Federal Reserve Bulletin, 1937-01

FKDERAL RESERVE BULLETIN JANUARY 1937 Gold Movements and Excess Reserves Statistics of International Capital Transactions Definition of "Interest" in Regulation Q ********* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS PAGE Review of the month—New Treasury gold policy—Gold movements and excess reserves 1-6 National summary of business conditions . 7-8 Summary of financial and business statistics 10 Law Department—Effective date of definition of interest in section 1 (f) of Regulation Q 11 Insurance of deposits 12-13 Monetary legislation in Czechoslovakia and Rumania 14-16 Statistics of international capital transactions of the United States 17-39 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 42 Federal Reserve bank statistics 43-47 Reserve position of member banks; deposits in larger and smaller centers 48 Money in circulation 49 Gold stock and gold movements 50 All banks in the United States 51 All member banks 52-53 Reporting member banks in leading cities 54-57 Bank suspensions; bank debits; Postal Savings System 58 Acceptances, commercial paper, and brokers' balances 59 Federal Reserve bank discount rates 60 Money rates and bond yields 61 Security markets 62 Treasury finance 63 Governmental corporations and credit agencies 64-65 Production, employment, and trade 66-74 Wholesale prices 75 December crop report 76 International financial statistics: Gold reserves of central banks and governments 78 Gold production 79 Gold movements 79-81 Central banks 82-85 Bank for International Settlements 85 Commercial banks 86 Discount rates of central banks 87 Money rates 87 Foreign exchange rates 88 Price movements: Wholesale prices 89 Retail food prices and cost of living 90 Security prices 90 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 92 Senior officers of Federal Reserve banks; managing directors of branches 93 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 23 JANUARY 1937 No. 1 REVIEW OF THE MONTH Reserve balances of member banks, which have been increasing rapidly in recent years, On December 21 the Secretary of the Treasury announced that the Treasury "proposes, reached a new high level of whenever it is deemed advisa- Continued growth $6,800,000,000 in the early New Treasury j j j blic interest to blnir^rves Part of December, largely be an( n the pu gold policy ^ as a result of continued gold do so, to take appropriate action imports. Of this amount $4,600,000,000 conwith respect to net additional acquisitions or stituted required reserves and $2,200,000,000 releases of gold by the Treasury Department. excess reserves. From the effective date of This will be accomplished by the sale of adthe 50 percent increase in reserve requireditional public-debt obligations, the proceeds of which w7ill be used for the purchase of gold, ments last August to the beginning of December total reserves of member banks inand by the purchase or redemption of outcreased by $580,000,000. Of this increase standing obligations in the case of move- $160,000,000 has been absorbed by an inments in the reverse direction." The operations under this policy permit crease in required reserves resulting from neutralizing the effect on member bank re- a growth in the member banks' deposit liaserves of future gold acquisitions or sales ofbilities, and $420,000,000 has been added to such gold. Effects on reserves of additions excess reserves of member banks throughout to the gold supply, either from imports or the country. from new production, will be offset by the In the three weeks from December 2 to sale to the public of an equivalent amount December 23 excess reserves declined by of United States Government obligations and about $320,000,000, as a result of increases in by the setting aside of the purchased gold in money in circulation preceding Christmas an inactive account in the Treasury. In this and in balances of the Treasury at the Reway the gold will be kept out of the country's serve banks, built up by quarterly income credit base. An outward movement of gold tax receipts and the sale for cash of new acquired through sale of bills will be simi- Treasury securities. This reduction in relarly offset by the purchase or redemption of serves, however, is temporary, since the United States obligations in the market, thus return flow of currency from circulation restoring to it the funds lost through the exafter the Christmas holidays and disburseport of gold. To this extent, therefore, the ments by the Treasury out of its balances volume of member bank reserves will neither with the Reserve banks may be expected to increase nor decrease as the result of changes build up member bank reserves in January in the supply of gold. to a level at least as high as that at the be- The announcement by the Secretary of the ginning of December. The new Treasury Treasury states that the action was taken policy of offsetting the effect of gold moveafter conferring with the Board of Governors ments on reserves will prevent any further of the Federal Reserve System. The problem of dealing with the volume of excess reserves increase that might result from additional which is now in existence will not be affected gold imports and purchases of domestic gold. by the new policy. Growth of member bank reserves in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1937 past three years has been due to gold imports the country may occur immediately after or of $4,000,000,000, to gold ac- even antedate the completion of the gold Factors affecting quired f rom domestic sources transaction. The foreign exchange used to volume and in the amount of $500,000,- obtain the gold may be obtained from an distribution of excess reserves 000, and to $800,000,000 of exporter, a foreigner purchasing securities silver purchased by the in this country, or someone transferring a Treasury against which silver certificates balance to this country, and this seller of exwere issued. While gold imports have been change may deposit the funds or use them to the principal factor in the growth of the total make payments elsewhere than in New York. volume of member bank reserves, other fac- Thus reserves may be transferred from a tors have widely distributed these reserves New York City bank to a bank elsewhere among the different groups of member banks before the gold is sold to the Treasury. and the different sections of the country. Subsequent to the importation of gold the This distribution has been effected by the continuous flow of funds in connection with complex of industrial, commercial, financial, a variety of payments leads to a broad distriand governmental transactions which involve bution of the additional reserves thus acthe continuous shifting of funds among quired among different banks and regions. regions and among banks. It is not possible to measure quantitatively Gold imported into this country is sold to the complex elements that make up this flow the Treasury and Treasury checks are drawn of payments, but several of the more imin payment for the gold or for the foreign portant movements may be enumerated. Imexchange used to purchase it. These checks provement in agricultural conditions since are drawn upon the Treasury's balances at 1933 and the increase in farm income have the Federal Reserve banks, and become avail- carried funds to agricultural regions in payable to member banks, which deposit them ment for their crops sold at higher prices. at the Reserve banks and in exchange receive Likewise industrial expansion in various seccredits to their reserve accounts. Reserve tions of the country has resulted in a subbalances of member banks receiving Treasury stantial shifting of funds to such sections. checks are thereby increased. In the past Perhaps the most important factor in the the Treasury did not offset this increase but geographical distribution of surplus funds of replenished its balances with the Reserve banks since 1933, however, has been the exbanks by giving the Reserve banks an equiva- penditure by the Treasury of funds raised by lent credit in the gold-certificate account. the sale of Government obligations to banks. Under the newly adopted Treasury policy Funds spent by the Treasury are not necesthe Treasury will segregate the gold and will sarily raised in the locality in which they are replenish its balances at the Reserve banks spent and do not necessarily remain in the by the sale of Treasury bills in the market. particular section in which payments are This operation will diminish member bank re- made. The bulk of them may be transferred serves, thus offsetting the previous increase. from one locality to another for the purpose Since most of the foreign exchange trans- of investment or in payment for goods and actions take place in New York, the effect of services; and with each transfer there is a gold imports on member bank reserves has shift of member bank reserves through the been as a rule immediately reflected in ad- clearing system. City banks, especially those ditions to the reserves of New York City in New York City, have until recently bought banks, but in time these reserves have become relatively more Government securities than widely distributed among banks elsewhere. the so-called country banks, but expenditure In some cases this transfer to other parts of by the Government throughout the country of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN funds obtained from city banks has tended to in other parts of the country. A summary reduce the excess reserves of city banks and of the more important of these figures is to distribute them widely among country given in the chart, which shows cumulative banks in different parts of the country. movements since the beginning of 1934 when Country banks thus acquiring excess funds gold imports, excess reserves, and bankers' balances all began to increase rapidly. FACTORS OF GAINS AND LOSSES OF RESERVE FUNDS The chart shows that during the past three AT BANKS IN NEW YORK F. R. DISTRICT years New York banks have gained reserves BILLIONS OF DOLLARS BILLIONS OF DOLLARS 4 through gold imports, and that there has also been a net gain of funds by the New York district from other parts of the country arising from an increase in balances held in New York City for outside banks and from other transactions growing largely out of ordinary commercial and financial operations. During the same period the Treasury has made large withdrawals of funds from the New York district, representing the excess of funds raised in the district through the sale of Government securities and through tax receipts over Government disbursements in the district. These funds have been spent by the Government in other parts of the country, thus shifting reserve funds from Weekly figures of net gains and losses cumulative from January 1, New York banks to outside banks. Upon 1934, through December 16, 1936. receipt of these funds the banks outside of have kept a portion as excess reserves with New York, however, have in part redeposited Federal Reserve banks, have invested a por- them in the form of bankers' balances with tion, and have placed a substantial amount on New York City banks. As a consequence of deposit with correspondent banks in financialthese various movements total reserves and centers. Balances carried by country banks excess reserves of New York banks and total with city correspondents are now more than reserves, excess reserves, and New York baltwice as large as they were at any time prior ances of outside banks have all shown a conto 1934. City banks have, therefore, con- siderable growth. tinued to hold a large part of legal excess re- The preceding paragraphs have described serves, but a portion of these reserves in effect how gold imports in recent years have inbelongs to country banks which may with- creased the aggregate voldraw them on demand. ume of excess reserves, and Distribution of Figures have been compiled by the Fed- reserves among how Government borrowing classes of eral Reserve Bank of New York measuring member banks and spending and other ordiimportant elements in the movement of fund nary business and financial into and out of the New York Federal Re- transactions have distributed the increased serve district, comprised mostly of transfer reserves among the various classes of meminto and out of New York City. These figure;ber banks. As shown in the following table illustrate the way in which reserves of banks and also in the chart, all classes of member in New York are affected by gold imports and banks in the latter half of November had the shifts of funds between them and bank; much larger excess reserves than in January Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1937 1934, and, notwithstanding the recent in- and of further expansion in deposits. Since crease in reserve requirements, the ratio of the reserve funds of these banks increased excess to required reserves for member banks by only $215,000,000, their excess reserves in the aggregate was somewhat larger than declined by $460,000,000. Reserve city banks, at the beginning of 1934. at which required reserves have increased by $530,000,000, showed a loss of but $240,000,- 000 in excess reserves. At country banks, DISTRIBUTION OF EXCESS RESERVES, BY CLASSES OF BANKS notwithstanding increased requirements of nearly $260,000,000, excess reserves declined [Averages of daily figures] by only $100,000,000 from an unusually high A se m rv o e u s n ( t i n o m f e i x ll c i e o s n s s r o e f - P r e e r q c u e i n r t e d o f r e e x se c r e v ss e s to level in the first half of August, and are now dollars) at about the same level as in the first half of 1936. Jan. Aug. Nov. Jan. Aug. Nov. 1934 1 1 - 9 1 3 5 6 , 1 1 6 9 - 3 30 6 , 1934 1 1 - 9 1 3 5 6 , 1 1 6 9 -3 3 0 6 , EXCESS RESERVES OF MEMBER BANKS Central reserve city BILLIONS OP DOLLARS BILLIONS OF DOLLARS banks: New York 147 1.226 767 20 96 Chicago 171 290 225 110 103 Reserve city banks. 305 970 729 52 104 Country banks 242 619 518 64 131 All member banks 3,105 2,240 49 Aggregate reserve balances of member banks in the latter part of November were slightly less than 50 percent in excess of requirements. Banks in reserve cities held excess reserves of 50 percent, while the socalled country banks held reserves of 70 percent above requirements. Central reserve city banks in New York City, with reserves of about 40 percent above requirements, had Averages of daily figures for weeks ending Friday; figures for the smallest percentage of excess reserves of country banks and for all member banks are estimated. any class of banks. Owing to the large volume of balances that Excess reserves of the various classes of banks outside of New York City carry with banks are smaller than they were before the correspondent banks, the effective, increase in requirements last August, but, Bankers' as contrasted with the technical, reowing to the subsequent growth in total re- balances serve position of these banks is conserves, they are substantially larger than im- siderably understated when their mediately after the increase went into effect. balances with Federal Reserve banks alone All classes of member banks have shared in are considered. Banks outside of New York this increase in reserves, but the gains have require balances with correspondents to serve been unequal, and the relative distribution of as secondary reserves and for clearing purexcess reserves among the various classes of poses, but the volume of such balances at the banks has been considerably altered. In the present time is much larger than normal recase of New York City banks required re- quirements. New York City banks have conserves increased by $675,000,000 between tinued to hold only small working balances the first half of August and the latter part of with correspondents. On June 30, 1936, all November, as a result of the Board's action member banks held demand balances with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 5 other domestic banks of $3,800,000,000, or more in excess of current requirements. whereas from 1922 to 1929 they held an About 60 percent of all country banks and 47 average of $1,900,000,000, which may be con- percent of all central reserve and reserve city sidered as a more nearly normal amount of banks were in this position. The results of working balances. the survey are summarized in the following Of the total bankers' balances on June 30 table: about $1,700,000,000 belonged to country NUMBER OF MEMBER BANKS DISTRIBUTED ACCORDING member banks, compared with $900,000,000 TO PERCENTAGE OF EXCESS RESERVES held by them at the end of 1929. Last July [Based on daily averages for first half of November 1936] and August, following announcement of the Central reserve increase in reserve requirements and about Ratio of excess to m A em ll - city banks s R er e v - e C t o r u y nthe time of its effective date, between $100,- required reserves ber city banks banks New Chi- banks 000,000 and $200,000,000 of bankers' balances York cago were withdrawn from New York City banks, Less than 16% percent 1,445 14 4 110 1,317 and there were also some withdrawals from 16% percent-33% percent.__ 1,171 8 1 71 1,091 333^ percent and over 3, 772 15 12 155 3,590 banks in other cities. Since that time, how- Total number of memever, country banks have again built up their ber banks .. 6, 388 37 17 336 5,998 balances with correspondents, and it is esti- The 2,600 banks which in the first half of mated that in November they were fully November had excess reserves amounting to $200,000,000 larger than last June. When less than 33% percent of required reserves balances with correspondent banks, as well as were short of this amount by a total of $350,excess reserves, are considered, it appears 000,000, of which $120,000,000 was at central that total unutilized funds owned by country reserve city banks in New York and $230,banks at present are larger than last summer, 000,000 at other banks. With comparatively before reserve requirements were increased. few exceptions banks outside of New York It has been pointed out that in November City were in a position to cover the difference each class of member banks taken as a group by using not more than half of their balances had aggregate rieserve balwith correspondents, which have been ap- Reserve position of ances Considerably in exproximately twice as large as was customary individual banks cess of requirements. A prior to 1934. New York City banks, howsurvey of the reserve posiever, hold only small working balances with tion of member banks shows that this was other banks. The principal New York banks true also of the majority of individual memshowing excess reserves of less than a third bers. The results of this survey have been of required reserves hold substantial amounts tabulated so as to show the number of banks of liquid assets, such as Treasury bills and that have reserves 16% percent above renotes, bankers' acceptances, and brokers' quirements, or sufficient to meet an increase loans, which can be readily sold or called and of one-half of the Board's authority to raise thus shifted to other banks that have excess reserve requirements; banks that have rereserves. serves between 16% and 33% percent above An increase in reserve requirements at a requirements, and banks that have reserves time when member banks hold sufficient ex- 33% percent or more above requirements, cess reserves to meet the which would be sufficient to meet the maxi- Effects of increase increase results in making mum authorized increase in requirements. in requirements unavailable as a basis of Out of the total of 6,400 member banks in the credit expansion a portion first half of November, nearly 3,800, or 59 percent, had reserves that were 33% percent of member bank funds for which these banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY 1937 are not finding a profitable outlet. An in- reserve deposit of some member bank. It is crease at such a time has no immediate effect for this reason that the Reserve banks purupon the supply of credit in the money mar- chase United States Government securities ket, but merely limits a possible future when they wish to ease the credit situation growth in this supply. by placing additional funds at the disposal of The balance sheet of the Federal Reserve member banks. banks is in no way changed by an increase Mechanically the process is as follows: in reserve requirements of member banks, when a Reserve bank purchases a Governexcept to the extent that member banks may ment obligation, it pays for it by a check borrow to meet the increase. So long as mem- drawn on itself. The seller of the obligation ber banks have excess reserves out of which deposits this check at his bank, and the bank to meet the increase, it does not affect the in turn deposits it at the Federal Reserve total amount of deposits at the Reserve banks, Bank where it is credited to the depositing but merely converts a portion of the deposits bank's account. Similarly when a Reserve already held from reserves held by member bank discounts paper for a member bank or banks with the Reserve banks in excess of makes an advance to it, the member bank's requirements to required reserves. It has no reserve account is credited with the amount effect whatever on the volume of funds avail- involved. In both cases, therefore, member able to the Reserve banks for investment. bank deposits at the Federal Reserve banks From the nature of the functions of the are increased. Federal Reserve banks it is clear that it is Limits of possible expansion by the Reserve not a correct description of banks are not related to the legal distinction, Source of their operations to say that as between required and excess reserves, of fending power they invest funds depositedmember bank deposits that they hold, but are with them by member banks. set by the amount of cash reserves of the The lending power of the Re- Reserve banks themselves. The extent to serve banks is derived from the authority they which the lending power of the Federal Rehave to issue Federal Reserve notes and to serve banks is put to use, however, is not create deposits on the basis of a 40 or a 35 determined by the theoretical possibilities of percent reserve, respectively, to be held expansion on the basis of available reserves or against notes and against deposits. When a by the possible earnings from such expansion, Reserve bank purchases in the market a but solely by a consideration of the amount United States Government obligation and of reserve funds required for the accommodapays for it, directly or indirectly, with a tion of commerce and business and the maindeposit credit on its books, it adds to the tenance of sound credit conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 23 and released for publication December 25] Production, wage payments, and the dis- Factory employment showed little change tribution of commodities to consumers in- from October to November, although a decreased considerably from October to No- crease is usual at this season of the year, and vember. Wholesale commodity prices have the Board's seasonally adjusted index adadvanced steadily since the end of October. vanced to 96 percent of the 1923-1925 aver- Production and employment.—The Board's age. The number employed at factories proindex of industrial production, which makes ducing durable goods continued to increase, allowance for changes in the number of workwith the largest expansion in the automobile ing days in the month and for the usual seaand machinery industries. There was a desonal variations, was 114 percent of the 1923cline in employment at lumber mills and in 1925 average in November, as compared with the glass industry. In the nondurable goods 109 percent in October. Output of both duraindustries as a group employment showed a ble and nondurable manufactures showed a considerable rise. Production of steel ingots smaller decline than is usual in November. increased further to a rate of 79 percent of At shoe factories and establishments producing wearing apparel smaller than seasonal declines were reported and there were in- INDUSTRIAL PRODUCTION creases in employment at cotton and woolen J textile mills and at meat-packing plants. DEPARTMENT STORE SALES 1929 1930 1931 1932 1933 1934 1935 1936 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. capacity in November, and output of automobiles also increased. Figures for the first three weeks of December indicate continued 1929 1930 1931 1932 1933 1934 1935 1936 expansion in output of both steel and auto- Indexes of value of sales, 1923-1925 average = 100. mobiles. In the plate glass industry, where there has been a strike, production was Distribution.—Department store sales insharply reduced in November, and activity at lumber mills declined, reflecting the effects creased substantially in November, and there of the maritime shipping strike on the Pacific was also a rise in sales at variety stores and Coast. Increases in output were reported at at chain grocery stores. Sales by general meatpacking establishments and textile mills, merchandise stores and mail order houses and sugar meltings and output of tobacco serving rural areas declined from the high products declined by less than the usual sea- level reported for October. sonal amount. At mines, coal production in- Freight-car loadings showed a smaller than creased and output of crude petroleum and seasonal decrease in November. Loadings iron ore showed a smaller than seasonal reof coal, coke, and grain increased contrary duction. Value of construction contracts awarded, to the usual seasonal tendency, and shipments according to figures of the F. W. Dodge Cor-of miscellaneous commodities and of most poration, continued at about the same rate other classes of freight declined by less than in November as in the previous month. the seasonal amount. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY 1937 Commodity prices.—The general level of weekly reporting member banks through the wholesale commodity prices continued to ad-first half of December, reflecting additions to vance from the middle of November to the monetary gold stock, as well as a sharp inthird week of December. There were sub- crease in bank loans. stantial increases in the prices of wheat, At reporting banks outside New York City flour, nonferrous metals, and rubber. Prices holdings of Government securities increased of wool, cotton yarns, and worsted yarns ad- by $140,000,000 in the four weeks ending vanced somewhat further and cotton, pig December 16, while at New York City banks iron, and steel scrap prices also increased in they showed a further small decline. There this period. was an increase of $100,000,000 in loans to brokers and dealers in securities in New York City, largely for the purpose of buying United States Government securities. Commercial loans showed a further increase of $150,000,000, carrying the total volume of such loans to a level $800,000,000 higher than a year ago. MEMBER BANK CREDIT 1929 1930 1931 1932 1933 1934 1935 1936 Indexes compiled by the United States Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931 ; by weeks, 1932 to date. Latest figure is for week ending December 19, 1936. Bank credit.—The reserve position of member banks in recent weeks has been influenced largely by temporary seasonal developments in connection with holiday currency requirements and mid-December financing by the United States Treasury. Notwithstanding the increased demand Wednesday figures for reporting member banks in 101 leading for currency for Christmas shopping, there cities, September 5, 1934, to December 16, 1936. Loans on real estate, loans to banks, and acceptances and commercial paper was a further growth in demand deposits at bought included in total loans and investments but not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS Wednesday figures 1930 1931 1932 1933 1934 1935 1936 MEMBER BANK RESERVE BALANCES 1930 1931 1932 1933 1934 1935 1936 Latest figures for December 23, 1936. See table on page 42. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY 1937 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1936 1935 Annual averages Nov. Oct. Sept. Nov. Oct. Sept. 1929 1932 1933 1934 1935 RESERVE BANK CREDIT, MEMBER BANK RESERVES, AND RELATED ITEMS Averages of daily figures; in millions of dollars Reserve bank credit—total 472 2,480 2,479 2,482 2,482 2,480 1,459 2,077 2,429 2,502 2,475 Bills discounted 6 7 8 7 8 10 952 521 283 36 7 Bills bought 3 3 3 5 5 5 241 71 83 25 5 U. S. Government securities 2,430 2,430 2,430 2,430 2, 430 2,430 208 1,461 2,052 2,432 2,431 Monetary gold stock 1,116 10,983 10,764 9,777 9, 545 9,246 3,996 3,952 4,059 7,512 9,059 Treasury currency 2, 517 2,512 2, 507 2,410 2, 398 2,389 2,015 2,096 2,271 2,381 2,478 Money in circulation 6,401 6, 321 6,258 5,770 5,704 5,651 4,476 5, 328 5,576 5,403 5, 585 Treasury cash and deposits with Federal Reserve banks 2,459 2, 559 2,619 2, 630 2, 693 2,734 229 275 343 2, 879 2,919 Nonmember deposits and other accounts 461 502 528 512 560 488 406 407 497 438 507 Member bank reserve balances: Total 6,785 6, 594 6, 345 5, 757 5, 469 5, 243 2,358 2,114 2,343 3,676 5,001 Excess 2,219 2,043 1,852 3, 061 2,820 2,628 43 256 528 1, 564 2,469 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments. 12, 44422, 566 22, 520 20,510 20,355 20,187 22, 599 19, 080 17, 505 18, 672 19,997 Loans to brokers in New York City 941 945 983 820 800 844 1,405 337 591 815 820 Other loans on securities 2, 239 2,243 2,247 2,242 2,237 2,228 6,251 4, 508 3,343 2,711 2,301 All other loans 5, 575 5, 530 5,398 4, 968 4,926 4,857 9,231 6,578 5,222 4,965 4,907 U. S. Government obligations: Direct 9,232 9,310 9, 320 8,291 8,156 8,045 2,865 4,413 5,228 6, 856 7,989 Fully guaranteed 1, 255 1,255 1,246 1,138 1,114 1,094 fc325 928 Other securities _ 3, 202 3,283 3,326 3,051 3,122 3,119 2,847 3,245 3,121 «3,000 3,052 Reserve with Federal Reserve banks 5,422 5,276 4,995 4,715 4,435 4, 251 1, 725 1, 673 1,822 2,875 4,024 Cash in vault 404 399 383 354 339 336 248 214 240 271 326 Balances with domestic banks 2, 463 2,385 2,311 2, 326 2, 253 2,212 1,142 1, 250 1,322 1,688 2,112 Demand deposits—adjusted 5, 362 15, 152 14,962 13,779 13,359 13,283 0) 0) 0) 0) 12,729 Time deposits (excluding interbank)* 5, 032 5,070 5,036 4,883 4,917 4, 853 6, 788 5, 666 4,946 4,937 4,883 Deposits of domestic banks3 6,236 6,080 5, 890 5, 400 5,244 5,116 2,787 2,772 2,822 3,814 4,938 Borrowings 1 1 15 1 1 10 674 228 115 8 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper .75 .75 .75 .75 5.85 2.73 1.72 1.02 .76 Stock exchange call loans 1.00 1.00 1.00 .75 .25 7.61 2.05 1.16 1.00 .56 U. S. Treasury bills .10 .13 .16 .14 .20 .22 .52 .26 .14 U. S. Treasury bonds, long term 2. 29 2.42 2.41 2.73 2.77 2.78 3.60 3.65 3.31 3.10 2.70 Corporate high grade bonds (Moody's Aaa) 3.15 3.18 3.18 '3.47 3.52 3.59 4.73 5.01 4.49 4.00 3.60 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total _ __. 349 '463 409 380 362 436 959 146 89 180 New 156 ••187 179 116 145 177 841 100 60 116 124 Refunding 192 276 230 264 217 259 118 46 29 64 265 Domestic corporate issues—total- 239 366 250 251 252 276 781 54 32 41 189 New 109 95 75 33 73 45 667 27 13 15 34 Refunding 130 272 175 217 179 231 115 27 18 26 155 Index numbers Common stocks (1926=100) 124 119 114 93 85 85 190 48 63 72 78 Wholesale commodity prices (1926=100): All commodities 82 82 82 81 81 81 95 65 66 75 80 Farm products 85 84 84 78 78 80 105 48 51 65 79 Foods 84 83 83 85 85 86 100 61 61 71 84 Other commodities 81 80 80 79 78 78 92 70 71 78 78 Retail food prices (1923-25=100) 83 83 84 82 80 80 105 68 66 74 80 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production.. P114 110 109 96 95 91 119 64 76 79 90 Manufactures ?114 110 110 97 95 92 119 63 75 78 90 Minerals P110 104 101 92 93 87 115 71 82 86 91 Construction—total. P58 57 59 f;0 48 43 117 28 25 32 37 Residential. ^40 43 47 26 25 25 87 13 11 12 21 All other.._ P72 69 69 88 66 58 142 40 37 48 50 Factory employment4 94 94 88 87 86 105 66 72 82 86 Factory payrolls (unadjusted)4 89 83 76 76 74 109 47 49 63 71 Freight-car loadings. _ 73 72 66 64 62 106 56 58 62 63 Department store sales _. 90 88 82 78 81 111 69 67 75 79 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. 265 220 270 221 199 437 134 140 178 190 General imports 212 216 169 189 162 367 110 121 138 171 p Preliminary. * Partly estimated. r Revised i Figures not available. * Include time deposits of banks, domestic and foreign, 1929-1934. 3 Do not include time deposits 1929-1934. 4 Revised series. See pages 950-978 of the BULLETIN for December 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 11 LAW DEPARTMENT Effective date of definition of interest in section l(f) deposit and which involves the payment or of Regulation Q absorption by the bank of out-of-pocket expenses (i.e., expenses arising out of specific During the latter part of 1935, the Board transactions for specific customers and defiof Governors of the Federal Reserve System nitely attributable to such transactions as revised its Regulation Q relating to the pay- distinguished from overhead and general ment by member banks of interest on de- operating expenses), regardless of whether posits, and the regulation in its revised form such payment, credit, service or other thing was made effective January 1, 1936. How- of value varies with or bears a substantially ever, the definition of interest in subsection direct relation to the amount of the deposi- (f) of section 1 of such revision of Regula-tor's balance. tion Q was not made effective on January 1, "The term 'interest' includes the payment 1936, but the date on which the subsection or absorption of exchange and collection should become effective was deferred until charges which involve out-of-pocket exfurther action of the Board of Governors. A penses, but does not include the payment or notice of such deferment was published at absorption of taxes upon deposits whether page 48 of the FEDERAL RESERVE BULLETIN levied against the bank or the depositor nor for January, 1936. the payment or absorption of premiums on During the past year the Board of Gov- bonds securing deposits where such bonds ernors has given exhaustive consideration are required by or under authority of law. to this subject, and, as a result of this con- "Notwithstanding the foregoing, the paysideration, has taken action fixing February ment or absorption of isolated items of out- 1, 1937, as the date on which subsection (f) of-pocket expense in trivial amounts and not of section 1 of Regulation Q shall become of a regularly recurrent nature, where the effective. This subsection which contains charging of such items to customers would the definition of interest and which is quoted cause undue friction or misunderstanding, below will become effective on February 1, will not be deemed to be a payment of inter- 1937, in the same form as that contained in est, provided that the bank acts in good faith subsection (f) of section 1 of the revision of and does not utilize the absorption of such Regulation Q published at page 862 of the items as a basis for soliciting accounts or FEDERAL RESERVE BULLETIN for December, obtaining an advantage over competitors and 1935, all of the other provisions of which provided further that the bank maintains and became effective on January 1, 1936. The makes available to the examiners authorized subsection reads as follows: to examine the bank a record showing the "The term 'interest' means a payment, amounts of such items paid or absorbed by it, credit, service or other thing of value which the dates of such payment or absorption, and is made or furnished by a bank as considera- the names of the customers for whom such tion for the use of the funds constituting a items were paid or absorbed." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY 1937 INSURANCE OF DEPOSITS The Federal Deposit Insurance Corpora- $100,000 each were 95 percent insured. In tion has published the results of a survey 13,204 banks with deposits of not more than showing for different size groups and classi- $5,000,000 each, comprising 93 percent of the fications of deposits and for different size total number of insured commercial banks, groups and types of banks the number and the insurance coverage was about 78 percent. dollar amount of deposits in insured banks In 772 banks, each with deposits of between and the number and dollar amount of deposits $5,000,000 and $50,000,000 about 52 percent wholly protected by insurance as of May 13, of the deposits were insured. In 109 banks 1936. The full text of the report, together with deposits of over $50,000,000 each, apwith statistical tables, is as follows: proximately 25 percent of the deposits were insured. These 109 banks held more than The Federal Deposit Insurance Corporaone-half of total deposits and almost one-third tion on May 13, 1936, insured deposits in of insured deposits of all insured commercial 14,092 commercial banks in the United States banks. and its possessions, more than 92 percent of the 15,194 commercial banks in operation on INSURANCE COVERAGE BY TYPE OF DEPOSIT, INSURED that date. The percent of operating com- COMMERCIAL BANKS, MAY 13, 1936 mercial banks in each State insured by the Corporation varied from 100 percent in Ari- Number Amount of deposits Percent zona, District of Columbia, Utah, Vermont Type of deposit acco o u f nts (in millions of dollars) dep o o f sits and Wyoming to less than 70 percent in Kan- (i s n a n th d o s) u- Total Insured insured sas and Rhode Island. On May 13, 1936, insured commercial Total 57, 398 45 188 19, 578 Deposits of individuals, banks reported a total of 57 million accounts, partnerships and corporations: of which 56 million, or 98.4 percent, were ac- Demand 22, 106 19737 7. 620 38 counts with balances not exceeding $5,000, Savings and time 32, 563 12 559 10, 351 82 Interbank 93 6 315 379 6 the maximum insurance for each depositor. Public funds of States and political subdivi- Deposits in these banks amounted to $45 sions 244 3 360 422 billion, of which $19.5 billion, or 43 percent, U. S. Government and postal savings 14 1 165 37 3 were insured. On October 1, 1934, total de- Uninvested trust funds_. 516 1 150 343 30 posits of 14,060 insured commercial banks D O r th af e t r s items 1, 4 3 6 9 9 3 3 5 1 8 8 4 2 1 5 6 9 7 5 4 2 4 amounted to $36 billion, of which $15.6 billion, or 43.5 percent, were insured. Insurance coverage varied also according Figures for May 13, 1936, showed that in- to the type of bank. Banks operating branches surance protection varied widely among or additional offices reported a higher proporbanks, the coverage being affected by size of tion of insured deposits than did unit banks bank, type of bank, and type of deposit. with the same volume of total deposts. The Insurance coverage was highest in small deposits of insured mutual savings banks banks and lowest in large banks. Deposits in were 89 percent protected, approximately the banks with total deposits not in excess of same protection as was reported for savings deposits in commercial banks of similar size. INSURANCE COVERAGE BY SIZE OF BANK, INSURED Insurance coverage varied also according COMMERCIAL BANKS, MAY 13, 1936 to the type of deposit. The general public held demand and time deposits amounting to Amount of deposits Number (in millions of dollars) Percent $32 billion. More than 95 percent of bank of of accounts were of this type. These deposits banks deposits Total Insured insured were 55 percent insured. Other deposits consisting chiefly of deposits of other banks and All banks 14.085 45 188 19 578 43 of governmental bodies amounted to $13 bil- Banks with deposits of: lion and were 12 percent insured. $100,000 and under 917 64 61 95 $100,000 to $250,000 3. 028 527 476 90 Demand deposits of individuals, partner- $250,000 to $500,000 3, 300 1.190 1,029 86 ships and corporations in all insured banks $500,000 to $1,000,000... 2.751 1,950 1.602 82 $1,000,000 to $2,000,000. 1.926 2, 703 2. 111 78 were 38 percent insured. In the 13,204 banks $2,000,000 to $5,000,000. 1. 282 3, 880 2, 800 72 $5,000,000 to $50,000,000 772 9, 980 5.215 52 reporting deposits not in excess of $5,000,000 Over $50,000,000 109 24, 894 0. 284 25 each, demand deposits were 81 percent in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 13 sured. Of the 22 million accounts of this Interbank deposits amounted to $6 billion type, more than 98 percent contained bal- and were only 6 percent insured. Of these ances not exceeding $5,000, the maximum in- deposits, nearly half were in banks in New surance for each depositor. Savings and time York. Since these deposits are held only for the account of banks, the low coverage in this NUMBER AND DEPOSITS OF COMMERCIAL BANKS IN THE class of deposit does not indicate lower insur- UNITED STATES AND POSSESSIONS, MAY 13, 1936 ance protection for the general public. The [Deposits in thousands of dollars] suspension of a bank with a large volume of interbank deposits, however, seriously affects Insured banks Noninsured banks the solvency of its correspondent banks. In these latter banks, the Federal Deposit Insur- Deposits ance Corporation protects a large proportion Num- Number ber Deposits of the deposits and in the event of their fail- Total Insured ure would be called upon to make substantial payments to their depositors. United States and possessions — Insurance protection given to United States total i 14, 085 45,187, 902 19, 577, 577 1,102 1, 449, 538 States—total 14, 081 45,182, 497 19, 573, 600 1,075 1, 336, 524 Government and postal savings deposits A A r la iz b o a n m a a 20 1 7 5 24 73 2 , , 3 2 8 8 9 2 1 4 4 4 4 , , 9 3 6 7 6 5 10 1,906 amounted to only 3 percent of the more than Arkansas 213 147,411 93, 206 9 645 $1 billion of such deposits, but these accounts California 239 3, 733,043 1, 964, 055 10 21,536 Colorado 139 297, 421 160,984 15 2,161 were fully protected by the pledge of security D Co el n a n w e a c r t e icut. __ 1 4 0 4 5 4 1 6 2 8 3 , , 3 8 4 6 6 7 25 6 3 2, , 6 7 0 6 7 7 2 2 0 69, 2 3 5 9 9 3 and by legal preferment. Public funds of District of Co- States and political subdivisions amounting lumbia 22 323, 645 172,254 Florida 149 319, 056 159, 956 5 2,892 to more than $3 billion, were about 12 per- I G d e a o h r o gia 26 5 1 7 39 7 0 5 , , 0 4 8 8 4 5 1 5 9 1 3 , ,9 8 1 6 1 0 60 3 6 4 , , 4 92 6 3 8 cent insured and uninvested trust funds, Illinois 863 3, 665,195 1, 401, 733 19 9,529 amounting to $1 billion, were about 30 per- Indiana 496 718,915 420, 347 42 13,131 Iowa 585 549, 519 367,471 76 32, 079 cent insured. In addition, however, a sub- K K a e n n s tu as cky 4 3 6 8 3 9 3 40 2 1 5 , , 2 5 1 4 3 5 2 2 0 6 3 0 , , 7 22 7 3 8 26 4 0 4 5 1 5 1 , , 7 9 9 3 8 1 stantial proportion of these deposits was Louisiana 148 387,557 179,126 2 391 secured by the pledge of collateral or was Maine 61 180, 372 132,211 10 18,634 Maryland 184 527, 293 249, 870 3 47,072 preferred. Outstanding drafts and other M Mi a c s h s i a g c a h n usetts-. 4 1 4 9 6 8 1 1 , , 2 8 2 1 9 0 , , 4 2 0 2 07 6 70 6 8 6 , , 3 0 5 7 6 4 28 4 4 49 3 , , 9 8 3 2 4 1 miscellaneous items amounted to less than $1 M Mi i s n s n i e ss s i o p t p a i 6 1 4 9 9 6 7 1 9 5 4 1 , , 4 9 8 0 1 6 4 1 6 0 3 8 , , 2 5 7 8 1 3 3 1 8 0 10 2 , , 9 2 9 2 8 2 billion, of which about 45 percent were pro- Missouri 635 1,320,243 560, 153 49 7,244 tected by insurance. Montana 120 124,092 80, 568 1 222 Nebraska 377 310,451 184,327 59 10,411 The percent of total deposits insured in the Nevada 9 26, 932 18,060 1 223 various States ranged from 85 percent in New Hampshire 56 74, 093 49, 427 9 6,370 New Jersey 388 1,543,917 1,008,747 7 30, 791 Vermont to 22 percent in New York State. New Mexico 40 47, 461 29,054 1 492 New York 765 13, 072, 910 2,881,634 25 698,470 The low coverage in New York, Massachu- N No o r r t t h h C D a a r k o o li t n a a . - _ 2 1 3 9 4 2 35 7 9 0 , , 6 0 0 6 6 6 18 5 3 7 , , 2 8 2 8 7 7 12 1 4 1 , , 1 4 2 0 1 5 setts, Illinois and several other States was Ohio 692 1,974, 947 1,127,153 21 5, 350 due to the concentration of deposits in a few Oklahoma 385 413, 543 199, 493 18 2, 806 Oregon 90 255, 585 159, 645 1 61 large banks holding large proportions of in- P R e h n o n d s e y I l s v l a a n n i d a . . _ _ _ . 1,08 16 4 4, 2 3 3 7 0 7 , , 1 3 9 2 7 9 2, 1 0 2 4 6 4 , , 4 6 6 4 2 5 33 7 4 6 9 3 , , 1 5 3 8 0 4 terbank deposits, United States Government South Carolina- 111 123,357 74, 751 39 8,137 and other public funds, and uninvested trust South Dakota... 196 85,419 62, 654 1 606 Tennessee 307 435, 756 229, 676 10 2. 406 funds. The percent of accounts with bal- Texas 808 1, 164, 546 576, 962 71 18, 666 Utah 59 147, 075 76, 724 ances of $5,000 or less ranged from 99.2 per- V V e ir r g m in o i n a t 32 7 3 6 5 1 1 0 3 0 , , 3 80 1 7 0 33 8 5 5, , 9 8 7 4 6 9 3 829 cent in North and South Dakota and West Washington 172 385, 464 217,061 8 4,825 Virginia to 97 percent in New York. West Virginia... 172 257, 818 176,879 10 6, 038 Wisconsin 586 774,136 525, 276 18 8, 614 The protection given to the general public Wyoming 59 57, 983 38, 326 Possessions—total 4 5,405 3, 977 113,014 by Federal insurance of deposits is measured by the amount of demand, savings and time 1 The number of operating insured commercial banks is 14,092. The deposits of individuals, partnerships and correports of 7 insured banks are not included. Deposit figures of nonin- porations, covered by insurance. In the counsured banks are for nearest available date, predominantly June 30, 1936. Deposit figures for 40 noninsured banks are not included. try as a whole, these deposits were about 55 deposits of individuals, partnerships and cor- percent insured. The proportion of deposits porations were 82 percent insured. Accounts of individuals, partnerships and corporations of this type numbered more than 32.5 million, protected by insurance ranged from 88 perof which 99 percent contained balances not cent in North Dakota and Vermont to 30 perexceeding $5,000. cent in New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY 1937 In the 70 insured banks which were placed maining 14 percent of deposits and the Corin receivership up to October 31, 1936, each poration receive proportionate shares of the of the 84,687 depositors was insured up to a proceeds of the liquidation of the assets of maximum of $5,000. Insurance fully pro- the banks. tected 84,253 or 99.5 percent of the depositors. In addition 25 depositors were fully NOTE : In order to lessen the work to be done by insured banks protected by pledge of collateral or by the in making the report on May 13, 1936, banks were asked to report on a basis of balances in each account without combining holding of preferred claims. accounts standing to the credit of a depositor in the same right Total deposits in these 70 banks amounted and capacity. Banks reported the volume of deposits in accounts of $5,000 and under and the first $5,000 in accounts exceeding to $19.6 million, of which 72 percent were in-that amount instead of amounts standing to the credit of each depositor in the same right and capacity. To simplify presensured and 14 percent were protected by tation, figures used throughout are those reported. Tests showed pledge of security, by counterclaims, or by that failure to combine accounts caused a relatively small error. This treatment overstates the amount of insured deposits by less preferred claims. Depositors holding the re- than 1 percent of total deposits for the country as a whole. The number of accounts is greater than the number of depositors. MONETARY LEGISLATION IN CZECHOSLOVAKIA AND RUMANIA The Czechoslovak Parliament enacted leg- Czechoslovak legislation islation on October 9, 1936, effective October 10, providing for reduction of the gold con- ACT OF PARLIAMENT OF 9TH OCTOBER 19363 tent of the crown by not less than 13.30 per- (No. 262 in the Collection of Laws and Decrees) cent nor more than 18.68 percent, for re- concerning a readjustment of Czechoslovak valuation of the gold and foreign exchange currency holdings of the National Bank, and for crea- The National Assembly of the Czechotion of a stabilization fund from the proceeds slovak Republic has passed the following law: of revaluation. A brief summary of this Article 1. (1) The Czechoslavak crown measure was given in the BULLETIN for No- (Kc) as the monetary unit of the Czechovember 1936, p. 852. Full texts of the lawslovak Republic is hereby fixed at not less and of a decree fixing the gold content of thethan 30.21 and not more than 32.21 millicrown are given below. The decree fixes the grams of fine gold. value of the crown at 31.21 milligrams of fine (2) The Government is empowered to fix gold, midway between the upper and lower by decree within the above limits the precise limits established by the law. The gold con- value of the Czechoslovak crown in relation tent of the Czechoslovak crown was pre- to gold. viously reduced in February 1934 from 44.58 (3) The National Bank of Czechoslovakia milligrams of fine gold to 37.15 milligrams, is under the obligation of maintaining the exa reduction of 16% percent.1 change rate of the Czechoslovak crown at a By Royal decree of November 6, 1936, thelevel answering to the provisions of sees. 1 Rumanian Government provided for revalua- and 2. tion of the gold holdings of the National Bank (4) This measure replaces the legal proof Rumania and for allocation of the resulting visions hitherto in force expressing the value increment in accordance with a convention of the Czechoslovak crown in relation to gold. between the Bank and the Government. Since (5) The Czechoslovak crown as fixed ac- June 1, 1936, the National Bank of Rumania cording to sees. 1 and 2 takes the place of the has been permitted to buy gold at a premium hitherto existing monetary unit, in all legal of 38 percent above the price fixed by the relations into which the Czechoslovak crown monetary law of February 7, 1929.2 The au-enters, in the proportion of 1:1. thorization was granted by the Council of Art. 2. The gross weight of gold coin will Ministers on June 26, 1936, with retroactive be fixed by Government Decree. effect as from June 1. There has been no Art. 3. The amount of the appreciation in the change in the legal gold content of the leu,value of the reserves of gold and foreign curwhich was fixed at 10 milligrams of gold .900 rency at the National Bank of Czechoslovakia, fine by the law of February 7,1929. Transla-which shall be ascertained after deducting the tions of the Royal decree and two conventions liabilities of the Bank in gold and foreign curof November 6, 1936, are given below. 3 The English texts given herewith are those published in a 1 See BULLETIN for May 1934, p. 288. supplement to the Bulletin of the National Bank of Czecho- 2 See BULLETIN for March 1929, p. 201. slovakia for October 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

15 JANUARY 1937 FEDERAL RESERVE BULLETIN rency, shall be calculated, according to the Rumanian legislation position obtaining on the day upon which this law takes effect, provisionally on the basis of ROYAL DECREE NO. 2504 OF NOVEMBER 6, the upper limit referred to in article 1, sec. 1, 1936, CONCERNING THE REVALUATION OF and is the property of the State. It will be THE METALLIC STOCK OF THE NATIONAL kept at the National Bank of Czechoslovakia BANK OF RUMANIA as a standing deposit for the purpose of en- Charles II, by the grace of God and the will abling the National Bank to fulfil the duty of the nation, King of Rumania, laid upon it in article 1. Details regarding To all to whom these presents shall come, the booking and administering of this deposit greetings: will be fixed by a special agreement between By virtue of the report of Our Minister the State and the National Bank of Czecho- Secretary of State to the Department of Fislovakia. nance No. 252,224 of November 6,1936, Art. 4. Gold which is subject to compul- By virtue of the minutes of the Council of sory registration and surrender under the Ministers No. 2,376, drawn up at its session terms of the Government Decree of the 10th of November 6,1936, September 1934 (No. 202 in the Collection of We have decreed and do decree: Laws and Decrees) concerning the registra- Article I. By authority of the minute of the tion and compulsory offer of foreign legal Council of Ministers No. 1228, published in tender, of claims against foreign countries, of the Moniteur Officiel No. 147 of June 27,1936, precious metals and securities, as laid down in the National Bank of Rumania pays at presthe Government Decree of 7th December 1934 ent for each kilogram of fine gold, over and (No. 242 in the Collection of Laws and De- above the price of 111,111.11 fixed by the crees) will be taken over by the National monetary law of February 7,1929, a premium Bank of Czechoslovakia at a price corre- of 38 percent, making a total of 153,333.33 sponding to the value of the Czechoslovak lei for each kilogram of fine gold. crown prior to the coming of this law into Accordingly, the National Bank of Ruforce. mania shall value and enter the gold bullion Art. 5. This law amends the Regulations of and coin included among its assets, and that the Standing Committee of 7th November which it may acquire in future, at the price 1929 (No. 166 in the Collection of Laws and indicated above, 153,333.33 lei for each kilo- Decrees) and the Act of 17th February 1934 gram of fine gold. (No. 25 in the Collection of Laws and De- Art. II. The increment which shall result crees).4 from the revaluation of the cover (couver- Art. 6. This law becomes effective on the ture), shall be credited to the account of the day of promulgation, and will be carried out Public Treasury, in accordance with a convenby the Minister of Finance. tion between the State and the National Bank, which convention shall establish the manner of use of this increment. GOVERNMENT DECREE OF 9TH OCTOBER 1936 Art. III. The net increment which shall (No. 263 in the Collection of Laws and Decrees) accrue to the State under the above provifixing the precise value of the Czechoslovak crown in relation to gold sions, shall not be used for ordinary budget expenditures but only for exceptional mili- The Government of the Czechoslovak Retary requirements. public, in accordance with article 1, sec. 2 of Art. IV. Exchange transactions, as well as the Act of Parliament of 9th October 1936 those in precious metals, continue subject to (No. 262 in the Collection of Laws and Dethe legal provisions now in effect. crees) concerning a readjustment of Czecho- Art. V. The provisions of the present deslovak currency, decrees as follows: cree shall become effective from the date of Article 1. The value of the Czechoslovak publication in the Moniteur Officiel.5 crown is fixed at 31.21 milligrams of fine Art. VI. Our Minister Secretary of State gold. for the Department of Finance is charged Art. 2. This Decree becomes effective on with the execution of this decree. the day of promulgation, and will be carried Given at Bucarest, November 6, 1936. out by the Minister of Finance. 4 S«e BULLETINS for December 1929, pp. 797-798, and May 1934 5 Published in the Moniteur Officiel No. 260 of November 7, p. 288. 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY 1937 CONVENTIONS BETWEEN THE RUMANIAN " (d) With the sum of 100,000,000 lei a fund STATE AND THE NATIONAL BANK OF is established at the disposal of the N. B. R. RUMANIA to cover the expenses connected with transactions in and control of exchange. The un- FIRST CONVENTION used portion of this fund shall be turned back Between the Rumanian State, represented to the Public Treasury; by the Minister of Finance, Monsieur M. Can- "(e) The sum of 347,091,906 lei shall be cicov, on the one part, and the National Bank credited to a separate account set aside to of Rumania on the other part, represented by cover the premium of 38 percent on the unthe Governor, Monsieur M. Constantinescu, paid balance of the credit negotiated by the acting under the authority granted by the N. B. R. in 1931 at the Bank of France and Administrative Council of the said institu- utilized for the transfer of foreign payments tion, at its session of November 6, 1936, the of the State. following convention is adopted: " (f) The balance of the net increment shall "The increment resulting from the revalua- be credited to the State and shall be devoted tion of the gold stock held at the National exclusively to meeting the necessary expendi- Bank of Rumania, November 6, 1936, shall be tures for military requirements." utilized in accordance with art. 2 of the Royal Decree No. 2,504, published in the Moniteur SECOND CONVENTION Officiel No. 260 of November 7, 1936, as follows: Between the Rumanian State, represented "(a) The sum of 220,506,179 lei shall be by the Minister of Finance, Monsieur M. Canused to reimburse the N. B. R. for the pre- cicov, on the one part, and the National Bank miums paid by it for gold bought; of Rumania on the other part, represented by "(b) The sum of 1,817,919 shall be used to the Governor, Monsieur M. Constantinescu, pay the interest of 5 percent on the advance of acting under the authority granted by the 15 millions of French francs granted by the Administrative Council of the said institu- 'Steaua Romana' and utilized for the for- tion, at its session of November 6, 1936, the eign payments of the State; following convention is adopted : "(c) A sum up to 275,000,000 lei is al- 'The Public Treasury shall reimburse the located to cover the differences resulting from National Bank of Rumania to the amount of 2 the devaluation of foreign currencies. The billions of lei to extinguish the temporary adunused balance, after the final accounting has vance, granted to the State by this institution, been made, shall automatically accrue to the in accordance with art. 34, paragraph 4 of Treasury. its statutes." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

17 JANUARY 1937 FEDERAL RESERVE BULLETIN STATISTICS OF INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Statistics of international capital transac- States and the growth of excess reserves in tions of the United States from the begin- member banks of the Federal Reserve Sysning of 1935 to September 30, 1936, were tem. International capital movements have published by the Treasury on November 27, been discussed in several issues of the FED- 1936, and will continue to be published ERAL RESERVE BULLETIN on the basis of the quarterly.1 These statistics are reported on figures published at the end of this article. a weekly basis by banks and brokers in the Such discussions occurred in the Bulletins United States.2 Most of the international for October and December 1935 and for May, capital transactions of this country appear to July, and December 1936. have been handled by these reporting institutions. Reports received from other sources, DETAILED DESCRIPTION OF THE STATISTICS such as the larger exporters, importers, and Since the international movement of capital commercial and industrial concerns, indicate consists of transfers of ownership of balthat the net movement of capital through ances, securities, properties, and other claims these agencies has been comparatively small. between the United States and foreign coun- There are, however, unreported capital movetries, the distinction between domestic entiments which may at some periods have been ties and foreign entities must be precisely fairly substantial. indicated. Banking institutions, security In order that the figures relative to inter- dealers, other concerns, and persons are renational capital transactions may be readily garded as domestic, whatever their nationavailable to readers of the FEDERAL RESERVE ality, if domiciled within the United States. BULLETIN, they are presented at the close of Conversely, banking institutions, security this article in summary form. The first table dealers, other concerns, and persons are reshows the total capital movement as reported garded as foreign, whatever their nationality, by banks and brokers. The five major formsif domiciled outside the United States. Thus, which this movement has taken are also the branches in the United States of foreign shown in the first table. Each of the six banking institutions are regarded as domescolumns is then made the subject of a suc- tic, while foreign branches of domestic bankceeding table in which the data are classified ing institutions are regarded as foreign. according to leading countries and areas. Not every transfer of ownership between In addition to these seven tables, tables 8 and Americans and foreigners, however, involves 9 show the outstanding assets and liabilities an international exchange transaction. A from which the figures of the movement of foreign buyer of American securities with banking funds are derived. Only short-term funds on deposit at an American bank, for balances reported by banks are shown. Out- instance, may use these funds to pay for the standing balances reported by brokers are of securities purchased; or, not having such little importance and figures on outstanding funds, may borrow from an American bank security holdings are not collected for the or broker. Thus, the recorded inflow of capi- Treasury. Four charts showing the capital tal represented by the security transaction movement to the United States and its prin- would be offset by a recorded outflow of capicipal components are presented on pages tal reflected, in the first case, in a decrease in 38 and 39. American deposit liabilities to foreigners; The movement of capital between the and, in the second case, in an increase in the United States and foreign countries consti- foreign assets of an American bank or broker. tutes a major element in the balance of inter- No foreign exchange transaction would have national payments of the United States. In occurred, since what appear in the recorded recent years it has been the factor chiefly figures as two separate operations are really responsible for the gold flow to the United two offsetting aspects of a single operation, 1 See document entitled "Statistics of capital movements be- transacted wholly in dollars. The net figures, tween the United States and foreign countries and of purchases which would show no movement of capital, and sales of foreign exchange in the United States, January 1935 through September 1936." would report this fact correctly. - The figures are reported to the Federal Reserve banks pursuant to the Executive Order of January 15, 1934 (BULLETIN for The following paragraphs describe in de- February 1934, pp. 78-79), and the Treasury Regulation of No- tail the source and nature of the figures in vember 12, 1934 (BULLETIN for December 1934, p. 780). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY 1937 the various tables. The figures in the first creases in balances due from foreigners to column of table 1, and in table 2, represent such brokers and dealers. Decreases in (a) the summation of the several components and increases in (b) constitute outward described below. movements of capital and reduce the cumula- Banking funds (table 1, second column, tive inward movement. A net outward moveand table 3).—The term banking funds is ment of capital in brokerage balances has here used to cover short-term liabilities to usually indicated that foreigners have bought foreigners reported by banks in the United securities on margin in the United States. States, and short-term claims on foreigners Outstanding amounts of brokerage balreported by such banks. The reports also ances, both due to and due from foreigners, cover accounts of clients so far as these are are not large and the figures are not published handled by the banks. The figures discussed with this article, although they are available here relate only to the net movement of capi- in the Treasury bulletin of November 27. tal to the United States represented by Brokerage balances outstanding at the beginchanges in these liabilities and assets. Fig- ning and end of the period covered, and for ures of the outstanding amounts of liabilities the intermediate dates on which the cumulaand assets are presented in tables 8 and 9, and tive net inward and net outward movements the source and nature of these figures are of capital in brokerage balances were largest, described more fully in connection with those are given below. tables. The net movement of capital to the United States in banking funds represents the cumu- TOTAL BROKERAGE BALANCES OUTSTANDING lated sum of (a) increases in liabilities to for- [In millions of dollars] eigners (table 8) and (b) decreases in foreign assets (table 9), reported by banks in Due to Due from foreigners foreigners the United States. Decreases in liabilities and increases in assets constitute outward Jan.2, 1935 17.0 94.2 movements of capital and reduce the cumula- Opt 9, 1935 22.3 68.7 Feb 19, 1936. . . 21.9 102.3 tive inward movement. The extent to which, Sept. 30, 1935 36.6 90.6 for any given period, the net movement in banking funds represents (a) an increase in liabilities to foreigners, as opposed to (b) Since changes in brokerage balances are a decrease in assets held abroad, may readily closely related to security transactions, it apbe derived from the figures in tables 8 and 9. pears desirable, for most purposes, to con- Brokerage balances (table 1, third column, sider them as part of the net movement of and table 4).—The term brokerage balances capital in security transactions.3 is here used to cover balances due from for- Total securities (table 1, fourth column, eigners to reporting brokers and dealers in and table 5).—The net movement of capital securities domiciled in the United States, and to the United States in security transactions balances due to foreigners by such brokers represents the cumulated net purchases of and dealers. Total brokerage balances due both domestic and foreign securities from from foreigners include both debit balances Americans by foreigners, i.e., total foreign in foreign accounts with domestic brokers purchases minus total foreign sales, as reand dealers (reflecting funds borrowed by ported by banks, bankers, brokers and dealforeigners, presumably for the purchase of ers in the United States. The reports cover securities), and funds held abroad in the form (a) transactions executed in the United of balances with foreign banks and brokers. States for foreign account, or on behalf of Total brokerage balances due to foreigners a domestic trustee or nominee known to be include both credit balances in foreign ac- acting for foreign account; (b) transactions counts with domestic brokers and dealers, and executed in foreign countries for account of overdrafts carried abroad by such brokers reporting institutions in the United States and dealers. or their domestic clients;4 (c) transactions The net movement of capital to the United executed for joint foreign arbitrage account, States in brokerage balances represents the cumulated sum of (a) increases in balances 3 See first chart, p. 38, and note. 4 In general, transactions executed abroad otherwise than due to foreigners by security brokers and through the intermediary of a regularly reporting agency are not dealers in the United States and (b) de- reported, though certain special transactions reported directly by industrial concerns are included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19 JANUARY 1937 FEDERAL RESERVE BULLETIN as reported by brokers and dealers in the Short-term foreign liabilities (table 8) and United States who participate as principals assets (table 9) reported by banks in United in security arbitrage accounts jointly with States.—The figures in tables 8 and 9 reprebrokers and dealers domiciled abroad. sent, respectively, the short-term 5 indebted- The basic figures represent the total amount ness to, or claims on, governments, banks, of money debited or credited (to either for- oncerns, and individuals domiciled abroad, eign or domestic account), i.e., the cost of recorded on the books of banks and bankers purchases plus commissions, tax, etc., or the in the United States. These figures are deproceeds of sales less commissions, tax, etc. rived from weekly reports furnished by banks When security purchases in the United States and bankers performing foreign banking are partially financed by funds borrowed in operations, including domestically owned this country, the full cost of the purchase is commercial banks and trust companies, priincluded in the security figures and the funds vate banks, domestic branches and agencies borrowed are reported by the lending bank of foreign banks, and the Federal Reserve banks. The reports cover not only the reor broker; and conversely when such securiporting banks' own short-term liabilities to ties are sold and the indebtedness is repaid. foreigners, but also short-term obligations Domestic securities (table 1, fifth column, held for foreign account which represent and table 6).—The net movement of capital claims on institutions, firms, and individuals to the United States in security transactions in the United States. Thus, for example, during the period covered by the figures has United States Treasury bills and certificates represented principally net foreign purchases and commercial bills drawn on American of domestic securities. The term "domestic firms are reported as liabilities to foreigners securities" is used to designate securities of if held for foreign account by reporting banks the United States Government, States, and and bankers. Similarly, the reports cover municipalities, and of corporations chartered short-term claims on foreigners of domestic in the United States, except that changes in clients as well as those of the reporting banks. foreign holdings of United States Treasury Thus, deposits maintained abroad, or bills bills and certificates are largely reflected in sent abroad for collection, for account of the figures in table 8 (see below) and are not domestic clients, are included in the figures included in the figures of transactions in of foreign assets. The reports show shortdomestic securities. term liabilities to, or claims on, all concerns Foreign securities (table 1, sixth column, and individuals, whatever their nationality, and table 7).—The other component of the domiciled outside the United States, including net movement of capital to the United States foreign branches, subsidiaries, or affiliates in security transactions represents net for- of domestic banks and other concerns. eign purchases of foreign securities. The In considering the scope of the figures preterm "foreign securities" covers the securisented in tables 8 and 9 it should be recogties of foreign governments and political subnized that, although they are believed to cover divisions, and of corporations chartered in the most important portion of this country's foreign countries, except that changes in short-term foreign liabilities and assets, there American holdings of foreign government are several classes of liabilities and assets securities maturing within one year of the that are not reflected in the records of domesdate of issue are largely reflected in the tic banks and bankers, and, consequently, do figures in table 9 (see below), and are not not enter their figures. Three such classes included in the figures of transactions in for- not included in the figures in tables 8 and 9 eign securities. Foreign purchases of foreign are: (1) the short-term foreign liabilities and securities include, in addition to ordinary in- assets on open account of commercial, indusvestments, two special types of transaction: trial, and other concerns domiciled in the (1) the amounts of called or matured foreign United States; (2) the foreign debit and securities redeemed in the United States, and credit balances of security brokers and deal- (2) sinking fund purchases of foreign securi- ers in the United States; and (3) foreign ties in the United States. New foreign se- holdings of United States currency. Alcurity issues in the United States are included though reports are received from commercial, in the figure of foreign sales of foreign securities, and foreign subscriptions to such issuei are also reported as foreign purchases. licly even when they come within one year of maturity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY 1937 industrial, and other concerns, publication of 2. Loans to brokers and dealers in securities for the figures has been postponed, owing to cer- foreign account 3. Bills held for foreign account tain statistical inadequacies, until necessary 4. Short-term United States Government obligaimprovements have been developed. The net tions held for foreign account movement of capital in brokerage balances is 5. Allother given in table 4, however, and some idea of Payable in foreign currencies the net change in foreign holdings of United 6. Borrowings from foreign banks 7. Acceptances made by foreign banks States currency may be obtained from figures 8. All other published monthly in the FEDERAL RESERVE Short-Term Foreign Assets BULLETIN and annually by the Department of Payable in foreign currencies Commerce in The Balance of International 1. Banks' own deposits abroad Payments of the United States. 2. Deposits abroad for account of domestic The detailed classification of foreign lia- clients bilities and assets, as reported by banks and 3. All other (including publicly offered securities of foreign governments or political subbankers and as published in the Treasury divisions maturing within one year of date of bulletin of November 27, is as follows: issue) Payable in dollars Short-Term Foreign Liabilities 4. Loans to foreign banks Payable in dollars 5. Acceptances made for foreign account 1. Deposits for foreign account 6. All other NOTE.—Certain of the figures for August 12, 1936, and succeeding weeks, in tables 8 and 9, are not precisely comparable to the corresponding figures for weeks preceding August 12, owing to a revision in reporting practice by one of the reporting banks. In order that allowance may be made for this revision, the figures for August 12, 1936, are presented below on a basis comparable with those for preceding weeks. FIGURES FOR AUGUST 12, 1936, COMPARABLE WITH THOSE OF PREVIOUS WEEKS [In millions of dollars] United Latin Table Total King- France Nether- Switz- Ger- Italy Other Total Can- Amer- Far All dom lands erland many Europe Europe ada ica East other Tables.... 1,383. 3 262.0 139.3 90. 8 127. 6 21. 1 28.3 116.8 786.0 150. 2 210.2 211.0 19.8 Table 9 655. 8 93.9 24.4 20.6 4.2 176.3 11.9 54.8 386.1 75.1 115.7 68.8 10. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

21 JANUARY 1937 FEDERAL RESERVE BULLETIN TABLE 1.—TOTAL CAPITAL MOVEMENT Net Movement to United States Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] In security transactions In security transactions In In In In bank- broker- bank- broker- Week ending— Total ing age Total Do- For- Week ending— Total ing age Total Do- Forfunds bal- secur- mestic eign funds bal- secur- mestic eign ances ities secur- secur- ances ities secur- securities ities ities ities 1935 1936 Jan. 9 8.2 1.2 2.6 4.4 1.6 2.8 Jan. 8 1,448.2 1,008. 6 4.5 435.1 336. 2 98.9 Jan.16 23.2 5.3 2.0 15.9 6.6 9.2 Jan.15 1,457.1 1,011.2 6.8 439.0 336.7 102.3 Jan.23 100.7 72.9 3.7 24.1 11.3 12.7 Jan. 22 1,463. 4 1,053. 2 6.6 403.6 342.0 61.6 Jan.30 119.5 86.3 3.7 29.4 14.0 15.4 Jan. 29 1, 450. 3 1,037.8 6.5 406.0 347.1 58.9 Feb. 6__. 178.9 139.2 3.3 36.3 17.2 19.1 Feb. 5 1, 461. 7 995. 2 6.5 459. 9 355.8 104.2 Feb. 13._ 211.7 168.5 5.0 38.3 19.0 19.3 Feb. 12 1, 453. 2 981. 6 1.9 469.8 363.0 106.8 Feb. 20.. 219.8 170.7 7.0 42. 1 16.8 25.2 Feb. 19 1, 469. 2 982.6 -3.2 489.9 384.9 104.9 Feb. 27._ 215.2 166.8 10.9 37.5 12.3 25.2 Feb. 26 1, 498. 0 991.4 .4 506.3 400.5 105.7 Mar. 6... 217.9 170.5 13.7 33.7 6.5 27.2 Mar. 4 1, 495. 6 3.5 510. 2 402.3 107.9 Mar. 13_. 221. 5 179.4 15.4 26.7 (l) 26.7 Mar. 11 1,495. 9 1.1 504.8 406.1 98.7 Mar. 2O._ 236.0 194.3 20.2 21.5 -4.0 25.5 Mar. 18 1, 502. 5 6. 1 513. 2 410.0 103. 2 Mar. 27.. 253. 5 215.2 21.7 16.6 23.1 Mar. 25 1,513.9 .5 530.7 424.5 106. 3 Apr. 3 258. 7 211.9 21.1 25.6 -6.2 31.8 Apr. 1 1,510.1 967.6 .4 542.1 427.6 114.4 Apr. 10 318.2 270.5 20.9 26.9 -4.1 31.0 Apr. 8 1, 530. 0 972.4 -. 1 557. 7 445.7 112.0 Apr. 17 347.2 294.2 21.7 31.3 -3.3 34.6 Apr. 15 1,571.1 1, 001. 0 4.5 565.6 456.3 109.3 Apr. 24 390.6 338.8 21.0 30.8 -2.9 33.7 Apr. 22 1, 582. 7 1,000. 0 2.9 579.8 468. 0 111.7 Apr. 29 1, 597. 7 1,024. 9 7.4 565.5 477.0 88.5 May 1 348.2 300.3 21.8 26.1 -6.8 32.9 M y 365.4 317.6 21.9 25.9 -7.4 33.3 May 6 1, 619. 5 1,042. 5 17.1 559. 9 462.0 97.9 May I5^ 386.6 342.0 20.9 23.7 -7.5 31.2 May 13 1, 658. 0 1, 068. 9 16.5 572.6 469.0 103.6 May 22/^f 412. 3 362. 3 20.3 29.8 -1.0 30.8 May 20 1, 715. 5 1,113. 1 17.1 585. 3 474.1 111.2 May 29 506.9 453.8 20.7 32.4 2.0 30.3 May 27 1, 733. 2 1,128.1 14.7 590.3 475.1 115.2 June 5._. 551.9 477.1 26.4 48.5 9.3 39.2 June 3 1,761.5 1,131.7 17.6 612. 1 473.5 138.6 June 12.. 608. 8 527.7 26. 5 54.6 12.5 42.1 June 10 1,841.5 1,184. 6 18.3 638.5 495.2 143.3 June 19... 632.9 549. 2 28.7 54.9 13.2 41.7 June 17 1,929.4 1,256.3 19.4 653. 6 502.9 150.7 June 26.. 632. 1 551.9 27.1 53.2 12.8 40.4 June 24 1, 967. 4 1, 276. 5 20.1 670.8 515.8 155.0 July 3 615.2 525.8 29.8 59.5 15.8 43.7 July 1 1, 948. 2 1, 227.0 16.5 704.7 524. 1 180. 5 July 10— 637.4 550.4 26.8 60.2 16.2 44.0 July 8 1, 972. 4 1, 236. 4 20.0 716.0 528.7 187.3 July 17—. 663.1 571.2 24.8 67.1 24. 1 43.0 July 15 1,990.6 1, 234. 9 19.1 736.7 535.9 200.8 July 24.... 676.1 578. 5 25.6 72.0 28.1 43.9 July 22 2,008.1 1, 233. 0 20.5 754. 6 549.3 205.3 July 31— 682.4 572.6 25.4 84.4 39.1 45.3 July 29 2, 020.1 1, 229. 4 17.9 772.8 562.8 210.0 Aug. 7-.. 686.4 565. 5 23.6 97.4 49.6 47.8 Aug. 5 2,032. 5 1, 230. 5 19.9 782.0 566.8 215.2 Aug. 14.. 721. 7 593.4 18.4 109.8 59.-7 50.2 Aug. 12 2,062. 5 1, 252. 8 20.1 789.6 571.1 218.5 Aug. 21.. 753.9 682. 6 19.8 51.5 66.8 -15.2 Aug. 19 094.2 1, 269. 1 19.6 805.4 582. 6 222.8 Aug. 28.. 769.0 693.4 20.4 55.2 69.5 -14.3 Aug. 26 2,123. 8 1, 288. 0 18.2 817.6 591. 3 226.4 Sept. 4 766. 2 678.7 24.6 62.9 72.6 -9.7 Sept. 2 2,139. 9 1, 274. 2 15.2 850.5 596. 3 254.2 Sept. 11.. . 777.0 685. 2 23.5 68.2 75.5 -7.2 Sept. 9 2, 171. 7 1, 295. 0 16.9 859.7 600. 6 259. 1 Sept. 18.... 784.3 663.8 25. 1 95.4 79.6 15.8 Sept. 16 2,184. 6 1, 287. 0 20.1 877.5 614. 5 263. 0 Sept. 25.... 830.0 699. 6 29.8 100.6 17.9 Sept. 23 2, 231. 9 1, 315. 3 19.3 897. 3 631.6 265. 6 Sept. 30 2, 281. 7 1, 353.1 23.2 905.4 633. 3 272.2 Oct. 2 898.3 738.2 29.8 130.4 90.3 40.1 Oct. 9 965. 7 793.9 30.7 141.1 97.5 43.6 Oct. 16 1,051.8 871. 3 27.1 153.4 104.7 48.7 Oct. 23 1,103. 8 902. 6 23.7 177.5 124.9 52. 6 Oct. 30 1,131.4 912.3 20.5 198.6 142.6 56.0 Nov. 0... 1,128.8 900.3 19.3 209.2 154.2 55.0 Nov. 13 1,154.9 907.1 15.1 232.7 177.2 55.5 Nov. 20.. 1,196.9 912.1 5.9 278.9 216.6 62.3 Nov. 27.. 1,257.1 936.9 5.5 314.7 249.6 65.0 Dec. 4... 1, 346. 5 992.0 13.2 341.4 253.9 87.5 Dec. 11.. 1,381.3 986.2 6.3 388.9 283.2 105. 7 Dec. 18. 1,391.0 976.8 9.8 404.5 290.6 113.8 Dec. 24.. 1,418.2 985. 7 9.5 422.9 302.7 120.3 Dec. 31.. 1,411.4 963. 5 6.0 441.8 316. 7 125. 2 i Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Net Movement to United States Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending- Total U K d n i o i n m t g ed - France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca O A th l e l r 1935 Jan. 9 8.2 -2.4 10.1 .2 -1.0 .8 -1.2 7.4 .8 1.8 Jan.16 23.2 4.7 15.0 -1.9 -.9 2.8 -.9 2.7 21. 6 .4 Jan. 23 100. 7 42.9 33.7 2,2 14.3 -1.5 92.8 4.2 Jan. 30 119.5 49.8 31.4 12.9 .1 3.6 103.1 1.0 Feb. 6 178.9 68.3 45.3 14.4 8.6 2.0 -1.4 13.1 150. 4 1.0 10.7 Feb. 13 211.7 87.5 41.3 18.1 7.6 6.2 -.9 17.7 177. 5 4.3 11. 1 Feb. 20 219. 8 97.5 45. 5 17.2 6.5 .4 -.6 22.3 188.7 5.3 11.7 Feb. 27 215.2 109.0 42.6 14.7 5.9 1.7 -.9 17.6 190. 6 3.6 14.0 Mar. 6 217.9 108. 9 44.7 13.2 4.6 -1. 1 21 9 194.4 -1.4 18.1 Mar. 13 221. 5 109.3 42.5 14.9 4.9 3.0 -1.7 23! 4 196.3 -6.9 19.8 Mar. 20 236.0 122.7 33. 2 15.3 1. 7 4.9 26.8 203. 9 -2.9 19.0 Mar. 27 253.5 135.4 33.1 15.7 1.5 1.9 27.9 214. 5 -3.1 21.6 April 3 258. 7 140. 6 25. 1 9.0 3.3 -1.6 35.2 219.2 -10.4 26. 5 April 10 318.2 176. 2 37.4 -3.4 16.0 2.6 -.2 29.4 257. 9 0) 29 9 A A p p r r i i l l 2 1 4 7.._. 3 39 4 0 7 . . 6 2 2 1 1 8 0 7 . . 6 2 4 4 2 6 . . 6 2 2 1 6 3. . f 7 i 1 1 6 4 . . 0 4 4 3 . . 6 2 - -. . 4 8 3 29 0 . . 2 0 3 2 3 9 0 ° ^ 7 2 97 3 3 0 2 . . ' 0 0 -.2 May 1 348.2 197.1 48.1 29.6 15.7 4.8 -1.0 27.6 321. 9 -19.3 30.9 May 8 365. 4 208.3 45. 1 24.9 17.9 6.1 -.3 29 9 331.9 -19.4 32.8 May 15 386.6 219. 4 34.7 25.7 17.6 8.9 (2) 36.7 343. 0 -16.8 34.7 May 22 412.3 248.9 13. 1 28.7 21.4 8.9 1.4 37.7 360. 0 -12.5 33.5 May 29 506.9 266. 2 72.3 24.3 10.3 -.4 40.2 448. 6 -8.8 33.6 June 5 551.9 304.7 56. 3 38.0 31.8 13.2 r 43.0 486. 6 -12.4 35.5 June 12 608. 8 293.9 112.1 51.8 30. 4 12.2 44. 1 543. 7 -11.6 38.8 June 19 632.9 306. 5 120. 1 45. 9 29.4 13. 9 46.3 561.9 -8.0 37.4 June 26 632. 1 308. 0 119.9 49.8 16.0 45.0 566. 7 -8.1 39. 2 July 3 615.2 307. 5 114.0 48.3 27.4 15.0 2.6 49. 1 563. 9 -20.4 37. 6 July 10 637.4 318.1 116.0 47.8 25.8 15. 0 3.0 51.3 577. 0 -23.0 43. 6 July 17 663.1 330. 8 119.4 50.6 26. 2 17.2 2.2 53.4 599. 8 -20.9 41.7 July 24 676.1 326. 9 118.5 56.1 27. 1 19.5 .6 53.8 602. 5 -18.9 47.0 July 31 682.4 328.2 117.7 47.6 29.5 22.8 2.9 55.2 603. 9 -18.5 45.8 Aug. 7 686. 4 329.0 116.8 52.3 31.2 25.0 4.3 53.7 612.3 -30.7 51.5 Aug. 14 721.7 327.2 115.0 71.9 33. 6 25. 1 4.6 54.1 631. 3 -21.1 50.2 Aug. 21 753.9 342.5 120.3 74.0 36.0 26.2 3.2 60. 0 662. 3 -16.8 51.0 Aug. 28 769.0 337.6 119. 5 78.7 37.6 27.5 2.7 62. 6 666. 2 -17.3 55.7 Sept. 4 766.2 331.0 118.0 74.8 41.1 30.0 2.5 61.3 658. 8 -17.5 56.4 Sept. 11 777.0 337.8 105. 4 69.7 45.2 30. 0 3.1 65. 5 656. 8 -19.2 58.1 Sept. 18 784.3 348. 1 96.9 58.4 49.7 31.8 5.6 73.1 663. 5 -27.6 59.9 Sept. 25_.... 830.0 367.1 77.6 72. 1 57.1 33.6 4.7 81.2 693.5 -20.8 64.7 Oct. 2 898.3 379.9 100.4 82.7 69.8 33.3 7.3 84.5 -21.5 64.2 Oct. 9 965.7 408. 2 83. 1 94.9 74.0 32.2 8.4 98.8 799. 6 -13. 9 71.5 Oct. 16 1,051.8 434.5 110.9 102.3 81.7 31.2 10.0 111.1 881.7 -13.6 72.1 Oct. 23 1.103.8 456. 5 104.5 103. 6 89. 2 31.0 10.1 123. 6 918.4 -10.4 73.4 Oct. 30 1,131.4 456.5 125.4 102. 9 92. 7 32.1 10.7 123.3 943.4 -16.2 76.0 Nov. 6 1,128. 8 462. 9 119.4 99. 1 99.1 32.5 12.9 121. 1 946. 8 -20.1 78.3 Nov. 13 1,154. 9 466.5 128.9 99.9 101.7 31.9 16.4 123.0 968. 3 -11.8 76.0 Nov. 20 1.196.9 490.5 129.9 98.6 108.3 33.1 26.2 123.9 1,010.6 -16.0 77. 6 Nov. 27 1, 257.1 537.2 120.2 101.7 114.0 32.9 24.2 125.8 1,056. 0 -3.3 77.3 10.5 Dec. 4 1, 346. 5 553. 2 180. 9 106.9 124.2 32.7 25. 1 125.1 1,148.1 -10.3 Dec. 11 1,381.3 559.1 206.0 113.7 125. 5 34.3 25.7 126.2 1,190. 6 -13.7 78.7 Dec. 18 1,391.0 559.9 218.1 112. 9 126. 8 35.2 23.9 124.3 1, 201. 2 -12.8 81.3 Dec. 24 1, 418. 2 565. 3 214.0 116.8 127. 7 36.6 23.3 130.7 1, 214. 3 -4.2 75.2 Dec. 31 1,411.4 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 69.8 1 Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 23 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES—Continued Net Movement to United States Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8_. 1, 448. 2 555. 9 216. 6 116.3 136. 7 35.4 24.0 137.7 1, 222. 7 12.5 70.3 132.6 10.0 Jan. 15- 1,457.1 550. 8 219. 4 114.4 141.2 37.1 21.6 144.3 1, 228. 9 14.0 68.2 137.2 8.7 Jan. 22__ 1, 463. 4 553. 4 220. 2 115.0 142.0 38.3 25.1 144.6 1, 238. 5 10.1 71.0 134.5 9.4 Jan. 29_. 1, 450. 3 552.1 223.1 116.0 145.2 40.5 23.4 141.5 1,241.7 3.9 68.7 127.0 9.0 Feb. 5__. 1, 461. 7 549. 6 220.8 119. 5 145. 9 38.8 22.6 141.3 1, 238. 5 7.3 71.7 136.0 8.2 Feb. 12.. 1, 453. 2 545.8 225. 3 120.9 146. 5 37.5 22.4 141.5 1, 239. 9 3.1 73.9 127. 5 8.8 Feb. 19 _. 1,469.2 580.3 204. 3 125.8 146.4 36.7 20.7 145.1 1,259.3 -2.7 76.7 127.2 8.7 Feb. 26_. 1,498. 0 599. 4 197. 2 129. 9 148.2 36.2 18.9 144.7 1, 274. 5 2.3 81.8 130.2 9.3 Mar. 4___ 1,495.6 592.8 202.3 128.9 152. 3 36.7 18.4 145.4 1,276. 8 -.6 87.1 124.4 7.8 Mar. 11.. 1,495. 9 590. 0 205.0 127. 2 153.7 35.6 18.6 142.0 1, 272.1 -2.5 89.7 127.3 9.3 Mar. 18.. 1, 502. 5 576.1 211. 1 127.5 158.7 36.2 17.5 140.6 1, 267. 6 -2.1 95.6 133.7 7.7 Mar. 25.. 1, 513. 9 575.3 217. 5 131.9 160.8 34.8 18.4 139.7 1, 278. 3 -5.9 100.6 133.8 7.1 April 1. _ 1,510.1 560.4 221.7 125. 0 173.0 36.4 20.5 139.2 1, 276. 3 -1.5 102.4 126.0 6.8 April 8. _ 1, 530.0 564. 5 216.1 129.8 176.3 35.3 21.6 141.1 1, 284.6 109.1 129.7 6.7 April 15. 1,571.1 584. 5 224. 3 133.0 178.2 35.5 20.9 132.8 1, 309. 2 12.7 110.1 133.0 6.1 April 22. 1, 582. 7 592. 6 222.5 133. 8 180.4 35.4 19.9 126. 9 1,311.5 15.5 115.2 134.1 6.5 April 29. 1, 597. 7 602.2 210.4 133.6 182.2 39.2 19.3 130.9 1,317.7 17.9 118.5 138.2 5.4 May 6— 1,619.5 611. 6 210.1 136.6 188.1 37.6 18.4 132.3 1, 334. 7 13.9 122.6 140.2 8.2 May 13- 1. 658.0 632.1 205. 6 138. 3 191.0 37.6 21.0 136. 5 1, 362.1 16.7 126.4 144.4 8.4 May 20- 1,715.5 640.6 235. 2 147.5 194.5 39.9 21.2 131.7 1,410.6 18.4 132.3 145. 5 8.7 May 27- 1, 733. 2 646.1 227.2 149.1 201.1 43.8 21.3 133.4 1,422. 0 23.9 131.3 147.1 8.9 June3_. 1, 761. 5 643.6 220.5 148.9 214.9 43.0 20.8 141.0 1, 432. 7 20.5 136.1 163.3 8.9 June 10_. 1, 841. 5 673.7 211.8 170.9 229.9 42.5 21.8 145.4 1,496. 0 22.9 141.8 169. 8 11.0 June 17. 1,929. 4 689.6 236.9 182.7 238.3 47.6 24.9 157.1 1, 577. 3 29.9 140.9 168. 7 12.7 June 24.. 1, 967.4 696.5 243.6 195.9 243.9 47.2 23.5 159.9 1,610.4 32.0 142.7 169.3 13.1 July 1-- 1, 948. 2 682.3 240.0 198. 2 247.5 47.2 22.3 159. 5 1, 596. 9 26.0 142.6 168.8 13.9 July 8-- 1,972.4 687. 6 238.8 200.0 248.2 48.5 25.1 160.2 1, 608. 4 33.1 149.7 169.0 12.3 July 15.. 1,990. 6 678. 0 242.8 199. 2 251.4 50.4 25.2 166. 6 1,613.5 38.6 151.9 174.8 11.8 July 22.. 2,008.1 688.2 238.9 197.2 253.4 52.6 25.6 166.0 1, 622.0 44.9 151.9 177.6 11.8 July 29.. 2, 020.1 694.7 233. 0 197. 7 251. 5 57.3 25.7 169.6 1, 629. 6 47.6 153.9 177. 3 11.7 Aug. 5-_. 2, 032. 5 698.7 237.9 198.2 253.3 57. 1 25.1 171.6 1,641.9 53.7 155.0 169.9 12.0 Aug. 12.. 2, 062. 5 707.6 229.6 195.4 258.6 58.6 27.0 173. 1 1, 650. 0 63.9 154. 8 180.5 13.3 Aug. 19_. 2, 094. 2 720.2 232.6 195.4 259.3 61.8 28.1 177.6 1, 675. 0 71.1 153.6 181.7 12.8 Aug. 26.. 2,123. 8 723.7 231.4 196. 2 261.1 63.8 29.2 172. 5 1,678.0 88.6 154.3 190.8 12.1 Sept. 2_- 2,139. 9 701.3 232. 7 197.5 267.3 64. 6 27.7 179.1 1, 670. 2 112.8 155. 7 188.0 13.2 Sept. 9... 2,171. 7 707. 3 233. 3 197. 3 267.9 68.3 29.0 182.1 1,685.2 115.2 161. 5 195.9 13.9 Sept. 16_. 2,184. 6 701. 9 226. 2 201.4 275.4 71.2 26.3 186.1 1,688.5 120.7 160.8 201. 1 13.4 Sept. 23... 2.231.9 725. 5 226. 6 200. 8 283. 2 68.0 27. 1 190. 7 1,721.9 129.9 162.4 204. 3 13.4 Sept. 30.. 2,281.7 780.2 201.9 195.0 297. 6 73.9 28.7 197. 2 1,774.6 138.5 159.6 195.4 13.7 i Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 3.—BANKING FUNDS, BY COUNTRIES Net Movement to United States Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan 9 1.2 -5.3 8.8 -1.1 .1 1.0 -1.0 -.1 2.3 -. 1 1.1 —. 5 -1.7 Jan.16 5.3 -2.9 14.7 -4.0 0) 3.2 —. 7 1.5 11.8 -5.3 -1.7 -1.5 2.0 Jan. 23 72.9 30.6 32.7 -.8 1.3 14.2 .4 -3.5 75.1 -4.8 -1.0 2.7 .9 Jan. 30 86.3 34.6 30.5 8.8 5.9 -.2 .1 .7 80.4 -8.5 3.6 9.5 1.3 Feb. 6 139.2 52.4 43.6 9.4 9.2 1.7 -1.6 6.9 121.6 -8.2 9.8 14.7 1.3 Feb. 13_. 168. 5 68.3 38.4 12.7 8.3 5.8 n 10.4 143.0 -2.4 9.7 17.2 .9 Feb. 20 170.7 77.0 43.2 11.1 7.2 -.1 -.6 13.3 151.1 -4.2 9.9 13.4 .6 Feb. 27 . 166.8 88.3 39.9 8.6 6.5 1.4 —. 7 8.2 152.2 -3.8 12.0 7. 1 _, 7 Mar. 6 170.5 89.4 42.7 7.7 6.3 2.3 -.8 6.4 154.0 -6.4 15.9 7.3 -.3 Mar. 13 179.4 92.8 40.8 9.7 7.9 2.5 -1.3 5.5 158.0 -7.5 17.3 11.1 .4 Mar. 20 194.3 107.5 31.5 9.8 5.0 4.1 -.3 8.9 166.5 -3.2 16.4 12.7 1.9 Mar. 27 215.2 120.2 30.8 10.1 4.8 . 7 A 8.8 175.0 2.6 18.5 17.6 1.6 Apr. 3 ... _ 211.9 127.2 22.7 2.4 11.4 2.3 -.9 12.6 177.6 -8.1 20. 6 17.5 4.3 Apr. 10 270.5 162.7 35.6 -11.3 18.2 1.3 .6 6.0 213.2 6.5 23.3 24.4 3.0 Apr. 17. _. 294.2 171.3 44.8 5.4 16.4 1.8 .1 5.2 244.9 2.4 23.1 19.4 4.5 Apr. 24 338. 8 195.7 41.6 18.7 17.4 3.0 .4 6.1 282.9 6.5 24.9 21.9 2.6 May 1 . 300.3 182.9 48.0 21.9 16.4 3.0 .3 3.1 275.7 -9.6 23.9 8.9 1.4 May 8... 317.6 193. 2 45.3 16.6 17.8 4.3 .4 4.6 282.2 -5.6 25.8 12.2 3.0 May 15 342.0 206.3 34.3 16.5 17.4 6.7 .7 10.3 292. 1 1.7 27.6 18.4 2.2 May 22.... 362.3 232.3 11.4 19.0 20.4 6.3 2. 1 10.8 302.2 7.8 26.3 24.0 2.1 May 29 453.8 248.5 68.9 24.3 22.5 7.8 .2 12.8 385.0 13.8 26.7 25. 7 2.6 June 5 477.1 281.0 51.6 25.4 29.4 10.8 .1 12.0 410.3 8.1 28.4 26.1 4.1 June 12. __ 527.7 270.2 106.7 38.5 27.2 9.6 9.0 461.1 10.7 31.8 19.8 4.3 June 19 549.2 282.2 114.1 32.2 25.7 11.5 . 1 11.4 477.2 16.1 30.5 19.2 6.3 June 26. _ 551.9 284.5 113.1 36.3 23.5 13.4 .8 9.3 480.9 21.2 31.6 14.3 4.0 July 3 525. 8 279.9 107.3 34.0 22.5 12.7 2.8 11.5 470.7 7.5 30.1 13.8 3.7 June 10 550.4 290.7 109.1 33.6 20.5 12. 7 3.0 13.3 483 0 7.9 36.0 19.9 3.7 July 17 571 2 300 4 112 6 36 4 19 7 14 8 2 2 15.3 501 2 8 3 34 2 23 9 3.6 July 24.. 578.5 294.2 111.7 40.0 19.7 17.0 .7 15.3 498.6 9.7 39.1 27.5 3.5 July 31 572.6 289.4 110.5 27.2 20.8 20.2 2.9 16.2 487.1 11.4 37.5 32.6 4.1 Aug. 7 565. 5 284.9 109.1 30.3 21.6 22.2 4.1 14.3 486.5 -2.0 42.6 34.3 4.0 Aug. 14 593.4 278. 6 107.9 48.7 22.5 22.2 4.3 13.7 497. 9 7.1 41.3 42.9 4.2 Aug. 21 682.6 290.9 114.1 49.2 22.7 22.9 2.9 19.4 522.2 76.6 41.8 40.4 1.5 Aug. 28 693.4 284.5 112.5 52.4 22.6 23.9 2.4 21.2 519.4 78.6 45.6 47. 0 2.8 Sept. 4. 678. 7 274.0 110 2 48 3 24 9 26 5 2 0 17.9 503 9 76 2 46 3 48 6 3.7 Sept. 11 685.2 279. 2 97.7 43.1 28.9 25.9 2.5 21.4 498.7 74. 1 47.7 62.6 2. 1 Sept. 18.. 663.8 278.7 88.6 28.5 32.6 27.3 4.9 28.3 488.9 54.2 48.6 67.4 4.8 Sept. 25 699.6 295.2 68.1 40.6 37.4 29.4 4.0 35.4 509. 9 63.4 53.1 68.0 5.2 Oct. 2... 738.2 303.4 89 7 49.6 48.4 29 3 6 5 37.9 564.7 44.6 52.2 70.4 6.2 Oct. 9. 793.9 328 5 72 4 60 1 50 4 28 2 7'7 50.0 597 1 51 9 58 9 78 9 7.0 Oct. 16 871.3 353.1 99.3 66.5 56.3 26.7 9.3 60.6 671.8 51.8 58.9 81.5 7.4 Oct. 23 902.6 364.8 90.4 66.3 62.3 26.1 9.0 70.9 689.8 53.2 59.7 92.3 7.6 Oct. 30 912.3 352.7 110. 6 63.5 63.2 26.7 9.4 69.9 696.0 49.6 62.1 95.0 9.6 Nov. 6 900.3 353.3 103.0 57.8 68.3 26.9 11.7 66.6 687.6 50.1 63.4 89.8 9.4 Nov. 13. 907.1 345.0 110 7 56 1 68 3 26 0 15 0 67.6 688 7 60 9 61 2 87 7 8.6 Nov. 20 912.1 349.5 109.6 51.1 69.3 27.0 24.7 68.0 699. 2 54.4 62.2 88.0 8.4 Nov. 27.. 936. 9 372.5 95 8 48 8 72.2 26 5 22 7 68.6 707 1 70 2 61 8 88 8 9.0 Dec. 4_._ 992.0 381.2 155 9 54 1 79 2 25 9 22 6 67 4 786 3 43 2 62 5 88 2 11.8 Dec. 11 986.2 360.6 178.3 58.4 77.9 27.2 22.9 69.0 794.2 35.1 62.8 85.9 8.1 Dec. 18.. 976.8 355.1 188 9 56 1 76 3 27 8 21 1 65 5 790 8 32 3 64 4 81 7 7. 7 Dec. 24 985. 7 352.5 184. 0 58.7 74.5 29.0 20.4 70.8 789.8 38.2 58.2 90.3 9. 3 Dec. 31_ 963. 5 337. 4 177.6 55.4 74.0 28.8 21.0 69.5 763.7 41.4 52.5 96.1 9.9 1 Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 25 TABLE 3.—BANKING FUNDS, BY COUNTRIES—Continued Net Movement to United States Cumulated Weekly from Jan. 2, 1935 fin millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la it n z d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8-__ 1,008.6 331.4 179.4 52.8 77.9 27.5 20.8 75.0 764.8 83.6 53.4 99.7 7.0 Jan. 15.. 1,011.2 325. 1 180.9 48.6 80.4 29. 1 18.4 81.2 763.6 86.7 50.6 104.6 5. 6 Jan. 22-. 1,053.2 328.8 179.5 47.2 77.5 30.0 21.7 80.3 765.1 126.4 53.6 101.9 6.3 Jan. 29_. 1, 037. 8 324.0 181.6 46.9 79.5 32.3 19.8 76.9 761.1 124.6 51.7 94.5 5.9 Feb. 5... 995. 2 321.0 177.7 47.7 30. 5 19.0 76.2 750. 9 80.6 54.0 104.6 5.0 Feb. 12_. 981.6 317.6 180.9 47.8 76.6 28.7 18.9 76.2 746. 6 76.6 56.6 96.0 5.7 Feb. 19_ 982.6 342.6 159. 1 47.9 74.8 27.6 17.2 79.1 748.3 74.3 59.7 95.4 4.8 Feb. 2G_. 991.4 349. 2 153.4 49.5 73.6 26.9 15.3 77.5 745. 4 79.4 64.6 96.7 5.3 Mar. 4__. 981.8 342. 2 157.4 48.3 76.6 27. 1 14.4 78.1 744.0 75.8 68.7 89.7 3.6 Mar. 11. 990. 0 336. 9 158. 3 46.5 75.5 25.8 14.6 90.7 748.3 74.2 71.0 91.4 5.1 Mar. 18.. 983.2 326. 1 162. 4 45.5 75.7 26. 1 13.6 88.6 738.1 68.6 76.6 96.4 3.6 Mar. 25 982.8 323. 9 165.9 48.6 75.3 24.8 14.6 86.7 739.9 62.5 81.4 96.1 2.9 Apr. I.- 967. 6 305. 6 169. 6 40.3 85. 3 26.5 16.8 84.9 729.0 67.2 80.7 88.0 2.7 Apr. 8.... 972.4 303. 9 163. 1 42.0 84.9 25.3 17.8 91.9 728.9 65.8 86.9 88.3 2.4 Apr. lo_ 1,001.0 304.5 168.4 42.2 84.4 25. 1 17.1 104.7 746.4 74.5 87.5 90.7 1.8 Apr. 22_. 1, 000. 0 305. 3 167. 6 41.2 84.5 24.9 16.2 95.6 735. 2 79.1 92.1 91.5 2.1 Apr. 29 1,024.9 304.9 154.6 40.9 82.7 28.5 15.6 98.3 725.6 108.5 94.2 95.9 May 6 1,042.5 315.8 153. 7 45.5 88.3 26.7 14.7 99.2 743.9 98.4 97.3 100.0 2.9 May 13.. 1,068.9 337. 1 148.9 45.5 87.8 26.5 17.4 102.4 765.6 97.5 100.6 102.1 3.1 May 20 1, 113. 1 345. 1 176.0 54. 1 89.0 28.7 17.6 97.8 808.2 92.6 105.9 103.1 3.2 May 27- 1,128.1 354. 6 166.9 54. 3 93.7 32.4 18.0 99.3 819.3 97.2 104.7 104.0 3.0 June 3. __ 1, 131.7 362. 4 159. 7 51.8 102.3 31. 6 17.6 84.6 809.9 109. 0 120.4 2.8 June 1O_. 1, 184.6 391. 9 149.9 69. 5 113.1 30. 9 19. 1 86.9 861.4 78.1 114.5 125.7 4.9 June 17... 1,256.3 410.2 174.8 78.1 116.8 36. C 22.4 97.3 935. 7 78.5 112.8 122.8 6. 6 June 24.. 1,276.5 413.2 180.5 87.4 118.2 35. 4 21.0 98.5 954.2 79.7 114.2 121.6 6.9 July !___. 1,227.0 393. 3 176. 1 89.6 119.8 35.7 20.1 97. 1 931.7 52.3 113.8 121. 6 7.6 July 8.... 1,236.4 393.7 175.0 89.2 119.3 37.0 22.7 97.3 934.3 55.0 120.4 120.8 5.9 July 15... 1,234.9 382.8 178.7 86.8 119.2 38.7 23.2 93.8 923.1 58.4 122.0 126.0 5.3 July 22... 1,233.0 387.6 172.5 83. 0 118.8 40. 6 23.5 92.6 918.5 59.2 122.3 128. 1 5.0 July 29... 1, 229. 4 388.2 165.9 81.4 114. 7 45.2 23.6 94.4 913.4 60.7 123.6 127.3 4.5 Aug. 5_._ 1, 230. 5 388. 0 170.6 79.8 113.8 45. 1 22.9 94.7 914.9 67.2 124.1 119.2 5.1 Aug. 12.. 1, 252. 8 393.3 161.6 76.0 117.8 46.6 24.9 95.2 915.4 78.1 123.5 129.6 6.2 Aug. 19-- 1, 269. 1 402.2 162. 6 74.2 116. 8 49.4 26. 0 98.3 929.4 81.5 121. 8 130. 8 5.6 Aug. 26_- 1, 288. 0 401.7 161. 7 73.7 116.4 51.3 27.1 93.2 925.3 96.0 122.8 139.0 5.0 Sept. 2... 1, 274. 2 377.6 162. 7 73.5 120. 4 51.9 25.3 95.8 907.3 102.5 123.2 135. 5 5.8 Sept. 9... 1, 295. 0 382.7 162. 8 71.6 119.8 55.4 26.9 97. 5 916.7 100.5 128.9 142.5 6.4 Sept. 16-. 1,287.0 373. 3 155. 1 72.0 121.3 58.2 24.3 99.9 904.0 102.8 127.3 146.8 6.0 Sept. 23-. 1, 315. 3 389. 4 155. 1 67.9 125.2 54.7 25. 1 103.6 921.0 111.0 128. 7 148.7 5.9 Sept. 30-. 1,353.1 437. 9 128.4 61.0 136. 5 60.4 26.7 110.1 961.0 118.6 123.7 143. 6 6. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 4.—BROKERAGE BALANCES, BY COUNTRIES Net Movement to United States Cumulated Weekly from Jan. 2. 1935 [In millions of dollars. Minus sign indicates net movement from U. S.] Week ending— Total U K d n o i i n m t g e - d France N l e an th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 2.6 -.8 2.1 .4 -.4 -.1 0) .4 1.7 .6 .4 -.2 Jan. 16 . . _- 2.0 -.9 .3 .3 -.2 i -.1 .1 -.5 1.3 .6 .6 Jan. 23 3.7 .4 1.2 -.3 .2 0) .2 1.7 1.8 -.2 .4 -. 1 Jan. 30... _- 3.7 .9 1.3 -.2 -.6 .2 (2) .5 2.1 1.6 -.4 .5 -.1 Feb.6 3.3 .5 2.0 -.1 -1.6 .1 (2) .1 .9 1.6 -.2 1.1 Feb. 13 5.0 2.1 2.2 -.2 -1.6 .1 -.1 .3 2.8 1.0 0) 1.2 -.1 Feb. 20 7.0 2.8 1.6 .1 .4 4.4 1.0 1.7 -. 1 Feb. 27 10.9 3.5 3.2 .4 .3 (2) -.1 .4 7.8 1.5 .2 1.5 Mar. 6 13.7 4.5 3.7 .8 0) .5 9.5 2.6 .1 1.6 -.2 Mar. 13 15.4 4.3 4.5 1.1 -.2 -.1 -.1 1.1 10.5 2.5 .1 2.4 -. 1 Mar. 20 20.2 5.8 4.9 2.0 .1 .1 (2) 1.1 13.9 3.5 .1 2.8 I Mar. 27 21.7 7.0 5.6 2.1 .1 .1 i 1.0 15.9 3.3 0) 2.6 -.1 A A p p r r . . 3 1 . 0 2 2 0 1. . 1 9 6 5 . . 5 8 5 4 . .5 6 2 2. . 9 6 . . 3 8 (2) .1 -(2).1 1 1. . 4 2 1 15 6 . . 5 1 2 2. . 4 2 . . 3 4 2 2. . 7 5 - - . .1 1 Apr. 17 21.7 6.3 3.9 2.9 .8 -.1 1.2 15.1 3.7 .5 2.4 Apr. 24 21.0 6.3 3.3 2.7 .9 (0 1.2 14.4 3.6 .7 2.4 (2) May 1 21.8 7.0 3.5 2.7 1.0 .1 1.3 15.4 3.2 .6 2.6 (0 May 8 21.9 7.9 2.6 2.9 1.1 0) 1.4 15.8 2.6 .7 2.9 May 15 20.9 6.8 2.3 3.4 .8 (2) 0) 1.4 14.6 2.5 .7 3.2 -. 1 May 22 20.3 6.4 2.7 3.1 1.2 .1 (2) .6 14.0 2.3 .8 3.0 .1 May 29 20.7 5.0 4.0 2.8 1.2 .1 .7 13.8 2.3 .8 3.7 0) June 5 26.4 7.4 5.6 3.3 2.5 -.1 -.2 .8 19.3 2.4 .8 3.9 0) June 12___ . _ 26.5 6.7 6.4 3.2 2.2 -.2 -.2 .8 19.0 2.8 1.0 3.7 0) June 19 28.7 7.4 6.5 3.8 2.3 -.2 -.1 .8 20.5 3.2 .8 4.2 June 26 27.1 6.5 6.7 3.3 2.3 -.2 -.1 .7 19.3 2.8 1.4 3.7 -. 1 July 3 29.8 6.8 7.0 3.6 2.2 -.2 —. 1 1.6 20.8 3.3 1.3 4.4 (2) July 10 26.8 5.9 6.6 3.4 2.0 -.2 -.1 1.4 19.2 2.0 1.2 4.5 (2) July 17 24.8 5.3 5.4 3.3 2.2 -.2 —. 1 .8 16.9 2.5 .9 4.6 -. 1 July 24 __ 25.6 5.1 5.3 3.4 2.6 -.1 -.1 .9 17.2 2.7 1.3 4.5 1 July 31 25.4 4.9 5.5 3.4 2.7 -.1 .4 16.8 2.5 1.4 4.8 -.1 Aiig. 7 23.6 4.4 5.2 3.2 2.3 -.1 15.0 2.8 1.4 4.6 -.3 Aug. 14 18.4 3.8 4.7 3.3 2.4 -.1 -.1 .1 14.0 .3 .6 4.4 -.9 Aug. 21 19.8 4.7 3.9 3.1 2.5 -.4 13.7 1.2 .5 4.5 -.3 Aug. 28 20.4 4.4 5.1 3.4 2.9 -.1 -.2 15.5 .4 .6 4.6 -.7 Sept. 4.. 24.6 5.4 6.3 3.5 3.7 -.4 _ 1 1.2 19.5 .5 .5 4.8 -.7 Sept. 11 23.5 4.7 5.6 3.3 3.2 1.4 18.1 .9 .5 4.7 -.5 Sept. 18 25.1 5.1 5.3 3.1 3.5 0) (') 2.1 19.1 1.1 .5 4.9 -.5 Sept. 25 29.8 6.0 5.7 3.7 3. 1 -.1 .1 2.2 20.8 3.2 1.0 5.1 -.3 Oct. 2 29.8 6.2 6.1 3.7 3.3 -.1 1.6 20.8 3.2 1.0 5.1 —.3 Oct. 9 30.7 7.2 5.7 4.3 3.4 1.5 22.2 2.8 .9 5.2 -.5 Oct. 16 27.1 6.1 4.8 3.8 3.4 0) 1.6 19.8 1.3 1.2 5.4 -.5 Oct. 23 23.7 4.8 4. 5 2.8 3.0 (2) .2 1.9 17.1 1.1 .8 5 2 — 6 Oct. 30 __ 20.5 5.0 3.4 2.8 2.8 .3 1.8 15.9 -.3 .6 5.0 -.8 Nov. 6 19.3 4.4 3.1 2.6 3.0 (2) . 1 1.7 14.8 -.6 .9 5 0 - 8 Nov. 13 15.1 1.9 3.0 2.9 2.5 -.1 0) 1.6 11.9 -2.1 .8 5.1 -.6 Nov. 20 5.9 -3.0 2.0 1.9 2.8 -.1 1.2 4.9 -3.2 .5 4.7 -.9 Nov. 27 5 5 -2.8 3.7 1.8 2.5 .1 1.9 7.1 -4.6 .4 3 7 — 1 1 Dec. 4 13 2 .5 4.5 1.4 3.3 —. 1 .1 2.6 12 2 —2 9 .9 3 9 — 1 0 Dec. 11 6.3 .4 2.9 .8 2.8 -.1 .1 .9 7.8 -4.4 .6 3.2 1 0 Dec. 18 9.8 .3 2.6 1.4 2.8 -.2 .1 1.8 8.9 -3.1 1.2 3.5 -.8 Dec. 24 9.5 .6 3.2 1.9 2.8 -.2 .1 1.4 9.8 -3.8 1.1 3.3 - 9 Dec. 31 6.0 0) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 i Inflow less than $50,000. * Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

27 JANUARY 1937 FEDERAL RESERVE BULLETIN TABLE 4.—BROKERAGE BALANCES, BY COUNTRIES—Continued Net Movement to United States Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net movement from U.S.] Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8 4.5 -.8 3.4 .7 2.5 —. 1 .2 1.3 7.2 -5.4 .5 3.1 — .9 Jan.15 . 6.8 1.4 2.5 1.7 2.3 -.2 .1 2.0 9.8 -5.9 .6 3.5 -1.1 Jan. 22 6.6 -.5 2.6 1.8 2.9 -.1 . 1 3.0 9.7 -5.5 .3 3.3 -1.2 Jan. 29 6.5 2.1 2.1 1.4 2.9 .1 3.3 11.7 -6.8 2.9 -1.2 Feb 5 6 5 2 5 1 6 1 1 2 8 — 2 2 2.9 10 9 —7.0 .6 3 0 — 1 0 Feb. 12 1.9 -.6 1.7 .4 2.6 -. 1 .2 2.2 6.2 -5.7 -.2 3.0 -1.5 Feb 19 —3 2 —2 1 1 9 4 1 6 2 2 1 9 3 6 —6 6 — 1.5 2 2 — 1 0 Feb. 26 .4 -.9 4.5 -.7 2.3 -.2 .2 2.0 7.1 -5.9 -1.4 1.7 -1.0 Mar. 4 3.5 .3 7.7 -.7 1.9 -. 1 .2 1.6 10.8 -6.3 -1.8 1.8 -1.1 Mar. 11 1.1 .6 7.9 -.8 1.5 2 .4 1.4 10.9 -8.4 -2.2 1.8 -1.0 Mar. 18 6.1 1.0 7.7 .5 2.3 -.1 .3 1.3 13.0 -5.4 -2.5 2.1 -1.1 Mar. 25 .5 -.3 7.1 .3 2.0 -.2 . 1 .9 9.9 -6.6 -3.2 1.4 -1.1 April 1 .4 —. 5 6.7 2 2.6 -. 1 . 1 1.3 9.9 -6.2 -3.3 1.2 -1.2 April 8 . _ ._ 2 -1.8 6.1 -.8 1.8 -.1 . 1 1.8 7.2 -6.0 -3.7 3.6 -1.1 April 15 4 5 — 8 8 5 1 1 7 1 2 2 1 11 7 —6 1 —3.9 4 0 — 1 1 April 22 2.9 -2.0 6.6 -.2 2.7 -.1 .1 1.7 8.8 -4.9 -3.7 3.9 -1.1 April 29 7.4 -1.2 7.6 .8 3.0 — 2 0) 1.8 11.8 -4.3 -2.7 3.5 -1.0 May 6 17 1 3 3 9 3 2. I 3 3 — 1 (1) 1.6 19 5 —4.6 — 2.2 4 5 2 May 13 16.5 2.2 9. 1 2.2 3.7 -. 1 0) 1.9 19.0 -4. 5 -1.9 4. 1 -.2 May 20 17 1 2 6 8 6 1.9 3 8 2 (1) 2 0 18 8 —4.0 — 1.7 4 2 — 1 May 27 14.7 1.8 8.7 1.7 3.5 -.2 0) 1.1 16.7 -3.9 -1.8 3.9 -.1 June 3 17.6 1.5 8.7 1.9 3.7 -.1 .1 2.3 18.0 -2. 1 -1.9 3.7 -.1 June 10 18 3 2 3 9 1 1 8 4 1 1 1 2 4 19 6 —3. 6 — 1.8 4 2 — 1 June 17._ 19.4 2.7 9.4 2.1 3.9 -. 1 .1 2.3 20.4 -3.6 -1.8 4.4 -.1 June 24 20.1 3.2 9.2 1.7 3.9 0) 2.2 20.1 -3.7 -1.8 5.5 .1 July 1 16.5 2.1 8.8 .8 4.1 1 (0 2.0 17.8 -4.0 -1.5 4.1 July 8 20.0 3.6 9.6 1.9 4.6 -. 1 . 1 2.4 22.1 -5.4 -1.5 4.8 .1 July 15 19.1 2.1 9.6 2.9 5.1 . 1 .1 2.1 22.0 -6.0 -1.1 4.2 0) July 22.. 20.5 3.0 9.9 2.7 5.7 0) .1 1.7 23.1 -5.3 -1.6 4.2 .2 July 29 17.9 1.3 9.5 2.2 5.9 0) .1 2.0 20.9 -6.1 -1.4 4.2 .3 Aug. 5 19.9 2.7 10.2 2.2 6.6 .1 .2 1.6 23.6 -6.2 -1.8 4.2 .2 Aug. 12 -_- 20.1 4. 1 9.7 2.0 6.2 . 1 .1 1.8 24.0 -6.5 -2.0 4.2 .3 Aug. 19 19.6 1.8 11.0 1.9 6.8 .2 .1 2.0 23.7 -6. 0 -1.9 3.5 .3 Aug. 26 . _ 18.2 -.2 10.7 2.1 7.1 . 1 . 1 1.9 21.7 -4.0 -3.0 3.3 .1 Sept. 2 __ 15.2 .8 10. 3 1.8 6.6 .1 .1 1.5 21.3 -7.3 -2.3 3.3 .2 Sept. 9 16.9 -.2 10.8 1.7 6.4 .1 2 1.7 20.6 -5. 3 -2.3 3.8 .2 Sept. 16 20.1 1.3 12.1 1.9 6.3 .2 1.7 23.3 -5.2 -2.1 3.8 .2 Sept. 23 19.3 -.2 11.7 1.8 6.6 . 1 . 1 2.1 22.2 -4.6 -2.2 3.7 .3 Sept. 30— 23.2 .6 14.4 3.0 7.4 .2 2.2 27.8 -6.4 -2.4 3.9 .3 i Inflow less than $50,000. 2 Outflow less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 5.—TOTAL SECURITIES, BY COUNTRIES Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n i o i n m t g ed - France N la e n th d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 4.4 3.7 -.8 .8 _ - -.1 -.1 .6 3.4 .3 .6 .1 i Jan.16 15.9 8.5 0) 1.8 -.3 -.1 1.0 10.3 4.4 1.0 .4 -.2 Jan. 23 . _ 24.1 11.9 -.3 3.3 -.8 0) .1 1.8 16.0 7.2 .9 .1 -.2 Jan. 30--. -- 29.4 14.3 -.5 4.3 -.3 . l 2 2.4 20.6 7.9 1.2 (2) 2 Feb. 6 36.3 15.4 2 5. 1 1.0 .2 .3 6.2 27.9 7.6 1.2 - .1 2 Feb. 13 38.3 17. 1 •I 5.6 .8 .3 0) 7.1 31.7 5.7 1.3 2 -.2 Feb. 20 _ 42.1 17.7 6.0 -.3 .4 8.6 33.2 8.5 1.8 -L3 -.2 Feb. 27 _ -_ 37.5 17.2 -.5 5.7 -.9 .3 (2) 9.0 30.6 6.0 1.9 O O Mar. 6 33.7 15. 1 -1.7 4.8 -1.7 .4 -.2 14.3 30.9 2.4 2.1 -1.5 -.2 Mar. 13 26.7 12.3 -2.8 4. 1 -2.8 .6 -.3 16.8 27.8 - 1.9 2.3 -1.4 1 Mar. 20 21.5 9.3 -3.3 3.5 -3.3 .8 ^ 16.9 23.5 - 3.2 2.5 -1.4 . 1 Mar. 27 16.6 8.2 -3.3 3.4 -3.4 1. 1 18.1 23.6 - 9.0 3. 1 -1.3 2 A A p p r r . . 3 10 2 2 6 5 . . 9 6 6 7. 9 7 — -2 3 .8 . 1 3 4 .9 9 - — 3 3 .0 9 1 1 .2 l - — .8 6 2 2 1 1 .9 3 2 2 9 5 .2 5 — - 4 8 . 5 9 5 6 . . 6 1 — ( 2 1 ) .1 . . 2 5 Apr. 17 31.3 9 6 — 2 5 5 3 — 2 7 1 4 — 9 22 5 32 7 — 8 8 6 4 .5 .5 Apr. 24 _____ 30.8 8.7 -2.3 5.3 -2.3 1.6 -.8 22.9 32.9 -10.3 6.5 1.1 .6 May 1 26.1 7.2 -3.5 5.0 -1.7 1.7 -1.2 23.2 30.8 -12.9 6.4 1.2 .6 Mav 8 25.9 7 2 — 2 8 5 4 — 1 0 1 9 23 9 33 8 — 16 3 6.4 1.4 .6 Mav 15 23.7 6.4 -1.9 5.8 -.5 2.3 —. 7 25.0 36.3 -20.9 6.5 1.4 .5 Mav 22 29.8 10 2 — 1 0 6 6 — 2 2 6 26 4 43 8 —22 6 6 4 1.7 .4 May 29 _ _ 32.4 12.7 - .6 8.5 .6 2.5 -.6 26.7 49.8 -24.9 6.1 1.2 .2 June 5 48.5 16.4 - .9 9.3 -. 1 2.6 rj 30.2 57.0 -22.8 6.3 7.2 .8 June 12 _ 54.6 17.0 -1.0 10. 1 1.0 2.7 -.5 34.2 63.6 -25. 1 6. 1 9.2 .9 June 19 54.9 16.9 - .5 9.9 1.4 2.6 -.2 34.2 64.2 -27.3 6.1 10.9 1.0 June 26 53.2 17.1 .2 10.2 1.6 2.7 -.2 34.9 66.5 -32.1 6.1 11.5 1. 1 J J J J J u u u u u l l l l l y y y v y l 1 3 2 3 7 0 4 1 _ , . 6 6 8 5 7 4 0 7 2 9 . . . . . 4 0 2 5 1 2 2 2 2 3 0 1 7 5 3 . . . . . 9 4 6 1 8 - 1 1 1 . . . . . 3 4 4 6 3 1 1 1 1 1 7 0 0 1 2 . . . . . 7 0 8 7 1 3 4 6 2 4 . . . . . 0 2 6 3 8 2 2 2 2 2 . . . . . 5 4 6 6 7 — ( 0 2 ) . . ) 1 1 3 3 3 3 3 5 6 7 8 7 . . . . . 9 6 6 6 3 8 8 9 7 7 6 9 1 4 2 . . . . . 9 8 9 7 3 - - - - - 3 3 3 3 3 1 2 1 1 2 . . . . . 6 9 3 4 3 6 6 6 6 6 • . . . . . 4 2 9 5 6 1 1 9 8 8 0 1 ^ . . . 6 7 2 3 7 1 1 1 1 1 . . . . . 2 4 2 1 1 Aug. 7_._ 97.4 39.8 2.5 18.7 7.4 2.8 .3 39.4 110.8 -31.5 7.5 9.1 1.6 Aug. 14 109.8 44.8 2.4 19.9 8.7 3. 1 .3 40.3 119.4 -28.5 8.3 9.0 1.6 Aug. 21- 51.5 46.9 2.4 21.6 10.7 3.4 .4 41.0 126. 3 -94.7 8.6 9.5 l.S Aug. 28 55.2 48.7 1.9 23. 0 12. 1 3.7 .4 41.5 131.3 -96.3 9.4 9.0 1.8 Sept. 4 62.9 51. 6 1. 5 23.0 12.6 3.9 .6 42.3 135.5 -94.2 9.6 10.2 1.9 Sept. 11._ 68.2 54.0 2.1 23.3 13.1 4. 1 .6 42.8 140.1 -94.1 9.9 10.5 1.9 Sept. 18 95.4 64.3 3.0 26.8 13.5 4.5 .7 42.8 155.5 -82.8 10.8 10.2 1.7 Sept. 25 100.6 65.9 3.9 27.8 16.6 4.3 .7 43.5 162.8 -87.3 10.6 13.0 1.6 Oct. 2___ 130.4 70.4 4.6 29.4 18.2 4. 1 . 7 45.0 172.3 -69.3 11.0 14.4 1.9 Oct. 9. 141 1 72 5 4.9 30.6 20. 1 4. 1 47.3 180.3 -68. 6 11.6 15.8 2.0 Oct. 16... 153.4 75.3 6.8 32.0 22.0 4.5 . 7 48.9 190.1 -66. 7 12.0 15.9 2.0 Oct. 23. 177. 5 86. 8 9.6 34.5 24.0 4.9 .9 50.9 211.4 -64.7 12.9 15.8 2.0 Oct. 30 198.6 98.8 11.4 36.6 26.7 5.4 1. 1 51.6 231.5 -65.5 13.3 17.1 2.3 Nov. 6_. 209.2 105.1 13.3 38.7 27.7 5.7 1. 1 52.7 244.4 -69.6 14.0 18.2 2.2 Nov. 13 232.7 119.7 15.3 40.8 31.0 5.9 1.3 53.7 267. 8 -70.6 14.0 19.5 2.0 Nov. 20.. 278.9 144.1 18.3 45.6 36.2 6.2 1.4 54.7 306.5 — 67. 1 14.9 22.3 2.4 Nov. 27 314.7 167.5 20.7 51.1 39.2 6.6 1.4 55.3 341.8 -68. 9 15.1 24.1 2.6 Dec. 4__ 341.4 171. 5 20.6 51.3 41.7 6.9 2.5 55.1 349.6 -50.6 15.3 24.4 2.6 Dec. 11 388.9 198.1 24.8 54.5 44.8 7.3 2.6 56.4 388.5 -44.4 15.3 25.9 3.6 Dec. 18 404.5 204.6 26.6 55.4 47.7 7.6 2.7 56.9 401.5 -42.0 15.6 25.8 3.5 Dec. 24 422.9 212.2 26.8 56.2 50.4 7.9 2.8 58.4 414.7 -38. 6 15.9 27.3 3.6 Dec. 31 . 441.8 217 5 30 2 57.9 53.9 7.9 2.9 59.1 429.4 -36.9 16.4 29.3 3.7 1 Purchases less then $50,000. 2 Sales less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 29 TABLE 5.—TOTAL SECURITIES, BY COUNTRIES—Continued Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - Ger- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan.8 435.1 225. 3 33.8 62,8 56.3 8.1 3.0 61.4 450.7 - 65.6 16.4 29.8 3. 9 Jan.15 439. 0 224.2 36.0 64.2 58.5 8.3 3.2 61.2 455. 5 - 66.8 17.0 29.1 4.2 Jan. 22_._ . 403.6 225.1 38.0 66. 0 61.6 8.5 3.3 61.3 463. 8 -110.9 17.1 29.3 4.3 Jan. 29 406.0 225.9 39.4 67.7 62.7 8.4 3.5 61.3 468.8 -113.9 17.1 29.6 4.3 Feb. 5 459. 9 226.1 41.5 70.6 64.4 8.5 3.4 62.2 476.7 -66.3 17.1 28.3 4. 1 Feb. 12 469. 8 228.8 42.7 72.7 67.4 8.9 3.4 63.2 487.0 -67.8 17.5 28.5 4.6 Feb. 19 489.9 239.8 43.4 77.5 70.0 9.3 3.3 64.1 507.3 -70.4 18.5 29.7 4.8 Feb. 26 506.3 251.1 39.4 81.1 72.3 9.4 3.4 65.2 522.0 -71.2 18.6 31.8 5.0 Mar. 4 510. 2 250.3 37.2 81.3 73.8 9.7 3.8 65.8 521.9 -70. 1 20.2 32.9 5.3 Mar. 11 504.8 252.5 38.8 81.5 76.6 10.0 3.6 49.9 512.8 -68.3 20.9 34.1 5.3 Mar. 18. . . 513. 2 248.9 41.0 81.4 80.7 10.2 3.7 50.6 516.4 -65. 3 21.5 35.2 5.2 Mar. 25 530. 7 251.7 44.4 83.0 83.5 10.2 3.7 52.0 528.5 -61.9 22.5 36.3 5.3 Apr. 1 542.1 255. 3 45.4 85.0 85.1 10.0 3.6 53.0 537.4 -62.5 25.0 36.9 5.3 Apr. 8 557.7 262. 4 46.8 88.5 89.6 10.2 3.7 47.4 548.6 -59.8 25.8 37.8 5.4 Apr. 15 565. 6 280.9 47.3 90.8 92.1 10.5 3.6 26.0 551.2 -55.7 26.4 38.3 5. 4 Apr. 22 579. 8 289.2 48.3 92.9 93.2 10.6 3.7 29.6 567.4 -58.8 26.8 38.8 5.5 Apr. 29 565.5 298.5 48.2 91.9 96.5 10.8 3.7 30.7 580.4 -86.3 27.0 38.9 5.6 May 6 559. 9 292.4 47.2 89.0 96. 5 11.0 3.7 31.5 571. 3 -80.0 27.5 35.7 5.5 May 13 572. 6 292. 8 47.6 90.6 99.5 11.2 3.6 32.2 577. 5 -76.3 27.7 38.2 5.5 May 20 585.3 292. 9 50. 6 91.5 101.7 11.4 3.6 31.9 583.6 -70.2 28.0 38. 3 5.6 May 27 590.3 289.7 51.5 93. 1 103. 9 11.5 3.3 33.0 586.0 -69.4 28.5 39.2 6.0 June 3 612.1 279. 7 52.1 95.2 108. 9 11.6 3.1 54.1 604.7 -67.0 29.0 39. 2 6.2 June 10 638. 5 279.5 52.8 99.6 112.7 11.7 2.6 56.0 614.9 -51.6 29.2 39.8 6.2 June 17 653.6 276.7 52.6 102. 6 117.6 11.7 2.4 57.6 621.2 -45.1 29.9 41.4 6.2 June 24 670.8 280.1 53.8 106.8 121.8 11.9 2.4 59.2 636.0 -43.9 30.3 42.2 6. 2 July 1 704.7 286.9 55.1 107.7 123.6 11.6 2.2 60.4 647.5 -22.3 30.2 43.1 6.3 Julys 716.0 290.3 54.1 108. 9 124.2 11.6 2.2 60.5 652.0 -16.5 30.8 43. 4 6.3 July 15 736.7 293.1 54.5 109.5 127.1 11.6 2.0 70.7 668.5 -13.8 31.0 44.6 6.5 July 22 754. 6 297. 7 56.5 111.6 128.9 12.0 2.0 71.7 680.4 - 9.0 31.2 45.4 6.6 July 29 772.8 305.1 57.7 114.0 131.0 12.1 2.0 73.3 695.2 -6.9 31.8 45.8 6. 9 Aug. 5 782.0 308. 0 57.1 116.3 132.9 11.8 2.0 75.4 703.4 -7.2 32.7 46.5 6.7 Aug. 12 789.6 310.2 58.3 117.4 134.7 11.9 2.0 76.1 710.6 -7.7 33.2 46.7 6.8 Aug. 19 805. 4 316.2 59.1 119.3 135.8 12.2 2.0 77.3 721.8 -4.4 33.7 47.4 6.9 Aug. 26 817.6 322.2 59.0 120.5 137.7 12.4 1.9 77.4 731.0 - 3.4 34.4 48.4 7. 1 Sept. 2 850. 5 322.9 59. 7 122.2 140.3 12.5 2.3 81.8 741.7 17.6 34.7 49.2 7.3 Sept. 9 859. 7 324.7 59.7 124.0 141.7 12.8 1.9 82.9 747.9 19.9 34.9 49.7 7.3 Sept. 16... . 877.5 327. 3 59.0 127.6 147.8 13.1 1.9 84.5 761. 1 23.1 35.6 50.5 7.2 Sept. 23 897. 3 336.3 59.8 131.1 151.4 13.2 1.8 85.0 778.6 23.5 35.9 51.9 7.3 Sept. 30 905.4 341.7 59.2 130. 9 153. 7 13.4 1.8 85.0 785.7 26.2 38.3 47.9 7.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n i o i n m t g ed - France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 9 1.6 2.3 .7 - .3 () 2.4 -1.1 (0 .1 Jan. 16 6.6 4.4 1.7 - .4 -. 1 5.2 .9 .1 Jan. 23 11.3 5.5 2.9 - .5 .2 7.4 3.3 .*3 0) Jan.30 14.0 6.7 3.6 .5 .4 10.1 3.5 i 0) Feb. 6 17.2 7.6 3.9 1.9 7 13.0 3.9 - .4 .1 Feb. 13 19.0 8.8 4.2 1.6 1 15.1 3.8 - .6 .1 Feb. 20 16.8 9.2 4.6 3 15.0 2.7 -1.9 .1 Feb. 27 12.3 8.8 4.2 3 12.3 1.1 -1.9 0) Mar. 6 6.5 7.3 -1.9 3.5 - .2 -1.1 3 8.5 () -2.6 () M M M a a a r r r . . . 2 2 1 7 0 3 - -6 4 (2 . . 6 0 ) 5 3 1 . . . 4 4 1 - - - 3 3 3 . . . 1 5 7 2 2 2 . . . 4 9 3 - - . . 7 5 - - -1 1 1 . . . 4 2 3 3 3 1 -1 4 . . . 1 7 5 - - - 3 2 2 . . . 4 4 5 - - - 3 2 2 . . . 0 9 7 0) .1 Apr. 3 -6.2 .7 -3.6 2.7 -1.3 -1.8 4 -2.2 -1.8 1.0 -3.2 .1 Apr. 10 -4.1 .8 -3.3 3.4 - .5 -1.9 3 - .6 -1.3 1.1 -3.4 .1 Apr. 17 -3.3 .9 -3.3 3.6 - .3 -1.9 4 -1.5 1.2 -3.1 .1 Apr. 24 -2.9 -3.4 3.5 .1 -1.9 5 -1.1 1.2 -2.4 .1 May 1 -6.8 -1.4 -4.6 3.1 .5 -2.1 .5 -3.7 -1.7 1.0 -2.6 .1 May 8 -7.4 -2.4 -4.0 3.3 1.2 -2.3 .8 -2.8 -3.2 1.1 -2.7 .2 May 15 -7.5 -2.7 -3.4 3.6 1.6 -2.2 2.5 - .9 -4.9 1.1 -3.1 .2 May 22 -1.0 -3.0 5.0 2.1 -2.3 3.2 4.7 -3.8 1.0 -3.0 .1 May 29 2.0 -2.9 6.8 2.7 -2.7 3.6 8.5 -3.6 .7 -3.6 June 5 9.3 1.3 -3.4 7.6 2.4 -2.8 4.0 -3.3 .7 2.4 June 12 12.5 1.8 -3.4 8.2 3.5 -2.9 4.2 11.2 -4.0 .5 4.1 June 19 13.2 1.9 -3.4 7.9 4.3 -3.3 3.9 11.1 -4.8 .5 5.7 June 26 12.8 2.3 -3.1 8.0 4.5 -3.4 4.1 12.2 -6.6 5.7 .8 July 3 15.8 5.3 -3.6 5.6 -3.8 4.2 16.0 -6.8 5.2 .8 July 10 16.2 5.4 -3.1 8.6 6.4 -4.1 4.5 17.2 -7.3 4.9 .7 July 17 24.1 8.7 -2.0 8.6 7.3 -4.1 5.0 23.2 -4.5 3.9 July 24 28.1 11.0 -2.0 9.9 7.6 -4.1 5.1 27.2 -4. 1 3.4 July 31 39.1 16.0 -1.7 14.1 9.1 -4.4 5.5 38.1 -4.1 1.0 3.2 Aug. 7 49.6 21.6 -1.1 15.5 10.5 -4.5 5.9 47.6 -3.6 1.1 3.5 1.1 Aug. 14 59.7 26.4 -1.3 16.5 11.8 -4.6 6.5 55.0 -1.4 1.7 3.4 1.0 Aug. 21 66.8 28.9 -1.3 17.9 13.9 -4.5 61.4 - .7 1.7 3.1 1.2 Aug. 28 69.5 30.1 -1.8 19.2 15.2 -4.5 64.6 -1.0 2.2 2.5 1.2 Sept. 4 72.6 32.5 19. 1 15.8 -4.6 67.1 -1.6 2.2 3.7 1.3 Sept. 11 75.5 33.9 -1.5 19.3 16.4 -4.6 6.8 69.8 -1.1 1.8 3.7 1.2 Sept. 18 79.6 35.6 - .7 22.5 16.7 -4.6 6.7 75.8 -2.6 2.0 3.4 1.1 Sept. 25 82.7 35.2 .2 23.2 19.9 -4.9 6.7 79.9 -5.1 1.6 5.5 Oct. 2 90.3 38.4 .3 24.6 21.4 -5.4 85.6 -4.7 1.8 6.7 1.0 Oct. 9 97.5 40.0 .5 25.8 23.2 -5.6 8.4 92.0 -5.2 1.8 7.9 1.0 Oct. 16 104.7 41.4 2.4 27.0 25. 1 -5.6 8.6 98.4 -4.6 2.1 7.8 1.0 Oct. 23 124. 9 51.7 5.0 29.2 27.2 -5.5 8.8 116.1 -2.8 2.7 7.8 1.0 Oct. 30 142.6 60.3 6.7 30.9 29.3 -5.4 9.0 130.8 -1.6 3.0 9.3 1.2 Nov. 6 154. 2 66.2 8.5 32.9 30.3 -5.3 9.5 142.0 -2.9 3.1 10.8 1.1 Nov. 13 177.2 80.7 10.2 34.8 33.3 -5.2 10.4 164.1 -3.0 3.1 12.1 .9 Nov. 20 216.6 101. 9 12.9 39.1 38.1 -5.2 10.9 197.7 -1.0 3.7 14.9 1.3 Nov. 27 249.6 122.3 15.0 44.3 41.0 -5.1 10.9 228.3 - .5 3.6 16.8 1.5 Dec. 4 253.9 125.2 14.6 44.5 43.5 -5.1 10.7 233.3 -1.2 3.2 17.1 1.5 Dec. 11 283.2 138.7 18.4 47.5 46.7 -5.0 11.5 257.6 1.6 3.2 18.3 2.5 Dec. 18 290. 6 141.5 20.0 48.3 49.6 -5.0 11.8 266.1 .7 3.1 18.4 2.3 Dec. 24 302.7 146. 5 20.3 48.9 52.0 -5.0 12.4 275.0 2.1 3.3 19.7 2.5 Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 12.9 286.2 2.8 3.7 21.4 2.6 1 Purchases less than $50,000. 2 Sales less than $50,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 31 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES—Continued Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending- Total U K d n i o i n m t g e - d France N la e n th d e s r- e S r w la i n tz d - Ger- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8— 336. 2 156.6 26.7 55.1 57.2 -5.4 -.1 12.9 303.0 5.1 3.6 21.7 2.8 Jan. 15.. 336.7 153. 8 28.7 56.3 59.5 -5.4 -. 1 12.5 305. 3 3.2 4.2 20.9 3.1 Jan. 22.. 342.0 154. 5 30.5 57.8 62.6 -5.4 -.1 12.4 312.4 1.1 4.3 20.9 3.3 Jan. 29_. 347.1 154.7 31.2 59.5 64.0 -5.7 —. 1 12.2 315.8 2.7 4.5 20.9 3.3 Feb. 5__. 355.8 154.9 33.3 62.3 65. 6 -5.7 -.2 12.7 323. 0 4.6 4.4 20.6 3. 1 Feb. 12_. 363.0 156. 2 34.3 64.1 69.0 -5.6 2 13. 5 331. 4 2.6 4.6 20.7 3.6 Feb. 19_. 384.9 166.7 35.1 68.7 72.1 — .2 14.2 351. 1 3.1 5.2 21.7 3.8 Feb. 26_. 400.5 177.6 31.2 71.9 74.2 2 15.5 364. 7 3.6 5.2 23.0 4.0 Mar. 4___ 402.3 176.1 29.2 72.4 75.6 -o. 6 -.3 16.0 363. 5 5.1 5.9 23.8 4.1 Mar. 11_. 406.1 175.8 30.2 72.6 78.2 -5. 5 rj 16.0 366. 7 4.3 6.4 24.5 4. 1 Mar. 18.. 410.0 171. 9 32.5 72.6 82.0 -5.7 16.5 369. 3 4.6 6.5 25.4 4. 1 Mar. 25_. 424. 5 174.2 35.8 74.2 84.5 -5.8 —. 5 17.9 380.2 6.9 7.0 26. 2 4.2 Apr. 1__. 427.6 175.0 36.6 75.9 -6. 1 -.5 17.8 384. 7 4.9 7.3 26. 6 4.1 Apr. 8._. 445.7 182.4 37.9 79.1 90.0 -6. 1 -.4 18.2 401.2 5.5 7.6 27.3 4. 1 Apr. 15.. 456.3 186.8 38.5 81.3 92. 6 -6. 1 -.4 18.3 410.9 5.7 7.9 27.5 4.2 Apr. 22_. 468.0 195.2 39.1 83.1 93. 8 -6.2 -.4 18.7 423.3 4.5 8.2 27.9 4.2 Apr. 29_. 477.0 203.8 38.7 81.9 96.8 -6.1 -.4 18.9 433. 6 3.1 8.2 27.9 4.2 May 6... 462.0 196. 9 37.4 79.1 96.6 -6. 1 -.4 19. 1 422.7 2.5 8.2 24.6 4. 1 May 13_. 469.0 196.7 37.5 80.6 99.3 -6. 1 19.3 426.8 3.1 8.2 26.8 4. 1 May 20_. 474.1 196.9 40.3 81.3 101.0 -6. 1 -A 18.7 431. 6 3.6 8.3 26. 5 4. 1 May 27.. 475.1 193.5 40.5 82.6 102.7 -6.2 -.7 18.6 431.1 3.8 8.6 27.3 4.4 June 3... 473.5 186.1 40. 6 84.5 107. 2 -6.2 - .8 18.3 429.7 3.8 8.4 27.2 4.5 June 10_. 495.2 186.0 40.6 88.2 110.6 -6.2 - .9 18.6 436. 9 17.7 8.6 27.7 4.4 June 17.. 502. 9 182. 5 40.2 91.0 115. 1 -6.3 -1.0 19. 1 440. 5 20.0 8.9 29.1 4.4 June-24.. 515.8 186.0 41.0 95. 0 118.9 -6. 3 - .9 20.0 453. 7 18.9 9.0 29.7 4.4 July 1... 524.1 190. 5 42.2 96. 1 120.3 -6.7 -1. 1 20. 6 461. 9 18.5 8.9 30.5 4.4 July8.._ 528.7 191.6 41.3 98.2 120.9 -6.7 -1.2 20. 1 464. 3 20.0 9.2 30. 7 4.4 July 15. _ 535. 9 192. 1 41.5 99.6 123.7 -6.7 -1.5 21.5 470. 1 20.2 9.2 31.7 4.7 July 22._ 549.3 196. 1 43.3 101.6 125.1 -6.5 - 1. 5 22. 3 480.4 22.5 9.2 32.5 4.7 July 29.. 562. 8 202.6 44.3 104.3 126.9 -6.5 -1.6 22.6 492. 5 23.2 9.6 32.7 4.8 Aug. 5... 566. 8 205.4 43.7 106. 4 128.4 -6.9 -1.7 23.8 499.2 19.6 10.3 33.2 4.5 Aug. 12_. 571. 1 207.3 44.6 107.4 129.9 -6.8 -1.6 24. 3 505. 0 17.7 10.4 33. 4 4.5 Aug. 19.. 582. 6 213.5 45.1 109.3 131.0 -6.8 -1.7 24. 9 515.3 17.8 10.8 34. 1 4.6 Aug. 26.. 591. 3 219.2 44.9 110.3 132.6 -6.7 - 1. 7 25.0 523.5 17.0 11.2 34.9 4.6 Sept. 2... 596. 3 219.0 45.6 111.9 134.9 -6.7 -1.7 219 527.9 16.3 11.4 35.9 4.7 Sept. 9... 600. 6 220. 9 45.4 113.6 136. 0 -6. 7 -1.8 25. 6 532. 9 15.6 11.5 36.0 4.7 Sept. 16.. 614. 5 223.7 44.5 117.1 141.2 -6. 7 -1.9 26.5 544.4 16.7 12.0 30.9 4.5 Sept. 23.. 631.6 231. 9 44.9 120.2 144. 5 -6. 7 -1.9 26.7 559.5 17.0 12.2 38.2 4.6 Sept. 30.. 633.3 235. 5 44.0 119.9 146. 6 -6.8 -1.9 26.3 563. 6 18.5 12.5 33. 9 4.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 7.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] Week ending— Total U K d n i o i n m t g ed - France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan.9 2.8 1.4 -.4 -. 1 .6 .9 1.4 .5 .1 Jan.16 9.2 4. 1 -.3 -.1 1. 1 5.2 3.5 .6 .3 Jan. 23 12.7 6.4 -.1 -.3 .1 1.6 8.6 3.9 .6 -.1 Jan. 30 15.4 7.6 .2 -.7 .2 2.0 10.5 4.4 .6 .1 Feb.6 19. 1 7.7 .3 1.2 -.9 .3 5.5 14.9 3.7 .5 .3 Feb. 13 19.3 8.3 .4 1.4 -.8 1.0 .3 6.0 16.6 1.9 .4 Feb. 20 25.2 8.5 .3 1.4 -.9 1.2 .4 7.3 18.2 5.8 .'9 .6 Feb. 27 25.2 8.3 1.5 -1.1 1.4 .3 7.7 18.3 4.9 1.1 1.1 Mar. 6 27.2 7.8 .2 .2 -1.5 1.6 .1 13.0 22.4 2.5 1.4 1.1 Mar. 13 26.7 6.9 .3 .. 1 -2.3 1.8 (2) 15.4 23.2 .6 1.6 1.3 Mar. 20 25.5 6.2 .2 . 1 -2.6 2. 1 15.8 22.8 -.8 1.9 1.5 Mar. 27 23.1 6.8 .3 .1 -2.6 2.5 16.8 24.8 2.1 1.8 Apr 3 31.8 6.1 .4 .3 -2.6 2.8 -.3 19.9 27.7 -2.7 4.6 2.0 Apr. 10 31.0 6.9 .6 .5 -2.5 3. 1 -.4 20.6 29.8 -7.5 5.0 3.3 Apr. 17 34.6 8.7 .8 .7 -2.4 3.3 -.4 21.1 32.7 -7.3 5.2 3.6 Apr. 24 33.7 8.7 1.1 -2.4 3.5 -.4 21.4 33.7 -9.2 5.3 3.5 May 1 32.9 8.6 ]. 1 2.0 -2.2 3.8 -.4 21.7 34.5 -11.2 5.3 3.7 May 8 33.3 9.6 1.2 2. 1 -2.2 4.1 -.3 22. 1 36.6 -13.2 5.3 4. 1 May 15 31.2 9.1 1.5 2.1 -2.1 4.4 -.4 22.5 37.2 -16.1 5.3 4.5 May 22 30.8 10.2 2.0 1.6 -2.3 4.9 -.3 23.1 39.1 -18.8 5.4 4.7 May 29 30.3 11.5 2.3 1.7 -2.1 5.2 -.3 23.1 41.3 -21.4 5.3 4.8 June 5 39.2 15.0 2.4 1.7 -2.4 5.4 -.3 26.2 48.1 -19.5 5.5 4.9 June 12 42.1 15.2 2.4 2.0 -2.6 5.6 -.3 30.0 52.3 -21.1 5.6 5.1 June 19 41.7 15.0 2.9 2.0 -2.9 5.8 0) 30.3 53.1 -22.5 5.6 5.3 June 26 40.4 14.8 3.2 2.2 -2.9 6.1 30.8 54.3 -25.5 5.5 5.8 July 3 43.7 15.6 3.3 2.2 -3.0 6.3 .3 31.7 56.3 -24.5 5.6 6.1 July 10 44.0 16.1 3.4 2.3 -3.1 6.5 .4 32.1 57.7 -25.6 5.8 5.8 July 17 43.0 16.3 3.4 2.3 -2.9 6.7 .4 32.4 58.5 -27.1 5.7 5.5 July 24 43.9 16.5 3.5 2.7 -2.8 6.8 .4 32.5 59.6 -27.1 5.8 5.3 July 31 45.3 17.8 3.4 2.9 -3.0 7.0 .5 33.1 61.8 -28.3 6.0 5.4 Aug. 7 47.8 18.2 3.5 3.2 -3.2 7.3 .6 33.5 63.2 -28.0 6.4 5.6 Aug. 14 . 50.2 18.3 3.6 3.4 -3.1 7.6 .7 33.8 64.4 -27.1 6.6 5.6 Aug. 21 -15.2 17.9 3.6 3.7 -3.2 7.9 34.2 64.9 -93.9 6.9 6.4 Aug. 28 -14.3 18.6 3.7 3.8 -3.1 8.2 34.6 66.6 -95.2 7.3 6.5 Sept. 4 -9.7 19.1 3.7 3.9 -3.3 8.5 1.1 35.4 68.4 -92.6 7.4 6.5 Sept. 11 -7.2 20.1 3.6 4.0 -3.3 8.7 1.1 36.0 70.2 -93. 1 8.1 6.9 Sept. 18 15.8 28.6 3.7 4.3 -3.2 9.1 1.1 36.1 79.7 -80.2 8.8 6.8 Sept. 25 17.9 30.7 3.6 4.6 -3.3 9.2 1.2 36.8 82.9 -82.2 9.0 7.5 Oct. 2 40. 1 32.0 4.3 4.8 -3.2 9.5 1.2 38.2 86.8 -64.6 9.2 7.8 Oct. 9 43.6 32.5 4.5 4.7 -3.1 9.7 1.1 38.9 88.3 -63.4 9.8 7.9 Oct. 16 48.7 33.8 4.4 5.0 -3.1 10.1 1.1 40.4 91.7 -62.1 10.0 8.1 1.0 Oct. 23- 52.6 35.1 4.6 5.2 -3.2 10.4 1.1 42.1 95.4 10.2 7.9 1.0 Oct. 30 56.0 38.4 4.7 5.7 -2.7 10.8 1.1 42.6 100.7 10.3 7.8 1. 1 Nov. 6 55.0 39.0 4.8 5.8 -2.5 11.0 1.1 43.2 102.4 -66.7 10.9 7.3 1. 1 Nov. 13 55.5 39.0 5.1 6.1 -2.3 11.1 1.4 43.3 103.7 -67.6 10.8 7.5 1.1 Nov. 20 62.3 42.2 5.4 6.5 11.4 1.4 43.7 108.8 -66. 1 11.2 7.4 1. 1 Nov. 27 65.0 45.2 5.8 6.7 11.7 1.5 44.4 113.5 -68.4 11.5 7.3 1.1 Dec. 4 87.5 46.3 6.0 6.8 12.0 2.6 44.4 116.3 -49.4 12.1 7.4 1. 1 Dec. 11 105.7 59.4 6.5 7.0 .9 12.3 2.7 44.9 130.9 -46.0 12.1 7.6 1.1 Dec. 18 113.8 63.0 6.6 7.2 12.6 2.8 45. 1 135.4 -42.7 12.5 7.5 1.1 Dec 24 120. 3 65.6 6.6 7.3 1.6 12.9 2.9 46.0 139.7 -40.7 12.6 7.6 1. 1 Dec. 31 125.2 67.8 6.8 7.4 1.2 13.3 2.9 46. 1 143. 1 -39.7 12.7 7.9 1. 1 i Purchases less than $50,000. 2 Sales less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

33 JANUARY 1937 FEDERAL RESERVE BULLETIN TABLE 7.—FOREIGN SECURITIES, BY COUNTRIES—Continued Net Purchases by Foreigners Cumulated Weekly from Jan. 2, 1935 [In millions of dollars. Minus sign indicates net sales by foreigners.] "Week ending— Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan. 8 98.9 68.7 7.1 7.7 -.8 13.4 3.1 48.4 147.6 -70.7 12.8 8.1 1.1 Jan. 15 102.3 70.5 7.3 7.8 -1.0 13.7 3.3 48.6 150. 2 -70. 0 12.8 8.3 1. 1 Jan. 22 61.6 70.6 7.5 8.1 -1.0 13.9 3.4 48. 9 151.4 -112.0 12.7 8.4 1.0 Jan.29 58.9 71.2 8.2 8.2 — 1.2 14.1 3.5 49. 0 153. 1 -116.6 12.6 8.7 1.0 Feb. 5 104.2 71.2 8.1 8.3 -1.3 14.2 3.6 49. 5 153. 7 -71.0 12.7 7. 7 1.0 Feb. 12 106.8 72.6 8.4 8.6 -1.6 14.5 3.5 49. 6 155. 6 -70.5 12.9 7.8 1.0 Feb. 19__ 104. 9 73.1 8.2 8.7 -2. 1 14.8 3.6 49.9 156.2 -73. 5 13. 2 8.0 1.0 Feb. 26 105.7 73. 5 8.1 9.2 -1.9 15.0 3.7 49.7 157. 3 -74.8 13.4 8.8 1.0 Mar. 4 107. 9 74.1 8.1 8.9 -1.8 15.3 4. 1 49.7 158. 4 -75. 2 14.3 9.1 1.2 Mar. 11 98.7 76.7 8.6 8.9 -1.6 15.5 4. 1 33.9 146. 1 -72. 5 14.5 9.5 1. 1 Mar. 18 103.2 77.1 8.4 8.9 -1.3 15.8 4.1 34.1 147. 1 -69. 9 15. 0 9.9 1.1 Mar. 25 106.3 77.6 8.7 8.9 -1.0 16.0 4.1 34.2 148.4 -68.8 15.4 10.1 1.2 Apr. 1 114.4 80.3 8.8 9. 1 -.8 16.1 4.1 35.2 152. 7 -67. 4 17.7 10.2 1. 2 Apr. 8 112.0 80.0 8.9 9.4 -.4 16.3 4.1 29.2 147.4 -65. 3 18.2 10. 4 1.2 Apr. 15 109. 3 94.1 8.8 9.5 -.5 16.6 4.1 7.7 140.3 -61.4 18.5 10. 7 1.3 Apr. 22 111.7 94.0 9.2 9.8 -.6 16.8 4.1 10.9 144.2 -63. 2 18.6 10.9 1.3 Apr. 29 88.5 94.7 9.6 10.0 -.4 16.9 4.1 11.9 146.8 -89.4 18.8 10.9 1.4 May 6 97.9 95.5 9.8 9.8 -.2 17.0 4. 1 12.5 148. 6 -82.5 19.4 11. 1 1.4 May 13 103.6 96.1 10.1 10.0 .2 17.3 4. 1 12.9 150.7 -79. 4 19.5 11.4 1.4 May 20 111.2 96.0 10.3 10.2 7 17.5 4. 1 13.2 152. 0 -73.8 19.7 11.7 1.5 May 27 115.2 96.2 11.0 10. 4 L2 17.7 4.0 14.4 154. 9 -73.2 19.9 11.9 1.6 June 3 138. 6 93.7 11.5 10.7 1.7 17.8 3.9 35.8 175.0 -70.7 20.6 12.0 1.8 June 10 143. 3 93.5 12.2 11.3 2.2 17.9 3.6 37.5 178.1 -69.3 20.5 12.2 1.8 June 17 150. 7 94.2 12.4 11.5 2.5 18.0 3.4 38.4 180.6 -65.1 21.1 12.3 1.8 June 24 155.0 94.1 12.8 11.8 2.9 18.1 3.4 39.2 182.3 -62.9 21.3 12.5 1.8 July 1 180.5 96.4 12.8 11.6 3.3 18.2 3.3 39.9 185. 6 -40.8 21.3 12.6 1.8 JulyS 187. 3 98.7 12.9 10.7 3.3 18.3 3.4 40.4 187. 6 -36.5 21.6 12.7 1.8 July 15 200.8 100.9 13.1 9.9 3.4 18.4 3.5 49.2 198. 3 -34.0 21.8 12.8 .1.8 July 22 205.3 101.6 13.2 10.0 3.8 18.5 3.5 49.3 200. 0 -31.5 22.0 12.9 1.9 July 29 210.0 102.6 13.4 9.8 4.1 18.6 3.6 50.7 202. 7 -30.2 22.2 13.1 2.2 Aug. 5 215.2 102.6 13.4 9.9 4.4 18.6 3.6 51.5 204.1 -26. 8 22.4 13.3 2.2 Aug. 12 218.5 102.9 13.7 10.0 4.8 18.7 3.6 51.7 205. 5 -25.4 22.8 13.2 2.3 Aug. 19 222.8 102.7 14.0 10.0 4.8 18.9 3.7 52.4 206.4 -22.2 22.9 13.2 2.3 Aug. 26 226.4 102.9 14.1 10.1 5.1 19.1 3.7 52.5 207. 5 -20.4 23.2 13.5 2.5 Sept. 2 254.2 103.9 14.1 10.3 5.4 19.3 3.9 56. 9 213.8 1.3 23.3 13.2 2.6 Sept. 9 259.1 103.8 14.3 10.4 5.7 19.6 3.8 57.4 215.0 4.3 23.4 13.7 2.6 Sept. 16 263.0 103.6 14.5 10.4 6.6 19.8 3.8 58.0 216. 7 6.5 23. 5 13.6 2.7 Sept. 23 265.6 104.4 14.9 10.9 6.9 20.0 3.7 58.4 219. 1 6.5 23.7 13.7 2.7 Sept. 30 272.2 106.2 15.2 11.0 7. 1 20. 1 3.7 58.6 222. 1 7. 7 25.7 14.0 2.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Reported by Banks in United States [Outstanding weekly amounts, in millions of dollars] Date Total U K n i i n t g e - d France N la e n th d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th l e l r dom 1935 Jan. 2 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 Jan. 9 599.3 78.6 37.6 12.3 14.5 30.7 18.2 47.5 239. 4 101.6 124.3 123.1 10 9 Jan. 16.._ 584. 4 75.3 37.3 10.0 14.2 31.5 18.1 47.9 234. 4 96.1 122.5 117.3 14.0 Jan. 23 609.7 92.6 44.8 15. 0 14.6 32.4 19.3 41.3 260.1 94.8 123. 7 118.2 12 9 Jan. 30— 649.2 100.2 52.0 22.0 18.9 26.9 17.5 47. 1 284.6 95.4 128.5 127.1 13.5 Feb. 6 654. 8 100.7 50.9 20.1 21.4 26.9 17.0 51.8 288.8 95.4 130.7 125.9 13.9 Feb. 13 663. 3 108.2 47.4 21.8 20.3 26.8 16. 5 53. 9 294. 8 100. 4 129. 0 125. 4 13 7 Feb. 20 657. 5 104.7 49.0 20.0 18.7 27.0 16.1 57.7 293. 2 99.5 129.1 122.1 13.6 Feb. 27 643.3 105.8 46.8 18.0 18.2 26.5 16.5 51.4 283.4 100.7 131.4 115.5 12 4 Mar. 6 639. 5 97.2 50.0 17.2 17.8 27.8 15.9 51.3 277.1 96.6 133.6 119.4 12.8 Mar 13 628.1 92 5 44 4 18.5 19. 5 27.9 15.4 49.8 268.0 94.7 134.9 117 2 13 4 Mar. 20 626. 8 92. 1 38.5 18.2 16.6 27.7 15.8 51.9 260.8 98.5 134.7 118.1 14.7 Mar 27 635 6 92.4 38.1 18.8 16.0 25.3 14.3 51.2 256.2 106.5 137.4 120.5 15.0 Apr. 3 654. 7 96. 1 47. 1 18.1 22.4 25.8 14.9 55.5 280.0 95.9 138.9 122.2 17.7 Apr. 10 679. 8 103.6 43.5 21.0 29.9 23.7 16.2 51.2 289.2 106.5 141.1 126. 5 16.5 Apr. 17___ 685. 3 104.9 46.9 30.4 27.6 22.9 16.5 48.4 297.6 107.8 140.3 121.9 17.7 Apr. 24 693. 0 107 7 45. 7 28.9 29.0 23.6 16.4 49.0 300.2 111.6 141.8 123.8 15 6 Mav 1 666. 7 101.9 49.6 29.7 27.4 23.2 16.7 46.1 294.7 98.2 142.9 116.3 14 6 May 8 673. 6 107.2 46. 7 26.4 28.4 23.2 15.8 47.5 295.1 101.9 144.1 116.4 16.1 May 15 695. 6 108. 3 49.5 26.0 28. 0 23.4 15. 8 52.3 303.2 108.1 146.3 122.5 15.5 May 22. _ 736. 3 124.6 56. 9 28.2 31. 1 23.5 16.2 53. 0 333.5 114.6 145.3 128.1 14.8 May 29 883. 6 139.3 173.1 32.2 32.8 24.5 14.5 56.0 472.5 120.3 147.0 128.3 15 5 June 5 _ 865.0 165.7 120.0 35. 4 39.2 25. 6 15.3 54.9 456.1 115.4 148.8 127.8 16 9 June 12 837.3 150. 7 104.2 46. 1 37.1 26.1 15.8 54.4 434.4 116.9 148.5 120.4 17 0 June 19 841.0 149.8 102.0 40.2 38.0 26.1 16.4 56.8 429.3 127.0 146.1 119.7 18.9 June 26 839.0 153. 2 98.4 43.9 35.4 25.3 16.9 55.1 428.4 132.4 145.7 115.7 16.8 July 3 810.8 144.7 92.1 41. 5 36. 0 24.6 18.5 55.6 412.9 123. 6 145.3 112.4 16 6 July 10. _ 829. 2 153. 5 91.2 41.3 35. 1 23.6 18.5 56.9 420.1 126.8 149.4 116.5 16.4 July 17 836. 4 157.4 94.6 43.7 34.8 23.8 18.4 57.4 429. 9 126.6 146.5 117.2 16 2 July 24. 838.0 156.2 92. 5 46.8 33.9 23. 9 17.1 56.1 426. 5 129.1 149.0 117.1 16 3 July 31 834.8 154.7 £2.1 43.7 35.0 23.8 18.9 57.4 425. 5 127.0 147.6 118.0 16.7 Aug. 7 819.1 146 0 88.8 45.0 35.8 24.0 18.8 54.4 412.7 119.3 150.3 120. 2 16 6 Aug. 14. 850. 8 148.1 88.0 56. 6 36.5 23. 5 20.5 53.3 426. 4 129.6 150.6 127.4 16.8 Aug. 21 925. 8 154.4 92.9 57. 8 37.0 23.8 18.6 56.9 441.5 195.1 149.0 125.3 14 9 Aug. 28 931.4 150.3 92.6 58. 5 36.9 24.3 18.5 58.0 439. 1 196. 0 148.7 132.2 15 5 Sept. 4 . 880.5 142.0 90.2 54.8 39.1 26.7 16.9 51. 5 421.1 159.8 150.9 132.3 16 4 Sept. 11 886. 5 147.3 82.6 50. 3 42.9 25.6 17.1 54.9 420.7 159.0 151.4 140.6 14.8 Sept. 18- 871.8 145. 8 79. 5 42.8 46.1 26. 1 18.4 60.4 419.0 138. 7 152.1 144.2 17.7 Sept. 25 922. 9 162 4 84.1 51.2 50.7 27.4 16.5 68.1 460. 6 144.3 155.4 144.9 17 7 Oct. 2-__ 947. 6 171.4 92.0 56. 3 61.9 28.2 18.8 68.9 497.5 125. 8 155. 9 149.8 18.6 Oct. 9 . 1,019. 1 199.2 89.7 66. 9 63. 5 27.1 19. 1 81.3 546. 7 133. 6 162. 3 157.6 18.9 Oct. 16 1,075. 7 225. 3 97. 6 73. 6 68. 6 26. 1 18.6 92.8 602. 6 135.0 159.5 159.2 19 4 Oct. 23.-_ 1,111. 1 232.7 98 0 74.0 75. 1 25. 7 17.9 101.5 624.8 137.7 159. 1 170.1 19. 5 Oct. 30 . 1,117.6 231.0 102. 8 71.2 75.8 25.7 18.0 101.7 626.4 135. 4 161.0 173. 2 21 6 Nov. 6 1,111.5 225 9 104.9 66. 2 80.4 25. 8 19.7 98.8 621.7 135. 2 162. 7 170.2 21.7 Nov. 13 1, 133.8 223. 2 116.4 65. fi 80. 9 25. 4 23. 9 101.6 636. 9 145. 1 160.8 170.0 21.0 Nov. 20- 1,147.9 227.4 118.0 61.0 82.7 26 8 31.1 102.5 649. 6 142.1 162. 0 172. 9 21.4 Nov. 27 1,241.8 253. 3 165. 1 ! 58. 8 85. 3 27.0 29.0 104.7 723.3 156. 3 161. 5 178.0 22.6 Dec. 4 1,259.7 259. 3 171.3 62.8 92. 5 26.7 28.0 105. 4 746. 2 149.4 162. 0 176. 8 25.3 Dec. 11 1, 234. 1 241.1 170. 9 67.7 90. 7 26.8 28.3 105. 5 731.1 144.1 162. 7 174.7 21. 5 Dec. 18.__ ._ 1,219.9 229. 3 175. 1 67.1 89.3 29.5 26. 6 103.8 720. 7 138.7 163.5 175.9 21.0 Dec. 24 1, 227. 3 226.1 170. 0 69.6 87.5 29.9 25.4 109. 2 717. 7 141.4 158.8 186.7 22.8 Dec. 31 1, 200. 2 205. 5 163.5 68.6 86. 1 29.0 26. 1 107. 5 686. 3 145. 3 156. 3 188.9 23.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

35 JANUARY 1937 FEDERAL RESERVE BULLETIN TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES—Continued Reported by Banks in United States [Outstanding weekly amounts, in millions of dollars] Date Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la it n z d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1936 Jan.8 1,213.3 204.5 161.7 66.3 90.0 28.9 26.0 111.8 689.2 150.4 157.9 195.6 20. 3 Jan.15 1,218.9 196.2 165.5 62.9 92.6 29.7 24.0 119.6 690.6 158.8 155.2 195.7 18.6 Jan. 22 1, 264.1 199.2 164.0 61.4 89.8 29.8 26.1 118.0 688.3 202.1 158.5 195.5 19.6 Jan. 29 1 253 5 196 7 164 8 61 5 91.7 31.6 24 2 115.0 685.3 203 2 156.6 189.1 19.2 Feb. 5 1,205.9 188.3 160.2 60.0 90.3 29.3 23.6 114.0 665.9 160.9 159.9 200.4 18.9 Feb. 12 .. 1,187.3 181.9 164.7 59.9 88.4 27.7 23.4 112.6 658.6 156.0 162.1 190.8 19.7 Feb. 19 1,180. 2 204.0 144.1 59.8 86.4 26.5 21.3 113.2 655. 4 151.4 164.4 190.1 19.0 Feb. 26 1,182. 2 210.8 137. 7 59.6 85.1 25.5 19.2 110.2 648.2 155.2 169.3 190. 2 19.3 Mar. 4 1,173. 2 203.1 138. 5 61. 4 87.7 25.3 19.2 110.7 645.9 151.4 174.7 183.8 17.4 Mar. 11 1,186.4 202.8 139.9 61.3 86.5 23.2 19.4 122.8 655.9 150.9 177.4 182.9 19.3 Mar. 18 1,179. 0 191.5 142. 6 62.3 86.7 22.7 18.1 120. 4 644.4 149.8 182. 6 184.3 17.9 Mar. 25 1,177.2 186.6 145.8 65.8 86.3 21.6 18.7 118.3 643.1 144.2 189.3 183.1 17.5 Apr. 1 1,175.4 179.3 151.7 57.6 96.4 21.6 21.4 116.0 643.9 148.4 187.1 178.7 17.3 Apr. 8 1 168 8 166 9 144 1 60 1 96.0 20.7 22.6 121.9 632.3 146.6 192.6 180.4 16.8 Apr. 15 _ . 1,194.5 167. 3 147.5 60.4 95.5 20.7 22.0 135.5 648.9 150.6 193. 2 184.6 17. 1 Apr. 22 1 193 8 169 0 146 2 59 2 95 5 21 1 21 2 125. 8 638.0 157. 7 197.0 183. 6 17.5 Apr. 29 1,231.2 175. 9 140.9 58.9 94.0 20.5 20.3 127.4 637.9 190.0 200.1 186.7 16.6 May 6 1,283.1 186.2 177.7 63.1 99.5 19.9 19.9 128.3 694.7 178.3 202.5 189.2 18.5 May 13 1,291.0 202.8 160. 4 63.8 97.9 19.9 21.9 132.7 699.3 177.8 206.0 189.9 18.1 May 20 1,293.4 203.7 152.8 71.4 99.2 20.3 22.2 128.2 697.8 176.8 208.7 191.9 18.1 Mav 27 1, 299. 8 212.9 148.7 71.0 103.3 21.3 22.4 128.7 708.4 176.9 204. 4 191. 9 18.3 June 3 __ 1, 328. 4 222.0 164.0 69.4 112.4 20.0 22.3 110.6 720.8 172.9 208.9 207.7 18.1 June 10 1, 393. 3 251.1 173.3 85.7 123.2 19.8 23.8 112.9 789.8 159.8 213.9 209.5 20.4 June 17 1,437.1 274.2 174.9 94.6 126. 6 20.7 26.9 120.8 838.6 160.6 208.2 208.3 21.4 June 24 1, 426. 2 270.5 157.8 102.8 128.3 20.6 25.3 123.1 828." 2 160.6 207.4 208.2 21.7 July 1 1, 376. 0 255.2 152 9 105. 3 129.6 20.1 24.4 121.5 809.0 133.0 205.2 206.4 22.4 July 8 1,375.0 255.7 148.8 104.2 129.1 19.6 27.5 121.9 806.8 133.1 209.0 205.4 20.8 July 15. __ 1, 367. 5 247.7 152. 5 100.9 128.9 19.8 27.6 117.8 795.2 136.0 209.2 206. 8 20.4 July 22 1 363 5 252 5 146 7 97 3 128.4 19.7 27.3 117.6 789.6 136.8 208.8 208.5 19.8 July 29 1, 358. 3 256.6 142.1 95.2 124.3 21.0 27.0 117.7 784.0 137.8 210.1 207. 6 19.0 Aug. 5 _ 1, 358. 6 257. 0 144.0 92.1 123. 6 21.2 26.3 116.5 780.7 145. 9 212.4 200.5 19.1 Aug. 12* 1,347.4 257. 2 137.5 90.8 127. 5 20.5 28.3 116.6 778.5 156.2 202.0 190.8 19.8 Aug. 19 1, 350. 0 255. 1 136. 6 88.4 126.2 20.5 28.3 119.6 774.6 162.1 200.8 193. 3 19. 2 Aug. 26 1 365 0 257 3 136 9 89.5 126.0 20.6 29.4 112.7 772. 3 173.2 202.2 197.9 19.4 Sept. 2 1,317 5 230 6 136 6 87.5 129.8 19.3 27.5 115.9 747.2 156.1 199.8 194.6 19.8 Sept. 9 1, 338. 4 234.1 140.0 85.6 129.4 19.1 29.1 117.6 754.8 157.5 205.8 200. 2 20.0 Sept. 16 1,337 7 228 4 142 4 86.4 130.6 19.0 26.7 117.9 751.3 156.7 202.9 207.0 19.7 Sept. 23 1, 380. 9 242.0 156. 0 81.5 133.4 19.1 27.6 121.3 781.0 164.2 204.6 211.4 19.6 Sept. 30 1,459.6 293. 7 163.2 76.8 147.3 19.2 29.2 128.8 858.3 170.7 200.5 210.2 .19.8 " See note at end of introductory article, page 20. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY 1937 TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Reported by Banks in United States [Outstanding weekly amounts, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e n th d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t O A th ll er 1935 Jan. 2 1,122.4 302.1 80.5 18.6 8.2 231.7 27.2 80.0 748.4 96.3 151.8 117.4 8.5 Jan. 9 1,123.4 309.1 75.4 19.2 8.8 231.5 27.7 80.8 752.6 98.7 152.1 111.0 9. 1 Jan. 16. 1,104. 4 303. 5 69.3 19.8 8.6 230.2 27.3 79.7 738. 2 98.4 153.1 106.2 8.5 Jan. 23 1, 062.1 287.2 58.8 21.5 7.7 220.0 27.3 78.0 700. 5 96.6 153. 7 102.8 8.5 Jan 30 1,088. 3 290.8 68.1 18.9 7.4 229.0 25.8 79.7 719.7 i 100.9 154.0 104.9 8 7 Feb 6 1, 040. 9 273.4 54.0 16.5 6.6 227.1 27.1 78.2 682.8 100. 6 149.9 98.5 9.1 Feb. 13 - - 1, 020. 2 265.1 55.7 14.9 6.3 222.8 25.8 76.7 667 3 99.7 148.2 95.6 9.3 Feb. 20 _ 1,012.2 252.9 52.4 14.7 5.9 229.0 25.1 77.6 657. 6 100.7 148.2 96.1 9.6 Feb. 27 1,001.9 242.7 53.6 15.2 6.1 227.0 25.8 76.4 646.7 101.5 148.3 95.7 9.6 Mar. 6 994.3 233. 0 53.9 15.3 5.9 227.3 25.2 78.1 638. 7 100. 0 146.6 99.4 9 6 Mar. 13 _ __ 974.1 224. 9 50.2 14.6 6.0 227.2 25.2 77.5 625. 5 99.2 146. 5 93.4 9.5 Mar. 20 957.9 209.7 53.6 14.2 6.1 225. 5 24.5 76.2 ' 609.8 98.6 147.3 92.8 9 4 Mar 27 945.7 197.4 53.9 14.5 5.7 226.5 23.2 75.7 , 596. 8 100.8 147.9 90.3 10 0 Apr 3 968 2 194 1 71.1 21.4 5.4 225.4 24.3 76.1 617.9 101.0 147.3 92.0 9 9 Apr. 10 934.8 166.1 54.6 38.0 6. 1 224. 3 24.1 78.3 591.6 96.9 146.7 89.5 10.0 Apr. 17 916.4 158. 9 48.8 30.7 5.7 223. 0 24.9 76.4 568. 2 102.4 146. 2 89.9 9. 7 Apr 24 879.6 137.2 50.8 16.0 6.0 222.4 24.4 76.1 532. 9 102.1 145.9 89.2 9 5 May 1 891.8 144 2 48.3 13.6 5.4 222.0 24.9 76.3 534 6 104.8 147.9 94.7 9 8 May 8 881.4 139.2 48.0 15.6 5.0 220.7 23.8 76.1 528. 4 104. 5 147.3 91.5 9.6 May 15 879.0 127 2 61.8 15.2 5.0 218.6 23.6 75. 2 526. 6 103. 4 147.7 91.4 9 9 Mar. 22 899.4 117.5 92.2 15.0 5.1 219.1 22.6 75.4 546. 9 103.8 148.0 91.5 9.2 Mar 29 955.1 116 0 150. 9 13.6 4.7 218.6 22.8 76.5 1 603.1 103.4 149.3 89.9 9 4 June 5 913 3 110 0 115.0 15.9 4.2 216. 6 23 6 76.1 561. 3 104.3 149.4 89 0 9 3 June 12 834.9 105. 7 44.1 13.4 4.3 218.3 24.3 78.7 488.8 103.2 145.7 88.0 9.2 June 19 817.1 92 8 34. 5 13.7 6.7 216.5 24.8 78.7 467 7 107.8 144 6 87.9 9 i June 26 812.4 94.0 32.0 13.4 6.3 213.8 24.6 79.1 463.1 108.2 143.0 88.8 9.3 July 3 810.3 90.0 31.5 13.3 7.8 213. 7 24. 1 77.3 457. 7 113.0 144.2 86.0 9 5 July 10 804.2 87.9 28.7 13.5 8.9 212.7 23.9 76.9 452.6 115.9 142.4 84.0 9 2 July 17 790.6 82.2 28.6 13.1 9.5 210.9 24.6 75.3 1 444.3 115.3 141.2 80.6 9.2 July 24 785.0 87.1 27.4 12.5 8.6 208.8 24.9 74.0 1 443.4 116.4 138.9 76.9 9 3 July 31 787. 6 90.5 28.2 22.3 8.6 205.4 24.5 74.4 453.9 112.7 139.1 72.8 9.2 Aug. 7 779.0 86.4 26.3 20.4 8.6 203.7 23.1 73.3 441.8 118.3 136.7 73.2 9 1 Aug. 14 782.8 94.6 26.7 13.7 8.3 203.1 24.6 72.8 444.0 119.5 138.3 71.8 9 1 Aug. 21 768.6 88.7 25.4 14.3 8.7 202.8 24.1 70.7 434.8 115.4 136.2 72.2 9.9 Aug. 28 763.4 91.0 26.7 11.9 8.8 202.3 24.5 70.0 435.2 114.4 132.1 72.5 9.2 Sept. 4 727.2 93.2 26. 6 12.2 8.6 202.0 23.4 66.9 432.8 80.6 133.6 71.0 9 3 Sept. 11 726.7 93.3 31.5 13.0 8.4 201.5 23.0 66.8 437.6 81.9 132.7 65.3 9.2 Sept. 18 733.4 92.3 37.6 20. 1 7.9 200.6 22.0 65.3 445.7 81.6 132. 5 64.2 9 4 Sept. 25 748.7 92.5 62.7 16.5 7.8 199.9 21.0 65.9 466.2 77.9 131.3 64.3 9.1 Oct. 2 734.8 93.3 48.9 12.5 7.9 200.8 20.7 64.3 448.3 78.1 132. 7 66.7 8 9 Oct. 9___ 750. 6 95.9 64.0 12.6 7.5 200.8 19.9 64.5 465. 1 78.7 132.3 66.0 8.5 Oct. 16 - - 729.8 97.4 44.9 12.9 6.7 201.2 17.7 65.5 446.4 80.2 129. 6 65.0 8.6 Oct. 23 733.9 93.0 54.2 13.5 7.2 201.4 17.3 63.8 450. 5 81.4 128.4 65.1 8 4 Oct. 30 730.7 103.5 38.9 13.5 7.0 200.9 17.1 65.0 445.9 82.8 127.9 65.6 8.5 Nov. 6 736.5 97.7 48.5 14.2 6.5 200.7 16.5 65.5 449.6 82.1 128.3 67.8 8.8 Nov. 13 752.1 103.5 52.4 15.2 7.0 201.2 17.4 67.2 463. 8 81.2 128.5 69.6 8.9 Nov. 20 761.2 103.1 55.1 15.7 7.8 201.7 14.8 67.7 465.9 84.7 128.8 72.2 9 6 Nov. 27 830.3 106.0 116.0 15.8 7.5 202.4 14.8 69.4 531.8 83.1 128.7 76.6 10.2 Dec. 4 793.1 103.3 62.1 14.5 7.7 202.7 13.9 71.2 475.4 103.2 128.5 75.9 10.1 Dec. 11 773.3 105.8 39.2 15. 1 7.2 201.5 13.9 69.8 452.4 105.9 128.9 76.2 9.8 Dec. 18 768. 5 99.4 32.9 16.8 7.4 203. 5 14 0 71.5 445.5 103.4 128. 1 81 6 9 9 Dec. 24 767.0 98.8 32.7 16.7 7.4 202.8 13.5 71.7 443.4 100.2 129.6 83.7 10.1 Dec. 31. 762.1 93.3 32.5 19.0 6.6 202.0 13.5 71.2 438.2 100.9 132.8 80.1 10.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

37 JANUARY 1937 FEDERAL RESERVE BULLETIN TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES—Continued Reported by Banks in United States [Outstanding weekly amounts, in millions of dollars] Date Total U K d n i o i n m t g e - d France N l e a t n h d e s r- e S r w la i n tz d - m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca E F a a s r t O A th ll er 1936 Jan.8 730.1 98.3 28.9 19.2 6.6 203.3 13.6 70.0 439.9 63.8 133.5 83.1 9.8 Jan.15 733.0 96.3 31.3 20.1 6.6 202. 5 14.1 71.6 442. 5 69.0 133.6 78.4 9.6 Jan. 22 736.2 95.5 31.1 20.0 6.6 201.7 12.9 70.9 438.8 72.7 133.9 81.0 9.8 Jan. 29 741.1 97.8 29.8 20.4 6.6 201.1 12.8 71.3 439.8 75.6 134.0 81.9 9.9 Feb. 1 736.0 92.5 29. 1 18.0 6.0 200.7 13.1 71.1 430.5 77.2 134.8 83.1 10.4 Feb. 12 731.1 89.5 30.4 17.9 6.2 200.8 12.9 69.7 427.5 76.4 134.5 82.2 10.5 Feb. 19 723.0 86.6 31.7 17.6 6.0 200.8 12.6 67.3 422.6 74.0 133.7 82.0 10.7 Feb. 26 716.2 86.8 31.0 15.9 5.9 200.4 12.4 65.9 418.3 72.8 133.7 80.9 10.5 Mar. 4 716.8 86.2 27.7 18.9 5.5 200.1 13.2 65.9 417.4 72.6 135. 0 81.5 10.3 Mar. 11 _ 721.7 91.1 28.2 20.5 5.4 199. 3 13.3 65.3 423.1 73.7 135.4 78.8 10.7 Mar. 18 . 721.1 90.6 26.8 22.6 5.4 198. 4 13.0 65.0 421.8 78.2 135.0 75.3 10.9 Mar. 25 719.8 87.9 26.5 22.9 5.4 198.6 12.6 64.8 418.7 78.7 137.0 74.3 11.2 Apr. 1 733.2 98.8 28.8 23.0 5.5 196.9 13.1 64.3 430.5 78.2 135.4 78.0 11.1 Apr 8 721 8 «« 2 27.7 23.8 5.6 197.3 13.3 63.2 419.0 77.8 134.7 79.4 10 9 Apr. 15 718.8 88.0 25.7 24.0 5.6 197.4 13.4 64.1 418.1 73.1 134.7 81.2 11.8 Apr. 22 _. 719.2 88.9 25.2 23.8 5.4 198.0 13.5 63.5 418.3 75.6 134.0 79.4 11.9 Apr. 29 731.7 96.2 33.0 23.7 5.7 193.8 13.2 62.3 427.9 78.4 134.9 78.1 12.4 May 6 766.0 95.6 70.7 23.4 5.6 195.1 13.6 62.3 466.3 76.9 134.2 76.5 12.1 May 13 747.5 90.9 58.1 24.1 4.5 195.2 13.0 63.5 449.3 77.2 134.3 75.2 11.5 May 20 705.6 83.8 23.5 23. 1 4.6 193.5 13.1 63.6 405.1 81.1 131.8 76.1 11.5 May 27 697.1 83.5 28.4 22.4 4.0 190.7 12.9 62.7 404.7 76.7 128.7 75.2 11.8 June 3 722.1 84.9 51.0 23.4 4.5 190.3 13.1 59.3 426.4 80.2 128.9 74.6 11.9 June 10 734.0 84.4 70.1 21.9 4.5 190.7 13.1 59.2 443.9 78.7 128.3 71.1 12.0 June 17 - 706.1 89.1 46.7 22.3 4.2 J86.5 12.9 56.7 418.5 79.1 124.4 72.8 11.3 June 24 675.1 82.5 23.9 21.2 4.5 187. 0 12.7 57.8 389.6 78.0 122.3 73.9 11.4 July 1 674.4 87.1 23.5 21.4 4.2 186.2 12.8 57.6 392.8 77.8 120.4 72.1 11.4 July 8 664.0 87.1 20.4 20.8 4.2 184.4 13.2 57.8 388.0 75.1 117.6 71.9 11.4 July 15 658.0 90.1 20.5 19.9 4.1 183.0 12.9 57.1 387. 6 74.5 116.2 68.1 11.6 July 22 655.9 90.1 20.9 20.1 4.1 181.0 12.3 58.2 386.6 74.6 115.5 67.8 11.3 July 29 654.3 93.6 22.9 19.5 4.1 177.6 11.9 56.6 386.1 74.1 115.5 67.6 11.0 Aug. 5 653.4 94.2 20.1 18.2 4.2 177.9 11.8 55.0 381.3 75.6 117.2 68.7 10.6 Aug. 12* 620.0 89.1 22.6 20.6 4.1 175.8 11.9 54.6 378.6 75.1 107.1 49.0 10.1 Aug. 19 606.2 78.1 20.7 20.0 3.9 172.9 10.8 54.5 360.7 77.6 107.6 50.2 10.0 Aug. 26 602.4 80.7 21.8 21.5 4.0 171.1 10.7 52.7 362.6 74.2 108.0 46.6 10.9 Sept. 2 568.6 78.1 20.5 19.8 3.9 169.2 10.6 53.4 355.5 50.6 105.1 46.8 10.6 Sept. 9 .-.- 568.7 76.6 23.8 19.7 4.0 165.5 10.7 53.3 353.6 53.9 105.5 45.5 10.2 Sept. 16 576.1 80.3 34.0 20.2 3.7 162.6 10.9 51.2 362.8 50.9 104.2 48.0 10.2 Sept. 23 590.9 77.8 47.6 19.4 2.6 166.3 10.9 51.0 375.5 50.1 104.6 50.5 10.2 Sept. 30 631.9 81.0 81.5 21.5 5.2 160.6 11.0 52.0 412.8 49.1 105. 5 54.4 10.2 * See note at end of introductory article, page 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN JANUARY 1937 CAPITAL MOVEMENT TO UNITED STATES-NET MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2400 2400 2200 2200 200 1935 SECURITY PURCHASES BY FOREIGNERS-NET MILLIONS OF DOLLARS MILLIONS OF DOLLARS BOO 800 600 600 Domestic Securities^^"^ 400 400 Foreign Securities^..**"" / 200 .*•••'*"" 0- 0 -200 -200 I ! 1 ! J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1935 1936 Figures for above charts taken from table 1. The movement in security transactions in the first chart includes the movement in brokerage balances, which is closely related to security operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

39 JANUARY 1937 FEDERAL RESERVE BULLETIN SHORT-TERM FOREIGN ASSETS AND LIABILITIES OF BANKS IN U.S. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1600 ! "" 1600 1400 -600 J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. SHORT-TERM FOREIGN LIABILITIES OF BANKS IN U.S. MILLIONS OF DOLLARS MILLIONS OF DOLLARS- 1000 1000 /\^_ J 800 800 To Europe / ^v^ 600 600 To Non-Europe 400 400 To Gold Bloc /' ' h .•• •• w 200 200 To England 0 0 J. F M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D 1935 1936 Figures for above charts based on those in tables 8 and 9. The Gold Bloc, in the second chart, represents. France, Netherlands, and Switzerland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Treasury r M es e e m rv b e e b r a b la a n n c k es Date co B d u i i n l s l t - s ed b B ou il g ls ht s m U G e e c r . o e u n v n S r - - t i . - R c O b e r a s t e h e n d r e k i v r t e Total M s t g t a o o o r n l c y d k e- T re c u r n u e r a c r y - s y - M in c t o u i o n l c a n i e r - y - c d F R a b e e s e w p a h d s n o i e e t a s k r h r i n v s a t e d l s b p m N e o r e o s m d n it - e s - - R c O e F o e a s t u e r h c e a d n - r e l - t v r s e Total E m ( x e a c s t t e e i s - d s ) ties End of month figures: 1935—Dec. 31 5 5 2,431 45 2,486 10,125 2,476 5,882 3,110 255 253 5,587 2,844 1936—Jan. 31 9 5 2,430 35 2,479 10,182 2,493 5,737 3,001 304 253 5,860 3,084 Feb. 29 7 5 2,430 40 2,482 10,167 2,499 5,846 2,937 327 254 5,784 2,686 Mar. 31 8 5 2,430 31 2,474 10,184 2,504 5,877 3,607 332 259 5,087 2,305 Apr. 30 5 5 2,430 34 2,475 10, 225 2,500 5,886 3,213 356 260 5,486 2,664 May 30 5 3 2,430 35 2,474 10, 402 2,490 5,953 3,101 337 256 5,719 2,866 June 30 4 3 2,430 35 2,473 10, 608 2,498 6,241 3,187 262 257 5, 633 2,717 July 31 __ _ 4 3 2,430 24 2,462 10, 648 2,496 6,162 2,879 306 253 6,005 3,029 Aug. 31 8 3 2,430 30 2,471 10, 716 2,500 6,227 2, 508 287 256 6,410 1,950 Sept. 30 9 3 2,430 30 2,473 10, 845 2,512 6,267 2,711 234 262 6, 357 1,840 Oct. 31 6 3 2,430 36 2, 476 11,045 2,516 6, 351 2, 465 205 262 6, 753 2,175 Nov. 30 7 3 2,430 13 2,453 11,184 2,521 6, 466 2,442 201 261 6,788 2,236 Wednesday figures: 1936—Feb 5 10 5 2,430 44 2,489 10,168 2,491 5,742 2,958 324 255 5,869 3,089 Feb. 12 8 5 2,430 65 2,508 10,155 2,496 5, 763 2,993 364 254 5, 784 3,007 Feb. 19 7 5 2,430 64 2,505 10,160 2, 499 5,771 2,979 327 255 5, 832 3,f)45 Feb. 26 7 5 2,430 33 2,475 10,163 2,502 5,775 2,949 323 254 5,839 3,062 Mar. 4 6 5 2, 431 34 2,475 10,167 2,506 5,848 2,898 321 269 5,813 3,043 Mar. 11 5 5 2,430 33 2,473 10,170 2,503 5,840 2,909 337 274 5,786 3,008 Mar. 18- _ 6 5 2,430 44 2,485 10,173 2,503 5,841 3.587 328 261 5,144 2,388 Mar. 25 6 5 2,430 45 2,485 10,177 2,502 5,837 3,667 340 261 5,059 2,315 Apr. 1 7 5 2,430 34 2,477 10,185 2,504 5,884 3,614 331 259 5, 077 2,338 Apr. 8 6 5 2,430 38 2,479 10,190 2,505 5,906 3,502 346 258 5,161 2,384 Apr. 15 6 5 2,430 35 2,477 10, 200 2,502 5,877 3,374 335 260 5,333 •2, 548 Apr. 22 . 5 5 2,430 35 2,475 10, 209 2,501 5,860 3,269 355 260 5,442 2,640 Apr. 29 5 5 2,430 32 2,472 10, 221 2,501 5,859 3,208 362 259 5,506 2,686 May 6 _ 5 5 2,430 38 2,478 10, 248 2,497 5,912 3,175 345 259 5,532 2,697 May 13 5 5 2,430 30 2,469 10, 302 2,496 5,888 3,161 351 257 5,611 2,774 May 20 5 5 2,430 30 2,470 10, 375 2,493 5,896 3,138 353 258 5,694 2,859 May 27 5 4 2,430 26 2,466 10, 388 2,494 5,902 3,116 326 256 5,747 2,901 June 3 6 3 2,430 50 2,489 10, 409 2,493 5,953 3,084 349 292 5,713 2,844 June 10 5 3 2,430 32 2,471 10, 480 2,489 5,937 3,064 306 299 5,833 2,948 June 17 7 3 2,430 40 2,480 10, 543 2,490 6,048 4,028 282 261 4,894 2,043 June 24 6 3 2,430 32 2,472 10, 600 2,500 6,173 3,577 252 261 5,308 2,438 July 1 4 3 2,430 35 2,473 10,612 2,498 6,250 3,232 256 256 5, 589 2,670 July 8 3 3 2,430 36 2,472 10, 622 2,498 6,242 3,015 263 256 5, 814 2,883 July 15 3 3 2,430 42 2,478 10, 629 2, 496 6,190 3,021 266 255 5,872 2,923 July 22 3 3 2,430 30 2,466 10,634 2, 497 6,153 2, 955 300 254 5,935 2,986 July 29 4 3 2,430 23 2,460 10, 642 2,496 6,123 2,907 298 253 6,016 3,049 Aug. 5 ._.. 4 3 2,430 26 2,463 10, 650 2,496 6,163 2,866 321 254 6,005 3,051 Aug. 12 8 3 2,430 36 2,477 10, 661 2, 498 6,170 2,759 337 255 6, 116 3,167 Aug. 19 6 3 2,430 18 2,457 10, 678 2,499 6,184 2,625 342 255 6,229 1,813 Aug. 26 7 3 2,430 25 2,465 10, 695 2,501 6,184 2,553 336 256 6,332 1,892 Sept. 2 9 3 2,430 21 2,463 10, 717 2,502 6,225 2,482 280 255 6,441 1,958 Sept. 9 8 3 2,430 41 2,482 10, 736 2, 508 6,276 2,420 271 288 6,471 1,997 Sept. 16 8 3 2,430 54 2,495 10, 762 2,507 6,255 2,789 251 263 6,206 1,714 Sept. 23 7 3 2, 430 33 2,473 10, 786 2,509 6, 239 2,787 255 263 6,225 1,743 Sept. 30 9 3 2,430 30 2,473 10,845 2,512 6,267 2,711 234 262 6,357 1,840 Oct. 7 . . 8 3 2,430 31 2,472 10, 971 2,509 6,305 2,636 271 263 6,479 1,954 Oct. 14 8 3 2,430 43 2,485 11,003 2,512 6,316 2, 556 249 261 6,617 2,072 Oct. 21 6 3 2,430 23 2,463 11, 008 2,514 6,311 2,491 227 264 6,693 2,127 Oct. 28 6 3 2,430 23 2,462 11,031 2,514 6,302 2,490 220 263 6,732 2,158 Nov. 4 7 3 2,430 7 2,448 11,058 2,515 6,378 2,487 200 262 6,693 2,138 Nov. 10. . 7 3 2,430 29 2,470 11,105 2, 516 6,393 2,421 191 262 6,825 2,260 Nov. 18 5 3 2,430 25 2.464 11,127 2, 520 6,375 2,428 197 260 6,851 2,276 Nov. 25 6 3 2,430 18 2,457 11,162 2,520 6,429 2, 449 206 261 6,795 2,210 Dec. 2 _ 6 3 2,430 28 2,467 11,188 2,522 6, 466 2,463 212 260 6,775 2,205 Dec 9 6 3 2,430 29 2, 468 11,206 2, 525 6, 497 2, 465 229 278 6,731 2,157 Dec. 16 8 3 2,430 42 2,483 11,222 2,532 6,552 2,519 227 265 6,674 2,046 NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 43 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month figures 1936 1936 1935 Dec. 16 Dec. 9 Dec. 2 Nov. 25 Nov. IS Nov. 10 Nov. 4 Oct. 28 Nov. Nov. ASSETS Gold certificates on hand and due from U. S. Treasury.. 8, 853, 624 8, 809, 324 8,811,021 8, 768, 838 8, 730, 839 8, 726, 337 8, 650, 837 8,635,831 8, 799,020 7, 329, 649 Redemption fund—F. R. notes 12,133 11,986 11,407 11,407 12, 585 11,853 11,354 12,273 11,407 17, 669 Other cash _ __ __. 232, 753 247, 464 246, 357 247,458 258, 858 243,801 249, 355 265, 825 237, 476 218,557 Total reserves 9, 098, 510 9,068, 774 9,068, 785 9, 027, 703 9, 002, 282 8, 981, 991 8,911,546 8, 913, 929 9, 047, 903 7, 565, 875 Bills discounted: For member banks 7, 181 5, 496 5, 835 5, 562 4.742 6, 363 6, 574 5, 604 0,146 6,072 For nonmember banks, etc.. 503 503 503 503 503 503 503 503 503 107 Total bills discounted 7,684 5, 999 6,338 6,065 5,245 6, 866 7,077 6,107 0, 649 6,179 Bills bought: Payable in foreign currencies — -- - -- -- - 3,089 3,088 3,087 3,086 3,086 3,086 3,087 3,087 3, 087 4,674 Industrial advances 25, 313 25, 493 25, 696 25, 980 26,037 26, 281 26, 474 26, 299 25, 828 32, 574 U. S. Government securities: Bonds - - 489,576 408, 326 381,326 3S1, 326 379,960 379, 960 379, 960 378.077 381,326 219 940 Treasury notes 1 347,163 1,417,283 1,449,163 1,449,163 1 443 3631,443 363 1.443 363 1,443, 363 1,449 163 1 650 756 Treasury bills 593, 488 604,618 599, 738 599, 738 606, 904 606, 904 606, 904 608. 787 599, 738 559, 482 Total Government securities 2,430, 227 2, 430. 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430. 227 2. 430, 2?7 2, 430, 227 2. 430, 227 2, 430,178 Other reserve bank credit W, 745 3,651 2, 102 -8,241 -981 3, 248 -18, 577 -3,382 -12,734 6, 340 Total Reserve bank credit outstanding 2, 483, 058 2, 468, 458 2,467, 450 2,457,117 2,463,614 2, 469, 70S 2, 448, 28S 2. 462. 338 2, 453, 057 2. 479, 945 LIABILITIES F. R. notes in actual circulation 4, 208, 972 4, 232, 609 4, 202, 799 4,169, 201 4,134, 270 4, 142, 981 4, 134, 717 4, 086, 242 4,198, 618 3, 647, 097 Deposits: Member bank—reserve account 6,674,157 6, 730, 989 6, 775, 230 6, 794, 650 6, 850, 652 6, 824, 565 6, 693, 359 6, 732, 003 6, 788. 055 5, 835, 228 U. S. Treasurer—general account.- 172,826 93,081 109, 628 79, 079 50, 485 54. 589 94, 549 99, 903 78, 377 46, 425 Foreign bank 60,779 65, 198 59, 405 53,955 52, 702 48,804 46, 778 65, 479 57, 480 39, 178 Other deposits 165, 803 163,415 152, 320 152,525 143,893 142, 440 153,316 154,170 143,879 245, 246 Total deposits 7, 073, 565 7, 052, 683 7, 096, 589 7, 080, 209 7, 097, 732 7, 070, 398 6, 988, 002 7,051,555 7, 007, 800 6, 160, 077 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 80. 2 80.4 80.3 80.3 80.1 80.1 80. 1 80.0 SO. 3 77.1 MATURITY DISTRIBUTION OF U. S. GOVERN- MATURITY DISTRIBUTION OF BILLS HELD MENT SECURITIES HELD BY RESERVE BANKS BY RESERVE BANKS [In thousands of dollars] [In thousands of dollarsj With- 6 mos. 1 year I years Over With- 16 to 31 to 61 to 91 days Over Total in 6 to 1 to 2 to 5 5 Total in 15 30 60 90 to 6 mos. year years years years days days days days mos. Total: Bills discounted: Nov. 25 2, 430, 227 608, 932 348, 663 377, 30659,124 336, 202 Nov. 25 ._ 6, 065 4, 832 542 504 144 43 Dec. 2 2, 430, 227 606, 869 337, 726 379, 30"00,124 336, 202 Dec. 2 6, 338 5, 082 272 311 145 528 Dec. 9 2, 430, 227 ,78, 569 338, 096 379, 306T3, 054 361, 202 Dec. 9 5. 999 4,568 495 26S 148 Dec. 16 2, 430, 227 432, 719345, 816 379^ 306 829, 934 442, 452 Dec. 16 7, 684 6, 297 230 246 551 Treasury bills: Bills bought in Nov. 25 599, 738348,052251, 686 open market: Dec. 2 599, 738358,989240,749 Nov. 25 3, 086 163 99 204 2, 620 Dec. 9 604,618 363,499241,119 Dec. 2 3,087 134 ., 895 587 4^" Dec. 16 593, 488344, 649 24;8, ,839 Dec. 9 3,088 1, 950 545 158 Dec. 16 3,089 1,944 581 326 Treasury notes: Nov. 25 1,449, 163260,880 96, 97' 377, 106714,000 Industrial ad- Dec. 2 1,449,163 "!47, 88096, 97' 379,306 725,000 vances: Dec. 9 1,417,283 215,070 96,977379, 306725, 930 Nov. 25 25, 980 1,0.17 334 819 713 21,072 Dec. 16 1,347,163 88, 070 96, 977379, 306 '82,810 Dec. 2 25, 696 1,022 40' 668 962 20, 942 Dec. 9 25, 493 928 047 522 805 20, 858 Treasury bonds: Dec. 16 25,313 938 64' 468 853 20, 683 Nov. 25 381,326 45,124336, 202 Dec. 2 381,326 45,124336, 202 Dec. 9 408, 326 47,124 3"6"1,202 Dec. 16 489,576 47.12-1442, 452 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Gold certificates on hand and due from U. S. Treasury: Nov. 25 577, 6573, 355,108 488i,, 678 644,638291,093236, 9371, 734, 576254, 614178, 321245, 339 65,182 Dec. 2 8,811,021 "~i, 2463, 396,13' 480, 601 648,885 298;i,996243,4791, 701, 363" 25-4,.697183,270 2488,, 903170, 264605,180 Dec. 9 8. 809, 324587,"""" 1.,325, 357489,139 646, 457302, 631247, 4581,711, -, 661683, 573 256,, 392172, 060622, 322 Dec. 16 8, 853, 624545, 780 3;,, 471, 784490, 233 658, 578291,185244, 50' 1, 701, 356252, 726174,194 256,, 244166, 935 60"01,,102 Redemption fund—Federal Reserve notes: Nov. 25 11,407 1,559 973 198 672 239 2,368 577 1, 720 227 1,567 Dec. 2 11,407 1,559 973 198 672 239 2,368 577 1,619 688 720 227 1,567 Dec. 9 11, 986 1,518 1, 785 122 617 344 2,327 511 1,606 681 709 217 1, 549 Dec. 10 12,133 1,492 1 "' 276 583 600 2,300 475 1,597 702 211 1, 540 Other Cash: Nov. 25 247, 458 25, 704 56, 476 27, 753 20, 529 14, 858 12, 305 24,883 17,172 6,629 14, 359 7, 475 19,315 Dec. 2 246,357 22, 687 56, 387 27, 988 21, 445 14,445 12, 489 25,848 16, 561 7,097 14,475 7, 335 19, 600 Dec. 9 247, 464 21, 68,067 26,765 15, 479 13,059 11,872 25,134 16, 362 6,602 13,967 7,429 20, 798 Dec. 16 232, 753 18, 922 62, 478 25,105 14,185 12, 771 11,561 26,372 15, 281 6,335 12, 679 6,937 20,127 Total reserves: Nov. 25 9, 027, 703604,920 3i,, 412, 55'516, 629 665,839 306,190251,6101,760,036273, 405185, 638 2601,,418172,884617, 577 D D e e c c . . 2 9 9 9, , 0 6 0 8 6 , 8 , 7 7 7 8 4 56 61 0 0 3 , ,4 84 9 3 2 3 3 I i , ! , , 3 4 9 5 5 3 , , 2 4 0 9 9 75 5 0 1 8 6 , , 0 7 2 8 6 ' 6 67 6 1 2 , , 0 5 0 5 2 3 3 31 1 3 6 , , 0 6 3 8 4 0 2 2 6 5 1 8 , , 6 5 33 " 61 1, , 7 7 3 2 7 7 , , 5 '" 1 8" 9 8 ~2^7~2 , ,!!8771 1 9 9 1 0 , , 0 8 5 5 5 6 2 2 6 7 4 1 , , 0 0 9 6 8 8 1 17 7 9 7 , . 8 7 2 0 6 6 6 62 4 6 4 , ,, 3 6 4 6 7 9 Dec. 16 9,098,510566,1943, 535, 942 5115, ]614 673,346304, 556258, 3681,728,203282,634181, 206 ~26"~9>,625174, 083621.769 Bills discounted: 269, 604 Secured by U. S. Government obligations direct or fully guaranteed: Nov. 25 4,211 504 2, 816 304 7; 12 99 151 205 45 Dec. 2 4,351 132 3,186 310 60 52 151 285 25 Dec. 9 3,994 93 3,216 292 85 12 10] 115 Dec. 16 5,856 1,788 3,261 425 80 2 69 226 Othe N r o b v i . l l 2 s 5 discounted: 1,854 37 1,444 46 46 22 r 58 4r 66 35 Dec. 2 1,98' 3" 1,462 47 46 22 146 58 45 56 35 Dec. 9 2,005 3' 1,346 47 46 22 271 58 45 67 35 Dec. 16 1,828 37 1,173 46 46 22 262 58 45 74 35 Total bills discounted: Nov. 25 6, 065 541 4,260 350 121 34 116 58 196 271 Dec. 2 6,338 169 4, 648 357 106 74 221 13; 196 341 60 D D e e c c . . 9 16 5, 999 1, 1 8 3 2 0 5 4 4 , , 4 5 3 6 4 2 3 4 3 7 9 1 1 13 2 1 6 3 2 4 4 3 33 4 1 6 5 5 8 8 2 1 7 4 1 6 1 7 8 4 2 3 3 5 5 Bills bought in open market: Nov. 25 3, 086 22c" 1, 098 31' 294 120 108 385 86 61 87 218 Dec. 2 3, 08' 225 1,099 31' 294 120 108 385 80 61 8' 218 Dec. 9 3,088 225 1,100 31 294 120 108 385 86 61 87 218 Dec. 16 3, 089 225 1,100 31 294 121 108 385 86 61 8' 218 Industrial advances: Nov. 25 _ 25, 980 2,914 6, 402 4, 995 1,236 496 1, 539 488 1,103 813 1,403 1,809 Dec. 2 25, 6% 2,914 6, 304 4,934 1,218 2,742 489 1,509 48' 1, """ 804 1,397 1,809 Dec. 9 25, 493 2,914 6, 299 4,822 1,21 2, 726 485 1,485 471 1, 066 804 1,396 1,808 Dec. 16 j*. 25, 313 2,:"- 6,282 4,79" 1,214 2,684 1,438 466 1,081 795 1,360 1,823 U.S. Government securities: Bonds: Nov. 25 381,326 27, 332 101,245 32, 793 38, 563 19, 694 15, 563 44,552 18,171 14, 233 19,748 15, 791 33, 641 Dec. 2 381, 326 27, 332 101,245 32, 793 38, 563 19, 694 15,563 44, 55: 18,171 14, 233 19, 748 15, 791 33, 641 Dec. 9 408, 326 29, 26" 108, 414 35,115 41,294 21, 088 16, 666 47, 706 19,458 15,240 21,146 16,909 36,023 Dec. 16 489, 576 35,091 129, 985 42,101 49, 512 25, 285 19, 982 57,199 23, 329 18, 272 25, 355 20,273 43,192 Treasury notes: Nov. 25 1,449,163 103,871 384, 763124, 622 146, 55f 74, 843 59,147 169,311 69, 058 54, 089 75, 048 60,010127,846 Dec. 2 1, 449, 163103, 871 384, 763124, 622 146, 555 74, 843 59,147 169,311 69,058 54, 089 75, 048 60,010127,846 Dec. 9 1,417,283 101, 586 376, 298121,880 143,330 73,196 57, 845 165, 587 67, 539 52, 900 73, 398 58, 690125,034 Dec. 16 1, 347,163 96, 560 357, 682115,851 136, 238 69, 574 54, 983 157, 395 64,198 50, 283 69, 765 55, 787118,847 Treasury bills: Nov. 25 599, 738 42, 98' 159, 235 51, 575 60, 651 30, 973 24, 478 70, 070 28,580 22, 385 31,059 24, 836 52, 909 Dec. 2 599, 738 42, 98' 159, 235 51,575 60, 651 30, 973 24, 478 70, 070 28, 580 22, 385 31,059 24,836 52, 909 Dec. 9 . 604,618 43, 33' 160, 531 51, 995 61,145 31, 226 24, 677 70, 040 28, 812 22, 567 31,311 25,038 53, 339 Dec. 16 593, 488 42, 539 157, 576 51, 038 60, 019 30, 651 24,223 69, 339 28-, 282 22, 152 30, 735 24, 577 52, 357 Total U. S. Government securities: Nov. 25 2, 430, 227 174,190 645, 243 208, 990 245, 76!)125, 51099,188 283, 933115, 90, 707125,855100, 637214, 396 Dec. 2 2, 430, 227 174,190 645, 243 208, 990 245, 76(J125, 51099,188 283,933115, 90, 707125,855100, 637214,396 Dec. 9 2, 430, 22~ 174,190 645, 243 208, 990 245, 769125, 51099,188 283, 933115, 90, 70'125,855100, 637214, 396 Dec. 16 2, 430, 227 174,190 645, 243 208, 990 245, 769125, 51099,188 283, 933115, 809 90, 707125, 855100, 637214, 396 Total bills and securities: Nov. 25 2, 465, 358 177, 870 657, 003 214;,,65 247, 420128, 446 99,908 285,915116, 579 91,883127, 026102,153216, 503 Dec. 2 2, 465, 348 177, 498 657, :,598 247,387128, 446100, 006 285,960116, 578 91,869 127,087102,142216, 483 D D e e c c . . 9 16 2 2 , , 4 4 6 6 6 4 , , 3 " 1 " 3 1 1 7 7 7 9 , , 1 4 2 5 8 9 6 65 5 7 7 , , 0 2 5 0 9 4 2 2 1 1 4 4: :, i, , 4 5 6 7 8 5 2 24 4 7 7 , , 4 4 1 0 1 3 1 1 2 2 8 8 , , 3 3 9 3 0 9 1 1 0 0 0 0 , , 1 1 1 2 2 7 2 2 8 8 5 5 , , 8 8 6 14 1 1 1 1 1 6 6 , , 5 6 1 3 2 2 9 9 1 1 , , 849 1 1 2 2 6 6 , , 8 9 1 2 1 81 1 0 0 2 2 , , 1 1 4 0 1 4 2 2 1 1 6 6 , , 4 4 7 5 2 7 Due from foreign banks: Nov. 25 221 17 21 20 10 8 26 6 6 15 Dec. 2 221 17 21 20 10 8 26 6 6 15 Dec. 9 220 17 21 20 10 8 26 6 6 15 Dec. 16 220 17 21 20 10 8 26 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

45 1937 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - lanta Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS Federal Reserve notes of other banks: Nov. 25 25, 464 369 7,105 660 1,348 2,221 2,002 3,280 1,322 853 2,009 667 3, 628 Dec. 2 23, 823 365 6, 339 677 1,497 1,939 1,639 2,206 2, 131 1,121 1,376 569 3,964 Dec. 9 26, 074 353 7,860 73' 1,232 1,959 1, 779 2,661 1, 558 1,455 1,344 667 4,469 Dec. 16 26, 646 300 10,011 7V 1,457 1,682 1,532 2,653 1,675 1,421 1,419 527 3,252 Uncollected items: Nov. 25 615,194 64, 509 156, 606 46,898 56, 758 54, 259 21, 772 79, 629 26, 662 15, 67531, 23, 665 36, 900 Dec. 2 651, 945 69, 362 158, 521 52, 221 62, 858 56,044 22, 213 86, 640 30, 516 16,911 36,448 24, 667 35, 544 Dec. 9 582,369 57, 733 143,706 43,545 56, 408 52, 212 24,333 77,356 26,082 15, 420 31,460 23,996 30,118 Dec. 16 895, 842 82, 632 255, 210 65, 639 86, 013 70, 862 28, 210 128, 408 32, 221 20, 543 40, 290 34, 344 51, 470 Bank premises: Nov. 25 48,066 3,113 10, 860 5,078 6, 525 2,919 2,284 4,833 2,453 1,534 3,361 1,526 3,580 Dec. 2 48,066 3,113 10, 860 5,078 6,525 2,919 2,284 4, 833 2,453 1,534 3,361 1, 526 3,580 Dec. 9 48, 078 3.113 10,864 5, 079 6, 525 2,919 2,284 4,833 2,453 1, 534 3, 368 1, 526 3,580 Dec. 16 48,082 3,113 10, 866 5,079 6,525 2,919 2,284 4,835 2,453 1,534 3,368 1, 526 3,580 All other assets: Nov. 25_ 42, 673 478 32,851 2,! 1,706 1,220 1,394 579 300 301 330 351 Dec. 2 43, 285 481 33, 450 2, 803 1,765 1, 200 1,438 567 225 296 307 366 387 Dec. 9____ _ 46, 200 481 36,163 3,267 1,704 1,181 1, 369 551 213 303 264 35P 345 Dec. 16 39, 468 488 29, 707 2, 769 1,774 1,215 1,391 569 20: 296 301 357 394 Total assets: Nov. 25 12,224,679 851,2!776 4, 277,067 786, 826 979,616495, 265 378, 978 2!,, 134. 294280, 700 295, 886424, 982301, 231878,554 Dec. 2 12,301,473 854, 3~2~8 4! 784,185 991,054504, 238 3;85, 9242,108, 0'2"0 "4[:24, 784302, 789 432, 683307,102886, 320 Dec. 9 12,236,522 849, 9%99 4! 090 783,143 975, 853502, 7"0"5 3;(91, 55"2,108, 429, 456301,420 434, 438 308, 401899, 653 Dec. 16 12,575,081 831, 8724, 498, 87 804, 4141, 016, 538509, 583391,9052,150,508422, 796296, 86'441, 820 312, 947896, 952 LIABILITIES Federal Reserve notes in actual circulation: Nov. 25 4,169, 201 363,911 869, 520 78 40i55,,170 204,157185,07 936, 700181, 658133, 863157,1 92,154331,415 Dec. 2 4, 202, 799 367, 727 883, 585 301'7; 568. 403, 441207,39" 186,098 941,127183,049135,814159,840 93, 234333,919 Dec. 9 _ _ 4, 232, 669370,153 886,042310, 783 413,426 ;, 421787, 296 948. 753183, 444136,317160, 416 92, 729334,883 Dec. 16 4, 268, 972 373, 727 899, 42<!6~ 3" 14:!,730 415,612210, 255189,431 956, 836185, 088136,493159,852 93,118334, 404 Deposits: Member bank—reserve account: Nov. 25 6, 794, 650 389,0923,013, 945 383.956 442, 750 205i,, 955148,0651, 053, 344189,107128, 763 222200,,814162,935155, 924 Dec. 2 6, 775, 236381, 492 22,, 9 99977, ,784382', 355 450,176217,838151,0911,018,113187,873131,981221, 415166,96;468,151 Dec. 9 6, 730, 989372,620:2 , -93-7,157383, 883 441,848 218",!, 811855, 3231,013, 207197, 383131,858 227'!,202167, 043 4"814,6;47 Dec. 16 6, 674,157 341, 4813, 023, 932378,104 452, 319 2031,,694147, 381 981, 664179,015121,, 772 22J2,. 732162, 333 4591,,730 U.S. Treasurer—general account: Nov. 25 79,079 1,962 13, 808 8,399 14,130 10, 290 1,807 11, 292 2, 337 2,361 2,148 3,895 6,650 Dec. 2 109, 628 3,662 60, 617 3,516 13, 579 2,121 2,101 6, 792 1,952 3,436 2,716 3,""" 5,270 Dec. 9 93,081 2,472 43,564 2,859 9, 510 1, 963 2, 304 16,197 1,94" 2, 556 2,625 5,610 1,474 Dec. 16 172, 826 4, 079 77,196 4,857 13, 940 5,248 5,344 31,571 3, 592 3,816 6, 826 4,702 11,655 Foreign bank: Nov. 25 53, 955 3,860 20, 832 4,851 4,799 2,295 1, 825 6,051 1, 565 1,252 1,513 1,513 3,599 Dec. 2 59, 405 4, 291 22, 582 5, 393 5, 335 2, 551 2,030 6,727 1, 739 1, 392 1,682 1,682 4,001 Dec. 9 65,198 4,830 23, 752 6,070 6,005 2,872 2,284 7,571 1,958 1, 566 1,893 1,""" 4,504 Dec. 16 60, 779 4,435 22, 723 5,574 5,514 2,637 2,097 6,952 1,798 1,438 1,738 1,738 4,135 Other deposits: Nov. 25 152,525 4,011 76, 363 1,824 24, 775 3,880 7,278 1,856 7,584 4,204 792 3,272 16, 686 Dec. 2 152, 320 3, 726 72, 429 3,087 24, 936 4,084 10, 485 1, 719 7,731 4,135 197 3,136 16,655 Dec. 9. _ 163, 415 2,851 96,380 1,649 16, 084 4,173 7,810 1,848 7,192 4, 131 196 3,259 17,842 Dec. 16 165,803 2, 987 102, 970 1,740 12, 748 4,361 6,096 2,393 7,636 4, 573 722 3,161 16, 416 Total deposits: Nov. 25 7, 080, 209398, 9253,124, 948399,030 486, 454222, 420 158, 9751, 072, 543200, 593 136i,,5 l580 !2252,5 267171,615482, 859 Dec. 2 7,096, 589393,1713,153, 412 394"!:, 351494, 026 226, 594165, 7071,033, 351199,295 140i,,944226,010 117755,66551494,077 D D e e c c . . 9 16 7 7 , , 0 05 7 2 3 , , 6 5 8 6 3 5 3 3 8 5 2 2 , , 9 7 8 7 2 33 3, , 1 2 0 2 0 6 , , 8 8 5 2 3 1 3 3 9 9 4 0 , , 4 2 6 7 1 5 4 4 7 8 3 4 , , 4 5 4 2 7 1 2 2! 1 22 5 77 , ,, 9 8 4 2 0 61 1 6 6 7 0 , , 7 9 2 1 1 8 1 1 , , 0 0 3 2 8 2 , , 8 2 5 3 8 01 2 9 0 2 8I , ,, 0 4 4 8 1 01 13 4 1 0 , , 1 5 1 9 1 9 2 2 3 3 1 2! , ,, 9 0 1 1 6 8 1 17 7 1 7 , , 8 93 0 4 5 4 5 9 0 1 8 , , 9 4 3 6 6 7 Deferred availability items: Nov. 25 623, 656 64, 466 156, 253 46, 540 56, 468 53. 785 21,495 81,181 28,182 16,190 32, 276 26, 370 40, 450 Dec. 2 650,064 69, 393 156, 380 48, 901 62, 004 55, 341 20, 675 89, 70432, 230 16, 785 37,033 27,110 34, 508 Dec. 9 578,938 57, 843 137,147 43,998 54, 563 51, 212 23,098 77,133 27,190 15, 688 31,802 26,772 32, 492 Dec. 16 879, 31 81,124 245, 766 66, 028 84, 608 68, 432 28,097 126, 716 35, 442 19, 469 40,121 36, 733 46, 781 Capital paid in: Nov. 25 130, 247 9,386 50, 259 12, 221 12, 569 4, 716 4.255 12,189 3, 756 2,947 3,953 3,822 10,174 Dec. 2 130,275 9,386 50, 259 12,224 12, 569 4, 716 4, 258 12, 205 3, 761 2,947 3, 954 3,822 10,174 Dec. 9 130, 283 9, 383 50, 261 12, 224 12, 569 4,718 4, 259 12,20; 3,770 2,946 3,960 3,822 10,164 Dec. 16 130, 390 9,381 50,271 12, 224 12, 652 4,716 4,271 12, 210 3,776 2, 945 3,960 3,822 10,162 Surplus (section 7): Nov. 25 145,501 9,902 50, 825 13, 406 14, 371 5,186 5,616 21, 350 4, 655 3,149 3,613 3,783 9,645 Dec. 2 145, 501 9,902 50, 825 13,406 14,371 5,186 5,616 21, 350 4, 655 3,149 3,613 3,783 9,645 Dec. 9 145, 501 9,902 50, 825 13, 406 14, 371 5,186 5,616 21, 350 4,655 3,149 3,613 3,783 9,645 Dec. 16 145, 50: 9,902 50,825 13, 406 14,371 5,616 21,350 4,655 3,149 3,613 3,783 9,645 Surplus (section 13b): Nov. 25 27,088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Dec. 2 27,088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Dec. 9 27,088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Dec. 16 27, 088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l i a i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - LIABILITIES—continued. Reserve for contingencies: Nov. 25 34, 290 1,513 i, 849 3,000 3,110 1, 304 2,563 7,573 1,415 840 1,328 1,849 Dec. 2 34, 251 1,513 5,849 3, 000 3,110 1,305 2,563 7, 573 898 1,415 848 1,328 1,849 Dec. 9 34, 249 1,513 5,849 3,000 3,110 1,309 2,55" 7, 573 898 1,415 848 1,328 1,849 Dec. 16 34, 246 1,513 3,000 3,110 1,313 2,55' 7,573 898 1,408 848 1,328 1,849 All other liabilities: Nov. 25 14,487 299 8,669 520 46' 249 242 1,371 364 739 194 907 466 Dec. 2 14, 906 362 8,992 504 526 251 253 1, 319 350 732 243 922 452 Dec. 9 35,111 15, 558 9,369 1,040 3, 360 579 256 1, 577 473 791 741 910 457 Dec. 16 16, 002 369 9,177 520 65" 293 261 1,852 350 801 266 977 479 Total liabilities: Nov. 25 12, 224, 6? 851,, 276 4,, 277,06' 786,826 616 495, 26i 378, 9782,134, 298420, 700 295, 886424, 982301,231878,554 Dec. 2 12, 301, 47: 854,:, 328 4, 320,046784,185 991,054504, 238 3" 8~5 ," i<, 9242,108, 020 424:,,784302, 789432, 683307,102 886320 Dec. 9 12,236,522 849,I , 999 4,. j 251,,090 783"!!, 143 975,853 502\' ,70; 391, 5572,108, 807 429>,, 456301,420434, 438 308".;, 408199; 653 Dec. 16 12, 575, 081831,872 4, 498, 879 804,4141,016, 538 509, 583 391, 9052,150, 508 422, 796296, 867441,820312, 947 896, 952 Commitments to make industrial advances: Nov. 25 22, 040 2,373 8,962 242 1,363 2,366 299 1,287 343 492 4,192 Dec. 2 21, 544 2,172 8,851 242 1,354 2,360 294 1,160 341 492 4,158 Dec. 9 21, 491 2,162 8,844 24 1,343 2,353 294 1,15' 341 492 4,139 Dec. 1G 21,371 2,103 8, 893 252 1, 283 2,346 294 1,135 333 492 4,121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 47 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO DECEMBER 16, 1936 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e la a s c t h W m e o d n n t e h s ) day of N r u e m ce b iv er e n d e t t A o m d o at u e n , t Nu s t o ( e m o w u e r t i s b y t e h c r o n a t d n o C A i d o ti m m o w n o d m i s u a t ) i h n t t e - - t Numbe T r ota A l mount a s R F d ta b e e v o n d a s a u e d n e n t r k r i - c v n a e e l g s s c R F t o m b a e e o m n d a s e u e d n e n m t r k r i - t v n a i s t e l g - A b p p l u c p e o t r t m e o n d v - o e t i d d E o r r r a x a e c p w e p p a w t p i c a n n r . l i i t e i t d , - b h d , - y , i s F n p p t t a g i a u a o n n t r t u i i a t i d n o i o t n i c - s n n n c i t s - g - i- 2 1936—Dec. 31 (Tuesday) _... 7,615 306,708 2,176 132,460 1,993 124,493 32, 493 27, 649 11, 548 44,025 8,778 1936-Jan. 29 7,714 311,081 2,212 134, 243 2,023 125,810 32,483 27,004 10,888 46, 736 8,699 Feb. 26 7,831 315,081 2,245 135,320 2,049 126, 643 32,129 25,866 10,434 50, 636 7,578 Mar. 25 7,934 319, 595 2,294 138,450 2,097 129, 580 30,947 25,421 11,008 54, 654 7,550 Apr. 29 8,046 323,669 2,338 140,104 2,139 131,195 30,800 25,576 9,730 67,351 7,737 May 27 _. 8,113 329, 316 2,374 141, 749 2,162 132, 549 30,958 25,095 9,343 59, 512 7,641 June 24 8,158 331,391 2,394 142,811 2,183 133,343 30,486 24,452 9,381 61, 422 7,598 July 29 8,197 331,659 2,413 143,978 2,198 134, 233 30, 217 23,711 8,429 64, 342 7,534 Aug. 26 8,240 333,930 2,437 145,939 2,218 135,421 29,265 23,355 9,168 66,304 7,329 Sept. 30 8,284 336,119 2,463 147,191 2,243 137, 251 28,885 23, 307 8,566 69, 217 7,276 Oct. 28 8,308 336,763 2,477 148,237 2,259 138,731 27,038 22,790 8,544 72,915 7,444 Nov. 25 8,339 339, 903 2.483 148,317 2,266 138, 938 26, 720 22, 040 7,719 75,045 7,414 Dec. 163 8,361 340, 874 2,490 148, 392 2,272 139,073 26,051 21,371 7,551 76,845 7, 255 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $11,319,379 on Dec. 16, 1936. » Dec. 30 figures not yet available. NOTE.—On Dec. 16, 1936, there were 39 applications amounting to $4,435,801 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i - l a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n s p - - K C s a a it s n y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. Bank by F. R. agent: Nov. 25 4,473,196388, 589 961, 574318, 044 431, 267 217,454 207, 554970, 848191, 258138,06:168, 782 100,026379, 733 Dec. 2 4, 497, 999390,123 969, 453323, 940 429,478 220, 317 208,099972, 927191, 483138, 769169, 751101, 675 381, 984 Dec. 9 4, 538,157392, 243 983,115325,032 436,093 220,835 210,871980,141191,644140,402 17722,,089 1'0"3, 1'7"9 382,513 Dec. 16 4, 576, 604395, 4541,001, 557328, 271 444411,, 776600 222,832 210,843985, 434193, I, 70'171,612 103, 339 381, 050 Held by Federal Reserve bank: Nov. 25 303,995 92,054 10,166 26,097 13, 297 22, 476 34,148 9,600 4,204 11,085 7,872 48, 318 Dec. 2 295,200 22,396 85,868 16, 372 26,037 12, 920 22,001 31,800 8,434 2,955 9,911 8,441 48,065 Dec. 9 305,488 22,090 97,073 14,249 22, 667 12,408 23, 575 31,388 8, 200 4,085 11,673 10, 450 47, 630 Dec. 16 307, 632 21,727 102,131 13, 541 26,148 12, 577 21, 412 28, 598 8,651 4, 214 11,760 10,221 46, 646 In actual circulation: Nov. 25 4,169, 201363,911 869, 5520 307, 878 405,170 204,157185,078 936, 700181, 658133,863157, 697 92,154 331L,415 Dec. 2 4, 202, 799367, 727 883,585307,568 403,441 207, 186,098 941,127 ;, 041935,814159, 840 93, 234 3335;,919 Dec. 9 4, 232, 669370; 153 886,042 310, 783 4•1•3" , 4"2i6 208, 427 187,296 948, 753183,444 136,317160,416 92, 729334,883 Dec. 16 4, 268, 972373, 727 899, 426 314, 730 415, 612210, 255189, 431956, 836185,088 136, •4 9•3"159, 852 93,118 333344;,404 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Nov. 25 4, 437,838396,000 965, 706 319, 000 433,0100219,000166,000 986,000166, 632129, 000167,000101, 500 >,000 Dec. 2 4, 464, 838396,000 ~~~, 706 325, 000 433,0 0(0221,000166,000 986,000166,632131,000168,000102, 500 3891;,000 Dec. 9 4, 492, 338396,000 995, 706 325', 000 438, 002022, 0001'7~1', 0000 986,000166, 632131,000168,000104,000 389i,,000 Dec. 16 4, 535, 838406,0001, 010, 706 329, 000 444, 002024,000171,0000 996,000166, 632127,000168,000104, 500389,000 Eligible paper: Nov. 25 4,395 504 2,93' 304 l: 99 152 256 11 45 Dec. 2 4,695 132 3,394 310 52 163 152 326 6 25 Dec. 9 4,290 93 3,249 293 12 288 102 158 Dec. 16 6,143 1,788 3,289 425 274 227 49 U. S. Government securities: Nov. 25 88,000 45,000 30,000 10, 000 3,000 Dec. 2 88,000 45,000 30,000 10,000 3,000 Dec. 9 90, 000 45,000 30,000 10,000 5,000 Dec. 16 5,000 45,000 30,000 15,000 5,000 Total collateral: Nov. 25 4, 530, 233396, 504 968, 643 319, 304 433,075 219,012211,099 986,000196, 784 139,000170,256101, 511 389,045 Dec. 2 4, 557, 533396,132 984,100 325, 310 433, 060 221,052 211,163 986, 075 1967,8"4141,000 171,326 1"0"2 ; 506 389>,,025 Dec. 9 4, 586, 628396, 093 998, 955 325, 293 438, 085 222,012 216, 288 9860,0 0" 1"96, 734141,003173,158 104,007 389,000 Dec. 16 4, 636, 981407,"' 1, 013, 995 329, 425 444,080 224,002 216, 274 99060,0 196, 859142,003 17733,004499 10044, 506 389,000 1 Includes Federal Reserve notes held by other Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN JANUARY 1937 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, NOVEMBER 1936 BY CLASSES OF BANKS [ Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banks1 New Chi- banks banks* posits posits i qu R i e r - ed Held c E e x s - s York cago Total reserves held: All member banks. _30, 843 24,987 10,894 4,566 6,785 2,219 1935—November 5,757 2,563 614 1,639 941 December 5,716 2,541 608 1,631 935 Central reserve city banks: 1936—January 5,780 2,593 495 1,714 978 New York 10, 654 9,820 653 1,944 2,695 751 February 5,808 2,579 487 1,745 998 Chicago 2,409 2,107 429 430 651 221 March 5,420 2,271 463 1,708 978 April 5,300 2,163 506 1,675 956 Reserve city banks: May 5,638 2,384 636 1,657 961 Boston district 1,053 925 122 144 250 106 June 5,484 2,183 682 1,664 954 New York district 209 173 140 32 35 2 July 5,861 2,279 653 1,886 ,042 Philadelphia district- 1,179 969 238 156 267 111 Aug. 1-15 6,063 2,502 572 1,899 ,090 Cleveland district 1,510 1,181 716 209 330 120 Aug. 16-312 6,291 2,503 580 2,005 1,204 Richmond district 667 492 198 83 142 59 September 6,345 2,462 619 2,046 , 218 Atlanta district 594 439 160 73 85 12 October 6,594 2,574 637 2,153 ,230 Chicago district 1,157 814 455 143 234 91 November 6,785 2,695 651 2,185 ,254 St. Louis district 752 558 170 91 129 38 Week ending (Friday): Minneapolis district- 378 284 94 47 62 15 Nov. 6 6,715 2,650 645 2,170 ,251 Kansas City district- 995 662 162 107 155 48 Nov. 13 6,790 2,689 646 2,192 ,263 Dallas district 627 423 110 68 91 23 Nov. 20 6,828 2,707 656 2,199 1, 266 San Francisco district- 1,892 1,489 1,863 307 405 98 Nov. 27 6,807 2,729 660 2,177 1,241 Excess reserves: Total 11,013 8,409 4,429 1,461 2,185 724 1935—November 3,061 1,393 359 803 506 December 2,983 1,350 353 780 499 Country banks: 1936—January 3,033 1,395 239 852 547 Boston district. 800 607 568 89 139 50 February 3,038 1,360 226 885 567 New York district 1,237 942 1,340 159 255 96 March 2,653 1,056 208 846 543 Philadelphia district. _ 596 443 836 84 130 46 April 2,510 940 262 796 512 Cleveland district 558 388 595 68 115 48 May 2,800 1,134 377 778 511 Richmond district 500 315 324 48 75 27 June 2,593 908 414 775 496 Atlanta district 436 279 197 38 61 23 July 2,907 1,004 369 961 575 Chicago district 733 501 558 78 166 88 Aug. 1-15 3,105 1,226 290 970 619 St. Louis district 331 220 207 32 55 22 Aug. 16-312 1,852 600 160 601 490 Minneapolis district— 312 203 267 33 65 31 September 1,852 535 195 624 498 Kansas City district- 432 253 156 34 70 37 October 2,043 639 205 696 502 Dallas district 470 274 91 33 71 38 November 2,219 751 221 724 523 San Francisco district- 362 226 245 35 51 17 Week ending (Friday): Nov. 6 2,160 717 215 526 Total 6,767 4,651 5, 383 731 1,254 523 Nov. 13 2,224 745 217 731 531 Nov. 20 2,258 762 225 735 530 1 Gross demand deposits minus demand balances with domestic banks Nov. 27 2,235 774 229 721 511 (except private banks and American branches of foreign banks) and cash items in process of collection. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased 50 percent effective Aug. 16. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Membe ( r p l b ac a e n s k s o v i e n r l 1 a 5 rg ,0 e 0 r 0 ) centers Memb ( e p r la b c a e n s k u s n i d n e s r m 1 a 5 l ,0 le 0 r 0 ) centers Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 Boston _ _ __ _ 1,853 1,812 690 695 1,731 1,687 565 570 122 125 125 125 New York 12,100 11,938 2,133 2,169 1 1,166 1 1,156 1 1,008 i 1,012 280 281 472 471 Philadelphia 1,776 1,776 1,075 1,078 1,548 1,548 647 648 228 229 428 429 Cleveland 2,068 2,039 1,310 1, 299 1,850 1,821 1,042 1,036 218 218 269 263 Richmond 1,167 1,136 522 523 985 959 342 343 183 177 181 180 Atlanta 1,030 1,025 358 357 887 889 282 281 142 137 76 76 Chicago 4, 298 4,275 1,441 1, 429 i 1, 605 i 1, 582 i 781 l 772 284 278 232 226 St. Louis - --- 1,084 1,056 376 375 891 866 279 278 193 190 97 Minneapolis 690 665 361 359 498 475 178 178 192 190 183 181 Kansas City 1,426 1,411 318 317 1,113 1,104 203 202 313 308 115 115 Dallas . _ 1,097 1,061 201 201 833 806 160 160 264 255 40 41 San Francisco _ . _ _ 2,254 2,261 2,109 2,109 2,107 2,114 2,011 2,010 147 147 97 98 Total 30, 843 30, 457 10,894 10, 910 115, 214 115, 008 1 7, 498 i 7, 492 2,566 2,533 2,314 2,302 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. NOTE.—For explanation and figures for period January-June 1936 see September BULLETIN, pp. 700-701. For earlier figures see April 1936 BULLE- TIN, p. 299, and previous issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 49 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a 8 e s 9 s - 0 S s u i i a l b v r s y e id r - 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 e e o d se t e e r r s v a e l R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e - a k s l 1935—November. 5,846 110 34 812 1 309 130 284 3,612 68 487 December. 5,882 109 34 828 1 312 131 275 3,667 66 458 1936—January... 5,737 107 33 809 1 303 129 259 3,598 63 436 February.. 5,846 106 34 841 1 304 129 254 3,696 60 421 March 5,877 104 34 864 1 307 131 245 3,727 58 406 April 5,886 103 34 886 1 309 132 249 3,726 56 391 May 5,953 102 34 914 1 312 133 265 3,760 54 378 June 6,241 101 35 955 1 316 135 278 4,002 52 366 July 6,162 100 35 958 1 318 136 274 3,937 50 352 August 6,227 99 36 986 1 321 137 278 3,978 48 342 September 6,267 98 37 998 1 326 138 278 4,011 47 332 October 6,351 97 37 1,020 1 329 139 282 4,076 46 324 November. 6, 466 96 37 1,051 1 334 141 289 4,156 45 316 Back figures—See Annual Report for 1935 (table 38). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency 1 End of month Coin $50 and over $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1935—November. 472 448 815 1,380 1,354 1,349 356 617 120 234 15 December. 478 460 815 1,373 1,359 1,369 358 627 122 239 16 1936—January.. _ 465 434 782 1,333 1,332 1,367 355 627 122 240 17 February.. 467 434 802 1,373 1,360 1,386 361 633 123 243 18 March 472 439 804 1,378 1,361 1,399 362 641 125 247 17 April 475 442 804 1,379 1,360 1,404 360 643 126 249 19 May 480 451 820 1,402 1,369 1,409 363 648 127 245 19 June 486 463 850 1,468 1,466 1,479 398 683 127 245 18 July 490 460 844 1,459 1,431 1,449 383 667 127 247 19 August 494 471 863 1,482 1,436 1,452 381 667 128 250 19 September 501 477 868 1,488 1,437 1,467 383 673 130 253 21 • October.... 505 484 882 1,516 1,460 1,478 385 679 132 255 19 November. 513 492 900 1,548 1,486 1,501 390 690 132 258 23 i Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1935 (table 39). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] [By selected banks in New York City. In thousands of dollars] Silver Fed- Ship- Receipts Net End of month Total d s o a il n l v l d a e r r s S i s a u id r b y - - M co in in or U S t n a i t t e e s d s e R e r r e a v - l e t b i N o a n n a- a k l Month m E e u n r t o s p t e o E f u r r o o m pe receipts l b i u on l- 1 silver notes n b o a t n e k s notes 1935— N O o c v to e b m e b r. e _ r _ . 4 2 , ,5 2 3 0 6 3 8 7 6 8 4 2 1 1 1 3 , , 6 4 7 2 2 1 December. 603 851 248 1935— D N e o c v e e m m b b e e r r .. . 2 2 , , 4 4 3 7 8 6 1 1, , 1 0 2 6 4 6 3 3 2 2 2 8 1 13 3 6 5 3 3 4 4 7 7 7 6 0 8 4 4 9 7 9 3 1936— M F J e a a b r n r c u u h a a r r y y .. . . . 1,7 7 5 4 1 7 8 3 2 3 3, , , 1 3 7 0 1 4 9 7 3 3 1 1 , , , 3 3 9 5 9 0 2 5 4 1936—January 2,493 1,172 328 137 347 64 446 A M p a r y il 3 3 , , 8 0 5 9 2 5 1,6 9 8 3 5 8 1 1 2 2 , , 1 1 5 6 7 7 M Fe a b rc ru h ary.. 2 2 , , 4 5 9 0 9 4 1 1 , , 1 2 9 1 7 8 3 3 2 2 8 9 1 1 3 3 7 7 3 3 4 4 7 7 6 5 2 9 4 4 2 1 9 3 J J u u n ly e 3,0 9 3 0 7 0 2 1 , ,1 3 6 4 4 8 11 1 , , 4 8 4 7 8 3 A J M J A u u p u a n l r y g y e i u l st 2 2 2 2 2 , , , , , 5 4 4 5 4 0 9 9 0 9 0 8 0 0 6 1 1 1 1 1 , , , , , 2 2 2 2 2 3 3 6 7 5 0 6 4 7 5 3 3 3 3 3 3 3 3 3 3 0 2 0 5 8 1 1 1 1 1 3 3 3 4 4 8 9 8 0 2 3 3 3 3 3 4 4 4 4 4 7 7 7 7 7 5 5 5 4 5 7 5 1 9 3 3 3 3 3 3 9 7 5 4 8 8 2 8 8 4 N A S O e o u c p t v g o t e u e b m s m e t r b b e e r r . . 3 2 5 , , , 9 0 9 9 4 6 1 8 9 3 0 1 2 5 1 1, , , , 5 1 0 4 3 3 7 2 6 1 8 2 1 i 3 1 2 4 , , , , 0 4 8 9 4 0 1 2 7 9 8 4 September . 2,512 1,294 341 143 347 48 339 N O o ct v o e b m er ber. _ 2 2 , , 5 5 1 2 5 1 1 1 , ,3 3 1 0 0 3 3 3 4 5 6 1 1 14 4 6 5 3 34 4 6 7 4 4 7 6 3 3 2 2 2 9 1 Net shipments. For description and back figures see BULLETIN for January 1932, pp. 7-9. 1 Includes silver held against silver certificates amounting to $1,211,000,- 000 on Nov. 30, 1936, and $947,000,000 on Nov. 30, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN JANUARY 1937 GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Year or month y a s e G t t a o o o e r f c l n d o k d r I i n n st c o g r c e o k a ld se im g N o p e l o d t rt m re f N e r a l o e a r e a m r k t - s i e f O ac th to e r r s2 From or to— November Oct 1 o 9 b 3 e 6 r N J o a v n e u m ar b y e . r month Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1932 4,226 52.9 -446. 2 457.5 41.6 1933 4,036 190.4 -173.5 -58.0 41.1 1934 . 8,238 4, 202. 5 1,133.9 82.6 2,986.1 Belgium 2, 545 799 3 349 England 44, 665 72, 156 2 146,921 5, 825 1935—April 8,710 143.4 148.6 -2.3 -2.9 France 20 95, 013 590,841 17,180 May 8,858 148.1 140.0 -1.5 9.6 Germany 7 June 9,116 257.1 230.4 1.0 25.8 Netherlands 25, 745 74, 773 3, 765 July 9,144 27.9 16.2 -.4 12.1 Switzerland 3,69S 8 4 229 August 9, 203 59.5 46.0 1.8 11.7 Union of Soviet September... _ 9,368 165.0 156.7 1.0 7.3 Socialist Re- October 9,693 325.2 315. 3 —1.9 11.8 publics— 11,208 November... 9,920 226.7 210.6 .6 15.5 Canada 10,666 5 12, 222 1 67, 997 57 December 10,125 205.2 190.0 1.3 13.9 Central America 243 291 3,343 Mexico . 489 644 40,104 Year 10,125 1, 887. 2 1,739.0 .2 148.0 Argentina . 12 Chile 632 1,099 7, 648 1936—January 10,182 57.2 45.6 -1.7 13.3 Colombia 4 11,910 February 10,167 -15.5 -16.6 -9.5 10.6 Ecuador 152 360 3, 267 March 10,184 17.2 5.5 1.0 10.7 Peru _ 171 181 2,315 April 10, 225 41.0 28.1 —.2 13. 1 Uruguay May 10,402 176.7 170.0 -3.2 10.0 Venezuela 93 45 441 June_ 10, 608 206.6 277.8 -24.8 -46.4 Australia 3, 781 1,869 22, 343 July . 10,648 39.2 15.4 2.3 21.5 British India 6, 182 5, 782 67, 784 August 10, 716 68.4 67.5 -11.9 12.9 China and Hong September 10, 845 129.0 171.8 -28.8 -14.0 Kong 451 6 966 October _ 11,045 199.7 218.8 -11.3 7.9 Dutch East Indies, November _ . _ 11, 184 139. 5 75.8 3.0 GO. 7 Japan Philippine Inlands 1, 628 2 157 19, 240 All other countries2 566 102 2, 351 6 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in Total 75, 962 127 218,929 117 1. 087, 048 27, 434 gold earmarked abroad for account of Federal Reserve banks). 2 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of 1 Figures represent customs valuations which, with some exceptions, nonmonetary use or unreported holdings, imports and exports that do are at rate of $35 a fine ounce. not affect gold stock during the month or year, and increment result- > Includes all movements of unreported origin or destination. ing from reduction in weight of gold dollar. Back figures.—See table, p. 829, and Annual Report for 1935 (tables 34 Back figures—See Annual Report for 1935 (table 32) and 35). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

51 JANUARY 1937 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figuresf rom June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Member banks Nonmember fin millions of dollars] banks Member banks Nonmember banks Call date Total Other Mutual non- Call date All - Total ti N on a- al State s b a a v n in ks gs b m a b e n e m k r s - banks Total ti N on a- al State M s b a a u v n i t n u k g s a s l b n e o O r n t m b h a e e n r m ks - 1931—Dec. 31 19,966 7,246 6,368 878 597 12,123 1931—Dec. 31___ 45, 821 27,432 17, 271 10,161 10,105 8,284 1932—June 30 19, 046 6,980 6,145 835 594 11,472 1932—June 30___ 41,963 24, 755 15, 629 9,126 10,020 7,188 Sept. 30 18,794 6,904 6,080 824 1 594 11, 296 Sept. 30._ 41,942 24, 903 15,635 9,268 1 10, 020 7,020 Dec. 31 18, 390 6,816 6,011 805 594 10, 980 Dec. 31___ 41, 643 24, 803 16, 101 8,702 10, 022 6,818 1933—June 30 > 14, 519 5, 606 4,897 709 576 8,337 1933—June 30 2__ 37, 998 23, 338 14, 772 8, 566 9,713 4,946 Oct. 25 3 5,818 5,052 766 Oct. 25 3_ 23, 453 15, 070 8,383 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30— 38, 505 23, 771 15, 386 8, 385 9, 708 5, 026 1934—Mar. 5 3 6,206 5,288 918 1934—Mar. 5 3 25, 293 16, 203 9,090 J O u c n t e . 1 3 7 0 3 . . 15,835 6 6 , , 3 4 7 3 5 3 5 5 , , 4 4 1 6 7 1 9 9 5 7 8 2 578 8,882 J O u c n t e . 1 3 7 0 3 ... 41, 870 2 27 6 , , 6 4 1 8 5 4 1 1 7 7 , , 0 6 9 93 7 9 9 , , 5 7 1 9 8 1. 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31.__ 44,770 28,943 18,519 10, 424 9, 828 6,000 1935—Mar. 4 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4____ 44, 455 28, 589 18,502 10,087 9,837 6,029 June 29 15,994 6,410 5,425 985 571 9,013 June 29.. _ 45, 766 29, 496 19,031 10,465 9, 920 6, 350 Nov. 1 15,904 6,400 5,403 997 571 8,933 Nov. 1____ 47, 522 31,072 20,128 10,944 9, 936 6, 513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31 — 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 1936—Mar. 4.... 48,771 31,774 20, 605 11,169 9,972 7,025 June 30 15, 752 6,400 5,368 1,032 566 8,786 June 30— 51,335 34, 098 21, 986 12,112 10, 060 7,176 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1931—Dec 31 49, 704 31,305 18,399 30,575 19, 261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46, 071 27, 834 18, 237 28,001 16, 587 11,414 10,316 6,130 4,186 7,755 5,117 2, 637 Sept 30 45, 852 26,985 18, 867 28, 045 15, 924 12,121 1 10, 316 1 6,130 1 4,186 7, 491 4, 931 2,560 Dec. 31 44, 946 26,063 18, 883 27, 469 15,204 12, 265 10,182 6,079 4,103 7, 295 4,780 2,515 1933—June 30 2 40, 076 22,203 17, 872 24,786 12,858 11,928 10, 044 5, 941 4,103 5,246 3,404 1,841 Oct 25 3 24, 953 13,059 11,894 Dec. 30 40, 319 21, 977 18, 342 25, 220 12,833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar 5 3 26,548 12, 706 13, 842 June 30 42, 502 21, 278 21, 224 27,175 12, 523 14, 652 9,904 5,648 4,256 5,423 3,108 2,315 Oct 17 3 27, 559 12, 293 15,267 Dec. 31 43, 458 20, 473 22,984 28,150 12, 028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—Mar. 4 43, 747 20, 394 23, 353 28, 271 11, 953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20, 272 24,145 28, 785 11,928 16, 857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 _ 45,008 20,140 24, 868 29, 301 11, 841 17, 460 9,854 5,302 4, 552 5, 853 2,997 2,856 Dec. 31 45,717 20, -^29 25, 388 29, 985 12,175 17, 810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar. 4 46,157 20, 275 25, 882 30, 288 12, 099 18,189 9,795 5,202 4,592 6,074 2,974 3,100 June 30 48, 458 20, 679 27, 779 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,239 3,032 3,206 1 Figures of preceding call carried forward. 3 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 1 Nonmember bank figures not available. 4 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Back figures—See Annual Report for 1935 (tables 47-48) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN JANUARY 1937 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s t l s - Total C Y N k b o s T i i e o r u e t d o o r y r w t e s - k - * o se t t T o h i c e n u o e s r r s i- e l R o st a e a n a t l s e a b a c p o a R n i c o w n n c e e r g k e n p t - - s s t- ' O c c u w a u u n s t n r h r i e s s e e d - e e e d d - r- b L a o t n o a k n s s a a c b A n e le c p c e t - i - s n ab B p a r b a i o l y l l e a - s d p C m c a o i p e a m r e l - r - k L C Y N e b o r i t r o e s o a t o r w y n i - k n i s Total Direc t t ion a F g s n u u te a l e l r y d - s O e t t i c h e u s e r r i- United bought States TOTAL—ALL MEM- BER BANKS 1929— Dec 31 35,934 23,193 803 7,685 3,191 11,515 714 212 80 291 1,660 9,784 3,863 5,921 1933—June 30 2 24, 786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5,041 1934—June 30 27,175 10, 804 208 3,309 2,357 210 4,721 153 264 20 200 1,082 14, 652 9,137 3 276 3 5, 239 Dec. 31 28,150 10,509 187 3,110 2,273 232 4,708 155 256 31 232 843 16,122 9,906 989 5,227 1935—Mar. 4 28, 271 10,420 184 3,031 2,250 207 4,748 133 235 34 255 875 16, 318 9,821 1,200 5,298 June 29 28, 785 10, 369 192 2,931 2,277 135 4,834 119 201 17 247 975 16, 857 9,871 1,558 5,427 Nov. 1 29, 301 10, 465 179 2,885 2,279 159 4,963 94 154 27 260 841 17,460 10,080 1,764 5,615 Dec. 31 29,985 10,548 196 2,893 2,284 169 5,006 98 181 29 272 1,047 17,810 10, 501 1,768 5,541 1936—Mar. 4 30, 288 10,460 211 2,832 2,301 156 4,960 82 164 25 280 1,089 18,189 10, 564 1,880 5,745 June 30 32, 259 10,943 266 2,863 2,340 117 5, 355 81 144 18 278 1,079 19, 717 11,721 1, 950 6,045 NEW YORK CITY * 1929—Dec. 31 8,774 4,964 55 2,145 169 ,,<?•595 322 128 46 21 1,202 2,091 1,112 979 1933—June 30« 7,133 2,297 38 1,044 157 937 162 224 10 10 720 3,709 2,551 1,158 1934—June 30 7,666 2,202 55 882 156 144 965 68 225 10 13 883 4,265 3,053 3 157 3 1,055 Dec. 31 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 1,078 1935—Mar. 4 7,783 2,198 56 805 139 145 1,054 52 203 19 4 678 4,628 3,200 298 1,131 June 29 8,303 2,146 58 783 138 82 1,085 48 183 7 5 930 4,983 3,462 348 1,174 Nov. 1 8,167 2,185 59 775 136 101 1,114 35 135 12 4 828 4,968 3,340 405 1,223 Dec. 31 8,418 2,196 60 793 140 107 1,096 42 158 16 5 1,018 4,985 3,425 401 1,159 1936—Mar. 4 8,802 2,215 64 792 148 99 1,112 29 141 13 4 1,043 5, 355 3,602 505 1,248 June 30_- ._ 9,556 2,338 76 813 146 65 1,238 28 123 8 3 1,028 6,028 4,196 567 1,265 CITY OF CHICAGO < 1929—Dec. 31 1.757 1,330 240 533 21 535 88 9 5 5 11 309 116 193 1933—June 30 2 _ ,287 589 48 251 30 24 237 30 27 7 12 13 610 384 226 1934—June 30 ,445 491 41 188 21 21 219 13 13 1 18 19 889 585 3 76 3 228 Dec. 31 ,581 435 29 170 18 16 202 11 29 5 27 26 1,049 743 78 229 1935—Mar. 4 _ _ ,704 462 30 171 17 12 232 8 14 3 21 28 1,167 877 78 212 June 29 ,592 458 33 163 15 12 236 7 4 1 14 1 1,107 766 87 254 Nov. 1 1,792 433 25 154 15 11 227 6 3 1 13 1 1,336 973 96 267 Dec. 31 ,868 455 28 149 15 14 249 6 1 1 12 1 1,392 1,061 88 243 1936—Mar. 4 946 456 32 148 13 12 251 5 2 1 10 1 1,470 1,131 89 250 June 30_ _ _ 1,951 513 '59 145 14 10 284 5 3 2 10 1 1,419 1,014 92 312 RESERVE CITY BANKS 1929—Dec. 31 12, 029 8,418 425 2,775 1,538 3,679 258 42 24 102 239 2,944 1,368 1,576 1 19 9 3 3 4 3 — _ J juunnee 3 3 0 0 2 8 9 , ,6 4 0 9 9 2 4 4 , , 0 2 9 5 6 8 6 97 3 1 1 , . 2 3 0 4 0 0 1 1, , 1 1 2 3 4 1 4 41 6 1 1 , , 6 6 7 3 8 4 9 40 9 3 21 6 6 6 3 97 8 1 4 35 5 4 5 , ,2 0 1 1 4 1 2 3, , 5 4 1 8 6 3 3 19 3 1 1 , , 5 6 2 7 8 9 Dec. 31 10, 028 4,024 90 ,124 1.090 49 1,671 55 13 9 108 105 5,715 3,809 279 1,628 1935—Mar. 4 . __ 10, 036 3, 974 83 ,090 ,077 48 1,677 48 12 9 122 106 5,766 3,724 376 1,666 June 29 10,151 3,967 87 ,053 1,105 40 1,682 43 10 7 112 25 5,986 3,712 571 1,703 Nov. 1 10, 521 4,089 82 055 ,103 44 1,806 34 13 12 111 9 6,253 3,892 655 1,706 Dec. 31 10, 780 4,144 96 ,057 094 46 1,851 34 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4 10, 655 4,071 101 027 ,096 43 1,805 31 18 9 120 30 6,375 3,958 656 1,761 June 30 11,306 4,242 115 ,044 1,101 40 1,941 31 16 7 113 34 6,863 4,349 651 1,863 COUNTRY BANKS 1929—Dec. 31 13, 375 8,481 83 2,231 1,462 4,705 45 33 5 163 208 4,439 1,267 3,172 1933—June 30 2 7,873 4,194 15 1,117 1,055 3 2,005 38 4 1 27 10 3,598 1,469 2,129 1934—June 30 8,456 4,016 14 1,039 1,056 3 1,903 33 5 2 72 45 4,283 1,982 3 25 3 2, 276 Dec. 31 8,780 3,849 14 996 ,026 2 1,810 27 5 2 92 50 4,756 2,108 355 2,293 1935—Mar. 4 8,749 3,786 16 966 1,018 2 1,785 25 6 2 109 64 4,757 2,020 448 2,289 June 29 8,739 3,798 13 932 ,020 2 1,831 21 3 2 116 18 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 13 902 1,026 3 1,815 19 3 2 132 3 4,903 1,874 609 2,419 Dec. 31 8,919 3,754 13 894 1,035 2 1,810 17 3 2 135 7 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,716 15 865 1,043 2 1.791 17 3 1 145 14 4,989 1,873 630 2,486 June 30. __ 9,446 3,850 17 861 ,078 2 1,891 16 2 1 152 16 5,407 2,163 640 2,605 i Loans (secured by stocks and bonds) to brokers and dealers in securities. » Beginning June 30, 1933, figures relate to licensed banks only. » An estimated small amount of Home Owners' Loan Corporation bonds fully guaranteed by the United States Government is included in "Other securities" on this date. * Central reserve city banks. Back figures.—See Annual Report for 1935 (table 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

53 JANUARY 1937 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e a R R e r e r n i r e e v a t v d - - k h e l e - s s C va i a n u sh lt b a w m B a n d t n e o i i a c c s t - k l e h - - s s1 r o i e e p t t f l p d e e r i e i o o s n o c m c s - a c n r o s s - t 2 l - - b m D a I t e n i n o s c - k - te s rb b a F e a n i o n g k r k n - s S U m G e t e r a n e o d n t i n v e - t t - - s f P u u l n i b c d - s c C l h c c e o a f e a e e i t o f n e c f t s r r f d i e d s t h k - i ' r s - s , s t I p p u i v n h c n o o a a o i e i d r n l d r p r r s a t i - - - s s - , - - , , j i d m u t e s D s a p t e a n e o - d d d s - - '• b m I D a t n e i n o c s t k - - e s rb b a F e a n i o n g k r k n - s f P u u l n i b c d - s P s i t n a a o g l v s - - s - s t p I p u i v n h c n o o a a o e i i d n r d l p r r r s a t i s - - s - - , - - , , r B i o n o w g r s - credit etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec 31 2,374 558 2,168 3,896 3,517 544 143 1,335 1,681 17, 526 16, 647 95 154 595 122 12,267 879 1933—June 30« 2,235 405 2,008 1,485 3,057 145 806 087 657 11,830 12,089 89 1 300 788 7,803 191 1934—June 30 3,819 473 2,760 1,057 4,070 155 1,658 598 372 13,349 14,261 122 8 333 585 8,763 35 Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 799 838 14,951 15, 686 134 7 294 452 9,020 13 1935—Mar. 4 4, 518 534 3,386 1,475 5,095 169 1,270 861 741 14,872 15,999 145 8 290 399 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 091 417 16,206 17, 530 136 5 285 307 9,462 Nov. 1 5,662 541 3,760 1,756 5,558 361 650 251 686 17,327 18, 509 132 6 310 227 9,671 Dec. 31 5,573 665 3,776 2, 255 5,696 444 844 139 882 18,035 18,801 151 5 361 218 9,680 6 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 173 779 17,927 19,161 152 5 344 167 9,784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 320 789 19,322 20, 284 151 6 378 152 10,099 6 NEW YORK CITY 6 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 40 133 33 18 1,112 179 1933—June 30 6 846 101 874 1,255 127 332 96 461 4,676 4,358 22 1 4 110 671 8 1934—June 30 1,417 97 415 1,592 135 802 167 154 4,894 4,800 1 7 12 69 649 Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 4 56 591 1935—Mar. 4 1,856 86 810 2,047 147 572 190 500 5,329 5,209 1 7 4 44 595 June 29 1,935 133 447 1,983 248 369 354 149 5,924 5,979 4 6 27 567 Nov. 1 2,590 109 873 2,203 327 219 468 413 6,104 6,112 4 13 3 680 Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 12 3 591 1936—Mar. 4 2,493 108 829 2,527 363 140 260 496 6,471 6,398 4 11 586 June 30 2,106 114 982 2,390 428 215 357 489 6,891 6,756 5 10 601 CITY OF CHICAGO 8 1929—Dec. 31. 133 158 310 42 1,041 957 19 7 58 2 332 1933—June 30 « 232 203 61 259 46 87 870 912 1 6 358 1934—June 30 436 162 57 391 47 174 944 1,077 1 1 361 Dec. 31 415 207 90 445 46 182 1,073 1,189 1 381 1935—Mar. 4 359 182 70 505 41 184 1,047 1,179 374 June 29 675 249 73 504 20 198 1,208 1,357 469 Nov. 1 581 188 83 527 62 204 1,274 1,416 403 Dec. 31 511 209 135 522 98 208 1,301 1,401 413 1936—Mar. 4 480 195 96 594 81 217 1,243 1,390 407 June 30 749 195 147 635 102 221 1,444 1,546 444 RISERVE CITY BANKS 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 14 371 41 4,433 292 1933—June 30 » 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 208 388 2,941 16 1934—June 30 1,197 154 1,397 411 1,785 635 526 117 4,360 4,593 105 1 234 259 3,366 Dec. 31 207 1,543 537 1,984 620 585 169 4,919 5,136 117 1 206 186 3,494 1935—Mar. 4 197 1,690 432 2,179 505 643 132 4,854 5,197 128 211 167 3,611 June 29__ ,403 213 1,607 471 2,145 299 674 140 5,314 5,656 119 1 203 118 3,670 Nov. 1 ,591 218 1,849 579 2,428 273 685 146 5,855 6,107 115 1 218 84 3,765 Dec. 31 ,594 256 1,779 752 2,422 385 707 204 6,001 6,161 134 1 266 79 3,796 1936—Mar. 4 ,794 264 1,910 607 2,594 285 733 151 5,961 6,238 135 1 251 72 3,853 June 30__ ,763 1,907 763 2,551 513 733 152 6,419 6,541 135 1 288 65 3,960 COUNTRY BANKS 1929—Dec. 31 627 321 291 405 39 742 169 5,091 5,711 6 133 61 6,390 367 1933-June 30 e 452 203 702 149 228 116 555 72 2,576 3,054 7 86 285 3,833 167 1934—June 30 7f9 216 1,104 174 303 174 731 85 3,150 3,792 15 87 256 4,388 35 Dec. 31 822 275 1,296 207 342 178 804 106 3,589 4,292 16 84 210 4,554 13 1935—Mar. 4 916 246 1,427 163 364 152 845 90 3,642 4,414 17 75 188 4,623 14 June 29 {20 236 1,406 192 347 90 865 104 3,761 4,538 16 76 162 4,756 Nov. 1 9K) 237 1.613 221 399 95 895 106 4,095 4,875 17 78 140 4,824 Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 16 83 136 4,879 1936—Mar. 4 1,017 268 1,757 187 433 93 965 106 4,252 5,136 17 82 95 4,938 JuEe 30 322 1,727 256 410 207 1,008 121 4,567 5,440 16 80 87 5,094 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 6 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures.—See Annual Report for 1935 (table 53) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN JANUARY 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans to customers (except banks) Ope l n o - a m n a s rket Investments Re- Date or month i m T n lo a v o e n a e n t n d a s t s l t s - Total Y N k b o s T i r e o u e o d o r r t w - e s - k o o c t n t T h u i e o e r s s i e r - s - e R lo s e t a a a n t l s e - m c O lo u t e t a s h o r t n e o s s r 2 - L ba o t n a o k n s s p a c c m a A n c a e o n i c c p p e m a - d e r t e l - - s - r t k L o C Y N e o r i o b e s a t w r r n y i k o s i n - Total U D m . i e r S n e . t c t i t G o o n o b F s g v l u u i e g a l r a l n r y - - - s O e t t c i h e u s e r r i- b s s w F e R e a e e r i r n r e a t d v v - k h l - e e s v C a i a n u s l h t d b a w o a B n t m n a i c i t c k l e e h - s s s - 3 Cityi bought anteed TOTAL—101 CITIES 1935—November 20, 510 6, 770 161 2,081 1,141 3,387 102 338 820 12, 480 8,291 1,138 3,051 4,715 354 2,326 1936— May 21,832 6,967 212 2,078 1,146 3,531 82 333 973 13, 477 8,877 1,286 3,314 4,577 378 2,283 June 22, 373 7, 050 238 2, 096 1,149 3,567 92 319 1,074 13,838 9,202 1,303 3,333 4,389 387 2,290 July 22, 484 7,065 235 2, 072 1,145 3,613 58 315 936 14,110 9,484 1,278 3, 348 4,710 386 2,493 August 22, 297 7, 066 209 2,023 1,147 3,687 63 320 916 13, 932 9, 357 1,254 3,321 4, 875 376 2,354 September... 22, 520 7,238 212 2,035 1,143 3,848 92 315 983 13,892 9,320 1,246 3,326 4,995 383 2,311 October 22, 566 7, 403 218 2, 025 1,142 4,018 55 315 945 13,848 9,310 1, 255 3,283 5, 276 399 2,385 November. __ 22, 444 7, 429 215 2,024 1, 148 4,042 62 323 941 13, 689 9,232 1,255 3,202 5,422 404 2,463 Oct. 7.... 22, 607 7, 379 221 2,041 1,142 3,975 56 315 953 13,G04 9, 359 1,250 3,295 5,117 390 2,346 Oct. 14... 22, 568 7, 397 218 2,019 1,142 4,018 54 315 929 13,873 9,323 1,258 3,292 5,248 410 2, 433 Oct. 21... 22, 571 7,414 213 2,014 1, 143 4,044 56 316 965 13, 820 9,286 1,254 3,280 5,350 393 2,389 Oct. 28._ 22,517 7,422 220 2,026 1,143 4,033 53 313 933 13, 796 9,274 1, 257 3,265 5,390 405 2,371 Nov. 4... 22, 446 7,411 225 2,024 1,143 4, 019 54 317 943 13, 721 9, 250 1,253 3,218 5,324 402 2,435 Nov. 10.. 22, 488 7,430 216 2,025 1,144 4,045 70 326 938 13,724 9, 267 1,258 3,199 5,462 403 2,440 Nov. 18.. 22, 442 7,450 209 2,029 1,150 4, 062 58 329 915 13.6<J0 9, 234 1,261 3,195 5,471 404 2,505 Nov. 25.. 22,401 7,424 210 2, 019 1,154 4,041 64 321 970 13,622 9,178 1,247 3,197 5,431 407 2,475 Dec. 2... 22, 459 7, 456 212 2, 024 1,152 4,068 63 324 969 13,647 9,173 1,246 3, 228 5, 371 401 2,512 Dec. 9.... 22, 594 7, 498 222 2, 022 1, 154 4, 100 56 330 1,028 13,682 9,192 1,246 3,244 5,317 436 2,457 Dec. 16.. 22, 875 7,648 228 2,048 1,153 4.219 57 341 1,023 13, 806 9,310 1, 239 3,257 5,307 429 2,498 NEW YORK CITY 1935—November... 7,828 2,092 727 123 1,183 155 4,718 3,313 378 2,424 81 1936—May 8, 585 2,141 750 133 1,186 144 928 5,324 3,647 545 2,234 74 June 8,987 2,178 762 133 1,209 132 1,027 5,591 3,896 561 2,049 76 July 8,860 2,192 745 133 1,241 131 897 5,614 3,946 522 2,178 80 August 8,607 2,148 697 132 1,245 118 875 5,434 3,843 466 2,357 73 September... 8,753 2,229 707 132 1,315 114 936 5,414 3,830 456 2,354 72 October 8,687 2,326 705 131 1,412 123 906 5,308 3,761 461 2,461 74 November... 8,622 2,354 710 130 1,437 135 901 5,202 3,721 461 2,575 78 Oct. 7 8,716 2,305 709 131 1,386 120 914 5,352 3,794 460 2,411 72 Oct. 14 8,687 2,328 705 131 1,412 121 891 5,324 3,768 462 2,429 73 Oct. 21 8,692 2,334 702 131 1,424 125 924 5,285 3,742 459 2,495 76 Oct. 28 8,653 2,340 705 131 1, 426 127 894 5,269 3,738 464 2,509 77 Nov. 4 8, 608 2,331 707 131 1,415 131 903 5,219 3,722 464 2,496 76 Nov. 10 8,642 2,350 712 130 1,430 136 895 5,222 3,742 462 2,610 78 Nov. 18 8,611 2,378 713 130 1, 458 137 874 5,197 3,722 463 2,592 79 Nov. 25 3,625 2,358 707 131 1,444 135 930 5,170 3,699 454 2,602 81 Dec. 2 2, 361 706 130 1,451 135 928 5, 224 3,722 453 2,547 84 Dec. 9 8, 745 2, 370 701 1,464 136 984 5,230 3,722 454 2,486 79 Dec. 16 8,777 2, 461 726 1,529 141 5,168 3,661 447 2,582 87 OUTSIDE NEW YORK CITY 1935—November. __ 12, 682 4,678 102 1, 354 1,018 2,204 183 7,762 4,978 760 2,024 2,291 295 2,245 1936—May 13, 247 4,826 140 1 328 1,013 2,345 189 8,153 5,230 741 2,182 2,343 326 2,209 June 13, 386 4,872 164 1,334 1,016 2,358 187 8,247 5,306 742 2,199 2,340 334 2,214 July 13, 624 4,873 162 1,327 1,012 2,372 184 8,496 5,538 756 2,202 2,532 334 2,413 August 13, 690 4,918 135 1,326 1,015 2,442 202 8,498 5,514 788 2,196 2,518 325 2,281 September 13,767 5,009 137 1,328 1,011 2,533 201 8,478 5,490 790 2,198 2,641 331 2,239 October 13, 879 5,077 140 1,320 1,011 2,606 192 8,540 5,549 794 2,197 2,815 344 2,311 November 13, 822 5,075 138 1,314 1,018 2,605 188 8,487 5,511 794 2,182 2,847 346 2,385 Oct. 7.... 13, 891 5,074 142 1,332 1,011 2,589 195 8,552 5,565 790 2,197 2,706 337 2,274 Oct. 14.. 13, 881 5,069 138 1,314 1,011 2,606 194 8,549 5,555 796 2,198 2,819 352 2,360 Oct. 21... 13,879 5,080 136 1,312 1,012 2,620 191 8,535 5,544 795 2,196 2,855 340 2,313 Oct. 28.. 13, 864 5,082 142 1,321 1,012 2,607 186 8,527 5,536 793 2,198 2,881 349 2,294 Nov. 4__. 13, 838 5,080 147 1,317 1,012 2,604 186 8,502 5,528 789 2,185 2,828 343 2,359 Nov. 10_. 13, 846 5,080 138 1,313 1,014 2,615 190 8,502 5,525 796 2,181 2,852 •348 2,362 Nov. 18.. 13, 831 5,072 132 1,316 1,020 2, 604 192 8,494 5,512 798 2,184 2,879 348 2,426 Nov. 25.. 13, 776 5,066 134 1,312 1,023 2,597 186 8,452 5,479 793 2,180 2,829 347 2,394 Dec. 2... 13, 779 5,095 138 1,318 1,022 2,617 189 8,423 5,451 793 2,179 2,824 345 2,428 Dec. 9_._ 13, 849 5,128 147 1,321 1,024 2, 636 194 8,452 5,470 792 2,190 2,831 375 2,378 Dec. 16.. 14, 098 5,187 152 1,322 1,023 2,690 200 8,638 5, 649 792 2,197 2,725 368 2,411 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Includes reporting banks' own acceptances. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31, 1935, was approximately $38,000,000 at all weekly reporting member banks. For other figures and note, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 55 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Demand deposits Time deposits Cash Date or month r i e e t d p e m o a r s s t- Other a T s o s t e a ts l Interbank United Certi- d m e D a p e n - o d s- Interbank r B o o w r - - l O ia t b h i e l r - t C al a p a i c - c e t o i s o l s l n e o c i f - l T i i a t o i b t e i a s l l - D ba o t n i m c k e s s- F b o a r n ei k g s n G S m o t v a e e t n r e t n s - ch f e i t e e c c . d ks, Other u ts s — ted a d 2 - m b D a e n o s - k ti s c ) F e a i n o g r k n - s Other ings ities count TOTAL—101 CITIES 1935—November 1,343 1,387 30, 635 5,282 385 519 484 14, 638 13, 779 118 4 4,883 1 807 3. 514 1936—May 1,269 1,376 31,715 5,346 375 752 420 15, 220 14,371 131 5 5,051 874 3, 541 June 1,385 1,371 32,195 5,371 447 797 499 15, 449 14, 563 132 4 5,037 3 913 3 543 July 1,552 1,323 32,948 5,904 427 829 545 15,760 14, 752 133 4 5,007 851 3 488 August ___ 1,313 1,301 32, 516 5,729 409 821 439 15, 658 14, 785 130 5 5,019 2 816 3 488 September 1,444 1,308 32, 961 5,761 423 837 484 15,922 14,962 129 4 5,036 15 847 3. 503 October _ _ 1,487 1,298 33,411 5,950 467 793 446 16,193 15,152 130 4 5,070 1 840 3,517 November 1,663 1,318 33, 714 6,106 448 548 584 16, 441 15, 362 130 5 5,032 1 880 3, 539 Oct. 7 1,338 1,305 33,103 5,903 466 849 450 15,877 14, 989 129 4 5,073 1 836 3. 515 Oct. 14 1,473 1, 299 33, 701 6,032 480 848 433 16,362 15,052 130 4 5,068 2 829 3,513 Oct. 21 1,465 1,284 33, 452 5,954 462 772 448 16, 245 15, 228 130 4 5,072 847 3,518 Oct. 28 1,400 1,303 33, 386 5,909 462 704 454 16, 286 15, 340 132 5 5, 065 849 3, 520 Nov. 4 1,613 1 302 33,522 6,057 448 626 477 16,342 15, 206 130 5 5, 042 865 3 530 Nov. 10 1,713 1,299 33, 805 6,104 451 596 704 16, 388 15, 379 130 5 5,022 868 3,537 Nov. 18 1,670 1,313 33,805 6,167 444 521 556 16,513 15,399 130 5 5,029 3 893 3, 544 Nov. 25 1,656 1, 356 33, 726 6,098 450 449 600 16, 520 15,464 130 4 5,034 2 894 3. 545 Dec. 2 1 674 1 372 33 789 6,153 443 449 594 16, 544 15,464 128 5,037 879 3 555 Dec. 9_ 1,477 1 371 33, 652 6,087 443 450 559 16, 406 15,488 131 4 5, 050 963 3 559 Dec. 16 _.. 2,014 1,352 34,475 6,059 445 700 633 17, 006 15,625 131 5 5, 031 3 904 3, 558 NEW YORK CITY 1935—November 688 488 11, 568 2,203 354 184 308 6,146 5,766 4 586 325 1,458 1936—May 565 494 12,004 2,303 345 196 261 6,478 6,175 4 581 366 1,470 June 650 496 12,311 2,310 416 194 326 6,635 6,311 4 547 2 407 1,470 July 745 466 12, 381 2,477 391 192 361 6,604 6,221 4 556 367 1,429 August _ 582 454 12,124 2,380 372 191 281 6, 554 6,253 4 569 1 345 1,427 September 653 468 12,352 2,399 387 192 313 6,674 6,335 4 575 14 367 1 427 October 644 462 12, 383 2,444 427 172 277 6,667 6,301 4 610 351 1,431 November 795 468 12, 596 2,529 408 102 402 6,756 6,363 4 583 1 369 1,442 Oct. 7 597 475 12, 324 2,445 429 193 286 6,577 6,266 4 605 354 1,431 Oct. 14 718 457 12, 422 2,463 439 193 257 6,678 6,217 4 613 345 1,430 Oct. 21 623 452 12 391 2,446 421 164 272 6,685 6,334 4 611 355 1 433 Oct. 28 637 463 12, 395 2,423 418 137 292 6,730 6, 385 4 609 350 1,432 Nov. 4 706 465 12, 410 2,496 405 117 299 6,696 6,289 4 591 362 1,440 Nov. 10 886 456 12, 727 2,545 414 111 516 6,766 6, 396 4 567 363 1 441 Nov. 18 795 462 12, 595 2,534 404 97 381 6,774 6,360 4 580 2 377 1,442 Nov. 25 793 489 12,650 2,541 411 82 410 6,788 6,405 4 592 2 376 1,444 Dec 2 811 496 12, 674 2,536 404 83 393 6, 835 6,417 4 613 356 1,450 Dec. 9 724 487 12, 582 2,501 405 83 361 6, 750 6,387 4 605 421 1,452 Dec. 16 . 972 480 12, 959 2, 498 407 203 427 6,990 6,445 4 614 364 1,452 OUTSIDE NEW YORK CITY 1935—November 655 899 19, 067 3,079 31 335 176 8,492 8,013 118 4,297 1 482 2.056 1936—May 704 882 19, 711 3,043 30 556 159 8,742 8,196 131 1 4,470 _. 508 2, 071 June _ 735 875 19, 884 3,061 31 603 173 8,814 8,252 132 4,490 506 2,073 July 807 857 20,567 3,427 36 637 184 9,156 8,531 133 4,451 484 2,059 August-_. 731 847 20, 392 3,349 37 630 158 9,104 8,532 130 1 4,450 1 471 2, 061 September 791 840 20,609 3,362 36 645 171 9,248 8,627 129 4,461 1 480 2,076 October 843 836 21,028 3,506 40 621 169 9, 526 8,851 130 4,460 1 489 2,086 November 868 850 21,118 3,577 40 446 182 9,685 8, 999 130 1 4,449 511 2, 097 Oct. 7 741 830 20, 779 3,458 37 656 164 9,300 8,723 129 4,468 1 482 2,084 Oct. 14 1,025 842 21, 279 3, 569 41 655 176 9, 684 8, 835 130 4, 455 2 484 2,083 Oct. 21 842 832 21,061 3 508 41 608 176 9 560 8 894 130 4, 461 492 2,085 Oct. 28_ _ 763 840 20, 991 3,486 44 567 162 9, 556 8, 955 132 1 4, 456 499 2,088 Nov. 4 907 837 21,112 3,561 43 509 178 9, 646 8, 917 130 1 4,451 503 2,090 Nov. 10 827 843 21, 078 3, 559 37 485 188 9, 622 8, 983 130 1 4,455 _. 505 2,096 Nov. 18 . 875 851 21,210 3,633 40 424 175 9,739 9, 039 130 1 4,449 516 2,102 Nov. 25 863 867 21,076 3, 557 39 367 190 9,732 9,059 130 - 4,442 518 2,101 Dec. 2 863 876 21, 115 3,617 39 366 201 9, 709 9, 047 128 4,424 523 2,105 Dec 9 753 884 21, 070 3, 586 38 367 198 9, 656 9, 101 131 4 445 542 2, 107 Dec. 16 1. 042 872 21,516 3, 5fi 1 497 206 10,016 9,180 135 1 4,417 3 540 2. 106 1 Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount of cash items on hand but not in process of collection. 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash items reported as on hand but not in process of collection. NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN JANUARY 1937 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to os n - Y N o ew rk P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- Lo S u t. is n M o e l a i i n p s - - K C s a a it s n y - Dallas F c S i r s a a c n n o - Y N o e r w k Ch g i o ca- Loans and investments, total: Nov. 25 22,401 1,201 9,504 1,170 1,851 619 584 3,023 669 407 692 514 2,167 8,625 2,042 Dec. 2 22,459 1,191 9,557 1,167 1,847 624 583 3,049 670 406 691 513 2,161 8,680 2,061 Dec. 9 22, 594 1,189 9,631 1,171 1,850 626 589 3,073 684 404 699 512 2.166 8,745 2,078 Dec. 16 22, 875 1,204 9,677 1,185 1,891 659 602 3,117 691 411 699 523 2,216 8,777 2,096 Loans to brokers and dealers in New York: Nov. 25 970 939 930 Dec.2 969 938 928 Dec. 9 1,028 996 984 Dec. 16 1,023 990 980 Loans to brokers and dealers outside New York: Nov. 25 210 36 Dec. 2 212 37 Dec. 9 222 38 Dec. 16 228 41 Loans on securities to others (except banks): Nov.25 2,019 149 840 146 221 157 707 141 Dec.2 2,024 149 839 146 224 197 159 706 140 Dec. 9 2,022 148 833 145 224 198 158 701 141 Dec. 16 2,048 149 858 145 223 200 158 726 141 Acceptance and commercial paper bought: x>©c.*2_ "iiiiiiiizizizrz 3 32 2 4 1 4 4 2 3 1 1 4 4 2 3 2 2 4 2 4 3 2 2 6 5 2 2 1 1 1 13 3 5 5 1 1 2 2 Dec. 9 330 47 144 23 4 24 .21 136 13 Dec. 16 341 48 150 23 5 24 20 141 14 Loans on real estate: Nov. 25 1,154 88 242 62 182 18 365 131 14 Dec. 2 1,152 88 241 61 182 18 366 130 14 Dec. 9 1,154 87 241 61 181 18 369 130 14 Dec. 16 1,153 87 241 62 180 18 368 130 14 Loans to banks: Nov.25 64 3 32 2 4 2 1 32 Dec. 2 63 3 32 2 4 2 1 32 Dec. 9 56 3 25 2 4 2 1 25 Dec. 16 57 3 28 2 3 2 1 27 Other loans: Nov. 25 4,041 303 1,593 180 209 114 524 138 124 145 161 382 1,444 372 Dec.2 4,068 304 1,601 180 207 115 171 537 140 123 145 160 385 1,451 386 Dec. 9 4,100 306 1,614 183 206 116 174 542 144 121 146 158 390 1,464 388 Dec. 16 4,219 308 1, 684 185 216 118 175 555 145 123 147 157 406 1,529 397 U. S. Government direct obligations: Nov.25 9,178 407 3,929 331 894 264 202 1,593 226 178 259 186 709 3,699 1,100 Dec. 2 9,173 396 3,951 330 887 265 198 1,606 223 178 258 186 695 3,722 1,105 Dec. 9 9,192 386 3,956 334 890 263 200 1,617 227 177 267 187 688 3,722 1,115 Dec. 16 9,310 391 3,901 344 920 295 213 1,637 233 181 268 202 725 3,661 1,118 Obligations fully guaranteed by U. S. Government: Nov.25 1,247 17 499 93 55 165 59 51 157 454 97 Dec. 2 1,246 18 495 94 55 165 60 51 156 453 97 Dec. 9 1,246 17 498 92 55 165 63 49 156 454 97 Dec. 16 1,239 18 495 93 55 166 64 48 154 447 98 Other securities: Nov. 25 3,197 152 1,209 307 273 388 107 140 358 1,017 263 Dec. 2 3,228 151 1,242 303 273 388 108 141 358 1,049 263 Dec. 9 3,244 153 1,247 302 273 392 109 142 362 1,054 265 Dec. 16 3,257 152 1,252 304 276 394 109 141 364 1,060 266 Reserve with Federal Reserve bank: Nov.25 5,431 304 2,705 263 333 130 869 133 149 102 284 2,602 654 Dec. 2 5,371 295 2,653 266 340 141 826 130 149 108 293 2,547 629 Dec. 9 5,317 286 2,601 264 336 141 827 136 152 107 296 2,486 627 Dec. 16 5, 307 258 2,700 263 345 134 800 121 149 103 282 2,582 623 Cash in vault: Nov. 25 407 123 75 18 35 19 67 12 12 10 20 60 37 Dec.2 401 124 72 17 35 18 67 12 11 10 20 56 37 Dec. 9 436 126 79 20 41 20 73 13 13 11 22 61 39 Dec. 16 429 127 79 20 40 19 73 13 12 10 20 61 38 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

57 JANUARY 1937 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Balances with domestic banks: Nov. 25 Dec 2 Dec. 9 Dec 16 Other assets: Nov 25 Dec. 2 _ __ Dec. 9 Dec. 16 Demand deposits—adjusted: Nov. 25 ._ Dec. 2 Dec. 9 Dec. 16 Time deposits: Nov. 25 Dec. 2_ . Dec. 9 Dec. 16 U. S. Government deposits: Nov. 25 . _. Dec. 2 DC Federal Reserve District City Total 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- m R o i n ch d - At t l a an- Ch g i o ca- L S ou t. is n M o e l a i i n s p - - K C a s it a n y s - Dallas F c S r is a a c n n o - Y N o e r w k Ch g i o ca- 2,475 136 200 171 259 216 124 427 146 95 276 184 241 81 187 2, 512 139 219 176 265 206 124 435 148 100 275 182 243 84 193 2,457 132 198 166 260 201 127 427 139 102 263 187 255 79 189 2, 498 139 217 183 240 171 139 449 136 97 283 188 256 87 206 1,356 82 563 90 109 41 42 105 24 19 24 29 228 489 71 1,372 85 570 88 112 41 42 105 24 18 24 30 233 496 71 1,371 85 561 88 111 40 41 114 24 18 24 29 236 487 81 1,352 83 553 88 110 40 42 108 24 18 24 29 230 480 75 15,464 1,041 6, 956 815 1,107 428 320 2, 331 417 280 492 377 900 6,405 1, 596 15, 464 1,023 6,984 808 1,111 434 321 2,310 416 293 486 378 900 6,417 1,590 15, 488 1,018 6, 960 814 1,111 438 330 2,342 422 285 491 382 895 6. 387 1,609 15, 625 1,011 7,042 820 1,130 432 340 2,349 415 278 494 382 932 6,445 1,614 5, 034 280 988 273 711 197 177 817 180 122 147 122 1,020 592 436 5,037 280 1,007 268 707 194 177 817 180 121 146 122 1,018 613 437 5, 050 280 999 269 707 194 179 819 179 121 146 122 1,035 605 438 5,031 277 1,008 267 702 194 178 831 179 121 146 121 1,007 614 449 449 9 106 49 46 23 32 78 9 3 15 34 45 82 47 449 9 107 49 46 23 31 78 9 3 15 34 45 83 47 450 9 107 49 46 23 32 78 9 3 15 34 45 83 47 Dec. 16 700 11 233 72 62 31 39 111 13 3 17 41 67 203 72 Interbank deposits, domestic: Nov. 25 6, 228 246 2, 608 321 367 250 222 875 283 131 406 220 299 2, 541 649 Dec. 2 6, 281 251 2, 606 336 377 254 223 886 284 128 411 224 301 2, 536 653 Dec. 9_ 6, 218 240 2, 568 323 374 249 227 881 288 135 407 222 304 2,501 652 Dec. 16 6,190 239 2,564 325 374 242 226 866 281 132 416 224 301 2,498 639 Interbank deposits, foreign: Nov. 25 454 9 417 4 2 1 1 6 1 13 415 5 Dec. 2 __ 450 9 410 4 1 3 6 1 16 408 4 Dec. 9 447 7 411 4 1 1 1 6 1 1 14 409 5 Dec 16 450 9 413 4 1 1 1 6 14 411 4 Borrowings: Nov 25 2 2 2 Dec. 2 Dec 9 Dec 16 3 2 1 Other liabilities: Nov. 25 894 27 390 24 15 36 8 32 9 5 3 7 338 376 24 Dec. 2 879 28 370 22 17 34 8 31 9 5 2 7 346 356 24 Dec. 9 . . 963 29 435 23 19 34 8 33 12 5 2 6 357 421 26 Dec. 16 904 30 378 24 17 33 9 30 11 5 3 6 358 364 24 Capital account: Nov. 25. 3,545 234 1,580 226 339 90 87 352 86 57 79 325 1,444 234 Dec. 2 3,555 234 1,587 227 340 91 87 354 86 57 90 78 324 1,450 236 Dec 9 3,559 235 1,590 227 340 89 87 355 86 56 90 79 325 1,452 237 Dec. 16 _ _ 3, 558 235 1,587 227 340 90 87 354 86 57 91 79 325 1,452 236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN JANUARY 1937 BANK SUSPENSIONS1 POSTAL SAVINGS SYSTEM [In millions of dollars] Member Non-member banks banks Total, Assets all banks ti N on a a - l State su I r n e - d2 in N su o r t ed U. S. Government Depos- securities itors' Cash Cash, Num 1 b 93 e 3 r , o M f b a a r. n k 1 s 6 - s D us e p c. e 3 n 1 ded: 179 9 6 164 End of month a b n a c l e - s1 Total i p n o d si e - - Di- G a u n a - r- se r r e v - e 1 1 9 9 3 3 4 5 _. _. 5 3 7 4 4 1 22 8 4 8 8 b t a o n r k y s Total o re b c li t - o te b e l d i- f e u t n c d .2 s, 1936, Jan -Nov 39 36 3 ga- gations tions Deposits of suspended banks (in thousands of dollars):3 1933, Mar. 16-Dec. 31.._ 145, 710 17, 322 3,527 124,861 1930—June 175 185 148 26 26 11 1934 36, 937 40 1,912 34, 985 1931—June . 347 356 307 27 27 22 1935 10,099 5,313 3,847 939 1932—June 785 801 682 71 71 48 1936, Jan.-Nov. 9,967 9,375 592 1933—June . 1,187 1,207 977 131 131 99 1934—June 1,198 1,225 695 453 418 35 77 1935—June. . 1,205 1,236 385 777 630 147 74 i Represents licensed banks suspended; does not include non-licensed 1935—August.. 1,192 1,224 348 780 633 147 96 banks placed in liquidation or receivership after the banking holiday. September 1,192 1,224 319 805 658 147 100 For statistics of latter see Annual Report for 1935 (table 69). October 1,196 1,230 306 824 677 147 100 * Federal deposit insurance became operative January 1, 1934. November 1,199 1,234 294 853 706 147 87 3 Deposits of member banks and insured non-member banks suspended December 1,201 1,237 287 853 706 147 97 are as of dates of suspension, and deposits of non-insured non-member banks are based on the latest data available at time of the report of closing 1936—January 1,208 1,241 248 876 709 167 117 of the banks. February 1,214 1,248 225 876 710 166 147 March- 1,216 1,251 221 902 736 166 128 Back figures.—See Annual Report for 1935 (table 69). April 1,215 1,248 216 925 759 166 107 May 1,214 1,248 211 940 773 167 97 June _ 1,232 1,265 203 967 800 167 95 July... 1,244 1,279 172 972 805 167 135 BANK DEBITS A Se u p g t u e s m t ber . 1 1 , , 2 2 4 5 9 1 1 1 , , 2 2 8 8 3 5 1 1 6 6 6 2 9 9 7 8 2 2 8 8 0 1 5 5 1 1 6 6 7 7 1 1 4 4 5 1 October Pl, 255 [Debits to individual accounts. Amounts in millions of dollars] November Pl, 257 1936 1935 p Preliminary. C N e o n . t e o r f s 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. Nov. Oct. Nov. 2 Includes working cash with postmasters, 5-percent reserve fund and miscellaneous working funds with the Treasurer of the United States, New York City 1 17, 394 17,171 15, 542 accrued interest on bond investments, and accounts due from late post- Outside New York City.. 140 18, 475 20,142 '16, 685 masters. Federal Reserve districts: Back figures—See BULLETIN for August 1935, p. 502. Boston 2,100 2,148 1,947 New York 18,004 17, 890 16,110 Philadelphia 1, 684 1,741 1,460 Cleveland 1, 887 2,059 1,656 Richmond 707 791 618 Atlanta 817 943 737 Chicago 4,881 5, 260 4,329 St. Louis 940 1,078 885 Minneapolis 579 681 567 Kansas City 1,033 1,117 931 Dallas 633 729 553 San Francisco 2,604 2,875 r2, 435 Total 35, 869 37,313 '32, 227 r Revised. Back figures.—See Annual Report for 1935 (table 6S). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 59 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Com- Based Based mer- Held by accepting on goods on cial banks stored in goods End of month paper Total Based United stored out- out- on Based States in stand- stand- Held im- on ex- (ware- Dollar foreign ing1 ing by ports ports house ex- counothers2 into from credits) change tries or Total Own Bills U. S. U.S. or shipped bills bought shipped bebetween tween domestic foreign points points 1935—November 178 387 358 182 175 29 105 84 111 3 84 December. _ _ _ _ . 172 397 368 183 185 29 107 94 110 2 84 1936—January . . . . 178 384 353 181 172 31 108 94 96 3 84 February 176 377 340 172 168 37 114 94 81 2 86 March ._ ._._ _ . . .. 180 359 321 150 171 38 113 91 66 2 87 April 174 344 310 143 167 34 111 86 57 2 89 May . _ . 184 331 297 155 142 34 110 81 55 1 82 June . 169 316 276 129 147 40 107 74 49 2 85 July 188 316 278 131 147 37 105 68 57 2 84 August 205 308 279 140 139 29 104 63 60 2 79 September _ _ _ 197 315 276 139 137 39 107 64 66 2 76 October 199 330 296 150 147 34 110 67 75 2 77 November 191 349 309 157 152 40 112 77 83 1 76 i 1 As reported by dealers; includes some finance company paper sold in open market. 2 Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents. Back figures.—See Annual Report for 1935 (tables 66 and 67). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances* Other credit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)i an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks rowed2 Free O (n th et e ) r m in e v n e t s a t n - dm i e n n v t e a st n - d a c c a c p o i u t n al ts trading trading (net) 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 1930—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 3'.l3 89 23 15 429 A pril 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 69 151 235 989 316 100 25 17 428 November 1,364 65 150 260 986 346 110 24 17 435 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN JANUARY 1937 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by Rediscounts and advances un- Advances under sec. d t i h r e e c U t o n b it l e ig d a t S io t n a s te o s f der see e s. r a 1 l 3 R a e n s d e r 1 v 3 e a A of c th t1 e Fed- 10(b R ) e o s f e r t v h e e A F c e t deral se ( c la . s 1 t 3 p o a f r t a h g e r a F p e h d e o r f al Federal Reserve Bank Reserve Act) D R ec a . t e 31 be I g n in ef n f i e n ct g- v P r i a o r t e u e - s D R ec a . t e 31 be I g n in e n ff i e n c g t - D R ec a . t e 31 be I g n i n e n ff i e n ct g- Boston __. Feb. 8,1934 Sept.20,1935 Oct. 20,1933 New York___. Feb. 2.1934 Oct. 10,1935 Feb. 8,1934 Philadelphia.. Jan. 17,1935 Nov. 2,1935 Oct. 20.1933 Cleveland 2* May 11,1935 Oct. 19,1935 May 11,1935 Richmond May 9.1935 Sept.23,1935 Feb. 19.1934 A S S M K D C a t h a t a . i n l i l n n a c L l s a n n a F o a s g e t r s u a a o a i n p s C c o i i l s t i c y s o . - . . 2 2 2 2 2 2 2 J J J M M M F a a a e n n n a a a b y . . . y y . 1 1 1 1 1 3 8 0 4 4 9 6 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 4 5 5 5 5 5 5 A S S S O O O e e e u c c c p p p t t t g . . . t t t . . . . 2 2 2 2 1 8 0 3 0 9 6 4 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 5 5 5 5 5 5 5 A M F M M O O e p c c a a a b t t r y r r . . . . . . 2 1 1 1 1 1 1 1 7 5 0 6 2 9 . . . , , . , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 4 5 3 5 4 3 3 i Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures—See Annual Report for 1935 (table 40). BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES Buying rates at the Federal Reserve Bank of New York Rates on advances and commitments under Sec. 13(b) of the Federal Reserve Act as amended June 19, 1934. Percent per annum except [Percent per annum] as otherwise specified. In effect Dec. 31, 1936. [Percent per annum] Maturity e R D ff a e e c c te . t 3 i o n 1 n In g i e n f n fe in ct g — be- Pre ra v t i e ous A in d g v a i n n c s e t s it u to ti o fi n n s a — nc- Advances direct to Commit- 4 9 1 3 6 1 1 6 1 1 6 -1 - - - - - 1 6 9 4 3 5 2 0 0 5 0 d 0 d d d d a d y a a a a a s y y y y y i s s s s . s . . . , . . . . . . . . . . . O . . . . . . c . . t d d . d d d o o o o o 2 . 0, 1933 1 1 1 1 1 1 Federal Reserve Bank g m i a n o e n d r r i u c z c i s a a o t t l r m i i o o a - n r l s - o O i t b w t n i i o n l s o h i n t g n i p i c a f t o i o u h t s r e - r - d m p O o a n r in t i r i o e n n - g a t d o m v m e a n n a t c k s e e s 121-180 days. ....do Boston 3H-6 3 New York 4-6 3 1-2 1 This rate also applies to acceptances bought under repurchase agree- Philadelphia 4-6 3 ments, which agreements are always for a period of 15 days or less. Cleveland 4 1 NOTE.—Minimum rates on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. Richmond 6 4-6 4-6 1-2 Atlanta.... 6 5 5 Back figures.—See Annual Report for 1935 (table 41). Chicago 5-6 i 3 5-6 & St. Louis MAXIMUM RATES ON TIME DEPOSITS M Ka in n n sa e s a p C o i l t i y s 4-6 6 4 4 1 L£_ 1 2 Dallas. 5-6 4 5-6 ] Maximum rates that may be paid by member banks as established by San Francisco _ 5-6 3-4 4-5 the Board of Governors under provisions of Regulation Q. [Percent per annum] 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. »Flat charge. Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning Back figures.—See Annual Report for 1935 (table 40). Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other time deposits payable in: 6 months or more 90 days to 6 months Less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

61 JANUARY 1937 FEDERAL RESERVE BULLETIN MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on- Aver- 1928 1929 1930 1931 1932 1933 1934 1935 1936 age Prime Prime Stock- Stock ex- u. s. yield on New York City: Month or week com- bank- ex- change call Treas- U. S. January 4.56 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2.64 mercial ers' change loans ury 273- Treas- February 4.44 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2.56 paper, accept- time day bills ury March.. 4.59 5.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 4 to 6 ances , loans, offered 3-5 year April 4.72 5.85 4.91 4.17 4. 4.33 3.39 2.61 2.54 months da 9 y 0 s da 9 y 0 s I M N O e O w T ne R w e- al w pe i r th io i d n notes i J M u a n y e 4 5. . 0 9 9 7 5 5 . . 88 4 4 . . 7 5 4 9 4 4. . 1 1 3 1 4 4 . . 5 6 5 1 4 4 . . 1 2 0 4 3 3 . . 3 4 0 2 2 2. . 6 6 6 9 2 2. . 4 5 4 1 July 5.38 5.88 4. 4.05 4.42 3.93 3.30 2.61 2.44 August 5.56 6.05 4.41 3.97 4.45 3.97 3.33 2.67 2.42 1935 September 5.63 6.06 4.29 3.93 4. 3.79 3.26 2.72 2.40 October 1 y K .29 .29 .20 1 37 N O o ct v o e b m er ber 5 5 . . 5 6 6 3 6 5. . 8 0 6 8 4 4 . . 2 1 6 7 4 4. . 6 2 7 7 4 4 . . 1 3 2 5 3 3 . . 7 5 6 2 3 3 . .2 2 2 8 2 2 . . 7 7 7 2 2 2 . . 4 4 6 3 November y% 1 .75 .75 .14 L29 December 5.63 5.74 4.16 4.64 4.22 3.48 3.18 2.61 December y% 1 .75 .75 .09 1.26 Year 5.15 5.88 4.22 4.49 4.02 3.33 2.70 1936 8 other northern and eastern cities: January M H 1 .75 .75 .10 1.21 January 4.73 5.87 5.88 4.61 5.07 4. 4.65 3.62 M Fe a b r r c u h ary. * % A / v/ 1 1 . . 7 7 5 5 . . 7 7 5 5 . .0 1 8 1 1 1 .0 1 9 5 M Fe a b r r c u h ary 4 4 . .7 8 6 1 5 5 . . 8 9 6 1 5 5. . 47 4 4. . 6 6 2 3 5 5. . 1 1 4 3 4 5 . . 8 3 4 9 4 4 . . 5 4 2 9 4 4 . . 0 0 2 5 3 3 . . 6 6 0 3 April 8/ y 1 .75 .75 .10 1.10 April 4.91 6.00 5.22 4.57 5.10 5.09 4.52 3.99 3.47 May %/ .93 .93 18 1.09 May 5.04 6.09 5.13 4.55 5.14 4. 4. 3.88 3.45 J J u u n ly e „„ M H TZ_3 / IK 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . .1 2 4 3 1 1 .1 1 7 2 J J u u n ly e . 5 5. . 5 3 7 6 6 6. . 0 0 8 2 4 5. . 0 8 6 1 4 4 . . 4 4 9 8 5 5 . . 1 0 3 5 4 4. . 8 9 2 7 4 4 . . 3 1 0 5 3 3 . .8 7 7 8 3 3 . . 5 6 1 1 August 8 Vie IK 1.00 1 00 . 18 1 12 August 5.59 6.11 4.79 4.47 5.12 4. 4.12 3.79 3.47 September Vie IK 1.00 1.00 .16 1.09 September 5. 6.24 4.74 4. 5.03 4.65 4.11 3.75 3.45 October lA Vie 1 00 1 00 .13 1.12 October 5.80 6.25 4.75 4. 4. 4.51 4.13 3.75 3.50 November X Vie IX 1.00 1.00 .10 .99 November 5.82 6.12 4. 4.87 4.88 4.54 4. 3.63 3.47 December 5.91 5.94 4.68 4.91 4.88 4.59 3.98 3.67 Week ending: Sept. 19.... % Vie IK 1.00 1.00 .16 1.09 Year 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 Sept. 26___ X Vie IK 1.00 1.00 .19 1.12 27 southern and Oct. 3 X IK 1.00 1.00 .16 1.13 western cities: Oct. 10 X Vie IK 1.00 1.00 .14 1.11 January 5.53 5.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 Oct. 17 X Vie IK 1.00 1.00 .12 1.12 February 5.53 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 Oct. 24 Vie IK 1.00 1.00 .12 1.12 March 5.54 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 Oct. 31__._ % VA 1.00 1.00 .12 1.13 April 5.54 6.07 5.86 5.36 5.63 5.68 5.34 4. 4.40 Nov. 7 % «/!! 1.00 1.00 .11 1.07 May 5.56 6.10 5.75 5.26 5.64 5.66 5.28 4.79 4.43 Nov. 14 % Vie IK 1.00 1.00 .10 1.01 June 5.67 6.16 5.69 5.34 5.62 5.62 5.19 4.76 4.39 Nov. 21 % 3A« IK 1.00 1.00 .08 .96 July 5.77 6.17 5.63 5.30 5.63 5.54 5.07 4.58 4.35 Nov. 28 % Vie 1.00 1.00 .09 .95 August 5. 6.22 5.58 5.28 5.68 5.53 5.05 4.63 4.25 Dec. 5 % Vie 1.00 1.00 .09 .94 September 5.82 6.27 5.55 5.32 5.63 5.55 5.04 4.51 4.29 Dec. 12__._ 3/ie IS 1.00 1.00 .12 .94 October 5.87 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4.22 Dec. 19 %A Vie 1.00 1.00 .23 1.07 November 5.90 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.23 December 5.91 6.20 5.43 5.56 5.60 5.43 4.92 4.55 JFor description of average and back figures, see May BULLETIN, p. 317. Year 5.70 6.14 5.72 5.39 5.62 5.56 5.17 4. Back figures—See Annual Report for 1935 (tables 42 and 43). BOND YIELDS1 Corporate4 Year, month, or date T U r . e a S s . - M i u p n a i l c- By ratings By groups ury 2 gr ( a h d ig e h ) 3 Total Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 6-12 15 120 30 30 30 30 40 40 40 1933 average 3.31 4.71 5.88 4.49 5.23 6.09 7.76 5.32 6.06 6.25 1934 average 3.10 3.95 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 average 2 70 3 16 4 46 3 60 3 95 4.55 5.75 4.02 4.95 4.43 1935—December ___ 2.73 2.97 4.19 3.44 3.65 4.35 5.30 3.71 4.73 4.12 1936—January 2.68 2.93 4.04 3.37 3.57 4.21 5.00 3.59 4.50 4.02 February 2 62 2 86 3 95 3 32 3 55 4.12 4.80 3.57 4.31 3.98 March... .... _ . 2.54? 2.78 3.95 3.29 3.55 4.10 4.86 3.56 4.32 3.98 April 2 51 2 76 3 97 3 29 3 57 4.12 4.91 3.57 4.38 3.97 May 2.50 2.76 3.96 3.27 3.53 4.11 4.94 3.55 4.40 3.95 June 2 50 2 72 3 94 3 24 3 51 4 09 4.90 3.54 4.35 3.91 July. .. _ 2.50 2.70 3.90 3.23 3.48 4.05 4.84 3.52 4.31 3.86 August . 2.43 2.68 3 85 3.21 3.44 3.99 4.74 3.48 4.22 3.85 September 2.41 2.62 3.79 3.18 3.41 3.94 4.62 3.44 4.09 3.83 October 2.42 2.58 3 75 3.18 3.38 3.90 4.54 3.42 4.02 3.80 November 2.29 2.45 3.71 3.15 3.31 3.85 4.52 3.38 4.00 3.74 Nov. 25 2.25 2.33 3.69 3.12 3.29 3.82 4.53 3.36 4.00 3.71 Dec. 2 _ _ 2.25 2.33 3.67 3.11 3.27 3.80 4.51 3.35 3.97 3.69 Dec. 9 2 23 2 32 3 66 3 10 3 28 3 77 4.50 3.36 3.95 3.68 Dec. 16 2.29 2.31 3.66 3.09 3.28 3.76 4.51 3.36 3.94 3.67 Dec. 23 2.31 2.30 3.70 3.11 3.31 3.79 4.57 3.40 3.99 3.70 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. 4 Moody's Investors Service, revised series. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures.—See Annual Report for 1935 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN JANUARY 1937 BOND PRICES 1 STOCK PRICES 1 Corporate3 Preferred Common stocks (index, 1926=100) U.S. stocks Year, month, or date Treas- Year, month, or date (indusury2 Total In tr d ia u l s- R ro a a i d l- Utility tr g ia r l a d h e i ) g 2 h- Total In tr d ia u l s- R ro a a i d l- Utilit y Number of issues 6-12 15 20 20 20 Number of issues. 20 419 347 40 sssss 1933 average 102.5 87.1 73.4 69.2 70.5 1933 average 104.8 63 78 1934 average 103.5 97.3 84.5 81.9 83.8 87.8 1934 average 120.7 72 81 1935 average 106.0 109.4 88.6 88.2 79.4 98.2 1935 average 133.8 78 91 1935—November 105.3 111.6 91.1 90.8 79.8 102.7 1935—November. 136.9 93 107 90 December 105.2 112.6 92.5 91.0 83.1 103.1 December.. 137.0 95 109 92 1936—January 105.8 113.2 95.3 92.5 88.7 104.7 1936—January 137.3 100 115 97 February 106.3 114.4 97.2 93.0 93.6 105.1 February... 138.7 106 121 103 March 106.6 116.0 96.6 92.1 92.7 105.1 March 139.6 109 125 103 April 107.0 116.2 95.9 91.2 91.6 104.8 April 138.8 109 125 102 May . 107.1 116.2 95.5 90.6 90.8 105.0 May 138.6 101 116 95 June 106.6 116.9 96.2 90.6 92.5 105.5 June 138.8 106 121 102 July 106.6 117.4 97.1 91.1 94.2 106.0 July 139.1 109 124 106 August 107.2 117.8 97.7 91.6 95.8 105.7 August 139.3 113 128 109 September 107.2 118.8 98.6 92.2 97.9 105.8 September. 139.0 114 130 108 October 106.9 119.5 99.6 93.1 99.7 106.0 October 138.3 119 136 109 November 108.2 122.1 94.2 99.2 106.0 November. 139.0 124 144 109 Nov. 25 108.6 124.5 94.3 98.5 105.9 Nov. 25.- 139. 5 123 143 110 Dec. 2 108.6 124.5 100.1 94.7 99.6 105. 9 Dec. 2 140.6 122 142 111 Dec. 9 108.7 124.6 100.1 94.7 99.8 105.8 Dec. 9 140.0 123 142 111 Dec. 16 107.3 124.7 100.1 94.6 99.9 105.7 Dec. 16 189.8 124 144 111 Dec. 23 107. 1 124.9 99.5 94.3 99.0 105.3 Dec. 22 139.8 121 141 109 1 Monthly data are averages of daily figures except for municipal bonds, 1 Monthly data are averages of Wednesday figures. wh 2 i A ch v e a r r a e g e a v p e r r i a c g es e s o o f f a l W l o e u d t n s e ta s n d d ay in g fi g b u o r n es d . s due or callable after 8 years. 2 Average derived prices. 3 Prices derived from average yields. Source.—Standard Statistics Co. Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co. Back figures.—See Annual Report for 1935 (table 73). Back figures.—See Annual Report for 1935 (table 73); for U. S. Treasury bonds, see May BULLETIN, p. 317. CAPITAL ISSUES [In millions of dollars] For new capital ]For refunding T (n o e t w al Domestic Domestic Total Total Y m e o a n r t o h r f i u r n n e g - d ) - m a ( f e d o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o gn r- 1 m a ( f e d o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - C B o o rp n o d r s ate e F ig o n r- ' eign) n p i a ci l - cies2 Total n a o n t d es Stocks eign) n p i a c l i- a c g ie e s n 2 - Total n a o n t d es Stocks 1926 7,359 6,314 5,189 1,344 91 3,754 2,667 1,087 1,125 1,044 881 22 40 820 687 133 163 1927 9,774 7, 556 6,219 1, 475 87 4,658 3,184 1,474 1,337 2 218 1 978 35 93 1 850 1 586 264 241 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2,961 1,251 1,858 1,620 36 0 1 584 1 054 530 238 1929 _ 11,513 10, 091 9,420 1, 418 0 8,002 2,078 5,924 671 1,422 1 387 13 0 1 374 542 833 35 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 o 9 1935 4,672 1,486 1,438 884 150 404 334 69 48 3 186 3 160 309 987 1 864 1 782 81 26 1935—Nov.... 380 116 116 82 0 33 30 3 0 264 261 26 17 217 216 1 4 Dec 417 231 231 124 40 67 48 19 0 186 186 4 81 101 85 16 0 1936—Jan 400 122 115 50 0 65 61 4 7 278 240 38 (3) 201 201 (8) 39 Feb.... 302 107 107 89 4 13 4 10 0 195 195 8 6 181 170 11 0 Mar.._. 763 130 130 60 11 59 46 13 0 634 614 69 9 536 525 11 19 April... 1,004 177 177 49 0 128 102 26 0 827 782 53 199 530 492 38 45 May 413 112 112 68 6 38 13 24 0 302 302 31 4 267 252 16 0 June 731 217 216 63 1 152 123 29 1 514 512 43 93 376 325 50 2 July.... 338 103 103 33 0 70 39 31 0 236 236 9 2 225 222 3 0 August. 296 217 217 46 0 171 146 25 0 79 79 10 8 62 55 6 0 Sept.... 409 179 178 104 0 75 48 26 1 230 230 55 0 175 156 19 0 Oct '463 '187 174 79 0 95 60 35 '13 276 276 4 1 272 249 22 0 Nov 349 156 156 47 0 109 97 12 0 192 174 16 28 130 120 10 19 1 Includes issues of noncontiguous U. S. Territories and Possessions. r Revised. 2 Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation; excludes direct obligations of U. S. Treasury. « Less than $500,000. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1935 (table 72) for figures of new issues—annual and quarterly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 63 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars Interest bearing Non- Interest-bearing debt outstanding Nov. 30, Total inter- 1936 End of period (gross est debt) Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- Total Bonds' Notes Certif- Bills icates June 193? 19,487 19,161 14, 250 1,465 2,831 616 326 June 1933 22, 539 22,158 14, 223 4,780 2,200 954 381 Total 33,088 19,265 11,366 104 2. 353 Tune 1934 27,053 26,480 16,510 6,932 1,635 1.404 573 Obligations maturing: June 1935 28, 701 27, 645 14,936 10, 501 156 2,053 1,056 Before Jan. 1, 1937. _ 1,008 358 (\')\ Jan. 1-Mar. 31, 1937 1.080 429 651 1935 Apr. 1-June 30, 1937 1,153 502 fiol October.._ 29, 462 28, 380 13, 998 11,929 250 2,204 1.081 July 1-Sept. 30, 1937 1,218 817 401 November _ 29, 634 28, 617 14, 008 11,957 249 2,404 1,017 Oct. 1-Dec. 31, 1937 December 30, 557 29,596 14, 672 12, 274 247 2,404 961 1938 1,946 1,946 1939 2,762 2,762 1936 1940 2,854 2,854 January 30, 516 29, 618 14, 688 12, 272 254 2,404 899 1941 2,015 834 1,181 February _. 30, 520 29,646 14,713 12, 270 258 2,405 874 1943 . 898 898 March. _ . 31, 459 30, 591 15,981 12, 400 258 1,953 868 1945 1 401 1 401 April _ 31, 425 30,601 16,005 12, 383 259 1,953 825 1946 1,519 1,519 May- 31, 636 30, 822 16,030 12, 381 258 2,153 814 1947 1,697 1,697 June _. 33, 545 32, 756 18, 395 11, 861 146 2,354 790 1948 1,036 1,036 July 33, 444 32, 679 18, 303 11,906 117 2,353 764 1949 819 819 August... __ 33,380 32, 624 18,277 11, 886 107 2,353 757 After 1949 10,025 10,025 September 33,833 33,088 19,259 11,370 106 2,353 745 Other obligations2 1,658 1,037 517 104 October 33, 833 33,083 19,258 11, 368 105 2,354 749 November 33, 794 33,088 19, 265 11,366 104 2,353 i 706 1 Issues classified as of date of final maturity; mostissues callable at earlier dates; postal savings bonds only issues callable before 1940; ad- 1 Includes $367,000,000 of Government liability for retirement of justed service bonds and most of the U. S. savings bonds are redeemable national bank and Federal Reserve bank notes, as a result of deposit at option of holder. of funds by banks; this compares with $568,000,000 on Nov. 30, 1935. 2 Includes United States savings bonds and such issues as postalsavings bonds and notes, retirement-fund notes, and adjusted-servicecertificate series, in wThich special funds are invested; also includes $470,000,000 of adjusted service bonds. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust Receipts Expenditures 2 Excess c e o a t u c c n - .4 ts, In cr c e r a e p s a e e s r e d io u o d r r i n d g e- Period Mis- General2 Recovery and rel ef c o e f i p re ts - e o x f c e re s - s Total c ta o I x n m - e e s n i c r n n e e e n t u v o l a e l e l e u a r - - s - ot A he ll r i Total e I p d n s u t e t b e b o l r t n i - c o A th l e l r Total Relief P w u o b rk li s c ot A h l e l rs p ( t + e u ( e ) n - r x ) e d - o s i r - p ( c t + e u e ( e ) n i - r x p ) e d - o t s i s r - G b f a e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending June: 1934 3,116 818 1,470 828 6,745 757 1,984 4,004 1,844 645 1,515 -3, 630 +835 +1, 720 +4,514 1935 3,800 1,099 1,657 1,044 6,802 821 2,325 3,657 2,342 1,020 294 -3,002 +613 -741 +1, 648 1936 4,116 1,427 2,010 680 5 8, 477 749 -4,436 3,291 985 2,092 213 -4, 3615 +123 +840 +5,078 5 months ending: November 1934 1,460 256 724 480 2, 764 285 983 1,497 901 560 36 -1.304 +73 -985 +246 November 1935 1,468 326 821 321 2, 856 250 1,177 1,428 685 419 324 -1,387 +47 -407 +933 November 1936. - _ 1,641 420 959 262 2,847 263 1,408 1, 176 64 1,311 e 199 -1.206 -85 -1,276 + 16 1935—November 234 19 142 74 487 10 216 262 127 13C 4 -253 +42 -39 +172 December.._ 434 228 153 52 591 107 237 247 97 148 2 -157 +8 +774 +923 1936— January 228 35 138 55 456 19 197 241 64 225 e 49 -228 +64 -205 -41 February 218 43 132 43 496 31 164 301 43 218 40 -277 +37 -237 +3 March 752 412 291 48 570 131 226 214 11 254 6 51 +181 -22 +1, 099 +939 April _ _ . _ 231 36 152 43 614 72 228 314 33 259 22 -383 -7 -424 -34 May... _ __ 256 35 158 63 558 8 258 291 21 264 7 -302 +7 -84 +211 June 529 310 164 55 5 2,337 132 s1,949 256 32 306 6 83 -1,807 5 -12 +323 +2, 142 July ____ ... 294 39 201 54 412 10 320 82 35 275 6 228 -118 +2 -451 -335 August 343 32 264 47 551 26 273 252 14 247 69 -208 — 55 -327 -63 O Se c p to te b m er ber . . 4 2 9 7 9 2 28 2 8 7 1 1 6 8 1 6 5 6 0 0 6 6 6 8 8 1 14 7 4 4 2 2 9 5 9 5 3 2 1 6 5 8 8 5 2 2 5 7 2 7 3 8 2 - - 1 4 6 0 9 9 ( — 7) 15 + -4 2 2 8 4 4 +45 (7 2 ) November 233 33 148 52 535 8 267 200 2 260 6 2 -303 -17 -358 -38 1 Includes processing taxes, customs, and miscellaneous receipts. 2 Excludes public-debt retirement. ^Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and expenditures of the Reconstruction Finance Corporation. 4 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against increment on gold (other than for retirement of national-bank notes), and beginning June 1935 transactions in checking accounts of certain special governmental agencies.whose balances were transferred on May 31, 1935, to these accounts. 8 Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936. • Excess of credits. ' Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN JANUARY 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1936 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government 'unds Financed partly fu f n ro d m s Government Total Total Recon- Com- Public Agricul- Farm Other Home s F tr i u n c a t n i c o e n m C o re d d it i y t A W d o m rk in s - c t r u e r d a i l t Other m ga o g rt e - c f r a e r d m it m ga o g rt e - Other Oct. Sept. Oct. Corpo- Corpo- istra- institu- institu- institu- institu- 31, 1936 30,1936 31, 1935 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions.. 392 1 135 6 534 540 711 Preferred stock etc 663 0) 3 107 769 759 881 Home mortgage loans 2,835 2, 835 2, 870 2, 812 Farm mortgage loans 2.939 2, 939 2, 936 2. 944 Other agricultural loans 1 212 29 145 227 0) 614 617 683 All other loans 831 136 255 1,221 1,204 1,168 Total loans and preferred stock _ 1,887 212 136 29 400 2, 939 227 3, 076 6 8,912 8,926 9.199 Cash 5 (i) 6 67 108 20 44 16 265 267 363 United States direct obligations 4 27 41 93 4 332 500 500 451 Obligations of Government credit agencies: Fully guaranteed by U S 14 1 74 6 101 197 198 215 Other 2 27 2 (2) 1 29 33 37 Production credit association class — A stock 75 75 75 Accounts and other receivables 34 4 o 32 168 4 50 4 297 282 193 All other assets 4 0) 17 0) ~ 224 156 0) 3 215 13 628 580 370 Total assets other than interagency 2 1,930 21.5 152 157 751 3,414 418 3,394 472 10,904 10.861 10, 906 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States 252 0) 1,422 3,008 4, 682 4,667 4, 466 Other 2 72 1 2 1,214 157 2 0) 1, 446 1, 460 1, 357 Other liabilities (including reserves) 42 0) 5 44 158 3 128 58 439 395 254 Total liabilities other than interagency 2 . 294 72 5 45 2, 794 161 3,138 58 6, 567 6, 521 6,078 Excess of assets over liabilities, excluding interagency transactions.. 1, 636 143 152 152 707 620 257 257 414 4, 337 4, 340 4,828 Privately owned interests 161 3 32 154 350 353 356 U. S. Government interests... 1,636 143 152 152 707 458 254 224 260 3,987 3, 987 4,473 i Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Shares of Federal savings and loan associations subscribed by HOLC, formerly included in "All other assets," are now classified in "Preferred stock, etc." "All other assets" includes $49,000,000 of unclassified assets of Federal savings andL 1 loan associations. NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Nov. 30, May 31, June 30, July 31, Aug. 31, Sept. 3C Oct. 31, Nov. 30, 1935 1936 1936 1936 1936 1936 1936 1936" Loans to financial institutions 533,769 403.148 386, 343 374,630 368, 393 355,539 344,591 1 330,883 Loans on preferred stock of banks and insurance companies.. 47, 880 45, 992 45, 863 45, 579 48, 397 48,216 47, 807 2 47, 586 Preferred stock, capital notes, and debentures 879, 348 839,714 788, 922 691,047 672, 687 668,615 662, 587 658, 654 Agricultural loans 22, 524 8,684 1,499 1,456 1,400 1,385 1,326 1, 273 Loans to railroads (including receivers) 412, 765 393,154 388, 432 350, 841 350, 948 349, 261 353, 810 345, 190 Loans for self-liquidating projects 174,373 174.149 170,269 176, 256 181, 339 185, 829 190,569 194, 184 Loans to industrial and commercial businesses 37, 335 50,779 52, 651 55,120 56,149 57, 690 60, 945 61,645 Loans to drainage, levee, and irrigation districts 45, 488 55,228 56,114 60,103 60, 965 61, 778 62, 632 63,125 Other loans 1,947 3,518 3,115 2,796 2,984 3,037 1, 880 1,935 Securities purchased from Public Works Administration 15, 238 129, 634 134,170 128, 921 142, 210 140, 478 145, 635 136, 850 Total loans and investments, other than interagency.. 2, 270, 6692,103,999 2,027, 37/ 1, 886, 7491, 885, 4721, 871, 8281,871,782 1,841.325 Loans to Federal land banks 50,108 33,948 33,538 32, 959 32,199 30,933 27, 993 27,620 Loans to Commodity Credit Corporation 265, 994 172, 800 162,280 92, 368 93, 002 95,809 97,916 98,417 Capital stock of Commodity Credit Corporation. 97,000 97,000 97,000 97, 000 97,000 97, 000 97, 000 Capital stock of, and loans to R. F. C. Mortgage Co 13,555 18, 429 19,165 30,218 31,213 32,202 33, 996 35,701 Preferred stock of Export-Import banks 10,000 17, 000 17,000 17,000 20, 000 20,000 20, 000 20,000 Total loans and investments. 2,610,324 2, 443,1752, 356, 3602,156, 2942,158, 885 2,147, 7713 2,148, 7S3 2, 120,163 p Preliminary. 1 Includes $108,000,000 of loans for distribution to depositors of closed banks. 2 Includes $648,000 of preferred stock instalment sale contracts 3 Includes $100,000 of loans to Rural Electrification Administration. NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 65 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS fin thousands of dollars] Farm m b o y r tg i— age loans F c a e r n e d d d e i r t d a i l b s a c in n o k t u e n r l t m o s a e f n o d s r i — t a o te Loans to cooperatives by- Regional End of month la F nd e d b e a ra n l ks Co B L m a a n n m d k is- p c p c r r c o r o e u e r a d d a l d g u i t t i t u r i t c i o c r - t a a o n i s l o r s - n - , fi i e n n O t x i a s o t c n t h n i e c t e s p i u r , n t - g ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R u i a t r r e g a a c g r t l o i i i o c o r c u p n n r l o e s a - d - l - c d r E g r o l o o e m p a n u e n c g a r s y n h - d t m F c i e e n r d e d te e d i r a r i - a t te l B in c a a c o t n l i o u k v p d s e e i s r n f , - o g r M A in g t a g u r r i r k A c a e u l c t l t - sioner sociations, coopera- banks Central revolvand banks tives Bank ing fund for cooperatives 2 1933—December 1, 232, 707 70, 738 73, 263 60 989 27 144,636 89,811 15,211 18, 697 157,752 1934—December 1, 915, 792 616,825 99, 675 55 672 60, 852 87,102 110,186 33, 969 27,851 54, 863 1935—November 2, 065. 620 785, 898 100,343 46 867 91, 522 46, 220 175, 438 3,221 51, 246 44, 688 December 2,071,925 794. 726 104, 706 46, 490 94,096 43,400 172,489 2,731 50,013 44,433 1936 -January 2, 066. 308 802. 782 105, 457 46, 045 96, 240 41,489 170, 072 2,241 46, 566 44, 286 February 2. 058, 512 810.811 110,806 46, 679 103, 002 40,510 168, 700 2,117 42, 720 44,155 March 2. 059, 978 817,899 122,849 48,045 116,392 39,617 167,826 2,074 41,083 44,306 April 2, 061, 881 823,110 132. 715 50, 015 127,511 38, 665 175, 151 1, 685 40,015 43,523 May 2. 062. 986 827, 052 140, 177 52,158 135, 467 37, 711 176, 789 932 39, 688 41. 696 June 2. 064.037 827, 248 144,155 53, 231 139,468 36,026 176,234 247 39, 500 44, 556 July 2, 064, 759 829, 464 146, 243 53, 041 140, 982 34, 610 174, 207 225 43,018 44,431 August 2, 067, 106 831,892 144,423 52, 883 135, 603 33, 042 172,863 314 44, 345 44, 025 September 2,067,711 833, 906 138,653 48,039 122,004 31,216 171, 320 405 56, 267 48, 583 October 2, 067, 647 835, 187 135,791 41,912 110,775 28, 664 168, 688 758 71, 150 51, 348 November 2, 065, 719 836, 194 131.644 39, 218 105,411 26,491 166,291 1,336 72, 500 56,216 1 Does not include loans by joint stock land banks, which are now in liquidation. 2 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES 1 [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Homemortgage loans by- Federal Home Recon- Federal savings and Federal Farm Owners' struction loan associations home End of month Total Mortgage Loan Finance loan Corpora- Corpora- Corpora- End of month ITome bank tion tion 2 tion 3 Owners' Number of loans to Loan Cor- associations member poration i Loans institu- 1933—December 180 180 re- tions 2 Re- ported 1934—December 3,063 980 1, 834 249 Total porting 1935— Mav.. .. 3,728 1,188 2.290 250 June 4,123 1,226 2,647 250 July 4, 205 1,274 2,682 249 1932—December 838 August --. 4,248 1,282 2,716 250 1933—December 59 85, 442 September 4, 369 1,368 2,748 253 1934—December 32, 394, 038 639 455 69, 734 86, 658 October 4,421 1,382 2,786 253 November.. ... 4,460 1,387 2,819 253 1935—November 2,855,312 1,002 851 295, 480 97, 089 December. 4,494 1,387 2,855 252 December 2, 897, 162 1, 023 881 315, 683 102, 795 1936—January 4, 562 1,399 2,911 253 1936—January 2, 924, 206 1,044 898 329, 643 102, 800 February 4,630 1,407 2, 970 253 February 2, 942, 931 1,061 898 336, 646 102. 942 March . 4, 654 1,407 2,995 252 March ___ 2, 951, 640 1,078 980 366, 405 103, 358 April.. __ _ ... 4, 676 1,411 3, 013 252 \pril 2 960, 197 1,102 1,006 390, 810 105, 972 May 4,703 1,422 3,029 252 Mav 2. 961, 761 1,114 1,006 404, 722 110,922 June 4,718 1,422 3,044 252 June 2, 944, 501 1,135 1,017 444. 046 118, 587 July 4, 719 1,422 3. 045 252 July 2 921, 294 1 165 1, 025 465, 682 122, 101 August 4,668 1,422 2, 994 252 August 2. 898, 043 1,175 1, 076 497, 852 125, 218 September 4,667 1,422 2, 993 252 September 2, 870, 480 1, 183 1, 076 512, 744 129, 767 October 4, 682 1,422 3. 008 2f>2 October 2, 834, 610 1,192 r 1,080 '532, 064 134,941 November . .. 4, 667 1.422 2, 993 252 November 2,801,827 1, 206 1,080 544,130 137.261 1 Principal amount of obligations guaranteed as to interest and princir Revised. pal. Also guaranteed are debentures issued by Federal Housing Admin- 1 In addition to loans the HOLC held on Nov. 30, 1936, $462,000,000 in istrator. The amount outstanding Nov. 30, 1936, was $12,650." other assets, consisting principally of investments in the Federal Savings 2 Excludes obligations guaranteed as to interest only. and Loan Insurance Corporation and in various savings and loan asso- 3 Excludes obligations held by U. S. Treasury and reflected in the ciations, real estate and other property, and accrued interest receivable. public debt. Figure for December 1933 includes notes given in purchase 2 Includes loans to Federal savings and loan associations, all of which of gold which were retired in February 1934. are members, and a negligible amount to others than member institutions. 3 Includes accrued interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN JANUARY 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average = 100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production l * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Department Y a e n a d r T()tal Ma t n u u r f e a s c- Minerals Total Residential All other ployment 3 ro p l a l y s « loadings 4 * sto ( r v e a s l a u l e e ) s * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justedjusted justed justedjustedjusted justedjusted justedjustedjustedjusted justedjustedjusted justedjusted 1919._._ 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921.._. 67 67 70 56 44 65 82 77 79 87 1922 85 86 74 79 68 88 90 82 87 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 £6 96 97 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 101 104 106 106 1927 106 106 107 129 117 139 99 102 103 107 1928 111 112 106 135 126 142 99 102 103 108 1929.... 119 119 115 117 87 142 105 109 106 111 1930 96 95 99 92 50 125 91 89 92 102 1931 81 80 84 63 37 84 77 67 75 92 1932 64 63 71 28 13 40 66 47 56 69 1933 76 75 82 25 11 37 72 49 58 67 1934 79 78 86 32 12 48 82 63 62 75 1935 90 90 91 37 21 50 86 71 63 79 1933 Nov 72 72 70 70 82 85 48 42 13 12 76 66 80 80 57 59 eo 67 75 Dec 75 69 73 67 86 81 57 45 13 11 93 73 78 78 56 63 56 69 121 1934 Jan.. _ 78 77 76 75 88 86 49 40 12 10 80 64 78 77 55 64 58 73 57 Feb 81 83 80 82 92 89 44 38 12 10 70 60 81 81 61 64 61 73 59 Mar 84 87 82 86 100 91 33 33 11 12 51 50 84 84 66 66 63 76 73 April 86 88 85 89 90 81 32 36 12 14 48 54 85 86 68 62 60 76 73 May 86 89 86 89 88 86 26 32 11 13 38 47 86 86 68 63 63 75 77 June 84 84 83 84 87 86 26 31 12 13 38 46 85 85 66 64 64 73 70 July 76 73 74 71 84 84 27 30 12 12 39 44 83 82 61 61 63 73 51 Aug 73 73 72 71 80 83 27 28 10 10 40 43 83 84 63 59 63 76 60 Sept.... 71 73 69 70 82 87 29 30 11 11 44 45 78 80 59 59 67 74 79 Oct. 74 75 72 73 81 87 31 29 12 12 46 43 81 82 62 57 64 74 82 Nov... . 75 74 74 73 81 84 31 28 11 11 48 41 81 80 61 59 60 75 83 Dec 86 78 85 76 90 85 31 25 12 10 47 36 82 81 64 64 56 77 135 Jan 90 88 90 87 94 91 27 22 12 10 39 32 84 82 65 64 58 76 59 Feb 89 91 88 91 96 92 28 24 14 13 39 33 85 85 70 65 61 77 61 Mar 88 91 87 91 97 90 26 26 16 16 35 34 85 86 72 65 62 79 71 April 86 89 86 91 87 79 27 30 18 22 33 38 86 86 72 61 59 75 79 Mav 85 87 84 87 89 88 27 32 21 25 32 39 85 85 60 61 61 74 76 June 87 86 85 84 98 97 30 35 24 26 36 43 84 83 67 63 63 79 76 July_.__ 86 83 87 83 84 84 35 39 25 25 43 50 85 83 6') 58 60 80 55 Aug 88 86 89 87 81 85 38 40 24 24 50 54 86 86 71 60 64 77 61 Sept 91 90 92 89 87 92 43 44 25 25 58 59 86 88 74 62 70 81 86 Oct. 95 '96 95 96 93 100 48 45 25 25 66 62 87 89 76 64 73 78 86 Nov 96 97 97 98 92 95 60 53 26 25 88 76 88 89 76 66 67 82 91 Dec 101 96 101 95 102 96 67 53 26 22 101 79 80 88 71 62 83 145 1936 Jan 97 95 96 95 103 99 61 50 25 21 90 73 8!) 87 74 70 63 81 63 Feb 94 95 92 93 110 106 52 44 25 22 73 62 87 87 74 70 65 83 66 Mar... 93 96 93 97 95 80 47 47 26 28 63 62 88 88 77 66 62 84 77 April.___ 100 103 100 105 105 04 47 53 30 35 60 67 8!) 80 70 69 66 84 85 May 101 105 101 105 101 100 46 56 32 38 57 70 00 00 81 70 71 87 89 June 104 104 105 105 90 100 52 00 36 30 65 78 00 00 81 70 72 87 84 Julv 108 105 109 105 101 101 50 65 44 45 71 82 (.);] 01 80 73 75 91 63 Aug 108 106 110 10'") 08 101 62. 65 46 46 75 81 93 93 83 70 76 86 68 Sept 100 107 110 107 101 109 50 60 47 47 00 70 01 05 83 72 82 88 94 Oct 110 111 110 110 104 m 57 54 43 41 ()d 65 04 07 89 73 84 90 99 Nov "114 "115 "114 "115 "110 Pi 14 "40 "3J "72 "62 Pd7 "00 80 8;) 93 105 p Preliminary. r Revised * Average per working day. 1 For indexes of groups and separate industries see pp. 67-68; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. 3 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of the BULLETIN for December 1936. For current indexes of groups and separate industries see pp. 69-72. Underlying figures are for pay-roll period ending nearest middle of month. 4 For indexes of groups see p. 74. Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for x\ugust, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

67 JANUARY 1937 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1935 1936 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total 95 97 101 96 92 93 100 101 105 109 110 110 110 P114 IRON AND STEEL 88 96 103 86 83 83 100 105 113 119 121 119 127 138 Pig iron 65 69 71 67 63 64 77 85 89 90 93 90 98 99 Steel ingots 90 99 106 88 85 85 102 107 115 122 124 121 130 142 TEXTILES 112 106 111 105 102 100 100 100 107 115 120 120 114 P121 Cotton consumption 99 98 108 106 99 100 105 103 111 124 125 127 119 123 Wool 120 118 114 107 111 96 89 97 103 100 115 108 105 Consumption 140 134 125 117 120 105 93 103 121 125 130 121 109 ^130 Machinery activity 1 119 118 122 114 117 99 95 101 95 97 101 97 104 P117 Carpet and rug loom activity1 70 72 66 66 75 68 68 68 60 07 88 95 Silk deliveries _ 132 112 119 98 91 107 102 97 101 108 118 130 121 125 FOOD PRODUCTS _ _ 83 82 83 92 84 87 90 84 88 92 91 90 93 98 Slaughtering and meat packing. __ 82 79 80 84 77 83 89 84 85 92 96 100 105 109 Hogs _. 57 54 64 61 52 61 68 66 64 72 70 79 94 100 Cattle 111 107 110 111 109 109 114 104 113 116 128 125 115 115 Calves _ 117 118 126 120 109 115 116 111 119 130 141 144 129 122 Sheep 154 148 145 152 145 151 134 128 133 135 138 143 152 169 Wheat flour 88 86 84 91 96 92 88 87 94 101 92 77 82 83 Sugar meltings 78 86 92 124 93 96 95 78 89 77 71 70 68 83 PAPER AND PRINTING: Newsprint production. 61 64 63 60 60 62 60 59 62 60 61 01 62 67 Newsprint consumption 124 125 133 124 127 132 131 136 137 131 136 140 140 150 TRANSPORTATION EQUIPMENT: Automobiles 96 105 107 108 93 107 122 117 118 124 111 107 93 105 Locomotives 1 3 3 o o 1 3 6 9 9 8 6 5 LEATHER AND PRODUCTS 105 109 124 118 111 107 110 112 102 113 115 111 111 Pill Tanning 97 105 105 103 96 93 97 97 91 94 95 '90 93 Cattle hide leathers 98 105 103 96 95 94 94 93 84 93 97 '91 99 Calf and kip leathers 74 84 95 103 85 77 85 78 88 77 70 68 65 Goat and kid leathers 119 124 118 122 110 103 115 124 113 117 113 109 103 Boots and shoes 110 111 137 127 121 116 119 122 109 126 128 126 123 P123 CEMENT AND GLASS: Cement 52 59 59 47 49 58 71 74 74 74 77 80 87 91 Glass, plate _ _____ 193 192 202 201 174 184 213 220 218 220 226 236 241 164 NONFERROUS METALS:3 Tin deliveries1 92 80 81 103 105 95 101 98 112 128 107 99 105 97 FUELS, MANUFACTURED: Petroleum refining .176 176 173 169 172 168 178 180 181 183 186 189 191 Gasoline l 227 225 220 214 215 210 223 227 233 236 241 246 249 Kerosene 95 94 86 94 94 98 104 97 98 96 91 90 90 Fuel oil i 110 115 121 121 130 119 119 120 117 117 119 119 124 Lubricating oil ' 103 106 104 96 98 105 116 110 108 110 111 no Coke, byproduct _ ._ 100 106 104 103 100 112 120 123 121 120 128 130 129 RUBBER TIRES AND TUBES * 91 99 99 107 89 85 113 V?\ 130 124 119 Tires, pneumatic l 93 103 102 110 92 87 117 135 129 123 125 111281 Inner tubes * 75 75 8'? 07 67 80 89 90 90 92 90 94 TOBACCO PRODUCTS __ 138 137 147 148 148 140 152 145 147 154 147 157 140 150 Cigars __ 70 69 73 73 75 71 74 71 70 70 73 75 74 75 Cigarettes 190 191 205 208 207 193 214 204 209 210 208 223 202 209 Minerals—Total 93 92 102 103 110 95 105 101 99 101 98 101 104 P110 Bituminous coal 71 78 80 92 70 84 70 74 80 82 80 P92 Anthracite -•=8 48 71 70 93 48 63 09 60 05 47 50 48 Petroleum, crude __ 140 144 146 148 143 146 150 149 146 144 149 140 152 P153 Iron ore 02 44 80 80 81 87 93 98 110 Zinc __ 80 82 84 84 77 85 91 94 103 104 100 98 101 100 Lead 08 67 70 63 62 59 70 75 09 71 60 00 71 Silver 68 68 80 93 90 96 91 103 101 88 111 119 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." *> Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1•93-3,- p-p.• 5-84•-5-87-, a-n-d- November 1936, p. 911. Series"on silk-loom activity and on product.ion .of b..o ok p) aI^Kp Jwie. rr,Ia Vpwipariilan-Upg p IipCn/aUgpi -je pr.aH, pif-i'"en re-,L *p7f*i; nIeC Upj apK>e\rS,}J box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, ar~•e in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN JANUARY 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1935 1936 In dustry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total 96 98 95 95 93 97 105 105 105 105 106 107 110 P115 IRON AND STEEL 85 89 90 83 87 94 111 114 113 111 118 118 124 127 Pig iron 65 70 69 67 64 67 82 87 88 85 89 93 98 100 Steel ingots 87 91 92 85 89 96 114 117 115 113 121 120 126 130 TEXTILES 116 111 105 110 108 102 103 100 101 107 113 120 118 P126 Cotton consumption 102 101 100 111 106 105 112 106 106 113 112 123 122 128 Wool 133 124 114 108 117 98 88 92 97 99 110 111 111 P125 Consumption 161 146 126 120 131 107 90 95 109 112 126 127 120 P141 Machinery activity - 119 118 122 114 117 99 95 101 95 97 101 97 104 P117 Carpet and rug loom activity- 76 72 66 66 75 68 68 68 66 67 77 88 95 Silk deliveries 132 116 106 112 98 103 101 96 90 103 123 136 121 129 FOOD PRODUCTS 86 86 82 92 82 86 85 82 87 90 87 90 95 104 Slaughtering and meat packing... 84 87 91 96 75 78 80 81 84 87 85 94 104 121 Hogs 49 60 71 81 57 62 61 64 65 64 53 59 80 110 Cattle 129 123 115 112 96 95 101 101 106 115 126 138 134 133 Calve? 123 120 120 112 101 116 126 126 124 126 130 138 135 124 Sheep 170 146 142 154 136 137 126 126 131 135 139 165 167 167 Wheat flour 99 93 81 89 93 86 80 82 83 98 99 91 92 90 Sugar meltings . _ _ 74 67 52 82 91 113 110 87 106 94 79 75 65 65 PAPER AND PRINTING: Newsprint production 61 63 63 61 60 61 61 60 64 59 59 60 62 66 Newsprint consumption. 132 134 137 119 125 138 141 140 135 117 121 137 149 160 TRANSPORTATION EQUIPMENT: Automobiles _ 124 125 108 93 124 149 142 134 128 82 42 65 127 Locomotives 1 4 3 0 0 1 3 6 9 9 9 6 5 LEATHER AND PRODUCTS 115 104 106 109 113 110 108 103 98 112 127 129 122 ^106 Tanning.._ 103 103 102 99 99 92 95 91 90 94 96 95 98 Cattle hide leathers 101 104 100 97 101 95 94 88 83 90 95 r94 102 Calf and kip leathers 88 80 81 85 78 69 76 74 86 90 85 78 77 Goat and kid leathers 124 122 127 116 114 105 114 116 113 109 111 114 107 Boots and shoes 123 105 108 116 122 122 117 111 103 123 147 151 138 P116 CEMENT AND GLASS: Cement . 59 58 46 29 29 42 70 87 92 91 99 100 99 90 Glass plate 193 192 202 201 174 194 235 231 196 198 226 236 241 164 NONFERROUS METALS: ! Tin deliveries.. 92 80 81 103 105 95 101 98 112 128 107 99 105 97 FUELS, MANUFACTURED: Petroleum refining ._ 176 176 174 170 172 168 178 179 181 182 186 189 192 Gasoline. - _ _ 227 225 220 214 215 210 223 227 233 236 241 246 249 Kerosene 100 101 93 96 96 95 103 93 91 90 86 92 95 Fuel oil 110 115 121 121 130 119 119 120 117 117 119 119 124 Lubricating oil 103 106 104 96 98 105 116 116 108 110 111 110 Coke, byproduct 97 102 107 105 106 103 114 119 121 118 122 125 129 133 RUBBER TIRES AND TUBES . 91 99 99 107 89 85 113 121 130 124 119 122 118 Tires, pneumatic 93 103 102 110 92 87 117 125 135 129 123 125 121 Inner tubes 76 75 75 82 67 67 86 89 90 90 92 96 94 TOBACCO PRODUCTS _ . 148 140 119 141 135 132 140 147 161 167 158 173 157 153 Cigars 85 82 55 56 65 64 70 73 76 80 76 86 91 90 Cigarettes 200 189 168 204 188 183 195 206 230 238 225 245 212 207 Minerals—Total 100 95 96 99 106 89 94 100 100 101 104 109 114 P114 Bituminous coal 82 80 83 88 98 70 71 66 66 72 75 87 94 ^103 Anthracite __ 62 50 69 75 99 40 65 69 57 53 47 57 62 P67 Petroleum, crudp 141 143 142 142 140 145 150 150 149 147 152 150 153 P152 Iron ore _. 105 37 120 157 164 177 178 167 93 Zinc 78 82 86 89 82 90 95 95 99 97 93 93 98 100 Lead 70 70 70 63 64 60 69 73 70 68 58 57 73 Silver 74 73 68 81 100 99 97 88 101 85 88 106 118 1 Includes also lead and zinc; see "Minerals." P Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revis? >n. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 69 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average=100] 1935 1936 Industry and group Oct. Nov. Dec. Feb. Mar. Apr. May June July Sept. Oct. Nov. Total 87.2 88.0 87.2 87.6 88.5 89.6 90.3 92.6 93.3 93. 6 94.3 95.8 Durable goods 78.0 79.0 79.7 80.1 78.9 79.8 80.9 82.4 83.4 85.2 85.4 86.3 87.9 89.3 Nondurable goods . 97.0 97.6 98.2 97.7 96. 1 95.9 96.7 97.3 97.6 100. 4 101.8 101.5 101.1 102. 9 IRON, STEEL PRODUCTS 83.0 84.0 84.4 85.1 83.4 " 84.0 85.8 87.7 89.4 92.3 94.1 95.6 97.1 Blast furnaces, steel works. _ 92 93 93 93 91 92 94 97 99 103 106 108 109 109 Bolts, nuts, washers, rivets. 69 71 71 72 71 71 74 74 75 76 76 77 79 81 Cast-iron pipe 54 56 57 57 59 60 62 62 62 64 64 65 66 67 Cutlery, edge tools 78 78 80 81 78 77 75 76 76 78 79 80 82 84 Forgings 54 55 56 57 56 54 56 58 59 62 60 60 61 64 Hardware 63 65 65 63 62 62 62 61 63 57 60 68 73 Plumbers' supplies 87 87 85 83 84 86 87 84 82 85 85 85 86 Steam, hot-water heating.__ 58 59 59 60 60 61 63 65 65 69 69 71 70 71 Stoves 95 96 97 97 97 97 97 97 103 103 107 104 107 107 Structural, ornamental 55 55 53 56 57 59 62 65 67 70 72 73 73 73 Tin cans, tinware, 96 96 94 97 96 96 97 99 99 98 101 101 100 98 Tools 74 76 78 79 77 79 78 78 80 81 86 86 89 93 Wirework 126 132 138 139 132 135 137 140 137 136 135 141 154 164 MACHINERY 94.3 95.5 95.5 96.3 95.8 96.8 99.1 102. 0 103. 6 105.2 105. 1 106. 7 108 3 110. I Agricultural implements 112 115 118 120 118 121 122 123 124 115 100 95 100 93 Cash registers, etc 106 108 110 112 114 116 118 119 112 114 100 116 119 119 Electrical machinery 85 86 82 81 82 86 88 90 92 92 97 10C 103 Engines, turbines, etc 108 110 115 116 118 121 124 122 117 113 113 115 120 Foundry, machine-shop products. 79 81 83 82 84 85 88 90 92 93 95 96 97 Machine tools 104 105 106 109 108 109 112 114 116 120 119 123 125 127 Radios, phonographs 186 182 176 189 186 179 185 198 209 210 209 186 176 171 Textile machinery 65 66 67 68 69 69 68 70 70 71 73 75 75 75 Typewriters 112 112 112 110 112 112 113 114 87 102 114 120 132 135 TRANSPORTATION EQUIPMENT 95.6 98.9 100. S 99.7 96.8 97.5 99.0 100.8 101. 8 104. 5 100.7 100. 7 104.7 110.7 Aircraft 441 417 409 408 442 471 495 487 470 494 505 534 534 527 Automobiles 110 113 115 113 109 108 109 112 112 116 109 109 113 121 Cars, electric, steam railroad 36 43 47 46 46 50 51 50 53 52 59 59 64 69 Locomotives 24 26 24 24 26 27 28 31 34 36 35 38 41 42 Shipbuilding 81 85 85 92 99 98 99 101 102 102 102 98 RAILROAD REPAIR SHOPS. 52.$ 53.7 54.3 55.0 56.4 58.0 57.0 57.0 58.2 57.4 58.7 59.1 60.8 Electric railroad 61 62 61 62 62 62 63 62 62 62 62 62 63 Steam railroad 52 53 54 54 56 58 57 57 58 57 58 59 60 61 NONFERROUS METALS, PRODUCTS.. 96.1 97.4 97.4 95.0 93.4 93.4 94.6 96.4 97.8 101.1 102.5 105. 2 106. 6 Aluminum 101 101 102 99 100 100 102 109 116 116 112 115 118 Brass, bronze, copper 99 100 101 99 97 97 99 100 102 106 109 110 111 Clocks, watches 101 102 103 104 104 105 104 105 106 107 113 112 114 • 115 Jewelry 82 81 80 79 77 76 75 78 78 84 88 87 88 90 Lighting equipment 77 78 78 76 73 71 76 76 75 79 84 89 95 Silverware, plated ware 68 68 68 65 64 63 62 61 59 66 67 70 70 Smelting, refining 73 75 77 78 78 78 77 76 78 79 78 79 78 78 Stamped, enameled ware 138 142 147 143 135 131 135 135 139 136 141 143 153 154 LUMBER PRODUCTS 61.7 61.1 61.6 62.8 61.4 62.8 63. 5 64.1 64.2 65. 6 65. 1 65. 8 66.2 66. 0 Furniture 72 72 73 74 73 72 74 75 76 79 81 82 81 84 Lumber, millwork 47 47 46 46 45 46 47 47 49 48 51 52 53 54 Lumber, sawmills 49 48 49 50 49 50 51 51 50 51 49 50 50 49 STONE, CLAY, GLASS PRODUCTS . 60. 2 60.5 61.8 61.4 59.7 60.8 61.9 62.5 63.0 65. 7 66. 4 66.1 67.2 66.1 Brick, tile, terra cotta 39 39 42 43 41 42 43 44 45 47 47 47 47 Cement 54 53 54 51 49 53 54 55 54 55 59 61 64 Glass 99 99 100 99 97 96 96 97 96 101 102 99 103 Marble, granite, slate 34 35 36 34 32 37 38 39 41 42 43 42 42 43 Pottery 71 72 72 72 70 72 71 71 73 76 74 77 76 75 TEXTILES, PRODUCTS 99.8 100.4 99.2 96. 5 96.7 97.6 97.6 98. 1 102. 6 104.9 102. 6 101.7 104. 4 A. Fabrics 93. 1 94.4 94.6 93.2 90.4 90.6 91.8 91.3 91.8 95.5 98. 1 96. 8 95.5 97.3 Carpets, rugs 86 85 86 82 80 81 81 83 83 83 85 92 92 94 Cotton goods 86 88 88 89 88 88 88 89 90 95 99 99 97 98 Cotton small wares 93 98 99 97 88 88 91 91 94 96 101 99 101 104 Dyeing, finishing textiles. 117 118 117 116 112 113 116 115 116 117 117 114 115 116 Hats, fur-felt 87 90 90 89 85 84 85 88 93 91 85 81 82 87 Knit goods 114 113 113 113 113 114 114 113 112 118 121 121 117 116 Silk, rayon goods 84 84 80 72 74 78 76 78 79 81 78 79 79 Woolen, worsted goods... 94 93 89 82 82 84 80 80 83 81 77 78 84 B. Wearing apparel 109. 2 109.5 111.1 110.5 108. 2 108. 2 108.4 109. 5 110.3 116. 6 117.0 113.6 113.4 118.4 Clothing, men's 105 106 109 108 105 104 104 105 107 109 106 104 105 111 Clothing, women's 147 147 147 145 143 144 143 146 144 159 167 157 155 163 Corsets, allied garments _. 89 89 88 90 87 85 86 85 86 87 88 88 89 91 Men's furnishings 109 114 114 117 116 116 118 123 130 141 138 133 130 133 Millinery 54 51 52 53 50 57 55 55 54 60 60 57 55 53 Shirts, collars 110 109 112 109 110 109 111 109 111 115 118 116 117 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 FEDERAL RESERVE BULLETIN JANUARY 1937 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average = 100] 1935 1936 Industry and group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. LEATHER PRODUCTS 90.2 92. 1 95.3 94.4 92.7 90.4 89.2 89.0 89.0 90.3 90.9 91.4 92.0 94.8 Boots, shoes 90 91 96 95 93 91 89 89 89 91 91 91 92 95 Leather 95 100 99 97 95 94 94 95 94 94 96 98 96 99 FOOD PRODUCTS 107.2 107. 1 107.3 107.4 106. 8 107. 8 107.7 109.3 110.3 112.4 113.2 113.3 -•112.7 112.9 Baking 125 125 125 126 126 127 127 127 127 129 129 129 131 132 Beverages 172 177 176 179 177 182 178 189 183 196 195 196 187 197 Butter 81 SO 81 83 83 83 84 85 86 86 85 82 82 82 Canning, preserving 139 136 140 139 133 133 131 137 147 140 141 148 "•146 132 Confectionery 77 75 79 77 76 76 77 77 77 78 82 78 76 79 Flour 76 76 75 76 76 76 76 74 74 77 76 74 74 73 Ice cream 67 68 68 67 67 68 71 74 72 72 70 72 69 70 Slaughtering, meatpacking 81 83 82 83 83 84 84 85 86 92 92 92 91 96 Sugar, beet 120 112 88 48 76 86 90 84 88 92 109 111 118 116 Sugar refining, cane 78 75 78 79 81 80 81 80 80 78 79 76 74 67 TOBACCO MANUFACTURES 60.3 59.9 60.4 59.6 60.0 60.1 59.4 61.3 60.3 61.2 61.9 61.7 61.1 62.5 Tobacco, snuff 57 56 57 56 55 56 56 56 56 56 56 56 57 57 Cigars, cigarettes 61 60 61 60 61 61 60 62 61 62 63 62 62 63 PAPER, PRINTING 98.2 98.1 98.4 97.7 98.6 99.0 99.4 99.8 100.0 99.8 101.1 102.7 103.1 103.5 Boxes, paper 94 94 94 94 93 93 93 93 94 95 97 99 100 100 Paper, pulp 108 108 109 107 108 108 109 109 109 108 109 110 111 112 Book, job printing 87 88 87 86 88 88 88 89 90 91 93 94 94 95 Newspaper, periodical printing 101 100 101 101 102 102 103 103 103 101 102 105 105 104 CHEMICALS, PETROLEUM PRODUCTS _. 112.9 112.9 112.4 112.2 110.6 111.6 110.8 113. 1 113.2 115.7 115.4 118.5 117.9 117.7 A. Other than petroleum 111.9 111.8 111.2 111.2 109.2 110.6 109.1 112.0 112.2 114.6 114. 9 118. 1 r117.4 117.2 Chemicals 115 115 116 116 116 116 116 117 117 121 122 126 129 129 Cottonseed oil, cake, meal 81 81 77 76 72 73 68 71 62 61 53 78 71 Druggists' preparations 101 101 101 100 101 102 103 104 105 105 102 101 100 102 Explosives 82 82 80 81 82 84 82 79 84 88 89 91 90 93 Fertilizers 86 83 80 80 73 79 74 91 86 87 87 86 85 80 Paints, varnishes 122 124 123 123 121 121 123 122 124 126 127 129 129 126 Rayon, allied products 344 343 345 344 335 343 325 342 350 358 360 360 354 356 Soap 100 100 97 97 95 95 94 96 97 95 103 106 103 100 B. Petroleum refining 117 117 117 116 116 116 118 118 117 120 117 120 119 120 RUBBER PRODUCTS 86.6 85.7 86.6 86.4 85.2 74.9 87.1 87.4 88.8 91.4 93.9 95.8 98.3 Rubber boots, shoes 67 65 67 69 69 72 78 75 73 78 75 75 75 73 Rubber goods, other 119 120 122 120 118 118 121 122 123 124 124 126 130 132 Rubber tires, inner tubes 79 77 78 78 76 57 75 76 79 82 87 89 92 93 r Revised. NOTE.—Figures for November 1936 are preliminary. For description and back data see pages 950-978 of the BULLETIN for December 1936. Underlying figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 71 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average = 100] Factory employment Factory pay rolls Industry and group 1935 1936 1935 1936 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. Total 89.3 91.0 93.4 95.3 96.5 96.6 76.3 <O. 0 80.0 83.4 83.4 90.1 Durable goods 79.0 80. 1 84.3 84.4 85.5 88.9 90.4 68.2 69. 6 75.6 76.7 77.0 85.0 87.8 Nondurable goods. 100.4 97. 9 102.9 105.8 '•104. 7 103.2 86.6 82.9 85.6 91.9 91.5 93.7 92.9 IRON, STEEL PRODUCTS 83.4 83.8 91.8 94.2 96.0 97.6 69.5 69. 1 80.8 86.2 92.1 94.2 Blast furnaces, steel works.. 91 91 103 106 107 108 108 74 75 93 98 102 105 Bolts, nuts, washers, rivets. 69 71 76 76 77 79 81 67 66 74 77 87 89 Cast-iron pipe 54 55 66 66 66 66 6(5 32 33 46 48 45 50 48 Cutlery, edge tools 79 80 73 76 79 83 86 66 69 61 68 70 78 83 Forgings 54 55 59 59 59 61 64 43 45 46 48 47 52 58 Hardware 63 64 62 55 60 68 73 60 64 56 51 56 73 84 Plumbers' supplies 88 85 85 86 84 86 86 63 58 56 62 60 66 64 Steam, hot-water heating... 60 61 66 69 72 73 74 50 47 54 60 58 66 66 Stoves 104 102 101 108 112 117 115 90 80 77 90 95 109 103 Structural, ornamental 56 55 71 75 . 75 75 74 43 41 61 66 66 69 66 Tin cans, tinware 99 94 102 109 112 103 96 96 88 98 109 113 97 92 Tools 75 77 81 83 85 90 94 72 75 76 82 82 94 98 Wirework 126 132 136 135 141 154 164 110 120 115 113 111 '146 161 MACHINERY 95. 6 96. 5 103.8 104.3 107.4 109.5 111.2 82.7 83. 0 94.6 102.5 105.2 Agricultural implements 107 113 108 95 93 95 92 110 117 105 90 83 101 93 Cash registers, etc 106 108 114 100 116 119 119 96 93 106 90 105 117 111 Electrical machinery 85 8?) 92 92 97 100 103 74 74 83 83 84 93 97 Engines, turbines, etc 105 107 118 113 112 112 117 90 91 101 98 91 99 105 Foundry, machine-shop products. 79 80 91 93 94 96 97 68 69 81 84 85 90 93 Machine tools 104 106 118 114 124 126 128 94 95 108 108 111 122 124 Radios, phonographs 231 224 194 211 216 218 211 178 172 143 165 161 178 169 Textile machinery 64 66 71 71 73 73 74 55 55 63 65 63 66 67 Typewriters 113 115 99 112 121 133 139 99 102 90 102 112 129 134 TRANSPORTATION EQUIPMENT 92.9 101.6 101. 3 92.7 87.1 101.8 113. 3 77.9 91.3 92.0 75.9 95.4 109. 0 Aircraft 421 421 509 492 499 510 532 325 315 368 353 347 372 390 A u tomobiles 106 117 111 98 90 110 126 88 105 100 83 77 102 120 Cars, electric, steam railroad 34 39 54 62 60 61 62 30 34 51 58 55 63 63 Lccomqti yes 23 25 37 36 38 40 41 13 14 24 25 26 27 28 Shipbuilding 82 84 99 99 102 103 97 75 78 99 98 99 103 97 RAILROAD REPAIR SHOPS. 53.1 53.7 56.9 58.4 59.3 60.4 60. 8 51.3 52. 6 56. 0 57.7 59.2 63. £ 65.8 Electric railroad 61 62 62 62 62 63 63 60 59 62 61 61 64 66 Steam railroad 53 53 57 58 59 60 61 51 56 58 59 64 66 NONFERROUS METALS, PRODUCTS.. 97.7 99. 0 94.5 98.4 102.9 108.3 109. 9 82.1 82.3 77.4 82.9 88.0 101. 6 Aluminum 101 102 111 111 112 117 119 89 90 96 100 99 111 115 Brass, bronze, copper 99 101 100 103 107 111 113 83 81 83 89 95 103 104 Clocks, watches 104 107 103 109 113 118 121 98 102 94 95 105 116 122 Jewelry 95 90 76 85 95 102 100 74 63 51 62 72 84 77 Lighting equipment 80 80 73 77 85 91 97 69 71 63 66 75 83 93 Silverware, plated ware 71 71 54 65 67 72 74 58 59 39 50 55 68 Smelting, refining 74 76 78 77 78 79 80 55 59 62 62 64 68 70 Stamped, enameled ware 139 143 135 138 143 154 156 126 116 124 123 154 155 LUMBER PRODUCTS 64.5 62. 5 65. 6 66.6 68.2 69.2 67. 6 54.4 50. 1 54.5 58.9 60.3 63.5 60.4 Furniture 77 76 77 82 85 87 88 62 59 60 68 71 77 78 Lumber, millwork 48 47 50 52 53 53 53 40 38 42 47 47 50 49 Lumber, sawmills 51 49 52 51 52 52 50 43 38 43 45 46 47 42 STONE, CLAY, GLASS PRODUCTS . 61.9 61.4 67.0 68.0 68.2 69.1 67.2 49.5 48.7 55.3 58.3 58.2 62.5 61.2 Brick, tile, terra cotta 41 41 50 51 50 50 50 30 29 39 40 39 41 41 Cement 56 52 63 64 65 66 64 43 41 58 60 61 62 63 Glass 99 100 99 100 99 104 97 90 90 88 93 91 103 99 Marble, granite, slate 36 35 45 47 45 44 43 27 24 37 40 38 38 35 Pottery 72 73 70 72 76 77 55 57 50 55 66 67 TEXTILE?, PRODUCTS 101.2 100.1 96.3 101.8 103.4 104.3 104.8 86.0 77.3 87.4 83.9 87.2 A. Fabrics 94.6 95. 8 91.7 94.7 95.8 97.1 98.8 82.1 81.3 77.1 83.0 80.5 86.6 Carpets, rugs 87 86 83 85 90 93 95 71 68 75 83 90 90 Cotton goods 86 89 92 95 96 98 100 74 79 82 82 87 88 Cotton small wares 94 98 91 94 97 102 104 86 90 82 89 88 100 98 Dyeing, finishing textiles. 117 120 109 111 111 115 117 93 93 89 95 93 98 100 Hats, fur-felt 88 86 88 90 88 83 83 64 63 79 89 76 61 68. Knit goods 118 118 112 116 120 121 121 121 120 104 118 117 124 124 Silk, rayon goods 91 85 75 80 82 82 80 75 67 60 66 65 67 64 Woolen, worsted goods.__ 89 94 80 82 78 79 84 72 72 63 65 55 60 66 B. Wearing apparel 113.8 107.3 104.6 115.8 118.4 118.3 116. 1 90.0 76.2 74.3 92.4 87.0 91.5 84. 7 Clothing, men's 108 102 107 110 109 108 106 85 73 81 87 81 82 79 Clothing, women's 154 143 129 157 163 163 159 115 91 81 119 110 119 103 Corsets, allied garments. _ 90 88 85 86 88 90 90 84 82 77 80 85 91 88 Men's furnishings 116 122 124 127 132 138 143 106 110 91 98 97 118 125 Millinery 56 46 44 59 63 57 48 40 28 48 51 38 31 Shirts, collars 116 115 110 117 121 124 125 106 106 105 105 116 116 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 FEDERAL RESERVE BULLETIN JANUARY 1937 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average = 100] Factor.T employment Factory pay rolls Industry and group 1935 1936 1935 1936 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. LEATHER PRODUCTS 91.0 86. 5 91.4 94.4 94.1 92.8 88.9 71.4 64.4 74.2 80.3 75.7 74.0 67.5 Boots, shoes __ _ __ __ _._ _. _ 91 84 92 95 95 93 88 65 56 70 77 71 67 59 Leather 96 100 94 96 97 97 98 94 96 90 94 96 99 101 FOOD PRODUCTS _ _ 118.4 107.8 116.9 127.9 135.9 124.2 113.8 101.2 95. 0 107.0 114.0 116.5 111.5 108. 1 Baking _ ______ 127 124 129 130 131 133 133 109 108 116 116 118 119 120 Beverages 175 165 220 215 210 191 183 175 168 266 237 227 199 191 Butter __ 82 80 92 91 86 83 82 61 59 72 71 68 65 65 Canning, preserving 188 114 174 253 305 197 155 92 138 231 259 179 94 Confectionery ___ 92 87 67 74 88 91 91 83 75 56 66 81 86 85 Flour _ _____ 79 78 78 77 77 75 69 76 75 71 73 i\ Ice cream 64 60 88 84 77 62 55 52 80 74 68 58 56 Slaughtering, meatpacking 81 84 91 92 91 92 97 77 <9 87 88 85 89 100 Sugar, beet 276 268 53 87 94 272 278 197 234 53 80 95 202 281 Sugar refining, cane 81 76 80 81 78 76 68 63 58 69 67 64 61 59 TOBACCO MANUFACTURES 63.6 63. 2 60.6 63.0 63.6 64.5 66. 1 52.5 50. 8 51.0 53.5 53.3 54.7 55. 0 Tobacco, snuff 57 57 55 55 55 57 57 58 57 58 58 62 61 62 Cigars, cigarettes _ _ _ __ 64 64 61 64 65 65 67 52 50 50 53 52 54 54 PAPER, PRINTING 99.0 99. 4 98.5 100.1 102. 6 104.0 104. 9 87. 1 86.8 86.6 89.4 92.0 96. 5 98.7 Boxes, paper. 100 100 92 96 102 106 106 99 96 86 93 99 108 109 Paper, pulp 108 108 108 109 110 111 112 93 91 93 97 95 102 105 Book, job printing 87 88 89 92 93 94 96 76 76 77 80 82 85 88 Newspaper, periodical printing 101 101 100 100 104 105 106 91 92 92 92 98 101 102 CHEMICALS, PETROLEUM PRODUCTS-__ 115.5 114.5 112.7 113.4 119.5 120.3 119.3 103.0 101. 5 106.4 108.1 112.0 114.4 114. 5 A. Other than petroleum 114.8 113.8 110.5 112.2 118.8 120.2 119.2 101.3 100.4 103.8 106.8 110.6 113.9 112.9 Chemicals. ___ _ _ 116 116 123 123 127 130 130 104 106 115 118 120 125 127 Cottonseed oil, cake, meal 118 108 41 46 97 104 103 91 84 33 38 78 85 83 Druggists' preparations 106 104 100 100 103 104 106 106 101 101 105 107 113 113 Explosives 84 84 86 88 91 93 95 77 84 88 89 96 98 Fertilizers 77 73 59 61 78 77 70 64 59 52 55 76 70 63 Paints, varnishes 122 122 126 124 127 129 125 108 107 114 114 114 120 116 Rayon, allied products. _ 351 350 347 357 360 362 364 278 278 288 300 302 308 294 Soap 104 102 93 102 107 107 102 99 96 92 101 101 105 102 B. Petroleum refining 118 117 122 118 122 121 120 109 105 115 112 116 116 119 RUBBER PRODUCTS 86.3 86.2 90.8 92.2 94.3 97.9 99. 5 75.7 77.2 87. 1 90. 8 92.2 96.8 100.7 Rubber boots, shoes 71 70 72 75 78 79 56 53 55 61 62 65 66 Rubber goods, other. __ 121 123 121 119 125 133 135 108 106 106 110 115 128 131 Rubber tires, inner tubes 76 75 84 86 87 89 91 69 73 89 92 92 94 99 r Revised. NOTE.—Figures for November 1936 are preliminary. For description see pages 950-953 of the BULLETIN for December 1936. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 73 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 January ___ 99.8 204.8 22.4 37.4 7.1 9.0 10.8 15.5 44.4 76.9 3.7 39.5 11.4 26.5 February 75.0 142.1 16.6 31.2 7.8 13.4 9.2 12.6 27.8 48 3 5 8 21 1 7 9 15.5 March 122.9 199.0 32.2 55.2 6.5 18.4 12.2 17.3 46.3 62.3 10.4 19.2 15.4 26.6 April 124.0 234.6 42.2 67.2 6. 3 25.5 15.2 24.3 40.5 73.4 8.3 23.2 11.5 21.1 May . ._ _ _ 126.7 216.1 44.9 70.3 9.8 12.9 13.9 18.8 31.4 63.6 9.0 20.7 17.7 29.8 June 148.0 233.1 49.8 73.6 9.5 10.2 15.0 21.9 39.1 80.4 17.7 18.3 16.8 28.7 July .- - 159.3 294.7 48.4 72.0 14.6 19.1 15.8 28.6 53.9 126.6 9.2 23.3 17.4 25.1 August 168.6 275. 3 40.5 100. 5 10.6 15.0 17.3 22.0 69.5 94.4 8.7 12.3 21.9 31.1 September. _ 167.4 234. 3 41.8 80.7 6.0 18.8 13.6 20.1 76.1 84.5 4.3 9.2 25.6 21.0 October 200.6 225. 8 55.1 79. 7 12.0 18.4 16.6 22.0 86.3 67.0 9.2 13.4 21.3 25.3 November 188.1 208.2 39.7 68.4 8.9 14.1 12.8 23.0 80.3 73.9 24.7 13.1 21.7 15.7 December __ __ 264.1 45.1 9.9 12.0 94.5 62.6 40.1 Year 1, 844. 5 478.8 108.9 164.5 690 2 173 5 228 7 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Labilities 1935 Federal Reserve district Federal Reserve 1936 1935 1936 1935 Nov. district Nov. Oct. Nov. Nov. Oct. Nov. Boston 19.096 13, 964 New York 48.870 42,036 Philadelphia 11,769 9, 783 Boston 70 63 85 785 704 810 C leveland 22, 495 14, 265 New York 205 165 337 4, 550 3,315 7,379 Richmond r24, 513 16,417 Philadelphia 37 30 45 415 408 723 Atlanta 20,896 19,051 Cleveland 50 45 70 1,309 639 888 Chicago 38, 216 29,211 Richmond. _ .. 44 27 32 1,201 694 392 St. Louis 15,328 15,722 Atlanta 24 24 33 376 147 192 Minneapolis 6, 666 6, 538 Chicago. 92 87 85 1, 203 726 1,665 Kansas City 8,851 11,066 St. Louis 25 26 34 553 379 341 Dallas 9, 069 10,062 Minneapolis 12 15 11 83 120 370 Kansas Citv 32 29 21 157 202 114 Total (11 districts) ' 208,204 '225,768 188, 115 Dallas 15 10 30 204 80 314 San Francisco 82 90 115 696 846 1,196 '• Revised. Total 688 611 898 11,532 8. 266 14, 384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN JANUARY 1937 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars) Merchandise exports * Merchandise imports 2 Month 1932 1933 1934 1935 1936 1932 January 150 121 172 176 199 February 154 102 163 163 182 March 155 108 191 185 195 April 135 105 179 164 193 May . 132 114 160 165 201 June 114 120 171 170 185 July 107 144 162 173 180 August... 109 131 172 172 178 September 132 160 191 199 220 October .. 153 193 206 221 265 November 139 184 195 270 P226 December 132 193 171 223 Year 1,611 1,675 2,133 2,283 coco c^ Excess of exports 1933 1934 1935 1936 1932 1933 1934 1935 1936 96 136 167 187 15 25 37 9 11 84 133 152 193 23 18 11 -11 95 158 177 199 24 13 8 -4 88 147 171 203 9 17 -6 -10 112 107 155 171 191 20 7 6 -5 10 110 122 136 157 190 4 -2 34 13 — 5 79 143 127 177 194 27 1 34 -3 -14 91 155 120 169 192 17 -23 52 3 -14 98 147 132 162 216 34 13 60 37 4 105 151 130 189 212 48 42 77 32 53 104 129 151 169 P196 34 56 44 100 P29 97 134 132 187 35 59 38 37 1,323 1,450 1,655 2,047 288 225 478 235 p Preliminary. 1 Including both domestic and foreign merchandise. 2General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures.—See BULLETIN for January 1931, p. 18, and for March 1932, p. 160. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average ==100) 1935 1936 Index of sales ' Index of m s o to n c th k ) s (end of Nov. July Aug. Sept. Oct. Nov Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal Adjusted for seasonalvariation variation adjustment variation adjustment Total 66 73 70 72 73 80 1935 1936 1935 1936 1935 1936 1935 1936 Coal 67 74 71 74 79 84 Coke 61 83 79 85 85 93 Grain and grain products... 65 98 73 58 62 69 January 76 81 59 63 64 66 57 58 Livestock. 44 49 52 48 49 51 February . 77 83 61 66 64 65 61 62 Forest products.. 40 48 47 47 48 51 March 79 84 71 77 63 65 65 67 Ore 46 77 82 93 95 105 Miscellaneous... 80 77 80 82 94 April 75 84 79 85 64 65 66 68 Merchandise *. 64 67 67 67 66 67 May 74 87 76 89 64 65 66 67 June 79 87 76 84 63 64 61 62 Without seasonal adjustment July _ _ _ 80 91 55 63 61 63 57 59 August 77 86 61 68 62 67 60 65 September 81 88 86 94 64 68 67 71 Total 67 75 76 82 84 80 Coal... 74 65 68 80 90 92 October 78 90 86 99 66 69 72 76 Coke 62 73 71 83 87 96 November _____ 82 93 91 105 67 71 75 80 Grain and grain products... 69 117 88 71 69 73 December .. 83 145 65 61 Livestock 50 41 40 65 59 Forest products 39 47 50 50 49 49 Year- 79 64 Ore 32 139 141 150 133 73 Miscellaneous .._ 76 84 85 95 97 92 Merchandise 1 66 66 67 70 69 6_< i Based throughout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in 1 In less-than-carload lots. the date of Easter. Back figures.—department store sales, see p. 631 of BULLETIN for Based on daily average loadings. Source of basic data: Association of August 1936; department store stocks, see pp. 254-255 of BULLETIN for American Railroads. April 1935. Back figures.—See BULLETIN for February 1931, pp. 108-109. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 75 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l r i e d o a e d t s h u a e c n r ts d pr T o e d x u ti c le ts m F li a u g t e e h l r t i i a a n n l g d s a p n M r d o e d m t u a e c l t s t a s l m B a u t i e l r d i i a n ls g c C a d l h r s e u a m g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 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 1935—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 November 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 Mav ._ - -- 78.6 75.2 78.0 78.8 94.0 69.8 76.0 86.3 85.8 vi.i 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 \UgllSt 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 November 82. 4 85. 1 83.9 81.0 97. 0 73.5 70. 8 87. 9 87.7 82. 5 82. 3 73.4 Week ending— 1936—\ug. 1 80.3 81.5 81.0 79.4 94.1 70.3 77.0 86.3 86.8 78.9 82.6 70.5 Aug. 8 _ . 81.1 83.2 82.9 79.6 94.4 70.5 77.0 86.3 86.9 78.8 82.4 71.3 A up 15 81.1 83.6 82.6 79.6 94.2 70.6 '6.9 86.3 86.9 79.2 82.5 71. 1 \ug 22 81.5 84.6 82.8 79.7 94.3 70.4 11 0 86.3 86 9 79 5 82 6 71.6 Aug 29 81.2 83.3 82.5 79.7 94.3 70. 3 '6.9 86.4 86.9 80.3 82.6 71.6 Sept. 5 80.9 82.1 82.2 79. 6 94.5 70. 1 '6 9 86.4 87.0 80. 5 82 6 71.4 Sept 12 81.5 84.6 83.5 79. 6 95.0 70.2 '7.0 85.9 86.8 81.5 82.8 71.3 Sept. 19 81.4 84.8 83. 1 79.6 95.4 70.5 T> 9 85.9 87.0 81.5 83. 1 71.2 Sept. 26 81.0 83. 1 82.5 79.7 95 8 70.6 n o 85.9 86.9 81.8 83 2 71. 1 Oct. 3 81.3 84.5 83.0 79. 8 95.7 70. 7 •7 1 86.3 86.9 81.7 83. 2 71. 1 Oct 10 81 2 84 1 82.6 79.9 96.1 70.9 •7 3 86 4 87 1 81 7 83 2 71 0 Oct. 17 81.2 84.7 82.5 79.9 95.9 70.9 '7 ?. 86.4 87.2 81.9 83.2 71.3 Oct. 24 81. 1 84.2 82. 1 80.1 96.5 71.2 "7 3 86.3 87.3 82.3 83.2 71.5 Oct 31 81.2 83. 9 82.3 80.2 96. 0 71. 0 "7.3 86 4 87 4 81. 5 83 2 71.9 Nov. 7 81.3 84.2 82.6 80.3 96. 2 71.7 "7 4 80. 5 87.5 81.6 83. 3 72.0 Nov. 14 82.0 85. 5 83. 5 80.8 96.8 72.4 "7.4 87. 1 87 7 81.9 83. 4 73. 5 Nov. 21 82.4 85. 2 84.5 81.2 98. 3 73. 5 87.3 87.8 82.5 83.4 73.9 Nov 28 82 6 85. 5 84.4 81. 5 99. 3 74.3 "7 6 87 5 87 8 82 7 83 6 74 1 Dec 5 83 0 86 7 84 8 81 7 99 4 74 6 "7 6 8* 0 88 4 83 3 84 0 74 1 Dec 12 83 4 87. 3 84.8 81. 9 j 99.8 75 2 11 5 88 4 S8 7 84 2 84 3 74 1 Dec 19 83.7 87.7 85.1 82. 2 100. 5 < o. / ~7 5 88.8 89. 2 85. 4 81.3 74.4 1935 1936 1935 1936 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. Sept. Oct. Nov. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 77.9 I()'M 102.0 102. 1 102.9 Agricultural implements 94 6 94 2 94 2 93 9 92 9 Livestock and poultry 83. 1 84.5 83. 8 81.2 79. 7 Iron and steel 87.0 87.9 88. 1 88.8 88.9 Othpr farm oroducts 73 5 77.8 78. 6 80. 2 82.9 Motor vehicles 93. 8 92. 9 91.5 90. 8 92. 0 FOODS: Nonferrous metals. 71.3 70.8 71.4 71.7 75. 4 Butter, cheese, and milk 81. 1 87.6 89. 5 87.4 88.2 Plumbing and heating 71 1 70. 5 76. 5 70. 0 70.7 Cereal products 97. 2 87. 5 87. 6 87.5 85. 9 BUILDING MATERIALS: Fruits and vegetables 63. 2 70. 1 71. 5 73. 8 74. 8 Brick and tile 88.3 89. 1 89. 0 88. 3 88.8 M^eats 94. 3 86. 4 87. 3 84.4 85 2 Cement 95 5 95 5 95 5 95 5 95 5 Other foods 80.8 75. 6 70 7 77.4 81.4 Lumber 81 8 83 8 84 9 86. 1 80. 0 HIDES AND LEATHER PRODUCTS: Paint materials 80 3 81.0 80. 0 80.2 80.5 Boots and shoes. 99. 6 99. 3 99. 3 99. 3 99. 3 Plumbing and heating 71. 1 70. 5 76 5 70. 0 76. 7 Hides and skins . 96. 0 90. 0 93. 3 97 2 101 2 Structural steel 92 0 97. 1 97. 1 97. 1 97. 1 Leather 88. 1 82.4 84.2 85.4 88.4 Other building materials 90. 6 90. 3 90. 3 90. 4 90. 9 Other leather products . ._ 86. 3 95. 4 95. 4 95. 4 95. 9 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chemicals 88.4 80.2 88. 0 89.0 89. 2 Clothing 80.7 80. 8 80.8 81.2 81.5 Drugs and Pharmaceuticals 74.7 73. 3 75 3 70. 5 77. 9 Cotton coods 85 8 79 5 80. 0 82.0 85. 5 Fertilizer materials 07. 5 00.7 07. 0 07. -1 68. 0 Knit goods -- (S3. 2 60. 3 00 8 01. 1 01.2 Mixed fertilizers 07 (5 (59 3 09 4 09. 7 09. 0 Silk and ravon _ 35. 0 31.6 30. 2 31.1 33.4 HOUSEFURNISHING GOODS: Woolen and worsted goods 80. 7 81.2 80. 9 80. 5 84. 3 Furnishings 84. 7 85.2 85.4 85. 6 85.7 Other textile products _- _ _ 68. 5 f>7. 0 07. I 07. 0 00. 5 Furniture 77 1 77 0 78 0 78. 3 78.8 FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: Anthracite 83. 0 79. 1 80. 0 81.8 82.4 Auto tires and tubes _ _ 45.0 47. 5 47.5 47. 5 50. 1 Bituminous coal 98. 5 96. 4 97. 0 97. 3 97. 2 Cattle feed 69. 1 114.2 10/. 5 111.8 120.0 Coke 88. 9 93. 7 93. 9 97. 8 97.8 Paper and pulp 79 4 80 6 80 7 80. 8 81. f Electricity 80. 2 82. 6 83. 2 82. 8 Rubber crude 33. 7 34.2 34. 4 37. 1 Gas 86. 0 8fi. 1 87.2 80. 0 Other miscellaneous 80' 2 81 3 81 5 81. 5 81. 7 Petroleum products . __. 52. 5 57. 9 57. 5 57. 9 58. 1_ Back figures—For monthly and annual indexes of groups, see Annual Report for 1935 (table I indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 FEDERAL RESERVE BULLETIN JANUARY 1937 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of Dec. 1, 1936] fin thousands of units] Cotton Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate Dec. 1, 1936 Dec. 1, 1936 1935 Dec. 1, 1936 1935 Dec. 1, 1936 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 170 119 170 119 New York 7,351 6. 601 7,219 6, 496 132 105 Philadelphia.-. 19,083 17.730 18,893 17, 555 190 175 Cleveland 52, 324 45. 798 52, 160 45, 605 164 193 Richmond 1,346 1,466 26, 723 25,331 26, 723 25.331 Atlanta 2, 649 2, 996 5, 587 5. 938 5. 587 5, 938 Chicago 60,361 64, 389 57, 990 62,177 2,371 2. 212 St. Louis i 2, 243 2 3, 402 51,231 60,806 51, 109 60. 630 122 176 Minneapolis _.. 137.344 56, 655 17, 658 8, 249 119.686 48, 406 Kansas City__. 471 241 150,811 213.604 141,896 206, 125 8. 915 7, 479 Dallas 3, 569 3, 709 12, 120 19,441 12,015 19. 348 105 93 San Francisco.. 360 593 103,239 110,049 74,069 61,559 29,170 48, 490 Total.... 10,638 12, 407 626.344 j * 626.461 | 465,319 519,013 161,025 I 107, 448 Corn Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Product ion Estimate Production Estimate Production Estimate 1935 Dec. 1, 1936 1935 Dec. 1, 1936 1935 Dec. 1, 1936 Dec. 1, 1936 1935 Dec. 1, 1936 Bushels Bushels Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 8,283 7, 754 6, 835 6, 900 3, 350 3, 103 22, 958 27, 600 46, 330 53.493 New York. 29, 575 23, 779 26, 992 19,819 5, 884 4, 443 567 1,009 32, 267 31, 139 Philadelphia 54, 140 48,733 16,699 15, 104 2, 403 1,788 28,488 32, 500 24, 888 25,631 Cleveland 199, 227 155, 673 61,382 50, 268 5, 347 3,816 87,331 81, 563 25, 403 21, 222 Richmond 138,381 126,279 19,771 15, 286 3, 534 2, 532 801,491 671, 004 28, 290 19, 690 Atlanta 171,565 149,800 10, 644 10. 496 2,784 2, 524 147, 469 153.456 12,042 9,921 Chicago 881, 629 548, 775 455, 460 366, 027 17,844 14. 091 15,835 18,175 57, 661 47, 4v2 St. Louis 262, 714 202, 726 38, 123 38,026 i 6, 438 4, 447 189,075 178. 520 13,747 8, 333 M i n neapql is 237, 631 107,341 326,511 129, 907 9, 485 7.417 1,131 1.286 55, 274 27.369 Kansas City 200,468 70, 862 161,191 82, 429 8, 539 6, 153 2, 865 1,955 36, 742 29, 170 Dallas 106,342 75,613 41,259 24, 577 1,224 1. 194 3.441 3, 620 San Francisco 6, 714 6, 982 30, 035 30, 261 11.522 11. 850 50. 295 52, 967 Total I 2,296,669 1,524,317 1, 194, 902 789, 100 78, 354 63.358 : 1.297,210 \ 1.167,068 386,380 I 329. 997 1 Includes 9,000 bales grown in miscellaneous territory. 2 Includes 15,000 bales grown in miscellaneous territory. NOTE.—1935 figures for all crops except cotton are as revised in December 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 FEDERAL RESERVE BULLETIN JANUARY 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars! Latin Asia Europe Total* Europe Amer- and Africa Switzerland End of month c tr o ( i 5 u e 2 s n ) - U S n ta it te e s d C a a d n a - c tr o ( i 2 u e 6 s n ) - c tr o i ( i c 1 u e a 1 s n ) - O c t i r c o a i e u e ( a s n 8 n ) - - c tr o i ( u e 5 s n ) - U K d n i o i n m t g e - d France m G a e n r y - Italy g B iu e m l- N l e a t n h d e s r- t B i N o a a n n - a k l B.I.S. 1935—July 20,954 9,144 188 9,896 615 803 308 1,588 4,726 38 468 624 380 421 8 August 21,038 9,203 193 9,924 617 803 298 1,593 4,756 38 419 612 402 446 8 September 21,115 9,368 186 9,847 619 804 291 1, 595 4,770 38 379 604 365 448 8 October. __ 21, 500 9.693 186 9,880 641 807 291 1,604 4,773 35 346 609 401 453 11 November 21, 396 9.920 188 9.543 641 813 291 1,628 4,388 36 330 615 427 455 9 December. 21, 583 10,125 189 9,517 645 816 291 1,648 4,395 33 270 611 438 454 8 1^36— January___ 21, 598 10,182 186 9,467 646 817 300 1,652 4,324 31 2 270 600 455 454 11 February.. 21, 665 10,167 186 9 529 648 825 310 1,653 4,362 29 270 593 463 472 10 March 21,711 10,184 184 9.547 642 830 323 1. 653 4,348 29 270 586 486 493 8 April __ _ 21,469 10, 225 187 9,312 642 836 268 1.670 4,106 28 270 581 483 495 8 May 21, 364 10, 402 188 9,024 641 841 268 1.701 3,781 28 270 610 465 485 11 June 21, 403 10, 608 187 8,866 634 840 268 1.782 3,580 29 270 638 404 460 12 July 21,743 10, 648 187 9,159 635 845 269 1,977 3,643 29 270 633 437 471 10 August 21, 870 10,716 189 9,207 642 849 269 2,017 3,614 28 270 632 457 489 12 September. P21, 779 10, 845 191 P8, 980 P638 857 269 2,049 3,322 25 270 631 456 508 12 N Oc o t v o e b m er b . e _ r. . P21,852 P 1 ll 1 , . 1 0 8 4 4 5 1 18 8 8 6 P P8 8 , .8 8 3 9 5 0 PG58 P860 P269 2 2, , 0 0 4 4 9 9 3 3 , , 1 1 9 9 4 4 2 2 7 6 2 27 7 0 0 6 6 3 2 0 1 3 3 8 8 8 8 6 5 2 8 4 3 1 1 3 3 Europe—Continued End of month Austria g B a u ri l a - C v z s a e l k o c i h - a o- m D a en rk - Greece H ga u r n y - N w o a r y - Poland Po g r a t l u- Ru n m ia a- Spain S d w en e- Y sla u v g i o a - 6 c t o o ri t u e h n s e - r 1935—July 45 19 113 60 36 23 75 97 68 107 741 162 40 57 August 45 19 113 54 35 23 84 97 68 108 741 162 40 59 September 45 19 113 54 36 23 84 89 68 108 734 165 40 62 October... 45 19 113 54 36 23 84 86 68 108 734 174 41 62 November 45 19 113 54 35 23 84 84 68 109 735 180 43 63 December. 46 19 112 54 34 23 84 84 68 109 735 185 43 63 1936-January... 46 19 112 54 34 23 84 84 68 109 735 194 44 63 February.. 46 19 112 54 33 23 84 85 68 110 735 200 44 65 March 46 19 113 54 32 23 84 81 68 110 726 206 44 67 April 46 19 113 54 32 23 84 72 68 111 726 209 45 67 Mav 46 20 113 54 35 23 84 71 68 111 718 220 45 68 June 46 20 113 54 33 23 89 70 68 112 718 231 46 70 July 46 20 113 54 31 23 89 69 68 112 718 231 46 71 August 46 20 109 54 28 23 91 70 68 112 3718 232 46 73 September. 46 20 108 54 P28 23 98 71 68 113 718 238 46 75 October __. 46 20 91 54 P28 23 98 71 P68 113 718 239 47 P76 November. 40 20 P91 54 P2S 25 98 72 PG8 P113 718 239 48 Latin America Asia and Oceania Africa End of month g t A i e n r n a - - Chile l C b om i o a - - M ic e o x- Peru g U u r a u y - c o t o t r h i u 5 e e n s r - I B n is r d i h i t a - China Japan Tava N l Z a e e n a w d - T k u ey r- c o t o t r h i u 2 e e n s r - Egypt S A o fr u ic th a c o t o t r h i 3 u e e n s r - 1935-July 420 29 14 4 26 20 74 32 275 6 410 61 23 23 5 55 230 24 August 420 29 14 26 20 74 34 275 5 413 58 23 23 5 55 219 24 September 420 29 14 26 20 74 35 275 7 416 55 23 23 6 55 212 24 October.__ 441 29 15 26 20 74 36 275 8 418 55 23 23 5 55 212 24 November 441 29 16 26 20 74 35 275 11 422 54 23 24 5 55 212 24 December. 444 29 16 26 20 74 36 275 10 425 54 23 24 6 55 212 24 1936 January... 444 29 17 26 20 74 36 275 11 428 54 23 24 3 55 221 24 February.. 444 29 18 26 20 74 37 275 15 431 54 23 24 3 55 231 24 March 438 29 18 26 20 74 38 275 15 433 58 23 24 3 55 244 24 April 438 29 17 26 20 74 38 275 15 435 61 23 24 3 55 189 24 May 438 29 16 26 19 74 39 275 17 439 61 23 24 3 55 189 24 June .. 435 29 16 26 19 68 40 275 13 442 60 23 24 3 55 189 24 July 436 29 17 26 20 68 40 275 13 447 60 23 24 3 55 189 25 August 441 29 17 26 20 68 41 275 15 450 59 23 24 3 55 189 25 September 437 29 17 26 20 68 P42 275 19 453 60 23 24 3 55 189 25 October... 455 29 17 26 42 275 456 60 23 24 3 55 189 P25 p Preliminary. 1 See notes under Italy, Mexico and Spain. 2 Figure for December 1935 carried forward for subsequent months. 3 No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for subsequent months. * Figure for March 1935 carried forward for subsequent months. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp 368-372; July 1936, pp. 544-547; and August 1936, p. 667. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 79 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month p w ro o d r u ld c- Africa North and South America Far East tion Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n Canada United Mexico Co b l i o a m- Chile Au li s a tra- Japan B I r n i d ti i s a h $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929 404,969 359,347 215, 242 11, 607 4,297 2,390 39, 862 45, 835 13, 463 2,823 683 8,712 6,927 7,508 1930 430, 725 373,154 221, 526 11,476 4,995 2,699 43, 454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931 461, 592 394,399 224,863 11,193 5,524 3,224 55, 687 49, 524 12, 866 4,016 442 12,134 8,109 6,815 1932 499, 241 421, 656 238, 931 12,000 5,992 3,642 62, 933 50, 626 12, 070 5,132 788 14, 563 8,198 6,782 1933 524, 390 420,093 227, 673 13, 335 6,623 3,631 60, 968 52,842 13,189 6,165 3,009 16, 790 8,968 6,919 grains of geld 9/10 fine; i. e., an ounce of fine gold=*$35 1933 __ 887,845 711, 260 385, 474 22,578 11,214 103,224 19, 467 22, 297 10,438 5,094 28, 428 15,183 11,715 1934 963, 369 722, 970 366, 795 24, 264 12,153 104,023 107, 632 23,135 12,045 8,350 30, 447 16,354 11,223 1935 1, 044, 627 771,827 377,090 25, 477 13, 625 126,325 23,858 11,517 9,251 31,117 20,043 11,394 1935— November- 94, 639 66, 056 31,671 2,205 11,067 1,115 981 937 3,279 1,785 953 December.. 90, 685 70, 501 31, 829 2,272 13,342 2,583 834 905 3,423 1,866 966 1936—January 83, 355 65, 771 32, 275 2,320 9,714 10,195 2,092 1,335 770 2,690 1,595 971 February.. 82, 444 64, 661 31, 290 2,201 9,325 9, 650 2,815 1,159 918 2,801 1,843 920 March 86,988 68,105 32, 709 2,359 10, 469 10, 969 1,627 1,040 1,147 2,882 2,065 968 April 87,001 67,818 31,991 2,410 10, 474 11,062 2,607 1,095 499 3,127 1,808 944 May 93,071 69, 388 32, 826 2,413 10, 797 11.894 2,075 1,086 552 3,045 1,885 979 June. _ 99, 578 70, 995 33, 086 2, 384 11,083 11,897 2,570 1,065 611 3,476 1,994 958 July 110,088 75, 605 33, 846 2, 354 11,183 14, 991 2,632 1,235 777 3,602 1,977 981 August P109, 470 P73,687 33, 830 2,425 11,504 13,576 P 1,820 1,098 1, 029 3,422 1,916 981 September. PllO,3fi7 P74, 584 33,816 2,363 11,579 14,229 P2, 345 1. 236 456 3, 515 PI, 960 966 October P115,931 P76, 548 34, 199 P2, 380 U. 15, 770 P2, 275 Pl.120 P456 P3, 515 PI, 960 P966 Preliminary. r Revised. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, April 1936, p. 284, and July 1936, p. 600. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1935, pp. 107-108. Figures for Canada beginning January 1936 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Net imports from or net exports (—) to: Total Year or month net imports China All e o x r p o n r e t t s K U in n g it d e o d m France Belgium N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Co b l i o a m- B I r n i d ti i s a h H a o n n d g c o o th u e n r - Kong tries 1934 i _ 1,131,994 499, 870 260, 223 8,902 94, 348 12, 402 86, 829 30, 270 16.944 76, 820 16, 452 28, 935 1935 1, 739, 019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10, 899 75, 268 9,431 56, 453 1935—August . . . 45, 983 5 40 28, 277 5,398 753 6,671 1,127 3,711 Sept ember 156,719 37,114 40, 423 37,811 15, 069 699 I 19. 821 640 5,141 October... 315,347 109, 954 156, 977 3 17, 605 629 9,368 762 1,746 12, 359 1,125 4,817 November 210,567 7,101 180,141 2,676 5,865 880 28 8,913 1,007 3,956 December 190,010 8,600 145, 388 4,727 9,060 748 11,108 1,605 8,774 1936—January . . 45, 643 5,786 3,514 1 10, 745 764 1,743 11, 744 1,176 10,170 February -16,635 —2, 890 —17,180 —3 421 273 659 740 5,185 March 5,480 -1,792 13 -343 1,677 772 5,154 April 28,055 1,493 1,564 11. 232 713 1, 742 5.106 385 5,819 May 169, 952 4,003 133,157 8,751 1,695 4,322 2,100 9,720 847 5,357 June _ . _ 277, 775 3,644 202, 983 2 38,811 551 14,584 2,104 5 947 603 8, 54* July 15,379 -9 27 2 882 869 2,106 5,654 5,847 August 67, 493 5, 837 17, 880 11,664 15,289 11 10, 688 1,890 4,234 September 171,824 8,204 136,671 1,463 524 6,338 634 2,101 6, 961 442 8,487 October 218,812 72,154 95,013 799 25, 745 8 12, 222 530 4 5,782 451 6,105 November 75, 836 44, 665 20 2,545 3, 698 10, 660 368 6,182 432 7,266 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN JANUARY 1937 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Total Year or month net im- South ports Africa, All e o x r ( p ) o n r e t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N l e a t n h d e s r- A So m ic u a e t r h - Canada B I r n i d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s ia tra- d W R e h s e i o s a - t , c o t o t r h i u e e n s r - Africa 1934 716, 269 -497,166 348,190 121,017 -13,585 32,575 17, 568 26. 316 206,711 4,863 41, 790 335, 253 92, 737 1935 369, 747 -435, 502 142,137 -4, 726 -17,476 10, 796 8,832 16, 565 181, 627 3,198 37, 981 404, 295 22,020 1935—June 118,067 -18,547 86, 926 -943 -11,601 -593 292 3,570 7,159 429 1,969 42,473 6,933 July 16, f" -1,141 -5,719 -4,416 118 -11, 888 261 2,831 5,''"" 405 5,375 33, 532 -8,731 August 39,016 -12,871 -5, 697 -26 82 1,642 287 449 26,102 420 4,148 35,512 -11,032 September -36, 086 -81,032 -5, 663 23 2 -36 322 25, 301 70 3,662 29, 949 -8, 683 October -36,158 -87, 929 -2, 739 68 217 -1,136 2,535 28 11, 900 134 3,414 44, 995 -7, 644 November 18, 286 -33, 744 25,198 50 -20, 204 461 1,798 12,857 56 2,842 33, 325 -4, 353 December ; 40,811 -22,075 910 114 -27 -6,982 480 1"" 14,838 54 1,995 42, 442 7, 265 1936- January 41,974 -12,059 3,202 78 94 -591 311 11, 035 56 1,889 39,852 c-1,893 February 38, 649 1,136 -3, 253 173 33 -7, 569 138 5,958 11, 686 63 2,037 26, 454 1,792 March 47, 666 3,440 6,738 92 99 -13,354 430 4,090 10, 896 69 2,574 31,033 1, 558 April 77,137 -9, 465 12, 710 4,295 -1,383 -1, " 145 899 9,413 87 3,329 55,108 3.409 May 74, 590 -12,611 26, 936 1,875 -17,602 1,761 317 1,708 13, 289 64 2,167 53,802 2, 883 June 69, 447 -26, 802 27,060 3,903 -536 606 2,564 10,""' 133 1,610 45,147 4,902 July 195, 066 -4,384 142, 535 1,913 -747 -2,421 240 270 9,657 66 2, 531 43,122 2,285 August 281, 401 -16,120 240, 868 1,789 -804 -2, 907 335 15,011 113 34, 552 6,474 September 151,814 -14, 096 108, 666 6, 6,369 -1, 029 206 3 6, 581 47 2^084 36,517 380 October 7,615 -72,441 -383 3, 964 -1,039 2,458 434 7, 853 112 1,984 45, 323 19, 349 November 83. 168i -49, 224 72, -163 37 1, 485 51 14, -18 2, 304 30. 230 4. 257 France Year or month Total net Net imports from or net exports (—) to: imports or po n r e t t s e ( x — - ) U S n ta i t t e e s d K U in n g it d e o d m m G a e n r y - Belgium Italy N l e a t n h d e s r- Poland A So fr u ic th a Sw la i n tz d er- c A o l u l n o t t r h ie e s r 1934_. -408,961 -242, 363 -351,729 31,036 -17,669 91,021 74,995 -1,371 746 23, 648 -17,276 1935_. -818,053 -909, 665 -120,828 -13,592 -186,937 195, 369 21,216 7,227 10, 241 176. 419 2,494 1935—June - 393, 376 -223,070 -110,370 -190 -56,265 620 -1,167 391 - 3. 564 232 July -12,621 414 -13,614 -1 -45 2,093 -650 -180 1,417 -2,054 August 49, 994 14 4,130 -1,990 -1,148 27, 417 25, 759 -482 1 -3, 164 -544 September.. 26, 482 -23, 688 8.811 -700 27, 224 5,561 -132 -917 9,482 236 606 October - 68,693 -157,153 -72 -9,178 4,597 89,062 5,221 -898 -1,172 900 November.. -246,615 -258, 554 -15,060 11 -8, 235 35, 433 -11,245 7,540 1,100 2,397 December.. - 71, 450 -76,217 -117 -595 -10,133 9,834 357 4,702 719 1936—January 40, 393 -890 -4, 695 2.636 -40 36, 598 -127 8,110 -411 February 23. 375 2,364 -2, 740 -221 -5 18, 299 -43 -330 6,992 -940 March _ 13,923 12, 209 -5,915 2,037 1,495 -8,138 -174 3,619 i 8. 791 April - 57, 613 -6, 234 -12,241 -1 -13,165 -27, 604 -175 1,060 748 May -169,706 -120,660 -24,575 3 -27,139 -2,019 8,309 -3,912 282 June -222,872 -185,001 - 25, 671 25 -18,496 -825 -2,097 i 9,192 July - 80,182 -6,695 -76,681 4 190 77 2,157 765 August -290,371 -10.813 -266, 234 4 344 -26,896 -95 113,319 September?.. -448, 732 -238,402 -149,142 -4 -31,853 -18,727 -45, 391 134,781 p Preliminary. c Corrected. i $9,079,000 imported by France from Spain in March, $8,354,000 in June, $12,503,000 in August, and $38,436,000 in September 1936. NOTE.— United Kingdom.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 81 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Germany Netherlandsl Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net imports imports e o x ( r p ) n o e rt t s U K d n i o i n t m g ed - France N l e a t n h d e s r- e S r w la it n z d - S U . .S R . . c o t o A r th i u e l e n l s r - e o x r p o n r e t t s U S n ta i t t e e s d U K d n i o n i m t g e - d France m G a e n r y - g B iu el m - e S r w la i n tz d - c o t o A r th i u e l e l n s r - 1934.. -90, 920 -109,386 -42, 907 -28,114 163 85, 390 3,934 -122,664 -46,040 -31,038 -78,610 25, 716 9,285 -4,784 2,608 1935_. 42, 969 5,180 13,225 7,394 9,888 6,376 905 -198,549 -221, 245 18,397-41, 260 -5,142 48, 004 -1,257 3,956 1935—June.. 2,876 1,057 275 1,014 12 517 -14,797 -19,259 1,375 667 -862 3,379 113 -210 July.. 9, 525 4,504 4 810 4,113 94 -26,102 -29, 215 15, 702 -21, 909 -462 9,563 -8 227 Aug.. 4, 769 33 3,972 693 17 54 -4, 514 -152 -9,436 -86 2, 900 -23 2, 283 Sept.. 4, 355 -4 142 480 4,014 -276 -37, 290 -40, 868 2,861 249 -160 133 9 488 Oct... 10, 566 -49 7,058 2, 532 1,116 -93 -13,080 -10,373 514 -1,339 -2,046 2751 —114 2 Nov.. 780 -17 5 680 67 45 38, 746 -3, 026 20,084 10, 564 -239 11,248 -86 199 Dec. 2,004 -87 591 810 671 4,749 5,334 -149 -561 -52 183 1936—Jan -2, 584 -71 -2,441 -35 61 16,967 1,761 170 192 14, 291 -11 564 Feb___ -1,307 35 -2, 029 801 27 -140 10, 425 3,435 7,664 -40 -339 -3 -474 181 Mar -258 -59 -19 -142 20 -59 35, 806 574 12, 842 -312 13, 693 -47 569 April -1,201 -4, 277 13 3,077 22 -37 31,083 1,384 31, 428 -1, 568 73 -66 -166 May -630 -3,935 3, 256 76 -28 -27,093 -10,153 - 2, 206 67 -3,010-11,829 -391 427 June 1,130 -1,720 2,821 23 4 -61,601 - 37, 430 -500 86 - 3,192-19, 941 -658 34 July 3,248 -1, 905 3, 067 2, 061 24 14, 226 1,966 -167 -3,388 14, 868 -27 974 Aug 1,580 -1,802 3,188 20 172 27, 153 1,51 29,013 -2, 793 -27 -1,553 995 Sept -3,514 -6, 080 2,342 20 204 16,461 -7,335 96 16,962 -2, 389 8,389 -351 216 Oct -3, 521 -3, 959 -2 325 5 110 7, 436 2, 628 4.464 143 201 Nov Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Gold Change in: Y m e o a n r t o h r im n p e o t rts im n p e o t rts d p u ro c - e o x r p o n r e t t s United United France Bel- Italy N e e r t - h- o A th l e l r e o x r p o n r e ts t United United o A th l e l r ti i o n n le R r e v - es P h ri o v ld a - te States King- gium lands coun- () States King- coun- India in ings in dom tries dom tries India3 India4 1934. -46,065 -12,784 -45, 955 -29, 235 18,3c 19, 431 2,580 1,500 -230, 720 -82.183 - 144,185- 4, 352 11,222 -21P, 671 1935.. -230, 788 647-54, 858 -181,725 -13,940 25, 542 342 -6, 795 -161,872 •-30,371 '•-129,992 •-1,508 11,393 -150,472 1935—June -5,640 49 549 2,684 -8, 651 -74 153 -352 -26 - 4, 052 254 937 -2,8S7 July 1,41 3 1,610 2, r" • -1 262-3, 45. -1, 122 -17.869 -3,392 958 — 21, 4-^5 Aug 9,328 64 -38 1,273 4,080 519 3,430 -13,378 -11,852 -233 961 - 24, 503 Sept 5, 845 107 3,017 -24 3,312 -766 184 -7,019 - r4, 778 '39: 949 -10,451 Oct 1,367 163 1,085 1,343 241-2, 344 -1,330 -10,032 202 974 -10,1S6 Nov -332 -3, 227 1,849 -49 825 -1,573 -13,199 232 953 -13,5^7 Dec -2, 330 -2, < -4,166 21 4,724 -139 -1,199 -9, 243 139 966 -9,337 1936-Jan 2,462 -195 -6, 783 47 9,496 -137 34 -559 -12,888 -362 971 -12,838 Feb 6,571 -518 -5,705 1.821 9,612 1,377 -16 -9,616 -230 920 -8, 926 Mar 21,413 -841 -3, 492 1,724 21, 537 567 1,917 -122 - 7, 258 -287 968 -6,699 April 22, 570 -131 7,292 -3 6,970 29 8,413 -889 -9,711 249 944 -9, 407 May 13, 386 32 -4.298 284 -8 1,449 132215, 794 -1,894 -9,723 260 979 -10,378 June 5,188 -4 -1,704 2, 057 -235 2, 952 2,113 9 -2,733 -8, 000 378 958 -9, 397 July -321 -7 820 -249 1,166 -20 -121 -1,911 -2, 055 -12,541 -436 -14,051 Aug 2, 829 -113 3, 176 -254 -20 -21 59 —2, 732 —5,317 66 -7,002 Sept 33. 506 -575 -6, 396 40, 875 -286 -641 487 4: -824 -7, 652 203 966 -7,307 Oct 14,848; 19 5,' 656 8, 17' 62 57 —112 P966 P—10. 603 Nov 2, 210 -3, 676 2, 892 1,241 1,723 97 P996 p-8, 367 p Preliminary. r Revised. 1 Netherlands figures for October 1936 are for gross imports; exports, which are subject to license, were not reported. No figures reported for November 1936. 2 $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936. s Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. 4 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. NOTE.—Germany, Netherlands, and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with July 1936, are subject to official revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN JANUARY 1937 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of G d m o i e s e l p s d n u a t r e ( ) t i 1 - n Cash reserves a c n o D d u i s n a - t d s - Se ti c e u s ri- ci N t r i c o o u t n l e a- Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1935—Aug. 28 193.4 .7 53.8 12.9 93.5 399.6 96.9 9.4 36.5 18.2 Sept. 25 193.6 .8 55.4 12.4 95.4 398.2 '87.2 19.5 39.0 18.3 Oct. 30 194.7 .8 54.8 11.2 98.2 399.9 82.5 26.2 38.6 17.7 Nov. 27 197.6 .8 56.3 9.5 98.4 401.3 90.9 19.7 36.5 17.8 Dec. 25 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936— Jan. 29 200.5 .6 63.3 18.8 94.0 397.1 106.0 15.9 36.7 18.2 Feb. 26 200. 6 .7 60.7 11.0 96.2 399.9 106.2 8.8 35.5 18.2 Mar. 25 200.6 .8 54.1 5.0 97.0 406.5 83.6 18.0 37.0 18.3 Apr. 29 202.7 .8 45.9 8.3 114.0 416.9 104.7 7.5 39.0 17.7 May 27 206.4 .9 40.3 6.7 104.7 426.1 78.3 19.8 36.7 17.8 June 24 _ _ 216.3 1.0 41.5 7.6 116.1 434. 8 90.8 20.0 37.4 17.9 July 29 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 18.1 Aug. 26 244.8 1. 1 61.3 9.2 102.6 443.4 100. 9 17.2 37.8 18.2 Sept. 30 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 18.3 Oct. 28 248.7 1.0 65. 9 6.6 99.7 442.7 86. 5 27.6 41.4 17.7 Nov. 25 248.7 0.7 63.1 6.8 98. 6 445. 6 97. 6 12.1 41.7 17.8 Assets Liabilities Domestic bills Leans on— Deposits Hank of France Ad- (Figures in million? of franc?) Gold2 ch e F e a i o x g n r - n g - e S ci r a e- l3 Other v m G a e n t r o e o n c n v - e t - s m G S e t o h e n v r o t e m r r s t n - e - - s O e t c i t e h u s e ri r - N c b u e l g r e i o t s i t e e ia - s - assets tion G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1935—Aug. 30 71.742 , 236 7, 575 543 3,103 5,800 8,212 82240 3, 244 10,666 2,062 Sept 27 71,952 1 232 8 060 192 3 C98 5 800 8 023 823G9 3 051 10 848 2 060 Oct. 30 71,990 1. 262 8,373 371 3,141 5,800 7,939 83306 2,862 10,647 2, 059 Nov. 29 66,191 1, 385 11,005 1,090 3,267 5,800 8,032 82447 2,826 9,361 2, 136 Dec. 27 66, 296 1,328 9,712 573 3,253 5,800 7,879 81 150 2. 862 8,716 2,113 1936—Jan. 31 65.223 1,324 9,210 969 3,350 5,708 8,724 ; 81 503 2, 798 8.088 2,119 Feb. 28 65, 789 1, 309 9, 758 932 3, 2£0 5,708 8,186 81 939 2, 854 8, 706 2, 134 Mar. 27 65, 587 1,297 12,053 C71 3,325 5,708 8,028 83,197 2,889 8,434 2,148 Apr. 24 61,937 1,305 14,392 623 3,349 5,708 8,193 82, 557 2,722 7, 895 2,334 May 29 57 029 1 4 ^6 19 381 796 3 381 5 708 8 134 84 705 1 850 6 909 2 383 June 26 . . 53,999 1,297 7,750 14,333 1,048 3,441 5, 708 8,015 85 106 1,305 6, 528 2, 652 July 31 54, 942 1,270 6,041 14,333 1,461 3, 555 5, 708 8,699 85892 1,594 6, 254 2, 267 Aug. 28 _ . ._ 54, 511 1,250 7, 063 14,333 809 3, 454 5, 640 8, 125 84394 7,037 2, 301 Sept. 25 _ .__ 50,111 1,245 27 7,484 15,903 838 3, 553 5,640 9, 643 83, 750 1,679 6, 660 2, 356 Oct. 30 64, 359 1,471 547 7,332 12,303 668 3, 447 o, 640 8,204 87,198 3, 973 9,247 3. 553 Nov. 27 64,359 1,466 925 8,056 12, 298 702 3, 464 5, 640 8, 029 86, 651 2. 069 13,058 3, 160 Assets Liabilities Reichsbank Reserves Securities (Figu r r e e i s c h in sm m a i r l k li s o ) ns of Gold e F x o c r h e a i n g g n e Tr b e i a ll s s ury b c i O l h ls e t c h ( k e a s r n ) d Se lo c a u n ri s ty E a c s li o g n v i o e b t r l e e Other O as t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1935—Aug. 3l..._ 95 5 35 4,000 54 340 324 781 4,032 743 860 Sept. 30 95 6 40 4,144 73 346 324 770 4,143 774 879 Oct. 31_._ 88 6 52 4,058 66 345 316 868 4, 159 728 911 Nov. 30 88 5 56 4,096 78 346 315 922 4,186 806 913 Dec. 31. 82 5 53 4, 498 84 349 315 853 4,285 1,032 923 1936—Jan. 31 77 79 3,884 72 349 315 888 4,098 679 891 Feb. 29_ .. 72 5 43 4,026 72 348 315 861 4,177 652 914 Mar. 31 72 5 54 4,201 56 336 321 771 4,267 768 782 Apr. 30__ 70 5 71 4,353 73 240 319 702 4,348 688 798 May 30 70 5 37 4.606 60 219 319 648 4,430 729 807 June 30. 72 98 4.699 56 220 311 704 4,389 960 815 July 31 72 5 90 4,623 67 220 310 711 4,471 787 840 Aug. 31 _ 69 6 74 4,693 65 220 309 686 4,540 729 853 Sept. 30-.__ 63 6 51 4,875 59 219 308 695 4,657 744 875 Oct. 31 P5 55 4.888 79 219 305 685 4. 713 689 897 Nov. 30.. _ 66 5 57 4,852 07 219 303 770 4,674 753 911 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. 2 Bylaw of October 1, 1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc. Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to the stabilization fund established by the law of October 1. 3 Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, and July 1936, p. 603. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL EESERVE BULLETIN 83 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): Gold 7. 556 7 556 7, 556 Gold 179,148 179, 369 179,430 181,394 Foreign exchange 24,161 25, 387 16,855 Sterling and United States Loans and discounts 3, 603 3, 758 3,172 Exchange 17, C07 8, 607 3. 082 8, 973 Other assets - 5, 553 4,732 5, 537 Advances: Note circulation... __ 11,509 11,590 12,585 Dominion Government 2 ?23 Demand deposits _. 16,970 17,555 9, 336 Provincial Governments., _ 1,000 3, COO Other liabilities 12,393 12,287 11,199 Government securities: Central Bank of the Argentine 2 years or less 66, 480 55, 763 46, 071 36, 386 Republic (millions of pesos): Over 2 years 102,679 97, 657 92.016 84,193 Gold at home 1,224 1,224 1,224 1,224 Other assets. 7 1^0 5 843 4 696 4 469 Gold abroad and foreign ex- Note circulation 125,344 129 883 127 790 95 260 change 166 145 131 125 Total deposits 233, 227 205. 354 187,563 215, 894 Negotiable Government bonds__. 70 94 87 238 Chartered banks 214,920 182.877 173.846 186,723 Other assets 146 141 141 153 Government 16 849 22 161 13 616 28 151 Note circulation _ _ _ _ __ 1, 038 1,015 1,004 940 Other liabilities 14,463 13,000 12, 940 6, 483 Deposits: Central Bank of Chile (millions of Member bank 385 373 319 204 pesos): Goverrment 140 174 219 187 Gold and foreign exchange in re- Liquidation Institute 174 serve 143 143 142 Other 6 5 4 1T6 Loans and discounts . 117 128 8° Other liabilities 37 37 37 40 Government debt 702 709 710 Commonwealth Bank of Aus- Note circulation 614 616 544 tralia (thousands of pounds i): Deposits 261 272 335 Issue department: Central Bank of China2 (millions of Gold and English sterling _ 16, 002 16,002 15,994 yuan): Securities 38 559 39 059 34 634 Gold 66 33 Banking department: Silver 262 160 Coin, bullion, and cash 1,102 1,190 Foreign exchange.. 60 66 London balances 21,780 21 778 17. 182 Due from domestic banks 132 38 Loans and discounts 16,859 15, 564 15, 126 Loans and discounts. .__ _ 413 233 Securities 36, 108 36 237 35. 495 Securities 164 206 Deposits 71,934 71, 186 69, 302 Other assets 56 48 Note circulation 47, 039 47 039 47 045 Note circulation 317 152 Austrian National Bank (millions Deposits— Government 300 240 of schillings): Pank 387 171 Gold 243 243 243 242 Other... 23 86 Foreign bills 105 112 132 124 Other liabilities 127 134 Domestic bill5' 208 210 213 228 Bank of the Republic of Colombia Government debts 624 624 624 624 (thousands of pesos): Note circulation 915 932 944 953 Gold at home and abroad _._ 31,266 29.686 29. 210 27, 896 Deposits 247 235 262 254 Foreign exchange 5 327 3, 407 3, 379 4. Of.fi National Bank of Belgium (mil- Loans to member banks 6, 979 7, 622 5, 149 2' 763 lions of belgas): Note circulation 51 108 47 864 46 231 38 685 Gold 3, 717 3, 665 3. 726 3, 480 Deposits 33, 4C8 31,, 676 29,152 31,624 Domestic and foreign bills 1,367 1,345 1, 367 1,364 National Bank of Czechoslovakia Loans to State 157 157 157 162 (millions of koruny): Note circulation 4, 446 4, 466 4. 506 4, 158 GokP 2 592 2, 595 2, 691 Deposits . _ _ _ 950 858 903 1,054 Foreign exchange 464 41 80 Central Bank of Bolivia (thousands Discounts and advances 1 620 1, 772 1,084 of bolivianos): Government debt_ .' 2, 029 2,031 2, 051 Gold at home and abroad 26, 652 25, 416 17,828 Other asset? 1 054 768 947 Foreign exchange 1 51 1 21 480 9 947 Note circulation 5 652 5 742 5 599 Loans and discounts 7,919 7, 161 8, 665 Demand deposits 504 391 320 Securities' Other liabilities 1 604 1 073 934 National Government 415,583 416, 109 397, 163 Bank of Danzig (thousands of Other 4, 646 4, 645 3, 076 gulden): Note circulation 191.772 187 096 143, 206 Gold c>9 409 29 393 29.013 20. 730 Deposits 232, 022 235,180 245,130 Foreign exchange of the reserve 489 85 451 364 Bank of Brazil (millions of milreis): Other foreign exchange 4, 403 3, 159 4, 099 8, 105 Cash 220 223 206 Loans and discounts 15, 282 14,695 14.870 17. 225 Correspondents abroad 381 326 282 Note circulation 30, 646 31.557 31,471 29, 897 Loans and discounts 2, 799 2, 834 3, 118 Deposits 10,964 11.215 11,630 1,95 Note circulation _ _ 10 10 20 National Bank of Denmark4 (mil- Deposits 3 275 3 2°7 3 142 lions of kroner) • National Bank of Bulgaria (mil- Gold 118 118 118 118 lions of leva): Foreign exchange 16 16 17 14 Gold , 1,618 1,618 1,616 1. 583 Loans to Government agencies.. 229 206 230 250 Net foreign exchange in reserve 69 —192 Other loans and discounts.._ 162 172 132 161 Total foreign exchange 708 545 490 509 Investments 56 61 62 97 Loans and discounts 1, 490 1, 752 1,884 1, 309 Other assets. 80 80 78 23 Government obligations 2, 572 2, 671 2, 671 2,671 Note circulation... _ _ 385 407 377 384 Note circulation 2, 584 2, 663 2, 790 2, 303 Deposits 117 86 102 K'9 Other sight liabilities 2,216 2, 243 2, 055 2, 030 Other liabilities. 160 160 159 ]!1 1 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling. 2 Items for issue and banking departments consolidated. 3 Increment resulting from revaluation of gold under law of October 9, 1936, converted into foreign exchange and carried partly in that item and partly in Other Assets. < Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis was as of June 30, 1936. * Gold in vault revalued at rate of 9.968331 sucres per gram of fine gold by decree of Dec. 18, 1935 and at rate of 11.6466 sucres per gram of fine gold by decree of June 13, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN JANUARY 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Central Bank of Ecuador 1 (thou- Bank of Japan (millions of yen): sands of sucres): Gold 544 540 536 500 Gold 32, 243 31,904 13,278 Advances and discounts 788 821 669 920 Foreign exchange 16,660 15, 987 12, 220 Government bonds 501 454 556 570 Loans and discounts __ _. 38.594 29. 983 60, 342 Notes issued 1,491 1, 453 1,321 1, 443 Note circulation 53,188 52,175 47, 878 Total deposits... . 406 397 529 580 Deposits 44, 432 33, 971 22, 190 Bank of Java (millions of florins): National Bank of Egypt2 (thou- Gold _. 89 89 80 sands of pounds): Foreign bills 2 2 3 Gold 6, 545 6 545 6 545 Loans and discounts 64 61 66 Foreign exchange 1, 664 1, 559 3, 999 Note circulation 158 155 157 Loans and discounts 6, 269 5, 220 6, 721 Deposits -_ . 24 23 21 British, Egyptian, and other Bank of Latvia (millions of lats) : . Government securities 40, 138 40. 216 39, 381 Gold 4 ._ 46 46 Other assets _ 4, 198 4, 648 4, 038 Foreign exchange reserve 22 12 6 Note circulation 23, 387 23, 276 24, 603 Bills 51 51 52 Deposits—Government 5, 809 5, 458 9, 082 Loans 78 78 59 Other 20. 948 21 018 18 712 Note circulation 39 36 38 Other liabilities 8,670 8, 436 8, 288 Government deposits 46 44 30 Central Reserve Bank of El Salva- Other deposits 130 129 112 dor (thousands of colones): Bank of Lithuania (millions of litu): Gold 13,040 13, 026 13,026 12,499 Gold 71 71 65 36 Foreign exchange 1 686 1,479 806 1, 076 Foreign exchange 8 10 15 18 Loans and discounts . 1,335 943 528 1,088 Loans and discounts 92 84 77 92 Government securities 6 636 6, 645 6, 723 7, 039 Note circulation 113 111 108 104 Other assets 1 506 1, 380 1 163 1,315 Deposits 64 63 54 42 Note circulation 14,854 14, 126 13.710 13,196 Netherlands Bank (millions of flor- Other sight liabilities 3 4 435 4, 303 4,418 6, 157 ins): Other liabilities 3 4 913 5, 044 4, 120 3, 664 Gold 570 570 670 628 Bank of Estonia (thousands of Foreign bills __ . 2 2 2 1 krooni): Loans and discounts 337 272 161 177 Gold 34, 178 34, 175 34, 169 34,180 Note circulation 806 761 773 787 Net foreign exchange 6 140 4,724 5 965 405 Deposits 141 193 101 75 Loans and discounts . 24 070 22. 801 21,260 14,248 Reserve Bank of New Zealand Note circulation 44, 992 45, 085 43, 173 39, 945 (thousands of pounds): Deposits—Government . 15 766 14,940 13.431 15,440 Gold _ _ 2.802 2,802 2,802 Bank 7 715 7, 650 9, 606 6, 979 Sterling exchange 16, 545 16 8" 6 17, 459 Other 2 153 2. 120 2, 489 2, 100 Advances to State or State under- Bank of Finland (millions of mark- takings 3, 453 1 795 kaa): Other assets __ . 2, 433 2,361 1,778 Gold 603 603 603 467 Note circulation 11,480 11 175 9, 124 Balances abroad and foreign Demand deposits 12, 124 11.013 11.315 credits,.. 1 353 1, 255 1, 118 1,240 Bank 7, 692 6 874 5. 257 Foreign bills 84 80 83 76 Government 4 084 3 898 5,717 Domestic bills ._ 722 771 798 684 Other liabilities 1, 629 1 605 1,539 1 565 1, 561 1 551 1 319 Bank of Norway (millions of Other sight liabilities 890 854 735 604 kroner): Bank of Greece (millions of drach- Gold 215 215 215 185 mas): Foreign balances and bills 82 75 63 34 Gold and foreign exchange _ 2 945 2,884 3, 076 3, 559 Domestic credits 212 219 214 203 Loans and discounts 5, 274 5, 326 5, 745 4, 246 Note circulation _ _ 406 409 390 331 Government obligations... 4, 162 4, 162 4, 162 3, 281 Foreign deposits 1 1 2 5 969 6, 145 5 926 5 910 Total deposits 97 93 105 76 Other sight liabilities 5. 8'K) 5, 698 6, 451 4,319 Central Reserve Bank of Peru Liabilities in foreign exchange 180 150 244 205 (thousands of soles): National Bank of Hungary (mil- Gold and foreign exchange .. 43, 746 46, 614 lions of pengos): Bills 85 564 56,315 Gold 84 79 79 79 Note circulation 91 312 82,615 Foreign bills, etc 31 36 31 28 Deposits 33 415 16, 804 Loans and discounts 520 520 525 560 Bank of Poland (millions of zlotys): Advances to Treasury 95 94 93 74 Gold 379 373 373 443 Other assets 158 149 135 93 Foreign exchange 25 20 16 19 Note circulation 402 427 417 393 Loans and discounts 818 846 828 859 Deposits 194 157 154 130 Note circulation 1,032 1.091 1, 048 1,034 Certificates of indebtedness 93 93 96 104 Other sight liabilities 221 187 196 133 Miscellaneous liabilities _ _ _ _ 167 167 163 176 Bank of Portugal (millions of es- Reserve Bank of India (millions cudos): of rupees): Gold 911 910 910 Issue department: Other reserves 485 502 455 Gold at home and abroad 444 444 444 444 Discounts and advances 327 332 336 Sterling securities 673 673 673 662 Government obligations 1, 045 1 045 1,047 Indian Gov't securities 234 234 234 255 Note circulation ._ 2,118 2, 156 2,077 Rupee coin 671 681 681 588 Other sight liabilities 945 928 873 Note circulation 1,748 1,710 1,645 1, 604 National Bank of Rumania (mil- Banking department: lions of lei): Notes of issue department._ 274 323 388 346 Gold 11,192 11,149 10,757 Balances abroad .. 111 87 69 113 Foreign exchange of the reserve 592 392 91 Loans to Government ... ._ 10 Loans and discounts 6, 857 6, 363 5,272 Investments _ 58 54 56 52 Special loans 5 2, 435 2 445 2,740 Other assets 11 11 10 7 State debt 11,380 11,373 10, 678 Deposits—Government 92 93 127 119 Bank _. 249 263 279 282 Other liabilities 124 119 117 1 Due to change in form of statement, figures for November 1935 are not precisely comparable with those given for Steptember and October 1936. 2 Items for issue and banking departments consolidated. 2 Due to change in statement, "Other liabilities" includes, beginning June 1936. an item formerly included in ''Other sight liabilities." 4 By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate of about 15 lats to the pound. s Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 85 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. National Bank of Rumania—Con. Central Bank of the Republic of Other assets 13,281 13,292 12,717 Turkey (millions of pounds): Note circulation 24, 704 24, 269 22, 329 Gold __. 30 30 30 29 Demand deposits 8, 956 8, 697 8,611 Foreign exchange .. 25 16 11 6 Other liabilities 12, 078 12,048 11,315 Loans and discounts. _ 39 42 34 28 South African Reserve Bank Investments 186 186 187 186 (thousands of pounds): Other assets 25 25 22 26 Gold_ 23,146 22, 928 22, 930 25, 735 Note circulation __ ___ 177 172 163 162 Foreign bills 9, 653 5, 873 5,116 10,117 Deposits 39 39 45 29 Domestic bills _ 34 30 16 256 Other liabilities 90 88 77 85 Note circulation 15,291 15, 562 14.097 13,961 Bank of the Republic of Uruguay Deposits—Government 2, 647 1, 733 3. 389 2, 263 (thousands of pesos): Bank 21, 171 19,267 17.994 28, 146 Issue department: Other . _ 4,142 3, 309 2, 389 4, 463 Gold and silver 41,091 41,091 41,091 Bank of Sweden (millions of Note circulation 75, 733 75, 104 76,602 kronor) : Banking department: Gold 528 527 596 398 Cash reserves 46. 074 45, 501 42, 376 Foreign assets 655 609 562 630 Loans and discounts 86 814 84 923 99 467 Domestic discounts and advances. 52 48 45 52 Other assets 49, 685 53, 287 47, 011 Government securities 29 29 29 79 Deposits— Other assets 247 241 239 144 Demand 29, 680 30, 541 27, 733 Note circulation 812 839 853 733 Time 43 216 43 296 40 271 Total deposits 599 505 447 472 Ministry of Finance 12. 194 13,311 25, 652 Bank 265 367 306 176 Other 13 694 13 689 20 058 Government 315 117 118 265 Other liabilities 83, 790 82, 873 75, 141 Other liabilities .. 101 108 101 96 National Bank of the Kingdom of Swiss National Bank (millions of Yugoslavia (millions of dinars): francs) * Gold 1, 599 1, 592 1 553 1,426 Gold1 2, 581 2, 408 1, 554 1, 392 Foreign exchange 573 574 574 314 Foreign balances and bills . 56 56 27 5 Loans and discounts _ _ 1,716 1, 725 1,671 1,810 Loans and discounts 65 142 224 208 Advances to State 2. 2 )2 2. 262 2, 262 2,281 Note circulation 1 403 1,413 1,369 1,323 Note circulation 5 236 5,311 5 250 4, 838 Demand deposits 1,280 1, 232 459 337 Other sight liabilities 1,593 1, 508 1, 500 1,375 BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1936 1935 1936 1935 Assets Liabilities Nov. 30 Oct. 31 Nov. 30 Nov. 30 Oct. 31 Nov. 30 Gold in bars 40, 666 38, 539 27, 647 Demand deposits (gold).. _ 27, 546 27, 541 21,687 Cash on hand and on current account with banks .. __ _ 19,262 16,322 2,688 Short-term deposits (various curren- Demand funds at interest 5, 050 6, 157 15, 647 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 11,904 11,196 22,089 (at cost): Time—Not exceeding 3 months 98, 506 97, 200 103,704 Commercial bills and bankers' acceptances 129, 672 119,079 131, 389 Total 110,409 108,396 125, 793 Treasurv bills 160 964 165 186 201 252 C entral banks for account of others: Total 290 636 284 265 332 641 Demand 4,201 5, 393 9, 869 Time—Not exceeding 3 months 2, 969 Time funds at interest—Not exceeding Other depositors: 3 months 27, 669 34. 291 36, 265 Demand 70 113 462 Time—Not exceeding 3 months 389 284 299 Sundry bills and investments: Maturing within 3 months: Long-term deposits: Treasury bills 17,993 23,917 33, 762 Annuity trust account _ _ 153,280 153,280 154, 905 Sundry investments 42, 729 64, 184 43,426 German Government deposit 76,640 76, 640 77, 452 Between 3 and 6 months: French Government guaranty fund- 43,398 43, 289 61, 930 Treasury bills 31,463 24,490 27, 550 French Government deposit (Saar). 1,423 1,419 2,031 Sundry investments 52, 739 32, 391 53, 064 Over 6 months: Total 274, 741 274, 628 296, 318 41 371 43 682 30 604 Sundry investments 33, 836 33, 556 34, 384 Capital paid in... 125, 000 125, 000 125, 000 Reserves: Total 220, 131 222, 220 222, 791 Legal reserve fund 3,784 3,784 3,324 6,092 6,092 5,845 Other assets: General reserve fund 12,183 12, 183 11,690 Guaranty of central banks on bills Other liabilities: sold 1,372 971 6,174 Guaranty on commercial bills sold 1,377 1,377 6, 221 Sundry items _ 120 124 5, 336 Sundry items 39,115 38, 098 39, 711 Total assets 604, 907 602, 888 649,188 Total liabilities 604, 907 602,888 649, 188 NOTE.—Current figures expressed, as before devaluation of Swiss franc, in Swiss gold francs equivalent to 0.29032 gram of fine gold. See BUL- LETIN for December 1936 p. 1025. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN JANUARY 1937 COMMERCIAL BANKS [Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures] Assets Liabilities (Figures in U m ni il t l e io d n s K o i f n p g o d u o n m ds sterling) re C se a r s v h es M ca n o s l o h n l t o e a i y c r n t e d at B co il u ls n d te i d s- Se t c ie u s ri- L cu o s a e t n r o s s m to - O as t s h e e ts r Total D De e p m o a s n it d s 1 Time1 lia O b t i h li e t r ies 10 London clearing banks 1936—March 210 155 249 605 829 221 2,038 230 April 220 154 264 607 843 224 2,082 229 May 213 152 304 610 843 218 2,113 228 June 218 152 322 612 852 227 2,155 228 July 217 152 341 610 857 218 2,169 226 August 226 156 338 612 850 217 2,170 227 September. 222 159 336 620 854 215 2,180 226 October, __ 219 155 343 627 864 221 2,202 227 November. 225 172 322 620 868 226 2,210 229 11 London clearing banks * 1936—March 217 162 252 635 854 230 2,108 1,123 951 241 April 227 161 268 637 233 2,154 1,145 974 240 May 220 159 309 640 870 227 2,185 1,156 992 239 June 225 158 329 642 878 237 2, 229 . 1,215 995 240 July 225 158 349 639 227 2,244 1,223 986 237 August 233 163 345 641 877 226 2,246 1,212 991 240 September. 229 166 344 648 226 2.257 1,228 1,000 238 October.._ 227 164 351 655 892 231 2,280 1,238 999 239 November. 233 181 329 656 895 238 2,287 243 Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of Cash D b u a e n f k r s om B co il u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O bi t l h it e i r es 1936—March 3,587 2,617 16,135 7,700 1,222 27,194 26, 522 672 391 3,677 April 3,517 2,902 16,199 7,677 1,270 27,410 26,714 696 397 3,757 May 3,513 3,032 16,014 7,542 1,333 27,199 26, 523 676 424 3,812 June 3,494 2, 768 14, 972 7,328 1,385 25, 655 25,022 633 394 3,897 July 3, 206 2,410 15,410 7. 215 1.445 25,334 24, 761 573 359 3,994 August 3,097 2, 326 15,445 7,031 1, 451 24,979 24,451 528 335 4,035 September.. 3, 083 2, 757 14,876 7,398 1,457 25,137 24, 613 524 368 4, 066 October 3,186 2, 766 17,070 7,452 1,727 27, 549 27,028 521 408 4,244 Assets Liabilities Germany (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n d te i d s- Loans Se t c ie u s ri- O as t s h e e ts r Tctal D D e e p m o a s n it d s Time o C b b f r t a r e a o n d i m n k it e s s d l O ia t t i b h e i s e li r - 1936—March 186 317 2,285 2,890 982 935 5,544 2,560 2,985 651 1,399 April 136 301 2,429 2,847 973 916 5,595 2, 585 3,010 644 1,363 May 141 300 2,406 2.884 980 873 5,621 2,622 2,999 636 1,327 June 175 295 2, 435 2, 858 1,008 839 5,712 2,688 3, 023 622 1,276 July 146 263 2, 363 2,843 1,037 824 5, 557 2, 595 2, 962 613 1,306 August 138 274 2, 329 2, 826 1.047 816 5, 533 2,529 3,005 605 1,291 September.. 180 287 2, 360 2. 779 1,066 847 5, 621 2,575 3, 045 575 1,323 October 130 273 2, 569 2, 735 1, 075 858 5, 712 2,644 3,068 586 1,342 Liabilities Deposits payable in Can- Entirely in Canada Security ada excluding interbank Canada loans deposits (10 cha l r io te n r s e d o f b C a a n n k a s d . ia F n ig d u o r l e la s r s i ) n mil- Cash S l e o c a u n r s ity an O lo d t a h d n e s i r s- a a f n o f b d r r d r o e u o i m n e g a e n d t Se ti c e u s ri- a O s t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b e h i s e li r counts banks 1936—March 227 154 1,316 459 117 2,197 665 1,532 783 April 228 83 862 145 1,314 478 114 2,229 692 1,536 767 May 225 87 828 131 1,345 446 116 2,193 666 1,527 753 June 230 91 777 113 1,368 502 115 2,207 702 1,505 757 July 227 91 768 110 1,357 481 113 2,174 680 1,494 748 August. ._ 225 91 776 157 1,355 487 115 2,175 672 1,503 800 September 226 105 807 146 1,380 494 111 2,263 762 1,501 785 October, __ -232 109 816 146 1,363 491 112 2,261 751 1,510 784 1 Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total. » District Bank included beginning January 1936. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 87 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective K U in n g i d te o d m France m G a e n r- y Italy N la e n th d e s r- Sw la i n tz d er- b C an e k n t o r f a — l R D 2 a e 8 t c e . eff D ec a t t i e ve b C an e k n tr of a — l R D 2 a e 8 t c e . ef D fe a ct t i e ve In effect Nov. 1, 1935 2 3 4 5 Albania 7 June 15, 1936 Italy 4H May 18, 1936 Nov. 5 4 Argentina.-. 3H Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Nov. 14 Austria 3M July 10, 1935 Java 4 July 1, 1935 Nov. 15 . 4 Belgium.. .. 2 May 16, 1935 Latvia 5 Nov. 1, 1936 Nov. 22 5 Bolivia 6 July 5, 1932 Lithuania... ^A July 1, 1936 Nov. 26 6 British India 3 Nov. 28, 1935 Netherlands. 2 Dec. 3, 1936 Jan 2, 1936 5 Bulgaria 6 Aug. 15, 1935 New Zea- Jan.10 4 Canada 2H Mar. 11, 1935 land 2 June 2% 1936 Jan 16 3 Chile Jan. 8, 1936 Norway 4 Dec. 7, 1936 Feb. 4 7>A Colombia July 19, 1933 Peru- 6 May 20, 1932 Feb. 7 ___ VA Czechoslo- Poland 5 Oct. 26, 1933 Mar. 28 5 vakia 3 Jan. 1, 1936 Portugal 4K May 12, 1936 May 7 6 Danzig 5 Oct. 21, 1935 Rumania 4^ Dec. 15, 1934 May 18 4h Denmark... 4 Nov. 19, 1936 South Africa 3H May 15, 1933 May 30 3^ Ecuador 4 Nov. 30, 1932 Spain 5 July 15, 1935 June 4 4M El Salvador. 5 July 5, 1934 Sweden Dec. 1, 1933 J J J u u u n n n e e e 2 2 2 5 4 6 4 5 4 F E F r i s n a to n la n c n e ia d 2 4 4 3/2 D O O e c c c t t . . . 1 3 6 1 , , , 1 1 1 9 9 9 3 3 3 6 4 5 U T Sw u n r i i t k t e z e d e y r K la i n n d g - - 5 iy 3/ 2 2 M No a v r. . 2 2 6, , 1 19 9 3 3 6 3 June 30 Germany 4 Sept. 22, 1932 dom 2 June 30, 1932 July 7 Greece 7 Oct. 14, 1933 U. S. S. R. . 8 Mar. 22, 1927 July 10 3 Hungary 4 Aug. 29, 1935 Yugoslavia.. 5 Feb. 1, 1935 Sept. 9 2 Sept. 25 5 Oct. 2 3 Changes since Nov. 30: Netherlands—Dec. 3, down from 2]4 to 2 Oct. 9 2\i percent; Norway— Dec. 7, up from 3% to 4 percent. Oct. 16 Oct. 20 V/2 Nov. 26 Dec. 3 2 In effect Dec. 28,1936 2 2 4 2 IK MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] United Kingdom (London) Germany (Berlin) Netherla d n am ds ) (Amster- Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s, T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a n B l l a d o n e w k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r 1935—November .57 .55 .75 XA 3.01 3.10 3.07 3.15 3.00 December. _ .71 .68 .75 y2 3.00 3.23 3.15 3.20 3.08 1936— A M F J e p a a b n r r i r u c l u a h _ a ry ry . . . . 5 5 5 5 6 6 5 5 . . . . 5 5 5 5 2 2 3 3 . . . . 7 7 7 7 5 5 5 5 y y y 2 2 2 3 3 3 3 . . . . 0 0 0 0 0 0 0 0 3 3 3 2 . . . . 0 0 0 9 4 9 7 7 2 2 2 2 . . . . 7 9 8 8 7 9 1 3 2 1 1 1 . . . . 2 1 3 3 0 9 1 7 2 1 1 1 . . . . 6 6 2 2 3 8 9 7 May .55 .54 .75 y 2.92 2.89 2.76 2.27 1.82 June .78 .78 .75 2 2.88 2.74 2 67 4.05 3.95 July ._ .58 .58 .75 y 2.88 2.73 2.96 2.04 1.73 A Se u p g t u e s m t ber . .5 5 5 5 . . 5 5 3 3 . . 7 7 5 5 y X 2 2A 3 2 . . 0 8 0 8 2 2 . . 8 8 9 4 3 3 . .0 0 1 1 1 1 . . 3 3 7 3 1 1 . .2 2 0 9 October .56 . 54 .75 2.94 2.82 2.82 Pi. 97 November. _ .56 .55 .75 V* 3.00 2.84 2.79 P. 92 Switzer- Belgium France Italy Hungary S ( w St e o d c e k n - Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m ri p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1935— D N e o c v e e m m b b e e r r 2 2 . . 4 5 4 0 1 1 . . 8 8 8 8 3 5 . . 8 8 9 9 5 5 . . 0 0 0 0 4 4 - - 7 7 3 2% 2y2-±y2 5 5. . 1 1 1 1 2 2 . .6 7 9 8 1936—January . 2.48 1.52 4.26 5.00 4 -6H 2% 5.11 2.64 February 2.37 1.45 3.81 5.00 4 ~6J^2 5.11 2.56 March . _ 2.26 1.38 3.74 5.00 2% 21^-41^ 5.11 2.87 April 2.25 1.38 5.03 5.00 4 —6A 2% 21/6-4 V£ 4.97 3.11 May 2.25 1.38 5.60 4.78 4 ~§}/2 2% 2i/£-4i/£ 4.93 2.73 June 2.25 1.38 5.60 4.50 4 ~6//2 21^-41^ 4.83 2.63 J A u u ly gust _ 2 2 . . 2 2 5 5 1 1. . 3 3 8 8 3 3 . . 0 3 0 0 4 4 . . 5 5 0 0 4 4 -% 6y y > 2 2% 21^ 41/ 4 4. . 7 7 5 5 2 2 . . 6 5 9 3 September 1.98 1.38 3.38 4.50 4 ~6//2 2% 2 V£-41/£ 4.75 2.81 October 1 69 1 29 2. 52 4 50 2y>-A.x< 4 75 2.92 November 1.46 1. 96 4 50 p Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN JANUARY 1937 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Brazil (milreis) Argen- Aus- Austria Bel- British Bul- Colom- Year or month tina tralia (schil- gium India garia Canada Chile China bia Cuba (peso) (pound) ling) (belga) Free (rupee) (lev) (dollar) (peso) (yuan) (peso) (peso) Official market 1929 95.127 480.83 14. 058 13.912 11.8078 36. 202 0. 7216 99. 247 12.0601 41.901 96. 551 99. 965 1930 83. 505 458. 60 14. 089 13. 952 10.7136 36. 067 0. 7209 99. 842 12. 0785 29. 917 96. 493 99. 952 1931 66. 738 351.50 14. 023 13.929 7. 0290 33. 690 0.7163 96. 353 12.0669 22. 437 96. 570 99.930 1932 58.443 279. 93 13.960 13.914 7.1223 26. 347 0. 7193 88. 090 7. 9079 21. 736 95. 275 99. 941 1933 72.801 337. 07 15.448 17.900 7. 9630 31.816 1.0039 91.959 7. 6787 28. 598 81.697 99. 946 1934 33, 579 400. 95 18. 793 23. 287 8. 4268 37. 879 1. 2852 101.006 10. 1452 34. 094 61. 780 99. 936 1935 32. 659 388. 86 18. 831 18. 424 8. 2947 36. 964 1. 2951 99. 493 5. 0833 36. 571 56.011 99. 920 1935—November.. 32.815 390. 90 18. 775 16.895 8. 3792 37.142 1. 3404 98. 924 5.0950 29. 649 56. 595 99. 920 December __ 32. 854 391.28 18.783 16.857 8. 3902 37. 201 1.3389 99. 045 5. 0937 29. 450 57. 030 99.920 1936—January 33. 074 394.50 18.832 16.936 8. 4167 37. 461 1.3446 99. 930 5. 0950 29. 659 57. 390 99. 923 February... 33. 329 398. 06 18. 971 17. 042 8. 3803 37. 734 1. 3380 100.114 5. 0950 29.912 58.268 99. 921 March 33.135 396. 01 18.855 16. 979 8. 4871 37.510 1. 2902 99. 842 5. 0930 29. 824 57. 224 99. 903 April 32. 954 393. 72 18.724 16.915 8. 5564 37.315 1.2812 99. 502 5. 0853 29.734 57.002 99. 903 May 33.111 396.09 18. 722 16. 938 8. 5755 37. 504 1.2844 99. 806 5. 0775 29. 690 57. 004 99. 900 June 33.418 399. 99 18. 759 16.907 8. 6310 37. 872 1.2838 99. 721 5.0659 29. 890 56. 900 99.900 July 33. 489 400.15 18.848 16. 899 5349 37. 889 1.2913 99. 900 5.1243 29. 967 56. 900 99. 900 August 33. 503 400. 34 18. 838 16. 862 8. 5222 c 5. 8367 37.931 1. 2988 99. 978 5.1725 30. 048 56.900 99. 904 September. _ 33. 611 401.06 18. 845 16.893 8. 6445 5. 8901 38.017 1. 2978 100.017 5.1691 29. 940 56. 505 99. 901 October 32. 667 390.33 18.732 16. 835 8.7011 5. 8452 36.991 1.2848 100. 022 5.1727 29.331 56. 501 99. 924 November, _ 32. 583 389. 54 18.687 16. 907 8. 6662 5.8631 36. 913 1.2795 100. 120 5.1688 29. 466 57.097 99. 916 Ger- Year or month C s ( l k z o o e v r c a u h n k a o ia ) - ( D m kr e a o n r n - k e) ( F p g o y u p n t d) F (m in a l rk a k n a d ) (franc) ( m m re a a ic r n k h y ) s- G (d m r r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e u a n r n g y - o) I ( t li a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o N ( l f e a l t o n h r d i e n s r ) - 1929 9609 26. 680 498. 07 2.5160 3.9161 23. 809 1.2934 47. 167 17.441 5. 2334 46. 100 48.183 40. 162 1930 9640 26. 765 498. 60 2.5169 3. 9249 23. 854 1.2959 33. 853 17.494 5. 2374 49. 390 47. 133 40. 225 1931 9619 25. 058 465.11 2. 3875 3. 9200 23. 630 1.2926 24.331 17. 452 5. 2063 48.851 35. 492 40. 230 1932 9618 18.832 359. 54 1.5547 3. 9276 23. 749 0. 8320 23.460 17. 446 5.1253 28.Ill 31. 850 40. 295 1933 8232 19.071 434.39 1.8708 5.0313 30.518 0. 7233 29. 452 22. 360 6. 7094 25. 646 28.103 51. 721 1934 2424 22. 500 516. 85 2. 2277 6. 5688 39. 375 0. 9402 38. 716 29. 575 8. 5617 29.715 27. 742 67. 383 1935 1642 21. 883 502. 60 2.1627 6.6013 40. 258 0.9386 48. 217 29. 602 8.2471 28. 707 27. 778 67. 715 1935—No vember 1363 21.983 504.96 2.1719 6. 5862 40. 225 0.9390 36. 477 29. 624 8.1024 28. 683 27. 767 67. 802 December 1433 22. 001 505. 35 2.1745 6. 5986 40.217 0. 9383 32. 702 29.619 8. 0750 28.739 27. 768 67. 770 1936—January 1602 22. 153 508. 83 2.1890 6. 6251 40. 397 0.9424 32. 205 29. 678 8. 0276 28. 993 27. 768 68.173 February 1936 22. 321 512. 70 2. 2063 6. 6810 40. 687 0. 9509 32.796 29.786 8.0373 29.130 27. 769 68. 677 March 1637 22.190 509.66 2.1928 6. 6338 40. 439 0.9457 32. 562 29. 617 7. 9830 28.938 27.767 68. 353 April 1359 22. 064 506. 78 2.1807 6. 5898 40. 238 0. 9389 32. 525 29.478 7. 8936 28. 869 27.768 67. 885 May 1432 22. 184 509. 55 2. 1901 6. 5858 40. 285 0. 9338 32. 463 29. 424 7. 8560 29. 075 27. 763 67. 634 June 1375 22. 405 514.62 2.2098 6. 5934 40. 273 0.9316 32. 260 29. 458 7. 8645 29. 392 27. 764 67. 686 July 1497 22. 419 514. 95 2. 2106 6. 6202 40. 321 0. 9400 32. 040 29. 492 7. 8845 29.326 27. 765 68. 078 August 1318 22. 434 515. 32 2. 2118 6. 5853 40. 221 0. 9387 31. 152 19.777 7. 8673 29.404 27. 753 67. 904 September 1319 22. 480 i 516.76 2. 2173 6. 5095 40. 083 0. 9347 31. 104 19. 772 7.8514 29. 414 27. 753 66.738 October 6474 21. 866 502. 24 2. 1578 4.6662 40. 196 0.8965 30. 359 19. 774 5. 5299 28. 609 27. 747 53. 632 November 5380 21.818 501.17 2. 1531 4. 6472 40. 223 0.8935 30. 462 19.776 5. 2603 28.559 27. 750 53.991 Year or month Z ( e p N a o e l u w a n n d d ) N (k o r r o w ne a ) y P ( o zl l o a t n y d ) ( P es o g c r u a t d l u o - ) Ru ( n l m i eu a a ) - S A p o o fr u u i n c th d a ) ( S p p es a e i t n a) S S ( m d t e o r e t l a t l n a l i t e r t ) s s - (k S d r w e o n n e- a) e S ( r f w r la a i n n t c z d ) - T (p u o r u k n e d y ) U ( K p d n o i o i n u m t n g e d - d ) ( U g p u e r s a u o y - ) Y ( s d l u a in v g a i o a r) - 1929 483.21 26. 683 11.194 4.4714 0.5961 483. 27 14.683 56.012 26.784 19. 279 48.411 485. 69 98. 629 1.7591 1930 468. 22 26. 760 11.205 4. 4940 . 5953 483. 79 11.667 55. 964 26. 854 19.382 47. 061 486. 21 85.865 1. 7681 1931 415. 29 25. 055 11.197 4. 2435 . 5946 480. 76 9. 545 52. 445 25. 254 19.401 47. 181 453. 50 55. 357 1.7680 1932 320. 19 18.004 11.182 3. 1960 . 5968 476. 56 8.044 40. 397 18.471 19. 405 47. 285 350. 61 47. 064 1.6411 1933 340. 00 21.429 14. 414 3. 9165 .7795 414. 98 10.719 49. 232 22. 032 24. 836 60.440 423. 68 60.336 1. 7607 1934 402. 46 25. 316 18.846 4. 6089 1. 0006 498. 29 13.615 59. 005 25. 982 32. 366 79. 047 503. 93 79.956 2.2719 1935 391.26 24.627 18. 882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80.312 490.18 80. 251 2. 2837 1935—No vember 393. 74 24.740 18.825 4. 4787 .7899 487. 08 13. 648 57. 607 25. 388 32. 445 80.267 492. 50 80.150 2. 2858 December 394. 32 24.761 18. 849 4. 4854 .7879 487. 44 13. 670 57.611 25. 409 32. 432 80.154 492. 88 80.208 2. 2886 1936—January 397. 53 24. 932 18.931 4. 5120 .7879 490. 83 13.727 58. 057 25. 583 32. 662 80. 685 496. 27 79. 947 2.2991 February 401.15 25.121 19.132 4. 5489 . 7632 494.51 13.841 58. 553 25. 778 33.033 81. 303 500. 05 80. 258 2. 3196 March 399. 08 24. 974 18. 962 4.5155 . 7377 491.56 13. 745 58. 243 25. 626 32. 821 80. 818 497. 07 80. 022 2. 3030 April 396. 80 24.834 18.826 4. 5092 . 7330 488. 76 13. 654 57. 939 25. 482 32. 580 80. 284 494.27 79. 769 2. 2882 May 399. 02 24. 969 18. 792 4. 5115 . 7309 491. 59 13. 645 58. 240 25. 619 32. 391 80. 278 496. 97 79. 720 2. 2866 June 402. 84 25. 218 18.800 4.5455 .7273 496. 53 13.659 58. 833 25. 877 32. 425 80. 270 501. 92 79. 709 2. 2871 July 403. 26 25. 233 18.915 4.5568 . 7279 497. 07 13.714 58.873 25. 893 32. 724 80. 355 502. 25 79. 820 2. 2985 August 403. 42 25. 249 18.827 4. 5558 . 7317 497.19 13.643 58. 916 25. 910 32. 599 80. 272 502. 59 79. 719 2. 2926 September 403. 97 25. 304 18.824 4. 5586 .7315 497. 99 13. 650 59. 095 25. 965 31.418 l80.145 503. 63 79. 679 2. 2912 October 393.25 24.608 18. 828 4. 4475 . 7309 484. 32 57. 446 25. 253 22. 993 79. 834 489. 84 79. 857 2. 2956 November 392. 36 24. 555 18.825 4.4373 . 7289 483. 43 2 8.797 57. 314 25.196 22. 984 79. 883 488. 80 80.045 2. 2990 c Corrected. 1 No quotation available on one day for Egypt and on two days for Turkey. 2 Average based on nominal quotations for 13 days beginning November 14. NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for November 1936, p. 928, which applies currently except as noted above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1937 FEDERAL RESERVE BULLETIN 89 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t t 1 e e 0 d s 0) (1 C 92 a 6 n = a d 10 a 0) K (1 U 9 i 3 n n 0 g i = t d e 1 o d 0 m 0) (1 F 91 r 3 a = n c 10 e 0) G (19 e 1 r 3 m = a 1 n 00 y ) (19 I 1 t 3 a = l 1 y 00) 1 ( 9 O J 0 a c 0 t p = o 1 a b 0 n e 0 r ) ( N 19 l e a 2 t 6 n h - d 3 e 0 s r = - 100) 1926 100 100 695 134 602 237 106 1927 95 98 642 138 495 225 103 1928 97 96 645 140 462 226 102 1929 95 96 627 137 445 220 100 1930 _ . .. . . 86 87 100 554 125 383 181 90 1931 73 72 88 502 111 328 153 76 1932 _ . 65 67 86 427 97 304 161 65 1933 66 67 86 398 93 280 180 63 1934 75 72 88 376 98 273 178 63 1935 80 72 90 338 102 186 62 1935 August 81 72 88 330 102 323 183 61 September.. . . .. _ _ 81 72 90 332 102 330 189 62 October 81 73 91 342 103 194 63 November 81 73 91 348 103 194 63 December 81 73 91 354 103 192 63 1936 -January 81 73 92 359 104 192 62 February 81 73 92 372 104 191 62 March 80 72 92 376 104 191 62 April 80 72 92 371 104 192 81 May „ 79 72 92 374 104 192 61 June 79 72 93 378 104 194 62 July 81 74 94 391 104 197 62 August 82 76 95 403 105 197 63 September _ _ 82 76 96 420 104 201 63 October 82 77 98 471 104 200 08 November ___ _ __ 82 98 491 104 204 70 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926 = 100) (1930=100) France (1913 = 100) Germany (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts a p n r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n I i i n n d a i d l s s h u e r e s a m d - w i- p tr I r i i n o s a d h d l u e u f d i s c n - ts products 1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 i.__ 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1935—August 79 85 78 86 90 311 347 104 85 91 119 September.- ._ 80 86 78 88 90 322 341 104 84 92 119 October .. 78 85 78 89 92 331 351 104 84 93 119 November 78 85 79 88 93 338 357 105 84 93 119 December 78 86 79 89 93 350 356 105 84 93 119 1936 —January 78 84 79 89 93 364 355 105 84 93 120 February.. _ 80 83 79 88 94 391 356 105 85 94 120 March 77 80 79 87 94 396 358 105 85 94 120 April 77 80 79 87 94 385 359 105 85 94 120 May 75 78 79 88 94 392 358 105 85 93 121 June 78 80 79 89 94 394 364 106 85 93 121 July 81 81 80 90 96 405 378 106 85 93 121 August __ 84 83 80 94 96 425 384 106 85 94 121 September 84 83 80 95 97 449 396 105 86 94 122 October _ 84 83 80 98 97 487 457 104 86 95 122 November 85 84 81 97 99 500 484 103 86 95 123 Sources.—Bee BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN JANUARY 1937 PRICE MOVEMENTS IN PRINC:iPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month (1 U S 92 1 n t 0 3 a i 0 - t t ) 2 e e 1 5 d s = E 19 n 1 ( 4 g J u = la l y 1 n 0 d 0) 19 F 1 ( r 4 J a = u n 1 ly 0 c 0 e )2 G 1 e 4 ( r 1 = m 9 1 1 a 3 0 n - 0 y ) Year or month U 2 S 5 (1 n t = a 9 i 1 2 t t 0 e 3 e 0 - d s ) E 19 n 1 ( g J 4 u = la l 1 y n 00 d ) ( 1 J 9 F a 1 r n 4 a . = - n 1 J 0 c u 0 e n ) e 2 G 1 e ( 4 1 r = 9 m 1 1 3 a 0 - 0 n ) y 1926 161 113 146 1926 103 170 103 142 1927 156 113 153 1927 102 164 104 148 1928 157 112 153 1928 __ 100 166 105 152 1929 105 154 124 156 1929 99 164 113 154 1930 100 145 125 146 1930 97 158 118 148 1931 82 131 124 131 1931 89 148 116 136 1932 68 126 109 116 1932 80 144 107 121 1933 66 120 100 113 1933 . . 76 140 106 118 1934 74 122 98 118 1934 78 141 105 121 1935 80 125 86 120 1935 81 143 98 123 1935—November 82 131 87 120 1935—November 147 123 December 82 131 88 121 December __ 147 97 123 1936—January 82 131 90 122 1936—January 81 147 124 February 81 130 91 122 February 147 124 March 80 129 91 122 March __ 146 99 124 April 80 126 90 122 April 81 144 124 May 80 125 93 122 May 144 124 June 84 126 93 123 June _ __ 144 101 125 July 84 129 91 124 July. 82 146 125 August 84 129 93 124 August 146 125 September 84 131 98 122 September 82 147 102 124 October 83 132 102 122 October 148 124 November 83 136 106 121 November... 151 124 1 From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of month. 2 Index represents prices converted to gold basis of 1914. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6ne"rale, and for cost of living, Commission d'Studes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average= 100) Year or month ( U S a p v n t r a e i i c r t t a e e e g ) d s 1 e ( 1 E D 92 n e 1 c g e = l m a 1 n 0 b 0 d e ) r 2 ( a 1 F g 91 e r 3 a = n 1 a 0 c v 0 e e ) r- G ( e a p v r r e m ic ra e a g ) n e 2 y U S n ta it t e e d s England 2 France Germany Number of issues 60 87 36 139 419 278 300 329 1926 97.6 110.0 57.4 100 0 100 0 100 0 100.0 1927 100.7 110. 7 71.7 118.3 107.0 123.2 145.0 1928 100.8 112.3 80.8 85 5 149 9 115 9 178 1 136. 1 1929 98.0 110.2 85.1 81 4 190 3 119 5 217 6 122.8 1930 _. ... . 99.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931. _ 90.9 108.4 96.9 2 83 4 94 7 78 9 132 2 3 78.0 1932 69. 5 113 2 88 6 3 67 1 48 6 67 9 105 2 3 50.3 1933 _ 73.4 119.7 81.3 82.5 63 0 78.6 99.6 61.7 1934 84.5 127.5 82.1 90 7 72 4 85 7 83 3 71.1 1935.. 88.6 129.9 83.5 95.3 78.3 86.3 79.7 82.9 1935—November ______ 91.1 128.9 78.8 94.9 93.3 88.9 76.8 82.1 December 92.5 129.5 79.1 94.9 95.3 90.2 77.3 81.9 1936—January 95.3 130.1 78 9 95.1 100 1 93.1 83.7 84.2 February _ . 97.2 131.0 77 9 95.2 106.1 95.2 86.7 86.0 March 96.6 130.2 75.2 95.3 108.7 94.1 84.1 85.6 April _ 95 9 131.5 75 8 95 3 108 9 95 5 82 8 88 3 May 95 5 131,1 74.7 95.5 101.0 93.8 71 2 91.1 June 9T). 2 130.6 73.8 95 8 105 6 94 0 66 1 93 2 July 97.1 131.0 73.2 95.9 109.2 94.7 59.2 94.6 August 97.7 131.6 73.2 96.1 113.0 97.3 58.8 93.4 September 98.6 132.1 75.2 96 1 114 1 98 2 65 7 91.8 October __ _,_ 99 6 132.9 80.8 96 2 118. 7 102. 1 97.2 November 99.8 132.0 78.8 9f>. 3 124.2 103. 2 89. 7 97.8 r Revised 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Annual indexes are unweighted averages of monthly indexes. • Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman JOSEPH A. BRODERICK JOHN K. MCKEE M. S. SZYMCZAK 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 GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel J. P. DREIBELBIS, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) .THOMAS M. STEELE. GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) JAMES H. PERKINS. JOSEPH A. BRODERICK District No. 3 (PHILADELPHIA) HOWARD A. LOEB, CHESTER C. DAVIS V ice-President M. J. FLEMING District No. 4 (CLEVELAND) G. H. HAMILTON ARTHUR E. BRAUN. District No. 5 (RICHMOND) JOHN K. MCKEE CHARLES M. GOHEN. B. A. MCKINNEY District No. 6 (ATLANTA) . H. LANE YOUNG. RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN. GEORGE J. SCHALLER District No. 8 (ST. LOUIS) M. S. SZYMCZAK .WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS) ... THEODORE WOLD. CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) . W. T. KEMPER. WALTER WYATT, General Counsel District No. 11 (DALLAS) J. P. DREIBELBIS, Assistant General Counsel . JOSEPH H. FROST. District No. 12 (SAN FRANCISCO) . . E. A. GOLDENWEISER, Economist PAUL S. DICK. JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B er a a n l k R o e f— serve Cha R ir e m se an rv e a n A d g F e e n d t eral President First Vice President Vice Presidents Boston F. H. Curtiss R A Young W W Paddock W Willett 2 New York Owen D. Young1 G. L. Harrison. Allan Sproul W. R. Burgess. L. R. Rounds. W. S. Logan. J. H. Wiliiams. R. M. Gidney. C. H. Coe. Philadelphia R. L. Austin J. S. Sinclair F. J Drinnen C. A. Mcllhenny.3 W. J. Davis. E. C. Hill. Cleveland E. S. Burke, Jr. M. J. Fleming F. J. Zurlinden H. F. Strater. W. H. Fletcher. W. F. Taylor.2 Richmond Robert Lassiter Hugh Leach J S. Walden, Jr R. H. Broaddus. J. G. Fry. G. H. Keesee.2 Atlanta ___ ... W. H. Kettigi Oscar Newton R. S. Parker H. F. Connifl. L M. Clark. W. S.McLarin,Jr. M. W. Bell.2 Chicago R. E. Wood1 G. J. Schaller H. P. Preston W. H. Snyder.s C. S. Young. J. H. Dillard. St. Louis Paul Dillard1 W. McC. Martin 0. M. Attebery J. S. Wood. J. G. McConkey. Minneapolis W. B. Geery J. N Peyton 0 S Powell Harry Yaeger. H. I. Ziemer.a E. W. Swanson. Kansas City J. J. Thomas G. H. Hamilton C. A. Worthington__- A. M. McAdams. J. W. Helm.s Dallas C. C. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman.a W. J. Evans. San Francisco A. 0. Stewart W. A. Day Ira Clerk S. G. Sargent. W. M. Hale. C. E. Earhart.2 1 Deputy chairman. 2 Cashier. s Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch . B. J. Lazar. Denver branch.. J. E. Olson. Pittsburgh branch G. II. Wagner Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch W. R. Mil ford Dallas: Charlotte branch W. T. Clements. El Paso branch. J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch P. L. T. Beavers. San Antonio branch __ M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch _ J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch _. C. R. Shaw. St. Louis: Spokane branch. _ _ _ D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS i V / L. <^r v / r- BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORJES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis