Full text of Federal Reserve Bulletin : May 1937
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FEDERAL RESERVE
BULLETIN
MAY 1937
Current Banking Developments
Recent Price Changes
Statistics of International Capital Movements
Statistics of All Banks in United States
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
TABLE OF CONTENTS
PAGE
Review of the month—Current banking developments—Recent price changes
377-386
National summary of business conditions
387-388
Summary of financial and business statistics
390
Law Department:
Amendment No. 9 of Regulation T—Effective April 23, 1937
391
Rulings of the Board:
Necessity of reserves against deposits securing loans of Government securities
391
Quorum of trust investment committee of national bank; written approval of transactions by majority
of committee without meeting of committee
391
Investment of funds of various trusts by national bank in notes constituting part of series secured by
same deed of trust
392
Renewal of real estate mortgage notes held by trusts of national bank at time of effective date of latest
revision of Board's Regulation F
392
Application of Regulation U to a loan to a securities dealer for the purpose of purchasing both registered
and unregistered stocks
392
Statistics of international capital transactions of the United States
394-431
Balance of international payments of the United States
432
Statistics of all banks in the United States
433-439
Revision in weekly report of member banks in leading cities
440
Annual Report of the German Reichsbank
441-447
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
450
Federal Reserve bank statistics
451-455
Reserve position of member banks; deposits in larger and smaller centers
456
Money in circulation
457
Gold stock and gold movements
458
All banks in the United States
459
All member banks
460-461
Reporting member banks in leading cities
462-465
Bank suspensions; bank debits; Postal Savings System
466
Acceptances, commercial paper, and brokers' balances
467
Federal Reserve bank discount rates
468
Money rates and bond yields
469
Security markets
470
Treasury finance
471
Governmental corporations and credit agencies
472-473
Production, employment, and trade
--__ 474-482
Wholesale prices
483
International financial statistics:
Gold reserves of central banks and governments
486
Gold production
487
Gold movements
487-488
Central banks
489-492
Bank for International Settlements
492
Commercial banks
493
Discount rates of central banks
494
M oney rates
494
Foreign exchange rates
495
Price movements:
Wholesale prices
496
Retail food prices and cost of living
497
Security prices
497
Federal Reserve directory:
Board of Governors and staff; Open market Committee and staff; Federal Advisory Council
500
Senior officers of Federal Reserve banks; managing directors of branches
501
II
FEDERAL RESERVE BULLETIN
VOL. 23
MAY 1937
REVIEW OF THE MONTH
During the month of April, open-market
operations of the Federal Reserve System resulted in an increase in ReOpen-market
serve bank holdings of United
operations
States Government securities.
During the preceding period
of over three years, open-market operations
had effected shifts in maturities in the System's portfolio but had not increased or
diminished the total holdings. In February
and March, prices of United States Government and corporate bonds had shown sharp
declines as the result of a considerable volume of sales, which, with other developments,
had exerted an unfavorable influence on the
capital market and resulted in a sharp reduction in flotations of new securities.
In these circumstances the Federal Open
Market Committee on April 4 adopted the
open-market policy set forth in the following
statement issued at the close of the meeting:
"With a view (1) to exerting its influence
toward orderly conditions in the money market and (2) to facilitating the orderly adjustment of member banks to the increased
reserve requirements effective May 1, 1937,
the Open Market Committee of the Federal
Reserve System is prepared to make openmarket purchases of United States Government securities for the account of the Federal Reserve banks in such amounts and at
such times as may be desirable. This purpose is in conformity with the policy announced by the Board of Governors of the
Federal Reserve System in its statement on
January 30, 1937, which declared, with refer-
No. 5
ence to the increase in reserve requirements,
that by this action the System would be
placed in a position where such reduction or
expansion of member bank reserves as may
be deemed in the public interest may be
effected through open-market operations."
Between April 4, when this statement
was issued, and April 28, the Federal Reserve System increased its holdings of
United States Government obligations by
$96,000,000.
When the Board of Governors on January
30 increased member bank reserve requirements to the full extent authorized by law,
this action was taken for the purpose of
removing from the credit base a large volume of unnecessary reserves arising entirely
from the inflow of gold from abroad and constituting the basis of a possible injurious
credit expansion. So long as member banks
had a volume of reserves far in excess of
legal requirements, the customary instruments of credit policy, open-market operations and discount rates, were wholly ineffective. This was for the reason that
withdrawals of reserves through open-market
sales could have been met by member banks
out of excess reserves without the necessity
of borrowing from the Reserve banks.
Through the elimination of about $3,000,000,000 of excess reserves, the Federal Reserve System was brought into closer contact
with the market and was placed in a position
where sales or purchases in the open market
could tighten or ease credit conditions in
accordance with the public interest. In this
way open-market operations, a far more flexible instrument of credit policy than changes
377
378
FEDERAL RESERVE BULLETIN
in reserve requirements, have once more become an effective means of exerting the System's influence on credit conditions.
In the statement issued at the time when
reserve requirements were increased, the
Board announced that the Federal Reserve
System proposed to continue its policy of
exerting its influence toward the maintenance
of easy money conditions for the encouragement of full economic recovery. In harmony
with this policy, when disturbed conditions
developed in the money market in March,
the Federal Open Market Committee decided
to increase the System's portfolio of United
States Government obligations for the purpose of preventing disorderly conditions in
the money market, and also facilitating the
adjustment of member banks to the final
increase in reserve requirements.
M A Y 1937
tive gain. The following table, showing the
reserve position of the different classes of
member banks for the week of April 23, indi:ates that for each class of bank taken as a
whole excess reserves for that week were
larger than the 14 2/7 percent by which
requirements increase on May 1.
ESTIMATED RESERVE POSITION OF MEMBER BANKS
Daily averages for week ending April 23. Dollar amounts in millions]
Excess reserves
Reserve Required
balances reserves
Amount
Central reserve city banks:
New York City
Chicago
Reserve city banks
Country banks
,__
All member banks
2,768
608
2,201
1,311
2,202
473
1,715
566
135
421
5,280
Percent
of
required
29
28
47
30
Excess reserves of member banks, which Total loans and investments of weekly
after the increase of 16% percent in reserve reporting member banks in leading cities
showed little change in the
requirements went into effect on
first
three weeks of April,
Excess
March 1 were $1,300,000,000, in- Member bank
credit
following
a sharp decline in
reserves creased substantially in April, and
March.
The
March decline
on April 28 were about $1,640,000,reflected
a
substantial
reduction
in holdings
000. Several factors contributed to this
of
Government
obligations,
following
smaller
growth in reserves. The Treasury's balance
decreases
in
other
months
since
last
July.
at the Reserve banks, which had increased
For
the
period
from
January
6
to
April
21
from about $200,000,000 at the beginning of
taken
as
a
whole
the
amount
of
United
States
March to over $300,000,000 on March 31,
declined to below $100,000,000 by the end of Government direct obligations held by reApril, and these disbursements by the Treas- porting member banks declined by $860,000,ury added to the reserves of member banks. 000, most of which was in the central reserve
The increase in the Reserve System's hold- cities of New York and Chicago. Holdings by
ings of Government securities of $96,000,- banks in other leading cities declined in
000 also resulted in additions to member March but increased slightly in April.
bank reserves. Member bank deposits de- Decrease in the investment portfolio of
clined in the period, largely as a result of banks in recent months has been accomreductions in bank holdings of Government panied by an increase in all types of loans.
securities, and this reduced by about $60, Increases in real estate loans, loans to banks,
000,000 the volume of reserves that member and loans on securities to customers have
banks were required to carry.
been relatively small, and loans on securities
While all classes of member banks shared to brokers and dealers have shown rather
in this growth of excess reserves, the central wide fluctuations. Most of the increase in
reserve city banks showed the largest rela- bank loans has reflected extension of credit
MAY
1937
FEDERAL RESERVE BULLETIN
for commercial, industrial, and agricultural
purposes, as indicated by a further growth in
so-called "other" loans and by increased
holdings of open-market paper. Holdings of
acceptances and commercial paper bought by
banks outside of New York City increased by
$76,000,000 from the first of the year to
April 21, while banks in New York City
showed a decrease of $35,000,000 in their
holdings. In the first quarter of the year an
additional $100,000,000 of bankers' acceptances and commercial paper became available in the market for bank purchase.
379
ances due to domestic banks, after declining
in the latter part of February and in March,
owing mainly to withdrawals to meet the
March 1 increase in reserve requirements
and the payment of Federal taxes by depositors, showed little change in the first three
weeks of April. Increases occurred during
March and April in deposits due to foreign
banks, reflecting an inward movement of
short-term funds from abroad.
Prices of bonds, following sharp declines
in March and early April, recovered somewhat and at the end of April were
Security slightly above the lows reached
markets early in the month. Yields on
long-term United States Government bonds in April averaged about 2% percent, or about V2 percent above the low level
of December. Corporate bond prices, which
had moved downward from the middle of
January to April 9, rose somewhat in the
middle of April. Prices of lower grade bonds
declined again in the last part of the month,
while the highest grade issues remained firm.
Yields on high-grade corporate bonds, as
compiled by Moody's Investors' Service, averaged about 3.40 percent in April, approximately % percent above the January low.
Moody's Baa bond-yield average of 4% percent for the month, was likewise approximately % percent above the January low.
During the past year so-called "other"
loans, which may be considered as roughly
indicative of the extension of bank credit for
commercial, industrial, and agricultural purposes, have increased steadily, except for a
decline in January of this year. From early
February to April 21 their growth amounted
to $360,000,000, about half of which was in
New York City and the other half was spread
over all the Federal Reserve districts with
the largest percentage increases in the districts of Cleveland, New York (outside New
York City), Atlanta, and Chicago. Such
loans usually increase in the early spring, but
the increase has been larger this year than
is usual for the season and larger than during the corresponding period of 1936. This
year the increases in the agricultural districts of Atlanta, St. Louis, Kansas City, and
Dallas were considerably larger than those Stock prices and activity in the stock marduring the same period a year ago.
ket have both declined since the second week
of March when prices reached a new high
Demand deposits, other than Government level. In the last week of April average
and interbank deposits, declined somewhat in prices of common stocks reached the lowest
April at New York City banks, reflecting in level since early last autumn.
large part the sale of Government securities
to depositors. At reporting member banks The amount of credit extended to cusin other cities, there has been little change in tomers by brokers carrying margin accounts,
deposits since the end of last year, except for after increasing by $200,000,000 in the six
wide fluctuations in Chicago around April months ending with February, increased fur1. Time deposits have shown moderate in- ther during March by about $65,000,000 to
creases this year in New York City. Bal- a new high level since 1931.
380
FEDERAL RESERVE BULLETIN
MAY
1937
Prices of industrial raw materials and
semifinished goods advanced from October to
March more than those of finished goods,
increases in nonferrous metals, iron and
steel, lumber, wool, hides, and rubber being
particularly large. Building materials as a
group increased sharply. Grains, livestock,
and other farm products also advanced in this
period and foods showed some increase.
The general advance in prices from October to March was the result chiefly of a
large volume of domestic and foreign buying, both for industrial and armament purposes. Increased purchases by consumers,
replenishment of stocks of goods by manufacturers and distributors, and additions to
plant and equipment were important factors
Between October 1936 and March 1937
there was a general advance in wholesale com- in the increased demand. During this period
modity prices for the first production increased, in some instances to
Recent course
time since the summer of capacity levels, but the increase in orders was
of domestic ^
•< ooo
I n c r e a s e s in 1934 larger. Consequently a considerable volume
of unfilled orders accumulated and in many
commodity prices
and in the summer of 1936 instances buyers were not able to obtain
had reflected for the most part rising prices prompt deliveries. These conditions brought
of agricultural products. In March 1937 about price advances and stimulated specuwholesale prices for both agricultural and lative buying, particularly of basic raw maindustrial products were at the highest level terials and semifinished products. Increases
since the middle of 1930, as is shown in the in prices of raw materials have resulted in
chart.
increased costs for manufacturers of finished
WHOLESALE PRICES
products, except to the extent that materials
1926= 100
used had been purchased earlier at lower
levels. Costs have also been increased by
advances in wage rates, and to some extent
by the increasing use of less efficient plant
and equipment. Fuel prices generally have
shown little change, and in some instances
costs have been reduced by refunding operations, reductions in freight rates, and fuller
utilization of plant. Output of many minerals and manufactures is being expanded to
meet increased demands and production of
new and more efficient machinery has con40
40
tinued to increase.
The advance in prices of agricultural com20
1921
1923 1925 1927 199.9 1931 1933 1935
modities has reflected increased consumer
Monthly indexes of Bureau of Labor Statistics. Figures for April incomes and reduced supplies resulting in
1937, the latest month shown, are estimated.
In March industrial activity and employment continued to increase, the volume of
unfilled orders on producers'
Business
books remained at a high
developments
level, and commodity prices
in March
.
,
..
, -. ,
and April
showed a further marked advance. During April prices
of commodities traded in on organized exchanges declined considerably both in this
country and abroad, and the general level of
domestic prices decreased slightly, while industrial production continued at about the
March level. Further details concerning
business developments in March and April
are given in the national summary of business
conditions on page 387.
MAY 1937
FEDERAL RESERVE
381
BULLETIN
rials or international commodities in general
appear to be the chief factor in the rise.
Typical commodities are nonferrous metals,
iron and steel, timber, rubber, textile fibers,
and cereals. .In Japan, where the decline in
As a result of recent increases in wage
the exchange value of the currency has gone
rates, payrolls have continued to increase
farthest, prices are now 10 percent above
more than the number of persons employed.
the 1929 level. The rise in England and
In the two years prior to October 1936 the
Sweden has been less rapid, but in both these
more rapid increase in payrolls than in emcountries the price level of industrial raw
ployment had reflected chiefly increases in the
materials and semimanufactures is now as
average number of hours worked. Since last
October average hours for manufacturing in- high as in December 1929, and wholesale
dustries as a whole have remained practically prices in general are at levels, relative to
unchanged at slightly over 40 hours per week. the predepression period, well above those
Currently employment and payrolls in manu- in the former gold-bloc countries.
part from the drought last summer. Reports
on intentions to plant indicate that crops this
season may be considerably larger than in
1936, partly in response to the higher prices.
facturing are both at about the 1923-1925
average.
The larger volume of payrolls, increased
corporate dividends, and higher farm incomes
have been important factors in increasing the
dollar volume of consumers' expenditures.
While there has been a rise in rents, in prices
of food and clothing, and in some other living
costs, a considerable part of the increase in
expenditures by consumers has been reflected
in an increase in the volume of goods purchased.
WHOLESALE PRICES ABROAD
no
110
100
100
Japan
90
90
80
70
100
England
80
70
100
90
Advances in commodity prices have not 90
been confined to the United States, but have
80
been world-wide. The chart 80
Wholesale
shows the course of whole70
prices abroad
sale prices during the past 70
two years in a group of foreign
countries which have relatively few exchange 6 0
60
or price controls and which, therefore, are directly influenced by world developments. The 50
50
1936
1937
1935
upper half shows England, Japan, and
commodity prices converted to
Sweden, the last of which may be taken as General indexes of wholesale
1929 base.
typical of smaller countries in the so-called
sterling area. The lower half shows France,
Prices in the gold-bloc countries were deNetherlands, and Switzerland—all members pressed during the long struggle to maintain
of the former gold bloc.
established exchange parities. Following
In each of the six countries shown the ad- the sharp downward adjustment in the exvance in prices has quickened since the mid- change rates of all three countries last Sepdle of 1936. In each, industrial raw mate- tember, a rise in prices occurred which has
382
FEDERAL RESERVE BULLETIN
since continued under the stimulus of rising
world markets. The course of French prices,
however, differs from the movement of
prices in Switzerland and Netherlands. The
sustained rise began at an earlier date, and
the recent movement has been more rapid.
The rise of French prices beginning in the
summer of 1935 appears to have been due to
the short crops in that year and the agricultural policies of the government. It reflected
domestic rather than international conditions.
Early in 1936 the upward movement in agricultural prices was interrupted, but later in
the year it was resumed, and in addition a
general increase in labor costs caused industrial prices to advance. The continuance of
developments in the labor field, readjustment
of the French franc, rising world prices for
raw materials, and greater business activity
appear to be the chief factors in the further
increase of French prices to a level 50 percent
above that which obtained a year ago.
MAY
1937
The general level of domestic wholesale
prices advanced 7 percent from October to
March and indexes for all
Domestic price
the major groups except
comnmodhy groups f u e l a n d lighting materials
increased substantially in
this period. The extent of recent changes
is shown in the accompanying table, in which
the groups are arranged in order of their
levels last October relative to 1926, the base
period.
WHOLESALE PRICES
(1926 = 100)
October
1936
March
1937
Hides and leather products
Metals and metal products
Building materials. ___
Farm products
Foods
96
87
87
84
83
104
96
96
94
88
All commodities.
82
88
82
82
77
72
72
88
88
76
78
80
_
Chemicals and drugs
Housefurnishing goods
Fuel and lighting materials.. _ _ _ _ _ _
Textile products
Miscellaneous __ __
_
Percentage
change
+8
+10
+10
+12
+6
+7
+7
+7
-1
+8
+11
The strengthening of raw material mar- Source: Bureau of Labor Statistics.
kets, which has found reflection in the price
The advance of 10 percent in prices of
levels of the industrial metals and metal products represented sharp
increases in nonferrous metals and
Improved position countries, has considerably
in iron and steel, while such fin± j £ £ w m B t e r l 1 1 1 improved the position of Metals
ished products as automobiles and
those countries that produce
raw materials. Exports from these coun- agricultural implements remained unchanged.
tries have been expanding since 1933, and Copper, which in October was at 9% cents a
the recent sharp advance in prices has ac- pound as compared with a depression low of
centuated the effects of the increased volume about 5 cents, increased to 17 cents at the end
of commodities sold. Most of these countries of March. This price was the highest since
have used their increased purchasing power the early part of 1930 and was above the
level of most of the 1920's. The advance was
to enlarge their purchases of manufactured due in part to exceptionally heavy foreign
goods in world markets, and some have been as well as domestic demand and to the reenabled to make reductions in their out- duced level of stocks reached last autumn.
standing foreign indebtedness. To some ex- Both domestic and foreign production have
tent reserves of gold and foreign exchange increased considerably since the middle of
have been strengthened and free exchange 1936 and producer restrictions on output
markets widened. As a group these countries abroad have been removed. In April copper
appear to be in a considerably better interna- prices declined both in this country and
tional position today than at any time within abroad, the domestic price reaching 14 cents
the past seven years.
a pound. Zinc, lead, and tin prices, which
MAY
1937
FEDERAL RESERVE BULLETIN
also had increased sharply, declined considerably after the middle of March.
Heavy demand for iron and steel products
has been general among industrial nations
and has reflected further increases in demands for industrial purposes as well as for
armaments. Exports of machinery and
other steel products from this country have
continued the increase under way for several
years. The bulk of the demand, however,
has been from domestic consumers, with a
rising volume of orders from the machinery
industry, the railroads, the automobile industry, and many other sources. By October
steel output had increased to 77 percent of
capacity and prices of finished steel, scrap,
and coke had also advanced. By March output was at 88 percent of capacity, prices of
scrap and finished steel had increased further
by a substantial amount and there had been
a considerable advance in pig iron prices. In
April, production continued to expand but
prices of scrap declined and announcement
was made that steel prices for third quarter
delivery would be unchanged.
Building materials prices by March had
advanced to the 1929 level, while the all-commodity index was 7 points lower
Building
than in that year. The advance
materials
of 10 percent in this group after
October reflected to some extent
the sharp increases in prices of nonferrous
metals and structural steel but to a much
larger extent rapid advances in the price of
lumber. Lumber supplies available on the
market were reduced last winter by the maritime strike on the West Coast and by unusual
weather conditions. In March production
increased more than seasonally. With a
larger volume of residential building, and
larger demand for other purposes, the use of
lumber has increased considerably from the
extremely low level of the depression period,
but it is still less than in pre-depression years.
Cement prices have shown little change since
383
the beginning of 1934 but are slightly higher
than in 1929.
Data collected by the Home Loan Bank
Board indicate that the increases in prices
of building materials, together with increases
in wage rates, have resulted in a large increase in costs of home construction since
last summer and that since the latter part of
1936 increases in costs have been general
throughout the country. Rates on mortgage
money, on the other hand, have continued to
decline.
Increases in prices of furniture, rugs, and
stoves have accounted for most of the 7
percent advance since last October in the
housefurnishings group.
In the nondurable goods industries also
prices for both raw materials and finished
goods have advanced. DeNondurable goods mand for these products
was large in this period, and
production of finished goods showed a further
increase to about the same volume as in 1929.
Also, by last autumn stocks of leading raw
materials used in these industries had been
reduced to relatively low levels, principally
by increased consumption and, in the case
of some farm products, by drought conditions. With active demand and reduced
supplies materials such as wool, hides and
leather, rubber, and wood pulp have shown
large price advances. Rayon, silk, and cotton
prices have also advanced but are much
lower than in 1929. Prices of woolen and
worsted goods have advanced about 15 percent, and cotton goods have shown a similar
increase following some rise during the summer of 1936. Advances reported for clothing
prices have thus far been smaller than in
textile yarns and fabrics, reflecting in part
pricing on the basis of costs of materials
purchased earlier and the fact that other
costs have not advanced to the same extent
as prices of materials.
384
FEDERAL RESERVE BULLETIN
The increase of 8 percent since last autumn
for hides and leather products represents
increases of 22 percent for hides and skins,
14 percent for leather and 4 percent for shoes
and other leather products. Shoe production
has in recent months been the largest on record, and output of leather is at pre-depression levels. Since last autumn the Government has disposed of most of the substantial volume of hides purchased two years
earlier.
The principal factors in the increase shown
for miscellaneous products have been a sharp
rise in the price of rubber and substantial
increases for automobile tires and pulp and
paper. Rubber export quotas of producing
countries have been repeatedly enlarged, but
supplies have not become available rapidly
and prices advanced from 17 cents per pound
in October to 27 cents at the end of March.
Since that time the price has declined and in
the last week of April reached 21 cents.
Altogether commodities other than farm
products and foods have accounted for about
one-half of the increase in the
Farm products all-commodity index since Ocand foods
tober, and the other half of
the increase has been in livestock and products and other farm products
and foods. This is indicated on the accompanying chart based on data supplied by the
Bureau of Labor Statistics. The chart also
shows that movements in prices of livestock
and their products were responsible for most
of the changes in the index for all commodities
from the beginning of 1934 until the autumn
of 1936. The figures in the chart are expressed
in terms of points inthe all-commodity index,
so that it is possible to see how much of the
movement in the general level is accounted
for by changes in each of the groups shown.
Changes in prices of livestock and their
products since the beginning of 1934 have
reflected many influences, including increases
in consumer income throughout the period,
M A Y 1937
severe drought in the summers of 1934 and
1936, Government purchase of cattle and
sheep in the summer of 1934, and the processing tax on hogs, which began in November
WHOLESALE PRICES
1926 AVERAGE FOR TOTAL =100
90
90
85
85
80
80
75
75
70
55
70
55
Commodities other than
Farm Products and Foods
50
50
45
20
45
15
15
10
20
20
20
10
Other Farm Products
and Foods
15
15
J 10
10 L
1934
1935
1936
1937
Monthly figures. The data used in preparing this chart were
supplied by the Bureau of Labor Statistics. The commodities in
the major groups of farm products and foods were regrouped to
show livestock and their products separately from other farm
products and foods. The new livestock group contains the commodities in the "livestock and poultry", "meats", and "dairy products" subgroups and also lard, eggs, and wool. The latest figures
shown are for March 1937.
1933 and was removed in January 1936. The
advance in prices of livestock and their products since the drought last summer has been
considerably smaller than in the corresponding period following the drought of 1934.
Prior to the recent drought prices were much
higher than in the early part of 1934 and
during the drought period marketings were
lighter. Except for the first half of 1934 and
the early part of 1936, prices of livestock and
meats have moved closely together. Prices
of dairy products have been generally more
stable, and in both 1934 and 1936 rose more
promptly than those of livestock and meats
in response to the reductions in feed supplies
MAY
1937
FEDERAL RESERVE BULLETIN
by drought conditions. With unusually large
consumption of wool and reduced stocks,
there was a substantial advance in wool
prices toward the end of last year, and imports have increased considerably.
Movements in prices of other farm products and foods, principally cotton, grains
and products, tobacco, vegetables, and fruits,
have reflected primarily increased consumer
incomes, drought conditions in 1934 and
1936, and crop control programs. Stocks
of cotton in the United States, which
amounted to 10,000,000 bales in August 1932,
have been sharply reduced and the Department of Agriculture estimates that stocks in
August 1937 will be about 4,500,000 bales.
Holdings of cotton by Government agencies
have been reduced from a maximum of
6,500,000 bales to about 1,750,000 bales on
April 22. The price of cotton, which had been
around 12 cents a pound for three years,
reached 14% cents at the end of March, then
declined by about a cent and a half in April.
Private estimates indicate that cotton acreage
is being increased substantially this year.
Wheat prices have advanced materially in
recent years. Since December hard winter
wheat has been around $1.40 a bushel as compared with $1.20 last autumn and $1.05 a year
ago. Domestic stocks have been reduced
by a series of small crops and are now at the
lowest level since 1926. The Department of
Agriculture estimate of the winter wheat
crop indicates a yield of 656,000,000 bushels,
about 140,000,000 more than last season.
The spring wheat crop is also expected to
be larger than last season and it appears that
the total crop will be considerably in excess
of domestic requirements. World output
last year was small, and with active demand
prices abroad have advanced more sharply
than in this country, so that currently, for
the first time in four years, prices of winter
wheat in this country are approximately adjusted to an export basis. As a result of
reduced supplies, prices of feedstuffs have
385
been unusually high this season and domestic
supplies have been supplemented by imports.
Since last October costs as well as prices
have been rising in many industries, but the
movement of various costs has
n
°t b e e n uniform. Higher costs
Costs and
have resulted in part from increased prices of materials, but
wage rates have also advanced, and in some
lines, particularly those in which production
has been close to capacity, less efficient plants
have been brought into use. In other instances fuller utilization of plants, made possible by an increasing volume of production,
has been a factor lowering costs per unit.
Fuel prices have shown little change. Railroad freight rates on some commodities were
reduced at the end of 1936 when the emergency rates granted in 1935 were discontinued. Interest charges have been lowered in
many cases by refunding operations.
Wage rates have increased substantially
since last October, following a period of
about two years during which they had increased only slightly. The principal increases
have been in manufacturing industries, but at
public utilities, metal mines, and oil fields
wages advanced somewhat in the latter part
of 1936 and early this year, and at bituminous
coal mines wages were increased considerably
in April. Wages paid in the building industry also have increased in recent months,
while in wholesale and retail trade average
hourly earnings have remained practically
unchanged.
Average hourly earnings increased in November and December at meatpacking estab-'
lishments, at plants producing steel, machinery, automobiles, textiles, and chemicals,
and in several smaller manufacturing industries. Since the first of the year wages have
been raised further in the steel, automobile,
and machinery industries, and there have
also been advances in the clothing, leather,
rubber tire, nonferrous metals, and petroleum industries.
386
FEDERAL RESERVE BULLETIN
MAY
1937
Appointment of Class C Directors at Federal
For manufacturing as a whole the increase
Reserve Banks
in wage rates from October to March was
about 7 percent. Changes by industries are On April 1, 1937, Mr. Carlyle Thorpe was
appointed as Class C Director of the Federal
shown in the following table:
Reserve Bank of San Francisco for the unexpired portion of the three-year term ending
AVERAGE HOURLY EARNINGS IN MANUFACTURING
December 31, 1939.
INDUSTRIES
On April 22, 1937, Mr. F. W. Peck was
(Cents per hour)
appointed as Class C Director of the Federal
PerReserve Bank of Minneapolis for the unexOctober
March
centage
change
1936
1937
pired portion of the three-year term ending
December 31, 1939.
All industries*
61.5
Durable goods
Nondurable goods*
DURABLE GOODS
Iron and steel and products
Blast furnaces and steel works
Machinery
Transportation equipment
Automobiles
Railroad repair shops
Nonferrous metals and products
Lumber and products
Stone, clay and glass products^..
57.7
61.8
53.7
67.0
55.6
+7
+8
+4
62.4
66.4
61.2
74.7
76.0
69.1
56.3
47.1
56.3
69.0
74.8
65.8
82.8
85.7
68.9
61.1
48.6
59.5
+11
+13
+8
+11
+13
+9
+3
+6
43.5
52.7
50.8
55. 1
56.1
41.0
69.8
56.4
83.5
71.1
88.1
45.5
53.1
52.6
58.3
60.8
42.8
71.4
59.8
88.3
73.9
93.0
+5
+1
+4
+6
+8
+4
+2
+6
+6
+4
+6
NONDURABLE GOODS
Textile fabrics
Wearing apparel
Leather and products
Food products*
Meatpacking
Tobacco manufactures
Paper and printing
Chemicals
Petroleum refining
Rubber products
Tires and tubes
* Excluding canning and preserving.
** Less than one-half of one per cent change.
Source: Bureau of Labor Statistics.
FEDEKAL RESERVE BULLETIN
MAY 1937
387
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled April 24 and released for publication April 26]
In March industrial activity continued to
increase and payrolls at factories and mines
showed a substantial rise. Prices of basic
commodities after advancing rapidly in
March declined in the first half of April. ^
Production and employment.—Industrial
production increased from February to March
and the Board's seasonally adjusted index
advanced from 116 percent of the 1923-1925
average to 118 percent. The rise reflected a
INDUSTRIAL PRODUCTION
PER
PERCEINT
140
130
130
120
110
100
A
120
/
110
\ ^\
A
90
k
A
\
80
j
70
f
/
80
50
1929
1930
1931
1932
1933
90
70
V
,
60
100
1934
i
60
50
1935
1936 1937
Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.
vious month. Production at woolen mills and
shoe factories continued in large volume.
Value of construction contracts awarded
in March, as reported by the F. W. Dodge
Corporation, was at about the same level as
in February and substantially higher than a
year ago. Privately-financed work increased,
while the amount of publicly-financed work
continued to decline. The increase in privately-financed projects reflected a larger volume of residential building and of factory and
commercial construction.
Employment and payrolls increased by
considerably more than the usual seasonal
amount between the middle of February and
the middle of March. The expansion in payrolls was larger than in employment, reflecting in part a further rise in wage rates. In
manufacturing, the principal increases in employment were in industries producing durable goods, particularly steel, machinery, and
lumber. The number employed in the production of nondurable manufactures showed
slightly more than the usual seasonal rise.
FACTORY EMPLOYMENT AND PAYROLLS
PER CENT
120
sharp increase in output of minerals, chiefly
!
coal, and an increase of somewhat more than
the usual seasonal amount in manufacturing.
90
" \
V,A[ Employment
The larger output of coal in March was due
/v A 80
in part to stocking by consumers in anticipaJ
/
70
tion of a possible strike at bituminous coal
60
mines on April 1 when the agreement between
Payrolls^
/•mine operators and the miners' union expired.
50
/
\
A
A new agreement was reached on April 2 but,
40
owing partly to the previous accumulation of
1929 1930 1931 1932 1933 1934 1935 1936 1937
stocks, production in the first ten days of
April showed a sharp decline. During March Monthly indexes of number employed and payrolls at factories,
unadjusted for seasonal variation, 1923-1925 = 100.
activity at steel mills increased seasonally and
in the first three weeks of April was over 90 Distribution.—Distribution of commodities
percent of capacity. In the automobile in- to consumers showed about the usual seadustry output showed about the usual sea- sonal increase from February to March.
sonal increase in March and the first three Mail-order sales expanded considerably but
weeks of April, considerable fluctuations dur- the rise in department store sales was less
ing this period being largely in response to than seasonal, considering the early date of
developments in the labor situation. Lumber Easter this year.
production expanded considerably in March, Commodity prices.—Prices of nonferrous
and there was a sharp rise in output of non- metals, steel scrap, rubber, cotton, and wheat,
ferrous metals. Cotton consumption, which which had advanced rapidly in March, dehas been at an unusually high level in recent clined considerably in the first half of April.
months, increased further in March and in Since the middle of March prices of coke, tin
actual amount was larger than in any pre- plate, and rayon have advanced and there
388
FEDERAL RESERVE BULLETIN
have been smaller increases in a wide variety
of other industrial products. Dairy products
have declined, reflecting in part seasonal developments.
WHOLESALE
PRICES
MAY 1937
dealers in securities declined from the middle
of March to the middle of April, while other
loans, which include loans for commercial,
industrial, and agricultural purposes, showed
a substantial increase. These loans have increased almost continuously over the past
year.
MEMBER BANK LOANS AND INVESTMENTS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
LOANS
INVESTMENTS
U. S. Govt
Direct Obligatic
w
ns
P ^\
I
Othe Loans _ - < •
to Customers S
Other Securitie
.—^y^
Indexes compiled by United States Bureau of Labor Statistics,
1926 = 100. By weeks, 1932 to April 17, 1937.
Bank credit.—In the four-week period from
March 24 to April 21 excess reserves of member banks increased from $1,270,000,000 to
$1,590,000,000, reflecting principally disbursements by the Treasury from balances
with Federal Reserve banks and purchases of
U. S. Government obligations by the Federal
Reserve System. The bulk of the increase in
excess reserves was at banks in New York
City and Chicago.
Total loans and investments of reporting
member banks, which had declined sharply in
March, reflecting sales of U. S. Government
obligations, showed little change in the two
weeks ending April 14. Loans to brokers and
Is*—•*-
Loons on Sec.
to Customers
-..
Guaranieed Obi gations
Loans to Brokers
and Dealers
Accept
34
1935
%"plr
1936
1937
'34
1935
1936
Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934, to April 14, 1937. Loans on real estate
and loans to banks excluded.
Demand deposits, after declining in March,
increased somewhat in the first half of April,
and there was an increase in foreign bank
balances, reflecting an inward movement of
short-term funds from abroad.
Money rates.—The rate on prime commercial paper advanced from % percent to 1 percent in the latter part of March. Bond yields,
which had advanced sharply in March, showed
no pronounced change in the first three weeks
of April.
389
FEDERAL RESERVE BULLETIN
MAY 1937
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
12
12
11
11
10
10
GOLD STOCK
/
9
r
8
i
it
ii
i^
8
MONEY IN CIRCULATION
u
j ••>
/
^——^^- ^ 1
.|
=v—-
4
TREASl IRY CASH
3
3
—•«.•••
2
i
:
RESERVE BANK
(3REDIT
1
}
TREASURY DEPOSITS
2
A
, *•••••..
0
1932
1933
«
1
0
1934
1935
1936
1937
8
8
7
7
MEMBER BANK
RESERVE BALANCES
6
6
5
5
4
4
3
3
2
2
REQUIRED RESERVES
1
1
0
0
1932
1933
1934
1935
1936
Latest figures for April 21, 1937. See table on page 450.
1937
390
FEDERAL RESERVE BULLETIN
M A Y 1937
SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
Mar.
Feb.
Jan,
Mar.
2,472
6
3
_ 2,432
11,503
2, 537
6,391
._ 2,682
205
530
2,475
3
3
2,431
11,399
2,531
6,369
2,569
167
554
2,485
3
3
2,430
11,310
2,531
6,400
2,450
200
560
2,484 2,493
6
8
5
5
2,430 2,430
10,172 10,163
2,502 2,495
5,857 5,779
2,518 2, 515
760 466
603 584
6,704
1,371
6,747
2,152
6,716
2,093
5,420 5,808
2,653 3,038
9,263
1,230
3,243
5,292
401
2,307
15,516
5,052
6,085
3
1934
1933
1932
1929
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
5,780
3,033
5,001
2,469
3,676
1,564
2,343 2,114
528
256
2,358
43
5,989
2,512
8,73: 8,708
7,989
1 , 248 1,194 1,155 1,250
928
3,238 3,170 3,094 3,272 3,053
'4, 361 4,782 4,773 4,799 4,024
356
354
'365
383
326
2,334 2,335 2,336 2,358 2,112
13, 882 14,064 13,824 14,619 12, 729
4,923 4,893 4,892 4,999 4,883
••5, 650 5,647 5,620 5,810 4,938
2
2
13
5
6,856
«325
"3,000
2,875
271
1,688
22, 599
1,405
6, 251
9,231
5,228
4,413
2,865
3,121
1,822
240
1,322
3,245
1,673
214
1,250
2,847
1,725
248
1,142
(0
(0
0)
0)
4,937
3,814
4,946
2,822
115
5,666
2,772
228
6,788
2,787
674
1.72
1.16
.52
3.31
4.49
2.73
2.05
.88
3.65
5.01
5.85
7.61
3.60
4.73
Averages of weekly figures; percent per annum
1.00
.58
2.50
3.32
.75
1.00
.36
2.29
3.09
.75 .75
.75 .75
.11 .08
2.54 2.62
3.29 3.32
382
185
197
319
138
181
497
168
329
354
130
225
'603
r241
362
r
299
'95
204
.75
.75
.10
2.68
3.37
'763
•128
-635
595
59
536
303
107
196
195
13
181
130
130
126
109
106
100
88
94
88
86
85
86
91
87
*84
85
86
91
87
83
85
80
77
80
79
80
81
80
83
79
81
81
78
84
79
82
P118
116
116
115
62
47
75
100
96
80
95
114
115
109
63
45
77
99
91
80
93
233
278
222
240
.75
.91
.14
2.47
3.24
.76
.56
.14
2.70
3.60
1.02
1.00
.26
3.10
4.00
Amounts per month; in millions of dollars
'401
rl23
278
266
65
201
392
121
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
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
140
121
134
110
437
367
518
164
354
382
99
282
Index numbers
PRICES
Common stocks (1926=100)
....
Wholesale commodity prices (1926=100):
All commodities
Farm products.Foods
_
_
Other commodities
.._
Retail food prices (1923-25=100)
_
Index numbers, adjusted for seasonal variation, 1928-25=100
BUSINESS INDEXES
Industrial production
Manufactures
Minerals
Construction—total
Residential
All other
Factory employment
Factory payrolls (unadjusted).
Freight-car loadings. _
Department store sales.._
P117
P127
*>55
M5
P64
P101
P101
83
93
Exports, including re-exports..
General imports
i
93
93
97
47
26
63
88
78
66
84
94
92
111
52
25
75
87
74
70
83
97
96
104
62
25
92
89
74
70
81
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
Amounts per month; in millions of dollars
MERCHANDISE EXPORTS AND IMPORTS
1935
2,484 2,481
6
6
5
4
2,430 2,430
10,158 10,578
2,486 2,503
5,757 6,101
2,564 2,474
494
446
533
551
.75
1.00
.38
2.31
3.22
CAPITAL ISSUES
p Preliminary.
1
Figures not available.
1936
22, 734 •21, 449 21,053 20, 928 22,064 19, 997 18, 672 17,505 19,080
901
995
923
993
969
820
815
591
337
2,242 '2, 274 2,230 2,247 2,267 2,301 2,711 3,343 4,508
5,763 '4, 957 4,850 4,910 5,226 4,907 4,965 5,222 6,578
MONEY RATES AND BOND YIELDS
All issues—total
_„__
New
_.
Refunding
_
Domestic corporate issues—total..
New.
Refunding
__
Jan
Averages of Wednesday figures; in millions of dollars
REPORTING MEMBER BANKS
Total loans and investments
22, 610 22,600
982
Loans to brokers and dealers in New York City- 1,078
Other loans on securities
2,270 2,256
All other loans
5,938 5,744
U. S. Government obligations:
8,802 9,118
Direct
_
1,206 1,212
Fully guaranteed
3,316 3,288
Other securities...
5,205 5,326
Reserve with Federal Reserve banks
387
359
Cash in vault
_
1,998 2,252
Balances with domestic banks
15, 429 15, 572
Demand deposits—adjusted
Time deposits (excluding interbank)
2
_ 5,142 5,094
5,679 5,988
Deposits of domestic banks3
1
Borrowings
3
Commercial paper
Stock exchange call loans
_
U. S. Treasury bills
„
U. S. Treasury bonds, long term.
Corporate high grade bonds (Moody's Aaa).
Feb.
Averages of daily figures; in millions of dollars
RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS
Reserve bank credit—total..
Bills discounted
_
Bills bought
U. S. Government securities
Monetary gold stock
Treasury currency
Money in circulation.._
Treasury cash
Treasury deposits with F. R. banks
Nonmember deposits and other accounts
Member bank reserve balances:
Total
Excess
Annual averages
1936
1937
We
191
182
193
199
187
r
• Partly estimated.
Revised.
Include time deposits of banks, domestic and foreign, 1929-1934.
205
202
190
171
178
138
c
Corrected.
3 Do not include time deposits 1929-1934.
MAY
1937
FEDERAL RESERVE BULLETIN
391
LAW DEPARTMENT
Amendment No. 9 of Regulation T—Effective April
23, 1937,
The Board recently adopted an amendment to its Regulation T, which relates to
the extension and maintenance of credit bybrokers, dealers and members of national securities exchanges. The amendment, which
became effective April 23, 1937, reads as follows:
" Section 5 of Regulation T is hereby amended by
striking out the date 'July 1, 1937' in subsections (c)
and (d) of said section and substituting therefor the
date 'January 1, 19387'
The principal effect of this amendment is
to extend from July 1, 1937, until January 1,
1938, the period within which brokers and
dealers subject to Regulation T may hold unregistered securities as additional collateral
in certain circumstances, such collateral being
held merely for the brokers' or dealers' own
protection and without being given any loan
value or serving as the basis for any additional credit.
Necessity of Reserves against Deposits Securing Loans
of Government Securities.
this agreement are segregated for this particular purpose, the funds should be considered as collateral and not as deposits subject to reserve. It appeared, however, that
the funds on deposit are mingled with the
bank's other general assets.
In a ruling published at page 572 of the
Federal Reserve Bulletin for 1922, the Board
took the position that all funds received by a
bank in the course of its commercial or fiduciary business must be considered as deposits
against which reserves are required to be carried, unless such funds are trust funds and
are actually segregated from the other assets
of the bank. Since the date of the above ruling, the principle stated therein has been
applied on a number of occasions and was recently applied in a ruling published at page
113 of the Federal Reserve Bulletin for February, 1937.
Since it appeared that the deposits in question create an ordinary debtor-creditor relationship between the bank and the customer
and that the funds on deposit under the arrangement referred to above are not trust
funds and are not actually segregated from
the other assets of the bank, the Board expressed the view that the provisions of section 19 of the Federal Reserve Act require
that reserves be carried against these deposits.
The Board of Governors has recently considered the question whether deposits received by a member bank as collateral to loans
of United States Government securities constitute deposits against which reserves are
required to be carried with the Federal Reserve bank of the district.
Trust Investment Committee of National
It was understood that the member bank Quorum of
Written Approval of Transactions by Majorlends United States Government securities to Bank;
ity of Committee Without Meeting of Committee.
certain of its customers who are dealers in
securities and as collateral for such loans ac- The Board recently considered two quescepts deposits from the customers. The tions relating to the provisions of the Board's
agreement under which the loans of United Regulation F pertaining to the trust investStates Government securities are made con- ment committees of national banks.
tains, among others, the following provisions: The first question presented was whether
"To secure re-delivery as outlined in the preceding it is proper for a national bank to provide
paragraph, and to secure performance and payment that two of the six members of its trust
by you of any other of your obligations to us, you investment committee shall constitute a
have deposited with us $
in cash and quorum. In answer to this question, the
the following securities:
"Upon failure to make re-delivery as required Board expressed the opinion that a majority
above, we shall be entitled, at our option, to retain of the committee is necessary to constitute a
said cash and securities deposited by you as our quorum in order to comply with the requireabsolute property in lieu of the securities loaned to ments of the regulation. In this connection,
you."
the Board stated that the underlying purpose
It was suggested that, so long as the bank's of the provisions of the regulation pertaining
records indicate that the deposits made under to trust investment committees was to pro-
392
FEDERAL RESERVE BULLETIN
vide: (1) that collective rather than individual judgment govern the investment of trust
funds; and (2) that responsibility for the
investment of trust funds be definitely placed
in a committee functioning as such, rather
than in two or more officers acting as individuals.
The second question presented was whether
it is proper for a national bank to provide
that trust investments may be made or disposed of upon written approval of a quorum
of its trust investment committee without
a meeting of the committee. The Board
stated that it does not consider it inconsistent
with the purposes of the pertinent provisions
of Regulation F, and will not deem it a violation of such regulation, for trust investments
to be made or disposed of upon written approval by a majority of the members of the
trust investment committee, provided such
action is promptly reported to the committee
and the report incorporated in its minutes.
Investment of Funds of Various Trusts by National
Bank in Notes Constituting Part of Series Secured
by Same Deed of Trust.
The Board recently considered an inquiry
from a national bank presenting the question
whether it is in conflict with the requirements
of the Board's Regulation F for the bank to
pursue the practice of purchasing from time
to time for its various trusts one or more of
a series of notes of the same obligor and
secured by the same deed of trust on real
estate, without purchasing all of the notes.
The bank in its own right has no interest in
any of the series of notes and such notes are
purchased after an independent appraisal on
behalf of the trust department.
The Board stated that the only provisions
of Regulation F which might be construed as
prohibiting such a practice are those contained in section 12 of the regulation, which
are to the effect that securities and investments of each trust shall be kept separate
from those of all other trusts. The Board
expressed the opinion, however, that such
provisions do not forbid the investment of
trust funds in the manner described; it being
understood, of course, that in any case the
investments are otherwise proper investments for particular trusts in view of all
the circumstances relating to each trust and
that such investments are not otherwise subject to criticism.
MAY
1937
Renewal of Real Estate Mortgage Notes Held by Trusts
of National Bank at Time of Effective Date of
Latest Revision of Board's Regulation F.
The Board recently considered an inquiry
from a national bank relating to the renewal
for trust accounts of real estate mortgage
notes purchased prior to June 1, 1936,
through a corporation which is principally
owned by a director of the bank or his immediate family. Prior to such date the bank
invested funds of trusts administered by it
in real estate mortgage notes purchased
through such corporation and the corporation receives a commission from the borrower
as compensation for securing the renewal of
such notes from time to time. The question
presented was whether the renewal of the
notes is forbidden by provisions of section 11
of the Board's Regulation F, added to the
regulation when it was revised effective June
1, 1936, which provide that trust funds held
by a national bank shall not be invested in
property acquired from directors, officers, or
employees of the bank or their interests.
The Board stated that such provisions relate to the investment of trust funds and do
not require that assets which had already
been acquired at the time of the effective
date of the revised regulation shall be removed from trusts held by a national bank.
The Board further stated that it does not feel
that a renewal of a note held as an asset of a
trust at the time of the effective date of the
revised regulation should be considered as
an investment of trust funds within the
meaning of such requirements of the regulation. The Board expressed the opinion,
therefore, that the regulation does not prevent the renewal of the notes held by trusts
as described above; it being understood, of
course, that the investments are otherwise
proper investments for particular trusts in
view of all of the circumstances relating to
each trust and that such investments are not
otherwise subject to criticism.
Application of Regulation U to a Loan to a Securities
Dealer for the Purpose of Purchasing Both Registered and Unregistered Stocks.
The Board recently considered a question
as to whether a certain loan to be made to a
securities dealer and secured by stocks should
be considered to be a loan for the purpose of
purchasing or carrying stocks registered on
MAY
1937
FEDERAL RESERVE BULLETIN
a national securities exchange, and thus be
considered to be subject to Regulation U.
It appeared that the proceeds of the loan
would not be employed immediately but
would be kept available for use in acquiring
registered or unregistered securities. The
securities were only to be acquired when a
quick sale was in prospect and they would be
disposed of promptly. The securities purchased were often unregistered securities,
but some registered stocks were so purchased
and the inquiry was, in effect, whether such
purchases of registered stocks caused the
loan to be subject to the regulation. No question was presented to the Board as to whether
393
or not, in the event the dealer should treat
certain of the transactions separately and
obtain loans from time to time for particular
purposes, some of these loans to the dealer
might be excluded from the operation of the
regulation.
It seemed clear from the borrower's business as a dealer that one purpose of the loan
in question was to purchase or carry registered stocks. Therefore, the Board expressed
the opinion that, while the loan might also
have certain other purposes, the loan should
be considered to be a loan for the purpose of
purchasing or carrying registered stocks.
394
FEDERAL RESERVE BULLETIN
MAY
1937
STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
MAY 1929—DECEMBER 1936
Statistics of international capital transac- 30, 1936, was published by the Treasury on
tions of the United States during the last November 27, 1936. On April 5, 1937, the
three months of 1936, recently released by Treasury brought the published data down
will be
the Treasury Department, are published in to the end of 1936, and publication
this issue of the BULLETIN, together with continued on a quarterly basis.2
the figures for 1935 and the first nine months The eleven tables presented at the end of
of 1936, published in the January BULLETIN. this article summarize the more significant
In order to make available to the public statistics of international capital transacadditional information regarding capital tions since 1929. The first nine tables cover
movements between the United States and only the years 1935 and 1936, for which the
foreign countries, there are also published in comprehensive figures compiled pursuant to
this BULLETIN for the first time statistics of the Treasury regulation are available. The
international banking funds collected from first table shows the total capital move1929 to 1934 by the Federal Reserve Bank of ment as reported by banks and brokers. The
New York in cooperation with a group of seven major forms which this movement has
taken are also shown in the first table. Each
leading New York City banks and bankers.
Collection of these figures by the Newof the eight columns is then made the subject
York Reserve Bank was begun on a monthly of a succeeding table in which the data are
basis in 1929. At first only short-term liabil- classified according to leading countries and
ities were reported, such as foreign deposits areas. Tables 10 and 11 show the outstandin this country, loans made to brokers on ing foreign liabilities and assets reported by
behalf of foreigners, and acceptances and banks for the entire period from May 1929 to
Treasury bills held for foreign account. In December 1936, including figures collected by
March 1931, however, the reports were ex- the New York Reserve Bank before December
panded to cover the short-term assets abroad 1934, as well as those subsequently reported
of the New York banks and their clients. Be- under the Treasury regulation. The material
ginning July 15, 1931, all reports were put in these two tables is presented in the form of
on a weekly basis. In December 1934 a chart on page 399. Four additional charts
these reports to the Federal Reserve Bank of showing the capital movement to the United
New York were supplanted by the figures States in 1935-1936 and its principal comgathered on similar forms by all twelve Fed- ponents are presented on pages 400 and 401.
The movement of capital between the
eral Reserve banks in accordance with thex
Treasury Regulation of November 12, 1934. United States and foreign countries constiThe weekly figures now compiled by the tutes a major element in the balance of interFederal Reserve banks for the Treasury national payments of the United States. In recover not only banking funds but also brok- cent years it has been the factor chiefly reerage balances, security transactions, and sponsible for the gold flow to the United
other foreign exchange data reported by States and the growth of excess reserves in
banks and brokers in the United States. member banks of the Federal Reserve SysMost of the international capital transac- tem. International capital movements have
tions of this country appear to have been been discussed in several issues of the FEDhandled by these reporting institutions. Re- ERAL RESERVE BULLETIN on the basis of the
ports received from other sources, such as figures published at the end of this article.
the larger exporters, importers, and commer- Such discussions occurred in the Bulletins
cial and industrial concerns, indicate that for October and December 1935 and for May,
the net movement of capital through these July, and December 1936.
agencies has been comparatively small. DETAILED DESCRIPTION OF THE STATISTICS
There are, however, unreported capital movements which may at some periods have been
Since the international movement of capital
fairly substantial.
consists of transfers of ownership of balMost of the reported material for the ances, securities, properties, and other claims
period from January 2, 1935, to September 2
See documents published by the United States Treasury en1
This regulation (BULLETIN for December 1934, p. 780) was titled "Statistics of Capital Movements between the United
issued under authority of the Executive Order of January 15, States and Foreign Countries and of Purchases and Sales of
1934 (BULLETIN for February 1934, pp. 78-79).
Foreign Exchange in the United States."
MAY
1937
FEDERAL RESERVE BULLETIN
395
between the United States and foreign coun- United States banking funds from abroad
tries, the distinction between domestic enti- (table 5).
ties and foreign entities must be precisely Foreign banking funds in the United States
indicated. Banking institutions, security (table 1, third column, and table 4) and
dealers, other concerns, and persons are re- United States banking funds abroad (table 1,
garded as domestic, whatever their nation- fourth column, and table 5).—These figures
ality, if domiciled within the United States. represent the net inflow of banking funds
Conversely, banking institutions, security shown by the net increase since January
dealers, other concerns, and persons are re- 2, 1935, in short-term liabilities to forgarded as foreign, whatever their nationality, eigners (table 4) and the net decrease since
if domiciled outside the United States. Thus, January 2, 1935, in short-term foreign assets
the branches in the United States of foreign (table 5) as reported by banks and bankbanking institutions are regarded as domes- ers in the United States; a net decrease
tic, while foreign branches of domestic bank- in liabilities or a net increase in assets constitutes an outward movement of banking
ing institutions are regarded as foreign.
Not every transfer of ownership between funds. Figures of the outstanding amounts
Americans and foreigners, however, involves of short-term foreign liabilities and assets,
an international exchange transaction. A from which tables 4 and 5 are derived, are
foreign buyer of American securities with presented in tables 10 and 11, and the source
funds on deposit at an American bank, for and nature of these figures are described more
instance, may use these funds to pay for the fully in connection with those tables.
securities purchased; or, not having such Brokerage balances (table 1, fifth column,
funds, may borrow from an American bank and table 6).—The term brokerage balances
or broker. Thus, the recorded inflow of capi- is here used to cover balances due from fortal represented by the security transaction eigners to reporting brokers and dealers in
would be offset by a recorded outflow of capi- securities domiciled in the United States, and
tal reflected, in the first case, in a decrease in balances due to foreigners by such brokers
American deposit liabilities to foreigners; and dealers. Total brokerage balances due
and, in the second case, in an increase in the from foreigners include both debit balances
foreign assets of an American bank or broker. in foreign accounts with domestic brokers
No foreign exchange transaction would have and dealers (reflecting funds borrowed by
occurred, since what appear in the recorded foreigners, presumably for the purchase of
figures as two separate operations are really securities), and funds held abroad in the form
two offsetting aspects of a single operation, of balances with foreign banks and brokers.
transacted wholly in dollars. The net figures, Total brokerage balances due to foreigners
which would show no movement of capital, include both credit balances in foreign accounts with domestic brokers and dealers, and
would report this fact correctly.
The following paragraphs describe in de- overdrafts carried abroad by such brokers
tail the source and nature of the figures in and dealers.
The net movement of capital to the United
the various tables. The figures in the first
column of table 1, and in table 2, represent States in brokerage balances represents the
the summation of the several components cumulated sum of (a) increases in balances
due to foreigners by security brokers and
described below.
Total banking funds (table 1, second col- dealers in the United States and (b) deumn, and table 3).—The term banking funds creases in balances due from foreigners to
is here used to cover short-term liabilities to such brokers and dealers. Decreases in (a)
foreigners reported by banks in the United and increases in (b) constitute outward
States, and short-term claims on foreigners movements of capital and reduce the cumulareported by such banks. The reports also tive inward movement. A net outward movecover accounts of clients so far as these are ment of capital in brokerage balances has
handled by the banks. The figures in table 3 usually indicated that foreigners have bought
show the net movement of capital to the securities on margin in the United States.
United States in total banking funds since
Outstanding amounts of brokerage balJanuary 2, 1935, as represented by both the ances, both due to and due from foreigners,
net inflow of foreign banking funds to the are not large and the figures are not published
United States (table 4) and the return of with this article, although they are available
396
FEDERAL RESERVE BULLETIN
in the Treasury reports referred to on page
394. Brokerage balances outstanding at the
beginning and end of the period covered, and
for the intermediate dates on which the cumulative net inward and net outward movements of capital in brokerage balances were
largest, are given below.
TOTAL BROKERAGE BALANCES
OUTSTANDING
[In millions of dollars]
Jan. 2, 1935 .. .
O r t 9, 1935
F e b 19, 1936 __
Dec 30, 1936
Due to
foreigners
Due from
foreigners
17.0
22.3
21.9
38.6
94.2
68.7
102.3
102.9
Since changes in brokerage balances are
closely related to security transactions, it appears desirable, for most purposes, to consider them as part of the net movement of
capital in security transactions.3
Total securities (table 1, sixth column, and
table 7).—The net movement of capital to
the United States in security transactions
represents the cumulated net purchases of
both domestic and foreign securities 4 from
Americans by foreigners, i.e., total foreign
purchases minus total foreign sales, as reported by banks, bankers, brokers, and dealers in the United States. The reports cover
(a) transactions executed in the United
States for foreign account, or on behalf of
a domestic trustee or nominee known to be
acting for foreign account; (b) transactions
executed in foreign countries for account of
reporting institutions in the United States
or their domestic clients;5 (c) transactions
executed for joint foreign arbitrage account,
as reported by brokers and dealers in the
United States who participate as principals
in security arbitrage accounts jointly with
brokers and dealers domiciled abroad.
The basic figures represent the total amount
of money debited or credited (to either foreign or domestic account), i.e., the cost of
purchases plus commissions, tax, etc., or the
proceeds of sales less commissions, tax, etc.
When security purchases in the United States
MAY
1937
are partially financed by funds borrowed in
this country, the full cost of the purchase is
included in the security figures and the funds
borrowed are reported by the lending bank
or broker; and conversely when such securities are sold and the indebtedness is repaid.
Domestic securities (table 1, seventh column, and table 8).—The net movement of
capital to the United States in security transactions during the period covered by the figures has represented principally net foreign
purchases of domestic securities. The term
"domestic securities" is used to designate securities of the United States Government,
States, and municipalities, and of corporations chartered in the United States, except
that changes in foreign holdings of United
States Treasury bills and certificates are
largely reflected in the figures in table 10 (see
below) and are not included in the figures of
transactions in domestic securities.
Foreign securities (table 1, eighth column,
and table 9).—The other component of the
net movement of capital to the United States
in security transactions represents net foreign purchases of foreign securities. The
term "foreign securities" covers the securities of foreign governments and political subdivisions, and of corporations chartered in
foreign countries, except that changes in
American holdings of foreign government
securities maturing within one year of the
date of issue are largely reflected in the
figures in table 11 (see below), and are not
included in the figures of transactions in foreign securities. Foreign purchases of foreign
securities include, in addition to ordinary investments, two special types of transaction :
(1) the amounts of called or matured foreign
securities redeemed in the United States, and
(2) sinking fund purchases of foreign securities in the United States. New foreign security issues in the United States are included
in the figure of foreign sales of foreign securities, and if foreigners subscribe to such issues
the amounts are reported as foreign purchases.
Short-term foreign liabilities (table 10)
and assets (table 11) reported by banks and
bankers.—The figures in tables 10 and6 11
represent, respectively, the short-term indebtedness to, or claims on, banks, governments, concerns, and individuals domiciled
3
See first chart, p. 400, and note.
* The term "securities" is broadly interpreted to include rights,
warrants,
scrip, and trust certificates as well as stocks and bonds.
5
6
In general, transactions executed abroad otherwise than
"Short-term" is defined as relating to obligations maturing
through the intermediary of a regularly reporting agency are not within one year of the date of report; except that long-term pubreported, though certain special transactions reported directly by licly offered securities are not regarded as short-term obligations,
industrial concerns are included in the figures.
even when they come within one year of maturity.
MAY
1937
FEDERAL RESERVE
abroad, recorded on the books of banks and
bankers in the United States. Prior to December 5, 1934, the reports were confined to
a group of leading banks and bankers in New
York City where most of the international
accounts of the country are held. Beginning
with December 5, 1934, reports have been required by the Treasury from all banks and
bankers in the United States that have international accounts and do a foreign exchange
business of $5,000 weekly. The New York
City figures begin with the end of May 1929
for liabilities to foreigners and with the end
of March 1931 for foreign assets. Although
from the first these figures constitute a substantially complete record of the short-term
foreign liabilities and assets of the reporting
New York banks and their clients, it was not
until September 7, 1932, that the reporting
system was made virtually the same as that
employed for all banks in the United States
subsequent to December 5, 1934.
Figures for period beginning December 5,
193£. These figures are derived from weekly
reports furnished by banks and bankers performing foreign banking operations, including domestically owned commercial banks
and trust companies, private banks, domestic
branches and agencies of foreign banks, and
the Federal Reserve banks. The reports cover
not only the reporting banks' own short-term
liabilities to foreigners, but also short-term
obligations held for foreign account which
represent claims on institutions, firms, and
individuals in the United States. Thus, for
example, United States Treasury bills and
certificates and commercial bills drawn on
American firms are reported as liabilities to
foreigners if held for foreign account by reporting banks and bankers. Similarly, the
reports cover short-term claims on foreigners
of domestic clients as well as those of the reporting banks. Thus, deposits maintained
abroad, or bills sent abroad for collection, for
account of domestic clients, are included in
the figures of foreign assets. The reports
show short-term liabilities to, or claims on, all
concerns and individuals, whatever their
nationality, domiciled outside the United
States, including foreign branches, subsidiaries, or affiliates of domestic banks and other
concerns.
In considering the scope of these figures it
should be recognized that, although they are
believed to cover the most important portion
of this country's short-term foreign liabilities
BULLETIN
397
and assets, there are several classes of liabilities and assets that are not reflected in the
records of domestic banks and bankers, and,
consequently, do not enter their figures.
Three such classes not included in the figures
in tables 10 and 11 are: (1) the short-term
foreign liabilities and assets on open account
of commercial, industrial, and other concerns
domiciled in the United States; (2) the foreign debit and credit balances of security
brokers and dealers in the United States; and
(3) foreign holdings of United States currency. Although reports are received from
commercial, industrial, and other concerns,
publication of the figures has been postponed,
owing to certain statistical inadequacies, until
necessary improvements have been developed.
The net movement of capital in brokerage
balances is given in table 6, however, and
some idea of the net change in foreign holdings of United States currency may be obtained from figures published monthly in the
FEDERAL RESERVE BULLETIN and annually by
the Department of Commerce in The Balance
of International Payments of the United
States.
The detailed classification of foreign liabilities and assets as currently reported by
banks and bankers is shown below. Weekly
figures classified according to these headings
are published in the Treasury reports of
November 27, 1936, and April 5, 1937.
Short-Term Foreign Liabilities
Payable in dollars
1. Deposits for foreign account
2. Loans to brokers and dealers in securities for
foreign account
3. Bills held for foreign account
4. Short-term United States Government obligations held for foreign account
5. All other
Payable in foreign currencies
6. Borrowings from foreign banks
7. Acceptances made by foreign banks for U. S.
account
8. All other
Short-Term Foreign Assets
Payable in foreign currencies
1. Banks' own deposits abroad
2. Deposits abroad for account of domestic
clients
3. All other (including publicly offered securities of foreign governments or political subdivisions maturing within one year of date of
issue)
Payable in dollars
4. Loans to foreign banks
5. Acceptances made by domestic banks for foreign account
6. All other
398
FEDERAL RESERVE BULLETIN
MAY
1937
Figures for period May 31, 1929-Novem- gressive improvement in the figures, but
ber 28, 193b.—These figures show the out- most of the changes were minor. The prinstanding amounts of short-term foreign lia- cipal differences between the figures in this
bilities from May 31, 1929, to November 28, earlier period and later figures are noted
1934, and of short-term foreign assets from below.
March 31, 1931, to November 28, 1934, re- a. American liabilities on acceptances made by
ported to the Federal Reserve Bank of New foreigners for domestic account were reported for
first time beginning March 31, 1931. The total
York by a group of banks and bankers in the
reported on that date was $19,700,000; at
New York City and the Federal Reserve amount
the end of 1929 the corresponding figure for the
banks. The reporting banks in New York banks reporting to the Department of Commerce was
included the principal commercial banks and $35,000,000 (see table, p. 399). The liabilities of foron acceptances made by Americans for their
private bankers performing foreign banking eigners
were included from the first in the figures
operations and also the agencies of Canadian accounts
of short-term foreign assets which began to be rebanks, but excluded the agencies of other ported on March 31, 1931.
foreign banks. For this reason, and because b. Up to September 7, 1932, short-term was defunds employed in this country by the New fined as "not exceeding one year to maturity from
of report." Thus, holdings of publicly offered
York agencies of foreign banks are of for- date
securities, originally of longer term, may have been
eign origin, reporting banks which held reported by some banks when they came within one
funds for account of the non-reporting for- year of maturity; such securities were specifically
from the New York figures beginning Sepeign agencies were asked to report such excluded
7, 1932, and are not included in the figures
funds as "foreign." The only significant tember
of short-term banking funds currently reported by
changes in the list of reporting banks during banks in the United States (see note 6, p. 396).
the period occurred on September 7, 1932, c. American liabilities in the form of bills paywhen three new banks were added to the able in the United States acquired by foreigners
list and five other banks began to report elsewhere than in this market and sent here for
American claims on foreigners repshort-term foreign assets for the first time. collection,byand
bills sent abroad for collection for acAt that time also the instructions to report- resented
count of domestic clients, were not fully reported
ing banks were revised and clarified. It is es- before September 7, 1932, and even after that date,
timated that the changes in the number of re- as noted above, the latter were probably not as
porting banks and the revision of instructions fully reported as at present.
d. During the period through the end of February^
resulted in increases of about $30,000,000 1931,
before short-term assets were reported, it is*
in short-term foreign liabilities and of about probable
that most banks, in reporting liabilities to
$55,000,000 in short-term foreign assets be- foreigners, deducted overdrafts in foreigners' accounts from "Deposits of Foreigners." Subsetween August 31 and September 7, 1932.
quently the gross deposit figure was reported and
The revised instructions to New York overdrafts of foreigners were included among shortbanks which became effective September 7, term foreign assets; except that the five banks which
not report short-term foreign assets until Sep1932, were almost identical with those now did
tember 7, 1932, deducted overdrafts from deposit
in effect for the larger group of banks re- liabilities
until that date.
porting on Treasury forms. The figures for There is presented on the next page a table
the period from September 7, 1932, to November 28, 1934, therefore, are almost di- showing the short-term foreign liabilities and
rectly comparable to those currently reported assets reported annually to the Department
except for the difference in the number of of Commerce by banks in the United States
reporting institutions and, also, for the fact and the corresponding year-end figures rethat short-term foreign assets in the form ported by leading banks in New York City.
of bills sent abroad for collection for account This table, which distinguishes the chief cateof domestic clients were probably not as fully gories of liabilities and assets, has been carreported as at present.
ried forward to the end of 1936 on the basis
Prior to September 7, 1932, there was pro- of the figures compiled for the Treasury.
MAY
399
FEDERAL RESERVE BULLETIN
1937
SHORT-TERM FOREIGN ASSETS AND LIABILITIES OF BANKS
[Amounts outstanding on date nearest end of year; in millions of dollars]
Short-term loans,
investments, etc.
Deposits
Total
Acceptance credits
New York
City
United
States
New York
City
United
States
New York
City
United
States
3,037
2,737
1,465
870
487
573
597
1,200
1,492
2,673
2,335
1,303
746
392
1,662
1,640
1,025
715
389
480
496
1,056
1,325
1,606
1,458
921
650
339
1,340
1,082
420
145
83
1,067
877
369
82
42
35
15
20
10
15
13
14
41
47
1,617
1,802
1,239
1,053
1,082
976
1,123
762
657
C1)
(l)
()
879
449
342
371
237
241
175
158
United
States
New York
City
Foreign banking funds in United States
(U. S. liabilities):
1929.—.
1930
1931
1932
1933
1934—adjusted 2
—reported
1935
1936
United
States
.
.
banking
funds
103
120
()
(0
13
14
11
abroad
(U. S. assets):
1929
1930
1931
1932
1933
1934—adjusted 2
—reported
1935
1936
1,102
918
210
294
113 .
144
250
288
302
91
104
523
629
677
567
461
451
580
496
395
0
48
90
147
632
515
423
0)1
C)
422
313
310
1
Not reported.
These figures represent an adjustment of the reported figures to permit comparison with earlier years.
NOTE.—Figures for New York City are those reported to the Federal Reserve Bank of New York. Figures for United States are those reported
to Department of Commerce through 1933 and to all Federal Reserve banks for the Treasury thereafter.
2
SHORT-TERM FOREIGN ASSETS AND LIABILITIES OF BANKS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
Liabilities
( All U. S. Banks
Assets
( All U.S.Banks )
Net
\ ^^Liabilities
N J ( N Y. Banks)
Net Liabilities
(Ail U.S. Banks)
O Liabilities
w AceQ*e
x Assets
|
. ,
.
L Dept. of Commerce questionnaire
> f0 leadjng y s Banks
© Net Liabilities J
55
-1
i <— End of month figures
1929
1930
{<
— Wednesday figures
1931
1932
' - * — Improved reports
1933
1934
Figures taken from tables 10 and 11 and from table above.
1935
1936
400
FEDERAL RESERVE BULLETIN
MAY 1937
CAPITAL MOVEMENT TO UNITED STATES-NET
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
y
2600
2400
1 2600
2400
/
2200
2200
r
2000
1800
Total
2000
1800
/
1600
1600
1400
f
1400
1200
Jr
1000
800
*\^S'm'*
In
Rnnkinn FunH^ S
1200
>
1000
800
In
Sec urityTransactions ym'*
600
600
...
400
200
400
»*
-
-rf
200
0
J.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N.
D
J.
F.
M.
A.
M.
1935
J.
J
A
S
0
N
D
1936
SECURITY PURCHASES BY FOREIGNERS-NET
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1000 1
I
I 1000
800
800
600
600
Domestic Securities
400
400
200
200
0.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N.
D.
J.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N.
D.
Figures for above charts taken from table 1. The movement in security transactions in the first chart
includes the movement in brokerage balances, which is closely related to security operations.
401
FEDERAL RESERVE BULLETIN
MAY 1937
SHORT-TERM FOREIGN ASSETS AND LIABILITIES
OF BANKS IN U.S.
MILLIONS
MILLIONS OF DOLLARS
OF DOLLARS
1600
-400
-600
-400
J.
F.
M.
A.
M.
J.
J.
A.
S.
0.
N.
D.
J.
F.
M.
A.
M.
1935
J.
J.
A.
S.
0.
N.
D.
-600
1936
SHORT-TERM FOREIGN LIABILITIES OF BANKS IN U.S.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1000
1000
800
800
,v^«^
—f—^^
600
J..
F.
M.
A.
M.
J.
J.
1935
A.
S.
0.
N.
D.
J.
F.
M.
A.
M.
J.
J.
A
S.
0.
N.
D.
1936
Figures for above charts based on those in tables 10 and 11~ The Gold Bloc, in the second chart, represents
France, Netherlands, and Switzerland.
402
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 1.—TOTAL CAPITAL MOVEMENT
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
In security transactions
In banking funds
Week ending—
Total
Total
Increase Decrease
in
in
foreign
U. S.
funds
funds
in U. S. abroad
brokerage
balances
Total
securities
Domestic
securities
Foreign
securities
1935
23.2
100.7
119.5
72.9
86.3
-12.6
12.7
52.3
-1.1
17.9
60.2
34.1
2.6
2.0
3.7
178.9
211.7
219.8
215.2
139.2
168.5
170.7
166.8
57.8
66.3
60.6
46.3
81.4
102.2
110.2
120.5
217.9
221 5
236.0
253.5
170.5
179.4
194.3
215.2
42.5
31 1
29.8
38 6
258.7
318.2
347.2
390.6
211.9
270.5
294.2
338.8
348.2
365.4
386.6
412. 3
506.9
15.9
24.1
29.4
1.6
6.6
2.8
9.2
11.3
14.0
12.7
15.4
3.3
5.0
7.0
10.9
36.3
38.3
42.1
37.5
17.2
19.0
16.8
12.3
19.1
19.3
25.2
25.2
128.0
148.3
164.4
176.6
13.7
15.4
20.2
21.7
33.7
26 7
21.5
16.6
6.5
-4.0
-6.6
27.2
26.7
25.5
23.1
57 7
82.9
88 3
96.0
154.2
187. 6
205.9
242,8
21 1
20.9
21 7
21.0
25.6
26.9
31.3
30.8
-6.2
-4.1
-3.3
-2.9
31.8
31.0
34.6
33.7
300.3
317 6
342.0
362.3
453. 8
69.8
76 6
98.6
139.3
286.6
230.6
241 0
243.4
222.9
167.2
21.8
21.9
20.9
20.3
20.7
26.1
25 9
23.7
29.8
32.4
-6.8
—7.4
-7.5
-1.0
2.0
32.9
33.3
31.2
30.8
30.3
551.9
608.8
632.9
632.1
477.1
527.7
549.2
551.9
268.0
240.3
244.0
242.2
209.1
287.4
305.2
309.9
26.4
26.5
28.7
27.1
48.5
54.6
54.9
53 S
39.2
42.1
41.7
40.4
615.2
637.4
663.1
676.1
682.4
525. 8
550.4
571.2
578.5
572.6
213.8
232.2
239.4
241.1
237.8
312.0
318.2
331.7
337.4
334.7
29.8
26.8
24.8
25.6
25.4
59.5
60.2
67.1
72.0
84.4
9.3
12.5
13.2
12.8
15.8
16.2
24.1
28.1
39.1
686 4
721.7
753 9
769.0
565 5
593.4
682 6
693.4
222 1
253.9
328 8
334.5
343 3
339.5
353.8
358.9
23 6
18.4
19.8
20.4
97 4
109.8
51 5
55.2
49.6
59.7
66.8
69.5
47.8
50.2
-15.2
-14.3
766 2
777.0
784.3
830.0
678 7
685.2
663.8
699.6
283 5
289.5
274.8
326.0
395 2
395.7
389.0
373.7
24.6
23.5
25.1
29.8
62 9
68.2
95.4
100.6
72.6
75.5
79.6
82.7
-9.7
-7.2
15.8
17.9
.
898.3
965.7
1,051.8
1,103 8
1,131.4
738.2
793.9
871.3
902 6
912. 3
350.7
422.1
478.8
514.1
520.6
387.5
371.8
392.6
388 5
391.7
29.8
30.7
27.1
23 7
20.5
130.4
141.1
153.4
177 5
198.6
90.3
97.5
104.7
124.9
142.6
40.1
43.6
48.7
52.6
56.0
Nov.
Nov.
Nov.
Nov.
6
13
20
27.. ._
1,128. 8
1,154. 9
1,196 9
1,257.1
900.3
907.1
912 1
936.9
514.5
536. 8
550.9
644.9
385.8
370.2
361 2
292.0
19.3
15.1
5.9
5.5
209.2
232.7
278 9
314.7
154.2
177.2
216.6
249.6
55.0
55.5
62.3
65.0
Dec.
Dec.
Dec.
Dec.
Dec
4- ._.
11
18
24
31
1,346.5
1,381.3
1,391.0
1,418.2
1,411.4
992.0
986.2
976.8
985.7
963.5
662.8
637.1
622.9
630.4
603.3
329.2
349.1
353.8
355.4
360.3
13.2
6.3
9.8
9.5
6.0
341.4
388.9
404.5
422.9
441.8
253.9
283.2
290.6
302.7
316.7
87.5
105.7
113.8
120.3
125.2
Jan.
Jan
Jan.
Jan.
9 16
23
30
_
Feb
Feb.
Feb
Feb.
6
13
20
27
Mar.
Mar
Mar.
Mar.
6
13
20
27
._
Apr
Apr.
Apr
Apr.
3
10
17
24
- --
-
--
_
May
May
May
May
May
1 .
8
15 _ _
22
29.
June
June
June
June
5- ___ .
12
19. _ .
26
July
July
July
July
July
3
10
17
24
31
.
- .
_._
.
-
---
_
- -
._
-
__
.
. __ _ _
, _-. .
._
.._
. .._
__ - . . .
_
Aug 7
Aug. 14.
Aug 21
Aug. 28
.
._ .
Sept. 4
Sept. 11
Sept. 18
Sept 25
Oct. 2
Oct. 9
Oct. 16- .
Oct 23
Oct. 30
_
.
.
__
._
_
-
-
_ .
.
i Outflow less than $50,000.
.
.
. .
8.2
1.2
5.3
2.3
3. 7
4.4
(i)
43.7
44.0
43.0
43.9
45.3
MAY 1937
403
FEDERAL RESERVE BULLETIN
TABLE 1.—TOTAL CAPITAL MOVEMENT—Continued
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
In banking funds
Week ending—
Total
Total
In security transactions
Increase Decrease
in
in
foreign
U. S.
funds
funds
in U. S. abroad
In
brokerage
balances
Total
securities
Domestic
securities
Foreign
securities
1936
Jan.
Jan.
Jan.
Jan.
8...
15..
22..
29..
1, 448. 2
1, 457.1
1,463. 4
1, 450. 3
1,008. 6
1,011.2
1,053. 2
1,037.8
616.4
621.9
667.1
656.5
392.2
389.3
386.1
381.3
Feb. 5._
Feb.12.
Feb. 19.
Feb. 26.
1, 461. 7
1, 453. 2
1, 469. 2
1,498. 0
995.2
981.6
982.6
991.4
608.9
590.3
583.3
585.2
386.3
391.3
399. 3
406.1
Mar. 4...
Mar. 11..
Mar. 18..
Mar. 25..
1, 495. 6
1, 495.9
1, 502. 5
1, 513. 9
981.8
990.0
983.2
982.8
576.3
589.4
582.0
580.2
405.5
400.7
401.2
402.5
Apr. 1__.
Apr. 8._.
Apr. 15.
Apr. 22.
Apr. 29..
1, 510.1
1, 530.0
1, 571.1
1, 582. 7
1, 597. 7
967. 6
972.4
1,001.0
1,000. 0
1, 024. 9
578.4
571.8
597.5
596.9
634.2
389.2
400.6
403.5
403.1
390.7
May
May
May
May
6..
13.
2027-
1, 619. 5
1, 658.0
1, 715. 5
1, 733. 2
1,042. 5
1,068. 9
1,113.1
1,128.1
686.2
694.1
696.4
702.8
June3._
June 10.
Junel7.
June24.
1, 761. 5
1, 841. 5
1, 929. 4
1, 967. 4
1,131. 7
1,184. 6
1, 256. 3
1, 276. 5
July
July
July
July
July
1—
8—
15..
2229-.
1,948. 2
1, 972. 4
1, 990. 6
2,008.1
2,020.1
Aug.
Aug.
Aug.
Aug.
5...
12..
19..
26..
4.5
6.8
6.6
6.5
435.1
439.0
403.6
406.0
336.2
336.7
342.0
347.1
98.9
102.3
61.6
58.9
6.5
1.9
.4
459.9
469.8
489.9
506.3
355.8
363.0
384.9
400.5
104.2
106.8
104.9
105.7
3.5
1.1
6.1
.5
510.2
504.8
513.2
530.7
402.3
406.1
410.0
424.5
107.9
98.7
103.2
106.3
.4
4.5
2.9
7.4
542.1
557.7
565.6
579.8
565.5
427.6
445.7
456.3
468.0
477.0
114.4
112.0
109.3
111.7
88.5
356.4
374.8
416.7
425.3
17.1
16.5
17.1
14.7
559.9
572.6
585.3
590.3
462.0
469.0
474.1
475.1
97.9
103.6
111.2
115.2
731.5
796.3
840.1
829.2
400.3
388. 3
416.2
447.3
17.6
18.3
19.4
20.1
612.1
638.5
653.6
670.8
473.5
495.2
502.9
515.8
138.6
143.3
150.7
155.0
1, 227.0
1, 236. 4
1, 234. 9
1, 233.0
1,229.4
779.0
778.1
770.5
766.5
761.3
447.9
458.3
464.4
466.5
468.1
16.5
20.0
19.1
20.5
17.9
704.7
716.0
736.7
754.6
772.8
524.1
528.7
535.9
549.3
562.8
180.5
187.3
200.8
205.3
210.0
2,032. 5
2,062. 5
2,094. 2
2,123. 8
1, 230. 5
1, 252. 8
1,269.1
1, 288.0
761.6
786.3
788.9
803.9
469.0
466.5
480.3
484.1
19.9
20.1
19.6
18.2
782.0
789.6
805.4
817.6
566.8
571. 1
582.6
591.3
215.2
218.5
222.8
226.4
2,139.9
2,171. 7
2,184. 6
2, 231. 9
2, 281. 7
1, 274. 2
1, 295. 0
1, 287. 0
1,315.3
1, 353.1
756.4
777.2
776.5
819.8
898.5
517.9
517.8
510. 4
495.6
454.6
15.2
16.9
20.1
19.3
23.2
850.5
859.7
877.5
897.3
905.4
596.3
600.6
614. 5
631.6
633.3
254.2
259.1
263.0
265.6
272.2
7_—
14__.
21...
28...
2,
2,
2,
2,
379.1
422.1
443. 8
464. 9
1,420. 6
1, 424. 2
1, 393.1
1,379. 7
919.6
931.4
903.1
895.9
500.9
492.8
490.0
483.8
14.0
12.0
12.0
13.7
944.5
985.9
1,038. 6
1,071.5
665.8
706.4
752.5
778.1
278.8
279.5
286.1
293.4
Nov. 4...
Nov. 11_.
Nov. 18..
Nov. 25..
2,
2,
2,
2,
467.
515.
505.
522.
5
9
2
0
1,344.1
1, 349. 5
1, 321. 3
1, 325. 2
860.9
862.9
849.7
882.5
483.1
486.5
471.5
442.8
12.7
14.7
17.6
1,110. 7
1,158. 8
1,169. 3
1,179. 2
810.4
858.1
867.7
878.8
300.3
300.7
301.6
300.3
Dec.
Dec.
Dec.
Dec.
Dec.
2, 538. 5
2, 546. 2
2, 582. 6
2, 574. 9
2, 606. 7
1, 331. 4
1, 346.1
1, 368. 8
1, 340. 3
1, 360. 3
888.8
906.4
926.0
911.5
930.5
442.6
439. 7
442.8
428.8
429.8
18.8
20.1
17.3
16.4
12.9
1,188. 3
1,180. 0
1,196. 5
1,218.2
1,233.6
890.2
881.0
895.6
911.7
917.4
298.1
299.0
300.9
306.5
316.2
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
2...
9_16..
23_.
30..
2...
9-_.
16..
23..
30..
-3.2
-. 1
7.7
404
FEDERAL RESERVE BULLETIN
M A Y 1937
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U.S.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
2.7
-1.5
3. 6
7.4
21.6
92.8
103.1
.4
4.2
1.0
1.8
-.7
-.2
4.3
13.1
17.7
22.3
17.6
150.4
177.5
188.7
190.6
1.0
4.3
5.3
3.6
10.7
11.1
11.7
14.0
21.2
23.4
26.8
27.9
194.4
196.3
203.9
214. 5
-2.9
-3.1
35.2
29.4
29.0
30.2
219.2
257.9
292.7
330.2
1935
Jan. 9...
Jan. 16_.
Jan. 23..
Jan. 30..
8.2
23.2
100.7
119.5
-2.4
4.7
42.9
49.8
10.1
15.0
33.7
31.4
.2
-1.9
2.2
12.9
Feb.
Feb.
Feb.
Feb.
6...
13__
20..
27._
178.9
211.7
219.8
215.2
68.3
87.5
97.5
109.0
45.3
41.3
45.5
42.6
14.4
18.1
17.2
14.7
8.6
7.6
6.5
5.9
2.0
6.2
.4
1.7
-1.4
Mar. 6
Mar. 13..
Mar. 20..
Mar. 27..
217.9
221.5
236.0
253.5
108.9
109.3
122.7
135.4
44.7
42.5
33.2
33.1
13.2
14.9
15.3
15.7
4.6
4.9
1.7
1.5
2.8
3.0
4.9
1.9
-1.1
—1.7
-.7
April
April
April
April
3
10
17
24
258.7
318.2
347.2
140.6
176.2
187.2
210.6
25.1
37.4
46.2
42.6
9.0
-3.4
13.6
26.7
7.7
16.0
14.4
16.0
3.3
2.6
3.2
4.6
-1.6
-.2
May
May
May
May
May
1...
8—
1522..
29..
348.2
365.4
386.6
412.3
506.9
197.1
208.3
219.4
248.9
266.2
48.1
45.1
34.7
13.1
72.3
29.6
24.9
25.7
28.7
35.7
15.7
17.9
17.6
21.4
24.3
4.8
6.1
8.9
8.9
10.3
-1.0
-.3
(2)
1.4
-.4
27.6
29.9
36.7
37.7
40.2
321.9
331.9
343.0
360.0
448.6
June 5__.
June 12..
June 19..
June 26-
551.9
608.8
632.9
632.1
304.7
293.9
306.5
308.0
56.3
112.1
120.1
119.9
38.0
51.8
45.9
49.8
31.8
30.4
29.4
27.5
13.2
12.2
13.9
16.0
-.5
43.0
44.1
46.3
45.0
543.7
561.9
566.7
July3
July 10
July 17
July 24
July 31
615.2
637.4
663.1
676.1
682.4
307.5
318.1
330.8
326.9
328.2
114.0
116.0
119.4
118.5
117.7
48.3
47.8
50.6
56.1
47.6
27.4
25.8
26.2
27.1
29.5
15.0
15.0
17.2
19.5
22.8
-.2
.5
2.6
3.0
2.2
.6
2.9
49.1
51.3
53.4
53.8
55.2
Aug. 7—
Aug. 14_.
Aug. 21..
Aug. 28-
686.4
721.7
753.9
769.0
329.0
327.2
342.5
337.6
116.8
115.0
120.3
119.5
52.3
71.9
74.0
78.7
31.2
33.6
36.0
37.6
25.0
25.1
26.2
27.5
4.3
4.6
3.2
2.7
Sept.
Sept.
Sept.
Sept.
766.2
777.0
784.3
830.0
331.0
337.8
348.1
367.1
118.0
105.4
96.9
77.6
74.8
69.7
58.4
72.1
41.1
45.2
49.7
57.1
30.0
30.0
31.8
33.6
Oct. 2_..
Oct. 9...
Oct. 16-.
Oct. 23.
Oct. 30..
898.3
965.7
1,051.8
1,103. 8
1,131.4
379.9
408.2
434.5
456.5
456.5
100.4
83.1
110.9
104.5
125.4
82.7
94.9
102.3
103.6
102.9
Nov. 6-..
Nov. 13-.
Nov. 20..
Nov. 27..
1,128. 8
1,154. 9
1,196. 9
1, 257.1
462.9
466.5
490.5
537.2
119.4
128.9
129.9
120.2
99.1
101.7
74.0
81.7
89.2
92.7
99.1
101.7
108. 3
114.0
Dec.
Dec.
Dec.
Dec.
Dec.
1, 346. 5
1,381.3
1, 391. 0
1, 418. 2
1,411.4
553.2
559.1
559.9
565. 3
554.9
180.9
206.0
218.1
214.0
210.2
106.9
113.7
112.9
116.8
114.5
124.2
125.5
126.8
127.7
130.4
4...
11..
18..
25..
4__
11.
18.
24_
31.
i Inflow less than $50,000.
2
2.8
14.3
.1
-1.2
Q
'.5
.2
Latin
Canada America
Far
East
.1
3.3
10.0
All
Other
-1.9
2.4
.7
1.1
18.1
19.8
19.0
21.6
15.7
18.2
13.8
7.8
7.4
12.0
14.1
18.9
-.7
.2
1.9
1.6
26.5
29.9
30.0
32.0
18.9
27.1
22.3
25.5
4.4
3.4
5.0
3.1
32.8
34.7
33.5
33.6
12.7
16.5
23.1
28.6
30.7
2.0
3.6
2.6
2.6
2.8
-12.4
-11.6
-8.0
-8.1
35.5
38.8
37.4
39.2
37.2
32.7
34.3
29.4
5.0
5.2
7.2
4.9
563.9
577.0
599.8
602.5
603.9
-20.4
-23.0
-20.9
-18.9
-18.5
37.6
43.6
41.7
47.0
45.8
29.4
35.0
37.8
40.7
45.9
4.7
4.7
4.7
4.7
5.3
53.7
54.1
60.0
62.6
612.3
631.3
662.3
666.2
-30.7
-21.1
-16.8
-17.3
51.5
50.2
51.0
55.7
48.0
56.3
54.4
5.3
4.9
3.1
3.9
2.5
3.1
5.6
4.7
61.3
65.5
73.1
81.2
658.8
656.8
663.5
693.5
-17.5
-19.2
-27.6
-20.8
56.4
58.1
59.9
64.7
63.6
77.8
82.5
86.1
4.9
3.4
6.0
6.5
33.3
32.2
31.2
31.0
32.1
7.3
8.4
10.0
10.1
10.7
84.5
98.8
111.1
123.6
123.3
757.8
799.6
881.7
918.4
943.4
-21.5
-13.9
-13.6
-10.4
-16.2
64.2
71.5
72.1
73.4
76.0
90.0
100.0
102.7
113.3
117.0
7.8
8.5
8.9
9.0
11.1
32.5
31.9
33.1
32.9
12.9
16.4
26.2
24.2
121.1
123.0
123.9
125.8
968.3
1,010.6
1,056. 0
-20.1
-11.8
-16.0
-3.3
78.3
76.0
77.6
77.3
113.0
112.3
114.9
116.6
10.8
10.0
9.8
10.5
32.7
34.3
35.2
36.6
36.6
25.1
25.7
23.9
23.3
24.0
125.1
126.2
124.3
130.7
130.0
1,148.1
1,190. 6
1, 201. 2
1, 214. 3
1,200. 6
-10.3
-13.7
-12.8
-4.2
78.8
78.7
81.3
75.2
116.5
115.0
111.0
120.8
128.3
13.4
10.7
10.3
12.0
12.7
Outflow less than $50,000.
<7
-10.4
0)
-2.7
-.2
-19.3
-19.4
-16.8
-12.5
(0
1.1
.6
.3
405
FEDERAL RESERVE BULLETIN
MAY 1937
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES—Continued
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Jan.
Jan.
Jan.
Jan.
1936
8
15
22
29
1, 448. 2
1, 457.1
1, 463. 4
1, 450. 3
555. 9
550.8
553.4
552.1
216.6
219.4
220.2
223.1
116.3
114.4
115.0
116.0
136.7
141.2
142.0
145.2
35.4
37.1
38.3
40.5
24.0
21.6
25.1
23.4
137.7
144. 3
144.6
141.5
1, 222. 7
1, 228. 9
1, 238. 5
1, 241. 7
Feb.
Feb.
Feb.
Feb.
5__.
12-.
19-.
26,.
1, 461. 7
1, 453. 2
1, 469. 2
1, 498.0
549.6
545.8
580.3
599.4
220.8
225.3
204.3
197.2
119.5
120.9
125.8
129.9
145.9
146.5
146.4
148.2
37.5
36.7
36.2
22.6
22.4
20.7
18.9
141.3
141.5
145.1
144.7
1, 238.
1, 239.
1, 259.
1, 274.
Mar.
Mar.
Mar.
Mar.
4...
11_.
18__
25..
1, 495. 6
1,495. 9
1, 502. 5
1, 513. 9
592.8
590.0
576.1
575. 3
202.3
205.0
211.1
217.5
128.9
127.2
127.5
131.9
152.3
153.7
158.7
160.8
36.7
35.6
36.2
34.8
18.4
18.6
17.5
18.4
April l._.
April 8...
April 15..
April 22_.
April 29_.
1, 510.1
1, 530. 0
1,571.1
1, 582. 7
1, 597. 7
560.4
564.5
584. 5
592.6
602.2
221.7
216.1
224.3
222.5
210.4
125.0
129.8
133.0
133.8
133.6
173.0
176.3
178.2
180.4
182.2
36.4
35.3
35.5
35.4
39.2
May
May
May
May
1,619.5
1, 658. 0
1, 715. 5
1, 733. 2
611.6
632.1
640.6
646.1
210.1
205.6
235. 2
227.2
136.6
138.3
147.5
149.1
188.1
191.0
194.5
201.1
June 3...
June 10..
June 17..
June 24..
1, 761. 5
1,841.5
1, 929. 4
1, 967. 4
643.6
673.7
689.6
696.5
220.5
211.8
236.9
243.6
148. 9
170. 9
182.7
195.9
July
July
July
July
July
1.-.
8...
15..
22,.
29-
1, 948. 2
1, 972. 4
1,990.6
2, 008.1
2, 020.1
682.3
687.6
678.0
688.2
694.7
240.0
238.8
242.8
238.9
233.0
Aug.
Aug.
Aug.
Aug.
5___
12..
19..
26..
2,032. 5
2, 062. 5
2, 094. 2
2,123. 8
698.7
707.6
720.2
723.7
Sept. 2...
Sept. 9__.
Sept. 16 .
Sept. 23..
Sept. 30..
2,139. 9
2,171. 7
2,184. 6
2, 231. 9
2, 281. 7
Oct. 7...
Oct. 14.
Oct. 21..
Oct. 28.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Latin
Canada America
Far
East
All
Other
12.5
14.0
10.1
3.9
70.3
68.2
71.0
68.7
132.6
137.2
134.5
127.0
10.0
8.7
9.4
9.0
5
9
3
5
7.3
3.1
-2.7
2.3
71.7
73.9
76.7
81.8
136.0
127.5
127.2
130.2
8.2
8.8
8.7
9.3
145.4
142.0
140.6
139.7
1, 276. 8
1,272.1
1, 267. 6
1, 278. 3
-2.5
-2.1
-5.9
87.1
89.7
95.6
100.6
124.4
127.3
133.7
133.8
7.8
9.3
7.7
7.1
20.5
21.6
20.9
19.9
19.3
139.2
141. 1
132.8
126.9
130.9
1, 276. 3
1, 284. 6
, 309. 2
,311.5
,317.7
-1.5
12.7
15.5
17.9
102.4
109.1
110.1
115.2
118.5
126.0
129.7
133.0
134.1
138.2
6.7
6.1
6.5
5.4
37.6
37.6
39.9
43.8
18.4
21.0
21.2
21.3
132.3
136.5
131.7
133.4
, 334. 7
, 362.1
, 410. 6
1, 422. 0
13.9
16.7
18.4
23.9
122.6
126.4
132.3
131.3
140.2
144.4
145.5
147.1
214.9
229.9
238.3
243.9
43.0
42.5
47.6
47.2
20.8
21.8
24.9
23.5
141.0
145.4
157.1
159.9
1, 432.
1, 496.
1, 577.
1, 610.
7
0
3
4
20.5
22.9
29.9
32.0
136.1
141.8
140.9
142.7
163.3
169.8
168.7
169. 3
11.0
12.7
13.1
198.2
200.0
199.2
197.2
197.7
247.5
248.2
251.4
253. 4
251.5
47.2
48.5
50.4
52.6
57.3
22.3
25.1
25.2
25.6
25.7
159.5
160.2
166.6
166.0
169.6
1, 596. 9
1, 608. 4
1,613.5
1, 622. 0
1, 629. 6
26.0
33.1
38.6
44.9
47.6
142.6
149.7
151.9
151.9
153.9
168.8
169.0
174.8
177.6
177.3
13.9
12.3
11.8
11.8
11.7
237.9
229.6
232.6
231.4
198.2
195.4
195.4
196.2
253.3
258.6
259.3
261.1
57.1
58.6
61.8
63.8
25.1
27.0
28.1
29.2
1,641.9
1, 650. 0
1, 675. 0
1, 678. 0
53.7
63.9
71.1
88.6
155.0
154.8
153.6
154.3
169.9
180.5
181.7
190.8
12.0
13.3
12.8
12.1
701.3
707.3
701. 9
725 5
780.2
232.7
233.3
226.2
226.6
201.9
197. 5
197.3
201.4
200.8
195.0
267.3
267.9
275.4
283.2
297.6
64.6
68.3
71.2
68.0
73.9
27.7
29.0
26.3
27.1
28.7
171.6
173.1
177.6
172.5
179.1
182.1
186.1
190. 7
197.2
1, 670. 2
1, 685. 2
1, 688. 5
1,721.9
1, 774. 6
112.8
115.2
120.7
129.9
138.5
155.7
161.5
160.8
162.4
159.6
188.0
195.9
201.1
204.3
195.4
13.2
13.9
13.4
13.4
13.7
2, 379.1
2, 422.1
2, 443. 8
2, 464. 9
797.1
797.1
826.7
830.6
264.4
264.8
252.5
257. 0
201.2
233.4
236.0
233.9
316.8
322.2
313.0
319.6
68.0
75.0
68.7
67.9
32.3
32.1
34.2
35.9
200.5
191.5
208.2
208.7
1, 880. 4
1,916.2
1, 939. 3
1, 953. 7
128.3
143.4
151.1
154.8
159.3
157. 8
154.8
153.3
194.0
189.1
181.6
186.5
17. 1
15.6
17.0
16.7
4
11 __"
18—
25 _.
2, 467. 5
2, 515. 9
2, 505. 2
2, 522. 2
850.1
874.3
853.1
829.6
263.1
270.1
274.0
273.8
227.8
237.3
233.7
242.2
325.0
333.3
331.2
327.1
69.2
69.3
70.4
72.0
36.8
37.1
39.7
37.0
204.7
203.6
209.8
217.5
1, 976. 6
2, 025. 1
2,011.9
1,999.1
144.3
146.0
139.6
156.5
150.1
149.8
157.2
165.2
179.7
178.8
180.1
186.1
16.9
16.3
16.5
15.1
2__
9...
16 .
23
30
2, 538. 5
2, 546. 2
2, 582. 6
2, 574. 9
2, 606. 7
818.7
818.6
828.3
814.2
829.3
262.1
263.1
275.7
290.4
299.5
238.8
234.1
242.6
230.8
229.7
328.6
332.5
331.0
330.3
335.5
73.7
74.9
80.9
82.5
83.1
42.5
44.1
47.7
48.1
45.6
224.0
227.5
228.0
227.5
228.5
1, 988. 4
1, 994. 8
2, 034.1
2, 023. 7
2,051.3
145.7
146.7
143.4
141.8
150.5
210.4
211.9
207.4
202.7
199.6
178.8
178.2
183.4
188.0
184.0
15.2
14.7
14.2
18.7
21.4
6-..
13_.
20..
27..
1
Outflow less than $50,000.
0)
8.2
8.4
406
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Week ending—
United
Kingdom
France
1.2
5.3
72.9
86.3
-5.3
-2.9
30.6
34.6
14.7
32.7
30.5
Total
Nether- Switzlands erland
Germany
Italy
Other
Europe
Latin
Total
Europe Canada America
Far
East
All
Other
1935
Jan. 9
Jan.16
Jan. 23
Jan. 30
-1.1
-4.0
1.3
5.9
1.0
3.2
14.2
-.2
-1.0
-.7
.4
.1
-. 1
1.5
-3.5
.7
2.3
11.8
75.1
80.4
-.1
-5.3
-4.8
-8.5
-1.6
-.9
-.6
-.7
10.4
13.3
8.2
121.6
143.0
151.1
152.2
-8.2
-2.4
-4.2
-3.8
6.4
5.5
8.9
154.0
158.0
166.5
175.0
-6.4
-7.5
-3.2
2.6
.1
0)
-.5
-1.5
2.7
9.5
-1.7
2.0
.9
1.3
12.0
14.7
17.2
13.4
7.1
1.3
.9
.6
-.7
15.9
17.3
16.4
18.5
7.3
11.1
12.7
17.6
-.3
.4
1.9
1.6
1.1
-1.7
-1.0
3.6
Feb.
Feb.
Feb.
Feb.
6
13
20
27
139.2
168.5
170.7
166.8
52.4
68.3
77.0
88.3
43.6
38.4
43.2
39.9
9.4
12.7
11.1
8.6
9.2
8.3
7.2
6.5
1.7
5.8
-. 1
1.4
Mar.
Mar.
Mar.
Mar.
6
13
20
27
170.5
179.4
194.3
215.2
89.4
92.8
107.5
120.2
42.7
40.8
31.5
30.8
7.7
9.7
9.8
10.1
2.3
2.5
4.1
Apr.
Apr.
Apr.
Apr.
3
10
17
24
211.9
270.5
294.2
127.2
162.7
171.3
195.7
22.7
35.6
44.8
41.6
2.4
-11.3
5.4
18.7
6.3
7.9
5.0
4.8
11.4
18.2
16.4
17.4
2.3
1.3
1.8
3.0
.1
.4
12.6
6.0
5.2
6.1
177.6
213.2
244.9
282.9
-8.1
6.5
2.4
6.5
20.6
23.3
23.1
24.9
17.5
24.4
19.4
21.9
4.3
3.0
4.5
2.6
May
May
May
May
May
1
8
15
22
29
300.3
317.6
342.0
362.3
453.8
182.9
193.2
206.3
232.3
248. 5
48.0
45.3
34.3
11.4
21.9
16.6
16.5
19.0
24.3
16.4
17.8
17.4
20.4
22.5
3.0
4.3
6.7
6. 3
7.8
.3
.4
.7
2.1
.2
3.1
4.6
10.3
10.8
12.8
275.7
282.2
292.1
302.2
385.0
-5.6
1.7
7.8
13.8
23.9
25.8
27.6
26.3
26.7
8.9
12.2
18.4
24.0
25.7
1.4
3.0
2.2
2.1
2.6
June
June
June
June
5
12
19
26
477.1
527.7
549.2
551.9
281.0
270.2
282.2
284.5
51.6
106.7
114.1
113.1
25.4
38.5
32.2
36.3
29.4
27.2
25.7
23.5
10.8
9.6
11.5
13.4
12.0
9.0
11.4
9.3
410.3
461.1
477.2
8.1
10.7
16.1
21.2
28.4
31.8
30.5
31.6
26.1
19.8
19.2
14.3
4.1
4.3
6.3
4.0
July
July
July
July
July
3
10
17
24
31
525.8
550.4
571.2
578.5
572.6
279.9
290.7
300.4
294.2
289.4
107.3
109.1
112.6
111.7
110.5
34.0
33.6
36.4
40.0
27.2
22.5
20.5
19.7
19.7
20.8
12.7
12.7
14.8
17.0
20.2
2.8
3.0
2.2
.7
2.9
11.5
13.3
15.3
15.3
16.2
470.7
483.0
501.2
498.6
487.1
7.5
7.9
8.3
9.7
11.4
30.1
36.0
34.2
39.1
37.5
13.8
19.9
23.9
27.5
32.6
3.7
3.7
3.6
3.5
4.1
Aug.
Aug.
Aug.
Aug.
7
14
21__.__
28
565.5
593.4
682.6
693.4
284.9
278.6
290.9
284.5
109.1
107.9
114.1
112.5
30.3
48.7
49.2
52.4
21.6
22.5
22.7
22.6
22.2
22.2
22.9
4.1
4.3
2.9
2.4
14.3
13.7
19.4
21.2
486.5
497.9
522.2
519.4
-2.0
7.1
76.6
78.6
42.6
41.3
41.8
45.6
34.3
42.9
40.4
47.0
4.0
4.2
1.5
2.8
Sept.
Sept.
Sept,
Sept.
4
11
18
25
678.7
685.2
663.8
274.0
279.2
278.7
295.2
110.2
97.7
88.6
68.1
48.3
43.1
28.5
40.6
24.9
28.9
32.6
37.4
26.5
25.9
27.3
29.4
2.0
2.5
4.9
4.0
17.9
21.4
28.3
35.4
503.9
498.7
488.9
509.9
76.2
74.1
54.2
63.4
46.3
47.7
48.6
53.1
48.6
62.6
67.4
68.0
3.7
2.1
4.8
5.2
738.2
793.9
871.3
902.6
912.3
303.4
328.5
353.1
364.8
352.7
89.7
72.4
99.3
90.4
110.6
49.6
60.1
66.5
66.3
63.5
48.4
50.4
56.3
62.3
63.2
29.3
28.2
26.7
26.1
26.7
6.5
7.7
9.3
9.0
9.4
37.9
50.0
60.6
70.9
69.9
564.7
597.1
671.8
689.8
696.0
44.6
51.9
51.8
53.2
49.6
52.2
58.9
58.9
59.7
62.1
70.4
78.9
81.5
92.3
95.0
6.2
7.0
7.4
7.6
9.6
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23.... .
30
-1.3
-.3
-.4
Nov.
Nov.
Nov.
Nov.
6
13
20
27
900.3
907.1
912.1
936.9
353.3
345.0
349.5
372.5
103.0
110.7
109.6
95. 8
57.8
56.1
51.1
48.8
68.3
68.3
69.3
72.2
26.9
26.0
27.0
26.5
11.7
15.0
24.7
22.7
66.6
67.6
68.0
687.6
688.7
699.2
707.1
50.1
60.9
54.4
70.2
63.4
61.2
62.2
61.8
87.7
88.0
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
992.0
986.2
976.8
985.7
963.5
381.2
360.6
355.1
352.5
337.4
155.9
178. 3
188.9
184.0
177.6
54.1
58.4
56.1
58.7
55.4
79.2
77.9
76.3
74.5
74.0
25.9
27.2
27.8
29.0
28.8
22.6
22.9
21.1
20.4
21.0
67,4
69.0
65.5
70.8
69.5
786.3
794.2
790.8
789.8
43.2
35.1
32.3
38.2
41.4
62.5
62.8
64.4
58.2
52.5
88.2
85.9
81.7
90.3
96.1
i Inflow less than $50,000.
2
Outflow less than $50,000
8.4
9.0
11.8
8.1
9.3
9.9
407
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 3.—TOTAL BANKING FUNDS, BY COUNTRIES—Continued
Net Movement to United States since Jan. 2, 1935
[In millions of dollars.
Week ending—
Total
United
Kingdom
Minus sign indicates net movement from U. S.]
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
331.4
Jan.
Jan.
Jan.
Jan.
8
15
22
29
1,008.6
1,011.2
1,053. 2
1, 037. 8
325.1
328.8
324.0
179.4
180.9
179. 5
181.6
52.8
48.6
47.2
46.9
77.9
80.4
77.5
79.5
27.5
29.1
30.0
32.3
20.8
18.4
21.7
19.8
75.0
81.2
80.3
76.9
764.8
763.6
765.1
761.1
83.6
86.7
126.4
124.6
Feb.
Feb.
Feb.
Feb.
5
12
19
26
995.2
981.6
982.6
991.4
321.0
317.6
342.6
349. 2
177.7
180.9
159.1
153.4
47.7
47.8
47.9
49.5
78.7
76.6
74.8
73.6
30.5
28.7
27.6
26.9
19.0
18.9
17.2
15.3
76.2
76.2
79.1
750.9
746.6
748.3
745.4
76.6
74.3
79.4
Mar.
Mar.
Mar.
Mar.
4
11
18
25
981.8
990.0
983.2
342.2
336.9
326.1
323.9
157.4
158.3
162.4
165.9
48.3
46.5
45.5
48.6
76.6
75.5
75.7
75.3
27.1
25.8
26.1
24.8
14.4
14.6
13.6
14.6
78.1
90.7
88.6
86.7
744.0
748.3
738.1
739.9
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
967.6
972.4
1,001.0
1, 000. 0
1, 024. 9
305.6
303.9
304.5
305.3
304.9
169.6
163.1
168.4
167.6
154.6
40.3
42.0
42.2
41.2
40.9
85.3
84.9
84.4
84.5
82.7
26.5
25.3
25.1
24.9
28.5
16.8
17.8
17.1
16.2
15.6
84.9
91.9
104. 7
95.6
98.3
May
May
May
May
6
13
20
27
1, 042. 5
1,068.9
1,113.1
1,128.1
315.8
337.1
345.1
354.6
153.7
148.9
176.0
166.9
45.5
45.5
54.1
54.3
88.3
87.8
89.0
93.7
26.7
26.5
28.7
32.4
14.7
17.4
17.6
18.0
June
June
June
June
3
10
17
24
1,131.7
1,184. 6
1, 256. 3
1, 276. 5
362.4
391.9
410.2
413.2
159.7
149.9
174.8
180.5
51.8
69.5
78.1
87.4
102.3
113.1
116.8
118.2
31.6
30.9
36.0
35.4
July
July
July
July
July
1
8
15
22
29
1,
1,
1,
1,
1,
227. 0
236. 4
234. 9
233. 0
229. 4
393.3
393. 7
382.8
387.6
388.2
176.1
175.0
178.7
172.5
165.9
89.6
89.2
86.8
83.0
81.4
119.8
119.3
119.2
118.8
114.7
Aug.
Aug.
Aug.
Aug.
5
12
19
26
1, 230. 5
1,252.8
1, 269. 1
1, 288. 0
388.0
393.3
402.2
401.7
170.6
161.6
162.6
161.7
79.8
76.0
74.2
73.7
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
1, 274. 2
1, 295.0
1, 287. 0
1,315.3
1, 353.1
377.6
382.7
373. 3
389.4
437.9
162.7
162.8
155.1
155.1
128.4
1, 420. 6
1, 424. 2
1, 393.1
1, 379. 7
437.3
420.4
425.7
412.2
Oct.
Oct.
Oct.
Oct.
7
14
21
28
_
53.4
50.6
53.6
51.7
104.6
101.9
94.5
54.0
56.6
59.7
104.6
96.0
95.4
5.0
5.7
4.8
5.3
75.8
74.2
68.6
62.5
71.0
76.6
81.4
89.7
91.4
96.4
96.1
3. 6
5. 1
3. 6
2.9
729. 0
728.9
746.4
735. 2
725.6
67.2
65.8
74.5
79.1
108.5
80.7
86.9
87.5
92.1
94.2
88.0
88.3
90.7
91.5
95.9
2.7
2.4
1.8
2.1
.8
99.2
102.4
97.8
99.3
743.9
765.6
808.2
819.3
98.4
97.5
92.6
97 2
97.3
100.6
105.9
104.7
100.0
102.1
103.1
104.0
3.1
3.2
3.0
17.6
19. 1
22.4
21.0
84.6
86.9
97.3
98.5
809.9
861.4
935. 7
954.2
89.6
78.1
78.5
79.7
109.0
114. 5
112.8
114.2
120.4
125.7
122.8
121.6
2.8
4.9
6.6
6.9
35.7
37.0
38.7
40.6
45.2
20.1
22.7
23.2
23.5
23.6
97.1
97.3
93.8
92.6
94.4
931.7
934.3
923.1
918.5
913.4
52.3
55.0
58.4
59.2
60.7
113.8
120.4
122.0
122.3
123.6
121.6
120.8
126.0
128.1
127.3
7.6
5.9
5.3
5.0
4.5
113.8
117.8
116.8
116.4
45.1
46.6
49.4
51.3
22.9
24.9
26.0
27.1
94.7
95.2
98.3
93.2
914.9
915.4
929.4
925.3
67.2
78.1
81.5
96.0
124.1
123.5
121.8
122.8
119.2
129.6
130.8
139.0
5.1
6.2
5.6
5.0
73.5
71.6
72.0
67.9
61.0
120.4
119.8
121.3
125.2
136.5
51.9
55.4
58.2
54.7
60.4
25.3
26.9
24.3
25.1
26.7
95.8
97.5
99.9
103. 6
110.1
907.3
916.7
904.0
921.0
961.0
102.5
100.5
102.8
111.0
118.6
123.2
128.9
127.3
128.7
123.7
135. 5
142.5
146.8
148.7
143.6
5.8
6.4
6.0
5.9
6.1
189.8
189.2
175.0
178.6
66.5
94.1
88.2
83.7
153. 4
154. 6
136.5
137.9
54.0
61.1
54. 1
53.3
30.4
30.4
33.0
34.9
113.1
100.5
117.0
114.3
4
4
4
9
103.9
110.9
112.6
112. 4
123.0
121.2
118.1
116.3
140.3
134.4
125.4
128.9
8.9
7.3
7.6
7.3
1, 044.
1, 050.
1, 029.
1, 014.
7.0
5.6
6.3
5.9
Nov.
Nov.
Nov.
Nov.
4
11
18
25
1, 344. 1
1, 349. 5
1,321.3
1, 325. 2
412.4
413.8
376.8
348.3
183.3
188.0
191.3
189.2
74.9
76.8
72.2
80.1
139.9
136.2
125.8
119.4
54.2
54.3
55.4
56.8
35.7
36.1
39.2
37.6
93.3
88.8
93.0
97.7
993.6
993.9
953.7
929.1
109. 8
118.5
123.2
139.8
112.9
112.0
119.3
127.4
120.2
118.3
118.2
123.8
7.5
6.7
6.9
5.3
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
1,331.4
1, 346. 1
1, 368. 8
1,340.3
1, 360. 3
331.4
340.7
350.6
331.7
341.6
175.4
176. 3
186. 6
198.3
206.2
75.7
70.2
76.6
62.9
62.6
118.2
120.2
116.1
109.5
112.5
58.4
59.8
65.4
67.0
68.7
40.8
42.5
45.6
45.5
39.3
101.2
104.3
104.0
102.5
101.7
901.2
914.0
945.0
917.5
932.5
125.1
124.2
118.2
112.7
123.6
184.3
185.2
180.6
176.3
172.6
115.5
118.1
121.0
125.2
120.7
5.3
4.7
4.1
8.6
10.8
408
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
Net movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States.]
Week ending—
Total
United
Kingdom
France Netherlands
Switzerland
Germany
Other
Europe
Italy
Latin
Total
Europe Canada America
Far
East
All
Other
1935
Jan. 9
Jan.16
Jan. 23
Jan. 30
-.5
2.3
-12.6
12.7
52.3
1.7
-1.6
15.7
23.3
3.7
3.4
10.9
18.1
-2.8
2.1
9.1
.7
.5
.9
5.1
.8
1.6
2.5
-3.0
-.6
-.7
.5
-1.3
.7
1.1
-5.5
.3
6.5
1.6
27.2
51.7
2.3
-3.2
-4.5
-3.9
1.5
-.3
.9
5.8
-6.9
-12.7
-11.9
-2.9
—1. i
2.0
1.0
1.6
57.8
66.3
60.6
46.3
23.8
31.3
27.8
28.9
17.0
13.5
15.1
12.9
7.2
8.9
7.2
5.2
7.7
6.5
4.9
4.5
-3.0
-3.1
-2.9
-3.4
-1.8
-2.3
-2.7
-2.2
5.0
7.1
10.9
4.6
56.0
61.9
60.3
50.5
-3.9
1.1
.2
1.4
8.0
6.2
6.3
8.6
-4.2
-4.6
-7.9
-14.6
1.9
1.7
1.6
.4
42.5
31.1
29.8
38.6
20.3
15.6
' 15.2
15.4
16.1
10.5
4.6
4.2
4.3
5.6
5.4
6.0
4.1
5.8
2.9
2.3
-2.0
-2.0
-2.2
-4.5
-2.9
-3.4
-3.0
-4.5
4.5
2.9
5.1
4.4
44.3
35.1
27.9
23.3
-2.7
-4.6
-.9
7.1
10.8
12.1
11.9
14.6
-10.7
— 12.9
-11.9
-9.5
.9
1.4
2.8
3.0
57.7
82.9
88.3
96.0
19.2
26.7
28.0
30.8
13.2
9.6
13.0
11.8
5.2
8.1
17.5
16.0
8.6
16.2
13.9
15.3
-4.1
-6.2
-7.0
-6.3
-3.8
-2.5
-2.3
-2.4
8.7
4.4
1.6
2.2
47.1
56.3
64.7
67.3
-3.4
7.2
8.5
12.3
16.2
18.3
17.5
19.0
-7.9
-3.5
-8.1
-6.2
5.7
4.6
5.7
3.6
69.8
76.6
98.6
139.3
286.6
25.0
30.3
31.4
47.7
62.4
15.7
12.8
15.6
23.0
139.2
16.8
13.6
13.1
15.4
19.3
13.6
14.7
14.2
17.3
19.0
-6.7
-6.7
-6.5
-6.4
-5.3
-2.1
-3.0
-3.0
-2.6
-4.2
-.7
.7
5.5
6.2
9.2
61.8
62.2
70.3
100.6
239.7
-1.1
2.6
8.8
15.3
20.9
20.1
21.3
23.5
22.5
24.2
-13.7
-13.7
-7.6
-1.9
-1.7
2.7
4.1
3.6
2.8
3.5
268.0
240.3
244.0
242.0
88.8
73.8
72.9
76.3
86.1
70.3
68.1
64.5
22.6
33.3
27.3
31.1
25.4
23.3
24.3
21.7
-4.3
-3.8
-3.8
-4.5
-3.5
-3.0
-2.4
-1.8
8.1
7.6
10.0
8.3
223.2
201.6
196.5
195.5
16.1
17.6
27.7
33.1
26.1
25.7
23.4
22.8
-2.3
-9.6
-10.4
-14.4
4.9
5.1
6.9
4.8
-.3
8.8
10.1
10.5
9.3
10.6
180.0
187.2
197.1
193.6
192.6
24.3
27.5
27.3
29.8
27.7
22.5
26.7
23.7
26.3
24.8
— 17.7
-13.5
-12.9
-13.0
-12.0
4.7
4.4
4.3
4.4
4.8
Feb.
Feb.
Feb.
Feb.
6
13
20
27
Mar.
Mar.
Mar.
Mar.
6 ._
13
20
27
Apr.
Apr.
Apr.
Apr.
3.
10
17 . . _
24
May
May
May
May
May
1
8 .
15
22
29
June
June
June
June
5.
12
19
26
July
July
July
July
July
3
10
17
24
31
213.8
232.2
239.4
241.1
237.8
67.8
76.6
80.5
79.2
77.8
58.2
57.3
60.7
58.6
58.2
28.7
28.5
30.8
33.9
30.8
22.2
21.3
21.1
20.2
21.2
-5.3
-6.3
-6.1
-6.0
-6.1
- A
—1.6
.1
Aug.
Aug.
Aug.
Aug
7
14 . . .
21
28
222.1
253.9
328. 8
334.5
69.1
71.2
77.5
73.4
54.9
54.1
59.0
58.7
32.1
43.7
45.0
45.7
22.0
22.7
23.3
23.2
-5.8
-6.4
-6.0
-5.5
1.7
-.2
.3
t2)
7.6
6.5
10.1
11.2
179.9
193.5
208.6
206.2
20.0
30.3
95.8
96.7
27.5
27.8
26.2
25.9
-9.9
-2.7
-4.7
2.1
4.6
4.9
2.9
3.5
Sept.
Sept.
Sept.
Sept.
4 ...
11
18
25
283.5
289.5
274.8
326.0
' 65.1
70.4
68.9
85.5
56.3
48.7
45.6
50.3
41.9
37.4
29.9
38.4
25.3
29.1
32.3
37.0
-3.2
-4.2
-3.8
-2.4
-1.9
— 1.7
-.4
-2.3
4.7
8.1
13.5
21.3
188.2
187.8
186.2
227.7
60.5
59.7
39.4
45.0
28.1
28.6
29.3
32.6
2.2
10.6
14.2
14.9
4.4
2.8
5.7
5.8
350.7
422.1
478.8
514.1
520. 6
94.5
122.3
148.4
155. 8
154. 1
58.1
55.8
63.7
64.1
68.9
43.5
54.0
60.7
61.2
58.4
48.1
49.7
54.8
61.3
62.1
-1.7
-2.8
-3.8
-4.2
-4.2
2
-!9
264.6
313.8
369.7
391.9
393.5
26.4
34.3
35.7
38.3
36.1
33.2
39.5
36.8
36.3
38.2
19.8
27.5
29.1
40.1
43.1
6.7
7.0
7.5
7.5
9.7
.
. .
. .
Q
"7
22.1
34.5
46.0
54.6
54.9
Nov.
Nov.
Nov.
Nov.
6
13
20....
27
514.5
536 8
550. 9
644.9
149.0
146 3
150.5
176.4
71.0
82 5
84.1
131.2
53.3
52.7
48.2
46.0
66.7
67 1
69.0
71.5
-4.1
—4 5
-3.0
-2.8
1.0
5.2
12.3
10.2
52.0
54 8
55.7
57.9
388.8
404 1
416.7
490.4
35.9
45.8
42.8
57.0
39.9
38 0
39.2
38.7
40.2
39.9
42.8
48.0
9.7
9.0
9.4
10.7
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
662.8
637.1
622.9
630.4
603.3
182.4
164.2
152.4
149.1
128.6
137.4
137.0
141.2
136.1
129.6
50.0
54.9
54.3
56.7
55.7
78.8
77.0
75.6
73.7
72.4
-3.1
-3.1
-.4
9.3
9.6
7.8
6.6
7.3
58.6
58.7
57.0
62.4
60.7
513.3
498.2
487.9
484.8
453.5
50.1
44.7
39.4
42.1
46.0
39.3
40.0
40.7
36.0
33.5
46.7
44.7
45.9
56.6
58.8
13.4
9.5
9.1
10.9
11.5
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
i Inflow less than $50,000.
2
Outflow less than $50,000.
(0
-.8
409
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 4.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES—Continued
Net movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
64.9
72.8
71.2
68.2
456.3
457.7
455.4
452.5
51.1
59.5
102.8
103.8
35.1
32.4
35.7
33.9
65.5
65.6
65.5
59.1
8.4
6.7
7.6
7.3
Latin
Canada America
Far
East
All
Other
1936
Jan.
Jan.
Jan.
Jan.
8
15
22
29
616.4
621.9
667.1
656.5
127.6
119.3
122.3
119.8
127.8
131.6
130.1
130.9
53.4
50.0
48.6
48.6
76.3
78.9
76.0
78.0
1.7
7.2
5.3
7.4
5.4
Feb.
Feb.
Feb.
Feb.
5
12
19
26
608.9
590.3
583.3
585.2
111.4
105.0
127.1
133.9
126.3
130.8
110.2
103.8
47.2
47.1
46.9
46.8
76.5
74.6
72.6
71.3
-.5
-2.2
-3.3
-4.3
4.9
4.6
2.5
.4
67.2
65.8
66.4
63.4
433.0
425.8
422.5
415.3
61.6
56.7
52.0
55.9
37.1
39.3
41.6
46.5
70.3
60.7
60.1
60.2
7.7
7.0
7.3
Mar.
Mar.
Mar.
Mar.
4
11
18
25
576.3
589.4
582.0
580.2
126.2
125.9
114.6
109.7
104.6
106.0
108.7
111.9
48.6
48.4
49.5
52.9
73.9
72.8
73.0
72.6
-4.6
-6.6
-7.1
-8.3
-.1
63.9
76.0
73.6
71.5
413.0
423.0
411.5
410.2
52.1
51.6
50.5
44.9
51.9
54.6
59.8
66.5
53.8
52.8
54.3
53.0
5.4
7.3
6.0
5.6
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
578.4
571.8
597.5
596.9
634.2
102.4
90.0
90.4
92.1
99.0
117.8
110.2
113.6
112.3
107.0
44.7
47.2
47.6
46.3
46.0
82.6
82.3
81.8
81.8
80.2
-8.3
-9.2
-9.2
-8.7
-9. 4
2.6
3.8
3.2
2.4
1.6
69.2
75.1
88.7
79.0
80.6
411.0
399.5
416.1
405.1
405.0
49.1
47.3
51.3
58.4
90.6
64.3
69.8
70.5
74.3
77.3
48.6
50.3
54.5
53.5
56.6
5.3
4.9
5.1
5.6
4.6
May
May
May
May
6
13
20
27
686.2
694.1
696.4
702.8
109.3
125.9
126.8
136.0
143.8
126.5
118.9
114.8
50.3
50.9
58.5
58.1
85.7
84.1
85.5
-8.6
1.1
3.1
3.4
3.7
81.4
85.9
81.4
81.9
461.8
466.4
465.0
475.5
79.0
78.5
77.5
77.6
79.7
83.2
85.9
81.6
59.1
59.9
61.8
61.8
6.6
6.1
6.2
6.3
June
June
June
June
3
10
17
24
731.5
796. 3
840.1
829.2
145.1
174.2
197.3
193.6
130.1
139.4
141.0
123.9
56.6
72.8
81.8
90.0
98.7
109.4
112.9
114.5
-9.9
-10.1
-9.2
-9.3
3.5
5.0
8.1
6.5
63.8
66.1
74.0
76.3
488.0
556.9
605.8
595.4
73.6
60.5
61.3
61.3
86.2
91.1
85.4
84.6
77.6
79.4
78.2
78.1
6.2
8.4
9.4
9.7
July
July
July
July
July
1
8
15
22
29
779.0
778.1
770.5
766.5
761.3
178.3
178.8
170.8
175.6
179.7
119.0
114.9
118.6
112.8
108.2
92.4
91.3
88.0
84.4
82.3
115.9
115.4
115.1
114.7
110.6
-10.3
-10.1
-10.2
-8.9
5.6
8.7
8.8
8.5
8.3
74.7
75.1
70.9
70.8
70.9
576.1
573.9
562.3
556.7
551.1
33.7
33.8
36.7
37.5
38.5
82.4
86.2
86.4
86.0
87.3
76.3
75.4
76.7
78.5
77.5
10.4
8.8
8.4
7.8
7.0
Aug.
Aug.
Aug.
Aug.
5
12.....
19
26
761.6
786.3
788.9
180.1
185.1
182.9
185.1
110.1
105.4
104.5
104.8
79.3
78.0
75.5
76.6
109.9
113.9
112.6
112.3
-8.7
-8.8
-8.9
7.5
9.6
9.6
10.6
69.7
70.0
73.0
66.2
547.8
553.1
549.2
546.9
46.6
56.9
62.8
73.9
89.6
87.4
86.2
87.7
70.5
81.0
83.4
88.1
7.1
7.9
7.2
7.4
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
756.4
777.2
776.5
819.8
898.5
158.4
162.0
156.2
169.9
221.6
104.5
107.9
110.3
123.9
131.1
74.6
72.8
73.5
68.7
63.9
116.1
115.7
116.9
119.7
133.6
-10.0
-10.3
-10.4
-10.2
-10.1
8.7
10.4
7.9
8.9
10.5
69.4
71.0
71.4
74.8
82.3
521.8
529.4
525.9
555.6
632.9
56.8
58.2
57.4
64.9
71.4
85.2
91.3
88.3
90.1
86.0
84.7
90.4
97.2
101.6
100.4
7.9
8.1
7.7
7.6
7.9
919.6
931.4
903.1
895.9
230.5
219.6
221.9
211.0
131.0
140.5
112.4
114.8
65.9
90.6
86.8
84.8
150.1
150.0
132.6
133.7
-10.6
-9.5
-10.2
-10.3
13.0
13.8
16.4
18.7
85.9
73.2
90.8
87.5
665.9
678.1
650.7
640.2
63.2
69.6
75.3
74.8
85.3
83.1
81.2
78.8
95.6
92.6
87.6
93.2
9.6
7.9
8.3
Oct.
Oct.
Oct.
Oct.
7
14
21
28
Nov.
Nov.
Nov.
Nov.
4
11
18
25
862.9
849.7
882.5
211.0
209.7
183.8
175.9
120.4
124.6
128.3
125.5
76.6
77.8
86.1
135.8
132.6
122.1
116.3
-9.3
-8.3
-7.4
19.0
19.2
22.2
20.5
66.2
63.6
68.0
73.9
619.4
618.2
593.8
590.9
72.5
78.8
82.5
101.3
78.0
76.9
84.5
95.4
82.2
80.4
79.9
87.1
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
906.4
926.0
911.5
930.5
159.4
163.7
171.0
157.8
163.5
112.7
114.3
124.2
136.8
144.2
79.7
72.7
78.5
65.5
65.9
115.0
118.7
113.1
106.6
109.8
-5.4
-4.4
-1.1
1.7
2.7
23.7
26.5
30.0
29.9
23.0
78.4
82.9
82.3
81.9
79.7
563.6
574.4
597.9
580.1
588.9
84.6
82.6
79.7
74.3
151.8
154.4
153.8
153.3
149.3
80.4
87.0
86.6
90.8
90.4
9.0
7.7
8.4
8.0
8.1
13.0
15.2
410
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
Net movement to United States since Jan. 2, 1935
[In millions of dollars.
Week ending—
Total
United
Kingdom
M i n u s sign indicates net movement from United States.]
France Netherlands
Switzerland
Germany
Italy
Latin
Other
Total
Europe Europe Canada America
Far
East
All
Other
1935
Jan.9
Jan. 16
Jan. 23
Jan. 30
.
_
-7.0
-1.4
14.9
11.3
5.1
11.3
21.8
12.4
—1.1
-2.9
-.3
-.7
-.5
.5
.8
.2
1.6
11.7
2.7
81.4
102.2
110.2
120.5
28.7
37.0
49.2
59.4
26.6
24.9
28.1
27.0
2.2
3.7
4.0
3.4
1.5
1.8
2.2
2.0
4.6
8.9
2.8
4.8
128.0
148.3
164.4
176.6
69.1
77.2
92.4
104.7
26.6
30.3
26.9
26.6
3.4
4.1
4.4
4.1
2.3
2.1
2.1
2.5
-.5
-.6
L4
-.8
.4
2.0
.3
-4.2
10.2
47.9
28.7
-2.4
-2.1
-.3
-4.6
-.3
-1.4
-1.9
-2.2
6.4
11.2
14.6
12.5
.1
1.4
2.1
1.5
1.9
3.3
2.4
3.6
65.6
81.1
90.8
101.7
-4.3
-3.4
-4.4
-5.2
1.9
3.5
3.6
3.4
18.9
21.8
21.3
21.7
-1.1
-1.1
4.4
4.5
6.3
5.3
2.1
2.1
2.7
4.1
1.9
2.6
3.8
4.4
109.7
122.9
138.6
151.7
-3.7
-2.9
-2.3
-4.5
5.2
5.3
4.4
3.9
18.0
24.0
24.6
27.1
-1.2
-1.0
-.9
— 1.5
2.9
3.1
2.4
2.8
2.4
3.4
3.7
3.9
1.7
3.7
4.0
130.5
156.9
180.2
215.6
-4.7
-.7
-6.1
-5.8
4.4
5.0
5.5
5.9
25.4
27.9
27.5
28.2
-1.4
-1.6
— 1.2
—1.1
213.9
22*0.0
221.8
201.5
145.3
-8.5
-8.2
-7.1
-7.5
-7.1
3.8
4.5
4.1
3.7
2.5
22.7
25.9
26.0
25.9
27.4
-1.3
-1.1
-1.4
-.7
-.9
—.1
0)
-.3
-.6
Feb.
Feb.
Feb.
Feb.
6
13
20 _
27
Mar.
Mar.
Mar.
Mar.
6
13
20
27
April
April
April
April
3
10
17
24
154.2
187.6
205.9
242.8
108.0
136.0
143.2
164.9
9.4
25.9
31.7
29.8
-2.8
-19.4
-12.0
2.7
2.7
2.0
2.5
2.1
6. 3
7.4
8.8
9.3
May
May
May
May
May
1
8 ..
15
22
29 -
230.6
241.0
243.4
222.9
167.2
157.9
162.9
174. 9
184.6
186.1
32.3
32.5
18.7
-11.7
-70.3
5.0
3.1
3.4
3.7
5.0
2.8
3.2
3.1
3.1
3.5
9.7
11.0
13.1
12.6
13.1
4.4
3.8
3.9
4.8
4.6
3.5
June
June
June
June
5
12. _
19. _
26
209.1
287.4
305.2
309.9
192.2
196.4
209.3
208.1
-34.4
36.4
46.0
48.6
2.8
5.2
4.9
5.2
4.0
3.8
1.5
1.9
15. 1
13.4
15.2
17.9
3.6
3.0
2.4
2.7
3.9
1.3
1.4
1.0
187.1
259.6
280.7
285.4
-8.0
-6.9
—11. 5
-12.0
2.4
6.1
7.1
8.7
28.4
29.4
29.5
28.6
-.8
-.8
-.6
-.9
July
July
July
July
July
3
10
_
17
24. _
31
312.0
318.2
331 7
337.4
334.7
212.1
214.2
219.9
215.0
211.6
49.1
51.8
51 9
53.1
52.3
5 3
5.2
5 6
6.1
-3.6
.3
-.8
—1 4
-.5
-.4
18 0
19.0
20 8
22.9
26.3
32
3.3
2 6
2.3
2.7
2 7
3.1
4 7
6.0
5.7
290.7
295.8
304.2
305.0
294.5
-16.7
-19.6
-19.0
-20.1
-16.4
7.6
9.4
10.5
12.9
12.7
31.4
33.4
36.8
40.5
44.6
-1.0
-.8
-.7
-.8
-.7
Aug.
Aug.
Aug.
Aug.
7
14.
21
28
343.3
339 5
353.8
358.9
215.8
207.5
213.4
211.1
54.2
53.8
55.1
53.8
-1.8
4 9
4.3
6.7
-.4
—.2
-.6
-.6
28.0
28.6
28.9
29.4
4.1
2 6
3.1
2.7
6.7
7.2
9.4
10.1
306.6
304.4
313. 6
313.2
-22.0
-23.2
-19.2
-18.1
15.1
13.4
15.6
19.7
44.2
45.6
45.2
44.9
-.6
-.6
-1.4
-.7
Sept.
Sept.
Sept.
Sept.
4 ._ _
11
18
25
395.2
395 7
389.0
373 7
208.9
208.8
209.8
209.7
54.0
49.0
43.0
17.8
6 4
5 6
—1.5
2 2
—.4
—.2
.3
.4
29.8
30 2
31.1
31.8
3.9
4 2
13.2
13.2
14.8
14.1
315.6
310.8
302.7
282.2
15.7
14.4
14.7
18.4
18.2
19.1
19.3
20.5
46.4
52.1
53.2
53.1
-.8
-.7
-.9
-.6
387.5
371 8
392.6
388 5
391.7
208.8
206 2
204.7
209 1
198.6
31.7
16.6
35.6
26.4
41.7
6.1
6 1
5.7
5 1
5.1
.2
.7
1.4
.9
1.1
31.0
30 9
30.5
30 3
30.9
6.5
15.8
15.5
14.5
16.2
15.0
300.1
283.3
302.0
297.9
302.5
18.2
17.6
16.1
14.9
13.5
19.1
19.4
22.2
23.4
23.8
50.7
51.4
52.4
52.3
51.8
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
_._
-.5
—1.1
17.9
60.2
34.1
.
:.
._
4.6
5.3
63
73
9.5
99
10.1
o
-.4
(i)
-. 1
. 1
(2)
Nov.
Nov.
Nov.
Nov.
6
13
20
27
385 8
370.2
361.2
292.0
204 4
198.7
199 0
196.1
32.0
28.2
25.5
-35.5
4 5
3.4
3 0
2.9
1.7
1.1
.3
.7
31.0
30.5
30.0
29.3
10 7
9.9
12 4
12.5
14.6
12.9
12.3
10.7
298.8
284.6
282.5
216.7
14.2
15.1
11.6
13.2
23.5
23.2
23.0
23.1
49.6
47.7
45.2
40.8
-.3
-.4
-1.1
-1.7
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
329.2
349 1
353.8
355.4
360. 3
198.8
196 3
202.7
203.3
208.8
18.4
41 3
47.7
47.8
48.1
4.2
3 6
1 8
2.0
-.4
.4
9
.7
.8
1.6
29.0
30 2
28.2
28.9
29.7
13.4
13 4
13.3
13.8
13.7
8.8
10.3
8.5
8.4
8.8
273.0
296.0
302.9
305.0
310.2
-6.9
-9.7
-7.2
-3.9
-4.6
23.3
22.8
23.7
22.1
19.0
41.5
41.2
-1.6
-1.4
-1.4
-1.6
-1.6
i Inflow less t h a n $50,000.
2
Outflow less t h a n $50,000.
35.8
33.7
37.3
MAY
411
FEDERAL RESERVE BULLETIN
1937
TABLE 5.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES—Continued
Net movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States.]
Week ending—
Total
United
Kingdom
France
Nether- Switzlands erland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan.
Jan.
Jan.
Jan.
8—.
15_.
22..
29-
392.2
389.3
386.1
381.3
203.8
205.8
206.6
204.3
51.6
49.3
49.4
50.7
Feb.
Feb.
Feb.
Feb.
5...
12..
19. _
26..
386.3
391.3
399.3
406.1
209.
212.6
215.5
215.3
51.4
50.1
48.8
49.6
Mar.
Mar.
Mar.
Mar.
4...
11..
18..
25..
405.5
400.7
401.2
402.5
215.9
211.0
211.5
214.2
April
April
April
April
April
1
8.
15
22
29
389.2
400.6
403.5
403.1
390.7
May
May
May
May
6
13
23
27
1.
1.5
1.5
1.6
28.4
29.2
30.0
30.6
13.6
13.1
14.3
14.4
10.1
8.4
9.1
308.5
305.9
309.6
308.7
32.5
27.3
23.6
20.7
18.3
18.2
17.8
17.8
34.2
39.0
36.4
35.5
-1.3
-1.1
-1.3
-1.4
.6
.7
1.0
2.2
2.0
2.1
2.3
31.1
30.9
30.9
31.3
14.2
14.3
14.7
14.8
9.0
10.3
12.7
14.1
317.9
320.9
325.8
330.1
19.0
19.9
22.3
23.5
17.0
17.3
18.1
18.1
34.3
35.2
35.4
36.5
-1.9
-2.0
-2.2
-2.0
52.8
52.3
53.7
54.1
-.3
-1.9
-4.0
-4.3
2.7
2.8
2.7
2.8
31.6
32.4
33.3
33.1
14.1
14.0
14.2
14.7
14.2
14.7
15.1
15.2
331.0
325.3
326.7
329.7
23.7
22.6
18.1
17.6
16.8
16.4
16.8
14.8
35.9
38.6
42.1
43.1
-1.8
-2.2
-2.4
-2.7
203. 3
213.9
214.1
213.2
205.9
51.7
52.9
54.9
55.3
47.6
-4.4
-5.2
-5.3
-5.2
-5.1
2.7
2.6
2.6
2.7
2.5
34.8
34.4
34.3
33.7
37.9
14.1
14.0
13.8
13.8
14.0
15.8
16.8
16.0
16.6
17.7
318.0
329.4
330.3
330.1
320.6
18.1
18.5
23.2
20.7
17.9
16.4
17.1
17.1
17.8
16.8
39.4
38.0
36.2
37.9
39.3
-2.6
-2.4
-3.3
-3.5
-3.9
356.4
374.8
416.7
425. 3
206.5
211.2
218.3
218.6
22.5
57.1
52.1
-4.8
-5.4
-4.4
-3.8
2.5
3.7
3.5
4.1
36.6
36.5
38.2
41.0
13.7
14.3
14.2
14.3
17.7
16.5
16.4
17.4
282.1
299.1
343.3
343.7
19.4
19.0
15.2
19.6
17.6
17.4
20.0
23.1
40.9
42.2
41.2
42.2
-3.6
-3.1
-3.0
-3.3
June3__.
June 10..
June 17_.
June 24..
400.3
388.3
416.2
447.3
217.2
217.7
213.0
219.6
29.6
10.5
33.8
56.7
-4.8
-3.3
-3.7
-2.5
3.6
3.7
4.0
3.7
'41.4
41.0
45.2
44.7
14.1
14.1
14.3
14.5
20.8
20.8
23.3
22.2
322.0
304.5
329.9
16.1
17.6
17.2
18.3
22.9
23.4
27.3
29.5
42.8
46.3
44.6
43.5
-3.4
-3.5
-2.8
-2.9
July 1 . . .
J u l y 8_._
July 15_.
July 22..
July 29_.
447.9
458.3
464.4
466.5
468.1
215.0
215.0
212.0
212.0
208.5
57.1
60.1
60.1
59.7
57.6
-2.8
-2.1
-1.3
-1.5
3.9
3.9
4.0
4.1
4.1
45.5
47.3
48.8
50.8
54.1
14.5
14.0
14.3
14.9
15.4
22.4
22.2
22.9
21.8
23.5
355.6
360.4
360.8
361.8
362.3
18.5
21.2
21.8
21.7
22.2
31.4
34.2
35.6
36.3
36.3
45.3
45.5
49.3
49.6
49.7
-2.9
-2.9
-3.1
-2.9
-2.5
Aug.
Aug.
Aug.
Aug.
469.0
466. 5
480.3
484.1
207.9
208.2
219.3
216.6
60.5
56.1
58.1
57.0
.5
-2.0
-1.4
-2.9
4.0
3.9
4.2
4.1
53.9
55.4
58.3
60.1
15.4
15.4
16.5
16.5
25.0
25.2
25.3
27.0
367.1
362.3
380.2
378.4
20.6
21.2
18.7
22.1
34.6
36.1
35.5
35.1
48.7
48.6
47.4
51.0
-2.1
-1.6
-1.5
-2.4
517.9
517.8
510. 4
495.6
454.6
219.2
220.7
217.1
219.5
216.3
58.2
54.9
44.8
31.2
-2.7
-1.1
— 1.1
-1.6
—. 7
-2.9
4.2
4.1
4.4
5.5
2.8
62.0
65.7
68.6
64.9
70.6
16.6
16.5
16.3
16.3
16.2
26.4
26.4
27.8
385.5
387.3
378.1
365.5
328.1
45.7
42.4
45.4
46.1
47.2
38.0
37.7
39.0
38.6
37.7
50.8
52.1
49.6
47.1
43.2
-2.1
-1.7
-1.7
-1.7
— 1.7
500.9
492.8
490.0
483.8
206.8
200.9
203.7
201.1
58.8
48.7
62.6
63.8
.5
3.4
1.4
-1.1
3.2
4.7
4.0
4.2
64.6
70.6
64.2
63.6
17.4
16.6
16.6
16.2
27.2
27.4
26.2
26.8
378.6
372.3
378.7
374.6
40.7
41.3
37.2
37.6
37.7
38.1
37.0
37.5
44.7
41.8
37.8
35.6
—.7
-.7
-.7
-1.5
5__.
12..
19..
26..
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
2...
9—
16..
23..
30..
7...
14_.
21_.
28_.
.
-1.4
-1.3
-1.7
Nov.
Nov.
Nov.
Nov.
4—
1118-.
25..
483.1
486.5
471.5
442.8
201.4
204.1
193. 1
172.4
62.9
63.4
63.0
63.6
-1.8
-1.0
-5.6
-6.0
4.1
3.6
3.7
3.2
63.8
63.6
63.7
64.1
16.7
16.9
16.9
17.1
27.1
25.1
25.1
23.8
374. 2
375.7
359.9
338.2
37.3
39.7
40.7
38.4
35.0
35.1
34.8
31.9
37.9
37.9
38.3
36.7
-1.3
-1.9
-2.1
-2.4
Dec.
Dec.
Dec.
Dec.
Dec.
2_._
9_ —
16_.
23..
30_.
442.6
439.7
442.8
428.8
429.8
172.0
177.1
179.6
173.9
178.0
62.7
61.9
62.4
61.6
62.0
-4.0
-2.5
-1.8
-2.6
-3.3
3.2
1.6
3.0
3.0
2.7
63.8
64.2
66.5
65.3
66.0
17.1
16.0
15.6
15.6
16.3
22.8
21.4
21.7
20.6
22.0
337.6
339.6
347.0
337.3
343.7
40.5
41.6
38.5
38.5 i
36.9
32.5
30.8
26.8
23.0 I
23.2
35.1
31.0
34.4
34.4
30.4
-3.1
-3.3
-3.9
-4.4
-4.4
412
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 6.—BROKERAGE BALANCES BY COUNTRIES
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Latin
Total
Europe Canada America
Far
East
All
Other
1935
2.6
2.0
3.7
3.7
.4
.9
2.1
.3
1.2
1.3
.4
.3
-.3
-.2
3.3
5.0
7.0
10.9
.5
2.1
2.8
3.5
2.0
2.2
1.6
3.2
_
13.7
15.4
20.2
21.7
4.5
4.3
5.8
7.0
3.7
4.5
4.9
5.6
1.1
2.0
2.1
3
10
17_
24
21.1
20.9
21.7
21.0
6.5
5.8
6.3
6. 3
5.6
4.5
3.9
3.3
2.6
2.9
2.9
2.7
May
May
May
May
May
1
8
15
22
29
21.8
21.9
20.9
20.3
20.7
7.0
7.9
6.8
6.4
5.0
3.5
2.6
2.3
2.7
4.0
2.7
2.9
3.4
3.1
2.8
1.0
1.1
.8
1.2
1.2
June
June
June
June
5
12
19
26
26.4
26.5
28.7
27.1
7.4
6.7
7.4
6.5
5.6
6.4
6.5
6.7
3.3
3.2
3.8
3.3
2.5
2.2
2.3
2.3
July
July
July
July
July
3
10
17
24
31
29.8
26.8
24.8
25.6
25.4
6.8
5.9
5.3
5.1
4.9
7.0
6.6
5.4
5.3
5.5
3.6
3.4
3.3
3.4
3.4
2.2
2.0
2.2
2.6
2.7
Aug. 7
Aug. 14
Aug. 21
Aug. 28
23.6
18.4
19.8
20.4
4.4
3.8
4.7
4.4
5.2
4.7
3.9
5.1
3.2
3.3
3.1
3.4
2.3
2.4
2.5
2.9
Sept.
Sept.
Sept.
Sept.
24.6
23.5
25.1
29.8
5.4
4.7
5.1
6.0
6.3
5.6
5.3
5.7
3.5
3.3
3.1
3.7
3.7
3.2
3.5
3.1
29.8
30.7
27.1
23.7
20.5
6.2
7.2
6.1
4.8
5.0
6.1
5.7
4.8
4.5
3.4
3.7
4.3
3.8
2.8
2.8
3.3
3.4
3.4
3.0
2.8
6
13
20
27
19.3
15.1
5.9
5.5
4.4
1.9
-3.0
-2.8
3.1
3.0
2.0
3.7
2.6
2.9
1.9
1.8
3.0
2.5
2.8
2.5
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
13.2
6.3
9.8
9.5
6.0
.5
.4
4.5
2.9
2.6
3.2
2.4
1.4
.8
1.4
1.9
1.3
3.3
2.8
2.8
2.8
2.5
Jan.
Jan.
Jan.
Jan.
9
16
23
30
Feb.
Feb.
Feb.
Feb.
6
13
20
27
Mar.
Mar.
Mar.
Mar.
6
13.
20
27
Apr.
Apr.
Apr.
Apr.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
4
11
18
25
2
9
16
23
30
-
_.
_
-
i Inflow less than $50,000.
0)
i
-.2
.1
.4
2
-.4
-.2
.2
-.1
-. 1
0)
.4
.1
.2
.5
1.7
-.5
1.7
2.1
1.3
1.8
1.6
.1
.3
.4
.4
2.8
4.4
7.8
1.6
1.0
1.0
1.5
-.2
.5
1.1
1.1
1.0
9.5
10.5
13.9
15.9
2.6
2.5
3.5
3.3
.1
.1
.1
1.2
1.4
1.2
1.2
16.1
15.5
15.1
14.4
2.2
2.4
3.7
3.6
.3
.4
.5
.7
2.5
2.7
2.4
2.4
1.3
1.4
1.4
.6
.7
15.4
15.8
14.6
14.0
13.8
3.2
2.6
2.5
2.3
2.3
.7
.7
2.6
2.9
3.2
3.0
3.7
.7
19.3
19.0
20.5
19.3
2.4
2.8
3.2
2.8
1.0
.8
1.4
3.9
3.7
4.2
3.7
20.8
19.2
16.9
17.2
16.8
3.3
*2.0
2.5
2.7
2.5
1.3
1.2
.9
1.3
1.4
4.4
4.5
4.6
4.5
4.8
-.1
-.1
-.1
.1
-.4
15.0
14.0
13.7
15.5
2.8
.3
1.2
.4
1.4
.6
.5
4.6
4.4
4.5
4.6
-.3
-.9
-.3
-.7
1.2
1.4
2.1
2.2
19.5
18.1
19.1
20.8
.5
.9
1.1
3.2
.5
.5
.5
1.0
4.8
4.7
4.9
5.1
-.7
-.5
-.5
1.6
1.5
1.6
1.9
1.8
20.8
22.2
19.8
17.1
15.9
3.2
2.8
1.3
1.1
1.0
.9
1.2
5.1
5.2
5.4
5.2
5.0
—.1
-. 1
-. 1
1.7
1.6
1.2
1.9
14.8
11.9
4.9
7.1
-.6
-2.1
-3.2
-4.6
-.1
-.1
-.2
-.2
-.2
2.6
.9
1.8
1.4
1.4
12.2
7.8
8.9
9.8
-2.9
-4.4
-3.1
-3.8
-4.5
.2
-1.6
-1.6
-.4
-.2
.1
.1
.1
.1
0)
V)
.1
.1
.8
1.6
1.4
.4
-. 1
-. 1
-.4
_0)
Outflow less than $50,000.
•7.6
0)
-.2
-.4
0)
.2
0)
.4
.6
.4
.5
1.1
1.2
1.7
1.5
1.6
2.4
2.8
2.6
.5
.4
5.0
5.1
4.7
3.7
1.2
1.1
1.0
3.9
3.2
3.5
3.3
2.9
- 1
-!i
.i
0)
0)
0)
Q
-1.1
-1.0
-1.0
MAY
413
FEDERAL RESERVE BULLETIN
1937
TABLE 6.—BROKERAGE BALANCES: BY COUNTRIES—Continued
Net Movement to United States since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net movement from U. S.]
Week ending—
Total
United
Kingdom
France Netherlands
Switzerland
Germany
Other
Europe
Italy
Latin
Total
Europe Canada America
Far
East
All
Other
1936
-.8
Jan.8
Jan.15
Jan.22
Jan. 29
4.5
6.8
6.6
6.5
1.4
-.5
2.1
Feb. 5
Feb. 12
Feb. 19
Feb. 26
6.5
1.9
2.5
-.6
7.9
7.7
-.8
.5
1.5
2.3
2.0
April 1 .
April 8
April 15
April 22
April 29 *
.4
-.1
4.5
2.9
7.4
-1.8
-.8
—2.0
-1.2
6.7
6.1
8.5
6 6
7.6
-.2
-.8
.1
-.2
.8
2.6
1.8
1.7
2 7
3.0
-.1
-.1
-.1
—.1
-.2
May 6
May 13
May 20
May 27
17.1
16.5
17.1
14.7
3.3
2.2
2.6
1.8
9.3
9.1
8.6
8.7
2.1
2.2
1.9
1.7
3.3
3.7
3.8
3.5
—.1
June 3
June 10
June 17
June 24 _ _ __ _
17.6
18.3
19.4
20.1
1.5
8.7
1.9
3.7
2.3
2.7
9.1
9.4
1.8
2.1
4.1
3.9
July 1_
_
July 8
July 15
July 22
July 29 —
Aug.
Aug.
Aug.
Aug.
7.1
3.2
9.2
16.5
20.0
19.1
20.5
17.9
2.1
3.6
2.1
19.9
20.1
19.6
18.2
Sept. 2
Sept. 9
Sept. 16
Sept. 23 „ .
Sept. 30
15.2
16.9
20.1
19.3
23.2
Oct.
Oct.
Oct.
Oct.
14.0
12.0
12.0
13.7
i Inflow less than $50,000.
9.9
7.2
11.7
8.8
11.8
-6.2
-6.0
-6.1
-4.9
-4.3
-3.3
-3.7
-3.9
-3.7
-2.7
1.2
3.6
4.0
3 9
3.5
-1.2
-1.1
-1.1
-1.1
-1.0
1.6
1.9
2.0
1.1
19.5
19.0
18.8
16.7
-4.6
-4.5
-4.0
-3.9
-2.2
-1.9
-1.7
-1.8
4.5
4.1
4.2
3.9
-.2
2.3
18.0
19.6
20.4
20.1
-2.1
-3.6
-3.6
-3.7
-1.9
-1.8
-1.8
-1.8
3.7
-. 1
4.2
4.4
-.1
-. 1
-4.0
-5.4
-6.0
-5.3
-6.1
-1.5
-1.5
-1.1
-1.6
-1.4
4.1
4.8
4.2
4 2
4.2
0)
.1
.1
.2
1
.6
1.0
.3
1.7
3.9
8.8
9 6
.8
1.9
4.1
4 6
9.6
2.9
5.1
9 9
9.5
2 7
2.2
2.7
4.1
1.8
-.2
10.2
9.7
11.0
10.7
2.2
2.0
1.9
2.1
.8
-.2
1.3
-.2
.6
-2.0
—2.9
-1.6
.3
10 3
10.8
12 1
11.7
14.4
1 8
1.7
1 9
1.8
3.0
6.6
6.2
6.8
7.1
6.6
6.4
6 3
6.6
7.4
12.7
11 4
10.5
10.5
1.3
2 1
6.9
6.4
1.6
2.3
5.6
6.4
-.2
—2.3
1 8
3.3
10 9
10 1
10 3
10.8
2.0
— 7
_ 2
5.8
5 6
5.7
4 0
10 3
9.7
10 4
10.7
10.4
4.2
4.0
1.3
1.8
2.1
1.7
1.8
1.6
1.1
6.1
18 8
20.1
17.3
16.4
12.9
1.4
-1.1
-1.0
-1.1
-1.1
2.0
.2
.4
.3
.1
-.1
-.2
-.1
-.2
2
9
16
23
30 _
1.8
2.1
2.9
2.2
1.9
1.9
Dec.
Dec.
Dec.
Dec.
Dec.
-1.8
-2.2
-2.5
-3.2
.2
.2
.2
.2
2.3
7.7
.9
-6.3
-8.4
-5.4
-6.6
o
-.1
-.2
-.2
-.7
14.7
17.6
1.4
1.3
10.8
10.9
13.0
9.9
2.8
2.6
1.6
-.7
12.7
-1.0
-1.5
-1.0
-1.0
1.1
.4
.4
7.7
Nov. 4
Nov. 11 .
Nov. 18
Nov. 25
3.0
3.0
2.2
1.6
1.7
1.9
4.5
7
14
21
28
-1.5
-1.4
1.3
2.0
3.0
3.3
.3
5
12
19.
26
.6
-.2
7.1
-7.0
-5.7
-6.6
-5.9
.2
.1
.1
.1
3.5
3 0
1.3
-1.1
-1.2
-1.2
-.1
-.2
-.1
-.2
Mar. 4
Mar. 11
Mar. 18
Mar. 25. . .
.
3.1
3.5
3.3
2.9
2.5
2.3
2.9
2.9
-2.1
-.9
-.3
.5
.6
.3
(2)
.7
1.7
1.8
1.4
-3.2
.4
.5
-5.4
-5.9
-5.5
-6.8
3.4
2.5
2.6
2.1
.8
.5
9
.7
Q
5 7
5.9
6.1
-.2
-.2
-.1
-.1
—.1
-.1
.1
.1
.1
2.4
2.3
(0
2.2
0)
11.7
10.9
6.2
3.6
1.7
1.8
5.5
-.9
2
-.1
-.1
.1
2.0
17.8
22.1
22.0
23.1
20.9
.1
.1
.2
.1
.2
.1
.1
.1
1.6
1.8
2.0
1.9
23.6
24.0
23.7
21.7
-6.2
-6.5
-6.0
-4.0
-1.8
-2.0
-1.9
-3.0
4.2
4.2
3.5
3.3
.2
.3
.3
.1
1
.1
1
.2
2
.1
.2
.2
2
1.5
1.7
1.7
2.1
2.2
-7.3
-5.3
-5.2
-4.6
-6.4
.2
.2
.2
.3
.3
-.1
.1
1.7
-7.1
-8.0
-7.4
-8.6
-2.3
-2.3
-2.1
-2.2
-2.4
-2.8
-2.5
-2.9
-2.8
o o
.2
21.3
20.6
23.3
22.2
27.8
20.4
19.1
18.0
21.0
—.1
.2
.8
1.4
-7.5
-7.5
-7.2
-6.1
-2.8
-3.1
-2.9
-3.7
2.7
.8
8
19.3
14.3
20.6
23.9
1 6
.8
.8
.7
.4
25.1
25.0
24.7
25.7
22.6
-5.8
-4.4
-7.2
-7.4
-7.6
-3.8
-3.7
-3.4
-4.3
-4.2
2.9
3.3
3.5
1
2.0
2.4
(l)
.1
1
0)
.1
2.1
1.7
-.1
—.1
.1
(2)
.1
0)
.1
— 2
—.1
i
7 9
8.5
— 1
-.1
7 5
8.2
84
— 2
- . 2
— l
—.1
9.2
9.1
0)
(l)
(0
0)
0)
7.2
9.8
9.7
-.7
2 Outflow less than $50,000.
.3
2
-.8
2
.3
.2
.2
.3
1.1
2.1
1.5
3.8
3.8
3.7
3.9
3.3
3.2
3.1
3.1
3.0
3.4
2.8
2.7
2.1
1
0)
.2
.3
.2
.2
1.2
1.1
.9
1.0
.8
.8
.3
-. 1
-.3
-.3
(2)
414
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 7.—TOTAL SECURITIES, BY COUNTRIES
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France Netherlands
Switzerland
Germany
Other
Europe
Total
Europe
Canada
Latin
America
-.1
-.1
.1
.2
.6
1.0
1.8
2.4
3.4
10.3
16.0
20.6
.3
4.4
7.2
7.9
.6
1.0
.9
1.2
.3
6.2
7.1
8.6
9.0
27.9
31.7
33.2
30.6
7.6
5.7
8.5
6.0
1.2
1.3
1.8
1.9
-.1
-.2
-1.3
Italy
Far
East
All
Other
1935
Jan. 9
Jan. 16
Jan. 23
Jan.30
4.4
15.9
24.1
29.4
3.7
8.5
11.9
14.3
-.8
.8
1.8
3.3
4.3
-.7
-.7
-.8
-.3
-.1
-.3
-.3
-.5
36.3
38.3
42.1
37.5
15.4
17.1
17.7
17.2
-.2
.7
.7
-.5
5.1
5.6
6.0
5.7
1.0
.8
-.3
-.9
.2
.3
.4
.3
33.7
26.7
21.5
16.6
15.1
12.3
9.3
8.2
-1.7
-2.8
-3.3
-3.3
4.8
4.1
3.5
3.4
-1.7
-2.8
3 3
-3.4
.4
.6
.8
1.1
-.2
-.3
-.4
14.3
16.8
16.9
18.1
30.9
27.8
23.5
23.6
2.4
-1.9
-3.2
-9.0
2.1
2.3
2.5
3.1
-1.5
-1.4
-1.4
-1.3
-.2
-. 1
.1
.2
25.6
26.9
31.3
30.8
6.9
7.7
9.6
8.7
-3.1
-2.8
-2.5
-2.3
3.9
4.9
5.3
5.3
-3.9
-3.0
—2 7
-2.3
1.1
1.2
1.4
1.6
-.6
-.8
-.9
-.8
21.3
21.9
22.5
22.9
25.5
29.2
32.7
32.9
-4.5
-8.9
-8.8
-10.3
5.6
6.1
6.4
6.5
-1.1
.5
1.1
.2
.5
.5
.6
-1.2
-.7
-.7
— .7
-.6
23.2
23.9
25.0
26.4
26.7
30.8
33.8
36.3
43.8
49.8
-12.9
-16.3
-20.9
-22.6
-24.9
6.4
6.4
6.5
64
6.1
1.2
1.4
1.4
1.7
1.2
.6
.6
.5
.4
.2
0)
0).1
.1
.4
.1-
-.1
2
-.2
-.2
-.2
-.2
-.2
-.2
Feb.
Feb.
Feb.
Feb.
6
13
20
27
_ . _
Mar.
Mar.
Mar
Mar.
6
13
20
27
_ -
Apr.
Apr.
Apr
Apr.
3
10
17
24
May
May
May
May
May
1.
8
15
22
29 _
26.1
25.9
23.7
29 8
32.4
7.2
7.2
6.4
10 2
12.7
-3.5
-2.8
-1.9
—1 0
-.6
5.0
5.4
5.8
6.6
8.5
-1.7
-1.0
— .2
.6
1.7
1.9
2.3
26
2.5
June
June
June
June
5
12
19
26
48.5
54.6
54.9
53.2
16.4
17.0
16.9
17.1
-.9
-1.0
-.5
.2
9.3
10.1
9.9
10.2
-.1
1.0
1.4
1.6
2.6
2.7
2.6
2.7
-.5
-.5
-.2
-.2
30.2
34.2
34.2
34.9
57.0
63.6
64.2
66.5
-22.8
-25.1
-27.3
-32.1
6.3
6.1
6.1
6.1
7.2
9.2
10.9
11.5
.8
.9
1.0
1.1
July
July
July
July
July
3
10
17
24
31
59.5
60.2
67.1
72.0
84.4
20.9
21.4
25.1
27.6
33.8
-.3
.3
1.4
1.4
1.6
10.7
10.8
11.0
12.7
17.1
2.6
3.2
4.3
4.8
6.0
2.5
2.4
2.6
2 7
2.6
-.1
.1
35.9
36.6
37.3
37.6
38.6
72.3
74.9
81.7
86.8
99.9
-31.3
-32.9
-31.6
-31.3
-32.4
6.2
6.4
6.5
6.6
6.9
11.2
10.7
9.3
8.7
8.6
1.1
1.1
1.2
1.2
1.4
Aug.
Aug.
Aug.
Aug.
7
14
21
28
97.4
109.8
51.5
55.2
39.8
44.8
46.9
48.7
2.5
24
2.4
1.9
18.7
19.9
21.6
23.0
7.4
8.7
10.7
12.1
2.8
3.1
3.4
3.7
.3
.3
.4
.4
39.4
40.3
41.0
41.5
110.8
119.4
126.3
131.3
-31.5
-28.5
-94.7
-96.3
7.5
8.3
8.6
9.4
9.1
9.0
9.5
9.0
1.6
1.6
1.8
1.8
Sept.
Sept.
Sept.
Sept.
4
11
18—
25
62.9
68.2
95.4
100.6
51.6
54.0
64.3
65.9
1.5
2.1
3.0
3.9
23.0
23.3
26.8
27.8
12.6
13.1
13.5
16.6
3.9
4.1
4.5
4.3
.6
.6
.7
.7
42.3
42.8
42.8
43.5
135.5
140.1
155.5
162.8
-94.2
-94.1
-82.8
-87.3
9.6
9.9
10.8
10.6
10.2
10.5
10.2
13.0
1.9
1.9
1.7
1.6
130.4
141.1
153.4
177. 5
198 6
70.4
72.5
75.3
86.8
98 8
4.6
4.9
6.8
9.6
11 4
29.4
30.6
32.0
34.5
36 6
18.2
20.1
22.0
24.0
26 7
4.1
4.1
4.5
4.9
5 4
.7
.7
.7
.9
1 l
45.0
. 47.3
48.9
50.9
51.6
172.3
180.3
190.1
211.4
231.5
-69.3
-68.6
-66.7
-64.7
—65.5
11.0
11.6
12.0
12.9
13.3
14.4
15.8
15.9
15.8
17.1
1.9
2.0
2.0
2.0
2.3
209.2
232.7
278.9
314.7
105.1
119.7
144.1
167.5
13.3
15.3
18.3
20.7
38.7
40.8
45.6
51.1
27.7
31.0
36.2
39.2
5.7
5.9
6.2
6.6
1.1
1.3
1.4
1.4
52.7
53.7
54.7
55.3
244.4
267.8
306.5
341.8
-69.6
-70.6
-67.1
-68.9
14.0
14.0
14.9
15.1
18.2
19.5
22.3
24.1
2.2
2.0
2.4
2.6
341.4
388.9
404.5
422 9
441.8
171 5
198.1
204.6
212 2
217.5
20 6
24.8
26.6
26 8
30.2
51 3
54.5
55.4
56 2
57.9
41 7
44.8
47.7
50 4
53.9
6 9
7.3
7.6
79
7.9
2 5
2.6
2.7
2 8
2.9
55 1
56.4
56.9
58 4
59.1
349 6
388.5
401.5
414 7
429.4
—50.6
-44.4
-42.0
—38 6
-36.9
15 3
15.3
15.6
15.9
16.4
24.4
25.9
25.8
27.3
29.3
2.6
3.6
3.5
3. 6
3. 7
Oct.
Oct.
Oct.
Oct.
Oct.
_
__-
_
2 _ _
9
16
23
30
Nov.
Nov.
Nov.
Nov.
.
.
6
13
20
27
Dec. 4
Dec. 11__
Dec. 18
Dec. 24
Dec. 31_.
.
i Purchases less then $50,000.
2 Sales less than $50,000.
(0
(0
(2)
o
415
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 7.—TOTAL SECURITIES, BY COUNTRIES—Continued
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending-
Total
United
Kingdom
France Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan.8
Jan.15
Jan. 22
Jan. 29
435.1
439.0
403.6
406.0
225.3
224.2
225.1
225.9
33.8
36.0
38.0
39.4
62.8
64.2
66.0
67.7
56.3
58.5
61.6
62.7
8.1
8.3
8.5
8.4
3.0
3.2
3.3
3.5
61.4
61.2
61.3
61.3
450.7
455.5
463.8
468.8
-65.6
-66.8
-110.9
-113.9
16.4
17.0
17.1
17.1
29.8
29.1
29.3
29.6
3.9
4.2
4.3
4.3
Feb.
Feb.
Feb.
Feb.
5
12
19
26
459.9
469.8
489.9
506.3
226.1
228.8
239.8
251.1
41.5
42.7
43.4
39.4
70.6
72.7
77.5
81.1
64.4
67.4
70.0
72.3
8.5
8.9
9.3
9.4
3.4
3.4
3.3
3.4
62.2
63.2
64.1
65.?
476.7
487.0
507.3
522.0
-66.3
-67.8
-70.4
-71.2
17.1
17.5
18.5
18.6
28.3
28.5
29.7
31.8
4.1
4.6
4.8
5.0
Mar.
Mar.
Mar.
Mar.
4
11
18
25
510.2
504.8
513.2
530.7
250.3
252.5
248.9
251.7
37.2
38.8
41.0
44.4
81.3
81.5
81.4
83.0
73.8
76.6
80.7
83.5
9.7
10.0
10.2
10.2
3.8
3.6
3.7
3.7
65.8
49.9
50.6
52.0
521.9
512.8
516.4
528.5
-70.1
-68.3
-65.3
-61.9
20.2
20.9
21.5
22.5
32.9
34.1
35.2
36.3
5.3
5.3
5.2
5.3
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
542.1
557.7
565.6
579.8
565.5
255.3
262.4
280.9
289.2
298.5
45.4
46.8
47.3
48.3
48.2
85.0
88.5
90.8
92.9
91.9
85.1
89.6
92.1
93.2
96.5
10.0
10.2
10.5
10.6
10.8
3.6
3.7
3.6
3.7
3.7
53.0
47.4
26.0
29.6
30.7
537.4
548.6
551.2
567.4
580.4
-62.5
-59.8
-55.7
-58.8
-86.3
25.0
25.8
26.4
26.8
27.0
36.9
37.8
38.3
38.8
38.9
5.3
5.4
5.4
5.5
5.6
May
May
May
May
6
13
20
27
559.9
572.6
585.3
590.3
292.4
292.8
292.9
289.7
47.2
47.6
50.6
51.5
89.0
90.6
91.5
93.1
96.5
99.5
101.7
103.9
11.0
11.2
11.4
11.5
3.7
3. 6
3.6
3.3
31.5
32.2
31.9
33.0
571.3
577.5
583.6
586.0
-80.0
-76.3
-70.2
-69.4
27.5
27.7
28.0
28.5
35.7
38.2
38.3
39.2
5.5
5.5
5.6
6.0
June
June
June
June
3
10
17
24
612.1
638.5
653.6
670.8
279.7
279.5
276.7
280.1
52.1
52.8
52.6
53.8
95.2
99.6
102.6
106.8
108.9
112.7
117.6
121.8
11.6
11.7
11.7
11.9
3.1
2.6
2.4
2.4
54.1
56.0
57.6
59.2
604.7
614.9
621.2
636.0
-67.0
-51.6
-45.1
-43.9
29.0
29.2
29.9
30.3
39.2
39.8
41.4
42.2
6.2
6.2
6.2
6.2
July
July
July
July
July
1
8
15
22
29
704.7
716.0
736.7
754.6
772.8
286.9
290.3
293.1
297.7
305.1
55.1
54.1
54.5
56.5
57.7
107.7
108.9
109.5
111.6
114.0
123.6
124.2
127.1
128.9
131.0
11.6
11.6
11.6
12.0
12.1
2.2
2.2
2.0
2.0
2.0
60.4
60.5
70.7
71.7
73.3
647.5
652.0
668.5
680.4
695.2
-22.3
-16.5
-13.8
-9.0
-6.9
30.2
30.8
31.0
31.2
31.8
43.1
43.4
44.6
45.4
45.8
6.3
6.3
6.5
6.6
6.9
Aug.
Aug.
Aug.
Aug.
5
12
19
26
782.0
789.6
805.4
817.6
308.0
310.2
316.2
322.2
57.1
58.3
59.1
59.0
116.3
117.4
119.3
120.5
132.9
134.7
135.8
137.7
11.8
11.9
12.2
12.4
2.0
2.0
2.0
1.9
75.4
76.1
77.3
77.4
703.4
710.6
721.8
731.0
-7.2
-7.7
-4.4
-3.4
32.7
33.2
33.7
34.4
46.5
46.7
47.4
48.4
6.7
6.8
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
850.5
859. 7
877.5
897.3
905.4
322.9
324.7
327.3
336.3
341.7
59.7
59.7
59.0
59.8
59.2
122.2
124.0
127.6
131.1
130.9
140.3
141.7
147.8
151.4
153.7
12.5
12.8
13.1
13.2
13.4
2.3
1.9
1.9
1.8
1.8
81.8
82.9
84.5
85.0
85.0
741.7
747.9
761.1
778.6
785.7
17.6
19.9
23.1
23.5
26.2
34.7
34.9
35.6
35.9
38.3
49.2
49.7
50.5
51.9
47.9
7.3
7.3
7.2
7.3
7.3
944.5
985.9
1,038.6
1,071.5
361.8
379.5
402.6
418.2
62.0
64.1
67.0
67.9
133.4
137.2
146.2
148.0
156.5
161.2
170.9
175.2
13.9
14.1
14.7
14.8
1.7
1.5
1.0
.8
86.3
88.9
89.4
92.9
815.6
846.7
891.9
917.9
31.6
40.5
45.9
51.0
39.0
39.1
39.6
39.7
50.4
51.5
53.0
54.6
8.0
8.1
8.2
8.3
Oct.
Oct.
Oct.
Oct.
7
14__,___.
21
28
Nov.
Nov.
Nov.
Nov.
4
11
18
25
1,110.7
1,158. 8
1,169. 3
1,179. 2
437.9
462.7
474.4
478.0
68.9
72.0
72.4
73.8
150.9
161.1
161.7
161.3
179.3
191.1
197.5
199.1
15.1
15.2
15.2
15.4
.8
.7
.4
.1
110.6
114. 0
116.0
118.4
963.6
,016.9
,037.6
, 046. 2
42.0
35.0
23.6
22.9
39.9
40.8
40.8
41.6
56.8
57.6
58.5
59.5
8.4
8.5
8.8
9.0
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
1,188. 3
1,180. 0
1,196. 5
1, 218. 2
1. 233. 6
481.7
472.1
473.7
478.3
483.8
76.5
77.1
78.7
81.4
82.9
163.1
163.4
165.0
167.2
168.0
202.8
204.1
206.6
211.5
213.9
15.4
15.4
15.6
15.6
15.1
1.5
1.3
1.8
2.3
6.1
121.2
122 A
123.3
124.2
126. 4
, 062.2
. 055.8
, 064. 5
,080. 6
,096. 2
26.3
26.9
32.5
36.5
34.4
29.8
30.4
30.2
30.7
31.2
60.4
56.8
58.9
60.1
61.2
9.6
10.0
10.4
10.4
10.6
416
FEDERAL RESERVE BULLETIN
MAY 1937
TABLE 8.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
2.3
4.4
5.5
6.7
-.1
.1
-.2
.7
1.7
2.9
3.6
-.3
-.4
-.5
.5
-.5
-.5
()
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1935
Jan.
Jan.
Jan.
Jan.
9—
16..
23..
30-
1.6
6.6
11.3
14.0
Feb.
Feb.
Feb.
Feb.
6_...
13..
20-.
27-
17.2
19.0
16.8
12.3
Mar.
Mar.
Mar.
Mar.
6__.
13..
2027..
6.5
(2)
-4.0
Apr.
Apr.
Apr.
Apr.
3__.
101724-
-6.2
-4.1
-3.3
-2.9
May
May
May
May
May
1—
8—
15..
22..
29_.
-7.4
-7.5
-1.0
2.0
1)
.2
.4
2.4
5.2
7.4
10.1
3.3
3.5
13.0
15.1
15.0
12.3
3.9
3.8
2.7
1.1
()
-2.5
-2.4
-3.4
-1.8
-1.3
-1.5
-1.1
9.2
8.8
7.3
5.4
3.1
1.4
-.5
.3
.3
3 9
4.2
4.6
4.2
1.9
1.6
.6
.1
-1.1
.7
1.1
1.3
1.3
-1.9
-3.1
-3.5
-3.7
3.5
2.9
2.4
2.3
-1.1
-1.2
-1.3
-1.4
1.3
1.3
1.1
1.3
8.5
4.5
.7
-1.1
.7
-3.6
2.7
3.4
3.6
3.5
-.2
-.5
-.7
-.8
-1.3
-.5
-1.8
-1.9
-1.9
-1.9
1.4
1.3
1.4
1.5
-2.2
-.6
(2)
1.5
1.8
2.5
3.2
3.6
-3.7
-2.8
-.9
4.7
8.5
4.0
4.2
3.9
4.1
-3^3
-3.4
0)
'.3
-.1
.7
-.4
-.6
-1.9
-1.9
.1
.1
.1
C1)
.7
.7
.7
.9
-2.6
-2.7
-2.9
-3.0
()
1.0
1.1
1.2
1.2
-3.2
-3.4
-3.1
-2.4
.1
.1
.1
.1
-1.7
-3.2
-4.9
-3.8
-3.6
1.0
1.1
1.1
1.0
.7
-2.6
-2.7
-3.1
-3.0
-3.6
.1
.2
.2
.1
11.2
11.1
12.2
-3.3
-4.0
-4.8
-6.6
.7
.5
.5
2.4
4.1
5.7
5.7
0) .1
.1
June 5 —
June 12..
June 19_.
June 26..
9.3
12.5
13.2
12.8
-1.4
-2.4
-2.7
0)
1.2
1.3
1.8
1.9
2.3
July 3 . . .
July 10..
July 17..
July 24..
July 31..
15.8
16.2
24.1
28.1
39.1
5.3
5.4
8.7
11.0
16.0
-3.6
-3.1
-2.0
-2.0
-1.7
14.1
5.6
6.4
7.3
7.6
9.1
1.0
5.2
4.9
3.9
3.4
3.2
Aug. 7...
Aug. 14..
Aug. 21..
Aug. 28-
49.6
59.7
21.6
26.4
28.9
30.1
15.5
16.5
17.9
19.2
10.5
11.8
13.9
15.2
-4.5
-4.6
-4.5
-4.5
5.9
6.5
6.9
6.9
47.6
55.0
61.4
64.6
-3.6
-1.4
-.7
-1.0
1.1
1.7
1.7
2.2
3.5
3.4
3.1
2.5
1.1
1.0
1.2
1.2
Sept.
Sept.
Sept.
Sept.
72.6
75.5
79.6
82.7
32.5
33.9
35.6
35.2
-1.1
-1.3
-1.3
-1.8
-2.2
-1.5
-.7
.2
19.1
19.3
22.5
23.2
15.8
16.4
16.7
19.9
-4.6
-4.6
-4.6
-4.9
6.9
6.8
6.7
6.7
67.1
69.8
75.8
79.9
-1.6
-1.1
-2.6
-5.1
2.2
1.8
2.0
1.6
3.7
3.7
3.4
5.5
1.3
1.2
1.1
Oct. 2._
Oct. 9 . .
Oct. 16.
Oct. 23.
Oct. 30.
90.3
97.5
104.7
124.9
142.6
38.4
40.0
41.4
51.7
60.3
.3
.5
2.4
5.0
6.7
24.6
25.8
27.0
29.2
30.9
21.4
23.2
25.1
27.2
29.3
-5.4
-5.6
-5.6
-5.5
-5.4
9.0
85.6
92.0
98.4
116.1
130.8
-4.7
-5.2
-4.6
-2.8
-1.6
1.8
1.8
2.1
2.7
3.0
6.7
7.9
7.8
7.8
9.3
1.0
1.0
1.0
1.0
1.2
Nov. 6—
Nov. 13..
Nov. 20..
Nov. 27..
154.2
177.2
216.6
249.6
66.2
80.7
101.9
122.3
8.5
10.2
12.9
15.0
32.9
34.8
39.1
44.3
30.3
33.3
38.1
41.0
-5.3
-5.2
-5.2
-5.1
9.5
10.4
10.9
10.9
142.0
164.1
197.7
228.3
-2.9
-3.0
-1.0
-.5
3.1
3.1
3.7
3.6
10.8
12.1
14.9
16.8
1.1
.9
1.3
1.5
Dec.
Dec.
Dec.
Dec.
Dec.
253.9
283. 2
290.6
302.7
316.7
125.2
138.7
141.5
146.5
149.8
14.6
18.4
20.0
20.3
23.4
44.5
47.5
48.3
48.9
50.5
43.5
46.7
49.6
52.0
55.1
-5.1
-5.0
-5.0
-5.0
-5.4
10.7
11.5
11.8
12.4
12.9
233.3
257.6
266.1
275.0
286.2
-1.2
1.6
.7
2.1
2.8
3.2
3.2
3.1
3.3
3.7
17.1
18.3
18.4
19.7
21.4
1.5
2.5
2.3
2.5
2.6
4...
11_.
1825..
4_._
11—
1824..
31-
i Purchases less than $50,000.
-4.6
-4.0
-3.4
-3.0
-2.9
3.1
3.3
3.6
5.0
.5
1.2
1.6
2.1
2.7
-3.4
-3.4
-3.4
-3.1
7.6
8.2
7.9
8.0
2.4
3.5
4.3
4.5
-2.1
-2.3
-2.2
-2.3
-2.7
-2.8
-2.9
-3.3
-3.4
-3.8
-4.1
-4.1
-4.1
-4.4
4.2
4.5
5.0
5.1
5.5
16.0
17.2
23.2
27.2
38.1
-6.8
-7.3
-4.5
-4.1
-4.1
8.6
» Sales less than $50,000.
8.4
.7
417
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 8.—DOMESTIC SECURITIES BY COUNTRIES—Continued
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan.
Jan.
Jan.
Jan.
8__
15-.
22
29
336.2
336.7
342.0
347.1
156.6
153.8
154.5
154.7
26.7
28.7
30.5
31.2
55.1
56.3
57.8
59.5
57.2
59.5
62.6
64.0
-5.4
-5.4
-5.4
-5.7
12.9
12.5
12.4
12.2
303.0
305.3
312.4
315.8
5.1
3.2
1.1
2.7
3.6
4.2
4.3
4,5
21.7
20.9
20.9
20.9
2.8
3.1
3.3
3.3
Feb.
Feb.
Feb.
Feb.
5
12
19
26
355.8
363.0
384.9
400.5
154.9
156.2
166.7
177.6
33.3
34.3
35.1
31.2
62.3
64.1
68.7
71.9
65.6
69.0
72.1
74.2
-5.7
-5.6
-5.5
-5.5
12.7
13.5
14.2
15.5
323.0
331.4
351.1
364.7
4.6
2.6
3.1
4.4
4.6
5.2
5.2
20.6
20.7
21.7
23.0
3.1
3.6
3.8
4.0
Mar.
Mar.
Mar.
Mar.
4
11
18
25
402.3
406.1
410.0
424.5
176.1
175.8
171.9
174.2
29.2
30.2
32.5
35.8
72.4
72.6
72.6
74.2
75.6
78.2
82.0
84.5
-5.6
-5.5
-5.7
-5.8
16.0
16.0
16.5
17.9
363.5
366.7
369.3
380.2
5.1
4.3
4.6
5.9
6.4
6.5
7.0
23.8
24.5
25.4
26.2
4.1
4.1
4.1
4.2
Apr.
Apr.
Apr.
Apr.
Apr.
1
8_
15
22
29
427.6
445.7
456.3
468.0
477.0
175.0
182.4
186.8
195.2
203.8
36.6
37.9
38.5
39.1
38.7
75.9
79.1
81.3
83.1
81.9
85.9
90.0
92.6
-6.1
-6.1
-6.1
-6.2
-6.1
17.8
18.2
18.3
18.7
18.9
384.7
401.2
410.9
423.3
433.6
4.9
5.5
5.7
4.5
3.1
7.3
7.6
7.9
8.2
8.2
26.6
27.3
27.5
27.9
27.9
4.1
4.1
4.2
4.2
4.2
May
May
May
May
6
13
20
27
462.0
469.0
474.1
475.1
196.9
196.7
196.9
193.5
37.4
37.5
40.3
40.5
79.1
80.6
81.3
82.6
99.3
101.0
102.7
-6.1
-6.1
-6.1
-6.2
19.1
19.3
18.7
18.6
422.7
426.8
431.6
431.1
2.5
3.1
3.6
3.8
8.2
8.2
8.3
8.6
24.6
26.8
26.5
27.3
4.1
4.1
4.1
4.4
June
June
June
June
3
10
17
24
473.5
495.2
502.9
515.8
186.1
186.0
182.5
186.0
40.6
40.6
40.2
41.0
84.5
88.2
91.0
95.0
107.2
110.6
115.1
118.9
-6.2
-6.2
-6.3
-6.3
18.3
18.6
19.1
20.0
429.7
436.9
440.5
453.7
3.8
17.7
20.0
18.9
8.4
8.6
-1.0
27.2
27.7
29.1
29.7
4.5
4.4
4.4
4.4
July
July
July
July
July
1
8.
15
22
29
524.1
528.7
535.9
549.3
562.8
190.5
191.6
192.1
196.1
202.6
42.2
41.3
41.5
43.3
44.3
96.1
98.2
99.6
101.6
104.3
120.3
120.9
123.7
125.1
126.9
-6.7
-6.7
-6.7
-6.5
-6.5
-1.1
-1,2
-1.5
-1.5
-1.6
20.6
20.1
21.5
22.3
22.6
461.9
464.3
470.1
480.4
492.5
18.5
20.0
20.2
22.5
23.2
9.2
9.2
9.2
30.5
30.7
31.7
32.5
32.7
Aug. 5
Aug. 12
Aug. 19
Aug. 26
566.8
571.1
582.6
591.3
205.4
207.3
213.5
219.2
43.7
44.6
45.1
44.9
106.4
107.4
109.3
110.3
128.4
129.9
131.0
132.6
-6.8
-6.7
-1.7
-1.6
-1.7
-1.7
23.8
24.3
24.9
25.0
499.2
505.0
515.3
523.5
19.6
17.7
17.8
17.0
10.3
10.4
10.8
11.2
33.2
33.4
34.1
34.9
4.4
4.4
4.7
4.7
4.8
4.5
4.5
4.6
4.6
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
596.3
600.6
614.5
631.6
633.3
219.0
220.9
223.7
231.9
235.5
45.6
45.4
44.5
44.9
44.0
111.9
113.6
117.1
120.2
119.9
134.9
136.0
141.2
144.5
146.6
-6.7
-6.7
-6.7
-6.7
-1.7
-1.8
-1.9
-1.9
-1.9
24.9
25.6
26.5
26.7
26.3
527.9
532.9
544.4
559.5
563.6
16.3
15.6
16.7
17.0
18.5
11.4
11.5
12.0
12.2
12.5
35.9
36.0
36.9
38.2
33.9
4.7
4.7
4.5
4.6
4.7
Oct. 7_._
Oct. 14
Oct. 21
Oct. 28
665.8
706.4
752.5
778.1
253.8
270.2
291.6
304.1
46.3
48.5
51.5
52.4
122.5
126.5
135.3
137.4
149.4
154.0
163.5
167.6
-6.5
-6.4
-6.1
-6.3
-1.9
-2.0
-2.4
-2.6
27.2
29.4
29.6
31.8
590.7
620.3
662.9
684.5
20.6
30.9
32.8
35.4
13.0
12.8
13.0
13.1
36.2
37.0
38.3
39.6
5.3
5.4
5.5
5.5
Nov.
Nov.
Nov.
Nov.
4
11
18
25
810.4
858.1
867.7
878.8
321.5
346.1
356.5
360.7
53.4
56.1
56.0
57.2
140.4
151.1
152.0
151.7
171.5
182.8
188.7
190.2
-6.1
-6.2
-6.4
-6.4
-2. 4
-2.4
-2.4
-2.6
33.4
35.0
36.1
37.5
711.8
762. 5
780.7
788.2
37.9
33.8
24.3
26.2
13.1
14.0
14.1
14.8
41.8
42.1
42.7
43.7
5.7
5.8
5.9
6.1
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
890.2
881.0
895.6
911.7
917.4
365.1
357.2
358.9
362.8
367.7
59.4
59.7
61.0
63.4
64.7
152.9
153.3
155.0
156.9
157.6
191.1
192.0
194.1
197.9
200.2
-6.5
-6.7
-6.6
-6.9
-7.5
-2.9
-2.9
-3.0
-3.0
-3.3
37.8
38.2
38.2
38.4
38.5
790.8
797.6
809.4
818.0
28.3
28.2
34.0
37.0
32.6
14.4
14.7
14.8
15.2
15.5
44.3
40.5
42.2
43.2
44.1
7.1
418
FEDERAL RESERVE
BULLETIN
MAY
1937
TABLE 9.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners since Jan. 2, 1935
[In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
Total
United
Kingdom
France Netherlands
Switzerland
Germany
-.4
-.3
-.3
1
.2
5
7
-.9
-.8
-.9
-1.1
.8
1 0
1 2
1.4
1.1
1 l
1 l
-1.5
-2.3
2.6
-2.6
1.8
2 1
2 5
Italy
Other
Europe
Total
Europe
Latin
Canada America
All
Other
Far
East
1935
1.4
4.1
6.4
7.6
-.8
.l
-.1
.2
.1
.4
.6
19.1
19.3
25.2
25.2
7.7
8.3
.3
.4
27.2
26.7
25.5
23.1
7.8
Jan. 9
Jan.16
Jan 23
Jan 30
12.7
15.4
Feb. 6
Feb 13
Feb. 20
Feb. 27
2.8
9.2
Mar. 6
Mar 13
Mar 20
Mar 27
_
8.5
8.3
6.9
6 2
1.2
1 4
.3
.2
1.4
1.5
.2
1.2
.3
2
6.8
3
6.1
1.6
-.1
-.1
.1
.2
.6
1.1
1.6
2.0
.3
.3
.4
.3
5.5
6.0
.1
1
3
.9
5.2
8.6
1.4
3.5
3.9
4.4
.5
.6
.6
.6
— l
3.7
1.9
7.3
7.7
14.9
16.6
18.2
18.3
5.8
4.9
.5
.7
.3
4
—. 1
-.1
13.0
15.4
15.8
16.8
22.4
23.2
22.8
24.8
.6
-.8
-5.7
10.5
2.5
1
.9
1.1
6
1.1
1.4
11
1.3
15
18
1.6
1.9
2.1
-. 1
-.3
-.2
-.2
-.3
-.3
-.2
-.2
-.2
—. 1
.1
.1
Apr 3
Apr. 10 .
Apr. 17
Apr. 24
31.8
31.0
34.6
33.7
6.9
8.7
8.7
.4
13
1.5
1.7
1.8
-2.6
-2.5
-2.4
-2.4
2 8
3.1
3.3
3.5
-.3
-.4
-.4
-.4
19.9
20.6
21.1
21.4
27.7
29.8
32.7
33.7
-2.7
-7.5
-7.3
-9.2
4.6
.6
.8
1.1
5.0
5.2
5.3
2 0
3.3
3.6
3.5
May
May
May
May
May
1
8
15
22
29
32.9
33.3
31.2
30.8
30.3
8.6
9.6
9.1
10.2
11.5
1 1
1.2
1 5
2.0
2.3
2 0
2.1
2 1
1.6
1.7
-2.2
-2.1
-2.3
-2.1
3 8
4.1
4 4
4.9
5.2
-.4
-.3
21.7
22.1
22.5
23.1
23.1
34.5
36.6
37.2
39.1
41.3
-11.2
-13.2
-16.1
-18.8
-21.4
5.3
5.3
5.3
5.4
5.3
3 7
4.1
4 5
4.7
4.8
.5
.4
:3
June 5
June 12
June 19
June 26
39 2
42.1
41.7
40.4
15 0
15.2
15.0
14.8
2 4
2.4
2.9
3 2
1 7
2.0
2.0
2 2
-2.4
-2.6
2.9
-2.9
5 4
5.6
5.8
6 1
-.3
-.3
0)
26.2
30.0
30.3
30.8
48.1
52.3
53.1
54.3
-19.5
-21.1
-22.5
-25.5
5.5
5.6
5.6
5.5
4 9
5.1
5.3
5 8
.3
.3
.2
.3
July
July
July
July
July
3 .
10
17
24 _
31
43.7
44.0
43.0
43.9
45.3
3.3
3.4
3.4
3.5
3.4
2.2
2.3
2.3
2.7
2.9
-3.0
-3.1
-2.9
-2.8
-3.0
6.3
6.5
6.7
6.8
7.0
.3
.4
.4
.4
.5
31.7
32.1
32.4
32.5
33.1
56.3
57.7
58.5
59.6
61.8
-24.5
-25.6
-27.1
-27.1
-28.3
5.6
5.8
5.7
5.8
6.0
6.1
5.8
5.5
5.3
5.4
.3
.4
Aug. 7
Aug. 14 .
Aug. 21
Aug. 28
47.8
50.2
-15.2
-14.3
15.6
16.1
16.3
16.5
17.8
18.2
18.3
17.9
18.6
3 5
3.6
3.6
3.7
3 2
3.4
3.7
3.8
-3.2
-3.1
-3.2
-3.1
7 3
7.6
7.9
8.2
.6
.7
.8
.8
33.5
33.8
34.2
34.6
63.2
64.4
64.9
66.6
-28.0
-27.1
-93.9
-95.2
6.4
6.6
6.9
7.3
5 6
5.6
6.4
6.5
.5
—9. 7
-7.2
15.8
17.9
19.1
20.1
28.6
30.7
3 7
3.6
3.7
3.6
3.9
4.0
4.3
4.6
-3.3
-3.3
-3.2
-3.3
8. 5
8.7
9.1
9.2
1.1
.1
1
.2
35.4
36.0
36.1
36.8
68.4
70.2
79.7
82.9
-92.6
-93.1
-80.2
-82.2
7.4
8.1
8.8
9.0
6.5
6.9
6.8
7.5
.6
.6
.6
.7
40 1
43.6
48 7
52.6
56.0
32.0
32.5
33 8
35.1
38.4
4 3
4.5
4 4
4.6
4 7
4 8
4.7
5 0
5.2
5 7
9 5
9.7
10 1
10.4
10 8
9
.1
1
.1
1
38 2
38.9
40.4
42.1
42.6
86.8
88.3
91 7
95.4
100.7
-64.6
-63.4
-62.1
-61.9
-63.9
9.2
9.8
10.0
10.2
10.3
7.8
7.9
8 1
7.9
7.8
.9
.9
1.0
1.0
1.1
55.0
55.5
62.3
65.0
39.0
39.0
42.2
45.2
4.8
5.1
5.4
5.8
6.1
6.5
6.7
-3.1
-3.1
-3.2
-2.7
-2.5
-2.3
-1.9
-1.8
11.0
11.1
11.4
11.7
1.4
1.4
1.5
1.1
43.2
43.3
43.7
44.4
102.4
103.7
108.8
113.5
-66.7
-67.6
-66.1
-68.4
10.9
10.8
11.2
11.5
7.3
7.5
7.4
7.3
1.1
1.1
1.1
1.1
87.5
105.7
113.8
120.3
125.2
46.3
59.4
63.0
65.6
67.8
6.0
6.5
6.6
6.6
6.8
6.8
7.0
7.2
7.3
7.4
-1.8
-1.9
-1.9
-1.6
-1.2
12.0
12.3
12.6
12.9
13.3
2.6
2.7
2.8
2.9
2.9
44.4
44.9
45.1
46.0
46.1
116.3
130.9
135.4
139.7
143.1
-49.4
-46.0
-42.7
-40.7
-39.7
12.1
12.1
12.5
12.6
12.7
7.4
7.6
7.5
7.6
7.9
1.1
1.1
1.1
1.1
1.1
Sept. 4
Sept. 11
Sept. 18
Sept. 25 —
Oct. 2
Oct. 9
Oct. 16
Oct. 23 ___ .
Oct. 30
Nov.
Nov.
Nov.
Nov.
6 .
13
20
27 _
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
.
i Purchases less than $50,000.
5.8
2
2.2
Sales less than $50,000.
A
-.3
-.3
.2
.4
.4
.5
.3
.2
.4
.4
.5
.5
.5
.6
419
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 9—FOREIGN SECURITIES, BY COUNTRIES—Continued
Net Purchases by Foreigners since Jan. 2, 1935
In millions of dollars. Minus sign indicates net sales by foreigners.]
Week ending—
otal
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Far
East
All
Other
1936
-.8
Jan.
Jan.
Jan.
Jan.
8._
15..
22..
29..
98.9
102.3
61.6
58.9
68.7
70.5
70.6
71.2
7.1
7.3
7.5
8.2
7.7
7.8
8.1
8.2
-1.0
-1.0
-1.2
13.4
13.7
13.9
14.1
3.1
3.3
3.4
3.5
48.4
48.6
48.9
49.0
147.6
150.2
151.4
153.1
-70.7
-70.0
-112.0
-116.6
12.8
12.8
12.7
12.6
8.1
8.3
8.4
8.7
1.1
1.1
1.0
1.0
Feb.
Feb.
Feb.
Feb.
5—
12__
19..
26._
104.2
106.8
104.9
105.7
71.2
72.6
73.1
73.5
8.1
8.4
8.2
8.1
8.3
8.6
8.7
9.2
-1.3
-1.6
-2.1
-1.9
14.2
14.5
14.8
15.0
3.6
3.5
3.6
3.7
49.5
49.6
49.9
49.7
153.7
155.6
156.2
157. 3
-71.0
-70.5
-73.5
-74.8
12.7
12.9
13.2
13.4
7. 7
7.8
8.0
8.8
1.0
1.0
1.0
1.0
Mar.
Mar.
Mar.
Mar.
4...
11..
18..
25..
107. 9
98.7
103.2
106.3
74.1
76.7
77.1
77.6
8.1
8.6
8.4
8.7
8.9
8.9
8.9
8.9
-1.8
-1.6
-1.3
-1.0
15.3
15.5
15.8
16.0
4.1
4.1
4.1
4.1
49.7
33.9
34.1
34.2
158.4
146.1
147.1
148.4
-75.2
-72.5
-69.9
-68.8
14.3
14.5
15.0
15.4
9.1
9.5
9.9
10.1
1.2
1.1
1.1
1.2
Apr. 1 —
Apr. 8_Apr. 15Apr. 22..
Apr. 29-
114.4
112.0
109.3
111.7
88.5
80.3
80.0
94.1
94.0
94.7
8.8
8.9
8.8
9.2
9.6
9.1
9.4
9.5
9.8
10.0
-.8
-.4
-.5
-.6
-.4
16.1
16.3
16.6
16.8
16.9
4.1
4.1
4.1
4.1
4.1
35.2
29.2
7.7
10.9
11.9
152.7
147.4
140.3
144.2
146.8
-67.4
-65.3
-61.4
-63.2
-89.4
17.7
18.2
18.5
18.6
18.8
10.2
10.4
10.7
10.9
10.9
1.2
1.2
1.3
1.3
1.4
May
May
May
May
6—
13-.
20..
27-
97.9
103.6
111.2
115.2
95.5
96.1
96.0
96.2
9.8
10.1
10.3
11.0
9.8
10.0
10.2
10.4
-.2
.2
. 7
1.2
17.0
17.3
17.5
17.7
4.1
4.1
4.1
4.0
12.5
12.9
13.2
14.4
148.6
150.7
152.0
154.9
-82.5
-79.4
-73.8
-73.2
19.4
19.5
19.7
19.9
11.1
11.4
11.7
11.9
1.4
1.4
1.5
1.6
June
June
June
June
3-_.
10..
17..
24_.
138.6
143.3
150. 7
155.0
93.7
93.5
94.2
94.1
11.5
12.2
12.4
12.8
10.7
11.3
11.5
11.8
1.7
2.2
2.5
2.9
17.8
17.9
18.0
18.1
3.9
3.6
3.4
3.4
35.8
37.5
38.4
39.2
175.0
178.1
180. 6
182.3
-70.7
-69.3
-65.1
-62.9
20.6
20.5
21.1
21.3
12.0
12.2
12.3
12.5
1.8
1.8
1.8
1.8
July
July
July
July
July
1—
8—
1522..
29..
180.5
187.3
200.8
205.3
210.0
96.4
98.7
100.9
101.6
102.6
12.8
12.9
13.1
13.2
13.4
11.6
10.7
9.9
10.0
9.8
3.3
3.3
3.4
3.8
4.1
18.2
18.3
18.4
18.5
18.6
3.3
3.4
3.5
3.5
3.6
39.9
40.4
49.2
49.3
50.7
185. 6
187.6
198.3
200.0
202.7
-40.8
-36.5
-34.0
-31.5
-30.2
21.3
21.6
21.8
22.0
22.2
12.6
12.7
12.8
12.9
13.1
1.8
1.8
1.8
1.9
2 2
Aug.
Aug.
Aug.
Aug.
5—
121926-
215.2
218.5
222.8
226.4
102.6
102.9
102.7
102.9
13.4
13.7
14.0
14.1
9.9
10.0
10.0
10.1
4.4
4.8
4.8
5.1
18.6
18.7
18.9
19.1
3.6
3. 6
3.7
3.7
51.5
51.7
52.4
52.5
204.1
205.5
206.4
207.5
-26.8
-25. 4
-22.2
-20.4
22.4
22.8
22.9
23.2
13.3
13.2
13.2
13.5
2.2
2.3
2.3
2.5
2—
9—
16..
2330-
254.2
259.1
263.0
265.6
272.2
103.9
103.8
103.6
104.4
106.2
14.1
14.3
14.5
14.9
15.2
10.3
10.4
10.4
10.9
11.0
5.4
5.7
6.6
6.9
7.1
19.3
19.6
19.8
20.0
20.1
3.9
3.8
3.8
3.7
3.7
56.9
57.4
58.0
58.4
58.6
213.8
215.0
216. 7
219.1
222.1
1.3
4.3
6.5
6.5
7.7
23.3
23.4
23.5
23.7
25.7
13.2
13.7
13.6
13.7
14.0
2.6
2.6
2.7
2.7
2.6
Oct.
Oct.
Oct.
Oct.
7—.
14...
21...
28—
278.8
279.5
286.1
293.4
108.0
109.3
111.0
114.2
15.7
15.6
15.5
15.6
10.9
10.7
11.0
10.6
7.2
7.2
7.3
7.6
20.4
20.6
20.8
21.1
3. 6
3.5
3.5
3.4
59.1
59.4
59.9
61.1
224.9
226.4
228.9
233.4
11.0
9.6
13.1
15.6
26.1
26.3
26.6
26.7
14.2
14.5
14.7
15.0
2.7
2.8
2.7
2.8
Nov.
Nov.
Nov.
Nov.
4—
11_.
18..
25..
300.3
300.7
301.6
300.3
116.4
116.7
117.9
117.3
15.5
15.9
16.4
16.6
10.5
10.1
9.7
9."6
7.8
8.4
8.8
8.9
21.2
21.4
21.6
21.8
3.2
3.0
2.7
2.8
77.3
79.0
79.9
80.9
251.8
254.4
256.9
258.0
4.1
1.2
-.7
-3.3
26.8
26.8
26.7
26.8
14.9
15.5
15.7
15.9
2.7
2.7
2.9
2.9
Dec. 2__.
Dec. 9_-_
Dec. 16Dec. 23_.
Dec. 30..
298.1
299.0
300.9
306.5
316.2
116.6
114.9
114.7
115.6
116.1
17.1
17.4
17.7
18.0
18.2
10.2
10.0
10.0
10.3
10.4
11.7
12.1
12.4
13.6
13.7
22.0
22.1
22.2
22.5
22.5
4.4
4.3
4.8
5.3
9.4
83.4
84.2
85.1
85.8
87.9
265.4
265.0
266.9
271.2
278.3
-2.0
-1.3
-1.5
-.5
1.7
15.5
15.7
15.4
15.5
15.7
16.0
16.3
16.7
16.8
17.0
3.2
3.3
3.4
3.5
3.5
Sept.
Sept.
Sept.
Sept.
Sept.
420
FEDERAL RESERVE BULLETIN
MAY 1937
TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date
Total
Neth- SwitzUnited
GererKing- France erdom
lands land
Other
Italy Europe
Total
Europe
Can- Latin
Far
ada America
East
All
Other
1929
2, 525.8
2, 563. 4
2,681.0
2,708. 4
2, 748. 4
2,871.5
2,706.5
2, 672. 7
337.4
350.7
381.4
368.1
406.2
458.6
374.2
301.5
771.6
781.3
833.9
937.7
941.1
956.1
907.5
923.7
87.1
98.5
105.6
107.1
111.7
107.5
93.8
99.1
94.1
85.2
81.6
83.7
100.5
107.2
97.7
105.2
163.1
175.9
178.4
161.0
172.9
196.5
182.9
204.5
150.4
145.5
153.4
140.6
146.3
152.9
165.6
157.4
318.9
302.5
305.9
337.7
313.8
342.7
359.3
371.3
1,922. 6
1,939. 4
2,040. 2
2,135. 7
2,192. 5
2, 321. 3
2,181.1
2,162.8
302.9
302.1
333.0
273.7
257.3
253.4
247.1
241.8
203.9
219.5
217.2
207.0
208.3
197.8
188.6
188.2
54. c
46.6
58.4
51.6
55.0
60.1
55.8
49.0
41.4
55.8
32.2
40.4
35.3
38.9
33.9
31.0
2, 514.1
2, 456.0
2, 420. 7
2,450. 3
2, 575. 2
2, 550. 9
2, 671. 3
2, 641. 6
2, 639. 6
2, 586. 8
2, 590. 2
2, 335. 0
267.0
255.5
223.1
250.3
327.8
271.6
297.3
286.2
288.5
269.2
264.1
214.5
890.7
878.3
891.7
852.7
866.4
873.6
890.8
853.4
814.4
799.4
94.7
94.9
94.0
100.9
104.9
96.6
103.4
100.9
107.7
102.6
122.6
122.2
115.5
109.6
118.6
118.3
127.4
216.6
210.0
243.9
271.1
291.5
283.0
222.2
194.0
194.9
191.6
193.3
204.5
204.9
228.0
196.5
146.3
116.5
178.9
161.0
144.5
152.4
151.9
156.5
179.3
161.4
155.9
158.0
144.3
134.1
126.5
111.2
324.9
312.3
299.9
310.4
311.9
297.3
329.2
319.3
325.5
323.0
304.8
281.3
2,032. 5
2,001.4
1,969. 8
2.008.0
2,147. 4
2,101. 2
2,190. 2
2,178. 3
2.174.1
2,090. 3
2,094.3
1,911.7
210.0
205.5
204.2
189.5
177.5
207.8
226.3
219.7
226.8
275.6
279.7
216.8
175.8
166.8
168.0
179.2
187.0
172.6
170.9
158.5
153.5
144.1
142.8
130.8
54.0
53.5
53.7
49.7
42.3
41.8
55.1
53.8
52.5
44.6
47.2
38.2
41.9
28.7
25.0
23.9
21.1
27.5
28.9
31.2
32.7
32.2
26.2
37.5
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
2, 236.1
2,204.3
2, 200. 4
2.130.0
2.109.1
2,036. 5
242.4
229.5
243.6
224.3
212.2
198.6
782.6
751.5
751.8
750.4
735.1
725.9
114.4
103.5
103.9
103.3
107.3
108.0
234.9
247.7
234.9
235.0
268.7
223.9
119.3
113.5
102.1
108.9
92.9
74.3
102.8
110.6
106.3
112.3
104.1
94.7
247.6
225.3
211.8
216.2
201.7
210.0
1,844.1
1,781.7 210.6
1, 754.4 214.0
1, 750. 4 144.4
1, 722.0 144.6
1,635. 2 170.8
132.5
142.2
157.4
160.9
160.4
156.3
45.7
39.5
55.7
53.7
57.3
50.6
24.9
30.3
18.6
20.5
24.8
23.6
July 15
July22_._.
July 29
1,983. 7
1,937. 6
1, 926. 2
182.2
195.3
153.8
689.4
688.0
715.9
115.7
118.6
118.1
213.4
208.8
218.0
63.8
53.2
52.0
94.9
90.3
87.2
212.7
207.3
207.7
1, 572. 2 164.9
1,561.6 139.3
1, 552. 6 140.3
162.1
157.7
155.2
58.7
51.2
51.3
25.8
27.8
26.7
Aug. 5
Aug. 12
Aug. 19
Aug.21
1, 920. 2
1, 908. 6
1, 906. 6
1, 921. 8
104.6
100.0
110.6
118.5
749.9
740.0
714.5
714.7
118.7
115.5
113.7
115.2
230.7
230.7
232.7
231.9
50.7
61.3
68.5
69.7
80.7
79.3
77.9
78.5
203.0
205.7
217.0
227.6
1, 538. 3
1, 532. 5
1, 535.1
1,556.1
151.1
148.2
151.6
145.7
151.3
150.3
139.8
143.6
51.4
47.9
49.7
47.9
28.1
29.7
30.4
28.5
Sept.
Sept.
Sept.
Sept.
Sept.
1, 925. 3
1, 953. 4
1, 945.3
1, 780. 3
1, 669. 2
132.0
148.3
153.1
134.6
120.9
692.2
716.7
685.3
645.4
651.7
114.7
112.4
111.9
108.1
234.3
227.2
233.2
231.0
183.2
72.5
69.5
82.8
80.1
53.7
77.5
76.9
73.9
75.4
63.0
239.6
240.6
239.0
147.7
151.4
1, 562. 7 145.6
1, 591. 5 144.9
1, 579.3 146.4
1, 422. 3 141.5
1,292.9 159.5
138.6
141.4
142.5
140.0
138.4
49.5
47.1
49.3
49.7
48.7
28.9
28.5
27.8
26.9
29.6
1, 625. 6
1, 572.9
1,466. 7
1,440. 5
114.1
111.6
104.4
135.1
673.4
714.0
656.3
633.4
66.1
57.6
52.9
46.0
161.9
98.3
91.7
85.9
51.0
48.3
46.6
44.6
55.7
52.2
48.1
43.2
144.5
135.5
123.4
114.5
1, 266. 7
1, 217. 5
1,123. 4
1,102. 7
153.2
151.5
149.7
143.3
131.1
128.5
126.3
125.6
48.5
50.2
36.4
40.1
26.2
25.1
30.9
28.1
May 31
June 29
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1930
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1931
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
7
14
21
28
Nov.
Nov.
Nov.
Nov.
4
11
18
25
1, 378.3
1,346.9
1,350.0
1, 339.9
117.9
116.6
112.6
113.3
596.1
581.3
581.4
577.4
44.8
45.9
45.9
45.9
79.5
76.8
75.1
71.4
38.0
37.5
37.5
41.7
46.0
38.6
37.8
33.9
109.8
113.7
119.6
118.9
1,031.9
1,010. 2
1,009. 7
1,002.5
157.3
160.1
156.9
157.6
117.6
118.0
117.4
114.5
43.5
39.0
45.6
45. €
28.0
19.6
20.4
19.7
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
1,343. 8
1, 350. 2
1, 355.1
1, 338. 2
1,303. 5
111.2
107.0
110.3
111.0
104.9
573.8
586.8
590.1
568.6
549.2
47.8
53.2
56.7
46.1
44.6
72.1
77.8
74.9
71.1
66.0
41.5
45.9
41.6
43.8
41.1
34.7
32.3
31.6
33.1
33.2
120.7
118.6
121.2
121.4
122.2
1,001.9
1,021.4
1,026. 3
995.0
961.2
157.8
151.1
139.1
149.4
148.3
113.8
113.1
111.5
108.0
103.3
50.3
45.2
58.2
66.1
69.0
19.9
19.3
20.1
19.6
21.6
421
FEDERAL EESERVE BULLETIN
1937
MAY
TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date
Total
United
Neth- Switz- GerKing- France ererdom
lands land many
Italy
Austria
Hun- Other
Total
gary Europe Europe
Can- Latin
Far
ada America East
All
Other
1932
Cl1)
( 1)
C)
C1)
(*)
(*)1
C)
(x)
121.6
117.9
117.6
108.3
959.9
960.8
946.7
956.9
146.0
145.3
144.4
142.3
102.7
100.9
106.5
106.7
60.6
60.1
47.9
51.8
21.0
19.7
19.3
20.9
(x)
0)
(l)
2.3
106.9
99.6
91.1
71.1
938.1
919.0
916.2
880.3
139.5
136.7
144.4
143.4
105.8
105.5
103.4
104.3
53.0
46.6
48.1
46.6
20.0
20.6
18.8
19.0
2.8
1.8
1.6
1.7
1.6
73.1
76.1
73.6
72.4
71.5
915.3
828.6
832.9
830.3
814.1
138.2
132.8
139.1
136.7
130.0
101.8
107.3
106.5
105.9
108.0
54.1
45.5
46.1
48.3
50.9
19.6
14.2
14.3
14.7
12.8
6.7
7.0
6.4
5.8
1.6
1.6
2.0
1.8
69.6
67.4
59.5
63.0
810.0
823.5
799.3
765.3
115.9
113.7
115.1
123.9
104.1
103.9
105.4
105.2
42.5
42.7
42.6
41.3
13.3
14.1
12.9
13.0
26.1
24.2
23.6
25.4
6.1
5.9
6.1
5.5
1.8
1.8
1.7
1.6
56.2
54.4
58.3
58.1
747.1
751.2
714.7
654.4
112.0
110.2
107.8
107.7
107.5
105.3
104.9
103.5
46.5
42.9
41.0
44.9
12.8
12.5
13.1
13.7
30.2
31.0
29.6
32.9
33.2
20.7
20.1
20.0
20.5
19.9
5.4
4.9
5.3
5.4
5.1
1.6
1.6
1.6
1.6
1.7
51.8
49.2
49.6
50.0
49.6
602.7
533.5
461.7
414.7
379.7
106.5
105.4
107.2
104.9
108.1
102.7
100.6
100.2
101.5
98.1
44.2
44.3
42.1
35.5
35.4
12.8
12.1
11.9
11.5
11.3
79.3
83.1
84.5
78.6
34.8
30.4
32.6
30.9
20.3
22.2
21.7
22.9
5.9
6.2
6.1
5.6
1.3
1.2
1.2
1.2
48.1
48.9
50.8
49.1
367.5
362.2
365.0
356.0
100.1
97.3
103.7
108.8
97.7
95.4
95.6
94.5
35.7
33.4
40.2
39.6
11.5
11.0
11.3
11.6
18.7
19.6
21.6
20.2
19.5
82.3
83.0
87.2
81.4
80.8
29.5
29.7
29.8
32.0
31.5
22.1
23.3
24.1
25.1
27.4
5.1
5.1
4.7
4.9
4.9
1.2
1.0
.9
.9
.9
50.3
51.3
52.3
53.7
55.2
357.8
363.1
379.6
382.3
385.9
102.6
106.1
106.4
110.6
122.3
94.8
95.2
96.1
97.8
98.4
42.4
38.3
41.5
42.6
50.2
11.1
12.6
13.4
13.2
14.6
70.8
73.3
74.2
72.4
16.0
16.5
17.2
19.2
72.6
66.4
65.8
67.6
31.4
34.2
32.9
35.1
25.7
30.8
29.5
32.4
5.2
5.5
5.4
5.2
.9
.9
.9
.9
51.8
53.0
58.6
54.6
416.6
42547
434.3
446.0
98.8
100.3
101.9
100.3
119.4
118.6
117.6
118.4
43.4
45.9
48.0
45.0
14.6
14.4
13.7
14.5
142.7
150.4
132.0
120.9
76.5
76.7
80.7
81.1
15.7
15.9
16.4
21.6
68.8
67.7
63.7
58.7
33.2
32.0
34.4
34.6
35.5
38.7
40.4
42.3
5.5
5.6
5.2
5.3
.9
.8
.8
.8
59.2
59.0
60.8
64.3
437.8
446.7
434.3
429.8
97.0
143.3
144.0
142.1
117.6
117.4
115.5
116.9
45.4
43.2
46.4
51.5
12.0
14.1
13.3
13.2
Jan.
Jan.
Jan.
Jan.
6
13
20
27
1, 290.2
1,286.8
1,264. 8
1, 278. 6
112.0
118.6
118.3
137.0
543.0
539.6
522.0
525.8
44.3
42.4
39.7
39.4
69.0
70.9
76.5
73.7
36.6
37.7
37.7
39.1
33.5
33.8
35.0
33.5
Feb.
Feb.
Feb.
Feb.
3
10
17
24
1,256. 3
1, 228. 5
1, 230. 9
1,193. 5
137.1
142.5
160.9
167.5
510.9
491.7
486.5
455.5
39.4
41.0
39.8
36.6
72.8
75.3
69.3
69.8
37.9
38.2
38.4
38.0
33.1
30.6
30.2
30.2
Mar.
Mar.
Mar.
Mar.
Mar.
2
9
16
23
30
1, 229.0
1,128. 4
1,138.9
1,136.0
1,115. 7
225.5
182.2
192.5
194.3
173.9
430.9
386.8
368.2
363.2
360.3
35.7
35.5
36.5
38. 2
37.2
68.8
73.1
88.3
90.7
98.3
38.5
37.3
37.4
37.8
38.8
29.2
29.2
27.1
25.7
25.4
10.7
6.77.4
6.4
6.9
Apr.
Apr.
Apr.
Apr.
6
13
20
27
1,085.7
1,098. 0
1,075. 3
1,048. 6
171.3
185.0
184.5
165.4
357.8
364.0
352.4
332.6
37.0
36.7
37.8
37.8
101.3
101.8
.96.4
98.0
38.6
36.3
36.7
37.0
26.1
23.7
23.7
23.9
May
May
May
May
4
11
18
25
1,026.0
1,022.0
981.6
924.3
180.1
196.8
192.0
173.4
314.7
303.8
277.1
230.3
32.6
29.2
27.5
27.5
96.6
99.7
96.1
98.9
33.0
35.4
32.3
33.8
June
June
June
June
June
1
8
15
22
29
868.9
796.1
723.1
668.1
632.7
163.6
152.6
147.0
140.2
122.0
214.7
160.3
101.8
59.9
48.9
21.5
23.0
20.7
19.2
18.7
93.2
90.8
86.0
85.0
80.5
July
July
July
July
6
13
20
27
612. 4
599.3
615.9
610.6
104.2
94.5
89.5
91.0
54.6
57.2
59.9
59.2
18.9
18.5
18.8
17.6
Aug.
Aug.
Aug.
Aug.
Aug.
3
10
17
24
31
608.6
615.3
637.0
646.5
671.4
87.5
87.5
91.7
97.0
100.3
61.1
62.7
67.2
67.3
65.4
Sept.
Sept.
Sept.
Sept.
7*
14
21
28
692.8
705.0
715.4
724.3
142.3
145.1
149.8
158.5
709.8
764.7
753.6
753.5
Oct.
Oct.
Oct.
Oct.
_
5
11
19
26
9.3
0)
(l)1
C)
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23
30
743.4
742.8
743.2
777.5
795.7
122.3
119.9
122.8
135.7
155.1
81.2
79.7
73.9
77.4
67.6
16.6
15.8
13.8
14.4
15.0
61.0
67.7
67.0
76.9
73.7
35.0
33.0
30.8
31.4
31.5
37.6
41.7
40.6
43.7
40.4
5.4
5.1
4.9
4.8
4.9
.9
.8
.8
.8
.9
58.4
56.9
60.2
63.5
69.7
418.3
420.6
414.8
448.6
458.8
145.6
140.3
138.2
143.5
154.3
114.8
118.2
128.0
125.9
120.7
50.7
49.2
49.4
46.6
48.9
13.9
14.5
12.9
13.0
13.0
Dec.
Dec.
Dec.
Dec.
7
14
21
28
730.6
733.2
748.8
745.6
143.9
147.0
163.2
169.7
77.4
71.8
73.1
71.1
15.1
13.9
13.5
11.9
75.3
71.0
78.9
78.0
29.7
31.3
32.6
32.9
40.0
41.5
39.6
39.8
5.0
5.0
4.9
4.9
.8
.9
.9
.8
62.2
61.7
58.6
60.5
449.2
444.0
465.3
469.6
104.4
110.2
104.9
98.2
121.1
122.6
121.8
121.7
42.9
43.2
44.7
43.5
13.1
13.3
12.1
12.6
i Included in other Europe prior to February 24, 1932.
* It is estimated that changes in the number of reporting banks and revision of instructions resulted in an increase in total liabilities of about
$30,000,000 between August 31, and September 7, 1932.
422
FEDERAL RESERVE
MAY 1937
BULLETIN
TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Total
Date
Neth- Switz- GerUnited
erKing- France erItaly
dom
lands land many
Austria
Hun- Other
gary Europe
Total
Europe
Can- Latin
ada America
Far
East
All
Other
1933
Jan.4
Jan.11
Jan.18
Jan. 25
733.8
762.0
792.8
792.3
171.0
199.4
225.8
221.9
72.2
72.1
68.0
68.5
13.8
12.5
15.0
13.9
82.2
84.6
85.1
85.8
30.2
31.0
31.3
31.9
36.6
37.5
37.9
37.6
3.3
4.0
3.2
3.1
59.1
58.2
59.1
63.4
469.1
500.2
526.2
527.1
89.3
88.7
90.1
90.6
117.8
121.0
123.1
124.1
44.4
37.5
40.3
38.3
13.1
14.5
13.1
12.4
Feb.
Feb.
Feb.
Feb.
1
8
15
21
764.2
776.0
759.0
743.7
205.4
226.8
227.2
223.7
68.3
68.6
64.4
64.9
14.9
15.0
14.4
17.1
80.6
72.4
67.1
31.3
31.9
30.3
30.4
34.8
36.3
35.9
30.9
58.0
57.0
52.4
51.7
496.9
511.9
494.9
485.5
86.5
86.7
85.2
85.1
121.6
122.7
122.2
120.7
44.0
40.2
42.3
37.9
15.2
14.5
14.4
14.5
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29
656.3
626.1
593.3
570.7
557.2
160.9
169.5
161.3
160.5
149.4
67.6
65.3
51.0
48.1
46.3
11.4
10.5
10.0
10.4
10.6
61.3
48.0
48.8
45.9
45.5
30.1
27.4
28.0
26.1
25.4
21.5
18.6
17.5
15.4
14.7
3.0
3.2
2.7
2.6
2.8
2.5
1.8
2.1
2.7
44.0
41.2
40.8
39.1
38.3
400.2
383.5
359.5
347.8
333.2
83.3
81.3
79.2
68.0
71.5
117.9
109.7
101.2
100.2
39.7
37.4
38.5
39.7
39.5
15.1
14.2
14.9
15.0
14.1
Apr.
Apr.
Apr.
Apr.
5
12—
19
26
551.2
558.7
573.7
595.9
152.1
153.1
160.0
184.7
44.4
43.7
50.3
44.9
10.8
11.1
12.8
11.9
42.8
51.2
48.0
42.7
23.7
24.2
26.8
26.2
17.5
17.6
16.1
18.1
2.2
2.1
2.2
2.0
37.8
36.3
35.1
36.2
331.6
339.6
351.6
366.9
68.2
67.8
66.5
71.7
98.0
98.3
98.2
99.7
39.8
39.0
43.4
44.4
13.6
14.0
14.0
13.2
May
May
May
May
May
3
10
17-.-_
24
31-
593.3
586.0
586.3
583.9
582.3
195.1
189.8
188.6
184.2
180.4
39.9
39.9
40.4
40.2
12.6
12.6
14.9
12.4
11.1
33.7
30.7
27.6
27.1
23.9
24.9
24.3
25.2
26.3
23.8
19.2
20.1
21.0
23.4
23.2
2.6
2.4
2.3
2.4
2.4
35.7
37.1
36.0
39.1
367.2
355.8
357.3
352.3
343.0
70.8
72.0
74.1
77.8
82.6
98.5
98.2
95.5
94.6
93.0
42.0
44.8
45.5
45.3
14.8
15.2
13.8
13.9
13.9
June
June
June
June
7—
14—
21
28
567.8
573.5
564.9
566.9
183.5
169.4
166.8
160.7
39.0
38.5
38.1
38.9
11.4
12.7
12.0
14.0
25.0
25.5
25.5
24.8
23.3
25.1
25.5
25.0
16.4
22.2
18.8
16.9
35.6
40.1
37.5
38.6
337.0
336.4
327.2
321.9
75.4
83.9
83.5
87.0
97.3
93.5
94.9
98.2
44.7
46.4
45.1
46.5
13.5
13.4
14.1
13.3
July
July
July
July
5
12
19
26
563.8
607.4
599.8
577.3
'158.8
160.0
161.3
151.1
40.1
42.7
41.6
36.5
14.4
14.4
15.6
13.0
25.7
25.2
26.4
25.0
24.2
24.5
24.6
24.3
16.1
13.8
14.5
14.0
2.6
2.5
2.7
2.8
2.4
2.8
2.9
3.1
38.7
37.8
40.0
38.7
320.7
321.4
327.3
306.2
80.4
125.4
110.0
112.7
99.3
98.4
100.3
98.0
50.5
49.0
48.8
46.6
12.8
13.1
13.4
13.9
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30J
539.7
526.5
526.2
515.6
528.1
148.3
146.1
143.9
131.2
130.8
38.4
34.6
37.2
33.8
36.0
12.0
10.5
9.9
10.2
10.9
26.7
26.0
26.3
26.3
27.0
23.0
25.8
26.1
26.6
30.5
14.0
12.9
12.6
13.7
12.9
3.3
4.4
2.5
2.6
2.5
34.4
34.1
34.8
35.4
33.5
300.5
294.8
293.8
280.1
284.5
77.2
74.0
77.1
78.4
88.4
95.3
97.7
95.0
97.0
94.5
52.6
47.1
47.7
47.6
48.2
14.0
12.9
12.5
12.7
12.6
Sept. 6 . . .
Sept. 13
Sept. 20
Sept. 27
513.3
498.4
528.3
526.0
126.5
113.7
119.6
118.2
34.9
36.1
35.9
40.4
10.1
10.6
10.1
24.9
25.1
27.3
16.7
26.5
25.3
27.4
26.1
14.1
14.2
11.7
13.7
2.3
2.1
2.5
2.5
34.0
34.1
34.5
33.7
273.3
260.9
269.8
261.7
87.5
87.0
106.5
111.1
95.1
93.5
93.8
94.7
44.9
45.2
45.6
46.1
12.5
11.9
12.6
12.4
Oct. 4
Oct. 11
Oct. 18
Oct. 25
493.2
491.8
482.9
475.1
108.3
104.4
95.4
90.7
31.5
31.9
30.0
32.9
9.4
9.9
9.9
18.7
17.7
17.1
16.0
26.9
26.2
30.1
30.3
12.0
13.0
11.8
10.7
31.2
30.0
31.2
28.6
240.4
235.5
228.2
221.6
102.0
105.1
102.8
105.3
92.3
92.1
93.0
96.1
46.4
46.7
46.8
40.8
12.2
12.3
12.1
11.2
Nov.
Nov.
Nov.
Nov.
Nov.
1
8
15
22
29
452.1
435.7
426.2
424.9
431.9
82.6
72.3
58.0
52.0
47.0
30.6
30.9
31.4
26.5
9.2
9.2
8.2
7.7
15.8
15.6
16.9
11.8
10.9
27.7
22.1
19.4
19.0
18.3
11.9
13.0
13.9
13.5
13.8
2.2
2.2
2.3
2.4
2.4
2.4
2.5
2.3
2.1
29.8
31.4
29.3
31.5
30.0
208.3
197.0
180.6
170.2
156.7
89.0
86.4
95.6
100.7
119.3
97.0
99.1
96.5
99.2
97.3
46.4
40.7
41.9
42.7
46.3
11.5
12.5
11.6
12.1
12.3
Dec.
Dec.
Dec.
Dec.
6
13
20
27
413.9
400.1
388.4
392.0
55.8
58.4
50.9
48.9
26.2
26.8
26.7
27.0
7.7
8.5
7.7
8.0
11.2
11.2
12.5
11.5
17.4
16.5
16.5
17.5
12.2
10.3
9.6
11.7
1.9
1.7
1.7
2.2
27.8
30.2
29.6
28.4
160.6
164.0
155.6
155.7
102.5
88.9
86.2
86.1
97.4
95.5
95.0
96.7
42.0
40.9
41.3
42.7
11.4
10.8
10.3
10.9
_
_.
423
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date
Total
Neth- Switz- GerUnited
King- France ererItaly
dom
lands land many-
Austria
Hungary
Other
Europe
Total
Europe
Can- Latin
Far
ada America East
All
Other
1934
Jan.3
Jan. 10
Jan.17
Jan.24
Jan. 31
388.2
375.0
395.4
385.2
390.5
48.3
47.0
44.1
41.9
41.0
24.9
24.4
25.3
25.2
23.2
8.3
7.6
8.6
8.3
7.4
11.9
11.9
13.5
11.9
11.7
16.3
15.9
17.3
18.4
18.0
9.5
9.5
8.6
12.8
1.6
1.6
1.6
1.7
2.3
28.0
28.2
29.5
26.6
28.3
149.7
146.6
150.0
143.0
145.1
88.7
78.2
84.7
79.5
78.3
96.4
98.0
107.1
109.1
111.1
43.1
41.8
44.1
43.2
45.3
10.4
10.5
9.5
10.5
10.7
Feb.
Feb.
Feb.
Feb.
7
14
21
28
407.5
434.8
481.3
514.5
46.4
52.9
60.4
71.0
35.3
38.1
45.8
51.3
8.4
11.6
15.2
12.7
16.0
16.8
21.2
21.0
19.1
19.5
19.4
20.4
8.5
9.6
11.7
16.0
1.7
1.7
1.8
2.0
28.7
32.7
37.1
39.5
164.5
183.4
213.1
234.3
74.9
84.2
93.9
101.5
114.8
112.7
115.6
116.1
42.0
43.8
47.0
50.7
11.2
10.6
11.7
11.9
Mar.
Mar.
Mar.
Mar.
7
14
21.-__.
28
500.9
490.3
499.1
70.1
62.0
61.5
62.8
47.9
40.9
36.6
39.7
17.6
15.1
12.9
13.1
23.4
22.1
18.7
19.5
19.5
25.2
23.4
22.2
11.3
11.2
12.8
13.4
1.7
1.7
1.8
1.8
34.2
34.8
37.7
36.0
226.2
213. 5
205.8
208.9
97.6
104.1
100.2
97.7
116.8
120.0
120.7
124.7
47.2
51.9
51.5
54.6
11.0
11.3
12.0
13.2
Apr.
Apr.
Apr.
Apr.
4
11
18
25
490.7
496.0
501.3
509.3
63.7
67.9
69.6
72.4
37.4
34.8
34.8
34.6
12.0
15.4
12.6
14.1
18.1
17.5
17.5
19.4
20.4
19.7
20.4
21.2
12.6
14.7
12.9
14.5
1.4
1.6
1.6
1.7
34.2
31.4
34.5
35.3
200.1
203.4
204.3
213.5
97.6
103.6
108.5
106.7
122.8
126.1
126.0
125.6
56.8
49.6
50.3
51.3
13.4
13.2
12.3
12.3
May
May
May
May
May
2
9
16
23
29.
494.9
497.4
477.1
482.3
472.2
73.0
78.3
66.0
64.1
62.6
30.9
29.4
27.8
27.7
11.7
12.4
11.9
10.4
19.5
17.7
15.8
14.4
14.8
20.2
20.1
19.5
19.5
18.6
13.6
13.1
11.3
14.6
11.3
1.4
1.5
1.5
1.5
1.5
31.9
31.5
32.8
34.7
32.8
202.6
204.7
187.3
187, 4
180.8
101.0
103.0
102.2
104.9
102.0
125.8
124.0
124.5
125.6
123.2
52.2
52.3
51.3
52.4
54.5
13.3
13.4
11.7
12.1
11.7
June
June
June
June
6
13
20
27
465.3
469.1
469.1
473.1
61.8
62.8
65.6
62.8
28.9
29.0
25.1
28.5
12.0
11.4
10.9
14.1
14.6
15.2
14.5
19.4
18.4
18.7
18.7
11.4
12.9
13.0
12.6
1.3
1.3
1.4
1.4
33.8
34.3
31.8
34.7
181.0
185.9
182.4
184.3
103.2
100.7
104.8
105.3
116.7
116.6
115. 5
115.7
52.3
55.3
54.2
56.8
12.1
10.6
12.1
11.0
July
July
July
July
3
11
18
25
464.8
454.6
457.9
455.3
63.9
55.5
61.6
58.8
29.6
29.8
29.1
29.3
10.9
10.5
10.5
9.1
15.8
14.1
15.7
14.6
17.4
17.8
17.8
19.5
12.6
12.7
12.2
11.8
1.5
1.8
1.8
2.2
32.9
31.8
31.4
32.1
185.0
174.3
180.4
177.8
98.2
96.4
94.0
92.7
115.6
118.8
120.2
119.6
55.0
54.6
52.5
54.1
11.1
10.6
10.8
11.2
Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
29
456.4
453.2
474.4
472. 5
469.7
60.0
59.9
60.6
64.5
60.7
27.6
28.4
32.0
28.1
27.7
9.2
10.1
13.2
12.0
12.8
13.8
14.2
13.6
12.6
11.9
18.5
18.6
19.0
20.1
21.4
11.9
11.8
11.8
12.8
11.0
2.3
2.0
1.9
2.0
2.1
32.8
29.8
31.4
32.9
32.3
176.3
175.3
184.0
185.4
180.2
90.1
93.9
101.5
101.6
107.5
116.3
118.1
117.9
114.1
109.5
62.0
56.1
60.3
61.2
61.2
11.8
9.8
10.7
10.2
11.3
Sept.
Sept.
Sept.
Sept.
5
12
19
26
448.4
448.2
439.4
440.0
55.4
55.6
54.2
54.3
26.4
26.7
26.2
24.6
10.0
9.1
9.0
8.5
11.5
11.4
10.8
10.5
21.9
22.3
21.9
21.3
11.1
11.6
9.5
11.1
1.7
1.9
1.9
1.9
30.7
31.6
30.3
35.4
169.0
170.6
164.0
167.7
96.0
96.4
96.5
92.8
110.8
110.7
109.1
107.9
61.1
59.4
58.6
11.5
11.1
11.2
10.8
Oct.
Oct.
Oct.
Oct.
Oct.
3
10
17
24
31
435.4
437.9
438.9
432.2
438.7
57.4
58.2
59.2
52.0
50.5
25.7
26.3
25.0
26.8
28.1
9.2
8.8
9.6
9.0
8.1
10.3
10.2
10.1
9.0
10.5
20.8
21.0
20.6
19.2
19.1
11.9
11.2
10.9
10.5
14.0
2.0
1.8
1.9
1.7
2.0
31.1
32.8
32.7
34.3
31.1
168.6
170.7
170.4
163.0
163.8
87.5
88.8
85.0
84.6
90.9
106.1
105.8
106.0
105.1
105.8
62.3
62.8
67.1
68.4
66.9
10.7
9.9
10.4
11.2
11.3
Nov.
Nov.
Nov.
Nov.
7
14
21
28
436.4
439.8
451.3
466.7
49.6
55.1
57.7
59.1
34.4
32.0
32.2
32.7
9.4
11.1
12.7
11.4
10.4
10.2
9.7
20.3
21.6
25.0
25.8
12.0
12.9
15.3
14.3
1.7
1.8
2.0
2.0
30.4
34.9
37.3
39.3
170.1
178.6
191.3
196.0
85.5
86.0
85.6
91.9
105.6
110.1
106.3
106.6
63.4
53.1
56.8
60.3
11.8
12.0
11.4
11.9
40.6
41.0
46.7
47.1
227.1
230.6
241.4
245.0
103.3
102.2
95.2
97.9
117.4
119.0
123.3
125.2
125.1
129.8
128.5
130.1
12.0
11.2
10.5
12.4
Reported by Banks in United States
Dec. 5
Dec. 12
Dec. 19 . _
Dec. 26
584.8
592.9
598.9
610.6
79.6
83.0
82.4
83.0
36.1
36.0
38.6
39.6
13.5
11.6
12.7
12.2
12.1
12.9
13.6
13.5
i Included in other Europe beginning December 5, 1934.
28.4
28.2
28.9
30.0
16.8
17.9
18.6
19.5
0)
(J1)
C)
0)
(x)
0)l
(x)
()
424
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued
Reported by Banks in United States
[Outstanding amounts, in millions of dollars]
Date
Total
United
Kingdom
SwitzFrance Netherlands erland
Germany
Italy
Other
Europe
Latin
Total
Europe Canada America
Far
East
All
Other
1935
99.3
Jan.
Jan.
Jan.
Jan.
Jan.
2
9
16
23
30
597.0
599.3
584.4
609.7
649.2
76.9
78.6
75.3
92.6
100.2
33.9
37.6
37.3
44.8
52.0
12.9
12.3
10.0
15.0
22.0
13.7
14.5
14.2
14.6
18.9
29.9
30.7
31.5
32.4
26.9
18.8
18.2
18.1
19.3
17.5
46.8
47.5
47.9
41.3
47.1
232.9
239.4
234.4
260.1
284.6
101.6
96.1
94.8
95.4
122.8
124.3
122.5
123.7
128.5
130.1
123.1
117.3
118.2
127.1
12.0
10.9
14.0
12.9
13.5
Feb.
Feb.
Feb.
Feb.
6
13
20
27
654.8
663.3
657.5
643.3
100.7
108.2
104.7
105.8
50.9
47.4
49.0
46.8
20.1
21.8
20.0
18.0
21.4
20.3
18.7
18.2
26.9
26.8
27.0
26.5
17.0
16.5
16.1
16.5
51.8
53.9
57.7
51.4
288.8
294.8
293.2
283.4
95.4
100.4
99.5
100.7
130.7
129.0
129.1
131.4
125.9
125.4
122.1
115.5
13.9
13.7
13.6
12.4
Mar.
Mar.
Mar.
Mar.
6
13
20
27
639.5
628.1
626.8
635.6
97.2
92.5
92.1
92.4
50.0
44.4
38.5
38.1
17.2
18.5
18.2
18.8
17.8
19.5
16.6
16.0
27.8
27.9
27.7
25.3
15.9
15.4
15.8
14.3
51.3
49.8
51.9
51.2
277.1
268.0
260.8
256.2
96.6
94.7
98.5
106.5
133.6
134.9
134.7
137.4
119.4
117.2
118.1
120.5
12.8
13.4
14.7
15.0
Apr.
Apr.
Apr.
Apr.
3
10
17
24
654.7
679.8
685.3
693.0
96.1
103.6
104.9
107.7
47.1
43.5
46.9
45.7
18.1
21.0
30.4
28.9
22.4
29.9
27.6
29.0
25.8
23.7
22.9
23.6
14.9
16.2
16.5
16.4
55.5
51.2
48.4
49.0
280.0
289.2
297.6
300.2
95.9
106.5
107.8
111.6
138.9
141.1
140.3
141.8
122.2
126.5
121.9
123.8
17.7
16.5
17.7
15.6
May
May
May
May
May
1
8
15
22
29
666.7
673.6
695.6
736.3
883.6
101.9
107.2
108.3
124.6
139.3
49.6
46.7
49.5
56.9
173.1
29.7
26.4
26.0
28.2
32.2
27.4
28.4
28.0
31.1
32.8
23.2
23.2
23.4
23.5
24.5
16.7
15.8
15.8
16.2
14.5
46.1
47.5
52.3
53.0
56.0
294.7
295.1
303.2
333.5
472.5
98.2
101.9
108.1
114.6
120.3
142.9
144.1
146.3
145.3
147.0
116.3
116.4
122.5
128.1
128.3
14.6
16.1
15.5
14.8
15.5
June
June
June
June
5
12
19
26
865.0
837.3
841.0
839.0
165.7
150.7
149.8
153.2
120.0
104.2
102.0
98.4
35.4
46.1
40.2
43.9
39.2
37.1
38.0
35.4
25.6
26.1
26.1
25.3
15.3
15.8
16.4
16.9
54.9
54.4
56.8
55.1
456.1
434.4
429.3
428.4
115.4
116.9
127.0
132.4
148.8
148.5
146.1
145.7
127.8
120.4
119. 7
115.7
16.9
17.0
18.9
16.8
July
July
July
July
July
3
10
17
24
31
810.8
829.2
836.4
838.0
834.8
144.7
153.5
157.4
156.2
154.7
92.1
91.2
94.6
92.5
92.1
41.5
41.3
43.7
46.8
43.7
36.0
35.1
34.8
33.9
35.0
24.6
23.6
23.8
23.9
23.8
18.5
18.5
18.4
17.1
18.9
55.6
56.9
57.4
56.1
57.4
412.9
420.1
429.9
426.5
425.5
123.6
126.8
126.6
129.1
127.0
145.3
149.4
146.5
149.0
147.6
112.4
116.5
117.2
117.1
118.0
16.6
16.4
16.2
16.3
16.7
Aug.
Aug.
Aug.
Aug.
7
14
21
28
819.1
850.8
925.8
931.4
146.0
148.1
154.4
150.3
88.8
88.0
92.9
92.6
45.0
56.6
57.8
58.5
35.8
36.5
37.0
36.9
24.0
23.5
23.8
24.3
18.8
20.5
18.6
18.5
54.4
53.3
56.9
58.0
412.7
426.4
441.5
439.1
119.3
129.6
195.1
196.0
150.3
150.6
149.0
148.7
120.2
127 A
125.3
132.2
16.6
16.8
14.9
15.5
Sept.
Sept.
Sept.
Sept.
4
11
18
25
880.5
886.5
871.8
922.9
142.0
147.3
145.8
162.4
90.2
82.6
79.5
84.1
54.8
50.3
42.8
51.2
39.1
42.9
46.1
50.7
26.7
25.6
26.1
27.4
16.9
17.1
18.4
16.5
51.5
54.9
60.4
68.1
421.1
420.7
419.0
460.6
159.8
159.0
138.7
144.3
150.9
151.4
152.1
155.4
132.3
140.6
144.2
144.9
16.4
14.8
17.7
17.7
2
9
16
23
30.
947.6
1,019.1
1,075. 7
1,111.1
1,117.6
171.4
199.2
225.3
232.7
231.0
92.0
89.7
97.6
98.0
102.8
56.3
66.9
73.6
74.0
71.2
61.9
63.5
68.6
75.1
75.8
28.2
27.1
26.1
25.7
25.7
18.8
19.1
18.6
17.9
18.0
68.9
81.3
92.8
101.5
101.7
497.5
546.7
602.6
624.8
626.4
125.8
133.6
135.0
137.7
135.4
155.9
162.3
159.5
159.1
161.0
149.8
157.6
159.2
170.1
173.2
18.6
18.9
19.4
19.5
21.6
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
6
13
20
27
1,111.5
1,133. 8
1,147. 9
1, 241. 8
225.9
223.2
227.4
253.3
104.9
116.4
118.0
165.1
66.2
65.6
61.0
58.8
80.4
80.9
82.7
85.3
25.8
25.4
26.8
27.0
19.7
23.9
31.1
29.0
98.8
101.6
102.5
104.7
621.7
636.9
649.6
723.3
135.2
145.1
142.1
156.3
162.7
160.8
162.0
161.5
170.2
170.0
172.9
178.0
21.7
21.0
21.4
22.6
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
1, 259. 7
1, 234.1
1, 219. 9
1,227.3
1, 200. 2
259.3
241.1
229.3
226 1
205.5
171.3
170.9
175.1
170.0
163.5
62.8
67.7
67.1
69.6
68.6
92.5
90.7
89.3
87.5
86.1
26.7
26.8
29.5
29.9
29.0
28.0
28.3
26.6
25.4
26.1
105.4
105.5
103.8
109.2
107. 5
746.2
731.1
720.7
717.7
686.3
149.4
144.1
138.7
141.4
145. 3
162.0
162.7
163.5
158.8
156.3
176.8
174.7
175.9
186.7
188.9
25.3
21.5
21.0
22.8
23.4
425
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 10.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued
Reported by Banks in United States
[Outstanding amounts, in millions of dollars]
Total
Date
United
Kingdom
France Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
Other
1936
Jan
jan
jan
jan
8
15
22
29
1,213.3
1, 218.9
1, 264.1
1, 253. 5
204.5
196.2
199.2
196.7
161.7
165.5
164.0
164.8
66.3
62.9
61.4
61.5
90.0
92.6
89.8
91.7
28.9
29.7
29.8
31.6
26.0
24.0
26.1
24.2
111.8
119.6
118.0
115.0
689.2
690.6
688.3
685.3
150.4
158.8
202.1
203.2
157.9
155.2
158.5
156.6
195.6
195.7
195.5
189.1
20i3
18.6
19.6
19.2
Feb
Feb
Feb
Feb
5
12
19
26
1, 205.9
1,187. 3
1,180. 2
1,182.2
188.3
181.9
204.0
210.8
160.2
164.7
144.1
137.7
60.0
59.9
59.8
59.6
90.3
88.4
86.4
85.1
29.3
27.7
26.5
25.5
23.6
23.4
21.3
19.2
114.0
112.6
113.2
110.2
665.9
658.6
655.4
648.2
160.9
156.0
151.4
155.2
159.9
162.1
164.4
169.3
200.4
190.8
190.1
190.2
18.9
19 7
19.0
19.3
Mar 4 „
Mar 11
Mar 18
Mar. 25
1,173. 2
1,186. 4
1,179. 0
1,177. 2
203.1
202.8
191.5
186.6
138.5
139.9
142.6
145.8
61.4
61.3
62.3
65.8
87.7
86.5
86.7
86.3
25.3
23.2
22.7
21.6
19.2
19.4
18.1
18.7
110.7
122.8
120.4
118.3
645.9
655.9
644.4
643.1
151.4
150.9
149.8
144.2
174.7
177.4
182.6
189.3
183.8
182.9
184.3
183.1
17.4
19 3
17.9
17.5
1,175.4
1,168. 8
_ . __ _- 1,194. 5
1,193. 8
1, 231. 2
179.3
166.9
167.3
169.0
175.9
151.7
144.1
147.5
146.2
140.9
57.6
60.1
60.4
59.2
58.9
96.4
96.0
95.5
95.5
94.0
21.6
20.7
20.7
21 1
20.5
21.4
22.6
22.0
21.2
20.3
116.0
121.9
135.5
125.8
127.4
643.9
632.3
648.9
638.0
637.9
148.4
146.6
150.6
157.7
190.0
187.1
192.6
193.2
197.0
200.1
178.7
180.4
184.6
183.6
186.7
17.3
16 8
17.1
17 5
16.6
6
13
20
27
1, 283.1
1, 291. 0
1, 293. 4
1, 299.8
186.2
202.8
203.7
212.9
177.7
160.4
152.8
148.7
63.1
63.8
71.4
71.0
99.5
97.9
99.2
103.3
19.9
19.9
20.3
21.3
19.9
21.9
22.2
22.4
128.3
132.7
128.2
128.7
694.7
699.3
697.8
708.4
178.3
177.8
176.8
176.9
202.5
206.0
208.7
204.4
189.2
189.9
191.9
191.9
18.5
18.1
18.1
18.3
June 3
June 10
June 17
June 24
1, 328. 4
1, 393. 3
1, 437.1
1,426. 2
222.0
251.1
274.2
270.5
164.0
173.3
174.9
157.8
69.4
85.7
94.6
102.8
112.4
123.2
126. 6
128.3
20.0
19.8
20.7
20.6
22.3
23.8
26.9
25.3
110.6
112.9
120.8
123.1
720.8
789.8
838.6
828.2
172.9
159.8
160.6
160.6
208.9
213.9
208.2
207.4
207.7
209.5
208.3
208.2
July 1
July 8
July 15
July 22
July 29
1, 376. 0
1, 375. 0
1, 367. 5
1, 363. 5
1, 358.3
255.2
255. 7
247.7
252.5
256.6
152.9
148.8
152.5
146.7
142.1
105.3
104.2
100.9
97.3
95.2
129.6
129.1
128.9
128 4
124.3
20.1
19.6
19.8
19.7
21.0
24.4
27.5
27.6
27.3
27.0
121.5
121.9
117.8
117.6
117.7
809.0
806.8
795.2
789.6
784.0
133.0
133.1
136.0
136.8
137.8
205.2
209.0
209.2
208.8
210.1
206.4
205.4
206.8
208.5
207.6
18.1
20.4
21.4
21.7
22.4
20.8
20.4
19.8
19.0
Aug. 5--_
1, 358.6
257.0
144.0
92.1
123.6
21.2
26.3
116.5
780.7
145.9
212.4
200.5
19.1
Aug. 12*
1, 383. 3
262.0
139.3
90.8
127.6
21.1
28.3
116.8
786.0
156.2
210.2
211.0
19.8
Aug. 12 ___
Aug. 19
Aug. 26
1,347. 4
1, 350. 0
1, 365.0
257.2
255.1
257.3
137.5
136.6
136.9
90.8
88.4
89.5
127.5
126.2
126.0
20.5
20.5
20.6
28.3
28.3
29.4
116.6
119.6
112.7
778.5
774.6
772.3
156.2
162.1
173.2
202.0
200.8
202.2
190.8
193.3
197.9
19.8
19.2
19.4
Sept. 2 . . .
Sept. 9
Sept. 16
Sept. 23
Sept. 30
1, 317. 5
1, 338. 4
1, 337. 7
1,380.9
1,459. 6
230.6
234.1
228.4
242.0
293.7
136.6
140.0
142.4
156.0
163.2
87.5
85.6
86.4
81.5
76.8
129.8
129.4
130.6
133.4
147.3
19.3
19.1
19.0
19.1
19.2
27.5
29.1
26.7
27.6
29.2
747.2
754.8
751.3
781.0
858.3
156.1
157.5
156.7
164.2
170.7
199.8
205.8
202.9
204.6
200.5
194.6
200.2
207.0
211.4
210.2
19.8
20.0
19.7
19.6
19.8
Oct. 7
Oct. 14
Oct. 21
Oct. 28
1, 480. 8
1,492. 5
1, 464. 2
1, 457. 0
302.6
291.7
294.1
283.2
163.1
172.6
144.5
146.9
78.8
103. 5
99.7
97.6
163.8
163.6
146.2
147.4
18.7
19.8
19.2
19.0
31.8
32.6
35.1
37.5
115.9
117.6
117.9
121.3
128.8
132.4
119.7
137.3
134.0
891.3
903. 5
876.1
865.7
162.5
168.9
174.6
174.1
199.9
197.7
195.7
193.4
205.5
202.5
197.5
203.1
21.6
19.9
20.3
20.8
Nov.
Nov.
Nov.
Nov.
4 __ _
11
18
25 .
1,422.1
1, 424. 0
1, 410. 9
1, 443. 6
283.2
281.9
255.9
248.1
152.5
156.7
160.4
157.7
89.5
90.7
90.6
99.0
149.5
146. 2
135.8
129.9
19.7
20.0
21.0
22.0
37.8
38.0
41.0
39.3
112.7
110.2
114.5
120.4
844.8
843.7
819.2
816.3
171.9
178.1
181.9
200.6
192.5
191.5
199.1
210.0
192.1
190.2
189.8
197.0
20.7
20.6
21.0
19.6
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
1, 450. 0
1,467. 6
1, 487. 2
1,472 6
1, 491. 6
231.6
235.8
243.2
229 9
235.7
144.8
146.5
156.3
168 9
176.3
92.6
85.6
91.3
78 4
78.8
128.7
132.3
126.8
120 2
123.5
24.0
25.0
28.2
31 0
32.0
42.5
45.2
48.7
48.7
41.7
125.0
129.4
128.8
128.5
126.3
789.0
799.8
823.4
805 6
814.3
183.9
181.9
179.0
173.6
186.1
266.4
268.9
268.3
267.9
263.9
190.3
196.9
196.4
200.6
200.2
20.4
20.0
20.0
25.0
27.1
Apr
Apr
Apr
Apr
Apr
1
8
15
22
29
May
May
May
May
-
-
. .. _
* Figures adjusted to the basis employed in previous weeks. Certain of thefiguresfor August 12,1936, and succeeding weeks are not precisely
comparable to the correspondingfiguresfor weeks preceding August 12. owing to a revision in reporting practice by one of the reporting banks.
426
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date
Total
United
Neth- Switz- GererKing- France erItaly
dom
lands land many
Other
Europe
Total
Europe
Can- Latin
Far
ada America East
Other
All
1931
Mar. 31
Apr. 30
May 29
June 30
1,361.9
1,388. 8
1, 300.9
1,298.9
222.4
210.4
180.8
179.5
47.5
58.0
53.5
56.7
49.7
47.4
50.1
43.3
6.7
5.7
4.9
4.6
542.0
508.8
496.3
495.8
26. 2
26.9
21.9
20.2
197.5
190.6
208.1
205.1
1,092. 0
1,047. 7
1,015. 6
1,005. 3
32.8
56.1
45.6
51.8
193.8
243.9
197.7
203.5
39.2
33.2
38.8
35.0
4.0
7.9
3.2
3.3
July 15
July 22
July 29
1, 282. 3
1, 274.9
1, 239. 9
145.6
146.5
134.2
51.0
50.5
47.5
39.3
37.4
37.4
6.8
3.7
3.2
534.8
534.3
525.2
18.6
19.2
16.6
189.9
190.1
189.6
985.9
981.6
953.7
60.4
60.0
56.3
195.5
193.1
188.2
37.2
37.2
38.7
3.4
3.0
3.1
Aug.
Aug.
Aug.
Aug.
5
12
19
26
1, 250. 6
1, 254.9
1,251.0
1, 270. 2
129.0
152.3
173.6
222.0
41.0
39.0
34.4
33.1
35.9
34.6
33.0
31.4
13.5
13.4
13.4
13.5
526.3
518.9
511.6
501.9
16.1
15.5
15.3
15.3
191.0
185.5
175.0
177.5
952.7
959.1
956.3
994.7
67.0
70.0
68.9
74.8
186.4
184.5
178.0
160.9
41.3
38.2
44.6
36.9
3.2
3.2
3.1
2.8
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
1, 286.0
1, 289. 4
1, 258. 4
1,195.9
1, 204. 7
236.0
256. 3
248.3
194.1
198.6
33.7
31.7
29.8
29.6
34.2
29 2
29.'5
27.9
26.5
24.8
13.8
12.8
10.8
11.8
12.5
506.9
500.5
495.7
492.6
483.0
16.0
14.5
14.6
15.4
15.2
171.9
171.3
166.6
165.2
169.0
1,007. 6
1,016.5
993.8
935.2
937.2
74.9
75.9
74.5
74.1
68.5
157.5
156.0
150.6
150.1
156.0
41.9
37.6
36.8
33.7
40.9
4.1
3.5
2.6
2.7
2.2
1, 249. 6
1,313.0
1, 322. 4
1, 339.1
196.3
209.3
216.8
232.9
75.4
116.8
127.5
113.3
24.7
25.7
25.4
25.5
12.5
15.4
15.2
15.7
484.4
488.6
478.8
484.9
16.5
15.9
17.6
17.3
168.9
171.4
170.0
170.5
978.6
1, 042. 9
1,051.3
1, 060. 2
67.4
67.1
66.4
65.6
155.3
149.9
147.8
148.3
45.6
50.5
54.3
62.5
2.8
2.5
2.5
2.5
Oct.
Oct.
Oct.
Oct.
7
14
21
28
Nov.
Nov.
Nov.
Nov.
4
11
18
25
1, 287. 8
1,193. 9
1,171.2
1,152. 2
188.1
179.7
174.4
173.4
99.1
35.2
33.8
33.0
23.4
23.8
23.7
23.9
14.7
14.2
14.5
14.0
482.3
480.5
480.9
475.8
16.4
16.7
17.1
16.4
167.4
161.3
160.9
158.1
991.3
911.3
90S. 4
894.7
63.0
63.1
61.8
62.1
147.9
146.5
141.5
140.2
83.1
70.5
60.0
52.8
2.5
2.4
2.6
2.4
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
1,149.9
1,150.5
1,133. 7
1,130. 5
1,102. 3
177.6
179.8
170.9
172.7
166.2
31.2
32.0
32.4
32.6
29.5
22.4
21.7
20.8
20.7
20.9
11.8
11.8
12.1
12.6
12.6
474.7
474.3
469.4
472.6
467.2
18.5
19.1
20.6
19.1
18.7
156.0
153.6
151.7
150.5
149.2
892.2
892.3
878.0
880.8
864.3
61.6
61.1
61.7
59.7
58.1
140.0
139.7
134.8
138.2
135.5
53.3
54.6
57.3
49.7
41.8
2.8
2.7
2.0
2.2
2.6
427
FEDERAL RESERVE BULLETIN
MAY 1937
TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date
Total
Neth- Switz- GerUnited
King- France ererItaly
lands land many
dom
Austria
Hun-
Other
Europe
Total
Europe
Can- Latin
Far
ada America East
0)
()
0)
0)1
C1)
C)
35.9
36.7
36.0
36.2
35.1
34.1
147.2
141.9
139.0
130.3
863.4
855.1
859.9
846.3
67.0
67.3
65.6
64.6
135. 5
134.6
125.5
123.9
40.8
39.2
37.4
35.2
2.4
3.0
2.6
2.5
136.0
133.3
134.1
66.3
852.1
852.6
859.4
864.6
64.3
64.3
64.0
62.6
121.7
122.0
121.1
123.1
35.3
30.8
25.5
2.5
2.5
2.6
2.2
66.1
66.3
62.4
63.2
60.4
869.4
804.0
779.7
782.8
759.6
62.3
59.1
58.9
57.7
52.6
122.5
123.1
120.4
121.8
127.9
28.1
27.3
27.5
25.9
26.8
2.2
2.5
2.3
3.1
3.3
All
Other
1932
Jan. 6 . . .
Jan. 13..
Jan. 20 -.
Jan. 27..
1,109.1
1,099. 2
1,091.0
1, 072. 4
169.0
165.4
170.9
162.0
32.7
32.9
35.0
35.3
17.5
18.7
18.4
18.0
12.2
12.1
12.6
14.5
466.3
466.1
466.4
468.2
18.5
18.1
17.6
18.0
0)1
C)
Feb.
Feb.
Feb.
Feb.
3...
10..
17..
24..
1,075.4
1,076. 6
1,078. 0
1,078.1
164.4
163.3
167.5
180.0
34.1
35.2
40.2
41.0
18.9
17.3
17.1
17.3
12.3
11.6
11.8
12.2
18.1
17.9
17.8
17.4
C1)
0)1
C)
25.8
Mar. 2 . .
Mar. 9__
Mar. 16.
Mar. 23.
Mar. 30.
1,084. 6
1,016.0
988.8
991.4
970.1
186.5
126.2
113.7
116.3
97.2
36.6
35.4
32.9
34.8
34.5
17.7
17.9
14.5
14.3
15.1
11.4
11.3
10.9
9.2
9.3
468. 3
474.0
471.0
468.7
470.2
466.3
466.6
466.8
466.6
17.5
17.2
15.6
15.8
15.2
26.7
27.4
27.2
27.3
27.3
Apr. 6___
Apr. 1 3 Apr. 20Apr. 27-
947.6
962.4
947.1
925.4
87.5
92.9
86.0
79.0
32.5
42.4
39.3
34.6
15.1
15.1
15.8
14.2
9.1
9.4
9.4
8.3
467.1
464.8
464.9
464.1
15.6
15.5
14.7
14.2
26.8
26.9
34.7
34.1
33.7
33.7
59.9
59.5
58.8
57.6
748.4
760.7
749.4
732.5
48.0
47.8
47.6
47.2
120.6
122.7
121.7
120.1
26.9
27.5
24.6
22.2
3.6
3.7
3.8
3.4
May
May
May
May
940.1
949.2
942.3
943.5
91.0
97.3
95.8
97.4
38.3
35.7
37.1
41.5
13.8
17.5
16.0
16.4
8.3
7.5
7.6
7.8
461.7
461.8
461.2
460.2
14.0
14.1
14.1
13.5
26.9
26.9
26.7
26.2
33.6
34.8
34.7
34.8
58.8
58.6
57.2
55.9
746.3
754.0
750.4
753. 7
47.1
47.3
45.4
44.0
120. 9
120. 7
120.1
119.9
22.1
23.6
22.1
21.5
3.8
3.7
4.3
4.5
June l-_June 8...
June 15..
June 22..
June 29_.
959.6
991.9
981.3
923.0
898.3
113.9
115.8
101.2
92.5
84.8
53.6
83.8
95.1
47.5
40.7
15.4
15.2
13.5
13.3
13.0
6.3
6.0
5.9
5.9
5.6
456.7
456.7
451. 5
450.6
448.8
12.7
12.3
12.1
11.6
11.4
26.2
26.0
26.4
26.4
25.4
34.7
34.8
34.8
34.7
34.8
50.9
49.7
49.3
49.1
44.7
770.3
800.3
789.8
731.5
709.2
41.3
42.3
41.7
40.5
41.4
121.0
121.2
122.7
122.3
118.9
23.3
24.4
23.8
25.2
25.6
3.7
3.6
3.4
3.4
3.2
July6_._.
July 13..
July 20July 27__
873. 4
868.9
852.8
844.6
74.9
73.1
71.9
71.2
39.5
36.8
35.8
35.2
12.7
12.4
12.4
12,5
4.6
5.1
4.9
4.9
448.4
448.1
437.1
434.6
8.5
8.4
8.4
8.0
25.2
25.2
25.1
25.0
34.8
34.8
34.2
34.8
42.7
42.7
42.0
40.3
691.3
686.5
671.8
666.6
41.3
41.3
41.3
40.4
113.2
112.7
111.7
111.3
24.5
25.6
24.9
23.1
3.1
2.8
3.1
3.2
Aug.
Aug.
Aug.
Aug.
Aug.
834. 2
824.8
819.9
815.7
823.4
63.0
59. 3
62.8
63.0
67.2
34.6
34.7
31.4
31.3
32.1
12.5
12.5
12.0
13.1
12.8
5.0
5.1
4.6
4.8
5.1
433.6
433.1
432.3
432.6
432.6
7.9
7.6
7.2
6.9
6.7
25.2
25.2
25.2
25.0
24.7
35.9
35.9
35.9
35.9
35.9
38.8
38.4
38.0
36.5
37.4
656.5
651.8
649.3
649.1
654.6
40.5
39.0
38.0
37.7
37.2
110.1
108.6
108.5
106.6
108.3
25.0
23.4
22.0
20.0
21.4
2.1
2.1
2.2
2.3
2.0
886.2
884.2
884.1
887.7
76.5
78.6
76.2
82.3
28.6
27.4
28.1
12.6
12.7
12.3
12.3
5.0
5.3
5.0
5.0
446.3
447.9
448.6
449.0
7.7
7.9
7.2
7.7
25.8
25.9
25.7
25.8
37.8
37.1
37.1
37.1
37.8
38.1
38.8
37.3
678.0
680.9
678.9
685. 3
45.8
45.5
46.1
44.8
139.4
135.4
135.8
134.8
20.2
19.7
20.6
19.5
2.7
2.7
2.8
3.3
79.1
86.1
86.3
31.0
32.4
31.0
33.6
11.7
12.5
11.6
11.5
4.9
5.0
5.2
5.3
448.0
448.8
448.0
448.1
8.1
8.7
8.7
9.1
25.7
25.6
25.7
25.8
37.2
37.2
37.2
37.2
35.4
36.8
37.1
37.9
681.1
693.2
690.8
693.4
47.7
51.1
51.8
46.9
135.9
136.4
135.6
136.4
19.3
21.8
19.9
19.8
3.4
3.3
3.1
3.4
4__.
111825..
3...
10..
17..
24..
31..
Sept.
Sept.
Sept.
Sept.
7*.
14.
21.
28.
Oct. 5__.
Oct. 11..
Oct. 19..
Oct. 26_.
902.4
900.5
904.8
Nov. 2__
Nov. 9 . .
Nov. 16.
Nov. 23.
Nov. 30.
921.4
919.1
929.1
921.0
930.8
94.8
94.5
101.3
100.8
108.1
35 8
386
41.6
44.2
49.5
12.2
12.1
13.6
13.0
13.1
5.1
5.5
5.4
5.6
5.7
447.8
446.7
443.7
442.2
441.8
9.7
10.3
11.2
11.3
11.4
25.8
25.8
25.6
25.6
25.7
37.3
37.3
37.3
37.3
37.4
37.5
37.3
37.3
36.7
36.6
706.1
708.1
716.9
716.5
729.2
56.1
52.7
52.3
52.1
51.6
136.0
135.7
136.4
129.7
126.0
19.9
19.3
19.9
19.2
20.6
3.4
3.4
3.6
3.6
3.5
Dec.
Dec.
Dec.
Dec
918.2
903.2
920.3
918.2
90.4
93.5
92.5
52.6
46.7
57.8
62.9
13.0
14.0
14.5
13.0
6.1
6.0
6.2
6.2
439.5
437.2
436.2
434.9
11.4
11.5
11.8
11.8
25.6
25.5
25.5
37.3
37.6
37.6
37.5
36.6
34.8
34.7
34.7
718.4
703.6
717.8
718.3
46.9
45.7
46.6
42.2
128.4
129.8
129.8
130.3
21.1
20.7
22.7
24.0
3.4
3.4
3.5
3.5
7—
14..
21..
28..
i Included in other Europe prior to February 24, 1932.
* It is estimated that changes in the number of reporting banks and revision of instructions resulted in an increase in total assets of about $55,000,000 between August 31 and September 7, 1932.
428
FEDERAL RESERVE BULLETIN
M A Y 1937
TABLE 11—SHORT-TERM FOREIGN ASSETS BY COUNTRIES—Continued
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date
Total
Neth- Switz- GerUnited
King- France ererItaly
lands land manydom
Austria
Hungary
Other
Europe
Total
Europe
Can- Latin
Far
ada America East
All
Other
1933
Jan. 4
Jan.11
Jan. 18
Jan. 25
_
929.7
944.5
949.4
958.9
94.6
104.0
106.8
118.6
67.6
71.8
62.9
56.1
14.2
15.3
15.8
17.8
6.4
6.9
7.5
7.8
433.7
433.7
432.6
431.7
11.5
12.1
12.2
12.7
24.7
24.6
24.6
24.6
37.2
37.3
37.2
37.4
34.2
34.5
34.6
35.4
724.2
740. 3
734.2
742.2
43.9
42.0
53.0
52.4
133.2
132.9
135.4
135.4
24.8
25.9
23.3
25.4
3.5
3.5
3.5
3.4
Feb.
Feb.
Feb.
Feb.
1
815
21
942.5
961.2
956.6
959.4
110.8
123.4
119.3
121.0
56.9
61.6
60.8
60.7
15.2
13.9
15.3
13.9
7.7
7.1
7.1
7.3
431.0
429.5
427.0
425.2
12.5
12.2
12.3
11.9
24.4
24.5
24.4
24.4
36.5
36.5
36.3
36.5
35.5
36.3
36.6
36.6
730.6
744.9
739.0
737.5
51.5
51.4
50.8
51.1
135.8
136.1
136.2
137.0
21.1
25.3
27.1
30.3
3.5
3.5
3.5
3.5
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29
974.9
1,022. 9
972.4
943.2
933.1
104.2
101.9
100.6
91.3
94.3
122.5
65.3
55.5
51.6
14.2
14.9
14.7
14.6
13.6
7.5
7.6
7.8
7.7
7.7
424.7
420.9
415.8
413.3
413.5
11.8
12.1
11.5
11.6
11.0
24.3
24.4
24.4
23.9
23.9
36.7
36.4
36.4
36.4
36.4
37.3
39.0
40.8
38.9
39.2
747.5
779.7
717.2
693.1
691.1
51.3
51.2
48.1
47.1
46.8
138.6
150.1
163.3
162.3
157.9
33.2
37.9
39. €
36.5
30.9
4.4
4. I
4.1
4.3
6.5
Apr.
Apr.
Apr.
Apr.
5
12
19
26
926.3
921.3
911.2
910.4
93.6
92.5
100.6
108.8
47.1
45.4
45.9
41.8
13.7
15.2
14.1
13.3
7.2
7.3
7.6
8.5
410.2
410.1
392.2
11.1
11.0
10.8
10.6
24.0
23.5
23.8
23.9
36.3
36.3
36.4
36.5
38.4
37.6
36.3
37.8
681.5
678.8
667.7
671.0
52.0
50.9
52.5
50.9
154.8
153.6
153.7
151.0
31.5
33.2
32.0
32.3
4.7
5.2
5.2
May
May
May
May
May
3
10
17
24
31
916.8
901.3
891. 5
895.4
112.2
106.4
104. 5
102.7
107.4
42.6
39.1
37.8
43.4
47.1
13.7
13.4
12.4
14.4
15.4
8.5
9.3
9.2
8.5
8.7
386.6
386.7
383.6
383.2
383.2
10.5
10.5
10.2
10.7
10.6
23.9
23.8
23.5
23.3
23.3
36.4
36.5
36.4
36.5
37.4
38.0
36.5
36.2
35.6
34.0
672.3
661.2
653.7
658.2
667.0
57.1
55.4
55.6
54.6
52.6
150.6
149.0
148.2
147.8
145.8
32.0
30.7
29.0
28.7
27.2
4.9
5.1
5.1
6.0
6.1
June
June
June
June
7
14
21
28
905.0
888.7
871.1
111.8
119.8
121.2
121.7
47.8
47.2
47.8
48.1
14.7
14.0
13.8
13.1
8.6
8.4
384.8
364.5
348.9
335.7
10.5
10.6
10.6
10.5
23.3
23.2
23.1
22.5
37.3
37.3
37.3
36.7
33.5
33.8
33.8
34.4
672.3
658.8
645.1
631.9
54.3
52.7
50.1
50.0
142.5
144.4
144.4
142.7
26.9
26.7
25.5
25.9
6.1
6.0
6.0
July
July
July
July
5
12
19
26
.
859.7
846.6
825.8
832.7
126.0
127.6
124.1
123.9
48.8
51.9
48.4
51.8
12.7
14.0
13.8
15.1
9.3
10.6
328.8
327.2
326.4
325.9
10.9
10.8
11.2
11.9
21.6
22.0
22.4
22.3
36.1
35.1
34.8
34.8
34.7
35.0
36.2
35.8
628.8
633.3
627.3
632.0
55.2
41.8
34.2
36.3
144.0
142.1
136.2
• 137.0
25.1
22.6
18.4
20.3
6.8
9.7
7.0
Aug. 2
Aug. 9
Aug. 16
.
Aug. 23_-_-_
Aug. 30
..
827.6
824.1
820.2
825.8
824.6
127.6
129.2
129.8
132.5
134.5
54.5
53.6
54.0
56.3
55.8
14.7
14.4
14.0
15.1
14.0
10.3
10.1
9.6
9.4
9.4
322.2
319.3
316.4
314.6
312.3
13.1
13.0
12.7
12.9
13.0
22.3
21.8
22.1
21.7
21.1
34.8
34.4
34.3
34.3
36.2
36.5
34.8
35.0
35.8
635.6
632.6
627.7
631.8
630.2
30.0
29.5
28.9
27.9
27.5
135.4
135.7
135.9
137.7
137.3
19.4
18.8
20.4
21.2
22.4
7.2
7.4
7.4
7.3
7.2
Sept. 6
Sept. 13
Sept. 20
Sept. 27
817.5
818.5
842.2
824.4
130.0
133.0
149.2
143.8
56.5
57.5
58.1
57.8
13.7
14.0
14.9
15.0
9.5
9.4
9.1
9.5
309.1
306.9
305.6
302.0
12.9
13.0
13.5
13.9
21.2
21.0
20.9
20.9
34.2
34.0
33.9
33.1
35.6
35.0
34.5
31.0
622.8
623.9
639.6
627.0
27.6
26.3
32.5
29.5
138.1
135.8
135.0
132.2
21.6
25.1
27.9
27.9
7.5
7.3
7.2
7.8
Oct.
Oct.
Oct.
Oct.
836.5
822.4
825.5
826.1
153.0
141.7
145.4
150.4
60.3
58.9
62.1
60.0
14.6
13.5
13.7
13.8
9.5
9.2
9.5
10.1
297.9
296.5
294.2
287.2
13.8
13.7
13.8
13.5
20.6
20.5
20.5
20.2
32.4
32.0
31.8
31.2
31.0
31.3
32.4
33.3
633.1
617.3
623.5
619.7
37.0
38.7
35.5
34.9
130.9
130.4
129.6
132.7
29.8
30.2
31.1
32.6
5.8
5.8
5.9
6.2
4
11
18
25
..
.
Nov.
Nov.
Nov.
Nov.
Nov.
1
8
15
22
29
845.9
847.9
848.7
852.0
879.8
164.8
165.6
174.3
178.4
182.4
62.5
65.6
63.4
62.2
68.7
16.6
16.0
17.6
19.9
19.7
10.0
10.5
11.4
11.8
11.7
282.8
281.2
279.6
273.2
267.6
14.6
15.3
14.9
15.6
15.9
20.0
20.0
19.9
19.3
19.5
31.2
31.1
31.0
30.8
30.5
32.4
31.5
32.3
32.7
33.7
636.7
644.3
644.0
649.7
35.9
33.6
28.3
27.6
44.7
132.1
134.3
131.1
134.7
136.5
36.7
36.8
37.9
39.1
42.4
6.3
6.5
7.0
6.5
6.5
Dec.
Dec.
Dec.
Dec.
6
13
20
27
889.4
884.5
878.5
879.8
192.9
198.5
197.2
197.7
69.3
70.9
67.4
18.4
18.0
18.8
18.4
11.5
11.9
12.3
12.3
267.8
264.9
263.2
260.9
16.3
16.8
17.0
16.7
19.4
19.2
18.8
18.8
30.5
30.3
30.3
30.1
33.3
34.0
34.6
34.3
659.5
664.5
659.6
656.2
43.1
30.6
30.5
32.3
134.9
135.4
133.7
135.5
45.2
47.8
48.6
49.7
6.1
6.1
6.2
429
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 11.—SHORT-TERM FOREIGN ASSETS BY COUNTRIES—Continued
Reported by Banks in New York City
[Outstanding amounts, in millions of dollars]
Date
Total
Neth- Switz- GerUnited
King- France ererItaly
lands land many
dom
Austria
Hungary
Other
Europe
Total
Europe
Can- Latin
Far
ada America East
All
Other
1934
Jan.
Jan.
Jan.
Jan.
Jan.
3
10
17
24
31
888.7
881.1
879.0
879.3
203.1
207.9
207.5
203.7
210.9
65.0
61.2
60.0
64.2
63.5
18.1
18.0
18.2
19.0
19.2
12.5
11.5
12.4
12.5
12.7
258.1
256.5
253.9
253.9
252.8
16.8
16.8
16.8
17.6
17.8
18.9
16.8
16.5
16.8
16.8
30.0
28.5
28.4
28.4
28.3
35.0
35.9
36.7
37.1
38.7
657.5
653.0
650.4
653.2
34.7
33.8
30.5
29.0
135.7
133.1
132.9
134.1
132.7
54.6
54.6
58.7
56.2
57.4
6.3
6.6
6.5
6.8
7.2
Feb.
Feb.
Feb.
Feb.
7
14
21
28
917.3
922.5
897.5
843.7
208.0
215. 6
205.9
182.5
79.2
80.8
65.9
56.3
34.4
40 7
47.8
28.1
14.9
15.9
15.2
16.2
251.7
252.9
249.8
248.7
18.0
16.9
16.3
16.8
16.7
16.9
16.6
16.8
28.1
27.9
27.7
27.5
37.9
36.6
36.0
36.0
688.8
704.3
681.3
628.9
28.6
25.9
26.3
26.4
132.5
126.2
126.9
126.1
59.9
58.4
55.8
55.0
7.5
7.7
7.3
7.3
Mar.
Mar.
Mar.
Mar.
7
14
21
28
789.4
786.7
783.8
784.6
159.5
167.5
174.4
180.6
47.0
41.9
39.5
40.7
20.0
20.1
20.1
24.0
12.2
12.9
12.2
11.9
246.0
245.5
244.0
240.2
16.6
16.5
16.1
16.7
16.5
16.4
15.6
14.9
27.5
27.5
26.9
33.5
33.3
34.0
34.0
578.6
581.6
582.7
589.8
28.2
27.1
29.3
29.0
124.6
122.8
120.3
118.9
49.6
46.9
43.2
38.5
8.3
8.4
8.4
8.5
Apr.
Apr.
Apr.
Apr.
4
11
18
25
773.2
765.5
758.1
756.9
178.8
178.0
176.0
184.3
40.7
38.9
38.5
37.5
24.1
23.7
23.4
20.6
11.4
11.1
10.8
11.1
239.7
239.5
237.5
236.3
17.7
18.9
18.6
18.0
14.5
14.5
14.3
14.2
26.5
26.3
26.4
25.9
33.5
33.6
32.8
31.7
586.7
584.5
578.2
579.6
30.1
29.7
30.4
31.0
113.6
112.4
112.1
110.2
34.1
30.4
29.0
27.7
8.6
8.5
8.5
8.4
May
May
May
May
May
2
9
16
23
29
190.2
198.0
201.7
205.4
207.1
38.0
36.2
41.0
39.8
43.2
19.8
19.0
18.5
17.7
17.4
11.0
10.5
10.0
232.2
230.7
229.2
228.2
225.4
17.0
16.6
15.9
14.9
14.4
13.8
12.5
12.2
11.5
11.5
25.3
24.9
24.9
24.5
24.4
32.3
33.4
32.8
32.2
33.4
579.5
581.8
586.2
583.9
586.3
33.2
33.7
33.7
31.4
30.0
109.6
108.3
107.8
107.8
110.2
30.8
26.6
26.3
23.4
21.5
7.1
7.5
June
June
June
June
6
13
20
27
760.3
757.8
760.8
753.3
754.8
760.3
750.0
755.5
754.0
211.9
208.4
213.7
211.1
50.6
48.8
50.4
55.4
17.2
17.9
18.2
17.3
10.1
9.5
9.1
9.0
221.5
220.6
220.0
217.7
13.2
12.7
12.2
11.7
11.010.9
10.6
10.3
24.3
24.0
23.9
23.9
33.6
32.7
31.4
32.0
593.4
585.5
589.5
588.3
29.9
29.0
28.9
28.2
104.9
103.7
104.3
105.4
25.4
24.8
25.9
25.4
6.7
7.0
7.0
July
July
July
July
3
11
18
25
752.8
740.5
739.8
730.2
209.4
204.2
203.8
199.4
57.0
55.7
58.3
62.9
15.2
14.6
15.1
15.2
8.7
8.4
8.0
8.0
216.4
215.4
212.4
209.2
11.2
10.8
9.7
9.1
23.3
23.6
23.6
23.4
31.2
32.2
31.2
30.1
582.3
574.6
571.7
566.7
31.9
30.2
27.0
24.5
106.6
105.2
111.5
110.6
27.4
26.9
26.2
25.5
4.6
3.6
3.4
2.9
Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
29
750.8
749.4
743.1
750.7
754.5
215.3
217.8
224.6
226.6
226.8
70.9
65.6
56.2
56.4
61.7
13.5
13.5
14.4
15.6
15.5
8.1
7.9
8.4
8.5
8.5
206.0
203.7
199.5
196.8
192.8
8.6
8.8
8.5
8.4
8.1
8.6
23.4
23.4
23.3
22.2
22.0
30.1
29.8
29.6
30.6
30.2
584.9
579.3
573.4
573.9
574.2
27.0
31.9
32.1
32.2
35.0
108.3
107.9
106.9
113.5
115.2
27.1
27.0
27.6
28.4
27.2
3.4
3.4
3.1
2.7
2.9
Sept.
Sept.
Sept.
Sept.
5
12
19
26
811.4
816.3
809.5
823.6
232.8
229.6
230.5
242.9
67.9
15.1
17.3
16.9
17.0
8.1
7.4
6.7
191.1
189.1
188.1
8.2
8.4
7.9
8.2
8.6
8.4
21.9
21.9
21.7
21.6
31.4
33.2
33.3
32.6
585.7
585.1
581.3
591.1
79.4
80.9
77.9
79.2
114.1
117.0
115. 4
116.1
29.0
30.1
31.6
34.1
3.2
3.2
3.2
3.1
7.8
7.8
7.5
7.7
7.0
21.2
21.2
21.1
20.9
20.9
33.9
32.2
31.9
33.2
32.1
598.9
601.6
607.9
602.3
599.2
79.6
80.1
80.9
80.4
83.4
116.7
118.3
107.1
105.7
103.8
38.2
39.6
41.6
39.4
41.7
3.1
2.9
3.0
2.8
3.0
20.8
20.8
20.6
20.5
34.4
46.9
40.9
32.9
607.5
606.2
592.0
574.7
83.4
84.2
86.8
84.4
104.6
103.7
100.7
101.6
49.2
49.6
49.4
46.2
30
2.8
2.8
2.6
81.3
80.6
80.9
81.0
754.7
756.9
760.2
742.8
91.2
92.8
92.5
94.0
147 9
118.1
117.5
116.1
117.8
8.0
8.5
8.0
„
-
_
Oct.
Oct.
Oct.
Oct.
Oct.
3
10
17
24
31
842.5
840.5
830.7
831.1
243.3
245.8
252.6
247.3
238.7
74.7
77.8
79.7
79.6
85.7
17.2
17.0
16.1
16.0
16.9
6.3
6.5
6.5
7.2
185.5
184.6
183.6
182.0
181.2
8.9
8.9
9.2
Nov.
Nov.
Nov.
Nov.
7
14
21
28
847.7
846.4
831.8
809.5
235.6
218.5
214.9
206.5
96.4
99.3
92.5
94.1
15.9
15.4
18.2
15.9
7.0
7.1
7.4
8.5
180.6
180.9
179.6
178.8
10.0
10.3
11.2
10.7
6.9
Reported by Banks in United States
Dec 5
Dec. 12
Dec. 19
Dec. 26 .
1
1,
1,
1,
1?,0 ?
130. 3
131. 1
115. 0
271
287
289.
287
6
5
3
0
108 ?
95. 9
99 1
85. 7
19.2
19.5
17.5
17.6
8.3
8.6
8.6
8.3
i Included in other Europe beginning December 5, 1934.
239.6
238.1
237.2
233.6
26.5
26.7
27.6
29.7
1
C)
1
155. 0
153 8
152. 4
8.3
430
FEDERAL RESERVE BULLETIN
MAY
1937
TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued
Reported by Banks in United States
[Outstanding amounts, in millions of dollars]
Date
United
Kingdom
France
1.122. 4
1.123. 4
1,104. 4
1, 062.1
1, 088. 3
302.1
309.1
303.5
287.2
290.8
80.5
75.4
69.3
58.8
68.1
18.6
19.2
19.8
21.5
18.9
8.2
1,040. 9
1,020. 2
1,012.2
1, 001. 9
273.4
265.1
252.9
242.7
54.0
55.7
52.4
53.6
Total
Nether - Switzlands erland
Germany
Italy
Other
Latin
Total
Europe Europe Canada America
Far
East
All
Other
1935
Jan. 2
Jan. 9
Jan.16
Jan. 23
Jan. 30
27.2
27.7
27.3
27.3
25.8
80.0
80.8
79.7
78.0
79.7
748.4
752.6
738.2
700.5
719.7
96.3
98.7
98.4
96.6
100.9
151.8
152.1
153.1
153.7
154.0
117.4
111.0
106.2
102.8
104.9
8.5
9.1
8.5
8.5
8.7
16.5
14.9
14.7
15.2
6.6
6.3
5.9
6.1
227.1
222.8
229.0
227.0
27.1
25.8
25.1
25.8
78.2
76.7
77.6
76.4
682.8
667. 3
657.6
646.7
100.6
99.7
100.7
101.5
149.9
148.2
148.2
148.3
98.5
95.6
96.1
95.7
9.1
9.3
9.6
9.6
Feb.
Feb.
Feb.
Feb.
6
13
20
27
Mar.
Mar.
Mar.
Mar.
6
13
20
27
994.3
974.1
957. 9
945.7
233.0
224.9
209.7
197.4
53.9
50.2
53.6
53.9
15.3
14.6
14.2
14.5
5.9
6.0
6.1
5.7
227.3
227.2
225.5
226. 5
25.2
25.2
24.5
23.2
78.1
77.5
76.2
75.7
638.7
625.5
609.8
596.8
100.0
99.2
98.6
100.8
146.6
146.5
147.3
147. 9
99.4
93.4
92.8
90.3
9.6
9.5
9.4
10.0
Apr.
Apr.
Apr.
Apr.
3
10
17
24
968.2
934.8
916.4
879.6
194.1
166.1
158.9
137.2
71.1
54.6
48.8
50.8
21.4
38.0
30.7
16.0
5.4
6.1
5.7
6.0
225.4
224.3
223.0
222.4
24.3
24.1
24.9
24.4
76.1
78.3
76.4
76.1
617.9
591.6
568.2
532.9
101.0
96.9
102.4
102.1
147.3
146.7
146.2
145.9
92.0
89.5
9.9
10.0
9.7
9.5
May
May
May
May
May
1
8
15
22
29
891.8
881.4
879.0
899.4
955.1
144.2
139.2
127.2
117.5
116.0
48.3
48.0
61.8
92.2
150.9
13.6
15.6
15.2
15.0
13.6
5.4
5.0
5.0
5.1
4.7
222.0
220.7
218.6
219.1
218.6
24.9
23.8
23.6
22.6
22.8
76.3
76.1
75.2
75.4
76.5
534.6
528.4
526.6
546.9
603.1
104.8
104.5
103.4
103.8
103.4
147.9
147.3
147.7
148 0
149.3
94.7
91.5
91.4
91.5
89.9
June
June
June
June
5
12
19
26
913.3
834.9
817.1
812.4
110.0
105.7
92.8
94.0
115.0
44.1
34.5
32.0
15.9
13.4
13.7
13.4
4.2
4.3
6.7
6. 3
216.6
218.3
216.5
213.8
23.6
24.3
24.8
24.6
76.1
78.7
78.7
79.1
561.3
488.8
467.7
463.1
104.3
103.2
107.8
108.2
149.4
145.7
144.6
143.0
89.0
88.0
87.9
9.3
9.2
9.1
9.3
July
July
July
July
July
3
10
17
24
31
810.3
804.2
790.6
785.0
787.6
90.0
87.9
82.2
87.1
90.5
31.5
28.7
28.6
27.4
28.2
13.3
13.5
13.1
12.5
22.3
9.5
8.6
213.7
212.7
210.9
208.8
205.4
24.1
23.9
24.6
24.9
24.5
77.3
76.9
75.3
74.0
74.4
457.7
452.6
444.3
443.4
453.9
113. 0
115.9
115.3
116.4
112.7
144.2
142.4
141.2
138.9
139.1
86.0
84.0
80.6
76.9
72.8
9.5
9.2
9.2
9.3
9.2
Aug.
Aug.
Aug.
Aug.
7
14
21
28
779.0
782.8
768.6
763.4
86.4
94.6
88.7
91.0
26.3
26.7
25.4
26.7
20.4
13.7
14.3
11.9
8.6
8.3
8.7
203.7
203.1
202.8
202.3
23.1
24.6
24.1
24.5
73.3
72.8
70.7
70.0
441.8
444.0
434.8
435. 2
118.3
119.5
115. 4
114.4
136.7
138.3
136.2
132.1
73.2
71.8
72.2
72.5
9.1
9.1
Sept.
Sept.
Sept.
Sept.
4
11
18
25
727.2
726.7
733.4
748.7
93.2
93.3
92.3
92.5
26.6
31.5
37.6
62.7
12.2
13.0
20.1
16.5
8.4
7.9
7.8
202.0
201.5
200.6
199.9
23.4
23.0
22.0
21.0
65.3
65.9
432.8
437.6
445.7
466.2
80.6
81.9
81.6
77.9
133.6
132.7
132.5
131.3
71.0
65.3
64.2
64.3
9.3
9.2
9.4
9.1
734.8
750.6
729.8
733.9
730.7
93.3
95.9
97.4
93.0
103.5
48.9
64.0
44.9
54.2
38.9
12.5
12.6
12.9
13.5
13.5
7.9
7.5
6.7
7.2
7.0
200.8
200.8
201.2
201.4
200.9
20.7
19.9
17.7
17.3
17.1
64.3
64.5
65.5
63.8
65.0
448.3
465.1
446.4
450.5
445.9
78.1
78.7
80.2
81.4
82.8
132.7
132. 3
129.6
128.4
127.9
66.7
66.0
65.0
65.1
65.6
8.5
8.6
8.4
8.5
Oct.
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
:
7.7
7.4
231.7
231.5
230.2
220.0
229.0
9.9
9.2
9.4
Nov.
Nov.
Nov.
Nov.
6
13
20
27
736.5
752.1
761.2
830.3
97.7
103.5
103.1
106.0
48.5
52.4
55.1
116.0
14.2
15.2
15.7
15.8
6.5
7.0
7.8
7.5
200.7
201.2
201.7
202.4
16.5
17.4
14.8
14.8
65.5
67.2
67.7
69.4
449.6
463.8
465.9
531.8
82.1
81.2
84.7
83.1
128.3
128.5
128.8
128.7
67.8
69.6
72.2
76.6
9.6
10.2
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
793.1
773.3
768.5
767.0
762.1
103.3
105.8
99.4
62.1
39.2
32.9
32.7
32.5
14.5
15.1
16.8
16.7
19.0
7.7
7.2
7.4
7.4
6.6
202.7
201.5
203.5
202.8
202.0
13.9
13.9
14.0
13.5
13.5
71.2
69.8
71.5
71.7
71.2
475.4
452.4
445.5
443.4
438.2
103.2
105.9
103.4
100.2
100.9
128.5
128.9
128.1
129.6
132.8
75.9
76.2
81.6
83.7
80.1
10.1
9.8
9.9
10.1
10.1
431
FEDERAL RESERVE BULLETIN
1937
MAY
TABLE 11.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued
Reported by Banks in United States
[Outstanding amounts, in millions of dollars]
Date
Total
United
Kingdom
France
Netherlands
Switzerland
31.3
31.1
29.8
19.2
20.1
20.0
20.4
6.6
6.6
6.6
203.3
202.5
201.7
201.1
13.6
14.1
12.9
12.8
70.0
71.6
70.9
71.3
439.9
442.5
438.8
439.8
63.8
69.0
72.7
75.6
133.5
133.6
133.9
134.0
83.1
78.4
81.0
81.9
9.6
9.8
9.9
Germany
Italy
Other
Europe
Latin
Total
Europe Canada America
Far
East
All
Other
1936
Jan.
Jan.
Jan.
Jan.
8
15
22
29
730.1
733.0
736.2
741.1
98.3
96.3
95.5
97.8
Feb.
Feb.
Feb.
Feb.
1
12
19
26
736.0
731.1
723.0
716.2
92.5
89.5
29.1
30.4
31.7
31.0
18.0
17.9
17.6
15.9
6.0
6.2
6.0
5.9
200.7
200.8
200.8
200.4
13.1
12.9
12.6
12.4
71.1
69.7
67.3
65.9
430.5
427.5
422.6
418.3
77.2
76.4
74.0
72.8
134.8
134.5
133.7
133.7
83.1
82.2
82.0
80.9
10.4
10.5
10.7
10.5
Mar.
Mar.
Mar.
Mar.
4
11
18
25
716.8
721.7
721.1
719.8
86.2
91.1
90.6
87.9
27.7
28.2
26.8
26.5
18.9
20.5
22.6
22.9
5.5
5.4
5.4
5.4
200.1
199.3
198.4
13.2
13.3
13.0
12.6
65.9
65.3
65.0
64.8
417.4
423.1
421.8
418.7
72.6
73.7
78.2
78.7
135.0
135.4
135.0
137.0
81.5
78.8
75.3
74.3
10.3
10.7
10.9
11.2
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
733.2
721.8
718.8
719.2
731.7
88.2
88.0
88.9
96.2
28.8
27.7
25.7
25.2
33.0
23.0
23.8
24.0
23.8
23.7
5.5
5.6
5.6
5.4
5.7
196.9
197.3
197.4
198.0
193.8
13.1
13.3
13.4
13.5
13 2
64.3
63.2
64.1
63.5
62.3
430.5
419.0
418.1
418.3
427.9
78.2
77.8
73.1
75.6
78.4
135.4
134.7
134.7
134.0
134.9
78.0
79.4
81.2
79.4
78.1
11.1
10.9
11.8
11.9
12.4
May
May
May
May
6
13
20
27
766.0
747.5
705.6
697.1
95.6
90.9
83.8
83.5
70.7
58.1
23.5
28.4
23.4
24.1
23.1
22.4
5.6
4.5
4.6
4.0
195.1
195.2
193.5
190.7
13.6
13.0
13.1
12.9
62.3
63.5
63.6
62.7
466.3
449.3
405.1
404.7
76.9
77.2
81.1
76.7
134.2
134.3
131.8
128.7
76.5
75.2
76.1
75.2
12.1
11.5
11.5
11.8
June
June
June
June
3
10
17
24
722.1
734.0
706.1
675.1
84.9
84.4
89.1
82.5
51.0
70.1
46.7
23.9
23.4
21.9
22.3
21.2
4.5
4.5
4.2
4.5
190.3
190.7
186.5
187.0
13.1
13.1
12.9
12.7
59.3
59.2
56.7
57.8
426.4
443.9
418.5
389.6
80.2
78.7
79.1
78.0
128.9
128.3
124.4
122.3
74.6
71.1
72.8
73.9
11.9
12.0
11.3
11.4
July
July
July
July
July
1
8
15
22
29
674.4
664.0
658.0
655.9
654.3
87.1
87.1
90.1
90.1
93.6
23.5
20.4
20.5
20.9
22.9
21.4
20.8
19.9
20.1
19.5
4.2
4.2
4.1
4.1
4.1
186.2
184.4
183. 0
181.0
177.6
12.8
13.2
12.9
12.3
11.9
57.6
57.8
57.1
58.2
56.6
392.8
388.0
387.6
386.6
386.1
77.8
75.1
74.5
74.6
74.1
120.4
117.6
116.2
115.5
115.5
72.1
71.9
68.1
67.8
67.6
11.4
11.4
11.6
11.3
11.0
11.8
55.0
381.3
75.6
117.2
Aug. 5
653.4
94.2
20.1
18.2
4.2
177.9
Aug. 12*
655.8
93.8
24.4
20.6
4.2
176.3
Aug. 12
Aug. 19
Aug. 26
620.0
606.2
602.4
89.1
78.1
80.7
22.6
20.7
21.8
20.6
20.0
21.5
4.1
3.9
4.0
175.8
172.9
171.1
11.9
10.8
10.7
54.6
54.5
52.7
378.6
360.7
362.6
75.1
77.6
74.2
107.1
107.6
108.0
49.0
50.2
46.6
10.1
10.0
10.9
Sept.
Sept.
Sept.
Sept.
Sept.
568.6
568.7
576.1
590. 9
631.9
78.1
76.6
80.3
77.8
81.0
20.5
23.8
34.0
47.6
81.5
19.8
19.7
20.2
19.4
21.5
3.9
4.0
3.7
2.6
5.2
169.2
165.5
162.6
166.3
160.6
10.6
10.7
10.9
10.9
11.0
53.4
53.3
51.2
51.0
52.0
355.5
353.6
362.8
375.5
412.8
50.6
53.9
50.9
50.1
49.1
105.1
105.5
104.2
104.6
105.5
46.8
45.5
48.0
50.5
54.4
10.6
10.2
10.2
10.2
10.2
585.6
593.7
596. 5
602.7
90.5
96.5
93.6
96.2
19.9
30.0
16.2
15.0
18.1
15.2
17.3
19.7
4.8
3.4
4.1
3.9
166.6
160.6
166.9
167.6
9.8
10.6
10.6
11.0
52.6
52.4
53.5
52.9
362.4
368.7
362.2
366.3
55.6
55.0
59.1
58.7
105.5
105.1
106.2
105 7
52.9
55.8
59.8
62.0
9.2
9.1
9.2
10.0
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
7
14
21
28
10.6
10.1
Nov.
Nov.
Nov.
Nov.
4
11
18
25
603. 4
600.0
615.0
643.8
96.0
93.2
104.3
125.0
15.8
15.4
15.7
15.1
20.4
19.6
24.2
24.6
4.0
4.5
4.4
4.9
167.4
167.6
167.5
167.1
10.5
10.3
10.3
10.2
52.7
54.7
54.7
56.0
366.8
365.3
381.1
402.8
59.0
56.5
55.6
57.9
108.2
108.1
108.4
111.2
59.7
59.7
59.3
60.9
9.7
10.4
10.6
10.9
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
643. 9
646.8
643.7
657. 7
656. 7
125.4
120.3
117.8
123.5
119.3
16.1
16.8
16.3
17.2
16.8
22.6
21.2
20.5
21.2
21.9
4.9
6.5
5.1
5.1
5.4
167. 4
167.0
164.7
165.9
165.1
10.1
11.3
11.6
11.6
10.9
57.0
58.3
58.1
59.2
57.8
403.4
401.3
394.0
403. 6
397.3
55.8
54.7
57.8
57.8
59.4
110.6
112.4
116.3
120.2
119.9
62.5
66.6
63.2
63.2
67.2
11.6
11.8
12.4
12.9
12'9
* Figures adjusted to the basis employed in previous weeks. Certain of thefiguresfor August 12, 1936, and succeeding weeks are not precisely
comparable to the corresponding figures for weeks preceding August 12, owing to a revision in reporting practice by one of the reporting banks.
432
FEDERAL RESERVE BULLETIN
M A Y 1937
BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES
The Department of Commerce has published a preliminary summary of the international
transactions of the United States in 1936. The summary is given below in substantially the
same form as that employed by the Department of Commerce.
In millions of dollars
Items
1. Trade and services:
Merchandise
Freight and shipping
Tourist expenditures
Remittances, contributions, etc
Interest, dividends, etc
Other transactions, adjustments, etc,
Trade and service transactions..
2. Gold and silver:
Gold exports and imports
Gold earmarking operations..
Silver exports and imports.—
Dollar
receipts
Dollar
payments
2,453
65
122
5
575
250
2,419
125
495
143
200
220
+
+
+
34
60
373
138
375
30
3,470
3,602
-
132
28
1,144
-1,116
""183"
+ 86
- 180
Gold and silver movement..
3. Capital:
Reported long-term capital movement
Reported movement of short-term banking and brokerage funds..
Paper currency movements
Miscellaneous capital transactions
Capital movement
4. Residual item
Net receipts (+)
or payments (—)
-1,210
55
35
+ 792
4- 404
+
20
75
+1,141
+ 201
MAY
FEDERAL RESERVE BULLETIN
1937
433
STATISTICS OF ALL BANKS IN THE UNITED STATES
On the following pages are published detailed statistics on deposits, loans, and investments, of all banks in the United States, by
kinds of banks, by States, and by Federal
Reserve districts as of December 31, 1936,
June 30, 1936, and December 31, 1935, and
also complete condition statements as of December 31, 1936 and June 30, 1936 of commercial banks whose deposits are insured by
the Federal Deposit Insurance Corporation.
Summary tables of figures for all banks as of
each call date, which are regularly published
in the BULLETIN, are given on page — of
this issue. Changes in deposits, loans, and
investments at the different classes of banks
during the last half of 1936 are given in the
table below:
CHANGE IN DEPOSITS, LOANS, AND INVESTMENTS OF
ALL BANKS
June 30-December 31, 1936
[In millions of dollars]
Deposits Loans and Investments
excluding
interbank
deposits Total Loans Investments
All banks
Commercial banks
Member banks
Nonmember insured banks.
Uninsured banks1
Private banks
_ _
Mutual Savings banks.
-_
+2, 366 +1,066
+2, 279 +946
+1, 795 +741
+445 +215
-10
+39
+3
+83
+21
+100
+770
+297
+850
+818
+15
+17
-2
-78
+96
-77
+200
-27
+23
+178
1
Figures for uninsured commercial banks, which are derived by
deducting the figures for insured State banks as reported to Federal
authorities from the aggregatefiguresfor all commercial State banks as
reported to the State banking departments, are subject to error, because
of differences in reporting.
In the last half of 1936, deposits at all
banks, excluding interbank deposits, increased by $2,366,000,000 or by nearly 5 percent. This growth was chiefly at member
banks and at nonmember insured commercial
banks, while deposits at uninsured commercial banks, private banks, and mutual savings
banks showed only small increases. Deposits
at all banks, adjusted to exclude items in
process of collection, as well as interbank
deposits, increased by about $2,300,000,000
in the six months and are about $2,000,000,000 above the pre-depression level.
Total loans and investments of banks also
showed considerable growth in 1936, as in
other recent years. In the second half of
1936 the increase at all banks amounted to
over $1,000,000,000, about three quarters of
which was in loans and the rest in investments. Again the increase was mostly at
member banks and nonmember insured commercial banks, although there was a small
increase at mutual savings banks. Member
bank loans expanded by over $800,000,000,
while their investments declined somewhat.
Growth in loans and investments at nonmember insured banks, on the other hand,
was chiefly in investments, their loans showing little change. Mutual savings banks also
acquired additional investments, while their
loans were reduced. Growth in loans and
investments at all banks in the latter half of
1936 was largely the result, therefore, of
increases in loans at member banks and in
investments at nonmember insured banks
and mutual savings banks.
434
FEDERAL RESERVE BULLETIN
MAY
1937
ALL BANKS IN THE UNITED STATES
ALL BANKS i—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936, AND
DECEMBER 31, 1935, BY DISTRICTS
[Amounts in millions of dollars,figuresfor nonmember banks are for dates indicated or nearest thereto for whichfiguresare available.]
Loans and Investments
Total
Federal Reserve District
Deposits, exclusive of
interbank deposits
Loans
Dec.
June
1936
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
5,583
5,625
5,408
2,726
3,462
3,593
1,914
1,286
5,366
1,481
1,095
1,369
954
4,271
3,402
3,415
1,812
1, 202
4,995
1,427
1,030
1,310
893
4,121
3,246
3,237
1,743
1,116
4,664
1,346
1,017
1,238
855
3,994
1,260
1,341
809
602
1,820
662
415
585
458
2,001
2,773
8,464
1,277
1,316
772
536
1,648
614
398
563
430
1,890
2,852
2,760 2,857
8,401 10, 378 10, 763
2,124
1,277 2,203
2,099
1,283 2,252
1,040
754 1,106
684
666
522
1,514 3,547 3,347
814
606
633
432
784
747
540
496
463
414
2,231
1,826 2,271
Dec.
1936
Number of
banks
Investments
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
ALL BANKS 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total..
'._ 19,149 19, 227 17, 853 8,771
2,648 5,897 5,823 5,666
9,453 19,116 18, 532 17,935
1,970 3,713 3,511 3,374
1,953 3,962 3,703 3,458
'987 2,244 2,097 1,978
594 1,530 1,403 1,317
3,150 6,372 6,043 5,529
740 1,777 1,635 1,548
585 1,273 1,214 1,172
698 1, 794 1,713 1,618
441 1,243 1,148 1,071
2,168 4,780 4,514 4,296
1,248
948
1,274
1,063
1,087
2,557
1,602
1,382
1,928
996
656
891
1,257
944
1,276
1,070
1,084
2,564
1,629
1,399
1,952
1,006
895
1,263
947
1,273
1,066
1,087
2,581
1,647
1,401
1,967
1,013
r
697
49, 524 48,458 45,717 21, 449 20,679 20, 329 28,075 '27, 778 r25, 386 53, 701 51, 335 48, 964 15, 628 15, 752 '15, 837
MEMBER BANKS
Boston
New York
Philadelphia._
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City..
Dallas
San FranciscoTotal
1,950
11, 851
2,394
2,822
1,227
1,027
4,278
1,092
782
1,119
827
3,631
2,026 1,864
12,081 10, 855
2,359 2,246
2,675 2,512
1,156 1,104
957
893
3,947 3,675
998
967
732
734
1,061
996
769
740
3,500 3., 399
970
4,914
939
1,010
511
459
1,319
446
289
434
387
1,682
932
4,600
475
396
1,148
387
271
406
354
1,582
945
940
462
393
1,028
390
308
399
345
1,537
6,937
1,455
1,812
717
568
2,959
646
493
685
440
1,948
33,000 32, 259 29,985 13, 360 12, 542 12,175 19, 640
1,039
7,481
1,412
1,686
680
561
2,798
611
461
656
415
1,918
932 2,215
6,357 11, 822
1,301 2,573
1,571 3,115
643 1,433
500 1,164
2,648 4,998
577 1,155
906
426
597 1,314
395 1,063
1,862 4,136
2,163
11, 363
2,409
2,903
1,345
1,084
4,760
1,063
869
1,261
982
3,897
2,078
10, 825
2,317
2,681
1,253
1,015
4,321
1,026
846
1,189
915
3,694
360
789
658
627
404
330
741
388
481
726
550
322
362
792
658
628
404
330
717
389
495
729
552
344
365
793
656
622
404
328
702
390
501
726
550
350
19,717 17, 810 35, 893 34,098 32,159
6,37i
6,400
i, 387
3,682
7,294
1,140
847
812
366
1,374
622
366
480
181
644
3,589
7,109
1,057
778
725
303
1,208
523
326
429
156
603
527
459
290
647
659
757
1,816
1,214
901
1,202
446
334
529
465
286
648
666
754
1,847
1,240
904
1,223
454
336
530
470
291
651
662
759
1,879
1,257
900
1,241
463
'347
17,238 16,805
9,252
9,352
'9,450
NONMEMBER BANKS
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis.,
Minneapolis...
Kansas City...
Dallas
San Francisco..
Total
3,634
7,298
1,068
771
687
259
1,089
388
313
250
127
641
3,599
7,146
1,042
740
656
245
1,048
430
299
249
124
621
3,544
1,000
725
379
283
242
115
595
16,524 16,199 15, 733
1,757
3,857
321
330
298
143
501
216
126
151
72
319
1,786
3,864
330
327
296
140
499
227
127
158
75
308
1,829
3,903
332
343
292
129
486
216
123
142
8,137
8,154
1,877
3,441
747
440
389
116
588
172
55
322
8, 435
1,813
3,282
713
413
360
105
549
203
172
91
48
313
1,715
3, 095
668
382
'344
94
502
163
159
100
46
'8, 061 7,576 17,
3,660
7,170
1,101
800
752
320
1,283
572
346
452
166
617
* Comprises all licensed National banks in the Continental United States and all licensed nonnational banks described in footnote 1, on page 437.
' Revised.
MAY
435
FEDERAL RESERVE BULLETIN
1937
ALL BANKS IN THE UNITED STATES—Continued
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936, AND
DECEMBER 31, 1935, BY STATES
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank deposits
Investments
Number of
banks
State
Dec.
1936
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
112,162
109,923
104, 251
191, 580 186,165
320, 821 313, 232 301,927
203,219
99, 527 103,136
99,178
167, 722 160, 240 266, 979 264, 954 256,070
167, 599
83, 521
85, 555
79, 349 170,084
85,104
80, 601
169, 793 167, 781
81, 327
[,816,840 1, 837, 907 1, 819, 707 1, 715, 592 1, 738,407 1, 585, 388 3, 735, 832 3, 710, 807 3, 595, 319
177, 521 178, 720 277, 580
258, 491 462, 838 447, 623 443, 208
172,129
268,949
596, 446 597, 362 545,099
582, 344
528, 422 493, 495 1, 228, 756 1,195, 682 1,169,092
Dec.
1936
102
110
91
395
35
197
June
1936
103
110
92
396
35
198
Dec.
1935
103
112
92
398
35
198
915
911
5,038,120 7, 726, 081 7, 661, 301 9, 401, 500 9, 837, 522 8, 573,153 17,157, 907 16, 659, 25316, 090, 598 904
425
733,435
734, 758 1,009,176
421
951,114
907,208 2, 021, 730 1,921, 796 1, 884, 952 419
721,063
,516,041 1, 528,120 1, 510, 552 3,063, 829 2,961,858 2, 762,034 4, 729, 627 4, 508,199 4, 261, 823 1,132 1,129 1,131
715
550
883
478
619
787,396
238, 59J
926, 714
366, 020
234, 901
761, 666
228,719
805, 325
339,:
230, 726
750, 758 1, 036, 753
941, 473 860,101 2,171,116 2,002, 348 1, 904, 321
221, 001 380,863
350, 634 306, 51] 765,810
706, 551 648,746
734, 071 2, 035, 754 1, 927, 632 1, 862, 744 3, 387, 586 3, 275, 377 2, 986,
301, 949 680, 054
623, 919 592, 994 1,342,727 1, 252, 237 1,139, 964
221,271
450, 784 384, 829 807, 626 752, 528 700, 853
462, 937
71
536
882
471
287, 765r
219, 06
407, 875
23, 483
30, 629
101, 674
127, 535
263,211
205,106
371. 486
25, 858
32, 427
98, 975
129, 837
293, 591
192,139
363,929
26, 758
34, 010
100, 05!
122, 439
455, 628
239,496
597, 65?
34, 283
36,634
134,836
139,548
428, 693
229,121
611,983
31,036
33, 379
126, 708
135,170
399, 353 828, 283 788, 949 759,715
214,942
557, 565 525, 393 487, 888
548, 592 1,232,268 1,165,157 1,090, 779
68, 875
28, 217
69,148
68,648
79, 621
30, 727
86,5'
84, 495
120,162
273,012
267, 909 254, 671
125,611
375, 672 359, 019 348, 866
689
659
67?
196
191
435
708
716
54:
881
474
610
691
660
691
204
195
436
721
72, 736
197, 530
95, 234
251,'
117, 734
126, 659
46, 645
181,876
74, 415
72,119
195,120
91, 064
244, 391
117,709
113,494
37, 45]
159, 097
60,080
68, 265
199, 798
86, 825
238,543
113, 826
105, 055
36, 987
149,658
62, 203
106,112
489,616
134, 533
190,239
96, 625
164, 479
51, 732
121, 644
145, 98]
91, 474
'484,212
125, 462
171,991
92,039
143, 381
43, 752
134,'
148, 070
88, 859
452, 815
122, 028
152, 947
86, 923
151, 501
39,311
121,453
125, 092
194,287
747,739
306, 711
506,129
268, 524
327, 082
150,407
342, 860
290, 655
163, 246
724,427
280, 577
469, 592
261,167
296, 258
125,016
329,494
262, 446
161,153
677, 218
270, 680
440,819
237,135
284, 965
122, 212
309,112
234, 736
48
199
2!
323
187
211
150
325
158
48
202
22
327
185
213
150
322
156
202
22
327
183
215
145
321
154
206,109
191, 757
93,126
53, 716
196, 207
167, 762
89, 540
195,101
165, 400
88, 254
52, 267
163, 432
158, 335
106, 345
76, 083
165, 654
151,71
98, 680
65, 313
150,426
144,187
86, 381
61,178
415, 405
400,538
253, 210
190, 986
382,182
373, 364
223,425
154, 688
362, 730
351, 739
217,494
149,070
434
315
218
208
443
318
21
207
435
326
217
210
45, 893
124, 532
118, 742
413, r'
48, 274
107, 789
119,099
387, 246
45, 966
113,063
110,806
372, 403
62,100
185, 669
163, 991
457, 577
53, 402
163,570
149,911
431,092
48, 662 156, 238 134,435
143,439
367, 504 322,022
142, 342 359, 919 350,141
411,039 1,107, 652 1, 031, 633
127, 313
304,048
326, 383
965, 640
222
146
403
224
149
404
890
225
150
405
28, 458
24,157
20, 085
79, 993
14, 692
26, 032
51, 520
6,535
30, 371
21, 984
21,512
67, 490
13,977
20, 287
46, 596
5,945
31, 524
20, 225
19, 066
68, 643
12,108
18,911
44, 396
4,826
63,172
40, 953
18,279
123, 815
18, 071
26, 064
52, 896
15, 929
55,199
38,494
16,841
119, 849
17, 819
24, 531
53, 752
15, 616
52,466
35, 862
15, 385
119,1
14, 975
23, 630
49, 967
13,197
119,911
81, 379
53,211
260, 595
46,139
68, 791
117, 504
27,998
122, 667
78, 929
52,458
248, 605
42, 444
62,191
115,434
25,085
119
53
58
151
41
14
59
10
121
56
59
154
41
14
59
10
59
157
41
15
59
10
246
185
94
267
189
97
273
128, 734
95, 402
58, 299
285,191
51, 552
75, 035
124, 466
31, 093
174, 520 165,182
462, 843 423, 393 399. 425
157, 686 219,913
199, 676 196,183
64, 740
227, 838
70, 232
246,069
60, 591 146,274
139,737
129, 908 266,144
., 653, 5691, 570, 316 1, 523, 825 1, 775, 799 1, 765, 667 1, 726, 500 3, 744, 399 3, 566, 405 3,404, 205
661
706
203
199
437
728
21,449,056 20, 679,195 20, 329, 203 28,075,017 r27, 778, 396 25, 386,060 53, 700,966 51, 335,458 48,963, 793 15,628 15, 752 15, 837
ir Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on page 437.
Revised.
436
FEDERAL RESERVE BULLETIN
1937
MAY
ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND
JUNE 30, 1936, AND DECEMBER 31, 1935, BY STATES
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank deposits
Investments
Number of
banks
State
Dec.
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central;
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
June
1936
Dec.
1935
Dec.
1936
35,099
27,398
20, 772
519,326
38, 680
103,021
37, 661
27, 747
21, 338
525, 520
38, 999
107,047
36, 251
26, 796
20,428
482,780
36, 349
103,508
68, 670
31, 379
28,076
464,342
39, 756
107, 956
1936
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
114, 479 111, 206 107,044
63,984
61,831
55, 973
29,657
63, 856
49, 754
47, 718
25, 676
51, 376
453,010 1,117, 511 1,110,984 1,064, 771
72, 302
72, 683
42,182
77, 951
248, 246 244, 793
102,933
263,928
40
52
42
128
12
54
40
52
43
128
12
54
40
52
43
129
12
54
, 702,004 1, 599, 893 1, 531, 734 2, 814, 528 2, 872, 653 2,403,800 4, 294, 468 4,145, 633 4,011,450
221, 805 407,904
224, 488 225,030
386, 233 378, 602 774, 213 716, 287 707,413
780,796
776,095
777,496 1, 544,095 1,467,781 1, 369,809 2,326,029 2,191,940 2,087, 603
455
233
708
458
234
710
459
236
709
249
124
307
83
105
125
301
249
125
299
84
106
197
113
86
61
48
135
188
203
115
86
64
51
137
190
205
118
87
66
52
137
190
66, 834
31, 502
27,184
514,456
41,139
117, 515
98, 509
688, 644
159, 778
100, 326
273,089
88,129
585, 436
146, 451
98, 418
432,072
927, 478 847, 939 810, 812
495, 951
264,117
455,198
172, 507 379, 389 348, 305 318, 554
82, 374 216, 856
204,061
522, 369 1, 432, 274 1, 317,481 1, 306,491 2, 348,929 2, 315,101 2,097, 415
708, 462 679,- 508 619, 979
335, 640 336,033
117, 453 372, 094
220, 385 422, 474 398, 628 369, 625
262,106
264,144
93,434
204, 648
70, 355
172, 529
14,104
16, 327
71,119
58, 533
181, 389
65,153
144,840
15,209
16,802
67,851
58, 371
214,121
63,167
143,636
16, 737
17, 601
69, 914
56, 878
316, 448
104, 435
274, 935
26,857
25, 018
112, 082
87, 495
301,485
104, 579
276, 529
24,353
22, 375
106,104
85, 063
281,514
98, 504
259, 812
22,142
20, 492
100, 688
76, 622
572, 764
190,169
446,724
48,926
50, 795
198,160
202, 360
551, 625
185, 790
415, 547
49,196
195,179
193, 423
536, 798
173, 511
408, 790
49, 780
47, 265
185, 625
191, 207
7,651
58, 596
42, 958
135, 700
57,872
35,193
26, 56'
119,156
52, 337
7,777
52,995
41, 560
131,124
57, 892
32, 274
20,813
98, 022
43,069
7,853
56,117
39, 674
132,078
55, 534
29, 653
20, 825
92,949
44, 874
10, 274
192, 691
77, 706
127, 958
54,069
34,152
29,091
89, 802
117, 380
9,529
203, 536
74, 650
116, 654
51, 483
30,036
22,461
102,330
120,314
9,605
195,926
73, 276
99, 310
48,928
30,537
21, 593
96,418
100,874
18,049
265,405
169,041
310, 714
139, 713
92, 871
78,116
221,079
217, 357
16, 870
259, 564
152, 549
288, 965
135, 476
82, 204
63, 363
219,584
196, 460
16, 395
246, 784
150,716
273, 485
123, 934
79, 505
65, 799
206,666
177, 775
16
63
9
132
79
43
20
56
53
16
63
9
132
79
43
20
57
52
16
63
9
132
79
44
20
57
51
95, 703
134,324
67, 359
18, 013
87, 554
111, 787
61, 684
18, 999
89, 948
113,163
64,029
17, 647
86, 772
129,058
76,857
28,172
91, 582
124, 445
70,970
25, 232
85, 248
119,153
60, 891
23, 455
204, 981
282, 405
176, "
64, 908
185, 360
265,982
160, 251
53, 940
185, 731
250, 320
151,421
52, 654
100
72
69
25
100
72
100
72
26, 284
82,108
102,653
347,149
26, 331
65, 745
102,145
316, 381
26, 641
72, 673
96, 864
308,669
40,333
134,695
148,053
395, 415
35, 362
120, 839
135, 971
377, 611
32,400
103, 776
127, 394
360, 672
87, 799
236, 928
311,
78,125
210, 556
301,198
866, 665
72, 520
200, 205
280, 510
809, 756
50
30
214
456
50
30
214
456
50
30
214
454
13, 201
9,776
12,844
61, 333
11,020
18, 559
19, 585
5,119
14,175
9,107
13, 512
50, 787
10,365
13, 748
18, 495
4,761
16,384
7,635
11,887
52,975
9,016
12, 565
17, 724
38, 513
21,311
14, 750
106, 902
14,996
17, 288
23, 840
13, 738
33, 252
17, 851
13,513
103,147
14, 732
16, 763
24,
13, 665
32, 517
15, 791
12,158
103, 511
12,161
15,426
23, 733
11,:
74, 482
43,095
40, 961
232,018
40,051
50, 706
54, 997
25, 993
69,124
35,114
37,162
213,124
35,878
45, 806
51, 403
23,054
72, 377
32, 885
36,519
203, 831
33,355
40, 506
51, 525
20, 610
45
20
26
78
22
7
13
5
46
22
26
79
22
7
13
46
23
26
81
22
7
13
6
101, 581
140, 609 139,804 304, 575 278, 736 262, 953
155,088
107,148
208,678
193,589
52,165
122,182
113,619 225,079
56,406
49, 508 127,796
, 141, 856 1,078, 479 1,046,179 1, 216,120 1, 223,916 1,190,105 2, 626,423 2, 513, 721 2, 384, 900
56
38
108
57
41
122
58
44
123
8, 257,123 7, 748, 496 7,494,188 12, 756, 077 12, 459,137 11, 456, 502 23,106, 775 21,985, 534 20, 886, 035 5, 325 5, 368 5, 386
MAY
437
FEDERAL RESERVE BULLETIN
1937
ALL BANKS IN THE UNITED STATES—Continued
STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936,
AND DECEMBER 31, 1935, BY STATES
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank deposits
Investments
Number of
banks
State
Dec.
1936
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana.-__
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina 3
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
r
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
Dec.
1936
June Dec.
1936
1935
74, 501
134, 549
124, 746 122,181
69,152
73,672
206,342
202,026
194, 883
71, 780
136, 220 130, 583 203,123
71,780
76, 340 136,220
203,123
200,097
62,183
64,332
53, 251
53,417
53,673
118, 708 120,039
120,063
65,127
, 297, 514 1, 312, 387 1, 336, 927 1,251,250 1, 223, 951 1,132, 378 2, 618, 321 2, 599,823 2, 530, 548
138, 522 142, 371 237, 824
227, 810 216,309
384, 887 375, 321 370,525
133,449
410,907
390, 562
947, 436 924, 299
479, 323 489, 399 493, 854 437,143
62
58
49
267
23
143
58
49
268
23
144
63
60
49
269
23
144
i, 336,116 6,126,188 6,129, 56' 6, 586, 972 6, 964, 869 6,169, 353 12,
!, 863, 43912, 513, 620 12,079,
,
496, 575 508, 405 512,953
601, 272
564, 881 528, 606 1,247, 517 1,205,509
747, 324 733,056 1,519,734 1, 494,077 1,392, 225 2,403, 598 2, 316, 259 1,177, 539
739,946
2,174, 220
449
186
424
453
187
419
456
189
422
488, 577
140, 590
219,889
193, 358
132, 308
486, 641
138,627
211, 702
184,496
127, 837
540,802
164, 007
603,480
307, 960
200, 831
486, 275
146, 573
610,151
288, 279
186, 640
428,029 1, 243, 638 1,154,409 1,093, 509
134,004
386,421
358, 246 330,192
556,253 1,038, 657 960, 276 889,581
256, 961 634, 265 572, 729 519, 98f
164,444
353,900
331, 228
385,152
466
412
575
388
502
417
579
391
504
466
425
584
394
513
8.1, 822
139, 953
10, 649
15, 625
31,124
71, 466
79, 470
128,972
220, 293
10,021
16,409
30,138
65, 561
139,180
135,061
322, 717
7,426
11,616
22, 754
52,053
127, 208
124, 542
335, 454
6, I'll, 004
20, 604
50,107
222,917
255, 519 237,324
117,839
367, 396 339, 603 314, 377
116,438
288, 780 2 785, 544 2 749, 610 2 681,989
20, 222
6,075
20,450
19,095
35, 780
10,235
35, 299
32, 356
74,852
19,474
72, 730
69,046
48, 989 2 173,312 2 165, 596 2 157, 659
492
546
587
135
143
300
520
488
545
605
140
144
299
531
483
543
619
137
147
300
538
65,085
138, 934
52, 276
116, 266
59,862
91, 466
20,078
62, 720
22,078
64,342
142,125
49, 504
113, 267
59, 817
81, 220
16, 638
61,075
17,011
60, 412
143, 681
47,151
106, 465
58, 292
75,402
16,162
56, 709
17, 329
95, 838
296,925
56, 827
62, 281
42, 556
130, 327
22, 641
31, 842
28, 601
81,945
r 280, 676
50, 812
55, 337
40, 556
113, 345
21. 291
32, 458
27, 756
79, 254 176, 238
256, 889 482, 334
48, 752 137,670
53,637
195,415
37,995
128, 811
120, 964 234, 211
17, 718 2 72,291
25,035
121,781
24, 218
73,298
146, 376
464,863
128,028
180, 627
125,691
214,054
2 61,653
109, 910
144,758
430,434
119,964
167, 334
113, 201
205,460
56,413
102,446
56,961
32
136
13
191
108
168
130
32
139
13
195
106
170
130
265
104
32
139
13
195
104
171
125
264
103
110,406
57,433
25, 767
35,703
108,653
55,975
27, 856
37, 489
105,153
52, 237
24, 225
34, 620
76, 660
29, 277
29,488
47, 911
74, 072
27, 272
27, 710
40,081
65,178
25,034
25, 490
37, 723
210, 424
118,133
76, 317
126,078
196, 822
107,382
63,174
100,748
176,999
101,419
66, 073
96, 416
334
243
149
183
343
246
148
182
335
254
148
185
19,609
42,424
16,089
66, 720
21, 943
42, 044
16, 954
70, 865
19, 325
40, 390
13,942
63,734
21, 767
50, 974
15, 938
62,162
18,040
42, 731
13,940
53, 481
16,262
56,310
68, 439
39, 663 2 130, 576 2 111,466
14, 948
48,943
48,633
50, 367 177,243
164,968
54, 793
103,843
45, 873
155,884
172
116
189
426
174
119
190
434
175
120
191
442
15, 257
14, 381
7,241
18, 660
3,672
7,473
31,935
1,416
16,196
12, 877
8,000
16, 703
3,612
6,539
28,101
1,184
15,140
12,590
7,179
15, 668
3,092
6,346
26,672
1,018
24, 659
19, 642
3,529
16, 913
3,075
8,776
29, 056
2,191
21,947
20,643
3,328
16, 702
3,087
7,768
29, 559
1,951
19,949
20,071
3,227
15, 587
2,814
8,204
26, 234
1,891
50, 290
2 46,044
15,939
44,774
9,089
2 21, 685
63,909
2 4,475
74
33
32
73
19
7
46
5
75
34
33
75
19
7
46
4
74
37
33
76
19
8
46
4
67, 372
13, 826
511, 713
63, 601
12, 575
491, 837
59, 318
11,083
477, 646
64,825
18, 478
559, 679
59,067
17, 555
541, 751
56, 379 158, 268 144, 657 136,472
16, 289
34,249
41,065
37, 391
536, 395 1,117,976 1,052,684 1,019, 305
130
55
128
53
145
131
53
150
140,086
238,070
206, 242
134, 575
83,117
148, 712
235, 346
9,379
14, 302
30, 555
69,002
226, f •
13,191,933 12,930,699 12,835,015
54, 252
50,787
2 52,307 2 46,265
16,049
17, 338
53,173
47,471
11,501
10,261
2 24,329 2 22,985
69,469
66,101
2 5,100
2 4,944
10,451
15, 318, 940 15,319, 259 13, 929, 558 30, 594,191 29, 349,924 28,077, 758 10,303 10, 384
Revised.
Comprises all licensed state commercial banks, trust companies, mutual and stock savings banks and such private banks and industrial banks
as are included in abstracts issued by State banking departments.
2 Includes interbank deposits.
3
Includes cash depositories.
NOTE.—All figures in the December 1936 columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts savings banks,
October 31; Missouri, Nov. 25; Tennessee, Dec. 1; Colorado, Nov. 30. For call dates of figures included in the June 1936 and December 1935 columns,
see footnotes on bottom of pages 778 and 397, respectively, of the October and M a y 1936 BULLETINS.
1
438
FEDERAL RESERVE
M A Y 1937
BULLETIN
ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1936,
AND DECEMBER 31, 1935, BY STATES
[Figures in th is table are also included in the table on p. 437 covering "State Eanks." Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank deposits
Investments
Number of
banks
State
Dec.
1936
Connecticut:
District No. 1
District No. 2
Georgia
Indiana:
District No. 7
„_
District No. 8
Iowa
Kansas
_ _
New Jersey CDist. No. 2)
New York
Ohio
Pennsylvania:
District No. 3
District No. 4
South Carolina
Total
June
1936
Dec.
1935
Dec.
June
1936
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
318
134
800
281
143
i 594
278
151
594
199
132
287
189
99
i 161
186
99
161
451
383
2,491
420
333
i 1,803
387
333
1, 803
3
1
43
3
1
i 40
3
1
40
1,830
254
168
3
16
89, 232
2,073
1,986
261
127
1
15
88,962
2,075
2,019
287
137
3
15
88, 231
2,041
1,380
170
258
25
11
408, 039
626
1,389
175
226
50
14
385, 708
496
1,288
159
235
67
17
380, 282
513
5,379
532
582
84
6
401, 434
3,308
5,060
529
512
98
16
398, 801
3,202
4,730
543
512
105
21
397,053
3,023
25
4
2
1
1
17
14
27
4
2
1
2
18
14
27
5
2
1
2
18
14
9,618
1,057
817
11, 364
1,149
921
11, 772
1,070
866
41,013
997
255
41,351
849
2
37,123
735
2
60,492
2,217
1,240
61, 484
2,019
1,142
56,944
1,682
1,077
17
5
1
18
5
1
19
5
1
106, 320
107,879
107,464
453, 392
430, 709
420, 867
478, 599
475, 419
468, 213
134
136
138
i December 31, 1935 figures repeated.
MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31, AND
JUNE 30, 1936, AND DECEMBER 31, 1935, BY STATES
[Figures in this table are also included in the table on p. 437 covering "State Banks." Amounts in thousands of dollars]
Investments
Loans
Number of
banks
Deposits
State
Dec.
California
Connecticut:
District No. l._.
District No. 2__.
Delaware.-.
Indiana:
District No. 7__.
District No. 8__.
Maine
Maryland
Massachusetts 1
Minnesota
New Hampshire 2__.
New Jersey:
District No. 2 . . .
District No. 3__.
New York
Ohio
Oregon
Pennsylvania:
District No. 3 3..
District No. 4__.
Rhode Island
Vermont
Washington
Wisconsin:
District No. 7__.
District No. 9__.
Total
June
1936
Dec.
1935
Dec.
1936
June
1936
Dec.
1935
Dec.
June
1936
Dec.
1935
33,644
34, 573
36, 641
61, 340
58, 498
57,503
88, 457
88, 417
89, 221
277, 549
78, 960
11,913
282, <
80, 405
12,079
288,733
81, 357
12, 251
255, 764
77, 929
24, r
241, 685
73, 672
23, 359
235,032
68, 747
21, 813
547, 904
156, 906
34, 099
539, 855
153,496
32, 323
533, 274
149, 801
31,067
8,481
8,085
3,494
4,461
4,650
2,340
4 , ' •""
31,131
34, 598
95, 385
34,162
45, 541
51, 807
163,982
48, 812
., 074, 983 1,085,838 1,120, 932 1, 016, 973
10,174
10, 705
53, 656
10, 733
63, 824
68, 095
127, 772
63, 824
3,332
2,106
90, 847
159, 479
993, 627
50, 459
127, 772
12, 864
12, 724
13, 028
2,681
7,364
7,630
7,151
1,988
123, 908
121, 741
89, 958
125, 210
214,061
149, 758
216, 639
208, 598
936, 250 2,128, 242 2,120, 742 2, 087, 771
64, r "
50,170
67, 031
64, 313
122, 769
185, 324
154, 413
314, 929
312, 629
156,010
309, 393
8,042
14, 534
14, 656
14, 213
8,027
2,182, 220 2,038, 653 5, 246, 086 5, 216, 960 5,188, <r"'
72, 865
65, 501
119,137
118, 395
116,536
633
583
1,370
1,099
801
143, 399
142, 878
136, 581
168, 511
5,190
5,276
5,048
8,900
!, 007, 537 3,053, 227 3,100, 329 2, 283,128
37, 727
36,343
36, 212
72,187
714
447
171
626
Dec. June Dec.
1936 1936 1935
59
14
2
59
14
2
4
1
32
12
193
1
45
4
1
32
13
193
1
45'
4
1
32
13
193
1
47
22
3
135
3
1
3
135
3
1
22
3
135
3
1
73,124
13,059
51, 340
32,464
26, 784
75,!
13,:
53, 360
29, T
26,148
78,486
13, 610
55, 603
30, 930
25, 8^8
389,119
39, 617
125, 859
27, 721
• 32, 446
390,826
38, 367
119,798
30,979
29, 303
378,129
36,125
115, 508
31, 541
26, 964
518,311
51, 502
173, 762
65, 733
60, 808
499, 751
50,103
171, 980
67, 733
57, 705
496, 039
48, 467
169, 580
68, 703
55, 501
6
1
9
14
3
6
1
9
14
3
7
1
9
14
3
2,067
50
2,028
48
2,274
61
1,790
5'
1,652
51
1,493
35
4,255
4,002
91
4,099
83
3
1
3
1
4
1
4, 593, 656 10,142, 653 10,059,811 9, 963, 208
565
566
570
5,026,760
5,105,133 5, 210,181 5,033, 572
4, 855, 5
1 Figures in the December columns are as of October 31, 1935 and 1936, respectively.
2
Includes figures of guaranty savings banks as do all corresponding figures on previous call dates; figures in the December columns are as of June
30, 1936
and 1935, respectively.
3
Prior to the March 4, 1936 call, figures include 1 stock savings bank with aggregate deposits of $2,720,000 on that date.
439
FEDERAL RESERVE BULLETIN
MAY 1937
FEDERAL DEPOSIT INSURANCE CORPORATION
CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS,
DECEMBER 31, 1936, AND JUNE 30, 1936
[Amounts in thousands of dollars]
June 30, 1936
December 31, 1936
All b a n k s
Number of banks
National
banks
members
Federal
Reserve
System
State
banks
members
Federal
Reserve
System
Banks
not
members
Federal
Reserve
System
All banks
National
banks
members
Federal
Reserve
System
1,032
7,659
15,107,185
7, 748,496
4, 793, 349
2, 565, 340
14, 772, 477
7,411,609
8,435,026
4,024, 111
5, 236,906
2,020, 922
1,100, 545
1, 366, 576
20, 207, 633
12,051,177
5,032, 461
75, 581
355,083
195,442
2,086, 218
184,988
911,977
911,794
167
112,^19
2,313
199, 700
194, 567
202,567
1, 326,687
46,621
445
39,044
16, 885, 346
7,044,405
11, 650, 881
7,671,117
2,141,915
13, 005, 697
7, 051, 373
3,047,822
2, 906, 502
637, 877
99, 971
3, 314, 263
1, 301, 726
2,103, 803
827,000
594, 648
361, 809
615,812
112,917
7, 540,150
4, 519, 744
2,877,367
143,039
46, 625, 749
26,152, 801
14, 552, 763
5, 920,185
7,594
8, 257,123
5,102,730
2, 579, 869
8 673,071
4,083,006
4, 872,133
2,011,621
1, 204, 349
1,463,079
38,246, 981
21,013, 200
11,986,484
5, 247, 297
37, 291, 271
181, 281
1,177, 752
560, 468
6, 571, 694
917,310
5, 646, 701
2, 594, 855
1,115
297, 760
78, 692
631,400
176,431
3,828,463
514, 717
3,153,872
1,465,888
273
148, 503
100, 722
350, 575
191,055
2,743,231
182,663
968,065
1,067,387
316
116,396
1,867
195, 777
192, 982
219,930
1, 524, 764
61, 580
526
32, 861
159, 267
1,194. 621
574,024
5, 607,119
915, 988
5, 321, 897
2,194,114
1,000
319,091
56,195, 917
31,011,439
17, 706,894
7, 477, 584
53, 578, 392
29,648,641
23, 419, 236
12, 671, 701
8, 298, 603
2, 448,932
21, 463, 913
3,024, 794
5,325
15, 939, 722
14, 749, 553
7, 557, 706
Banks
not
members
Federal
Reserve
System
5,368
1,051
13,970
State
banks
members
Federal
Reserve
System
14,059
ASSETS
Loans, discounts, and overdrafts (including
rediscounts)
United States Government obligations,
direct and fully guaranteed
Other bonds, stocks and securities Total loans and securities...
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Coin and currency
Balances with other banks
Cash items in process of collection
Securities borrowed.
Other assets
___ . . .
Total assets
81, 373
639, 838
184,015
3,520,901"
528,433
3,083,233
1, 235, 699
388
167,128
LIABILITIES
Demand deposits of individuals, partnerships, or corporations
Time deposits of individuals, partnerships,
or corporations
Public funds of states and political subdivisions
U. S. Gov't and postal savings deposits
Deposits of other banks; cash letters of
credit; certified, officers, and travelers'
checks outstanding
Total deposits..
__ _.
Mortgage bonds and participation certificates outstanding
Bills payable, rediscounts, and other liabilities for borrowed money
.
Securities borrowed
Acceptances outstanding executed by or for
the account of reporting banks
Dividends declared but not yet payable—
Other liabilities. _ _ _ _ _ _ _
Total liabilities, excluding capital account
Capital stock and capital notes and debentures
Surplus
Undivided profits—net
Reserve for contingencies and undeclared
dividends
Retirement fund for preferred stock or capital notes and debentures.
_ __ . .
Total liabilities, including capital
account
13, 454,142
7, 258,088
3,171, 260
3, 263, 286
1,086, 301
2,053,436
654, 994
571, 973
331, 336
8,035,019
4,917,637
2, 956, 298
161,084
27, 555,856
15, 329, 470
6, 372, 658
18, 533
5,101
27, 578
20,777
6,801
32, 296
1,115
3,495
273
13, 685
316
15,116
526
38, 558
1,000
3,720
388
16,132
167
18, 706
445
203, 226
48, 502
300, 458
94, 605
28, 640
163,946
106, 882
16, 791
110,662
1,739
3,071
25,850
180,299
45, 682
360, 938
95, 637
28,043
208, 800
82, 584
15,956
120,852
2,078
1,683
31, 286
49, 867, 215
27, 846, 815
15, 596, 339
6, 424,061
47, 279, 804
26,489, 389
14,809, 231
5,981,184
3,081, 433
2,184, 512
666, 020
1, 595, 040
1, 044, 607
368, 385
858, 800
891, 763
191, 939
627, 593
248,142
105, 696
3,212,615
2, 042,072
628,478
1, 687, 600
971,472
345, 963
879, 597
835,044
174,320
645, 418
235, 556
108,195
374, 295
145,973
163, 844
64, 478
401, 455
146,515
184,795
70,145
22, 442
10, 619
4,209
7,614
13, 968
7,702
2,359
3,907
56,195, 917
31,011,439
7, 477, 584
53. 578. 392
29, 648, 641
16,885,346
7,044, 405
49, 257, 984
23,634
17,706,894'
440
FEDERAL RESERVE BULLETIN
MAY 1937
REVISION IN WEEKLY REPORT OF MEMBER BANKS IN LEADING CITIES
In order to make available additional data shown the present and the new form in which
with respect to changes in the volume of the the weekly statement will be issued.
various kinds of loans of member banks, the
The classification of loans in the new
Board of Governors has revised the form of report form may be described as follows:
the weekly condition report of member banks
The new item "Commercial, industrial,
in leading cities. Changes in the report and agricultural loans" will include all
form are confined to the classification of business loans to individuals, including farmloans and discounts and are designed to ob- ers, and to partnerships and corporations,
tain more information regarding the pur- except paper purchased in the open market
poses for which credit is extended. The more and loans secured by real estate. It will,
important new classifications are (1) Com- accordingly, include any commercial, indusmercial, industrial, and agricultural loans trial, or agricultural loans secured by stocks
and (2) Loans (other than to brokers and and bonds heretofore reported in "Loans on
dealers) for the purpose of purchasing or securities—To others". It will also include
carrying securities. The report form will loans (not secured by real estate mortgages)
also include, with some small revisions, loans made for the purpose of financing capital
to brokers and dealers in securities, holdings expenditures as well as loans to finance curof acceptances and commercial paper, real rent operations. Direct loans to companies
estate loans, and loans to banks, which are engaged in financing the sale of consumers'
in the present report form, and a residual goods and durable goods will be included, but
finance company paper purchased in the
item of "other" loans.
The Board's weekly statement for May open market is to be reported as "Open mar12, 1937, will be issued in the present form ket paper". The term "business", as applied
in order that the usual comparisons may be to these loans, is construed to include
made with the preceding week, but the fol- farming, livestock raising, fishing and other
lowing week's statement will show the loan related industries; mining, oil and gas profigures in the revised form for both that ducing, and quarrying industries; manufacweek and the preceding week. Below is turing of all kinds; construction industries;
SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS
Revised Form
Old Form
ASSETS
ASSETS
Loans and investments—total
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
(except banks)
Acceptances & commercial paper bought
Loans on real estate
Loans to banks
Other loans
U. S. Gov't direct obligations
Obligations fully guaranteed by U.S.Gov't
Other securities
Reserve with F. R. banks
Cash in vault
Balances with domestic banks
Other assets—net
Loans and investments—total
Loans—total
Commercial, industrial, and agricultural loans
Open-market paper
Loans to brokers and dealers in securities
Other loans for purchasing or carrying securities
Real estate loans
Loans to banks
Other loans
U. S. Government direct obligations
Obligations fully guaranteed by U. S. Gov't
Other securities
Reserve with F. R. banks
Cash in vault
Balances with domestic banks
Other assets—net
LIABILITIES
LIABILITIES
Demand deposits—adjusted
Time deposits
U. S. Government deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other Liabilities
Capital account
Demand deposits—adjusted
Time deposits
U. S. Government deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
MAY
1937
FEDERAL RESERVE BULLETIN
441
transportation and other public utilities; for the purpose of enabling them to purchase
wholesale and retail trade enterprises; serv- or carry stocks, bonds or other securities
ice industries such as hotels, laundries, and either for their own accounts or for the acservice stations; amusement enterprises; counts of customers.
real estate companies; etc. Loans to build- The new item "Other loans for the purpose
ing and loan associations, credit unions, and of purchasing or carrying stocks, bonds and
similar organizations not engaged directly in other securities" will represent the total
financing the sale of consumers' or durable amount of loans made by the bank for this
goods are not to be classed as "Commercial, purpose other than to brokers and dealers
industrial, and agricultural loans". For the in securities, whether secured by stocks,
purpose of the weekly condition report the bonds or other collateral or unsecured. The
reporting bank is authorized to rely on such item, accordingly, will include loans on stocks
information as it has available in determin- subject to the provisions of Regulation U of
ing whether a given loan, whether secured the Board of Governors of the Federal Reor unsecured, is a "Commercial, industrial, serve System and, in addition, any other loans,
and agricultural loan".
secured by stocks, bonds, or other
The item "Open market paper" will include whether
collateral
or unsecured, made for the purpose
all bankers' acceptances, both foreign and
domestic, owned by the reporting member of enabling the borrower to purchase or carry
bank, and all commercial, finance, and other stocks, bonds, or other securities. The depaper purchased in the open market. The termination of whether or not a given secured
new item will include own acceptances pur- or unsecured loan was made for the purpose
chased or discounted by the reporting mem- of purchasing or carrying stocks, bonds or
ber bank, which heretofore have been in- other securities is to be made, for the purpose
cluded in "All other loans". The new item is of the weekly condition report, on the basis
not to include any loans payable abroad made of such information as the reporting bank
has available.
directly to customers of the bank.
The new item "Loans to brokers and deal- The items "Real estate loans" and "Loans
ers in securities" takes the place of two items to banks" are identical with items in the presin the present form, namely, "Loans on se- ent form.
curities—To brokers and dealers in securities The item "All other loans" will represent
in New York City" and "Loans on securi- only such secured or unsecured loans (except
ties—To brokers and dealers in securities open market paper, real estate loans and
outside New York City". It will include all loans to banks) as were not made for the purloans to brokers and dealers in securities, pose of purchasing or carrying stocks, bonds
whether located in New York City or outside or other securities and were not made to comNew York City, and whether secured by mercial, industrial, and agricultural enterstocks, bonds or other collateral or unsecured, prises.
ANNUAL REPORT OF THE GERMAN REICHSBANK
The annual report of the German Reichs- national economy in the reduction of unembank for the year ending December 31, 1936, ployment and in rearmament, without diswas submitted to the general meeting of turbance to money and credit conditions or
shareholders by Dr. Hjalmar Schacht, presi- to the currency. The increase in the aggredent of the Reichsbank, on March 16, 1937.
gate income of the workers raised the purThe text of the report is given herewith:1 chasing power of this group, so that manuEconomic situation.—The German econ- facturers of consumers' goods as well as of
omy during 1936 ,was marked by an im- producers' goods participated to a greater
provement which was brought about largely extent in the recovery. On the other hand,
through far-reaching measures of the Reich the priority given to rearmament, and the
Government. Rigid discipline and strict con- necessity of keeping individual consumption
trols made possible the achievements of our within the limits of our own production and
The report, available in German, contains in addition a num- our restricted capacity for importing, preber of tables and charts showing the operations of the Bank in vented the demand for consumption goods
detail. For earlier reports, see BULLETIN for May 1936, 1935,
from becoming fully effective. With increasApril 1934, May 1933, April 1932, etc.
1
442
FEDERAL RESERVE BULLETIN
ing economic activity, the strain of providing
raw materials and foodstuffs continued to
make itself felt in the current year; it not
only brought to the fore the question of the
return of her former colonies to Germany,
but also showed the necessity of reducing
Germany's dependence upon foreign imports
as far as possible. With this end in view, the
Government announced the second four-year
plan. The endeavor to increase our selfsufficiency is in no way inconsistent with
German foreign trade policy. During the
past year this policy was directed with increasing success toward extending our foreign trade relations and thus giving support
and encouragement to international trade,
which still suffers greatly under economic restrictions and unsolved debt problems. In
harmony with this policy, Germany maintained the stability of the reichsmark in spite
of the new wave of devaluation which swept
over Europe, and so avoided an aggravation
of the new disturbances to international trade
which were the result of devaluation by the
so-called gold-bloc countries. The maintenance of currency stability also helped to
prevent disturbances to German domestic
business.
The tripartite agreement.—The joint announcement, made by the French, British,
and United States Governments in September, of their "common desire to foster those
conditions which safeguard business and will
best contribute to the restoration of order in
international economic relations and to preserve a policy which will tend to promote
prosperity in the world and to improve the
standard of living of peoples," was most welcome for the tendencies which it represents.
The Government and the Reichsbank were
not unwilling to participate in negotiations
looking toward the freeing of trade and international payments. But the peculiar situation of Germany did not permit the abolition
of foreign exchange control, which is the safeguard of German currency, until—apart from
other indispensible conditions—there should
be an easing of the unendurable burden of
indebtedness resulting, in the last analysis,
from the injustice of Versailles, and a marked
lessening of Germany's difficulties in procuring raw materials. Events have shown that
the anticipations, based upon the announcement of the three Governments, of a prompt
and general currency stabilization and improvement in international economic relations
MAY
1937
were at least premature, in spite of the extension of the agreement to other countries.
Money market.—The further consolidation
of short-term reconstruction loans became
increasingly important in view of the continuing grants of credit for work creation,
rearmament, and the four-year plan. Progress with this difficult problem was made
easier by the steady improvement of the Reich
budget.
The available resources of the money market were increasingly impressed into the service of great public undertakings, and the
harmful effects of temporary financing upon
the general economic situation were averted
by recovering for investment purposes an
ever-increasing proportion of the funds paid
out by way of short-term credit. Thus, as
a result of extending the maturity of bills of
exchange arising out of Government contracts, and through the increased use of
profits by business for its own financing, a
situation developed in connection with further Government consolidation loans, which,
it is true, sometimes made the market less
liquid, but, on the other hand, showed that
the German nation had a growing appreciation of the great and vital measures of the
Reich Government. The methods of temporary financing of public undertakings were
in general the same as they had been. This
applies especially to the temporary provision
of funds in the form of bills of exchange, with
the support of the Reichsbank. The issue of
new and the extension of maturing Treasury
bills of a year's currency or more declined
steadily, and at times during the second
half of the year was entirely discontinued.
The special promissory notes (Solawechsel)
which the German Gold Discount Bank introduced again in 1935 provided the market
with a suitable medium for the investment
of short-term money, for they could always
be discounted at the Reichsbank. Their volume outstanding furnished the Reichsbank at
all times with an indicator enabling it to
judge the situation and to take whatever
measures were required for the money and
capital; markets.
Interest rates.—In general, interest rates,
in keeping with the aims of money market
policy, continued to show a declining trend.
The private discount rate was adjusted to the
prevailing market situation and on more than
one occasion was reduced to 2% percent, the
lowest level reached in post-inflation years.
MAY
1937
FEDERAL RESERVE BULLETIN
The rate for day-to-day money was almost
always less than 3 percent, and it was found
possible to reduce the rate for discounting
Reich Treasury bills.
Credit policy.—In the circumstances described, the total demand for accommodation
at the Reichsbank, as a result of placing considerable amounts of special bills in other
investment centers, was considerably less
than the total volume of Government financing. The aggregate investments of the Bank
in bills, securities, and lombard loans rose—
although the securities accounts declined—to
6,108,000,000 reichsmarks at the end of the
year, an increase of about 808,000,000 reichsmarks as compared with the corresponding
period of the year before. As a result of the
continued concentration of funds and greater
liquidity in all business circles, the demand
for credit was shifted more and more to
financing Government projects, and this shift
became characteristic of the German credit
structure as a whole.
To support the increased volume of business transactions a larger supply of money
was required, especially as the Government's
policy of work-creation and other measures
had their effect on price and wage levels. The
circulation of Reichsbank notes rose during
the year by 695,000,000 reichsmarks. As a
result of the replacement of private bank
notes, which had been withdrawn from circulation, by Reichsbank notes, this sum is
larger than the total increase of 574,000,000
reichsmarks in the monetary circulation. The
giro and clearing account operations of the
Reichsbank also showed an increased turnover. In view of this development, it was
gratifying also from the point of view of currency policy that rigorous efforts continued to
be made within the framework of the fouryear plan to secure a wage and price level
which could be supported by the national
economy. These efforts helped greatly in
maintaining stable economic foundations,
which continues to be the chief aim of German economic policy.
The capital market.—On the capital market the measures of control and restriction,
which had been systematically and consistently followed since 1933, gave the anticipated results. These measures, reinforced
by the formation of new savings, guaranteed
increasing liquidity and capacity for absorption to this market. Thus the most urgent
task of the capital market, namely, the fund-
443
ing of short-term obligations of the Reich,
could be successfully continued, and by relieving the Reichsbank and the money market
to a corresponding extent, their capacity for
further interim financing of Government
projects could be constantly assured.
In conformity with market conditions, two
issues of 4^/2 percent Treasury bonds of the
German Reich werefloatedduring the year in
an aggregate amount of 1,300,000,000 reichsmarks ; in contrast to the loan of 1935, which
carried the same interest rate, their maturity
was extended from ten to twelve years. The
greater part of the issues was taken up by a
Loan Consortium for Public Subscription;
the amount subscribed was considerably
larger than the sum originally decided upon.
The other part was taken over directly by
important investing institutions. The total
amount of Reich loans issued in the past two
years, not including the 500,000,000 reichsmark loan of the German Railway Corporation, was about 3,800,000,000 reichsmarks.
A further Government loan of 500,000,000
reichsmarks is open for subscription at the
present time. The Prussian Finance Administration was able to effect an important funding operation toward the end of the year
through the issue of a long-term loan of 200,000,000 reichsmarks. Because of the continued favorable trend of Government revenue and expenditure, it was possible—in addition to funding operations—to effect a larger
amortization of Government debt out of current budget resources.
A series of other measures had a similar
effect in easing the financial position of public bodies. Among these were provisions for
a better financial policy for the cities, whose
budget position was further strengthened
through the appropriate building up of reserves, reorganization and unification of tax
collections, and raising the corporations tax.
In some cases the strict control of issues,
designed to secure priority for the needs of
the Reich Government over other requests
for loans, was relaxed to permit access to
the capital market for other public as well
as private flotations. It is true that authorization for new issues had to be limited substantially to such securities as indirectly or
directly served public purposes—for example,
the construction of urgent building requirements—or seemed desirable in connection
with the reduction of interest rates of industrial obligations.
444
FEDERAL RESERVE BULLETIN
MAY
1937
A systematic reduction of interest rates that imports had to be further restricted
was inaugurated early in 1935. During the along some lines; in addition, new difficulties
past two years it was continued with ex- for German export trade were created by
cellent results and constituted one of the currency depreciations in the gold-bloc counfundamental aims of capital market policy. tries.
By the law of July 2, 1936, respecting mort- In order to close the loopholes in the foreign
gage rates (Reichsgezetzblatt I, page 533), exchange regulations, existing provisions had
reductions were extended to the involved but to be strengthened. Some temporary relaxaimportant field of private mortgages, on tion of the exchange provisions was perwhich the interest was often much above the mitted, but only in order to promote tourist
rates generally prevailing throughout the traffic in connection with the Olympic Games,
country. Thus one of the conditions was for the support of which the Reichsbank had
realized for the alignment of interest rates set up a special service. For the purpose of
on mortgages bought and sold on the open improving its method of collecting all inflowmarket to the already lowered rates on mort- ing foreign exchange, the Reichsbank set up
gages arranged with credit institutions. Fol- a stricter supervision of the entry into the
lowing the principle of voluntary cooperation, country of the proceeds from exports. The
which had been observed in the case of earlier flight of capital frequently noted in connecinterest reductions, and because of the variety tion with emigration, and especially the
of credit conditions existing in the mortgage smuggling abroad of commodities, called for
market, the manner and extent of interest stricter measures. The existing embargo on
reduction was left as a rule to voluntary the export of gold was made more complete
agreement between creditors and debtors. An in order to check the outflow of gold more
interest rate up to 5 percent for first mort- effectively, and the list of foreign securities
gages, and up to 5^-6 percent for second and gold stocks subject to declaration and
mortgages, was considered reasonable. The surrender was extended. Domestic 10 and 20
movement, begun in 1935, to obtain lower reichsmark gold coins still outstanding were
rates on outstanding industrial obligations, also made subject to surrender if they had
which are so individual in character that gen- been newly acquired by a German national
eral legislation is not applicable to them, after October 30, 1936. As a result of many
achieved its objectives to a large extent, after abuses of the 10 reichsmark export limit, the
lower interest rates had already been decided employment of currency withdrawn within
upon for new issues of such securities. In- this limit was restricted to the payment of
dustrial corporations were uniformly suc- traveling expenses. Foreign securities were
cessful in their conversion operations, and made subject to deposit. The law of Decemwere able to obtain a rate of 5 percent and, ber 1, 1936, (Reichsgezetzblatt I, page 999)
in certain cases, even of 4 ^ percent.
respecting economic sabotage, which may also
be
applied to violations of foreign exchange
Measures of capital market policy were
supported in their entirety by the confidence regulations, and the law of December 1,1936,
of the population in the currency and financial (Reichsgezetzblatt I, page 1,000) amending
policy of the Government. This confidence the law on foreign exchange control, should
was expressed not only in successful funding provide a weapon with which to combat hosoperations, but especially in the continued tile attacks on our foreign exchange balrise of quotations for Government loans and ance with the required severity. The law of
December 5, 1936, on exemption from penfixed-interest-bearing securities.
alty
for illegal foreign exchange operations
Foreign exchange operations.—In general,
the difficulties of the foreign exchange posi- (Reichsgezetzblatt I, page 1015), granted
tion continued undiminished. Although the freedom from punishment to all Germans who
surplus in the German balance of trade result- surrendered their illegally hoarded foreign
ing from the operation of the New Plan con- exchange to the State by January 31, 1937.
tinued and even increased considerably as The guiding rules of the foreign exchange
compared with 1935, the demand for imports control provisions of February 4, 1935, and
—in the face of rising international prices— the pertinent decrees were modified to conalso increased as a result of economic re- form to the new conditions by the decree of
covery to a greater extent than did the in- December 19, 1936, (Reichsgezetzblatt I,
flow of foreign exchange from exports, so page 1021).
MAY
1937
FEDERAL RESERVE BULLETIN
445
With the suspension of its proclamation of lation, special agreements were concluded in
October 15,1935, the board of directors of the trade conferences with a number of countries
Reichsbank, by proclamation of October 31, (Denmark, England, Holland, Italy, Sweden,
1936 (Reichsanzeiger No. 255) respecting Switzerland), as had also been done the year
foreign exchange operations, gave a new rul- before. In all these special agreements it
ing as to the competence of foreign exchange was Germany's constant endeavor to avoid,
banks and exchange offices. Since then the so far as possible, any new issue of Governstatus of a credit institution as foreign ex- ment obligations. To the extent that domestic
change bank is no longer based solely on the debtors profit as the result of depreciation of
possession of a clearing account at the Reichs- foreign currencies on contracts involving
bank, but is dependent on special authority capital transactions, these profits, with few
to deal in foreign exchange, granted by the exceptions, are taken over and utilized for
board of directors of the Reichsbank.
general economic purposes, under authority
The aim of the new four-year plan is to of the law of December 23, 1936, (Reichsavert the dangers threatening our economic gezetzblatt I, page 1126) respecting depreciaposition, as a result of the worsening of the tion profits.
foreign exchange and raw material prob- The quotation of the free reichsmark in
lem, by the efficient utilization of all available foreign markets fluctuated very slightly and
resources and instruments of production always stood near parity. Under the preswithin Germany—decree of October 18, 1936 sure of circumstances, foreign transactions in
(Reichsgezetzblatt I, page 887). This pro- German currency were still further restricted.
gram, with its f ar-reaphing effects on finance, Effective as of June 1, 1936, the Fifth Executechnical methods, prices and wages, will de- tive Decree supplementing the law of May 25,
termine to a great extent the economic devel- 1936 (Reichsgezetzblatt I, page 467) respectopment of the next few years.
ing foreign exchange control, forbade anyWith the cooperation of the Reichsbank one to bring in token currency—with certain
and of the German Clearing Office, existing necessary exceptions—or to receive token curclearing agreements were adapted to our rency illegally brought into Germany from
changing needs; this called for lengthy and abroad. This prohibition was issued under
often difficult negotiations. In addition, a the regulation governing foreign transactions
series of new agreements was concluded. The in Reichsbank notes, for much the same reatrade pact concluded with Lithuania served to sons as imports of reichsmark notes were forrestore German-Lithuanian trade relations, bidden. It was absolutely forbidden to bring
and ended the situation of some years stand- in reichsmark notes after January 1, 1937,
ing in which a treaty had been lacking. The and the regulation governing token currency
new clearing agreement with Austria re- was made still more strict.
placed the former agreement between the two
Standstill Agreement.—The Standstill oblicentral banks and, in addition to trade pro- gations of German banking, commercial, and
visions, abolished the travel restrictions industrial debtors declined further during the
issued in May 1933. A previous clearing ar- past Standstill year to approximately one bilrangement with Canada was superseded by lion reichsmarks, chiefly through conversion
the conclusion of an agreement providing for into registered mark balances for purposes
cash payments by each country for deliveries of travel. The new German credit agreement
of commodities. The trade pact with Russia, of 1937 renewed the former arrangements
which was concluded in April, was prolonged with minor changes for another year, until
in December for the year 1937. A trade February 28, 1938. The restrictions on foragreement was also concluded with Man- eign exchange transfers for reduction of the
chukuo.
principal of the debt, even in the matter of
Because of the difficult foreign exchange credits guaranteed by the German Gold Dissituation, transfer restrictions on the service count Bank, were continued as before. The
of the foreign debt had to be continued with- Standstill creditors were granted the priviout essential change. Accordingly, the trans- lege of cancelling certain credit lines which
fer regulation set forth in the proclamation had been unavailed for two years or longer.
of the board of directors of the Reichsbank The commission previously charged in Geron June 22,1935, was extended to obligations many for cashing drafts and checks on regismaturing in 1936. Besides this general regu- tered mark balances for purposes of travel
446
FEDERAL RESERVE BULLETIN
was abolished—partly to facilitate tourist
traffic—and was replaced by a license fee
charged at the source on all purchases of
travel marks abroad; the foreign exchange
thus obtained will be employed in reduction of
certain credit lines which have not been used
in recent years for the financing of merchandise trade.
The credit agreement for German public
debtors, which covers a total amount of about
42,000,00p reichsmarks, was likewise extended without essential changes for another
year, until March 15, 1938.
Bank law.—On January 30, 1937, as part
of the program for* restoration of complete
German sovereignty, the Reichsbank, by proclamation of the Leader and Chancellor of the
Reich, was declared free of all remaining
international restrictions and was placed di-
MAY
1937
rectly under the Government of the Reich.
The law of February 10, 1937 (Reichsgezetzblatt II, page 47), reorganizing the status of
the Reichsbank and of the German railways,
and amending paragraphs 1, 6, 21, 25, 26,
and 35, of the Bank Law, formally abolished
the "Reichsbank's independence of the Government of the Reich," and made the president and board of directors of the Reichsbank
immediately responsible to the Leader and
Chancellor of the Reich, who already had the
right to appoint and dismiss them. The legal
obligations of the Reichsbank and the president of the Reichsbank to the Bank for International Settlements in Basel were annulled;
cooperation with this institution will be continued on a voluntary basis and on the basis
of complete equality with the other banks of
issue.
MAY
447
FEDERAL RESERVE BULLETIN
1937
BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DEC. 31,1936 AND DEC. 31,1935
[In thousands of reichsmarks]
Assets
Gold, not under lien (gold bars, domestic and
foreign coins):
In the cash offices of the bank
With foreign banks of issue
Cash:
Reichsbank notes
Subsidiary coin
Rentenbank notes
Notes of German private banks of issue-
Credit balances in foreign currencies (of which
the equivalent of 3,395,00c)1 reichsmarks was
assigned as cover for the notes in circulation)...
Foreign notes
Foreign bills and checks
Domestic bills and checks:
Treasury bills of the Reich
Other domestic bills and checks
Silver
Loans against collateral (lombards), viz:
Loans against gold and silver (sec. 21, 3 a, of
the Bank law)
Loans against securities (sec. 21, 3 b, c, d, of
the bank law)
,
Loans against bills (sec. 21, 3 e, of the bank
law)
Loans against goods (sec. 21, 3 f, of the bank
law)
Loans against Treasury bills of the Reich
(sec. 21, 3 g, of the bank law)
Securities eligible for note cover, purchased in
virtue of sec. 21, par. 4 of the bank law
Other securities owrned
Overdue and doubtful claims
Land and buildings
Claims resulting from the settlement with the
Reich
Miscellaneous:
Bank notes no longer fit for circulation
Postponed claim on the German Government in virtue of sec. 11, 4, of the law of
Aug. 30,1924, for the liquidation of Rentenbank notes in circulation
Credit balances with postal check offices
Investments for pension and unemployment
fund
Reichsmark claims on foreign correspondents.
Revolving credit to the Reich
Claims against the Reich for sinking-fund
purchases
Foreign exchange authorized but not yet
delivered
Other claims.
_
Total assets
_
_
i 3,195,000 reichsmarks on Dec. 31, 1935.
1936
1935
Liabilities
40, 266
26,186
62. 246
20. 228
66. 452
82. 475
8, 996, 009
122,540
35, 393
5, 612,
152.
10,
5,
9,153,942
5. 780. 762
—
=--
14.518
2. 276
94, 498
62, 290
5, 356, 416
38
1936
13, 977, 951
Total bank note issue
Credit balances of giro and current accounts
1, 012, 423
Non-interest bearing deposits
27
Original capital
150, 000
Legal reserve fund (including transfers from net
79, 277
profits of the year)
Reserve for pension and unemployment fund
80, 000
241, 962
Reserve for probable losses
685
233
594
250
Reserves for:
Printing of new notes
NewT buildings
Special reserve fund for future payments of dividends
*_
1935
9, 899, 588
1, 031, 755
37
150, 000
75, 273
80. 000
241, 962
14, 327
37,121
15, 953
20,092
51, 449
36, 045
40, 280
40, 261
37, 385
343
226, 807
325
146
433
150
56
70, 082
46, 210
70. 082
45,125
154, 599
142, 545
36, 036
36, 077
32,
142*
53,
4, 356.
1
12
60, 907
72. 418
1, 805
1, 087
11,616
10, 359
50
280
74, 378
84,157
221, 344
312, 250
4,594
30, 000
350,836
324, 499
6,370
30, 000
94. 881
95,971
1,841
1,737
70, 082
13, 900
70, 082
12,713
78, 567
7,501
78, 778
8,483
58, 500
I
22,193
23, 460 I
31,038
111, 005
36, 773 I
100,892
336,128
391, 420
Miscellaneous:
Interest on bills due in 1937
Dividends due but not yet paid
Dollar Treasury notes of the Reich to be redeemed b y the Reichsbank
Liabilities in foreign currencies
Unpaid claim of the German Government—
contra account
Other book debts
Net profits for the year less 10 percent assigned
to the legal reserve.-*.
15.824,004 11, 733, 544
Total liabilities..
1
Interest on bills due in 1936.
15, 824,004 11, 733, 544
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
449
450
FEDERAL RESERVE BULLETIN
1937
MAY
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve bank credit outstanding
Bills
disBills
counted bought
Date
U. S.
Gov- Other
ern- Reserve Total
ment
bank
securi- credit
ties
Money Treasin cirury
culacash
tion
Member bank
reserve balances
Treasury
Other
deposits NonFedwith
memeral
Federal ber de- Reserve
Excess
Reserve posits
ac(estibanks
counts Total mated)
Monetary
gold
stock
Treasury
currency
10,184
10, 225
10,402
10, 608
10,648
10, 716
10,845
11,045
11,184
11, 258
11,358
11,436
11, 574
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,516
2,521
2,532
2,532
2,536
2,541
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543
6,349
6,399
6,377
2,530
2,531
2,583
2,497
2,432
2,404
2,458
2,388
2,364
2,376
2,520
2,608
2,753
1,077
682
518
690
447
104
253
77
78
244
195
194
311
332
356
337
262
306
287
234
205
201
259
281
288
236
259
260
256
257
253
256
262
262
261
261
260
253
258
5,087
5,486
5,719
5,633
6,005
6,410
6,357
6,753
6,788
6,606
6,781
6, 695
6,639
2,305
2,664
2,866
2,717
3,029
1,950
1,840
2,175
2,236
1,984
2,152
2,078
1, 398
End of month figures:
1936—Mar. 31
Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1937—Jan. 31
Feb. 27
Mar. 31
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,474
2,475
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500
2,497
2,465
2,458
Wednesday figures:
1936—June 3
June 10
June 17
June 24
2,430
2,430
2,430
2,430
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
2,430
2,430
2,430
2, 430
2,430
5,877
July
July
July
July
July
1
8
15
22
29
2,430
2,430
2,430
2,430
2,430
2,473
2,472
2,478
2,466
2,460
10, 612
10, 622
10,629
10,634
10,642
2,498
2,498
2,496
2,497
2,496
6,250
6,242
6,190
6,153
6,123
2,501
2,508
2,428
2,436
2,441
731
507
593
519
466
256
263
266
300
298
256
256
255
254
253
5,589
5,814
5,872
5,935
6,016
2,670
2,883
2,923
2,986
3,049
Aug.
Aug.
Aug.
Aug.
5
12
19
26
2,430
2,430
2,430
2,430
2,463
2,477
2,457
2,465
10, 650
10,661
10, 678
10, 695
2,496
2,498
2,499
2,501
6,163
6,170
6,184
6,184
2,427
2,421
2,410
2,410
439
338
215
143
321
337
342
336
254
255
255
256
6,005
6,116
6,229
6,332
3,051
3,167
1,813
1,892
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
2,430
2,430
2,430
2,430
2,430
2,463
2,482
2,495
2,473
2,473
10, 717
10, 736
10, 762
10, 786
10, 845
2,502
2,508
2,507
2,509
2,512
6,225
6,276
6,255
6,239
6,267
2,375
2,365
2,371
2,399
2,458
107
55
418
388
253
280
271
251
255
234
255
288
263
263
262
6,441
6,471
6,206
6,225
6,357
1,958
1,997
1,714
1,743
1,840
2,430
2,430
2,430
2,430
2,472
2,485
2,463
2,462
10, 971
11,003
11,008
11,031
2,509
2,512
2,514
2,514
6,305
6,316
6,311
6,302
2,440
2,421
2,403
2,390
196
135
88
100
271
249
227
220
263
261
264
263
6,479
6,617
6,693
6,732
1,954
2,072
2,127
2,158
2,448
2,470
2,464
2,457
11,058
11,105
11,127
11,162
2,515
2,516
2,520
2,520
6,378
6,393
6,375
6,429
2,392
2,366
2,378
2,370
95
55
50
79
200
191
197
206
262
262
260
261
6,693
6,825
6,851
6,795
2,138
2,260
2,276
2,210
Oct.
Oct.
Oct.
Oct.
7
14
21
28
Nov.
Nov.
Nov.
Nov.
4
10
18
25
2,430
2,430
2,430
2,430
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
2,430
2,430
2,430
2,430
2,430
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
278
265
266
270
6,775
6,731
6,674
6,507
6,572
2,205
2,157
2,046
1,881
1,946
1937—Jan. 6_._.
Jan. 13..
Jan. 20—
Jan. 27...
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
Feb.
Feb.
Feb.
Feb.
3
10___.
17__.
24___
2,430
2,430
2,430
2,430
28
42
41
22
2,463
2,477
2,478
2,460
11, 364
11, 387
11,403
11,425
2,531
2,531
2,530
2,532
6,348
6,360
6,351
6,372
2,529
2,563
2,575
2,602
176
132
162
180
310
300
302
261
259
256
255
6, 758
6,771
6,768
6,705
2,150
2,184
2,186
2,097
Mar. 3____
Mar. 10...
Mar. 17...
Mar. 24...
Mar. 31—
2,430
2,430
2,430
2,430
2,430
17
16
12
22
12
2,457
2,454
2,450
2,463
2,458
11,443
11, 484
11,515
11, 541
11, 574
2,535
2, 537
2,538
2,537
2, 541
6,407
6,376
6,385
6,375
6,377
2,620
2,672
2,697
2,723
2,753
216
186
87
279
311
280
238
243
326
236
253
254
261
260
258
6,660
6,749
6,578
6,639
1,310
1,380
1,449
1,269
1,398
Apr. 7__._
Apr. 14_._
Apr. 21. __
2,459
2,487
2, 487
23
27
25
2,493
2,528
2,523
11, 592
11, 697
11,737
2,539
2,541
2,540
6,387
6,383
2,774
2,876
2,914
275
112
119
247
236
245
258
258
259
6,684
6,901
6,877
1,627
1,587
1,442
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. 390.
451
FEDERAL RESERVE BULLETIN
MAY 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
Apr. 14
Apr. 21
Apr. 7
1937
Mar. 24
M a r . 17
Mar. 10
Mar. 3
Mar.
Feb.
Mar.
ASSETS
Gold certificates on hand and due from
8, 843, 903
U S Treasury
9, 776
Redemption fund—F. R. notes
_
Other cash
_• 282, 306
- 9,135, 985
Total reserves _
Bills discounted:
For member banks
For nonmember banks, etc
8, 843, 894 8, 843,905 8,844, 385 8,844,417 8, 846, 407 8,847, 402 8, 844,400 K 847, 398 7, 665, 346
10, 656
11,149
12,095
12, 523
11,198
11,449
11, 375
11,475.
14,865
279, 673
273, 758
270,407
265, 865
263,025
266,405
275, 480
347,090
285,028
9,134, 223 9,128, 812 9,126,887 9,122, 805 9,120, 630 9,125, 256 9,140, 803 9, 134, 353
8,027,301
7, 492
200
10, 848
200
7,950
200
7,492
200
4,134
200
4, 724
200
7,339
11,807
200
4,619
7,654
359
7, 692
11, 048
8,150
7,692
4,334
4, 924
7,339
12,007
4,619
8,013
396
3,069
444
3,078
354
3,082
233
3,077
3,079
3,083
3,083
265
3,082
3,083
4,674
3,465
23,084
3, 522
22, 544
3, 436
22,566
3,310
22, 666
3,079
22, 653
3,083
23,037
3,083 i
23,106
3,347
22, 338
3,083
23, 257
4,674
30,409
688, 621
1,174, 343
623, 619
689, 621
662,084
631, 784
533,682
589, 725
533, 682
636, 890
533,682
1,190, 343 1,190, 343 1,231,343 1, 261, 343 1, 303, 971 1,303,971 il, 218, 843 1 303, 971
606, 619
606, 619
592, 574 ; 574,494
567,100
579,159
592, 574
592, 574
265, 689
1, 554,894
609,667
2, 486, 583
2,227
2, 486, 583 2, 459, 046 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2,430, 227 2, 430, 227
4,471
-493
-10,681
- 6 , 259
-1,339
-7.417
4,232
-9,680
2,430, 250
537
2, 523, 051
2, 528,168 2, 492, 705 2, 462, 556 2, 449, 612 2, 453,854 2, 457,496 2,458, 239 2,465, 418
2, 473,883
4,184, 068
4,176,094 4,178, 661 4,166, 726 4,172, 763 4,169, 467 4,195, 436 4,174, 231 4,190, 294
3, 763, 758
Deposits:
6, 876, 640
Member bank—reserve account
118,631
U. S. Treasurer—general account._
99, 234
Foreign bank
145, 780
Other deposits
6,900, 752 6, 683,964 6, 578, 279 6,829, 578 6, 749,105 6, 660,138 6,639,080 6, 694, 612
111,674
274,867
278, 659
86,538
186,381
216,471 ! 310,950
193,854
93, 622
93,463
102,999
88, 588
79,217
108, 924 1 71,405
114,760
142, 271
153,102
223, 223
154, 860
171,342 : 164,149
159,198
173, 541
5,087,086
1,077,494
62, 694
269, 477
7, 248,319 7, 205, 396 7,183,160
6,496, 751
Total bills discounted
Bills bought:
P^vahlp in dollars
Payable in foreign currencies.. __
Total bills bought
Industrial advances
-__
U. S. Government securities:
Bonds
Treasury notes
Treasury bills _. _ .
__ _
Total Government securities
Other Reserve bank credit
Total Reserve bank credit outstanding
LIABILITIES
F. R. notes in actual circulation
Total deposits
. 7, 240, 285
Ratio of total reserves to deposit and ;
F. R. note liabilities combined (per
cent)
. . .
80.2
80.0
80.0
7,159, 564 7,173, 901 7,156,875 7,185, 584 7, 176, 767
80.4
80.4
80.5
80.4
80.5
80.4
78.2
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY
FEDERAL RESERVE BANKS
[In thousands of dollars]
Bills discounted:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Bills bought in open market:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Industrial advances:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
U.S. Government securities:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
6
months
to
1 year
1 year
to
2 years
2 years
to
5 years
1,947
2, 210
2,312
2,258
3,681
3,714
3,779
3,830
5,447
5,511
5,507
5,506
8,888
8,804
8,818
9,279
368, 224
364,462
365, 962
353. 990
357,153
351, 566
363, 810
367. 225
274, 257
254, 971
254,971
254, 971
707, 518
706, 068
703, 068
687, 068
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
12,007
8,150
11, 048
7,692
11, 360
7, 487
10, 424
7,101
303
248
253
41
51
48
59
106
293
228
355
186
61
74
80
3,347
3, 436
3,522
3,465
82
2,715
171
373
385
59
198
309
414
395
301
2,665
2,555
353
2,795
22, 338
22, 566
22, 544
23, 084
1,285
983
781
883
137
204
233
249
400
445
446
459
553
695
668
620
2, 430, 227
2, 459, 046
2, 486, 583
2, 486, 583
5, 000
12,277
010
827
437
527
75, 922
84, 365
71, 271
80, 158
Total
12,
22,
23,
27.
277
277
740
320
53,
61,
52,
55,
Over
5 years
i
!
!
!
581,866
608, 510
639, 047
638, 047
452
FEDERAL RESERVE BULLETIN
MAY
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Boston
Total
New
York
Philadelphia
Cleveland
Richmond
MinSt.
Chicago Louis
neapolis
Atlanta
Kansas
City
San
Dallas Francisco
ASSETS
Gold certificates on hand and due
from U. S. Treasury:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Redemption fund-—Federal Reserve
Notes:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
--..
Other cash:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Total reserves:
Mar. 31
Apr. 7
:
Apr. 14
Apr. 21
Bills discounted:
Secured by U. S. Government
obligations direct or fully guaranteed:
Mar. 31
Apr. 7
-Apr. 14
Apr. 21
Other bills discounted:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Total bills discounted:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Bills bought in open market:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Industrial advances:
Mar. 31
Apr. 7
Apr. 14
-._.
Apr. 21
-...
U. S. Government securities:
Bonds:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Treasury notes:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Treasury bills:
Mar. 31
Apr. 7_—
Apr. 14.
Apr. 21_
Total U . S . Government securities:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Total bills and securities:
Mar. 31
Apr. 7.__.
Apr. 14..._
Apr. 21.._
_.
Due from foreign banks:
Mar. 31
Apr. 7
Apr. 14._._
Apr. 21
___
_
8, 844, 400
8, 843, 905
8, 843,894
8, 843, 903
512, 843 3, 499. 485 i58, 635
512, 873 3, 426, 726558, 565
482, 857 3,425,053 542, 295
485, 252 3,
!, 386, 691536,
T 719
652,153 285,192 252, 588 .
1, 589, 277250,372 184,
t,675 256,980 176, 664 625, 536
652, 452 292, 717 257,110 ,
1 615, 405259,813 188,006 264,854 75, 536 639,848
657, 489 276,120 252,104 1,672, 584 264, 291 180,845 262,175 173, 869 654, 212
653,008 273,992 248, 750 1,724,447 270, 720 184, 287 267, 755 165, 762
~~~ 646, 520
11,
11,149
10,656
9, 776
1,003
976
966
930
1, 526
1,399
1,243
1,061
463
403
798
753
688
636
512
666
661
296
285,028
273,758
279, 673
282, 30C
24,778
28,166
30,194
31, 217
80,957
76, 080
83, 470
85, 098
29, 513
27, 722
28,197
28,156
19,164
17,636
14,78'
14, 276
20, 253
20, 217
18,419
18,413
9,140, 803
9,128,812
9.134, 223
9.135, 98,
538, 624 3,581,968
542,015 3, 504, 205586, 776
514, o r 3, 509, 766570, 955
517, 399 3, 472, 850565, 278
3, 449
879
312
747
3,453
4,203
5,809
2,949
1,238
999
1,174
1,018
45
65
255
128
1,147
1,500
1,259
1,432
120
174
152
257
574
886
658
712
63
60
73
74
18
18
18
18
12,007
8,150
11,048
7, 692
3,569
1,053
464
1,004
4,027
5,089
6,46:
3,661
1,301
1,059
1,247
1,092
273
146
3,347
3,436
3,522
3,465
224
224
224
223
1,326
1,415
1,501
1,453
319
319
319
318
22, 338
22, 566
22, 544
23,084
2,786
3,286
3,301
3,278
5,477
5,446
5, 449
6,081
4, 286
4,232
4,208
4,228
636,890
662,084
689, 621
688,621
46,040
48, 287
50, 281
50, 207
170, 938
188,195
196,815
196, 531
574,494
606, 619
606, 619
623, 619
11,470
11,129
10, 724
10, 373
566
516
434
358
1,387
1, 375
1,369
1,346
772
76'
760
753
520
512
503
492
571
562
556
546
1,136
1.124
1,049
1,033
31,360
30,790
29,937
31, 305
12,546
12, 009
12,439
13,162
6, 866
5,532
5,207
4,999
15, 834
15, 257
16, 399
15, 599
6,031
6,130
6,232
5,903
26, 256
23,090
23, 668
23,805
672,115 305, 957 266,102 1, 621, 203 264, 305 192, 313 273, 334
183, 266 652, 928
670, 841 313, 600 270, 249 1, 646, 711 273,197 194, 305 280, 623
182, 228 664, 062
672, 964 295, 200 264, 792 1, 702, 955 278,099 186,812 279,077
180, 657 678, 929
667, 920 292, 701 261, 045 1, 756,110 285, 228 190,039 283, 846
172,211 671, 358
10, 860
6,650
9,789
6,260
1, 218, 843
1,190,343
1,190,343
1,174,343
2,044
2,010
1,964
1,922
185
120
405
305
75
75
250
980
30
100
100
175
15
5
100
150
130
50
39
39
489
543
10
20
45
60
7
7
7
7
23
35
35
34
57
45
45
31
5
5
5
5
42
40
39
79
165
157
143
142
64
75
64
194
129
414
314
7
82
82
257
2,363
35
1,015
64
57
145
145
206
6
5
20
10
142
190
169
129
204
196
632
685
74
84
120
124
293
293
293
292
120
120
120
119
108
108
108
10'
385
385
385
384
86
60
60
60
60
87
87
87
87
252
252
252
249
1,055
1,053
1,053
2,221
2,199
2,198
2,192
394
331
330
269
1,049
1,008
1,008
1,006
342
339
339
339
802
796
795
787
727
714
714
704
1,250
1,247
1,237
1,918
1,913
1,912
1,912
56, 205
57, 586
59,904
59,818
2,340
51,045
55, 758
58,144
58, 060
88,108 327,131 97, 688
338,352 100,246
>,787 339,719 100,362
85, 621 335,152 99,013
65, 578
64,460
67,138
67,039
34, 964
35,168
36, 500
36, 447
28,812
29,287
30, 419
30,376
72,439
73, 239
76,167
76,055
30, 414
29,466
30, 572
30, 529
22, 389
21,727
22, 549
22, 516
33,178
32,878
34,095
34,046
24,:
26,033
27,037
26, 997
125,497
115,890
115, 886
114, 329
66, 913
63,227
63,001
62,155
55,139
52, 655
52, 507
51,800
138, 629
131,676
131,470
129, 704
58, 206
52,975
52, 771
52,061
42,845
39,064
38,920
38, 397
63,495
59,111
58,852
58,061
47, 629 107, 563
46,802 103, 532
46,667 103,401
46,040 102,010
46,044
51,087
51,146
52, 579
59,153
59,060
59,05"
60,713
65,342 27, 434
67,104 26,997
26, 893
68,877 27,646
20,195
19,907
19,835
20,391
29,928
30,124
29, 992
30,832
22,449
23,852
23, 782
24,449
41, 530
44, 241
44, 229
45, 468
154,191
172,430
173,127
177,978
31, 539 25,990
32, 222
32,107 26,758
33,007 27, 508
50,699
52, 762
52, 694
54,171
652, 260 194, 777
698,977 207,091
709, 661 209, 652
709, 661 209, 652
250, 228 133,416 109,941
239, 410 130,617 108, 775
109,
242, 081 131, 608 "1,684
242,081 131,609 109, 684
276," 410 116,054 85,429 126,601 94,966 214,467
122,113
272,019
109, 438
213,880
__. __„
274,
636n o 236 81, 304 122,939 97,486 215,999
274, 636 110, 236 81, 304 122,939 97,486 215,999
2,467,919 182, 257 663,090 200, 683
2,493,198 183,904 710,927 212, 701
— '"
2, 523,697 185, 286 723,078 215,426
2, 520,824 185,801 720,856 215,290
251,670 135,951 110,450
240,841 133,065 109, 296
243, 700 134, 340 110,204
"i, 317
243, 572 134, 234 110i
280, 207 116, 539
273, 447 110,008
277,044 "1,806
110,
276,090 110,867
2,430, 227 [175,678
2,459,046 179,341
2, 486, 5831181, 297
2, 486, 583[181, 296
227
227
230
230
17
17
17
1'
21
21
21
21
10
10
10
10
8
8
8
8
27
27
27
27
4
4
4
4
86, 297 127, 557 96,507 216,711
' 559 123,104
216,129
81,
82,179 123, 909 99,442 218, 283
82,161 123,859 99,493 218,284
6
6
16
16
16
16
MAY
453
FEDERAL RESERVE BULLETIN
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Dallas Francisco
ASSETS—continued
Federal Reserve notes of other banks:
329
4,718
19,185
Mar. 31
331
4,195
812
21,008
Apr. 7
340
5,194
20, 621
888
Apr. 14
352
6,845 1,016
23, 904
Apr. 21
Uncollected items:
622,090 63, 731 159,161 50, 255
Mar.31
600,029 59, 523 156,186 43, 868
Apr. 7
780,351 79, 645 197,051 58,107
Apr. 14
693, 276 78,093 168, 862 52, 331
Apr. 21
Bank premises:
3,043
10, 088 4,920
45,
Mar. 31
10,088 4,920
45,870 3,043
Apr. 7
10,088 4, 920
45, 872 3,043
Apr. 14
3,043
10, 088 4,920
45,
869
Apr. 21
All other assets:
2,
662
11,488
43,393
5, 263
Mar. 31
12,396 5,476
44,129 2,703
Apr. 7
12.
640
45,631
2,711
6, 588
Apr. 14
12, 395 5,474
43,944 2, 666
Apr. 21
Total assets:
850,812
.2, 339, 49' 790, 663 4,
Mar. 31
:, 430, 600
[, 398,083
854, 576
.2, 333, 273 791, 536 4,
Apr. 7
.2, 550, 62.r '85,059 4,457, 905856,907
Apr. 14
4,
391,
984
844, 332
.2, 464, 032 787,371
Apr. 21
1,360
1,469
1,324
1,466
1,185
1,802
1,277
1,833
2,086
2,152
2, 354
2,227
2, 667
2, 673
2,923
2,446
64,993
52, 470
78, 242
65, 573
57, 384
51,461
70,110
56, 339
23, 796
23, 520
27, 387
24, 869
81,310
80,732
109,890
93, 490
24, 423
26, 563
33,934
32, 076
6,333 2,782
6, 333 2,782
6, 333 2,782
6,332 2,782
2, 226
2, 226
2, 226
2,224
4,680
4, 680
4,682
4,682
4,872
4,726
4,747
4,720
1,818
1.:"
1, 795
1,772
4,091
4,051
4,086
4,033
2,780
2,737
2,792
2,719
1, 397
939
2,403 1,419
1,281
917
2,471
1,446
1,004
1,504
1,398
482
645
403
320
1, 595
2,103
2,216
2,662
14, 551
15, 622
16,824
15, 892
30, 976
31, 742
39,215
36, 756
20, 658
23,487
30,534
29,210
30, 852
34,855
39, 412
39, 785
2,377
2, 377
1, 496
1,500
1,500
2, 377 1,500
3,257
3,243
3, 243
3,243
1,255
1, 255
1,255
1,255
3,423
3,423
3,423
3,423
1,800
1, 689
1, 693
1,
1, 637 1,981
1, 580 1,923
1, 599 1, ""'
1,556 1,950
1,686
1,746
1,710
1,711
3,315
3,301
3,306
3,266
,001,364 506,
i, 4861,994,185 410, 845 297, 236 438, 557303,
908,840
976,701 505,457 409,
i,252 " 012,321 416,241 295,988 441, 64, 307, 584 923, 889
, 007, 331506,511 408, 766 101, 607 428,194 289, 834 448, 919 314,007 945, 585
989, 604 490, 618 402, 462 136, 878 '"1,705
434,
292,019 4;
•51, 059 304, 206 938, 794
LIABILITIES
Federal Reserve notes in actual circulation:
Mar.31
Apr. 7
Apr. 14
Apr. 21
Deposits:
Member bank—reserve account
Mar.31
Apr. 7
Apr. 14
Apr. 21
U.S.Treasurer—general account
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Foreign bank:
Mar.31
Apr. 7
Apr. 14
Apr. 21
Other deposits:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Total deposits:
Mar.31
Apr. 7
Apr. 14
Apr. 21
Deferred availability items:
Mar.31
Apr. 7
Apr. 14
Apr. 21
Capital paid in:
Mar. 31
Apr. 7
Apr. 14...
Apr. 21
Surplus (section 7):
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Surplus (section 13b):
Mar.31
Apr. 7
A p r . 14
Apr. 21
4,174, 231
4,178, 661
4,176. 094
4,184, 068
336, 896
319,313
319, 930
321, 649
897, 521 307,126
893,116 306, 755
888, 469 310, 306
886, 739 308, 678
335, 285
6, 683, 964 360, 346
6, 900, 752 344, 587
6,876, 640 348, 611
3,029,403 405, 983
2, 974, 554 432^
1,922
3,106, 805431,116
3, 059, 241429, 296
310, 950 24,083
274,86^ 19,104
111,674
8, 480
118, 631 4,564
115,208 12, 236
138, 931 10,982
43, 930 4,781
57,112 2,292
416, 752 197, 329 183,174
420,933 197,103 185,971
423, 394 196,112 184, 498
427, 951 195,160 184, 597
950,329 178,834 137,491 158, 390 88, 446 321, 943
958, 424 179, 693 139,070 160,354 89, 586 328, 343
959, 290 179,132 138,921 158, 934
328, 303
963, 546 179,179 139, 470 159, 970 90,182 326, 947
438,193 210, 569 166, 278 859,
181,162 126, 293 226, 752 166, 449 492, 818
432,018 218, 550 170,685 886, 216 185, 030 122, 241 232, 288 165,887 503, 227
434,058 214, 520 170, 213 968,014 192, 241 115,469 231,134 170,136 522,459
425, 35; 214, 636 170,818 1, 019, 206189,138 117, 507 228, 808 163, 039 510Ji, 985
29,037 21,696 15,987
16,"" 17, 642 10,52"
7,464 4,898 8, 767
3,922 1,641 3,176
47, 536 3,807
30,638 3,620
7,285 1, 962
2,117 12,015
71, 405
93, 463
93,622
99, 234
4,991
6,846
6,848
7,266
27, 718
33, 534
33,681
35,""
6,700
9,191
9,193
9,754
6, 290
8, 628
8,630
9,15'
2,940
4, 033
4,034
4,280
2,393
3,282
3,283
3, 483
7,930
10, 879
10, 881
11, 545
164,149
153,102
142, 271
145,780
1,768
2,106
2,081
1,830
80,374 32, 628
82, 654 17,143
72, 25' 9,411
70, 706 8,602
13, 278
13,450
22, 789
22, 781
2, 896
2, 715
3,483
3, 594
3,149
3,080
2,775
3,733
1,465
1,440
1,655
2,24"
7,185, 58'
7, 205,396
7, 248, 319
7, 240, 285
366,12' 3, 252, 703457, 54'
388,402 3, 229, 673470,238
361,996 3, 256, 673454, 501
362, 271 3, 222, 861449, 944
631,997
600,749
776,110
691, 279
63,694
59, 799
79,122
79, 458
158, 773
153,466
190,479
160, 825
132, 235
132,176
132,168
132,186
9,377
9,380
9,380
9,378
145, 854
145, 854
145, 854
145,854
27, 49C
27, 49C
27, 49f
27, 49C
3, 511
3,325 3,570
2,381 6,541
2,329 10, 061
8,403
6.
3,
1,964
20, 857
12, 672
11,798
17, 438
1,5;
2,157
2,158
2,289
1,983
2,720
2, 720
2, 886
1,983
2,720
2, 720
2,720
4, 854
6,659
6, 660
7,066
6, 773 4,517
6, 267 4,439
5, 998 4,662
4,694
169
761
174
2,818
4,301
5,404
4,612
4,528
12, 831
13, 643
12, 374
13,366
2,051
2,814
2,814
2,986
486, 798 238,101 187,
916, 826 193,793 135,
237,
471,084 242; 940 187, 574 929,173 197, 731 132,162 239,
472,941 226,935
!
185,038 987,835 203,015 124, 670 240,
, 215 224,
461,""
,151 181, 210 1,035,115 211,020 126, 819 244,
493 181,136 531, 360
339 180, 879 536, 201
569 180,855 553, 291
573 172, 251 548,855
27, 705
28, 329
35, 488
34, 006
14, 500
15, 343
16,879
16, 320
32, 763
32, 015
39,444
36, 552
587
587
585
587
3,804
3,812
3,810
3,810
2,89;
2,89;
2,89;
2,898
3,992
3,993
3,
3,993
3,868 10,111
3,866 10,112
10,112
10,115
3^
504
504
504
504
4,655
4,655
4,655
4,655
3,116
3,116
3.116
3,116
3,613
3,613
3,613
3,613
3,851
3,851
3,851
3,851
9,645
9,645
9,645
9,645
1, 416
1,416
1, 416
1,416
545
545
545
545
1,003
1,003
1,003
1,003
1,142
1,142
1,142
1,142
1,262
1,262
1,262
1,262
1,996
1,996
1,996
1,996
52,813
44,161
57, 593
52, 207
66,128
52,914
79,164
68, 615
55, 664
50, 42"
68, 436
56, 259
22,916
23,075
26, 569
24,007
51, 328
51, 260
51,260
51, 259
12,
12,
12,
12,
238
239
239
241
12, 850
12, 846
12, 841
12, 855
4, 857
4,858
4,858
4, 857
4,326
4,326
4,331
4,331
12,
12,
12,
12,
9,826
9,826
9,826
9,826
51, 474
51, 47'
51, 474
51, 474
13, 362
13, 362
13, 362
13, 362
14, 323
14, 323
14, 323
14, 323
4,
4, 869
4, 869
4,869
5, 616
5,616
5, 616
5,616
21,
21,
21,
21,
2,874
2,874
2,874
2,874
7,744
7,744
7,744
7,744
4, 32£
4, 32E
4,32,
432
1,007
1,007
1,007
1,007
3,422
3, 422
3,422
3,422
754
754
754
754
82, 427
80, 049
109, 890
93, 559
23, 212
26, 001
33,200
30, 737
31,402
35,170
39,846
38, 734
454
FEDERAL RESERVE BULLETIN
MAY
1937
ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY
WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.
Chicago Louis
Minneapolis
Kansas Dallas
City
SanFrancisco
LIABILITIES—continued
Reserve for contingencies:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
All other liabilities:
Mar. 31
_
Apr. 7
Apr. 14
___
_
Apr. 21
Total liabilities:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Commitments to make industrial
advances:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
36.176
36.177
36,177
36,142
1,570
1,570
1,570
1,570
9,260
9,260
9,260
9,260
3,000
3,000
3,000
3,000
3,120
3,121
3,121
3,121
5,930
6,770
8,413
6,728
299
372
361
345
1,797
2,090
2,546
1,822
401
496
1,581
575
386
473
540
517
1,522
1,522
1,522
1, 522 1, 690
285
316
357
378
203
246
270
257
1,197
2,07
2,076
2,076
2, 069
941
941
941
941
1,847
1,847
1,847
1,847
2,037
2,037
2,037
2,037
312
279
352
293
260
321
272
324
223
248
283
275
238
292
325
214
346
385
355
465
7,916 1,197
7, 916 1,197
7,916 1,197
1,180
1,252
1,171
1,263
850,812 1, 001, 364506,
I, 845 297, 236 438, 551
12, 339,497 790, 663 1,430,600
I 049 406, 486 1, 994,185 410,
4,
303, 860 908, 840
416,241 295,
""" '988 441, 645
" 307, 584 923, 889
12, 333, 273791, 536 4,
,398,
"""
"""
I '
"""409, ~"
2522,012,321
5
398, 083"'854',
576976, 701 505,
457
"
"
" 945,585
12, 550, 625785,059 4,
t, •"
457, 905 856,~907
-,1007, 331
i
408,
766
!
2,
,
101,
607
428;
194
289,
834
448,
919 314',
007
506, 511
12, 464, 032787,371 '
4, 391, 984 844, 332 989, 604 490, 618 402, 462 2,136,
434,
:36,8r~878-•
--705
" 292, 019 451, 059 304,
"- 206 938, 794
18,611
19. —
19,211
17! 530
1,932
2,431
2, 413
2.39"
7,852
7,878
7, 839
6,302
178
174
174
174
1,189
1,182
1,179
1,175
2,314
2,275
2,268
2,191
272
364
359
358
1,037
1,004
1,004
1,004
142
139
139
136
444
444
444
3,174
3,402
3,317
3,306
455
FEDERAL RESERVE BULLETIN
1937
MAY
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO APRIL 21, 1937
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date,
net
Number
1936—Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
1937—Jan. 27
Feb. 24
Mar. 31S
Apr. 21 _—
7,934
8,046
8,113
8,158
8,197
8,240
8,284
8,308
8,379
8,427
8,483
8,502
Amount
319, 595
323,669
329, 316
331,391
331, 659
333,930
336,119
336,763
339.903
342, 699
342, 999
343.904
346, 911
348,032
Applications recommended for
approval by Industrial Advisory
Committees to date
(with and without conditions)
Applications approved to date by Federal Reserve banks (with and
without conditions)
Number
Number
2,294
2,338
2,374
2,394
2,413
2,437
2,463
2,477
2,483
2,500
2,506
2,517
2,543
2, 554
Amount
Expired, FinancFederal Federal
repaid, ing instiReserve Reserve
Approved or
bank
withtution
bank
but not drawn
by particiadvances commitcomments
applipations
outpleted i
outcant,
outetc.
Amount standing standing
standing 2
Total
138,450
140,104
141, 749
142, 811
143,978
145, 939
147,191
148,237
148, 317
149, 204
149, 527
149, 711
150, 561
151,868
2,097
2,139
2,162
2,183
2,198
2,218
2,243
2,259
2,266
2,280
2,287
2,297
2,323
2,333
129, 580
131,195
132, 549
133, 343
134, 233
135, 421
137, 251
138,731
139,829
140,213
140,515
141,545
143, 819
30, 947
30,800
30, 958
30,487
30, 217
29,265
28,885
27,038
26, 720
25, 533
24, 781
24, 208
23, 054
23, 800
25,421
25, 576
25,095
24,454
23,711
23,355
23, 307
22,790
22,040
20, 959
20, 238
19, 523
18,611
17, 530
11,008
9,730
9,343
9,381
8,429
9,168
8,566
8,544
7,719
8,226
7,697
7,709
7,898
8,578
54, 654
57, 351
59, 512
61,422
64, 342
66,304
69, 217
72,915
75,045
77,903
80, 500
82,163
7,550
7,737
7,641
7,599
7,534
7,329
7,276
7,444
7,414
7,208
6,997
6,912
6, 767
7,279
85, 215
86, 632
1
2
Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$11,090,048 on Apr. 21, 1937.
3 Apr. 28 figures not yet available.
NOTE.—On Apr. 21, 1937, there were 40 applications amounting to $3,185,000 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleve
land
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
324, 250 444, 504 207,110 206, 298 977,121 187, 023 141, 703 170,371
Mar. 31
t, 480, 832
320, 588 445, 222 207, 704 205, 590 983, 509 188, 366143,177 171, 636
4, 478, 480 ,
Apr. 7
4, 474, 511 346, 317 996', 912 324,999 447, 603 206,101 205, 518 985,624:187, 256 143,293 171, 781
Apr. 14
4,480, 484 134,929 993, 892 326, 467 451, 546 205, 941 204, 882990,433 187,128 143,298 170,810
Apr. 21
337, 856
Held by Federal Reserve bank:
26, 792 8,189 4,212 11,981
306, 601 18,711 101, 058 17,124 27, 752 9,781 23,124
Mar. 31
25, 085 8,673 4,107 11, 282
Apr. 7
-- 299, 819 27, 004 105, 395 13, 833 24, 289 10, 601 19, 619
26, 334 8,124 4,372 12, 847
Apr. 14
-. 298, 417 14, 999 108, 443 14, 693 24, 209 9,989 21, 020
296, 416 16,207 107,153 17, 789 23, 595 10, 781 20, 285
26,887 7,949
Apr. 21
10, 840
In actual circulation;i
,752 197, 329 183,174 950, 329 178, 834 137,491 158,390
4,174,231 336, 896 897, 521 307,126 416,'
Mar. 31
,
139,070
185,
971
197,103
420,
933
4,178,
661
179,
693
893,116
160, 354
306, 755
319, 313
Apr. 7
958, 424
4,176,094 319, 930 888; 469 310; 306 423, 394196,112 184, 498 959, 290 179;
179,132
132 138; 921 158,934
Apr. 14
"' -— 139,470
--- — 159,970
4,184, 068 321, 649 886, 739 308, 678 427, 951195,160 184, 597 963,546 179,179
Apr. 21_-_
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
4, 509,132 386,000 1, 000, 000332, 000 448, 000 209, 000 180,000 990,000 171, 632 138,000 167,000
Mar. 31
4, 508,132 371, 000 1, 000, 000332, 000 448, 000 209, 000 180, 000 990,000 174, 632 144,000 172,000
Apr. 7
4, 510,132 371,000 1,000,000 332,000 448,000 206,000 180,000 1,000,000 174,632 137,000 174,000
Apr. 14
4, 516,132 371, 000 1, 000, 000332, 000 453, 000 207, 000 180, 000 1, 000, 000 174, 632 137,000 174,000
Apr. 21
Eligible paper:
45
185
3,934 1,24'
39
2,340
136
11,750 3,555
Mar. 31
75
65
120
127
12
5,004 1,005
7,912 1,039
184
Apr. 7
75
255
405
127
163
6,518 1,193
450
10, 949
Apr. 14
250
128
305
200
124
7,472
3,581 1,03"
990
Apr. 21
U. S. Government securities:
30, 000
22,000 5,000 5,000
62, 000
Mar. 31
30,000
15,000
45,000
Apr. 7
30,000
15,000 7,000
52,000
Apr. 14
30,000
52,000
15,000
7,000
Apr. 21
Total collateral:
Mar. 31
Apr. 7
Apr. 14
Apr. 24
4, 582,882 i,555 1,003, 934 333, 24' 448, 045 209,185 210, 000 992, 340 193, 671 143,000 172,136
4, 561, 044372, 039 1,005, 004 333,005 448,065 209,120 210,075 990,012 189, 759 144,000 172,184
4, 573, 081371, 450 1, 006, 518 333,193 448, 255 206, 405 210, 075 1, 000, 992 189, 759 144,015 174,163
4, 575, 604371. 990 1, 003, 581 333, 037 453, 128" 207,
" ^ 305 210, 250 1,000, 041 189,832 lf4,005 174,124
San
Dallas Francisco
96, 829 371, 437
97, 378 370, 482
96, 519 373,976
373,
98, 214 370,017
8,383
7,792
7,714
8,032
49, 494
42,139
45, 673
43, 070
88, 446 321,943
89, 586 328, 343
88, 805 328,303
90,182 326, 947
98, 500 389,000
98, 500 389, 000
98, 500 389,000
98, 500 389, 000
182
185
624
67'
87
96
132
134
98, 682 389,087
98, 685 389, 096
99,124 389,132
19177
389134
19,17 389,134
456
FEDERAL RESERVE BULLETIN
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
All member banks. _ 30, 285 25,073 U, 169
Reserves with
Federal Reserve
banks
Required Held
5,333
6,704
1,371
9,712
2,006
779
444
2,250
480
2,652
533
401
54
Reserve city banks:
Boston district
New York district
Philadelphia district._
Cleveland district
Richmond district
Atlanta district
._
Chicago district
St. Louis district
Minneapolis d i s t r i c t Kansas City district—
Dallas district
San Francisco district-
994
195
1,156
1,450
640
604
1,150
741
343
945
588
1,915
890
156
955
1,191
506
445
860
581
270
676
405
1,535
123
142
225
715
208
163
481
171
95
161
109
1,837
162
35
179
245
99
86
176
111
52
127
77
365
233
37
255
311
140
100
236
130
59
160
97
445
71
2
76
65
41
13
60
19
7
33
21
80
10, 730
8,471
4,428
1,715
2,203
488
Country banks:
786
Boston district
1,237
New York district
Philadelphia district..
582
Cleveland district
581
Richmond district
481
Atlanta district
481
Chicago district
772
St. Louis district
322
Minneapolis district._.
293
Kansas City district...
433
Dallas district
464
San Francisco district.
342
624
986
455
419
331
313
547
223
200
268
293
222
568
1, 367
848
615
329
204
602
212
272
155
91
253
106
193
100
84
58
49
99
38
39
41
41
40
134
276
135
128
82
72
167
57
59
70
77
56
28
84
35
44
25
23
69
18
21
29
36
16
4,882
5,517
888
1,315
428
Total
6,776
All
member 1
banks
Excess
Central reserve city banks:
10, 521
New York
2,258
Chicago
Total
1937
MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS
RESERVE POSITION OF MEMBER BANKS,
MARCH 1937
Gross Net
dedeTime
demand mand
posits
dedeposits posits i
MAY
i Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
NOTE. —Reserve requirements increased by 16% per cent effective
March 1. See table at foot of page 344, April BULLETIN, for percentages
of deposits required to be held as reserves.
Total reserves held:
1936—January..
February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
February
March 3
Week ending (Friday):
Mar. 53
Mar. 12
Mar. 19
Mar. 26
Excess reserves:
1936—January
February
March
April
May
June
July
Aug. 1-15
Aug. 16-312
September
October
November
December
1937—January
February
March 3
Week ending 3(Friday):
Mar. 5
Mar. 12
Mar. 19
Mar. 26.. _ _
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banksi
5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,063
6,291
6, 345
6,594
6,785
6, 665
6,716
6,747
6,704
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
2,812
2,652
495
487
463
506
636
682
653
572
580
619
637
651
605
568
546
533
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
2,128
2,203
978
998
978
956
961
954
1,042
1,090
1,204
1,218
1,230
1,254
1,241
1,271
1,261
1,315
6, 733
6,798
6,629
2,683
2,652
2,680
2,598
533
532
552
537
2,160
2, 21.9
2,234
2,184
1,308
1,330
1,332
1,309
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
2,151
1,371
1,395
1,360
1,056
940
1,134
908
1,004
1,226
600
535
639
751
697
767
868
401
239
226
208
262
377
414
369
290
160
195
205
221
175
147
128
54
852
885
846
796
778
775
961
970
601
624
696
724
675
662
651
547
567
543
512
511
496
575
619
490
498
502
523
498
518
505
428
509
387
412
64
47
63
60
521
500
511
472
457
442
444
422
1, 551
1, 376
1, 431
1,320
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
23 Reserve requirements increased 50 per cent effective Aug. 16.
Reserve requirements increased 16% per cent effective Mar. 1.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)
All member banks
Federal Reserve district
Gross demand
March
Boston
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
February
1,781
1,812
11,954 12, 073
1, 738 1,742
2,040 2,078
1,121
1,141
1, 085 1,093
4,180
4,239
1,063
1,096
636
639
1,378
1,406
1,052
1,080
2,258 2,299
30, 285
Time
March
February
Gross demand
March
February
1,692
1 1,183
1,520
1,849
961
934
1 1, 624
903
458
1,087
814
2,163
691
2,288
1,073
1,330
537
367
1,527
383
367
316
199
2,090
2,223
1,072
1,331
537
362
1,517
380
367
317
200
2,093
1,663
1,159
1,519
1,813
942
918
1, 619
873
455
1,059
791
2,124
11,169
11,089
114,935
l
15,187
Time
March
February
564
1 1, 031
638
1,991
563
1 1, 026
638
1,056
353
285
1 826
282
180
203
160
1,993
118
273
219
227
179
167
303
190
181
319
261
134
120
277
222
229
180
159
298
193
181
319
266
136
7, 580
1 7, 564
2,571
2,581
1,057
353
287
834
284
181
201
159
1 Excluding central reserve city banks, for which figures for^latest month are shown in table above.
Gross demand
March
Feb-
Time
March
126
478
435
273
185
79
248
99
187
115
40
2,365
February
126
476
434
274
184
78
244
98
187
115
40
100
2,356
MAY
457
FEDERAL RESERVE BULLETIN
1937
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
Minor
coin
United
States
notes
Federal Federal
Reserve Reserve
bank
notes
notes
National
bank
notes
1936—March
April
May
June
July
August
September
OctoberNovember.
December.
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543
104
103
102
101
100
99
98
97
96
95
34
34
34
35
35
36
37
37
37
38
864
886
914
955
958
986
998
1,020
1,051
1,057
1
1
1
1
1
1
1
1
1
1
307
309
312
316
318
321
326
329
334
337
131
132
133
135
136
137
138
139
141
142
245
249
265
278
274
278
278
282
289
289
3,727
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
4,233
58
56
54
52
50
48
47
46
45
44
406
391
378
366
352
342
332
324
316
307
1937—January. _.
February _
March
6,349
6,399
6,377
94
92
91
37
37
37
1,012
1,022
1,022
1
1
1
329
329
333
140
140
141
276
288
287
4,118
4,155
4,139
42
41
40
300
294
287
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
End of month
l
$50 and over
Coin
$1
$2
$5
$10
$20
Total
1936—March
April
May
June____.__
July
August
September.
October
November.
December.
472
475
480
486
490
494
501
505
513
517
439
442
451
463
460
471
477
484
492
499
804
804
820
850
844
1937—January _._
February..
March
506
506
511
472
475
476
864
874
900
906
$100
$500
$1,000
$5,000
$10,000
1,378
1,379
1,402
1,468
1,459
1,482
1,488
1,516
1,548
1,563
1,361
1,360
1,369
1,466
1,431
1,436
1,437
1,460
1,486
1,501
1,399
1,404
1,409
1,479
1,449
1,452
1,467
1,478
1,501
1,530
362
360
363
398
383
381
383
385
390
399
641
643
648
683
667
667
673
679
690
707
125
126
127
127
127
128
130
132
132
135
247
249
245
245
247
250
253
255
258
265
17
19
19
18
19
19
21
19
23
18
1,500
1,519
1,519
1,458
1,464
1,451
1,525
1,538
1,520
393
395
702
706
135
135
136
269
273
275
18
19
18
i Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures.—See Annual Report for 1935 (table 39).
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation. In
millions of dollars]
End of month
Total
Silver
Feddollars Suberal
and
Minor Jnited Residsilver iary
coin States serve
silver
bulnotes bank
lion*
notes
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
[By selected banks in New York City. In thousands of dollars]
Year or month
National
bank
notes
1932
1933
1934
1935
1936
Ship- Receipts
ments to from
Europe Europe
567
554
345
10, 628
34, 774
83, 838
91,059
40, 587
19,966
26, 216
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,515
2,521
2,532
1,218
1,230
1,236
1,255
1,264
1,277
1,294
1,303
1,310
1,323
329
330
330
332
335
338
341
346
351
356
137
138
138
139
140
142
143
145
146
147
347
347
347
347
347
347
347
347
347
347
59
57
55
53
51
49
48
47
46
45
413
398
384
372
358
348
339
329
322
314
1936—March
April
May
June
July
August
September.
October.. _.
November.
December.
1,757
3,095
3,852
3,037
900
981
3,949
2,013
5,960
3,109
938
1,685
1,164
2,348
2,078
1,131
5,422
1,536
745
2,532
1937—January
February... 2,536
March _
2,541
1,332
1,343
1,355
356
356
357
148
149
149
347
347
347
44
42
42
305
298
291
1937—January...
February _
March
2,092
4,279
2,197
3,265
3,728
1936— March
April
May
June.
July
—
August
September _
October
November..
December __
1
Includes silver held against silver certificates amounting to $1,220,000,000 on March 31, 1937 and $1,085,000,000 on March 31, 1936.
Net
shipments
Net
receipts
83,271
90, 505
40, 242
9,338
8,558
1,352
2,157
2,167
1,873
2,818
1,448
1,097
3,409
4,424
7,724
105
1,014
~2~760~
For description and back figures see BULLETIN for January 1932
pp. 7-9.
458
FEDERAL RESERVE BULLETIN
MAY
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
Increase
Net
Net
in
release Other
total
gold
from factors*
gold import
earstock
mark 1
Total Inactive
account
Year or month
4,226
4,036
8,238
1932
1933
1934
52.9 -446. 2
-190. 4 - 1 7 3 . 5
4, 202. 5 1,133. 9
9,144
9,203
August
9,368
September
9,893
October. _
9,920
November
December ___ 10,125
Year
10,125
1936—January
February
March.
April
May
_
June
July
___
August
September. __
October
November
December
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
Year
11, 258
26.5
1937—January
February
March
_ 11,358
126.5
204.7
342.5
11,436
11, 574
16.2
46.0
156.7
315.3
210.6
190.0
-.4
1.8
1.0
-1.9
.6
1.3
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
13.3
10.6
10.7
13. 1
10.0
-46.4
21.5
12.9
-14.0
-7.9
60.8
17.0
1,132. 5 1,116.6
-85.9
101.7
121.3
120.3
154.3
-48.3
-8.0
-.4
27. 1
-34.1
-16.0
27.9
59.5
165.0
325. 2
226.7
205.2
1935—July-
457.5
41.6
41.1
-58.0
82.6 2,986.1
57.2
— 15.5
17.2
41.0
176.7
206.6
39.2
68.4
129.0
199.7
139.6
73.3
100.1
78.2
137.9
n
1937
February
March
From or to—
Imports
Belgium
1,131
France
76
Germany
Netherlands
1 086
Switzerland
Union of Soviet
S o c i a l i s t Republics
United Kingdom.. 121, 483
4 925
Canada
Central America...
284
Mexico
3,248
Argentina
723
Chile
Colombia
3
124
Ecuador
Peru
250
Uruguay
51
Venezuela
3, 467
Australia
British India
4, 017
China and Hong
Kong
265
Dutch East Indies.
Japan
5,696
Philippine Islands. 1,944
All other countries 2 . 5, 598
Total
154,371
Exports
33
6
Imports
Exports
JanuaryMarch
Imports
1 138
11, 823
12, 077
14
8,155
1,371
14, 662
504
75, 239
10 661
377
9,153
1
917
148
319
504
270, 681
21,452
830
14, 349
3
2, 218
3
432
732
70
2,910
7 077
175
7,993
17,122
287
710
2,109
1,246
5,696
6,177
7,025
39 120,326
396, 033
Exports
42
8
50
1
Gold released from earmark at Federal Reserve banks less gold
* Figures represent customs valuations which, with some exceptions,
placed under earmark (with allowance when necessary for changes in are at rate of $35 a fine ounce.
2
gold earmarked abroad for account of Federal Reserve banks).
Includes all movements of unreported origin or destination.
2 Figures are derived from preceding columns and indicate net result
Back figures.—See table p. 487, and Annual Report for 1935 (tables 34
of such factors as domestic production, movements into and out of
nonmonetary use or unreported holdings, imports and exports that do and 35).
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).
MAY
459
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 T
" " 'for
Reserve Bulletin
December 1935, p . 883, and July 1936, p . 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
Nonmember
banks
Member banks
Call date
Total
Total
National
Mutual
State savings
banks
[In millions of dollars]
Nonmember banks
Member banks
Other
nonmember
banks
Call date
All
banks
Total
National
State
Mutual
savings
banks
Other
nonmember 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
1594
594
11,472
11,296
10,980
1932—June 30. _. 41,963
Sept. 30 — 41,942
Dec. 3 1 — 41, 643
24,755
24,903
24,803
15, 629
15, 635
16,101
9,126
9,268
8,702
10,020
110,020
10,022
7,188
7,020
6,818
1933—June 30 a
Oct. 25 3
Dec. 30
14,519
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
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
5,47fi
9,018
25,293
26,615
27,484
28,943
9,780
579
1934—Mar. 5 3
June 30 ._ 41,870
Oct. 17 3
Dec. 31_._ 44,770
9,828
6,000
15,011
1934—Mar. 5 3
June 30
Oct. 17 *
Dec. 31
15,835
16,039
6,206
6,375
6,433
6,442
1935—Mar. 4
June 29
Nov. 1_
Dec. 31_
16,024
15,994
15,904
_ 15,837
6,422
6,410
6,400
6,387
5,446
5,425
5,403
5,386
976
985
997
1,001
579
571
571
570
9,023
9,013
8,933
8,880
1935—Mar. 4____
June 29. _
Nov. l._._
Dec. 31. .
44,455
45,766
47, 522
48,964
28, 589
29,496
31,072
32,159
18, 502
19,031
20,128
20,886
10,087
10,465
10,944
11, 273
9,837
9,920
9,936
9,963
6,029
6,350
6,513
6,842
1936—Mar. 4
June 30
Dec. 31*
_
15,808
15,752
15,628
6,377
6,400
6,376
5,375
5,368
5,325
1,002
1,032
1,051
569
566
565
8,862
8,786
8,687
1936—Mar. 4____ 48,771
June 30— 51, 335
Dec. 31 ._ 53, 701
31, 774
34,098
35,893
20,605
21,986
23,107
11,169
12,112
12, 786
9,972
10,060
10,143
7,025
7,176
7,666
For footnotes see table below
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Member banks
All banks
Mutual savings banks
Call date
Total
1932—June 30
Sept. 30. .
Dec. 31
1933—June 30 »
Oct. 25 3
Dec. 30
.
034—Mar. 5 3
June 30..
Oct. 17 3 . . .
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31
Nonmember banks
...
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
i 10,316
10,182
6,130
16,130
6,079
4,186
i 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
49, 524
20,275
20, 679
21, 449
25, 882
'27, 778
28, 075
30,288
32, 259
33, 000
12,099
12,542
13, 360
18,189
19, 717
19,640
9,795
9,961
10,060
5,202
5,105
5,027
4,592
4,856
5,034
6,074
'6,238
6,464
2,974
3,032
3,062
3,100
3,206
3,402
r Revised.
i Figures of preceding call carried forward.
1
Beginning June 30n1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
* Nonmember bank figures not available.
* Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Back figures.—Bee Annual Report for 1935 (tables 47-48)
460
FEDERAL RESERVE BULLETIN
MAY
1937
ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)
Total
loans
and
investments
Call date
Total
To
brokers
outside
New
York
City*
Investments
Open-market loans
U.S. Government obligations
Purchased paper
ReportTo
ing
others Real banks'
on
estate own
securi- loans acceptties
ances
Otherwise
secured
and
unsecured
Loans
to
banks
515
4,857
4,708
4,748
4,834
4,963
5,006
4,960
5, 355
6,041
714
330
155
133
119
94
98
82
81
85
212
291
256
235
201
154
181
164
144
161
80
25
31
34
17
27
29
25
18
18
322
162
63
52
48
35
42
29
28
42
128
224
210
203
183
135
158
141
123
136
237
202
232
236
227
249
251
284
402
88
30
11
8
7
6
6
5
5
6
3, 679
46 1,678
49 1,671
48 1,677
40 1,682
44 1,806
46 1,851
43 1,805
40 1,941
56 2,231
Loans
to
brokers in
New
York
City'
Total
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
19, 717
19, 640
3,863
6,887
9,906
9,821
9,871
10,080
10, 501
10, 564
11,721
11, 639
989
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
46
10
16
19
7
12
16
13
8
10
21
10
6
4
5
4
5
4
3
5
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
9
27
29
14
4
3
1
2
3
3
5
7
5
3
1
1
1
1
2
1
5
12
27
21
14
13
12
10
10
10
11
13
26
28
1
1
1
1
1
1
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
78
78
87
96
88
89
92
94
193
226
229
212
254
267
243
250
312
266
258
99
55
48
43
34
34
31
31
23
42
36
13
12
10
13
19
18
16
17
24
6
9
9
7
12
10
9
7
5
102
38
108
122
112
111
120
120
113
131
239
45
105
106
25
9
21
30
34
36
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
1,703
1,706
1,701
1,761
1,863
1,877
45
38
27
25
21
19
17
17
16
14
33
4
5
6
3
3
3
3
2
4
5
1
2
2
2
2
2
1
1
2
163
27
92
109
116
132
135
145
152
178
208
10
50
64
18
3
7
14
16
13
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
AcceptBills Comances
merpaypaycial
able in able paper
United abroad bought
States
Direct
Fully
guaranteed
Other
securi
ties
TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 302
1934—Dec. 31
1935—Mar. 4
J u n e 29
Nov. 1
D e c . 31
1936—Mar. 4
J u n e 30
D e c . 31
23,193
11,337
10, 509
10, 420
10,369
10, 465
10, 548
10,460
10,943
11, 628
803
165
187
184
192
179
196
211
266
266
7,685
3,752
3,110
3,031
2,931
2,885
2,893
2,832
2,863
2,785
3,191
2,372
2,273
2,250
2,277
2,279
2,284
2,301
2,340
2,405
11,
192
232
207
135
159
169
156
117
131
8,774
7,133
7,761
7,783
8,303
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
55
38
54
56
58
59
60
64
76
78
2,145
1,044
820
805
783
775
793
792
813
753
169
157
139
139
138
136
140
148
146
144
164
145
82
101
107
99
65
65
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
21
30
18
17
15
15
15
13
14
13
12,029
8,492
10,028
10,036
10,151
10,521
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
L, 538
,131
,090
,077
J05
1,096
1,101
1,124
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
83
15
14
16
13
13
13
15
17
16
2,231
1,117
996
966
932
902
894
865
861
843
1,462
1.055
1,026
1,018
1,020
1,026
1,035
1,043
1,078
1,123
35,934
24, 786
28,150
28, 271
28, 785
29, 301
29,985
__. 30, 288
32,259
33,000
N E W YORK CITY »
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
2, 595
937
1,024
1,054
1,085
1,114
1,096
1,112
1,238
1,527
CITY OF CHICAGO »
1929—Dec. 31
1933—June 30 a
1934—Dec. 31
1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31
1936—Mar. 4
J u n e 30
D e c . 31
_.
5 55
24
16
12
12
11
14
12
10
8
RESERVE CITY
BANKS
1929—Dec. 31
1933—June 30 a
1934—Dec. 31
1935—Mar. 4
June 29
Nov. l._
Dec. 31
1936—Mar. 4
June 30
Dec. 31
L, 103
094
COUNTRY 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
4
3
2
2
2
3
2
2
2
3
705
2,005
1,810
1,785
1,831
1,815
1,810
1,791
1,891
1,881
* Loans (secured by stocks and bonds) to brokers and dealers in securities.
a Beginning June 30,1933, figures relate to licensed banks only.
3 Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 52).
461
FEDERAL RESERVE BULLETIN
M A Y 1937
ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
Cash
items
ReCerti- IndiInterbank
Bal- reportserves
fied
vidwith Cash with ed as
Unitand
uals,
Fedin
ed
offipartin
doeral vault mesproccers'
nerStates Pub
Relie
Doships,
For- Gov- funds
tic 1 ofess
serve
colmescash
coreign
ernbanks lecbanks
tic
letters poration * banks banks ment
tions,
of
etc.
credit
Call date
Time deposits
Demand
deposits adjusted
Interbank
Individuals, BorPos- Pub- partrowtallic
nerDo- For- sav- funds
ships,
ings
cortic eign
porabanks banks
tions,
etc.
TOTAL—ALL MEMBER 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
_. 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
3,396
3,760
3,776
3,970
3,944
4,066
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
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
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
20, 284
21, 647
464
127
126
147
248
327
410
363
428
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
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
19
30
59
117
128
119
115
134
135
135
137
16,647
15,686
15, 999
17,530
18, 509
18,801
19,161
95
89
134
145
136
132
151
152
151
153
154
1
7
122
788
452
399
307
227
218
167
152
104
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
18
110
56
44
27
1,112
671
591
595
567
680
591
586
601
679
879
191
13
17
11
6
15
N E W YORK CITY •
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
2,406 1,198
874 1,255
1,069 1,798
810 2,047
447
873 2,203
1,133 2,338
829 2,527
982 2,390
1,087 2,493
827
846
1,576
1,856
1,935
2,590
2,541
2,493
2,106
2,658
179
101
103
86
133
109
111
108
114
133
169
232
415
359
675
581
511
480
749
558
133
203
207
182
249
188
209
195
195
188
158
61
90
70
73
83
135
96
147
159
310
259
445
505
504
527
522
594
635
599
8
46
46
41
20
62
98
81
102
72
42
87
182
184
198
204
208
217
221
191
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
742
555
116
178 804
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
4,567
5,177
5,711
3,054
4,292
4,414
4,538
4,875
5,047
5,136
5,440
6,039
133
1
7
7
4
4
4
4
5
4
CITY OF CHICAGO •
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
_.
332
358
381
374
469
403
413
407
444
449
RESERVE CITY BANKS
1929—Dec. 31
1933—June 30 B
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936-Mar. 4
June 30
Dec. 31
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
1,002
1,543
1,690
1,607
1,849
1,779
1,910
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
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
1,427
1,406
1,613
1,676
1,757
1,727
1,929
291
149
207
163
192
221
235
187
256
316
405
228
342
364
347
399
415
433
410
483
6,641
7,126
14
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
16
61
285
210
188
162
140
136
95
87
133
86
84
75
76
78
83
82
80
6,390
3,833
4,554
4,623
4,756
4,824
4,879
4,938
5,094
5,275
367
167
13
14
COUNTRY BANKS
1929—Dec. 31
1933—June 30 s
1934—Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30
Dec. 31,_._
1
Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933S
includes time balances with domestic banks which oil that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on
hand but not in process of collection, amounting on that date to $16,000,000.
s Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935.
4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
ess cash items reported on hand but not in process of collection.
& Beginning June 1933 figures relate to licensed banks only.
6
Central reserve city banks.
Back figures.—Bee Annual Report for 1935 (table 53).
462
FEDERAL RESERVE BULLETIN
MAY
1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Open-market
loans
Loam to customers (except banks)
Total
loans
and
investments
Date or month
To
others Realon se- estate
curi- loans
ties
AcLoans ceptances
Other
to
and
loans banks
to
commercustocial
mers 2
paper
bought
Tn
1 O
Total
brokers
uu New
York
Cityi
Investments
U. S. Government obligations
Loans
to bro&6rs in
York
Cityi
Total
Direct
Fully
guaranteed
Reserve
with
Federal
Other
securi- -tteserve
ties
banks
Cash
in
vault
Balances
with
domestic
banks
TOTAL—101 CITIES
r21, 449
22, 520
22, 566
22, 444
22, 760
22,734
22, 600
22, 610
-•6,813
7,238
7,403
7,429
7,607
7,567
7,529
7,711
'198
212
218
215
227
235
235
240
2,076
2,035
2,025
2,024
2,034
2,007
2.021
2, 030
1,147
1,143
1,142
1,148
1,154
1,153
1,150
1,152
'3,392
3,848
4,018
4,042
4,192
4,172
4,123
4,289
73
92
55
62
64
59
72
86
345
315
315
323
338
379
399
411
995 "13, 223
983 13, 892
945 13, 848
941 13, 689
1,021 13, 730
993 13, 736
982 13,618
1,078 13, 324
8,737 1,248
9,320 1,246
9,310 1,255
9,232 1,255
9,241 1,242
9,263 1,230
9,118 1,212
8,802 1,206
3,238
3,326
3,283
3,202
3,247
3,243
3,288
3,316
'4,361
4,995
5,276
5,422
5,264
5,292
5,326
5,205
'365
383
399
404
427
401
387
359
2,334
2,311
2,385
2,463
2,439
2,307
2, 252
1,998
22, 555
22, 589
22, 675
22, 718
22,801
22, 698
22,560
22, 273
22,356
22, 293
_ 22,268
7,519
7,518
7,553
7,596
7,662
7, 735
7,753
7,811
7,841
7,881
7,883
231
227
243
239
242
234
243
241
229
217
218
2,023
2,013
2,012
2,017
2,015
2,030
2,036
2,051
2,049
2,048
2,047
1,149
1,149
1,149
1,149
1,152
1,153
1,151
1,157
1,156
1,153
1,156
4,116
4,129
4,149
4,191
4,253
4,318
4,323
4, 362
4,407
4,463
4, 462
72
76
79
86
81
90
92
81
78
74
76
399
400
405
415
407
408
414
410
405
395
392
974
974
1,017
1,024
1,110
1,104
1,088
1,064
1,049
1,044
1,051
13, 591
13, 621
13,621
13, 597
13, 541
13, 361
13, 213
12, 907
12,983
12,899
12,866
9,121
9,107
9,094
9,067
9,024
8,828
8,696
8,396
8,520
8,457
8,439
1,216
1,210
1,209
1,208
1,203
1,213
1,205
1,199
1,189
1,183
1,178
3,254
3,304
3,318
3,322
3,314
3,320
3,312
3,312
3,274
3,259
3,249
5,351
5,333
5,291
5,171
5,242
5,327
5,112
5,173
5,176
5,381
5,378
397
379
398
374
366
350
362
346
338
353
340
2,231
2,321
2,206
2,055
2,017
2,075
1,963
1,879
1, 924
2,018
1,962
1936—March
September
October
November
December
1937—January.
February
March
8,391
8,753
8,687
8,622
8,750
8,606
8,543
8,651
2,089
2,229
2,326
2,354
2,429
2,409
2,399
2,483
63
75
78
77
75
75
74
74
750
707
705
710
712
709
731
733
135
132
131
130
130
130
129
128
1,141
1,315
1,412
1,437
1,512
1,495
1,465
1,548
39
60
24
30
34
28
43
55
158
114
123
135
140
146
136
133
960
936
906
901
978
949
943
1,037
5,145
5,414
5,308
5,202
5,169
5,074
5,022
4,943
3,479
3,830
3,761
3,721
3,666
3,555
3,455
3,319
519
456
461
461
451
452
453
452
1,147
1,128
1,086
1,020
1,052
1,067
1,114
L, 172
2,138
2,354
2,461
2,575
2,509
2,565
2,670
2,506
51
52
55
58
63
56
53
49
77
72
74
78
86
81
80
81
1937—Feb. 10
Feb.17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24.
Mar. 31
Apr. 7
Apr. 14
Apr. 21
8,488
8,538
8,633
8,691
8,752
8,691
8,597
8,524
8,449
8,386
8,350
2,396
2,387
2,406
2,430
2,461
2,505
2,497
2,523
2,538
2,557
2,554
74
73
75
76
76
74
72
73
73
72
73
732
725
727
730
725
735
736
739
740
736
731
129
128
128
128
128
128
127
127
127
129
1,461
1,461
1,476
L,496
1,532
1,568
1,561
1,584
1,598
1,622
1,621
44
47
50
56
50
60
61
51
49
45
46
136
136
137
141
135
129
132
126
120
112
110
933
936
978
984
1,071
1,062
1,048
1,019
1,008
1,004
1,011
4,979
5,032
5,062
5,080
5,035
4,935
4,859
4,805
4,734
4,668
4,629
3,444
3,447
3, 466
3,466
3,421
3,309
3,226
3,171
3,148
3,106
3,076
454
452
451
452
447
451
457
456
448
442
439
L, 081
1,133
1,145
1,162
1,167
,175
1,176
1,178
1,138
1,120
1,114
2,697
2,677
2,648
2,474
2,500
2,545
2,440
2,569
2,485
2,622
2,579
57
50
54
49
50
49
49
49
50
54
50
77
81
82
80
78
82
79
85
75
77
74
'13, 058
13,767
_. 13, 879
13, 822
14,010
14,128
14,057
13, 959
r4> 724
5,009
5,077
5,075
5,178
5,158
5,130
5,228
"-135
137
140
138
152
160
161
166
1,326
1,328
1,320
1,314
1,322
1,298
1,290
1,297
1,012
1,011
1,011
1,018
1,024
1,023
1,021
1,024
% 251
2,533
2,606
2,605
2,680
2,677
2,658
2,741
34
32
31
32
30
31
29
31
187
201
192
188
198
233
263
278
35
47
39
40
43
44
39
41
'8,078
8,478
8,540
8,487
8,561
8,662
8,596
8,381
5,258
5,490
5,549
5,511
5,575
5,708
5,663
5,483
>729
790
794
794
791
778
759
754
2,091
2,198
2,197
2,182
2,195
2,176
2,174
2,144
'2, 223
2,641
2,815
2,847
2,755
2,727
2,656
2,699
'314
331
344
346
364
345
334
310
2,257
2,239
2,311
2,385
2,353
2,226
2,172
1,917
14,067
14,051
14,042
14,027
14,049
14,007
13, 963
13, 749
13, 907
13, 907
13, 918
5,123
5,131
5,147
5,166
5,201
5,230
5,256
5,288
5,303
5,324
5,329
157
154
168
163
166
160
171
168
156
145
145
1,291
1,288
1,285
1,287
1,290
1,295
1,300
1,312
1,309
1,312
1,316
1,020
1,021
1,021
1,021
1,024
1,025
1,023
1,030
1,029
1,026
1,027
2,655
2,668
2,673
2,695
2,721
2,750
2,762
2,778
2,809
2,841
2,841
28
29
29
30
31
30
31
30
29
29
30
263
264
268
274
272
279
282
284
285
283
282
41
38
39
40
39
42
40
45
41
40
40
8,612
8,589
8,559
8,517
8,506
8,426
8,354
8,102
8,249
8,231
8,237
5,677
5,660
5,628
5,601
5,603
5,519
5,470
5,225
5,372
5,351
5,363
762
758
758
756
756
762
748
743
741
741
739
2,173
2,171
2,173
2,160
2,147
2,145
2,136
2,134
2,136
2,139
2,135
2,654
2,656
2,643
2,697
2,742
2,782
2,672
2,604
2,691
2,759
2,799
340
329
344
325
316
301
313
297
288
299
290
2,154
2,240
2,124
1,975
1,939
1,993
1,884
n, 794
1,849
1,941
1,888
1936—March
September
October..
November
December
1937—January
February
March..
1937—Feb. 10..
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21.
N E W YORK CITY
128
OUTSIDE N E W YORK
CITY
1936—March
September
October
November
December
1937—January.
February
March
1937—Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7.
Apr. 14
Apr. 21
r
Revised.
i Loans (secured by stocks and bonds) to brokers and dealers in securities.
* Includes reporting banks' own acceptances.
For other figures and notes, see next page.
MAY
463
FEDERAL RESERVE BULLETIN
1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]
Date or month
Cash
items
reported as Other
in proc- assets
ess of
collection i
Demand deposits
Total
assets
Time deposits
Demand
Interbank
United CertiStates
fied
its—adTotal Domes- Foreign Govern- checks, Other justed* DoFor- Other
ment
liabiltic
etc.
mestic eign
banks
ities
banks
banks banks
Borrowings
13
15
1
1
11
3
1
3
Interbank
Other Capiliabil- tal acities count
TOTAL—101 CITIES
1936—March
September...
October
November...
December
1937—January
February
March
1,413
1,444
1,487
1,663
:, 787
,548
,573
,602
,334
,308
,298
,318
,370
,349
,360
,356
•31, 256
32,961
33,411
33,714
34,047
33, 631
33, 498
33,130
'5, 517
5,761
5,950
6,106
6,025
5,953
5,854
5,546
376
423
467
448
435
413
410
428
646
837
793
548
601
611
409
369
579
484
446
584
617
525
573
573
14,715
15, 922
16,193
16,441
16, 714
16, 539
16, 571
16, 459
13, 882
14, 962
15,152
15,362
15, 544
15,516
15, 572
15,429
133
129
130
130
130
132
134
133
4
4
4
5
5
3
4
5
4,923
5,036
5,070
5,032
5,045
5,052
5,094
5,142
,438
,690
,740
,540
,600
, 659
, 547
., 666
,406
,611
,360
,365
,367
,367
,390
,333
1.338
1, 351
1,352
1,333
1,323
33, 332
33, 677
33, 677
33, 225
33,416
33, 442
32,882
32, 688
32, 552
32, 989
32, 758
5,820
5,905
5, 839
5,679
5,608
5,656
5,453
5,332
5,435
5,526
5,414
403
410
412
418
415
429
432
447
432
476
484
434
383
342
340
379
419
355
353
353
351
272
538
590
647
532
634
600
573
525
482
443
458
16,452
16,704
16,731
16, 509
16,615
16, 600
16, 310
16,261
16,084
16,417
16, 362
15,552
15,604
15,638
15,501
15, 649
15, 541
15,336
'15,120
15,160
15, 249
15,333
133
133
134
136
135
131
133
130
124
121
117
4
4
4
4
4
4
5
6
6
6
6
5,095
5,093
5,111
5,167
5,147
5,128
5,129
5,144
5,144
5, 133
5,146
1936—March
September...
October
November...
December
1937—January
February
March
737
653
644
795
878
714
767
774
465
468
462
468
492
493
490
485
11,859
12, 352
12,383
12, 596
12, 778
12, 515
12, 603
12, 546
2,343
2,399
2,444
2,529
2,468
2,421
2,392
2,233
347
387
427
408
397
378
375
392
164
192
172
102
155
181
138
131
409
313
277
402
415
336
398
388
6, 229
6,674
6,667
6,756
6,893
6,783
6,825
5,901
6,335
6,301
6,363
6,430
6,404
6, 457
6,492
3
4
4
4
4
3
3
3
542
575
610
583
613
601
631
680
1937—Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
704
827
857
694
838
794
744
800
630
675
611
490
485
491
508
470
477
482
493
469
467
12, 515
12, 663
12,759
12,479
12,726
12,631
12, 386
12, 509
12,182
12,283
12,131
2,381
2,408
2,385
2,294
2,280
2, 289
2,195
2,107
2,158
2,197
2,138
368
373
376
382
378
395
397
410
395
439
448
136
135
134
135
134
136
124
124
124
124
371
412
462
343
459
410
402
327
297
269
266
6, 786
6,854
6,910
6, 804
6, 950
6, 887
6. 749
6, 998
6,675
6,706
6, 656
6,453
6,439
6,515
6, 453
6. 571
6, 503
6, 407
6, 525
6,342
6, 300
6.311
3
3
3
3
3
3
4
4
4
4
4
628
632
645
688
674
671
672
695
673
671
671
3,174
3,362
3,506
3,577
3,557
3,532
3,462
3,313
482
645
621
446
446
430
271
238
170
171
169
182
202
189
175
185
'8, 486
9,248
9,526
7, 981
8,627
8,851
8,999
9,114
9,112
9,115
8,937
133
129
130
130
130
132
134
133
1
I1
1
2
4,381
4,461
4,460
4,449
4,432
4,451
4,463
4, 462
3,439
3,497
3,454
3,385
3,328
3, 367
3,258
3,225
3,277
3,329
3,276
298
248
208
205
245
283
231
229
229
227
186
167
178
185
189
175
190
171
198
185
174
192
9,666 9,099
9,850 9,165
9,821
9,123
9,705 9,048
9, 665 9,078
9,713
9.038
9,561 r 8, 929
9, 263 8, 595
9,409 '8, 818
9,711
8,949
9. 706 9,022
133
133
134
136
135
131
133
130
124
121
117
1
1
1
1
1
1
1
2
2
2
2
4,467
4,461
4,466
4,479
4,473
4,457
4,457
4,449
4,471
4,462
4,475
1937—Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
3
2
1
1
4
6
2
5
1
838
847
840
880
909
837
880
894
3,512
3,503
3,517
3,539
3,555
3,563
3, 568
3,578
885
884
885
860
903
898
908
903
910
930
915
3,568
3,568
3,572
3,578
3, 575
3, 576
3,580
3,581
3,580
3,581
3,583
348
367
351
369
372
343
367
369
1.463
1,427
1,431
1,442
1,451
1,467
1,474
1,472
367
371
369
353
377
371
372
372
383
401
390
1,475
1,475
1, 475
1,477
1,471
1,469
1,471
1,472
1,473
1,472
1,472
490
480
489
511
537
494
513
525
2,049
2,076
2,086
2,097
2,104
2,096
2,094
2,106
518
513
516
507
526
527
536
531
527
529
525
2,093
2,093
2,097
2,101
2,104
2,107
2,109
2,109
2,107
2,109
2,111
NEW YORK CITY
11
14
1
10
2
OUTSIDE NEW YOR
CITY
1936—March
September . . .
October
November. _ _
December
1937—January
February
March
676
791
843
868
909
834
806
1937—Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
734
863
883
846
762
865
803
••866
••776
936
876
r
840
836
850
878
856
870
871
875
882
••859
864
856
19, 397
20, 609
21,028
21,118
21, 269
21,116
20,895
20, 584
20, 817
21,014
20, 918
20, 746
20, 690
20,811
20, 496
20,179
20, 370
20, 706
20,627
r
9,821
9,756
9, 746
9, 581
r
2
1
1
1
1
1
3
3
2
1
1
4
6
2
5
1
1 Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
of cash
items on hand but not in process of collection.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash
items reported as on hand but not in process of collection.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).
464
FEDERAL RESERVE BULLETIN
MAY
1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Loans and investments,
total:
Mar 24
Mar. 31 .
Apr 7
Apr 14
._
Apr. 21
_
Loans to brokers and dealers
in New York:
Mar 24
Mar 31
- . _._
Apr 7
Apr 14
Apr 21
Loans to brokers and dealers
outside New York:
Mar 24
Mar 31
Apr 7
Apr 14
Apr 21
Loans on securities to others
(except banks):
Mar 24
Mar 31
Apr. 7
Apr 14
Apr 21
Acceptances and commercial
paper bought:
Mar 24
Mar 31
Apr 7
Apr 14
Apr 21
Loans on real estate:
Mar 24
Mar 31
Apr 7
Apr 14
Apr 21
Loans to banks:
Mar 24
Mar 31
Apr 7
Apr 14
- .
Apr 21
Other loans:
Mar 24
Mar 31
Apr 7
Apr 14
Apr 21
U. S. Government direct
obligations:
Mar. 24
Mar 31
Apr 7
Apr. 14
Apr 21
Obligations fully guaranteed
by U. S. Government:
Mar 24
Mar 31
Apr 7
Apr 14
Apr. 21
. .
Other securities:
Mar 24
_ _..
Mar. 31 .
A.pr 7
Apr 14
Apr. 21
-
Boston
New
York
Philadelphia
Cleve- Richland mond
22, 560
22, 273
22,356
22, 293
22, 268
1,254
1,251
1,260
1,270
1,280
9,484
9,412
9,345
9,285
9,253
1,174
1,170
1,169
1,169
1,170
1,889
1,884
1,895
1,894
1,893
1,088
1,064
1,049
1,044
1,051
15
16
16
16
16
1,056
1,031
1,017
1,012
1,019
9
9
9
9
9
243
241
229
217
218
29
28
28
25
25
74
75
75
74
75
19
18
17
17
17
17
14
14
12
12
2,036
2,051
2,049
2,048
2,047
140
140
140
140
142
862
865
866
862
857
135
134
135
135
135
414
410
405
395
392
79
82
83
83
86
155
149
142
133
130
1,151
1,157
1,156
1,153
1,156
84
85
84
84
84
92
81
78
74
76
644
646
639
630
648
Atlanta
City
St.
ChicaLouis
go
Minneapolis
Kansas
City
694
687
680
683
681
399
387
395
398
398
695
692
693
695
692
575
573
571
571
568
3,116
2,931
3,075
3,056
3,035
1
1
3
3
3
3
3
4
4
4
4
4
9
8
7
7
7
56
59
50
45
45
6
5
6
6
5
2
2
2
2
3
4
4
4
4
4
214
217
218
220
220
70
71
71
72
71
52
52
53
53
52
212
219
213
210
210
72
72
71
71
71
29
29
29
29
30
30
29
28
26
25
15
15
15
17
17
10
10
10
10
10
5
5
5
5
5
37
38
42
42
42
12
12
12
12
12
239
238
238
238
240
62
64
63
62
62
178
178
178
178
178
27
27
27
27
27
26
27
27
26
27
76
76
76
76
76
44
45
45
44
45
6
6
5
5
5
61
51
49
45
46
3
3
2
2
2
3
3
4
4
4
1
1
1
1
9
7
8
7
8
5
5
5
5
5
4,323
4,362
4,407
4,463
4,462
327
323
330
336
332
1, 725
1,750
1, 765
1,791
1, 790
190
192
194
198
203
248
253
259
261
261
124
125
126
127
128
175
176
178
180
179
564
569
574
582
579
149
150
151
153
152
116
117
118
118
116
154
154
155
156
155
8,696
8,396
8,520
8,457
8,439
409
407
410
417
429
3,450
3,395
3,379
3,341
3,316
341
335
336
335
335
880
869
873
868
867
278
281
273
263
280
189
188
185
184
184
1,582
1,381
1,526
1,503
1,478
239
233
229
230
229
177
163
166
168
166
1,205
1,199
1,189
1,183
1,178
21
21
21
21
21
499
498
491
485
482
92
92
92
92
91
56
57
58
58
59
56
52
53
53
53
37
36
36
36
35
163
163
163
164
167
61
59
56
56
56
3,312
3,312
3,274
3,259
3,249
144
143
143
143
140
1,363
1,360
1,323
1,304
1,298
293
294
293
293
291
278
278
276
276
275
75
76
75
74
75
81
79
79
79
78
414
416
420
. 424
427
106
106
105
106
106
San
Dallas Fran-
cisco
487
490
491
486
481
New
York
Chica
go
2 149
2,150
2 143
2,156
2,169
8,597
8,524
8 449
8,386
8,350
2 068
1,880
2 022
1 996
1,975
3
3
3
3
3
1 048
1,019
1,008
1,004
1 011
1
1
1
1
1
3
3
3
3
3
20
21
19
18
18
72
73
73
72
73
50
52
44
40
40
48
49
50
49
49
43
43
43
43
43
159
160
160
164
167
736
739
740
736
731
151
155
152
149
150
12
12
11
11
11
23
23
22
23
22
2
2
2
2
2
34
33
33
31
30
132
126
120
112
110
15
16
20
20
20
6
6
6
6
6
19
19
19
23
23
23
23
22
367
369
370
370
370
128
127
127
127
129
14
15
15
15
15
4
4
3
4
4
61
51
49
45
46
5
4
4
4
4
145
146
147
146
145
406
407
410
415
422
1,561
1,584
1,598
1,622
1,621
402
403
407
412
409
260
257
258
259
260
186
185
186
183
184
705
702
699
706
711
3,226
3,171
3,148
3,106
3,076
1,061
864
1,004
976
954
12
12
12
12
12
47
46
45
45
44
28
30
30
30
27
133
133
132
131
131
457
456
448
442
439
95
95
95
95
95
45
46
51
52
54
138
138
138
138
137
57
58
57
56
55
318
318
314
314
313
1,176
1,178
1,138
1,120
1,114
274
275
280
284
287
1
1
1
1
1
19
19
1
1
1
1
1
465
FEDERAL RESERVE BULLETIN
MAY 1937
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
City
Federal Reserve District
Total
Reserve with Federal Reserve bank:
5,112
Mar. 24
5,173
Mar. 31
5,176
Apr. 7
5,381
Apr. 14
5,378
Apr. 21
Cash in vault:
362
Mar. 24
346
Mar. 31
338
Apr. 7
353
Apr. 14
340
Apr. 21
Balances with domestic
banks:
Mar. 14
1,963
n, 879
Mar. 31
'I, 924
Apr. 7
2,018
Apr. 14
1,962
Apr. 21
Other assets:
Mar. 24
1, 338
"1,351
Mar. 31
n, 352
Apr. 7
1,333
Apr. 14
1,323
Apr. 21
Demand deposits—adjusted:
Mar. 24
15, 336
•15,120
Mar. 31
•15,160
Apr. 7
15, 249
Apr. 14
15, 333
Apr. 21
Time deposits:
Mar. 24
5,129
5,144
Mar. 31
5,144
Apr. 7
5,133
Apr. 14
Apr. 21
5,146
U. S. Government deposits:
Mar. 24
355
353
Mar. 31
353
Apr. 7
351
Apr. 14
272
Apr. 21
Interbank deposits, domestic:
Mar. 24
5, 586
Mar. 31
5,462
Apr. 7
5, 559
Apr. 14
5, 647
Apr. 21
5,531
Interbank deposits, foreign:
Mar. 24
437
Mar. 31
453
438
Apr. 7
482
Apr. 14
490
Apr. 21
Borrowings:
4
Mar. 24
6
Mar. 31
2
Apr. 7
5
Apr. 14
Apr. 21
1
Other liabilities:
Mar. 24
Mar. 31
903
910
Apr. 7
Apr. 14
930
Apr. 21
915
Capital accounts:
Mar. 24.
3,580
3,581
Mar. 31
3,580
Apr. 7
3,581
Apr. 14
3,583
Apr. 21__.
' Revised.
Phila- Cleve- Rich- Atlan- Chica- St.
Mindelta
Louis neapgo
phia land mond
olis
Boston
New
York
260
251
271
257
257
2,550
2,679
2,607
2,731
2,694
274
272
307
307
305
93
93
73
74
72
65
63
66
70
66
102
103
110
110
107
93
92
92
91
1,008
1,006
1,007
1,006
1,011
280
280
283
277
278
228
222
235
238
237
740
676
694
772
303
318
309
314
310
131
127
132
129
129
18
15
15
16
16
40
19
18
19
20
19
176
172
161
164
157
136
143
150
147
148
184
187
187
194
195
125
125
132
146
126
123
120
127
127
118
335
••265
••300
328
333
107
107
111
108
105
560
560
570
546
544
90
92
91
91
91
107
107
107
107
107
42
42
42
42
41
39
40
39
39
39
94
'101
100
100
6,976
7,078
6, 917
6,857
6,881
864
857
879
1,074
1,092
1,085
1,097
1,108
423
422
424
426
431
336
337
337
335
1,074
1,097
1,073
1,071
1,072
263
262
274
274
284
715
713
717
717
716
197
197
198
198
198
132
132
132
132
92
21
21
21
21
14
19
18
18
18
13
2,259
2,171
2,222
2,265
2,205
286
292
297
299
297
349
348
354
352
344
402
416
401
445
453
4
4
5
4
4
1
1
1
1
1
Kansas
City
San
Dallas Francisco
New
York
Chicago
2,440
2,569
2,485
2,622
2,579
541
484
507
581
635
156
153
156
155
155
106
103
103
106
100
301
299
304
316
307
12
12
12
13
12
10
9
10
10
10
19
18
19
20
18
76
80
75
79
64
214
205
208
228
227
156
154
154
167
167
229
218
209
220
215
79
85
75
77
74
136
161
161
24
24
24
24
24
16
16
16
17
16
23
23
23
23
23
28
29
28
222
225
219
225
223
477
482
493
469
467
62
67
67
67
66
2,191
•1, 862
% 075
2,156
2,214
411
412
407
415
408
253
256
251
254
240
485
477
477
487
489
390
392
385
394
389
919
930
912
940
948
178
178
178
179
179
853
851
854
849
181
181
181
181
181
123
123
123
122
122
147
147
146
146
146
120
120
120
120
120
998
995
997
999
1,001
672
695
673
671
671
450
449
451
447
447
10
9
10
10
7
11
10
10
10
8
107
107
107
106
96
3
3
3
3
5
5
5
5
4
12
12
12
11
9
30
31
30
30
23
124
124
124
124
96
96
96
96
206
212
213
208
222
219
224
225
217
813
799
817
806
270
261
263
263
263
370
364
372
384
378
180
176
185
186
182
282
267
270
278
270
2,195
2,107
2,158
2,197
2,138
579
594
592
1
1
2
1
1
6
6
6
6
14
15
14
14
15
401
414
399
443
452
5
5
5
5
5
125
124
125
132
130
75
71
65
137
10
10
10
11
10
124
123
126
127
124
1
1
1
1
1
27
24
26
29
29
6,407
6,525
6,342
6, 300
6,311
'
1,450
1,140
1,367
1,433
1,477
1
2
1
5
1
36
34
34
34
33
387
386
395
414
403
27
27
25
25
25
20
17
20
20
21
27
33
32
31
30
349
345
346
350
347
372
372
383
401
390
21
25
25
24
23
236
235
235
236
236
1,605
1,606
1,608
1,607
1,607
226
227
227
227
227
343
344
342
342
342
353
353
354
353
353
328
327
325
326
328
1,471
1,472
1,473
1,472
1,472
234
235
235
235
234
466
FEDERAL RESERVE BULLETIN
BANK SUSPENSIONS1
MAY
1937
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Total,
all
banks
Number of banks suspended:
1933, Mar. 16-Dec. 31
1934...
_
1935 _
1936...
_
1937, Jan.-March
1935
1936
1937, Jan.-March
National
Assets
In- 2 Not
State sured
insured
9
1
4
1
6
145, 710
36,937
10,099
11,306
1,221
17,322
40
5,313
507
3,527
8
22
40
6
164
48
8
3
3
1,912
3,847
10, 207
1,008
124,861
34, 985
939
592
213
BANK DEBITS
Amounts in millions of dollars]
1937
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
27
71
131
418
630
35
147
77
74
1935—December...
1,201
1,208
1,214
1,216
1,215
1,214
1,232
1,244
1,249
1,251
1,255
1,257
1,260
'1, 266
'1, 270
'1,271
1,237
1,241
1,248
1,251
1,248
1,248
1,265
1,279
1,283
1,285
1,290
1,293
1,296
287
248
225
221
216
211
203
172
166
162
158
145
145
853
876
876
902
925
940
967
972
972
982
,011
,029
,058
706
709
710
736
759
773
800
805
805
815
844
862
891
147
167
166
166
166
167
167
167
167
167
167
167
167
97
117
147
128
107
97
95
135
145
141
121
119
93
New York City
Outside New York City..
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1
140
141
Mar.
Feb
20, 398
21, 605
16, 907
17, 620
2,226
21,131
2,096
2,148
763
972
6,011
1,037
616
1.174
733
3,096
1,951
17, 588
1,525
1,773
649
819
4.615
835
520
967
640
2,645
2,064
20, 200
1,549
1,664
618
740
5,091
845
542
974
604
2,604
42, 003
34. 526
37,496
Back figures.—See A n n u a l Report for 1935 (table 68.5.
November..
December _.
1937—January
February...
March
11
22
p Preliminary.
1 Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
2 Includes working cash with postmasters, 5-percent reserve fund and
Mar.
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late post19, 629 masters.
17,866
Backfigures.—SeeBULLETIN for August 1935, p. 502,
1936
No. of
Centers
itor
bal- 1
1930—June..
1931—June..
1932—June..
1933—June..
1934—June_.
1935—June..
'Represents licensed banks suspended; does not include non-licensed 1936—January
February...
banks placed in liquidation or receivership after the banking holiday.
March
For
statistics of latter see Annual Report for 1935 (table 69).
2
April
Federal deposit insurance became operative January 1, 1934.
May
a Deposits of member banks and insured non-member banks suspended
June
are as of dates of suspension, and deposits of non-insured non-member
July
banks are based on the latest data available at time of the report of closing
August
of the banks.
September..
October
Backfigures.—SeeAnnual Report for 1935 (table 69).
[Debits to individual accounts.
U. S. Government
securities
Cash
Gash,
in dereDi- Guarances Total posiantory
rect teed funds,
banks Total obli- obli- etc 3
gagations tions
DeposEnd of month
179
57
34
44
9
_
Deposits of suspended banks3
(in thousands of dollars):
1933, Mar. 16-Dec. 31
1934
Non-member
banks
Member
banks
MAY
467
FEDERAL RESERVE BULLETIN
1937
COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS 9 BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
j
!
|
'
|
i
|
End of month
Commercial
paper Total
outoutstand- standing
By holders
By classes
Held by accepting
banks
Total
Own
bills
Held
by 2
Bills others
bought
Based
on
imports
into
U. S.
Based
on ex- Dollar
ports
exfrom change
U. S.
Based on goods
stored in or shipped
between points in
U. S.
Foreign
countries
1936—February.
March
April
May
June
July
August
September.
October
November.
December.
176
180
174
184
169
188
205
197
199
191
215
377
359
344
331
316
316
308
315
330
349
373
340
321
310
297
276
278
279
276
296
309
315
172
150
143
155
129
131
140
139
150
157
151
168
171
167
142
147
147
139
137
147
152
164
114
113
111
110
107
105
104
107
110
112
126
87
89
82
85
84
79
76
77
76
76
1937—January...
February.
March
244
268
290
387
401
396
325
340
316
154
160
150
171
180
166
141
158
160
77
77
76
1
As reported by dealers; includes some finance company paper sold in open market.
» Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents.
Back figures.—See Annual Report for 1935 (tables 66 and 67).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Customers' balances in
debit
partners'
investment
balances
and trading
(net)i
accounts
Credit balances
Customers'
credit balances*
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Money
borrowed 2
1935—September
December.
1,098
1,258
119
135
182
179
771
930
1936—FebruaryMarch
April
May
-_
June
_
July
August
September.
October
November.
December.
1937—January
February. _
March
1,290
1,351
1,295
1,257
1,267
1,295
1,287
1,317
1,333
1,364
1,395
1,433
1,482
1,549
147
168
173
159
164
158
142
141
151
150
164
162
188
175
208
181
268
229
219
221
213
227
235
260
249
243
230
223
908
995
1,033
970
985
981
967
995
1,048
1,028
1,084
1,172
Free
257
286
303
301
282
276
287
283
289
318
346
342
372
366
346
Other
(net)
Other credit balances
In
In
firm
partners'
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts
79
396
410
110
103
118
116
115
425
429
426
422
420
422
423
423
428
435
424
428
418
419
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
468
FEDERAL RESERVE BULLETIN
MAY 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
Apr. 30
Boston
New York
Philadelphia.. __
Cleveland
Richmond
Atlanta
Chicago.
St. Louis_
Minneapolis
Kansas City
Dallas
San Francisco._.
I*
2
2
2
2
2
2
2
In effect
beginning-
Previous
rate
Rate
Apr. 30
Feb. 8,1934
Feb. 2.1934
Jan. 17,1935
May 11,1935
May 9.1935
Jan. 14,1935
Jan. 19,1935
Jan. 3,1935
May 14,1935
May 10,1935
May 8,1935
Feb. 16,1934
In effect
beginningSept.
Oct.
Nov.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Aug.
Oct.
Sept.
Rate
Apr. 30
20,1935
10,1935
In effect
beginningOct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.
2,1935
19,1935
23,1935
14,1935
20,1935
3,1935
29,1935
26,1935
8,1935
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
1
Rates indicated also apply to United States Government securities bought under repurchase agreement.
Back figures—See Annual Report for 1935 (table 40).
RATES ON INDUSTRIAL ADVANCES
BUYING RATES ON ACCEPTANCES
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 Apr. 30, 1937.
[Percent per annum]
Buying rates at the Federal Reserve Bank of New York
[Percent per annum]
Rate in
effect on
Apr. 30
Maturity
In effect beginning—
Previous
rate
Federal Reserve Bank
1-15 days K..
16-30 days—
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
Oct. 20, 1933
do
____do
do
....do
do
1
1
1
1
1
1
Boston
New York . .
Philadelphia
This rate also applies to acceptances bought under repurchase agree- Cleveland
ments, which agreements are always for a period of 15 days or less.
NOTE.—Minimum rates on prime bankers' acceptances payable in Richmond
Atlanta
dollars; higher rates may be charged for other classes of bills.
Chicago
St. Louis
Back figures.—See Annual Report for 1935 (table 41).
1
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Percent per annum]
Nov. 1, 1933 Feb. 1, 1935
In effect
beginning
to
to
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days
Minneapolis..
Kansas City
Dallas
San Francisco .
Advances
direct to
industrial
or commercial organizations
Advances to financing institutions—
On portion for
On rewhich
institu- maining
portion
tion is
obligated
3^-6
4-6
4-6
43^-6
3
3
4-5
3
33^
4
1
1-2
6
6
5-6
4-5^
4-6
5
13
4-6
5
5-6
4
6
4-6
5-6
43^-5
4
4
3-4
4
5-6
5-6
Commitments
to make
advances
1-2
,-1
1
1
4-5
*2 Authorized rate 1 percent above prevailing discount rate.
Same as to borrower but not less than 4 percent.
a Flat charge.
Back figures—See Annual Report for 1935 (table 40).
MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits
and banks
On net demand deposits:*
Central reserve city.
Reserve city
Country
Prior to
Aug. 15,
1936
Aug. 15,
1936Feb. 29,
1937
Mar. 1,
1937Apr. 30,
1937
13
10
7
19H
15
10H
22%
12K
May 1
1937,
and after
26
20
14
NOTE.—Maximum rates that may be paid by insured nonmember
deposits:
banks as established by the Federal Deposit Insurance Corporation, On time
3
All member banks
effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
i See footnote to table on page 456 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.
MAY
469
FEDERAL RESERVE BULLETIN
1937
MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates; percent per annum]
Prevailing rate o n Year,
month or
date
Average rate o n -
Prime Prime Stock- Stock excom- bankexchange call
mercial ers' change
loans
paper, accept- time
4 to 6 ances , loans,
90
XT
Remonths 90
days
days .New newal
1934 average.__
1935 average.__
1936 average- _
1936—Feb
Mar
Apr
M a y ____
June
July . . . .
Aug
Sept
1937—Jan
Feb
Mar. _ _
.25
.13
.15
.90
.56
1.16
1.00
.56
.91
1.00
.56
.91
i .26
2.14
.14
2.11
1.28
1.11
H
%
%
1
1
1
.75
.75
.75
.93
1.00
1.00
1.00
1.00
1 00
1.00
1 00
.75
.75
.75
.93
1.00
1.00
LOO
1.00
00
.00
1.00
08
.11
.10
.18
.23
.14
.18
.16
.13
.10
.21
1.15
1.09
1.10
1.09
1.12
1.17
1.12
1.09
1.12
.99
1.04
•IX
1.00
1.00
1.00
1.00
LOO
LOO
.36
.38
.58
1.18
1.22
1.42
IX
IX
IX
VA
IX
IX
IX
IX
1M
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
LOO
LOO
LOO
LOO
LOO
L.00
LOO
1.00
1.00
1.00
1.00
.37
.37
.39
.40
.45
.53
.71
.64
.66
.67
.70
1.19
1.20
1.24
1.26
1.30
1.40
1.50
1.50
1.57
1.66
1.60
%
Week ending:
Feb. 6
Feb. 13____
Feb.20._._
Feb. 2 7 . . . .
Mar. 6
Mar. 1 3 . . . .
Mar. 20____
Mar. 2 7 —
Apr. 3
Apr. 10
Apr. 17
within
period
1.02
.76
.75
y&
^g
H
H
%
%
%
M
Oct. . . . .
Nov
Dec. . . . .
u. s.
Treas-
ury 273day bills
offered
Average
yield on New York City:
January.
U.S.
TreasFebruary
March _
ury
3-5 year
April
notes
May
«/l6
Vie
Vie
Vie
Vie
*ht-X
Vie
5
/i6-Vn
Vie
Vie
Vie
Vie
Vie
Vie
Vie-Vie
Vie
U-i
1
Vie
1
Vie
1
Vie
%
X
X
X
X
X
H
1-1K
IX
IX
IK
IX
IX
IK
IX
IX
IX
'
i 91-day and 182-day bills.
2182-day and 273-day bills.
Back figures.—See Annual Report for 1935 (tables 42 and 43).
June
July
August
October.
December
Year
8 other northern and
eastern cities:
January
February
March
April
May
June
July
August
September
October
November
December
Year
27 southern and
western cities:
January
February
March
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
fi 08
5.86
5.74
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 38
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 2.41
2.61 2.50
2 54
2 51
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
5.87
5.86
5.91
6 00
6.09
fi 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 6?
4.87
4.91
5.07
5.13
5.14
5 10
5.14
5.13
5.05
5.12
5.03
4 96
4.88
4.88
4.89
4.84
5.39
5 09
4.99
4 97
4.82
4 68
4.65
4 51
4.54
4.59
4.65
4.49
4.52
4 52
4.39
4,30
4.15
4 12
4.11
4 13
4.08
3.98
4.08
4.02
4.05
3.99
3.88
3 78
3.87
3.79
3.75
3.75
3.63
3.67
3.62 3 36
3.63 3 43
3.60 3.34
3.47
3.45
3.51
3 61
3.47
3.45
3.50
3.47
3.46
6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52
5.94
5.96
6.04
6 07
April..
6.10
May
6.16
June
6.17
July
6.22
August
6.27
September
6.29
October
6.29
November
December.._ _ . 6.20
Year
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16
6.12
6.05
5.98
5.86
5.75
5.69
5.63
5.58
5.55
5.54
5.50
5.43
5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56
5.61
5.61
5.64
5 63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
5.60
5.56
5.66
5 68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
4.85
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55
4.47 4 16
4.51 4.15
4.44 4 15
4.40
4 43
4.39
4 35
4.25
4 29
4.23
4 24
4.14
6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35
BOND YIELDS1
[Percent per annum]
Corporate *
Year, month, or date
U. S.
Treasury 2
Municipal
grade)
3
By ratings
Total
Aaa
By groups
Industrial
Baa
A
Aa
Railroad
Public
utility
Number of issues
7-12
15
120
30
30
30
30
40
40
40
1934 average
1935 average
1936 average
3 10
2.70
2.47
3 95
3. 16
2.68
4 96
4.46
3.87
4 00
3.60
3.24
4 44
3.95
3.47
5.08
4.55
4.02
6.32
5.75
4.77
4.52
4.02
3.50
4.96
4.95
4.24
5.40
4.43
3.88
1936—March
April
May..
March .
2 54
2.51
2.50
2 50
2.50
2 43
2.41
2 42
2.29
2 27
2 29
2 31
2 50
2 78
2.76
2.76
2 72
2.70
2 68
2.62
2 58
2.45
2 31
2 38
2 57
2 72
3 95
3.97
3.96
3 94
3.90
3 85
3.79
3 75
3.71
3 67
3 66
3 75
3 87
3 29
3.29
3.27
3.24
3.23
3 21
3.18
3 18
3.15
3 10
3 09
3 22
3 32
3 55
3.57
3.53
3 51
3.48
3 44
3.41
3 38
3.31
3 28
3 30
3.41
3 50
4 10
4.12
4.11
4.09
4.05
3.99
3.94
3.90
3.85
3.78
3.76
3.85
3.98
4 86
4.91
4.94
4.90
4.84
4.74
4.62
4.54
4.52
4.53
4.50
4.54
4.69
3.56
3.57
3.55
3.54
3.52
3.48
3.44
3.42
3.38
3.37
3.36
3.46
3.55
4.32
4.38
4.40
4.35
4.31
4.22
4.09
4.02
4.00
3.96
3.95
4.04
4.17
3 98
3.97
3.95
3.91
3.86
3.85
3.83
3.80
3.74
3.69
3.68
3.76
3.90
Mar. 24
Mar. 3 1 . . .
Apr. 7
Apr. 14
Apr. 21
2 64
2 71
2 75
2 73
2.72
2 79
2 84
2 86
2 85
2.80
3 95
3 93
4 00
3 98
3.94
3 38
3 37
3 45
3 42
3.38
3 57
3 55
3.58
3 58
3.56
4 05
4.02
4.08
4.06
4.01
4.78
4.76
4.90
4.86
4.80
3.61
3.61
3.68
3.66
3.62
4.25
4.23
4.31
4.29
4.25
3.97
3.94
4.02
3.99
3.95
June
July
_
August
September
October
November... __
December
1937—January... _
February
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, ess than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4.
Back figures.See Annual Report for 1935 (table 74).
470
FEDERAL RESERVE BULLETIN
MAY
STOCK PRICES 1
BOND PRICES l
Corporate3
U. S.
Treasury*
Year, month, or date
15
20
20
1934 average
1936 average
1936 average
103.5
106.0
107.0
97.3
109.4
117.8
81.9
88.2
92.2
83.8
79.4
94.7
1936—March
April
May
June
July
August
September.
October...
November.
December.
1937—January...
February..
March
106.6
107 0
107 1
106 6
106.6
107.2
107.2
106.9
108.2
108.0
107.3
107.2
105.2
116 0 96.6
116.2
95.9
116.2
95 5
116.9
96 2
117 4 97.1
97.7
117.8
98.6
118.8
119.5
122.1
99.9
124.8
123.5 100.3
119.7 100.0
98.5
116.9
92.1
91.2
90.6
90.6
91.1
91.6
92.2
93.1
94.2
94.5
94.8
94.7
93.5
92.7
91.6
90.8
92.5
94.2
95.8
97.9
99.7
99.2
99.6
100.6
100.2
98.3
105.1
104.8
105.0
105.5
106. 0
105.7
105.8
106.0
106.0
105.6
105.7
105.1
103.6
103.7
103.0
102.5
102.8
102.8
115.7
114.8
114.4
114.6
115.5
92.7
92.8
91.9
91.8
92.3
96.7
94.9
95.4
96.5
102.8
103.1
102.4
102.6
102.7
Mar. 24....
Mar. 31_._.
Apr. 7
Apr. 14__._
Apr. 21
Year, month, or date
RailTotal Industrial road Utility
Number of issues
1937
97.5
97.5
97.5
96.4
96.6
97.2
Preferred Common stocks (index, 1926=100)
stocks
(industrial highIndus- Rail- Utility
grade) 8 Total
trial
road
20 N u m b e r of issues
20
419
347
120.7
133.8
138.9
72
78
111
81
91
127
1936—March
April
May
June
July
_
August
September.
October
November.
December..
1937—January
February..
March
139.6
138.8
138.6
138.8
139.1
139.3
139.0
138.3
139.0
140.1
141.8
141.2
138.0
109
109
101
106
109
113
114
119
124
123
126
130
130
125
125
116
121
124
128
130
136
144
143
147
152
153
71
104
103
102
95
102
106
109
108
109
109
111
114
111
106
Mar. 24.._.
Mar. 31.__.
Apr. 7
Apr. 14....
Apr. 21....
136.8
137.1
136.3
136.1
136.4
126
128
122
124
125
148
150
143
146
147
103
103
100
100
100
87.8 1934 average
98.2 1935 average
105.4 1936 average-
32
40
I
1
1
1
Monthly data are averages of Wednesday figures.
Average derived prices.
Source.—Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73).
Monthly data are averages of daily figures except for municipal bonds,
which
are averages of Wednesday figures.
8
Average prices of all outstanding bonds due or callable after 8 years.
• Prices derived from average yields.
Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73); for U. S. Treasury
bonds, see BULLETIN for May 1936, p. 317.
CAPITAL ISSUES
[In millions of dollars]
For refunding
For new capital
Total
refunding)
(domestic
and
forTotal
eign)
9,774
9,898
11,513
7,619
4,038
1,751
1,063
_ 2,160
4,699
6,214
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
Domestic
Domestic
Total
Year or
month
1936—Mar.__.
Apr
May...
June...
July....
Aug
Sept....
Oct
Nov
Dec
1937—Jan
Feb..__
Mar.___
State
and
municipal
Federal
agencies*
Corporate
Total
Bonds
and Stocks
notes
Foreign1
7,556
8,040
10,091
6,909
3,089
1,194
720
1,386
1,457
1,972
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,409
1,949
1,475
1,379
1,418
1,434
1,235
762
483
803
855
735
87
64
0
87
75
77
64
405
150
22
4,658
5,346
8,002
4,483
1,551
325
161
178
404
1,192
3,184
2,385
2,078
2,980
1,239
305
40
144
334
839
1,474
2,961
5,924
1,503
311
20
120
35
69
352
1,337
1,251
128
176
112
218
104
217
178
186
158
266
r241
168
185
128
176
112
217
103
217
177
173
158
266
58
48
68
64
33
46
103
78
49
48
146
34
47
11
0
6
1
0
0
0
0
0
0
0
4
0
59
128
38
152
70
171
75
95
109
218
r
95
130
138
46
102
13
123
39
146
48
60
97
100
'64
74
99
13
26
24
29
31
25
26
35
12
118
31
56
39
0
0
0
1
1
0
1
13
0
0
0
0
0
763
986
420
734
339
297
409
464
372
726
'603
497
382
r
••241
168
185
671
905
229
29
12
0
48
23
Total
(domestic
and
forTotal
eign)
Corporate
State
and
municipal
Federal
cies*
Total
and Stocks
notes
3,242
4,242
1,978
1,620
1,387
527
893
498
283
765
3,216
4,123
35
36
13
53
21
87
37
136
365
382
93
0
0
0
51
93
26
317
987
353
1,850
1,584
1,374
474
821
319
219
312
1,864
3,387
1,586
1,054
542
451
789
315
187
312
1,782
3,187
264
530
833
23
32
4
32
0
81
200
241
238
35
182
56
59
60
9
26
119
635
810
308
516
236
80
231
278
214
459
362
329
197
616
765
308
514
236
80
231
278
199
459
289
255
197
71
37
37
45
9
11
56
5
16
49
59
9
12
9
199
4
93
2
8
0
1
28
3
26
21
4
536
530
267
376
225
62
175
272
155
408
204
225
181
525
492
252
325
222
55
156
249
145
395
87
140
162
11
38
16
50
3
6
19
22
10
13
116
84
19
19
45
0
2
0
0
0
0
15
0
73
74
0
2,218
1,858
1,422
709
949
557
343
774
Foreign1
Bonds
Revised.
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.
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.
1
471
FEDERAL RESERVE BULLETIN
M A Y 1937
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]
MATURITIES
[In millions of dollars]
Interest bearing
Total
End of period (gross
debt)
Total
Bonds
Notes
Certif- Bills
icates
June
June
June
June
19,161
22,158
26, 480
27,645
14, 250
14, 223
16,510
14,936
1,465
4,780
6,932
10, 501
2,831
2.200
1, 635
156
1,404
2,053
1936
February
March
April
May
June
July
August
September.. _
October
November
December
30, 520 29,646
31, 459 30, 591
31, 425 30, 601
31, 636 30, 822
33, 545 32, 756
33, 436 32, 672
33, 377 32, 621
33,831 33,086
33, 830 33,081
33,791 33,085
'34, 405 r33, 699
14,713
15, 981
16,005
16,030
18, 395
18, 295
18, 274
19, 257
19,255
19, 262
r
20, 575
12, 270
12, 400
12, 383
12, 381
11,861
11,906
11, 886
11,370
11, 368
11,366
10,804
258
258
259
258
146
117
107
106
105
104
117
2,405
1,953
1,953
2,153
2,354
2,353
2,353
2,353
2,354
2,353
2,203
1937
January
February
March..
'34, 503 '33, 822
34, 601 33, 926
34, 728 34, 064
20, 597
20, 644
21, 273
10, 847
10, 868
10, 357
125
161
231
2,253
2,253
2,203
1932
1933
1934
1935
19,487
22, 539
27, 053
28,701
616
954
Noninterest
bearing
Interest-bearing debt Mar. 31, 1937
Total
Total
34,064
326
381 Obligations maturing:
1937—Before July 1
919
573
1,056
July 1-Sept. 30
1 ~~
Oct. 1-Dec. 31
651
1938—Jan. 1-Mar. 31
732
874
Apr. 1-June 30
618
868
July 1-Dec. 31
596
825
1939
2, 762
814
1940
2,854
790
1941
2,219
764
1943
898
757
1945
1, 401
745
1946
1, 519
749
1947
1,697
706
1948-1952
4, 328
707
1953-1957
5, 694
1958-1961
3, 643
Special issues:
681
U. S. savings bonds
722
675
Adjusted service bonds___
418
All other 2
925
i 664
Bonds'
Notes
Certificates
21, 273
10, 357
231
19
817
834
898
1,401
1,519
1,697
4,328
5, 694
3,643
Bills
2,203
901
651
651
732
618
2,762
2,854
1,385
722
418
119
r
1
Revised.
Issues classified as of date of final maturity; most issues callable at
i Includes $332,000,000 of Government liability for retirement of earlier dates; postal savings bonds only issues callable before 1940; adnational bank and Federal Reserve bank notes, as a result of deposit justed service bonds and most of the U. S. savings bonds are redeemable
of funds by banks; this compares with $472,000,000 on Mar. 31, 1936. at 2option of holder.
Includes such issues as postal savings bonds and notes, retirement
fund notes, and old age reserve account and unemployment trust fund
series.
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds
Total
Income
taxes
Miscellaneous All
inter- other
nal
revenue
3,116
3,800
4,116
818
1,099
1,427
1,470
1,657
2,010
2, 863
3,100
3,728
752
231
256
529
294
343
499
272
233
517
284
275
1,012
793
1,046
1,507
412
36
35
310
39
32
288
27
33
286
43
58
700
1, 267
1, 536
1,637
291
152
158
164
201
264
161
186
148
174
168
148
188
Period
Fiscal year ending June:
1934
1935
1936
9 months ending:
March 1935
March 1936
March 1937
1936—March
April
May
June..
July
August
September
October
November
December
1937—January
February
March
Trust
acIncrease or decounts, crease d u r i n g
etc.*
period
Excess excess
of reof reRecovery and relief
ceipts ceipts
(+)or (+)or
exexpendipendi- General
Public
All
tures
fund
Gross
Total Relief works others
tures
((-)
balance debt
(-)
Expenditures 3
Receipts
General J
Total
6,745
1,044 6,802
680 '8,477
803
518
585
48
43
63
55
54
47
50
60
52
57
73
68
123
4,909
4,968
5,442
570
614
558
2,337
412
551
535
656
631
553
754
Interest on All
public other
debt
821
5
1,984 4,004
2,325 3,657
4, 436 3,291
560 1,744
538 2,000
596 2,711
226
131
228
72
258
8
132 51,949
320
10
273
26
255
144
292
74
267
8
266
140
318
14
331
20
388
159
2,605
2,430
2,135
214
314
291
256
82
252
268
315
260
250
299
202
208
1,844
2,342
985
645
1,020
2,092
1,715
816
900
73
11
33
21
32
35
14
8
5
2
3
2
2
2
1,263
2,235
254
259
264
306
275
247
252
277
260
274
222
205
224
1,515 - 3 , 630
294 -3,002
213 -4,3616
74 - 2 , 046
267 -1,868
« 173 -1,713
6 51 +181
22
-383
7
-302
«83 - l , 8 0 7 6
6 228 -118
-208
-169
32
-409
62
-303
6 26 -138
74
-348
e4
-279
e 18 +257
+835 + 1 , 720
-741
+613
+840
+123
-136
+ 146
+135 + 1,025
-856
-92
- 2 2 +1,099
-424
-7
-84
+7
+323
-12
-451
+2
-327
-55
+284
(7)
-424
-15
-358
-17
+500
+26
-180
+72
-187
—/
+287
-98
+4, 514
+ 1,648
+5, 078
+ 1 , 764
+2, 758
+950
+939
-34
+ 211
+2,142
-335
-63
+452
(7)
-38
+613
+95
+99
+127
1
J
Includes customs, processing taxes, taxes under Social Security Act, and miscellaneous receipts.
Excludes public-debt retirement.
3 Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures
of
the
Reconstruction
Finance
Corporation.
4
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other than for retirement of national-bank notes), transactions in checking accounts of certain special governmental agencies,
and unemployment trust fund account.
5 Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936.
• Excess of credits.
» Less than $500,000
472
FEDERAL RESERVE BULLETIN
MAY 1937
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28, 1937
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned.
Financed wholly from Government funds
ReconComstruction m o d i t y
Finance Credit
Corpo- Corporation
ration
In millions of dollars]
Financed partly from Government
funds
Public AgriculFarm
Other Home
Works tural
mortfarm
mortAdmin- credit Other
gage
credit
gage Other
istra- instituinstitu- institu- institution
tions
tions
tions
tions
Total
Total
F e b . 28,
1937
Jan. 31,
1937
Feb. 29,
1936
ASSETS
Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc
Home mortgage loans . . .
Farm mortgage loans
Other agricultural loans..
All other loans
Total loans and preferred
stock
Cash
United States direct obligationsObligations of Government credit
agencies:
Fullv 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
346
608
6
494
746
2,699
2,930
584
1,204
505
762
2,729
2, 932
590
1,193
630
869
2,943
2,932
696
1,124
2,978
51
4
6
22
335
8,657
264
514
8,711
246
511
9,194
363
460
C1)
101
195
30
195
30
217
28
141
3
138
2, 699
(0
2 930
1
809
1, 764
4
30
6
1,804
204
24
138
259
24
6
4
398
67
30
15
26
2
137
204
137
0)
75
1
C1)
0)
0)
18
205
152
155
0)
216
2,930
93
47
216
20
94
0)
74
(2)
2
32
215
169
155
742
3,395
42
311
4
13
75
282
718
75
283
702
74
269
466
407
3,392
483
10, 735
10, 754
11,072
87
4, 667
1 327
489
4,687
1,324
449
4, 662
1,364
317
3
0)
3
LIABILITIES
Bonds, notes, and debentures:
Guaranteed by United States...
Other 2
Other liabilities (including reserves)
Total liabilities
other than
interagency 2
Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests
U. S. Government interests
0)
252
53
2
5
43
1,422
1 177
164
148
3
2, 993
1
132
305
2
5
45
2,763
151
3,127
87
6,483
6,461
6,343
1,499
203
155
147
698
632
168
257
3
266
33
396
139
4,252
343
4,293
341
4,728
343
1, 499
203
155
147
698
464
254
233
257
3, 908
3,952
4,386
2
(l)
1
3
2
Less than $500,000.
Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
Shares of Federal savings and loan associations subscribed by HOLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury
amounting to $48,000,000 are classified under "All other assets."
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding.
Mar. 31,
1936
Loans to financial institutions
Loans on preferred stock of banks and insurance companies..
Preferred stock, capital notes, and debentures
Agricultural loans
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
423,061
46, 720
851,086
21, 873
389, 239
160, 951
48, 287
53, 420
3,917
151,593
In thousands
Sept. 30,
1936
355, 539
48, 216
668,615
1,385
349,261
185, 829
57, 690
61, 778
3,037
140, 478
dollars]
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
325, 620
43, 509
650, 777
1,369
345,980
195,044
63, 592
64,343
1,928
118,822
Jan. 31,
1937
313, 335
41, 796
630, 272
1,327
345, 502
200,181
63, 079
65,164
1,943
113,076
Feb. 28,
1937
304, 815
41, 465
607, 777
1.405
345, 447
206, 721
63, 838
66, 553
1,949
108, 714
Mar. 31,
1937
i 295, 654
2 41,379
596, 998
1,461
340, 367
208, 496
63, 493
67,744
2,050
121, 622
Total loans and investments, other than interagency___ 2,150,148 1,871,828 1, 871, 782 1, 841, 325 1, 810, 984 1, 775, 677 1, 748, 684 1, 739, 265
Loans to Federal land banks
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Capital stock of, and loans to R. F. C. Mortgage Co
Preferred stock of Export-Import banks
_
Total loans and investments..
1
3
34,723
297,279
_
16, 725
10,000
30,933
95, 809
97,000
32, 202
20,000
27,993
97, 916
97, 000
33,996
20, 000
27,620
98, 417
97,000
35, 701
20,000
24, 750
98, 721
97,000
37, 406
20,000
22, 784
135, 024
97, 000
38,670
20, 000
22,191
129, 320
97, 000
39, 233
20, 000
14, 517
79, 688
97,000
43, 769
20,000
2, 508, 875 2,147, 771 2,148, 786 2,120,163 2,088,961 2,089, 255 2,056, 825 31,994, 837
2
Includes $93,000,000 of loans for distribution to depositors of closed banks.
Includes $501,000 of preferred stock instalment sale contracts.
Includes $598,000 of loans to Rural Electrification Administration.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.
MAY
473
FEDERAL RESERVE BULLETIN
1937
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by-
End of month
1933—December.
1934—December.
1935—December.
1936-March
April
May
June
July
August
September.
October . . .
November.
December.
1937—January....
February. _
March
Land
Federal
Bank
land banks Commissioner
1,232, 707
1,915,792
2,071,925
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
2, 060, 233
2,057,930
70,738
616,825
794, 726
817,899
823,110
827,052
827, 248
829, 464
831, 892
833, 906
835,187
836,194
836, 779
836,062
S35, 509
833, 821
Federal intermediate
credit bank loans to
and discounts for—
Regional
agricultural
credit corporations,
production
credit associations,
and banks
for cooperatives *
Loans to cooperatives b y -
Produc- Regional
agriculOther
tion credit tural
cred
financing associait
corpotions
institurations
tions,
except
cooperatives
73,263
99,675
104, 706
122,849
132, 715
140,177
144,155
146, 243
144, 423
138, 653
135, 791
131,644
129, 872
125,825
130,139
144, 250
60,989
55, 672
47,162
'48, 741
r
50, 672
'52, 914
'54, 012
'55, 050
'54,884
'50,099
r
43, 946
'41,277
'41,017
'40, 080
'41, 061
42, 367
r
27
60,852
94,096
116,392
127, 511
135, 467
139,468
140, 982
135, 603
122,004
110,775
105, 441
105, 212
106,081
114,551
131,905
144, 636
87,102
43,400
39.617
38, 665
37, 711
36,026
34, 610
33,042
31, 216
28, 664
26, 491
25, 288
24,454
24, 249
23,892
Emergency
crop and
drought
loans
89,811
110,186
172,489
167,826
175,151
176, 789
176,234
174, 207
172, 863
171, 320
168 688
,
166, 291
164, 887
163, 868
163, 250
174,709
Federal
intermediate
credit
banks
15,211
33,969
2,731
2,074
1,685
932
247
225
314
405
758
1,336
1,641
1,486
1, 359
1,305
Banks for
cooperatives,
including
Central
Bank
18,697
27,851
50,013
41,083
40, 015
39, 688
39, 500
43,018
44, 345
56, 267
71,150
72, 500
69, 647
64,411
60, 356
56, 736
Agricultural
Marketing Act
revolving fund
157,752
54,863
44,433
44,306
43, 523
41, 696
44, 556
44,431
44,025
51,348
56,216
53, 754
54,322
52, 359
51,810
' Revised.
1
Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES *
[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
Home
Owners'
Loan Cor-l
poration
N u m b e r of
associations
Total
Reporting
Loans
reported
Federal
home
loan
bank
loans to
member
institutions 2
1933—December..
1934—December..
1935—December..
% 394,038
2, 897,162
639
1,023
455
881
69, 734
315, 683
85, 442
86, 658
102, 795
1936— March
April
May
June
July
August
September
October
November
December
1937—January
February
March
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
2,711,451
2, 680, 230
2,642,611
1,078
1,102
1,114
1,135
1,165
1,175
1,183
1, 192
1,206
1, 212
1,228
1,240
1,249
980
1,006
1,006
1,017
1, 025
1,076
1,076
1,080
1, 080
1, 065
1,143
1,143
1,157
366, 405
390, 810
404, 722
444, 046
465, 682
497,852
512, 744
532, 064
544,130
544,107
576, 299
588,038
626,907
103, 358
105, 972
110, 922
118,587
122,101
125, 218
129,767
134, 941
137,261
145, 401
143,745
141, 205
142, 720
End of month
otal
1933—December.
1934—December.
180
3,063
1935—October.._.
November.
December.
1936—January...
February..
March
April
May
June.
July
August
September.
October. __
November.
December
1937—January...
February..
March
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
4,662
4, 662
4, 662
4, 667
4, 666
r
1
Federal
Home
ReconFarm
Owners' struction
Mortgage
Loan
Finance
Corpora- Corpora- Corporation
tion
tions
L,
L,
L,
L,
L,
L,
980
1,834
180
249
382
387
387
399
407
407
2,786
2,819
2,855
2,911
2,970
2,995
3,013
3,029
3,044
3,050
2, 995
2,993
2, 993
2,988
r
2, 988
r
'2, 988
2, 993
2, 992
253
253
252
253
253
252
252
252
252
252
252
252
252
252
252
252
252
251
i; 4ii
1,422
1,422
1,422
1,422
L,422
1,422
1,422
1,422
I, 422
1,422
1,422
Revised.
Principal amount of obligations guaranteed as to interest and principal. Also guaranteed are debentures issued by Federal Housing Administrator. The amount outstanding March 31, 1937, was $59,427.
3 Excludes obligations guaranteed as to interest only.
3 Excludes obligations held by U. S. Treasury and reflected in the
public debt. Figure for December 1933 includes notes given in purchase
»Includes loans to Federal savings and loan associations, all of which of
gold which were retired in February 1934.
are members, and a negligible amount to others than member institutions.
8 Includes accrued interest.
i In addition to loans the H O L C held on March 31, 1937, $548,000,000 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.
474
FEDERAL RESERVE BULLETIN
MAY
1937
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) 2
Industrial production!*
Year
and
month
Manufactures
Total
Factory employment 3
Minerals
Total
Residential
All other
Factory
rolls*
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
83
87
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
87
67
86
101
94
105
108
106
112
119
95
80
63
67
85
101
95
104
108
106
111
119
96
81
64
76
74
105
96
99
108
107
106
115
99
79
84
79
44
30
44
68
81
95
124
121
117
126
94
122
129
129
135
117
92
63
28
25
32
37
55
82
86
91
104
78
90
105
90
105
63
63
56
84
71
75
79
77
89
70
107
108
82
90
104
96
100
101
99
99
105
91
90
65
88
86
94
120
135
139
142
142
125
87
50
37
13
11
12
21
37
84
77
66
72
40
37
48
50
83
86
92
70
78
84
91
79
87
100
98
118
77
82
103
96
101
104
102
102
109
89
97
103
106
103
103
106
92
67
75
46
49
63
71
82
56
58
62
63
72
94
87
88
98
99
103
106
107
108
102
92
69
67
75
79
88
1934
82
86
89
89
84
75
86
84
73
73
73
75
74
78
80
82
85
86
83
74
72
69
72
74
85
90
90
88
86
85
87
86
88
91
95
96
101
88
91
91
89
87
86
83
87
90
97
98
96
90
88
87
86
84
85
87
89
92
95
97
101
97
94
93
101
101
104
108
108
109
110
114
121
96
95
96
104
105
104
105
106
108
111
115
114
114
116
P118
112
117
P122
nil
Feb
Mar
April____
81
84
86
86
84
76
May..__
June
July
Aug
Sept
73
71
74
Oct.
Nov..._.
Dec
83
87
88
89
71
71
70
73
73
76
92
100
90
88
87
84
80
89
91
81
86
86
84
83
70
81
61
66
68
68
66
61
63
59
62
61
64
64
66
62
63
64
61
59
59
57
59
64
61
63
60
63
64
63
63
67
64
60
56
73
76
76
75
73
73
76
74
74
75
77
65
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
74
74
78
79
81
81
80
84
84
89
91
95
70
70
66
69
70
70
73
70
72
63
65
62
66
71
91
96
80
80
83
38
33
36
32
31
30
28
30
29
28
25
12
11
12
11
12
12
10
11
12
11
12
10
12
14
13
13
12
10
11
12
11
10
51
48
38
38
39
40
44
46
48
47
60
50
54
47
46
44
43
45
43
41
36
81
84
85
86
85
83
78
81
81
82
84
86
86
85
83
84
80
82
80
82
22
24
26
30
32
35
39
40
44
45
53
54
12
14
16
18
21
24
25
24
25
25
26
26
10
13
16
22
25
26
25
24
25
25
25
22
39
39
35
33
32
36
43
50
58
66
88
103
32
33
34
38
39
43
50
54
59
62
76
80
84
85
86
86
85
84
85
86
86
87
88
89
82
85
86
86
85
83
84
86
88
89
89
88
62
52
47
47
46
52
59
62
59
50
45
47
53
56
60
65
65
58
66
54
51
53
21
22
28
35
38
39
45
46
47
41
39
38
92
75
63
60
57
65
71
75
69
69
72
75
63
62
67
57
25
25
26
30
32
36
44
46
47
43
40
45
89
87
88
89
90
90
93
93
94
94
96
99
87
87
88
89
90
90
91
94
96
97
97
98
63
62
51
54
99
100
P101
97
99
P101
P101
44
33
32
26
26
27
82
81
81
90
87
87
84
85
27
29
31
31
31
87
95
91
91
91
87
84
83
87
89
96
98
r
95
97
97
88
90
99
85
83
87
93
93
102
92
93
90
27
28
26
85
86
93
101
96
97
96
92
93
100
101
105
109
110
110
111
115
121
95
93
97
105
105
105
105
106
107
110
115
114
104
111
97
106
102
100
101
99
102
105
112
117
100
107
90
95
101
101
102
104
110
115
115
111
115
116
113
118
109
115
P127
105
111
P118
83
59
73
73
77
70
51
60
79
82
83
135
1935
Jan. _
Feb
Mar
April—
May
June
July
Aug
Sept
Oct.
Nov.. _
Dec
79
88
97
27
27
30
35
38
43
48
60
68
70
72
72
69
67
67
71
74
7f>
76
78
77
79
59
61
71
74
79
80
77
81
78
82
83
79
76
76
55
61
86
86
91
145
81
83
84
84
87
87
91
86
88
90
94
92
63
66
77
85
89
84
63
68
94
100
105
161
93
95
93
72
76
90
10
1936
Jan
_
Feb
Mar
April_._
May._._
June.__
July
Aug
Sept
Oct
Nov
Dec
CO
83
70
78
82
81
70
65
62
65
73
80
86
72
75
76
82
84
80
74
1937
Jan
Feb
Mar
P55
45
47
P45
37
42
P47
77
75
63
64
PO4
P63
*122
Preliminary.
Average per working day.
description ;
BULLETIN fc.
_~.~
.„„*,.
ending nearest middle of month.
* For indexes of groups see p. 482.
Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August 1936.
70
72
76
MAY
475
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]
1937
1936
Industry
Feb.
Manufactu:
Total.
IRON AND STEEL..
Pig iron
Steel ingots
TEXTILES
Cotton consumption
Wool .__.
Consumption
Machinery activity 1
Carpet, and rug loom activity 1
Silk deliveries
FOOD PRODUCTS
Slaughtering and meat packing.
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
92
Mar.
Apr.
June
July
Aug. Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
101
105
109
110
115
121
115
116
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
129
107
132
127
108
129
100
103
'96
103
'102
68
97
107
111
103
'120
95
116
125
106
125
'98
'66
108
'119
125
115
136
101
77
118
120
127
108
121
97
'89
130
114
119
105
109
104
95
121
121
123
'118
'128
'118
92
125
139
144
'140
'160
134
'94
134
124
129
121
'126
130
92
118
126
132
129
132
137
104
112
P128
136
P127
P138
70
128
141
138
92
71
90
100
79
125
144
143
77
70
105
94
115
129
152
82
109
100
115
122
169
83
83
100
85
117
125
160
87
115
87
65
111
130
175
87
86
66
108
122
151
89
89
92
89
69
113
136
139
61
136
61
140
62
140
67
150
64
141
63
142
62
145
111
107
6
93
5
105
122
10
120
120
11
112
93
100
65
103
125
116
104
111
79
112
124
134
108
111
98
111
151
136
108
111
90
119
154
133
107
110
92
114
150
87
242
91
164
105
101
71
97
100
74
105
98
80
102
99
111
••121
117
'74
91
104
107
'99
105
89
'92
'96
68
102
84
77
52
109
109
145
96
93
87
83
61
109
115
151
92
96
90
89
68
114
116
134
88
95
60
127
62
132
60
131
59
136
62
137
93
0
107
1
122
3
117
6
118
113
96
95
85
110
125
108
93
95
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
70
113
129
112
90
91
68
109
127
58
184
213
74
220
75
218
75
220
77
226
81
236
112
103
69
128
104
107
'99
60
100
100
Oct.
100
77
102
93
83
63
85
May
104
111
128
87
85
64
113
119
133
94
89
92
92
72
116
130
135
101
J>124
P100
114
PAPER AND PRINTING:
Newsprint production
Newsprint consumption..
60
131
64
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers _.
Goat and kid leathers..
Boots and shoes
121
P132
CEMENT AND GLASS:
Cement
Glass, plate
85
244
93
229
125
80
76
131
'83
70
114
107
194
245
106
130
126
136
NONFERROUS METALS:
Tin 2deliveries1
Zinc
Lead
105
77
62
101
91
70
FUELS, MANUFACTURED:
Petroleum refining
Gasoline l
Kerosene
Fuel oil'
Lubricating oil !__.
Coke, byproduct
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
241
92
124
114
130
191
242
102
132
116
136
189
236
117
135
111
137
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
123
128
91
148
75
207
140
71
193
152
74
214
145
71
204
147
70
209
147
73
216
157
75
223
146
74
202
150
75
209
183
83
265
165
83
234
168
78
242
153
83
212
102
100
101
99
105
112
117
109
115
P127
92
100
143
71
54
146
76
77
149
80
94
75
91
74
72
146
80
103
69
103
79
69
144
81
104
71
101
76
51
149
87
'99
60
86
52
152
98
101
71
119
95
69
152
110
100
74
99
97
73
161
83
56
164
50
168
RUBBER TIRES AND TUBES I_.
Tires, pneumatic *
Inner tubes i
TOBACCO PRODUCTS..
Cigars
Cigarettes
Min
-Total .
Bituminous coal...
Anthracite
Petroleum, crude..
Iron 2ore
Zinc
Lead
Silver
69
150
82
58
146
93
r
97
60
111
P110
P81
P173
107
80
113
r
p Preliminary.
1 Without seasonal adjustment.
Revised.
2
January 1936, revised: 83.
NOTE.—For descriptions see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping
paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process
of revision.
476
FEDERAL RESERVE BULLETIN
MAY
1937
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.
1923-25 average = 100]
1936
Industry
Feb.
Manufactures—Total
Mar.
Apr.
May
June
July
1937
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
93
97
105
105
105
105
106
107
110
115
114
113
118
P122
87
64
89
94
67
96
111
82
114
114
87
117
113
88
115
111
85
113
118
89
121
118
93
120
124
98
126
127
100
130
126
102
128
134
105
137
136
109
138
142
114
145
108
106
117
132
117
102
105
100
106
92
r
94
102
68
96
101
106
97
108
95
66
90
107
114
99
111
'98
120
123
111
127
97
'89
136
117
122
111
120
104
95
121
125
128
125
140
118
92
129
119
130
135
123
130
130
92
135
134
141
135
144
137
104
120
P141
103
112
112
110
126
101
77
123
132
133
141
161
134
98
106
99
68
103
102
112
88
90
'96
68
101
82
75
57
96
101
136
93
91
86
78
62
95
116
137
86
113
85
80
61
101
126
126
80
110
82
81
64
101
126
126
82
87
87
84
65
106
124
131
83
106
90
87
64
115
126
135
98
94
87
85
53
126
130
139
99
79
90
94
59
138
138
165
91
75
95
104
80
134
135
167
92
65
104
121
110
133
124
167
90
65
101
117
111
122
119
157
84
66
91
100
87
112
121
176
85
64
86
85
73
95
114
142
86
88
91
84
69
99
137
126
83
127
60
125
61
138
61
141
60
140
64
135
59
117
59
121
60
137
62
149
66
160
64
145
64
137
62
143
63
93
0
124
1
149
3
142
6
134
9
128
9
82
9
42
6
65
5
127
9
147
11
120
7
120
11
140
115
99
101
78
114
126
112
92
96
69
105
124
110
95
94
76
114
119
104
91
88
74
116
113
99
90
83
86
113
105
113
94
90
. 90
109
125
128
96
95
85
111
148
130
95
94
78
114
153
123
98
102
77
107
140
112
102
109
75
111
118
114
105
108
84
120
119
126
104
112
75
113
140
135
111
117
85
119
151
P136
29
174
42
194
70
235
88
231
93
196
91
198
100
226
101
236
99
242
90
164
71
89
52
77
51
244
67
241
105
82
64
95
90
60
101
95
69
98
95
73
112
70
128
97
68
107
'92
58
99
93
57
105
98
73
97
100
77
105
100
81
125
85
77
131
89
72
144
113
76
Petroleum refining
Gasoline
Kerosene . .
Fuel oil
Lubricating oil
Coke, byproduct
172
215
96
130
98
106
168
210
95
119
105
103
178
223
103
119
116
114
179
227
93
120
116
119
181
233
91
117
108
121
182
236
90
117
110
118
186
241
86
119
111
122
189
246
92
119
111
125
192
249
95
124
110
129
189
241
100
124
114
133
192
242
111
132
116
138
189
236
119
135
111
138
194
245
108
130
126
140
142
RUBBER TIRES AND T U B E S
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
123
128
91
135
65
188
132
64
183
140
70
195
147
73
206
161
76
230
167
80
238
158
76
225
173
86
245
157
91
212
153
90
207
149
62
217
156
64
230
153
67
220
146
76
201
107
90
95
101
101
102
104
110
115
115
111
105
111
P118
97
107
140
71
44
145
71
72
150
75
51
152
177
»-92
58
88
87
58
150
178
93
57
106
94
67
153
167
98
73
118
106
71
150
93
100
77
106
103
54
165
P66
P171
95
69
97
72
57
147
164
97
68
85
93
61
158
90
60
99
66
62
149
157
'98
70
101
103
72
156
82
64
100
67
77
150
120
95
73
88
100
81
114
85
77
100
89
72
102
IRON AND STEEL
Pig iron.
Steel ingots
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity.
Silk deliveries . .
FOOD PRODUCTS
Slaughtering and meat packing.__
Hogs .
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
r74
P132
143
P128
P124
PIOO
110
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
Tin deliveries
Zinc1 . .
Lead
FUELS, MANUFACTURED:
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite..
Petroleum, crude. -..
Iron 1ore
Zinc
Lead
Silver
._ _
C
Pi 10
113
77
r
:
p Preliminary.
Revised.
Corrected.
i January 1936 revised: 88.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and March 1937, p. 256. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box
board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
477
FEDERAL RESERVE BULLETIN
1937
MAY
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]
1937
1936
Industry and group
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Feb.
Mar.
92.4
105.4
93.9
105.8
100.8
95.9
106.1
102.3
113
87
68
89
69
80
94
76
114
73
103
98
179
103.7
112
89
118.9
113
127
109
134
104
136
196
81
148
121.3
128
131
111
139
106
141
190
83
153
118.7 110.
2 113.0
r
008
740
772
133
120
123
62
'62
66
44
49
54
89
100
114.3
775
123
71
54
106
Dec.
87.4
79.2
96.3
87.7
80.1
95.8
88.6
81.2
96.5
89.8
82.7
97.3
90.4
83.8
97.6
92.8
85.6
100.4
93.4
85.7
101.8
93.8
86.6
101.6
94.4
88.2
101.2
96.2
89.9
102.9
98.6
92.7
104.9
84.7
91
71
59
78
56
79
83
60
97
57
96
77
142
85.3
92
71
60
77
54
77
84
61
97
59
96
79
146
87.1
94
74
62
75
56
78
86
63
97
62
97
78
148
89.0
97
74
62
76
58
77
87
65
97
65
99
78
151
90.8
99
75
62
76
59
77
84
65
103
67
99
80
148
93.5
103
76
64
78
62
79
82
69
103
70
98
81
146
95.3
106
76
64
79
60
72
85
69
107
72
101
86
143
108
77
65
80
60
75
85
71
104
73
101
86
149
98.4
109
79
66
82
61
84
85
70
107
73
100
89
164
99.6
109
81
67
84
64
91
86
71
107
73
175
101.0
110
84
68
87
68
95
90
72
111
70
97
95
188
MACHINERY
95.8
120
114
81
116
82
108
186
69
112
96.9
123
116
82
119
84
109
179
69
112
99.3
124
118
86
122 .
85
112
185
68
113
102.2
125
119
88
125
88
114
198
70
114
103.9
126
112
90
124
90
116
209
70
87
105. 3 105.3
101
117
100
114
92
92
115
119
93
92
119
120
209
210
73
71
114
102
106. 8
96
116
97
115
95
123
186
75
120
108.4
102
119
100
117
96
125
176
75
132
110.4
95
120
103
122
97
127
171
75
135
114.0 116.0
103
109
121
123
106
104
125
128
100
102
129
136
188
201
76
79
139
145
TRANSPORTATION EQUIPMENT
97.0
484
109
46
26
85
97.7
509
108
50
27
92
99.2
533
109
51
28
99
101.3
571
112
50
31
102.2
564
112
53
34
99
105.1
603
116
52
36
101
56.4
62
56
58.0
62
58
57.0
63
57
57.0
62
57
58.2
62
58
57.4
62
57
95.0
99
99
104
77
76
65
78
135
93.4
100
97
105
76
73
64
78
131
93.4
100
97
104
75
71
63
77
135
61.4
73
45
49
62.8
72
46
50
63. 5
74
47
51
64.1
75
47
51
64.2
76
49
50
65. 6
79
48
51
65. 1
81
51
49
59.7
41
49
97
32
70
60. 8
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
76
66. 4
47
59
102
43
74
96.7
90.6
81
88
88
112
113
85
84
113
114
72
74
82
82
108. 2 108.2
104
105
144
143
85
87
116
116
50
57
110
109
97.6
91.8
81
88
91
116
85
114
97.6
91.3
83
89
91
115
88
113
76
80
109.5
105
146
85
123
55
109
98.1
91.8
83
90
94
116
93
112
78
80
110.3
107
144
86
130
54
111
102.6
95.5
83
95
96
117
91
118
79
83
116.6
109
159
87
141
60
115
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
A gricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products
Machine tools
Radios, phonographs
Textile machinery
Typewriters
Aircraft
Automobiles
Cars, electric, steam railroad..
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS.
Electric railroad
Steam railroad
NONFERROUS METALS, PRODUCTS..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Stamped, enameled ware
LUMBER PRODUCTS
Furniture
Lumber, millwTork_
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.
Plats, 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
r
Revised.
96. 5
90.4
80
108.4
104
143
86
118
55
111
102
99
105
78
76
62
76
135
109
100
106
78
76
61
78
139
97.8
116
102
107
84
75
59
79
136
100. 9 100.8
613
631
109
109
56
56
35
38
102
102
105. 0 112.3
645
646
113
123
61
M
41
42
102
98
r
70
96
90
78
117
75
105
99
176
106.4
116
90
71
87
69
99
95
80
116
76
105
101
60. 6
63
60
61.7
63
62
62.3
63
62
61.9
63
62
62.4
64
62
105. 2 106. 7
118
115
111
110
115
114
91
88
94
89
70
70
78
78
154
153
NO 7
118
115
117
91
99
71
80
166
109.6
121
120
120
90
75
72
80
163
111.7
121
122
120
89
98
73
79
159
113.2
120
122
122
91
104
73
81
161
66. 2
81
53
50
06. 2
84
54
49
67. 9
86
55
51
»f>8. 8
89
57
50
68.1
87
71.3
88
58
54
66. 1 67.2
47
47
61
64
99
103
42
42
76
77
66. 3
48
65
96
42
75
69 0
51
68
101
42
76
69.5
54
68
r
98
43
r
77
104. 9 102. 6 101. 7 104. 4 106. 8 108.3
98. 1 96.8
97.3 100. 1 101. 7
95.5
85
93
101
92
92
99
99
101
98
99
97
99
101
104
107
99
101
106
117
117
120
114
115
121
85
87
90
81
82
89
121
116
123
121
117
119
81
79
78
79
81
79
81
84
77
92
93
78
U 7.0 113.6 113.4 118.4 119.8 120. 9
106
111
105
115
114
104
167
163
155
160
159
157
88
91
88
89
92
93
138
134
133
130
135
140
r
60
55
53
51
57
57
118
117
119
124
132
116
72.6
55
68
109
43
77
72.6
54
69
110
43
78
107.3
100. 7
101
102
102
117
89
123
79
85
119.8
111
161
91
141
57
129
107.0
101.1
99
103
103
116
88
122
81
88
118.0
110
156
90
141
58
129
58.7
62
58
59. 1
62
59
101. 1 102.5
J16
112
106
109
1J3
112
88
87
79
84
66
67
78
79
141
143
65. 8
82
52
50
60. 1
63
60
478
FEDERAL RESERVE BULLETIN
M A Y 1937
FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933.
1923-25 average = 100]
1936
1937
Industry and group
LEATHER PRODUCTS .
Boots, shoes
Leather
FOOD PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meatpackingSugar, beet
Sugar refining, cane
TOBACCO MANUFACTURES..
Tobacco, snufl
Cigars, cigarettes
•.
CHEMICALS, PETROLEUM PRODUCTS _ _
A. Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers..
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining
R U B B E R PRODUCTS
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
Aug.
Sept.
Oct.
Nov.
90.3
91
94
90.9
91
91.4
91
92.0
92
96
94.9
95
110.3
127
183
86
147
77
74
72
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
61.3
56
62
60.3
56
61
61.2
56
62
61.9
56
63
61.7
56
62
61.1
57
62
62.4
57
63
62. C
56
63
Apr.
92.7
93
95
90.4
91
94
89.2
89
94
89.0
89
95
89.0
89
94
106.8
126
177
83
133
76
76
67
83
76
81
107.8
127
182
83
133
76
76
68
84
107.7
127
178
84
131
77
76
71
84
90
81
109.3
127
189
85
137
77
74
74
85
84
59.4
56
60
60.0
55
61
P A P E R , PRINTING
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
May
Mar.
Feb.
56
61
June
July
Dec.
Jan.
Feb.
Mar.
'99.1
101
97
98.1
100
97
97.4
99
115.0 "114.8
132
133
197
'203
84
'86
r
148
147
81
83
74
75
72
71
95
93
93
44
70
64
116.7
135
202
88
157
81
75
73
91
116.8
136
204
87
151
79
75
72
93
98
77
"•62.0
56
63
61.!
57
62
62.5
56
63
98.8
100
98
93
108
88
102
99.0
93
108
88
102
109
88
103
99.8
93
109
89
103
100.0
94
109
90
103
95
108
91
101
101.1
97
109
93
102
102.7
99
110
94
105
103.1
100
111
94
105
103.6
100
112
95
104
104. C
103
113
94
104
104.0
103
114
94
103
105.5
104
116
96
104
107.8
106
118
99
105
110.6
109. 2
116
72
101
82
73
121
335
95
116
111.6
110.6
116
73
102
84
79
121
343
95
116
110.8
109.1
116
68
103
82
74
123
325
94
118
113.1
112.0
117
71
104
79
91
122
342
96
118
113.2
112.2
117
62
105
84
86
124
350
97
117
115.7
114.6
121
61
105
88
87
126
358
95
120
115.4
114.9
122
53
102
89
87
127
360
103
117
118.5
118.1
126
78
101
91
86
129
360
106
120
117.9
117.4
129
71
100
90
85
129
354
103
119
118.1
117.4
129
77
102
93
80
127
357
100
121
118.
118.
129
75
105
91
87
130
355
100
120
120.9
133
85
105
94
'87
131
364
'102
120
121.6
121.8
133
80
109
92
86
133
363
110
121
122.6
122.8
135
67
111
91
88
135
370
111
122
85.2
69
118
76
74.9
72
118
57
87.1
78
121
75
87.4
75
122
76
88.8
73
123
79
91.4
78
124
82
93.9
75
124
87
95.8
75
126
89
75
130
92
99.4
74
133
93
102.
76
138
95
102.3
75
140
95
101.7
73
140
102.6
82
140
93
r
Revised.
NOTE.—Figures for March 1937 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936 and
page 259 of the BULLETIN for March 1937. Underlying figures are for pay-roll period ending nearest middle of month.
MAY
479
FEDERAL RESERVE BULLETIN
1937
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT
SEASONAL ADJUSTMENT)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory pay rolls
Factory employment
Industry and group
1936
Feb.
Total—.
Durable goods
Nondurable goods.
IRON, STEEL PRODUCTS
Blast furnaces, steel works._
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forcings
Hardware
Plumbers' supplies
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
MACHINERY
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop productsMachine tools
Radios, phonographs
Textile machinery
Typewriters
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
r
Revised.
c Corrected.
...
Nov.
Dec.
Jan.
Feb.
77.6
71.8
84. 9
90.7
88.9
92.9
'95. 2
93.1
97.6
'90.7
86.5
95.9
95. 8
92.5
99.9
101.2
99.8
103.1
70.3
77
68
37
67
46
73
59
47
73
42
83
77
116
75.4
83
69
38
65
48
74
62
49
79
46
91
79
131
95.8
105
89
48
83
58
106
63
66
103
66
92
98
173
103. 2
115
98
53
85
68
116
70
67
96
66
94
105
183
63
94
103
161
103.9
119
106
52
81
68
90
68
75
97
68
99
109
156
112.9
128
108
55
84
72
117
80
79
102
73
104
111
182
121.4
135
131
111
142
107
143
163
85
153
83.5
139
106
70
101
72
101
109
64
93
86.8
144
106
73
107
75
102
105
66
105.6
102
112
97
106
93
124
169
67
134
113.6
122
123
103
118
100
136
168
79
138
111.0
132
121
97
120
99
137
146
83
131
118.2
140
130
107
131
105
142
124
88
138
125. 9
170
141
112
143
112
153
127
90
153
116.0
756
127
63
50
99
117.9
783
127
70
54
107
388
84
40
14
81
87.0
420
94
46
16
91
113.4
553
126
58
28
97
120.9
620
136
60
31
91
100.7
'606
108
59
31
'97
112.3
652
122
67
37
122.0
689
130
79
41
116
61.6
63
62
62.4
64
62
55. 9
63
56
60.9
64
61
65.2
66
65
65. 5
67
61.2
65
61
63.4
65
63
65.8
67
66
111.5
122
122
120
89
97
72
79
159
114.6
124
124
122
89
104
74
81
165
76.0
89
81
90
50
63
48
60
114
77.6
93
80
91
51
62
51
62
122
102.0
115
104
122
78
97
72
70
155
105.5
115
112
118
97.1
115
113
109
62
69
58
69
148
103.5
122
120
111
66
90
63
69
155
111.8
131
128
120
70
110
68
75
163
Mar.
Nov.
Dec.
Jan.
Feb.
Mar.
86.9
78.6
95.8
87.9
80.2
96.1
96.9
91.0
103.3
98.1
92. 7
104.0
96.5
90.3
103.1
99.0
93. 2
105.2
101.0
96. 0
106.3
73.7
66. 6
82.7
84.4
92
71
58
79
56
80
84
60
90
54
to
78
142
85.6
93
71
59
79
57
78
85
61
94
57
92
79
146
99.3
108
81
66
86
64
92
86
74
115
73
96
94
175
100.4
109
84
67
87
68
96
87
73
108
70
94
96
100.0
112
87
68
87
69
80
91
74
97
71
96
98
179
103.4
114
89
67
88
71
97
91
77
108
72
98
100
176
106. 8
117
90
69
89
73
100
96
80
113
74
101
102
189
95.5
126
114
81
117
83
110
162
70
111
96. 9
129
116
82
121
84
111
154
71
112
111.4
93
120
103
118
97
128
211
74
139
114.1
103
121
106
124
99
131
203
144
114.9
111
123
104
125
101
135
187
80
146
118.6
119
127
109
135
104
138
171
83
147
475
114
44
24
100.9
514
113
50
27
93
115.0
646
128
58
41
97
122.1
691
139
57
44
90
••112.7
r
725
125
56
45
'95
56.1
62
56
58.0
62
58
60.6
63
60
61.2
63
61
61.2
63
61
94.9
100
99
104
94.6
104
99
105
75
73
65
78
135
110.0
119
113
121
101
97
74
79
156
111.6
118
116
121
93
101
74
81
162
59.2
72
44
46
61.3
72
45
49
67.8
88
53
50
67.1
88
54
49
55.3
35
40
96
28
71
58. 9
38
47
97
34
67.3
50
64
98
43
77
99. 2
93.1
80
90
92
118
87
113
100. 5
93. 0
84
90
93
120
87
115
76
84
115.3
110
157
89
122
65
110
104.8
98.8
94
100
104
118
83
121
80
84
116.0
107
158
90
143
48
125
TRANSPORTATION EQUIPMENT
Aircraft
Automobiles
Cars, electric, steam railroad
Locomotives
Shipbuilding
1937
IS
65
78
135
88
110.8
108
148
87
117
54
108
r
119
119
84
73
69
80
155
r
Feb.
Mar.
104
71
70
164
Mar.
65.0
86
54
47
65. 8
86
55
48
69. 6
87
57
52
45.8
54
34
35
50.3
55
38
40
60.8
78
50
43
60. 5
78
51
42
54.9
71
58.2
75
50
40
64.1
76
53
47
67.1
49
62
101
41
62. 5
46
57
93
'36
r
75
67.2
47
58
108
38
78
70.3
49
62
111
40
81
42.4
24
29
83
19
55
28
39
88
26
60
61.1
41
63
99
34
67
59.1
41
59
95
33
65
-52. 7
36
50
r85
29
'63
59. 8
38
53
107
30
68
65.8
43
60
116
33
74
106.4
101.7
98
101
106
123
86
122
81
92
114.8
108
154
89
141
45
123
07.1
02. 3
98
103
107
122
88
120
83
93
'•115. 6
110
155
89
'130
55
119
110. 2
103. 6
100
104
107
123
90
123
84
92
122. 6
114
166
92
143
62
127
111.2
103.8
102
105
109
123
91
124
83
90
125. 6
116
170
93
148
67
130
82.3
78.5
67
77
83
96
78
107
57
70
86. 5
87
106
89
92
42
92
85.7
78.7
68
76
85
101
77
113
59
65
96.0
91
121
92
98
62
99
87.2
86. 7
90
88
98
101
68
124
64
66
84.6
79
103
88
126
31
116
94. 6
96. 8
97
98
107
116
83
126
68
84
86. 3
85
104
88
115
29
112
'94.6
96.0
96
100
104
112
86
120
fi9
83
'88.1
88
108
85
'93
41
100
100.1
97.6
98
100
105
112
94
127
71
82
100. 9
99
125
93
114
50
112
103.2
97.5
103
101
109
112
90
127
71
79
110. 2
106
137
99
123
65121
480
FEDERAL RESERVE BULLETIN
MAY 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 employment
Industry and group
1936
Feb.
LEATHER PRODUCTS
Boots, shoes
Leather
FOOD PRODUCTS
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meatpacking
Sugar, beet
Sugar refining, cane
TOBACCO MANUFACTURES
Tobacco, snuff
Cigars, cigarettes
PAPER, PRINTING
93.6
95
96
95
95
96.7
124
160
77
78
74
76
A. Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining
RUBBER PRODUCTS
Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes
97.7
125
171
78
78
r
99.9
102
98
100.8
103
99
105.1
132
182
81
92
105. 5
134
192
82
89
78
99
97
114.1
133
183
82
113
92
75
62
97
274
68
110.6
'105. 2
131
182
'80
90
80
75
61
96
38
62
97
91
74
61
99
173
69
58.7
57
59
59.2
56
59
65. 9
57
67
63.3
56
64
98.8
98.7
91
108
88
103
105.0
106
112
96
105
113.8
113.6
115
75
103
84
123
121
346
95
115
75.4
71
120
57
119.7
119.4
130
104
106
95
70
125
364
103
121
100. 0
80
136
91
110.8
109. 8
114
74
102
83
82
120
341
95
115
85.1
69
119
75
Mar.
94
98
78
57
83
32
Feb.
94.0
132
181
82
1936
Jan.
89.0
88
98
75
75
60
82
35
79
Boxes, paper
91
Paper, pulp
108
Book, job printing
90
Newspaper, periodical printing.__ 102
CHEMICALS, PETROLEUM PRODUCTS.—
1937
Alar. Nov. Dec.
94.4
Factory pay rolls
97. 5
79
75
62
91
74
Feb.
1937
Mar.
Nov.
Dec.
Jan.
Feb.
77.4
74
92
73.1
69
89
67.3
58
101
78.3
71
105
'86.3
82
103
90.9
88
105
92.5
89
107
87.4
108
159
58
68
66
70
49
75
37
62
90.2
110
181
61
73
68
69
54
75
42
70
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. 5
118
188
62
86
76
71
56
96
42
51
101.3
122
189
64
97
76
71
57
88
44
66
104.1
125
211
64
89
75
71
60
91
45
81
37
75
65
91
40
76
57
60.5
59
61
61. 6
57
62
44.9
58
43
46. 5
59
45
54.8
62
54
55.4
65
54
47.2
'64
45
52. 6
67
51
53.1
65
52
106. 0
106
113
97
106
104.3
100
114
96
103
105. 7
102
116
98
104
107. 4
104
118
99
106
87.7
83
93
79
93
89.3
86
94
80
96
98.6
109
105
88
102
102.6
108
109
93
105
98.7
98
110
91
97
100.5
103
114
91
99
104. 3
107
116
95
103
119. 3
U9.3
129
98
107
93
80
128
362
99
120
101.9
83
138
93
120.2
••120.4
131
91
107
94
87
128
368
100
119
101.3
77
139
93
121.9
122. 4
131
82
110
93
96
131
370
110
120
101.6
73
142
93
125.0
126.1
134
69
112
91
137
135
374
111
121
103. 4
81
143
94
99. 9 104.5
98. 5 103.0
104
107
55
56
100
107
82
77
63
101
106
109
282
275
93
93
105
110
74.9
66.7
53
56
103
106
56
71
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
119.4
119. 4
132
76
113
98
'78
120
338
107
120
••99.4
67
136
'95
123.6
123. 9
135
67
119
93
87
127
345
125
123
104. 4
65
141
101
128.4
129.2
141
59
121
99
128
133
350
123
126
108.9
73
145
105
r
hl.1
57
77
139
100
r
Revised
NOTE.—Figures for March 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936.
tained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month.
Mar.
Back data may be ob-
MAY
481
FEDERAL RESERVE BULLETIN
1937
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Eocky 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
Factories
1937
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
188.3
231.2
37.4
31.2
55. 2
67.2
70.3
73.6
72.0
100.5
80.7
79.7
68.4
65.5
9.0
13.4
18.4
25.5
12.9
10.2
19.1
15.0
18.8
18.4
14.1
23.1
801.6
2,675. 3
1937
1936
78.4
63.0
90.2
Commercial
198.0
Educational
1936
1936
1937
1936
37.0
12.6
22.2
Public works
and public
utilities
15.5
12.6
17.3
24 3
18.8
21.9
28.6
22.0
20.1
22.0
23 0
23.2
21.6
22.3
30.0
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
68.5
59.6
52 5
920.4
249.1
All other
1937
39.5
21.1
19.0
23 2
20.7
18.3
23.3
12.3
9 2
13.4
13 1
13.0
1937
1936
19.6
11 3
10 0
26.5
15 5
26 6
21 1
29 8
28.7
25 1
31.1
21 0
25.3
15 7
13.6
226.1
17.8
19 4
26 4
280.0
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total
Month
1934
Privately financed1
Publicly financed1
1932
1933
1935
85
January
89
February... ._.
112
March
122
April
146
May
June
__ _ __ 113
129
July
134
August __ _
128
September
107
October
105
November
81
December _
1,351
Year
83
53
60
57
77
102
83
106
120
145
162
207
186
97
178
131
134
127
120
120
110
135
112
93
100
75
123
124
127
148
159
169
167
201
188
264
215
140
199
235
216
233
295
275
234
226
208
200
1,256
1,543
1,845
2,675
1936
1937
243
188
231
1932
1933
1934
39
34
45
61
93
64
85
81
80
61
73
52
39
27
25
18
24
29
20
47
71
100
126
156
157
65
126
78
72
73
52
69
69
79
74
61
55
38
68
53
47
64
67
92
97
114
118
196
149
79
96
105
94
116
153
153
116
101
89
82
768
683
975
1,007
1,334
1935
1936
1937
1932
1933
1934
1935
1936
112
70
66
45
55
67
61
54
49
44
53
47
46
32
29
44
26
35
39
53
74
63
59
49
45
36
51
29
31
52
53
63
54
67
51
41
57
38
32
45
37
55
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
141
122
119
125
119
117
583
573
568
837
1,341
1937
130
119
165
i Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported b y D u n & Bradstreet.
dollars.]
Amounts in thousands of
Number
1937
Federal Reserve district
Mar.
Feb.
Mar.
Federal Reserve
district
1937
Mar.
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
__
Chicago
St. Louis
MinneapolisKansas City._
Dallas
Total (11 districts) .
«• Revised.
Liabilities
1936
658
772
713
372
287
502
417
867
350
000
10, 824
48, 758
17,292
17,408
22,103
11,411
28,970
10,193
2, 687
8,966
9, 646
231,246
188,257
••12,814
42,737
10, 739
17, 555
17,136
13,279
r
38,286
14, 007
r
l, 188
10, 520
14, 501
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
198, 762 Dallas
San Francisco
Total
1936
Feb
Mar.
1936
Mar.
Mar.
Feb.
666
3, 899
633
641
402
251
1,724
102
230
452
218
493
961
6,850
429
1,035
504
411
1,877
511
395
1, 709
219
1,370
9,771
16, 271
79
249
40
68
53
38
115
26
14
51
9
61
242
41
53
44
21
107
19
22
31
18
62
82
296
44
65
50
29
115
41
23
47
25
129
721
3,042
1, 347
702
359
414
1, 565
270
90
778
129
1, 499
820
721
946
10, 922
482
FEDERAL RESERVE BULLETIN
MAY
1937
MERCHANDISE EXPORTS AND IMPORTS
fin millions of dollars]
Merchandise exports 1
Merchandise imports *
Excess of exports
Month
1934
1933
January
February
March
1935
1936
1936
11
-11
—4
203
191
190
17
7
-2
33
6
34
—6
-5
13
— 10
10
-5
177
169
162
194
193
216
1
—23
13
34
52
60
-3
3
37
-14
— 14
'4
130
151
132
189
169
187
213
196
245
42
56
59
77
44
38
32
100
37
52
29
-15
1,655
2,047
2,420
225
478
235
35
147
155
136
171
171
157
173
172
199
180
179
220
143
155
147
127
120
132
206
195
171
221
270
223
265
226
230
151
129
134
2,133
2,283
2,455
1,450
179
160
171
164
165
170
July
August
September
144
131
160
162
172
191
October
November
December
193
184
193
Year
1,675
1936
8
88
107
122
105
114
120
1935
9
11
193
201
186
April
May
Jun©
222
233
1934
1933
37
30
33
187
193
199
199
182
195
1937
25
18
13
167
152
177
176
163
185
_ __
1935
136
133
158
172
163
191
_
1934
96
84
95
121
102
108
._
1933
1937
240
278
1937
—19
-45
p Preliminary.
' Revised.
i Including both domestic and foreign merchandise.
* General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for July 1933, p. 431.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers based on value figures; 1923-25 average=100]
[Index numbers; 1923-25 average=100]
1937
1936
Mar. Nov. Dec.
Jan.
Feb.
Mar.
Without
Adjusted
Adjusted
Without
seasonal
for seasonal
for seasonal
seasonal
variation adjustment variation adjustment
Month
Adjusted for seasonal variation
Total
Coal
-
-
- -
Coke
Grain and grain products.__
Forest products
Ore
Miscellaneous
80
84
93
69
51
51
105
94
67
66
63
55
85
41
40
64
77
62
86
86
90
73
45
57
95
107
71
80
79
88
68
40
48
108
97
68
80
83
89
66
36
48
114
95
68
83
98
95
73
39
50
118
95
68
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products
Livestock
__
Forest products
Ore.
M iscellaneous
Merchandise *
62
60
56
72
35
42
15
73
63
80
92
96
73
59
49
73
92
68
74
92
97
71
45
46
23
83
66
70
89
97
65
42
42
26
78
64
72
91
101
64
34
49
27
82
66
Index of stocks (end of
month)
Index of sales *
76
92
96
62
34
52
28
90
69
January
February
March
April
May
June
___
1936
1937
1936
1937
1936
1937
1936
81
83
84
93
95
93
63
66
77
72
76
90
66
66
65
74
76
76
58
62
67
84
87
87
85
89
84
66
64
65
68
67
62
July
August.
September
91
86
88
63
68
94
64
67
68
59
65
71
October
November.
December
90
94
92
100
105
161
69
71
71
76
80
67
_
Year
1
88
1937
66
72
78
67
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
i 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.
MAY
483
FEDERAL RESERVE BULLETIN
1937
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statist!cs.
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
-
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
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
83.0
78.5
67.5
70.3
66.3
73.3
73 5
76.2
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95 4
89.9
79 2
71.4
77.0
86.2
85.3
86.7
94.2
89.1
79.3
73.5
72.6
75.9
80 5
80.4
94.3
92.7
84.9
80.6
79.6
79.7
78.6
79.2
80.5
81.6
81.6
81.5
82.4
84.2
79.5
76.5
76.9
75.2
78.1
81.3
83.8
84.0
84.0
85. 1
88.5
83.2
80.1
80.2
78.0
79.9
81.4
83.1
83.3
82.6
83.9
85.5
79.0
78.9
78.9
78.8
78.8
79.5
79.7
79.6
80.1
81.0
82.2
96.1
94.9
94.6
94.0
93.8
93.4
93.6
94.6
95.6
97.0
99.7
71.0
70.8
70.2
69.8
69.7
70.5
70.9
70.9
71.6
73.5
76.3
76.1
76.2
76.4
76.0
76.1
76.2
76.3
76.1
76.8
76.8
76.5
86.7
86.6
86.6
86.3
86.2
86.9
87.1
86.8
86.9
87.9
89.6
85.5
85.3
85.7
85.8
85.8
86.7
86.9
87.1
87.3
87.7
89.5
80.1
79.3
78.5
77 7
78.0
79.4
79.8
81.7
82.2
82.5
85.3
81.
81.
81.
81.
81.
81.
81.
85.9
86.3
87.8
91.3
91.4
94.1
87.1
87.0
87.5
83.4
c84. 1
85.5
101.7
102.7
104.2
77.5
77.5
78.3
76.6
76.8
76.2
90.9
91.7
96.0
91 3
93.3
95.9
87.7
87.8
87.5
83.4
83.7
84. 1
84.7
85.2
85 7
85.3
85.4
85.4
85.6
86.0
86.1
86.1
87.2
87.6
87.8
88.3
87.9
87.6
87.3
87.7
88.4
90.4
90.9
92.3
90.3
91.4
90.5
91.6
91.4
91.4
91.6
93.6
94.4
94.7
96.0
93.5
92.4
84.8
85.1
85.7
86.2
86.7
87.3
86.7
86.9
86.7
86.6
86.9
86.7
86.3
87.3
87.9
87.5
87.9
86.1
85.3
81.9
82.2
82.4
82.6
83.0
83.1
83.1
83.2
83.5
83.6
84.2
84.4
84.5
85.4
85.6
85.8
86.1
86. 3
86.5
99.8
100.5
101.1
101.1
102.0
101.8
102.6
102.8
103.1
103.3
103 6
103.2
103.4
104.2
105. 0
105.7
106. 0
106. 8
107.2
75.2
75.7
76.1
76.2
76.8
76.9
76.9
76.9
77.0
76.9
77.0
76.9
76.9
77.2
77.6
78.1
78.2
78.6
78.7
77.5
77.5
77.5
77.2
77.5
77.1
76.9
77.0
77.2
77.6
77.8
77.8
77.7
77.2
76.8
76.9
77.2
77.1
77.5
88.4
88.8
89.1
89.9
90.1
90.4
90.7
90.7
90.4
90.5
91.1
92.0
92.2
95.8
96.0
96.0
96.1
96.3
95.8
88.7
89.2
89.7
90.2
90.8
91.2
91.2
91.2
92.1
92.2
92.8
93.7
94.1
95.7
96.2
96.2
96.6
96.8
96.8
84.2
85.4
86.1
86.1
86 8
87.9
88.0
87.6
87. 2
87 0
87 7
87.5
87.1
87.3
87.3
87.0
87.0
87.0
86.6
._
March
April
_.
_
May
June
July
August
September
October
November
December
1937—January
February
March
Week ending—
1936—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
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Other commodities
All
commodities
...
1936- February _
1926=100]
__ _
_ _.
.
.
.
_
___
Total
1936
Hides and Textile Fuel and Metals Building ChemiHouseleather
lighting and metal
cals and furnishproducts products materials products materials
drugs
ing goods
1937
Mar
Dairy products
Cereal products
Fruits and vegetable s
Meats
Other foods
75.6
88.3
69.1
FUEL AND LIGHTING MATERIALS
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products.
c
Jan.
81.
80
81. 7
"5
I
i
?,
\
81. 7
82 f)
82
83. ?,
86 5
68.1
68.3
68 6
69.2
69.7
71 0
71 5
71 3
71 5
73.4
74.5
76.2
77.3
79.5
87.
88. 4
84
84 3
84
74.1
74 4
74.5
74.9
74.9
75.6
75.3
75.7
75.8
75. 9
77.2
77.2
77.3
77.9
78.8
79.3
80.0
80. 1
81.0
84
85 S
85 4
85 7
85
87 3
87 4
89 4
89. 4
89. 6
89 8
89 8
90. 3
90. 3
90. 3
90. 3
1937
1936
Feb.
Mar.
109.0 113.0 1 11.5 113.2
85.0 91.4 89.9 93. 7
84.4 84.8 86.3 88.5
88.9
87.1
75. 4
87.2
84.0
88.9
88.1
82.4
90.6
82. 1
100 4
0
85. 0
95 4
99.4
110 4
92. 6
96.3
99. 7
116 0
94.3
101. 1
80. 7
1
1
so! 9
83. 8
67 9
83.1
90. 3
63. 0
33.8
90. 5
65.3
TEXTILE PRODUCTS:
Clothing
Cotton goods. .
....
Knit goods
Silk and rayon
Woolen and worsted goods.
Other textile products
Dec.
80. 3
KR s
65. 1
89. 7
72 4
HIDES AND LEATHER PRODUCTS:
Shoes
Hides and skins
Leather
..
_
Other leather products
75.
75.8
M a r . Dec
Jan.
Feb.
Mar.
93.1
93.1
92.0
97.5
93 0 93 0
89.4 101.1
77.4
77.6
91.0
91.8
95. 5 95 5
99 0 102 1
83.4
83.9
77 4 77 6
104 7 119 q
95.0
98. 9
r
FARM PRODUCTS:
FOODS:
82.6
77.7
69.8
64.4
62.5
69 7
68.3
70.5
Subgroups
Subgroups
Grains
Livestock and poultr y
Other farm products
Miscellaneous
89 5
99. 4
7
84
84. 4
56. 0
82.3
97. 3
97.8
82 7
83.1
58.0
88.7
89.3
87.8
90 3
78.8
01.4 102.3
14.9 118 5
95. 5 97.1
01. 7 101. 7
83.9 84 2
91. 9 91.3
64.4 64.7
34.5 33.7
91.9 93. 1
66. 2 65. 9
81.6
96. 8
97.6
81 0
82.2
58.3
90.2
90. 1
86. 5
92. 0
78.2
84.8
94. 0
64. 9
33.6
92. 6
66. 5
METALS AND META L PRODUC rs:
Agricultural im plements..
Iron and steelMotor vehicles
Nonferrous met als
Plumbing and heating
94.2
86.3
94 0
69.9
73.8
93.0
90.9
q3 0
78.6
76.7
93.0
91.7
93.0
84.8
77.1
88.9
95 5
82 6
79.2
73 8
92 0
88.5
88.5
95 5
89 6
82.4
76 7
101 7
92.6
89.7
95.5
93 0
83.7
77. 1
104 7
93.9
85. 9
73.0
64. 8
68.3
93.3
77.4
68.6
71.4
96.4
79.0
70.6
71.4
95. 6
83.0
70.7
71.7
95. 3
83. 0
70.3
71.7
84.9 86.9
77 9 79 4
89.0
84.0
91.2
84.5
91.7
85 0
51.8 53.1
135. 4 129.4
84.8 87.5
44 3 44 3
83.1 84.2
55 0
135.0
90. 2
50 9
84.8
BUILDING MATERU LS:
Brick and tile..
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials.
CHEMICALS AND DRUGS:
Che aiicals
Dru gs and phai•rnaceutica Is
Fert ilizer mater ials
Mix ed fertilizer s
__ _ __ _.
HOUSEF URNISHING GOODS:
Fun iishings___
FurLliture
MISCELLANEOUS:
81.6
97.4
97.6
77.8
97. 5
97.7
80. 7 ... __
59.1
58. 6
Auto tires and tubes
Catt le feed
Pap er and pulp
Rub hpr nrnde
Other miscellaneous __ _ _
45 0
67. 9
80.3
32 q
80.6
50 1
130.7
82.1
41 c
82. S
Corrected.
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau
of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81).
INTERNATIONAL FINANCIAL STATISTICS
485
486
FEDERAL RESERVE BULLETIN
MAY
1937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
TotaP
End of month
(52
countries)
Latin
Europe Amer(26
ica
coun(11
countries)
tries)
Asia
and
Africa
Ocean(5
ia (8
councoun- tries)
tries)
United
States
Canada
9,693
9,920
10,125
186
188
189
<3,880
<3 543
<3,517
641
641
645
807
813
816
10,182
10,167
10,184
10, 225
10, 402
10, 608
10, 648
10,716
10, 845
11,045
11,184
11,258
11,358
11, 436
11, 574
186
186
184
187
188
187
187
189
191
186
188
188
190
191
194
3,467
<3,529
<3,547
3,312
3,024
5,866
3,159
3,207
c8,981
p 3,835
P8, 890
P9, 368
P9, 287
V 9,329
V 9,356
646
648
642
642
641
634
635
642
638
658
656
708
817
825
830
836
841
840
845
849
857
847
852
858
P697
P700
P865
P870
1935—October... 21, 500
November 21, 396
December. 21, 583
1936—January... 21, 598
February.. 21, 665
21,711
March
21, 469
April
21,364
May
21, 403
June
21, 743
July
21,870
August
September. c21, 780
P21, 840
October
November. P22, 042
December _ P22, 663
1937—January... P22, 693
February.. P22, 837
March
Europe
United
Kingdom
France
Germany
291
291
291
1,604
1,628
1,648
4,773
4,388
4,395
35
36
33
300
310
323
268
268
268
269
269
269
269
270
1,652
1,653
1.653
1,670
1,701
1,782
1,977
2,017
2,049
2,049
2,049
2,584
2,584
2,584
2,584
4.324
4,362
4,348
4,106
3,781
3,580
3,643
3,614
3,322
3,194
3,194
2,995
2,846
2,846
2,846
31
29
29
28
28
29
29
28
25
26
27
27
27
27
27
P283
P297
P310
OWIIZ ^rland
Nether- Nalands tional B.I.8.
Bank
Belgium
Italy
346
330
270
»270
270
270
270
270
270
270
270
270
270
270
270
270
270
270
609
615
611
401
427
438
453
455
454
600
593
586
581
610
638
633
632
631
621
630
632
625
626
619
455
463
486
483
465
404
437
457
456
388
388
490
558
598
626
454
472
493
495
485
460
471
489
508
583
624
655
657
657
657
11
9
8
11
10
8
8
11
12
10
12
12
13
13
11
13
12
15
Europe—Continued
End of month
Austria
1935—October. __
November
December.
1936—January...
February..
March
April
May
June
July
August . _ ,
September.
October . . .
November.
December.
1937—January...
February..
March
Czechoslovakia
Bulgaria
Denmark
Greece
45
45
46
19
19
19
113
113
112
54
54
54
46
46
46
46
46
46
46
46
46
46
46
46
19
19
19
19
20
20
20
20
20
20
20
20
21
21
112
112
113
113
113
113
113
109
108
91
91
91
54
54
54
54
54
54
54
54
54
54
54
54
54
53
53
46
46
46
91
91
91
P21
Hungary
36
35
34
34
33
32
32
35
33
31
28
27
26
26
26
26
27
27
23
23
23
23
23
23
23
23
23
23
23
23
23
25
25
25
25
25
Norway
84
84
84
84
84
84
84
84
89
89
91
98
98
98
98
98
98
98
Latin America
End of month
1935—October...
November
December.
1936—January...
February..
March
April
May
June—
July. ._
August
September
October...
November
December.
1937—January. _.
February--
Argen- Chile
tina
Colombia
Mexico
441
441
444
29
29
29
15
16
16
444
444
438
438
438
435
436
441
437
455
452
501
29
29
29
29
29
29
29
29
29
29
29
29
17
18
18
17
16
16
17
17
17
17
18
19
26
26
26
26
26
26
26
26
26
26
26
26
26
26
29
29
20
22
26
26
487
489
D
4 26
Poland
Portu- Rumagal
nia
other
Yugo- 6counslavia
tries
Sweden
Spain
86
84
84
t58
t8
i >8
108
109
109
734
735
735
174
180
185
41
43
43
62
63
63
84
85
81
72
71
70
69
70
71
71
72
75
68
f58
t58
68
()8
(58
(58
(58
(58
(58
38
v 38
109
110
110
111
111
112
112
112
113
113
113
114
735
735
726
726
718
718
718
•718
718
718
718
718
p
38
114
115
115
44
44
44
45
45
46
46
46
46
47
48
48
49
49
49
63
66
67
67
68
70
71
73
C
78
75
76
77
194
200
206
209
220
231
231
232
238
239
239
240
240
241
241
P68
p
38
718
718
718
Asia and Oceania
5
Turkey
other
countries
418
422
426
55
64
64
23
23
23
23
24
24
5
5
6
55
55
55
212
212
212
11
15
15
15
17
13
13
15
19
6
7
8
428
431
433
435
439
442
447
450
453
456
459
463
54
64
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
15
55
55
55
55
55
55
55
55
55
55
55
9
10
466
469
60
60
23
23
28
29
P4
55
55
221
231
244
189
189
189
189
189
189
189
191
203
217
230
other
countries
British
India
20
20
20
74
74
74
36
35
36
275
275
275
8
11
10
20
20
20
20
19
19
20
20
20
20
20
20
74
74
74
74
74
68
68
68
68
68
68
69
36
37
38
38
39
40
40
41
42
42
43
44
275
275
275
275
275
275
275
275
275
275
275
275
P20
P20
69
P69
P45
P45
275
275
China Japan
P82
P82
3
New
Zealand
Uruguay
P79
J>82
. P82
Africa
2
Java
Peru
P7Q
H
Egypt
South other
Africa countries
24
24
24
24
24
24
24
24
24
26
25
25
25
25
P25
P25
P25
p1 Preliminary.
c Corrected.
See notes under Italy, Mexico and Spain.
J
Figure
for
December
1935
carried
forward
for subsequent months.
3
No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for
subsequent months.
* Figure for March 1935 carried forward for subsequent months.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania
in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian
Congo, and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and
August 1936, p. 667.
MAY
487
FEDERAL RESERVE BULLETIN
1*137
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production r
North and South America
Africa
Far East
Total
South
Africa
Rhodesia
West
Africa
Canada
Congo
United
States Mexico
Colombia
Chile
AustraJapan
lia
British
India
$1—25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold~$S0.67
1933
525,071 | 420,093 | 227, 673
13, 335 |
6, 623 |
3, 631 J 60, 968 | 52, 842 | 13,169 j 6,165 j 3, 009 | 16, 790 |
8, 968
|
6, 919
$l=>15-5/21 grains of gold 9 10fine;i. c, an ounce offinegold=%35
1933
1934
1935
1936
1936—February..
March
April
May
June
July
August
September
October
November.
December.
1937—January....
February .
888, 997
958,033
1,040,217
I, 164, 908
711.260
722,970
771, 827
'854,132
385, 474
366, 795
377,090
396, 768
22,578
24, 264
25, 477
28,053
11,214
12,153
13, 625
16,295
6,148
6,549
7.159
7,386
81,943
86, 387
86, 327
91, 870
97,877
107,686
P106,969
P108, 184
P113,125
v 105, 291
P96, 395
P91,608
P86, 706
64, 712
68,156
67, 896
69, 439
71,046
75, 655
P73, 738
P74, 952
P76, 693
P72, 460
P73, 564
^73,016
P67.874
31, 290
32, 709
31, 991
32, 826
33,086
33, 846
33,830
33,816
34, 199
33, 042
33, 858
34, 352
32, 330
2,201
2,359
2,410
2,413
2,384
2,354
2,425
2,363
2,292
2,270
2,262
2,315
2,109
1,164
1,326
1,258
1,289
1,285
1,352
1,412
1,444
1,493
1, 506
1,544
1,671
Pl, 561
574
544
543
547
585
676
675
r
103, 224 89,467 22,297
104,023 107, 632 23,135
114,971 126, 325 23,858
130, 550 150, 959 P26, 394
9,325
10, 469
10, 474
10,797
11,083
11,183
11,504
11,579
11,693
11,174
11,555
11, 499
10, 853
634
631
P586
9,701
11,020
11,113
11,945
11,948
15,042
13,627
14, 280
15, 821
13, 240
12,977
11,483
10,171
2, 815
1,627
2,607
2,075
2,570
2,632
Pi, 820
P2, 345
Pi, 960
P2, 205
Pi, 645
P2, 870
P2, 240
10, 438
12,045
11,517
•13, 633
5,094
8,350
9,251
9,018
28,428
30,447
31,117
39,793
15,183
16,354
20,043
23, 684
11,715
11,223
11,394
11,599
1,159
1,040
n, 122
1,086
1,065
1, 235
1,098
1,236
1,109
1, 035
1,113
1, 332
1,117
918
1,147
499
552
611
776
1,029
467
784
758
708
P700
2,801
2,882
3,127
3,045
3,476
3,602
3,422
3,515
3,596
3,467
4,170
3,158
P3, 158
1,843
2,065
1,808
1,885
1,994
1,977
1,916
2,246
2,075
2, 162
2,118
2,065
P2, 065
920
944
979
981
981
P984
v Preliminary.
»• Revised.
Estimated world production figures for 1935 and 1936 have been revised on basis of new estimates for t h e U.S.S.R. N o regular
statistics for the U.S.S.R. are available, b u t data irregularly given out b y officials of t h e gold mining industry afford a basis for estimating annual
production in 1935 as $158,000,000 and for estimating m o n t h l y production in thousands of dollars for 1936 as follows: January, $7,800; February,
$8,000; March, $9,000; April, $9,200; M a y , $13,200; June, $17,600; July, $22,800; August, $24,000; September, $24,000; October, $27,200; November,
$23,600; December, $13,600; total, $200,000. N o official information is available regarding t h e scheduled o u t p u t for 1937. Assuming an average
increase over 1936 approximately equal to the average annual increase for 1935 and 1936 and same seasonal movement as for the two previous years,
production is estimated in thousands of dollars for first two months of 1937 as follows: January, $9,400; February, $9,600.
N O T E . — F o r monthly figures back to J a n u a r y 1929 and for explanation of table see BULLETIN for April 1933, p p . 233-35, February 1934, p . 108,
November 1934, p. 737, J u l y 1936, p . 600, March 1937, p.267, and April 1937, p. 363. For annual figures of world production back to 1873 see Annual
Report of Director of t h e M i n t for 1936, p p . 108-109. Figures for Canada beginning J a n u a r y 1936>re^subject[to official revision.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or month
1934 1
1935
1936
Total
net
imports
or net
exports
()
Net imports from or net exports](—) to:
United
Kingdom
France
Belgium
Netherlands
1,131, 994 499, 870 260, 223
1, 739, 019 315, 727 934, 243
1,116, 584 174, 093 573, 671
8,902 94, 348
3 227,185
3,351 71,006
7,101 180,141
8,600 145, 388
2, 676
4, 727
1935—November
December
210, 567
190,010
1936—January
February
March
April
May
June
July
August
September
October
November
December
45, 643
-16,635
5, '
28, 055
169,952
277,775
15, 379
67,493
171,824
218,812
75, 836
56, 970
5, 786
- 2 , 890
- 1 , 792
1,493
4,003
3,644
-9
5,837
8,204
72,154
44, 665
32, 998
3,514
-17,180
13
1, 564
133,157
202, 983
27
17,880
136, 671
95, 013
20
9
121,325
120, 326
154, 33r
73, 950
75, 238
121,451
10, 864
1,138
76
1937—January
February
March
Switzerland
12, 402
968
7,511
-343
8,751
38,811
10, 691
1,131
Mexico
86, 829
95,171
72, 648
30, 270
13, 667
39, 966
PhilipColompine
bia
Islands
16, 944
10, 899
11,911
5,865
9,060
-3,421
1,463
25, 745
524
8
3, 698
3,281
271
14
1,086
6, 506
8,155
2, 545
2
Canada
10, 745
273
1,677
11,232
1, 695
551
882
11,664
6,338
12, 222
10, 660
4, 709
764
659
772
713
4,322
14, 584
869
15, 289
634
530
368
462
5, 865
10, 661
4, 925
1,945
9,153
3,242
1,743
1,742
2,100
2,104
2,106
11
2,101
4
12, 038
15, 335
21, 513
Australia
China
and
Hong
Kong
British
India
All
other
countries
1, 029
3,498
23, 280
16, 452
9,431
7,917
76, 820
75, 268
77, 892
15, 868
37, 620
31, 828
1, 502
1, 820
558
1,851
1,007
1,605
8,913
11,108
1,896
5,103
1, 236
1, 520
1,578
1, 716
1, 735
2,124
2, 425
716
2, 405
2,157
1,628
2,273
5,196
1, 499
373
651
1,029
2,511
856
1,747
2,831
1, 869
3,781
936
1,176
740
11, 744
385
847
603
442
451
432
951
5,106
9,720
5,947
5,654
10, 688
6,961
5,782
6,182
10,108
3,738
2,166
3,203
3,452
2,593
3,911
2,566
1,771
3,251
2,079
1,857
1,242
2,123
2,109
1,944
1, 617
2, 910
3,467
158
287
265
6,028
7,077
4,017
1,305
3,583
12, 727
i Differs from official customhouse figures in which imports and exports for January 1634 are valued at approximately $20.67 a fir.e ounce.
NOTE.—For gross import and export figures and for additional countries see table on page 458.
488
FEDERAL RESERVE BULLETIN
MAY
1937
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
British India
N e t imports from or net exports (—) to:
Year or
month
Total
net imports
or net
exports
United
States
()
1934
1935
1936
.._.
-36, 086
-36,158
18, 286
40,811
1936—Jan...
Feb__.
Mar__.
Apr...
May..
June..
July...
Aug..
Sept...
Oct....
Nov__.
Dec...
41, 974
38, 649
47, 666
77,13"
74, 590
69, 44"
195,066
281, 401
151,814
7, 615
83,168
100, 505
1937—Jan....
Feb .
Mar...
NetherAustralands C a n a d a
lia
Belgium
716, 269 -497,166 348,190 121,017 -13,585 32, 575
369, 74" -435, 502 142,137 - 4 , 726 -17,4"" 10, 796
1,170,023 -276, 813 756, 204 23,- 295 -15,133 -21,130
1935—Sept...
Oct....
Nov...
Dec
Germany
France
23
68
50
114
- 8 1 , 032 - 5 , 663
-87,929 - 2 , 739
- 3 3 , 744 25,198
- 2 2 , 075
910
-12,059
1,136
3,440
- 9 , 465
-12,611
- 2 6 , 802
- 4 , 384
-16,120
-14,096
-72,441
- 4 9 , 224
- 6 3 , 914
3,202
-3,253
6,738
12,710
26,936
27, 060
142, 535
240,868
108, 666
-383
72, 506
118, 655
- 2 5 , 523 - 7 3 , 568
122, 296 -75,615
78, 484 -104,399
22, 453
163,919
124,121
78
173
92
4,295
1,875
3,903
1,913
1,789
6,r3,964
-163
-624
-220
153
50'
26,316
16,565
12, 928
-36
2
217 - 1 , 1 3 6
-20, 204
-27
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
1,486
1,836
414
452
1,587
1,021
1,756
965
Change in:
South
Africa,
Rhodesia,
West
Africa
British
India
Total
net
imports
or net
exports
28
1,798
1,798
5,958
4,090
899
1,708
270
-3
3, 662
3,414
2,842
1,995
29,
44,
33,
42,
1,889
2,037
2,574
3,329
2,167
1,610
2,531
2,089
2,084
1,984
2, 304
2,126
39, 852
26, 454
31, 033
55,108
53,802
45,147
43,122
34,552
36, 517
45, 323
36, 230
41,683
2, 504
1,968
2,727
16, 903
24,113
26, 593
949
995
325
442
()
France
Nether- Switzlands erland
-90,920 -109,386 -42,907 -28,114
5,180
13,225
42, 969
7,394
1934..
1935..
1936.
1 r'~~
1935—Sept..
Oct...
4,355
10, 566
780
2,004
1936—Jan...
Feb...
Mar..
ApriL
MayJune..
July..
Aug...
Sept..
Oct...
Nov..
- 2 , 584
-1,307
-258
-1,201
-630
1,130
3,248
1,580
-3,514
- 3 , 521
426
4,763
1937—Jan . .
Feb__
Mar_
17, 426
27, 024
Nov..
Dec.
- 2 2 , 784 - 2 , 1 2 1
-4
-49
-17
-87
20,188
All
other
countries
-276
480
2,532
680
810
4,014
1,116
67
671
—71 - 2 , 441
35 -2,029
-59
-19
-4,277
13
-3,935
-1,720
2
2
2
-1, 661
4
-6,076
2
-3, 954
-35
801
-142
3,077
3,256
2,821
3,121
3,265
2,496
448
73
1,006
61
27
20
23
76
23
2,061
30
26
7
65
822
-140
-59
-37
-28
4
-38
-55
37
-20
30
15
-95
52
14, 231
1,
1,558
2,346
221
-120
15, 352
11, 432
11,222
11,393
ii, sr
173 -219,671
-150,472
-109,503
301 - 8 , 291
900 - 4 , 975
857 - 3 , 836
7,799
838
-11,400
-11,160
-14,540
-10,303
949
974
953
966
-10,451
-10,186
-13,587
- 9 , 337
11, 035 - 1 , 5 2 6
11, 686
1,993
10, 896
2,057
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
14, 896
4, 756
7,243 - 5 , 368
-13,809
- 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
- 8 , 926
-6,699
- 9 , 407
-10,378
-9,397
-14,051
-7,002
-7,307
-10,594
- 8 , 381
- 4 , 523
P984
P984
-7,463
p-2,177
p-3,096
25,
11,
12,
14,
1,019
-8,447
3,953
-3,161
8,705 - 3 , 1 5 6
5, 760 3 20, 624 P - 4 , 0 8 0
net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
United
Kingdom
France
Belgium
Italy
163 89,324 -46, 065 -12,784 -45, 955 - 2 9 , 235 18,397 19,431
647 -54, 858 -181,725 -13,940 25, 542
9,888 < 7, 281 -230, 788
121, 788 -9,127 - 2 , 205
3,239
39, 305 14, 531 51, 299
-390
142
7,058
5
591
259
572
()
Switzerland
Net imports from or net exports (—) to: Total
United
Kingdom
All
other
countries
Gold
producRePrivate
tion serves
holdings in
in
in
India India 1 India 1
41, 790 335, 253 206,711 115,168 -230,720
37, 981 404, 295 181, 627 34, 050 -161,872
26, 723 488, 814 128, 420 46, 715 -121,10r
Germany
Year or month
Total
net
imports
or net
exports
5,84,
1,367
-934
-2,330
Netherlands
All
other
countries
2,580
342
4,600
1,500
-6,795
23, 378
-766
241
-49
-139
184
-2,344
825
-682
3,017
1,085
-332
- 2 , 088
-24
881
- 3 , 227
-4,166
21
3,312
1,343
1,849
4,724
2,462
-195
6,571
-518
21,413
-841
22, 570
-131
32 - 4 , 298
13, 386
5,188
- 4 -1,704
-321
-7
820
2,829
-113
33,506
-575 - 6 , 3 9 6
14,848
19
2^892
2,210 - 3 , 676
- 2 , 874 -4,916
2,291
- 6 , 783
- 5 , 705
-3,492
7,292
284
2,057
-249
3,176
40, 875
656
1,241
-47
47
1,821
1,724
-3
-8
-235
1,166
-254
-286
8,177
1, 723
659
9,496
9,612
21, 537
6,970
1,449
2,952
-20
-20
-641
62
-65
-33
-137
1,377
567
29
132
2,113
-121
-21
487
57
97
20
34
-16
1,917
e 8,413
515, 794
9
-1,911
59
42
-112
-3
-848
-612
-1
-490
732
852
653
-100
-575
-566
55
1,866
• 13, 507
819
107
163
-135 - 6 , 675
-17,034 -6,24'
5'""
5,227
2,436
-463
16
f Preliminary.
i T h r o u g h M a r c h 1935 gold held b y government; subsequently, gold held b y Reserve B a n k of India to which government gold was transferred.
1
Figures derived from preceding columns; net imports plus production minus reserves in I n d i a .
» $22,520,000 imported b y United Kingdom from U. S. S. R. in M a r c h 1937.
4 $85,390,000 imported b y G e r m a n y from U.S.S.R. in 1934, a n d $6,376,000 in 1935.
6
$8,444,000 imported b y Switzerland from Czechoslovakia in April and $15,433,000 in M a y 1936.
6
$15,322,000 exported b y Switzerland to G e r m a n y in F e b r u a r y 1937.
NOTE.—Germany, Switzerland, and United Kingdom.—In some cases the annual aggregates of the official m o n t h l y figures differ somewhat from
the revised official totals published for the year as a whole. German gold movements b y individual countries, beginning w i t h J a n u a r y 1937, are sub
ject to official revision. France and Netherlands.—No figures reported by France since September and b y Netherlands since October 1936.
MAY
489
FEDERAL RESERVE BULLETIN
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
Notes
Discounts
and advances
Liabilities of banking department
Note
circulation
Securities
Deposits
Bankers'
Public
17.5
406.5
416.9
426.1
434.8
448.6
443.4
449.4
442.7
445.6
467.4
106.2
83.6
104.7
78.3
90.8
75.2
100.9
60.7
86.5
97.6
150.6
18.0
7.5
19.8
20.0
42.3
17.2
49.7
27.6
12.1
12.1
35.5
37.0
39.0
36.7
37.4
39.4
37.8
40.9
41.4
41.7
39.2
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.3
17.7
17.8
18.0
8.0
4.9
7.1
97.4
105.3
123.4
452. 3
455.1
473.8
98.4
100.4
62.3
12.1
13.0
52.2
38.4
37.9
38.5
18.1
18.2
18.3
200.6
200.6
202.7
206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7
.7
.8
.8
.9
1.0
1.0
1.1
1.1
1.0
.7
.6
60.7
54.1
45.9
40.3
41.5
51.4
61.3
59.3
65.9
63.1
46.3
11.0
5.0
8.3
6.7
7.6
7.1
9.2
8.6
1937—Jan. 27..
Feb. 24.
Mar. 31.
313.7
313.7
313.7
.4
.7
1.0
61.4
58.6
39.8
Assets
Domestic bills
(Figures in millions of francs) j
I Gold*
1936—Feb. 28
Mar . 27
Apr 24
M a j 29 .
June 26
July 31
Aug 28
Sept 25
Oct. 30
Nov . 27
Dec. 30
. __
1937—Jan. 29
Feb. 26
Mar 26
_
Foreign
exchange
Spe-3
cial
65, 789
65, 587
61,937
57, 022
53, 999
54,942
54,511
50,111
64, 359
64,359
60, 359
1,309
1,297
1,305
1,426
1,297
1,270
1,250
1,245
1,471
1,466
1, 460
27
547
925
1,379
57, 359
57, 359
57, 359
1,435
1,323
1,194
1, 620
1,524
1,514
Other
9,758
12,053
14,392
19,381
7,750
Advances
to
Government
7,484
7,332
8,056
8,465
14,333
14,333
14,333
15,903
12, 303
12,298
17,698
8, 553
8,990
8,440
19,772
19, 772
20,066
6,041
7,063
Other
96.2
97.0
114.0
104.7
116.1
115.5
102.6
100.7
99.7
98.6
155.6
1936— Feb. 26_
Mar. 25.
Apr. 29 _
May 27_
June 24_.
July 29_.
Aug. 26.
Sept. 30.
Oct. 28..
Nov. 25.
Dec. 30.
Bank of France
Liabilities
Deposits
Loans on—
3,250
3,325
3,349
3,381
3,441
3, 555
3,454
3, 553
3,447
3,464
3,583
Note
circulaGoverntion
ment
Other
Other
liabilities
8,186
8,028
8,193
8,134
8,015
8,699
8,125
9,643
8,204
8,029
8,344
81,239
83,197
82, 557
84, 705
85,106
85, 892
84, 324
83, 750
87,198
86,651
89, 342
2,854
2,889
2,722
1,850
1,305
1,594
1,523
1,679
3,973
2,069
2,089
8,706
8,434
7,895
6,909
6,528
6,254
7,037
6,660
9,247
13,058
13,655
2,134
2,148
2,334
2,383
2,652
2,267
2,301
2,356
3,553
3,160
2,557
8,209
8, 235
8, 543
87, 688
87, 062
85, 746
1,955
2,315
1,977
15, 280
15, 386
16,404
2,534
2,547
2,552
Negotiable securities
Other
assets
5,708
5,708
5,708
5,708
5,708
5,708
5,640
5,640
5,640
5,640
5,640
5,640
5,640
5,640
Liabilities
Assets
Keichsbank
Reserves
(Figures in millions of
reichsmarks)
Gold
Foreign
exchange
Other
liabilities
Securities
Other
Treasury bills
(and Security
loans
bills
checks)
Other
Eligible
as note
cover
Other
Note
circulation
Deposits
Other
liabilities
1936—Feb. 29..
Mar. 31..
Apr. 30_.
May 30._
June 30__
July 31._
Aug. 31__
Sept. 30_.
Oct. 31 _.
Nov. 30..
Dec. 31_.
4,026
4,201
4,353
4,606
4,699
4,623
4, 693
4,875
4,888
4,852
5,448
72
56
73
60
56
67
65
59
79
67
74
348
336
240
219
220
220
220
219
219
219
221
315
321
319
319
311
310
309
308
305
303
303
861
771
702
648
704
711
686
695
685
770
765
4,177
4,267
4,348
4,430
4,389
4,471
4, 540
4,657
4,713
4, 674
652
768
688
729
960
787
729
744
689
753
1,012
914
782
798
807
815
840
853
875
897
911
953
1937—Jan. 30...
Feb. 27...
Mar. 31..
4, 835
4,777
5,101
65
102
51
223
222
167
302
302
312
959
1,059
1, 021
4, 799
4,816
4, 938
707
785
970
973
968
i Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of the British Treasury under Section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), a
reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 16, 1936.
' By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund estab lished by the law of October 1.
» Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills redisoounted for account of the Banques Populates (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463 and July 1936, p. 603.
490
FEDERAL RESERVE BULLETIN
M A T 1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937
1936
Central bank
Mar.
National Bank of Albania (thousands of francs):
Gold
Foreign assets
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold at home
Gold abroad and foreign exchange
Negotiable Government bonds.__
Other assets
Note circulation
Deposits—Member bank
Government
Other
Other liabilities
Commonwealth Bank of Australia (thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
__
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange (non-reserve)._
Loans and discounts
Government debts
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Belgium (millions of belgas):
Gold
Discounts, domestic and foreign..
Loans
Other assets
Note circulation
Demand deposits—Treasury
Other
Other liabilities
Central Bank of Bolivia(t housands
of bolivianos):
Gold at home and abroad1
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
Bank of Brazil (millions of milreis):
Cash
Correspondents abroad
Loans and discounts
Note circulation
Deposits
1
National Bank of Bulgaria (millions of leva):
Gld
Foreign exchange reserve (net)___
Other foreign exchange
Loans and discounts
Govern merit debt
Other assets
Note circulation
Deposits
Other liabilities
1
1936
1937
Central bank
Jan
Mar.
7,555
24, 234
3,819
3,755
11, 469
16, 237
11,657
7, 556
24,509
3,806
3,819
10, 789
17, 267
11,633
7,556
18, 349
3,170
5,031
11,679
10, 681
11,746
1,224
1,224
307
291
154
1,134
391
124
6
30
153
1,106
407
119
6
30
Feb.
Mar.
Bank of Canada (thousands of Canadian dollars):
Gold
Silver bullion
Sterling, United States and other
Exchange
Government securities:
2 years or less
Over 2 years
Other assets
Note circulation
Deposits—Chartered banks
1,224
Dominion Government
Other
121
Other liabilities
187
154 Central Bank of Chile (millions of
998
447
191
9
42
16,012 16,003
38, 561 39, 351
1,360
18,838
20, 426
37, 990
75, 818
47, 039
1,152
26, 513
11,127
35, 657
70, 890
47, 045
243
96
197
620
125
891
243
148
243
96
202
620
130
893
241
156
243
100
203
620
131
895
245
156
243
81
218
624
164
929
234
167
3, 651
1,373
38
314
4,404
166
734
72
3, 690
1,363
34
316
4,477
25
828
72
3, 689
1,370
53
316
4,480
83
793
72
3,319
1,182
84
330
4,163
9
672
72
67, 400
71, 773
11, 068
413, 360
4, 795
12,524
220, 568
256, 097
104, 255
66, 062
50, 605
10, 650
413,364
4,691
12,211
214,913
239,074
103, 597
22, 011
8,022
7,575
388, 668
2.921
16. 612
152.521
228, 000
65, 288
268
503
2, 439
273
406
2, 488
2,952
2, 977
281
367
2, 935
10
3,216
1,755
1,705
622
765
3, 551
970
2, 317
.3,111
2, 235
814
710
3, 551
991
2, 572
2,919
2,280
1,591
—121
358
1.167
2. 671
1, 028
2, 293
1, 908
2, 493
Feb.
Jan
Mar.
187, 947 179, 423 179, 459 180, 417
2,358
2,281
1,590
2,244
11, 843
7,489
50, 975 55,196 61, 995
101, 797 101, 661 97, 784
7, 826
4,709
4,005
125,970 119,218 123, 534
194, 275 195, 045 197,041
36, 751 30, 038 23, 262
1,452
1,315
1, 668
12,160 12, 230 11,826
29, 661
81,144
2,933
85, 518
188, 203
21,116
1,549
6,847
19, 706
pesos):
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
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Czechoslovakia
(millions of koruny):
Golds
Foreign exchange
Discounts
Loans
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Denmark" (mil-
40, 212
9, 690
7,024
45, 752
27, 015
51, 478
41,158
37,058
lions of kroner):
Gold
Foreign exchange
Discoun ts
Loans—To Government agencies
Other
Securities
Other assets
Note circulatio n
Deposits
Other liabilities
14, 575
780
302
143
181
699
643
300
142
90
706
595
274
34
236
168
144
474
162
85
358
795
149
31
216
136
160
476
156
97
343
780
150
51
211
74
104
213
310
47
254
627
130
37, 779
12, 725
7,705
45, 585
26, 871
52, 730
41,413
36, 521
35, 589
11,630
7,500
45, 451
26,191
52, 465
38,152
35, 745
30, 830
3,658
3,533
45, 528
25, 780
41,315
31, 500
36, 516
2,583
146
1,180
1,069
2,018
1,046
5,949
464
1,628
2,587
277
1,094
791
2, C19
1,041
5,787
415
1, 607
2,589
390
1,140
817
2,021
988
5,816
601
1,527
2,692
47
664
749
2,040
943
5,413
778
944
29, 552
310
2, 076
15,341
4, 136
32, 018
13,243
19,019
29, 342
1, 615
2, 354
16, 372
4,224
31, 373
13,905
19,115
29, 091
857
1, 890
14,532
4,214
31, 764
10, 270
19, 222
20, 776
2,021
5, 976
15, 893
4, 503
28, 274
3,879
19, 080
118
17
28
180
141
54
65
378
78
147
118
15
32
173
135
56
63
375
118
12
34
147
167
56
65
373
76
149
118
28
27
239
135
79
33
371
175
113
143
225
Gold abroad revalued in December 1936.
Items for issue and banking departments consolidated.
By decree of October 9,1936 (see BULLETIN for January 1937, p. 15), gold revalued at rate of 31.21 milligrams fine gold per crown; resulting increment converted into foreign exchange and carried partly in that item and partly in other assets.
4
Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis
was'as of June 30, 1936.
2
3
MAY
491
FEDERAL RESERVE BULLETIN
1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937
1936
Central bank
Mar.
Central Bank of Ecuador (thousands of sucres):
Gold i
_._.
Foreign exchange
__.
Loans and discounts
Note circulation
Deposits
National Bank of Egypt 2 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
.
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation.
Demand deposits
Other liabilities
Bank of Finland (millions of markkaa):
Gold
Foreign assets
Loans and discounts
Domestic securities
Other assets
Note circulation
Deposits—Treasury
Other
Other liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net) _
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Hungary (millions of pengos):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
Other
Other assets
Note circulation
Demand deposits
Certificates of indebtedness
Other liabilities
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroad.._
Sterling securities
Indian Gov't securities
_Rupee coin
Note circulation
Banking department:
Notes of issue department - _
Balances abroad
Investments
Other assets
Deposits
Other liabilities
1
2
1936
Central bank
Feb.
6. 545
3, 535
5, 059
Jan
Mar.
32, 844
26, 076
39, 318
57,066
42, 343
31, 278
5, 905
38,081
47, 538
13, 554
6, 545
4,014
5, 998
38, 742 38,194
5, 999 5, 920
21, 545 21, 936
8,833
8, 725
21,321 21,964
8,183
8, 046
13,138 13,076
5, 720 3, 524
1,279
1, 657
6, 546 6, 594
2, 464 1, 995
]8, 584 17,462
6, 578 5, 689
3, 984 3, 696
34,180
17,164
26,121
21, 285
47,184
36, 206
15,360
34,176
12,390
25, 871
21, 228
46,005
33, 703
13, 957
34,174
11,593
24, 230
21, 454
44, 604
32, 689
14,158
816
1,960
1,085
308
320
1,913
467
483
1,627
815
1,939
1, 051
295
301
1, 757
531
513
1,601
815
1, 845
976
315
385
1,600
391
714
1,631
3, 272
3, 066
4,154
2, 156
6, 368
4, 363
1, 916
3, 229
2,957
4,157
1,940
6, 061
4,208
2, 015
3. 169
4,820
4,162
1,640
5. 989
5, 978
1,822
84
47
451
102
12
208
417
200
93
194
84
47
462
101
12
199
41.8
202
93
192
84
44
475
99
12
182
415
197
93
192
444
793
224
619
1, 914
444
773
244
622
1,939
444
723
244
631
1,926
136
265
76
10
381
100
144
251
74
6
308
106
116
213
76
14
306
113
Bank of Japan (millions of yen):
Gold
Discounts
Loans—Government
Other
_.
Government bonds
Other assets
Note circulation
Deposits—G overnment
Other
6, 545
Other liabilities
3, 269
5,385 Bank of Java (millions of guilders):
Gold
1
Foreign bills
38,819
Loans and discounts
5, 867
Othcr assets
21, 639
Note circulation
6, 310
23.611
Deposits
Other liabilities
8, 327
Bank of Latvia (millions of lats):
Gold 3
Foreign exchange reserve
12, 855
Loans and discounts
4, 550
Other assets
680
Note circulation
6,912
1, 992
Deposits
] 5, 394
Other liabilities
7,477; Bank of Lithuania (millions of litu):
4,118
Gold
Foreign exchange
Loans and discounts
34, 124
Other assets
2, 450
Note circulation
22, 229
Deposits
23,125
Other liabilities
41, 700 Netherlands Bank (millions of guil27, 512 ders) :
12,716
Gold
Silver (including subsidiary coin)
Foreign bills
501
Discounts
1,536
Loans
1,002
Other assets
267
Note circulation
262
Deposits—Government
1, 520
Other
172
Other liabilities
420 Reserve Bank of New Zealand
(thousands of pounds):
1, 457
Gold
Sterling and gold exchange reserve"3, 065
5, 155
Advances: To State or State un4,172
dertakings
1,212
Investments
5, 670
O ther assets
5, 953
Note circulation
1,981
Demand deposits
Other liabilities
Rank of Norway (millions of
79
kroner):
33
Gold
502
Foreign assets
80
Total domestic credits and
12
securities
120
Discounts
391
Loans
121
Securities
104
O t h er as s ets
210
Note circulation
! Demand deposits—GovernmentOther
Other liabilities
444 Bank of Poland (millions of zlotys):
673
Gold
244
Foreign exchaiige
594
Loans and discounts
1, 688
Securities
Other assets
268
Note circulation
231
Other sight liabilities
51
Other liabilities
6
449
106
Mar.
Feb.
Jan
Mar.
540
572
204
93
629
228
1,464
400
83
319
547
199
148
571
179
1, 529
314
83
275
553
536
193
196
602
162
1, 586
298
76
282
513
691
129
201
533
254
1,367
583
74
297
89
2
67
102
178
55
25
89
2
71
80
177
40
26
85
2
61
55
154
24
25
77
40
118
44
49
201
77
6
99
34
114
920
17
2
21
179
63
814
74
269
45
77
33
117
52
43
203
32
54
41
202
33
7
100
32
113
80
21
100
32
112
82
21
51
19
87
21
109
47
21
879
20
2
21
173
62
774
76
261
45
820
20
2
23
187
62
767
127
174
45
714
19
1
24
128
64
781
55
(7
47
2,802
2,802
2,802
18, 804
17, 902 24, 830
8, 369 7,910
2. 453 3,160
241
12, 295
753 13,068
18,327 17,313
1,633
1,644
215
85
227
()
410
46
44
1,829
240
10, 153
17,903
1, 645
215
93
215
109
185
56
229
143
26
60
11
399
56
36
225
153
27
45
8
401
60
35
60
234
178
20
36
15
357
31
44
59
400
36
397
32
722
135
424
999
233
477
427
26
736
92
441
979
155
587
0)
406
35
640
135
453
1,000
254
415
46
6
109
46
ov»o
135
437
1,000
254
444
By decree of June 13, 1936, gold in vault revalued at rate of 11.6466 sucres per gram of fine gold.
Items for issue and banking departments consolidated.
3 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.
r
* Figures not yet available.
Revised.
492
FEDERAL RESERVE BULLETIN
MAY
1937
CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937
Central bank
National Bank of Rumania (millions of lei):
GolcH
Special exchange accounts
Loans and discounts
Special loans 2
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Discounts
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities
Swiss National Bank (millions of
francs) :3
Gold
Foreign exchange
D iscounts
Loans
1
2
1936
1936
Central bank
Mar.
Feb.
Jan.
Mar.
15, 644
4,460
6,329
2,157
10, 820
9,267
25, 949
11,657
11,158
15, 708
4,670
6,146
2,432
10, 555
9,188
24, 961
11,755
11,982
15, 644
4,633
6,303
2,423
9,446
9,552
24, 898
10,989
12,114
10, 929
4,485
5,509
2,594
11,179
7,386
23, 056
7, 856
11,169
28, 783
5,455
22
17,048
15, 355
31,904
4,049
27, 962
6,014
22
16, 086
15,918
30,478
3,688
26, 336
7, 252
527
14, 959
15, 760
30, 078
3, 236
29,644
5,208
161
18, 369
13, 585
36, 654
3,143
531
891
11
22
33
346
873
775
185
530
877
11
23
33
322
842
795
160
529
742
11
25
33
259
827
666
107
454
588
10
29
33
187
795
401
105
2,718
22
30
43
2,718
25
30
40
2,717
40
41
41
1, 509
14
141
84
Swiss National Bank—Con.
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign Exchange—Free
In clearing acccounts
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
Mar.
Feb.
Jan.
Mar.
622
1,394
1,409
633
615
1, 376
1,412
640
614
1,385
1,430
638
79
1,319
411
36, 707 36, 704 34, 842 30,001
1,196
54
62
41
15,471
48,927
42, 728 38,188
26,182
30,239
33, 552 14, 442
187,132 186, 978 187, 351 186,146
26, 202 24, 981 22, 338 20, 449
180,975 180, 975 185, 345 165, 416
38, 331 39, 914 37, 280 36, 415
109, 955 96, 746 93, 686 65,872
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Cash reserves
Loans and discounts
Other assets
Deposits
Other liabilities
41, 601
88, 222
27, 682 37,124
94, 557
84,113
73, 339 56, 885
104, 884 115,578
78, 711 72, 988
National Bank of the Kingdom of
Y u g o s l a v i a (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
41,091
84, 395
1, 650
623
1,683
2,249
1,835
5,381
1,980
679
1,642
693
1,696
2,249
1,686
5,347
1,909
710
1,632
650
1,691
2,248
1,641
5,292
1,895
674
1,490
313
1,642
2,272
1,267
4,904
1,481
599
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. 3 Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc.
BANK FOR INTERNATIONAL SETTLEMENTS
!
[In thousands of Swiss c;old francs ]
1936
1937
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
Total
Time funds at interest—Not exceeding
3 months
Between 3 and 6 months
_ _
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills.
Sundry investments
_
Total—
Other assets:
Guaranty of central banks on bills
sold
Sundry items
Total assets
_
__
M a r . 31
Feb. 28
Mar. 31
45,087
35, 272
24,198
Demand deposits (gold)
25, 636
26, 538
39, 245
26, 505
9, 601
12, 960
Short-term deposits (various currencies):
Central banks for own account:
Demand
_.
Time—Not exceeding 3 months
101, 347
130,696
107,145
131, 574
150,250
188, 279
232, 043
238, 719
338, 529
27,012
1, 669
26, 095
853
36, 033
26, 864
68, 036
31, 729
56, 804
36, 303
61, 701
6,637
68, 233
6,249
78, 780
13, 411
30, 607
77, 890
11, 773
75,038
11,191
50, 292
34, 530
259, 432
259, 791
226, 844
1,329
96
1,351
86
6,235
6,383
618, 842
627, 918
660, 783
i See BULLETIN for December 1936, p. 1025.
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.
R\iT>f1ry itp.ms
Total liabilities
M a r . 31
Feb. 28
Mar. 31
23, 309
23, 518
19, 088
24, 148
105, 482
24, 898
110, 222
26, 020
113,277
129, 630
135,120
139, 297
4, 248
3,572
11,334
2, 985
229
8
284
8
813
83
153,158
76, 579
42,819
1,404
153, 280
76, 640
43," 285
1,419
154, 340
77,170
61,930
2,031
273, 959
274,625
295, 471
125, 000
125, 000
125, 000
3,784
6,092
12,183
3,784
6,092
12,183
3, 324
5,845
11, 690
1,354
39,045
1,362
42, 369
6,278
39, 576
618, 842
627,918
660, 783
MAY
493
FEDERAL RESERVE BULLETIN
1937
COMMERCIAL BANKS
[Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures]
Assets
United Kingdom
(11 London clearing banks. Figures in
millions of pounds sterling)
Money at
Cash
call and Bills disreserves
short
counted
notice
Liabilities
Securi-
Loans to
customers
Deposits
Other
assets
Demand 1
Total
Time'
1936—March
April
May
June
July
August
September..
October
November..
December..
217
227
220
225
225
233
229
227
233
244
162
161
159
158
158
163
166
164
181
195
309
329
349
345
344
351
329
322
635
637
640
642
639
641
648
655
656
660
854
868
870
878
884
877
882
892
895
890
230
233
227
237
227
226
226
231
238
249
2,108
2,154
2,185
2,229
2,244
2,246
2,257
2,280
2,287
2,315
1,123
1,145
1,156
1,215
1,223
1,212
1,228
1,238
1,241
1,288
991
1,000
999
1,006
1,012
1937—January...
February..
March
238
230
226
179
167
170
345
307
248
669
671
667
885
909
939
239
243
254
2,307
2,274
2, 244
1, 254
1,217
1, 005
997
Assets
4 large banks. Figures in millions of
francs)
1936—January _._
February..
March
April
May
June
July
August
September
October...
November
December.
1937—January. __
Cash
3,451
3,431
3, 587
3,517
3,513
3,494
3, 206
3,097
3,083
3,186
3,173
3,100
2,852
Due from Bills disbanks
counted
2, 563
2,528
2, 617
2,902
3,032
2,768
2,410
2,326
2,757
2,766
2, 839
16,601
16,470
16,135
16,199
16,014
14,972
15,410
15,445
14,876
17,070
17, 298
17, 582
18,289
2, 975
3, 589
(5 large Berlin banks. Figures in mil- Cash
lions of reichsmarks)
reserves
1936—February...
March
April
May
June
July
August
September..
October.
November..
December 2 .
1937—January
February
Canada
(10 chartered banks. Figures in millions of Canadian dollars)
1036—February..
March
April
May
June
July
August
September
October...
November
December.
1937—January...
February. _
Other
assets
Loans
Total
1,086
1,101
1, 222
1,270
1,333
1, 385
1,445
1, 451
1,457
1,727
1,824
1, 957
1,340
7,765
8,006
7,700
7,677
7, 542
7,328
7,215
7,031
7, 398
7,452
7, 625
7, 631
7, 949
Due
from Bills dis- Loans
banks counted
Securities
307
317
301
300
295
263
274
287
273
269
2,275
2,285
2, 429
2,406
2,435
2,363
2,329
2,360
2, 569
2,567
2,900
2, 890
2,847
2,884
2, 858
2,843
2, 826
2,779
2, 735
2, 729
982
973
980
1,008
1,037
1,047
1,066
1,075
1,112
154
130
303
301
2,895
2, 966
2, 679
2, 673
1,020
1,022
Demand
Own
acceptances
Time
26, 859
26, 903
26, 522
26, 714
26, 523
25,022
24,761
24,451
24, 613
27, 028
27, 467
27, 955
29, 304
27, 548
27, 603
27,194
27, 410
27,199
25, 655
25, 334
24,979
25,137
27, 549
28, 015
28, 484
29, 831
Other
assets
700
672
696
676
633
573
528
524
521
548
529
527
Deposits
Total
Demand
873
839
824
816
847
858
851
2,409
2, 560
2,585
2,622
2,688
2,595
2,529
2, 575
2,644
2,661
3, 063
2, 985
3,010
2,999
3,023
2,962
3,005
3,045
3,068
3,090
652
651
644
636
622
613
605
575
586
579
1,417
1,399
1,363
1,327
1,276
1,306
1,291
1,323
1,342
1, 334
837
822
5. 973
6, 029
2, 923
2, 760
3,050
3,270
557
578
1, 357
1,307
Assets
Liabilities
Security
loans
abroad
and net SecuriOther
ties
due
Security loans
from
loans and dis- foreign
counts
banks
Deposits payable in Canada excluding interbank
deposits
78
77
83
87
91
91
91
105
109
116
114
119
119
862
828
777
768
776
807
816
800
791
796
805
3,568
3,595
3,677
3,757
3,812
3,897
3,994
4,035
4,066
4,244
4,290
4,289
3. 626
Credits Other
obtained liabilifrom
ties
Time banks
151
154
145
131
113
110
157
146
146
179
161
173
214
1,265
1,316
1,314
1,345
1,368
1,357
1,355
1,380
1,363
1,316
1,384
1,412
1,422
Other
444
459
478
446
502
481
487
494
491
485
507
468
483
Note
circulation
118
117
114
116
115
113
115
111
112
109
103
103
108
Total
2,152
2,197
2,229
2,193
2,207
2,174
2,175
2,263
2,261
2,269
2,303
2,330
2,369
Demand
635
665
692
666
702
680
672
762
751
722
755
782
805
i 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.
349
338
391
397
424
394
359
335
368
408
454
473
561
Other
liabilities
5,472
5, 544
5,595
5,621
5,712
5,557
5, 533
5,621
5, 712
5,751
945
935
916
Entirely in Canada
224
227
228
225
230
227
225
226
232
264
240
247
247
252
259
Liabilities
128
186
136
141
175
146
138
180
130
137
Cash
241
240
239
240
237
240
238
239
243
245
Liabilities
Deposits
Assets
Germany
951
974
992
Other
liabilities
Other
liabilities
Time
1,517
1,532
1,536
1,527
1,505
1,494
1,503
1,501
1,510
1,547
1,548
1,549
1,564
761
783
767
753
757
748
800
785
784
783
790
781
804
494
FEDERAL RESERVE BULLETIN
MAY
1937
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
Nether- Switzer
GerUnited
land
Kingdom France many Italy lands
In effect Nov. 1, 1935
Nov 5
Nov 14
Nov 15
Nov 22
Nov 26
2
5
VA
4
5
6
5
4
3
23^
3H
5
6
4K
5
Rate
Apr.
29
Date
effective
6
2K Albania
April 1, 1937
Argentina. __
Mar. 1, 1936
Austria
July 10, 1935
Belgium
2
May 16, 1935
Bolivia
July 5, 1932
6
British India
Nov. 28, 1935
3
Bulgaria
Aug. 15, 1935
6
Canada.
23^ Mar. 11, 1935
Chile
__. 3J-4J Jan. 8, 1936
Colombia.—
July 19, 1933
Czechoslovakia .
3
Jan. 1,1936
Danzig
4
Jan. 2, 1937
Denmark. __ 4
Nov. 19,1936
Ecuador
4
Nov. 30, 1932
E) Salvador,
5
July 5, 1934
Estonia
VA Oct. 1, 1935
Finland
Dec. 3, 1934
France
4 Jan. 28, 1937
Germany
4
Sept. 22, 1932
Greece
6
Jan. 4, 1937
Hungary. __
4
Aug. 29, 1935
4H
4
Jftn 2 1Q36
Jan 10
Jan 16
Feb. 4
Feb 7
Mar 28
May 7
May 18
May 30
June 4
June 24
June 25
_ __
Tnnp 26
June 30
_
July 7
July 10
Sept 9
Sept 25
Oct. 2
Oct 9
Oct. 16
Oct 20
Nov. 26
Dec. 3
Jan 28,1937
In effect Apr. 29,1937
4
3
Central
bank of—
4
4
3K
3
3
Central
bank of—
Rate
Apr.
29
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
May
Apr.
Jan.
Nov.
July
Dec.
2
4
6
5
4K
4H
3K
5
VA
June 29, 1936
Dec. 7, 1936
May 20, 1932
Oct. 26, 1933
May 12, 1936
Dec. 15, 1934
May 15, 1933
July 15, 1935
Dec. 1, 1933
Nov. 26, 1936
Mar. 2, 1933
2
8
5
June 30, 1932
Mar. 22, 1927
Feb. 1. 1935
Date
effective
18, 1936
7, 1936
14, 1937
1, 1936
1, 1936
3, 1936
2
5
3
2H
2
Change since March 27: Albania—April 1, down from 6K to 6 percent.
2K
m
2
2
4
4
4
2
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
United Kingdom (London)
Month
Bankers'
Treasury
acceptances, bills, 3
months
3 months
Netherlands (Amsterdam)
Germany (Berlin)
Bankers'
Day-to-day allowance
money
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
1936—March
April
May
June
July
August
September
October
November
December.
3.00
3.00
2.92
2.88
2.88
2.88
3.00
2.94
3.00
3.00
3.07
3.04
2.89
2.74
2.73
2.84
2.89
2.82
2.84
2.88
2.99
2.83
2.76
2.67
2.96
3.01
3.01
2.82
2.79
3.05
1.20
1.19
2.27
4.05
2.04
1.37
1.33
2.03
1.00
.82
1937—January...
February. .
March
3.00
3.00
3.00
2.88
2.86
2.86
2.54
2.47
3.10
P.
P.
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Sweden
(Stockholm)
Hungary
Month
1936—March
April
May
June
July
August
September
October
November
December.
2.26
2.25
2.25
2.25
2.25
2.25
1.98
1.69
1.46
1.25
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.29
1.00
1.00
3.74
5.03
5.60
5.60
3.30
3.00
3.38
2.52
1.96
1.99
5.00
5.00
4.78
4.50
4.50
4.50
4.50
4.50
4.50
4.50
1937—January...
February __
1.25
1.18
1.00
1.00
2.22
4.01
4. 50
4.50
Prime
commercial paper
up
Day-to-day Loans
to 3
money
months
2%
-6H
2%
2%
2%
-6V2
2
-6vl
4 -tsy
3
y2y2
2V2-4y2
2VVA
Money for j
1 month
1.68
1.27
1.82
3.95
1.73
1.20
1.29
2.51
1.55
1.48
56
28
Japan (Tokyo)
Call
Discounted
money
bills
overnight
5.11
4.97
4.93
4.83
4.75
4.75
4.75
4.75
4.75
4.75
2.87
3.11
2.73
2,63
2.53
2.69
2.81
2.92
2.86
2.74
4.75
4.75
2.63
2.67
p Preliminary.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and
May 1930, p. 318
MAY
495
FEDERAL RESERVE BULLETIN
]937
FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York.
Year or month
1929
1930
1931
1932
1933
1934
1935.
1936
_
1936—April
May
June
July
August
September..
October
November..
December...
1937—January
FebruaryMarch
Year or month
1929..
1930..
1931..
1932_.
1933..
1934..
1935..
1936—April
May
June
__
July
August
September..
October
November..
December __
1937—January
February...
March
Year or month
1929
1930
1931.
1932
1933
1934
1935
1936
1936—April
May
June
July
August
September
October
November
December
1937—January
February
March
Argen- AusAustria
tina
tralia
(schil(peso) (pound)
ling)
95.127
83. 505
66.738
58.443
72. 801
33. 579
32.659
33. 137
32. 954
33. Ill
33.418
33. 489
33. 503
33.611
32. 667
32.583
32. 718
32.718
32. 627
32. 570
480.83
458. 60
351.50
279. 93
337. 07
400.95
388. 86
395. 94
393. 72
396. 09
399. 99
400.15
400. 34
401.06
390. 33
389. 54
390.99
390. 98
389. 93
389. 26
C z e c h o - Denslovakia mark
(koruna] (krone)
2.9609
2.9640
2. 9619
2. 9618
3.8232
4. 2424
4.1642
4.0078
4.1359
4.1432
4.1375
4.1497
4.1318
4.1319
3. 6474
3. 5380
3. 5200
3. 4922
3. 4883
3. 4879
26.680
26. 765
25. 058
18. 832
19. 071
22. 500
21. 883
22.189
22.064
22.184
22.405
22. 419
22. 434
22. 480
21. 866
21.818
21. 907
21.908
21.847
21. 807
14.058
14.089
14.023
13.960
15.448
18.793
18.831
18. 792
18.724
18. 722
18.759
18. 848
18. 838
18.845
18.732
18.687
18. 692
18. 682
18. 677
18.677
Belgium
(belga)
13.912
13.952
13.929
13.914
17.900
23. 287
18. 424
16. 917
16.915
16.938
16.907
16.899
16.862
16.893
16.835
16.907
16.901
16. 860
16.861
16. 847
Brazil (milreis)
Official
11.8078
10.7136
7. 0290
7.1223
7.9630
8. 4268
8.2947
8. 5681
8. 5564
8. 5755
6310
8. 5349
8. 5222
8. 6445
8.7011
8. 6662
8. 6981
8.7080
8. 7053
8. 7021
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
506. 78
509. 55
514.62
514. 95
515.32
516. 76
502. 24
501.17
503. 20
503.17
501.78
500. 87
2. 5160
2. 5169
2. 3875
1.5547
1. 8708
2. 2277
2.1627
2.1903
2.1807
2.1901
2. 2098
2.2106
2.2118
2.2173
2.1578
2.1531
2.1611
2.1607
2.1579
2,1531
3.9161
3. 9249
3.9200
3. 9276
5. 0313
6. 5688
6. 6013
6.1141
6. 5898
6. 5858
6. 5934
6. 6202
6. 5853
6. 3409
4. 6662
4. 6472
4. 6675
4. 6672
4. 6555
4. 5945
Free
market
In cents per unit of foreign currency]
British
India
(rupee)
5. 8367
5. 8901
5. 8452
5. 8631
5. 9525
6. 0812
6.1076
6.1069
36. 202
36.067
33. 690
26. 347
31.816
37. 879
36. 964
37. 523
37.315
37. 504
37. 872
37. 889
37. 931
38. 017
36. 991
36.913
37. 088
37. 094
36. 973
36. 888
Germany
(reichsmark)
Greece
(drachma)
5.87:
23. 809
23. 854
23. 630
23. 749
30. 518
39. 375
40. 258
40. 297
40. 238
40. 285
40. 273
40. 321
40. 221
40.083
40.196
40. 223
40. 230
40. 225
40.226
40. 215
1. 2934
1. 2959
1.2926
.8320
.7233
.9402
.9386
.9289
.9389
.9338
.9316
.9400
.9387
.9347
.8965
.8935
.8973
.8984
. 8965
. 8951
Buigaria
(lev)
.7216
.7209
. 7163
.7193
1.0039
1. 2852
1.2951
1. 2958
1.2812
1. 2844
1. 2838
1. 2913
1.2988
1. 2978
1.2848
1.2795
1. 2779
1.2873
1.2903
1. 2884
Canada
(dollar)
China
(yuan)
Colombia
(peso)
41.901
29. 917
22. 437
21.736
28. 598
34. 094
36. 571
29.751
29. 734
29. 690
29. 890
29. 967
30. 048
29. 940
29.331
29.466
29. 525
29. 654
29. 600
29. 664
96. 551
96. 493
96. 570
95. 275
81.697
61. 780
56.011
57.083
57. 002
57. 004
56. 900
56. 900
56. 900
56. 505
56. 501
57.097
57. 390
57. 390
57. 234
57. 008
99. 965
99. 952
99. 930
99. 941
99.946
99. 936
99. 920
99. 909
99. 903
99. 900
99.900
99. 900
99. 904
99. 901
99. 924
99. 916
99.916
99.917
99.917
99. 917
Mexico
(peso)
Netherlands
(florin)
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
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
5.1726
99. 960
5. 1731
99. 964
5.1726
100.051
Hong
Kong
(dollar)
Hungary
(pengo)
47.167
33. 853
24. 331
23.460
29.452
38. 716
48.217
31.711
32. 525
32. 463
32. 260
32.040
31.152
31.104
30. 359
30.462
30. 540
17. 441
17.494
17.452
17. 446
22. 360
29. 575
29.602
29. 558
29.478
29. 424
29. 458
29. 492
19.777
19.772
19. 774
19. 776
19. 778
19. 776
19. 782
19. 779
30. 566
30.403
30.355
Chile
(peso)
Italy
(lira)
Japan
(yen)
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8. 5617
8. 2471
7. 2916
7.8936
7. 8560
7. 8645
7.8845
7.8673
7. 8514
5. 5299
5. 2603
5. 2609
5. 2610
5. 2608
5. 2608
46.100
49. 390
48. 851
28. Ill
25. 646
29.715
28. 707
29. 022
28.869
29.075
29. 392
29.326
29.404
29. 414
28. 609
28.559
28. 512
48.183
47.133
35.492
31.850
28.103
27.742
27. 778
27. 760
27. 768
27. 763
27.764
27. 765
27. 753
27. 753
27. 747
27.750
27. 750
28. 537
28. 529
28. 494
27. 750
27. 750
27. 750
United UruNew
P o r t u - Ruma- South Spain Straits
SwitzSettle- SweZealand Norway Poland
guay
nia Africa
gal
den erland Turkey Kingments
dom
(pound) (krone) (zloty) escudo)
(leu) (pound) (peseta) (dollar) (krona) (franc) (pound) (pound)
(peso)
483.21
468. 22
415.29
320. 19
340. 00
402. 46
391. 26
398. 92
396. 80
399. 02
402. 84
403. 26
403. 42
403. 97
393.25
392. 36
393. 87
393. 82
392. 92
392. 32
11.194
11.205
11. 197
11.182
14.414
18. 846
18. 882
18. 875
18. 826
18. 792
18. 800
18.915
18.827
18. 824
18. 828
18. 825
18. 853
4.4714
4. 4940
4. 2435
3.1960
3.9165
4. 6089
4.4575
4. 5130
4. 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
.7330
.7309
.7273
.7279
.7317
.7315
.7309
.7289
.7285
18.924
18. 929
18.939
4. 4487
4.4457
4.4411
.7273
.7275
.7284
483.27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
485. 05
488. 76
491. 59
496. 53
497. 07
497.19
497. 99
484. 32
483.43
485. 33
485. 40
484. 24
483. 81
56.012
55. 964
52. 445
40. 397
49. 232
59.005
57.173
58. 258
57. 939
58. 240
58. 833
58.873
58.916
59. 095
57. 446
57.314
57. 544
57. 549
57. 404
57. 194
26. 784
26. 854
25. 254
18. 471
22. 032
25. 982
25. 271
25. 626
25. 482
25. 619
25. 877
25. 893
25. 910
25. 965
25. 253
25.196
25. 300
25. 301
25. 232
25.186
19. 279
19.382
19.401
19. 405
24.836
32.366
32. 497
30. 189
32. 580
32. 391
32.425
32. 724
32. 599
31.418
22. 993
22. 984
22. 985
48.411
47. 061
47.181
47. 285
60. 440
79.047
80.312
80. 357
80. 284
80. 278
80. 270
80. 355
80. 272
80.145
79. 834
79. 883
80.162
22. 936
22. 829
22. 792
80.156
79. 700
79. 953
485. 69
486. 21
453. 50
350. 61
423. 68
503. 93
490.18
497. 09
494. 27
496. 97
501. 92
502. 25
502. 59
503. 63
490.
490.
489.
488.
78
75
39
51
98. 629
85. 865
55. 357
47. 064
60. 336
79.956
80. 251
79. 874
79. 769
79.720
79.709
79. 820
79. 719
79. 679
79. 857
80.045
80. 000
78. 926
78. 856
78. 753
Cuba
(peso)
40.162
40. 225
40. 230
40. 295
51. 721
67. 383
67. 715
64. 481
67. 885
67. 634
67. 686
68.078
67.904
66. 250
53. 632
53. 991
54. 566
54. 752
54. 686
54. 702
Yugoslavia
(dinar)
1. 7591
1. 7681
1. 7680
1.6411
1. 7607
2. 2719
2. 2837
2. 2965
2. 2882
2. 2866
2. 2871
2. 2985
2. 2926
2. 2912
2. 2956
2. 2990
2. 3003
2. 3022
2. 3059
2. 3057
NOTE.—For information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of
quotation, see note in BULLETIN for April 1937, p. 371.
496
FEDERAL RESERVE
BULLETIN
MAY
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
Sept.Amhp.r
October
November
December .
.
P75
100
88
86
86
88
89
94
695
642
645
627
554
502
427
398
376
338
411
134
138
140
137
125
111
97
93
98
102
104
100
95
85
75
70
63
62
68
76
237
225
226
220
181
153
161
180
178
186
H97
106
103
102
100
90
76
65
63
63
62
64
144
142
145
141
126
110
96
91
90
90
96
73
72
72
72
72
74
76
76
77
77
80
92
92
92
92
93
94
95
96
98
98
101
372
376
371
374
378
391
403
420
471
492
519
104
104
104
104
104
104
105
104
104
104
105
75
75
76
76
76
75
76
77
77
78
79
191
191
192
192
194
197
197
201
200
204
215
62
62
61
61
62
62
63
63
68
70
71
91
91
92
92
92
93
93
97
103
105
107
81
83
86
103
104
107
538
'533
554
105
106
P106
«79
81
233
230
240
73
74
76
108
111
113
86
86
88
__ _
_ _
_
__ _
1937—January
February
March
Preliminary.
(1928=100)
81
80
80
79
79
81
82
82
82
82
84
May
June.. _ __
July
August..- _ _ .
Switzerland
(July 1914
=100)
(1913=100)
100
98
96
96
87
72
67
67
72
72
March _
April
Netherlands
(1926-30=
100)
Japan
Italy
(1913=100)
100
95
97
95
86
73
65
66
75
80
81
.
Germany
(1930=100)
(1926=100)
1936—February
France
(October
1900=100)
(1926=100)
_ .
United
Kingdom
Canada
r
• Revised.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926 = 100)
Year or month
Farm
products
1926
1927
1928
1929
1930
1931
1932
1933 . .
1934
1935
1936
1936—February
March
April
May
June— _
July
August
September
October __
November
December .
1937—January..
February
March
c
_-
_
_
Foods
Other
commodities
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
80
77
77
75
78
81
84
84
84
85
89
83
80
80
78
80
81
83
83
83
84
86
79
79
79
79
79
80
80
80
80
81
82
91
91
94
87
87
88
83
'84
86
United Kingdom
(1930=100)
Foods
100
89
France (1913 = 100)
G e r m a n y (1913 = 100)
Farm
IndusIndusAgriculand food
trial
trial
tural
products products products products
155
87
Provisions
793
678
697
129
138
134
132
129
133
125
113
132
120
157
150
542
464
104
138
86
75
76
84
86
103
91
87
96
102
105
96
85
85
85
85
85
85
85
86
86
86
91
94
94
94
93
93
93
94
94
95
95
96
120
120
120
121
121
121
121
122
122
123
123
97
97
P98
123
123
P124
579
526
669
579
130
113
482
420
393
327
426
88
87
87
88
89
90
94
95
98
97
99
94
94
94
94
94
96
96
97
97
99
102
391
396
385
392
394
405
425
449
487
500
522
356
358
359
358
364
378
384
396
457
484
516
105
105
105
105
106
106
106
105
104
103
104
99
99
101
105
107
111
532
516
528
••543
'548
577
103
103
93
94
*>104
P95
380
380
361
348
397
130
132
134
89
88
91
92
94
r
Corrected.
P Preliminary.
Revised.
Sources.—See BULLETIN for March 1931, p . 159, March 1935, p . 180, October 1935, p. 678, March 1937, p. 276, and April 1937, p . 372.
150
147
159
581
599
584
85
87
90
90
96
88
83
85
87
92
Industrial raw Indusfinand semi- trial
ished
finished
products products
118
113
116
119
121
MAY
1937
497
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
United E n g States 1 land
July
19231925=100 1914=
100
Year or
month
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
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
470
146
153
153
156
146
131
116
113
118
120
122
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
85
136
85
85
135
135
562
5,77
577
121
122
122
105
1936—Jan
Feb.
Mar....
April...
May. .
June _
July.. .
Aug. _
Sept....
Oct
Nov....
Dec
Feb.
Mar
[Index numbers]
N e t h e r - SwitzFrance mGererany
lands
July
land
191319111914=100 1914=100
July
1913=100 1914=100
161
163
166
162
150
136
119
120
124
118
United E n g - France Ger- N e t h e r - SwitzerStates
many
land
Jan.lands
land
1923July
June
19111913July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100
Year or
month
160
158
157
156
152
141
125
117
115
114
120
1926
1927
1928
1929
1930 _
1931
1932
1933
1934
...
1935
1936
103
102
100
99
97
89
80
76
78
81
82
170
164
166
164
158
148
144
140
141
143
147
1936—Jan
81
121
124
124
122
118
118
118
119
119
120
120
120
121
123
123
123
147
147
146
144
144
144
146
146
147
148
151
151
124
126
122
129
129
1937—Jan.
Feb.
Mar..
120
117
119
Feb.
Mar
April...
May...
June
July....
Aug.
Sept....
Oct.
Nov.
Dec
81
82
82
82
505
514
519
556
581
569
526
520
516
483
142
148
152
154
148
136
121
118
121
123
125
507
124
124
124
124
124
125
125
125
124
124
124
124
486
497
504
540
151
84
168
168
169
168
161
151
141
139
140
136
2 132
2 131
131
132
134
134
133
134
134
125
125
125
151
151
162
160
161
161
158
150
138
131
129
128
130
130
130
130
130
130
130
130
130
130
132
132
132
133
136
136
1
From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of
month.
2 Index recalculated as from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(average
price)1
Number of issues. _
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
-.
-
.
1936—February
March
April
MayJune
July
August
September...
October
November...
December...
1937—January
February
M arch
Common stocks (1926 average=100)
England
France Germany Nether-3
(December (1913 aver- (average
lands
1921=100) age=100)
price)
(1929=100)
60
87
36
97.6
100.7
100.8
98.0
99.3
90.9
69.5
73.4
84.5
88.6
97.5
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
97.2
96.6
95.9
95.5
96.2
97.1
97.7
98.6
99.6
99.8
99.9
131.0
130.2
131.5
131.1
130.6
131.0
131.6
132.1
132.9
132.0
130.9
100.3
100.0
98.5
129.7
125.5
124.3
United
States
England
Fiance
Germany
Netherlands
8
419
278
300
329
85.5
81.4
83.3
2
83. 4
2 67.1
82.5
90.7
95. 3
95.8
104.3
104.1
94.8
105.3
113.4
107.8
109.1
100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.1
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
100.0
123. 2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
100.0
145.0
136.1
122.8
100.2
2 78.0
2 50.3
61.7
71.1
82.9
91.6
109.8
113.7
112.7
82.3
50.0
31.4
33.6
30.8
29.8
38.3
77.9
75.2
75.8
74.7
73.8
73.2
73.2
75.2
80.8
78.8
78.4
95.2
95.3
95.3
95.5
95.8
95.9
96.1
96.1
96.2
96.3
96.4
106.5
105.5
105.5
103.4
100.2
106.0
108.5
109.9
117.5
120.0
120.3
106.1
108.7
108.9
101.0
105.6
109.2
113.0
114.1
118.7
124.2
123.1
95.2
94.1
95.5
93.8
94.0
94.7
97.3
98.2
102.1
103.2
103.5
86.7
84.1
82.8
71.2
66.1
59.2
58.8
65.7
83.7
89.7
94.8
86.0
85.6
88.3
91.1
93.2
94.6
93.4
91.8
97.2
97.8
96.7
36.5
35.0
33.5
32.8
33.7
34.2
35.0
35.5
47.5
53.8
55.4
77.5
75.1
74.6
96.7
97.4
97.7
121.9
121.2
121.6
126.4
129. 5
129. 9
104.2
103.8
102.7
114.6
113.3
112.0
97.8
99.2
100.3
63.1
67. 3
69.3
139
100
100
*2 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune;
index for 1932 represents average of months May-December.
8
Index of reciprocals of average yields. Average yield in the base year 1929 was 4.57 percent.
Sources—See BULLETIN for February 1932, p. 121, June 1935, p. 394, and April 3937, p. 373.
FEDERAL RESERVE DIRECTORY
499
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
JOHN K. MCKEE
CHESTER C. DAVIS
JOSEPH A. BRODERICK
M. S. SZYMCZAK
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LATJCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
0 . E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
FEDERAL ADVISORY COUNCIL
MARRINER S. ECCLES, Chairman
District N o . 1 (BOSTON)
T H O M A S M . STEELS.
GEORGE L. HARRISON, Vice Chairman
District N o . 2 ( N E W YORK)
W . W. ALDRICH.
JOSEPH A. BRODERICK
CHESTER C. DAVIS
W M . A. DAY
W M . M C C . MARTIN
JOHN K. MCKEE
B. A. MCKINNEY
RONALD RANSOM
J O H N S. SINCLAIR
M. S. SZYMCZAK
District N o . 3 (PHILADELPHIA)
. . . . HOWARD A. LOEB,
Vice-President
District No. 4 (CLEVELAND)
L. B. WILLIAMS.
District No. 5 (RICHMOND)
CHARLES M. GOHEN.
District No. 6 (ATLANTA)
EDWARD BALL.
District No. 7 (CHICAGO)
EDWARD E. BROWN.
District No. 8 (ST. LOUIS)
WALTER W. SMITH.
District No. 9 (MINNEAPOLIS) . .
JOHN CROSBY.
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
President.
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open
Market Account
500
WALTER LICHTENSTEIN, Secretary
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent
Federal Reserve
Bank of—
Vice Presidents
First Vice President
President
Boston
F. H. Curtiss __ _ _ R. A. Young
W. W. Paddock
W. Willett.*
New York.
Owen D. Young*
Allan Sproul
W. R. Burgess.
_ G. L. Harrison
W. S. Logan.
J. H. Williams.
R. M. Gidney.
L. W. Knoke.
C. H. Coe.
F. J. Drinnen
C. A. Mcllhenny.3
W. J. Davis.
E. C. Hill.
_ M. J. Fleming
F. J. Zurlinden
H. F. Strater.
W. H. Fletcher.
W. F. Taylor.a
Robert Lassiter
Hugh Leach
J. S. Walden, Jr
R. H. Broaddus.
J. G. Fry.
G. H. Keesee.2
Atlanta
W. H. Kettigi
Oscar Newton
R. S. Parker
Chicago.
R. E. Wood1
St. Louis..
W. T. Nardin
Philadelphia
R. L. Austin
J. S. Sinclair
Cleveland..
E. S. Burke, Jr..
Richmond
. _ _ H. F. Connifl.
L M. Clark.
W. S.McLarin, Jr.3
_ W. H. Snyder.3
H. P. Preston.
._ G. J. Schaller
J. H. Dillard.
Minneapolis...
_ W. B. Geery
J. N. Peyton
__ J. J. Thomas__
_ G. H. Hamilton
J. S. Wood.
J. G. McConkey.
0. M. Attebery
W McC. Martin
Harry Yaeger.
_. 0. S. Powell
E. W. Swanson.
Kansas City
C. A. Worthington.___ A. M. McAdams.
J. W. Helm3
Dallas
C. C. Walsh
B. A. McKinney
R. R. Gilbert
San Francisco
A. 0. Stewart
W. A. Day
Ira Clerk.
1
Deputy chairman.
* Cashier.
R. B. Coleman.3
W. J. Evans.
__ S. G. Sargent.
"W A/f TTolo
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, $2.60;
single copies, 25 cents.
501
FEDERAL RESERVE DISTRICTS
MO.
w
'U>«»!*S
ST.L0V15 v^—
—••••
. « . .
<$
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED
CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY
@FedFRASER