Full text of Federal Reserve Bulletin : November 1937

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FEDERAL RESERVE
BULLETIN




NOVEMBER 1937

President's Address at Opening of Federal
Reserve Building
Changes in Number of Banks in United States
Changes in Margin

Requirements

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
CONSTITUTION AVENUE AT 20TH STREET

WASHINGTON

TABLE OF CONTENTS

Federal Reserve Building, Washington
President's address at opening of Federal Reserve Building
Review of the month—Recent credit and business developments
Changes in margin requirements
National summary of business conditions
Summary of financial and business statistics
Law Department:
Rulings of the Board:
Classification of deposits of certain organizations as savings deposits
Loans to executive officers of member banks up to $2,500
Amendments to Regulations T and U
Member bank earnings and expenses
All banks in United States assets and liabilities
Number of banks operating branches and number of branch offices
Changes in the number of national and State banks during 1921-1936
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
Federal Reserve bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States
All member banks
Reporting member banks in leading cities
Acceptances, commercial paper, and brokers' balances
Federal Reserve bank discount rates
Money rates and bond yields
Security markets
Treasury
finance
Governmental corporations and credit agencies; Postal Savings System
Production, employment, and trade
Wholesale prices
Crop report
International financial statistics:
Gold reserves of central banks and governments
Gold production
Gold movements
Central banks
Bank for International Settlements
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
Federal Reserve directory:
Board of Governors and staff; Open Market Committee and staff; Federal Advisory Council
Senior officers of Federal Reserve banks; managing directors of branches

II




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Address by

The President of the United States
at the official opening of the

Federal Reserve Building
October 20, 1937
Mr. Chairman, Members of the Board and of the Staff, Ladies and Gentlemen:

You have come here this afternoon for something more than a mere formality. This
structure is worthy to rank among the foremost of the Capital's architectural achievements,
and you and I have gathered here to pay tribute to the beauty and dignity of line and form
wrought by those who conceived and executed this building.
But we are conscious of a larger meaning in this brief ceremony—of the role that the
Federal Reserve plays in the broad purpose which this Government must serve. That purpose is to gain for all of our people the greatest attainable measure of economic well-being,
the largest degree of economic security and stability.
To advance the country towards this goal is the real mission of the Federal Reserve
System. It cannot be attained by that System alone, but neither can it be reached without
the proper functioning of our monetary and credit machinery. That machinery must be
steadily perfected and coordinated with all other instruments of Government to promote
the most productive utilization of our human and material resources. Only in that way
can we hope to achieve and maintain an enduring prosperity, free from the disastrous
extremes of booms and depressions. Only in that way can our economic system and our
democratic institutions endure.
Nearly a quarter of a century has passed since the Federal Reserve System was established. Its creation, out of the Nation's banking experience from the beginning of the
Republic, was due to the statesmanship of President Wilson, and to the courageous leadership in the Congress for which the Senior Senator from Virginia, Carter Glass, will always
deserve the Nation's gratitude.
It is fitting that President Wilson's portrait in bronze should have the place of honor
in the main entrance to this building. And it is appropriate that the words inscribed under
it should be taken from his first inaugural address. Let me quote them:
"We shall deal with our economic system as it is and as it may be modified, not as it
might be if we had a clean sheet of paper to write upon; and step by step we shall make it
what it should be."
Those penetrating words admirably apply to our banking system, which must be constantly alert to changing conditions in order that it may be prepared to adapt itself to the
growing and changing needs of our people in their daily life and work.
The Federal Reserve System, as it was originally established, was adapted to the prewar world and brought about a great improvement in the money system. Steps were taken
in 1917 to adapt it to the urgent necessities of a war-ridden world. In mobilizing the
country's gold reserves and in facilitating the Government's vast financing operations, the
Reserve System performed a vital role in the winning of the war.




1061

1062

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

It is clear now, in retrospect, that if further changes to meet post-war conditions had
been made in our banking system in the 1920's, it would have been in a far better position
to moderate the forces that brought about the great depression. But from the end of the
war until we were in the midst of economic collapse a decade later, no changes were made
in the banking structure to make it function more effectively in the public interest.
Since that time the nation has done much to improve its banking system. It must
continue step by step to make the banking system what it should be. We must not complacently suppose that we have achieved perfection. We have provided for the insurance
of deposits for the benefit of the great mass of small depositors. By the Banking and
Security Exchange Acts of 1933, 1934 and 1935, the Federal Reserve System was given
increased power to improve banking conditions and to aid the Government in combating
practices which were evil in their results. Those powers have been concentrated to a greater
degree than before in a single public body, so that they can be used promptly and effectively
in accordance with the changing needs of the country. 1937 is not 1913; nor do we want
to turn the hands of the clock back.
The Federal Reserve System, tested by nearly a quarter of a century of operation,
is a public institution capable of adaptation to future, as it has been to past needs and
conditions. It is a piece of machinery vital to the Nation's steady progress towards the goal
of a sounder banking system capable of contributing its full share to lasting economic
progress and well-being.
The Board of Governors, whose building we are dedicating today, was reconstituted
by the Banking Act of 1935. To this public body Congress has entrusted broad powers
which enable it to affect the volume and the cost of money, thus exerting a powerful influence
upon the expansion and contraction in theflowof money through the channels of agriculture,
trade and industry. In this way much can be done towards the maintenance of more stable
employment. Much can be done to aid in achieving greater stability of the true value of
the dollar.
By their nature these important powers are of public concern and the responsibility
for their exercise is properly vested in a public body. Much as they may contribute to the
country's progress, monetary powers possess no peculiar magic. They are not omnipotent.
To be effective in performing their function, they must be closely coordinated with the other
major powers and policies of government which influence the country's economic life.
The Federal Reserve System as it exists today is better adapted than ever before to
play its part in common with the other instrumentalities of government in the attainment
of that increasing well-being for all of our people, which is the fundamental objective of
all government.
I dedicate this building to progress toward the ideal of an America in which every
worker will be able to provide his family at all times with an ever-rising standard of comfort.




FEDERAL RESERVE BULLETIN
VOL.

23

NOVEMBER, 1937

REVIEW OF THE MONTH

In October there were sharp declines in
prices of many basic commodities and of
securities. Productive activRecem credit ity, following a year of output
developSmeems a t t h e highest levels since 1929,
declined in September and October to about the level of a year ago. The
declines in commodity prices were largest for
farm products, reflecting increases in supplies, but prices of a number of other raw
materials and some semi-finished products
also declined. In the security markets prices
of common stocks and of medium- and lowgrade bonds declined to the lowest levels in
two years. United States Government securities and high-grade corporate bonds, however, remained firm, reflecting continued easy
money conditions. Loans and investments of
reporting member banks in leading cities declined in September and October, reflecting
largely retirement of Treasury bills in September and a decrease in brokers' loans
throughout the period. Commercial loans of
these banks continued to increase until the
middle of October.
Excess reserves of member banks, after increasing from $750,000,000 to above $1,000,000,000 in September chiefly
Excess reserves
owing to the release of $300,000,000 of gold by the Treasury, showed little
change in October. New York City banks,
which received the bulk of the increase in reserves in September and on September 29
held $440,000,000 of excess reserves, showed
some loss in reserves in the first half of Octo-




No. 11

ber, reflecting principally a flow of funds to
interior banks. In the latter part of the
month, however, this movement was reversed.
During most of the month excess reserves of
New York City banks exceeded $300,000,000
and toward the end of the month they again
were more than $400,000,000. Chicago banks
gained excess reserves in October, while reserve city and country banks, as shown in
the following table, showed little change from
the levels of previous months.
EXCESS RESERVES OF MEMBER BANKS, BY CLASSES
OF BANKS
[Averages of daily figures; in millions of dollars]

Period—
1937

All
member
banks

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

August
Sept. 1-15
Sept. 16-30

750
786
1,014

108
112
358

287
295
284

321
340

Oct. 2-8
Oct. 9-15
Oct. 16-22
Oct. 23-29

1,055
1,012
Pl.022
PI, 070

360
304
321
402

319
319
309
P285

332
337
*328
J>305

p Preliminary estimates.

Between the quarterly income tax-collection periods the Treasury normally has an
excess of current expendiTreasury calls on
depositary balances

tureg

Qver

curren

t

re-

ceipts. The net disbursements at such times have generally been met
in two ways, namely, by the sale for cash of
Treasury bills to mature during a future
quarterly tax-collection period, in addition to
bills to replace the regular weekly maturities,
and by calls for payment of Treasury balances at depositary banks originating from

1063

1064

FEDERAL RESERVE BULLETIN

previous sale of Treasury securities on a
book-credit basis.
The Secretary of the Treasury recently
announced that in the period from September
15 to December 15 of this year no new money
will be raised through the sale of Treasury
bills. With the bill issue of October 20 the
regular weekly issues of 9-month bills were
discontinued and it is contemplated that beginning October 27 the current weekly maturities of bills will be met by sale of tax-date
bills maturing next March. This policy of
limiting bill issues to replacement of maturities makes it necessary for the Treasury to
draw on depositary balances to meet current
expenditures in excess of current tax and
other receipts. The calls made on the Treasury's depositary balances in October reduced
these balances from over $750,000,000 to
$550,000,000.
These calls on depositaries have only a
temporary effect on the total volume of
excess reserves of member banks, as the loss
to the market through the withdrawals of
Treasury deposits is restored through disbursements to meet the current excess of expenditures. Some shift in reserves among
the various banks and classes of banks may
result from the operations, however, since
the banks from which the balances are withdrawn may not receive the funds when they
are paid out by the Treasury.
In recent weeks there has been a decline in
the volume of gold movements to the United
States. While in the secMovement of gold o n d q U a r ter of this year the
and capital

.

^

*

increase in the country s
monetary gold stock, including that from
domestic production and from imports, was
at the rate of about $60,000,000 a week, and
in the third quarter at the rate of $30,000,000
a week, by the middle of October the growth
from foreign sources had largely ceased.
The decline in gold imports in recent weeks
was primarily the result of the fact that be-




NOVEMBER

1937

ginning with the middle of September foreign
private interests began to withdraw balances
from this market. At first the movement
was obscured by the fact that central banks
abroad were placing funds here at the same
time that other foreigners were withdrawing
them, but when the central banks as a group
ceased adding to their dollar reserves early
in October, the inward gold movement from
Europe came to an end. Withdrawals of
private balances were in sufficient volume to
offset trade and service items which, in view
of the autumn surplus of merchandise exports
and the seasonal decline in expenditures of
American tourists abroad, tended to draw
gold to this country. Purchases and sales of
American securities by foreigners played
little part in the movement.
A factor in the withdrawals of private
balances in October was the repatriation of
French funds which followed the local elections in France. Substantial amounts, however, have also moved to other countries. The
outward movement appears to have been in
part a consequence of the fact that foreign
balances here had grown to abnormal volume
when gold dishoarding was at its height during the spring.
While the accumulation of private balances
largely ceased with the close of the spring
movement, the building up of dollar reserves
by foreign central banks continued unabated
and was the leading factor in the gold inflow
to this country during the summer months.
Foreign bank deposits with the Federal Reserve banks, which had increased from $71,000,000 at the end of March to $157,000,000
at the end of June, reached a peak of $287,000,000 on October 6; and during the same
period foreign central banks also placed substantial amounts in the money market in this
country. Recently some of the central banks
which had previously contributed to the
movement of funds and consequently of gold
to the United States have been accumulating
gold on their own account.

1065

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

Total loans and investments of reporting
member banks in 101 leading cities showed
a substantial decline in the
bank l a t t e r p a r t o f September and
a smaller decrease in October.
As shown in the chart this decline brought
total loans and investments of these banks to
the lowest level since May 1936. In September holdings of United States Government
obligations were sharply reduced, largely as
a result of retirement of Treasury tax-date
bills which these banks held in large amounts.
Loans to brokers and dealers in securities
declined substantially in both September and
October, while commercial loans continued
to increase until the middle of October, but
declined somewhat in the latter half of that
month. Deposits at reporting banks have
LOANS AND INVESTMENTS
AT REPORTING MEMBER BANKS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS

24

BILLIONS OF DOLLARS

24

Expansion in commercial loans at reporting member banks from the beginning of
August to the middle of October was as rapid
as at any time since the resumption of the
increase in these loans early in 1936. The
growth in commercial loans during June and
July, which averaged nearly $20,000,000 a
week, was contrary to the usual seasonal
tendency. Between the first of August and
the middle of October a seasonal increase in
these loans generally occurs, but this year's
expansion, averaging $40,000,000 a week,
was much larger than usual. Of the increase between July 28 and October 13, which
totalled about $450,000,000, half occurred at
banks in New York City and the remainder
at banks outside. Increases were shown for
each of the twelve Federal Reserve districts,
the largest percentage increases being in
the agricultural districts of Minneapolis, St.
Louis, and Dallas, and in the districts of New
York (outside New York City) and Cleveland.
Prices of short-term United States Government securities increased substantially after
the middle of September.
Money market

Rateg

^

^ . ^

9

_months

Treasury bills sold declined to about % of
one percent, the lowest since the early weeks
of this year. Other short-term open-market
money rates showed no change. Yields on
3 to 5 year Treasury notes declined from an
average of 1% to 1% percent, and yields on
long-term Treasury bonds declined slightly.
At the end of October the average yield on
Treasury bonds callable after 8 years was
2.63 percent, compared with the low of 2.22
percent reached last December and the high
of 2.78 percent reached last April. The yield
on 3 to 5 year Treasury notes was 1.37 percent, as compared with a low of 0.92 percent
'34
1935
1936
1937
N O T E . — T h e t o t a l includes various types of loans a n d invest- last December and a high of 1.70 percent
m e n t s not shown separately. L a t e s t figures a r e for October 20,
1937.
F i g u r e s shown for commercial loans, which include also reached last April.
The average yield on
i n d u s t r i a l and a g r i c u l t u r a l loans, a r e based u p o n different classifications p r i o r t o May 19, 1937, a n d subsequent to t h a t date.
high-grade corporate bonds, as measured by
Moody's Aaa bond yield average, shown on
declined slightly since June, following
the
attached chart, continued at around 3.30
larger decline in the first half of the year.
percent
in October, a level that has not
At member banks outside leading cities dechanged
appreciably since last May.
posits have continued to increase.




1066

FEDERAL RESERVE BULLETIN
BOND YIELDS
AVERAGES OF DAILY FIGURES

1
2

u.S. GOVERNMENT

3

V—u

4
5

, — — ~
/ ^

T
rJ

CORP ORATE Aa

V

f

\r

\

6
)RPORATE

7
8
9
10
11
12
13

f

1K
\/ v

NOVEMBER

1937

average yield on these issues, as shown by
Moody's Baa bonds, was over 6 percent as
:ompared with an average of about 5 percent
in August and of about 4 ^ percent at the
beginning of the year. In the latter part of
the month yields declined again as prices advanced, and toward the end of October the
average yield was about 5% percent.
STOCK PRICES AND BROKERS LOANS

Baa

!

| I

i

1
1932

1933

1934

1935

1936

1937

Sources: U. S. Government bonds, Treasury Department; corporate bonds, Moody's Investors' Service. Latest figures are for
week ending October 23.

Prices of common stocks declined last
spring and, after some increase in the summer, resumed the decline in the
Decline in latter part of August. They desecurity
creased substantially with inprices
creased trading in September and
continued to decline sharply until the third
week of October, with further increases in the
volume of trading. In the last ten days of
October there was some recovery in prices.
At the lowest point in the third week of October the average prices of common stocks
were about 40 percent below the peak in
March 1937. This peak had been reached
after an almost steady advance for two years,
in which average prices, as shown on the accompanying chart by the index of Standard
1932
1933 1934 1935 1936 1937
Statistics Company for 420 stocks, rose from
63 percent to 132 percent of the 1926 average. Sources : Stock prices, 420 common stocks, Standard Statistics
brokers' loans, weekly reporting member banks. Latest
At the recent low point for this index average Company;
figures are for October 27.
stock prices were at the level of the autumn
Declining security prices since August have
of 1935, having lost about two-thirds of their
been accompanied by a decrease in the volume
previous two-year advance.
of credit used for carrying
Prices of lower-grade corporate bonds also
securities. During September,
continued to decline sharply in October, as
the latest period for which
shown in the chart of bond yields. At the
lowest level of prices during the month, the figures are available, customers' debit bal-




NOVEMBER

1937

1067

FEDERAL RESERVE BULLETIN

ances with brokers, as reported by members As shown in the following table, the volume
of the New York Stock Exchange, declined of corporate refunding issues declined sharply
by about $150,000,000 to $1,360,000,000, the after the first quarter of the year but offersmallest reported since October 1936, and ings for new capital continued to increase in
borrowings of reporting firms declined by the the second quarter when they amounted to
same amount.
about $430,000,000, the largest quarterly
Further decline in stock-market credit in total for the recovery period. In the third
October was indicated by a decrease of $270,- quarter corporate securities sold for new cap000,000 in loans to brokers and dealers in ital declined to about $240,000,000 and resecurities by weekly reporting member banks funding issues to about $150,000,000.
in leading cities. As shown in the chart, this
SECURITY ISSUES
followed a decrease of $165,000,000 during
[In millions of dollars]
the preceding 4 weeks. As a result of these
changes, brokers' loans by reporting banks
Domestic
Other
corporations
declined from nearly $1,400,000,000 to about
Total
$960,000,000, the lowest level in about two
New
New
ReRecapfundcapfundyears. Since the middle of 1933 these loans
ing
ing
ital
ital
have generally been between $800,000,000
641
312
quarterly average. 2,283
1,268
61
and $1,400,000,000, compared with a low level 1925-1929,
1,175
1935, quarterly average
263
466
345
101
1,553
1936, quarterly average
214
195
847
298
of about $500,000,000 in 1932 and an approximate range of $2,000,000,000 to $3,000,000,1st quarter...
1,482
231
609
279
quarter..
323
3,093
109
228
000 from 1926 to 1930. Total borrowings by 2nd
152
3rd quarter. _
116
750
238
New York Stock Exchange members from
Source: Commercial and Financial Chronicle. Includes publiclybanks and from others, now amounting to offered
issues of Federal credit agencies, but excludes direct obligations
less than $1,000,000,000, had reached a maxi- of United States Treasury.
Prices of staple commodities traded on ormum of $8,500,000,000 in 1929. Other loans
on securities by weekly reporting member ganized markets have declined sharply since
the early part of August, continbanks, which have been at an unusually low
uing
the downward movement
level for a number of years, also declined Commodity
prices
from the spring peak. These
somewhat in October.
New security issues were in small volume movements are shown on the chart. The deduring October. There was an increase in crease in the latter part of August was due
corporate offerings during the secWHOLESALE PRICES
° n d W e e k ° f O c t o b e r but the
1
I
amount offered during the reI
A
mainder of the month was small. Several
Alarge issues originally planned for flotation
/
\
in October were postponed as security market
\
conditions remained uncertain.
Security offerings in the third quarter of
140
I "
1937 were the smallest since the revival of
100
_ _ i
activity in the capital markets in the early
~
^——
part of 1935. The total of corporate offerings, both for refunding and for new capital, was $400,000,000, as compared with
1937
$760,000,000 in the preceding quarter and
U. S. Bureau of Labor Statistics index of 784 commodities:
$970,000,000 in the first quarter of the year. Moody's Investors' Service index of 15 staple commodities.




363
432
244

WEEKLY FIGURES

22.0

STA PLE COMMODITIES-MOODY'S

/

200

-~ r ~

,

ALL COWMODITIES-B.L.S.
1926 = 100
.—<^

»• •

J

—*^*~

\

1068

FEDERAL RESERVE BULLETIN

largely to a sharp decline in cotton and to a
marked decrease in hog prices, which in
earlier months had been advancing. In the
latter part of September and in October there
were declines in practically all of the staple
commodities, including hogs, grains, cotton,
silk, wool, sugar, hides, rubber, steel scrap,
and non-ferrous metals.
These prices showed a rapid advance last
winter and the early part of last spring.
The decline since spring has been larger than
the preceding advance, and, although some
staple commodities continue above a year ago,
Moody's index of staple commodity prices,
shown on the chart, is about 10 percent lower
than at this time last year. Prices of cotton
and grains are considerably lower than a year
ago, while prices of copper and hides are
higher.
The advance last winter and the subsequent
decline were more marked for staple commodities than for all commodities, as is shown
on the chart. The comparatively small decline in the general index has reflected the
fact that most finished products and some industrial materials have either shown no
change or have advanced further since
spring. As a consequence of the higher level
of prices for these commodities, the general
level continues above a year ago although
staple commodities are lower.
CHANGES IN MARGIN REQUIREMENTS

On October 27, 1937, the Board of Governors of the Federal Reserve System took
action, effective November 1, to reduce margin requirements on advances by security
brokers and on loans made by banks for
carrying stocks. At the same time the Board
amended its Regulation T to require a specified margin against short sales. The margin generally required in the case of advances
by brokers to their customers and of loans
by banks on stocks for the purpose of purchasing and carrying registered stocks was




NOVEMBER 1937

reduced from 55 percent of current market
value of the securities held as collateral to
40 percent. The new margin established on
short sales was placed at 50 percent of current market value of the securities sold short.
In the case of loans to brokers and dealers
in securities by banks or by other brokers
for the purpose of financing customers' commitments (commonly called omnibus accounts
or omnibus loans), the margin requirement
was reduced from 40 percent to 25 percent
and on short sales in these omnibus accounts
the margin requirement was placed at 35 percent. Both the amendment and the new supplements to the Board's Regulations T and
U are published on pages 1073-4 of this
BULLETIN.

NATIONAL APPRAISAL FORUM

A national Forum on Real Estate Appraisal and Mortgage Analysis will be held
November 19 and 20 in Washington, D. C,
under the joint auspices of Governmental
agencies and private organizations.
At this Forum the Joint Committee on
Appraisal and Mortgage Analysis, a group
inaugurated by the Central Housing Committee, will present the results of its work
in compiling a bibliography concerning all
phases of appraisal and in cataloguing urban
and rural appraisal data, with possible recommendations concerning deficiencies discovered in the scope of existing data. Leading appraisers, bankers, insurance and mortgage company officials, educators, economists,
and others will make addresses concerning
the desirability of improved methods of appraisal and concerning the problems encountered in attempting to establish real estate
appraising on a more scientific basis.
Detailed information regarding the National Appraisal Forum may be obtained
from Henry E. Price, secretary, Joint Committee on Appraisal and Mortgage Analysis,
1825 H St., N. W., Washington, D. C.

1069

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled October 27 and released for publication October 29]

Declines in industrial production in Sep- October advanced sharply as most manufactember and the first part of October reduced turers began assembling 1938 models.
Mineral output increased in September, reoutput to the level of a year ago, and comflecting an expansion in coal production.
INDUSTRIAL PRODUCTION
Output of crude petroleum declined somewhat but continued in large volume.
Value of construction contracts awarded,
as reported by the F. W. Dodge Corporation,
was smaller in September and the first half
[/
of
October than in the preceding six weeks,
\
with a moderate decline in private residenA
i V\ j
tial building and sharp declines in awards for
other private work and for publicly-financed
work. Currently the dollar volume of private
I
work is about the same as a year ago, while
1929 1930
1931
1932 1933 1934 1935 1936
1937
awards for public work are in smaller volume.
Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.
Factory employment showed little change
from August to September, although an inmodity prices continued to decline. The vol- rease is usual at this season. There were
ume of distribution to consumers was main- declines in the number employed at textile
tained at the level of previous months.
mills, shoe factories, railroad repair shops,
Production and employment.—Volume of and lumber mills. At canning establishments
industrial production, as measured by the employment increased seasonally. Factory
Board's seasonally adjusted index, declined in payrolls, which usually expand in September,
September to 111 percent of the 1923-1925 declined substantially, reflecting principally
average as compared with 114 in June and a reduction in the average number of hours
July and 117 in August. At steel mills, where worked by those employed. The levels of
output in August had been at a high level, employment and payrolls continued to be conpartly on the basis of orders placed earlier in siderably above last year.
the year, activity was reduced to an average
Distribution.—Distribution of commodities
rate of 75 percent of capacity in September. to consumers by department stores and mail
This decline continued in October, as new order houses increased more than seasonally
orders were in limited volume, and the rate
DEPARTMENT STORE SALES
of steel output in the fourth week of the
month is estimated at about 52 percent of
capacity. There were also declines in September in activity at woolen mills, shoe factories, and at sugar refineries, and activity
at cotton mills showed little change, although
an increase is usual at this season. Increases
in output were reported at silk mills and
meat packing establishments where activity
[—i recently has been at a low level. Automobile
production showed a decline from the high
1929
1930 1931
1932
1933 1934 1935 1936
1937
level of August, but in the first three weeks of
Indexes of value of sales, 1923-1925 average = 100.

1

AvrvJ

j

'•




•

id

W

asonal vai ration
lad just ment

_ _ Adjusted for se
Without seasonc

1
w

1070

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

in September, and variety store sales showed $750,000,000 to over $1,000,000,000, showed
about the usual seasonal expansion. Freight- little further change in October.
car loadings increased by the usual seasonal
MEMBER BANK LOANS AND INVESTMENTS
amount from August to September.
Commodity prices.—The general level of
wholesale commodity prices, according to the
Bureau of Labor Statistics' index, declined
from 87.5 percent of the 1926 average in the
latter part of September to 85.2 in the middle
of October. During that period price declines
BILLIONS OF DOLLARS

WHOLESALE
PER CENT

BILLIONS OF DOLLARS

PRICES
PER

C

100
"34
90
00

Other
Commodities

1935

1936

1937

Wednesday figures for reporting member banks in 101 leading
cities, Sept. 5, 1934, to Oct. 20, 1937. Loans on real estate and
loans to banks excluded.

70

Total loans and investments of reporting
member
banks in 101 leading cities declined
/ Farm roducts
somewhat
in the four weeks ending October
40
20,
reflecting
chiefly a steady reduction
30
throughout the period in loans to security
Indexes compiled by United States Bureau of Labor Statistics, j brokers and dealers.
Commercial loans in1926 = 100. By weeks, 1932 to October 23, 1937.
creased further.
occurred in most commodities traded in on Money rates and security prices.—Rates on
organized exchanges and in some manufac- 9-month Treasury bills in October declined to
tured products. In the ten days ending Oc- about/ % of one percent, the lowest since last
tober 25 commodity markets were steadier. January. Prices of high-grade bonds showed
New models of automobiles are currently little change in September and October,
while prices of lower-grade bonds and of
being introduced at higher prices.
Bank credit.—Excess reserves of member common stocks declined sharply to the lowest
banks, after increasing in September from | levels since the middle of 1935.
60

50




3

1071

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS

WEDNESDAY

FIGURES

BILLIONS OF DOLLARS

13

13

/
12

12

11

11

10

GOLD STOCK

10

/

- 8
7

ji

6

MONEY IN CIRCULATION

7

,«

6

5
4

\

4

^

TREASl RY GASH

3
2

:

/*—-

1

•%••

/

..•••

/

3

I
j

RESERVE BANK
(:REDIT

2

I

TREASURY DEPOSITS

1
0

0 Is
1932

1933

1934

1935

1936

1937

8

8

7

7
MEMBER BANK
RESERVE BALANCES-

6

6

5

5

4

4
r::::-EXCESS

RESERVES

3

3

2

2

^ R E Q U I R E D RESERVES^

1

1

0

0
1932




1933

1934

1935

1936

Latest figures for October 20, 1937. See table on page 1124.

1937

1072

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
1936

1937
Sept.

Aug.

July

Sept.

RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS

Reserve bank credit outstanding—total
Bills discounted.
Bills bought
U. S. Government securities
Monetary gold stock
Treasury currency outstanding
Money in circulation
Treasury cash holdings
Treasury deposits with F. R. banks
Nonmember deposits and other accounts
Member bank reserve balances:
Total
._
Excess

--

1929

1,459
952
241
208
3,996
2,015
4,476
207
22
406

2,475

2,502

2,429

2,077

7
5

36
25

283
83

521
71

2,431
9,059
2,478
5,585
2,791

2,432
7,512
2,381
5,403
2,798

2,052
4,059
2,271
5,576

1,461
3,952
2,096
5,328

128
507

81
438

5,001
2,469

3,676
1,564

2,343

2,114

528

256

2,358
43

22,187 22, 332 22, 219 22, 520 22, 297 22, 484 22,064 19, 997 18,672 17,505 19,080
1,171
1,362
981
1,181
1,125
1,195
1,375
1,317
618
990
777
2,545 3,157 4,226
2,055
2,035 2,023 2,072
2,007 2,002 2,001
2,131
5,131
4,965
5,226
6,702 6,565 6,367 5,398 5,217
5,222 6,578
4,907

22, 599
«2,208
• 5, 448
9,231

6. 854
900

6, 701

6,845

750

876

6, 345
1,852

6,181
2,458

5,861
2,907

5,989
2,512

Averages of Wednesday figures; in millions of dollars

8,068 8,229 8,268
1,170
1,160
1,131
2,962 3,014 3,038
5,291
5,149
5,313
312
296
305
1,771
1,683
1,703
14,843 14, 918 14,984
5,283 5,245 5,254
4,990 4,979 5,085
17
36
11

9,320 9,357 9,484
1,278
1,254
1,246
3,326 3,321 3,348
4,995 4,875 4,710
376
386
383
2,311 2, 354 2,493
14,962 14, 785 14, 752
5,007
5,036 5,019
5,890 5,859 6,037
2
15

6,856
7,989
"325
928
1,250
3,272 3,052 •3,000
4,799 4,024
2,875
326
383
271
2,358 2,112
1,688
14,619 12, 729
(2)
4,883
4,999
4,937
4,938 3,814
5,810
5

Averages of weekly figures; percent per
1.00
1.00
.53
2.67
3.29

1.00
1.00
.52
2.59
3.25

1.00
1.00
.49
2.59
3.26

.75
1.00
.16
2.41
3.18

.75
1.00
.18
2.43
3.21

.75
1.00
.14
2.50
3.23

2.47
3.24

2.70
3.60

5,228

4,413

2,865

3,121
1,822
240
1,322
(2)
4,946
2,822
115

3,245
1,673
214
1,250
(2)
5,666
2,772
228

2,847
1,725
248
1,142
(2)
6,788
2,787
674

1.72
1.16
.52
3.31
4.49

2.73
2.05

5.85
7.61

3.65
5.01

4.73

89
60
29
32
13
18

146
100
46
54
27
27

959
841
118
781
667
115

annum
1.02
1.00
.26
3.10
4.00

Amounts per month; in millions of dollars
223
156
67
152
112
39

184
76
108
106
49
56

34.4
250
93
139
82
57

409
179
231
250
75
175

297
217
80
232
171
62

121

118

114

113

109

88
86
87
86
86

88
89
86
86
86

82
84
83
80
84

82
84
83
80
84

81
81
81
80
84

339
104
236
294
70
225

392
121
270
189
34
155

180
116
64
41
15
26

111

78

72

63

49

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
55
69

119
119
115
117
87
142
105
109
107
111

140
121

134
110

437

518
164
354
382
99
282

Index numbers

Index numbers, adjusted for seasonal variation,

P101
P100
78
94

117
118
112
63
40
81
102
104
79
92

114
114
112
68
44
87
103
100
80
94

109
110
102
59
47
69
94
84
75
88

108
110
99
62
46
75
93
84
76
86

108
109
101
59
44
71
93
80
76
91

1923-25=100

75

90
90
91
37
21
50
86
71
64

79
78
86
32
12
48
83
63
62

88

79

75

105
105
104
55
37
70
92
82

Amounts per month; in millions of dollars

MERCHANDISE EXPORTS AND IMPORTS
P297
^233

278
246

p Preliminary.
Partly estimated.
» Includes loans on securities to banks, 1929-1934.
* Figures not available.
* Includes time deposits of banks, domestic and foreign, 1929-1934.
* Does not include time deposits 1929-1934.




1932

236
39

BUSINESS INDEXES

e

1933

407

Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
_
Farm products
Foods
Other commodities
Retail food prices (1923-25=100)..

Exports, including re-exports..
General imports

1934

497

PRICES

Industrial production
ManufacturesMinerals
C onstruction—total
Residential
All other
Factory employment
Factory payrolls (unadjusted)..
Freight-car loadings
Department store sales

1935

288
55

CAPITAL ISSUES

All issues—total
New
.--Refunding..
Domestic corporate issues—total..
New
Refunding

1936

2,584
2,474
2,479
2,474
2,573 2,574
2,481
24
6
3
6
8
13
17
3
3
3
3
4
3
3
2,430 2,430
2,526
2,527 2,526
2,430
2,430
2,653 12, 512 12, 404 10,764 10, 674 10, 629 10, 578
2,499
2,555
2, 590 2,576
2,497
2,507
2,503
6,203
6,258 6,191
6, 558 6,500 6,475
6,101
2,454
2,416
2,385
2,474
3,532
3, 618 3,655
446
545
275
233
212
190
137
583
528
543
592
607
551
536

MONEY RATES AND BOND YIELDS

Commercial paper..
Stock exchange call loans
U. S. Treasury bills
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa).

July

Averages of daily figures; in millions of dollars

REPORTING MEMBER BANKS

Total loans and investments
Loans to brokers and dealers in securities 1
Loans on securities to others (except banks)
All other loans
U. S. Government obligations:
Direct
Fully guaranteed
Other securities
Reserve with Federal Reserve banks
Cash in vault
Balances with domestic banks
Demand deposits—adjusted
Time deposits (excluding interbank)»
Deposits of domestic banks4
Borrowings

Aug.

A n n u a l averages

265

221
216

179

180
195

205
202

190
171

178
138

367

NOVEMBER

1937

FEDERAL RESERVE BULLETIN

1073

LAW DEPARTMENT
Classification of Deposits of Certain Organizations ai
Savings Deposits

The definition of savings deposits in Regulation Q, which relates to payment of interest
on deposits, and in Regulation D, which relates to reserves of member banks, reads in
part as follows:
"The term 'savings deposit' means a deposit
evidenced by a pass book, consisting of funds
(i) deposited to the credit of one or more individuals, or of a corporation, association or other
organization operated primarily for religious,
philanthropic, charitable, educational, fraternal
or other similar purposes and not operated for
profit, or (ii) in which the entire beneficial interest is held by one or more individuals or by such
a corporation, association or other organization,

It will be noted that under this definition
member banks may classify deposits of one
or more individuals as savings deposits if the
deposits comply in other respects with the
regulation; but they may not classify deposits
of any corporation, association or other organization as savings deposits unless (1) such
organization is operated primarily for religious, philanthropic, charitable, educational,
fraternal or other similar purposes; (2) such
organization is not operated for profit; and
(3) such deposits comply in other respects
with the requirements of the regulation.
With respect to many organizations such
as churches, charity hospital associations,
fraternal orders and endowed educational institutions which are not operated for profit,
no questions have arisen since such organizations are obviously operated for religious,
philanthropic, charitable, educational, fraternal or other similar purposes. However,
numerous questions have arisen as to whether
deposits of certain other types of organizations which are near the border-line of the
definition may be classified by member banks
as savings deposits. The Board has given
careful study to these questions and has
reached the conclusion that the types of organizations set forth below may be considered




to be operated primarily for religious, philanthropic, charitable, educational, fraternal or
other similar purposes and, therefore, that
deposits of such organizations may be classified by member banks as savings deposits if
the organizations are not operated for profit
and if the deposits otherwise comply with
the requirements of the definition.
Professional associations, such as bar, medical,
and dentists' associations.
Trade associations, including manufacturers'
associations, retailers' associations, and chambers
of commerce.
Business men's clubs, such as Rotary Clubs
and Kiwanis Clubs. •
Recreational clubs, such as golf and tennis
clubs.
Social clubs, such as luncheon clubs and college
fraternities.
Labor unions of the usual type.
Volunteer fire companies and ladies' auxiliaries
thereof.
Cemetery associations.
School districts.
Police or firemen's pension or relief associations (including a special fund held by a political
subdivision to provide pensions for police or firemen).
American Automobile Association, Retired
Officers Association, and other similar organizations.

The Board has also reached the conclusion
that deposits of the organizations listed below may not be classified by member banks
as savings deposits either because the organizations are not operated primarily for
religious, philanthropic, charitable, educational, fraternal or other similar purposes or
because they are operated for profit.
Building and loan associations.
Mutual or cooperative fire or life insurance
associations.
Reciprocal or inter-insurance associations.
Cooperative marketing associations, such as
citrus growers or dairymen's cooperative marketing associations.
Credit unions, Federal or State.
States and municipalities and other political
subdivisions thereof (except school districts) including departments, boards, and commissions of
such political subdivisions.

Although deposits of the types of organi;ations listed immediately above may not be
classified by member banks as savings deposits for the purpose of payment of interest

1074

FEDERAL RESERVE BULLETIN

or of computation of reserves, attention is
invited to the fact that any of such organizations may maintain time deposits with member banks. With respect to such deposits,
which may be either in the form of time certificates of deposit or time deposits open
account, member banks may pay interest in
accordance with the provisions of Regulation
Q and, maintain reserves in accordance with
the provisions of Regulation D relating to
time deposits.
The above lists of organizations which
may or may not maintain savings deposits in
member banks are not intended to be complete
but merely contain examples compiled from
various cases which have been submitted to
the Board. Any necessary inquiry as to the
proper classification of other organizations
for this purpose should be submitted directly
to the Federal Reserve bank of the district
in which the inquiry arises rather than to the
Board. The Federal Reserve banks will, in
so far as possible, answer such questions in
the light of the illustrative cases stated
above.

NOVEMBER

1937

entire board of directors of the member bank.
To facilitate the practical application of
the law and the regulation, the Board of Governors will consider that the requirement of
the regulation with respect to the prior approval of loans not exceeding $2500 is met in
a case in which a majority of the board of
directors of a member bank grant continuing
authority for such a loan or extension of
credit to an executive officer if such approval
by its terms remains in effect for only a reasonable period of time and in no event longer
than twelve months. The authority given by
the board of directors in such a case may, if
desired, provide that the executive officer
may borrow from time to time during the
effective period of the approval granted, upon
condition, of course, that the amount of the
indebtedness outstanding at any one time
does not exceed $2500.
Amendments to Regulations T and U

The Board on October 27 adopted an
amendment to Regulation T and revised the
supplements to Regulations T and U. The
amendment
and the revised supplements,
Loans to Executive Officers of Member Banks up to
$2500
which became effective on November 1, 1937,
The question has been raised with the are set forth below.
Board of Governors whether it is permissible Amendment No. 10 of Regulation T—Effective Nofor the board of directors of a member bank
vember 1, 1937
of the Federal Reserve System to grant au- Regulation T, as amended, was further amended in
thority to an executive officer to borrow up the following respects:
to $2500 and permit this authority to con- 1. Section 2(d) of said regulation was amended
tinue in full force and effect until revoked. to read as follows:
"(d) The term 'combined account7 means the
Section 22 (g) of the Federal Reserve Act
combination of all accounts (except 'special acprohibits an executive officer from borrowcounts') between any creditor and any customer,
or any group of customers acting jointly."
ing from or otherwise becoming indebted to
the member bank with which he is connected, 2. Section 2(m) of said regulation was amended
to read as follows:
but contains an exception under which an
"(m) The term 'customer' means any person
(including any partner of a creditor firm in his
executive officer may become indebted to such
relations with the firm) to or for whom, or any
bank in an amount not exceeding $2500 with
group of persons to or for whose joint account, a
creditor is carrying any short position in securithe prior approval of a majority of the entire
ties or extending or maintaining any credit;
board of directors. The Board's Regulation
Provided, however, That a partner shall not be
deemed to be a customer of his firm within the
O provides that a loan or extension of credit
meaning of this regulation with reference to his
of not exceeding $2500 must in each case be
financial relations to the firm as reflected in his
capital and ordinary drawing accounts."
given prior approval by a majority of the




NOVEMBER

1937

FEDERAL RESERVE BULLETIN

3. Clause (2) of section 3(b) of said regulation
was amended to read as follows:
"(2) in such account transactions are permitted and credit is extended or maintained
solely for the purpose of enabling such member,
broker, or dealer to carry accounts for his customers other than his partners, and"
4. Clause (3) of section 3(f) of said regulation
was amended to read as follows:
"(3) The current market value of any securities sold short in the account (other than unissued securities) plus, for each such security
(other than an unissued or exempted security),
such amount as the Board shall prescribe from
time to time in the supplement to this regulation
as the amount to be included as the margin required for such short sales, except that such
amount so prescribed need not be included when
there are held in the account securities exchangeable or convertible into such securities sold
short;"
t 5. The first sentence of the last paragraph of section 3(f) of said regulation was amended to read as
follows:
"For the purposes of this regulation, the adjusted debit balance of every account in which
any short position in securities (other than unissued or exempted securities) is carried or any
credit is extended or maintained for the purpose
of purchasing or carrying securities shall be
computed in accordance with the above rules, regardless of whether it be a combined account or
a special account."
Revised Supplement to Regulation
November 1, 1937

T—Effective

The supplement to Regulation T was amended to
read as follows:
"BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM
SUPPLEMENT TO REGULATION T

Effective November 1, 1937
Maximum Loan Values.—Pursuant to the provisions of section 7 of the Securities Exchange Act
of 1934 and section 3 of its Regulation T, as amended,
the Board of Governors of the Federal Reserve System hereby prescribes the following maximum loan
values of registered securities (other than exempted
securities) for the purposes of Regulation T:
(1) General rule.—Except as provided in paragraphs (2) and (3) of this supplement, the maximum
loan value of a registered security (other .than an
exempted security) shall be 60 per cent of the current
market value of the security.
(2) Extension of credit to other members, brokers
and dealers.—The maximum loan value of a registered security (other than an exempted security) in
a special account with another member, broker or




1075

dealer, which special account complies with subsection (b) of section 3 of Regulation T, as amended,
shall be 75 per cent of the current market value of
the security.
(3) Extension of credit to distributors, syndicates,
etc.—The maximum loan value of a registered security (other than an exempted security) in a special
account with a distributor, syndicate, etc., which
special account complies with subsection (c) of section 3 of Regulation T, as amended, shall be 80 per
cent of the current market value of the security.
Margin Required on Short Sales.—Pursuant to the
provisions of section 7 of the Securities Exchange
Act of 1934 and section 3 of Regulation T, as amended,
the Board of Governors of the Federal Reserve System hereby prescribes that the amount to be included
in the adjusted debit balance of an account, pursuant
to section 3(f) (3) of Regulation T, as amended, as
margin required on short sales of securities (other
than unissued or exempted securities) shall be 50
per cent of the current market value of each such
security except that in the case of a special account
with another member, broker or dealer, which special
account complies with subsection (b) of section 3 of
Regulation T, as amended, such amount shall be 35
per cent of such current market value."
Revised Supplement to Regulation U—Effective
November 1, 1937
The supplement to Regulation U was amended by
changing the maximum loan value figure "45 per
cent" in the first paragraph of said supplement to
"60 per cent", and by changing the maximum loan
value figure "60 per cent" in the second paragraph
of said supplement to "75 per cent", so that as thus
amended the supplement reads as follows:
"SUPPLEMENT TO REGULATION U

Issued by the Board of Governors of the Federal
Reserve System
Effective November 1, 1937
For the purpose of section 1 of Regulation U, the
maximum loan value of any stock, whether or not
registered on a national securities exchange, shall be
60 per cent of its current market value, as determined by any reasonable method.
Loans to brokers and dealers.—Notwithstanding
the foregoing, a stock, if registered on a national
securities exchange shall have a special maximum
loan value of 75 per cent of its current market value,
as. determined by any reasonable method, in the case
of a loan to a broker or dealer from whom the bank
accepts in good faith a signed statement to the effect
(1) that he is subject to the provisions of Regulation
T (or that he does not extend or maintain credit to or
for customers except in accordance therewith as if
he were subject thereto), and (2) that the securities
hypothecated to secure the loan are securities carried
for the account of his customers other than his
partners."

1076

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

MEMBER BANK EARNINGS AND EXPENSES, FIRST HALF OF 1937

Total current earnings at all member
banks, as brought out in the following table,
showed little change in the first half of 1937,
reflecting the continued low level of interest
EARNINGS AND EXPENSES OF MEMBER BANKS,
AND FIRST HALF OF 1937

1936

[In millions of dollars]
1936
1937,
first
half

Last
half

First
half

652
449

654
442

617
430

Net earnings from current opera tions.
Recoveries, profits on securities sold , etc
Losses and depreciation.
__.

203
158
166

212
254
225

187
254
216

Net profits
Cash dividends declared-

195
100

241
103

224
95

Total current earnings
Total current expenses.

_.

.. „

rates. Total current expenses, and consequently net earnings from current operations, also showed little change. Net profits,
however, declined somewhat, reflecting a




marked decrease in the amount of recoveries,
profits on securities sold, etc., which was
offset only in part by a reduction in the
amount of losses and depreciation on loans
and investments. Profits were at an annual
rate of about 7.3 percent of total capital funds
as against 8.9 percent in 1936, and an average
of about 8.8 percent in 1928 and 1929.
In 1936 the volume of recoveries, profits
on securities sold, etc., had been unusually
large, amounting to over $500,000,000 at
all member banks, and had for the first time
in many years exceeded the volume of losses
and depreciation, amounting to somewhat less
than $450,000,000. In the first half of this
year recoveries, profits on securities sold, etc.,
amounted to about $160,000,000 and losses
and depreciation to nearly $170,000,000.
Detailed figures on earnings and expenses
at all member banks during the first half of
1937 and the second half of 1936 are presented in the table on the following page.

NOVEMBER

1077

FEDERAL RESERVE BULLETIN

1937

EARNINGS AND EXPENSES OF MEMBER BANKS
NATIONAL AND STATE MEMBER BANKS, BY SIX-MONTH PERIODS, JULY 1, 1936, TO JUNE 30, 1937
[Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks]
[Amounts in thousands of dollars]
National m e m b e r banks

All member banks
Second
half of
1936
Earnings:
Interest and discount on loans
Interest and dividends on investments
Interest on balances with other banks
Collection charges, commissions, fees., etc.Foreign department
Trust department
Service charges on deposit accounts
Rent received
Other current earnings
Total current earnings
Expenses:
Interest on deposits:
Time
Demand
Bank
Total
Salaries, officers..Salaries and wages, employees (other than officers)
Fees paid to directors and members of executive, discount, and advisory committees
Interest and discount on borrowed money
Real estate taxes
Other taxes
Other expenses
Total current expenses..

First
half of
1937

260. 340
251, 874
fill
16,376
7, 632
46,827
20, 168
40, 271
10,245

268, 075
243, 557
516

Second
half of
1936

First
half of
1937

State member banks
Second
half of
1936

Firsthalf of
1937

16,303
5,547
46, 708
21, 688
40, 767
8,817

175, 222
167, 680
462
11, 592
5,066
16, 993
14,059
24, 873
6,943

180, 647
163, 144
384
11,367
3, 399
16,784
15, 262
25,195
6, 075

654, 344

651, 978

422, 890

422, 257

86, 954
3, 431
1,074

86, 816
3, 396
1,008

62,401
2,487
703

62, 092
2, 299
674

24,553
944
371

24,724
1,097
334

91, 459
68, 987
111,170

91,220
70, 137
111,486

65, 591
46, 218
67, 496

65, 065
46, 744
67, 570

25, 868
22,769
43,674

26, 155
23,393
43,916

3. 249
318
16, 938
25,191
124, 917

3,348
214
16, 537
27, 583
128, 592

2,308
148
10, 830
15, 236
78, 643

2, 347
132

10.436
17', 867
79, 866

941
170
6,108
9, 955
46, 274

1.001
82
6,101
9, 716
48,726

286, 470

290,027

155, 759

159,090

132, 230

75, 695

70, 631

85,118
84,194
149
4, 784
2,566
29,834
6,109
15,398
3,302
231,454

87,428
80,413
132
4, 936
2.148
29,924
6, 426

2.' 742
229,721

442. 229

449,117

Net earnings

212, 115

202, 861

Recoveries, profits on securities, etc.:
Recoveries on loans
Recoveries on investments
Profits on securities sold
Allother

50, 282
75,387
114,969
13, 821

44, 478
32, 292
65,114
16, 572

36,876
52, 722
78,972
7,318

27, 332
20, 479
45, 793
9, 949

13, 406
22, 665
35, 997
6,503

17,146
11,813
19,321
6, 623

254, 459

158, 456

175, 888

103,553

78,571

54,903

28, 093
19,135
7,347
12, 838

16, 794
29.363
5, 368
10,518

TotalLosses and depreciation:
On loans
On investments
On banking house, furniture and fixtures..
Allother
Total losses and depreciation..
Net profits
Cash dividends declared1
Total deposits at end of period
Capital funds at end of periods
Number of officers at end of period
Number of employees (full and part time) at end of periodNumber of banks at end of period
r

106,251
66,091
23,139
29,923

49,
76,
15,
24.

318
459
963
283

78,158
46. 956
15,792
17,085

32,
47,
10,
13,

524
096
595
765

404

166,023

157.991

103, S

67, 413

62,043

241, 170
103,374

195, 294
100,333

154,317
63,517

131,803
61, 053

86, 853
39, 857

63.491
39, 280

42, 885, 326
5, 275, 179
r
31,980
149, 422

41, 490, 046
5, 338, 795
32, 589
155,466

27, 555, 856
3, 164, 624
'24, 318
93. 565

26, 715, 556
3. 205, 577
24, 752
97, 431

6,376

6, 357

5,325

5, 293

225,

15, 329,
2,110,
7,
55,

470
555
662
857

1,051

14, 774, 490
2,133, 218
7,837
58, 035
1.064

Revised.
Includes interest on capital notes and debentures.
By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves
for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and /or capital notes and debentures.
Note: Corresponding figures for the first six months of 1936 are shown on page 536 of the June 1937 BULLETIN. For annual figures for all member banks, see Annual Report for 1936 (table 60).
1

2




1078

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

ALL BANKS IN THE UNITED STATES
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 31, 1937, AND
JUNE 30, 1936, BY DISTRICTS
[Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]
Loans and investments

Mar.

Boston
-_.
New York
Philadelphia...
Cleveland.
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis—..
Kansas City..-.
Dallas
San Francisco..
Total

Deposits, exclusive of
interbank deposits

Number of
banks

Loans

Federal Reserve District

5, 826
18, 892
3,490
3,620
1,944
1,291
5,408
1,514
1,103
1,385
963
4,260

5, 676
18,921
3,456
3,578
1,931
1,291
5,195
1,497
1,083
1,356
948
4,205

5,625
19, 227
3,402
3,415
1,812
1,202
4,995
1,427
1,030
1,310
893
4,121

June
1937

Mar.
1937

June
1936

1937

2,821
9,225
1,286
1,410
869

2,793
8,881
1,267
1, 374
840
611
1,849
672
415
600
465
2,025

2,773
8,464
1,277
1,316
772
536
1,648
614
398
563
430

3,006 2,883 2,852 5,933 5,876 5,823
9,667 10,040 10,763 19,011 18,942 18,532
2,204 2,189 2,124 3,705 3,678 3,511
2,210 2,204 2,099 3,902 3,860 3,703
1,075 1,091 1,040 2,188 2,198 2,097
666 1,497 1,535 1,403
651
681
3,486 3,346 3,347 6,348 5,888 6,043
813
814 1,722 1,756 1,635
825
633 1,265 1,238 1,214
668
670
757
759
747 1,762 1,740 1,713
483
463 1,230 1,211 1,148
484
2,157 2,181 2,231 4,723 4,656 4,514

639

1,922
701
432
2,103

887
1,250
946
1,265
1,092
1,048
2,551
1,597
1,363
1,913
987
628

1,241
948
1,265
1,060
1,089
2,556
1,599
1,368
1,921
991
643

49, 696 49,138 48, 458 22, 514 21, 790 20,679 27,182 27, 348 27,778 53, 287 52, 577 51,335 15, 527 15,569

891
1,257
944
1,276
1,070
1,084
2,564
1,629
1,399
1,952
1,006
15, 752

MEMBER BANKS

Boston__
New York
Philadelphia.—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City—
Dallas
San Francisco-Total.....

2, 106 2,020 2,026
11,573 11,642 12,081
2,386 2,366 2,359
2,820 2,796 2,675
1,206 1.232 1.156
1,003 1,024
957
4,265 4,109 3,947
1,057 1,091
998
769
762
732
1,107 1,100 1,061
816
827
769
3,618 3,566 3,500

1,077
5,381
959
1,068
538
475
1,404
457
295
458
396
1,776

362
792

2,163
11,363
2,409
2,903
1,345
1,084
4,760
1,063
869
1,261
982
3,897

360
787
657
623
405
326
757
391
473
725
549
304

623
405
327
752
388
476
727
548
314

32, 739 32, 525 32, 259 14,285 13,699 12, 542 18, 454 18, 826 19, 717 35, 440 34,746 34,098

6,357

6,367

527
463

666
754
1,847
1,240
904
1,223
454
336
9,352

1,031
5,045
941
1,040
533
469
1,361
457
287
444
385
1,706

4,600
947
989
475
396
1,148
387
271
406
354
1,582

1,029
6,192
1,427
1,752
668
528
2,861
600
475
649
431
1,842

6,597
1,424
1,756
699
555
2,748
634
476
656
431
1,860

1,039 2,198 2,187
7,481 11,695 11,651
1,412 2,562 2, 522
1,686 3,046 3,005
680 1,399 1,415
561 1,132 1,155
2,798 4,938 4,499
611 1,133 1,123
868
891
461
656 1,302 1,267
415 1,051 1,032
1,918 4,093 4,020

404
330
717
389
495
729
552
344

NONMEMBER BANKS

Boston
_.
New York
Philadelphia
Cleveland
Richmond-. _..
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco...
Total-..

3,599
7,146
1,042
740
656
245
1,048
430
299
249
124
621

1,744
3,844
327
342
331
164
518
244
138
168
83
326

1,762
3,836
325
334
306
142
488
215
129
156
79
319

16,613 16,199

8,229

8,091 8,137

3,655
7,279
1,090
782

406
321
256
132
639

1,976
3,475
330
327
296
140
499
227
127
158
75

407
123
625
213
196
110
52
316

3,660
7,170
1,101
800
752
320
1,283
572
346
452
166
617

7
1,794
1,206
890
1,188
438
324

528
452
290
642
655
762
1,804
1,211
892
1,194
443
329

8, 522 8,061 17,848 17,832 17,238

9,170

9,202

1,894
3,443
765
448
392
126
598
191
192
100

1,813
3,282
713
413
360
105
549
203
172
91
48
313

3,735
7,316
1,143
856
789
365
1,410
589
374
460
179
631

3,689
7,291
1,156
854
783
380
1,388
633
370
473
178
636

529
465

i Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1, on page 1081.




1079

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

ALL BANKS IN THE UNITED STATES—Continued
ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 31, 1937, AND
JUNE 30, 1936, BY STATES
[Amounts in thousands of dollars]

Deposits, exclusive of interb a n k deposits

Investments
June
1937
New England:
Maine
.New Hampshire
Vermont
Massachusetts. Rhode Islands
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 VirginiaNorth CarolinaSouth Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama.
Mississippi
West South (
• "
"'I Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California

.

Total
1

March
1937

June
1936

June
1937

March
1937

June
1936

June
1937

March
1937

June
1936

N u m b e r of
banks
June
1937

112,162
107,358
111,133
191,580
209,254
209,887
327,253
327,'
313,232
99, 527
100,602
99,450
167,722
169,462
173,603
265,087
268,625
264,954
83,521
87,776
80,601
80,508
78,964
169,052
169,180
169,793
1,876,653 1, 857, 938 1,837,907 1, 832,867 1, 726, 818 1,738,407 3,753,103 3, 711, 528 3,710,807
177,521
179, 594
181,677
268, 949
279,642
284,461
461,293
460, T"447,623
596,446
597,203
602,131
528,422 1,248,702 1,234,639 1,195,682
563,423
552.481

103
109
91
395
35
196

Mar.
1937

June

103
110
91
395
3,
197

8,468,902 8,138, 243 7, 726,081 8, 691, 770 9,070,156 9, 837, 522 17.061,478 16,i, 997,
910
.6, 659, 253
911
729,812
733,435
742,425
951,114 1,992,053 1, 993,053 1, 921, 796
416
996,163 1,000,199
421
419
1, 548,378 1, 511, 574 1, 528,120 3,025,916 3,003,623 2, 961,858 4, 691,154 4, 647, 835 4, 508,199 1,122 1,125 1,129
841, 731
257,954
1,000,169
354, 262
249, 702

826, 324
244,167
958, 766
345,172
240,077

761/
941,473 2,170,184 2,144,109 2, 002, 348
1,037. 551 1,035,989
228,719
350,634
758,801
383, 554
706,551
787,971
400, 382
805,325 1,896,015 1,805,915 1,927,632 3,331,207 2, 925,140 3, 275, 377
339 i —
623,919 1,355, 459 1,309,087 1,252, 237
711,093
744,001
230^ 726
450,784
802,649
457, 521
752, 528
467,454
816, 658

713
530
882
470
605

713
536
882
471
607

716
542
880
474
610

295,
236,114
433,953
24, 655
33,
107,130
138,932

286,113
229,293
416, 557
23,263
31. 385
105', 013
128,471

263, 211
205,106
371,486
25, 858
32, 427
98, 975
129, 837

446, 270
242,734
580,634
33,715
34,544
119.539
140,107

443, 575
244,194
591, 390
32, 941
36, 734
120,449
138,164

800, 573
788,949
826,048
229,121
583,955
525, 393
565, 604
611,983 1,186, 592 1,217,917 1,165,157
31,036
67,132
68, 648
67, 276
33, 379
84,329
84, 495
83, 295
126,708
258,721
267, 909
258, 429
135,170
356, 295
359,019
363, 818

688
660
668
191
181
432
701

657
673
192
184
435
705

691
660
691
204
195
436
721

78, 773
210,106
102, 924
262,392
124, 560
148,037
48, 684
202, 975
75, 549

78,973
207,317
97, 915
259,198
119,245
136,268
46, 750
185, 503
76,940

72,119
195,120
91,064
244, 391
117,709
113, 494
37, 451
159,097

103,143
470,447
142,309
188,370
98, 457
146, 747
52, 699
93,913
167,482

102.482
480, 852
147,771
177, 710
98,348
155, 667
53, 453
113,174
166,949

91,474
484,212
125,462
171,991
92,039
143, 381
43,752
134,788
148,070

187,481
733, 228
286, 559
502, 961
276,791
317, 922
134, 935
325, 909
300,508

176, 428
721,230
316,371
494,836
269, —
311, 676
147,097
340, 603
322, 559

163, 246
724,427
280, 577
469,592
261,167
296, 258
125,016
329,494
262,446

48
199
22
323
186
239
151
285
162

199
22
323
187
209
149
325
162

202
22
327
185
213

212,522
192, 567
105,325
59, 596

206,
191,
95,
56,

672
902
646
525

196, 207
167, 762
89, 540

161,040
155,158
102,900
77,318

163,359
156,193
108,975
78, 535

165, 654
151,717
98, 680
65,313

396, 776
402,810
241,726
172, 788

411,670
391,610
249,780
187,048

382,182
373, 364
223,425
154, 688

437
312
217
207

434
312
218
207

443
318
217
207

53.133
121,553
130,935
431,067

47,200
123,241
124,471
418,576

48, 274
107,789
119,099
387, 246

61,801
173,308
150.540
442,260

62, 597
171,397
157,769
445,366

134,435
152,846
53,402
145,969
322,022
163,570
343,465
344,760
149,911
350,141
358,928
375,808
431,092 1,102,
1,080,877 1,031, 633

223
146
401
874

222
146
401
878

224
149
404
890

61, 986
43,648
18, 975
128, 327
20, 222
32, 490
58, 939
15,110

62,146
41,190
18, 519
126,657
19,017
26, 804
53, 523
14, 325

55,199
38. 494
16,841
119,849
17,819
24,531
53, 752
15, 616

117
53
58
149
41
13
59
10

117
53
58
149
41
13
59
10

121
56
59
154
41
14
59
10

179
80
238

244

185
94
267

30, 957
26,697
23, 828
81,421
17,165
24,774
53,813
7,616

28,822
24, 255
21,216
79,942
15, 601
23, 443
50,91
6, 669

30,371
21, " •
21, 512
67, 490
13, 977
20.287
46, 596
5, 945

124,171
93,191
54, 651
277,196
52,916
80, 477
126,916
31, 994

123, 945
94,038
54,748
278,454
51,011
80, 777
124,168
30,180

119,911
81,379
53,211
260, 595
46,139
68,791
117,504
27,998

194, 459
176, 573
423,393
165,182
457, 402
468,781
215,864
199, 676
210,221
82,659
77,149
246,069
266,165
64,740
269, 865
141,371
141, 274
139, 737
1, 718,228 1, 670, 652 1, 570, 316 1, 662,985 1, 694,238 1,765, 667 3, 672, 317 3, 623, 531 3, 566, 405

HO

322
156

22,514,000 21,790,473 20,679,195 27,182,069 27,347,913 27,778,396 53,287,134 52,577,207 51,335,458 15,527 15,569 15,752

Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on page 1081.




103
110
92
396
35
198

1080

FEDERAL ESERVE BULLETIN

NOVEMBER 1937

ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 31,
1937, AND JUNE 30, 1936, BY STATES—Continued
[Amounts in thousands of dollars]
Deposits, exclusive of interb a n k deposits

Investments

N u m b e r of
banks

State
March
1937

June
1937

New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin.
West North Central:
Minnesota
Iowa 'Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama.
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total




March
1937

June
1936

June
1937

37, 661
27, 747
21, 338
525,520
38, 999
107,047

69,814
29, 974
26, 245
519,939
39, 539
111, 538

June

June
1937

March
1937

June
1936

June
1937

Mar. June
1937 1936

66, 834
118,04'
111,206
118,383
31,502
62,130
61, 831
61,964
27,184
51,394
49, 754
50,344
514,456 1,118,141 1,117,452 1,110,984
41,139
79,733
72,302
78, 657
264,846
117,515
248, 246
258, 836

40
52
42
128
12
54

40
52
42
128
12
54

40
52
43
128
12
54

,876,189 1, 745, 733 1, 599,893 2,454, 888 2, 641,636 2, 872, 653 4, 315, 75: 4,294, 789 4,145,633
386, 233
402,454
225, 030
240, 283
716,287
758,197
233, 237
745, 536
398,927
780, 796 1,480, 458 1,479,489 1, 467, 781 2, 333, 579 2,284,739 2,191, 940
797,275
779,"""

450
232
702

451
233
703

458
234
710

248
126
310
83
105

248
124
309
83
105

248
125
301

203
115
86
64
51
137
190

39,265
30,109
23,652
587,402
46, 839
116,169

36, 990
28, 822
21,637
552,445
46, 279
113,470

68,801
33, 242
27. 257
481, 231
40,275
106,827

313, 376
109,427
726,343
153,852
106, 591

306,166
104,081
697, 613
155,012
105, 502

926, 354
273,089
918, 784
455,198
491, 310
847, 939
390, 879
204,061
88,129
372,!
219, 547
223, 716
348, 305
585,436 1, 318, 768 1,238,411 1,317,481 2, 297. 096 1,960, 959 2, 315,101
335,640
698, 613
146,451
673, 205
412, 533
679, 508
393,127
264,144
418,015
98,418
417,49'
259, 891
398,628
256, 690

202,846
73,397
177, 977
14, 634
18, 493
73, 551
62, 811

199. 822
73; 290
181,211
13, 884
17, 650
73,490
59,066

181, 389
65,153
144,840
15, 209
16, 802
67, 851
58,371

302, 639
100, 446
242, 760
24, 563
22, 744
97,954
88,482

300, 884
105,099
268, 673
25, 515
24,847
98, 322

301,485
104, 579
276, 529
24, 353
22, 375
106,104
85, 063

564,
189, 727
426, 618
45, 730
49, 967
187,932
193, 711

540, 872
194,435
432,373
46, 910
50, 722
185,653
189, 950

551,625
185, 790
415, 547
48,198
49,196
195,179
193, 423

196
113
86
57
47
136
186

197
113

7,684
61, 781
47, 508
139, 638
62, 239
39,544
26, 782
127, 705
53, 541

7,646
60,070
44, 569
138,501
58,719
38, 945
26,102
122, 783
55, 513

7,777
52, 995
41, 560
131,124
57, 892
32, 274
20, 813
98,022
43,069

10,
163,
85,
128,
52,
31,
28,
65,
135,

818
590
984
232
970
503
729
865
590

10, 530
186,124
88, 832
117, 644
52,877
31, 039
30,139
81,332
135, 705

9,529
203,536
74, 650
116, 654
51,483
30, 036
22, 461
102, 330
120,314

18, 323
248,937
154, 261
306, 264
143,040
88, 506
71,033
213,043
223, 329

18,512
249, 936
172,196
301, 074
139, 299
87, 690
76,060
218, 822
241, 572

16, 870
259, 564
152, 549
288,965
135, 476
82, 204
63,363
219,584
196, 460

16
63
9
132
79
43
20
55
53

16
63
9
132
79
43
20
56
53

16
63

98,
132,
70,
19,

989
644
036
245

131, 979
69, 879
18,436

87, 554
111,787
61, 684
18,999

81,
123,
75,
27,

825
205
596
616

86, 699
124, 240
79, 487
28, 855

91, 582
124,445
70, 970
25, 232

193,
280,
169,
59,

201, 246
269, 594
173, 463
63,569

185, 360
265,982
160,251
53, 940

100
72

100
72

100
72
69
25

28, 247
77,038
111,646
357,583

27, 591
80, 848
106,987
348, 853

26, 331
65, 745
102,145
316,381

40,
120,
135,
394,

596
517
798
721

40,
120,349
142, 216
396,780

35, 362
120, 839
135, 971
377,611

83, 767
219,412
321,932
940. 210

84,
215,
309,
922,

407 * 78,125
210, 556
818
301,198
605
866,665
788

50
30
214
457

50
30!
214
457;

50
30
214
456

13,451
11,912
15, 351
61, 323
12, 984
16, 852
21, 244
6, 213

13,297
10,650
13, 490
60, 446
11, 726
16,190
20, 304
5, 278

14,175
9,107
13, 512
50, 787
10, 365
13, 748
18,495
4,761

38,196
20, 917
15, 050
109, 499
16, 779
22, 493
29, 501
13, 089

37,939
22,318
14,730
108,413
15,
17, 753
24,992
12,161

33,252
17, 851
13,513
103,147
14, 732
16, 763
24,193
13, 665

70, 778
42, 540
38, 739
223, 768
41,321
53, 468
57, 034
26, 802

71,155
42, 971
38, 615
223, 827
40,049
53, 646
54, 679
25, 266

69,124
35,114
37,162
213,124
35, 878
45,806
51, 403
23, 054

44
20
26
78
22
6
13
5

44
20
261
77 i
22!
6
13)
5j

46
22
26
79
22
7
13

122, 792
278,736
140, 609
144,641
101, 581
108,083
308, 878
150,701
297,657
66, 926
122,182
62, 783
208,678
123,148
52,165
226, 852
229, 983
122, 469
-,195,098 1,158,556 1,078,479 1,139,871 1,153,300 1,223,916 2,605,987 2, 540, 492 2, 513,721

54
29
105

55!
32
108

57
41
122

075
794
321
830

8,796,477 8,459,550 7,748,496 12,096,994 12,222,596 12,459,137 22,925,823 22,355,300 21,985,534

136
188

43
20
57
52

5,293 5,305 5,368

1081

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

ALL BANKS IN THE UNITED STATES—Continued
3

STATE BANKS —PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 31, 1937, AND
JUNE 30, 1936, BY STATES—Continued
[Amounts in thousands of dollars]

Loans
June
19372
New England:
Maine
New Hampshire-_
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East N o r t h Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West N o r t h Central:
Minnesota
Iowa
Missouri
N o r t h Dakota
South D a k o t a
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia __
Virginia
f West Virginia
N o r t h Carolina
South Carolina 4
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.

March
1937 2

Deposits, exclusive of interb a n k deposits

Investments
June
1936 2

June
19372

March
1937 2

June
1936 2

June
1937 2

March
1937 2

Number of
banks

June
1936 2

June

124,746
209,911
208, 870
140,453
140, 073
70,368
202,026
74,501
71,868
136, 220
206, 495
203,123
136, 220
143, 629
71, 780
203,123
71, 780
69, 341
53,417
117,786
118, 708
53, 251
52, 719
64,332
120,039
64,124
62,183
., 289, 251 1.305,493 1,312,387 1,312, 928 1, 245, 587 1, 223, 951 2, 634, 962 2, 594,076 2, 599, 823
227,810
381,133
134,838
382, 636
239,367
244, 922
133,315
375,321
138, 522
410,907
485, 962
975, 803
445,654
451, 885
483, 733
947,436
489,399

63
57
49
267
23
142

63
58
49
267
23
143

63
58
49
268
23
144

>, 592, 713 6,392, 510 6,126,188 6,236,882 6, 428, 520 6,964,869 .2, 745, 721 12, 702, 939 12, 513,
1,620
593,709
601, 272
496, 575
502,142
508,405
564, 881 1,233,856 1,247,517 1, 205, 509
731,914
751,103
747, 324 1, 545, 458 1, 524,134 1,494,077 2,357, 575 2, 363,096 2, 316, 259

460
184
420

446
186
422

453
187
419

528,
148,
273,
200,
143,

355
527
826
410
111

520,158
140,086
261,153
190,160
134, 575

488, 577
140,590
219, T" 193, 358
132, 308

546, 241
176,666
577, 247
331, 468
207, 563

542,720
164,007
567, 504
317,966
200,831

486, 275 1, 243, 830 1, 225, 325 1,154,409
386,421
397, 092
146, 573
358,246
960, 276
964,181
610,151 1,034,111
572, 729
656, 846
635,882
288, 279
353, 900
398, 643
385,152
186, 640

465
404
572
387
500

465
412
573

468
417
579
391
504

92, 213
162, 717
255, 976
10,021
15,006
33,579
76,121

86, 291
156,003
235, 346
9,379
13, 735
31, 523
69, 405

81, 822
139, 953
226, r '
10,649
15,625
31,124
71, 466

143, 631
142, 288
337, 874
9,152
11,800
21, 585
51, 625

142, 691
139,095
322, 717
7,426
11, 887
22,127
51, 771

127, 208
124, 542
335,454
6,683
11,004
20,604
50,107

259, 701
261,066
237, 324
339, 603
375,877 3 389,520
3 759, 974 3 785, 544 s 749, 610
20,222
21, 546
20,450
33,607
33,328
35, 299
73,068
70,497
72,730
s170,107 3166, 345 3 165, 596

492
547
582
134
134
296
515

491
544
587
135
136
299
51

488
545
605
140
144
299
531

71,089
148,325
55,416
122, 754
62,321
108,493
21, 902
75, 270
22,008

71, 327
147,247
53,346
120,697
60,526
97,323
20, 648
62, 720
21, 427

64,342
142,125
49, 504
113,267
59, 817
81, 220
16, 638
61,075
17,011

92, 325
306, 857
56,325
60,138
45, 487
115, 244
23,970
28,048
31, 892

91, 952
294,728
58,939
60,066
45,471
124, 628
23,314
31, 842
31, 244

81,945
280,676
50,812
55,337
40, 556
113, 345
21, 291
32,458
27, 756

169,158
484,291
132, 298
196, 697
133, 751
229, 416
63, 902
112,866
77,179

157, 916
471,294
144,175
193, 762
130,289
223, 986
3 71,037
121, 781
80,987

146, 376
464,863
128,028
180, 627
125,691
214,054
3 61,653
109,910
65,986

32
136
13
191
107
196
131
230
109

32
136
13
191
108
166
129
269
109

32
139
13
195
106
170
130
265
104

113,533
59, 923
35, 289
40,351

110,406
59,923
25,761
38,089

108, 653
55, 975
27, 856
37,489

79, 215
31, 953
27,304
49, 702

76,
31, 953
29, 488
49, 680

74,072
27,272
27,710
40,081

203,701
122,016
72, 405
112,958

210,424
122,016
76,317
123, 479

196,822
107,382
63,174
100,748

337
240
149
182

334
240
149
182

343
246
148
182

24, 886
44, 51£
19, 289
73,484

19, 609
42,393
17.484
69, 723

21,943
42,044
16,954
70, 865

21,205
52, 791
14, 742
47, 539

21,767
51,048
15, 553
48, 586

18,040
42.731
13,940
53, 481

62, 202
125,348
53, 876
161,858

56, 310
68, 439
127, 647 3 111,466
49, 323
48,943
158,089
164,968

173
116

172
116
187
421

174
119
190
434

17, 506
14,785
8,47'
20,098
4,181
7,922
32, 569
1,403

15, 525
13,60f
7,726
19, 496
7^253
30, 611
1,391

16,196
12, 877
8,000
16,703
3,612
6,539
28,101
1,184

23,790
22, 731
3,925
18, 828
3,443
9.997
29, 438
2,021

24,207
18, 872
3,789
18, 244
3,337
9,051
28, 531
2,164

21,94'
20,643
3,328
16, 702
3,087
7,768
29,559
1,951

53, 393
50, 651
15, 912
53, 428
11,595
3 27,009
69,
s 5,192

52, 790
3 51,067
16,133
54, 627
10, 962
3 27,131
69, 489
3 4,914

73
33
32
72
19
7
46

75
34
33
75
19
7
46
4

71, 667
15, 733
523,130

68,490
14, 366
512,096

63, 601
12, 575
491,837

65, 580
18,126
523,114

65,163
18, 902
540,938

130
51
136

128
53
145

3

50,787
46,265
16,049
47,471
10, 261
3 22, 985
66,101
3 4, 944

3

144, 657
159, 745
159,903
59,067
17,555
37, 391
39,313
39,882
541, 751 1, 066, 330 1,083,039 1,052, 684

is:
417
73
33
32
71
19

125
51
133

29, 349, 924 10, 234 10, 264 10,384
13,717,523 13, 330, 923 12,930,699 15,085,07J 15,125, 31' 15, 319, 259 30, 361, 311 30, 221, 901

1
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. Beginning with June 30, 1937, (1) the figures exclude private banks in
Georgia, which no longer report to the State banking department (43 such banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and industrial banks in New York and North Carolina, of which there were
45 on this date with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such banks in other States
as are covered by State banking department reports.
2
All figures in the June 1937 columns are as of June 30, except savings banks in New York and all State banks in Tennessee, which are as of
December 31,1936, and March 31,1937, respectively. For call dates of figures included in the March 1937 and June 1936 columns, see footnotes on
pages 646 and 437, respectively, of the July and May 1937 BULLETINS.
3 Includes interbank deposits.
4
Includes cash depositories.




1082

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 3 1 , 1937, AND
JUNE 30, 1936, BY STATES
[Figures in this table are also included in the table on page 1081 covering "State Banks." Amounts in thousands of dollars]
Investments

Loans
March
1937 l

June
19371
Connecticut:
District No. 1
District No. 2
Georgia
Indiana:
District No. 7
District No. 8
Iowa
Kansas
New Jersey Dist No 2
New York
Ohio
Pennsylvania:
District No. 3
District No. 4
South Carolina
Total

March
19371

June
1937 i

212
122

June
1936 i

213
122
287

189
99
161

1,380
170
260

1,389
175

25

50
14
385, 708

311
132
800

281
143
594

1,830
254

1,986
261

1

161
3

127
1

15
91, 276
2,249

16
93,856
2,157

15
88,962
2,075

11
436, 242
628

11
407, 263
648

10,327
1,081
730

9,785
1,086
735

11,364
1,149
921

44,165
1,166
237

108. 256

111,126

107, 879

484, 625

323
135
(2)
1,788
194
137
-

June
19361

(2)
1,465
97
280

Deposits, exclusive of interb a n k deposits

Number of
banks

March
1937!

June Mar. June
19371 19371 19361

June
19371

475
340
(2)

June
19361

449
364
2,491

420
333
1,803

5,379
532

3
1

3
1
43

3
1
40

(2)

5,060
529

24
3

25
4

27
4

546
82

512
98

2
1

2
1

2
1

6
435, 083
3,345

16
398,801
3,202

1
14

491)

5,343
389
550
76
7
483,316
3,376

1
14
14

2
18

45, 582
1,103
237

41, 351
849
2

61, 741
2,577
1,340

67,175
2,207
1,311

61, 484
2,019
1,142

16

17
5

18

457, 301

430, 709

559.530

518, 970

475, 419

85

226

14

5
1

14

1

5
1

131

136

1 All figures in t h e June 1937 columns are as of June 30. For call dates of figures included in the March 1937 and June 1936 columns see footnotes
on pages 647 a n d 438, respectively, of t h e July a n d M a y 1937 B U L L E T I N S .
2
Private b a n k s in Georgia no longer report to t h e State banking department.

MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 3 1 ,
1937, AND JUNE 30, 1936, BY STATES
[Figures in this table are also included in the table on page 1081 covering "State Banks." Amounts in thousands of dollars.]
Loans
June
19371
California
Connecticut:
District N o . 1_.
District N o . 2_.
DelawareIndiana:
District N o . 7_.
District N o . 8_.
Maine
Maryland
Massachusetts
Minnesota
New Hampshire _ _
New Jersey:
District N o . 2_.
District N o . 3_.
New York
Ohio._._
-.
Oregon.
Pennsylvania:
District No. 3...
District N o . 4..
Rhode Island
Vermont
Washington
Wisconsin:
District N o . 7..
District N o . 9..
Total

March
19371

June
19361

June
19371

March
19371

Number of
banks

Deposits

Investments
June
19361

June
19371

March
19371

33,082

32,903

60,907

61, 277

58, 498

87, 766

87,684

274,'
79, 598
12, 245

276. 308
78,926
12,024

266,291
81, 605
26, 984

262,133
80,095
26,032

241,685
73,672
23, 359

556,911
162,120
35, 492

555,513
159, 670
34, 563

June
19361

June M a r . June
19371 19371 19361

539, 855
153,496
32, 323

14
2

59
14
2

59
14
2

13,023
3,332
12, 864
13,028
2,106
7,364
7,994
7,630
90,847
127,225
123, 908
126, 623
159,479
221,187
214, 061
216, 639
993, 627 2,163,834 2,128, 242 2,120, 742
50,459
66,412
64, 939
67, 389
127, 772
190,546
186,860

4
1
32
12
193
1
44

4
1

32
12
193
1
45

4
1
32
13
193
1
45

133,842
136, 581
165, 576
143,399
156,010
168,511
312, 629
314, 929
319,171
5,108
5,190
5,048
8,900
8,131
14,534
14, 656
14, 782
8,027
5, 007. 537 3, 007, 537 3, 053, 227 2, 283,128 2, 283,128 2,182, 220 5, 246, 086 5, 246,086 5. 216, 960
36. 343
38.740
39,113
71, 785
69, 588
118,584
72, 865
118, 395
118,297
'892
752
723
44'
1,522
1,099
1,479
633

135
3
1

22
3
135
3
1

22
3
135
3
1

80, 405
12, 079

3,494
4,219
8,481
8,063
8,085
2,340
4,483
4,309
2,789
4,461
99,956
34,162
30,658
30,778
100,852
163, 982
48, 81!
45,148
45, 541
178,063
1,056,584 1, 074, 983 1, 085, 838 1,084, 070 1,016,973
54, 111
10,733
10,068
10,071
54,024
127,772
63, 824
61,273
63, 824
134,637

73,85G
12, 525
51,627
32, 321
27,347

73.144
12,965
51,340
32, 464
27, 057

75, 988
13,288
53,360
29,294
26,148

426,743
41, 477
126, 826
27,031
32, 462

410,139
40, 429
125. 859

2,111
65

2,06'
50

2,028
48

1,916
46

27, 721
32, 444

390, 826
38,367
119,798
30,979
29, 303

520,104
53,602
176,102
64, 734
61,361

521. 345
52,140
173,762
65, 733
60, 547

499,751
50,103
171,980
67, 733
57, 705

6
1
9
14
3

1,790
5^

1,65:
51

4, 332

4,255
98

4,002
91

3
1

5,001,968 5,026,022 5,105,133 5,178, 034 5, 069, 651 4, 855, 56' 10, 212, 989 10,157,168 10,059,811

566

1 All figures in the June 1937 columns are as of June 30 except New York, which are as of December 31, 1936. For call dates of figures included
in the March 1937 and June 1936 columns, see footnotes at bottom of pages 647 and 438, respectively, of the July and May 1937 BULLETINS.




1083

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

NUMBER OF BANKS x OPERATING BRANCHES
OR ADDITIONAL OFFICES AND NUMBER OF
BRANCHES OR ADDITIONAL OFFICES 2 IN OPERATION, DECEMBER 31, 1935 AND 1936
N u m b e r of banks 1 maintaining
branches
or additional offices2

Total, all S t a t e s . ___
Alabama
Arizona
Arkansas
California
Connecticut
Delaware
District of Columbia
Georgia
Idaho
Indiana
Iowa
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Ohio
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin

803
3
5
6
38
4
6
11
9
5
30
93
14
26
19
23
42
36
2
21
2
2
1
48
4
76
36
34
3
37
11
5
5
20
4
8
37
8
2
67

Total

National

840
3
5
8
36
5
6
11
9
6
32
104
14
26
20
23
42
39
2
22
2
2
2
50
4
78
40
34
4
38
11
6
8
19
4
8
37
8
2
70

188
1
2'
1
10
3
5
3
4
6
3
6
3
2
18
12
2
1
2
1
15

Nonmember

State
• member

152
1

500
1
3
7
18
2
4
4
3
1
25
104
9
19
13
15
10
16

8
2
2
3
1
1
2
1
4
6
14
11

21

38
2
12

2

4

Dec. 31,
1935 *,
total

3,113
22
21
6
794
9
12
30
24
26
47
125
30
51
58
76
110
141
6
40
2
1
114
5
606
89
169
42
91
38
21
15
48
10
12
64
44
2
105

1
13
4
13
36
14
2
9
6
4
4
15
1
6
29
2
2
64

22

27
2
8
2
17
3
1
4
4
3
2
6
5

December 31, 1936

December 31, 1936

December 31, 1936
Dec. 31,
1935%
total

Location of branches
or
additional offices2

Number of branches2 or
additional offices

12
2
1

2
1

Total

National

3,228
21
24
9
835
10
12
30
23
32
52
139
28
52
58
76
112
146
6
42
2
8
2
119
5
609
101
169
49
92
38
22
19
47
10
12
62
45
2
108

1,398
6
18
1
657
4

Outside headoffice city
Non- In headoffice In head- Outside
memheadber
city
office
county office
county

State
member

981
1
137
2
5
5
14
12

17
15
16
8
17
27
4
7
61
54
6
1
2
8
1
33

2
1
26
43
36
56

181
6
33
47
38
8
15
15
17
9
2
14
38

381
7
117

12

6

849
14
6
8
41
6
10
8
3
2
32
139
9
24
28
26
15
36
41

1,612
3
237
4
2
30
10

650
5
7
5
78
2
4

966
13
17
4
520
4
6

2
2
29
106
6
27
29
20
20
21

11
30
1
33
3
3
25
22
1
A

20

22

2

5
2
2
2
8
66
3
35
2
7
17
14
16
8
3
12
27

22
19
22
4
34
91
121
6
2
1

61

39
19
1

5
5

1
25
5
47
88
19
2
15
11
6
4
30
1
10
43
2
2
90

94

23
3
13
28
36
3
6
14
2
5
14
1
9
29
4
1
74

588
7
130
11
84
17
3
17
1
21
14
1
16

18

NUMBER OF MUTUAL SAVINGS AND PRIVATE BANKS OPERATING BRANCHES OR ADDITIONAL
OFFICES AND NUMBER OF SUCH OFFICES IN OPERATION, DEC. 31, 1935 AND 1936
N u m b e r of banks maintaining branches or
additional offices
State
Dec. 31,
1935r

MUTUAL SAVINGS BANKS
Total, all States
California
Connecticut
Delaware
Maine
. .
MarylandMassachusetts
New Hampshire
New Jersev
New York
Pennsylvania
Rhode Island._ _ _
Vermont—
PRIVATE BANKS
Total, all States
Indiana
New York
Pennsylvania

_ __ . . . _

N u m b e r of bra ncaes or adcitional offices
December 31, 1936
Dec. 31,
1935r, total

Dec. 31,
1936

Outside head-office
city
I n headoffice city

Total

79
1
1
1

79
1
1
]

128
4
1
1

2
25
1
3
37
4
1
1

2
2
25
1
3
37
4
1
1

16
33
1
4
47
13
2
4

128
4
1
1
2
16
33
1
4
47
13
2
4

4
1
1
2

4
1
1
2

5
1
2
2

5
1
2
2

110
4
1
1
1
14
23
4
47
13
2

In headoffice
county

Outside
head-office
county

14

4

1
9

2
1
1

4
3
1

2
2

2

1 Exclusive of m u t u a l savings, private banks, a n d Morris Plan a n d other industrial banks.
2
Some State laws make a distinction between " b r a n c h e s " and certain other types of "additional offices." T h e table, however, covers all
branches or additional offices within the meaning of Section 5155 U . S. R . S. which defines t h e term " b r a n c h " as " a n y branch bank, branch office,
branch agency, additional office, or a n y branch place of business . . . at which deposits are received, or checks paid, or money l e n t . "
3
No branches were reported in the States omitted. I t is understood, however, t h a t in N o r t h Dakota, where t h e law was amended in 1937 to
provide for t h e establishment of " p a y i n g and receiving stations," there were some "exchange offices" in operation.
Back figures: See BULLETIN for April 1936, page 304.
«• Revised.




1084

FEDERAL RESERVE BULLETIN

CHANGES IN THE NUMBER OF NATIONAL AND STATE BANKS
1921-1936

During the years 1921-1936 the number of
national and State banks 1 in operation decreased by 14,238, from 29,206 at the beginning of 1921 to 14,968 at the end of 1936. The
number of national banks decreased during
the 16-year period from 8,124 to 5,325, or by
2,799, and the number of State banks decreased from 21,082 to 9,643, or by 11,439.
The net decrease of 14,238 during the
period 1921-1936 in the number of operating
national and State banks is accounted for
principally by the suspension of 14,344 banks,
the consolidation, merger, or absorption of
6,852 banks, and the liquidation of 1,141
banks. The decreases were offset in part by
the organization of 4,601 new banks during
the period, the reopening of 1,905 suspended
banks, and the licensing and reopening of
1,233 banks which were not granted licenses
by June 30, 1933 and were counted as suspensions in 1933.
Of the 4,601 new banks which were organized 2 during the period, 1,437 were national banks and 3,164 were State banks. The
number of national banks discontinued
through consolidation, merger or absorption
during the period was 2,054 and the number
of State banks thus discontinued was 4,798.
The 14,344 suspensions in the 16-year period
comprised 2,719 national banks and 11,625
State banks. There were conversions of 617
State banks into national banks and 254 conversions of national banks into State banks
during the 16-year period.
The tabulations that follow analyze changes
in the number of national banks and State
banks during 1921-1936 by years and by
States. The various classifications of changes
in the number of banks are defined in the following paragraphs.
A primary organization represents the
chartering of a newly organized bank. A primary organization can usually be distinguished without difficulty from a consolidation, merger, absorption, succession or conversion of a going bank, in spite of the fact
that any of these transactions may require the
issuance of a new charter, but it is frequently
difficult to distinguish from a reopening. The
1
Exclusive of mutual savings and private banks. See also note
following
Table 3.
2
These figures exclude new banks organized to succeed operating banks ; for the years 1933-1936, however, they include new
banks organized to succeed unlicensed national and State banks.




NOVEMBER

1937

DURING

extent to which the stockholding interests, assets and deposits of a suspended bank continued intact was the important factor in determining whether to classify the bank as a
primary organization or a reopening. For the
years 1933-1936, however, the figures of primary organizations include all new banks organized to succeed unlicensed national and
State banks, because it was not practicable to
determine from available information the extent to which the stockholding interests, assets and deposits of the unlicensed banks continued intact in the new bank. If a suspended
national bank reopened as a State bank, or
vice versa, it was considered a primary organization and not a reopening. A new bank
chartered to succeed an operating bank was
not counted as a primary organization.
A conversion constitutes the issuance to an
active bank of a national charter to supersede
a State charter under which it has previously
been operating, or of a State charter to supersede a national charter. In other words, a
charter in one system is given up and a
charter in another system is procured. A conversion from a private bank constitutes the
issuance of a national or State charter to an
existing private bank. A conversion to a private bank constitutes the surrender by an incorporated national or State bank of its
charter and continuance of its business as an
unincorporated enterprise.
Only simple conversions looking towards
permanent operation under the newly issued
charter and involving no other change in
status were included in this category. Some
conversions are effected merely as a necessary
legal step in a consolidation, merger, or absorption, the new charter being surrendered
shortly after the conversion. In such cases a
conversion was not regarded as having occurred but rather a consolidation, merger or
absorption, with the exception that if the temporary bank's existence ran over the end of
the calendar year it was considered as a conversion in the year in which it occurred and
as a consolidation, merger or absorption in
the year following. This was necessary in
order to make the status of changes agree, insofar as practicable, with the number of banks
shown in year-end abstracts of condition reports.

NOVEMBER 1937

FEDERAL RESERVE BULLETIN

A reopening of a suspended bank (other
than an unlicensed bank) constitutes the resumption of operations by a bank which had
previously suspended. The reopening may be
accompanied by a change of name and the
issuance of a new charter and still be classed
as a reopening rather than as a primary organization. For the years 1933-1936, however, all new banks organized to succeed unlicensed national and State banks have been
classed as primary organizations rather than
as reopenings, because it was not practicable
to determine from available information the
extent to which the stockholding interests,
assets and deposits of the unlicensed bank
continued intact in the new bank. A reopening under a single charter of two or more
suspended banks was classed as a single reopening. In cases where a national bank reopened as a State bank, or vice versa, the
transaction was counted as a primary organization and not as a reopening.
A reopening of an unlicensed bank constitutes the resumption of operations by a bank
which had not been granted a license to reopen following the banking holiday (in March
1933) by June 30, 1933. Unlicensed banks
which were granted licenses to reopen between March 15 and June 30, 1933, have not
been included in the tabulations (either as
suspensions or reopenings). All banks not
granted licenses to, reopen by June 30, 1933,
have been included among suspensions, and
any of such banks which subsequently were
granted licenses to reopen have been considered as reopenings of unlicensed banks.
A suspension constitutes the closing of a
bank to the public, either temporarily or permanently, by supervisory authorities or by
the bank's board of directors on account of
financial difficulties, whether on a so-called
moratorium basis or otherwise, unless the
closing was under a special holiday declared
by civil authorities. If a bank closed under
a special holiday declared by civil authorities
and remained closed only during such holiday or part thereof, it has not been counted
as a suspension. Banks which, without actually closing, obtained agreements from depositors to waive a portion of their deposits
or to defer the withdrawal of a portion of
their deposits have not been classed as suspensions. Banks which were reopened or
taken over by other institutions after suspension have been included as suspensions. The
figures for 1933 include all banks not granted




1085

licenses following the banking holiday in
March 1933 which were subsequently placed
in liquidation or receivership (including unlicensed banks absorbed or succeeded by other
banks), and all other unlicensed banks which
had not been granted licenses to reopen by
June 30, 1933.
A consolidation, merger or absorption represents the corporate union of two or more
going banks into one bank which continues
under a single charter, whether new or old.
The term is used not in a legal or technical
sense but in an economic sense, the essential
factor being that the business of two or more
going banks becomes concentrated under one
charter and one management. Banks absorbed by other banks and converted into
branches have been counted as consolidations,
mergers or absorptions. This classification
also includes cases in which a given bank was
absorbed by two or more banks which distributed its business among themselves and cases
in which the assets and liabilities of a weak
bank were transferred to another bank in
order to avoid suspension. The figures shown
for this classification represent the number
of banks that went out of existence or were
converted into branches by reason of consolidations, mergers or absorptions, i. e., the continuing or absorbing banks are not counted.
A voluntary liquidation constitutes the
voluntary discontinuance of operations and
the surrender of its charter by an active bank.
Voluntary liquidations legally incidental to
conversions or consolidations, mergers or absorptions have not been counted separately
as liquidations but have been included among
conversions or among consolidations, mergers or absorptions. If a bank transferred
its assets, or the greater portion of them, to
another bank under an agreement whereby
the latter assumed the liabilities of the former, the change was classified as a consolidation, merger or absorption, not as a liquidation.
Unclassified changes include all cases in
which, because of lack of essential data or because of special circumstances involved in the
change, it was impossible to classify the
change under any of the headings shown in
the tables. In order that the increases and
decreases might be reconciled with the actual
net increase or decrease during the period in
the number of banks, minor differences not
accounted for were shown as "Unclassified."
The number of "Unclassified" changes was

1086

FEDERAL RESERVE BULLETIN

larger in 1933 than in any other year as a result of the numerous and, in some cases, involved changes in the status of banks, also
because of the temporary disruption of the
reporting services following the banking holiday. The number of "Unclassified" changes
is very small, however, in relation to the num-




NOVEMBER 1937

ber of other types of changes and in relation
to the net reduction of more than 14,000 banks
during the 16-year period 1921-1936, which
the tabulations were designed to analyze. All
unclassified changes occurred with respect to
State banks and none with respect to national
banks.

1087

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 1.—CHANGES IN THE NUMBER OP NATIONAL AND STATE BANKS DURING 1921-1936
Total
19211936

1924

1923

1922

1921

1929

1928

1927

1926

1925

1931

1930

1932

1933

1934

1935

1936

Number of active national and
state banks at beginning of
year or period
_ _ ._ 29, 206 29, 206 29,018 28,820 28,396 27, 724 27, 223 26, 280 25, 468 24,703 23,695 21,877 19,149 17, 578 14, 352 15, 243 15,161
Increases:
Primary organizations1
Conversions from private
banks
_ -

4,601

472

409

458

383

403

345

296

252

235

153

105

93

323

511

101

306

60

46

49

27

22

14

18

15

9

6

2

7

11

7

9

4

1,905

93

118

68

108

81

160

127

53

69

155

275

279

150

116

40

13

1,233
165

7

5

5

1

5

12

2

3

2

13

547
97

636

4

47
9

3

8,210

629

580

580

523

507

524

453

322

316

316

392 1,128 1,270

206

82

14, 344

461

343

623

738

579

924

636

479

628 1,292 2,213 1,416 3,891

6,852
1,141

305
48

394
35

329
51

373
80

363
59

462
75

567
57

534
71

636
57

769
68

20
91

1

1

3

2
2

2
5

4
2

2
3

2
1

1
2

1
4

Total decreases .__ _ 22, 448

817

Reopenings of suspended
banks1
__
Reopenings (licensing) of
unlicensed1 b a n k s 1
Unclassified
Total increases-Decreases:
Suspensions
Consolidations, mergers,
and absorptions
Voluntary liquidations x___
Conversions to private
banks
Unclassified *

382

798
99

433
101

322
89

4
9

52

778 1,004 1,195 1,008 1,467 1,265 1,087 1,324 2,134 3,110 1,963 4,354

62

44

34

43

231
104

160
91

176
56

3
379

288

275

-14,238 - 1 8 8 - 1 9 8 - 4 2 4 - 6 7 2 - 5 0 1 - 9 4 3 - 8 1 2 - 7 6 5 - 1 , 008 - 1 , 818 ~2, 728 - 1 , 571 -3, 226 +891 - 8 2 - 1 9 3
N e t increase or decrease
N u m b e r of active national and
state banks at end of year or
period
__ 14,968 29,018 28,820 28,396 27, 724 27, 223 26, 280 25,468 24,703 23, 695 21, 877 19,149 17, 578 14, 352 15, 243 15,161 14,968
1

See footnotes appended to the respective captions in tables 2 and 3.
TABLE 2.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936
Total
19211936

N u m b e r of active national
banks at beginning of year
or period
Increases:
P r i m a r y organizations 1
Conversions:
From private banks_
From state banks
Reopening
of suspended
banks 2
Reopening (licensing)
of
unlicensed banks 3
Total increases
Decreases:
Suspensions
Consolidations, mergers,
and absorptions
Voluntary liquidations 5
Conversions:
To state banks
To private banks

8,124

1921

1922

1923

1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

8,124 8,165 8,220 8,179 8,043 8,048 7,905 7,759 7,629 7,403 7,031 6,368 6,011 5,154 5,462 5,386

1,437

110

74

96

81

120

108

86

70

19
617

3
65

3
122

2
75

1
26

3
105

1
23

2
33

1
17

27

36

8

176

9

25

11

17

8

10

8

2

3

4

2,410

187

224

184

125

236

142

129

90

102

2,719

52

49

90

122

118

123

91

57

2,054
181

74
12

107
8

96
20

96
28

81
14

129
12

160
9

136
7

254
1

8

5

19

15

18

21

15

20

36

225

261

231

285

275

220

328

— 41 - 1 3 6

+5

-143 -146 -130

-226

72

33

15

10

209

330

17

6

7

23

1
32

1
9

1
9

25

44

4

5

115

45

1

73

48

61

351

413

28

64

161

409

276 *1,101

1

4

1

225
3

259
7

275
8

123
10

84
5

82
18

76
12

51
8

18

19

8
1

18

4

12

18

445

711

418 1,208

105

104

78

- 3 7 2 - 6 6 3 - 3 5 7 - 8 5 7 +308

-76

-61

161

5,209

146

169

N e t increase or decrease. __
-2,799
N u m b e r of active national
banks at end of year or
period
5,325

+41

+55

Total decreases

1924

I

17

8,165 8,220 8,179 8,043 8,048 7, 905 7, 759 •7, 629 7,403 7,031 6,368 6,011 5,154 5,462 5,386 5,325

1 Excludes new banks organized to succeed operating banks; for the years 1933-1936 includes new banks organized to succeed unlicensed national
and State banks.
23 Except reopenings (licensing) of unlicensed banks following the banking holiday in 1933, included in the next item.
Banks not licensed by June 30, 1933, but granted licenses on or before December 31, 1936. Banks licensed between March 15 and June 30,
1933,4 of which there were 374, are not included in the table (either as suspensions or reopenings).
Includes 64 banks suspended January 1-March 4, 2 banks placed in receivership during the banking holiday (March 6 to 15), 9 licensed banks
suspended March 16-December 31, and 1,026 unlicensed banks treated as suspensions following the banking holiday. The last figure comprises
865 unlicensed banks which were placed in liquidation or receivership, and 161 unlicensed banks which were not granted licenses to reopen until
subsequent
to June 30, 1933.
5
Except unlicensed banks placed in "voluntary" liquidation.




1088

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 3.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936
Total
19211936
N u m b e r of active state
banks at beginning of year
or period
__ [ncreases:
P r i m a r y organizations 1 . _
Conversions:
F r o m private b a n k s .
FromNational banks
Reopenings of suspended
banks 2
Reopenings (licensing)
of unlicensed banks 3
Unclassified*
Total increases
Decreases:
Suspensions
Consolidations, mergers,
and absorptions. _
Voluntary liquidations 7 .
Conversions:
T o National b a n k s . .
T o private banks
Unclassified 4
Total decreases

1921

1922

1923

1924

1925

1926

1927

1928

1929

1930

1932

1931

1933

1934 1935 1936

21, 082 21, 082 20, 853 20, 600 20, 217 19, 681 19,175 18, 375 17, 709 17, 074 16, 292 14,846 12, 781 11, 567 9,198 9,781 9,775
3,164

362

335

362

302

283

237

210

182

163

120

90

83

114

181

84

56

287
254

57
8

43
5

47
19

26
15

19
18

13
21

16
15

14
20

9
36

6
18

2
19

7
8

11
18

6
4

8
12

3
18

1,729

84

93

57

91

73

150

119

51

66

151

250

235

146

111

40

591

46
9

3

13

432
5 97

346

818

893

199

92

1,072
165

4

7

5

5

1

5

12

2

3

2

6,671

515

483

490

439

394

426

372

269

277

297

361

11,625

409

294

533

616

461

801

545

422

564

1,131

1,804

4,798
960

231
36

287
27

233
31

277
52

282
45

333
63

407
48

398
64

411
54

510
61

523
91

617
19
91

65

122
1
5

75
1

26
2
2

105
2
5

23
4
2

33
2
3

17

27
1
2

36
1
4

8

3

18,110

744

736

873

900 1,226

1,038

904 1,059

1,743

2,426

975

1

43

30

42

310
91

238
84

149
86

84
79

125
48

23

32

9

9

3
9

52

1,560

3,187

1,140 6 2, 790

3
310

205

224

-11,439 - 2 2 9 - 2 5 3 - 3 8 3 - 5 3 6 - 5 0 6 - 8 0 0 - 6 6 6 - 6 3 5 - 7 8 2 - 1 , 4 4 6 - 2 , 0 6 5 -1,214 - 2 , 369 +583
Net increase or decrease
- 6 -132
N u m b e r of active State
banks at end of year or
9,643 20, 853 20, 600 20, 217 19, 681 19,175 18, 375 17, 709 17, 074 16, 292 14, 846 12, 781 11, 567 9,198 9,781 9,775 9,643
period
1

Excludes n e w b a n k s organized to succeed operating b a n k s ; for t h e years 1933-1936 includes n e w b a n k s organized to succeed unlicensed n a t i o n a l

and State banks.
23 Except reopenings (licensing) of unlicensed banks following the banking holiday in 1933, included in the next item.
Banks not licensed by June 30,1933, but granted licenses on or before December 31,1936. Banks licensed between April 12 and June 30, 1933,
of which there were 855, are not included in the table (either as suspensions or reopenings). The number of State nonmember banks licensed between
March 15 (the last day of the banking holiday) and April 12 is not available.
4
For general statement regarding "unclassified" changes, see paragraph under that heading on page 1085.
s Includes 15 Morris Plan and industrial banks in New York and 29 in North Carolina, some cr all of whic'
;vhich were in operation in prior years
but could not be included in the figures shown for earlier years because of lack of essential data.
• Includes 324 banks suspended January 1-March 4, 35 banks placed in receivership during the banking holiday (March 6 to 15), 160 licensed
banks suspended March 16-December 31, and 2,271 unlicensed banks treated as suspensions following the banking holiday. The last figure comprises 1,187 unlicensed banks which were placed in liquidation or receivership, 1,074 unlicensed banks which were not granted licenses to reopen
until subsequent to June 30, 1933, and 10 banks which had neither been placed in liquidation or receivership nor had been licensed to reopen by
December
31, 1936.
7
Except unlicensed banks placed in "voluntary" liquidation.
NOTE.—The number of State banks in operation as shown in this analysis differs somewhat from the number included in compilations regularly
published by the Board under the heading "All banks in the United States" (see table on page 1133 of this FEDERAL RESERVE BULLETIN). The differences are due principally to the exclusion from this analysis and the inclusion in the "All bank" compilations of the following classes of financial
institutions which were included in State abstracts of condition reports and, consequently, in the "All bank" figures compiled therefrom: (a) mutual
savings banks, (b) private banks under State supervision or reporting to State banking departments, (c) a few banks which had been absorbed by
other banks or otherwise placed in liquidation but were still included in State banking department abstracts, and (d) a few banks operating under
restrictions. To some extent also the differences are due to the fact that one or more State banking departments did not make a call for condition
reports as of the end of the year, making it necessary to include an abstract as of a prior call date. The available information as to bank changes
covering the earlier years made it impossible to effect an exact reconcilement with the State banking abstracts. The "All bank" compilations
published by the Board showed 21,326 State banking institutions of all kinds at the end of 1923, the first time such compilations were made by the
Board, and 10,347 (revised to include 44 Morris Plan and industrial banks in New York and North Carolina) at the end of 1936, compared with
20,217 and 9,643 State banks shown in this table. The differences of 1,109 and 704, respectively, represent principally mutual savings banks, which
declined from 630 to 565 during the 13-year period 1923-1936, and private banks reporting to State banking departments which declined from approximately 460 to 134 during the same period.
The differences between the number of State banks on December 31,1935 as shown in this analysis and the total number of non-national banks
of all classes as of the same date shown in table 1 on page 782 of the August 1937 FEDERAL RESERVE BULLETIN are due to the exclusion from this
analysis and the inclusion in the table referred to of (a) 567 mutual savings banks, (b) 234 private banks, (c) 1 State operated bank in North Dakota,
and (d) 1 Deposit -Insurance National bank in Pennsylvania authorized to accept deposits.
While this analysis might have been changed so as to agree exactly either with the latest published "All bank" figures or with thefigurespublished on page 782 of the August 1937 BULLETIN, the available information would not permit an exact reconcilement to be made for earlier years.
The differences referred to are of relatively minor importance, however, and do not appreciably affect the value of the tabulations, the primary
purpose of which is to account statistically for the net reduction of more than 14,000 banks during the 16-year period 1921-1936, rather than to show
the number of banks in operation at the beginning and end of each year.




1089

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

ALABAMA

Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks.._.To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

105

105

108

107

106

1

10
10
2
1

3

23

3

40
17
1

102

103

1

2

1

1

1
1

2
1
1

104

106

107

107

97

2

1

2

4

2

1

1

2
1

69

77

2

2

2

2

7
5

72

69

1 .....

3

1
1
3

3
8
5

1

6

11

3

1
1

59

-1

69

107

21

21

21

-36

84

2

2

1

CO

Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.

OO

Number of active national banks at beginning
of year or period

3

2

4

-1

-4

+1 +1 +2 +1

106

102

103

104

106

107

22

20

19

17

15

15

1

12

13

-10

-13

-7

-8

+3

-3

107

97

84

77

69

72

69

69

15

14

13

11

10

8

8

7

2

7

11

3

ARIZONA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations.. _
- .
Conversions:
From private banks.-, __ _.. .
From State banks.. .
Reopenings of suspended banks
._
Reopenings (licensing) of unlicensed banks.
Total increases.
Decreases:
Suspensions.-- ._ . .
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

1

1

2

1

1

2
1

1

5

1

6
11
1

1

1

1

1
2

2

1
1

1
19

1

1

2

—

1
1
1

1

1
1

2

1
1

— 14

2

+1

—2

2
2
—1 _ 2

' 2

1

1

1

—1

-2

2

1

2

2

—2

—1

—2

-1

7

21

22

20

19

17

15

15

15

14

13

11

10

8

8

85

85

83

85

89

87

87

81

78

78

72

54

51

52

46

12 ~ —

3

1 -- —

1

1

1

3

13
8

1

4

4

33

4

7

ARKANSAS

Increases:
Primary organizations
Conversions:
From private banks. - _ . .
From State banks
._ . . Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases.- _
Decreases:
Suspensions..- . . . .
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases.
Net increase or decrease..
. _ ...
Number of active national banks at end of year
or period
* See footnotes appended to Table 2.




37
24
2

1

5

i

68

2

—35

—2

50

83

5

1
1

1

1
^ ^
i

1

3
4
1

2

1
1
5

1

1

2
2

89

1

2

6

2

2

87

1

87

8

3

—6

—3

81

78

13
7

-

78

1

8

20

9

1

8

—6 — 18

—3

+1

—6

54

51

52

46

7

72

2

1

2

1

1

1
1

8

50

=

=

+2 +4
85

5

1
1

1

2

1

2

1
2

1

1

51

i

Number of active national banks at beginning
of year or period _
_

51

50

50

1090

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

1
TABLE 4.—CHANGES IN THE NUMBER OF NATIONAIJ BANKS DURING 1921-1936, BY STATES —Continued
Total

19211936

1921 1922 1923 1924

1925

1926

1927

1928 1929 1930 1931 1932 1933

1934

1935

160

134

130

123

3

5

6
1

15

1936

CALIFORNIA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations..
.
Conversions:
From private banks.. . . . __ _. From State banks
Reopenings of suspended banks...
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations.
- _ - ...
Conversions:
To State banks
To private banks . -.
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

308

308

298

277

274

263

267

268

227

210

205

197

99

8

11

14

5

15

15

8

7

6

1

1

16
2
3

4

1
1

1

5

2

1

1

120

12

13

15

6

20

15

10

7

8

2

1

62
244
14

2
20

3
29
2

1
14
3

14
3

2
13
1

3
11

4
46
1

24

1
12

2
8

8
8
1

16

14

51

24

13

10

17

21

31

+4 +1

-41

-17

-5

-8

-16

-21

-26

-4

-7

-15

2

181

14
5
2

2]

1

5

6

22
9

10

320

22

34

18

17

-200

-10

-21

-3

-11

108

298

277

274

263

267

268

227

210

205

197

181

160

134

130

123

108

142

142

143

143

143

14G

131

127

124

123

120

116

105

98

74

81

81

11

1

1

1

6

6
1
6

1
1

1

1

1

1

2

4

24

3

1

1

2

1

1

3

10

57
24
6

1

1
1

3
2

1

1

10

7

15

COLORADO
Number of active national banks at beginning
of year or period
:
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks .
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers,_and absorptions
Voluntary liquidations
Conversions:
To State banks
To private banks
_
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period
CONNECTICUT
Number of active national banks at beginning
of year or period
._
Increases:
Primary organizations
Conversions:
"Prom private banks
From State banks. _
Reopenings of suspended banks ._ _ ___ .
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions _
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period
1 See footnotes appended to Table 2.




1

1

88

2

-64

+1

78

143

143

66

66

64

1

5

1

_
2
1

10

1

1

1

4
1

4

123

120

116

105

63

65

65

62

61

1

2

1

1

1

2

1

1

131

127

124

62

62

62

63

9

1

1

2

9

1

1

2

1

1

1

3

7

1

1
2

2
1

27

3

—7 -24

+7

98

74

81

81

78

61

58

54

54

54

54

54

54

1
2

1
1

1

12

140

1
1

26

-11

143

2

6
1

4

-3

3
-3

5

1

1

54

7
4
1

-4

-4

21

1
3

3

4

-9

-12

1
2

-3

5

-3

2
17
1

1

2
-2
64

2

1

1

—2
62

1

62

62

63

1

1

+2

+1
63

65

3
-3

65

62

1

3

—1

—3

61

61

58

5
-4
54

1091

FEDERAL RESERVE BULLETIN

NOVEMBEK 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

\
1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

DELAWARE
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions, _ _ _ _ _
_
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations mergers and absorptions
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

18

18

18

18

18

19

18

18

19

17

17

16

16

15

16

16

16

1

1

1

1
1

1

4

1

1
1

3
1

1

2
—— .

6

+1

1

1

2

1

1

1

1
_..

—1

—2

1

1

1
.

1

.

+1

16

18

18

18

18

18

19

19

17

17

16

16

16

15

16

16

16

15

15

15

14

14

13

13

13

13

12

12

12

12

12

9

9

9

DISTRICT OF COLUMBIA
N u m b e r of active national b a n k s at beginning
of year or period
Increases:
P r i m a r y organizations
Conversions:
F r o m private banks
F r o m State b a n k s
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks_
Total increases
Decreases:
Suspensions
Consolidations, mergers, a n d absorptions-_
Voluntary liquidations
Conversions:
T o State b a n k s
T o private banks
_ _ _ _ _

1

1
1

1

2

1

1
=

=

=

4
4

2

1

8

2

1

N e t increase or decrease
N u m b e r of active national b a n k s a t end of year
or period
_ __ _
_ __

1

4

—1

—1

—3

-1

4

1

—.
Total decreases

=

=

g

15

14

14

13

13

13

13

12

12

12

12

12

g

9

9

9

55

55

59

63

54

55

59

63

62

62

57

53

50

49

46

50

51

1

4

8

1

c

6

1— -

4

1

2

4

1

2

FLORIDA
N u m b e r of active national banks a t beginning
of year or period
__ . _
Increases:
P r i m a r y organizations
Conversions:
F r o m private b a n k s
F r o m State b a n k s
Reopenings of suspended b a n k s
Reopenings (licensing) of unlicensed b a n k s
Total increases
Decreases:
Suspensions
Consolidations, mergers, a n d absorptions-_
Voluntary liquidations
Conversions:
To State b a n k s
T o private banks
Total decreases
N e t increase or decrease
N u m b e r of active national banks at end of year
or period
________
._ __
1

See footnotes appended to Table 2.




39
5

1

1

1

1

1

45

11

2

3

1

1

2

4

f

6

53

3

8

4

29
10

47
_2

2 _____

g

4

+4 +4

-9

+4 +4

63

54

59

55

59

63

12
_1
62

-5
62

57

6
-4
53

2

-3

_-,

-3

50

49

46

+4 +1
50

51

53

1092

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

T A B L E 4 . — C H A N G E S I N T H E N U M B E R O F N A T I O N A L B A N K S D U R I N G 1921-1936, B Y STATES1—Continued

Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

GEORGIA
Number of active national banks at beginning
of year or period.-. .._ . . - .
Increases:
Primary organizations
Conversions:
From private banks
From State banks.
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases

__ .

.. .

Net increase or decrease
Number of active national banks at end of year
or period

94

94

96

14

2

2

9
2
3

1
1

1

28

4

40
23
1

1

98

97

93

85

82

1

81

76

71

3

1

1

1

1

1
1

1
4

7

1

2

1

57

50

1

5

1

2

2

3

8

3
2

3

1

66

57

3
5

4
3

8

1

1

9
1

1

2

-38

58

1

2
1

3
1

3

65

1

2
1

1

83

1

2

+2 +2

-1

2

5
A

9

3

-8

-3

+1

1

1

4

5

8

7

-2

-5

-5

-6

-8

—7

+8

-1

-1

8

10

56

96

98

97

93

85

82

83

81

76

71

65

57

50

58

57

56

86

86

76

79

73

67

56

55

52

44

43

41

35

28

25

25

23

4

1

1

6
1

3

1

11

4

2

1
1

3

5

2

3

3

2

3

IDAHO
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations- Conversions:
To State banks
To private banks _ _. - _ _
_
Total decreases

- - __ -_-

Number of active national banks at end of year
or period

39
22
3

1

1

1

1

1

1

1

2

1
1

1

4
3

6

3

6

1

2

8

2

2

7

8

1

7
2
1

1

4
2
1

4
3

1

2
1

4

13

11

1

77

10

1

66

10

+3

20

76

79

73

67

56

55

52

44

43

41

35

28

25

25

23

20

487

487

498

499

501

499

504

494

487

488

482

444

382

337

263

292

299

105

7

4

4

3

4

3

3

4

4

2— -

1

26

30

6

4

30

3

3

2

2

2

1

1
1

3
5

3

0

2

5

8

2

1

8

6

3
3

2

•

"

ILLINOIS
Number of active national banks at beginning
of year or period
.. __
Increases:
Primary organizations
Conversions:
From private banks . _ .
. ._
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases _.. -.

..

Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:
To State banks
To private banks ..
Total decreases

_ . . -.

Net increase or decrease
Number of active national banks at end of year
or period. ._
1

See footnotes appended to Table 2.




1

11
155
226
99

12

1

335

1

-180

+11

307

4

3

3

• 7

5

6

3

3

6

5"

3

2

9

37

35

9

9

1

4

2

3

1
6

8

7

4
1

4
6

20
21

37
27

46
8

107
3
1

4

1
1

-

1

1

1

10

11

6

2

1

5

7

+1 +2

498 499

501

499

1

13

+5

-10

504

494

41

64
^62

487

488

482

444

382

54

111

-45

-74

337

263

T29 +7 +8
292

299

307

1093

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total |
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1981 1932 1933 1934 1935 1936

INDIANA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations...
Conversions:
From private banks
From State banks..
Reopenings of suspended banks... ..
Reopenings (licensing) of unlicensed banks.
Total increases..
Decreases:
Suspensions. _
Consolidations, mergers, and absorptions. _
Voluntary liquidations.
Conversions:
To State banks
To private banks
Total decreases

253

253

253

251

250

247

1

27

245
1

230

224

1 ....

1

240

1
1
34

1

1

79
70

1

1
2

1
1

1

2

1

1

2

3

6

5

219

200

171

152

113

1

1

8

13

2

1

1

1

10

14

8
20

12
6

44

125

125

= =
1
1

2

163

1

3

6

-2

4
13

8

11
-10

—6

1
1

1

1
1

1

1

1

12

Net increase or decrease
._
-129
Number of active national banks at end of year
or period
.
_ ...
...
124

2

19

30

20

-19

-29

-19

2

49

1

-^39 +12

-1

253

251

250

247

245

240

230

224

219

200

171

152

113

125

125

124

357

352

351

348

344

329

300

281

269

251

223

188

163

106

123

118

2

2

4

10

16

2

6

3

IOWA
Number of active national banks at beginning
of year or period
... _
. . . . __
Increases:
Primary organizations __
Conversions:
From private banks.
From State banks. .
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases.
Decreases:
Suspensions
.
.....
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

357
36

1
1

1
2

18
—.—
67

3

217
76

2

16
2

4

31
6

6
6

21

8
10

13
12

21
15

.

1

18

24

67

8

2

1

1

1

_
311

6

1

4
i

-244

12

37

26

28

36

26

-15

-29

-19

-12

-18

-28

-35

-25

19

19

19

75

2

1
2

2

2

—

5

+17

K

—5

113

352

351

348

344

329

300

281

269

251

223

188

163

106

123

118

113

26

265

267

265

266

257

259

256

257

248

246

244

232

219

195

192

190

KANSAS
Number of active national banks at beginning
of year or period
...
Increases:
Primary organizationsConversions:
From private banks
From State banks .
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Total increases. .
Decreases:
Suspensions
Consolidations, mergers, and absorptionsVoluntary liquidations
Conversions:
To State banks..
To private banks.
. .
Total decreases
Net increase or decrease.
Number of active national banks at end of year
or period.. ..
1

See footnotes appended to Table 2.




1
1

....
2
2

....

.....

4

1
1

1
1

10
_7
18

_

~^2
26

265

26

25

_
25

25

25

_

_

_2

24

24

244

-1
23

1

2

2

-1

-24

_3

_2

-2

21

19

192

190

188

1094

NOVEMBER 193'.

FEDERAL RESERVE BULLETIN

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

KENTUCKY
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
From State banks
. _.
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases._.

.

,..

Decreases:
Suspensions.
Consolidations, mergers, and absorptions
Voluntary liquidations
Conversions:
To State banks
To private banks
.

133

133

135

136

16

3

1

2

8
1
3

1

28

4

38
20

2

138

138

139

Total decreases

141

140

138

126

119

1
1

2

1

2

108

92

2

7

99

100

1

1
3

1

4

1

2

1
1

2
1

1

2

61

2

2

-33

+2

+1 +2

100

135

136

138

138

139

39

39

35

34

34

33

15

1

4
3

3
7

1

5

10

20
1

12

21

1 .....

7

2

1

3

Net increase or decrease
Number of active national banks at end of year
or period

140

12

1

1

+1 +1 +1

-1

- 2 -12

+7

+1

140

141

140

138

126

119

108

92

99

100

100

33

33

32

33

34

30

29

29

26

30

30

1

1

30

30

40

40

40

40

1

2

7
•.

- 7

-11 -16

LOUISIANA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks. . .
__ __
From State banks..
- ..
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases

Total decreases . . . *
Net increase or decrease. _
- ..
Number of active national banks at end of year
or period

5

1
1
17

...

Decreases:
Suspensions
...
Consolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:
To State banks
To private banks

1

1

1
1

1

1

1

1

1

1

6

5

1

8
1

1

===
11
13

5

1

1
2

2

1

1

n

26
g

5

1

2

—4

-1

—1

30

35

34

34

33

33

63

63

60

60

60

58

1

4
+1

+1

-4

1
y

1

—1
33

32

33

34

30

29

58

57

57

54

53

52

1

1

9

1

-3

+4

29

26

30

43

43

40

MAINE
Number of active national banks at beginning
of year or period
. . . . . . . ...
Increases:
Primary organizations. - . . . . .
Conversions:
From private banks
From State banks
- ...
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases

.. -

.

Decreases:
Suspensions
_.
Consolidations, mergers, and absorptions. .
Voluntary liquidations
- ..
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
_ .
Number of active national banks at end of year
or period...
1

See footnotes appended to Table 2.




=

=

13

12

1

3

3

16

15

1

17
1

1

1

17
20
1

1

2

2
1

3

1

9

1

9

18

—1 - 9

—3

1

1
39

3

-23

—3

40

60

=====
60

60

2

1

—2

—1

58

58

57

57

3

1

Q

i

54

53

52

43

43

40

40

1095

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1921 1922 1923 1924 1925? 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

MARYLAND
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases.

..

_

Decreases:
Suspensions.. . . . .
_ _______
Consolidations, mergers, and absorptions_.
Voluntary liquidations
_
Conversions:
To State banks..
To private banks
. .
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

92

92

90

86

85

84

84

13

84

84

83

80

73

69

68

59

1

9

3

6

1

1

15

4

63

1

1

7
1

21
30
19

63

2
2

2

1

1

1

24

3

7

3
1

1

1

1

1

1

3

7

4

1

24

1

1

—

50

2

4

2

29

—2

—4

—1

—1

—3

—7

—4

—1

9

63

90

86

85

84

84

84

84

83

80

73

69

68

59

63

63

63

160

160

162

157

158

157

155

155

153

154

152

150

144

141

133

132

129

1

1

1

1

5

6

1

4

5

MASSACHUSETTS
Number of active national banks at beginning
of year or period.. _
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions...
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To State banks
To private banks.._ .
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

27

2— -

1
2

4

21
43 — 2

1
2

35

1

3

4
1
3

5

1

1
1

1

3

1

1

1

3

5

4

6

8

1

2

5
1

2

1

1

6

6

1
2
1

14

zz

7

3

1

7

3
_3

—1

1

1
3

4

3

6

4

14

2

+1

-2

—2

—6

—3

—8

155

153

154

152

150

144

141

133

132

129

128

122

128

134

133

134

130

125

106

102

70

85

84

4

6

2

1

1

1

1

17

17

3

I

1

3

1

3

2

— 32

+2

-5

+1

—1

-2

128

162

157

158

157

155

116

116

118

118

120

55

2

1

2

5

67

3

1

8

1

MICHIGAN
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
From State banks.. .
Reopenings of suspended banks ._
Reopenings (licensing) of unlicensed banks_
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions__
Voluntary liquidations
Conversions:
To State banks
To private banks...
Total decreases. .
Net increase or decrease
Number of active national banks at end of year
or period
. .
1

See footnotes appended to Table 2.




2

2
4
3
6
70

1

2

1
3

2

77
26

1

2

2

6

1

1

1

103
-33

+2

83

118

118

2

120

1

1
2

2

1

1

3

1
5

2
4

14
6

2

1

3

6

6

20

+2

+6

+6

—1

-4

-5

-19

122

128

134

133

130

125

106

134

5

1

22

18

54

7
-4
102

54

- 3 2 +15
70

85

1
-1

84

83

1096

FEDERAL RESERVE BULLETIN

TABLE 4.—CHANGES

NOVEMBER 1937

IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

MINNESOTA
Number of active national banks at beginning
or period
. . . ..

340

Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions__
Voluntary liquidations
Conversions:
To State banks
To private banks __ . . _ _ _ _ . . . . _
Total decreases

..

.

340

27
23
1
2

2

53

2

196

Net increase or decrease
. . . . . -143
Number of active national banks at end of year
197
or period __
..

342

2

1

2

1
1

341

330

308

286

1

1

6

2

7

2

281

1

278

266

258

239

229

205

3

1

4

1

1

6

1

1

2

211

205

1
2

1

2
2

107
64
8
17

341

4

3

2

1

3

13

1

4

2

4

1

3

4

8
3
2

15
5
1

14
9

12
5
1

3
1

1
15

1
8
1

13
9

9
2

27

2

2

23

25

3
1
1

3

4

+1 +1

10

2
1

1

7

1

23

11

27

4

— 11 —22 - 2 2

-5

-3

-12

-8

-19

-10

-24

+6

-6

-8

205

197

25

25

13

18

4

16

10

341

342

341

330

308

286

281

278

266

258

239

229

205

211

31

30

31

32

36

37

36

37

36

35

30

26

25

24

6

8

MISSISSIPPI
N u m b e r of active national b a n k s at beginning
of year or period
.. . . . . .
.. _
Increases:
P r i m a r y organizations
Conversions:
F r o m private b a n k s
F r o m State b a n k s
Reopenings of suspended b a n k s
Reopenings (licensing) of unlicensed b a n k s .
Total increases..
Decreases:
Suspensions
Consolidations, mergers, a n d absorptions..
Voluntary liquidations
Conversions:
T o State b a n k s - .
.
T o private b a n k s
..
..
T o t a l decreases

..

.

. ..

N e t increase or decrease
N u m b e r of active national banks at end of year
or period
..

31

=

1

1
10

2

1
1

1

4

1

1

1

1

1

4

1

1

2

1

4

1
2

3
3

8

1

1

4

20

1

2

19
7

1
1

1

26

2

1

1

3

6

8

-6

—1

+1

+1

4-4

+1

—1

4-1

—1

—1

—5

—4

1
_-

25

30

31

32

36

37

36

37

36

35

30

26

25

24

25

25

25

133

133

133

134

133

131

135

136

136

134

130

121

109

97

86

90

87

25

4

3

2

4

1 _____

2

1

1

1 _____

2

4 _.._.

2

2

1

I

3

5

1
1

. .. .

1

1
3

3
— 1— —

MISSOURI
N u m b e r of active national b a n k s at beginning
of year or period
..
.. . -.. ..
Increases:
P r i m a r y organizations
Conversions:
F r o m private b a n k s .
. . . _
F r o m State b a n k s
Reopenings of suspended b a n k s
Reopenings (licensing) of unlicensed b a n k s .
T o t a l increases

.

.

.

_.

Decreases:
•Suspensions
....
Consolidations, mergers, a n d absorptions..
Voluntary liquidations
. ...... _
Conversions:
T o State b a n k s
T o private b a n k s . . . . . . . . .
Total decreases
N e t increase or decrease
N u m b e r of active national banks at end of year
or period
1

See footnotes appended to Table 2.




2

12
1

1

1

1

38

4

46
32

2

4

2

1

85

4

1

—47
86

2

133

2

5

2

6

3

1

2

2

1

2

1
5

1
1

2

1

1
3

1

3

6
4

12
2

2

2

8
4

13
1

1

1

1

1
6

4

+1

-1

—2

+4 +1

134

133

131

135

136

1

136

14

12

14

1

3

2

-4

-9

-12

-12

-11

+4

_3

-1

134

130

121

109

97

86

90

87

86

4

6

10

1

1097

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1924

1923

1922

1921

1925

1926

1928

1927

1930 1931 1932 1933 1934 1935 1936

1929

MONTANA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases

..

.-

Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:
To State banks
- To private banks . _ _ _ _
-.__-_
T o t a l d e c r e a s e s ..

. . _ _ _ _

Net increase or decrease
Number of active national banks at end of year
or period

145

145

4

1

138

127

2
8
1

1

3 _____

15

2

3

73
29
13

7

9

1
1

3
2

9

14

115
—100

102

91

1

<

2 _____

80

75

71

70

67

59

55

52

47

1

1

1

46

46

---

j -

1

1
1

ZI

3

1

1

1

17

13

4
4

9
3

2
4

1
2

1

25

14

1

1

1
2

2
7

3
1

3

1

1

5
1

1

12

6

5

1

3

9

4

3

6

—7 — 11 —25 — 11 — 11

—5

—4

—1

—3

—8

—4

—3

—5

1 __:__

1

1

2

1

45

138

127

102

91

80

75

71

70

67

59

55

52

47

46

46

187

187

184

182

180

173

169

160

157

156

157

167

158

156

128

138

20

1

2

4

2

5

3

3
1

18

5

5

8

3
4
1

3
1
1

3
2
1

3
4

1

3

9

8

1

i
7
1

45

NEBRASKA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
-_ - _
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
- Consolidations, mergers, and absorptions..
Voluntary liquidations _
Conversions:
To State banks
- To private banks
Total decreases

...

1

38
3
1

1
1

62

1

1

1

3

69
34
6

4

1
2

1

8
2

114

Net increase or decrease
Number of active national banks at end of year
or period

2

4

3

3

10

-52

1
2
1

4
-4

-9

1

8

2

1

2
1
1

2

20

2

2

12

2

4
6

8
3

3
1

25
3 _____

1
1

137

2

1
6

7

10

11

4

—1

+1 "+10

-9

_2

2

3

2

- 2 8 +10

-1

-2

28

135

184

182

180

173

169

160

157

156

157

167

158

156

128

138

137

135

11

11

11

11

11

11

10

10

10

10

10

10

10

7

7

6

6

NEVADA
N u m b e r of active national banks at beginning
of year or period
._ . . . --_- _.
Increases:
P r i m a r y organizations
Conversions:
F r o m private banks
F r o m State banks
._ _..
Reopenings of suspended b a n k s
Reopenings (licensing) of unlicensed b a n k s .
Total increases

...

Decreases:
Suspensions.
. . . - ._
Consolidations, mergers, a n d absorptions..
Voluntary liquidations
Conversions:
To State banks
. ...
To private banks

1

1
—

1

——

1
1

4

1

Total decreasesN e t increase or decrease
N u m b e r of active national b a n k s at end of year
or p e r i o d . .
. _
._. _. _.
1

See footnotes appended to Table 2.




1

1

1
—1

—6

11

11

11

ii

10

10

10

10

10

10

10

7

6

6

!

R

1098

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

T A B L E 4 . — C H A N G E S I N T H E N U M B E R O F N A T I O N A L B A N K S D U R I N G 1921-1936, B Y STATES1—Continued

Total
1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935

19211936

936

NEW HAMPSHIRE
Number of active national banks at beginning
of year or period
. _
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
...
.
Decreases:
Suspensions
Consolidations, mergers, and absorptions
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases

. ....

Net increase or decrease
Number of active national banks at end of year
or period
.. ... .
..

56

56

56

56

55

54

54

55

1

7

55

56

56

56

52

1

53

52

52

4

1 — -

4

1

52

1

1
§

1

1

1

= =
1

6
4
1

1

1
1

1

1

12

1
_1

1

—4

—

+1

+1

5
i

+1

52

56

56

55

54

54

55

55

56

56

56

52

53

52

52

52

52

217

217

225

230

244

253

275

290

295

299

300

295

272

269

225

236

236

139

9

10

13

12

25

19

13

8

3

1

7

16

25

19

13

8

12

18

1

7

4

NEW JERSEY
Number of active national banks at beginning
of year or period
.,
.. .
Increases:
Primary organizations
Conversions:
From private banks From State banks
. . .
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases . .
_ __
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations.
Conversions:
To State banks
To private banks. .
Total decreases _. .
Net increase or decrease
Number of active national banks at end of year
or period

2
8

1
...

156

9

10

16

12

77
50

1

3

1

.

1

2

12

—__

+16

+8 +5 +14

+9 +22

233

225

230

244

253

275

290

295

299

48

48

49

43

40

33

31

30

29

g

1

4

1
1

1

14

3

5

24
12

1

2

—26

+1

—6

22

49

43

3

1

53
2
1

——
140

16
10

2

6

3

26

56

-23

-44

+11

300

295

272

269

225

236

236

233

28

27

27

26

26

25

24

22

2

2

2

2

2

22

8
+15

+5 +4 + 1

q

NEW MEXICO
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks..... . . . .
...
From State banks
_
Reopenings of suspended banks
._
Reopenings (licensing) of unlicensed banks.
Total increases.
Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations..
. .
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
.
.
...
Number of active national banks at end of year
or period
otnotes appended to Table 2.




1

_

——

12
1

40

;

1

12
_7
40

33

:

—
3

30

29

28

27

27

NOVEMBER

1099

FEDERAL RESERVE BULLETIN

1937

1921-1936, BY STATES1—Continued

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING
Total
19211936

1921

1922

1923

498

498

504

506

519

533

538

546

563

565

559

553

169

11

11

15

18

11

23

18

14

19

•j

1

1

2
1

1
1

1

1

1924

1925

1928

1927

1926

1932

1931

1930

1929

1934

1933

1935

1936

461

459

2

4

NEW YORK
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
...
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
—
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases

3
7
5
31

1

1
1

496

444

8

13

24

7
21

1

1

215

12

12

16

20

11

24

21

16

20

8

1

1

32

120
126
4

1
5

1
9

1
3
1

6

11
1

4

13

25

1
13

24 .
21

8
5
1

84

2
1

1

1

1

3

6

8
258

Net increase or decrease
Number of active national banks at end of year
or period

1
1

509

-43

6

10

4
6

16

4

14

+6 +2 +13 +14 +5 +8 +17 +2

3
1

2

45

14

84

4

-6

-6

-44

-13

-52

+17

-2

-4

26

14

4

455

504

506

519

533

538

546

563

565

559

553

509

496

444

461

459

455

87

87

87

88

84

84

82

79

76

75

66

56

44

43

40

44

44

14

1

1

1

5

4

NORTH CAROLINA
Number of active national banks at beginning
of year or period
--Increases:
Primary organizations
—
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
_
Consolidations, mergers,
and absorptions
Voluntary liquidations
.
Conversions:
To State banks
.Total decreases

4

1

52
16

1
1

2
2

6

1

1

1
1

30

74

Net increase or decrease
Number of active national banks at end of year
or period

1

1

-44

3

5

+1

—4

1

2

2
4

2
1

3
7

4

4

\
1

1

3

4

7

10
1

14
1

5

10

3
-3

4

1

1

1

-2

3

1
1

I

3

7
9

1

1

3
-3

3
-1

9
-9

11

15

-10

-12

5
-1

1

10
-3

+4

-1

43

87

88

84

84

82

79

76

75

66

56

44

43

40

44

44

43

180

180

182

184

174

165

160

146

141

133

122

107

86

77

68

69

66

1

1

1

1

3

1
1

NORTH DAKOTA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks.
_
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks_
Total increases

,._.

Decreases:
Suspensions
Consolidations, mergers, and absorptions__
Voluntary liquidations
Conversions:
To State banks..
To private banks
Total decreases
Net increase or decrease
_
__
Number of active national banks at end of year
or period
1

See footnotes appended to Table 2.




13
11

3

33

4

96
39

2

4

1

2

2

1

5

3

1

14
1

g
1

5

2
1

Q

2

1
£

1

1

g

g
8

13
4
1

2
1

1

4

10
2
1

2
1

4

10
152

2

-119

+2 +2

61

2

182

184

15
-10
174

12

10

14

6

8

-9

-5

-14

-5

-8

165

160

146

141

133

15

16

22

-11

-15

-21

122

107

86

3
9
-9
77

10

3

(

+1

68

69

3
-3
66

5
-5
61

1100

FEDERAL RESERVE BULLETIN

TABLE 4.—CHANGES

NOVEMBER 1937

IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

OHIO
Number of active national banks at beginning
of year or period
Increases:
Conversions:
From private banks
From State banks
Reopenings of suspended banks _
Reopenings (licensing) of unlicensed banks.
Total increases

___ . .

Decreases:
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks .
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

378

378

376

371

53

4

1

4

4

1

365

358

353

347

338

1

328
1

304

268

266

227

253

1 _____ _____

16

24

1

4

1
1
2

1

20

28

1

1

2
1

58
1

1
1

1
3
1

1

,5

1

317

1
1

1

3
6
66

5

1

5

94
90
9

6
1

5
1

3
7
1

2

6
1

5

2
3
1

2
9

2

2
7

1

1

2
10

3
11

19
14
2

249

1

1

1
7

5

6

11

10

12

14

36

3

59

2

-129

-2

-5

-6

-7

-5

-6

-9

-10

-11

-13

-36

-2

-39

+26

-4

249

376

371

365

358

353

347

338

328

317

304

268

266

227

253

249

249

355

355

382

447

434

407

379

358

341

325

292

268

250

233

217

217

214

31

9

6

2

1

3

1

1

3

4

113
15

26

64
8

18
2

2
4

159

35

78

22

7

3

2

1

97

3
4

8
3
2

17
7

9
12
9

9
11
3

8
10
2

8
6
1

4

4

8

3

3

35

34

31

23

195

7

6

11

OKLAHOMA
Number of active national banks at beginning
of year or period
--Increases:
Primary organizations
Conversions:
From private banks
From State banks.. _ _ _
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liquidations
___
Conversions:
To State banks
To private banks
._ __. _ . . _
Total decreases
Net increase or decrease .
Number of active national banks at end of year
or period . . . .

1

2
1
—

111
29
63
300
— 141

1
8

13

+27 +65

13 —27

28 - 2 1

18

1
2
7
2

16

1
16

6
13

8

9
4

17

5

.8

2

34

24

18

17

5

4

1

15
3
1

4

3
1

21

4

4 _____

—17 — 16 —33 — 24 — 18 — 17 — 16

214

382

447

434

407

379

358

341

325

292

268

250

233

217

217

214

214

91

91

95

98

98

98

98

97

95

93

94

93

84

71

51

53

44

1

1

1

2

9

6

-9

OREGON
Number of active national banks at beginning
of year or period
-. ____ . . . _ ._.
Increases:
Primary organizations
Conversions:
From private banks
._
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases.. .__ _
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
.__
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period
___ __ _ _..
i See footnotes appended to Table 2.




1

1

17
1

1

1

1

2

1

1

1
27

6

c

2

2

2

1
1

80

2

c<

+4

+3

95

98

2

2

98

98

98

1

1
1

1

4

97

95

4
2

1

+1

—1

94

93

g

11
10

9

15

21

—9 - 1 3

-20

+2

51

53

9

93

1
1

1
1

1

31
47

38

1

4

1

84

71

44

6
-6
38

1101

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Tota
19211936

192

85

85

17

1

1922 1923 1924 1925 1926 192

1928 1929 1930 193

193

193

193

83

77

74

64

1935 1936

PENNSYLVANIA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Total increases

.__ ._ __. _

Decreases:
Suspensions
Consolidations, mergers, and absorptions.
Voluntary liquidations
Conversions:
To State banks
To private banks
_ _ __
Total decreases ._

86

86

86

86

86

87

1

1

1

86

86

85

71

709

6

2

23

1

1

22
13

1

_ _ ___

38
-15
70

1

1

1

1
_-.1

1

1

2

1

+5
86

4

1.

4
1

2
1

7<

2

14
3

....

___-

Net increase or decrease.
__
_ _____
Number of active national banks at end of year
or period _ _ _ __ _
- _

1

1
1

....

1

2

868

862

868

868

17

17

17

17

87

86

1

2

5

3

14

3

-1

-20

-5

-2

-10

+6

864

85

83

77

74

64

71

13

1

—1
709

708

12

12

RHODE ISLAND
Number of active national banks at beginning
| of year or period

17

17

17

13

10

10

10

10

10

Increases:
Primary organizations
_
Conversions:
From private banks
_ _
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases. _
Decreases:
Suspensions. __ _
_
______
Consolidations, mergers, and absorptions
Voluntary liquidations.
Conversions:
To State banks
To private banks

1

Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

7
-__= ______=_

_2

—4

+2

—1

12

17

17

17

17

17

13

13

11

10

10

10

10

10

12

12

12

82

82

82

84

83

79

75

68

62

55

47

34

24

21

16

19

20

10

1

1

1

4
1
1

1

3

16

2

3

1

40
35
2

1
1

SOUTH CAROLINA
Number of active national banks at beginning
of year or period-._
_____
Increases:
Primary organizations
Conversions:
From private banks _ _
From State banks
Reopenings of suspended banks.
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions ____ . _ __
Consolidations, mergers, and absorptions__
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period

i See footnotes appended to Table 2.




1
1
4

1

2
1

2

1
78

1

5
1

3
5

2

4

2

4
4

4
9

3
4
1

g
1

1
2

2

2

+2

-62
20

2
1

2

82

84

83

4

3

7

7

8

13

10

-4

-4

-7

-6

—7

-8

-13

-10

-3

-5

+3

+1

79

75

68

62

55

47

34

24

21

16

19

20

6

8

6

20

1102

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued

rotal

921

L9211936

922

923

924

925

926

927

928

929

930

931

932

136

131

127

114

no

100

97

96

92

92

79

1 ....

1

1

7

4

3

1

2

1

5

2

3

13

933 1934

935

936

SOUTH DAKOTA
Number of active national banks at beginning
of year or period
—
Increases:
Primary organizations
Conversions:
From private banks
.
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
..
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks—
To private banks
-.. ...
Total decreases.

136
22

2
1

5
3

1

— -

1
1

1

30

2

1

3

8

4

1

81
31
3

2

14

12

12
2

2
2

2
3

2

4

2

2

72

63

64

2

88

5

5

2
6
1

7
2

I

12
1

16

-5

—4 - 1 3

52

2

1

3
118

Npt inrrpase or decrease
Number of active national banks at end of year
or period--

136

12

14
-10

4
Q

2

3

4

-1

—4

c

15

7

-13

9

1

12

4

-9

+1

-12

-4

48

136

131

127

114

110

100

97

96

92

92

79

72

63

64

52

48

98

98

100

103

107

106

106

103

104

102

99

94

84

81

69

73

72

TENNESSEE
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
-Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banksTotal increases...
._
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
...
Conversions:
. To State banks.
To private banks.
Total decreases.
___
--Net increase or decrease
Number of active national banks at end of year
or oeriod
-

19

1

5
2

<

1

--"I
30

4

4

26
26

6

.....

„_-.

—2

14 . . . .

.„_-

56

15

1

+3

-26

-12

i

72

100

103

10

10

10

10

104

10

9

556

55

55

55

57

57

65

65

64

63

94

....

8

8

69

7

7

72

56

50

483

44

45

454

TEXAS
Number of active national banks at beginning
of year or period.
_
Increases:
Primary organizations
Conversions:
From private banks___
From State banks
- .
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Total increases

,_._

Decreases:
Suspensions
Consolidations, mergers, and absorptionsVoluntary liquidations- _
Conversions:
To State banks
Total decreases

_.

Net increase or decrease _ _ _ _ _ - _ . . _ _ Number of active national banks at end of year
or period
1

See footnotes appended to Table 2.




65

1

15
1'

8

23

1

1

2

1

9

60

—-

....

1

....

1

3

13
17
2

1

2

1

1
3

2

1
1

3
1
i

1
33

1

45

+1
55

55

1

1

1

-10

57

+8
57

65

2

1

2

65

64

5

5

3

4

63

60

56

1

+1

—&

-1

50

48

44

45

+2
45

456

1103

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONALi BANKS DURING 1921-1936, BY STATES 1 —Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

UTAH
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
-..
Conversions:
From private banks
From State banks...
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To State banks
To private banks
_
Total decreases

28

28

28

22

21

1

1

1

1

5
11

1

1

_..

16

6

-15

—6

20

20

20

20

20

16

1

3
= =

—1

15

1

14

13

13

1
1

1

3

1

1

17

1

1

2
4

Net increase or decrease
_ _ ._
_.
Number of active national banks at end of year
or period
-

21

1

—1

1

1

—1

—1

= =

=

13

28

22

21

21

20

20

20

20

20

17

16

15

14

13

13

13

49

49

49

49

47

46

46

46

46

46

46

45

45

45

40

43

43

5

3

VERMONT
Number of active national banks at beginning
of year or period
Increases:
Primary organizations .
..
._
Conversions:
From private banks
From State banks _
_
..
Reopenings of suspended banks
...
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
_ _ _.
_ _.
Consolidations, mergers, and absorptions .
Voluntary liquidations _
_
Conversions:
To State banks
To private banks
Total decreases

8

4

4

12

9
1

15
3

1

1

1

14

1

_ ._ . _ _

19

2

Net increase or decrease
Number of active national banks at end of year
or period

y

-2

-1

1

3

1

1

14

—1

—5

+3

1
—1

42

49

49

47

46

46

46

46

46

46

45

45

45

40

43

43

42

167

167

175

178

181

182

181

170

167

165

159

155

144

139

129

133

132

19

4

2

2

4

4

2

16
2
5

6

42

10

33
36
3

1

VIRGINIA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
From State banks
_._
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liquidations
._
Conversions:
To State banks.
To private banks...
Total decreases

__

___

Net increase or decrease
Number of active national banks at end of year
or period
1

See footnotes appended to Table 2.




i

7

3

1

1

1

7

5

2

1
1

1

4

1

1

2

1
8

3

77

132

4

2
2

2

6
4

1

2

11

3

2

7

4

11

+8 +3 +3 +1

-1

-11

-3

-2

-6

-4

-11

170

167

165

159

155

175

4

178

2

181

182

181

1

8

5

2

2
4

17
1

_

I
1

144

_

1

1

1

5

-35

1

4
1

6

139

18

1

-10

+4

129

133

3
i

132

—.——
132

1104

FEDERAL RESERVE BULLETIN

TABLE

NOVEMBER 1937

CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES 1 —Continued
Total

922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

19211936

1921

94

94

97

112

116

111

13

1

1

2

1

30
3
9

2
1

14

2

55

4

15

41
50

1

WASHINGTON
Number of active national banks at beginning
of year or period . . . . . .
. _
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
. _ _______
Consolidations, mergers, and absorptions.Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases

103

92

83

68

1

2

111

110

1

2

1

1

2 —-

2

1

1

3

1

2
7

2

3

3

4

2

2

3

1

10

4

5
3

2

1
6

1

3

i

6
6

1R
7

5

""?
4

105

107

112

2
1

5
4

67

58

9

2

2

2
8

2

5

3

7

o

2

+3 +15

+4

—5

+1

—5

+4

—1

—5

-2

-11

-9

—15

-1

—9

—2

97

112

116

111

112

107

111

110

105

103

92

83

68

67

58

56

123

122

123

125

124

124

124

120

119

115

111

87

84

69

79

79

23 — -

1

2

1

3

5

9

93

-38
Net increase or decrease
Number of active national banks at end of year
or period.
_ _ _ . _ __ 56

1

12

9

25

5

WEST VIRGINIA
Number of active national banks at beginning
of year or period
Increases:
Primary organizations
Conversions:
From private banks
___ _
From State banks
_
- __.
Reopenings of suspended banks _ _ _ _ _ _
Reopenings (licensing) of unlicensed banks
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:To State banks
To private banks
_._
._ . _
Total decreases

123

3
6
3

1

35

2

1

1

1
6

2
—__

2

6

1
1

1

50
28

1

2

79

1

2

—44

+1

+2

1

1

1

7

11

21

18
6

6

24

c

1

1
3

•

_

4

6

22

1

-15

+10

•

.

Net increase or decrease
__
Number of active national banks at end of year
or period
_
_ _

-24

-4

Q

79

122

123

125

124

124

124

120

119

115

111

87

84

69

79

79

79

152

152

154

155

155

156

159

157

156

156

157

152

138

127

91

106

106

4

15

WISCONSIN
Number of active national banks at beginning
of year or period
___ _. ._
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Total increases _

__ _

Decreases:
Suspensions
Consolidations, mergers, and absorptions
Voluntary liquidations.
.
Conversions:
To State banks _ _
To private banks. ___
__
Total decreases
Net increase or decrease._ . . .
._
Number of active national banks at end of year
or period _
1

See footnotes appended to Table 2.




31
10

4

16
=

=
58
2

38

10

14

4

— 14 — 1

3

+ 15

12

9

106

1

9
—4

1

10

_

j ^

15

15

15

15

15

15

15

15

15

15

13

1
—1
10

105

1105

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 4.—CHANGES IN THE NUMBER OF NATIONAL BANKS DURING 1921-1936, BY STATES1—Continued
Total

19211936

1921 1922 1923 1924 1925 1926 1927

1928 1929 1930 1931 1932 1933 1934 1935 1936

WYOMING
Number of active national banks at beginning
of year or period
. _ _
Increases:
Primary organizations
Conversions:
From private banks
From State banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To State banks
To private banks
Total decreases
Net increase or decrease
Number of active national banks at end of year
or period
._
^___
1

See footnotes appended to Table 2.




47

47

47

46

43

2

1

1

1

3

2

11
5
2

1

2
1

6
1

24

47

46

43

32

32

29

25

25

25

25

25

26

26

1

9
2
1

1

1

1

2

2

13
= =
32

26

1

3

21
26

3

32

32

32

1

3

3

1

3

3

1

29

26

25

—
— =====
25

25

25

25

4-1
26

= =
26

^
26

1106

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES1
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

ALABAMA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations _
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period

245

245

243

246

252

245

248

249

246

246

241

206

172

157

139

149

148

74

4

5

9

8

6

7

2

4

4

1

5

1

6

8

3

1

1

1

1

3

1

1

5
1
17
2
1

1

100

5

125
40
21

2

10

3

196

7

1

1

3

i

4

3

4
1

1
1

12

10

1

-96

6

9

8

8

8

3

4

7

6

5

5

1
1
1

8

4
1

2
1
2

2
2

1
1
1

12

3

27
12

28
8
3

12
1
7

2

2

1

4

39

20

30

--34 - 1 5

-18

+10

-1

+1

2

3

3

7

6

+3

+6

-7

+3 +1

-3

15

5

26
1- —
3

4 .....

2

12

41

-5

-35

4

149

243

246

252

245

248

249

246

246

241

206

172

157

139

149

148

149

65

65

60

56

50

39

36

32

31

31

32

28

21

14

10

9

8

10

4

1

1
4

3

1

15

7

2

43
22
6

6

5
1

ARIZONA
Number of active State banks at beginning of
year or period
...
Increases:
Primary organizations
Conversions:
From private banks
From National banks
ReoDeninsrs of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified

1

1

1

1

1

1

1

1

—

Total increases
Decreases:
Suspensions
Consolidations mergers and absorptions
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period
...

6

1

3
7
1

1

1

1
3

1
4

1

1

5

1

4
3

6

3

1

2

1
1
1

1

2

5

1

73

12

6

6

12

3

-58

-5

-4

-6

-11

-3

7

60

56

50

39

36

32

31

403

403

406

403

402

393

398

73

8

9

3

9

5

1

_!

7

+1

-4

31

32

28

21

382

370

358

341

3

3

8

3

1

1

1
1

1

1

2

-4

7
_7

5

1

1

1

-4

-1

-1

14

10

9

8

7

248

225

218

152

178

175

4

3

5

5

6

34

1
31

6
4

1
27

-7

—1

ARKANSAS
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
N e t increase or decrease

2
5
78
31
3

i See footnotes appended to Table 3.




1

1

192

10

2

10

4

12

6

5

9

4

38

35

11

9

34

3

331
42
35

5

2
2

6
1

7
5
1

7

13
4
4

14
2
1

14
3
4

11
4
5

121
7
3

48
5
5

12
3
1

71
2
1

1
3

2
3

1

4

1

1

4

2

13

1

1

423

7

5

11

-231

+3

-3

—1

172

406

403

402

1
2

1

1

2

N u m b e r of active State banks at end of year
or p e r i o d . .

1

1
1

3 -----

1

1

7

22

17

21

21

131

58

18

75

8

6

3

-9

+5

-16

-12

-12

-17

-93

-23

-7

-66

+26

-3

-3

393

398

382

370

358

341

248

225

152

178

175

172

13

218

1107

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OP STATE BANKS DURING 1921-1936, BY STATES 1 —Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

CALIFORNIA
Number of active State banks at beginning of
year or period
_._
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
._ _
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases

_

Net increase or decrease
Number of active State banks at end of year
or period

422

422

419

429

426

410

372

355

281

247

230

168

15

54

40

9

8

10

13

10

5

3

8

1

221

16

57

40

10

8

10

13

10

5

3

77
366
9

1
14

3
41
2

1
41
1

9

22
1

1
38
2

2
24
1

2
83

44

3
16
1

5
6

16

4

1

1

5

2

1

2

153

150

148

3
1

2

2

4

2

1

1

19
7

27
8
1

5

1
2

13

2

2
182

185

1

1

]

209

10
2

1

468

19

47

43

26

46

27

87

44

22

12

26

36

3

13

-286

-3

+ 10

-3

-16

-38

-17

-74

-34

-17

-9

-12

-24

-32

-3

-2

-12

136

419

429

426

410

372

355

281

247

230

221

209

185

153

150

148

136

255

255

244

229

209

195

188

177

168

159

153

145

128

106

81

79

76

18

3

1

1

1

6

1

1

2

1
1
2

12

5

COLORADO

Total decreases
Net increase or decrease
Number of active State banks at end of year
or period

12
1
2

3

6

1

6
2

7

18
2
1

6
8
2

8

10
2

1

1

1

7

140
46
34

11

to to

1

46

6

2

1

2

18
1
2
4
3
1

3
4
2

4
2
2

4
2
2

1
4

2

1

1

13

5

2

2

14
3
1

18
2
3

33
3
2

2
5

1
4

1
2

1

-*

Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified.
_

2

1

CO CO

Increases:
Primary organizations
Conversions:
From private banks
From National banks
ReoDeninsfS of susDfndfd banks
Reopenings (licensing) of unlicensed banks
Unclassified

-»

Number of active State banks at beginning of
year or period

226

18

16

22

17

12

9

9

8

8

18

23

38

7

-180

-11

-15

-20

-14

-7

-11

-9

-9

-6

-8

-17

-22

-25

-2

-3

-1

75

244

229

209

195

188

177

168

159

153

145

128

106

81

79

76

75

73

73

73

78

81

82

88

90

92

94

99

95

82

71

68

68

67

35

3

6

5

2

5

2

2

2

5

1

1

1

2

2
1

1

2

3

4

1

4
2

8
8

5
4

5
2

1

6

16

11

7

-4

-13

-11

-3

95

82

71

68

13

5

3

CONNECTICUT
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
ReoDeninss of susDPnded banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Suspensions
Consolidations, mergers, and a b s o r p t i o n s . .
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Net increase or decrease
__ _
N u m b e r of active State banks at end of year
or p e r i o d . .
__

i See footnotes appended to Table 3.




1

5
1
44

3

fi

5

2

24
24
1

1
2

1

2

1

1

3

1

2

1

1

Decreases:

1

1

2

6

2

3

2

5

2

2
51

+5 +3 +1
66

1
1

73

78

81

82

+6 +2 +2 +2 +5
88

90

92

94

99

1

68

1

11

-1

-1

67

66

1108

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES 1 —Continued
Total.
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

DELAWARE
Number of active State banks at beginning of
year or period
Increases:
Primary organizations, _
Conversions:
From private banks.- .
. . . .
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions,Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
-

20

20

21

23

11 — -

1

2

1

20

24

24

24

27

29

30

3

1

1

2

1

1

2

32

30

32

31

31

1

1
2

2
1

16

2

1

3

2

2

2

2

1

3
2
1

1
2
1

1
1

•

•

Total decreases
Net increase or decrease
Number of active State banks at end of year
or period

30

2

1

6

+1 +2 +1

1

2

+ 1 +2

-2

+2

-1

30

32

30

32

31

31

30

30

29

28

27

27

22

12

13

13

+3

+2

30

20

21

23

24

24

24

27

29

32

32

37

38

35

32

31

30

29

13

6

4

1

1

1

13

6

4

1

1

1

14
14
3

1

2

3
1

2
1

1
1

4

3

2

+10

-1

DISTRICT OF COLUMBIA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks __ Reopenings (licensing) of unlicensed banks.
TJnclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntarv liouidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Npt inorpasp or decrease
Number of active State banks at end of year
or period

1

1 -----

1

4
1

1

10

1

1

32

1

3

-19

+5

+1

-3

13

37

38

35

32

214

214

217

222

133

9

12

1
6
68
12
4

1
2

224

10

14

19

20

262
41
23

6

6

4
3

3

1

1

1 .....

5

10

-5

-10

+1

27

22

12

13

13

13

176

148

137

127

101

105

105

3

7

5

5

2

3

10

8

2

1
—1

-1

29

28

27

274

255

220

30

3

3

22

11

3

1

1

-1

-1

31

30

29

234

251

271

12

17

22

6
1

3

Q

FLORIDA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks __
Reopenings (licensing) of unlicensed banks.
Unclassified. _
Total increases
Decreases:
Suspensions
Consolidations, mergers, and" absorptions._
Voluntary liquidations .
Conversions:
To National banks
To nrivatB banks
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period
i See footnotes appended to Table 3.




1

8
2

22

52

15

7

13

15

7

4

10

42
6
1

29
3
1

34
6
2

54

35
6
2

14
1
3

9
4

26

1

1

1
4
10

2

4

4

.....

6
1

1

1

1

4

1

1
9

332

7

— 108

+3

+5 + 12 +17 +20

106

217

222

234

251

271

49

34

42

+3

-19

-35

274

255

220

43

18

14

36

6

—44 - 2 8

-11

-10

-26

+4

137

127

101

105

57

176

148

2

3

+1
105

106

1109

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES1—Continued
Total

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934

19211936

1935 1936

GEORGIA
Number of active State banks at beginning of
year or period... ._
Increases:
Primary organizations . .
Conversions:
From private banks
From National banks
Reopenings of suspended banks. .
Reopenings (licensing) of unlicensed banks.
Unclassified
.
Total increases.

. . . _ . ___ _

Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases

...

Net increase or decrease
Number of active State banks at end of year
or period

617

617

574

557

534

514

482

397

381

353

329

58

5

6

2

6

2

11

6

2

2

1

12
2
89
2
6

1

1

1

1

1

28

13

6

4

22

169

34

20

5

13

7

34

13

3

6

4

4

2

6

396
88
58

62
12
2

18
17

11
9

28
3
2

24
11
2

105
7
6

18

23
3
3

17
11
1

28
4
4

31
1
10

17
3
6

9
1
3

3

g

1

1

1
1

1

1

1

2

256

230

222

221

224

3 ....

5

2

4

1

1

4
1
1

1
1

5

10

3

2

3
1
3

-

7

1

294

1
4

3

2

1

2

1
2

1

4

1

1

1

2
1

2
1

1

4

2
14

560

77

37

28

33

39

119

29

31

30

39

42

28

-391

-43

-17

-23

-20

-32

-85

-16

-28

-24

-35

-38

-26

-8

-1

226

574

557

534

514

482

397

381

353

329

294

256

230

222

221

224

226

138

138

124

114

109

105

103

99

91

95

94

95

87

75

42

38

37
=_____

3

2

1

2

1

1

3
1

6

IDAHO
Number of active State banks at beginning of
year or period..
._ . ..
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
_ __
Consolidations, mergers, and absorptions._
Voluntary liquidations. __ __ _______
Conversions:
To National banks
_ _ __
To private banks
Unclassified
Total decreases

. . . __

Net increase or decrease.
.
. . .
Number of active State banks at end of year
or period
._
_. ._

10

4

38

4

83
51
Q

15

143

18

6

2

6

4

13
14

2
1

=2

~

1

5
4

3

7

2
=
6

3

18
1

13
22
1

1

—
-105
33

7

10

8

5

11

3

1

+4

+1

19

36

-12

-33

87

75

42

38

37

33

1,371 1,401 1,412 1,408 1,403 1,394 1,379 1,347 1,330 1,282 1,146

912

739

606

593

584

—14 - 1 0
124

114

109

105

103

99

91

95

94

95

8

1

4
-4

ILLINOIS
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
_
Conversions:
From private banks
From National banks
_ _
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Unclassified
Total increases

. . . __ _

Net increase or decrease
Number of active State banks at end of year
or period
_ _._
i See footnotes appended to Table 3.




191

36

11

11

22

50

25

726
279
87

2

18

10

26

18

13

10

7

2

1

3

8

3

13

16

18

12
18

13

4

26

25

12

28

22

21

14

20

20

19

30

18

4

11
P

6
12

15
26

27
21
6

14

2:

26
32

105
48
3

201
38
14

163
16
10

138
6
8

9
17

25

107
23
335

Decreases:
Suspensions
Consolidations, mergers, and absorptionsVoluntary liquidations
_ ._
Conversions:
To National banks
To private banks
Unclassified
Total decreases

1,371

4

1

1
3
2

3

30

1

8
1,13

20

14

-796

+30

+11

30

30

21

43

54

38

-15

-32

-17

62

254

163

31

13

- 4 8 -136 -234 -173 -133

-13

c

-9

593

584

575

156

575 1,40 1,412 1,408 1,403 1,394 1,379 1,347 1,330 1,282 1,146

912

192

739

606

10

1110

FEDERAL RESERVE

TABLE 5.—CHANGES IN THE N U M B E R OF

BULLETIN

NOVEMBER 1937

STATE BANKS DURING 1921-1936, BY STATES1—Continued

Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

INDIANA
Number of active State banks at beginning of
year or period
_
Increases:
Primary organizations _ .
Conversions:
From private banks _
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified,
__
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
_.
Total decreases

. . .

Net increase or decrease
Number of active State banks at end of year
or period—

647

647

668

696

713

723

109

16

20

14

10

5

58
12
93
47
7

12

13

12

5
1

3

1

4

1

326

29

37

27

16

9

9

15

9

12

26

441
127
18

3
4

6
3

6
1
3

4
1

7
6

4
8

21
7

19
23

19
12
2

74
16
3

3
8

1

1
1

1

3

2

1
1

1

712

697

663

640

573

480

5

5

3

6

8

4

2
1
1

4
2
4

1
1
5

1
2
15

718

5

444

353

385

1

5

4

3

2

1
10

11
22

1
2

5

3
2
14
23
2

26

17

49

39

6

83
30
6

47
5
1

135
5

6
1

1
1
1

3

2
20

388

6
4
2

6

14

30

43

35

93

119

53

140

7

+21 +28 +17 +10

-5

-6

-15

-34

-23

-67

-93

-36

-91

+32

723

718

712

697

663

640

573

480

444

353

385

388

376

1,355 1,355 1,339 1,329 1,309 1,237 1,185 1,112 1,074 1,026 1,001

925

747

636

398

524

540

14

5

13

21

11

5

3
5

1

1
2

66
8

111

1
2
1
4

597
-271
376

8

668

9

696

10

713

15

12
-12

IOWA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations _.
Conversions:
From private banks..
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases

150

12

4

9

5

5

11

12

11

11

25
11
79
181
13

5

5

2

1

1

1

1

1

4

4

6

7

16

20

14

2

2
1
1

3

2

459

21

13

17

13

22

35

29

14

15

2

14

9

95

133

19

8

17
13
7

7
13
3

27
9

68
14
2

53
18
3

89
13
6

37
24
6

39
18
5

23
13
3

57
17
4

163
29

114
6

326
5
1

4
3

1
2

1
3
1

7

3

5

- 7 6 - 1 7 8 — 111 - 2 3 8 +126 + 1 6

+3

Decreases:
1,021
Suspensions
Consolidations, mergers, and absorptions. _ 200
46
Voluntary liquidations
Conversions:
To National banks
3
To private banks
1
Unclassified
_Total decreases
Net increase or decrease
__
Number of active State banks at end of year

1
1

4

1

1

1
1

1,271

37

23

37

85

74

108

67

62

40

-812

-16

-10

-20

-72

-52

-73

-38

-48

-25

78

192

120

333

543 1,339 1,329 1,309 1,237 1,185 1,112 1,074 1,026 1,001

925

747

636

398

524

540

543

691

617

567

548

537

1
2

1

KANSAS
Number of active State banks at beginning of
vear or oeriod
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and" absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases.

..

Net increase or decrease
_Number of active State banks at end of year
or period
i See footnotes appended to Table 3.




1,104 1,104 1,105 1,080 1,049 1,036 1,006
67

17

1
10
46
8
5

943

887

850

819

764

4

2

1

7

10

10

6

4

2

3

3

5

9

1
1

8

6

1

1

1
3

2
7
7
5

3
1
1

137

17

10

15

19

8

12

8

4

4

5

1

3

21

6

3

1

402
250
55

11
2
2

20
12
2

33
8
1

13
16
3

19
14
3

\5

35
23
3

20
19
2

11
22

40
16
3

34
35
5

60
17

56
7
8

7

3
5
6

2
8
8

14

1

1

4

721

16

3

2

. 2

1

35

46

32

38

75

64

41

35

60

74

77

71

25

14

18

-25

-31

-13

-30

-63

-56

-37

-31

-55

-73

-74

-50

-19

-11

-17

520 1,105 1,080 1,049 1,036 1,006

943

887

850

819

764

691

617

567

548

537

520

-584

1111

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES1—Continued
Total
1921 1922

19211936

1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

KENTUCKY
Number of active State banks at beginning of
year or period
Increases:
Primary organizations . .
Conversions:
From private banks...
_
From National banks.
.
Reopenings of suspended banks . . .
Reopenings (licensing) of unlicensed banks.
Unclassified _
.,_
Total increases..

_

Decreases:
Suspensions
Consolidations, mergers, and absorptionsVoluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases

464

464

464

468

471

473

465

457

446

437

430

396

378

355

332

337

335

79

5

12

9

10

6

4

4

6

2

3

2

4

1

5

2

4

2
2

11

7

3
4

2

3

1

1

1

118

5

12

9

10

6

6

5

6

2

7

13

11

8

7

6

5

143
81
12

3
1

2
6

3
1

5
2
1

6
6
1

7
6

8
6

7
6
2

1
7
1

27
14

23
8

28
4
2

19
6
2

1
1

1
4
2

2
3
1

8

1

1

1

2

2

1

4
248

Net increase or decrease
Number of active State banks at end of year
or period

1
1

3
30
4
2

4
5

-130

8

14

16

15

9

41

31

34

31

2

8

6

-f4

+3 +2

—8

—8 —11

—9

—7

—34

—18

—23

—23

4-5

—2

—1

8

6

14

334

464

468

471

473

465

457

446

437

430

396

378

355

332

337

335

334

240

240

231

231

228

216

214

202

200

195

191

183

171

161

118

119

120

49

6

5

3

2

4

4

6

5

1

2

9

2

2
26
1

1

2

1

1

1
2

1

78

7

7

4

2

5

7

7

5

11
c

c
2

5
2

2
11
1

4
3

10
7
2

4

3 .....
7

LOUISIANA
Number of active State banks at beginning of
year or period
._
_.
Increases:
Primary organizations
Conversions:
From private banks
_
__
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases.._
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period
_
_

126
69

1

1
3

2

8

4

6

2

8

13

3

9
5

7
5
2

13
4

51
4

2 _____

1
1
1
2
2

1

1
1

1
202

16

— 124

n

116

231

231

228

216

55

55

55

55

54

10

1

19

9

10

5

14

18

56

— 12

—2

—5

—4

—8 —12

—10

—43

214

202

200

195

191

183

171

161

118

54

53

52

50

48

47

44

38

1

1

14

7

—3 — 12

7
_

2

14

2

4

+1 4-1

—4

119

120

116

38

29

31

31

4

2

MAINE
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases

_

Decreases:
Suspensions
Consolidations, mergers, and absorptions
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Number of active State banks at end of year
or period .
i See footnotes appended to Table 3.




1

1
•j

1
4

L

1

16

1

1

1

3

2

8

1

20
19

1

1

2
4

16

6

17

—3

—6

—9

+2

44

38

29

31

3

1

2

1

1
2

40

i

3

3

1

24
55

55

54

54

53

52

50

48

47

38

1

31

31

1112

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

MARYLAND
Number of active State banks at beginning of
year or period.
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
--- -- Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified

143

143

141

144

146

146

142

143

142

35

3

3

2

3

1

3

1

2

135

133

1

118

125

109

2

4

10

8

1
24
2

7

1

31

17

1

46
1 __ —

1

1

126

126

1

1
13
32
2

1

83

3

68
33

2
3

3

3

3

1

3

1

2

3

5

2

2

5

5

3

2

3

10

1
3

1
3

15
3

3

4

4

18

3

47

2 -15

+7

-16

+17

118

125

109

126

126

124

100

85

81

78

79

76

2

1

2

1

1

1,02

Total decreases
Net increase or decrease
Number of active State banks at end of year
or period __
- ---

139

1

5

2

2

-4

+1

-1

146

142

143

142

139

102

96

95

93

94

95

98

102

1

1

1

3

4

4

1

-19

-2

+3

+2

124

141

144

146

112

112

106
1

3

5

135 133

2
-2

MASSACHUSETTS
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
___ _
Conversions:
From private banks _
From National banks
__ _ .
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases

_. _

_

Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks . .
_
To private banks
.
Unclassified
Total decreases.. _
Net increase or decrease
Number of active State banks at end of year
or period
_
..
.. .

19
1

1
1

1

24
25
31

1
5

1

1

1

5

4

2

4

62

1
1

1

6

1 _____

3

4

2

1

4

2

1

1

4

2
2

14
2

2
1
2

6
1

3

2

7

3

2

Q

2

7

2

2

2

1

4

16

-4 " -6

—1

2

+1

+1

+3

-2

— 15

5

1

1

3

-38

1

5
-4

-3

74

106

102

96

95

93

94

95

98

102

100

85

81

78

79

76

74

560

560

572

581

587

600

607

607

616

616

611

596

483

441

292

372

393

104

6

12

6

14

10

8

6

2

3

3

2

5

2

1

10

2

5

4

2

15
3

9

36

1

2

3

30

23
68

4
20

1

72

2

MICHIGAN
Number of active State banks at beginning of
year or period
..Increases:
Primary organizations
. __ . Conversions:
From private banks _
_ _
From National banks _
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
_
Total increases

374

Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases..N e t increase or d e c r e a s e __.

. .._

N u m b e r of active State b a n k s at end of year
or period
1

See footnotes appended to Table 3.




1

74
160
16

409
124
6

2
1

14

12

18

13

8

20

11

1

1

1

2

1
6

8

10
1

1

4

2

1

1

12
3
13

4
15
1

6

33

94

84

26

85
34

72
2
1

234

1

1
8

1

4

4

547

4

-173

+12

+9

+6

+13

+7

387

572

581

587

600

607

6

6

8

11

11

17

+9
607

616

20

119

-15 -113
616

611

596

483

75

8

243

4

5

- 4 2 -149

+80

+21

g

292

372

393

387

441

1113

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES 1 —Continued
Total

19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932. 1933 1934 1935 1936

MINNESOTA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations _ __ _
_ _
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
_____
Consolidations, _mergers, -and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
. _. . . .
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period
-

1,178 1,178 1,163 1,154 1,121 1,074 1,043

947

877

817

775

729

627

565

482

476

482

2 .....

4

3

7

7

1
1

3

-

101

7

3

12

7

14

7

3

5

7

13

17
99
30
10

1
2

13

11

15

2
12

2
8

9

9

3

3

1
7

4

1

1

1

3

1

3

2
30

257

11

17

24

22

28

17

15

15

13

16

10

4

36

5

10

14

619
256
28

18
5
1

15
8
1

42
13
1

47
16
2

35
19
2

79
29
1

53
21
4

43
26
5

30
23

21
36
2

88
22
2

52
14

95
14

1
5
3

3
1

2
3

23

2

2

1

2

2

7

1

1

1

2

2

1

2

8
4

5

2

18

3

2

944

26

26

57

69

59

113

85

75

55

-687

-15

-9

-33

-47

-31

-96

-70

-60

-42

491 1,163 1,154 1,121 1,074 1,043

947

877

817

775

301

294

291

5

2

112

66

119

-46 -102

-62

-83

-6

+6 +9

729

627

565

482

476

482

491

284

272

216

202

209

185

188

184

1

2

2

3

1

2

34

15

3
7

2
4

1

2

62

11

MISSISSIPPI
Number of active State banks at beginning of
year or period
Increases:
Primary organizations. _____ __
Conversions:
From private banks
_
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
_. .
Total increases

306

306

307

301

306

299

56

7

9

9

4

10

57
11

1

5

2

1

4

36

18

11

6

6
1

5
3
1

7
3
2

56
3

48
1
1

11

29
1

3

1

1

13

60

50

11

35

3

4

-12

-56

— 14

+7

-24

+3

—4

272

216

202

209

185

188

184

183

Number of active State banks at beginning of
year or period
.. ...
-_ .__ . 1,532 1,532 1,523 1,510 1,495 1,462 1,418 1,340 1,285 1,214 1,148 1,014

883

798

546

614

615
2

Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To National banks _. _ . . . .
To private banks . .. _
Unclassified
Total decreases^ _ __

. _____

124

7

9

9

4

10

193
31
8

4
2

10
4

2
1

3
4

4
2
1

1

1

4

1

15

4

11

8

10

6
_

1

2
3
1

5

5
247

6

Net increase or decrease
-123
Number of active State banks at end of year
183
or period
.
_

+1

-6

+5

-7

+2

307

301

306

299

301

7

8

9

Q

294

291

284

3

MISSOURI

Increases:
Primary organizations
Conversions:
From private banks._ __
From National banks.
Reopenings of suspended banks.
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases.

.

_

......

Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases

___

.

171

24

8

18

15

14

5

9

7

2

6

6

5

7

30

13

4
81
53
7

2
3

1
6

4

1
14

8

9

6

3

1

3

8

7

4
2

5
49

2

3

3

316

32

18

22

30

22

14

15

10

3

9

14

13

13

84

15

2

833
349
53

16
23
2

11
17
1

21
12
2

41
20
2

43
20
1

56
24
10

45
21
3

31
43
7

22
44
2

97
39
7

110
34
1

72
20
6

242
11
1

7
5
3

5
5
4

11
1

2

2

2

2

1

1

1

14

26

12

1

1

10

10

1,257

41

31

37

63

66

92

70

81

69

143

145

98

265

16

Net increase or decrease
- 9 - 1 3 - 1 5 - 3 3 - 4 4 - 7 8 - 5 5 - 7 1 - 6 6 - 1 3 4 - 1 3 1 ^ 8 5 - 2 5 2 +68
-941
Number of active State banks at end of year
591 1,523 1,510 1,495 1,462 1,418 1,340 1,285 1,214 1,148 1,014 883 798 546 614
or period._
__ _ _ .
1

See footnotes appended to Table 3.




14

+1 ~^24
615

591

1114

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

MONTANA
Number of active State banks at beginning of
year or period.
_
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
SuspensionsConsolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified_
Total decreases

_

Net increase or decrease
Number of active State banks at end of year
or period
_

275

275

260

19

242

183

153

145

5

4

1

2

1

2

2

137

134

131

128

1

2

116

4

3

38

3

5

6

6

3

2

177
28
30

15
3

22

60
3
2

28
2
6

7
3
1

6
1
3

74

74

1

1

1

1
1

1

3

4
5

2

2

1
2

1
1
1

1

2

1

2
2

9
2
2

8
4
3

4
4

16

1

1

1

1
1

1

2

2

2
3

15

7

3

1

74

74

74

433

271

299

300

1 _____

7

7

5

9
9
4

31

1

14

22

45

c

5

101
6
8

48

178
6
6

6

1
4

2

1

5

36
-30

260

242

183

1,010 1,010

984

69

3

90
41
4

1

209

4

5

5

8

7

8

8

10

24

23

12

710
126
43

25
4
1

23
9

15
7

13
6

20
10

22
6
1

22

49
15
1

149
20
4

42
24
4
18

10

3

14

65
-59

18

11

4

23

— 15 - 1 8

74

82

2

1

15
3

239

95

1

1

—201

102

-7

17

-8

-8

-3

—3

-3

-12

-14

153

145

137

134

131

128

116

102

95

82

956

938

927

904

883

857

798

646

580

475

4

4

8

6

7

5

8

1

1

2

1

1

2

23

22

10

-13

9
-8

NEBRASKA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
...
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptionsVoluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
_..
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period _

1

1

1

38

1

1

5
1

2

13

i

919

30

33

23

19

30

29

34

69

-710

-26

-28

-18

-11

-23

-21

-26

-59

300

984

956

938

927

904

883

857

798

646

580

24

24

25

24

23

23

24

24

25

25

25

6

2

117

56

184

17

8

152 - 6 6 - 1 0 5

-42

162

+28

+1

475

433

271

299

300

300

25

22

6

4

4

176

89

NEVADA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
„
Total decreases
Net increase or decrease
N u m b e r of active State b a n k s at end of year
or period
1

See footnotes appended to Table 3.




2
1

1

1

1

1

1

9

2

20
6

1

28

1

2

1

— 19

+1

—1

—1

25

24

23

1

1

1

1

1
1

1

1
1
1

1

2
1

14
2

3

16

1
1

•

1

+1

+1
23

24

24

25

-3
25

25

25

22

— 16
6

1
i

5

1

+1

—1
4

4

5

NOVEMBER 1937

1115

FEDERAL RESERVE BULLETIN

TABLE 5.—CHANGES IN THE NUMBEE OF STATE BANKS DURING 1921-1936, BY STATES1—Continued
Total
19211936

1921

1922

1923

1924

1925

1926

1927

1928

1929

1930

1931

1932

1933

14

14

1934

1935

1936

NEW HAMPSHIRE
Number of active State banks at beginning of
year or period
__
Increases:
Primary organizations
Conversions:
From private banks...
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified _
___ . .
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions
Voluntary liquidations
Conversions:
To National banks.
To private banks
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period.
_
__

14

14

14

14

15

1

16

15

15

15

15

15

15

13

13

IS

1

1

1
1

1
1

3

1

3
1

1
1

=

1
1

1

1

2

+T:

—1

—1

—1

4
1

1

•

13

14

14

15

16

15

15

15

15

15

15

14

14

13

13

13

13

154

154

162

174

187

198

212

237

247

238

236

230

183

173

161

163

162

110
7

9

14

13

10

11

22

19

2

6

2

1

3

2
1

1

2

1
2

NEW JERSEY
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions. .
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Net increase or decrease _____
Number of active State banks at end of year
or period

1
1

12
19
10
158

9

14

15

12

1

1
1

1

1

14

25

56

91
3

152

1

2

2

1
1

1
3

4
5

8
5

2

1
1

22

3

8

3

1

3

11

13

3

2

12

12

1
8

2
7

22
25
1

3
9
1

17
6

8
3

2
2

1
3

4

1

2

1
2

1

48

13

23

11

+10

-9

-2

-6

—47

—10

—12

+2

237

247

238

236

230

183

173

161

163

162

160

34

31

30

30

29

27

24

22

16

18

19

12

1

+6

+8 +12 +13 +11 +14 +25

160

162

174

187

198

212

78

78

70

63

50

40

1

2

12

10

9

4
_2

NEW MEXICO
Number of active State banks at beginning of
year or period.._
._
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Unclassified
Total increases.
Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liciuidations
Conversions:
To National banks
To private banks
Unclassified
_
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period
1

See footnotes appended to Table 3.




7
2
7

1

1
1

2

16

1

3

3

2

46
17
10

6
2

2
7
1

12

11
1
1

8

1

I

1

10

13

13

8

1

1

1

1
3

1
1

1
1

3

4

1

2
1

2
1

3

3

1
1

4
2
1

1

1
75
—59
19

1

9
-8
70

-7
63

-13

-10

50

40

-6
34

3
-3
31

1

1

-1
30

30

1

2

-1

o

-3

-2

29

27

24

22

6

2

-6

+2

+1

18

19

16

19

1116

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES 1 —Continued
Total

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

19211936

NEW YORK
Number of active State banks at beginning of
year or period
.
Increases:
Primarv organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unolassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
_ .. ...
UnclassifiedTotal decreases
Net increase or decrease
Number of active State banks at end of year
or period
_
__

336

339

342

358

371

376

390

383

381

374

364

325

320

115

7

8

18

15

9

15

9

11

13

7

1

1

1

25
8
14
2
17

2

2

6
1

3
1

2

5
4

1

1
1

1
1

1
1

4

5

181

9

11

25

19

11

24

10

13

61
129
8

2
3
1

6
2

8

4
1

5
1

8
1

16

13
1

1

1

1

1

9

6

336

1

318

319

318

6

1
3
2

37

6

10

15

8

2

5

23

6

2
19

4
13

28
13

2
7
1

21
4

2
3

1

1

1

1

15

22

5

1

205

6

-24

+3

+3 +16 +13 +5 +14

-7

-2

312

339

342

358

371

376

390

383

381

513

513

508

485

476

457

433

407

53

13

7

8

5

2

3

1

2
6
54
23
32

2
1

1
1

1

170

16

8

12

6

2

4

2

1

3

11

35

11

322
12Q
37

14
4
3

7
20
1

16
5

11
12
1

12
10
3

12
12
6

12
11
4

5
7
4

17
2

83
14
2

49
9

26
6
5

1

1

8

17

18

41

10

7 -10

-39

-5

-2

+1

374

364

325

320

318

319

318

312

382

366

350

262

239

213

191

201

200

1

1

3

5

1

2

1

1
1

8

30

10

25

6
—6

NORTH CAROLINA
Number of active State banks at beginning of
year or period
_.
..
Increases:
Primary organizations
Conversions:
From private banks
From National banks
_._
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
UnclassifiedTotal increases
Decreases:
Suspensions
._.
Consolidations, mergers, and absorptions..
Voluntary liquidations.
-- Conversions:
To National banks..
.._
To private banks
Unclassified
Total decreases . _ _ _ _

-__-___

Net increase or decrease
_.
Number of active State banks at end of year
or period

1

1
1

1

2

3

7

1
14

1
1

40

16

2

1

58
1
2

3
3

1
2

3
1

8
30

1

1

486

21

31

21

25

26

30

27

17

19

99

58

37

62

6

3

4

-316

-5

-23

-9

-19

-24

-26

-25

-16

-16

-88

-23

-26

-22

+10

3

197

508

485

476

457

433

407

382

366

350

262

239

213

191

201

200

197

694

694

659

657

566

509

482

408

373

337

288

214

160

151

135

137

137

9

7

2

1

6

3

4

2

NORTH DAKOTA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
__
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions.
. . . ___
. . __.
Consolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:
To National banks
To private banks.
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period _
._
i See footnotes appended to Table 3.




35

3

5
4
1

10
56
18

8

119

8

17

2

15

10

1

6

3

3

6

5

515
124
26

35

11
8

85

66
4
1

25
8
3

48
25
2

33
6
2

33
4
2

29
15

51
26
2

53
4
2

13

3

1

1

12

2

3

1

3

1

3
4

7

2
3

8
13

1
4

24

5

2

34
1
4

1
1

2

1
5

7

1

1
1

1
679

43

-560

-35

134

659

19

657

93

72

37

75

41

39

52

80

59

16

40

3

-91

-57

-27

-74

-35

-36

-49

-74

-54

-9

-16

+2

566

509

482

408

373

337

288

214

160

151

135

137

2

8

137

134

3

1117

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES 1 —Continued
Total
19211936

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

OHIO
Number of active State banks at beginning of
year or period
_
Increases:
Primary organizations .
. . . .
Conversions:
From private banks _
.From National banks
_.
Reopenings of suspended banks
. .
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To National banks
_
To private banks
Unclassified..
. ...
Total decreases
Net increase or decrease _
.
Number of active State banks at end of year
or period

627

627

626

640

651

655

658

651

643

638

629

597

504

493

409

436

75

7

10

10

9

4

5

7

3

5

2

2

3

4

3

1

55
2
73
30
11

7

15

10

6

4

1

3

6
1
4

1

1
1
3

246

14

25

21

15

10

6

11

14

7

5

293
122
6

1
13

11

1
8

3
8

1
6

5
8

12
7

9
9
1

8
8

20
17

4

1

425

.....

1

2 .....

2

2

1
14

10
21
8

20
8

12
1

3

2
7

19

43

32

14

3

86
13
1

21
8
1

125
2

3
1

2

1

15

11

10

1

1

1

11

37

100

9 -32

-93

629

597

504

493

409

436

448

448

334

333

324

302

274

246

199

195

191

5

6

4

6

3

1

2

2

3

2

3
2

5

17
1

5
1

8
5

2
6

2
4
19
8

13

19

19

7

8

-5

658

651

643

638

420

372

368

357

10

7

8

3

4
9

4
4

8
2

3
1

+14 +11

448

+4 +3

16

30

5

127

11 - 8 4

-179

-1

448

626

640

651

655

614

614

556

463

74

5

7

63
52
24
8

1
9

7

221

15

14

23

15

18

7

10

11

22

12

16

9

35

333
148
41

24
20

31
8

36
10
2

41
17
3

11
7
2

13
5

20
10
1

3

20
9
2

16
15
3

22
17
5

23
8
6

69
5
6

113

26

64

18

2

11

3

4

2

3

+27 +12

OKLAHOMA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks _ _ .
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
_____
Total increases..
Decreases:
Suspensions
Consolidations, mergers, and absorptions._
Voluntary liquidations
Conversions:
To National banks
To private banks
_.
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period

2

1
• 1
5
7
1
5
5

2

3
1
4

4

1

2
2

5

2
31

34

44

37

82

11

9

4

-9

-22

-28

-28

-47

—4

—4

-2

333

324

302

274

246

199

195

191

189

168

152

150

140

132

115

88

48

52

52

4

2

1

2

1

2

646

73

107

66

63

22

18

33

-425

-58

-93

-43

-48

-4

-11

-23

189

556

463

420

372

368

357

334

189

189

183

181

178

181

176

28

2

4

2

6

2

1

6
6

1

42

4

6

2

7

1

93
67
9

4
5

6

3

3

2
3

1

1

7

1

1

1

1

1

179

10

8

5

4

6

-137

-6

-2

52

183

181

12

OREGON
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
_ __ _
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Net increase or decrease _ .
Number of active State banks at end of year
or period

i See footnotes appended to Table 3.




1 .....

1

1
1

2

2
6

5
2
1

4

3

10
9
1

2
2
1

1
6
1

1

2

3

2

6

1

2
5
1

10
9

18
11
1

27
12
1

2

1

30

42

2

27 - 4 0

+4

1

52

52

2
2

1

3

Q

+3

178

181

176

8

20

-8

-16

168

15

10

9

19

2 -10

-8

-17

140

132

115

5

150

88

48

1

5?

1118

FEDERAL RESERVE BULLETIN

TABLE 5.—CHANGES I N THE N U M B E R OF STATE BANKS DURING

Total

NOVEMBER 1937

1921-1936, B Y STATES1—Continued

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

19211936

PENNSYLVANIA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Unclassified
Total increases

_

Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period _

612

612

631

657

692

707

719

711

695

689

206

25

28

41

24

20

9

7

9

4

1

5
1

2
2
1

2

2
2

1
1

16
8
7
6
1

1
1

657

614

492
2

26

207
231
6

3
4

30

385

36

1
1

1

390

1

1
1

2
1

47

29

22

11

9

11

5

4
8

1
12

3
5

1
15

1
23

1
13

4
33

1

2

3

1

3

1

21

4
1

5

9
34

1

3

1

41

7

1

86
31
4

22
42

71
6

1
1
1

1

1

2

2

3

1

1

1

2

2
467

348

1

244

—223

429

7

10

19

25

+19 +26 +35 +15 +12

-8

-16

4

12

14

17
-6

37
-32

123

66

82

4

2

2

- 4 3 -122

-63

-81

+37

+5

-1

43

389

631

657

692

707

719

711

695

689

657

614

492

429

348

385

390

389

16

16

16

15

13

14

13

13

13

14

15

16

16

15

14

14

14

1

1

1

1

RHODE ISLAND
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks _
. ...
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified.

1

9

1

1
1

1

5

1

2

1

1

1

1
1

1

1

Total decreases
Net increase or decrease
Number of active State banks at end of year
or period

1

1

1
_2

2

-1

+1

—1

+1

14

16

15

13

14

13

13

13

14

377

377

365

346

321

300

269

228

206

115

5

3

1

31
8

1

2

2

155

6

5

c

5

15

7

7

6

297
83
18

g

15

36

42
6

22
6

17

1

26
1
1

23
c

]

18

24

+1

+1

1

1

—1

—1

16

16

15

14

14

14

14

158

126

90

109

103

116

124

1

1

26

15

15

11

5

2

1

8

4

3

3

2

34

21

13
16

23
11
1

29
8
1

15

25

SOUTH CAROLINA
Number of active State banks at beginning of
year or period

186

Increases:
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Unclassified. _.
Total increases
Decreases:
Suspensions. _
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases.. . . .
Net increase or decrease . . .
Number of active State banks at end of year
or period
1

See footnotes appended to Table 3.




1

403
-248
129

t

28

26

46

—12 — 19 - 2 5

-21

-31

321

300

269

365

346

2

2

1

1

29

26

31

35

38

15

-20

-28

-32

-36

+19

158

126

90

109

228

206

186

21

1
11

6

1

2

—41 - 2 2

48

c

8

1

—6 +13

+8 +5

27

103

116

124

129

1119

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS'JDURING 1921-1936, BY STATES1—Continued
Total

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936]

19211936

SOUTH DAKOTA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks...
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions. _
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified. _
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period

561

561

560

558

520

432

382

321

318

41

2

6

3

10

6

3

1

4

3

43

3
95

1
1

5

294

235

184

1

3

2

2

27

1
1

2

12

5

14

2

52
10

60
4

16
1
1

314

168

147

148

147

2
2
1

1

1

3

4

144

2

8

3

18

9

46

28

3

491
55
11

1
2

9
1

39
1
1

98
3
4

51

101
6

25
4
1

4
3

7
1

1

1

5

13
6
1

2

20
3
1

1

2
2
4

1

562

3

10

41

106

59

107

31

20

64

65

18

21

-418

—1

-2

-38

-88

-50

-61

—3

-4

-20

-59

-51

-16

-21

+1

-1

-4

143

560

558

520

432

382

321

318

314

294

235

184

168

147

148

147

143

462

462

470

466

461

452

443

424

406

396

384

356

314

284

259

258

253

87

16

7

9

10

7

4

5

4

9

4

4

1

1

3

1

2

3
29

1

6

4

5

10

1

4

1

2

4
1

1
5

4
4
5

6

13

7

4

6

TENNESSEE
Number of active State banks at beginning of
year or period
Increases:
Primary organizations ._
Conversions:
From private banks
.
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
_
Total decreases
Net increase or decrease
Number of active State banks at end of year
or period _
_

2
1

2

3

3
122

17

7

10

10

9

4

5

4

11

10

8

9

11

175
124
34

3
4

1
8

3
11

5
11
3

7
8
2

12
10
1

17
4
2

4
9
1

12
7
3

26
9
2

27
22
1

25
6
8

29
6

9

2

2

1

1

1

23

38

11

15

1

19

18

23

23

14

50

39

36

5

—12 —28 —42

—30

—25

—1

—5 — 11

314

284

259

258

253

242

699

658

594

544

480

456

439

4

4

4

9

5

1

5

342

9

—220

+8

-4

—5

-9

-9

—19

242

470

466

461

452

443

424

406

396

384

356

1,031 1,031 1,001

969

951

931

834

783

759

716

19

4

11

10

19

—18 —10

1

TEXAS
Number of active State banks at beginning of
year or period
_
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases..
Decreases:
Suspensions
Consolidations, mergers, and absorptionsVoluntary liquidations
Conversions:
To National banks... _ _
To private banks
Unclassified
Total decreases

152

28

8

11

10

20
11
52
8
6

4

1
2
6

5
1

3

249

35

17

17

14

22

7

26

15

21

9

16

298
305
99

33
26

19
13

8

14
13
2

23
15
1

26
18
4

25
20

16
35
6

23
7

17
27
6

46
30
3

12
1

15

80

10

1

1

150

3

£

2

1
1

i

2

15

1
11

2
2
4

1
3

10

17

9

9

5

21
28
11

37
21
18

g
9

3
9
14

3
9
7

2

15

26

21

1

1
6

3

3
857

1

6

65

49

35

34

119

58

50

58

38

50

80

60

81

33

—608 —30 —32 — 18 - 2 0 - 9 7 —51 - 2 4 - 4 3 —17 —41 - 6 4 - 5 0 - 6 4 - 2 4 - 1 7 - 1 6
Net increase or decrease
Number of active State banks at end of year
or period
. .
- - . 423 1,001 969 951 931 834 783 759 716 699 658 594 544 480 456 439 423

i See footnotes appended to Table 3.




1120

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES1—Continued
Total
1922

1921

19211936

1924

1923

1925

1927

1926

1928

1929

1930

1932

1931

1933

1934

1935

1936

UTAH

Total decreases

.-

Net increase or decrease
Number of active State banks at end of year
or period
- - --

106

100

7

1

1

7

1

14

2

1

46
27
1

7
1

1
3

2

8

4

2

74

97

95

94

1

1

93

91

87

85

1

84

82

Q

1

1
_

1
1

2

2

—1

2
2

4
-4

-2

4

-6

46

100

97

95

94

93

91

87

38

38

38

39

40

40

40

40

45

46

1

1
3
1

1
—1

85

84

40

40

-2

-60

46

5

2

2

59

1

1

1

72

1

5
8
2

14
4

8

1

10

18

13

1

1
to

Total increases
Decreases:
Suspensions
-- -Consolidations, mergers, and absorptions..
Voluntary liquidations
.
-Conversions:
To National banks
To private banks
.-.
._ Unclassified
-.
--

106

-10

-13

-13

—1

+1

OO
to

Increases:
Primary organizations
_ _._
Conversions:
From private banks
From National banks
_ . _.
Reopenings of suspended banks.
Reopenings (licensing) of unlicensed banks.
Unclassified

to to

dumber of active State banks at beginning of
year or period
_ __ _.

72

59

46

45

46

46

39

38

36

36

33

35

35

3

VERMONT

Increases:
Primary organizations
Conversions:
From private banks _ _
-From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks _.
Unclassified
..
Total decreases..
Net increase or decrease
Number of active State banks at end of year
or period
VIRGINIA
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
- ..
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks
Unclassified-__
--Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
...
To private banks
Unclassified- __
Total decreases
Net increase or decrease.
Number of active State banks at end of year
or period
1

See footnotes appended to Table 3.




1

1
1

1
1

1
2
1

5

1

1
1

5

8

1

+1 +1

4
2

1

_o

2

1

4

2

_1

—1

_2

—3

+2

35

38

39

40

40

40

40

40

40

39

38

36

36

33

35

35

35

337

337

332

325

325

322

318

318

311

306

300

275

248

228

193

195

195

61

10

10

8

7

4

3

2

2

3

4

1

1

1

1

1

1

1
24

1

2

1
1

1
13

1

1
1

5
9
9

112

10

122
108
10

10

8

7

5

5
5

;

6

7

8

10

16

6

7

256

15

17

5

5

c

L

5

8

2

12

c

— 14
19

332

325

325

322

318

318

311

17

i

306

8

18
9

31
11

6

15
4

20

6

2

26
27

to to

Number of active State banks at beginning of
year or period

2

10

27

44

26

55

—6

—25

—27

—20

—35

+2

300

275

248

228

193

195

1

3
-2
195

193

1121

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936, BY STATES 1 —Continued
Total
1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936

19211936

WASHINGTON
Number of active State banks at beginning of
year or period
.
Increases:
Primary organizations..
Conversions:
From private banks _
_ _ _ ._
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
_
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases

306

306

295

275

268

257

251

37

6

2

3

1

7

3

1

1

2
12
22

244

239

234

224

194

1

6

3

1

2

166

134

127

2
1

1

1

2

2
15

3
6

1

9

1

2

2
1

7
1

1

6

3

4

1

8

5

1

1

7

3

1

4

17

129
67
21

11
4

5
4

5
4

7
4
1

4
1
7

2

4
4
1

2
3

6
4
1

2
5
3

16
10
4

23
4
2

44
8

14

2

2

1

1

3

1

30

128

2

73

_

2

2
3
1

1
251

Net increase or decrease
_
-_
Number of active State banks at end of year
or period
_

254

—178

17

23

— 11 —20

31

32

55

3

—5

—5 — 10 - 3 0

-28

-38

+6

8
_7

+1

12

14

2

11

6

—7 — 11

—6

+3

— 10

11

12

13

1

128

295

275

268

257

251

254

244

239

234

224

194

166

128

134

127

128

219

219

221

219

221

222

220

219

213

205

182

169

131

132

102

103

104

28

5

4

4

3

4

1

1

1

1

3

7

1
5

1

3
1

1
1

3

4

2

4

2
1

1

3

1

WEST VIRGINIA
Number of active State banks at beginning of
year or period
_.
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified...
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions. .
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases

___ .

1

21

1

1
53

5

4

106
52

1

1
4

4

3

4

1

2

2

3
3

2

4
4

4
4

1

1

8

9

1

13
11

5
8

39
7

4
4

28
1
1

1

1

1

1
164

3

-111
Net increase or decrease.._ _
Number of active State banks at end of year
108
or period
.__ _

+2

6

2

2

+2

6

2

8

8

24

14

46

8

31

—2

—1

-6

-8

-23

-13

-38

+1

-30

+1 +1 +4

221

219

221

222

220

219

213

205

182

169

131

132

102

103

104

108

830

830

844

841

840

829

824

815

807

804

796

774

731

651

354

514

508

74

15

7

11

2

3

4

6

10

8

2

2

1

1

1

1

1
1

4

2

2

1

11

10

5
1
41

182

2
8

WISCONSIN
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
Total increases
Decreases:
Suspensions
Consolidations, mergers, and absorptions. .
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
Total decreases,

___

Net increase or decrease
Number of active State banks at end of year
or period
.
_.
\ See footnotes appended to Table 3.




6
55
231
366

15

7

535
133
16

1

6
1

14

4

11

1

10

2

7

6

8

10

10

10

14
1
1

1

13

9

13

12

13

48

188

11

1

11

23
12

41
13
1

63
29
1

3?8
14
2

5
22

5
10
1

8
1

1

1

2

2

1

1
12

696

1

-330

+14

-3

—1 -11

c

500

844

841

840

829

824

10

15

15

15

16

13

17

35

55

-9

-8

—3

-8

-2?

-43

815

807

804

796

774

731

28

17

9

- 8 0 - 2 9 7 +160

-6

s

354

508

500

93

651

345

514

1122

FEDERAL RESERVE BULLETIN

NOVEMBER

TABLE 5.—CHANGES IN THE NUMBER OF STATE BANKS DURING 1921-1936,
Total
19211936

1921

1922

1923

1924

108

108

102

96

87

16

4

6
8

1

1925

1926

1927

1928

1929

1937

STATES1—Continued

BY
1930

1931

1932

1933

1934

1935

1936

34

33

1

1

WYOMING
Number of active State banks at beginning of
year or period
Increases:
Primary organizations
Conversions:
From private banks
From National banks
Reopenings of suspended banks
Reopenings (licensing) of unlicensed banks.
Unclassified
__
Total increases. _ _

.

Decreases:
Suspensions
Consolidations, mergers, and absorptions..
Voluntary liquidations
Conversions:
To National banks
To private banks
Unclassified
._.
Total decreases. __

__

Net increase or decrease
Number of active State banks at end of year
or period
i See footnotes appended to Table 3.




2 .....

71

5

3

1
4

62

59

57

60

2

1

1

1

2

2

1

2

3

3

2

3
2

1
4

60

57

53

46

37

3

3
1

2
4
1

3
4
2

3

1

1
31

5

2

3

11

58
44
5

7
4

4
4

7
5

24
3

107

11

8

12

27

—76

—6

—6

—9

—16

32

102

96

87

71

3
6

9
-9
62

1
1

2

5

5

—3

—2

+3

59

57

60

60

3

4

7

9

3

—3

—4

—7

—9

—3

57

53

46

37

34

1
i

33

1
—1
32

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES




1123

1124

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
reserve balances

Reserve bank credit outstanding

Date

Bills
Bills
disbought
counted

End of month figures:
1936—Sept. 30
Dec. 31
1937—jan> 31
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30

U. S.
Other
GovReserve
ernbank
ment
securi- credit1
ties

Total

Monetary
gold
stock

Treasury
currency
outstanding

Money
in circulation

Treasury
cash
holdings

Other
Treasury
NonFeddeposits
memeral
with
Federal ber de- Reserve
posits
acReserve
counts
banks

Total

Excess
(estimated)

9
3
3
5
12
12
17
10
15
22
22

3
3
3
3
3
4
6
4
3
3
3

2,430
2,430
2,430
2,430
2,430
2,525
2,526
2,526
2,526
2,526
2,526

30
64
60
27
12
24
35
22
30
26
28

2,473
2,500
2,497
2,465
2,458
2, 565
2,585
2,562
2,574
2,577
2,579

10, 845
11, 258
11,358
11, 436
11, 574
11,799
11,990
12,318
12, 446
12, 567
12, 741

2,512
2,532
2,532
2,536
2,541
2,543
2,547
2,550
2,572
2,585
2,599

6,267
6,543
6,349
6,399
6,377
6,426
6,462
6,447
6,460
6, 524
6,542

2,458
2,376
2,520
2,608
2,753
2,967
3,144
3,445
3,586
3,720
3,582

253
244
195
194
311
88
73
93
233
139
141

234
259
281
288
236
288
272
285
301
337
374

262
261
260
253
258
257
255
260
258
257
265

6,357
6,606
6,781
6,695
6,639
6,881
6, 915
6,900
6,753
6,751
7,014

1,840
1,984
2,152
2,078
1,398
1,594
918
865
791
773
1,038

7
7
5
6

3
3
3
3

2,430
2,430
2,430
2,430

7
29
25
18

2,448
2,470
2,464
2,457

11,058
11,105
11,127
11,162

2,515
2,516
2,520
2,520

6,378
6,393
6,375
6,429

2,392
2,366
2,378
2,370

95
55
50
79

200
191
197
206

262
262
260
261

6,693
6,825
6,851
6,795

2,138
2,260
2,276
2,210

2
9
16
23
30

6
6
8
9
5

3
3
3
3
3

2,430
2,430
2,430
2,430
2,430

28
29
42
100
46

2,467
2,468
2,483
2,542
2,484

11,188
11, 206
11,222
11,229
11, 251

2,522
2,525
2,532
2,531
2,530

6,466
6,497
6,552
6,680
6,550

2,353
2,372
2,346
2,342
2,368

110
93
173
251
231

212
229
227
256
274

260
278
265
266
270

6,775
6,731
6,674
6,507
6,572

2,205
2,157
2,046
1,881
1,946

1937_jan e
Jan.13
Jan. 20
Jan. 27

3
2
2
3

3
3
3
3

2,430
2,430
2,430
2,430

28
40
32
42

2,464
2,476
2,468
2,478

11,271
11,306
11,317
11, 345

2,531
2,528
2,533
2,531

6,473
6,371
6,339
6,318

2,395
2,439
2,463
2,503

232
190
188
180

278
308
312
315

261
261
261
259

6,627
6,740
6,755
6,779

2,010
2,103
2,130
2,160

3
3
3
4

3
3
3
3

2,430
2,430
2,430
2,430

28
42
41
22

2,463
2,477
2,478
2,460

11,364
11,387
11,403
11,425

2,531
2,531
2,530
2,532

6,348
6,360
6,351
6,372

2,529
2,563
2,575
2,602

176
132
162
180

286
310
300
302

261
259
256
255

6,758
6,771
6,768
6,705

2,150
2,184
2,186
2,097

Mar. 17
Mar. 24
Mar. 31

7
5
4
8
12

3
3
3
3
3

2,430
2,430
2,430
2,430
2,430

17
16
12
22
12

2,457
2,454
2,450
2,463
2,458

11,443
11,484
11,515
11,541
11, 574

2,535
2,537
2,538
2,537
2,541

6,407
6,376
6,385
6,375
6,377

2,620
2,672
2,697
2,723
2,753

216
186
87
279
311

280
238
243
326
236

253
254
261
260
258

6,660
6,749
6,830
6,578
6,639

1,310
1,380
1,449
1,269
1,398

Apr.
Apr
Apr.
Apr.

7
14
21
28 __.

8
11
8
11

3
4
3
4

2,459
2,487
2,487
2,526

23
27
25
29

2,493
2,528
2,523
2,571

11,592
11, 697
11, 737
11,782

2,539
2,541
2,540
2,541

6,387
6,383
6,388
6,381

2,774
2,876
2,914
2,956

275
112
119
95

247
236
245
270

258
258
259
258

6,684
6,901
6,877
6,934

1,442
1,627
1,587
1,643

May
May
May
May

5
12
19
26

17
16
15
16

4
5
4
6

2,526
2,526
2,526
2,526

30
29
19
9

2,577
2,576
2,565
2,557

11,838
11,882
11,907
11, 977

2,547
2,545
2,547
2,546

6,426
6,405
6,399
6,399

3,013
3,056
3,079
3,140

97
106
117
80

286
237
250
261

257
257
256
256

6,882
6,943
6,918
6,944

887
936
907
938

June
June
June
June
June

2
9 _ ,
16
23
30

17
14
14
13
10

6
6
5
4
4

2,526
2,526
2,526
2,526
2,526

23
26
38
19
22

2,573
2,573
2,583
2,562
2,562

12,027
12,118
12, 220
12, 270
12,318

2,548
2,547
2,548
2,550
2,550

6,487
6,435
6,415
6,394
6,447

3,182
3,254
3,348
3 396

M45

115
85
250
151
93

255
279
267
324
285

256
255
263
263
260

6,854
6,929
6,808
6, 854
6,900

860
931
752
814
865

July
July
July
July

7
14
21
28

13
15
12
15

4
4
3
3

2,526
2,526
2,526
2,526

35
40
22
16

2,578
2,585
2,564
2,560

12,376
12,423
12,404
12,433

2,552
2,551
2,553
2,574

6,524
6,457
6,436
6,424

3,511
3,550
3,527
3,576

101
90
184
228

285
275
258
305

258
258
258
258

6,827
6,928
6,858
6,776

875
964
874
813

Aug.
Aug.
Aug.
Aug.

4
11
18
25

15
17
18
19

3
3
3
3

2,526
2,526
2,526
2,526

17
26
18
17

2,561
2,572
2,565
2,565

12,
12,
12,
12,

462
497
527
541

2,572
2,573
2,577
2,577

6,468
6,482
6,500
6,495

3,605
3,640
3,672
3,683

309
253
156
161

320
327
340
356

258
259
258
258

6,636
6,681
6,744
6,730

704
740
782
761

Sept.
Sept.
Sept.
Sept.

1
8
15
22

24
24
23
24

3
3
3
3

2,526
2,526
2,526
2,526

26
20
46
24

2,579
2,572
2,598
2,578

12, 567
12, 604
12, 651
12,694

2,585
2,587
2,590
2,593

6,532
6,597
6,554
6,529

3,719
3,756
3,495
3,537

156
130
348
193

337
314
313
362

256
257
266
266

6,731
6,710
6,865
6,977

750
756
880
1,020

Sept. 29
Oct. 6
Oct. 13
Oct. 20

24
23
23
18

3
3
3
3

2,526
2,526
2.526
2,526

20
31
6
17

2,573
2,583
2,558
2,565

12, 734
12, 765
12,784
12, 793

2,596
2,596
2,601
2,605

6,520
6,569
6,585
6,546

3,575
3,610
3,634
3,654

140
76
83
82

369
421
458
479

266
265
264
264

7,033
7,003
6,919
6,939

1,062
1,090
992
1,021

Wednesday figures:
1936—Nov. 4
Nov. 10
Nov. 18
Nov. 25
Dec.
Dec.
Dec.
Dec.
Dec.

Feb.
Feb.
Feb.
Feb.

3
10
17
24

Mar. 3
Mar. 10

1
Includes industrial advances.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1936 (tables 3 and 4) 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 . 1071.




1125

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures

Oct. 20

Oct. 13

Oct. 6

E n d of m o n t h

Sept. 29 Sept. 22 Sept. 15

Sept. 8

Sept.

Aug.

Sept.

Gold certificates on hand and due from U. S.
Treasury
9,126,389 9, 126,
,127,389 9,, 127, 392 9, 129, 890 9, 129, 890 8,, 830, 890 9,127,390 8,831,387 8,384,683
9,646
8,663
9,438
8,964
10,422
8,950
12,428
9,192
10,422
10,422
Redemption fund—F. R. notes
303,903 293, 765 300,809 316,143 308,416 296,320 271,248 313,854 295,019 261,445
Other cash
Total reserves.
Bills discounted:
For member banks
For nonmember banks, etc..
Total bills discounted.

9,439, 730 9, 430, 300 9,438,620 9,453,957 9,446,969 9,435,402 9, 111, 102 9,451,666 9,135,356 8,658. 556
18,482
2

23,449
2

23,054
2

22, 588
1.002

18,484

23,451

23,056

23, 590

2,830

2,813

19, 622

2,813
19, 680

Bills bought:
Payable in dollars
Payable in foreign currencies.
Total bills bought.
Industrial advances

2,830
19,478

3,026
20, 598

'23,193
1.002

23,196
2

23, 557
2

21,315
1.002

21, 559
2

6,545
2,906

23,198

23, 559

22, 311

21, 561

9,451

3,026

3,067

3,076

3,026

3,076

3,098

3,026
20, 601

3,067
20,603

3,076
20,709

3,026
20, 544

3,076
20,895

3,098
28,145

U. S. Government securities:
Bonds
Treasury notes
_..
Treasury bills

738,073 738,073 738,073 738,073 738, 073 738,073! 738,073 738,073 737,073 378, 077
,157,713 1,157,713 1,157, 713 1,157,713 1, 443, 363
1,157,713 1,157,713 1,157,713 1,157,713 , 157, 7
630,404 630,404 630,404 630,404 630, 404 630,404 630,404 630, 404 631,404 608, 787

Total Government-securities..
Other Reserve bank credit

2, 526,190 2, 526,190 2,,526,
526,190 2, 526,190 2, 526,190 2,!, 526,190 }, 526,190 ,526,190 , 526,190 2,J, 430, 227
2, 435
5,195
7,012
" """
25, 241 -1,140
10,941
3,493
- 5""'"
15
- 1 , 6 0 7 -14,302

Total Reserve bank credit outstanding

2, 565, 375 2, 557, 791 2, 582, 680 2, 572, 889 2, 577, 505 2, 598, 299 2, 572, 394 2, 579,089 2, 576,917 2, 473, 356

LIABILITIES
F. R. notes in actual circulation

4, 270, 223 4, 291, 519 4,284, 339 4, 246, 268 4, 253,156 4, 271, 313 4, 295, 483 4, 263, 226 4, 251, 916 4, 049,143

Deposits:
Member bank—reserve account.._
U. S. Treasurer—general account .
Foreign bank
Other deposits

r, 014,
,751,
6, 938, 802 6,>, 918,
7,032,
6,
751, 470 6, 356, 952
,032, 833 6,977,186 6,864, 732 6, 709, 993 7,014,096
,003,
918, 902 7,003,033
138,955 252, 737
130,390 140,
83, 231
81,557
"" ' " " 140,273 •'""
'"" 347, 686 ~~
"~
"~
193, 490
76,183
51, 950
276, 444 283, 014 287, 311 243, 378 237, 332 199,837 200, 427 247, 916 189,015
202,130 174, 745 134,065 125,612 124, 734 112,978 113, 616 126, 472 148,417 181, 873

Total deposits..
Ratio of total reserves to deposit and F. R. note
liabilities combined (percent)
r

7, 498, 933 7, 459, 892 7, 500, 592 7, 542,096 7, 532, 742 7, 525, 233 7,154, 426 7, 529. 368 7, 227,857 6,843, 512
80.2

so. 2

10.2

80.2

Revised.

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
fin thousands of dollars]

Total

Bills discounted:
Sept 29
Oct 6
Oct 13
Oct 20
Bills bought in open market:
Sept 29
Oct 6
Oct 13
Oct 20
Industrial advances:
Sept 29
Oct 6
Oct 13
Oct 20
U. S. Government securities:
Sept 29
Oct 6
Oct. 13 _ _
Oct. 20




Within
15 days

16 to 30 31 to 60
days
days

61 to 90
days

23, 590
23, 056
23,451
18,484

21, 534
21,306
21, 744
16,604

434
291
301
456

1,012
954
824
612

436
318
348
478

3,026
2 813
2 830
2,830

391

1,016
49
200
297

302
278
273
222

1,317
2 486
2 331
2,285

20,598
19 680
19 622
19, 478

1,179
1 009
960
1,057

190
290
301
161

572
664
645
818

696
903
928
830

27, 349
30,190
29, 685
29,539

61,055
60,794
59, 655
63, 358

60,168
59,486
57,016
51,768

2,526,190
2, 526,190
2, 526,190
2, 526,190

26
26

27,472
25, 282
27,349
30,190

91 days 6 months 1 year
to
to
to 6
2 years
1 year
months

2 vears
'to
5 years

173
183
232
332

1
4
2
2

1,898
1,655
1.904
1,779

3,117
2,910
2,884
3,450

5,801
5, 526
5,519
5,031

7,145
6,723
6,481
6,352

425, 413
406,838
404, 213
396, 582

209, 798
209,798
209, 798
209, 798

631, 653
631, 653
631,653
631, 653

396, 030 *
414,897
419, 569
426, 050

Over
5 years

687,252
687,252
687,252
687, 252

1126

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]

Total

Gold certificates on hand and due
from U. S. Treasury:
Sept. 29
_
Oct. 6
_
Oct. 13
Oct. 20
_
Redemption fund—Federal Reserve
notes:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Other cash:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Total reserves:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
_.
Bills discounted:
Secured by U. S. Government
obligations direct or fully guaranteed:
Sept. 29...
Oct. 6
Oct. 13
Oct. 20
Other bills discounted:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Total bills discounted:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Bills bought in open market:
Sept. 29
._
Oct. 6_
._
Oct. 13
Oct. 20
--.
Industrial advances:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
U. S. Government securities:
Bonds:
Sept. 29
Oct. 6
Oct. 13
Oct. 20__
Treasury notes:
Sept. 29
Oct 6__
Oct. 13
Oct. 20
Treasury bills:
Sept. 29
Oct. 6
Oct. 13.._
Oct. 20
Total U. S. Government securities:
Sept. 29
Oct. 6
Oct. 13
Oct. 20.
Total bills and securities:
Sept. 29
_
Oct. 6
Oct. 13
Oct. 20
Due from foreign banks:
Sept. 29
Oct. 6
Oct. 13
Oct. 20




Boston

New
York

Philadelphia

9,127,392 449,268 3,611,702 488,542
9,127,""
'"",813 3,544,646 496,297
389 468
9,126,889 467;
', 493 3,494,271 503,845
9; 126,389 465,055 3,561,968 496,903

Cleveland

Richmond

698,337 302,905
700,855 309,827
702,998 311,158
689,173 306,488

Atlanta

Chicago

232,841 1,706,680
240^ 178 1
1,714,630
244,557 1,719,882
229,841 1,739,497

St.
Louis

276,485 199,187
278, 909
909 198,455
278;
281,488
"
"
~"i 197,382
279,' 424 "194;
' '"

10,422
10,422
9,646

261
261
132
96

1,
1,894
1,65"
1,527

1,18'
1,187
1,091
1,032

870
870
749
690

681
681
808
526

1,464
1,464
1,416
1,385

451
451
339
78:

976
976
949
934

316,143
300,809
293,765
303,903

28,983
27,394
25 139
28; 174

80,682
79,978
77,049
74,523

25,027
25,378
23,992
23,786

15,069
14, 376
16, 547
18,164

16,774
15,326
16.431
18,500

15, 284
13,410
13,120
13, 619

45, 55:
40,007
37,585
38. 521

16, 357
15, 500
16,034
16,514

9,453.95'
9,438,620
9,430,"
9,439,730

478,512 3,694,278 514,756
3,626, 518 522,862
496,468 3;
\ 572,977 528,928
492,764 3!
493,325 3,638,018 521 ,721

Minneapolis

536
536
522
515

Kansas
City

San
Dallas Francisco

281,868 191,362 688,215
288,809 188,386 697, 584
296, 721 188,000 719. 094
281,134 185,160 697,289

203
203
185
175

334
334
320
312

1,565
1,565
1,478
1,464

7,422 20,555 14.357 30,081
6,353 19, 685 15,344 28,058
7,047 19, 604 15, 556 25,661
7, '19,899 16.358 27,865

714, 276 320,360 249, 589 1,752,683
., 752,
1,861
293, 818 207,145 302,626 206,053 719,
716,101 325,834 255,052 1,755,088 295,385 205^ 344 308^
""" 697 204;
" " ""
- "',207
064 721,
720,294 328, 397 259,093 1,757,806 298,471 204,951 316;
510 203; 876 746,
T
. 6233
708,027 325, 514 244, 845 1, 778,800 296,872 202,952 301J 208 20l| 830 726, 1 g

11,951
12,327
13, 268
13,193

505
200
230
314

6,638
6,346
6,906
6,367

73'
1,409
1,402
1,602

382
500
550
814

46:
347
472
533

441
631
844
839

1,010
1,010
1,600
1,070

165
230
245
215

845
820
125
615

116
100
152
157

130
194
344
264

520
540
398
403

11, 639
10,729
10,183
5,291

949
950
725
675

8,021

171
132
177
202

147
54
52
142

281
196
221
136

679
589
505
454

137
21

7^730
2,638

62
12
9
7

103
90
71
148

318
306
392
538

226
174
149
230

545
369
85
59

23,590
23,056
23,451
18,484

1,454
1,150
955

14,659
14,182
14,636
9,005

1,541
1,579
1,804

529
554
602
956

743
543

227
242
254
222

948
910
196
763

434
406
544
695

356
368

1,065
909
483
462

3,026
2,813
2,830
2,830

220
205
205
205

1,075
1,000
1,017
1,016

313
291
291
291

20,598
19,680
19,622
19,478

2,990
2,919
2,919
2,902

5,377
4,710
4,704
4,680

3,721
3,667
3,661
3,652

738,073
738,073
738,073
738,073

53,791
53,791
53,791
53,791

211,831 62,330
211,831
211,831 62, 330
211, 831 62,330

1,157, 713
1,157, 713
1,157,713
1,157, 713

84,374
84, 374
84,374
84,374

332,
332,
332,
332,

269
269
269
269

97, 768
97, 768
97,768
97,768

630,404
630,404
630,404
630,404

45,944
45,944
45,944
45,944

180,929
180,929
180,929
180,929

53,238
53,238
53,238
53,238

61,369
61,369
61,369
61,369

526,190
526,190
526,190
526,190

84,109
.84,109
.84,109
.84,109

725,029
725,029
725,029
725,029

213,336
213, 336
213,336
213,336

245,922
245,922
245,922
245,922

2,573,404 .88,773
2, 571, 739 .88,383
2,572,093 .88,188
2, 566,982 .88,205

746,140
744,921
745,386
739,730

218,278
218,835
218,867
219,083

247,559
247,551
247, 599
247,950

14
14
14
14

72
72
56
56

19
19
19
19

17
17
17
1

2,
2,
2,
2,

190
190
173
173

1,120
1,220
1,349
1"~

67
62
1,147
1,031
1,667
1,132

117
109
109
110

106

378
352
352
352

85
78
78
78

59
54
54
54

85
79
79
79

85
79
79
79

215
200
200
200

1,
1,888
1,885

174
158
156
154

807
777
111
774

250
244
244
244

717
713
682
673

579
562
560
503

1,159
1,153
1,145
1,128

2,084
2,082
2,082
2,081

32,428
32,428
32,428
32,428

81,340
81,340
81, 340
81, 340

32,543
32, 543
32. 543
32, 543

24,009
24,009
24,009
24,009

36, 266
36,266
36,266
36,266

28,818
28,818
28,818
28,818

112,703 60,968 50, 866
112, 703 60,968 50,866
112,703 60,968 50,866
112,703
50,866

127, 584
127, 584
127, 584
127, 584

51,046
51,046
51,046
51,046

37, 661
37, 661
37, 661
37,661

56,885
56,885
56,885
56,885

45,202 100,387
45, 202 100,387
45, 202 100,387
45,202 100,387

69,474
69,474
69,474
69,474

27,796
27,796
27,796
27,796

20, 506
20,506
20, 506
20,506

30,976
30,976
30,976
30,976

24, 614
24, 614
24, 614
24,614

278,398
278,398
278,398
278,398

.11,385
.11,385
.11,385
.11,385

82,176
82,176
82,176
82,176

:24,127
.24,127
.24,127
.24,127

98,634 219,049
98, 634 219,049
98,634 219,049
98,634 219,049

135;
~~721 112,594
135,696 112,536

280,730
280,558
281,194
280,656

11,947
.11,949
11,961
.11,929

83,900
83,853
83,108
83,666

.25,225
25,174
.25,310
125,404

.00, 234222,413
100,234
.00,234 222,240
00,351 221,814
100; 335 221,792

7
7
7
7

23
23
23
23

3
3
2
2

2
2
2
2

820
807
807

lr
71,850
71,850
71,850
71,850 38, 868

33,198
33,198
33,198
33,198

27,697
27,697

27/
27,697

.33,034 110,991
.33,034 110,991
.33,034 110,991

.33,034 110,991
.35,814 112,391
.35,574 112,467

63,999
63,999
63,999
63,999

54,663
54,663
54,663
54,663

13
13
13
13

1127

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]

Total

Bos-

New
York

Philadelphia

Cleveland

Richmond

Atlanta

St.
Chicago Louis

Minneapolis

Kansas
City

Dallas

Francisco

ASSE TS— C ontinued
Federal Reserve notes of other
banks*
1,589
510
1,315
8,403 1,099
27,370
1,949
Sept. 29
1,811
820 1,653
565
V
2,657
513
986
8,136
1,317 2,116 2,039
28,172
Oct. 6
594
4,120 2,097 1,235 2,158
2,861
548
8,171
912
1,428 2,085 1,858
27,814
Oct. 13
_
3,828 2,342 1,110 1,385
485
3,662
524
8,540 1,177
1.351 2,449 2,278
28,431
3,312 2,013 1,029 1,735
Oct. 20
3,360
Uncollected items:
62, 419 58,714 21,815
637,059 64,019 155,348 52,889
85, 523 28,122 19, 955 31,883 25,448
Sept. 29
30,924
64, " 54,421 22, 707
633,125 6i, oo: 150,190 50,160
84, 463 32,148 19,915 33, 736 27,708
Oct. 6
32,036
62,117 60,430 21,791
657,615 62,840 147,113 48,235
93,399 35, 443 22,103 40, 935 30,732
Oct. 13
32,477
68, 414 59,440 24,543
714,261 71, 727 177,752 57,870
Oct. 20
95,025 31,181 20,521 37, 612 29,781
40,395
Bank premises:
6,267 2,728 2,205
10,023 4,856
45,514 3,015
4,633 2,354 1,514 3,177 1,370
Sept. 29
---.
3,372
10,005 4,857
45,456 3,015
4,620 2,354 1,511 3,171 1,364
Oct. 6
6,254 2,728 2,205
3,372
10,005 4,857
45,456 3,015
4,620 2,354 1,511 3,171 1,364
6,254 2,728 2,205
Oct. 13
3,372
10,005 4,857
45,455 3,015
4,620 2,354 1,513 3,171 1,364
6,254 2,728 2,202
Oct. 20
3,372
All other assets:
4,195 2,479 1,453
10,826 4,557
37,952 2,274
3,498 1,439
1,375
Sept. 29
1,726
1,336
2,794
4,236 2,453 1,490
11, 679 4,632
39,114 2,306
3,545 1,476
Oct. 6
1,670
1,392
1,380
2,855
4,307 2,522 1,509
12,064 5,527
40,849 2,362
3,613 1,506
1,710
Oct. 13
1,404
1,409
2,916
4,:"" 2,482 1, " "
11, 761 4,726
39,679 2,334
3,611 1,499
Oct. 20
1,441
1,401 1,744
2,904
Total assets:
692 389, 409 2,132,089
132,
439, 494314,711 466,296 335,012 982,034
Sept. 29
-. 12, 775,446 737,117 4, 625,090 796, 454 1,
12, 756,416 751, 706 "4,551.
"' 395,967 2,
Oct. 6
" - ,521
- • 802,351 1,040,110 523,134
% 132,417 445, 412 313, 252 474,612 335,350 990, 584
12,774,300 749,731 4,495,
" ""'772 807, 345 1,042,016 531,891399,057 2, 144,483 452,079 314,194 489,027 338. 218 1,010,487
Oct. 13
12,834,711 759,144 4,585,862 809,453 1,036, 293 528,317 387,907 2,166,047 445,850311,084 470,880 335,420 998, 454
Oct. 20
LIABILITIES
Federal Reserve notes in actual
circulation:
i,421 949,857 314, 563 434, 857 204,642 166,802 969,096 180, 550 139,891 166,465 92,319
4, 246, 268 285,
Sept. 29
i,884 959,063 313,064 436,055 210, 611 169,394 975, 627 182, 915 141, 722 168, 220 94,002
4, 284,
Oct. 6
1,122 959,251 316,788 439, 442 213,019 168,965
4, 291, 519 288,
168J 965 976,106 182, 216 140,369 166,810 93,075
Oct. 13
Oct. 20
— . 4, 270, 223 286, 409 952,992 313, 849 434,065 214,663 168,041 976, 368 181, 965 139, 935 165, 70791, 701
Deposits:
Member bank—reserve account:
7,032.833 331,401 3,223,275 357,601 452,028 216,359 170,651 975,077 194,180 132,817 244.772 183,268
Sept. 29
454, 858 221, 286
7,003,033 352, 958 3,142,937
3!
Oct. 6
) 175, 779 976, 616 199, 819 130; 648 247,416182, 773
6,918,902 345,
3,039,971 371,095 451, 526 215, 028
Oct. 13
I 176, 665 976, 516 207,110
184,530
r
6,938,802 350, 472 3]i, 072, 842""1,156
370;
Oct. 20
, 927 164,726
450,480 217,
~ " 1,004,163 201,907 128,561 245,465 184,686
TJ. S. Treasurer—general account:
28, 502 9,169
13,370 13, 352 5,674
140,273 11, 886
24,896 10,253 4,365 4,936 9,897
Sept. 29
7,947 6,555 2,790
10, 789 4,780
76,183 3, 592
Oct. 6
17,009 4.396 2,470 5,262 5,781
11, 846 10,649 3,553
15, 275 2,016
OcL 13
83,231 3,320
10, 628 3,703 2,948 6,377 % 759
12,075 6,753 5,848
23,158 1,419
Oct. 20
81, 557 3,495
10, 501 3,764 3,524 4,161 2,745
Foreign bank:
22,400 10,470 8,522
87, 793 23, 861
243,378 17, 774
Sept. 29
28, 244 7.305 5,600 7,061 7,061
287,311 21, 009 103,414 28,203
33, 383 8,634 6,619 8, 346 8,34P
26, 477 12,375 10,072
Oct. 6._
283,014 20, 354 104,848 27, 324
32, 343 8,365 6,413
25, 651 11,989 9,759
Oct. 13
276,444 20, 354
32, 343 8,365 6,413
25, 651 11,989 9,759
Oct. 20
98, 278 27, 324
Other deposits:
125, 612 2,794
61,177 6,473
20, 218 4,497 3,
1,658 6,138 3,186 1,297 3,486
Sept. 29
134,065 3,076
71,239 6,216
19,969 4,446 3,502
1,099 5,933 2,840
Oct. 6—
208 3,810
174,745 3,296 113, 638 6,315
16, 525 4,059 3,753
949 6,065 2,566
Oct. 13
161 3,714
202,130 2,645 141,376 6,076
15, 675 3,871 3,442
1,393 6,128 2,782
Oct. 20_239 3,118
Total deposits:
A, 678 188, 545 1,029,8
875 217, 876 145,968 258,066 203,1,712
Sept. 29
. . _ . . 7, 542,096 363, 85£ 3,400, 747 397,104 508, 016 244,
A, 662 192, 143
7, 500, 592 380, 635 3, 328,379 407, 565509, 251 244,
" 1,028,107
,028,1 218,782 142,57' 261, 232 200, 710
Oct. 6
7, 459, 892 372, 231 3, 273, 732 406, 750505, 548 241, 725 193, 730 ,1,020,
020;
722270,
270^ 142 201
Oct. 13
, 4.436
. 225,
., 243
_ 144J
,722
7, 498,933 376,966 3, 335, 654 404, 975
Oct. 20
240, 540 183, 775 1,048, 400 220,164 141, 280 257,951198,635
Deferred availability items:
61,126 57,413 21, 294
637, 764 63,713 153, 276 51,254
88,107 30,447 19, 429 31,727 27,849
Sept. 29
62,809 52, 927 21, 647
622,374 60,057 143,027 48,132
83, 640 33,106 19, 544 35,200 29,539
Oct. 6
64, 960 62,178 23, 556 102, 868
672,090 65, 201 141,362 49, 377
Oct. 13
1
19,689 42,084 32,927
66, 292 58,165 23,310
716,041 71, 579 176,034 56,923
Oct. 20
33,101 20,485 37, 205 33,997
Capital paid in:
12, 936 4,877 4,390
132, 604 9,384
12,866 3,851 2,892 4,053 3,875
51,057 12, 257
Sept. 29.
12, 935 4,877 4,390
132,627 9,383
2,891 4,056 3,876
51,061 12.258
Oct. 6
12, 936 4,877 4,391
132, 656 9,383
2,891 4,057 3,876
51,084 12, 259
12, 891
Oct. 1 3 . . .
12, 943 4,877 4,391
132,679 9,383
51,079 12.259
12, 893 3,846 2,891 4,065 3,876
Oct. 20
Surplus (section 7):
145,854
21,504 4,655 3,116 3,613 3,851
14, 323 4,8
51,474 13,362
5,616
Sept. 29
51,474 13, 362
145,854
21, 504 4,655 3,116 3,613 3,851
14, 323 4,8
5,616
Oct. 6
51, 474 13, 362
145,854
21, 504 4,655' 3,116 3,613 3,851
14, 323 4,8
5,616
Oct. 13
51,474 13, 362
145, 854 9,826
21,504 4,655: 3,116 3,613 3,851
14, 323 4,8
5,616
Oct. 20




341,805
346, 782
347,356
344, 528

551,404
549,577
562,887
547, 417
3,973
4,812
8,157
4,114
17, 287
20,433
19, 796
19, 796
10,
11,
13,
15,

990
727
704
385

583, 654
586,549
604,544
586,712
32,129
32, 746
34,039
42, 562
10,166
10,165
10,165
10,176
9,645
9,645
9,645
9,645

1128

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS—Continued
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

MinRich- AtSt.
mond lanta Chicago Louis neapolis

Kansas Dallas
City

San
Francisco

LIABILITIES—Continued
Surplus (section 13b):
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Reserve for contingencies:
Sept. 29
Oct. 6
Oct. 13
1
Oct. 20
All other liabilities:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Total liabilities:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Contingent liability on bills purchased for foreign correspondents:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Commitments to make industrial
advances:
Sept. 29
Oct. 6
Oct. 13
Oct. 20




27,490
27,490
27,490
27,615

2,874
2,874
2,874
2,874

7,744
7,744
7,744
7,744

4,325
4,325
4,325
4,325

1,007
1,007
1,007
1,007

3,422
3,422
3,422
3,422

754
754
754
754

1,416
1,416
1,416
1,416

545
545
545
545

1,003
1,003
1,003
1,003

1,142
1,142
1,142
1,142

1,262
1,262
:, 262
, 262

1,996
1,996
1.996
2,121

35,803
35, 804
35,803
35, 769

1,570
1,570
1,570
1,570

9,117
9,117
9,117
9,117

3,000
3,000
3,000
3,000

3,121
3,121
3,121
3,121

1,497
1,497
1,497
1,497

1,690
1,691
1,690
1,691

7,749
7,749
7,749
7,721

1,200
1,200
1,200
1,200

2,034
2,034
2,034
2,027

941
941
941
941

.,847
,847
,847
,847

2,037
2,037
2,037
2,037

7,567
7,336

474
477
524
537

1,818
1,656
2,008
1,768

589
645
1,484
760

662
609
679
661

294
269
304
284

318
332
355
329

1,476
1,485
1,513
1,357

297
263
291
251

602
664
705
673

7,597

370
363
525
374

378
365
370
347

12,775,446 737,117 4, 625,090 796, 4541,036,048 521, 692 389, 409 2,132,089 439, 494 314, 711
12, 756, 416 751, 706 4, 551, 521
802, 351 1,040,110 523,134 395, 967 2,132, 417 445, 412 313, 252
194
731 4,
12. 774, 300 749,7314,495,772
807,345 1,042,016 531,891399,057"2,144,483
' '""452, 079 314,
'"'
""'
1 585, 862 809, 453 1,036, 293 528, 317 387, 907 2,166,047 445,850 311,084
12,834,711
- • • 759,144
—

1,338
1,365
1,511
1,855

97
97
135

483
511
657
670

131
131
131
182

14, 880
14,739
14, 654
14, 554

1,930
1,922
1"~~
1,860

5,059

4,987
4,987
4,952

140
140
140
145

123
123
123
171

875

466, 296 335,012 982,034
'"" 612 335,350 990,584
474,
489,027
338, 218 1,010, 487
'""
470,880 335,420 998, 454

155
155
155
215

1,746
1,745
1,742
1,693

311
310
310
354

95
95
95
132

1,037
1,035
1,035
1,035

120
117
117
117

301
301

3,271
3,232
3,225
3,193

1129

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO OCTOBER 20, 1937
I Amounts in thousands of dollars]

Date (last Wednesday of
each month)

Applications approved to date by Federal Reserve banks (with and
without conditions)

Amount

Number

Number

Amount

331,659

2,413
2,437
2,463
2,477
2,483
2,500
2,506
2,517
2,543
2,563
2,577
2,587
2,590
2,598
2,610
2,612

2,198
2,218
2,243
2,259
2,266
2,280
2,287
2,297
2,323
2,336
2,353
2,361
2,367
2,373
2,381
2,383

134,233
135,421
137,251
138,731
138,938
139,829
140,213
140, 515
141,545
144, 564
145,228
145, 758
145,887
146, 457
146,724
146, 975

Applications
received to date,
net

Number
1936—July 29..
Aug. 26.
Sept. 30.
Oct. 28..
Nov. 25.
Dec. 30..
1937—Jan. 27..
Feb. 24 .
Mar. 31
Apr. 28_
May 26.
June 30
July 28-.
Aug. 25
Sept. 29.
Oct. 203-

Applications recommended
for
approval by Industrial
Advisory
Committees
to
date
(with and without conditions)

8,197
8,240
8,284
8,308
8,339
8,379
8,398
8,427
8,483
8,510
8,524
8,546
8,554
fc,572
8,593
8,602

336,119
336,763
339.903
342,699
342,999
343.904
346,911
348,342
349,288
351,420
352,024
352,666
354,426
354,758

Amount

Federal
Reserve
bank
advances
outstanding

Total

143,978
145,939
147,191
148,237
148,317
149,204
149, 527
149,711
150,561
152,724
153, 720
154,960
155,023
155,514
155,902
156,191

Expired, FinancFederal
ing instiReserve Approved repaid,
tution
or withbank
not drawn
particicommit- but
by
compations
ments
applipletedi
outoutcant,
standing
standing*
etc.

30, 217
29,265

23,711
23,355
23,307
22,790
22,040
20,959
20,238
19, 523
18,611
17, 528
17,188
16,331
15,726
15,179
14,880
14, 554

27,038
26,720
25,533
24,781
24,208
23,054
23,904
23,196
23,014
22,462
21,752
21, 395
20,907

8,429
9,168
8,566
8,544
7,719
8,226
7,697
7,709
7,898
9,045
8,462
1,470
1,098
1,151
534
618

7,534
7,329
7,276
7,444
7,414
7,208
6,997
6,912
6,767
7,281
7,114
7,275
7,330
7,236
7,304
7,232

64,342
66,304
69, 217
72,915
75,045
77,903
80, 500
82,163
85,215
86,806
89,268
97,668
99,271
101,139
102, 611
103,664

1

Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
2
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to
$11,252,340 on October 20, 1937.
3
October 27, not yet available.
NOTE.—On October 20, 1937, there were 18 applications amounting to $2,721,500 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Total

Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
Sept. 29
Oct. 6
Oct. 13..--'
Oct. 20
Held by Federal Reserve bank:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
In actual circulation:1
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Eligible paper:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
U. S. Government securities:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Total collateral:
Sept. 29
Oct. 6
Oct. 13
... Oct. 20
1

Boston

New
York

Philadelphia

Atlanta

Cleveland

ChiLouis

Minneapolis

4, 602, 269 328, 655 1,054, 593 333,197 468, 706 214, 203
i, 623 144,061
185, 985 1, 005, 915 195,
4,609,199 331, 547 1,056, 697 330, 598 465,291 220, 186,774 1,006, 622 194,t,955
955 146, 256
4, 608, 405 329, 225 1,055, 466 332, 708 462, 620 224,
532 187,363 1,004, 966 194,h 543
543 145,945
,
4, 618, 979 335,067 1,063,884 330, 662 463, 745 225,
" " 793
186,593 1,005,960 193,782 145,699
356,001
324,860
316,
348, 756

43,234
44, 663
41,103
48, 658

104,736
97,634
96,215
110,892

18,634
17,534
15, 920
16, 813

33,849 9,561 19,183
29,236 10,169 17,380
23,178 11,513 18, 398
29,680 11,130 18,552

857 314, 563 434,857 204,642 166,802
4, 246, 268 285, 421
4,284, 339 286, 884 959,063 313,064 436,055 210,611 169,394
4, 291, 519 288,122 959,251
4, 270, 223 286,409 952,992 313, 849 434,065 214, 663

4, 633,132 336,000 1,060,000 337,000 473,000 215,000 171,000
4, 636,132 336,000 1,060,000 337,000 470,000 221,000 171,000
4, 639,132 336,000 1,060,000 337,000 467,000 225,000 171,000
:, 641,132 341,000 1,060,000 337,000 467,000 226,000171,000
22,183
22, 822
23,149
18, 276

1,381
1,150
S55

14,138
14,167
14, 621
8,990

810
1,542
1,479
1,804

437
554
602
956

630
473
623
670

337, 810
338, 542
338, 479
338, 804

473, 437
470, 554
467, 602
467,956

215,630
221, 473
225, 623
226, 670

191,930
192, 073
192, 243
192,151

15,073
12,040
12, 327
11,817

969,096 180, 550
97 , 27 182, 915
975,, 627
,
9 7 6 0 6 182,216
976,106
976, 368 181, 965

389, 968
390,311
391, 799
390,086

4,170 11,428 11,151 48,163
4,534 9,476 7,670 43,529
5,576 11, ~ 7,387 44, 443
5,764 12, 859 7,441 45, 558
139, 891 166, 465
141,
4 7722 168, 220
0 , 369 166, 8 0
140, 369 166, 810
139, 935 165, 707

190, 632
190,632
190, 632
190,632

146,000
146,000
148, 000
148, 000

180,000
180,000
180,000
180,000

1,031
1,031
1,657
1,122

177
242
254
182

925
909
195
761

406
544
695

146, 925
146, 909
148,195
148, 761

180,405
180, 406
180, 544
180, 695

92,319
94,002
93, 075
91, 701

341,805
346,782
347, 356
344,528

105,500 399,000
105, 500 399,000
105, 500 399,000
101, 500 399, 000
326
368

907
483
462

12,000
12,000
12,000
12,000
1,021,031
1, 021,031
1,021,657
1,021,122

202,809
202,874
202,886
202, 814

Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.




San
Dallas Francisco

177, 893 103,470
,672
177, 696 101,1
178, 776 100,462
178, 566 99,142

1,020,000
1, 020,000
1, 020, 000
1,020,000

20,000
20,000
20,000
20,000

32,000
32,000
32,000
32,000
4,687, 315 337, 381 1,074,138
" ',1501,074,167
4,690,954 337,
4,694, 281 336,955 1,074, 621
4,
, 408 341, 1,068,990

930
1,073
1,243
1,151

36,819
30,995
28, 860
29, 592

Kansas
City

826 399, 993
1,907
>,483
994 399,462

1130

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

RESERVE POSITION OF MEMBER BANKS,
SEPTEMBER, 1937

MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS

[Averages of daily figures. In millions of dollars]

[Averages of daily figures. In millions of dollars]

Classes of banks
and districts

Gross Net
Time
dedemand mand dede- posits
deposits posits *

All member banks.. 29,180 24,467 11,538
Central reserve city banks:
9,851
New York
2,181
Chicago
__

9,184
1,946

Reserve city banks:
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis districtKansas City districtDallas district
San Francisco district-

845
151
881
1,188
467
417
893
545
278
700
429
1,554

184
1,038
1,414
615
561
1,136
669
357
948
602
1,915

4,552

10,371

Total

Country banks:
786
Boston district—
1,208
New York district
588
Philadelphia district..
599
Cleveland district
479
Richmond district
412
Atlanta district
_.
789
Chicago district.
335
St. Louis district
299
Minneapolis district—
450
Kansas City district
488
Dallas district
345
San Francisco district- 6,777

817
444

636
970
456
439
339
288
580
240
202
283
318
237

580
1,415
879
657
331
210
641
229
275
157
94
257

Reserves with
Federal Reserve
banks
Ex-

Re
Held
quired
5,954

6,854

2,437

2,672
576

176
39
192
282
106
94
209
119
61
150
93
423

194
42
213
319
134
109
240
137
70
179
107

1,943

2,232

124
221
116
101
67
53
120
47
45
49
50
49

All
member
banks*

Total reserves held:
1936—October.
November
December
235
1937—January
43
February
March 2
April 2
May
June...
July
August
September
Week ending (Friday):

900

146
294
147
138
87
64
168
61
62
73
75
59

333
4,9
5,725 1,042 1,375
Total
_..
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
NOTE.—See table at foot of page 1141, for percentages of deposits required to be held as reserves.

Sept. 10
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Excess reserves:
1936—October
November
December
1937—January
February
March 2__
April
_
May 2...
June
July
August
September
Week ending (Friday):
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Oct. 1
I.
Oct. 8
Oct. 15..
Oct. 22

Central reserve
city banks
New
York

Chicago

Reserve Country
city banks*
banks

6,594
6,785
6,665
6,716
6,747
6,704
6,824
6,932
6,878
6,845
6,701
6,854

2,574
2,695
2,662
2,719
2,812
2,652
2,739
2,684
2,669
2,652
2,522
2,672

637
651
605
568
546
533
563
589
603
581
568
576

2,153
2,185
2,157
2,158
2,128
2,203
2,201
2,272
2,230
2,252
2,248
2,232

1,230
1,254
1,241
1,271
1,261
1,315
1,321
1,386
1,377
1,360
1,362
1,375

6,729
6,725
6,802
6,955
7,016
6,993
6,945
6,931

2,568
2,529
2,571
2,782
2,883
2,799
2,730
2,727

569
567
591
578
570
567
574
587

2,233
2,246
2,249
2,219
2,211
2,251
2,260
2,245

1,359
1,383
1,390
1,376
1,352
1,377
1,381
1,373

2,043
2,219
2,046
2,093
2,152
1,371
1,552
927
876
876
750
900

639
751
697
767
868
401
530
203
176
199
108
235

205
221
175
147
128
54
101
51
70
52
34
43

724
675
662
651
488
490
316
289
301
287
289

138
104
140
345
425
360
303
321

34
34
53

771
777
838
1,010
1,059
1,055
1,011
PI, 022

r

41
44
52
63

502
523
498
518
505
428
431
357
341
324
321
318
341
348
335
310
333
337

'281
298
297
282
283
319
319

1
Weekly figures of excess reserves of all member banks and of country
banks
are estimates.
2
Reserve requirements increased March 1, 1937, and May 1, 1937; see
table
at
foot of page 1141 for amount of changes.
r
Revised.
P Preliminary.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
All member banks
Federal Reserve district

Boston
._
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
St. Louis
Minneapolis
_.
Kansas City
Dallas
San Francisco... .
Total

Gross demand

. .

Time

Sept.

Aug.

Sept.

Aug.

1,718
11,244
1,626
2,013
1,094
973
4,105
1,004
656
1,398
1.090
2,260

1,722
11,080
1,659
2,037
1,061
957
4,120
1,007
642
1,427
1,061
2,255

695
2,386
1,133
1,392
536
385
1,587
399
369
317
209
2,130

29,180

29,028

11,538

M e m b e r b a n k s in larger centers
(places over 15,000)

Member banks in smaller centers
(places under 15,000)

Gross d e m a n d

Gross demand

Time

Sept.

Sept.

Aug.

Sept.

Aug.

695
2,350
1,106
1,368
537
373
1, 575
394
368
316
204
2,118

1,590
i 1,109
1,399
1,782
913
837
i 1, 619
806
475
1,066
813
2,127

1,596
i 1,112
1,431
1,805
891
819
1 1,628
808
464
1,088
795
2,126

565
i 1,075
681
1,103
350
305
1877
289
180
202
166
2,032

567
i 1,051
662
1,083
351
292
i 870
289
179
200
162
2,021

128
283
227
231
181
136
305
198
181
333
277
133

126
287
228
232
170
138
306
199
178
339
266
129

129
494
453
290
186
81
266
111
188
115
43
98

128
489
444
285
186
81
263
105
188
115
42
97

11,403

14, 536

14, 565

i 7,824

i 7,727

2,612

2,597

2,453

2,424

i Excluding central reserve city banks, for which figures for latest month are shown in table above.




Sept.

Time

Aug.

Aug.

NOVEMBER

1131

FEDERAL RESERVE BULLETIN

1937

KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]

End of month

Total

1936—August
September.
October
November.
December.

6,227
6, 267
6,351

1937—January...
FebruaryMarch
April
May
June
_.
July
August
September

Gold
certificates

Silver
dollars

Treasury
notes
of 1890

Silver
certificates

Subsidiary
silver

United
States
notes

Minor
coin

Federal
Federal Reserve
Reserve bank
notes
notes

National
bank
notes

6,543

998
1,020
1,051
1,057

321
326
329
334
337

137
138
139
141
142

278
278
282
289
289

3,978
4,011
4,076
4,156
4,233

342
332
324
316
307

6, 349
6,399
6,377
6,426
6,462
6,447
6,460
6,524
6,542

1,012
1,022
1,022
1,039
1,062
1,078
1,088
1,115
1,127

329
329
333
335
338
341
341
345
348

140
140
141
142
143
144
144
146
147

276
288
287
291
289
281
286
286
284

4,118
4,155
4,139
4,171
4,189
4,169
4,175
4,213
4,222

300
294
287
281
275
269
263
258
253

Back figures—See Annual Report for 1936 (table 36).

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Paper currency 2

Unassorted 2

Total
in circula-1
tion

Coin

1936—August
September..
October
November..
December..

6,227
6, 267
6, 351
6, 466
6, 543

494
501
505
513
517

471
477
484
492
499

863
868
882
900
906

1,482
1,488
1,516
1, 548
1,563

1.436
1,437
1, 460
1, 486
1,501

1. 452
1, 467
1,478
1, 501
1,530

381
383
385
390
399

6G7
673
679
690
707

128
130
132
132
135

250
253
255
258
265

1937—January
February...
March
April
May
June
July
August
September..

6,349
6,399
6, 377
6, 426
6,462
6, 447
6, 460
6, 524
6,542

506
506
511
514
518
. 523
523
529
534

472
475
476
482
489
487
488
498
503

864
874
869
883
893
885
894
907
908

1,500
1, 519
1, 519
1,542
1,558
1, 539
1,550
1, 574
1, 574

1,458
1,464
1, 451
1,468
1,466
1,458
1, 454
1, 466
1,467

1,525
1,538
1,520
1,507
1, 507
1, 526
1, 520
1, 520
1,527

393
395
386
381
380
384
381
382
382

702
706
696
687
689
699
697
698
702

135
135
136
137
136
138
137
137
138

269
273
275
277
278
283
283
283
285

End of month

$50 and over
$5

$20

$10

Total

$50

$100

$500

$l,C00

$5,000 $10,000

10
2
3
4
5
2

1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks.
2
Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures—See Annual Report for 1936 (table 37).

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY

TREASURY CURRENCY OUTSTANDING
'Held by Treasury and Federal Reserve banks and in circulation. In
millions of dollars]

End of month

Silver
dollars Suband
sidTotal silver
iary
bul- silver
lioni

1936— August
September
October
November.
December..

2,500
2,512
2,515
2,521
2,532

1,277
1,294
1,303
1,310
1,323

338
341
346
351

1937—January
February...
March. _ .
April... ___
May
June
July
August
September.

2,532
2,536
2,541
2,543
2,547
2, 550
2,572
2,585
2,599

1,332
1,343
1,355
1,365
1,375
1,382
1,409
1,424
1,441

Federal
NaMinor United
Re- tional
coin States
serve
bank
notes bank notes
notes
347
347
347
347

49
48
47
46

356

142
143
145
146
147

347

356
356
357
357
358
359
361
363
364

148
149
149
150
150
151
151
152
153

347
347
347
347
347
347
347
347
347

[By selected banks in New York City. In thousands of dollars]
Year or month
1932
1933
1934
1935
1936

Receipts
Shipfrom
ments to
Europe Europe
567
554
345

10,628
34,774

83, 838
91,059
40, 587
19,966
26, 216

1936—September
October
November
December

3,949
2,013
5 960
8 469

1,131
5,422
1 536

45

348
339
329
322
314

44
42
42
40
39
38
37
37
36

305 1937—January
298
February
291
March
284
April
278
May
272
June
266
July
262
August
257
September

2 092
4 279

2,197
3 265
3,728
3,023
1 865
1 972
2,586
2,839
2,271

968

1 434
909

7 000
809
877

1,946

745

Net
shipments

Net
receipts
83,271
90, 505
40.242
9,338

8,558
2,818

3,409

4,424
7,724
105

1,014

2,760
1,589
956

5 028
1,777
1,962
325

i Includes silver held against silver certificates amounting to $1,358,000,For description and back figures see BULLETIN for January 1932,
000 on September 30, 1937, and $1,174,000,000 on September 30, 1936.
pp. 7-9.




1132

FEDERAL RESERVE BULLETIN

NOVEMBER

ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK

MOVEMENT OF GOLD TO AND
FROM
UNITED STATES1

[In millions of dollars]

[In thousands of dollars]

Gold stock at
end of year
or month

Year or month

Increase
Net
Net
in
release
gold
total
from
gold import earstock
mark
Total Inactive
4,202.5 1,133.9
=
210.6
226.7
190.0
205.2
1,887.2 1, 739.0

8,238

1934_.

1935—November.
December...

9,920
10,125
10,125

Year..
1936—January
February. _.
March
April
May
June
July
August
SeptemberOctober
November..
December..
Year..

1.3
.2

26.5

45.6
-16.6
5.5
28.1
170.0
277.8
15.4
67.5
171.8
218.8
75.8
57.0

—1.7
-9.5
1.0
-.2
-3.2
-24.8
2.3
-11.9
-28.8
-11.3
3.0
-.7

11, 258

26.5 1,132. 5 1,116. 6

-85.9

121.3
120.3
154.3
215.8
155.4
262.0
175.4
104.8
145.5

-48.3
-8.0
-.4
7.2
26.2
-15.9
-35.5
-5.3
9.3

1937—January
February _.
March ._—
April
May
June
July
August
September..

100.1
78.2
137.9
225.6
191.1
327.8
127.3
121.6
174.3

126.5
204.7
342.5
568.0
759.1
214.1
335.7
210.0

1937

From or to—

September

Imports

Exports

Jan.-Sept.

August
Imports

Exports

Imports

Exports

82.6

10,182
10,167
10,184
10,225
10,402
10, 608
10, 648
10, 716
10, 845
11,045
11,184
11, 258

57.2
-15.5
17.2
41.0
176.7
206.6
39.2
68.4
129.0
199.7
139.6
73.3

1937

Belgium.
__
France
Germany
Netherlands
Switzerland
Union of Soviet
S o c i a l i s t Republics
United Kingdom..
Canada
Central America
Mexico.
Argentina_
Chile
Colombia
Ecuador.
_
Peru
_
Uruguay.
Venezuela
Australia
British India
China and Hong
Kong
Dutch East Indies.
Japan
Philippine Islands.
All other countries2.
Total

10,130

13,703

12

68,839
26,245

521

6,461
54,452

59,067
14,497
306
2,181

30,158
12,248
292
3,667

2,110
156
533

574
1
155
349

504
872,296
98,276
2,824
31,214
11
7,246
14,050
1,341
2,555

34
3,010
5,275

14
3,710
3,613

378
25,679
42,986

217

1,556

40,927
2,981
350

37, 697
1,505
161

170,666
19,474
8,534

145,623

129 105,013

169 1,455,587

143

46
509

652

i Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
»Includes all movements of unreported origin or destination.
Back figures.—See table p. 1161, and Annual Report for 1936 (tables'32
and 33).

Back figures—Be* Annual Report for 1936 (table c

BANK SUSPENSIONS1

BANK DEBITS
Member
banks
Total,
all
banks

Number of banks suspended:
1934
1935 .
1936
_
1937, Jan.-Sept.

Deposits of suspended banks
(in thousands of dollars): *
1934
1935
1936
1937, Jan.-Sept.

57
34
44
41

36,937
10,015
11,306
11,369

National
1
4
1
2

40
5,313
507
3,448

Non-member
banks

8
22
40
33

1,912
3,763
10,207
7,441

48
8 New York City
3 Outside New York City6

34,985
939
592
480

Amounts in millions of dollars]

Number
of
centers

In- 2 Not
State sured
insured

i Represents licensed banks suspended; does not include non-licensed
banks placed in liquidation or receivership.
a8 Federal deposit insurance became operative January 1, 1934.
Deposits of member banks and insured non-member banks suspended
are as of dates of suspension, and deposits of non-insured non-member
banks are based on the latest data available at the time the suspensions were reported.
Back figures.—See Annual Report for 1936 (table 71).




[Debits to individual accounts.

Federal Reserve districts
Boston.,.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

140

1936

1937
Aug.

Sept.

14,718
18, 642

13,476
18,409

15,656
17, 586

1,684
15,392
1,430
2,039
730
905
4,917

1,696
14, 111
1,448
2,038

1,130
735

1; 175
693
2,828

1,665
16,328
1,607
1,792
663
831
4,622
922
587
1,005
650
2,570

33, 360

31,885

33,242

>pt.

Backfigures.—SeeAnnual Report for 1936 (table 67).

NOVEMBER

1133

FEDERAL RESERVE BULLETIN

1937

ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS2

NUMBER OF BANKS
Member banks

Nonmember
banks

National

State

Other
Mutual nonsavings member
banks
banks

5,606
5,818
6,011

4,897
5,052
5,154

709
766
857

16,039

6,206
6,375
6,433
6,442

5,288
5,417
5,461
5,462

918
958
972
980

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

1936—Mar. 4
June 30
Dec. 31

15,808
15, 752
15, 628

6,377
6,400
6,376

15,569
15, 527

6,367
6,357

[In millions of dollars]
Member banks

Total

Call date

Total

1933—June 30
Oct. 25 i
Dec. 30

14,519
15,011

1934—Mar. 5 1
June 30
Oct. 171
Dec. 31

15,835

1937—Mar. 31
June 30 3

Call date

All
banks

Nonmember banks
Mutual
savings
banks

Other
nonmember banks

9,713

4,946

9,708

5,026

Total

National

State

8,337 1933—June 3 0 . . . 37,998
Oct. 251.
Dec. 30— 38,505

23, 338
23,453
23, 771

14,772
15,070
15,386

8,566
8,383
8,385

578

8,882

16,203
17,097
17,693
18,519

9,090
9,518
9,791
10, 424

5,475

9,018

25,293
26, 615
27,484
28, 943

9,780

579

1934 Mar. 5 i _ .
June 30_._ 41,870
Oct. 1 7 1 . .
Dec. 3 1 — 44, 770

9,828

6,000

976
985
997
1,001

579
571
571
570

9,023 1935—Mar. 4 — 44,455
June 29.,_ 45, 766
9,013
Nov. 1
47, 522
8,933
Dec. 3 1 — 48, 964
8,880

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

5,375
5,368
5,325

1,002
1,032
1,051

569
566
565

8,862 1936—Mar. 4 . . . . 48, 716
June 30— 51, 335
8,786
8,687
Dec. 3 1 — 53,701

31, 774
34, 098
35, 893

20, 605
21, 986
23,107

11,169
12,112
12, 786

9,972
10,060
10,143

6,970
7,176
7,666

5,305
5,293

1,062
1,064

565
'564

8,637 1937—Mar. 31— 52, 577
June 30 3._ '53, 287
'8, 606

34, 746
35,440

22,355
22,926

12,390
12, 514

10,157
10, 213

7,674
'7,635

576

8,421

579

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]

Mutual savings banks

Call date
Total

X933—June 30
Oct. 25i
Dec. 30

Nonmember banks

Member banks

All banks

.

Loans

Investments

40,076

22,203

17,872

40,319

21,977

18, 342

Total

Loans

Investments

Other nonmember banks
Investments

Loans

Investments

10,044

5,941

4,103

5,246

3,404

1,841

9,985

5,906

4,079

5,115

3,238

1,877

Total

Total

Loans

24,786
24,953
25, 220

12,858
13,059
12,833

11,928
11,894
12,386

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

1934—Mar. 5 1
June 30 . .
Oct. 17 *
Dec. 31

42, 502

21,278

21, 224

43,458

20,473

22,984

26,548
27,175
27, 559
28,150

1935—Mar. 4 .
June 29 . .
Nov. 1
Dec. 31

43,747
44,416
45,008
45,717

20,394
20,272
20,140
20,329

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

1936—Mar. 4
June 30
Dec. 31

46,115
48,458
49, 524

20,267
20,679
21,449

25,847
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

6,032
6,238
6,464

2,966
3,032
3,062

3,066
3,206
3,402

49,138
49, 696

21,790
'22,514

27,348
27,182

32, 525
32, 739

13, 699
14, 285

18,826
18,454

10,096
10,180

5,070
5,178

6,518
'6, 778

3,065
3,227

3,453
3,550

1937 Mar. 31
June 303

_

r

r

r

5,026
5,002

r

r
Revised.
1 Nonmember bank figures not available.
2 Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. The nonmember bank figures on all call dates include interbank deposits to the extent (estimated as $150,000,000 on June 30, 1937)
that 3they were not shown separately in a few State bank abstracts.
Beginning with this date (1) the figures exclude private banks in Georgia which no longer report to the State banking department (43 such
banks reported deposits of $2,491,000 and loans and investments of $1,087,000 on December 31, 1936); and (2) the figures include Morris Plan and
industrial banks in New York and North Carolina, of which there were 45 on June 30, 1937 with deposits of $50,287,000 and total loans and investments of $61,165,000. The figures already include such Morris Plan and industrial banks in other States as are covered by State banking department reports.
Bock figures.—See Annual Report for 1936 (tables 48-49).




1134

FEDERAL RESERVE BULLETIN

N O V E M B E R 1937

ALL MEMBER BANKS-LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)

Total
loans
and
investments

Call date

Total

Open-market loans

Purchased paper
To
Re- Other- Loans
broTo
port- wise
kers others Real
to
seing
Acouton
estate banks' cured banks ceptside securi- loans own
and
Bills Comances
merNew
accept- unseties
pay)aycial
York
ances cured
able paper
>lem abroad
City 1
United
bought
States

Investments

Loans
to
brokers in Total
New
York
Cityi

U.S. Government obligations
Other
securiDirect

Fully
guaranteed

TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30

35,934
_ 24,786
_. 28,150
28,785
29,985
30,288
32,259
33,000
__ 32, 525
32,739

23,193
11,337
10,509
10,369
10, 548
10, 460
10,943
11, 628
11, 862
12,369

803
165
187
192
196

258
258

7,685
3,752
3,110
2,931
2,893
2,832
2,863
2,785
2,816
2,829

3,191
2,372
2,273
2,277
2,284
2,301
2,340
2,405
2,440
2,505

2,145
1,044
820
783
793
792
813
753
790
824

169
157
139
138
140
148
146
144
142
149

11, 515
192 4,857
232 4,708
4,834
5,006
4,960
5,355
6,041
6,220
6,663

714
330
155
119
98
82
81
85

2,595
120
164
82
107

322
162
63
48
42
29
28
42
51
62

212
291
256
201
181
164
144
161
170
131

291
87
232
247
272
280
278
324
386
377

1,660
788
843
975
1,047
1,089
1,079
1,144
1,159
1,278

9,784
11,928
16,122
16,857
17,810
18,189
19,717
19,640

1,202
720
662

18,454

6,887
9,906
9,871
10,501
10,564
11,721
11,639
10,856
:0,870

,558
,768
.,880
.,950
L,906
.,861
1,819

5,921
5,041
5,227
5,427
5,541
5,745
6,045
6,095
6,108
5,765

2,091
3,709
4,602
4,983
4,985
5,355
6,028
5,425
5,140
4,730

1,112
2,551
3,246
3,462
3,425
3,602
4,196
3,739
3,356
3,176

278
348
401
505
567
470
473
454

979
1,158
1,078
1,174
1,159
1,248
1,265
1,217
1,311
1,100

309
610
1,049
1,107
1,392
1,470
1,419
1,467
1,220
1,295

116
384
743
766
1,061
1,131
1,014
1,107
853
907

2,944
4,011
5,715
6,375
6,863
7,000
6,725
6,635

1,368
2,483
3,809
3,712
4,076
3,958
4,349
4,426
4,250
4,267

279
571
656
656
651
697
669
635

1,576
1,528
1,628
1,703
1,701
1,761
1,863
1,877
1,805
1,733

4,439
3,598
4,756
4,780
5,002
4,989
5,407
5,747
5,741
5,794

1,267
1,469
2,108
1,931
1,940
1,873
2,163
2,368
2,397
2,520

355
553
623
630
640
645
626
635

3,172
2,129
2,293
2,296
2,439
2,486
2,605
2,734
2,719
2,639

NEW YORK CITY 3
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30

9,556
9,280
9,101
9,006

4,964
2,297
2,202
2,146
2,196
2,215
2,338
2,567
2,676
2,890

1,757
1,287
1,581
1,592
1,868
1,946
1,951
2,100
1,868
1,969

1,330
589
435
458
455
456
513
613
629
651

240
48
29
33
28
32
59
50
52
50

533
251
170
163
149
148
145
140
155
145

12,029
8,492
10,028
10,151
10,780
10,655
11,306
11,795
11,611
11,629

8,418
4,258
4,024
3,967
4,144
4,071
4,242
4,582
4,618
4,739

90
87
96
101
115
123
114
114

2,775
1,340
1,124
1,053
1,057
1,027
1,044
1,048
1,039
1,032

1,538
1,131
1,090
1,105
1,094
1,096
1,101
1,124
1,135
1,164

3,679
1,678
1,671
1,682
1,851
1,805
1,941
2,231
2,276
2,389

13,375
7,873
8,780
8,739
8,919
8,885
9,446
9,825
9,945
10,134

8,481
4,194
3,849
3,798
3,754
3,716
3,850
3,866
3,940
4,089

2,231
1,117
996
932
894
865
861
843
833

1,462
1,055
1,026
1,020
1,035
1,043
1,078
1,123
1,150
1,179

705
2,005
1,810
1,831
1,810
1,791
1,891
1,881
1,937
2,062

8,774
7,133
7,761
8,303
8,418
_.
_.

65

112
238
527
600
:,776

128
224
210
183
158
141
123
136
119

930

1,018
1,043
1,028
1,095
1,105
1,219

CITY OF CHICAGO 3

1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30

237
202
236
249
251
284
402
407
437

226
229
254
243
250
312
266
273
294

RESERVE CITY
BANKS
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—June 29
Dec. 31
1936—Mar. 4_
June 30
Dec. 31
1937—Mar. 31
June 30

258
99
55
43
34
31
31
23
29
34

108
112
120
120
113
131
154
145

239
45
105
25
21

38

COUNTRY BANKS
1929—Dec. 31
1933—June 30 2
1934—Dec. 31
1935—June 29
Dec. 31
1936— Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30

_

* Loans (secured by stocks and bonds) to brokers and dealers in securities.
> Beginning June 30,1933, figures relate to licensed banks only.
3 Central reserve city banks.
Back figures— See Annual Report for 1936 (table 53).




163
27
92
116
135
145
152
178
216
211

15

1135

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]

ReBalserves
with Cash ances
with
Fedin
doeral vault
mesRetic
serve
banks*
banks

Call date

Demand deposits
Cash
items
Certireport- Interbank
fied
ed as
and
Unitin
offied
procPub- cers'
DoFor- States lic checks
ess
eign Govfunds cash
of col- meserntic banks ment
lecletters
tion 2 banks
of I
credit»!

Time deposits
Individuals,
partnerships,
corporations,
etc.

Demand
deposits adjusted*

Individuals, BorPos- Pub- part- rowtal
nerDo- For- sav- lic ships, ings
funds coreign
tic
porabanks banks
tions,
etc.
Interbank

TOTAL—ALL MEMBER BANKS

1929—Dec. 31
1933—June 30 «
1934—Dec. 31
1935—June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30

_

_

2,374
2,235
4,082
4,933
5,573
5,784
5,607
6,572
6,613
6,897

2,168
2,008
3,149
537 3,396
665 3,776
3,970
3,944
697 4,066
662 3,445
3,207

3,896
1,485
1,903
1,183
2,255
1,718
2,147
2,533
1,974
2,201

6,402
5,752
5,298

544
145
147
273
444
394
465
432
458
615

143
806
1,636
779
844
600
1,037
882
415

1,335
1,087
1,799
2,091
2,139
2,173
2,320
2,329
2,564
2,577

657
838
417
882
779
789
881
677
752

17, 526
11,830
14,951
16, 206
18,035
17,927
19,322
20,970
20,085
20, 272

16,647
12,089
15,686
17,530
18,801
19,161
20,284
21,647
21,352
21,401

179 2,406 1,198
101
874 1,255
103 1,069 1,798
133
447 1,"""
111 1,133
108
829 2,527
114
982 2,390
133 1,087 2,493
123
853 2,171
2,014
105

464
127
126
248
410
363
428
393
419
575

20

128
96
229
354
323
260
357
285
314

1,180
461
540
149
524
496
489
457
354
427

5,847
4,676
5,370
5,924
6,479
6,471
6,891
7,274
7,237
6,934

4,750
4,358
5,069
5,979
6,193
6,398
6,756
6,929
7,051
6,733

1,041
870
1,073
1,208
1,301
1,243
1,444
1,495
1,001
1,409

957
912
,189
,357
,401

558
405

3,517
3,057
4,569
4,978
5,696
\ 148

95
89
134
136
151
152
151
153
153
123

154
1
7
5
5
5

122
788
452
307
218
167
152
104
97
100

133
1
7
4
4
4
5
4
5
12

18
110
56
27
3

595
300
294
285
361
344
378
296

12,267
7,803
9,020
9,462
9,680
9,784
10,099
10,429
10,639
10,818

879
191
13
9
6
11
6
15
18
16

1,112
671
591
567
591
586
601
679
758
767

179
8

332
358
381
469
413
407
444
449
440
452

41

4,433
2,941
3,494
3,670
3,796
3,853

292
16

NEW YORK CITY «

1929—Dec. 31
1933—June 30 6
1934—Dec. 31
1935—June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30
CITY OF CHICAGO

827
846
1,576
1,935
2,541
2,493
2,106
2,658
2,719
2,749

224
140
215
225
129
306

12
1
3

6

1929—Dec. 31
1933—June 30 *
1934—Dec. 31
1935—june 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30

169
232
415
675
511
480
749
558
482
596

133
203
207
249
209
195
195
188
93
156

158
61
90
73
135
96
147
159
114
130

310
259
445
504
522
594
635
599
596
536

46
46
20
98
81
102
72
96
41

42
87
182
198
208
217
221
191
203
208

1,041
401
537
471
752
607
763
971
764
805

1,604
1,315
1,984
2,145
2,422
2,594
2,551
2,826
2,546
2,339

76
312
620
299
385
285
513
407
132
212

423
349
585
674
707
733
733
843
935
934

300
108
169
140
204
151
152
230
155
163

5,547
3,708
4,919
5,314
6,001
5,961
6,419
7,023
6,833
6,840

5,229
3,764
5,136
5,656
6,161
6,238
6,541
7,126
7,159
7,132

291
149
207
192
235
187
256
316
242

405
228
342
347
415
433
410
483
440
409

742
116 555
178 804
90 865
137 901
93 965
207 1,008
178 1,011
1,113
1,067

169
72
106
104
127
106
121
167
130
139

5,091
2,576
3,589
3,761
4,254
4,252
4,567
5,177
5,013
5,089

5,711
3,054
4,292
4,538
5,047
5,136
5,440
6,039
6,012
6,027

19

L, 390
, 546
,554
,128

RESERVE CITY BANKS

1929—Dec. 31
1933—June 30 &
1934—Dec. 31
1935—June 29
Dec. 31
1936—Mar. 4
June 30
Dec. 31
1937—Mar. 31
June 30

751
705
1,268
1,403
1,594
1,794
1,763
2,108
2,108
2,215

156
122
207
213
256
264
289
285
264
212

947
1,002
1,543
1,607
1,779
1,910
1,907
1,816
1,545
1,392

1929—Dec. 31
627
1933—June 30 6
452
822
1934—Dec. 31
920
1935—June 29. _
927
Dec. 31
1,017
1936— Mar. 4
989
June 30
1,247
Dec. 31
1937—Mar. 31
__ 1,304
June 30
_ 1,337

321
203
275
236
305
268
322
319
321
330

702
1,296
1,406
1,676
1,757
1,727
1,929
1,684
1,554

30

30
59
117
119
134
135
135
137
137
108

118
79
72
65
35
34
35

371
208
206
203
266
251
288
203
176
190

61
285
210
162
136
95
87
69
64
64

133 6,390
86 3,833
84 4,554
76 4,756
83 4,879
82 4,938
5,094
5,275
5,377
5,459

4,026
4,064
4,140

COUNTRY BANKS
367
167
13
9
6
8
11
12

1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in " Other assets." Since Oct. 25,1933,
includes
time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2
Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on
hand but not in process of collection, amounting on that date to $16,000,000.
34 Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less cash items reported on hand but not in process of collection.
•1 Beginning June 1933 figures relate to licensed banks only.
Central reserve city banks.
Back figures.—See Annual Report for 1936 (table 54).




1136

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Investments

Loans*

Date or month

Total
loans
and
investments

Total

To
brokers
and
dealers
in securities1

On
securiReal Open
mar- Other
ties to
To
others banks estate
ket 1 loans1
loans paper
(except1
banks)

Total

U. S. Government obligations
Other
securiFully
ties
Direct guar-

Reserve
Balwith Cash ances
Fedwith
in
eral vault domesRetic
serve
banks
banks

anteed

TOTAL—101 CITIES

1936—September
1937—March
April
May
June
July
August
September

22, 520
22, 610
22, 280
22, 201
22.330
22, 219
22, 332
22,187

1937—August 11
August 18
August 25
September 1
September 8
September 15
September 22
September 29
October 6
October 13
October 20

22.331
22,303
22,315
22,319
22,315
22, 232
22,046
22,026
21,975
21,999
21,890

10.027
10,041
10,049
10,010
10,004

1936—September
1937—March
April
May
June
July....
August
September.._
1937—August 11
August 18
August 25
September 1
September 8
September 15
September 22
September 29
October 6.
___
October 13.
_
October 20
_.

3,848
4,289
4,448
4,477
4,526
4,616
4,789
4,953

13,892
13, 324
12, 881
12, 678
12,633
12,476
12,403
12,161

9,320
8,802
8,447
8,320
8,355

4,788
4,808
4,828
4,855
4,905
4,978
5,002
5,025
5,052
478 5,086
5,063

12, 414
12,370
12, 357
12, 292
12, 274
12,183
12,036
12, 022
12, 003
12,005
11, 977

1,315
1,548
1,616
1,632
1,644
1,682
1,730
1,820

162
163
163
164
164
167
169
176
183
183
187

201
278

1,195
1,318
1,276
21,328
1,393
1,375
1,362
1,317

2,035
2,030
2,046
2 2,061
2,006
2,001
2,002
2,007

1,143
1,152
1,155
1,160
1,167
1,164
1,164
1,164

315

78
120
131
124
145
117

2,001
2,003
2,006
2,015
2,005
2,003
1,995
2,015
2,006
2,008
1,989

137
139
138
135
141
109
102
97
92
94
93

1,165
1,165
1,164
1,164
1,163
1,164
1,165
1,165
1,167
1,167
1,167

470
468
467
466
464

9,972
9,994
9,913

1,356
1,350
1,355
1,392
1,363
1,326
1,276
1,227
1,178
1,161
1,119

8,753
8,651
8,385
8.335
8,491
8,375
8,355
8,273

3,339
3,708
3,725
3,804
3,969
3,975
4,021
4,040

1,011
1,111
1,085
21,133
1,184
1,159
1,148
1,108

707
733
734
2 733
758
754
739
727

60
55
48
76
88
85
107
83

132
128
128
129
132
134
135
134

114
133
114
2103
163
161
162
168

8,323
8,330
8,340
8,377
8,370
8,285
8,165
8,166
8,132
8,151
8,075

3,996
4,021
4,036
4,085
4,083
4,049
4,000
3,981
3,948
3,969
3,903

1,143
1,136
1,140
1,171
1,146
1,118
1,074
1,030

103
102
101
105
77
68
64
61

929

739
740
740
744
732
720
715
722
720
720
708

135
135
134
134
134
135
135
134
135
135
135

1936—September..
1937—March
April
May
June
July...
August
September..

13,767
13,959
13,895
13,866
13,839
13,844
13,977
13, 914

5,289
5,578
5,674
5,719
5,728
5,768

1,328
1,297
1,312
2 1,328
1,248
1,247
1,263
1,280

1,011
1,024
1,027
1,031
1,035
1,030
1,029
1,030

2 279
311

5,986

184
207
191
*195
209
216
214
209

1937—August 11.
August 18
August 25
September 1
September 8
September 15
September 22
September 29_
October 6
October 13
October 20

14,008
13, 973
13,975
13,942
13,945
13,947
13,881
13,860
13, 843
13, 848
13,815

5,921
5,912
5,922
5,942
5,958
6,000
6,010
6,023
6,024
6,025
6,010

213
214
215
221
217
208
202
197
196
193
190

1,262
1,263
1,266
1,271
1,273
1,283
1,280
1,293
1,286
1,288
1,281

1,030
1,030
1,030
1,030
1,029
1,029
1,030
1,031
1,032
1,032
1,032

8,628
9,286
9,399
9,523
9,697
9,743

10.026
9,917
9,933
9,958

1,246
1,206
1,181
1,163
1,160
1,170
1,160
1,131

3,326
3,316
3,253
3,195
3,118
3,038
3,014
2,962

4,995
5,205
5,340
5,350
5,332
5,291
5,149
5,313

383
359
346
338
315
312
296
305

2,311
1,998
1,967
1,790
1,761
1,771
1,683
1,703

8,209
8,231
8,232
8,193
8,190
8,122
7,930
7,903
7,911
7,917
7,896

1,176
1,139
1,134
1,130
1,132
1,128
1,136
1,131
1,131
1,133
1,132

3,029
3,000
2,991

5,122
5,194
5,191
5,186
5,162
5,291
5,440
5,488
5,424
5,339
5,368

303
292
302
281
307
299
314
323
307
347
318

1,680
1,709
1,654
1,638
1,619
1,775
1,746
1,737
1,764
1,828
1,787

5,414
4,943
4,660
4,531
4,522
4,400
4,334
4,233

3,830
3,319
3,100
3,024
3,059

456
452
442
435
437
441
420
395

1,128
1,172
1,118
1,072
1,026
973
970
972

2,354
2,506
2,562
2,492
2,506

1,718
1,744
1,757
1,771
1,802
1,832
1,839
1,855
1,867
1,897
1,878

4,327
4,309
4,304
4,292
4,287
4,236
4,165
4,185
4,184
4,182
4,172

2,921
2,937
2,940
2,933
2,932
2,896
2,785
2,786
2,802
2,806
2,799

432
403
397
398
391
388
391
391
389

974
969
966
961
958
942
989
1,011
991
985
984

2,342
2,388
2,408
2,412
2,360
2,475
2,644
2,746
2,634
2,551
2,578

8,478
8,381
8,221
8,147
8,111
8,076
8,069
7,928

5,490
5,483
5,347
5,296
5,296
5,282
5,285
5,202

790
754
739
728
723
729
740
736

2,198
2,144
2,135
2,123
2,092
2,065
2,044
1,990

2,641

300

2,533
2,741
2,832
2,845
2,882
2,934
3,059
3,133

2,778
2,858
2,826
2,805
2,787
2,786

331
310
293
284
262
261
246
252

2,239
1,917
1,893
1,720
1,695
1,703
1,617
1,637

305
304
302
300
302
301
299
294
295
295

3,070
3,064
3,071
3,084
3,103
3,146
3,163
3,170
3,185
3,189
3,185

8,087
8,061
8,053
8,000
7,987
7,947

5,288
5,294
5,292
5,260
5,258
5,226
5,145
5,117
5,109
5,111
5,097

744
736
736
732
735
730
745
743
740
742
743

2,055
2,031
2,025
2,008
1,994
1,991
1,981
1,977
1,970
1,970
1,965

2,780
2,806
2,783
2,774
2,802
2,816
2,796
2,742
2,790
2,788
2,790

251
243
252
233
254
248
259
264
252
283
260

1,614
1,644
1,589
1,573
1,551
1,708
1,682
1,671
1,700
1,761
1,718

463

8,229

2,952
2,933
2,970
2,961
2,955
2,949

NEW YORK CITY

2,944
2,866

72
81
74
70

2,362
2,527

65
65
65
68
67
64
66
64
67

OUTSIDE N E W YORK
CITY

7,871
7,837
7,819
7,823
7,805

r
Revised.
1
Loan classification revised M a y 19 and beginning with that date figures for the items indicated are not strictly comparable with those formerly
published; for explanation of revision see June BULLETIN, pages 530-531.
* Average of figures for M a y 5 and 12 only (see note above).




1137

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]
Cash
items
reported as Other
in proc- assets
ess of
collection l

Date or month

Demand deposits

Time deposits

Total
assets
Interbank

United Certified
States
Total Domes- Foreign Govern- checks, Other
ment
etc.
tic
liabilbanks
ities banks

Demand
its—ad'
justed1

Interbank
DoFor- Other
mestii eign
banks banks

Borrowings

Other Capiliabil- tal acities count

TOTAL—101 CITIES

1936— September
1937—March
April
May
June
July
August
September

1,444
1,602
1,503
1,450
1,569
1,497
1,322
1,568

1,308
1,356
1,338
1,338
1,325
1,277
1,269
1,286

32,961
33,130
32,774
32,467
32,632
32,367
32,051
32,362

5,761
5,546
5,424
5,032
4,927
4,984
4,880
4,878

423
428
473
528
579
606
568
559

837
369
312
201
378
447
515
616

1937—August 11
August 18
August 25
September l . . .
September 8-_September 15..
September22_.
September 29..
October 6
October 13
October 20

1,352
1,311
1,318
1,587
1,340
1,923
1,494
1,495
1,373
1,849
1,571

1,265
1,270
1,279
1,302
1,292
1,272
1,278
1,285
1,287
1.304
1,314

32,053
32,079
32,059
32,313
32,035
32, 792
32,318
32,354
32,130
32,666
32, 248

4,883
4,918
4,794
4,773
4,806
4,993
4,931
4,887
5,063
5,030
4,975

571
562
556
571
570
552
553
549
523
520
497

532
569
591
608
606
630
644
645
595

2,399
2,233
2,149
1,926
1,911
1,940
1,863
1,896

387
392
436
490
540
563
524
516

192
131
105
50
179
233
275
346

529
517
511
525
526
511
511
507
486
482
459

258
284
317
334
346
346
352
352
353
325
279

484
573
460

15,922
16,459
16,325
16,429
16,380
16,001
15,838
15, 900

14,962
15,429
15, 283
15, 420
15,300
14,984
14, 918
14,843

129
133
120
106
101
101
99
112

428
547
450
658
457
438
406
429
503

15,884
15,873
15,840
15,964
15, 701
16,092
15, 825
15, 921
15, 595
16, 221
15, 857

14,914
14,930
14, 950
14,924
14, 811
14, 827
14, 788
14,864
14,628
14,801
14, 789

96
96
107
110
110
114
114
111
114
112
113

279
274
311
307
241
332

6,674
6,878
6,689
6,730
6,729
6,404
6,298
6,397

6,335
6,492
6,319
6,382
6,324
6,054
5,998
6,007

671
697
723
746
726
726

367
369
395
394
404
400
379
390

1,427
1,472
1,472
1,475
1,477
1,475
1,482
1,477

218
208
276
373
282
463
267
277
251

6,279
6,306
6,351
6,451
6,275
6,420
6,361
6,479
6,229
6,429
6,312

5,998
6,049
6,060
5,999
5,928
5,965
6,085
5,908
5,948
5,947

719
720
732
714
730
722
'727
734
725
720
734

375
374
378
376
381
388
403
401
384
377
384

1,483
1,483
1,479
1,483
1,480
1,474
1,474
1,473
1,478
1,478
1,478

129
133
120
106
101
101
99
112

4,461
4,462
4,474
4,497
4,510
4,508
4,519
4,557

480
525
530
521
502
463
464
473

2,076
2,106
2,109
2,118
2,125
2,122
2,125
2,135

107
110
110
114
114
111
114
112
113

4,510
4,507
4,550
4,554
4,559
4,558
4,561
4,556
4, 557
4,550
4,551

467
464
460
469
471
476
476
475
478
472
482

2,125
2,126
2,128
2,132
2,133
2,134
2,138
2,138
2,137
2,137
2,139

402

12

18

5,142
5,145
5,194
5,233
5,254
5,245
5,283

5,229
5,227
5,282
5,268
5,289
5,280
"5, 288
5,290
5,282
5, 270
5,285

847
894
925
915
906
863
843
863
842
838
838
845
852
864
879
876

3,503
3,578
3,581
3,602
3,597
3,607
3,612
3,609
3,607
3,615
3,613
3,608
3,612
3,611
3,615
3,615
3,617

NEW YORK CITY

1936—September
1937—March
_
April
May
_-_
June
July
August
September

653
774
649
622
716
658
541
722

459

12, 352
12,546
12,200
12,055
12,306
12,093
11, 824
12,100

1937—August 11
August 18
August 25
September 1
September 8
September 15...
September 22...
September 29-_.
October 6
October 13
October 20

529
516
578
764
558
955
663
671
572
750
694

449
451
454
467
463
453
459
454
457
460
463

11,761
11, 799
11,895
12,133
11, 872
12, 286
12,050
12,162
11,914
12, 043
11, 937

1,858
1,870
1,829
1,858
1,822
1,944
1,935
1,920
1,989
1,944
1,942

791
828
854

840
871
861
856
851
822

20, 609
20, 584
20, 574
20, 412
20, 326
20, 274
20, 227
20, 262

3,362
3,313
3,275
3,106
3,016
3,044
3,017
2,982

207
151
199
214
240
270

171
185
181
167
178
173
161
178

9,248
9,581
9, 636
9,699
9,651
9,597
9,540
9,503

8,627
8,937
8,964
9,038
8,976
8,930
8,920
8,836

20, 292
20, 280
20,164
20,180
20,163
819 20, 506
819 20, 268
20,192
20, 216
20, 623
851 20, 311

3,025
3,048
2,965
2,915
2,984
3,049
2,996
2,967
3,074
3,086
3,033

240
248
252
257
262
260
278
292
292
270
229

164
160
152
174
168
195
190
161
155
160
174

9,605
9,567
9,489
9,513
9,426
9,672
9,464
9,442
9,366
9,792
9,545

8,932
8,901
8,864
8,812
8,899
8,823
8,779
8,720
8,853

477
482

OUTSIDE NEW YORK
CITY

1936—September
1937—March
April
May
June
July
August
September

.

1937—August 11
August 18
August 25
September 1
September 8
September 15—
September 22...
September 29...
October 6
October 13
October 20

781
846
823
795
740
823
782
968
831
824
801
1,099
877

816
819
825

1
Does not include cash items in process of collection reported in balances with domestic banks.
* Demand deposits other than interbank and U. S. Government, less cash items reported as 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).




1138

FEDERAL RESERVE BULLETIN

NOVEMBER 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

City

San New
Fran- York
cisco

Chicago

2,134
2,131
2,135
2,138

8,166
8,132
8,151
8,075

1,995
1,976
1,970
1,955

245
247
247
247

1,045
1,046
1,046
1,049

3,981
3,948
3,969
3,903

731
718
712
700

19
19
19
19

13
13
14
13

39
40
41
40

239
240
241
238

35
35
34
34

85
85
87
89

160
160
161
161

143
145
141
141

338
340
341
342

1, 662
1,672
1,705
1,684

460
451
447
442

12
12
11
11

7
7
7
7

26
26
26
25

4
4
4
4

35
35
35
35

176
183
183
187

31
29
30
30

55
54
53
53

6
6
6
6

1
1
1
1

4
4
4
4

3
3
3
4

21
20
18
18

1,030
982
968
929

48
47
47
46

15
16
15
15

97
96
94
89

12
13
13
13

10
10
10
10

14
14
14
14

15
15
16
16

57
55
55
56

249
248
245
240

81
81
79
74

29
29
29
29

27
27
27
27

85
85
85
86

46
46
46
46

6
6
6
6

20
20
20
20

21
21
21
21

368
369
369
369

134
135
135
135

14
14
14
14

3
4
3
4

2
2
2
1

5
5
4
3

5
5
5
5

8
6
6
5

1
2
2
2

64
61
66
66

2
1
1
2

49
49
49
48

122
120
120
119

31
30
30
30

27
26
27
28

47
47
46
45

11
11
11
11

9
10
10
10

15
15
15
15

10
10
10
11

79
79
79
83

234
232
234
230

23
23
22
21

260
261
258
259

58
58
57
58

43
42
42
43

40
40
40
41

46
50
52
53

60
60
61
61

27
27
27
28

55
57
55
53

28
29
29
30

36
36
38
37

107
106
106
104

193
195
192
194

37
37
38
37

425
429
429
417

2,998
3,014
3,020
3,011

317
315
315
315

844
829
830
830

243
250
263
277

167
170
169
166

1,422
1,415
1,410
1,405

197
196
197
197

166
166
164
159

258
259
255
250

188
188
186
186

678
680
679
683

2,786
2,802
2,806
2,799

909
905
904
899

22
23
23
23

433
436
436
434

97
98
98
96

61
62
60
60

38
39
39
40

33
34
34
33

189
189
189
188

46
46
46
44

12
12
12
15

48
45
45
50

28
28
29
28

124
119
122
121

388
391
391
389

100
100
100
100

MinAtlan- Chica- St.
Louis neapta
go
olis

Kansas
City

Dallas

405
408
407
405

714
713
710
708

511
514
513
511

320
316
316
316

183
186
187
187

287
288
289
289

54
53
53
53

56
54
54
53

10
10
11
11

125
125
128
132

604
597
593
587

142
141
142
143

13
12
12
13

4
4
4
4

54
52
54
55

4
4
4
4

8
8

Boston

New
York

Philadelphia-

Cleve- Richland mond

22,026
21,975
21, 999
21, 890

1,294
1,295
1,294
1,279

9,048
9,017
9,036
8,953

1,165
1,155
1,153
1,147

1,888
1,882
1,883
1,885

595
603
617
633

543
550
553
552

3,068
3,047
3,037
3,022

661
660
661
657

10,004
9 972
9 994
9 913

710
710
709
708

4,437
4,407
4, 428
4,356

479
474
472
466

720
729
730
732

249
248
250
251

268
272
276
280

1,061
1,049
1,044
1,034

601
600
605
599

39
39
39
39

257
258
259
256

44
44
44
44

44
44
44
44

15
15
15
15

11
11
12
12

ri, 206
r4, 228
>-4, 263
>-4,, 238

'294
'296
'295

1,790
1,802
1,835
1,812

178
178
178
175

251
260
262
262

96
98
99
99

475
477
478
482

'90
89
89
87

187
194
194
199

25
24
24
23

18
18
18
19

1,227
1,178
1,161
1,119

38
37
38
37

1,041
995
982
940

24
22
21
19

22
24

682
678
673
663

37
37
36
36

328
327
324
318

38
37
37
37

40
40
40
40

19
18
19
19

1,165
1,167
1 167
1,167

84
84
84
84

242
243
243
243

60
60
60
60

177
177
177
176

97
92
94
93

4
3
3
4

65
62
66
66

3
2
2
2

732
728
730
727

65
66
66
66

267
265
267
263

819
'824
'823
r
825

59
'58
'58
'58

7,903

7,911
7,917
7,896
1,131
1,131
1 133
1,132

ASSETS

Loans and investmentstotal:
Sept 29
Oct 6
Oct. 13
__.
Oct 20
Loans—total :
Sept 29
Oct 6
Oct 13
Oct 20
Commercial, industrial, and
agricultural loans:
On securities:
Sept. 29
Oct. 6
Oct 13
Oct 20
Otherwise secured and
unsecured:
Sept 29
Oct. 6
Oct. 13
Oct. 20
Open market paper:
Sept 29
- .
Oct 6
Oct 13
Oct 20
Loans to brokers and dealers:
Sept 29
Oct. 6
. ___
Oct. 13
Oct. 20
- .Other loans for purchasing or
carrying securities:
Sept. 29
Oct 6
Oct 13
Oct 20
Real estate loans:
Sept 29
_
Oct. 6
. __
_-Oet 13
Oct. 20
Loans to banks:
Sept 29
Oct 6
Oct 13
Oct 20
Other loans:
On securities:
Sept. 29
Oct 6
Oct. 13
__.
Oct. 20 .
Otherwise secured and
unsecured:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
TJ. S. Government direct
obligations:
Sept. 29 _
Oct. 6
Oct. 13
Oct. 20—
Obligations fully guaranteed
by U. S. Government:
Sept. 29 .
Oct. 6
Oct. 13
Oct. 20

•• Revised.




r

25

8

1
1
1
1

1139

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
[In millions of dollars]
Federal Reserve District

Total

Boston

New
York

Phila- Cleve- Rich- Atlandelta
land mond
phia-

City

MinChica- St.
Louis neapgo
olis

Kansas
City

San
Dallas Francisco

287

New
York

Chica-

1,011
991
985

255
253
254
256

ASSETS—continued

Other securities:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Reserve with Feder; Reserve bank:
Sept. 29
Oct. 6
Oct. 13___
Oct. 20
Cash in vault:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Balances with
domestic
banks:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Other assets:
Sept. 29
Oct. 6
Oct. 13
Oct. 20

2,988
2,961
2,955
2,949

5,424
5,339
5,368

137
133
133
133

1,180
1,160
1,152
1,152

272
268
268
270

263
262
263
263

65

238
254
250

2,861
2,762
2,666

222
231
236
237

326
329
324
327

130
134
128
127

18
16
19
17

41
39
42
41

323
307
347
318

394
395

102
102
100

121
121
121
119

105
109
107
100

784
782
785
806

133
135
143
139

167
171
178
168

114
113
114
113

19
18
20
18

' 11
11
13
11

60
57
65
58

11
11
12
11

13
12
14
12

11
11
12
11

285

325
330

2,634
2,551
2,578

575
574
575
595

59
55
64
58

25
25
28
25

1,737
1,764
1,828
1,787

103
106

142
128
134
136

127
140
134
139

159
162
171
167

158
168
164
145

111
106
114
110

279
281
295
280

181
178
189
190

154
156
166
162

190
193
196
200

64
67
69

132
137
134
139

1,285
1, 287
1,304
1,314

79
78
79
79

536
545
558
570

89

106
105
104
104

40
38
39
40

41
41
40
40

93
92
93
92

23
23
23
23

29
29
29
29

209
208
209
209

454
457
460
463

61
60
61
61

14, 864
14,628
14, 801
14, 789

957
971
975

6,621
6, 453
6,497
6,501

802
800
799

1,068
1,053
1,069
1,077

418
424
426
420

330
325
332
330

2,228
2,196
2,205
2, 219

393
386
405
397

270
269
272
262

486
481
502
492

390
386
398
396

913
898
925
921

6, 085
5,908
5,948
5,947

1,496
1,473
1,459
1,485

'5,290
'5, 282
5,270
5,285

277
275
275
274

•1,145
•1,136
1,131
1,145

286
288
290
289

743
741
741
747

198
199
198
198

187
187
186
185

867

183
184
184
184

122
123
122
122

147
148
147
147

127
126
126
127

1,008
1, 006
1,001

»734
'725
720
734

453
453
453
453

644
645
595
508

37
37
33
26

363
364
335
287

18
18
16
12

16
16
15
12

11
11
10

17
16
15
13

13
13
13
11

19
20
19
17

352
353
325
279

62
62
58
52

4,998
5,177
5,142
5,088

220
214
211

1,985
2, 056
2,010
2,009

258
273
274
275

327
340
332
321

197
210
216
218

180
192
197
188

714
726
705

357
361
358
356

194
202
202
197

1, 920
1,989
1,944
1,942

508
515
529
517

»-528
'507
501
478

4
3
3
3

1
1
1
1

1
1
1
1

8
7
8
7

LIABILITIES

Demand deposits—adjusted:
Sept. 29
Oct. 6__.
Oct. 13
Oct. 20
Time deposits:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
U. S. Government deposits:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Interbank deposits:
Domestic banks:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Foreign banks:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Borrowings:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Other liabilities:
Sept. 29
Oct. 6
Oct. 13
Oct 20
Capital account:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
" Revised.




-"572
'545
541
517

228
238
237
236

115
121
120
115
1
1
1
1

248
250
256

1
1
1
1

'526
r
505
500
476

1
3

1
1
1

1
1
1
1

18
17
17
17

22
21
22
22

313
324
316
326

401
384
377
384

17
17
18
18

347
348
348
348

367
366
366

329
327
327
327

1,473
1,478
1,478
1,478

245
246
245
244

876
862
849
866

25
25
24
25

414
396
390
396

3,611
3,615
3, 615
3,617

237
237
237
237

1,607
1,612
1,612
1,612

227
227
227

1
3

1140

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

B y holders

Commercial
paper
outstand-

Total
outstand-

ing*

ing

Held by accepting
banks

Own
bills

Total

1936—July
August
September
October.
November __
December
1937—January
February
March
April
May
June _ _ . _
July
August
September

___ _
_ _

. _

B y classes

Held by Federal
Reserve banks

For ac- Held
For count of
by
own ac- foreign others
bought count correspondents
Bills

188
205
197
199
191
215

316
308
315
330
349
373

278
279
276
296
309
315

131
140
139
150
157
151

147

244
268
290
285
287
285
325
329
331

387
401
396
395
386
364
352
344
344

325
340
316
318
295
273
265
263
274

154
160
150
147
137
130
144
143
147

171
180
166
171
159
143
121
120
127

139
137
147
152
164

(2)

1
3
1

(2)

1
2
4
3
2
1

Based
on

Based
on ex- Dollar

ports
from
U.S.

ports
into

U.S.

Based on goods
stored in or shipped
between points in

exchange

Foreign
countries

U.S.

37
29
39
34
40
57

105
104
107
110
112
126

68
63
64
67
77
86

2
2
2
2
1
2

57
60
66
75
83
83

84
79
76
77
76
76

62
61
80
76
86
87
83
79
69

141
158
160
167
168
157
143
133
127

83
85
84
83
81
77
71
71
77

2
2
2
1
1
1
2
2
1

84
79
76
68
62
55
65
68
73

77
77
76
76
75
74
71
69
66

i As reported by dealers; includes some finance company paper sold in open market.
i Less than $500,000.
Back figures—See Annual Report for 1936 (table 66).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.

Ledger balanc()s in millions of dollai•s]
Credit balances

Debit balances

End of month

Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net)i
accounts

Customers'
credit balances1

Other credit balances

Debit

balances in
firm
investment
and trading
accounts

Cash on
hand
and in
banks

Money
borrowed 2

Free

Other
(net)

In
In
In
firm
partners'
invest- capital
investment and ment and accounts
trading trading
(net)
accounts accounts

1935—September
December
1930—March
June
September
October
November
December _ _

1,098
1,258
1,351
1,267
1,317
1,333
1,364
1,395

65
75
67
67
72
69
65
64

119
135
168
164
141
151
150
164

182
179
181
219
227
235
260
249

771
930
995
985
995
989
986
1,048

257
286
303
276
289
318
346
342

89
79
89
86
99
99
110
103

23
24
23
24
24
25
24
30

12
10
15
14
14
17
17
12

396
410
429
420
423
428
435
424

1937—January _ _
February
March
April
May .
June
July
August
September .... _

1,433
1,482
1,549
1,559
1,503
1,489
1,493
1,509
1,363

62
61
61
58
56
55
56
54
48

162
188
175
163
149
161
157
149
128

243
230
223
227
209
214
206
202
239

1,028
1,084
1,172
1,215
1,188
1,217
1,213
1,233
1,088

372
366
346
314
284
266
265
252
256

118
116
115
111
101
92
96
92
96

32
32
29
29
24
25
25
26
26

19
25
18
18
12
13
13
13
12

428
418
419
417
408
397
397
391
385

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.




1141

FEDERAL RESERVE BULLETIN

NOVEMBER 3937

FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]

Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Act *

Advances under sec.
10(b) of the Federal
Reserve Act

Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)

In effect
beginning-

Rate
In effect
Oct. 31 beginning—

Federal Reserve Bank
In effect
beginning—

Rate
Oct. 31
Boston
New York....
PhiladelphiaCleveland
Richmond
Atlanta.
Chicago..
St. Louis
Minneapolis. _
Kansas City..
Dallas
San Francisco

IK

IK
IK

IK

Sept. 2, 1937
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937

Previous

rate

Rate
Oct. 31

Sept. 2,1937
Oct. 10,1935
Sept. 4,1937
Oct. 19,1935
Sept. 10,1937
Aug. 21, 1937
Aug. 21,1937
Sept. 2,1937
Aug. 24, 1937
Sept. 3,1937
Aug. 31, 1937
Sept. 17,1937

2

IK
2
2
2
2
2
2
2
2
2
2

4
4
4

4K
3K
4
4

Oct. 20,
Feb. 8,
Oct. 20,
May 11,
Feb. 19,
Mar. 17,
Oct. 16,
Feb. 23,
Apr. 15,
May 10,
Mar. 12,
Oct. 19,

1933
1934
1933
1935
1934
1934
1933
1935
1933
1935
1934
1933

i Rates indicated also apply to United States Government securities bought under repurchase agreement,
Back figures,—See Annual Report for 1936 (table 40).

BUYING RATES ON ACCEPTANCES

RATES ON INDUSTRIAL ADVANCES

Buying rates at the Federal Reserve Bank of New York
[Percent per annum]

Rates in effect Oct. 31. 1937, 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]

Rate in
effect on
Oct. 31

Maturity

In effect beginning—

Previous

Oct. 20, 1933
____do
____do
_.__do
do
_—do
do

1-15 days i_.
16-30 days—
31-45 days—
46-60 days...
61-90 days—
91-120 days..
121-180 days.

1
1
1
1
1
1

Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Percent per annum]
Nov. 1, 1933 Feb. 1, 1935
In effect
to
to
beginning
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936

2K
2K
2K

Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta . _ _
Chicago
St. Louis

_

__ _ _ -

Minneapolis
Kansas City
Dallas
San Francisco

MAXIMUM RATES ON TIME DEPOSITS

2K
2K

Federal Reserve Bank

IK

i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum rates on prime bankers' acceptances payable in
dollars; higher rates may be charged for other classes of bills.
Back figures.—See Annual Report for 1936 (table 41).

Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days

Advances to financing institutions—
Advances
direct to
Commitindustrial On porments
tion for
or comto make
On re- advances
mercial or- which
ganizations institu- maining
portion
tion is
obligated

rate

2K
2K

3
3

3K
4-5

3K

4

6
6
5-6
4-53^

4-6
5

4-6
5
5-6
4

6
4-6
5-6
5-6

4K-5

3K-6
4-6
4-6
4K-6

3K
4
3-4

1-2
K-2
1-2
K
1-2

3

K

4K-5
4
5-6
4-5

1
2
3

Authorized rate 1 percent above prevailing discount rate.
Same as to borrower but not less than 4 percent.
Flat charge.
Back figures.—See Annual Report for 1936 (table 40).

MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]
Classes of deposits
and banks

June 21, Aug. 16, Mar. 1,
191719361937Aug. 15, Feb. 28, Apr. 30,
1936
1937
1937

May 1,
1937,
and after

2K On net demand deposits:1
2
Central reserve city
13
26
223^
19K
Reserve city
10
20
17K
15
1
Country..
14
7
12M
10K
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation, On time deposits:
All member banks
_
3
6
5M
4K
effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board
1
and the Federal Deposit Insurance Corporation are superseded by
See footnote to table on page 1130 for explanation of method of computlower maximum rates established by State authority.
ing net demand deposits.




1142

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]
Prevailing rate on—
Year,
month or
week

p *

rTime
tornmerciai
paper,
4 to 6
months

1934 average.-.
1935 average._.
1936 average- ..1936—Aug
Sept
Oct.
Nov
Dec.
1937—jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Week ending:
Aug. 14....
Aug. 2 1 . . . .
Aug. 28....
Sept. 4
Sept. 1 1 . - .
Sept. 18....
Sept. 25....
Oct. 2
Oct. 9
Oct. 16
Oct. 23

Prime Stockexbankers' change
accept- time
ances, loans,
90
90
days
days

1.02
.76
.75

X
X
X
X
X
X
X

[Weighted averages of prevailing rates; percent per annum]
Average rate o n Average
yield on
Stock exU. S.
change call Treasury 273- Treasloans
day bills u r y
offered 3-5 year
within
Renotes
New
newal period

u. s.

.26
.13
.15

.90
.56
1.18

1.00
.56
.91

1.00
.56
.91

i .26
* .14
.14

2.11
1.28
1.11

»/u

IK
IK
IK
IK
IK

1.00
1.00
1.00
1.00
1.00

1.00
1.00
1,00
1.00
1,00

.18
.16
.13
.10
.21

1.12
1.09
1.12
.99
1.04

IK
IK
IK

1 00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

1 00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

36
.38
.58
.70
.65
.58
.49
.52
.53

1 18
1.22
1.42
1.59
1.48
1.54
1.44
1.45
1.50

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

.46
.52
.62
.71
.58
.44
.38
.44
.43
.36
3.26

1.39
1.44
1.53
1.55
1.57
1.47
1.46
1.45
1.41
1.42
1.46

i,

lf

*/ie
3

3

/i«

/u

X~i Vi«-Vie
1
11
7

1
1
1

hi
Vu
Vie

1
1
1
1
1
1
1
1
1
1
1

Vi«
Vie
Vie
Vie
Vie
Vu
Vie
7

A«

Vie
Vie
Vie

IK
IK
IK

i.K
IK
IK
iK
IK
IK
IK
iK
1M
IK

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

1
91-day and 182-day bills.
2182-day and 273-day bills.
Bills maturing about March 16, 1938.
Back figures.—See Annual Report for 1936 (tables 42 and 43).

3

1929 1930 1931 1932 1933 1934 1935 1936

New York City:
January
February
March
April
May.
June
July
August
September
October
November
December

_

5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74

5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16

4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4.67
4.64

4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22

4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48

3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18

2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2.77
2.61

2.64
2.56
2.61
2.54
2.51
2.44
2.44
2.42
2.40
2.46
2.43
2.43

Year
8 other northern and
eastern cities:
January
February
___
March.
April
May
June
July
August
September.
_
October
November.
_
December

5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49

Year
27 s o u t h e r n a n d
western cities:
January
February
March
April
May
June
July
August
September
October
November.
_
December

6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52

Year

5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94

5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20

5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.68

6.12
6.05
5.98
5.86
5.75
5.69
5.63
5.58
5.55
5.54
5.50
5.43

4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91

5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56

5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88

5.61
5.61
5.64
5.63
5.64
6.62
5.63
5.68
5.63
5.56
5.55
5.60

4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59

5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43

4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98

5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92

4.08
4.02
4.05
3.99
3.88
3:78
3.87
3.79
3.75
3.75
3.63
3.67

4.95
4.84
4.85
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55

3.62
3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.48

4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.23
4.24
4.14

2.50
2.41
2.50
2.53
2.44
2.34
2.36
2.41
2.39
2.38

3.36
3.43
3.34
3.36
3.45
3.32
3.32
3.29
3.33
3.37

4.16
4.15
4.15
4.21
4.17
4.18
4.19
4.18
4.18
4.16

6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35

BOND YIELDS1
[Percent per annum]
Corporate 4
Year, month, or week

U. 8.
Treasury a

Municipal 3

Aaa

Aa

Baa

Industrial

Railroad

Public
utility

30

N u m b e r of issues..
1934 average...
1935 nverage
_.
1936 average
1936—September..
October
November..
December..
1937--January
February
March
April
May
June
July
August
SeptemberWeek ending :&
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23

B y groups

By ratings
Total

3.18
3.18
3.15
3.10
3.09
3.22
3.32
3.42
3.-33
3.28
3.26
3.25
3.29

4.44
3.95
3.47
3.41
3.38
3.31
3.28
3.30
3.41
3.50
3.58
3.49
3.45
3.44
3.45
3.51

5.08
4.55
4.02
3.94
3.90
3.85
3.78
3.76
3.85
3.98
4.05
3.99
3.99
3.97
3.98
4.07

6.32
5.75
4.77
4.62
4.54
4.52
4.53
4.50
4.54
4.69
4.86
4.87
4.97
4.97
5.01
5.27

4.52
4.02
3.50
3.44
3.42
3.38
3.37
3.36
3.46
3.55
3.65
3.55
3.51
3.50
3.47
3.54

4.96
4.95
4.24
4.09
4.02
4.00
3.96
3.95
4.04
4.17
4.29
4.27
4.29
4.31
4.40
4.60

5.40
4.43
3.88
3.83
3.80
3.74
3.69
3.68
3.76
3.90
3.99
3.95
3.97
3.92
3.89
3.97

3.29
3.30
3.29
3.29
3.30

3.51
3.54
3.55
3.59
3.63

4.08
4.14
4.15
4.22
4.31

5.31
5.45
5.43
5.63
5.87

3.55
3.59
3.60
3.64
3.69

4.63
4.72
4.69
4.84
5.01

3.97
4.02
4.03
4.07
4.15

4.96
4.46
3.87

4.00
3.60
3.24

2.41
2.42
2.29
2.27
2.29
2.31
2.50
2.74
2.67
2.64
2.59
2.59
2.67

4.03
3.41
3.07
2.97
2.94
2.85
2.76
2.79
2.96
3.19
3.24
3.14
3.11
3.07
3.01
3.18

3.79
3.75
3.71
3.67
3.66
3.75
3.87
3.98
3.92
3.93
3.91
3.92
4.04

2.66
2.66
2.65
2.66

3.22
3.21
3.19
3.22
3.30

4.05
4.11
4.11
4.18
4.28

3.10
2.70
2,47

i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
» Average of yields of all outstanding bonds due or callable after 8 years.
» Standard Statistics Co., revised series.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, less than 40 industrial bonds are included;
the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4.
6 Averages of daily figures replace former Wednesday figures, except for municipals; back figures available upon request.
Back figures—See Annual Report for 1936 (table 74).




1143

FEDERAL RESERVE BULLETIN

N O V E M B E R 1937

BOND PRICES 1
TJ. S.
Treas- Municipal
ury*

Year, month, or date

Number of issues.

STOCK MARKET
Stock prices 1

Corporate3
Total

Indus- Rail- Utility
trial road

7-12

Year, mcnth, or
date

Preferred*

20

96.1
105.3
110.8

Volume of
tradings

Common (index, 1926=100)
Total

Industrial

Railroad

Utility

87.8
32
348
420
20
98.2 Number of issues.._
40
105.4
72
1,204
69
42
81
1934 average
- 120.7
71
78
92.2
1936—September1,411
34
133.8
105.8 1935 average
97.9
107.2
91
98.6
112.5
104
111
138.9
93.1
October. __.
1,824
51
127
106.0 1936 average _ _99.7
106.9
99.6
113.1
94.2
November106.0
99.2
108.2
99.8
114.6
114
94.5
December..
108
105.6 1936—September... 139.0
99.6
108.0
1,366
55
130
99.9
116.3
119
94.8 100.6
1937—January
109
138.3
October
105.7
107. 3
1,913
58
136
115.8 100.3
124
94.7 100.2
February..
109
139.0
November
105.1
107.2
2, 575
58
144
112.7 100.0
123
93.5
March
111
140.1
December
103.6
98.3
105.2
2,095
54
143
98.5
108.9
126
92.0
April
114
141.8
102.4 1937—January
95.3
102.6
2,667
56
147
96.6
108.0
130
91.9
111
141.2
February
101.8
95.0
103.3
May____
2,564
58
152
96.2
109.6
130
91.2
106
138.0
March
100.6
93.2
103.5
June
2,133
63
153
95.0
110.1
125
91.4
101
136.0
April
101.2
93.2
104.3
July
1,466
60
147
95.3
110.8
116
91.9
94
135.4
May
101.4
91.0
104.0
859
57
137
94.8
111.8
August
114
90.0
91
135.2
June
98.4
85.6
103.3
697
54
134
91.3
109.0
September.
118
96
135. 7
July
917
52
139
121
97
137. 2
August.
729
51
144
103. 5
96.7
82.8
88.2
108.5
Sept. 29....
89.3
106
89
September.... 136.4
1,498
43
126
103.5
96.3
82.6
87.6
108.8
Oct. 6
88.8
103.4
95.7
78.9
86.0
108.3
Oct. 13
86.9
87
40
118
103.4
1,273
100
135.6
Sept. 29
93.2
74.8
83.2
107.0
83.7
Oct. 20
84
38
112
1,282
95
135.2
Oct. 6
79
34
105
2,240
89
133.9
Oct. 13
79
33
102
4,107
132. 5
87
Oct. 20
1 Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
2 Average prices of all outstanding bonds due or callable after 8 years,
1 Standard Statistics Co. Monthly data are averages of Wednesday
based
on quotations from Treasury Department.
3
Prices derived from average yields, as computed by Standard Sta- figures.
23 Average prices of industrial high-grade, derived from yields.
tistics Co. Municipal series revised back to 1934.
Average daily volume of trading in stocks on the New York Stock
Back figures—See Annual Report for 1936 (table 73); for U. S. TreasExchange, in thousands of shares. Weekly figures are averages for the
ury bonds, see BULLETIN for May 1936, p. 317.
week ending Saturday.
Back figures.—For stock prices, see Annual Report for 1936 (table 73).
103.5
106.0
107.0

1934 average
1935 average
1936 average

84.5
88.6
97.5

81.9
88.2
92.2

83.8
79.4
94.7

CAPITAL ISSUES
[In millions of dollars]
For refunding

For new capital

Year or
month

1927 _ . .
1928 _ _
1929
1930
1931
1932
1933
1934
1935
1936
1936—Sept....
Oct
Nov
Dec..__
1937—Jan
Feb.._.
Mar.___
Apr
May...
June ...
July....
Aug..._
Sept....

Total
(new
and
refunding)

Domestic

Domestic
Total
(domestic
and
Total
foreign)

State
and

mu-

nicipal

1,475
1,379
1,418
1,434
1,235

9,774 7, 555
9,898 8,040
11,513 10, 091
7,619 6,909
4,038 3,089
1,751 1,194
720
1,063
2,160 1,386
4,699 1,457
6,214 1,972

6,219
6,789
9,420
6,004
2,860
1,165
1,386
1,409
1,949

762
483
803
855
735

178
186
158
266
241
168
185
152
150
359
250
76
156

177
173
158
266
241
168
185
152
150
359
250
76
153

103
78
49
48
146
34
47
67
43
90
79
26
41

409
464
372
726
603
497
382
272
261
560
344
184
223

708

Federal
agencies*

Corporate

Foreign1

Total

Bonds
and Stocks
notes

87
64
0
87
75
77
64
405
150
22

4,657
5,346
8,002
4,483
1,551

3,183
2,385
2,078
2,980
1,239

0
0
0
0
0
4
0
0
29
0
89
0
0

1,474
2,961
5,924
1,503

1,337
1,251

1,192

305
40
144
334
839

311
20
120
35
69
352

671
905
229
29
12
0
48
23

75
95
109
218
95
130
138
85
78
269
82
49
112

48
60
97
100
64
74
99
45
47
187
39
33
87

26
35
12
118
31
56
39
40
31
82
43
16
25

1
13
0
0
0
0
0
0
0
0
0
0
3

325
161
178
404

Total
(domestic
and
Total
foreign)

Federal
agenTotal
cies2

Corporate
Bonds
and Stocks
notes

93
0
0
0
51
93
26
317
987
353

1,850
1,584
1,374

1, 586
1,054

474
821
319
219
312

542
451
789
315
187
312

3,216
4,123

35
36
13
53
21
87
37
136
365
382

1,864
3,387

1,782
3,187

231
278
199
459
289
255
197
101
111
200
93
108
67

56
5
16
49
59
9
12
13
8
21
8
25
7

0
1
28
3
26
21
4
1
16
30
29
27
20

175
272
155
408
204
225
181
87
87
149
57
56
39

156
249
145
395
87
140
162
69
66
139
20
51

2, 218
1,858
1,422

1,978
1,620
1,387

3,242
4,242
231
278
214
459
362
329
197
121
111
200
93
108
67

709
949
557
343
774

State
and
municipal

527
893
498
283
765

(3)

Foreign1

264
530
833
23
32
4
32
0
81
200

241
238
35
182
56
59
60
g
26
119

19
22
10
13
116
84
19
18
21
11
37
6
39

0
0
15
0
73
74
0
20
0
0
0
0
0

i Includes issues of noncontiguous U. S. Territories and Possessions.
* Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
3 Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthlyfiguressubject
to revision.
Back figures.—See Annual Report for 1936 (table 72).




1144

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing

Interest-bearing
Publicly offered '

Total
gross
debt

End of month

Bonds

Total
interest
bearing

Total

Pre-

Treas-

U. S.
Savings

Notes

Bills

616
954
1,404
2,053
2,354

105
92
118
156
1,071

2,353
2,354
2,353
2,203
2,253
2,253
2,203
2,353
2,553
2,303
2,453
2,653
2,403

583
552
526
504
489
475
461
451
445
926
915
905
896

1932—June
1933—June
1934—June
1935—June
1936—June

19,487 19,161 18,816
22, 539 22,158 6 21,782
27,053 26480 " 26,006
28, 701 27,645 26,910
33, 779 32,989 31, 297

753
753
753
753
79

13,460
13,417
15,679
14,019
17,168

62
316

1,261
4,548
6,653
10, 023
11, 381

1936—September
October
November.
December.
1937— January ___
February _.
March
April
May
June
_.
July
August
September.

33,833
33,833
33, 794
34, 407
34, 502
34, 601
34, 728
34, 941
35, 213
36, 425
36,716
37,045
36,875

31,830
31, 855
31,877
32, 497
32, 582
32, 617
32; 722
32, 884
33,107
33, 734
33,918
34,146
33, 877

79
79
79
79
79
79
79
79
79
79
79
79
79

18,149
18,149
18,149
19,452
19, 452
19, 452
19, 936
19, 936
19,936
19, 936
19, 936
19, 936
19,936

399
424
447
475
509
567
722
752
775
800
833
862
885

10, 849
10, 849
10, 849
10, 289
10,289
10,267
9,783
9,764
9,764
10,617
10,617
10,617
10,575

33,083
33,088
33, 700
33,821
33,926
34,064
34, 295
34, 591
35,800
36,113
36,450
36,264

AdSocial
justed
seservice3 curity4
issues issues

All
other5

Matured
debt

240
284
356
580
601

60
66
54
231
169

266
315
518
825
620

641
639
637
635
632
630
559
552
550
560
632
'630
623

163
178
143
153
137
139
136
126
110
119
103
100
122

582
571
563
554
544
536
528
520
512
506
499
494
489

34
38
47
64
119
204
322
407
489
579
649
'769
868

Other

r
Revised.
1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
23 Includes Liberty bonds.
Includes adjusted service bonds of 1945 and special issues of adjusted service bonds to Government Life Insurance Fund series and of certificates
to the adjusted service fund.
4
I l d
il i
t ld
t
l
t
t s t fud
d railroad retirement account.
t
vings System and to Federal Deposit Insurance Corporation.
1933—$2,108,000,000; 1934—$1,517,000,000.

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES i

MATURITIES OF PUBLICLY-OFFERED DIRECT
OBLIGATIONS, SEPTEMBER 30, 1937
[In millions of dollars]

Total

D a t e maturing

Bonds 1

Notes

[In millions of dollars]
Bills

End of month
1938—Before Jan 1
Jan. 1-Mar. 31 _
Apr. 1-June 30 ___
J u l y 1-Sept 30
Oct 1-Dec 31
1939
1940
1941
1942
1943
1945
1946
1947
1948
1949
1951
1952
1953
1954
1955
_
1956
.
1959
1960
1961

Total . __

1,102
1,383
1,268
596
433
3,188
2,854
2,219
768
898
1,587
1,865
2,050
1,036
819
1,223
1, 250
1,786
2,663
755
489
982
2,611
50

898
1,587
1,865
2 2,050
1,036
819
1,223
1,250
1,786
2,663
755
489
982
2,611
50

33,877

20, 900

_____

2

834

732
618
596
433
3,188
2,854
1,385
768

10,575

1,102
651
650

1933—December.
1934—June
December.
1935—June
December.
1936—June—
September.
October___
November.
December.
1937—January _._.
February. _
March
April
May
June
July
August
September.
2,403

'otal

ReconHome
Federal
Owners' struction
Farm
Finance
Mortgage Loan
Corpora- Corpora- Corporation3
tion*
tion

180
681
3,063
4,123
4,494
4,718

312
980
1,226
1,387
1,422

134
1,834
2,647
2,855
3,044

180
235
249
250
252
252

4,667
4,667
4,662
4,662
4,662
4,662
4,662
4,660
4,660
4.665
4; 703
4,643
4,643

1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,422
1,420
1,410
1,410

2,993
2,993
2,988
2,988
2,988
2,988
2,988
2,987
2,987
2,987
2,987
2,937
2,937

252
252
252
252
252
252
251
250
250
255
295
296
296

1
Principal amount of obligations guaranteed as to interest and principal. The total also includes guaranteed debentures of the Federal Hous1 Issues classified as of date of final maturity; most issues callable at ing2 Administrator, amounting to $156,869 on September 30, 1937.
Excludes obligations guaranteed as to interest only.
earlier dates; most of the U. S. Savings bonds are redeemable at option
3
Excludes obligations held by U. S. Treasury and reflected in the
of holder.
public debt. Figure for December 1933 includes notes given in purchase
2 Includes unclassified U. S. Savings bonds.
of gold which were retired in February 1934.




1145

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Receipts

Expenditures

l

General
Period
Total

Other
In- Social interAll
come securnal
3 Total
ity
taxes taxes reve-2 o t h e r
nue

Fiscal year ending:
June 1935
3,800
4,116
June 1936
June 1937
, 5,294

Interest on
debt

National
deAll
fense
other
and
Veterans'
Adm.4

Recovery
and
relief

Trust Increase or decrease during
acperiod
counts,
7
etc
Excess excess
of re- of receipts ceipts
Trans- (+)or (+)or
Revolv- fers to
exextrust pendi- pendiing
General Gross
funds accts.
tures
6
tures
fund
(net)s etc.
(-)
(-)
balance debt

141
9 78
244

1,099
1,427
2,158

(8)
253

2,179
2,086
2,187

523
603
697

6,802
8,477
8,001

821
749
866

1,089
1,340
1,436

1,315
1,310
1,994

3,366
3,341
3,079

998
1,136
1,651

278
360
594

164

565
625
708

155
151
185

1,744
1,631
1,895

136
180
192

298
358
381

339
387
520

706
835
533

124
9 225
28

1936-September. __ 499
October... _
272
November..,
233
December
517
1937—January
284
February
275
March
1,012
April..
363
335
May
868
June
.
409
July
August... _
453
788
September-_

288
27
33
286
43
58
700
57
47
547
57
35
501

(8)
(8)
(8)
3
10
50
78
59
53
53
60
50

161
186
148
175
168
148
190
166
170
212
221
301
186

50
60
52
57
70
58
71
62
60
56
77
56
51

668
681
535
656
631
553
754
708
552
1,300
659
556
680

144
74
8
140
14
20
159
68
9
194
12
21
159

118
121
114
118
116
112
121
129
119
128
128
127
125

130
168
153
150
159
176
225
230
169
179
197
162
161

264
297
272
294
230
214
252
243
211
232
198
175
159

2
16
9 14
947
67
9 13
9 46
97
92
27
92
10
20

3 months ending:
Sept.1935_
Sept.1936_
Sept. 1937.

9

71 - 3 , 0 0 2
1,814 - 4 , 3 6 1
868 - 2 , 707

+613
+123
-67

-741 +1,648
+840 +5,078
- 1 2 8 +2,646

141
95
241

-746
-495
-245

-17
-53
+100

-43
-494
+306

+720
+54
+450

9
4
3
1
45
45
45
45
45
540
125
61
55

-169
-409
-303
-138
-348
-279
+257
-345
-217
-432
-249
-103

(8)
-15
-17
+26
+72

+284
-424
-358
+500
-180
-187
+287
-124

+452
(8)
-38
+613
+95
+99
+127
+212
+272
+1,212
+291
+329
-170

+108

-98

+8

-3
+20
+44
+37
+20

+52
+800
+85
+263
-43

1 Excludes debt retirement.
Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes.
Includes customs and miscellaneous receipts.
Excludes expenditures for adjusted service which are included under "Transfers to Trust Accounts, etc."
s Includes revolving funds of Reconstruction Finance Corporation, Commodity Credit Corporation, Public Works Administration, Farm
Credit
Administration, and Export-Import Banks.
6
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account, and railroad retirement account.
7
Includes, also, increment resulting from reduction in weight of the gold dollar, and expenditures chargeable against increment on gold (other
than retirement of national bank notes), receipts from seigniorage, transactions in checking accounts of Governmental agencies, unemployment
trust funds, old-age reserve account, and railroad retirement account.
s Less than $500,000.
» Excess of credits.
2
3
4

GENERAL FUND BALANCE
[On basis of daily statements of United States Treasury. In millions
of dollars]
End of month
1932—June
1933—June.
1934—June—
1935—June

Total

Increment
on gold

Seigniorage

417
862

_

1936—March
April
May

June
July
August
September _ .
October
November
December
1937—January
February
March
April
May June
July
August
September

Inactive
gold

2,582
1,841

811

700

140

417
862
1 771
1,001

2,866
2,442
2,358
2,682
2,230
1,904
2.188
26

140
141
141
140
141
140
140
141
141
141

302
306
308
316
319
323
329
332
333
337

2 423
1,995
1,910
2,225
1,771
1,441
1,719
1,291
931
1,401

127
205
343
568
758
1,087
1,213
1,335
1,209

141
141
141
141
141
141
141
141
141

340
344
348
350
354
356
369
375
382

1,118
849
995
642
501
970
915
1,051
1,128

L, 764
L,406
L, 906
L, 726
L, 539
.826

„




Work
ing
balance

1,702
1,754
2,553
2,639
2,902
2,860

1146

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 31, 1937
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned.

Financed wholly from Government funds

ComReconstruction modity
Finance Credit
CorpoCorporation
ration

Public AgriculWorks
tural
AdminOther
credit
istrainstitution
tions

In millions of dollars]

Financed partly from Government
funds
Farm
mortgage
institutions

Other
farm
credit
institutions

Home
mortgage
institutions

Other

Total

Aug. 31, July 31, Aug. 31,
1936
1937
1937

ASSETS

Loans and preferred stock:
Loans to financial institutions.
Preferred stock, etc
Home mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans

1

305
568

176
3194
2,497

8

490
762
2,497
2,892
561
1,259

489
766
2,524
2,897
562
1,252

549
751
2,898
2,934
620
1,194

2,892
1
820

Total loans and preferred
stock
Cash
United States direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U. S
Other 2
_ _.
Production credit association class
A stock
Accounts and other receivables
All other assets...

1,694
2
22

30
7

Total assets other than interagency 2 -

1,754

122

21

150
315

21
10
5

466
58
32

14
25

2

124
122

124

(l)

76
1

0)
(0

21

122

0)

146

153

(0

267

2,892
55
46
(0
(2)

267
28
113

2,867
71
18

8
13
359

8,461
236
594

8,490
298
561

8,946
272
493

40
7

14

102

170
34

194
29

198
31

35
276

186
161

5
C)

28
3 422

4
20

76
289
907

76
290
882

75
284
543

869

3,339

460

3,420

506

10, 768

10,820

10,842

1

LIABILITIES
Bonds, notes, and debentures:
Guaranteed b y United S t a t e s . . .
Other?
Other liabilities (including reserves)

296

Total liabilities other t h a n
interagency 2
_. . . .

49

60
1

5

3
44

1,410
2 1,116
163

190
7

2,963
54
136

107

4,668
1,422
512

4,728
1,333
541

4,667
1,465
375

5

48

2,688

197

3,153

107

6,603

6,602

6,507

0)

345

61

Excess of assets over liabilities, excluding interagency transactions. _
Privately owned interests

1,410

61

146

148

821

651
179

263
3

267
38

398
139

4,165
359

4,217
357

4,335
354

U. S. Government interests

1,410

61

146

148

821

473

260

229

259

3,807

3,860

3,981

2

1 Less t h a n $500,000.
Excludes $761,000,000 of Federal land bank bonds held by Federal F a r m Mortgage Corporation.
3
Shares of Federal savings and loan associations subscribed b y H O L C are classified in "Preferred stock, e t c . " Shares held b y U . S. Treasury
amounting to $48,000,000 are classified under "All other assets."
N O T E . — F o r explanation of table and back figures see BULLETIN for April 1936, p . 220.

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding.
Aug. 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 a n d commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
Total loans a n d investments, other t h a n interagency__
Loans to Federal land banks
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Capital stock of, a n d loans to R. F . C. Mortgage Co
Preferred stock of Export-Import banks
Capital stock of, and loans to other agencies
Total loans and investments.

368,393
48,397
672,687
1,400
350,948
181, 339
56,149
60, 965
2,'"'
142,210

In thousands of dollars]
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
295, 654
41, 379
596, 998
1,461
340, 367
208, 496
63, 493
67, 744
2,050
121, 622

Apr. 30,
1937
286, 611
41,132
591,784
1,468
345,084
215,044
67, 729!
70, 8321
2,169
114,012

M a y 31,
1937
349
40, 677

277,

587, 668
1,402
344, 823
218, 589
69, 524
71, 253
2,312
120, 404

J u n e 30,
1937
271,858
40, 483
581, 900
1,349
354, 320
221, 907
70, 549
72,424
2,533
119,585

July 31,
1937
271,009
40, 027
576, 672
1,236
351, 936
225, 407
71,181
74, 605
2,562
87, 320

Aug. 31,
1937

2 39, 414
567,879
1,073
351, 855
227,108
72,833
75,038
2,793
86,843

1,185,472 1, 748,684 1,739, 265 1, 735,864 1, 734,001 1, 736,909 1, 701, 954 1,691,120
32,199
93,002
97,000
31,213
20,000

22,191
129, 320
97, 000
39, 233
20,000
1 r"'

14, 517
79,688
97,000
43,769
20,000
2,598

14,333
55, 485
97,000
44, 340
20,000
6,000

13,934
50, 371
97, 000
45, 994
20, 000
7,400

13, 757
47,393
97,000
20, 000
10,000

13, 586
61, 238
97,000
51, 302
20,000
11,898

13,275
1,876
97,000
53,073
20,000
12,948

2,158, 885 2, 057, 825 1, 996,837 1,973,022 1,968, 700 1,973,345 1, 956,977 1,889,291

1 Includes $86,000,000 of loans for distribution to depositors of closed banks. 2 Includes $382,000 of preferred stock instalment sale contracts.
N O T E . — F o r explanation of table a n d back figures, see B U L L E T I N for April 1936, p . 220.




1147

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by-

Loans to cooperatives b y -

Regional
EmerProduc- Regional
agrigency
agricultion credit tural
Other
cultural
cred- crop and
associafinancing
credit
cordrought
it
corpoLand
tions
instituporations,
loans
rations
Bank
Federal
tions,
land banks Commis- production
except
credit assioner
sociations, cooperatives
and banks
for cooperatives i

End of month

1933—December
1934—December
1935—December
1936—September..
October
November
December
1937—January.
February
March
April
May...
June
July
August
September

Federal intermediate
credit bank loans to
and discounts for—

___

1, 232, 707
1,915, 792
2,071,925
2,067,711
2,067, 647
2,065,719
2,064,158
2,061, 472
2,060, 233
2,057,930
2,055, 397
2,053, 558
2,052,319
2,050, 522
2,047, 650
2,045, 276

70, 738
616,825
794,726
833,906
835,187
836,194
836,779
836,062
835,509
833,821
832,881
831,705
830,577
828,771
826, 317
823, 257

73,263
99, 675
104,706
138, 653
135, 791
131, 644
129, 872
125, 825
130,139
144,250
153,795
159, 073
164, 977
170,110
171, 270
167, 477

55,672
47,162
50,099
43,946
41,277
41,017
40,080
41,061
42,367
44,042
45,131
47,337
48,167
48, 386
46,573

27
60,852
94,096
122, 004
110, 775
105, 441
105, 212
106,081
114, 551
131,905
143,902
152, 466
160,051
163,553
162,515
153,977

Federal
intermediate
credit
banks

144,636
87,102
43,400
31, 216

89,811
110,186
172,489
171,320

26, 491

166,291
164,887

24,454
24, 249
23,892
23, 588
23, 453
22, 914
22, 069
21,126
19, 434

163,250
174, 709
187,185
189,686
189,141
187, 353
185,802
182,331

Banks for Agriculcoopertural
atives,
Marketincluding ing Act
Central
revolvBank
ing fund

15,211
33,969
2,731
405

18,697
27,851
50,013
56,267
71,150
72, 500
69, 647
64,411
60,356
56, 736
49,314
45.000
45,032
52,405
56, 341
66,897

758
1,336
1,641
1,486
1,359
1,305
1,249
1,070
635
1,126
1,047
1,157

157,752
54,863
44,433
48,583
51,348
56, 216
53, 754
54, 322
52,359
51,810
48, 522
47, 732
46,854
45,664
44, 281
47, 236

i 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
three 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

POSTAL SAVINGS SYSTEM
[In millions of dollars]

LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars]

Assets

Home mortgage loans b y Federal savings and
loan associations

End of month

1933—December..
1934—December..
1935— December..
1936—September..
October
November..
December _.
1937—January
February...
March
April
May
JuneJuly
August
September. _
r

Home
Owners'
Loan Corporation *

Number of
associations

Total

Reporting

»2,394,038
2,897,162

59
639
1,023

455
881

2,870,480
2,834, 610
2,801,827
2, 765,098
2, 729,274
2,698,611
2,661, 542
2,625, 493
2, 591,115
2,556,401
2, 524,129
2, 497, 224
2, 472, 421

1,183
1,192
1,206
1,212
1,228
1,240
1,249
1,257
1,270
1,286
1,293
1,296
1,307

Loans
reported

Federal
home
loan
bank
loans to
member
institutions 2

1933—June..
1934—June_.
1935—June..

69, 734
315, 683

85,442
86,658
102,795

1,076 512, 744
1,080 532,064
1,080 544,130
1,065 544,107
1,143 576, 299
1,157 611,212
1,168 630,680
1,168 652,557
1,166 679,949
1,181 703,996
1,181 722,442
1,200 '746.958
1,200 761,114

129,767
134, 941
137, 261
145, 401
143,745
141, 205
142, 720
146,149
153, 491
167,057
169,571
175,607
179, 511

Revised.
i In addition to loans the HOLC held on Sept. 30, 1937, $708,953,000 in
other assets, consisting principally of investments in the Federal Savings
and Loan Insurance Corporation and in various savings and loan associations, real estate and other property, and accrued interest receivable.
* Includes loans to Federal savings and loan associations, all of which
areJ members, and a negligible amount to others than member institutions.
Includes accrued interest.




End of month

1936—July
August
September
October
November
December
1937—January
February
March
April
May
June
July
August
September

U. S. Government
securities

Depos
itors'
balanced

Total

Cash
in depository
banks

1,187
1,198
1,205

1,207
1,225
1,236

977
695
385

131
453
777

1,244
1,249
1, 251
1,255
1, 257
1,260
1,266
1,270
1,272
1,270
1,268
1,268
1,271
1, 272
1, 270

1,279
1,283
1,285
1,290
1,293
1,296
1,303
1,307
1,310
1,307
1,306
1,307
1,309

172
166
162
158
145
145
136
133
132
134
134
136
134

972
972
982
1,011
1,029
1,058
1,060
1,061
1,097
1,100
1,100
1,100
1,100

Cash,
reDi- Guarserve
an- funds,
rect teed
Total obli- obli- etc.J
gations

894
930
933
933
933
933

35
147

77
74

167
167
167
167
167
167
167
167
167
167
167
167
167

135
145
141
121
119
93
107
113
81
73
72
71
75

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
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late postmasters
Back figures.—See BULLETIN for August 1935, p. 502.

1148

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production1*
Year
and
month

Manufactures

Total

Construction contracts awgirded (value)2

Minerals

Residential

Total

All other

Factory
Factory em- pay
3
ployment
rolls*

Freight-car
loadings4*

Department
store sales*
(value)

Ad- Unad- Ad- Unad- Ad- Unad Ad- U n a d Ad- Unad Ad- Unad Ad- Unad Unad Ad- Unad Ad- Unadjustec justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
77

84
87
67

83
87

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

67

70
74

86
101
94
105
108
106
112
119
95
80
63

85
101
95
104
108
106
111
119
96
81
64
76
79
90
105

105
96
99
108
107
106
115
99

84
71
82
86
91
104

75
78
90
105

44
30
44
68
81
95
124
121
117
126

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55

89

87
50
37
13
11
12
21

79
90
65
88
86
94
120
135
139
142
142
125

107
108
82
90
104
96
100
101
99
99
105
91

84
40
37

72

77

70

37

83
86
92

82
103
96
101
104
102
102
109
89
67
46
49
63
71
82

66

48
50

98
118
77

84
91
78
85
100
98
103
107
104
104
107
92

78
94

87
88
98
99
103
106
107
108
111
102
92
69
67

74
55
58
62
64

75
79

75

88

1934

72

71
70
73
73
76

80

83

82
81
81
90

87
87

95
97
88
90
99
85
83
87
93
93
102

92
93
90

85
86
93
101
96
97

75
86

73
73
75
74
78

90
90
88
86
85
87
86
88
91
95
96
101

88
91
91
89
87
86
83
87
90
97
98
96

89
92
95
97
101

87
91
91
91
87
84
83
87
89
96
98
95

97
94
93
101
101
104
108
108
109
110
114
121

95
95
96
104
105
104
105
106
107
111
115
114

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

Jan
114
Feb
116
Mar
118
April.... 118
May
118
June
114
114
July
Aug
117
Sept
Pill

112
117
122
122
122
115
111
115
P109

115
116
117
118
118
114
114
118
P110

113
118
122
125
123
114
110
114
P106

110
115
128
115
116
114
112
112

106
111
118
105
117
117
115
120
P125

Aug
Sept
Oct.. .
Nov
Dec

73
71
74

69

72
74
85

84
85

27
29
31
31
31

28
30
29
28
25

10
11
12
11
12

10
11
12
11
10

40
44
46
48
47

43
45
43
41
36

83
78
81
81
82

84
80
82
80
82

63
59
62
61
64

61
60
59
59
60

62
67
65
60
57

76
74
74
75
77

135

27
28
26
27

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

82
85
86
86
85
83
84
86
88
89
89
88

65
70
72
72

63
66
65
62
61
64
59
63
64
68
68
68

59
62
63
59
60
63
59
64
71

76
77
79
75
74
79

59
61
71
79
76
76

80

84
85
86
86
85
84
85
86
86
87
88
89

50
45
47
53
56
60
65
65
60
54
51
53

25
25
26
30
32
36
44
46
47
43
40

21
22
28
35
38
39
45
46
47
41
39
38

92
63
60
57
65
71
75
69
69

75
63
62
67
70
78
82
81
70
65
62
65

89
87
88
89
90
90
93
93
94
94
96
99

87
87
88
89
90
90
91
94
96
97
97
98

51
54
56
61
68

45
47
45
44

37
42
47

77
75
64

63

51
52

61
66

47
45
40

77
87
81

68
81
92
100
88
P73

99
100
101
102
102
101
103
102
P101

99
101
102
102
101
101
102
P102

60

79
82
83

1935
Jan.
Feb
Mar
April
May
June
July
Aug
Sept

Oct
Nov
Dec

90
88
87
86
84
85

87

97

79
88
97

27
30
35
38
43
48
60
68

76

69
67
67
71

74
76
76
78

80

77
81

75

78

69
64

82
83

70
71
66
71
72
73
76
76
75
77
82
83

65
68
64
68
71
73
77
77
84
86
84

81
83
84
84
87
87
91
86
88
90
94
92

80

82
83
84

73
76
80
79

80

80

55
61
86
86
91
145

1936
Jan.
Feb
Mar
April

May
June
July
Aug
Sept.....
Oct
Nov
Dec

62
52
47
47
46
52
59
62
59

57
58
66

45

75

72
83

74
74
78
79
81
81
80
84
84
89
91
95

77

63
66

77
85
89
84
63
68
94
100
105
161

1937

*116

63
62
56
53
56
61
68
63

*57

72
75
66

44
42
44
40

P72

64
63

97

91
96
101
105
105
103
100
104
P100

78

79

80

82
81

93
95
93
93
93
93
94
92

87

94

79
78

72
76
90
89
95
90
65

72
100

P Preliminary.
*• Revised.
* Average per working day.
1
For
indexes
of
groups
and separate industries see pp. 1149-1150; for description see BULLETIN for February and March 1927.
2
3-month moving average of F. W. Dodge Corporation data centered at second month; for description see page 358 of BULLETIN for July 1931.
3
The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of
BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 1151-1154. Underlying figures are for pay-roll period
ending
nearest middle of month.
4
For indexes of groups see p. 1156.
Back figures.—See Annual Report for 1936 (table 75). For department store sales see p. 631 of BULLETIN for August 1936, and for freight-car
loadings, see pp. 522-529 of BULLETIN for June 1937.




1149

FEDERAL RESERVE BULLETIN

NOVEMBEB 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

Jan.

118

118

114

114

118

2*110

130
109
132

134
114
136

119
107
121

140
121
141

142
123
144

125
119
125

129
136
128
139
125
101
114

124
130
119
128
118
96
120

123
130
121
132
120
93
109

126
136
119
129
118
94
115

111
125
95
102
96
71
97

115
129
106
120
96
83
92

108
121
88
96
80
80
103

86
66
108
122
151
89
89

89
69
113
136
139
89
108

93
75
113
130
142
95
123

76
54
99
124
145
'89
98

77
49
111
134
145
r94
69

70
44
99
129
139
91
91

78
50
111
141
148
83
96

87
67
109
140
150
83
45

63
142

62
145

64
144

62
144

62
147

61
145

64
140

65
141

65
147

122
10

120
8

120
11

121
22

130
30

135
25

130
23

129
19

157

135

116
104
111
79
112
124

134
108
111
98
111
151

136
108
111
90
119
154

134
106
108
92
114
152

132
103
106
85
115
150

131
107
107
94
121
146

133
109
111
82
133
148

118
102
99
83
128
129

115
94
91
68
127
129

109
93
92
63
124
120

P100

87
242

91
164

91
89

86
77

85
244

93
229

87
241

78
223

74
260

75
206

73
216

73
199

99
97
60

105
101
71

97
100
74

105
98
80

125
80
76

131
83
70

144
107
75

138
110
85

115
116
76

112
115
70

100
112

108
110
82

]36
116
77

186
241
91
119
111
126

189
246
90
119
111
128

191
249
90
124
110
129

188
241
92
124
114
130

191
242
102
132
116
137

189
236
117
135
111
137

194
245
106
130
126
136

190
242
108
126
120
138

195
249
103
123
131
141

200
253
112
130
131
143

202
256
114
133
129
134

206
261
119
139
124
144

207
265
121
134
121
149

119
123
92

122
125
96

118
121
94

126
130
92

123
128
91

123
128
91

133
138
99

132
137
99

133
138
100

132
137
94

123
128
84

102
105
73

147
73
208

157
75
223

146
74
202

150
75
209

183
83
265

165
83
234

168
78
242

153
83
212

158
82
220

155
74
221

150
73
212

164
78
233

159
73
229

99

102

105

112

117

110

115

128

115

116

114

112

112

76
51
149
87
99
60
88

82
58
146
93
97
60
111

86
52
152
98
101
71
119

95
69
152
110
100
74
99

97
73
161

56
164

98
50
168

112
81
173

72
97
174

98
80
113

80
76
99

83
70
94

107

110
85
103

80
63
176
159
116
76
101

80
74
172
122
115
70
107

79
47
174
121
112
82
148

78
37
181
126
110
82
139

110

Ill

115

121

115

116

117

119
96
121

127
98
130

137
99
141

143
104
147

139
107
142

129
107
131

126
108
128

120
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

96
70
128
141
138
92
71

100
79
125
144
143
77
70

105
94
115
129
152
82
68

109
100
115
122
169
83
83

100
85
117
125
160
87
115

87
65
111
130
175
87
98

61
136

61
140

62
140

67
150

64
141

111
8

107
6

93
5

105
8

115
95
97
70
113
129

112
90
91
68
109
127

112
93
100
65
103
125

77
226

81
236

107
99
60

Petroleum refining
Gasoline1
Kerosene
__ .
Fuel oil i . .
Lubricating oil 1
Coke, byproduct
l

Manufactures—Total
Pig iron
Steel ingots

TEXTILES

_ .

Cotton consumption _
Wool
Consumption
Machinery activity l
Carpet and rug loom activity1.
Silk deliveries

Sept.

110
120
93
123

Dec.

Apr.

July

FOOD PRODUCTS:

Slaughtering and meat packing...
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
_

PAPER AND PRINTING:

Newsprint production
Newsprint consumption _

Sept.

June

Mar.

Nov.

IRON AND STEEL

Aug.

May

Feb.

Oct.

Aug.

TRANSPORTATION EQUIPMENT:

Automobiles _
Locomotives. __

LEATHER AND PRODUCTS. _

Tanning _ .
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes

._.

*>105

CEMENT AND GLASS:

Cement
Glass, plate

NONFERROUS METALS"

Tin deliveries '
Zinc
Lead
FUELS, MANUFACTURED:

RUBBER TIRES AND TUBES
J

Tires, pneumatic
Inner tubes ' . _ _

TOBACCO PRODUCTS.,

Cigars
Cigarettes
Minerals—Total __
Bituminous coal___._._
Anthracite
_
Petroleum, crude
Iron ore
Zinc
Lead
Silver

75

93

162
77
231

P86
^53
^176
113
116

77

r
i Without seasonal adjustment.
v Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, November 1936, p. 911, and March 1937, p. 255. Series on silk-loom activity and on production of book paper, wrapping
paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process
of revision.




1150

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.

1923-25 average= 100]

1936

1937

Industry

107

110

115

114

113

118

QOCT

Jan

Sept.

CO

121

117
93
120

123
98
126

127
100
130

125
102
128

134
105
136

135
109
138

113
112
110
126
101
77
123

120
123
111
127
97
89
136

117
122
111
120
104
95
121

125
128
125
140
118
92
129

132
133
141
161
134
94
119

130
135
123
130
130
92
135

85
53
126
130
139
99
79

94
59
138
138
165
91
75

104
80
134
135
167
92
65

121
110
133
124
167
90
65

117
111
122
119
157
84
66

59
121

60
137

62
149

66
160

82
9

42
6

65
5

128
96
95
85
111
148

130
95
94
78
114
153

100
226

Dec.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.
Pl06

to

Oct.

125

123

114

110

114

jxto

Manufactures—Total

Nov.

Aug.

145

144
115
146

146
116
149

119
105
121

130
115
132

139
118
141

123
116
124

134
141
135
144
137
104
120

132
143
129
141
125
101
110

127
140
117
124
118
96
119

123
134
116
122
120
93
108

119
130
113
116
118
94
102

103
114
89
91
96
71
92

108
116
102
111
96
83
96

107
118
91
101
80
80
109

100
87
112
121
176
85
64

85
73
95
114
142
86
88

84
69
99
137
126
83
127

83
67
99
141
133
87
143

74
52
96
140
142
r
83
109

76
50
104
139
142
r
83
82

67
39
98
125
139
88
111

70
38
109
129
150
88
108

83
50
121
134
173
98
48

64
145

64
137

62
143

63
149

63
154

63
151

63
144

62
124

64
126

64
144

127
9

147
11

120
7

120
11

140
22

158
27

163
24

147
22

132
19

116

53

123
98
102
77
107
140

112
102
109
75
111
118

114
105
108
84
120
119

126
104
112
75
113
140

136
110
116
85
119
153

136
103
107
76
117
157

128
105
107
85
120
143

122
103
105
78
124
134

114
100
97
80
128
123

113
93
88
79
118
127

120
94
91
76
122
137

.115

101
236

99
242

90
164

71
89

52
77

51
244

67
241

85
265

92
234

91
234

92
185

94
216

92
199

107
92
58

99
93
57

105
98
73

97
100
77

105
100
81

125
85
77

131
89
72

144
113
77

138
114
84

115
117
75

112
111
72

100
104
79

108
103
79

136
110
73

186
241
86
119
111
123

189
246
92
119
111
126

192
249
95
124
110
129

189
241
100
124
114
133

192
242
111
132
116
138

189
236
119
135
111
138

194
245
108
130
126
140

190
242
104
126
120
142

195
249
102
123
131
142

200
253
108
130
131
142

201
256
106
133
129
132

206
261
110
139
124
140

207
265
115
134
121
145

119
123
92

122
125
96

118
121
94

126
130
92

123
128
91

123
128
91

133
138
99

132
137
99

133
138
100

132
137
94

123
128
84

102
105
73

Cigars.
Cigarettes

158
76
225

173
86
245

157
91
212

153
90
207

149
62
217

156
64
230

153
67
220

146
76
201

145
77
200

157
76
224

164
80
234

178
82
256

170
76
247

179
88
254

Minerals—Total

104

110

115

115

111

106

111

118

105

117

117

115

120

P125

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
72
156

••96
61
158

103
54
165

112
67
171

61
101
174

100
81
114

85
77
100

89
72
102

113
77
102

114
84
104

70
63
177
238
117

72
65
175
240
111
72
105

72
38
177
245
104
79
126

77
37
184
257
103
79
138

p-.
P182
218
110
73

IRON AND STEEL

Pig iron
Steel ingots
TEXTILES

Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activitySilk deliveries

FOOD PRODUCTS:

Slaughtering and meat packing...
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings

PAPER AND PRINTING:

Newsprint production
Newsprint consumption

TRANSPORTATION EQUIPMENT:

Automobiles _.
Locomotives

LEATHER AND PRODUCTS .

Tanning _. __ ._
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes _
CEMENT AND GLASS:

Cement
Glass, plate

__ _

NONFERROUS METALS:

Tin deliveries
Zinc
Lead

FUELS, MANUFACTURED:

Petroleum refining.,.
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct _

RUBBER TIRES AND TUBES

Tires, pneumatic
Inner tubes.
TOBACCO PRODUCTS

Bituminous coal _
Anthracite
Petroleum, crude _
Iron ore _ __ _
Zinc
Lead
Silver

75
98

r
p Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, 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.




1151

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100]

Industry and group
Aug. Sept.

Oct.

Nov. Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug. Sept.

93.4
85.7
101.8

93.8
86.6
101.6

94.4
88.2
101.2

96.2
89.9
102.9

98.6
92.7
104.9

98.8
92.4
105.4

99.7
93.9
105.8

100.9
96.3
105.9

101.6
97.4
106.2

102.2
98.4
106.2

101.4
97.8
105.3

103.0
100.1
106.2

102.4
99.3
105.6

100.7
98.5
102.9

95.3
106
76
64
79
60
72
85
69
107
72
101
86
143

96.8
108

98.4
109
79
66
82
61
84
85

101.0
110
84
68
87
68
95
90

102.3
113
87
68
89
69
80
94
76
114

87
69
99
95
80
116
76
104
101
187

108.0
118
93
72
87
73
99
97
82
113
78
105
101
186

108.7
120
94
72
89
73
98
98
82
113
77
107
103
183

100.7
106
82
69
86
73
96
91
80
118
78
107
102
181

108.3
121
88
68
89
77
96
89
81
107
79
110
103
176

108.7
122
87
66
92
73
93
92
77
111
79
109
105
171

108.4
122

103
98
179

103.7
112
89
69
87
70
96
90
78
117
75
105
99
176

106.4
116
90

101
86
149

99.6
109
81
67
84
64
91
86
71
107
73
98
93
175

105
80
103
99
171

105.3
101
100
92
115
93
119
209
73
114

106. 8* 108. 4
102
96
119
116
100
97
117
115
96
95
125
123
176
186
75
75
132
120

110. 4 114.0
103
95
120
121
103
106
125
122
100
97
129
127
171
188
75
76
135
139

116.0
109
123
104
128
102
136
201
79
145

118.9
113
127
109
134
104
136
196
81
148

121.1
125
131
111
137
106
141
190
83
153

123.7
130
131
115
140
108
147
189
85
154

125.6
136
134
118
110
150
155
87
154

129.4
143
136
120
146
113
153
190
87
159

131.5
147
137
121
150
114
154
214
87
156

131.3
148
135
121
151
114
161
201
88
155

130.2
151
137
121
155
113
157
179
87
150

100.9
613
109
56
35
102

100.8
631
109
56
38
102

105.0
645
113
61
41
102

112.3
646
123
64
42
98

118.7
698
133
62
44
89

110.2
740
120
62
49
95

113.0
772
123
66
54
100

117.3
783
127
71
54
106

118.6
798
128
70
55
106

122.2
807
133
71
55
104

122.6
794
134

123.5
768
136
69
60
102

121.3
812
132
69
61
106

123.9
838
135
67
64
106

58.7
62
58

59.1
62
59

60.1
63
60

60.6
63
60

61.7
63
62

62.3
63
62

61.9
63
62

62.2
64
52

62.4
64
62

62.4
63
62

63.7
63
64

64.4
63
64

62.4
63
62

60.1
63
60

101.1
116
106
113
88
79
66
78
141

102.5
112
109
112
87
84
67
79
143

105.2
115
110
114
88
89
70
78
153

106.7
118
111
115
91
94
70
78
154

110.7
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
119
122
122
90
104
73
81
161

114.3
121
126
124
90
100
74
85
158

115.4
123
124
125
95
100
73
88
160

115.0
132
123
124
95
96
73
89
159

115.4
138
121
120
101
94
82
94
153

115.9
138
121
128
99
93
78
94
156

113.7
131
117
127
93
97
80
94
153

65.1
81
51
49

65.8
82
52
50

66.2
81
53
50

66.2
84
54
49

67.9
86
55
51

68.8
89
57
50

68.1
87
57
50

71.4
88
58
54

71.4
90
58
53

71.7
91
56
54

72.3
92
56
54

72.9
91
56
56

71.3
88
55
54

69.2
86
55
53

STONE, CLAY, GLASS PRODUCTS

66.4
47
59
102
43
74

66.1
47
61
99
42

77

67.2
47
64
103
42
76

66.3
48
65
96
42
75

69.0
51
68
101
42
76

69.5
54
68
98
43
77

72.6
55
68
109
43
77

72.6
54
70
109
43
78

71.8
54
66
108
43
78

71.3
52
62
110
44
79

70.4
50
62
109
42
82

70.4
51
61
110
41
7!i

70.3
48
64
112
41
79

70.5
49
66
111
42
78

TEXTILES, PRODUCTS

104.9
98.1
85
99
101
117
85
121
81
81
117.0
106
167
88
138
60
118

102.6
96.8
92
99
99
114
81
121

101.7
95.5
92
97
101
115
82
117

106.8
100.1
99
99
106
121
89
119

79

108.3
101.7
101
101
107
120
90
123
81
93
120.9
114
159
93
140
57
132

107.3
100.7
101
102
102
117
89
123
79
85
119.8
111
161
91
141
57
129

107.0
101.1
99
103
102
116
88
122
80
88
117 9
110
156
90
141
58
129

107.9
103.8
101
105
103
119
86
122
85
94
115.0
113
146
88
140
54
124

107.6
103.2
102
106
96
119
84
121
84
90
115.3
116
144
89
138
53
119

105.4
101. 3
102
104
100
114
90
118
86
87
112.0
109
142
90
141
54
118

106.2
102.0
100
105
102
116
87
123
84
84
113.1
109
145
91
147
52
119

105.9
100.8
101
106
104
116
84
121
81

100.9
95.9
101
101
101
113

78
77

104.4
97.3
93
98
104
117
87
116
79
84
118.4
111
163
91
134
53
119

78

70
109.8
103

Total
Durable goods
Nondurable goods
IRON, STEEL PRODUCTS

Blastfurnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework

_.

__

MACHINERY

Agricultural implements
Cash registers, etc
.__
Electrical machinery.
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters

TRANSPORTATION EQUIPMENT

Aircraft
Automobiles.
Cars, electric, steam railroad
Locomotives
Shipbuilding

RAILROAD REPAIR SHOPS

Electric railroad
Steam railroad

NONFERROUS METALS, PRODUCTS

Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware._.
Smelting, refining
Stamped, enameled ware

LUMBER PRODUCTS.-.

Furniture
Lumber, millwork
Lumber, sawmills

...

Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery

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




_

77
65
80
60

75
85
71
104

73

113.6
104
157
88
133

57
116

70
107
73
100
89
164

78
113.4
105
155
89
130
55

117

72
111
70
97
95
188

79
92
119.8
115
160
92
135
51
124

73

71

147

70
57
104

115.1
108
156
90
139

54
117

87
64
91
74
93
96

77

79
117

76

147
89
129
51
115

1152

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL
VARIATION)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933.
1936

1923-25 average •= 100]
1937

Industry and group

LEATHER

PRODUCTS...

Boots, shoes
Leather

*

F O O D PRODUCTS

Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour.
Icecream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
TOBACCO M A N U F A C T U R E S .

Tobacco, snuff
Cigars, cigarettes
P A P E R , PRINTING

Boxes, paper
Paper, pulp_.
Book, job printing
Newspaper, periodical printing..
CHEMICALS, PETROLEUM

PRODUCTS.

A. Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
...
Fertilizers
Paints, varnishes
Rayon, allied products.
Soap
B . Petroleum refining..
RUBBER

PRODUCTS.

Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes

Jan.

Feb.

Mar.

Apr.

May

June

101
97

100
97

97.4
99
97

96.5
97
100

96.0
96
100

96.1
97

115.0
132
197
84
147
81
74
72
95
93
70

114.8
133

116.7
135
202
88
157
81
75
73
91

117.0
136
205
88
152
80
75
73
93
95
77

116.1
134
199
86
154
79
77
73
91
98
84

114.8
135
203
88
144
78
76
76
90
90
78

62.4
57
63

62.0
56

62.0
56
63

61.8 • 61.7
56
57
62
62

61.1
56
62

103.1
100
111
94
105

103.6
100
112
95
104

104.0
103
113
94
104

104.0
103
114
94
103

104
116
96
104

107.4
106
118
98
105

118.5
118,1
126
78
101
91
86
129
360
106
120

117.9
117.4
129
71
100
90
85
129
354
103
119

118.1
117.4
129
77
102
93
80
127
357
100
121

118.6
118.3
129
75
105
91
87
130
355
100
120

120.7
120. <
133
85
105
94
87
131
364
102
120

121.1
121.8
133
80
109
92
86
133
363
110
121

95.8
75
126

98.3
75
130

99.4
74
133

102. 2 102.3
76
75
140
138
95
95

101.7
73
140

Aug.

Sept.

Oct.

Nov.

90.9
91
96

91.4
91

92.0
92

94.9
95

98.8
100

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

61.9
56
63

61.7
56
62

61.1
57
62

101.1
97
109
93
102

102.7
99
110
94
105

115.4
114.9
122
53
102
89
87
127
360
103
117
93.9
75
124
87

Dec.

75
71
93
44
64

July

Aug.

Sept.

95.2
97
95

93.0
94
94

90.0
90

114.7
135
206
90
143
77
75
77
89
90
75

119.4
136
209
91
169
81
78
76
91
91
79

116.2
134
210
88
155
82
77
75
75

114.7
134
209
87
151
76
74
76
88
108
66

61.2
56
62

60.2
58
61

61.3
57
62

57
61

60.2
56
61

107.5
106
119
97
105

108.0
106
120
98
106

108.2
106
121
98
106

107.3
105
120
98
105

107.4
104
119
98
105

107.8
100
119
99
107

122. 5
122.7
135
67
111
90
88
135
370
111
122

124.4
124.8
136
77
113
95
94
136
378
107
123

126.0
126.1
138
77
112
93
98
134
392
103
125

127.5
128.0
137
72
114
97
110
134
408
103
125

127.7
128.1
138
62
112
97
104
136
413
104
126

127.2
127.3
137
62
114
97
105
136
407
103
127

127.4
127.8
137
96
112
97
94
134
407
102
126

82
142

95.8
82
144
79

101.7
81
145

100.0
76
144

96.6
67
140
87

77
140
90

99.4
76
137
91

NOTE.—Figures for September 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.




1153

FEDERAL RESERVE BULLETIN

NOVEMBER 1337

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
1937

Industry and group

Total
Durable goods
Nondurable goods.
IRON, STEEL PRODUCTS

- ~

Blast furnaces, steel w o r k s . .
Bolts, nuts, washers, r i v e t s .
Cast-iron pipe
Cutlery, edge tools
-Forgings
-Hardware
Plumbers' supplies
Steam, hot-water heating._.
Stoves
Structural, ornamental
Tin cans, tinware
Tools
--Wirework
MACHINERY

Aug.

Sept.

May

June

July

Aug.

Sept.

Aug.

Sept.

93.5
84.7
102.8

95.5
85.7
105.9

102.3
99.9
104.8

101.1
98.8
103.5

101.4
98.9
104.1

102.3
98.1
106.9

102.1
97.3
107.3

83.5
77.0
91.8

83.6
77.2
91.6

95.3
106
76
66
76
59
69

97.2
107
77
66
79
59
75
84
72
112
75
112
85

110.1
122
94
72
89
74
99
96
82
117
77
105
103
183

101.4
106
82
71
86
73
97
93
80
119
79
109
102
181

107.6
120

108.7
121
87

84
72
93
93
77
105
81
115
102
176

76
113
81
118
100
171

108.7
121
87
66
90
73
93
95
78
113
82
113
98
171

78
48
68
48
65
62
60
90
66
109
82
117

107.5
94
116
97
114
94
124
216
73
121

126.1
140
134
118
149
112
150
140
88
154

129.2
141
136
120
150
113
153
182
87
154

129.9
139
137
121
152
113
153
197
86
152

130.2
141
135
121
151
113
155
204
86
152

130.7
147
137
121
154
112
158
208
84
151

92
90
83
99
84
108
165
65
102

93.0
613
98
59
36

87.3
606
90
57
38
102

128.3
823
140
78
59
107

126.4
834
138
77
60
103

119.9
791
130
72

111.8
812
119
73
63
102

107.0
804
112
69
64
106

58.4
62
58

59.3
62
59

63.6
63
64

64.0
63
64

63.8
63
64

62.1
63
62

102.9
112
107
113
95
85
67
78
143

115.5
126
126
123
89
100
74
88
163

113.9
130
122
122

111.5
132
119
115
91
92
74
92
151

112.8
133
117
124
96
91
76
92
153

68.2
85

71.6
87
57
55

72.9
89
58
56

72.9
88
57
56

74.4
55
69
112
45
82

74.0
55
70
112
44

107.3
102.2
102
106
98
119
83
122
79
88
116.5
112
153
91
142
56
120

103.4
99.7
102
103
97
110
84
118
79
86
109.3
107
137
90
137
51
118

108
75
109
83
143

.

Agricultural implements
Cash registers, etc
_.
Electrical machinery
-_.
Engines, turbines, e t c . —
Foundry, machine-shop products.
Machine tools
Radios, phonographs
—
Textile machinery.—
Typewriters
—
TRANSPORTATION E Q U I P M E N T

_.

Aircraft
Automobiles
.
Cars, electric, steam railroad. __
Locomotives..Shipbuilding
RAILROAD R E P A I R S H O P S .

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..

100
92
115
93
114
211
71
112

111
103
109
85
77
65
77
138
82
52
51

STONE, CLAY, GLASS PRODUCTS..
Brick, tile, terra cotta
Cement
Glass
--Marble, granite, slate
Pottery

68.0
51
64
100
47
72

TEXTILES, PRODUCTS.
A. Fabrics-

101.8
94.7
85
95
94
111
90
116
80
82
115.8
110
157
86
127
59
117

Cotton gooi
Cotton small wares
Dyeing, finishing textiles
Hats, fur-felt
Knit goods
Silk, rayon goods
Woolen, worsted goods
B. Wearing apparel
Clothing, m e n ' s . . .
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery
Shirts, collars
_




1937

50
65
99
45
76
103.4
95.8
90
96
97
111
88
120
82
78
118.4
109
163
88
132
63
121

74
89
159

May

July

Aug.

Sept.

105.2
107. 5
102.3

102.9
104.6
100.8

100.4
100.7
100.0

103.8
104.0
103.5

100.1
99.4
100.9

124.7
146
113
62
87
74
117
77
83
107
79
112
114
189

130.4
123
93

113. 5
132
94
54
78
64
108
72
71

113.0
130
97
49
87
70
101
73
72

122
108
172

120.4
142
101
54
85
67
104
77
72
97
85
129
107
161

63
112

134.9
184
149
124
157
119
162
109
95
155

137.2
183
147
126
156
120
165
156
94
151

133.6
173
147
124
155
115
159
166
90
146

137.1
184
140
127
156
119
160
176
88
144

134.3
189
147
124
159
114
166
174
85
143

81.0
480
83
55
25

76.3
492
77
53
26
99

134.1
739
144
90
47
119

127.8
751
135
91
51
115

117.5
683
124
83
51
112

112.8
751
115
87
53
119

104.3
702
105
80
55
118

60.4
63

57.7
61
58

59.2
61

67.1
66
67

68.7

63.5
67
63

67.3
69
67

63.1
68
63

114.1
131
115
128
101
97
80
93
153

82.9
100
89
95
62
66
50
62
124

113.1
135
127
122
69
102
70
85
166

111.5
136
125
119
70

105.3
135
117
108

109.9
141
117
122
74
87
73
92
157

110.2
136
113
131
81
99
81
89
149

57
56

71.7
89
56
55

58.9
68
47
45

60.3
71
47
46

68.2
77
55
53

72.3
79
58
57

67.3
74
55
53

71.4
79
56
56

68.1
78
53
53

71.7
54
70
108
44
73

71.9
52
70
110
45
76

72.7
52
70
111
45
77

58.3
40
60
93
40
55

58.2
39
61
91
38
62

72.0
49
71
119
41
75

71.4
49
75
119
38
70

66.1
46
72
109
38
59

70.5
46
77
120
40
65

100.0
98.0
100
102
96
109
84
116
80
81
102.0
107
117
88
130
39
113

102.8
97.3
101
101
96
109
89
116
80
78
113.0
111
146
88
128
53
116

101. 6

87.4
83.0
75
82
89
95
89
118
66
65
92.4
87
119

83.9
80.5
83
82
88
93
76
117
65
55
87.0
81
110
85
97
51
105

96.2
98.0
101
107
96
106
69
125
68
81
88.9
90
106
92
106
39
102

91.3
93.8
100
101
92
96
74
119
68
79
82.5
87
92
85
104
37
102

85.5
89.6
97
97
90
94
81
113
67
72
73.8
86
71
80
97
24

92.1
90.0
98
97
91
94
87
119
66
69
92.4
92
115
82
102
40
103

110
86
117
80
70
114.5
109
153
89
128
57
119

113
82
115

105
84
92
85
111
161

99
95
105
72
75
55
64
123

72
97
76
76
106
82
117
115
189

85
162

67
87
146

124
104
170

47
73
119
40
67
87.1
85.3
85
92

117
68
58
87.0
84
106
84
96

49
103

1154

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL
ADJUSTMENT)—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100]
Factory pay rolls

Factory employment

L E A T H E R PRODUCTS .

Boots, s h o e s . . ._
Leather

May

94.4
95

94.1

95.1
95

95

June

July

Aug.

>6.3
99
94

Sept,

Aug.

92.7
94
93

80.3
77
94

May

June

July Aug

75.7
71
96

81.6
74
110

80.6
73
108

83.7
79
104

71.6
65

104

111.6
130
237
' 71
109
69
73
76
99
51
72

115.8
134
261
77
124
68
74
82
99
55

128.3
135
285
78
245
64
80
86
100
56
81

131.2
132
273
78
294
75
80
84
97
75
81

133.0
136
253
74
306
89
81
74
98
101

Sept

135. 9
131
210
86
305
88
77
77
91
94
78

107.9
135
207
89
100
71
74
82
89
47
78

112.6
137
224
96
123
69
74
91
89
49
75

124.9
137
234
97
210
69
78
93
90
53
81

132.5
135
231
94
278
73

137.7
137
223
92
311
85
77
82
87
92

114.0
116
237
71
231
66
75
74
88
80
67

116. 5
118
227

63.0
55
64

63.6
55
65

59.9
56
60

60.1
56
61

60.6
55
61,

61.8
56
63

62.1
56
63

53.5
58
53

53.3
62
52

53.6
66
52

55.7
69
54

55.8
66
55

57.2
66
56

56.5
70
55

100.1
96
109
92
100

102.6
102
110
93
104

107.7
104
120
97
106

106.9
103
121
95
105

106.0
102
120
96
103

106.3
103
119
97
103

107.7
103
119
99
106

92.0
99
95
82

105.9
106
122
95
105

104.9
104
124
91
104

101.6
100
119
90
100

102.6
103
124

103.8
103
118
93
104

113.4
112.2
123
46
100
88
61
124
357
102
118
1.
no 9
75
119

119.5
118.8
127
97
103
91
78
127
360
107
122
94.3
77
125
87

124.5
124.6
138
48
108
91
105
140
384
103
124
103.6
76
147
94

123. 9
123.4
139
44
109
95
76
139
391
103
126
101.2
73
142

124.3
123.5
140
42
106
95
70
136
401
102
128
96.2
62
137
90

124.9
124.1
137
54
112
96
73
133
403
102
128
97.9

128.5
128.8
137
120
114

112.0
110.6
120
78
107
89
76
114
302
101
116
92.2
62
115
92

136.7
136.2
153
42
118
103
116
145
382
114
138
109.2
73
154
103

137.4
135.7
154
39
121
103
79
143
392
115
143
103.8
70
145

136.8
134.9
154
35
112
104
77
138
393
117
143
96.8
55
136
94

140.7
137.7
156
48
123
107
79
135
401
118
151
97.0
73
134
90

139.1
137.7
151
112
127
106
97
132
394
122
143
97.4
76
133
90

TOBACCO MANUFACTURES

Tobacco, snuff
Cigars, cigarettes
P A P E R , PRINTING

Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
CHEMICALS, PETROLEUM P R O D U C T S . . .

Rubber boots, shoes
Rubber goods, other
Rubber tires, inner tubes

Sept,

127.5
130
215
91
253
74
77
84
92

Baking.
,
Beverages
__
Butter.
Canning, preserving
Confectionery
Flour
Ice c r e a m . .
Slaughtering, meat packing..
Sugar, beet
Sugar refining, cane

R U B B E R PRODUCTS

Aug.

97

F O O D PRODUCTS.

A. Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
B. Petroleum refining

1937

1937

1936

Industry and group

135

132
407
103
127
98.0
79
135

97
80
92
108.1
106.8
118
38
105
88
55
114
300
101
112
90.8
61
110
92

68
259

81
71
68
85
95
64

NOTE.—Figures for September 1937 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936.
be obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month.




Back data may

NOVEMBER

1155

FEDERAL RESERVE BULLETIN

1937

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
1 Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

January
February
__„
March.
April
. _
May
.
_ _ _
June
July
_ _.
August— .. __
September... _ ___
October
November
December....
Year
r

Resid ential

Total

Month

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. 7
188.3
231.2
»"269. 5
••243. 7
317.8
321.6
285.1
207.1

78.4
37.4
63.0
31.2
90.2
55.2
67.2
107. 8
70.3
83.9
73.6
93.1
72.0
81.0
100.5
73.4
80.7
65.6
79 7
68.4
65.5 --

2,675.3

9.0
13.4
18.4
25.5
12.9
10.2
19.1
15.0
18.8
18.4
14.1
23.1

37.0
12.6
22.2
30.1
18.5
36.8
58.5
37.9
12.9

1937

1936

1937

'21.5
22.3
30.0
28.5
r
25.6
24.5
29.1
29.6
25.3

86.9
46.6
62.3
73.4
63.6
80.0
126.6
94.4
84.5
67 0
73 9
61.3

68.5
59.6
52.5
65.7
66.7
99.9
102.5
94.4
65.8

15.5
12.6
17.3
24.3
18.8
21.9
28.6
22.0
20.1
22 0
23 0
23.2

920.4

249.1

198.0

801.6

1936

1937

1936

1937

1936

Public works
and public
utilities

Commercial

Factories

All other

Educational
1936

26.5
15.5
26.6
21.1
29.8
28.7
25.1
31.1
21.0
25 3
15 7
13.6

19.6
11.3
10.0
14.0
'22.0
37.4
15.8
17.2
15.8

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

1937

17.8
19.4
26.4
23.4
r
26.9
26.1
34.7
32.5
21.5

280.0

226.1

Revised.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.

Total
Month

1934

Publicly
1937

1936

1935

1032

1933

January
February
M arch
April
May
June
July AugustSeptember
O ctober
November
December

85
89
112
122
146
113
129
134
128
107
105
81

83
53
60
57
77
102
83
106
120
145
162
207

186
97
178
131
134
127
120
120
110
135
112
93

100
75
123
124
127
148
159
169
167
201
188
264

215
140
199
235
216
233
295
275
234
226
208
200

Year

1,351

1,256

1,543

1,845

2,675

243
188
231
270
244
318
322
285
207

1932

1933

1934

Value of contracts in millions of dollars.]

Privately financed1

financed'
1935

1936

1932

1937

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

65
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

112
69
66
74
93
137
131
108
80

1

1933

1934

1935

1937

1936

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

130
119
165
195
152
180
191
178
127

i D a t a 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 by D u n & Bradstreet.
dollars.]

Amounts in thousands of

:Number

Federal Reserve district

Sept.

Aug.

Sept.

Total (11 districts)




13,819
7,622
7,352
9,196

15,366
67,682
15, 966
28,973
29, 456
26,925
44, 652
16,160
9,080
9,313
21, 531

207,072

285,104

14,076
34,842
11, 749
26,638
27,476
15,008

17,016
46, 367
17, 748
18, 799
20,310
27,140
37,257
23,101
8,012
10, 737
7,785

Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
234, 272 Dallas
San Francisco
Total

1936

1937

Federal Reserve
district

Sept.

Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis....
Minneapolis
Kansas City
Dallas

Liabilities

1936

1937

.

Aug.

Sept.

1937

1936

Sept.

Aug.

Sept.

41
155
24
47
30
33
77
16
15
34
9
83

65
217
48
46
26
29
101
24
8
33
14
96

51
186
30
39
28
30
76
17
14
25
11
79

359
3,098
210
697
• 347
256
1,363
550
79
345
281
808

656
2,670
4,365
512
182
192
1,876
217
70
368
74
734

625
3,825
385
854
289
315
1,470
277
105
196
108
1,370

564

707

586

8,393

11,916

9,819

1156

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports »

Merchandise imports

J

Exce ss

of exports

Month

January
February
March

1936

1937

1933

1934

1935

1936

1937

223
233
257

96
84
95

136
133
158

167
152
177

187
193
199

240
278
307

25
18
13

37
30
33

9
11
8

11
-11
-4

-18
-45
-51

193
201
186

269
290
265

88
107
122

147
155
136

171
171
157

203
192
191

287
285
286

17
7
-2

33
6
34

-6
-5
13

-10
9
-5

-18
5
-21

173
172
199

180
179
221

268
278
P297

143
155
147

127
120
132

177
169
162

195
193
216

265
246
P233

1
-23
13

34
52
60

-3
3
37

-15
-14
5

3
32

206
195
171

221
270
223

265
226
230

151
129
134

130
151
132

189
169
187

213
196
245

42
56
59

77
44
38

32
100
37

52
30
-15

2,133

2,283

2,456

1,450

1,655

2,047

2,422

225

478

235

34

1936

121
102
108

172
163
191

176
163
185

199
182
195

105
114
120

179
160
171

164
165
170

144
131
160

162
172
191

193
184
193
1,875

April
May

_
___

Year

1935

1935

June

October
November
December

1934

1934

__.

July
August
September

1933

1933

1937

p Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source: Bureau of Foreign and Domestic Commerce.
Backfigures.—SeeBULLETIN for January 1931, p. 18, and for July 1933, p. 431.

1
8

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORES—SALES, STOCKS

[Index numbers; 1923-25 average=100]

[Index numbers based on value figures; 1923-25 average=100]

1936

1937

Index of stocks (end of
month)

Index of sales i

Sept. M a y June July Aug. Sept.
Without
Adjusted
for seasonal
seasonal
variation adjustment

Month
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products. _
Livestock
Forest products _ _ _ ___
Ore
Miscellaneousl
Merchandise

75
77
87
63
44
46
86
85
67

80
77
88
64
44
53
133
90
69

Without

Total
Coal
Coke
Grain and grain products..
Livestock
Forest products _ _
Ore
Miscellaneous1
Merchandise

84
80
83
71
57
50
151
95
70

80
66
85
58
39
55
187
93
69

78
76
89
74
41
52
113
87
67

80
76
104
81
37
57
107
88
68

79
77
98
77
42
53
103
88
68

78
81
93
71
44
49
104
86
67

seasonal adjustment
79
65
82
72
33
55
192
90
68

82
64
88
111
32
57
203
90
67

81
68
80
93
42
55
190
89
68

87
84
88
79
56
54
182
96
70

1
In less-than-carlqad lots.
NOTE.—For description and back data see pages 522-529 of BULLETIN
for June 1937. Based on daily average loadings. Basic data compiled
by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.




Adjusted
for seasonal
variation

Without
seasonal
adjustment

1936

1937

1936

1937

1936

1937

1936

January
February
March

81
83
84

93
95
93

63
66
77

72
76
90

66
66
65

74
76
76

58
62
67

66
72
78

April
May
June

84
87
87

93
93
93

85
89
84

89
95
90

65
66
64

76
76
75

68
67
62

79
78
73

91
86
88

94
92
94

63
68
94

65
72
100

64
67
68

74
'78
77

59
65
71

69
74
80

July
August
September
October
November
December
Year

__.

90
94
92

100
105
161
88

69
71
71

1937

76
80
67
67

* Revised.
i Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of Easter.
Back figures.—Department store sales, see p. 631 of BULLETIN for
August 1936; department store stocks, see pp. 254-255 of BULLETIN for
April 1935.

NOVEMBER

1157

FEDERAL RESERVE BULLETIN

1937

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.

1926=100]
Other commodities

Year, month, or week

All
commodities

Farn<
prod
ucts

Foods
Total

Chemicals and
drugs

Housefurnishing goods

95 4
89.9
79 2
71 4
77 0
86 2
85 3
86 7

94 2
89 1
79 3
73 5
72 6
75 9
80 5
80.4

94 3
92.7
84.9
75.1
75 8
81 5
80 6
81 7

77.7
69.8
64.4
62.5
69.7
68.3
70.5

87 1
87 3
87.7
89.5

79.8
SI 7
82.2
82.5
85.3

81.4
81 7
82.0
82.3
83.2

71.5
71.3
71.5
73.4
74.5

87.7
87 8
87. *b
86.9
84.5
82.2
81.4

86.5
87 9
88 4
89.0
89.3
89.5
89.7
91.1
91.1

76.2
77.3
79.5
81.1
80.5
79.4
79.0
77.3
77.0

83.3
83.4
83.5
83.0
83.1
83.0
83.4
83.8
83.6
82.4
82.0
81.7
81.2
81.0
80.9
81.2
81.2
81.0
81.2
80.9

91.0
91.0
91.0
91.0
91.0
91.3
91.6
91.6
92.7
92.8
92.7
92.7
92.7
92.7
92.8
92.8
92.7
92.7
92.7
92.7

80.0
-79. 4
79.2
78.6
78.8
78.9
79.2
79.2
78.2
77.4
77.4
77.2
77.0
76.6
76.9
76.9
77.1
76.8
76. 6
76.3

90.4
80.3
66.3
54.9
64 8

83.0
78.5
67 5
70 3
66 3
73 3
73 5
7fi 2

100.5
92 1
84 5
80 2
79 8
86 9
88 4
87 0

9
6
5
3

76.3
76 1
76 8
76 8
76 5

87 1
86.8
86.9
87.9

101 7
102 7
104.2
106.3
106.7
106.4
106.7
108.1
107.6

775
77.5
78.3
79.5
78.7
78.2
78.3
77.1
75.3

76.6
76 8
76.2
76.8
77.2
77.5
78.1
78.4
78.7

91.7
96 0
96 5
95 8
95.9
96.1
97.0
97.1

107.6
107.6
107.2
106.8
106.6
106.4
107.6
107.6
108.4
109.1
108.6
108.6
108. 7
108.6
108.5
108.3
108.3
108.2
108.1
107.7

77.6
77.4
77.3
77.4
77.4
77.9
77.7
77.9
77.6
77.4
76.9
76.6
76.1
75.8
75.5
75.1
74.5
73.9
73.3
72.8

78.2
78.1
78.1
78.2
78.1
78.3
78.4
78.6
78.8
78.9
78.9
78.9
79.1
79.2
79.8
79.4
79.6
79.4
79.5
79.2

95.1
95.1
95.1
95.1
95.1
95.3
95.3
95.4
95.4
95.4
95.5
95.5
95.5
96.4
96.4
96.4
96.4
95.8
95.6
95.9

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

83.1
83 3
82.6
83.9
85.5

79 7
79 6

80 1
81 0
82.2

93 6
94.6
95.6
97 0
.99 7

70
71
73
76

87; 1

83.4
84.1
85.5
86.5
86.3
86.1
86.3
86.1
85.9
86.2
86.0
85.9
85.9
85.9
86.1
86.2
86.3
86.2
86.0
86.0
85.9
85.8
85.9
86.0
85.9
85.9
85.6
85.3
85.2

1929
1930
1931
1932
1933
1934
1935
1936

95.3
86.4
73.0
64.8
65.9
74.9
80.0

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80 9

90.5
74.6
61.0
60.5
70.5
83.7
82.)

1936—August
September
October
November.
December.

81.6
81.6
81 5
82.4
84.2

83.8
84.0
84.0
85.1
88.5

86.3
87,8
88.0
87.4
87.2
87.9
87.5
87.4

91 3
91.4
94.1
92.2
89.8
88.5
89.3
86.4
85.9

87.0
87 5
85.5
84.2
84.7
86.2
86.7

87.1
86.7
86.5
86.7
87.2
87.7
87.8
87.5
87.5
87.4
87.5
87.3
86.5
86.4
86.8
87.4
87.5
86.9
86.0
85.2

89.3
88.0
87.4
88.4
89.7
90.5
91.1
88.4
87.7
86.9
87.5
87.1
85.0
84.6
84.5
86.5
87.3
85.4
82.7
80.3

1937—January
February..
March
April
May
June
July
August
September.
Week ending—
June 5.__
June 12_.
June 19__
June 26__
July 3__._
July 10...
July 17—
July 2 4 . .
July 3 1 . .
Aug. 7.__
Aug. 14..
Aug. 21..
Aug. 28..
Sept. 4...
Sept. 1 1 Sept. 18Sept. 2 5 Oct. 2.__.
Oct. 9—.
Oct. 16...

Metals
Hides and Textile Fuel and
Building
leather products lighting and metal materials
materials products
products

84.8
84.5
84.0
84.4
85.3
86.8
86.1
86.0
86.5
86.3
86.5
86.8
85.3
85.7
88.7
87.8
86.9
85.4

72 9
70 9
71 5
70 9

91 3
93 3
95 9
96.7
97.2
96.9
96.7
96.3
96.2
97.0
97.0
97.0
96.9
96.8
96.8
96.7
96.7
96.7
96.4
96.5
96.3
96.4
96.3
96.5
96.2
95.9
95.9

Miscellaneous

1937

1936
Subgroups
June

July

Aug.

Sept,

F A R M PRODUCTS:

Grains
Livestock a n d p o u l t r y
Other farm products

102.0
83.8
78.6

105.7 105.2 92.0 91.9
98.3 105.0 108.2 106.7
77.4 75.1 71.4 71:2

89.5
87.6
71.5
87.3
76.7

72.0 76.4 79.7 84.8
90.4 92.3 87.9 86.1
84.5 71.2 65.3 64.0
98.0 106.0 112.1 113.4
74.3 74.6 73.6 75.5

99.3
93.3
84.2
95.4

107.5 107.4 107.4 107.5
114.6 116.2 122.1 120.7
98.8
S.7 100.0 98.9
102.3 102.7 103.2 103.3

FOODS:

D a i r y products
Cereal products
F r u i t s a n d vegetables
Meats..
Other foods
H I D E S AND L E A T H E R PRODUCTS:

Shoes
Hides a n d skins
Leather
Other leather products
T E X T I L E PRODUCTS:

Clothing
Cotton goods
K n i t goods
Silk a n d rayon
Woolen a n d worsted goods
Other textile products

80.8
80,0
60.8
30.2
80.9
67.1

89.1
89.7
64.6
32.5
93.2
67.5

90.1
86.8
64.8
33.9
94.4
69.3

90.0
82.2
65.7
32.9
93.9
71.1

89.7
76.8
66.5
32.4
92.4
70.0

July

Aug. Sept

94.2
88.1
91.5
71.4
76.5

93.7
92.7
78.7

93.3
78.8

94.1
99.7
93.7
91.9
78.7

96.6
92.6
80.6

89.0 95.0 95.4 95.5 95.0
95.5 95.5 95.5 95.5 95.5
84.9 102.2 101.3 99.5 99.0
80.6 83.6 83! 9 & . 1 84.6
76.5 78.7 78.7 78.8 80.6
97.1 114.9 114.9 114.9 114.9
90.3 101.1 101.0 101.0 100.8
75.3
67.6
69.4

90.1
78.0
70.5
72.3

78.2
71.3
74.2

87.0
78.2
71.7
74.8

85.7
78.3
71.8
74.8

85.4
78.0

92.5
86.6

92.6
86.8

95.0
87.1

94.9
87.1

47.5 56.4 56.4
107.5 116.9 116.5
80.7 95.0 94.2
34.2 41.0 39.6
81.5 85.8 85.7

56.4
82.9
94.1
38.2
85.4

56.4
81.2
93.4
38.4
85.1

MISCELLANEOUS:

F U E L AND L I G H T I N G M A T E R I A L S :

Anthracite
B i t u m i n o u s coal
Coke
Electricity
Gas
P e t r o l e u m products

METALS AND METAI! PRODUCTS:
A gricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating. __»
Structural steel
_\.__
Other building materials
PHEMICALS AND DRUGS:
Chemicals
Drugs and Pharmaceuticals. _
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
_
Furniture
_

Sept. June

80.6
97.0
93.9
83.2
87.2
57.5

74.5 76.6 76.8 78.7
98.7 99.2
98.5
105.0 104.9 104.9 105.0
79.5 80.0
84.2 84.0 82.6
61.5 61.8 62.0 62.2

Auto tires and tubes
Cattle feed
Paper and pulp
Rubber,
e , crude
cud
Oh
Other
miscellaneous
i l l

Back figures.—For m o n t h l y a n d a n n u a l indexes of groups, see A n n u a l Report for ]936 (table 80); for indexes of subgroups see A n n u a l R e p o r t for
1936 (table 81).




1158

FEDERAL RESERVE

BULLETIN

NOVEMBER 1937

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of October 1,1937]
[In thousands of units]

Federal Reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.—
San Francisco

_„

Estimate
Oct. 1,
1937

Production
1936

Estimate
Oct. 1,
1937

Production

1936

1936

Estimate
Oct. 1,
19371

Bales

Bales

Bushels

Bushels

Bushels

Bushels

Production

1,446
2,996

1,610
3,831

2 3, 404

3 4,414

352
3,587
614

712
6,097
909

7,754
23,779
48, 733
155,673
126,279
149,800
548,775
202, 726
107,341
70, 862
80, 623
6,982

12, 399

17,573

1, 529,327

_

_
_

Total

._.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago _
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco

_

__ _

Total __

Production
1936

Bushels
119

Estimate
Oct. 1,
1937
Bushels

6,496
17,555
45,605
25, 331
5,938
62,177
60,630
8,249
206,125
19,348
61, 559

9,285
20,673
53,590
29,054
7,369
79,424
79,780
14,550
288,834
42,811
62, 775

105
175
193

74
133
200
164

2,212
176
48, 406
7,479
93
48,490

1,776
128
128, 205
10,226
105
57,739

2, 561, 936

519,013

688,145

107,448

198, 750

Tobacco

Estimate
Oct. 1,
1937

White potatoes

Production
1936

Estimate
Oct. 1,
1937

Production
1936

Estimate
Oct. 1,
1937

Pounds

Pounds

Bushels

Bushels

Production
1936

Estimate
Oct. 1,
1937

Production

Bushels

Bushels

Tons

Tons

6,900
19,819
15,104
50,268
15, 286
10,496
366,027
38,026
129,907
82,429
24, 577
30, 261

6,467
20,611
15, 559
45. 539
18,486
12,946
536,979
54,293
263,689
117, 591
31 654
28, 619

3,103
4,443
1,788
3,816
2,532
2,524
14,054
4,447
7,405
6,153
1,194
11,850

3,411
5,858
2,345
5,000
3,733
3,038
15, 725
6,116
9,669
6,653
1,297
11,731

27, 748
1,008
33, 650
80,888
658, 341
152, 515
18,880
176, 784
1,361
1,908

31,450
1,481
27, 325
123,460
811,374
175, 282
23,206
275,844
1,802
3,459

53, 493
31,139
25, 631
21, 222
19, 690
9,921
47, 442
8,333
27, 369
29,170
3 620
52, 967

58,608
34,686
26,528
21,056
29, 585
14,445
54,738
12,881
48,451
29,473
4 191
64,' 143

789,100

1,152, 433

63, 309

74, 576

1,153,083

1,474,683

329, 997

398, 785

1936

*J Figures for winter wheat from estimate for Aug. 1; no estimate for Oct. 1.
Includes 16,000 bales grown in miscellaneous territory.
* Includes 20,000 bales grown in miscellaneous territory.




Spring wheat

7,900
28,557
53,862
201,790
137,879
183,149
1,072, 508
357,118
249, 326
173,139
89,152
7, 556

Tame hay

Oats
Federal Reserve district

Winter wheat

Corn

Cotton




INTERNATIONAL FINANCIAL STATISTICS

1159

1160

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Total1
End of month

(52
countries)

United
States

1934—December.
1935—December.
1936—June _ „
July
August
SeptemberOctober ___
NovemberDecember .
1937—January...
February.,
April
May _ _
June
JulyAugust
September-

21,051
21, 583
21,343
21,682
21, 809
21,719
21, 778
21, 980
22, 602
22,632
22, 772
t w 966
23,215
23, 580
P23, 901
P23, 726
P23, 682

8,238
10,125
10,608
10,648
10, 716
10,845
11,045
11,184
11, 258
11, 358
11, 436
11, 574
11,799
11,990
12, 318
12,446
12, 567
12, 741

Europe
(26
countries)

Canada

134
189
187
187
189
191
186
188
188
190
191
194
199
193
187
188
188
186

Latin
Asia
Africa
Amerand
ica
(5
Ocean(11
ia (8
councoun- coun- tries)
tries)
tries)
601
64fi
634
635
642
638
658
656
708
697
698
C
728
743

11,010
9,517
8,806
9,099
9,145
8,919
8,774
8,829
9,307
9,225
9,268
9,295
9,302
9,464
9,466
9,159
9,141
p 9,129

805
816
840
845
849
857
847
852
858
865
870
858
879
875
863
876
P725

786
P793
P793

263
291
268
26 9
269
269
269
270
283
297
310
317
295
291
P281
P267
P267

Europe
Switzerland
United
Kingdom

GerFrance many

Italy 2

32
33
29
29
28
25
26
27
27
27
27
27
28
28
28
28
28
28

518
270
210
209
209
208
208
208
208
208
208
208
208
208
208
208
208
208

Bel- Nether- Nagium lands tional
B.I.B.
Bank

1,584
1,648
1,782
1,977
2,017
2,049
2,049
2,049
2,584
2,584
2,584
3 2,584
2,584
2,647
2,689
2,689
2,689
2,689

5,445
4,395
3,580
3,643
3,614
3,322
3,194
3,194
2,995
2,846
2,846
2,846
2,846
2,846
2,722
2,422
2,424
2,428

590
611
638
633
632
631
621
630
632
625
626
619
607
609
625
617
607
590

573
438
404
437
457
456
388
388
490
558
598
626
670
769
848
862
862
862

624
454
460
471
489
508
583
624
655
657
657
657
635
635
635
628
615
612

4
8
12
10
12
12
13
13
11
13
12
15
11
17
8
3
4
6

Europe—Continued

End of month
Austria

1934—December.
1935—December.
1936—June
July
August
SeptemberOctober __.
NovemberDecember 1937—January . . .
February.March
April
May..
June
July
August
September-

Czechoslovakia

Bulgaria

45
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46

Denmark
60
54
54
54
54
54
54
54
54
54
53
53
53
53
53
53
53
53

112
112
113
113
109
108
91
91
91
91
91
91
91
90
91
90
90
90

19
19
20
20
20
20
20
20
20
21
21
21
21
22
22
22
22
22

Hungary

Greece
40
34
33
31
28
27
26
26
26
26
27
27
27
26
23
24
24
24

23
23
23
23
23
23
23
25
25
25
25
25
25
25
25
25
25
25

Norway

1934—December.
1936— December.
1936—June
July
August.
September
October
November
December.
1937—January,..
February..
March
April
May
June
July.
August.__

Spain

104
109
112
112
112
113
113
113
114
114
115
115
115
116
116
117
118
118

740
735
718
718
4
718
718
718
718
718
718
718
718
718
718
718
718
718
718

58
58
58
58
68
68
58
68
68
68
68
68
68
68
68
69
69
p 69

Sweden
159
185
231
231
232
238
239
239
240
240
241
241
241
242
242
243
243
243

Chile

Colombia

Peru

Uruguay

8
17
21
21
22
23
23
24
25
25
26
26
27
28
28
29
29

29
29
29
29
29
29
29
29
29
29
29
29
29
29
30
30

19
16
16
17
17
17
17
18
19
20
22
C
23
18
14
16
15
16

19
20
19
20
20
20
20
20
20
20
20
20
21
21
21
20
20

82
74
68
68
68
68
68
68
69
69
66
66
66
66
66
66
66

5
other BritChina Ja pan
ish
coun- India
tries

Java

New
Zealand

Turkey

394
425
442
447
450
453
456
459
463
466
469
456
459
452
443
412
261

77
54
60
60
59
60
60
60
60
60
60
60
74
74
74
79
79

25
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23

22
24
24
24
24
24
24
24
26
28
29
29
29
29
29
29
29

41
545
45
45
45
45
45
45
45
45
45
44
45
45
45
45
P45

275
275
27fi
275
275
275
275
275
275
275
275
275
274
274
274
274
274

7
10
13
13
15
19
6
7
8
9
10
12
16
19
16
55

Yugoslavia
53
43
46
46
46
46
47
48
48
49
49
49
50
50
50
50
50
51

6 other
countries
60
63
70
71
73
78
79
79
82
82
82
82
82
82
79
78
78
P78

Africa

Asia and Oceania

Argen- Brazil
tina
403
444
435
436
441
437
455
452
501
487
489
519
536
565
581
587
587

Portu- Rumania
gal

96
84
70
69
70
71
71
72
75
75
76
77
78
78
80
81
82
82

61
84
89
89
91
98
98
98
98
98
98
98
98
88
88
86
86
86

Latin America

End of month

Poland

2
other
countries
6
6
3
3
3
3
3
3
4
3
3
3
3
3
3
3

South
E g y p t Africa
55
65
55
55
65
55
55
55
* 55
55
55
55
55
55
55
55
55

184
212
189
189
189
189
189
191
203
217
230
237
215
211
201
187
189

3
other
countries
24
24
24
26
26
26
25
25
25
25
25
25
25
25
P25
P25

c
P1 Preliminary.
Corrected.
See notes under United Kingdom, Italy, Spain, and Latin America: 5 other countries.
2
Decline in gold holdings of Bank of Italy from official figure for December 1935 to that for December 1936 has been distributed monthly on
basis of gold imports from Italy reported by other countries. December 1936 figure carried forward for January 1937;figuresfor February and
March
1937 officially reported as of 20th of month; March figure carried forward for subsequent months.
3
According to official announcement British Exchange Equalization Account held $934,000,000 of gold on Mar. 31,1937. Gold of the Account is
not included in above figures since this is first occasion on which amount has been reported. For detailed statement of statistics included in above
table4 see BULLETINS to which reference is made in note at foot of page.
No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for
subsequent
months.
6
Figure of $26,000,000 reported by Bank of Mexico 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, Ecuador, El Salvador, Guatemala, and Mexico; 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.




1161

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly

Year or month

Estimated
world
production

Africa

Far East

North and South America

Total
South
Africa

Rhodesia

West
Africa

Belgian
Congo Canada

United
States

Mexico

Colombia

Chile

Austra- Japan
lia

British
India

ains of gold 9/10 fine; i. «., an ounce of fine gold—$£0.67
397,153
432,119
460,651
498,164
525,071

1929
1930
1931
1932
1933

359,347
373,154
394,399
421,656
420,093

215,
221,
224,
238,
227,

242
526
863
931
673

11,607
11,476
11,193
12,000
13,335

4,297
4,995
5,524
5,992
6,623

2,390
2,699
3,224
3,642
3,631

39,862
43, 454
55,687
62,933
60,968

45,835
47,123
49, 524

50, 626
52, 842

13,463
13,813
12,866
12, 070
13,169

2,823
3,281
4,016
5,132
6,165

683
428
442
788
3,009

8,712
9,553
12,134
14,563
16, 790

6,927
8,021
8,109
8,198
8,968

7, 508
6,785
6,815
6,782
6,919

28. 428
30,447
31,117
39,793

15,183
16,354
20,043
23,684

11.715
11, 223
11,394
11, 599
944
979
958
981
981

$1—16-5/Xl grains of gold 9/10 fine; t. e.t an ounce of fine gold=%S6
1933
1934
1935
1936

888,997 711,260
958,033 723,530
1,040,217 771,827
1,167,160 *-856, 384

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

103, 224 89, 467
104,023 108,191
114,971 126,325
'131,181 152, 509

22,297
23,135
23,858
26,465

10, 438
12,045
11,517
13,633

5.094
8, 350
9,251
9,018

49<T

1936—April
May
June

July...—.
August
September.
October
November.
December.

-86,503
'02,049
'98,056
'107,872
r
107.160
'108,371
113, 293
'105,561
'96,583

'68,072
'69,617
'71,224
'75,840
'73,928
'75,139
'76, 862
'72, 730
'73, 752

31,991
32, 826
33,086
33, 846
33,830
33,816
34,199
33,042
33,858

2,410
2,413
2,384
2,354
2,425
2,363
2,292
2,270
2,262

1,258
1,289
1,285
1,352
1,412
1,444
1,493
1,506
1,544

543
547
585
676
675
696
691
634
631

'10, 522
'10, 846
'11,133
'11, 239
'11,568
'11,635
'11,749
'11, 229
'11,612

11,242
12,074
12,077
15,171
13, 756
14,409
15,950
13,369
13,106

2,607
2,075
2,570
2,632
1,818
2,346
1,943
2,291
1,647

1,122"
1,086
1,065
1,235
1,098
1,236
1,109
1,035
1,113

552
611
776
1,029
467
784
758
708

3,127
3,045
3,476
3,602
3,422
3,515
3,596
3,467
4,170

1,808
1,885
1,994
1,977
1,916
2,246
2,075
2,162
2,118

1937—January
February _.
March
April
May
...
June
July
August

91,826
87,240
94,121
92,818
'101, 655
106, 940
*114, 561
ni9,402

73,235
68, 408
74,090
72,547
'76, 584
76, 589
*77, 969
J»81,371

34,352
32,330
34,381
34,308
34,010
34,132
34,895
34, 598

2,315
2,109
2,416
2,391
2,408
2,339
2,364
P2, 364

1,671
1,563
1,605
1,669
1,559
1,649
Pl, 635
Pi, 805

586
579
634
638
681
688
P688
*>688

11,499
10,853
11,420
11,317
11,904
12,071
12,162
12,196

11,483
10,171
12, 531
11,131
14, 248
13,036
14,870
18,140

2,854
2,227
2,510
2,111
1,678
3,701

1,332
1,117
1,285
1,269
1,234
1,246
1,476
1,422

935
769
620
926
'1,860
643
P989
P919

3,158
3,714
3,550
3,725
3,897
4,033
3,861
*>3,861

2,065
2,077
2,156
2,106
2,122
2,093
1,945
v 1,945

n, 091

v% 441

983
982
956
982
957
P992
^992

p Preliminary.
' Revised.
NOTE.—For monthly figures back to January 1929 and for explanation of tables see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, July 1936, p. 600, March 1937, p. 267, April 1937, p. 363, May 1937, p. 487, July 1937, p. 687, and August 1937, p. 769. For
annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1936, pp. 108-109. Figures for Canada beginning
January 1937 are subject to official revision. Estimated production of the U.S.S.R. for August 1937, in thousands of dollars: $28,800.

GOLD MOVEMENTS
[In thousands of dollars 8 t approximately $35 a fine ounce]
United States

Year or month

Total
net
imports
or net
exports

Net imports from or net exports (—) to:

United
Kingdom

France

1,131,994 499,870 260,223
1,739,019 315,727 934,243
1,116, 584 174,093 573,671

1934 1
1935
1936

5,837 17,880
8,204 136,671
72,154 95,013
20
44,665
9
32,998

1936—August
September
October..
November
December..

67,493
171,824
218,812
75,836
56,970

1937—January
February
March...
April _
May

121,325
73,950
120, 326 75,238
154, 332 121,451
215,811 175,165
155,362 103,822
262,022 156,943
175,417
76,432
104,844
30,147
145,495
59,066

June

July
August
September
1

10,864
1,138
76
596
1,375
11,059
1,138

Belgium

Netherlands

Switzerland

Canada

Mexico

PhilipColom- pine
bia
Islands

Australia

8,902 94,348
3 227,185
3,351 71,006

12,402
968
7,511

86,829
95,171
72,648

30,270
13,667
39,966

16,944
10,899
11,911

12,038
15, 335
21, 513

1,029
3,498
23, 280

1,463
25, 745

524
8
3,698
3,281

11,664
6,338
12, 222
10,666
4,709

15,289
634
530
368
462

11
2,101
4

716
2,405
2,157
1,628
2,273

1,747
2,831
1,869
3,781
936

271
14
1,086

6,506
8,155

5,865
Vb, 661
4,925
7,225
14, 434
20,946
7,428
12, 247
14,497

1,945
9,153
3,242
1,973
2,800
665
5,348
3,524
2,054

1

2,123
2,109
1,944
2,231
2,106
2,064
2,410
1,505
2,981

1,617
2,910
3,467
2,388
2,613
2,167
3,796
3,710
3,010

799
2,545
2
10, 691
1,131
5,399
5,228
22,556
10,118
13,703

1,392
3,177
521

1,166
36,235
2,390

3
4,261
5,496
2,177
2
1
2,110

British
India

Japan

4

5,696
9,978
16,593
15,316
44,459
37,697
40,927

All
other
countries

76, 820
75,268
77,892

32, 316
47,054
39, 745

10,688
6,961
5,782
6,182
10,108

3,661
3, 693
2,530
2,289
2,193

6,028
7,077
4,017
4,857
3,797
3,966
4,355
3,613
5,275

1,463
3,870
7,296
1,737
1,160
3,866
1,925
1,761
1.871

Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
NOTE.—For gross import and export figures and for additional countries see table on page 1132.




1162

FEDERAL RESERVE BULLETIN

N O V E M B E R 1937

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
British India

United Kingdom
Net imports from or net exports (—) to:
Year or
month

Total
net imports
or net
exports
()

Germany

United
States

Belgium

NetherAustralands U.S.S.R.
lia

1934..
L935..

716,269 •497,166 348,190 121,01' -13, 585 32, 575
369, 747 •435, 502 142,137 - 4 , 726 -17,476 10, 796
170, 023 -276,813 756, 204 23, 295 -15,133 -21,130

1936—Mar. _.
Apr. _.
May..
JuneJuly...
Aug. ..
Sept. _.
Oct...
Nov. _.
Dec .

6,738
3,440
47, 666
- 9 , 465 12, 710
77,137
74, 590 -12,611 26, 936
69,447 - 2 6 , 802 27,060
-4,384 142, 535
195, 066
281, 401 -16,120 240, 868
151, 81- -14,096 108, 666
7,615 -72,441
-383
83,168 -49, 224 72, 506
100, 505 -63,914 118, 655

1937—Jan....
Feb...
Mar..
Apr...
May..
June..
July...
Aug.._
Sept. .

-25,523 -73,568
122,296 - 7 5 , 6 i r
78,484 •104,399
12.036 -149,44-101, 71C
- 4 8 , 31
22, 957 -128,380
127, 953 - 7 9 , 498
122, 64E - 2 6 , 043
—29, 77J -86,14,

4,295
1,875
3,903
1,913
1,789
6,086
3,964
-163
-624

-2,907

-1,029
2,458
1,486
1,836
-1,130

414
-220
22,453
452
153
163,919
1,587
507
124,121
104
11,281 -1,055
-274 - 1 , 786 -1,545
8,398 -7,915
79, 545
112,113 16, 348 -9, 207
50, 462 12, 21 r
4H
8,24
572
-2,03'

South
Africa,
RhoBritish
desia,
India
West
Africa

1,021
1,756
965
927
452
997
-208
-665
-42C

5,628
22, 520
98, 510
8,430
14,027
14,153
16,914
19, 78'

2,574
3,329
2,167
1,610
2,531
2,
2,084
1,984
2,304
2,126

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
2,122
2,353
1,552
705
1,981
2,039

16.903
24,113
26, 593
44.198
37,106
46,933
57,
54, 463
36.199

6,147
10, 896
4,540
9,413
13, 289 4,972
7,599
10,860
2,861
9,657
15, 011 6,922
636
6,581
7,853 19,89i
4,756
14, 896
7,243 -5,368
3,953
8,705
5,760
2,848
8,368
2,782
6,129
7,178
4,735

Germany

Yeai or month

-90,920

1936—Mar. .
Apr. _
May..
JuneJulyAug...
Sept..
Oct...
Nov..
Dec...

—258
- 1 , 201
-630
1,130
3,248
1,580
-3,514
- 3 , 521
426
4,763

1937—Jan. . .
Feb...
Mar..
Apr..
May.
June..
July..
Aug. _.
Sept...

17,426
27,024
588
1,778
2,956
-22, 222
-11,355
-11,467

42,969
1,868

-109,386 -42,907 -28,114
7,394
5,180 13, 225
- 2 2 , 784 - 2 , 1 2 1 20,188

3,239

-142
3,077
3,256
2,821
3,121
3,265
2,496
448
73
1,006

20
23
76
23
2,061
30
26
7
65
822

-19
13

-4,277
- 3 , 935
-1,720
-1,898
-1,661
-6,076
- 3 , 954
259
572

2,346

• 216
-117
-504
953
1,927
-16,435

15,356
11,442
1
2
2
4

2
2
2
4
-2

- 4 , 611
-3,156
— 1,897
2,545
287
5,018
s 9, 555
3 5, 722
4-12, 750

-7,
— 10,556
-11,392
- 1 0 , 355
-15,032
—7, " ~
-8,273
-11,576
- 9 , 347
- 5 , 506
-8,447
—3,161
- 3 , 494
-6,"~
-4,
-S, 689

944
979
958
981
982
966

957
P980

P-5,15462

-219, 671
-150,472
-109,743
-9,612
-10,413
- 9 , 397
-14,051
- 7 , 002
- 7 , 307
— 10,594
-8,381
- 4 , 523
-7,463
-2,262
- 2 , 512
—5,112
-3,951
-852
P-7,709
P-4,174
P—Z, 646

Switzerland

Total Net imports from or net exports (—) to: Total
net
net
imports
imports
All
or net
United
or
net
exports King- France Nether- Switz- other exports
lands erland coundom
()
tries

1934..
1935..
1936.

All
other
countries

Gold
producRe- Private
tion
holdin
in
ings in
India India1 India*

41,790 335,253 206, 711 141, 484 -230, 720 11, 222
37, 981 404, 295 181, 627 49, 684 -161,872 11, 393
26,723 488,814 128, 420 59, 643 -121,342 11, 599

-13, 354
- 1 , 409
1,761
606
-2,421

-1,383
-17, 602
-536
-747
-804
6,369
—1,039

Change in:
Total
net
imports
or net
exports
()

90

10 14, 228
12
32
-13
43
999
586

Net imports from or net exports (—) to:

United United
States Kingdom

France

Belgium

Italy

Netherlands

All
other
countries

89,324 -46,065
6 7,281 -230,788
-390 121, 788
-59
-37
-28
4
-38
-55
37
-20
30
15

21,413
22,570
13,386
5,188
-321
2,829
33,506
14,848
2,210

- 2 , 874

-135
1,709
1,481 -17,034
575
1,047
794 -1,506
127 -4,479
-49,417
-6,038
-1,630
-7,147

-848

96
274
-2,278
350
-1,186

1,866
'-13,507
819
584
611
-879
-25
-354
1,456

p Preliminary.
* Through March 1935 gold held b y government; subsequently, gold held b y Reserve Bank of India to which government gold was transferred.
2
Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
» $7,227,000 imported b y Great Britain from China in July and $9,508,000 in August 1937.
*6 $15,120,000 exported b y Great Britain to Central and South America and $4,007,000 imported from Japan in September 1937.
$85,390,000 imported b y Germany from U. S. S. R. in 1934, and $6,376,000 in 1935.
* $8,444,000 imported b y Switzerland from Czechoslovakia in April and $15,433,000 in M a y 1936.
7
$14,292,000 exported b y Switzerland to Germany in February 1937.
8
$8,090,000 exported to Belgium b y Germany in June 1937.
NOTE.—Germany, Switzerland, and United Kingdom.—In some cases annual aggregates of official monthly figures differ somewhat from revised
official totals published for year as a whole. German gold movements b y individual countries are not available beginning July 1937.




NOVEMBER

1163

FEDERAL RESERVE BULLETIN

1937

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

Assets of banking department

Gold (in
issue
depart-1
ment)

Cash reserves
Coin

1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.

25
31
30
28
27
26
25

145.8

Notes

Discounts
and advances

Liabilities of banking department

Securities

Note
circulation

Deposits
Bankers'

Public

Other
liabilities

Other

147. 6*
120.7
119.8
190.7
192.3
200.1

.2
.6
.6
.8
1.0
.5
.6

26.3
38.8
31.6
23.6
58.7
47.1
35.5

22.3
49.0
27.3
18.5
16.8
7.6
8 5

84.9
104.7
133.0
120.1
101.4
98 2
94 7

379.6
368.8
364.2
371.2
392.0
405.2
424.5

71.0
132.4
126.4
102.4
101.2
89.1
72.1

8.8
6.6
7.7
8.9
22.2
9.9
12.1

35.8
36.2
40.3
36.5
36.4
37.1

17.9
18.0
18.0
18.0
18.0
18.0
18.0

1936—May 27 .
June 24
July 29
Aug. 26
Sept. 30 Oct. 28
Nov. 25
Dec. 30

206.4
216.3
239.9
244.8
248.7
248.7
248.7
313.7

.9
1.0
1.0
1.1
1.1
1.0
.7
.6

40.3
41.5
51.4
61.3
59.3
65.9
63.1
46.3

6.7
7.6
7.1
9.2
8.6
6.6
6.8
17.5

104.7
116.1
115.6
102.6
100.7
99.7
98.6
155.6

426.1
434.8
448.6
443.4
449.4
442.7
445.6
467.4

78.3
90.8
75.2
100.9
60.7
86.5
97.6
150.6

19.8
20.0
42.3
17.2
49.7
27.6
12.1
12.1

36.7
37.4
39.4
37.8
40.9
41.4
41.7
39.2

17.8
17.9
18.1
18.2
18.3
17.7
17.8
18.0

1937—Jan. 27
Feb. 24
Mar. 31 .
Apr. 28
May 26
June 30 . .
July 28
Aug. 25
Sept. 29

313.7
313.7
313.7
313.7
321.3
326.4
326.4
326.4
326.4

.4
.7
1.0
1.0
.9
.9
1.1
1.5
1.7

61.4
58.6
39.8
44.8
46.0
38.0
28.1
38.1
37.9

8.0
4.9
7.1
5.5
4.9
6.3
5.8
4.3
6.2

97.4
105.3
123.4
119.7
119.7
164.3
135.2
128.5
126.6

452.3
455.1
473.8
468.8
475.2
488.4
498.3
488.3
488.5

98.4
100.4
62.3
87.6
91.4
140.5
104.3
92.8
95.1

12.1
13.0
52.2
26.2
24.9
10.8
10.5
25.4
21.8

38.4
37.9
38.5
39.6
37.5
40.2
37.3
36.0
37.2

18.1
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.3

Assets
Domestic bills

Bank of France
(Figures in millions of francs) Gold*

Foreign
exchange

Spe-3
cial

Other

OQ

Q

Liabilities

Loans on—
Advances
NegotiaShortto
ble seOther curities
term
GovGovern- securiernment ment se- ties

Deposits

Other
assets

Note
circulaGoverntion
ment

Other

Other
liabilities

curities

1929—Dec. 27
1930—Dec 26
1931—Dec 30
1932—Dec 30
1933—Dec. 29 _
1934—Dec. 28
1935—Dec 27

41,668
53, 578
68, 863
83,017
77,098
82,124
66. 296

25,942
26,179
21,111
4,484
1,158
963
1.328

8,624
8,429
7,389
3,438
4,739
3,971
9.712

1936—May 29
June 26
July 31..
Aug. 28
Sept.
Oct. 3025
Nov. 27.
Dec. 30 _ .

57,022
53, 999
54, 942
54, 511
50, 111
64, 359
64, 359
60, 359

1,426
1,297
1,270
1,250
1,245
1,471
1,466
1,460

27"
547
925
1,379

19,381
7,750
6,041
7,063
7,484
7,332
8,056
8,466

1937—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 27..
June 24..
July 29
Aug. 25
Sept. 30

57, 359
57, 359
57 359
57,359
57, 359
54, 859
55, 677
55, 718
55,805

1,435
1,323
1,194
1,112
1,053
1,058
951
911
825

1,620
1,524
1,514
1,470
1,437
1,260
* 991
833
600

8,553
8,990
8,440
7,639
8,377
9,356
10,197
8,655
9,799

573

2,521
2,901
2,730
2,515
2,921
3,211
3,253

5,612
5,304
7,157
6,802
6,122
5,837
5,800

5,603
6,609
8,545
9,196
8,251
8,288
7.879

68,571
76,436
85,725
85,028
82,613
83,412
81,150

11,737
12,624
5,898
2,311
2,322
3,718
2,862

7,850
11, 698
22,183
20,072
13,414
15,359
8,716

1,812
2,241
1,989
2,041
1,940
1,907
2,113

14,333
14,333
14,333
15,903
12,303
12,298
17, 698

796
1,048
1,461
809
838
668
702
715

3,381
3,441
3,555
3,454
3,553
3,447
3,464
3,583

5,708
6,708
5,708
5,640
6,640
5,640
5,640
5,640

8,134
8,015
8,699
8,125
9,643
8,204
8,029
8,344

84,705
85,106
86,892
84,324
83, 750
87,198
86,651
89,342

1,850
1,305
1,694
1,523
1,679
3,973
2,069
2,089

6,909
6,528
6,254
7,037
6,660
9,247
13,058
13, 655

2,383
2,652
2,267
2,301
2,356
3,553
3,160
2,657

19, 772
19, 772
20,066
19,991
19, 980
21,380
23,887
25, 218
25,999

1,168
873
225
965
385
776
958
476
1,340

3,701
3,594
3,698
3,918
3,777
4,013
4,064
3,763
4,175

5,640
5,640
5,640
5,642
5,642
5,641
5,641
5,637
5,637

8,209
8,235
8,543
9,256
8,158
8,110
8,467
8,417
8,558

87, 688
87,062
85,746
87,063
85, 745
85,985
89, 307
88, 255
91, 370

1,955
2,315
1,977
4,361
3,154
2,209
2,563
2,251
2,351

15, 280
15, 386
16, 404
13,408
14, 766
15, 710
15, 812
15, 927
15, 886

2,534
2,547
2,552
2,618
2,502
2,549
3,152
3,196
3,133

1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction
of British Treasury under Section 2, paragraph (2), of Currency and Bank Notes Act, 1928 (see BULLETIN for August 1928, pp. 567-569), reduction
of £60,000,000 in amount of fiduciary issue (and securities held as cover) has been in effect since December 16,1936. From August 1, 1931, to March
31, 1933, increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under Section 8 of Currency
and Bank Notes Act.
2 By law of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see BULLETIN for November 1936,
pp. 878-880). Of total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to Stabilization Fund established
by law of October 1. By decree of July 22, 1937, gold was again revalued on basis of 43 milligrams of gold 0.900 fine per franc, and resulting increment of about 6,800,000,000 francs was allocated to fund for regulating market for Government securities (see BULLETIN for September 1937, p. 853).
3 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, July 1936, p. 603, and September 1937, p. 951.




1164

FEDERAL RESERVE BULLETIN

NOVEMBER

1937

CENTRAL BANKS—Continued
Liabilities

Assets
Reichsbank

Reserves

(Figures in millions of
reichsmarks)
Gold

Securities

Foreign
exchange

Other
Treasury bills
(and Security
loans
bills
checks)

Eligible
as note
cover

Other

Note
circulation

Other
assets

Deposits

Other
liabilities

1,065
1,114

259
445
349

92
102
161
398
322
319
315

735
827
853

5,044
4,778
4,776
3,560
3, 645
3,901
4,285

60
56
67
65
59
79
67
74

219
220
220
220
219
219
219
221

319
311
310
309
308
305
303
303

648
704
711
686
695
685
770
765

4, 430
4,389
4,471
4,540
4,657
4,713
4,674
4,980

1,012

807
818
840
853
875
897
911
953

65
102
51
52
50
55
52
52
51

223
222
167
106
104
104
104
104
105

302
302
312
310
310
300
299
299
293

959

4,799
4,816
4,938
4,979
4,902
4,992
5,112
5,116
5,256

707
785
970
794
804
880
732
736
838

973
968
826
816
835
862
892
901
927

1929—Dec. 31
1930—Dec. 31 .
1931—Dec. 31.
1932—Dec. 31.
1933—Dec. 30.
1934—Dec. 311935—Dec. 31_

2,283
2,216
984
806
386
79
82

404
469
172
114
9
5
5

241
206
98
1
49
45
53

2,608
2,366
4,144
2,806
3,177
4.021
4,498

251
256
245
176
183
146
84

1836-May 30.
June 30July 31.
Aug. 31Bept. 30.
Oct. 3 1 .
Nov. 30.
Dec. 31..

70
72
72
69
63
65
66
66

5
5
5
6
6
5
5
6

37
98
90
74
51
55
57
62

1937—Jan. 30Feb. 27..
Mar. 31.
Apr. 30.
May 31.
June30_
July 31..
Aug. 31.
Sept. 30.

67
67
68
68
69
69
69
70
70

6
6
6
6
6
6
6
6
6

23
35
10
29
54
61
29
33
53

4,606
4,699
4,623
4,693
4,875
4,888
4,852
5,448
4,835
4,777
5,101
5,124
5,001
5,262
5,316
5,283
5,538

656
638

1,059
1,021

896
947
878
860
905
905

736
822

755
652
755
540
640
984

1,338
1,313

1,032

923

729
960
787
729
744
689
753

836

1,001

NOTE—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
Central b a n k
[Figures as of last report
date of month]
National B a n k of Albania (thousands of francs):
Gold
Foreign assets
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
_
Central B a n k of t h e Argentine
Republic (millions of pesos) :
Gold a home
Gold abroad and foreign exchange
Negotiable Government bonds...
Other assets
Note circulation
__
Deposits—Member bank
Government
Other
Other liabilities
C o m m o n w e a l t h B a n k 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
A u s t r i a n N a t i o n a l B a n k (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 foreignLoans
Other assets
c

1937
Sept.

16,008
39, 806
1,279
35, 820
12,832
37, 864
83, 776
48, 284

August

July

Sept.

7,554
22, 729
3,807
4,348
11, 267
14, 926
12, 245

7, 554
23, 265
3,600
4,288
11,239
15,410
12, 059

7,556
25, 387
3,758
4, 732
11,590
17, 555
12, 287

1,224

1,224

1,224

273
32
183
1, 146
394
124
5
43

320
40
168
1,179
406
120
6
42

131
67
161
1,004
319
219
4
37

16, 008
39, 058

16, 010
38, 559

16, 002
39, 059

1,165
1,222
38, 193 =36, 861
13, 674 13, 443
37, 939 38, 028
86, 790 85, 359
47, 534 47, 034

1,190
21, 778
15, 564
36, 237
71,186
47,039

243
142
191
620
167
914
272
177

243
137
192
620
165
915
268
174

243
116
194
620
167
915
251
174

243
132

3,483
1,251
50
302

3,582
1,346
34
300

3,642
1,376
36
301

3,726
1,367
73

214
624
170
944
262
177

Central bank
[Figures as of last report
date of month]
National Bank of Belgium—Cont
Note circulation
Demand deposits—Treasury
Other._
Other liabilities
Central Bank of Bolivia (thousands
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
National Bank of Bulgaria (millions of leva):
Gold
Foreign exchange reserve (net)
Other foreign exchange
Loans and discounts
Government debt
Other assets
Note circulation
Deposits
Other liabilities
Bank of Canada 2(thousands of Canadian dollars):
Gold
Sterling and United States exchange
Canadian Gov't. securities:
2 years or less
Over 2 years
Other securities
Other assets
Note circulation
Deposits—Chartered banks
Dominion Government
Other
Other liabilities

315

Corrected.

» Gold abroad revalued in December 1936.

« Figures for August 31, 1937, substituted for August 25 figures given in October BULLETIN.




Sept.

4,436
42
536
72

August

July

Sept.

4,405
116

4,440
215

4,506
63
840
72

52,180
51, 260 25, 416
95, 711 97,106
21, 480
16, 838 17,038
7,161
378, 092 378,138 416,109
4,750
4,749
4,645
14, 973 15,198
15, 274
255, 536 255,006 187, 096
251, 499 252, 823 235, 980
55, 507 55, 661 67, 010
272
348
2,393

253
528
2,432
3,007

1.834

1,833

1,801

399
1,437
3,523
965
2, 950
2,972
2,235

302
1,286
3,523
1,004
2,856
2,885
2,206

390
1,142
3,523
1,009
2,543
3,127
2,195

179, 505
28,134

223
326
2,834
10
3,227
1,616
-69
476
1,884
2,671
989
2,791
2,176
2,600

.79, 489 179, 525 179, 430
25, 826

63, 298 56, 026
93, 082
96,102
10, 995 10, 981
8,724
7,255
161, 619 :48, 058
179, 361 ^85, 259
26, 624
30,132
584
50613, 671 13, 604

19, 747

3,081

36, 212 46, 071
94, 901 92, 016
9,996
7,696
11,691
138,920 127, 790
182, 567' 173, 846
16,882 13, 616
102
648
13,056 12, 940

1165

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

CENTRAL BANKS—Continued
[Figures as of last report date of month]

Central bank
Sept.

Central Bank of Chile (millions of
pesos):
Gold and foreign exchange in re-

Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Danzis (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 (millions of kroner):
Gold
Foreign exchange
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thouGold
Foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Egypt * (thou
sands of pounds):
Gold
Foreign exchange
Loans and discounts

July

143
128
702
616
272

185
131
193
168
440
171
177
384
915
165

66
176
51
132
413
164
151
317
709
127

28, 588
12, 853
15, 682
45, 805
26, 556
52, 468
37, 716
39, 300

26,071
16, 223
14, 698
45, 865
26, 640
52, 312
37, 345
39, 839

29, 210
3,379
7,462
45, 318
26, 006
46, 231
29,152
35, 992

2,571
390
1,243
1,140
2,014
898
6,469
170
1,617

2,574
371
1,115
1,121
2,014
904
6,250
128
1,720

2,576
348
1,041
1,226
2,015
968
6,037
296
1,842

2,595
41
754
1,018
2,031
768
5,742
391
1,073

28,114
1,320
549
16, 504
5,663
34, 535
13, 647
19, 015

28, 111
1,263
504
15, 958
4,091
34, 281
12, 974
19, 015

28,110
1,229
551
16, 245
3,812
34, 621
11,135
19,193

29, 013
451
4,099
16, 770
4,128
31, 470
11, 630
19, 665

118
28
27
235
102
53
66
385
87
157

118
13
27
228
101
52
66
376
73
155

118
8
28
237
109
52
67
386
78
155

118
17
29
230
104
61
78
377
102
159

36, 658
28, 373
46, 285
63, 335
53, 741

31, 904
15, 987
29, 983
52,175
29, 685

6,545
1,712
3,401

6,545
1,701
3,101

35 073
8,623
19 032
7 869
19, 432
9,021

35 198
9,334
19,198
8 530
19, 339
8,813

other

Sept.

13,161
6,768
345
6,079
2,914
16, 852
8,232
4,183

13, 026
806
528
6,723
1,163
13, 710
4,418
4,120

34, 208
17, 092
25,124
23, 620
45, 462
39, 056
15, 527

34,196
17,499
24, 289
21, 987
43, 992
37, 719
16, 260

34,169
5,965
21, 261
20, 378
43,173
25, 524
13,076

635
2,301
1,014
358
451
2,005
160
917
1,676

640
2,402
986
374
424
1,898
325
929
1,674

640
2,288
1,036
386
429
1,841
241
991
1,705

715
1,322
963
357
313
1,551
29
624
1,466

3,252
5,181
4,376
1,803
6,735
5, 660
2,217

3,133
4,469
4,377
1,765
6,428
5,149
2,167

3,147
3,855
4,100
2,397
6,330
5,025
2,145

2,831
5,745
4,162
1,967
5,926
6,451
2,327

84
58
419
112
17
265
457
197
93
209

84
58
416
111
17
254
453
191
93
203

84
56
398
112
17
245
460
156
93
205

79
31
512
93
12
146
417
154
96
207

444
803
274
611
1,778

444
803
274
595
1,787

444
673
234
681
1,645

354
144
79
9
478
109

328
165
84
9
479
107

388
69
56
10
410
113

801
576
234
163
641
198
1,580
361
77
596

488
562
245
109
780
202
1,580
271
74
462

536
547
166
99
556
210
1,312
459
70
274

117
5
70

117
5
68

89
2
61

Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities
Other assets Note circulation
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 Sank of India (millions
of rupees):
Issue department:
Gold at home and abroad . . .
Sterling securities..
Indian Gov't securities
Rupee coin
__
Note circulation
Banking department:
Notes of issue department...
Balances abroad

Investments

Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Golds
;
Discounts
... _
Loans—Government

Other .
Government bonds
Other assets
Note circulation.
Deposits—Government
Other
Other liabilities
.
40, 216
4,648 Bank of Java (millions of guilders):
Gold
23, 276
Foreign bills.
5,458
Loans and discounts
21, 018
8,436
6,545
1,559
5,220

August

July

Sept.

Sept.

144
111
795
669
295

Securities
Other assets
Note circulation
DpDOsits
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
Other liabilities
National Bank of Czechoslovakia
(millions of koruny):
Golds
Foreign exchange
Discounts
Loans

August

144
110
795
664
316

Central Bank of China1 (millions of
yuan):
Gold
Silver
Foreign exchanffp
Due from domestic banks
_.

British EirvDtian and
Government securities
Other assets
Not© circulation
Denosits Government
Other
Other liabilities

1936

1937

1936

1937

Central bank

801
549
3
158
554
222
1,570
358
77
281

* Items for issue and banking departments consolidated.
2 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 t h a t item and partly in other assets,
a By law effective August 25, 1937, gold revalued at rate of 290 milligrams fine gold per yen.




1166

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1937

Central bank

Central bank
Sept.
B a n k o f Java—Cont.
Other assets
N o t e circulation
Deposits
Other liabilities
B a n k o f L a t v i a (millions of lats):
Gold*
Foreign exchange reserve
Loans a n d discounts
Other assets
N o t e circulation.
_
_
Deposits
_
—
Other liabilities
B a n k of L i t h u a n i a (millions of l i t u ) :
Gold
—
Foreign exchange
Loans a n d discounts
Other assets
N o t e circulation
Deposits
—
Other liabilities
._
N e t h e r l a n d s B a n k (millions of guilders) :
Gold
Silver (including subsidiary coin)
Foreign bills
.
Discounts
Loans
-.
Other assets
N o t e circulation
Deposits—Government
Other
Other liabilities

Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
...
Other assets.
_
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
___
Discounts
Loans..
__.
Securities
Other assets
Note circulation
Demand deposits—GovernmentOther
Other liabilities_
Central Reserve Bank of Peru
(thousands of solas):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits...
„
Other liabilities
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
Loans and discounts
Securities
_
__
Other assets
Note circulation
Other sight liabilities.
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
_
Other reserves (net)
Non-reserve exchange

77
45
126
42
54
203
33

August

July

Sept.

106
199
73
26

103
195
72
25

51
155
23

77
41
120
46
51
202
32

77
40
119
47
47
204
32

46
12
129
54
36
174
32

103
38
117
83
25

99
34
113
78
24

93
40
110
83
22

65
15
77
27
108
54
22

1,266
19
5
11
182
63
834
79
588
44

1,266
19
3
13
180
67
852
78
571
45

1,266
19
2
15
171
63
822
106
563
44

670
21
2
23
137
61
773
49
51
42

2,802
20,555

2,802
20,859

2,802
16,836

4,787
2,906
170
12, 794
16,833
1,593

4,578
2,906
194
12, 591
17,143
1,606

1,795
2,124
237
11,175
11,013
1,605

189
189

189
166

189
153

215
71

193

205
122
26
58
13
422
40
49
62

224
140
24
60
11
424
43
49
61

253
191
19
43
18
390
57
48
62

()
423
42
58

55, 602 55, 363
36, 709 36, 657 39, 295
45,081 45,122 46, 269
10, 580
8,667
9,300
96, 937
91, 311
32,392 30,591 33,416
18,642 16, 875 13,194
431
35
650
136
456
1,045
280
383

429
32
612
135
459
1,021
249

427
30
604
136
446
1,019
230
393

373
16
828
134
410
1,048
196
518

916
574
161

916
560
154

910
502
126

Sept.

Bank of Portugal—Cont.
Loans and discounts.
Government debt.__
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of R u m a n i a (millions of lei):
Gold/
_•
Foreign exchange reserve
_.
Special exchange accounts
Loans and discounts.
Special loans 4
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):
Golds
_-.
Foreign exchange..
Discounts-._
Loans
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands 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
(thousands of pesos):
Issue department:
Gold and silver.
Note circulation
._.
Banking department:
Cash reserves
Loans and discounts
Other assets
Deposits.
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
_
_.
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
__
Other liabilities

August

325
1,042
1,402
2, 053
1,199
1,169

July

Sept.

317
1,043
1,382
2,038
1,180
1,154

332
1,045
1,124
2,156
928
955

16,168

16,128

16, 016

6,394

5,823
6,669
2,050
11,337

11,149
392
4,087
6,363
2,445
11, 373
9,205
24, 269
8,697
12, 048

2,040
12, 094
8,820
27, 386
12, 527
12,288

26, 791
12,854
10, 662

5,651
6,303
2,062
11, 069
8,402
26, 487
12, 783
10, 232

22, 938
6,385
623
12, 385
15, 241
23, 955
3,135

22,942
5,490
1,733
12,607
16,064
23, 612
3,096

22, 700
4,930
1,841
13,242
17,095
21, 794
3,825

22, 930
5,116
16
12, 797
14,097
23, 772
2,990

536
1,078
13
26
6
319
947

536
1,018
12
25
6
317
885
888
141

534
981
13

160

526
562
11
30
33
240
853
447
101

2,594
96
23
28
606
1,412
1,299
637

1,554
27
192
75
81
1,369
459
100

2,531
414
21
28
609
1,442
1,523
638

2,544
209
21
28
604
1,411
1,358
637

340
863

36, 712 36, 711 36, 710 30, 215
621
46
29
5
29, 833 35, 226 35, 599 10, 257
50,177 46,887 48, 522 36, 571
187,160 187,158 187,199 185,113
33, 807 34, 882 29,977 17, 715
173, 252 173, 252 173, 252 162, 684
44,497 44,375 41,436 45, 094
119, 987 123,265 123,325 72, 715

1,704
712
1,589
2,252
2,678
5,843
2,357
737

41,091
75,104

42,087
89, 582

41,957
89,758

22,653
80,442
77, 483
88.180
92, 399

45, 501
7, 834 84, 923
81,676 53, 287
88, 787 100, 838
91, 607 82,873

1,692
699
1,602
2,252
2,484
5,864
2,123
741

1,686
723
1,581
2,251
2,366
5,687
2,177
743

1,553
574
1,671
2,262
1,400
5,250
1,500
709

* Revised.
i By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to pound compared with previous market rate
of about 15 lats to pound.
s Figures not yet available.
» By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see BULLETIN for January 1937 p 15)
* Agricultural and urban loans in process of liquidation.
*Gold revalued after September 30, 1936, at rate of 215 milligrams of fine gold per franc.




1167

FEDERAL RESERVE BULLETIN

N O V E M B E R 1937

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francs1]

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
Treasury bills
Total
Time funds at interest—Not exceeding
3 months. _
Between 3 and 6 months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments. .
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items
Total assets

1936

1937

1936

1937

Assets

Liabilities
Sept. 30

Sept. 30

Aug. 31

Sept. 30

8,408

8,756

27, 553

40, 758
206, 265

36, 819
197, 773

21, 770
124, 927

247, 023

234, 591

146, 698

3,408

4,396

6,344

6,450
1,154

6,610
835

118
531

Long-term deposits:
Annuity trust account.
___ . . . 152, 974
76, 487
German Government deposit
31,875
French Government guaranty fund1,045
French Government deposit (Saar)_

153,096
76, 548
34, 837
1, 142

153, 096
76, 548
61, 930
2,031

262, 381

265, 624

293, 605

125, 000

125, 000

125, 000

4,238
6,315
12, 631

4,238
6,315
12, 631

3,784
6,092
12,183

1,411
40, 433

1,359
35, 896

1,389
45, 015

718, 853

706, 249

668, 312

Aug. 31

Sept. 30

18, 338

10, 874

35, 314

Demand deposits (gold)

33, 056
15, 987

23, 702
21,105

5,770
14, 806

Short-term deposits (various currencies):
Central banks for own account:
Demand
__
.
Time—Not exceeding 3 months.

113, 423
163, 884

122, 589
170, 768

110, 934
211, 751

277, 307

293,357

322, 685

64, 876
1,527

45,135
571

55, 467

38, 289
112, 300

15, 628
101, 891

28, 477
63, 380

29, 617
35, 425

44, 556
47, 228

24, 167
31,183

55, 232
35, 603

55 358
45, 580

41, 796
35, 893

306,466

310, 242

224, 896

1,030
266

1 085
178

1,389
7,984

718, 853

706, 249

668,312

Total
Central banks for account of others:
Demand.
_ _ ___
Other depositors:
Demand
_.
Time—Not exceeding 3 months.

Total

._

Capital paid in
_.
Reserves:
Legal reserve fund
_._
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold_.
Sundry items
Total liabilities..

i See BULLETIN for December 1936, p . 1025.

COMMERCIAL BANKS
[Figures are as of end of month , except those for United Kingdom, which are averages of weekly figures]
Liabilities

Assets

United Kingdom

Money at
Cash
call and Bills dis(Figures in millions of pounds sterling) reserves
short
counted
notice

Loans to
customers

Securities

Other
assets

:Deposits

Total

Demand 1

Time1

Other
liabilities

10 London clearing banks
1930—December
1931—December . _
1932—December
1933—December
1934—D ecember
1935—December .
1936—D ecember. .

208
184
207
213
216
221
236

144
119
127
119
151
159
187

322
246
408
311
255
322
316

285
297
472
565
594
605
630

933
905
778
740
759
784
864

1

240
222
208
237
247
231
238

1,876
1,737
1,983
1,941
1,971
2,091
2,238

992
868
991
1,015
1,044
1,140
1,288

847
846
963
900
910
924
1,012

254
237
216
244
251
231
232

11 London clearing banks 2
1936—June
July

225
225
233
229
227
233
244

158
158
163
166
164
181
195

329
349
345
344
351
329
322

642
639
641
648
655
656
660

878
884
877
882
892
895
890

237
227
226
226
231
238
249

2,229
2,244
2,246
2,257
2,280
2,287
2,315

1,215
1,223
1,212
1,228
1,238
1,241
1,288

995
986
991
1,000
999
1,006
1,012

240
237
240
238
239
243
245

1937—January
February..
March
AprilMay
June. .

238
230
226
230
233
241
235
234
238

179
167
170
177
168
171
163
162
162

345
307
248
241
244
259
282
277
281

669
671
667
661
657
654
647
645
641

885
909
939
951
957
969
975
973
978

239
243
254
256
259
261
251
244
240

2,307
2,274
2,244
2,252
2,255
2,293
2,293
2,283
2,287

1,254
1,217
1,200
1,194
1,203
1,253
1, 239
1,235

1,005
997
1,003
1,008
1,006
1,022
1,010
1,001

247
252
259
263
263
261
259
253
251

August
September
October
November
December

July
August
September
1

Excluding deposits of National Bank relating to offices outside United Kingdom, which are included in total.
2 District Bank included beginning in 1936.
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pages 639-640.




1168

FEDERAL RESERVE BULLETIN

NOVEMBER 1937

COMMERCIAL BANKS—Continued
[Figures as of end of month]
Liabilitie;

France
(4 large banks. Figures in millions of
francs)
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—June
July
_
August
September.
October...
•November
December.
1937—January. __
February..
March
April
May
June
July

Cash
Due from Bills disreserves
counted
2,419
11,311
9,007
5,870
3,739
3,494
3,206
3,097
3,083
3,186
3,173
3,100
2,852
2,798
5,237
2,891
3,014
2,761
2,764

4,675
2,168
1,766
1,416
1,421
2,484
2,768
2,410
2,326
2,757
2,766
2,839
2,975
3,589
3,770
3,596
3,579
3,666
3,933
4,176

(5 large Berlin banks. Figures in mil- Cash
reserves
lions of reichsmarks)

June
July
August

Other
assets

Total

2,361
2,130
1,749
1,827
1,717
1,900
1,385
1,445
1,451
1,457
1,727
1,824
1,957
1,340
1,397
1,448
1,481
1,446
1,595
1,602

10,743
9,274
7,850
8,309
8,159
8,025
7,328
7,215
7,031
7,398
7,452
7,625
7,631
7,949
8,056
8,357
8,116
7,996
8,514
8,276

Demand
35, 284
37,023
36, 491
31, 773
30,039
26,859
25,022
24, 761
24,451
24, 613
27, 028
27,467
27, 955
29, 304
29,061
30, 465
27,164
27, 682
27,568
28, 523

36, 681
38,245
37,759
32,635
30,943
27, 553
25, 655
25,334
24, 979
25,137
27, 549
28, 015
28, 484
29, 831
29,644
31, 008
27,703
28,242
28,128
29,069

191
173
143
131
115
139
146
138
180
130
137
154
130
201
132
139
180
145
153

Due
from Bills dis- Loans
banks counted
1,483
817
583
471
393
316
263
274
287
273
269
303
• 301
315
297
288
296
298
282

2,453
1,431
1,631
1,702
2,037
2,162
2,363
2,329
2,360
2,569
2,567
2,895
2,966
2,908
3,204
3,171
3,091
3,099
2, 995

Time

Own
acceptances

1,397
1,222
1,268

921
576
295
273
193
337
394
359
335
368
408
454
473
561
602
600
583
542
591
570

573
528
524
521
548
529
527
583
543
539
560
560
546

Other
liabilities
4,357
4,503
4,331
4,362
4,301
4,399
3,897
3,994
4,035
4,066
4,244
4,290
4,289
3,626
3,600
3,732
3,825
3,817
3,954
4,133

Liabilities

Assets

Germanyl

1930—November.
1931—November.
1932—November.
1933—November.
1934—November.
1935—November.
1936—July
August
September.
October.._
November
1937—January ___
February..
March
April
May
_.,

20, 448
18,441
22,014
19,848
18,304
16,141
14,972
15,410
15, 445
14,876
17, 070
17, 298
17, 582
18, 289
17,825
16, 701
16,043
16,479
15,869
16, 954

Loans

Deposits

Securities

7,416
5,377
4,570
3,731
3,331
2,884
2,843
2,826
2,779
2,735
2,729
2,679
2,673
2,732

482
807
938
860
874
1,027
1,037
1,047
1,066
1,075
1,112
1,020
1,022
1,014

2,637
2,636
2,676
2,701

1,039
1,037
981
1,083

949

Deposits

Other
assets

1,127
991
1,003
824
816
847
858
851
837
822
813
805
807
778
760
758

Total
9,091
6,062
6,161
5,754
5,816
5,376
5,557
5,533
5,621
5,712
5,751
5,973
6,029
6,135
6,213
6,246
6,204
6,164
6,175

Demand
3,857
3,252
2,958
2,624
2,731
2,435
2,595
2,529
2,575
2,644
2,661
2,923
2,760
2,942
2,926
2,979
2,969
2,918
2,892

Time
5,233
2,810
3,203
3,130
3,085
2,941
2,962
3,005
3,045
3,068
3,090
3,050
3,270
3,194
3,287
3,267
3,236
3,245
3,283

Credits Other
obtained liabilifrom
ties
banks
1,986
1,328
1,146
661
485
686
613
605
575
586
579
557
578
559
551
543
563
533

1,828
2,341
1,550
1,481
1,432
1,449
1,306
1,291
1,323
1,342
1,334
1,357
1,307
1,288
1,289
1,291
1,251
1,261
1.265

Liabilities
Security
Entirely in Canada
loans
Canada
abroad
and net Securi(10 chartered banks. Figures in milties
Other
due
lions of Canadian dollars)
from
Cash Security loans
reserves loans and dis- foreign
counts banks
1930—December..
1931—December..
1932—December.,
1933—December..
1934—December..
1935—December..
1936—July
August
September.
October...
November.
December.
1937—January. __
February..
March
April
May
June
_.
July
August

207
201
211
197
228
228
227
225
226
232
264
240
247
239
242
246
240
238
231
241

205
135
103
106
103
83
91
91
105
109
116
114
119
119
124
121
117
116
114
114

1,275
1,253
1,104
1,036
977
945
768
776
807
816
800
791
796
805
814
835
852
853
852
863

171
146
155
134
155
141
110
157
146
146
179
161
173
214
161
141
139
128
139
119

604
694
778
861
967
1,155
1,357
1,355
1,380
1,363
1,316
1,384
1,412
1,422
1,427
1,440
1,438
1,442
1,431
1,446

Other
assets

Note
circulation

Deposits payable in Canada excluding interbank
deposits

Total

602
510
439
432
449
485
481
487
494
491
485
507
468
483
516
511
491
520
472

133
129
115
121
124
111
113
115
111
112
109
103
103
108
105
106
103
107
107
105

2,115
2,058
1,916
1,920
2,035
2.180
2,174
2,175
2,263
2,261
2,269
2,303
2,330
2,369
2,370
2,383
2,372
2,379
2,322
2,345

Demand

689
698
538
563
628
694
680
672
762
751
722
755
782
805
786
799
799
809
750
767

Other
liabilities

Time

1,426
1,360
1,378
1,357
1,407
1,486,
1,494
1,503
1,501
1,510
1,547
1,548
1,549
1,564
1,584
1,583
1,574
1,570
1,572
1,578

e

816
752
760
725
718
745
748
800
785
784
783
790
781
804
810
805
802
811
c
810
816

Corrected.
* Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice.
(See BULLETIN for June 1935, p. 389).
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646, and June 1935, pp. 388-390.




NOVEMBER

1169

FEDERAL RESERVE BULLETIN

1937

DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum)
Central bank of—
D a t e effective

United
Kingdom F m n c e

In effect J a n . 1, 1936
Jan 2 1936
Jan 10
Jan 16
Feb. 4
Feb. 7
M a r . 28
May 7
M a y 18
M a y 30
June 4
J u n e 24
J u n e 25
_ __.
J u n e 26
J u n e 30
July 7
J u l y 10
Sept 9
Sept 25
Oct. 2
Oct. 9
Oct. 16
Oct. 20
Dec. 3
J a n . 28,1937
J u n e 15
July 7
Aug. 4
Sept. 3
In effect Oct. 31, 1937

2

Germany
4

6
5
4

Italy

Nether
land*

6

Switzerland

•

41/

Wi
5
4
4
3
2
5
3
2

Date
effective

Rate
Oct.
31

Central
bank of—

6
April 1, 1937
Argent ina__.
3M Mar. 1, 1936
33^ July 10, 1935
Austria
May 16, 1935
2
Belgium
July 5, 1932
6
Bolivia
Nov. 28, 1935
3
British India
Aug. 15, 1935
6
Bulgaria
23^ Mar. 11, 1935
Canada
Chile
__. 3-43^ Dec. 16, 1936
July 18, 1933
4
Colombia. __
CzechosloJan. 1,1936
3
vakia
Jan. 2, 1937
4
Danzig
Nov. 19,1936
4
Denmark..,
Nov. 30, 1932
4
Ecuador
Aug. 23, 1935
4
EJ Salvador.
iVo Oct. 1, 1935
Estonia
Dec. 3, 1934
4
Finland
33^ Sept. 3, 1937
France
Sept. 22, 1932
4
Germany
Jan. 4, 1937
6
Greece
Aug. 29, 1935
4
Hungary.

Italy
Japan
„_
Java
_.
Latvia
Lithuania...
Netherlands.
New
Zealand
Norway

3.29
3
5

5J^

2

2
4
6
Peru
5
Poland
c
4-43^
Portugal
Rumania _.
43i2
South Africa 33^
Spain
__ 5
23^
Sweden
Switzerland. 1 ^
Turkey
ny^
United Kingdom ._ . . . 2
U. S. S. R... 8
Yugoslavia, 5

Date
effective

May
Apr.
Jan.
Nov.
July
Dec.

18, 1936
7, 1936
14, 1937
1, 1936
1, 1936
3, 193C

June 29, 1936
Dec. 7, 1936
May 20, 1932
Oct. 26, 1933
Aug. 11, 1937
Dec. 15, 1934
May 15, 1933
July 15, 1935
Dee. 1, 1933
Nov. 26, 1936
Mar. 2, 1933
June 30, 1932
Mar. 22, 1927
Feb. 1, 1935

c

Correcte d.
Changes since Sept. 28: none.
Discount rate of 4J^ percent in effect since Ma1*r 12, 1936; rediscount
rate of 4 percent first announced on Augst 11, 1937.

2
4
6
5
4
2

Rate
Oct.
31

2H Albania

3J/2
3

3V
5
6

Central
bank of—

2

4

MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
N e t h e r l a n d s (Amsterdam)

G e r m a n y (Berlin)

United Kingdom (London)
Month
Bankers'
icceptances,
3 months

Treasury
bills, 3
months

Bankers'
Day-to-day allowance
money
on deposits

Private
discount
rate

Money for
1 month

Day-to-day
money

Private
discount
rate

Money for
1 month

1936—September
October. _.
November
December.

3.00
2.94
3.00
3.00

2.89
2.82
2.84
2.88

3.01
2.82
2.79
3.05

1.33
2.03
1.00
.82

1.29
2.51
1.55
1.48

1937—JanuaryFebruary..
March
April
May
June
July.
August
September

3.00
3.00
3.00
2.90
2.88
2. 88
2.88
2.88
2.88

2.88
2.86
2.86
2.71
2.63
2.63
2.65
2.69
2.73

2.54
2.47
3.10
2.55
2.69
2.78
2.64
2.85
3.07

.63
.39
.38
.38
.31
P. 24
.19
.19
.20

1.01
1.00
1.00
1.00
1.00
Pl.00
.92
.53
.50

Switzerland

Belgium

France

Italy

(Brussels)

(Paris)

(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

Hungary

Sweden
(Stockholm)

Japan (Tokyo)

Month

1936—September
October...
November.
December,

3.38
2.52
1.96
1.99

4.50
4.50
4.50
4.50

1937—January...,
FebruaryMarch
April
May
June
July..
Ausust
September.

2.22
4.01
4.06
4.00
3 93
5.02
5.20
4.11
3.54

4.50
4.50
4.50
4.50
4.50
5.00
5.00
5.00
5.00

Prime
commercial paper

4-6^
46H
4-63^
4-63^
4-63^

Day-to-day
money

Loans u p
to 3
months

Discounted
bills

Call
money
overnight

4.75
4.75
4.75
4.75

2.81
2.92
2.86
2.74

4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75

2.63
2.67
2.83
2.86
2.69
2.80
2.70
2.85

P Preliminary.
N O T E . — F o r explanation of table see B U L L E T I N for November 1926, p p . 794-796; April 1927, p . 289; July 1929, p . 503; November 1929, p . 736. and
M a y 1930, p . 318.




1170

FEDERAL RESERVE BULLETIN

NOVEMBER 193

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—September.
October
NovemberDecember _
1937—January—
February..
March
April
May
June
July
August
September

Year or month

1929
1930
1931
__-.
1932
1933
1934
1935
1936
1936—September.
October
NovemberDecember _.
1937—January___.
FebruaryMarch
April
May
June..
July
August
September.

Year or month

1929 _ _ _
1930
1931
1932
1933
1934
1935
1936
„6—September
October.November
December
1937—January
February
March
April
May
June
...
July
August
September

Argentina
(peso)
95.127
83. 505
66. 738
58.443
72.801
33. 579
32. 659
33.137
33. 611
32. 667
32. 583
32. 718
32. 718
32. 627
32. 570
32. 774
32. 928
32. 898
33.107
33. 206
33. 020

Austria
Aus(schiltralia
ling)
(pound)
480. 83
458. 60
351. 50
279. 93
337.07
400. 95
388. 86
395. 94
401. 06
390. 33
389. 54
390.99
390. 98
389. 93
389. 26
391. 78
393. 70
393. 25
395. 70
396. 92

Czecho- D e n slovak! m a r k
(koruna) (krone)
2.9609
2.9640
2.9619
2.9618
3. 8232
4.2424
4.1642
4. 0078
4.1319
3.6474
3.5380
3. 5200
3. 4922
3.4883
3. 4879
3. 4862
3. 4853
3.4841
3.4854
3.4875
3.4936

26. 680
26. 765
25.058
18.832
19. 071
22.500
21. 883
22.189
22. 480
21. 866
21.818
21.907
21. 908
21. 847
21. 807
21.945
22.051
22.031
22.173
22. 236
22.109

14.058
14.089
14. 023
13. 960
15.448
18. 793
18. 831
18. 792
18.845
18. 732
18. 687
18.692
18. 682
18. 677
18. 677
18. 687
18.719
18. 714
18. 775
18. 851
18. 845

26. 683
26. 760
25. 055
18. 004
21. 429
25. 316
24. 627
24.974
25. 304
24. 608
24. 555
24.656

393.82
392. 92
392. 32
394. 76
396. 61
396. 21
398. 74
400.10
397. 58

24. 658
24. 589
24. 544
24. 699
24. 819
24. 797
24.957
25.030
24. 884

13. 912
13. 952
13. 929
13. 914
17.900
23.287
18. 424
16. 917
16.893
16. 835
16. 907
16. 901
16. 860
16.861
16. 847
16. 860
16. 868
16. 866
16. 835
16. 838
16. 838

Brazil (milreis)
Official
11.8078
10. 7136
7. 0290
7.1223
7. 9630
8. 4268
8. 2947
8. 5681
8. 6445
8. 7011
8. 6662
8.6981
8. 7080
8. 7053
8. 7021
8. 7105
8. 7192
8. 7179
8. 7266
8.7314
8. 7216

Free
market

5.8788
5.8901
5. 8452
5.8631
5. 9525
6.0812
6.1076
6.1069
6. 2538
6. 4164
6. 5543
6.6335
6. 5449
6. 3997

Bulgaria
(lev)

British
India
(rupee)

Canada
(dollar)

36. 202
36. 067
33. 690
26. 347
31.816
37.879
36. 964
37. 523
38.017
36. 991
36.913
37.088
37.094
36.973
36. 888
37.120
37. 280
37. 245
37.483
37. 601
37. 390

.7216
99. 247
.7209
99. 842
96. 353
.7163
88.090
.7193
91.959
1.0039
1. 2852 101.006
99.493
1. 2951
99.913
1. 2958
1. 2978 100. 017
1. 2848 100. 022
1.2795 100.120
1. 2779 100. 062
1. 2873
99. 960
1. 2903
99. 964
1. 2884 100. 051
1. 2875 100.120
1. 2839 100.149
1. 2830 99. 944
1. 2825 99. 858
1. 2845 99. 982
1.2855
99. 882

Colombia
(peso)

Chile
(peso)

China
(yuan)

12. 0601
12.0785
12. 0669
7. 9079
7.6787
10.1452
5. 0833
5.1240
5.1691
5.1727
5.1688
5.1719
5.1726
5.1731
5.1726
5.1725
5.1725
5.1738
5.1767
5.1571
5.1579

41.901
29.917
22.437
21. 736
28. 598
34.094
36. 571
29. 751
29. 940
29. 331
29.466
29. 525
29.654
29.600
29. 664
29. 714
29. 798
29. 653
29. 494
i 29. 650
29. 660

96. 570
95. 275
81. 697
61. 780
56.011
57.083
56. 505
56. 501
57.097
57. 390
57. 390
57. 234
57.008
56. 956
56. 967
57. 006
56. 992
56. 997
56. 993

Italy
(lira)

Japan
(yen)

Mexico
(peso)

Germany
(reichsmark)

Greece
(drachma)

Hong
Kong
(dollar)

Hungary
(pengo)

2.5160
3.9161
2. 5169
3.9249
2. 3875 3.9200
1.5547
3.9276
1.8708
5.0313
2. 2277 6. 5688
2.1627
6.6013
2.1903
6.1141
2.2173
6. 3409
4. 6662
2.1578
4. 6472
2.1531
4.6675
2.1611
4.6672
2.1607
4. 6555
2.1579
4. 5945
2.1531
4. 4963
2.1656
4. 4768
2.1784
2.1792 2 4.4369
3. 8048
2.1918
3. 7501
2.1964
3. 5193
2.1888

23. 809
23. 854
23.630
23. 749
30. 518
39. 375
40. 258
40.297
40. 083
40.196
40. 223
40. 230
40. 225
40. 226
40. 215
40. 206
40.171
40. 071
40.196
40. 213
40.121

1. 2934
1. 2959
1.2926
.8320
.7233
.9402
.9386
,9289
.9347
.8965
.8935
.8973
.8984
.8965
.8951
.9003
.9052
.9043
.8088
.9116
.6074

47.167
33.853
24.331
23.460
29. 452
38. 716
48.217
31.711
31.104
30.359
30.462
30. 540
30. 566
30.403
30. 355
30.509
30. 600
30.349
30. 343
30. 993
30.959

17. 441
17. 494
17.452
17.446
22. 360
29. 575
29,602
29. 558
19. 772
19. 774
19.776
19. 778

5.2334
5. 2374
5. 2063
5.1253
6.7094
8. 5617
8. 2471
7.2916
7. 8514
5. 5299
5.2603
5. 2609

46.100
49.390
48. 851
28. Ill
25.646
29.715
28.707
29.022
29.414
28. 609
28.559
28,512

48.183
47.133
35. 492
31.850
28.103
27. 742
27. 778
27. 760
27.753
27.747
27.750
27. 750

19.776
19. 782
19. 779
19. 785
19. 781
19.771
\Q. 770
19. 764
19.745

5. 2610
5.2608
5. 2608
5. 2607
5. 2606
5. 2607
5. 2600
5. 2603
5. 2603

28.537
28.529
28. 494
28.635
28. 780
28.711
28. 882
29.027
28.867

27.750
27. 750
27. 750
27. 751
27. 750
27. 751
27.751
27. 751
27. 750

498.07
498. 60
465.11
359. 64
434.39
516. 85
502. 60
509. 68
516. 76
502. 24
501.17
503. 20
503.17
501. 78
500.87
504. 07
506. 49
506.05
509.30
510.83
507.83

11.194
11. 205
11.197
11.182
14.414
18. 846
18. 882
18.875
18.824
18,828
18.825
18.853
18.924
18.929
18.939
18.959
18.934
18.928
18. 915
18. 902
18.891

Portu- Rumagal
nia
(escudo)
(leu)

South
Africa Spain
pound) 'peseta)

Cuba
(peso)
99. 965
99. 952

96. 551

E g y p t Finland F r a n c e
(pound) (markka^ (franc)

New
e aland Norway Poland
(pound) (krone) (zloty)
483.21
468. 22
415. 29
320.19
340.00
402.46
391. 26
398.92
403.97
393.25
392.36
393.87

Belgium
(belga)

In cents per unit of foreign currency]

99. 941
99. 920
99. 909
99. 901
99. 924
99.916
99. 916
99. 917
99. 917
99. 917
99. 918
99. 917
99. 919
99.916
99. 917
99.905
Netherlands
(florin)
40.162
40. 225
40.230
40. 295
51. 721
67. 383
67. 715
64. 481
66. 250
53.632
53. 991
54. 566
54. 752
54. 686
54. 702
54. 757
54. 936
54.976
55. 091
55.151
55.150

Straits SweUnited
SwitzYugoSettle- d e n
md Turkey Kingguay slavia
ments
(franc)
(dinar)
(pound) dom
foliar) (krona)
(pound) (peso)

4.4714
4. 4940
4. 2435
3.1960
3. 9165
4.6089
4. 4575
4. 5130
4. 5586
4.4475
4. 4373
4. 4514

.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.7382
.7315
.7309
.7289
.7285

483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
491. 65
497. 99
484. 32
483.43
485.33

14. 683
11.667
9.545
8.044
10. 719
13.615
13.678
12. 314
12. 347
8.954
8.798
7.727

56.012
55.964
52.445
40.397
49. 232
59.005
57.173
58. 258
59.095
57. 446
57.314
57. 544

26.784
26. 854
25. 254
18. 471
22. 032
25. 982
25. 271
25. 626
25. 965
25. 253
25.196
25. 300

4. 4487
4.4457
4. 4411
4. 4599
4. 4723
4. 4689
4. 4958
4. 5053
4.4864

.7273
.7275
.7284
.7286
.7290
.7279
.7286
.7270
.7313

485.40
484. 24
483.81
486.89
489.17
488. 68
491. 95
493. 61
490. 66

7.099
6.736
6.149
5.711
5.348
5.215
5.062
6.273
6.477

57. 549
57.404
57.194
57. 640
57. 929
57.836
58. 240
58. 414
58. 076

25. 301
25. 232
25.186
25. 339
25. 465
25. 444
25. 607
25. 683
25. 533

19. 279
19. 382
19.401
19. 405
24.836
32. 366
32.497
30.189
31.418
22.993
22.984
22.985
22.936
22.829
22. 792
22. 824
22. 870
22. 879
22.920
22.963
22. 965

48.411
47.061
47.181
47. 285
60.440
79.047
80. 312
80. 357
80.145
79.834
79.883
80.162

485. 69
486. 21
453. 50
350/61
423.68
503.93
490.18
497.09
503.63
489.84
488.80
490.78

98. 629
85. 865
55. 357
47.064
60. 336
79.956
80. 251
79.874
79.679
79.857
80.045
80.000

1.7591
1. 7681
1.7680
1.6411
1. 7607
2.2719
2.2837
2.2965
2.2912
2. 2956
2.2990
2. 3003

80.156
79. 700
79. 953
80. 246
80.134
79. 897
80. 537
80.393
79. 665

490.75
489.39
488. 51
491.63
493.99
493. 55
496. 72
498. 22
495. 30

78.926
78.856
78. 753
78. 626
78. 659
79.143
79.373
79. 250
79.118

2. 3022
2.3059
2.3057
2.3056
2. 3060
2. 3056
2.3072
2. 3051
2. 3019

Quotations nominal August 18-23, 1937.
2 Quotations nominal June 29-30, 1937.
NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the
basis of quotation, see note in BULLETIN for April 1937, p. 371.




1171

FEDERAL RESERVE BULLETIN

NOVEMBER 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

_

1936—August
September...
October
_
NYivfimbpr

December
1937—January
February _ __
__ _March
April
May
_ -~ _
June
July
August
September _
p Preliminary.

r

(October
1900=100)

Netherlands

Switzerland

(1926-30=
100)

(July 1914
=100)

100
95
85
75
70
63
62
68
76

237
225
226
220
181
153
161
180
178
186
197

106
103
102
100
90
76
65
63
63
62
64

144
142
145
141
126
110
96
91
90
90
96

105
104
104
104
105

76
77
77
78
79

197
201
200
204
215

63
63
68
70
71

93
97
103
105
107

105
106
106
106
106
106
106
107
P106

82
83
85
86
88
90
90
91

233
230
240
248
241
238
239
235
239

73
74
76
77
77
76
78
78
77

108
111
113
113
113
112
112
111
111

Italy
Germany
(1913=100) (1928=100)

(1913=100)

100
98
96
96
87
72
67
67
72
72
75

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

82
82
82
82
84

76
76
77
77
80

95
96
98
98
101

403
420
471
492
519

86
86
88

81
83
86
86
85
85
88
86
85

103
104
107
109
111
111
112
111
111

538
533
550
552
550
557
582
'603
629

100
95
97
95
86
73
65
66
75
80
81

. _

France

(1930=100)

(1926=100)

_.

United
Kingdom

Canada

(1926=100)

30 OOOO

88

88
87

#

Japan

Revised.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month

1926
1927 .
1928
1929
1930
1931
1932 „
1933
1934
1935
1936

Farm
products

- ___

1930—August
September
October
December
1937—January.
_
February
March
April
__
May
June
_
July
August

Foods

Other
commodities

United Kingdom
(1930=100)

Foods

F r a n c e (1913 = 100)

G e r m a n y (1913 = 100)

Farm
IndusIndus- Agricultural
trial
and food
trial
products products products products

Provisions

Industrial raw Indusfinand semi- trial
ished
finished
products products

100
87
85
87
90
90
96

581
599
584
579
526
542
482
420
393
327
426

793
678
697
669
579
464
380
380
361
348
397

129
138
134
130
113
104
91
87
96
102
105

132
129
133
125
113
96
86
75
76
84
86

130
132
134
132
120
103
89
88
91
92
94

150
147
159
157
150
136
118
113
116
119
121

94
95
98
97
99

96
97
97
99
102

425
449
487
500
522

384
396
457
484
516

106
105
104
103
104

85
86
86
86
91

94
94
95
95
96

121
122
122
123
123

99
99
101
102
102
102
103
103
104

105
107
111
113
115
115
116
116
115

532
516
528
522
520
532
549
572
612

543
548
570
577
576
579
610
••629
644

103
103
104
104
104
105
106
106

93
94
95
95
98
98
98
98

97
97
98
97
97
97
96
96

123
123
124
124
124
124
125
125
P126

100
99
106
105
88
65
48
51
65
79
81

100
97
101
100
91
75
61
61
71
84
82

100
94
93
92
85
75
70
71
78
78
80

100
89
88
83
85
87
92

84
84
84
85
89

83
83
83
84
86

80
80
80
81
82

91
91
94
92
90
89
89
86
86

87
87
88
86
84
85
86
87
88

83
84
86
87
86
86
86
86
86

r
^Preliminary.
Kevised.
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.




1172

FEDERAL RESERVE

BULLETIN

NOVEMBER 1937

PRICE MOVEMENTS IN PRIN<ZIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]

[Index numbers]
SwitzUnited EngFrance mGaenr -y Nethererlands
land
States
July
land
19231911July 1914=100 1913July
1925=100 1914=100
1914=100 1913=100 1914=100

Year or
month

1926
1927
1928
1929
1930
1931
1932.
1933
1934
1935
1936

_ .

109
105
103
68
66
74
80
82

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

84
84
83
83
83

129
131
132
136
136

460
483
504
520
534

124
122
122
121
121

85

136
135
135
135
136
136
140
140
140

562
577
577
580
584
576
580
594
627

121
122
122
122
122
123
125
124
122

105
100
82

1936—Aug.

Sept....
Oct
Nov.Dec

1937 Jan.
Feb.
Mar....
Apr
May
June
July....
AugustSept

161

85

85
86
87
86
86
86
86

161

GerNether- SwitzFrance
United E n g erlands
Jan.- m a n y
land
States
land
19111913June
1923July
July
1925=100 1914=100 1914=100 1914=100 1913=100 1914=100

Year or
month

103
101
100

163
166
162
150
136
119
120
124
118
120

160
158
157
156
152
141
125
117
115
114
120

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

1936—Aug.

121
124
124
122

120
121
123
123
123

124
122
123
125
126
129
130
130

126
129
129
129
129
131
131
130
130

1937—j an<

-

100
97
89

.

80
76
79
81
82

-

Sept.—
Oct
Nov.
Dec

82
82

Feb
Mar....
Apr
May
June...
July
AugustSept

84
85

505
514
519
556
581
569
526
520
516
483
507

170
164
166
164
158
148
144
140
141
143
147
146
147
148
151
151

504
540

151
151
151
151
152
152
155
155
155

168
168
169
168
161
151
141
139
140
136
U32

125
124
124
124
124

132
134
134
133

130
132
132
132

134
134
134
136
136
138
139
139

133
136
136
137
136
137
137
137
137

606

130
130

125
125
125
125
125
125
126
126
125

581

162
160
161
161
158
150
138
131
129
128

142
148
152
154
148
136
121
118
121
123
125

i Revised index as from March 1936 (see BULLETIN for April, 1937, p . 373).
Sources.—See BULLETIN for April 1937, p. 373.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
States
(average
price)1

Number of issues. _

60

(1926 = 100)

Germany
England
(December France
(average
1921=100) (1913=100)
price)
87

36

8

139

97.6
100.7
100.8
98.0
99.3
90.9
69.5
73.4
84.5
88.6
97.5

110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2

57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3

85; 5
81.4
83.3
283.4
2 67.1
82.5
90.7
95.3
95.8

1936—August
SeptemberOctober
November...
December. __

97.7
98.6
99.6
99.8
99.9

131.6
132.1
132.9
132.0
130.9

73.2
75.2
80.8
78.8
78.4

1937—January
February
March
April
May
June
July...
August
September...

100.3
100.0
98.5
96.6
96.2
95.0
95.3
94.8
91.3

129.7
125.5
124.3
125.3
125.0
123.9
123.3
123.2
122. 8

77.5
75.1
74.6
72.6
72.3
74.6
75.0
77.2
74.8

1926
1927.
1928
1929
1930
1931
1932. .
1933
1934
1935
1936

Netherlands 3

United
States
420

England
278

Franc*
300

Netherlands
Germany (1930=100)
329

100

100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1

100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.1

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
250.3
61.7
71.1
82.9
91.6

96.1
96.1
96.2
96.3
96.4

108.5
109.9
117.5
120.0
120.3

113.0
114.1
118.7
124.2
123.1

97.3
98.2
102.1
103.2
103.5

58.8
65.7
83.7
89.7
94.8

93.4
91.8
97.2
97.8
96.7

62.2
63.5
78.9
88.6
91.2

96.7
97.4
97.7
98.5
98.8
98.9
99.0
99.4
99.3

100.9
100.3
98.8
100.0
100.3
101.5
102.4
103.7
103.7

126.4
129.5
129.9
124.5
116.3
113.6
117.8
120.5
106.4

104.2
103.8
102.7
101.0
99.3
97.0
96.8
96.8
92.7

114.6
113.3
112.0
96.6
94.8
94.0
90.6
93.6
90.1

97.8
99.2
100.3
101.5
102.6
103.5
105.1
106.1
105.3

101.5
109.0
113.7
110.1
105.5
103.4
107.7
115.2
108.6

100.
70.
46.
52.
55.
55.
66.

i 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.
s Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 percent. For new index,
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 percent. New index is derived from a new series of bond
yields computed by Netherlands Bank and published in Maandschrift (monthly bulletin) of Centraal Bureau voor de Statistiek. Old index,
which was also derived from a series of bond yields published in Maandschrift, was as follows in first quarter of 1937: January 121.9; February 121.2;
March 121.6; average yield in first quarter was 3.76 percent.
Sources— See BULLETIN for February 1932, p. 121, June 1935, p. 394, April 1937, p. 373, and July 1937, p. 698.







FEDERAL RESERVE DIRECTORY

1173

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman
M. S. SZYMCZAK

JOHN K. MCKEE
CHESTER C. DAVIS

CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant Secretary

S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman

GEORGE L. HARRISON, Vice Chairman
CHESTER C. DAVIS
WM. A. DAY
WM. MCC. MARTIN
JOHN K. MCKEE
B. A. MCKINNEY
RONALD RANSOM
JOHN S. SINCLAIR
M. S. SZYMCZAK

FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 (NEW YORK)
District No. 3 (PHILADELPHIA)

W. W. ALDRICH

District No. 4 (CLEVELAND)

L. B. WILLIAMS

District No. 5 (RICHMOND)

CHARLES M. GOHEN

District No. 6 (ATLANTA)

EDWARD BALL

THOMAS M. STEELE
HOWARD A. LOEB,

Vice-President

District No. 7 (CHICAGO)

EDWARD E. BROWN

District No. 8 (ST. LOUIS)

WALTER W. SMITH

District No. 9 (MINNEAPOLIS)

JOHN CROSBY

President
CHESTER MORRILL, Secretary

WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist

W. RANDOLPH BURGESS, Manager of System Open
Market Account
1174




District No. 10 (KANSAS CITY) . . . . W. T. KEMPER
District No. 11 (DALLAS)

R. E. HARDING

District No. 12 (SAN FRANCISCO). . .PAUL S. DICK

WALTER LICHTENSTEIN, Secretary

SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent

Federal Reserve
Bank of—

First Vice President

President

Boston

F. H. Curtiss

R. A. Young

W. W. Paddock

New York

Owen D. Young*

G. L. Harrison.

Allan Sproul

Vice Presidents
W. Willett *
_ W. R. Burgess
W. S. Logan
J. H. Williams
R. M. Gidney
L. W. Knoke
C. H. Coe

F. J. Drinnen.

_.. J. S. Sinclair

Philadelphia

R. L. Austin

Cleveland

E. S. Burke, Jr

M. J. Fleming.

F. J. Zurlinden

C. A. Mcllhenny»
W. J. Davis
E. C. Hill
H. F. Strater
W. F. Taylor *

Richmond

Robert Lassiter

Hugh Leach

J. S. Walden, Jr.

J. G. Fry
G. H. Keesee *

Atlanta

W. H. Kettig

Oscar Newton

R. S. Parker

H. F. Connifl
T

A/T P l n r l r

W. S. McLarin, Jr.«

Chicago

R. E. Wood*

G. J. Schaller

H. P. Preston

W. H. Snyder»

St. Louis

W. T. Nardin.

W. McC. Martin

0. M. Attebery.

J. S. Wood.
J. G. McConkey
C. M. Stewarts

Minneapolis

W. B. Geery

J. N. Peyton

0. S. Powell

Harry Yaeger

Kansas City

J. J. Thomas..

G. H. Hamilton

0. A. Worthington____ A. M. McAdams
J. W. Helm.*

Dallas

C. 0. Walsh

B. A. McKinney

R. R. Gilbert

San Francisco

A. 0. Stewart

J. H. Dillard

H I Zifimfir >

E. W. Swanson

Ira Clerk

_ W. A. Day....

R. B. Coleman »
W. J. Evans
S. G. Sargent
W

A/T

TTQIQ

0. E. Earhart*

1

Deputy chairman.

* Cashier.

* Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—

Managing director

New York:
R. M. O'Hara
Buffalo branch..
Cleveland:
B. J. Lazar
Cincinnati branch
G. H. Wagner
Pittsburgh branch
Richmond:
Baltimore branch
___ W. R. Milford
W. T. Clements
Charlotte branch
Atlanta:
P. L. T. Beavers
Birmingham branch
G. S. Vardeman, Jr.
Jacksonville branch
J. B. Fort, Jr.
Nashville branch
Marcus Walker
New Orleans branch
Chicago:
R. H. Buss
Detroit branch. _
St. Louis:
A. F. Bailey
Little Rock branch
J. T. Moore
Louisville branch
W. H. Glasgow
Memphis branch

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.
1175




FEDERAL RESERVE DISTRICTS

mmmm BOUNDARIES OF FEDERAL RESERVE DISTRICTS
. . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
9
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
LOUISVILLE. LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED
CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES
SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY