Annual Report of the Federal Reserve Board, 1937
TWENTY-FOURTH ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COVERING OPERATIONS FOR THE YEAR 1937 UNITED STATES OF AMERICA WASHINGTON: 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DECEMBER 31, 1937 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, Assista7it 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONTENTS TEXT OF REPORT PAGE Introduction 1 Outlook at opening of year 1 Final increase in reserve requirements 3 Adjustment to increased requirements 5 Turn in business situation 8 Anticipating autumn demands 8 Business decline in last quarter 10 Banking developments 11 Gold and capital movements 16 Statement on objectives of monetary policy 20 Developments in the commercial banking structure 20 Earnings and expenses of Federal Reserve banks 24 Number of employees and volume of work of the Federal Reserve banks 26 Changes in territory assigned to branches 27 Industrial advances under sec. 13b of Federal Reserve Act 28 Building operations of the Federal Reserve banks 28 New Federal Reserve Building in Washington 29 Federal Reserve Interdistrict Collection System 29 Amendments to the law relating to the Federal Reserve System 29 Changes in regulations of the Board of Governors 30 Removal of bank officers and directors 34 Credits to foreign central banks 35 Bank examinations 35 Trust powers of national banks 37 Holding company affiliates 37 Foreign banking corporations 38 Establishment of foreign branches of member banks 38 Meetings of Federal Open Market Committee 38 Meetings of the Federal Advisory Council 39 Resignation of Mr. Joseph A. Broderick as a member of the Board of Governors ,. 39 Board expenditures 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLES FEDERAL RESERVE BANKS PAGE RESERVE BANK CREDIT AND RELATED ITEMS: No. 1. Member bank reserve balances, Reserve bank credit, and related items, annual averages of daily figures, 1918-1937 42 No. 2. Member bank reserve balances, Reserve bank credit, and related items, monthly averages of daily figures, 1934-1937 43 No. 3. Member bank reserve balances, Reserve bank credit, and related items, end of month figures, 1934-1937 44 No. 4. Member bank reserve balances, Reserve bank credit, and related items, by weeks, 1936-1937—Wednesday figures 45-46 No. 5. Member bank reserve balances, Reserve bank credit, and related items, selected call dates, 1917-1937 47-48 No. 6. Deposits, note circulation, total reserves, and reserve percentage of Federal Reserve banks, by months, 1934-1937 49 No. 7. Assets and liabilities of Federal Reserve banks (in detail) December 31, 1937 50-51 No. 8. Assets and liabilities of Federal Reserve banks (in detail) at the end of each month 52-53 No. 9. Assets and liabilities of each Federal Reserve bank at end of 1936 and 1937 54-57 No. 10. Bills discounted-holdings, by classes, of all Federal Reserve banks, December 31, 1932-1937, and of each Federal Reserve bank, December 31, 1937 58 No. 11. Maturity distribution of bills and United States Government securities held by Federal Reserve banks 59 No. 12. Holdings of United States Government securities by Federal Reserve banks at end of December 1935, December 1936, June 1937, and December 1937 60 No. 13. Industrial advances and commitments under section 13b of the Federal Reserve Act, June 19, 1934, to December 29, 1937 61 No. 14. Applications for industrial advances (including commitments) approved by Federal Reserve banks under section 13b, classified according to size, June 19, 1934 to December 29, 1937 61 No. 15. Applications for industrial advances (including commitments) under section 13b, classified according to business and industries, June 19, 1934, to December 29, 1937 62 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 16. Volume of operations in principal departments, 1933-1937 63 No. 17. Volume of operations in principal departments of each Federal Reserve bank, 1937 64-65 No. 18. Volume of operations of branches of Federal Reserve banks, 1937. . . 66-67 INTERDISTRICT SETTLEMENT FUND: No. 19. Summary of transactions through the fund, 1928-1937 68 No. 20. Summary of transactions through the fund, by districts, 1937 68 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONTENTS V PAGE FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND: No. 21. Summary of transactions through the fund, 1928-1937 69 No. 22. Summary of transactions through the fund, by districts, 1937 69 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 23. Number of banks on par list and not on par list, December 31, 1936-1937 70 FEDERAL RESERVE BANK PREMISES: No. 24. Cost of bank premises of Federal Reserve banks and branches to December 31, 1937 71 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 25. Earnings and expenses of Federal Reserve banks during 1937 72-73 No. 26. Current earnings, current expenses, and net earnings of Federal Reserve banks and disposition made of net earnings, 1914-1937.. . 74-75 No. 27. Earnings of Federal Reserve banks, by sources, 1914-1937 76 FEDERAL RESERVE NOTES: No. 28. Federal Reserve note statement at the end of each month 77 GOLD, FOREIGN EXCHANGE, INTERNATIONAL CAPITAL MOVEMENTS, AND CURRENCY IN CIRCULATION G OLD : No. 29. Analysis of changes in monetary gold stock, 1921-1937 81 No. 30. Gold held under earmark by Federal Reserve banks for foreign ' account, by months, 1928-1937 81 No. 31. Gold movements to and from the United States, by countries 82 No. 32. Gold movements to and from the United States, 1921-1937 82 FOREIGN EXCHANGE RATES: No. 33. Foreign exchange rates, 1922-1937 83 INTERNATIONAL CAPITAL MOVEMENTS: No. 34. Net capital movement to United States since January 2, 1935. . . . 84-86 CURRENCY IN CIRCULATION: No. 35. United States currency in circulation, by kinds 87 No. 36. Paper currency, by denominations, and coin in circulation 88 No. 37. Treasury currency outstanding 89 No. 38. Shipments and receipts of United States paper currency, by months. 90 No. 39. Annual net shipments or receipts of United States paper currency to and from Europe, by countries, 1923-1937 91 DISCOUNT RATES AND MONEY RATES DOMESTIC MONEY RATES: No. 40. Federal Reserve bank discount rates 95-97 No. 41. Federal Reserve bank buying rates on acceptances—changes from January 1, 1933, to December 31, 1937 98 No. 42. Maximum rates on time deposits 98 No. 43. Short-term open-market rates in New York City, by months, 1934-1937 99 No. 44. Short-term open-market rates in New York City, by weeks, 1937.. 100 No. 45. Rates charged customers by banks in principal cities, 1925-1937. . . . 101 MONEY RATES IN FOREIGN COUNTRIES: No. 46. Discount rates of foreign central banks, 1936 and 1937 102 No. 47. Open-market discount rates in foreign countries, 1924-1937 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
VI CONTENTS MEMBER AND NONMEMBER BANKS PAGE ALL BANKS IN THE UNITED STATES: No. 48. All banks in the United States—number of banks, and deposits exclusive of interbank deposits, 1915-1937 106 No. 49. All banks in the United States, loans and investments, 1917-1937. . . 107 ALL MEMBER BANKS: No. 50. All member banks—condition on December 31, 1937, by classes of banks 108-109 No. 51. All member banks—classification of loans, investments, borrowings, and capital stock on December 31, 1937, by classes of banks. . . . 110-111 No. 52. All member banks—principal assets and liabilities on call dates, 1917-1937 - 112-114 No. 53. Member banks in each Federal Reserve district—principal assets and liabilities on December 31, 1936 and 1937 115 No. 54. All member banks—loans and investments, reserves, deposits, and borrowings, on call dates, 1928-1937 116-117 No. 55. Central reserve city member banks in New York City—loans and investments, reserves, deposits, and borrowings, on call dates, 1928-1937 118-119 No. 56. Central reserve city member banks in Chicago—loans and investments, reserves, deposits and borrowings, on call dates, 1928- 1937 120-121 No. 57. Reserve city member banks, loans and investments, reserves, deposits, and borrowings, on call dates, 1928-1937 122-123 No. 58. Country member banks, loans and investments, reserves, deposits, and borrowings, on call dates, 1928-1937 124-125 No. 59. Reserve balances of member banks, by class of banks, by weeks, 1937 126-127 No. 60. Member bank reserve balances, by class of banks, by months, 1929- 1937 128-130 No. 61. Member bank reserve balances, by class of banks in each district, by months, 1937 131-133 No. 61a. Member bank reserve requirements 133 No. 62. Reserve position of member banks, by class of banks, by months, 1937 134 No. 63. Deposits of member banks by classes of banks and in larger and smaller centers 135-139 No. 64. Member banks—earnings, expenses, dividends, and operating ratios, 1929 and 1931-1937 140-141 REPORTING MEMBER BANKS IN LEADING CITIES: No. 65. Weekly reporting member banks in 101 leading cities—assets and liabilities, 1937 142-145 No. 66. Weekly reporting member banks in New York City—assets and liabilities, 1937 146-149 No. 67. Weekly reporting member banks in 100 cities outside New York City, assets and liabilities, 1937 150-153 BROKERS' BALANCES: No. 68. Customers' debit balances, money borrowed, and principal related items of Stock Exchange firms carrying margin accounts 154 No. 69. Customers' debit balances, etc. (in detail) of Stock Exchange firms carrying margin accounts 155 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES: No. 70. Commercial paper and bankers' acceptances outstanding 156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONTENTS VII PAGE BANK DEBITS: No. 71. Debits to individual accounts, by banks in principal cities, 1928- 1937 157 BANKS, BRANCHES, AND BANKING GROUPS: No. 72. Number of banks and branches, 1933-1937 158 No. 73. Analysis of changes in number of banks and branches during 1937. . . 159 No. 74. Number of banks operating branches or additional offices and number of branches or additional offices in operation, December 31, 1936 and 1937 160-161 No. 75. Group banking, December 31, 1937—number, loans and investments, and deposits of banks in 47 groups, and number of branches of group banks, by states and geographic divisions. . . . 162-163 BANK SUSPENSIONS: No. 76. Bank suspensions, 1921-1937 164 No. 77. Banks suspended in 1937, by districts and States 165 BUSINESS CONDITIONS BUSINESS CONDITIONS: No. 78. Capital issues 169-170 No. 79. Security prices 171 No. 80. Bond yields 172 No. 81. Production, employment, trade, and prices 173-179 No. 82. Manufacturing production, by groups 180 No. 83. Mineral production, by industries 181 No. 84. Factory payrolls, by groups (without seasonal adjustment) 182-183 No. 85. Factory employment, by groups 184-187 No. 86. Wholesale commodity prices, by groups 188 No. 87. Wholesale commodity prices, by subgroups, 1937 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM During 1937 the principal objectives of Federal Reserve policy were to assure the continued availability of bank credit at low rates for current requirements of business and at the same time so to regulate the available volume of member bank reserves as to avoid the likelihood of injurious credit expansion in the future. Further adjustment of the country's reserve structure to the changed conditions that had resulted from a heavy inflow of gold from abroad was made by the System in the early part of the year through a final increase of reserve requirements for member banks. This placed the System in a position to make current adjustments to developments in the credit situation through open-market operations. As a result of such operations in April and again in November, together with a release by the Treasury in September of gold from its inactive account at the request of the Board of Governors, the aggregate volume of idle funds at the disposal of member banks was ample throughout the year and money rates remained low. OUTLOOK AT OPENING OF YEAR At the opening of 1937 economic activity was increasing rapidly. The output of mines and factories, after a steady rise for two years, had reached the average level of 1929. Increased activity was manifested both in the industries producing goods for immediate consumption and in those producing durable goods. Capital expenditures by manufacturing industries were increasing rapidly, in line with output and profits. There was some revival in residential construction, which had dwindled to a very low level during the depression and was still far from normal. Employment was expanding and wage payments were rising even more rapidly, as the result both of reduction in part-time employment and of increases in hourly wage rates. Increased farm income, a large volume of dividend disbursements, and larger wage payments resulted in an increase in retail and wholesale distribution. Prices of securities were at the highest level since the early part of the depression; yields on bonds, both Government and corporate, had reached exceptionally low levels, and capital issues of corporations were in the largest volume of the recovery years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
2 ANNUAL REPORT OF BOARD OF GOVERNORS Many commodity prices were rising rapidly. Advances were particularly pronounced in agricultural and other raw materials; prices of finished goods were also rising. Increased domestic demand, together with a considerable volume of foreign demand, contributed to the advance. A wave of buying was in progress. The rate of advance in business activity was, in fact, so fast that there were evidences of unsound developments. There was a large increase in forward orders in anticipation of further price and wage increases, together with uncertainties regarding deliveries, partly due to labor disputes, and shortages were developing in plant and equipment and in some classes of skilled labor. Notwithstanding the fact that recovery was far from complete and that there was still a large amount of unemployment, boom conditions were developing in particular industries and boom psychology began to be manifested. The total volume of bank deposits and currency continued to grow and at the beginning of 1937 was at the highest level in the country's history. Bank loans to trade and industry had increased considerably and were growing. New York City banks were reducing their holdings of Government securities, but total investments of banks had changed little in the last half of 1936. Idle funds in the hands of institutions and individual investors continued large and long-term money rates were exceptionally low. The average yield on long-term Government bonds at the beginning of 1937 was about 214 percent. The highest-grade corporate bonds were selling / • on a 3% percent basis and yields on lower-grade corporate bonds had declined to about 4% percent. At these levels long-term interest rates were one percent or more lower than in the 1920's. In August 1936 the Board of Governors had raised reserve requirements for member banks by 50 percent in order to absorb a part of the $3,000,000,000 of reserves in excess of requirements held by member banks. Under the law the Board has the responsibility of changing reserve requirements in order to prevent injurious credit expansion or contraction, and the Board had acted to eliminate from the credit base a part of the redundant reserves accumulated through a large volume of gold imports. The Board's action was in the nature of a precautionary measure to prevent an uncontrollable expansion of credit in the future. The policy of maintaining easy money and credit conditions pursued by the System since the beginning of the depression continued to be in effect. The increase in requirements had no perceptible effect on the credit situation, and money rates continued low. Owing to disturbed conditions abroad and a large inflow of capital to this country, an extraordinarily large volume of gold imports continued in the second half of 1936 and member bank reserves were increased by $600,000,000 from this source. Required reserves had increased as the result of growth in the member banks' deposits, but excess reserves had grown nevertheless and by November amounted to $2,200,000,000. In December the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM Treasury after consultation with the Board adopted a policy of placing new gold acquisitions in an inactive account, thus preventing further gold imports from adding to the reserves of member banks. FINAL INCREASE IN RESERVE REQUIREMENTS At the beginning of 1937 the Board of Governors once more reviewed the general monetary situation and the reserve position of the banking system and of individual member banks. TOTAL BANK DEPOSITS AND CURRENCY CALL REPORT DATES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 70 60 TOTAL DEPOSITS AND CURRENCY 50 40 30 20 ADJUSTED DEMAND DEPOSITS 10 10 CURRENCY OUTSIDE BANKS 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 Deposits are for all banks in United States and are partly estimated. Interbank and United States Government deposits are excluded and demand deposits are adjusted for float. Deposits in Postal Savings System and in mutual savings banks are included in time deposits. Total bank deposits and currency, which represent the most liquid resources at the disposal of the public, after increasing rapidly from 1933 to 1936, were at a higher level than in 1929. Changes in the volume of demand and time deposits at all banks in the United States and of currency held outside of banks are shown in the chart. Currency outside of banks had increased by about $2,000,000,000 between 1930 and 1937. Both demand and time deposits declined sharply Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
4 ANNUAL REPORT OF BOARD OF GOVERNORS from 1930 to 1933 and subsequently increased. By the end of 1936 demand deposits had risen to the highest level on record while time deposits had shown a less rapid but continuous growth since 1933. This volume of deposits and currency, if utilized at a rate of turnover comparable to pre-depression levels, would be sufficient to sustain a vastly greater rate of business activity. In order to sustain and expand recovery, the country's commerce, industry, and agriculture, therefore, required a more complete and productive utilization of existing deposits rather than further additions to the amount available. The existence of excess reserves does not in itself result in the creation of new deposits nor in a more active use of the existing supply. It was estimated that the existing excess reserves, if utilized as fully as had been the case in the past, were sufficient to constitute the basis for an expansion of deposits and currency of more than $30,000,000,000, or more than 50 percent, and that, if requirements were increased by an additional 33% percent, the banking system would still have the basis of a potential expansion of more than $5,000,000,000 without recourse to the Federal Reserve banks. The excess reserves of about $1,500,000,- 000 which would be eliminated as a base of further credit expansion by an increase of 33V3 percent in reserve requirements could, therefore, support an increase in bank deposits, which, if it occurred, would unquestionably constitute a credit expansion on a scale injurious to the nation's economy. As was the case when the Board announced the increase of requirements in July 1936, excess reserves were widely distributed among member banks, and balances with correspondent banks were twice as large as they had generally been in the past. All but a small number of member banks had more than sufficient excess reserves and surplus balances with other banks to meet a 33% percent increase in reserve requirements. As shown by the table below, of the 6,367 member banks on January 13, 1937, there were only 197 that did not have sufficient funds to meet a 33% percent increase in requirements by using their excess balances with the Reserve banks and as much as half of their balances with correspondent banks. (January 13, 1937) Member banks with reserves insufficient, when increased by one-half of balances with correspondents, to meet a 33 M percent in- Number of crease in requirements Class of banks member banks Number Additional reserves required (In millions of dollars) Total 6,367 197 123 Central reserve city banks New York City 37 12 100 Ch.ica.20 13 1 9 Reserve city banks 334 16 11 Country banks 5,983 168 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 5 Banks that would be under the necessity, if requirements were increased, to undertake any operations other than to draw down their balances with correspondents by 50 percent or less constituted 3 percent of all member banks. Additional funds required for the System as a whole would be $123,000,000, of which $100,000,000 would be needed by twelve money-market banks in New York City. An analysis of the position of these banks showed that they had a large volume of liquid assets, including Treasury bills and short-term notes, bankers' acceptances and brokers' loans. The Board also considered whether in case it was decided to eliminate a part of the excess reserves, it would be best, in the then existing circumstances, to accomplish this by reducing the System's open-market portfolio or by a further increase of reserve requirements. It was decided that action on reserve requirements should come first because it should be taken while reserves were ample and well distributed. As was said by the Board in July 1936, "it is far better to sterilize a part of these superfluous reserves while they are still unused than to permit a credit structure to be erected upon them and then to withdraw the foundation of the structure." An increase in reserve requirements would not diminish the large volume of deposits of bank customers seeking investment which were ample to assure the continuance of favorable money rates for capital purposes. At the same time, with excess reserves reduced to a manageable figure, the Reserve System would be in a position to take prompt action to bring about current adjustments of the reserve position of member banks to credit needs by employing the more flexible instrument of open-market operations to ease or tighten conditions in the money market. In view of these considerations, the Board determined to raise reserve requirements by the remaining amount permitted by law, namely, by an additional 50 percent of original requirements, or 33% percent of the requirements in effect after the first increase. This final advance completed the use of the Board's power under the law to increase reserve requirements. The Board stated that it was not its intention to request from Congress additional authority to absorb excess reserves by means of further raising reserve requirements. In order to give the banks ample opportunity to adjust to the new requirements, the Board in announcing the increase on January 30 provided that one-half of it would take effect on March 1 and the other half on May 1. ADJUSTMENT TO INCREASED REQUIREMENTS Prices of United States Government and high-grade corporate bonds, after a long-continued advance, had reached an extraordinarily high level in the latter half of 1936. Banks in New York City, which had expanded Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
6 ANNUAL REPORT OF BOARD OF GOVERNORS their Government security holdings at a rapid rate in the early part of 1936, had begun to sell in the latter part of that year, and continued to sell in the early months of 1937. Late in December and in January prices of Government and high-grade corporate bonds declined somewhat and their yields correspondingly increased. There were further sales of Government securities by banks and other investors for the purpose of realizing accrued profits. Following the announcement of the increase in reserve requirements on January 30, yields of these obligations, as well as short-term money rates, showed a further slight advance. Early in March, in order to meet the increase in reserve requirements and withdrawals of balances held for interior banks, a few of the large money-market banks increased their sales of Government securities. The securities sold were principally long-term bonds, on which they had profits, rather than short-term notes and bills, which they held in substantial volume. Other banks and other holders of bonds also sold, at first for the purpose of realizing profits and then, as prices continued to decline, to avoid losses. As the result of these sales, the average yield on long-term Government bonds rose from a little over 214 percent in / February to 2% percent early in April. Yields on high-grade corporate bonds also advanced. In order to stabilize conditions in the money market the Federal Open Market Committee engaged in a series of open-market operations. Between March 10 and March 31 it increased the System's holdings of Treasury bonds by $104,000,000 and at the same time reduced its holdings of Treasury notes by $85,000,000 and its holdings of Treasury bills by $19,000,000, so that the total of its portfolio of Government securities remained unchanged. On April 4 the Federal Open Market Committee issued the following statement: "With a view (1) to exerting its influence toward orderly conditions in the money market and (2) to facilitating the orderly adjustment of member banks to the increased reserve requirements effective May 1, 1937, the Open Market Committee of the Federal Reserve System is prepared to make open-market purchases of United States Government securities for the account of the Federal Reserve banks in such amounts and at such times as may be desirable. This purpose is in conformity with the policy announced by the Board of Governors of the Federal Reserve System in its statement on January 30, 1937, which declared, with reference to the increase in reserve requirements, that by this action the System would be placed in a position where such reduction or expansion of member bank reserves as may be deemed in the public interest may be effected through open-market operations." Between April 4 and April 28 the System purchased $96,000,000 of Treasury bonds, increasing its account by this amount. Government and other high-grade bond prices stopped declining in the early part of April. For the remainder of the year Government security prices moved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 7 gradually higher, interrupted by a reaction in the latter part of the summer. Prices of corporate bonds of the highest grade also rose; by July the recovery amounted to about half of the spring decline and thereafter prices of these obligations were generally maintained. Intervention by the Federal Reserve System in the bond market in March and April, therefore, helped to stabilize that market. In recent years the bond market has become a much more important segment of the open money market, and banks, particularly money-market banks, to an increasing extent use their bond portfolios as a means of adjusting their cash position to meet demands made upon them. At times when the demands increase they tend to reduce their bond portfolios and at times when surplus funds are large they are likely to expand them. Since prices of long-term bonds are subject to wider fluctuations than those of short-term obligations, the increased importance of bonds as a medium of investment for idle bank funds makes the maintenance of stable conditions in the bond market an important concern of banking administration. MONEY RATES AND BOND YIELDS MONTHLY \l BANKERS—V/ ACCEPTANCES 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 Customers' rates are monthly averages of prevailing rates reported by banks in 36 leading cities; other rates are monthly averages of daily figures for outstanding Government bonds due or callable after 8 years and 90-day bankers' acceptances. After the final increase in reserve requirements became effective on May 1, member banks had excess reserves of about $900,000,000, and at no time during the remainder of the year did they fall below $700,000,- 000. Yields on Treasury obligations and rates on bankers' acceptances declined from the March figure and rates charged by banks to their customers were at the lowest level in history. The chart shows the course of money rates and Government bond yields since 1926. It Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
0 ANNUAL REPORT OF BOARD OF GOVERNORS brings out the fact that in 1936 and 1937 representative rates for longand short-term money were extraordinarily low when compared with any period prior to 1934. TURN IN BUSINESS SITUATION Industrial activity continued to increase in the first quarter of 1937. Orders by fabricators and distributors were in large volume both for current use and for building up stocks; there was also an expansion of capital expenditures. Prices of raw and semi-finished materials, as well as of finished products, continued to rise. Employment increased further; there were marked advances in wage rates and total payrolls rose at a rapid rate. Profits of industry continued to be substantial, and prices of stocks advanced until March. There was increasing evidence, however, that the buying of goods in excess of current consumer demands, and the accompanying rise in prices and costs, were jeopardizing the maintenance of the recovery movement. Consumer buying, in contrast to a rapid growth in 1936, was not increasing as much as the production of consumers' goods. Expenditures of the Federal Government were somewhat reduced from the unusually high level of the preceding year and, owing in part to collection of social security taxes, were met to a larger extent through taxation. About the middle of March prices of stocks and of lower-grade corporate bonds began to decline from the high levels to which they had risen. Advance buying by industry and trade slackened, and early in April prices of commodities traded on organized exchanges began to decline. During the summer increases in crop production contributed to the declines in prices of cotton and grains, while livestock prices advanced. Industrial output continued large, however, reflecting to a considerable extent the filling of orders previously received. In the spring months there was a decline in offerings of securities for refunding purposes which had been in record volume in the early part of 1936 when business organizations, particularly the public utilities, were taking advantage of the prevailing low level of money rates to reduce the cost of their indebtedness. Corporate security issues for new capital, however, which are of greater significance in connection with activity in durable goods industries, were in larger volume in the first half of 1937 than in the similar period of any other recent year. ANTICIPATING AUTUMN DEMANDS In view of increasing indications of uncertainty in business prospects, the Board in midsummer reexamined the banking situation with particular reference to the reserve position of member banks, for the purpose of determining whether there was any action which the Federal Reserve authorities could undertake to counteract possible unfavorable business developments. This review showed that the volume of funds for pur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 9 poses of lending and investment was adequate in all classes of banks; that there was a continued increase in the banks' lending for business purposes, and that liquidation by banks of their Government securities had practically ceased. In order to bring Reserve bank discount rates into closer relationship to rates in the money market in anticipation of possible seasonal demands for credit and currency in the autumn, the Federal Reserve banks in August and September reduced these rates. After these changes were made, the rate at the Federal Reserve Bank of New York stood at 1 percent, the lowest central bank rate in history, and at the other Federal Reserve banks at 1% percent. By this action the Federal Reserve System made it easier for individual member banks to meet seasonal or exceptional demands by borrowing from the Federal Reserve banks, rather than by liquidating any of their assets. The Board also issued in September a revision of its regulation governing discounts for and advances to member banks, carrying out changes in the law made by the Banking Act of 1935, and explaining the conditions under which member banks can obtain accommodation at the Federal Reserve banks on advances secured by any sound asset. Early in August, total excess reserves of member banks were in the neighborhood of $700,000,000, but, owing to substantial withdrawals of balances by country banks, excess reserves at New York City banks had declined to below $50,000,000 as compared with $200,000,000 in May. It appeared, therefore, that the New York banks might experience some pressure in meeting the autumn demands for currency and for credit. To avoid the development of such pressure, easing action in the money market was undertaken. The Board of Governors in September requested the Secretary of the Treasury to release $300,000,000 from the inactive gold account, and at the same time the Reserve System announced that it would stand ready to buy additional Government securities in order to meet the expected seasonal demands on the banks for currency and credit during the coming weeks. The Board stated that the purpose of this action was to maintain at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of monetary ease for the furtherance of economic recovery. The action was in conformity with the usual policy of the System to facilitate the financing of orderly marketing of crops and of autumn trade, and together with the reduction of discount rates at several Federal Reserve banks it placed the member banks in a position to meet readily any increased seasonal demands for credit and currency and contributed to the continuation of easy credit conditions. As a consequence of the release of gold in September, excess reserves of member banks increased to $1,000,000,000 and continued around that level for the rest of the year. At New York City banks, where the effect of the gold was immediately felt, excess reserves rose to more than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
10 ANNUAL REPORT OF BOARD OF GOVERNORS $400,000,000 and were thereafter maintained near that level. In November the Federal Reserve System purchased an additional $38,000,000 of Government securities. In the latter part of the year there was another slight easing of money rates, and yields on long-term Treasury bonds declined to 2% percent. Margin requirements on security loans, both by banks and by brokers, had been 55 percent since early in 1936. This high level had been established at a time when security prices were advancing rapidly and security loans were increasing. High margin requirements earlier in the year had the effect of diminishing the amount of forced liquidation that a decline in stock prices might otherwise have caused. When security prices declined in the autumn and the volume of security loans diminished, the Board of Governors took action, effective November 1, to reduce the margin requirements on security loans, both by banks and by brokers, from 55 to 40 percent. BUSINESS DECLINE IN LAST QUARTER By the end of the summer the backlog of orders on which industry had been operating was practically exhausted in some industries and sharply reduced in others. Also many producers and distributors had been accumulating considerable inventories. With prices of some commodities declining and consumer expenditures not increasing as had been anticipated, a movement to liquidate inventories got under way. Continued plant expansion, which had seemed essential earlier in the year, now appeared less urgent, and this led to the postponement of many projects. Orders for equipment were reduced. Building contracts for private work, both residential and other, showed a marked decline. As a consequence of these developments industrial production declined at an exceptionally rapid rate, and the Board's index, which had averaged 116 in the first eight months of the year, fell to 84 in December. There were also sharp declines in factory employment and payrolls. Movement of goods over the railroads was reduced and, with costs at a higher level, the earning prospects and financial positions of many railroads were impaired. In the commodity markets prices of raw materials and semi-finished products showed widespread rapid declines, and prices of finished goods, which had risen somewhat further during the summer, also decreased. In December prices of some raw materials continued to decline but others, including steel scrap and cotton, advanced. Reductions in incomes were reflected toward the end of the year in reduced consumer buying of automobiles, furniture, and other durable goods. Residential building, which earlier in the year had decreased as a consequence primarily of higher building costs, declined further in the autumn, as uncertainties arose regarding income prospects. At this time there was some reduction in building costs, but with business activity declining people were reluctant to build new houses or buy old ones. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 11 Consumer purchases of nondurable goods were maintained, however, and, with production of commodities such as textiles and shoes sharply curtailed, inventories of some of these commodities by the end of the year had declined considerably from the high levels prevailing in the summer. Output of steel, which had been in excess of consumption during a large part of the year, had been curtailed so sharply by the end of the year that inventories of steel were being materially reduced. In some other durable goods industries, however, declines in output had been less rapid than the falling off in demand. In view of the fact that there had been a marked decline in the demand for durable goods, while retail purchases of textiles and other nondurable products had been maintained, a broad increase in business activity depended in considerable part on increased purchases of new houses, automobiles, and other durable goods and on increased capital expenditures by industry. Stock prices, which had begun to decline in March after a continuous and rapid rise lasting for two years, rallied somewhat in midsummer but declined sharply from September to November. In the latter part of November these prices were at a level 40 percent below the peak reached in March and about the same as in the summer of 1935. Prices of lowergrade corporate bonds followed stocks in their movements and at the end of 1937 yields on these bonds were 1% percent higher than at the beginning of the year. Activity in the capital market declined to the lowest levels since the early part of 1935. While the supply of investment funds continued ample, sharp declines in security prices and uncertainty of business prospects made corporations hesitant to offer new issues and investors reluctant to put their funds to use. BANKING DEVELOPMENTS In the banking developments of 1937 changes in the volume and distribution of the public debt were an important factor. Banks reduced their Government security holdings considerably during the year and other investors absorbed an amount equivalent to the decrease in bank holdings plus the increase in Government debt. To the extent that the securities acquired by the public from the banks were paid for out of funds that had previously been idle, these transactions, even though they resulted in a decrease of deposits, did not represent a diminution in the volume of money in active use. The following table shows the amount and distribution of publiclyoffered direct and fully guaranteed obligations of the United States Government at the end of 1937 and changes for the first and second halves of the year and for the year as a whole. Outstanding publicly-offered Government obligations increased by one and a quarter billion dollars in the first half of the year and by a quarter of a billion in the second half. In the aggregate, member banks reduced their portfolio of Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
12 ANNUAL REPORT OF BOARD OF GOVERNORS securities by $1,200,000,000 in 1937. Holdings of nonmember banks, including mutual savings banks, increased by $200,000,000, so that liquidation of Government securities by all banks in 1937 amounted to $1,000,000,000. Purchases by other investors during the year totaled two and a half billion dollars. Of this total $130,000,000 was taken by the Federal Reserve banks, $220,000,000 by United States Government agencies and trust accounts, and $630,000,000 by the large insurance companies. The remainder, about $1,500,000,000, an amount equal to the increase in the Government debt, was taken by other investors, including other corporations and individuals. U. S. GOVERNMENT OBLIGATIONS OUTSTANDING AND HOLDING BY TYPES OF INVESTORS, 1937 1 [In millions of dollars] Change during 1937 Dec. 31, 1937 First half Second half Year Obligations outstanding 38,663 +1,240 +264 +1,504 Holdings of— Member banks: New York City banks 2 3,595 -578 -35 -614 Other reserve city banks 5,609 -421 -294 -715 Country banks 3,167 +143 +12 +155 Nonmember banks, including mutual savings banks ^ 4,250 +225 -20 +205 All banks, excluding Federal Reserve banks 16,621 -631 -337 -968 Federal Reserve banks 2,564 +96 +38 +134 U. S. Government agencies and trust accounts 2,025 +203 +22 +225 Insurance companies 3,948 +453 +174 +627 All other 13,505 +1,119 +367 +1,486 xDirect and fully guaranteed obligations which are publicly-offered and interest-bearing. 2 Central reserve city banks only. 3Partly estimated. Other banking developments during the year can be reviewed best by discussing separately changes at New York City banks, at banks in other leading cities, and at banks other than central reserve and reserve city banks, the so-called "country" banks. At reporting member banks in New York City, which include the large money-market banks of the country, total loans and investments began to decline in the middle of 1936 and continued to decline until December 1937. The decline in total loans and investments of New York City banks from the middle of 1936 to the autumn of 1937, as shown on the chart, represented sales of Government securities, the holdings of which had increased sharply in the first half of 1936, when the Treasury was issuing a large volume of new obligations. Liquidation of Government securities by these banks continued for about a year, but in the last quarter of 1937 holdings increased. At that time, however, there was a substantial liquidation of brokers' loans accompanying the fall in stock prices and commercial loans declined. During most of 1937, as in 1936, there was a growth of loans by New York banks to commerce and indus- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 13 REPORTING MEMBER BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS NEW YORK CITY 100 <DTHER LLADING (CITIES 10 14 TOTAL LOANS TOTAL LOANS AND INVESTMENT "AND INVESTMENTS 12 U. S. GOV'T OBLIGA"•|0NS/V-^ r,y C()MMERCIAL LOANS 193'4 1935 1936 1937 1934 1935 1936 1937 Monthly averages of Wednesday figures. Total loans and investments include items not shown separately. United States Government obligations include direct and fully guaranteed securities. Commercial loans, which include also industrial and agricultural loans, are based upon new classification beginning May 19, 1937. MEMBER BANKS IN RESERVE CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 3 3 1934 1935 1936 1937 1934 1935 1936 1937 Other reserve cities include Chicago central reserve city banks and all reserve city banks. Interbank balances are for call report dates; required and excess reserves are monthly averages of daily figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
14 ANNUAL REPORT OF BOARD OF GOVERNORS try, reflecting in part the increased volume of business activity and the financing of accumulating inventories. The reserve position of the principal New York City banks is shown on another chart. Required reserves increased rapidly from 1934 to the middle of 1937, the increase to the middle of 1936 representing the growth in deposit liabilities, and after that time largely the increase in reserve requirements by the Board of Governors. In the last part of 1937 required reserves declined slightly, reflecting a decline in deposits. Excess reserves of New York banks had begun to decline in 1936. From the middle of 1936 to the middle of 1937 the decrease in excess reserves of the New York banks represented the combined effect of increased reserve requirements and the withdrawal of balances by correspondent banks. In the latter half of the year excess reserves increased, as some country bank balances returned to New York and as the result of releases of gold from the inactive account by the Treasury and of open-market operations by the Federal Reserve System. New York City banks ended the year 1937 in a favorable reserve position. At banks in other leading cities developments were somewhat similar to those in New York. The decline in holdings of Government securities and in total loans and investments at banks in 100 leading cities did not begin until 1937 and was much less pronounced. Throughout 1937 these banks sold Government securities and smaller amounts of other securities. As at New York, commercial loans of these banks increased during 1936 and most of 1937. The reserve position of reserve city banks, including Chicago banks, is shown in another chart. These banks, like New York banks, suffered a considerable withdrawal of bankers' balances during the first half of 1937, but met this decrease largely by reducing their own balances with correspondent banks. A decline in excess reserves of these banks in the first half of the year, when requirements were raised by the Board, was followed by an increase as the result of additions to total reserves and a reduction in reserves required, as deposits declined. A chart of selected assets of member banks outside reserve cities, or "country" banks, shows a slow growth of loans and investments from the middle of 1933 to the middle of 1937 and little change during the last half of that year. In 1936 and 1937 no figures are available for the assets of these banks for any date between June 30 and December 31. Government security holdings showed a fairly continuous slow growth during the period from 1933 to the end of 1937. Securities other than Governments declined somewhat in 1937, while loans to commerce, industry, and agriculture continued to increase. Notwithstanding a growth of more than $2,000,000,000 in loans and investments of country banks from the low point in 1933, however, they were at the end of 1937 still nearly $4,000,- 000,000 less than total loans and investments of country banks in 1929, when the total number of such banks in operation was larger. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 15 The lower portion of the chart relating to country member banks shows items bearing on their reserve position. It brings out the fact that they met a large part of the increase in reserve requirements in the first half MEMBER BANKS OUTSIDE RESERVE CITIES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 14 14 12 12 TOTAL LOANS AND INVESTMENTS 10 10 1 1 BALANCES DUE . FROM BANKS >^ REQUIREI RESERVE / .-. y - - — EXCESS RESERVES 1929 1930 1931 1932 1933 1934 1935 1936 1937 Covers all country member banks. Loans and investments and balances due from banks are for call report dates; required and excess reserves are monthly averages of daily figures. Total loans and investments include items not shown separately. United States Government obligations include direct and fully guaranteed securities. Commercial loans, which include also industrial and agricultural loans, cover all loans other than loans to banks, loans on securities and on real estate, and holdings of open-market paper. The scale of the lower chart is twice as large as that of the upper chart. of 1937 by withdrawing balances from city correspondents. Even after the decrease of nearly $400,000,000 in their balances with correspondents, these balances were considerably above the level of pre-depression years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
16 ANNUAL REPORT OF BOARD OF GOVERNORS GOLD AND CAPITAL MOVEMENTS The year 1937 was marked by considerable shifts in foreign viewpoints toward the future of the price of gold, accompanied by heavy international movements of floating money. This shifting situation did not develop immediately. For a time following the Tripartite Declaration in September 1936 and the readjustment downwards of the currencies of France, Switzerland, and the Netherlands, international currency relationships appeared to be more settled and flights from one currency to another ceased. Instead there was a movement to get idle funds invested. It was a period of sweeping advances in most of the leading security markets in the course of which large amounts of foreign capital were placed in American stocks. The peak of this movement was passed in November 1936, but as the year 1937 opened foreign investment in American securities was continuing at a substantial, though diminished, rate. An additional influence tending to bring gold to the United States at this time was the transfer of Argentine funds for redemption of dollar bonds in this market. The Argentine operations began in December 1936 and were in heavy volume throughout the first quarter of 1937. Both the stock market developments and the Argentine redemptions were associated with the vigorous industrial advance. Recovery in the industrial nations gave Argentina the broadened markets for its products that enabled it to transfer funds in retirement of outstanding obligations in this country. Expanding industrial profits, particularly in the United States, underlay the rise in equities. Toward the end of 1936 it was apparent that the industrial movement was leading to speculative developments in certain commodity markets. This tendency continued through the first quarter of 1937. Spring Inflow.—By spring the combination of a sustained inward movement of gold to the United States and speculative tendencies in certain commodity markets had created a situation favorable to rumors that the American price of gold might be reduced. The shift in the market's expectations with regard to gold was precipitated by developments early in April. Substantial sales of Russian gold were being made in London at the time and the impression got abroad that the bullion market was depending largely on American purchases. At this stage a question developed among American banks purchasing gold in London whether they could with certainty sell their gold to the Treasury at $35 an ounce when it arrived later on in this country. For a few days purchases by these banks wTere curtailed to such an extent that the price of gold in London fell to a substantial discount from its American "parity." This abnormal behavior of the market was a factor in starting widespread discussion of the outlook for gold. Gold dishoarding rose in volume and floating money began to gravitate to the United States, carrying gold with it. The character of the capital movement in the spring of 1937 was in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 17 striking contrast to that of the half year that had followed the Tripartite Declaration and the readjustment of gold-bloc currencies. Foreign buying of American securities turned, as the stock market declined, to selling on balance in April. Argentine deposits of funds for redemption of dollar bonds ceased at the beginning of May. The extraordinary flow of capital to this country from the end of March through the first week of July, amounting to $680,000,000, was, to the extent of $580,000,- 000, in the form of foreign short-term funds transferred for purposes other than redemption of securities—i.e., largely floating money. Another $45,000,000 represented the return of American short-term funds from abroad. These are the figures reported by banks and brokers only; they do not cover the entire movement of funds between the United States and foreign countries. That the total inflow may have been even larger is suggested by the fact that during this period, in which merchandise trade and service items showed net payments to be made abroad by the United States, $775,000,000 of gold, an amount larger than the reported capital inflow, was received from foreign countries. Early in July, with the passing of the spring gold scare, the movement of private balances to the United States largely ceased. Certain foreign central banks, however, which had participated in the spring movement continued throughout the summer to acquire dollar balances in prefer- FOREIGN CENTRAL BANK AND PRIVATE BALANCES IN THE UNITED STATES MILLIONS OF DOLLARS 1937 MILLIONS OF DOLLARS 2400 2400 2200 2200 TOTAL 2000 2000 1800 1800 PRIVATE V 1600 BALANCES 1600 1400 1400 1200 1200 CENTRAL 400 400 BANK BALANCES 200 200 JUNE JULY AUG. SEPT. OCT. NOV. DEC. Weekly figures of short-term liabilities to foreigners reported by banks in the United States, adjusted to exclude the approximate amount of deposits earmarked for redemption of foreign dollar bonds. Central bank balances are those reported by the Federal Reserve Digitized for FRbaAnSksE. RB alances reported by other banks and bankers are designated "private" although they are known to include some central bank and other official balances. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
18 ANNUAL REPORT OF BOARD OF GOVERNORS ence to gold. The action of these banks was the leading factor in sustaining the gold flow to the United States, on a diminished scale, until October. The chart shows the movement during 1937 of central bank balances held with the Federal Reserve banks and of other foreign balances with commercial banks in the United States. Autumn Outflow.—By September the decline in American stock prices, which had been interrupted earlier in the summer, had become acute and a recession in business had set in. As the American business outlook became less favorable, the foreign viewpoint on the dollar shifted. Private balances began to be withdrawn in the middle of September and when in October central banks also started to reduce their balances the United States lost gold. The heavy withdrawal of balances continued throughout the final quarter of the year. Security transactions, notwithstanding the drastic character of the stock market decline, played little part in the capital movement. For five weeks beginning with the middle of September there were moderate net sales of American securities by foreigners; thereafter the balance of operations was on the buying side. The flow of funds on account of transactions in foreign securities was also moderately inward. The large exodus of capital that developed was almost wholly in the form of balances. It marked the reversal of the spring movement. The floating money that had been transferred to this country in the spring when there seemed to be a possibility that the dollar price of gold would be reduced went out again in nearly the same amount in the final quarter of the year when the opposite possibility—namely, that the price of gold might be raised to combat the recession—began to be discussed abroad. Not only was the total outflow of balances in the autumn nearly as great as the inflow in the spring but it was divided in about the same way between central banks and private interests and to a considerable degree it returned to the same countries from which it had come. Factors other than the reversal in foreigners' appraisal of the American gold outlook contributed to the altered flow of capital. In particular the French situation, which had been extremely difficult in the spring, was easier in the autumn and a relatively large amount of French capital was repatriated in October and November. It is also probable that some of the funds accumulated in the spring by the British and others were for the purpose of autumn purchases of merchandise. Undoubtedly the chief factor in the autumn withdrawals, however, was the shift in the foreign speculative attitude on the dollar price of gold as a result of the altered business situation. While the outflow of balances in the last three months of the year was comparable in magnitude with the inflow in the spring, the total capital outflow was less since foreigners continued to be buyers on balance of securities in the American market. The gold outflow in turn wTas much less than the net withdrawals of capital, for during the autumn the ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
19 FEDERAL RESERVE SYSTEM cess of merchandise exports, for which foreigners had to pay the United States, rose to a substantial volume. Nevertheless from October 6 to the end of the year this country lost a considerable amount of gold. Reserve Situation Abroad.—While the United States was losing gold several foreign countries were gaining it. Holdings of foreign stabilization funds during the final quarter of 1937 are not published, but the reported gold reserves of central banks in France, the Netherlands, and Switzerland increased. The return of capital to France proved to be temporary. At the turn of the year a new French crisis was in process of developing. In the Netherlands and Switzerland, however, the additions in the autumn to their central bank reserves represented the continuation of a process that had been going on irregularly since readjustment of their currencies in September 1936. As a result of the growth in their reserves, which in Switzerland took also the form of substantial acquisitions of foreign exchange, these two countries now have potentialities for extensive credit expansion that are in some respects similar to those in the United States. The table shows the growth of reserves in these and several other countries that have made considerable acquisitions in recent years. The effect of these additional reserves upon the market's holdings of currency and balances with the central banks is also shown. This group of countries comprises the greater part of the current international gold market outside the United States and France. It is ap- RESERVES, NOTES, AND DEPOSITS AT SELECTED CENTRAL BANKS [In millions of national currency] Reserves Notes and deposits Central bank in— Gold e F x o ch re a i n g g n e Notes Deposits Swiss francs Switzerland: December 31, 1929 595 353 999 200 December 31, 1937 2,679 513 1,531 1,716 Guilders Netherlands: December 30,1929 447 220 851 19 December 27,1937 1,366 5 868 656 Belgas Belgium: December 26, 1929 1,175 578 2,685 190 December 29, 1937 3,525 4,308 685 Kronor Sweden: December 31, 1929 245 266 569 272 December 31, 1937 539 1,045 980 751 Pounds sterling England: December 25,1929 146 380 71 December 29, 1937 326 505 121 Note on deposits—Only one of the five banks shows deposits by commercial banks separately. The above figures represent the following categories of deposits—Switzerland: all deposits; Netherlands and Belgium: deposits other than those of government; Sweden: deposits other than foreign;England: bank deposits only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
20 ANNUAL REPORT OF BOARD OF GOVERNORS parent that, as central bank reserves have grown in these five countries, notes and deposits have increased to a broadly corresponding degree. The increase in notes undoubtedly represents to some extent a growth of cash in vault of the commercial banks, and an even larger portion of the increase in deposits at central banks represents reserve balances of the commercial banks. It is in these deposits that the greatest relative increase has occurred. In all the countries except England these deposits are now many times as great as they were in 1929. Such figures of commercial bank reserves as are available confirm this indication of extraordinary growth. For the most part foreign commercial banks are not subject to legal reserve requirements such as those imposed on American institutions; but in many cases their reserves now appear to be as much in excess of customary levels as reserves of American banks are in excess of legal requirements. Furthermore, in none of the five countries is the full gold strength shown. Gold reserves in England, Sweden, and the Netherlands have not yet been revalued in accordance with the current market price for gold, which is from 20 to 75 percent above the parity prices in those countries. There is in addition gold held by the stabilization fund or the government in each of the countries except Sweden. In England stabilization fund gold amounted to £280,000,000 ($1,400,000,000) on September 30, 1937. The potential increase in central bank reserves, and consequently in the reserves of the commercial banks, is, therefore, far in excess of the figures shown in the table, aside from questions of future gold production or redistribution of gold stocks internationally. World gold production in 1937 is estimated to have been about $1,250,- 000,000. This is considerably more than double the dollar value of the yearly output prior to revaluation of the dollar in 1934. New production is a source of continuing enlargement in reserves of the countries that constitute the chief market for gold. To the extent that central banks in those countries also acquire foreign exchange, aggregate reserves are further increased. Reserves in these and many other countries already appear ample to support a large expansion of credit should the growth of world business require it. STATEMENT ON OBJECTIVES OF MONETARY POLICY On August 2 the Board, in response to a request from a Congressional Committee, transmitted a statement on objectives of monetary policy. The text of this statement is published as an appendix to this report. DEVELOPMENTS IN THE COMMERCIAL BANKING STRUCTURE In 1937 the number of commercial banks in the United States continued to decrease, the reduction for the year amounting to 226 banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 21 The number of banking offices, however, decreased by only 85, because in 1937, as in 1936, the number of branch offices increased. The increase during the year in branches was largely outside of the cities in which the parent banks are located. Fifty-nine banks with deposits of $20,- 000,000 suspended in 1937. About 98 percent of these deposits were in insured banks. Banks, Branches, and Banking Offices/—At the end of 1937 there were 14,742 commercial banks (excluding mutual savings and private banks) in operation, compared with 14,968 a year earlier, the decrease amounting to 226 or 1.5 percent. The percentage decline in number was slightly lower for national banks than for other commercial banks. As shown in the table, there were 5,260 national banks with 1,485 branches in operation on December 31, 1937. Other commercial banks (excluding mutual savings and private banks) numbered 9,482, and the number of their branches was 1,922. Branches at the end of the year totaled 3,407, compared with 3,266 on December 31, 1936. The net increase in number of branches was 87 for national banks and 54 for other commercial banks. The increase in number of branches reflected the establishment de novo of 95 branches and the conversion of 90 banks into branches, partly offset by the discontinuance of 41 branches. Most of the additional branches established during the year were located outside the head office cities of their parent banks, while many of the discontinued branches were located in the head office cities. Many of the additional branches established were located in Pacific Coast States. Changes in the number of banks, branches, and banking offices by classes of banks are shown in the following table: CHANGES DURING 1937 IN THE NUMBER OF BANKS, BRANCHES, AND BANKING OFFICES, BY CLASS OF BANK1 Dec. 31, 1937' Increase (+) or decrease (—) in 1937' Class of bank Banks Branches2 B o a f n fi k ce in s g Banks Branches B o a f n fi k ce in s g National 5,260 1,485 6,745 -65 +87 +22 State member 1,081 994 2,075 +30 +13 +43 Total member 6,341 2,479 8,820 -35 +100 +65 Monmember: Insured 7,449 891 8,340 -139 +43 —96 Uninsured 952 37 989 -52 o Total 14,742 3,407 18,149 -226 +141 -85 r As revised incident to the preparation of the statistical Appendix. Exclusive of mutual savings and private banks. 2 Includes 38 insured and 2 uninsured branches of Morris plan and industrial banks. Such branches heretofore have not been included in statistics of branches published by the Board. Changes in Membership.—The number of Federal Reserve member banks decreased by 35 during 1937 to 6,341 at the end of the year. The number of national banks was reduced by 65, while the number of State Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 ANNUAL REPORT OF BOARD OF GOVERNORS member banks increased by 30. Of the 6,341 members of the Federal Reserve System on December 31, 1937, 5,260 were national banks and 1,081 were State banks. Decreases in the number of member banks during 1937 are accounted for principally by consolidations, mergers and absorptions, and increases by admissions of State banks to Federal Reserve membership. The following table analyzes the increases and decreases in Federal Reserve membership during 1937: ANALYSIS OF CHANGES IN THE NUMBER OF MEMBER BANKS DURING 1937 National m S e t m at b e er Total Number of active member banks at beginning of year 5,325 1,051 6,376 Increases: Primary organizations 7 i3 10 Reopenings of suspended banks 1 1 Conversions (including successions): National banks from nonmember banks 12 12 National banks from State member banks 7 7 State member banks from national banks 2 2 Admissions of existing State banks to Federal Reserve membership 58 58 Total increases 27 63 90 Decreases: Suspensions 4 2 6 Conversions (including successions): National banks into nonmember banks 14 14 National banks into State member banks 2 2 State member banks into national banks 7 7 Withdrawals of State banks from Federal Reserve membership 6 6 Consolidations, absorptions, liquidations, etc 72 18 90 Total decreases 92 33 125 Net change -65 +30 -35 Number of active member banks at end of year 5,260 1,081 6,341 1 Includes 1 newly organized State member bank which succeeded 2 national banks, an insured nonmember bank, and a noninsured private bank. Additional information regarding the nature of the changes in State bank membership during the year 1937 is given in the following tabulation : A i • • P «j , i i i i • Deposits as of Admissions of State banks to membership: Dec. 31,1937 54 insured State banks $120,345,400 4 noninsured State banks 1,343,000 1 newly organized bank—to succeed two national banks, an insured nonmember bank, and a noninsured private bank 4,111,000 1 newly organized bank—to succeed a national bank and two suspended State member banks 6,152,800 1 newly organized bank—to succeed a national bank 64,999,700 2 newly organized banks—primary organizations 1,166,300 Decreases in State bank membership: Deposits* 2 suspensions $1,708,500 7 conversions into national banks 67,643,900 10 absorptions by, or consolidations with, national banks 13,700,100 4 absorptions by, or consolidations with, other State member banks 4,190,400 3 voluntary liquidations 429,700 6 voluntary withdrawals—banks continuing as insured nonmember banks' 3,111,400 1 absorption by an insured nonmember bank 37,634,100 * Deposit figures for suspended banks are as of date of suspension; in all other cases they are as of date of last call report submitted as a State member bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 23 On June 30, 1937, member banks constituted 42 percent of the number and held 83 percent of the loans and investments of all banks in the United States, other than mutual savings banks. These ratios are substantially the same as those of December 31, 1936. Suspensions.—During 1937 there were 59 bank suspensions in the United States. Of the suspended banks 4 were national banks, 2 State member banks, 47 insured nonmember banks, and 6 uninsured nonmember banks. Total deposits involved in bank suspensions during the year amounted to $19,723,000, of which $7,379,000 was held by national banks, $1,708,000 by State member banks, $10,156,000 by insured nonmember banks, and $480,000 by uninsured nonmember banks. About 95 percent of the deposits of the insured banks and 99.8 percent of the depositors were fully protected by insurance, security preferment, or offsetting debts. Reconstruction Finance Corporation Investment in Banks.—At the end of 1937 the Reconstruction Finance Corporation's investment in and loans on the preferred stock and capital notes or debentures of banks amounted to $566,000,000. This investment was $98,000,000 smaller than at the close of 1936, when the amount reported was $664,000,000. Outstanding loans by the Corporation to banks and to the receivers of closed banks showed a further substantial reduction and at the end of the year amounted to about $150,000,000, compared with $200,000,000 on December 31, 1936. Publication of Statistics Relating to Banking Structure.—In 1937 and the early months of 1938 the Board published in the FEDERAL RE- SERVE BULLETIN a number of articles and detailed statistical analyses dealing with various aspects of the banking structure. The August 1937 issue of the BULLETIN included tabulations showing the distribution of commercial banks in the United States as of December 31, 1935, by States and geographic divisions classified according to amounts of loans and investments, amounts of deposits, ratios of demand to total deposits, ratios of total capital account to total deposits, and according to population of town or city in which located. The tabulations also included special analyses of banks not on the Federal Reserve par list and of banks with capital stock less than the applicable minimum statutory requirements for Federal Reserve membership or for the establishment of national banks. The September 1937 issue of the BULLETIN contained tabulations analyzing in detail the number, deposits, and loans and investments of suspended banks by geographic divisions, States, months, years, size and class of bank, and size of town, for the period from 1921 through 1936. A textual analysis of these suspension statistics together with tabulations of significant ratios appeared in the December issue of the BULLETIN. The November 1937 issue of the BULLETIN included a tabular analysis of changes in the number of national and State banks during 1921-1936, by years, and by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 ANNUAL REPORT OF BOARD OF GOVERNORS States. This analysis covered the factors of increase such as primary organizations, reopenings, etc., and the factors of decrease such as suspensions, conversions, consolidations, mergers, etc. An article on group banking in the United States as of December 31, 1936, and another on trends in bank earnings appeared in the February 1938 issue of the BULLETIN. The study of bank earnings was based primarily on national bank reports. EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS Total current earnings of the Federal Reserve banks in 1937 amounted to $41,200,000, or $3,300,000 more than in 1936. The increase in total current earnings reflected principally an increase of $3,800,000 in earnings on United States Government securities, which amounted to $39,- 000,000. Net earnings of the Federal Reserve banks, available for dividends and transfers to surplus, were $10,800,000 in 1937, an increase of $2,300,000 from 1936. Combined earnings, expenses, net earnings, and distribution of net earnings of the Federal Reserve banks for 1937 as compared with 1936 are shown in the following table: EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1937 AND 1936 [In thousands of dollars] 1937 1936 Total current earnings 41,233 37,901 Current expenses: Net operating expenses 25,295 26,016 Assessments for Board's expenses 1,748 1,680 Cost of Federal Reserve currency 1,758 2,178 Total 28,801 29,874 Current net earnings. 12,432 8,027 Additions to current net earnings 3,359 9,487 Deductions from current net earnings.... 4,990 9,001 Net deductions.. 1,631 H86 Net earnings 10,801 8,513 Payment to United States Treasury (sec. 13b) 177 227 Dividends paid 7,941 7,830 Transferred to surplus (sec. 13b) 67 103 Transferred to surplus (sec. 7) 2,616 353 1 Net additions. Net operating expenses in 1937, amounting to $25,295,000, were $721,- 000 less than in 1936. Total current expenses, including assessments for expenses of the Board of Governors and the cost of Federal Reserve currency, amounted to $28,801,000 in 1937, a decline of $1,073,000 for the year. The principal items of operating expenses are shown in the following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 25 NET OPERATING EXPENSES OF FEDERAL RESERVE BANKS DURING 1937 AND 1936 [In thousands of dollars] 1937 1936 Operating expenses: Salaries and contributions to the Retirement System 19,412 20,866 Postage and expressage 3,288 3,941 Taxes on bank premises 1,392 1,369 Depreciation on bank buildings 1,298 1,207 Printing, stationery, and supplies 770 854 Telephone and telegraph 536 654 All other 2,547 3,102 Total 29,243 31,993 Less reimbursements for certain fiscal agency and other expenses. 3,948 5,977 Net operating expenses 25,295 26,016 The decline in 1937 in reimbursements for certain fiscal agency and other expenses, which is also reflected in the decreased totals for salaries, postage and expressage, etc., is attributable primarily to the fact that in 1936 the Federal Reserve banks incurred unusual expenses as fiscal agents of the United States in connection with the distribution and redemption of Adjusted Service bonds. As shown in the first table presented above, current net earnings amounted to $12,432,000 in 1937, an increase of $4,405,000 over 1936, which increase was the result principally of an increase in earnings of $3,332,000, a decrease in net operating expenses of $721,000, and a decrease in the cost of Federal Reserve currency of $420,000. Additions to current net earnings in 1937 were $3,359,000, including $2,413,000 profits on sales of United States Government securities. Deductions from current net earnings in 1937 were $4,990,000, including $2,520,000 for prior service contributions to the Retirement System, which will be completed under the present schedule by the end of 1939, $1,424,000 for the final assessment for the building for the Board of Governors, and $517,000 for losses and reserves for estimated losses. Net earnings amounted to $10,801,000 in 1937, as compared with $8,513,000 in 1936. All Federal Reserve banks paid dividends to member banks at the legal rate of six percent per annum on their paid-in capital stock. Dividend payments totaled $7,941,000 in 1937, compared with $7,830,000 in 1936. Payments to the United States Treasury under the provisions of section 13b of the Federal Reserve Act relating to industrial advances amounted to $177,000 in 1937 and $227,000 in 1936. The remainder of the net earnings of the Federal Reserve banks, transferred to surplus accounts, amounted to $2,683,000 in 1937 and $456,000 in 1936. Gross and net earnings during the year 1937 and the distribution of net earnings of each Federal Reserve bank are shown in the following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
26 ANNUAL REPORT OF BOARD OF GOVERNORS FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING 1937 R F b e e a d se n e r r k v a e l ea G rn ro in s g s s ear N ni e n t gs ( P T s to a e re c y U a . m s 1 . u e 3 S r n b y . t ) Div p i a d i e d nds T t ( r o s a e n s c s u . f r e 1 p r 3 l r u b e s ) d T t r o ( a s n s e s u c f r . e p r 7 l r u e ) s d Boston $3,016,702 $643,086 $6,648 $562,652 $73,786 New York 11,548,506 3,544,366 4,997 3,070,594 ""mm 468,775 Philadelphia 3,559,094 1,009,141 83,968 734,768 104 122 Cleveland . 3,986,619 1,081,061 13,476 773,118 294,467 Richmond 2,249,985 372,033 291,235 -13,420 94,218 Atlanta 1,791,397 246,763 260,851 -24,263 10,175 Chicago . 4,575,583 1,687,606 28,354 763,115 12,767 883,370 St. Louis 1,802,734 362,957 4,152 229,420 129,385 Minneapolis 1,350,359 291,408 174,057 -1,751 119,102 Kansas City 2,134,358 331,645 9,994 241,360 80,291 Dallas 1,623,493 305,548 25,036 231,988 7,688 40,836 San Francisco 3,594,305 925,633 607,808 317,825 Total 41,233,135 10,801,247 176,625 7,940,966 67,304 2,616,352 Total earnings on bills and securities were $3,443,000 more in 1937 than in 1936. This was due to an increase of $72,857,000 in daily average holdings of bills and securities and to an increase from 1.49 percent to 1.59 percent in the average rate of earnings. Average daily holdings of bills and securities, together with average rates and amounts of earnings thereon during the last four years are shown in the following table: EARNINGS ON BILLS AND SECURITIES [Amounts in thousands of dollars] Total disc B o i u ll n s ted op b e o n u B g m il h l a s t r i k n et U G s n o e i v t c e u e d r r n it S m ie t e s a n t x e t s I a n d d v u a s n t c ri e a s l Daily average holdings: 1934 2 2,495,497 r36,401 24,742 2,431,673 2,143 1935 2,469,542 7,306 4,922 2,430,864 26,450 1936 2,469,688 6,135 3.725 2,430,657 29,171 1937 . 2,542,545 13,749 3,390 2,503,865 21,541 Earnings: 1934 * 47,638 rl,240 141 46,131 121 1935 . . .. 41,473 156 36 39,797 1,484 1936 36,909 108 30 35,184 1,587 1937 40,352 212 24 39,025 1,091 Average rate of earnings (percent): 1934 1.91 3.41 .57 1.90 5.65 1935 1.68 2.14 .73 1.64 5.61 1936 . 1.49 1.76 .81 1.45 5.44 1937 1.59 1.54 .71 1.56 5.06 r Revised. 1 Figures for 1935 and 1936 include $43,000 and $122,000, respectively, of securities guaranteed as to both principal and interest by the United States. 2 Total includes $528,000 of municipal warrants and $10,000 of Federal Intermediate Credit Bank debentures. NUMBER OF EMPLOYEES AND VOLUME OF WORK OF THE FEDERAL RESERVE BANKS The average number of officers and employees of the Federal Reserve banks during 1937 was 10,459, compared with 11,297 in 1936. The average number of such officers and employees engaged in fiscal agency, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 27 custodianship, and depositary work for the Departments and Agencies of the United States Government during 1937 was 2,202, or 620 less than in the preceding year. The volume of work handled in the various departments of the Reserve banks for which a measurement is available was as follows for the last four years: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1934 1935 1936 1937 NUMBER OF PIECES HANDLED 1 Bills discounted: Applications 15,176 5,084 3,293 7,453 Notes discounted 29,815 8,164 4,357 6,702 Advances made 12,313 4,538 3,145 6,869 Industrial advances: Advances made 463 973 678 247 Commitments to make industrial advances 227 552 286 141 Bills purchased in open market for own account 7,400 1,932 1,388 1,581 Currency received and counted 2,067,835,000 2,148,485,000 2,232,980,000 2,257,891,000 Coin received and counted 2,565,164,000 2,590,859,000 2,665,190,000 2,730,387,000 Checks handled 818,847,000 885,190,000 1,009,264,000 1,044,553,000 Collection items handled: U.S. Government coupons paid 2.. 21,555,000 22,633,000 18,806,000 18,566,000 All other 7,436,000 7,119,000 6,968,000 6,705,000 Issues,redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 5,281,000 6,838,000 27,919,000 3,892,000 Allother (3) 3,742,000 1,538,000 661,000 Transfers of funds 1,125,000 982,000 951.00G 980,000 AMOUNTS HANDLED Bills discounted: Notes discounted $45,781,000 $9,622,000 $6,886,000 $16,187,000 Advances made 668,580,000 219,924,000 160,714,000 516,852,000 Industrial advances: Advances made 14,884,000 28,479,000 8,519,000 4,932,000 Commitments to make industrial advances 11,443,000 29,223,000 12,583,000 6,978,000 Bills purchased in open market for own account 75,903,000 31,446,000 25,207,000 25,252,000 Currency received and counted 9,932,601,000 9,837,681,000 10,059,637,000 10,199,558,000 Coin received and counted 298,297,000 275,608,000 276,323,000 287,708,000 Checks handled 179,544,488,000 202,989,742,000 234,417,787,000 255,453,609,000 Collection items handled: U. S. Government coupons paid2.. 699,325,000 751,916,000 798,925,000 865,465,000 All other ... 6,742,974,000 7,948,641,000 7,089,008,000 6,159,828,000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 29,941,049,000 30,755,611,000 25,196,825,000 19,304,020,000 All other (3) 3,346,189,000 2,223,136,000 1,691,863,000 Transfers of funds 73,077,156,000 80,483,190,000 87,001,630,000 94,596,861,000 1 Two or more checks, coupons, etc., handled as a single item, are counted as one "piece." 2 Includes coupons from obligations guaranteed by the United States. 3 Figures not available. CHANGES IN TERRITORY ASSIGNED TO BRANCHES Effective January 18, 1937, the towns of Klamath Falls, Lakeview, and Merrill in the State of Oregon were transferred from the head office territory of the Federal Reserve Bank of San Francisco to the Portland Branch, and the territory previously assigned to the Spokane Branch, with the exception of the city of Spokane, consisting of 18 counties in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
28 ANNUAL REPORT OF BOARD OF GOVERNORS the eastern part of the State of Washington and 10 counties in northern Idaho, were transferred to the Seattle Branch of the Federal Reserve Bank of San Francisco. INDUSTRIAL ADVANCES UNDER SEC. 13b OF THE FEDERAL RESERVE ACT On June 19, 1934, Congress enacted legislation authorizing the Federal Reserve banks to cooperate with banks and other financing institutions in making loans with maturities not exceeding 5 years to established industrial and commercial enterprises for working capital purposes. The Federal Reserve banks were also authorized in exceptional circumstances, and when credit is not available from the usual sources, to make such loans direct to established industrial or commercial businesses, provided the loans are made on a reasonable and sound basis. Funds available for advances and commitments by the Federal Reserve banks are limited by law to the total surplus of the banks as of July 1, 1934, approximately $140,000,000, plus certain payments authorized to be made by the United States Treasury, or a total of about $280,000,000. The loans that have been made either by the Federal Reserve banks direct, or by banks and financing institutions under commitments from the Federal Reserve banks, vary in size from $250 up to amounts of several million dollars. The maturities range from a few months to 5 years. Loans have been made to a wide variety of enterprises. For the period from June 19, 1934, to December 29, 1937, the Federal Reserve banks received 8,677 applications amounting to $363,292,000. Of this amount 2,406 applications were approved amounting to $150,- 987,000. These figures by years are as follows: Applications received Applications approved Year Number Amou o n f t i d n o t l h la o r u s sands Number Amou o n f t i d n o t l h la o r u s sands 1934 5,108 190,798 1,020 52,257 1935 2,507 115,910 973 72,236 1936 764 35,991 287 15,336 1937 298 20,593 126 11,158 Total 8,677 363,292 2,406 150,987 On Wednesday, December 29, 1937, the Federal Reserve banks held $20,200,000 of industrial loans and had outstanding commitments to make such loans amounting to $12,780,000. BUILDING OPERATIONS OF THE FEDERAL RESERVE BANKS During 1937 a site for a new building for the Helena Branch of the Federal Reserve Bank of Minneapolis was purchased, and at the end of the year a new building for the branch was under construction. All Federal Reserve banks and their branches are now housed in buildings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 29 owned by the banks except the Cincinnati, Charlotte, Portland, Seattle, and Spokane branches. NEW FEDERAL RESERVE BUILDING IN WASHINGTON On August 9 the Board of Governors of the Federal Reserve System moved into its new building which had been under construction since early in 1936. A brief description of the building was published in the FEDERAL RESERVE BULLETIN for September. At the official opening of the building on October 20, 1937, the President of the United States made a dedicatory address, which is published as an appendix to this report. FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM At the end of 1937 there were 12,126 banks on the Federal Reserve par list, which comprises all of the 6,341 member banks and 5,784 nonmember banks. Banks on the par list pay, without deduction of exchange charges, such checks drawn upon them as are presented or forwarded for payment by the Federal Reserve banks. INTERDISTRICT COLLECTION SYSTEM Member banks Nonmember s a b v a i n n k gs s , b o a t n h k e s r 1 than mutual Federal Reserve district On par list Not on par list Dec. 31, Dec. 31, 1937 1936 Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1937 1936 1937 1936 United States 6,341 6,376 5,784 6,019 2,743 2,732 Boston 357 360 169 171 New York 776 789 275 288 Philadelphia 655 658 263 261 Cleveland 622 627 624 637 2 2 Richmond ... 405 404 320 324 310 321 Atlanta 324 330 94 94 683 672 Chicago ... 769 741 1,568 1,622 220 228 St Louis 392 388 762 815 436 414 Alinneapolis 469 481 171 184 722 724 Kansas City 733 726 985 1,027 177 174 Dallas .. 547 550 288 305 161 164 San Francisco 292 322 265 291 32 33 1 Includes private banks reported as either on the par list or not on the par list. During the year the number of nonmember banks on the par list decreased by 235, principally as a result of a reduction in the number of banks in operation. There was a net increase of 11 in the total number of nonmember banks not on the par list. In the Atlanta and St. Louis Federal Reserve districts there were net increases during the year of 11 and 22, respectively, in the number of non-par banks. These increases resulted from withdrawals of State banks from the par list or conversions of national banks into nonmember non-par banks. In the Minneapolis District there were a number of withdrawals of State banks from the par Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
30 ANNUAL REPORT OF BOARD OF GOVERNORS list and conversions of national banks into nonmember non-par banks, but these increases were more than offset by decreases in the number of non-par banks through suspensions, mergers, and liquidations of non-par banks. There were also net decreases during the year in the number of non-par banks in the Richmond, Chicago, and other districts, principally as a result of mergers and liquidations of non-par banks. Of the 2,743 banks not on the par list at the end of 1937, 1,442 were located in 11 Southern States and 1,177 in the West North Central States and the adjoining State of Wisconsin. As will be seen from the table, all of the banks in the Boston, New York, and Philadelphia districts and all but 2 banks in the Cleveland District were on the Federal Reserve par list. AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVE SYSTEM Collateral Security for Federal Reserve Notes.—By act of Congress approved March 1, 1937, which amended the second paragraph of section 16 of the Federal Reserve Act, the period during which the Board of Governors of the Federal Reserve System may authorize direct obligations of the United States to be used as collateral security for Federal Reserve notes, which would have expired on March 3, 1937, was extended until June 30, 1939. Crimes against Member Banks.—By act of Congress approved August 24, 1937, the statute which penalizes robbery of a member bank of the Federal Reserve System or a bank organized or operating under the laws of the United States or a bank insured by the Federal Deposit Insurance Corporation was extended so as to include also larceny and burglary of such banks. CHANGES IN REGULATIONS OF THE BOARD OF GOVERNORS Important amendments and revisions made in the regulations of the Board of Governors during the year 1937 are summarized in the following paragraphs: Discounts for and Advances to Member Banks.—Regulation A, relating to discounts for and advances to member banks by Federal Reserve banks, was revised effective October 1, 1937, in order to bring the regulation on this subject into conformity with various amendments to the law enacted in recent years. One of these amendments, which was contained in the Banking Act of 1935, authorizes any Federal Reserve bank, under regulations prescribed by the Board of Governors and certain specified conditions, to make advances to a member bank on notes secured to the satisfaction of the Reserve bank. The revised regulation provides that, when in the judgment of the Federal Reserve bank circumstances make it advisable to do so, the bank may accept as security for such advances any assets satisfactory to it, but lists specifically certain preferred classes of assets which cover the principal fields of financing. In addition, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 31 order to encourage member banks to have their real estate loans and installment paper in a form that would make them acceptable as a basis for advances at the Federal Reserve banks, the Board in an appendix to the regulation recommended certain minimum standards for observance in making such loans. The revised regulation also eliminated a provision of the old regulation under which certain paper the proceeds of which were advanced or loaned to other borrowers was made ineligible for discount at Federal Reserve banks. The elimination of this provision rendered eligible for discount a large amount of paper of commission merchants and finance companies, including paper drawn to finance installment sales of a commercial character. Increase in Reserves of Member Banks.—By action effective August 16, 1936, the Board had increased by 50 percent the reserve requirements against demand and time deposits of member banks, and early in 1937 the Board issued a new supplement to its Regulation D under which reserve requirements applicable to demand and time deposits of member banks were increased by 33-1/3 percent of the requirements established August 16, 1936. One-half of this latter increase became effective on March 1, 1937, and the other half on May 1, 1937. The result of these actions was to increase the reserve requirements to the full extent authorized by law, namely, to 100 percent above the percentages set forth in section 19 of the Federal Reserve Act. Trust Powers of National Banks.—Effective December 31, 1937, the Board adopted several amendments to its Regulation F relating to the exercise of trust powers by national banks. One of these amendments provides for the collective investment of trust funds by national banks under certain conditions in States where this is permitted by State law. The amendment (a) permits a national bank, subject to certain regulatory provisions, to invest funds of various individual trusts in participations in a common trust fund, provided that the amount so invested from any one trust may not exceed $25,000, or 10 percent of the value of the assets of such common trust fund, whichever amount is less; and (b) permits a national bank, with a minimum of specific regulatory requirements, to make collective investment of funds of individual trusts in participations in a common trust fund, provided the amount invested from any one such trust account does not exceed $1,200. Prior to the amendment the regulation had permitted national banks to make collective investment of funds of individual trusts only if such funds were too small to be invested separately to advantage. Other provisions of the regulation with respect to trust department committees of national banks were also amended in certain minor particulars. Corporations Engaged in Foreign Banking Business.—The Board's Regulation K, relating to banking corporations authorized to do foreign banking business under section 25 (a) of the Federal Reserve Act, required that against all deposits received in the United States by such a corpora- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
32 ANNUAL REPORT OF BOARD OF GOVERNORS tion a reserve of not less than 13 percent must be maintained. Effective September 1, 1937, this provision was amended so as to require such a corporation to maintain the same reserves against deposits received in the United States as are required of member banks in central reserve cities, with a proviso that such reserves should at no time be less than 10 percent of such deposits. This action was taken in order that all foreign banking corporations operating under the supervision of the Board pursuant to the provisions of either section 25 or section 25 (a) of the Federal Reserve Act might be placed on substantially the same basis with respect to reserve requirements. Suspension of Operations of Foreign Branches.—Effective August 14, 1937, the Board issued its Regulation M relating to foreign branches of national banks and of corporations organized under the provisions of section 25 (a) of the Federal Reserve Act. The regulation provides that when such a bank or corporation has established a branch or agency in any place in a foreign country and there exists in such place a disturbed condition which endangers the lives of the employees or property of such branch or agency or renders it impracticable for it to continue to function, it may under certain conditions suspend operations until the reason for such suspension has ceased to exist. Payment of Interest on Deposits.—A revision of Regulation Q, relating to the payment of interest on deposits by member banks, which had been adopted by the Board to become effective January 1, 1936, contained in subsection (f) of section 1 a definition of the term interest as used in the regulation. In view of the fact that the regulation issued by the Federal Deposit Insurance Corporation regarding the payment of interest on deposits by insured nonmember banks contained a definition of interest which differed from that prescribed in Regulation Q, the Board deferred the effective date of its definition of interest. However, on December 21, 1936, the Board announced that it had taken action making its definition of the term interest effective on February 1, 1937. Subsequently, on January 30, 1937, the Board postponed the effective date of the provision from February 1 to May 1, 1937. Effective February 11, 1937, the Board amended its Regulation Q by striking out subsection (f) of section 1 containing the definition of the term interest and by inserting in section 2 the following sentence: "Within this regulation, any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit shall be considered interest." Effective on the same date, like amendments to the regulation regarding the payment of interest on deposits by insured nonmember banks were adopted by the Federal Deposit Insurance Corporation, thus bringing the two regulations into uniformity on this subject. The definition of the term interest in Regulation Q had specified that such term should include the payment or absorption of exchange or collection charges Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 33 which involved out-of-pocket expenses, and the amendment removed this finding or specification from the regulation. Under the amended regulations of both the Board and the Federal Deposit Insurance Corporation, the question of what in a particular case is a payment of interest upon a deposit or a device to evade the prohibition against the payment of interest on demand deposits is a matter of administrative determination under the general law in the light of experience and as specific cases may develop. The actions of the Board referred to above and the considerations leading up to them are more fully described in the Board's Annual Report for 1936. Extension of Credit by Brokers, Dealers, and Members of Securities Exchanges.—On several occasions during 1937 the Board amended its Regulation T, relating to extension and maintenance of credit by brokers, dealers, and members of national securities exchanges. Effective April 23, 1937, the Board amended the regulation so as to extend from July 1, 1937, until January 1, 1938, the period within which brokers and dealers subject to the regulation might hold unregistered securities as additional collateral in certain circumstances, such collateral being held merely for the brokers' or dealers' own protection and without being given any loan value or serving as a basis for any additional credit. Effective November 1, 1937," the Board adopted an amendment to Regulation T and revised the supplement thereto so as to reduce margin requirements on advances by brokers to their customers from 55 percent to 40 percent of current market value of the securities held as collateral and to require a margin against short sales of 50 percent of current market value of the securities sold short. In the case of loans to other members, brokers, and dealers 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. Early in December 1937, the Board announced a general revision of Regulation T, effective January 1, 1938, with a view to clarifying and simplifying the regulation. The revised regulation liberalized requirements affecting so-called restricted accounts by providing that in the case of sale of registered securities in such accounts, customers may withdraw, under specified conditions, 40 percent of the proceeds of such sales. It further liberalized requirements affecting such accounts by providing that a customer may make a deposit which may be placed in a "special miscellaneous account" instead of being absorbed into the socalled restricted account. The revision also incorporated rules prescribing margin requirements for dealings in securities on a "when issued" basis. These requirements agree substantially with those adopted by the principal national securities exchanges in conformity with certain Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
34 ANNUAL REPORT OF BOARD OF GOVERNORS rules of the Securities and Exchange Commission. The revision required separation of a customer's transactions in commodity futures from the customer's margin account in securities and, by an amendment to the old regulation effective December 6, 1937, provision was made permitting brokers to effect this separation prior to the effective date of the revised regulation if they so desired. The revision of the regulation also clarified provisions relating to transactions in special cash accounts by providing that the 7-day period within which the broker must obtain settlement from the customer for a purchase of securities shall date in the typical case from the time of the purchase. Subsequently on December 28,1937, in order to facilitate the transition from the old regulation to the revised regulation, the Board prescribed additional time within which members of national securities exchanges might obtain certain customers' statements required in connection with special omnibus accounts under the revised regulation. Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange.—Regulation U, which relates to loans by banks for the purpose of purchasing or carrying stocks registered on a national securities exchange was amended by the Board, effective September 1, 1937. The effect of this amendment was to eliminate the distinction between loans made on and after May 1, 1936, and loans made prior to that date, so that, on and after September 1, 1937, withdrawals and substitutions of collateral for loans made before May 1, 1936, became subject to the provisions of the regulation to the same extent as if the loans had been made after the latter date. Effective November 1, 1937, the Board revised its supplement to Regulation U so as to reduce the margin required in connection with loans by banks on stocks for the purpose of purchasing or carrying registered stocks from 55 percent to 40 percent of current market value of the securities held as collateral, and so as to reduce the margin requirements from 40 percent to 25 percent in the case of loans by banks to brokers and dealers in securities for the purpose of financing customers' commitments. REMOVAL OF BANK OFFICERS AND DIRECTORS Pursuant to the provisions of section 30 of the Banking Act of 1933, the Board of Governors during the year 1937 in each of two cases which came before it ordered a director and officer of a member bank of the Federal Reserve System removed from office for continued violation of law relating to such bank or continued unsafe or unsound practices in conducting the business of such bank after having been warned to discontinue such violations or practices. These were the only two cases that have been presented to the Board for consideration under section 30 of the Banking Act of 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 35 CREDITS TO FOREIGN CENTRAL BANKS Participation of the Federal Reserve banks in the First and Second Syndicate Credits granted in 1931 to the National Bank of Hungary was renewed on July 18, 1937, with the approval of the Board of Governors, for a further period of three years. The share of the Federal Reserve banks in these credits, which were combined into a single amount under the new agreement, was reduced from $2,506,000 at the close of 1936 to $2,282,000 at the end of 1937. In September 1937 an advance of $1,000,000 on gold in transit was made to the Bank for International Settlements acting in behalf of a foreign central bank. This loan was made under an authorization granted by the Board of Governors on September 17 to the Federal Reserve Bank of New York, in association with other Federal Reserve banks, to make advances up to $10,000,000 to the Bank for International Settlements on gold in transit. The advance of $1,000,000 was liquidated on October 1, 1937. A similar transaction with the Bank for International Settlements was described in the Annual Report for 1936. Loans on gold outstanding at the end of 1936 in the amount of $300,000 were paid in full at due dates in January and February 1937. A new loan of $200,000 secured by gold, made to a foreign central bank in March 1937 was paid at maturity the following month. No further operations of this type occurred during the year. BANK EXAMINATIONS Federal Reserve Banks.—Each of the 12 Federal Reserve banks was examined during the year by the Board's Division of Examinations. Edge Act Corporations.—During the year the head office of the one banking corporation now in operation organized to engage in foreign or international banking under the provisions of section 25 (a) of the Federal Reserve Act, generally referred to as the Edge Act, was examined by the Board's Division of Examinations and certain of its foreign branches were examined by examiners designated by the Board for that purpose. State Member Banks.—State member banks are subject, under the provisions of the Federal Reserve Act, to examinations made by direction of the Board of Governors of the Federal Reserve System or of the Federal Reserve banks by examiners selected or approved by the Board of Governors. The policy approved by the Board of Governors of the Federal Reserve System for examinations pursuant to such provisions provides that at least one regular examination of each State member bank, including its trust department, be made during each calendar year by examiners for the Federal Reserve banks. Most of such examinations made during the year were made in cooperation with the State banking authorities pursuant to the policy of making joint examinations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
36 ANNUAL REPORT OF BOARD OF GOVERNORS wherever practicable in order to avoid duplication of examinations and minimize inconvenience to the banks examined. Bank examination is but a part of the supervisory function. The facts and situations as developed by an examination serve as a basis upon which constructive action may be taken both by the management of the bank and the supervisory agencies and it has been the aim of the Board of Governors and of the Federal Reserve banks that the examinations of State member banks made under the direction of the Federal Reserve banks prove helpful to the directors and executive management of the banks examined as well as to the Federal Reserve banks and the Board of Governors in the discharge of their responsibilities. As an intensification of efforts along lines upon which the Federal Reserve banks had been working, a program for strengthening banking situations where such need might be indicated in the case of State member banks was undertaken following discussions at a meeting of the presidents of the Federal Reserve banks wTith the Board in the spring of 1937. The program was aimed at strengthening banking situations where State member banks had not shown the anticipated improvement since the banking crisis of 1933 and the rehabilitation program then begun, or were faced with difficulties, due to the fact that they were in overbanked communities, or because of inefficient management, or for other reasons. The emphasis upon the question of management contemplated that if a bank were suffering because of management, or if its future appeared uncertain on that account, the situation would be brought clearly and emphatically to the attention of the directors of the bank, who would be urged to fulfill their primary responsibility of providing proper management and that the cooperation of the appropriate State authorities would be sought in endeavoring to obtain the desired improvement in the management. It was suggested that if the directors were unable or unwilling to provide adequate management in such circumstances, or if the question were not one of management, but one of lack of basic justification for the existence of the bank, the Federal Reserve bank and the State authorities should consider carefully whether the interests of the depositors, the stockholders, the community itself, and the Federal Deposit Insurance Corporation would not be served best by the elimination of the bank as a separate unit. This might be accomplished through absorption by some other institution or through voluntary liquidation at a time when deposits might be paid off without loss to the depositors or the Federal Deposit Insurance Corporation and the stockholders might yet receive something on their stock. In working out some situations of this kind, cooperation to the fullest extent among the Federal Reserve banks, the State authorities, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation is involved, inasmuch as it is important in the public interest to consider not only the one bank which may be faced with difficulties, but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 37 the banking situation in the community as a whole. In a community there may be, in addition to the one bank at which the program is immediately directed, national banks, other State member banks, nonmember insured banks, and uninsured nonmember banks. In some instances the cooperation of the Reconstruction Finance Corporation has been, and in others may be, essential. TRUST POWERS OF NATIONAL BANKS During the year 1937, 17 national banks were granted authority by the Board to exercise one or more trust powers under the provisions of section 11 (k) of the Federal Reserve Act. This figure includes three banks which previously had been granted certain trust powers and during the year were granted one or more additional powers; it also includes one bank which previously had been authorized to exercise restricted trust powers and during the year was granted full trust powers. In addition, the Board granted full trust powers contingent upon the conversion of an existing State bank into a national banking association, which conversion, however, had not been effected by the end of the year. The Board also granted three national banks restricted authority to administer one or more specific trust accounts. During the year 1937, 8 operating national banks surrendered their trust powers and 19 other national banks which had been granted trust powers went into voluntary liquidation. On December 31, 1937, 1,895 national banks held permits to exercise trust powers. In addition 14 national banks had authority at that time to exercise restricted trust powers only. The term "restricted trust powers" as used above refers to powers granted a bank to acquire certain trust accounts but not to acquire other fiduciary business. Such restricted powers have been granted to enable a newly organized, consolidated, or converted institution to acquire the trust business held by a predecessor bank or banks, or to enable a bank to administer certain specific trust accounts, when, in the light of all the facts and circumstances in the particular case, such action was deemed warranted. Regulation F, relating to fiduciary powers of national banks, was amended effective December 31, 1937, to permit the operation of Common Trust Funds within the limitations of the amended regulation. Further reference to this amendment may be found on page 31. HOLDING COMPANY AFFILIATES During the year 1937 the Board acted upon the applications for voting permits submitted by holding company affiliates of member banks in accordance with the provisions of section 5144 of the Revised Statutes and section 9 of the Federal Reserve Act, and authorized the issuance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
38 ANNUAL REPORT OF BOARD OF GOVERNORS of seven permits for general purposes, and of two permits for the limited purposes of electing directors for the year 1938 and transacting routine matters. Under the authority of section 301 of the Banking Act of 1935, the Board determined that 5 organizations were not engaged directly or indirectly as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks or trust companies, and that, therefore, they were not holding company affiliates except for the purposes of section 23A of the Federal Reserve Act. FOREIGN BANKING CORPORATIONS Three corporations organized under State laws for the purpose of engaging principally in international or foreign banking were operating in 1937 under agreements entered into with the Board in previous years pursuant to the provisions of section 25 of the Federal Reserve Act. Of these corporations, the International Banking Corporation is affiliated with the National City Bank of New York; the First of Boston International Corporation is affiliated with the First National Bank of Boston; and the French American Banking Corporation is owned by the Guaranty Trust Company of New York, the First National Bank of Boston, and the Comptoir National D'Escompte of Paris. The Chase Bank, which commenced business in 1930 and is affiliated with the Chase National Bank of New York, is the only banking corporation in active operation organized under the provisions of section 25 (a) of the Federal Reserve Act, generally referred to as the Edge Act, to engage in international or foreign banking. ESTABLISHMENT OF FOREIGN BRANCHES OF MEMBER BANKS During the year 1937 the Board approved the application of the Central Hanover Bank and Trust Company of New York for permission to establish a branch in London and the application of the Chase National Bank of New York for permission to establish an additional branch in London. MEETINGS OF FEDERAL OPEN MARKET COMMITTEE Meetings of the Federal Open Market Committee were held in Washington on the following dates in 1937: January 26, March 15, April 3-4, May 4-5, June 9, September 11-12, and November 29-December 1. The executive committee of the Federal Open Market Committee met from time to time throughout the year as occasion required. A record of actions taken by the Committee on questions of policy relating to openmarket operations is published as an appendix to this report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 39 MEETINGS OF THE FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1937 on the following dates: February 15-16, May 17-18, October 7-8, and December 13-14. RESIGNATION OF MR. JOSEPH A. BRODERICK AS A MEMBER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Effective September 30, 1937, Mr. Joseph A. Broderick of the New York District, who was serving under appointment for a term of fourteen years from February 1, 1936, resigned as a member of the Board of Governors to accept the position of President of the East River Savings Bank, New York, New York. BOARD EXPENDITURES The total cost of conducting the work of the Board during the year 1937 was approximately $1,790,506. This is exclusive of expenditures in the amount of $2,087,363 made in connection with the new buildingerected by the Board. For the general expenses of the Board two assessments were levied against the Federal Reserve banks aggregating $1,748,379.60 or about one-half of one percent of their average paid-in capital and surplus for the year. Under an arrangement with the Federal Reserve Bank of Cleveland the accounts of the Board were audited twice during the course of the year 1937 by the Auditor of the Federal Reserve Bank of Cleveland, who certified them to be correct. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT AND RELATED ITEMS No. 1.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS—ANNUAL AVERAGES OF DAILY FIGURES, 1918-1937 [In millions of dollars] Member Reserve bank credit outstanding bank reserve T u re ry as- Cur- Treas- Treas- Non- Other balances cur- rency ury ury mem- Federal Year U.S. Other Gold rency in cash deposits ber Rec B o d i i u l s l n - s t- bo B u il g ls ht G m er o e n v n - - t s b R e a r n e v - k e Total stock 2 s i o t n a u g n t - d 3 - c la ir ti c o u n - i h n o g ld s4 - b F w a . n i R t k h . s po d s e i - ts 5 co se u a r n c v - t e s B Total c E es x s - 7 ed secur- credit1 ities 1918 1,134 287 134 168 1,723 2,871 1,867 4,371 280 111 108 95 J.497 1919 1,906 324 254 141 2,625 2,842 1,716 4,729 365 99 115 155 1,719 1920..;.... 2,523 385 324 158 3,390 2,582 1,695 5,191 257 36 67 280 1,835 1921 1,797 91 264 46 2,198 3,004 1,758 4,663 218 45 28 336 1,671 1922 571 159 455 41 1,226 3,515 1,871 4,248 224 44 30 286 1,781 1923....... 736 227 186 56 1,205 3,774 1,991 4,535 218 37 27 280 1.873 1924 373 172 402 49 996 4,152 2,017 4,592 218 42 27 263 2,023 1925 490 287 359 59 1,195 4,094 2,000 4,582 213 31 31 264 2,167 1926 572 281 350 55 1,258 4,165 1,985 4,645 210 32 28 284 2,209 1927 442 263 417 53 1,175 4,277 2,000 4,605 205 21 31 300 2,290 1928 840 328 297 40 1,505 3,919 2,008 4,496 204 21 29 327 2,355 1929 952 241 208 59 1,459 3,996 2,015 4,476 207 22 30 376 2,358 ""43 1930 272 213 564 38 1,087 4,173 2,025 4,245 211 28 28 393 2,379 55 1931 327 245 669 33 1,274 4,417 2,025 4,672 219 32 97 373 2,323 89 1932 521 71 1,461 24 2,077 3,952 2,096 5,328 236 39 56 351 2,114 256 1933 283 83 2,052 11 2,429 4,059 2,271 5,576 288 55 147 350 2,343 528 1934 36 25 2,432 10 2,502 7,512 2,381 5,403 2,798 81 185 253 3,676 1,564 1935 I 2,431 32 2,475 9,059 2,478 5,585 2,791 128 252 255 5,001 2,469 1936 6 4 2,431 41 2,48110,578 2,503 6,101 2,474 446 282 269 5,989 2,512 1937 14 3 2,504 33 2,55412,162 2,567 6,475 3,226 158 335 260 6,830 1,220 1 Includes Government overdrafts in 1918, 1919, and 1920; includes industrial advances outstanding since July 1934 (see table 13). 2 By proclamation of the President, dated January 31, 1934, the weight of the gold dollar was reduced from 25 8/10 grains to 15 5/21 grains, nine-tenths fine. Between January 31, 1934, and February 1, 1934, the gold stock increased $2,985,000,000, of which $2,806,000,000 was the increment resulting from the reduction in the weight of the gold dollar and the remainder was gold which had been purchased by the Treasury previously but not added to the gold stock. The increment was covered into the Treasury as a miscellaneous receipt, and appeared together with the new gold as a General Fund asset. These transactions were also reflected in an increase in the item "Treasury cash." The increment arising from United States gold coin turned in by the public after January 31, 1934, was also added to both gold stock and Treasury cash at the time of receipt. The increment from this source amounted to about $7,000,000, from February 1 to December 31, 1934, to about $1,000,000 in 1935, to $1,800,000 in 1936, and to $1,200,000 in 1937. 3 Comprises outstanding United States notes, national bank notes, silver bullion, Treasury notes of 1890, standard silver dollars, subsidiary silver and minor coin, and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the United States, including the currency of these kinds that is held in the Treasury and the Federal Reserve banks as well as that in circulation. 4 Cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver certificates and (b) amounts held for the Federal Reserve banks. 6 Item includes all deposits in Federal Reserve banks except Government deposits and member bank reserve balances. 6 This item is derived from the condition statement of the Federal Reserve banks by adding capital, surplus, reserve for contingencies, and "all other liabilities" and subtracting the sum of bank premises and "all other assets." 7 Represents excess of total reserve balances over reserves required to be held by member banks against their deposits. Figures not available prior to 1929 and since April 1933 are for licensed member banks only. For required reserves and changes in the percentages of requirements see table 61a. NOTE—For description of figures and discussion of their significance, see Bulletin for July 1935, pp. 419- 429. Reprints of article, together with all available back figures for data contained in tables 2, 3, 4, and 5. may be obtained upon request from Division of Research and Statistics. 42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 43 No. 2.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS—MONTHLY AVERAGES OF DAILY FIGURES, 1934-1937 [In millions of dollarsl Member Reserve bank credit outstanding bank reserve T u re ry as- Cur- Treas- Treas- Non- Other balances Month c B d o i u i s l n l - s t- bo B u il g ls ht G U m er o . e n S v n - . - t O s b R e a t r h n e v e - k e r Total a G to o c l k d 2 s r t i o c e a n u n u n g r c t d - - y s - r l c a e i t i r n i n c c o u y n - i h c n u o a g r l s s y d h 4 - d b F e w a p u . n o i r R t y k s h . i s ts p m o b d s e e i e m r t - s - 5 c F o s e R e u a d r c n e v e - t - r e s a 6 l Total c E es x s - 7 ed secur- credit1 ities 1934 January... 101 113 2,432 9 2,656 4,036 2,302 5,382 309 88 146 304 2,764 866 February.. 70 87 2,432 8 2,597 7,138 2,303 5,339 3,368 80 136 293 2,822 891 March 55 40 2,437 3 2,535 7,602 2,333 5,368 3,256 42 144 298 3,361 1,375 April 43 16 2,439 9 2,507 7,736 2,377 5,366 3,167 55 170 268 3,594 1,541 May 36 6 2,431 6 2,479 7,759 2,378 5,355 3,020 63 249 234 3,695 1,623 June 28 5 2,424 7 2,464 7,821 2,363 5,341 2,939 115 226 237 3,790 1,685 July 23 5 2,432 9 2,469 7,893 2,364 5,350 2,940 59 219 230 3,928 L.789 August.... 21 5 2,432 6 2,463 7,971 2,378 5,355 2,920 56 208 228 4,045 L.884 September. 22 5 2,431 10 2,469 7,971 2,411 5,427 2,915 139 197 227 3,947 1,754 October. . . 12 6 2,430 8 2,457 7,989 2,415 5,473 2,920 91 177 234 3,964 1,731 November. 18 6 2,430 12 2,466 8,047 2,455 5,494 2,925 45 165 238 4,100 1,834 December . 10 6 2,430 26 2,472 8,191 2,494 5,577 2,983 137 181 242 4,037 1,748 1935 January... 8 6 2,430 21 2,465 8,284 2,504 5,411 2,980 73 194 242 4,355 2,035 February.. 6 6 2,430 20 2,462 8,465 2,513 5,439 2,910 55 189 246 4,601 2,237 March 7 5 2,431 18 2,461 8,552 2,526 5,477 2,920 202 236 250 4,452 2,065 April 6 5 2,431 29 2,471 8,641 2,548 5,500 2,938 271 258 256 4,436 2,026 May 7 5 2,434 30 2,476 8,755 2,534 5,507 2,882 60 278 259 4,778 2,297 June 8 5 2,431 36 2,479 9,025 2,513 5,522 2,908 81 266 260 4,979 2,438 July 7 5 2,430 30 2,473 9,128 2,504 5*550 2,839 193 293 259 4,970 2,385 August.... 7 2,431 33 2,476 9,180 2,441 5,576 2,729 66 233 261 5,232 2,636 September. 10 2,430 35 2,480 9,246 2,389 5,651 2,632 102 236 252 5,243 2,628 October. . . 8 2,430 39 2,482 9,545 2,398 5,704 2,638 55 307 253 5,469 2,820 November. 7 2,430 40 2,482 9,777 2,410 5,770 2,581 49 256 256 5,757 3,061 December . 6 2,430 53 2,49410,072 2,454 5,897 2,545 324 276 263 5,716 2,983 1936 January... 6 2,430 43 2,48410,158 2,486 5,757 2,564 494 280 253 5,780 3,033 February.. 8 2,430 50 2,49310,164 2,495 5,779 2,515 466 329 255 5,808 3,038 March 6 2,430 43 2,48410,172 2,502 5,857 2,518 760 336 267 5,420 2,653 April 6 2,430 39 2,48010,202 2,503 5,892 2,539 845 348 260 5,300 2,510 May 5 2,430 37 2,47610,324 2,495 5,918 2,574 559 258 348 5,638 2,800 June 6 2,430 39 2,47810,514 2,492 6,062 2,579 793 289 278 5,484 2,593 July 2,430 37 2,47410,629 2,497 6,203 2,453 545 281 255 5,861 2,907 August.... e 2,430 35 2,47410,674 2,499 6,191 2,416 275 328 256 6,181 2,458 September. 8 2,430 38 2,47910,764 2,507 6,258 2,386 233 260 268 6,345 1,852 October. . . 7 2,430 40 2,48010,983 2,512 6,321 2,413 146 239 263 6,594 2,043 November. 6 2,430 33 2,47211,116 2,517 6,401 2,373 86 199 262 6,785 2,219 December . 7 2,434 54 2,49811,220 2,528 6,563 2,357 155 238 268 6,665 2,046 1937 January... 3 2,430 48 2,48511,310 2,531 6,400 2,450 200 300 260 6,716 2,093 February.. 2,431 38 2,47511,399 2,531 6,369 2,569 167 296 258 6,747 2,152 March 6 2,432 31 2,47211,503 2,537 6,391 2,682 205 273 257 6,704 1,371 April 10 2,480 29 2,52211,686 2,541 6,397 2,863 159 248 258 6,824 1,552 May 16 2,526 30 2,57711,901 2,546 6,426 3,069 85 255 256 6,932 927 June 15 2,526 32 2,57812,189 2,548 6,435 3,322 131 290 259 6,878 876 July 13 2,526 31 2,57412,404 2,555 6,475 3,532 137 285 258 6,845 876 August.... 17 2,527 26 2,57312,512 2,576 6,500 3,655 212 334 258 6,701 750 September 24 2,526 30 2,58412,653 2,590 6,558 3,618 190 345 262 6,854 900 October. . . 22 2,527 31 2,58312,782 2,603 6,566 3,636 95 452 265 6,954 1,043 November. 19 2,545 25 2,59212,788 2,613 6,558 3,642 125 488 262 6,919 1.104 December. 16 2,565 44 2,62812,765 2,627 6,618 3,622 188 447 266 6,879 1,071 For footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
44 ANNUAL REPORT OF BOARD OF GOVERNORS No. 3.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS—END OF MONTH FIGURES, 1934-1937* [In millions of dollars] Member Reserve bank credit outstanding bank reserve T u re ry as- Cur- Treas- T u re r a y s- Non- F O e t d h e e r r al balances Month c B o d e i u i d s l n l - s t- bo B u il g ls ht s G m U e ec r o e . n u S v n - r . - t - c O s b r R e a e t r h n e d v e - k i e t r l Total st G o o c l k d 2 s r i o c e t n a u n u g n r c t - - d y 3 - c l r a e ir t i n i c n o c u y n - i h n c u o a g r l s s y d h - 4 d b e F w a p . n o i R t k s h i s ts p m o b d s e e e i m t r - s - 5 co s R e u a r n c e v t - - e s 6 Total ( m e c E e d e s a x ) s t t i - s - - v ities 1934 January... 83 111 2,434 2 2,630 4,033 2,302 5,289 355 242 141 287 2,652 745 February.. 64 62 2,432 8 2,567 7,438 2,302 5,354 3,395 45 127 292 3,093 1,146 March 54 29 2,447 15 2,545 7,694 2,361 5,394 3,253 39 157 299 3,457 1,444 April 39 9 2,431 6 2,485 7,757 2,378 5,368 3,033 115 268 236 3,599 1,534 May 31 5 2,430 —4 2,463 7,779 2,368 5,357 2,997 55 222 232 3,746 1,662 June 25 5 2,432 10 2,472 7,856 2,366 5,373 2,951 64 233 232 3,840 1,732 July 22 5 2,432 3 2,462 7,931 2,361 5,317 2,912 59 207 229 4,029 1,875 August.... 23 5 2,432 4 2,464 7,978 2,408 5,396 2,917 51 208 226 4,052 1,867 September 15 6 2,431 11 2,464 7,978 2,405 5,456 2,906 145 178 228 3,934 1,727 October. . . 11 6 2,430 8 2,455 8,002 2,434 5,453 2,939 92 164 237 4,006 ,748 November. 11 6 2,430 6 2,453 8,132 2,468 5,549 2,951 71 161 239 4,081 1,801 December . 7 6 2,430 20 2,463 8,238 2,511 5,536 3,029 121 189 241 4,096 1,814 1935 January... 7 6 2,430 19 2,461 8,391 2,495 5,380 2,915 76 191 243 4,543 2,206 February.. 6 6 2,430 23 2,465 8,527 2,519 5,467 2,909 95 207 246 4,587 2,199 March 8 5 2,437 21 2,471 8,567 2,540 5,493 2,939 419 226 253 4,247 1,846 April 6 5 2,430 27 2,468 8,710 2,544 5,478 2,898 98 271 263 4,715 2,253 May 8 5 2,430 26 2,469 8,858 2,525 5,540 2,909 60 254 257 4,832 2,318 June 6 5 2,433 37 2,480 9,116 2,506 5,568 2,866 102 325 261 4,979 2,414 July 7 5 2,430 23 2,465 9,144 2,510 5,518 2,865 126 253 257 5,100 2,513 August.... 11 5 2,432 37 2,485 9,203 2,398 5,629 2,635 59 198 260 5,305 2,708 September. 10 5 2,430 32 2,477 9,368 2,386 5,683 2,685 55 304 250 5,254 2,600 October. . . 6 5 2,430 40 2,482 9,693 2,400 5,713 2,604 53 299 258 5,648 2,970 November. 6 5 2,430 39 2,480 9,920 2,438 5,846 2,573 46 284 253 5,835 3,100 December . 5 5 2,431 45 2,48610,125 2,476 5,882 2,566 544 255 253 5,587 2,844 1936 January... 9 5 2,430 35 2,47910,182 2,493 5,737 2,548 453 304 253 5,860 3,084 February.. 7 5 2,430 40 2,48210,167 2,499 5,846 2,513 424 327 254 5,784 2,986 March 8 5 2,430 31 2,47410,184 2,504 5,877 2,530 1,077 332 259 5,087 2,305 April 5 5 2,430 34 2,47510,225 2,500 5,886 2,531 682 356 260 5,486 2,664 May 5 3 2,430 35 2,47410,402 2,490 5,953 2,583 518 337 256 5,719 2,866 June 4 3 2,430 35 2,47310,608 2,498 6,241 2,497 690 262 257 5,633 2,717 July 4 3 2,430 24 2,46210,648 2,496 6,162 2,432 447 306 253 6,005 3,029 August 8 3 2,430 30 2,47110,716 2,500 6,227 2,404 104 287 256 6,410 1,950 September. 9 3 2,430 30 2,47310,845 2,512 6,267 2,458 253 234 262 6,357 1,840 October. . . 6 3 2,430 36 2,47611,045 2,516 6,351 2,388 77 205 262 6,753 2,175 November. 7 3 2,430 13 2,45311,184 2,521 6,466 2,364 78 201 261 6,788 2,236 December . 3 3 2,430 64 2,50011,258 2,532 6,543 2,376 244 259 261 6,606 1,984 1937 January... 3 3 2,430 60 2,49711,358 2,532 6,349 2,520 195 281 260 6,781 2,152 February.. 5 3 2,430 27 2,46511,436 2,536 6,399 2,608 194 288 253 6,695 2,078 March 12 3 2,430 12 2,45811,574 2,541 6,377 2,753 311 236 258 6,639 1,398 April 12 4 2,525 24 2,56511,799 2,543 6,426 2,967 88 288 257 6,881 1,594 May 17 6 2,526 35 2,58511,990 2,547 6,462 3,144 73 272 255 6,915 918 June 10 4 2,526 22 2,56212,318 2,550 6,447 3,445 93 285 260 6,900 865 July 15 3 2,526 30 2,57412,446 2,572 6,460 3,586 233 301 258 6,753 791 August.... 22 3 2,526 26 2,57712,567 2,585 6,524 3,720 139 337 257 6,751 773 September. 22 3 2,526 28 2,57912,741 2,599 6,542 3,582 141 374 265 7,014 1,038 October. . . 21 3 2,526 30 2,58012,803 2,609 6,555 3,661 114 472 263 6,928 1,055 November. 17 3 2,564 23 2,60612,774 2,621 6,561 3,631 121 465 261 6,962 1,169 December . 10 1 2,564 38 2,61212,760 2,637 6,550 3,619 142 407 263 7,027 1,212 *For end of year figures of earlier years, see table 5. For other footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 45 No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS, BY WEEKS, 1936-1937—WEDNESDAY FIGURES [In millions of dollars] Member Reserve bank credit outstanding bank reserve Treas- Treas- Non- Other balances ury Cur- Treas- ury Fed- (W D e a d t n e es- Bills U Go .S v . - O R th e e - r st G o o ck ld 2 r o c e u n u r c t - - y c c r i y e rc n i u - n - h c u o a r l s y d h - p w o d s i e t i - h ts m b d e e e m r - - s e R e r r e a v - l e Exday) co d u is n - t- bo B u il g ls ht m er e n n - t s b e a r n v k e Total s i t n a g n d ' - lation ings 4 b F a . n R ks . p it o s s 5 - co a u c n - ts6 Total ( c e e s s ti s ed secu- cred- matrities it 1 ed) ^ 1936 Jan.8 5 5 2,430 35 2,47610,144 2,476 5,783 2,588 461 265 253 5,745 3,002 Jan. 15.... 5 5 2,430 45 2,48510,158 2,492 5,722 2,556 462 284 253 5,859 3,095 Jan. 22.... 6 5 2,430 36 2,47710,172 2,498 5.704 2,578 515 296 253 5,802 3,030 Jan. 29.... 7 5 2,430 28 2,47010,179 2,492 5,693 2,553 478 301 254 5,863 3,087 Feb.5 10 5 2,430 44 2,48910,168 2,491 5,742 2,518 440 324 255 5,869 3,089 Feb. 12.... 8 5 2,430 65 2,50810,155 2,496 5,763 2,511 482 364 254 5,784 3,007 Feb. 19.... 7 5 2,430 64 2,50510,160 2,499 5,771 2,506 473 327 255 5,832 3,045 Feb. 26.... 7 5 2,430 33 2,47510,163 2,502 5,775 2,516 433 323 254 5,839 3,062 Mar. 4.... 6 5 2,431 34 2,47510,167 2,506 5,848 2,519 379 321 269 5,813 3,043 Mar. 11... 5 5 2,430 33 2,47310,170 2,503 5,840 2,518 391 337 274 5,786 3,008 Mar. 18... 6 5 2,430 44 2,48510,173 2,503 5,841 2,520 1,067 328 261 5,144 2,388 Mar. 25... 6 5 2,430 45 2,48510,177 2,502 5,837 2,520 1,147 340 261 5,059 2,315 Apr. 1 7 5 2,430 34 2,47710,185 2,504 5,884 2,528 1,086 331 259 5,077 2,338 Apr. 8 6 5 2,430 38 2,47910,190 2,505 5,906 2,538 964 346 258 5,161 2,384 Apr. 15.... 6 5 2,430 35 2,47710,200 2,502 5,877 2,544 830 335 260 5,333 2,548 Apr. 22.... 5 5 2,430 35 2,47510,209 2,501 5,860 2,557 712 355 260 5,442 2,640 Apr. 29.... 5 5 2,430 32 2,47210,221 2,501 5,859 2,529 679 362 259 5,506 2,686 May 6 5 5 2,430 38 2,47810,248 2,497 5,912 2,553 622 345 259 5,532 2,697 May 13.... 5 5 2,430 30 2,46910,302 2,496 5,888 2,583 578 351 257 5,611 2,774 May 20... 5 5 2,430 30 2,47010,375 2,493 5,896 2,625 513 353 258 5,694 2,859 May 27.... 5 4 2,430 26 2,46610,388 2,494 5,902 2,572 544 326 256 5,747 2,901 June 3. ... 6 3 2,430 50 2,48910,409 2,493 5,953 2,579 505 349 292 5,713 2,844 June 10. .. 5 3 2,430 32 2,47110,480 2,489 5,937 2,548 516 306 299 5,833 2,948 June 17... 7 3 2,430 40 2,48010,543 2,490 6,048 2,607 1,421 282 261 4,894 2,043 June 24... 6 3 2,430 32 2,47210,600 2,500 6,173 2,648 929 252 261 5,308 2,438 July 1 4 3 2,430 35 2,47310,612 2,498 6,250 2,501 731 256 256 5,589 2,670 July 8 3 3 2,430 36 2,47210,622 2,498 6,242 2,508 507 263 256 5,814 2,883 July 15.... 3 3 2,430 42 2,47810,629 2,496 6,190 2,428 593 266 255 5,872 2,923 July 22.... 3 3 2,430 30 2,46610,634 2,497 6,153 2,436 519 300 254 5,935 2,986 July 29.... 4 3 2,430 23 2,46010,642 2,496 6,123 2,441 466 298 253 6,016 3,049 Aug. 5 4 3 2,430 26 2,46310,650 2,496 6,163 2,427 439 321 254 6,005 3,051 Aug. 12. .. 8 3 2,430 36 2,47710,661 2,498 6,170 2,421 338 337 255 6,116 3,167 Aug. 19... 6 3 2,430 18 2,45710,678 2,499 6,184 2,410 215 342 255 6,229 1,813 Aug. 26. . . 7 3 2,430 25 2,46510,695 2,501 6,184 2,410 143 336 256 6,332 1,892 Sept. 2.... 9 3 2,430 21 2,46310,717 2,502 6,225 2,375 107 280 255 6,441 1,958 Sept. 9.... 8 3 2,430 41 2,48210,736 2,508 6,276 2,365 55 271 288 6,471 1,997 Sept. 16... 8 3 2,430 54 2,49510,762 2,507 6,255 2,371 418 251 263 6,206 ,714 Sept. 23... 7 3 2,430 33 2,47310,786 2,509 6,239 2,399 388 255 263 6,225 1,743 Sept. 30... 9 3 2,430 30 2,47310,845 2,512 6,267 2,458 253 234 262 6,357 1,840 Oct. 7 8 3 2,430 31 2,47210,971 2,509 6,305 2,440 196 271 263 6,479 1,954 Oct. 14.... 8 3 2,430 43 2,48511,003 2,512 6,316 2,421 135 249 261 6,617 2,072 Oct. 21.... 6 3 2,430 23 2,46311,008 2,514 6,311 2,403 88 227 264 6,693 2,127 Oct. 28.... 6 3 2,430 23 2,46211,031 2,514 6,302 2,390 100 220 263 6,732 2,158 Nov. 4 7 3 2,430 7 2,44811,058 2,515 6,378 2,392 95 200 262 6,693 2,138 Nov. 10. .. 7 3 2,430 29 2,47011,105 2,516 6,393 2,366 55 191 262 6,825 2,260 Nov. 18... 5 3 2,430 25 2,46411,127 2,520 6,375 2,378 50 197 260 6,851 2,276 Nov. 25. .. 6 3 2,430 18 2,45711,162 2,520 6,429 2,370 79 206 261 6,795 2,210 Dec. 2 6 3 2,430 28 2,46711,188 2,522 6,466 2,353 110 212 260 6,775 2,205 Dec. 9 6 3 2,430 29 2,46811,206 2,525 6,497 2,372 93 229 278 6,731 2,157 Dec. 16.... 8 3 2,430 42 2,48311,222 2,532 6,552 2,346 173 227 265 6,674 2,046 Dec. 23.... 9 3 2,430 100 2,54211,229 2,531 6,680 2,342 251 256 266 6,507 1,881 Dec. 30.. . 5 3 2,430 46 2,48411,251 2,530 6,550 2,368 231 274 270 6,572 1,946 For footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
46 ANNUAL REPORT OF BOARD OF GOVERNORS No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS, BY WEEKS, 1936-1937—WEDNESDAY FIGURES—Continued (In millions of dollars] Member Reserve bank credit outstanding bank reserve Treas- Treas- Non- Other balances ury Cur- Treas- ury Fed- (W D e a d t n e es- Bills U Go .S v . - O R th e e - r st G o o c l k d 2 r o c e u n u r c t - - y c c r i y e rc n i u - n - h c u o a r s l y d h - p w o d i s e t i - h ts m b d e e e m r - - s e R e r r e a v - l e Exday) co d u is n - t- n B ou il g ls ht m er e n n - t s b e a r n v k e Total s i t n a g n d 3 - lation ings 4 b F a . n R ks . p it o s s 6 - co a u c- nts6 Total ( c e e s s ti s ed secur- cred- matities it^ ed) 7 1937 Jan.6 3 3 2,430 28 2,46411,271 2,531 6,473 2,395 232 278 261 6,627 2,010 Jan. 13.... 2 3 2,430 40 2,47611,306 2,528 6,371 2,439 190 308 261 6,740 2,103 Jan. 20 2 3 2,430 32 2,46811,317 2,533 6,339 2,463 188 312 261 6,755 2,130 Jan. 27.... 3 3 2,430 42 2,47811,345 2,531 6,318 2,503 180 315 259 6,779 2,160 Feb. 3. ... 3 3 2,430 28 2,46311,364 2,531 6,348 2,529 176 286 261 6,758 2,150 Feb. 10.... 3 3 2,430 42 2,47711,387 2,531 6,360 2,563 132 310 259 6,771 2,184 Feb. 17.... 3 3 2,430 41 2,47811,403 2,530 6,351 2,575 162 300 256 6,768 2,186 Feb. 24.... 4 3 2,430 22 2,46011,425 2,532 6,372 2,602 180 302 255 6,705 2,097 Mar. 3.... 7 3 2,430 17 2,45711,443 2,535 6,407 2,620 216 280 253 6,660 1,310 Mar. 10. .. 5 3 2,430 16 2,45411,484 2,537 6,376 2,672 186 238 254 6,749 1,380 Mar. 17... 4 3 2,430 12 2,45011,515 2,538 6,385 2,697 87 243 261 6,830 1,449 Mar. 24... 8 3 2,430 22 2,46311,541 2,537 6,375 2,723 279 326 260 6,578 1,269 Mar. 31... 12 3 2,430 12 2,45811,574 2,541 6,377 2,753 311 236 258 6,639 1,398 Apr. 7.... 8 3 2,459 23 2,49311,592 2,539 6,387 2,774 275 247 258 6,684 1,442 Apr. 14.... 11 i 2,487 27 2,52811,697 2,541 6,383 2,876 112 236 258 6,901 1,627 Apr. 21... 8 j 2,487 25 2,52311,737 2,540 6,388 2,914 119 245 259 6,877 1,587 Apr. 28... 11 4 2,526 29 2,57111,782 2,541 6,381 2,956 95 270 258 6,934 1,643 May 5... 17 2,526 30 2,57711,838 2,547 6,426 3,013 97 286 257 6,882 887 May 12... 16 5 2,526 29 2,57611,882 2,545 6,405 3,056 106 237 257 6,943 936 May 19... 15 i 2,526 19 2,56511,907 2,547 6,399 3,079 117 250 256 6,918 907 May 26... 16 6 2,526 9 2,55711,977 2,546 6,399 3,140 80 261 256 6,944 938 June 2... 17 6 2,526 23 2,57312,027 2,548 6,487 3,182 115 255 256 6,854 860 June 9... 14 6 2,526 26 2,57312,118 2,547 6,435 3,254 85 279 255 6,929 931 June 16.. 14 5 2,526 38 2,58312,220 2,548 6,415 3,348 250 267 263 6,808 752 June 23.. 13 i 2,526 19 2,562 12,270 2,550 6,394 3,396 151 324 263 6,854 814 June 30.. 10 4 2,526 22 2,56212,318 2,550 6,447 3,445 93 285 260 6,900 865 July 7... 13 4 2,526 35 2,57812,376 2,552 6,524 3,511 101 285 258 6,827 875 July 14... 15 2,526 40 2,58512,423 2,551 6,457 3,550 90 275 258 6,928 964 July 21... 12 [ 2,526 22 2,564 12,404 2,553 6,436 3,527 184 258 258 6,858 874 July 28... 15 3 2,526 16 2,56012,433 2,574 6,424 3,576 228 305 258 6,776 813 Aug. 4... 15 j 2,526 17 2,56112,462 2,572 6,468 3.605 309 320 258 6,636 704 Aug. 11.. 17 2,526 26 2,57212,497 2,573 6,482 3,640 253 327 259 6,681 740 Aug. 18.. 18 j 2,526 18 2,56512,527 2,577 6,500 3,672 156 340 258 6,744 782 Aug. 25.. 19 3 2,526 17 2,56512,541 2,577 6,495 3,683 161 356 258 6,730 761 Sept. 1... 24 2,526 26 2,57912,567 2,585 6,532 3,719 156 337 256 6,731 750 Sept. 8... 24 2,526 20 2,57212,604 2,587 6,597 3,756 130 314 257 6,710 756 Sept. 15.. 23 2,526 46 2,59812,651 2,590 6,554 3,495 348 313 266 6,865 880 Sept. 22.. 24 2,526 24 2,57812,694 2,593 6,529 3,537 193 362 266 6,977 1,020 Sept. 29.. 24 2,526 20 2,57312,734 2,596 6,520 3,575 140 369 266 7,033 1,062 Oct. 6.... 23 2,526 31 2,58312,765 2,596 6,569 3,610 76 421 265 7,003 1,090 Oct. 13... 23 2,526 ( 2,55812,784 2,601 6,585 3,634 83 458 264 6,919 992 Oct. 20... 18 2,526 17 2,56512,793 2,605 6,546 3,654 82 479 264 6,939 1,021 Oct. 27... 23 2,526 17 2,570 12,801 2,607 6,519 3,666 94 485 264 6,951 1,073 Nov. 3... 24 2,526 6 2,559 12,804 2,608 6,565 3,662 111 482 263 6,889 1,046 Nov. 10.. 2 2,537 15 2,57b 12,789 2,611 6,564 3,648 139 483 263 6,879 1,066 Nov. 17. . 19 2,55o 14 2,590 12,789 2,611 6,534 3,633 135 503 262 6,922 1,100 Nov. 24.. lb 2,564 13 2,596 12,774 2,619 6,554 3,626 113 485 261 6,949 1,138 Dec. 1.... 17 2,564 18 2,60312,774 2,62 6,568 3,627 177 459 261 6,906 1,119 Dec. 8.... 17 2,564 27 2,612 12,764 2,623 6,591 3,622 242 446 262 6,836 1,052 Dec. 15... 16 2,564 48 2,631 12,765 2,62o 6,596 3,620 232 419 270 6,884 1,057 Dec. 22... 16 2,564 751 2,6c812,765 2,630 6,681 3,625 153 470 269 6,855 1,007 Dec. 29... 13 2,564 221 2,60212,760 2,634 6,571 3,620 140 413 269 6,983 1,157 For footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 5.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS—SELECTED CALL DATES, 1917-1937 [In millions of dollars] Member bank re- Reserve bank credit outstanding Treasury serve balances Call date* B co il u ls n t d e i d s- bo B u il g ls ht G U m ov e . e S n r . t n- R O b es a th e n r e k v r e Total st G o o c l k d 2 o T c u u r i t r e n s r a e t g s a n u n 3 c r d y y - C in u l a r c t r i i e o r n c n c u y - h T o r l c e d a a i s n s h u gs ry 4 d R F b e e e w p a d s n o i e e t k s r h r v i s a t e l s d m e N e p m o o s n b i - e ts r 5 ac R F c O e e o d s t u h e e n e r r v r t a s e l 6 Total m E a ( x e t c e s e t d i s ) - s 7 securities credit1 1917—Dec. 31 660 273 122 116 1,171 2,868 1,923 4,086 225 101 34 71 1,447 78 1918—Dec. 31 1,766 287 239 206 2,498 2,873 1,795 4,951 288 51 121 118 1,636 51 1919—Dec. 3i 2,215 574 300 203 3,292 2,707 1,707 5,091 385 31 101 208 1,890 68 1920—Dec. 29 .. 2,737 247 288 110 3,382 2,610 1,713 5,343 208 30 25 357 1,743 21 8 1921—Dec. 31 1,144 145 234 40 1,563 3,373 1,842 4,403 214 96 27 285 1,753 99 1922-Dec. 29 609 271 426 83 1,389 3,645 1,957 4,537 226 6 28 275 1,919 68 1923—Dec. 31 723 355 134 27 1,238 3,957 2,009 4,757 213 38 23 275 1,898 14 1924—Mar. 31 518 228 263 17 1,026 4,077 2,015 4,612 228 100 22 269 1,885 12 June 30 334 37 431 30 831 4,201 2,019 4,562 219 43 23 261 1,944 -30 Oct. 10 226 180 589 46 1,041 4,216 2,018 4,608 227 42 25 259 2,114 25 Dec. 31 320 387 540 54 1,302 4,212 2,025 4,760 211 51 39 258 2,220 59 1925—Apr. 6 402 305 360 48 1,115 4,047 2,015 4,549 206 27 34 265 2,095 17 June 30 491 254 353 46 1,144 4,073 1,997 4,524 204 25 27 263 2,172 21 Sept. 28 608 259 332 44 1,243 4,094 1,985 4,634 213 31 28 269 2,145 4 Dec. 31 643 374 375 67 1,459 4,112 1,977 4,817 203 16 29 272 2,212 —44 1926—Apr. 12 525 262 363 15 1,165 4,165 1,984 4,613 222 48 23 281 2,125 -43 June 30 521 249 385 39 1,194 4,160 1,986 4,598 201 11 20 282 2,229 3 Dec. 31 637 381 315 49 1,381 4,205 1,991 4,808 201 17 65 293 2,194 -56 1927—Mar. 23 457 231 342 24 1,054 4,313 1,994 4 535 199 6 23 298 2,300 80 June 30 443 211 370 58 1,082 4,300 2,003 4,564 211 31 34 296 2,249 -64 Oct. 10 446 258 503 29 1,236 4,286 2,003 4,667 206 17 31 302 2,302 1 Dec. 31 . 582 392 617 64 1,655 4,092 2,006 4,716 208 18 26 301 2,487 63 1928—Feb 28 481 346 401 19 1,247 4,075 2,007 4,408 206 25 22 311 2,355 23 June 30 . 1,095 217 235 38 1,585 3,822 2,006 4,510 200 24 29 325 2,325 _20 Oct. 3 1,026 310 231 64 1,631 3,838 2,010 4,520 206 33 32 339 2,350 38 Dec. 31 . 1 056 489 228 35 1,809 3,854 2,012 4 686 202 23 27 348 2 389 —41 1929—Mar. 27 1,024 208 170 27 1,429 3,887 2,012 4,380 202 23 28 363 2,332 24 June 29 1,037 82 216 65 1,400 4,037 2,019 4,459 204 36 28 374 2,356 23 Oct. 4 898 297 134 85 1,414 4,087 2,010 4,552 204 36 28 389 2,301 -18 Dec. 31 632 392 511 48 1,583 3,997 2,022 4,578 216 29 30 393 2,355 -73 * Dates for which calls were issued for reports of condition of national banks by the Comptroller of the Currency and for State member banks of the Federal Reserve System by the Board of Governors. For other footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 5.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS—SELECTED CALL DATES, 1917-1937—Continued [In millions of dollars] Reserve bank credit outstanding Member bank re- Treasury serve balances Call date* B co il u ls n t d e i d s- bo B u il g ls ht G m U ov . e S e n . r t n- R O b e a s th e n r e k v r e Total s G to o c l k d 2 o c T u u r i r t e n s r a e t g s a n u n 3 c r d y y - C in u la r c t r i i e o r n c n c u y - h T o r l c e d a a i s n s h u g r s y 4 d R F b e e e w p a d s n o i e e t k s r h r v i a s t e l s d m e N e p m o o s n b i - e ts r 6 ac R F c O e e o d s t u h e e n r e r v t a r s e l 6 i Tota m E a x ( t c e e e s d s t ) s i - 7 credit1 3 1930—Mar. 27 205 279 529 1,051 i 4,137 2,022 4,203 210 26 25 400 2,345 54 June 30 272 128 591 1,018 4,248 2,025 4,235 210 27 40 391 2,389 6 Sept. 24 167 198 602 991 4,219 2,026 4,148 213 43 25 391 2,416 82 F Dec. 31 251 364 729 1,373 4,306 2,027 4,603 211 19 375 2,471 96 1931—Mar. 25 165 83 599 858 4,402 2,027 4,260 211 51 24 384 2,357 33 June 30 149 106 668 943 4,669 2,022 4,535 224 47 77 371 2,381 73 Sept. 29 330 423 750 1,532 4,470 2,023 4,937 225 37 134 364 2,329 130 Dec. 31 638 339 817 1,853 4,173 2,035 5,360 222 54 110 354 1,961 -33 1932—June 30 440 67 1,784 2,310 3,632 2,057 5,408 218 4 42 345 1,982 162 Sept. 30 332 33 1,854 2,233 3,906 2,154 5,366 264 51 36 352 2,225 375 Dec. 31 235 33 1,855 2,145 | 4,226 2,204 5,388 272 8 43 355 2,509 576 1933—June 30 164 48 1,998 2,220 4,031 2,286 5,434 264 35 166 346 2,292 475 Oct. 25 115 7 2,400 2,526 4,036 2,277 5,321 274 28 167 357 2,693 847 Dec. 30 98 133 2,437 2,688 4,036 2,303 5,519 284 3 132 360 2,729 859 1934—Mar. 5 60 52 2,447 2,565 7,505 2,302 5,403 3,317 38 135 293 3,186 1,235 June 30 25 5 2,432 2,472 7,856 2,366 5,373 2,951 64 233 232 3,840 1,732 Oct. 17 12 2,430 2.457 i 7,990 2,410 5,469 2,915 53 183 239 3,996 1,762 o Dec. 31 7 2,430 2,463 ! 8,238 2,511 5,536 3,029 121 189 241 4,096 1,814 1935—Mar. 4 7 2,430 2,456 I 8,545 2,518 5,504 2,910 59 235 248 4,563 2,196 June 29 6 2,433 2,480 9,116 2,506 5,568 2,866 102 325 261 4,979 2,414 Nov. 1 7 2,430 2,480 9,703 2,404 5,738 2,592 67 247 258 5,685 3,003 Dec. 31 5 2,431 2,486 10,125 2,476 5,882 2,566 544 255 253 5,587 2,844 1936—Mar. 4 6 2,431 2,475 10,167 2,506 5,848 2,519 379 321 269 5,813 3,043 D Ju ec n . e 3 3 0 1 4 3 2 2 , , 4 4 3 3 0 0 2 2 , , 5 4 0 7 0 3 ! 1 1 0 1 , , 6 2 0 5 8 8 2 2 , , 5 4 3 9 2 8 6 6 , , 2 5 4 4 1 3 2 2 , , 3 4 7 9 6 7 2 6 4 9 4 0 2 25 6 9 2 2 26 5 1 6 5 6 , , 6 6 3 0 3 6 2 1 , , 7 9 1 8 7 4 2 1937—Mar. 31 12 2,430 2.458 i 11,574 2,541 6,377 2,753 311 236 258 6,639 1,398 o June 30 10 2,526 2,562 12,318 2,550 6,447 3,445 93 285 260 6,900 865 Dec. 31 10 2,564 2,612 12,760 2,637 6,550 3,619 142 407 263 7,027 1,212 For footnotes see preceding page and table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 49 No. 6.—DEPOSITS, NOTE CIRCULATION, TOTAL RESERVES, AND RESERVE PERCENTAGE OF FEDERAL RESERVE BANKS, BY MONTHS, 1934-1937 [Monthly averages of daily figures. In thousands of dollars] Deposits Reserves Federal Re- Month Member T U re .S a . s- For- n R o e t s e e r c v ir e - se p r e v r e Total bank urer— eign Other culation Excess Total centreserves general bank age account 1934 January 2,997,796 2,763,943 87,558 4,430 141,865 2,983,839 1,555,643 3,798,407 63.5 February 3,038,548 2,821,846 80,432 4,380 131,890 2,962,562 1,618,806 3,867,322 64.4 March 3,547,832 3,361,382 42,159 6,245 138,046 3,004,165 2,002,525 4,445,932 67.9 April 3,818,484 3,593,505 54,567 5,090 165,322 3,041,933 2,132,161 4,685,404 68.3 May 4,006,838 3,694,792 62,675 6,104 243,267 3,061,360 2,237,778 4,864,715 68.8 June 4,131,184 3,790,029 115,025 4,642 221,488 3,072,017 2,332,968 5,007,689 69.5 July 4,206,001 3,927,995 58,648 5,817 213,541 3,097,194 2,370,287 5,081,265 69.6 August 4,308,838 4,044,979 55,615 8,667 199,577 3,109,622 2,444,482 5,196,424 70.0 September 4,281,994 3,946,573 138,696 11,238 185,487 3,155,662 2,443,543 5,204,506 70.0 October 4,232,659 3,964,277 91,278 8,194 168,910 3,178,569 2,443,880 5,196,738 70.1 November 4,309,704 4,100,270 44,722 12,945 151,767 3,182,176 2,488,592 5,269,859 70.3 December 4,355,029 4,037,355 136,868 17,740 163,066 3,230,621 2,542,156 5,358,665 70.6 1935 January 4,621,195 4,354,901 72,603 18,918 174,773 3,118,618 2,651,415 5,516,280 71.3 February 4,845,888 4,601,366 55,452 13,904 175,166 3,124,421 2,800,768 5,746,597 72.1 March 4,890,584 4,452,244 202,016 16,940 219,384 3,154,971 2,845,689 5,819,381 72.3 April 4,965,532 4,436,321 270,890 19,790 238,531 3,171,538 2,899,219 5,905,770 72.6 May 5,115,936 4,777,845 60,285 28,884 248,922 3,164,923 2,991,098 6,047,645 73.0 June 5,326,077 4,978,868 81,003 26,531 239,675 3,201,103 3,146,346 6,290,914 73.8 July 5,456,544 4,970,204 193,107 24,819 268,414 3,268,471 3,274,288 6,491,466 74.4 August 5,530,459 5,232,191 65,752 22,019 210,497 3,334,415 3,361,130 6,630,557 74.8 September 5,580,957 5,242,784 101,753 17,584 218,836 3,433,624 3,439,452 6,766,237 75.1 October 5,830,635 5,468,553 55,299 19,213 287,570 3,508,992 3,643,981 7,088,300 75.9 November 6,062,199 5,757,219 49,434 29,519 226,027 3,583,967 3,842,229 7,397,586 76.7 December 6,315,272 5,715,582 323,983 32,854 242,853 3,697,059 4,070,663 7,759,832 77.5 1936 January 6,553,567 5,779,813 493,757 41,900 238,097 3,639,915 4,186,366 7,936,080 77.9 February 6,602,790 5,808,136 465,949 60,082 268,623 3,669,821 4,237,597 8,016,502 78.0 March 6,516,990 5,420,483 760,058 62,812 273,637 3,742,342 4,245,829 8,023,712 78.2 April 6,493,261 5,300,098 844,686 74,194 274,283 3,770,233 4,242,216 8,022,950 78.2 May 6,545,075 5,638,345 558,727 79,253 268,750 3,778,695 4,281,979 8,084,233 78.3 June 6,565,889 5,483,524 793,026 58,066 231,273 3,883,921 4,378,268 8,229,897 78 8 July 6,686,972 5,860,867 545,191 59,536 221,378 4,010,628 4,511,022 8,455,713 79.0 August 6,784,668 6,180,975 275,281 84,574 243,838 3,995,475 4,565,123 8,537,947 79.2 September 6,838,386 6,345,023 233,102 59,254 201,007 4,044,123 4,634,304 8,645,388 79.4 October 6,978,123 6,593,763 145,606 67,641 171,113 4,093,336 4,751,485 8,831,162 79.8 November 7,070,030 6,784,962 85,640 54,478 144,950 4,150,760 4,849,171 8,983,986 80.1 December 7,057,750 6,664,865 154,703 73,335 164,847 4,274,353 4,896,071 9,076,025 80.1 1937 January 7,215,384 6,715,694 200,068 92,896 206,726 4,193,671 4,952,310 9,155,163 80.2 February 7,209,513 6,746,793 166,542 101,047 195,131 4,169,264 4,948,164 9,139,199 80.3 March 7,182,395 6,703,504 205,410 93,132 180,349 4,177,359 4,938,609 9,123,391 80.3 April 7,230,720 6,823,719 159,462 93,099 154,440 4,185,743 4,926,835 9,131,884 80.0 May 7,271,946 6,932,393 84,872 114,467 140,214 4,202,800 4,908,518 9,134,819 79.6 June 7,298,978 6,878,119 131,172 148,354 141,333 4,195,003 4,921,369 9,154,013 79.6 July 7,267,092 6,844,970 136,863 170,584 114,675 4,224,271 4,915,089 9,148,280 79.6 August 7,247,681 6,701,015 212,376 196,017 138,273 4,238,826 4,914,155 9,146,374 79.6 September 7,389,460 6,854,285 189,738 218,957 126,480 4,272,977 5,017,839 9,313,341 79.9 October 7,501,029 6,953,996 94,547 274,118 178,368 4,281,394 5,098,741 9,436,659 80.1 November 7,531,396 6,918,705 125,169 264,780 222,742 4,270,020 5,101,773 9,445,770 80.0 December 7,513,619 6,879,007 187,531 226,929 220,152 4,310,950 5,083,702 9,437,849 79.8 Back figures— See Annual Report for 1934 (table 9); for 1933 (tables I and 10); and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
50 ANNUAL REPORT OF BOARD OF GOVERNORS No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) DECEMBER 31, 1937 * ASSETS Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left. (In thousands of dollars) Gold certificates with Federal Reserve agents 4,728,632 Gold certificates in interdistrict settlement fund with Board of Governors 2,880,812 Gold certificates held by banks 1,510,448 Gold certificates on hand and due from U. S. Treasury 9,119,892 Redemption fund—Federal Reserve notes 9,435 Total gold reserves 9,129,327 Other cash: United States notes 60,312 Silver certificates 263,227 Standard silver dollars 3,658 National and Federal Reserve bank notes 2,834 Subsidiary silver, nickels and cents 21,657 Total other cash 351,688 Total reserves 9,481,015 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Discounted for member banks 6,481 Total secured by U. S. Government obligations, direct or fully guaranteed 6,481 Other bills discounted: For member banks 3,385 Total other bills discounted 3,385 Total bills discounted 9,866 Bills bought—payable in foreign currencies \ 2,827 Industrial advances 18,049 U. S. Government securities: Bonds 751,539 Treasury notes 1,154,997 Treasury bills 657,479 TotalU. S. Government securities 2,564,015 Total bills and securities 2,594,757 Due from foreign banks 179 Federal Reserve notes of other Reserve banks 30,211 Uncollected items: Transit items 642,252 Exchanges for clearing house 27,666 Other cash items 23,569 Total uncollected items 693,487 Bank premises 45,213 All other assets: Miscellaneous assets acquired account industrial advances- 399 Industrial advances past due 1,925 Claims account closed banks 3,110 Total 5,434 Lessreserves 2,425 Net 3,009 Interest accrued 8,026 Premium on securities 21,316 Deferred charges 421 Suspense account and miscellaneous assets 5,440 Total all other assets 38,212 Total assets 12,883,074 before closing books at end of year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 51 No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) DECEMBER 31, 19371—Continued LIABILITIES Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left. (In thousands of dollars) Federal Reserve notes outstanding (issued to Federal Reserve banks) 4,661,627 Held by issuing Federal Reserve banks and branches 360,720 Forwarded for redemption 17,296 Federal Reserve notes in actual circulation (including notes held by Treasury and by Federal Reserve banks other than issuing bank) 4,283,611 Deposits: Member bank—reserve account 7,026,005 U. S. Treasurer—general account 142,311 Foreign bank 171,750 Other deposits: Nonmember clearing account 94,906 Officers' checks 11,560 Federal Reserve exchange drafts 110 All other 129,168 Total other deposits 235,744 Total deposits 7,575,810 Deferred availability items 674,000 Capital paid in 132,745 Surplus (sec. 7) 145,854 Surplus (sec. 13b) 27,615 Reserve for contingencies: Reserve for self-insurance • 7,365 Reserve for losses 28,302 Total reserve for contingencies 35,667 All other liabilities: Earnings: Gross earnings 41,233 Current expenses 28,801 Current net earnings 12,432 Add—profit and loss 324 Deduct: Profit and loss—net debit 1,249 Dividends accrued since closing of books 7,941 Net earnings available for depreciation allowances, reserves, and surplus 3,566 Accrued dividends unpaid 804 Unearned discount 12 Discount on securities 990 Suspense account and miscellaneous liabilities 2,400 Total all other liabilities 7,772 Total liabilities 12,883,074 1 Before closing books at end of year. Back figures.—See Annual Report for 1936 (table 7) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 8.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH Or to [In thousands of dollars] 1936 1937 Dec. 31 Jan. 31 Feb. 28 Mar. 31 \pr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 ASSETS Gold certificates on hand and due from U. S. Treasury 8,851,880 8,849,887 8,847,398 ,844,400 8,843,385 8,838,416 8,835,907 8,833,900 8,831,387 9,127,390 9,124,892 9,122,408 9,119,891 Redemption fund—Federal Reserve notes.. 12,741 12,121 11,475 8 11,375 9,595 11,341 10,471 9,284 8,950 10,422 9,382 9,940 9,436 Other cash 256,534 293,574 275,480 285,028 282,019 285,236 312,309 317,081 295,019 313,854 314,255 318,036 351,688 Total reserves 9,121,155 9 155,582 9,134,353 9,140,803 9,134,999 9,134,993 9,158,687 9,160,265 9,135,356 9,451,666 9,448,529 9,450,384 9,481,015 Bills discounted: For member banks 2,612 3,171 4,619 11,807 12,098 17,425 9,928 14,989 21,559 21,315 20,862 16,584 9,866 For nonmember banks, etc 301 101 200 1 1 2 1,002 2 2 Total bills discounted 2,913 3,272 4,619 12,007 12,098 17,425 9,929 14,990 21,561 22,317 20,864 16,586 9,866 Bills bought: Payable in dollars 265 669 3,189 718 3 Payable in foreign currencies 3,089 3,081 3,083 3,082 3,069 3,075 3,083 3,074 3,076 3,026 2,832 2,828 540 Total bills bought 3,089 3,081 3,083 3,347 3,738 6,264 3,801 3,077 3,076 3,026 2,832 2,828 540 Industrial advances 24 650 23,829 23,257 22,338 22,954 22,404 22,152 21,163 20,895 20,544 19,414 18,557 18,049 U. S. Government securities Bonds 490,643 492,182 533,682 636,890 733,478 732,608 732,508 732,508 737,073 738,073 738,073 738,073 751,539 Treasury notes 1,340,963 1345,963 1,303,971 1,218,843 1,156,393 1,152,213 1,170,713 1,160,713 1,157,713 1,157,713 1,158,463 1,168,463 1,154,997 Treasury bills 598,621 592,082 592,574 574,494 635,119 641,469 622,969 632,969 631,404 630,404 629,654 657,479 657,479 Total U. S. Government securities... 2,430,227 2 430,227 2,430,227 2,430,227 2,524,990 2,526,290 2,526,190 2,526,190 2,526,190 2,526,190 2,526,190 2,564,015 2,564,015 Other Reserve bank credit: Due from foreign banks 220 226 225 227 230 226 219 222 221 190 173 178 179 Reserve bank float 1 39,064 35,975 4,007 29,907 702 12,666 2 617 8,386 4,974 6,822 10,803 4,280 19,487 Total Reserve bank credit outstanding 2,500,163 2496,610 2,465,418 2,458,239 2,564,712 2,585,275 2,561,674 2,574,028 2,576,917 2,579,089 2,580,276 2,606,444 2,612,136 Federal Reserve notes of other Reserve banks 32,603 24,754 20,621 19,185 19,137 19,266 23,933 31,499 24 672 27 225 26 875 25,906 30 211 Uncollected items not included in float.... 786,157 530,904 615,510 631,997 638,248 607,432 664,852 605,236 566,246 644,848 584,347 623,580 674,000 Bank premises 46,142 46,140 46,026 45,880 45,798 45,698 45,615 45,513 45,437 45,462 45,366 45,274 45,027 All other assets 38,473 42,515 47,895 43,393 46,303 47,758 41,720 45,300 45,250 37,824 41,572 44,225 37,335 Total assets 12,524,69312296,50512,329,82312,339,49712,449,19712,440,42212,496,48112,461,84112,393,87812,786,11412,726,96512,795,81312,879,724 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LIABILITIES I Federal Reserve notes: Held by other Federal Reserve banks.. 32,603 24,754 20,621 19,185 19,137 19,: 23,933 31,449 24,672 27,225 26,875 25,906 30,211 Outside Federal Reserve banks 4,250,934 4,134,911 4,169,673 4,155,046 4,185,577 4,204,152 4,182,544 4,189,214; 4,227,244 4,236,001 4,252,046 4,247,620 4,253,400 Total Federal Reserve notes in circulation 3 4,283,537 4,159,665 4,190,294 4,174,231 4,204,714 4,223,418 4,206,477 4,220,663! 4,251,916 4,263,226 4,278,921 4,273,526 4,283,611 Deposits: Member bank—reserve account 6,606,430 6,780,789 6,694,612 6,639,080 6,881,167 1,915,388 6,900,288 ,753,495 6,751,470 7,014,096 6,927,591 i, 961,7357,026,809 U.S. Treasurer—general account 243, 194,902 193,854 310,950 88,010 73,449 92,813 233,084 138,955 140,884 113,966 121,300 142,390 Foreign bank 98,620 76,893 114,760 71,405 94,873 120,365 157,400 183,496 189,015 247,916 258,775 271,662 171,750 Other deposits 160,20' 204,514 173,541 164,149 192,664 151,460 127,671 117,980 148,417 126,472 212,798 193,161 235,743 Total deposits 7,108,919 7,257,098 7,176,767 7,185,584 7,256,714 7,260,662 7,278,172 7,288,055 7,227,857 7,529,368 7,513,130 7,547,858 7,576,692 Deferred availability items 786,157 530,904 615,510 631,997 638,248 607,432 664,852 605,236 566,246 644,848 584,347 623,580 674,000 Capital paid in 130,836 132,136 132,265 132,235 132,179 132,200 132,302 132,426 132,595 132,605 132,685 132,519 132,744 Surplus (sec. 7) 145,854 145,854 145,854 145,854 145,854 145,854 145,854 145,854 145,854 145,854 145,854 145,854 147,739 Surplus (sec. 13b) 27,190 27,190 27,190 27,490 27,490 27,490 27,490 27,490| 27,490 27,490 27,615 27,615 27,683 U Reserve for contingencies 37,200 36,235 36,200 36,176 36,142 35,940 35,906 35,873', 35,839 35,804 35,743 35,732 33,052 All other liabilities 5,000 7,423 5,743 5,930 7,856 7,426 5,428 6,244 6,081 6,919 8,460 9,129 4,203 Total liabilities 12,524,6 12,296,50512,329,82312,339,49'12,449,19712,440,42212,496,48112,461,841il2,393,87812,786,11412,726,75512,795,81312,879,724 Commitments to make industrial advances 20,643 20,218 19,441 18,611 17,555 17,069 16,331 15,702! 15,148 14,841 14,582 13,23 12,928 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 80.1 80.2 80.4 80.5 79.7 79.5 79.7 79.6 80.1 79.9 79.9 w 2 1 D U e n f c e o rr ll e e d c t a e v d a i i t l e a m bi s l i i t n y e it x e c m es s s i o n f e d x e c f e e s r s r e o d f a u v n a c i o la ll b e i c l t i e ty d i i t t e e m m s s . . CO 3Differs from figures given in table 35, by the amount of Federal Reserve notes held by (a) Federal Reserve banks other than issuing bank and by (b) the U. S. Treasury. Back figures.—See Annual Report for 1936 (table 8) and similar tables in previous annual reports. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 9.—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1936 AND 1937 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 ASSETS Gold certificates on hand and due from U. S. Treasury. 8,851,880 9,119,891 554,311 503,090 3,438,991 3,586,484 495,308 474,890 665,017 672,135 302,265 294,125 Redemption fund—Federal Reserve notes 12,741 9,436 1,449 804 1,435 1,124 194 501 978 659 340 921 Other cash . ... .... 256,534 351,688 20,192 35,260 64,811 78,420 25,458 26,940 20,077 27,622 17,065 25,919 Total reserves 9,121,155 9,481,015 575,952 539,154 3,505,237 3,666,028 520,960 502,331 686,072 700,416 319,670 320,965 w Bills discounted: Secured by U.S.Government obligations, direct or fully guaranteed .... 2,186 6,481 1,070 551 655 2,804 285 1,498 478 150 340 O Other bills discounted 727 3,385 22 100 491 316 28 655 28 195 13 255 Total bills discounted 2,913 9,866 1,092 651 1,146 3,120 313 2,153 28 673 163 595 Bills bought in open market 3,089 540 225 41 1,100 212 317 55 294 50 121 23 Industrial advances 24,650 18,049 2,875 2,729 5,958 4,412 4,685 3,627 1,214 879 2,655 1,768 U. S. Government securities: Bonds 490,643 751,539 35,167 54,751 130,269 216,814 42,194 63,561 49,618 73,157 25,340 39 394 Treasury notes 1,340,963 1,154,997 96,116 84,144 356,035 333,211 115,317 97,685 135,612 112,432 69,254 60,540 Treasury bills 598,621 657,479 42,907 47,899 158,939 189,679 51,479 55,607 60,539 64,002 30,916 34,462 Total U. S. Government securities 2,430,227 2,564,015 174,190 186,794 645,243 739,704 208,990 216,853 245,769 249,591 125,510 134,396 o Total bills and securities 2,460,879 2,592,470 178,382 190,215 653,447 747,448 214,305 222,688 247,305 251,193 128,449 136,782 o Due from foreign banks 220 179 17 13 84 68 21 18 20 17 10 8 Federal Reserve notes of other Federal Reserve banks 32,603 30,211 310 412 8,799 5,292 1,736 1,662 2,192 1,984 2,779 2,886 Uncollected items 825,221 693,487 81,304 65,419 241,482 195,811 58,663 54,588 95,537 64,245 62,145 53,628 3 Bank premises 46,142 45,027 3,057 3,001 10,134 9,973 4,952 4,826 6 368 6,215 2 81C 2 700 All other assets 38,473 37,335 133 2,239 30,576 10,808 3,122 4,305 1,315 4,057 894 2,231 o w w Total assets 12,524,693 12,879,724 839,155 800,453 4,449,759 4,635,428 803,759 790,418 1,038,809 1,028,127 516,757 519,200 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LIABILITIES Federal Reserve notes in actual circulation1. .. . 4,283,537 4,283,611 361,758 285,413 921,697 964,902 312,078 318,035 418,454 433,328 208,787 209,905 Deposits: Member bank—reserve account 6,606,430 7,026,809 353,497 402,354 2,942,652 3,071,762 381,210 365,046 451,331 470,054 215,791 220,566 U.S. Treasurer—general account . 243,662 142,390 9,718 7,103 108,703 39,295 6,258 1,092 26,873 12,477 7,317 10,888 Foreign bank 98,620 171,750 7,327 12,665 35,745 60,892 9,208 17,002 9,109 15,961 4,357 7,460 Other deposits 160,207 235,743 2,830 4,044 96,584 189,134 2,220 2,269 12,797 3,210 4,963 3,599 Total deposits 7,108,919 7,576,692 373 372 426,166 3,183.684 3,361,083 398,896 385,409 500,110 501,702 232,428 242,513 Deferred availability items 786,157 674,000 80,190 64,886 223,480 189,511 58,926 53,747 88,871 61,336 60,837 51,996 Capital paid in 130,836 132,744 9,385 9,386 50,590 51,058 12,211 12,258 12,664 13,036 4,719 4,896 Surplus (sec. 7) 145,854 147,739 9,826 9,900 51,474 51,943 13,362 13,466 14,323 14,323 4,869 4,964 Surplus (sec. 13b) 27,190 27,683 2,874 2,874 7,744 7,744 4,325 4,411 1,007 1,007 3,422 3,409 Reserve for contingencies 37,200 33,052 1,570 1,448 9,260 8,210 3,000 2,000 3,120 3,176 1,575 1,401 All other liabilities 5,000 4,203 180 380 1,830 977 961 1,092 260 219 120 116 Total liabilities 12 524,693 12 879 724 839,155 800 453 4,449,759 4,635,428 803,759 790,418 l,038,8C9 1,028,127 516,757 519,200 Commitments to make industrial advances 20,643 12,928 2,050 1,671 8,424 4,755 247 173 1,280 753 2,322 1,623 S3 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 4,638,197 4,661,627 385,745 322,502 1,020,281 1,089,215 330,441 340,801 451,512 464,655 227,242 226,302 Held by Federal Reserve bank 354,660 378,016 23,987 37,089 98,584 124,313 18,363 22,766 33,058 31,327 18,455 16,397 In actual circulation J 4,283,537 4,283,611 361,758 285,413 921,697 964,902 312,078 318,035 418,454 433,328 208,787 209,905 Collateral held by agent for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 4,618,838 4,728,632 406,000 341,000 1,025,706 1,100,000 332,000 347,000 457,000 467,000 228,000 226,000 Eligible paper 2,237 8,954 1,070 589 692 3,085 285 1,767 568 150 595 U S Government securities 95,000 25,000 Total collateral held 4,716,075 4,762,586 407,070 341,589 1,026,398 1,103,085 332,285 348,767 457,000 467,568 228,150 226,595 For footnote see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 9—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1936 AND 1937—Continued [In thousands of dollars] Atlanta Chicago St. Louis Minneapolis KansasCity Dallas San Francisco 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 ASSETS Gold certificates on handand due from U.S. Treasury.. 249,489 230,573 1,664,103 1,760,008 255,381 282,455 175,995 185,747 254,216 266,709 170,362 181,832 626,442 681,843 Redemption fttnd—Federal Reserve notes 2,659 1,535 857 695 1,570 792 915 446 666 543 198 236 1,480 1,180 Other cash 14,448 17,174 30,597 43,691 16,465 16,105 7,301 9,672 13,157 24,560 6,695 14,149 20,268 32,176 Total reserves 266,596 249,282 1,695,557 1,804,394 273,416 299,352 184,211 165,865 268,039 291,812 177,255 196,217 648,190 715,199 Bills discounted: Se f c u u l r ly ed g b u y a r U a . n t S e . e G d overnment obligations direct or 20 322 150 1 22 3 154 2 17 145 o Other bills discounted 11 638 35 79 39 1 7 175 22 932 10 26 21 13 o Total bills discounted 31 960 35 229 40 23 10 175 22 1,086 12 43 21 158 Bills bought in open market 108 19 385 65 86 3 61 2 87 16 87 16 218 38 *1 Industrial advances 400 128 1.434 70C 424 237 1.064 637 794 464 1,325 946 1,822 1,522 U.S. Government securities: > Bonds 20,025 32,899 57,324 82,655 23,381 32,969 18,313 24,332 25,409 36,717 20,318 29,231 43 285 65,059 Treasury notes 54,731 50,559 156,670 127,026 63,901 50,670 50,051 37,392 69,445 56,426 55,530 44,926 118,301 99,986 Treasury bills 24.432 28,780 69,939 72,310 28,527 28,844 22,343 21,285 31,001 32,120 24,789 25,574 52,810 56,917 Total U. S. Government securities 99,188 112,238 283,933 281,991 115,809 112,483 90,707 83,009 125,855 125,263 100,637 99,731 214,396 221,962 Total bills and securities 99,727 113,345 285,787 282,985 116,359 112,746 91,842 83,823 126,758 126,829 102,061 100,736 216,457 223,680 Due from foreign banks .... 8 6 26 21 4 3 3 2 6 5 6 5 15 13 Federal Reserve notes of other Federal Reserve banks 3,564 3,536 3,974 4,47C 2,036 1,973 1,740 1,920 1,760 1,531 1,044 1,025 2,669 3,520 Uncollected items .. 27,364 24,953 101,701 86,688 33,949 28,770 18,536 18,078 36,350 36,463 26,934 27,981 41,256 36,863 2 Bank premises 2,237 2,119 4,711 4,589 2,390 2,341 1,488 1,477 3,285 3,159 1,261 1,281 3,449 3,346 All other assets ... 1,191 1,504 207 3,332 183 1,367 232 1,323 167 1,572 283 1,369 170 3,228 § Total assets 400,687 394,745 2.091.963 2,186,479 428,337 446,552 298,052 302,488 436,365 461,371 308,844 328,614 912,206 985,849 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LIABILITIES Federal Reserve notes in actual circulationl 189,101 162,016 963,398 183,580 182,088 136,096 137,570 162,081 167,924 91,863 86,374 334,644 342,694 Deposits: Member bank—reserve account 158,750 181,212 935,159 1,011,438 182,277 204,984 120,530 126,011 218,402 233,775 168,143 190,570 478,688 549,037 U. S. Treasurer—general account 4,565 6,396 36,485 27,967 6,952 8,779 5,471 4,339 8,494 9,086 4,233 4,004 18,593 10,964 Foreign bank 3,466 6,072 11,486 20,124 2,970 5,205 2,376 3,990 2,872 5,031 2,872 5,031 6,832 12,317 Other deposits 4,367 2,201 1,725 2, " 8,697 5,817 5,446 3,228 208 420 3,819 2,677 16,551 16,645 Total deposits 171,148 195,881 984,855 1,062,028 200,896 224,785 133,823 137,568 229,976 248,312 179,067 202,282 520,664 588,963 Deferred availability items 27,116 24,126 99,577 86,741 33,557 29,282 18,826 18,082 34,551 35,254 27,045 29,003 33,181 30,036 Capital paid in 4,272 4,401 12,324 12,920 3,782 3, " 2,943 2,893 3,962 4,091 3,825 3,891 10,159 10,046 Surplus (sec. 7) 5,616 5,626 21,504 22,387 4,655 4,667 3,116 3,153 3,613 3,613 3,851 3,892 9,645 9,805 Surplus (sec. 13b) 754 730 1,416 1,429 545 545 1,003 1,001 1,142 1,142 1,262 1,270 1," 2,121 Reserve for contingencies 2,584 1,603 7/"" 7,340 1,194 1,215 2,097 1,949 936 934 1,776 2,037 2,000 All other liabilities 96 362 272 128 102 148 272 104 101 *103 126 184 180 Total liabilities 400,687 394,745 2,091,963 2,186,479 428,337 446,552 298,052 302,488 436,365 461,371 308,844 328,614 912,206 985,849 290 345 10 1,061 176 71 51 317 111 489 269 4,082 3,001 Commitments to make industrial advances FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve 216,545 182,457 1,006,839 1,027,633 196,159 197,086 142,110 142,887 172,233 178,936 103,272 97,094 385,818 392,059 a agent 27,444 20,441 43,441 34,271 12,579 14,998 6,014 5,317 10,152 11,012 11,409 10,720 51,174 49,365 Held by Federal Reserve bank w In actual circulation 1 189,101 162,016 963,398 993,362 183,580 182,088 136,096 137,570 162,081 167,924 91,863 86,374 334,644 342,694 Collateral held by agent for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 176,000 166,000 1,030,000 1,055,000 171,632 200,632 128,000 140,500 170,000 182,000 105,500 99,500 389,000 404,000 Eligible paper 20 731 229 1 23 3 99 13 1,067 3 43 158 00 U. S. Government securities 45,000 20,000 30,000 15,000 5,000 5,000 Total collateral held 221,020 186,731 1,030,000 1,055,229 201,633 200,655 143,003 145,599 175,013 183,067 105,503 99,543 389,000 404,158 1 Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
58 ANNUAL REPORT OF BOARD OE GOVERNORS No. 10.—BILLS DISCOUNTED—HOLDINGS, BY CLASSES, OF ALL FEDERAL RESERVE BANKS, DECEMBER 31, 1932-1937, AND OF EACH FEDERAL RESERVE BANK, DECEMBER 31, 1937 [In thousandsof dollars Rediscounted bills Member bank collateral notes Dis- Secured Secured Secured counts c T la ( o s a s t l a e l s l ) m b l G i y g d e o a i n v r U t t e i e o c . r o n n t b S s - - . a s O e n w c d t u h i s r e u e e r n d - - m b l G i y g d e o a i n v r U t t e i e o c . r o n n t b S s - - . c b S o e y e l l i l c g a o u i t t b r e h e l r e e d a r l a r b i n e f t o l y d i i e r g s b s i d b e i n i l c l s l e o u s - t - f a p v o n a i s r d d r h t u i i n n c a p e o d l s s r r i , - , - or fully secured or fully count or guaran- guaran- purchase teed teed sec. 10 (b) 1932—Dec. 31 234,932 1,000 91,301 60,000 67,956 13,974 701 1933—Dec. 31 97,590 338 19,887 26,891 31,246 18,824 404 1934—Dec. 31 7,062 657 3,470 1,214 1,647 74 1935—Dec. 31 4,672 731 1,538 803 1,594 6 1936—Dec 31 2,913 316 2,185 37 374 i 1937—Dec, 31 9,866 5 1,826 6,476 676 883 1937-Dec. 31 Boston 651 551 37 63 New York 3,120 23 2,805 257 35 Philadelphia 2,153 270 1,497 386 Cleveland 673 5 80 473 10 105 Richmond 595 340 255 Atlanta 960 409 322 229 Chicago 229 79 150 St Louis 23 1 22 Minneapolis 175 110 65 Kansas City 1,086 815 154 117 Dallas 43 26 17 San Francisco 158 13 145 1 Authorization by the Board of Governors to make discounts under paragraph 3 of section 13 of the Federal Reserve Act expired July 31. 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 59 No. 11.—MATURITY DISTRIBUTION OF BILLS AND UNITED STATES GOVERNMENT SECURI- TIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s30 1 6 d t a o ys 6 3 0 1 d t a o ys90 6 1 d a t y o * 9 m 1 t o o d n a t 6 y h * s m y t o o e 6 n a 1 t r hs 1 t o y e 2 ar 2 y t y e o e a a 5 r r s s 5 O y v e e a r rs Bills discounted: 1936—Dec. 30 5,377 4,737 171 161 302 1937—Jan. 27 2,857 245 3 80 Feb. 24 4,107 13 77 12 Mar. 31 12,007 303 51 82 Apr. 28 10,999 59 84 487 133 May 26 15,698 165 722 236 292 June 30 9,929 596 724 206 354 July 28 15,217 511 774 806 817 Aug. 25 18,703 362 914 742 137 Sept. 29 23,590 434 1,012 436 173 Oct. 27 23,426 823 515 492 520 Nov. 24 15,863 247 628 237 826 Dec. 29 12,847 395 582 414 728 Bills bought in open market 1936—Dec. 30 3,089 194 63 250 2,582 1937—Jan. 27 3,081 319 227 650 1,885 Feb. 24 3,083 762 1, 247 185 Mar. 31 3,347 373 309 2,665 Apr. 28... 3,743 "30 310 614 2,789 May 26 6,260 770 1,663 886 2,915 26 June 30 3,801 232 1,523 419 1,627 July 28 3,201 208 271 173 2,549 Aug. 25 3,077 569 1,333 391 784 Sept. 29 3,026 391 1,016 302 1,317 Oct. 27 2,830 171 232 117 2,310 Nov. 24 2,828 485 1,990 353 Dec. 29 2,827 438 '400 1, Industrial advances: 1936—Dec. 30 24,768 1,167 260 669 1,676 0) 0) C1) 1937—Jan. 27 24,085 1,003 290 529 1,052 1,238 4,363 5,899 9,711 Feb. 24 23,350 977 197 894 517 1,589 4,087 5,657 9,432 Mar. 31 22,338 1,285 137 400 553 1,947 3,681 5,447 8,888 Apr. 28 23,180 942 221 413 661 2,269 3,815 5,558 9,301 May 26 22,407 794 178 566 1,027 1,872 3,533 5,482 8,955 June 30 22,152 849 246 721 813 1,940 3,763 5,251 8,569 July 28 21,596 1,149 94 656 792 2,050 2,972 5,464 8,419 Aug. 25 20,929 936 224 649 564 2,231 3,135 5,785 7,405 Sept. 29 20,598 1,179 190 572 696 1,898 3,117 5,801 7,145 Oct. 27 19,450 1,086 257 712 876 1,695 2,914 5,679 6,231 Nov. 24 18,589 922 323 842 624 1,599 3,222 5,431 5,626 Dec. 29 18,291 1,334 302 577 438 1,431 3,490 5,502 5,217 U. S. Government securities 1936—Dec. 30 2,430,227 3,240 23,499 54,426 63,548 292,766 346,189 375,306 827,784 443,469 1937—Jan. 27 2,430,227 24,509 24,033 63, 109,961 318 326.,760 375.306 832,834444,958 Feb. 24 2,430,227 31,959 29,724 68, 48,597 400 3851,337 293;840 839,584 471,008 Mar. 31 2,430,227 12,277 53,010 75.922 368 224 357,153 274,257 707,518 581,866 Apr. 28 2,526,240 23i790 27,770 59,278 67.123 354334 375,302 254; 815 683,857 May 26 2,526,290 24,767 33,461 70223 78!920 323; 534 378!,912 258, 815 681,687 June 30 2,526,190 32,247 35,561 66075148.926 212!,481483,848 247;497 617868 681,687 July 28 2,526,190 38,628 27,447 142,926 57,736 222,1616 494.785 236.997 623,368 681,687 Aug. 25 2,526,190 28,546106,880 54,736 59 729 300,(018 429,664 236,997 623367 686,253 Sept. 29 2,526,190 27,472 27,349 61,055 60,168396,(030 425!,413 209.798 631653 687,252 Oct. 27 2,526,190 29,685 31,370 60,168 52,853 426,185 396,,476 209.798 632415 687,240 Nov. 24 2,564,015 28,285 38,083 54,053147,93, 383, 188 373,016 211.298 640915 687,240 Dec. 29 2,564,015 24,385 33,296 68,350 265,085 381170 213,895 283;389 593739 700,706 1 Maturity distribution not available. Back figures.—See Annual Report for 1936 (table 11) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
60 ANNUAL REPORT OF BOARD OF GOVERNORS No. 12.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS AT END OF DECEMBER 1935, DECEMBER 1936, JUNE 1937, AND DECEMBER 1937 [In thousands of dollars] Rate of Total holdings interest (percent) Dec. 31, 1935Dec. 31, 1936June 30, 1937Dec. 31, 1937 Bonds: Conversion loan of 1946-47 3 i 644 Treasury bonds of 1941 44,440 47,173 50,820 50,832 Treasury bonds of 1940-43 2,409 2,432 188 99 Treasury bonds of 1941-43 7,167 7,178 8,185 7,894 Treasury bonds of 1943-45 2 22,694 22,831 26,359 24,743 Treasury bonds of 1945 41,466 Treasury bonds of 1944-46 33^62' 29i999* 30,881 Treasury bonds of 1943-47 3,710 3^834 14,960 14,965 Treasury bonds of 1945-47 12,738 21,288 31,357 31,816 Treasury bonds of 1946-48 40,700 44,036 47,766 45,901 Treasury bonds of 1946-49 1,870 5,906 13,209 13,384 Treasury bonds of 1948-51 59,123 101,312 100,044 Treasury bonds of 1947-52 525" 631 2,314 2,314 Treasury bonds of 1949-52 2,810 7,268 27,812 28,327 Treasury bonds of 1949-53 81,425 105,134 108,573 Treasury bonds of 1944-54 4 i',m 6,436 19,748 20,041 Treasury bonds of 1951-54 2% 52,524 84,349 84,694 Treasury bonds of 1951-55 3 533' 1,159 28,582 28,922 Treasury bonds of 1946-56 6,037 4,988 13,820 13,901 Treasury bonds of 1956-59 53,894 65,421 62,932 Treasury bonds of 1955-60 32,358 34,436 61,173 39,810 Total bonds 216,176 490,643 732,508 751,539 Treasury notes: Series maturing: April 15, 1936.. 151,912 June 15, 1936 57,945 Aug 1, 1936 3M 86,942 Sept. 15, 1936 54,905 Dec. 15, 1936 92,368 Feb. 15, 1937 3 4 85,442 April 15, 1937 3 88,070 88,070 Sept. 15, 1937 3M 94,334 96,977 79,570 Feb. 1, 1938 73,766 81,466 81,466 M Ju a n r e . 1 15 5 , , 1 1 9 9 3 3 8 8 3? 8 8 9 2 4 , , 9 5 5 9 2 9 1 8 1 5 3 , , 7 6 0 4 7 9 1 8 0 7 7 , , 9 21 2 2 1 1 8 07 7 ^ ,9 2 2 1 1 2 Sept. 15, 1938 91,484 94,484 90,484 90,784 Dec. 15, 1938 42,785 Mar. 15, 1939 92,666 89,066 75,566 75,066 June 15, 1939 90,847 100,197 81,447 84,947 Sept. 15, 1939 10,000 34,700 Dec. 15, 1939 1H 79,476 86,176 87,676 88,676 Mar. 15, 1940 143,275 138,275 101,375 89,875 June 15, 1940 122,287 129,212 98,862 97,862 Dec. 15, 1940 58,327 104,474 78,474 80,974 Mar. 15, 1941 54,060 61,060 62,060 June 15, 1941 IK 27,150 29,650 37,150 Dec. 15, 1941 52,000 42,450 48,450 Mar. 15, 1942 IK 57,500 61,000 Sept. 15, 1942 2 46,035 Dec 15, 1942 IX 19,500 Total Treasury notes 1,641,597 1,340,963 1,170,713 1,154,997 Treasury bills: Series maturing within: 15 days 25,070 3,240 32,247 24,385 16 to 30 days 25,425 23,499 35,561 33,296 31 to 60 days 68,343 54,426 66,075 68,350 61 to 90 days 122,169 95,839 69,356 157,873 91 days to 6 months 135,803 172,405 212,481 293,249 6 to 9 months 196,148 249,212 207,249 80,326 Total Treasury bills 572,958 598,621 622,969 657,479 Total holdings 2,430,731 2,430,227 2,526,190 2,564,015 1 Includes $500—3-percent loan of 1961. 2 Includes $500,000 acquired under repurchase agreement. Back figures.—See Annual Report for 1936 (table 12) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 61 No. 13.—INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO DECEMBER 29, 1937 [Amounts in thousands of dollars] Applications approved to date by Federal Reserve banks Applications (with and without conditions) recommended N b A u r e m e d p r c p a - e t l i i e v c , e a n d ti e o t t n o s N m A b b f u d i o e y t m v t r r e i I s - e a n o p s d r p y u t r o s o C t v r d o i a a a m l t l e - Num- Tota R F v s b e e a t o a i a d a s n n u d n e n e c g t - r d r k e - v a - s e l R F s m b c e e t m o i a o d a s e n u n e m i n e n g t t r d r k - - t v - a s - e l b p p l u c r e A o o t t p v m e n - e d o - d l t e o R b d x r c e y r e p p a a p w t l i c n i w r a a - . i e t i p t , n d d h - , , - F p p i s s n i t i a t o a n t g a n i i g t r u o n t i a t o u t i i n n d 2 - n c n - c - i - s - - Total to: 1934—Dec. 26 5,053 187,i 1,122 54,531 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—Dec. 31 7,615 306,708 2,176 132,460 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—Dec. 30 8,379 342,699 2,500 149,204 2,280 139,829 25,533 20,959 8,226 77,903 7,208 1937—Dec. 29 8,677 363,292 2,640 158,743 2,406 150,98: 20,200 12,780 3,369 107,400 7,238 Total to Dec. 29, 1937, by Federal Reserve banks: Boston 464 26,407 172 13,944 124 11,715 2,872 1,706 6,791 346 New York 1,212 83,213 461 35,213 480 36,616 5,202 4,555 358 25,045 1,456 Philadelphia 593 40,953 215 24,346 172 24,831 3,645 173 18,874 2,139 Cleveland 659 25,225 226 13,348 201 11,983 762 753 " 1,784 8,064 620 Richmond 651 27,262 219 12,017 199 11,183 2,079 1,634 1 6,843 626 Atlanta 524 12,917 179 4,838 167 4,412 143 345 3,901 23 Chicago 1,012 47,141 169 12,73" 142 9,094 709 8,365 20 St. Louis 403 16,396 160 9,804 158 9,917 241 176 9,210 15 Minneapolis 1,176 21,892 350 9,298 297 7,264 842 51 874 5,339 158 Kansas City..... 403 13,259 94 6,529 85 6,178 497 111 45 5,415 110 Dallas 453 12,360 116 4,549 110 4,286 1,011 269 2,787 219 San Francisco. .. 1,127 36,267 279 12,120 271 13,508 2,197 3,007 32 6,766 1,506 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,168,763 on December 29, 1937. No. 14.—APPLICATIONS FOR INDUSTRIAL ADVANCES (INCLUDING COMMITMENTS) AP- PROVED BY FEDERAL RESERVE BANKS UNDER SECTION 13b, CLASSIFIED ACCORDING TO SIZE, JUNE 19, 1934, TO DECEMBER 29, 1937 Size of loan Total $2,500 12,501 $5,001 $10,001 $100,001$200,001 Over u a n n d d er $5 t ,0 o 00 $10 t , o 000$25 to ,000 $200°000$400,000$400,000 Total amount of applications approved1 (advances and commitments) 150,982 354 1,449 2,900 22,802 28,059 45,063 Total number of applications approved (advances and commitments) 2,406 221 343 335 144 94 40 By Federal Reserve banks: Boston 124 12 20 17 9 5 New York 480 57 64 28 22 13 Philadelphia 172 20 19 12 13 5 Cleveland 201 17 31 20 1 4 Richmond 199 25 23 15 11 2 Atlanta 167 33 29 5 1 Chicago 142 16 20 7 8 St. Louis 158 18 16 11 9 Minneapolis 297 63 45 9 1 Kansas City 85 13 12 10 1 Dallas 110 24 9 2 6 San Francisco 271 45 47 8 12 •CO 1 1 2 4 1 In thousands of dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 ANNUAL REPORT OF BOARD OF GOVERNORS No. 15.—APPLICATIONS FOR INDUSTRIAL ADVANCES (INCLUDING COMMITMENTS) UNDER SECTION 13b CLASSIFIED ACCORDING TO BUSINESS AND INDUSTRIES JUNE 19, 1934, TO DECEMBER 29, 1937 [Amounts in thousands of dollars] Net applications re- Applications approved by ceived by industrial Federal Reserve banks advisory committees (with and without conditions) Commitments Advances Number Number Amount Number Amount MANUFACTURERS Aircraft 21 1,995 60 4 1,192 Autos, trucks and accessories 117 26,115 10,689 23 9,392 Chemicals and allied products 139 3,503 264 22 763 Electrical goods 5,170 1,151 15 811 Food products 14,325 1,909 108 3,053 Furniture, office and household equip ment 296 14,083 2,959 59 2,922 Hides and leather 69 2,325 206 7 331 Jewelry and silverware 44 1,865 177 9 487 Liquors, wines and beer 222 21,482 3,743 24 1,515 Lumber and builders supplies 378 19,161 5,910 72 4,640 Machinery and machine tools 326 19,296 3,111 82 5,164 Metals 317 25,589 3,785 73 5,634 Paper products 115 8,972 1,789 27 3,257 Railway equipment 13 6,887 20 6 6,377 Rubber goods 22 1,891 585 5 705 Stone, clay and glass products 152 6,876 2,020 34 808 Textiles 248 21,994 3,756 51 5,575 Wearing apparel, shoes, etc 414 10,715 2,164 77 3,040 Wood products 140 4,420 840 29 470 Other 379 21,245 4,748 78 3,089 Total 3,981 237,909 557 49,886 805 59,225 WHOLESALE AND RETAIL TRADES Autos and accessories 335 3,851 19 246 33 290 Chain and department stores 249 8,113 19 1,433 55 1,260 Clothing, dry goods, jewelry 370 4,021 26 470 44 431 Drugs, tobacco and liquor 210 2,301 13 286 29 410 Florists, nurseries, etc 66 1,394 12 290 11 213 Food products 624 12,816 57 3,318 69 1,163 Furniture 182 3,745 16 511 23 311 Grain, feed, seeds, etc 159 7,286 19 2,558 30 1,075 Hardware and machinery 168 3,085 13 280 26 498 Lumber and builders' supplies 372 9,220 39 1,454 66 1,615 Oil 135 4,305 11 1,610 22 512 Electrical goods 34 585 5 132 5 123 Other 245 5,383 21 427 33 418 Total 3,149 66,105 270 13,015 146 8,319 MISCELLANEOUS Contractors and construction 227 9,692 30 2,864 44 1,905 Hotels, apartments, restaurants, etc. . 130 3,935 7 171 8 381 Laundries, cleaners and dyers 158 3,272 4 456 21 619 Mines and quarries 173 11,897 14 1,785 39 3,066 Oil and gas production 41 8,589 6 2,800 3 310 Printing, publishing and allied trades. 360 6,242 25 645 77 1,579 Shipbuilding and repairing 20 2,674 4 604 2 375 Transportation 114 4,907 11 600 14 618 Other 324 8,070 15 1,029 25 733 Total 1,547 59,278 116 10,954 233 9,586 Grand Total 8,677 363,292 *943 73,855 *1,484 77,130 * Includes 21 applications each of which covered an advance and a commitment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 63 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 16.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1933-1937 [Number in thousands; amounts in thousands of dollars] 1933 1934 1935 1936 1937 NUMBER OF PIECES HANDLED 1 Bills discounted: Applications 81 15 5 3 7 Notes discounted 296 30 8 4 7 Advances made 50 12 5 3 7 Industrial advances: Advances made .5 1 .7 .2 Commitments to make industrial advances .2 .6 .3 .1 Bills purchased in open market for own account 79 7 2 1 2 Currency received and counted 2,013,459 2,067,835 2,148,485 2,232,980 2,257,892 Coin received and counted 2,497,928 2,565,164 2,590,859 2,665,190 2,730,387 Checks handled 688,933 818,847 885,190 1,009,264 1,044,553 Collection items handled: U. S. Government coupons paid 2 18,099 21,555 22,633 18,806 18,566 All other 8,371 7,436 7,119 6,968 6,705 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 3,502 5,281 6,838 27,919 3,892 All other (3) 3,742 1,538 661 Transfer of funds 1,290 1,125 982 951 980 AMOUNTS HANDLED Bills discounted: Notes discounted 809,263 " 45,781 9,622 6,886 16,187 Advances made 8,823,545 668,580 219,924 160,714 516,852 Industrial advances: Advances made 14,884 28,479 8,519 4,932 Commitments to make industrial advances 11,443 29,223 12,583 6,978 Bills purchased in open market for own account 898,001 75,903 31,446 25,207 25,252 Currency recei ved and counted 11,710,364 9,932,601 9,837,681 10,059,637 10,199,559 Coin received and counted 624,617 298,297 275,608 276,323 287,708 Checks handled 157,833,692 179,544,488 202,989,742 234,417,787 255,453,609 Collection items handled: U. S. Government coupons paid 2 578,082 699,325 751,916 798,925 865,465 All other 5,539,659 6,742,974 7,948,641 7,089,008 6,159,828 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 24,622,726 29,941,049 30,755,611 25,196,825 19,304,020 All other (3) (3) 3,346,189 2,223,136 1,691,863 Transfer of funds 85,059,151 73,077,156 80,483,190 87,001,630 94,596,861 1 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." 2 Includes coupons from obligations guaranteed by the United States. 8 Figures not available. Back figures—See Annual Report for 1936 (table 16) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 17.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1937 Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in ol n i e s - K C an it s y as Dallas San c is F co ran- NUMBER OF PIECESHANDLED Bills discounted: 1 Applications 7,453 647 2 751 1,424 360 362 596 177 181 107 247 324 277 Notes discounted 6,702 1491 247 87 ;,272 185 135 709 2,209 359 Advances made 6,869 646 2 676 1,385 344 366 '445 126 184 97 170 212 213 > Industrial advances: ^2. Advances made 247 23 93 23 15 13 5 2 1 39 14 i\ 15 Commitments to make d industrial advances.. 141 5 57 3 14 4 3 25 14 4 12 Bills purchased in open F market for own account.. 2 1,581 . Currency received and PC counted 2,257,891,000 192,039,000 683,487,000203,132000146,518,000 129,230,000124,777,000315,093,000 120,352,00045,705,00071,004,00061,771 000164,783,000 h£ Coin received and counted. . 2,730,387,000 363,210,0001,022,766,000304,684,000138,235,000 188,080,000 87,187,000 112,578,000 126,666,00022,719,00077,141,000 73,750,000 213,371,000 0 C C o h l e l c e k c s ti o h n a n i d te l m ed s handled: 1,044,553,000 110,057,000 195,892,000 93,399000104,929,000 71,878,000 45,328,000 145,618,000 57,857,00032,708 00072,118 00048,577 000 66,192,000 H United States Govern- 0 ment coupons paid3. . 18,566,000 855,000 4,990,000 1,193000 2,463,000 661,000 508,000 3,546,000 1,153 000 642 000 1,142 000 381 000 1,032 000 All other 6,705,000 395,000 2,111,000 366 000 364,000 312,000 219,000 777,000 419 000 821 000 369 000 243 000 309 000 Issues, redemptions, and bd exchanges by fiscal agen- 0 cy department: United States Govern- % ment direct obligations 3,892,000 243,000 1,064,000 201000 273,000 126,000 170,000 694,000 199000 186000 219 000 133000 384 000 0 All other 661,000 12,000 395,000 27000 30,000 8000 8000 110,000 18000 12000 19000 4000 18000 Transfer of funds 980,000 26,000 243,000 66000 49,000 66,000 57,000 162,000 65000 31 000 70000 64000 81 000 GOVERNO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AMOUNTS HANDLED (In millions of dollar>s) Bills discounted 16.2 .1 3.3 1.0 .4 .1 1 5.8 1.3 .0 .3 2.2 1.2 .5 Notes discounted 516.9 54.5 203.2 58.2 21.6 18.5 72.1 21.9 11.4 16.0 10.5 13.1 15.9 Advances made Industrial advances: 4.9 1.0 2.0 .5 .3 .0 .1 .0 .0 .2 .0 .1 .7 Advances made Commitments to make 7.0 .6 2.3 .0 .7 .1 .2 1.8 .1 .3 .9 industrial advances. . Bills purchased in open 25.3 1.6 8.8 2.3 2.2 .9 .8 2.8 .7 .5 .6 .6 3.5 market for own account.. Currency received and 10,199.6 960.7 3,268.8 868.7 745.1 530.7 442.8 1,373.6 433.3 215.7 302.7 213.1 844.4 counted 287.7 31.0 105.5 28.0 12.6 15.9 10.0 18.7 14.0 3.0 9.8 7.5 31.7 Coin received and counted.. 255,453.6 16,030.8 77,897.0 24,310.4 24,472.6 13,174.5 11,672.6 33,435.9 13,287.1 5,631.8 12,062.6 8,949.5 14,528.8 Checks handled Collection items handled: United States Govern- 865.5 57.2 493.8 48.3 61.2 18.5 9.4 83.3 20.9 14.2 20.5 8.6 29.6 All m o e t n h t e r coupons paid 3. 6,159.8 512.7 1,881.8 247.6 389.8 284.8 220.8 887.8 420.2 379.6 344.7 256.4 333.6 Issues, redemptions, and exchanges by fiscal agency department. United States Government direct obligations 19,304.0 925.3 13,536.6 393.8 544.7 298.3 116.9 1,922.2 385.3 216.9 398.5 188.3 377.2 All other 1,691.9 18.2 1,407.1 44.7 38.8 12.8 14.5 85.5 25.4 16.3 14.4 4.6 9 6 Transfer of funds 94,596.8 3,201.4 32,765.5 3,137.0 4,158.4 5,608.2 2,672.7 18,317.2 3,789.2 1,988.9 5,481.0 4,136.2 9,341.1 1 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." 2 Purchased by Federal Reserve Bank of New York for System account. 3 Includes coupons from obligations guaranteed by the United States. Back figures.—See Annual Report for 1936 (table 17) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 18.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS, 1937 Noncash collection Issues, redemptions, and items handled exchanges by fiscal agency department dis N co o u te n s t* Ad m v a a d n e ces an C r d e u c r c e r o i e v u n e n c d t y ed an r d e c C c e o o i i v u n e n d ted h C a h n e d c l k e s d U.S. Tr fu a o n n f s d f s er Federal Reserve branch and district number Go co v u er p n o m ns e J nt All other Gov d e i r re n c m t ent All other obligations NUMBER OF PIECES HANDLED 2 > f No. 2—Buffalo 83 39,025,000 36,020,000 12,711,000 81,000 84,000 1,000 11000 No 4—Cincinnati ... 32,497,000 52,473,0JO 21,682,000 796,000 33,000 5,ono 7(ion 10000 Pittsburgh 59,157,000 56,611,03:) 44,614,000 481,000 32,000 7,000 5 000 12000 No 5—Baltimore 63 56,282,000 129,827,000 24,989,000 362,000 121,000 10, 5 Of)1) 13000 Charlotte 17,293,000 10,251,000 9,058.000 45,000 47,000 14000 No 6—Birmingham .. 12,915,000 9,593,000 6,676,000 37,000 18 000 5000 Jacksonville ... 24,010,000 18,811,000 8,138,000 62,000 46,000 7000 Nashville . • 13,144,000 7,893,000 5,482,000 45,000 28 000 3000 New Orleans . .. 4 25 27,683,000 30,473,000 6,922,000 143,000 57,000 8,000 2,000 10,000 No 7—Detroit 24 49,663,000 4,646,000 18,444,000 327,000 106 000 2000 1noo 25 000 No 8—Little Rock . 6 9,827,000 5,812,000 4,753,000 43,000 121,000 8000 Louisville 18 18,752,000 20,048,000 11,518,000 293,000 36,000 1,000 2,000 8,000 Memphis • • • 44 20,678,000 13,272,000 4,324,000 62,000 60 000 9000 o No. 9—Helena 10 11 2,338,000 2,099,000 3,923,000 34,000 20,000 10,000 No 10—Denver • • 156 82 12,648,000 9,514,000 10,98j,000 224,000 63 000 1,000 g000 o Oklahoma City 9,593,000 10,933,000 16,148,000 57,000 72,000 Omaha 368 46 9,978,000 11,299.000 12,351,000 210,000 83 000 1000 1000 15000 No 11—El Paso .. .. 64 3,958,000 2,218,000 3,913,000 21,000 16,000 4000 Houston 48 33 12,713,000 16,902,000 8,455,000 85,000 64 000 19ooo San Antonio.. 13 8 11,640,000 12,420,000 7,531,000 59,000 36,000 8000 No.12—Los A ngeles • • 32 48 81,277,000 87,330,000 19,523,000 396,000 68,000 3,000 1,000 25,000 Portland .. . 8 9,965,000 8,797,000 7,371,000 127,000 29 000 1,000 6000 Salt Lake City 47 51 5,329,000 5,410,000 8,964,000 101,000 66,000 i 9,000 O Seattle . 15 23 14,367,000 15.008,000 8,599,000 119,000 47 000 000 10ono w Spokane 2,267,000 1,623,000 1,012,000 39,000 10,000 6,000 02 Total 757 573 556,999,000 579,283,000 288,086,000 4,249,000 1,363,000 41,000 24,000 255,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AMOUNTS HANDLED (In thousands of dollars) No. 2—Buffalo 5,096 174,938 3,377 2,749,565 2,437 47,111 605 381 977,299 No. 4—Cincinnati 111,858 5,461 3,629,199 16,650 74,908 32,334 7,789 486,771 Pittsburgh : 359,484 4,250 12,888,738 19,270 69,812 136618 7,089 979,627 No. 5—Baltimore 2^415 229,973 9,613 4,151,174 12,350 137,144 170,254 6,885 1,133,779 Charlotte 58,551 1,306 1,993,074 482 32,887 1,375,343 No. 6—Birmingham 47,559 1,071 1,651,970 389 15,528 131,004 Jacksonville 99,444 2,323 2,157,342 884 26,834 235,067 Nashville 39,127 893 1,492,099 575 39,249 128,155 New Orleans 46 1,299 90,075 2,941 1,636,661 3,195 67,710 20,505 9,470 439,947 No. 7—Detroit 1,415 259,401 7,553,256 7,007 165,320 4,576 518 3,621,927 No. 8—Little Rock 136 35,409 966,992 428 63,792 195 167 244,958 Louisville 792 68,688 1,716 2,568,251 4,193 63,367 385 1,515 449,243 Memphis 2,091 54,330 2,667 1,128,394 804 47,873 178 1,246 496,702 No. 9—Helena 13 175 15,783 464 535,815 409 16581 193,667 No 10—Denver 544 7,474 70,777 2,060 2,372,413 3,517 64868 1,967' 424' 664,663 Oklahoma City 34,065 1,199 2,093,011 859 26719 415 91 860 Omaha 1^290 40,466 1,751 1,814,367 2,759 93332 1,008 1,853 823,516 No. 11— ElPaso 106 15,546 379 532,940 247 13370 129,036 Houston 21 1,110 42,721 1,730 1,853,418 1,795 63102 1,420,166 San Antonio 57 630 39,761 1,145 1,268,676 818 40474 436,469 No. 12—Los Angeles 108 6,477 339,989 10,340 4,021,449 10,328 75318 8,120 '645' 2180,596 Portland 160 51,950 2,013 1,483,638 1,857 33731 739 202 543,098 Salt Lake City 55 1,576 30,896 1,291 1,248,953 1,311 33498 103 210 430,084 Seattle 22 403 75,840 3,014 1,641,027 2,245 44209 1,089 96 564,718 Spokane 14,326 288,850 472 10042 70 97 195,835 Total. 1,997 32,539 2,400,957 63,142 63,721,272 95,281 1,366779 379,161 38,678 18,282,530 1 Includes coupons from obligations guaranteed by the United States. 2 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." NOTE.—Currency received and counted during 1937 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 895,895 pieces, amount 15,096,000; Savannah, Ga., 3,484,- 811 pieces, amount $9,562,550. Coin received and counted by Habana, Cuba, none; Savannah, Ga., 418,500 pieces, amount $31,250. Transfer of funds by Habana, Cuba, 56 pieces, amount $5,263,657; Savannah, Ga., none. Back figures.—See Annual Report for 1936 (table 18) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
68 ANNUAL REPORT OF BOARD OF GOVERNORS INTERDISTRICT SETTLEMENT FUND No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1928-1937 |In millions of dollars] Daily settlements between federal Balance Reserve Iv.nks Interat begin- Reserve With- Balance Year and month n p i e n r g io d of Transit R Fe e d se e r r v a e l tra b n a s n f k ers drawals Deposits at p e e r n io d d of clearings note clearings 1928 528.2 132,525.2 658.4 1,172.6 2,855.6 3,014.4 687.0 1929 687.0 145,132.4 758.7 1,052.1 3,160.4 2,984.5 511.2 1930 511.2 151,458.3 669.4 1,530.2 2,063.8 1,970.0 417.4 1931 417.4 124,137.3 540.1 1,905.0 2,729.0 2,625.7 314.1 1932 314.1 89,527.6 545.4 1,648.4 4,156.6 4,182.8 340.3 1933 340.3 75,725.4 614.4 2,575.0 4,548.6 4,826.5 618.2 1934 618.2 80,816.0 602.9 2,084.0 2,016.4 3,116.5 1,718.3 1935 ,718.3 91,026.6 644.0 1,472.0 2,277.5 4,131.2 3,572.0 1936 ,572.0 102,073.7 786.9 1,869.0 4,028.7 3,179.3 2,722.5 1937 ,722.6 107,157.0 899.7 2,601.5 468.5 626.7 2,880.8 We January 2,722 6 9,150.2 82.5 90.0 7.0 132.7 2,848.3 February 2,848.3 7,757.9 62.3 90.0 9.5 6.0 2,844.8 March 2,844.8 10,186.7 70.9 446.0 49.0 29.0 2,824.8 April 2,824.8 9,480.4 69.0 287.5 48.0 35.0 2,811.8 May 2,811.8 8,738.3 64.9 231.0 61.9 40.0 2,789.8 June 2,789.8 9,343.4 66.6 398.0 28.0 11.0 2,772.8 July 2,772.8 8,991.5 74.0 163.0 54.0 20.0 2,738.8 August 2,738.8 8,262.7 85.1 99.0 21.0 2,720.3 September 2,720.3 8,636.8 86.0 189.0 36.5 300.0 2,983.8 October 2,983.8 9,043.3 83.5 159.0 28.4 16.0 2,971.3 November 2,971.3 8,148.2 74.0 166.0 21.5 17.5 2,967.3 December 2,967.3 9,417.8 80.9 283.0 103.5 17.0 2,880.8 Back figures.—See Annual Report for 1936 (table 19) and similar tables in previous annual reports. No. 20.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1937 [In millions of dollars] Inter-Reserve Balance bank transfers in fund Federal Reserve With- De- at close bank drawals posits of business Dec. 31 Boston 6.0 700 162.1 New York 117.0 335 7 986.5 Philadelphia... 18.0 127.9 Cleveland 55.0 42 5 205.1 Richmond 74.5 640 68.1 Atlanta 22.0 31 0 64.6 Chicago 68.0 40.0 705.0 St. Louis 29.0 81.8 Minneapolis... 37.0 24 5 45.3 Kansas City... 15.5 3 0 84.3 I alias 10.5 160 82.3 San Francisco.. 16.0 267.8 Total.... 468.5 626 7 Back figures.—See AnnualReport for 1936 (table 20) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 69 FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND No. 21.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1928-1937 [In millions of dollars! Year and month B b o e a f g la p in n e n c ri i e o n a d g t d W raw ith a - ls Deposits T to ra n b s a f n e k rs f T ro r m an s b f a er n s k Ba p e l n e a d r n i o c o d e f at 1928 1,028.3 473.6 70.5 1,631.4 1,768.1 761.9 1929 761.9 358.5 149.9 1,500.6 2,210.2 1,262.9 1930 1,262.9 .5 1,101.7 947.8 1,109.4 1931 1,109.4 1.0 1.3 1,678.5 1,819.5 1,250.7 1932 1,250.7 4.0 3,101.6 3,084.5 1,237.6 1933 1,237.6 4.0 4,030.3 3,938.5 1,149.7 1934 1,149.7 1.0 1,003.3 2,458.3 2,605.7 1935 2,605.7 .5 864.0 2,223.7 3,965.8 1936 3,965.8 1,810.3 1,158.2 3,313.8 1937 3,313.8 326.7 436.5 3,423.6 January 3,313.8 132.7 5.0 3,186.1 February 3,186.1 6.0 7.0 3,187.1 March 3,187.1 29.0 46.0 3,204.1 April 3,204.1 35.0 47.0 3,216.1 Nlay 3,216.1 40.0 57.0 3,233.1 June 3,233.1 11.0 25.5 3,247.6 July 3,247.6 20.0 52.0 3,279.6 Auguet 3,279.6 2.5 18.5 3,295.6 September 3,295.6 32.5 3,328.1 October 3,328.1 "io'o 26.0 3,338.1 November 3,338.1 17.5 19.0 3,339.6 December 3,339 6 17.0 101.0 3,423.6 Back figures.— See Annual Report for 1936 (table 21) and .similar tables in previous annual reports. No. 22.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1937 [In millions of dollars] Balance at Federal Reserve bank B J a a l n a . n c 1 e d W raw ith al - s Deposits T to ra n b s a f n e k rs f T ro r m an s b fe a r n s k b c u lo s s in e e o ss f Dec. 31 Boston 406.0 70.0 5.0 341.0 New York 525.7 35 7 110 0 600 0 Philadelphia 332.0 15.0 347.0 Cleveland .. 457.0 42.5 52.5 467.0 liioh mond 228.0 64.0 62.0 226.0 A tlanta 176.0 31.0 21.0 166.0 Chicago 230.0 40 0 65 0 255 0 St Louis 171.6 29.0 200.6 Minneapolis 128.0 24.5 37.0 140.5 Kansas City 170.0 3.0 15.0 182.0 f )ailas 105.5 16 0 10 0 d9 5 San Francisco 384.0 15.0 399.0 Total 3,313.8 326.7 436.5 3,423.6 Back figures.—See Annual Report for 1936 (table 22) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
70 ANNUAL REPORT OF BOARD OF GOVERNORS MEMBERSHIP IN PAR COLLECTION SYSTEM No. 23.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, DEC. 31, 1936-1937 [Banks not on par list comprise nonmember banks that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are presented for payment by the Federal Reserve banks] Dec. 31, 1936 Dec. 31, 1937 Nonmember banks ' Nonmember banks * Federal Reserve district or State M b e u m nk b s er O l n is t par p N a o r t li o s n t M b e a m nk b s er On li s p t ar p N ar o t l is o t n DISTRICT Boston 360 171 357 169 New York 789 288 776 275 Philadelphia 608 261 655 263 Cleveland (327 637 2 622 624 2 Richmond 404 324 321 405 320 310 Atlanta... 330 94 672 324 94 683 Chicago 741 1,622 228 769 1,568 220 St. Louis 388 815 414 392 762 436 Minneapolis 481 184 724 469 171 722 Kansas City 726 1,027 174 733 985 177 Dallas 5oO 305 164 547 288 161 San Francisco 322 291 33 292 265 32 Total. 6,376 6,019 2,732 6,341 5,784 2,743 STATE New England: Maine 26 44 27 New Hampshire 53 12 53 11 Vermont 42 33 42 33 Massachusetts 157 45 156 43 Rhode Island 14 9 14 9 Connecticut 60 64 59 63 Middle Atlantic: New York 194 567 185 N ew Jersey 106 283 103 Pennsylvania 321 775 318 East North Central: Ohio 324 326 381 Indiana 132 390 140 372 6 Illinois 382 480 23 388 462 27 Michigan 189 310 3 201 288 1 Wisconsin 128 310 166 131 304 162 West North Central: Minnesota 211 73 404 207 71 411 Iowa 143 416 111 142 418 109 Missouri 137 442 91 141 402 107 North Dakota 61 5 135 55 129 South Dakota 71 19 101 68 16 97 N ebraska 147 131 158 148 123 161 Kansas 205 502 1 203 487 1 South Atlantic: Delaware 20 24 20 25 Maryland 74 109 74 108 District of Columbia 12 10 13 9 Virginia 156 118 156 118 47 West Virginia 98 98 79 7 North Carolina 52 143 52 17 135 South Carolina 24 123 24 5 121 Ceorgia 8J 246 77 16 253 Florida 57 19 57 19 81 East South Central: Kentucky 111 307 14 111 301 13 Tennessee 77 67 170 78 63 163 Alabama 6 125 82 129 Mississippi 6 175 28 175 West South Central: Arkansas 57 60 124 57 130 Louisiana 35 10 101 36 103 Oklahoma .' 217 174 12 221 167 13 Texas 507 289 109 504 274 106 Mountain: Montana 66 33 67 27 Idaho 30 23 30 22 Wyoming 35 21 35 21 Colorado 83 67 88 58 New Mexico 26 15 26 15 Arizona 9 5 7 5 Utah 27 27 Nevada 5 7 4 Pacific: Washington 83 73 70 63 28 Oregon 43 46 33 39 4 California 123 112 117 107 1 Excludes mutual savings banks; includes private banks reported as either on par list or not on par list. Back figures.—See Annual Report for 1936 (table 23) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 71 FEDERAL RESERVE BANK PREMISES No. 24.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO DECEMBER 31, 1937 Cost of Cost of building; land includ- Total Federal Reserve ing old Fixed cost of Book Date bank or branch b d u e il m di o n l g - s mac a h n i d nery o A th l e l r Total l b a u n i d ld i a n n g d s value, net occupied ished, equipment net Boston.. $1,246,726$ 662,157$3,542,603$4,204,760 $5,451,486$3,000,849 March 1922. New York 5,215,656 3,362,00812,183,52815,545,53620,761,192 9,524,665 October 1924. Buffalo 1 255,000 465,707 465,70; 720,707 448,200 May 1928. Philadelphia.. 11,884,357 747,173 4,130,164 4,877,337 6,761,694 4,825,625 December 1917. Cleveland.. 1,295,490 1,614,405 6,464,253 8,078,658 9,374,148 4,368,942 August 1923. Pittsburgh. 781,364 352,411 1,049,451 1,401,862 2,183,226 1,846,060 December 1931. Richmond 271,924 482,652 2,040,667 2,523,319 2,795,243 1,511,734 October 1921. Baltimore 250,487 330,439 1,247,262 1,577,701 1,828,188 1,188,581 September 1928. Atlanta 283,000 175, l,358,i 1,533,361 1,816,361 1,003,562 October 1918. Birmingham 124,137 47,448 311,336 358,784 482,921 258,375 January 1927. Jacksonville 45,842 25,956 217,330 243,286 289,128 144,106 June 1924. Nashville 1 48,000 25,101 211,616 236,717 284,717 151,166 December 1922. New Orleans 201,250 159,502 738,404 897,906 1,099,156 561,559 October 1923. Chicago 2,963,548 1,398,181 6,234,969 7,633,15010,596,698 3,827,675 July 1922. Detroit 650,000 115,841 1,006,868 1,122,709 1,772,709 761,487 December 1927. St. Louis 1,355,374 1,141,588 2,111,809 3,253,397 4,608,771 l,672,19 June 1925. Little Rock 85,037 103,608 233,079 336,687 421,694 222,778 March 1925. Louisville 1 131,177 35,230 226,259 261,489 392,666 200,301 June 1919. Memphis 100,906 44,062 233,645 277,707 378,613 245,630 June 1929. Minneapolis 600,521 660,375 2,316,746 2,977,121 3,577,642 1,450,149 February 1925. Helena 15,682 13,082 2 13,082 28,764 27,190 Kansas City 495,303 848,489 3,391,101 4,239,590 4,734,890 2,089,184 November 1921. Denver 101,512 60,593 449,876 510,469 611,981 355,533 November 1925. Oklahoma City 65,021 77,480 409,890 487,370 552,391 295,347 April 1923. Omaha 176,427 73,479 397,938 471,417 647,844 419,257 December 1925. Dallas 189,831 352,671 1,172,684 1,525,355 1,715,185 896,257 March 1921. El Paso 39,003 10,824 111,369 122,193 161,196 69,791 August 1920. Houston 66,313 60,001 288,237 348,238 414,551 183,567 February 1922. San Antonio 75,00: 21,238 157, 179,196 254,198 131,780 October 1928. San Francisco 412,996 784,102 3,144,407 3,928,509 4,341,505 1,845,081 December 1923. Los Angeles 453,458 282,698 988,109 1,270,807 1,724,265 1,151,750 April 1930. Salt Lake City 114,075 84,814 341,449 426,263 540,338 349,320 February 1927. 'Total., 19,994,38614,139,80557,189,878 71,329,68391,324,059 45,027,701 OTHER REAL ESTATE ORIGINALLY ACQUIREDFOR BANKING HOUSEPURPOSES SJew York: Annex Building $ 592,679$ 215,418 $1,451,570 $1, 666, 988$2259, 667$1091, 999 No. 10 Gold Street.... 45,000 125,864 125, 8o4 170,864 75, 833 Pittsburgh 297,003 138 994 560,460 699, 454 996, 454 366, 308 Richmond (Annex Bldg.). 80,333 104 217 482,482 588, 699 667, 032 225, 868 Selena 3 0,003 16 109 156,290 172, 399 177, 399 1 Total 1,020,012 474 738 2,776,666 3,251, 404 4 271, 416 1759, 976 Purchased buildings—"Cost of land" represents appraised value, remainder of purchase price included in "Cost of Buildings." 2 Building, under construction. 3 Building occupied as banking quarters pending completion of new building. NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Charlotte, Portland, Seattle, Spokane; Agencies—Savannah, Habana. The Cincinnati branch since January 3, 1928, has occupied quarters in the Chamber of Commerce Building, erected on the site leased to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 25.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1937 Total Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Francisco CURRENT EARNINGS Discounted bills $212,410 $17,578 $85,780 $26,307 $8083 $9,054 $237-70 $6,870 $5,075 $4,759 $6,655 $9 967 $8 562 Purchased bills 24,031 1,602 8,724 2,348 2,167 885 785 2,801 662 464 641 642 2,310 U S Government securities 39,025,450 2,838,673 11,035,951 3,257,295 3 848 643 2,074,526 1,726 139 4,330,806 1,752,810 1,292,46? 1,943,299 1,527,738 3,397 108 Industrial advances 1,091,417 136,260 261,114 222,940 46,056 122,824 13,778 51,554 15,801 43, 381 31,787 09,611 76,311 Commitments to make industrial advances 189,897 17,818 67,704 1,766 11,288 17,640 1,620 196 11,514 636 2,129 3,46J 54,121 All other 689,930 4,771 89,233 48,438 70,382 25,056 25,355 183,356 16,872 8,657 149,847 12,070 55,893 Total current earnings 41,233,135 3,016,702 11,548,506 3,559,094 3 986,619 2,249,985 1,791,397 4,575,583 1,802,734 1,350,359 2,134,358 1,623,493 3,594,305 CURRENT EXPENSES Operating expenses: Salaries : Officers 294 321 $114,125 $525,819 $117, $185,809 $158,620 $157,029 $244,705 $173,677 $106,835 $165,122 $131,830 $212,974 Employees 16223 573 1,088,402 4,320,000 1,285,729 1,464,381 935,458 804,054 1,905,38: 874,574 549,152 896,692 739,515 1,359,229 Retirement System contributions for current service 894 142 55,514 233,907 69,004 77,519 53,897 42,035 104,784 51,633 33,255 57,439 38,857 76,298 Legal fees 63504 3,616 7,058 6,071 5,462 1,932 531 16 9,196 10,2o6 9,086 10,300 Directors' fees and expenses..: 138483 6,334 10,445 8,131 7,958 " "6^502 14,130 6,577 12, 12,104 29,595 8,26o 15,819 Federal Advisory Council, fees and expenses 14399 1,15' 549 832 1,021 992 1,350 995 1,239 1,488 3,350 Traveling expenses (other than of directors and members of Federal Advisory Council) 272 761 48,415 27,801 22,427 22,827 17,725 23,870 18,07' 22,630 12,917 12,784 27,644 Postage and expressage 3 287 856 555,15, 299,718 294,961 261,133 219,563 375,500 151,251 123,536 215,021 162,382 267,745 Telephone and telegraph 536 424 110,661 33,365 50,201 33,620 50,960 34,533 38,742 19,930 46,574 37,179 55,818 Printing, stationery and supplies.. 770,002 155,437 75,936 58,184 44,388 49,403 86,126 42,251 31,070 45,150 44,281 65,756 Insurance on currency and security shipments 281,419 54,269 31,873 29,572 19,961 15, 29,895 6,203 8,728 10,054 9,167 25,799 Other insurance 236,095 30,045 18,859 18,754 15,554 17,364 20,807 19,171 19,792 22,843 16,256 21,030 Taxes on bank premises 1,391,665 413,865 69,767 129,615 68,274 58,897 163,820 53,277 72,103 87,606 31,095 96,805 Depreciation on bank building 1,297,858 297,378 126,532 156,770 109,233 43,076 130,837 48,898 28,809 127,877 69,492 103,124 Light, heat, power, and water 379,870 73,470 35,312 41,998 20,871 18,029 42,920 23,110 17,161 34,172 19,849 25,431 Repairs and alterations to bank building 152,688 22,039 15,586 11,691 5,853 18,189 13,458 11,179 15,150 10,497 12,801 11,872 Rent . . 176,823 1,284 82.908 29,217 4,513 3,093 3,100 90 1,605 50,773 Furniture and equipment 290,187 55,883 29,531 29,195 5,891 15,007 33,696 40,462 19,778 16^614 18,141 12,796 All other 540,465 63,; 66,012 51,704 29,908 40,205 68,529 37,164 25,549 36,008 28,430 64,653 Total operating expenses 29,242,535 6,978,281 2,320,067 2,719,785 1,822,039 1,588,795 3,290,080 1,606,758 1,115,863 1,825,676 1,392,453 2,507,216 Less reimbursements for certain fiscal agency and other expenses.. 3, 947,700 690,443 220,719, 260,018 262,149 484,835j 549,087, 360,893 153,449 219,096 305.025 238,986 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Net operating expenses 25,294,835 1,872,542 6,287,838 2,099,348 2,459,767 1,559,890 1,103,960 2,740,973 1,245,865 962,414 1,606,580 1,087,428 2,268,230 Assessment for expenses of Board of Governors 1,748,380 126,619 631,679 171,565 161,223 75,054 61,248 203,408 51,615 40,347 50,120 51,390 124,112 Federal Reserve currency: Original cost 1,530,802 143,830 380,620 122,380 132,281 81,218 67,393 222,781 62,215 43,740 55,361 60,056 158,927 Cost of redemption 226,597 17,765 50,811 18,541 16,974 13,611 19,926 32,396 11,398 6,359 8,492 S,984 20,340 Total current expenses ?8 800 614 2,160 756 7,350 Q48 2,411,834 2,770.245 1,729,773 1,252,527 3,199 558 1,371,093 1,052,860 1,720,553 1,208,858 2,571,609 PROFIT AND LOSS Current earnings (above) $41,233,135 $3,016,702 $11,548,506 $3,,55559,094 $3,986,619 $5:2,249,985 $1,791,397 $4,,557755,,583 $1,802,734 $1,350,359|$2,134,358 $1,623,493 $3,594,305 Current expenses (above) "",800,6141 2,160,756 7,350,948 2,411,834 2,770,245 1,729,773 1,252,527 3,199,558 1,371,093 ,052,860 1,720,553 1,208,858 2,571,609 Current net earnings 12,432,521 855,946 4,197,558 1,147,260 1,216,374 520,212 538,870 1,376,025 431,641 297,499 413,805 414,635 1,022,6 Additions to current net earnings: Profits on sales of U. S. Government securities 2,413,428 172,173 664,580 200,909 239,359 127,633 104,366 276, 116,946 82,119 122,583 94,275 212,015 All other 945,261 461 54,622 138 56,577 139,772 534 1,802 85,478 7,387 18,273 45,949 Total 3,358,689 172,634 719,202 200,993 239,497 184,210 244,138 811, 118,74 167,597 129,970 112,548 257,9 Deductions from current net earnings: Losses and reserves for losses 516,906 102,000 206,500 113,543 24,8 15,000 54,978 Special reserves and charge-off s on bank premises 186,841 75,000 41,837 70,004 Prior service contributions to Retirement System 2,520,365 178,800 638,544 193,476 219,906 157,044 93,840 332,999 144,900 83,040 170,760 109,308 197,748 Assessment for building for Board of Governors 1,423,695 103,465 514,457 140,073 131,155 60,953 49,859 165, 42,080 33,088 40,840 41,878 100,728 All other 342,156 1,229 12,89S 5,546 23,749 849 292,678 452 723 530 445 1,573 Total.. 4,989,963 385,494 1,372,394 339,112 374,810 332,389 536,245 499,607 187,432 173,6 212,130 221,635 355,027 Net deductions from current net earn ings 1,631,274 212,8 653,192 138,119 135,313 148,179 292,107 +311,581 8,684 6,091 82,160 109,087 97,063 Net earnings 10,801,24' 643,086 3,544,366 1,009,141 1,081,061 372,033 246,763 1,687,606 362,957 291,408 331,645 305,548 925,633 Paid U. S. Treasury (sec. 13b) 176,625 6,648 4, 83,968 13,476 28, 4,152 9,994 25,036 Dividends paid 7,940,966 562,652 3,070,594 734,768 773,118 291,235 260,851 763, 229,420 174,057 241,360 231,988 607,808 Transferred to surplus (sec. 13b) 67,304 86,283 -13,420 -24,263 12. -1,751 7,688 Transferred to surplus (sec. 7) 2,616,352 73,786 104,122 294^467 94,218 10,175 883, "129^385 119,102 80,291 40,836 317^825 Surplus (sec. 7), Jan. 1,1937 145,852,719 1,825,951 51,473,730 13,361,774 14,322,790 4,869,418 5,615,77321,503 4,654,737 ,116,430 3,612,681 1,851,034 9,644,799 Addition, as above - 2,616,352 73,786 468,775 104,122 294,467 94,218 10,175 883 129,385 119,102 80,291 40,836 317,825 Transferred to reserves for contingencies -731,313 -294,467 -116,947 -82,118 -80,291 -157,490 Surplus (sec. 7),Dec. 31, 1937 147,737,758 9 737 51,942,505 13,465,89614,322,790 4,963,636 5,625,94822,386,972 4,667,175 3,153,414 3,612,681 3,891,870 9,805,134 NOTE.—Operating expenses include reimbursable fiscal agency expenses, which were shown separately prior to 1936. Back figures.—See Annual Report for 1936 (table 25) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 26.—CURRENT EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF FEDERAL RESERVE BANKS AND DISPOSITION MADE OF NET EARNINGS, 1914-1937 Earnings and expenses Disposition of net earnings Federal Reserve bank Current earnings e C x u p r e r n e s n e t s Net earnings l Div p i a d i e d nds T t r o ( a S n s e s u c f r . e p r 7 l r u ) e s d T t ( r o S a e n s c s u . f r e 1 p r 3 l r u b e s ) d Pa ( T S id e r c e t . a o s 1 u U 3 r b . y ) S p G F a r o i a d v n e c t r o h n is m U e . e t n S a t . x 2 All Federal Reserve banks: 1914-1915 2,173,252 2,320,580 — 141,459 217,463 1916 5,217,998 2,273,999 2,750,998 1,742,774 1917 16,128,339 5,159 727 9,579,607 6,801,726 1 J34^234 1,134,234 > 1918 67,584,417 10,959,533 52,716,310 5,540,684 48,334,341 F 1919 102,380,583 19,339,633 78,367,504 5,011,832 70,651,778 2,703,894 1920 181,296,711 28,258 030 149,294,774 5,654,018 82,916,014 60,724,742 1921 122,865,866 34,463,845 82,087,225 6,119,673 15,993,086 59,974,466 19^2 50,498,099 29,559,049 16,497,736 6,307,035 -659,904 10,850,605 1923 50,708,566 29,764,173 12,711,286 6,552,717 2,545,513 3,613,056 1924 38,340,449 28,431,126 3,718,180 6,682,496 -3,077,962 113,646 O 1925 41,800,706 27,528,163 9,449,066 6,915,958 2,473,808 59,300 1926 47,599,595 27,350,182 16,611,745 7,329,169 8,464,426 818,150 1927 43,024,484 27,518,443 13,048,249 7,754,539 5,044,119 249,591 1928 . 64,052,860 26,904.810 32,122,021 8,458,463 21,078,899 2,584,659 1929 70,955,496 29,691,113 36,402,741 9,583,913 22,535,597 4,283,231 1930 36,424,044 28,342,726 7,988,182 10,268,598 -2,297,724 17,308 1931 . . . .. 29,701,279 27,040,664 2,972,066 10.029,760 — 7,057,694 1932. 50,018,817 26,291,381 22,314,244 9,282,244 11,020,582 2,011,418 o 1933 49,487,318 29,222,837 7,957,407 8,874,202 —916,855 o 1934 48,902,813 29.241,396 15,231,409 8,781,661 6,510,071 -60,323 1935 42,751,959 31,577,443 9,437,125 8,504,974 607,422 27,062 297,667 1 19 9 3 3 7 6 . 3 4 7 1 , , 9 2 0 3 0 3 , , 6 1 3 3 9 5 2 28 9 , , 8 8 0 7 0 4 , , 6 0 1 2 4 3 1 8 0 , , 5 8 1 0 2 1 , , 4 24 3 7 3 7 7 , , 8 9 2 4 9 0 , , 5 9 8 6 1 6 2,6 3 1 5 6 2 , , 3 52 5 4 2 1 6 0 7 2 , ,8 3 8 0 0 4 2 1 2 7 7 6 , , 4 6 4 2 8 5 o Total—1914-1937 1,241,048,025 559,913,496 600,430,096 162,184,506 3288,268,627 M36,923 701,740 149,138,300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Aggregate for each Federal Reserve bank 1914-1937: Boston.. 83,023,603 40,282 765 39,270,218 11,941,856 20 129,974 -3 ,155 90,148 7,111,395 New York 365,443,184 135,511921 216,060,202 53,507,047 94471,714 7,808 82,987 68,006,262 Philadelphia 96,526,266 42,531986 49,771,926 15,703,544 28086,779 212,782 209,920 5,558,901 Cleveland 109,989,835 51,295826 49,996,938 16,361,886 28764,120 -8 ,156 36,641 4,842,447 Richmond 58,765,271 30,161900 24,059,475 7,032,640 10771,927 — 11,995 66,714 6,200,189 Atlanta 58,428,908 25,846824 25,659,153 5,828,441 10897,980 -26 ,895 9,066 8950,561 Chicago 174,329,541 74,056849 86,893,891 19,359,056 42 135,489 11,475 74,345 25313,526 St. Louis 53,438,619 28,857850 18,632,314 5,996,802 9877,236 -1 ,505 4,152 2755,629 Minneapolis 40,461,185 20,707294 16,640,164 4,165,533 7245,000 -6 ,583 33,314 5202,900 Kansas City 59,241,042 34,529452 20,340,980 5,560,300 7824,249 -3 ,622 20953 939,100 Dallas 43,972,384 25,493 158 14,192,842 5,289,797 8251,207 18,289 73,500 560,049 San Francisco 97,428,187 50,637 671 38,911,993 11,437,604 19812,952 -35 ,904 7 697,341 1 Current earnings less current expenses, plus other additions and less other deductions. 2 The Banking Act of 1933 eliminated the provision in the Federal Reserve Act requiring payment of a franchisle tax. 3Charges direct to surplus account have been made as follows: 1927—$500,000 depreciation onbank premise5s; 1934—1139,299,557representing cost of Federal DepositInsurance Corporation stock purchased by the Federal Reserve banks (3 4 In 1935 the Federal Reserve Bank of Boston credited $1,810 and the Federal Reserve Ban!; of St. ]^ouis charged $1,176 direct 1o surplus (sec. 13b). Total payments received from the Secretary of the Treasury under section 13b of the Federal Reserve Act to the end of 1937 and credited to surplus (sec. 13b) amounted to $27,546,311 RAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
76 ANNUAL REPORT OF BOARD OF GOVERNORS No 27.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES 1914-1937 On com- Total On On On U. S. On mitments Deficient From mis- Year current discounted purchased Government industrial to make reserve cellaneous earnings bills bills securities advances industrial penalties sources advances 1914-1915.. $2,173,252 $1,218,516 $244,664 $171,831 *$538,241 1916 5,217,998 1,025,675 1,560,918 1,106,860 $1,157 1,523,388 1917 16,128,339 6,971,479 4,951,729 2,367,989 194', 526 1,642,616 1918 67,584,417 48,348,007 11,939,808 3,828,782 698,991 2,768,829 1919 102,380,583 80,768,144 13,994,544 5,761,300 727,844 1,128,751 1920 181,296,711 149,059,825 22,020,158 7,140,615 1,573,335 1,502,778 1921 122,865,866 109,598,675 5,234,141 6,253,854 1,177,562 601,634 1922 50,498,699 26,523,123 5,628,956 16,682,463 602,951 1,061,206 1923....... 50,708,566 32,956,293 9,371,288 7,444,089 521,061 415,835 1924 38,340,449 r15,957,306 5,709,809 14,712,593 381,619 1,579,122 1925 41,800,706 r18,010,596 9,103,915 12,783,001 310,406 1,592,788 1926 47,599,595 '22,736,674 10,003,081 12,589,119 382,946 1,887,775 1927 43,024,484 17,010,778 9,206,677 14,206,174 273,839 2,327,016 1928 64,052,860 38,334,140 13,020,535 10,827,702 277,401 1,593,082 1929 70,955,496 r47,843,884 12,063,349 8,163,486 449,653 2,435,124 1930 36,424,044 10,672,215 6,081,187 17,273,331 225,748 2,171,563 1931 29,701,279 '9,828,165 5,009,541 12,428,297 296,960 2,138,316 1932 50,018,817 17,881,058 2,785,213 26,923,568 541,432 1,887,546 1933 49,487,318 9,137,038 1,238,068 37,529,872 191,051 1,391,289 1934.. 48,902,813 rl,240,557 141,225 46,130,941 $121^274' $16,635 15,249 1,236,932 1935 42,751,956 156,160 35,894 39,796,177 1,484,040 241,580 6,560 1,031,548 1936 37,900,639 107,584 29,592 35,181,125 1,586,688 282,079 5,932 707,639 1937 41,233,135 212,410 24,031 39,025,450 1,091,417 189,897 20,189 669,741 Total.. 1,241,048,025 665,598,302 149,398,323 378,328,619 4,283,419 730,191 8,876,412 33,832,759 •"Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE NOTES No. 28.—FEDERAL RESERVE NOTE STATEMENT AT THE END OF EACH MONTH [In thousands of dollars] 1926 1937 Dec. 31 Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Federal Reserve notes received from the Comptroller 7,481,238 7,388,563 7,400,624 7,426,331 7,425,991 7,423,502 7,439,930 7,461,257 7,450,212 7,471,792 7,498,105 7,519,099 7,548,267 Federal Reserve notes held by Federal Reserve agents . 2,843,041 2,913,989 2,924,658 2,945,499 2,935,352 2,924,067 2,930,957 2,932,672 2,890,297 2,875,517 2,895,857 2,903,637 2,886,640 Federal Reserve notes issued to Federal Reserve banks: Held by issuingFederalReserve banks. 354, 314,909 285,672 306,601 285,925 276,017 302,496 307,922 307,999 333,049 323,327 341,936 378,016 Held by other Federal Reserve banks 32, 24,750 20,622 19,185 19,137 19,26 23,935 31,499 24,671 27,225 26,875 25,906 30,210 Held by U. S. Treasury 18,049 17,166 14,975 16,41 14,840 15,013 13,762 14,264 14,356 13,508 14,363 15,757 16,778 In circulation l 4,232, ' 4,117,749 4,154,697 4,138,631 4,170,737 4,189,139 4,168,780 4,174,900 4,212,889 4,222,493 4,237, 4,231,863 4,236,623 Total notes issued 4,638,197 4,474,574 4,475,966 4,480,832 4,490,639 4,499,435 4,508,973 4,528,585 4,559,915 4,596,275 4,602,248 4,615,462 4,661,627 Collateral held as security for Federal Reserve notes issued to Federal Reserve banks: Gold certificates: In vault 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 In gold fund—Board of Governors. 3,313,838 3,186,132 3,187,132 3,204,132 3,216,132 3,233,132 3,247,632 3,279,632 3,295,632 3,328,132 3,338,132 3,339,63: 3,423,632 in Total gold certificates 4,618,838 4,491,132 4,492,132 4,509,132 4,521,132 4,538,132 4,552,632 4,584,632 4,600,632 4,633,132 4,643,132 4,644,632 4,728,632 Eligible paper 2,237 2,958 4,447 11,750 12, or 19,886 9,984 13,474 21,162 20,894 20,519 16,013 8,954 U. S. Government securities 95,000 87,000 87,000 62,000 60,000 20,000 20,000 20,000 20,000 32,000 20,000 20,000 25,000 Total collateral held 4,716,075 4,581,090 4,583,579, 4,582,882 4,593,170 4,578,018 4,582,616 4,618,106 4,641,794 4,686,026 4,683,651 4,680,645 4,762,585 Collateral required as security for Federal Reserve notes 4,638,197 4,474,574 4,475,966 4,480,832 4,490,639 4,499,435 4,508,973 4,528,585 4,559,915 4,596,275 4,602,248 4,615,462 4,661,627 Collateral pledged in excess of FederalReserve notes issued. 77,878 106,516 107,613 102,050 102,531 78,5831 73,643 89,521 81,879 89,751 81,403 65,183 100,959 1 This figure corresponds with that given under the same caption in table 35. It differs from that given in table 28 by the amount of Federal Reserve notes held by (a) Federal Reserve banks other than issuing bank and by (b) the United States Treasury. Back figures,—See Annual Report for 1936 (table 28) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD, FOREIGN EXCHANGE, INTERNATIONAL CAPITAL MOVEMENTS, AND CURRENCY IN CIRCULATION 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 81 GOLD No. 29.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, 1921-1937 lln millions of dollars] Y m e o a n r t o h r o a s G f t t o o o y e r c l n e d k a d r c g r I e o i n n a l - d se im g N o p e l o d t rt N l f e e r e o a a t r m s - r e e- g p D o r o o ld - - Month G en o d l d o s f t o m c I o k n n - a th t in c I r g e n o a - s ld e im g N o p e l o d t rt N f l e e r e o a a t r m s - r e e- m g p D o e r o o l s d - t - ic month stock mark l tion 2 Total a a c c c t o iv u e nt stock mark i t a i u o c n - 2 1921 3,373 734.6 667.4 18.7 48.8 1936 1922 3,642 268.5 238.3 -3.7 47.3 1923 3,957 315.1 294.1 .7 50.2 January... 10,182 57.2 45.6 -1.7 9.2 1924 4,212 255 6 258.1 —42 2 50 6 February.. 10,167 -15.5 -16.6 -9.5 8.4 1925 4,112 -100.1 -134.4 32.2 48.0 March 10,184 17.2 5.5 1.0 9.6 1926 4,205 92.6 97.8 -26.3 46.3 April 10,225 41.0 28.1 -.2 9.6 1927 4,092 -112.8 6.1 -160.2 43.8 May 10,402 176.7 170.0 —3 2 10.4 1928 3,854 -237.8 -391.9 119.5 44.3 June 10,608 206.6 277.8 -24^8 10.0 1929 3,997 142.5 175.1 -55.4 42.5 July 10,648 39.2 15.4 2.3 12.8 1930 4,306 309.6 280.1 -2.4 43.4 August.... 10,716 68.4 67.5 -11.9 13.1 1931 .. . 4,173 -133.4 145.3 -320.8 45.8 September. 10,845 129.0 171.8 -28.8 12.1 1932 4,226 52.9 -446.2 457.5 45.9 October. . . 11,045 199.7 218.8 -11.3 13.8 1933 4,036-190.4 -173.5 -58.0 47.1 November. 11,184 139.6 75.8 3.0 11.8 1934 3 8,2384,202 51,133 9 82 6 96 0 December.. 11,258 26.5 73.3 57.0 — .7 10.9 1935 10,1251,887.21,739.0 .2 110.7 1936 11,2581,132.51,116.6 -85.9 131.6 1937 1937 12,7601,502.51,585.5-200.4 143.1 January... 11,358 126.5 100.1 121.3 -48.3 9.5 1935 February.. 11,436 204.7 78.2 120.3 -8.0 8.2 March 11,574 342.5 137.9 154.3 -.4 10.8 January 8,391 153.3 149.4" 1.1 7.4 April 11,799 568.0 225.6 215.8 7.2 9.1 February 8,527 135.3 122.8 .2 6.6 May 11,990 759.1 191.1 155.4 26.2 12.3 March 8,567 40.4 13.0 -.7 8.0 June 12,3181,086.8 327.8 262.0 -15.9 11.2 April 8,710 143.4 148.6 -2.3 7.8 July 12,4461,214.1 127.3 175.4 -35.5 12.6 May 8,858 148 1 140 0 -1 5 8 6 August.... 12,5671,335.7 121.6 104.8 -5.3 16.8 June 9,116 257.1 230.4 1.0 8.7 September. 12,7411,210.0 174.3 145.5 9.3 12.1 July 9,144 27.9 16.2 -.4 10.2 October. . . 12,8031,271.9 62.0 90.5 -8.0 14.8 August 9,203 59.5 46.0 1.8 10.1 November. 12,7741,242.5-29.3 22.1 -20.1 13.8 September 9,368 165.0 156.7 1.0 10.8 December.. 12,7601,227.9-14.0 18.0 -101.6 11.8 October 9,693 325.2 315.3 -1.9 11.5 November.... 9,920 226.7 210.6 .6 9.6 December.... 10,125 205.2 190.0 1.3 11.5 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance made when necessary for change in gold earmarked abroad for account of Federal Reserve banks). See Annual Report for 1936 (table 29, note 1) and table 30 in present Annual Report. 2 Annual figures for domestic gold production are those reported by Director of Mint adjusted to exclude production in Philippines. Figure for 1937 is preliminary. Monthly figures represent estimates of American Bureau of Metal Statistics adjusted, partly on basis of gold imports to U. S. from Philippines, so that yearly aggregates are equal to adjusted Mint estimates. 3 Increase in gold stock in 1934 results principally from reduction in weight of gold dollar on Jan. 31; see note 2 to table 1. Figures based on rate of $20.67 a fine ounce through January, 1934, and $35 a fine ounce thereafter. Back figures.—For data by months in earlier years, except domestic gold production, see Annual Report for 1936 (table 30) and note on back figures; see Federal Reserve Bulletin for June 1938, pp. 539-40, for figures of gold production, including production in Philippines, by months back to 1929. * For figures of total monetary gold stock as of various other dates, see tables 1-5. No. 30.—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1928-1937 [In thousands of dollars1] End of month 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 January 193,919 144,898 134,794 125,795 433,149 92,552 46,874 7,886 10,546 143,019 February 191,051 144,898 134,794 123,295 406,781 270,837 10,709 7,649 20,052 151,019 March 155,251 137,391 119,795 120,295 348,469 370,929 11,546 8,310 19,083 151,418 April 109,511 88,821 119,295 127,795 344,501 337,228 12,679 10,611 19,238 144,201 May 136,050 72,694 117,295 123,795 366,650 315,114 12,190 12,147 22,486 118,005 June 105,997 80,207 115,295 31,531 395,447 311,569 11,204 11,149 47,267 133,870 July 45,050 102,194 118,295 61,231 339,210 227,099 10,616 11,572 44,974 169,414 August 39,134 103,194 118,295 77,231 238,709 147,632 11,671 9,776 56,919 174,702 September 40,334 109,795 114,303 356,321 166,421 98,326 9,252 8,761 85,724 165,359 October 39,134 114,296 120,410 463,931 120,646 71,459 8,993 10,624 96,978 173,40o November 64,136 113,292 122,536 435,821 72,080 70,859 9,077 10,051 94,022 193,550 December 79,897 135,295 137,695 458,534 73,694 59,079 9,017 8,801 94,689 295,130 1 At $20.67 a fine ounce through January 1934 and at $35 a fine ounce thereafter. See footnotes to table 1. NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see Annual Report for 1936 (table 29, note 1). Back figures.—See Annual Report for 1936 (table 31) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
82 ANNUAL REPORT OF BOARD OF GOVERNORS No. 31.—GOLD MOVEMENTS TO AND FROM THE UNITED STATES, BY COUNTRIES [In thousands of dollars l] 1934 1935 1936 1937 Imports Exports Imports Exports Imports Exports Imports Exports Belgium 12,968 4,059 4 3,350 90,870 12 France 290,531 29,991 934,302 59 590,851 •niiso- 26,291 40,001 Germany 4 147 63 296 7 Italy 899 12 3 1 2 Netherlands 102,924 7,414 "•227,435 41 74,773 3,765 6,461 Norway 6 4 2 Spain 7 45 24 58 Switzerland 12,656 254 968 7,510 54,452 USSR 885 18,099 11,208 504 United Kingdom 510,161 8,530 "•316,093 575 179,920 5,826 896,713 "5," 183 Yugoslavia 300 795 907 852 Canada 86,785 173 95,245 74 72,706 57 111,528 47 Newfoundland and Labrador 39 89 31 281 Mexico. 30,388 '"'288' 14,583 40,664 '"'700' 39,250 767 Central America 2,978 2,814 3,667 3,755 West Indies and Bermuda.. ••2,228 1 1,135 1 045 913 Argentina 12 19 12 14 Bolivia 124 7 1,391 Brazil 12 15 6 6 1 British Guiana 5 2 1 Chile 5,226 'Y882' 6,593 7,893 9 370 Colombia . .... 16,952 8 10,899 11,910 18,397 Ecuador 1,555 5,185 3 435 2,031 Peru 1,396 2,148 2,414 3 116 Uruffuav Venezuela 840 620 493 544 Australia . . .. 1,029 3,498 23,280 34,713 British India 76,820. 75,267 77,892 50,762 China 171 97 Hong Kong 16,281- 9,431 7,917 1,459 Netherlands Indies 19 Palestine 341 Japan 4 246^470 6 Egypt 99 65 5,458 N ew Zealand 77 73 Philippine Islands 12,038 15,335 1 21,513 ' 25^428 1 All other countries 2 105 99 541 331 Total 1,186,671 52,759 1,740,979 1,960 1,144,117 27,534 1,631,523 46,020 r Revised. 1 Figures represent customs valuations which, with some exceptions, are at rate of $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter. See note 2 to table 1. 2 Includes all movements of unreported origin or destination. Back figures.—SeeA nnual Report for 1936 (table 32), and similar tables in previous annual reports. For figures by months see Federal Reserve Bulletin. No. 32.—GOLD MOVEMENTS TO AND FROM THE UNITED STATES, 1921-1937 [In thousands of dollars l\ Net im- Net im- Year Imports Exports ports or Month Imports Exports ports or exports ( —) exports ( —) 1921 691,248 23,891 667,357 1937 1922 275,170 36,875 238,295 1923 322,716 28.643 294,073 January 121,336 11 121,325 1924 . .. 319,721 61,648 258,073 February 120,326 120,326 1925 128,273 262,640 -134,367 March 154,371 39' 154,332 1926 213,504 115,708 87,796 April 215,825 13 215,811 1927 207,535 201,455 6,080 May 155,366 4 155,362 1928 168,867 560,759 -391,862 June 262,103 81 262,022 1929 291,649 116,583 175,066 July 175,624 206 175,417 1930 396,054 115,967 r280,086 August 105,013 169 104,844 1931 612,119 466,794 145,325 September 145,623 129 145,495 1932 363,315 809,528 r —446,212 October 90,709 232 90,477 1933 193,197 366,652 r-173,456 November 52,194 30,084 22,110 1934 1,186,671 52,759 1,133,912 December 33,033 15,052 17,982 1935 1,740,979 1,960 1,739,019 1936 1,144,117 27,534 1,116,584 1937 1,631,523 46,020 1,585,503 'Revised. 1 Figures represent customs valuations which, with some exceptions, are at rate of $20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter. See note 2 to table 1. Back figures.—For data by months in earlier years, see Annual Report for 1936 (table 33) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 83 FOREIGN EXCHANGE RATES No. 33.—FOREIGN EXCHANGE RATES, 1922-1937 [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A (p t r i e g n s e a o n ) - B (b el e g l i g u a m ) O B ff r i a c z ia i l l (m m ilr F a e r r i e s k e ) et ( B r I u n ri p d ti e i s a e h ) C (d a o n l a la d r a ) C (p h e i s l o e ) ( C y h u i a n n a ) (k m D ro a e n r n k e - ) F (f r r a a n nc c ) e 1922 81 817 7 683 12 9486 28 741 98 478 12 2159 55 607 20.947 8 2013 1923 78 573 5 219 10 2285 31 110 98 035 12 2423 52 622 18 364 6 0811 1924 78 131 4 644 10 9403 31 784 98 732 10 5448 52 697 16 723 5 2368 1925 91 382 4 758 12 1962 36 264 99.962 11 6031 56.907 21.131 4.7671 1926 92 150 3 372 14 4357 36 327 99 989 12 0766 49 981 26 226 3 2427 1927 96 295 13 916 11 8383 36 312 99 972 12 0652 43.941 26.725 3.9240 1928 96 480 13 928 11 9737 36 466 99 909 12 1451 46 138 26 743 3 9210 1929 95.127 13.912 11.8078 36.202 99.247 12.0601 41.901 26.680 3.9161 1930 83 505 13 952 10 7136 36 067 99 842 12 0785 29 917 26 765 3 9249 1931 66.738 13.929 7.0290 33.690 96.353 12.0869 22.437 25.058 3.9200 1932 58 443 13 914 7 1223 26 347 88 090 7 9079 21 736 18 832 3 9276 1933 72 801 17 900 7 9630 31 816 91 959 7 6787 28 598 19.071 5 0313 1934 33 579 23 287 8 4268 37 879 101 006 10 1452 34.094 22.500 6.5688 1935 32 659 18 424 8 2947 36 964 99 493 5 0833 36 571 21.883 6 6013 1936 33 137 16 917 8 5681 5 8788 37 523 99 913 5 1240 29 751 22 189 6 1141 1937 32.959 16.876 8.7190 6.1806 37.326 100.004 5.1697 29.606 22.069 4.0460 1937—January 32.718 16.860 8.7080 6.0812 37.094 99.960 5.1726 29.654 21.908 4.6672 February... 32.627 16.861 8.7053 6.1076 36.973 99.964 5.1731 29.600 21.847 4.6555 March 32.570 16.847 8.7021 6.1069 36.888 100.051 5.1726 29.664 21.807 4.5945 April 32.774 16.860 8.7105 6.2538 37.120 100.120 5.1725 29.714 21.945 4.4963 May 32 928 16 868 8 7192 6 4164 37 280 100 149 5 1725 29 798 22 051 4 4768 June 32.898 16.866 8.7179 6.5543 37.245 99.944 5.1738 29.653 22.031 4.4399 July 33.107 16.835 8.7266 6.6335 37.483 99.858 5.1767 29.494 22.173 3.8048 August 33.206 16.838 8.7314 6.5449 37.601 99.982 5.1571 29.650 22.236 3.7501 September.. 33.020 16.838 8.7216 6.3997 37.390 99.982 5.1579 29.660 22.109 3.5193 October 33.032 16.859 8.7232 5.8322 37.410 100.017 5.1694 29.463 22.119 3.3491 November. . 33.309 17.009 8.7635 5.7266 37.711 100.073 5.1680 29.444 22.301 3.3946 December... 33.312 16.985 5.4492 37.711 99.948 5.1697 29.468 22.302 3.3948 m G a e n r y - Italy Japan Mexico N la e n th d e s r- Norway Spain Sweden Sw la i n tz d er- U K n i i n t g ed - Year or month ( m re a ic rk hs ) - (lira) (yen) (peso) (florin) (krone) (peseta) (krona) (franc) (p d o o u m nd) 1922 .232 4.7559 47.804 48.715 38.498 17.502 15.483 26.166 19.065 442.92 1923 .002 4.6016 48.585 48.547 39.101 16.671 14.453 26.555 18.060 457.48 1924 22.998 4.3580 41.186 48.514 38.211 13.940 13.338 26.522 18.223 441.71 1925 23 8J1 3 9776 41 036 49 393 40 160 17 884 14 344 26 848 19 327 482 89 1926 23 800 3 8894 47 116 48 309 40 098 22 335 14 896 26 765 19 313 485 82 1927 23 764 5 1560 47 411 47 205 40 107 26 048 17 059 26 815 19 262 486 10 1928 23.881 5.2571 46 410 48.107 40.224 26.688 16.594 26.800 19.260 486.62 1929 23 809 5 2334 46 100 48 183 40 162 26 683 14 683 26 784 19 279 485 69 1930 23.854 5.2374 49.390 47.133 40.225 26.760 11.667 26.854 19.382 486.21 1931 23.63J 5.2063 48.851 35.492 40.230 25.055 9.545 25.254 19.401 453.50 1932 23.749 5.1253 28.111 31.850 40.295 18.004 8.044 18.471 19.405 350.61 1933 30.518 6.7094 25.646 28.103 51.721 21.429 10.719 22.032 24.836 423.68 1934 . ... 39 375 8 5617 29 715 27 742 67 383 25 316 13 615 25 982 32 366 503 93 1935 40.258 8.2471 28.707 27.778 67.715 24.627 13.678 25.271 32.497 490.18 1936 40.297 7.2916 29.022 27.760 64.481 24.974 12.314 25.626 30.189 497.09 1937 40.204 5.2607 28.791 27.750 55.045 24.840 6.053 25.487 22.938 494.40 1937—January 40.225 5.2610 28.537 27.750 54.752 24.658 7.099 25.301 22.936 490.75 February... 40.226 5.2608 28.529 27.750 54.686 24.589 6.736 25.232 22.829 489.39 March 40.215 5.2608 28.494 27.750 54.702 24.544 6.149 25.186 22.792 488.51 April 40.206 5.2507 28.635 27.751 54.757 24.699 5.711 25.339 22.824 491.63 May 40.171 5.2606 28.780 27.750 54.936 24.819 5.348 25.465 22.870 493.99 June 40.071 5.2607 28.711 27.751 54.976 24.797 5.215 25.444 22.879 493.55 July 40.196 5.2600 28.882 27.751 55.091 24.957 5.062 25.607 22.920 496.72 August 40.213 5.2603 29.027 27.751 55.151 25.030 6.273 25.683 22.963 498.22 September.. 40.121 5.2603 28.867 27.750 55.150 24.884 6.477 25.533 22.965 495.30 October 40.157 5.2604 28.853 27.750 55.284 24.895 6.267 25.546 23.021 495.51 November. . 40.364 5.2623 29.095 27.750 55.452 25.100 6.276 25.754 23.149 499.61 December... 40 296 5.2606 29.081 27.750 55 602 25.103 6.181 25.750 23.122 499.64 NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina and Chile— since April 14, 1933; Brazil—free market rate, December 31, 1937; official rate, April 14, 1933-November 17,1937; China—March 26-29 and August 18-23, 1937; France—June 29-30, 1937; Italy—November 23, 1935-April 1, 1936, and October 2-3, 1936; Japan—January 9-February 26, 1937; Spain—since July 31, 1936. In September 1936 exchange quotations on all other countries, with the exception of Canada and United Kingdom, were partly nominal; and no quotation was available on one day for Spain. Changes have occurred in basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning December 13, 1933; average for 1933 is for gold peso for January 1-December 10. Belgium—Average for franc through 1926 and for belga thereafter (belga = 5 francs). Average for 1926 is for franc for January 1-October 25; average for belga for October 26-December 31 was 13.909 cents. Brazil—Free market rate quoted in addition to official rate beginning August 3, 1936; average free market rate for 1936 is for August 3-December 31. Official rate discontinued beginning November 18, 1937; average official rate for 1937 is for January 1-November 17. China—Beginning April 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for April 10-December 31; average for old yuan for January 1-April 9 was 20.210 cents. Germany —Average for mark through 1923 and for 1,000,000,000,000 marks or for reichsmark thereafter. Average for 1923 is for January 1-June 30; average for July 1-December 31, 1923, was 6.285 cents per 100,000 marks. Average for 1924 is for January 1-October 28 in cents per 1,000,000,000,000 marks, amount which subsequently became officially exchangeable for one reichsmark; average for reichsmark October 29-December 31 was 23.801 cents. Back figures.—See Annual Report for 1936 (table 34) and Federal Reserve Bulletin, which also includes data Digitized foforr FaRddAitSioEnaRl countries. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
84 ANNUAL REPORT OF BOARD OF GOVERNORS INTERNATIONAL CAPITAL MOVEMENTS No. 34.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] Inbanking funds In security transactions From Jan. 2, 1935, In through— Total Increase Decrease brokerage Total in foreign in U. S. balances Total Domestic Foreign funds funds securities securities securities in U. S. abroad 1935 Jan. 9 8.2 1.2 2.3 -1.1 2.6 4.4 1.6 2.8 Jan. 16 23.2 5.3 -12.6 17.9 2.0 15.9 6.6 9.2 Jan. 23 100.7 72.9 12.7 60.2 3.7 24.1 1] .3 12.7 Jan. 30 119.5 86.3 52.3 34.1 3.7 29.4 14.0 15.4 Feb 6 179.7 140 1 57 8 82 3 3 3 36 3 17.2 19 1 Feb. 13 212.6 169.3 66^3 103.0 5.0 38.3 19.0 19.3 Feb. 20 220.7 171.6 60.6 111.0 7.0 42.1 16.8 25.2 Feb. 27 216.0 167.6 46.3 121.3 10.9 37.5 12.3 25.2 Mar. 6 218.8 171.3 42.5 128.8 13.7 33.7 6.5 27.2 Mar. 13 222.3 180.2 31.1 149.1 15.4 26.7 0) 2G.7 Mar 20 236 9 195.1 29.8 165 3 20.2 21.5 —4.0 26 o Mar. 27 254.3 216.1 38.6 177.5 21.7 16.6 23.1 Apr. 3 259.5 212.7 57.7 155.0 21.1 25.6 -6.2 31.8 Apr. 10.... 319.1 271.3 82.9 188.4 20.9 26.9 -4.1 31.0 Apr. 17 348.0 295.1 88.3 206.7 21.7 31.3 -3.3 34.6 Apr. 24 391.4 339.6 96.0 243.6 21.0 30.8 -2.9 33.7 May 1 349 1 301 2 69 8 231.4 21 8 26.1 — 6.8 32.9 May 8 366.2 318.4 76.6 241.8 21.9 26.9 -7.4 33.3 May 15 387.4 342.8 98.6 244.2 20.9 23.7 -7.5 31.2 May 22 413.1 363.1 139.3 223.7 20.3 29.8 -1.0 30.8 May 29 507.7 454.7 286.6 168.0 20.7 32.4 2.0 30.3 June 5 552.8 477.9 268.0 209.9 26.4 48.5 9.3 39.2 June 12 609.6 528.5 240.3 288.2 26.5 54.6 12.5 42.1 June 19 633.7 550.1 244.0 306.1 28.7 54.9 13.2 41.7 June 26 633.0 552.7 242.0 310.7 27.1 53.2 12.8 40.4 July 3 616.0 526.6 213.8 312.8 29.8 59.5 15.8 43.7 July 10 638.2 551.2 232.2 319.0 26 8 60.2 16.2 44.0 July 17 663.9 572.0 239.4 332.6 24.8 67.1 24.1 43.0 July 24 676.9 579.3 241.1 338.2 25.6 72.0 28.1 43.9 July 31 683.3 573.4 237.8 335.6 25.4 84.4 39.1 45.3 Aug. 7 687.5 566.5 222.1 344.4 23.6 97.4 49.6 47.8 Aug. 14 722.7 594.5 253.9 340.6 18.4 109.8 59.7 50.2 Aug. 21 755.0 683.7 328.8 354.9 19.8 51.5 66.8 -15.2 Aug. 28 770.1 694.5 334.5 360.0 20.4 55.2 69.5 -14.3 Sept. 4 767.3 679.8 83.5 396.3 24.6 62.9 72.6 -9.7 Sept. 11. . . 778.0 686.2 289.5 396.8 23.5 68.2 75.5 -7.2 Sept. 18 785.3 664.9 274.8 390.1 25.1 95.4 79.6 15.8 Sept. 25 831.1 700.7 • 326.0 374.7 29.8 100.6 82.7 17.9 Oct. 2 899.4 739.3 350.7 388 6 29.8 130.4 90.3 40.1 Oct. 9 966.8 795.0 422.1 372.9 30.7 141.1 97.5 43.6 Oct. 16 1,052.9 872.4 478.8 393.6 27.1 153.4 104.7 48.7 Oct. 23 1,104.8 903.7 514.1 389.6 23 7 177.5 124.9 52.6 Oct. 30 1,132.4 913.3 520.6 392.8 20.5 198.6 142.6 56.0 Nov. 6 1,129.9 901.4 514.5 386.9 19.3 209.2 154.2 55.0 Nov. 13 1,156.0 908.1 536.8 371.3 15.1 232.7 177.2 55.5 Nov. 20 1,198.0 913.2 550.9 362.2 5.9 278.9 216.6 62.3 Nov. 27 1,258.2 938.0 644.° 293.1 5.5 314.7 249.6 65.0 Dec. 4 1,347.6 993.1 662.8 330.3 13.2 341.4 253.9 87.5 Dec. 11 1,382.4 987.2 637.1 350.1 6.3 388.9 283.2 105.7 Dec. 18 1,392.1 977.8 622.9 354.9 9.8 404.5 290.6 113.8 Dec. 24 1,419.2 986.8 630.4 356.4 9.5 422.9 302.7 120.3 Dec. 31 1,412.5 964.6 603.3 361.4 6.0 441.8 316.7 125.2 1 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 85 No. 31.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] In banking funds In security transactions In From th J ro a u n g . h 2 — , 1935, Total Increase Decrease brokerage Total in foreign in U. S. balances Total Domestic Foreign funds funds securities securities securities in U. S. abroad 1936 Jan. 8 1,449.3 1,009.7 616.4 393.3 4.5 435.1 336.2 98.9 Jan. 15 1,458.2 1,012.3 621.9 390.4 6.8 439.0 336.7 102.3 Jan. 22 1,464.5 1,054.3 667.1 387.2 6.6 403.6 342.0 61.6 Jan. 29 1,451.4 1,038.9 656.5 382.4 6.5 406.0 347.1 58.9 Feb.5 1,462.8 996.3 608.9 387.4 6.5 459.9 355.8 104.2 Feb.12 1,454.3 982.6 590.3 392.3 1.9 469.8 363.0 106.8 Feb. 19 1,470.3 983.7 583.3 400.4 -3.2 489.9 384.9 104.9 Feb. 26 1,499.1 992.4 585.2 407.2 .4 506.3 400.5 105.7 Mar. 4 1,496.6 982.9 576.3 406.6 3.5 510.2 402.3 107.9 Mar. 11 1,497.0 991.1 589.4 401.7 1.1 504.8 406.1 98.7 Mar. 18 1,503.6 984.3 582.0 402.3 6.1 513.2 410.0 103.2 Mar. 25. 1,515.0 983.8 580.2 403.6 .5 530.7 424.5 106.3 Apr. 1 1,511.1 968.6 578.4 390.3 .4 542.1 427.6 114.4 Apr. 8 1,531.1 973.5 571.8 401.7 -.1. 557.7 445.7 112.0 Apr. 15 1,572.2 1,002.1 597.5 404.6 4.5 565.6 456.3 109.3 Apr. 22 1,583.8 1,001.1 596.9 404.2 2.9 579.8 468.0 111.7 Apr 29 1,598.8 1,025.9 634.2 391.7 7.4 565.5 477.0 88 s May 6 1,620.6 1,043.6 686.2 357.4 17.1 559.9 462.0 97.9 May 13 1.659.1 ,070.0 694.1 375.9 16.5 572.6 469.0 103.6 May 20 1,716.6 1,114.2 696.4 417.8 17.1 585.3 474.1 111.2 May 27 1,734.3 1,129.2 702.8 426:4 14.7 590.3 475.1 115.2 June 3 1,762.6 1,132.8 731.5 401.3 17.6 612.1 473.5 138.6 June 10 1,842.6 1,185.7 796.3 389.4 18.3 638.5 495.2 143.3 June 17 1,930.5 1,257.4 840.1 417.3 19.4 653.6 502.9 150.7 June 24 1,968.5 1,277.6 829.2 448.4 20.1 670.8 515.8 155.0 July 1 1,949.3 1,228.1 779.0 449.0 16.5 704.7 524.1 180.5 JulyS ,973.5 1,237.5 778.1 459.4 20.0 716.0 528.7 187.3 July 15 1,991.7 1,236.0 770.5 465.4 19.1 736.7 535.9 200.8 July 22 2,009.2 1,234.1 766.5 467.6 20.5 754.6 549.3 2J5.3 July 29 2,021.2 1,230.5 761.3 469.2 17.9 772.8 562.8 210.0 Aug. 5 2,034.2 1,232.2 761.6 470.6 19.9 782.0 566.8 215.2 Aug. 12 2,064.2 1,254.5 786.3 468.2 20.1 789.6 571.1 218.5 Aug. 19 2,095.9 1,270.1 788.9 482.0 19.6 805.4 582.6 222.8 Aug. 26 2,125.5 1,289.6 803.9 485.8 18.2 817.6 591.3 226.4 Sept. 2 2,141.6 1,275.9 756.4 519.5 15.2 850.5 596.3 254.2 Sept. 9 2,173.4 1,296.7 777.2 519.5 16.9 859.7 600.6 259.1 Sept. 16 2,186.3 1,288.6 776.5 512.1 20.1 877.5 614.5 263.0 Sept. 23 2,233.6 1,317.0 819.8 497.2 19.3 897.3 631.6 265.6 Sept. 30 2,283.4 1,354.7 898.5 456.2 23.2 905.4 633.3 272.2 Oct. 7 2,380.8 1,422.2 919.6 502.6 14.0 944.5 665.8 278.8 Oct. 14 2,423.8 1,425.8 931.4 494.5 12.0 985.9 • 706.4 279 5 Oct. 21 2,445.5 1,394.8 903.1 491.7 12.0 1,038.6 752.5 286.1 Oct. 28 2,466.6 1,381.4 895.9 485.5 13.7 1,071.5 778.1 293.4 Nov. 4 2,469.2 1,345.7 860.9 484.8 12.7 1,110.7 810.4 300.3 Nov. 11 2,517.6 1,351.1 862.9 488.2 7.7 1,158.8 858.1 300.7 Nov. 18 2,506.9 1,322.9 849.7 473.2 14.7 1,169.3 867.7 301.6 Nov. 25 2,523.7 1,326.9 882.5 444.4 17.6 1,179.2 878.8 300.3 Dec. 2 2,540.2 1,333.1 888.8 444.2 18.8 1,188.3 890.2 298.1 Dec. 9 2,547.9 1,347.8 906.4 441.4 20.1 1,180.0 881.0 299.0 Dec. 16 2,584.3 1,370.5 926.0 444.4 17.3 1,196.5 895.6 300.9 Dec. 23 : 2,576.6 1,341.9 911.5 430.4 16.4 1,218.2 911.7 306.5 Dec. 30 2,608.4 1,362.0 930.5 431.5 12.9 1,233.6 917.4 316.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
86 ANNUAL REPORT OF BOARD OF GOVERNORS No. 34.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JAN. 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] In banking funds In security transactions In From Jan. 2, 1935, Total Increase Decrease brokerage through— Total in foreign in U. S. balances Total Domestic Foreign funds funds securities securities securities in U. S. abroad 1937 Jan. 6 2,620.3 1,357.8 924.0 433.8 15.6 1,246.8 918.5 328.3 Jan 13 2,615.8 1,341.5 906.9 434.6 13.0 1,261.3 927.9 333.4 Jan. 20 2,653.0 1,359.1 931.6 427.5 7.6 1,286.3 948.9 337.4 Jan. 27 2,681.0 1,450.6 1,026.8 423.8 8.1 1,222.2 957.9 264.3 Feb3 2,718.3 1,472.1 1,051.4 420.8 10.9 1,235.3 968.3 266.9 Feb.10 2,738.1 1,477.7 1,056.8 420.9 .9 1,259.6 1,000.4 259.2 Feb. 17 2,775.3 1,501.4 1,067.3 434.0 7.3 1,266.6 1,004.3 262.3 Feb. 24 2,809.2 1,566.8 1,136.8 429.9 2.3 L,240.1 1,014.5 225.6 Mar. 3 2,830.1 1,521.9 1,094.8 427.0 4.7 1,303.5 ,025.7 277.9 Mar. 10 2,875.5 1,540.4 1,102.9 437.4 2.9 1,338.0 ,054.4 283.7 Mar. 17 2,901.3 1,517.2 1,100.0 417.2 5.6 1,378.5 ,064.7 313.9 Mar. 24 2,924.1 1,541.6 1,110.6 431.0 3.3 1,379.3 ,062.1 317.1 Mar. 31 2,931.4 1,532.5 1,121.6 411.0 4.1 1,394.8 ,075.7 319.1 Apr. 7 2,962.3 1,548.6 1,140.0 408.6 1.0 1,412.7 ,083.5 329.2 Apr. 14 3,041.7 1,614.2 1,185.9 428.3 8.6 1,418.9 ,084.0 334.8 Apr. 21 3,075.5 1,657.3 1,222.5 433.7 7.2 1,411.0 ,075.4 335.5 Apr. 28 3,113.3 1,701.1 1,278.8 422.3 9.4 1,402.8 ,063.7 339.1 May 5 3,151.1 1,765.3 1,321.3 443.9 15.2 1,370.7 1,040.8 329.8 May 12 3,198.6 1,866.7 1,353.8 452.9 9.9 1,382.0 1,050.2 331.9 May 19 3,237.4 1,844.0 1,376.5 467.5 13.0 1,380.4 1,044.8 335.6 May 26 3,306.5 1,901.4 1,438.0 463.4 12.4 1,392.6 1,053.6 338.9 June 2 3,342.3 1,895.4 1,436.2 459.2 14.2 1,432.7 1,058.3 374.4 June 9 3,412.8 1,950.6 1,490.3 460.3 15.0 1,447.2 1,064.1 383.1 June 16 3,499.5 2,021.8 1,559.0 462.8 19.2 1,458.5 1,069.9 388.6 June 23 3,562.5 2,089.5 1,615.6 473.9 18.6 1,454.4 1,062.9 391.5 June 30 3,561.9 2,078.8 1,612.4 466.4 18.3 1,464.7 1,069.5 395.2 July 7 3,614.8 2,130.5 1,673.5 457.0 20.0 1,464.3 1,065.7 398.7 July 14 3,636.0 2,142.0 1,676.4 465.6 18.2 1,475.7 1,073.5 402.2 July 21 3,685.8 2,188.1 1,712.1 476.0 17.6 1,480.1 1,076.4 403.7 July 28 3,718.4 2,204.7 1,721.7 483.0 14.1 1,499.6 1,091.5 408.0 Aug. 4 3,732.5 2,187.0 1,718.7 468.3 14.3 1,531.2 1,099.3 431.9 Aug. 11 3,767.9 2,204.6 1,712.8 491.8 18.7 1,544.5 1,107.4 437.1 Aug. 18 3,795.1 2,233.6 1,716.6 517.0 11.0 1,550.5 1,108.1 442.4 Aug. 25 3,820.5 2,246.2 1,722.4 523.8 13.3 1,561.0 1,114.0 447.1 Sept. 1 3,826.4 2,217.3 ,706.1 511.2 14.9 1,594.2 1,114.8 479.4 Sept. 8 3,839.1 2,221.4 ,712.1 509.3 15.5 1,602.2 1,117.8 484.4 Sept 15 3,898.6 2,257.5 ,728.1 529.3 20.5 1,620.6 1,130.1 490.5 Sept. 22 3,879.3 2,234.6 ,721.4 513.2 26.8 1,618.0 1,125.4 492.6 Sept, 29 3,911.9 2,261.7 ,743.6 518.1 31.9 1,618.4 1,125.1 493.3 Oct. 6 3,925.9 2,240.0 ,714.6 525.4 40.3 1,645.6 1,122.7 522.9 Oct. 13 3,884.1 2,206.9 ,684.2 522.7 42.2 1,635.0 1,110.1 524.9 Oct. 20 3,840.8 2,156.2 ,632.0 524.2 47.2 1,637.4 1,106.4 531.1 Oct. 27 3,811.9 2,110.9 ,594.4 516.5 49.4 1,651.6 1,116.3 535.3 Nov. 3 3,773.8 2,045.6 ,531.6 514.0 49.6 1,678.6 1,123.8 554.8 Nov. 10 3,692.4 1,964.3 ,490.6 473.7 49.0 1,679.2 1,119.6 559.5 Nov. 17 3,645.2 1,908.6 ,431.1 477.5 48.5 1,688.1 1,125.0 563.2 Nov. 24 3,624.9 1,888.7 ,407.8 480.9 48.7 1,687.5 1,121.5 566.1 Dec. 1 3,613.5 1,865.1 ,392.3 472.8 48.4 1,700.0 1,128.4 571.6 Dec. 8 3,519.7 1,760.9 ,294.4 466.5 49.8 1,709.0 1,134.5 574.5 Dec. 15 3,518.3 1,748.2 ,278.8 469.4 49.5 1,720.6 1,143.2 577.4 Dec. 22 3,454.6 1,673.9 1,198.6 475.3 48.2 1,732.5 1,151.3 581.2 Dec. 29 3,410.3 1,617.6 ,168.5 449.1 47.5 ],745.2 ;,162.0 583.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 87 CURRENCY IN CIRCULATION No. 35.—UNITED STATES CURRENCY IN CIRCULATION, BY KINDS* [Outside Treasury and Federal Reserve banks. In millions of dollars] End of y e m ar onth or Total G co o i l n d c i G c e a r o t t l i e d f s - d S o i l l l v a e r r s c S ic e i a l r v t t i e e f s r - o T n f u r o e 1 r t a e y 8 s s 9 - 0 s s . S i d l u v ia b e r - r y M co in in or U S n t n o a i t t t e e e s s d F a s n l e e o d r R t v e e e e r s - - F a s n b l e e o a d r R n t v e e k e e r s - - t n i b N o o a n a t n e a - k s 1919 5,091 189 286 80 141 2 244 88 274 2,916 198 672 1920 5,325 188 219 75 70 2 255 95 261 3,256 209 695 1921 4,403 152 177 58 236 2 237 91 275 2,372 97 705 1922 4,530 136 303 60 288 1 246 93 285 2,373 37 708 1923 4,757 123 584 58 374 1 261 98 306 2,224 14 714 1924 4,760 122 970 57 390 1 266 100 297 1,842 8 706 1925 4,817 127 1,113 55 390 1 275 105 295 1,816 6 635 1926 4,808 122 1,092 52 397 1 281 108 297 1,824 5 629 1927 4,716 115 1,074 49 400 1 286 112 293 1,763 4 619 1928 4,686 108 991 46 410 1 291 116 294 1,808 4 616 1929 4,578 97 880 42 417 1 294 119 265 1,862 3 597 1930 4,603 81 1,118 37 404 1 281 119 296 1,641 3 623 1931 5,360 122 877 33 389 1 271 117 288 2,603 3 656 1932 5,388 181 601 29 371 258 113 294 2,716 3 820 1933 5,519 24 213 29 407 272 117 286 3,044 208 918 1934—January. .. 5,289 178 29 391 267 116 283 2,894 202 927 February.. 5,354 167 29 399 270 117 289 2,949 194 938 March 5,394 161 30 403 272 118 289 3,005 178 936 April 5,368 157 30 400 274 118 282 3,025 162 918 May 5,357 153 30 402 277 120 279 3,038 151 936 June 5,373 150 30 401 280 119 280 3,068 142 902 July 5,317 146 30 399 280 121 277 3,044 133 885 August 5,396 143 31 438 282 122 274 3,103 125 878 September. 5,456 139 31 483 284 122 274 3,131 119 870 October.... 5,453 136 31 510 288 123 273 3,124 112 856 November.. 5,549 133 32 558 291 124 273 3,176 107 853 December.. 5,536 130 32 592 294 125 265 3,176 101 820 1935—January. . . 5,380 127 31 580 1 287 123 259 3,048 97 827 February... 5,467 126 31 599 1 289 123 263 3,119 94 823 March 5,493 123 31 623 1 290 123 264 3,135 92 810 April 5,478 121 32 653 1 294 124 268 3,120 88 778 May 5,540 119 32 695 1 296 125 281 3,159 85 747 June 5,568 117 32 701 1 297 125 285 3,223 81 704 July 5,518 115 32 702 1 298 125 280 3,232 78 654 August 5,629 114 33 739 298 126 283 3,362 75 596 September. 5,683 112 33 756 302 127 286 3,439 73 553 October 5,713 111 33 773 306 128 281 3,495 70 514 November.. 5,846 110 34 812 309 130 284 3,612 68 487 December.. 5,882 109 34 828 312 131 275 3,667 66 458 1936—January. 5,737 107 33 809 303 129 259 3,598 63 436 February... 5,846 106 34 841 304 129 254 3,696 60 421 March 5,877 104 34 864 307 131 245 3,727 58 406 April .. 5,886 103 34 886 309 132 249 3,726 56 391 May 5,953 102 34 914 312 133 265 3,760 54 378 June 6 241 101 35 955 316 135 278 4,002 52 366 July 6,162 100 35 958 318 136 274 3,937 50 352 August 6,227 99 36 986 321 137 278 3,978 48 342 September. 6,267 98 37 998 326 138 278 4,011 47 332 October.... 6,351 97 37 1,020 329 139 282 4,076 46 324 November.. 6,466 96 37 1,051 1 334 141 289 4,156 45 316 December.. 6,543 95 38 1,057 1 337 142 289 4,233 44 307 1937—January. . . 6,349 94 37 1,012 1 329 140 276 4,118 42 300 February... 6,399 92 37 1,022 1 329 140 288 4,155 41 294 March 6,377 91 37 1,022 1 333 141 287 4,139 40 287 April 6,426 90 37 1,039 1 335 142 291 4,171 40 281 May 6,462 89 38 1,062 1 338 143 289 4,189 38 275 June 6,447 88 38 1,078 1 341 144 281 4,169 38 269 July 6,460 87 38 1,088 1 341 144 286 4,175 37 263 August 6,524 86 39 1,115 1 345 146 286 4,213 36 258 September. 6,542 86 39 1,127 1 348 147 284 4,222 35 253 October.... 6,555 85 39 1,129 1 349 147 285 4,238 35 248 November.. 6,561 84 40 1,144 1 352 148 284 4,232 34 243 December.. 6,550 83 40 1,137 1 350 148 283 4,237 33 239 *For description of revision of figures for total money and gold coin in circulation, see Bulletin for July 1935, p. 423, footnote 3, or reprint of this article, Supply and Use of Member Bank Reserve Funds, p. 5, footnote 3. For figures of total currency in circulation as of various other dates, see tables 1-5. Back figures.—See Annual Report for 1936 (table 36) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF BOARD OF GOVERNORS No. 36.—PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Con Paper currency : E o n r d m of o n y t e h ar $5Cani over Gold Other $1 $2 $5 S10 $20 rotal2 $50 $100 $500 1,000 5,000 10,000 1930 81 437 404 45 696 ,083 1,130 852 1931 122 421 388 40 684 1,145 1 329 ,336 1932 181 400 368 34 635 1,109 1,307 ,435 1933 January 192 390 350 32 615 1,077 1,311 ,464 Feoruary... . 284 392 361 33 675 1,190 1,478 ,924 March 80 399 375 33 729 1,254 ,488 ,778 April 48 395 358 32 688 1,205 1,406 ,664 May 37 396 356 660 1,150 1,349 ,554 404 686 153 288' "\2 "io J une 34 397 355 32 654 1,143 1,335 ,490 391 662 145 273 9 10 July 33 399 360 32 656 1,138 1,312 1,419 377 636 136 254 8 10 August 32 403 366 33 664 1,153 1,300 1,380 367 620 131 246 7 10 September... 2o 408 380 33 685 1,181 1,302 1,356 362 612 127 289 7 10 October 25 412 382 33 682 1,178 1,303 1,338 357 607 124 232 7 12 November.. . 24 415 388 33 702 1,205 1,336 1,358 362 613 125 239 7 12 December. . . 24 418 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 January 412 386 32 699 1,173 1,288 1,307 350 593 119 228 7 10 Feoruary.. . . 417 393 33 722 1,212 1,304 1,294 347 587 117 225 7 10 March 420 397 33 730 1,230 1,302 1,295 346 584 117 230 7 9 Aprn 422 394 33 722 1,225 1,292 1,287 342 581 117 230 8 9 i\iay 427 396 33 719 1,225 1,288 1,280 341 579 116 228 7 9 J une 430 396 33 724 1,231 1,293 1,275 342 579 117 225 6 7 July 431 393 32 719 1,219 1,277 1,254 336 569 113 223 5 8 August 435 403 33 741 1,250 1,294 1,251 335 568 112 222 5 8 September.. . 437 411 32 755 1,266 1,311 1,256 336 571 113 223 5 7 October 442 410 32 752 1,265 1,314 1,252 335 571 112 221 5 7 November. . . 447 422 32 776 1,300 1,332 1,249 337 571 111 214 5 10 December. . . 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 1935 January.. . . 441 401 32 740 1,240 1,293 1,246 336 571 111 214 5 7 February.. . 443 407 31 755 1,275 1,314 1,257 340 575 112 217 6 8 March 445 410 32 754 1,285 1,309 1,267 341 578 113 221 6 8 April 449 411 32 749 1,266 1,300 1,278 340 580 116 230 5 8 May 4o3 420 32 760 1,290 1,309 1,287 343 588 115 225 6 9 June 454 419 32 760 1,296 1,309 1,303 349 598 116 225 6 8 July 455 415 31 755 1,273 1,289 1,303 344 596 116 231 7 10 August 457 424 32 778 1,324 1,313 1,312 347 598 116 233 7 11 September.. . 463 433 32 788 1,334 1,321 1,324 349 603 118 232 7 14 October 467 435 32 787 1,337 1,329 1,336 354 610 119 233 7 14 November.. . 472 448 32 815 1,380 1,354 1,349 356 617 120 234 7 15 December. . . 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 1936 January 465 434 32 782 1,333 1,332 1,367 355 627 122 240 7 17 February... . 467 434 32 802 1,373 1,360 1,386 361 633 123 243 8 18 March 472 439 32 804 1,378 1,361 1,399 362 641 125 247 7 17 April 475 442 31 804 1,379 1,360 1,404 360 643 126 249 7 19 May 480 451 32 820 1,402 1,369 1,409 363 648 127 245 7 19 June 486 463 33 850 1,468 1,466 1,479 398 683 127 245 7 18 July 490 460 32 844 1,459 1,431 1,449 383 667 127 247 7 19 August 494 471 32 863 1,482 1,436 1,452 381 667 128 250 7 19 September.. . 501 477 33 868 1,488 1,437 1,467 383 673 130 253 6 21 October 505 484 33 882 1,516 1,460 1,478 385 679 132 255 7 19 November.. . 513 492 33 900 1,548 1,486 1,501 390 690 132 258 7 23 December. . . 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 1937 January 506 472 33 864 1,500 1,458 1,525 393 702 135 269 8 18 February... 506 475 33 874 1,519 1,464 1,538 395 706 135 273 9 19 March 511 476 33 869 1,519 1,451 1,520 386 696 136 275 9 18 April 514 482 33 883 1,542 1,468 1,507 381 687 137 277 9 17 May 518 489 33 893 1,558 1,466 1,507 380 689 136 278 8 17 June 523 487 34 885 1,539 1,458 1,526 384 699 138 283 8 14 July 523 488 33 894 1,550 1,454 1,520 381 697 137 283 7 15 August 529 498 33 907 1,574 1,466 1,520 382 698 137 283 7 14 September.. 534 503 33 908 1,574 1,467 1,527 382 702 138 285 7 14 October 535 502 33 909 1,576 1,474 1,531 384 704 138 286 6 13 November... 540 504 33 912 1,574 1,480 1,525 381 701 136 287 5 14 December. . . 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 1 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. Digitized for 2F SReApaSraEteR f igures for different denominations not available prior to May 1933. http://fraser.sBtalocku fiisgufereds..—oSrgee/ Annual Report for 1936 (table 37). Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 89 No. 37.—TREASURY CURRENCY OUTSTANDING [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] End of year or month Total an b d S u d o i l l l l s v l i i a o e l r v n r s e 1 r Su s b il s v id e i r ary M co in in or U S n n t o a i t t t e e e s s d R F n b e e o a d s t e n e e r r k s v a * e l N n a b o t a i t n o e k n s* al 1919 1,707 288 249 99 347 (2) 724 1920 1,709 270 271 97 347 2 723 1921 1,842 358 273 98 347 17 750 1922 1,958 442 269 101 347 37 762 1923 2,009 498 277 101 347 14 772 1924 2,025 512 283 102 347 9 772 1925 1,977 524 289 106 347 6 705 1926 1,991 535 295 111 347 5 698 1927 2,006 538 301 115 347 4 701 1928 2,012 540 304 119 347 4 699 1929 2,022 540 311 123 347 4 698 1930 2,027 540 312 127 347 3 698 1931 2,035 540 308 127 347 3 711 1932 2,204 540 307 127 347 3 881 1933 2,303 540 300 127 347 3 988 1934—January 2,302 541 300 127 347 2 986 February 2,302 542 300 127 347 2 985 March 2,361 542 299 127 347 65 982 April 2,378 542 296 127 347 92 974 May 2,368 542 294 128 347 95 963 June 2,366 542 296 128 347 100 965 July 2,361 542 298 128 347 106 942 August 2,408 607 299 128 347 99 929 September 2,405 617 301 128 347 94 918 October 2,434 659 305 129 347 88 907 November 2,468 701 307 129 347 84 899 December 2,511 755 309 131 347 81 888 1935—January 2,495 756 310 131 347 76 876 February 2,519 768 310 131 347 97 8b8 March 2,540 809 309 131 347 95 849 April 2,544 841 310 131 347 91 825 May 2.525 850 313 132 347 88 795 June 2,506 859 313 133 347 84 769 July 2,510 884 315 134 347 81 750 August 2,398 905 315 134 347 78 619 September 2,386 940 317 134 347 75 573 October 2,400 997 320 134 347 72 530 November 2,438 ,066 322 135 347 70 499 December 2,476 ,124 328 136 347 68 473 1936—January 2,493 ,172 328 137 347 64 446 February 2,499 ,197 328 137 347 62 429 March 2,504 ,218 329 137 347 59 413 April 2,500 ,230 330 138 347 57 398 May 2,490 ,236 330 138 347 55 384 June 2,498 ,255 332 139 347 53 372 July 2,496 ,264 335 140 347 51 358 August. 2,500 ,277 338 142 347 49 348 September 2,512 ,294 341 143 347 48 339 October 2,515 ,303 346 145 347 47 329 November 2,521 .310 351 146 347 46 322 December 2,532 U323 356 147 347 45 314 1937—January 2,532 1,332 356 148 347 44 305 February 2,536 1,343 356 149 347 42 298 March 2,541 1,355 357 149 347 42 291 April 2,543 1,365 357 150 347 40 284 May 2,547 1,375 358 150 347 39 278 June 2,550 1,382 359 151 347 38 272 July 2,572 1,409 361 151 347 37 266 August 2,58o 1,424 363 152 347 37 262 September 2,599 1,441 364 153 347 36 257 October 2,609 1,455 367 154 347 36 251 November 2,621 1,468 370 155 347 35 247 December 2,637 ,486 372 156 347 34 242 1 Includes silver held against silver certificates. 2Less than $500,000. 3 Includes only Federal Reserve bank notes for redemption of which issuing banks have deposited lawful money with the Treasury; does not include notes that are liabilities of issuing banks. Since March 1935 all of these notes outstanding have been liabilities of the Treasury and in process of retirement. 4 Includes national bank notes that are liabilities of issuing banks as well as those for redemption of which issuing banks have deposited lawful money with Treasury. Since July 1935 all national bank notes outstanding have been liabilities of the Treasury and in process of retirement. Back figures.—See Annual Report for 1936 (table 38), and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
90 ANNUAL REPORT OF BOARD OF GOVERNORS No. 38.—SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY, BY MONTHS [By selected banks in New York City. In thousands of dollars Net Net Net ship- ship- ship- Ship- Re- ments Ship- Re- ments Ship- R(i- ments Year and ments ceipts (-)or Month ments ceipts (-)or Month ments ceipts (-)or month to from net to from net to from net Europe Europe receipts Europe Europe receipts Europe Europe receipts 1923 i 25,298 7,359-17,939 1934 1936 1924 12,400 59,053+46,653 1925 9,660 46,8384-37,178 January 0 5,256 +5,256 January... 748 2,743 +1,995 1926 10,000 33,9534-23,953 February.. 1 3,740 +3,739 February. 13 3,317 +3,304 1927 8,388 47,000+38,612 March 0 2,200 +2,200 March 1757 3,109 +1,352 1928 .... 5,483 41,377+35,894 April 1 2,900 +2,899 April 3 095 938 -2,157 1929 4,500 31,357+26,857 May 10 3,780 +3,770 May 3 852 1,685 -2,167 1930 12,065 38,060+25,995 June 8 3,471 +3,463 June 3 037 1,164 -1,873 1931 40,854 40,008 -846 July 63 3,601 +3,538 July 900 2,348 +1,448 1932 567 83,838+83,271 August.... 0 5,193 +5,193 August.... 981 2,078 +1,097 1933 554 91,0594-90,505 September. 23 4,254 +4,231 September. 3 949 1,131 -2,818 1934 345 40,587+40,242 October. . . 0 2,524 +2,524 October. .. 2013 5,422 +3,409 1935 10,628 19,966 +9,338 November. 199 2,129 4-1,930 November. 5 960 1,536 -4,424 1936 34,774 26,216 -8,558 December.. 40 1,539 + 1,499 December. 8469 745 -7,724 1937 21,500 47,550+26,050 1933 1935 1937 January... 3 5,304 +5,301 January... 81 3,705 +3,624 January... 2092 2,197 + 105 February.. 105 5,589 +5,484 February.. 173 1,502 + 1,329 February.. 4 279 3,265 -1,014 March 101 13,786+13,685 March 167 2,026 +1,859 March 968 3728 +2,760 April 25 8,049 +8,024 April 373 '1, 466'•+1,093 April 1434 3,023 + 1,589 May 1 12,523+12,o22 May 1,012 1,612 +600 M ayJ 909 1865 +956 June 0 6,866 +6,866 June 191 452r+1,261 JTune 7000 1972 -5,028 July 4 11,755+ 11,751 July 288 2!261 +1,975 July 809 2586 + 1,777 August.... 6,153 +6,148 August.... 282 289 +2,007 August.... 877 2 839 + 1,962 September. 122 4,756 +4,634 September. 721 1,157 +436 September. 1,946 2 271 +325 October. . . 89 5,905 +5,816 October. . . 2,536 864 -1,672 October. . . 781 4 531 +3,750 November. 57 3,397 +3,340 November. 4,203 r781r -3,422 November. 336 13,326+ 12,990 December.. 42 6,976 +6,934 December.. 603 851 +248 December.. 69 5947 +5,878 1 Total of eight months. r Revised. Back figures.—See Annual Report for 1936 (table 39). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 91 No. 39.—ANNUAL NET SHIPMENTS OR RECEIPTS1 OF UNITED STATES PAPER CURRENCY TO AND FROM EUROPE, BY COUNTRIES, 1923-1937 [By selectedbanks in New York City. In thousands of dollars] Country 1923 2 1924 1925 1926 1927 1928 1929 1930 Austria -1,255 -623 -1,129 +9 +429 +341 -906 +1,010 Belgium +28 +203 +257 +305 +544 +356 +304 +126 Danzig -377 +343 -592 +357 +8,283 +3,627 +3,199 +1,724 England -1,686 +9,571 +12,555 +9,850 +11,098 +7,458 +5,012 +7,250 France +516 +1,667 +384 +2,977 +5,063 +3,690 +1,387 +1,554 Germany -4,417 +31,412 +19,353 +4,148 +9,159 +15,197 +12,065 +9,263 Greece +586 +928 +1,678 +982 +1,155 +1,740 +759 +759 Holland -800 +4,372 +2,191 + 1,750 +1,206 +1,145 +612 +186 Italy +764 +2,145 +3,019 +3,302 +4,356 +3,483 +1,649 +808 Latvia — 11,975 -6,595 -2,500 -1,040 -1,221 +52 +43 +46 Lithuania — 6 +3 +3 +16 +214 + 1,548 Poland -126 -282 -171 +392 +10' -590 -3,037 Russia -10 -950 -5,818 "-5," 086' -876 —986 Switzerland +835 +3,997 '"'+994' + 1,426 +3,557 +3,374 +3,086 +3,878 Other -26 -475 +1,136 +442 +791 +501 +899 +1,866 Total -17,939 +46,653 +37,178 +23,953 +38,612 +35,894 +26,857 +25,995 Country 1931 1932 1933 1934 1935 1936 1937 Austria -2,169 +683 +2,007 +807 -105 +66 +46 Belgium -89 +417 +563 +307 +115 -1,288 -217 Danzig -1,918 +4,023 + 1,585 +601 -308 +113 +456 England +4,389 +8,623 +9,850 + 11,042 +4,322 +1,391 +4,221 France +3,119 +5,283 +6,078 +2,406 -2,865 -4,206 +8,582 Germany + 13,696 +34,315 +34,993 +5,400 +3,615 +2,542 +3,610 Greece + 137 +356 +2,694 +833 +527 +1,002 +1,063 Holland -3,166 +5,168 +1,454 +393 -2,178 -7,789 -4,188 Italy +261 +3,385 +3,880 +2,314 +1,175 +756 +1,799 Latvia -281 +68 +36 +7 +32 +40 Lithuania +42 +954 +539 +565 +138 +141 +137 Poland -12,851 +8,209 + 12,090 +8,784 +2,153 +2,485 +5,421 Russia -1,297 +608 +4,216 +875 +79 -4,026 -1,912 Switzerland -787 +8,463 +6,565 +2,070 -664 -2,977 +3,468 Other +68 +2,716 +3,955 +3,845 +3,327 +3,200 +3,524 Total -846 +83,271 +90,505 +40,242 +9,338 -8,558 +26,050 *Net shipments (—) and net receipts (+). 2 Total of eight months. s Less than $500. Back figures.—Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISCOUNT RATES AND MONEY RATES 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 95 DOMESTIC MONEY RATES No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Federal Reserve Bank Date effective B to o n s- Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- R m i o c n h d - la A n t t - a c C a h g i o - L S ou t. is a M p n o i e n l - i - s K C s a a it n s y - D la a s l- F c S i r s a a c n n o - A. Rates on rediscounts for and advances to member banks under sees. 13 and 13a of the Federal Reserve Act In effect Jan. 1, 1935... . 2 2 3 2V2 21/2 3 3 2 1935—jan< 3 Jan.8 Jan 11 ""2X Jan. 14 2 Jan. 17 ""2" Jan. 19 2 May 8 "2 May 9 2 May 10 '"2" May 11 ""ix May 14 2 1937—Aug. 21 ...I!4 Aug. 24 ...... ""ix Aug. 27 ""ix Aug. 31 '"ix Sept. 2 '"ix \y Sept. 3 2 '"ix Sept. 4 ""ix In effect Dec. 31, 1937... ix 1 \y2 IX ix \y 2 IX iX IX IX B. Rates on advances to member banks under sec. 10 (b) of the Federal Reserve Act In effect Jan. 1, 1935 4 4 4 4 4 5 4 4 4 1935 Jan 14 4 Jan. 31 i 2X Aug 26 1 S S e e p p t t . 1 2 4 0 2H 2y2 2\4 Sept. 23 ::::2M O O c c t t 8 3 2y2 2H Oct 10 9 Oct. 19 2 Oct 29 2H Nov. 2 ""2'x 1937—Aug. 21 2 2 Aug. 24 ""2" Aug. 31 '"2" Sept. 2 •"2" '"2" Sept. 3 "2" Sept. 4 2 Sept. 10 ""2" Sept. 17 2 In effect Dec. 31, 1937... 2 2 2 2 2 2 2 2 2 2 2 2 1 Sec. 10 (b), as originally enacted, expired by limitation on Mar. 3, 1935. This section was reenacted in amended form by the Banking Act of 1935, approved Aug. 23, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 ANNUAL REPORT OF BOARD OF GOVERNORS No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent per annum] Federal Reserve Bank Date effective B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- R m i o c n h d - la A n t t - a C ca h g i o - L S ou t. is a M p n o e in l - i - s K C s a a it n s y - D la a s l- F c S r is a a c n n o - C. Rates on advances to individuals, partnerships, and corporations, secured by direct obligations of the United States, under the last paragraph of sec. 13 of the Federal Reserve Act In effect Jan. 1, 1935.... 4 3M 4 4 4 4 4 4H 4H 4 4 4 1835—Feb. 21 4 May 10 ' " 3 Vi May 11 33^ In effect Dec. 31, 1937... 4 33^ 4 3K 4 4 4 4 4H 4 4 Rates on advances to individuals, partnerships, and corporations under the third paragraph of sec. 13 of the Federal Reserve Act in effect from Jan. 1, 1935, to July 31, 1936, ranged from 5 to 6 percent. D. Rates on direct advances to established industrial or commercial businesses for working capital purposes under the first paragraph of sec. 13b of the Federal Reserve Act. In effect Jan. 1, 1935. ... 4-6 4-6 4-6 6 6 6 5-6 5H 6 6 5-6 5-6 1935—Feb 23 4-6 Mar. 22 3^-6 April 9 4^-6 1937—Feb 25 4-5 H In effect Dec. 31, 1937.. .3^-6 4-6 4-6 4H-6 6 6 5-6 4-5H 6 4-6 5-6 5-6 E. Rates on portion of discounts for financing institutions under the second paragraph of sec. 13b of the Federal Reserve Act, on which the financing institution is not obligated for any loss. In effect Jan. 1, 1935. ... 3H-5 4-5 (2) (3) 4-6 5 5-6 4^ 4^-5 4 5-6 4-5 1935—Mar. 22 3H Apr. 9 4 1937—Feb. 25 4 In effect Dec. 31, 1937... 3H 4-5 (2) 4 4-6 5 5-6 4 4H-5 4 5-6 4-5 2 Same as rate charged borrower by financing institution but not less than 4 percent. 3 1 percent below rate charged borrower by financing institution but not less than 4 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 97 No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent per annum] Federal Reserve Batik Date effective Bos- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - lanta C ca h g i o - L S ou t. is a M p n o e in l - i - s K C s a a it n s y - D la a s l- F c S r is a a c n n o - F. Rates on portion of discounts for financing institutions under the second paragraph of sec. 13b of the Federal Reserve Act, on which the financing institution is obligated for any loss. In effect Jan. 1, 1935. . 3 3H 4 4-6 5 5-6 4H 4^-5 4 4 3-4 1935—Jan. 17 3 Apr. 9 ""zy Apr. 16 3 1937—Feb. 25 Aug. 21 ...3K Sept. 4 » In effect Dec. 31, 1937. 3 2K 3H 4-6 5 21/2 3H 4H-5 4 4 3-4 G. Rates on commitments under the second paragraph of sec. 13b of the Federal Reserve Act. In effect Jan. 1, 1935.... 1-2 J4-2 1-2 1-2 1 (0^-2 1-2 1935—Mar. 22 Mar. 29 Apr. 8 ' " 1-2' Apr. 9 1 Apr. 10 1 Dec. 4 In effect Dec. 31, 1937.. . 1-2 J*-2 1 1-2 1-2 1 1 4 Flat charge. Back figures.—See Annual Report for 1936 (table 40) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
98 ANNUAL REPORT OF BOARD OF GOVERNORS No. 41.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES—CHANGES FROM JAN. 1, 1933, TO DEC. 31, 1937 [Percent per annum] Date effective 1 to 15 16 to 30 31 to 45 46 to 60 61 to 90 91 to 120 121 to 180 days l days days days days days days In effect Jan. 1, 1933 1 1 1 1 1 \y% \y 2 1933—Feb. 16 V* y Feb.27 1 2 M M M M M M M Ju a a a a a a a n r r r r r r r . . . . . . . e 3 2 2 2 1 2 1 1 0 2 3 9 7 3 3 V 9 2 2 m 1 ^ V A 2 3 2 2 1 1 M V H 2 3 3 3 2 2 \ 1 y M M V 2 2 f 2 2 1 V 2 2 f 3 2 2 2 i 1 2 y M H 2 2 m 2% H w z 3 2 2 y y ± 2 2 Oct. 20 lA YL 2y2 In effect Dec. 31, 1937...... lA y 2 y 2 H H ^his rate also applies to acceptances bought under repurchase agreements, which agreements are alwayis for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply to purchases, if any, made by other Federal Reserve banks. Back figures.—See Annual Report for 1936 (table 41) and similar tables in previous annual reports. No. 42.—MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [Percent per annum] Nov. 1, 1933, Feb. 1, 1935, In effect to to beginning Jan.31,1935 Dec. 31, 1935 Jan. 1, 193( Savings deposits 2H Postal Savings deposits Other time deposits payable in: 6 9 0 m d o a n y t s h t s o o 6 r m m o o n re ths 2y2 Less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 99 No. 43.—SHORT-TERM OPEN-MARKET RATES* IN NEW YORK CITY, BY MONTHS, 1934-1937 [Percent per annum] Prevailing rate on— Average rate on— Aver- U. S. Treasury bills age Prime Stock-exchange yield on Month c m c o i e m a r- - b a a P c n r c i k e m e p r e t s - ' ex S c t t i o h m c in e k g - e call loans 1 Ne w w it h is in su m es o n of t f h e r 2 ed 91- T U u re . r S y a . spaper. ances, loans, day 3 to 5 4 to 6 90 days 90 days 3- 6- 9- de q a u l o e - rs' n y o e t a e r s1 months New Re- month month month tation x newal bills bills bills 1934—January WA~W2 Yi 1 ~YA 1.00 1.00 .67 .72 3.11 February.... V* %-l 1.00 1.00 .63 85 .62 2.80 March 1 -IX YA- YI %-\ 1.00 1.00 .08 ^27 .24 2.43 April 1 -WA Ys- YA %—l 1.00 1.00 .08 .18 .15 2.05 May 1 Ys- YA %-l 1.00 1.00 .06 .14 .16 1.92 June VA~ Ys- YA %~\ 1.00 1.00 .07 .15 1.73 July Ys- YA /4~1 1.00 1.00 .08 .15 1.57 August H- Ys- YA M~l 1.00 1.00 .20 .19 1.75 September.. . VA- Ys- YA ^Ar~\ 1.00 1.00 .27 .21 2.25 October VA- Ys- A %-\ 1.00 1.00 .21 .27 2.00 November. . . H-i Ys %-l 1.00 1.00 .22 .25 1.99 December.... Ys %-\ 1.00 1.00 .15 .23 1.78 1935—January %-i Ys 1.00 1.00 .14 .20 1.60 February.... YA Ys 1.00 1.00 .12 17 .19 1.42 March 3/i Ys VA-\ 1.00 1.00 .10 .16 .15 . 1.21 April VA .63 .64 .17 .15 1.20 May Ys }A .25 .25 .15 .15 1.12 June %/^ Ys YA .25 .25 .13 .15 '1.15 July VA Ys YA .25 .25 .07 .15 1.16 August /4 Ys YA .25 .25 .10 .16 '1.21 September.. . Ys YA .25 .25 .22 .20 rl 46 October $A YA .29 .29 .20 .20 l!37 November. . . VL Ys .75 .75 .14 .16 1.29 December VA Ys 1 .75 .75 .09 .15 '1.25 1936—January VA Ys 1 .75 .75 .10 .20 1.21 February.... VL Ys 1 .75 .75 .08 .20 1.15 March 3/ Ys 1 .75 .75 .11 .20 '1.10 April 3/ Ys 1 .75 75 .10 .20 1 10 M ayJ VA Ys 1 -WA .93 .93 .18 .20 1.09 JTune % Ys WA 1.00 1.00 .23 .20 '1.13 July Y%- t\ 1.00 1 00 .14 .15 1.17 August VA VA 1.00 1.00 .18 .20 1.12 September. WA 1 00 L 00 16 16 rl 10 October VA A 1.00 L.00 .13 .13 1.12 November. VA ii/ 1 00 L 00 10 11 .99 December.... VA A WA 1.00 L.00 .21 .12 1.04 1937—January V lV X WA 1.00 L.00 .36 .17 1.18 February.... VA A WA 1.00 1.00 .38 .15 1.22 March VA- A- A WA 1.00 L.00 .58 .38 1.44 April A WA 1.00 L.00 .70 .56 1.59 May H- A WA 1.00 .00 .65 .41 1.48 June lV Yl WA 1.00 1.00 .58 .36 1.54 July IS WA 1.00 1.00 .49 .28 1.44 August WA 1.00 1.00 .52 .29 1.45 September.. . \6 WA 1.00 1.00 .53 .31 1.50 October I7e WA 1.00 1.00 .41 20 1.42 November. WA 1 00 ] 00 .09 1 31 December X WA 1.00 L.00 .09 .11 1.27 'Revised. *For bond yields, see table 80. 1Monthly averages of daily quotations. 2When no rate is shown, no bills of the stated maturity were offered. Back figures.—See Annual Report for 1936 (table 42) and similar tables in previous annual reports; also for Treasury notes see Federal Reserve Bulletin for May 1936, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
100 ANNUAL REPORT OF BOARD OF GOVERNORS No. 44.—SHORT-TERM OPEN-MARKET RATES* IN NEW YORK CITY, BY WEEKS, 1937 [Percent pei annum] Prevailing rate on— Average rate on— Aver- Stock-exchange U. S. Treasury age Prime call loans : bills yield on Week ending Saturday c m o e m r- - b P an ri k m e e rs' ex S c t h o a c n k g - e T U re .S a . scial accept- time New 91- ury m p 4 a o t p n o e t h r 6 , s 9 a 0 n c d e a s y , s 9 l 0 o a d n a s y , s New n R ew e- al o w i f s f i e t s h u re i e n d de q d a u a l o e y - rs' n 3 y o e t to e a s r 5 l week 2 tation l Jan.2 %A A IX 1.00 1.00 .32 .18 1.13 Jan. 9 A IX 1.00 1.00 .33 .18 1.17 Jan. 16 i*-X IX 1.00 1.00 .35 .18 1.19 Jan 23 . .... IX 1.00 1.00 .36 .15 1.19 Jan.30 1.00 1.00 .40 .15 1.20 Feb 6 A IX 1.00 1.00 .37 .16 1.19 Feb. 13 % A IX 1.00 1.00 .37 .15 1.20 F F e e b b . . 2 2 0 7 H A I I X X 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 3 4 9 0 . . 1 1 5 5 1 1 . . 2 2 4 6 Mar. 6 A IX 1.00 1.00 .45 .25 1.30 Mar. 13 A IX 1.00 1.00 .53 .25 1.40 Mar. 20 % A- A 1.00 1.00 .71 .37 1.50 Mar. 27... A 1.00 1.00 .64 .55 1.50 Apr. 3 l A 1.00 1.00 .66 .58 1.57 A A A p p p r r r . . . 2 1 1 4 0 7 i l l A A A 1 1 / M 4 1 1 1 . . . 0 0 0 0 0 0 1 1 1 . . . 0 0 0 0 0 0 . . . 6 7 7 7 2 0 . . . 6 4 6 0 8 5 1 1 1 . . . 5 6 6 4 b 0 May 1 l A IX 1.00 1.00 .74 .45 1.53 May 8 l IX 1.00 1.00 .72 .47 1.49 May 15 l Vi IX 1.00 1.00 .69 .42 1.48 May 22 l IX 1.00 1.00 .62 .38 1.47 May 29 l IX 1.00 1.00 .56 .35 1.46 June 5 l IX 1.00 1.00 .55 .35 1.49 June 12 l 1.00 1.00 .57 .36 1.52 June 19 l % 1.00 1.00 .58 .39 1.5b June 26 l A IX 1.00 1.00 .62 .35 1.57 J J u u l l y y 1 3 0 l l 178 \A 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 4 5 9 1 . . 3 3 4 0 1 1 . .5 5 0 5 July 17 l A 1.00 1.00 .50 .30 1.45 J J u u l l y y 2 3 4 1 l l i i 7 7 a s IX 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 4 4 9 7 . .2 2 7 4 1 1 . . 3 4 8 1 A A u u g g . . 7 14 l l V6 IX . . 0 0 0 0 1 1 . . 0 0 0 0 . . 4 4 8 6 . . 2 2 6 5 1 1 . . 3 3 8 9 Aug 21 l A .00 1.00 .52 .26 1.44 Aug. 28 l 17<5 IX .00 1.00 .62 .34 1.53 Sept. 4 l A IX .00 1.00 .71 .45 1.55 S S S e e e p p p t t t . . . 2 1 1 5 1 8 l l l 1 i7 7 s 5 I I I X X X . . . 0 0 0 0 0 0 1 1 1 . . . 0 0 0 0 0 0 . . . 3 5 4 8 8 4 . . . 2 2 4 2 9 5 l 1 1 A . . 5 4 t 7 7 Oct. 2 l IX .00 1.00 .44 .19 1.45 O Oc c t t . . 9 16 l l l'e I I X X L . 0 .0 0 0 1 1 . . 0 0 0 0 . . 3 4 6 3 . . 2 2 0 0 1 1 . .4 4 * 1 O O c c t t . . 2 3 3 0 l l 16 I I X X . . 0 0 0 0 1 1 . . 0 0 0 0 . . 2 2 6 3 . . 2 1 2 7 i 1 . . 4 4 e 1 Nov. 6 l 7 IX 1.00 1.00 .20 .11 1.34 N N N o o o v v v . . . 2 2 1 7 0 3 l l l l A l ' ' e e I I X X 1 1 1 . . . 0 0 0 0 0 0 1 1 1 . . . 0 0 0 0 0 0 . . . 1 1 1 4 2 2 . . . 0 0 0 8 8 9 1 1 1. . . 3 2 3 C 8 5 Dec. 4 l 1.00 1.00 .13 .11 1.31 Dec. 11 l l'e IX 1.00 1.00 .12 .12 1.2' Dec. IP l A IX 1.00 1.00 .10 .11 1.2* Dec. 25 IX 1.00 1.00 .10 .09 1.2( *For bond yields, by months, see table 80. 1 Weekly averages of daily quotations. 2 9-month bills until October 16; bills maturing about March 16, 1938 from October 23 to December 11; 91-day bills thereafter. Back figures.—See Annual Report for 1936 (table 43) and similar tables in previous annual reports; also, foi Treasury notes, Federal Reserve Bulletin for May 1936, p. 318. Figures for 91-day dealers' quotations back tc Digitized foJra FnuRaAryS E19R34 are available on request. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 101 No. 45.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1925-1937 [Weighted averages of prevailing rates. Percent per annum] 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 New York City: January 4.16 4.64 4.66 4.56 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2.64 2.50 February . ... 4.43 4.68 4.56 4.44 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2.56 2.41 IVt&rch 4 53 4 62 4 56 4 59 5 81 5.22 4 20 4 72 4 88 3 31 2 64 2 61 2 50 April . ... 4.48 4.62 4.63 4.72 5.85 4.91 4.17 4.69 4 33 3.39 2 61 2.54 2 53 ]May 4 38 4 66 4 63 4 97 5 88 4.74 4 11 4 55 4 24 3 42 2 69 2 51 2 44 June 4.36 4.58 4.60 5.09 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 2.34 July 4 46 4 38 4 56 5 38 5 88 4.48 4 05 4 42 3 93 3 30 2 61 2 44 2 36 August 4.36 4.62 4.41 5.56 6.05 4.41 3.97 4.45 3.97 3.33 2.67 2.42 2.41 September 4 57 4 81 4 44 5.63 6 06 4 29 3 93 4 30 3 79 3 26 2 72 2 40 2 39 October 4.62 4.85 4.49 5.63 6.08 4.26 4.27 4.35 3.76 3.28 2.72 2.46 2.38 November 4 61 4 79 4.35 5.56 5 86 4.17 4 67 4.12 3 52 3 22 2 77 2 43 2 45 December 4.70 4.79 4.50 5.63 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2.43 2.40 Year 4.47 4.67 4.53 5.15 5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49 2.43 8 other northern and eastern cities: January 4.80 5.14 4.99 4.73 5.87 5.88 4.61 5.07 4 89 4.65 4.08 3.62 3.36 February 4 79 5 11 4 98 4 76 5 86 5 66 4 63 5 13 4 84 4 49 4 02 3 63 3 43 March 4.89 5.15 4.88 4.81 5.91 5.47 4.62 5.14 5.39 4.52 4 05 3.60 3.34 April 4.92 5.17 4.90 4.91 6.00 5.22 4.57 5.10 5.09 4.52 3.99 3.47 3.36 May 4.95 5.07 4.95 5.04 6.09 5.13 4.55 5.14 4.99 4.39 3.88 3.45 3.45 June 4.95 4.87 4.93 5.36 6.02 5.06 4.49 5.13 4.97 4.30 3.78 3.51 3.32 July . 4.90 4.92 4.90 5.57 6.08 4.81 4.48 5.05 4.82 4.15 3.87 3.61 3.32 August 4.98 4.91 4.87 5.59 6.11 4.79 4.47 5.12 4.68 4.12 3.79 3.47 3.29 September 5 04 5 08 4.77 5 80 6.24 4 74 4.48 5 03 4 65 4.11 3 75 3 45 3 33 October 5.16 5.15 4.79 5.80 6.25 4.75 4.62 4.96 4.51 4.13 3.75 3.50 3.37 N o ve mb er 5 20 5 07 4.82 5 82 6.12 4 66 4.87 4 88 4 54 4.08 3 63 3 47 3 42 December 5.17 5.09 4.76 5.91 5.94 4.68 4.91 4.88 4.59 3.98 3.67 3.46 3.36 Year 4.98 5.06 4.88 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52 3.36 27 southern and western cities: January 5 57 5 56 5.72 5.53 5.94 6.12 5.50 5.61 5 60 5 40 4 95 4 47 4 16 February 5.55 5.65 5.71 5.53 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 4.15 March 5.61 5.62 5.65 5.54 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 4.15 April 5.61 5.65 5.57 5.54 6.07 5.86 5.36 5.63 5.68 5.34 4.80 4.40 4.21 May 5.58 5.61 5.59 5.56 6.10 5.75 5.26 5.64 5.66 5.28 4.79 4.43 4.17 June 5.59 5.55 5.54 5.67 6.16 5.69 5.34 5.62 5.62 5.19 4.76 4.39 4.18 July 5.59 5.54 5.52 5.77 6.17 5.63 5.30 5.63 5.54 5.07 4.58 4.35 4.19 August . . 5.60 5.56 5.53 5.80 6.22 5.58 5.28 5.68 5.53 5.05 4.63 4.25 4.18 September 5.55 5.60 5.61 5.82 6.27 5.55 5.32 5.63 5.55 5.04 4.51 4.29 4.18 October 5 53 5 66 5 56 5.87 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4 23 4 16 November 5.55 5.67 5.56 5.90 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.24 4.17 December 5.61 5.68 5.60 5.91 6.20 5.43 5.56 5.60 5.43 4.92 4.55 4.14 4.15 Year 5.58 5.61 5.60 5.70 6.14 5.72 5.39 5.62 5.56 5.17 4.69 4.35 4.17 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates, which are given in tables 43 and 44. All averages are based on rates reported for 3 types of customer loans—commercial loans and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (b) the relative importance of each reporting bank, as measured by total loans. In the 2 group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks. Eight other northern and eastern cities include Chicago, Boston, Philadelphia, Cleveland, Detroit, Pittsburgh,Buffalo, and Cincinnati. Twenty-seven southern and western cities include SanFrancisco, Los Angeles, St. Louis, Baltimore, Minneapolis, New Orleans, Kansas City, Mo., Dallas, Houston, Seattle, Atlanta, Louisville, Richmond, Denver, Portland, Omaha, Jacksonville, Birmingham, Salt Lake City, Nashville, Oklahoma City, Spokane, Little Rock, El Paso, Helena, Charlotte, and San Antonio. For complete description of these statistics and figures for 1919-1928 see Money Rates and Money Markets in the United States (pages 222-236) by WinfieldW. Riefler, Harper & Bros., 1930. Back figures.—See Annual Report for 1936 (table 44) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
102 ANNUAL REPORT OF BOARD OF GOVERNORS MONEY RATES IN FOREIGN COUNTRIES No. 46.—DISCOUNT RATES OF FOREIGN CENTRAL BANKS, 1936 AND 1937 [Percent per annum] Central bank of— Date effective United Ger- Nether- Switzer- Kingdom France many Italy Japan lands Sweden land In effect Jan. 1, 1936. 2 6 4 5 3.65 2M 1936—Jan. 2 . 5 Jan 10 4 Jan 16 3 Feb.4 2H Feb 7 Mar. 28 5 Apr 7 3.29 May 7 6 May 18 4M May 30 June 4 4H June 24 5 June 25 4 June 26 4 June 30 3H July 7 3 July 10 3 Sept 9 2 Sept 25 5 Oct. 2 3 Oct. 9 Oct 16 2 m Oct. 20 Nov 26 IH Dec 3 2 1937—Jan. 28 4 June 15 6 July 7 5 Aug. 4 4 Sept. 3 3K Nov. 13 3 In effect Dec. 31, 1937 2 3 4 4H 3.29 2 2K For additional countries see current issues of Federal Reserve Bulletin. Back figures.—See Annual Report for 1936 (table 46) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 103 No. 47.—OPEN-MARKET DISCOUNT RATES IN FOREIGN COUNTRIES, 1924-1937 [Percent per annum] Nether- England France Germany Italy Japan lands Switzer- Year or month (London) (Paris) (Berlin) (Milan) (Tokyo) (A d m am st ) er- (Z la ur n ic d h) 1924 3 46 9.06 4.20 3.50 1925 4 13 5 69 7.65 7.15 7.89 3 10 2 28 1926 4.45 5.66 4.92 8.44 7.66 2.84 2.52 1927 4 24 2 91 5.49 7.72 6.87 3 67 3 27 1928 4.16 3.02 6.51 5.47 16.39 4.23 3.33 1929 . . .. 5 26 3 47 6 86 6.69 5 60 4 82 3 32 1930 . 2.57 2.35 4.42 5.91 5.50 2 08 2 02 1931 3 60 1 56 6 35 5.91 5 48 1 47 1 43 1932 1.87 1.30 4.93 5.79 6.12 .81 1.52 1933 .68 1.63 3.86 3.87 5.44 1 10 1 50 1934 82 2 03 3 78 3.10 5 19 89 1 50 1935 .58 3.24 3.15 4.16 5.11 3.18 2.19 1936 60 3 68 2 96 4.69 4 88 1 75 2 06 1937 .58 3 83 2.91 4.79 4.75 .30 1.04 1937 January .56 2.22 3.00 4.50 4.75 .63 1.25 February .55 4.01 3.00 4.50 4.75 .39 1.18 March .55 4 06 3 00 4.50 4 75 38 1 00 April 55 4 00 2 90 4 50 4 75 38 1 00 May .55 3.93 2.88 4.50 4.75 .31 1.00 June .68 5.02 2.88 5.00 4.75 25 1 00 July . . 56 5 20 2 88 5.00 4 75 19 1 00 August .55 4.11 2.88 5.00 4.75 .19 1.00 September .55 3.54 2.88 5.00 4.75 .20 1.00 October . . . . .. .55 3.62 2.88 5.00 4.75 .21 1.00 November .59 3.26 2.88 5.00 4.75 .25 1.00 December .75 3.00 2.88 5.00 4.75 .25 1.00 1 Average for last 10 months only; figures not available for January and February. See note. NOTE.—Rates apply to bankers' acceptances, except those for Japan, which apply to commercial bills. Annual figures are compiled by the Board and represent, for Germany, 1927-1937, and for England, averages of daily figures; for Germany, 1925-1926, and for France, Italy,Netherlands, and Switzerland, averages of monthly averages based on daily figures; for Japan, averages of the means of the monthly highs and lows, 1924-1927, and of the means of the monthly high and low prevailing rates, 1928-1937. For further explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Back figures.—For data by months in earlier years, see Annual Report for 1936 (table 47) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER AND NONMEMBER BANKS 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
106 ANNUAL REPORT OF BOARD OF GOVERNORS ALL BANKS IN THE UNITED STATES No. 48.—ALL BANKS1 IN THE UNITED STATES—NUMBER OF BANKS, AND DEPOSITS EXCLUSIVE OF INTERBANK DEPOSITS, 1915-1937 Deposits, other than interbank deposits Number of banks (In millions of dollars)8 Nonmember Nonmember Member banks banks Member banks banks Date2 Total, Total, ba a n ll ks Na- M tua u l - ba a n ll ks Na- M tua u l - Total tional State sav- Other Total tional State sav- Other ings 1915—June 23... 26,605 7,614 7,597 17 639 18,352 19,131 6,678 6,609 68 3,951 8,502 1916—June 30... 27,041 7,605 7,571 34 632 18,804 22,759 8,395 8,159 235 4,188 10,176 1917—June 20... 27,495 7,652 7,599 53 632 19,211 26,352 10,301 9,742 559 4,422 11,630 1918—June 29... 28,334 8,212 7,699 513 636 19,486 28,765 15,671 11,214 4,457i 4,422 8,673 1919—June 30... 28,600 8,821 7,779 1,042 633 19,146 33,603 19,170 12,951 6,219 4,751 9,682 1920—June 30... 29,829 9,398 8,024 1,374 631 19,800 37,721 21,915 14,316 7,600 5,187 10,618 1921—June 30... 30,560 9,745 8,150 1,595 634 20,181 35,742 20,637 12,991 7,646 5,575 9,529 1922—June 30... 30,158 9,892 8,244 1,648 630 19,636 37,615 22,397 13,821 8,575 5,780 9,439 1923—June 30... 29,833 9,856 8,236 1,620 628 19,349 40,688 23,871 14,490 9,380 6,295 10,522 1923—Dec. 31... 29,505 9,774 8,179 1,595 630 19,101 42,163 24,996 15,231 9,764 6,455 10,712 1924—Dec. 31..., 28,806 9,587 8,043 1,544 623 18,596 45,835 27,836 16,69411,141 6,898 11,101 1925—Dec. 31... 28,257 9,489 8,048 1,441 621 18,147 49,224 30,029 18,066 11,964 7,298 11,897 1926—Dec. 31..., 27,367 9,260 7,906 1,354 618 17, ~ 50,155 30,474 18,02212,453 7,763 11,918 1927—Dec. 31..., 26,416 9,034 7,759 1,275 618 16,764 52,909 32,063 19,66212,401 8,344 12,502 1928—Dec. 31.... 25,576 8,837 7,629 1,208 613 16,126 56,766 34,826 21,40713,419 8,849 13,091 1929—June 29... 25,110 8,707 7,530 1,177 611 15,792 53,852 32,284 19,41112,873 8,983 12,584 Dec. 31..., 24,630 8,522 7,403 1,119 609 15,499 55,289 33,865 20,290 13,575 8,916 12,508 1930—June 30... 23,852 8,315 7,247 1,068 606 14,931 54,954 33,690 20,556 13,134 9,197 12,067 Dec. 31..., 22,769 8,052 7,033 1,019 603 14,114 53,039 32,560 20,138 12,422 9,507 10,972 1931-June30... 21,903 7,782 6,800 982 600 13,521 51,782 31,566 19,41812,147 10,017 10,199 Dec. 31.... 19,' 7,246 6,368 878 597 12,123 45,821 27,432 17,27110,161 10,105 8,284 1932—June 30... 19,046 6,980 6,145 835 594 11,472 41,963 24,755 15,629 9,126 10,020 7,188 Dec. 31.... 18,390 6,816 6,011 805 594 10,980 41,643 24,803 16,101 8,701 10,022 6,818 1933—June 30 4., 14,519 5,606 4,897 709 576 8,337 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30..., 15,011 6,011 5,154 857 579 8,421 38,505 23,771 15,386 8,385 9,708 5,026 1934—June 30... 15,835 6,375 5,417 958 578 8,882 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31..., 16,042 6,442 5,462 980 579 9,021 44,770 28,943 18,519 10,424 9,828 6,000 1935—June 29... 15,994 6,410 5,425 985 571 9,013 45,766 29,496 19,03110,465 9,920 6,350 Dec. 31... 15,837 6,387 5,386 1,001 570 8,880 48,964 32,159 20,886 11,273 9,963 6,842 1936—Mar. 4.... 15,808 6,377 5,375 1,002 569 8,862 48,716 31,774 20,60511,169 9,972 6,970 June 30... 15,752 6,400 5,368 1,032 566 8,786 51,335 34,098 21,986 12',112 10,060 7,176 Dec. 31..., 15,628 6,376 5,325 1,051 565 8,687 53,701 35,893 23,10712,786 10,143 7,666 1937—Mar. 31... 15,569 6,367 5,305 1,062 565 8,637 52,577 34,746 22,35512,390 10,157 7,674 June 30... 15,527 6,357 5,293 1,064 564 8,606 53,287 35,440 22,92612,514 10,213 7,635 Dec. 31... 15,393 6,341 5,260 1,081 563 8,489 52,440 34,810 22,65512,155 10,257 7,373 1 Comprises all national banks in the continental United States, all State commercial banks, trust companies, mutual and stock savings banks, and such private, Morris Plan, 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, under the provisions of Section 21(a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Morris Plan and industrial banks in New York and North Carolina were not included until June 30, 1937. 'zDate of reports of member banks; figures for nonmember banks are as of nearest available date. 3Prior 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 include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. 4Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. Back figures.—For call dates other than those shown above, see Annual Reports for 1935 (table 47) and 193.3 (table 66). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 49.—ALL BANKS1 IN THE UNITED STATES—LOANS AND INVESTMENTS, 1917-1937 [In millions of dollars] Loans and investments Loans Investments Nonmember Nonmember Nonmember Date2 Total, Member banks banks Total, Member banks banks Total, Member banks banks all all all banks Total ti N on a a - l State M sav u i t n u g a s l Other banks Total ti N on a- al State M sav u i t n u g a s l Other banks Total ti N on a a - l State M sav u i t n u g a s l Other 1917—June 20 28,286 12,453 11,897 556 4,500 11,333 20,525 9,370 8,935 434 2,368 8,785 7,764 3,084 2,962 123 2,132 2,547 1918—June 29 31,813 18,507 13,913 4,594 4,489 8,817 22,404 13,234 10,077 3,156 2,315 6,856 9,408 5,274 3,836 1,438 2,174 1,961 1919—June 30 36,570 22,240 15,712 6,528 4,828 9,502 24,723 15,413 10,903 4,510 2,336 6,974 11,847 6,827 4,809 2,018 2,492 2,528 1920—June 30 41,684 25,559 17,547 8,012 5,308 10,817 30,839 19,533 13,499 6,035 2,591 8,714 10,845 6,026 4,048 1,977 2,716 2,104 1921—June 30 40,001 24,121 15,895 8,226 5,699 10,181 28,988 18,119 11,976 6,143 2,810 8,060 11,012 6,002 3,919 2,083 2,889 2,122 1922—June 30 39,956 24,182 15,705 8,477 6,010 9,764 27,750 17,165 11,191 5,975 3,003 7,584 12,206 7,017 4,514 2,503 3,007 2,182 1923—June 30 43,737 26,507 16,805 9,703 6,582 10,650 30,398 18,750 11,778 6,973 3,382 8,265 13,341 7,757 5,027 2,730 3,200 2,384 1923—Dec. 31 44,003 26,487 16,807 9,680 6,743 10,773 30,797 18,842 11,808 7,034 3,557 8,398 13,206 7,645 4,999 2,646 3,186 2,375 1924—Dec. 31. 47,182 28,746 17,840 10,906 7,226 11,211 32,458 19,933 12,214 7,719 3,971 8,554 14,724 8,813 5,626 3,187 3,256 2,655 1925—Dec. 31 50,603 30,884 19,153 11,731 7,691 12,029 35,658 21,996 13,419 8,577 4,393 9,269 14,945 8,888 5,734 3,154 3,298 2,759 1926—Dec. 31 52,024 31,642 19,267 12,374 8,204 12,178 36,777 22,652 13,482 9,170 4,821 9,304 15,246 8,990 5,785 3,204 3,383 2,873 1927—Dec. 31 55,450 34,247 21,535 12,712 8,860 12,344 38,426 23,886 14,641 9,245 5,273 9,266 17,024 10,361 6,894 3,466 3,587 3,077 1928—Dec. 31 58,266 35,684 22,407 13,277 9,390 13,192 40,782 25,155 15,285 9,870 5,694 9,933 17,484 10,529 7,122 3,407 3,696 3,256 H 1929—Dec. 31 58,417 35,934 21,584 14,350 9,463 13,020 41,918 26,150 15,136 11,014 5,945 9,823 16,499 9,784 6,448 3,336 3,518 3,197 1930—Dec. 31 56,209 34,860 21,426 13,434 9,987 11,362 38,135 23,870 14,347 9,524 6,068 8,196 18,074 10,989 7,079 3,910 3,920 3,165 CO 1931—Dec. 31 49,704 30,575 19,094 11,482 10,488 8,641 31,305 19,261 11,905 7,356 6,218 5,827 18,399 11,314 7,189 4,126 4,270 2,814 1932—Dec. 31 44,946 27,469 17,399 10,071 10,182 7,294 26,063 15,204 9,828 5,376 6,079 4,780 18,883 12,265 7,571 4,695 4,103 2,514 1933—June 30* 40,076 24,786 15,460 9,326 10,044 5,246 22,203 12,858 8,102 4,756 5,941 3,404 17,872 11,928 7,358 4,570 4,103 1,841 Dec. 30 40,319 25,220 15,941 9,278 9,985 5,114 21,977 12,833 8,086 4,747 5,906 3,238 18,342 12,386 7,855 4,531 4,079 1,877 1934—June 30 42,502 27,175 17,011 10,163 9,904 5,423 21,278 12,523 7,681 4,842 5,648 3,108 21,224 14,652 9,331 5,321 4,256 2,315 Dec. 31 43,458 28,150 17,910 10,240 9,782 5,526 20,474 12,028 7,475 4,553 5,491 2,955 22,984 16,122 10,435 5,687 4,291 2,571 1935—June 29 44,416 28,785 18,051 10,733 9,852 5,779 20,272 11,928 7,353 4,575 5,341 3,003 24,145 16,857 10,698 6,158 4,511 2,777 Dec. 31 45,715 29,985 18,951 11,034 9,804 5,929 20,329 12,175 7,494 4,681 5,210 2,944 25,386 17,810 11,457 6,353 4,594 2,983 1936—Mar. 4 46,115 30,288 18,988 11,300 9,795 6,032 20,267 12,099 7,421 4,678 5,202 2,966 25,847 18,189 11,567 6,622 4,592 3,066 June 30 48,458 32,259 20,208 12,051 9,961 6,238 20,679 12,542 7,748 4,793 5,105 3,032 27,779 19,717 12,459 7,258 4,856 3,206 Dec. 31 49,524 33,000 21,013 11,986 10,060 6,464 21,449 13,360 8,257 5,103 5,027 3,062 28,075 19,640 12,756 6,884 5,034 3,402 1937—Mar. 31 49,138 32,525 20,682 11,843 10,096 6,518 21,790 13,699 8,460 5,240 5,026 3,065 27,348 18,826 12,223 6,603 5,070 3,453 June 30 49,696 32,739 20,893 11,845 10,180 6,778 22,514 14,285 8,796 5,488 5,002 3,227 27,182 18,454 12,097 6,357 5,178 3,550 Dec. 31 48,566 31,752 20,534 11,217 10,187 6,627 22,198 13,958 8,796 5,162 4,996 3,244 26,368 17,794 11,738 6,056 5,191 3,383 For footnotes see table 48. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS QC No. 50.—ALL MEMBER BANKS—CONDITION ON DEC. 31, 1937, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er n m b a e t a A i m n o l k b l n s e a r l m b S e a A t m n a l t k b l e s er Ne C w e m n Y t e o r m a rk l b r e e r s e b r a v C n e h k i c s c i a ty go m R b e e c a s m i n e ty k r b v s e e r C m b o e a u m n n k b t s r e y r ASSETS Loans (including overdrafts) 13,957,823 8,796,207 5,161,616 3,673,433 635,491 5,202,554 4,446,245 United States Government direct obligations 10,574,143 6,752,842 3,821,301 3,206,545 916,085 3,961,935 2,489,578 Securities fully guaranteed by United States Government 1,797,407 1,306,504 490,903 388,472 94,368 636,967 677,600 Other securities 5,422,382 3,678,705 1,743,677 1,044,882 255,116 1,612,154 2,510,230 Total loans and investments 31,751,755 20,534,258 11,217,497 8,313,332 1,901,060 11,413,610 10,123,753 Customers' liability on account of acceptances 154,504 77,087 77,417 110,752 3,446 38,137 2,169 Banking house, furniture, and fixtures 971,465 630,518 340,947 226,021 21,826 338,033 385,585 Other real estate owned 342,6C4 155,580 187,114 33,565 6,320 126,708 176,101 Reserve with Federal Reserve banks 7,005,209 4,172,915 2,832,294 2,737,972 596,044 2,309,707 1,361,486 Cash in vault 589,457 418,483 170,974 56,183 26,758 199,881 306,635 Balances with private banks and American branches of foreign banks 24,787 15,732 9,055 1,769 4,654 15,626 2,738 Demand balances with banks in New York City 1,289,310 921,855 367,455 70,166 136,242 593,208 489,694 Demand balances with other domestic banks 2,030,475 1,591,805 438,670 48,234 37,063 840,823 1,104,355 Time balances with other domestic banks 69,818 54,862 14,956 36 940 20,705 48,137 Balances with banks in foreign countries 69,723 39,466 30,257 47,943 1,731 16,713 3,336 Due from own foreign branches 3,578 3,578 3,578 Cash items in process of collection 2,259,351 1,319,976 939,375 989,331 145,974 841,384 282^662 Cash items not in process of collection 8,869 6,163 2,706 742 75 3,707 4,345 Acceptances of other banks and bills sold with endorsement 41,226 19,965 21,261 37,745 281 2,989 211 Securities borrowed 895 188 707 895 Other assets 172,396 101,084 71,312 47,303 23,'863' 60^155 41,075 Total assets . 46,785,512 30,063,515 16,721,997 12,721,094 2,906,277 16,824,964 14,333,177 LIABILITIES Demand deposits—Total 29,317,024 18,459,255 10,857,769 10,005,888 2,182,472 10,386,272 6,742,392 Individuals, partnerships, and corporations 19,747,450 12,150,449 7,597,001 6,507,420 1,354,313 6,742,833 5,142,884 United States Government 781,034 501,374 279,660 382,016 64,813 255,833 78,372 States, counties, and municipalities 2,131,984 1,655,468 476,516 188,910 206,989 777,023 959,062 Banks in United States 5,436,442 3,512,205 1,924,237 2,107,561 528,150 2,388,844 411,887 Banks in foreign countries 452,772 210,843 241,929 415,776 5,431 30,112 1,453 Certified and officers' checks, cash letters of credit and travelers' checks, etc.. 767,342 428,916 338,426 404,205 22,776 191,627 148,734 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Time deposits—Total 11,521,632 8,027,514 3,494,118 752,778 453,977 4,571,762 5,743,115 Individuals, partnerships, and corporations— Evidenced by eavingB passbooks 9,461,126 6,626,879 2,834,247 405,934 391,328 3,747,246 4,916,618 Certificates of deposit 740,327 577,531 162,796 30,785 20,519 179,621 509,402 Open accounts 575,832 253,508 322,324 258,729 30,572 224,113 62,418 Christmas savings and similar accounts 28,761 18,905 9,856 848 3,042 9,629 15,242 Postal savings 94,653 83,279 11,374 34,040 60,613 States, counties, and municipalities 481,721 359,020 122,701 49J67' 8^354' 266,053 158,147 Banks in United States 128,641 99,101 29,540 310 162 107,494 20,675 Banks in foreign countries 10,571 9,291 1,280 7,005 3,566 Total deposits 40,838,656 26,486,769 14,351,887 10,758,666 2,636,449 14,958,034 12,485,507 Secured by pledge of loans and/or investments 2,969,035 2,199,769 769,266 537,383 209,437 1,342,095 880,120 Not secured by pledge of loans and/or investments 37,869,621 24,287,000 13,582,621 10,221,283 2,427,012 13,615,939 11,605,387 Due to own foreign branches 117,510 102,157 15,353 117,510 Agreements to repurchase securities sold 2,195 996 1,199 848 1,347 Bills payable and rediscounts 12,426 9,836 2,590 364 12,062 Acceptances of other banks and bills sold with endorsement 41,226 19,965 21,261 37,745 281 2,989 211 Acceptances executed for customers 157,592 78,338 79,254 115,472 3,182 37,147 1,791 Acceptances executed by other banks for reporting banks 16,019 9,785 6,234 9,392 601 5,631 395 Securities borrowed 895 188 707 895 Interest, taxes, and other expenses accrued and unpaid 76,306 45,222 31,084 20^164' 8,015 31,192 16,935 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 43,423 27,401 16,022 15,954 1,093 15,825 10,551 Other liabilities 108,089 45,327 62,762 39,968 2,003 38,052 28,066 Capital notes and debentures 52 006 52,006 562 27,354 24,090 Capital stock1 2,378,600 1,574,056 804,544 562,646 i26^400 765,008 924,546 Surplus 2010,421 1,098,204 912,217 800,249 66,020 610,615 533,537 Undivided profits—net 602,430 399,757 202,673 156,396 28,330 207,781 209,923 H Reserves for contingencies 311,355 153,664 157,691 86,297 33,903 119,377 71,778 Retirement fund for preferred stock and capital notes and debentures 16,363 11,850 4,513 73 4,747 11,543 Total liabilities (including capital account) 46,785,512 30,063,515 16,721,997 12,721,094 2,906,277 16,824,964 14333,177 Net demand deposits 23,740,652 14,626,759 9,113,893 8,898,157 1,863,072 8,111,336 4,868,087 Demand deposits—adjusted2 20,387,425 12,914,857 7,472,568 6,111,204 1,438,104 6,870,099 5,968,018 Number of banks 6,341 5,260 1,081 37 13 340 5,951 1 Represents in the case of: National banks, (1) the par value of capital stock or (2) the net book value of the entire capital account, whichever was the smaller, as reported by individual banks; State member tanks with capital notes and debentures outstanding, (1) the par value of common stock or (2) the net book value of the entire capital account less capital notes and debentures and reserves for contingencies and for retirement of capital notes and debentures, whichever was the smaller, as reported by individual banks; State mtrr.ber tanks which do not have capital notes and debentures outstanding, (1) the aggregate of the retirable value of preferred stock and the par value of common stock or (2) the net book value of the entire capital account less reserves for contingencies and for retirement of preferred stock, whichever was the smaller, as reported by individual banks. For par value of capital stock see table 51. 2Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. Back fig?-ures.—See Annual Report for 1936 (table 50) and similar tables in previous annual reports; for selected items see following tables in this Annual Report; see also Member Bank Call RReeppoorts published by the Board of Governors following each official call upon member banks for statements of their condition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 51.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, BORROWINGS, AND CAPITAL STOCK ON DEC. 31, 1937 BY CLASSES OF BANKS [In thousands of dollars] m b e a A m n l k b l s er n m b a e a t A i m n o l k n b l s e a r l m b S e a A t m n a l k t l b e s er Ce m nt e r m al b r e e r s e b r a v n e k c s ity R m e e c s m i e ty r b v e e r C m b o e a u m n n k b tr s e y r New York Chicago Loans—Total. 13,957,823 8,796,207 5,161,616 3,673,433 635,491 5,202,554 4,446,345 d Acceptances of other banks payable in United States 125,835 54,942 70,893 973 9,712 2,842 > Bills, acceptances, etc., payable in foreign countries 22,502 15,069 7,433 2,308 11,732 2,567 Commercial paper bought in open market 363,597 258,860 104,737 16,495 132,210 208,408 F Loans to banks 69,943 42,163 27,780 1,055 27,124 13,011 W H Loans on securities exclusive of loans to banks—Total.,. 3,702,622 2,026,259 1,676,363 1,493,287 170,566 1,189,380 849,389 O To brokers and dealers in New York... 738,123 234,740 503,383 702,769 26,022 3 To brokers and dealers elsewhere 212,079 125,111 86,968 57,504 41,389 97,075 To others 2,752,420 1,666,408 1,086,012 733,014 129,177 1,066,283 Real estate loans: On farm land 264,924 215,433 49,491 73 338 95,252 169,261 On other real estate 2,282,503 1,341,856 940,647 141,403 11,189 1,080,380 1,049,531 Reporting banks' own acceptances 129,695 81,199 48,496 74,272 6,125 46,899 2,399 o Agricultural loans (except loans on farm land) 500,058 430,034 70,024 403 10,710 . 94,761 394,184 All other loans (including overdrafts) 6,496,144 4,330,392 2,165,752 1,810,555 415,732 2,515,104 1,754,753 o United States Government direct obligations—Total j 10,574,143 6,753,842 3,821,301 3,206,545 916,085 3,961,935 2,489,578 o o Treasury bonds maturing on or before December 31, 1949 2,473,115 1,580,698 892,417 682,290 133,821 1,014,668 642,336 Treasury bonds maturing after December 31, 1949 3,123,111 2,272,338 850,773 493,127 383,594 1,249,098 997,292 Other United States bonds 39,104 33,372 5,732 59 157 3,682 35,206 Treasury notes 4,277,041 2,461,476 1,815,565 1,536,283 366,406 1,588,614 785,738 3 Treasury bills 661,772 404,958 256,814 494,786 32,107 105,873 29,006 Securities fully guaranteed by U- S. Government—Total 1,797,407 1,306,504 490,903 388,472 94,368 636,967 677,600 Reconstruction Finance Corporation 255,432 189,681 65,751 146,404 80,461 15,012 13,555 Federal Farm Mortgage Corporation 398,899 291.167 107,732 25,574 9,791 166,729 196,805 Home Owners' Loan Corporation 1,143,076 825,656 317,420 216,494 4,116 455,226 467.240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Other securities—Total 5,422,382 3,678,705 1,743,677 1,044,882 255,116 1,612,154 2,510,230 Obligations of: States, counties, municipalities, etc 2,031,868 1,388,050 643,818 340,499 134,409 685,871 871,089 Public utilities 794,471 577,400 217,071 113,147 24,820 165,657 490,847 Railroads 885,643 619,702 265,941 165,064 20,104 202,845 497,63C Federal land banks 150,106 121,454 28,652 8,568 15,610 50,877 75,051 Intermediate credit banks 130,174 88,235 41,939 69,010 12,438 39,560 9,166 Joint-stock land banks 19,153 15,228 3,925 259 203 4,478 14,213 Territorial and insular possessions 14743 10,536 4,207 1,219 282 4,938 8,304 Real estate corporations 55,597 26,975 28,622 11,967 1,724 25,656 16,250 Other domestic corporations 629,914 439,256 190,658 107,666 22,427 171,237 328,584 Stock of: Federal Reserve banks 132637 80,152 52,485 40,538 5,728 41,874 44,497 Real estate corporations 55092 36,825 18,267 1,622 833 36,320 16,317 Banks and banking corporations 74215 29,130 45,085 22,573 552 38,184 12,906 Other domestic corporations 267467 111,172 156,295 115,576 9,212 93,718 48,961 Foreign securities: Central governments 95560 71,152 24,408 33,502 3,392 23,329 35,337 Provincial, State, and municipal governments 45405 34,148 11,257 6,670 2,622 11,592 24,521 Other foreign securities 40337 29,290 11,047 7,002 760 16,018 16,557 Bills payable and rediscounts—Total 12426 9,836 2,590 364 12,062 t-1 With Federal Reserve banks: Bills payable 7717 6,583 1,134 7,717 Rediscounts 1947 1,328 619 303 1,644 All other: Bills payable 2748 1,925 823 61 2,687 Rediscounts 14 14 14 Par value of capital stock1—Total 2,363,001 1578,938 784,063 548,515 126,400 762,139 925,947 w First preferred 2 342,903 267,237 75,666 9721 35,700 114,042 183,440 Second preferred 2 25,239 17,470 7,769 8,150 17,089 Common 1,994,859 1,294,231 700,628 538,794 90,700 639,947 725,418 Excludes capital notes and debentures, shown in table 50. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. 2 Retirable value exceeds par value, as follows: National banks, First preferred stock—by $17,059,000. Second preferred stock—by $1,726,000; State banks, First preferred stock—by $31,847,000. Second preferred stock—by $2,337,000. Back figures.—See Annual Report for 1936 (table 51) and similar tables in previous annual reports; for selected items see following tables in this Annual Report; see also Member Bank Call Reports published by the Board of Governors following each official call upon member banks for statements of their condition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 52.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1917-1937 [In millions of dollars] Loans and investments l Depositsl Re- Call date Total Loans Total Inv o e m U G s b e t l r o m e . i n S g n v - e a . t - n - t8 s O e t c i th e u s e ri r - b s s w F e e R e a e r r r n i e a v v t d k h - l e e - s v C a i a n u s l h t d b a o w B a n t m n a i c i c t k l e e h - s s s 3 - Total b m D a t I n i e o c n s k - t - s erba b n F e a i k o n g r k n - s U m G er . o e n S n v - . t - P S in o a a g s l v t s - - m D a e A n - d ll oth T e i r me d j e m u D p a s a o d t e n e s - - d d it 4 sd d s e t e s u o N p e m b r o e r v j a s t e e n e i - c t d s t c r B o e a u d n il n i d l s s t - s c C o a t a u a c p n l - i t - 8 b b N e a u r n m k o s - f tions2 1917—Mar. 5 (Mon.) 11,701 9,096 2,605 687 1,918 778 934 2,056 13,396 3,''34 34 (6) 7,503 2,125 (7) 10,044 75 2,218 7,614 May 1 (Tues.) 11,985 9,208 2,777 748 2,029 802 877 1,897 13,651 3,438 35 (6) 7,915 2,263 (7) 9,869 95 2,258 7,629 June 20 (Wed.). .. . 12,453 9,370 3,083 1,065 2,018 862 791 1,695 13,397 3,096 141 (6) 7,856 2,304 (7) 9,690 327 2,307 7,653 Dec. 31 (Mon.)... . 16,896 12,316 4,580 1,759 2,820 1,497 628 2,129 18,628 3,640 649 (6) 11,183 3,156 9,972 12,487 783 2,807 7,907 1918—May 10 (Fri.) 18,673 12,667 6,006 3,203 2,803 1,536 575 1,870 19,210 3,349 1,459 (6) 11,055 3,346 10,160 12,451 1,043 3,005 8,132 June 29 (Sat.) 18,507 13,233 5,274 2,465 2,809 1,565 482f 1,906 18,954 3,278 1,521 (6) 10,759 3,395 10,008 12,217 1,022 3,002 8,213 Nov. 1 (Fri.) 20,981 14,550 6,431 3,591 2,840 1,520 571* 2,036 20,864 3,435 1,708 (6) 12,070 3,651 10,832 13,322 1,912 3,222 8,596 Dec. 31 (Tues.).... 20,593 14,224 6,368 3,472 2,896 1,655 675 2,194 21,457 3,794 472 (6) 13,357 3,834 11,709 14,563 1,876 3,220 8,692 1919-Mar. 4 (Tues.) 21,484 13,877 7,607 4,652 2,955 1,633 564 2,137 21,511 3,797 884 (6) 12,737 4,092 11,616 14,160 1,962 3,280 8,725 June 30 (Mon.) 22,242 15,414 6,827 3,803 3,024 1,724 559 2,125 22,833 3,651 902 (6) 13,936 4,344 12,269 14,725 1,927 3,350 8,822 Nov. 17 (Mon.)... .24,187 17,423 6,765 3,494 3,271 1,825 603 2,575 25,183 4,079 386 (6) 15,668 5,049 13,642 16,261 2,257 3,587 8,995 Dec. 31 (Wed.) 24,778 18,149 6,630 3,324 3,306 1,904 691 2,519 26,139 4,091 648 (6) 16,094 5,305 13,859 16,581 2,347 3,542 9,066 1920—May 4 (Tues.) 25,418 19,198 6,220 2,958 3,262 1,866 621 1,874 24,871 3,524 190 (6) 15,409 5,748 13,859 16,426 2,755 3,833 9,291 June 30 (Wed.). ...25,559 19,533 6,026 2,811 3,215 1,839 622 1,824 25,401 3,461 260 (6) 15,769 5,911 13,799 16,422 2,701 3,853 9,399 Nov. 15 (Mon.)....25,769 19,852 5,917 2,655 3,262 1,827 611 1,774 25,106 3,202 220 (6) 15,541 6,144 13,474 15,924 3,080 4,086 9,567 Dec. 29 (Wed.) 25,531 19,555 5,976 2,619 3,357 1,763 678 1,577 24,220 3,062 316 (6) 14,653 6,188 13,053 15,345 3,036 4,120 9,606 1921—Apr. 28 (Thurs.)...24,390 18,487 5,903 2,496 3,407 1,654 564 1,325 22,830 2,665 273 (6) 13,549 6,343 12,409 14,389 2,313 4,156 9,698 June30(Thurs.)... 24,121 18,119 6,002 2,561 3,441 1,625 530 1,354 23,350 2,688 390 49 13,905 6,318 12,271 14,321 2,022 4,133 9,745 Dec. 31 (Sat.) 23,482 17,394 6,088 2,581 3,507 1,758 478 1,450 23,247 2,835 306 44 13,656 6,406 12,296 14,449 1,364 4,093 9,779 1922—Mar. 10 (Fri.) 23,278 17,080 6,198 2,701 3,497 1,723 469 1,614 23,660 3,142 330 43 13,526 6,620 12,220 14,498 758 4,185 9,816 June 30 (Fri.) 24,182 17,165 7,017 3,205 3,812 1,835 465 1,647 25,547 3,124 156 46 15,091 7,129 13,137 15,539 592 4,214 9,892 Dec. 29 (Fri.) 25,579 17,930 7,649 3,754 3,896 1,939 562 1,806 27,288 3,453 462 58 15,728 7,587 13,569 16,203 727 4,364 9,859 1923—Apr. 3 (Tues.) 26,141 18,419 7,722 3,849 3,873 1,909 518 1,774 27,200 3,474 404 58 15,179 8,085 13,485 16,086 815 4,356 9,850 June 30 (Sat.) 26,507 18,750 7,757 3,835 3,922 1,871 429 1,596 27,088 3,184 296 61 15,229 8,317 13,595 16,066 944 4,367 9,856 Sept. 14 (Fri.) 26,319 18,719 7,600 3,685 3,915 1,869 523 1,640 26,942 3,166 144 62 15,165 8,404 13,518 15,919 983 4,436 9,843 Dec. 31 (Mon.) 26,487 18,842 7,645 3,603 4,042 1,900 561 1,824 28,507 3,476 237 65 16,144 8,586 13,628 16,376 808 4,378 9,774 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1924—Mar. 31 (Mon.)....26,663 19,045 7,618 3,534 4,084 1,893 494 1,644 28,270 1 3,447 292 7615,642 8,814 13,403 16,112 614 4,468 9,681 June 30 (Mon.).. . .27,167 19,204 7,963 3,575 4,387 1,965 504 1,940 29,566 3,820 179 9416,363 9,110 13,906 16,838 443 4,486 9,650 Oct. 10 (Fri.) 28,311 19,713 8,599 3,866 4,733 2,121 528 2,430 30,795 4,453 302 10016,442 9,498 14,637 17,804 325 4,594 9,635 Dec. 31 (Wed.) 28,746 19,933 8,813 3,874 4,939 2,228 597 2,339 32,384 4,504 242 98 17,832 9,707 15,038 18,468 408 4,532 9,£87 1925—Apr. 6 (Mon.) 29,046 20,176 8,869 3,894 4,975 2,092 523 2,091 31,249 4,041 412 9916,669 10,028 14,761 17,708 483 4,669 9,531 June 30 (Tues.)... . 29,518 20,655 8,863 3,780 5,082 2,191 524 2,017 32,457 3,978 177 9617,922 10,286 15,227 18,277 559 4,690 9,538 Sept. 28 (Mon.).... 30,176 21,285 8,890 3,761 5,129 2,147 525 2,031 32,075 3,828 278 9617,502 10,372 15,483 18,259 712 4,688 9,539 Dec. 31 (Thurs.)... 30,884 21,996 8,888 3,728 5,160 2,238 575 2,155 34,250 4,169 304 96 19,124 10,557 15,943 19,260 733 4,678 9,489 1926—Apr. 12 (Mon.) b0,819 21,785 9,034 3,805 5,229 2,136 540 1,934 32,893 3,802 379 9917,758 10,855 15,442 18,392 620 4,826 9,412 June 30 (Wed.).... 31,184 22,060 9,123 3,745 5,378 2,236 534 1,980 33,762 3,935 228 9618,426 11,077 15,794 18,804 612 4,832 9,375 Dec. 31 (Fri.) 31,642 22,652 8,990 3,389 5,601 2,210 523 2,066 34,528 4,003 234 10018,852 11,340 15,783 18,922 760 4,944 9,260 1927—Mar. 23 (Wed.)....31,949 22,327 9,622 3,835 5,787 2,321 538 1,896 33,750 3,388 446 407 10617,691 11,711 15,694 18,542 546 5,086 9,144 June 30 (Thurs.)... 32,756 22,938 9,818 3,796 6,022 2,280 538 1,968 35,393 3,508 563 218 10718,894 12,103 16,063 19,250 541 5,147 9,099 Oct. 10 (Mon.) 33,186 23,227 9,959 3,856 6,103 2,320 539 2,077 35,476 3,567 581 435 111 ,433 12,348 15,971 19,170 528 5,295 9,087 Dec. 31 (Sat.) 34,247 23,886 10,361 3,978 6,383 2,514 523 2,210 36,657 3,808 733 267 10719,083 12,658 16,590 20,105 663 5,341 9,034 1928—Feb. 28 (Tues.)....33,688 23,099 10,590 4,216 6,374 2,367 526 1,941 35,367 3,496 635 86 11018,227 12,813 16,093 19,236 581 5,404 8,983 June 30 (Sat.) 35,061 24,303 10,758 4,225 6,534 2,342 449 1,897 36,050 3,263 604 257 10818,487 13,331 16,142 19,191 1,209 5,625 8,929 Oct. 3 (Wed.) 34,929 24,325 10,604 4,386 6,218 2,348 519 2,026 36,146 3,597 480 159 11718,635 13,159 15,980 18,995 1,154 5,842 8,896 Dec. 31 (Mon.).... 35,684 25,155 10,529 4,312 6,217 2,409 564 2,124 39,067 3,773 535 262 13421,167 13,195 16,503 19,944 1,162 5,899 8,837 1929—Mar. 27 (Wed.)....35,393 24,945 10,448 4,454 5,994 2,339 517 1,741 36,774 3,184 438 411 11619,527 13,099 16,057 18,833 1,153 6,174 8,755 June 29 (Sat.) 35,711 25,658 10,052 4,155 5,898 2,359 433 1,885 35,866 3,172 515 348 11518,663 13,053 16,324 18,977 1,198 6,345 8,707 Oct. 4 (Fri.) 35,914 26,165 9,749 4,022 5,727 2,322 497 2,005 36,644 3,264 544 315 12019,426 12,974 16,268 18,952 1,150 6,675 8,616 Dec. 31 (Tues.). ... 35,934 26,150 9,784 3,863 5,921 2,374 558 2,168 37,981 3,612 698 143 12220,543 12,862 16,647 19,797 879 6,709 8,522 1930—Mar. 27 (Thurs.)...35,056 25,119 9,937 4,085 5,852 2,353 497 1,902 35,784 3,307 622 325 12818,290 13,112 15,889 18,489 347 6,760 8,406 June 30 (Mon.) 35,656 25,214 10,442 4,061 6,380 2,408 484 2,360 38,069 3,943 726 281 13419,643 13,342 16,043 19,170 435 6,726 8,315 Sept. 24 (Wed.)....35,472 24,738 10,734 4,095 6,639 2,415 470 2,463 36,245 3,918 775 257 14417,684 13,466 15,787 18,657 316 6,827 8,246 Dec. 31 (Wed.) 34,860 23,870 10,989 4,125 6,864 2,475 593 2,456 37,029 3,980 784 267 18918,796 13,012 15,869 18,969 355 6,593 8,052 1931-Mar. 25 (Wed.).... 34,729 22,840 11,889 5,002 6,886 2,364 461 2,791 35,902 4,372 669 502 24217,031 13,084 15,488 18,481 281 6,598 7,928 June 30 (Tues.).... 33,923 21,816 12,106 5,343 6,763 2,396 519 2,517 36,123 4,118 667 395 279 17,696 12,968 15,208 18,357 217 6,430 7,782 Sept. 29 (Tues.)....33,073 20,874 12,199 5,564 6,635 2,339 554 1,935 33,396 3,309 775 526 36016,208 12,218 14,666 17,445 6,359 7,599 Dec. 31 (Thurs.)... 30,575 19,261 11,314 5,319 5,996 1,975 523 1,662 30,711 2,895 425 412 46315,753 10,764 13,658 16,067 5,999 7,246 1932—June 30 (Thurs.)...28,001 16,587 11,414 5,628 5,786 1,998 478 1,731 27,836 2,940 179 387 61013,770 9,950 12,433 14,482 815 5,661 Sept. 30 (Fri.) 28,045 15,924 12,121 6,366 5,755 2,235 407 2,049 28,417 3,339 218 738 69513,595 9,831 12,358 14,626 697 5,571 6,904 Dec. 31 (Sat.) 27,469 15,204 12,265 6,540 5,726 2,511 423 2,416 28,690 3,695 245 475 70813,813 9,753 12,691 15,193 547 5,409 6,816 19338—June 30 (Fri.) 24,786 12,858 11,928 6,887 5,041 2,235 405 2,008 26,563 3,146 147 806 78813,574 8,102 12,089 14,156 191 4,837 5,606 Oct. 25 (Wed.) 24,953 13,059 11,894 6,801 5,093 2,651 447 1,917 26,584 3,077 123 918 78113,444 8,241 12,384 14,389 188 4,908 5,818 Dec. 30 (Sat.) 25,220 12,833 12,386 7,254 5,132 2,678 471 2,031 27,167 3,222 136 967 77813,807 8,258 12,674 14,821 143 4,962 6,011 1934—Mar. 5 (Mon.) 26,548 12,706 13,842 8,848 4,995 3,148 486 2,376 29,280 3,768 180 1,790 75514,225 8,563 13,066 15,582 91 5,006 6,206 June 30 (Sat.) 27,175 12,523 14,652 99,413 95,239 3,819 473 2,760 31,012 4,192 163 1,658 58515,318 9,096 14,261 17,067 35 5,105 6,375 Oct. 17 (Wed.) 27,559 12,293 15,267 9,895 5,372 3,976 550 2,930 32,285 4,601 140 1,143 47216,719 9,210 15,312 18,408 24 5,120 6,433 Dec. 31 (Mon.) 28,150 12,028 16,122 10,895 5,227 4,082 609 3,149 33,848 4,703 154 1,636 45217,589 9,315 15,686 18,851 13 5,054 6,442 For footnotes, see page 114. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 52.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CAJLL DATES, 1317-1937—Continued [In millions of dollars] Loans and investments 1 Deposits1! ; 1 Re- Call date Total Loans Total Inve o G m s U b e t l r m o e . i n S g v n - e . a - t n - ts s O e t c t i h e u s e ri r - b s s F w e R a e e e r n r r i e a t v d v k - h l e - e s v C a i a n u s l h t d b a o w a B n t m n i a i c c k t l e e h - s s s - 3 Total b m D a t I n i e o c n k s - t - s erba b n F e a i k o n g r k n - s m U G er o e . n S n v - . t - : S P i a n o a g v l s s t - - m D a e A n - d ll other d ju m e L p a s a t o d x e n - s : d d it 4 sd d s e e t s u o M e p m b r o j v r a e e s e e n c i t - - t d t s \ c r p o a e B a b a u d n il y i l n d f e s - t e - s c C o a t u a a c p n l - i t - 5' S be o r m o - f tions 2 1935—Mar. 4 (Mon.) 28,271 11,953 16,318 11,021 5,298 4,518 534 3,386 34,054 5,240 177 1,270 399 17,474 9,493 15999 19,50S 17 5,107 6,.422 June 29 (Sat.) 28,785 11,928 16,857 11,430 5,427 4,933 537 3,396 34,938 5,114 278 f 779 307 18,713 9,747 17530 21,045 9 5,114 6,.410 Nov 1 (Fri.) 29,301 11,841 17,460 11,844 5,615 5,662 541 3,760 37,178 5,690 366 650 227 20,265 9,981 18509 21,436 9 5,172 6,400 Dec. 31 (Tues.) 29,985 12,175 17,810 12,268 5,541 5,573 665 3,776 38,454 5,847 449 844 218' 21,056 10,041 18,801 22,im 6 5,145 6,387 1936—Mar. 4 (Wed.) 30,288 12,099 18,189 12,444 5,745 5,784 624 3,970 38,473 6,300 399 600 167 20,880 10,128 19161 22,499 11 5,182 6,377 June 30 (Tues.) 32,259 12,542 19,717 13,672 6,045 5,607 713 3,944 40,706 6,137 471 1,037 152 22,432 10,477 20284 23,986 6 5,235 6,.400) Dec. 31 (Thurs.) .. 33,000 13,360 19,640 13,545 6,095 6,572 697 4,066 42,885 6,555 438 882 104 24,181 10,726 21647 25,450 15 5,275 6,.376 w o 1937—Mar. 31 (Wed.).... 32,525 13,699 18,825 ,12,718 6,108 6,613 662 3,445 41,114 5,905 464 415 97 23,326 10,908 21352 24,668 T8 5,325 6,367 > June 30 (Wed.) 32,739 14,285 18,'453 112,689 5,765 6,897 629 3,207 41,490 5,421 629 628 100 23,601. 11,110 21401 24,845 16 5,339 6,357 Dec. 31 (Fri.) 31,752 13,958 17,794 | 12,372 5,422 7,005 589 3,414 40,839 5,565 463 781 95 22,647 11,288 20387 23,74! 12 5,371 6,3*1 xFor further classification of loans and investments and deposits, see tables 54 and 55 2 Includes both direct obligations of and obligations fully guaranteed by the United States. o 3Prior 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 domes- o tic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 4Demand 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 feandl H but not in process of collection. 6Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc. 6 Included in "All other—time" deposits. 7Not available. 8Beginning June 1933, figures relate to licensed banks only. 9 An estimated small amount of Home Owners' Loan Corporation bonds guaranteed by the United States as to both principal and interest is included in "Other sec-isrities.'" Back figures— See Annual Report for 1933 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 53.—MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT-—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31, 1936 AND 1937 [In millions of dollars] Loans imd investments Deposits Re- Investmens serve Bal- Interbank All other De- Net Bills Fed d e i c s r a t a l r l l i c d R t a e a t s e n e d rve Total Loans Total o U m G b e l r . o e i n S g n v - . a t - - s O e t c t i h e u s e ri r - b s w F e R e a r e r n i e a v t d k - h l e - s v C a i a u n s l h t d b a o w a n t m n i c i c t e k e h s s s- Total b m D a t n i e o c s k - - s b F e a i o n g r k n - s m U G er o . e n S n v - . t - P S in o a a g v s l s t - - m D a e n - d Time d j e u m p s a a t o d e n s - d d it 4 sd d s e t e s u o e p m b r o r v a j s e e n e i c - t d t s c r o p a e a u b d a n n y l i d e s t - - s c C o a t a u a c p n l - i t - 5 b N b a e u n r m k o s - f tions2 Boston— Dec. 31, 1936 1,950 970 980 621 359 353 137 235 2,511 287 9 25 5 1,506 679 1,381 1,471 1 379 360 Dec. 31, 1937 1,949 1,006 943 641 302 402 57 186 2,396 229 9 47 5 1,435 671 1,333 1,432 1 384 357 New York— Dec. 31, 1936 11,851 4,914 6,937 4,968 1,969 2,938 117 373 14,801 2,581 399 291 9,348 2,182 8,162 11,061 14 2,016 789 Dec. 31, 1937 10,829 4,760 6,069 4,370 1,699 3,065 111 337 13,702 2,192 424 407 8,378 2,301 7,299 9,966 4 2,026 776 Philadelphia— Dec. 31, 1936 2,394 939 1,455 723 733 379 46 315 2,935 359 4 95 18 1,429 1,030 1,295 1,438 493 658 Dec. 31, 1937 2,311 957 1,355 695 660 364 43 263 2,750 285 3 34 16 1,338 1,073 1,231 1,288 2 496 655 Cleveland— Dec. 31, 1936 2,822 1,010 1,812 1,244 568 442 68 390 3,517 401 1 71 14 1,786 1,244 1,625 1,681 510 627 Dec. 31, 1937 2,772 1,091 1,681 1,145 536 466 67 317 3,352 328 1 24 12 1,644 1,343 1,524 1,544 " I 526 622 Richmond— Dec. 31, 1936 1,227 511 717 524 192 216 41 259 1,702 269 1 43 5 877 508 791 842 ...... 193 404 Dec. 31, 1937 1,226 571 655 487 168 221 37 200 1,618 233 19 4 841 521 769 819 202 405 Atlanta— Dec. 31, 1936 1,027 459 568 391 177 159 32 275 1,458 293 1 63 15 752 334 676 755 168 330 Dec. 31, 1937 1,015 530 485 314 171 181 30 221 1,401 246 2 27 15 751 359 679 731 1 174 324 Chicago— Dec. 31, 1936 4,278 1,319 2,959 2,229 730 925 106 650 5,866 863 6 123 5 3,386 1,484 3,079 3,424 520 741 Dec. 31, 1937 4,196 1,415 2,780 2,074 706 1,005 101 567 5,712 752 6 97 4 3,244 1,608 2,971 3,261 547 769 St. Louis— Dec. 31, 1936 1,092 446 646 420 227 182 26 226 1,480 325 19 6 767 363 692 808 155 388 Dec. 31, 1937 1,086 512 573 368 205 205 23 190 1,450 283 14 5 755 392 682 784 161 392 Minneapolis— Dec. 31, 1936 782 289 493 330 163 120 17 171 1,052 145 1 6 5 540 356 494 480 112 481 Dec. 31, 1937 758 310 448 304 145 125 16 149 999 128 1 3 4 502 361 462 448 112 469 Kansas City— Dec. 31, 1936 1,119 434 685 454 232 217 26 440 1,763 449 25 3 985 301 899 944 ...... 163 726 Dec. 31, 1937 1,101 491 610 410 200 233 24 366 1,670 380 17 3 968 303 887 922 168 733 Dallas— Dec. 31, 1936 827 387 440 309 131 168 25 347 1,314 251 1 47 5 816 195 762 717 149 550 Dec. 31, 1937 868 443 425 293 133 190 25 309 1,334 228 1 24 4 868 210 811 757 155 547 San Francisco—Dec. 31, 1936 3,631 1,682 1,948 1,334 614 473 57 386 4,483 332 15 73 23 1,990 2,049 1,791 1,828 417 322 Dec. 31, 1937 3,640 1,871 1,769 1,270 499 549 56 310 4,454 282 15 67 23 1,923 2,145 1,740 1,789 419 292 For footnotes see table 52. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 54.—ALL MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS AND BORROWINGS, ON CALL DATES, 1928-1937 [In millions of dollars] Loans to customers (except banks) Open-market loans Investments Total Rea lo l a e n s s tate Purchased paper m U en . t S . o b G li o g v a e t r io n n - s loans To Ee- Other- Loans Loans Call date i m n a v e n e n d s t t s - T lo o a t n a s l Total b o C Y N r u o i o t e t k s r y w i e k d 1 r e s s o e t t T c o h ie u n o e s r r i s - f l a O a r n m n d o r O t e h a n e l r p b a a o c o a n c w n r c t e k e i n p n s s t g ' - s c u e w a u c n n r u i s s e d r e e d e - d ba t n o ks Total A a a E c n c c n e e p s t- Bills m C pa e o p r m c e i r - al k to Y C e N r i o b e s t r y w r k i o 1 n - Total Direct a F g n u u te l a l e r y d - s O e t c t i h e u s e ri r estate United abroad bought States 1928—Eec. 31 35,684 25,155 21,460 975 6,373 412 2,711 10,991 538 3.158 109 103 390 2,556 10,529 4,311 6,217 1929—Dec. 31 35,934 26,150 23,194 803 7,685 388 2,803 11,515 714 2,242 212 80 291 1,660 9,784 3,863 5,921 1930—Dec. 31 24,860 23.870 21,007 675 7,266 387 2,847 (2) 9,831 631 2,233 315 55 366 1,498 10,989 4,125 6,864 1931—Eec. 31 30,575 19,261 17,570 391 5,899 359 2,678 116 8,126 790 901 146 41 140 575 11,314 5,319 5,996 1932—June 30 28,001 16,587 15,267 283 5,009 362 2,531 189 6,892 573 747 313 34 122 278 11,414 5,628 5,786 Sept. 30 28,045 15,924 14,497 258 4,828 368 2,517 158 6,368 457 970 407 34 115 414 12,121 6,366 5,755 Dec. 31 27 469 15,204 13,905 241 4,608 356 2,505 225 5,970 444 855 375 30 93 357 12,265 6,540 5,726 1933—June 30 3 24,786 12,858 11,337 165 3,752 308 2,064 192 4,857 330 1,191 291 25 87 788 11,928 6,887 5,041 Oct. 25 24,953 13,059 11,523 178 3,631 311 2,052 257 5,092 297 1,238 303 24 164 748 11,894 6,801 5,093 Dec. 30 25,220 12,833 11,315 166 3,606 318 2,041 213 4,972 287 1,231 223 37 132 840 12,386 7,254 5,132 1934—Mar. 5 26,548 12,706 11,093 164 3,480 298 2,084 250 4,817 225 1,387 350 26 157 855 13,842 8,667 181 4,995 June 30 27,175 12,523 10,804 208 3,309 288 2,068 210 4,721 153 1,566 264 20 200 1,082 14,652 9,137 4 276 4 5,239 Oct. 17 27,559 12,293 10,782 167 3,158 266 2,030 229 4,932 149 1,361 276 30 253 802 15,267 9,186 709 5,372 Dec. 31 28,150 12,028 10,509 187 3,110 262 2,012 232 4,708 155 1,363 256 31 232 843 16.122 9,906 989 5,227 1935—Mar. 4 28,271 11,953 10,420 184 3,031 263 1,987 207 4,748 133 1,400 235 34 255 875 16,318 9,821 1,200 5,298 June 29 28,785 11,928 10,369 192 2,931 259 2,019 135 4,834 119 1,440 201 17 247 975 16,857 9,871 1,558 5,427 Nov. 1 29,301 11,841 10,465 179 2,885 2,027 159 4,963 94 1,282 154 27 260 841 17,460 10,080 1,764 5,615 Dec. 31 29,985 12,175 10,548 196 2,893 251 2,033 169 5,006 98 1,52.9 181 29 272 1,047 17,810 10,501 1,768 5,541 1936-Mar. 4 30,288 12,099 10,460 211 2,832 253 2,048 156 4,960 82 1,557 164 25 280 1,089 18,189 10,564 1,880 5,745 June 30 32,259 12,542 10,943 266 2,863 256 2,084 117 5,355 81 1,519 144 18 278 1,079 19,717 11,721 1,950 6,045 Dec. 31 33,000 13,360 11,628 266 2,785 258 2,146 131 6,041 85 1,647 161 18 324 1,144 19,640 11,639 1,906 6,095 1937—Mar. 31 32,525 13,699 11,863 258 2,816 260 2,181 128 6,220 99 1,737 170 22 386 1,159 18,826 10,856 1,861 6,108 June 30 32,739 14,285 12,369 258 2,829 265 2,241 113 6,663 115 1,801 131 15 377 1,278 18,454 10,870 1,819 5,765 Dec. 31 31,752 13,958 12,638 212 2,752 265 2,283 130 6,996 70 1,251 126 23 364 738 17,793 10,574 1,797 5,422 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Included in following column, prior to June 1931. 3Beginning June 30, 1933, figures relate to licensed banks only. 4 An estimated small amount of Home Owners' Loan Corporation bonds guaranteed by theU. S. Government as to both interest and principal are included in "other securities." Back figures.—For October 3, 1928, and intermediate call dates in 1929-1931, see Annual Report for 1936 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 54.—ALL MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS AND BORROWINGS, ON CALL DATES, 1928-1937—Continued ^^^^ fin millions of dollars] _^_____ Demand deposits Time deposits Call date s b s w F e R e R a e r e r n r i e v e a t v d - - k h e l e - s s v C a i a n u sh lt d b a o B w a n t m n i a c i c t k e l e h - s s s 5 - p e i t C p a t o o i e s r r o a r l e o m l n t s - e i e c h n 6 s c d - - b m D a t I n i e o c n s k - - t s erba b n F e a k o i n r g k - n s U m G er . o e S n n v . - t - a m p S c a t t n o u i a l e u i n d t s n J e i , c e - s i s , - o c l c C f e c h r f a f e t e a i i e o n t e c r d s e c f d t d e h i k r i r t - s s , s ' , s t p p I u v i n c h n o a o a i o e i d d r r l n p r r s a t i - - - s s - , - - , , d ju e m D s p a t a d o e e n d - - s d * it * s b D a t I i n o c n k - t s erba b n F e a k i o n g r k n - s P s i o n a s g v t s a - l t m p S i c e a t u s o a l n , i u t t a i e i n c n e s - i s , d - d s p a E e b v a n v s y i c I i n s - e n - g d d s iv c C i o o i d p c r e f u o p a r a s o t t d e i i l r e f t s s a - - , ti p o a c n O r o s a t , u p n c e n - e e n t r t s c s . hi C s p s i a s m a h m a v , n r c i a i i d - n l s s a g t r - s r B i o n o w g r s - etc.7 etc. books counts 1928—Dec. 31 2,409 564 2,124 535 1,300 2,264 17,604 16,503 124 134 418 9,810 1,895 1,071 1,162 1929—Dec. 31 2,374 558 2,167 3,896 3,517 544 143 1,335 1,681 17,526 16.647 95 154 122 595 9,592 1,741 879 1 1 9 9 3 3 0 1 — — D D e e c c . . 3 3 1 1 2 1 , ,9 4 7 7 5 5 5 5 2 9 3 3 2 1 , ,6 4 6 5 2 6 2 2 , , 9 0 2 9 6 5 3 2 , , 8 8 7 3 3 2 547 4 2 1 6 2 7 1 1 , ,3 3 6 0 2 3 1,2 7 9 9 4 7 1 1 6 3 , , 1 6 3 5 9 2 1 1 5 3 , , 8 6 6 5 9 8 10 6 7 3 23 2 8 6 4 1 6 8 3 9 509 9 8, , 1 5 3 9 4 1 1 1 , , 8 4 8 7 5 2 1,0 7 2 7 7 1 3 8 5 3 5 9 1932—June 30 1,998 478 1,731 1,337 2,870 172 387 1,314 566 11,890 12,433 70 7 610 337 7,491 1,350 772 815 Sept. 30 2,235 407 2,049 1,237 3,269 213 738 1,034 514 12,047 12,358 70 5 695 342 7,258 1,381 851 697 Dec. 31 2,511 423 2,416 1,122 3,609 243 475 1,119 422 12,273 12,691 87 1 708 342 7,259 1,352 547 1933—June 30 9 2,235 405 2,008 1,485 3,057 145 1,087 657 11,830 12,089 89 788 300 6,127 1,038 10 579 191 Oct. 25 2,651 447 1,917 1,060 2,990 117 918 1,106 465 11,873 12,384 87 781 270 6,261 10 647 188 Dec. 30 2,678 471 2,031 1,132 3,139 129 967 1,320 378 12,109 12,674 83 778 301 6,429 10 610 143 1934—Mar. 5 3,148 2,376 1,159 3,676 173 1,790 1,425 549 12,252 13,066 92 755 305 6,747 10 595 91 June 30 3,819 473 2,760 1,057 4,070 155 1,658 1,598 372 13,349 14,261 122 585 333 7,168 931 10 605 35 Oct. 17 3,976 550 2,930 1,407 4,466 136 1,143 1,680 590 14,449 15,312 135 472 294 7,352 934 550 24 Dec. 31 4.082 3,149 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 452 294 7,599 520 1935—Mar. 4 4,518 534 3,386 1,475 5,095 169 1,270 1,861 741 14,872 15,999 145 399 290 7,746 533 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 307 285 869 543 9 Nov. 1 5,662 541 3,760 1,756 5,558 361 650 2,251 686 17,327 18,509 132 227 310 8! 142 821 623 9 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18.035 18,801 151 218 361 8,294 816 548 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 167 344 8,309 834 596 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19,322 20,284 151 152 378 8,566 843 613 6 Dec. 31 6,572 697 4,066 2,533 6,402 432 2,329 881 20,970 21,647 153 104 296 8,991 765 647 15 1937—March 31 6,613 662 3,445 1,974 5,752 458 415 677 20,085 21,352 153 97 269 9,105 758 712 18 June 30 6,897 629 3,207 2.201 5,298 615 628 2,577 752 20,272 21,401 123 100 292 9,245 758 724 16 Dec. 31 7,005 589 3,414 2,259 5,436 453 781 2,132 767 19,747 20,387 129 95 482 9,461 740 576 12 5 See footnote 3 to table 52. •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. 7 Includes "Due to Federal Reserve banks (transit account)". 8 See footnote 4 to table 52. 9Beginning June 1933, figures relate to licensed banks only. 10 Includes some deposits the payment of which was deferred beyond the time originally contemplated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 55.—CENTRAL RESERVE CITY MEMBER BANKS IN NEW YORK CITY—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937 [In millions of dollars] Loans to customers (except banks) Open-market loans Investments Real estate „! J _ U. S. Govern- Total loans Puruiiaseu paper ment obligations loans To Re- Other- Loans Loans Call date m n a v e n e n d s t t s - l T o o a t n a s l Total o b C Y u N ro i t o t e s k y r w i e k d i , e s s o e t t T c o h ie u n o e s r r i s - f l a a O r n n m d o r O t e h a n e l r a p b a c o a o n c r n w c e t k e i p n n s s t g ' - s c u e w a u c n n i r u s s e d e r e d e - d ba t n o ks Total A a a b c n l c c e e e p i s n t- p B a a b il y l l e - s m p C a e o p r m c e i r - al k t C o Y e N i r o t b e s y r w r k o in i - Total Direct a g F n u u te a ll e r y - d s O e t c t i h e u s e ri r estate United abroad bought States 1928—Dec. 31. 7,951 6,018 3,940 50 1,658 132 (2) 2,100 288 1,791 61 61 29 1,639 1,933 1,094 839 1929—Dec. 31. 8,774 6,683 4,964 55 2,145 169 (2) 2,595 322 1,396 128 46 21 1,202 2,091 1,112 979 1930—Dec. 31. 8,582 6,147 4,338 104 2,033 147 (2) 2,054 283 1,525 188 22 34 1,281 2,435 1,239 1,197 1931—Dec. 31. 7,460 4,763 3,694 87 1,641 153 77 1,735 374 695 107 17 29 542 2,697 1,768 928 1932—June 30. 6,715 3,682 2,856 65 1,279 159 138 1,216 260 565 262 21 23 258 3,033 2,008 1,025 Sept. 30, 7,112 3,604 2,638 63 1,237 154 90 1,094 203 763 341 18 14 391 3,508 2,429 1,079 Dec. 31. 7,327 3,538 2,621 61 1,186 159 148 1,066 216 701 330 15 19 337 3,789 2,603 1,186 1933—June 30 7,133 3,424 2,297 38 1,044 1 157 120 937 162 964 224 10 10 720 3,709 2,551 1,158 Oct. 25.. 6,971 3,470 2,436 47 985 149 179 1,075 143 891 233 8 27 624 3,501 2,320 1,181 Dec. 30. 6,995 3,453 2,395 45 989 147 130 1,084 146 912 170 17 19 706 3,542 2,362 1,179 1934—Mar. 5.. 7,351 3,419 2,321 47 938 155 171 1,009 112 986 276 8 14 687 3,932 2,768 105 1,059 June 30. 7,666 3,401 2,202 55 882 155 144 965 68 1,131 225 10 13 883 4,265 3,053 •157 •1,056 Oct. 17.. 7,545 3,243 2,294 50 826 150 159 1,108 66 883 232 12 8 631 4,300 2,954 237 1,109 Dec. 31. 7,761 3,159 2,202 54 820 139 164 1,024 63 894 210 16 6 662 4,602 3,246 278 1,078 1935-Mar. 4.. 7,783 3,155 2,198 56 805 139 145 1,054 52 904 203 19 4 678 4,628 3,200 298 1,131 June 29. 8,303 3,319 2,146 58 783 138 82 1,085 48 1,126 183 7 5 930 4,983 3,462 348 1,174 Nov. 1.. 8,167 3,199 2,185 59 775 136 101 1,114 35 979 135 12 4 828 4,968 3,340 405 1,223 Dec. 31.. 8,418 3,434 2,196 60 793 140 107 1,096 42 1,196 158 16 5 1,018 4,985 3,425 401 1,159 1936-Mar.4.. 8,802 3,447 2,215 64 792 148 99 1,112 29 1,202 141 13 4 1,043 5,355 3,602 505 1,248 June 30. 9,556 3,528 2,338 76 813 146 1,238 28 1,162 123 8 3 1,028 6,028 4,196 567 1,265 Dec. 31.. 9,280 3,855 2,567 78 753 144 65 1,527 42 1,247 136 10 5 1,095 5,425 3,739 470 [,217 1937—Mar. 31. 9,101 3,961 2,675 74 790 142 69 1,600 51 1,234 119 6 4 1,105 5,140 3,356 473 1,311 June 30. 9,006 4,276 2,890 76 824 149 65 1,776 62 1,323 98 1 5 1,219 4,730 3,176 454 1,100 Dec. 31. 8,313 3,673 2,817 58 733 141 74 1,811 29 827 112 6 6 703 4,640 3,207 388 ,045 For footnotes see page 116. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 55.—CENTRAL RESERVE CITY MEMBER BANKS IN NEW YORK CITY—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES 1928-1937—Continued [In millions of dollars] Demand deposits Time deposits Call date s b s w F e R e R a e r e r n r i e e v a t d v - - k e h l - e s s v C a i a u n s l h t d b a o w B a n t m n a i i c l c t k e - e h s s s 5 - p c i t e p C a t i o o s e r o r s s a l r e o m l n t s - e i c e h o n 6 c s - d f - b m D a t I e n i o n s c k - - t s erba b n F e a k i o n g r k n - s m U G e . r o e S n n v . - t - m S p c u t a t a o l a n i n i u t e i t d s n e c i s , - i e , - s o c c l C e f c r h a f f e t e i a o i e n e t c r d s e c f d d e t h i k r i r t - s s s , ' , s t p p I u i v n h c n o o a a o i e i d r n d r l p r r a s t i - s - - s - - , - , , d j e m u p D a s a o t d e e n s - - d i d t 8 s b D a ti n o I c k n - s terb b a F e n a i o n k g r k n - s P s i o n a s g v t s - al m S p c t t a a o u i a l n e u n i t s d t e n i i , c s e - i , s - d sa e E p v b n v a i c y i s n I - e s n g d - d s iv C i o i c p d c f e o o a u r r d s t a t p e i i e l f t o s s - - , r a p ti a c o O o r a n t u p n c s n e - e , n t r s e sh tc i C s p s . i a s m m a h v , n r i a i i d n l s s a g t r - s r B i o n o w g r s - etc.7 etc. books counts 1928—Dec—31 809 3,140 1,213 470 133 1,765 4,245 518 390 1929—Dec. 31 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 617 417 179 1930—Dec. 31 899 145 1,794 1,349 463 37 110 865 5,482 4,663 182 452 477 37 1931—Dec. 31 665 105 1,168 333 167 180 480 4,803 4,295 21 320 325 61 1932—June 30 772 722 1,103 146 118 117 359 4,287 4,041 5 309 97 310 14 Sept. 30 971 687 1,346 187 306 67 350 4,350 4,081 4 308 137 341 1 Dec. 31 1,132 115 491 1,562 216 173 93 177 4,540 4,319 1 315 146 382 13 1933—June 30 9 101 874 1,255 127 332 461 4,676 4,358 1 110 280 133 251 Oct. 25 968 90 553 1,215 100 379 299 4,513 4,330 5 106 282 121 272 31 Dec. 30 903 93 476 1,200 112 422 141 167 4,494 4,325 6 107 278 97 244 5 1934—Mar. 5 1,170 93 631 1,402 154 843 109 4,422 4,258 7 105 284 83 231 June 30 1,417 97 415 1,591 135 802 167 154 4,894 4,800 7 69 293 106 246 Oct. 17 1,443 84 666 1,689 116 559 201 360 5,107 5,001 3 65 290 112 216 Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 7 56 292 94 204 1935—Mar. 4. 1,856 810 2,047 147 572 | 190 500 5,329 5.209 7 44 298 207 2 N Ju o n v e . 1 29 2 1 , ,9 5 3 9 5 0 1 1 3 0 3 9 4 87 4 3 7 2 1 , , 2 9 0 8 3 3 3 2 2 4 7 8 3 2 6 1 9 9 3 4 5 6 4 8 4 1 1 4 3 9 5 6, , 1 9 0 2 4 4 5 6, , 1 9 1 7 2 9 4 4 2 3 7 3 3 0 0 1 4 3 1 0 8 4 6 "i Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 310 225 1936—Mar. 4 2,493 108 829 2,527 363 140 260 496 6,471 6,398 4 315 221 2 June 30 2,106 114 982 2,390 428 215 357 489 6,891 6,756 5 330 222 Dec. 31 2,658 133 2,493 393 225 285 457 7,274 6,929 4 349 299 'u 1937—Mar. 31 2,719 123 853 2,171 419 129 314 354 7,237 7,051 5 357 371 1 June 30 2,749 105 996 2,014 575 306 368 427 6,934 6,733 12 356 371 3 Dec. 31 2,738 120 989 2,108 416 382 189 404 6,507 6,111 7 406 259 For footnotes see page 117. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 56.—CENTRAL RESERVE CITY MEMBER BANKS IN CHICAGO—LOANS AND INVESTMENTS, RESERVES, DEPOSITS AND BORROWINGS, ON CALL DATES, 1928-1937 to [In millions of dollars] o Loans to customers (except banks) Open-market loans Investments Reahjstate Purchased paper U. S. Govern- Total loans ment obligations loans To Re- Other- Loans Loans Call date i m n a v e n e n d s t t s - T lo o a t n a s l Total b o Y C r N u o i o t e t k s y r w i e k * d r e s s o e t t T c o h ie u o n e s r r i s - f l a O a r n n m d e o r s t O e t h a a n e t l r e p b a a c o o a n c w n r c t e k e i n p n s s t ' g - s c u e w a u c n n r i u s s e d e r e d e - d ba t n o ks Total A a U a b p c n n l a c e i c y t e e e - i p s n d t a B p b ab a r i o l y l l e a - s d b m p C o a e o u p r m g c e h i r - a t l t k o Y C e N r i o b e s t r r y w k i o 1 n - Total Direct a F g n u u te a ll e r y - d s O e t c t i h e u s e ri r - States 1928—Dec. 31 1,910 1,519 1,388 309 598 3 39 (2) 440 40 91 1 1 14 75 391 174 217 1929—Dec. 31 1,757 1,448 1,330 240 533 2 19 (2) 535 88 30 9 5 5 11 309 116 193 1930—Dec 31 1,861 1,344 1,194 201 472 2 18 501 55 95 18 14 18 44 518 240 277 1931—Dec 31 1,517 1,038 926 124 407 1 22 11 361 87 24 2 10 9 3 480 288 191 1932—June 30 1,277 876 777 93 361 1 25 15 282 77 22 5 5 11 1 401 234 166 Sept. 30 1,192 746 659 85 292 1 25 29 227 53 34 16 6 12 1 445 256 189 Dec 31 1,045 631 552 67 231 1 18 23 210 42 38 22 5 9 1 414 228 186 1933—June 30 3 . 1,287 677 589 48 251 3 26 24 237 30 58 27 7 12 13 610 384 226 Oct. 25 1,196 701 608 51 245 2 30 27 254 26 67 25 7 19 16 495 284 211 Dec 30 1,259 604 524 33 208 1 28 32 222 22 58 15 8 16 18 655 386 269 1934—Mar. 5 1,440 587 514 36 203 1 27 27 221 16 57 18 7 17 15 852 564 75 213 June 30 1,445 556 491 41 188 1 20 21 219 13 52 13 1 18 19 889 585 4 228 Oct 17 1,542 560 474 23 176 1 19 18 236 11 75 20 7 25 24 982 687 77 218 Dec. 31 1,581 532 435 29 170 1 17 16 202 11 87 29 5 27 26 1,049 743 78 229 1935—Mar 4 1,704 537 462 30 171 1 16 12 232 8 66 14 3 21 28 1,167 877 78 212 June 29 1,592 485 458 33 163 1 14 12 236 7 20 4 1 14 1 1,107 766 87 254 Nov. 1 1,792 456 433 25 154 1 14 11 227 6 17 3 1 13 1 1,336 973 96 267 Dec 31 1,868 476 455 28 149 1 14 14 249 6 15 1 1 12 1 1,392 1,061 88 243 1936—Mar. 4 1,946 476 456 32 148 13 12 251 5 14 2 1 10 1 1,470 1,131 89 250 June 30 1,951 533 513 59 145 I 14 10 284 5 \l 3 2 10 1 1.419 1,014 92 312 Dec 31 2,100 633 613 50 140 1 13 8 402 6 3 1 10 1 1,467 1,107 94 266 1937-March31 1,868 649 630 52 155 1 13 2 407 4 16 2 1 12 1 1,220 853 94 273 June 30 1,969 675 651 50 145 13 6 1 437 2 21 3 1 16 1 1,295 907 94 294 Dec. 31 1,901 635 615 41 129 11 6 426 1 19 1 2 16 1,265 916 94 255 For footnotes see page 116. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 56.—CENTRAL RESERVE CITY MEMBER BANKS IN CHICAGO—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937—Continued [In millions of dollars] Demand deposits Time deposits Call date s b s w F e e R R e a r e r r n i e e v a v t d k - - h e l e - s s v C a i a n u s l h t d b a o w a B n t m n i i c a c t k e l e h - s s s 5 - p c i t p C a o t o i r e s o l a r o l m t s n e i c e h n c 6 s - d - o D a t I i n o c n k - t s erba b F e n a i k o n g r k n - s U m G er o . e n S n v - . t - i m S p c t t a a o u i a l n e u n i t s d t e n i i , c s - e - . s o c c l C e e f c r h f a f e e t t a i o e i n t c e c d r s c e f d d t e . h i k r 7 i r t - s s , s , ' s t p I p u i v n c e h n o o a a o i t e i d r n d l c r p r r s a t i . - s - - s - , - - , , d ju e m p D s a a t d o e e n - s d - d i t 8 s D D t a I i o n c n - k t s erba F n ei k o g r n - P s o a s v t - al i S m p c a t t a o u i a l n e u i n t t s d e n i i , c s e - , - s d s b a E e p o b v n a v o y i c s I i n k e - n s g s d - d s iv c C i o o i d p c r e f u o p a r a s d o t t e i i l e r f t s s a - - , ti p o a c n O r o s t a u , p n c e n e e - n r t t s c sh . i C p s s c i a s o m a m h a v , u n r c a i i i n d n - l s s a t g t s r - s B r i o n o w g r s - - 1928—Dec. 31 169 14 128 191 328 9 53 1,074 975 276 1929—Dec. 31 169 13 133 158 310 26 42 1,041 957 156 122 1930—Dec. 31 210 11 194 110 365 26 69 1,027 1,010 184 134 1931—Dec. 31 160 13 122 87 274 32 41 856 826 185 123 1932—June 30 148 42 140 56 235 3 70 133 101 53 Sept. 30 214 15 201 46 285 3 38 729 733 136 102 40 Dec. 31 284 18 294 50 279 4 62 813 838 148 105 1933—June 30 9 232 34 203 61 259 2 87 870 912 265 Oct. 25 415 37 184 50 266 2 86 920 968 274 Dec. 30 345 45 199 64 270 2 122 911 287 1934—Mar. 5 308 42 157 52 336 2 133 865 952 296 June 30 436 40 162 57 391 2 174 944 1,077 301 Oct. 17 455 35 167 76 434 2 166 1,086 1,196 318 Dec. 31 415 40 207 90 445 2 182 1,073 1,189 330 1935—Mar. 4 359 34 182 70 505 3 184 1,047 1,179 331 June 29 676 37 249 73 504 3 198 1,208 1,357 348 Nov. 1 581 33 188 527 4 204 1,274 1,416 351 Dec. 31 511 39 209 135 522 4 1,301 1,401 362 1936—Mar. 4 480 35 195 96 594 4 81 217 1,243 ,390 356 June 30 749 38 195 147 635 5 102 221 1,444 ,546 368 Dec. 31 558 32 188 159 599 5 72 191 1,495 ,554 380 1937—March31 482 21 93 114 596 5 203 1,001 ,128 376 June 30 596 27 156 130 536 6 208 1,409 ,509 391 Dec. 31 596 27 179 146 528 5 207 1,354 ,438 391 For footnotes see page 117. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 57.—RESERVE CITY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937 to to [In millions of dollars] Loans to customers (except banks) Open-market loans Investments Real estate U. S. Govern- Total loans 1 urchased pa per ment obligations loans To Re- Other- Loans Loans Call date i m n a v e n n e d s ts t l T o o a t n a s l Total o b C Y u N ro i t o e t s k r y w i e k d 1 r e s s o e t t T c o h ie u n e o s r r i s - f l a a O r n m n d o r O t e h a n e l r a p b a c o a o n c n r w c e t k e i p n n s s t g ' - s c u e w a u c n n u r i s s e d r e e d e - d ba t n o ks Total a A a b p n c l a c c e y e e i - p s n t- B p ab a il y l l e s - m p C a e o p r m c e i r - a] k t C o Y e N i r o b t e s y r w r k o in i - Total Direct F gu u a ll r y - s O e t c t i h e u s e ri r estate United abroad bought States 1928—Dec. 31.. 12,156 8,702 7,879 509 2,318 118 1,387 (2) 3,546 173 651 16 33 136 465 3,454 1,662 1,791 1929—Dec. 31.. 12,029 9,084 8,418 425 2,775 110 1,428 ') 3,679 258 408 43 24 102 239 2,944 1,368 1,576 1930—Dec. 31.. 11,897 8,379 7,712 312 2,671 120 1,491 (2) 3,119 231 436 104 15 194 123 3,517 1,486 2,031 1931—Dec. 31.. 10,598 6,852 6,481 152 2,123 120 1,395 23 2,668 260 111 33 12 53 14 3,746 1,844 1,902 1932— S J e u p n t e . 3 3 0 0 . . . 9 9, , 7 7 8 6 8 8 5 6 , ,0 8 1 0 5 6 5 5 , , 7 5 4 3 2 7 1 9 0 2 5 1 1 , , 8 8 4 3 4 5 1 1 2 2 4 5 1 1 , , 2 2 5 5 5 7 3 3 3 6 2 2 , , 1 3 9 8 4 0 1 1 7 5 7 2 1 9 1 7 7 4 3 1 3 • 9 7 5 5 0 3 1 6 4 3 3, , 9 7 8 5 1 3 2 1 , ,9 2 5 0 3 9 1 1 , , 8 7 0 7 0 2 Dec. 31.. 9,489 5,542 5,327 96 1,774 121 1,258 52 2,027 136 78 22 8 36 11 3,948 2,234 1,714 1933—June 30 3 8,492 4,482 4,257 63 1,340 123 1,008 46 1,678 99 125 36 6 38 45 4,011 2,483 1,528 Oct. 25.. 8,756 4,605 4,304 66 1,297 121 992 49 1,779 94 207 43 7 72 84 4,151 2,605 1,546 Dec. 30.. 8,898 4,553 4,273 73 1,316 120 1,001 48 1,714 80 200 36 9 61 94 4,344 2,823 1,522 1934—Mar. 5... 9,376 4,466 4,154 65 1,262 116 1,014 48 1,650 63 249 46 8 72 123 4,911 3,390 1,521 June 30.. 9,609 4,394 4,096 97 1,200 116 1,008 41 1,634 40 259 21 6 97 135 5,214 3,516 4 19 41,679 Oct. 17.. 9,826 4,385 4,088 80 1,142 104 996 47 1,720 44 253 19 8 126 99 5,441 3,553 180 1,708 Dec. 31.. 10,028 4,312 4,024 90 1,124 102 988 49 1,671 55 234 13 9 108 105 5,715 3,809 279 1,628 1935—Mar. 4... 10,036 4,270 3,974 83 1,090 104 972 48 1,677 48 249 12 9 122 106 5,766 3,724 376 1,666 June 29.. 10,151 4,165 3,967 87 1,053 100 1,005 40 1,682 43 154 10 7 112 25 5,986 3,712 571 1,703 Nov. 1... 10,521 4,268 4,089 82 1,055 97 1,006 44 1,806 34 145 13 12 111 9 6,253 3,892 655 1,706 Dec. 31.. 10,780 4,347 4,144 96 1,057 97 997 46 1,851 34 170 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4... 10,655 4,279 4,071 101 1,027 97 1,000 43 1,805 31 177 18 9 120 30 6,375 3,958 656 1,761 June 30.. 11,306 4,443 4,242 115 1,044 95 1,006 40 1,941 31 170 16 7 113 34 6,863 4,349 651 1,863 Dec. 31.. 11,795 4,794 4,582 123 1,048 96 1,028 56 2,231 23 189 17 5 131 36 7,000 4,426 697 1,877 1937-Mar. 31. 11,611 4,886 4,619 114 1,039 94 1,041 55 2,276 29 239 37 10 154 38 6,725 4,250 669 1,805 June 30.. 11,629 4,994 4,738 114 1,032 95 1,069 39 2,389 34 221 25 7 145 44 6,635 4,267 635 1,733 Dec. 31... 11,414 5,203 4,995 97 1,066 95 1,080 47 2,610 27 180 10 12 132 26 6,211 3,962 637 ,612 For footnotes see page 116. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 57.—RESERVE CITY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937—Continued [In millions of dollars] Demand deposits Time deposits Re- Cash Individuals, partnei Call date s b s w F e e R a e e r r r n e i v d a t v - k - e h l e s s v C a a u s l h t d b a o w B a n t m n i a i c c t k l e e h - s s s - = p c e i t p a o o i t s s r r o e l s r e o l m n t - e i c e o n c s - 6 d f - b m D a t e I n i o s c n - - k t s erba b F n e a i k o n g r k n - s m U G e . r o e n n v S - t - . p m S c a t t a o u l i a i n e u n t t s d e y n i , c s - , i- o c l c C f e c h r a f f e t e a i i o e n t e c r d s c e f d d e t h i k r i r t - s s s , ' , s t p I p u v i n c h n o o a a o i e i d d r n r l p r r s a t i - - - s s - - , - , , d ju e n D p a s a d t o e e n - - s d d it 8 s b m D a t e i n o I s c - - n ks terb b a F e n a i o n k g r k n - s P s o a s v t - al m p S c a t t a o u i a l n e i u n t t d s e n i i , c e s - i s , - d sa e E p v b n v a y i c i s n - e s g d - s c C o o i p c r f e o p a r d s t o t e i i e r f t s - a - tio c n O o s a u p c , - e n e n t t s c. C s s i a m a m h a v n c r a i d i - i s n l s a g t r - s B r o o r w - etc.7 etc. books counts 1928—Dec. 31 779 167 1,035 1,681 153 430 290 5,605 5,289 261 3,707 466 302 376 1929-Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5.229 41 371 3,724 411 292 1930—Dec. 31 771 169 1,142 764 1,773 152 422 252 5,173 5,082 59 295 3,907 546 321 75 1931—Dec. 31 652 154 751 619 1,275 169 390 180 4,389 4,339 202 260 3,283 429 234 337 1932—June 30 619 131 871 392 1,276 188 393 112 3,886 3,999 224 3,048 377 258 221 Sept. 30 609 119 1,078 365 ,394 304 316 83 3,955 3,989 329 208 2,971 392 283 170 Dec. 31 646 126 1,240 417 ,503 211 349 141 3,932 4,005 338 230 2,962 385 241 115 1933—June 309 705 122 1,002 401 ,315 312 349 , 108 3,708 3,764 388 2,450 265 209 16 Oct. 25 739 135 958 338 ,280 375 370 ! 85 3,808 3,924 377 171 2,470 233 265 21 Dec. 30 857 153 969 420 ,415 393 435 111 3,911 4,037 203 2,527 211 16 1934—Mar. 5 985 147 1,176 341 1,653 480 91 3,958 4,188 345 206 2,648 210 261 June 30 1,197 154 1,397 411 1,785 635 526 117 4,361 4,593 105 259 234 2,845 239 262 Oct. 17 1,229 193 1,422 476 1,996 427 526 112 4,785 4,947 117 196 198 2,915 229 265 Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 186 206 3,038 210 239 1935—Mar. 4 1,386 197 1,690 432 2,179 505 643 132 4,854 5,197 128 167 211 3,123 219 257 June 29 1,403 213 1,607 471 2,145 299 674 140 5,314 5,656 119 118 203 3,221 201 227 Nov. 1 1,591 218 1,849 579 2,428 273 685 146 5,855 6,107 115 84 218 3,302 200 236 Dec. 31 1,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 79 266 3,355 237 1936—Mar. 4 1,794 264 1,910 607 2,594 285 733 151 5,961 6,238 135 72 251 3,339 214 286 June 30 1,763 289 1,907 763 2,551 513 733 152 6,419 6,542 135 65 288 3,432 202 300 Dec. 31 2,108 285 1,816 971 2,826 407 843 230 7,023 7,126 137 35 203 3,588 169 260 1937—Mar. 31 2,108 264 1,545 764 2,546 132 935 155 6,833 7,159 137 34 176 3,622 172 250 June 30 2,215 212 1,392 805 2,339 212 934 163 6,840 7,132 108 35 190 3,676 172 262 Dec. 31 2,310 200 1,470 841 2,389 256 777 192 6,743 6,870 107 34 3,747 180 224 10 i For footnotes, see page 117. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 58.—COUNTRY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937 [In millions of dollars] Loans to customers (except banks) Open-market loans Investments Real estate Purchased paper U. S. Govern- Total loans ment obligations Call date i m n lo a v e a n e n n d s t s t s - T lo o a t n a s l Total b o Y C r N u T o i o t e k t s o r y w i e k d i r e s s o e t t T c h ie u o e s r r i s - f l a a O r n m n d e o r s O t e t h a a e n t l e r p b a o c o a R w c n r e t e : k i n p n s t g ' - s O c u e w a u c t n n h r u i s s e e d r e e d e r - - d L ba o t n a o k n s s Total A aa U a b p l c n n el a c c e i yy e t e e i p - n s d t- ib B p a r b a i o l y l l a e s - d b m p C o a e o u p r m g c e h i - r a t l k t C o Y e N r i o e t s y b r w r k i * o n - Total Direct a F g n u u te a ll e r y d - s O e t c i th e u s e ri r - States 1928—Dec. 31 13,667 8,915 8,254 107 1,799 290 1,154 4,904 625 211 376 4,751 1,382 3,370 1929—Dec. 31 13,375 8,936 8,481 83 2,231 276 1,186 4,705 408 163 208 4,439 1,267 3,172 1930—Dec. 31 12,519 8,001 7,762 59 2,090 264 1,191 4,158 177 120 49 4,519 1,159 3,359 1931—Dec. 31 10,999 6,469 28 1,728 237 1,109 3,362 71 48 16 4,392 1,418 2,974 1932—June 30 10,240 6,014 5,892 20 1,525 238 1,090 3,015 64 4,226 1,432 2,794 Sept. 30 9,954 5,767 5,663 17 1,464 241 1,084 2,854 55 4,187 1,471 2,715 Dec. 31 9,607 5,493 5,405 15 1,417 234 1,070 2,667 39 28 4,114 1,474 2,640 1933—June 30 3 7,873 4,275 4,194 15 ,117 182 2,005 43 27 3,598 1,469 2,129 Oct. 25. 8,031 4,283 4,175 14 ,104 189 1,984 73 46 3,748 1,592 2,156 Dec. 30 8,068 4,223 4,123 15 ,092 196 865 1,952 62 34 3,845 1,683 2,162 1934-Mar. 5 8,381 4,234 4,103 16 ,077 181 1,937 95 54 4,148 1,946 2,202 June 30 8,456 4,172 4,016 14 ,039 170 1,903 124 72 4,283 1,982 4 25 <2,276 Oct. 17 8,649 4,105 3,926 15 ,012 161 865 1,868 150 95 4,545 1,992 215 2,337 Dec. 31 8,780 4,025 14 158 867 1,810 149 92 4,756 2,108 355 2,293 1935—Mar. 4 8,749 3,991 3,786 16 966 157 860 1,785 181 109 4,757 2,020 448 2,289 June 29 8,739 3,959 3,798 13 932 158 862 1,831 139 116 4,780 1,931 553 2,296 Nov. 1 8,821 3,919 3,758 13 902 154 871 1,815 141 132 4,903 1,875 609 2,419 Dec. 31 8,919 3,918 3,754 13 894 153 882 1,810 147 135 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,896 3,716 15 865 155 1,791 164 145 4,989 1,873 630 2,486 June 30 9,446 4,038 3,850 17 861 160 918 1,891 173 152 5,407 2,163 640 2,605 Dec. 31 9,825 4,078 3,866 16 843 161 962 1,881 197 178 5,747 2,368 645 2,734 1937—Mar. 31 9,945 4,204 3,939 17 833 165 985 1,937 249 216 5,741 2,397 626 2,719 June 30 10,134 4,340 4,089 18 828 169 1,010 2,062 235 211 5,794 2,520 635 2,639 Dec. 31 10,124 4,446 4,210 16 824 169 1,050 2,149 223 208 5,678 2,490 678 2,510 For footnotes, see page 116. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 58.—COUNTRY MEMBER BANKS—LOANS AND INVESTMENTS, RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-1937—Continued [In millions of dollars] Demand deposits Time deposits Cash Call date s s w F e e R R e r e r r i e e v a v t d - - e h l e - s v C a i a n u s l h t b d a w a o B n t n m i c i a c t k e l h e - s s s 5 - c i e p t t o s i a e r r o s l e o m s l n - e c o c i 6 s - f n - m D t I i e o n c s - - terban e F i k o g r n - U m G er . o e S n n v . - t - p m S c a t t a o u i a l n e i u n t t s e d i n i e , c s - s i , - o c c l C e f c r h a f f e e t a o i i n e t c e r d s e c f d t e h d i r i k r t - s s , s ' , s t I p p u i n v c h n o o a a o e i i d r d r n l p r r s a t i - - - s s - - , - , , d j e u m p D a s a o t d e e n s - - d d it 8 b D a t I n i o c n k - t s erba b n F e a i k o n g r k n - s P s o a s v ta - l m p S c a t t a u o i l a n e i n u t t s d e i n i i , c s - i , - d sa E p e b v n a v i y c s i I n - e n s g d - d s iv c C i o o i d p c r e f o u p a r s a o t t d e i i l r e f t s s a - - , t i p o a c n O r o s a t u , p n c e n e - e n t t r s c sh . i C s p s i a s m m a h v , n r i a i i d n l s s a g t r r s B r i o n o w g r s - etc. 7 etc. books co a u c n - ts 1928—Dec. 31 652 319 977 298 427 50 684 171 5,437 54 116 5,240 1,278 330 1929—Dec. 31 627 321 908 291 405 39 742 169 5,091 5,711 61 133 5,095 1,199 95 367 1930-Dec. 31 595 317 975 258 387 53 762 152 4,458 5,114 88 128 5,047 1,170 95 244 1931—Dec. 31 302 685 221 295 61 692 122 3,604 4,197 179 106 4,346 441 1932—June 30 458 253 624 167 257 60 734 82 3,052 3,701 231 94 4,001 103 527 Sept. 30 441 230 671 140 244 96 613 69 3,013 3,556 260 110 3,842 812 126 485 Dec. 31 448 232 767 164 263 72 615 2,988 3,530 279 104 3,835 779 72 418 1933—June 30 > 452 203 702 149 228 116 555 72 2,576 3,054 285 3,132 605 167 Oct. 25 529 232 685 118 230 114 579 68 2,633 3,162 293 87 3,236 593 136 Dec. 30 573 225 769 172 254 111 622 85 2,793 3,328 300 3,337 556 123 1934—Mar. 5 685 230 951 135 284 181 702 74 3,007 3,648 301 3,518 554 June 30 769 216 1,105 174 303 174 731 85 3,150 3,792 256 3,729 565 35 Oct. 17 848 258 1,257 189 345 125 787 98 3,472 4,168 210 3,830 575 17 Dec. 31 822 275 1,296 207 340 178 804 106 3,589 4,292 210 3,939 560 13 1935—Mar. 4 916 246 1,427 163 364 152 845 90 3,642 4,414 188 3,994 557 June 29 920 236 1,406 192 347 90 865 104 3,761 4,538 162 4,115 547 Nov. 1 900 237 1,613 221 399 95 895 106 4,095 4,875 140 4,184 537 Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 136 4,267 544 1936—Mar. 4 1,017 268 1,757 187 433 93 965 106 4,252 5,136 95 4,299 554 June 30 989 322 1,727 256 410 207 1,008 121 4,567 5,440 87 4,435 553 6 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 4,674 529 3 1937-Mar. 31 1,304 321 1,684 242 440 1,113 130 5,013 6,013 79 4,751 528 11 June 30 1,337 330 1,554 269 409 1,067 139 5,089 6,027 85 4,822 523 12 Dec. 31 1,361 307 1,645 283 412 959 149 5,143 5,968 158 4,917 509 12 For footnotes, see page 117. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
126 ANNUAL REPORT OF BOARD OF GOVERNORS No. 59.—RESERVE BALANCES OF MEMBER BANKS, BY CLASS OF BANKS, BY WEEKS, 1937 [Averages of daily figures. In millions of dollars] All member banks New York City * Week ending (Friday) Total reserves Required 3 Excess Total reserves Required 3 Excess Jan. 1 6,567 4,629 1,938 2,629 1,960 669 Jan. 8 6,626 4,628 1,998 2,658 1,958 700 Jan 15 6,717 4,630 2,087 2,679 1,949 730 Jan. 22 6,752 4,619 2,133 2,723 1,949 774 Jan.29 6,765 4,612 2,153 2,794 1,952 842 Feb 5 6,767 4,606 2,161 2,824 1,952 872 Feb.12 6,777 4,594 2,183 2,833 1,943 890 Feb.19 6,735 4,582 2,153 2,802 1,935 867 Feb. 26 6,733 4,600 2,133 2,809 1,949 860 Mar. 52 6,684 5,133 1,551 2,683 2,174 509 Mar. 12 6,733 5,357 1,376 2,652 2,264 387 Mar 19 6,798 5,367 1,431 2,680 2,268 412 Mar. 26 6,629 5,309 1,320 2,598 2,231 367 Apr. 2 6,658 5,264 1,394 2,698 2,227 472 Apr. 9 6,692 5,259 1,433 2,678 2,218 460 Apr. 16 6,840 5,274 1,566 2,760 2,212 548 Apr. 23. 6,888 5,279 1,609 2,768 2,202 566 Apr 30 6,922 5,279 1,643 2,755 2,198 557 May 72 6,897 6,014 883 2,634 2,489 145 May 14 6,943 6,012 931 2,676 2,480 i9e May 21 6,946 6,003 943 2,687 2,475 213 May 28 6,950 6,002 948 2,724 2,481 242 June 4 6,884 5,979 905 2,670 2,478 192 June 11 6,891 5,983 908 2,632 2,479 152 June 18 6,859 6,009 850 2,647 2,496 151 June 25 6,854 6,015 839 2,672 2,500 172 July 2 6,903 6,024 879 2,742 2,511 231 July 9 6,825 5,960 865 2,625 2,457 168 July 16 6,900 5,971 929 2,674 2,453 221 July 23 6,873 5,965 908 2,676 2,447 22S July 30 6,805 5,963 842 2,639 2,441 19£ Aug. 6 6,676 5,955 721 2,522 2,426 9( Aug. 13 6,656 5,945 711 2,469 2,402 6' Aug. 20 6,718 - 5,952 766 2,519 2,407 Aug. 27 6,741 5,956 785 2,560 2,419 141 m Sept. 3 6,729 5,958 771 2,568 2,430 Sept. 10 6,725 5,948 777 2,529 2,424 10^ Sept. 17 6,802 5,964 838 2,571 2,431 14( Sept 24 6,955 5,945 1,010 2,782 2,437 34£ Oct 1 7,016 5,957 1,059 2,883 2,458 42t Oct. 8 6,993 5,938 1,055 2,799 2,439 36( Oct 15 6,945 5,934 1,011 2,730 2,426 30; Oct. 22 6,931 5,906 1,025 2,727 2,406 32 Oct. 29 6,948 5,877 1,071 2,786 2,384 40$ Nov. 5 '6,901 5,841 1,060 2,741 2,364 37 Nov 12 6,878 5,819 1,059 2,685 2 346 33( Nov 19 6,916 5,816 1,100 2,712 2,346 36 Nov 26 .... 6,954 5,803 1,151 2,750 2,346 40 Dec. 3 6,926 5,793 1,133 2,711 2,337 37 Dec. 10 6,851 5,784 1,067 2,621 2,335 28 Dec 17 6,887 5,835 1,052 2,660 2,369 29 Dec. 24 6,838 5,819 1,019 2,657 2,359 29 Dec 31 . • 6,945 5,804 1,141 2,689 2,349 34 For footnotes, see page 127. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 127 No. 59.—RESERVE BALANCES OF MEMBER BANKS, BY CLASS OF BANKS, BY WEEKS, 1937—Continued [Averages of daily figures. In millions of dollars] Chicago 2 Reserve city banks Country banks l Week ending (Friday) Total Required 3 Excess Total Required 3 Excess Total Required » Exc« Jan. 1... 561 423 137 2,129 1,497 632 1,248 749 Jan. 8. . 540 418 122 2,140 1,496 644 1,288 755 Jan. 15. 570 425 145 2,187 1,502 685 1,282 755 Jan. 22. 594 422 172 2,177 1,497 1,257 750 Jan. 29. 574 419 155 2,155 1,491 1,241 750 Feb.5.. 544 417 127 2,146 1,484 663 1,252 753 Feb. 12. 547 417 130 2,143 1,480 663 1,254 755 Feb.19. 538 414 124 2,126 1,476 650 1,269 756 Feb.26. 555 421 134 2,109 1,473 636 1,259 757 Mar. 5 2. 533 469 64 2,160 1,639 521 1,308 851 Mar. 12. 532 485 47 2,219 1,720 500 1,330 Mar. 19. 552 488 63 2,234 1,723 511 1,332 Mar. 26. 537 478 2,184 1,712 472 1,309 887 Apr. 2. . 494 444 50 2,171 1,706 466 1,295 Apr. 9. . 486 447 40 2,185 1,704 481 1,342 Apr. 16. 547 464 83 2,209 1,709 500 1,325 890 Apr. 23. 608 472 135 2,199 1,715 485 1,313 890 Apr. 30. 640 476 164 2,222 1,714 507 1,305 890 May 7 K 592 536 56 2,278 1,959 319 1,392 1,029 May 14. 582 536 46 2,291 1,967 324 1,394 1,029 May 21. 599 541 58 2,274 1,957 317 1,385 1,030 May 28. 588 540 2,258 1,951 307 1,380 1,030 June 4.. 591 536 2,238 1,933 304 1,386 1,032 June 11. 625 537 2,246 ,933 313 1,388 1,033 June 18. 604 534 2,226 ,943 283 1,381 1,035 June 25. 593 530 2,200 ,948 252 1,389 1,037 July 2.. 589 528 2,235 ,947 289 1,336 1,037 July 9.. 586 524 2,247 ,942 305 1,368 1,037 July 16. 591 529 2,267 ,951 315 1,368 1,037 July 23. 573 530 2,266 ,952 313 1,359 1,036 July 30. 573 531 2,240 284 1,352 1,036 Aug. 6.. 557 530 2,237 ,958 279 1,360 1,041 Aug. 13. 559 533 2,262 ,968 294 1,366 1,042 Aug. 20. 574 537 2,256 1,968 289 1,369 1,041 Aug. 27. 582 537 2,247 1,959 288 1,352 1,040 Sept. 3. 569 535 2,233 1,952 1,359 1,041 Sept. 10 567 532 2,246 1,948 1,383 1,042 Sept. 17 591 539 2,249 1,952 297 1,390 1,042 Sept. 24 578 529 2,219 1,937 282 1,376 1,041 Oct. 1.. 570 529 2,211 1,928 283 1,352 1,042 Oct. 8.. 567 523 2,251 1,932 319 1,377 1,044 Oct. 15. 574 522 2,260 1,941 319 1,381 1,044 Oct. 22. 587 523 2,245 1,936 309 1,373 1,041 Oct. 29. 601 521 2,227 1,930 297 1,334 1,041 Nov. 5.. 582 516 2,217 1,920 297 1,361 1,040 Nov. 12. 580 517 2,233 1,915 317 1,381 1,040 Nov. 19. 583 519 2,246 1,916 330 1,374 1,036 Nov. 26. 593 520 2,261 1,905 356 1,351 1,033 Deo. 3.. 605 520 2,260 1,903 358 1,350 1,033 Dec. 10. 606 518 2,263 1,899 363 1,361 1,032 Dec. 17. 611 523 2,270 1,910 359 1,346 1,032 Dec. 24. 585 519 2,260 1,909 351 1,336 1,032 Dec. 31. 593 517 76 2,297 1,906 392 1,366 1,032 1 Figures for required and excess reserves for all member banks and for country banks are partly estimated. 2Central reserve city banks only. 3 See table 61a on page 133 for reserve requirements which were increased effective March 1 and May 1, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
128 ANNUAL REPORT OF BOARD OF GOVERNORS No. 60.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS, BY MONTHS, 1929-1937 [Averages of daily igures. In millions of dollars] 1929 1930 1931 1932 1933 1934 1935 1936 1937 ALL MEMBER BANKS Total reserves : January 2,386 2,349 2,433 1,979 2,516 2,741 4,355 5,780 6,716 February 2,358 2,306 2,370 1,908 2,291 2,799 4,601 5,808 6,747 March 2,337 2,330 2,386 1,899 1,847 3,345 4,452 5,420 6,704 April 2,308 2,350 2,376 1,996 2,040 3,582 4,436 5,300 6,824 May 2,296 2,356 2,387 2,138 2,069 3,695 4,778 5,638 6,932 June 2,316 2,392 2,404 2,062 2,160 3,790 4,979 5,484 6,878 July 2,334 2,417 2,407 2,003 2,221 3,928 4,970 5,861 6,845 August 2,322 2,392 2,345 2,073 2,331 4,045 5,232 6,181 6,701 September 2,335 2,397 2,333 2 181 2,451 3,947 5,243 6,345 6,854 October 2,386 2,407 2,256 2,307 2,557 3,964 5,469 6,594 6,954 November 2,521 2,433 2,118 2,379 2,599 4,100 5,757 6,785 6,919 December 2,395 2,415 2,070 2,435 2,588 4,037 5,716 6,665 6,879 Required reserves:l January 2,333 2,305 2,329 1,944 1,932 1,875 2,320 2,747 4,622 February 2,312 2,253 2,314 ,864 1,874 1,908 2,365 2,770 4,595 March 2,296 2,274 2,319 ,840 1,579 1,970 2,388 2,767 5,333 April 2,272 2,307 2,320 ,844 1,661 2,041 2,411 2,790 5,272 May 2,263 2,311 2,320 ,861 1,750 2,071 2,481 2,838 6,005 June 2,275 2,338 2,275 ,828 1,797 2,105 2,541 2,891 6,002 July 2,291 2,343 2,283 ,798 1,785 2,139 2,585 2,954 5,969 August 2,287 2,340 2,245 ,803 1,766 2,161 2,596 3,723 5,951 September 2,300 2,338 2,212 ,836 1,777 2,193 2,615 4,493 5,954 October 2,343 2,347 2,126 ,872 1,798 2,234 2,649 4,551 5,911 November 2,456 2,381 2,061 1,896 1,805 2,266 2,696 4,566 5,815 December 2,347 2,342 2,010 1,909 1,822 2,290 2,733 4,619 5,808 Excess reserves : January 53 45 105 35 584 866 2,035 3,033 2,093 February 46 53 57 44 417 891 2,237 3,038 2,152 March 41 56 66 59 268 1,375 2,065 2,653 1,371 April 37 42 56 153 379 1,541 2,026 2,510 1,552 May 33 45 67 277 319 1,624 2,298 2,800 927 June 42 54 129 234 363 1,685 2,438 2,593 876 July 42 74 124 204 436- 1,789 2,385 2,907 876 August 36 52 101 270 566 1,884 2,636 2,458 750 September 34 59 120 346 675 1,754 2,627 1,852 900 October 42 59 129 436 758 1,731 2,820 2,043 1,043 November 65 52 57 482 794 1,835 3,061 2,219 1,104 December 48 73 60 526 766 1,748 2,985 2,047 1,071 NEW YORK CITY2 Total reserves: January 763 795 891 724 1,109 897 1,651 2,593 2,719 February 759 770 847 681 860 872 1,864 2,579 2,812 March 758 783 860 687 688 1,227 1,760 2,271 2,652 April 748 788 829 780 867 1,290 1,716 2,163 2,739 May 746 797 848 874 878 1,323 1,813 2,384 2,685 June 762 822 882 784 861 1,391 1,969 2,183 2,669 July 764 833 887 767 796 1,393 1,938 2,279 2,.652 August 754 818 843 832 837 1,509 2,306 2,502 2,522 September 763 824 864 927 896 1,440 2,320 2,462 2,672 October 802 845 848 1,001 893 1,461 2,460 2,574 2,767 November 944 865 774 1,050 866 1,506 2,563 2,695 2,720 December 839 869 766 1,083 828 1,468 2,541 2,662 2,657 Required reserves: l January 752 787 840 719 822 750 935 1,197 1,953 February 750 754 836 674 786 754 965 1,219 1,944 March 750 768 841 669 654 794 981 1,215 2,251 April 744 785 822 692 717 835 993 1,223 2,210 May 740 792 833 719 772 838 1,015 1,250 2,481 June. 755 814 810 694 792 858 1,054 ,276 2,493 July 752 807 826 692 752 867 1,071 ,276 2,453 August 748 813 809 704 735 871 1,092 ,599 2,414 September 756 810 810 733 741 878 1,142 ,927 2,437 October 789 828 795 760 . 744 893 1,151 ,935 2,413 November 909 855 764 783 736 902 1,170 ,944 2,348 December 820 843 747 800 732 912 1,191 ,964 2,351 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 129 No. 60.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS, BY MONTHS, 1929-1937—Continued [Averagesof daily figures. In millions of dollars] 1929 1930 1931 1932 1933 1934 1935 1936 1937 NEW YORK CITY—Cont. Excess reserves: January 11 8 52 5 286 147 716 1,395 767 February 10 16 12 7 75 118 899 1,360 868 March 8 14 19 18 35 432 779 1,056 401 April 4 4 7 88 150 455 723 940 530 May 6 5 16 155 106 485 798 1,134 203 June 7 9 71 89 69 532 915 908 176 July 12 26 61 75 43 526 868 1,004 199 August 6 5 34 128 102 638 1,214 903 108 September 7 15 54 193 155 562 1,177 535 235 October 13 16 53 242 149 568 1,309 639 354 November 35 10 11 267 130 604 1,393 751 373 December 18 26 19 283 96 557 1,350 697 305 CHICAGO 2 Total reserves: January 174 167 180 143 306 328 454 496 568 February 173 164 177 138 295 335 393 487 546 March 166 169 170 136 158 342 360 463 533 April 162 172 170 144 172 372 427 506 563 May 161 173 174 186 178 395 606 638 589 June 161 175 169 189 211 419 681 682 603 July 165 180 174 164 245 496 586 654 581 August 173 181 183 185 295 501 490 576 568 September 172 181 181 201 340 502 484 619 576 October 177 179 167 253 388 457 541 637 582 November 177 183 157 270 387 484 614 651 588 December 171 184 155 286 361 445 608 605 599 Required reserves:l January 173 165 177 141 129 156 203 257 421 February 172 162 176 136 126 163 208 261 418 March 165 167 168 131 111 163 202 254 480 April 161 171 169 122 114 166 195 244 461 May 161 172 172 124 124 177 216 259 538 June 161 173 166 126 133 182 226 268 533 July 165 179 166 111 144 189 233 285 529 August 172 179 167 113 143 194 231 353 535 September 171 177 164 115 143 198 238 424 533 October 177 177 156 121 147 202 244 431 522 November 177 181 155 123 149 204 255 430 519 December 170 181 148 124 149 205 255 430 519 Excess reserves: January .8 2 3 2 178 171 250 239 147 February 1 2 4 1 2 169 173 186 226 128 March 1.3 2 2 5 47 179 158 209 54 April 1.0 2 2 23 59 207 233 262 101 May .3 1 2 62 53 217 389 377 51 June .7 2 3 64 78 237 456 414 70 July (3) 1 7 53 102 308 352 359 52 August .6 2 16 72 152 308 258 223 34 September .2 3 17 86 197 304 246 195 43 October .5 2 11 132 239 257 297 206 59 November .8 2 2 149 238 280 359 221 69 December 1.5 3 6 163 212 239 353 175 80 RESERVE CITY BANKS Total reserves: January 793 767 775 624 659 894 1,139 1,714 2,158 February 779 755 768 615 694 936 ,173 1,745 2,128 March 770 759 775 612 594 1,080 1,183 1,709 2,203 April 763 768 792 605 570 1,164 1,187 1,675 2,201 May 760 768 786 614 595 1,204 ,231 1,657 2,272 June 761 776 780 630 648 1,213 1,279 1,664 2,230 July 764 790 776 617 691 1,229 1,304 1,886 2,252 August 760 785 760 612 699 1,217 1,323 1,954 2,248 September 759 784 737 611 716 1,190 ,380 2,046 2,232 October 766 778 704 610 749 1,210 1,394 2,153 2,240 November 771 788 675 617 794 1,262 1,425 2,185 2,246 December 766 772 653 625 832 1,282 1,446 2,157 2,272 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
130 ANNUAL REPORT OF BOARD OF GOVERNORS No. 60.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS, BY MONTHS, 1929-1937—Continued [Averages of daily figures. In millions of dollars] 1929 1930 1931 1932 1933 1934 1935 1936 1937 RESERVE CITY BANKS— Cont. Required reserves:: January 781 755 756 625 582 588 1,383 862 1,496 February 768 742 751 606 572 600 1,433 860 1,478 March 761 745 758 599 486 613 1,427 863 1,715 April 753 756 774 592 499 634 1,403 879 1,710 May 751 753 765 584 516 643 1,425 879 1,956 June 749 758 756 582 528 651 1,411 890 1,941 July 755 769 751 578 539 663 1,486 925 1,950 August 751 766 740 576 538 673 1,500 1,174 1,962 September 753 768 718 577 541 685 1,540 1,422 1,943 October 759 762 676 581 550 699 1,560 1,457 1,934 November 761 769 658 583 557 712 1,639 1,461 1,913 December 757 756 642 581 571 721 1,631 1,482 1,906 Excess reserves: January 12 12 20 4 1 77 305 658 852 662 February 11 13 1,7 9 122 336 701 885 651 March 9 14 17 13 107 467 684 846 488 April 12 12 18 13 71 530 646 796 490 May 9 15 23 30 79 561 649 778 316 June 12 18 24 48 120 560 624 775 289 July 9 21 30 39 151 566 685 961 302 August 9 19 20 37 161 544 698 780 287 September 6 16 19 33 174 505 734 624 290 October 7 16 28 29 199 511 738 696 307 November 9 20 17 34 238 550 803 724 333 December 10 15 11 44 262 561 780 675 366 COUNTRY BANKS Total reserves: January 657 621 587 488 442 622 867 978 1,271 February. 647 618 578 473 441 656 912 998 1,261 March 642 620 580 465 407 696 905 978 1,315 April 636 621 585 467 431 756 890 956 1,321 May 630 619 578 464 418 774 935 961 1,386 June 632 618 573 459 441 767 918 954 1,377 July 640 615 570 455 489 810 960 1,042 1,360 August 637 608 559 444 501 817 937 1,149 1,362 September 641 609 551 443 499 814 900 1,218 1,375 October 641 605 52,6 444 529 837 908 1,230 1,366 November 630 597 512 441 553 849 941 1,254 1,365 December 619 590 504 440 567 843 936 1,241 1,352 Required reserves: 1 January 627 598 557 459 399 380 455 431 753 February 623 595 552 448 390 392 461 431 756 March 619 594 552 441 328 399 461 435 April 615 596 556 438 332 406 466 445 May 612 596 551 433 337 413 474 450 1,029 June 610 592 543 426 344 414 475 458 1,035 July 619 589 539 417 350 420 480 468 1,036 August 616 583 529 410 349 424 471 596 1,041 September 620 583 521 410 351 431 429 720 1,042 October 619 580 499 410 357 441 432 728 1,043 November 610 575 485 408 363 448 435 731 1,036 December 600 562 473 404 370 451 436 743 1,032 Excess reserves: January 29 23 31 29 44 242 412 547 518 February 24 23 28 25 52 263 451 567 505 March 23 26 28 24 79 297 444 543 428 April 21 25 28 28 100 350 424 512 431 May 18 23 28 31 81 360 461 511 357 June 22 25 31 34 96 353 443 496 341 July 21 26 31 38 140 390 480 575 324 August 21 26 31 33 151 393 465 552 321 September 21 25 30 32 148 383 471 498 333 October 21 26 37 34 172 396 476 502 323 November 20 22 27 34 190 401 506 524 328 December 19 28 31 35 197 392 499 498 319 1 See table 61a on page 133 for reserve requirements which were increased effective August 16,1936, March 1, 1937, and May 1, 1937. 2 Central reserve city banks only. 3Deficiency, less than $100,000. 4Deficiency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 131 No. 61.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS IN EACH DISTRICT, BY MONTHS, 1937 [Averages of daily figures. In millions of dollars] All member banks Reserve city banks x Country banks Month Total Required 2 Excess Total Required2 Excess Total Required2 Excess Boston district: January 378 230 148 234 139 95 144 90 February 378 231 147 247 140 107 131 91 March2 367 269 233 162 71 134 106 April 352 266 210 159 51 142 107 May2 343 304 39 194 180 13 150 124 June 340 304 35 194 180 14 145 124 July 344 305 39 197 180 16 147 124 August 339 303 36 193 179 15 145 124 September 340 300 40 194 176 18 146 124 October 348 300 48 200 177 24 147 123 November 365 297 68 219 175 44 146 121 December 395 295 100 255 175 79 141 120 New York District: January 3,016 2,149 867 32 3 261 164 February 3,114 2,140 974 31 3 268 165 March2 2,965 2,478 487 35 2 276 193 April 3,054 2,437 617 35 2 277 193 May2 3,019 2,744 274 41 2 292 222 June 3,000 2,756 244 40 2 290 223 July 2,983 2,716 268 43 2 286 220 August 2,856 2,675 181 41 2 291 220 September 3,008 2,697 311 39 2 294 221 October 3,096 2,671 424 39 2 288 220 November 3,046 2,602 444 38 4 284 216 December 2,980 2,606 374 38 1 284 216 Philadelphia district: January 387 243 144 257 157 100 130 87 February 365 239 126 240 153 86 126 86 March2 390 279 111 255 179 76 135 100 April 430 283 147 295 184 111 135 100 May2 422 323 98 278 209 69 144 115 June 384 314 70 239 200 39 145 115 July 385 317 67 239 201 38 146 116 August 369 315 55 222 198 24 148 117 September 360 308 52 213 192 21 147 118 October 365 305 60 218 189 30 147 117 November 361 303 58 217 187 30 144 116 December 355 300 55 212 185 27 143 115 Cleveland district: January 432 144 312 219 93 121 70 February 427 283 144 304 212 92 122 71 March2 439 330 109 311 246 65 128 84 April 434 330 104 306 246 60 128 84 May2 462 381 82 327 283 44 135 97 June 461 381 80 323 282 40 138 99 July 462 382 81 327 282 45 135 100 August 463 387 76 327 285 41 136 101 September 458 383 75 319 282 38 138 101 October 454 377 77 319 277 42 135 100 November 452 372 80 318 272 46 134 100 December 453 370 83 271 53 130 Richmond district: January 216 136 142 86 56 74 February 216 135 143 86 57 73 March2 222 157 140 99 41 82 April 215 155 132 96 36 83 May2 225 175 137 109 28 89 June 220 176 134 109 25 86 July 212 173 128 106 22 84 August 216 175 133 108 25 83 September 221 173 134 106 28 87 October 219 172 134 104 30 85 November 227 174 134 106 28 94 December 220 176 135 108 27 85 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
132 ANNUAL REPORT OF BOARD OF GOVERNORS No. 61.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS IN EACH DISTRICT, BY MONTHS, 1937—Continued [Av3rages of daily figures. In millions of dollars] All member banks Reserve city banksi Country banks Month Total Required 2 Excess Total Required 2 Excess Total Required 2 Excess Atlanta district: January 156 115 41 90 75 16 65 40 25 February 159 115 44 91 74 17 68 41 27 March2 172 136 37 100 86 13 72 49 23 April 170 133 37 96 84 12 74 49 25 May2 176 151 26 105 95 10 71 56 16 June 173 149 23 103 94 9 69 55 14 July 169 147 22 102 93 9 67 54 13 August 173 146 27 107 93 15 65 53 12 September 173 147 26 109 94 15 64 53 11 October 171 148 23 106 95 10 65 53 12 November 169 148 20 104 95 9 65 53 11 December 172 150 22 105 95 10 67 54 13 Chicago district: January 960 653 307 224 150 75 168 82 86 February 928 649 279 217 148 70 165 83 82 March2 936 754 182 236 176 60 167 99 69 April 947 737 210 217 176 41 168 100 68 May2 1,006 860 146 242 206 36 175 116 59 June 1,013 857 156 240 207 34 169 117 52 July 987 854 133 240 207 33 166 118 49 August 977 862 115 241 209 3.2 168 119 49 September 984 861 123 240 209 31 168 120 49 October. 987 848 140 239 205 34 167 120 47 November 994 840 154 238 202 37 167 119 48 December 1,005 839 166 238 202 36 168 118 51 St. Louis district: January 192 129 63 137 96 41 55 33 22 February 191 129 62 137 96 41 54 33 21 March2 187 149 38 130 111 19 57 38 18 April 189 147 42 132 108 24 58 39 18 May2 201 167 34 141 121 20 60 46 15 June 209 164 44 149 118 31 60 46 14 July 208 167 42 148 120 28 60 47 13 August 196 168 28 135 121 14 61 47 14 September 198 167 31 137 119 18 61 47 14 October 201 167 34 140 120 20 61 47 14 November 200 166 34 140 119 . 21 60 47 13 December 203 167 36 144 120 23 60 47 13 Minneapolis district: January 116 78 38 56 45 10 60 33 27 February 113 78 35 54 45 9 59 33 26 March2 118 91 27 59 52 7 59 39 21 April 119 89 29 60 51 9 59 38 20 May2 127 101 26 66 57 9 62 44 17 June 433 103 29 66 58 8 66 45 21 July 135 104 30 71 59 12 63 45 18 August 132 105 28 71 60 11 61 45 16 September 132 106 26 70 61 9 62 45 17 October 130 106 24 69 61 8 61 45 16 November 129 104 25 68 59 9 61 45 16 December 126 102 25 65 57 8 62 44 17 Kansas City district: January 219 144 75 150 109 42 69 35 34 February 219 143 75 151 109 43 67 35 32 March2 230 168 63 160 127 33 70 41 29 April 232 166 66 161 125 36 71 41 30 May2 240 190 50 167 142 25 73 47 26 June 239 190 50 168 142 26 72 48 24 July 245 194 51 173 146 27 72 49 24 August 252 200 52 179 151 28 73 49 23 September 252 199 54 179 150 30 73 49 24 October 247 196 51 175 147 28 72 49 23 November 245 193 52 173 143 29 72 49 23 December 238 189 50 168 140 28 71 49 22 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 133 No. 61.—MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS IN EACH DISTRICT, BY MONTHS, 1937—Continued [Averages of daily figures. In millions of dollars] All member banks Reserve city banks 1 Country bank£ Month Total Required 2 Excess Total Required 2 Excess Total Required 2 Excess Dallas district: January 165 103 62 93 69 24 72 34 38 February 169 100 69 93 66 27 76 34 41 March2 174 117 57 97 77 21 77 41 36 April 167 116 51 94 75 19 73 41 32 May2 178 134 44 101 87 14 77 48 30 June 178 135 43 102 87 15 76 48 28 July 178 138 40 104 90 15 73 48 25 August 177 141 36 104 91 13 73 49 23 September 181 143 38 107 93 14 75 50 24 October 186 144 42 109 94 16 77 51 26 November 186 145 41 107 93 14 79 52 27 December 190 145 45 108 92 15 82 53 30 San Francisco district: January 479 355 124 427 320 107 52 35 17 February 469 353 116 416 318 98 53 35 18 March2 502 406 96 445 365 80 56 40 16 April 515 412 103 460 371 89 55 41 14 May2 531 475 57 473 426 47 58 48 10 June 529 473 56 470 424 45 59 49 11 July 537 473 64 478 425 54 59 48 10 August 551 474 77 492 426 67 58 48 10 September 549 472 77 489 423 66 59 49 11 October 550 476 74 490 427 63 60 49 11 November 545 472 73 485 423 62 60 49 10 December 540 470 70 480 421 59 60 49 11 1 See table 62 for figures for central reserve city banks in New York City and Chicago. 2 See table 61a for reserve requirements, which were increased effective March 1 and May 1, 1937. No. 61a.—MEMBER BANK RESERVE REQUIREMENTS [Percent of deposits] June 21, 1917— August 16, 1936— March 1, 1937— May 1, 1937— Classes of deposits and banks August 15, 1936 February 28, 1937 April 30, 1937 December 31, 1937 On net demand deposits: Central reserve city 13 19^ 22^ 26 Reserve city 10 15 17H 20 Country 7 1234 14 On time deposits: ioy2 All member banks 3 6 *y2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
134 ANNUAL REPORT OF BOARD OF GOVERNORS No. 62.—RESERVE POSITION OF MEMBER BANKS, BY CLASS OF BANKS, BY MONTHS, 1937 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves with Federal Reserve banks Gross Class of bank demand and month deposits Net demand Time Total Total Required l Excess All member banks: January 31,068 25,399 10,975 36,374 6,716 4,622 2,093 February 30,698 25,208 11,089 36,296 6,747 4,595 2,152 March1 30,285 25,073 11,169 36,241 6,704 5,333 1,371 April 29,922 24,801 11,163 35,964 6,824 5,271 1,552 May1 29,501 24,748 11,224 35,972 6,932 6,005 927 June 29,452 24,718 11,299 36,016 6,878 6,002 876 July 29,366 24,579 11,369 35,947 6,845 5,969 876 August 29,028 24,520 11,403 35,922 6,701 5,951 750 September 29,180 24,467 11,538 36,005 6,854 5,954 900 October 29,179 24,280 11,569 35,850 6,954 5,911 1,043 November 28,717 23,875 11,555 35,430 6,919 5,815 1,104 December 28,720 23,860 11,441 35,301 6,879 5,808 1,071 New York City:2 January 10,703 9,859 676 10,535 2,719 1,953 767 February 10,613 9,805 721 10,526 2,812 1,944 868 M^arch1 10,521 9,712 779 10,492 2,652 2,250 401 April .... 10,287 9,540 747 10,286 2,739 2,209 530 May1 10,056 9,367 765 10,132 2,684 2,481 203 June ... 10,106 9,402 803 10,205 2 669 2,493 176 July 9,949 9,243 833 10,076 2,652 2,453 199 August 9,681 9,097 809 9,906 2,522 2,414 108 September 9,851 9,184 817 10,002 2,672 2,437 235 October 9,797 9,088 831 9,919 • 2,767 2,413 354 November 9,532 8,832 850 9,682 2,720 2,347 373 December 9,609 8,866 770 9,636 2,657 2,351 305 Chicago:2 January 2,349 2,054 448 2,502 568 421 147 February 2,317 2,039 447 2,486 546 418 128 March1 2,258 2,006 444 2,451 533 480 54 April 2,182 L,927 439 2,366 563 461 101 May1 2,233 L,969 440 2,409 589 538 51 June 2,205 1,948 442 2,390 603 533 70 July 2,189 1,930 445 2,376 581 529 52 August 2,185 1,954 442 2,396 568 534 34 September 2,181 1,946 443 2,390 576 533 43 October 2,155 1,906 445 2,351 582 522 59 November 2,144 1,892 445 2,337 588 519 69 December 2,154 1,893 446 2,339 599 519 80 Reserve city banks: January 11,116 8,654 4,401 13,055 2,158 1,498 682 February 10,924 8,521 4,431 12,952 2,128 ,477 651 March1 10,730 8,471 4,428 12,899 2,203 ,715 488 April 10,673 8,444 4,429 12,874 2,201 ,710 490 May1 10,453 8,446 4,450 12,896 2,272 ,956 316 June . 10,380 8,368 4,464 12,832 2,230 L,941 289 July 10,481 8,411 4,470 12,881 2,252 L,950 301 August 10,428 8,462 4,485 12,947 2,248 1,962 287 September 10,371 8,348 4,552 12,900 2,232 1,943 289 October 10,422 8,302 4,550 12,852 2,240 1,933 307 November 10,298 8,206 4,525 12,730 2,246 1,913 333 December 10,257 8,169 4,528 12,697 2,272 1,906 386 Country banks: January 6,899 4,833 5,449 10,282 1,271 753 518 February 6,844 4,843 5,489 10,333 1,261 756 505 March1 6,776 4,882 5,517 10,399 1,315 888 428 April 6,779 4,891 5,547 10,438 1,321 890 431 May1 6,759 4,966 5,570 10,536 1,386 1,029 357 June 6,762 5,001 5,589 10,589 1,377 1,035 341 July 6,747 4,994 5,620 10,615 1,360 1,036 324 August 6,733 5,007 5,666 10,672 1,362 1,041 321 September.... 6,777 4,989 5,725 10,713 1,375 1,042 333 October 6,806 4,984 5,743 10,728 1,366 1,042 323 November.. .. 6,742 4,945 5,735 10,680 1,365 1,036 328 December 6,700 4,932 5,696 10,628 1,352 1,032 319 1 See table 61a on page 133 for reserve requirements which were increased effective March 1 and May 1,1937. 2Central reserve city banks only. Back figures.—See Annual Report for 1936 (tables 55 and 56) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 135 No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks Member banks All member Reserve Country in larger centers in smaller centers banks1 city banks banks (Places over (Place3 under 15,000) i 15,000) Month d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time ALL DISTRICTS: 1936—January 27,312 10,412 9,617 4,274 5,757 5,109 13,185 7,186 2,189 2,197 February 27,636 10,400 9,692 4,290 5,781 5,103 13,271 7,190 2,202 2,204 March 27,459 10,474 9,565 4,320 5,813 5,140 13,167 7,250 2,212 2,210 April 27,620 10,545 9,689 4,339 5,893 5,157 13,351 7,280 2,231 2,216 May 28,136 10,675 9,806 4,406 5,974 5,170 13,539 7,355 2,242 2,220 June 28,714 10,694 9,961 4,398 6,076 5,203 13,769 7,368 2,268 2,232 July 29,714 10,743 10,520 4,414 6,400 5,280 14,525 7,434 2,394 2,260 August 29,396 10,815 10,441 4,419 6,378 5,319 14,390 7,457 2,429 2,281 September. . 29,844 210,840. 10,534 24,425 6,500 5,332 14,576 7,467 2,478 2,290 October 30,457 10,910 10,890 4,432 6,651 5,362 15,008 7,492 2,533 2,302 November... 30,843 10,894 11,013 4,429 6,767 5,383 15,214 7,498 2,566 2,314 December.. . 31,273 10,882 11,160 4,374 6,873 5,376 15,455 7,437 2,577 2,313 1937—January 31,068 10,975 11,116 4,401 6,899 5,449 15,430 7,508 2,586 2,342 February.... 30,698 11,089 10,924 4,431 6,844 5,489 15,187 7,564 2,581 2,356 March 30,285 11,169 10,730 4,428 6,776 5,517 14,935 7,580 2,571 2,365 April 29,922 11,163 10,673 4,429 6,779 5,547 14,887 7,601 2,566 2,376 May 29,501 11,224 10,453 4,450 6,759 5,570 14,664 7,637 2,547 2,383 June 29,452 11,299 10,380 4,464 6,762 5,589 14,601 7,662 2,541 2,391 July 29,366 11,369 10,481 4,470 6,747 5,620 14,660 7,683 2,568 2,407 August 29,028 11,403 10,428 4,485 6,733 5,666 14,565 7,727 2,597 2,424 September.. 29,180 11,538 10,371 4,552 6,777 5,725 14,536 7,824 2,612 2,453 October 29,179 11,569 10,422 4,550 6,806 5,743 14,616 7,832 2,611 2,462 November... 28,717 11,555 10,298 4,525 6,742 5,735 14,462 7,803 2,578 2,456 December... 28,720 11,441 10,257 4,528 6,700 5,696 14,415 7,780 2,542 2,444 BOSTON: 1936—January 1,675 704 966 135 709 568 1,571 577 104 127 February 1,674 707 966 136 708 571 1,570 578 103 128 March 1,655 707 955 137 701 570 1,553 580 102 127 April 1,720 706 1,004 136 716 570 1,616 579 104 127 May 1,692 706 964 135 728 571 1,586 580 105 126 June 1,684 702 961 134 724 567 1,578 580 106 122 July 1,756 696 993 130 762 566 1,640 575 115 121 August 1,713 698 954 125 759 573 1,593 574 119 124 September. . 1,732 696 964 125 768 571 1,611 572 122 125 October 1,812 695 1,014 124 797 571 1,687 570 125 125 November... 1,853 690 1,053 122 800 568 1,731 565 122 125 December... 1,802 685 1,010 123 792 562 1,681 561 121 124 1937—January 1,829 688 1,016 123 813 565 1,707 562 122 125 February 1,812 689 1,014 123 797 566 1,692 563 120 126 March 1,781 690 994 123 786 568 1,663 564 118 126 April 1,770 692 977 118 793 574 1,652 565 118 127 May 1,751 692 960 116 791 576 1,632 564 119 128 June 1,738 694 955 117 783 577 1,619 566 119 128 July 1,749 694 956 116 793 578 1,626 567 123 127 August 1,722 695 940 115 782 580 1,596 567 126 128 September.. 1,718 695 932 114 786 580 1,590 565 128 129 October 1,745 692 948 112 797 580 1,618 564 128 128 November... 1,725 686 944 111 780 575 1,602 558 123 128 December... 1,709 676 944 110 765 565 1,590 552 119 124 NEW YORK:* 1936—January 11,044 2,075 188 142 1,067 1,313 1,015 996 239 459 February 11,266 2,030 182 142 1,086 1,288 1,020 078 248 452 March 11,223 2,041 184 141 1,073 1,292 1,012 979 245 454 April 11,301 2,044 184 141 1,121 1,295 1,056 981 249 455 May 11,521* 2,077 190 135 1,150 1,296 1,081 977 258 455 June 11,769 2,049 191 133 1,152 1,303 1,086 980 257 457 July 11,829 2,085 217 137 1,206 L,325 1,150 999 274 464 August 11,649 2,110 215 138 1,201 1,330 1,136 1,002 281 466 September.. 11,857 2,116 208 142 1,220 1,333 1,149 1,006 279 469 October 11,938 2,169 213 141 1,224 1,342 1,156 1,013 281 471 November... 12,100 2,133 209 140 1,237 1,340 1,166 1,008 280 472 December... 12,290 2,169 208 139 1,258 1,336 1,194 1,006 273 469 1937—January 12,168 2,170 210 139 1,255 1,355 1,190 1,019 274 475 February.... 12,073 2,223 201 142 1,259 1,360 1,183 1,026 277 476 March 11,954 2,288 195 142 1,237 1,367 1,159 1,031 273 478 April 11,721 2,259 197 140 1,237 1,372 1,164 1,034 270 479 May 11,493 2,278 193 • 138 1,244 1,376 1,167 1,035 270 479 Digitized for FRASER See footnotes at end of table. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
136 ANNUAL REPORT OF BOARD OF GOVERNORS No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND SMALLER CENTERS—Continued [Averages of dailyfigures. In millions of dollars] Member banks Member banks All member Reserve Country in larger centers in smalle* centers banks city banks banks (Places> over (Placesunder 15,000) i 15,000) Month d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em rc a s n s d Time NEW YORK—cont.: June 11,549 2,323 191 138 1,252 1,382 1,173 1,040 270 480 July 11,368 2,361 206 139 1,213 1,389 1,139 1,043 280 485 August 11,080 2,350 195 142 1,205 1,398 1,112 1,051 287 489 September. . 11,244 2,386 184 153 1,208 1,415 1,109 1,075 283 494 October 11,194 2,405 181 155 1,216 1,419 1,121 1,078 275 496 November... 10,904 2,417 175 154 1,196 1,413 1,101 1,075 271 492 December. . . 10,970 2,327 173 154 1,188 1,403 1,097 1,068 263 489 PHILADELPHIA: 1936—January 1,582 1,028 1,081 218 501 810 1,398 616 184 412 February — 1,580 1,030 1,083 220 497 810 1,398 616 182 414 March 1,588 1,042 1,082 229 506 813 1,403 626 185 416 April 1,608 1,050 1,089 235 519 815 1,417 633 192 417 May 1,597 1,050 1,076 232 521 818 1,404 633 193 417 June 1,612 1,050 1,075 232 536 818 1,416 629 195 420 July 1,684 1,064 1,125 235 560 829 1,476 642 208 422 August 1,663 1,068 1,103 235 560 834 1,450 644 212 424 September. . 1,693 1,070 1,117 237 576 833 1,475 645 218 425 October 1,776 1,078 1,180 242 597 835 1,548 648 229 429 November... 1,776 1,075 1,179 238 596 836 1,548 647 228 428 December.. . 1,796 1,063 1,177 233 619 831 1,571 637 226 426 1937—January 1,797 1,069 1,182 229 615 840 1,573 637 224 432 February 1,742 1,072 1,145 225 596 846 1,520 638 222 434 March 1,738 1,073 1,156 225 582 848 1,519 638 219 435 April 1,757 1,091 1,174 240 584 851 1,538 654 220 437 May 1,729 1,099 1,146 246 583 853 1,511 661 219 438 June 1,692 1,094 1,102 243 591 851 1,472 656 220 438 July 1,698 1,098 1,106 241 592 857 1,474 657 224 441 August 1,659 1,106 1,069 242 590 864 1,431 662 228 444 September. . 1,626 1,133 1,038 255 588 879 1,399 681 227 453 October 1,628 1,132 1,041 255 587 877 1,401 681 227 451 November... 1,602 1,123 1,030 249 573 874 1,381 672 221 450 December. . 1,595 1,104 1,012 240 584 864 1,380 657 215 447 CLEVELAND: 1936—January.... 1,746 1,219 1,295 691 451 529 1,566 971 180 249 February... 1,757 1,237 1,300 702 457 535 1,571 988 185 249 March 1,782 1,253 1,321 704 460 549 1,595 1,002 187 251 April 1,840 1,260 1,370 708 471 552 1,651 1,008 190 252 May 1,836 1,283 1,356 726 480 556 1,644 1,028 192 254 June 1,870 1,292 1,370 727 500 564 1,674 1,037 196 255 July 1,967 1,302 1,442 729 526 573 1,759 1,043 208 259 August 1,958 1,300 1,428 723 531 577 1,746 1,039 212 261 September. . 1,983 1,296 1,442 716 541 580 1,768 1,034 215 262 October.... 2,039 1,299 1,486 714 553 585 1,821 1,036 218 263 November.. 2,088 1,310 1,510 716 558 595 1,850 1,042 218 269 December.. 2,121 1,299 1,546 707 575 592 1,899 1,033 222 266 1937—January.... 2,123 1,309 1,536 707 587 602 1,896 1,038 227 271 February... 2,078 1,331 1,491 717 587 614 1,849 1,056 229 274 March 2,040 1,330 1,459 715 581 615 1,813 1,057 227 273 April 2,041 1,332 1,458 711 583 621 1,813 1,056 228 276 May 2,031 1,332 1,445 707 586 624 1,804 1,054 227 277 June 2,023 1,341 1,435 709 587 632 1,795 1,059 228 282 July 2,019 1,348 1,428 710 591 638 1,791 1,063 228 285 August 2,037 1,368 1,442 720 595 648 1,805 1,083 232 285 September. 2,013 1,392 1,414 735 599 657 1,782 1,103 231 290 October.... 1,989 1,395 1,406 733 583 661 1,762 1,103 227 292 November.. 1,956 1,395 1,386 733 571 663 1,736 1,103 221 292 December.. 1,945 1,380 1,379 723 566 657 1,727 1,089 218 292 RICHMOND: 1936—January.... 986 494 569 187 416 307 836 324 149 169 February... 979 498 570 189 409 308 831 327 148 170 March 989 499 574 189 415 309 840 328 149 171 April 998 500 582 191 415 309 848 330 150 170 May 1,003 501 588 193 415 307 854 331 149 170 June 1,025 508 599 196 425 312 875 334 150 174 July 1,077 516 627 197 451 319 916 338 161 178 August 1,075 519 631 198 444 321 914 340 161 179 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 137 No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND SMALLER CENTERS—Continued Averages of daily figures. In millions of dollars] Member banks Member banks All member Reserve Country in largeicenters in smaller centers banks city banks banks (Places over (Place.under 15,000) i 15,000) Month de G m ro a s n s d Time de G m ro a s n s d Time de G m ro a s n s d Time de G m ro a s n s d Time de G m ro a s n s d Time RICHMOND—cont. September. . L,097 520 641 198 456 321 929 340 168 179 October 1,136 523 656 200 479 323 959 343 177 180 November... 1,167 522 667 198 500 324 985 342 183 181 December... 1,189 522 684 200 505 323 1,005 342 183 180 1937—January 1,154 529 663 203 491 326 972 347 182 182 February 1,141 537 654 209 486 328 931 353 180 184 March 1,121 538 640 208 481 329 942 353 179 185 April 1,105 538 631 209 474 329 929 353 176 185 May 1,086 540 619 211 467 329 913 355 173 185 June 1,077 539 609 210 468 329 906 354 171 185 July 1,063 537 597 207 466 330 894 351 169 185 August 1,061 537 599 206 462 331 891 351 170 186 September. . 1,094 536 615 205 479 331 913 350 181 186 October 1,121 537 628 204 493 332 935 350 185 187 November 1,120 535 620 203 500 332 934 349 186 186 December.. . 1,104 529 611 198 493 331 921 343 184 186 ATLANTA: 1936—January 906 343 532 154 374 188 780 270 125 73 February 913 339 530 154 383 185 785 265 128 74 March 942 341 543 155 399 186 807 267 136 74 April 948 343 544 155 405 188 812 268 137 74 May 932 347 538 155 394 192 800 269 132 78 June 934 350 540 158 394 192 807 274 127 76 July 962 358 561 161 401 197 833 281 129 77 August 956 357 558 161 398 196 827 281 128 76 September. . 989 357 578 161 411 196 856 282 133 75 October 1,025 357 600 161 425 196 889 281 137 76 November... 1,030 358 594 160 436 197 887 282 142 76 December... 1,066 358 615 161 450 197 918 282 147 77 1937—January 1,086 359 615 159 471 200 930 281 156 77 February 1,093 362 616 161 477 202 934 285 159 78 March 1,085 367 604 163 481 204 918 287 167 79 April 1,057 368 583 163 473 205 891 288 165 80 May 1,003 372 552 163 450 208 846 291 157 80 June 985 372 547 164 438 208 835 292 150 80 July 964 372 543 163 420 209 823 291 141 81 August 957 373 545 164 413 209 819 292 138 81 September. . 973 385 561 175 412 210 837 305 136 81 October 984 385 569 174 415 211 847 304 137 81 November... 974 383 556 173 418 210 835 302 139 81 December... 978 382 556 173 422 209 836 300 142 82 CHICAGO:^ 1936—January 3,739 ,291 996 405 595 477 1,362 687 229 195 February 3,767 ,298 998 407 604 485 1,371 694 231 198 March 3,749 ,312 1,011 412 623 493 1,396 706 238 199 April 3,689 ,352 1,015 414 633 497 1,404 709 243 202 May 3,853 ,376 1,036 420 643 501 1,432 717 247 204 June 3,992 ,417 1,082 425 659 511 1,487 727 254 209 July 4,202 ,390 1,130 437 684 526 1,550 748 263 215 August 4,167 ,411 1,127 442 696 536 1,551 757 272 220 September. . 4,193 ,428 1,124 446 708 542 1,555 763 277 224 October 4,275 ,429 1,143 449 717 548 1,582 772 278 226 November... 4,298 ,441 1,157 455 733 558 1,605 781 284 232 December... 4,334 ,465 1,166 459 751 568 1,626 790 291 237 1937—January 4,290 ,505 1,177 470 763 587 1,648 816 293 241 February.... 4,239 ,517 1,154 476 768 594 1,624 826 298 244 March 4,180 1,527 1,150 481 772 602 1,619 834 303 248 April 4,091 1,530 1,134 483 775 608 1,605 840 304 251 May 4,151 1,541 1,137 486 780 615 1,616 847 302 254 June 4,125 1,555 1,141 491 779 621 1,618 856 302 257 July 4,121 1,568 1,152 496 779 627 1,629 864 303 259 August 4,120 1,575 1,149 498 786 635 1,628 870 306 263 September. . 4,105 1,587 1,136 502 789 641 1,619 877 305 266 October 4,070 1,599 1,125 507 791 648 1,611 886 304 269 November... 4,037 1,606 1,112 509 781 652 1,594 890 299 271 December... 4,036 ],605 1,114 509 768 650 1,590 888 292 271 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
138 ANNUAL REPORT OF BOARD OF GOVERNORS No. 63.—DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND SMALLER CENTERS—Continued Averages of daily figures. In millions of dollars] Member banks Member banks All member Reserve Country in larger centers in smaller centers banks city banks banks (Places over (Places under 15,000) i 15,000) Month d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time ST. LOUIS: 1936—January 952 357 669 162 283 195 785 263 168 94 February.... 951 356 672 162 279 194 786 261 165 95 March 936 361 656 163 280 198 772 266 165 95 April 931 363 678 164 253 199 769 268 163 95 May 934 364 648 164 286 199 769 269 165 95 June 937 366 644 166 293 200 768 271 168 95 July 1,027 369 684 168 343 201 849 273 178 95 August 985 372 674 168 311 204 807 277 179 96 September. . 1,005 374 688 169 317 205 823 278 183 96 October 1,056 375 729 169 327 206 866 278 190 97 November... 1,084 376 752 170 331 207 891 279 193 97 December... 1,097 375 767 169 331 207 905 278 192 97 1937—January 1,105 377 772 168 334 209 909 279 197 98 February 1,096 380 769 170 327 210 903 282 193 98 March 1,063 383 741 171 322 212 873 284 190 99 April 1,047 384 721 170 327 214 855 283 192 100 May 1,009 383 682 168 327 215 817 282 193 101 June 1,002 385 673 168 329 217 807 282 195 102 July 1,017 390 684 172 333 219 820 287 197 103 August 1,007 394 671 172 336 222 808 289 199 105 September. . 1,004 399 669 171 335 229 806 289 198 111 October 1,022 403 686 172 337 231 822 290 200 113 November... 1,021 404 688 172 333 231 827 292 194 112 December... 1,020 401 693 171 327 230 830 290 191 111 MINNEAPOLIS: 1936—January 615 350 349 94 267 256 448 174 167 176 February 612 351 347 94 265 257 445 175 166 176 March 604 352 340 94 264 258 438 174 166 177 April 589 351 325 92 264 259 423 173 166 178 May 586 348 322 91 264 258 419 171 166 177 June 632 349 350 90 282 259 459 172 173 177 July 663 353 373 91 290 262 482 173 181 179 August 661 356 364 91 297 265 476 174 185 182 September. . 662 T-357 362 T-93 299 264 473 176 189 181 October 665 359 365 95 301 264 475 178 190 181 November... 690 361 378 94 312 267 498 178 192 183 December... 690 362 375 93 309 268 499 178 191 184 1937—January 664 366 363 95 300 271 478 180 186 186 February 639 367 346 95 292 273 458 180 181 187 March 636 367 343 95 293 272 455 181 181 187 April 632 367 342 94 290 273 452 180 181 187 M ayJ 616 365 328 93 288 273 437 178 178 187 JTune 642 364 343 92 299 272 463 178 178 186 July 644 365 346 92 298 273 467 178 178 187 August 642 368 347 93 295 275 464 179 178 188 September.. 656 369 357 93 299 275 475 180 181 188 October 649 369 352 93 297 276 468 181 181 189 November... 650 369 348 93 302 276 470 180 180 188 December... 635 367 340 92 295 275 458 179 177 188 KANSAS CITY: 1936—January 1,240 310 847 160 392 150 951 198 288 112 February.... 1,277 311 886 161 392 150 988 199 290 112 March 1,267 312 877 161 390 150 S79 199 288 112 April 1,257 313 867 161 391 151 970 200 287 113 May 1,267 313 875 161 392 151 980 200 287 113 June 1,293 313 898 161 395 152 1,005 200 288 113 July 1,421 315 993 162 427 154 1,110 201 311 114 August 1,421 316 993 162 427 154 1,109 201 312 115 September. . 1,408 317 983 161 425 155 1,098 202 310 115 October 1,411 317 987 162 424 155 1,104 202 308 115 November... 1,426 318 995 162 432 156 1,113 203 313 115 December... 1,442 316 1,002 160 439 156 1,122 201 320 115 1937—January 1,426 315 986 160 440 155 1,106 201 320 115 February 1,406 317 970 162 436 156 1,087 203 319 115 March 1,378 316 945 161 433 155 1,059 201 319 115 April 1,370 316 938 160 431 156 1,052 201 318 115 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 139 No. 63. -DEPOSITS OF MEMBER BANKS BY CLASSES OF BANKS AND IN LARGER AND SMALLER CENTERS—Continued Averages of daily figures. In millions of dollars] Member banks Member banks All member Reserve Country in larger centers in smaller centers banks city banks banks (Places over (Places under 15,000) i 15,000) Month d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time d G em ro a s n s d Time » KANSAS CITY—cont. May 1,343 316 912 160 431 155 1,026 201 317 114 June 1,345 316 913 160 431 156 1,027 201 317 115 July 1,428 315 971 159 456 156 1,092 200 335 115 August 1,427 316 969 159 458 157 1,088 200 339 115 September. . 1,398 317 948 161 450 157 1,066 202 333 115 October 1,381 317 935 160 447 157 1,052 201 329 116 November... 1,365 316 922 159 443 157 1,039 200 326 116 December... 1,358 313 917 157 441 156 1,033 198 325 115 DALLAS: 1936—January 926 196 523 110 403 86 695 158 231 38 February 937 197 530 110 407 87 704 158 233 39 March 934 196 531 108 402 87 705 157 229 39 April 928 196 528 108 400 88 702 156 226 39 May 927 195 530 108 397 87 703 157 224 38 June 943 197 541 108 402 89 718 157 225 39 July 999 200 579 110 421 90 764 159 235 40 August 988 200 570 110 418 90 757 159 231 40 September. . 1,017 200 586 109 432 90 775 159 242 40 October 1,061 201 608 110 453 91 806 160 255 41 November... 1,097 201 627 110 470 91 833 160 264 40 December... 1,108 201 632 110 476 91 842 161 267 40 1937—January 1,095 200 621 110 474 90 830 160 265 40 • February.... 1,080 200 607 109 472 90 814 160 266 40 March 1,052 199 588 109 464 91 791 159 261 40 April 1,044 200 578 109 466 91 782 159 261 40 May 1,035 200 570 109 466 91 774 160 261 40 June 1,037 202 573 111 464 91 777 161 260 41 July 1,054 202 584 111 470 91 792 161 262 41 August 1,061 204 586 111 474 92 795 162 266 42 September. . 1,090 209 602 115 488 94 813 166 277 43 October 1,110 210 614 116 496 94 827 167 283 43 November... 1,106 211 605 117 501 94 819 168 287 43 December... 1,118 212 608 117 510 95 830 168 288 44 SAN FRANCISCO: 1936—January 1,902 2,045 1,603 1,816 299 229 1,778 1,952 124 94 February.... 1,924 2,046 1,630 1,814 294 232 1,801 1,950 123 95 March 1,790 2,060 1,490 1,826 299 234 1,667 1,964 123 96 April 1,809 2,069 1,504 1,835 306 234 1,686 1,975 124 95 May 1,989 2,117 1,684 1,884 305 233 1,866 2,024 123 93 June 2,023 2,104 1,710 1,867 312 237 1,896 2,009 126 95 July 2,126 2,096 1,797 1,858 329 238 1,994 2,000 132 96 August 2,160 2,107 1,825 1,867 335 240 2,023 2,010 136 98 September. . 2,208 2,110 1,862 1,867 346 243 2,064 2,011 144 98 October 2,261 2,109 1,908 1,865 353 243 2,114 2,010 147 98 November... 2,254 2,109 1,892 1,863 362 245 2,107 2,011 147 97 December. .. 2,338 2,067 1,973 1,820 365 247 2,194 1,969 144 98 1937—January 2,330 2,088 1,975 1,838 356 250 2,192 1,988 139 100 February.... 2,299 2,093 1,954 1,842 345 251 2,163 1,993 136 100 March 2,258 2,090 1,915 1,837 342 253 2,124 1,991 134 99 April 2,286 2,085 1,940 1,833 346 253 2,153 1,987 133 98 May 2,253 2,106 1,908 1,853 345 253 2,120 2,008 132 98 June 2,237 2,114 1,897 1,861 340 253 2,108 2,017 129 97 July 2,243 2,118 1,907 1,865 336 253 2,115 2,022 128 96 August 2,255 2,118 1,917 1,863 338 255 2,126 2,021 129 97 September. . 2,260 .2,130 1,915 1,873 345 257 2,127 2,032 133 98 October 2,286 2,125 1,939 1,868 347 257 1 2,151 2,028 134 97 November... 2,258 2,110 1,914 1,852 344 258 2,126 2,013 132 96 December... 2,252 2,144 1,911 1,884 341 261 2,123 2,047 129 97 1 Figures for central reserve city banks shown separately in table 62 are included in the total for all member banks but not in that for banks in larger centers, nor are they shown separately as a class in this table. ^•Revised. Back figures—Not available for gross demand deposits; for time deposits see Annual Report for 1935 (table 56) and similar tables in previous annual reports. For discussion of changes in reported figures see Federal Reserve Bulletin for September 1936, pages 700-701. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 64.—MEMBER BANKS—EARNINGS, EXPENSES, DIVIDENDS, AND OPERATING RATIOS1, 1929 AND 1931-1937 Amounts (in thousands of dollars) Amounts per $100 of loans and investments *2 1929 1931 1932 1933 1934 1935 1936 1937 1929 1931 1932 1933 1934 1935 1936 1937 Earnings: Interest and discount on loans 1,562,769 1,072,927 851,007 604,297 540,014 498,419 513,399 552,563 $4 38$3 21 $2.98 $2.42 $2.01$1.72$1.64$1.70 Interest and dividends on investments.. 472,868 480,296 457,712 426,391 473,791 467,217 487,101 480,810 1.32 1.44 1.60 1.71 1.76 1.62 1.55 1.48 Interest on balances with other banks.. 33,2fc 28,682 16,759 7,705 2,425 1,681 1,207 963 09 09 .06 .03 .o: .0] Collection charges, commissions,fees,etc. 61,299 38,389 27,943 24,487 27,810 28,825 31,397 32,451 .17 .11 .10 .10 .10 .10 .10 .10 Foreign department 26,209 25,727 22,531 21,791 17,975 12,282 12,165 11,829 07 08 .08 .09 .07 AV AV. .04 Trust department 77,589 75,041 64,822 59,658 70,994 77,703 88,297 96,302 .22 22 .23 .24 .27 .28 .30 Service charges on deposit accounts I ( 20,574 27,619 35,634 39,415 45,023 | f .08 .1( .12 .13 .14 R O e th n e t r r e c c u e r i r v e e n d t earnings 3 \ 164,995 120,302 112,844|| 71,961 83,245 84,888/ \ 7 1 8 9 , , 4 4 5 7 6 1 8 1 3 8 , , 2 0 7 5 4 0 \ .46 .36 .40|} .» .31 .29\ 1 . . 0 2 6 5 . . 2 0 6 6 Total earnings from current operations 3 2,398,993 1,841,424 1,553,618 1,236,864 1,243,873 1,206,649 1,270,908 1,321,265 6.71 5.51 5.45 4.95 4.62 4.17 4.05 4.06 Expenses: Interest on deposits: Time 444,636 387,284 301,863 231,765 227,371 196,490 175,164 174,449 1.25 1.1C 1.06 .93 .84 .68 .56 .54 Demand 246,493 140,691 97,862 42,802 12,494 9,298 7,137 4,641 .69 .42 .34 .17 .05 .03 .02 .01 Bank 68,131 52,935 34,599 13,424 3,498 2,695 2,175 1,737 .19 .16 .12 .05 .01 .01 .01 .01 Total 759,260 580,910 434,324 287,991 243,363 208,483 184,476 180,827 2.13 1.74 1.52 1.15 .90 .72 .59 .56 Salaries, officers Sa t l h ar a i n e s o f a fi n c d e rs w ) ages, employees (other J \ 463,847 412,531 356,557 306,021 327,424 334,468/ \ 2 1 1 3 6 5 , , 2 5 1 0 3 1 2 1 2 4 9 2 , , 3 8 2 1 7 8 |l.30 1.23 1.25 1.22 1.22 1.16 \ f . . 6 4 9 3 . . 7 4 1 4 Fees paid to directors and members of executive, discount, and advisory committees (4) (4) (4) (4) (4) 6,269 6,925 (4) (*) (4) (*) .02 .02 Interest and discount on borrowed money 64,265 19,136 38,814 15,178 3,637 1,230 613 576 .18 .06 .14 .06 .01 R O e th al e r e s ta ta x t e e s taxes...: J 112,476 86,367 67,077 58,028 62,278 63,680/ 1 3 4 3 7 , 9 1 7 7 0 5 5 3 2 4 ,1 0 6 3 2 1 }.81 .26 .24 .23 .23 .22 .ii .ii Other expenses 283,872 236,435 246,612 192,082 212,687 224,654 247,897 255,749 .79 .71 .86 .77 .79 .78 .79 .7196 Total current expenses 1,683,720 1,335,379 1,143,384 859,300 849,389 832,515 872,114 902,415 4.71 3.99 4.01 3.44 3.15 2.88 2.78 2.78 Net earnings from current operations3 715,273 506,045 410,234 377,564 394,484 374,134 398,794 418,850 2.00 1.51 1.44 1.51 1.46 1.29 1.27 1.29 Recoveries, profits on securities, etc.: Recoveries on loans 25,204 28,000 24,584 28,815 44,389 71,901 94,247 75,503 .07 .08 .09 .12 .16 .25 .30 .23 Recoveries on investments > 95,062 83,619 60,191 80,072 185,591 277,027/ 160,318 50,326 > .27 .25 .21 .32 .69 .96/ .51 .15 Profits on securities sold \ 230 698 °8 9.^0 I -74 30 Allother 16,448 15,053 28,334 15,998 23,979 27,078 22,808 31,389 .05 .05 .10 .06 .09 .09 .07 .10 TotaP 136,714 126,672 113,109 124,885 253,959 376,006 508,071 256,168 .39 .38 .40 .50 .94 1.30 1.62 .79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Losses and depreciation: On loans 139588 295241 403,272 425442 451,782 252,374 206,548 104,788 .39 .88 1.41 1.70 1.68 .87 .66 .32 On investments.... .... 05465 964 j170 304061 344 406 198765 131,406 147058 27 70 1 07 1 38 110 .69 49, 46 On banking house, furniture and fixtures 33 171 061 370 35 7^8 30499 33 586 38,721 36 868 09 00 07 .14 15 .12 19, 11 Allother 27249 31,984 48,627 53026 61,244 53,537 64,873 48,844 .08 .10 .17 .21 .23 .18 .21 .15 Total losses and depreciation 295473 620,456 778,230 858,279 872,944 538,262 441,548 338,458 .83 1.86 2.72 3.43 3.24 1.86 1.41 1.04 Net profits or net loss (—) 556514 12,261 - 254,887 -355,830 - 224,501 211,878 465,317 336,560 1.56 .04 -.89 -1.42 - .83 .73 1.48 1.04 Cash dividends declared 5 408628 335,792 245,074 150,804 173,666 186,810 198,663 201,001 Loans2 ?5 614 65591739,98016,743,040P,916,73019 476 57911085 15019J543,829 138?5 461 Investments 2 1011247311,699,50211,778,58012,069,54914,453,885 16,913,30818,839,01018,678,289 Loans and investments2 35727,12833,431,79128,522,52024,986,27926,930,45728,898,45831,382,83932,503,750 Time deposits 2. 13331,64412,963,42010,775,783 9,073,494 9,616,323 10,181,42610,660,49411,255,552 Total deposits 2 37 9^8?4 00798,01340196,771 6^430718 66035604 47540 129 63041 589,197 Capital funds 2 6 6360,306 6,395,866 5,660,145 4,902,319 5,049,525 5,118,478 5,209,486 5,327,456 Other ratios l2 Net profit, or net loss ( —) per $100 of capital funds 6 $8.75$0 10-$4.50 -$7.26 -$4 45$4.14$803$639 i Interest and discount on loans per $100 of loans 6 10 4 04 5 08 4 68 4 33 4 16 400 4 00 Losses on loans per $100 of loans .54 1.36 2.41 3.29 3.62 2.11 1.65 .76 Interest and dividends on investments per $100 of investments 4 68 4 11 3 89 3 53 3 98 2 76 2 50 9 57 Losses on investments per $100 of investments . .94 9 9,6 2.59 2.85 9 9,9, 1 18 70 70 Interest on time deposits per $100 of time deposits .. 3.34 .99 2.80 2.55 2.36 1.93 1.64 1.55 Total deposits per $1 of capital funds 6 5.86 541 5.11 5.46 608 6 97 770 7 81 Loans and investments per $1 of capital func s6 5.62 5.23 5.04 5.10 5.33 5.65 6.02 6.10 irThe ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 For 1933, figures of loans, investments, deposits, and capital funds are averages of amounts from reports of condition for 3 call dates (June 30, Oct. 25, and Dec. 30, 1933); for other years they are averages of amounts for all call dates during the year and the last call date in the previous year. 3Iigures for K-i-8-1931, as originally published were revised in the 1935 Annual Report by transferring profits on securities sold from "Earnings" to "Recoveries, profits on securities, etc.," putting them on the same basis as subsequent figures. 4 Not reported separately; included partly in "Salaries" and "Other expenses." 5 Includes interest paid on capital notes and debentures. 6 By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Prior to July 1932, reserves for dividends were also included in capital funds. Back figures.—See Annual Report for 1936 (table 60) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
142 ANNUAL REPORT OF BOARD OF GOVERNORS REPORTING MEMBER BANKS No. 65.—WEEKLY REPORTING MEMBER BANKS IN fin millions of dollars] Loans * On securitiesI Total To Com- Date or month i m n lo a v e n a e n n d s t s t s - Total Total! d b e r a a o T l n k e o d e rs rs 1 c f c o a o h r r t a r h o y s p e r i i u r n n s r g g - m a i g n t e a r r d r i n i o a c u d i l u s a , - l l - , o A th l e l r L ba o t n o a k n s s e l R o st a e a n a t s l e m p O a a p p r e k e n e ri t securities tural v s January 6 22,853 9,085 3,258 1,255 2,003 60 ,155 368 January 13 22,797 9,039 3,228 1,228 2,000 57 ,152 374 January 20 22,657 8,923 3,211 1,210 2,001 57 ,153 384 January 27 22,627 8,943 3,243 1,218 2,025 60 ,152 391 Febru ary 3 22,579 8,941 3,239 1,204 2,035 60 ,151 392 February 10 22,555 8,964 3,228 ,205 2,023 72 ,149 399 February 17 22,589 8,968 3,214 ,201 2,013 76 ,149 400 February 24 22,675 9,054 3,272 ,260 2,012 79 ,149 405 March 3 22,718 9,121 3,280 ,263 2,017 86 ,149 415 March 10 22,801 9,260 3,367 ,352 2,015 81 .152 407 March 17 22,698 9,337 3,368 ,338 2,030 90 l!l53 408 March 24 22,560 9,347 3,367 ,331 2,036 92 1,151 414 March 31 22,273 9,366 3,356 ,305 2,051 81 1,157 410 April 7 22,356 9,373 3,327 ,278 2,049 78 1,156 405 April 14 22,293 9,394 3,309 ,261 2,048 74 1,153 395 April 21 22,268 9,402 3,316 ,269 2,047 76 1,156 392 April 28 22,202 9,428 3,337 ,297 2,040 84 1,156 393 May 5 22,240 9,533 3,395 ,341 2,054 128 1,157 381 May 12 22,205 9,531 3,384 ,316 2,068 122 1,161 382 May 19 22,177 9,500 3,325 ,323 722 572 708 118 1,162 497 May 26 22,182 9,529 3,313 ,324 715 572 702 110 1,161 490 June 2 22,158 9,571 3,328 ,333 720 570 705 123 1,161 483 June 9 22,214 9,647 3,369 ,369 719 563 718 123 1,166 481 June 16 22,573 9,741 3,380 ,370 716 565 729 167 1,166 475 June 23 22,414 9,766 3,455 ,444 716 556 729 142 1,171 465 June 30 22,290 9,760 3,463 ,447 714 556 736 98 1,169 467 July 7 22,217 9,734 3,424 ,425 713 558 728 111 1,168 464 July 14 22,163 9,714 3,359 707 572 724 106 1,161 463 July 21 22,213 9,740 3,£58 !?57 703 579 719 129 1,162 459 July 28 22,283 9,784 3,366 1,363 701 581 721 150 ,163 464 August 4 22,378 9,908 3,387 1,387 702 584 714 164 1,162 462 August 11 22,331 9,917 3,357 1,356 701 586 714 137 1,165 470 August 18 22,303 9,933 3,353 1,350 697 587 719 139 1,165 468 August 25 22,315 9,958 3,361 1,355 693 589 724 138 1,164 467 September 1 22,319 10,027 3,407 1,392 703 595 717 135 1,164 466 September8 22,315 10,041 3,368 1,363 694 595 716 141 1,163 464 September 15 22,232 10,049 3,329 1,326 682 596 725 109 1,164 469 September 22 22,046 10,010 3,271 1,276 674 594 727 102 1,165 470 September 29 22,026 10,004 3,242 1,227 682 601 732 97 1,165 475 October 6 21,975 9,972 3,184 1,178 678 600 728 92 1,167 477 Ootober 13 21,999 9,994 3,169 1,161 673 605 730 94 1,167 478 October 20 21,890 9,913 3,108 1,119 663 599 727 93 1,167 482 October 27 21,694 9,682 2,935 956 660 593 726 81 1,169 481 November 3 21,654 9,625 2,882 901 660 590 731 96 1,169 477 November 10 21,608 9,600 2,857 877 659 588 733 73 1,169 481 November 17 21,530 9,532 2,843 865 658 589 731 65 1,169 485 November 24 21,432 9,479 2,846 881 651 585 729 64 1,168 479 December 1 21,381 9,441 2,843 876 650 579 738 68 1,167 475 December 8 21,489 9,509 2,911 946 654 576 735 77 1,168 476 December 15 21,668 9,500 2,874 913 654 574 733 84 1,170 476 December 22 21,480 9,418 2 839 887 649 576 727 71 1,166 472 December 29 21,402 9,387 2,845 894 635 579 737 66 1,165 461 Monthly averages ^ —-^ January 22,734 8,998 3,235 1,228 2,007 59 1,153 379 February 22,600 8,982 3,238 1,217 2,021 72 1,150 399 March 22,610 9,286 3,348 1,318 2,030 86 1,152 411 April 22,280 9,399 3,322 1,276 2,046 78 1,155 396 May 22,201 9,523 3,387 1,326 22,061 120 1,160 438 A_ June 22,330 9,6G7 3,399 1,393 717 566 ~rn 131 1,167 474 July 22,219 9,743 3,376 ,375 706 572 723 124 1,164 463 August 22,332 9,929 3,364 1,362 698 586 718 145 1,164 467 September. . . 22,187 10,026 3,324 1,317 687 596 724 117 1,164 469 October 21,889 9,890 3,099 ,103 669 599 728 80 1,168 479 November.... 21,556 9,559 2,857 881 657 588 731 74 1,169 481 December.... 21,484 9,451 2,862 903 648 577 734 73 1.167 472 11 LLooaann ccllaassssiiffiiccaattiioonn rreevviisseedd MMaayy 1199,, 11993377,, aanndd bbeeggiinnnniinngg wwiitthh tthhaatt ddaattee ffiigguurreess ffoorr tthhee iitteemm:s indicated are not strictly comparable with those formerly published; for explanation of revisions see Jun Digitized fo R rLe eF s 2 se A eR rr v vvA e ee r S B a b g uE u e ll Rll o ee f tt iinn fi ,, g p u p r aa e gg s ee ss f o 5o r 3 a M 0u--5 a o3 y o1 i 5 .. and 12 only (see note 1). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 143 IN LEADING CITIES 101 LEADING CITIES—ASSETS AND LIABILITIES, 1937 [In millions of dollars] Investments Other loans x . Government (not on securities) obligations Reserve Bal- Com- with ances mercial, Federal Cash in with Date or month indus- All Total Fully Other Reserve vault domest a ri n a d l, other Direct gu te a e ra d n- securities banks ba t n ic ks agricultural 4,244 13,768 9,303 1,240 3,225 5,184 411 2,313 January 6. 4,228 13,758 9,275 1,240 3,243 5,303 413 2,354 January 13. 4,118 13,734 9,262 1,229 3,243 5,325 389 2,308 January 20. 4,097 13,684 9,212 1,212 3,260 5,355 390 2,255 January 27. 4,099 13,638 9,149 1,214 3,275 5,330 375 2,249 February 3. 4,116 13,591 9,121 1,216 3,254 5,351 397 2,231 February 10. 4,129 13,621 9,107 1,210 3,304 5,333 379 2,321 February 17. 4,149 13,621 9,094 1,209 3,318 5,291 398 2,206 February 24. 4,191 13,597 9,067 1,208 3,322 5,171 374 2,055 March 3. 4,253 13,541 9,024 1,203 3,314 5,242 366 2,017 March 10. 4,318 13,361 8,828 1,213 3,320 5,327 350 2,075 March 17. 4,323 13,213 8,696 1,205 3,312 5,112 362 1,963 March 24. 4,362 12,907 8,396 1,199 3,312 5,173 346 1,879 March 31. 4,407 12,983 8,520 1,189 3,274 5,176 338 1,924 April 7. 4,463 12,899 8,457 1,183 3,259 5,381 353 2,018 April 14. 4,462 12,866 8,439 1,178 3,249 5,378 340 1,962 April 21 4,458 12,774 8,370 1,175 3,229 5,425 354 1,964 April 28 4,472 12,707 8,334 1,165 3,208 5,307 337 1,797 May 5. 4,482 12,674 8,323 1,164 3,187 5,359 349 1,783 May 12. "X633 765 12,677 8,314 1,162 3,201 5,349 329 1,781 May 19. 3,679 776 12,653 8,308 1,159 3,186 5,385 338 1,796 May 26. 3,700 778 12,587 8,287 1,156 3,144 5,278 329 1,766 June 2. 3,719 789 12,567 8,258 1,166 3,143 5,367 337 1,751 June 9. 3,761 792 12,832 8,556 1,165 3,111 5,280 299 1,774 June 16. 3,742 791 12,648 8,374 1,160 3,114 5,335 308 1,734 June 23. 3,765 798 12,530 8,301 a, 152 3,077 5,400 303 1,783 June 30. 3,773 794 12,483 8,297 1,141 3,045 5,278 314 1,743 July 7. 3,835 790 12,449 8,254 1,154 3,041 5,352 325 1,801 July 14. 3,847 785 12,473 8,240 1,195 3,038 5,302 300 1,785 July 21. 3,844 797 12,499 8,283 1,188 3,028 5,231 311 1,753 July 28. 3,915 818 12,470 8,242 1,190 3,038 5,089 287 1,691 August 4. 3,962 826 12,414 8,209 1,176 3,029 5,122 303 1,680 August 11. 3,993 815 12,370 8,231 1,139 3,000 5,194 292 1,709 August 18. 4,017 811 12,357 8,232 1,134 2,991 5,191 302 1,654 August 25 4,043 812 12,292 8,193 1,130 2,969 5,186 281 1,638 September 1. 4,093 812 12,274 8,190 1,132 2,952 5,162 307 1,619 September 8. 4,162 816 12,183 8,122 128 2,933 5,291 299 1,775 September 15. 4,182 820 12,036 7,930 ,136 2,970 5,440 314 1,746 September 22. 4,206 819 12,022 7.903 1,131 2,988 5,488 323 1,737 September 29. 4,228 824 12,003 7,911 1,131 2.961 5,424 307 1,764 October 6. 4,263 823 12,005 7,917 1,133 2,955 5,339 347 1,828 October 13. 4,238 825 11,977 7,896 1,132 2,949 5,368 318 1,787 October 20. 4,187 829 12,012 7,933 1,133 2,946 5,404 334 1,742 October 27. 4,171 830 12,029 7,968 1,137 2,924 5,325 318 1,744 November 3. 4,192 828 12,008 7,972 1,128 2,908 5,309 331 1,755 November 10. 4,149 821 11,998 7,974 1,125 2,899 5,365 314 1,867 November 17. 4,098 824 11,953 7,966 1,120 2,867 5,394 317 1,850 November 24. 4,058 830 11,940 7,963 1,118 2,859 5,374 304 1,869 December 1. 4,052 825 11,980 8,013 1,102 2,865 5,291 340 1,803 December 8. 4,071 825 12,168 8,172 1,114 2,882 5,365 337 1,869 December 15. 4,041 829 12,062 8,067 1,110 2,885 5,335 367 1,825 December 22. 4,022 828 12,015 8,018 1,116 2,881 5,427 355 1,886 December 29. S Y ' Monthly averages: 4,172 13,736 9,263 1,230 3,243 5,292 401 2,307 January. 4,123 13,618 9,118 1,212 3,288 5,326 387 2,252 February. 4,289 13,324 8,802 1.206 3,316 5,205 359 1,998 March. ' 4,448 12,881 8,447 1,181 3,253 5,340 346 1,967 April. 24,477 12,678 8,320 1,163 3,195 5,350 338 1,790 May. ^737 789" 12,633 8,355 1,160 3,118 5,332 315 1,761 June. 3,825 791 12,476 8,268 1,170 3,038 5,291 312 1,771 July. 3,972 817 12,403 8,229 1,160 3,014 5,149 296 1,683 August. 4,137 815 12,161 8,068 1,131 2,962 5,313 305 1,703 September. 4,229 825 11,999 7,914 1,132 2,953 5,384 326 1,781 October. 4,152 826 11,997 7,970 1,127 2,900 5,348 320 1,804 November. 4,049 828 12,033 8,046 1,113 2,874 5,358 341 1,850 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
144 ANNUAL REPORT OF BOARD OF GOVERNORS No. 65.—WEEKLY REPORTING MEMBER BANKS IN [In millions of dollars] Cash Demand deposits items Total reported assets Date or month ha a n s d o n or a O s t s h e e ts r Interbank U. S. Certified in process Govern- checks, Other of Total domestic Foreign ment etc. collection liabilities banks banks January 6 1,549 1,335 33,645 5,998 412 702 551 16,423 January 13 1,652 1,339 33,858 5,989 410 655 555 16,659 January 20 1,497 1,355 33,531 5,927 418 560 481 16,563 January 27 1,494 1,368 33,489 5,896 411 526 514 16,510 February 3 1,422 1,349 33,304 5,853 414 476 518 16,397 February 10 1,438 1,360 33,332 5,820 403 434 538 16,452 February 17 1,690 1,365 33,677 5,905 410 383 590 16,704 February 24 1,740 1,367 33,677 5,839 412 342 647 16,731 March 3 1,540 1,367 33,225 5,679 418 340 532 16,509 March 10 1,600 1,390 33,416 5,608 415 379 634 16,615 March 17 1,659 1,333 33,442 5,656 429 419 600 16,600 March 24 1,547 1,338 32,882 5,453 432 355 573 16,310 March 31 1,666 1,351 32,688 5,332 447 353 525 16,261 April 7 1,406 1,352 32,552 5,435 432 353 482 16,084 April 14 1,611 1,333 32,989 5,526 476 351 443 16,417 April 21 1,487 1,323 32,758 5,414 484 272 458 16,362 April 28 1,509 1,345 32,799 5,321 501 272 458 16,439 May 5 1,347 1,334 32,362 5,116 515 233 423 16,273 May 12 1,568 1,331 32,595 5,075 533 207 448 16,496 May 19 1,448 1,342 32,426 5,010 520 182 449 16,424 May 26 1,439 1,344 32,484 4,927 543 181 444 16,523 June 2 1,563 1,340 32,434 5,039 549 142 463 16,374 June 9 1,301 1,338 32,308 4,939 567 103 454 16,353 June 16 1,727 1,306 32,959 4,942 580 547 496 16,473 June 23 1,385 1,338 32,514 4,802 599 549 434 16,240 June 30 1,871 1,302 32,949 4,913 602 547 596 16,462 July 7 1,568 1,282 32,402 5,037 622 477 543 15,880 July 14 1,560 1,287 32,488 5,003* 612 451 460 16,131 July 21 1,449 1,276 32,325 4,977 607 429 459 16,008 July 28 1,411 1,265 32,254 4,921 582 430 458 15,986 August 4 1,307 1,262 32,014 4,926 582 463 430 15,754 August 11 1,352 1,265 32,053 4,883 571 498 382 15,884 August 18 1,311 1,270 32,079 4,918 562 532 368 15,873 August 25 1,318 1,279 32,059 4,794 556 569 428 15,840 September 1 1,587 1,302 32,313 4,773 571 591 547 15,964 September 8 1,340 1,292 32,035 4,806 570 608 450 15,701 September 15 1,923 1,272 32,792 4,993 552 606 658 16,092 September 22 1,494 1,278 32,318 4,931 553 630 457 15,825 September 29 1,495 1,285 32,354 4,887 549 644 438 15,921 October 6 1,373 1,287 32,130 5,063 523 645 406 15,595 October 13 1,849 1,304 32,666 5,030 520 595 429 16,221 October 20 1,571 1,314 32,248 4,975 497 508 503 15,857 October 27 1,479 1,311 31,964 4,836 472 471 456 15,827 November 3 1,607 1,309 31,957 4,929 457 447 489 15,728 November 10 1,499 1,292 31,794 4,868 428 416 512 15,644 November 17 1,580 1,308 31,964 5,010 414 416 455 15,737 November 24 1,360 1,310 31,663 4,906 402 418 410 15,615 December 1 1,588 1,313 31,829 4,951 397 416 493 15,707 December 8 1,267 1,307 31,497 4,885 388 417 431 15,543 December 15 1,960 1,296 32,495 4,963 401 684 637 15,998 December 22. 1,558 1,288 31,853 4,933 435 689 470 15,511 December 29 1,550 1,267 31,887 4,981 433 691 446 15,535 Monthly averages: January 1,548 1,349 33,631 5,953 413 611 525 16,539 February 1,573 1,360 33,498 5,854 410 409 573 16,571 March 1,602 1,356 33,130 5,546 428 369 573 16,459 April 1,503 1,338 32,774 5,424 473 312 460 16,325 May 1,450 1,338 32,467 5,032 528 201 441 16,429 June 1,569 1,325 32,632 4,927 579 378 489 16,380 July 1,497 1,277 32,367 4,984 606 447 480 16,001 August 1,322 1,269 32,051 4,880 568 515 402 15,838 September 1,568 1,286 32,362 4,878 559 616 510 15,900 October 1,568 1,304 32,252 4,976 503 555 448 15,875 November 1,511 1,305 31,844 4,928 425 424 467 15,681 December 1,585 1,294 31,912 4,943 411 579 495 15,659 Back figures.—See Annual Report for 1936 (tables 61 and 62). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 145 101 LEADING CITIES—ASSETS AND LIABILITIES, 1937—Continued [In millions of dollars] Time deposits d a D e d p j e u o m s s t i a e ts n d — d 1 Interbank Other Bo in rr g o s w- lia O b t i h li e ti r es a C c a c p o i u ta n l t Date or month Domestic Foreign banks banks 15,425 132 4 5,052 1 807 3,563 January 6. 15,562 132 3 5,053 842 3,560 January 13. 15,547 132 3 5,050 7 827 3,563 January 20. 15,530 133 3 5,052 5 873 3,566 January 27. 15,493 135 3 5,077 867 3,564 February 3. 15,552 133 4 5,095 885 3,568 February 10. 15,604 133 4 5,093 3 884 3,568 February 17. 15,638 134 4 5,111 885 3,572 February 24. 15,501 136 4 5,167 2 860 3,578 March 3. 15,649 135 4 5,147 1 903 3,575 March 10. 15,541 131 4 5,128 1 898 3,576 March 17. 15,336 133 5 5,129 4 908 3,580 March 24. 15,120 130 6 5,144 6 903 3,581 March 31. 15,160 124 6 5,144 2 910 3,580 April 7. 15,249 121 6 5,133 5 930 3,581 April 14. 15,333 117 6 5,146 1 915 3,583 April 21. 15,388 116 6 5,158 3 944 3,581 April 28. 15,349 108 6 5,149 38 909 3,592 May 5. 15,376 107 7 5,201 16 912 3,593 May 12. 15,425 105 7 5,205 24 909 3,591 May 19. 15,528 105 10 5,222 4 929 3,596 May 26. 15,274 100 11 5,231 13 905 3,607 June 2. 15,506 100 12 5,233 16 928 3,603 June 9. 15,242 99 12 5,233 58 915 3,604 June 16. 15,289 105 13 5,233 38 904 3,597 June 23. 15,187 103 14 5,235 879 3,598 June 30. 14,855 103 15 5,249 9 869 3,598 July 7. 15,031 102 16 5,250 7 860 3,596 July 14. 15,018 100 17 5,251 18 862 3,597 July 21. 15,033 99 19 5,268 32 862 3,597 July 28. 14,877 97 19 5,244 43 853 3,603 August 4. 14,914 96 18 5,229 42 842 3,608 August 11. 14,930 96 17 5,227 39 838 3,609 August 18. 14,950 107 17 5,282 21 838 3,607 August 25. 14,924 110 14 5,268 15 845 3,615 September 1. 14,811 110 13 5,289 23 852 3,613 September 8. 14,827 114 17 5,280 8 864 3,608 September 15. 14,788 114 23 5,288 6 879 3,612 September 22. 14,864 111 23 5,290 4 876 3,611 September 29. 14,628 114 22 5,282 3 862 3,615 October 6. 14,801 112 21 5,270 4 849 3,615 October 13. 14,789 113 20 5,285 7 866 3,617 October 20. 14,804 110 20 5,274 6 872 3,620 October 27. 14,610 111 19 5,278 13 865 3,621 November 3. 14,657 112 20 5,302 2 867 3,623 November 10. 14,612 112 19 5,296 4 877 3,624 November 17. 14,655 110 18 5,273 3 884 3,624 November 24. 14,612 109 21 5,234 6 864 3,631 December 1. 14,707 111 20 5,183 13 872 3,634 December 8. 14,675 111 14 . 5,192 17 848 3,630 December 15. 14,423 109 1 9 5,201' 7 859 3,630 December 22. 14,431 109 9 5,205 9 843 3,626 December 29. Monthly averages: 15,516 132 3 5,052 3 837 3,563 January. 15,572 134 4 5,094 1 880 3,568 February. 15,429 133 5 5,142 3 894 3,578 March. 15,283 120 6 5,145 3 925 3,581 April. 15,420 106 8 5,194 20 915 3,593 May. 15,300 101 12 5,233 25 906 3,602 June. 14,984^ 101 17 5,254 17 863 3,597 July. 14,918 99 18 5,245 36 843 3,607 August. 14,843 112 18 5,283 11 863 3,612 September. 14,756 112 21 5,278 5 862 3,617 October. 14,636 111 19 5,287 6 873 3,623 November. 14,570 110 15 5,203 10 857 3,630 December. 1 Demand deposits other than interbank and U. S. Government, less cash items in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
146 ANNUAL REPORT OF BOARD OF GOVERNORS No. 66.—WEEKLY REPORTING MEMBER BANKS IN NEW [In millions of dollars] Loans 1 On securities 1 Total loans To Com- Date or month and To others mercial, Loans Real Open i m nv e e n s t t s - Total Total1 d b e r a a o l n k e d e rs rs l for pur- in t a r d i n a u d l s , - ot A h l e l r ba t n o ks e lo st a a n t s e m pa a p r e k r e 1 t carrying agriculsecurities tural January 6 8,679 3,576 1,738 1,042 696 130 151 January 13 8,634 3,544 1,725 1,021 704 130 151 January 20 8,568 3,497 1,723 1,018 705 129 143 January 27 8,542 3,509 1,747 1,016 731 129 141 February 3 8,513 3,497 1,739 998 741 129 136 February 10 8,488 3,509 1,739 1,007 732 129 136 February 17 8,538 3,506 1,734 1,009 725 128 138 February 24 8,633 3,571 1,780 1,053 727 128 137 March 3 8,691 3,611 1,790 1,060 730 128 141 March 10 8,752 3,717 1,872 1,147 725 128 135 March 17 8,691 3,756 1,871 1,136 735 128 129 March 24 8,597 3,738 1,856 1,120 736 128 132 March 31 8,524 3,719 1,831 1,092 739 127 126 April 7 8,449 3,715 1,821 1,081 740 127 120 April 14 8,386 3,718 1,812 1,076 736 127 112 April 21 8,350 3,721 1,815 1,084 731 129 110 April 28 8,353 3,744 1,830 1,102 728 129 113 May 5 8,379 3,814 1,879 1,147 732 129 104 May 12 8,322 3,805 1,853 1,119 734 130 101 May 19 8,318 3,787 1,127 277 232 242 129 157 May 26 8,320 3,808 1,124 276 229 241 129 158 June 2 8,392 3,856 1,140 280 227 246 74 129 160 June 9 8,474 3,921 1,168 278 227 248 81 131 162 June 16 8,606 4,011 1,169 278 226 254 126 131 163 June 23 8,513 4,032 1,217 278 228 255 100 134 164 June 30 8,470 4,026 1,227 279 229 258 61 133 166 July 7 8,417 4,000 1,207 279 230 247 73 134 164 July 14 8,325 3,959 1,147 274 239 246 66 134 162 July 21 8,359 3,964 1,142 270 241 240 91 135 159 July 28 8,399 3,978 1,141 272 240 240 110 134 160 August 4 8,428 4,031 1,175 272 238 228 124 134 160 August 11 8,323 3,996 1,143 271 239 229 99 135 162 August 18 8,330 4,021 1,136 269 241 230 103 135 163 August 25 8,340 4,036 1,140 267 239 234 102 134 163 September 1 8,377 4,085 1,171 275 242 227 101 134 164 September 8 8,370 4,083 1,146 259 244 229 105 134 164 September 15 8,285 4,049 ,838 1,118 248 241 231 77 135 167 September 22 8,165 4,000 ,789 1,074 243 239 233 135 169 September 29 8,166 3,981 ,752 1,030 249 239 234 134 176 October 6 8,132 3,948 ,702 982 248 240 232 135 183 October 13 8,151 3,969 ,688 968 245 241 234 135 183 October 20 8,075 3,903 ,637 929 240 238 230 135 187 October 27 7,914 3,702 ,481 779 238 235 229 134 186 November 3 7,913 3,657 ,443 732 238 237 236 134 182 November 10 7,888 3,628 ,420 709 237 235 239 134 188 November 17 7,867 3,578 ,412 701 236 239 236 133 190 November 24 7,833 3,559 ,423 718 233 237 235 132 190 December 1 7,819 3,534 ,411 710 229 235 237 131 191 December 8 7,927 3,590 ,472 770 232 233 237 131 191 December 15 7,981 3,570 ,433 732 232 233 236 130 194 December 22 7,869 3,518 ,405 714 227 233 231 128 194 December 29 7,857 3,513 ,402 719 217 227 239 129 192 Monthly averages January 8,606 3,532 ,733 1,024 709 130 146 February.... 8,543 3,521 ,748 1,017 731 129 136 March 8,651 3,708 1,844 1,111 733 128 133 April" 8,385 3,725 1,819 1,085 734 128 114 May 8,335 3,804 1,862 1,129 2 733 129 130 June 8,491 3,969 1,942 1,184 279 227 252 132 163 July 8,375 3,975 1,913 1,159 274 237 243 85 134 161 August 8,355 4,021 1,887 1,148 270 239 230 107 135 162 September. . . 8,273 4,040 1,835 1,108 255 241 231 134 168 October 8,068 3,881 1,628 915 243 239 231 135 185 November.... 7,875 3,605 1,425 715 236 237 237 133 187 December.... 7,891 3,545 1,425 729 228 232 236 130 192 iLoan classification revised May 19, 1937, and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revisions see June. 1937 Federal Reserve Bulletin, pages 530-531. 2 Average of figures for May 5 and 12 only (see note 1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 147 YORK CITY—ASSETS AND LIABILITIES, 1937 [In millions of dollars] Investments Other loans 1 U. S. Government (not on securities) obligations Reserve Bal- Com- with ances m in t e a r d r i n c a u d i l s a , - l, o A th l e l r Total Direct a g F n u u te a ll e r y d - se O cu th ri e ti r es R F b e e a d s n e e k r r v s a e l C v a a s u h l t in d b o w a t m n i i c t k e h s s - Date or month agricultural 1,529 5,103 3,597 450 1,056 2,469 58 82 January 6. 1,512 5,090 3,573 454 1,063 2,544 58 81 January 13. 1,475 5,071 3,555 451 1,065 2,590 54 79 January 20. ,462 5,033 3,494 454 1,085 2,656 54 82 January 27. 1,463 5,016 3,464 455 1,097 2,658 50 81 February 3. 1,461 4,979 3,444 454 ,081 2,697 57 77 February 10. 1,461 5,032 3,447 452 1,133 2,677 50 81 February 17. 1,476 5,062 3,466 451 1,145 2,648 54 82 February 24. 1,496 5,080 3,466 452 L,162 2,474 49 80 March 3. 1,532 5,035 3,421 447 1,167 2,500 50 78 March 10. 1,568 4,935 3,309 451 L,175 2,545 49 82 March 17. 1,561 4,859 3,226 457 1,176 2,440 49 79 March 24. 1,584 4,805 3,171 456 1,178 2,569 49 85 March 31. 1,598 4,734 3,148 448 1,138 2,485 50 75 April 7. 1,622 4,668 3,106 442 1,120 2,622 54 77 April 14. 1,621 4,629 3,076 439 1,114 2,579 50 74 April 21. 1.621 4,609 3,072 439 1,098 2,562 58 71 April 28. M23 4,565 3,034 442 1,089 2,430 55 71 May 5. 1,641 4,517 3,027 434 1,056 2,480 55 72 May 12. 1,381 166 4,531 3,022 434 1,075 2,496 51 68 May 19. 1,410 172 4,512 3,014 429 1,069 2,561 54 71 May 26. 1,433 167 4,536 3,060 428 1,048 2,440 64 70 June 2. 1,456 170 4,553 3,062 441 1,050 2,498 51 62 June 9. 1,491 173 4,595 3,141 440 1,014 2,478 48 69 June 16. 1,484 172 4,481 3,023 438 1,020 2,509 49 64 June 23. 1,495 178 4,444 3,010 437 997 2,603 54 67 June 30. 1,491 175 4,417 3,006 429 982 2,462 52 68 July 7. 1,519 172 4,366 2,968 427 971 2,514 55 68 July 14. 1,512 174 4,395 2,966 458 971 2,508 48 . 67 July 21. 1,496 185 4,421 3,004 451 966 2,458 51 68 July 28. 1,503 197 4,397 2,978 446 973 2,311 49 67 August 4. 1,520 198 4,327 2,921 432 974 2,342 52 66 August 11. 1,547 197 4,309 2,937 403 969 2,388 49 65 August 18. 1,562 195 4,304 2,940 398 966 2,408 50 65 August 25. 1,576 195 4,292 2,933 3S8 961 2,412 48 65 September 1. 1,608 194 4,287 2,932 397 958 2,360 53 68 September 8. 1,635 197 4,236 2,896 398 942 2,475 51 67 September 15. 1,644 195 4,165 2,785 391 989 2,644 55 64 September 22. 1,662 193 4,185 2,786 388 1,011 2,746 59 66 September 29. 1,672 195 4,184 2,802 391 991 2,634 55 64 October 6. 1,705 192 4,182 2,806 391 985 2,551 64 67 October 13. 1,684 194 4,172 2,799 389 984 2,578 58 69 October 20. 1,649 197 4,212 2,849 389 974 2,624 62 68 October 27. 1,644 195 4,256 2,907 392 957 2,539 62 68 November 3. 1,653 196 4,260 2,929 382 949 2,499 62 68 November 10. 1,621 194 4,289 2,958 384 947 2,551 54 72 November 17. 1,594 193 4,274 2,976 378 920 2,569 59 69 November 24. 1,575 196 4,285 2,990 375 920 2,543 52 76 December 1. 1,568 190 4,337 3,049 364 924 2,451 56 66 December 8. 1,576 189 4,411 3,111 359 941 2,530 60 73 December 15. 1,561 194 4,351 3,046 359 946 2,515 69 71 December 22. [,560 196 • 4,344 3,031 366 947t 2,553 61 73 December 29. ^ v • Monthly averages: 1,495 5,074 3,555 452 1,067 2,565 56 81 January. 1,465 5,022 3,455 453 1,114 2,670 53 80 February. 1,548 4,943 3,319 452 1,172 2,506 49 81 March. 1,616 4,660 3,100 442 1,118 2,562 53 74 April. 2 ;1,632 4,531 3,024 435 1,072 2,492 54 70 May. / 1,472 j^ 172 4,522 3,059 437 1,026 2,506 53 68 June. [,505 177 4,400 2,986 441 973 2,486 51 68 July. ,533 197 4,334 2,944 420 970 2,362 50 66 August. 1,625 195 4,233 2,866 395 972 2,527 53 66 September. ,677 194 4,187 2,814 390 983 2,597 60 67 October. 1,628 194 4,270 2,943 384 943 2,540 59 69 November. 1,568 193 4,346 3,045 365 936 2,518 60 72 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
148 ANNUAL REPORT OF BOARD OF GOVERNORS No. 66.—WEEKLY REPORTING MEMBER BANKS IN NEW [In millions of dollars] Cash Demand deposits items Total reported assets Date or month as on Other Interbank hand or assets U.S. Certified in process Govern- checks, Other of Total Domestic Foreign ment etc. collection liabilities banks banks January 6 710 489 12,487 2,432 375 204 351 6,726 January 13 769 489 12,575 2,431 375 193 366 6,795 January 20 654 497 12,442 2,393 384 169 295 6,790 January 27 725 498 12,557 2,428 378 159 331 6,821 February 3 680 494 12,476 2,393 381 146 348 6,751 February 10 704 492 12,515 2,381 368 136 371 6,786 February 17 827 490 12,663 2,408 373 135 412 6,854 February 24 857 485 12,759 2,385 376 134 462 6,910 March 3 694 491 12,479 2,294 382 135 343 6,804 March 10 838 508 12,726 2,280 378 134 459 6,950 March 17 794 470 12,631 2,289 395 136 410 6,887 March 24 744 477 12,386 2,195 397 124 402 6,749 March 31 800 482 12,509 2,107 410 124 327 6,998 April 7 630 493 12,182 2,158 395 124 297 6,675 April 14 675 469 12,283 2,197 439 124 269 6,706 April 21 611 467 12,131 2,138 448 86 266 6,656 April 28 680 478 12,202 2,101 461 86 284 6,720 May 5 568 477 11,980 1,983 477 66 255 6,646 May 12 661 481 12,071 1,936 496 53 283 6,716 May 19 630 488 12,051 1,916 483 41 282 6,740 May 26 629 483 12,118 1,867 504 41 275 6,819 June 2 699 480 12,145 1,933 509 23 287 6,771 June 9 567 481 12,133 1,896 527 4 291 6,777 June 16 762 469 12,432 1,905 541 289 318 6,707 June 23 602 471 12,208 1,863 559 289 258 6,596 June 30 949 467 12,610 1,957 564 289 400 6,792 July 7 739 460 12,198 1,985 579 248 365 6,385 July 14 642 460 12,064 1,927 570 235 280 6,423 July 21 616 456 12,054 1,929 566 224 289 6,398 July 28 635 446 12,057 1,918 538 224 296 6,412 August 4 541 445 11,841 1,897 539 239 264 6,255 August 11 529 449 11,761 1,858 529 258 218 6,279 August 18 516 451 11,799 1,870 517 284 208 6,306 August 25 578 454 11,895 1,829 511 317 276 6,351 September 1 764 467 12,133 1,858 525 334 373 6,451 September 8 558 463 11,872 1,822 526 346 282 6,275 September 15 955 453 12,286 1,944 511 346 463 6,420 September 22 663 459 12,050 1,935 511 352 267 6,361 September 29 671 454 12,162 1,920 507 352 277 6,479 October 6 572 457 11,914 1,989 486 353 251 6,229 October 13 750 460 12,043 1,944 482 325 269 6,429 October 20 694 463 11,937 1,942 459 279 329 6,312 October 27 683 458 11,809 1,887 436 257 300 6,324 November 3 786 462 11,830 1,954 421 245 332 6,266 November 10 712 482 11,711 1,895 393 228 317 6,245 November 17 701 485 11,730 1,959 380 228 302 6,232 November 24 582 483 11,595 1,952 367 228 254 6,169 December 1 725 483 11,698 1,985 362 228 292 6,235 December 8 563 477 11,540 1,936 353 228 257 6,223 December 15 1,034 470 12,148 2,021 366 364 452 6,408 December 22 733 468 11,725 1,972 398 364 314 6,151 December 29 691 467 11,702 2,005 397 364 280 6,142 Monthly averages: January 714 493 12,515 2,421 378 181 336 6,783 February 767 490 12,603 2,392 375 138 398 6,825 March 774 485 12,546 2,233 392 131 388 6,878 April 649 477 12,200 2,149 436 105 279 6,689 May 622 482 12,055 1,926 490 50 274 6,730 June 716 474 12 306 1,911 540 179 311 6,729 July 658 455 12,093 1,940 563 233 307 6,404 August 541 450 11,824 1,863 524 275 241 6,298 September 722 459 12,100 1,896 516 346 332 6,397 October 675 459 11,926 1,941 466 303 287 6,324 November 695 478 11,716 1,940 390 232 301 6,228 December 749 473 11,763 1,984 375 310 319 6,232 Back figures— See Annual Report for 1936 (table 63). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 149 YORK CITY—ASSETS AND LIABILITIES, 1937—Continued [In millions of dollars] Time deposits d a D d ep j e u o m s s t i a e t n s d — d 1 Interbank Other Bo in rr g o s w- lia O b t i h li e ti r es a C c a c p o i u t n al t Date or month Domestic Foreign banks banks 6,367 4 602 329 1,464 January 6 6,392 3 597 349 1,466 January 13 6,431 3 600 7' 334 1,467 January 20 6,427 3 606 362 1,469 January 27 6,419 3 619 362 1,473 February 3 6,453 3 628 367 1,475 February 10 6,439 3 632 371 [,475 February 17 6,515 3 645 369 1,475 February 24 6,453 3 688 353 1,477 March 3 6,571 3 674 377 1,471 March 10 6,503 3 671 371 1,469 March 17 6,407 4 672 372 1,471 March 24 6,525 4 695 372 1,472 March 31 6,342 4 673 . 383 1,473 April 7 6,300 4 671 401 1,472 April 14 6,311 4 671 390 1,472 April 21 6 324 4 671 405 1,470 April 28 6,333 4 658 29 387 1,475 May 5 6,338 6 704 8 393 1,476 May 12 6,392 6 704 15 389 1,475 May 19 6,465 8 721 409 1,474 May 26 6,359 9 727 9' 399 1,478 June 2 6,501 10 724 14 413 1,477 June 9 6,263 11 726 53 405 L.477 June 16 6,252 11 722 31 404 1,475 June 23 6,243 12 718 400 1,478 June 30 6,011 13 742 4 402 1,475 July 7 6,061 13 741 401 1,474 July 14 6,071 14 743 15 401 1,475 July 21 6,073 15 759 25 396 1,474 July 28 5,978 16 732 29 388 1,482 August 4 5,968 14 719 28 375 1,483 August 11 5,998 13 720 24 374 1,483 August 18 6,049 13 732 9 378 1,479 August 25 6,060 11 714 8 376 1,483 September 1 5,999 10 730 20 381 1,480 September 8 5,928 13 722 5 388 1,474 September 15 5,965 20 727 403 1,474 September 22 6,085 19 734 401 1,473 September 29 5,908 19 725 384 1,478 October 6 5,948 18 720 1 377 1,478 October 13 5,947 17 734 3 384 1,478 October 20 5,941 17 734 375 1,479 October 27 5,812 16 736 6' 374 1,480 November 3 5,850 16 759 377 1,481 November 10 5,833 15 751 383 1,480 November 17 5,841 15 742 388 1,480 November 24 5,802 18 722 373 1,483 December 1 5,917 17 662 7 374 1,483 December 8 5,826 12 662 14 366 1,483 December 15 5,732 7 665 3 367 1,484 December 22 5,731 6 660 4 360 1,484 December 29 Monthly average: 6,404 3 601 2 343 1,467 January 6,457 3 631 367 1,474 February 6,492 3 680 369 1,472 March 6,319 4 671 395 1,472 April 6,382 6 697 13 394 1,475 M _ ayj 6,324 11 723 21 404 1,477 June 6,054 14 746 11 400 1,475 July 5,998 14 726 22 379 1,482 August 6,007 14 726 6 390 1,477 September 5,936 18 728 1 380 1,478 October 5,834 15 747 1 381 1,481 November 5,802 12 674 6 368 1,483 December Remand deposits other than interbank and United States Government, less cash items in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
150 ANNUAL REPORT OF BOARD OF GOVERNORS No. 67.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE [In millions of dollars] Loans l On securities Total Date or month i m n lo a v e n a e n n d s t s t s - Total Total1 d b e r a a o T n l k e o d e rs rs x c f c o o a h r r t a T h r o s p y e o r i i u n r n s r g g - a m i C g t n a r e r d o i n i r a c m u c d l u i s , a - l - l - o A th l e l r L ba o t n o a k n s s e l R o st a e a n a t s l e m p O a a p p rk e e n e ri t securities tural January 6 14,174 5,509 1,520 213 1,307 32 1,025 217 January 13 14,163 5,495 1,503 207 1,296 31 1,022 223 January 20 14,089 5,426 1,488 192 1,296 30 1,024 241 January 27 14,085 5,434 1,496 202 1,294 30 1,023 250 February 3 14,066 5,444 1,500 206 1,294 30 1,022 256 February 10 14,067 5,455 1,489 198 1,291 28 1,020 263 February 17 14,051 5,462 1,480 192 1,288 29 1,021 264 February 24 14,042 5,483 1,492 207 1,285 29 1,021 268 March 3 14,027 5,510 1,490 203 1,287 30 1,021 274 March 10 14,049 5,543 1,495 205 1,290 31 1,024 272 March 17 14,007 5,581 1,497 202 1,295 30 1,025 279 March 24 13,963 5,609 1,511 211 1,300 31 1,023 282 March 31 13,749 5,647 1,525 213 1,312 30 1,030 284 April 7 13,907 5,658 1,506 197 1,309 29 ,029 285 April 14 13,907 5,676 1,497 185 1,312 29 ,026 283 April 21 13,918 5,681 1,501 185 1,316 30 ,027 282 April 28 13,849 5,684 1,507 195 1,312 33 ,027 280 May 5 13,861 5,719 1,516 194 1,322 49 ,028 277 May 12 13,883 5,726 1,531 197 1,334 42 ,031 281 May 19 13,859 5,713 1,447 196 445 340 466 42 ,033 340 May 26 13,862 5,721 1,443 200 439 343 461 41 ,032 332 June 2 13,766 5,715 1,435 193 440 343 459 49 ,032 323 June 9 13,740 5,726 1,448 201 441 336 470 42 ,035 319 June 16 13,967 5,730 1,453 201 438 339 475 41 ,035 312 June 23 13,901 5,734 1,477 227 438 338 474 42 ,037 301 June 30 13,820 5,734 1,470 220 435 337 478 37 ,036 301 July 7 13,800 5,734 1,461 218 434 328 481 38 1,034 300 July 14 13,838 5,755 1,453 209 433 333 478 40 1,027 301 July 21 13,854 5,776 1,465 215 433 338 479 38 1,027 300 July 28 13,884 5,806 1,473 222 429 341 481 40 1,029 304 August 4 13,950 5,877 1,474 212 430 346 486 40 1,028 302 August 11 14,008 5,921 1,475 213 430 347 485 38 1,030 308 August 18 13,973 5,912 1,477 214 428 346 489 36 1,030 305 August 25 13,975 5,922 1,481 215 426 350 490 36 1,030 304 September 1 13,942 5,942 1,492 221 428 353 490 34 1,030 302 September 8 13,945 5,958 1,490 217 435 351 487 36 1,029 300 September 15 13,947 6,000 1,491 208 434 355 494 32 1,029 302 September 22 13,881 6,010 1,482 202 431 355 494 34 1,030 301 September 29 13,860 6,023 1,490 197 433 362 498 33 1,031 299 October 6 13,843 6,024 1,482 196 430 360 496 31 1,032 294 October 13 13,848 6,025 1,481 193 428 364 496 28 1,032 295 October 20 13,815 6,010 1,471 190 423 361 497 27 1,032 295 October 27 13,780 5,980 1,454 177 422 358 497 26 1,035 295 November 3 13,741 5,968 1,439 169 422 353 495 37 1,035 295 November 10 13,720 5,972 1,437 168 422 353 494 36 1,035 293 November 17 13,663 5,954 1,431 164 422 350 495 37 1,036 295 November 24 13,599 5,920 1,423 163 418 348 494 37 1,036 289 December 1 13,562 5,907 1,432 166 421 344 501 38 1,036 284 December 8 13,562 5,919 1,439 176 422 343 498 39 1,037 285 December 15 13,687 5,930 1,441 181 422 341 497 36 1,040 282 December 22 13,611 5,900 1,434 173 422 343 496 35 1,038 278 December 29 13,545 5,874 1,443 175 418 352 498 32 1,036 269 Monthly averages January 14,128 5,466 1,502 204 1,298 1,023 233 February 14,057 5,461 1,490 200 1,290 1,021 263 March. 13,959 5,578 1,504 207 1,297 1,024 278 April 13,895 5,674 1,503 191 1,312 1,027 282 May 13,866 5,719 1,525 197 2 1,328 1,031 308 June 13,839 5,728 1,457 209 438 339 471 1,035 311 July 13,844 5,768 1,463 216 432 335 480 1,030 302 August 13,977 5,908 1,477 214 428 347 488 1,029 305 September. . . 13,914 5,986 1,489 209 432 355 493 1,030 301 October 13,821 6,009 1,471 188 426 360 497 1,033 294 November 13,681 5,954 1,432 166 421 351 494 1,036 294 December.... 13,593 5,906 1,437 174 420 345 1,037 280 oan classification revised May 19, 1937, and beginning with that date figures for the items indicated are not strictly comparable with those formerly published; for explanation of revisions see June 1937 Federal DigitizedR feosre rFveR BAuSllEetRin , pages 530-531. 2Average of figures for May 5 and 12 only (see note 1). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 151 NEW YORK CITY—ASSETS AND LIABILITIES, 1937 [In millions of dollars Investments Other loans * U. S. Government (not on securities) obligations Balm i C n e d o rc m u i s a - - l, Total Fully Other R Fe w e d s i e e t r h r v a e l C v a a s u h l t in d a o w n m c it e e h s s- Date or month trial, All Direct guar- securities banks tic and other anteed banks agricultural 2,715 8,665 5,706 790 2,169 2,715 353 2,231 January 6. 2,716 8,668 5,702 786 2,180 2,759 355 2,273 January 13. 2,643 8,663 5,707 778 2,178 2,735 335 2,229 January 20. 2,635 8,651 5,718 758 2,175 2,699 336 2,173 January 27. 2,636 8,622 5,685 759 2,178 2,672 325 2,168 February 3. 2,655 8,612 5,677 762 2,173 2,654 340 2,154 February 10. 2,668 8,589 5,660 758 2,171 2,656 329 2,240 February 17. 2,673 8,559 5,628 758 2,173 2,643 344 2,124 February 24. 2,695 8,517 5,601 756 2,160 2,697 325 1,975 March 3. 2,721 8,506 5,603 756 2,147 2,742 316 1,939 March 10. 2,750 8,426 5,519 762 2,145 2,782 301 1,993 March 17. 2,762 8,354 5,470 748 2,136 2,672 313 1,884 March 24. 2,778 8,102 5,225 743 2,134 2,604 297 1,794 March 31. 2,809 8,249 5,372 741 2,136 2,691 288 1,849 April 7. 2,841 8,231 5,351 741 2,139 2,759 299 1,941 April 14. 2,841 8,237 5,363 739 2,135 2,799 290 1,888 April 21. 2,837 8,165 5,298 736 2,131 2,863 296 1,893 April 28. 2,849 8,142 5,300 723 2,119 2,877 282 1,726 May 5. 2,841 8,157 5,296 730 2,131 2,879 294 1,711 May 12. 2,252 599 8,146 5,292 728 2,126 2,853 278 1,713 May 19. 2,269 604 8,141 5,294 730 2,117 2,824 284 1,725 May 26. 2,267 609 8,051 5,227 728 2,096 2,838 265 1,696 June 2. 2,263 619 8,014 5,196 725 2,093 2,869 286 1,689 June 9. 2,270 619 8,237 5,415 725 2,097 2,802 251 1,705 June 16. 2,258 619 8,167 5,351 722 2,094 2,826 259 1,670 June 23. 2,270 620 8,086 5,291 715 2,080 2,797 249 1,716 June 30. 2,282 619 8,066 5,291 712 2,063 2,816 262 1,675 July 7. 2,316 618 8,083 5,286 727 2,070 2,838 270 1,733 July 14. 2,335 611 8,078 5,274 737 2,067 2,794 252 1,718 July 21. 2,348 612 8,078 5,279 737 2,062 2,773 260 1,685 July 28. 2,412 621 8,073 5,264 744 2,065 2,778 238 1,624 August 4. 2,442 628 8,087 5,288 744 2,055 2,780 251 1,614 August 11. 2,446 618 8,061 5,294 736 2,031 2,806 243 1,644 August 18. 2,455 616 8,053 5,292 736 2,025 2,783 252 1,589 August 25. 2,467 617 8,000 5,260 732 2,008 2,774 233 1,573 September 1. 2,485 618 7,987 5,258 735 1,994 2,802 254 1,551 September 8. 2,527 619 7,947 5,226 730 1,991 2,816 248 1,708 September 15. 2,538 625 7,871 5,145 745 1,981 2,796 259 1,682 September 22. 2,544 626 7,837 5,117 743 1,977 2,742 264 1,671 September 29. 2,556 629 7,819 5,109 740 1,970 2,790 252 1,700 October 6. 2,558 631 7,823 5,111 742 1,970 2,788 283 1,761 October 13. 2,554 631 7,805 5,097 743 1,965 2,790 260 1,718 October 20. 2,538 632 7,800 5,084 744 1,972 2,780 272 1,674 October 27. 2,527 635 7,773 5,061 745 1,967 2,786 256 1,676 November 3. 2,539 632 7,748 5,043 746 1,959 2,810 269 1,687 November 10. 2,528 627 7,709 5,016 741 1,952 2,814 260 1,795 November 17. 2,504 631 7,679 4,990 742 1,947 2,825 258 1,781 November 24. 2,483 634 7,655 4,973 743 1,939 2,831 252 1,793 December 1. 2,484 635 7,643 4,964 738 1,941 2,840 284 1,737 December 8. 2,495 636 7,757 5,061 755 1,941 2,835 277 1,796 December 15. 2,480 635 7,711 5,021 751 1,939 2,820 298 1,754 December 22. 2,462 632 7,671 4,987 750 1,934 2,874 294 1,813 December 29. " Y ' Monthly averages: 2,677 8,662 5,708 778 2,176 2,727 345 2,226 January. 2,658 8,596 5,663 759 2,174 2,656 334 2,172 February. 2,741 8,381 5,483 754 2,144 2,699 310 ,917 March. 2,832 8,221 5,347 739 2,135 2,778 293 ,893 April. 22,845 8,147 5,296 728 2,123 2,858 284 ,720 May. A 2,265 617 8,111 5,296 723 2,092 2,826 262 ,695 June- 2,320 614 8,076 5,282 729 2,065 2,805 261 ,703 July. 2,439 620 8,069 5,285 740 2,044 2,787 246 .617 August. 2,512 620 7,928 5,202 736 1,990 2,786 252 1,637 September. 2,552 631 7,812 5,100 742 1,970 2,787 266 1,714 October. 2,524 632 7,727 5,027 743 1,957 2,808 261 1,735 November. 2,481 i 635 7,687 5,001 748 1,938 2,840 281 1,778 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
152 ANNUAL REPORT OF BOARD OF GOVERNORS No. 67.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE [In millions of dollars] Cash Demand deposits items Total reported assets Date or month ha a n s d o o n r a O s t s h e e ts r Interbank U. S. Certified in process Govern- checks, Other of Total Domestic Foreign ment etc. collection liabilities banks banks January 6 839 846 21,158 3,566 37 498 200 9,697 January 13 883 850 21,283 3,558 35 462 189 9,864 January 20 843 858 21,089 3,534 34 391 186 9,773 January 27 769 870 20,932 3,468 33 367 183 9,689 February 3 742 855 20,828 3,460 33 330 170 9,646 February 10 734 868 20,817 3,439 35 298 167 9,666 February 17 863 875 21,014 3,497 37 248 178 9,850 February 24 883 882 20,918 3,454 36 208 185 9,821 March 3 846 876 20,746 3,385 36 205 189 9,705 March 10 762 882 20,690 3,328 37 245 175 9,665 March 17 865 863 20,811 3,367 34 283 190 9,713 March 24 803 861 20,496 3,258 35 231 171 9,561 March 31 866 869 20,179 3,225 37 229 198 9,263 April 7 776 859 20,370 3,277 37 229 185 9,409 April 14 936 864 20,706 3,329 37 227 174 9,711 April 21 876 856 20,627 3,276 36 186 192 9,706 April 28 829 867 20,597 3,220 40 186 174 9,719 May 5 779 857 20,382 3,133 38 167 168 9,627 May 12 907 850 20,524 3,139 37 154 165 9,780 May 19 818 854 20,375 3,094 37 141 167 9,684 May 26 810 861 20,366 3,060 39 140 169 9,704 June 2 864 860 20,289 3,106 40 119 176 9,603 June 9 734 857 20,175 3,043 40 99 163 9,576 June 1G 965 837 20,527 3,037 39 258 178 9,766 June 23 783 867 20,306 2,939 40 260 176 9,644 June 30 922 835 20,339 2,956 38 258 196 9,670 July 7 829 822 20,204 3,052 43 229 178 9,495 July 14 918 827 20,424 3,076 42 216 180 9,708 July 21 833 820 20,271 3,048 41 205 170 9,610 July 28 776 819 20,197 3,003 44 206 162 9,574 August 4 766 817 20,173 3,029 43 224 166 9,499 August 11 823 816 20,292 3,025 42 240 164 9,605 August 18 795 819 20,280 3,048 45 248 160 9,567 August 25 740 825 20,164 2,965 45 252 152 9,489 September 1 823 835 20,180 2,915 46 257 174 9,513 September 8 782 829 20,163 2,984 44 262 168 9,426 September 15 968 819 20,506 3,049 41 260 195 9,672 September 22 831 819 20,268 2,996 42 278 190 9,464 September 29 824 831 20,192 2,967 42 292 161 9,442 October 6 801 830 20,216 3,074 37 292 155 9,366 October 13 1,099 844 20,623 3,086 38 270 160 9,792 October 20 877 851 20,311 3,033 38 229 174 9,545 October 27 796 853 20,155 2,949 36 214 156 9,503 November 3 821 847 20,127 2,975 36 202 157 9,462 November 10 787 810 20,083 2,973 35 188 195 9,399 November 17 879 823 20,234 3,051 34 188 153 9,505 November 24 778 827 20,068 2,954 35 190 156 9,446 December 1 863 830 20,131 2,966 35 188 201 9,472 December 8 704 830 19,957 2,949 35 189 174 9,320 December 15 926 826 20,347 2,942 35 320 185 9,590 December 22 825 820 20,128 2,961 37 325 156 9,360 December 29 859 800 20,185 2,976 36 327 166 9,393 Monthly averages: January 834 856 21,116 3,532 35 430 189 9,756 February 806 870 20,895 3,462 35 271 175 9,746 March 828 871 20,584 3,313 36 238 185 9,581 April 854 861 20,574 3,275 37 207 181 9,636 May 828 856 20,412 3,106 38 151 167 9,699 June 853 851 20,326 3,016 39 199 178 9,651 July 839 822 20,274 3,044 43 214 173 9,597 August 781 819 20,227 3,017 44 240 161 9,540 September 846 827 20,262 2,982 43 270 178 9,503 October 893 845 20,326 3,035 37 252 161 9,551 November 816 827 20,128 2,988 35 192 166 9,453 December 836 821 20,149 2,959 36 269 176 9,427 Back figures—S ee Annual Report for 1936 (table 64). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 153 NEW YORK CITY—ASSETS AND LIABILITIES, 1937—Continued [In millions of dollars] Time deposits Demand Interbank Borrow- Other Capital d ad ep ju o s s t i e ts d — l Other ings liabilities account Date or month Domestic Foreign banks banks 9,058 132 4,450 1 478 2,099 January 6 9,170 132 4,456 4S3 2,094 January 13 9,116 132 4,450 493 2,096 January 20 9,103 133 4,446 5 511 2,097 January 11 9,074 135 4,458 505 2,091 February 3 9,099 133 1 4,467 518 2,093 February 10 9,165 133 1 4,461 3' 513 2,093 February 17 9,123 134 1 4,466 516 2,097 February 24 9,048 136 1 4,479 2 507 2,101 March 3 9,078 135 1 4,473 1 526 2,104 March 10 9,038 131 1 4,457 1 527 2,107 March 17 8,929 133 1 4,457 4 536 2,109 March 24 8,595 130 2 4,449 6 531 2,109 March 31 8,818 124 2 4,471 2 527 2,107 April 7 8,949 121 2 4,462 5 529 2,109 April 14 9,022 117 2 4,475 1 525 2,111 April 21 9,064 116 2 4,487 3 539 2,111 April 28 9,016 108 2 4,491 9 522 2,117 May 5 9,038 107 1 4,497 8 519 2,117 May 12 9,033 105 1 4,501 9 520 2,116 May 19 9,063 105 2 4,501 4 520 2,122 May 26 8,915 100 2 4,504 4 506 2,129 June 2 9,005 100 2 4,509 2 515 2,126 June 9 8,979 99 1 4,507 5 510 2,127 June 16 9,037 105 2 4,511 7 500 2,122 June 23 8,944 103 2 4,517 479 2,120 June 30 8,844 103 2 4,507 5 467 2,123 July 7 8,970 102 3 4,509 7 459 2,122 July 14 8,947 100 3 4,508 3 461 2,122 July 21 8,960 99 4 4,509 7 466 2,123 July 28 8,899 97 3 4,512 14 465 2,121 August 4 8,946 96 4 4,510 14 467 2,125 August 11 8,932 96 4 4,507 15 464 2,126 August 18 8,901 107 4 4,550 12 460 2,128 August 25 8,864 110 3 4,554 7 469 2,132 September 1 8,812 110 3 4,559 3 471 2,133 September 8 8,899 114 4 4,558 3 476 2,134 September 15 8,823 114 3 4,561 6 476 2,138 September 22 8,779 111 4 4,556 4 475 2,138 September 29 8,720 114 3 4,557 ,3 478 2,137 October 6 8,853 112 3 4,550 3 472 2,137 October 13 8,842 113 3 4,551 4 482 2,139 October 20 8,863 110 3 4,540 6 497 2,141 October 27 8,798 111 3 4,542 7 491 2,141 November 3 8,807 112 4 4,543 2 490 2,142 November 10 8,779 112 4 4,545 4 494 2,144 November 17 8,824 110 3 4,531 3 496 2,144 November 24 8,810 109 3 4,512 6 491 2,148 December 1 8,790 111 3 4,521 6 498 2,151 December 8 8,849 111 2 4,530 3 482 2,147 December 15 8,691 109 2 4,536 4 492 2,146 December 22 8,700 109 3 4,545 5 483 2,142 December 29 Monthly averages: 9,112 132 4,451 1 494 2,096 January 9,115 134 1 4,463 1 513 2,094 February 8,937 133 2 4,462 3 525 2,106 March 8,964 120 2 4,474 3 530 2,109 April 9,038 106 2 4,497 7 521 2,118 May 8,976 101 1 4,510 4 502 2,125 June 8,930 101 3 4,508 6 463 2,122 July 8,920 99 4 4,519 14 464 2,125 August 8,836 112 4 4,557 5 473 2,135 September 8,820 112 3 4,550 4 482 2,139 October 8,802 111 4 4,540 5 492 2,142 November 8,768 110 3 4,529 4 489 2,147 December 1 Demand deposits other than interbank and United StatesGovernment, less cash items inprocess of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
154 ANNUAL REPORT OF BOARD OF GOVERNORS BROKERS' BALANCES No. 68.—CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month b t ( o a d C n m l e e a u b t e n s ) i r c - t s e i ' s p b i a a D n m r l a v a t e i n e n n n e b n d e s c i t t t r e - s s ' b i i a D n n m l a v a e n e f e n b i d n s r c i t m t t e - s o a n b C n a d a h n s a k h i n s n d r M o b w o o n e r d e - y 2 c F re r C d ee i u t st b o a m la e O n r c s t e h ' s e r 1 p m i a n e r v n I tn n O e t s e a t t r h n - s e d ' r c m r i e n e f d v n i I i r n e t t m s a b t n - a d lan a c c c e a c s p I o n i u ta n l ts trading trading (net) trading trading (net) accounts accounts accounts accounts 1935—September. 1,098 65 119 182 771 257 89 23 12 396 October 1,147 68 119 187 806 277 93 22 10 405 November.. 1,212 73 134 189 859 294 92 22 13 415 December.. 1,258 75 135 179 930 286 79 24 10 410 1936—January... 1,297 63 139 193 922 319 91 26 17 416 February.. 1,290 64 147 208 908 328 98 26 15 425 March 1,351 67 168 181 995 303 89 23 15 429 April 1,295 65 173 268 1,033 301 88 28 13 426 May 1,257 65 159 229 970 282 83 25 14 422 June 1,267 67 164 219 985 276 86 24 14 420 July 1,295 68 158 221 981 287 96 24 14 422 August.... 1,287 69 142 213 967 283 92 25 12 423 September. 1,317 72 141 227 995 289 99 24 14 423 October 1,333 69 151 235 989 318 99 25 17 428 November. 1,364 65 150 260 986 346 no 24 17 435 December.. 1,395 64 164 249 1,048 342 103 30 12 424 1937—January. .. 1,433 62 162 243 1,028 372 118 32 19 428 February.. 1,482 61 188 230 1,084 366 116 32 25 418 March 1,549 61 175 223 1,172 346 115 29 18 419 April 1,559 58 163 227 1,215 314 111 29 18 417 May 1,503 56 149 209 1,188 284 101 24 12 408 June 1,489 55 161 214 1,217 266 92 25 13 397 July 1,493 56 157 206 1,213 265 96 25 13 397 August. . . . 1,509 54 149 202 1,233 252 92 26 13 391 September. 1,363 48 128 239 1,088 256 96 26 12 385 October.... 1,053 40 135 263 781 272 107 24 12 383 November. 1,034 38 120 225 723 270 95 24 11 376 December.. 985 34 108 232 688 278 85 26 10 355 Excluding balances with reporting firms (1) of member firms of New York StockExchange 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 Federal Reserve 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 figures reported against the caption "Net balance in capital and profit and loss accounts and partners' drawing accounts" (last column, this table) are not to be taken as representing the actual net capital of the reporting firms. Back figures.—Not available, except for customers' debit balances and free credit balances from November 1931 to August 1935, for which see Federal Reserve Bulletin for March 1938, page 196. For earlier figures for borrowings reported on a somewhat different basis, see Annual Report for 1935 (table 65) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 155 No. 69.—CUSTOMERS' DEBIT BALANCES, ETC. (IN DETAIL) OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances and valuation of short positions in millions of dollars] Dec. 31, June 30, Dec. 31, 1936 1937 1937 DEBIT BALANCES Cash on hand and in banks 249 214 232 Securities borrowed 42 37 28 Securities sold, delivery pending (failed to deliver) 61 31 26 Net debit balances due from member firms of national securities exchanges: Member firms of New York StockExchange 87 116 61 Member firms of other national securities exchanges 22 25 17 Net debit balances due from all other customers exclusive of firms' own partners 1,395 1,489 Net debit balances in partners' individual investment and trading accounts. 64 55 Debit balances in firm investment and trading accounts 164 161 108 Commodity margins on deposit with banks, and commodity guaranty funds on deposit 25 24 20 All other debit balances 95 100 89 Total 2,205 2,251 1,600 CREDIT BALANCES Money borrowed: From banks and trust companies in New York City 978 1,131 621 From banks and trust companies elsewhere in the United States 58 71 57 From other lenders not including members of national securities exexchanges 12 15 10 Securities loaned 63 56 42 Securities bought, delivery pending (failed to receive) 54 32 Net credit balances due to member firms of national securities exchanges: Member firms of New York StockExchange 115 63 Member firms of other national securities exchanges 6 5 Credit balances of other customers exclusive of firms' own partners: Free credit balances 342 266 Other net credit balances 103 92 85 Net credit balances in partners' individual investment and trading accounts 30 25 26 Credit balances in firm investment and trading accounts 12 13 10 All other credit balances (except those included in next item) 37 32 25 Net balance in capital and profit and loss accounts and partners' drawing accounts 424 397 355 Total 2,205 2,251 1,600 Memorandum: Valuation of short security positions carried— Against reported debit balances: For member firms of national securities exchanges other thanN Y.S.E... For other customers (exclusive of firms' own partners and member firms ofN.Y. S.E.) 9 In partners' individual investment and trading accounts 1 In firm investment and trading accounts 3 Against reported credit balances— For member firms of national securities exchanges other thanN Y.S.E.... 1 For other customers (exclusive of firms' own partners and member firms of N. Y. S.E.) 44 35 32 In partners' individual investment and trading accounts 1 1) 1 In firm investment and trading accounts 9 9 6 Number of firms 418 423 415 iLess than $500,000. NOTE.—See note following table 68. Back figures.—See Federal Reserve Bulletin for September 1936, page 695, for figures as of December 31, 193 5 and June 30, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
156 ANNUAL REPORT OF BOARD OF GOVERNORS COMMERCIAL PAPER AND BANKERS' ACCEPTANCES No. 70.—COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Based on Com- Held by Held by goods3tored mer- accepting Federal Re- in or shipped End of month p c a i p a e l r Total banks serve banks p b o e i t n w t e s e i n n or year out- out- Based Based stand- stand- Held on im- on ex- Doling1 ing For by ports ports ar exac- others into from change For count U.S. U.S. For- Total Own Bills own of for- United eign bills )ought ac- eign States councount corre- tries spondents 1924 798 821 (3) (3) (3) 387 43 (3) 292 305 23 200 1925 621 774 93 38 55 372 70 239 311 297 19 129 ""ii 1926 526 755 77 35 42 378 59 241 284 261 26 145 40 1927 555 1,081 105 58 47 390 229 356 313 391 28 218 131 1928 383 1,284 76 27 49 488 325 396 316 497 39 190 243 1929 334 1,732 191 59 132 391 548 603 383 524 76 308 441 1930 358 1,556 371 90 282 328 439 417 221 415 52 306 561 1931 118 974 262 131 131 305 251 156 159 222 31 267 296 1932 81 710 604 224 380 4 41 62 79 164 10 230 228 1933 109 764 442 223 219 127 4 190 94 207 4 277 182 1934 166 543 497 243 254 (2) 1 46 89 140 2 193 119 1935 January 171 516 485 238 247 (2) (2) 30 86 133 3 179 114 February 177 493 452 217 235 (2) 41 92 123 3 166 109 March 182 466 423 197 226 43 101 122 2 134 106 April 173 413 391 178 214 (2) 22 103 114 2 96 99 Mav 173 375 356 162 193 19 107 100 2 76 91 June 159 343 317 154 163 26 102 94 2 57 89 July 164 321 296 148 148 24 99 86 3 47 86 August 177 322 292 145 147 30 102 81 4 52 83 September 183 328 301 148 154 27 102 77 4 66 79 October 180 363 339 178 161 24 106 75 4 98 82 November 178 387 358 182 175 29 105 84 3 111 84 December 172 397 368 183 185 29 107 94 2 110 84 1936 January 178 384 353 181 172 31 108 94 3 96 84 February 176 377 340 172 168 37 114 94 2 81 86 March 180 359 321 150 171 38 113 91 2 66 87 April 174 344 310 143 167 34 111 86 2 57 89 May 184 331 297 155 142 34 110 81 1 55 82 June 169 316 276 129 147 41 107 74 2 49 85 July 188 316 278 131 147 37 105 68 2 57 84 August 205 308 279 140 139 29 104 63 2 60 79 September 197 315 276 139 137 39 107 64 2 66 76 October . . 199 330 296 150 147 34 110 67 2 75 77 November 191 349 309 157 152 40 112 77 1 83 76 December 215 373 315 151 164 57 126 86 2 83 76 1937 January 244 387 325 154 171 62 141 83 2 84 77 February 268 401 341 160 180 61 158 85 2 79 77 March 290 396 317 150 166 "(2V ' 80 160 84 2 76 76 April 285 395 318 147 171 1 1 76 167 83 1 68 76 May 287 386 295 137 159 3 2 86 168 81 1 62 75 June 285 364 273 130 143 1 4 87 157 77 1 55 74 July 325 352 265 144 121 (2) 3 83 143 71 2 65 71 August 329 344 263 143 120 2 79 133 71 2 68 69 September 331 344 274 148 127 1 69 127 77 1 73 66 October 323 346 282 153 129 2 62 127 82 1 75 62 November 311 348 279 148 131 2 67 122 84 1 79 61 December 279 343 278 147 131 2 63 117 87 2 78 59 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. 3Figures not available. Digitized for FBRacAkS fiEguRre s.—See Annual Report for 1936 (table 66) and similar tables in previous annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 157 BANK DEBITS No. 71.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN PRINCIPAL CITIES, 1928-1937 [Amounts in millions of dollars] Month 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 Total, all reporting centers: January 66,572 86,820 64,291 49,578 36,086 26,386 29,257 32,196 38,097 42,543 February 57,746 74,185 55,751 40,626 29,370 24,131 26,815 27,619 33,887 37,169 March 74,287 87,393 69,275 49,998 32,092 (2) 31,783 33,948 40,036 45,19C April 70,550 78,682 66,535 49,459 32,188 24,276 33,290 33,870 37,393 40,245 May 75,244 80,347 65,322 46,784 27,446 27,232 30,820 32,436 35,810 37,406 June 76,395 73,623 65,948 48,331 29,234 31,745 32,416 33,871 40,381 39,624 July 62,560 81,714 56,208 42,339 27,297 33,217 29,849 35,693 37,698 40,05t August 61,875 81,187 49,024 36,549 27,005 27,222 27,666 32,586 34,080 34,731 September 66,656 81,666 51,773 39,369 27,782 26,395 r25,871 31,339 36,021 36,333 October 76,917 100,042 57,941 41,694 27,291 28,254 '28,882 35,209 40,415 39,288 November 75,048 86,116 45,125 31,433 22,532 25,964 r26,763 34,780 38,683 34,519 December 86,672 70,750 55,767 39,160 28,941 28,395 '33,200 39,170 49,389 42,357 Total for year.. 850,522 982,531 702,960 515,320 347,264 3 303,215 '356,612 402,718 461,889 469,463 New York City: January 37,884 54,719 34,732 24,556 17,676 12,413 14,023 14,997 17,925 19,096 February 32,740 46,288 31,117 20,947 14,381 12,036 13,231 12,549 15,806 16,907 March 44,786 55,425 40,740 27,590 16,160 (2) 15,608 15,895 19,629 20,398 April 41,778 47,980 38,631 26,820 15,557 12,012 16,953 15,905 17,285 17,082 May 45,270 50,043 37,423 25,072 12,913 13,977 14,652 14,551 16,227 15,114 June 45,456 43,262 37,691 25,893 14,202 16,742 15,388 15,667 18,623 16,434 July 35,084 49,215 29,599 21,007 12,728 17,354 13,842 16,737 16,199 16,751 August 35,103 49,034 25,052 17,501 13,459 13,075 12,285 14,732 14,362 13,476 September 38,726 50,343 27,383 20,073 14,164 12,340 11,121 14,014 15,656 14,718 October 45,189 63,325 30,781 20,677 12,944 .13,280 12,285 15,733 17,171 16,151 November 45,469 53,604 22,490 14,464 9,815 12,204 11,343 15,542 17,394 13,432 December 52,727 39,850 29,000 19,233 13,967 13,014 15,215 17,684 22,658 18,277 Total for year.. 500,212 603,089 384,639 263,834 167,965 3 148,449 165,948 184,006 208,936 197,836 140 other cities:1 January 25,001 28,095 25,691 21,697 15,893 12,053 13,198 14,983 17,499 20,391 February 21,753 24,489 21,508 17,084 12,870 10,401 11,784 13,111 15,766 17,629 March 25,847 28,099 24,983 19,421 13,729 14,077 15,754 17,866 21,Old April 25,225 26,770 24,315 19,620 14,366 10,616 14,278 15,645 17,497 20,062 May 26,346 26,492 24,388 18,858 12,498 11,509 14,105 15,557 16,998 19,302 June 27,029 26,404 24,621 19,406 12,901 12,969 14,754 15,808 18,880 20,030 July 23,897 28,416 23,145 18,444 12,511 13,878 13,910 16,550 18,617 20,lt>3 August 23,401 28,310 20,941 16,526 11,756 12,376 13,421 15,536 17,106 18,4^0 September 24,450 27,274 21,253 16,627 11,767 12,215 '12,773 15,016 17,586 18,tw2 October 27,705 32,202 23,679 18,125 12,354 13,027 '14,342 16,844 20,142 19,934 November 25,880 28,486 19,686 14,605 10,935 11,927 '13,319 16,685 18,475 18,171 December 29,659 26,902 23,107 17,112 12,820 13,287 '15,596 18,676 23,238 20,837 Total for year.. 306,193 331,938 277,317 217,523 154,401 3 134,257 '165,557 190,165 219,670 235,206 Other reporting cities:4 January 3,687 4,012 3,868 3,325 2,517 1,920 2,036 2,216 2,673 3,056 February 3,253 3,408 3,125 2,595 2,119 1,694 1,800 1,960 2,315 2,634 March 3,654 3,869 3,552 2,987 2,203 (2) 2,098 2,299 2,540 3,176 April 3,547 3,932 3,589 3,019 2,265 1,648 2,059 2,320 2,610 3,101 May 3,628 3,812 3,511 2,854 2,035 1,746 2,063 2,328 2,585 2,990 June 3,910 3,957 3,636 3,032 2,131 2,034 2,274 2,396 2,878 3,161 July 3,579 4,083 3,464 2,888 2,058 1,985 2,097 2,406 2,882 3,144 August 3,371 3,843 3,031 2,522 1,790 1,771 1,960 2,318 2,611 2,835 September....... 3,480 4,049 3,137 2,669 1,851 1,840 1,977 2,309 2,779 2,962 October 4,023 4,515 3,481 2,892 1,993 1,947 2,254 2,632 3,102 3,203 November 3,699 4,026 2,949 2,364 1,782 1,833 2,102 2,553 2,814 2,916 December 4,286 3,998 3,660 2,815 2,154 2,094 2,389 2,810 3,492 3,243 Total for year . 44,117 47,504 41,003 33,963 24,898 3 20,509 25,107 28,547 33,283 36,421 dumber of cities4. . 127 128 125 125 123 120 129 131 133 133 1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one in 1928. 2 Complete data not available on account of bank holiday. 3Total for 11 months. 4Cities (other than the 141 cities) for which bank debits were reported throughout the year. 'Revised. NOTE.—Figures represent debits or charges on the books of reporting member and nonmember banks to deposit accounts of individuals, partnerships, corporations, the United States Government and State and local governments. The figures include debits to postal savings accounts, other savings accounts, payments from trust accounts on deposit in the banking department, and certificates of deposits paid; they do not include debits to the accounts of other banks or in settlement of clearing house balances, payments of certified and officers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures for each reporting center are derived from reports covering weeks ending on Wednesdays. The figures for a week that begins in one month and ends in another are prorated to the respective months on the basis of the number of business days of the week that are in each month. Back figures.—See Annual Report for 1936 (table 67) and similar tables in previous annual reports; series Digitized bfeogri nFs RwAithS E19R19 . http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
158 ANNUAL REPORT OF BOARD OF GOVERNORS BANKS, BRANCHES, AND BANKING GROUPS No. 72.—NUMBER OF BANKS AND BRANCHES,1 1933-1937 Member banks Nonmember banks x Total National State Insured Not insured NUMBER OF BANKING OFFICES December 31, 1933 17,140 6,275 1,817 29,048 December 31, 1934 18,252 6,705 1,961 39,586 December 31, 1935 18,312 6,715 1,953 8,556 1,088 December 31, 1936 18,234 6,723 2,032 8,436 1,043 June 30, 1937 18,191 6,724 2,052 8,393 1,022 December 31, 1937 18,149 6,745 2,075 8,340 NUMBER OF BANKS (HEAD OFFICES) December 31,1933 14,352 5,154 857 2 8,341 December 31,1934 15,243 5,462 980 7,693 1,108 December 31, 1935 15,161 5,386 1,001 7,728 1,046 December 31, 1936 14,968 5,325 1,051 7,588 1,004 June 30, 1937 14,862 5,293 1,064 7,522 983 December 31, 1937 14,742 5,260 1,081 7,449 952 NUMBER OF BRANCHES 3 December 31,1933 2,788 1,121 960 2 707 December 31, 1934 3,009 1,243 981 4 785 December 31, 1935 3,151 1,329 952 828 42 December 31, 1936 3,266 1,398 981 848 39 June 30, 1937 " 3,329 1,431 871 39 December 31, 1937 3,407 1,485 891 37 Exclusive of mutual savings and private banks. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Includes branches of Morris Plan and industrial banks, as follows: Nonmember banks, 36 in 1933 and 36 in 1934; insured nonmember banks, 35 in 1935, 35 in 1936, and 38 in 1937; not insured nonmember banks, 3 in 1935, 3 in 1936, and 2 in 1937. Such branches heretofore have not been included in statistics on branches published by the Board. 4 Separate figures not available for branches of insured and not insured banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 159 No. 73.—ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES DURING 1937 Member banks Nonmember banks l Total National State Insured Not insured ANALYSIS OF BANK CHANGES Number of banks at beginning of year 14,968 5,325 1,051 7,588 1,004 Increases in number of banks: Primary organizations (new banks) 2 +62 +7 +3 +38 + 14 Reopenings of suspended banks +6 +1 +3 +2 Conversions of private banks into State banks... +5 +5 Decreases in number of banks: Suspensions -58 -4 -2 -47 -5 Voluntary liquidations 3 -56 -7 -3 —26 -20 Consolidations, absorptions, etc -186 -65 -15 -90 -16 Inter-class bank changes: Conversions— State into national +19 -7 -12 National into state -16 +2 +14 Federal Reserve membership 4 Admissions of State banks +58 -54 -4 Withdrawals of State banks -6 +6 Federal deposit insurance 6 Admissions of State banks +25 -25 Withdrawals of State banks -1 +1 Unclassified (net) .. + 1 +1 Net increase or decrease in number of banks. -226 -65 +30 -139 -52 Number of banks at end of year 14,742 5,260 1,081 7,449 952 ANALYSIS OF BRANCH CHANGES Number of branches at beginning of year 3,266 1,398 981 848 39 Increases in number of branches: De novo branches +95 +29 +3 +62 +1 Banks converted into branches +90 +11 +24 Decreases in number of branches: Suspensions of parent banks -3 +55 -3 Otherwise discontinued -41 -8" -24 -1 Inter-class branch changes: Branches of national banks which became -8" branches of State banks +5 Branches of State banks which became branches of national banks -5 -7 -9 Branches of State member banks which became +16 branches of nonmember banks -2 +2 Federal Reserve membership 3 By admissions of parent banks +11 -11 Federal deposit insurance 5 By admission of parent banks +2 -2 Net increase or decrease in number of branches +141 +87 +13 +43 n Number of branches at end of year 3,407 1,485 994 891 37 Exclusive of mutual savings and private banks. 2Exclusive of new banks organized to succeed operating banks. 3 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 4Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 6Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. Back figures.—See Federal Reserve Bulletin for November 1937, pages 1084-1122, for an analysis of changes in number of national and State banks during 1921-1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 74.—NUMBER OF BANKS OPERATING BRANCHES OR ADDITIONAL OFFICES AND NUMBER OF BRANCHES OR ADDITIONAL OFFICES1 IN OPERA- TION, DECEMBER 31, 1936 AND 1937 A. All Banks2 Except Mutual Savings and Private Number of banks2 maintaining branches Number of branches or Location of branches or or additional of)ices1 additional officesi additional offices1 December 31, 1937 December 31, 1937 December 31, 1937 State3 Dec. 31, Dec. 31, Outside head-office city 1936,' 1936, «• total Total National m S e t m at b e er m N em on b - er total Total National m S e t m at b e er m N em on b - er o I f n fi c h e e a c d it - y In head- In con- In nonoffice tiguous contiguous county counties counties Total, all States 853 903 194 159 550 3,266 3,407 1,485 994 928 1,648 705 425 629 Alabama 3 3 1 1 1 21 21 6 1 14 3 5 5 8 Arizona 5 4 2 2 24 25 20 5 1 7 12 5 Arkansas 8 14 1 r 12 9 15 1 1 13 10 4 1 California 36 35 10 7 18 835 853 684 134 35 238' 79 112 424 Connecticut 5 6 3 1 2 10 12 4 1 7 4 4 4 Delaware 6 6 2 4 12 12 2 10 2 4 6 g District of Columbia 11 11 5 2 4 30 30 17 5 8 30 Florida 1 1 1 2 2 2 1 1 Georgia 9 10 3' ; 3' 4 23 24 "l5 5 4 10 3' 4 7 > Idaho 6 6 4 1 1 32 31 16 13 2 2 10 19 Indiana oo 34 6 1 27 52 55 8 12 35 24 30 1 Iowa 104 109 109 139 145 145 107 38 Kentucky 14 14 3' 2 9 28 29 18 2 9 20' 6 3 a Louisiana 26 27 6 1 20 52 53 27 1 25 22 28 2 1 o Maine 20 20 3 4 13 58 57 4 26 27 4 29 24 Maryland 24 23 2 6 15 78 76 7 44 25 37 17 16 6 H Massachusetts 42 41 18 14 9 112 114 63 37 14 91 22 1 Michigan 40 46 12 11 23 152 160 55 56 49 129 25 4 2 Minnesota 2 2 2 6 6 6 6 O Mississippi 22 24 1 23 42 44 1 43' 23 13' 8 Nebraska 2 2 2 2 2 2 2 Nevada 2 2 2 8 10 10 1 2' 4 3 New Hampshire 2 2 1 ' 1 2 2 1 1 2 New Jersey 50 51 16 23' 12 119 120 32 63 25 9l' 27 1 1 New Mexico 4 4 4 5 6 6 4 1 1 New York 83 86 28' 40 18 628 638 188' 384' 66 605 22 11 North Carolina 42 41 2 2 37 103 110 6 7 97 9 28 46 27 North Dakota 12 12 14 14 7 6 1 Ohio..... 35 37 8' 13' 16 171 175 35' 117 23 132' 39 4 Oregon 4 4 2 2 49 65 63 2 11 3 6 45 Pennsylvania 38 43 19 13' 11 92 98 40 41 17 85 10 3 Rhode Island 11 11 3 2 6 38 38 8 19 11 17 14 4 3 South Carolina 6 7 1 1 5 22 23 15 1 7 3 2 2 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
South Dakota 8 9 4 Tennessee 19 20 4 Utah 4 5 3 Vermont 8 8 9 Virginia 39 39 Washington 8 9 West Virginia 2 1 Wisconsin 70 74 CO CO -CO 5 19 22 17 o 5 10 7 1 15 47 51 17 10 24 17 18 7 9 2 10 12 9 3 1 2 5 4 6 12 12 2 10 9 3 2 31 67 67 14 5 48 21 29 11 6 1 2 45 64 61 1 2 15 5 20 24 1 2 1 1 \Y 1 4 67 108 113 13 6' 94 77 19 B. Mutual Savings and Private Banks Number of banks main- Number of branches or additional off taining branches or additional offices December 31, 1937 Stated Dec. 31, Outside head-office city De 1 c 9 . 3 6 31, De 1 c 9 . 3 7 31, 1936 Total o I f n fi c h e e a c d it - y In head- In con- In nonoffice tiguous contiguous county counties counties MUTUAL SAVINGS BANKS Total, all States 128 128 111 13 California 4 4 4 Connecticut 1 1 1 Delaware 1 1 1 Maine 2 2 1 Maryland 16 16 14 Massachusetts 33 32 23 New Hampshire 1 1 New Jersey 4 4 4 New York 47 48 48 Pennsylvania 13 13 13 Rhode Island 2 Vermont PRIVATE BANKS Total, all States Indiana New York Pennsylvania 1 Some State laws make a distinction beween "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U.S.R.S. which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." 2Morris Plan and other industrial banks, excluded from the statistics on branches published by the Board prior to 1937 are included in this table. On December 31, 1937, the number of branches of Morris Plan and industrial banks by states was as follows: Florida, 2; Maryland, 2; Michigan, 6; New York, 20; North Carolina, 2; Ohio, 3; Virginia, 5; total 40. 3 No branches were reported in the States omitted. Back figures—See Federal Reserve Bulletin for November 1937, p. 1083. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 75.—GROUP BANKING,1 DECEMBER 31, 1937—NUMBER, LOANS AND INVESTMENTS, AND DEPOSITS OF BANKS IN 47 GROUPS, AND NUMBER OF BRANCHES OF GROUP BANKS, BY STATES AND GEOGRAPHIC DIVISIONS Number of banks in groups Number of branches of group banks State and geographic division2 Outside head-office city L a o n a d ns Deposits3 Total O br p a e n r c a h ti e n s g o b p ra e N n ra o c t t h in es g Total o I f n fi c h e e a c d it - y H of e f a ic d e - ti C gu o o n u - s N ti o g n u c o o u n s - i m n e v n es ts t- 3 county counties counties 3 (In thousanis of dollars) d New England: N M e a w in H e ampshire 4 3 9 4 1 3 2 1 8 9 , , 3 42 7 9 3 8 9 , , 8 9 2 5 5 3 t1 Massachusetts. . . 21 10 11 65 53 12 658,308 831,823 Rhode Island . . .. 3 1 2 14 4 5 2 3 104,839 118,607 Total 31 13 18 82 57 19 3 3 780,949 969,208 Middle Atlantic: New York 32 11 21 78 64 9 5 435,879 513,362 New Jersey 3 3 14,782 16,298 Pennsylvania 41 7 34 13 10 3 900,638 968,721 Total .. 76 18 58 91 74 12 5 1,351,299 1,498,381 % East North Central: u Ohio 15 1 14 13 11 2 86,626 107,344 Michigan 1 1 3 2 1 6,388 7,554 o Wisconsin 20 3 17 13 13 202,775 263,963 a Total 36 5 31 29 24 4 1 295,789 378,861 West North Central: ]VT i n neso t a 85 2 83 6 6 394,884 520 316 Iowa 5 5 35,587 48,802 6 6 110 974 175 365 North Dakota 27 27 23,898 30,939 South Dakota 15 4 11 17 4 6 7 26,840 33,793 Nebraska 10 10 53,679 71,677 Total. 148 6 142 23 6 4 6 7 645,862 880,892 South Atlantic: West Virginia 4 4 5,314 6,089 South Carolina 1 1 3 1 2 12,291 16,693 Georgia .. 18 1 17 9 2 7 96,614 130,692 Florida 27 27 117,222 171,805 Total 50 2 48 12 3 9 231,441 325,279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
East South Central: Kentucky 6 1 5 8 8 39,402 46,786 Tennessee 21 6 15 27 15 3 4 5 108,666 161,191 Total 27 7 20 35 23 3 4 5 148,068 207,977 West South Central: Texas 8 8 83,467 116,897 Mountain: Montana 25 25 50,181 72,961 Idaho 7 2 5 16 6 10 26,415 36,679 Wyoming 3 3 2,597 3,789 Arizona 2 i 1 3 1 1 1 14,616 19,900 Utah 7 4 9 1 1 3 4 61,208 83,634 Nevada 1 3 9 1 1 4 3 17,528 27,400 1 Total 45 7 38 37 3 3 14 17 172,545 244,363 Pacific: Washington 23 3 20 19 2 1 8 8 88,237 116,435 Oregon 3 1 41 7 1 4 29 79,041 102,086 California 14 5 9 514 57 67 388 1,388,049 1,613,171 Total 40 9 31 574 66 4 79 425 1,555,327 1,831,692 Total United Stat 461 67 394 883 256 49 111 467 5,264,747 6,453,550 xThe statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933 as amended; (2) a holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred stock in the subsidiary banks; and (3) what is regarded generally as a bank group even though there is technically no "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933. For further discussion CD of group banking and for back figures, see Federal Reserve Bulletin for February 1938, pp. 92-101. Hi 2 Only those States are listed in which one or more group banks were reported. In some groups all of the banks were not in the same State. CQ * Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of these banks were eliminated, the aggregate amounts of loans and investments and of deposits involved would be decreased by approximately $1,500,000,000 and $1,800,000,000, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
164 ANNUAL REPORT OF BOARD OF GOVERNORS BANK SUSPENSIONS No. 76.—BANK SUSPENSIONS, 1921-1937 [Banks closed either permanently or temporarily, on account of financial difficulties, by order of supervisory authorities or by the directors of the bank.] Number of banks Deposits 1 (In thousands of dollars) Year or period Total National m S e t m at b e er m N em on b - er Total National m S e t m at b e er m N em on b - er Banks suspended: 1921-1929 5,714 766 229 4,719 1,625,468 363,324 128,677 1,133,467 1930 1,352 161 27 1,164 853,363 170,446 202,399 480,518 1931 2,294 409 107 1,778 1,690,669 439,171 293,957 957,541 1932 1,456 276 55 1,125 715,626 214,150 55,153 446,323 19332 4,004 1,101 174 2,729 3,598,975 1,610,549 783,399 1,205,027 1934 57 1 56 36,937 40 36,897 1935 34 4 30 10,015 5,313 4,702 1936 44 1 43 11,306 507 10,799 1937 59 4 2 53 19,723 7,379 "" 1^708' 10,636 Total 15,014 2,723 594 11,697 8,562,082 2,810,879 1,465,293 4,285,910 1 Deposits of member banks suspended are as of dates of suspension and deposits of nonmember banks suspended are as of dates of suspension or latest available call dates prior thereto, except in the case of unlicensed banks in 1933; for basis of compilation of figures for 1933, see footnotes below table 69 in the 1936 Annual Report or pages 1208-1209 of the December 1937 Federal Reserve Bulletin. 2 For basis of compilation of figures for 1933, see footnotes below table 69 in the 1936 Annual Report or pages 1208-1209 of the December 1937 Federal Reserve Bulletin. NOTE.—For textual analysis and statistics of bank suspensions during 1921-1936, by classes of banks, States, years, months, size of suspended banks, etc., see the September and December 1937 issues of the Federal Reserve Bulletin, pages 866-910 and 1204-1224, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 165 No. 77.—BANKS SUSPENDED IN 1937, BY DISTRICTS AND STATES Number of banks suspended Deposits 2 (In thousands of dollars) Federal Reserve [ district and State 1 Insured Not in- Insured Not in- Total Member 3 non- sured non- Total Member 3 non- sured nonmember member member member DISTRICTS New York 3 3 3,690 3,690 Philadelphia 1 1 329 329 Cleveland 2 2 500 500 A Ri t c la h n m ta ond 3 3 f 3 2 f 1,9 4 0 6 4 5 1,9 4 0 5 4 3 12 Chicago 10 6 3 5,461 3^594 1,510 357 St. Louis 14 1 12 1 3,983 1,474 2,443 66 Minneapolis 14 14 1,091 1,091 Kansas City 4 3 1 421 376 45 Dallas 5 5 1,879 1,879 Total. 59 6 47 6 19,723 9,087 10,156 480 STATES Middle Atlantic: New York 1 1 1,982 1,982 New Jersey 2 2 1,708 1,708 Pennsylvania.... 1 1 329 329 East North Central: Indiana 3 2 1 829 736 93 Illinois 2 2 610 610 Wisconsin 2 2 164 164 West North Central: Iowa 3 2 3,858 264 Minnesota 1 1 82 82 Missouri 11 9 2 1,855 1,744 Ill North Dakota... . 6 1 6 421 3,594 421 South Dakota.... 6 6 534 534 South Atlantic: Maryland 1 1 669 669 Virginia 1 1 63 63 West Virginia. ... 1 1 1,172 1,172 Georgia 1 1 205 205 East South Central: Kentucky 6 5 2,582 1,108 Tennessee 3 1 322 310 12 West South Central: Arkansas 1 1 1 157 1,474 157 Louisiana 1 1 248 248 Mou T n e t x a a i s n: 5 5 1,879 1,879 Montana 1 1 54 54 deposits of nonmember banks hereto, th deposits of $1,708,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS CONDITIONS 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 169 BUSINESS CONDITIONS No. 78.—CAPITAL ISSUES [In millions of dollars] Domestic Total Year re ( i a f n n n u e g d n w ) d- f ( t o d i T c r o e o m i a t g a n e n l s d ) - Total m S u a t n n a d i t c e i- F a e g d e e n r - al Bon C d o s rporate Stocks e F i o g r n - 1 Total and notes Preferred Common For new capital 1919 4,440 3,626 3,235 678 310 2,246 810 726 710 392 1920 4,074 3,733 3,235 672 0 2,563 1,561 462 540 497 1921 4,292 3,645 3,022 1,199 122 1,701 1,435 71 194 623 1922 °5,296 4,390 3,627 1,071 344 2,212 1,642 293 277 764 1923 5,119 4,437 4,016 1,043 337 2,635 1,976 335 324 421 1924 6,316 5,557 4,588 1,380 179 3,029 2,200 318 511 969 1925 7,126 6,202 5,125 1,352 169 3,605 2,452 594 558 1,076 1926 7,359 6,314 5,189 1,344 91 3,754 2,667 509 578 1,125 1927 9,774 7,555 6,219 1,475 87 4,657 3,183 874 600 1,337 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 1,149 1,812 1,251 1929 11,513 10,091 9,420 1,418 0 8,002 2,078 1,517 4,407 671 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 412 1,091 905 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 116 195 229 1932 1,751 1,194 1,165 762 77 325 305 10 10 29 1933 1,063 720 708 483 64 161 40 15 105 12 1934 2,160 1,386 1,386 803 405 178 144 3 31 0 1935 4,699 1,457 1,409 855 150 404 334 54 15 48 1936 6,214 1,972 1,949 735 22 1,192 839 90 262 23 1937 3,878 2,080 2,076 727 157 1,192 789 204 199 4 Year For refunding 1919 814 434 13 0 421 311 67 43 379 1920 342 236 11 0 225 189 21 15 106 1921 646 577 9 0 568 558 4 6 1922 906 806 30 42 734 684 40 11 1923 682 605 20 55 530 454 72 5 77 1924 759 511 19 0 492 455 28 8 248 1925 924 685 48 20 618 523 43 52 240 1926 1,044 881 22 40 820 687 34 99 163 1927 2,218 1,978 35 93 1,850 1,586 180 84 241 1928 1,858 1,620 36 0 1,584 1,054 248 282 238 1929 1,422 1,387 13 0 1,374 542 178 655 35 1930.. 709 527 53 0 474 451 9 14 182 1931 949 893 21 51 821 789 32 0 56 1932 557 498 87 93 319 315 (3) 3 59 1933 343 283 37 26 219 187 0 32 60 1934 774 765 136 317 312 312 0 0 9 1935 3,242 3,216 365 987 1,864 1,782 69 12 26 1936 4,242 4,123 382 353 3,387 3,187 181 20 119 1937 1,798 1,639 175 280 1,184 833 264 87 159 c Corrected. 1 Includes issues of noncontiguous United States Territories and Possessions. 2 Includes publicly offered issues of Federal credit agencies; excludes direct obligations of United States Treasury. 3 Less than $500,000. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, United StatesDepartment ofCommerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 ANNUAL REPORT OF BOARD OF GOVERNORS No. 78.—CAPITAL ISSUES—Continued [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Month f i u a r n n n e g d - d ) - e m ( i a f t g d o n i e o n c r s d - - ) - 4 Total S n m a p t i n a c a u d t i l - e - a c F e g i e e r e a d s n l - 2 - B n a o o n C n t d e o d s r s po S r t a o t c e ks e m ( a i f t d g o n e i o n c r s d - - ) - < Total S n m a t i n a c u d t i - e - a c F e g i e r e e a d s n l - 2 - B n a o o C n n t d o e d s r s po S r t a o te cks 1934 January 91 48 5 43 43 23 2 February 89 81 81 '7 8 8 2 2 March 149 99 99 3 50 50 22 13 April 242 141 141 15 101 97 30 58 May 144 100 100 13 44 44 20 3 June 307 119 119 12 189 189 147 24 July 376 214 214 105 162 162 30 126 August 210 180 180 19 153 29 29 11 10 September 71 39 39 32 0 32 32 13 10 October 157 122 122 38 83 35 35 0 31 November 137 104 104 86 10 33 28 0 22 December 187 139 139 104 0 48 48 18 12 1935 January 141 92 92 81 49 49 30 2 0 February 96 50 50 44 46 46 13 23 0 March 290 105 105 97 185 185 20 112 0 April 507 90 90 64 418 418 192 115 19 May 473 83 82 37 391 391 267 82 0 June 513 55 55 42 457 457 319 116 0 July 640 127 127 72 513 513 11 482 5 August 426 194 148 33 231 213 (3) 156 24 September 437 173 173 128 265 265 13 230 1 October 368 149 147 • 59 220 216 24 164 16 November 384 118 118 85 266 262 17 216 1 December 422 221 221 114 201 201 85 16 81 1936 January 123 116 61 4 278 240 201 February 303 107 107 4 10 196 196 170 11 March 763 128 128 46 13 635 616 525 11 April 986 176 176 102 26 810 765 199 492 38 M Ju a n y e 4 7 2 3 0 4 2 1 1 1 8 2 2 1 1 1 7 2 12 1 3 3 2 2 4 9 3 5 0 1 8 6 3 5 0 1 8 4 4 2 32 5 5 2 5 1 0 6 July... 339 104 103 33 39 31 236 236 222 August 297 217 217 46 146 25 80 80 55 September 409 178 177 103 48 26 231 231 156 19 October 464 186 173 78 60 35 278 278 249 22 November 372 158 158 49 97 12 214 199 145 10 December 726 266 48 100 118 459 459 395 13 1937 January 603 244 244 147 65 360 289 60 87 116 February 511 190 190 34 321 255 140 84 March 382 185 185 47 197 197 162 19 April 303 159 159 70 38 144 123 69 18 May 266 150 150 44 47 116 116 71 21 June 560 360 360 91 187 200 200 139 11 July 340 247 247 77 39 93 93 20 37 August 187 79 79 28 109 109 51 6 September 221 154 154 41 67 67 (3) 39 October 203 96 93 27 107 106 70 0 November 136 94 94 43 42 42 10 ( December 164 122 122 79 42 42 14 'Revised. 4Monthly figures for foreign issues are not shown separately. For other footnotes, see page 169. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 171 No. 79.—SECURITY PRICES i Bonds Common stocks (1926 = 100) Pre- Year and month m U G e e r o . n n S v t - . - 2 i ( M n h p i i a c d u g l - ) - h 3 Total In t C r d i o u a r l s p - ora R t r e o a a 3 i d l- Utility s f t e o rr c e k d s4 Total In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues 2-12 15 60 20 20 20 20 420 348 32 40 1919 94.3 90.1 110.9 70.7 72.6 70.1 60.3 1920 88.4 83.7 (5) (5) (5) (5) 103.2 64.2 66.1 63.9 54.5 1921 89.4 82.5 103.0 55.2 51.6 61.8 57.8 1922 99.2 93.2 114.0 67.7 64.7 72.7 70.9 1923 98.6 92.9 (? (5) 114.4 69.0 66.6 71.9 73.8 1924 102.2 93.7 (5) (5} 115.2 72.8 69.6 76.7 78.9 1 1 9 9 2 2 5 6 1 1 0 0 3 5 . . 6 0 9 9 5 5 . . 2 3 97.6 9 ( 3 5) .6 101.7 9 ( 7 5) .3 1 12 1 1 8 . . 0 6 1 8 0 9 0 . . 7 0 1 8 0 8 0 . . 4 0 1 8 0 9 0 . . 5 0 1 9 0 4 0 . . 9 0 1927 108.2 96.7 100.7 95.9 107.0 99.2 127.1 118.3 118.5 119.1 116.0 1928 106.4 95.6 100.8 95.8 106.7 100.0 130.9 149.9 154.3 128.5 148.9 1 1 9 9 2 3 9 0 1 10 0 5 2 . . 7 0 9 9 2 5 . . 7 4 9 9 8 9 . . 0 3 9 9 3 2 . . 2 6 1 10 0 6 3 . . 0 3 9 9 7 9 . . 7 4 1 1 2 2 7 6 . . 4 4 1 14 9 9 0 . . 8 3 1 1 8 4 9 0 . . 4 6 1 1 2 4 4 7 . . 9 3 2 2 3 1 4 4 . . 6 6 1931 103.6 96.4 90.9 81.8 93.9 97.2 121.1 94.7 87.4 72.5 148.7 1932 98.5 87.8 69.5 63.2 64.8 80.5 96.1 48.6 46.5 26.4 79.1 1933 102.5 87.1 73.4 69.2 70.5 80.6 104.8 63.0 65.7 37.7 r78.1 1934 103.5 96.1 84.5 81.9 83.8 87.8 120.7 72.4 81.1 41.5 68.9 1935 106.1 105.3 88.6 88.2 79.4 98.2 133.8 78.3 90.8 34.0 71.4 1936 107.0 110.8 97.5 92.2 94.7 105.4 138.9 111.0 127.3 51.2 104.3 1937 104.4 110.3 93.4 90.1 89.6 100.4 136.2 111.7 131.3 49.2 94.7 1935 January 105.4 102.7 87.6 86.7 85.0 91.2 129.1 70.1 81.9 35.0 57.6 February 106.4 104.2 87.4 86.7 '82.1 93.4 130.2 68.0 80.1 32.3 55.1 March 106.5 105.3 84.5 r85.3 74.7 93.6 131.3 64.6 76.2 28.4 53.4 April 106.8 105.4 85.5 85.9 75.0 95.5 132.2 67.5 78.9 29.4 59.1 May 106.9 104.9 r87.0 87.3 76.5 97.4 134.8 73.1 85.7 30.9 63.7 June 107.0 105.1 88.3 87.3 79.3 134.0 75.5 87.4 32.4 69.8 July 107.3 106.5 89.2 88.5 78.8 100^2 134.8 78.8 91.2 33.8 73.3 August 106.5 106.3 89.9 89.0 79.6 100.9 135.4 83.0 95.0 35.8 80.6 September 104.9 104.8 90.4 89.4 80.6 101.0 135.0 85.0 97.5 37.0 81.9 October 104.9 104.7 89.8 89.8 78.4 101.0 134.8 85.2 98.5 34.3 81.0 November 105.3 106.6 91.1 90.8 r79.7 102.7 136.9 93.3 107.4 37.6 90.1 December 105.3 106.9 r92.4 r91.1 83.1 103.1 137.0 95.3 109.2 41.4 91.6 1936 January 105.8 107.6 95.3 92.5 88.7 104.7 137.3 100.1 114.5 43.8 97.0 February 106.3 108.4 97.2 93.0 93.6 105.1 138.7 106.1 120.9 49.1 102.8 March 106.8 108.9 96.6 92.1 92.7 105.1 139.6 108.7 124.6 49.2 102.8 April 107.0 109.1 95.9 91.2 91.6 104.8 138.8 109.0 125.3 48.9 101.5 May 107.1 109.2 95.5 90.6 90.8 104.9 138.6 101.0 116.2 45.0 94.7 June 106.9 109.2 96.2 90.6 92.5 105.5 138.8 105.6 120.6 47.7 102.0 July 106.6 109.9 97.1 91.1 94.2 105.9 139.1 109.2 124.3 50.7 105.8 August 107.2 111.0 97.7 91.6 95.8 105.7 139.3 113.0 128.4 53.9 108.8 September 107.2 112.5 98.6 92.2 97.9 105.8 139.0 114.1 130.2 55.4 107.7 October 106.9 113.1 99.6 93.1 99.7 105.9 138.3 118.7 136.0 58.4 109.1 November 108.2 114.6 99.8 94.2 99.2 106.0 139.0 124.2 144.3 57.9 108.9 December 107.9 116.3 99.9 94.5 99.6 105.6 140.2 122.8 142.6 54.4 110.6 1937 January 107.3 115.8 100.3 94.8 100.6 105.7 141.8 126.0 146.3 55.6 113.2 February 107.2 112.7 100.0 94.7 100.2 105.1 141.2 129.5 151.7 57.9 110.7 March 105.2 108.9 98.5 93.5 98.3 103.6 138.0 129.9 152.6 62.8 105.7 April 102.6 108.0 96.6 92.0 95.3 102.4 136.0 124.5 146.5 60.1 100.7 May 103.3 109.6 96.2 91.9 95.0 101.8 135.4 116.3 136.7 57.1 94.1 June 103.5 110.1 95.0 91.2 93.2 100.6 135.2 113.6 134.0 53.9 91.3 July 104.0 110.8 95.3 91.4 93.2 101.2 135.7 117.8 139.4 52.1 95.9 August 104.0 111.8 94.8 91.9 91.0 101.4 137.2 120.5 143.5 50.9 97.0 September 103.3 109.0 91.3 90.0 85.6 98.4 136.4 106.4 126.2 42.6 89.2 October 103.5 108.1 86.4 85.5 78.4 95.2 133.5 91.4 107.4 35.4 81.3 November 104.0 109.1 83.3 82.7 72.1 95.0 132.3 82.9 96.1 31.4 79.5 December 104.7 109.5 82.7 81.4 72.5 94.2 132.1 82.2 95.2 31.2 78.8 rRevised. 1 Prices of stocks and of municipal bonds are averages of Wednesday figures; prices of other bonds are averages of daily figures. 2 Average price of outstanding issues due or callable after 8 years. 3 Prices derived from average yields. Municipal series revised back to 1934. 4 Average of prices adjusted to a 17 annual dividend basis. 5 Averages not computed. Sources.—For United States Government bonds, Board of Governors of the Federal Reserve System and United States Treasury Department; for other bonds and for stocks, Standard Statistics Co. Back figures.—See Annual Report for 1936 (table 73) and similar tables in previous Annual Reports and for United States Government bonds, see Federal Reserve Bulletin for May 1936, p. 319. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
172 ANNUAL REPORT OF BOARD OF GOVERNORS No. 80.—BOND YIELDS1 [Percent per annum] Corporate 4 U.S. Munic- Year and month G er o n v - - ( i h p i a g l h 3 By ratings By groups ment2 grade) Total Indus- Rail- Public Aaa Baa trial road utility Number of issues.. 2-12 15 120 30 30 30 30 40 40 40 1919 4.62 4.46 6.27 5.49 5.86 6.4S 7.25 6.18 6.42 6.21 1920 5.32 4.98 7.08 6.12 6.59 7.41 8.20 6.94 7.12 7.19 1921 5.09 5.09 7.04 5.97 6.55 7.28 8.35 7.04 6.91 7.17 1922 4.30 4.23 5.95 5.10 5.59 6.03 7.08 6.04 5.89 5.93 1923 4.36 4.25 6.04 5.12 5.62 6.17 7.24 6.04 6.24 5.83 1924 4.06 4.20 5.80 5.00 5.44 5 93 6.83 5.90 5.90 5.61 1925 3.86 4.09 5.47 4.88 5.20 5^55 6.27 5.61 5.51 5.29 1926 3.68 4.08 5.21 4.73 4.97 5.24 5.87 5.37 5.13 5.11 1927 3.34 3.98 4.97 4.57 4.77 5.04 5.48 5.10 4.83 4.96 1928 3.33 4.05 4.94 4.55 4.71 5.01 5.48 5.10 4.85 4.87 1929 3.60 4.27 5.21 4.73 4.93 5.28 5.90 5.31 5.18 5.14 1930 3.28 4.07 5.09 4.55 4.77 5.13 5.90 5 25 4.96 5.05 1931 3.31 '4.01 5.81 4.68 5.05 6.01 7.62 6.08 6.09 5.27 1932 '3.65 4.65 6.87 5.01 5.98 7.20 9.30 6.71 7.61 6.30 1933 3.31 4.71 5.89 4.49 5.23 6.09 7.76 5.34 6.09 6.25 1934 3.10 4.03 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 2.70 3.41 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 1936 2.47 3.07 3.87 3.24 3.46 4.02 4.77 3.50 4.24 3.88 1937 2.57 3.10 3.94 3.26 3.46 4.01 5.03 3.55 4.34 3.93 1935 January 2.83 3.57 4.68 3.77 4.21 4.74 5.98 4.31 4.75 4.97 February 2.73 3.48 4.60 3.69 4.13 4.63 5.95 4.24 4 81 4.76 March 2.69 3.41 4.66 3.67 4.11 4.67 6.20 4.20 5.14 4.65 April 2.64 3.40 4.64 3.66 4.08 4.69 6.13 4.18 5.14 4.60 May 2.61 3.43 4.55 3.65 4.03 4.59 5.94 4.11 5.12 4.43 June 2.61 3.42 4.47 3.61 3.99 4.52 5.77 4.07 4.99 4.37 July 2.59 3.32 4.40 3.56 3.89 4.46 5.67 3.95 4.97 4.26 August 2.66 3.35 4.39 3.60 3.87 4.49 5.58 3.94 4.95 4.28 September 2.78 3.44 4.36 3.59 3.85 4.48 5.53 3.91 4.91 4.27 October 2.77 3.45 4.34 3.52 3.82 4.49 5.54 3.83 4.97 4.24 November 2.73 3.34 4.27 3.47 3.73 4.45 5.43 3.73 4.90 4.17 December 2.73 3.31 4.19 3.44 3.65 4.35 5.30 3.71 4.73 4.12 1936 January 2.68 3.27 4.04 3.37 3.57 4.21 5.00 3.59 4.50 4.02 February 2.62 3.22 3.95 3.32 3.55 4.12 4.80 3.57 4.31 3.98 March 2.54 3.18 3.95 3.29 3.55 4.10 4.86 3.56 4.32 3.98 April 2.51 3.17 3.97 3.29 3.57 4.12 4.91 3.57 4.38 3.97 May 2.50 3.16 3.96 3.27 3.53 4.11 4.94 3.55 4.40 3.95 June 2.50 3.16 3.94 3.24 3.51 4.09 4.90 3.54 4.35 3.91 July 2.50 3.13 3.90 3.23 3.48 4.05 4.84 3.52 4.31 3.86 August 2.43 3.06 3.85 3.21 3.44 3.99 4.74 3.48 4.22 3.85 September 2.41 2.97 3.79 3.18 3.41 3.94 4.62 3.44 4.09 3.83 October 2.42 2.94 3.75 3.18 3.37 3.90 4.54 3.42 4.02 3.80 November 2.29 2.85 3.71 3.15 3.31 3.85 4.52 3.37 4.00 3.74 December 2.27 2.76 3.67 3.10 3.28 3.78 4.53 3.37 3.96 3.69 1937 January 2.29 2.79 3.67 3.10 3.30 3.77 4.49 3.36 3.95 3.68 February 2.31 2.96 3.75 3.22 3.40 3.85 4.53 3.46 4.03 3.76 March 2.50 3.19 3.87 3.32 3.50 3.97 4.68 3.55 4.15 3.90 April 2.74 3.24 3.97 3.42 3.57 4.04 4.84 3.65 4.26 3.99 May 2.67 3.14 3.91 3.33 3.48 3.98 4.84 3.55 4.22 3.95 June 2.64 3.11 3.90 3.28 3.43 3.96 4.93 3.51 4.22 3.97 July 2.59 3.07 3.88 3.25 3.41 3.94 4.91 3.50 4.21 3.92 August 2.59 3.01 3.88 3.24 3.41 3.94 4.92 3.47 4.28 3.89 September 2.67 3.18 3.98 3.28 3.46 4.02 5.16 3.55 4.43 3.96 October 2.65 3.24 4.12 3.27 3.53 4.16 5.52 3.63 4.66 4.08 November 2.60 3.17 4.21 3.24 3.54 4.24 5.82 3.65 4.91 4.06 December 2.54 3.15 4.16 3.21 3.50 4.20 5.73 3.66 4.79 4.03 1 Revised. 1 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years. 3 Standard Statistics Co. Revised back to 1934. 4Moody'e Investors Service, revised series as published July 25, 1938. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures.—See Annual Report for 1936 (table 74) and similar tables in previous Annual Reports, and for United States Government bonds, Federal Reserve Bulletin for June 1934, p. 322, and August 1935, p. 500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 81.—PKODUCTION, EMPLOYMENT, TRADE, AND PRICES1 [Index numbers, 1923-1925 average = 100] Industrial production Coiistruction contracts awarded (value)2 Factory F t a o c r - y Freight-car Department sa W l h e o l c e o - m- Year and month Total Manufactures Minerals Total Residential All other employment r p o a ll y s - loadings st ( o v r a e l u s e al ) es m p o r d i i c t es y 3 Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 78 139 1920 87 87 89 63 30 90 108 118 91 94 154 1921 67 67 70 56 44 65 82 77 78 87 98 1922 85 86 74 79 68 88 90 82 85 88 97 1923 101 101 105 84 81 86 104 103 100 98 101 1924 95 94 96 94 95 94 96 96 98 99 98 1925 104 105 99 122 124 120 100 101 103 103 104 1926 108 108 108 129 121 135 101 104 107 106 100 1927 106 106 107 129 117 139 99 102 104 107 95 1928 111 112 106 135 126 142 99 102 104 108 97 1929 119 119 115 117 87 142 105 109 107 111 95 1930. . 96 95 99 92 50 125 91 89 92 102 86 1931 81 80 84 63 37 84 77 67 74 92 73 1932 . ... 64 63 71 28 13 40 66 46 55 69 65 1933 76 75 82 25 11 37 72 49 58 67 66 1934. . 79 78 86 32 12 48 83 63 62 75 75 1935 90 90 91 37 21 50 86 71 64 79 80 1936 . . 105 105 104 55 37 70 92 82 75 88 81 1937 . 110 109 115 59 41 74 99 98 78 92 86 1919 January 82 81 82 82 79 74- 30 21 11 9 45 30 107 105 96 81 76 66 60 134 February 79 78 80 80 70 63 32 27 18 15 44 37 103 102 90 80 73 71 59 130 March 76 76 78 78 66 61 39 40 24 25 51 52 102 102 91 76 72 72 65 131 April 78 77 79 80 71 65 44 53 32 39 54 64 102 102 90 80 73 72 77 133 May 78 80 78 80 74 75 55 69 42 52 66 83 103 103 91 81 79 69 73 135 June . ... 83 84 84 84 76 82 70 82 58 61 80 99 104 104 93 81 82 76 76 136 July 87 87 89 87 81 88 78 88 63 63 90 108 107 107 96 92 94 80 59 141 August 89 89 91 90 78 83 78 82 61 59 92 101 108 109 101 89 92 80 60 144 September 87 89 88 89 85 94 78 81 59 60 94 99 109 111 106 93 101 83 76 141 October 86 89 86 88 87 95 78 74 55 54 97 90 109 111 103 89 99 81 89 142 November 85 87 89 91 63 63 88 74 51 49 117 94 111 112 108 83 86 86 101 145 December 86 81 88 83 77 70 90 66 43 37 128 90 114 114 115 90 83 86 137 151 For footnotes, see page 179. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 81.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES1—Continued [Index numbers, 1923-1925 average =100] Industrial production Construction contracts awarded (value)2 em F p a lo c y to m ry ent F to ac r - y F l r o e a ig d h in t- g c s ar D st e o p r a e r t s m al e es nt s m W ale o h d o c i o l t e m y - - Year and month Total Manufactures Minerals Total Residential All other (value) prices3 Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1920 January 134 117 114 118 86 82 158 February 78 127 106 115 113 117 83 74 157 March 80 110 113 115 116 125 88 90 159 April 73 99 119 114 114 122 77 91 166 May 86 91 114 112 112 124 87 101 167 June 95 85 105 111 111 125 92 96 167 July 94 82 108 108 120 98 73 166 August 98 78 107 108 123 100 73 161 September 94 77 80 105 107 121 103 88 155 October 100 74 102 103 117 104 102 144 November 97 70 96 97 108 95 112 133 December 87 90 83 144 121 1921 January 64 114 February 76 105 March 88 102 April 87 May 91 June 8Q July 64 August 63 94 September 75 93 October 95 94 November 97 94 December 69 135 93 1922 January 73 73 77 50 50 84 83 73 91 February , 76 74 85 59 63 85 69 93 March 80 78 92 77 86 86 77 April 77 81 53 95 107 86 90 May 81 86 54 100 113 88 89 96 June 85 90 59 94 117 90 90 85 96 July 85 90 57 99 117 88 88 64 99 August 83 87 62 100 110 90 91 66 September 88 89 81 80 90 93 92 94 85 October 93 94 90 81 76 95 97 101 102 100 November 97 97 94 78 63 98 98 100 108 101 December 100 100 100 81 56 100 100 91 152 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1923 January 99 99 99 99 101 97 83 64 80 68 86 61 102 101 95 98 91 91 79 102 February 100 101 100 103 99 94 85 76 82 77 88 75 103 103 98 97 90 93 77 103 March 103 105 103 106 103 97 85 89 80 87 89 91 104 105 103 100 95 95 93 105 April , 106 107 105 109 111 99 84 102 78 97 89 106 105 105 104 105 97 100 97 104 May , 106 108 106 108 108 107 84 102 77 89 89 112 106 105 108 102 100 98 100 102 June , 106 105 105 104 108 112 84 94 78 80 88 106 107 106 108 102 102 101 99 100 July 104 101 103 98 111 115 78 83 77 72 79 91 106 105 103 101 103 98 73 August 103 100 101 98 110 116 76 76 75 68 76 83 105 105 104 101 106 101 75 September 100 101 101 100 97 106 81 80 81 77 80 82 104 106 104 99 110 100 94 100 October 99 102 98 100 104 113 85 81 84 83 86 80 103 104 107 98 110 101 111 99 November , 98 99 97 98 106 108 91 82 90 89 91 76 103 103 104 99 104 100 117 December 97 92 97 92 99 93 92 77 94 89 90 68 102 101 103 96 88 99 164 1924 January 100 99 99 99 103 100 95 76 101 86 91 67 101 100 99 98 92 99 86 100 February , 102 104 101 105 105 100 97 87 107 101 89 76 102 102 104 103 96 101 84 100 March 100 103 100 105 99 93 98 102 102 110 94 96 101 102 104 98 94 99 88 99 April 95 96 95 98 93 83 96 113 98 119 94 108 100 100 102 95 89 98 103 97 May 89 90 88 89 93 93 95 111 96 107 94 113 97 97 98 93 91 97 98 96 June 85 84 84 82 93 96 91 99 91 90 92 106 94 94 92 92 91 100 97 95 July 84 81 83 78 93 95 88 92 87 82 88 101 92 91 85 92 93 96 71 96 August 89 87 89 86 92 96 86 88 85 78 87 95 92 92 89 95 100 96 72 97 September 94 95 93 93 97 103 92 93 88 85 96 99 93 94 92 100 112 101 96 97 October 95 98 95 97 96 104 98 95 93 93 103 96 94 95 95 102 114 96 105 November 97 99 97 99 97 100 99 93 95 97 103 91 94 95 93 101 106 100 117 December 101 97 102 98 99 95 98 84 95 90 101 80 96 96 98 101 93 99 166 1925 January 105 105 105 106 105 101 97 78 96 80 99 76 98 97 96 103 95 99 84 103 February 104 107 105 109 100 95 103 90 99 90 106 90 98 98 101 102 95 103 85 104 March 103 107 104 109 96 90 107 111 106 114 108 109 98 99 103 99 95 102 94 104 April 102 104 103 106 100 89 111 127 112 131 110 124 99 99 100 102 96 103 105 102 May 102 103 102 103 104 105 118 133 117 130 118 136 99 98 101 101 99 102 103 102 June 102 100 102 100 101 104 123 131 126 124 120 137 99 98 99 102 100 102 98 103 July 103 99 103 97 104 107 131 140 135 131 128 147 99 98 97 103 104 100 74 104 August 103 101 102 99 107 112 137 140 145 137 130 142 100 100 100 106 111 101 76 104 September 101 102 103 103 89 97 133 139 141 144 127 134 100 102 99 102 116 101 97 103 October 104 107 106 108 90 98 131 128 138 140 125 118 101 102 105 101 114 111 122 104 November 107 108 109 110 95 98 131 125 137 139 126 113 102 102 105 105 110 104 122 105 December 109 103 112 106 93 89 136 119 134 125 138 113 102 102 105 108 98 104 176 103 1926 January 106 105 109 108 91 90 139 113 135 113 141 113 102 101 101 103 94 106 90 103 February 105 108 107 111 95 92 139 121 127 114 149 126 102 102 105 104 96 105 87 102 March 106 110 106 112 106 98 127 130 121 128 132 132 102 102 107 104 99 103 97 101 April 107 108 106 110 108 96 126 142 121 140 130 143 101 102 104 105 99 103 102 100 May 106 107 106 108 104 103 120 135 120 135 120 136 101 100 103 107 105 109 109 101 June 108 106 108 106 107 109 122 131 119 120 125 140 101 100 103 108 106 105 100 100 July 108 103 108 102 108 110 126 136 119 116 133 151 101 99 99 100 110 106 77 100 August 110 109 110 108 109 115 132 137 119 115 142 155 101 101 103 10« 113 108 82 99 September 111 113 111 112 110 119 130 137 120 122 139 149 102 104 104 107 122 106 104 100 October 111 115 111 113 113 124 130 127 122 123 137 130 101 103 107 109 124 109 120 November 110 110 109 108 118 123 132 125 118 120 142 130 101 101 104 110 115 106 124 December 107 101 105 99 119 113 131 114 117 109 142 119 101 100 103 109 99 107 181 For footnotes, see page 179. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INo. HI.—.PRODUCTION, EMPLOYMENT, TRADE, AND PRICES1—Continued [Index numbers, 1923-1925 average = 100] Industrial production Construction contracts awarded (value)2 Factory F t a o c r - y Freight-car Department sa W l h e o l c e o - memployment pay- loadings store sales modity Year and month Total Manufactures Minerals Total Residential All other rolls (value) prices3 Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1927 January 107 106 106 105 115 112 132 107 117 97 144 115 100 98 98 107 97 107 91 97 February 108 111 107 110 117 113 131 114 117 105 142 121 " 100 100 104 108 101 108 89 96 March 110 113 108 114 120 111 128 132 116 123 138 138 100 100 106 108 104 107 95 95 April 108 110 108 112 106 96 128 144 115 133 139 153 100 100 104 106 100 105 109 94 May 109 112 110 112 109 108 128 145 115 132 139 157 99 99 104 105 104 105 105 94 June 107 107 108 106 106 108 128 140 114 117 140 158 100 99 102 104 103 106 101 94 July 106 102 107 102 101 103 128 140 114 115 140 160 99 98 98 103 104 105 76 94 August 106 105 106 104 106 111 126 131 113 108 136 149 99 99 102 104 110 111 85 95 September 104 106 104 105 104 111 128 133 118 119 136 145 98 100 101 104 118 104 103 96 October 102 105 102 104 103 112 128 126 119 120 135 131 98 100 102 101 116 107 117 97 November 101 101 101 100 102 105 129 122 121 120 136 124 97 97 98 99 102 108 126 96 December 102 . 96 102 95 102 97 131 111 125 111 136 111 97 96 99 98 88 106 182 96 1928 January 107 105 107 106 103 100 137 111 139 116 135 108 97 95 96 103 93 108 91 96 February 109 111 110 113 102 99 138 121 142 128 135 115 97 96 101 102 95 106 88 96 March 108 112 109 114 105 98 137 138 136 143 137 134 97 97 103 103 98 107 97 96 April 108 110 109 113 105 95 137 355 130 152 142 157 97 G7 101 101 97 106 105 97 ]VIay 108 110 108 111 106 104 137 159 130 149 143 168 97 97 101 104 103 107 107 98 June 108 108 109 108 102 104 139 154 133 140 144 166 98 98 102 101 101 107 102 97 July 109 105 110 105 102 104 132 142 126 127 137 155 98 98 99 104 106 110 80 97 August 110 110 111 110 105 111 131 137 119 116 141 154 99 100 103 105 111 107 81 98 September 113 116 114 116 107 115 134 138 118 118 147 154 100 102 105 106 121 112 113 99 October 115 118 116 117 111 123 136 134 115 115 152 150 100 102 108 107 122 108 118 97 November... 117 115 118 115 114 118 132 122 114 112 146 130 101 102 105 109 111 108 125 96 December 118 109 120 110 111 106 127 107 106 93 145 117 102 101 106 107 95 111 192 96 1929 January 119 117 120 117 116 114 120 98 97 81 139 111 103 101 102 108 97 110 90 96 February 118 121 118 122 119 116 118 102 94 84 137 110 104 103 109 109 101 110 91 95 March 118 124 120 126 109 101 121 121 101 106 137 133 104 104 112 106 100 113 107 96 April 121 124 122 128 114 103 123 139 100 117 142 158 105 105 113 108 103 109 103 96 May 122 126 123 128 117 116 121 143 97 113 141 168 105 105 113 107 107 109 109 95 June 125 125 127 127 114 116 126 144 95 102 152 178 106 105 111 109 110 113 108 95 July 124 120 125 120 116 118 124 136 93 94 149 170 107 106 107 108 112 109 79 97 August 121 122 122 122 115 121 122 129 86 84 152 166 107 108 112 110 116 111 84 96 September 121 123 121 123 118 127 110 112 73 73 140 144 106 109 113 108 123 113 117 96 October 118 121 118 119 116 127 107 104 67 67 139 135 105 108 112 105 120 111 122 95 November 110 108 110 107 110 114 103 94 67 66 132 116 103 103 104 102 103 108 125 94 December 103 96 101 93 116 110 102 84 61 53 136 109 101 100 101 101 90 110 191 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1930 January... 106 103 105 102 110 108 95 78 56 46 128 104 99 97 96 100 90 107 88 93 February 107 109 107 110 108 104 104 89 49 44 148 126 98 97 99 100 93 108 89 91 March 103 106 104 109 98 91 102 102 52 54 144 141 97 97 99 96 91 107 93 90 April 104 107 104 110 104 94 101 113 53 62 140 156 96 96 98 97 94 105 110 90 May 102 105 101 106 104 102 105 125 52 61 148 178 94 95 95 95 95 105 105 89 June 98 99 97 98 102 103 99 116 49 54 140 166 93 93 92 94 94 103 98 87 July 93 90 92 89 100 100 95 107 47 48 135 155 90 89 84 91 95 100 71 84 August 90 90 88 88 96 101 81 85 49 48 106 115 88 89 83 91 96 102 77 84 September 90 92 89 90 94 101 81 82 52 52 105 108 87 90 84 88 100 99 103 84 October 88 90 86 87 95 105 78 75 52 51 99 94 86 88 82 86 98 101 112 83 November 86 84 85 82 92 96 76 68 48 46 99 86 84 84 77 84 86 99 113 81 December 84 76 82 74 93 89 73 59 43 37 98 77 83 82 75 82 74 96 165 1931 January 83 82 83 81 89 87 71 58 44 37 93 75 82 80 70 81 73 99 81 78 February 86 87 86 88 87 84 79 68 47 42 104 89 81 80 74 79 73 99 81 77 March 87 89 87 91 89 82 77 77 47 50 100 98 81 81 75 79 74 100 92 76 April 88 90 87 91 91 83 73 82 44 52 96 107 80 80 74 79 77 100 101 75 May 87 89 87 90 87 84 65 78 40 47 85 104 80 80 73 78 77 97 97 73 June 83 83 82 83 87 86 63 74 37 41 84 101 78 78 70 76 76 95 92 72 July 82 80 82 79 86 86 61 68 35 36 82 94 78 77 66 75 77 94 66 72 August 78 78 78 77 79 82 59 63 33 32 81 87 77 77 66 72 75 89 68 72 September 76 77 75 76 78 83 59 59 32 32 80 81 75 77 63 68 76 85 88 71 October 73 75 71 72 83 90 55 52 30 29 76 71 73 75 61 68 77 85 94 70 November 73 72 71 70 81 84 49 43 27 26 67 57 72 72 58 67 68 86 97 70 December , 74 68 72 66 84 79 38 30 23 20 50 39 72 71 58 65 59 83 143 69 1932 January 72 71 71 70 77 74 31 25 19 16 41 33 71 69 54 62 56 80 64 67 February 69 71 68 70 78 75 27 23 17 15 35 30 71 70 55 60 57 79 64 66 March 67 68 64 66 85 78 26 26 15 16 36 35 69 69 53 58 56 73 69 66 April 63 64 61 63 80 72 27 31 14 16 38 43 67 67 49 57 55 74 73 66 May 60 61 59 60 67 65 26 31 12 14 37 45 65 65 47 52 51 72 72 64 June 59 59 58 58 64 62 27 32 11 12 39 47 63 63 44 49 49 68 66 64 July 58 56 57 55 65 63 27 31 11 12 40 46 61 60 40 49 50 65 46 65 August 60 59 59 58 65 66 30 32 12 11 45 48 62 62 41 51 52 64 49 65 September 66 67 65 66 71 74 30 30 12 12 44 45 63 65 44 54 60 67 71 65 October 67 69 66 67 74 80 29 28 12 12 43 41 65 66 45 57 65 68 75 64 November 65 65 63 63 75 78 27 24 10 10 41 35 65 66 44 56 57 64 73 64 December 66 60 64 58 77 73 28 22 9 8 43 33 65 64 42 54 51 62 106 1933 January 65 64 63 63 75 72 22 18 8 7 33 27 64 63 40 53 50 62 49 61 February 63 64 61 62 80 77 19 16 8 7 27 23 64 64 41 52 50 62 49 60 March 59 60 56 58 81 74 14 14 8 8 18 18 61 62 38 48 46 58 50 60 April 66 67 65 68 73 65 14 16 10 11 17 19 63 63 40 53 51 64 68 60 May 78 79 77 80 79 77 16 19 11 13 20 24 66 66 44 55 54 66 67 63 June 91 91 93 92 85 83 18 21 13 14 23 27 71 70 48 61 61 67 64 65 July 100 96 102 97 91 90 21 24 13 13 28 32 76 75 52 66 67 69 48 69 August 91 90 91 89 91 95 24 25 12 12 33 36 79 80 58 64 64 74 59 70 September 84 85 83 84 87 94 30 30 12 12 45 45 81 83 61 60 67 68 73 71 October 76 78 76 76 81 89 37 35 12 12 57 53 81 83 60 59 67 70 77 71 November 72 72 70 70 82 85 48 42 13 12 76 66 80 80 57 60 61 67 75 71 December 75 69 73 67 86 81 57 45 13 11 93 73 78 78 56 60 56 69 121 71 For footnotes, see page 179. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 81.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES1—Continued [Index numbers, Industrial production Year and month Total Adjusted 1934 January 78 February 81 March 84 April May .. J une July August September October November December 1935 January February . .. .... April May June July August September October November December 1936 Januarv February March April May . June July August September October November December OOOOOO CO CO •**< Unadjusted 77 76 73 71 74 75 86 90 90 88 86 85 87 86 88 91 95 96 101 97 94 93 101 101 104 108 108 109 no 114 121 OOOOooc" Manufactures Adjusted 76 80 82 73 73 73 75 74 78 88 91 91 89 87 86 83 87 90 97 98 96 95 95 96 104 105 104 105 106 107 111 115 114 oooooo Minerals Unad- Adjusted justed 75 88 82 92 86 100 89 89 84 74 71 72 71 69 70 72 73 74 73 85 76 90 87 88 91 87 91 86 91 84 87 85 84 87 83 89 87 92 89 95 96 97 98 101 95 96 95 92 93 93 97 100 105 101 105 105 105 109 105 110 106 110 107 111 no 115 115 121 114 OCOOOO 1923-1925 average = 100] Construction contracts awarded (value)2 Factory F to a r c y - Freight-car Department sa W le h c o o l m e- employment pay- loadings store sales modity Total Residential All other rolls (value) prices3 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed 86 49 40 12 10 80 64 78 77 55 62 58 73 57 72 89 44 38 12 10 70 60 81 81 61 65 62 73 59 74 91 33 33 11 12 51 50 84 84 66 65 64 76 73 74 81 32 36 12 14 48 54 85 86 68 63 60 76 73 73 86 26 32 11 13 38 47 86 86 68 64 63 75 77 74 86 26 31 12 13 38 46 85 85 66 64 64 73 70 75 84 84 27 30 12 12 39 44 83 83 61 62 62 73 51 75 80 83 27 28 10 10 40 43 83 84 63 61 62 76 60 76 82 87 29 30 11 11 44 45 78 80 59 60 67 74 79 78 81 87 31 29 12 12 46 43 81 82 62 59 65 74 82 77 81 84 31 28 11 11 48 41 81 80 61 59 60 75 83 77 90 85 31 25 12 10 47 36 82 82 64 60 57 77 135 77 95 92 27 22 12 10 39 32 84 82 65 63 59 76 59 79 97 93 28 24 14 13 39 33 85 85 70 66 62 77 61 80 97 90 26 26 16 16 35 34 86 86 72 65 63 79 71 79 88 79 27 30 18 22 33 38 86 86 72 62 59 75 79 80 90 88 27 32 21 25 32 39 85 85 69 61 60 74 76 80 99 97 30 35 24 26 36 43 84 83 67 64 63 79 76 80 85 85 35 39 25 25 43 50 85 84 67 59 59 80 55 79 83 86 38 40 24 24 50 54 86 86 71 63 64 77 61 81 87 93 43 44 25 25 58 59 86 88 74 64 71 81 86 81 93 101 48 45 25 25 66 62 87 89 76 68 75 78 86 81 93 98 60 53 26 25 88 76 88 89 76 68 69 82 91 81 102 97 68 54 26 22 103 80 89 88 78 68 64 83 145 104 100 62 50 25 21 92 75 89 87 74 70 65 81 63 111 107 52 45 25 22 75 63 87 87 74 71 68 83 66 97 90 47 47 26 28 63 62 88 88 78 66 64 84 77 106 95 47 53 3 ( 35 60 67 89 89 79 71 68 84 85 102 101 46 56 32 38 57 70 90 90 81 72 71 87 89 100 101 52 60 36 39 65 78 90 90 81 73 73 87 84 101 102 59 65 44 45 71 82 93 91 80 76 77 91 63 99 104 62 65 46 46 75 81 93 94 84 76 77 86 68 102 no 59 60 47 47 69 70 94 96 84 75 84 88 94 105 115 57 54 43 41 69 65 94 97 89 77 86 90 100 112 115 58 51 40 39 72 62 96 97 91 82 84 94 105 117 111 66 53 45 38 83 65 99 98 95 83 77 92 161 OO OOOOO 80 79 79 81 82 82 82 82 84 For footnotes, see page 179. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1937 January 114 112 115 113 110 106 63 51 45 37 77 63 99 97 91 80 73 93 72 86 February 116 117 116 118 115 111 62 54 47 42 75 64 100 99 96 82 76 95 76 86 March 118 122 117 122 128 119 56 56 45 47 64 63 101 ' 101 101 83 80 93 90 April 118 122 118 125 115 105 53 61 44 51 61 68 102 102 105 84 79 93 89 May 118 122 118 123 117 117 56 68 44 52 66 81 102 102 105 80 80 93 95 87 June 114 115 114 114 115 118 61 72 42 47 77 92 101 101 103 78 79 93 90 87 July 114 111 114 110 112 115 67 75 44 45 86 99 103 101 100 80 82 94 65 August 117 115 117 114 113 120 62 66 40 40 81 87 102 102 104 79 81 92 72 Septehiber 111 109 110 106 115 125 56 56 37 37 71 72 101 102 100 78 87 94 100 87 October 102 102 101 99 113 123 52 49 36 35 65 61 98 101 100 76 84 93 103 85 November 88 90 85 86 109 112 56 50 32 31 76 65 94 95 90 71 72 91 101 December 84 80 79 75 115 108 61 49 30 25 87 68 89 89 81 67 62 89 156 82 1 Indexes compiled by the Board of Governors of the Federal Reserve System, except for indexes of wholesale commodity prices and indexes of factory employment and payrolls without seasonal adjustment, which are compiled by the "United States Bureau of Labor Statistics. Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows: Index of industrial production, February and March 1927 (certain revisions March 1929, February 1931, September 1931, March 1932, September 1933, and November 1936); index of factory employment, December 1936 (certain revisions March 1937); index of construction contracts awarded, July 1931; index of freight-car loadings, June 1937; index I of department store sales, February 1928 (certain revisions November 1930, April 1935, and August 1936). 2Based on 3-month moving average of F. W. Dodge data centered at second month. 3 1926= 100. U Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 ANNUAL REPORT OF BOARD OF GOVERNORS No. 82.—MANUFACTURING PRODUCTION, BY GROUPS [Index numbers, 1923-1925 average = 100. Monthly series adjusted for seasonal variation] Year and month i t n A r d i l u e l s s - s I a t r n e o d e n l m A o u b t il o e - s T ti e l x e - s Le p u a a r c n t o t d h d s e - r pa M c e k a i t ng T p o u r b c o a t d o s - co r P e l e f e i t n u r i o m n - g R t u t a u i b n r b b e d e e s s r 1919 84 82 50 92 104 92 82 54 1S20 87 99 58 84 97 82 87 64 1921 67 46 41 87 90 80 85 64 55 1922. 86 82 66 99 102 88 89 74 77 1923 101 105 102 105 108 102 96 86 86 1924 94 89 91 91 95 104 99 99 98 1925 105 106 107 104 97 94 105 115 116 1926 108 113 108 104 99 92 112 127 116 1927 106 104 86 113 103 93 118 136 120 1928 112 119 110 107 102 96 124 152 144 1929 119 130 135 115 104 94 134 168 135 1930 95 94 85 91 92 90 131 161 100 1931 80 60 60 94 90 91 123 155 96 1932 63 31 35 83 85 89 111 140 78 1933 75 53 48 97 97 97 116 145 88 1634 78 60 69 85 100 110 128 151 92 1935 90 79 99 104 109 76 135 164 97 1936 105 110 112 111 115 92 152 182 115 1937 109 118 121 111 113 84 159 202 109 1934 January 76 56 56 87 98 100 138 142 97 February 80 64 71 91 108 94 132 144 100 March 82 67 80 94 107 86 119 143 106 April 85 77 85 90 117 102 128 152 97 May 86 85 78 88 118 108 128 153 81 June 83 86 81 77 101 103 132 154 84 July 74 48 78 78 99 120 128 156 83 August 72 39 61 80 97 128 126 157 79 September 69 38 51 63 88 142 125 152 79 October 72 41 41 89 85 119 120 153 82 November 74 49 40 87 92 110 125 155 107 December 85 65 88 97 104 107 143 154 133 1935 January 90 80 103 103 108 83 136 151 106 February 88 80 102 100 110 76 133 155 110 March 87 72 105 99 110 73 130 153 102 April 86 67 104 98 115 77 138 153 103 May 84 66 85 102 114 • 74 134 160 96 June 85 66 99 100 104 67 138 166 95 July 87 69 94 104 109 69 140 168 81 August 89 81 92 104 105 76 130 169 91 September 92 83 91 106 104 76 129 172 97 October 95 88 96 112 105 82 138 176 91 November 97 96 105 107 109 79 137 176 99 December 101 103 107 111 124 80 147 173 99 1936 January 96 86 108 105 120 84 148 166 107 February 92 83 93 102 113 77 148 172 89 March 93 83 107 100 108 83 140 168 85 April 100 100 122 99 112 89 152 178 113 May 101 105 117 100 113 84 145 180 121 June 105 112 118 107 103 85 147 181 130 July 109 119 124 116 114 92 154 183 124 August 110 120 111 '120 115 96 147 186 119 September 110 119 107 120 112 100 157 189 122 October 111 127 93 114 112 105 146 191 118 November 115 137 105 121 116 109 150 188 126 December 121 143 122 139 134 100 183 191 123 1937 January 115 139 120 124 137 87 165 189 123 February 116 129 120 127 134 86 168 194 133 March 117 126 121 129 132 89 153 190 132 April 118 130 130 124 131 93 158 195 133 May 118 134 135 123 133 76 155 200 132 June 114 119 130 126 119 77 150 202 123 July 114 140 129 111 115 70 164 206 102 August 117 142 157 115 109 78 159 207 93 September 110 125 135 108 98 87 162 216 106 October 101 100 142 91 89 89 155 217 94 November 85 68 92 80 81 86 155 211 75 December 79 49 78 77 86 86 170 201 66 r Revised. NOTE.—Indexes for paper and printing group and lumber being revised; nonferrous metals group index not computed from 1932 to 1937, inclusive; comparable copper figures not available. Rubber tire and tube figures Digitized nfoort aFdRjuAstSedE Rfo r seasonal variation since 1934. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 181 No. 83.—MINERAL PRODUCTION, BY INDUSTRIES [Index numbers, 1923-1925 average = 100. Monthly series adjusted for seasonal variation] Year and month d A u l s l t r i i n e - s m B c in i o t o a u u l - s An c t i h te ra- Pet c r r o u l d e e um, sh Ir i o p n m - e o n re ts Zinc Lead Silver 1919 77 89 109 52 91 1920 89 109 110 61 113 87 1921 70 79 112 64 36 39 66 84 1922 74 78 65 75 82 68 77 87 1923 105 108 115 99 114 96 88 103 1924 96 93 109 97 82 97 102 101 1925 99 99 76 104 104 107 110 96 1926 108 110 104 105 113 116 116 95 1927 107 99 99 122 98 111 112 98 1928 106 96 93 122 104 112 106 88 1929 115 102 91 137 126 114 113 94 1930 99 89 86 122 90 91 97 79 1931 84 73 74 116 45 54 68 49 1932 71 59 62 107 7 38 45 37 1933 82 64 61 123 42 58 49 33 1934 86 69 71 123 43 66 57 42 1935 91 71 64 135 °55 78 59 60 1936 104 83 68 149 86 94 68 99 1937 115 85 63 173 121 106 78 109 1934 January 88 68 82 120 66 64 37 February 92 75 89 118 67 64 36 March 100 84 108 122 68 57 47 April 90 71 73 125 65 56 45 May 88 70 76 127 40' 65 66 44 June 87 66 69 129 54 58 56 45 July 84 64 63 128 52 57 53 40 August 80 61 50 124 47 60 44 39 September 82 64 61 122 44 61 55 36 October 81 65 53 121 35 76 56 39 November 81 66 63 121 14 77 55 35 December 90 72 72 123 74 60 53 1935 January. 95 75 77 131 70 48 50 February 97 81 70 132 73 50 65 March 97 88 57 132 74 55 50 April 88 61 69 130 75 58 49 May 90 69 74 131 53 73 63 51 June 99 80 99 134 53 79 55 47 July 85 56 62 134 50 80 59 73 August 83 58 43 133 54 81 60 59 September 87 58 64 136 62 84 59 71 October 93 75 47 140 62 80 68 75 November 93 72 52 145 44 82 67 68 December 102 79 71 147 84 70 68 1936 January 104 81 71 148 83 63 80 February.. . 111 92 100 143 77 62 93 March 97 71 54 rl47 85 59 90 April 106 84 69 150 91 70 96 May 102 76 77 149 80 94 75 91 June 100 74 72 146 80 103 69 103 July 101 79 69 ••145 81 104 71 101 August 99 76 51 149 87 99 60 88 September 102 82 58 146 93 97 60 111 October 105 86 52 152 98 101 71 119 November 112 95 69 152 110 100 74 99 December 117 97 73 161 98 80 113 1937 January 110 87 57 164 80 76 99 February 116 98 51 168 83 70 94 March 128 112 83 173 107 75 93 April 115 72 99 174 110 85 103 May 117 80 64 176 """l59' 116 76 101 June 115 81 76 172 122 115 70 107 July 112 79 48 174 121 112 82 148 August 113 78 38 181 126 110 82 139 September 115 87 53 177 113 116 77 116 October 113 84 56 176 91 115 81 91 November 109 78 67 174 40 108 79 119 December 115 79 70 176 107 87 104 'Revised. cCorrected. Back figures of monthly series.—For indexes of manufactures and of minerals (all industries), 1919-1937, see table 81. Tables showing indexes, both adjusted and unadjusted, by groups and industries, 1919-1937, may Digitized fobre FobRtaAinSeEd Rfro m the Division of Research and Statistics. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 84.—FACTORY PAYROLLS, BY GROUPS (WITHOUT SEASONAL ADJUSTMENT) GO [Index numbers, 1923-1925 average = 100. Adjusted to Census of Manufactures through 1933] to Y m ea o r n a t n h d f m i a n t i r A c a d n i t n e u l u g l u s s r - - - D go b u o l r e d a s - p s I u a a r t r n n c e o o t d d e d n s l - ch M in a e - ry G T r r o e a u q n p u sp ip o m r m t e A a o n t u i b t o t i o l n e - s r s R r e h o p a o a a i p d l i - s r f m e p N u a r r e r o n c o t o t n d a d s u l - - s s L p u u a r m n c o t d d b s - er S p c g u a t r l l o n c a o a n t d y s d s e s , - , d g N u o r o o a n b d - l s e p T t u a r i e n c l o e x t d d s s - - L p e u a r a n c o t t d h d s e - r p F u r o c o o t d s d - b p u T a r c o c o t c d - s o - P p a r a in n i p n g d e t r - a t C r n p o i u h d c r l c o e a e t m l p d u s s - e m - - C e p l i x e e h c c u t e a r e m m l o p s - t - p R u b r u c o e t b d r s - - 1919 98 3 97 1 103.3 74 8 89.8 72.1 89.8 99.9 103.1 107 3 73.1 1920 118 2 123 8 134 8 90 3 110 4 92 8 107 7 106 5 113 7 124 6 99 1 1921 76 9 57 0 69 6 48 7 69 7 66 5 89.3 86.5 93 6 104.5 82 5 1922 81 6 70 6 72.2 65.7 82.3 72.6 91.4 96.1 91.6 99.1 85.9 1923 . . . 103 3 104.1 103.2 104.1 107.7 100.6 109.6 103.7 100.0 98.3 iO2.4 105.8 106.9 99.8 104.1 96.2 102.2 102.1 101.0 1924 96 0 95 7 96 7 94.9 90 8 90 6 95.6 95 9 98.5 100.5 96.2 93.8 95.3 99.3 99 4 99.5 96.4 97 0 92.9 1925 100 7 100 2 100 1 101.0 101.5 108.8 94.8 100.4 101.5 101.2 101.4 100.4 97.8 100.9 96.5 104.3 101.4 100.9 106.1 1926 103.7 103.8 105.0 111.1 99.5 104.8 96.1 102.4 104.2 103.6 100.2 98.9 102.0 92.1 110.8 108.7 107.4 107.0 1927 101 7 97 9 98 6 106.2 89 8 93.3 92.0 iob.5 96.6 100.5 106.4 106.8 100.3 103.0 91.0 111.0 107.8 106.8 110.0 1928 102.4 100.4 100.4 111.3 101.6 113.9 87.2 94.1 96.2 104.9 101.7 95.8 106.3 86.1 112.3 108.0 108.0 117.5 1929 109 1 108 8 107 8 134.3 105.4 111.6 90.4 116.4 97.3 93.7 109.4 105.2 99.0 112.9 81.8 119.5 120.9 118.4 115.1 1930 88 5 83 0 85 7 102 7 70 2 65 7 76.1 72 5 76 9 95 5 85.6 82.3 108 0 72 7 114.6 112 2 106 6 84.7 1931 67.4 56.3 55.0 64.2 52.3 53.4 61.7 63.1 46.2 53.9 81.5 75.2 72.1 92.0 60.1 97.3 92.0 87.7 62.5 1932 46 4 34 4 30 4 37.3 37.8 38.8 42.0 40.3 26.6 30.6 61.7 53.6 57.6 75.0 48.2 74.8 71.7 66.9 47.4 1933 49.4 37.2 39.0 40.5 35 6 38.3 40.3 43.8 30.3 30.8 64.9 61.8 61.2 78.7 44.1 68.3 76.2 72.5 55.0 1934 62 9 51 7 52 3 60.4 61.8 68.2 46.5 58.8 36.9 39.5 77.1 72.4 71.7 95.1 48.8 78.5 91.6 89.0 68.8 1935 71 3 62.6 64.4 74.4 79.2 89.5 48.8 70.9 44.6 44.2 82.5 81.0 74.1 94.4 47.7 84.2 98.9 96.9 74.2 1936 82.4 78.0 84.1 94.8 94.2 102.0 59.4 85.2 55.3 54.2 87.9 83.6 72.8 101.3 50.0 91.6 107.8 106.4 87.6 1937 98 0 97 5 107 3 127.6 117.0 123.1 64.3 106.1 63.5 65.6 98.5 89.6 78.2 115.5 54.5 102.9 132.7 131.4 96.8 1933—January 40 1 28.6 25.0 30.2 32.3 35 37.9 33.6 21.9 23.2 54.6 48.6 47.9 66.7 36.9 66.0 68.1 63.3 40.4 February 41.0 28.8 26.9 30.9 29.0 31 37.9 34.1 22.2 24.0 56.4 53.2 55.1 65.3 38.5 64.8 68.2 63.5 41.0 March 37 9 26.7 25.0 28.6 25.0 26 36.7 31.4 20.1 24.1 52.2 45.7 51.6 63.2 34.8 62.3 67.1 61.9 36.7 April 39.8 28.1 27.0 29.4 28.6 31 34.9 33.0 21.9 24.6 54.8 49.5 50.0 69.9 34.9 61.3 67.0 61.8 39.8 JVTay 43 7 32.3 32.3 33.4 34.8 38 37.4 37.8 24.7 27.6 58.2 52.6 55.5 72.9 43.7 63.7 69.7 64.8 49.0 June 48.1 36.2 38.8 38.3 36.4 41 36.5 42.4 29.0 32.0 63.3 59.9 62.9 76.2 45.4 65.4 73.4 69.1 58.8 July 51 7 39.4 44.0 41.7 39.1 44 38.5 45.5 31.8 33.3 67.3 64.9 70.7 79.4 45.3 66.7 76.0 72.5 66.1 August 57.7 45.2 52.6 46.2 44.8 50 44.5 50.7 36.4 37.2 73.5 74.7 76.5 84.7 46.2 69.9 80.0 77.6 67.1 September 60 6 46 7 53 5 49.3 43.4 48 43.8 54.0 41.2 36.7 78.3 79.2 75.8 97.3 49.9 73.7 83.7 81.2 66.4 October 60.4 46.8 50.4 52.9 39.1 41 47.4 56.0 41.8 36.9 77.7 78.1 70.6 93.6 52.9 75.0 87.6 85.3 67.8 November 56.5 43.9 45.9 53.0 34.8 35 44.6 54.7 37.5 35.1 72.4 70.2 58.1 87.9 51.9 74.5 86.8 84.2 62.9 December 55.5 43.7 46.3 51.9 39.6 41 43.1 52.5 34.9 34.4 70.4 64 6 59.2 87.0 48.3 76.2 87.0 84.5 63.7 1934—January 54.6 42.7 43.8 50.3 47.6 52 40.7 49.3 30.5 33.0 69.7 65.4 65.4 83.1 41.0 73.3 86.7 84.0 63.0 February 61.3 48.9 48.7 54.6 64.7 74 44.1 54.7 34.1 36.5 77.1 79.0 79.2 83.4 47.0 75.0 89.3 87.1 70.8 March 65 6 53 9 54 6 58.7 76.2 88 47.0 59.7 36.0 38.3 80.4 84.2 81.9 84.5 47.3 76.8 91.1 89.1 76.4 April... ... 68.1 58.6 60.7 63.5 83.2 96 51.3 62.1 37.8 43.0 80.1 81.0 73.7 85.5 47.8 78.6 94.2 93.1 80.1 May 68.1 60.1 65.5 65.5 79.4 90 51.9 63.8 39.6 44.3 78.3 75.1 76.6 89.8 48.0 79.5 90.6 88.2 77.7 June 66 0 58 6 66.9 65.1 70.5 77 52.0 61.0 38.6 43.7 75.4 67.5 70.7 94.7 49.3 77.0 90.7 88.2 73.4 July 61.4 51.4 51.1 61.8 59.4 63 49.4 56.2 35.7 40.5 74.2 63.5 75.0 98.5 49.0 76.3 91.1 87.8 67.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
August 63.2 51.4 48.7 61.6 63.4 69 46.9 55.6 37.9 39.1 78.3 69.5 76.5 108.1 51.2 77.5 92.4 89.0 62.8 September 59.1 47.0 43.7 58.8 47.3 49 44.1 56.4 38.3 38.9 74.5 59.3 67.2 112.2 52.1 79.3 92.1 88.9 59.6 October 62.2 48.1 45.6 60.4 45.1 47 45.3 60.2 39.8 39.6 80.0 76.3 62.5 106.2 50.9 81.6 93.8 90.7 61.9 November 60.7 47.8 47.2 60.5 43.9 46 42.9 61.7 37.8 39.5 77.0 72.2 59.1 99.1 50.7 81.6 93.3 90.3 61.9 December 64.2 51.9 51.1 63.8 61.1 68 42.9 64.7 37.1 37.9 79.8 76.3 66.9 95.6 51.8 85.1 94.0 91.0 70.7 1935—January 65.0 53.8 55.9 64.2 71.8 83 42.3 61.7 35.2 34.5 79.3 79.5 74.1 86.0 42.8 82.2 93.9 91.6 74.1 February 70.0 60.1 63.9 67.8 85.4 99 46.4 67.1 38.9 38.1 82.6 85.9 80.0 86.2 42.1 83.0 95.5 93.7 78.1 March 71.7 62.0 64.1 70.8 88.5 101 47.9 68.6 40.8 40.9 84.0 88.4 81.5 85.9 45.7 83.4 98.1 96.7 75.9 April 71.7 63.2 64.0 71.5 92.2 105 49.0 68.3 42.1 43.4 82.5 84.2 76.8 88.5 44.6 83.5 98.2 96.7 76.8 May 69.4 61.4 62.8 71.7 84.6 94 50.7 66.9 38.3 44.8 79.5 76.6 70.0 90.0 45.3 83.7 97.3 95.6 71.5 June 67.4 59.1 60.0 70.8 74.2 84 49.3 65.9 40.0 45.1 77.9 71.7 68.7 93.8 48.5 82.3 97.6 95.2 69.9 July 66.5 57.3 56.5 71.2 67.6 77 46.6 62.7 42.7 43.7 78.2 69.2 75.2 99.9 49.3 80.4 98.0 95.3 65.9 August 71.0 61.0 63.8 75.2 64.8 72 47.3 67.9 49.9 45.6 83.7 80.3 79.2 104.1 48.3 81.9 99.5 96.6 69.1 September 73.7 62.9 67.4 79.2 59.6 65 47.5 74.3 53.3 47.1 87.3 86.1 74.5 108.9 51.3 85.1 101.4 99.0 73.7 October 76.4 68.4 70.4 82.7 78.0 88 51.3 82.1 54.4 49.5 86.5 86.0 71.4 101.2 52.5 87.1 103.0 101.3 75.7 November... 75.6 69.9 70.1 83.1 91.4 105 52.6 82.3 50.1 48.7 82.8 80.7 64.4 95.0 50.8 86.8 101.5 100.4 77.2 December 77.6 71.5 74.3 85.1 92.1 104 55.2 83.0 49.0 49.3 85.3 83.0 72.9 93.3 51.5 90.6 103.3 101.1 81.9 1936—January 73.8 66.9 69.6 82.5 85.7 96 50.5 76.1 45.9 41.9 82.5 80.2 76.7 89.8 43.0 86.9 100.4 98.8 78.0 February 73.7 66.6 70.3 83.5 77.1 84 55.9 76.0 45.8 42.4 82.7 82.3 77.4 87.4 44.9 87.7 99.9 98.5 74.9 March 77.6 71.8 75.4 86.8 87.0 94 60.9 77.6 50.3 48.2 84.9 85.7 73.1 90.2 46.5 89.3 104.5 103.0 66.7 April 79.3 76.0 79.7 91.2 99.9 109 58.6 77.8 52.3 52.4 83.5 81.3 67.7 90.3 44.0 89.8 103.8 102.5 82.8 May 80.8 78.5 83.0 94.7 101.6 111 59.5 79.0 54.4 55.6 83.8 78.2 63.8 95.7 48.5 90.7 105.4 104.0 86.4 June 81.1 79.0 84.6 95.8 98.7 107 60.1 79.9 55.8 55.8 83.9 76.8 64.6 98.9 50.1 89.2 105.4 103.3 89.0 July 80.2 75.9 81.8 92.8 92.6 100 56.0 77.4 54.5 55.3 85.6 77.3 74.2 107.0 51.0 86.6 106.4 103.8 87.1 August 83.5 77.0 86.8 93.9 81.0 83 57.7 82.9 58.9 58.3 91.8 87.4 80.3 114.0 53.5 89.4 108.1 106.8 90.8 September 83.6 77.2 87.1 94.7 76.3 77 59.2 88.0 60.3 58.2 91.6 83.9 75.7 116.5 53.3 92.0 112.0 110.6 92.2 October 89.0 85.3 93.2 102.7 95.8 102 63.9 99.7 63.5 62.5 93.7 88.5 74.0 111.5 54.7 96.5 114.4 113.9 96.8 November 90.7 88.9 95.8 105.6 113.4 126 65.2 102.0 60.8 61.1 92.9 87.2 67.3 108.3 54.8 98.6 114.7 113.3 101.2 December 95.2 93.4 103.2 113.6 120.9 136 65.5 105.5 60.5 59.1 97.5 94.6 78.3 105.7 55.4 102.6 118.3 118.0 104.8 1937—January 90.7 86.6 99.8 111.0 100.7 108 61.2 97.1 54.9 52.7 96.0 94.6 86.3 100.5 47.1 98.7 " 119.4 119.4 99.4 February 95.8 92.5 103.9 118.2 112.3 122 63.4 103.5 58.2 59.8 99.9 100.1 90.9 101.3 52.6 100.5 123.6 123.9 104.4 March 101.1 100.0 112.6 125.5 123.6 132 65.8 111.8 64.6 66.1 102.6 103.2 92.4 104.1 52.4 104.1 128.1 128.8 99.8 April 104.9 106.4 124.5 133.9 128.6 136 67.4 114.2 68.3 71.1 102.9 100.2 87.7 108.2 52.3 104.8 136.4 136.2 100.3 May 105.2 107.5 124.7 134.9 134.1 144 67.1 113.1 68.2 72.0 102.3 96.2 81.6 111.6 53.6 105.9 136.7 136.2 109.2 June 102.9 104.6 110.4 137.2 127.8 135 68.7 111.5 72.3 71.4 100.8 91.3 80.6 115.8 55.7 104.9 137.4 135.7 103.8 July 100.4 100.7 113.5 133.6 117.5 124 63.5 105.3 67.3 66.1 100.0 85.5 84.6 128.3 55.8 101.6 136.8 134.9 96.8 August 103.8 104.0 120.4 137.1 112.8 115 67.3 109.9 71.4 70.5 103.5 92.1 83.7 131.2 57.2 102.6 140.7 137.7 97.0 September 100.1 99.4 112.8 134.3 104.4 106 63.1 110.1 68.2 69.9 100.9 87.1 71.6 133.2 56.5 103.7 139.0 137.7 97.4 October 100.1 101.7 106.8 134.2 129.9 138 64.9 109.9 65.3 69.6 98.2 84.2 66.3 125.0 57.9 105.1 137.5 136.1 94.3 November 89.5 89.9 85.7 121.2 120.0 126 63.3 99.9 55.1 63.6 89.0 71.5 53.8 115.9 57.2 101.5 132.1 129.6 82.0 December 80.9 77.0 71.9 110.6 92.4 91 55.7 86.5 48.4 54.5 85.8 68.7 58.4 110.4 55.7 100.8 124.4 120.3 77.1 NOTE.—Indexes compiled by the Bureau of Labor Statistics. Back figures for these groups and indexes for individual industries may be obtained from the Bureau. Underlying figures are for payroll period ending nearest middle of month. GO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INo. 85.—FACTORY EMPLOYMENT, BY GROUPS [Index numbers, 1923-1925 average=100. Adjusted to Census of Manufactures through 1933] Y m ea o r n a th nd f m i • a n t r c A d a * i t n u e l u ? l u s s r g - - - D b u l r e a- p s I u a a r r t n n c e o o e t d d d n s l - ch M in a e - ry G T r r o e a u q n u p sp ip o m r m t A e a o n t u i b t o t i o n le - s r s R r e h o p a o a a i p d l i - s r f m e p N u a r r e r n c o o t o t a n d d u s l - - s s L p u u a r m n c o t d d b s - er S p g c u a t r l l o n c o a a n t y s d d s e s , - , d g u N o r o o a n b d - l s e p T t u a i r n l e c o e x t d d s s - - L p e u a r a n c o t t d h d s e - r p F u r o c o o t d s d - b p u T a r c o c o t c d - s o - P p a r a n i p n d e t r - t a C r p n o i u h c r d l c o e a e t l m p u d s s e m - - - C e p l i x e e h c c u t e a r e m m l o p s - t - p R u b r u c o e t b d r s - - 1919 106.7 116.6 85.1 86.4 108.1 114.5 113.4 i.O 1920 107.8 107.8 128.6 88.1 89.8 99.0 98.5 109.6 111.3 103.4 1921 82.2 66.6 77.5 52.9 76.6 72.2 92.6 86.6 93.3 108.3 88.0 1922 90.3 84.1 81.7 71.9 97.4 85.5 97.3 97.3 96.5 105.8 92.2 1923 104.1 104.6 103.9 105.8 107.6 100.6 108.6 105.4 101.5 100.4 103.5 105.2 106.6 101.4 105.7 99.2 102.9 102.9 102.6 1924 96.4 96.4 97.0 94.9 93.1 93.6 96.4 96.7 98.3 98.9 96.4 94.9 96.3 98.3 98.8 99.7 96.8 96.9 91.8 1925 99.5 99.0 99.1 99.3 99.3 105.8 95.0 97.9 100.2 100.7 100.1 99.9 97.1 100.3 95.5 101.1 100.3 100.2 105.6 1926 101.3 101.7 102.5 107.4 99.1 104.8 95.5 100.3 103.8 100.9 99.9 96.6 99.7 90.9 104.1 106.5 105.4 105.1 1927 98.9 95.6 97.2 102.4 87.9 91.9 89.0 93.9 99.9 102.4 104.0 97.7 100.2 93.4 104.1 104.2 102.8 105.7 1928 98.7 96.1 96.6 104.9 96.2 108.1 83.8 92.1 95.7 101.6 101.3 95.6 103.8 90.7 105.0 103.0 102.5 111.1 1929 104.7 103.7 102.6 125.9 103.5 111.3 82.6 111A 95.2 93.8 105.8 104.8 98.5 111.1 83.9 111.3 115.7 113.6 111.0 1930 91.3 86.1 89.2 104.9 80.2 80.3 73.4 75.8 80.2 96.9 92.9 91.2 107.8 78.3 108.0 109.4 105.6 85.9 1931 77.3 67.3 69.7 78.3 66.3 71.0 64.1 74.0 56.0 63.7 87.9 87.2 84.3 95.6 72.1 96.3 95.4 92.7 73.9 1932 65.5 52.8 56.5 57.0 55.5 60.5 52.5 60.4 43.6 46.7 79.2 77.9 81.2 88.6 65.6 85.5 85.5 82.2 67.6 1933 72.0 56.7 64.6 60.8 54.5 60.6 50.2 66.7 49.9 49.4 88.4 90.5 87.2 100.3 63.1 86.7 97.5 95.4 79.1 1934 82.5 69.7 76.2 80.0 83.5 94.5 53.5 81.1 54.5 57.6 96.2 94.4 92.4 114.5 66.2 95.4 110.7 108.8 88.4 1935 86.0 75.5 81.1 89.7 95.7 110.4 51.7 90.2 58.7 58.6 97.3 98.4 92.5 109.4 61.3 97.6 111.9 110.7 85.6 1936 91.9 84.7 92.3 103.7 103.4 114.1 58.3 99.6 64.7 64.2 99.5 100.7 91.9 111.1 61.0 100.8 114.6 113.8 90.8 1937 99.3 95.5 104.1 124.0 118.2 128.3 60.9 111.4 68.7 70.0 103.4 102.7 93.6 115.5 60.8 106.4 123.8 123.8 97.3 Without seasonal adjustment 1933—January... 62.6 48.1 51.7 49.6 51.4 57 50.2 56.1 41.0 38.8 78.2 80.0 79.9 83.8 58.5 82.1 85.9 83.0 65.0 February.. 63.7 48.7 54.1 50.4 50.5 57 49.2 57.2 41.1 40.4 79.9 83.1 84.4 83.2 61.6 81.9 87.3 84.4 65.8 March 61.5 46.9 52.2 49.0 45.5 50 48.9 54.8 39.6 40.9 77.1 78.3 83.8 82.5 56.4 80.5 89.8 87.3 63.7 April 62.9 47.6 53.8 49.6 45.7 51 46.5 56.2 40.9 42.6 79.3 80.8 82.2 88.6 55.3 80.2 88.4 85.5 63.9 May 65.8 50.4 57.0 52.1 49.1 55 47.9 58.8 43.9 45.6 82.2 85.0 83.9 91.3 62.6 81.2 87.6 84.1 67.8 June 70.2 54.2 62.2 56.3 52.0 59 46.5 63.1 48.9 50.6 87.3 92.5 87.5 96.0 64.7 82.7 89.8 86.4 75.2 July 74.9 58.8 68.3 60.2 58.7 67 49.8 66.4 52.8 53.9 92.2 98.2 93.5 100.8 63.9 84.4 97.7 96.1 83.6 August 79.6 63.6 74.9 66.6 61.8 70 52.2 73.9 56.6 57.4 96.8 100.5 97.0 111.7 65.7 89.1 100.9 99.6 92.8 September 83.2 66.9 77.9 71.7 64.6 73 53.1 78.9 60.4 57.5 100.7 100.9 94.8 127.1 65.3 93 2 111.1 110.9 94.7 October... 82.8 66.7 76.4 75.0 59.5 65 53.0 80.4 61.0 56.1 100.1 100.4 92.9 122.0 68.2 94^9 111.4 110.2 94.7 November. 79.5 64.8 74.3 75.5 53.8 58 52.9 78.7 58.0 54.9 95.3 95.6 83.1 110.9 69.7 94.6 110.7 109.1 92.4 December. 77.6 64.1 72.9 73.8 61.4 67 51.6 76.0 55.1 53.5 92.0 90.7 82.8 105.3 65.6 95.0 109.8 107.7 89.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1934—January 76.5 63.2 70.0 72.1 71.6 81 50.9 73.1 50.6 51,6 90.8 90.9 87.2 99.6 57.3 92.9 110.0 108.1 87.4 February 81.1 67.0 73.3 75.1 85.2 99 51.5 77.1 52.2 54.0 96.1 100.0 95.1 99.4 65.5 93.7 112.6 111.4 90.0 March 84.4 70.9 76.9 79.0 94.4 110 53.5 81.9 54.0 56.6 98.8 103.5 97.5 102.4 68.0 94.2 114.5 113.8 93.0 April 86.0 73.9 79.8 82.5 100.2 117 55.7 84.2 55.2 60.2 99.0 102.5 97.1 103.6 68.3 95.7 114.8 114.7 96.3 May 86.2 75.6 82.7 83.5 100.4 116 57.5 85.1 57.3 63.0 97.5 99.3 96.3 106.0 64.7 96.4 108.3 106.2 96.6 June 84.9 74.8 84.1 83.1 96.1 108 57.7 82.9 56.2 62.5 95.7 94.0 92.3 112.6 66.1 95.2 106.8 103.9 92.8 July 82.5 71.4 78.1 81.4 88.8 100 56.2 79.8 54.8 59.2 94.3 88.8 94.2 119.1 64.6 93.9 107.5 104.7 89.3 August 83.6 70.0 76.2 81.4 84.2 94 53.2 79.8 54.9 58.0 98.2 91.3 96.0 134.8 68.9 94.4 109.1 106.3 85.8 September 80.1 68.1 73.0 80.5 74.5 82 53.7 80.2 55.4 57.8 92.9 76.9 90.2 140.2 68.5 95.8 111.0 108.8 83.2 October 82.2 66.7 72.9 80.4 64.5 70 52.0 82.0 55.9 56.7 98.9 95.7 87.7 129.5 69.1 97.0 111.8 109.8 81.9 November 80.4 66.1 73.2 80.4 62.6 68 49.7 83.0 54.4 56.9 95.7 93.9 85.9 116.5 67.7 97.4 110.9 108.9 81.2 December 81.5 68.1 73.9 80.9 78.9 90 50.2 84.2 53.3 54.4 95.9 95.7 89.2 110.5 65.4 98.1 110.9 109.2 83.6 1935—January 82.2 70.0 75.4 82.3 93.2 110 49.8 83.3 52.2 51.2 95.4 98.2 93.0 100.9 59.6 96.2 110.3 108.8 86.4 February 85.1 73.4 78.9 84.7 101.6 119 51.0 87.0 55.1 53.6 97.5 101.8 96.5 100.3 60.5 97.3 111.2 110.4 87.8 March 86.2 75.1 80.1 86.8 104.2 121 51.7 88.5 56.5 55.8 98.1 102.7 97.5 99.0 61.0 97.4 114.1 113.9 87.9 April 86.3 75.9 80.3 88.0 105.3 122 51.0 89.0 57.8 57.7 97.4 100.6 96.3 102.1 60.1 97.5 113.0 112.5 86.8 May 84.8 75.4 80.4 87.4 103.1 118 51.7 88.2 56.7 59.7 94.9 96.6 91.3 102.3 59.9 97.1 109.8 108.5 85.7 June 83.2 73.5 79.7 87.2 94.1 109 51.9 86.9 54.0 60.5 93.6 93.1 87.3 106.2 61.2 96.1 109.2 107.1 84.2 July 83.5 73.4 79.0 88.4 87.8 102 51.6 85.2 57.8 59.7 94.4 90.5 91.8 115.9 61.0 96.0 108.9 106.6 81.7 August 86.3 74.7 81.1 90.0 84.0 96 50.9 87.2 62.0 60.9 98.7 96.1 94.9 124.3 61.3 96.5 110.1 107.8 82.7 September 88.1 75.4 82.7 93.7 76.2 85 50.7 92.3 63.9 60.8 101.7 99.4 93.4 132.4 62.5 97.9 112.9 111.8 84.6 October 89.4 79.2 84.7 95.6 92.9 106 53.1 97.7 64.5 61.9 100.3 101.2 91.0 118.4 63.6 99.0 115.5 114.8 86.3 November 88.8 80.3 85.1 96.5 101.7 117 53.7 99.0 62.5 61 4 97.8 100.1 86.5 107.8 63.2 99.4 114.5 113.8 86.2 December 88.3 80.0 85.2 95.9 104.0 120 53.8 98.2 60.8 60.1 97.2 100.0 90.7 103.1 61.6 100.3 113.2 112.3 86.4 1936—January 86.8 78.7 84.4 95.3 102.6 118 54.0 95.0 59.2 55.2 95.4 98.2 92.9 98.4 54.9 98.0 111.8 110.8 85.6 February 86.9 78.6 84.4 95.5 99.8 114 56.1 94.9 59.2 55.3 95.8 99.2 94.4 96.7 58.7 98.8 110.8 109.8 85.1 March 87.9 80.2 85.6 96.9 100.9 113 58.0 94.6 61.3 58.9 96.1 100.5 93.6 97.7 59.2 98.7 113.8 113.6 75.4 April 89.1 82.3 87.8 99.6 104.9 116 57.8 94.4 62.8 63.0 96.3 99.5 90.8 100.3 58.6 99.1 112.3 111.3 87.9 May 89.8 84.0 90.1 102.4 106.3 117 58.0 94.7 64.1 65.3 96.0 97.4 88.2 102.7 60.0 99.5 111.8 110.7 88.9 June 90.1 84.7 91.4 103.6 105.3 116 58.5 95.5 64.8 66.4 95.9 96.2 86.8 107.9 60.2 98.8 110.3 108.5 89.8 July 91.2 84.6 93.0 104.0 101.9 111 56.9 94.5 65.6 67.0 98.2 96.3 91.4 116.9 60.6 98.5 112.7 110.5 90.8 August 93.5 84.7 95.3 104.4 93.0 98 58.4 98.4 66.6 68.0 102.8 101.8 94.4 127.9 63.0 100.1 113.4 112.2 92.2 September 95.5 85.7 97.2 107.5 87.3 90 59.3 102.9 68.2 68.2 105.9 103.4 94.1 135.9 63.6 102.6 119.5 118.8 94.3 October 96.7 89.2 98.9 109.6 102.1 110 60.4 108.3 69.2 69.1 104.7 104.3 92.8 124.2 64.5 104.0 120.3 120.2 97.9 November 96.9 91.0 99.3 111.4 115.0 128 60.6 110.0 67.8 67.3 103.3 104.8 89.0 114.1 65.9 105.0 119.7 119.4 100.0 December 98. 1 92.7 100.4 114.1 122.1 139 61.2 111.6 67.1 67.1 104.0 106.4 94.0 110.6 63.3 106.0 119.3 119.3 101.9 1937—January 96.5 90.4 100.0 114.9 112.7 125 61.2 106.9 65.0 62.5 103.0 107.1 97.5 105.2 57.1 104.3 120.2 120.4 101.3 February 99.0 93.2 103.4 118.6 116.0 127 61.6 111.5 65.8 67.2 105.2 110.2 99.9 105.1 60.5 105.7 121.9 122.4 101.6 March 101.1 96.4 106.8 121.2 121.0 132 62.2 114.6 69.8 70.3 106.1 111.2 100.8 105.7 60.8 107.1 124. S 126.0 96.7 April 102.1 98.6 108.9 124.3 125.4 136 63.3 115.5 70.6 73.0 105.9 109.9 98.3 107.7 60.2 107.2 126.6 127.7 96.7 May 102.3 99.9 110.1 126.1 128.3 140 63.6 115.5 71.6 74.4 104.8 107.3 95.1 107.9 59.9 107.7 124.5 124.6 103.6 June 101.1 98.8 101.4 129.2 126.4 138 64.0 113.9 72.9 74.0 103.5 103.4 93.8 112.6 60.1 106.9 123.9 123.4 101.2 July 101.4 98.9 107.6 129.9 119.9 130 63.8 111.5 72.9 71.7 104.1 100.0 96.3 124.9 60.6 106.0 124.3 123.5 96.2 August 102.3 98.1 108.7 130.2 111.8 119 62.1 112.8 73.0 71.9 106.9 102.8 96.6 132.5 61.8 106.3 124.9 124.1 97.9 September 102.1 97.3 108.8 130.7 107.0 113 60.4 114.1 71.8 72.7 107.3 101.6 92.7 137.8 62.1 107.7 128.6 128.9 98.0 October 100.5 97.6 105.8 128.9 122.7 134 59.0 112.7 69.5 71.4 103.6 98.8 89.5 125.0 62.6 107.9 126.5 126.7 97.7 November 94.7 92.4 98.1 121.4 121.8 133 57.4 108.4 63.5 68.2 97.3 92.0 80.3 114.6 62.9 106.4 122.7 122.4 90.9 December 88.6 84.3 90.0 113.1 105.5 113 52.7 98.9 58.1 63.2 93.3 88.2 81.8 107.3 60.8 104.1 116.3 115.4 86.0 See end of table for GO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 85.—-FACTORY EMPLOYMENT, BY GROUPS—Continued [Index numbers, 1923-1925 average = 100. Adjusted ti Census of Manufactures through 19331 I Y m ea o r n a th nd f m i a n t i r c A d a n i t n u e l u g l u s s r - - - D go b u o l r e d a s - p s I u a a r t r n n c e o o t e d d d n s l - ch M in a e - ry G T r r o e a u q n p u sp ip o m r m t A e a o n t u i b t o t i o l n e - s r R r e o p a a a i d l i - r f m p e N u a r r e r n c o o t o t d n a d s u l - - s s L p u u a r m c n o t d d b s e - r S p g c u a t r l l o n c o a a n t d y s d s e s , - , d g u N o r o o a n b d - l s e p T u t a r i n c e l o e x t d d s s - - L p e u a r a c n o t t d d h s - er p F u r o c o o t d s d - b p u T a r c o c o t c d - s o - P p a r i a n n i p n g d e t- r t a C r p n o i u h c r d l c o e e a t p u m l d s s e m - - - C e p l i x e e h c c u t a e r e l m m o p s - t - p R u b r u c o e t b d r s - - Adjusted for seasonal variation 1933—January.... 64.2 49.4 53.0 50.0 50.1 55 51.2 57.7 43.4 43.8 80.1 80.9 81.8 90.7 63.3 81.8 86.0 82.9 65.6 February... 64.1 49.0 54.2 50.4 48.0 53 49.4 57.3 42.6 44.2 80.3 80.9 82.9 92.1 62.2 81.7 86.8 83.4 65.9 March 61.4 46.9 51.9 49.0 42.8 46 48.9 54.2 40.8 42.7 77.1 75.3 81.0 91.3 57.0 80.8 85.9 82.2 63.7 April 62.7 47.0 53.4 49.5 42.3 47 45.8 55.7 41.4 42.0 79.4 79.3 80.9 95.3 56.2 80.4 85.8 82.1 63.6 May 65.9 49.4 56.3 52.1 44.7 49 47.1 58.8 43.9 43.7 83.6 85.2 84.7 97.6 63.9 81.5 89.5 86.2 66.6 June 70.7 53.5 61.8 56.5 48.9 55 46.3 63.7 48.4 48.0 89.0 94.4 89.9 98.4 64.8 83.7 93.6 91.2 73.9 July 76.1 58.8 68.8 60.9 56.3 64 50.2 68.7 52.8 52.5 94.7 104.3 92.4 98.4 64.4 85.4 101.3 100.9 83.8 August 79.4 63.6 75.0 67.1 62.9 71 52.4 75.8 55.3 55.7 96.4 103.4 92.7 102.7 64.9 90.0 103.1 102.7 94.0 September. 81.2 66.7 77.8 71.1 69.3 79 52.9 78.4 58.2 55.5 96.8 99.9 91.7 108.7 63.4 93.3 106.9 106.1 95.9 October.... 81.2 66.8 75.8 73.6 70.2 79 52.7 78.1 58.3 54.4 96.6 98.0 92.0 110.6 64.7 94.1 108.4 106.8 94.9 November., 79.5 65.3 74.4 74.3 63.4 70 52.9 76.4 56.4 54.1 94.8 95.2 88.0 109.2 66.0 93.4 108.9 106.8 91.6 December,. 78.2 64.8 73.3 73.4 64.2 71 52.0 75.4 55.8 54.9 92.6 90.9 87.6 108.0 65.0 93.2 108.7 106.2 89.6 1934—January 78.3 64.8 71.7 72.9 69.8 51.8 75.1 53.7 57.4 92.9 91.8 88.8 108.1 62.0 92.6 110.2 108.3 88.1 February.. 81.4 67.3 73.4 75.5 80.1 91 51.7 77.2 54.1 58.2 96.4 97.3 93.4 109.2 66.7 93.5 112.0 110.3 90.1 March 84.0 70.4 76.6 79.3 87.7 101 53.4 80.9 55.3 58.5 98.7 99.6 94.2 113.9 69.0 94.5 112.2 110.7 92.6 April 85.4 72.6 79.2 82.6 91.8 106 55.0 83.3 55.8 59.2 99.1 100.5 95.3 111.3 69.4 96.0 112.4 111.6 95.4 May 85.9 73.8 81.6 83.4 91.2 105 56.4 85.0 57.2 60.4 98.9 99.6 97.2 112.7 66.2 96.7 110.1 108.2 94.9 June 85.2 73.7 83.5 83.3 90.4 101 57.4 83.7 55.6 59.4 97.4 95.9 94.6 115.1 66.1 96.3 110.3 108.4 91.4 July 83.4 71.4 78.6 82.5 85.1 95 56.7 82.6 54.8 58.1 96.4 94.4 93.1 115.2 65.3 95.1 110.9 109.2 89.9 August 83.0 70.1 76.2 82.0 85.5 96 53.4 81.9 53.6 56.7 96.8 94.1 92.0 119.2 67.8 95.4 111.3 109.4 87.2 September. 78.1 68.2 72.6 79.8 81.1 91 53.4 79.8 53.4 56.1 88.7 75.8 87.6 119.1 66.4 95.9 110.0 107.9 84.4 October..., 80.8 67.1 72.4 79.3 75.9 85 51.8 79.5 53.4 55.1 95.6 93.4 87.0 118.4 65.5 96.2 109.3 106.9 82.2 November. 80.8 67.0 73.4 79.6 74.8 84 49.7 80.4 53.2 56.1 95.5 93.6 91.4 116.1 64.1 96.1 109.4 107.1 80.8 December. 82.3 68.9 74.4 80.5 82.6 95 50.6 83.4 54.0 55.9 96.7 95.9 94.2 114.8 64.4 96.2 110.2 108.2 84.1 1935—January... 84.1 71.4 77.2 83.1 104 50.7 85.5 55.4 56.8 97.7 99.1 94.5 110.4 64.6 95.9 110.6 109.2 87.3 February.. 85.3 73.4 79.1 85.1 94.7 109 51.2 87.1 57.1 57.7 98.1 99.0 94.8 111.3 61.8 97.1 110.8 109.7 87.9 March 85.7 74.4 79.8 87.0 96.1 110 51.7 87.4 57.9 57.4 97.8 98.8 94.2 109.4 62.0 97.7 111.4 110.3 87.3 April 85.6 74.4 79.7 87.9 95.7 109 50.3 88.1 58.4 56.6 97.6 98.7 94.6 110.2 61.0 97.8 111.3 110.0 85.9 May 84.6 73,7 79.4 87.2 93.7 106 50.8 88.1 56.7 57.2 96.4 96.9 92.1 109.6 61.2 97.4 111.2 109.9 84.1 June 83.7 72.8 79.2 87.4 91.3 106 51.6 87.7 53.6 57.6 95.3 94.9 89.4 108.7 61.3 97.2 112.6 111.4 83.2 July 85.0 74.3 79.4 89.6 90.9 106 52.0 88.3 57.8 58.6 96.4 96.3 90.7 110.9 61.7 97.2 112.1 110.9 82.2 August 86.1 75.7 81.1 90.8 91.9 107 51.1 89.5 60.6 59.6 97.3 98.9 91.4 108.7 60.3 97.4 112.2 110.7 84.2 September. 86.3 76.2 82.3 93.0 89.0 103 50.4 91.9 61.6 59.1 97.2 98.5 90.7 109.1 60.5 98.0 111.9 111.0 85.9 October... 87.3 78.3 84.2 94.3 95.6 110 52.8 94.9 61.7 60.2 96.9 98.7 90.2 107.2 60.3 98.2 112.9 111.9 86.6 November. 88.1 79.3 85.3 95.5 99.0 113 53.7 96.1 61.1 60.5 97.4 99.8 92.1 107.1 59.9 98.1 112.9 111.8 85.7 December. 88.7 80.0 85.7 95.5 101.0 115 54.3 97.4 61.6 61.8 98.1 100.4 95.3 107.3 60.4 98.4 112.4 111.2 86.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1936—January 88.8 80.4 86.4 96.3 100.0 113 55.0 97.4 62.8 61.4 97.8 99.2 94.4 107.4 59.6 97.7 112.2 111.2 86.4 February 87.4 79.2 84.7 95.8 97.0 109 56.4 95.0 61.4 59.7 96.3 96.5 92.7 106.8 60.0 98.6 110.6 109.2 85.2 March 87.7 80.1 85.3 96.9 97.7 108 58.0 93.4 62.8 60.8 95.8 96.7 90.4 107.8 60.1 99.0 111.6 110.6 74.9 April 88.6 81.2 87.1 99.3 99.2 109 57.0 93.4 63.5 61.9 96.5 97.6 89.2 107.7 59.4 99.4 110.8 109.1 87.1 May 89.8 82.7 89.0 102.2 101.3 112 57.0 94.6 64.1 62.5 97.3 97.6 89.0 109.3 61.3 99.8 113.1 112.0 87.4 June 90.4 83.8 90.8 103.9 102.2 112 58.2 96.4 64.2 63.0 97.6 98.1 89.0 110.3 60.3 100.0 113.2 112.2 88.8 July 92.8 85.6 93.5 105.3 105.1 116 57.4 97.8 65.6 65.7 100.4 102.6 90.3 112.4 61.2 99.8 115.7 114.6 91.4 August 93.4 85.7 95.3 105.3 100.9 109 58.7 101.1 65.1 66.4 101.8 104.9 90.9 113.2 61.9 101.1 115.4 114.9 93.9 September 93.8 86.6 96.8 106.8 100.8 109 59.1 102.5 65.8 66.1 101.6 102.6 91.4 113.3 61.7 102.7 118.5 118.1 95.8 October 94.4 88.2 98.4 108.4 105.0 113 60.1 105.2 66.2 67.2 101.2 101.7 92.0 112.7 61.1 103.1 117.9 117.4 98.3 November 96.2 89.9 99.6 110.4 112.3 123 60.6 106.7 66.2 66.3 102.9 104.4 94.9 113.4 62.4 103.6 118.1 117.4 99.4 December 98.6 92.7 101.0 114.0 118.7 133 61.7 110.7 67.9 69.0 104.9 106.8 98.8 115.0 62.0 104.0 118.6 118.3 102.2 1937—January 98.8 92.4 102.3 116.0 110.2 120 62.3 109.6 68.8 69.5 105.4 108.3 99.1 114.8 62.0 104.0 120.7 120.9 102.3 February 99.7 93.9 103.7 118.9 113.0 123 61.9 111.7 68.1 72.6 105.8 107.3 98.1 116.7 61.8 105.5 121.6 121.8 101.7 March 100.9 96.3 106.4 121.1 117.3 127 62.2 113.2 71.4 72.6 105.9 107.0 97.4 117.0 61.7 107.4 122.5 122.7 96.0 April 101.6 97.4 108.0 123.7 118.6 128 62.4 114.3 71.4 71.8 106.2 107.9 96.5 116.1 61.1 107.5 124.4 1'24.8 95.8 May 102.2 98.4 108.7 125.6 122.2 133 62.4 115.4 71.7 71.3 106.2 107.6 96.0 114.8 61.2 108.0 126.0 126.1 101.7 June 101.4 97.8 100.7 129.4 122.6 134 63.7 115.0 72.3 70.4 105.3 105.4 96.1 114.7 60.2 108.2 127.5 128.0 100.0 July 103.0 100.1 108.3 131.5 123.5 136 64.4 115.4 72.9 70.4 106.2 106.2 95.2 119.4 61.3 107.3 127.7 128.1 August 102.4 99.3 108.7 131.3 121.3 132 62.4 115.9 71.4 70.3 105.6 105.9 93.0 116.2 60.8 107.4 127.2 127.3 September 100.7 98.6 108.4 130.2 123.9 136 60.1 113.7 69.3 70.5 102.9 100.9 90.0 114.8 60.2 107.8 127.4 127.9 99.5 October 98.4 96.7 105.4 128.0 126.3 138 58.7 109.4 66.4 69.4 100.2 96.4 88.8 113.8 59.3 107.0 123.7 123.4 98.1 November 94.1 91.4 98.4 120.8 119.1 128 57.4 105.1 62.1 67.2 97.0 91.6 85.7 114.2 59.6 105.0 120.9 120.2 90.4 December 89.0 84.4 90.5 113.2 102.8 109 53.2 97.9 58.8 64.9 94.0 88.4 86.1 111.5 59.6 102.1 115.5 114.2 86.3 NOTE.—Indexes without seasonal adjustment compiled by the Bureau of Labor Statistics. Back figures for these groups and indexes for individual industries may be obtained from the Bureau. Seasonally adjusted indexes compiled by Board of Governors. For description, see pages 950-953 of Bulletin for December 1936. For back figures for these groups and indexes for individual industries, see Bulletin for December 1936, pages 953-978 and March 1937, page 259. Underlying figures are for payroll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 ANNUAL REPORT OF BOARD OF GOVERNORS No. 86.—WHOLESALE COMMODITY PRICES, BY GROUPS1 [Index numbers of Bureau of Labor Statistics. 1926 = 100] Other commodities Y m ea o r n a th nd m c A o o m l d l i - - F pr a o rm d- Foods H a i n d d es Tex- F a u n e d l M a e n t d als Build- Chem- H f o u u r s - e- Misties ucts Total leather tile light- metal ing icals nish- cellaprod- prod- ing prod- mate- and ing neous ucts ucts mate- ucts rials drugs goods rials 1913 69 8 71.5 64.2 70.0 68 1 57 3 61.3 90.8 56 7 80 2 56 3 93.1 1914.... 68.1 71.2 64.7 66.4 70.9 54.6 56.6 80.2 52.7 81.4 56.8 89.9 1915 69 5 71 5 65 4 68 0 75 5 54 1 51 8 86 3 53.5 112.0 56 0 86.9 1916 85.5 84.4 75.7 88.3 93.4 70.4 74.3 116.5 67.6 160.7 61.4 100.6 1917 117.5 129.0 104.5 114.2 123.8 98.7 105.4 150.6 88.2 165.0 74.2 122.1 1918 131.3 148.0 119.1 124.6 125.7 137.2 109.2 136.5 98.6 182.3 93.3 134.4 1919 138 6 157 6 129 5 128 8 174 1 135 3 104.3 130.9 115 6 157.0 105.9 139 1 1920.. 154.4 150.7 137.4 161.3 171.3 164.8 163.7 149.4 150.1 164.7 141.8 167^5 1921 97.6 88.4 90.6 104.9 109.2 94.5 96.8 117.5 97.4 115.0 113.0 109.2 1922 96 7 93 8 87 6 102 4 104 6 100 2 107 3 102 9 97 3 100 3 103 5 92 8 1923 100.6 98.6 92.7 104.3 104.2 111.3 97.3 109.3 108.7 101.1 108.9 99.7 1924 98.1 100.0 91.0 99.7 101.5 106.7 92.0 106.3 102.8 98.9 104.9 93.6 1925 103.5 109.8 100.2 102.6 105.3 108.3 96.5 103.2 101.7 101.8 103.1 109.0 1926 (base). ... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1927 95 4 99 4 96 7 94 0 107 7 95 6 88 3 96 3 94 7 96 8 97 5 91 0 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931.... 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4* 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74 9 65 3 70 5 78 4 86 6 72 9 73 3 86 9 86 2 75 9 81 5 69 7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83.9 89.7 77.8 1935 January 78.8 77.6 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 February 79.5 79.1 82.7 77.4 86.0 70.1 72.5 85.8 85.0 80.4 80.7 70.1 March 79.4 78.3 81 9 77 3 85 4 69 4 73 0 85 7 84.9 81.5 80 7 69 2 April 80.1 80.4 84.5 77.2 86.3 69.2 72.8 85.9 84.6 81.0 80.7 68.7 May . 80 2 80 6 84.1 77.6 88 3 69.4 73.1 86.6 84.8 81.2 80.6 68.7 June 79 8 78 3 82.8 78 0 88.9 70 1 74 2 86 9 85 3 80 7 80 5 68 4 July 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.2 78.7 80.4 67.7 August 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.6 85.4 78.6 80.5 67.3 September.... 80.7 79.5 86.1 77.8 90.9 71.8 73.0 86.6 85.9 80.2 80.5 67.1 October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80.6 67.5 Nfovember 80.6 77.5 85.1 78.8 95.0 73.4 74.5 86.9 85.8 81.2 81.0 67.4 December 80.9 78.3 85.7 78.7 95.4 73.2 74.6 86.8 85.5 80.6 81.0 67.5 1936 January 80.6 78.2 83.5 78.8 97.1 71.7 75.1 86.7 85.7 80.5 81.4 67.8 February 80.6 79.5 83.2 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81.5 68.1 March 79.6 76.5 80.1 78.9 94.9 70.8 76.2 86.6 85.3 79.3 81.4 68.3 April 79 7 76 9 80 2 78 9 94.6 70 2 76 4 86 6 85 7 78 5 81 5 68 6 May 78.6 75.2 78.0 78.8 94.0 69.8 76 0 86.3 85.8 77.7 81.5 69.2 June 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 85.8 78.0 81.4 69.7 July 80.5 81.3 81.4 79.5 93.4 70.5 76.2 86.9 86.7 79.4 81.2 71.0 August 81 6 83 8 83.1 79.7 93.6 70 9 76.3 87.1 86 9 79.8 81.4 71.5 September.... 81.6 84.0 83.3 79.6 94.6 70.9 76.1 86.8 87.1 81.7 81.7 71.3 October 81.5 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82.0 71.5 November 82.4 85.1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.5 82.3 73.4 December 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.6 89.5 85.3 83.2 74.5 1937 January 85.9 91.3 87.1 83.4 101.7 77.5 76.6 90.9 91.3 87.7 86.5 76.2 February 86.3 91.4 87.0 84.1 102.7 77.5 76.8 91.7 93.3 87.8 87.9 77.3 March 87.8 94.1 87.5 85.5 104.2 78.3 76.2 96.0 95.9 87.5 88.4 79.5 April 88.0 92.2 85.5 86.5 106.3 79.5 76.8 96.5 96.7 86.9 89.0 81.1 May 87.4 89.8 84.2 86.3 106.7 78.7 77.2 95.8 97.2 84.5 89.3 80.5 June 87.2 88.5 84.7 86.1 106.4 78.2 77.5 95.9 96.9 83.6 89.5 79.4 July 87.9 89.3 86.2 86.3 106.7 78.3 78.1 96.1 96.7 83 9 89.7 79.0 August 87.5 86.4 86.7 86.1 108.1 77.1 78.4 97.0 96.3 82.2 91.1 77.3 September.... 87.4 85.9 88.0 85.9 107.6 75.3 78.7 97.1 96.2 81.4 91.1 77.0 October 85.4 80.4 85.5 85.1 106.7 73.5 78.5 96.4 95.4 81.2 91.0 76.2 November 83.3 75.7 83.1 84.3 101.4 71.2 78.2 96.8 93.7 80.2 90.4 75.4 December 81.7 72.8 79.8 83.6 97.7 70.1 78.4 96.3 92.5 79.5 89.7 75.0 1 Index based on 550 price series from 1913 to 1925 and on 784 price series from 1926 to date. Back figures.—See Annual Report for 1936 (table 80) and similar tables in previous Annual Reports. For weekly figures covering 1937, see Federal Reserve Bulletin forMay 1937, September 1937, and January 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 189 No. 87.—WHOLESALE COMMODITY PRICES, BY SUBGROUPS, 1937 [Index numbers of Bureau of Labor Statistics. 1926 = 100] Annual Subgroups Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Farm products: Grains 113.0111.5 119.2113.9105 105 92.0 91.9 77.0 71 98.3 Livestock and poultry 91.4 93.6 95.9 98.3105.0108.2106.7 98.5 78.4 95.5 Other farm products 83.4 79.0 77.4 75.1 71.4 71.2 70.1 70.7 69.3 77.2 Foods: Dairy products 90. 78 73.1 72.0 76.4 84.8 90.2 83.1 Cereal products 89.3 89.8 88.7 90.4 92.3 87 86.1 84.6 81 82.0 87.6 Fruits and vegetables 87.8 83 84.1 84.5 71.2 65.3 64.0 62.2 61.5 57.8 74.2 Meats 90.6 94.9 95.9 98.0106.0112.1113.410' 98.3 88.8 99.1 Other foods 82.1 78.8 78. 77.0 75.2 74.3 74.6 73.6 75.5 '3.4 73.6 71 75.6 Hides and leather products: Shoes 99 101 102. 103.8106.1107.5107.4107.4107.5107.6106.9105.6 105.0 Hides and skins 116.0114.9118. 121.4117. 114.6116.2122.1120 7117.1 94.6 85. 113.5 Leather 94.3 95 97.1100. 100.6 .8 98. 100.0 9 97.2 92.7 96.8 Other leather products 101.1101 101 102.3102.3102.3102. 103.2103.3103.3103.1 102.6 Textile products: Clothing 83.9 84.2 84.8 86.8 87.2 89.1 90.1 90.0 89.7 89.4 87.3 87.9 Cotton goods 91 91 94.0 95.1 92.6 89 86.8 82.2 76.8 73.1 70.5 68.7 84.3 Hosiery and underwear]... 64.4 64 64.9 65.9 65.7 64.6 64.8 65. 66.5 65.8 64.2 63.4 65.1 Silk and rayon 34 33.7 33.6 33.8 32.5 32.5 33.9 32.9 32.4 30.6 30.1 29.4 32.5 Woolen and worsted goods.. 91.9 93.1 92.6 93 93 93. 94.4 93.9 92.4 90.1 85.1 83.5 91.1 Other textile products 65.9 66 68.8 67.5 69.3 71.1 70.0 69.0 69.0 68.5 68.4 Fuel and lighting materials: Anthracite 81.6 81 77.8 72.4 74.2 74.5 76.6 76.8 78 78.8 79.8 80.0 77.8 Bituminous coal 96.8 97.4 97 98.6 98.5 98.5 68.6 98.7 99.2 99.3 99.2 101.1 98.6 Coke 97.6 97.6 97 102.8105.1105.0104.9104.9105.0105.3105.4105.5 103.1 Electricity 81.0 80.8 77.8 77.1 78.8 79.5 80.0 79.4 80.5 81.0 83.1 83.1 80.4 Gas 82 80.7 79.8 80.7 83.0 84 84.0 82.6 84.0 83.6 83.1 81.3 82.4 Petroleum products 58.3 59.1 58 59. 60.9 61.5 61.8 62.0 62.2 61 60.6 59.5 60.5 Metals and metal products: Agricultural implements... 93.0 93.1 93.1 92.1 93.8 94.1 94.2 94.2 94.2 94.2 95.9 96.1 94.0 Farm machinery2 92. 92.8 94.0 95.3 95,8 96.1 96.1 96.1 96.1 96.2 97.6 97.6 95.6 Iron and steel 91. 92.0 97 99 99. 99.8 99.9 99.8 99.7 99.3 99.0 98.2 Motor vehicles3 86.3 86.3 86.3 86.9 86.9 87.0 90.2 91.2 92.2 95.3 95.6 89.3 Nonferrous metals 84.8 89.4101.1 97.0 91.7 91.9 92.7 93.3 92 85.5 78.5 75.1 89.6 Plumbing and heating 77.1 77.4 77.6 78.7 78.7 78.7 78.7 80.6 79.6 79.6 78.8 Building materials: Brick and tile 91.0 91.8 94.9 95.0 95.0 95.4 95.5 95.0 93.4 92.0 93.5 Cement 95.5 95 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 9o.5 Lumber 93.0 99.0102.1103.0 103.0 102.2101.3 99.5 99.0 97.3 94.8 93.8 99.0 Paint and paint materials.. 83.7 83.4 83.9 83.9 83.7 83.6 83.9 84.1 84. 84.2 81.5 80.2 83.4 Plumbing and heating 77.1 77.4 77. .7 '8.7 78.7 78.8 80.6 80.6 79.6 79.6 78.8 Structural steel 104.7104.7112.9114.9114.9114.9114. 114.9 [14.9114.9 114.9114.9 113.2 Other building materials... 93.9 95.0 98.9 99.9101.3101.1101.0 101.0 100.8100.2 98.7 96.9 99.1 Chemicals and drugs: Chemicals 96.4 95.6 95.3 2 91.1 90.1 89.9 87.0 85.7 85.3 84.2 83.5 89.9 Drugs and Pharmaceuticals. 79.0 83.0 83.0 82.9 79.2 78.0 78.2 78.2 78 3 78.3 76.8 75.1 79.1 Fertilizer materials 70.6 70.7 70.3 70.7 70.6 70.5 71.3 71 71 .'8 72.5 71.9 72.0 71.2 Mixed fertilizers 71.4 71 71.7 72.0 72.2 72.3 74.2 74.8 74.8 74.9 74.5 74.4 73.2 Housefurnishing goods: Furnishings 89.0 91.2 91.7 92.1 92.5 92.5 92. ( 95.0 94.9 94.9 94.8 93.5 93.4 Furniture 84.0 84.5 85.0 85.8 86.1 86.6 86.8 87.1 87.1 87.1 86.0 85.9 Miscellaneous: Auto tires and tubes 51.8 53.1 55.0 56.4 56.4 56.4 56.4 56.4 56.4 56.4 57.4 57.4 55.8 Cattle feed .35.4 [29.4 135.0 46.8139.9 .16-.9116.5 82.9 81.2 83.6 83.3 81.7 110.5 Paper and pulp 84.8 87.5 90.2 .9 94.6 95.0 94.2 94.1 93.4 92.4 90.4 89.8 Rubber, crude 44.3 44.3 50.9 49.3 44.6 41.0 39.6 38.2 38.4 33.6 30.6 31.2 40.5 Other miscellaneous 83.1 84.2 84.8 85.3 85.5 85.8 85.7 85.4 85.1 84.6 83.5 84.7 formerly called "knit goods." 2New series. Included in "agricultural implements." 3Preliminary revision. Back figures.—Indexes for these subgroups and indexes for individual commodities, 1913-1! 6, may be obtained from Bureau of Labor»Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APPENDIX 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS—BOARD OF GOVERNORS Following is a copy of the record of actions by the Board of Governors of the Federal Reserve System during the year on questions of policy, required to be kept by the last paragraph of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935. MEETING ON JANUARY 6, 1937 Members present: Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Cancelation of Condition of Membership Prohibiting the Conduct of Insurance Business by State Member Banks. The Board voted that, in the absence of any abuse or unsound practices in the operation of an insurance department of a State bank applying for membership in the Federal Reserve System, no condition of membership would be prescribed in connection with the admission of the bank to membership prohibiting it from engaging in the business of soliciting or writing insurance, it being understood that such activities would be in accord with State law and the rulings of the appropriate State authorities. On this action Messrs. Broderick, Szymczak, McKee and Davis voted "aye" and Mr. Ransom voted "no." The Board also voted to cancel the conditions of membership to which nine member banks were subject and which provided that the banks should not engage in the business of soliciting or writing insurance. This action was taken by unanimous vote, Mr. Ransom stating that he voted in the affirmative in the light of the earlier action which determined the question of general policy. It had been the policy of the Board for some time in connection with the admission of State banks to membership in the Federal Reserve System to prescribe, wThere the applying bank was conducting an insurance business at the time of its application for membership and was located in a town of more than 5,000 inhabitants, a condition of membership requiring the applicant to discontinue the conduct, either directly or indirectly, of an insurance business. The action referred to above was the result of a decision at this meeting that, in furtherance of the policy of encouraging membership in the Federal Reserve System whenever that can be done consistently with the maintenance of high banking standards, the previous policy of the Board with respect to conditions of membership applicable to the conduct of an insurance business should be abandoned, since it did not appear that banks had suffered through the conduct of an insurance business, and, if an examination should disclose unsafe or unsound prac- 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 ANNUAL REPORT OF BOARD OF GOVERNORS tices in connection with the operation of an insurance department, appropriate action could be taken as in the case of unsafe or unsound practices in any other activity of the bank. Proposed Amendment to Section 16 of the Federal Reserve Act to Extend Authority of the Federal Reserve Banks to Pledge Direct Obligations of the United States as Collateral for Federal Reserve Notes. When this matter was taken up Chairman Eccles had joined the meeting. By unanimous vote Chairman Eccles was authorized to take such steps as were necessary in the circumstances to place before the appropriate committees of Congress a draft of an amendment to section 16 of the Federal Reserve Act to extend for a further period the authority of the Federal Reserve banks, with the approval of the Board, to pledge direct obligations of the United States as collateral security for Federal Reserve notes. This action was taken for the reason that, while, as a consequence of the large gold imports in recent years, the twelve Federal Reserve banks combined held enough gold certificates to enable them to provide a 100 percent cover for all outstanding Federal Reserve notes, some of the banks individually, because of the small amount of eligible paper available, had an insufficient amount of gold certificates and eligible paper for that purpose. Furthermore, should gold leave the country in large amounts as it had done on previous occasions, notably in 1931 and 1932, the Federal Reserve System, in the absence of authority to pledge United States Government obligations as collateral for Federal Reserve notes, might find itself compelled to adopt a restrictive credit policy at a time when an easy credit policy might be desirable. This might result in less liberal lending policies on the part of member banks, in increased interest rates, and in consequent serious restraint on business activity at a time when directly opposite results should be sought. All of the members were of the opinion that it was clearly not in the public interest to run the risk of such a development as the result of a lapse in the authority to pledge Government securities as collateral for Federal Reserve notes. MEETING ON JANUARY 30, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Definition of "Interest", Contained in Subsection 1 (f) of Regulation Q, Payment of Interest on Deposits. The Board voted unanimously to postpone until May 1, 1937, the effective date of the definition of "interest" contained in subsection 1 (f) of Regulation Q, Payment of Interest on Deposits, which the Board, on December 21, 1936, announced would become effective on February 1, 1937. At this meeting of the Board consideration was given to requests received from Representative Steagall and Senator Wagner, Chairmen of the Banking and Currency Committees of the House of Representatives and Senate, respectively, that the Board defer the effective date of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 195 definition. The Board felt that the request which the Chairmen of the Banking and Currency Committees had made should be granted in view of the fact that the Board had been informed that a number of Members of Congress were giving consideration to the question of the advisability of amending the law under which the Board's regulation was issued, and desired additional time for that purpose. Increase in Reserve Requirements as to Member Banks. The following resolution was adopted, Messrs. Eccles, Ransom, Broderick, Szymczak and Davis voting "aye" and Mr. McKee voting "no": "RESOLVED, that the following supplement to Regulation D be adopted and promulgated by the Board: "SUPPLEMENT TO REGULATION D "Reserves required to be maintained by member banks with Federal Reserve banks "Pursuant to the provisions of section 19 of the Federal Reserve Act and section 2 (a) of its Regulation D, the Board of Governors of the Federal Reserve System increases by 33% percent the reserve requirements established by the Supplement to Regulation D made effective at the close of business on August 15, 1936: Provided, however, That 3/2 of such increase shall be effective as to each member bank at the opening of business on March 1, 1937, and the remaining % of such increase shall be effective as to each member bank at the opening of business on May 1, 1937.*" The following statement setting forth the reasons for the Board's action was approved with the understanding that it would be released for publication in the morning papers on Sunday, January 31, 1937, Messrs. Eccles, Ransom, Broderick, Szymczak and Davis voting "aye" and Mr. McKee not voting: "The Board of Governors of the Federal Reserve System today increased reserve requirements for member banks by 33% percent, as follows: On demand deposits, at banks in central reserve cities, from 19% to 26 percent; at banks in reserve cities, from 15 to 20 percent; and at 'country' banks, from 10% to 14 percent; on time deposits, at all banks, from 4% to 6 percent. For the purpose of affording member banks ample time for orderly adjustment to the changed requirements, one-half of the increase will become effective as of the opening of business on March 1, 1937, and the remaining half will become effective as of the opening of business on May 1. "The following table shows what the reserve requirements are at present, what they will be from March 1 through April 30, and what they will be commencing May 1: " * Effective at the opening of business on March 1, 1937, the requirements as to reserves to be maintained by each member bank will be 75 percent above the requirements prescribed by section 19 of the Federal Reserve Act, and, effective at the opening of business on May 1, 1937, the requirements as to reserves to be maintained by each member bank will be 100 percent above the requirements prescribed by section 19 of the Federal Reserve Act." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 ANNUAL REPORT OF BOARD OF GOVERNORS RESERVE REQUIREMENTS (Percent of deposits) Demand deposits Time deposits Class of bank Present March 1 May 1 Present March 1 May 1 require- through and require- through and ments April 30 after ments April 30 after Central reserve city 22^ 26 Reserve city 15 17H 20 'Country' ioy2 14 "This action completes the use of the Board's power under the law to raise reserve requirements to not more than twice the amount prescribed for member banks in section 19 of the Federal Reserve Act. "The section of the law which authorizes the Board to change reserve requirements for member banks states that when this power is used it shall be 'in order to prevent injurious credit expansion or contraction.' The significance of this language is that it places responsibility on the Board to use its power to change reserve requirements not only to counteract an injurious credit expansion or contraction after it has developed, but also to anticipate and prevent such an expansion or contraction. "By its present action the Board eliminates as a basis of possible credit expansion an estimated $1,500,000,000 of excess reserves which are superfluous for the present or prospective needs of commerce, industry, and agriculture and which, in the Board's judgment, would result in an injurious credit expansion if permitted to become the basis of a multiple expansion of bank credit. The Board estimates that, after the full increase has gone into effect, member banks will have excess reserves of approximately $500,000,000, an amount ample to finance further recovery and to maintain easy money conditions. At the same time the Federal Reserve System will be placed in a position where such reduction or expansion of member bank reserves as may be deemed in the public interest may be effected through open-market operations, a more flexible instrument, better adapted for keeping the reserve position of member banks currently in close adjustment to credit needs. "As the Board stated on July 15, 1936, in its announcement of the previous increase of reserve requirements, excess reserves then held by member banks had resulted almost entirely from the inflow of gold from abroad rather than from the System's credit policy. Since that time the country's gold stock has been further increased by a large inflow of gold, amounting to $600,000,000. Between the time of the banking holiday in 1933 and December 24, 1936, when the United States Treasury put into effect its program for preventing acquisitions of gold from adding to the country's banking reserves, the gold inflow aggregated approximately $4,000,000,000. This inflow of gold had the effect of adding an equal amount to the reserves of member banks as well as to their deposits. The total amount of deposits in banks and the Postal Savings System, plus currency outside of banks, is now $2,000,000,000 larger than in the summer of 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 197 "The present volume of deposits, if utilized at a rate of turnover comparable to pre-depression levels, is sufficient to sustain a vastly greater rate of business activity than exists today. In order to sustain and expand recovery, the country's commerce, industry, and agriculture, therefore, require a more complete and productive utilization of existing deposits rather than further additions to the amount now available. "The excess reserves of about $1,500,000,000 eliminated as a base of further credit expansion by this action could support an increase in the supply of money, in the form of bank credit, which beyond any doubt would constitute an injurious credit expansion. "The present is an opportune time for action because, as was the case when the Board announced its prior action last July, excess reserves are widely distributed among member banks, and balances with correspondent banks are twice as large as they have generally been in the past. All but a small number of member banks have more than sufficient excess reserves and surplus balances with other banks to meet a 33% percent increase in reserve requirements. As of January 13, the Board's survey indicates that only 197 of the 6,367 member banks lacked sufficient funds to meet such an increase in reserve requirements by utilizing their present excess balances with the reserve banks and not more than one-half of their balances with correspondent banks. On this basis these 197 banks, in order to meet the full requirements, would have needed an additional $123,000,000, of which $110,000,000 would have been needed by banks in central reserve cities, $11,000,000 by banks in other reserve cities and only $2,300,000 by country banks. "Another reason for action at this time is that, as stated, by the Board last July, 'it is far better to sterilize a part of these superfluous reserves while they are still unused than to permit a credit structure to be erected upon them and then to withdraw the foundation of the structure.' "The available methods of absorbing excess reserves have been under consideration. It has been decided that under present circumstances changes in reserve requirements should precede reduction in reserves through open-market operations, because changes in requirements affect all banks, regardless of their reserve position, and consequently should be made while reserves are widely distributed. "This action increases reserve requirements to the full extent authorized by law. It is not the present intention of the Board to request from Congress additional authority to absorb excess reserves by means of raising reserve requirements. "It is the Board's expectation that, with approximately $500,000,- 000 of excess reserves remaining with the banks, credit conditions will continue to be easy. At the same time the Reserve System will be in a position to take promptly such action as may be desirable to ease or tighten credit conditions through open-market and rate policy. "In announcing the previous increase in reserve requirements, the Board said: " 'The prevailing level of long-time interest rates, which has been an important factor in the revival of the capital market, has been due principally to the large accumula- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 ANNUAL REPORT OF BOARD OF GOVERNORS tions of idle funds in the hands of individual and institutional investors. The supply of investment funds is in excess of the demand. The increase in reserve requirements of member banks will not diminish the volume of deposits held by these banks for their customers and will, therefore, not diminish the volume of funds available for investment. The maintenance of an adequate supply of funds at favorable rates for capital purposes, including mortgages, is an important factor in bringing about and sustaining a lasting recovery/ "The same considerations apply with equal force at the present time. The Board's action does not reduce the large volume of existing funds available for investment by depositors, and should not, therefore, occasion an advance in long-term interest rates or a restrictive policy on the part of institutional and other investors in meeting the needs for sound business, industrial and agricultural credit. "In view of all these considerations, the Board believes that the action taken at this time will operate to prevent an injurious credit expansion and at the same time give assurance for continued progress toward full recovery." MEETING ON FEBRUARY 9, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. McKee, Mr. Davis. Definition of "Interest", Contained in Subsection 1 (f) of Regulation Q, Payment of Interest on Deposits. By unanimous vote, the Board adopted the following resolution: "BE IT RESOLVED, that, effective February 11, 1937, Regulation Q entitled 'Payment of Interest on Deposits/ as adopted to become effective January 1, 1936, is amended by striking out subsection (f) of section 1 thereof and by inserting after the first sentence of subsection (a) of section 2 thereof the following sentence: Within this regulation, any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit shall be considered interest." Prior to this meeting members of the Board had discussed on several occasions with Members of Congress and the Federal Deposit Insurance Corporation the problems which had arisen by reason of the difference between the definition of "interest" as contained in Regulation Q of the Board of Governors and Regulation IV of the Federal Deposit Insurance Corporation with specific reference to the absorption of exchange and collection charges by member banks and insured nonmember banks respectively. The Chairman of the Federal Deposit Insurance Corporation had agreed to a suggestion that amendments to the Board's Regulation Q and the Corporation's Regulation IV be drafted which would bring them into uniformity on the basis of a declaration of the law and the elimination from both regulations of the definitions of the term "interest" contained therein. This course of action would remove from the Board's regulation any specific reference to the absorption of exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 199 and collection charges or any other particular type of expense, and, in the future, under the regulations of both bodies, the question what in a particular case would be considered a payment of interest or a device to evade the prohibition against the payment of interest would become a matter of administrative determination under the law and the regulations, in the light of experience and as specific cases involving the necessity for such determination might arise. Furthermore, Members of Congress who were considering the matter had encountered many difficulties in endeavoring to determine what, if any, amendments to the law they would feel justified in proposing and it was felt that the problem had many ramifications, some of which touched upon questions of fundamental importance to the banking system of the country. For these reasons, it was felt that it would be best to defer a specific determination of the question whether the absorption of exchange and collection charges would constitute the payment of interest, at least until some clear necessity therefor should arise in due course through the presentation of a particular case, with all the facts required for a carefully considered decision. MEETING ON FEBRUARY 15, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Elimination of Practice Known as "Three-Day Riding" in Connection with Purchases of Securities on Margin. The following resolution was adopted by unanimous vote: "RESOLVED, in view of assurances received from representatives of the New York Stock Exchange and others, that the practice commonly known as 'three-day riding' can be eliminated by action of the New York Stock Exchange and other national securities exchanges and in order to provide an opportunity to observe the effectiveness of the proposed action to be taken, that the Board lay on the table the amendment to Regulation T, which was proposed for the purpose of eliminating this practice, without prejudice to the Board's complete freedom to promulgate such or any amendment at any time when it seems advisable to do so either for the purpose of eradicating the practice referred to or for any other reason which, in the Board's judgment, justifies such action." The reasons for the Board's action are set forth in the following press statement, which was issued on February 16, 1937: "The Board of Governors of the Federal Reserve System has been giving consideration to the proposed amendment of Regulation T to eliminate the practice commonly known as 'three-day riding,' whereby customers who purchase securities on margin have been permitted by brokers to sell during the period allowed by the regulation for providing the margin and by this means to avoid furnishing the amount of margin prescribed by the Board under the law. "During discussions which have taken place since the Board's statement to the press of November 20, 1936, it has been shown that there is general agreement that the practice in question should be eliminated. It has been represented to the Board of Governors, on behalf of national securities exchanges, that the occasion for amending the regulation for the specific purpose of preventing 'three-day riding' would disappear if appropriate action should be taken by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 ANNUAL REPORT OF BOARD OF GOVERNORS New York Stock Exchange and other national securities exchanges. "The Board has been advised by representatives of the New York Stock Exchange that the Exchange is prepared to take such action promptly by adopting and enforcing rules and regulations which, in the opinion of the Exchange, would effectively eliminate the practice referred to within the field of jurisdiction of the New York Stock Exchange. The Board has also been advised that the Exchange would require that members keep certain records and make certain reports to the Exchange, which would result in the accumulation of a substantial quantity of information in regard to the manner in which margin requirements are met, and that the Exchange would cooperate with the Board in making available to it, in convenient form, the information thus accumulated. "Having given further consideration to the problem, and taken account of the representations made in behalf of the New York Stock Exchange and other national securities exchanges, the Board has deferred adoption of the proposed amendment of Regulation T in order to afford to the New York Stock Exchange and other national securities exchanges an opportunity to eliminate the practice. The Board's action is without prejudice to its complete freedom to promulgate such an amendment, or any other amendment, at any time when it seems advisable to do so either for the purpose of eradicating the practice referred to or for any other reason which, in the judgment of the Board, justifies such action." MEETING ON APRIL 13, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Amendment to Section 5 of Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges.. By unanimous vote the Board adopted the following resolution: "RESOLVED, that effective April 23, 1937, the Board approve and adopt the following amendment to Regulation T: 'Section 5 of Regulation T is hereby amended by striking out the date "July 1, 1937" in subsections (c) and (d) of said section and substituting therefor the date "January 1, 1938." ' " By this amendment the Board extended from July 1, 1937, to January 1, 1938, the period during which persons subject to Regulation T might continue to maintain, without collateral or on collateral other than registered securities, credit that was extended prior to October 1, 1934 (the date on which Regulation T became effective), for the purpose of purchasing or carrying securities, or without violation of Regulation T subsequently to that date. This action was taken for the same reasons as justified the Board in granting the permission originally. The cases in which such credit was maintained were few; many of them had arisen from circumstances beyond the control of the creditor; new instances seldom arose; the creditor needed time to enable the debtor to discharge his indebtedness; hardship might have resulted if the period had not been extended; and the total Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 201 amount of credit involved was relatively small. Therefore, it was not necessary for the Board to withhold the permission either for the purpose of preventing the excessive use of credit for purchasing or carrying securities or for the purpose of preventing circumvention of Regulation T. MEETING ON JULY 29, 1937 Members present: Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Amendment to Regulation U, Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange. By unanimous vote the Board adopted the following resolution: "RESOLVED, that effective September 1, 1937, the Board approve and adopt the following amendment to Regulation U: Regulation U, as amended, is hereby further amended in the following respects: 1. Section 1 of said regulation is amended by inserting the words 'or at any previous time/ in the second paragraph of said section after the words 'incurred on or after May 1, 1936/; and by substituting the words 'While a bank maintains any such loan, whenever made, the' for the words 'After any such loan has been made, a' in the third paragraph of said section; so that said section 1 as thus amended will read as follows: SECTION 1. GENERAL RULE On and after May 1, 1936, no bank shall make any loan secured directly or indirectly by any stock for the purpose of purchasing or carrying any stock registered on a national securities exchange in an amount exceeding the maximum loan value of the collateral, as prescribed from time to time for stocks in the supplement to this regulation and as determined by the bank in good faith for any collateral other than stocks. For the purpose of this regulation, the entire indebtedness of any borrower to any bank incurred on or after May 1, 1936, or at any previous time, for the purpose of purchasing or carrying stocks registered on a national securities exchange shall be considered a single loan; and all the collateral securing such indebtedness shall be considered in determining whether or not the loan complies with this regulation. While a bank maintains any such loan, whenever made, the bank shall not at any time permit withdrawals or substitutions that would increase the deficiency; but the amount of the loan may be increased if there is provided additional collateral having maximum loan value at least equal to the amount of the increase. 2. Section 2 of said regulation is amended by substituting the word 'may' for the word 'thereafter' in the unlettered portion of said section so that the unlettered portion of said section as thus amended will read as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 ANNUAL REPORT OF BOARD OF GOVERNORS SECTION 2. EXCEPTIONS TO GENERAL RULE Notwithstanding the foregoing, a bank may make and may maintain any loan for the purpose specified above, without regard to the limitations prescribed above, if the loan comes within any of the following descriptions:" This amendment, which made the provisions of Regulation U applicable to so-called old loans (loans made prior to May 1, 1936, the date upon which the regulation became effective, which would have been subject to the regulation if made on or after that date), was adopted principally (1) to prevent the unlimited withdrawal of the collateral for an old loan and the unlimited use of such collateral for additional loans subject to the regulation, (2) to prevent any appreciation in the market value of the collateral for an old loan from serving as the basis for a new loan subject to Regulation U except to the extent that the loan value of such collateral determined in accordance with the regulation exceeds the amount of the old loan, and (3) by eliminating the distinction between old and new loans, to simplify the work of examiners in connection with the enforcement of the regulation. MEETING ON JULY 30, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. Davis. Amendment to Section XIV of Regulation K, Banking Corporations Authorized to Do Foreign Banking Business under the Terms of Section 25(a) of the Federal Reserve Act. By unanimous vote the Board adopted the following resolution: "BE IT RESOLVED, that the first sentence of the third paragraph of section XIV of Regulation K entitled 'Banking Corporations Authorized To Do Foreign Banking Business Under The Terms of Section 25 (a) Of the Federal Reserve Act' is amended, effective September 1, 1937, to read as follows: 'Against all demand deposits and time deposits received by the Corporation in the United States a reserve shall be maintained in the percentages required to be maintained by member banks of the Federal Reserve System located in central reserve cities, provided that in no event shall such reserve be less than 10 percent of the aggregate amount of all demand deposits and time deposits received in the United States.' " This action was taken for the reason that it was the opinion of the Board that all foreign banking corporations operating under the supervision of the Board pursuant to the provisions of either Section 25 or Section 25 (a) of the Federal Reserve Act should be placed on substantially the same basis with respect to reserve requirements, and should carry at least the amount of reserves required of member banks in central reserve cities. MEETING ON AUGUST 14, 1937 Members present:Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 203 Regulation M, Foreign Branches of National Banks and of Corporations Organized under the Provisions of Section 25(a) of the Federal Reserve Act. By unanimous vote, Regulation M, Foreign Branches of National Banks and of Corporations Organized under the Provisions of Section 25 (a) of the Federal Reserve Act, was approved and adopted, effective as of August 14, 1937. The regulation provides that whenever, in any place in any foreign country where a branch or agency of a national bank, or a corporation organized under Section 25 (a) of the Federal Reserve Act, is established, there exists a disturbed condition which, in the opinion of the officer in charge of such branch or agency, endangers the lives of its employees or its property, or, for any other reason beyond the control of the branch or agency and which relates to such disturbed condition, renders it impracticable for such branch or agency to continue to function, he may, after every effort has been made to render the greatest possible service to the depositors of the branch or agency, suspend operations in whole or in part until the reason for such suspension has ceased to exist. The regulation was adopted in order that foreign branches or agencies of national banks and of corporations organized under Section 25 (a) of the Federal Reserve Act might have authority to curtail or suspend operations temporarily whenever disturbed conditions such as those existing in China at the time action was taken by the Board make such action necessary. MEETING ON AUGUST 20, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman ; Mr. Szymczak, Mr. Davis. Change in Rates on Discounts and Advances under Sections 13 and 13a, and Section 10(b), of the Federal Reserve Act. The Board voted unanimously to approve a rate of 1% percent on rediscounts of eligible paper for member banks and advances to member banks under the provisions of Sections 13 and 13a of the Federal Reserve Act, fixed by the Federal Reserve Banks of Atlanta and Chicago, and a rate of 2 percent on advances to member banks under Section 10 (b), of the Federal Reserve Act, fixed by the Federal Reserve Bank of Atlanta, all effective August 21, 1937. The reasons for the Board's action are set forth in the following statement: "The Board's approval was based upon the view that the reduction of discount rates at this time would assist in carrying out the System's policy of monetary ease arid make Federal Reserve bank credit readily available to member banks for the accommodation of commerce, business and agriculture, without encouraging member banks to borrow outside of their districts or to liquidate their portfolios in order to be in a position to meet the needs of present or prospective borrowers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 ANNUAL REPORT OF BOARD OF GOVERNORS "The reduction in discount rates, which have had little or no practical effect during the period when excess reserves were abnormally large and widely distributed throughout the System, brings the rates into closer relation with the interest rate structure generally prevailing, and affords to member banks the benefit of rates, on advances made by the Federal Reserve bank, which are in line with those available in the money market. During the extended period when excess reserves of the banking system were between two and three billions of dollars, the occasion did not arise except in rare instances for member banks to borrow from the Federal Reserve banks, and the discount rates were accordingly inoperative as a practical matter. "As a result of the continued progress of the recovery movement, demands of agriculture, industry and commerce for bank accommodation have steadily increased and at the present time are augmented by seasonal requirements, particularly with relation to crop movements. While excess reserves, following the action of the Board in increasing reserve requirements, remain at an unusually high level of approximately $750,000,000 at present for the System as a whole, they are distributed preponderantly among the country banks and not in the money centers. The reduction of the discount rates in the two large agricultural districts of Atlanta and Chicago should serve to assist the member banks to utilize credit directly available in these districts in order to meet banking requirements in connection with crop movements and business needs. "It is the Board's view, therefore, that at this time the Federal Reserve System can best discharge its public responsibility and promote the continuance of recovery by making it possible for member banks to obtain accommodation from Federal Reserve banks at rates which will encourage them to employ their funds to meet the needs of agriculture, industry and commerce." In accordance with the general policy reflected by the above action, the Board, by subsequent unanimous action, approved reduced rates established by other Federal Reserve banks on rediscounts of eligible paper for member banks and advances to member banks under the provisions of Sections 13 and 13a and on advances under Section 10 (b) of the Federal Reserve Act, as follows: Federal Rediscounts and Advances Reserve advances under under Effective Bank Sections 13 and 13a Section 10 (b) date Chicago * 2% August 21 Minneapolis 1%% 2% August 24 New York 1% * August 27 Richmond * August 27 Dallas 2% August 31 St. Louis 1%% 2% September 2 Boston 1V ®f' 2% September 2 Kansas City 11/9% 2% September 3 San Francisco September 3 Philadelphia iy % 2% September 4 2 Richmond 2% September 10 San Francisco * 2% September 17 * No change made in existing rate on this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 205 MEETING ON SEPTEMBER 12, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Request to Secretary of the Treasury that He Consider Favorably the Desterilization of $300,000,000 of Gold. At a meeting on this date the Federal Open Market Committee had adopted two resolutions, (1) authorizing the executive committee to purchase up to $300,000,000 of short-term Treasury obligations to provide funds to meet seasonal withdrawals of currency and other seasonal requirements for the purpose of maintaining at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of furthering economic recovery through monetary ease, and to direct a reduction of not to exceed a like amount in the holdings of such obligations when seasonal influences were reversed or if other influences made their retention unnecessary for the purposes of the resolution, and (2) recommending to the Board of Governors that it request the Secretary of the Treasury favorably to consider the desterilization of approximately $300,000,000 of gold out of the Treasury inactive account. With a view to cooperation in effectuating the second resolution adopted by the Federal Open Market Committee the Board voted unanimously to request the Secretary of the Treasury favorably to consider the desterilization of approximately $300,000,000 of gold out of the Treasury inactive account, the time and method of such desterilization to be determined by the Secretary of the Treasury in consultation and cooperation with the executive committee of the Federal Open Market Committee. The reasons for the Board's action are set forth in the following statement issued to the press at the conclusion of the meeting of the Federal Open Market Committee on September 11-12, 1937: "The Federal Open Market Committee met in Washington on September 11 and 12 and reviewed the business and credit situation. In view of the expected seasonal demands on the banks for currency and credit during the coming weeks the Committee authorized its Executive Committee to purchase in the open market from time to time sufficient amounts of short term U. S. Government obligations to provide funds to meet seasonal withdrawals of currency from the banks and other seasonal requirements. Reduction of the additional holdings in the open market portfolio is contemplated when the seasonal influences are reversed or other circumstances make their retention unnecessary. "The purpose of this action is to maintain at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of monetary ease for the furtherance of economic recovery. "As a further means of making this policy effective, the Open Market Committee recommended that the Board of Governors of the Federal Reserve System request the Secretary of the Treasury to release approximately $300,000,000 of gold from the Treasury's inactive account. The Board of Governors acted upon this recommendation and the Secretary of the Treasury agreed to release at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 ANNUAL KEPORT OF BOARD OF GOVERNORS once the desired amount of gold. This will place an equivalent amount of funds at the disposal of the banks and correspondingly increase their available reserves. "This action is in conformity with the usual policy of the System to facilitate the financing of orderly marketing of crops and of autumn trade. Together with the recent reductions of discount rates at the several Federal Reserve banks, it will enable the banks to meet readily any increased seasonal demands for credit and currency and contribute to the continuation of easy credit conditions." MEETING ON SEPTEMBER 14, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Davis. Regulation A, Discounts for and Advances to Member Banks by Federal Reserve Banks. By unanimous vote, Regulation A, Discounts for and Advances to Member Banks by Federal Reserve Banks, was approved and adopted in a revised form to become effective October 1, 1937. The revised regulation, which had been under consideration since the passage of the Banking Act of 1935, supersedes the revision of Regulation A issued in 1930 and was promulgated in order to bring the Board's regulation regarding discounts for and advances to member banks by Federal Reserve banks into conformity with the various amendments to the law on this subject which have been enacted in recent years. These changes in the law, culminating in the Banking Act of 1935, reflected a definite change in the intention of Congress as to the character of assets which may be used as a basis for credit accommodations at a Federal Reserve bank. Under the original Federal Reserve Act the conception of the rediscount function of the reserve banks was limited to providing member banks with credit on short term paper arising out of specific commercial, industrial and agricultural transactions, particularly to meet seasonal requirements; whereas under the more recent amendments to the law it is provided that any assets of a member bank which are satisfactory to a reserve bank may be used as a basis for obtaining credit. Accordingly, the new regulation establishes rules which in effect permit any sound assets of member banks to be used as a basis for advances by Federal Reserve banks. In formulating the revised regulation, the Board had in mind the fact recognized by Congress in the Banking Act of 1935 that under our banking system member banks carry time deposits as well as demand deposits, and, since these banks are custodians of the funds representing the savings or capital accumulation of the people, they properly invest a part of their funds in long-time paper, and consequently provision should be made for using them in case of need as a basis for advances from the Federal Reserve banks. Experience has demonstrated that the solvency of banks is better safeguarded by careful regard to the quality of the paper that they acquire than by strict observance of the form that this paper takes, and that greater emphasis on soundness and less emphasis on form is a sound banking principle. The Board was also guided in its determination of eligibility requirements by the recognition of the fact that at a time of a deflationary trend it is important for the Federal Reserve System to lend with the greatest freedom con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 207 sistent with safety. At such times technical limitations on the character of eligible paper endanger rather than protect the safety of the banking structure. Federal Reserve banks differ from commercial banks in that they are not organized for the purpose of making profits but for the purpose of being of public service. Accordingly, in a preface to the new regulation it is stated that the guiding principle, underlying the discount policy of the Federal Reserve banks is the advancement of the public interest and that the effect that the granting or withholding of credit accommodation by a Federal Reserve bank may have on a member bank, on its depositors, and on the community is of primary importance. In harmony with all of these considerations, the regulation provides that, when in the judgment of the Federal Reserve bank circumstances make it advisable to do so, the bank may accept as security for advances any assets satisfactory to it, but lists specifically certain preferred classes of assets which cover the principal fields of financing. In addition, in order to encourage member banks to have their real-estate loans and installment paper in a form that would make them acceptable as a basis for advances at the Federal Reserve banks, the Board in an appendix to the regulation recommended certain minimum standards for observance in making such loans. By describing in the regulation the character of paper that will have first claim for advances the Board hopes to encourage better and safer banking practices. At the same time the Board believes that the assurance of support in case of need given to member banks with sound assets will encourage these banks to give their communities the financial services that they require. The revised regulation also eliminated a provision of the old regulation under which certain paper the proceeds of which were advanced or loaned to other borrowers was made ineligible for discount at Federal Reserve banks. The elimination of this provision rendered eligible for discount a large amount of paper of commission merchants and finance companies, including paper drawn to finance installment sales of a commercial character. In other respects, the revised regulation made few changes in the technical rules of eligibility which have prevailed since the Federal Reserve System was established. MEETING ON OCTOBER 27, 1937 Members present: Mr. Eccles, Chairman; Mr. Szymczak, Mr. Mc- Kee, Mr. Davis. Reduction in Margin Requirements on Loans by Brokers and Banks Under Regulations T and U and Establishment of Margin Requirements on Short Sales. By resolution, approved unanimously, the Board adopted, effective November 1, 1937, revised supplements to Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges, and Regulation U, Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange, which reduced the margins required on loans to ordinary customers by brokers and also on loans to ordinary customers by banks on stocks for the purpose of purchasing and carrying registered stocks, from 55 percent of the current market value of the securities held as collat- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 ANNUAL REPORT OP BOARD OF GOVERNORS eral to 40 percent, and on loans to brokers and dealers in securities by other brokers or by banks for the purpose of financing customers' commitments (commonly called omnibus accounts) from 40 percent to 25 percent. The revised supplement to Regulation T established in connection with short sales a margin requirement of 50 percent of the current market value of the securities sold except that in omnibus accounts a margin requirement of 35 percent of the current market value of the securities sold was fixed. Also by resolution, approved unanimously, various changes were made in Regulation T as of November 1, 1937, as an incident to the establishment in the supplement to the Regulation of margin requirements on short sales. The Board's action was based upon the following considerations: It was apparent that the progress of economic recovery was suffering an interruption. Security offerings in the third quarter of 1937 were the smallest since the revival of activity in the capital markets in the early part of 1935. The total of corporate offerings was about $400,000,000 as compared with $760,000,000 in the preceding quarter and $970,000,000 in the first quarter of the year. Prices of both securities and commodities had declined sharply. Productive activity following a year of output at the highest levels since 1929 declined in September and October to about the level of a year ago. The construction industry had experienced a disappointing year. Since September 1 there had been a decline in the loans of reporting member banks to brokers and dealers of $440,000,000, the largest decline since 1931, and such loans had reached the lowest level in two years. Credit extended by brokers to their customers had declined over 20 percent, from $1,560,000,000 in April to $1,200,000,000, a point approximately $100,000,000 below the level at the time the present margin requirements were established when, contrary to the present trend, brokers' loans were increasing. The provisions of the Securities Exchange Act of 1934 under which margin requirements had been established expressly authorized the Board to reduce margin requirements when it deems it appropriate to do so for the accommodation of commerce and industry, having due regard to the credit situation of the country. The members of the Board present viewed the proposed action as a step in the direction of moderating credit conditions in accord with the intent of the Securities Exchange Act. Consideration was also given to the fact that the provisions of the Securities Exchange Act of 1934, which provided for the establishment of margin requirements in connection with such loans, authorized the establishment of margin requirements in connection with short sales, which had not heretofore been prescribed. The Board had informally agreed, in previous discussions, that margins on short sales should be prescribed and announced in connection with the revised Regulation T then in preparation or the next change in margin requirements whichever was first. It was felt that traders on the short side of the market should not be in a position, with a given amount of funds, to exert a greater influence on the market than they could with the same amount of funds if they were trading on the long side. In this connection it was noted that to establish margin requirements of less than 50 percent on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 209 short sales would result, for considerably more than one-half the total number of stocks listed on the New York Stock Exchange, in the establishment of a requirement which would be on a lower level than the existing requirements of the Exchange. In taking action to reduce the margin requirements on loans of brokers and banks, it was agreed that no change should be made in the spread between the margin requirements for omnibus accounts and those for loans to customers and, therefore, the reduction in the requirement for omnibus accounts continued the same spread that had been in effect previously. MEETING ON DECEMBER 3, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Davis. Revision of Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges. By unanimous vote, a general revision of Regulation T was approved and adopted to become effective on January 1, 1938. The experience of the Board since the adoption of the original Regulation T in 1934 had disclosed that the purposes sought to be accomplished by the provisions of the Securities Exchange Act, under the authority of which the Regulation was issued, could be achieved by a simpler regulation which would be less restrictive and more practicable than the existing regulation. The revised regulation, which effected a number of technical changes, but made no change in the level of margin requirements and contained no provisions requiring liquidation of outstanding commitments or reduction of outstanding loans, was adopted to bring about this result. Amendment to Existing Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges. By unanimous vote, an amendment to the existing Regulation T prescribing the method by which brokers, prior to January 1, 1938, might separate customers' outstanding transactions in commodity futures from customers' security accounts, was approved and adopted to become effective on December 6, 1937. This amendment, which would expire with the effective date of the new Regulation T, was adopted in order that brokers might have an opportunity before the new regulation became effective on January 1, 1938, to separate a customer's transactions in commodity futures from his margin account in securities, thus placing the accounts on the separate basis on which the revised Regulation T would require them to be. MEETING ON DECEMBER 21, 1937 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Davis. Amendment of Regulation F, Trust Powers of National Banks. By unanimous vote, Regulation F was amended effective December 31, 1937, (1) to permit national banks, subject Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 ANNUAL REPORT OF BOARD OF GOVERNORS to certain regulatory provisions, to invest funds of various individual trusts in participations in common trust funds, provided that the amount so invested from any one trust shall not exceed $25,000, or 10 percent of the value of the assets of the common trust fund, whichever amount is less at the time of investment; (2) to permit national banks, within certain limitations, to invest cash balances of individual trusts in participations in common trust funds, provided the amount invested from any one such trust does not exceed $1,200; and (3) to make certain minor changes in the provision with respect to the organization and operation of trust department committees. These amendments were adopted for the following reasons: (1) In the Revenue Act of 1936 Congress granted certain tax exemptions to common trust funds administered by any bank in conformity with rules and regulations prescribed for national banks by the Board of Governors. By this legislation Congress recognized the desirability, under proper safeguards, of permitting the operation of such common trust funds. Some States have enacted legislation specifically authorizing the operation of common trust funds and in other States similar legislation has been considered. Such funds have been operated in the past in a number of States by banking institutions. The amendment was adopted after receiving criticisms and comments from all Federal Reserve banks and from other interested groups and after consultation with a special committee of the American Bankers Association which had recommended the adoption of such a regulation. In upholding and construing provisions of law relative to the exercise of trust powers by national banks, the courts have recognized that the regulation of the administration of trusts is a matter peculiarly within the province of the States. Therefore, the Board permitted the collective investment of funds of various trusts in common trust funds only when the laws of the State in which the particular national bank is located authorize or permit such investments by State banks, trust companies, or other corporations which compete with national banks. The amendment was also designed to prevent common trust funds from being operated as investment trusts for other than strictly fiduciary purposes and to prevent preferences or other inequities between trusts participating in common trust funds. (2) The Board's existing regulation had permitted national banks to make collective investments of funds of individual trusts if such funds were too small to be invested separately to advantage and the amendment adopted effective December 31, 1937, continues the authority to invest collectively such odd balances to the credit of the various trusts with as few regulatory provisions as possible, the primary purpose of the change in this respect being to clarify the meaning of the existing regulation with respect to the determination of what are considered to be small balances by limiting them to amounts not exceeding $1,200. (3) The amendments with respect to trust department committees were for the purpose of clarifying and making more practicable the existing provisions with respect to the internal organization and operation of such committees. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS—FEDERAL OPEN MARKET COMMITTEE Following is a copy of the record of actions by the Federal Open Market Committee during the year on questions of policy, required by the last paragraph of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935, to be kept by the Board of Governors of the Federal Reserve System: MEETING ON JANUARY 26, 1937 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Fleming, Mr. McKinney, Mr. Schaller, Mr. Hamilton. 1. Exchange Directly with Treasury Department of Maturing Government Securities Held in System Open Market Account for New Securities. It was voted unanimously that, whenever such action appeared to be desirable in the proper administration of the System open market account, maturing Government securities held in the account might be exchanged directly with the Treasury for securities of an issue being offered to the public under terms which permit the tender of the maturing securities in exchange. The Committee was of the opinion that the provision contained in section 14 (b) of the Federal Reserve Act that bonds, notes and other direct obligations of the United States may be bought or sold without regard to maturities but only in the open market does not prohibit the exchange of maturing Government securities for an equal amount of new securities carrying the conversion privilege, and that, inasmuch as such exchanges would result in saving a substantial amount previously paid as commissions in connection with the purchase and sale of securities which otherwise might be exchanged without such expense and it would be possible thereby to eliminate the accounting problem of the treatment to be given to profits on securities sold and premiums paid on securities purchased in the market, such direct exchanges should be made. 2. Emergency Purchases of Government Securities by Federal Reserve Banks. It was moved that the following resolution be adopted: "RESOLVED that, in an emergency, when necessary to afford relief in a situation involving one or more specific banking institutions in its district, any Federal Reserve bank may purchase Government securities for its own account (a) up to and not in excess of $100,- 000,000 with the prior consent of the executive committee, or (b) up to and not in excess of $50,000,000 without the prior consent of the executive committee, if because of the necessity for prompt.action it is not possible to obtain such prior consent. All purchases of Government securities by any Federal Reserve bank for its own account shall be reported promptly to the executive committee; and the 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
212 ANNUAL REPORT OF BOARD OF GOVERNORS executive committee shall promptly notify all members of the Federal Open Market Committee of such purchases. The Federal Open Market Committee reserves the right, and authorizes the executive committee, at any time to require the sale of any Government securities purchased by an individual Federal Reserve bank for its own account, or to require that such securities be transferred to the System Open Market Account, or to reduce the holdings of other Government securities in the System Open Market Account in an equivalent amount." On this motion the members voted as follows: "aye," Messrs. Harrison, Fleming, Schaller, Hamilton, McKinney, and Broderick; "no," Messrs. Eccles, Szymczak, Ransom, McKee and Davis. Mr. Broderick then stated that he desired to withdraw his vote, that, while he favored the adoption of the resolution, he believed that motions of this character, if adopted, should prevail by a larger margin than had been indicated in this case, and that, therefore, he wished to be recorded as not voting. Thereupon the motion was declared lost. The reason advanced for the motion was that it was important that the Federal Reserve System be prepared to act promptly in any emergency which might arise, that there was doubt whether the appropriate machinery was available to take care of a pressing emergency involving individual member or nonmember banks, that on some occasions in the past events had taken place so rapidly that adequate opportunity was not available for committee action of that sort, and therefore that each Federal Reserve bank should be in a position to purchase Government securities when necessary to afford relief in an emergency situation involving one or more specific banking institutions in its district which might arise so rapidly as to require action before the executive committee of the Federal Open Market Committee could consider the matter. The votes against the motion were upon the ground that the Federal Reserve banks, through the exercise of their powers to make loans and resale agreements, had ample authority to deal with specific local situations which might arise without warning; that in all other cases the Reserve banks would have sufficient notice of the development of the situation to bring the matter to the attention of the executive committee of the Federal Open Market Committee for consideration and action; and that, therefore, authority in the Federal Reserve banks to make emergency purchases of Government securities was not necessary. 3. Authority to Replace Maturing Securities and to Make Shifts of Securities in System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System Open Market Account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $600,000,- 000 nor less than $300,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 213 This authority was granted for the reason that it was felt that the executive committee should have such authority as might be necessary in the proper administration of the System open market account to enable it to replace maturing securities and to make shifts between maturities in the account, including authority to increase the holdings of bonds with maturities in excess of five years as well as authority to reduce such holdings within certain reasonable limitations, to meet changing market conditions and to improve the distribution of maturities in the account. 4. Authority to Increase or Decrease System Account. By unanimous vote, the Committee authorized the executive committee, subject to telegraphic or written approval by a majority of the members of the Federal Open Market Committee, to direct that the present amount of Government securities in the System open market account be increased or decreased by not more than $500,000,000. The Committee had in view the possibility of a decision by the Board of Governors to make a further increase in requirements as to reserves of member banks, which, if made to the full extent permitted by law, would result in a substantial reduction in excess reserves and, consequently, in less flexibility in the money market, in which circumstances larger open market operations might be necessary. The probability of a substantial net withdrawal of funds from the market over the March 15th tax payment period was also considered, and the Committee was of the opinion that the executive committee should be in a position to take such action with respect to an increase in the System account as might be necessary to offset any undesirable effect that might result from a large withdrawal of funds. It was also agreed that the executive committee should have authority to take such action with respect to an increase or decrease (which would include authority to allow maturities to run off) in the System portfolio as might be necessary to meet unforeseen circumstances. MEETING ON MARCH 15, 1937 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. Ransom, Mr. McKinney, Mr. Martin, Mr. Peyton (alternate for Mr. Day). 1. Authority to Replace Maturing Securities and to Make Shifts of Securities in the System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, provided that the amount of securities maturing within two years be maintained at not less than $800,000,000 and that the amount of bonds having maturities in excess of five years be not over $800,000,000 nor less than $500,000,000. After a review of business and credit conditions including the condition of the Government securities market, the members agreed that, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
214 ANNUAL REPORT OF BOARD OF GOVERNORS the absence of conditions not then foreseen, an increase in the System portfolio would not be justified, that the executive committee should continue to operate under authority granted by the Federal Open Market Committee to replace maturing securities and to make shifts of securities in the account with a view to preventing a disorderly market, and that for that purpose additional authority should be granted to the executive committee to make such shifts and replacements. It was the consensus that it would be undesirable for the System to continue indefinitely to increase the proportion of bonds held in the System account at as great a rate as had taken place during the preceding week and that if it appeared that the prevention of a disorderly market would justify further shifts in large amounts, beyond the limits set by the action referred to above, it might become advisable to increase the aggregate amount of securities held in the account in order to preserve a desirable ratio of short to long-term securities in the account. 2. Authority to Increase or Decrease System Account. By unanimous vote, the Committee authorized the executive committee to arrange for an increase or decrease in the amount of securities then in the System open market account by not more than $250,000,000 in the event of an emergency arising requiring such action before a meeting of the Federal Open Market Committee could be held. This action was taken in order to enable the executive committee to act promptly in the event unforeseen circumstances should make action desirable before another meeting of the full Committee, with the understanding that in the absence of an emergency the executive committee would act under the authority to replace maturing securities and to make shifts in the account, that on the basis of the then existing situation there was no necessity to resort to the authority to make increases in the System portfolio, and that such action would be resorted to only in the event of the development of new circumstances which, in the judgment of the executive committee, would make necessary an increase in the portfolio. MEETING ON APRIL 4, 1937 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Peyton (alternate for Mr. Day). 1. Authority to Increase or Decrease System Account. It was moved that the following resolution be adopted: "The Federal Open Market Committee directs the executive committee to make such purchases or sales of United States Government securities, beginning April 5, 1937, as may be necessary with a view to preserving an orderly market, but to make purchases of not less than $25,000,000 during the week beginning April 5, 1937, provided that the present aggregate amount of securities in the System open market account shall not be increased or decreased by more than $250,000,000 prior to the next meeting of the Federal Open Market Committee. The character and maturities of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 215 securities acquired or sold shall be determined by the executive committee in the light of current market developments." A motion to amend the above resolution by striking out the requirement that a minimum amount of securities be purchased during the week beginning April 5, 1937, was lost, Messrs. Harrison, Sinclair and Szymczak voting "aye" and Messrs. Eccles, Broderick, McKee, Ransom, Davis, McKinney, Martin and Peyton voting "no." The original motion was then put by the chair and carried unanimously. These motions were made following a review of business and credit conditions, including the reserve position of member banks as it would be influenced by the increase in reserve requirements which was to take effect on May 1, 1937, the developments in the money market and bond market, and particularly the continued weakness in the Government securities market, and a discussion of what, if any action should be taken by the Federal Open Market Committee in the circumstances. The resolution was adopted in order to enable the executive committee to make open market purchases of United States Government securities for the System account in such amounts and at such times as might be desirable with a view (1) to exerting an influence toward orderly conditions in the money market and (2) to facilitating the orderly adjustment of member banks to the May 1 increase in reserve requirements. The purpose of this resolution was in conformity with the policy announced by the Board of Governors of the Federal Reserve System in its statement on January 30, 1937, which declared, with reference to the increase in reserve requirements, that by that action the System would be placed in a position where such reduction or expansion of member bank reserves as might be deemed to be in the public interest might be effected through open market operations. The rejection of the motion to amend the resolution was based upon the opinion that a small amount of securities should be purchased during the week to demonstrate that the System was prepared to increase the amount of securities held in the System account as a means of preventing a disorderly market over the period of the adjustment by member banks of their reserves to meet the May 1 increase in reserve requirements. 2. Authority to Replace Maturing Securities and to Make Shifts of Securities in the System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $850,- 000,000 nor less than $500,000,000. This action was a continuation of similar authority granted to the executive committee for the purpose of enabling the committee to re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 ANNUAL REPORT OF BOARD OF GOVERNORS place maturing securities and to make shifts between maturities within certain reasonable limitations. It was felt, however, that inasmuch as the action authorizing the executive committee to increase the amount of securities held in the account contemplated an immediate increase in the account with a view to preserving an orderly market and facilitating the adjustment of member banks to increased reserve requirements, it would be advisable not to authorize the reduction of the amount of securities held with maturities within two years to less than $1,000,000,000 (the amount of such securities held in the account at the time was in excess of $1,100,000,000). MEETING ON MAY 5, 1937 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Day. 1. Authority to Replace Maturing Securities and to Make Shifts of Securities in the System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $850,000,000 nor less than $500,000,000. This action continued authority previously granted to the executive committee to enable it to replace maturing securities and to make shifts between maturities in the System account, including authority to increase or decrease the holdings of bonds with maturities in excess of five years, within the specified limits, in order to meet changing market conditions and to improve the distribution of maturities in the account. 2. Authority to Increase or Decrease System Account. By unanimous vote, the Committee directed the executive committee to make purchases and sales (including authority to allow maturities to run off) of United States Government securities for the System open market account to such extent as may be necessary before the adjournment of the next meeting of the Federal Open Market Committee, for the purpose of preventing disorderly market conditions, provided that the aggregate amount of securities held in the account be not increased to an amount exceeding $2,680,000,000 nor decreased to an amount less than $2,180,000,000; the kinds and maturities of the securities acquired or sold to be determined in the light of current market developments. This action was taken in order that the executive committee might continue to have authority to act promptly when conditions warranted the purchase or sale of Government securities for the System open market account for the purpose of preventing disorderly market conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 217 MEETING ON JUNE 9, 1937 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Day. 1. Authority to Replace Maturing Securities and to Make Shifts of Securities in the System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $850,000,000 nor less than $500,000,000. It was agreed that the reasons for the authority granted to the executive committee at the meeting on May 5, 1937, to replace maturing securities and to make shifts between maturities in the System account still applied and that, therefore, such authority should be renewed. 2. Authority to Increase or Decrease System Account. By unanimous vote, the Committee directed the executive committee to make purchases or sales (including authority to allow maturities to run off without replacement) of United States Government securities for the System open market account to such extent as may be necessary before the adjournment of the next meeting of the Federal Open Market Committee for the purpose of preventing disorderly market conditions, provided that the aggregate amount of securities held in the account be not increased or decreased from the amount now held in the account by more than $250,000,000; the kinds and maturities of securities acquired or sold to be determined in the light of current market developments. The reason for this action was the same as that which prompted similar action by the Committee at its meeting on May 5, 1937. MEETING ON SEPTEMBER 12, 1937 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Day. 1. Authority to Increase or Decrease System Account and Recommendation that Treasury Be Requested to Desterilize $300,000,000 of Gold. The following resolutions were adopted by unanimous vote: "RESOLVED, that, until the adjournment of the next meeting of the Committee, the executive committee is authorized to direct the purchase in the open market from time to time of sufficient amounts of Treasury bills or other short-term Treasury obligations to provide funds to meet seasonal withdrawals of currency from the banks and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
218 ANNUAL REPORT OF BOARD OF GOVERNORS other seasonal requirements, for the purpose of maintaining at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of furthering economic recovery through monetary ease; and the executive committee is authorized from time to time to direct a reduction of the holdings of such obligations when the seasonal influences are reversed or if other influences make their retention unnecessary for the purposes of this resolution. It is understood that the executive committee, in the exercise of this authority, will not increase or decrease by more than $300,000,000 the amount of securities now in the System open market account without another meeting of the Federal Open Market Committee." "RESOLVED, that, with a view to cooperation in effectuating the policy declared in the above resolution the Committee recommend to the Board of Governors of the Federal Reserve System that it request the Secretary of the Treasury favorably to consider the desterilization of approximately $300,000,000 of gold out of the Treasury inactive account, the time and method of such desterilization to be determined by the Secretary of the Treasury in consultation and cooperation with the executive committee of the Federal Open Market Committee." The foregoing resolutions were adopted for the reasons set forth in the following statement which was approved unanimously by the Committee : "The Federal Open Market Committee met in Washington on September 11 and 12 and reviewed the business and credit situation. In view of the expected seasonal demands on the banks for currency and credit during the coming weeks the Committee authorized its Executive Committee to purchase in the open market from time to time sufficient amounts of short-term U. S. Government obligations to provide funds to meet seasonal withdrawals of currency from the banks and other seasonal requirements. Reduction of the additional holdings in the open market portfolio is contemplated when the seasonal influences are reversed or other circumstances make their retention unnecessary. "The purpose of this action is to maintain at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of monetary ease for the furtherance of economic recovery. "As a further means of making this policy effective, the Open Market Committee recommended that the Board of Governors of the Federal Reserve System request the Secretary of the Treasury to release approximately $300,000,000 of gold from the Treasury's inactive account. The Board of Governors acted upon this recommendation and the Secretary of the Treasury agreed to release at once the desired amount of gold. This will place an equivalent amount of funds at the disposal of the banks and correspondingly increase their available reserves. "This action is in conformity with the usual policy of the System to facilitate the financing of orderly marketing of crops and of autumn trade. Together with the recent reductions of discount rates at the several Federal Reserve banks, it will enable the banks to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 219 meet readily any increased seasonal demands for credit and currency and contribute to the continuation of easy credit conditions." 2. Authority to Replace Maturing Securities and to Make Shifts of Securities in the System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $850,000,- 000 nor less than $500,000,000. The members of the Committee concurred in the opinion that the reasons for the authority granted to the executive committee at the meeting of the Committee on May 5, 1937, to replace maturing securities and to make shifts between securities in the System open market account were still present and that, therefore, action renewing the authority was necessary. MEETING ON DECEMBER 1, 1937 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Sinclair, Mr. McKinney, Mr. Martin, Mr. Day. 1. Authority to Increase or Decrease System Account. The following resolution was adopted by unanimous vote: "RESOLVED, that, until the adjournment of the next meeting of the Committee, the executive committee is authorized to direct the purchase in the open market from time to time of sufficient amounts of Treasury bills or other short-term Treasury obligations to provide funds to meet seasonal withdrawals of currency from the banks and other requirements of commerce, business and agriculture by keeping at member banks an aggregate volume of excess reserves adequate for the continuation of the System's policy of maintaining credit conditions conducive to economic recovery; and the executive committee is authorized from time to time to direct a reduction of the holdings of such obligations to the extent that their retention is found to be unnecessary for the purposes of this resolution. It is understood that the executive committee, in the exercise of this authority, shall not increase or decrease by more than $300,000,000 the amount of securities now in the System open market account." The Committee had given full consideration to general business and credit conditions and it was the general feeling that the existing volume of excess reserves was abundant for the continuance of easy credit conditions and for meeting the credit requirements of commerce, business and agriculture, that in the light of existing business and credit conditions effective action to meet and overcome the present business recession should be taken outside the field of the System's various monetary powers, and that the System could best contribute to the furtherance of eco- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
220 ANNUAL REPORT OF BOARD OF GOVERNORS nomic recovery by being prepared in case of any change in conditions to act promptly in pursuance of the general objectives set forth in the resolution. In order to place the System in position to meet such developments as might require further open market operations in accordance with the System's policy during the period before another meeting of the full Committee, it was decided to continue the authority of the executive committee to engage in open market operations. 2. Authority to Replace Maturing Securities and to Make Shifts of Securities in the System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000 and that the amount of bonds having maturities in excess of five years be not over $850,- 000,000 nor less than $500,000,000. The members of the Committee agreed that the authority granted to the executive committee at the previous meeting of the full Committee to replace maturing securities and to make shifts in the System open market account should be continued for the same reasons as prompted the existing authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OBJECTIVES OF MONETARY POLICY On August 2, 1937, the Board of Governors sent to the Chairman of the Senate Committee on Agriculture and Forestry the following statement in response to his request for an expression of the Board's views with regard to a measure pending before the Committee: From time to time the Board of Governors of the Federal Reserve System is asked for its opinion of bills pending in Congress that would establish a central monetary authority and direct it, as a primary objective, to achieve and maintain a specified domestic price level. In these bills it is generally assumed that the stated objective may be attained exclusively through monetary control, and responsibility for accomplishing the end sought is, therefore, placed upon the monetary authority. The Board assumes that, while price stabilization is stated as the objective of such proposals, the authors regard stability of prices merely as a means toward a more important end, namely, the lessening of booms and depressions and the increase in the national output and well-being, in the belief that through the maintenance of a stable price level the broader objective will be achieved. The Board is in full agreement with the ultimate objective of the proposals to promote economic stability, which means the maintenance of as full employment of labor and of the productive capacity of the country as can be continuously sustained. The Board, with the broader powers conferred upon it by the Banking Act of 1935, performs essential functions necessary to the achievement of this objective. As to the adequacy and efficacy of the means provided by the proposals to achieve this objective, the conclusions reached by the Board are briefly stated in the following discussion. Price stabilization not an adequate objective.—That wide fluctuations in the price level are disastrous is beyond question and determined efforts should be made to prevent such fluctuations as would endanger economic stability. The Board is convinced, however, that the broader objective of maximum sustainable utilization of the Nation's resources cannot be achieved by attempting to maintain a fixed level of prices, and that, therefore, price stability should not be the sole or principal objective of monetary policy. Stabilization of individual prices by monetary means is not proposed, nor would it be feasible. Proposals for price stability necessarily refer to some index or average of prices. There is no general agreement on the question of what constitutes a satisfactory price index for this purpose, although the general wholesale commodity price index is often suggested. No matter what price index may be adopted as a guide, unstable economic conditions may develop, as they did in the 1920's, while the price level remains stable; business activity can change in one direction or the other and acquire considerable momentum before the changes are re- 221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 ANNUAL REPORT OF BOARD OF GOVERNORS fleeted in the index of prices. There are situations in which changes in the price level would work toward maintenance of stability; declining prices resulting from technological improvements, for example, may contribute to stability by increasing consumption. There are other situations when the restoration and maintenance of relatively full employment may be possible only with an advance in prices. Correspondence between price stability and economic stability is not sufficiently close, therefore, to make it desirable to restrict the objective of monetary policy to price stability. The inadequacy of price stability as a guide to policy may be illustrated by a situation when the index rises owing to an advance in agricultural prices. Such a rise might result from a crop failure in the United States, or from a short world crop while the harvest in this country was bountiful and full employment prevailed. If the maintenance of a fixed price level were the sole guide to monetary policy, a restraining policy would be indicated in both cases, although in the former case such a policy might result in a general business decline, while in the latter case it might or might not be justified, depending on other circumstances. Inasmuch as the management of the country's monetary system is not an exact science, since it involves forecasting and dealing with many uncertainties, it is essential in determining an objective to leave scope for judgment and discretion. Monetary contribution to economic stability.—Monetary authorities may contribute to economic stability by exerting an influence to maintain a flow of funds conducive to as full a use of the country's productive resources as can be continuously sustained and to keep the banking machinery of the country in sound condition. The Board recognizes that even an adequate supply of money will not perform its functions adequately if the banking structure through which it must operate is in an unsound condition, and that a sound banking structure cannot be sustained if the supply of money is insufficient, and a deflation is under way. The Federal Reserve System, therefore, must work toward economic stability through its influence both on the flow of money and on the soundness of banking conditions. The Board is aware of the limitations on the effectiveness of this influence which arise from the multiplicity of laws and jurisdictions as well as from the divided responsibility for supervision under which the banks of this country function. Monetary control alone cannot accomplish economic stability.—An attempt to make either price stability or the broader objective of economic stability the particular concern of the Federal Reserve System, without recognizing the fact that the attainment of the objective would require the cooperation of other agencies of the Government, is impractical. The Federal Reserve System can regulate within limits the supply of money but there are other factors affecting prices and business activity fully as powerful as the money supply. Many of these factors are nonmonetary and cannot be controlled by monetary action. Their effect on business activity may express itself in an increased or decreased rate of use, or turnover, of the existing supply of money as well as in a change in the supply itself. The influence that the Federal Reserve System can exercise over the interest rate has an important bearing on business activity, but it may be entirely offset by other factors. It is essential to recognize the limitations on the effectiveness of mone- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 223 tary policy. Monetary factors are only one of the groups of forces affecting business activity. Conclusion.—To sum up, the Board believes that economic stability rather than price stability should be the general objective of public policy. It is convinced that this objective cannot be achieved by monetary policy alone, but that the goal should be sought through coordination of monetary and other major policies of the Government which influence business activity, including particularly policies with respect to taxation, expenditures, lending, foreign trade, agriculture and labor. It should be the declared objective of the Government of the United States to maintain economic stability, and it should be the recognized duty of the Board of Governors of the Federal Reserve System to use all its powers to contribute to a concerted effort by all agencies of the Government toward the attainment of this objective. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 oj 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. 224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 225 The Federal Reserve System, as it was originally established, was adapted to the pre-war 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. 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 the flow of 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORY OF THE FEDERAL ADVISORY COUNCIL (December 31, 1937) OFFICERS President, WALTER W. SMITH Vice President, HOWARD A. LOEB Secretaiy, WALTER LICHTENSTEIN EXECUTIVE COMMITTEE WALTER W. SMITH WINTHROP W. ALDRICH HOWARD A. LOEB EDWARD E. BROWN THOMAS M. STEELE W. T. KEMPER MEMBERS District No. 1.—THOMAS M. STEELE, president, First National Bank & Trust Company of New Haven, Conn. District No. 2.—WINTHROP W. ALDRICH, chairman, The Chase National Bank of the City of New York, New York, N. Y. District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank & Trust Company, Philadelphia, Pa. District No. 4.—LEWIS B. WILLIAMS, chairman, The National City Bank, Cleveland, Ohio. District No. 5.—CHARLES M. GOHEN, president, First Huntington National Bank, Huntington, W. Va. District No. 6.—EDWARD BALL, C/O Barnett National Bank Building, Jacksonville, Fla. District No. 7.—EDWARD E. BROWN, president, The First National Bank of Chicago, Chicago, 111. District No. 8.—WALTER W. SMITH, president, First National Bank in St. Louis, St. Louis, Mo. District No. 9.—JOHN CROSBY, vice president, Farmers and Mechanics Savings Bank, Minneapolis, Minn. District No. 10.—W. T. KEMPER, chairman, Commerce Trust Company, Kansas City, Mo. District No. 11.—R. E. HARDING, president, The Fort Worth National Bank, Fort Worth, Tex. District No. 12.—PAUL S. DICK, president, United States National Bank, Portland, Ore. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MAY 18, 1937 TOPIC: S. 2344 (Corporate Trusteeships). RECOMMENDATION.—The Federal Advisory Council wishes to call the attention of the Board of Governors of the Federal Reserve System to S. 2344 dealing with corporate trusteeships. The Council feels strongly that the imposition of some of the liabilities as provided in the bill would create a situation where banks of deposit could not with safety to themselves or to the banking system as a whole accept corporate trusteeships. The Council believes that if banks of deposit declined corporate trusteeships the resulting loss of revenue, particularly at the present time, 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
228 ANNUAL REPORT OF BOARD OF GOVERNORS would weaken the banking system and would not be in the public interest. Broadly speaking, no corporations other than banks of deposit have either the financial responsibility or the experience which qualify them to act as corporate trustees. DECEMBER 14, 1937 TOPIC: Reserve Requirements. RECOMMENDATION.—The Federal Advisory Council is strongly of the opinion that the Board of Governors of the Federal Reserve System should make no change in the required reserves of member banks at this time. It is believed that practically no banks were adversely affected by the original increase in requirements and that the few which were temporarily inconvenienced by the subsequent increases have fully adjusted themselves to the present situation. At the present time there is no shortage, either of current bank credit, or of money in the hands of investors available for the purchase of long-time securities. The banks have large excess reserves and.interest rates are low. A reduction in reserve requirements at this time could therefore have no beneficial effect on either business or employment. The Council has stated before its position, and desires to restate it, that changes in reserve requirements should be made as infrequently as possible, and only when clearly demanded. Uncertainty as to reserve requirements inevitably tends to disturb the conduct of banking operations and any change in reserve requirements at this time would be apt to restrict, rather than to promote, the lending operations of the banks of the country, and would probably upset sentiment. Furthermore, a very large amount of foreign investments and balances in this country exist, a considerable part of which will in all probability be some day repatriated. Until that time it is highly desirable to maintain the banking reserves of this country at a level which will enable the Board of Governors of the Federal Reserve System, by then lowering reserve requirements to insure that any outward movement of foreign capital will not endanger the economy of this country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORY OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (December 31, 1937) MARRINER S. ECCLES, of Utah, Chairman. RONALD RANSOM, of Georgia, Vice Chairman. M. S. SZYMCZAK, of Illinois. JOHN K. MCKEE, of Ohio. CHESTER C. DAVIS, of Maryland. CHARLES S. HAMLIN, Special Counsel. LAWRENCE CLAYTON, Assistant to the Chairman. ELLIOTT THURSTON, Special Assistarit 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 CTJRRIE, 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. 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SALARIES OF OFFICERS AND EMPLOYEES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (December 31, 1937) C. S. Hamlin, special counsel to the Board $12,000.00 OFFICES OF MEMBERS OF THE BOARD Lawrence Clayton, assistant to the Chairman 15,000.00 Elliott Thurston, special assistant to the Chairman 13,000 00 1 at $4,200 4,200.00 2 at $3,300 6,600.00 1 at $3,200 3,200.00 2 at $3,000 6,000.00 1 at $2,200 2,200.00 1 at $2,100 2,100.00 1 at $1,920 1,920.00 2 at $1,800 3,600.00 1 at $1,720 1,720.00 1 at $1,600 1,600.00 1 at $1,500 1,500.00 3 at $1,320 3,960.00 Total 78,600.00 OFFICE OF THE SECRETARY Chester Morrill, secretary 15,000.00 L. P. Bethea, assistant secretary 8,000.00 J. C. Noell, assistant secretary 7,500.00 S. R. Carpenter, assistant secretary 7,000.00 1 at $3,100 3,100.00 1 at $2,900 2,900.00 1 at $2,800 2,800.00 4 at $2,700 10,800.00 2 at $2,600 5,200.00 1 at $2,400 2,400.00 2 at $2,100. 4,200.00 4 at $2,000 8,000.00 1 at $1,920 1,920.00 1 at $1,860 1,860.00 1 at $1,800 1,800.00 2 at $1,740 3,480.00 1 at $1,660 1,660.00 2 at $1,600 3,200.00 5 at $1,560 7,800.00 5 at $1,500 • • 7,500.00 2 at $1,440 2,880.00 3 at $1,200 3,600.00 4 at $1,080 4,320.00 Service Functions: 1 at $2,400 *$2,400.00 1 at $2,280 - *2,280.00 1 at $2,200 2,200.00 2 at $1,920 *3,840.00 1 at $1,900 1,900.00 3 at $1,860 *5,580.00 2 at $1,800 3,600.00 2 at $1,660 3,320.00 1 at $1,620 1,620.00 230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 231 OFFICE OF THE SECRETARY—continued 1 at $1,500 *l,500.00 1 at $1,500 1,500.00 1 at $1,440 1,440.00 3 at $1,380. . . 4,140.00 2 at $1,320 2,640.00 1 at $1,200 *l,200.00 1 at $1,200 1,200.00 3 at $1,080 3,240.00 1 at $960 960.00 Building Operation and Maintenance: 1 at $4,500 4,500.00 1 at $3,200 3,200.00 1 at $2,400 2,400.00 2 at $2,000 4,000.00 2 at $1,800 3,600.00 13 at $1,500 19,500.00 2 at $1,320 2,640.00 5 at $1,200 6,000.00 8 at $1,080 8,640.00 1 at $900 900.00 27 at $622 **16,794.00 Special budget for expenses connected with moving into new building: H. O. Koppang, Federal reserve examiner 6,000.00 1 at $3,600 3,600.00 Total 243,254.00 Less salaries of telegraph operators *16,800.00 226,454.00 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel 15,000.00 George B. Vest, assistant general counsel 10,000.00 J. P. Dreibelbis, assistant general counsel 9,000.00 B. M. Wingfield, assistant general counsel 9,000.00 John C. Baumann, assistant counsel 6,000.00 Joseph T. Owens, assistant counsel 6,000.00 G. Howland Chase, assistant counsel 5,750.00 Alfred K. Cherry, assistant counsel 5,750.00 2 at $4,200 8,400.00 1 at $3,300 3,300.00 2 at $3,000 6,000.00 1 at $2,800 2,800.00 2 at $2,100 4,200.00 2 at $2,000 4,000.00 1 at $1,960 1,960.00 1 at $1,900 1,900.00 2 at $1,800 3,600.00 4 at $1,740 6,960.00 ; 1 at $1,680 1,680.00 1 at $1,620 1,620.00 1 at $1,560 1,560.00 1 at $1,440 1,440.00 1 at $1,320 1,320.00 Total 117,240.00 * The salaries of nine employees in the telegraph office aggregating $16,800 are regarded as an expense of the Federal Reserve Leased Wire System and as such are prorated among the Federal Reserve banks and the Board with the other expenses of the Leased Wire System. ** Annual compensation based on a 4-hour working day at the rate of 50 cents an hour. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
232 ANNUAL REPORT OF BOARD OF GOVERNORS DIVISION OF RESEARCH AND STATISTICS E. A. Goldenweiser, director of division 15,000.00 Woodlief Thomas, assistant director 8,500.00 L. B. Currie, assistant director 8,500.00 George W. Blattner, assistant director 7,200.00 Walter R. Gardner, senior economist 7,200.00 Frank R. Garfield, senior economist 6,000.00 Malcolm H. Bryan, senior economist 5,600.00 George Terborgh, senior economist 5,600.00 Susan Burr Litchfield, senior economist 5,400.00 Roman L. Home, senior economist 5,000.00 2 at $4,600. 9,200.00 2 at $4,000. 8,000.00 2 at $3,800. 7,600.00 1 at $3,600. 3,600.00 3 at $3,500 10,500.00 1 at $3,400 3,400.00 3 at $3,300 9,900.00 at $3,100 3,100.00 at $3,000 3,000.00 at $2,900 11,600.00 at $2,800. 2,800.00 at $2,700. 2,700.00 at $2,600. 2,600.00 2 at $2,400. 4,800.00 2 at $2,300. 4,600.00 7 at $2,200. 15,400.00 2 at $2,100. 4,200.00 4 at $2,000. 8,000.00 1 at $1,920. 1,920.00 3 at $1,900. 5,700.00 4 at $1,800. 7,200.00 7 at $1,780. 12,460.00 1 at $1,680. 1,680.00 1 at $1,660. 1,660.00 4 at $1,620. 6,480.00 2 at $1,560. 3,120.00 6 at $1,540. 9,240.00 7 at $1,440. 10,080.00 2 at $1,320. 2,640.00 2 at $1,200. 2,400.00 1 at $1,020. 1,020.00 1 at $600. .. 600.00 Total 255,200.00 DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division. . 15,000.00 John R. Van Fossen, assistant chief. 8,500.00 J. E. Horbett, assistant chief 7,500.00 L. S. Myrick, technical assistant 6,200.00 Bray Hammond, technical assistant. . 5,400.00 at $4,800. 4,800.00 at $4,100. 4,100.00 2 at $4,000. 8,000.00 at $3,800. 3,800.00 at $3,600. 3,600.00 at $3,200. 3,200.00 at $3,100. 3,100.00 at $2,900. 2,900.00 at $2,800. 2,800.00 4 at $2,700 10,800.00 1 at $2,500 2,500.00 2 at $2,400 4,800.00 1 at $2,100 2,100.00 2 at $2,000. 4,000.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 233 DIVISION OF BANK OPERATIONS—continued 1 at $1,900 1,900.00 3 at $1,800 5,400.00 1 at $1,700 1,700.00 3 at $1,680 5,040.00 7 at $1,620 11,340.00 2 at $1,600 3,200.00 1 at $1,560 1,560.00 1 at $1,440 1,440.00 1 at $1,320 1,320.00 1 at $840 840.00 Total 136,840.00 DIVISION OF EXAMINATIONS Leo H. Paulger, chief of division 15,000.00 R. F. Leonard, assistant chief 10,000.00 C. E. Cagle, assistant chief 8,500.00 L. A. A. Siems, Federal reserve examiner 7,500.00 M. R. Wilkes, Federal reserve examiner 6,600.00 R. B. Chamberlin, Federal reserve examiner 6,000.00 Edwin R. Millard, Federal reserve examiner 6,000.00 Geo. S. Sloan, Federal reserve examiner 6,000.00 Dwight L. Crays, Federal reserve examiner 5,400.00 William B. Pollard, Federal reserve examiner 5,400.00 Fred A. Nelson, Federal reserve examiner 5,300.00 C. S. Barker, assistant Federal reserve examiner 5,200.00 J. B. Crosby, Federal reserve examiner 5,200.00 Clarence C. Hostrup, Federal reserve examiner 5,100.00 3 at $4,900 14,700.00 1 at $4,800 4,800.00 2 at $4,600 9,200.00 2 at $4,500 9,000.00 2 at $4,300 8,600.00 2 at $4,200 8,400.00 2 at $4,000 8,000.00 1 at $3,700 3,700.00 2 at $3,600 7,200.00 1 at $3,500 3,500.00 4 at $3,300 13,200.00 1 at $3,200 3,200.00 1 at $2,800 2,800.00 4 at $2,700 10,800.00 2 at $2,500 5,000.00 3 at $2,300 6,900.00 1 at $2,200 2,200.00 2 at $2,100 4,200.00 3 at $2,000 6,000.00 1 at $1,900 1,900.00 3 at $1,800 5,400.00 1 at $1,760 1,760.00 2 at $1,680 3,360.00 1 at $1,660 1,660.00 1 at $1,500 1,500.00 1 at $1,460 1,460.00 1 at $1,320 1,320.00 1 at $1,200 1,200.00 Total 248,160.00 DIVISION OF SECURITY LOANS Carl E. Parry, chief of division 10,000.00 Philip E. Bradley, assistant chief 7,500.00 1 at $3,300 3,300.00 1 at $3,200 3,200.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 ANNUAL REPORT OF BOARD OF GOVERNORS DIVISION OF SECURITY LOANS—continued 1 at $2,300 2,300.00 1 at $2,200 2,200.00 1 at $1,900 1,900.00 1 at $1,680 1,680.00 1 at $1,080 1,080.00 Total 33,160.00 OFFICE OF FISCAL AGENT Oliver E. Foulk, fiscal agent 4,200.00 Josephine E. Lally, deputy fiscal agent 2,400.00 Total 6,600.00 Grand Total 1,102,254.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECEIPTS AND DISBURSEMENTS OF THE BOARD OF GOV- ERNORS OF THE FEDERAL RESERVE SYSTEM FOR THE YEAR 1937 •Special fund account: Balance January 1, 1937: Available for general expenses of the Board $172,843.94 Available for expenses chargeable to Federal Reserve banks 93,846.20 Total $266,690.14 Available for general expenses of the Board: Assessments on Federal Reserve banks for estimated genera) expenses of the Board $1,748,379.60 Subscriptions to Federal Reserve Bulletin 4,579.94 Reimbursements for leased wire service 33,392.63 Reimbursement on account of bank examinations 180.33 Miscellaneous receipts, refunds and reimbursements 6,383.04 Total receipts available for general expenses of the Board $1,792,915.54 Available for expenses chargeable to Federal Reserve banks: Assessments on Federal Reserve banks for: Cost of printing Federal Reserve notes 1,195,308.70 Expenses of leased wire system 100,231.60 Expenses of private telephone lines 30,298.00 Expenses of Federal Reserve Issue and Redemption Division (office of Comptroller of the Currency)... 49,460.00 Miscellaneous expenses 3,362.55 Total receipts available for expenses chargeable to Federal Reserve banks 1,378,660.85 Total receipts 3,171,576.39 Total available for disbursement $3,438,266.53 DISBURSEMENTS For general expenses of the Board: Expenses of 1936 paid in 1937 $12,460.44 Expenses of 1937 (per detailed statement).. $1,790,506.19 Less accounts unpaid December 31, 1937 (estimated) 59,162.19 Expenses of 1937 paid during the year 1,731,344.00 Expenses of leased wire service, reimbursable 34,416.07 Refunds of subscriptions to Federal Reserve Bulletin.... 2.60 Total disbursements for general expenses of the Board 1,778,223.11 For expenses chargeable to Federal Reserve banks: Cost of printing Federal Reserve notes 1,182,466.70 Expenses of leased wire system 100,231.60 Expenses of private telephone lines 28,948.00 Expenses of Federal Reserve Issue and Redemption Division (office of Comptroller of the Currency) 49,460.00 Miscellaneous expenses 4,133.22 Total disbursements for expenses chargeable to Federal Reserve banks 1,365,239.52 Total disbursements > , 3,143,462.63 Balance in special fund account December 31, 1937: Available for general expenses of the Board 187,536.37 Available for expenses chargeable to Federal Reserve banks 107,267.53 294,803.90 Building account: Balance January 1, 1937 $696,407.18 Received from assessments on Federal Reserve banks 1,423,694.55 Total 2,120,101.73 Disbursements 2,087,363.12 Balance in building account December 31, 1937 32,738.61 235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
236 ANNUAL REPORT OF BOARD OF GOVERNORS STATEMENT OF EXPENSES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1937 Personal services $1,102,525.43 Transportation and subsistence 75,511.62 Communication service 80,406.10 Printing, binding, etc 55,119.09 Repairs 1,168.63 Miscellaneous, unclassified 17,110.49 Equipment rental 19.90 Supplies, stationery and office 16,363.85 Equipment, furniture and office 186,087.88 Books and periodicals 17,146.61 Rent 65,784.23 Building operation and maintenance 38,956.90 Retirement contributions 134,305.46 Total $1,790,506.19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 237 CHAIRMEN, DIRECTORS, AND PRESIDENTS OF FEDERAL RESERVE BANKS (December 31, 1937) DISTRICT NO. 1—BOSTON DISTRICT NO. 4—CLEVELAND F. H. CURTISS, chairman and Federal Reserve E. S. BURKE, JR., chairman and Federal Reserve R. A. agent. G. C. BRAINARD, deputy chairman. M. J. YOUNG, president FLEMING, president Term Term Directors expires Directors expires Dec. 31 Dec. 31 Class A: Class A: L. S. Reed, Waterbury, Conn 1937 Chess Lamberton, Franklin, Pa 1937 A. L. Ripley, Boston, Mass 1938 F. F. Brooks, Pittsburgh, Pa 1938 L. A. Dodge, Damariscotta, Me 1939 B. R. Conner, Ada, Ohio 1939 Class B: Class B: E. S. French, Boston, Mass 1937 R. P. Wright, Erie, Pa 1937 P. R. Allen,E.Walpole, Mass 1938 G.D. Crabbs, Cincinnati, Ohio 1938 E. J. Frost, Boston, Mass 1939 J. E. Galvin, Lima, Ohio 1939 Class C: Class C: C. H. Merriman, Providence, R. I 1937 G. C. Brainard, Youngstown, Ohio 1937 F. H. Curtiss, Boston, Mass 1938 E. S. Burke, Jr., Cleveland, Ohio 1938 H. S. Dennison, Framingham, Mass 1939 R. E. Klages, Columbus, Ohio 1939 DISTRICT NO. 2—NEW YORK CINCINNATI BRANCH B. J. LAZAR, managing director , chairman and Federal Reserve agent. 0. D. YOUNG, deputy chairman. G. L. HARRISON, president B. J. Lazar, Cincinnati, Ohio 1937 S. B. Sutphin, Cincinnati, Ohio 1937 W. H. Courtney, Lexington, Ky 1937 Class A: J. J. Rowe, Cincinnati, Ohio 1938 G. W.Davison.New York, N. Y 1937 Alexander Thomson, Hamilton, Ohio 1938 E. K. Mills, Morristown, N. J 1938 W. F. Ploch, Long Beach, N. Y.. 1939 Class B: PITTSBURGH BRANCH T. J. Watson, New York, N. Y 1937 G. H. WAGNER, managing director W. C. Teagle, New York, N. Y 1938 R. T. Stevens, New York, N. Y 1939 Class C: G. H.Wagner, Pittsburgh, Pa 1937 0. D. Young, New York, N. Y 1937 A.E. Braun, Pittsburgh, Pa 1937 V Be a a c r a d n s c l y ey Ruml, New York, N. Y 1 19 9 3 3 9 8 H H . . B S. . W Mc h D er o r w et e t l , l , P S it h t a sb ro u n r , g P h a , Pa 1 1 9 9 3 3 7 8 G. T. Ladd, Pittsburgh, Pa 1938 BUFFALO BRANCH R. M. O'HARA, managing director DISTRICT NO. 5—RICHMOND ROBERT LASSITER, chairman and Federal Reserve agent. , deputy chairman. HUGH R. M. O'Hara, Buffalo, N. Y 1937 LEACH, president W. A. Dusenbury, Olean, N. Y 1937 Howard Kellogg, Buffalo, N. Y 1937 F. F. Henry, Buffalo, N. Y 1938 Class A: Vacancy 1938 J. C. Braswell, Rocky Mount, N. C 1937 F. J. Coe, Niagara Falls, N. Y 1939 L. E. Johnson, Alderson, W. Va 1938 G. A. Prole, Batavia, N. Y 1939 C.E. Rieman, Baltimore, Md 1939 Class B: J. H. Hanna, Washington, D. C 1937 Edwin Malloy, Cheraw, S. C 1938 DISTRICT NO. 3—PHILADELPHIA C. C. Reed, Richmond, Va 1939 R. L. AUSTIN, chairman and Federal Reserve Class C: agent. , deputy chairman. J. S. Robert Lassiter, Mooresville, N. C 1937 Donald Sherwood, Baltimore, Md 1938 SINCLAIR, president W. G. Wysor, Richmond, Va 1939 Class A: J. B. Henning, Tunkhannock, Pa 1937 BALTIMORE BRANCH Joseph Wayne, Jr., Philadelphia, Pa 1938 W. R. MILFORD, managing director G. W. Reily, Harrisburg, Pa 1939 Class B: C. F. C. Stout, Camden, N. J 1937 W. R. Milford, Baltimore, Md 1937 A. W. Sewall, Philadelphia, Pa 1938 W. F. Roberts, Baltimore, Md 1937 J. C. DeLaCour, Camden, N. J 1939 L. B. Phillips, Cambridge, Md 1937 Class C: W. F. Thomas, Westminster, Md 1938 H. L. Cannon, Bridgeville, Del 1937 L. S. Zimmerman, Baltimore, Md 1938 R. L. Austin, Philadelphia, Pa 1938 C. P. McCormick, Baltimore, Md 1939 T. B. McCabe, Chester, Pa 1939 M. M. Prentis, Baltimore, Md 1939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
238 ANNUAL REPORT OF BOARD OF GOVERNORS DISTRICT NO. 5—RICHMOND—Continued DISTRICT NO. 6—ATLANTA—Continued CHARLOTTE BRANCH NEW ORLEANS BRANCH W. T. CLEMENTS, managing director MARCUS WALKER, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 W. T. Clements, Charlotte, N. C 1937 Marcus Walker, New Orleans, La 1937 G. M. Wright, Great Falls, S. C 1937 E. T. George, New Orleans, La 1937 W. H. Wood, Charlotte, N. C 1937 R. S. Hecht, New Orleans, La 1937 G. S. Harris, Lancaster, S. C 1938 H. Holmes, Yazoo City, Miss 1938 C. L. Cobb, Rock Hill, S. C 1938 Alexander Fitz Hugh, Vicksburg, Miss 1938 Christie Benet, Columbia, S. C 1939 E.E. Soulier, Lafayette, La 1939 B. M.Edwards, Columbia, S. C 1939 H. G. Chalkley, Jr., Lake Charles, La 1939 DISTRICT NO. 7—CHICAGO DISTRICT NO. 6—ATLANTA , chairman and Federal Reserve W. H. KETTIG, chairman and Federal Reserve agent. 11. E. WOOD, deputy chairman. G. J. agent. F. H. NEBLY, deputy chairman. OSCAR SCHALLEH, president NEWTON, president Class A: Class A: E. R. Estberg, Waukesha, Wis 1937 W. D. Cook, Meridian, Miss. 1937 F. D.Williams, Iowa City, Iowa 1938 G. J. White, Mount Dora, Fla 1938 W. J. Cummings, Chicago, 111 1939 R. G. Clay, Atlanta, Ga 1939 Class B: Class B: S. T. Crapo, Detroit, Mich 1937 Fitzgerald Hall, Nashville, Tenn 1937 N. H.Noyes, Indianapolis, Ind 1938 E. T. George, New Orleans, La 1938 M. W. Babb, Milwaukee, Wis 1939 J. A. McCrary, Atlanta, Ga 1939 Class C: Class C: F. J. Lewis, Chicago, 111 1937 W. H. Kettig, Birmingham, Ala 1937 R. E. Wood, Chicago, 111 1938 F. H. Neely, Atlanta, Ga 1938 Vacancy 1939 J. F. Porter, Columbia, Tenn 1939 DETROIT BRANCH R. H. Buss, managing director BIRMINGHAM BRANCH P. L. T. BEAVERS, managing director R. H. Buss, Detroit, Mich 1937 A. C. Marshall, Detroit, Mich 1937 James Inglis, Detroit, Mich 1937 P. L. T. Beavers, Birmingham, Ala 1937 Vacancy 1938 J. G. Farley, Birmingham, Ala 1937 L. W. Watkins, Manchester, Mich 1938 E. L. Norton, Birmingham, Ala 1937 J.E.Davidson, Bay City, Mich 1939 F. M. Moody, Tuscaloosa, Ala 1938 H. L. Pierson, Detroit, Mich. 1939 Donald Comer, Birmingham, Ala 1938 J. C. Persons, Birmingham, Ala 1939 Howard Gray, New Market, Ala 1939 DISTRICT NO. 8—ST. LOUIS W. T. NARDIN, chairman and Federal Reserve agent. PAUL DILLARD, deputy chairman. W. JACKSONVILLE BRANCH McC. MARTIN, president G. S. VARDEMAN, Jr., managing director Class A: Vacancy 1937 J. G. Lonsdale, St. Louis, Mo 1938 G. S. Vardeman, Jr., Jacksonville, Fla 1937 M. B. Nahm, Bowling Green, Ky 1939 B. W. Haynes, Jacksonville, Fla 1937 Class B: G. G. Ware, Leesburg, Fla 1937 W. B. Plunkett, Little Rock, Ark 1937 W. R. McQuaid, Jacksonville, Fla 1938 M. P. Sturdivant, Glendora, Miss 1938 Vacancy 1938 J.W.Harris, St. Louis,Mo 1939 G. J. Avent, Jacksonville, Fla 1939 Class C: Vacancy 1939 Paul Dillard, Memphis, Tenn 1937 J. R. Stanley,Evansville, Ind 1938 W. T. Nardin, St. Louis, Missouri 1939 NASHVILLE BRANCH LITTLE ROCK BRANCH J. B. FORT, Jr., managing director A. F. BAILEY, managing director J. B. Fort, Jr., Nashville, Tenn 1937 A. F. Bailey, Little Rock, Ark 1937 F. J. Harle, Cleveland, Tenn 1937 Jo Nichol, Pine Bluff, Ark 1937 Fitzgerald Hall, Nashville, Tenn 1937 I. N. Barnett, Jr., Batesville, Ark. 1937 C. W. Bailey, Clarksville, Tenn 1938 H. H. Tucker, Little Rock, Ark 1938 C. B. Austin, Greeneville, Tenn 1938 P. R. McCoy, Stuttgart, Ark 1938 F. M. Farris, Nashville, Tenn 1939 F. K. Darragh, Little Rock, Ark 1939 W. E. McEwen, Williamsport, Tenn 1939 J. H. Penick, Little Rock, Ark 1939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 239 DISTRICT NO. 8—ST. LOUIS—Continued DISTRICT NO. 10—KANSAS CITY—Continued LOUISVILLE BRANCH DENVER BRANCH J. T. MOORE, managing director J. E. OLSON, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 J. T. Moore, Louisville, Ky 1937 J.E. Olson, Denver, Colo 1937 W. W. Crawford, Louisville, Ky 1937 H. W. Farr, Greeley, Colo 1937 A. H. Eckles, Hopkinsville, Ky 1937 A. K. Mitchell, Albert, N. M 1937 J. B. Hill, Louisville, Ky 1938 T. A. Dines, Denver, Colo 1938 W. R. Cobb, Louisville, Ky 1938 J. B. Grant, Denver, Colo 1938 W. P. Paxton, Paducah, Ky 1939 Wilson McCarthy, Denver, Colo 1939 J. 0. Sanders, Huntingburg, Ind 1939 R. H. Davis, Denver, Colo 1939 MEMPHIS BRANCH OKLAHOMA CITY BRANCH W. H. GLASGOW, managing director C. E. DANIEL, managing director W. H. Glasgow, Memphis, Tenn 1937 J. W. Alderson, Forrest City, Ark 1937 Oscar Johnston, Scott, Miss 1937 C. E. Daniel, Oklahoma City, Okla 1937 Willis Pope, Columbus, Miss 1938 Lee Clinton, Tulsa, Okla 1937 J. H. Sherard, Sherard, Miss 1938 Ned Holman, Oklahoma City, Okla 1937 W. R. King, Memphis, Tenn 1939 L.D.Edgington, PoncaCity, Okla 1938 D. W. Brooks, Memphis, Tenn 1939 Clarence Roberts, Oklahoma City, Okla 1938 F. T. Chandler, Chickasha, Okla 1939 T. S. Hanna, Oklahoma City, Okla 1939 DISTRICT NO. 9—MINNEAPOLIS W. B. GEERY, chairman and Federal Reserve OMAHA BRANCH agent. • , deputy chairman. J. N. PEYTON, president L. H. EARHART, managing director Class A: M. 0. Grangaard, Minneapolis, Minn 1937 L. H. Earhart, Omaha, Nebraska 1937 H. R. Kibbee, Mitchell, S. D 1938 A. H. Marble, Cheyenne, Wyo 1937 H. C. Hansen, Churchs Ferry, N. D 1939 W. H. Schellberg, Omaha, Nebraska 1937 Class B: R. E. Campbell, Lincoln, Nebraska 1938 W. 0. Washburn, St. Paul, Minn 1937 G. H. Yates, Omaha, Nebraska 1938 J. E. O'Connell, Helena, Mont 1938 W.D. Clark, Omaha, Nebraska 1939 A. P. Funk, La Crosse, Wis 1939 H. L. Dempster, Beatrice, Nebraska 1939 Class C: G. W. McCormick, Menominee, Mich 1937 W. B. Geery, Minneapolis, Minn 1938 F. W. Peck, St. Paul, Minn 1939 DISTRICT NO. 11—DALLAS B A HELENA BRANCH MCKINNBY, president R. E. TOWLE, managing director Class A: R. E. Towle, Helena, Mont 1937 P. E. Hooks, Itasca, Tex 1937 H. D. Myrick, Square Butte, Mont 1937 Alf Morris, Winnsboro, Tex 1938 Peter Pauly, Deer Lodge, Mont 1937 E. H. Winton, Fort Worth, Tex 1939 J. E. O'Connell, Helena, Mont 1938 Class B: A. R. McDermott, Billings, Mont 1938 A. S. Cleveland, Houston, Tex 1937 J. D. Middleton, Greenville, Tex 1938 J. R. Milam, Waco, Tex 1939 DISTRICT NO. 10—KANSAS CITY Class C: C. C. Walsh, Dallas, Tex 1937 J. J. THOMAS, chairman and Federal Reserve J. H. Merritt, McKinney, Tex 1938 agent. E. P. BROWN, deputy chairman. G. H. Jay Taylor, Amarillo, Tex 1939 HAMILTON, president EL PASO BRANCH Class A • F. W. Sponable, Paola, Kansas 1937 J. L. HERMANN, managing director E. E. Mullaney, Hill City, Kansas 1938 John Evans, Denver, Colo 1939 Class B: J. M. Bernardin, Kansas City, Mo 1937 J. L. Hermann, El Paso, Tex 1937 L.E. Phillips, Bartlesville, Okla 1938 C. N. Bassett, El Paso, Tex 1937 W. D. Hosford, Omaha, Nebraska 1939 J. B. Martin, Tucson, Ariz 1937 Class C: F. R. Coon, Deming, N. M 1938 J. B. Doolin, Alva, Okla 1937 F. M. Hayner, Las Cruces, N. M 1938 J. J. Thomas, Kansas City, Mo 1938 S. D. Young, El Paso, Tex 1939 E. P. Brown, Davey, Nebraska 1939 R. E. Sherman, El Paso, Tex 1939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
240 ANNUAL REPORT OF BOARD OF GOVERNORS DISTRICT NO. 11—DALLAS—Continued DISTRICT NO. 12—SAN FRANCISCO—Con. HOUSTON BRANCH PORTLAND BRANCH W. D. GENTRY, managing director R. B. WEST, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 W. D. Gentry, Houston, Tex 1937 R. B. West, Portland, Ore 1937 J. A. Wilkins, Houston, Tex 1937 E. B. MacNaughton, Portland, Ore 1937 G. G. Chance, Bryon, Tex 1937 G. T. Gerlinger, Portland, Ore 1937 S. R. Lawder, Houston, Tex 1938 R. S. Smith,Eugene, Ore 1938 H. Renfert, Galveston, Tex 1938 A.E.Engbretsen, Astoria, Ore 1938 Sam Taub, Houston, Tex 1939 P. B. Doty, Beaumont, Tex 1939 SALT LAKE CITY BRANCH SAN ANTONIO BRANCH W. L. PARTNER, managing director M. CRUMP, managing director W. L. Partner, Salt Lake City, Utah 1937 M. Crump, San Antonio, Tex 1937 J.E. Halverson, BrighamCity, Utah 1937 F. M. Lewis, Sr., San Antonio, Tex 1937 H. S. Auerbach, Salt Lake City, Utah 1937 W. P. Napier, San Antonio, Tex 1937 John Thomas, Gooding, Idaho 1938 J. K. Beretta, San Antonio, Tex 1938 0. W. Adams, Salt Lake City, Utah 1938 Vacancy 1938 E. F. Flato, Corpus Christi, Tex 1939 G. C. Hollis, Eagle Pass, Tex 1939 SEATTLE BRANCH C. R. SHAW, managing director DISTRICT NO. 12—SAN FRANCISCO A. O. STEWART, chairman and Federal Reserve agent. A. P. WELCH, deputy chairman. W. A. C. R. Shaw, Seattle, Wash 1937 DAY, president C. F. Larrabee, Bellingham, Wash 1937 G. H. Greenwood, Seattle, Wash 1937 B. N. Phillips, Port Angeles, Wash 1938 Vacancy 1938 Class A: C. K. Mclntosh, San Francisco, Calif 1937 T. H. Ramsay, San Francisco, Calif 1938 Keith Powell, Salem, Ore 1939 SPOKANE BRANCH Class B: E. H. Cox, San Francisco, Calif 1937 D. L. DAVIS, managing director W. G. Volkmann, San Francisco, Calif... 1938 R. H. Taylor, Los Angeles, Calif 1939 Class C: A. P. Welch, San Francisco, Calif 1937 D. L. Davis, Spokane, Wash 1937 A. 0. Stewart, San Francisco, Calif 1938 S. A. Easton, Kellogg, Idaho 1937 Carlyle Thorpe, Los Angeles, Calif 1939 N. A. Telyea, Spokane, Wash 1937 J. M. McGregor, Hooper, Wash 1938 N. A. Davis, Walla Walla, Wash 1938 LOS ANGELES BRANCH W. N. AMBROSE, managing director W. N. Ambrose, Los Angeles, Calif 1937 C. E. Brouse, Riverside, Calif 1937 C.V.Newman, Santa Ana, Calif 1937 V. H. Rossetti, Los Angeles, Calif 1938 W. S. Rosecrans, Los Angeles, Calif 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 241 NUMBER AJ\D SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS (December 31, 1937) F s ( b e e i r r n d v a c e n e l r u c a B h d l e i a R n s n g ) e k - P s A a re l n a s r n i y d u e a o n l f t Other officers a w r e E e h x m o t c r o s e e p e i p l b m t o s a a y b t n h l e u a k o e r r s s s i e e , e d s a w re E h o m t r o s e p e im b l s o a a b y n l u e k a r e r s i s e e d s Total Num- Annual Num- Annual Num- Annual Num- Annual ber salaries ber salaries ber salaries ber salaries Boston $30,000 8 $80,500 604 $902,281 92 $137,729 705 $1,150,510 New York 50,000 39 468,000 1,973 3,791,113 326 575,459 2,339 4,884,572 Philadelphia 22,000 10 95,200 702 1,138,022 79 123,130 792 1,378,352 Cleveland 25,000 17 138,600 799 1,306,011 101 179,698 918 1,649,309 Richmond 18,000 17 123,300 506 744,381 138 179,173 662 1,064,854 Atlanta 25,000 20 133,120 351 475,385 237 310,227 609 * 943,732 Chicago 35,000 23 212,500 1,014 1,514,445 275 429,816 1,313 2,191,761 St. Louis 25,000 21 166,200 485 676,143 146 205,929 653 1,073,272 Minneapolis 25,000 12 82,100 251 415,143 67 114,287 331 636,530 Kansas City 25,000 18 130,196 457 714,646 133 191,543 609 1,061,385 Dallas 30,000 14 101,800 301 512,391 317 416,819 633 1,061,010 San Francisco 25,000 26 186,300 685 1,154,613 109 180,447 821 1,546,360 Total 335,000 225 1,917,816 8,128 13,344,574 2,020 3,044,257 10,385 18,641,647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
242 ANNUAL REPORT OF BOARD OF GOVERNORS STATE BANK AND TRUST COMPANY MEMBERS Following is a list of the 1,081 State bank and trust company members of the Federal Reserve System on December 31, 1937, with their loans, investments, deposits, capital, and surplus. [In thousands of dollars] Loans I m nv e e n s ts t- de T p o o t s a i l ts Capital i Surplus Total all state bank members 5,161,623 6,055,905 14,351,886 836,081 918,606 DISTRICT NO. I—Total. 233,700 249,556 566,292 38,396 35,893 CONNECTICUT 27,096 21,992 63,449 4,459 4,350 Hartford: Phoenix State Bank & Trust Co 14,353 12,324 35,602 1,600 1,600 New Haven: Union and New Haven Trust Co... 6,563 2,902 14,925 1,459 550 Torrington: Brooks Bank & Trust Co 100 Waterbury: 900 324 1,600 100 Colonial Trust Co 3,198 5,495 7,570 1,000 2,000 Waterbury Trust Co 2,082 947 3,752 300 100 MAINE 14,350 14,378 31,074 2,739 1,107 Augusta: Depositors Trust Co , 3,455 4,125 8,925 611 306 Bangor: Merrill Trust Co 6,839 4,861 12,518 1,350 370 Bar Harbor: Bar Harbor Banking & Trust Co.. 2,364 1,779 4,205 250 253 Ellsworth: Union Trust Co 793 1,137 1,967 300 55 Sanford: Sanford Trust Co 899 2,476 3,459 228 123 MASSACHUSETTS 139,757 145,044 336,479 26,048 22,134 Arlington: Menotomy Trust Co 2,312 616 3,056 300 150 Boston: NewEngland Trust Co 7,701 14,653 33,255 1,000 2,000 Old Colony Trust Co 139 9,966 5,000 5,000 Pilgrim Trust Co 4,923 527 "*o\822 400 365 State Street Trust Co 33,924 29,409 83,690 3,890 4,585 United States Trust Co 7,074 4,913 12,428 1,150 900 Bridgewater: Bridgewater Trust Co 119 516 618 100 100 Brookline: Norfolk County Trust Co 5,925 7,973 16,045 1,000 590 Cambridge: County Bank & Trust Co 2,636 1,459 4,271 300 300 Harvard Trust Co 7,490 9,850 19,494 1,000 1,050 Fall River: B. M. C. Durfee Trust Co 1,991 4,014 7,631 428 428 Fall River Trust Co 1,635 1,434 3,167 300 80 Gloucester: Gloucester Safe Deposit & Trust Co 2,253 893 3,528 300 93 Greenfield: Franklin County Trust Co 3,377 1,989 5,183 400 200 Holyoke: Hadley Falls Trust Co 4,870 3,392 9,668 1,400 100 Hyannis: Hyannis Trust Co 2,036 1,304 3,287 250 125 Lynn: Security Trust Co 5,415 2,723 9,519 400 300 Milton: Blue Hill Bank & Trust Co 563 1,845 2,723 100 150 Newton: Newton Trust Co 8,525 9,420 17,695 1,080 1,000 Norwood: Norwood Trust Co 1,651 3,799 5,510 300 300 Quincy: Quincy Trust Co 2,723 1,600 5,318 450 55 Salem: Naumkeag Trust Co 1,577 4,260 6,493 450 250 Somerville: Somerville Trust Co 3,849 1,155 6,108 450 163 Springfield: Springfield Safe Deposit & Trust Co 5,610 3,558 13,022 1,000 1,000 Union Trust Co. of Springfield 7,887 3,631 13,384 1,000 1,500 Taunton: Bristol County Trust Co 1,728 2,068 4,242 300 150 Wellesley Hills: Wellesley Trust Co 838 1,286 2,410 200 100 Winchester: Winchester Trust Co 873 1,176 2,173 100 100 Worcester: Worcester County Trust Co 15,615 35,739 1,000 10,113 3,000 NEW HAMPSHIRE 544 1,411 721 150 Conway:' Carroll County Trust Co 544 1,411 721 150 RHODE ISLAND 67,598 133,879 8,300 50,776 5,000 Providence: Industrial Trust Co.. 40,092 57,494 110,912 4,000 7,500 Union Trust Co 10,684 10,104 22,967 1,000 800 1 Includes capital notes and debentures and par value of preferred and common stock. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 243 [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 2—Total 3,951,375 3,237,741 7,995,850 445,843 595,440 NEW JERSEY i 311,323 232,409 532,320 38,535 19,157 Bayonne: Bayonne Trust Co 2,204 6,056 10,716 400 300 Bloomfield: Blooinfield Bank & Trust Co 5,595 6,944 15,145 1,300 350 Community Trust Co 868 137 1,133 100 30 Bogota: Bank of Bogota 353 892 1,496 100 25 Boonton: Boonton Trust Co 802 694 1,830 100 100 Carteret: Carteret Bank & Trust Co 787 735 1,685 100 35 Cranford: Cranford Trust Co 1,239 881 2,747 199 101 Dover: Dover Trust Co 1,548 2,111 4,547 200 250 Dunellen: Peoples Trust Co 302 358 813 100 30 East Orange: Savings Investment & Trust Co 7,173 5,873 19,124 865 205 Elizabeth: Central Home Trust Co 2,187 1,174 3,638 500 31 Elizabethport Banking Co 3,460 2,046 7,051 400 125 Fort Lee: Fort Lee Trust Co 430 811 1,538 100 50 Franklin: Sussex County Trust Co 894 1,362 2,496 150 100 Glen Ridge: Glen Ridge Trust Co 828 2,101 3,479 200 75 Glen Rock: Glen Rock Bank 92 562 657 50 40 Hackensack: Hackensack Trust Co 3,642 4,166 10,875 651 249 Peoples Trust Co. of BergenCounty 4,802 6,859 14,494 750 900 Jersey City: Commercial Trust Co. of New Jersey 17,780 37,800 72,851 3,400 4,000 New Jersey Title Guarantee & Trust Co 20,215 4,649 24,155 3,000 600 linden: LindenTrustCo 1,760 1,463 3,864 300 100 Montclair: Bank of Montclair 2,190 2,929 6,212 595 125 Montclair Trust Co 4,752 6,795 13,277 1,010 238 Morristown: Morristown Trust Co 2,182 5,862 9,964 600 200 Newark: Clinton Trust Co 1,864 818 3,007 1,227 Columbus Trust Co 673 859 1,940 400 Federal Trust Co 15,345 8,899 32,933 1,623 500 Fidelity Union Trust Co 62,362 55,727 143,394 7,500 6,000 Franklin-Washington Trust Co 2,503 2,082 6,883 884 50 Merchants & Newark Trust Co 8,015 8,968 17,077 2,500 1,500 United States Trust Co 1,635 1,532 3,327 600 500 West Side Trust Co 3,507 5,347 10,338 1,075 250 Nutley: Bank ofNutley 1,229 1,869 3,787 273 11 Passaic: Bank of Passaic & Trust Co 1,634 1,307 3,260 244 116 Peoples Bank & Trust Co 1,830 3,004 5,015 1,000 200 Paterson: Hamilton Trust Co 1,962 1,147 3,748 1,325 Perth Amboy: First Bank & Trust Co 365 3,707 6,153 850 34 Plainfleld: Mid-City Trust Co 431 749 1,342 100 40 Plainfield Trust Co 6,756 6,970 17,218 1,150 500 State Trust Co 1,981 1,024 4,042 248 70 Rahway: Rahway Trust Co 304 825 1,334 100 50 Ridgefield Park: Ridgefield Park Trust Co 1,008 1,886 3,239 323 27 Rochelle Park: Rochelle Park Bank 240 236 447 50 35 Rutherford: Rutherford Trust Co 2,616 1,979 4,897 250 350 South Orange: South Orange Trust Co 965 836 2,143 153 60 Summit: Summit Trust Co 3,470 4,577 9,332 600 200 Tenafly: Tenafly Trust Co 605 1,204 2,138 195 80 Westfield: Peoples Bank & Trust Co 2,011 2,030 6,574 200 300 Westfield Trust Co 1,927 1,567 4,965 495 25 NEW YORK 2,740,052 3,015,332 7,463,530 407,308 576,283 Adams: Citizens & Farmers Trust Co 1,180 883 2,136 195 50 Albany: First Trust Co 9,301 9,128 23,788 2,980 120 State Bank of Albany 21,045 30,298 65,000 2,900 2,250 Amityville: The Bank of Amityville 452 712 1,337 100 45 Amsterdam: Montgomery County Trust Co 1,917 2,641 4,608 200 400 Arcade: Citizens Bank of Arcade 943 675 1,756 75 75 Avoca: Bank of Avoca 193 282 452 75 20 Batavia: Genesee Trust Co 548 1,028 2,128 249 20 Belmont: State Bank of Belmont 228 150 576 50 85 Binghamton: Marine Midland Trust Co 3,784 2,796 7,697 500 400 Blasdell: Bank of Blasdell 202 161 378 30 8 Brooklyn. (See New York.) Buffalo: Liberty Bank of Buffalo 20,172 19,419 50,988 4,700 1,500 Manufacturers & Traders Trust Co 43,033 45,516 90,979 5,000 7,500 Marine Trust Co 80,534 51,575 160,297 8,000 7,000 Canandaigua: Ontario County Trust Co 1,071 1,246 2,271 300 103 Digitized fo1 rE FxcRluAsSivEe Ro f part of State located in another diitrict. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
244 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Loans I m n e v n e t st s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 2—Continued NEW YORK—continued Canaseraga: Canaseraga State Bank 218 48 250 30 16 Canisteo: First State Bank 331 153 598 50 17 Cattaragus: Bank of Cattaragus 388 848 1,117 100 100 Center Moriches: Center Moriches Bank 350 263 760 142 34 Chatham: State Bank of Chatham 705 1,860 2,614 125 125 Chestertown: Chester-Schroon-Horicon Bank 254 95 463 60 7 Clymer: Clymer State Bank 119 200 363 30 10 Cohocton: Cohocton State Bank 113 253 396 50 16 De Ruyter: De Ruyter State Bank 212 126 299 50 10 Dunkirk: Dunkirk Trust Co 590 2,817 3,296 250 250 EllenburgDepot: The State Bank of Ellenburg 344 202 603 50 33 Elmira: Chemung Canal Trust Co 3,394 7,298 11,730 800 1,300 Endicott: Endicott Trust Co 2,334 2,054 4,700 200 100 Union Trust Co 505 827 1,384 100 100 Evans Mills: Peoples Bank of Evans Mills 203 58 229 53 10 Farmingdale: Bank of Farmingdale 463 626 1,334 110 25 Floral Park: Floral Park Bank 1,667 653 2,281 205 25 Fredonia: Citizens Trust Co 760 976 1,844 150 65 Garden City: Garden City Bank & Trust Co 1,927 1,410 4,096 150 175 Geneva: Geneva Trust Co 1,483 2,267 4,148 457 35 Gloversville: Trust Co. of Fulton County 1,398 974 2,629 350 190 Great Neck: Bank of Great Neck 1,148 1,987 185 44 Hamburg: Peoples Bank of Hamburgh 773 1,833 173 Hammondsport: Bank of Hammondsport 329 277 782 63 Hicksville: Bank of Hicksville 1,039 1,280 2,637 100 250 Ithaca: Tompkins County Trust Co 4,464 4,469 9,499 650 425 Jamestown: Bank of Jamestown 6,431 3,838 12,939 1,790 200 Johnson City: Workers Trust Co 1,934 2,801 5,067 200 200 Katonah: Northern Westchester Bank 414 1,036 1,593 100 56 Kingston: Kingston Trust Co 3,027 3,403 6,469 550 250 Lackawanna: American Bank 356 299 1,715 100 25 Little Falls: Herkimer County Trust Co 1,123 3,028 4,391 350 250 Locke: The Citizens Bank of Locke 118 90 204 25 25 Lowville: Lewis County Trust Co 694 1,252 2,249 200 50 Malone: Peoples Trust Co 1,303 891 2,224 200 130 Massena: Massena Banking & Trust Co 376 461 742 150 78 Mayville: State Bank of Mayville 299 637 1,075 100 10 Middletown: Orange County Trust Co 2,150 3,700 6,223 615 110 Millbrook: Bank of Millbrook 496 1,031 1,940 100 150 Mineola: Nassau County Trust Co 1,299 3,018 5,271 390 166 Mount Kisco: Trust Co. of Northern Westchester 183 123 663 100 21 Mount Vernon: Fleetwood Bank 1,037 1,862 3,206 268 100 Mount Vernon Trust Co 2,513 2,318 6,441 3,000 500 New York: Amalgamated Bank 2,029 1,853 5,938 650 Bankers Trust Co 219,172 373,309 799,097 25,000 50,000 Bank of Manhattan Co 230,020 97,836 504,801 20,000 20,000 Bank of New York & Trust Co 49,219 73,942 177,683 6,000 9,000 Bank of Yorktown 3,907 1,386 7,135 1,000 528 Brooklyn Trust Co 35,212 49,951 114,515 8,200 4,300 Central Hanover Bank & Trust Co 219,604 347,011 831,259 21,000 60,000 Chemical Bank & Trust Co 214,880 159,906 506,375 20,000 45,000 City Bank-Farmers Trust Co 13,758 45,277 72,448 10,000 10,000 Clinton Trust Co 2,975 3,691 8,128 750 400 Colonial Trust Co 4,470 1,865 8,494 1,000 500 Continental Bank & Trust Co 25,114 17,002 59,715 4,000 3,000 Corn Exchange Bank Trust Co 52,064 159,763 290,351 15,000 15,000 Federation Bank & Trust Co 4,568 4,384 10,774 825 875 Fifth Avenue Bank 17,962 18,674 53,221 500 2,500 Fulton Trust Co 3,291 16,875 23,628 2,000 2,000 Guaranty Trust Co 577,357 600,089 ,362,266 90,000 170,000 Irving Trust Co 182,580 219,213 519,097 50,000 55,000 Lawyers Trust Co 11,214 16,861 38,289 2,000 1,500 Manufacturers Trust Co 255,263 211,586 609,010 42,419 33,000 Marine Midland Trust Co 59,803 30,513 115,988 5,000 5,000 Merchants Bank of New York 2,448 1,197 4,998 400 130 New York Trust Co 127,223 144,453 346,340 12,500 25,000 Pan American Trust Co 2,039 1,626 4,162 600 125 Pennsylvania Exchange Bank 1,410 925 3,123 529 110 Schroder Trust Co 645 15,385 17,319 1,000 1,000 Trade Bank of New York 3,159 965 6,495 419 213 United States Trust Co 36,719 31,641 85,487 2,000 26,000 Niagara Falls: Power City Trust Co 10,161 14,314 26,268 2,000 2,000 North Collins: Bank of North Collins 132 244 397 50 25 Ogdensburg: Ogdensburg Trust Co 2,853 1,865 5,238 600 110 Olean: Olean Trust Co 494 718 1,324 100 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 245 [In thousands of dollars] Loans Invest- d T ep o o ta si l ts Capital Surplus DISTRICT NO. 2—Continued NEW YORK—continued Oneida: Madison County Trust & Deposit Co 856 1,273 2,494 350 25 Ontario: State Bank of Ontario 888 514 1,345 70 30 Orchard Park: Bank of Orchard Park 491 351 836 105 50 Oriskany Falls: First Trust & Deposit Co 290 675 982 100 40 Ossining: Ossining Trust Co 1,052 1,143 2,378 350 100 Pearl River: State Bank of Pearl River 118 255 504 100 10 Perry: Citizens Bank 498 324 870 100 25 Pleasantville: Mount Pleasant Bank & Trust Co 1,270 783 2,833 300 25 Port Chester: Mutual Trust Co. of Westchester County 1,180 1,309 3,039 176 100 Rochester: Central Trust Co 8,214 5,774 16,643 1,800 Lincoln-Alliance Bank & Trust Co 33,016 22,119 73,015 5,300 1,500 Rome: Rome Trust Co 2,095 3,090 5,167 300 300 Sag Harbor: The Peconic Bank 87 161 267 25 25 Salamanca: Salamanca Trust Co 1,187 2,296 3,883 200 400 Saratoga Springs: Adirondack Trust Co 2,393 5,946 8,390 250 250 Sayville: The Oystermen's Bank & Trust Co 808 1,560 2,575 200 67 Schenectady: Schenectady Trust Co 4,478 10,218 16,434 750 1,000 Sea Cliff: State Bank of Sea Cliff 236 180 553 100 25 Smithtown Branch: Bank of Smithtown 606 669 1,406 145 56 Southampton: The Southampton Bank 834 449 1,495 199 25 Spring Valley: Ramapo Trust Co 839 231 1,085 230 10 Stony Brook: Bank of Suffolk County 198 301 567 74 6 Syracuse: First Trust &DepositCo 28,845 12,496 51,561 4,692 1,000 Syracuse Trust Co 12,217 13,215 29,768 2,400 600 Tarry town: Washington Irving Trust Co 1,145 810 2,365 100 100 Utica: First Citizens Bank & Trust Co 17,235 12,529 32,207 1,990 1,119 Warsaw: Wyoming County Bank & Trust Co 1,309 2,718 4,111 500 156 Watertown: Northern New York Trust Co 4,004 5,886 10,685 780 225 Watkins Glen: Watkins State Bank 295 239 583 50 50 Westbury: Bank ofWestbury Trust Co 583 1,377 2,103 175 55 Westhampton Beach: Seaside Bank 282 575 914 100 40 West New Brighton: West New Brighton Bank 978 1,148 2,659 100 100 White Plains: Citizens Bank of White Plains 1,721 4,012 7,574 800 100 County Trust Co 4,577 8,133 14,201 580 900 DISTRICT NO. 3—Total 275,062 401,572 846,257 57,513 79,489 DELAWARE 38,245 43,131 105,851 6,798 13,548 Wilmington: Equitable Trust Co 8,463 5,420 18,168 1,500 2,100 Industrial Trust Co 2,305 1,212 2,587 625 lib Security Trust Co 3,876 3,449 9,110 673 673 Wilmington Trust Co 23,601 33,050 75,986 4,000 10,000 NEW JERSEY i 15,595 13,062 33,446 4,018 571 Camden: Camden SafeDeposit & Trust Co 13,350 8,325 24,411 3,288 246 Hightstown: Hightstown Trust Co 310 510 928 145 22 Princeton: Princeton Bank & Trust Co 1,070 3,220 5,391 382 200 Riverside: Riverside Trust Co 530 692 1,680 100 80 Swedesboro: Swedesboro Trust Co 335 315 1,036 103 23 PENNSYLVANIA^ 221,222 345,379 706,960 46,697 65,370 Bloomsburg: BloomsburgBank-ColumbiaTrustCo 1,097 953 2,739 225 225 Carlisle: Carlisle Trust Co 1,198 538 1,489 310 Chester: Chester-Cambridge Bank & Trust Co 3,439 3,591 8,201 1,050 660 Clearfield: Clearfield Trust Co 1,323 1,310 2,955 200 300 Danville: Montour County Trust Co 156 379 563 125 14 Du Bois: Union Banking & Trust Co 1,033 1,018 2,060 250 250 Easton: Easton Trust Co 2,967 3,187 7,981 450 500 East Petersburg: East Petersburg State Bank 132 141 296 50 10 Egypt: Farmers Bank of Egypt 306 382 764 60 60 Harrisburg: Central Trust Co 4,030 1,384 4,334 400 800 Dauphin Deposit Trust Co 2,962 7,856 13,158 400 800 Hazleton: Markle Banking & Trust Co 2,439 4,628 7,340 600 1,400 Peoples Savings & Trust Co 1,571 3,339 5,057 450 400 Traders Bank & Trust Co 1,331 1,028 2,338 350 192 Honesdale: Wayne County Savings Bank 1,131 3,112 3,927 695 23 Houtzale: Houtzale Trust Co 230 582 887 125 46 Huntingdon: Grange Trust Co 519 373 845 125 60 Jenkintown: Jenkintown Bank & Trust Co 2,137 5,318 8,591 375 1,000 Digitized for 1 F ERxAclSusEivRe of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
246 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Loans I m nv e e n s ts t- d T ep o o ta si l ts Capital Surplus DISTRICT NO. 3—Continued PENNSYLVANIA—continued Lancaster: Farmers Bank & Trust Co 1,662 2,930 5,887 300 Northern Bank & Trust Co 673 1,180 1,932 300 170 Lemoyne: Lemoyne Trust Co 921 792 1,536 200 200 Lewistown: Lewistown Trust Co 538 327 854 125 53 Littlestown: Littlestown State Bank 442 157 620 50 27 Lock Haven: Lock Haven Trust Co 2,070 1,611 3,638 375 525 Lykens: Miners Bank & Trust Co 147 413 478 150 80 Mahanoy City: Merchants Banking Trust Co 527 768 1,345 300 91 Middletown: Citizens Bank & Trust Co 564 364 729 125 72 Mount Carmel: Liberty State Bank & Trust Co 589 484 1,075 150 132 Myerstown: Myerstown Trust Co 480 447 859 150 100 Nanticoke: Peoples Bank of Nanticoke 230 277 597 100 12 New Oxford: Farmers & Merchants Bank 254 326 565 107 11 Norristown: Montgomery Trust Co 1,496 4,815 6,144 1,000 691 Norristown-Penn Trust Co 4,411 3,459 8,821 1,000 1,000 Orrstown: OrrstownBank 167 154 295 35 52 Paoli: Paoli Bank & Trust Co 356 159 574 125 30 Philadelphia: Fidelity-Philadelphia Trust Co 29,644 57,619 104,149 6,700 15,000 First Trust Company of Philadelphia 64 291 200 130 Gimbel Bros. Bank & Trust Co 186 1,723 '2^861 200 32 Girard Trust Co 16,002 74,505 110,644 4,000 9,000 Integrity Trust Co 13,036 10,128 36,409 5,996 1,012 Ninth Bank & Trust Co 7,057 9,941 20,030 2,265 310 Pennsylvania Co. of Insurance on Lives and Granting Annuities 78,287 76,941 224,155 8,400 12,000 Provident Trust Co 9,688 35,321 46,493 3,200 12,260 Prospect Park: Interboro Bank & Trust Co 512 930 1,680 162 41 Quakertown: Quakertown Trust Co 553 857 1,365 150 150 Reading: Reading Trust Co 7,868 3,912 16,878 1,170 2,180 Schnecksville: Schnecksville State Bank 47 192 327 25 18 Schuylkill Haven: Schuylkill Haven Trust Co 874 1,045 1,975 150 225 Steelton: Steelton Bank & Trust Co 1,227 974 2,380 350 250 Tamaqua: Peoples Trust Co 741 498 1,325 150 7 Temple: Temple State Bank 488 197 786 84 5 Wilkes-Barre: Wilkes-BarreDeposit & Savings Bank.. 1,574 1,703 3,970 500 500 Williamsport: West Branch Bank & Trust Co 1,391 3,369 5,423 225 300 Wyomissing: Peoples Trust Co 2,745 2,060 5,229 500 14 York: Guardian Trust Co 1,514 2,430 4,106 500 650 York Trust Co 4,196 2,961 7,301 750 1,000 DISTRICT NO. 4—Total 539,797 605,661 89,719 116,581 KENTUCKYi 8,423 6,225 16,937 1,740 825 Covington: Peoples-Liberty Bank &TrustCo 4,017 1,619 6,779 550 186 Lexington: Bank of Commerce 1,727 556 3,230 340 178 Security Trust Co 636 3,094 3,620 500 200 Paris: Bourbon-Agricultural Bank & Trust Co 994 722 1,847 200 200 Richmond: State Bank & Trust Co 1,049 234 1,461 150 61 OHIO 322,615 321,838 841,858 66,441 19,708 Akron: Firestone Park Trust & Savings Bank 4,685 7,389 14,841 442 First-Central Trust Co 10,720 6,044 21,936 1,242 508 Apple Creek: Apple Creek Banking Co 202 173 424 25 13 Afchbold: Peoples State Bank Co 299 131 499 40 13 Ashland: Ashland Bank & Savings Co 797 664 1,861 150 150 Belleyue: Union Bank & Savings Co 1,060 882 2,148 290 50 Bellville: Farmers Bank 215 306 549 25 50 Brecksville: Brecksville Bank Co 93 279 445 25 10 Canal Winchester: Peoples Bank Co 244 382 648 50 27 Canton: The Geo. D. HarterBank 5,021 4,124 11,072 1,000 300 Castalia: Castalia Banking Co 92 68 150 30 11 Celina: Commercial Bank Co 652 829 1,748 100 60 Christiansburg: Farmers & Merchants Bank Co 108 35 136 25 25 Cincinnati: Central Trust Co 23,351 26,017 66,335 5,000 1,500 Fifth-Third Union Trust Co 46,282 22,478 93,802 7,650 2,350 Peoples Bank & Savings Co 2,293 667 3,144 600 200 Provident Sayings Bank & Trust Co 13,924 23,448 46,122 1,800 2,700 Southern Ohio Savings Bank & Trust Co 3,018 3,933 6,803 500 500 Western Bank & Trust Co 5,208 5,067 11,760 2,000 250 Digitized for F1 RExAclSusEiRve of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 247 [In thousands of dollars] Loans I m nv e e n s ts t- d T ep o o t s a i l ts Capital Surplus DISTRICT NO. 4—Continued OHIO—continued Cleveland: Cleveland Trust Co 140,923 131,454 347,218 27,938 3.833 The Lorain Street Bank 1,496 2,160 4,432 486 135 Columbiana: Union Banking Co 335 587 1,168 50 50 Columbus: Fifth Avenue Savings Bank Co.. 621 1,586 2,488 200 73 Conneaut: Citizens Banking & Savings Co 208 492 792 100 30 Conneaut Banking & Trust Co.. 314 1,140 1,600 125 30 Cortland: Cortland Savings & Banking Co.. 327 237 618 35 35 Coshocton: Peoples Bank & Trust Co 642 1,322 3,020 150 75 Danville: Commercial & Savings Bank Co.. 328 70 393 25 25 Delphos: Commercial Bank. 583 339 1,003 75 75 Peoples Bank of Delphos 219 508 842 50 18 Delta: Peoples Savings Bank Co 247 261 602 50 10 East Liverpool: Potters Bank & Trust Co 982 2,628 4,626 580 300 Elyria : Elyria Savings & Trust Co 1,194 1,305 2,840 295 105 Savings Deposit Bank & Trust Co 643 1,280 2,035 250 75 Fayette: Fayette State Savings Bank Co 147 154 350 50 10 Findlay: Ohio Bank & Savings Co 606 1,384 2,098 125 100 Geneva: Geneva Savings & Trust Co 731 1,016 2,107 125 115 Gibsonburg: Home Banking Co 434 180 624 65 17 Hillsboro: Hillsboro Bank & Savings Co 136 168 514 50 40 Hubbard: Hubbard Banking Co 381 180 844 50 40 Leesburg: Citizens Bank & Savings Co 119 189 419 25 15 Lyons: Farmers State Bank 192 173 397 25 15 Madison: Citizens Bank 47 213 287 50 15 Mansfield: Farmers Savings & Trust Co 478 1,200 2,179 150 110 Marengo: Marengo Banking Co 76 35 136 25 10 Martins Ferry: Peoples Savings Bank Co 1,178 1,137 2,581 200 200 Mason: The First-Mason Bank 218 276 596 35 29 Massillon: Ohio-Merchants Trust Co 1,200 1,460 3,205 250 100 Middletown: First American Bank & Trust Co 2,863 2,867 6,797 510 235 Minster: Minster State Bank 303 138 815 50 50 Mount Blanchard: Citizens Bank 124 80 203 25 17 Mount Vernon: Knox County Savings Bank 786 883 2,007 150 105 Napoleon: The Community Bank 606 662 1,543 100 40 Newark: Licking County Bank 981 1,056 2,306 200 75 Newark Trust Co 1,774 1,045 3,209 398 100 New Lexington: Perry County Bank 164 468 692 75 20 New Philadelphia: Ohio Savings & Trust Co 808 847 1,797 249 10 Norwood: Norwood-Hyde Park Bank & Trust Co 1,974 2,811 5,624 600 135 Oak Harbor: Oak Harbor State Bank Co 271 506 933 60 20 Orrville: Orrville Savings Bank 556 433 1,080 92 33 Pomeroy: Farmers Bank & Savings Co 169 374 720 50 25 Rittman: Rittman Savings Bank 499 178 838 60 27 Russellville: Bank of Russellville Co 249 245 554 25 25 St. Marys: Home Banking Co 448 897 1,672 135 16 Sandusky: Western Security Bank 577 846 1,846 100 60 Shelby: Citizens Bank 487 800 1,447 110 55 Shiloh: Shiloh Savings Bank Co 223 61 276 33 15 Toledo: Commerce Guardian Bank 3,355 8,086 14,698 900 500 Morris Plan Bank 309 441 610 200 20 Ohio Citizens Trust Co 4,455 4,266 12,555 600 600 Toledo Trust Co 17,239 31,340 85,453 5,000 2,200 Utica: The Utica Savings Bank Co 305 130 510 35 18 Van Wert: Peoples Savings Bank 657 518 1,505 100 100 Wakeman: Wakeman Bank Co 219 138 389 40 14 Wellington: First Wellington Bank 692 463 1,270 100 85 Wooster: Commercial Banking & Trust Co 517 417 1,381 150 27 Yellow Springs: Miami Deposit Bank Co 400 185 525 50 50 Youngstown: Dollar Savings & Trust Co 7,336 4,607 14,166 3,250 PENNSYLVANIA 1 186,315 267,425 450,810 18,638 93,348 Aliquippa: Woodlawn Trust Co 1,087 1,290 3,422 125 150 Ambridge: Economy Bank of Ambridge.... 301 937 1,541 100 60 Beaver: Beaver Trust Co 762 756 1,498 150 200 Dormont: Dormont Savings & Trust Co... 949 942 2,483 125 82 Erie: Security-Peoples Trust Co 6,326 5,243 13,180 1,070 207 Homestead: Monongahela Trust Co 2,747 4,471 8,235 200 900 McKeesport: Peoples City Bank 3,090 2,951 6,765 500 1,000 Meadville: Crawford County Trust Co 1,288 1,239 3,079 280 100 New Brighton: Beaver County Trust Co 749 1,301 2,299 300 350 NewCastle: Lawrence Savings & Trust Co. 1,466 2,361 4,749 300 300 1 Exclusive of part of State located in another district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
248 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Loans I m n e v n e t st s - de T p o o t s a i l ts Surplus DISTRICT NO. 4—Continued PENNSYLVANIA-continued Pittsburgh: Allegheny Trust Co 1,718 4,035 6,119 700 700 Allegheny Valley Bank of Pittsburgh 1,759 418 3,127 200 200 Colonial Trust Co 14,760 11,373 30,730 3,833 949 Commonwealth Trust Co 5,197 12,773 19,992 1,500 1,700 Homewood Bank of Pittsburgh 489 675 1,738 100 100 Peoples-Pittsburgh Trust Co 26,963 49,912 92,267 6,000 7,000 Potter Title & Trust Co 2,928 2,960 6065 875 142 Union Trust Co 110,931 158,862 235,449 1,500 78,500 ScalpLevel: Merchants & Miners Bank of Paint Borough 67 250 312 30 30 Turtle Creek: Turtle Creek Bank & Trust Co 458 1,121 1905 200 128 Warren: Warren Bank & Trust Co 1,659 1,274 3145 300 200 Windber: Windber Trust Co 621 2,281 2710 250 350 WEST VIRGINIA i 12,444 10,173 30077 2,900 2,700 Sistersville: First-Tyler Bank & Trust Co 1,148 114 1846 200 100 Wheeling: Citizens Mutual Trust Co 2,015 1,633 4982 600 300 Security Trust Co 2443 1,715 4901 300 500 Wheeling Dollar Savings & Trust Co 6838 6,711 18348 1,800 1,800 DISTRICT NO. 5—Total 180,324 181,226 486073 32,718 18,851 DISTRICT OF COLUMBIA 34321 42,553 101390 7,900 6,900 Washington: American Security &TrustCo 14261 24,790 50377 3,400 3,400 National Savings and Trust Co 9030 3,319 17234 1,500 1,000 Union Trust Co 2727 4,838 10505 2,000 500 Washington Loan & Trust Co 8303 9,606 23274 1,000 2,000 MARYLAND 39305 42,810 117542 9,401 3,487 Baltimore: Baltimore-Commercial Bank 2080 1,091 5545 500 251 Calvert Bank 2820 5,073 9535 375 225 Commonwealth Bank of Baltimore 551 25 1278 300 150 Fidelity Trust Co 2594 11,304 18943 1,000 625 Maryland Trust Co 10502 13,373 34476 2,650 850 Union Trust Co. of Maryland 13022 8,924 34463 3,000 1,010 Cambridge: County Trust Co. of Maryland 5663 1,369 8706 1,161 260 Ellicott City: Commercial & Farmers Bank 76 195 278 50 15 Forest Hill: Forest Hill State Bank 310 124 435 50 11 Hagerstown: Hagerstown Trust Co 429 826 1773 150 40 Salisbury: Farmers & Merchants Bank 1258 506 2110 165 50 NORTH CAROLINA 49529 55,500 141995 6,125 3,295 Charlotte: American Trust Co 15226 20,741 53449 1,200 1,200 Concord: Citizens Bank & Trust Co 595 357 1,277 100 75 Edenton: Bank of Edenton 1077 231 1216 200 45 Marshall: Citizens Bank 435 113 689 50 35 Tryon: Tryon Bank & Trust Co 179 206 448 25 50 Washington: Bank ofWashington 426 759 1955 100 50 Wilmington: Peoples Savings Bank & Trust Co 885 698 2,687 180 90 Wilmington Savings & Trust Co 5419 685 7,180 300 500 Winston-Salem: Wachovia Bank & Trust Co.. 25287 31,710 73,094 3,970 1,250 SOUTH CAROLINA 2,182 4,915 8,802 400 Bishopville: Peoples Bank 247 61 495 25 50 Charleston: Carolina Savings Bank. 946 3,780 5,515 200 100 Chester: Commercial Bank 384 562 1,256 100 100 Hartsville: Bank of Hartsville 605 512 1,536 75 38 VIRGINIA 40,307 23,847 81,559 6,099 2,863 Abingdon: Farmers Exchange Bank, Inc 450 165 830 50 10 Amelia: Union Bank & Trust Co 153 284 541 50 25 Blackstone: Citizens Bank & Trust Co 341 264 761 73 30 Chase City: Peoples Bank & Trust Co 607 190 1,020 100 30 Farmville: Planters Bank & Trust Co 352 639 1,148 50 80 Glade Spring: Bank of Glade Spring 279 111 436 50 50 Halifax: Bank of Halifax 281 669 1,205 50 34 Kenbridge: Bank of Lunenburg, Inc 384 565 1,107 65 80 Lacrosse: Bank of Lacrosse 253 150 476 50 50 Lawrenceville: Farmers & Merchants Bank. 561 209 1,025 50 60 Digitized for 1 FERxcAluSsiEveR of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 249 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 5—Continued VIRGINIA—continued Lynchburg: Lynchburg Trust & Savings Bank. 2,000 1,066 3,209 300 300 Montross: Peoples Bank 209 59 281 25 20 Petersburg: Petersburg Savings & American Trust Co.. 1,047 1,018 2,500 276 55 Powhatan: Bank of Powhatan 635 151 858 25 40 Richmond: Bank of Commerce & Trusts 5,996 2,305 9,852 600 500 Mechanics & Merchants Bank 1,264 665 2,136 200 40 State-Planters Bank & Trust Co 19,614 13,325 44,302 3,050 700 Rural Retreat: Peoples Bank 220 139 458 35 35 Smithfield: Merchants & Farmers Bank, Inc 299 94 477 50 34 South Hill: Citizens Bank, Inc 416 207 850 50 25 Suffolk: Farmers Bank of Nansemond 2,854 613 4,117 500 500 Tazewell: Farmers Bank of Clinch Valley 789 228 1,544 200 50 Williamsburg: Peninsula Bank & Trust Co 898 485 1,718 100 75 Winchester: Union Bank of Winchester 405 246 708 100 40 WEST VIRGINIA * 14,680 11,601 34,785 2,793 2,018 Berwind: BerwindBank 502 414 1,239 100 100 Buffalo: Buffalo Bank 111 66 195 25 20 Charleston: Kanawha Banking & Trust Co 2,467 1,252 4,999 600 251 Kanawha Valley Bank 6,996 8,354 21,114 1,000 1,200 Hurricane: Putnam County Bank 175 43 292 50 7 Lewisburg: Greenbrier Valley Bank 390 136 906 75 38 Martinsburg: Peoples Trust Co 1,372 175 1,324 488 130 Parsons: Tucker County Bank 127 101 292 25 5 Petersburg: Potomac Valley Bank 179 98 373 50 10 Rainelle: Bank of Rainelle 17 267 313 25 25 Romney: Bank of Romney 720 157 826 100 65 St. Albans: Bank of St. Albans 305 193 676 50 100 St. Marys: Pleasants County Bank 318 96 510 75 15 Spencer: Traders Trust & Banking Co 643 155 959 80 16 Summersville: Farmers & Merchants Bank 358 767 50 36 DISTRICT NO. 6—Total 72,461 57,515 172,765 14,724 7,496 ALABAMA 11,228 15,745 34,480 2,982 582 Aliceyille: AliceyilleBank & Trust Co 195 564 40 20 Birmingham: BirminghamTrust & Savings Co 7,557 12,599 25,487 2,307 157 Clanton: Peoples Savings Bank 261 284 843 50 25 Clayton: Bank of Commerce 139 42 276 50 Columbiana: Columbiana Savings Bank 235 30 348 35 7 Cullman: Parker Bank & Trust Co 298 318 1,043 90 45 Dothan: Dothan Bank & Trust Co 420 966 1,813 60 100 Eutaw: Merchants & Farmers Bank of Greene County.. 305 423 757 55 75 Guin: Marion County Banking Co 268 417 25 40 Marion Junction: Marion Junction State Bank, Inc 70 1 55 25 15 Oneonta: The Citizens Bank 161 24 227 25 7 Pine Apple: Bank of Pine Apple 134 121 268 25 10 Selma: Peoples Bank & Trust Co 664 281 1,493 120 40 Thomaston: Planters Bank & Trust Co 172 34 221 25 5 Winfield: Winfield State Bank 123 43 198 25 York: Bank of York 125 470 25 FLORIDA 3,356 3,833 10,454 580 497 Fort Lauderdale: Broward Bank & Trust Co.. 1,014 1,718 3,450 150 300 Marianna: Citizens State Bank 325 111 499 30 12 Ocala: Commercial Bank & Trust Co 266 547 1,067 100 30 St. Petersburg: Union Trust Co 1,751 1,457 5,438 300 155 GEORGIA 31,636 9,642 53,698 6,087 4,019 Adairsville: Bank of Adairsville 60 3 144 25 5 Atlanta: Trust Co. of Georgia 11,728 3,270 21,652 2,000 2,000 Augusta: Georgia Railroad Bank & Trust Co 5,507 1,659 8,629 750 300 Bainbridge: Citizens Bank & Trust Co 411 72 852 150 15 Blackshear: The Blackshear Bank 261 167 490 50 25 Brunswick: Brunswick Bank & Trust Co 563 992 1,458 230 70 Canton: Bank of Canton 413 356 833 150 150 Cochran: State Bank of Cochran 101 234 25 Columbus: Columbus Bank & Trust Co 4,210 1,064 850 650 Merchants & Mechanics Bank 1,518 247 2,481 200 200 Commerce: Northeastern Banking Co 176 27 347 50 25 Eastman: Bank ofEastman 150 313 65 Digitized for 1 F ERxAclSusEivRe of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
250 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 6—Continued GEORGIA—continued Lawrenceville: Brand Banking Co 259 225 488 50 50 Lincolnton: Farmers State Bank 81 68 149 25 15 Millen: Bank of Millen 269 268 540 50 50 Monroe: Farmers Bank 293 228 542 100 30 Pelham: Farmers Bank 263 58 323 100 29 Sasser: Bank of Sasser 110 34 111 25 33 Savannah: Citizens Bank & Trust Co 1,125 347 1,403 342 58 Savannah Bank & Trust Co 3,001 165 3,865 675 125 Soperton: Bank of Soperton 205 9 255 50 10 Swainsboro: Central Bank 167 26 293 25 20 Tifton: Bank of Tifton 765 1,408 100 150 LOUISIANA i 10,145 19,851 38,080 2,950 1,050 Alexandria: RapidesBank &TrustCo 901 1,177 2,647 450 50 Lake Charles: Lake Charles Bank & Trust Co 1,196 659 2,421 300 150 New Orleans: American Bank & Trust Co 7,829 17,773 32,445 2,150 850 Slidell: Bank of Slidell 219 242 567 50 MISSISSIPPI 120 392 727 50 28 Crystal Springs: Truckers Exchange Bank 79 307 25 10 Forest: Bank of Forest 41 339 420 25 18 TENNESSEE 15,976 8,052 35,326 2,075 1,320 Carthage: Citizens Bank & Trust Co 203 257 643 25 5 Chattanooga: American Trust & Banking Co 3,565 2,894 10,126 625 750 Greeneville: Greene County Bank 1,009 236 1,655 200 Hartsville: Bank of Hartsville 256 69 393 25 25 Knoxville: Commercial Bank & Trust Co 777 1,144 2,549 200 40 Nashville: Commerce Union Bank 3,452 19,960 1,000 500 10,166 DISTRICT NO. 7—Total. 688,609 1,359,771 59,416 28,926 342,419 ILLINOIS1 383,632 718,652 20,677 17,280 145,154 Argenta: GerberStateBank 252 469 25 25 Belvidere: Farmers State Bank 1,377 2,258 100 100 Bloomington: Corn Belt Bank 870 2,279 195 46 Peoples Bank of Bloomington 1 3,425 8,533 200 400 Bushnell: Farmers & Merchants State Bank 358 1,234 50 100 Byron: Rock River Community Bank 320 564 50 20 Chicago: Amalgamated Trust & Savings Bank 1 4,552 7,664 400 200 Drexel State Bank 3,785 6,813 448 75 Hamilton State Bank 817 2,010 200 25 Harris Trust & Savings Bank 58 94,452 210,009 6,000 7,000 Lake Shore Trust & Sayings Bank 3 4,048 12,091 796 24 Lake View Trust & Savings Bank 1 15,455 26,409 500 500 Main State Bank • 1 2,676 6,056 200 135 Mercantile Trust & Savings Bank 4 6,586 17,246 600 400 Metropolitan State Bank 2,132 3,241 200 50 Metropolitan Trust Co 178 400 100 Northern Trust Co 38 194,160 '313'; 544 3,000 6,000 Personal Loan & Savings Bank 9 75 6,608 2,000 500 Sears-Community State Bank 1 4,426 8,298 200 100 Skala State Bank 2,229 2,868 200 40 State Bank of Clearing 941 2,494 120 20 Uptown State Bank 1 3,969 7,396 300 100 Cowden: State Bank of Cowden 90 249 25 10 Elburn: Kane County Bank & Trust Co 176 679 50 30 Eureka: State Bank of Eureka 85 851 50 20 Evanston: Evanston Trust & Savings Bank 2,241 3,326 324 State Bank & Trust Co 9,411 15,016 1,000 28 Fairbury: Fairbury State Bank 326 594 50 23 Fulton: Fulton State Bank 358 643 50 15 Galesburg: Farmers & Mechanics Bank 1,431 3,281 200 40 Geneva: State Bank of Geneva 522 1,300 100 50 Joy: Joy State Bank 189 632 30 15 Kewanee: Peoples State Savings Bank 1,137 3,437 100 125 Lostant: Farmers State Bank 287 512 35 15 Mattoon: Central Illinois Trust & Savings Bank. 622 943 100 20 Metamora: Metamora State Bank 119 470 50 11 Milford: Citizens State Bank 100 828 50 25 Momence: Parish Bank & Trust Co 109 458 50 15 Digitized fo1r FExRcAluSsiEveR o f part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 251 [In thousands of dollars] Loans I m nv e e n s ts t- d T ep o o ta si l ts Capital Surplus DISTRICT NO. 7—Continued ILLINOIS—continued Morrison: Smith Trust & Savings Bank 548 692 1,599 100 50 Niantic: State Bank of Niantic 165 317 498 50 15 Niles Center: Niles Center State Bank 508 1,112 1,778 155 100 Oak Park: Oak Park Trust & Savings Bank 2,212 3,849 7,947 500 100 Petersburg: The Schirding State Bank 462 193 774 50 20 Riverdale: First Trust & Savings Bank 108 291 600 50 10 Rochester: Rochester State Bank 205 53 313 25 5 Rushville: Rushville State Bank 321 467 1,001 50 25 Shannon: First State Bank of Shannon 214 366 820 60 12 Springfield: Springfield Marine Bank 2,523 6,106 11,407 500 200 Stockland: Sumner State Bank 177 20 295 50 10 Thomson: Thomson State Bank 85 168 307 25 9 Tolono: Bank of Tolono 71 34 175 25 5 Citizens Bank of Tolono 94 43 201 25 7 Tuscola: Tuscola State Bank 235 321 655 70 70 Walnut: Citizens State Bank 149 76 344 25 5 Washington: Danforth Banking Co 124 856 1,042 50 60 Wenona: First State Bank 200 754 1,047 50 45 Wheaton: Gary-Wheaton Bank 228 781 1,195 100 50 Wheaton Trust & Savings Bank 168 997 1,419 100 25 Wilmette: Wilmette State Bank 1,850 3,932 169 55 INDIANA 13,865 32,376 58,544 4,469 1,005 Auburn: Auburn State Bank 593 477 1,348 25 Columbia City: Citizens State Bank 488 445 1,368 50 Connersville: FayetteBank & Trust Co 764 1,416 2,488 360 Darlington: Farmers & Merchants State Bank 98 87 235 25 7 Elkhart: St. Joseph Valley Bank 1,024 513 1,860 374 60 Hebron: Citizens Bank 198 176 379 61 Huntington: First State Bank 672 1,301 2,253 240 "50 Indianapolis: Fletcher Trust Co 6,034 22,850 36,421 2,400 600 Jamestown: Citizens State Bank 178 36 449 40 10 Kokomo: Union Bank & Trust Co 1,541 2,652 5,104 323 80 Mohawk: The Mohawk State Bank 81 66 162 25 10 Muncie: Merchants Trust & Savings Co 1,190 1,174 4,011 225 115 Tipton: Farmers Loan & Trust Co 448 450 997 100 13 Valparaiso: First State Bank of Valparaiso 556 703 1,469 147 IOWA 32,299 37,708 88,162 4,070 2,074 Afton: Commercial State Bank 226 47 370 25 23 Algona: Iowa State Bank 110 1,514 50 50 Security State Bank 33 376 50 9 Blencoe: Blencoe State Bank 94 336 25 15 Cedar Falls: Union Bank & Trust Co 642 1,190 100 20 Cherokee: Cherokee State Bank 494 1,563 120 35 Davenport: Davenport Bank & Trust Co 14,294 26,672 600 600 Des Moines: Bankers Trust Co 10,396 20,148 1,000 250 Fairfield: Iowa State Bank & Trust Co 136 789 100 20 Fontanelle: State Savings Bank : 114 468 40 19 Fort Dodge: The State Bank 367 2,063 100 85 Fort Madison: Fort Madison Savings Bank 1,567 2,867 205 45 Glenwood: Glenwood State Bank 132 1,024 50 50 Holstein: Holstein State Bank 170 692 50 33 M M M L Id i o o a a n s n o e G o v t r i n h r i c l o e e l C a v e l d : l i e o t : : L y : M : I i M d n U o a e o v o n C n i r i l t t h o l i e e c e u d e a n S d l H t l t y o a o S t m S S t e a t t e B t a a e t t B a e e B n a B B k a n n a a k k n n k k & Trust Co 2 7 3 5 7 1 6 7 0 5 8 5 3 1 , , 5 9 0 2 1 9 3 7 5 3 3 1 6 2 7 4 1 4 2 0 3 0 0 5 0 0 0 2 3 8 1 6 0 5 0 5 Muscatine: Central State Bank 1,089 2,192 125 25 Muscatine Bank & Trust Co 2,088 5,125 125 175 Newton: Jasper County Savings Bank 790 3,754 100 100 Osage: Home Trust & Savings Bank 359 1,031 50 36 Ottumwa: Union Bank & Trust Co 2,184 5,351 300 150 Riceville: Riceville State Bank 46 162 25 7 Royal: Home State Bank 101 336 25 25 Shenandoah: Security Trust & Sayings Bank 366 1,050 60 30 Storm Lake: Security Trust & Savings Bank 247 684 50 26 Templeton: Templeton Savings Bank 105 436 25 15 Washington: Washington State Bank 523 1,407 50 50 Williams: Williams Savings Bank 573 25 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 7—Continued MICHIGAN i 115,906 193,545 398,348 22,811 6,628 Adrian: Adrian State Savings Bank 266 478 917 101 Commercial Savings Bank 580 1,416 2,465 110 Lenawee County Savings Bank 406 1,060 1,773 110 10 Albion: Commercial & Savings Bank 407 586 1,090 100 21 Algonac: Algonac Savings Bank _ 88 279 430 28 Alpena: Alpena Savings Bank 438 1,478 2,635 200 150 Alto: Farmers State Bank 77 125 228 25 1 Ann Arbor: Ann Arbor Savings & Commercial Bank 5,150 12,796 926 257 State Savings Bank 3,637 7,578 500 200 Armada: Armada State Bank 181 576 25 Bay City: Bay City Bank 1,218 2,734 300 Peoples Commercial & Savings Bank ,335 8,505 10,314 1,000 100 Belleville: Peoples State Bank 271 224 539 40 20 Berrien Springs: Berrien Springs State Bank 119 509 807 45 11 Big Rapids: Big Rapids Savings Bank 276 91 460 50 11 Blanchard: Blanchard State Bank 74 35 177 25 5 Blissfield: Blissfield State Bank 491 395 996 93 25 Bronson: Peoples State Bank 178 181 589 50 11 Brown City: Brown City Savings Bank 99 180 415 25 Capac: Capac State Savings Bank 282 222 590 35 CassCity: Cass City State Bank 268 117 506 40 21 Pinney State Bank 220 308 584 50 13 Cassopolis: Cass County State Bank 142 189 457 40 18 Charlevoix: Charlevoix County State Bank 167 218 480 25 7 Charlotte: Eaton County Savings Bank 138 511 955 54 15 Chelsea: Chelsea State Bank 442 717 1,217 55 55 Chesaning: Chesaning State Bank 163 587 824 64 22 Clarkston: Clarkston State Bank 207 281 556 25 Coloma: State Bank of Coloma 134 264 486 45 Coopersville: Coopersville State Bank 213 215 615 40 Corunna: Old Corunna State Bank 322 476 905 40 30 Croswell: State Bank of Croswell 81 650 912 72 Davison: Davison State Bank 130 290 462 50 5 Detroit: Detroit Bank },817 64,984 138,738 5,150 1,410 United Savings Bank ),972 9,064 19,825 1,425 575 Dundee: Monroe County Bank 132 133 342 40 Ecorse: Ecorse Savings Bank 915 530 1,586 100 '"25 Farmington: Farmington State Bank 390 336 796 50 12 Fennville: Old State Bank.. 199 157 492 50 20 Fenton: State Savings Bank 441 547 1,231 Flint: Citizens Commercial & Savings Bank 5,307 8,801 22,590 1,000 400 Genesee County Savings Bank 5,115 5,633 9,537 700 200 Fountain: Fountain State Bank 73 29 127 25 6 Frankenmuth: Frankenmuth State Bank 728 1,002 1,821 117 45 Fremont: Fremont State Bank 216 337 637 50 12 Old State Bank of Fremont 251 688 62 15 Gagetown: State Savings Bank 219 34 6 Grand Haven: GrandHaven State Bank 1 853 2,431 145 62 Peoples Savings Bank 446 1,594 105 25 Grand Rapids: Old Kent Bank 12 23,406 42,313 2,750 1,250 Grandville: Community State Bank 25 141 25 4 Greenville: Commercial State Savings Bank 441 1,163 97 First State Bank. 133 570 50 15 Grosse Pointe: Grosse Pointe Bank 1,422 3,186 100 115 Harbor Springs:Emmet County State Bank 790 1,115 98 Hillsdale: Hillsdale State Savings Bank 1,807 2,958 165 51 Holland: Holland State Bank 1 821 3,033 250 75 Peoples State Bank 398 2,227 150 Holly: First State & Savings Bank 380 773 60 5 Howell: First State & Savings Bank 198 521 62 16 Imlay City: Imlay City State Bank 253 449 25 Jackson: Jackson City Bank & Trust Co 4,685 9,905 768 200 Jonesville: Grosvenor Savings Bank 199 420 35 Kingston: Kingston State Bank 39 175 25 Lakeyiew: Bank of Lakeview 304 30 Lansing: American State Savings Bank 2, 4,190 8,928 650 Bank of Lansing 1 2,738 5,341 335 40 Lapeer: Lapeer Savings Bank 171 432 61 5 Digitized for 1 F ERxAclSusEivRe of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 253 [In thousands of dollars] Loans I m nv e e n s ts t- de T p o o t s a i l ts Capital Surplus DISTRICT NO. 7—Continued MICHIGAN—continued Lawrence: Home State Bank 103 321 25 Lowell: State Savings Bank 244 389 728 50 Manchester: Peoples Bank 70 202 306 25 5 Union Savings Bank 167 475 676 70 15 Manistee: Manistee County Savings Bank 736 2,899 4,239 208 60 Marccllus: G. W. Jones Exchange Bank 401 344 929 40 40 Marshall: Commercial Savings Bank 357 1,245 1,776 100 35 Mason: Farmers Bank 348 298 869 50 21 Midland: Chemical State Savings Bank 1,269 2,003 3,777 200 40 Milan: Peoples State Bank 273 186 493 50 11 Monroe: Dansard State Bank 320 1,017 1,624 213 Montague: Farmers State Bank 100 141 276 25 Mount Clemens: Mount Clemens Savings Bank 638 902 2,385 250 Mount Pleasant: Exchange Savings Bank 406 494 1,272 50 Isabella County State Bank 775 1,032 2,375 120 60 New Baltimore: Citizens State Savings Bank 126 182 358 25 5 New Haven: New Haven Savings Bank 33 131 275 25 North Branch: Pioneer Bank 74 195 309 50 Onsted: Onsted State Bank 194 87 335 25 15 Petoskey: First State Bank 508 508 1,321 100 25 Pigeon: Pigeon State Bank 252 139 481 25 13 Pinconning: Pinconning State Bank 180 83 321 25 5 Richmond: Macomb County Savings Bank 185 136 331 50 5 Romeo: Romeo Sayings Bank 134 507 751 55 Royal Oak: Guardian Bank 448 2,126 3,206 100 "50 Saginaw: Saginaw State Bank 2,491 2,773 6,125 383 100 St. Charles: St. Charles State Bank 222 250 509 25 25 St. Clair: Commercial & Savings Bank 553 1,229 3,041 165 75 St. Johns: State Bank of St. Johns 303 635 1,162 96 9 Saugatuck: Fruit Growers State Bank 174 287 510 60 12 Sebewaing: Farmers & Merchants State Bank 265 512 923 50 30 South Haven: Citizens State Bank 425 1,602 100 85 First State Bank 244 295 796 75 5 Sparta: Sparta State Bank 281 202 542 30 15 Spring Lake: Spring Lake State Bank 448 175 680 40 25 Traverse City: Traverse City State Bank 663 1,283 2,757 200 55 Trenton: Trenton State Bank 366 191 631 50 10 Vassar: State Bank of Vassar 125 186 374 25 8 Wayne: Wayne State Bank 309 651 1,229 50 32 Whitehall: State Bank of Whitehall 194 308 560 40 Williamston: Peoples State Bank 225 407 782 84 Yale: Yale State Bank 98 222 425 25 5 Zeeland: Zeeland State Bank 852 1,003 2,190 100 90 WISCONSIN1 35,195 41,348 96,165 7,389 1,939 Antigo: Fidelity SavingsBank 882 1,037 2,173 200 Burlington: Bank of Burlington 473 874 1,591 100 50 Chilton: Commercial Bank 130 424 650 40 20 Edgerton: Tobacco Exchange Bank 348 465 904 50 40 Green Lake: Green Lake State Bank 154 160 322 40 4 Kaukauna: Bank of Kaukauna 203 333 572 100 5 Manitowoc: Manitowoc Savings Bank 1,937 2,638 6,042 500 200 Markesan: Markesan State Bank 363 776 1,135 60 60 Mayville: State Bank of Mayville 420 549 1,042 117 30 Milwaukee: American State Bank 1,227 469 2,170 200 75 Badger State Bank 1,606 3,321 6,053 500 20 Marshall & Ilsley Bank 16,953 15,999 43,345 2,985 400 West Side Bank 1,522 1,976 4,646 400 400 Platteville: State Bank of Platteville 244 86 663 100 SaukCity: Farmers & Citizens Bank 227 642 967 85 Sheboygan: Bank of Sheboygan 2,466 1,545 4,763 547 20 Citizens State Bank 2,995 4,513 8,933 500 400 South Milwaukee: Home State Bank 437 192 1,280 100 26 Sturgeon Bay: Bank of Sturgeon Bay 695 1,031 2,101 150 30 Viroqua: State Bank of Viroqua 204 166 410 50 Waupaca: Farmers State Bank 447 491 1,097 80 16 Waupun: State Bank of Waupun 165 720 1,044 50 50 Wausau: Citizens State Bank 531 1,888 2,448 290 40 Whitewater: First Citizens State Bank 566 1,053 1,814 145 48 1 Exclusive of part of State located in another district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
254 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 8—Total 153,776 194,773 446,099 34,546 10,115 ARKANSAS 7,616 6,398 19,445 1,182 263 Batesville: Citizens Bank & Trust Co 558 205 961 60 5 Blytheville: Farmers Bank & Trust Co 970 228 1,726 150 40 Fordyce: Fordyce Bank & Trust Co 232 183 494 50 25 Little Rock: W. B. Worthen Co., Bankers 5,017 5,206 14,552 672 153 Russellville: Bank of Russellville 436 305 in 100 10 Peoples Exchange Bank 211 100 515 100 10 Waldron: Bank ofWaldron 192 171 420 50 20 ILLINOIS i 5,991 9,611 20,142 1,779 574 Breese: State Bank of Breese 250 366 754 50 50 Chester: First State Bank 626 479 1,246 50 60 East St. Louis: Union Trust Co 1,178 2,436 4,426 600 Edwardsville: Bank ofEdwardsville 458 1,290 2,015 150 iso Effingham: Effingham State Bank 677 468 1,527 124 19 Eldorado: C. P. Burnett & Sons, Bankers 176 777 1,278 100 50 Greenville: State Bank of Hoiles & Sons 417 394 1,021 150 10 Highland: State & Trust Bank 280 236 880 75 45 Hillsboro: Montgomery County Loan & Trust Co 326 449 876 80 20 Hoyleton: Hoyleton State & Savings Bank 125 159 380 25 10 Jacksonville: Elliott State Bank 793 1,755 3,979 200 100 Litchfield: Litchfield Bank & Trust Co 238 413 777 100 20 O'Fallon: First State Bank 99 63 201 25 5 Richview: Richview State Bank 68 59 151 25 5 Steeleville: State Bank of Steeleville 280 267 631 25 30 KENTUCKYi 23,583 9,474 37,763 4,215 1,948 Danville: BoyleBank &TrustCo 605 326 1,024 100 78 Hartford: Citizens Bank 45 201 282 25 10 Hopkinsville: Planters Bank & Trust Co 457 1,285 2,376 100 100 Louisville: Kentucky Title Trust Co 4,511 2,584 3,926 1,000 775 Lincoln Bank & Trust Co 6,121 1,999 12,489 750 400 Louisville Trust Co 10,184 1,598 13,882 1,990 510 Owensboro: First-Owensboro Bank & Trust Co 1 ,.660 1,481 3,784 250 75 MISSISSIPPI i 186 202 547 35 13 Indianola: PeoplesBank 186 202 547 35 13 MISSOURI 116,400 169,088 368,202 27,335 7,317 Camdenton: Camden County Bank 77 65 206 25 5 Carrollton: Carroll County Trust Co 730 445 1,672 100 27 Clayton: St. Louis County Bank 1,238 1,965 6,603 225 150 Clinton: Union State Bank 275 385 958 50 45 Farmington: United Bank 731 461 1,415 120 35 Fulton: Callaway Bank 497 876 1,695 125 50 Glasgow: Glasgow Savings Bank 349 264 684 75 75 Hannibal: Farmers & Merchants Bank & Trust Co 404 762 1,458 100 100 Lancaster: Schuyler County State Bank 154 277 584 50 10 Lebanon: State Savings Bank 225 127 435 25 20 Luxemburg: Lemay Ferry Bank 376 442 987 100 20 Maplewood: Peoples State Bank 198 342 661 100 20 Marshall: Wood & Huston Bank 850 179 1,696 100 100 Memphis: Bank of Memphis 171 139 422 25 20 Moberly: City Bank & Trust Co 217 621 984 100 20 Mechanics Bank & Trust Co 175 1,729 3,208 200 34 Monroe City: Monroe City Bank 113 284 549 50 25 Normandy: Normandy State Bank 321 228 594 50 25 Pine Lawn: Pine Lawn Bank 324 271 679 45 30 St. Louis: Baden Bank 683 1,645 2,501 330 Bremen Bank & Trust Co 755 4,304 5,515 400 200 Cass Bank & Trust Co 1,584 3,345 5,611 450 150 Chippewa Trust Co 2,498 215 3,188 340 Easton-Taylor Trust Co 918 1,185 2,974 250 30 Jefferson Bank & Trust Co 1,348 1,100 3,324 415 9 Jefferson-Gravois Bank 2,175 3,378 6,254 897 Lindell Trust Co 1,798 2,005 4,818 300 150 Manchester Bank 3,113 1,566 5,368 798 Manufacturers Bank & Trust Co 3,095 4,178 11,047 600 400 Mercantile-Commerce Bank & Trust Co 33,359 83,917 152,882 10,000 2,800 Mississippi Valley Trust Co 37,527 27,019 86,579 6,000 1,414 Mound City Trust Co 1,125 900 2,279 349 North St. Louis Trust Co 652 3,078 4,179 300 200 Digitized f1o Er xFcRluAsiSveE Rof part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 255 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 8—Continued MISSOURI—continued St. Louis—Continued. Northwestern Trust Co 2,664 3,584 6,829 750 250 Plaza Bank of St. Louis 1,174 1,477 3,630 200 80 Southern Commercial & SayingsBank.., 1,485 1,382 3,229 423 15 Southwest Bank of St. Louis 2,727 374 3,181 423 Tower Grove Bank & Trust Co 4,996 7,844 14,665 1,000 •466 United Bank & Trust Co 2,732 3,926 8,231 1,000 210 St. Louis County: Gravois Bank 460 492 1,160 100 15 Sedalia: Sedalia Bank & Trust Co 595 63 902 100 30 Vandalia: Vandalia State Bank 191 92 323 25 13 Versailles: Bank of Versailles 160 95 349 40 15 Washington: Franklin County Bank 363 541 958 80 25 Webster Groves: Webster Groves Trust Co.. 1,521 100 100 798 2,736 , DISTRICT INO. 9—Total. 29,220 4,701 19,329 67,233 MICHIGAN^ 5,285 167 2,963 9,876 Escanaba: State Savings Bank 550 1,295 130 20 Ewen: State Bank of Ewen 144 106 1,973 50 4 Gladstone: Gladstone State Savings Bank... 367 405 321 92 20 Iron Mountain: Commercial Bank 650 1,042 904 190 10 Menominee: Commercial Bank 612 483 2,152 115 17 Sault Ste. Marie: 1,341 Central Savings Bank 310 852 1,475 110 40 Sault Savings Bank 330 1,102 1,710 116 56 MINNESOTA 2,903 4,164 8,211 482 218 Aurora: State Bank of Aurora 78 187 401 25 13 Caledonia: Sprague State Bank 364 459 1,051 60 40 Cannon Falls: Security State Bank 187 85 305 25 5 Chatfield: Root River State Bank 96 205 337 25 10 Clinton: Clinton State Bank 189 ' 27 221 25 5 Houston: Security State Bank 133 452 685 47 15 Owatonna: Security Bank & Trust Co., 685 1,332 2,279 100 80 Plainview: Peoples State Bank 142 194 397 25 5 Rushmore: First State Bank , 173 129 361 30 5 Springfield: Farmers & Merchants State Bank.. 291 733 40 20 State Bank of Springfield " 249 389 726 50 10 Wadena: Wadena County State Bank.., 209 414 715 30 10 MONTANA 9,470 16,123 39,577 2,428 1,060 Anaconda: Daly Bank & Trust Co 760 1,803 3,741 280 75 Belt: Belt Valley Bank 52 122 212 25 3 Big Timber: Citizens Bank & Trust Co 360 175 784 124 15 Billings: Security Trust & Savings Bank 956 812 100 100 Bozeman: Gallatin Trust & Savings Bank 156 276 732 100 11 Security Bank & Trust Co 333 207 750 100 15 Butte: Metals Bank & Trust Co 1,935 6,542 13,359 600 400 Cascade: Stockmens Bank 67 105 285 25 15 Chateau: Citizens State Bank 73 283 609 30 30 Columbus: Yellowstone Bank 168 125 433 25 15 Deer Lodge: Deer Lodge Bank & Trust Co 637 1,048 2,085 100 50 Denton: Farmers State Bank 99 55 171 25 7 Fromberg: Clarks Fork Valley Bank 115 7 126 25 7 Glasgow: Farmers-StockgrowersBank_ 35 110 524 35 20 Great Falls: Montana Bank & Trust Co 736 1,041 2,429 100 100 Helena: Union Bank & Trust Co 1,664 2,386 6,895 484 67 Laurel: Yellowstone Bank 247 110 581 35 15 Libby: First State Bank 263 193 599 25 13 Richey: First State Bank 76 35 175 25 17 Ronan: Ronan State Bank 214 90 489 25 6 Terry: State Bank of Terry 155 106 724 40 40 Townsend: State Bank of Townsend 109 307 476 50 12 Victor: Farmers State Bank 212 106 431 25 20 Worden: Farmers State Bank 48 79 159 25 7 SOUTH DAKOTA 3,785 3,299 8,929 899 215 Alcester: State Bank of Alcester 262 375 25 15 Alpena: Bank of Alpena 62 20 89 30 3 Arlington: Citizens State Bank 127 57 187 25 8 Belvidere: Belvidere State Bank 97 59 295 25 5 Buffalo: First State Bank 253 104 350 25 25 Burke: Burke State Bank 33 170 25 5 Digitized for F 1 RExAclSusEiRve of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
256 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Loans I m nv e e n s ts t- d T ep o o t s a i l ts Capital Surplus DISTRICT NO. 9—Continued SOUTH DAKOTA-continued Faith: Farmers State Bank 69 170 346 25 5 Flandreau: Farmers State Bank 315 144 749 50 10 Freeman: Merchants State Bank 155 37 217 40 8 Fulton: Fulton State Bank 112 60 233 25 15 Huron: Farmers & Merchants Bank 142 867 1,311 100 20 Madison: Security Bank & Trust Co 436 74 716 75 10 Mclntosh: Security State Bank 10 130 186 30 6 Miller: Hand County State Bank 185 44 254 25 5 Mitchell: Commercial Trust & Savings Bank 569 873 1,630 199 25 Mobridge: Citizens Bank & Trust Co 25 148 193 50 10 Presho: Farmers & Merchants State Bank 71 52 217 25 5 Sturgis: Bear Butte Valley Bank 305 90 547 25 15 Toronto: Bank of Toronto 136 122 322 25 5 Wessington Springs: Jerauld County Bank 202 28 264 25 5 Woonsocket: Sanborn County Bank 159 99 278 25 10 WISCONSIN i 308 349 640 89 Boyceville: Bank of Boyceville 89 170 294 59 1 Glenwood City: First State Bank 119 179 346 30 7 DISTRICT NO. 10—Total 60,623 87,558 238,317 10,309 5,383 COLORADO 9,711 9,206 38,173 1,335 1,331 Brighton: Brighton State Bank 185 429 25 15 DelNorte: Rio Grande County Bank 51 213 25 5 D D e e l n t v a: e r C : olorado Bank & Trust Co 366 174 1,340 50 48 Central Savings Bank & Trust Co 1,992 2,024 5,159 350 57 International Trust Co 5,499 6,158 17,133 500 1,000 Eaton: Eaton Bank 139 30 317 25 10 Haxtun: Haxtun State Bank 74 50 190 3 La Junta: The Colorado Savings & Trust Co 508 167 1,081 30 Steamboat Springs: Routt County State Bank 399 25 1,022 50 26 Sterling: Commercial Savings Bank 563 342 1,289 100 27 KANSAS 6,319 6,518 17,447 1,140 783 Abilene: Citizens Bank 401 371 1,016 50 50 Great Bend: American State Bank 646 680 1,627 100 100 Hiawatha: Morrill & Janes Bank 428 167 688 75 25 Hutchinson: Hutchinson State Bank 619 625 1,962 150 64 Kansas City: Riverview State Bank 1,122 2,345 4,145 100 300 Liberal: Citizens State Bank 100 71 297 50 15 Luray: Peoples State Bank 164 34 229 25 Ness City: First State Bank 160 55 372 25 Osage City: Citizens State Bank 216 137 482 25 16 Pratt: Peoples Bank 716 477 1,857 100 40 Sedan: Sedan State Bank 219 40 418 30 22 St. Marys: St. Marys State Bank 245 238 509 25 8 Sylvan Grove: Sylvan State Bank 162 142 424 25 50 Tonganoxie: First State Bank 83 109 215 25 5 Topeka: Fidelity Savings State Bank 550 790 2,189 200 56 Wakefield: Farmers & Merchants State Bank 132 74 240 25 7 Winfield: The State Bank 356 163 777 110 11 MISSOURI 68,649 169,615 6,955 3,737 Albany: Gentry County Bank 233 341 818 50 25 Carthage: Bank of Carthage 811 306 1,703 150 60 Craig: Bank of Craig 138 284 25 15 Kansas City: Commerce Trust Co 33,856 64,337 156,956 6,000 2,400 Merchants Bank 1,468 1,048 3,304 200 100 King City: First State Bank 233 38 382 30 8 Lamar: Barton County State Bank 243 47 383 25 10 Rich Hill: Security Bank 182 34 264 25 10 St. Joseph: Empire Trust Co 819 782 2,075 200 53 South St. Joseph: First St. Joseph Stock Yards Bank.... 850 1,648 3,446 250 56 NEBRASKA 3,158 1,559 4,941 435 153 Alma: Harlan County Bank 295 62 507 30 17 Bancroft: Citizens Bank 137 16 170 30 10 Blair: Washington County Bank 255 266 606 35 26 Chappell: Deuel County State Bank 57 188 25 5 Hartington: Bank of Hartington 256 30 331 25 10 North Platte: McDonald State Bank. 303 346 1,023 100 20 Digitized for 1F RExAclSuEsivRe of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 257 [In thousands of dollars Loans I m nv e e n s ts t- d T ep o o t s a i l ts Capital Surplus DISTRICT NO. 10—Continued NEBRASKA—continued Pawnee City: Citizens State Bank 103 82 241 25 5 Rushville' Union State Bank 168 102 342 30 g Scribner • Farmers State Bank 119 296 471 40 10 Stromsburg * Stromsburg Bank 156 170 390 30 15 Valley Bank of Valley 90 40 260 25 8 Wahoo • Wahoo State Bank 178 92 412 40 18 NEW MEXICO i 129 70 318 30 8 Aztec Citizens Bank .. . . 129 70 318 30 8 OKLAHOMA 1 1,188 770 3,743 200 132 Ada* Oklahoma State Bank . 718 503 2,763 100 100 Garber: Bank of Garber 92 60 254 25 6 Okarche: First Bank of Okarche 190 89 316 50 21 Purcell' First State Bank 188 118 410 25 5 WYOMING 2,285 786 4,080 324 249 Evanston* Stockgrowers Bank 284 78 461 50 35 Lusk* Lusk State Bank 156 53 410 25 25 Mountain View: Uinta County State Bank 100 18 127 25 15 Newcastle* First State Bank 247 106 481 38 15 Saratoga: Saratoga State Bank 148 62 262 38 17 Sundance* Sundance State Bank 296 68 516 43 2 Wheatland: State Bank of Wheatland 332 161 623 40 60 Stock Growers Bank 175 128 460 40 30 Worland • Farmers State Bank 547 112 740 25 50 DISTRICT NO. 11—Total 18,670 15,673 53,049 4,041 1,699 ARIZONA! 2,457 3,383 8,549 250 375 Tucson: Southern Arizona Bank & Trust Co 2,457 3,383 8,549 250 375 LOUISIANA i 3,511 2,374 10,552 759 219 M^inden* Minden Bank & Trust Co 228 399 935 59 19 Shreveport: Continental-American Bank & Trust Co 3,283 1,975 9,617 700 200 NEW MEXICO i 557 122 1,241 125 43 Carlsbad" American Bank of Carlsbad 175 9 430 50 10 Deming" Mimbres Valley Bank . . .. ... 313 87 702 50 25 Logan • M^cFarland Bros Bank 69 26 109 25 8 OKLAHOMA i 86 87 301 25 8 Atoka • Atoka State Bank 86 87 304 25 8 TEXAS 12,059 9,707 32,403 2,882 1,054 Bay City Bay City Bank & Trust Co 223 879 1,543 65 50 Beaumont: Security State Bank & Trust Co 446 1,046 2,418 200 50 Beeville- State Bank & Trust Co 73 74 316 50 13 Bremond • First State Bank 65 68 296 60 Brownfield'Brownfield State Bank 353 114 788 50 Bryan: First State Bank & Trust Co 459 399 1,559 100 100 Celina" First State Bank 121 71 233 25 5 Clarendon' Farmers State Bank 136 42 246 50 3 Clifton* Farmers State Bank 270 97 465 50 25 Dalhart' Citizens State Bank 389 43 575 50 25 De Kalb: State Bank of De Kalb 173 69 278 25 8 Del Rio- Del Rio Bank & Trust Co 331 151 575 150 Dodsonville • First State Bank 76 31 151 25 15 East Bernard: Union State Bank 194 4 326 50 13 Eden- Eden State Bank 286 2 305 50 20 Ferris: Farmers & Merchants State Bank 194 52 316 50 25 Forney Forney State Bank 85 30 144 40 5 Franklin* First State Bank . 103 41 146 45 5 Gatesville* Guaranty Bank & Trust Co 157 199 447 50 18 Gonzales* Gonzales State Bank 247 339 1,100 64 15 Goose Creek: Citizens State Bank & Trust Co 630 970 1,960 70 80 Hamilton' Hamilton Bank & Trust Co 96 63 204 50 21 Houston* Citizens State Bank 1,846 1,754 4,837 300 75 Iola: Iola State Bank 29 14 47 25 4 Kirkland: First State Bank 92 11 114 25 9 1 Exclusive of part of State located in another district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
258 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Loans I m nv e e n s t t s - d T ep o o ta si l ts Capital Surplus DISTRICT NO. 11—Continued TEXAS—continued Kosse: First State Bank 32 13 30 1 Ladonia: Farmers & Merchants State Bank 141 68 262 25 9 Llano: Moore State Bank 284 87 810 50 32 Loraine: First State Bank 32 33 141 60 Madisonville: Farmers State Bank 79 58 244 25 Matador: First State Bank 400 20 622 38 38 Mathis: First State Bank 104 62 247 40 20 Maypearl: First State Bank 67 24 86 29 4 McAllen: City State Bank & Trust Co 569 471 1,502 100 20 Mount Pleasant: Guaranty Bond State Bank 224 50 560 65 5 Pearsall: Security State Bank 223 66 347 25 20 Rails: Security State Bank & Trust Co 446 12 836 50 Richardson: Citizens State Bank 139 12 156 35 2 Roscoe: Roscoe State Bank 149 74 591 30 15 Rusk: Farmers & Merchants State Bank & Trust Co.. 86 125 321 65 2 Shamrock: Farmers & Merchants State Bank 214 227 520 50 15 Shiro: Farmers State Bank 59 8 71 25 10 Silsbee: Silsbee State Bank 171 292 740 40 25 Sinton: Commercial State Bank 160 200 1,019 50 25 Spearman: First State Bank 180 129 386 25 13 Thorndale: Thorndale State Bank ' 80 65 228 30 17 Tomball: Guaranty Bond State Bank 203 228 608 30 25 Turkey: Farmers & Merchants State Bank 100 7 220 25 5 Wellington: Wellington State Bank 271 12 343 50 25 Wharton: Security Bank & Trust Co 144 329 797 71 23 Wharton Bank & Trust Co 472 1,277 100 100 428 DISTRICT NO. 12—Total 306,801 790,498 44,155 17,166 325,087 ARIZONA i 252 25 6 94 Buckeye: Buckeye Valley Bank 252 25 6 CALIFORNIA 277,874 267,309 673,961 36,246 13,963 Carmel: Bank of Carmel 896 185 1,288 50 Fairfield: Solano County Bank 205 474 711 75 31 L L o os n g A B ng ea e c le h s : : Farmers & Merchants Bank 7,971 2,200 15,564 1,000 250 California Bank.. 38,253 38,085 102,077 6,000 1,500 Union Bank & Trust Co 18,967 11,874 40,259 2,500 1,500 Newman: Bank of Newman 719 701 1,588 150 80 Oakland: Bank of Commerce 305 327 1,025 326 65 Pasadena: Citizens Commercial Trust & Savings Bank 1,157 3,747 6,084 300 210 First Trust & Savings Bank 5,975 5,763 15,062 1,000 550 Salinas: Monterey County Trust & Savings Bank 6,937 1,187 9,038 645 386 San Francisco: American Trust Co 127,664 89,929 264,093 15,000 4,000 Wells Fargo Bank & Union Trust Co 65,624 111,892 213,069 9,000 5,000 San Rafael: Bank of San Rafael 2,536 883 3,333 100 260 Santa Paula: Citizens State Bank 665 62 770 100 60 IDAHO 10,742 13,482 33,797 1,461 611 Aberdeen: Bank of Aberdeen 103 261 25 Arco: Butte County Bank 130 172 521 35 Boise: First Security Bank 8,404 10,796 26,938 1,111 389 Hazelton: Hazelton State Bank 88 108 214 25 9 Kellogg: First State Bank 194 341 709 50 11 MaladCity: J.N. Ireland & Co., Bankers 194 234 512 40 15 Orofino: Bank of Orofino 169 379 603 25 25 Richfield: First State Bank 62 36 172 25 11 Soda Springs: Largilliere Co., Bankers 192 143 614 25 13 Twin Falls: Twin Falls Bank & Trust Co 1,206 1,187 3,253 100 125 OREGON 1,015 1,258 3,502 239 65 Albany: Bank of Albany 255 405 1,069 50 15 Beaverton: First Security Bank 121 179 477 39 Dallas: Dallas City Bank 269 282 926 50 ""20 Myrtle Point: Security Bank 213 281 733 35 25 Oakland: E.G. Young & Co. Bank. 157 111 297 65 5 UTAH 21,087 17,536 50,962 4,143 1,421 Brigham City: State Security Bank 459 406 1,108 100 30 Cedar City: Bank of Southern Utah 525 170 708 92 60 Digitized for F1 REAxcSluEsRive of part of State located in another district. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 259 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplui DISTRICT NO. 12—Continued UTAH—continued Ephraim: Bank of Ephraim 393 42 442 74 36 Gunnison: Gunnison Valley Bank 194 18 283 50 Helper: Helper State Bank 376 280 959 50 75 Kaysville: Barnes Banking Co 370 65 426 50 65 Logan: Cache Valley Banking Co 907 425 1,647 145 33 Ogden: Commercial Security Bank 3,130 1,226 6,275 545 25 Price: CarbonEmery Bank 674 464 1,633 100 50 Provo: Farmers & Merchants Bank 714 364 1,236 123 31 Salina: First State Bank 1,145 10 1,241 25 150 Salt Lake City: Tracy Loan & Trust Co 1,080 685 1,298 250 200 Utah Savings & Trust Co 848 1,532 2,764 300 150 Walker Bank & Trust Co 7,940 11,442 27,551 1,900 350 Spanish Fork: Bank of Spanish Fork 331 60 550 50 15 Commercial Bank 583 21 828 74 21 Springville: Springville Banking Co 718 179 1,009 75 75 Vernal: Bank of Vernal 234 32 275 90 5 Uintah State Bank 466 115 729 50 50 WASHINGTON 14,275 7,128 28,024 2,041 1,101 Almira: Almira State Bank 170 101 318 50 11 Cashmere: Cashmere Valley Bank 391 194 652 50 25 Chehalis: Coffman-Dobson Bank & Trust Co 986 989 2,640 284 Coulee City: Security State Bank 69 35 161 25 Kelso: Cowlitz Valley Bank 248 429 846 58 20 Lacrosse: First State Bank 274 40 367 30 45 Pomeroy: Pomeroy State Bank 296 28 1,103 50 150 Pullman: Pullman State Bank 581 209 1,104 50 25 Puyallup: Citizens State Bank 427 302 905 87 14 Ritzville: Ritzville State Bank 128 327 521 25 20 Rockford: Farmers & Merchants Bank 201 18 187 25 6 Seattle: Seattle Trust & Savings Bank 4,504 2,208 7,552 550 200 Selah: Selah State Bank 225 156 412 30 6 South Bend: Pacific State Bank 189 327 751 50 20 Spokane: Washington Trust Co 3,991 1,273 7,724 200 500 Toppenish: Traders Bank 191 217 646 53 Uniontown: Farmers State Bank 111 25 122 25 12 Wenatchee: Columbia Valley Bank 125 78 100 26 Wilbur: State Bank of Wilbur 288 70 '"'488' 50 15 Yakima: Yakima Valley Bank & Trust Co 102 1,525 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 ANNUAL REPORT OF BOARD OF GOVERNORS NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DECEMBER 31, 1937 Number of banks with a capital stock of— States Is New England: Maine New Hampshire.. Massachusetts... Rhode Island.... Connecticut Middle Atlantic: New York 124 New Jersey 54 Pennsylvania 78 East North Central: Ohio 78 Indiana 14 Illinois 74 Michigan 118 Wisconsin 26 West North Central: Minnesota Iowa Missouri 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 Pacific: Washington. Oregon California Total. 1,081 113 184 99 1 Includes capital notes and debentures and par value of preferred and common stock. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 261 CAPITAL STOCK OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DECEMBER 31, 1937 [In thousands of dollars] Aggregate capital stock of banks with a capital stock of— States °O g §5 New England: Maine 2,739 778 611 1,350 New Hampshire 150 Massachusetts 26,048 300 5,228 15,520 5,000 Rhode Island 5,000 5,000 Connecticut 4,459 100 "300 4,059 Middle Atlantic: New York 407,308 50 90 350 470 1,700 2,180 6,818 10,979 41,252 343,419 New Jersey 42,553 100 900 945 4,315 6,895 21,898 7,500 Pennsylvania 65,335 100 144 300 2,319 8,078 5,620 21,588 27,096 East North Central: Ohio 66,441 250 248 550 427 600 1,370 3,018 5,0 9,292 45,588 Indiana 4,469 50 40 50 160 100 147 1,522 2,400 Illinois 22,456 275 65 900 285 900 1,063 3,472 3,496 6,000 6,000 Michigan 23,614 525 642 900 1,390 800 1,949 2,539 3,544 6,175 5,150 Wisconsin 7,478 110 150 284 400 412 1,090 2,047 2,985 West North Central: Minnesota 125 147 50 100 Iowa 4,070 175 110 350 500 370 905 600 1,000 Missouri 34,290 175 115 250 155 900 395 5,255 3,045 2,000 22,000 South Dakota 899 325 100 100 75 100 Nebraska 435 100 235 100 Kansas 1,140 175 30 100 300 260 200 South Atlantic: Delaware 6,798 1,298 5,500 Maryland. 9,401 100 315 675 500 7,811 District of Columbia 7,900 7,900 Virginia 6,099 50 35 450 138 300 1,100 3,050 West Virginia 5,693 75 200 230 200 1,200 2,800 North Carolina.... 6,125 25 50 200 180 500 5,170 South Carolina.... 400 25 100 200 Georgia 6,087 125 300 300 772 2,275 2,000 Florida 580 30 100 150 300 East South Central: Kentucky 5,955 25 200 150 790 1,800 2,990 Tennessee 2,075 50 400 625 1,000 Alabama 2,982 175 100 205 120 2,307 Mississippi 85 50 West South Central: Arkansas 1,182 100 150 672 Louisiana 3,709 50 750 700 2,150 Oklahoma 225 75 50 100 Texas 2,882 275 387 750 520 300 '500 Mountain: Montana 2,428 250 140 50 500 124 764 600 Idaho 1,461 125 75 50 100 1,111 Wyoming 324 75 199 50 Colorado 1,225 100 100 75 100 350 500 New Mexico.. 155 25 "30 100 Arizona 275 25 250 Utah 4,143 25 250 405 268 1,900 Pacific: Washington. 2,041 100 300 198 100 733 550 Oregon 239 100 65 California 36,246 50 75 200 150 626 645 4,500 30,000 Total 836,081 3,925 3,137 7,100 5,755 11,300 13,816 53,642 54,945 190,708 491,753 1 Includes capital notes and debentures and par value of preferred and common stock. For the purpos )f membership, the law provides that "capital" and "capital stock" shall include capital notes and debe: ;ures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 ANNUAL REPORT OF BOARD OF GOVERNORS DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DECEMBER 31, 1937 [In thousands of dollars] Total deposits of banks with a capital stock of— Total 8 s ° IS 5 r-iT IS 82 New England: Maine 31,074 9,631 8,925 12,518 New Hampshire 1,411 1,411 Massachusetts... 336,479 5,514 76,545 254,420 Rhode Island 133,879 133,879 Connecticut 63,449 1,600 3^752 58,097 Middle Atlantic: New York 7,463,530 471 991 3,452 5,594 23,632 26,225 88,767185,207 555,670 ,,573,521 New Jersey 565,766 1,104 12,851 11,488 67,752 90,002 239,175 143,394 Pennsylvania 1,157,770 '327 607 916 1^550 3,876 21,17 104,953 50,822 516,562 456,980 EastNorth Central: Ohio 841,858 3,038 7,315 5,170 8,704 19,372 27,651 69,088 105,056 592,808 Indiana 58,544 397 449 1,368 1,727 997 1,469 15,716 36,421 Illinois 738,794 3,421 1,14413,57: 3,231 14,206 15,046 63,465 79^526 335,168 210,009 Michigan 408,124 7,305 9,33111,69616,408 15,957 30,253 34,650 48,744 138,738 Wisconsin 96,805 1,318 2,358 3,493 4,106 4,957 11,437 25,791 43^345 WestNorthCentral Minnesota 8,211 1,661 2,494 726 1,051 2,279 Iowa 88,162 2,350 1,292 6,728 1,050 8^872 12,170 26,672 20,148 Missouri 537,817 2,317 1,410 3,503 1,642 12,256 4,813 63,065 29,498 22,896 396,417 South Dakota 8,929 3,838 492 716 1,311 1,630 Nebraska 4,941 1,020 2. 1,023 Kansas 17,447 2,471 418 1,313 7,6 2,739 2,189 South Atlantic: Delaware 105,851 11,697 94,154 Maryland 117,542 713 10,813 5,545j 96,588 District of Columbia 101,390 101,390 Virginia 81,559 1,139 458 ,'988 1,868 3,446 9,389 13,969 44,302 West Virginia.... 64,862 800 ,108 2,375 2,065 8,071 9,981 39,462 North Carolina.. 141,995 448 689 3,232 2,687 8,396 126,543 South Carolina.. 8,802 495 1,536 1,256 5,515 Georgia 53,698 931 J20 313 2,273 " i i 685 5,342 19,382 21,652 Florida 10,454 1,067 3,450 5,438 East South Central: Kentucky 54,700 282 3,400 1,461 8,861 22,888 17,1 Tennessee 35,326 1,036 4,204 10,126 19,960 Alabama 34.480 1,856 912 1,119 3,613 M93 25,487 Mississippi 1,274 727 547 West South Central: Arkansas 19,445 914 961 1,292 1,726 14,552 Louisiana 48,632 935 5,068 9,617 32,445 Oklahoma 4,047 968 316 '2^763 Texas 32,403 2,353 3,648 ',516 4,338 575 7,'255 Mountain: Montana 39,577 3, 2,438 476 8,804 784 10,636 13,359 Idaho 33,797 1,864 1,033 709 3,253 26,938 Wyoming 4,080 1,277 2,342 461 Colorado 28,173 1,149 2,362 1,081 1,289 '5J59 17,133 New Mexico 1,559 109 318 1,132 Arizona 8,801 252 8,549 Utah 50,962 1,241 2^947 3^262 2,741 2,883 4,062 6^275 27,551 Pacific: Washington. 28,024 991 779 4,416 2,397 11,8 7,552 Oregon 3,502 1,210 1,995 29; California... 673,961 l,: 711 4,103 1,588 9^038 70,885 579,239 Total 14,351,886 50,232 40,066 93,83568,387170,135171,675 707,499 886,779 3,072,1729,091,106 1 Includes capital notes and debentures and par value of preferred and common stock. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 263 NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, DECEMBER 31, 1937 Number of banks with total deposits of— States Total §8 ©i-i New England: Maine New Hampshire Massachusetts Rhode Island Connecticut Middle Atlantic: New York 124 22 New Jersey 54 2 Pennsylvania 78 5 East North Central: Ohio 78 Indiana 14 Illinois 74 Michigan 118 Wisconsin 26 West North Central: Minnesota Iowa Missouri 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 Pacific: Washington. 2 1 Oregon California 3 Total. 1,081 73 179 127 178 187 196 48 1 Trust company member with no deposits (has no banking department). 2 State bank member with no deposits (in process of absorption by another bank). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 ANNUAL REPORT OF BOARD OF GOVERNORS TOTAL DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, DECEMBER 31, 1937 [In thousands of dollars] Aggregate deposits of banks with total deposits of— States 1! s.s §8 NewEngland: Maine 31,074 1,967 7,664 21,443 New Hampshire 1,411 1,411 Massachusetts 336,479 618 28^857 223,3i4 83,690 Rhode Island 133,879 22,967 110,912 Connecticut 63,449 1,600 3^752 58,097 Middle Atlantic: New York 7,463,530 683 3,015 5,389 5,144 25,570 90,337 393,899 6,939,493 New Jersey 565,766 447 657 1,741 15,014 59,324 272,338 216,245 Pennsylvania... 1,157,770 1,708 3,648 4,995 20,404 60,322 300,029 766,664 East North Central: Ohio 841,858 625 3,879 7,762 5,064 20,921 44,425 166,374 592,808 Indiana 58,54' 397 828 997 6,045 8,752 41,52: Illinois 738,794 977 3,534 5^510 7,503 16, 39,546 141,484 523,553 Michigan 408,124 1,067 .0,555 .i,8o: .3,839 29,075 47,791 155,252 138,738 Wisconsin 96,805 1,372 1,871 9,003 18,301 64,373 1,885 West North Central: Minnesota.. 8,21 221 1,801 2,859 1,051 2,279 Iowa 88,162 530 2,322 2,542 789 ),855 14,828 57,296 Missouri 537,81 2,842 3,751 10,799 48,072 70,123 396,417 South Dakota 8,929 1,403 2,484 2,012 2,941 Nebraska 4,94 599 2,206 1,113 1,023 Kansas 17,44' 1,993 1,197 777 6,462 6,334 South Atlantic: Delaware 105,85 2,587 27,278 75,986 Maryland 117,542 713 3,051 2,110 111,668 District of Columbia. 101,390 51,013 50^377 Virginia 81,559 2'l28 1,249 3,299 8^767 1 i', 962 54,154 West Virginia 64,862 1,270 1,186 3,458 4,409 14,882 39,462 North Carolina 141,991 448 4,448 2, 7,180 126,543 South Carolina 8,80: 49i 2,792 5,515 Georgia 53,69! 638 2,509 1,082 1,685 4,269 6^346 37,169 Florida 10,45' 499 1,067 3,450 5,438 ast South Central: Kentucky 54,70C 282 4,332 16,936 33,150 Tennessee 35,32€ 393 643 1,655 2,549 30,086 Alabama 34.48C 641 1,779 564 1.60C 4,349 25,48' Mississippi 1,27 72' 54 West South Central: Arkansas 19,44! 1,738 1,726 14,55: Louisiana 48,631 93£ 5, 42,06: Oklahoma 4,04' 1,284 2,763 Texas 32,402 2,474 4,408 4,79 3,23: 9,96C 7,255 Mountain: Montana 39,57' 2,114 4,51' 78' 11,063 20,254 Idaho 33,79' 261 2,95' 3,253 26,93f Wyoming 4,081 2,074 1,87 N Co ew lo r M ad e o xico 28 1 , ,5 17 5 ; 7 7 4 4 6 8 "702 4,73: 22^29: Arizona 8,80 252 Utah 50,96! 1,426 1,78; 9,17: 2,764 33^82 Pacific: W Or a e s g h o i n ngton 2 3 8 , , 5 0 0 2 ! ' 1,5 7 8 7 ; ' 1,8 7 1 33 2,5 9 0 2 : 1 3 1 , , 7 06 3 9 2 2,-641 15,27 California 673,96 71 77i 3,901 86,00' 579,239 Total. 14,351,881 13,6 66,81 77,89 71,04: 253,259 582,23: 2,685,871 10,600,665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
265 FEDERAL RESERVE SYSTEM FIDUCIARY POWERS GRANTED TO NATIONAL BANKS Under section 11 (k) of the Federal Reserve Act as amended, the Board of Governors of the Federal Reserve System has authorized the national banks listed below to exercise one or more fiduciary powers as follows: (1) Trustee. (2) Executor. (3) Administrator. (4) Registrar of stocks and bonds. (5) Guardian of estates. (6) Assignee. (7) Receiver. (8) Committee of estates of lunatics. (9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. The numerals opposite the name of each bank, which refer to the list given above, indicate the power or powers it is authorized to exercise. Powers Powers granted granted DISTRICT NO. 1 DISTRICT NO. 1—Continued CONNECTICUT MAINE (See also District No. 2) Augusta: FirstNational Granite Bank.. 1 to 9. Bangor: Merchants National Bank 1 to 9. Ansonia: Ansonia National Bank 1 to 9. Bar Harbor: First National Bank 1 to 4. Canaan: Canaan National Bank 1 to 9. Bath: Danielson: Windham County Na- 1 to 9. Bath National Bank 1 to 8. tional Bank. First National Bank 1 to 8. Derby: Birmingham National Bank.... 1 to 9. Belfast: FirstNational Bank 1 to 9. Hartford: Biddeford: First National Bank 1 to 9. Capitol National Bank & Trust 1 to 9. Camden: Camden National Bank 1 to 9. Co. Damariscotta: First National Bank.... 1, 2, 3, 5, First National Bank 1 to 9. and 6. Hartford National Bank & Trust 1 to 9. Ellsworth: Liberty National Bank in 1 to 9. Co. Ellsworth. Meriden; Home National Bank 1 to 9. Farmington: Middletown: FirstNational Bank 1 to 9. Central National Bank 1 to 9. Peoples National Bank 1 to 3, and 5. Middletown National Bank 1 to 9. Houlton: FirstNational Bank 1 to 5, and 9. Mystic: Mystic River National Bank... 1 to 9. Lewiston: Naugatuck: Naugatuck National 1 to 9. FirstNational Bank 1 to 9. Bank. Manufacturers National Bank 1 to 5, and 9. New Britain: New Britain National Ito9. Norway: Norway National Bank 1, 2, and 3. Bank. Pittsfield: First National Bank 1 to 9. New Haven: Portland: First National Bank & Trust Co.... 1 to 9. CanalNational Bank 1 to 9. New Haven Bank, N.B. A 1 to 9. First National Bank at Portland... 1 to 7 and 9. Second National Bank 1 to 9. National Bank of Commerce 1 to 9. Tradesmens National Bank 1 to 9. Portland National Bank L to 9. New London: Presque Isle: NorthernNationalBank.. I, 2 and 3. National Bank of Commerce 1 to 9. Rockland: First National Bank L to 9. National Whaling Bank 1 to 9. Rumford: Rumford National Bank I to 9. New London City National Bank.. 1, 2, 3, 5, 7, Saco: York National Bank L to 9. and 8. Skowhegan: First National Bank I to 9. NewMilford: First National Bank 1 to 9. Springvale: Springvale National Bank . L to 9. Norwich: Uncas-Merchants National Ito8. Thomaston:ThomastonNationalBank. L to 3. 5. 8. Bank. and 9. Putnam: Citizens National Bank 1 to 9. Waldoboro: Medomak National Bank.. 1 to 3, 5 to 7, Torrington: Torrington National Bank 1 to 9. and 9. & Trust Co. Waterville: FirstNational Bank 1 to 9. Wallingford: First National Bank 1 to 9. Waterbury: MASSACHUSETTS Citizens and Manufacturers Na- 1 to 9. tional Bank. Abington: Abington National Bank 1. Waterbury National Bank 1 to 9. Adams: Willimantic: Windham National Bank. 1 to 9. First National Bank Ito8. Winsted: Hurlbut National Bank 1 to 9. Gray lock National Bank L to 7 and 9, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
266 ANNUAL REPORT OF BOARD OF GOVERNORS Powers granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MASSACHUSETTS—continued MASSACHUSFTTS-continued Amherst: FirstNationalBank 1 to 9. Orange: Orange National Bank 1 to 9. Andover: Andover National Bank to 9. Palmer: Palmer National Bank 1 to 9. Athol: FirstNationalBank to 9. Peabody: Warren National Bank 1 to 9. Attleboro: FirstNationalBank to 9. Pittsfield: Beverly: Beverly National Bank to 9. Agricultural National Bank 1 to 9. Boston: Pittsfield-Third National Bank & 1 to 7 and 9. First National Bank to 9. Trust Co. Merchants National Bank to 9. Plymouth: Plymouth National Bank.. 1 to 5. National Rockland Bank to 9. Provincetown: FirstNationalBank 1 to 9. National Shawmut Bank to 9. Rockport: Rockport National Bank 1 to 4. Second National Bank 1 to 9. Salem: Merchants National Bank 1 to 9. Webster & Atlas National Bank.... 1 to 9. Shelburne Falls: Shelburne Falls Na- 1 to 7 and 9. Brockton: tional Bank. Brockton National Bank 1 to 9. Somerville: SomervilleNationalBank.. 1 to 9. Home National Bank 1 to 9. Southbridge: Southbridge National 1 to 9. Concord: Concord National Bank 1 to 9. Bank. Edgartown: Edgartown National Bank. 1 to 3. Springfield: Everett: Springfield National Bank 1 to 9. Everett National Bank 1 to 9. Third National Bank & Trust Co... to 9. Middlesex County National Bank.. 1 to 9. Tisbury: Martha's Vineyard National to 8. Fall River: Fall River National Bank... 1 to 9. Bank. Falmouth: Falmouth National Bank... 1 to 9. Townsend: Townsend National Bank'.. to 3. Fitchburg: Safety Fund National Bank. 1 to 9. Uxbridge: BlackstoneNational Bank.., to 4. Foxbqro: Foxboro National Bank 1 to 9. Waltham: Waltham National Bank.... to 7 and 9. Framingham: Framingham National 1 to 9. Wareham: NationalBank ofWareham. to 9. Bank. Watertown: Union Market National to 9. Gardner: FirstNationalBank 1 to 9. Bank. Gloucester: Webster: FirstNationalBank 1 to 9. Cape Ann National Bank 1 to 9. Wellesley: Wellesley National Bank 1 to 9. Gloucester National Bank 1 to*9. Westfield: Great Barrington: National Mahaiwe 1 to 9. FirstNationalBank 1 to 8. Bank. Hampden National Bank & Trust 1 to 7 and 9. Greenfield: First National Bank & 1 to 9. Co. Trust Co. Williamstow n: Williamstown National 1 to 9. Haver hill: Bank. Haverhill National Bank 1 to 9. Winchendon: FirstNationalBank 1 to 9. Merrimack National Bank 1 to 4. Winchester: Winchester NationalBank 1 to 9. Holyoke: Holyoke National Bank 1 to 9. Woburn: WoburnNationalBank 1 to 3, 6, 7, Hudson: Hudson National Bank 1 to 9. and 9. Hyannis: Barnstable County National 1 to 9. Worcester: MechanicsNationalBank.. 1 to 9. Bank. Yarmouth: First National Bank 1 to 9. Ipswich: First National Bank 1 to 9. Lawrence: Bay State Merchants Na- 1 to 9. tionalBank. NEW HAMPSHIRE Leominster: Merchants National Bank. 1 to 7 and 9. Lowell: Apple ton National Bank 1 to 9. Berlin: Berlin City National Bank 1. Union Old Lowell National Bank... 1 to 9. Charlestown: Connecticut River Na- 1 and 4. Lynn: tionalBank. Central National Bank 1 to 8. Claremont: Manufacturers National Bank 1 to 9. Claremont National Bank 1, 2, 4, 6, 7, National City Bank 1 to 5 and 7. and 9. Maiden: Peoples National Bank 1. First National Bank 1 to 9. Concord: Marblehead: National Grand Bank 1 to 9. First National Bank 1 to 9. Marlboro: Mechanicks National Bank 1, 2, 4, 6, 7, FirstNationalBank 1 to 4. and 9. Peoples National Bank 1 to 9. National StateCapitalBank 1, 2, and 4. Medford: First National Bank in Med- 1,2, 3 and 5. Dover: ford. Merchants National Bank 1 to 3. Methuen: Methuen National Bank 1 to 8. Straff ord National Bank 1 to 4. Mil ford: Exeter: Rockingham National Bank... 1, 2, and 4. Home National Bank 1 to 9. Franklin: Franklin National Bank 1, 2, and 9. MilfordNationalBank & Trust Co.|. 1 to 9. Hanover: Dartmouth National Bank., 1,2,4, and 9. Nantucket: Pacific National Bank 1 to 9. Keene: Needham: Needham National Bank.... 1 to 9. Ashuelot-Citizens National Bank 1 and 4. New Bedford: Keene National Bank 1 to 4. First National Bank 1 to 9. Laconia: Merchants National Bank to 9. Laconia National Bank 1, 2, and 4. Safe Deposit National Bank to 9. Peoples National Bank , 1 and 4. Newburyport: Lancaster: Lancaster National Bank.. I,2,4,and9. First and OceanNational Bank to 9. Lebanon: NationalBank of Lebanon.. 1, 2, 4, 6, 7, Merchants National Bank to 8. and 9. Newton: Newton National Bank to 9. Manchester: North Adams: North Adams National to 9. Amoskeag National Bank 1, 2, and 4. Bank. Manchester National Bank 1. North Attleboro: Manufacturers Na- 1 to 9. Merchants National Bank 1, 4, and 9. tional Bank. Milford: Souhegan National Bank 1 and 4. Northampton: Nashua: First National Bank 1 to 9. IndianHeadNationalBank 1 to 4, 6, 7, Northampton National Bank & 1 to 9. and 9. Digitized for FRATSruEstR C o. SecondNationalBank 1,2, and 4. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 267 Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 2—Continued NEW HAMPSHIRE—continued CONNECTICUT—continued Newport: CitizensNationalBank 1, 2, 4, 6, 7, Stamford: First Stamford National Ito9. and 9. Bank &TrustCo. Peterboro: FirstNationalBank 1, 4, and 9. Plymouth: Pemigewasset National 1 and 4. NEW JERSEY Bank. Portsmouth: (See also District No. 3) First National Bank 1, 2, 4, 6, 7, and 9. Allendale: First National Bank 1 to 9. New Hampshire National Bank 1 and 9. Allenhurst: Allenhurst National Bank 1 to 9. Tilton: Citizens National Bank 1 and 2. & Trust Co. Wilton: Wilton National Bank 1, 2, 4, 6, 7, Allentown: Farmers National Bank 1 to 9. and 9. Asbury Park: Asbury Park National 1 to 9. Wolfeboro: WolfeboroNationalBank... 1 and 4. Bank & Trust Co. Atlantic Highlands: Atlantic High- Ito8. RHODE ISLAND lands National Bank. Bayonne: Broadway National Bank.... 1 to 9. Newport: Belleville: Peoples National Bank & 1 to 9. Aquidneck National Bank 1 to 9. TrustCo. Newport National Bank 1 to 9. Bergenfield: Bergenfield National Bank 1 to 9. Providence: & Trust Co. Blackstone Canal National Bank... 1 to 9. Bernardsville: Bernardsville National 1 to 9. National Bank of Commerce & Ito9. Bank. TrustCo. Boonton: Boonton National Bank 1 to 9. Providence National Bank 1 to 9. Boundbrook: First National Bank 1 to 9. Butler: First National Bank 1 to 9. VERMONT Caldwell: Caldwell National Bank 1 to 9. Barre: Peoples National Bank 1 to 9. Citizens National Bank & Trust 1 to 8. Bennington: Co. County National Bank 1 to 9. Cliff side Park: United National Bank... Ho 9. First National Bank 1 to 9. Clifton: Brandon: FirstNationalBank 1 to 4. CliftonNationalBank Ito9. Brattleboro: Vermont PeoplesNational 1 to 9. FirstNationalBank 1 to 9. Bank. Closter: Closter National Bank & Trust 1 to 9. Burlington: Howard National Bank & 1 to 8. Co. TrustCo. Cranbury: FirstNationalBank Ito9. Chester: National Bank of Chester I,2,3,and5. Dover: National Union Bank 1 to 9. Danville: CaledoniaN ational Bank 1 to 9. Dunellen: First National Bank 1 to 9. Derby Line: National Bank of Derby 1 to 3, 5, and Elizabeth: National State Bank. 1 to 7 and 9 Line. 9. Englewood: CitizensNationalBank & 1 to 9. Enosburg Falls: Enosburg Falls Na- 1 to 3, 5 to 7. TrustCo. tional Bank. Flemington: Flemington National 1 to 9. Manchester Center: Factory Point Na- 1 to 9. Bank & Trust Co. tional Bank. Freehold: Middlebury: National Bank of Mid- 1 to 9. Central National Bank 1 to 9. dlebury. First National Bank 1 to 9. Montpelier: Frenchtown: UnionNationalBank 1 and 4. FirstNationalBank L to 4. Hackensack: Montpelier National Bank L to 9. Bergen County National Bank 1 to 9. Newport: National Bank of Newport.... L to 7 and 9. CityNationalBank & Trust Co.... 1 to 9. Northfield: Northfield National Bank... L to 9. Hackettstown : Rutland: HackettstownNationalBank 1 to 9. Clement National Bank to 3, 5 to 7. Peoples National Bank 1 to 9. Rutland County National Bank.... L to 9. • Hamburg: HardystonNational Bank... 1 to 8. St. Albans: Welden National Bank in I to 9. Highland Park: First National Bank.... 1 to 9. St. Albans. Hillside: Hillside National Bank 1 to 9. St. Johnsbury: Irvington: First National Bank 1 to 6 and 9. Irvington National Bank 1 to 9. Merchants IN ational Bank 1 to 8. Peoples National Bank & Trust Springfield: First N ational Bank 1 to 5. Co. 1 to 9. Windsor: Windsor County National 1 to 3, 5 to 9. Jersey City: Bank. FirstNationalBank 1 to 9. Franklin National Bank 1 to 7 and 9. DISTRICT NO. 2 Hudson County National Bank 1 to 9. Kearny: First National Bank & Trust 1 to 9. CONNECTICUT Co. (See also District No. 1) Lambertville: Amwell National Bank 1 to 9. Bridgeport: First National Bank & 1 to 9. Lambertville National Bank 1 to 9. TrustCo. Little Falls: Little Falls National 1 to 9. Danbury: Bank. City National Bank & Trust Co.... 1 to 9.. Madison: FirstNationalBank 1 to 9. Danbury National Bank 1 to 9. Manasquan: Manasquan National 1 to 9. Greenwich: First National Bank in Bank. Greenwich 1 to 9. Millburn: FirstNationalBank 1 to 9. New Canaan: First National Bank & 1 to 9. Mill town: FirstNationalBank 1 to 9. TrustCo. Montclair: First National Bank & 1 to 9. Norwalk: National Bank ofNorwalk 1 to 9. Trust Co. Ridgefield: First National Bank & 1 to 9. Morristown: TrustCo. First National Bank 1 to 9 SouthNorwalk: CityNationalBank 1 to 9. 1 National Iron Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
268 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW JERSEY—continued NEW YORK—continued Newark: Ballston Spa: Ballston Spa National 1 to 9. Lincoln National Bank 1 to 9. Bank. Mount Prospect National Bank 1 to 9. Batavia: First National Bank 1 to 9. National Newark & Essex Banking 1 to 9. Bath: Bath National Bank 1 to 9. Co. Bay Shore: First National Bank & 1 to 9. National State Bank 1 to 9. Trust Co. Union National Bank in Newark 1 to 9. Beacon: New Brunswick: Fishkill National Bank 1 to 9. National Bank of New Jersey 1 to 9. Matteawan National Bank of 1 to 9. Peoples National Bank 1 to 9. Beacon. Newton: Sussex & Merchants National 1 to 9. Binghamton: Bank. City National Bank 1 to 9. Nutley: FirstNational Bank 1 to 9. First National Bank 1 to 9. Bridgehampton: Bridgehampton Na- Ito9. Orange: tional Bank. Orange-First National Bank........ 1 to 9. Bronxville: Gramatan National Bank 1 to 9. Second National Bank 1 to 9. & Trust Co. Passaic: PassaicNationalBank & Trust 1 to 9. Camden: First National Bank & Trust 1 to 9. Co. Co. Paterson: Canandaigua: Canandaigua National 1 to 9. First National Bank 1 to 9. Bank & Trust Co. National Union Bank of America 1 to 9. Canton: in Paterson. First National Bank 1 to 9. Paterson National Bank 1 to 9. St. Lawrence County National 1 to 3, 5 to 8 Second National Bank 1 to 9. Bank. Perth Amboy: Carmel: Putnam County National 1 to 9. Perth Amboy National Bank 1 to 9. Bank. Phillipsburg: Carthage: CarthageNationalExchange 1 to 9. Phillipsburg National Bank & Ito8. Bank. Trust Co. Catskill: Catskill National Bank & 1 to 8. Second National Bank 1 to 9. Trust Co. Plainfield: Cazenovia: Cazenovia National Bank.. 1 to 9. FirstNational Bank 1 to 9. Cedarhurst: PeninsulaNationalBank.. 1 to 9. Plainfield National Bank 1 to 9. Central Square: FirstNational Bank... Ito9. Pomp ton Lakes: First National Bank 1 to 8. Central Valley: Central Valley National 1 to 9. & Trust Co. Bank. Prospect Park: Prospect Park National Ito9. Clayton: FirstNationalExchangeBank. 1 to 9. Bank. Clyde: Briggs National Bank & Trust 1 to 9. Rahway: Rahway National Bank... 1 to 9. Co. Ramsey: FirstNational Bank & Trust 1 to 9. Cohoes: National Bank of Cohoes 1 to 8. Co. Cooperstown: Red Bank: Second National Bank & 1 to 9. First National Bank 1 to 9. Trust Co. Second National Bank 1 to 8. Ridgewood: Citizens First National 1 to 9. Corning: First National Bank & Trust 1 to 8. Bank & Trust Co. Co. Roselle: First National Bank 1 to 9. Cortland: FirstNational Bank of Cort- 1 to 9. Rutherford: Rutherford National 1 to 9. land. Bank. Cuba: Sayreville: First National Bank 1 to 8. Cuba National Bank 1 to 9. Somerville: Second National Bank 1 to 4. First National Bank 1 to 9. South Amboy: First National Bank... 1 to 9. Delhi: Delaware National Bank 1 to 9. South River: FirstNational Bank 1 to 9. Dolgeville: First National Bank 1 to 9. Summit: FirstNational Bank & Trust 1 to 9. Dover Plains: Dover Plains National 1 to 9. Co. Bank. Sussex: Farmers National Bank 1 to 5. Dunkirk: Tenafly: Northern Valley National 1 to 9. Lake Shore National Bank 1 to 9. Bank. Merchants National Bank 1 to 8. Union City: First National Bank 1 to 9. East Rockaway: East Rockaway Na- 1 to 9. Washington: First National Bank 1 to 9. tional Bank & Trust Co. Weehawken: Hamilton National Bank 1 to 9. Edwards: Edwards National Bank 4. Westfield: National Bank of Westfield. 1 to 9. Ellenville: FirstNationalBank & Trust 1 to 9. West Orange: FirstNational Bank.... 1 to 9. Co. Westwood: First National Bank 1 to 9. Elmira: First National Bank & Trust 1 to 9. Co. NEW YORK Fairport: Fairport National Bank & Ito9. Albany: Trust Co. National Commercial Bank & 1 to 8. Farmingdale: FirstNationalBank 1 to 9. Trust Co. Far Rockaway: National Bank of Far 4. Amityville: First National Bank & 1 to 9. Rockaway. Trust Co. Floral Park: First National Bank & 1 to 9. Amsterdam: Trust Co. Amsterdam City National Bank... 1 to 3, 5 to 8 Fort Plain: Fort Plain National Bank. 1 to 9. Farmers National Bank 1 to 9. Frankfort: Citizens FirstNationalBank 1 to 9. FirstNational Bank 1 to 9. Fredonia: National Bank of Fredonia. 1 to 9. Auburn: TheNational Bank of Auburn 1 to 9. Freeport: Babylon: Babylon National Bank & 1 to 9. Citizens National Bank 1 to 9. Trust Co. First National Bank & Trust Co... 1 to 9. Baldwin: Baldwin National Bank & 1 to 9. Fulton: Citizens National Bank & 1 to 9. Trust Co. Trust Co. Baldwinsville: First National Bank & 1 to 9. Geneseo: GeneseeVaJleyNationalBanl 1 to 9. Trust Co. & Trust Co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 269 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Glens Falls: New York—Continued. First National Bank Ito9. Dunbar National Bank 1 to 9. Glens Falls National Bank & Trust Ito9. First National Bank 1 to 9. Co. Grace National Bank 1 to 9. Gloversville: KingsboroNationalBank of Brook- 1 to 9. City National Bank & Trust Co 1 to 9. lyn in New York. Fulton County National Bank & 1 to 9. Lafayette National Bank of Brook- 1 to 9. TrustCo. lyn in New York. Goshen: National Bank of Orange 1 to 9. National City Bank 1 to 9. County. National Safety Bank & Trust Co. 1 to 9. Granville: Washington County Na- 1 to 5. Peoples National Bank of Brook- 1 to 9. tional Bank. lyn in New York. Groton: First National Bank 2 and 3. PublicNationalBank &Trust Co.. 1 to 9. Hampton Bays: Hampton Bays Na- 1 to 9. Sterling National Bank & Trust 1 to 9. tional Bank. Co. Hancock: First National Bank 1 to 9. Northport: First National Bank & 1 to 9. Haverstraw: National Bank of Haver- 1 to 9. TrustCo. straw & Trust Co. Norwich: Hemrjstead: Second National Bank & 1 to 9. Chenango County National Bank 1 to 8. TrustCo. & Trust Co. Hoosick Falls: Peoples-First National 1 to 9. National Bank & Trust Co 1 to 9. Bank. Nyack: Nyack National Bank & Trust 1 to 9. Hudson: Co. Farmers National Bank 1 to 9. Olean: FirstNationalBank & Trust Co.... 1 to 9. Exchange National Bank 1 to 9. Hudson Falls: First National Bank 1 to 9. Peoples National Bank 1 to 9. Oneida: Oneida Valley National Bank.. 1 to 9. Sandy Hill National Bank 1 to 9. Oneonta: Huntington: First National Bank & 1 to 9. CitizensNationalBank &TrustCo. 1 to 9. TrustCo. Wilbur National Bank 1 to 9. Ilion: Ossining: FirstNationalBank & Trust 1 to 9. Ilion National Bank & Trust Co.... 1 to 9. Co. Manufacturers National Bank 1 to 9. Oswego: First & Second National Bank 1 to 9. Irvington: Irvington National Bank & 1 to 9. & Trust Co. TrustCo. Ovid: First National Bank 4. Islip: First National Bank 1 to 9. Owego: Ithaca: First National Bank 1 to 9. First National Bank 1 to 9. Jameetown: National Chautauqua 1 to 8. Owego National Bank 1 to 9. County Bank. Pearl River: First National Bank & 1 to 9. Kingston: Trust Co. FirstNationalBank of Rondout.... 1 to 9. Peekskill: National Ulster County Bank 1 to 9. Peekskill National Bank & Trust 1 to 9. Rondout National Bank 1 to 9. Co. State of New York National Bank. . 1 to 9. West Chester County National 1 to 9. Liberty: Sullivan County National 1 to 9. Bank. Bank. Perry: FirstNationalBank 1 to 9. Little Falls: Little Falls National Bank. 1 to 9. Plattsburg: Lockport: Niagara County National 1 to 9. MerchantsNationalBank inPlatts- 1 to 9. Bank & Trust Co. burg. Lowville: Black River National Bank... 1 to 9. Plattsburg National Bank & Trust 1 to 5, 7 to 9. Ly nbrook: Co Lynbrook National Bank & Trust Ito9. Pleasantville: FirstNationalBank 1 to 9. Co. Port Chester: First National Bank & 1 to 9. PeoplesNationalBank &TrustCo.. 1 to 9. TrustCo. Malone: FarmersNationalBank 1 to 9. Port Henry: CitizensNationalBank.... 1 to 9. Massena: FirstNationalBank & Trust I to 9. Port Jervis: Co. First National Bank 1 to 9. Mattituck: Mattituck National Bank 1 to 9. National Bank & Trust Co. of Port 1 to 9. & Trust Co. Jervis. Merrick: FirstNationalBank 1 to 9. Port Richmond: StatenlslandNational 1 to 9. Middletown: Bank & Trust Co. First Merchants National Bank & 1 to 9. Port Washington: Port Washington 1 to 9. Trust Co. National Bank & Trust Co. National Bank of Middletown 1 to 9. Potsdam: CitizensNationalBank 1 to 9. Mineola: FirstNationalBank 1 to 9. Poughkeepsie: Monticello: National Union Bank of 1 to 9. Fallkill National Bank &TrustCo.. 1 to 9. Monticello. Farmers &ManufacturersNational 1 to 9 Morristown: FrontierNationalBank 4. Bank. Mount Kisco: Mount Kisco National 1 to 9. FirstNationalBank 1 to 9. Bank & Trust Co. Merchants National Bank & Trust 1 to 9. MountVernon: FirstNationalBank.... 1 to 8. Co. Newburgh: Red Hook: First National Bank 1, 2, and 3. Highland-QuassaickNationalBank 1 to 9. Richfield Springs: First National Bank. 1 to 9. & Trust Co. Riverhead: Suffolk County National 1 to 9. National Bank of Newburgh I to 9. Bank. NewRochelle: FirstNationalBank 1 to 9. Rockville Center: Nassau County Na- 1 to 9. New York • tional Bank. Chase National Bank of the City of 1 to 9. Rome: FarmersNationalBank &Trust Ito9. Co. CommercialNationalBank & Trust 1 to 9. Roscoe: FirstNationalBank & Trust 1 to 9. Co. Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
270 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 3—Continued NEW YORK—continued DELAWARE—continued Roslyn: RoslynNationalBank & Trust 1 to 9. Wilmington: Co. Central National Bank 1 to 9. Rye: Rye National Bank 1 to 9. Union National Bank 1 to 9. St. Johnsville: First National Bank 1 to 9. Saranac Lake: Adirondack National 1 to 9. NEW JERSEY Bank & Trust Co. Saratoga Springs: Saratoga National 1 to 9. (See also District No. 2) Bank. Saugerties:FirstNational Bank & Trust 1 to 9. Absecon: First National Bank 1 to 9. Co. Atlantic City: Boardwalk National 1 to 9. Scarsdale: Scarsdale National Bank & 1 to 9. Bank. Trust Co. Audubon: Audubon National Bank 1 to 9. Schenectady: Barnegat: First N ational Bank 1 to 9. Mohawk National Bank 1 to 9. Beach Haven: Beach Haven National 1 to 9. Union National Bank 1 to 9. Bank & Trust Co. Sidney: First National Bank in Sidney. 1 to 9. Beverly: FirstNationalBank & Trust 1 to 9. Silver Creek: Silver Creek National 1 to 9. Co. Bank. Blackwood: First National Bank & 1 to 9. Skaneateles: National Bank & Trust 1 to 9. Trust Co. Co. Bordentown: First National Bank 1 to 9. Southampton: FirstNationalBank 1 to 8. Bridgeton: Spring Valley :FirstNationalBank 1 to 9. Bridgeton National Bank 1 to 9. Springville: Citizens National Bank.... 1 to 9. Cumberland National Bank 1 to 9. Stamford: NationalBank of Stamford.. 1 to 9. Farmers and Merchants National 1 to 9. Suffern: Suffern National Bank & 1 to 9. Bank. Trust Co. Burlington: MechanicsNationalBank.. 1 to 9. Syracuse: Camden: LincolnNationalBank &TrustCo.. 1 to 9. American National Bank 1 to 9. Merchants National Bank & Trust 1 to 9. First Camden National Bank & 1 to 9. Co. Trust Co. Tarry town: Tarry town National Bank 1 to 3, 5 to 9. Third National Bank & Trust Co... 1 to 9. & Trust Co. Cape May: Merchants National Bank. . 4. Ticonderoga: Ticonderoga National 1 to 9. Collingswood: CitizensNationalBank.. 1 to 9. Bank. Elmer: FirstNationalBank. 1 to 9. Troy: Glassboro: FirstNationalBank 1 to 9. Manufacturers National Bank 1 to 9. Haddonfield: Haddonfield National 1 to 9. National City Bank 1 to 9. Bank. Union National Bank 1 to 9. Hightstown: FirstNational Bank 1 to 9. Tuckahoe: First National Bank & 1 to 9. Hopewell: Hopewell National Bank 1 to 9. Trust Co. Lakewood: Peoples National Bank in 1 to 9. Utica: Oneida National Bank & Trust 1 to 9. Lakewood. Co. Medford: Burlington County National 1 to 9. Valley Stream: Valley StreamNational 1 to 9. Bank. Bank & Trust Co. Merchantville: MerchantvilleNational 1 to 9. Walden: FirstNationalBank & Trust 1 to 9. Bank & Trust Co. Co. Millville: Millville National Bank 1 to 9. Walton: First National Bank & Trust 1 to 9. Mount Holly: Union National Bank 1 to 9. Co. & Trust Co. at Mount Holly. Warrensburg: Emerson National Bank. 1 to 9. Paulsboro: First National Bank & 1 to 9. Warwick: First National Bank 1 to 9. Trust Co. Watertown: Pemberton: PeoplesNationalBank & 1 to 9. Jefferson County National Bank.... 1 to 9. Trust Co. Watertown National Bank 1 to 8. Penn's Grove: Penn's Grove National 1 to 9. Watervliet: National Bank of Water- 1 to 9. Bank & Trust Co. vliet. Pitman: Pitman National Bank & 1 to 9. Waverly: Citizens National Bank 1 to 9. Trust Co. Wellsville: Citizens National Bank 1 to 9. Point Pleasant Beach: Ocean County 1 to 8. Westbury: Wheatley Hills National 1 to 9. NationalBank. Bank. Princeton: FirstNationalBank Ito9. Westfield: NationalBank ofWestfield. . 1 to 9. Roebling: First N ational Bank & Trust 1 to 9. Whitehall: Merchants National Bank. . 1 to 9. Co. White Plains: PeoplesNationalBank & 1 to 9. Salem: Trust Co. City National Bank & Trust Co.... 1 to 9. Yonkers: Salem N ational Bank & Trust Co.. 1 to 9. CentralNationalBank 1 to 9. Swedesboro: Swedesboro N ational 1 to 9. YonkersNationalBank &TrustCo. 1 to 9. Bank. Toms River: FirstNational Bank 1 to 9. DISTRICT NO. 3 Trenton: Broad Street National Bank 1 to 9. DELAWARE First-Mechanics National Bank 1 to 9. Prospect National Bank 1 to 9. Delmar: First National Bank 1 to 8. Ventnor City: Ventnor City National 1 to 9. Dover: FirstNationalBank 1 to 9. Bank. Harrington: FirstNationalBank 1 to 9. Vineland: Vineland National Bank & 1 to 9. Laurel: PeoplesNationalBank 1 to 8. Trust Co. Milford: FirstNationalBank & Trust 1 to 9. Wildwood: MarineNationalBank 1 to 9. Co. Woodbury: First National Bank & 1 to 9. Seaford: First National Bank 1 to 8. TrustCo. Smyrna: Woodstown: Fruit Growers National Bank & 1 to 9. FirstNationalBank 1 to 9. Trust Co. WoodstownNationalBank & Trust 1 to 9. Digitized for FNRaAtiSonEaRlB ank of Smyrna 1 to 9. Co. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL EESEKVE SYSTEM 271 Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA PENNSYLVANIA—continued (See also District No. 4) Hazleton: First National Bank 1 to 9. Allentown: Hazleton National Bank 1 to 9. AllentownNationalBank 1 to 9. Honesdale: Honesdale National Bank.. 1 to 9. Merchants National Bank 1 to 9. Honeybrook: FirstNationalBank 1 to 9. Second National Bank 1 to 9. Hummelstown: Hummelstown Na- 1 to 9. Altoona: First National Bank 1 to 9. tional Bank. Annville: Annville National Bank 1 to 9. Huntingdon: Ashland: Ashland National Bank 1 to 9. FirstNationalBank 1 to 9 Ashley: First National Bank 1 to 9. UnionNationalBank & Trust Co... 1 to 8. Avoca: FirstNationalBank 1 to 9. Johnstown: Bangor: Merchants National Bank 1 to 9. Moxham National Bank 1 to 9. Bellefonte: FirstNationalBank 1 to 9. United States National Bank in 1 to 9. Belleville: Kishacoquillas Valley Na- 1 to 3. Johnstown. tional Bank. Kane: First National Bank 1 to 9. Berwick: Kennett Square: National Bank & 1 to 9. Berwick National Bank 1 to 9. Trust Co. FirstNationalBank 1 to 9. Kingston: Kingston National Bank 1 to 9. Bethlehem: Kutztown: Kutztown National Bank... 1 to 9. Bethlehem National Bank 1 to 9. Lancaster: First National Bank & Trust Co.... 1 to 9. Conestoga National Bank 1 to 9. Blossburg: Citizens National Bank & 1 to 9. Fulton National Bank 1 to 9. Trust Co. Lancaster County National Bank. .. 1 to 9. Boyertown: Langhorne: Peoples National Bank & 1 to 9. Farmers National Bank & Trust 1 to 9. Trust Co. Co. Lansdale: FirstNationalBank 1 to 9. National Bank of Boyertown 1 to 9. Lansdowne: National Bank of Lans- 1 to 9. Bradford: Citizens National Bank 1 to 9. downe. Bridgeport: BridgeportNationalBank. . 1 to 9. Lebanon: Bristol: Farmers National Bank of 1 to 9. First National Bank 1 to 9. Bucks County. Lebanon National Bank 1 to 9. Catasauqua: Peoples National Bank 1 to 9. Lehigh National Bank 1 to 9. Lehighton: National Bank of Catasauqua 1 to 9. Citizens National Bank & Trust Co. 1 to 9. Chambersburg: FirstNationalBank 1 to 9. National Bank of Chambersburg... 1 to 9. Lewisburg: Valley National Bank 1 to 9. Lewisburg National Bank 1 to 9. Chester: Delaware County National 1 to 9. Union National Bank 1 to 9. Bank. Le wistown: Clearfield: County National Bank at 1 to 9. Citizens National Bank 1 to 9. Clearfield. Mifflin County National Bank 1 to 9. Coatesville: Russell National Bank 1 to 9. National Bank of Chester Valley.... 1 to 9. Lititz: Farmers National Bank 1 to 9. National Bank of Coatesville 1 to 9. Littlestown: LittlestownNationalBank 1 to 9. Columbia: Lock Haven: First National Bank 1 to 9. Central National Bank 1 to 9. Luzerne: Luzerne National Bank 1 to 9. First-Columbia National Bank 1 to 9. Mahanoy City: Conshohocken: FirstNationalBank. .. . 1 to 9. Union National Bank 1 to 8. Dallastown: First National Bank & 1 to 9. Malvern-.National Bank of Malvern.... 1 to 9. Trust Co. Manheim: Danville: Keystone National Bank 1 to 9. Danville National Bank 1 to 9. Manheim National Bank 1 to 9. First National Bank 1 to 9. MauchChunk: MauchChunkNational 1 to 9. Doylestown: Doylestown National 1 to 9. Bank. Bank & Trust Co. Mechanicsburg: SecondNationalBank. 1 to 9. DuBois: Media: First National Bank 1 to 9. Deposit National Bank 1 to 9. Millheim: Farmers National Bank & 1 to 9. Du Bois National Bank 1 to 9. Trust Co. Easton: Milton: First Milton National Bank.... 1 to 9. Easton National Bank 1 to 9. Montoursville: FirstNationalBank 1 to 9. First National Bank & Trust Co.... 1 to 9. Montrose: First and Farmers National 1 to 9. East Stroudsburg: Monroe County Na- 1 to 9. Bank & Trust Co. tional Bank. Mount Carmel: Ebensburg: First National Bank 1 to 9. FirstNationalBank 1 to 9. Edwardsville: Peoples National Bank... 1 to 9. UnionNationalBank 1 to 9. Elizabethtown: First National Bank 1 to 9. Mount Joy: & Trust Co. First National Bank & Trust Co .. 1 to 9. Emaus: Emaus National Bank 1 to 9. Union National Mount Joy Bank... 1 to 9. Ephrata: Mountville: MountvilleNationalBank 1 to 4. Ephrata National Bank 1 to 9. Myerstown: Myerstown National 1 to 9. Farmers National Bank 1 to 9. Bank. Gettysburg: Nanticoke: First National Bank 1 to 9. First National Bank 1 to 9. Gettysburg National Bank 1 to 9. Miners National Bank 1 to 9. Greencastle: First National Bank 1 to 9. Nanticoke National Bank 1 to 9. Harleysville: Harleysville National 1 to 9. Nazareth: Nazareth National Bank & 1 to 9. Bank. Trust Co. Harrisb urg: Harrisb urg National 1 to 9. New Holland: Farmers National Bank 1 to 9. Bank. & Trust Co. Hatboro: Hatboro National Bank 1 to 9. Newtown: FirstNationalBank & Trust 1 to 7 and 9. Hatfield: Hatfield National Bank 1 to 9. Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
272 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Newville: FirstNationalBank 1 to 9. State College: Norristown: First National Bank 1 to 9. Montgomery National Bank 1 to 9. Peoples National Bank 1 to 9. Peoples National Bank 1 to 9. Stroudsburg: First Stroudsburg Na- 1 to 9. Northampton: Cement National Bank 1 to 8. tional Bank. of Siegfried at Northampton. Sunbury: First National Bank 1 to 9. Northumberland: Northumberland 1 to 9. Swarthmore: Swarthmore National 1 to 9. National Bank. Bank & Trust Co. Oley: FirstNationalBank 1 to 9. Tamaqua: Orwigsburg: First National Bank & 1 to 9. First National Bank 1 to 9. Trust Co. Tamaqua National Bank 1 to 9. Oxford: National Bank of Oxford 1 to 9. Top ton: National Bank of Topton 1 to 4. Palmerton: FirstNationalBank 1 to 9. Towanda: CitizensNationalBank 1 to 9. Pen Argyl: First National Bank 1 to 9. Tyrone: First Blair County National 1 to 9. Philadelphia: Bank. Central-Penn National Bank 1 to 9. Watsontown: Farmers National Bank.. 1 to 9. City National Bank 1 to 9. Way nesboro: Corn Exchange National Bank & 1 to 9. CitizensNationalBank & Trust Co. 1 to 9. Trust Co. FirstNationalBank & Trust Co. in 1 to 9. Erie National Bank 1 to 9. Way nesboro. FirstNationalBank 1 to 9. Weatherly: First National Bank 1 to 9. Kensington National Bank 1 to 3, 5 to 9. Wernersville: Wernersville National 1 to 9. Market Street National Bank 1 to 9. Bank & Trust Co. National Bank of Germantown & 1 to 8. West Chester: Trust Co. FirstNationalBank 1 to 9. North BroadNational Bank 1 to 9. National Bank of Chester County 1 to 9. Northeast National Bank 1 to 9. & Trust Co. Northwestern National Bank in 1 to 9. West Grove: National Bank & Trust Co. 1 to 9. Philadelphia. Wilkes-Barre: Philadelphia National Bank 1 to 9. Miners National Bank 1 to 9. Second National Bank 1 to 9. Second National Bank 1 to 9. Tioga National Bank & Trust Co. . 1 to 9. Wyoming National Bank 1 to 9. TradesmensNationalBank & Trust 1 to 9. Williamsport: Co. First National Bank 1 to 9. Philipsburg: First National Bank 1 to 9. Williamsport National Bank 1 to 9. Phoenixville: Farmers and Mechanics- 1 to 9. Wrightsville: FirstNationalBank 1 to 9. National Bank. York: Pine Grove: Pine Grove National Bank 1 to 9. CentralNationalBank &TrustCo. . 1 to 9. & Trust Co. Drovers and Mechanics National 1 to 9. Pittston: Bank. FirstNationalBank 1 to 9. First National Bank 1 to 9. Liberty National Bank 1 to 9. Industrial National Bank of West 1 to 9. Plymouth: FirstNationalBank 1 to 9. York. Port Allegany: FirstNationalBank.... 1 to 9. Western National Bank 1 to 9. Pottstown: York County National Bank 1 to 9. CitizensNationalBank & Trust Co. 1 to 9. York National Bank & Trust Co... 1 to 9. National Bank of Pottstown 1 to 9. National Iron Bank 1 to 9. DISTRICT NO. % Pottsville: Miners' National Bank 1 to 9. KENTUCKY Pennsylvania National Bank & 1 to 9. Trust Co. (See also District No. 8) Red Lion: Farmers & Merchants National 1 to 9. Ashland: Bank. Second National Bank 1 to 5, 7 to 9 FirstNationalBank & Trust Co.... 1 to 9. Third National Bank 1 to 5, 7 to 9 Ridgway: Ridgway National Bank 1 to 9. Brooksville: Fmst National Bank 1 to 5 and 8 Sayre: FirstNationalBank 1 to 9. Covington: First National Bank & 1 to 9. Schuykill Haven: First National Bank 1 to 9. Trust Co. & Trust Co. Cynthiana: Schwenksville: National Bank & Trust 1 to 9. Farmers National Bank 1 to 9. Co. National Bank of Cynthiana 1 to 5, 7 to 9 Scranton: Georgetown: FirstNationalBank 1 to 9. FirstNationalBank 1 to 9. Third National Bank & Trust 1 to 9. Georgetown National Bank 1 to 5, 7 to 9 Co. Harlan: HarIan National Bank 1 to 5, 7 to 9 Shamokin: Lexington: FirstNationalBank & Trust 1 to 9. Market Street National Bank...— 1 to 9. Co. NationalDimeBank of Shamokin. . 1 to 9. Ludlow: FirstNationalBank 1 to 9. Shenandoah: Middlesboro: National Bank of Mid- 1 to 5, 7 to 9 Merchants National Bank 1 to 9. dlesboro. Miners National Bank 1 to 9. Mount Sterling: Shickshinny: FirstNationalBank 1 to 3, 5 to 8. Montgomery National Bank 1 to 8. Shippensburg: Mt. Sterling National Bank 1 to 9. FirstNationalBank 1 to 9. Traders National Bank 1 to 5, 7 to 9 Peoples National Bank 1 to 9. Newport: Smethport: Grange National Bank of 1 to 9. AmericanNationalBank 1 to 5, 7 to 9 McKeanCounty at Smethport. Newport National Bank 1 to 5r 7 to 9 Souderton: Union National Bank & 1 to 9. Paintsville: Trust Co. 1 First N ational Bank 1 to 3, 5 to 8 Spring City: National Bank &TrustCo. 1 to 9. 1 Second National Bank 1 to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 273 Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued KENTUCKY-continued OHIO—continued Paris: National Bank & Trust Co 1 to 9. Toledo: National Bank of Toledo 1 to 7 and 9. Pikeville: Troy: First Troy National Bank & 1 to 7 and 9. FirstNationalBank .1 to 8. Trust Co. PikevilleNationalBank & Trust Co. 1 to 3, 5 to 9. Warren: Second National Bank 1 to 9. Richmond: Madison-Southern Nation- 1 to 9. Wilmington: Clinton County National 1 to 7 and 9. al Bank & Trust Co. Bank & Trust Co. Salyersville: Salyersville National 2 to 8. Wooster: Wayne County National 1 to 9. Bank. Bank. Somerset: Youngstown: Farmers National Bank 1 to 5, 7 to 9. Mahoning National Bank 1 to 9. First National Bank 1 to 9. Union National Bank 1 to 7 and 9. Williamsburg: FirstNationalBank 1 to 4. Zanesville: Winchester: Clark County National 1 to 5, 7 to 9. Citizens National Bank in Zanes- 1 to 7 and 9. Bank. ville. First National Bank 1, 4 and 9. OHIO PENNSYLVANIA Alliance: Alliance FirstNational 1 to 9. Ashtabula: (See also District No. 3) Farmers National Bank &TrustCo. 1 to 9. National Bank of Ashtabula 1 to 7 and 9. Braddock: Braddock National Bank.... 1 to 9. Athens: Butler: Butler County National Bank 1 to 9. AthensNationalBank 1 to 7 and 9. & Trust Co. Bank of Athens, N. B. A 1 to 7 and 9. Charleroi: National Bank of Charleroi 1 to 9. Canton: FirstNationalBank 1 to 7 and 9. & Trust Co. Cincinnati: Connellsville: National Bank & Trust 1 to 9. Atlas National Bank 1 to 9. Co. of Connellsville. First National Bank 1 to 7 and 9. East Pittsburgh: FirstNationalBank & 1 to 8. Lincoln National Bank 1 to 9. Trust Co. Second National Bank 1 to 7 and 9. Erie: Circleville: FirstNational Bank 1 to 7 and 9. First National Bank 1 to 9. Cleveland: Marine National Bank 1 to 9. Central National Bank 1 to 7 and 9. National Bank & Trust Co 1 to 9. National City Bank 1 to 7 and 9. Franklin: LambertonNational Bank... 1 to 9. Columbus: Greensburg: First National Bank in 1 to 9. City National Bank & Trust Co 1 to 7 and 9. Greensburg. Huntington National Bank 1 to 7 and 9. Greenville: Ohio National Bank 1 to 7 and 9. FirstNational Bank 1 to 9. Coshocton: CommercialNationalBank. 1 to 7 and 9. Greenville National Bank 1 to 9. Dayton: Grove City: Merchants National Bank & Trust 1 to 9. First National Bank 1 to 9. Co. Grove City National Bank 1 to 9. Third National Bank & Trust Co... 1 to 7 and 9. Knox: Clarion County National Bank.. 1 to 9. WintersNationalBank &TrustCo.. 1 to 9. Leechburg: First National Bank 1 to 9. East Liverpool: FirstNational Bank 1 to 7 and 9. McKeesport: FirstNationalBank 1 to 9. Greenville: Second National Bank 1 to 7 and 9. Meadville: Hamilton: FirstNational Bank 1 to 5, 7 to 9. FirstNationalBank & Trust Co.... 1 to 7 and 9. Merchants National Bank & Trust 1 to 9. Second National Bank 1 to 9. Co. Lima: National Bank of Lima 1 to 7 and 9. Meyersdale: CitizensNationalBank.... 1 to 9. Lorain: National Bank of Lorain 1 to 7 and 9. Monessen: Peoples National Bank & 1 to 8. Mansfield: Trust Co. CitizensNationalBank & Trust Co. 1 to 4 and 9. Monongahela City: First National 1 to 3, 5 to 8. Mansfield Savings Trust National 1 to 7 and 9. Bank. Bank. New Bethlehem: FirstNationalBank... 1 to 9. Marietta: CitizensNationalBank 1 to 7 and 9. New Brighton: Union National Bank... Ito9. Marion: NationalCity Bank & Trust Co. 1 to 7 and 9. NewCastle: Massillon: FirstNationalBank inMas- 4. CitizensNationalBank 1 to 9. sillon. First National Bank of Lawrence 1 to 9. Mount Vernon: The Knox National 1 to 7 and 9. County at New Castle. Bank. New Kensington: Newark: Park National Bank 1 to 7 and 9. FirstNationalBank 1 to 8. New Philadelphia: Citizens National 1 to 7 and 9. Logan National Bank & Trust 1 to 7. Bank. Co. Piqua: Oil City: CitizensNationalBank &TrustCo. 1 to 9. FirstNational Bank 1 to 9. Piqua National Bank & Trust Co. 1 to 7 and 9. Oil City National Bank 1 to 9. Portsmouth: SecurityCentralNational 1 to 7 and 9. Pittsburgh: Bank. Farmers Deposit National Bank 4 and 9. Ravenna: Second National Bank 1, 4, and 9. FirstNationalBank at Pittsburgh... 1 to 9. Sandusky: Third National Exchange 1 to 9. Forbes National Bank : 1 to 9. Bank. Mellon National Bank 1 to 9. Springfield: First National Bank & 1 to 9. Union National Bank 1 to 9. Trust Co. Punxsutawney: Punxsutawney Na- Ito9. Steubenville: tional Bank. National Exchange Bank & Trust 1 to 7 and 9. Rey noldsville: First National Bank 1 to 9. Co. Sharon: Peoples National Bank 1 to 7 and 9. FirstNationalBank in Sharon Ito9. Tiffin: McDowell National Bank 1 to 8. Commercial National Bank 1 to 7 and 9. Merchants and Manufacturers Na- Ito9. Tiffin National Bank 1 to 7 and 9. tional Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
274 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 5—Continued PENNSYLVANIA—continued NORTH CAROLINA-continued Titusville: Second National Bank 1 to 9. Graham: NationalBank of Alamance... 1 to 9. Uniontown: Second National Bank 1 to 9. Greensboro: Security National Bank.. 1 to 9. Warren: Warren National Bank 1 to 9. Lenoir: Union National Bank 1 to 9. Washington: Citizens National Bank.. 1 to 3, 5 to Lumberton: National Bank of Lum- 1 to 9. 7, and 9. berton. Waynesburg: Mooresville: FirstNational Bank 1 to 9. First National Bank & Trust Co.... 1 to 5, 7 to 9. Morganton: FirstNationalBank 1 to 9. Union National Bank.. 1 to 9. Mount Airy: FirstNational Bank 1 to 9. Reidsville: First National Bank. 1 to 9. WEST VIRGINIA Rocky Mount: Planters National Bank 1 to 9. & Trust Co. (See also District No. 5) Salisbury: FirstNationalBank Ito9. Thomasville: FirstNationalBank 1 to 9. Elm Grove: First National Bank & 1 to 9. Wadesboro: FirstNational Bank Ito9. Trust Co. Sistersville: Union National Bank 1 to 9. SOUTH CAROLINA Wheeling: National Bank of West Virginia at 1 to 9. Anderson: Carolina National Bank 1 to 9. Wheeling. Camden: FirstNationalBank 1 to 9. National Exchange Bank 1 to 9. Charleston: South Carolina National 1 to 9. Bank. DISTRICT NO. 5 Chester: Peoples National Bank 1 to 9. Gaffney: Merchants & Planters Na- 1 to 9. DISTRICT OF COLUMBIA tional Bank. Greenville: Washington: First National Bank 1 to 9. HamiltonNationalBank 1 to 8. Peoples National Bank 1 to 9. liberty National Bank Ito8. Holly Hill: FirstNational Bank 1 to 3, 5 to 9 Lincoln National Bank 1 to 8. Rock Hill: Peoples National Bank 1 to 9. NationalBank of Washington 1 to 8. Spartanburg: Commercial National 1 and 4. National Metropolitan Bank 1 to 8. Bank. Riggs National Bank 1 to 8. Sumter: National Bank of South Caro- 1 to 9. Second National Bank 1 to 8. lina. VIRGINIA MARYLAND Alexandria: Alexandria National Bank 1 to 9. Baltimore: Citizens National Bank 1 to 9. BaltimoreNationalBank Ito9. FirstNational Bank 1 to 9. FirstNationalBank Ito9. Appalachia: FirstNationalBank 1. WesternNationalBank 1 to 9. Bedford: Peoples National Bank 1 to 9. Cumberland: Blackstone: FirstNationalBank 1 to 9. FirstNationalBank 1 to 9. Bristol: Dominion National Bank 1 to 9. Second National Bank 1 to 9. Charlottesville: Denton: Denton National Bank 1 to 9. National Bank & Trust Co. at 1 to 9 Easton: Easton National Bank 1 to 9. Charlottesville. Frederick: Farmers & Mechanics Na- 1 to 9. Peoples National Bank 1 to 9. tional Bank. Christiansburg: FirstNationalBank 1-3,5 &8. Hagerstown: Clifton Forge: Nicodemus National Bank 1 to 9. FirstNational Bank 1 to 6 and 9 Second National Bank 1 to 9. Mountain National Bank 1 to 9. Rising Sun: National Bank of Rising 1 to 9. Covington: Sun. Citizens National Bank 1 to 9. Rockville: Montgomery County Na- 1 to 3. Covington National Bank 1 to 4. tionalBank. Culpeper: Second National Bank 1 to 9. Salisbury: Salisbury NationalBank 1 to 9. Danville: Snow Hill: First N ational Bank 1 to 9. American National Bank & Trust 1 to 9. Towson: Towson National Bank 1 to 9. Co. Westminster: First National Bank 1 to 9. Farmers & Mechanics National 1 to 9. Emporia: Bank. Citizens National Bank 1 to 9. FirstNationalBank 1 to 9. FirstNational Bank 1 to 9. illiamsport: Washington County 1 to 9. Fairfax: NationalBank of Fairfax 1 to 9. NationalBank. Farmville: First National Bank 1 to 9. NORTH CAROLINA Peoples National Bank 1 to 9. Fredericksburg: Planters National 1 to 9. Asheboro: FirstNationalBank 1 to 9. Bank in Fredericksburg. Asheville: FirstNationalBank & Trust 1 to 9. Hampton: Co. in Asheville. Citizens National Bank 1 to 9. Burlington: National Bank of Burling- 1 to 9. Merchants National Bank 1 to 9. ton. Harrisonburg: Charlotte: First National Bank 1 to 9. Charlotte National Bank 1 to 9. National Bank of Harrisonburg 1 to 9. Commercial National Bank 1 to 9. Rockingham National Bank 1 to 9. Union National Bank 1 to 9. Leesburg: Concord: Concord National Bank 1 to 9. Loudoun National Bank 1 to 9. Durham: DepositorsNationalBank.... 1 to 9. Peoples National Bank 1 to 9. Elizabeth City: First & Citizens Na- 1 to 9. Lexington: tionalBank. First National Bank Ito9. Gastonia: Citizens National Bank in 1 to 9. Peoples National Bank 1 to 9. Gastonia. Rockbridge National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 275 Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued VIRGINIA—continued WEST VIRGINIA—continued Lovingston: First National Bank of 1 to 9. St.Marys: FirstNationalBank 1 to 9. Nelson County at Lovingston. Welch: McDowell County National 1 to 9. Lynchburg: Bank in Welch. FirstNationalBank 1 to 9. Williamson: LynchburgNationalBank & Trust Ho 9. FirstNationalBank 1 to 9. Co. National Bank of Commerce 1 to 9. Marion: MarionNationalBank 1 to 9. Marshall: Marshall National Bank & 1 to 9. DISTRICT NO. 6 Trust Co. Martinsville: First National Bank 1 to 9. ALABAMA Marrows: FirstNationalBank Ito9. Newport News: First National Bank... Ito9. Albertville: Albertville National 1 to 9. Norfolk: Bank. National Bank of Commerce 1 to 9. Anniston: Seaboard Citizens National Bank... 1 to 9. Anniston National Bank 1 to 7 and 9. Norton: FirstNationalBank 1 to 9. Commercial National Bank 1 to 5, 7, and Orange: 9. Citizens National Bank 1 to 9. FirstNationalBank 1 to 8. National Bank of Orange 1 to 9. Birmingham: FirstNationalBank 1 to 9. Petersburg: Citizens National Bank.... 1 to 9. Cullman: Leeth National Bank 1 to 4. Phoebus: Old Point National Bank 1 to 9. Decatur: Morgan County National 1,2,3, and 5. Portsmouth: American National Bank. 1. Bank. Pulaski: Dothan: FirstNationalBank 1 to 8. PeoplesNationalBank 1 to 9. Fayette: FirstNationalBank 1 to 9. Pulaski National Bank 1 to 9. Florence: FirstNationalBank 1 to 8. Radford: First andMerchantsNational 1 to 9. Fort Payne: First National Bank in 1. Bank. Fort Payne. Richmond: Greenville: First National Bank 1 to 9. Central National Bank 1 to 9. Mobile: First & Merchants National Bank.. Ito9. American National Bank & Trust 1 to 9. Roanoke: Co. Colonial-AmericanNational Bank.. 1 to 9. FirstNationalBank Ito9. First National Exchange Bank 1 to 9. Merchants National Bank 1 to 9. Rocky Mount: PeoplesNationalBank. 1 to 9. Montgomery: Salem: Farmers National Bank Ito9. Alabama National Bank 1 to 9. Stanley: Farmers & Merchants Na- 1 to 9. FirstNationalBank 1 to 9. tional Bank. Oneonta: FirstNationalBank 1 to 3, 5 to 9. Staunton: Opelika: Augusta National Bank 1 to 9. Farmers National Bank. Ho 9. National Valley Bank 1 to 9. First National Bank 1 to 7. Staunton National Bank 1 to 9. Opp: First National Bank 1 to 9. Strasburg: Piedmont: First National Bank 1 to 3. First National Bank 1 to 9. Selma: City National Bank 1 to 8. Suffolk: National Bank of Suffolk 1 to 9. Sylacauga: Merchants & Planters Na- 1 to 9. Warrenton: Fauquier National Bank... 1 to 9. tional Bank. Waynesboro: FirstNationalBank 1 to 9. Talladega: Winchester: Isbell National Bank 1 to 3. 5 to 7. Farmers & Merchants National 1 to 9. and 9. Bank & Trust Co. TalladegaNationalBank Ito9. Shenandoah Valley National Bank. 1 to 9. Troy: First Farmers & Merchants Na- 1 to 7 and 9. Wytheville: First National Farmers 1 to 9. tionalBank. Bank. Tuscaloosa: City National Bank 1 to 8. WEST VIRGINIA FirstNationalBank 1 to 8. (See also District No. 4) Wetumpka: FirstNationalBank 1 to 9. Beckley: Beckley National Exchange 1 to 9. FLORIDA Bank. Bluefield: Bradenton: First National Bank 1 to 4. First National Bank 1 to 9. DaytonaBeach: FirstAtlanticNational 1 to 9. Flat Top N ational Bank 1 to 9. Bank. Charleston: De Funiak Springs: First National 1 to 8. Charleston National Bank 1 to 9. Bank. National Bank of Commerce. 1 to 9. Jacksonville: Clarksburg: Atlantic National Bank 1 to 9. Empire National Bank 1 to 9. Barnett National Bank 1 to 9. Merchants National Bank of West 1 to 9. Florida National Bank 1 to 9. Virginia at Clarksburg. Miami: Union National Bank 1 to 9. FirstNationalBank 1 to 9. Grafton: FirstNationalBank 1 to 9. Florida National Bank & Trust Co: 1 to 9. Huntington: First Huntington Na- 1 to 9. at Miami. tional Bank. Miami Beach: Miami Beach First Na- 1 to 9. Logan: National Bank of Logan 1. tional Bank. Madison: Boone National Bank 1 to 4. Ocala: Munroe & Chambliss National 1 to 9. Martinsburg: Old National Bank 1 to 9. Bank. Montgomery: Montgomery National 1 to 9. Orlando: First National Bank at Or- 1 to 9. Bank. lando. Moorefield: South Branch Valley Na- 1 to 3, 5 to 9. Palm Beach: First National Bank in 1 to 9. tional Bank. Palm Beach. Parkersburg: Parkersburg National 1 to 9. Pensacola; Citizens & Peoples National 1 to 9. Bank. Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
276 ANNUAL REPORT OF BOARD OF GOVERNORS Powers granted DISTRICT NO. 6—Continued DISTRICT NO. 6—Continued FLORIDA—continued TENNESSEE St. Augustine: St. Augustine National Ito9. (See also District No. 8) Bank. Sanford: Sanford Atlantic National 1 to 9. Chattanooga: Bank. Commercial National Bank 1 to 9. Sarasota: Palmer National Bank & 1 to 3, 5 to 7 Hamilton National Bank 1 to 9. Trust Co. and 9. Clarksville: First National Bank 1. Tampa: Copperhill: FirstNationalBank of Polk Exchange National Bank 1 to 9. County at Copperhill. 1 to 3, 5 to 8. First National Bank 1 to 8. Decherd: FirstNational Bank of Frank- West Palm Beach: West Palm Beach 1 to 9. lin County at Decherd. 1,3 to 9. Atlantic National Bank. Gallatin: First & Peoples National Winter Haven: Exchange National 1 to 9. Bank. 1 to 9. Bank. Greeneville: FirstNationalBank GEORGIA Kingsport: FirstNationalBank 1 to 9. Knoxville: 1 to 7 and 9. Albany: City National Bank 1 to 9. Hamilton National Bank 1 to 9. Athens: National Bank of Athens 1 to 4. Park National Bank 1 to 9. Atlanta: Lewisburg: FirstNationalBank 1 to 8. First National Bank 1 to 9. Nashville: Fulton National Bank 1 to 9. American National Bank 1 to 9. Augusta: National Exchange Bank 1 to 9. Broadway National Bank 1 to 7 and 9. Barnesyille: First National Bank 1 to 8. Third National Bank in Nashville.. 1 to 9. Brunswick: National Bank of Bruns- 1 to 9. Shelbyville: Peoples National Bank.... 1 to 3, 5 to 9. wick. SouthPittsburg: FirstNationalBank.. Ito9. Cartersville: First National Bank 1 to 9. Springfield: First National Bank 2, 3, 5 to 7, Columbus: and 9. First National Bank 1 to 9. Tullahoma: Traders National Bank.... Ito9. Fourth National Bank 1 to 9. Winchester: Farmers National Bank... 1 to 3, 5 to 9. Dalton: First National Bank , 1 to 5. Louisville: First National Bank 1 to 9. DISTRICT NO. 7 Macon: First National Bank & Trust 1 to 9. Co. in Macon. ILLINOIS Moultrie: MoultrieNationalBank Ito9. Rome: (See also District No. 8) First National Bank Ito9. National City Bank Ito9. Aurora: Savannah: MerchantsNationalBank Ito9. Citizens & Southern National 1 to 9. Old SecondNationalBank Ito9. Bank. Batavia: LibertyNationalBank &TrustCo.. 1 to 9. Batavia National Bank 1 to 9. First National Bank 1 to 8. LOUISIANA Belvidere: Second National Bank 1 to 9. Bloomington: National Bank of Bloom- 1 to 8. (See also District No. 11) ington. Blue Island: FirstNationalBank 1 to 9. Baton Rouge: Charleston: Charleston National Bank 1, 2, 3, 5 City National Bank 1 to 9. and 8. Louisiana National Bank 1 to 9. Chicago: Gretna: First National Bank of Jeffer- 1 to 9. American National Bank & Trust 1 to 9. son Parish at Gretna. Co. LaFayette: First National Bank 1 to 9. City National Bank & Trust Co 1 to 9. New Orleans: Continental Illinois National Bank 1 to 9. Hibernia National Bank in New 1 to 9. & Trust Co. Orleans. ContinentalNationalBank & Trust 1 to 9. NationalBankof Commerce in New 1 to 9. Co. Orleans. First National Bank 1 to 9. Whitney National Bank 1 to 9. FirstNationalBank ofEnglewood.. 1 to 4. Lawndale National Bank Ito9. MISSISSIPPI Liberty National Bank 1 to 9. Live Stock National Bank 1 to 9. (See also District No. 8) Mutual National Bank 1 to 9. National Builders Bank Ito9. Biloxi: First National Bank 1 too. Terminal National Bank 1 to 9. Canton: First National Bank I to 4. Chillicothe: FirstNationalBank... 1 to 9. Hattiesburg: First National Bank 1 to 9. Cicero: FirstNationalBank 1, 2, 3, 5 Jackson: and 8. Capital National Bank in Jackson. 1 to 9. Danville: Jackson State National Bank FirstNationalBank 1 to 9. Laurel: 1 to 7 and 9. Palmer American National Bank... 1 to 9. Commercial National Bank & SecondNationalBank 1 to 8. Trust Co. 1 to 9. Decatur: First National Bank Citizens National Bank 1 to 9. McCombCity: First National Bank... 1 to 9. National Bank of Decatur. Ito9. Meridian: 1 to 3 and 5. Des Plaines: First National Bank 1 to 9. Citizens National Bank 1 to 9. Dixon: Dixon National Bank. 1 to 9. FirstNationalBank inMeridian... 1 to 9. Dundee: FirstNationalBank 1 to 9. Vicksburg: Elgin: FirstNationalBank 1 to 9. First National Bank & Trust Co... 1 to 9. El Paso: Woodford County National 1 to 9. Merchants National Bank & Trust Ito9. Bank. Co. Evanston: First National Bank & 1 to 9. Yazoo City: Delta National Bank 1 to 9. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 277 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued ILLINOIS—continued INDIANA—continued Galesburg: First Galesburg National 1 to 9. Hammond: Calumet National Bank 1 to 9. Bank & Trust Co. Indianapolis: Havana: Havana National Bank 1 to 9. American National Bank at Indi- 1 to 9. Highland Park: FirstNationalBank.. .. 1 to 9. anapolis. Kankakee: City National Bank 1 to 4. Indiana National Bank 1 to 9. Knoxville: Farmers National Bank 1 to 9. Merchants National Bank 1 to 9. Lake Forest: FirstNationalBank 1 to 9. Knightstown: CitizensNationalBank.. 1 to 3, 5 to 7, La Salle: La Salle National Bank & 1 to 9. and 9. Trust Co. LaFayette: Macomb: Union National Bank 1 to 9. First-MerchantsNationalBank 1 to 8. Mattoon: National Bank of Mattoon... 1 to 9. La Fayette National Bank 1 to 3, and 5. Moline: Moline National Bank 1 to 9. La Porte: FirstNationalBank & Trust 1 to 9. Monticello: National Bank of Mon- 1 to 3, 5 and Co. ticello. 8. Liberty: Union County National Bank. 1 to 3. Ottawa: FirstNationalBank 1 to 9. Logansport: National Bank of Logans - 1 to 9. Paris: Citizens National Bank 1 to 9. Lo p w o e r l t l . : Lowell National Bank 1 to 8. Edgar County National Bank 1 to 9. Marion: Pekin: American National Bank 1 to 9. FirstNationalBank in Marion 1 to 9. Peoria: Marion National Bank 1 to 9. CentralNationalBank &TrustCo. . 1 to 9. Michigan City: Commercial Merchants National 1 to 9. First National Bank 1 to 9. Bank & Trust Co. Merchants National Bank 1 to 9. First National Bank 1 to 9. Mishawaka: First National Bank 1 to 9. Princeton: Citizens FirstNationalBank 1 to 3, 5 to 8. Monterey: First National Bank 1 to 3,5 to 9. Rockford: New Carlisle: FirstNationalBank 1 to 9. Illinois National Bank & Trust Co.. 1 to 9. Noblesville: American National Bank.. 1 to 9. Swedish-American National Bank.. 1 to 9. Plainfield: FirstNationalBank &Trust 1 to 9. Third National Bank 1 to 9. Co. St.Charles: St.CharlesNationalBank. 1 to 9. Remington: FarmersNationalBank.... 1 to 3, 5 to 8. Springfield: Richmond: First National Bank 1 to 9. FirstNational Bank 1 to 9. Illinois National Bank 1 to 9. Second National Bank 1 to 9. Streator: Union National Bank 1 to 9. Rochester: FirstNationalBank 1 to 5, 7, and Sycamore: National Bank & Trust Co.. Ito9. 9. Waukegan: FirstNationalBank 1 to 9. Rockville: RockvilleNationalBank 1 to 9. Rushville: INDIANA Rush County National Bank 1 to 4. Rushville National Bank 1 to 4. See also District No. 8) Shelby ville: FarmersNationalBank 1 to 9. Albion: Albion National Bank 2,3, 5, and 8. Shelby National Bank 1 to 9. Attica: CentralNationalBank & Trust 1 to 9. South Bend: MerchantsNationalBank. 1 to 9. Co. Terre Haute: Auburn: City National Bank L to 9. Merchants National Bank 1 to 3, 5 and Aurora: First National Bank to 9. 8. Batesville: First National Bank to 9. TerreHauteFirstNationalBank 1 to 9. Bloomington: Thorntown: Home National Bank 1 to 8. Bloomington National Bank L to 9. Tipton: CitizensNationalBank 1 to 9. First National Bank I to 7 and 9. Wabash: First National Bank in Wa- 1 to 9. Bluff ton: Old First National Bank in L to 9. bash. Bluff ton. Brazil: RiddellNationalBank 1 to 9. IOWA Brookville: Franklin County National Bank 1 to 9. Akron: FirstNationalBank 1 to 9. National Brookville Bank 1 to 9. Arlington: American National Bank 1 to 3. Butler: Knisely National Bank 2, 3, and 5 Boone: Citizens National Bank 1 to 3 and 8. Cloverdale: First National Bank 1 to 9. Cedar Rapids: Merchants National 1 to 4. Columbus: FirstNationalBank 1 to 9. Bank. Crawfordsville: Charles City: Citizens National Bank 1 to 4. CitizensNationalBank 1 to 9. FirstNationalBank 1 to 9. Clinton: City National Bank 1 to 9. Dana: First National Bank 1 to 3. Columbus Junction: Louisa County 1 to 3 and 5. Danville: First National Bank L to 9. National Bank. Dyer: First National Bank L to 4. Council Bluffs: CityNationalBank 1 to 8. East Chicago : Creston: FirstNational Bank in Creston 1 to 9. FirstNationalBank inEast Chicago I to 9. Des Moines: Union National Bank of Indiana L to 9. CentralNationalBank & Trust Co. 1 to 9. Harbor at East Chicago. Iowa-Des Moines National Bank & 1 to 9. Elkhart: FirstNationalBank L to 9. TrustCo. Elwood: First National Bank L to 8. Dubuque: FirstNationalBank 1 to 9. Fort Wayne: Dysart: Dysart National Bank 1 to 9. Fort Wayne National Bank L to 9. Eldon: FirstNationalBank Ito9. LincolnNationalBank &TrustCo.. I to 9. Fairfield: FirstNationalBank in Fair- 1 to 9. Franklin: Johnson County National 1 to 3, 5 and field. Bank. 8. Fonda: FirstNationalBank 1 to 4. Goshen: First National Bank 1 to 3, 5, and FortDodge:FortDodgeNationalBank.. 1 to 8. 8. Grinnell: Poweshiek County National 1 to 9. Greensburg: Decatur County National 2, 3, and 5. Bank. Bank. Harlan: HarlanNationalBank 1 to 8. Greencastle: CentralNationalBank I to 9. Iowa City: First CapitalNationalBank. 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
278 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued IOWA—continued WISCONSIN—continued Knoxville: Community National Bank 1 to 9. Manitowoc: First National Bank in 1 to 9. & Trust Co. Manitowoc. Le Mars: First National Bank in sLe 1 to 3, 5, and Marinette: FirstNationalBank 1 to 9. Mars. 8. Menasha: FirstNationalBank 1 and 4. Mason City: First National Bank 1 to 9. Milwaukee: MarineNationalExchange 1 to 9. Newell: First National Bank 1 to 9. Bank. Newton: Newton National Bank 1 to 9. Monroe: FirstNationalBank 1 to 9. Oelwein: FirstNationalBank 1 to 7. Neenah: Paullina: FirstNationalBank 1 to 7 and 9. First National Bank 1 to 9. Perry: FirstNationalBank 1 to 9. National Manufacturers Bank 1 to 3. Peterson: FirstNationalBank 1 to 4. Platteville: First National Bank 1 to 9. Primghar: FirstNationalBank 1 to 9. Racine: First National Bank & Trust 1 to 9. Red Oak: First National Bank 1 to 9. Co. Remsen: First National Bank 1 to 8. Ripon: FirstNationalBank 1 to 9. Rippey: First National Bank 1 to 3, 5 to 8. Sheboygan: Security NationalBank.... 1 to 9. Sibley: FirstNationalBank 1 to 3. Sparta: FarmersNationalBank 1 to 9. SiouxCity: Stevens Point: FirstNationalBank in SiouxCity.. 1 to 9. Citizens National Bank 1 to 9. Live Stock National Bank 1 to 9. First National Bank 1 to 8. Security National Bank 1 to 9. Waukesha: Waukesha National Bank... 1 to 8. Toy National Bank 1 to 9. West Bend: FirstNationalBank 1 to 9. Spencer: Clay County National Bank.. 1 to 9. Wisconsin Rapids: FirstNational Bank. 1 to 9. Storm Lake: Citizens First National 1 to 9. Bank. DISTRICT NO. 8 Thornton: FirstNationalBank 1 to 9. Waverly: FirstNationalBank 1 to 4. ARKANSAS Webster City: Farmers National 1 to 9. Bank. El Dorado: FirstNationalBank 1 to 9. Fayetteville: FirstNationalBank 1 to 9. MICHIGAN Fordyce: First National Bank 1 to 9. Forrest City: NationalBank of Eastern 1 to 9. (See also District No. 9) Arkansas. Fort Smith* Battle Creek: City National Bank 1 to 9. Central National Bank at Battle 1 to 3, 5 to 8, First National Bank 1 to 9. Creek. Merchants National Bank 1 to 9. City National Bank &TrustCo 1 to 8 Hot Springs: Arkansas National Bank. . 1 to 9. Security National Bank 1 to 3, 5 to 8. Little Rock: Charlotte: FirstNationalBank 2, 3, 5, and 8. Commercial National Bank 1 to 9. Coldwater: Southern Michigan Na- 1 to 9. Peoples National Bank 1 to 9. tional Bank. Union National Bank 1 to 9. Detroit: Newport: FirstNationalBank 1 to 8. Manufacturers National Bank 1 to 9. Pine Bluff: SimmonsNationalBank.... 1 to 9. NationalBank of Detroit 1 to 9. Texarkana: StateNationalBank 1 to 9. Flint: National Bank of Flint 1 to 3, 5 and ILLINOIS Jackson: NationalBank of Jackson 1 to 9. Kalamazoo: First National Bank & 1 to 9. (See also District No. 7) Trust Co. Lapeer: First National Bank 2,3, 5, and 8. Alton: FirstNationalBank &TrustCo. 1 to 9. Monroe: FirstNationalBank 1 to 9. in Alton Muskegon: Hackley Union National 1 to 9. Belleville: Bank. Belleville National Bank 1 to 9. Petoskey: FirstNationalBank 1 to 4. First National Bank 1 to 9. Port Huron: First National Trust & 1 to 9. St. Clair National Bank 1 to 9. Savings Bank. Benld: FirstNationalBank of Benld 1 to 3, 5 to 8. Quincy: FirstNationalBank 2,3,5,and8. Bridgeport: FirstNationalBank 1 to 9. St. Johns: St. Johns National Bank.... 2,3,5,and8. BunkerHill: FirstNationalBank 1 to 9. Saginaw: Second National Bank & Ito8. Carlinville: CarlinvilleNationalBank.. 1 to 9. Trust Co. Car mi: National Bank of Carmi 1 to 9. Union City: Union City National Bank. 2, 3, 5, and 8. Centralia: Old National Bank 1 to 9. East St. Louis: Southern Illinois Na- 1 to 9. WISCONSIN tionalBank. Edwardsville: Edwardsville National 1 to 3, 5 to 7. (See also District No. 9) Bank &TrustCo. and 9. Effinghain: FirstNationalBank 1 to 9. Baraboo: Baraboo NationalBank 1 to 3, 5 to 8. Highland: FirstNationalBank 1 to 9. Beaver Dam: Jonesboro: FirstNationalBank 1 to 9. American National Bank 1 to 9. Lebanon: FirstNationalBank 1 to 9. Old National Bank 1 to 9. Mascoutah: First National Bank in 1 to 9. Beloit: Second National Bank 1 to 9. Mascoutah. Berlin: First National Bank 1 to 9. Metropolis: City National Bank Ito4. Fond du Lac: Millstadt: First National Bank. 1 to 9. First Fond du Lac National Bank... 1 to 8. Murphysboro: First National Bank.... 1 to 8. NationalExchangeBank 1 to 3, 5 and Nashville: 8. Farmers & Merchants National 1 to 9. Green Bay: Kellogg Citizens National 1 to 9. Bank. Bank. First National Bank 1 to 9. Hartford: FirstNationalBank 1 to 7 and 9. National Stock Yards: National Stock 1 to 9. Janesville: FirstNationalBank 1 to 9. Yards National Bank of National Lake Geneva: FirstNationalBank 1 to 9. City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 279 Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 8—Continued ILLINOIS—continued MISSISSIPPI O'Fallon: First National Bank 1 to 9. (See also District No. 6) Pittsfield: First National Bank 1 to 9. Sparta: First National Bank 1 to 3, 5 to 7. Columbus: First Columbus National 1 to 9. Vandalia: First National Bank 1 to 8. Bank. Greenville: First National Bank 1 to 4. West Point: First National Bank 1 to 9. INDIANA MISSOURI (See also District No. 7) (See also District No. 10) Bedford: Bedford National Bank . . 1 to 3, 5 to 9. Bicknell: First National Bank 1 to 9. Carrollton: First National Bank 1 to 8. Brownstown: First National Bank.... 1 to 3, 5 to 7 Columbia: and 9. Boone County National Bank 1 to 9. Cannelton: First Cannelton National 1 to 3, 5 to 8. Exchange National Bank 1 to 8. Bank. Hannibal: Hannibal National Bank 1 to 9. Evansville: Jefferson: City: Exchange National 1 to 9. National City Bank 1 to 9. Bank. Old National Bank in Evansville.. 1 to 9. Kirksville: Citizens National Bank 1 to 8. Fort Branch: Farmers & Merchants 1 to 9. Luxemburg: Lafayette National Bank 1 to 9. National Bank. & Trust Co. Madison: First National Bank 1 to 9. Monett: First National Bank 1 to 9. Mitchell: First National Bank 1 to 5. PeirceCity: First National Bank 1 to 9. New Albany: Union National Bank 1 to 9. St. Charles: First National Bank 1 to 9. Petersburg: First National Bank 2, 3, and 5. St. Louis: Princeton: Farmers National Bank.... 1 to 3, 5 to 7, Boatmen's National Bank 1 to 9. and 9. First National Bank in St. Louis.. 1 to 4. Seymour: Seymour National Bank... . 1 to 9. Mercantile Commerce National 1 to 9. Tell City: Bank in St. Louis. Citizens National Bank 1 to 7 and 9. Security National Bank Savings 1 to 9. Tell City National Bank 1 to 9. & Trust Co. Vevay: First National Bank 1 to 9. South Side National Bank in St. 1 to 9. Vincennes: American National Bank.. 1 to 9. Louis. Wadesville: Farmers National Bank.. . 1 to 9. Sedalia: Third National Bank 1 to 3, 5 to 7. Washington: Springfield: Union National Bank 1 to 9. Peoples National Bank & Trust 1 to 9. Trenton: Trenton National Bank 1 to 9. Co. Unionville: Marshall National Bank... 1 to 3, 5 to 7. Washington National Bank 1 to 9. Warrensburg: Peoples National Bank. 1 and.4. TENNESSEE KENTUCKY (See alsoDistrictNo. 6) (See also District No. 4) Dyersburg: First-Citizens National 1 to 9. Bowling Green: American National 1 and 4. Bank. Bank. Jackson: Carrollton: First National Bank 1 to 9. First National Bank I Clay: Farmers National Bank 1 to 9. National Bank of Commerce l'to9. Columbia: First National Bank & 1 to 3, 5 to 8. Second National Bank 1 to 9. Trust Co. Memphis: Danville: First National Bank 1 to 9. Citizens National Bank 1 to 9. National Bank of Commerce in 1 to 9. Farmers National Bank 1 to 8. Memphis. Elizabethtown: First-Hardin National 1 to 9. Union Planters National Bank & 1 to 9. Bank. Trust Co. Frankfort: State National Bank 1 to 9. Union City: Old National Bank 1 to 9. Henderson: First National Bank 1 to 9. Lawrenceburg: DISTRICT NO. 9 Anderson National Bank 1 to 3, 5 to 9. Lawrenceburg National Bank 1 to 8. MICHIGAN Leba C n i o ti n z : ens National Bank 1 to 9. (See also District No. 7) Farmers National Bank 1 to 9. Marion National Bank 1 to 6 and 8. Houghton: Houghton National Bank.. 1 to 9. Ironwood: Gogebic National Bank 2,3, 5, and 8. Citizens Union National Bank 1 to 9. Lake Linden: First National Bank 2,3, 5, and 8 First National Bank 1 to 9. Marquette: Liberty National Bank and Trust 1 to 9. First National Bank & Trust Co.. 1 to 9. Co. Union National Bank 1 to 9. Madisonville: Farmers National Bank. 1 to 9. Menominee: Mayfield: First National Bank 1 to 9. First National Bank 1 to 9. Morganfield: Morganfield National 1 to 9. Lumbermen's National Bank 2, 3,5, and 8. Bank. Munising: First National Bank of 2,3,5, and 8 Owensboro: National Deposit Bank in 1 to 9. Algcr County at Munising. Owensboro. Negaunee: First National Bank 2,3,5,and,8. Paducah: Peoples National Bank 1 to 9. MINNESOTA T^riTiPpfnTi * XII Ai F .\>C a t r v m ll e • rs National Bank 1 to 9. Bemidji: First National Bank 1 to 9. First National Bank 1 to 3, 5 to 9. Chatfield: First National Bank 1 to 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
280 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 9—Continued MINNESOTA—continued NORTH DAKOTA—continued Duluth: Grafton: Grafton National Bank 1 to 9. City National Bank 1 to 9. Grand Forks: First National Bank in 1 to 9. First & American National Bank.. 1 to 9 Grand Forks. Minnesota National Bank 1 to 9. Jamestown: National Bank of James- 1 to 9. Northern National Bank 1 to 9. town. Eveleth: First National Bank 1 to 3, 5 to 9. Valley City: First National Bank 1 to 9. Fairmont: First National Bank 1 to 9. SOUTH DAKOTA Martin Country National Bank... 1 to 9. Faribault: Security National Bank & 1 to 9. Aberdeen: Trust Co. Aberdeen National Bank & Trust 1 to 9. Fergus Falls: Co. Fergus Falls National Bank & 1 to 8. First National Bank 1 to 9. Trust Co. Arlington: First National Bank in Ar- 1 to 4. First National Bank 1 toS. lington. Hastings: First National Bank 1 to 9. Brookings: Security National Bank.. 1 to 9. Little Falls: First National Bank 1 to 3, 5, 6, 8 Clear Lake: Deuel County National 1 to 9. and 9. Bank. Minneapolis: LakeNorden: First National Bank & 1 to 3, 5 to 8 First National Bank & Trust Co.... 1 to 9. Trust Co. Marquctte National Bank 1 to 9 Lead: First National Bank 1 to 9. Midland National Bank & Trust 1 to 9. Miller: First National Bank 1 to 9. Co. Rapid City: First National Bank 1 to 7 and 9 Northwestern National Bank & 1 to 9. Sioux Falls: Trust Co. First National Bank & Trust Co. 1 to 9. Northfield: Northfield National Bank 1 to 9. in Sioux Falls. & Trust Co. National Bank of South Dakota, 1 to 9. Proctor: First National Bank 1 to 9. Sioux Falls. RedWing: Northwest Security National Bank. 1 to 9. First National Bank 1 to 9. Watertown: First Citizens National 1 to 9. Goodhue County National Bank.. 1 to 9. Bank. St. Paul: Yankton: First Dakota National 1 to 9. American National Bank Ito9. Bank & Trust Co. Empire National Bank & Trust Co. I to 9. First National Bank 1 to 9. WISCONSIN Midway National Bank 1 to 9. St. Peter: First National Bank 1 to 8. (See also District No. 7) Stillwater: First National Bank 1 to 9. Truman: Truman National Bank 1 to 9. Barron: First National Bank 1 to 3. Virginia: American Exchange Na- 1 to 3, 5 to 8. Chippewa Falls: tional Bank. First National Bank 1 to 9. Windom: First National Bank 1 to 9. Lumbermen'sNationalBank 1 to 9. Winona: Eau Claire: First National Bank 1 to 9. American National Bank & Trust 1 to 9 Winona National & Savings Bank. 1 to 9. Co. Union National Bank 1 to 9. MONTANA Menomonie: First National Bank 1 to 9. Billings: Superior: Midland National Bank 1 to 9. First National Bank of the City of 1 to 7. Montana National Bank 1 to 9. Superior. Bozeman: Commercial National Bank. 1 to 4. National Bank of Commerce 1 to 9. Butte: Miners National Bank 1 to 9. Dillon: First National Bank 1 to 7 and 9. DISTRICT NO. 10 Great Falls: First National Bank 1 to 9. COLORADO Great Falls N ational Bank 1 to 4. Helena: First National Bank & Trust 1 to 7 and 9. Boulder: National State Bank Ito9. Co. Brush: First National Bank 1 to 3, 5 to 8 Kalispell: First National Bank 1 to 4. Canon City: Lewistown: National Bank of Lewis- 1 to 9. First National Bank 1 to 9. town. Fremont County National Bank.. 1 to 4. Livingston: National Park Bank in 1 to 9. Center: First National Bank 1 to 4. Livingston. Colorado Springs; Miles City: First National Bank in 1 to 9. Colorado Springs National Bank.. 1 to 9. Miles City. Exchange National Bank 1 to 9. Missoula: First National Bank 1 to 9. First National Bank 1 to 7 and 9. Denver: Western Montana National Bank. 1 to 8. American National Bank 1 to 7. Colorado National Bank 1 to 9. NORTH DAKOTA Denver National Bank 1 to 9. First National Bank 1 to 9. Bismarck: United States National Bank 1 to 9. Dakota National Bank & Trust 1 to 9. Durango: Burns National Bank 1 to 7. Co. Eagle: First National Bank of Eagle 1 to 4. First National Bank 1 and 9. County at Eagle. Dickinson: First National Bank 1 to 9. Florence: First National Bank 1 to 9. Ellendale: First National Bank 1 to 4. Fort Collins: Poudre Valley National 1 to 7 and 9 Fargo: Bank. First National Bank & Trust Co.. 1 to 9. Fort Morgan: First National Bank. 1 to 4. Merchants National Bank & Trust 1 to 9. Glenwood Springs: First National Ito3,5to7 Co. Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 281 Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued COLORADO—continued MISSOURI—continued Grand Junction: First National Bank 1 to 9. Inter-State National Bank 1 to 9. in Grand Junction. Stockyards National Bank to 9. Greeley: Traders Gate City National Bank to 9. First National Bank 1 to 9. Union National Bank in Kansas to 9. Greeley National Bank 1 to 9. City. G unnison: First N ational Bank 1 to 9. Neosho: First National Bank to 9. Hugo: First National Bank 1 to 3. Plattsburg: First National Bank to 9. Las Animas: First National Bank 1 to 9. St. Joseph: Longmont: American National Bank 1 to 9. First National Bank 1 to 9. Burns National Bank 1 to 4. Longmont National Bank , 1 to 9. Tootle-Lacey National Bank 1 to 8. Montrose: Montrose National Bank 1 to 9. Ordway: First National Bank 1. Walsenburg: First National Bank 1 to 9. NEBRASKA Windsor: First National Bank , 1 to 4. Belden: First National Bank 1 to 3, 5 to 9. KANSAS Butte: First National Bank J to 3. Anthony: David City: First National Bank to 9. Citizens National Bank 1 to 8. Umerson: First National Bank to 8. First National Bank 1 to 4. Genoa: Genoa National Bank to 9. Arkansas City: Home National Bank. 1 to 9. Grand Island: Atchison: City National Bank 1 to 9. First National Bank to 9. Chanute: First National Bank 1 to 9. Overland National Bank to 9. Coffeyville: Holdredge: First National Bank to 9. Condon National Bank 1 to 3, 5 to 9. Lincoln: FirstN ational Bank 1 to 3 and 5. Continental National Bank to 9. Do D d o g d e g C e C ity it : y . P'irst National Bank in 1 to 9. N Fi a r t s i t o N na a l t i B o a n n a k l B of a n C k ommerce t t o o 9 9 . . Emporia: Lyons: First National Bank to 3. Citizens National Bank 1 to 9. Nebraska City: Nebraska City Na- 1 to 9. Commercial National Bank & 1 to 9. tional Bank. Trust Co. Omaha: Fort Scott: CitizensNationalBank 1 to 7 and 9. First National Bank 1 to 9. Horton: First National Bank 1 to 4. Omaha National Bank 1 to 9. Hutchinson: United States National Bank 1 to 9. American National Bank 1 to 9. Ord: First National Bank in Ord 1, 2, and 5. Exchange National Bank 1 to 8. South Omaha: Stock Yards National 4. First National Bank 1 to 4. Bank. Jewel: FirstN ational Bank of Jewel City 1 to 3. Utica: First National Bank 2 and 3. Kansas City: Security National Bank. 1 to 9. Wahoo: First National Bank 1 to 3, 5 to 9. Larned: First National Bank in 1 to 3 and 5. Wayne: First National Bank 1 to 9. Larned. Lawrence: NEW MEXICO First National Bank 1 to 8. Lawrence National Bank 1 to 8. (See also District No. 11) Leavenworth: First National Bank.... 1. Manhattan: Albuquerque: First National Bank 1 to 9. Albuquerque National Trust & 1 to 9. Union National Bank 1 to 9. Savings Bank. Ottawa: Peoples National Bank 1 to 4. First National Bank in Albu- 1 to 9. Paola: Miami County National Bank 1 to 9. querque. Pratt: First National Bank in Pratt.. 1 to 9. Farmington: First National Bank 2 and 3. Sali F n a a: rmers National Bank 1 to 5 and 8. Ra R to at n o : n. First National Bank in 1 to 7. NationalBankof America at Salina 1 to 9. Santa Fe: First National Bank 1 to 9. Topeka: National Bank of Topeka.... 1 to 9. Troy: First National Bank 1 to 3. Wellington: First National Bank in 1 to 9. OKLAHOMA Wellington. Wichita: Ada: First National Bank in Ada.... 1 to 9. First National Bank in Wichita.... Ito9. Anadarko: First National Bank 1 to 9. Fourth National Bank in Wichita Lto9. Bartlesville: Southwest N ational Bank 1 to 9. First National Bank in Bartles: 1 to 9. Union National Bank 1 to 9. ville. Winfield: Union National Bank 4. First National Bank 1 to 9. Bristow: American National Bank.... 1 to 9. Winfield National Bank 1 to 9. Broken Arrow: First National Bank. 1 to 4, 6 to 9. Cleveland: First National Bank 1 to 9. MISSOURI Dewey: First National Bank 1 to 9. Enid: (See also District No. 8) Central National Bank 1 to 9. First National Bank 1 to 9. Cameron: First National Bank 1 to 3. Guthrie: First National Bank 1 to 8. Carthage: Central National Bank 1 to 3. Holdenville: First National Bank 1 to 9. Independence: First National Bank... 1 to 9. Hominy: First National Bank in 1 to 9. Joplin: Joplin National Bank & 1 to 9. Hominy. Trust Co. Hooker: First National Bank 1 to 3 and 5. Kansas City: Lawton: City National Bank 1 to 3, 5 to 7, City National Bank & Trust Co.. 1 to 9. and 9. Columbia National Bank 1 to 4 and 9. McAlester: First National Bank 1 to 3, 5 to 7. First National Bank 1 to 9. Miami: First National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
282 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 11—Continued OKLAHOMA—continued TEXAS Muskogee: Abilene: Commercial National Bank in 1 to 8. Farmers & Merchants National 1 to 9. Muskogee. Bank. First National Bank & Trust Co. 1 to 9. Albany: First National Bank 4. Norman: Amarillo: First National Bank 1 to 9. First National Bank 1 to 9. Austin: Security National Bank 1 to 9. American National Bank 1 to 9. Okenah: Austin National Bank 1 to 9. First National Bank 1 to 8. Bay City: First National Bank 1 and 4. Okemah National Bank 1 to 9. Beaumont: Oklahoma City: American National Bank 1 to 9. City National Bank & Trust Co.. L to 9. First National Bank 1 to 9. Fidelity National Bank t to 9. Bonham: First National Bank 1 to 3, 5 to 7 First National Bank & Trust Co.. I to 9. Brady: Brady National Bank 1 to 3 and 5 Liberty National Bank I to 9. Brenham: First National Bank 1 to 7 and 9 Tradesmens National Bank t to 7 and 9. Brownsville: First National Bank at 1 to 9. Okmulgee: Central National Bank.... L to 9. Brownsville. Ponca City: First National Bank at 1 to 9. Cameron: Citizens National Bank 1 to 9. PoncaCity. Childress: First National Bank in 1 to 9. Shawnee: Federal National Bank 1 to 9. Childress. Stillwater: Colorado: City National Bank 1 to 4. First National Bank 1 to 9. Corpus Christi: Corpus Christi Na- 1 to 7. Stillwater National Bank 1 to 9. tional Bank. Tulsa: Corsicana: First National Bank 1 to 9. First National Bank & Trust Co.. 1 to 9. Dallas: National Bank of Commerce 1 to 3, 5 to 9. Dallas National Bank 1 to 9. First National Bank in Dallas 1 to 9 WYOMING Mercantile National Bank at 1 to 9. Dallas. Buffalo: First National Bank 1 to 4. National Bank of Commerce 1 to 9. Casper: Republic National Bank 1 to 9. Casper National Bank 1 to 5. Del Rio: Del Rio National Bank 1 to 9. Wyoming National Bank 1 to 9. Denison: Cheyenne: Citizens National Bank 1 to 9. American National Bank 1 to 9. State N ational Bank 1 to 9. Stock Growers National Bank 1 to 9. El Paso: Cody: El Paso National Bank 1 to 9. First National Bank 1 to 9. State National Bank 1 to 9. Shoshone National Bank 1 and 4. Floresville: First City National Bank. 1 to 9. Evanston: First National Bank 1 to 3. Fort Worth : Kemmerer: First National Bank 1 to 5. Continental National Bank 1 to 9. Laramie: First National Bank 1 to 3. First National Bank 1 to 9. Powell: First National Bank 1 to 8. Forth Worth National Bank 1 to 9. Rawlins: Galveston: First National Bank 1 to 9. City National Bank 1 to 9. Rawlins National Bank 1 to 9. First National Bank 1 to 9. Rock Springs: Rock Springs National 1 to 9. Hutchings-Sealy National Bank... i to 9. Bank. United States National Bank 1 to 9. Sheridan: First National Bank 1 to 9. Granger: First National Bank 1 and 2. Thermopolis: First National Bank in 1 to 9. Greenville: Greenville National Ex- Ito4. Thermopolis. change Bank. Houston: DISTRICT NO. 11 C Fi i r t s y t N N a a t t i i o o n n a a l l B B a a n n k k in Houston.. I I t t o o 9 9 . . ARIZONA National Bank of Commerce 1 to 7 and 9 San Jacinto National Bank 1 to 9. (See also District No. 12) Second National Bank 1 to 7 and 9 South Texas Commercial Na- 1 to 9. Nogales: First National Bank 1 to 8. tional Bank. Tucson: Consolidated N ational Bank.. 1 to 4. State National Bank 1 to 9. Union National Bank 1 to 9. LOUISIANA Italy: First National Bank 1 to 9. (See also District No. 6) K La in G gs r v a i n l g le e : : F F i i r r s s t t N N a a t t i i o o n n a a l l B B a a n n k k 1 1. to 9. Homer: Homer National Bank 1 to 8. Longview: First National Bank 1 an to d 8 3 . , 5 Shre C v o e m po m rt e : rcial National Bank in 1 to 9. McKinney: Collin County National 1 to 9. Shreveport. Bank. 1 to 9. First National Bank 1 to 9. Mar fa: Mar fa National Bank NEW MEXICO Mar F sh ir a s l t l : National Bank 1 to 3 and 5 Marshall National Bank 1 to 5. (See also District No. 10) Midland: Midland National Bank Ito9. Roswell: First National Bank 1 to 3. Oran F g ir e s : t National Bank in Orange.... 1 to 9. Silver City: American N ational Bank. 2 and 3. Orange National Bank 1 to 9. Palestine: Royall National Bank 1 to 9. OKLAHOMA Paris: First National Bank 1 to 9. Port Arthur: Durant: Durant National Bank in 1 to 3, 5 to 8. First National Bank 1 to 5. Durant. Merchants National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 283 Powers Powers granted granted DISTRICT NO. 11—Continued DISTRICT NO. 12—Continued TEXAS—continued CALIFORNIA—continued San Angelo: Santa Barbara: Central National Bank 1 to 4. County National Bank & Trust 1 to 9. First National Bank 1 to 9. Co. San Angelo National Bank 1 to 9. First National Trust & Savings 1 to 9. San Antonio: Bank Alamo National Bank 1 to 9. Stockton: First National Bank 1 to 9. Frost National Bank 1 to 9. Ventura: Union National Bank 1 to 5. Groos National Bank 1 to 9. Whittier: Whittier National Trust & 1 to 9. National Bank of Commerce 1 to 9. Savings Bank. Seguin: First National Bank 1 to 9. Woodland: Bank of Woodland, N. A... 1 to 3, 5 to 7 Sherman: Merchants & Planters Na- 1 to 9. tional Bank. HAWAIIAN ISLANDS Stanton: First National Bank 1 to 3. Stephenville: Farmers-First National 1 to 9. Honolulu: Bishop National Bank of 1 to 8. Bank. Hawaii at Honolulu. Teague: Teague National Bank Ito9. Terrell: American National Bank 1 to 8. Texarkana: Texarkana N ational Bank. 1 to 9. IDAHO Troup: First National Bank 1. Tyler: Boise: Idaho First National Bank 1 to 9. Citizens National Bank 1 to 9. Hailey: Hailey National Bank 1 to 3. Peoples National Bank 1 to 9. Idaho Falls: American National 1 to 9. Victoria: Victoria National Bank 1 to 4. Bank. Waco: Citizens National Bank 1 to 9. NEVADA First National Bank 1 to 8. Wichita Falls: Ely: First National Bank 1 to 3, 5 to 8 City National Bank in Wichita 1 to 9. Reno: First National Bank of Nevada, 1 to 7, and 9 Falls. Reno, Nevada. First National Bank 1 to 9. OREGON DISTRICT NO. 12 Athena: First National Bank 1 to 9. ALASKA Baker: First National Bank 1 to 9. Corvallis: First National Bank 1 to 9. Fairbanks: First National Bank 1 to 9. Eugene: First National Bank 1 to 9. Harrisburg: First National Bank 1 to 3. ARIZONA Marshfield: Coos Bay National Bank.. 1 to 9. Phoenix: Portland: First National Bank of Arizona, 1 to 9. First National Bank 1 to 9. Phoenix. United States National Bank 1 to 9. Valley National Bank 1 to 9. Winslow: First National Bank 1. UTAH CALIFORNIA Logan: First National Bank 1 to 9. Ogden: First Security Bank of Utah, 1 to 9. BeverLy Hills: Beverly Hills National 1 to 9. National Association. Bank & Trust Co. Price: First National Bank 2, 3, 5 to 8. Fullerton: First National Trust & 1 to 9. Salt Lake City: Savings Bank. Continental National Bank & 1 to 7 and 9 Los Angeles: Trimfr C^n Citizens National Trust & Sav- 1 to 9. First National Bank 1 to 9. ings Bank. Farmers & Merchants National 1 to 9. WASHINGTON Bank. Security-First National Bank 1 to 9 Bellingham: Mountain View: First National Bank.. 4. Bellingham National Bank 1 to 9. Orange: First National Bank 1 to 9. First National Bank 1 to 5 and 9 Pasadena: Security National Bank 1 to 9. Northwestern National Bank 1 to 9. Pomona: First National Bank 1 to 9. Burlington: First National Bank 1 to 7 and 9 Redwood City: First National Bank of 1 to 3, 5, 7, Ellensburg: Washington National 1 to 9. San Mateo County at Redwood City. 8 and 9. Bank. Riverside: Citizens National Trust & 1 to 9. Everett: First National Bank 1 to 9. Savings Bank. Longview: First National Bank 1 to 9. Sacramento: Capital National Bank... 1 to 9. Mount Vernon: First N ational Bank.. 1 to 9. Salinas: Salinas National Bank 4. Okanogan: First National Bank 1 to 9. San Bernardino: American National 1 to 9. Port Angeles: First National Bank in 1 to 9. Bank. Port Angeles. San Diego: Pullman: First National Bank 1 to 9. First National Trust & Savings 1 to S Seattle: Bank. National Bank of Commerce 1 to 9. San Francisco: Pacific National Bank 1 to 9. Anglo California National Bank.. 1 to 9. Peoples National Bank of Washing- Ito9. Bank of America National Trust & 1 to 9. ton in Seattle. Savings Association. Seattle-First National Bank 1 to 9. Bank of California, N. A 1 to 9. University National Bank 1 to 9. Crocker First National Bank 1 to 9. Spokane: Pacific National Bank 1 to 9. First National Bank in Spokane... 1 to 9. Santa Ana: First National Bank in 1 to 9. Old National Bank & Union Trust 1 to 9. Santa Ana. Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
284 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 12—Continued DISTRICT NO. 12—Continued WASHINGTON—continued W ASHINGTON—continued Tacoma: Walla Walla: National Bank of Washington, Ta- 1 to 9. Baker-Boyer National Bank 1 to 9. coma, Washington. First National Bank 1 to 9. Puget Sound National Bank 1 to 9. Wenatchee: First National Bank 1 to 9. Waitsburg: First National Bank 1 to 9. Yakima: West Side National Bank.... 1 to 9. NOTE.— The above list does not include the names of national banks which have received permission to administer trusts transferred to them in connection with the acquisition of assets of other banking institutions, but which have not been granted the right to accept new trust business. DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land area Population Federal Reserve district (square July 1, 1937 miles) (estimated) No. 1—Boston 61,345 8,178,000 No. 2—New York 51,886 16,756,000 No. 3—Philadelphia.... 36,846 8,009,000 No. 4—Cleveland 73,424 11,737,000 No. 5—Richmond 152,316 12,028,000 No. 6—Atlanta 248,226 12,085,000 No. 7—Chicago 190,513 18,863,000 No. 8—St. Louis 194,810 10,413,000 No. 9—Minneapolis 414,004 5,452,000 No. 10—Kansas City.... 480,438 8,155,000 No. 11—Dallas 386,116 7,337,000 No. 12—San Francisco.. 683,852 10,244,000 Total 2,973,776 129,257,000 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON 61,345 8,178,000 Connecticut (excluding Fairfield County) 4,189 1,322,000 Maine 29,895 856,000 Massachusetts 8 039 4 426 000 New Hampshire 9,031 510,000 Rhode Island 1,067 681,000 Vermont 9,124. 383,000 DISTRICT NO. 2—NEW YORK 51,886 16,756,000 Connecticut (Fairfield Coimtvi 631 419 000 New Jersey 3,601 3,378,000 Counties of— Bergen Hunterdon Morris Sussex Essex Middlesex Passaic Union Hudson Monmouth Somerset Warren New York 47,654 12,959,000 DISTRICT NO. 3—PHILADELPHIA 36,846 8,009,000 Delaware 1 965 261 000 New Jersey 3,913 965,000 Counties of— Atlantic Cape May Gloucester Ocean Burlington Cumberland Mercer Salem Camden Pennsylvania (easternpart) 30,968 6,783,000 Counties of— Adams Clinton Lebanon Philadelphia Bedford Columbia Lehigh Pike Berks Cumberland Luzerne Potter Blair Dauphin Lycoming Schuylkill Bradford Delaware McKean Snyder Bucks Elk Mifflin Sullivan Cambria Franklin Monroe Susquehanna Cameron Fulton Montgomery Tioga Carbon Huntingdon Montour Union Center Juniata Northampton Wayne Chester Lackawanna Northumberland Wyoming Clearfield Lancaster Perry York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 285 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1, 1037 miles) (estimated) DISTRICT NO. 4—CLEVI]LAND 73,424 11,737,000 Kentucky (eastern part) 17,614 1,395,000 Counties of— Bath Fleming Lawrence Nicholas Bell Floyd Lee Owsley Boone Garrard Leslie Pendleton Bourbon Grant Letcher Perry Boyd Greenup Lewis Pike Bracken Harlan Lincoln Powell Breathitt Harrison McCreary Pulaski Campbell Jackson Madison Robertson Carter Jessamine Magomn Rockcastle Clark Johnson Martin Rowan Clay Kenton Mason Scott Elliott Knott Menifee Whitley Estill Knox Montgomery Wolfe Fayette Laurel Morgan Wood ford Ohio 40,740 6,733,000 Pennsylvania (western nart) 13,864 3,393,000 Counties of— Allegheny Crawford Indiana Venango Armstrong Erie Jefferson Warren Beaver Fayette Lawrence Washington Butler Forest Mercer Westmoreland Clarion Greene Somerset West Virginia (northern part) 1,206 216,000 Counties of— Brooke Marshall Tyler Hancock Ohio Wetzel DISTRICT NO. 5—RICHJVIOND 152,316 12,028,000 District of Columbia 62 627,000 Maryland . 9,941 1,679,000 North Carolina 48,740 3,492,000 South Carolina 30,495 1,875,000 Virginia 40,262 2,706,000 W^est Virginia (southern r>a.rf,^ 22,816 1,649,000 Counties of— Barbour Hardy Mingo Roane Berkeley Harrison Monongalia Summers Boone Jackson Monroe Taylor Braxton Jefferson Morgan Tucker Cabell Kanawha Nicholas Upshur Calhoun Lewis Pendleton Wayne Clay Lincoln Pleasants Webster Doddridge Logan Pocahontas Wirt Fayette McDowell Preston Wood Gilmer Marion Putnam Wyoming Grant Mason Raleigh Greenbrier Mercer Randolph Hampshire Mineral Ritchie DISTRICT NO. 6—ATLANTA 248,226 12,085,000 Alabama. 51,279 2,895,000 Florida 54,861 1,670,000 Georgia 58,725 3,085,000 Louisiana (southern part,) 26,891 1,444,000 Parishes of— Acadia Evangeline Rapides Tangipahoa Allen Iberia St. Bernard Terrebonne Ascension Iberville St. Charles Vermilion Assumption Jefferson St. Helena # Vernon Avoyelles Jefferson Davis St. James Washington Beauregard Lafayette St. John the Bap- WestBaton Calcasieu La Fourche tist Rouge Cameron Livingston St. Landry West Feliciana East Baton Orleans St. Martin Rouge Plaquemines St. Mary East Feliciana Pointe Coupee St. Tammany Mississippi (southern 25,519 969,000 Counties of— Adams Harrison Lawrence Scott A mite Hinds Leake Sharkey Claiborne Issaquena Lincoln Simpson Clarke Jackson Madison Smith Copiah Jasper Marion Stone Covington Jefferson Neshoba Walthall Forrest Jefferson Davis Newton Warren Franklin Jones Pearl River Wayne George Kemper Perry Wilkinson Greene Lamar Pike Yazoo Hancock Lauderdale Rank in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
286 ANNUAL REPORT OF BOARD OF GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1, 1937 miles) (estimated) DISTRICT NO. 6—ATLANTA—Continued. Tennessee (eastern part) 30,951 2,022,000 Counties of— Anderson Giles McMinn Scott Bedford Grainger Macon Sequatchie Bledsoe Greene Marion Sevier Blount Grundy Marshall Smith Bradley Hamblen Maury Stewart Campbell Hamilton Meigs Sullivan Cannon Hancock Monroe Sumner Carter Hawkins Montgomery Trousdale Cheatham Hickman Moore Unicoi Claiborne Houston Morgan Union Clay Humphreys Overton Van Buren Cocke Jackson Perry Warren Coffee Jefferson Pickett Washington Cumberland Johnson Polk Wayne Davidson Knox Putnam White De Kalb Lawrence Rhea Williamson Dickson Lewis Roane Wilson Fentress Lincoln Robertson Franklin Loudon Rutherford' DISTRICT NO. 7.-CHICAGO 190,513 18,863,000 Illinois (northern part^ 35,448 6,597,000 Counties of— Boone Ford Livingston Rock Island Bureau Fulton Logan Sangamon Carroll Grundy McDonough Schuyler Cass Hancock McHenry Shelby Champaign Henderson McLean Stark Christian Henry Macon Stephenson Clark Iroquois Marshall Tazewell Coles Jo Daviess Mason Vermilion Cook Kane Menard Warren Cumberland Kankakee Mercer Whiteside DeKalb Kendall Moultrie Will DeWitt Knox Ogle Winnebago Douglas Lake Peoria Woodford DuPage La Salle Piatt Edgar Lee Putnam Indiana (northern part) 26,707 2,821,000 Counties of— Adams Fountain La Porte Ripley Allen Franklin Madison Rush Bartholomew Fulton Marion St. Joseph Benton Grant Marshall Shelby Blackford Hamilton Miami Starke Boone Hancock Monroe Steuben Brown Hendricks Montgomery Tippecanoe Carroll Henry Morgan Tipton Cass Howard Newton Union Clay Huntington Noble Vermillion Clinton Jasper Ohio Vigo Dearborn Jay Owen Wabash Decatur Jennings Parke Warren DeKalb Johnson Porter Wayne Delaware Kosciusko Pulaski Wells Elkhart Lagrange Putnam White Fayette Lake Randolph Whitley Iowa 55,586 2,552,000 Michigan (southern part") 40,789 4,512,000 Counties of— Alcona Eaton Lapeer Ogemaw Allegan Emmet Leelanau Osceola Alpena Genesee Lenawee Oscoda Antrim Gladwin Livingston Otsego Arenac Grand Traverse Macomb Ottawa Barry Gratiot Manistee Presque Isle Bay Hillsdale Mason Roscommon Benzie Huron Mecosta Saginaw Berrien Ingham Midland St. Clair Branch Ionia Missaukee St. Joseph Calhoun Iosco Monroe Sanilac Cass Isabella Montcalm Shiawassee Charlevoix Jackson Montmorency Tuscola Cheboygan Kalamazoo Muskegon Van Buren Clare Kalkaska Newaygo Washtenaw Clinton Kent Oakland Wayne Crawford Lake Oceana Wexford Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 287 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Ressrve district (square July 1, 1937 miles) (estimated) DISTRICT NO. 7.—CHICAGO—Continued Wisconsin (southern part) 31,983 2,381,000 Counties of— Adams Green Lake Marquette Sheboygan Brown Iowa Milwaukee Vernon Calumet Jackson Monroe Walworth Clark Jefferson Oconto Washington Columbia Juneau Outagamie Waukesha Crawford Kenosha Ozaukee Waupaca Dane Kewaunee Portage Waushara Dodge Lafayette Racine Winnebago Door Langlade Richland Wood Fond du Lac Manitowoc Rock Grant Marathon Sauk Green Marinette Shawano DISTRICT NO. 8—ST. LOUIS 194,810 10,413,000 Arkansas 52,525 2,048,000 Illinois (southern part) 20,595 1,281,000 Counties of— Adams Franklin Macoupin Randolph Alexander Gallatin Madison Richland Bond Greene Marion St. Clair Brown Hamilton Massac Saline Calhoun Hardin Monroe Scott Clay Jackson Montgomery Union Clinton Jasper Morgan Wabash Crawford Jefferson Perry Washington Edwards Jersey Pike Wayne Effingham Johnson Pope White Fayette Lawrence Pulaski Williamson Indiana (southern part) 9,338 653,000 Counties of— Clark Greene Martin Spencer Crawford Harrison Orange Sullivan Daviess Jackson Perry Switzerland Dubois Jefferson Pike Vanderburg Floyd Knox Posey Warrick Gibson Lawrence Scott Washington Kentucky (western part) 22,567 1,525,000 Counties of— Adair Crittenden Hopkins Ohio Allen Cumberland Jefferson Oldham Anderson Daviess Larue Owen Ballard Edmonson Livingston Russell Barren Franklin Logan Shelby Boyle Fulton Lyon Simpson Breckinridge Gallatin McCracken Spencer Bullitt Graves McLean Taylor Butler Grayson Marion Todd Caldwell Green Marshall Trigg Calloway Hancock Meade Trimble Carlisle Hardin Mercer Union Carroll Hart Metcalfe Warren Casey Henderson Monroe Washington Christian Henry Muhlenberg Wayne Clinton Hickman Nelson Webster Mississippi (northern part) 20,843 1,054,000 Counties of— Alcorn De Soto Monroe Tate Attala Grenada Montgomery Tippah Benton Holmes Noxubee TishomiSgo Bolivar Humphreys Oktibbeha Tunica Calhoun Itawamba Panola Union Carroll Lafayette Pontotoc Washington Chickasaw Lee Prentiss Webster Choctaw Leflore Quit man Winston Clay Lowndes Sunflower Yalobusha Coahoma Marshall Tallahatchie Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 ANNUAL REPORT OF BOARD OF GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population FederalReserve district (square July 1, 1937 miles) (estimated DISTRICT NO. 8—ST. LOUIS—Continued. IVIissouri (eastern part^ 58,206 2,981,000 Counties of— Adair Douglas Maries Reynolds Audrain Dunklin Marion Ripley Barry Franklin Mercer St. Charles Benton Gasconade Miller St. Clair Bollinger Greene Mississippi St. Francois Boone Grundy Moniteau St. Louis Butler Harrison Monroe St. Louis City Caldwell Henry Montgomery Ste. Genevieve Callaway Hickory Morgan Saline Camden Howard New Madrid Schuyler Cape Girardeau Howell Oregon Scotland Carroll Iron Osage Scott Carter Jefferson Ozark Shannon Cedar Johnson Pemiscot Shelby Chariton Knox Perry Stoddard Christian Laclede Pettis Stone Clark Lafayette Phelps Sullivan Cole Lawrence Pike Taney Cooper Lewis Polk Texas Crawford Lincoln Pulaski Warren Dade Linn Putnam Washington Dallas Livingston Rails Wayne Daviess Macon Randolph Webster Dent Madison Ray Wright Tennessee (western pa-rt) 10,736 871,000 Counties of— Benton Fayette Henry Shelby Carroll Gibson Lake Tipton Chester Hardeman Lauderdale Weakley Crockett Hardin McNairy Decatur Haywood Madison Dyer Henderson Obion DISTRICT NO. 9.-MINNEAP0LIS 414,004 5,452,000 ^tichigan (northern part) 16,691 318,000 Counties of— Alger Dickinson Keweenaw Menominee Baraga Gogebic Luce Ontonagon Chippewa Houghton Mackinac Schoolcraft Delta Iron Marquette IVIinnesota 80,858 2,652,000 IViontana 146,131 539,000 North Dakota 70,183 706,000 South Dakota 76,868 692,000 Wisconsin (northern t>art) 23,273 545,000 Counties of— Ashland Dunn Oneida Sawyer Barron Eau Claire Pepin Taylor Bayfield Florence Pierce Trempealeau Buffalo Forest Polk Vilas Burnett Iron Price Washburn Chippewa La Crosse Rusk Douglas Lincoln St. Croix DISTRICT NO. 10.—KANSAS CITY 480,438 8,155,000 Colorado 103,658 1,071,000 Kansas ... #>. 81,774 1,864,000 IVIissouri (western Dar 10,521 1,008,000 J.VX4£J|JV^ U-A A y T» VO UV1 11 JJIA/JL Counties of— Andrew Cass Holt Nodaway Atchison Clay Jackson Platte Barton Clinton Jasper Vernon Bates DeKalb McDonald Worth Buchanan Gentry Newton Nebraska 76,808 1,364,000 New I^texico (northern pait) 48,359 231,000 Counties of— Bernalillo Mora San Miguel Valen Colfax Rio Arriba Santa Fe Harding Sandoval Taos McKinley San Juan Union Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 289 FEDERAL RESERVE DISTRIGTS-Continued Land area Population Federal Reserve district (square July 1, 1937 miles) (estimated) DISTRICT NO. 10.—KANSAS CITY—Continued. Oklahoma (northwestern na,rt) 61,770 2,382,000 Counties of— Adair Ellis Logan Pontotoc Alfalfa Garfield Love Pottawatomie Beaver Garvin McClain Roger Mills Beckham Grady Mclntosh Rogers Blaine Grant Major Seminole Caddo Greer Mayes Sequoyah Canadian Harmon Murray Stephens Carter Harper Muskogee Texas Cherokee Haskell Noble Tillman Cimarron Hughes Nowata Tulsa Cleveland Jackson Okfuskee Wagoner Comanche Jefferson Oklahoma Washington Cotton Kay Okmulgee Washita Craig Kingfisher Osage Woods Creek Kiowa Ottawa Woodward Custer Latimer Pawnee Delaware Le Flore Payne Dewey Lincoln Pittsburg Wyoming 97,548 235,000 DISTRICT NO. 11—DALLAS 386,116 7,337,000 Arizona (southeasten part) 23,412 120,000 Counties of— Cochise Greenlee Pi ma Santa Cruz Graham Louisiana (northern partA 18,518 688,000 Parishes of— Bienville De Soto Madison Tensas Bossier East Carroll Morehouse Union Caddo Franklin Natchitoches Webster Caldwell Grant Ouachita West Carroll Catahoula Jackson Red River Winn Claiborne La Salle Richland Concordia Lincoln Sabine New Mexico (southernpart) 74,144 191,000 Counties of— Catron Eddy Lincoln Sierra Chaves Grant Luna Socorro Curry Guadalupe Otero Torrance De Baca Hidalgo Quay Dona Ana Lea Roosevelt Oklahoma (southeastern nart) 7,644 166,000 Counties of— Atoka Choctaw Johnston Marshall Bryan Coal McCurtain Pushmataha Texas 262,398 6,172,000 DISTRICT NO. 12—SANFRANCISCO 683,852 10,244,000 Arizona (northwestern nart^ .. . 90,398 292,000 Counties of— Apache Maricopa Navajo Yavapai Coconino Mohave Pinal Yuma Gila California 155,652 6,154,000 Idaho 83,354 493,'000 Nevada 109,821 101 000 Oregon 95,607 1,027]000 Utah 82,184 519,000 Washington 66,836 1,658,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 ANNUAL REPORT OF BOARD OF GOVERNORS FEDERAL RESERVE BRANCH TERRITORIES (December 31, 1937) BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows: Monroe Orleans Allegany Wyoming Chautauqua Genesee Erie Catiaraugus Livingston Niagara CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal Reserve district No. 4, and the following 25 counties in southern Ohio: Adams Clermont Greene Meigs Ross Athens Clinton Hamilton Miami Scioto Brown Darke Highland Montgomery Vinton Butler Fayette Jackson Pike Warren Clark Gallia Lawrence Preble Washington PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia included in Federal Reserve district No. 4. BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of West Virginia: Barbour Grant Lewis Pendleton Taylor Berkeley Hampshire Marion Pleasants Tucker Braxton Hardy Mineral Preston Upshur Calhoun Harrison Monongalia Randolph Webster Doddridge Jackson Morgan Ritchie Wirt Gilmer Jefferson Nicholas Roane Wood CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and South Carolina: NORTH CAROLINA Alexander Caldwell Haywood McDowell Swain Alleghany Catawba Henderson Mecklenburg Transylvania Ashe Cherokee Iredell Mitchell Union Avery Clay Jackson Polk Watauga Buncombe Cleveland Lincoln Rowan Wilkes Burke Gaston Macon Rutherford Yancey Cabarrus Graham Madison Stanly SOUTH CAROLINA Abbeville Edgefield Lancaster Newberry Saluda Aiken Fairlield Laurens Oconee Spartanburg Anderson Greenville Lexington Pickens Union Cherokee Greenwood McCormick Richland York Chester BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile, Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the Western Railway of Alabama. JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida. NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal Reserve district No. 6 with the exception of the city of Chattanooga. NEW ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi located in Federal Reserve district No. 6, and the counties of Mobile and Baldwin in Alabama. DETROIT BRANCH (District No. 7).—The following 19 counties in the State of Michigan: Bay Ingham Livingston Saginaw Tuscola Genesee Jackson Macoinb Sanilac Washtenaw Hillsdale Lapeer Monroe St. Clair Wayne Huron Lenawee Oakland Shiawassee LITTLE ROCK BRANCH* (District No. 8).—The State of Arkansas except the following counties: Baxter Craighead Greene Mississippi Sebastian 2 Benton x Crawford Lawrence Phillips Sharp Boone Crittenden Lee Poinsett Washington Carroll Cross Madison Randolph Woodruff Clay Fulton Marion St. Francis and except also the towns of DeValIs Bluff (Prairie County), Mena (Polk County), and Newj (Jackson County). 1 Town of Gentry assigned to Little Rock Branch. 2 Town of Mansfield assigned to Little Rock Branch. LOUISVILLE BRANCH * (District No. 8).—That part of the State of Kentucky included in Federal Reserve District No. 8, with the exception of the town of Morganfield (Union County), and the following 14 counties in the State of Indiana: Clark Floyd Jefferson Orange Switzerland Crawford Harrison Lawrence Perry Washington Dubois1 Jackson Martin 2 Scott 1 Except the towns of Ferdinand and Holland. 2 Except the town of Loogootee. * Effective March 1, 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM 291 MEMPHIS BRANCH * (District No. 8).—Those parts of the States of Mississippi and Tennessee included in Federal Reserve District No. 8, with the exception of Union City (Obion County) Tennessee and Paris (Henry County) Tennessee, and the following 10 counties in the State of Arkansas: Craighead Cross Lee Phillips St. Francis Crittenden Lawrence Mississippi Poinsett Woodruff also the town of DeValls Bluff (Prairie County), Arkansas. HELENA BRANCH (District No. 9).—The entire State of Montana. DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New Mexico included in Federal Reserve District No. 10. OKLAHOMA CITY BRANCH (District No. 10).—That part of the State of Oklahoma located in Federal Reserve District No. 10. OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming. EL PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in Federal Reserve District No. 11, and the following 14 counties in the State of Texas: Andrews Ector Jeff Davis Midland Ward Crane El Paso Loving Pecos Winkler Culberson Hudspeth Martin Reeves HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeastern part of the State of Texas: Anderson Colorado Jackson Montgomery Shelby Angelina Fayette Jasper Nacogdoches Trinity Austin Fort Bend Jefferson Newton Tyler Bastrop Galveston Lavaca Orange Victoria Brazoria Grimes Lee Polk Walker Brazos Hardin Liberty Sabine Waller Burleson Harris Madison San Augustine Washington Chambers Houston Matagorda San Jacinto Wharton Cherokee SAN ANTONIO BRANCH (District No. 11).—The following 54 counties in the State of Texas: Aransas Comal Hidaallggoo Llano Starr Atascosa De Witt Jim Hoogggg Live Oak Terrell B Be a e ndera D D i u m va m l it J K im ar n W es eellllss M M a av so e n rick U Tr v a a v l i d s e Bexar Edwards Kendall McMullen Val Verde Blanco Frio Kenedy Medina Webb Brewster Gillespie Kerr Nueces Willacy Brooks Goliad Kimble Presidio Wilson Caldwell Gonzales Kinney Real Zapata Calhoun Guadalupe Kleberg Refugio Zavalla Cameron Hays La Salle San Patricio Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal Reserve District No. 12, and the following counties in California: Imperial Los Angeles Riverside San Diego Ventura Inyo Orange San Bernardino Santa Barbara PORTLAND BRANCH (District No. 12).—The entire State of Oregon, and the town of Ilwaco and the following five counties in the State of Washington: Clark Cowlitz Klickitat Skamania Wahkiakum SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in Idaho and Nevada: IDAHO Ada Bonneville Custer Jerome Payette Adams Butte Elmore Lemhi Power Bannock Camas Franklin Lincoln Teton Bear Lake Canyon Fremont Madison Twin Falls Bingham Caribou Gem Minidoka Valley Blaine Cassia Gooding Oneida Washington Boise Clark Jefferson Owyhee NEVADA Clark Elko Lincoln White Pine SEATTLE BRANCH (District No. 12).—The entire State of Washington except the city of Spokane, which is affiliated with the Spokane Branch, and the town of Ilwaco and the following five counties which arc affiliated with the Portland Branch: Clark Cowlitz Klickitat Skamania Wahkiakum Also, the following counties in the State of Idaho: Benewah Boundary Idaho Latah Nez Perce Bonner Clearwater Kootenai Lewis Shoshone SPOKANE BRANCH (District No. 12).—The city of Spokane. * Effective March 1, 1938. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DO CtoD FEDERAL RESERVE DISTRICTS 1 / *! /& O w o > o o V*VJ • wmmm BOUNDARIES OF FEDERAL RESERVE PISTRICTS .««• BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT} 0 FEDERAL RESERVE SANK OTIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX Acceptances: Bankers': Pase Outstanding 156 Buying rates 98 Chart 7 Discount rates, open market: By months 99 By weeks 100 Member bank holdings: All banks on call dates: 1928-1937 116 Dec. 31, 1937 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reserve city member banks: Call dates, 1928-1937 122 (See also Open market paper.) Anthracite. (See Coal.) Argentina : Foreign exchange rates 83 Gold movements to and from U. S 82 Redemption of dollar bonds 16, 17 Assets and liabilities. (See Condition statements.) Australia: Gold movements to and from U. S 82 Automobiles: Factory employment index 184 Factory payrolls index 182 Production index 180 Bank credit. (See Credit, Bank.) Bank debits. (See Debits to individual accounts.) Bank examinations 35 Bank failures. (See Banks: Suspensions.) Bank for International Settlements: Credit agreements with Federal Reserve banks 35 Bankers' acceptances. (See Acceptances.) Bankers' balances: Foreign central bank and private balances in U. S.: Chart 17 Discussion of 17 18 5 Member bank holdings: All banks on call dates: 1917-1937 112 1928-1937 117 Dec. 31, 1936 and 1937, by districts 115 Central Reserve city member banks: Call dates, 1928-1937: Chicago 121 New York City 119 Charts 13, 15 Country member banks: Call dates, 1928-1937 125 Reporting banks: All banks combined 143 New York City 147 Outside New York City 151 Reserve city member banks: Call dates, 1928-1937 123 Digitized for FRASER 293 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 INDEX Banking and financial legislation: Pa§e Federal Reserve notes, direct obligations of U. S. as collateral until June 30, 1939 30 Larceny and burglary included as crimes against member banks 30 Banking developments, Discussion of 11-15 Banking funds: Movement to United States from abroad 16, 17, 84 Banking structure: Note on publication of statistics relating to 23 Banks: Branches: Number of: 1933-1937 158 Dec. 31, 1936 and 1937, by States 160 1937, analysis of changes in 159 Loans to, by member banks: All banks on call dates: 1928-1937 116 Dec. 31, 1937 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reporting banks: All banks combined 142 New York City 146 Outside New York City 150 Reserve city member banks: Call dates, 1928-1937 122 Number of: 1915-1937 106 1933-1937 158 1937, analysis of changes in 21, 159 Group banks, Dec. 31, 1937 162 Reconstruction Finance Corporation investment in 23 Suspensions: 1921-1937 164 1937, by districts and States 165 Discussion of 23 (See also Commercial banks; Federal Reserve banks; Member banks; Nonmember banks; State banks; State member banks.) Belgium: Foreign exchange rates 83 Gold movements to and from U. S 82 National Bank of: Reserves, notes, and deposits 19 Bills: Bought in open market by Federal Reserve banks: All banks combined: 1917-1937 47 Dec. 31, 1937 50 Annual averages 42 End of month figures 44, 52 Monthly averages 43 Wednesday figures 45 Each bank, end of year figures 54 Earnings on: All banks combined 76 Each bank 72 Volume of operations: All banks combined 63 Branches 66 Each bank 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 295 Bills—Continued. Pa§e Discounted by Federal Reserve banks: All banks combined: 1917-1937 47 Dec. 31, 1937, in detail 50 Annual averages 42 End of month figures 44, 52 Monthly averages 43 Wednesday figures 45 Each bank, end of year figures 54 Earnings on: All banks combined 76 Each bank 72 Holdings, by classes: Each bank, end of year figures 58 Volume of operations: All banks combined 63 Branches 66 Each bank 64 Federal Reserve bank holdings: Maturity distribution 59 Payable by member banks. (See Borrowings.) Bituminous coal. (See Coal.) Board of Governors of Federal Reserve System: Broderick, Joseph A., resignation 39 Building assessment on Federal Reserve banks , 73 Expenses 39, 73, 235-236 Members and officers 229 Policy actions:5 Direct obligations of U. S. as collateral for Federal Reserve notes. . . . 194 Discount rates 203 Gold desterilization 205 Insurance business by State member banks 193 Regulation A, discounts and advances 206 Regulation D, reserve requirements 195 Regulation F, trust powers of national banks 209 Regulation K, foreign banking corporations 202 Regulation M, foreign branches of national banks and corporations . 203 Regulation Q, interest on deposits 194, 198 Regulation T, margin requirements for brokers 199, 200, 207, 209 Regulation U, margin requirements for banks 201, 207 Receipts and disbursements 235-236 Removal of officers and directors of member banks 34 Salaries of officers and employees 230-234 Statement of objectives of monetary policy 221-223 Bolivia: Gold movements to and from U. S 82 Bonds: New issues. (See Capital issues.) Prices 171 United States Government. (See United States Government securities.) Yields: Charts 7 Monthly and yearly figures 172 Borrowings: Member banks: All banks on call dates: 1917-1937 112 1928-1937 117 Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937, classification, by classes of banks 110, 111 Central reserve city member banks: Call dates, 1928-1937: Chicago 121 New York 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 INDEX Borrowings—Continued. Member banks—Continued. Pase Country member banks: Call dates, 1928-1937 125 Reporting banks: All banks combined 145 New York City 149 Outside New York City 153 Reserve city member banks: Call dates, 1928-1937 123 Branch banks: Foreign 38, 203 Group bank branches, Dec. 31, 1937 162 Number of: 1933-1937 158 Dec. 31, 1936 and 1937, by States 160 1937, analysis of changes in •. 21, 159 Brazil: Foreign exchange rates 83 British Guiana: Gold movements to and from U. S. 82 British India. (See India, British.) Broderick, Joseph A., resignation as member of Board of Governors 39 Brokers and dealers in securities: Loans to, by member banks: All banks on call dates: 1928-1937 116 Dec. 31, 1937 110 Central reserve city member banks: * Call dates, 1928-1937: Chicago 120 New York City 118 Chart of 13 Country member banks: Call dates, 1928-1937 124 Reporting banks: All banks combined 142 New York City 146 Outside New York City 150 Reserve city member banks: Call dates, 1928-1937 122 Margin account, Debit balances in. (See Brokers' balances.) Brokers' balances: Monthly, figures 154 Movement to U. S. from abroad 84 Semi-annual figures, in detail 155 Building contracts. (See Construction contracts.) Building materials: Wholesale price indexes 188, 189 Business and credit conditions: Discussion of 1,8, 10 Canada: Foreign exchange rates 83 Gold movements to and from U. S 82 Capital: Federal Reserve banks: All banks combined: Dec. 31, 1937 51 End of month figures 53 Each bank, end of year figures 54 Member banks: All banks on call dates: Dec. 31, 1937, by classes of banks 109 State bank and trust company members, Dec. 31, 1937, by individual banks 242-259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 297 Capital account: Member banks: All banks on call dates: Pase 1917-1937 112 Dec. 31, 1936 and 1937, by districts . . .' 115 Reporting banks: All banks combined , 145 New York City 149 Outside New York City : 153 Capital issues: Statistics 169 Capital movement to United States: Discussion of 16-19 Statistics 84 Capital stock: Member banks: Classification of stock, by classes of banks, Dec. 31, 1937 Ill State member banks, Dec. 31, 1937, by size 261 Car loadings, Freight. {See Freight-car loadings.) Cash: Member bank holdings: All banks on call dates: 1917-1937 112 1928-1937 117 Dec. 31, 1936 and 1937, by districts 115 Central reserve city member banks: Call dates, 1928-1937: Chicago 121 New York City 119 Country member banks: Call dates, 1928-1937 125 Reporting banks: All banks combined . 143 New York City 148 Outside New York City 151 Reserve city member banks: Call dates, 1928-1937 123 Cement: Wholesale price index 189 Central America: Gold movements to and from U. S 82 Central banks. {See Foreign banks: Central banks; also under name of country, e.g. France: Bank of.) Central reserve city member banks: Assets and liabilities, Dec. 31, 1937: Chicago 108 New York City _ 108 Classification of loans, investments, borrowings, and capital stock, Dec. 31, 1937 : 110 Deposits: Chicago : Monthly figures 134 New York: Monthly figures 134 Loans, investments, reserves, deposits, and borrowings, call dates, 1928-1937: Chicago 120 New York City 118 Reserves: Chicago: Monthly figures 129, 134 Weekly figures 127 New York City: Monthly figures 128, 134 Weekly figures 126 Charts: Foreign central bank and private balances in the U. S 17 Member banks in Reserve cities 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 INDEX Charts—Continued. Page Member banks outside Reserve cities 15 Money rates and bond yields 7 Reporting member banks 13 Total bank deposits and currency . 3 Check clearing and collection: Interdistrict settlement fund 68 Par list, number of banks on 29, 70 Volume of operations at Federal Reserve banks: All banks combined 63 Branches 66 Each bank 64 Chemicals: Factory employment index 184 Factory payrolls index 182 Wholesale price indexes 188, 189 Chile: Foreign exchange rates 83 Gold movements to and from U. S 82 China: Foreign exchange rates 83 Gold movements to and from U. S 82 Cigars and cigarettes. (See Tobacco: Manufactures.) Closed banks. (See Banks: Suspensions.) Coal: Production indexes 181 Wholesale price indexes 189 Coin: Circulation 87, 88 Outstanding 89 Received and counted by Federal Reserve banks: All banks combined 63 Branches 66 Each bank 64 Colombia: Gold movements to and from U. S 82 Commercial banks: Branches 21 Number of 20 Commercial, industrial, and agricultural loans: Charts of 13, 15 Reporting member banks: All banks combined 143 New York City 146 Outside New York City 150 Commercial paper: Discount rates, open market: By months 99 By weeks 100 Member bank holdings: All banks on call dates: 1928-1937 116 Dec. 31, 1937 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reserve city member banks: Call dates, 1928-1937 122 Outstanding 156 (See also Open market paper.) Commodity prices. (See Prices.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 299 Condition statements: Federal Reserve banks: All banks combined: Pa§e Dec. 31, 1937, in detail 50 End of month figures, in detail 52 Each bank, end of year figures 54 Member banks: All banks on call dates: 1917-1937 112 1928-1937 116 Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937, by classes of banks 108 Dec. 31, 1937, classification of loans, investments, borrowings and capital stock 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reporting banks: All banks combined 142 New York City 146 Outside New York City 150 Reserve city member banks: Call dates, 1928-1937 122 Construction contracts awarded, Value of: Indexes 173 Corporate trusteeship: Federal Advisory Council recommendations, May 18, 1937, on S. 2344 ... 227 Corporations: Bond prices. (See Bonds: Prices.) Bond yields. (See Bonds: Yields.) Foreign banking. (See Foreign banking corporations.) New issues. (See Capital issues.) Corporations and credit agencies, Governmental. (See Governmental corporations and credit agencies.) Cotton. (See Textiles.) Country member banks: Assets and liabilities: Dec. 31, 1937 108 Classification of loans, investments, borrowings, and capital stock, Dec. 31, 1937 110 Deposits: Larger and smaller centers 135 Monthly figures 134 Loans, investments, reserves, deposits, and borrowings, call dates, 1923-1937 124 Reserves: Monthly figures 130, 131, 134 Weekly figures 127 Credit agencies, Governmental. (See Governmental corporations and credit agencies.) Credit, Bank: Federal Reserve: Annual averages 42 Call dates, 1917-1937 47 End of month figures 44 Monthly averages 43 Wednesday figures 45 Crimes against member banks: Larceny and burglary included 30 Currency: Circulation. (See Money in circulation.) Received and counted by Federal Reserve banks: All banks combined 63 Branches 66 Each bank ,,,,,,, 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
300 INDEX Page Customers' debit balances of Stock Exchange firms. {See Brokers' balances.) Debits to individual accounts 157 Debt, U. S. Government. {See Treasury finance: Public debt.) Denmark: Foreign exchange rates 83 Department store sales (value) index 173 Deposits: All banks in United States: Call dates, 1915-1937 . . 106 Chart 3 Discussion of 3 Federal Reserve banks: All banks combined: Dec. 31, 1937, in detail 51 End of month figures, in detail 53 Monthly figures 49 Each bank, end of year figures 54 Foreign central bank and private balances in U. S 17, 18 Group banks, Dec. 31, 1937 162 Interest on. {See Interest on deposits; Interest rates.) Member banks: All banks on call dates: 1917-1937 . . . 112 1928-1937 117 Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937, by classes of banks 109 Central reserve city member banks: Call dates, 1928-1937: Chicago 121 New York City 119 Classes of banks 134 Country member banks: Call dates, 1928-1937 125 Larger and smaller centers 135 Reporting banks: All banks combined 144 New York City 148 Outside New York City . 152 Reserve city member banks: Call dates, 1928-1937 123 State bank and trust company members, Dec. 31, 1937, by individual banks 242-259 State member banks: Dec. 31, 1937, by size of capital stock 262 Dec. 31, 1937, by size of total deposits 264 Nonmember deposits in Federal Reserve banks: Annual averages 42 Call dates, 1917-1937 47 End of month figures 44 Monthly averages 43 Wednesday figures : 45 Postal Savings System. {See Postal Savings deposits.) Reserves required against. {See Reserve requirements.) Savings: Payment of interest on. {See Interest on deposits.) Suspended banks: 1921-1937 164 1937, by districts and States 165 Discussion of 23 Discount rates: Federal Reserve banks: By districts 95 Reduction in: Discussion of 9 Policy action of Board of Governors 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 301 Discount rates—Continued. Page Foreign central banks 102 Foreign countries, open market discount rates 103 Discounts and advances: Federal Reserve banks for member banks: Regulation A, revised: Policy action of Board of Governors on 206 Summary of changes 30 Dividends: Federal Reserve banks 74 Member banks 141 Drugs: Wholesale price index 188, 189 Durable goods: Factory employment index 184 Factory payrolls index 182 Dutch East Indies: Gold movements to and from U. S 82 Earmarked gold. (See Gold: Earmarked.) Earnings and expenses: Federal Reserve banks: All banks combined 74 Discussion of 24-20 Each bank 72 Sources of earnings 76 Member banks 140 Ecuador: Gold movements to and from U. S 82 Edge Act corporations 35 Egypt: Gold movements to and from U. S 82 Employment, Factory: Indexes: By groups * 184 Total 173 England. (See United Kingdom.) Examinations. (See Bank examinations.) Expenses: Board of Governors of Federal Reserve System 235-236 Federal Reserve banks 72, 74 Member banks 140 Factory employment. (See Employment, Factory.) Failures, Bank. (See Banks: Suspensions.) Farm products: Wholesale price indexes 188, 189 Federal Advisory Council: Meetings 39 Members of 227 Recommendations to Board of Governors: May 18, 1937. S. 2344, Corporate trusteeships 227 Dec. 14, 1937. Reserve requirements 228 Federal Open Market Committee: Meetings . .. 38, 211-220 Operations, Discussion of 6 Policy actions: Authority to increase or decrease System account. . 213, 214, 216, 217, 219 Authority to replace maturing securities and to make shifts of securities in System open market account 212, 213, 215, 216, 217, 219, 220 Emergency purchases of Government securities by Federal Reserve banks 211 Exchange directly with Treasury Department of maturing Government securities held in System open market account for new securities. . . 211 Recommendation that Treasury be requested to desterilize $300,000,000 of gold 217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
302 INDEX Federal Reserve agents: Page Federal Reserve note account 77 Gold certificate fund, summary of transactions 69 List of 237-240 Federal Reserve bank notes: Circulation 87 Outstanding 89 Federal Reserve banks: Assessment for: Building for Board of Governors 73 Expenses of Board of Governors 73 Bank premises, cost of, book value of, etc 71 Branches: Directors, list of 237-240 > Volume of operations 66 Building operations 28 Chairmen, list of 237-240 Directors, list of 237-240 Dividends paid: All banks combined 74 Each bank 73 Earnings and expenses: All banks combined 74 Discussion of 24-26 Each bank 72 Sources of earnings 76 Employees, number and salaries 26, 72, 241 Officers and employees: Number and salaries 26, 72, 241 Presidents, list of 237-240 Profit and loss account 73 Retirement system contributions 72 Salaries of officers and employees 26, 72, 241 Volume of operations: All banks combined 27, 63 Each bank 64 Federal Reserve branch banks. (See Federal Reserve banks: Branches.) Federal Reserve building: Note on new building in Washington 29 Official opening, address by President of the United States 224 Federal Reserve districts: Area, square miles 284-289 Branch territories: Changes in 27 Counties comprising 290-291 Map showing outline 292 Population 284-289 Federal Reserve notes: Agents' accounts 77 Circulation: Actual: All banks combined, monthly figures 49 Each bank, end of year figures 54 Outside Treasury and Federal Reserve banks: End of month and yearly figures 87 End of month figures 77 Collateral security: Direct obligation of U. S. may be used as, until June 30, 1939 30 Each bank, end of year figures 54 End of month figures 77 Policy action of Board of Governors on direct obligations of U. S. as collateral 194 Gold certificate fund, summary of transactions 69 Issued: Each bank, end of year figures 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 303 Federal Reserve notes—Continued. Pase Redemption fund: All banks combined: Dec. 31, 1937 50 End of month figures 52 Each bank, end of year figures 54 Federal Reserve System: Membership changes 21 Fiduciary powers of national banks. (See Trust powers of national banks.) Financial conditions. (See Business and credit conditions.) Financial legislation. (See Banking and financial legislation.) Food and food products: Factory employment index 184 Factory payrolls index 182 Wholesale price indexes 188, 189 Foreign banking corporations: List of 38 Regulation K, amended: Policy action of Board of Governors on . 202 Summary of changes in reserve requirements 31 Regulation M, new regulation: Policy action of Board of Governors on 203 Summary of rules for suspensions 32 Foreign banks: Central banks: Credits to, by Federal Reserve banks 35 Discount rates 102 (See also France, Bank of; etc.) Commercial bank reserves 20 Deposits of, held by Federal Reserve banks: All banks combined: Dec. 31, 1937 51 End of month figures 53 Monthly figures 49 Each bank, end of year figures 54 Deposits of, held by member banks: All banks on call dates: 1917-1937 112 1928-1937 117 Dec. 31, 1936 and 1937, by districts 115 Central reserve city member banks: Call dates, 1928-1937: Chicago 121 New York City 119 Country member banks: Call dates, 1928-1937 125 Reporting member banks: All banks combined 144 New York City 148 Outside New York City 152 Reserve city member banks: Call dates, 1928-1937 123 Foreign exchange rates 83 France: Bank of: Discount rates 102 Foreign exchange rates 83 Gold movements to and from U. S 82 Money rates, open market 103 Franchise tax paid by Federal Reserve banks to Government, 1917-1932 74 Freight-car loadings: Indexes 173 Fuel and lighting materials: Wholesale price indexes 188, 189 Germany : Foreign exchange rates 83 Gold movements to and from U. S. 82 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
304 INDEX Germany—Continued. * Pase Money rates, open market 103 Reichsbank: Discount rates 102 Gold: Earmarked : Held by Federal Reserve banks for foreign account. 81 Net release from earmark 81 Imports and exports: Discussion of 16-19 United States: Gross 82 Net 82 Policy of U. S. (See Treasury gold policy.) Production: United States 81 Stock, monetary in U. S.: Analysis of changes in 81 Annual averages 42 Call dates, 1917-1937 47 End of month figures 44 Monthly averages 43 Wednesday figures 45 Gold certificate fund: Summary of transactions 69 Gold certificates: Circulation 87 Federal Reserve bank holdings: All banks combined: Dec. 31, 1937 50 End of month figures 52 Each bank, end of year figures 54 Government bonds. (See United States Government securities.) Government debt. (See Treasury finance: Public debt.) Governmental corporations and credit agencies: Holdings of U. S. Government obligations 12 Grain: Wholesale price index 189 Great Britain. (See United Kingdom.) Group banking in the United States: Survey as of Dec. 31, 1937 162 Holding company affiliates, permits granted 37 Hong Kong: Gold movements to and from U. S 82 Housefurnishing goods: Wholesale price indexes 188, 189 Hungary : National Bank of: Syndicate Credits renewed 35 India, British: Foreign exchange rates 83 Gold movements to and from U. S 82 Industrial advances of Federal Reserve banks: All banks combined: Dec. 31, 1937 50 End of month figures 52 Commitments: All banks combined: End of month figures 53 Each bank, end of year figures 54 Discussion of 28 Each bank, end of year figures 54 Earnings on: By sources 76 Each bank 72 Maturity distribution 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 305 Industrial advances of Federal Reserve banks—Continued. Page Number and amounts: Business and industry classification 62 Each bank 61 Size of loans 61 Rates 96 Volume of operations: All banks combined 63 Branches 66 Each bank 64 Industrial bond prices. (See Bonds: Prices.) Industrial bond yields. (See Bonds: Yields.) Industrial loans. (See Commercial, industrial and agricultural loans; Industrial advances of Federal Reserve banks.) Industrial production. (See Production, Industrial.) Industrial stock prices. (See Stocks: Prices.) Insurance business: Policy action of Board of Governors canceling prohibition against State member banks conduct of 193 Insurance companies: Holdings of U. S. Government obligations 12 Interdistrict settlement fund: Summary of transactions 68 Interest on deposits: Regulation Q, revised: Policy action of Board of Governors on 194, 198 Summary of changes 32 Interest rates: Charged customers by banks > 101 Open market in New York City: By months 99 By weeks 100 Time deposits 98 U. S. Government securities held by Federal Reserve banks 60 (See also Discount rates.) International capital transactions of United States: Statistics 84 Investments: All banks in U. S.: Call dates, 1917-1937 107 Member banks: All banks on call dates: 1917-1937 112 1928-1937 116 Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937, classification, by classes of banks 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reporting banks: All banks combined 143 New York City 147 Outside New York City 151 Reserve city member banks: Call dates, 1928-1937 122 State bank and trust company members, Dec. 31, 1937, by individual banks 242-259 (See also Loans and investments.) Iron and steel: Factory employment index 184 Factory payrolls index 182 Production index 180 Wholesale price index 189 Iron-ore shipments 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 INDEX Italy: Bank of: Page Discount rates 102 Foreign exchange rates 83 Gold movements to and from U. S 82 Money rates, open market 103 Japan: Bank of: Discount rates 102 Foreign exchange rates 83 Gold movements to and from U. S 82 Money rates, open market 103 Lead: Production index 181 Leather and leather products: Factory employment index 184 Factory payrolls index 182 Production index 180 Wholesale price indexes 188, 189 Liabilities. (See Condition statements.) Livestock: Wholesale price index 189 Loans: Agricultural. (See Commercial, industrial, and agricultural loans.) Brokers'. (See Brokers and dealers in securities: Loans to.) Commercial. (See Commercial, industrial, and agricultural loans.) Industrial. (See Commercial, industrial, and agricultural loans; Industrial advances of Federal Reserve banks.) Real estate. (See Real estate loans.) Security. (See Securities: Loans on.) Total for member banks: All banks on call dates: 1917-1937 112 1928-1937 116 Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937, classification, by classes of banks 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reporting banks: All banks combined 142 New York City 146 Outside New York City 150 Reserve city member banks: Call dates, 1928-1937 122 State bank and trust company members, Dec. 31, 1937, by individual banks 242-259 Loans and investments: All banks in U. S.: Call dates, 1917-1937 107 Group banks, Dec. 31, 1937 162 Member banks: All banks on call dates: 1917-1937 112 1928-1937 116 Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937, by classes of banks 108 Dec. 31, 1937, classification, by classes of banks 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Charts 13, 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 307 Loans and investments—Continued. Member banks—Continued. Country member banks: page Call dates, 1928-1937 124 Discussion of 12, 14 Reporting banks: All banks combined 142 New York City 146 Outside New York City 150 Reserve city member banks: Call dates, 1928-1937 122 Lumber and lumber products: Factory employment index 184 Factory payrolls index 182 Wholesale price index 189 Machinery: Factory employment index 184 Factory payrolls index 182 Manufactures: Factory employment index 184 Factory payrolls index 182 Production index 173, 180 Margin account statistics: Monthly figures 154 Semi-annual figures, in detail 155 Margin requirements: Banks. Regulation U: Policy actions of Board of Governors on 201, 207 Reduction of requirements, Discussion of 10 Summary of amendments 34 Brokers and dealers in securities. Regulation T: Policy actions of Board of Governors on 199, 200, 207, 209 Reduction in requirements, Discussion of 10 Summary of amendments 33 Maturities: Bills held by Federal Reserve banks. (See Bills: Federal Reserve bank holdings.) United States Government securities held by Reserve banks. (See United States Government securities: Federal Reserve bank holdings.) Meat packing production index 180 Member banks: Bills discounted for. (See Bills: Discounted by Federal Reserve banks.) Borrowings at Federal Reserve banks. (See Borrowings.) Branches, Foreign 38 Condition of. (See Condition statements.) Deposits. (See Deposits.) Earnings and expenses 140 Loans and investments. (See Loans and investments.) National banks. (See National banks.) Number of: Analysis of changes in 1937 21 Call dates, 1917-1937 106, 112 Dec. 31, 1936 and 1937, by districts 115 Officers and directors, Removal of 34 Reserves. (See Reserves.) State banks. (See State member banks.) Suspensions. (See Banks: Suspensions.) Metals and metal products: Wholesale price indexes 188, 189 Mexico: Foreign exchange rates 83 Gold movements to and from U. S 82 Minerals: Production index: By industries 181 Total 173 Monetary gold stock. (See Gold: Stock, monetary.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 INDEX Monetary legislation. (See Banking and financial legislation.) Page Monetary policy, Objectives of 221-223 Money in circulation: Coin 88 Kinds of: End of month figures 87 Paper currency 88 Total: Annual averages 42 Call dates, 1917-1937 47 End of month figures 44 Monthly averages 43 Wednesday figures 45 Treasury currency outstanding 89 Money rates: Charged customers by banks 101 Chart 7 Open market: Foreign countries 103 New York City: By months 99 By weeks 100 Municipal bonds: Prices. (See Bonds: Prices.) Yields. (See Bonds: Yields.) Mutual savings banks: Branches, Dec. 31, 1936 and 1937, by States 161 Deposits on call dates 106 Loans and investments on call dates 107 Number of, on call dates 106 National bank notes: Circulation 87 Outstanding 89 National banks: Assets and liabilities: Dec. 31, 1937 108 Branches: Foreign. Regulation M, on suspensions of: Policy action of Board of Governors on 203 Summary of new regulation 32 Number of: 1933-1937 158 Dec. 31, 1936 and 1937 by States 160 ; 1937, analysis of changes in 21, 159 Classification of loans, investments, borrowings and capital stock, Dec. 31, 1937 110 Deposits: Call dates 106 Suspended banks: 1921-1937 164 1937, by districts and States 165 Number of: 1915-1937 106 1933-1937 158 1937, analysis of changes in 21, 159 Suspensions: 1921-1937 164 1937, by districts and States 165 Discussion of 23 Trust powers. (See Trust powers of national banks.) Netherlands: Bank of: Discount rates 102 Reserves, notes, and deposits 19 Foreign exchange rates 83 Gold movements to and from U. S 82 Money rates, open market 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 309 New Zealand: Pase Gold movements to and from U. S 82 Newfoundland: Gold movements to and from U. S 82 Nondurable goods: Factory employment index 184 Factory payrolls index 182 Nonferrous metals: Factory employment index 184 Factory payrolls index 182 Wholesale price index 189 Nonmember banks: Branches: Number of: Dec. 31, 1936 and 1937, by States 160 Deposits: Call dates, 1915-1937 106 Suspended banks: 1921-1937 164 1937, by districts and States 165 Deposits of, held by Federal Reserve banks: Annual averages 42 Call dates, 1917-1937 47 End of month figures 44 Monthly averages 43 Wednesday figures 45 Insured: Branches: 1933-1937 . 158 1937, analysis of changes in 21, 159 Deposits: Suspended banks: 1937, by districts and States 165 Number of: 1933-1937 158 1937, analysis of changes in 21, 159 Suspensions: Discussion of 23 1937, by districts and States 165 Loans and investments: Call dates 107 Number of, on call dates 106 Suspensions: 1921-1937 164 1937, by districts and States 165 Uninsured: Branches: 1933-1937 158 1937, analysis of changes in 21, 159 Deposits: Suspended banks: 1937, by districts and States 165 Number of: 1933-1937 158 1937, analysis of changes in 21, 159 Suspensions: Discussion of 23 1937, by districts and States 165 Norway: Foreign exchange rates 83 Gold movements to and from U. S 82 Number of banks. (See Banks: Number of.) Objectives of monetary policy 221-223 Open Market Committee. (See Federal Open Market Committee.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
310 INDEX Open-market operations: Pase Discussion of 6 Policy actions of Federal Open Market Committee in making shifts in account 211-220 Open-market paper: Reporting member banks: All banks combined 142 New York City 146 Outside New York City 150 Palestine: Gold movements to and from U. S 82 Paper and printing: Factory employment index 184 Factory payrolls index 182 Wholesale price index 189 Paper currency: Circulation 88 Shipments and receipts 90, 91 Par collection system: Membership in 29, 70 Payrolls, Factory: Index: By groups 182 Total 173 Peru: Gold movements to and from U. S 82 Petroleum and products: Factory employment index 184 Factory payrolls index 182 Production index 180, 181 Wholesale price index 189 Philippine Islands: Gold movements to and from U. S 82 Policy actions. (See Board of Governors of Federal Reserve System: Policy actions; Federal Open Market Committee: Policy actions.) Postal savings deposits: Interest rate on, paid by member banks 98 Member bank holdings: All banks on call dates: 1917-1937 112 1928-1937 117 Dec. 31, 1936 and 1937, by districts 115 Central reserve city member banks: Call dates, 1928-1937: Chicago 121 New York City 119 Country member banks: Call dates, 1928-1937 125 Reserve city member banks: Call dates, 1928-1937 123 Preferred stock. (See Stocks.) President of the United States: Address at official opening of Federal Reserve building 224 Prices: Wholesale commodity: Index: By groups 188 By subgroups . 189 Total 173 Private banks: Branches, Dec. 1936 and 1937, by States 161 Production, Industrial : Indexes 173 Production, Manufacturing : Indexes 173, 180 Public debt, U. S. Government. (See Treasury finance: Public debt.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 311 Public utilities: Page Bonds: Prices. (See Bonds: Prices.) Yields. (See Bonds: Yields.) Stock prices. (See Stocks: Prices.) Railroad repair shops: Factory employment index 184 Factory payrolls index 1$2 Railroads: Bonds: Prices. (See Bonds: Prices.) Yields, (See Bonds: Yields.) Stock prices. (See Stocks: Prices.) Real estate loans: Member banks: All banks on call dates: 1928-1937 116 Dec. 31, 1937, classification, by classes of banks 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reporting banks: All banks combined 142 New York City 146 Outside New York City 150 Reserve city member banks: Call dates, 1928-1937 122 Reconstruction Finance Corporation: Investments in banks 23 Redemption fund, Federal Reserve notes. (See Federal Reserve notes: Redemption fund.) Regulations of Board of Governors: Regulation A, discounts and advances: Policy action of Board on 206 Summary of changes 30 Regulation D, reserve requirements: Policy action of Board on 195 Summary of supplement 31 Regulation F, trust powers of national banks: Policy action of Board on 209 Summary of amendments 31 Regulation K, foreign banking corporations: Policy action of Board on 202 Summary of changes in reserve requirements 31 Regulation M, foreign branches of national banks and corporations: Policy action of Board on 203 Summary of new regulations regarding suspensions 32 Regulation Q, interest on deposits: Policy action of Board on 194, 198 Summary of revisions 32 Regulation T, margin requirements for brokers: Policy actions of Board on 199, 200, 207, 209 Summary of changes 33 Regulation IT, margin requirements for banks: Policy actions of Board on , 201, 207 Summary of amendments 34 Removal of bank officers and directors 34 Reserve bank credit. (See Credit, Bank.) Reserve city member banks: Assets and liabilities, Dec. 31, 1937 _ 108 Classification of loans, investments, borrowings, and capital stock, Dec. 31, 1937 110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
312 INDEX Reserve city member banks—Continued. Pa§e Deposits: Larger and smaller centers 135 Monthly figures 134 Loans, investments, reserves, deposits, and borrowings, call dates, 1928-1937 122 Reserves: Monthly figures 129, 131, 134 Weekly figures 127 Reserve percentages: Federal Reserve banks: Monthly figures 49 Reserve position of member banks: Monthly figures, by classes of banks 134 Reserve requirements: Federal Advisory Council recommendations, Dec. 14, 1937 228 Increase in: Discussion of 2-8 Regulation D: Policy action of Board of Governors on 195 Summary of supplement 31 Member banks 133 Reserves: Federal Reserve banks: All banks combined: Dec. 31, 1937 50 End of month figures 52 Monthly figures 49 Each bank, end of year figures 54 Ratio to liabilities: All banks combined, end of month figures 53 Each bank, end of year figures 54 Foreign commercial banks 20 Member banks: Account in Federal Reserve banks: All banks combined: Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937 50 Call dates, 1917-1937 112 End of month figures 52 Monthly figures 49 Each bank, end of year figures 54 Charts 13, 15 Deficiency penalties imposed by Federal Reserve banks 76 Discussion of " 2, 4, 5, 7, 9, 14, 15 Excess: Annual averages 42 Call dates, 1917-1937 47 Discussion of 2, 4, 5, 7, 9, 14 Monthly figures 43, 44, 128, 131, 134 Weekly figures 45, 126 Required: Monthly figures 128, 131, 134 Weekly figures 126 Total: All banks combined: Annual averages 42 Call dates 47, 117 Monthly figures 43, 44 Wednesday figures 45 Central reserve city member banks: Chicago : 121 New York City 119 Classes of banks: Monthly figures 128, 131, 134 Weekly figures 126 Country member banks 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 313 Reserves—Continued. Member banks—Continued. Total—Continued. Reporting banks: Page All banks combined 143 New York City 147 Outside New York City 151 Reserve city member banks 123 Rubber and rubber products: Factory employment index 184 Factory payrolls index 182 Production index 180 Wholesale price index 189 Salaries : Board of Governors, officers and employees 230-234 Federal Reserve banks 72, 241 Savings deposits: Interest rate on 98 Securities: Loans on, by member banks: All banks on call dates: 1928-1937 116 Dec. 31, 1937, classification, by classes of banks 110 Central reserve city member banks: Call dates, 1928-1937: Chicago 120 New York City 118 Country member banks: Call dates, 1928-1937 124 Reporting banks: All banks combined 142 New York City 146 Outside New York City 151 Reserve city member banks: Call dates, 1928-1937 122 New issues. (See Capital issues.) Prices: United States 171 Purchased by foreigners: Discussion of 16, 17, 18 Statistics 84 United States Government. (Sec United States Government securities.) Shipments and receipts of United States paper currency. (See Paper Currency: Shipments and receipts.) Silver: Circulation 87 Outstanding 89 Production index 181 Silver certificates: Circulation 87 Spain: Foreign exchange rates 83 Gold movements to and from U. S 82 Stability, Economic: Statement of Board of Governors on 221-223 Stabilization funds , 19, 20 State member banks: Assets and liabilities: Dec. 31, 1937 108 Branches: Number of: 1933-1937 158 Dec. 31, 1936 and 1937, by States 160 1937, analysis of changes in 21, 159 Capital stock, Dec. 31, 1937, by size 261 Classification of loans, investments, borrowings, and capital stock, Dec. 31, 1937 , . 110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
314 INDEX State member banks—Continued. Deposits: paee Dec. 31, 1937, by size of capital stock 262 Dec. 31, 1937, by size of total deposits 264 Call dates, 1915-1937 106 Suspended banks: 1921-1937 164 1937, by districts and States 165 Examinations of 35 Insurance business: Policy action of Board of Governors canceling prohibition against. . . . 193 List of, Dec. 31, 1937, with their loans investments, deposits, capital, and } surplus 242-259 Number of: 1915-1937 106 1933-1937 158 1937, analysis of changes in 21, 159 Dec. 31, 1937, by size of capital stock 260 Dec. 31, 1937, by size of total deposits 263 Suspensions: 1921-1937 164 1937, by districts and States 165 Discussion of 23 Steel. (See Iron and steel.) Stock exchange: Customers' debit ba]ances, etc., of firms carrying margin accounts: Monthly figures 154 Semi-annual figures, in detail 155 Discount rates on loans: By months 99 By weeks 100 Stocks: New issues. (See Capital issues.) Prices: United States 171 Stone and clay products: Factory employment index 184 Factory payrolls index 182 Surplus : Federal Reserve banks 73, 74 Member banks: Dec. *31, 1937, by classes of banks 109 State bank and trust company members, Dec. 31, 1937, by individual banks 242-259 Suspensions, Bank. (See Banks: Suspensions.) Sweden: Bank of: Discount rates 102 Reserves, notes, and deposits 19 Foreign exchange rates 83 Gold movements to and from U. S 82 Switzerland: Foreign exchange rates : 83 Gold movements to and from U. S 82 Money rates, open market 103 Swiss National Bank: Discount rates 102 Reserves, notes, and deposits 19 Textiles: Factory employment index 184 Factory payrolls index 182 Production index 180 Wholesale price indexes 188, 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 315 Tobacco: Manufactures: Pase Factory employment index 184 Factory payrolls index 182 Production index 180 Trade, Retail. (See Department store sales.) Transportation equipment: Factory employment index 184 Factory payrolls index 182 Treasury cash and deposits with Federal Reserve banks. (See United States Government deposits: Federal Reserve banks.) Treasury currency outstanding: Annual averages 42 Call dates, 1917-1937 47 Monthly figures 43, 44, 89 Wednesday figures 45 Treasury finance: Public debt : Holdings by types of investors . 12 Treasury gold policy: Board of Governors request for desterilization of gold 9, 205 Federal Open Market Committee recommendation on desterilization of gold 217 Treasury notes of 1890: Circulation 87 Trust company members of Federal Reserve System: List of State bank and trust company members, Dec. 31, 1937, with their loans, investments, deposits, capital and surplus 242-259 Trust powers of national banks: List of banks and powers authorized to exercise 265-284 Permits granted 37 Regulation F, amended: Policy action of Board of Governors on 209 Summary of changes 31 Trusteeships, Corporate: Federal Advisory Council recommendations, May 18, 1937 on S. 2344 227 Union of Soviet Socialist Republics: Gold movements to and from U. S 82 United Kingdom: Bank of England: Discount rates 102 Reserves, notes, deposits 19 Foreign exchange rates 83 Gold movements to and from U. S 82 Money rates, open market 103 United States Government credit agencies. (See Governmental corporations and credit agencies.) United States Government debt. (See Treasury finance: Public debt.) United States Government deposits: Federal Reserve banks: All banks combined: Dec. 31, 1937 51 Annual averages 42 Call dates, 1917-1937 47 Monthly figures 43, 44, 49, 53 Wednesday figures 45 Each bank, end of year figures 54 Member bank holdings: All banks on call dates: 1917-1937 112 1928-1937 117 Dec. 31, 1936 and 1937, by districts 115 Central reserve city member banks: Call dates, 1928-1937: Chicago 121 New York 119 Country member banks: Call dates, 1928-1937 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
316 INDEX United States Government deposits—Continued. Member bank holdings—Continued. Reporting banks: Page All banks combined 144 New York City 148 Outside New York City 152 Reserve city member banks: Call dates, 1928-1937 123 United States Government securities: Bonds: Issues held by Federal Reserve banks, selected dates 60 Prices 171 Yields 172 Chart 7 Collateral security for Federal Reserve notes: Legislation extending to June 30, 1939 30 Statistics 77 Federal Reserve bank holdings: All banks combined: Dec. 31, 1937 50 Annual averages 42 Call dates, 1917-1937 47 Monthly figures 43, 44, 52 Wednesday figures 45 Discussion of 12, 14 Each bank, end of year figures 54 . Earnings on: All banks combined 76 Each bank 72 Interest rate on issues held 60 Issues held, selected dates 60 Maturity distribution 59 Holdings by types of investors 12 Member bank holdings: All banks on call dates: 1917-1937 112 1928-1937 116 Dec. 31, 1936 and 1937, by districts 115 Dec. 31, 1937, classification, by classes of banks 110 Central reserve city member banks: Chicago ". 120 New York City 118 Charts 13, 15 Country member banks: Call dates, 1928-1937 124 Discussion of 11, 12, 14 Reporting banks: All banks combined 143 New York City 147 Outside New York City 151 Reserve city member banks: Call dates, 1928-1937 122 Policy action of Board of Governors on direct obligations of U. S. as collateral for Federal Reserve notes 194 Policy actions of Federal Open Market Committee on 211-220 Treasury bills: Discount rates on: By months 99 By weeks 100 Issues held by Federal Reserve banks; selected dates 60 Treasury notes: Issues held by Federal Reserve banks, selected dates 60 Yields: By months 99 By weeks 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX 317 United States Government Securities—Continued. Volume handled by Federal Reserve banks: Pase All banks combined 63 Branches 66 Each bank 64 United States notes: Circulation 87 Outstanding 89 United States Treasurer: General Account on deposit in Federal Reserve banks. (See United States Government deposits: Federal Reserve banks.) Uruguay: Gold movements to and from U. S 82 Venezuela: Gold movements to and from U. S 82 West Indies: Gold movements to and from U. S 82 Wholesale commodity prices. (See Prices: Wholesale commodity.) Woolen and worsted. (See Textiles.) Yugoslavia: Gold movements to and from U. S 82 Zinc: Production index 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1936, December 31). Annual Report of the Federal Reserve Board, 1937. Annual Reports, Federal Reserve. https://whenthefedspeaks.com/doc/annual_report_1937
@misc{wtfs_annual_report_1937,
author = {Federal Reserve},
title = {Annual Report of the Federal Reserve Board, 1937},
year = {1936},
month = {Dec},
howpublished = {Annual Reports, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/annual_report_1937},
note = {Retrieved via When the Fed Speaks corpus}
}