1,602
1,606
1,608
1,609
226
227
227
227
340
340
341
341
89
92
89
88
86
86
87
86
356
347
348
348
85
85
85
85
55
55
55
55
89
89
90
90
78
78
78
79
325
324
325
325
1,469
1,473
1,475
1,475
239
231
231
231
3
1
1
1
1
3
246
FEDERAL RESERVE BULLETIN
BANK SUSPENSIONS1
MARCH 1937
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Member
banks
Total,
all
banks
Assets
Not
InState sured^ insured
End of month
Number of banks suspended:
1933, Mar. 16-Dec. 31.._1934
1935
1936
1937, January
Deposits of suspended banks3
(in thousands of dollars):
1933, Mar. 16-Dec. 31
1934
1935
_
1936
1937, January
National
Non-member
banks
164
179
57
34
44
1
145, 710
36, 937
10,099
11, 358
50
17,322
40
5,313
506
3,527
1,912
3,847
10,260
50
124,861
34,985
939
592
1930—June
1931—June
1932—June
1933—June
1934—June _
1935—June
1935—October
November
i Represents licensed banks suspended; does not include non-licensed
December
banks placed in liquidation or receivership after the banking holiday. 1936—January.
_
For
statistics of latter see Annual Report for 1935 (table 69).
3
February
Federal
deposit
insurance
became
operative
January
1,
1934.
3
March
Deposits of member banks and insured non-member banks suspended
April
are as of dates of suspension, and deposits of non-insured non-member
May
banks are based on the latest data available at time of the report of closing
June
__
of the banks.
July
August
_
Back figures.—See Annual Report for 1935 (table 69).
September
October __ _
November.
December
BANK DEBITS
1937—January .
IDebits to individual accounts.
No. of
Centers
Total
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
11
22
48
99
77
74
1,196
1,199
1,201
1,208
1,214
1,216
1,215
1,214
1,232
1,244
1,249
1,251
1,255
Pi, 257
»1, 260
* 1 , 266
1,230
1,234
1,237
1,241
1,248
1,251
1,248
1,248
1,265
1,279
1,283
1,285
1,290
824
306
294
853
853
287
876
248
876
225
902
221
925
216
940
211
967
203
972
172
972
166
982
162
158 1,011
677
706
706
709
710
736
759
773
800
805
805
815
844
147
147
147
167
166
166
166
167
167
167
167
167
1G7
100
87
97
117
147
128
107
97
96
135
145
141
121
Jan.
Dec.
19,096
20, 383
22, 658
23, 238
p Preliminary.
Outstanding principal, represented by certificates of deposit. Doea
not include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-percent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
Jan
accrued interest on bond investments, and accounts due from late postmasters.
17,925
17, 499 Back figures.—See BULLETIN for August 1935, p. 502,
140
2,226
19, 791
1,781
2,140
793
960
5,460
909
599
1,147
739
2,934
2,476
23, 464
2,062
2, 503
844
1,019
6,383
1,130
739
1,252
786
3,238
2,039
18, 545
1,667
1,732
627
801
4,483
880
532
992
609
2,516
141
39,479
45, 896
35, 424
1937
Back figures.—See Annual Report for 1935 (table 68).
U. S. Government
securities
Cash,
Cash
in dereDi- Guarserve
posianrect teed funds,
tory
banks Total obli- obli- etc.*
gagations tions
Amounts in millions of dollars]
1
New York City
Outside New York City..
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
__.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Depositors'
balances1 Total
1936
247
FEDERAL RESERVE BULLETIN
MARCH 1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Commercial
paper
outstanding1
By holders
Total
outstanding
By classes
Held by accepting
banks
Held
by
others 2
Total
1936—January
February. __
March
April
May
June
July
August
September..
October
November..
December..
178
176
180
174
184
169
188
205
197
199
191
215
384
377
359
344
331
316
316
308
315
330
349
373
353
340
321
310
297
276
278
279
276
296
309
315
1937—January..
244
387
325
Own
bills
Bills
bought
181
172
150
143
155
129
131
140
139
150
157
151
Based on
Based on
goods stored
stored
Based goods
in
foreign
i
n
U
.
S.
on ex- (warehouse Dollar countries
or
ports
exshipped
becredits)
or
from
tween forbe- change
U. S. shipped
eign points
tween domestic points
Based
on
imports
into
U. S.
172
168
171
167
142
147
147
139
137
147
152
164
108
114
113
111
110
107
105
104
107
110
112
126
141
87
89
82
85
84
79
76
77
76
76
83
1 As reported by dealers; includes some finance company paper sold in open market.
2
Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents.
Back figures—See Annual Report for 1935 (tables 66 and 67).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Debit balances
End of month
1935—September
October
November
December
._
1936—January
February _ _
March
April
May .
June
July
August
September
October
November
December
_
1937—January
Debit
Customers' balances in
debit
partners'
balances
investment
(net)i
and trading
accounts
L098
L, 147
,212
1,258
,297
,290
,351
,295
,257
,267
,295
,287
,317
,333
,364
,395
1,433
65
68
73
75
63
64
67
65
65
67
68
69
72
69
65
64
62
Credit balances
Customers'
credit balances*
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
119
119
134
135
139
147
168
173
159
164
158
142
141
151
150
164
162
182
187
189
179
193
208
181
268
229
219
221
213
227
235
260
249
243
Money
borrowed 2
771
806
859
930
922
908
995
1,033
970
985
981
967
995
989
986
1,048
1,028
Free
257
277
294
' 286
319
328
303
301
282
276
287
283
289
318
346
342
372
Other
(net)
89
93
92
79
91
98
89
88
83
86
96
92
99
99
110
103
118
Other credit balances
In
In
firm
In
partners'
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts
23
22
22
24
26
26
23
28
25
24
24
25
24
25
24
30
32
12
10
13
10
17
15
15
13
14
14
14
12
14
17
17
12
19
396
405
415
410
416
425
429
426
422
420
422
423
423
428
435
424
428
* 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
s not to be taken as representing the actual net capital of the reporting firms.
248
FEDERAL RESERVE BULLETIN
MARCH 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
Feb, 28
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City__
Dallas
San Francisco
1
In effect
beginning—
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
Previous
rate
8,1934
2.1934
17,1935
11,1935
9.1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16, 1934
2H
2
Rate
Feb. 28
In effect
beginning-
Rate
Feb. 28
In effect
beginning—
Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.
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
20,1933
8,1934
20.1933
11,1935
19.1934
17,1934
16,1933
21.1935
15.1933
10,1935
12.1934
19,1933
Rates indicated also apply to United States Government securities bought under repurchase agreement.
Back figures—See Annual Report for 1935 (table 40).
BUYING RATES ON ACCEPTANCES
RATES ON INDUSTRIAL ADVANCES
Buying rates at the Federal Reserve Bank of New York
Rates on advances and commitments under Sec. 13(b) of the Federal
Reserve Act as amended June 19, 1934. Percent per annum except
as otherwise specified. In effect Feb. 28, 1937.
[Percent per annum]
[Percent per annum]
Rate in
effect on
Feb. 28
Maturity
1-15 daysi.._.
16-30 days.. .
31-45 days___.
46-60 days
61-90 days....
91-120 days...
121-180 days..
In effect beginning—
Previous
rate
Oct. 20, 1933
.....do
..do.,
.do..
_do_.
..do-
1
1
1
1
1
1
IK
Federal Reserve Bank
Boston
New York
This rate also applies to acceptances bought under repurchase agree- Philadelphia
ments, which agreements are always for a period of 15 days or less.
Cleveland
NOTE.—Minimum rates on prime bankers' acceptances payable in
Richmond
dollars; higher rates may be charged for other classes of bills.
Atlanta.
Chicago
Back figures—See Annual Report for 1935 (table 41).
St. Louis.
1
Minneapolis
Kansas City
Dallas
Maximum rates that may be paid by member banks as established by San Francisco
the Board of Governors under provisions of Regulation Q.
MAXIMUM RATES ON TIME DEPOSITS
[Percent per annum]
1
2
Nov. 1, 1933 Feb. 1, 1935
I n effect
to
beginning
to
Jan. 31, 1935 Dec. 31, 1935 J a n . 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
2V2
2Y
2Y2
2H
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.
_
Advances
direct to
industrial
or commercial organizations
Advances to financing institutions—
On portion for
On rewhich
institu- maining
portion
tion is
obligated
3
3
3
4-5
6
6
5-6
4-6
5
13
4-6
5
5-6
4
6
4-6
5-6
5-6
43^-5
4
4
3-4
4
5-6
4-5
4-6
4-6
43^-6
4
Authorized rate 1 percent above prevailing discount rat?
Same as to borrower but not less than 4 percent.
3 Flat charge.
Back figures.—See Annual Report for 193F (table 40).
Commitments
to make
advances
H-l
1-2
Vi-2
1-2
Yi
1-2
1
s Yz-2
1
Y2-2
249
FEDERAL RESERVE BULLETIN
M A R C H 1937
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates; percent per annum]
Prevailing rate on—
Average rate on—
Average
Stock exu. s. yield on New York City:
Prime Prime StockJanuary
M >nth or week com- bankchange call TreasU. S.
exFebruary.
loa ns
ury 273- Treasmercial ers' change
u
r
y
March
day bills
paper, accept- time
offered 3-5 year
4 to 6 ances . loans,
April
Re90
May
within notes i
months 90
New newal
period
June
days
days
July
August
1935
September
1
75
.09
1.26
75
December
October
X
Yk
November
1936
December
75
1.21
1
10
.75
January
%/
1
75
February.. _
.75
08
1.15
Year
%/
11
1
75
75
1.09
March
z/
8 other northern and
y8
1
75
75
%/
1.10
April
10
eastern
cities:
y
8
%
93
18
93
1.09
May
_.
January. _
A
1.00
1.12
23
June
February
y8
i1V£
W* 1.00
1.00
1.00
1.17
14
July .
March
%/
1.00
1.00
1. 12
August
.
18
V
l
6
April
134
%/
Z
1.00
1.00
16
September
1.09
\\/
May. .A Vie
1.12
June
Vie
October
. 13
x y 1 00 1 00
H
1.00
1.00
.99
November
.
10
i
J4
July
Vie
21
1.04
August
Vie
December
IX 1 00 1.00
%
September
1937
October
1.00
1.00
.36
1.18
November
January
% Vie-M
December
Week ending:
.96
/l6
Year
. 08
Nov. 21...
IX 1.00 1.00
X
.09
.95 27 southern and
Vie
Nov. 28___
IX 1.00 1.00
X
.09
.94
western cities:
Vie
Dec. 5 __
IX 1.00 1.00
X
.94
.12
January
Dec. 12.___
Vie
IX 1.00 1.00
.23
1.07
February
Dec. 19___
Vie
IX 1.00 1.00
1.00
1.00
29
1.15
March
Dec. 26___
Vie
IX
32
1.13
April...
__ .
Jan. 2
Vl6
IX 1.00 1.00
1.00
1.00
33
1.17
May
Vie
Jan. 9
V/A
1.00
1.00
.35
1.19
June
Jan. 16 .
V/A
18
1.00
1.00
.36
1.19
July
Jan. 23
H
40
1.20
August. . _
Jan. 30
IX 1.00 1.00
5 4
1
00
1.00
37
1.
19
September
Ae
Feb. 6
IX
H
37
1.20
October
Vie
Feb. 13___.
IX 1 00 1.00
X
1.00
1.00
.39
1.24
November
Vie
Feb.20____
w*
December
*For description of average and back figures, see May JBULLETIN, p. 317
Year
Back figures — See Annual Report for 1935 (tables 42 and 43).
3
I
x
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
4.12
4.11
4.88
4.33
4 24
4.10
3 93
3.97
3.79
3.76
3 52
3.48
3.58
3.43
3.31
3.39
3 42
3.30
3 30
3.33
3.26
3.28
3 22
3.18
2.83
2.90
2.64
2.61
2 69
2.66
2 61
2.67
2.72
2.72
2 77
2.61
2.64 2.50
2 56
2.61
2.54
?, fil
2.44
2 44
2.42
2.40
2.46
2.43
2.43 - -
5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49
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
3.99
3 88
3.78
3 87
3.79
3.75
3.75
3.63
3.67
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
6.04
5.07
4.61 5.05 4.83 4.29 3.86
5.94
5.96
6.04
6 07
6.10
6.16
6 17
6 22
6.27
6.29
6.29
6.20
6.12
6.05
5.98
5.86
5.75
5.69
5 63
5 58
5.55
5.54
5.50
5.43
5.50
5.43
5.40
5 36
5.26
5.34
5 30
5 28
5.32
5.38
5.53
5.56
5.61
5.61
5.64
5. 63
5.64
5.62
5.63
5. 68
5.63
5.56
5.55
5.60
6.14
5.72
5.39
5.62 5.56
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 3.36
3 63
3. 6C
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.46
3.52
4.47 4.16
4.51
4.44
4.40
4.43
4.39
4 35
4.25
4.29
4.23
4.24
4.14
5.17 4.69 4.35
BOND YIELDS1
Year, month, or date
U. S.
Treasury 2
Municipal
(high
grade) 3
Corporate4
By ratings
Total
Aaa
By groups
Aa
Industrial
Baa
Railroad
Public
utility
Number of issues.
7-12
15
30
30
30
30
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
1936—January
February. __
March
April
May
June
July
August
September..
October
November..
December..
1937—January
2.68
2.62
2.54
2.51
2.50
2.50
2.50
2.43
2.41
2.42
2.29
2.27
2.29
2.93
2.86
2.78
2.76
2.76
2.72
2.70
2.68
2.62
2.58
2.45
2.31
2.38
4.04
3.95
3.95
3.97
3.96
3.94
3.90
3.85
3.79
3.75
3.71
3.67
3.66
3.37
3.32
3.29
3.29
3.27
3.24
3.23
3.21
3.18
3.18
3.15
3.10
3.09
3.57
3.55
3.55
3.57
3.53
3.51
3.48
3.44
3.41
3.38
3.31
3.28
3.30
4.21
4.12
4.10
4.12
4.11
4.09
4.05
3.99
3.94
3.90
3.85
3.78
3.76
5.00
4.80
4.86
4.91
4.94
4.90
4.84
4.74
4.62
4.54
4.52
4.53
4.50
3 59
3.'57
3.56
3.57
3.55
3.54
3.52
3.48
3.44
3.42
3.38
3.37
3.36
4.50
4.31
4.32
4.38
4.40
4.35
4.31
4.22
4.09
4.02
4.00
3.96
3.95
4.02
3.98
3.98
3.97
3.95
3.91
3.86
3.85
3.83
3.80
3.74
3.69
3.68
2.31
2.31
2.30
.33
2.51
2.52
2.57
2.58
3.71
3.71
3.73
3.79
3.14
3.17
3.20
3.27
3.34
3.37
3.39
3.45
3.81
3.80
3.83
3.90
4.53
4.51
4.50
4.55
3.40
3.43
3.44
3.51
4.00
4.00
4.00
4.07
3.72
3.71
3.75
3.80
Jan. 27Feb. 3__
Feb. 10.
Feb. 17_.
1
2
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.
4
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 be.en reduced from 10 to 3 and the industrial Aa group from 10 to 4.
Back figures.—See Annual Report for 1935 (table 74).
250
FEDERAL RESERVE BULLETIN
U. S. MunicTreasipal
ury a (high- Total
grade) 5
Number of issues..
Corporate3
20
20
81.9
88.2
92.2
83.8
79.4
94.7
"" 87.8
98.2
105.4
95.3
97.2
96.6
95.9
95.5
96.2
97.1
97.7
98.6
99.6
99.8
99.9
100.3
92.5
93.0
92.1
91.2
90.6
90.6
91.1
91.6
92.2
93.1
94.2
94.5
94.8
88.7
93.6
92.7
91.6
90.8
92.5
94.2
95.8
97.9
99.7
99.2
99.6
100.6
104.7
105.1
105.1
104.8
105.0
105.5
106.0
105.7
105.8
106.0
106.0
105.6
105.7
100.0
100.1
100.4
99.8
94.8
94.9
95.0
94.5
99.9
100.2
100.8
100. 0
105.3
105.3
105.3
104.5
20
*i
103.5
106.0
107.0
97.3
109.4
117.8
84.5
88.6
97.5
1936—January
February...
March
April
May
June
July
August
September..
October
November.
December..
1937—January—.
105.8
106.3
106.6
107.0
107.1
106.6
106.6
107.2
107.2
106.9
108.2
108.0
107.3
113.2
114.4
116.0
116.2
116.2
116.9
117.4
117.8
118.8
119.5
122.1
124.8
123.5
107.2
107.2
107.3
107.0
120.8
120.6
119.7
119. 5
273...
10..
17..
Year, month, or date
Indus- Rail- Utility
trial road
7-12
1934 average—
1935 a v e r a g e . . .
1936 average...
Jan.
Feb.
Feb.
Feb.
1937
STOCK PRICES 1
BOND PRICES l
Year, month, or date
MARCH
Preferred Common stocks (index, 1926=100)
stocks
(industrial high- Total Indus- Rail- Utility
road
grade) "
trial
347
40
72
78
111
81
91
127
71
104
137.3
138.7
139.6
138.8
138.6
138.8
139.1
139.3
139.0
138.3
139.0
140.1
141.8
100
106
109
109
101
106
109
113
114
119
124
123
126
115
121
125
125
116
121
124
128
130
136
144
143
147
97
103
103
102
95
102
106
109
108
109
109
111
114
142.2
141.8
141.8
141.1
127
130
130
130
148
152
152
152
113
113
111
110
Number of issues
419
20
—
=—
1934 aveiage
1935 average
1936 average
120 7
133.8
138.9
1936—January
February. _
March
April
May
June
July
August
September.
October
November.
December..
1937—January....
Jan. 27
Feb.3
Feb. 10
Feb. 17
—
ia Monthly data are averages of Wednesday figures.
Average derived prices.
Source.—Standard Statistics Co.
Back figures—See Annual Report for 1935 (table 73).
1 Monthly data are averages of dailyfiguresexcept for municipal bonds,
which are averages of Wednesday figures.
2 Average prices of all outstanding bonds due or callable after 8 years.
* Prices derived from average yields.
Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co.
Backfigures.—SeeAnnual Report for 1935 (table 73); for U. S. Treasury
bonds, see May BULLETIN, p. 317.
CAPITAL ISSUES
[In millions of dollars]
For new
Total
(new
and
refunding)
Year or
month
1927
1928 .
1929
1930
1931
1932
1933 _
1934
1935
1936
_
_
1936—Jan
Feb....
Mar.___
April...
May...
June
July—.
August.
Sept....
Oct
Nov.
Dec
1937—Jan
capital
For refunding
Domestic
Total
(domestic
and
foreign)
Total
Domestic
Corporate
State
and
municipal
Federal
agencies2
Total
Foreign1
Bonds
and
Stocks
Total
(domestic
and
foreign)
Total
nicipal
notes
9,774
9,898
11,513
7,619
4,038
1,751
1,063
2,160
4,699
6,215
7, 556
8,040
10, 091
6,909
3,089
1,194
720
1,386
1, 457
1,983
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,409
1,962
1, 475
1,379
1, 418
1,434
1,235
762
483
803
855
746
87
64
0
87
75
77
64
405
150
22
4,658
5,346
8,002
4,483
1,551
325
161
178
404
1,194
3,184
2,385
2,078
2,980
1,239
305
40
144
334
841
1,474
2,961
5,924
1,503
311
20
120
35
69
352
1,337
1,251
671
905
229
29
12
400
302
763
1,004
413
731
338
296
409
463
372
724
610
122
107
130
177
112
217
103
217
179
187
158
266
249
115
107
130
177
112
216
103
217
178
174
158
266
249
50
89
60
49
68
63
33
46
104
79
47
48
146
0
4
11
0
6
1
0
0
0
0
0
0
0
65
13
59
128
38
152
70
171
75
95
111
218
102
61
4
46
102
13
123
39
146
48
60
99
100
72
4
10
13
26
24
29
31
25
26
35
12
118
31
State
and
mu-
48
22
2,218
1,858
1,422
709
949
557
343
774
3, 242
4,232
1,978
1,620
1,387
527
893
498
283
765
3,216
4,110
35
36
13
53
21
87
37
136
365
372
7
0
0
0
0
1
0
0
1
13
0
0
0
278
195
634
827
302
514
236
79
230
276
214
458
362
240
195
614
782
302
512
236
79
230
276
197
458
289
38
8
69
53
31
43
9
10
55
4
16
47
59
o
Corporate
Federal
agen-
Total
Bonds
and
Foreign1
Stocks
notes
93
0
0
0
51
93
26
317
987
353
(8)
6
9
199
4
93
2
8
0
1
28
3
26
1,850
1, 584
1,374
474
821
319
219
312
),864
3,385
1,586
1,054
542
451
789
315
187
312
1,782
3,185
81
200
241
238
35
182
56
59
60
9
26
122
201
181
536
530
267
376
225
62
175
272
153
408
204
201
170
525
492
252
325
222
55
156
249
143
395
87
(8)
11
11
38
16
50
3
6
19
22
10
13
116
39
0
19
45
0
2
0
0
0
0
17
0
73
264
530
833
23
32
4
32
o
1
Includes issues of noncontiguous U . S . Territories and Possessions.
* Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home
Owners' Loan Corporation; excludes direct obligations of U. S. Treasury.
» Less than $500,000.
Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures.—See Annual Report for 1935 (table 72) for figures of new issues—annual and monthly basis.
251
FEDERAL RESERVE BULLETIN
M A R C H 1937
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]
Total
End of period (gross
debt)
June 1932.__.
June 1933
June 1934.._.
June 1935
1935
December _.
1936
January
February...
March
April
May
June
July
August
September..
October
November..
December. _
1937
January
MATURITIES
[In millions of dollars]
Interest bearing
Certif- Bills
icates
Total
Bonds
Notes
19,487
22, 539
27,053
28, 701
19,161
22,158
27,645
14,250
14,223
16,510
14,936
1,465 2,831
4,780 2,200
6,932 1,635
10, 501
156
30, 557
29, 596
14, 672 12, 274
30, 516
30, 520
31, 459
31, 425
31, 636
33, 545
33, 436
33, 377
r
33,831
'33, 830
33, 794
-34, 407
29, 618
29, 646
30, 591
30, 601
30,822
32, 756
32, 672
32, 621
'33,086
'33, 081
33,088
33, 700
14, 688
14, 713
15, 981
16, 005
16,030
18, 395
18, 295
18, 274
'19, 257
'19,255
19, 265
20, 576
34, 502
33, 821
Noninterest
bearing
616
954
1,404
2,053
326
381
573
1,056
247
2,404
961
12, 272
12, 270
12, 400
12, 383
12, 381
11,861
11, 906
11,886
11, 370
11, 368
11,366
10,804
254
258
258
259
258
146
117
107
106
105
104
117
2,404
2,405
1,953
1,953
2,153
2,354
2,353
2,353
2,353
2,354
2,353
2,203
874
868
825
814
790
764
757
745
749
706
707
20, 597 10, 847
125
2,253
Interest-bearing debt Jan. 31, 1937
Total
Bonds 1
Notes
Certificates
20, 597
10, 847
125
Total
I 33,821
Obligations maturing:
1937—Before Apr. 1
773
!
1,153
Apr. 1-Jun. 30
July 1-Sept. 30
I 1,468
Oct. 1-Dec. 31
200
1938—Jan. 1-Mar. 31
73:
Apr. 1-Dec. 31
', 1,214
1939
2, 762
1940
2,854
1941
• 2,219
1943
' 898
1945
1,401
1946
1, 519
1947
1,697
1948-1952
4, 328
1953-1957
5, 211
1958-1961
3, 643
Special issues:
U. S. savings bonds
509
Adjusted service bonds.__
438
All other 2
802
22
502
817
834
898
1,401
1,519
1,697
4,328
5, 211
3,643
509
438
119
Bills
2,253
751
651
651
200
732
1,214
2,762
2,854
1,385
558
125
1
Issued classified as of date of final maturity; most issues callable at
earlier dates; postal savings bonds only issues callable before 1940; adRevised.
justed service bonds and most of the U.S. savings bonds are redeemable
i Includes $348,000,000 of Government liability for retirement of at option of holder.
national bank and Federal Reserve bank notes, as a result of deposit
2 Includes such issues as postal savings bonds and notes, retirement
of funds by banks; this compares with $510,000,000 on Jan. 31, 1936. fund notes, and old age reserve account and unemployment trust fund
series.
r
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds
Receipts
Period
Total
Fiscal year ending June:
1934
1935
1936
7 months ending:
January 1935
January 1936
January 1937
1936—January
February
March..
April
May
June
July
August
September
October
November
__
December
1937—January
1
3
Expenditures *
General a
Total
1,470
1,657
2,010
6,745
6,802
8,477
757
821
749
1,984
2,325
4,436
4,004 ;i 1,844
3,657 2,342
3,291 | 985
1,020
2,092
3,867
3,902
4,134
456
496
570
614
558
'2,337
412
551
436
377
417
19
31
131
72
8
132
10
26
144
74
8
140
14
1,362
1,610
1,992
197
164
226
228
258
5 1,949
320
273
255
292
267
266
318
2,069 1,297
1,916 i 846
69
1,725
1,807
3,116
3,800
4,116
818
1,099
1,427
2,048
2,130
2,442
228
218
752
231
256
529
294
343
499
272
233
517
284
439
590
748
35
43
412
36
35
310
39
32
288
27
33
286
43
969
1,112
1,301
138
132
291
152
158
164
201
264
161
186
148
174
168
1,044
640
427
393
55
43
48
43
63
55
54
47
50
60
52
57
73
535
656
631
Interest on All
public other
debt
of receipts
Recovery and relief
MiscellaIn- neous All
come inter- other
taxes
nal
revenue
Trust
acIncrease or decounts,
crease during
etc4
period
excess
of receipts
(+)or (+)or
ex-
Total
241
301
214
314
291
256
82
252
268
315
260
250
299
All
Relief Public
works other'
64
43
11
33
21
32
35
14
8
5
2
3
2
645
695
792
225
218
254
259
264
306
275
247
252
211
260
274
222
penditures
expendi- General
Gross
fund
tures
balance debt
1,515
294
213
-3,630
-3,002
-4,361 B
+835 +1, 720
+613
-741
+123
+840
+4, 514
+1, 648
+5,078
77
278
6151
6 49
40
8 51
22
7
6 83
6 228
-1,819
-1,773
-1,692
-228
-277
+181
-383
-302
-1,807
-118
-208
-169
-409
-303
-138
-348
+ 134
-263
+163
+120
-956
+13
-205
+64
-237
+37
+1,099
-22
-424
-7
-84
+7
+323
-12
-451
+2
-327
-55
+284
(*)
-424
-15
-358
-17
+500
+26
-180
+72
+ 1,423
+1,816
+724
-41
+3
+939
-34
+211
+2,142
-335
-63
+452
(7)
-38
+613
+95
32
6 2
6 26
74
2
Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts.
Excludes public-debt retirement.
Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures
of
the
Reconstruction
Finance
Corporation.
4
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other than for retirement of national-bank notes), transactions in checking accounts of certain special governmental agencies,
and unemployment trust fund account.
^ Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936.
» Excess of credits.
»L e s s than $500,000.
252
FEDERAL RESERVE BULLETIN
MARCH
1937
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1936
[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
Com- Public Agriculmodity Works tural
Credit Admin- credit Other
Corpo- istra- instituration
tion
tions
Financed partly from Government
funds
Farm
Other Home
mortfarm
mortgage
credit
gage Other
institu- institu- institutions
tions
tions
Total
Total
Dec.
Nov.
Dec.
31, 1936 30,1936 31, 1935
ASSETS
Loans and preferred stock:
Loans to financial institutions..
Preferred stock, etc
Home mortgage loans __ _ __
Farm mortgage loans.
Other agricultural loans
All other loans
. ..
Total loans and preferred
stock
Cash
. _ .
United States direct obligationsObligations 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
368
651
1
805
1,826
6
37
6
1,875
145
3 126
2,765
(i)
7
521
776
2,765
2,937
599
1,200
522
772
2,802
2,938
604
1,203
679
877
2,897
2,924
677
1, 121
2 937
212
25
142
265
25
5
4
408
70
27
2,937
119
42
218
16
93
3,036
35
4
7
8
335
8,798
259
506
8,842
247
503
9,175
319
449
14
27
1
(2) 2
74
6
101
2
196
30
197
29
215
28
32
205
160
154
3
45
3 269
3
13
75
285
665
75
288
620
77
243
410
743
3,414
403
3,395
467
10,813
10, 800
10,915
1 422
1 210
160
144
3
2 995
2
135
72
4 669
1 428
462
4,667
1,438
403
4,546
1,335
286
129
212
129
(0
75
2
4
0)
17
216
0)
146
152
218
0)
(i)
LIABILITIES
Bonds, notes, and debentures:
Guaranteed
by United States
Other2
Other liabilities (including reserves)
Total liabilities
other than
interagency2
Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests
U. S. Government interests.__
(l)
252
2
70
72
1
5
1
17
321
72
5
18
2,792
147
3,132
72
6,559
6,509
6,166
1,554
143
146
147
726
623
164
256
3
262
32
395
139
4,253
338
4,292
348
4,749
340
1,554
143
146
147
726
459
253
230
256
3,915
3,943
4,409
2
i Less than $50C,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 $49,000,000 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.
Jan. 31,
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
497, 289
47, 573
877, 679
21. 994
393, 712
154, 947
43, 686
51, 790
1,858
124, 689
In thousands of dollars]
July 31,
1936
374, 630
45, 579
691, 047
1,456
350, 841
176, 256
55,120
60,103
2,796
128,921
Aug. 31,
1936
368, 393
48, 397
672,687
1,400
350, 948
181, 339
56,149
60,965
2,984
142,210
Sept. 30,
1936
355, 539
48, 216
668,615
1,385
349, 261
185, 829
57, 690
61, 778
3,037
140, 478
Oct. 31,
1936
344, 591
47, 807
662, 587
1,326
353, 810
190, 569
60, 945
62, 632
145! 635
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
Jan. 31
1937 j
325, 620 i 313, 335
43, 509 2 41, 796
630, 272
650, 777
1,327
1,369
345, 980 345, 502
200, 181
195, 044
63, 079
63, 592
65,164
64, 343
1,943
1,928
113,076
118, 822
Total loans and investments, other than interagency. __ 2, 215, 216 1, 886, 749 l,885,472i 1, 871, 828 1, 871, 782 1,841,325 1, 810, 984 1, 775, 677
Loans to Federal land banks
35,819
32, 959
22, 784
32,199
30, 933
27, 993
24, 750
27, 6201
Loans to Commodity Credit Corporation
297, 091
92, 368
135, 024
93, 002
95, 809
97, 916
98, 721
98, 417
Capital stock of Commodity Credit Corporation
97, 000
97, 000
97,000
97, 000
97, 000
97, 000
97,000
Capital stock of, and loans to R. F. C. Mortgage Co
15. 523
30, 218
38, 670
31,213
32, 202
33, 996
37,406
35,701
Preferred stock of Export-Import banks
17,000
20, 000
10.000
20,000
20,000
20,000
20,000
20,000
I
3
Total loans and investments
2,573,649 2,156, 294
2,158, 885 2,147, 771 2,148, 786 2,120,163
2,088, 961
2,089, 255
i Includes $102,000,000 of loans for distribution to depositors of closed banks. 2 Includes $528,000 of preferred stock instalment sale contracts.
Includes $100,000 of loans to Rural Electrification Administration.
NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220.
3
MARCH
253
FEDERAL RESERVE BULLETIN
1937
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by —
E n d of month
1933—December.
1934—December.
1935—December.
1936—January....
February.,
March
April
May
June
July
August
September.
October _._
November.
December.
1937—January....
Federal intermediate
credit bank loans to
and discounts for—
Regional
agricultural
Other
credit
cor- financing
Land
instituporations,
Bank
Federal
tions,
production
land banks Commisexcept
credit assioner
sociations, cooperatives
and banks
for cooperatives i
1, 232, 707
1,915, 792
2, 071, 925
2,066, 308
2, 058, 512
2, 059, 978
2,061,881
2, 062, 986
2,064. 037
2, 064, 759
2, 067,106
2, 067, 711
2, 067, 647
2, 065, 719
2, 064,158
2,061,472
70, 738
616,825
794, 726
802, 782
810,811
817,899
823,110
827, 052
827, 248
829, 464
831,892
833, 906
835,187
836,194
836, 779
836, 062
73, 263
99, 675
104, 706
105, 457
110. 806
122,849
132, 715
140,177
144,155
146, 243
144, 423
138, 653
135, 791
131, 644
129, 872
125, 825
6C 989
55 672
46, 490
46, 045
46, 679
48, 045
50, 015
52,158
53, 231
53, 041
52. 883
48,039
41,912
39, 218
39, 140
38,192
Loans to cooperatives b y -
Produc- Regional
agricultion credit tural
cred
associait
corpotions
rations
27
60, 852
94,096
96, 240
103,002
116,392
127, 511
135, 467
139, 468
140, 982
135, 603
122, 004
110,775
105, 441
105, 212
106, 081
144.636
87,102
43, 400
41,489
40, 510
39. 617
38, 665
37, 711
36, 026
34, 610
33, 042
31,216
28,664
26. 491
25, 288
24, 454
Emergency
crop and
drought
loans
89,811
110,186
172,489
170 G72
168; 700
167,826
175,151
176,789
176, 234
174, 207
172, 863
171, 320
166, 291
164, 887
163, 868
Federal
intermediate
credit
banks
15,211
33, 969
2,731
2,241
2,117
2,074
1,685
932
247
225
314
405
758
1,336
1,641
1,486
Banks for
cooperatives,
including
Central
Bank
18,697
27,851
50,013
46, 566
42, 720
41,083
40, 015
39, 688
39, 500
43, 018
44, 345
56, 267
71, 150
72, 500
69, 647
64,411
Agricultural
Marketing Act
revolving fund
157, 752
54, 863
44, 433
44,286
44,155
44, 306
43, 523
41, 696
44, 556
44, 431
44, 025
48, 583
51. 348
56, 216
53, 754
54, 322
1
Some of the loan? made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit association? are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES l
[Loans in thousands of dollars]
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans by—
Federal savings and
loan associations
End of month
1933—December..
1934—December. .
1935—December..
1936—January
February...
March
April
May
June
July
August
September..
October
November.
December _
1937—January____
Home
Owners'
Loan Cor-l
poration
N u m b e r of
associations
Total
Reporting
32, 394, 038
2, 897, 162 1,023
455
881
2, 924, 206
2, 942, 931
2, 951, 640
2, 960,197
2,961, 761
2, 944, 501
2, 921, 294
2, 898, 043
2,870, 480
2,834,610
2, 801, 827
2, 765, 098
2, 729, 274
1,044
1,061
1,078
1,102
1, 114
1,135
1,165
1,175
1,183
1,192
1,206
1,212
1,228
980
1,006
1,006
1,017
1,025
1,076
1,076
1,080
1,080
1, 065
1,065
Loans
reported
69,734
315, 683
329, 643
336, 646
366, 405
390, 810
404, 722
444,046
465, 682
497, 852
512, 744
532,064
544,130
'544,107
552,411
Federal
home
loan
bank
loans to
member
institutions 2
85, 442
86, 658
102, 795
102, 800
102, 942
103, 358
105,972
110, 922
118, 587
122, 101
125, 218
129,767
134, 941
137.261
145, 401
143, 745
T
Revised.
1 In addition to loans the HOLC held on Jan. 31, 1937, $549,000,000 in
other assets, consisting principally of investments in the Federal Savings
and Loan Insurance Corporation and in various savings and loan associations,
real estate and other property, and accrued interest receivable.
2
Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member institutions.
3 Includes accrued interest.
E n d of month
Total
1933—December.
1934—December.
180
3,063
1935—September
October,..
November.
December.
1936—January...
February.
March
April
May
June
July
August
September
October...
November.
December
1937—January___
4,369
4,421
4,460
4,494
4,562
4,630
4,654
4,676
4,703
4,718
4,724
4,669
4,667
'4, 667
4,667
4,669
4,687
ReconHome
Federal
Owners' struction
Farm
Finance
Loan
Mortgage
CorporaCorpora Corporations
ti2
tion
1,368
1,382
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
1,834
180
249
2,748
2,786
2,819
2,855
2,911
2,970
2,995
3.013
3,029
3,044
3,050
2,995
2,993
r
2, 993
2,993
2, 995
3,013
253
253
253
252
253
253
252
252
252
252
252
252
252
252
252
252
252
r
Revised.
1
Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Administrator.
The amount outstanding Jan. 31, 1937, was $47,390.
2
Excludes obligations guaranteed as to interest only.
3
Excludes obligation? 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.
254
FEDERAL RESERVE BULLETIN
MARCH 1937
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100.
The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awar ded (value)2
Industrial production'*
Year
and
month
Manufactures
Total
Factory employment 3
Minerals
Total
Residential
All other
Factory
pay
rollsa
Freight-car
loadings4*
Department
store sales*
(value)
Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
84
87
83
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932 __
1933
1934
1935
1936 -_.
87
67
85
101
95
104
108
106
111
119
96
81
64
67
86
101
76
79
75
78
90
105
90
105
77
70
74
105
96
99
108
107
106
115
99
94
105
108
106
112
119
95
80
63
44
30
44
68
81
95
124
121
117
126
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
89
84
71
82
86
91
104
87
50
37
13
11
12
21
37
79
107
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
108
82
90
104
96
100
101
99
99
105
91
77
66
72
'83
86
92
70
78
94
87
84
98
118
91
79
87
100
77
82
103
96
101
104
102
102
109
88
98
99
103
106
107
108
111
102
92
69
67
97
103
106
103
103
106
92
89
67
75
56
' 58
62
63
'46
49
63
71
82
75
79
72
88
1934
Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct.
Nov
Dec
78
81
84
86
86
84
76
73
71
74
75
86
77
83
87
88
89
84
73
73
73
75
74
78
76
75
88
80
82
82
86
85
89
89
84
71
92
100
90
86
83
74
72
69
72
74
85
71
70
73
73
76
88
87
84
80
82
81
81
90
86
89
91
81
86
86
84
83
87
87
84
85
49
44
40
38
33
32
26
26
33
36
32
31
30
28
30
29
27
27
29
31
31
31
28
25
12
12
11
12
11
12
12
10
11
12
11
12
10
10
12
80
70
64
78
77
60
81
81
51
84
84
14
48
13
13
12
10
11
12
11
10
38
38
39
40
50
54
47
85
86
85
83
83
78
86
86
85
83
84
80
81
81
82
80
82
10
13
16
39
39
35
33
32
36
43
44
46
48
47
46
44
43
45
43
41
36
82
55
61
66
68
68
66
61
63
59
62
61
64
64
64
66
62
63
64
61
59
59
57
59
64
58
61
63
60
63
64
63
63
67
64
60
56
57
73
73
76
76
75
73
73
73
77
70
73
76
51
60
74
74
75
77
82
83
135
59
79
1935
Jan.
Feb
Mar
April
May
June...
July
Aug
Sept
Oct.
Nov
Dec
90
••90
88
86
85
87
86
88
91
95
96
101
88
91
91
89
87
86
83
90
87
'95
88
87
91
91
91
'97
97
90
97
'98
96
86
84
85
87
89
92
95
97
101
'96
95
96
104
105
104
105
106
108
111
115
114
96
92
93
100
101
105
109
110
110
'111
115
121
PU2
P115
'87
87
84
83
87
89
96
98
'96
88
90
'99
85
'83
87
93
'93
102
92
93
90
27
22
24
'86
93
101
'96
28
26
27
27
30
35
38
43
48
60
97
'68
54
'62
50
45
47
79
88
97
'85
26
30
32
35
39
40
44
45
53
12
14
16
18
21
24
25
24
25
25
26
26
22
25
26
25
24
25
25
25
22
50
58
66
88
103
32
33
34
38
39
43
50
54
59
62
76
80
84
82
65
85
'86
86
85
84
85
86
86
87
88
89
85
86
86
85
83
'84
86
88
89
89
88
70
72
72
89
87
88
89
90
90
93
93
87
69
67
'67
71
74
76
76
'78
64
65
65
61
61
63
58
60
62
64
66
71
58
61
62
59
61
63
60
64
70
73
67
62
76
77
79
75
59
61
71
74
81
78
82
83
76
76
55
61
86
86
91
145
81
83
6
66
79
80
77
79
lQQfi
Jan.
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
97
94
93
101
101
104
108
108
109
110
114
121
95
93
97
105
105
105
104
111
100
107
'97
'90
95
101
101
105
106
107
110
115
114
101
99
102
102
104
105
'112
115
115
117
111
59
57
58
66
P110
P106
P64
106
102
100
110
52
47
47
46
52
59
62
53
56
60
25
25
26
30
32
54
51
53
36
44
46
47
43
40
45
P52
P46
65
65
60
21
22
28
35
92
75
38
39
45
57
65
71
75
46
47
41
39
38
63
60
69
69
75
63
62
67
70
78
82
81
70
72
83
65
62
65
P79
P64
99
98
74
74
78
79
81
81
80
84
84
89
91
95
P99
P96
P91
94
94
96
87
88
89
90
90
91
'94
'96
97
97
70
70
66
69
63
65
62
66
70
70
73
70
72
73
80
86
71
72
75
76
82
84
80
74
80
70
84
84
87
87
91
86
88
77
85
89
84
63
68
94
99
90
93
92
105
161
93
73
1937
Jan
*115
P113
J>38
p Preliminary.
' Revised.
* Average per working day.
1 For indexes of groups and separate industries see pp. 255-256; 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.
s 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. 257-261. Underlying figures are for pay-roll period
ending
nearest middle of month.
4
For indexes of groups see p. 263
Back figures—Se& Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August 1936.
MAECH
255
FEDERAL RESERVE BULLETIN
1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100]
1935
1936
1937
Industry
Jan.
Dec.
Manufactures—Total
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Ill
Dec.
Jan.
101
96
92
93
100
101
105
109
110
110
115
121
P115
IEON AND STEEL
103
71
106
86
67
88
83
63
85
83
64
85
100
77
102
105
85
107
113
89
115
119
90
122
121
93
124
119
96
121
127
98
130
138
99
142
143
104
147
139
107
142
TEXTILES
111
108
113
125
122
65
119
105
105
106
117
113
'64
98
102
99
111
120
117
75
91
100
100
96
105
99
68
107
100
105
89
93
95
68
102
100
103
97
103
101
68
97
107
111
103
121
95
66
101
116
'125
106
125
97
67
108
120
125
115
136
101
77
118
120
127
108
121
97
88
130
114
119
105
109
104
95
121
121
123
119
129
117
92
125
139
144
141
161
134
'96
134
124
129
121
127
130
92
118
FOOD PRODUCTS
83
80
54
110
126
145
84
92
92
84
61
111
120
152
91
124
84
77
52
109
109
145
96
93
87
83
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
63
133
60
124
60
127
62
132
60
131
59
136
62
137
60
131
61
136
61
140
62
140
67
150
64
141
63
142
107
3
108
0
93
0
107
1
122
3
117
6
118
9
124
9
111
8
107
6
93
5
105
8
122
10
120
124
105
103
95
118
137
120
103
96
103
122
131
113
96
95
85
110
125
108
93
94
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
99
65
103
125
116
104
111
79
112
124
134
108
111
98
111
151
'137
59
202
47
201
49
174
58
184
'72
213
74
220
'75
218
'75
220
77
226
'81
236
87
'242
91
164
91
89
86
77
81
84
70
103
84
63
105
77
62
95
85
59
101
91
70
98
94
75
112
103
69
128
104
71
107
100
60
99
98
60
105
101
71
97
100
74
105
98
80
125
80
76
173
220
86
121
104
106
169
214
94
121
96
104
172
215
94
130
98
103
168
210
98
119
105
100
178
223
104
119
116
112
180
227
97
120
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
137
RUBBER TIRES AND T U B E S J
99
102
75
107
110
82
89
92
67
85
87
67
113
117
86
121
125
89
130
135
90
124
129
90
119
123
92
122
125
96
118
121
94
126
130
92
123
128
91
TOBACCO PRODUCTS
147
73
205
148
73
208
148
75
207
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
102
104
111
1C6
102
100
101
99
102
105
112
117
Plli)
'79
'71
147
'81
'71
148
92
100
143
146
84
-69
150
77
62
93
85
59
90
91
70
96
'79
69
144
81
104
71
101
'76
'51
149
87
100
60
88
82
'58
146
93
98
60
111
86
52
152
98
101
71
119
'95
'69
152
110
100
74
99
P56
P166
84
63
80
74
r
72
146
80
103
69
103
97
73
161
84
70
68
76
'77
149
80
94
75
91
Pig iron
Steel ingots
Cotton consumption
Wool
Consumption.
Machinery activity *
__
Carpet and rug loom activity!
Silk deliveries
__
_.
Slaughtering and meat packing...
Hogs
Cattle
Calves
Sheep
Wheat flour _
Sugar meltings
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles _
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
_
Calf and kip leathers
Goat and kid leathers _
Boots and shoes
P
155
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS:
1
Tin deliveries
Zinc
Lead.
_ __
FUELS, MANUFACTURED:
Petroleum refining
Gasoline 1 ...
_
Kerosene
Fuel oil i__
Lubricating oil i
Coke, byproduct .
Tires, pneumatic *
Inner tubes *
Cigars
Cigarettes
Minerals—Total 2
Bituminous2 coal 2_
Anthracite
Petroleum, crude 2
Iron ore
Zinc
Lead .
Silver
'71
_
80
76
98
80
113
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, and November 1936, p. 911. 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.
Jan.
2 Revised indexes 1935
Minerals—Total
Bituminous coal
Anthracite
_
Petroleum, crude
_.
95
75
77
131
Feb.
97
81
70
132
Mar.
97
88
57
132
Apr.
88
61
69
130
May
90
69
74
131
June
99
80
99
134
July
85
56
62
134
Aug.
83
58
43
133
Sept.
87
58
64
136
Oct.
93
75
47
140
Nov.
93
72
52
145
Dec.
102
79
71
147
256
FEDERAL RESERVE BULLETIN
MARCH 1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.
Industry
Manufactures—Total
Cotton consumption
Wool
Consumption
Machinery activity __.
Carpet and rug loom
activity
Silk deliveries
Jan.
Feb.
Mar.
Apr.
May
105
95
105
111
85
113
83
67
85
111
82
114
114
87
117
104
'92
••113
131
'108
112
115
108
119
106
110
111
108
120
'113
103
112
88
90
95
100
106
92
95
101
'71
122
77
111
'64
112
FOOD PRODUCTS
Slaughtering and meat
packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
1936
79
Pig iron
Steel ingots
TEXTILES
1937
Annual index
1935
IRON AND STEEL
1923-25 average = 100]
108
106
117
131
117
-•103
105
107
103
90
82
101
June
July
Aug.
Sept.
Dec.
Jan.
110
105
106
118
89
121
118
124
98
126
127
100
130
'126
102
128
134
105
137
101
106
97
109
95
107
'114
99
112
97
113
112
110
126
101
120
123
111
127
97
118
122
111
120
104
126
128
125
141
117
132
133
'142
163
'134
130
135
123
130
130
66
90
67
103
77
123
136
95
121
92
129
119
135
104
101
121
110
133
124
167
90
65
117
111
122
119
157
84
100
87
112
121
176
85
64
64
145
64
136
85
82
87
90
87
90
78
62
95
116
137
86
113
80
61
101
126
126
80
110
81
64
101
126
126
82
87
84
65
106
124
131
83
106
87
64
115
126
135
85
53
126
130
139
99
79
94
59
138
138
165
91
75
104
80
134
135
167
92
65
61
138
61
141
60
140
64
135
59
117
59
121
60
137
62
149
124
1
149
3
134
9
128
9
42
6
65
5
127
9
147
11
120
123
98
102
77
107
'140
'112
102
109
75
111
'118
114
105
107
84
120
119
P127
96
81
112
112
154
89
82
61
124
62
136
61
119
'99
112
5
108
0
94
87
115
117
115
97
97
81
113
126
'111
99
97
85
116
'119
'115
99
101
78
114
'126
'112
92
95
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
51
181
75
199
29
201
29
174
42
194
70
235
231
'93
196
91
198
'100
226
'101
236
105
94
68
103
89
63
105
82
64
112
99
70
128
97
107
93
58
172
215
96
130
98
106
168
210
95
119
105
103
178
223
103
119
116
114
179
227
93
120
116
119
181
233
91
117
108
121
182
236
90
117
110
118
186
241
86
119
111
122
92
67
85
87
67
113
117
121
125
130
135
90
124
129
90
140
70
195
147
73
206
161
76
230
95
101
71
'72
150
'67
r
77
150
120
95
73
101
136
Nov.
111
85
113
92
72
115
123
145
52
103
116
149
85
84
Oct.
PAPER AND PRINTING:
Newsprint production
Newsprint consumption.._
125
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers. __
Calf and kip leathers._
Goat and kid leathers.
Boots and shoes
CEMENT AND GLASS:
Cement
Glass, plate
52
77
90
164
NONFERROUS METALS:
Tin deliveries
Zinc
Lead
101
95
69
105
98
73
97
100
77
105
100
81
125
85
77
189
246
92
119
111
125
192
249
95
124
110
129
189
241
100
124
114
133
192
242
111
132
116
138
138
119
123
92
122
125
118
121
94
126
130
92
123
128
91
167
80
238
158
76
225
173
86
245
157
91
212
153
90
207
149
62
217
10L
102
104
110
66
'62
149
157
99
70
101
72
57
147
164
97
68
85
75
'51
152
177
93
58
87
'58
150
178
93
57
106
'67
153
167
98
73
118
106
71
150
93
100
77
106
'103
72
156
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
164
210
95
105
182
232
96
122
109
120
170
214
96
121
RUBBER TIRES AND T U B E S
97
100
72
115
119
107
110
135
69
187
152
74
213
141
56
204
135
65
188
132
64
183
'77
142
'97
'107
140
'71
'44
145
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total*
Bituminous1 coal1
Anthracite
Petroleum, crude1
Iron ore
Zinc
Lead
Silver
'64
135
54
78
59
60
83
68
149
86
94
68
82
156
64
230
P106
P160
85
77
100
81
114
r
p Preliminary.
Revised
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
1 Revised indexes 1935
Minerals—Total
Bituminous coal._ _ __
Anthracite
Petroleum, crude
Jan.
92
83
84
126
Feb.
93
86
74
129
Mar.
90
88
47
131
Apr.
79
51
72
130
May
88
60
74
132
June
97
71
86
137
July
85
51
51
137
Aug.
86
57
43
136
Sept.
93
62
64
140
Oct.
101
83
60
142
Nov.
96
81
54
143
Dec.
97
84
70
142
257
FEDERAL RESERVE BULLETIN
MARCH 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]
.935
1936
1937
Industry and group
Dec.
Total
Durable goods
Nondurable goods .
IRON, STEEL PRODUCTS
Blast furnaces, steel works. _
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water heating...
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
MACHINERY
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products
Machine tools
Radios, phonographs
Textile machinery
Typewriters
TRANSPORTATION EQUIPMENT . . . .
Aircraft
Automobiles
Cars, electric, steam railroadLocomotives
Shipbuilding
RAILROAD REPAIR SHOPS.
Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
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
'Revised.
Jan.
Feb. Mar. Apr. M a y
'87.4
•88.7
. 0 '•80. 4 -79.2
'98.1 '"97. 8 '96.3
•85. 7 86. 4
93
91
93
72
71
71
57
59
57
81
78
80
57
56
56
r
'81
79
'81
85
83
87
60
60
59
97
97
97
56
57
53
97
96
94
79
77
78
149
142
148
95.5
120
110
84
111
82
106
176
67
112
96.3
122
112
82
114
83
109
189
68
110
101.0
-431
115
47
24
83
•100.0 '97.0
'484
449
109
113
46
46
24
26
85
86
54.3
61
54
55.0
62
54
97.4
101
100
103
80
78
68
77
147
97.'
102
101
104
79
78
143
95.8
120
114
81
116
82
108
186
69
112
56.4
62
56
99
104
77
76
65
78
135
•87.7
•80.1
'85.3
92
71
60
77
54
'77
84
61
97
59
96
79
146
123
116
82
119
84
109
179
69
112
June
July
Aug. Sept.
Oct. Nov. Dec.
'90.4
'83.8
97.6
'92.8
'85.6
100.4
'93.4
'85.7
101.8
•81.2
•96.5
'82.7
97.3
'94.4 '96.2
'88.2 '89.9
101. 2 102.9
88. 6 98.8
92.7 92.3
104.9 105.8
'87.1
94
74
62
75
56
'99.6
'96.8
109
109
108
81
79
77
66
67
65
82
84
80
61
64
60
'91
'75
'77
^84
86
85
87
85
71
65
71
70
107
97
104
107
73
65
73
73
98
101
99
100
93
86
78
89
175
149
151
164
102. 2 103. 9 105. 4 •105. 3 106. 8 108. 4 110. 4
'95
'96
102
125
126
117
101
120
116
119
119
112
114
100
103
97
100
90
92
92
122
115
124
117
119
115
95
90
96
92
97
93
114
123
116
125
120
127
119
198
186
209
176
210
171
209
70
75
70
75
71
75
73
114
120
132
87
102
135
114
101.0 102.5
113
87
68
67
87
89
68
95
94
90
72
76
111
112
70
73
97
103
95
98
179
'88. 6
97
62
97
78
148
'99.3
124
118
86
122
85
112
185
68
113
'89.0
97
74
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
93.4
100
97
105
76
73
64
78
131
57.0
63
57
57.0
62
57
58.2
62
58
101.6
'95.3
106
76
64
79
60
'72
85
69
107
72
101
86
143
'97.7 '99. 2 101.3 102.
2 105.1 100. 9
r
509
'6] 3
564
•603
533
'571
108
112
109
112
109
116
50
53
'56
51
52
50
27 . 28
35
34
36
31
92
102
101
58.0
62
58
100. 8
631
109
'56
38
102
105. 0 112.3
646
645
123
113
'64
'61
42
41
102
57.4
62
57
58.7
62
58
59.1
62
59
60.1
63
60
60.6
63
60
97.8
116
102
107
84
75
59
79
136
101.1
116
106
113
88
79
102.5
112
109
112
87
84
67
79
143
105.2
115
110
114
70
78
153
106.7
118
111
115
91
94
70
78
154
100
97
104
75
71
63
77
135
94.6
102
99
105
78
76
62
76
135
64.2
76
49
50
65.6
79
48
51
65.1
81
51
49
65.8
82
52
50
81
53
50
66.2
84
54
49
109
100
106
78
76
61
78
139
141
114.0
103
121
106
125
100
129
188
76
139
61.7 62.5
64
63
62
110.7
118
115
117
91
166
62.8
74
46
50
61.4
73
45
62.8
72
46
50
74
47
51
64.1
75
47
51
61.
42
54
100
36
72
61.4
43
51
99
34
72
59.7
41
49
97
32
70
60.
42
53
96
37
72
61.9
43
54
96
38
71
62.5
44
55
97
39
71
63.0
45
54
96
41
73
65.7
47
55
101
42
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
96.5
90.4
80
96.7
90.6
81
97.6
91.3
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
101.7
95.5
92
97
101
115
82
117
79
78
113.4
105
155
89
130
55
117
104.4
97.3
113
84
114
74
82
108.2
104
144
85
116
57
109
98.1
91.8
83
90
94
116
93
112
102.6
96.8
92
112
85
113
72
82
108.2
105
143
87
116
50
110
97.6
91.
81
88
91
116
85
114
78
84
108.4
104
143
86
118
55
111
106.8
100.1
99
99
106
121
89
119
79
92
119.8
115
160
92
135
51
124
117
90
113
84
93
111.1
109
147
88
114
52
112
93.2
82
89
97
116
89
113
80
89
110.5
108
145
90
117
53
109
91
115
88
113
76
80
109.5
105
146
85
123
55
109
110.3
107
144
86
130
54
111
114
81
121
78
77
113.6
104
157
88
133
57
116
104
117
87
116
79
84
118.4
111
163
91
134
53
119
115.3
109
124
103
123
102
135
202
79
145
118.7 109.7
726
698
120
133
62
61
44
49
94
61.
73
46
49
100.
94.
86
Jan.
110.0
121
120
120
89
73
74
80
166
67.9 68.5
90
57
55
50
51
53
70
96
43
77
108.3
101.8
101
101
107
120
90
123
81
93
120.7
114
159
93
136
56
132
258
FEDERAL RESERVE BULLETIN
MARCH
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]
1935
1936
1937
Industry and group
LEATHER'PRODUCTS
Boots, shoes
Leather
F O O D PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Icecream
Slaughtering, meatpacking
Sugar, beet
Sugar refining, cane
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
95.3
96
94.4
95
97
92.7
93
95
90.4
91
94
89.2
89
94
89.0
89
95
89.0
89
94
90.3
91
94
107.3
125
176
81
140
79
75
68.
82
88
78
107.4
126
179
83
139
77
76
67
83
48
106.8
126
177
83
133
76
76
67
83
76
81
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
110.3
127
Tobacco, snuff
Cigars, cigarettes
60.0
55
61
60.1
56
61
59.4
56
60
61.3
56
62
P A P E R , PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
CHEMICALS, P E T R O L E U M PRODUCTS _ .
A. Other t h a n petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
B . Petroleum refining
R U B B E R PRODUCTS
Rubber boots, shoes
R u b b e r goods, other
Rubber tires, inner tubes
79
57
61
59.6
56
60
98.4
94
109
87
101
97.7
94
107
86
101
108
88
102
99.0
93
108
88
102
109
88
103
109
89
103
112.4
111.2
116
77
101
80
80
123
345
97
117
112.2
111.2
116
76
100
81
80
123
344
97
116
110.6
109.2
116
72
101
82
73
121
335
95
116
111.6
110.6
118
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
91
122
342
96
118
86.6
67
122
78
86.4
69
120
78
85.2
69
118
76
74.9
72
118
57
87.1
78
121
75
87.4
75
122
76
TOBACCO M A N U F A C T U R E S
79
147
77
74
72
60.3
56
61
Aug. Sept.
Oct.
Nov.
90.9
91
91.4
91
92.0
94.9
95
99
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
61.2
56
62
61.9
56
63
61.7
56
62
61.1
57
62
62.4
57
63
Dec.
Jan.
98.4
100
97
115.0
132
197
84
147
81
74
72
95
93
70
114.7
134
202
147
62. 0 61. 3
56
63
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
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
118.6 120. 5
118. 3 120. 7
129
131
84
105
91
94
87
87
130 131
355 365
100 102
120 120
73
123
91.4
78
124
82
75
124
87
95.8
75
126
98.3
75
130
92
99.4
74
133
93
102. 2 101. 4
76
71
138 140
95
79
104. 0
103
113
95
103
NOTE.—Figures for J a n u a r y 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and
page 259 of this B U L L E T I N . Underlying figures are for pay-roll period ending nearest middle of m o n t h .
MARCH
259
FEDERAL RESERVE BULLETIN
1937
REVISED INDEXES OF FACTORY EMPLOYMENT, 1934 AND 1935
[Adjusted for seasonal variation.
Year and month
All
manufacturing
industries
1923-25.average=100]
Machinery
Transportation equipment
Group
Agricultural
implements
Engines,
turbines,
etc.
Group
Iron, steel products
Durable
goods
Nondurable
goods
Group
76.2
Hardware
Wirework
Aircraft*
Cars,
electric
and
steamrailroad
1934
1935
82.5
86.0
69.7
75.5
96.2
97.3
81.1
77 A
75. J
118.4
127.1
80.0
89.7
100.2
72.4
101.2
83.5
95.7
338.0
363.5
39.1
39.3
1934—January
February
March
April
May
June
July
August
September
October
November
December
78.3
81.4
84.0
85.4
85.9
85. 2
83.4
83.0
78.1
80.8
80.8
82.3
64.8
67.3
70.4
72.6
73.8
73.7
71.4
70.1
68.2
67.1
67.0
68.9
92.9
96.4
98.7
99.1
98.9
97.4
96.4
96.8
88.7
95.6
95.5
96.7
71.7
73.4
76.6
79.2
81.6
83.5
78.6
76.2
72.6
72.4
73.4
74.4
78
83
90
96
92
82
75
75
65
62
64
71
114
115
120
125
128
125
118
111
114
116
115
120
72.9
75.5
79.3
82.6
83.4
83.3
82.5
82.0
79.8
79.3
79.6
80.5
59
66
66
76
74
68
67
64
64
70
75
76
63
65
67
70
71
74
73
75
75
77
79
81
69.8
80.1
87.7
91.8
91.2
90.4
85.1
85.5
81.1
75.9
74.8
322
345
379
390
375
402
381
346
315
273
249
267
32
35
37
39
42
48
48
44
40
34
32
33
1935—January
February
March
April
May
June
July
August
September
October
November
December
84.1
85.3
85.7
85.6
84.6
83.7
85.0
86.1
86.3
87.3
88.1
88.7
71.4
73.4
74.4
74.4
73.7
72.8
74.3
75.7
76.2
78.3
79.3
80.0
97.7
98.1
97.8
97.6
96.4
95.3
96.4
97.3
97.2
96.9
97.4
98.1
77.2
79.1
79.8
79.7
79.4
79.2
79.4
81.1
82.3
84.2
85.3
85.7
73
79
79
76
75
72
72
71
73
78
80
81
120
124
125
129
127
122
116
119
118
136
142
148
83.1
85.1
87.0
87.9
87.2
87.4
89.6
90.8
93.0
94.3
95.5
95.5
79
79
88
82
84
105
116
115
112
113
116
120
84
88
92
98
104
104
104
105
106
108
110
111
89.9
94.7
96.1
95.7
93.7
91.3
90.9
91.9
89.0
95.6
99.0
101.0
311
307
306
323
328
340
361
391
413
433
425
431
35
41
47
49
50
40
27
27
29
36
43
47
NOTE.—Revised indexes for these industries and groups of industries are shown for the period since the end of 1935 in the table on page 257.
Revised unadjusted employment and payrolls indexes for these industries and groups of industries may be obtained from the Bureau of Labor
Statistics.
1
Seasonal adjustment factors for aircraft have been revised owing to changes made in this series by the Bureau of Labor Statistics. The revised
seasonal factors for 1934, 1935, 1936, and 1937 are as follows: Jan. 98, Feb. 98, Mar. 101, Apr. 102, May, 102, June 105, July 103, Aug. 100, S-ept. 96,
Oct. 96, Nov. 100, Dec. 99.
260
FEDERAL RESERVE BULLETIN
MARCH 1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through L933. 1923-25 average=100]
Factory pay rolls
Factory employment
1936
Annual index
Industry and group
1937
1936
Annual index
1937
Jan.
1935
1936
Jan.
Oct.
Nov.
Dec.
Jan.
1935
1936
Jan.
Oct.
Nov.
Dec.
'86.0
'75 5
'97.3
91.9
84 7
99.5
86.8
78 7
95.4
'96.7 '96.9
'89 2 '91 0
104.7 103. 3
98.1
92 7
104.0
96.4
90 2
103.0
'71.3
'62 6
'82.5
82.4
78 0
87.9
73.8
66 9
82.5
'89.0
'85 3
93.7
'90.7
'88 9
'92.9
95.1
93 1
97.6
'81. 1
Blast furnaces, steel works _ ___ 88.4
67.6
Bolts, nuts, washers, rivets
53.6
Cast-iron pipe
77.3
Cutlery edge tools
51.9
Forgings
'75.8
Hardware...
75.4
Plumbers' supplies
54.8
Steam, hot-water heating. _ _
92.7
Stoves
53.4
Structural, ornamental
92.5
Tin cans, tinware..,
Tools
_ . 70.6
Wirework
127.1
92.3 '84.4 '98.9 '99.3
100.9
92
108
108
75.6
79
81
72
66
63.1
66
57
83
86
79.3
79
64
59.5
61
57
'92
80.4 '81
'85
85.0
86
86
82
74
66.5
73
58
83
117
115
102.5
66.6
54
75
73
103
96
98.3
90
94
90
79
83.4
1
6
4
154.0 1 4 9
175
100.4
100.2
112
'64.4
69.8
61.4
31.1
62.1
42.0
'68.6
51.1
41.4
70.9
39.0
87.9
65.4
105. 8
84. 1 '69.6 '93.2 '95.8
102
77
105
93.6
71
87
89
78.5
50
48
44.3
36
66
78
83
69.9
52
46
58
50.5
'93
106
79.8 '77
66
54
63
61.3
45
66
66
55.8
109
103
60
85.8
69
42
66
57.5
92
87
97
95.6
94
98
78
83.9
1
5
2
1
2
2
1
7
3
136.7
102.0
109
96
66
94
105
183
117
97
50
81
65
75
69
69
75
63
96
10.3
161
89.7
100. 2
103 0
80.6
'101 2
76.9
93.2
173.6
64.0
107.0
95.7
'363.5
110.4
39.3
23.9
76.5
Total
Nondurable goods
IRON, STEEL PRODUCTS
MACHINERY _ _
_
__
Agricultural implements
Cash registers, etc.
Electrical machinery
Engines turbines, etc.
Foundry, machine-shop products.
Machine tools.
__
Radios, phonographs
Textile machinery _
__
Typewriters
TRANSPORTATION EQUIPMENT
Aircraft
__
Automobiles
Cars, electric, steam railroad
Locomotives
Shipbuilding .
__ _
RAILROAD R E P A I R SHOPS.__ ___
Electric railroad
Steam railroad.
__
NONFERROUS METALS, PRODUCTS
Aluminum ._
_
Brass, bronze, copper
Clocks, watches. _
Jewelry
Lighting equipment
Silverware, plated ware.
Smelting, refining
Stamped, enameled ware
_
LUMBER PRODUCTS
Furniture.-. _ __
Lumber, millwork
Tiiimbpr, 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
_
' Revised.
115
98
53
90.6
86.6
95.8
99.7
84
67
87
67
87
68
96
87
69
80
108
70
94
96
188
95
71
96
98
179
95.3 109. 6 111.4
103.7
113.1 125
'98
'93
119
115.0 112
120
91.4
82
100
103
119.4 '112
113
118
90.4
96
97
82
126
128
117.6 108
218
189.9 176
211
73
71.6
74
69
133
116.2 112
139
114.1
103
121
106
124
99
131
203
77
144
74.4
114.2
112
103.0
124
90.6
67.2
103
'84.3
121
62.7
101
134
80.1
124.4
188
53.8
80
146
87.5
94.8 '82.5 102. 7 105.6
102
106
121.2 136
117
112
108.4 105
93
83.1
70
97
100
106
104.6 '97
90
93
70
83.1
122
124
111.0 100
178
169
143.5 121
63
66
67
65.6
90
129
134
104.3
113.6
122
123
103
118
100
136
168
79
138
110. 1
132
125
95
116
98
136
145
84
131
103.4 102. 6 102.1 115.0
'619
'646
578.6 '440
110
128
114.1 118
41
'59
'58
53.8
41
22
40
33.7
96.2
103
86
97
122.1
691
112.3 '79.2
'301. 0
711
125
89.5
34.1
54
13.2
45
94
68.5
94.2 '85.7 '95.8 113.4
'528
482.4 '371
'553
126
96
102
102.0
'58
51.3
37
'60
28
21.9
12
27
95.3
83
103
97
120.9
620
102.1
589
110
57
31
96
87
73
91
74
139
57
44
90
51.7
61.8
51.0
58.3
62.5
58.0
54.0
60.4
60.6
61.2
61.4
62
63
63
64
53
60
63
60
61
61
90.2
95.8
93.0
94.6
78.4
68.2
68.7
70.2
132.2
99.6
108.7
103.8
108.9
82.9
80.9
65.8
78.1
142.5
95.0
100
100
103
108.3
117
111
118
110.0
119
113
121
111.6
118
116
121
107.2
119
119
118
102
101
58.7
70.2
41.8
46 4
64.7
78.2
49.3
50 2
59.2
71
44
47
69.2
87
53
52
58.6
36.3
52.0
96.3
34.2
72 6
98.4
93 2
82.2
87.8
94.4
118.1
85 8
112.5
86.5
86.5
107.8
103. 7
142.8
91.3
115.4
54.7
108.5
64.2
45.6
57.4
98.6
39.7
73.6
55.2
36
40
69.1
50
66
29
69
44
77
100.7
94 3
86.3
93.1
96.1
115.6
86 5
116.0
77.8
82.6
112.8
106.8
152.0
87.8
127.4
54.9
114.0
98.2
93 8
80
90
97
118
88
111
83
89
105.8
104
142
86
109
52
98
104.3
97 1
93
98
102
115
83
121
82
79
118.3
108
163
90
138
57
124
74
76
65
78
136
94
91
72
79
154
104
97
74
79
156
67.8
88
53
50
67.3
50
64
98
43
77
104.8
98.8
94
100
104
118
83
121
80
84
116.0
107
158
90
143
48
125
84
93
71
71
80
157
101
74
81
162
48.8
59.7
48.2
59.4
62.9
59.3
70.9
79.6
73.9
80.1
54.9
55.9
53.0
50.8
110.3
85.2
98.6
89.7
98.7
60.4
73.3
53.6
63.5
130.1
85
68
94
70
67
136
60
31
91
50.5
63.9
65.2
64
65.5
61
66
67
50
76.1
87
82
84
51
67
48
60
114
64
65
66
61.5
65
61
99.7
111
103
116
102.0
115
104
122
105.5
115
112
118
75
104
71
70
164
97.4
115
113
109
62
67
59
68
151
54.6
72
47
37
84
83
68
68
154
78
97
72
70
155
67.1
88
54
49
64.7
86
54
46
44.6
52.0
31.6
34.9
55.3
63.6
43.2
42.6
45.9
51
35
36
63.5
77
50
47
60.8
78
50
43
67.1
49
62
62.1
45
59
44.2
24.2
39.7
81.6
24.5
52.1
54.2
35.7
51.6
91.1
32.6
58.0
41.9
25
29
62.5
41
62
61.1
41
63
60.5
78
51
42
59.1
41
59
81.0
78.2
69.7
72.0
85.0
94.4
70.5
108.2
68.8
68.5
83.0
79.9
102.7
85.0
94.5
42.4
95.9
83.6
81.1
75.0
80.8
89.6
97.2
74.5
112.9
61.5
65.3
85.2
81.7
105.5
85.5
100.1
41,7
100.7
101
91
41
77
106.4
101.7
98
101
106
123
86
122
81
92
114.8
108
154
89
141
45
123
36
75
107.1
102.4
98
103
107
122
88
120
83
93
115.4
110
155
89
126
55
119
I
81
103
99
95
20
51
38
66
80.2
78.7
64
76
89
97
75
102
63
71
79.9
80
99
79
82
40
81
88.5
85.1
90
87
100
98
61
124
67
60
91.5
82
119
91
118
38
116
34
67
87.2
86.7
90
88
98
101
68
124
64
66
84.6
79
103
88
126
31
116
33
65
94.6
96.8
97
98
107
116
83
126
68
84
86.3
85
104
88
115
29
112
52.1
35
52
83
28
63
94.6
96.0
96
100
104
112
87
120
69
84
87.9
88
108
85
90
41
100
261
FEDERAL RESERVE BULLETIN
M A R C H 1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory pay rolls
Factory employment
Industry and group
Annua index
1936
1937
1935
1936
Jan.
Oct.
Nov.
Dec.
94 0
94
98
96 9
98
97
74 1
70.3
89.6
72 8
67.3
94.2
76.7
72
95
74.0
67
99
67.3
58
101
78.3
71
105
84.6
80
102
114.1
133
183
82
113
92
75
62
97
274
68
110.6
132
181
82
97
91
74
61
99
173
69
105.1
131
182
80
90
80
75
61
96
36
62
94.4
105.1
177 6
61.5
123. 1
71.4
67.4
58.5
77. 1
89.3
65.8
101.3
114.3
202 8
64.9
123.3
70.3
70.1
62.0
84.7
92.5
64.9
89.8
108
163
58
72
67
69
50
83
43
63
111. 5
119
199
65
179
86
73
58
89
202
61
108.3
120
191
65
98
85
70
56
100
269
59
105.7
120
188
63
91
86
70
55
102
152
59
100.7
120
185
62
87
77
71
56
95
40
51
64.5
57
65
65.9
57
67
63.3
56
64
56.5
57
56
47.7
58.7
46.4
50.0
59.5
48.8
43.0
60
41
54.7
61
54
54.8
62
54
55.4
65
54
46. 1
64
44
98.0
91
107
88
101
104.0
106
111
94
105
105.0
106
112
96
105
106.0
106
113
97
106
104.3
100
113
97
103
84.2
86. 6
88.0
75.8
88.6
91.6
92.5
97.0
81.7
96.8
86.9
82
91
79
93
96.5
108
102
85
101
98.6
109
105
88
102
102.6
108
109
93
105
99.0
99
109
93
97
111.8
110.8
114
81
102
81
81
120
348
96
116
85.6
71
118
76
120.3
120.2
130
104
104
93
77
129
362
107
121
97.9
78
133
89
119.7
119.4
130
104
106
95
70
125
364
103
121
100.0
80
136
91
119.3
119.3
129
98
107
93
80
128
362
99
120
101.9
83
138
93
120.1
120.3
130
90
107
94
88
128
369
100
119
100.3
73
139
93
98.9
96.9
101.7
57.8
102.0
70.6
69.1
101.9
265.9
93.9
105.6
74.2
51.2
98.3
71.4
107.8
106.4
115.5
55.7
105.4
85.0
72.2
114.5
289.4
97.0
112.4
87.6
59.9
114.4
85.1
100.4
98.8
104
61
102
72
65
104
279
93
106
78.0
57
103
75
114.4
113.9
125
85
113
96
70
120
308
105
116
96.8
65
128
94
114.7
113.3
128
83
113
98
63
117
298
102
119
101.2
69
131
99
118.3
118.0
133
82
113
98
72
122
321
104
120
104.8
77
139
100
119.1
118.9
131
75
114
98
79
121
336
106
120
97.7
61
136
93
1936
Jan.
Oct.
Nov.
92.5
93.1
94.9
91.9
92. 1
95.8
92 9
93
97
92 8
93
97
89 0
88
98
109.4
124.3
172 7
82.3
148.7
80.8
76.9
69.3
84.3
100.8
80.8
111. 1
128.5
188 2
83.8
141.3
78.1
75.1
70.4
88.8
99.5
77.2
98.4
123
161
77
85
75
75
57
86
42
76
124.2
133
191
83
197
91
61.3
57 9
61.6
61.0
56 0
61.6
54.9
58
55
97.6
93 4
107.6
86.8
99.3
100.8
96 2
109.4
91.0
102.9
CHEMICALS, P E T R O L E U M P R O D U C T S . . . 111.9
A. Other than petroleum
110.7
Chemicals
113.7
Cottonseed oil, cake, meal
78.0
Druggists' preparations
102.9
Explosives. ._
81.8
Fertilizers
88.3
Paints, varnishes _ _ _ _ _
120.0
Rayon, allied products
337.0
Soap_.
99.2
B. Petroleum refining
116. 7
RUBBER PRODUCTS...
85.6
Rubber boots, shoes
67.5
R u b b e r goods, other _.
116.6
R u b b e r tires, inner tubes
77.9
114.6
113.8
121.3
71.1
102.5
86.3
82. 1
125. 1
348.7
98.5
118.3
90.8
74.0
124.7
81.5
Boots, shoes
Leather
FOOD PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
_ _
_
Slaughtering, meatpacking
Sugar, beet
Sugar refining, cane . .
__ _
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
P A P E R , PRINTING.__
_
Boxes, paper
Paper, pulp ._ ._
Book, job printing
Newspaper, periodical printing.__
66
92
272
76
Dec.
NOTE.—Figures for January 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936.
obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month.
1937
Jan.
1935
LEATHER PRODUCTS
1936
Annual index
Jan.
Back data may be
262
FEDERAL RESERVE BULLETIN
MARCH 1937
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
I Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total
Month
January
February
March
April
May
June._
July
August
September
October ._
November
December . . . . ._
Year. .
Residential
1936
1937
1936
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
37.4
31 2
55.2
67 2
70 3
73.6
72 0
100 5
80 7
79.7
68 4
65. 5
2, 675. 3
Factories
1937
1936
78.4
801 6
1937
37.0
9.0
13.4
18.4
25.5
12 9
10.2
19 1
15 0
18 8
18.4
14 1
23 1
Commercial
Public works
and public
utilities
1936
1936
1937
15.5
12 6
17.3
24 3
18.8
21 9
28.6
22 0
20 1
22 0
23.0
23 2
21.6
1937
86.9
46.6
62.3
73.4
63 6
80 0
126.6
94 4
84 5
67 0
73.9
61 3
249 1
198 0
Educational
1936
68.5
1937
1936
1937
26.5
15.5
26.6
21 1
29 8
28.7
25.1
31.1
21 0
25.3
15 7
13.6
19.6
39.5
21.1
19.0
23.2
20 7
18.3
23.3
12.3
92
13.4
13.1
13.0
920 4
All other
17.8
280.0
226.1
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Publicly financed1
Total
Month
January
February
March
April
May
June
July
August
September
October
November
December
Year
1
1932
1933
85
89
112
122
146
113
83
53
60
57
77
102
186
97
178
131
134
127
100
75
123
124
127
148
215
140
199
235
216
233
129
134
83
106
128
107
120
120
120
145
110
135
159
169
295
275
105
81
162
207
112
93
188
264
1,351
1,256
1, 543
1,845
1934
1935
167
201
Privately financed1
1937
1932
1933
1934
1935
243
39
34
45
61
93
64
39
27
25
18
24
29
157
65
126
78
72
73
55
38
68
53
47
64
149
79
96
105
94
116
85
81
20
47
52
69
67
92
80
61
71
100
69
79
97
114
153
153
208
200
73
52
126
156
74
61
2,675
768
683
975
1936
234
226
1936
1937
1932
1933
1934
1935
112
45
55
67
61
54
49
44
26
35
39
53
74
29
31
52
53
63
54
45
37
55
80
84
66
62
103
130
122
116
67
51
93
76
141
122
41
57
44
53
63
59
116
101
47
46
49
45
118
196
89
82
32
29
36
51
38
32
1,007
1,334
583
573
568
1936
7!
70
87
119
125
70
68
119
117
837
1,341
1937
130
Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
COMMERCIAL FAILURES, BY DISTRICTS
DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Liabilities
Number
1937
Federal Reserve district
Jan.
1936
Dec.
Jan.
Federal Reserve
district
1937
Jan.
Boston.__
New York__
Philadelphia
Cleveland
Richmond
Atlanta.—
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
p
Revised.
12,486
51, 794
12, 277
28,648
32, 621
22, 586
44, 055
16, 478
4,510
9,694
7,679
15,104
43, 609
14, 475
20, 638
19, 798
18, 746
34, 457
11, 268
6,973
7,261
7,369
12,982
39, 531
14,093
17, 860
'23, 724
19, 581
40, 365
'22,184
4,890
10, 716
242, 827
199, 696
'214, 793
Boston.
__
New York
Philadelphia
Cleveland..
Richmond
Atlanta..
Chicago
St. Louis
Minneapolis
Kansas City
._
Dallas
San Francisco
Total-
1936
Dec.
1936
1937
Jan.
Jan.
Dec.
Jan.
85
280
44
46
61
31
103
26
18
26
. 11
80
78
227
35
40
23
24
82
32
19
27
13
92
109
391
74
62
44
34
121
35
18
49
39
101
588
3,772
734
449
523
249
1,114
238
143
201
42
608
1,148
6,346
368
757
250
278
1,210
225
143
207
171
1,185
2,325
7,769
1,103
685
1,118
282
1,938
403
134
435
339
1,573
811
692
1,077
8,661
12, 288
18,104
263
FEDERAL RESERVE BULLETIN
MARCH 1937
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2
M e r c h a n d i s e exports i
Excess of exports
Month
1934
1933
January
February
March
. __
1935
1936
1937
1934
1933
1935
1936
1937
1933
1934
1935
1936
121
102
108
172
163
191
176
163
185
199
182
195
96
84
95
136
133
158
167
152
177
187
193
199
25
18
13
37
30
33
9
11
8
11
-11
—4
April
May
June
105
114
120
179
160
171
164
165
170
193
201
186
88
107
122
147
155
136
171
171
157
203
191
190
17
7
—2
33
6
34
—6
-5
13
— 10
10
—5
July
August .September
144
131
160
162
172
191
173
172
199
180
178220
143
155
147
127
120
132
177
169
162
194
193
216
1
-23
13
34
52
60
-3
3
37
— 14
-14
4
193
184
193
206
195
171
221
270
223
265
226
P230
151
129
134
130
151
132
189
169
187
213
196
P244
42
56
59
77
44
38
32
100
37
52
29
P-15
1,675
2,133
2,283 v2, 453
1,450
1,655
2,047 *2,419
225
478
235
P34
_ __
October
November.
December
_._
__•_
Year
1937
p1 Preliminary.
Including both domestic and foreign merchandise.
* General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers based on value figures; 1923-25 average=100]
[Index numbers; 1923-25 average = 100]
Index of sales i
Index of stocks (end of
month)
Adjusted
Without
for seasonal
seasonal
variation adjustment
Without
Adjusted
seasonal
for seasonal
adjustment
variation
1936
1936
1937
Jan. I Sept. Oct. Nov. Dec. Jan
Month
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products.._
Livestock
Forest products
Ore
Miscellaneousl
Merchandise
70
78
73
70
38
42
62
79
64
72
74
85
58
48
47
93
80
67
73
79
85
62
49
48
95
82
66
80
84
93
69
51
51
105
94
67
86
86
90
73
45
57
95
107
71
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products. __
Livestock
Forest products
Ore
Miscellaneousl
Merchandise
82
80
83
71
57
50
150
95
70
84
90
87
69
65
49
133
97
69
80
92
96
73
59
49
73
92
68
74
92
97
71
45
46
23
83
66
1937
1937
93
73
1937
1936
1937
79
40
108
97
January
February
March
___
April
May
June
84
74
64
July
__.
August
September..
October
November.
December-
90
105
161
Year..
1
Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes
allowance in March and April for the effects upon sales of changes in
1
In less-than-carload lots.
the date of Easter.
Based on daily average loadings. Source of basic data: Association of
Back figures.—Department store sales, see p. 631 of BULLETIN for
American Railroads.
August 1936; department store stocks, see pp. 254-255 of BULLETIN for
April 1935.
Back figures.—See BULLETIN for February 1931, pp. 108-109.
264
FEDERAL RESERVE BULLETIN
M A R C H 193V
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
1926= 100]
[Index of Bureau of Labor Statistics.
Year, month, or week
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65 9
74.9
80.0
80.8
104.9
88.3
64.8
48.2
51 4
65.3
78.8
80.9
99.9
90.5
74.6
61.0
60 5
70.5
83.7
82.1
91.
85.
75.
70.
80.9
78.3
85.7
78.7
80 6
80.6
79.6
79.7
78.6
79.2
80.5
81.6
81.6
81.5
82.4
84.2
78.2
79.5
76.5
76.9
75.2
78.1
81.3
83.8
84.0
84.0
85.1
88.5
83.5
83.2
80.1
80.2
78.0
79.9
81.4
83.1
83.3
82.6
83.9
85.5
78.8
79.0
78.9
78.9
78.8
78.8
79. 5
79. 7
79. 6
80. 1
81.0
85.9
91.3
87.1
81.2
81.1
81.2
81.3
82.0
82.4
82 6
83.0
83 4
83.7
84.1
84.7
85 2
85.7
85.3
85.4
85.4
85.6
86.0
86.1
84.7
84.2
83.9
84.2
85.5
85.2
85.5
86.7
87.3
87.7
88.4
90.4
90.9
92.3
90.3
91.4
90.5
91.6
91.4
91.4
82.5
82.1
82.3
82.6
83.5
84.5
84.4
84.8
84.8
85.1
85.7
86.2
86.7
87.3
86.7
86.9
86.7
86.6
86.9
86.7
1929
1930
1931
1932
1933
1934
1935
1936
1935—December
1936—January
February
March
April
May
June
July
August
September „
October
November
December
1937—January
Week ending—
1936—Oct. 17
Oct. 24 . _
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5 _ _
Dec. 12
Dec. 19
Dec. 26
1937—Jan. 2
Jan. 9
Jan.16
Jan. 23
Jan. 30
Feb. 6 .
__ _
Feb. 13
Feb. 20
Feb. 27 _
Hides and Textile Fuel and Metals Building Chemi- House- Miscelcals and furnishleather
lighting and metal
ing goods laneous
drugs
products products materials products materials
Tota
Annual
Index
Grains
Livestock and poultrv. __
Other farm products
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods
. _
Other leather product s
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile product 3
F U E L AND LIGHTING M A T E R I A L S :
Anthracite
Bituminous coal
Coke
Electricity
._ _
Gas
Petroleum products..
85.5
80.6
81. 0
67.5
75 1
76.1
76.2
76.4
76 0
76.1
76.2
76.3
76.1
76.8
76.8
76.5
86 7
86.7
86.6
86.6
86.3
86.2
86.9
87.1
86.8
86.9
87.9
89.6
85 7
85.5
85.3
85.7
85 8
85.8
86.7
86.9
87.1
87.3
87.7
89.5
80.5
80.1
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. 4
81. 5
81. 2
81. 4
81. 7
82. 0
82.3
83.2
67.8
68.1
68.3
68.6
69.2
69.7
71.0
71.5
71.3
71.5
73.4
74.5
77.5
76.6
90.9
91.3
87.7
86.5
76.2
70.9
71.2
71.6
71.7
72.4
73.5
74 3
74.6
75 2
75.7
76.1
76.2
76 8
76.9
76.9
76.9
77.0
76.9
77.0
76.9
77.2
77.3
77.3
77.4
77.4
77.5
77 6
77.6
77 5
77.5
77.5
77.2
77 5
77.1
76 9
77.0
77.2
77.6
77.8
77.8
86.4
86.3
86.4
86.5
87.1
87.3
87 5
88.0
88 4
88.8
89.1
89.9
90 1
90.4
90 7
90.7
90.4
90.5
91.1
92.0
87.2
87.3
87.4
87.5
87.7
87.8
87 8
88.4
88 7
89.2
89.7
90.2
90 8
91.2
91.2
91.2
92.1
92.2
92.8
93.7
81.9
82.3
81.5
81.6
81.9
82.5
82 7
83.3
84 2
85.4
86.1
86.1
86 8
87.9
88.0
87.6
87.2
87.0
87.7
87.5
83.2
83. 2
83. ?,
83. 3
83. 4
83. 4
83 6
84. 0
84. 3
84.3
84.3
84.3
85.3
85.4
85.7
85.8
87.3
87.4
71.3
71.5
71.9
72.0
73.5
73.9
74.1
74.1
74.1
74.4
74.5
74.9
74.9
75.6
75.3
75.7
75.8
75.9
77.2
77.2
Annual
Index
1936
97.1
96.1
94.9
94.6
94.0
93.8
93.4
93.6
94.6
95.6
97.0
99.7
101.7
84. ?,
84. 4
95.9
96.5
96.0
96.2
96.8
98.3
99.3
99.4
99 8
100.5
101.1
101.1
102 0
101.8
102.6
102.8
103.1
103.3
103.6
103.2
1936
1937
82.2
83.4
79.9
80. 1
80. ?,
80. 3
80. 8
81. 2
81 f\
81. 7
81. Q
82.2
82.4
82.6
83.0
83. 1
83. 1
83. 2
83. 5
83. 6
75. 8
81. 5
80. 6
81. 7
81. 5
81. 4
89. 4
89. 4
1937
Subgroups
1935
1936
Jan. Dec. Jan.
82 5
85. 1
73.4
88 3
84.7
76.0
78 9 109 0 113 0
89.1 85.0 91.4
70.8 84.4 84.8
79.8
94.1
63.6
94.5
77.7
83.9
86.2
71.9
87.8
75.9
84.2
92.1
62.2
94.9
75.5
98.0
80.8
80.1
85.0
99.8 100.5 99.4 99.7
94.6 100.5 110.4 116.0
85.6 87 3 92 6 94 3
95.5 95.3 96.3 101.1
88.9
87.1
75.4
87.2
84.0
88.9
88.1
82.4
90.6
82.1
T E X T I L E PRODUCTS:
Clothing
74.6
86.8
71.7
71.0
70.8
70.2
69.8
69.7
70.5
70.9
70.9
71.6
73.5
76.3
H I D E S AND L E A T H E R PRODUCTS:
Boots and shoes.. _ ..
Hides and skins
Leather
94.2
89.1
79.3
73.5
72 6
75.9
80.5
80.4
95.4
Subgroups
F A R M PRODUCTS:
95.4
89.9
79.2
71.4
77 0
86.2
85.3
86.7
73.2
79.6
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
100.5
92 1
84.5
80.2
79 8
86.9
86.4
87.0
90.4
80.3
66.3
54.9
64 8
72.9
70.9
71.5
71. ?
78. 4
77.
94.3
92.7
84. 9
75. 1
83.0
78 5
67.5
70 3
66 3
73 3
73.5
76.2
109.1
100.0
86.1
72.9
80 9
86.6
89.6
95.4
5
?,
O
?.
79.8
83.4
61.8
30.2
76.1
68.5
79.7
96.7
88.6
87.8
89.3
51.3
81.1
80.3
61.2
31.2
82 9
67.0
80.5
97.4
94.7
83.4
85.2
57.3
80 8
80.4
61.8
33 5
81.4
67.8
82.3
98.7
92.7
83. 1
83.2
54.4
83.1
90.3
63.0
33 8
90.5
65.3
82.3
97.3
97.8
82.7
83.1
58.0
83 9
91.9
64.4
34 5
91.9
66.2
81.6
96.8
97.6
58.3
M E T A L S AND M E T A L PRODUCTS:
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
BUILDING M A T E R I A L S :
Brick and tile
Cement
Lumber
Paint materials
Plumbing and heating
Structural steel
Other building matprials
1935
1936
Jan. Dec. Jan.
93 7
86.7
93.9
68,6
68 9
94 2
87.6
92 7
71.6
75 0
94 6
87.1
93.6
69.7
71.7
89 4
95 3
81.1
79.8
68.9
92 0
90 1
88 7
95 5
84.5
80.1
75 0
95 0
90 2
88 4 88 5 89.7
95.5 95.5 95.5
82.2 89.6 93.0
79.6 82.4 83.7
71. 7 76.7 77.1
92 0 101 7 104.7
90 2 92 6 93 9
86.9
73 9
66 3
70 6
87.2
74 4
65 9
68 4
87.6
74 0
64 4
68 8
93.3
77 4
68 6
71 4
96.4
79.0
70.6
71.4
84.2
77 0
85.3
78 0
84.8
77.9
86.9
79 4
89.0
84.0
45 7
88 3
80 0
25 4
80.0
47
94
80
34
81
45
68
79
29
80
93 0
90.9
93.0
78.6
76.7
CHEMICALS AND D R U G S :
Chemicals... .
Drusfs and Dharmaceuticals
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS'
Furnishings.
Furniture
MISCELLANEOUS:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber crude
Other miscellaneous
2
4
7
2
1
93 0
91.7
93.0
84.8
77.1
0 50.1 51.8
6 130 7 135.4
8 82 9 84.8
8 41 9 44 3
4 82 2 83. 1
Backfigures.—Formonthly 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).
INTERNATIONAL FINANCIAL STATISTICS
265
266
FEDERAL RESERVE BULLETIN
MARCH
1937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Total»
United
(52
coun- States
tries)
1935—September 21,115
October ___ 21, 500
November 21, 396
December. 21, 583
1936—January. __ 21, 598
February- 21, 665
March
21,711
April
21, 469
May
21,364
June
21, 403
July
21, 743
August
21,870
September- 21, 783
October ___ P21, 842
November- P22, 039
December _ P22, 660
1937—January
Latin
Europe America
(26
(11
countries)
countries)
Canada
Europe
Asia
and
Africa
(5
Oceancounia (8
tries)
countries)
United
Kingdom
France
Germany
Switzerland
Nether- Nalands tional B.I.S.
Belgium
Italy
Bank
9,368
9,693
9,920
10,125
186
186
188
189
9,847
9,880
9,543
9,517
619
641
641
645
804
807
813
816
291
291
291
291
1,595
1,604
1,628
1,648
4,770
4,773
4,388
4,395
38
35
36
33
379
346
330
270
604
609
615
611
365
401
427
438
448
453
455
454
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
186
186
184
187
188
187
187
189
191
186
188
188
190
9,467
9,529
9,547
9,312
9,024
8,866
9,159
9,207
8,983
P8,837
P8, 888
P9, 368
P9, 285
646
648
642
642
641
634
635
642
638
658
656
817
825
830
836
841
840
845
849
857
847
852
300
310
323
268
268
268
269
269
269
269
270
P707
P857
P283
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
4,324
4,362
4,348
4,106
3,781
3,580
3,643
3,614
3,322
3,194
3,194
2,995
?, 846
31
29
29
28
28
29
29
28
25
26
27
27
27
»270
270
270
270
270
270
270
270
270
270
270
270
270
600
593
586
581
610
638
633
632
631
621
630
632
625
455
463
486
483
465
404
437
457
456
388
388
490
558
454
472
493
495
485
460
471
489
508
583
624
655
657
.
8
11
9
8
11
10
8
8
11
12
10
12
12
13
13
11
13
E urope—Continued
End of month
Austria
1935—September
October __.
November
December.
1936—January...
February..
March
April
May
June
July
August
September.
October __.
November.
December.
1937—January...
Czechoslovakia
Bulgaria
Denmark
Hungary
Greece
Norway
Portugal
Rumania
Spain
Sweden
Yugoslavia
6 other
countries
45
45
45
46
19
19
19
19
113
113
113
112
54
54
54
54
36
36
35
34
23
23
23
23
84
84
84
84
89
86
84
84
68
68
68
68
108
108
109
109
734
734
735
735
165
174
180
185
40
41
43
43
62
62
63
63
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
113
113
113
113
113
109
108
34
33
32
32
35
33
31
28
27
26
26
26
23
23
23
23
23
23
23
23
23
23
25
25
84
84
84
84
84
89
89
91
98
98
98
98
84
85
81
72
71
70
69
70
71
71
72
75
68
68
68
68
68
68
68
68
68
68
68
P68
109
110
110
111
111
112
112
112
113
113
108
109
735
735
726
726
718
718
718
»718
718
718
718
718
194
200
206
209
220
231
231
232
238
239
239
240
44
44
44
45
45
46
46
46
46
47
48
48
63
65
67
67
68
70
71
73
c80
P91
P91
P91
54
54
54
54
54
54
54
54
54
54
54
54
P81
P81
P86
46
P20
P91
54
26
25
98
75
P68
P109
718
240
49
P86
Latin America
End of month
Poland
Argen- Chile
tina
420
1935—September
441
October
441
November
December. 444
1936—January
444
February- 444
March
438
April
438
May
438
June
435
July
436
August
441
September
437
October... 455
November
452
December P501
Colombia
Mexico
29
29
29
29
14
15
16
16
29
29
29
29
29
29
29
29
29
29
29
29
17
18
18
17
16
16
17
17
17
17
18
19
426
26
26
26
26
26
26
26
26
26
26
26
26
26
26
26
Asia and Oceania
5
Peru
Uruguay
other
countries
British
India
20
20
20
20
74
74
74
74
35
36
35
36
20
20
20
20
19
19
20
20
20
20
20
74
74
74
74
74
68
68
68
68
68
68
36
37
38
38
39
40
40
41
42
42
43
P20
*>68
276
275
275
275
275
275
275
275
275
275
275
275
275
275
275
275
P44
Africa
3
2
China
Japan
Java
New
Zealand
Turkey
other
countries
Egypt
South
Africa
7
8
11
10
11
15
15
15
17
13
13
15
19
6
7
416
418
422
425
55
55
54
54
23
23
23
23
23
23
24
24
6
5
5
6
55
55
55
55
212
212
212
212
24
24
24
24
428
431
433
435
439
442
447
450
453
456
459
54
54
58
61
61
60
60
59
60
60
60
60
23
23
23
23
23
23
23
23
23
23
23
23
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
P55
221
231
244
189
189
189
189
189
189
189
191
203
24
24
24
24
24
24
25
25
25
25
25
P463
other
countries
P25
p Preliminary.
c Corrected.
i See notes under Italy, Mexico and Spain.
«8 Figure for December 1935 carried forward for subsequent months.
No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for
subsequent months.
* Figure for March 1935 carried forward for subsequent months.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian
Congo, and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and
August 1936, p. 667.
267
FEDERAL RESERVE BULLETIN
MARCH 1937
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production r
Africa
Total »
South
Africa
Rhodesia
North and South America
West
Africa
Far East
Belgian Canada United Mexico Colom- Chile j Austra- Japan
Congo
States •
I
lia
bia
British
India
$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce offinegold=$£0.67
1929
1930__
1931
1932
1933
404,969
430, 725
461, 592
499, 241
524,390
359,347 215, 242
373,154 221, 526
394, 399 224, 863
421, 656 238, 931
420,093 227,673
1933
1934
1935
1936
887,845
963, 369
1, 044, 627
1,184,123
11, 607
11, 476
11,193
12, 000
13, 335
4,297
4,995
5,524
5,992
6,623
2,390
2,699
3,224
3,642
3,631
39, 862
43, 454
55, 687
62, 933
60,968
45, 835
47,123
49, 524
50, 626
52, 842
13, 463
13, 813
12, 866
12, 070
13,169
2,823
3,281
4,016
5,132
6,165
6,927
8,021
8,109
8,198
8,968
8,712
9,553
12,134
14, 563
16, 790
683
428
442
788
3,009
7,508
6, 785
6, 815
6,782
6,919
grains of gold 9/10 fine; i. e., an ounce of fine gold = %85
1936—January....
February..
March
April
May
June
July
August
September,
October.. _.
November.
December.
83, 406
82, 495
87,039
86, 952
93, 022
99, 629
110,139
P ! 0 9 , 521
P110,736
P!16,077
P107, 843
P97, 264
711, 260 385, 474 22, 578
722,970 366, 795 24, 264
771,827 377,090 25,477
'853, 724 396, 768 '28,101
65, 822
64, 712
68,156
67, 869
69,439
71,046
75, 656
P73, 738
P74, 952
P76, 693
P72, 460
P73, 181
32, 275
31, 290
32, 709
31, 991
32, 826
33,086
33, 846
33, 830
33,816
34, 199
33, 042
33, 858
2,320
2,201
2,359
2, 410
2,413
2,384
2,354
2,425
2,363
2,292
2,270
"2.310
6,148 103, 224
6,549 104,023
7,159 114,971
P7, 389 130, 231
11,214
12,153
13,625
16,361
1,221
1,164
1,326
1,258
1,289
1,285
1,352
1,412
1,444
1,493
1, 506
P 1,610
592
574
544
543
547
585
676
675
696
691
634
P634
89,467
107, 632
126,325
150, 959
22, 297
23,135
23, 858
'26, 919
10,246
9,701
11,020
11,113
11,945
11,948
15, 042
13,627
14, 280
15, 821
13,240
12, 977
2,092
2,815
1,627
2,607
2,075
2,570
2,632
Pl, 820
v% 345
Pl, 960
P2, 205
P2, 170
9,714
9,325
10,469
10,474
10,797
11,083
11,183
11,504
11,579
11, 693
11,174
P] 1,235
5,094
10,438
12,045 8,350
11,517 9,251
13, 606 P9, 070
28, 428
30, 447
31,117
'39, 090
770
918
1,147
499
552
611
777
1,029
467
•784
758
2,690
2,801
2,882
3,127
3,045
3,476
3,602
3,422
3,515
3,596
3,467
P3, 467
1,335
1,159
1,040
1,095
1,086
1,065
1,235
1,098
1,236
1,109
1,035
1,113
P758
15,183 11,715
16, 354 11,223
20,043 11,394
P23, 631 Pll, 599
1,595
1,843
2,065
1,808
1,885
1,994
1,977
1,916
2,246
2,075
2,162
P2, 065
971
920
968
944
979
958
981
981
966
982
966
983
pr Preliminary.
Revised. Monthly figures for United States (including Philippines) for 1936 represent estimates of American Bureau of Metal Statistics
revised by adding to each monthly figure a constant amount so that the aggregate for 1936 is equal to the preliminary annual estimate compiled
by Bureau of Mint in cooperation with Bureau of Mines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, April 1936, p. 284, and July 1936, p. 600. For annual figures of world production back to 1873 see Annual Report of Director
of the Mint for 1935, pp. 107-108. Figures for Canada beginning January 1936 are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Total
net
imports
or net
exports
(-)
Year or m o n t h
1934 1
1935
1936
_._
J 935—October
November
December _ _ _
1936—January
Switzer- C a n a d a
land
Mexico
Colombia
British
India
China
and
Hong
Kong
All
other
countries
260,223
934, 243
573, 671
8,902
3
3,351
94, 348
227,185
71, 006
12,402
968
7,511
86,829
95,171
72, 648
30,270
13, 667
39, 966
16,944
10, 899
11,911
76, 820
75, 268
77, 892
16,452
9,431
7,917
28, 935
56, 453
76,621
315, 347
210, 567
190,010
109,954
7,101
8,600
156,977
180,141
145, 388
3
17, 605
2, 676
4,727
629
9,368
5, 865
9,060
762
880
748
1,746
28
12,359
8,913
11,108
1,125
1,007
1,605
4,817
3,956
8,774
3,514
5,786
—2,890 —17,180
13
—1, 792
1,564
1,493
4,003 133,157
3,644 202,983
-9
27
5,837
17, 880
8,204 136,671
72,154
95,013
20
44, 665
9
32,998
1
1,743
11,744
1,176
740
1,742
2,100
2,104
2,106
11
2,101
4
5.106
9,720
5,947
5, 654
10,688
6, 961
5, 782
6,182
10,108
385
847
603
799
2,545
2
764
659
772
713
4,322
14,584
869
15, 289
634
530
368
462
] 890
442
451
432
951
10,170
5,185
5,154
5,819
5,357
8,546
5,847
4,234
8,487
6,105
7,266
4,451
10,864
10,691
1, <)4.r)
]
6, 02S
158
1937—January _. _.
121,325
1
France Belgium Netherlands
499,870
315, 727
174,093
June
July
August
September .
October .
November
December
May
United
Kingdom
. 1,131, 994
1,739.019
1,116, 584
45, 643
— 16,635
5,480
28,055
169,952
277, 775
15, 379
67 493
171,824
218,812
75,836
56,970
February
March
April
Net imports from or net exports (—) to:
73, 950
1,463
25, 745
524
8
3,698
3, 281
10, 745
273
1,677
11, 232
1,695
551
882
]1,664
6,338
12,222
10, 660
4,709
271
6, 506
5, 865
- 3 , 421
-343
2
2
8,751
38, 811
[), 045
Differs from official customhouse figures in which imports and exports for J a n u a r y 1934 are valued at approximately $20.67 a fine ounce.
268
FEDERAL RESERVE BULLETIN
MARCH
1937
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
British India
Net imports from or net exports (—) to:
Year or
month
Total
net imports
or net
exports
()
1934
1935
1936
1935—July
Aug
Sept
Oct
Nov
Dec
1936—Jan
Feb.___
Mar
Apr
May.__
June
July._..
Aug
Sept
Oct
Nov
Dec
1937—Jan
United
France
States
Germany
Belgium
Nether- Canada Australands
lia
-497,166 348,190 121,017 -13,585 32, 575
716,
-435, 502 142,137 - 4 , 726 -17,476 10, 796
369, 747
1,170, 023 -276, 813 756, 204 23, 295 -15,133 -21,130
26, 316
16, 565
12, 928
118 — 11, J
1,642
82
-36
2
217 -1,136
-20, 204
- 2 7 - 6 , 982
2,831
449
16, 289
39,016
-36,086
-36,158
18, 286
40, 811
41, 974
38, 649
47, 666
77,137
74, 590
69, 447
195, 066
281, 401
151,814
7,615
83, 168
100, 505
-25,
523
-1,141
-12,871
-81,032
-87, 929
-33, 744
-22, 075
-5,719 -4,416
- 5 , 697
-26
- 5 , 663
23
- 2 , 739
68
25,198
50
910
114
3,202
- 3 , 253
6,738
12,710
-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
142, 535
240, 868
108, 666
-383
72, 506
118, 655
- 7 3 , 568
22, 453
26, 936
27,060
78
173
92
4,295
1,875
3,903
1,913
1,789
6, f
3,964
-163
-624
-220
94
33
99
-1,383
-17,602
-536
-747
-804
6,369
-1,039
377
- 1 , 130
-591
- 7 , 569
-13,354
-1,409
1,761
606
- 2 , 421
- 2 , 907
-1,029
2,458
I,''""
1,836
414
1,021
28
1 798
1 798
QQQ
1 708
270
3
British
India
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 P - 1 2 1 , 102
5,375
4,148
3,662
3,414
2,842
1,995
-219, 671
-150,472
-109,503
-22,383
-25, 464
-11,400
-11,160
-14,540
-10,303
958
961
949
974
953
966
-21,425
- 2 4 , 503
-10,451
-10,186
-13,587
-13,
- 9 , 846
- 7 , 667
-10,351
-11,357
-10,355
-15,032
-7,983
- 8 , 273
-11,576
- 9 , 347
- 5 , 506
971
920
968
944
979
958
981
981
966
982
966
983
-12,838
1,019 P - 8 , 3 8 9
983
p-7,466
5,663
26,102
25, 301
11, 900
12, 857
14, 838
I,
2,037
2,574
3,329
2,167
1,610
2,531
2,089
2,084
1,984
2,304
2, 126
39, 852
26, 454
31, 033
55,108
53, 80r
45,147
43,122
34, 552
36, 517
45, 323
36, 230
41, 683
11, 035 -1,526
1,993
ll,i
2,057
10,:
3,641
9,413
3,264
13, 289
7,599
10, 860
2,591
9,657
6,922
15,011
633
6,581
7,853 19, 895
4,756
14, 896
7,243 - 5 , 368
2,504
16,903
-8,065
-10,325
- 8 , 291
-4,975
- 3 , 836
7,r'""
3,953
Private
holdings in
India 2
11, 222
11,393
11, 599
33, 532
35, 512
29, 949
44, 995
33, 325
42, 442
1
5,958
4 090
South
Africa,
Rhodesia,
West
Africa
Change in:
Total Gold
net
proAll
imports duc- Reother
or net
tion serves
coun- exports
in
in
tries
India
India1
()
g gg7
- 6 , 699
- 9 , 407
-10,378
- 9 , 397
-14,051
-7,002
-7,307
-10,594
- 8 , 381
- 4 , 523
Switzerland
Net imports from or net exports (—) to:
Net imports from or net exports (—) to:
Year or month
-42,907
13,225
-2,121
1935—July
Aug
Sept
Oct
Nov
Dec
9,525
4,769
4,355
10, 566
780
2,004
- 2 , 584
-1,307
-258
-1,201
-630
1,130
3,24£
1.58C
— 3 , 514
- 3 , 521
426
4,762
1937—Jan
-45,955 - 2 9 , 2 3 5
-54, 858 -181,725
-2,205
39, 305
3,017
1,085
-332
2,088
-195
-518
-841
-131
4,298
1,704
820
-113
6,396
2,998
1,273
-24
881
- 3 , 227
-4,166
4,080
3,312
1,343
1,849
4,724
-fi, 783
- 5 , 705
- 3 , 492
7,292
284
2,057
-249
3,176
40,875
656
1,241
-47
9,496
9,612
21, 537
6,970
1,449
2,952
-20
-20
-641
62
-65
-33
-235
1,166
-254
-286
8,177
1, 723
659
1,601
p Preliminary.
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.
$8,444,000 imported by Switzerland from Czechoslovakia in April and $15,433,000 in May 1936.
1
2
3
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 July 1936, have been
officially revised. France and Netherlands .—No figures reported by France since September and by Netherlands since October 1936.
269
FEDERAL RESERVE BULLETIN
MARCH 1937
CENTRAL BANKS
Assets of banking department
Bank of England
Gold (in
issue
depart-1
ment)
(Figures in millions of
pounds sterling)
Cash reserves
Coin
1935—Dec. 25_.
200.1
1936— Jan. 29...
Feb. 26__.
Mar. 25..
Apr. 29..
May 27..
June 24__.
July 29...
Aug. 26..
Sept. 30_.
Oct. 28 _.
Nov. 25..
Dec. 30..
200.5
200.6
200.6
202.7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7
1937—Jan. 27.
313.7
Notes
.6
.7
.8
.8
.9
1.0
1.0
1.1
1.1
1.0
.7
Discounts
and advances
Liabilities of banking department
Note
circulation
Securities
Deposits
Bankers'
Public
8.5
94.7
424.5
72.1
12.1
37.1
18.0
63.3
60.7
54.1
45.9
40.3
41.5
51.4
61.3
59.3
65.9
63.1
46.3
18.8
11.0
5.0
8.3
6.7
7.6
7.1
9.2
8.6
6.6
6.8
17.5
94.0
96.2
97.0
114.0
104.7
116.1
115.5
102.6
100.7
99.7
98.6
155.6
397.1
399.9
406.5
416.9
426.1
434.8
448.6
443.4
449.4
442.7
445.6
467.4
106.0
106.2
83.6
104.7
78.3
90.8
75.2
100.9
60.7
86.5
97.6
150.6
15.9
8.8
18.0
7.5
19.8
20.0
42.3
17.2
49.7
27.6
12.1
12.1
36.7
35.5
37.0
39.0
36.7
37.4
39.4
37.8
40.9
41.4
41.7
39.2
18.2
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
18.0
61.4
8.0
97.4
452.3
98.4
12. 1
38.4
18.1
Domestic bills
j
(Figures in millions of francs);
Gold*
1935—Dec. 27
66,296
1936—Jan. 31
Feb. 28
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 30
65,223
65,789
{ 65,587
61,937
| 57,022
j 53,999
I 54,942
54,511
50,111
64,359
64,359
60,359
1937—Jan. 29
Foreign
exchange
Spe-3
cial
1,328
1,435
57,359
Other
Advances
to
Government
1,712
9,210
9,758
12,053
14,392
19,381
7,750
6,041
7,063
7,484
7,332
8,056
8,465
1,620 8,553
27
547
925
1,379
Other
35.5
Assets
Bank of France
Liabilities
Loans on
Depo sits
Shortterm
Other
Govern- securiment se- ties
curities
Negotiable securities
Note
Other I circulaassets I tion
Government
3,253
5,800
7,879 I 81,150
2,862
8,716
2,113
14,333
14,333
14,333
15,903
12,303
12, 298
17,698
932
671
623
796
1,048
1,461
809
838
668
702
715
3,350
3,250
3, 325
3,349
3,381
3,441
3,555
3,454
3,553
3,447
3,464
3,583
5,
5,
5,708
5,""
5,
5,
5,708
5,640
5,640
5, 640
5,640
5,640
8,724
8,186
8,028
8,193
8,134
8,015
81,503
81,239
83,197
82,557
! 84,705
85,106
85,892
84,324
83,750
1
87,198
86,651
1
89, 342
2,798
2,854
2,889
2,722
1,850
1,305
1,594
1,523
1,679
3,973
2,069
2,089
8,088
8,706
8,434
7,895
6,909
6,528
6,254
7,037
6,660
9,247
13,058
13,655
2,119
2,134
2,148
2,334
2,383
2,652
2,267
2,301
2,356
3,553
3,160
2,557
19,772
1,168
3,701
5,640
8, 209 : 87, 688
1,955
15,280
2,534
8,125
9,643
8,204
8,029
8,344
Foreign
exchange
Gold
Liabilities
Securities
Reserves
(Figures in millions of
reichsmarks)
Other
Treasury bills
(and Security
bills
loans
checks)
Eligible
as note
cover
Other
1935—Dec. 31.
4,498
349
315
1936—Jan. 31 —
Feb. 29...
Mar. 31._
Apr. 30_.
May30_.
June 30__.
July 31_.
Aug. 3 1 Sept. 30_.
Oct. 31 _.
Nov. 30..
Dec. 31...
3,884
4,026
4,201
4,353
4,606
4,699
4,623
4,693
4,875
4,888
4,852
5,448
349
348
336
240
219
220
220
220
219
219
219
221
315
315
321
319
319
311
310
309
308
305
303
4,835
223
302
1937—Jan. 30-.
67
Other
Other
liabilities
573
Assets
Reichsbank
Other
liabilities
Note
circulation
Deposits
853
4,285
1,032
861
771
702
648
704
711
686
695
685
770
765
4,098
4,177
4,267
4,348
4,430
4,389
4,471
4,540
4,657
4,713
4,674
4,980
679
652
768
688
729
960
787
729
744
689
753
1,012
959
4,799
707
Other
assets
Other
liabili-
891
914
782
798
807
815
840
853
875
897
911
953
1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of the British Treasury under section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see Bulletin for August 1928, pp. 567-569), a
reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 16, 1936.
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,
pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to the stabilization fund established by the law of October 1.
3 Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p . 463 and July 1936, p. 603.
270
FEDERAL RESERVE BULLETIN
MARCH
1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
1937
Central bank
Central bank
Jan.
National Bank of Albania (thousands of francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold at home
Gold abroad and foreign exchange
Negotiable Government bonds...
Other assets
,
Note circulation
Deposits:
Member bank
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 bills
Domestic bills
Government debts
Note circulation
Deposits
National Bank of Belgium (millions of belgas):
Gold
Domestic and foreign bills
Loans to State
Note circulation
Deposits
Central Bank of Bolivia(thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities:
National Government
Other
Note circulation
Deposits
Bank of Brazil (millions of milreis):
Cash
Correspondents abroad. __
__
Loans and discounts
Note circulation
Deposits
National Bank of Bulgaria (millions of leva):
Gold
Net foreign exchange in reserve. _
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
r
Dec.
Nov.
7, 556
23, 804
3,707
5,082
10. 850
16,772
12, 527
Jan.
1,224
166
70
146
1,038
130
165
144
987
385
140
6
37
383
241
4
48
16, 002
42, 046
16, 002
38, 559
15, 994
35, 421
1,132
22, 838
15, 852
35,319
68, 956
50, 539
1,206
21, 803
17, 569
35, 702
72, 485
47, 039
881
14, 609
16,701
35, 957
68,104
47, 295
243
100
202
620
895
245
243
99
208
620
944
204
243
105
208
624
915
247
242
74
222
624
929
225
3,689
1,370
155
4,480
876
3,728
1,390
157
4,540
3,717
1,367
157
4,446
950
3,400
1,241
160
4, 101
882
28, 701
1,193
7,786
20, 544
12, 033
7,630
441 388, 723
651
2,984
913 146, 973
674 235, 933
211
328
2,471
244
400
2,448
3,174
2,992
1,652
1,618
772
1,440
2,572
2,571
2,317
708
1,490
2, 572
2, 584
2,216
Dec.
N o v . Jan.
B a n k of C a n a d a (thousands of Canadian dollars):
Gold
179, 459 179, 377 179,148 180, 253
7, 556
Sterling and United
States
16, 866
Exchange
11,843
9,125 17, 607 9,794
3,248
Advances:
4,694
2,196
Dominion
Government
11,789
Government securities:
9,241
66,
480
24,
785
61,995
61,
299
2
years
or
less
11,334
1,224
415,
4,
196,
240,
Jan.
306
293
2,900
20
3, 016
1,591
-96
493
1,304
2,671
2,177
97, 784 99,016 102, 679
Over 2 years
8,168
6,250
7,120
Other assets
123,534 135, 735 125, 344
Note circulation
221, 970 207, 809 233, 227
Total deposits
197, 041 186, 974 214, 920
Chartered banks
23, 262 18, 776 16,849
Government
11,826 13,441 14,463
Other liabilities
Central Bank of Chile (millions of
Gold and foreign exchange in reserve
Loans and discounts
Government debt
Note circulation
Deposits
Central Bank of China 2 (millions of
yuan):
Gold
Silver
Foreign exchange
Due from domestic banks
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
Foreign exchange
Loans to member banks
Note circulation
Deposits
National Bank of Czechoslovakia
(millions of koruny):
Golds
Foreign exchange
Discounts and advances
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the r e s e r v e Other foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Denmark* (millions of kroner):
Gold
Foreign exchange
Loans to Government agencies...
Other loans and discounts
Investments
Other assets
Note circulation
Deposits
Other liabilities
143
80, 900
9,714
87, 979
213,864
178, 739
33, 293
5,798
143
140
702
621
279
142
80
706
570
298
25
218
93
117
456
170
65
314
370
306
21
132
'36
'203
98
107
170
314
45
225
274
297
'48
'131
35, 589 33, 232 31, 266 29, 502
4,921
5,327
11,630 8,746
1,458
6,979
3,318 8,520
52,465 57, 229 51,108 40,072
38,152 33,135 33, 498 33, 240
2,589
390
1,956
2,021
988
5,816
601
1,527
2,592
439
2,339
2,022
1,100
6,478
410
1,605
29,091 29, 661
121
857
1,343
1,890
14, 532 18, 263
31, 764 32, 045
10, 270 8,292
118
12
147
200
57
65
374
76
149
118
15
239
204
51
68
399
139
156
2,590
486
1,560
2,025
1,132
5,662
576
1,555
2,691
82
1,253
2,043
944
5,208
920
885
29, 409 20, 756
2,117
489
4,391
4,403
15, 282 17, 884
30, 646 27, 772
10, 964 2,741
118
16
229
162
56
80
385
117
160
118
16
215
184
86
28
365
168
114
Revised.
Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling.
Items for issue and banking departments consolidated.
Increment resulting from revaluation of gold under law of October 9, 1936 (see Bulletin for J a n u a r y 1937, p p . 14-15), converted into foreign
exchange and carried partly in t h a t 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.
1
2
3
MARCH
271
FEDERAL RESERVE BULLETIN
1S37
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
1937
1937
Central bank
Tan.
Central Bank of Ecuador (thousands of sucres):
Gold'
Foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Egypt J (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
•__.
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
3
Other sight liabilities
Other liabilities 3
Bank of Estonia (thousands of
krooni):
Gold
Net foreign exchange
Loans and discounts
Note circulation
Deposits—Government
Bank
Other
Bank of Finland (millions of markkaa):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation
Other sight liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
Liabilities in foreign exchange...
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to Treasury
Other assets
Note circulation
Deposits
.
Certificates of indebtedness
Miscellaneous liabilities
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroad.-.
Sterling securities
Indian Gov't securities
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Loans to Government
Investments
Other assets
Deposits—Government
Bank
Other liabilities
c
1936
Central bank
Dec.
32,586
24,330
39,138
56,599
34,363
34, 179
8,775
25, 936
44, 452
19, 675
9,778
2,121
815
-814
1, 655
86
834
1,600
1,307
Nov. Jan.
32, 372
19,953
38, 051
54, 347
36, 238
30, 974
7,823
41, 519
46, 691
19, 571
6, 545
2,946
6,651
6,545
4,947
6,417
39,171
4,804
22, 850
6,931
21, 748
8,588
38, 322
6,162
22, 216
8,647
23, 351
8,180
13, 040
1,686
1, 335
6, 636
1, 506
14,854
4,435
4, 913
12, 791
2, 774
980
7,012
1,368
14, 668
6,878
3,381
34,178
6,140
24, 070
44, 992
15, 766
7,715
2,153
34, 121
884
23, 313
39, 583
17, 562
11,930
3,181
C
715
485
1,492
84
778
1,630
1,082
1,353
84
722
1,565
890
1,287
79
711
1,342
752
3,350
4,819
4,162
5,989
5,978
181
3, 385
4, 914
4, 162
6,203
5, 715
212
2,945
5,274
4,162
5, 969
5, 890
180
3, 399
4,662
3,281
5, 614
5,064
247
84
44
487
99
167
415
197
93
147
84
42
549
98
165
436
213
93
164
84
31
520
95
158
402
194
93
167
79
34
519
81
86
391
119
104
160
444
723
244
631
1,926
444
673
234
640
1,899
444
673
234
671
1,748
444
662
255
578
1,668
116
213
93
166
10
63
14
69
152
124
274
111
10
58
11
92
249
124
271
194
76
14
125
177
116
53
3
59
348
114
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
Total deposits
Bank of Java (millions of florins):
Gold.!
Foreign bills
Loans and discounts
Note circulation
.
Deposits
Bank of Latvia (millions of lats):
Gold*
.
Foreign exchange reserve
B
i
l
l
:
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions of florins):
Gold
Foreign bills.
Loans and discounts
Note circulation
Deposits
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange..
Advances to State or State undertakings
Other assets
Note circulation
Demand deposits
Bank
Government
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Bills
Note circulation
Deposits
Bank of Poland (millions of zlotys)
Gold
Foreign exchange
Loans and discounts
Note circulation
Other sight liabilities
Bank of Portugal (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations
Note circulation _Other sight liabilities
National Bank of Rumania (millions of lei):
Gold 5
Foreign exchange of the reserveLoans and discounts
Special loans •
State debt
:„:
Jan.
Dec.
Nov.
Jan.
553
754
602
1,586
374
548
830
765
1,790
390
544
788
501
1,491
406
506
782
506
1,453
404
62
162
34
89
3
64
160
25
80
2
64
153
24
77
31
49
67
41
62
140
26
51
67
44
56
138
77
25
51
66
41
57
138
46
7
51
59
37
36
110
100
112
82
73
10
100
110
78
71
8
92
113
64
38
20
94
105
47
820
2
210
767
302
720
2
343
792
310
570
2
337
806
141
669
2
157
757
108
2,802
16, 534
2, 802
16, 579
2,802
22, 104
7,860
2,912
13, 641
14, 832
11, 056
3,540
1,634
5,095
2,657
11, 838
13, 636
9,565
3,879
1,659
1,997
10, 064
15, 215
10, 253
4, 510
1,623
215
96
222
429
2
105
215
82
212
406
1
97
185
37
202
339
3
80
215
95
180
444
1
95
46, 705
82, 433
92,215
32, 658
397
32
722
393
30
856
1,034
292
15, 568
6, 474
2, 430
9,442
48,
58,
82,
20,
325
247
675
522
379
25
818
1,032
221
445
21
754
959
198
912
542
353
1,044
2,107
1,049
910
421
372
1,046
2, 085
872
15,494
410
6,621
2,442
9. 421
10, 838
55
5, 292
2,709
10, 827
Corrected. The corrected figure for gold in September and October 1936 is 715,000,000 markaa.
i Gold in vault revalued at rate of 11.6466 sucres per gram of fine gold by decree of June 13,1936.
-3 Items for issue and banking departments consolidated.
Due to change in statement, "Other liabilities" includes, beginning June 1936, an item formerly included in "Other sight liabilities."
* By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate
of about 15 lats to the pound.
66 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.
272
FEDERAL RESERVE BULLETIN
MARCH 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936
1937
Central bank
Dec.
Nov.
Jan.
13, 770
25, 663
10,300
11, 722
13, 337
24, 542
11,111
12, 072
11,490
22, 298
8,466
10. 449
26,336
7, 252
27
15, 760
1,797
23, 770
4 511
24, 635
10, 794
31
16, 416
1,666
22, 451
3,917
23, 146
9,653
34
15, 291
2,647
21,171
4, 142
26, 801
5,512
359
14, 296
2,523
28, 519
2, 157
529
742
43
29
256
827
666
468
174
107
529
720
50
29
251
893
590
294
278
95
528
655
52
29
247
812
599
265
315
101
429
612
44
29
168
734
447
257
158
100
2 717
40
61
1,385
1,430
2,709
58
66
1,482
1,363
2,581
56
65
1,403
1,280
1,389
15
221
1,275
405
Jan.
National B a n k of Rumania—Con.
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Domestic bills
Note circulation _
.-_
Deposits—Government -
Bank
._
Other
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Domestic discounts and advances
Government securities
.
Other assets
Note circulation
Total deposits
Bank
Government
Other liabilities
Swiss National Bank (millions of
francs):
Gold*
Foreign balances and bills .
Loans and discounts
Note circulation
Demand deposits
1
1936
1937
Central bank-
Jan.
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange
Loans and discounts
Investments
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Dec.
Nov.
32
34
36
188
25
179
37
99
30
25
39
186
25
177
39
90
30
14
24
188
20
171
34
69
41,601
82, 291
41, 091
81, 886
35, 654
87, 461
61, 793
40, 035
94, 524
52, 425
31, 572
43, 562
11,128
13, 692
84 954
29, 965
41, 332
22, 857
20, 698
72,131
1,599
573
1,716
2 262
5,236
1,593
1,461
343
1,711
2,271
4,848
1,504
35
38
34
187
27
185
37
98
Note circulation
Banking department:
Cash reserves ._
Loans and discounts
Other assets ___
DepositsDemand
Time
Ministry of Finance
Other
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold ._
Foreign exchange
Loans and discounts .
Advances to State
Note circulation
Other sight liabilities
1,632
650
1,691
2 248
5,292
1,895
1,626
552
1, 717
2,248
5,409
1,629
Jan.
Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1937
1936
Liabilities
Gold in bars
Cash on hand and on current account
with banks, __
Demand funds at interest
_
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances
Treasurv bills
Jan. 31
Dec. 31
Jan. 31
38, 989
33, 135
32, 831
Demand deposits (gold)
30,708
49, 386
23,356
5,253
17, 228
27, 584
Short-term deposits (various currencies) :
Central banks for own account:
Demand
Time—Not exceeding 3 months
102, 044
144, 915
Total
Time funds at interest—Not exceeding
3 months
134,022
147, 671
144, 988
206, 718
246, 959
281, 693
351, 705
25, 420
25, 642
32, 404
24, 406
35, 244
21, 370
33,317
49, 745
32, 003
17,187
95, 340
28, 069
63, 074
12, 221
63, 590
71 412
9,710
64 653
35, 247
38 331
34, 823
253, 299
245, 730
230, 714
1,359
160
1,383
91
6, 138
6,091
646, 280
616, 284
704, 695
Sundrv bills and investmpnts*
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
1936
1937
Assets
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 fundFrench Government deposit (Saar)_
Total.
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund.
_
General reserve fund
__
Other liabilities:
Guaranty on commercial bills sold.
Sundry items
Total liabilities
_
J a n . 31
Dec. 31
J a n . 31
27, 070
27, 263
21, 005
37 739
112, 048
20 577
98, 669
39 691
108,420
149,788
119,246
148,111
4,701
6. 242
10, 201
2,976
67
282
52
38
31,840
687
153,280
76, 640
43, 401
1,423
153, 280
76, 640
43, 490
1,426
154, 670
77, 335
61, 930
2,031
274 744
274 836
295 966
125, 000
125, 000
125, 000
3,784
6,092
12,183
3,784
6,092
12 183
3,324
5,845
11, 690
1,363
41, 205
1,385
40,164
6,138
41,912
646, 280
616, 284
704, 695
NOTE.—Current figures expressed, as before devaluation of Swiss franc, in Swiss gold francs equivalent to 0.29032 gram of fine gold. See BUL-
LETIN for December 1936 p. 1025.
MARCH
273
FEDERAL RESERVE BULLETIN
1937
COMMERCIAL BANKS
[Figures are as of end of month , except those for the United Kingdom , which are av«.rages of weekly figures]
Assets
United Kingdom
(11 London cleariDg banks. Figures in
millions of pounds sterling)
Money at
Cash
call and Bills disreserves
short
counted
notice
Liabilities
Securities
Loans to
customers
Deposits
Other
assets
Demand 1
Total
1936—January
February
March
April
_ ._ _ . . . __ _
May
June ._
July
August-.
- __ _
September
October
________
November
December..
..
_.
228
229
217
227
220
225
225
233
229
227
233
244
15.
157
162
161
15S
158
158
163
166
164
181
19-
346
295
252
268
309
329
349
345
344
351
329
322
630
629
635
637
640
642
639
641
648
655
656
660
815
828
854
868
870
878
884
877
882
892
895
890
227
227
230
233
227
237
227
226
226
231
238
249
2,164
2,123
2, 108
2,154
2,185
2,229
2,244
2,246
2,257
2,280
2,287
2,315
1937—January
238
17C
345
669
885
239
2,307
Assets
1935—December
1936—January
February
March
April
3,739
3, 451
3,431
3,587
3,517
3,513
3,494
3,206
3 097
3,083
3,186
3,173
May
June
July
September
October
November
Cash
reserves
. . ___ .
Due from Bills disbanks
counted
2, 484
2, 563
2, 528
2,617
2,902
3,032
2,768
2,410
2 326
2,757
2,766
2,839
16,141
16, 601
16, 470
16,135
16,199
16,014
14,972
15,410
15 445
14,876
17. 070
17, 298
(5 large Berlin banks. Figures in mil- Cash
lions of reichsmarks)
reserves
1936—January
February
March
April
May
June
July
August
September _
October
November2
December
_ . _.
_
__ __ _
134
128
186
136
141
175
146
138
180
130
137
Due
from
banks
306
307
317
301
300
295
263
274
287
273
269
Deposits
Other
assets
Loans
8, 025
7, 765
8,006
7,700
7, 677
7,542
7,328
7, 215
7 031
7 398
7,452
7,625
Demand
Total
1, 900
1,086
1,101
1,222
1,270
1,333
1,385
1 445
1 451
1 457
1,727
1,824
27, 553
27, 548
27, 603
27,194
27,410
27,199
25, 655
25 334
L Q7Q
!
25 137
27, 549
28, 015
26, 859
26, 859
26, 903
26, 522
26,714
26, 523
25,022
24,761
24 451
24, 613
27,028
27, 467
2,847
2,900
2,890
2,847
2,884
2,858
2,843
2,826
2,779
2, 735
2,729
Securities
1,003
987
982
973
980
1,008
1,037
1,047
1,066
1,075
1,112
Other
assets
958
945
935
916
873
839
8?,4
816
847
858
851
Total
5, 460
5, 472
5, 544
5,595
5,621
5, 712
5,557
5, 533
5,621
5, 712
5, 751
1936—January
February
March
April. _
May
June
___
July
August
September..
.
October
November _.
December
1
_
_ _
__
.
...... _
78
78
77
83
87
91
91
91
105
109
116
114
874
869
864
862
828
111
768
776
807
816
800
791
Demand
2,480
2,409
2,560
2,585
2,622
2,688
2,595
2,529
2,575
2,644
2,661
Time
2,980
3,063
2,985
3,010
2,999
3,023
2,962
3,005
3,045
3,068
3,090
150
151
154
145
131
113
110
157
146
146
179
161
1,207
1, 265
1,316
1.314
1,345
1,368
1,357
1,355
1,380
1,363
t.316
1,384
Other
assets
47?
444
459
478
446
50?
481
487
494
491
485
507
Note
circulation
112
118
117
114
116
115
113
115
111
112
109
103
Total
2,144
2,152
2,197
2,229
2,193
2,207
2,174
2,175
2, 263
2,261
2,269
2,303
Demand
645
635
665
692
666
702
680
672
762
751
722
755
Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total.
Combined monthly balance sheet not published for December.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.
r/
Other
liabilities
4. 399
3, 568
3, 595
3,677
3,757
3,812
3,897
3,994
4,035
4,066
4,244
4,290
Credits
obtained
from
banks
659
652
651
644
636
622
613
605
575
586
579
Other
liabilities
1, 423
1,417
1,399
1,363
1,327
1,276
1,306
1,291
1,323
1,342
1,334
Liabilities
Security
loans
abroad
and net Securidue
ties
Other
from
Cash
Security loans
reserves loans and dis- foreign
banks
counts
220
224
227
228
225
230
227
225
226
232
264
240
337
349
338
391
397
424
394
359
335
368
408
454
Deposits payable in Canada excluding interbank
deposits
Entirely in Canada
(10 chartered banks. Figures in millions of Canadian dollars)
694
689
700
672
696
676
633
573
528
524
521
548
Deposits
AssetCanada
Own
acceptances
Pime
liabilities
Bills dis- Loans
counted
2.294
2,275
2, 285
2,429
2,406
2,435
2,363
2,329
2, 360
2,569
2,567
242
242
241
240
239
240
237
240
238
239
243
245
247
Assets
Germany
937
940
951
974
992
995
986
991
1,000
999
1,006
1,012
Other
liabilities
Li abilities
France
(4 large banks. Figures in millions of
francs)
1,166
1,125
1,123
1,145
1,156
1,215
1,223
1,212
1,228
1,238
1,241
1,288
Time»
Other
liabilities
Time
1,499
1,517
1,532
L, 536
,527
, 505
,494
,503
,501
,510
L, 547
,548
745
761
783
767
753
757
748
800
785
784
783
790
274
FEDERAL RESERVE BULLETIN
MARCH 1937
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
Nether
GerUnited
Kingdom France many Italy lands
In effect Nov. 1, 1935
Nov 5
Nov 14
Nov 15
Nov 22
Nov 26
Jan 2 1936
Jan 10
Jan. 16
Feb 4
Feb 7
Mar 28
May 7
May 18
May 30
June 4
June 24
June 25
June 26
June 30
July 7
July 10
Sept 9
Sept 25
Oct. 2
Oct 9
Oct. 16
Oct. 20
Nov. 26
Dec 3
Jan. 28 c
In effect Feb. 27,1937
2
4
3
5
Central
bank of—
Switzer
land
4K
4
e
3
2H
3V£
5
6
4K
5
4
4
34
3
3
Central
bank of—
Rate
Feb.
27
Italy
Japan
Java
Latvia
Lithuania...
Netherlands.
New Zealand
_
Norway
Peru
Poland
Portugal
Rumania
South Africa
Spain
Sweden
Switzerland.
Turkey
United. Kingdom
U. S. S. R...
Yugoslavia..
4H
3.29
3
5
Date
effective
Albania
63^ Jan. 2, 1937
Argentina. _.
Mar. 1, 1936
Austria
% July 10, 1935
Belgium
May 16, 1935
2
Bolivia
July 5, 1932
6
British India
Nov. 28, 1935
3
Bulgaria.._
Aug. 15, 1935
6
Canada
2V2 Mar. 11, 1935
Chile
Jan. 8, 1936
3*-4*
Colombia...
July 19, 1933
4
Czechoslovakia
3
Jan. 1, 1936
Danzig
4
Jan. 2, 1937
Denmark
4
Nov. 19, 1936
Ecuador
4
Nov. 30, 1932
El Salvador.
5
July 5, 1934
Estonia
4 3 ^ Oct. 1, 1935
Finland
4 Dec. 3, 1934
France
4 Jan. 28c, 1937
Germany
4
Sept. 22, 1932
Greece
6
Jan. 4, 1937
Hungary
4
Aug. 29, 1935
234
4
5
5
4
Rate
Feb.
27
»M
Date
effective
May
Apr.
Jan.
Nov.
July
Dec.
18, 1936
7, 1936
14, 1937
1, 1936
1, 1936
3, 1936
5lA
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
2
4
6
5
4X
4H
.»
2H
2
5
3
<• Corrected.
9
2
2
4
4
4
4^
2
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
N e t h e r l a n d s (Amsterdam)
G e r m a n y (Berlin)
Bankers
Day-to-day allowance
money
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
1936—January...
February..
March
April
May
June
July
August
September.
October. __
November.
December.
3.00
3.00
3.00
3.00
2.92
2.88
2.88
2.88
3.00
2.94
3.00
3.00
3.09
2.97
3.07
3.04
2.89
2.74
2.73
2.84
2.89
2.82
2.84
2.81
2.77
2.99
2.83
2.76
2.67
2.96
3.01
3.01
2.82
2.79
3.05
2.37
1.31
1.20
1.19
2.27
4.05
2.04
1.37
1.33
2.03
1.00
P. 80
1937—January.. _
3. 00
2.88
2.54
P.
Month
1936—January
February...
March
April
May
June
July
August
September..
October . . .
November..
December..
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
2.48
2.37
2.26
2.25
2.25
2.25
2,25
2.25
1.98
1.69
1.46
1. 25
1.52
1.45
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.29
1.00
1.00
4.26
3.81
3.74
5.03
5.60
5.60
3.30
3.00
3.38
2.52
1.96
1.99
5.00
5.00
5.00
5.00
4.78
4.50
4.50
4.50
4.50
4.50
4.50
4.50
Sweden
(Stockholm)
Hungary
Prime
commercial paper
up
Day-to-day Loans
to 3
money
months
2%
2X
2U
A
-63/ 2
%y
1
23^2-43/2
2yAy
Money for
1 month
2.29
1.63
1.68
1.27
1.82
3.95
1.73
1.20
1.29
2.51
1.55
56
J a p a n (Tokyo)
Call
Discounted
money
bills
overnight
5.11
5.11
5.11
4.97
4.93
4.83
4.75
4.75
4.75
4.75
4.75
4.75
2.64
2.56
2.87
3.11
2.73
2.63
2.53
2.69
2.81
2.92
2.86
2.74
Preliminary.
Corrected.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p 503- November 1929 p 736, and
May 1930, p. 318.
275
FEDERAL RESERVE BULLETIN
MARCH 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—FebruaryMarch
April
May
June
July
August
September.
October
November.
December.
1937—January...
Year or month
1929
1930
1931
1932
1933
1934
1935
1936
1936—February
March
April
May
June
July
August
September
October
November
December
1937—Januaryi
Argentina
(peso)
95.127
83. 505
66.738
58.443
72. 801
33. 579
32. 659
33.137
33. 329
33.135
32.954
33. Ill
33.418
33. 489
33. 503
33.611
32. 667
32. 583
32.718
32. 718
Australia
(pound)
480.83
458. 60
351. 50
279. 93
337. 07
400. 95
388. 86
395. 94
398. 06
396.01
393. 72
396.09
399. 99
400.15
400. 34
401. 06
390. 33
389. 54
390. 99
390. 98
Czecho- D e n slovakia mark
(koruna) (krone)
2.9609
2. 9640
2.9619
2.9618
3. 8232
4. 2424
4.1642
4.0078
4. 1936
4.1637
4.1359
4. 1432
4. 1375
4. 1497
4. 1318
4.1319
3. 6474
3. 5380
3. 5200
3. 4922
Year or month
^hTnd
(pound)
1929
1930
1931
1932
1933
.
1934
1935
1936
1936—February..
March
April
May
June..
July
August
September.
October
NovemberDecember .
1937—January...
483.21
468. 22
415.29
320.19
340. 00
402. 46
391. 26
398. 92
401.15
399. 08
396. 80
399. 02
402. 84
403. 26
403. 42
403.97
393. 25
392.36
393. 87
393. 82
26. 680
26. 765
25. 058
18. 832
19.071
22. 500
21. 883
22.189
22. 321
22.190
22. 064
22. 184
22. 405
22. 419
22. 434
22. 480
21. 866
21.818
21. 907
21.S08
26. 683
26.760
25. 055
18.004
21.429
25.316
24. 627
24. 974
25. 121
24. 974
24. 834
24. 969
25. 218
25. 233
25. 249
25. 304
24. 608
24. 555
24. 656
24. 658
Austria
(schilling)
14. 058
14.089
14.023
13.960
15. 448
18. 793
18. 831
18.792
18. 971
18.855
18. 724
18. 722
18. 759
18. 848
18. 838
18. 845
18. 732
18.687
18. 692
18.682
Belgium
(belga)
Brazil (milreis)
Official
13.912 11.8078
13.952 10.7136
7. 0290
13.929
7.1223
13.914
17. 900 7. 9630
23. 287 8. 4268
18. 424 8.2947
8.5681
16.917
17. 042 8.3803
8. 4871
16.979
8. 5564
16.915
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
Free
market
British
India
(rupee)
Bulgaria
(lev)
5. 8367
5. 8901
5. 8452
5. 8631
5. 9525
6. 0812
36. 202
36. 067
33. 690
26. 347
31.816
37. 879
36. 964
37.523
37. 734
37. 510
37.315
37. 504
37. 872
37. 889
37. 931
38. 017
36. 991
36.913
37. 088
37. 094
Germany
(reichs-
Greece
(drachma)
23. 809
23. 854
23. 630
23. 749
30. 518
39. 375
40. 258
40.297
40. 687
40. 439
40. 238
40. 285
40. 273
40. 321
40. 221
40.083
40.196
40. 223
40. 230
40. 225
1. 2934
1. 2959
1. 2926
.8320
.7233
.9402
.9386
.9289
.9509
.9457
.9389
.9338
.9316
.9400
.9387
.9347
.8965
.8935
.8973
Canada
(dollar)
.7216
.7209
.7163
.7193
1. 0039
1. 2852
1. 2951
1. 2958
1.3380
1. 2902
1. 2812
1. 2844
1. 2838
1. 2913
1. 2988
1.2978
1. 2848
1.2795
1. 2779
1. 2873
Chile
(peso)
Colombia
(peso)
Cuba
(peso)
96.551
96.493
96. 570
95. 275
81.697
61. 780
56. 011
57. 083
58. 268
57. 224
57.002
57.004
56.900
56.900
56. 900
56. 505
56. 501
57.097
57. 390
57. 390
99.965
99.952
99. 930
99. 941
99. 946
99.936
99.920
99.909
99.921
99. 903
99. 903
99.900
99.900
99.900
99.904
99.901
99. 924
99. 916
99. 916
99. 917
Mexico
(peso)
Netherlands
(florin)
48.183
47.133
35.492
31. 850
28.103
27.742
27. 778
27. 760
27. 769
27. 767
27. 768
27. 763
27.764
27.765
27. 753
27. 753
27. 747
27.750
27. 750
27. 750
40.162
40. 225
40. 230
40. 295
51. 721
67.383
67. 715
64. 481
68.677
68. 353
67.885
67. 634
67. 686
68.078
67.904
66. 250
53. 632
53.991
54. 566
54. 752
P o r t u - Ruma- South Spain Straits
w e - Switz- Turkey United
King- UruSettle- Sden
Poland
Africa
gal
nia
guay
erland
dom (peso)
ments
(zloty) (escudo)
(leu)
pound) (peseta) (dollar) (krona) (franc) (pound) (pound)
Yugoslavia
(dinar)
Egypt F i n l a n d France
(pound) (markka; (franc)
498. 07
498. 60
465.11
359. 54
434. 39
516. 85
502. 60
509. 68
512. 70
509.66
506. 78
509. 55
514. 62
514. 95
515. 32
516. 76
502. 24
501. 17
503. 20
503.17
11.194
11.205
11.197
11.182
14.414
18.846
18.882
18. 875
19. 132
18.962
18.826
18. 792
18.800
18.915
18. 827
18. 824
18.828
18.825
18. 853
18. 924
2. 5160
2.5169
2. 3875
1.5547
1. 8708
2. 2277
2.1627
2.1903
2. 2063
2.1928
2.1807
2.1901
2. 2098
2. 2106
2.2118
2. 2173
2.1578
2.1531
2. 1611
2.1607
3.9161
3. 9249
3.9200
3. 9276
5.0313
6. 5688
6.6013
6.1141
6. 6810
6. 6338
6. 5898
6. 5858
6. 5934
6. 6202
6. 5853
6. 3409
4. 6662
4. 6472
4.0675
4. 6672
4.4714
4.4940
4. 2435
3. 1960
3. 9165
4. 6089
4. 4575
4. 5130
4. 5489
4. 5155
4. 5092
4.5115
4. 5455
4.5568
4.5558
4. 5586
4. 4475
4. 4373
4. 4514
.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7632
.7377
.7330
.7309
.7273
.7279
.7317
.7315
.7309
.7289
.7285
4. 4487
.7273
5. 8788
mark)
483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
485. 05
494. 51
491. 56
488. 76
491. 59
496. 53
497.07
497.19
497. 99
484. 32
483.43
485. 33
485. 40
14. 683
11.667
9.545
8.044
10. 719
13.615
13. 678
'12. 314
13.841
13. 745
13. 654
13. 645
13. 659
13.714
13. 643
'12. 347
8.954
' 8.798
7.727
7.099
99. 247 12.0601
99. 842 12. 0785
96. 353 12. 0669
88. 090 7. 9079
91. 959 7. 6787
101. 006 10.1452
99. 493 5.0833
99.913
5.1240
100.114
5.0950
99. 842 5.0930
99. 502 5. 0853
99. 806 5. 0775
99. 721 5. 0659
99. 900 5.1243
99. 978 5.1725
100.017
5.1691
100.022
5.1727
100.120
5.1688
100. 062 5.1719
99. 960 5.1726
China
(yuan)
Hong
HunKong
gary
(dollar) (pengo)
47.167
33.853
24. 331
23.460
29. 452
38. 716
48.217
31.711
32. 796
32. 562
32. 525
32.463
32. 260
32.040
31.152
31.104
30. 359
30.462
30. 540
30. 566
56. 012
55. 964
52.445
40. 397
49. 232
59.005
57.173
58. 258
58. 553
58. 243
57. 939
58. 240
58.833
58. 873
58.916
59.095
57.446
57.314
57. 544
57. 549
17. 441
17.494
17. 452
17. 446
22. 360
29.575
29. 602
29. 558
29. 786
29. 617
29.478
29. 424
29. 458
29. 492
19.777
19.772
19. 774
19. 776
19. 778
19. 776
26.784
26. 854
25. 254
18. 471
22. 032
25. 982
25. 271
25. 626
25. 778
25. 626
25. 482
25. 619
25. 877
25. 893
25.910
25.965
25. 253
25.196
25. 300
25. 301
Italy
(lira)
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8. 5617
8. 2471
7. 2916
8.0373
7. 9830
7. 8936
7. 8560
7. 8645
7. 8845
7.8673
7.8514
5.5299
5. 2603
5. 2609
5. 2610
41.901
29.917
22. 437
21. 736
28. 598
34. 094
36. 571
29. 751
29. 912
29. 824
29. 734
29. 690
29. 890
29. 967
30.048
29. 940
29.331
29.466
29. 525
29. 654
Japan
(yen)
46.100
49.390
48. 851
28. Ill
25. 646
29.715
28. 707
29. 022
29.130
28. 938
28. 869
29. 075
29. 392
29.326
29.404
29. 414
28. 609
28. 559
28. 512
28. 537
48.411
47. 061
47.181
47. 285
60.440
79.047
80.312
80. 357
81. 303
80. 818
80. 284
80. 278
80.270
80. 355
80. 272
80.145
79. 834
79. 883
80.162
22. 936 80. 156
19. 279
19. 382
19.401
19. 405
24. 836
32. 366
32.497
30.189
33.033
32. 821
32. 580
32. 391
32.425
32. 724
32. 599
31.418
22.993
22. 984
22. 985
485. 69
486. 21
453. 50
350. 61
423. 68
503. 93
490.18
497.09
500. 05
497. 07
494. 27
496.97
501.92
502. 25
502. 59
503. 63
489. 84
488.80
490. 78
490.75
98. 629
85.865
55. 357
47.064
60. 336
79. 956
80. 251
79. 874
80. 258
80. 022
79. 769
79. 720
79. 709
79.820
79. 719
79. 679
79.857
80.045
80.000
78. 926
1. 7591
1. 7681
1. 7680
1. 6411
1.7607
2. 2719
2. 2837
2. 2965
2. 3196
2. 3030
2. 2882
2. 2866
2. 2871
2. 2985
2.2926
2. 2912
2. 2956
2. 2990
2. 3003
2. 3022
•• Revised.
NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina, Austria, Brazil (official rate), B ulgaria,
Chile, Colombia, Hungary, and Uruguay—since April 1933; Australia, New Zealand, and South Africa—since April 1934; Czechoslovakia — Sept.
26-Oct. 10, 1936; Finland—Sept. 26-Oct. 15, 1936; Greece—since Sept. 26, 1936; Italy—Nov. 23, 1935-Apr. 1, 1936, and Oct. 2-3, 1936; Japan—since Jan.
9, 1937; Poland—Apr. 28-Aug. 4 and Sept. 26-Oct. 24, 1936; Portugal— since Sept. 26, 1936; Rumania—since Aug. 8, 1936; Spain—since July 31, 1936;
Turkey—since July 25, 1936; Yugoslavia— since Aug. 11, 1936. In September 1936 exchange quotations on all other countries, with the exception of
Canada, Egypt, Straits Settlements, and United Kingdom, were partly nominal; and quotations were unavailable on two days for Turkey, and
on one day for Colombia, Egypt, Spain, and Straits Settlements.
Changes have occurred in the basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of
latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. Brazil—Free market rate quoted in addition to official rate
beginning Aug. 3, 1936. Average free market rate for 1936 is for Aug. 3-Dec. 31. China—Beginning Apr. 10, 1933, new yuan, containing 23.4934
grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31;
average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. Hungary—Reported on new basis beginning August 3, 1936. Average for 1936 is for rates
reported on old basis for Jan. l-Aug. 2; average for rates reported on new basis for Aug. 3-Dec. 31 was 19.775 cents (corrected).
276
FEDERAL RESERVE BULLETIN
MARCH 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 _
(1926 = 100)
(1926 = 100)
100
95
97
95
86
73
65
66
75
80
81
100
98
96
96
87
72
67
67
72
72
81
81
81
81
81
72
72
73
73
73
81
81
80
80
79
79
81
82
82
82
82
84
86
_
1935—August
_.
_ _ .
September
October _
November
December
1936—January .
February
March._
April
May .
June
July
August
September
October
November
December
Canada
.
__ _
1937—January
United
Kingdom
(1930 = 100)
France
(1913 = 100)
Germany
(1913=100)
695
642
645
627
554
502
427
398
376
338
134
138
140
137
125
111
97
93
98
102
104
88
90
91
91
91
330
332
342
348
354
102
102
103
103
103
73
73
72
72
72
72
74
76
76
77
77
80
92
92
92
92
92
93
94
95
96
98
98
101
359
372
376
371
374
378
391
403
420
471
492
519
104
104
104
104
104
104
104
105
104
104
104
105
81
103
537
105
100
88
86
86
88
94
p Preliminary.
«= Corrected.
i Official index of the Istituto Centrale di Statistica, published in Bolletino Mensile di Statistica.
are not available.
Netherlands
Japan
Italy
(1928=100)1
(October
1900 = 100)
(1926-30100)
237
225
226
220
181
153
161
180
178
106
103
102
100
90
76
65
63
63
62
69
183
189
194
194
192
61
62
63
63
63
74
75
75
76
76
76
75
76
77
77
78
192
191
191
192
192
194
197
197
201
200
204
215
62
62
62
61
61
62
62
63
63
68
70
71
233
73
95
85
75
70
63
62
68
P78
Figures for September to December 1935
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month
Farm
products
Foods
Other
commodities
Unit
(193O^?Oof°m
Foods
100
99
106
105
88
65
48
51
65
79
81
100
97
101
100
91
75
61
61
71
84
82
100
94
93
92
85
75
70
71
78
78
80
100
89
88
83
85
87
92
1935—October
November..
December..
78
78
78
85
85
86
78
79
79
1936-January
February...
March
April
May
June
July
August
September..
October
November..
78
80
77
77
75
78
81
84
84
84
85
89
84
83
80
80
78
80
81
83
83
83
84
86
79
79
79
79
79
79
80
80
80
80
81
82
1937—January.: __
91
87
83
1926
1927
1928
1929
1930
1931.
1932
1933
1934
1935
_
_
_.
1936
France (1913 = 100)
Farm
Indus- AgriculIndustrial
and food
trial
tural
products products products products
Provisions
Industrial raw Indusfinand semi- trial
ished
finished products
products
100
87
85
87
90
90
96
581
599
584
579
526
542
482
420
393
327
P426
793
678
697
669
579
464
380
380
361
348
129
138
134
130
113
104
91
87
96
102
105
132
129
133
125
113
96
86
75
76
84
86
130
132
134
132
120
103
89
88
91
92
94
150
147
159
157
150
136
118
113
116
119
121
89
88
89
92
93
93
331
338
350
351
357
356
104
105
105
84
84
84
93
93
93
119
119
119
89
88
87
87
88
89
90
94
95
98
97
99
93
94
94
94
94
94
96
96
97
97
99
102
364
391
396
385
392
394
405
425
449
487
500
522
355
356
358
359
358
364
378
384
396
457
484
516
105
105
105
105
105
106
106
106
105
104
103
104
84
85
85
85
85
85
85
85
86
86
86
91
93
94
94
94
93
93
93
94
94
95
95
96
120
120
120
120
121
121
121
121
122
122
123
123
105
532
103
93
97
123
p Preliminary.
Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678.
Germany (1913 = 100)
277
FEDERAL RESERVE BULLETIN
MARCH 1937
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
States
Germany
(191314=100)
United
States
(1923-25 =
100)i
England
(July
1914=100)
105
100
82
68
66
74
80
82
161
156
157
154
145
131
126
120
122
125
130
554
557
549
611
614
611
536
491
481
423
H70
146
153
153
156
146
131
116
113
118
120
122
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1936—January
February
March
April ___
May
June _—
July
August
September
October
November
December
82
81
80
80
80
84
84
84
84
83
83
83
131
130
129
126
125
126
129
129
131
132
136
136
441
446
446
443
456
458
446
460
483
504
520
534
122
122
122
122
122
123
124
124
122
122
121
121
1936— January
February
March
April
May
_.
June
July
_.._
August
September
October
November
.. 937—January
85
136
562
121
Year or month
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
_
__
_
France
(July
1914=100)
Year or month
.
(192325=100)
.
England
(July
1914=100)
103
102
100
99
97
89
80
76
78
81
170
164
166
164
158
148
144
140
141
143
147
81
147
147
146
144
144
144
146
146
147
148
151
151
81
82
82
82
1937— January
France
Germany
(Jan.-June
(19131914=100)
14=100)
505
514
519
556
581
569
526
520
516
483
142
148
152
154
148
136
121
118
121
123
125
P507
124
124
124
124
124
125
125
125
124
124
124
124
486
497
504
540
125
151
v Preliminary.
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.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Ge'ne'rale, and for cost of living, Commission d'gtudes
relatives au cotit de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average=100)
Bonds
United
States
(average
price)1
Year or m o n t h
N u m b e r of issues
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
.
1936—January
February
March
April
May
June . . . .
July
August
September __..
October
November
,_
December
1937—January
60
- -
_
France
Germany
England
(December (1913 aver- (average
1921 = 100)2 age =100)
price) 2
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
P131. 2
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83. 5
P76 3
95.3
97.2
96.6
95.9
95 5
96.2
97.1
97.7
98.6
99.6
99.8
99.9
130.1
131.0
130.2
131.5
131.1
130.6
131.0
131.6
132.1
132.9
132.0
130.9
100.3
129.7
139
United
States
419
England *
278
France
300
Germany
329
85.5
81.4
83.3
» 83.4
»67.1
82.5
90.7
95.3
95.8
100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111. 1
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86 3
*97. 0
100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7
J»77. 2
100.0
145.0
136.1
122.8
100.2
'78.0
3 50.3
61.7
71.1
82.9
91.6
78.9
77.9
75.2
75.8
74.7
73.8
73.2
73.2
75.2
80.8
78.8
78.4
95.1
95.2
95.3
95.3
95.5
95.8
95.9
96.1
96.1
96.2
96.3
96.4
100.1
106.1
108.7
108.9
101.0
105.6
109.2
113.0
114.1
118.7
124.2
123.1
93.1
95.2
94.1
95.5
93.8
94.0
94.7
97.3
98.2
102.1
103.2
103.5
83.7
86.7
84.1
82.8
71.2
66.1
59.2
58.8
65.7
83.7
89.7
94.8
84.2
86.0
85.6
88.3
91.1
93.2
94.6
93.4
91.8
97.2
97.8
96.7
77.5
96.7
126.4
104.2
114.6
97.8
p Preliminary.
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
i Annual indexes are unweighted averages of monthly indexes.
• Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394.
1
FEDERAL RESERVE DIRECTORY
279
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
JOHN K. MCKEB
CHESTER C. DAVIS
JOSEPH A. BRODERICK
M. S. SZYMCZAK
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
E. L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
GEORGE L. HARRISON, Vice Chairman
JOSEPH A. BRODERICK
CHESTER C. DAVIS
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
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 (NEW YORK)
District No. 3 (PHILADELPHIA)
. W. W. ALDRICH.
District No. 4 (CLEVELAND)
. L. B. WILLIAMS.
District No. 5 (RICHMOND) . . . . .
District No. 6 (ATLANTA)
.THOMAS M. STEELB.
HOWARD A. LOEB,
V ice-President
CHARLES M. GOHBN.
. EDWARD BALL.
District No. 7 (CHICAGO)
EDWARD E. BROWN.
District No. 8 (ST. LOUIS)
WALTER W. SMITH,
District No. 9 (MINNEAPOLIS) . . .
JOHN CROSBY.
President.
CHESTER MORRILL, Secretary
District No. 10 (KANSAS CITY) . . W. T. KEMPER.
WALTER WYATT, General Counsel
. R. E. HARDING.
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO) . .. PAUL S. DICK.
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
' JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open
Market Account
280
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of—
Chairman and Federal
Reserve Agent
President
Vice Presidents
First Vice President
Boston . _
F. H. Curtiss
R A. Young
W . W. Pftddonk
New York.
Owen D. Young*
G L. Harrison..
Allan Sproul
W. Willett.«
_ W. R. Burgess.
W. S. Logan.
J. H. Williams.
R. M. Gidney.
L. W. Knoke.
0. H. Coe.
R. L. Austin..
Philadelphia
J. S. Sinclair..
C. A. Mcllhenny.»
F. J. Drinnen.
W
T T>QTT1C
E. C. Hill.
Cleveland—
E. S. Burke, Jr
M . J. Fleming
F. J. Zurlinden
H. F. Strater.
W. H. Fletcher.
W. F. Taylor.*
Richmond
Robert Lassiter
Hugh Leach
J. S. Walden, Jr..
R. H. Broaddus.
J. G. Fry.
G. H. Keesee.*
Atlanta
W . H. Kettigt
R S. Parker
H. F. Connifl.
L M. Clark.
W. S. McLarin, Jr.«
Chicago
R. E. Wood*
St. Louis
W . T. Nardin
Minneapolis...
W . B. Geery
J. N. Peyton...
0. S. Powell
Kansas City
J. J. Thomas__
G H. Hamilton
C. A. Worthington.... A. M. McAdams.
Dallas
C. C. Walsh
B A. McKinney
San Francisco
A. 0. Stewart
W .A. Day
. . . Os car Newton
_ W. H. Snyder.'
C. S. Young.
J. H. Dillard.
G J. Schaller
H P. Preston.
. W . McC. Martin
O M. Attebery
J. S. Wood.
J. G. McConkey.
Harry Yaeger.
E. W. Swanson.
1
Deputy chairman.
J. W. Helm.«
R Gilbert
In i Clerk .
* Cashier.
. _.
R. B. Coleman.•
W. J. Evans.
S. G. Sargent.
W. M. Hale.
C. E. Earhart.*
• Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch..
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch
Managing director
R. M. O'Hara.
B. J. Lazar.
G. H. Wagner
W. R. 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.
281
FEDERAL RESERVE DISTRICTS
IOWA
KANSAS CITY^
cu.V\ /
r
1
1
KANS.
-r-
OKLA.
Oklahoma City
L..,
1
Jll
DALLAS®
TEXAS
— BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORJES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
CH1CAG
11
M
°ST. LOUIS ^
@FedFRASER