Federal Reserve Bulletin, 1937-02

FEDERAL RESERVE BULLETIN FEBRUARY 1937 Increase in Member Bank Reserve Require* ments Business Developments in 1936 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—Increase in member bank reserve requirements—Business developments in 1936 95-107 Election of directors of Federal Reserve banks 107-108 National summary of business conditions 109-110 Summary of financial and business statistics _ 112 Law department: Rulings of the Board: Advance payments on Government bonds as deposits against which reserves must be carried 113 Payment of interest on demand deposits of public funds 113 Continuation of the Reconstruction Finance Corporation and related agencies 114 Extension of powers relating to stabilization fund and alteration of weight of dollar 115 Earnings and expenses of Federal Reserve banks during 1936 116-117 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 120 Federal Reserve bank statistics 121-125 Reserve position of member banks; deposits in larger and smaller centers 126 Money in circulation 127 Gold stock and gold movements 128 All banks in the United States 129 All member banks 130-131 Reporting member banks in leading cities 132-135 Bank suspensions; bank debits; Postal Savings System 136 Acceptances, commercial paper, and brokers'balances 137 Federal Reserve bank discount rates 138 Money rates and bond yields 139 Security markets 140 Treasury finance 141 Governmental corporations and credit agencies 142-143 Production, employment, and trade 144-152 Wholesale prices 153 International financial statistics: Gold reserves of central banks and governments 156 Gold production 157 Gold movements 157-159 Central banks 160-163 Bank for International Settlements 163 Commercial banks 164 Discount rates of central banks 165 Money rates 165 Foreign exchange rates 166 Price movements: Wholesale prices 167 Retail food prices and cost of living 168 Security prices 168 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 170 Senior officers of Federal Reserve banks; managing directors of branches 171 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 23 FEBRUARY 1937 No. 2 REVIEW OF THE MONTH "This action completes the use of the Board's power under the law to raise reserve On January 30 the Board announced a requirements to not more than twice the further increase in the reserve requirements amount prescribed for member banks in secof member banks. In contion 19 of the Federal Reserve Act. "The section of the law which authorizes Board issued the following the Board to change reserve requirements for statement, which was released for publication on January 31: member banks states that when this power is used it shall be 'in order to prevent injurious "The Board of Governors of the Federal credit expansion or contraction.' The sig- Reserve System today increased reserve renificance of this language is that it places requirements for member banks by 33% persponsibility on the Board to use its power to cent, as follows: On demand deposits, at change reserve requirements not only to banks in central reserve cities, from 191/2 to 26 percent; at banks in reserve cities, from counteract an injurious credit expansion or 15 to 20 percent; and at "country" banks, contraction after it has developed, but also to from IOV2 to 14 percent; on time deposits, at anticipate and prevent such an expansion or all banks, from 4^ to 6 percent. For the contraction. purpose of affording member banks ample "By its present action the Board eliminates time for orderly adjustment to the changed as a basis of possible credit expansion an estirequirements, one half of the increase will mated $1,500,000,000 of excess reserves become effective as of the opening of business which are superfluous for the present or proon March 1,1937, and the remaining half will spective needs of commerce, industry, and become effective as of the opening of business agriculture and which, in the Board's judgon May 1. ment, would result in an injurious credit ex- "The following table shows what the re- pansion if permitted to become the basis of a serve requirements are at present, what they multiple expansion of bank credit. The Board will be from March 1 through April 30, and estimates that, after the full increase has what they will be commencing May 1: gone into effect, member banks will have excess reserves of approximately $500,000,000, RESERVE REQUIREMENTS [Percent of deposits] an amount ample to finance further recovery and to maintain easy money conditions. At Demand deposits Time deposits the same time the Federal Reserve System Class of bank Present Mar. 1 May 1 Present Mar. 1 May 1 will be placed in a position where such rerequire-through and require-through and ments Apr. 30 after ments Apr. 30 after duction or expansion of member bank re- Central reserve city 19# 22^ 26 4K 5K 6 serves as may be deemed in the public inter- R "C es o e u rv n e tr c y i " ty --- 1 10 5 K 1 12 7 K # 2 1 0 4 4 4 ^ ^ 5>< 6 6 est may be effected through open-market 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN FEBRUARY 1037 operations, a more flexible instrument, better banks are twice as large as they have genadapted for keeping the reserve position of erally been in the past. All but a small nummember banks currently in close adjustment ber of member banks have more than suffito credit needs. cient excess reserves and surplus balances "As the Board stated on July 15, 1936, in with other banks to meet a 33 *>/ > percent inits announcement of the previous increase of crease in reserve requirements. As of Janureserve requirements, excess reserves then ary 13, the Board's survey indicates that only held by member banks had resulted almost 197 of the 6,367 member banks lacked suffientirely from the inflow of gold from abroad cient funds to meet such an increase in rather than from the System's credit policy. reserve requirements by utilizing their pres- Since that time the country's gold stock has ent excess balances with the Reserve banks been further increased by a large inflow of and not more than one-half of their balances gold, amounting to $600,000,000. Between with correspondent banks. On this basis the time of the banking holiday in 1933 and these 197 banks, in order to meet the full re- December 24, 1936, when the United States quirements, would have needed an additional Treasury put into effect its program for pre- $123,000,000, of which $110,000,000 would venting acquisitions of gold from adding to have been needed by banks in central reserve the country's banking reserves, the gold cities, $11,000,000 by banks in other reserve inflow aggregated approximately $4,000,- cities and only $2,300,000 by country banks. 000,000. This inflow of gold had the effect "Another reason for action at this time is of adding an equal amount to the reserves of that, as stated by the Board last July, 'it is member banks as well as to their deposits. far better to sterilize a part of these super- The total amount of deposits in banks and fluous reserves while they are still unused the Postal Savings System, plus currency out- than to permit a credit structure to be erected side of banks, is now $2,000,000,000 larger upon them and then to withdraw the foundathan in the summer of 1929. tion of the structure.' "The present volume of deposits, if utilized "The available methods of absorbing excess at a rate of turnover comparable to pre-de- reserves have been under consideration. It pression levels, is sufficient to sustain a vastly has been decided that under present circumgreater rate of business activity than exists stances changes in reserve requirements today. In order to sustain and expand re- should precede reduction in reserves through covery, the country's commerce, industry, and open-market operations, because changes in agriculture, therefore, require a more com- requirements affect all banks, regardless of plete and productive utilization of existing their reserve position, and consequently deposits rather than further additions to the should be made while reserves are widely disamount now available. tributed. "The excess reserves of about $1,500,- "This action increases reserve require- 000,000 eliminated as a base of further credit ments to the full extent authorized by law. expansion by this action could support an in- It is not the present intention of the Board to crease in the supply of money, in the form of request from Congress additional authority bank credit, which beyond any doubt would to absorb excess reserves by means of raising constitute an injurious credit expansion. reserve requirements. "The present is an opportune time for ac- "It is the Board's expectation that, with tion because, as was the case when the Board approximately $500,000,000 of excess reannounced its prior action last July, excess serves remaining with the banks, credit conreserves are widely distributed among mem- ditions will continue to be easy. At the same ber banks, and balances with correspondent time the Reserve System will be in a position Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 97 to take promptly such action as may be desir- $1,880,000,000 on December 23 as a result of able to ease or tighten credit conditions withdrawals of currency into circulation to through open-market and rate policy. meet holiday demands and of the building up "In announcing the previous increase in re- of Treasury deposits at the Reserve banks. serve requirements, the Board said: In the subsequent five weeks excess reserves increased once more as currency returned " The prevailing level of long-time interest from circulation and Treasury deposits were rates, which has been an important factor in the revival of the capital market, has been reduced. Further growth of $120,000,000 in due principally to the large accumulations of the country's gold stock from December 23 to idle funds in the hands of individual and institutional investors. The supply of invest- EXCESS RESERVES OF MEMBER BANKS ment funds is in excess of the demand. The BILLIONS OF DOLLARS BILLIONS OF DOLLARS 4 r '"I 4 increase in reserve requirements of member banks will not diminish the volume of deposits held by these banks for their customers and will, therefore, not diminish the volume of funds available for investment. The maintenance of an adequate supply of funds at favorable rates for capital purposes, including mortgages, is an important factor in bringing about and sustaining a lasting recovery.' "The same considerations apply with equal force at the present time. The Board's action January 27 was more than offset by an indoes not reduce the large volume of existing crease of $160,000,000 in Treasury holdings funds available for investment by depositors, of cash, including inactive gold. An increase and should not, therefore, occasion an adof foreign-bank and other nonmember devance in long-term interest rates or a restricposits, amounting to $60,000,000 in the five tive policy on the part of institutional and weeks and to $100,000,000 since the beginother investors in meeting the needs for sound ning of December, has also withdrawn funds business, industrial and agricultural credit. from member bank reserves. "In view of all these considerations, the The increase in money in circulation in the Board believes that the action taken at this three months preceding Christmas amounted time will operate to prevent an injurious to $450,000,000, the largest in several years, credit expansion and at the same time give while the decrease of $360,000,000 in the folassurance for continued progress toward full lowing five weeks was somewhat less than the recovery." usual seasonal amount, indicating that the Member bank reserve balances with Fed- growth of money in circulation, which has eral Reserve banks on January 27 were $6,- been pronounced in the past two years, con- 770,000,000, of which $4,- tinued over the holiday period. Recent changes in 620,000,000 were required Effects of the announced increase in reexcess reserves . serve requirements upon the various classes reserves, leaving excess re- of member banks are serves of $2,150,000,000, as shown in the Distribution of shown approximately in chart. After reserve requirements were in- excess reserves . ,111 j creased by 50 percent last August, excess the following table based reserves grew from $1,800,000,000 to $2,- upon the reserve position of the banks as of 200,000,000 in November and early Decem- January 27, 1937. It is not possible to show ber. They were then temporarily reduced to precisely how each group will be affected, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN FEBRUARY 1937 because by the time of the effective dates of serve requirements either from excess rethe two increases in requirements the total serves or by using one half of their balances amount of reserves and their distribution with correspondents, and all but 60 banks among the various classes of banks and also could meet an increase of 16% percent in that the amount of deposits on which required re- way. The Board's survey covered the situaserves are based may have changed, although tion on January 13 and the additional rethe changes within the next month will prob- serves needed by banks in the various classes ably not be substantial. The figures indicate to meet increases in requirements of 16% and what the results would have been if the in- 33!;$ percent as of that date are shown in the crease in reserve requirements had become following table: effective on January 27. A factor that may ADDITIONAL RESERVES REQUIRED BY MEMBER BANKS considerably affect the distribution of re- TO MEET INCREASE IN REQUIREMENTS, POSITION AS serves will be the withdrawal of bankers' bal- OF JANUARY 13, 1937. ances by country banks from their city cor- fin millions of dollars] respondents for the purpose of providing Increase of 10% percent Increase of {Y3% percent additional reserves needed. Ob- Obtain- Re- tain- Re- RESERVE POSITION OF MEMBER BANKS, able quired able quired JANUARY 27, 1937 by after by after [In millions of dollars. Figures partly estimated] u o s n i e n - g u o s n in e- g u o s n i e n - g u o s n i e n - g Class of bank Total half of half of Total half of half of Excess reserves bank- bank- bank- bank- Reserves with Federal after increase ers' ers' ers' ers' Reserve banks in required bal- bal- bal- balreserves of— ances ances ances ances Class of bank Total qu R i e re - d Excess percent pe 3 r 3 c K ent Ce b n a t n ra k l s reserve city 28.0 8.0 20.0 147. 1 37.6 109.5 Reserve city banks. 48.0 47.8 .2 159.0 148.0 11.0 Country banks 24.4 23.8 .6 70.4 68.1 2.3 Central reserve city banks.. 3. 378 2, 371 1,007 612 217 Reserve city banks 2, 147 1,492 655 406 158 All member Connt.rv banks 1,2:18 756 492 306 240 banks 100. 4 79. 6 20.8 376.5 253. 7 122.8 All member banks 6, 773 4,019 2, 154 1,384 615 These figures indicate that to meet a 16% Figures in the table show that banks in percent increase in requirements, member each class taken as a whole, on the basis of banks outside of the central reserve cities their January 27 position, would still have would need to raise about $70,000,000 of adhad large excess reserves after the first 16% ditional reserve funds, most of which would percent increase in requirements, with coun- probably be obtained by withdrawals from try banks having the largest relative amount. balances with city correspondents. Prob- The effect of the second increase will depend ably half of these balances are held with reupon changes that may take place in the serve city banks, and some of the withamount and distribution of member bank re- drawals will be absorbed by correspondent serves by the end of April, but it would ap- banks with adequate excess reserves, but a pear from the present situation that all the substantial portion of the withdrawals from classes of banks would still have substantial reserve city banks will be met in turn by excess reserves. withdrawals from central reserve city banks. As pointed out in the Board's statement of As a consequence, a large part of the addi- January 30, a recent survey by the Board tional reserve funds obtained from bankers' showed that all but 197 balances will in the end come from central Reserve position of ber banks, taken in- reserve city banks, 15 of which on the basis mem individual banks of their position as of January 13 would need dividually, were able to to raise $28,000,000 of additional reserves, meet an increase of 33% percent in re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 99 in addition to meeting such withdrawals by $39,000,000,000, or 22 times member bank correspondents as may occur. The other 35 reserves. By 1929 deposits and currency had central reserve city banks would still have expanded to $55,000,000,000 and reserves over $500,000,000 of excess reserves. Since were $2,360,000,000, giving a ratio of more this survey was made the New York City than 23 to one. In those years member banks banks as a whole, as shown in the chart on held only the minimum amount of reserves page 97, have increased their excess reserves by $100,000,000 and are in a position to meet RESERVES AND CREDIT EXPANSION the increase with a smaller amount of read- ( In millions of dollars ) justment. These figures indicate that the amounts involved in the necessary adjustment of reserve positions of member banks to the increase of 16% percent in reserve requirements at the end of February will be smaller than those needed at the time of the 50 percent increase in requirements last August. At that time the change was accomplished with little effect on the money market. The effect of the final increase at the end of April will depend to a large extent upon the distribution of the excess reserves remaining at that time. Growth of bank deposits and of currency in use by the public is limited by the amount of reserves held by banks. 1922 1 J 9 UN 3 E 6 PRESENT Reserves and ^^ required. In June 1933 deposits and cur- The Q{ deposits and credit expansion L rency were $13,000,000,000 smaller than in currency outside banks is 1929, but reserves held were only slightly now larger than at any previous time, and the smaller, and member banks held $360,000,000 excess reserves held by member banks pro- of excess reserves, which would have pervide the basis for a further expansion in de- mitted on the basis of the 1922 ratio an exposits. Increases in reserve requirements pansion of $8,000,000,000 in deposits. From substantially reduce the magnitude of pos- June 1933 to June 1936, notwithstanding sible further credit expansion not only by an increase in deposits and currency to the decreasing the volume of excess reserves but 1929 level, the growth of member bank realso by lowering the ratio of expansion pos- serves was so great that there were $2,700,sible on the basis of a given amount of re- 000,000 of excess reserves. These reserves serves. The chart shows for selected dates were sufficient to permit a further theoretical the relationship between member bank re- expansion of $60,000,000,000 in deposits. The serves, on the one hand, and all bank deposits increase in reserve requirements made last plus currency outside of banks on the other, August considerably reduced the possible exand also indicates the potential expansion on pansion, but at the beginning of this year, the basis of excess reserves outstanding on with deposits and currency $2,000,000,000 the dates shown. larger than the previous maximum, the $2,- In 1922 member banks held $1,780,000,000 200,000,000 of excess reserves held by memof reserve balances with Federal Reserve ber banks could still support a further exbanks and all bank deposits and currency at pansion of $32,000,000,000 in bank deposits the disposal of the public aggregated about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN FEBRUARY 1937 and currency, an amount far in excess of the affect the composition of deposits and therepresent or prospective needs of the country. fore the ratio of deposits and currency to re- The final increase in reserve requirements quired reserves. Increases or decreases in will reduce the amount of potential expan- the amount of currency in circulation, for sion in deposits and currency, on the basis of example, would affect reserves as well as the existing reserves without recourse to the Re- total supply of means of payment, and shifts serve banks, to a maximum of $5,500,000,000. in the relative importance of demand and In making these computations deposits of time deposits, of deposits in the various nonmember banks, as well as those of mem- classes of reserve cities, or of those at member banks, are included because nonmember ber and nonmember banks would change the banks hold most of their reserves with mem- ratio of potential expansion on the basis of a ber banks, so that in the final analysis reserve given amount of reserves. deposits of member banks constitute reserves Recovery in business proceeded further in back of all deposits in the United States. 1936 and the levels of activity and employ- Changes in currency are also reflected in and ment reached toward the end limited by available member bank reserves. The figures for potential expansion indi- maintained in January, alcate the maximum possible expansion on the though in some industries output has been basis of reserves. The figures for June 1933 curtailed by strikes and floods. During 1936 and June 1936 were computed by applying to industrial production advanced rapidly and excess reserves on those dates the 1922 ratio there was an even greater increase in the of reserves to deposits and currency. In com- demand for goods, with the consequence that puting potential expansion on the basis of a substantial volume of unfilled orders had excess reserves now outstanding the 1922 accumulated by the end of the year. Reratio was reduced by one-third to allow for cently shortages of equipment have appeared the 50 percent increase in reserve require- in some industries, and orders for new maments last August and by one-half to provide chinery have increased further. There have for the further increase to double previous also been shortages of skilled labor in a few requirements. In 1929 and 1933 correspond- lines, particularly the metal trades, reflecting ing ratios were somewhat larger than in 1922. in part the fact that there were few ap- These figures indicate in a general way the prentices in training during the depression. nature of the changes in the credit situation Wholesale commodity prices rose rapidly effected by the further increase in reserve re- from the end of October to the middle of quirements ; they are not exact measurements January, with substantial increases not only of what as a practical matter could have for farm products but also for industrial comhappened had there been no such increase. modities, which previously had shown little An expansion of as much as $60,000,000,000 change in price for three years. Increased or even of $32,000,000,000 in deposits and buying accompanying greater industrial accurrency would not have been likely, because tivity was supplemented by considerable other forces would have prevented it, but a forward purchasing and by buying for substantial movement in that direction would armament purposes. In the second half of have been injurious to the business and January prices of commodities traded in on credit system. The extent to which deposits organized exchanges declined somewhat. and currency actually will expand in the Total income paid out in 1936 was subfuture depends upon developments that may stantially larger than in the preceding year. influence the attitude of borrowers and Pay rolls in industry and trade showed a lenders, change the volume of reserves, or marked rise, reflecting increases in the num- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FK»RI:AKV FEDERAL KESEIIVE BULLETIN 101 ber employed, in the average number of hours tion, and industrial techniques have improved worked, and, at the end of the year, increases considerably. Foreign trade, on the other in wage rates. Profits and dividends were hand, is still much smaller than in predepresalso larger and agricultural income continued sion years. to expand. With maintenance of recovery The volume of industrial output for the and relief expenditures at a high level and year 1936 as a whole was 105 percent of the with adjusted service payments to veterans, 1923-1925 average as compared Governmental outlays were somewhat larger Production with 90 in the preceding year in 1936 than in 1935. Capital values in- and a low of 64 in 1932. The creased, security prices showing a marked movement during the year was generally advance and real estate prices, for both rural upward, with an average in the third quarter and urban property, showing a gradual up- of 108 and in the fourth quarter of 115, a ward movement. The volume of new securi- level not far below the average of 119 for the ties issued by corporations continued to in- year 1929. In December the index reached crease, both for new capital purposes and 121, but preliminary data indicate a decline for refunding. There was some growth in in January, partly as a result of strikes and new mortgage loans, with interest rates con- floods. siderably reduced. Expenditures by both The course of total manufacturing proproducers and consumers, particularly for duction and of output in selected industries durable commodities, showed a continued is shown for the period from 1928 to date in growth, and there were substantial increases the chart on page 102. The figures are in both domestic and foreign trade. adjusted for seasonal variation and are ex- The course of business activity in recent pressed in terms of points in the total index years is summarized in the following table: of manufacturing production, so that it is possible to see how much of a movement in BUSINESS CONDITIONS the total index has been accounted for di- [Index numbers, 1923-1925 averapo=1(X)] rectly by changes in activity in the industries indicated. Construc- Agri- De- Continued increase in activity in steel-conindus- tion cul- Fac- Fac- part- Wholetrial con- tural tory tory ment sale suming industries and at steel mills was an pro- tracts pro- em- pay store prices duc- award- duc- ploy- rolls sales (1920== outstanding development of 1936. Buying tion ed tion ment (value) 100) (value) by railroads and the construction industry 1929 119 117 105 105 109 111 95. 3 showed a marked rise from relatively low 1 1 9 9 3 3 2 5 9 0 0 1 2 3 8 7 1 9 0 0 4 0 8 0 0 4 7 7 1 6 7 9 9 0 80 4 . . 8 0 levels and most other steel-using industries 1930 . -. "105 />55 99 92 82 88 80.8 also reported increases. The automobile in- 1930: Jan.-Mar 95 54 88 75 83 80. 3 dustry took more steel than in 1935 but its Apr.-June 102 48 89 80 80 79. 2 Julv-Rept 108 00 93 82 89 81.2 proportion of the total consumption of Oct.-Dec PI15 *'59 90 91 92 82.7 finished steel dropped from one-fourth to onep Preliminary. fifth. Sustained general strength in demand NOTE.—Figures for periods of less than a year adjusted for seasonal variation, except those for wholesale prices and for factory pay rolls. for steel was reflected in a 40 percent in- Comparisons between current levels of ac- crease in output of steel ingots and in price tivity and those in earlier years should be advances for finished steel as well as for steel made with due consideration of changes in scrap and pig iron. related factors, such as population, industrial Automobile production in 1936 amounted techniques, and foreign trade. Since 1929 to 4,450,000 cars as compared with 3,950,000 total population has increased about 5 per- in 1935, a depression low of 1,370,000 in 1932, cent, with a larger increase in adult popula- and a high of 5,360,000 in 1929. Output in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN FEBRUARY 1937 January has been curtailed somewhat by second half of the year and by the end of strikes at automobile plants and at establish- the year output in this group of industries ments producing plate glass. was above the 1929 level. In the textile in- In the lumber industry, the principal one dustry, after a moderate temporary decline included in the "other durable manufactures" during the early part of the year, activity group on the chart, output showed a further showed a rapid advance to new high levels at the end of the year, and output for the year INDEX OF MANUFACTURING PRODUCTION was about as large as in the peak years 1927 and 1929. Petroleum refining and output of tobacco and leather products were at new high levels in 1936. Production at mines increased materially during 1936. Output of petroleum reached a new high level about 50 percent above the 1923-1925 average. Coal production also increased but was about 20 percent smaller than the 1923-1925 average. Output of nonferrous metals likewise expanded considerably further in 1936 but remained below the level of predepression years. In construction, which w7as at an exceptionally low level for a long period during the depression, there was a considerable increase in activity in 1936, as in 1935, with a larger amount of residential building and of privately-financed industrial construction and commercial building, as well as a continued substantial volume of public projects. The physical volume of construction is now about two-thirds as large as in the period 1928 1929 1930 1931 1932 1933 1934 1935 1936 of highest activity in the last half of the considerable increase, reflecting in large part 1920's, with a larger proportion of the total continued growth in the volume of residential in public work. Residential building conbuilding from earlier extremely low levels tinued the increase which had begun early in and increased activity in the furniture in- 1935 but the level reached at the end of 1936 dustry. was still less than half that prevailing in the Altogether activity in industries manufac- years of greatest activity. Rents increased turing durable goods increased over 1935 by as additions to the supply of dwelling units approximately a third, and by the end of the were small in relation to the increase in deyear was at about the level of the latter part mand accompanying recovery. of 1928. In agriculture, where fluctuations in total Output of nondurable manufactures, which output are much smaller than in construction, had declined much less than durable goods manufacturing, or mining, production in 1936 output during the depression and had ad- increased slightly over the low level of the vanced by a smaller amount during earlier preceding year to about the 1923-1925 averyears of recovery, increased considerably age, according to figures of the Department in 1936. There was a rapid rise during the of Agriculture. Cotton production was larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

103 FEBRUARY 1937 FEDERAL RESERVE BULLETIN than in 1935 and output of truck crops and able goods continued to increase rapidly durof citrus fruits was in record volume, while ing 1936, as is shown on the accompanying other fruit crops were small. Output of feed- chart, and in the latter part of the year there stuffs was sharply reduced as a result of was also a considerable increase in working the drought. Livestock slaughter increased forces at factories producing nondurable about 20 percent in 1936, reflecting chiefly a goods, where the number employed had resharp rise in hog slaughter from the unusu- mained at about the same level for three ally low level of 1935. years. The substantial growth in economic activity The accompanying table, comparing emin 1936 was accompanied by a general rise in ployment in the last quarter of 1936 and the the number employed and also corresponding period of 1935, shows that Employment in the average number of hours worked per week. The most FACTORY EMPLOYMENT [Fourth quarter, 19361 marked increases in employment wTere at factories and on privately financed construction Increase from A v enure year ago projects but increases in many other lines number Industries were considerable. Employment by the pub- employees X urn her of em- Perlic utilities, which at the beginning of 1936 ployees cent was little above the depression low, increased Total1 8. 122. 700 090,900 substantially during the year and employ- Durable goods group 3.921.700 472. GOO ]4 ment on railroads showed a more marked in- Machinery ' 987, 300 137.300 10 Iron and steel and products 812. 500 123,400 17 crease than in any other year of the recovery Transportation equipment: Automobiles 502. 800 42.200 9 period. The number of workers in trade and Other 128.900 29, 200 29 Lumber and products (510.300 49. 700 9 service industries increased more in 1936 Railroad repair shops 292. 800 34, 700 13 Nonferrous metals and products 310.800 33,000 12 than in any other year since 1933. Altogether, Stone, clay, find glass products 237. 300 23, 100 11 Nondurable goods group1 4. 201, 000 218.300 FACTORY EMPLOYMENT Textiles and products: Fabrics 1,097. 100 41,300 1 P 2 ER 0 CE ' N — T ADJUSTED FOR SEASONAL VARIATION. 1923-25 AVERAGE = 100 PERCE 1 N 2 T 0 Food W p e r a o r d in u g c t a s pparel 5 77 5 2 1 . . 9 8 0 0 0 0 3 4 1 3 , . 5 5 0 0 0 0 (5 'Paper and printing 557, 700 28. 900 5 Rubber products 131, 100 18,200 1(5 Chemicals and petroleum.. 39(5, 900 17,800 5 Leather and products 297. 200 8, 000 3 Tobacco products 89. 300 2. 400 3 1 Includes a few miscellaneous industries not included in separate groups. there have been substantial increases in most manufacturing industries. The increase of 9 percent shown for lumber and products is not so large as that for most durable goods, reflecting a temporary reduction in activity at lumber mills in the last quarter of 1936 as a result of the maritime strike on the Pacific Coast; employment at furniture factories increased by 16 percent in the period covered by the table. Among the nondurable goods I9f>9 1930 1931 195?: 1033 1934 1935 1936 industries, increases in employment were over 2,000,000 more were employed in non- general but in most instances smaller than in agricultural pursuits at the end of 1936 than the durable goods industries. a year earlier. While the total number of unemployed con- Employment at factories producing dur-| tinues large, the number was considerably Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN FKHRUAKY 1937 reduced in 1936 and shortages of skilled labor grains, livestock, cotton, wool, and imported have developed in certain occupations, par- foodstuffs. ticularly the metal trades. During the de- Prices for industrial commodities began pression many skilled workers in some lines, to move upward in the middle of last year and such as the building trades, shifted to other since that time the index for this group has types of work and there was little training advanced 4 points to 83, with 3 points of the of apprentices. With increasing demand for advance during the last three months. Steel skilled workers, however, some have returned scrap, silk, cotton goods, and some chemicals to former occupations and the number of ap- began to increase in June, and higher prices prentices in training has increased. for some steel products were announced at Since the early part of November there that time. Later lumber, coke, hides, and have been numerous announcements of in- leather shared in the advance, but until creases in wage rates, the first significant October most of the increases were small. change in rates in more than two years. Since October, however, prices of metals, There were general increases throughout the rubber, wool, silk, hides and leather, and iron and steel industry and in the cotton and petroleum have shown a considerable rise; woolen textile industries and increases by a many other raw and semimanufactured manumber of firms in many other industries. terials have advanced by smaller amounts; Wholesale commodity prices showed a and there have been increases in the prices broad advance from the end of October to of a number of finished products, including the middle of January, as is cotton goods, woolen and worsted goods, Commodity shown in the accompanying paper, automobile tires, finished steel, glass, prices chart. In this period, the gen- and housefurnishings. eral level of wholesale prices, as measured This rapid increase in prices reflected the continued growth in demand for industrial WHOLESALE PRICES materials both in domestic and foreign markets, declining stocks of many commodities, buying for armament purposes, and some speculative buying. Many industrial and commercial buyers have placed large forward orders, partly to avoid price increases and to be assured of supplies adequate for an increased volume of business. Income paid out in 1936 was about $60,- 000,000,000, according to estimates of the Department of Commerce, and the 1932 1933 1934 1935 1936 1937 Incomes rate of payment in the latter part Indexes compiled by U. S. Bureau of Labor Statistics, 1926 = 100. of the year was higher. This comby the Bureau of Labor Statistics' index, ad- pares with a high level of $79,000,000,000 in vanced from 81 per cent of the 1926 average 1929 and a low level of $45,000,000,000 in to 86 percent. Since the middle of January 1933. Prices, it should be remembered in there have been declines in prices of a num- this connection, are lower than in 1929 and ber of commodities traded in on organized higher than in 1933. markets. Factory pay rolls continued to expand The increase for farm products and foods rapidly during 1936 and in December, at 95 from October to the middle of January re-j percent of the 1923-1925 average, were two flected chiefly increases in the prices of and a half times what they were at the bot- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 105 torn of the depression. In trade and other States showed a further increase in 1936 but types of nonmanufacturing activity pay rolls was still considerably below the showed general increases of somewhat volumes of predepression years. smaller amounts. Pay rolls on private con- Value of imports rose by a greater struction projects, which had been at an ex- amount than value of exports, and the excess tremely low level for a long time, showed a of exports was only $34,000,000, compared sharp increase. For the most part the growth with $235,000,000 in 1935. in pay rolls during 1936 represented an in- The greater part of the rise in exports in crease in the number of employed and in the 1936, as in the two preceding years, was in hours worked, but toward the end of the year finished manufactures, with the largest inwage rate increases were also a factor. In creases reported for machinery and other addition to the increase in pay rolls there iron and steel products, refined mineral oils, were substantial bonus payments to em- aircraft, and textile manufactures. Automoployees in the last few weeks of the year. bile exports, which had risen rapidly in 1934 Cash agricultural income is estimated to and 1935, showed a small further increase. have increased 11 percent to $7,865,000,000 Exports of crude materials continued in 1936 this year as compared with a low of $4,328,- in about the same volume as in 1935, with 000,000 in 1932 and a level of $10,000,000,- cotton exports slightly smaller this year. 000 during the years of post-war prosperity. There was some further growth in exports Income from marketings showed an increase of semifinished manufactures, while exports of 16 percent over last year while Govern- of foodstuffs continued at the low level ment payments to farmers were only half as reached in 1933. large as in 1935. The rise in imports was general. Reflecting greater industrial activity, imports of Corporate cash dividend declarations, accrude materials, such as rubber, wool, hides, cording to figures compiled by the New York and tobacco, and of semifinished manufac- Times, reached a total of $4,100,000,000 in tures, such as wood pulp, oils and fats, chemthe calendar year 1936, an increase of 40 icals, and nickel, increased further. Imports percent over 1935. A major part of this of foodstuffs also showed a continued rise. increase occurred during November and De- There were larger shipments to this country cember 1936 when cash dividend declarations of finished manufactures, such as newsprint were $1,360,000,000 or 82 percent more than and textiles, and of luxury items, such as in the corresponding months of 1935. furs, diamonds, and beverages. Distribution of commodities to consumers Security issues by domestic corporations increased steadily throughout 1936 and at a have shown a marked expansion during the more rapid rate than in any other past two years in response to the Domestic f ftie recovery period. With year o Capital abundance of investment funds, low trade J ., u interest rates, and improved busiconsiderably larger wage payness prospects. Securities sold by domestic ments and other individual incomes in both corporations during 1936 reached a total of urban and rural areas, the expansion was about $4,600,000,000, double that of 1935. general for practically all lines of retail trade The 1936 total is about 70 percent of the and in all parts of the country. Wholesale annual average for the predepression period trade also showed a considerable increase in 1925-1929, and is to be compared with an 1936. The largest expansion was in sales of j annual average of $500,000,000 during the building materials, machinery, furniture, period 1932-1934, as shown in the following and other durable goods. table. Corporate issues in 1936 comprised Merchandise foreign trade of the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN .FEBRUARY 1937 three-fourths of all capital issues, according capital has been for working capital purto statistics compiled by the Commercial poses and for real estate, plant, and equipand Financial Chronicle, which exclude direct ment rather than for repayment of bank obligations of the United States Government. loans and other unfunded debt. This compares with about half of the total in Of the $400,000,000 of corporate issues for 1935 and less than a third in the 1932-1934 new capital in 1935, about one-half was period. offered by corporations engaged in manufacturing and mining, concentrated largely in CAPITAL ISSUES * two industries, those producing metals and [ID millions of dollars] alcoholic beverages. In 1936 corporate issues for new capital purposes were broadly dis- Domestic corporate Total tributed. Issues of railroads, most of which Period domestic and Refund- appeared in the first half of the year, acforeign Total ing New counted for 22 percent of the total, and pub- 1925-1929. annual average 9.134 6,322 1,249 5, 073 lic utilities for 10 percent. Substantial offer- 1932-1934, annual average 1.658 505 283 221 I935—total 4, (599 2, 207 1,804 404 ings continued to be made in 1936, as in 1935, 1936-total 6,215 4, 579 3,385 1, 104 by companies producing metals and alcoholic i As compiled by the Commercial and Financial Chronicle; exclude U. S. Government issues, other than guaranteed issues publicly offered beverages; large amounts were also offered Publicly-offered issues by States and mu-by oil companies, by merchandising firms, nicipalities and by Federal agencies, exclud- and by finance companies. Most of the securing direct obligations of the United State; ity issues of the merchandising and finance Government, declined from $2,400,000,000 in companies appeared in the final quarter of 1935 to $1,500,000,000 in 1936. In the 1932- the year. 1934 period, issues of these securities aver- Corporate refunding issues during the past aged about $1,100,000,000 a year, or more two years have been offered predominantly than two-thirds of all capital issues. The by public utilities, with 64 percent of all redecrease in 1936 reflected principally the com- funding issues from this source in 1935 and pletion of substantial refunding operations 59 percent in 1936. There has been no subby the Federal land banks. stantial amount of refunding by railroads In contrast with the 1925-1929 period, the except in the first half of 1936. Manufacturmajor part of the securities issued by domes- ing and mining companies accounted for tic corporations during the last two years about 25 percent of the refunding issues in has been for the purpose of refunding out- both 1935 and 1936. The major part of the standing issues. Recently, however, there refunding by these groups was by corporahas been an increase in the amount and pro-tions engaged in the production of metals, portion of security issues for new capital oil, and foods. The aggregate for industrial purposes. Offerings for new capital, includ- corporations has been large enough to indiing that used for repayment of bank loans cate an important movement toward reducand other unfunded debt, increased from tion in interest costs through the refunding $20,000,000 in the first quarter of 1935 to of high coupon obligations. $425,000,000 in the fourth quarter of 1936. Well over 90 percent of all corporate issues The total for 1936, which was $1,200,000,000, offered for refunding in 1935 and 1936 were is still small as compared with the period in the form of bonds, with the balance chiefly 1925-1929 when the annual average was in preferred stock. In the case of corporate about $5,000,000,000. Available information issues to secure new capital, the proportion indicates that during the past two years an of bonds and notes declined from 90 percent increasing proportion of the issues for new in the first quarter of 1935 to 81 percent in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 107 the first quarter of 1936, and to 61 percent of high-grade corporate bonds, now show in the last quarter. The decline in this pro- average yields close to those of long-term portion has resulted partly from a more rapid United States Treasury bonds. Yields on increase during 1935 of preferred stock, but high-grade bonds declined fairly steadily mainly from the increase in 1936 of common throughout 1936, with a sharp decline in stock issues, as compared with bonds and yields on United States Government and highnotes. grade municipal bonds in November. Except During 1936 prices of securities advanced for some reaction in Government bonds, further, reflecting both investment and spec- yields have since continued near the record ulative demand. In the last quarter low levels. markets of 1986 avera£e Prices of leading Prices of common stocks declined sharply stocks rose to the highest levels in the spring of 1936, following a sustained since 1930, and bond prices were the highest advance during the preceding year, but the on record. These levels were generally main- decline was brief and the advance was soon tained or exceeded in January. resumed. The sharpest increase occurred Buying of securities in the past year has between late September and early November. For the year as a whole average prices been done principally with funds already of common stocks increased by about 30 peravailable and has been based on additional cent, following upon an increase of about 40 credit to only a small extent. Stock exchange percent in 1935. The average for shares of firms reported an increase of about $140,industrial corporations rose to the highest 000,000, or about 10 percent, in their adlevel since the middle of 1930 and utilities vances to customers for margin trading, and and rails to the highest since the latter part loans by banks to brokers and dealers in seof 1931. curities showed a similar increase. Other loans on securities by banks showed little Volume of trading on the New York Stock change. Foreign buying of American securi- Exchange, which increased substantially in ties was substantial in the course of the year, the latter part of 1935 and early in 1936, deamounting on balance to over $300,000,000 clined in the second quarter of 1936 and durin the first nine months of 1936. In the six ing the summer averaged less than a million weeks following inauguration of the new cur- shares per day, but increased again in the last rency arrangement at the end of September, quarter of the year to a level of from two to the volume of foreign buying was greatly in- three million shares per day. creased. Subsequently, however, it declined to about the rate that characterized the first three quarters of the year. In addition for- Election of Class A and Class B Directors eigners purchased on balance in American The member banks elected the following markets about $150,000,000 of foreign securi- Class A and Class B directors of the Federal ties in the first nine months of 1936, and Reserve banks for the three-year term beginthese purchases have continued undiminished. ning January 1, 1937: Reflecting rising bond prices, bond yields have continued to decline, reaching new lows CLASS A in the past year. From December 1934 to Boston—Leon A. Dodge. New York—William F. Ploch. December 1936 yields on long-term Govern- Philadelphia—George W. Reily (reelected). ment bonds fell from 2.97 to 2.27 percent, and Cleveland—Ben R. Conner (reelected). Richmond—Charles E. Rieman (reelected). on high-grade corporate bonds from 3.81 to Atlanta—R. G. Clay (reelected). 3.10 percent. High-grade municipal bonds, Chicago—Walter J. Cu mm ings. St. Louis—Max B. Nahm (reelected). which in 1934 sold on a yield basis near that Minneapolis—H. C. Hansen (reelected). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN" FEBRUARY 1937 Kansas City—C. C. Parks (reelected). Chairmen of Federal Reserve banks for the Dallas—Ed H. Winton. year 1937: San Francisco—Keith Powell (reelected). New York—Owen D. Young (reappointed). CLASS B Cleveland—G. C. Brainard. Atlanta—Wm. H. Kettig (reappointed). Boston—Edward J. Frost (reelected). Chicago—R. E. Wood (reappointed). New York—Robert T. Stevens (reelected). St. Louis—Paul Dillard (reappointed). Philadelphia—J. Carl DeLaCour (reelected). Kansas City—Edward P. Brown (reappointed). Cleveland—John E. Galvin (reelected). San Francisco—A. P. Welch. Richmond—Charles C. Reed (reelected). Atlanta—J. A. McCrary (reelected). Chicago—Max Wellington Babb (reelected). St. Louis—James W. Harris (reelected). Retirement of Chairmen and Federal Reserve Agents Minneapolis—Albert P. Funk (reelected). at Federal Reserve Banks of Richmond, Atlanta Kansas City—Willard D. Hosford (reelected). and San Francisco Dallas—J. R. Milam (reelected). San Francisco—Malcolm McNaghten (reelected). Effective at the close of December 31,1936, F. A. Delano and W. N. Moore retired as Class C directors and Chairmen and Federal Reserve Agents at the Federal Reserve Banks Appointment of Class C Directors of Richmond and San Francisco, respectively. The Board of Governors of the Federal Mr. Delano has had a close contact with Reserve System appointed the following Class the Federal Reserve System from the date of C directors of Federal Reserve banks for the its origin. He was appointed a member of periods shown: the original Federal Reserve Board, which took office on August 10, 1914, and served in Term expires Dec. 31 that capacity until July 22, 1918. On July 1, Boston Henry S. Dennison 1939 1921, he was appointed a Class C director of New York___ Beardsley Ruml 1938 the Federal Reserve Bank of Richmond, and Cleveland Reynold E. Klages 1939 Richmond-__ W. G. Wysor 1939 on January 1, 1923, he was appointed Deputy Donald H. Sherwood 1938 Chairman of the bank, which office he held Atlanta Frank H. Neely 1938 until March 17,1936, when he was designated St. Louis William T. Nardin 1939 Chairman and Federal Reserve Agent at the Kansas City. Edward P. Brown (reappointed). 1939 Dallas J. H. Merritt 1938 bank. Mr. Moore was appointed a Class C director and Deputy Chairman of the Federal Re- Designation of Chairmen and Federal Reserve Agents serve Bank of San Francisco on January 6, and Appointment of Deputy Chairmen 1916, and served in that position until July 8, The Board of Governors of the Federal 1936, the date on which he was designated Reserve System designated the following Fed- Chairman and Federal Reserve Agent. eral Reserve Agents and Chairmen of the Effective at the close of December 31,1936, boards of directors of Federal Reserve banks H. Warner Martin resigned as Class C direcfor the year 1937: tor and Chairman and Federal Reserve Agent at the Federal Reserve Bank of Atlanta. Mr. Boston—F. H. Curtiss (redesignated). Martin on August 9, 1933, was appointed Philadelphia—R. L. Austin (redesignated). Assistant to the Governor of the Federal Re- Cleveland—E. S. Burke, Jr. (redesignated). Richmond—Robert Lassiter. serve Board, and served in that position until St. Louis—William T. Nardin. October 30, 1934. On January 12, 1935, he Minneapolis—W. B. Geery (redesignated). was appointed a Deputy Governor of the Kansas City—J. J. Thomas (redesignated). Federal Reserve Bank of Atlanta, continu- Dallas—C. C. Walsh (redesignated). ing in that position until his appointment as San Francisco—A. 0. Stewart. a Class C director and designation as Chair- The Board of Governors of the Federal Re- man and Federal Reserve Agent at the bank serve System appointed the following Deputy on February 18, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 109 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 26 and released for publication January 28] The Board's index of industrial production FACTORY EMPLOYMENT AND PAYROLLS showed a sharp advance in December after allowance is made for the usual seasonal changes. There was a marked expansion in employment and pay rolls, and retail trade continued at high levels. Production and employment.—Actual volume of industrial production showed little change from November to December, at a time when a sharp seasonal decline is usual, and the Board's adjusted index advanced 50 from 114 to 121 per cent of the 1923-1925 average. There was a further rise in activity 30 L 1929 1930 1931 1932 1933 1934 1935 1936 1937 INDUSTRIAL PRODUCTION Monthly indexes of number employed and payrolls at factories, unadjusted for seasonal variation, 1923-1925 average = 100. largest advances at plants producing automobiles and machinery. In the nondurable goods industries there were marked increases in the number employed at textile mills and at shoe factories. Reflecting principally the higher level of employment and advances in wage rates, factory pay rolls increased sharply in December, particularly at steel mills and in the textile industries. In retail trade, employment rose more than seasonally, ... ..! I 50 1929 1930 1931 1932 1933 1934 1935 1936 1937 and in most other nonagricultural pursuits Monthly index of physical volume of production, adjusted for there were increases, when allowance is made seasonal variation, 1923-1925 average = 100. for seasonal changes. at textile mills to the highest level on record, Distribution.—Retail sales in December inand output of other nondurable manufac- creased seasonally at department stores and tures was maintained. Declines in produc- by more than the usual seasonal amount at tion of steel and lumber were smaller in De-variety stores and mail-order houses serving cember than are usual in that month. At au- rural areas. tomobile factories there was a marked in- Freight-car loadings showed a smaller decrease in output. In the first three weeks of crease than is usual in December, and the January activity at steel mills increased some- Board's seasonally adjusted index advanced what, but there was a decline in assemblies of further. automobiles as a result of shutdowns occa- Commodity prices.—Wholesale prices, for sioned by strikes. Coal production declined both industrial and agricultural commodities, seasonally from November to December, continued to advance in the second half of while output of crude petroleum increased, December and the first half of January. There contrary to seasonal tendency. were marked increases in prices of industrial Value of construction contracts awarded, raw materials, particularly nonferrous metaccording to figures of the F. W. Dodge Cor-als, lumber, hides, and wool, and prices of a poration, showed a seasonal decrease in De-number of finished goods, such as steel prodcember. ucts, paper, and textiles, also advanced. Factory employment expanded further be- Since the middle of January there has been tween the middle of November and the mid-a decline in prices of commodities traded in dle of December, contrary to the usual sea- on the organized exchanges. sonal movement. Increases were general Bank credit.—Loans and investments of among the durable goods industries, with the reporting member banks in leading cities de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN" FEBRUARY 1937 The rate on 90-day bankers' acceptances WHOLESALE PRICES was raised Y\<\ of 1 percent on January 13 PLR fEM 120 and now stands at *4 of 1 percent. Market 110 ...... .! ,110 discount rates on Treasury bills have also in- ! creased, with bills offered in the week ending 100 ! : 1100 January 16 selling at a discount of over % 90 i- •• X* • 90 of 1 percent, as compared with a rate of about Y\ o of 1 percent early in December. eo • 80 ^V MEMBER BANK LOANS AND INVESTMENTS 70 BiLL'CNS OF_DOL'_ARS __ _ BlLLI I LOANS I i ' INVESTMENTS 60 — : eo 50 I 1929 1930' 193 1932 1933 1934 1935 1936 1937 Index compiled by U. S. Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931 ; by weeks, January 2, 1932, to January 23, 1937. clined in the first three weeks of January, as a result of reductions in commercial loans and in loans to brokers. The decrease in loans reflected in part the retirement of notes issued by the Commodity Credit Corporation last July and in part repayment of other loans, which had increased sharply in preceding Wednesday figures for reporting member banks in 101 leading weeks. Holdings of Government obligations cities, Sept. 5, 1934, to Jan. 20, 1937. Loans on real estate and loans to banks excluded. declined further at New York City banks but increased at banks in other leading cities. Excess reserves of member banks increased Demand deposits decreased at the turn of the from $1,880,000,000 to $2,130,000,000 in the year, but thereafter increased somewhat, re- four weeks ending January 20, reflecting flecting chiefly the return of currency from largely the post-holiday return flow of curholiday use. rency from circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

111 FEMU-ARY 1937 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLiONS OF DOLLARS 12 MONEY IN CIRCULATION TREASURY CASH RESERVE BANK CREDIT TREASURYY DDEEPPOOSSITITSS |V|V MEMBER BANK RESERVE BALANCES 1932 1933 1934 1935 1936 1937 Latest figures for January 27, 1937. See table on page 120. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN FEBRUARY 1937 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1936 1935 Annual averages Dec. Nov. Oct Dec. Nov. Oct 1936 1935 1934 1933 1932 1929 RESERVE BANK CREDIT, MEMBER BANK RESERVES, Averages of daily figures; in millions of dollars AND RELATED ITEMS Reserve bank credit—total 2,498 2,472 2, 480 2,494 2,482 2,482 2,481 2,475 2, 502 2,429 2,077 1,459 Bills discounted- 7 6 7 6 7 8 6 7 36 283 521 952 Bills bought 3 3 3 5 5 5 4 5 25 83 71 241 U. S. Government securities 2,434 2,430 2,430 2, 430 2, 430 2, 430 2, 430 2,431 2, 432 2,052 1,461 208 Monetary gold stock 11,220 11, 116 10, 983 10, 072 9, 777 9, 545 10, 578 9, 059 7,512 4,059 3, 952 3,996 Treasury currency 2, 528 2,517 2,512 2, 454 2, 410 2, 398 2, 503 2,478 2,381 2,271 2,096 2,015 Money in circulation 6, 563 6, 401 6, 321 5, 897 5,770 5, 704 6,101 5, 585 5, 403 5, 576 5, 328 4, 476 Treasury cash 2, 357 2,373 2,413 2,545 2,581 2, 638 2,474 2, 791 2, 798 288 236 207 Treasury deposits with F. R. banks 155 86 146 324 49 55 446 128 81 55 39 22 Nonmember deposits and other accounts 506 461 502 539 512 560 551 507 438 497 407 406 Member bank reserve balances: Total 6, 665 6,785 6, 594 5, 716 5, 757 5,469 5, 989 5,001 3, 676 2, 343 2,114 2,358 Excess 2,046 2,219 2,043 2, 983 3,061 2,820 2,512 2, 469 1,564 528 256 43 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments 22, 760 22, 444 22, 566 20, 769 20, 510 20, 355 22, 064 19, 997 18,672 17, 505 19,080 22, 599 Loans to brokers in New York City.. 1,021 941 945 921 820 800 969 820 815 591 337 1,405 Other loans on securities 2, 261 2, 239 2,243 2,281 2,242 2,237 2, 267 2, 301 2,711 3, 343 4, 508 6,251 All other loans 5,748 5, 575 5,530 4, 982 4,968 4,926 5, 226 4,907 4,965 5, 222 6, 578 9,231 U. S. Government obligations: Direct 9,241 9, 232 9,310 8, 433 8,291 8,156 9, 080 7,989 6, 856 5,228 4,413 2,865 Fully guaranteed 1, 242 1, 255 1, 255 1,131 1,138 1,114 1, 250 928 -325 Other securities 3, 247 3, 202 3,283 3, 021 3,051 3,122 3,272 3,052 ' 3,000 3, 121 3, 245 2,847 T D D B C R B i o a a e e e m l s s p r m a r h e o e o n r a s v w c i n d i n e e t d e i s s n p v w g o d o w a s i e f s u t i p i h d l t t t h o s o s F m d ( i e t e o s e d x — m s e c t r l i e a a u c s d l d t b j i i R u c n a s n g e b t s k e a e i d s n n r 3 v t k .. e e s _ r b b a a n n k k ) s 2 1 6 5 5 2 5 , , , , , 1 4 5 4 0 2 5 3 4 2 1 4 6 5 9 4 7 1 5 4 1 6 5 2 5 5 , , , , , 0 4 3 4 2 4 3 6 6 0 3 2 2 3 2 4 1 6 2 1 6 2 5 5 5 , , , , , 0 0 3 2 1 3 8 7 8 7 5 9 0 5 0 6 2 9 1 1 4 4 5 2 3 , , , , , 8 6 3 3 9 3 7 9 8 1 0 7 2 4 2 8 4 2 6 1 4 4 5 2 3 , , , , , 8 4 7 3 3 7 8 0 2 1 5 7 3 6 5 0 4 1 9 1 4 4 2 5 3 , , , , , 9 4 3 3 2 2 1 3 5 3 4 5 7 5 9 9 1 4 3 1 4 4 5 2 4 , , , , , 8 9 6 3 7 3 1 9 1 8 9 5 0 9 9 5 3 9 8 1 4 4 4 2 2 , , , , , 0 9 8 1 7 3 2 3 8 1 2 2 4 8 3 2 9 6 4 3 2 1 , , , , ( 8 9 6 2 8 0 1 3 8 7 7 4 7 8 1 5 4 2 1 1 , , , , ( 9 8 3 2 1 8 ') 2 2 4 4 1 2 2 2 6 0 5 2 2 5 1 1 , , , , ( 2 7 6 0 6 2 1 7 6 7 5 4 2 6 3 0 6 2 1 1 ( , , , , 0 7 7 1 2 6 7 2 4 8 7 4 8 5 2 8 4 8 7 228 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper .75 .75 .75 .75 .75 .75 .75 .76 1.02 1.72 2.73 5.85 Stock exchange call loans 1.00 1.00 1.00 .75 .75 .29 .91 .56 1.00 1.16 2.05 7.61 U. S. Treasury bills .10 .13 .09 .14 .20 .14 .14 .26 .52 U. S. Treasury bonds, long term 2.27 2.29 2.42 2.73 2.73 2.77 2.47 2.70 3. 10 3.31 3. 65 3.60 Corporate high grade bonds (Moody's Aaa). 3.10 3.15 3. 18 '3.44 3.47 3.52 3.24 3.60 4.00 4.49 5.01 4.73 CAPITAL ISSUES Amounts per month; n millions of dollars All issues—total.. 724 '372 463 '422 '384 '368 518 389 180 89 146 959 New 266 '168 187 '221 '118 '149 165 124 116 (50 100 841 Refunding 458 -"214 276 '201 '266 '220 353 265 64 29 46 118 Domestic corporate issues—total.. 626 "-264 366 167 251 252 382 189 41 32 54 781 New 218 '111 95 67 33 73 99 34 15 13 27 667 Refunding 408 ••153 272 101 217 179 282 155 26 18 27 115 PRICES Index numbers Common stocks(1926=100) 123 124 119 95 93 85 111 78 72 63 48 190 Wholesale commodity prices (1926=100): All commodities 84 82 82 81 81 81 81 80 75 66 65 95 Farm products 89 85 84 78 78 78 81 79 65 51 48 105 Foods.. 86 84 83 86 85 85 82 84 71 61 61 100 Other commodities 82 81 80 79 79 78 80 78 78 71 70 92 Retail food prices (1923-25=100) 83 83 83 82 82 80 82 80 74 66 68 105 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 1923-25=100 Industrial production P121 11.4 110 101 96 95 P105 90 79 76 64 119 Manufactures i> 122 115 110 101 97 95 Pl()5 90 78 75 63 119 Minerals "116 111 "•105 102 92 93 P104 91 86 82 71 115 Construction—total P62 58 57 '68 60 48 P55 37 32 25 28 117 Residential P41 40 43 26 26 25 P36 21 12 11 13 87 Fact A or l y lo e th m e p r loyment4 P /> 8 9 0 8 9 7 6 2 6 9 9 4 '1 8 03 9 8 8 8 8 6 8 6 7 P P 7 9 0 2 8 5 6 0 4 8 8 2 3 7 7 2 4 6 0 6 1 1 4 0 2 5 Factory payrolls (unadjusted)4. P95 91 89 77 76 76 P82 71 63 49 47 109 Freight-car loadings 86 80 73 71 66 64 72 63 62 58 56 106 Department store sales •92 93 90 83 82 78 88 79 75 67 69 111 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. P230 226 223 270 221 P204 190 178 140 134 437 General imports P214 196 212 I 187 169 189 P202 171 138 121 110 367 p Preliminary. « Partly estimated. ' Revised. 1 Figures not available. 2 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

113 FEBRCART 1937 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Advance payments on Government bonds as deposits Payment of interest on demand deposits of public against which reserves must be carried funds The Board was recently presented with the The Board of Governors has recently requestion whether advance payments on ceived a number of inquiries regarding the United States Government bonds are deposits payment of interest after August 23,1937, on against which member banks and Federal demand deposits of public funds of States and Reserve banks are required to carry reserves. their subdivisions. In answering these in- It was understood that such advance pay- quiries, the Board called attention to the fact ments on Government bonds are made by sub- that the twelfth paragraph of section 19 of scribers pursuant to instructions issued by the Federal Reserve Act provides that no the Secretary of the Treasury which are de- member bank shall pay interest on any designed to provide for an equitable allotment posit which is payable on demand and also and distribution of these bonds by requiring provides that until the expiration of two the subscribers to make substantial initial years after the date of enactment of the Bankpayments at the time their subscriptions are ing Act of 1935 the above prohibition shall entered. In cases where a bank enters subnot apply to any deposit of public funds made scriptions on behalf of its customers, the bank by or on behalf of any State, county, school is required to certify that there has been paid district, or other subdivision or municipality, to it by each such customer, "not subject to if the payment of interest with respect to withdrawal until after allotment and paysuch deposit of public funds is required by ment in full for securities allotted, the full State law. amount required to accompany his applica- The Banking Act of 1935 was enacted on tion." The question presented, therefore, August 23, 1935, and, therefore, the two-year was whether these advance payments to period during which member banks may pay banks by subscribers constitutes deposits interest on demand deposits of public funds of against which reserves are required to be States and subdivisions thereof, where recarried. quired by State law, expires on August 23, The Board had previously taken the posi- 1937. No member bank may pay any interest tion that all funds received by a bank in the accruing after August 23, 1937, on any decourse of its commercial or fiduciary business mand deposit of public funds regardless of must be considered as deposits against which whether or not the payment of interest on reserves are required to be carried, unless such funds is required by State law. such funds are trust funds and are actually The Board has also received several resegregated from the other assets of the bank. quests for advice as to whether member banks This position was stated in a ruling pubmay pay interest on demand deposits of Inlished at page 572 of the FEDERAL RESERVE dian funds, Postal Savings funds, and other BULLETIN for 1922. United States Government funds. These in- Since it appeared that these advance payquiries apparently had reference to the quesments on Government bonds do not constitute tion whether interest may be paid on such detrust funds and are not actually segregated posits after August 23, 1937. As a matter from the bank's other assets, the Board of of fact, interest may not now be paid on de- Governors expressed the view that such advance payments constitute deposits against mand deposits of any such funds deposited by which member banks and Federal Reserve the United States or by any public instrubanks are required to carry reserves. mentality, officer, or agent thereof, and this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN FEBRUARY 1937 situation will remain unchanged after August [PUBLIC—No. 2—75TH CONGRESS] 23,1937. [CHAPTER 6—1ST SESSION] Although the twelfth paragraph of section [S. 415] 19 of the Federal Reserve Act exempts from AN ACT the prohibition against the payment of in- To continue the functions of the Reconstruction Finance Corporaterest on demand deposits the payment of in- tion, and for other purposes. terest accruing on or before August 23, 1937, Be it enacted by the Senate and House of Repreon demand deposits of public funds if the pay- sentatives of the United States of America in Conment of interest with respect to such funds gress assembled, That notwithstanding any other is required by State law, this exception does provision of law, until the close of business on June 30, 1939, the Reconstruction Finance Corporation is not include the payment of interest on public hereby authorized to continue to perform all funcfunds pursuant to requirements of Federal tions which it is authorized to perform under law, law. Furthermore, the last sentence of the and the liquidation and winding up of the Corporatwelfth paragraph of section 19 of the Fed- tion's affairs as provided for by section 13 of the eral Reserve Act provides that so much of Reconstruction Finance Corporation Act, as amended, existing law as requires the payment of in- are hereby postponed during the period that functions of the Corporation are continued pursuant to erest with respect to any funds deposited this Act: Provided, That in order to facilitate the by the United States, by any Territory, Diswithdrawal of the credit activities of the Corporation trict, or possession thereof (including the when from time to time during such period the Philippine Islands), or by any public instru- President finds, upon a report of the Board of Direcmentality, agency, or officer of the foregoing, tors of the Corporation or otherwise, that credit for as is inconsistent with the provisions of sec- any class of borrowers to which the Corporation is authorized to lend is sufficiently available from prition 19 of the Federal Reserve Act, as vate sources to meet legitimate demands upon fair amended, is repealed. terms and rates, the President may authorize the The Board called attention to the fact, howdirectors to suspend the exercise by the Corporation ever, that interest may be paid at a rate not of any such lending authority for such time or times in excess of the applicable maximum rate set as he may deem advisable. forth in the supplement to Regulation Q on SEC. 2. (a) Section 7 of the Act approved January funds of the kinds described above if they 31, 1935 (Public, Numbered 1, Seventy-fourth Congress), is hereby amended by striking from the first are placed in time deposits in member banks. sentence thereof "April 1, 1937" and inserting in lieu thereof "the close of business on June 30, 1939"; section 1 of the Act approved March 31, 1936 (Pub- Continuation of the Reconstruction Finance Corpora- lic, Numbered 484, Seventy-fourth Congress), is tion and related agencies hereby amended by striking from the first sentence The following is the text of an Act ap- thereof "February 1, 1937" and inserting in lieu proved January 26, 1937, extending until thereof "the close of business on June 30, 1939"; section 9 of the Act approved January 31, 1935 (Public, June 30, 1939, the period within which the Numbered 1, Seventy-fourth Congress), is hereby Reconstruction Finance Corporation is auamended by striking from the first sentence thereof thorized to perform its functions and pro- "June 16, 1937" and inserting in lieu thereof "the viding under specified circumstances for with- close of business on June 30, 1939". drawal during that period of its lending ac- (b) The agencies referred to in the Acts referred tivities. The Act also provides for continua- to in subdivision (a) of this section, and the RFC Mortgage Company, shall be deemed to be estabtion until June 30, 1939, of the Commodity lished by or pursuant to law within the meaning of Credit Corporation, the Electric Home and section 7 (a) of the First Deficiency Appropriation Farm Authority, and the Export-Import Act, fiscal year 1936. Bank of Washington. Approved, January 26, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

115 FEBRUARY 1937 FEDERAL RESERVE BULLETIN Extension of powers relating to Stabilization Fund sooner declare the existing emergency ended and the and a Herat ion of weight of dollar operation of the stabilization fund terminated." The following is the text of the Act ap- SEC. 2. The second sentence added to paragraph (b) (2) of section 43, title III, of the Act approved proved January 23, 1937: May 12, 1933, by section 12 of said Gold Reserve Act of 1934 is amended to read as follows: "The powers [PUBLIC—No. 1—75TH CONGRESS] of the President specified in this paragraph shall be [CHAPTER 5—1ST SESSION] deemed to be separate, distinct, and continuing powers, and may be exercised by him, from time to [S. 416] time, severally or together, whenever and as the ex- AN ACT pressed objects of this section in his judgment may require; except that such powers shall expire June To extend the time within which the powers relating to the stabilization fund and alteration of the weight of the dollar 30, 1939, unless the President shall sooner declare may be exercised. the existing emergency ended." Be it enacted by the Senate and House of Repre- Approved, January 23, 1937, 2 p. m. sentatives of the United States of America in Con- The Gold Reserve Act of 1934, approved gress assembled, That subsection (c) of section 10 January 30, 1934, was published in the of the Gold Reserve Act of 1934, approved January 30, 1934, is amended to read as follows: BULLETIN for February 1934, pp. 63-67; the Act approved May 12, 1933, was published "(c) All the powers conferred by this section shall expire June 30, 1939, unless the President shall in the BULLETIN for May 1933, pp. 307-318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1936 Total Boston Y N o e r w k d P e h lp il h a i - a C a le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco CURRENT EARNINGS Discounted bills $107,584 $7, 658 $70,150 $7, 511 $1,459 $1,777 $1,780 $1, 649 $1,495 $1,049 $4. 004 $6, 586 $2, 460 Purchased bills 29, 592 2,103 10,577 3,035 2, 810 1,159 1, 037 3, 693 798 501 833 832 2. 088 U. S. Government securities 35,181,125 2,394, 450 9,909,061 2, 854, 961 ;,365, 116 1,790,550 1, 442, 585 4,124, 552 1,804, 145 1,265,519 1,743,999 1,458,501 3, 027, 680 Industrial advances 1, 580, 688 140,708 374, 869 311,519 84,341 211,204 42, 368 105, 086 20, 385 79,125 47, 995 93, 293 75, 735 Commitments to make industrial ad vances 282, 079 25, 019 107.077 2, 905 15,731 21,068 1, 025 1,548 17,736 979 9, 868 5, 434 71,799 All other 713, 57L 2,80; 05, 290 76, 500 (57, 090 29, 795 34, 726 186, 948 18, 658 14, 785 166, 605 10,059 39, 638 Total current earnings 37, 900, 639 2, 573, 553 10, 537,030 3, 250, 497 3, 537, 159 2, 056, 153 1,524, 121 4, 423, 476 1,803,217 1,362,018 1,973,304 1,574,705 3,219,400 CURRENT EXPENSES Operating expenses: Salaries: OiTicers $2, 028, 875 $141,917 $588,160 $158,790 $195,485 $155,642 $200, 848 $308,226 $175,278 $120, 291 $191,473 $155,150 $231,009 Employees 17, 304, 889 1,060,946 4,461,410 1,405,995 1,628,741 988,167 880,831 2,] 23, 984 929, 865 614, 200 983,910 710, 856 1,503,984 Retirement System contributions for current service 932,023 54, 870 233,413 71,728 83, 548 54, 988 43, 726 112,586 54, 586 36,984 62, 520 39,642 83, 432 Legal fees 09, 502 1,598 4, 698 7, 045 5, 234 571 4. 866 3, 658 193 10,14i 11,432 9,215 10,845 Directors' fees and expenses 128,713 5, 464 15,277 8,882 7,394 0,047 13,214 8, 264 12, 264 10, 293 20, 402 7,241 13,911 Federal Advisory Council fees and expenses 14, 223 1,150 576 750 710 808 891 1,169 1,350 1,204 1,239 1,776 2, 600 Traveling expenses (other than directors and members of Federal Advisory Council) 296, 883 14,901 55, 561 32, 430 27, 224 21, 324 20, 293 32, 523 14, 372 29,912 13, 600 13,104 21, 639 Postage and expressage 3,940,790 401,279 008,081 326, 562 365,295 250, 766 273, 479 513,020 179, 613 148,932 272, 853 187, 550 353, 360 Telephone and telegraph 654,191 28, 708 114, 920 41,444 54, 089 43, 789 66, 741 46, 472 47, 041 23, 822 56,124 41, 355 89,086 Printing, stationery and supplies. 853, 709 58,159 221,175 79, 223 70,015 43, 786 48, 972 86, 086 41, 488 37,388 46, 247 43,617 77, 553 Insurance on currency and security shipments 276, 422 37, 303 50,987 29,192 27,907 18, 102 15.206 31,217 6,173 9,378 10, 005 10, 461 24, 431 O t her insurance 259, 737 17, 501 37,818 2J,099 19, 507 15, 936 17,264 21,871 21, 169 21,077 26, 204 17, 269 23, 022 Taxes on bank premises 1,369,378 143, 640 396, 709 69, 767 130, 185 67,080 53,187 169,742 53,050 66,817 87, 303 32,114 93, 784 Depreciation on bank building. __ 1, 207, 339 55,832 227. 327 126, 532 156,782 109,233 47, 293 125,834 62, 623 29,233 82,806 72, 239 111,005 Light, heat, power, and water.__ 393, 592 26, 168 73, 964 35, 478 45, 259 23, 459 19, 345 45, 522 23,311 20, 067 36, 262 19, 140 25, 617 Repairs and alterations to bank building 210,634 7,827 49, 301 24, 967 13,274 6,031 4, 754 22, 462 35,211 6,840 10, 804 22, 869 6, 294 Rent 188,109 240 1,070 81,962 30, 794 4, 577 14,902 3,001 1,480 50,083 Furniture and equipment 273, 736 23, 268 71,794 23, 328 30, 523 8, 261 4,323 42, 258 28,165 11,411 4, 027 12,551 13,827 All other 990, 906 30,515 493, 762 72, 285 44,188 29,143 43, 421 62, 581 38,155 34,135 40,099 32,141 70,481 Total operating expenses 31,993,651 2,117,286 7, 770,933 2, 530, 573 2, 993,982 1,873,927 1,763,231 3, 772, 377 1, 726,908 1, 238,131 1, 957, 370 1, 435, 770 2, 807,163 Less reimbursements for certain fiscal agency and other expenses 5,977,313 277, 754 1,419,999 324, 475 459, 293 302, 939 636, 304 863, 797 417,436 197, 977 342, 237 306, 463 428, 639 Xet operating expenses 20, 016, 338 1,839,532 6, 350, 934 2,212,098 2, 534, 689 1,570,988 1,120,927 2, 908, 580 1, 309, 472 1,040,154 1,615,133 1, 129,307 2, 378, 524 Assessment for expenses of Board of Governors 1, 679, 566 123, 479 609, 979 161,061 155,081 73, 747 58, 865 193, 744 49, 908 39, 751 48, 391 49, 148 116,412 Federal Reserve currency: Original cost 2,011,748 172, 398 444,896 138,315 221,401 90, 270 119,591 327, 433 80,095 57, 826 66, 735 90, 677 196, 111 Cost of redemption 166, 371 12,787 35,199 13, 854 11,921 10, 192 12, 880 23, 623 11,210 5, 458 0, 773 7, 403 15,071 Total current expenses 29, 874, 023 2,148,196 7,441,008 2, 525, 328 2, 923, 092 1, 745, 197 1,318,203 3, 453, 380 1,450,685 1, 143, 1891, 737, 032 1,282,535 2,706, 118 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1936—Continued Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n is co I; > 3 PROFIT AND LOSS ACCOUNT Current earnings $37, 900, 039 $2. 573. 553$10,537,030 $3, 250. 497 $3,537,159 $2,050,153 $1,524,121 $4, 423, 470 $1,803,217 $1,302,018 $1, 973, 304 $1, 574, 705 $3,219,400 Current expenses 29, 874, 023 2,148,190 7,441,008 2, 525, 328 2, 923, 092 1, 745,197 1,318,203 3, 453, 380 1, 450,085 1,143, 189 1,737,032 1, 282, 535 2,700,118 Current net earnings 8,020,010 425, 357 3, 090, 022 731, 109 014,007 310,950 205, 858 970,090 412, 532 218,829 230, 272 292,170 513,288 Additions to current net earnings: Profits on sales of U. S Government securities 8, 902, 507 478,125 2,889, 122 582, 301 559, 035 290, 982 239. 773 1,150,317 308,700 089,110 308, 007 890,350 503, 419 All other 584, 301 3,100 2, 288 7, 797 554 3, 290 22,970 375, 743 13, 878 100,871 20, 205 4,073 23, 514 Total 9, 480, 808 481,231 2,891,410 590, 098 500, 189 300, 278 202, 749 1,520,000 322, 044 795, 981 328,812 900, 423 520,933 Deductions from current net earnings: Reserves for contingencies 3, 509, 550 57, 500 413,101 03, 120 10, 000 400, 982 39, 310 927, 009 301,355 089,110 88, 309 500, 000 73, 748 Special reserves and charge-offs on bank premises 733, 594 504,874 17, 481 192, 404 18, 775 Prior service contributions to Retirement System 2, 522, 917 178,800 038, 293 193,470 225, 748 157, 044 93, 840 329,958 144,902 83,040 170,700 109,308 197, 748 Assessment for building for Board of Governors 2,007,219 117,001 729, 105 192, 254 185, 323 88,123 70, 352 231,578 59, 053 47, 510 57, 837 58, 743 139,134 Allother 107,711 505 2, 947 2, 490 34, 279 21,537 10, 837 75, 433 4,101 14,224 380 124 788 Total 9,000,991 384, 400 2, 288, 320 451,340 455, 350 073,080 214,345 1, 503, 978 510, 011 851,371 317,292 800,639 430,193 Net additions to current net earnings. 485,817 90, 705 003,090 138, 758 104,839 -373, 408 48, 404 -37,918 -187,307 -55,390 11,520 39, 784 90, 740 i Xet earnings 8,512,433 522, 122 3,099, 112 809,927 718,900 -02, 452 254, 202 932,178 225, 105 103, 439 247, 792 331,954 010,028 Paid U. S. Treasury (sec. 13b)._. 227, 448 34, 488 13,752 83, 908 14,431 28, 354 10,400 10, 959 25,030 Dividends paid 7,829,581 503, 728 3, 030, 704 730, 185 752,931 280, 130 254, 202 725, 553 225, 724 179, 052 230, 833 228, 445 010, 028 Transferred to surplus (sec. 13b) 102,944 94, 119 -20,247 25,030 -559 10,001 Transferred to surplus (sec. 7) 352, 400 -70,094 048, 050 -44, 345 -48,450 -310, 341 153,241 -32, 073 07,872 F NOTE.—Current expenses as shown above include the cost of furniture and equipment purchased during the year and normal depreciation on bank buildings and exclude contributions to the Retirement System on account of services rendered prior to the establishment of the Retirement System on March 1, 1934. Heretofore prior service contributions have been included in current expenses and the cost of furniture and equipment and normal depreciation on bank buildings have been shown as deductions from current net earnings. Operating expenses now include reimbursable fiscal agency expenses which heretofore were shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN FEBRUARY 1937 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding r M es e er m v b e e b r a b la a n n c k es Treasury Other Mone- Treas- Money deposits Non- Fed- U. S. tary ury in cir- 1 reas- with mem- eral Date " X d R >1 i i 1 l s 1 lc S - bo B u il g ls ht m G er e o n n v - t - R O b e a s th e n e r k v r e Total s g to ol c d k re cu n r c - y c t u io la n - c u a r s y h R F b e e a d s n e e k r r v s a e l b p e o r s i d t e s - R c e o a s u c e n - r t v s e Total E ( x e c st e i s - s counted securi- credit mated) ties End of month figures: 1936—Jan. 31 9 5 2,430 35 2,479 10,182 2,493 5,737 2, 548 453 304 253 5,860 3,084 Feb. 29 7 5 2,430 40 2,482 10,167 2,499 5,846 2,513 424 327 254 5,784 2,986 Mar. 31._.. 8 5 2,430 31 2,474 10,184 2,504 5,877 2, 530 1,077 332 259 5,087 2,305 Apr. 30 5 5 2,430 34 2,475 10,225 2,500 5,886 2,531 082 356 260 5,486 2,664 May 30 5 3 2,430 35 2,474 10,402 2,490 5,953 2, 583 518 337 256 5,719 2,866 June 30 4 3 2,430 35 2,473 10, 608 2,498 6,241 2, 497 690 262 257 5,633 2,717 July 31 4 3 2,430 24 2,462 10, 648 2,496 6,162 2. 432 447 306 253 6,005 3,029 Aug. 31 8 3 2,430 30 2,471 10,716 2, 500 6, 227 2, 404 104 287 256 6,410 1,950 Sept. 30 __._ 9 3 2,430 30 2,473 10,845 2,512 6, 207 2, 458 253 234 202 6, 357 1,840 Oct. 31 6 3 2,430 36 2, 476 11,045 2,516 6,351 2, 388 77 205 202 0, 753 2,175 Nov. 30.... 7 3 2,430 13 2,453 11,184 2, 521 6, 400 2, 304 78 201 201 0,788 2, 236 Dec. 31 3 3 2,430 64 2,500 11,258 2,532 0,543 2, 370 244 259 201 0, 000 1, 984 Wednesday figures: 1936—Mar. 4 6 5 2,431 34 2, 475 10,167 2,506 5,848 2, 519 379 321 269 5,813 3,043 Mar. 11 5 5 2,430 33 2,473 10,170 2,503 5,840 2,518 391 337 274 5,786 3,008 Mar. 18 ...- 6 5 2,430 44 2,485 10,173 2,503 5,841 2, 520 1, 007 328 201 5,144 2,388 Mar. 25___. 6 5 2,430 45 2,485 10,177 2,502 5,837 2, 520 1,147 340 261 5,059 2,315 Apr. 1 _ 7 5 2,430 34 2,477 10,185 2, 504 5,884 2, 528 1,080 331 259 5,077 2,338 Apr. 8 6 5 2,430 38 2,479 10,190 2,505 6,906 2, 538 904 346 258 5,161 2,384 Apr. 15 6 5 2,430 35 2,477 10,200 2,502 5,877 2, 544 830 335 260 5,333 2,548 Apr. 22 5 5 2, 430 35 2, 475 10, 209 2, 501 5,860 2, 557 712 355 260 5,442 2,640 Apr. 29 5 5 2,430 32 2,472 10, 221 2,501 6,859 2, 529 079 362 259 5,506 2,686 May 6 5 5 2,430 38 2,478 10, 248 2,497 5,912 2, 553 022 345 259 5,532 2,697 May 13 5 5 2,430 30 2,469 10,302 2,496 5,888 2, 5S3 578 351 257 5,611 2,774 May 20 5 5 2,430 30 2,470 10, 375 2,493 5,896 2, 025 513 353 258 5,694 2,859 May 27 5 4 2,430 26 2,466 10, 388 2,494 5,902 2. 572 544 326 256 5,747 2,901 June 3 6 3 2,430 50 2,489 10, 409 2,493 5,953 2, 579 505 349 292 5,713 2,844 June 10 5 3 2,430 32 2,471 10,480 2,489 5,937 2, 548 510 306 299 5,833 2,948 June 17 7 3 2,430 40 2,480 10, 543 2,490 6,048 2, 607 1, 421 282 261 4,894 2,043 June 24 6 3 2,430 32 2,472 10, 600 2,500 6,173 2, 048 929 252 261 5,308 2,438 July 1 4 3 2,430 35 2,473 10,612 2,498 6, 250 2,501. 731 256 256 5,589 2, 670 July 8 3 3 2,430 36 2,472 10, 622 2,498 6,242 2, 508 507 203 256 5,814 2,883 July 15 3 3 2,430 42 2,478 10,629 2,496 6,190 2,428 593 206 255 5,872 2,923 July 22 3 3 2,430 30 2, 466 10,634 2,497 6,153 2, 430 519 300 254 5,935 2,986 July 29 4 3 2,430 23 2,460 10, 642 2, 496 6,123 2, 441 400 298 253 6,016 3,049 Aug. 5 4 3 2,430 26 2,463 10,650 2,496 6,163 2,427 439 321 254 6,005 3,051 Aug. 12 8 3 2,430 36 2,477 10, 661 2,498 6,170 2,421 338 337 255 6,110 3,167 Aug. 19 6 3 2,430 18 2,457 10, 678 2,499 6,184 2,410 215 342 255 6,229 1,813 Aug. 26 7 3 2,430 25 2,465 10,695 2,501 6,184 2,410 143 336 256 6,332 1,892 Sept. 2 9 3 2,430 21 2,463 10,717 2,502 6,225 2, 375 107 280 255 6,441 1,958 Sept. 9 8 3 2,430 41 2,482 10, 736 2,508 6,276 2, 305 55 271 288 6,471 1,997 Sept. 16 8 3 2,430 54 2,495 10, 762 2,507 6,255 2,371 418 251 263 6,206 1,714 Sept. 23 7 3 2,430 33 2,473 10, 786 2,509 6,239 2,399 388 255 263 6,225 1,743 Sept. 30 9 3 2,430 30 2,473 10,845 2,512 6,267 2, 458 253 234 262 6,357 1,840 Oct. 7 8 3 2,430 31 2,472 10,971 2,509 6, 305 2, 440 190 271 263 6,479 1,954 Oct. 14 8 3 2,430 43 2,485 11,003 2,512 6,316 2,421 135 249 261 6,617 2,072 Oct. 21 6 3 2,430 23 2,463 11,008 2,514 6,311 2, 403 88 227 264 6,693 2,127 Oct. 28 6 3 2,430 23 2,462 11,031 2,514 6,302 2, 390 100 220 263 6,732 2,158 Nov. 4 7 3 2,430 7 2,448 11,058 2,515 6,378 2,392 95 200 262 6,693 2,138 Nov. 10 7 3 2,430 29 2,470 11,105 2, 516 6, 393 2, 300 55 191 262 6,825 2,260 Nov. 18 5 3 2,430 25 2,464 11,127 2,520 6,375 2,378 50 197 260 6,851 2,276 Nov. 25 6 3 2,430 18 2,457 11,162 2,520 6, 429 2, 370 79 206 261 6,795 2,210 Dec. 2 6 3 2,430 28 2,467 11,188 2,522 6, 400 2, 353 110 212 200 6,775 2,205 Dec. 9 6 3 2,430 29 2, 468 11,206 2, 525 0, 497 2, 372 93 229 278 6,731 2,157 Dec. 16 8 3 2,430 42 2,483 11,222 2, 532 0, 552 2. 346 173 227 205 6,674 2,046 Dec. 23 9 3 2,430 100 2, 542 11,229 2,531 0, 080 2, 342 251 256 200 6, 507 1,881 Dec. 30 5 3 2,430 46 2,484 11,251 2, 530 0, 550 2, 308 231 274 270 6, 572 1,946 1937—Jan. 6 3 3 2,430 28 2, 464 11,271 2, 531 0, 473 2, 395 232 278 201 6,627 2,010 Jan. 13. 2 3 2,430 40 2, 476 11,300 2, 528 0,371 2, 439 190 308 201 6, 740 2,103 Jan. 20 2 3 2,430 32 2, 408 11,317 2, 533 0, 339 2,403 188 312 201 0, 755 2,130 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. 112. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 121 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [Tn thousands of dollars] Wednesday figures End of month figures 1937 1936 1936 1935 Jan. 20 Jan. 13 Jan. 6 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. Dec. ASSETS Gold certificates on hand and due from U. S. Treasury._ 8, 849, 893 8, 849, 882 8,851,383 8, 851, 878 8, 851, 876 8,853, 624 8,809, 324 8,811,021 8,851,880 7, 553, 357 Redemption fund—F. R. notes 12,729 13, 330 12,533 12.741 12,741 12, 133 11,986 11,407 12, 741 17,444 Other cash 314, 574 304,749 278,370 247, 672 199,574 232, 753 247, 464 246, 357 256, 534 264, 550 Total reserves 9,177,196 9,167,961 9,142, 286 9, 112,291 9,064,191 9,098,510 9,068, 774 9, 008, 785 9,1.21, 155 7,835,351 Bills discounted: For member banks.. 1 2, 280 2,147 2, 740 5, 076 8, 381 7,181 5, 496 5, 835 2,612 4,316 For nonmember banks, etc 101 201 301 301 501 503 503 503 301 356 Total bills discounted 2,381 2, 348 3,041 5, 377 8,882 7, 684 5, 999 6, 338 2, 913 4,672 Bills bought: Payable in foreign currencies 3, 084 3, 089 3, 089 3. 089 3, 088 3,089 3,088 3,087 3, 089 4, 656 Industrial advances 24,131 24,221 24, 328 24,768 24, 999 25,313 25, 493 25, 696 24, 650 32, 493 U. S. Government securities: Bonds 492, 045 490,690 490,643 490, (543 489, 576 489, 576 408, 326 381,326 490, 643 216,176 Treasury notes _._ 1,345,963 1,343,963 1,340,963 1.340,963 1,347,163 1,347,163 1,417,283 1,449, 163 1,340,963 1,641,597 Treasury bills 592,219 595, 574 598,621 598,621 593,488 593, 488 604,618 599,738 598, 621 572, 958 Total Government securities 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2, 430. 227 2, 430, 227 2, 430, 731 Other reserve bank credit 7, 874 16,011 3, 705 20, 548 74,846 16, 745 3,651 2, 102 39, 281 13, 079 Total Reserve bank credit outstanding ._ 2, 467, 697 2, 475. 896 2, 461. 450 2, 484, 009 2, 542, 042 2, 483, 058 2, 468, 458 2, 467, 450 2, 500, 163 2,485,631 LIABILITIES F. R. notes in actual circulation 4,159,036 4,176,758 4, 242, 336 4, 278, 786 4, 350. 488 4, 268, 972 4, 232, 669 4,202, 799 4, 283, 537 3, 709,074 Deposits: Member bank—reserve account 6, 754, 890 6,739,615 6, 627,004 6,571,721 6, 507, 490 6,674,157 6, 730, 989 6, 775, 236 6, 606, 430 5, 587, 208 U. S. Treasurer—general account.. 188, 259 190,033 232, 287 230, 829 250, 560 172, 826 93,08L 109,628 243,662 543, 770 Foreign bank... 94,900 92, 638 95, 601 94,016 74, 383 60,779 65,198 59, 405 98, 620 28,935 Other deposits 217,540 215, 592 182,021 179,918 181,428 165,803 163,415 152, 320 160, 207 225, 896 Total deposits 7 255 589 7, 237, 878 7, 136,913 7, 076, 484 7,013,861 7,073, 565 7, 052, 683 7,096, 589 7, 108,919 6, 385,809 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 80.4 80. 3 80. 3 80. 2 79.8 80.2 80.4 80. 3 80. 1 77.6 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS I In thousands of dollars] 6 Within 16 to 30 31 to 60 61 to 90 91 days months 1 year 2 years Over Total 15 days days days days to 6 to to to 5 years months 1 year 2 years 5 years Bills discounted: Dec 23 8, 882 7, 757 189 176 421 339 Dec. 30 5 377 4 737 171 161 302 0 Jan. 6 3.041 2,615 18 143 25 L 12 2 Jan 13 2, 348 1,914 16 144 254 16 4 Jan. 20 2 381 1 893 110 255 82 33 8 Bills bought in open market: Dec. 23 3,088 1,615 513 412 548 Dec 30 3,089 194 63 250 2, 582 Jan 6 3.089 527 315 233 2, 014 Jan.13 3,089 64 278 220 2, 527 Jan 20 3 084 2, 182 89 215 598 Industrial advances: Doc 23 24,999 1,212 270 565 734 1,737 120,481 (*) Dec 30 24, 768 1, 167 260 669 669 1,676 120, 327 00 Jan. 6 24 328 925 409 544 1 100 1,229 4, 280 5, 883 9,958 Jan 13 24, 221. 1,010 320 587 1,158 1,118 4,210 5, 878 9, 940 Jan 20 24,131 1, 152 171 560 . 1,103 1, 206 4,257 5,867 9,8.15 U. S. Government securities: Dec. 23 2, 430, 227 11,011 12,940 51, 985 61, 374 289,180 352, 045 375, 306 833, 934 442, 452 Dec. 30 2 430 227 13 240 23 499 54 426 63, 548 292, 766 346, 189 375, 306 827, 784 443,469 Jan. 6 2, 430, 227 12,940 23, 809 58,015 79,000 260, 475 349, 429 375, 306 827, 784 443,469 Jan. 13 2, 430, 227 23, 499 25, 309 58, 029 60, 280 271, 115 342, 389 375, 306 830, 784 443, 516 Jan. 20 2, 430, 227 22, 809 25, 329 61,374 125,135 208. 602 334,017 375, 306 832, 834 444,821 1 Includes maturities of over 1 year to 5 years. 2 Maturity distribution not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN FEBRUARY 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 e h 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 i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury: Dec. 23 8, 851, 876553, T'220 31,, 400, 897 500, 509 664, 749 3099,, 99'70 24:4,, 6719,074,324263, 674180,679255, 399 73,97, 029,301 Dec. 30 8, 851, 878503, 1423,409,003 501,243 006, 672294, 94721.9, 7951.070,507261,477170, 100252,494 67, 92'038,505 Jan.G 8.851,383570,1083, 409, 087 529, 021 643, 320 228833,! 880227, 4701,059.710251,882171,781246, 588 80, 789017,081 Jan. 13 8.849, 882 71,5193,488,872 514,597 623, 000 282, 229 22(f)i, 5021,085,981250. 834171,024 '44,817 77,678012,703 Jan. 20 8, 849, 893558,002 3, 522, 019 499, 245 612,694285,059 229, 988 1,091,987255, 064168,316242,595177,762605, 902 Redemption fund—Federal Reserve notes: Dec. 23 12.741 1,449 1, 435 194 978 340 2, 659 857 1, 570 915 666 198 1,480 Dec. 30 12, 741 1,449 1,435 194 978 3 K) 2,059 857 1,570 915 660 198 1,480 Jan. 6 12,533 1,418 1, 303 132 931 533 2,029 802 1, 560 909 058 190 1,468 Jan. 13 13,330 1,387 1,158 570 894 707 2, 598 703 1, 551 905 049 084 1. 458 Jan. 20 -.-. 12, 729 1,300 1,040 535 854 436 2, 507 727 1,540 900 642 077 1,445 Other Cash: Dec. 23 199,574 15, 223 55, 903 19,852 13. 487 11,905 10,102 21,300 12,529 5.615 10,991 5, 902 16,705 Dec. 30 247, 072120, 495 04. 583 24, 124 1 \). 330 15,215 13, 477 28, 232 15,098 7,411 12,988 6, 35820,355 Jan. 6 278, 370 22,071 70,319 20, 366 21.943 19, 228 15,407 32, 703 17,779 8, 322 13,977 6,731 22,924 Jan. 13... 304, 749 20. 332 77, 221 30,041 22.114 18, 968 15,591 34, 750 18, 395 9, 40715, 745 7,050 28, 535 Jan. 20 314, 574 27,315 77, 253 31,374 22, 907 21,044 15, 709 38, 790 18,512 9, 33715,158 6,724 30, 451 Total reserves: Dec. 23 9,004,191 r)70, 3923,458, 235520,555 079. 214322,215 257,440 ,096, 481 77, 773 87, 209267, 056 80,135647,486 Dec. 30 9,112,291 585, 0803,475,021525,561 686, 986310,5021205,9311, 705, 59678,145 78,432266,148 74, 483000, 400 Jan. 6 9,142. 280594,2573, 540, 709555, 519 606. 194303, 0411245,5001,693,221 71,221 81,012261, 223187,710542,073 Jan. 13 9,107,901 )99,238i3.507,251545,814 646,014301,904 244,751 1,721,494 70, 780 81,336 2'6311,211 85,412 42, 750 Jan. 20 9,177,190580, 737 \ 000, 918"•31,154 030, 455307,139 248.2041,731,504 75,110 78, 553 2-5"8!,,395 85,163037, 798 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed: Dec. 23 7.029 1,035 3, 387 493 98 1 1,902 Dec. 30 4,521 695 2,410 360 50 1 1,002 Jan. 6 2, 191 002 1,010 295 100 20 1 40 Jan.13 1,487 51 081 521 85 105 1 40 Jan. 20 1, 500 95 708 355 10 85 50 101 40 Other bills discounted: Dec. 23 1,853 37 1,205 40 22 254 58 45 35 Dec. 30 850 22 604 27 13 11 35 39 21 Jan. 6 850 22 507 27 28 13 45 35 40 21 Jan. 13 801 630 18 18 9 42 23 43 14 Jan. 20- 875 584 9 9 4 138 11 35 19 16 Total bills discounted: Dec. 23 1, 072 4,592 539 70 22 352 68 40 1, 920 75 Dec. 30 5,377 717 3,014 387 28 13 61 35 40 1,014 21 Jan.6 3,041 084 1, 577 322 28 173 65 35 47 9 01 Jan. 13.. 2,348 00 1,311 539 18 94 147 23 44 0 54 Jan. 20 2, 381 102 1,352 304 9 14 223 61 136 19 50 Bills bought in open market: Dec. 23.... 3,088 225 1,100 317 294 121 108 385 86 60 87 87 218 Dec. 30 3,089 225 1,100 317 294 121 108 385 86 61 8" 8 218 Jan. 6 3, 089 225 1,100 317 294 121 108 385 86 61 87 87 218 Jan. 13... 3, 089 225 1,100 317 294 121 108 385 86 01 87 87 218 Jan. 20 3,084 225 1,095 317 294 121 108 385 86 01 87 87 218 Industrial advances: Dec. 23 24, 999 2,888 6,051 4,748 1,214 2, 684 485 1,435 459 1,071 795 1, 340 1, 823 Dec. 30 24,708 2,888 6,026 4, 700 1,214 2, 654 400 1, 435 424 1,070 794 1,334 1, 823 Jan. 6 24, 328 2,773 5, 917 4,624 1,184 2, 602 395 1, 429 423 1,055 779 1,319 1, 828 J J a a n n . . 2 1 0 3 2 2 4 4 , , 2 1 2 3 1 1 2 2, , 7 7 7 7 2 3 5 5 , , 9 9 1 1 6 0 4 4 , , 0 5 1 9 0 0 1 1 , , 1 1 7 8 8 2 2 2 , , 5 5 7 9 2 7 3 3 9 8 1 6 1 1 , , 4 3 1 8 3 9 3 3 8 7 1 5 1 1, , 0 0 2 4 8 0 7 7 7 6 8 8 1 1 , , 3 3 1 0 5 9 1 1 , , 8 8 2 4 5 2 U. S. Government securities: Bonds: Dec. 23 489, 570 35,091 129,985 42,101 49, 512 25, 285 19,982 57,199 23,329 18, 272 25, 355 20, 273 43,192 Dec. 30 490, 043 35,107 130,269 42,194 49,018 25, 340 20, 025 57, 324 23, 381 18, 313 25, 409 20,3.18 43, 285 Jan. 6 490,043 35, 408 131,080 39, 324 50, 519 26, 936 22,196 55, 805 23, 430 17,247 25, 560 19,173 43, 299 Jan. 13. 490, 090 35, 471 131, 699 39, 328 50, 524 20,939 22,198 55,810 23,432 17, 249 25, 562 19,175 43, 303 Jan. 20 492,045 35, 509 132, 062 39, 437 50, 664 27,013 22, 259 55, 964 23,497 17, 297 25, 632 19, 228 43, 423 Treasury notes: Dec. 23 1, 347,10390, 500 357, 682115,851 136, 238 09, 574 54, 983 157, 395 64,198 50, 283 69, 765 55, 787118,847 Dec. 30 1, 340, 90390,116 350. 035115,317 135, 612 09, 254 54, 731 156, 670 63, 901 50,051 09, 445 55, 530118,301 Jan. 6. 1, 340, 90390, 930 359, 907107,475 138,071 73, 017 60,664 152, 519 64,037 47,138 69, 857 52, 401118,341 Jan. 13 1, 343, 90397,153 360,713107,715 .138,380 73, 782 60, 799 152, 860 04,181 47, 243 70, 013 52,518118,006 Jan.20 1, 345, 90397, 298 301,251107, 875 138, 580 73, 891 60,890 153,087 64, 276 47, 313 70,118 52, 590118, 782 Treasury bills: Dec'23 593,488 42, 539 157, 570 51,038 00,019 30, 051 24, 223 69,339 28, 282 22,152 30, 735 24, 577 52, 357 Dec. 30. 598,021 42, 907 158,939 51,479 00, 539 30, 916 24,432 69, 939 28, 527 22, 343 31,001 24, 789 52, 810 Jan. 6_ 598,021 43,274 160,007 47, 978 01,03' 32, 864 27,081 28, 587 21,043 31,181 23,392 52, 828 Jan. 13. 595, 574 43, 054 159,848 47, 734 0L,323 32, 696 26, 944 07, 740 28,441 20,936 31, 020 23, 273 52, 559 Jan. 20 592,219 42,811 158, 947 47, 405 00, 978 32, 512 26, 792 07, 359 28, 281 20, 819 30, 851 23,142 52, 262 Total U. S. Government securities: Dec. 23 2, 430, 227 174,190 045, 243 208, 990 245, 709125,510 99,188 283, 933115,809 90, 707125,855100, 637214,396 Dec. 30 2, 430, 227 174,190 045, 243 208, 990 245, 709125, 510 99,188 283,933115,809 90, 707125, 855100, 637214,396 Jan. 6 2, 430, 227 175,078 052,200 194,777 250, 227133,417109, 941 276,410116,054 85, 428 126"i;, 60194, 960214, 468 Jan. 13 2, 430, 227 175, 678 052,200 194,777 250, 227133,417109,941 276,410116,054 85, 428126, 601 94, 906 221144;,468 Jan. 20 2, 430, 22" 175,678 652,260 194,777 250, 228133,416109,941 276, 410116,054 85, 429126, 601 94, 966214, 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 123 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] B to o n s- Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m R o ic 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 i a t s n y - F c S i r s a a c n n o - ASSETS Total bills and securities: Dec. 23 2,407,196 178,375 050,980214, 594 247, 3532 128, 337100,133 285, 8211.10,400 91,883126,812103,990 216,512 Dec. 30 -_. 2,463,461 178,020 655, l3i83 214,400 247, 305128,298 99, 75; 285, 788110,359 91,848126,773103,071":2 210, 458 Jan.6 2, 460, 685179,300 600, 854200,040 251, 733136,313110, 509 278,259 110,610 80, 554127,497 90, 381210,575 Jan. 13 2, 459, 885178, 742 060, 587200, 243 251,721136, 229110, 587 2" 78,231 116,565 80, 53"127,504 90, 31774 210,505 Jan. 20 2, 459, 823178,777 600, 0"2'-3 200,054 251, 709136,123110,658 278, 245110,051 86, 522127, 49^ 90, 381210, 583 Due from foreign banks: Dec. 23 221 17 20 10 26 4 3 6 0 15 Dec. 30 220 17 84 20 10 20 4 3 0 0 15 Jan 6 220 17 84 20 10 20 4 3 0 0 15 Jan. 13 220 17 84 20 10 20 4 3 0 0 15 Jan. 20 223 17 8: 20 10 26 4 3 6 0 15 Federal Reserve notes of other banks: Dec. 23 23,834 321 5, 667 759 1, 315 1,033 1,937 3, 609 1, 533 883 2, 193 609 3, 345 Dec. 30 29, 225 326 7, 734 1,311 2, 158 2,408 3, 202 3, 532 1, 1,585 1,445 1,034 2, 582 Jan. 0 34,381 315 10, 433 1,083 2,113 3, 543 3, 039 4,085 2, 785 1,253 2,154 024 2, 954 Jan. 13 31,902 321 8, 948 781 2, 272 3,077 2,007 3,850 2,210 1,153 2, 223 710 4, 284 Jan. 20 29,821 600 8, 384 736 2,715 1,79' 3,071 1, 903 1,223 2, 398 522 4, 931 Uncollccted items: Dec. 23 747, 244 71,572 185,870 60, 751 05,140 57, 598 27, 375 109, 298 35,020 19,640 39,144 27, 822 48,0.14 Dec. 30 760, 260 81, 128 194,671 56, 334 78,137 07, 39f 24, 907 93, 902 33, 808 18,026 38, 799 25, 443 47, 656 Jan. 6 660, 987 70, 973 174, 802 55,401 02, 809 57. 549 25,145 78, 303 29,450 13,904 35, 672 25, 228 31, 691 Jan. 13 671,914 71,220 170, 465 51,335 68.912 55,170 23, 437 89, 391 31,539 16,290 35, 692 25, 198 33, 259 Jan. 20 665, 840 09, 230 167,161 53,998 64, 345 00, 875 25, 903 84, 480 28, 037 15,943 34, 64 27, 227 33, 328 Bank premises: Dec. 23 48,082 3, 113 10,860 5, 079 6, 525 2, 919 2,284 4, 835 2,453 1, 534 3,368 1,520 3, 580 Dec. 30 48,082 3,113 10, 860 5,079 6, 525 2, 919 2, 284 4, 835 2, 453 1,534 3, 368 1, 520 3, 580 Jan. 6 40.146 3,057 10,134 4, 952 6, 368 2,810 2,237 4,710 2, 390 1,493 3, 285 1,201 3, 449 Jan. 13 40, 146 3,057 10,134 4, 952 6, 368 2,810 2,237 4,710 2, 390 1, 493 3, 285 1,201 3, 449 Jan. 20 46,140 3, 057 10,134 4, 952 6, 368 2,810 2,237 4,710 2, 390 1, 493 3, 285 1,201 3, 449 All other assets: Dec. 23 40.147 471 30, 423 2, 793 1,69' 1,212 1,404 503 218 288 280 378 414 Dec. 30 41,253 453 31,250 3, 190 1, 669 1,207 1,358 570 250 283 318 330 357 Jan. 6 37, 727 2, 280 9, 878 4, 86' 4,348 2,447 1, 501 3, 504 1,570 1,270 1,759 1,420 2, 763 Jan. .13 39, 200 2, 307 10,353 4, 999 4, 439 2, 588 1,620 3, 089 1, 026 1,312 1,827 1,480 2, 900 Jan. 20 40,144 2, 443 10, 470 5,090 4, 556 2,011 1, 665 3, 810 1,671 1,355 1, 923 1, 55; 2, 981 Total assets: Dec. 23 12,390,9151824,2014, 348,132 804r,, 552 ,1001,294513,924390, 5812, 100, 033 433, 401301, 440 438, 86;"314, 400919, 360 Dec. 30 12,454,798 848, 143 4[,, 375,009 805i,, 902 ,' 022, 800512,739 397,','5072, 094,,- 2 55 4-3,2, 802791,711436,857305,900 9"3-1,048 Jan. 6 12,382,432 850, 225599 4:., 400, 894 821, 883 993,585 506,313 388'1, 0052~002, 228 424,030 285, 489431,5903l2,030 899ii, 520 Jan. 13 12, 417, 228854, 9024, 427, 822 808,145 979,746501, 794384, 7'107 2!,, 101,394725,114288,124431,748 310,441903,228 Jan. 20 12,419,193 840, 87•;3 4-,, 457, 777 7"9"0, 011 904, 928512,283390, 5922, 105, 5825 420; 432 285J 092 428, 151312, 117899. 085 LIABILITIES Federal Reserve noies in actual circulation: Dec. 23 4, 350, 488360, 729 924,419 319•,,800 432,230 212,914 195, 497 975, 943187,290138,012163,107 95, 372339,175 Dec. 30 4, 278, 7861302, 908 915,529312,750 420, 497 20<1>, 321188,827 904, 742183,914135,893162,326 92, 042333, 031 Jan. 6 4, 212, 330 358, 059 903, 645308,05 416,332 205i,,441186,883 959,177 182,174135,737101,085 91,497333, 055 J J a a n n . . 2 1 0 3 4 4, , 1 1 7 5 0 9 , , 7 0 5 3 8 6 3 3 5 5 1 1 , , 0 0 9 0 4 8 8 8 8 7 4 9 , ,2 3 1 33 0 3 3 0 0 ,io 3 r f , 5 2 5 0 8 0 4 4 0 1 8 3 , ,3 7 5 00 6 2 2 0 0 0 0 ' , ,, 7 0 2 8 4 21 1 8 8 2 2 , , 7 6 0 1 1 5 9 9 5 4 0 0 , ,9 8 1 3 2 3 1' 1 7 7 9 9 , , 1 8 2 0 9 6 1 1 3 3 3 3 , , 5 7 5 2 8 3 1 1 5 5 9 9 , , 8 4 3 5 0 2 8 89 9 , , 0 0 1 7 7 4 3 3 2 2 5 4 , , 1 7 8 0 5 8 Deposits: Member bank—reserve account: Dec. 23 0, 507, 490349,910 2!,, 891, 216376, 269 427, 335210,321149, 446 935, 744 189,236119,270222, 586107,026 463i3,,125 Dec. 30 0,571,721 *f>9, 87-2,902,122388, 282 445, 504209, 407160,012 942, 518191,644110,497 221,132102, 2., 240 Jan.6 0, 027, 004 574,4192, 952, 954403, 043 433,071220, 025153,081 929, 090184,796114,800217,201163,832 4799,, 990 Jan. .13 0,739,615 384,0312, 996, 496398,871 434,289 21.77,, 149 1~5 4•\. 758 972, 821188,174119,040 221,803 108,885483, 292 Jan. 20 0, 754, 890372, 3583, 042, 907385, 890 425,869 211,582157,044 993,873 191,480115,583 216,355 1'0"2; 831 479,112 U. S. Treasurer—general account: Dec. 23 250, 500 9,125 115,237 14, 1, 27, 822 10,701 2, 112 39, 072 3, 64.710, 092 5, 680 8,000 4, 855 Dec. 30 230, 829 9,278 104,251 6, 859 29, 300 9,010 3, 037 34, 117 3, 566 4, 992 4, 504 6,372 15, 471 Jan. 6 232, 287 11,980 116, 354 7, 439 28,019 3, 367 3, 097 33, 308 4,084 5,105 4, 049 7, 708 7,177 Jan. 13 190,033 13, 490 81,144 10,739 11,647 7, 360 4, 254 33, 390 4,812 2, 585 3, 642 5, 07811,880 Jan. 20 188, 259 15,131 08, 409 11, 703 14, 404 12,905 5, 200 25,120 3,218 4,193 4, 962 8,074 14, 940 Foreign bank: Dec. 23 74, 383 5,803 24, 587 7, 293 7,214 3, 450 2, 745 9,09' 2, 353 1,882 2,274 2, 274 5,411 Dec. 30 94,016 0, 961 34, 284 8,748 8,654 4,139 3, 292 10,912 2, 822 2, 258 2,728 2,728 6,490 Jan. 6 95,601. 7,087 34, 783 8,907 8,811 4,214 3,352 11,110 2,873 2, 299 2,778 2, 778 6, 009 Jan. 13 92, 038 0, 855 33,812 8,615 8,523 4,070 3, 243 10, 740 2,779 2, 223 2,687 2,687 6, 392 Jan. 20 94, 900 7,028 34,591 8,833 8,738 4,179 3,324 11,017 2,849 2, 280 2,754 2,754 6, 553 Other deposits: Dec. 23 95, 725 2, 329 12, 836 4, 835 5,190 1,847 7,664 4,447 214 3, 25940, 892 Dec. 30 95, .171 1,556 12, 573 4,952 4,169 1, 073 7,171 4,964 187 3, 77440, 653 Jan. 6 114,818 1,918 13,048 3, 505 4,015 1,203 8, 289 5,278 180 9,312 10, 805 Jan.13 146, 750 2,208 13,167 3,643 3,757 1,300 7,029 5,233 198 7,746 20, 234 Jan. 20 151,411 1,759 13,261 3,303 5,385 1,333 7,827 5,075 224 6, 519 19,133 Total deposits: Dec. 23 7,013, 861|I3O7,022 3,120, 765 400, 475,207235,307 159,499 985,760 202,900 135,697 230, 754 180,559 514, 283 Dec. 30 7,070,484.'.379,188 3,135,828 405, 496,097 227,514 170,510 989,220 205,203 128, 711 228, 551 175,357 534, 860 Jan.6 7,130,913 !397,046 3, 218, < 483, 549 231,171 104,145 974 7T7~7 "2 00, 042 127,548 i ~22 4, 20"8 '1"8"3, 6"3•05"10, 581 Jan. 13 7, 237, 878 1408, 643 3, 258,: 467,626 232, 228 166,012 1,018,3 9332 3920O29',. 77Q944 112299; 008877 222'28«', 333300 118844',. 339966 521,798 Jan. 20 7, 255, 589 396, 827 3,297, 318 408,191 462, 272 231, 969 170, 953 1,031,343 205; 371427,131 224, 295 180,178 519, 738 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN FEBRUARY 1937 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total B to os n - Y N o ew rk P p d h h e i l l i - a a- C l l a e n v d e- m R o ic 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 i r s a a c n n o - LIABILITIES—continued. Deferred availability items: Dec. 23 672,619 66, 439 169, 621 51,183 62,097 50, 711 22,137 94, 528 32,956 18, 258 35,183 27,450 42,056 Dec. 30 739, 938 81, 836 191,223 53, 780 74,415 63,935 24, 806 95,828 33,458 17,812 36,095 27,399 39,351 Jan. 6. 657,442 71, 275 163,178 59, 315 62,115 54,955 24, 510 83,861 31,404 12,894 35, 806 26,606 31,523 Jan. 13 656,123 70, 848 164,045 49,161 67,042 54,135 23,493 87,413 32,097 16,155 33, 701 26,104 31,929 Jan. 20 658,189 68, 558 160,077 50,974 62, 232 64,778 24,526 82,840 31,578 14, 938 34,468 31,946 31,274 Capital paid in: Dec. 23 130,624 9,381 50, 435 12,211 12, 662 4,716 4,271 12, 282 3,777 2,943 3,960 3,826 10.160 Dec. 30 130, 833 9, 384 50,590 12,211 12,664 4,717 4, 272 12, 324 3,782 2,943 3,962 3, 825 10,159 Jan. 6. 131,704 9,387 51,169 12,211 12,741 4,718 4,277 12,514 3, 783 2, r • 3, 977 3,825 10,159 Jan. 13 131,792 9, 385 51,192 12,211 12.753 4,722 4, 286 12,532 3,788 2, 944 3,980 3,840 10,159 Jan. 20 131,972 9,391 51, 237 12, 203 12,765 4,803 4, 296 12, 547 3,802 2,940 3, 984 3,843 10.161 Surplus (section 7): Dec. 23 145, 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. 30 145,501 9, 902 50, 825 13, 406 14,371 5,186 5, 616 21,350 4, 655 3,149 3, 613 3,783 9, 645 Jan. 6 145,854 9,826 51,474 13,362 14, 323 4,809 5, 616 21,504 4,655 3,116 3,613 3,851 9, 645 Jan. 13 145, 854 9,826 51,474 13, 362 14,323 4, 869 5, 616 21, 504 4, 655 3,116 3,613 3,851 9,645 Jan.20 145, 854 9,826 51,474 13, 362 14,323 4, 869 5,616 21,504 4, 655 3,116 3, 613 3,851 9,645 Surplus (section 13b): Dec. 23. 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. 30 27,088 2,874 7,744 4,231 1,007 3, 448 754 1,391 546 1,003 1,142 1,252 1,696 Jan. 6 27,190 2,874 7,744 4, 325 1,007 3, 422 754 1,416 545 1,003 1,142 1,262 1,696 Jan. 13 27,190 2,874 7,744 4, 325 1,007 3. 422 754 1,416 545 1,003 1,142 1, 262 1,696 Jan. 20 27,190 2,874 7,744 4, 325 1, 007 3, 422 754 1,416 545 1,003 1,142 1,262 1,696 Reserve for contingencies: Dec. 23 34, 248 1,513 8, 849 3.000 3,110 1,315 2, 557 7, 573 898 1,408 848 1, 328 1,849 Dec. 30 34, 25lj 1,513 8, 849 3, 000 3,110 1,319 2. 556 7, 573 898 1,4C8 848 1,328 1,849 Jan. 6_ 36,248 1,570 9, 260 3, 000 3,120 1,522 1,690 7, 999 1,194 2,097 931 1,828 2,037 Jan. 13 36,268 1,571 9, 260 3, 000 3,120 1,522 1,690 7, 999 1,194 2,097 931 1,847 2,037 Jan.20 36,232 1,570 9, 260 3, 000 3,120 1,522 1,690 7,971 1,194 2, 090 931 1,847 2,037 All other liabilities: Dec. 23 16, 486 401 9, 474 673 610 267 250 1,806 379 970 258 896 502 Dec. 30 21, 91' 538 14, 421 1,073 639 299 226 1,82' 411 792 320 914 457 Jan. 0 4, 745 222 1, 515 312 398 215 130 980 233 151 234 131 224 Jan. 13 5, 365 147 1, 566 393 519 214 155 1,3' 235 164 215 124 256 Jan. 20 5,131 133 1,457 398 449 196 142 1,319 155 151 260 116 349 Total liabilities: Deo. 23 12,390,915824, 2614, 348,132 80[4,, 5512,001,294513,924390, 5812.100,633 433,, 401301,440 438!,, 803514, 466919,366 Dec. 30 12,454,798848,143 4•,, 375,009 )850,; 9021,022,800512,739397, 5672, 094, 255432, 867291,711436, 857305, 900 "9"3"1.,048 Jan. 6 12, 382, 432850,259 4:, 406,8941 28.21.,1883 993, 585506,313388,0052, 062, 228 424, 030 285, 489• "4'3,1590312, 630 899\' 520 Jan. 13 12,417, 228854,962 4:,, 427, 822 808, 145979,746501,794384,7072,101,397•125,114288, 124431, 748310,441903, 228 Jan. 20 12,419,193840,873 4,,457,77' 79'6,011 964, 928512, 283390, 592 2, 105, 852 426, 432 285, 09"2" 412,81,5 113512,117899, 085 Commitments to make industrial advances: Dec. 23 21,064 2, 093 8, 665 252 1,280 2, 334 294 1,125 333 489 4,096 Dec. 30 20,959 2, 050 8, 632 247 1,280 2, 333 290 1,125 333 489 4,084 Jan. 6 20, 640 2, 002 8, 450 225 1,221 2, 302 288 1, 308 314 489 3, 900 Jan. 13 20, 565! 1, 997 8,494 228 1, 221 2, 288 288 1,273 314 489 3, 893 Jan. 20 20, 332| 1,965 8,389 225 1,195 2, 283 286 1,313 306 486 3,804 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

125 FEBRUARY 1937 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO JANUARY 20, 1937 f Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e l a a c s h t W mo e n d t n h e ) sday of N r u e m ce b iv e e r n d e t A to m d o a u t n e, t Nu o s t ( e m o w u e r t i b s y t c e h o r n a t d C n o A i o d t i m m o w n o d m s i u a t ) i h n t t e - - t Numbe T r o ta A l mount a s R F d ta b e e v o n a d s a u d n e e n t r - i k r c n v a e g e l s s c R F t o m a b e e o m n a d s e u d n e e m n t r - i r k t v n a i s t e g l - A b p p l u c e p o t t r m e o n d v o - e t i d d E o r r a r a e c x e p w p a p w t p a n c i n r i l i . t t i e d , - h d b , , y s in F p p t t a g a u a i o n n t r t u i i t a i d n o t i o n - c i s n n n c i t s - i - g - ' 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 7,831 315,08] 2,245 135,320 2,049 126, 643 32,129 25,866 10.434 50,636 7,678 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 57,351 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, 487 24,454 9,381 61,422 7,599 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. 30 8, 379 342, 099 2, 500 149.204 2, 280 139,829 25, 533 20, 959 8, 226 77, 903 7, 208 Jan. 2()3._... "I 8, 393 342, 921 2, 504 J 49, 304 2,284 139,987 24,831 20, 332 7, 553 80, 249 7,022 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 $11,400,177 on Jan. 20, 1937. 1 Jan. 27 figures not yet available. NOTE. —On Jan. 20, 1937, there were 39 applications amounting to $4,240,101 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS fin thousands of dollars] Total : B to o n s- Y N o ew rk - P p d h h e i i l l a - a- C la le n v d e- m R o ic n h d - la A n t t - a c C a h g i- o L S o t u .. is n M o e l a i i n s p - - C K s i a a t 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. K. agent: Dec. 23 4,040, 501 |J387, 5441.017.414 332,358450,004225, 454217.030 1,009.495190,878 142,4(50174,377 100,38(5381,101 Dec. 30 4, 037, 989 '385, 8001,018, 2941331. 151452. 490224, 201210,091 1,007.92(5190,205142,141 173,777 103,295385,892 Jan. 0 4. 009, 04011384.3331.017,280 328.432447, 554224.419214.400 1,002.783 194,015141,302 171, 198101.093382, 7(55 Jan. 13 4. 558, 517: 383'3001,009. 1021320.013442.907 218.0221209, 905 980. 254 191, 9111140,730108.792 98, (589382, 220 Jan. 20 4,494, 145. 380.773 977.020 325,418430, 72J|213,489208, 781 978,381 191,272 138,313 108, 193 90, (5(58378, 510 Held by Federal Reserye bank: I Dec. 23 290.013:1 20,815 92. 995 12,558 23,774 12,540 21,533 33, 552 9, 588 4. 448 11,270 11,014 41,920 Dec. 3C 359.203.; 22.898 102.705 18,395 31,993 17,940 27, 8(54 43. 184 12,351 (5, 248 11,451 11,253 52,801 Jan. 0 307. 301'i 20,274 113,041 20.381 31,222 18.978 27.517 43. 00(5 11.841 5, (525 9,513 9, 590 49, 110 Jan. 13 381,759| 31,032 124.829 21i353 29,551 17,310 27, 204 35,421 12,105 7, 178 8, 95(5 9, (572 50,518 Jan. 20 335. 109 ' 29,079 98,410 21,80( 27,901 12,7(55 20, 1(5(5 31,409 12, 143 4, 590 8,741 7, 594 54, 325 In actual circulat ion:1 Ij Dec. 23 4, 350, 488: ,300, 729 921.419319.800432, 2301212,914 195,497 975. 943j 187, 290138,012 1(53, 107 95, 372339, 1.75 Dec. 30 4, 278, 780! :302, 908 915.529 312.750420, 497200.321 188,827 904, 742!183, 914135.893 1(52,32(5 92, 042333.031 Jan. (5 1. 242. 33(5 358. 059 903. 045308,051410,332205,441 180,883 959. 177:182. 174135,737 01,085 91,497333, (555 Jan. 13. 1 17(5. 758. 351.0(58 SS4. 333 305, 2(50413.350 200. (5821182, 701 950. 833 179. 80(5133.558 159.830 89, 017325. 708 Jan. 20 4, 159, 03(i'351.(594 879. 210 303. 558K)8. 7(50200, 7241182, (515 940,912 179. 129133.723 159,452 89, 074324.185 Collateral held by agent as security for notes issued to bank: ] Gold certificates on hand and due from C. S. Treasury: Dec. 23 4.010.838 400.000 1.025,700 332.000 157,0001220.000 17(5,0001,030. OOO1171, (532128, 000!170, 000105, 50()i389. 000 Dec. 3(' K (510, 838!; 100, 0001.025.700 332. 000457, 00022(5, 000170.000 1, 030, 000 j 171,0321128. 000170, 000105. 500389, 000 Jan. 0 1.582,838:100,000 1,025,700 332,000452, ()()()219,000 170.000 1,010, 000 j 171, 032128.000 170,000 103, 500389,000 Jan. 13 4, 540. 838; 400, 0001.025. 7001332. 000448,(!0()i213,000 108,000 990.000 171.032 12s!000 170,000 99, 500389, 000 Jan. 20. 1. 488, 838I!400,000 990, 700 332, 000; 540, 0001209, 0001(58,000 900. (KM) 171,(532128,000 107'000 97, 500389, 000 Eligible paper: Dec. 23 7. 397-j 1,035 3.5081 492 30 295 10 2 33 4(5 1.90(5 40 Dec. 30 4, (530 ' 095 2. 509 3(50 50 1 ;^ 13 1.005 Jan. 0 2.331., 002 1,123 295 100 20 8 3 20 " 40 Jan. 13 1.735'1 51 893 521 '..'.'.. 85 105 8 3 29 40 Jan. 20. .1,897: 95 972 355 10 .185 50 133 2 32 10 47 V. S. (io\ eminent securities: Dec. 23 95. 000! • . . | 4,"). 000 .. .. 30.000 15.000 5. 000 Dec. 30 95.000 ' 4."). 000 30, 000 15,000 5, 000 Jan. 0 101.000:: ... '. 0.000 4'). 000 30, 000 15, 000 5,000 Jan. .13 101.000: (5. 000 4>! 000 ; 30.000 15.000 5. 000 Jan. 20 93. 000 0, 000 4.). 000 22. 000 15,000 5, 000 Total collateral: ; Dec. 23 4.719,235 407.035 1, 029, 214.332, 492|457. 03():220. 000!22, 2951,030. 010:201. 034143,033175. 040107, 40(5 389. 040 Dec. 30 4.710.474 400.095 1. 028, 2151332, 300:4 57. 000! 220, 00022. 0501,030.000201,(533143, 003175,013100, 505J389. 000 Jan. 0 . . 4.080. 109''400, 0(521.020. 8291332.295452.000 225, 1(50.22 . 0201.010.000 2O1.040|143,O03 175.020 103,500 389.040 Jan. 13 4. 043. 573:l400, 0511,020,599 332,521448.000 219,0852i:{. J05 990, 000! 201,(540 !143. 003175, 029 99. 500389, 040 Jan. 20. 4. .=83. 735 '400. 095 991,078 332.355440.000 215.010213.185 990.050.193.705 143,002 172.032 97,510389, 047 1 Includes Federal Reserye notes held by other Federal Reserye hanks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN FEBRUARY 1937 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, DECEMBER 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 Re- neld Ex- York cago quired cess Total reserves held: All member banks-_ 31,273 25, 352 10,882 4.619 6, 665 2, 046 1935—December 5,716 2,541 608 1,631 935 1936—January 5,780 2, 593 495 1,714 978 Centra] reserve city banks: February 2,579 487 1,745 998 New York _ _____ 10.823 9.913 694 1,964 2, 662 697 March 5,420 2,271 463 ',708 978 Chicago 2,417 2. 105 438 430 605 175 April 5,300 2,163 506 ., 675 956 May 5,638 2,384 636 , 657 961 Reserve city banks: June 5,484 2,183 682 ,664 954 Boston district . 1,010 887 123 139 231 93 July 5,861 2,279 653 1,042 New York district 208 173 139 32 34 2 Aug. 1-15 6, 063 2,502 572 1,090 Philadelphia district., 1, 177 965 233 155 255 99 Aug. 16-312 6,291 2.503 580 2,005 1,204 Cleveland district 1,546 1, 224 707 215 332 117 September 6,345 2, 462 619 2,046 1,218 Richmond district 684 503 200 84 143 59 October 6, 594 2, 574 637 2,153 1,230 Atlanta district 615 452 .161 75 88 13 November 6, 785 2, 695 651 2, 185 1, 254 Chicago district.. ___ 1, 166 833 459 146 210 64 December 6, 665 2, 662 605 2,157 1,241 St. Louis district. 767 579 169 94 133 39 Week ending (Friday): Minneapolis district... 379 281 93 46 62 16 Dec. 4 6, 779 2, 698 633 2, 200 1,248 Kansas City district.-. 1,002 675 160 108 155 47 Dec. 11 6, 755 2, 666 620 2. 208 1,261 Dallas district 632 431 110 70 95 25 Dec. 18 6, 705 2, 687 632 2,142 1,244 San Francisco district- 1,973 1, 565 1,820 317 418 102 Dec. 25 6, 558 2, 643 591 2,108 1,216 Excess reserves: Total 11,160 8, 567 4, 374 1,482 2, 157 675 1935—December 2,983 1, 350 353 780 499 1936—January 3,033 1,395 239 852 547 Country banks: February 3,038 1,360 226 885 567 Boston district 792 610 562 89 131 42 March 2,653 1,056 208 846 543 New York district 1.258 973 1, 330 162 256 94 April 2,510 940 262 796 512 Philadelphia district._ 619 459 831 86 128 43 May 2,800 1, 134 377 778 511 Cleveland district 575 403 592 69 115 46 June 2,593 908 414 775 496 Richmond district 505 328 323 49 71 22 July 2,907 1, 004 369 961 575 Atlanta district 450 288 197 39 64 25 Aug. 1-15 3,105 1,226 290 970 619 Chicago district 751 517 568 80 165 85 Aug. 16-312 1,852 600 160 601 490 St. Louis district . 331 224 207 33 55 22 September 1,852 535 195 624 498 Minneapolis district... 311 200 2(58 33 62 29 October 2, 043 639 205 696 502 Kansas City district... 439 257 156 34 70 36 November 2,219 751 221 724 523 Dallas district 477 277 91 33 72 38 December 2, 046 697 175 675 498 San Francisco district. 365 231 247 35 52 17 "Week ending (Friday): Dec. 4 _.__. 2, 207 744 205 742 515 Total 6, 873 4, 767 5, 376 742 1,241 498 Dec. 11 2,163 710 190 737 526 Dec. 18 2, 075 715 197 661 502 1 Gross demand deposits minus demand balances with domestic banks Dec. 25 1,917 672 159 619 467 (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] Mcmber banks n larger centers Member banks in smaller centers All member banks (I>1 aces o\er 15,0(0) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Doc. Nov. Doc. Nov. Doc. Xov. Dec. Xov Dec. Xov. Deo. Nov. 1936 1936 1936 1936 1930 1936 1936 1936 1936 1936 1936 1936 Boston.__ __ _ _ __ 1,802 1.853 685 690 1.681 1,731 561 565 121 122 124 125 New York 12 290 12,100 2. 169 2, 133 1 1.193 i 1, 166 i 1,006 1 1.008 273 280 469 472 Philadelphia 1,796 1,776 1,063 1,075 1,571 .1.548 037 647 22(5 228 426 428 Cleveland 2 121 2 068 1, 299 1 310 1,899 1,850 1.033 1.042 222 218 266 269 Richmond 1, 189 1,167 522 1.005 985 342 342 183 183 180 181 Atlanta .. _ _ 1,066 1,030 358 358 918 887 282 282 117 142 77 76 Chicago 4 334 4, 298 1,465 1.441 1 1,626 i 1,605 i 790 i 781 291 284 237 232 St. Louis L097 1,084 375 370 905 891 278 279 192 193 97 97 Minneapolis _ ______ 090 690 362 361 499 498 178 178 191 192 184 183 Kansas City 1.442 1,426 316 318 1, 122 1, 113 201. 203 320 313 115 115 Dallas _ 1. 108 1,097 201 201 842 833 161. 160 207 264 40 40 San Francisco __ 2, 338 2, 254 2, 067 2, 109 2, 194 2, 107 1,969 2,011 144 147 98 97 Total 31,273 30, 843 10,882 10, 894 i 15,455115,214 i 7, 437 i 7, 498 2, 577 2, 566 2,313 2,314 i 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

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 127 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 lv la 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 1 r t 8 a y e 9 s s - C S s u i i a b lv 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 d a 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—December.. 5,882 109 34 828 1 312 131 275 3,667 66 458 1936—January 5,737 107 33 809 303 129 259 3,598 63 436 February... 5,846 106 34 841 304 129 254 3,696 60 421 March 5,877 104 34 864 307 131 245 3,727 58 406 April 5,886 103 34 886 309 132 249 3,726 56 391 May 5,953 102 34 914 312 133 265 3,760 54 378 June— 6,241 101 35 955 316 135 278 4,002 52 366 July 6,162 100 35 958 318 136 274 3,937 50 352 August 6,227 99 36 986 321 137 278 3,978 48 342 September. 6,267 98 37 998 326 138 278 4,011 47 332 October 6,351 97 37 1,020 329 139 282 4,076 46 324 November.. 6,466 96 37 1,051 1 334 141 289 4,156 45 316 December.. 6, 543 95 38 1,057 337 142 289 4,233 44 307 Back figures—See Annual Report for 1935 (table 38). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency * End of month Coin $50 and over $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1935—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 ',361 1,399 362 641 125 247 17 April 475 442 804 1,379 1,404 360 643 126 249 19 May. 480 451 820 1,402 1,409 363 648 127 245 19 June 486 463 850 1,468 ,466 1,479 398 683 127 245 18 July 490 460 844 1,459 ,431 1,449 383 667 127 247 19 August 494 471 863 1,482 ,436 1,452 381 667 128 250 19 September. 501 477 868 1,488 ,437 1,467 383 673 130 253 21 October___. 505 484 882 1,516 ., 4(50 1,478 385 679 132 255 19 November. 513 492 900 1,548 , 486 1,501 390 690 132 258 23 December. 517 499 906 1,563 , 501 1, 530 399 707 135 265 18 i Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1935 (table 39). TREASURY CURRENCY OUTSTANDING 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 l n v l d e a r rs S i s a u i r d b y - - M co in in or u S n ta it t e e d s s e R e r r e a v - l e t b i N o a n n a- k al Month m E e u n r t o s p t e o E f u ro ro m pe receipts bul- silver notes bank notes 1935—November. 4,203 782 13,421 lioni notes December. 603 851 248 1936—January... 748 2,743 1,995 1935—December.. 2,476 1,124 328 136 347 68 473 M Fe a b r r c u h ary.. 1,75 1 7 3 3 3 , , 3 1 1 0 7 9 3 1 , , 3 3 0 5 4 2 1936— J J S M A M F A u u J e e p u a a a n l p b y r g y r n e t i c r u e l u u h m s a t a r b y r e y . r . . . _ . . _ 2 2 2 2 2 2 2 2 2 , , , , , , , , , 5 4 4 5 4 4 4 5 5 0 9 9 0 9 9 9 0 1 4 9 3 0 8 0 6 0 2 1 1 L L L 1 , , , , , , 1 2 2 1 , , , 2 2 9 7 1 3 2 9 3 2 2 7 2 8 0 6 4 6 7 5 4 7 5 3 3 3 3 3 3 3 3 3 2 2 2 3 3 3 3 3 4 8 8 9 0 0 2 5 8 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 4 4 4 7 7 7 8 8 9 0 3 2 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 7 7 7 7 7 7 7 7 7 6 6 5 5 5 5 4 4 5 4 2 9 7 5 1 9 8 3 4 4 4 3 3 3 3 3 3 2 4 1 5 9 8 7 4 3 9 6 3 8 8 4 2 8 9 J A J M A S D O N u u e p u e c o a n l p c t y r g v y e o t i e u e l e b m s m m e t b r b b e e e r r r - . . 3 3 8 3 3 2 5 , , , , , , , 0 8 0 4 9 0 9 9 9 9 3 5 1 0 4 0 0 8 5 7 2 3 9 9 0 0 1 2 2 5 1 1 1 1 , , , , , , , 4 1 6 1 3 0 9 7 5 2 3 8 6 4 7 3 4 3 2 1 5 4 8 8 8 5 6 1 J i 1 i 1 2 1 3 1 1 2 7 4 2 , , , , , , , , 1 , 0 4 4 1 4 8 8 7 5 9 4 6 0 2 7 1 2 7 7 8 7 9 4 3 8 4 October 2,515 1,303 346 145 347 47 329 November.. 2, 521 1,310 351 140 •"347 46 322 December _. 2, 532 1, 323 356 147 347 45 314 i Net shipments. For description and back figures see BULLETIN for January 1932, pp. 7-9. r Revised. i Includes silver held against silver cert ifieates amounting to $1,234,000,- 000 on Dec. 31, 1930, and .$996,000,000 on Dec. 31, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES VNALYSIS OF CHANGES IN MONETARY GOLD; MOVEMENT OF GOLD TO AND FROM STOCK ! UNITED STATESl [In millions of dollars] i [In thousands of dollars] Year or month December No vein her j January. December From or lo- Irn- Ex- Im- Kx- lin- Ex- Iioris ports ports ports ports I ports Belgium - .. ! 2. 515 3,350 i Kngland - i 32. 999 •14. 005 179,920 | 5,820 France .... ._ I 9 20 590. Sol I 17. J80 Germany. ... . . Netherlands. ! 71,773 I 3,705 Switzerland..-. .... I 3. 281 I I 3, 098 7,510 | Union of Soviet Socialist, liepublics 11,208 ! Canada ._ 4. 709 10,000 72.700 i Year. , Central America.. 324 243 3,007 :_ ; Mexico __. 500 •189 40,004 ! 700 1936—January j 10, 182 Argentina ..._ 12 ! February • Chile 240 '- 7,893 I March J Colombia.... ..... .... i ... 11.910 I April Kcuador . 10S , 152 ! .. 3. 135 !. May Peru. 171 i . 2,414 June • l.'ruguay ...... July , \"etie/.uela .. . 51 493 j. August Australia. (Mi 23. 2S0 !.. S O e c p to te b m er b er i ! . ' C B h ri i t n is a h a In n d d i a H .. o . ng . 10, JOS 0. 182 j 77.892 i November i Kong 432 ' 7.917 December. . j Dutch Kast Indies :Japan Year 1,25> 1. 132. • Philippine Islands 1,028 i , 21.513 :. i Allot her countries-' 50fi i._ . . ._ ! 2. 704 | ': Corrected. Toial 57.070 ' 99 | 75,902 j 27.534 i Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). I i Figures represent, customs valuations which, with some exceptions, 3 Figure? are derived from preceding columns and indicate net result I are at rate of $35 a fine ounce. of such factors as domestic production, movements into and out of I 2 Includes all movements of unreported origin or destination. nonmonetary use or unreported holdings, imports and exports that do not affect gold stock during the month or year, and increment result- Back figure* - See table, p. 829, and Annual Report for 1935 (tables 34 ing from reduction in weight of gold dollar. and 35). Back figures—Bee Annual Report for 1935 (table 32). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I'KHIUWKY FEDERAL RESERVE BULLETIN' 129 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 Hanking 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 bank? included in the ficrures from June 1931 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1930, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Nonmember fin millions of dollars] Member banks banks Member banks Nonmember banks Call date Total Other Mutual non- Call dale All Total ti N on a- al State s b a a v n in k g s s b m a b e n e m r ks - banks Total ti N on a a - l State M s b a a v u n i t n u k g a s s l b n e o O r n t b m h a e e n r m ks - 1931—Dec. 31 19,900 7, 240 0, 308 878 597 12, 123 1931—Doc. 31__. 45, 821 27,432 17,271 10, 101 10, 105 8,284 1932-June 30 19,040 0, 980 0, 145 835 594 11,472 1932—June 30._. 41.903 24, 755 15,029 9,120 10,020 7,188 Sept. 30 18.794 0, 904 0,080 824 i 594 11,290 Sept. 30.. 41,912 24, 903 15,035 9, 208 1 10,020 7,020 Dec. 31 1.8. 390 0,810 0,011 805 594 10, 980 Dec. 31... 41,013 24, 803 10, 101 8, 702 10,022 0,818 1933-June 30* 14,519 5, 000 4, 897 709 570 8, 337 1933—June 30 2. _ 37, 998 23, 338 14, 772 8, 500 9,713 4, 940 Oct. 25 3 5,818 5, 052 700 Oct. 25 »_. 23, 453 15.070 8, 383 Dec. 30 ~15f~6ll~ 0,011 5,154 857 579" ~"8,"42l Dec. 30.__ "38,505" 23,771 15,380 8, 385 9, 708 5,026 1934—Mar 5 3 0, 200 5, 288 918 1934—Mar. f>3 25, 293 10,203 9, 090 June 30 15, 835 0, 375 5,417 958 578 8,882 June 30... 41,870 20,015 17,01)7 9,518 9, 780 5, 475 Oct. 17 3 0, 433 5,401 972 Oct. 17 3... 27, 484 17. 093 9,791 Dec. 31 10,039 0, 442 5, 402 980 579 9,018 Dec. 31... 44,770 28,943 18, 519 10, 424 9, 828 0, 000 1935—Mar. 4 10, 024 0, 422 5, 440 970 579 9,023 1935—Mar. 4.... 44. 455 28, 589 18,502 10,087 9, 837 0,029 June 29 15,994 0,410 5, 425 985 571 9.013 June 29. . 45. 700 29, 490 19,031 10, 405 9, 920 0, 350 Nov. 1 15,904 0, 400 5, 403 997 571 8, 933 Nov. l..._ 47,522 31.072 20, 128 10,944 9, 930 0,513 Dec. 31 15,837 6, 387 5, 380 1,001 570 8,880 Dec. 3l___ 48, 904 32, 159 20,S80 11,273 9,903 0, 842 1936—Mar. 4 15.808 6, 377 5, 375 1, 002 509 8. 802 J936—Mar. 4.... 48,771 31,774 20, 005 11, 109 9, 972 7, 025 June 30 15,752 0, 400 . 5,308 1,032 500 8,780 June 30— 51,335 34, 098 21,980 12, 112 10,000 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 ts t- Total Loans I m nv e e n s ts t- Total Loans I i n n o ve n s ts t- Total Loans I m nv e e n s ts t- 1931—Dec. 31 _ 49, 704 31,305 18, 399 30,575 19, 201 11,314 10, 488 6,218 4, 270 8,041 5, 827 2,814 1932—June 30 40,071 27.834 18,237 28,001 10,587 11,414 10,310 0, 130 4, 180 7, 755 5, 117 2, 037 Sept. 30 . .. 45, 852 20, 985 18,807 28.015 15,924 12, 121 1 10, 310 1 6, 130 1 4, 180 7,491 4,931 2, 500 Dec. 31 44,910 20, 003 18,883 27, 409 15,204 12, 205 10,182 0.079 4, 103 7, 295 4, 780 2,515 1983—June 30 2 40, 070 22, 203 17,872 21,780 12, 858 11. 928 10, 044 5,941 4, 103 5, 240 3. 404 1,841 Oct 25 •' 24, 953 13,059 1L, 894 Dec. 30 40,319 21,977 18,342 25, 220 12,833 12,380 9, 985 5, 900 4, 079 5, J15 3, 238 1,877 1934—Mar 5 3 20, 548 12.700 13,842 June 30 42, 502 21,278 21,224 27, 175 12, 523 14,052 9, 904 5, 048 4, 250 5, 423 3,108 2,315 Oct 17 3 27, 559 12 293 15.207 Dec. 31 _ . . _. 43. 458 20,473 22, 984 28,150 12,028 10,122 9, 782 5,491 4, 291 5, 520 2, 955 2,571 1935—Mar. 4 _ 43.747 20,394 23, 353 28,271 11,953 10,318 9, 775 5, 478 4, 297 5, 701 2, 903 2,738 June 29 44,416 20,272 24,145 28, 785 11,928 10,857 9,852 5,341 4,511 5, 779 3, 003 2, 777 Nov. 1 45, 008 20. 140 24, 808 29, 301 11,841 17,400 9,854 5,302 4, 552 5. 853 2, 997 2, 856 Dec. 31 45,717 20, -329 25, 388 29, 985 12, 175 17,810 9, 804 5, 210 4, 594 5, 927 2, 944 2, 983 1936—Mar. 4 __ _ 40, 157 20,275 25, 882 30, 288 12,099 18,189 9, 795 5, 202 4, 592 0. 074 2, 974 3,100 June 30 48, 458 20, 079 27, 779 32, 259 12,542 19, 717 9,901 5, 105 4, 850 0, 239 3, 032 3, 206 1 Figures of preceding call carried forward. J Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. » Nonmember bank figures not available. * Prior to Dec. 30, 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

130 FEDERAL RESERVE BULLETIN FEBRUARY 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 l t s - Total C Y N k o b s T i i e r o u e d t o o r r t w y e s - - k i o se t t T o h i c e n u e o 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 e k p n - t- s s t- ' O c c u w a u u n s t n r r h e i s s e e d - e e e d d - r- b L a o t n o a k n s s U a a b c n A n e le i c p c t e t e - i - s n d ab B p a r a b i o l y l l a e s - db p C o m c a o u i p e a m g r e l h - r - t 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 n s u u te a l e l r y d - s O e ti t c e h u s e r r i- 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 2,595 322 128 46 21 1,202 2,091 1,112 979 1933—June 30? 7,133 2,297 38 1,044 157 120 937 162 224 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 ,024 63 210 16 6 662 4,602 3, 246 278 1,078 1935—Mar. 4 7, 783 2,198 56 805 139 145 , 054 52 203 19 4 678 4,628 3,200 298 1,131 June 29 8,303 2,146 58 783 138 82 , 085 48 183 7 5 930 4,983 3.462 348 1,174 Nov. 1 8,167 2,185 59 775 136 101 ,114 35 135 12 4 828 4,968 3, 340 405 1,223 Dec. 31 8,418 2,196 60 793 140 107 ,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 ,112 29 141 13 4 1,043 5, 355 3,602 505 1,248 June 30 . 9, 556 2,338 76 813 146 65 .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 5 5 88 9 5 5 11 309 116 193 1933—June 30 > ,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 1,704 462 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 ,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 1,946 456 32 148 13 12 251 5 2 1 10 1 1,470 1,131 89 250 June 30 L. 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, 379 258 42 24 102 239 2,944 1, 368 1,576 1933—June 30 2 8,492 4,258 63 1,340 1,131 46 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—June 30. _ 9, 609 4,096 97 1,200 1,124 41 1, 634 40 21 6 97 135 5,214 3, 516 3 19 3 1, 679 Dec. 31 10,028 4,024 90 1,124 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 1,090 1,077 48 1,677 48 12 9 122 106 5, 766 3,724 376 1,666 June 29 10,151 3,967 87 1,053 1,105 40 1,682 43 10 7 112 25 5,986 3,712 571 1,703 Nov. 1 .. 10, 521 4,089 82 1,055 1,103 44 1,806 34 13 12 111 9 6, 253 3,892 655 1,706 Dec. 31 10, 780 4,144 96 1,057 1,094 46 1, 851 34 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4 10, 655 4,071 101 1,027 1,096 43 1,805 31 18 9 120 30 6, 375 3,958 656 1,761 June 30 11,306 4,242 115 1,044 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 1,026 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 1,020 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 1,078 2 1,891 16 2 1 152 16 5,407 2,163 640 2,605 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. » Beginning June 30, 1933, figures relate to licensed banks only. 1 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

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 131 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 e R r e r n r i e e v a t d v - - k h e l - e s s C v a a i u s n l h t b a w m B a n d t e n o i i a c s c t - k - e l h - s s1 r o i e e p t t f l p d e i e r e i o o c s o n m - a n c s c r o s s - t a l - - b m D a I t e n i o n s c - - k te s rb b a F e a n i o n g k r k n - s S m U 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 o t f n e c f t s r r f d i e d s h k t - i r ' s - s , s t p I 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 a s t i - - s - s - , - - , , j d i m u t e D s s a p e t a n e - o d d d s - - ' b m D I a t e n n i o s c - t k - e s rb b a e F a i n o n g k r k n - s f P u u l n i b c d - s s i t a n al v g - - s t p I p u v n i c o n a a o i e o r d r l n r r d a s t i s - - - - , - - , r B i o n o w g r s - credit etc. etc. TOTAL—AM. 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 5 2, 235 405 2, 008 1,485 3,057 145 806 1,087 657 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 1,598 372 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 1, 799 838 14, 951 15, 686 134 294 452 9,020 13 1935—Mar. 4 4,518 534 3,386 1,475 5,095 169 1,270 1, 861 741 14,872 15,999 145 290 399 9,203 17 June 29 4, 933 537 3, 396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 285 307 9,462 Nov. 1 5, 662 541 3, 760 1, 756 5, 558 361 650 2, 251 686 17,327 18, 509 132 310 227 9,671 Dec. 31 5, 573 665 3,776 2, 255 5, 696 444 844 2,139 882 18,035 18,801 151 361 218 9,680 1936—Mar. 4 5, 784 624 3,970 1,718 6, 148 394 600 2,173 779 17, 927 19,161 152 344 167 9,784 11 June 30 5, 607 713 3, 944 2,147 5, 986 465 1,037 2.320 789 19,322 20, 284 151 378 152 10,099 6 NEW YORK CITY 6 1929-Dec. 31 827 179 2,406 1,198 464 20 128 1, 180 5, 847 4, 750 133 18 1,112 179 1933-June 30 s 846" 101 874 1, 255 127 332 96 461 4,676 4, 358 1 110 671 1934—June 30 1.4.17 97 415 1,592 135 802 167 154 4,894 4,800 7 69 649 Dec. 31 1, 576 103 1,069 1,798 126 792 229 540 5, 370 5,069 56 591 193.r) Mar. 4 1,856 86 810 2,047 147 572 190 500 5, 329 5, 209 7 44 595 June 29 1,935 133 447 1,983 248 369 354 149 5,924 5,979 4 27 567 Nov. 1 2, 590 109 873 2, 203 327 219 468 4.13 6,104 6,112 4 3 680 Dec. 31 2,541 111 1,133 2, 338 410 224 323 524 6,479 6,193 4 591 1936—Mar 4 2, 493 108 829 2,527 363 140 260 496 6,471 6, 398 4 586 June 30 2.106 114 982 2,390 428 215 357 489 6, 891 6, 756 5 601 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 42 1.041 957 332 1933-June30 6 232 203 61 259 46 87 870 912 358 1934—June 30 436 162 57 391 47 174 944 1,077 361 Dec. 31 415 207 90 445 46 182 1,073 1,189 381 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. I 581 188 83 527 62 204 1,274 1,416 403 Dec. 31 511 09 135 522 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 RESERVE CITY BANKS 1929—Doc. 31 751 156 947 1.041 1, 604 76 423 300 5, 547 5,229 30 371 41 4,433 292 1933—June 30 »_ 705 122 1,002 401 1,315 312 349 108 3.708 3, 764 59 20H 388 2. 941 16 1934—June 30 1, 197 154 1, 397 411 1, 785 635 526 117 4, 360 4, 593 105 234 259 3. 366 Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5, 136 117 206 186 3. 494 1935—Mar. 4 1,386 197 1, 690 432 2,179 505 643 132 4, 854 5,197 128 211 167 3,611 June 29 1,403 213 1.607 471 2, 145 299 674 140 5,314 5, 656 119 203 118 3, 670 Nov. 1 1, 59.1 218 1,849 579 2,428 273 685 146 5, 855 6,107 115 218 84 3, 765 Dec. 31 1,594 256 1, 779 752 2, 422 385 707 204 6, 001 6,161 134 266 79 3, 796 1936—Mar. 4 1,794 264 1,910 607 2, 594 285 733 151 5,961 6.238 135 251 72 3,853 June 30... 1,763 289 1.907 763 2, 551 513 733 152 6,419 6,541 135 288 65 3, 960 COUNTRY BANKS 1929—Dec. 31 627 321 908 291 405 742 5,091 5,711 133 6, 390 367 1933—June 30 5 452 203 702 149 228 116 555 72 2, 576 3,054 86 285 3,833 167 1934—June 30 769 216 ,104 174 303 174 731 85 3,150 3,792 87 256 35 Dec. 31 822 275 ,296 207 342 178 804 106 3,589 4,292 84 210 554 13 1935—Mar. 4 916 246 427 163 364 152 845 90 3,642 4,414 188 , 623 14 June 29 920 236 406 192 347 90 865 104 3,761 4,538 162 4,756 9 Nov. 1 900 237 613 221 399 95 895 106 4,095 4,875 140 4,824 8 Dec. 31 927 305 676 235 415 137 901 127 4,254 5,047 136 4.879 1936—Mar. 4 1,017 268 757 187 433 93 965 106 4, 252 5,136 95 4,938 June 30 989 322 1,727 256 410 207 1,008 121 4,567 5,440 87 5,094 > 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. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 6 Beginning June 1933 figures relate to licensed banks only. 8 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

132 FEDERAL RESERVE BULLETIN FEBRUARY 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 l a o v o e n a e t n n d a s t s l t s - Total Y N k s b o T i r e u o e d o o r w t r e - s - k o o c t t n T u h i e r o e s s i e r - s - I e l R o s e t a a a n t l s e - - c m O lo u e t t a s h o r t n s e o s . r - 2 .... L ba o t n o a k n s s p a c c m a c n a A e o n i p e c p m a c d r e e t - l - - - s r L k t C Y o N e o i o r e b t a s y r w r n k i o s n ' - Total D 1 m " i . e r S n e . t c t , i t o G o n o a b F s g n v l u u i t e g a l e r l a r e n y - - d - s O e t t c i h e u s e r r i- b s s w F e e e a R r e r r i n e a t v v d k h - l e e - s v C a i a u n s l h t; l a b w o B n a t m c i a n i t e l c k e h - s s s - City' nought TOTAL— 101 CITIES 1935—December. 20, 769 6, 824 174 2.107 1,139 3, 404 81 358 921 12. 585 8, 433 ,131 3,021 4, 694 376 2,312 1936—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 , 145 3,613 58 315 936 14,110 9, 484 ,278 3, 348 4,710 386 2, 493 August.. 22, 297 7, 066 209 2, 023 ,147 3, 687 63 320 916 13,932 9, 357 , 254 3,321 4, 875 376 2, 354 September.. ._ 22, 520 7, 238 212 2,035 , 143 3, 848 92 315 983 13,892 9, 320 , 246 3, 326 4, 995 383 2,311 October.. _ 22, 566 7, 403 218 2, 025 ,142 4,018 55 315 945 13, 848 9, 310 L, 255 3, 283 5, 276 399 2,385 November .._ 22,444 7. 429 215 2.024 ,148 4.042 62 323 941 13, 689 9, 232 1,255 3, 202 5,422 404 2,463 December. ... 22, 760 7, 607 227 2, 034 ,154 4.192 64 338 1,021 13, 730 9, 241 , 242 3, 247 5, 264 427 2,439 Nov. 10... . .. 22, 488 7, 430 216 2, 025 ,144 4. 045 70 326 938 13,724 9, 267 1,258 3,199 5, 462 403 2,440 Nov. IS ... . 22,442 7, 450 209 2.029 ,150 4.062 58 329 915 13,690 9, 234 1,261 3, 195 5,471 404 2, 505 Nov. 25. ..... 22. 401 7, 424 210 2.019 .154 4,041 64 321 970 13, 622 9,178 ,247 3, 197 5, 431 407 2.475 Dec. 2 22,459 7, 456 212 2. 024 ,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 , 154 4, 100 56 330 1.028 13, 682 9, 192 ,246 3, 244 5.317 436 2,457 Dec. 16 22,875 7, 648 228 2,048 ,153 4,219 57 341 1,023 13,806 9,310 . 239 3, 257 5, 307 429 2, 498 Dec. 23 .. 22,941 7, 707 233 r2,O4O , 155 M, 279 78 346 1,039 13. 771 9, 290 1,240 3,241 5, 161 437 2, 386 Dec. 30 22,931 7, 725 242 r2,035 . 156 '4.292 66 351 1.047 13,742 9, 241 ,238 3, 263 5,163 433 2,345 Jan. 6. 22, 853 7, 649 • 247 2.003 , 155 4, 244 60 368 1.008 13,768 9, 303 , 24.0 3, 225 5, 184 411 2^313 Jan. 13. .. - 22, 797 7.618 ! 238 2.000 , 152 4. 228 57 374 990 13, 758 9, 275 ,240 3, 243 5, 303 413 2, 354 Jan. 20.. .. . 22. 657 7, 497 225 2, 000 , 153 r4, 119 57 384 985 13,734 9, 262 1,229 3, 243 5, 325 389 2, 308 NEW YORK CITY 1935—December 7,921 i! 2,095 59 745 125 1. 166 46 171 897 4.712 3, 320 379 1,013 2, 430 60 82 1936—June.... - - 8,987 , 2,178 •4 762 .133 1,209 59 132 . 027 5.591 3. 896 561 , 134 2, 049 53 76 July.... ... . 8. 860 '| 2, 192 "3 745 133 1,241 26 13L ' 897 5,614 3, 946 522 , 146 2, 178 52 80 August 8. 607 2. 148 i •4 697 132 1,245 32 11.8 875 5, 434 3, 843 466 , 125 2, 357 51 73 September.. . 8, 753 2, 299 ! "5 707 132 1,315 60 114 936 5,414 3, 830 456 ,128 2, 354 52 72 October 8. 687 2, 326 ! "8 705 131 1,412 24 123 906 5, 308 3. 761 461 , 086 2, 46.1 55 74 November 8. 622 2. 354 1 •7 710 130 1.437 30 135 901 5. 202 3,721 461 , 020 2, 575 58 78 December 8, 750 2, 129 "•"» 712 130 1,512 34 140 978 5, 169 3, cm 451 , 052 2, 509 63 86 Nov. 10 ... 8, 642 i 2.350 "8 712 130 1,430 39 136 895 5, 222 3, 742 462 ,018 2.610 78 Nov. 18 8,611 i 2,378 "7 713 130 1,458 26 137 874 5, 197 3, 722 4(53 ,012 2, 592 56 79 Nov. 25... ... 8, 625 I 2.358 •(> 707 .131 1,444 32 135 930 5, 170 3. 699 454 ,017 2, 602 60 81 Dec. 2 . 8. 680 2. 361 "4 706 130 1,451 32 135 928 5, 224 3; 722 453 , 049 2, 547 56 84 Dec. 9. 8, 745 2, 370 ! ") 701 130 1.464 25 136 984 5, 230 3, 722 454 , 054 2, 486 61 79 Dec. 16 8.777 2,461 "6 726 130 1. 529 27 141 980 5, 168 3,661 447 , 060 2, 582 61 87 Dec. 23 . 8. 800 2,483 719 J30 1, 55!) 49 .142 992 5, 134 3, 647 452 , 035 2, 465 69 88 Dec. 30. .... 8. 749 2,469 1 T> 708 129 1. 556 38 145 , 004 5, 093 3. 579 451 . 063 2, 467 66 90 Jan. (').. . 8. 679 ! 2,431 "6 696 130 1. 529 28 151 966 5, 103 3, 597 450 . 056 2. 469 58 82 Jan. 13 8, 634 I 2.421 ! 704 130 1,512 26 151 916 5, 090 3. 573 454 1. 063 2. 544 58 81 Jan. 20 8, 568 2, 384 ! "5 705 129 1,475 27 113 943 5,071 3. 555 451 1,065 2, 590 54 79 i OUTSIDE NEW YORK CITY 1935— December - . J 2. 8-18' 4. 729 115 1. 362 1,014 2. 238 35 187 21 7. 873 5, 113 752 2, 008 2, 264 316 2, 230 1936—June _ ... - 13,386 4. 872 164 1,334 1,016 2 358 33 187 47 8, 247 5, 306 742 2, 199 2, 340 334 2,214 July 13,624 4. 873 162 1.327 .012 2. 372 32 184 39 8, 496 5. 538 756 2, 202 2. 532 334 2,413 August.. 13.690 4.918 ; 135 1, 326 1,015 2, 442 31 202 41 8. 498 5,514 788 2, 196 2,518 325 2,281 September ... 13.767 5, 009 : 137 1. 328 .011 2. 533 32 201 47 8. 478 5. 490 790 2.198 2, 641 331 2, 239 October..... 13, 879 5, 077 ! 140 .1.320 1.011 2. 606 31 192 39 8, 540 5.549 794 2,197 2,815 344 2,311 November ... 13.822 ; 5,075 •• 138 1,314 ,01S 2, 605 32 188 40 8. 487 5,511 794 2, 182 2, 847 346 2,385 December. . . 14,010 ! 5, 178 152 1,322 , 024 2, 680 30 198 43 8.561 5, 575 791 2, 195 2, 755 364 2,353 Nov. 10 13, 846 ' 5.080 1 .38 1,313 1,014 2.615 31 190 43 8. 502 5, 525 796 2, 181 2, 852 348 2, 362 Nov. 18.... . _ 13,831 1 5,072 1 132 1.316 1,020 2. 60 1 32 192 41 8, 494 j 5.512 798 2, 181 2, 879 348 2, 426 Nov. 25 13,776 5, 066 ! 134 1,312 1,023 2. 597 32 186 40 8. 452 5,479 793 2, 180 2, 829 317 2, 394 Dec. 2 13,779 5. 095 138 1,318 1,022 2,617 31 189 41 8, 423 5,451 793 2, 179 2, 824 315 2,428 Dec. 9... 13.849 5, 128 147 1. 321 1,024 2. 636 31 194 44 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 30 200 43 8, 638 5. 649 792 2, 197 2, 725 368 2,41.1 Dec. 23... . 14,141 1 5, 224 158 '1,321 1,025 r'l. 720 29 204 47 8, 637 o,613 788 2, 206 2, 696 368 2, 298 Dec. 30 _ 14.182 5, 256 j 166 '•1.327 1,027 r2. 736 28 206 43 8, 649 5, 662 787 2, 200 2, 696 367 2. 255 Jan. 6... .. .. 14. 174 5,218 ! 171 1,307 1,025 2, 715 32 217 42 8, 660 5, 706 790 2, 169 2,715 353 2,231 Jan. 13. . ._ 14. 163 5, .197 163 1.296 1,022 2,716 31 223 44 8, 668 5, 702 786 2. 180 2, 759 355 2, 273 Jan. 20 . 14.089 5, 113 150 1,295 1,024 r2. 644 30 211 42 8, 663 5. 707 778 2, 178 2, 735 335 2, 229 '• Revised. 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 notes, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

133 FEBRUARY 1937 FEDERAL RESERVE BULLETIN' REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data arc averages of weekly figures. In millions of dollars] Cash Total Demand deposits Time deposits r i e t p e o m r s t- assets De- Date or month i c n e t e o i s d o p l s l n r e a o o c s ' f c - - a O s t s h e e t r s l T i i a t o i b e t i a s l l - D ba o t I n m i n c k t e s e s r - ba F b n o a k r n e - k i s gn G U S o m n t v e i a e n t te t r e s n d c C h e f e i r e c t d k i s - , Other i j d m t u e s s a p - te n a o d d d s * - - h m D a I e n n o s k t t - e i s c rb b a e F a n i o n g k r n k - s Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - c t C a o a l u p n a i t c - - TOTAL—101 CITIES 1935—December 1,429 30,983 5, 268 438 609 556 14.776 13,904 120 4,872 821 3,518 1936—June 1, 385 32,195 5,371 447 797 499 15,449 14,563 132 5,037 913 3, 543 July 1,552 32, 948 5, 904 427 829 545 15,760 14,752 133 5, 007 851. 3, 488 August... 1,313 32,516 5, 729 409 821 439 15.658 14. 785 130 5,019 816 3,488 September 1,444 32,961 5,761 423 837 484 15,922 14,962 129 5,036 847 3, 503 October 1,487 33,411 5, 950 467 793 446 16, 193 15. 152 130 5, 070 840 3, 517 November.. 1,663 33,714 6, 106 448 548 584 16,441 15, 362 130 5, 032 880 3, 539 December..... 1,787 34,047 6, 025 435 601 617 16,714 15,544 130 5, 045 909 3, 555 Nov. 10 1,713 33, 805 6, 104 451 596 704 16,388 5,379 130 5.022 868 3, 537 Nov. IS. 1,670 33. 805 6, 167 444 521 556 16.513 5, 399 130 5, 029 893 3, 544 Nov. 25.... . . 1,656 33, 72(5 6, 098 450 419 600 16,520 5, 464 130 5, 034 894 3, 545 Dec. 2 1,674 33, 78!) 6, 153 443 449 594 16,544 5, 46-1 128 5. 037 879 3, 555 Dec. 9 1,477 33, 652 6, 087 443 450 559 16,406 5,488 131 5. 050 963 3, 559 Dec. 16 .. ... . 2,014 34, 475 6,059 445 700 633 17, 006 5, 625 131 5. 031 904 3, 558 Dec. 23 - ... 1,805 34.106 5, 945 419 702 608 16.771 5. 574 132 5, 013 900 3, 553 Dec. 30 - 1,963 34,213 5, 879 423 702 691 16. 843 5.571 130 | 5,067 r901 r3, 550 Jan. 6 1,549 33, 645 5. 998 412 702 551 16,423 5. 425 132 5. 052 r807 ••3, 563 Jan. 13 1,652 33. 858 5, 989 410 655 r>i")[) Hi. 659 132 5, 053 842 3, 560 Jan. 20 1,497 33, 531 5, 927 418 560 481 16, 563 15, 547 132 5.050 I 827 3, 563 NEW YORK CITY 1935--December... . . 754 483 11.730 2.210 403 182 6,217 5.818 | 569 332 1, 459 1936—June 650 496 12,311 2,310 416 194 326 6. 635 6,311 i 547 407 1,470 July .... 745 466 12,381 2, 477 391 192 361 6, 604 6,221 ! 556 367 1,429 August.... . .. 582 454 12, 124 2, 380 372 191 281 6. 554 6.253 I 569 345 1,427 September..... 653 468 12, 352 2, 399 387 192 313 6. 674 6,335 i 367 1.427 October.. . 0-14 462 12.383 2, 444 427 172 277 6, 667 6,301 ! 351 K431 November 795 468 12, 596 2, 529 408 102 402 6, 756 6.363 I 583 369 1.442 December... 878 492 12,778 2, 408 397 155 415 6, 893 6, 430 613 372 1,451 Nov. 10 886 456 12,727 2, 545 411 111 516 6, 766 6, 300 4 567 , 363 1,441 Nov. 18. 795 462 12,595 2, 534 404 97 381 6, 774 6, 360 4 580 377 1, 442 Nov. 25 793 489 12,650 2,541 411 82 410 6, 788 (i. 405 1 592 376 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. Hi 972 480 12,959 2, 498 407 203 427 6, 990 6,445 4 614 I 364 1,452 Dec. 23 .... .. 867 503 .12, 792 2, 428 383 203 410 6.909 6, 452 4 614 I 364 1,451 Dec. 30 . . . . 1,016 496 12,884 2, 3S0 386 203 483 6,981 6, 448 4 621 | 353 1,451 Jan. ft.. 710 489 12,487 2, 432 375 204 351 6. 726 6. 367 1 602 329 1,464 Jan. 13 769 489 12, 575 2,431 375 193 366 6. 795 6, 392 3 I 597 I. 349 1. 406 Jan. 20 654 497 12,442 2, 393 384 169 295 6, 790 6.431 3 600 334 1,467 OUTSIDE NEW YORK CITY 1 1 9 9 3 3 5 6 — -D J e u c n e e m .-. ber.. ... 6 7 7 3 5 5 9 87 2 5 0 1 19 9 , , 8 2 8 5 4 3 3 3. , 0 0 6 5 1 8 4 60 2 3 7 2 1 0 7 1 3 8 8, , 8 5 1 5 4 9 8 8 . . 0 2 8 5 6 2 1 1 3 2 2 0 I '4 4. , 3 4 0 9 3 0 4 5 8 0 9 6 2 2 . , 0 0 5 7 9 3 July 807 857 20, 567 3. 427 637 181 9, 156 8, 531 133 4,451 484 2. 059 August. 731 847 20, 392 3, 349 630 158 9, 104 8. 532 130 1. 450 471 2, 061 September... ... 791 840 20, 609 3. 362 645 171 9, 248 8. 627 .129 4.461 480 2, 076 October 843 836 21,028 3, 506 621 169 9, 526 8. 851 130 4, 460 489 2, 086 November. 868 850 21, 118 3, 577 446 .182 8, 685 8, 99V) 130 1 4,449 2, 097 December 909 878 21,269 3, 557 446 202 9,821 9, 114 130 1 4.432 2, 104 Nov. 10 827 843 21,078 3, 559 485 188 9, 622 8, 983 130 4,455 505 2, 096 Nov. 18.. 875 851 21,210 3. 633 40 421 175 9, 739 i), 039 130 4, 449 516 2, 102 Nov. 25. 863 867 21.076 3, 557 39 367 190 9, 732 ), 059 130 4. 442 518 2. 101 Dec. 2. 863 876 21. 115 3,617 39 360 201 9. 709 9, 017 128 j 1. 124 523 2, 105 Dec. 9. ... . 753 884 21,070 3, 586 38 367 198 9, 656 9.101 131 | 4,4 45 542 2. 107 Dec, Hi 1.012 872 21,516 3.561 38 497 206 10.010 . 180 131 4.417 510 2, 106 Dec. 23 . ... ' 93S 873 21,314 3.517 499 198 9, 862 ,K 122 132 I 4. 429 536 2, 102 Dec. 30. . 947 882 21.329 3. 499 37 I 499 208 9, 862 J. 123 130 i 4.440 '•548 '2. 099 Jan. 6 ....... 839 846 2l| 158 3, 566 498 200 9. 697 ). 058 132 j 4,450 r478 r2,099 Jan. 13. .. ... . 883 21,2S3 3. ^ 35 i 462 189 9.864 ). 170 132 I 1. 456 493 2, 094 Jan. 2(i. . . 813 85S ' 21.0S9 3, 534 31 j 391 1S6 9. 773 ). 116 132 ! 4, 450 493 2. 096 1 Does [iot include cash items in processor collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount, of cash, items on hand hut. not in process of collection. 2 Demand deposits other than iiiterb.-ink an.l U. S. (,J.)vornrn:.»:it, less c.i<h items reported a-; 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 an.l description of figures see BULLETIN' for \\>vembi>r 1935. pp. 711-73S. or reprint, which may bo obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Keport for 1932 (.tables 7?i *2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN FEBRUARY 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 t o o s n - Y N o e r w k P p h d h i el i l - a a- C l l a e 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 i l a i n p s - - K C s a i a t n s y - Dallas F S r a a n n- Y N o e r w k Ch g i o ca- Loans and investments, total: Dec. 23 22.941 1, 198 9, 098 1, 189 1,917 664 001 3,144 094 410 703 518 2, 205 8. 800 2,114 Dec. 30 22,931 1, 194 9, (553 1, 197 1. 937 003 598 3,153 693 409 711 521 2, 202 8. 749 2, 118 Jan. 0 22. 853 1, 198 9, 579 1,187 1,941 008 597 3, 157 692 413 705 520 2, 190 8, 079 2, 122 Jan. 13 -.. 22, 797 1.204 9, 531 1,192 1,926 008 589 3,101 693 408 708 510 2,201 8, 034 2, 127 Jan. 20 22, 057 1,213 9, 462 1, 196 1, 928 000 587 3,104 691 407 710 504 2,189 8, 568 2, 070 Loans to brokers and dealers in New York: Dec. 23 1,039 14 1,002 9 1 8 1 992 Dec. 30 1,047 14 1,014 9 5 1 1,004 Jan. 0 1,008 ! 14 975 9 5 I 900 Jan. 13 990 j 14 955 9 1 5 i 940 Jan. 20 985 • 14 953 9 4 ] 943 Loans to brokers and dealers outside New York: Dec. 23 233 i 31 19 15 4 0 48 6 2 3 3 19 43 Dec. 30 242 31 78 20 15 4 0 52 6 3 4 3 20 46 Jan. 6 247 ! 30 78 19 16 4 7 50 6 3 4 4 20 50 Jan. 13. 238 I 27 77 20 16 4 7 51 5 2 4 3 22 45 Jan. 20 225 i 26 77 20 15 4 7 45 5 2 3 3 18 38 Loans on securities to others (except banks): Dec. 23.. r2. 040 146 849 M44 221 72 53 203 73 30 47 43 719 139 Dec. 30 r2,035 143 839 144 221 73 53 209 72 29 47 44 101. 708 .142 Jan.6 2.003 144 826 141 217 72 52 204 71 29 47 44 150 090 139 Jan. 13 2, ()()() 144 833 140 213 70 52 199 71 30 47 44 157 j 704 139 Jan. 20 2.000 144 836 139 213 70 53 198 71 30 46 44 150 ! 705 138 Acceptance and commerical paper bought: Dec, 23 340 ! 48 152 23 6 10 0 33 10 10 24 2 22 142 14 Dec. 30 351 50 155 23 0 10 5 33 10 11 23 2 23 145 14 Jan. 0 3(58 54 163 24 5 10 6 30 11 12 23 1 23 151 15 Jan. 13 374 j 57 164 24 0 10 0 30 11 12 23 1 24 151 15 Jan. 20 384 00 161 30 7 11 0 37 .12 12 23 1 24 143 Loans on real estate: Dec. 23 1. 155 87 242 62 180 20 20 72 44 0 18 23 309 130 M Dec. 30 U 150 87 241 02 180 20 20 72 44 0 19 24 309 129 14 Jan. 0 1,155 80 242 03 180 20 25 73 43 0 18 23 370 130 14 Jan. 13 1, 152 80 242 03 180 26 25 73 44 18 23 307 130 14 Jan. 20 rl, 153 80 241 63 180 26 26 74 43 r0 19 23 360 129 14 Loans to banks: Dec. 23 78 3 50 2 3 1 10 o 2 1 49 Dec. 30 2 39 2 3 1 j 9 o 2 I 38 Jan. 6 00 4 29 2 4 1 1 9 0 2 2 28 Jan. 13 4 2 3 j 9 o 2 2 20 Jan. 20 4 27 2 3 1 1 9 o 2 2 27 Other loans: Dec. 23 r\. 279 312 1,716 r186 226 119 .1.70 509 145 125 147 157 401 1,559 408 Dec. 30 r4, 292 307 1,713 r193 239 119 170 507 144 123 151 159 401 1, 550 405 Jan. 6 4, 244 302 1,087 190 235 118 175 571 142 120 150 150 398 1,529 411 Jan. 13 4, 228 314 1.672 192 231 119 171 570 144 110 J49 155 395 1,512 411 Jan. 20 '4, 119 319 1, 032 190 230 119 107 519 Ml -115 149 142 396 1, 475 301 U. S. Government direct obligations: Dec. 23 9. 290 389 3, 880 343 931 297 210 1,039 230 177 273 199 716 3,647 124 Dec. 30 9,241 391 3,818 344 940 295 210 1,044 238 177 275 197 712 3, 579 120 Jan. 6 9, 303 393 3, 832 345 957 305 212 1,041 240 185 274 200 719 3, 597 124 Jan. 13 9, 275 387 3, 800 346 949 307 208 1.047 239 185 276 198 727 3, 573 126 Jan. 20 9, 262 ! 389 3, 787 352 952 304 208 1, 047 239 185 279 199 721 3, bob 126 Obligations fully guaranteed by U. S. Government: Dec. 23 1,240 18 501. 94 55 56 38 105 02 12 48 38 153 452 96 Dec. 30 1,238 18 500 94 55 50 37 104 02 12 48 39 153 451 95 Jan. 6 1, 240 21 499 94 54 50 36 165 03 12 48 39 153 450 94 Jan. 13 1,240 . 21 500 95 54 54 35 105 03 12 49 39 153 454 95 Jan. 20 .1,229 j 21 493 89 bb 54 36 16t 03 13 49 39 153 451 95 Other securities: Dec 23 3, 241 150 1,229 307 279 80 85 397 112 48 140 53 361 1,035 209 Dec. 30 3, 203 151 1, 250 306 278 79 84 398 111 48 141 53 358 1, 003 209 Jan. 6 3, 225 150 1,248 300 273 76 83 397 110 46 138 53 351 1, 050 209 Jan. 13 3, 243 150 1,255 301 273 77 83 400 110 46 139 53 350 1,063 276 Jan. 20 3. 243 150 1,255 302 273 77 83 407 111 44 139 53 349 1,065 276 " Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 135 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] City Reserve with Federal lieserve bank: Dec. 23 281 !! 2,46-) Dec. 30 290 ii 2,4(57 Jan. ft 295 I' 2,469 Jan. 13.- 297 ' 2. 544 Jan. 20.. 292 ! 2,590 Cash in vault: Dec. 23. Dec. 30 Jan. ft- Jan. 13-. Jan. 20 _. Balances with domes! ii banks: Dec. 23 . Dec. 30 Jan. 0 .--. - - Jan. 13. Jan. 20- - . . Other assets: Dec. 23 ... Dec. 30_ .. .. Jan. ()... -. ... - Jan. 13_. . ... Jan. 20.. Demand deposits- adjusted: Dec. 23 Dec. 30 - Jan. (» - - Jan. 13... Jan. 20. Time deposits: Dec. 23.. .... ... Dec. 30 --. . Jan. 6.. . Jan. 13 Jan. 20 -. I' S Government deposits: Dec. 23 Dec. 30- Jan. <>- . . . Jan. 13 - . Jan. 20 ... Interbank deposits, domestic: Dec. 23 -. ... Dec. 30 ... . Jan. •) Jan. 13 Jan. 20.. . Interbank deposits, foreign: Dec. 23 .- Dec. 30 ... Jan. fi. -- Jan. 13 Jan. 21). . . Borrowings: Dec. 23 Dec. 30 ... Jan. fi Jan. 13 Jan. 20 Other liabilities: Dec. 23 ... Dec. 30 Jan. »> Jan. 13. . Jan. 20. . Capital account: Dec. 23 Dec. 30 Jan. <).- . _ Jan. 13. Jan. 20. r Kevised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN' FEBRUARY 1937 BAISK SUSPENSIONS1 POSTAL SAVINGS SYSTEM [In millions of dollars] Member Non-member banks banks Total, Assets all banks ti N on a- al State su I r n e - d2 in N su o r t ed U.S. Government Depo: - securities itors' Cash Cash, Num 1 b 93 e 3 r , o M f b a a r. n k I s B - s D u e s c p . e 3 n 1 d . e d . : . 179 9 6 164 End of month a b n a c l e - s1 Total ' i p n o d s e i- - Di- Guar- se r r e v - e 1 1 9 9 3 3 4 5 5 3 7 4 4 1 2 8 2 4 8 8 |b t a o n ry ks Total o re b c li t - o te b e l d i- f e u t n c d .2 s, 1936 44 .1 40 3 ga- gations tions Deposits of suspended banks (in 1 9 t 3 h 3 o , u M sa a n r. d s 1 6 o - f D d c o c. l l 3 a 1 rs):3 145,710 17,322 3,527 124,861 1930—June 175 185 : 148 < . ; ! 26 11 1934 36, 937 40 1,912 34, 985 1931—June 347 350 307 27 27 22 1935 10,099 5,313 3.847 939 1932—June 785 801 1 082 71 71 48 1936 11 358 506 10,260 592 1933—June 1. 187 , 207 977 131 I 131 99 1934—June 1. 198 , 225 i 695 453 • 418 """35 77 1935—June 1 205 236 1 385 777 147 74 1 Represents licensed banks suspended; does not include non-licensed banks placed in liquidation or receivership after the banking holiday. 1935— September,.. 1, 192 ,224 j 319 805 I 658 147 100 For statistics of latter see Annual Report for 1935 (table 69). October 1, 196 ,230 ! 306 824 i 677 147 100 8 Federal deposit, insurance became operative January 1 1934. November 1, 199 L, 234 i 294 853 1 706 147 87 3 Deposits of member banks and insured non-member banks suspended December 1, 201 .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, 20h L, 241 ! 248 876 • 709 167 117 of the banks. February... 1, 214 L. 248 I 225 876 • 710 166 147 March- 1, 216 .251 i 221 902 ! 736 166 128 Back figures.—See Annual Report for 1935 (table 69). April 1 215 L 2481 216 925 I 759 166 107 May 1 214 1,248 ! 211 940 I 773 167 97 June. _ _ 1,232 L, 265 ! 203 967 ! 800 167 95 Julv. _ 1, 244 1,279 1 172 972 805 167 135 BANK DEBITS S A e u p g t u em st ber 1 1 ,2 2 5 4 1 9 1 . , 2 2 8 8 3 5 1 ' 1 1 6 6 6 2 9 9 7 8 2 2 ! • 8 8 0 15 5 1 1 6 6 7 7 1 14 4 1 5 October 1 255 ! 158 1 011 ' 814 167 121 [Debits to individual accounts. Amounts in millions of dollars] November "1. 257 December "1,260 1" — i 1936 1935 No. of p Preliminary. Centers Dec. Nov. Dec. 1 Outstanding principal, represented by certificates ol deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-percent reserve fund and New York Citv 1 22. 058 17.391 17.0S1 miscellaneous working funds with the Treasurer of the United Stales, Outside New York Citv.. _. .. _ 1 10 23. 23S IS. 175 MS. 676 accrued interest on bond investments, and accounts due from late postmasters. Fede B ra o l s t R on eserve districts: 11 2. 476 2. 100 2. 005 Back figures.-See BULLETINfor August 1935. p. 502. New York 23. 461 18.001 IS.337 Philadelphia 10 2, 062 1.0*1 1.6X7 Cleveland 13 2 503 1 SS7 1 900 Richmond - 841 707 0''»5 Atlanta 15 1.019 SI7 Ml Chicago 21 6 3S3 4. SSI 5. 11." St. Louis _ 1. 130 940 IMh Minneapolis..- , . __..._ .... 9 739 579 002 Kansas City. _ _ _ . 15 1, 252 1.033 1.021 Dallas 10 7S6 633 San Francisco IS 3 23S 2. 001 r2 627 ....... ....... . Total 35. 869 r36. 360 r Revised. Back figures.—See Annual Report for 1935 (table 68). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

137 FKBRI'AKY 1937 FEDERAL RESERVE BCLLETIX COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Com- By holders By classes mercial I paper Total ! Held by accepting I Based on Based on End of month out- out- j! banks Based Based ! eoods stored goods stored st i a n n g d- st i a n n g d- j o f p U n r o o . r e m S t x s . - ! s ' ( c h t w r w i e i a p n e d r p e i e e t n r h s . d ) o d S u b o o . s e - r e - c D h e o a x n ll - g a e r s c e t h o i i w n g i u p n e n f p e o t p e n r r i d o e e f i i s o g b n r n o e t - s - r mesi ic point< 1935—December . . .. ' I 193G—January j 3 8-1 February j SI 2 80 March 00 2 87 April j 2 89 May ; 55 1 82 June . . .. i 19 2 85 July , 57 2 81 August 00 2 79 September j (56 2 70 October j 75 2 November 83 1 70 December _ . S3 76 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 06 and 07). 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' j credit balances' I Other credit balances Debit Debit End of month Customers' balances in balances in Cash on ! 1 debit partners' firm hand | Money In In ' balances investment investment and in I bor- 1 partners' | firm In i (net)1 an a d c co tr 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 ! j m in e v n e t s a t- n d! , M in er v it e s a t n - d ! ! a c c a c p o i u ta n l ts trading i trading (net) accounts accounts 1935—September. ! 1,098 05 119 , 182 771 257 89 23 12 I 396 October ! 1J47 08 119 I 187 800 277 93 22 10 405 November.. I 1,212 73 134 I 189 859 294 92 22 13 415 December.. 1, 258 75 135 179 930 280 79 24 i 10 410 1930—January ._. 1, 297 03 139 193 922 319 91 20 ' 17 410 February... 1, 290 04 147 208 908 328 98 20 15 425 March 1,351 07 108 j .181 995 303 89 23 15 429 April 1,295 05 173 I 208 1,033 301 88 28 ! 13 | 426 May 1,257 05 159 | 229 970 282 83 125 1| 14 | 422 June 1,207 07 104 | 219 985 270 80 i 14 420 July 1,295 08 158 | 221 981 287 90 14 422 August 1.287 09 142 ; 213 907 283 92 12 423 September.. 1,317 72 141 ! 227 995 289 99 25 I 14 ! 423 October 1,333 09 151 ! 235 989 1-318 r99 24 j 17 428 November.. 1,304 05 150 ! 200 980 340 110 25 17 435 December. . 1.395 04 104 ! 249 1,048 342 103 24 ! 12 424 30 ! r Revised. 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 1930. 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

138 FEDERAL RESERVE BULLETIN FEBRUARY 1937 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der sees e . r a 1 l 3 R an es d e r 1 v 3 e a o A f c t t h * e Fed- 10(b R ) e o s f e r t v h e e A F c e t deral se t O h c a . e s 1 t U 3 p n o a i f r t e a th d g e ra S F p t e h a d te o e s r f al Federal Reserve Bank Reserve Act) Ja R n a . t e 30 be I g n in ef n fe i c n t g- v P r i a o r t e u e - s Ja R n a . t e 30 be I g n in ef n fe in ct g- Ja R n a . te 30 be I g n i n e n ff i e n c g t - 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 I* May 11,1935 Oct. 19,1935 May 11,1935 Richmond May 9.1935 Sept.23,1935 Feb. 19,1934 Atlanta Jan. 14,1935 Sept.14,1935 Mar. 17,1934 Chicago. 2 Jan. 19,1935 Sept.20,1935 Oct. 16,1933 St. Louis 2 Jan. 3,1935 Oct. 3,1935 Feb. 21,1935 Minneapolis.. 2 May 14,1935 Oct. 29,1935 Apr. 15,1933 Kansas City.. 2 May 10,1935 Aug. 26,1935 May 10,1935 Dallas 2 May 8,1935 Oct. 8,1935 Mar. 12,1934 San Francisco. 2 Feb. 16,1934 Sept.20,1935 Oct. 19,1933 2 1 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. I3(b) of the Federal Reserve Act as amended June 19, 1934. Percent per annum except [Percent per annum] as otherwise specified. In effect Jan. 30, 1937. [Percent per annum] Maturity e R J ff a a e n c t . e t 3 i o n 0 n In g in ef n fe in c g t — be- Pre ra v t i e ous A in d g v a i n n c s e ti s t u to ti o fi n n s a — nc- Advances direct to Commit- 1-15 days1... Oct. 20, 1933 Federal Reserve Bank industrial On por- ments 3 4 6 1 1 1 6 6 - - - - 4 9 6 3 5 0 0 0 d d d d a a a a y y y y s s s s . . . .. . . . . . . d d d d o o o o g m a o e n r r i c z c i a o a t m l i o o - n r s - t i w t i n i o o s h n t n i i c t f u i o h s - r m p O o a n r in t i i r o n e n - g a t d o v m an a c k e e s 91-120 days.. do. obligated 121-180 days. Boston 34-6 New York.... 4-6 4-5 1-2 i This rate also applies to acceptances bought under repurchase agree- Philadelphia- 4-6 H-2 ments, which agreements are always for a period of 15 days or less. Cleveland 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 o 5 Back figures.—See Annual Report for 1935 (table 41). Chicago 5-6 5-0 1-2 St. Louis 44 4.4 3,4 MAXIMUM RATES ON TIME DEPOSITS M Ka i n n s n a e s a p C o i l t i y s . - . 4-6 6 4 2 4 Dallas 5-6 4 o-fi Maxim t u h m e B ra o t a e r s d t o h f a t G m ov a e y r n b o e r s p u ai n d d e b r y p m ro e v m is b io e n r s b o a f n k R s e g a u s l e a s ti t o ab n l i Q sh . ed by San Francisco. 5-6 3-4 4-5 [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 8avings deposits 2V2 Postal Savings deposits 24 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

FEHRUARY 1937 FEDERAL RESERVE BULLETIN 139 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 2.58 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 4.69 4.33 3.39 2.61 2.54 months 90 90 New Re- within notes i May 4.97 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 days days newal period June.. 5.09 5.93 4.59 4.13 4.61 4.10 3.30 2. 66 2.44 July 5.38 5.88 4.48 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 4.30 3.79 3.26 2.72 2.40 November U y 8 1 75 75 14 1.29 N O o ct v o e b m er ber _ 5 5. . 5 6 6 3 5 6 . . 8 0 6 8 4 4. . 1 2 7 6 4 4. . 6 2 7 7 4 4. . 1 3 2 5 3 3 . . 5 7 2 6 3 3 . . 2 2 8 2 2 2. . 7 7 7 2 2 2 . . 4 4 6 3 December M M 1 75 75 09 1.26 December 5.63 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2.43 1936 Year 5.15 5.88 4.69 4.22 4.49 4.02 3.33 2.70 2.49 8 other northern and January _ _ y 1 75 75 10 1.21 eastern cities: February... __ 1/ 1 75 75 08 1.15 January 4.73 4.61 5.07 4.89 4.65 4.08 3.62 March H \/ 1 75 .75 11 1.09 February 4. 76 4.63 5.13 4.84 4.49 4.02 3.63 April H •\y 1 75 . 75 10 1.10 March 4.81 4.62 5.14 5.39 4.52 4.05 3.60 May % \z 93 93 18 1.09 April 4.91 4.5' 5. 10 5. 09 4.52 3.99 3.47 J J u u n ly e - % % y 8 \\i 1 1. . 0 0 0 0 L . . 0 0 00 . 2 1 3 4 1 1 . .1 1 7 2 J M un ay e 5 5. . 0 3 4 6 4 4 . . 4 5 9 5 5 5 . .1 1 4 3 4 4 . .97 4 4. . 3 3 0 9 3 3 . . 8 7 8 8 3 3. . 5 4 1 5 August... H Vie ix 1.00 LOO . 18 1. 12 July 5. 57 4.48 5. 05 4.82 4.15 3.8' 3.61 September % »/!• U4 1.00 .00 .16 1.09 August 5. 59 4.47 5.12 4.68 4.12 3.79 3.47 October _ _ % 3/l6 IK 1 00 00 . 13 1.12 September 5. 80 4.48 5. 03 4.65 4.11 3.75 3.45 November 3/l6 IK 1. 00 .00 .10 .99 October 5. 80 4.62 4.96 4.51 4.13 3. 75 3. 50 December % 3/l6 VA 1. 00 , 00 .21 1. 01 November 5. 82 4.87 4.88 4.54 4. 3.63 3.47 December 5.91 4.91 4.88 4. 59 3.6' 3.46 Week en iing: Oct 24..... 3/16 Vi 1.00 .00 .12 1.12 Year 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52 Oct. 3I_-._ Vie m 1.00 L.00 .12 1.13 27 southern and Nov. 7 Vie IX 1.00 .00 .11 1.07 western cities: Nov. 14..__ Vie IX 1.00 .00 .10 1.01 January 5.53 5.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 Nov. 21 H Vie IK L.00 .00 .08 .96 February 5.53 5. 96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 Nov. 28... K 3/l6 IX LOO LOO . 09 .95 March 5.54 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 Dec. 5 8 Vie IX L 00 L. 00 . 09 .94 April 5. 54 6.07 5.86 5. 5.63 5.68 5.34 4. 80 4.40 Dec. 12_.__ Vie IK LOO LOO .12 .94 May 5.56 6.10 5.75 5. 26 5.64 5. 66 5.28 4.79 4.43 Dec. 19 Vie IK LOO LOO .23 1.07 June 5. 6; 6.16 5. 69 5. 34 5.62 5.62 5.19 4.76 4.39 Dec. 26. __ % Vie IB L 00 L 00 .29 1.15 July 5.77 6.17 5. 63 5.30 5.63 5. 54 5.07 4.58 4.35 Jan. 2 H Vie LOO LOO .32 1.13 August 5. 6.22 5. 58 5.28 5.68 5.53 5.05 4.63 4.25 Jan. 9 % Vie IK LOO 1.00 .33 1.17 September 5.82 6.27 5. 55 5.32 5. 63 5. 55 5.04 4.51 4.29 Jan. 16 % Vie-M \K LOO 1.00 .35 1.19 October 5.87 6.29 5.54 5.38 5. 56 5.50 5.05 4.55 r4. 23 Jan. 23___. % 14 IK 1.00 1.00 .36 1.19 November 5. 90 6.29 5.50 5.53 5.55 5.42 4.93 4.51 '4.24 December 5.91 6.20 5.43 5. 56 5.60 5.43 4.92 4.55 4.14 !For 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 4.69 4.35 Back figures.—See Annual Report for 1935 (tables 42 and 43). Revised. BOND YIELDS1 Corporate4 Year, month, or date T U u r r . e y a S 2 s . - g M r ( i a h u p d i n a g e i l h ) c - 3 Total Aaa A B a y ratings A Baa In tr d i u al s- By R r g o a r a i o d l- ups u P t u i b li l t i y c Number of issues 6-12 15 120 30 30 30 30 40 40 40 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 1936 average. - ._ ._ . .. _. _ ... 2.47 2. 68 3. 87 3.24 3.47 4. 02 4.77 3. 50 4. 24 3.88 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 Mav 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 December 2 27 2.31 3.67 3.10 3.28 3.78 4.53 3.37 3.96 3.69 Dec. 30. . 2. 29 2. 29 3. 68 3. 10 3. 29 3.77 4. 55 3. 38 3.97 3. 69 Jan. 6 . . . _ 2. 29 2. 29 3. ()() 3.08 3.28 3.76 4.51 3. 36 3. 95 3.67 Jan.13 2. 30 2. 35 3. 65 3. 08 3.28 3. 75 4.48 3. 35 3. 93 3.67 Jan. 20 2. 30 2.35 3. 65 3. 09 3. 29 3.75 4.47 3.35 3. 92 3.67 1 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. ; Average of yields of all outstanding bonds due or callable after 8 years. i 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

140 FEDERAL RESERVE BULLETIN FEBRUARY 1937 BOND PRICES ] STOCK PRICES * Corporate3 Preferred Common stocks (index, 1926=100) U.S. Munic- stocks Year, month, or date Treas- ipal Year, month, or date (indusury 2 g ( r h a i d g e h ) - 3 Total I t n r d ia u l s- R ro a a i d l- Utility tr g ia r l a d h e i ) gh- Total In tr d ia u l s- R ro a a i d l- Utility Number of issues. _ 6-12 15 20 20 20 Number of issues. 347 40 1934 average 103. 5 97.3 84.5 8J.9 83. 8 87.8 1934 average. 120.7 72 81 1935 average 100. 0 109.,4 88.6 88.2 79. 4 98.2 1935 average _ 133.8 78 91 71 1936 average 107.0 117.8 97.5 92.2 94.7 105. 4 1936 average 138.9 111 127 104 1935—December.. 105.2 112.6 92.5 91.0 83.1 103. 1 1935—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 99.8 94.2 99.2 106. 0 November.. 139. 0 124 144 109 December.. 1.08. 0 124.8 99. 9 94. 5 99. 0 105.6 December.. 140. I 123 143 111 Dec. 30 107.4 125. 1 99. 8 94.2 99. 8 10"). 3 Dec. 30... 140. 2 124 14") 111 Jan. 6 107.4 125. 1 100. 1 94.7 100. 2 105. G Jan. (».. ... 141.2 124 143 112 Jan. 13... .. 107. 3 124. 1 100. 4 94. 6 100.8 105. 7 Jan. 13... 141.9 127 147 116 Jan. 20 . . 107. 2 124. 1 100. 7 94. 9 101.2 10(5. 0 Jan. 20.... 141.9 128 i 149 114 1 Monthly data are averages of daily figures except for municipal bonds, i Monthly data are averages of Wednesday figures. which are averages of Wednesday figures. 3 Average derived prices. 2 Average prices of all outstanding bonds due or callable after 8 years. 3 Prices derived from average yields. Source.—Standard Statistics Co. Source.—U. S. Treasury bonds, based on price quotations from Treas- Back figures.—See Annual Report for 1935 (table 73). ury Department; for other bonds, Standard Statistics Co. Back figures.—See Annual Report for 1935 (table 73); for U. S. Treasury bonds, see May BULLETIN, p. 317. CAPITAL ISSUES fin millions of dollars] For newcapital ]For refunding Total Domestic Domestic (new Total Total Y m e o a n r t o h r f i u a n r n n e g d - d ) - m a ( f e d o n s r o 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 ig o n r- i m a ( f e d o n o s r d - - tic 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 c l i- a c g ie e s n 2 - Total n a o n t d es Stocks eign) n p i a c l i- agen- Total n a o n t d es Stocks 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 70S 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 0 9 1935 r4. 099 "•1.457 "1,409 r855 150 404 334 69 48 "3, 242 "3, 2 Hi "30") 987 1.782 81 26 1930 f.,215 1.983 1.902 71(» 22 1. 194 841 352 22 4, 232 4, 110 372 353 3,' 385 3, 185 200 122 1935—Dec "422 "221 "221 "114 40 67 48 19 0 "201 "201 "19 81 101 85 16 0 1936—Jan 400 122 115 50 0 65 61 4 7 278 240 38 (3) 201 201 (') 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 '"372 r 1 -)(^ "158 47 0 "111 1H) 12 0 "214 "197 16 28 "153 "143 10 Dec. ... 724 2(>(> 2(56 48 0 218 100 118 0 458 458 47 3 408 395 13 0 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

141 FK.HR c A it v 1937 FEDERAL RESERVE BULLETIN TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES fin millions of dollars] fin millions of dollars] Interest bearing Non- Interest-bearing debt outstanding Dec. 31, 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 C ic e a r t t e if s - Bills June 1932... 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, 700 20, 576 10,804 117 2, 203 June 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 Vpr 1, 1937 924 22 901 Apr. I-June 30, 1937 1,153 502 651 1935 July 1-Sept. 30, 1937 1,468 817 651 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, 85» January 30,516 29,618 14, 688 12. 272 254 2,404 899 1941 2,219 834 1,385 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.. r33. 436 r',\2. 672 '18.290 11.906 117 2, 353 764 1949 819 819 August r33, 377 •'32. 621 ••18.274 11,886 107 2,353 757 After 1949 11,327 11.327 September. 33,833 33,088 19, 259 11,370 106 2,353 745 Other obligations ?__ . 1.678 i 1,046 515 117 October 33. 833 33,083 19, 258 11,368 105 2, 354 749 November. 33, 794 33,08S 19,265 11,366 104 2, 353 706 December. 33. 407 33, 700 20. 576 10,804 117 2, 203 i 707 1 Issues classified as of date of final maturity; most issues callable at earlier dates; postal savings bonds only issues callable before 1940; adjusted service bonds and most of the U. S. savings bonds are redeemable r Revised. at option of holder. i Includes $358,000,000 of Government liability for retirement of 2 Includes United States savings bonds and such issues as postalnational bank and Federal Keserve bank notes, as a result of deposit savings bonds and notes, retirement-fund notes, and adjusted-serviceof funds by banks; this compares with $541,000,000 on Dec. 31, 1935, certificate series, in which special funds are invested; also includes $451,000,000 of adjusted service bonds. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In million" of dollars] General and special funds Trust Receipts Expenditures * c e o t a c u c . - n * ts, I c n r c e r a e s a e s e d u o r r i d ng e- Excess excess period Period c M e i l s l - a- General2 Recovery and relief ( c o + e f i ) p r o t e s - r ( c o + e f i ) p o r t e s - r Total c ta o I x n m e - e s n i r n n e e n t o v u a e u e e l r - s - ot A he ll r Total e I p d s n u t e t b e b o l r t n i - c o A th l e l r Total Relief w Pu o b rk li s c ot A h l e l r3 p t e u ( e n ) r x e d - s i- p t e u e n r x e d - s i- 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 '8,477 4,436 3, 291 985 2, 092 213 -4,361 +123 +840 +5,078 6 months ending: December 1934 . 1,845 421 855 569 3. 1I0n5 ! 4H .1, 174 1.S17 1, 108 640 69 -1,560 + 110 — 18 +1.420 December 1935 1,902 555 975 373 3, 440 358 1.414 1. 675 7S2 566 327 -1.544 +55 +367 + 1..S50 December 1936 2, 158 706 1, J33 320 3, 503 403 1, 674 1,426 67 .1,585 6 226 -1.345 -59 -776 +628 1935—December 434 228 153 52 591 107 237 247 97 148 2 -157 +8 +774 +923 193b—January 228 35 138 55 456 19 197 241 64 225 « 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 -84 +211 June 529 310 164 55 '2,337 132 5 1,949 •256 32 306 6 83 -1,807 = -.12 +323 +2,142 July 294 39 201 54 412 10 320 82 35 275 6 228 -118 -451 -335 August 343 32 264 47 551 26 273 252 14 247 6 9 -208 -327 -63 September 499 288 161 50 668 144 255 268 S 252 8 -109 () +284 +452 October ... 272 27 J86 60 681 74 292 315 5 277 32 —409 -15 -424 (7) November 233 33 118 52 535 8 267 260 2 260 « 2 -303 ] - -358 -38 December 517 280 174 0,=i0 140 200 250 3 274 « 26 -138 +26 +500 +013 1 Includes processing taxes, customs, and miscellaneous receipts. 2 Excludes public-debt retirement. 3 Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and expenditures of the Reconstruction Finance Corporation. 4 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against increment on gold (other than for retirement of national-bank notes), and beginning June 1935 transactions in checking accounts of certain special governmental agencies whose balances were transferred on May 31, 1935, to those accounts. 5 Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936. e Excess of credits. 7 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN FEBRUARY 1937 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1936 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Financed part f ly u n f d ro s m Government Total Total Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Nov. Oct. Nov. Corpo- Corpo- istra- institu- institu- institu- institu- 30,1936 31, 1930 30,1935 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions 378 1 137 o 522 534 088 Preferred stock, etc 059 3 114 772 709 883 Home mortgage loans 2, 802 2, 802 2. 835 2,855 Farm mortgage loans 2 938 2, 938 2 930 2, 900 Other agricultural loans 1 212 20 144 221 0) 604 014 082 All other loans 819 130 255 1, 203 1.221 1,180 Total loans and preferred stock . 1,850 212 130 20 399 2, 938 221 3. 053 0 8,842 8, 912 9, 254 Cash 2 6 02 112 22 33 q 247 205 337 United States direct obligations. .. 4 27 41 93 4 334 503 500 433 Obligations of Government credit agencies: Fully guaranteed bv IT. S. 14 1 74 (5 101 197 197 215 Prod O u t c h ti e o r n 2 credit association class 20 2 (2) 1 29 29 29 A stock _. 75 75 75 77 Accounts and other receivables... _ 30 2 32 159 3 48 4 288 297 191 All other assets _ 5 0) 17 0) 198 150 0) 3 232 12 020 028 402 Total assets other than interagency 2 1,899 210 140 155 721 3, 408 413 3, 370 400 10,800 10,904 10, 938 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 252 1,422 2, 993 4, 007 4. 082 4, 507 Other 2 72 1 2 1,211 153 2 0) 1,438 1,440 1,335 Other liabilities (including reserves) 43 1 5 10 152 3 123 00 403 439 201 Total liabilities other than interagency 2 295 72 5 17 2,780 150 3.118 00 0, 509 0, 507 6,102 Excess of assets over liabilities, excluding interagency transactions... 1,005 144 140 149 704 022 257 258 400 4, 292 4,337 4, 836 Privately owned interests 102 3 33 151 348 350 343 U. S. Government interests._. 1,005 144 140 149 704 400 254 225 250 3, 943 3, 987 4, 493 i Less than $50C,000. 2 Excludes $701,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Shares of Federal savings and loan associations subscribed by I1OLC are classified in "Preferred stock, etc." Shares held by U. S. Treasury amounting to $49,000,000 are classified under "All other assets." • NOTE.—For explanation of table and back figures see BULLETIN for April 1930, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Dec. 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31 1935 1930 1930 1930 1930 1930 1930 1930 Loans to financial institutions 524, 127 380, 343 374, ($30 308, 393 355, 539 344,591 330, 883 i 325,020 Loans on preferred stock of banks and insurance companies... 47, 909 45, 803 45, 579 48, 397 48, 210 47, 807 47, 580 2 43, 509 Preferred stock, capital notes, and debentures 871,700 788, 922 091,047 072, 087 008, 015 002, 587 058, 054 G50,777 Agricultural loans 22, 240 1,499 1,450 1,400 1,385 1, 320 1,273 1, 309 Loans to railroads (including receivers) 390.250 388, 432 350,841 350,948 349, 201 353, 810 345, 190 345, 980 Loans for self-liquidating projects 147, 503 170, 209 176, 250 181,339 185,829 190,509 194,184 195,044 Loans to industrial and commercial businesses ... 40,013 52,051 55, 120 50,149 57, 090 00.945 01,045 (53, 592 Loans to drainage, levee, and irrigation districts 50,025 50,114 00, 103 00, 905 01,778 62, 032 03, 125 64,343 Other loans "_ 2. 283 3,115 2, 790 2,984 3,037 1,880 1, 935 1, 928 Securities purchased from Public Works Administration 154,001 134,170 128,921 142,210 140,478 145,035 130.850 118,822 Total loans and investments, other than interagency... 2, 250, 177 2,027, 37 1,880,749 1, 885, 4721,871,828 1,871,782 1,841,325 1,810,984 Loans to Federal land banks.. 45, 074 33, 538 32.959 32.199 30,933 27,993 27. 020 24,750 Loans to Commodity Credit Corporation 207,541 102, 280 92, 308 93. 002 95, 809 97,910 98. 41 98, 721 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 14,721 19. 10f) 30.218 31,213 32. 202 33, 990 35.701 37, 400 Preferred stock of Export-Import banks 10,000 17,000 17, 000 20, 000 20, 000 20,000 20,000 20,000 Total loans and investments. 2, 593, 513 j 2,350,3002,150, 2942, 158, 8852,147, 7712, 148, 7801 2, 120,103; 2,088,901 i Includes $109,000,000 of loans for distribution to depositors of closed banks. 2Includes $034,000 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

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 143 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS fin thousands of dollars] Farm mortgage loans F c e re d d e i r t a l b a in nk te r l m oa e n d s i a to te Loans to cooperatives bybyi- and discounts for— End of month la F nd ed b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p a s c p c R r o n r c o r o e c d u e e r a d d i g a l d a g u t i t b i i t t u r o i c t i a i o r o n t c - a n a n i n o a o s l k s l r s - n , s - , f c i i e n o n O t t x i a o s i o t n c v p t h n i e c e e t e s p i s u r r n , a 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 i u a t r r e g a a c g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a u n e n c g a r s y n h - d t m F c b i e e n r a d e d t n e e d i k a r r i - a s t te l B in C c a a c B o t e n l i o a n u k v p n t d s e e r k i s a r f n , - o l g r i M A i r n n e t g g a g v u r r o r i f k A c a u l e u v l n c t l - d t - for cooperatives a 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 §7,102 110,186 33,969 27,851 54,863 1935—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. 2,005,719 836, 194 131,644 39,218 105,441 26, 491 166,291 1,336 72, 500 56,216 December- 2.064. 158 836, 779 129.872 39.140 105,212 25, 288 164. 887 1,641 69, 647 53, 754 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 l [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Home mortgage loans by- End of month O H w o n m er e s' N Fe u lo d m a e n b ra e l a r s s s o a o f v c i i n a g ti s o n a s nd l F o h b e l a o o d a n a m n e s n r k e a to l End of month Total M C F o F e o t r d a i r p o t r e g o m n r a r a a g l - e C O H o L t w i r o o o p n m n a o e n r e 2 r a s - ' s C F t R r o t i u i e n r o c p c a n o t o n i n r c » o a - e n - Loan Cor- associations member poration ' Re- p L o o r r e a - te n d s i t n io s n ti s t u 2 - 1 1 9 9 3 3 3 4 — — D De e c c e e m m b b e e r r . . . . 3,0 1 6 8 3 0 980 1,834 2 1 4 8 9 0 Total p i o n r g t- 1935— J J u u l n y e 4 4 , , 1 2 2 0 3 5 L ,2 , 2 2 6 74 2 2 , , 6 64 8 7 2 2 2 5 4 0 9 August 4,248 L, 282 2,716 250 1 1 1 9 9 9 3 3 3 3 4 5 — — — D D D e e e c c c e e e m m m b b b e e e r r r - . . . . . 3 2 2 , , 8 3 9 9 7 4 , , 1 0 6 3 2 8 1,0 6 2 5 3 3 9 9 31 6 5 9 , . 7 6 3 8 4 3 10 8 8 2 5 6 , , . 4 6 7 4 5 9 2 8 5 S N O D e c o e p t c v o t e e e b m m m er b b b e e e r r r . . . . . . 4 4 4 4 , , , , 4 4 3 4 2 6 6 9 1 0 9 4 L L L 1, , , , 3 3 8 3 3 8 7 8 6 7 2 8 2 2 2 2 , , , , 8 8 7 7 1 5 8 4 9 5 6 8 2 2 2 2 5 5 5 5 3 3 3 2 1936— J J O S A M M N F A D J u u e e c a p o u e n a a l p t n b y c r v g y r e o t i u e r c e u l e b a u m h m s m e r a t y r b b b r e e y e r r . r . . _ . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , . , 9 9 8 9 8 9 9 9 9 8 8 7 4 3 4 2 0 2 5 6 7 6 9 0 4 4 2 1 1 4 1 1 0 8 0 5 , , , , , , , , , , . , 9 2 8 5 1 6 3 6 2 9 4 0 2 7 0 0 1 9 1 0 4 6 4 8 4 7 9 1 0 7 6 0 1 3 0 8 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 1 0 0 1 1 2 6 3 7 4 0 1 1 2 1 1 1 1 1 5 8 4 2 4 2 8 6 0 9 7 3 5 6 2 5 1 1 1 1 . 1 1 1 1 1 , , , , , , , , . 8 0 0 0 0 0 0 0 0 0 0 0 1 2 7 8 9 8 4 7 6 6 7 5 6 0 0 8 6 6 3 3 3 3 4 4 4 4 5 5 5 5 ( 3 3 0 9 2 9 6 4 1 4 4 5 6 2 4 0 9 7 4 2 3 6 4 5 , , , , , , , , , , . , 4 0 0 8 8 6 6 7 7 2 1 6 0 4 6 1 4 5 4 2 4 7 3 8 5 6 4 0 3 2 6 2 4 1 0 2 1 1 1 1 1 1 1 1 1 1 1 1 0 2 0 2 0 0 2 1 3 1 3 4 3 5 2 2 2 5 9 0 7 8 4 . , 5 , . . , , , , . , , 8 7 9 9 2 5 9 4 9 3 2 1 4 6 0 6 8 7 2 0 5 0 4 1 1 7 0 1 7 2 2 1 8 1 2 8 1936— J M A J A S F M N D O J u u e e p u a e o c a n a l p b n c t r g v y r y e o t i u e r c u e l e . b u m a h s . m m e . r a t y b r b r b e y e e r . r r _ . . . . . . . . ' '1 4 4 4 4 4 4 4 4 4 4 4 , , . , , , , , , , , , 7 6 5 6 7 6 6 0 0 6 7 0 1 5 3 6 0 0 7 0 0 2 0 8 8 4 0 2 3 9 6 9 7 4 7 2 1 1 1 1 1 L 1 1 1 1 L 1 , , , , , , , , , , , 4 , 4 3 4 4 4 4 4 4 4 2 9 0 4 2 2 2 0 2 2 2 4 2 1 9 7 2 2 2 7 2 2 2 2 1 2 ' r 2 3 2 3 2 2 2 3 3 3 2 2 , , , , , , , , , , . , 0 9 9 0 0 9 9 0 9 0 9 9 1 1 7 4 2 9 9 0 9 5 9 9 3 1 0 4 9 5 3 8 3 0 5 5 2 2 2 2 2 2 2 2 2 2 2 2f 5 5 5 5 5 5 5 5 5 5 5 > 3 3 2 2 2 2 2 2 2 2 2 2 i » In addition to loans the HOLC held on Dec. 31, 1936, $506,000,000 in T Revised. other assets, consisting principally of investments in the Federal Savings i Principal amount of obligations guaranteed as to interest and princiand Loan Insurance Corporation and in various savings and loan asso- pal. Also guaranteed are debentures issued by Federal Housing Adminciations, real estate and other property, and accrued interest receivable. istrator. The amount, outstanding Dec. 31, 1930, was $47,390. ' 2 Includes loans to Federal savings and loan associations, all of which a Excludes obligations guaranteed as to interest only. are members, and a negligible amount to others than member institutions. 3 Excludes obligations held by U. S. Treasury and reflected in the 3 Includes accrued interest. public debt. Figure for December 1933 includes notes given in purchase of gold which were retired in February 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN' KKBRUAKY 1937 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average = 100. The terms "adjusted" and "unadjusted'' refer to adjustment for seasonal variation] Tndu*trial production » * Constructioncontracts awarded (value) 2 Fac- Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total . Residential All <jther F p a l c o t y o m r e y n e t m :i - r t o (v l i l v s 3 l F o r a e d i i g n h g t s - c A a r * D st e o p ( r v a e a r l s t a u m l e e e ) n s t * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted |justed justed justed justed justed! justed usted justed justed justedjustedjusted justed justed justed justedjusted 1919 83 84 03 44 79 107 98 84 78 87 87 89 03 30 90 108 118 91 94 1921.".. .. 07 : 07 70 _ 50 44 05 82 77 79 87 1922. . 85 . 80 74 .... 79 08 88 90 82 87 88 1923. 101 "-"-• ! 101 105 84 ... . 81 8(5 104 103 .100 98 1924.... 95 94 90 94 95 94 . . . 90 90 97 99 1925-... 104 105 99 - ... 122 124 120 100 101 103 103 1920- 108 : 108 108 129 .... 121 135 101 104 100 J 00 1927-.. 100 100 107 .. .. 129 117 139 99 102 103 107 1 19 9 2 2 8 9 . . .. . 1 1 1 1 9 1 ' .•""•" 1 1 1 1 1 9 2 1 11 0 5 6 ... 1 1 1 3 7 5 1 8 20 7 1 1 4 4 2 2 1 9 0 9 5 1 10 0 9 2 1 1 0 0 3 0 H 10 I 8 1930. .. 90 . 95 99 92 50 125 91 89 92 .102 1931- 81 " 80 84 03 37 84 77 07 75 92 1932.. . 04 ! 03 71 28 13 40 00 47 56 09 1933 . . 70 : . . 7.) 82 25 11 37 72 49 • - 58 07 1934. .. 79 78 80 32 12 48 82 03 .. . 02 ..... 75 1935.. 90 90 91 37 21 50 80 71 03 79 1930... Pi 05 "105 ..... P104 "55 P30 "70 P92 P82 72 88 1933 Dec.. . . 75 09 73 07 80 81 57 45 13 11 93 73 78 78 50 03 56 09 121 1931 Jan . 78 77 70 75 88 80 49 40 12 10 80 04 78 77 55 04 58 73 57 Feb.... 81 83 80 82 92 89 44 38 12 10 70 60 81 81 01 04 01 73 59 Mar... 81 87 82 80 100 91 33 33 11 12 51 50 84 84 00 00 03 70 73 April 80 88 85 89 90 81 32 30 12 14 48 54 85 80 08 02 00 70 73 May..... 80 89 80 89 88 80 20 32 11 13 38 47 80 80 08 03 03 75 77 June. . 84 84 83 84 87 80 20 31 12 13 38 40 85 85 00 04 04 73 70 July... 70 73 | 74 71 84 84 27 30 12 12 39 44 83 82 01 01 03 73 51 Aug. . . . 73 73 ! 72 71 80 83 27 28 10 10 40 43 83 81 03 59 03 70 (JO Sept.. 71 73 j 09 70 82 87 29 30 ] | II 44 45 78 80 59 59 07 74 79 Oct... 74 75 . 72 73 81 87 31 29 12 12 40 43 81 82 02 57 04 74 82 Nov... 75 74 i 74 73 81 81 31 28 11 11 48 41 81 80 01 59 00 75 83 Dec. 80 78 | 85 70 90 85 31 25 12 10 47 30 82 81 04 04 50 77 135 1935 Jan... . 90 88 90 87 94 '92 27 22 12 10 39 32 84 82 05 04 58 70 59 Feb... 89 91 88 91 90 '93 28 24 1 I 13 39 33 85 85 70 05 01 77 01 Mar.. ... 88 91 87 91 97 90 26 20 10 10 35 34 85 80 72 05 02 79 71 April ... 80 8!) 86 91 r88 79 27 30 18 22 33 38 80 80 72 01 59 75 79 May . 85 87 j 84 87 '90 88 27 32 21. 25 32 39 85 85 09 01 01 74 76 June. ... 87 80 ! 85 84 98 97 30 35 24 20 30 43 81 83 07 03 03 79 76 Julv... 80 83 87 83 r85 81 35 39 25 25 43 50 85 83 (50 58 00 80 55 Aug 88 80 89 87 81 85 38 40 24 24 50 54 80 80 71 00 04 77 01 Sept 91 90 92 89 87 '93 43 44 25 25 58 59 80 88 74 02 70 81 80 Oct. 95 r97 95 90 93 '101 48 45 25 25 00 02 87 89 70 04 73 78 80 So\".'..'. 9(5 97 97 98 92 95 00 53 20 25 88 70 88 89 70 00 07 82 91 Dec. .. 101 96 101 95 102 '97 '08 '54 20 22 M03 '80 89 88 77 71 02 83 145 J930 Jan 97 95 90 95 '104 MOO r02 50 25 21 '92 r75 89 87 74 70 03 81 03 Feb 94 95 92 93 Mil M07 52 '45 25 22 '75 '03 87 87 74 70 6o 83 66 Mar... .. 93 90 93 97 '96 89 47 47 20 28 03 02 8S 88 77 06 02 84 77 April. ..| '101 103 100 105 MOO '95 47 53 30 35 00 07 89 89 79 09 66 81 85 May. -I .101 105 101 105 M02 MO I 40 50 32 38 57 70 90 90 81 70 71 87 89 J une.... 104 104 105 105 MOO M01 52 00 30 39 05 78 90 90 81 70 72 87 84 Julv... .. 108 105 109 105 101 M02 59 05 44 45 71 82 93 91 80 73 75 91 63 Aug.... 108 106 110 106 '99 104 02 05 40 40 75 81 93 93 83 70 76 80 08 Sept.... 109 M08 110 107 M02 M 10 59 00 47 47 09 70 94 95 83 72 82 88 94 Oct 110 111 110 110 M05 '115 57 54 43 41 09 05 94 97 89 73 84 90 99 Nov.. _. 114 115 i 115 115 111 LI 5 58 51 40 39 72 02 90 97 91 80 80 93 105 Dec "121 P114 "122 P115 "110 PllO "02 "501 Ml P35 "80 "02 "98 P98 P95 80 74 92 101 p Preliminary. r Revised. * Average per working day. ' For indexes of groups and separate industries see pp. 145-140; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. \Y. Dodge Corporation data centered at second month; for description see BI.'I.I.ETIN 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 BULLETIN for December 1930. For current indexes of groups and separate industries see pp. 14*7-150. Underlying figures are for pay-roll period ending nearest middle of month. -* For indexes of groups see p. 152. Back figures. -See Annual Report for .1935 (table 75). For department store sales see p. 031 of BULLKTIN for August, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 145 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=1001 Industry Nov. Dec. Jan. | Feb. Mar. | Ap)rr.. May June July Aug. Sept. : Oct. Nov. Dec. Manufactures—Total. 96 92 93 110000 101 109 I 110 /'122 IRON AND STEEL. 103 83 83 100 105 113 119 I 121 119 127 I 138 113 Pig iron 71 63 64 77 85 89 90 | 93 90 98 I 99 I 101 Steel ingots.__ 106 85 85 j 102 107 115 122 i 121 121 130 j 42 11, TEXTILES 111 105 102 100 I 100 100 107 115 120 120 114 ! 21 110 Cotton consumption 108 106 99 100 I 105 .103 111 124 125 127 119 23 144 Wool 118 r. 3 107 111 96 i 89 97 103 106 115 108 105 IV) 1-12 Consumption 134 125 117 120 105 ' 93 103 121 125 136 121 109 29 i>\ 01 Machinery activity i 118 122 114 117 99 ; 95 101 95 97 101 97 101 117 137 Carpet and rug loom activity' 72 66 75 68 ! 68 68 66 67 77 88 95 92 95 Silk deliveries . 112 91 107 | 102 97 101 108 118 130 121 125 131 FOOD PRODUCTS 82 92 84 87 : 90 84 88 92 91 90 93 98 99 Slaughtering and meat packing.. 79 80 84 77 83 j 89 84 85 92 96 100 105 109 100 Hogs 54 54 61 52 6i i 68 66 61 79 70 79 91 100 85 Cattle 107 110 111 109 109 114 104 113 116 1 '^5 115 115 117 Calves 118 126 120 109 115 116 111 119 130 129 122 125 Sheep 148 145 152 145 151 134 128 133 138 I 143 152 109 100 Wheat flour... ... 86 84 91 96 88 87 94 82 S3 87 Sugar meltings 86 92 124 93 95 78 89 70 08 i S3 115 PAPER AND PRINTING: Newsprint product ion. 64 63 60 60 62 60 59 62 61 01 02 (57 04 Newsprint consumption 125 133 124 127 132 131 136 137 136 110 140 150 141 TRANSPORTATION EQUIPMENT: Automobiles _ 105 107 108 93 107 122 118 124 111 93 105 122 Locomotives 3 0 0 1 3 9 9 8 5 S no I LEATHER AND PRODUCTS 109 ! 124 118 111 107 112 102 113 115 M12 115 ''132 Tann C i a n t g tle hide leathers 1 1 0 0 5 5 1 1 0 0 3 5 1 9 0 6 3 9 9 5 6 I 9 9 4 3 ! 9 9 7 4 9 9 7 3 9 8 1 4 9 9 1 3 9 9 7 5 9 9 1 0 9 9 9 3 1 10 1 1 0 Calf and kip leathers.. 84 95 103 85 ! 85 78 88 70 08 65 79 Goat and kid leathers.. 124 118 122 110 103 | 115 121 113 117 113 109 10°, 1 12 Boots and shoes 111 137 127 121 116 i 119 122 109 126 128 12(5 '124 122 "149 CEMENT AND GLASS: Cement 59 59 47 58 71 74 74 SO 87 91 91 Glass, plate 192 202 201 181 213 220 220 230 241 101 89 NONFERROIJS METALS: Tin deliveries^ 103 105 101 112 ! 128 107 105 (»7 105 Zinc 82 8-1 91 103 101 100 101 100 9S Load .. 07 03 02 70 69 00 71 71 SO FUELS, MANUFACTURED: Petroleum refining 176 173 169 172 ! 168 178 180 181 183 ! 186 189 191 1SS Gasoline1.... 225 220 214 215 210 223 227 233 236 : 211 21(5 219 241 Kerosene 94 86 94 94 j 98 104 97 98 96 91 90 90 92 Fuel oil i 115 121 121 130 119 119 120 117 117 119 119 121 121 Lubricating oil • .. 106 104 96 i 98 105 116 116 .108 110 111 111 Coke, byproduct 100 106 104 103 100 112 120 123 121 126 128 130 130 RUBBER TIRES AND TUBES1 99: 99 89 85 113 121 130 121 119 122 118 12(5 T In i n re e s r , t p u n b e e u s m 1 atic 1 103 102 1 8 1 2 0 9 (5 2 7 ; ; 8 0 7 7 1 8 1 6 7 1 8 2 9 5 1 9 3 0 5 1 9 2 0 9 1 9 2 2 3 1 9 2 ( 5 5 1 9 2 4 1 n 9 o 2 .. .__ TOBACCO PRODUCTS. 137 147 148 148 : 140 152 145 147 i 154 117 157 146 150 I S3 Cigars 69 73 73 | 75 j 71 74 71 70 ! 7(5 73 75 74 83 Cigarettes 191 205 207 | 193 214 204 209 \ 216 208 223 202 2l')9 2(55 Minerals—Total 92 j M(6 M02 '105 111 »•{;•() Bituminous coal... 71 80 92 70 81 74 80 82 86 91 Anthracite2 ... r49 '71 1)9 r07 I r70 '•69 T)0 r()0 ''52 70 /'70 Petroleum, crude.. 144 148 143 150 j 149 146 144 M9 140 152 152 " I (50 Iron ore 44 80 80 81 87 93 98 110 Zinc 82 85 91 94 103 101 100 98 'Si I ioo : 98 Lead Si 59 | 70 69 71 (50 00 74 SO Silver 90 96 103 101 88 111 119 i 99 1 Without seasonal adjustment *>> P rrropluimmiinnaarrvv r Ke^'sen. -' Revised figures for anthracite 1935, January through October, inclusive: 7S, 69, 50, 71, 73, 100, (54. 37. 00. 49. NNOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, Septejmmbber 1933, pp. 584-587, and November 1936, p. 911. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN FEBRUARY 1937 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1935 1936 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total 98 95 95 93 97 105 105 105 105 106 107 110 115 Pl 15 IRON AND STEEL 89 90 83 87 94 111 114 113 111 118 118 124 127 125 Pig iron 70 69 67 64 67 82 87 88 85 89 93 98 100 102 Steel ingots 91 92 85 89 96 114 117 115 113 121 120 126 130 128 TEXTILES 111 105 110 108 102 103 100 101 107 113 120 118 126 132 Cotton consumption . 101 100 111 106 105 112 106 106 113 112 123 122 128 133 Wool 124 114 108 117 98 88 92 97 99 110 111 111 125 143 Consumption 146 126 120 131 107 90 95 109 112 126 127 120 141 163 Machinery activity 118 122 114 117 99 95 101 95 97 101 97 104 117 137 Carpet and rug loom activity- 72 ••65 66 75 68 68 68 66 67 77 88 95 92 95 Silk deliveries 116 106 112 98 103 101 96 90 103 123 136 121 129 119 FOOD PRODUCTS 86 82 92 82 86 85 82 87 90 87 90 95 104 101 Slaughtering and meat packing.._ 87 91 96 75 78 80 81 84 87 85 94 104 121 117 Hogs 60 71 81 57 62 61 64 65 64 53 59 80 110 111 Cattle _- 123 115 112 96 95 101 101 106 115 126 138 134 133 122 Calves . 120 120 112 101 116 126 126 124 126 130 138 135 124 119 Sheep 146 142 154 136 137 126 126 131 135 139 165 167 167 157 Wheat flour _ . 93 81 89 93 86 80 82 83 98 99 91 92 90 84 Sugar meltings 67 52 82 91 113 110 87 106 94 79 75 65 65 66 PAPER AND PRINTING: Newsprint production 63 63 61 60 61 61 60 64 59 59 60 62 66 64 Newsprint consumption 134 137 119 125 138 141 140 135 117 121 137 149 160 145 TRANSPORTATION EQUIPMENT: . Automobiles 124 125 108 93 124 149 142 134 128 82 42 65 127 147 Locomotives 4 3 0 0 1 3 6 9 9 9 6 5 9 LEATHER AND PRODUCTS 104 106 109 113 110 108 103 98 112 127 129 '123 "112 Tanning 103 102 99 99 92 95 91 90 94 96 95 98 102 Cattle hide leathers 104 100 97 101 95 94 88 83 90 95 94 102 109 Calf and kip leathers 80 81 85 78 69 76 74 86 90 85 78 75 Goat and kid leathers 122 127 116 114 105 114 116 113 109 111 114 107 111 Boots and shoes 105 108 116 122 122 117 111 103 123 147 151 '139 116 »'118 CEMENT AND GLASS: Cement . 58 46 29 29 42 70 87 92 91 99 100 99 90 71 Glass plate 192 202 201 174 194 235 231 196 198 226 236 241 164 89 NONFERROUS METALS: Tin deliveries 80 81 103 105 95 101 98 112 128 107 99 105 97 105 Zinc 82 86 89 82 90 95 95 99 97 93 93 98 100 100 Lead 70 70 63 (14 60 69 73 70 68 58 57 73 81 FUELS, MANUFACTURED: Petroleum refining 176 174 170 172 168 178 179 181 182 186 189 192 189 Gasoline 225 220 214 215 210 223 227 233 236 241 246 249 241 Kerosene 101 93 96 96 95 103 93 91 90 86 92 95 100 Fuel oil 115 121 121 130 119 119 120 117 117 119 119 124 124 Lubricating oil 106 104 96 98 105 116 116 108 110 111 111 110 114 Coke, byproduct 102 107 105 106 103 114 119 121 118 122 125 129 133 138 RUBBER TIRES AND TUBES 99 99 107 89 85 113 121 130 124 119 122 118 126 Tires, pneumatic 103 102 110 92 87 117 125 135 129 123 125 121 130 Inner tubes 75 75 82 67 67 86 89 90 90 92 96 94 92 TOBACCO PRODUCTS. 140 119 141 135 132 140 147 161 167 158 J73 157 153 149 Cigars 82 55 56 65 64 70 73 76 80 76 86 91 90 62 Cigarettes 189 168 204 188 183 195 206 230 238 225 245 212 207 217 Minerals—Total 95 '97 MOO '107 89 r95 MOl M01 rHY2 104 '110 '115 115 "110 Bituminous coal _ . 80 83 88 98 70 71 66 66 72 75 87 94 106 P100 Anthracitel T)l r71 '80 '100 r7() '74 151 r50 lil r6(> "75 Petroleum, crude 143 142 142 140 145 150 150 149 147 152 150 153 150 P155 Iron ore 37 120 157 164 177 178 167 93 Zinc 82 86 89 82 90 95 95 99 97 93 93 98 100 100 Lead 70 70 63 64 60 73 70 68 58 57 73 81 Silver 68 81 100 99 97 88 101 85 88 106 118 106 73 1 Revised figures for anthracite 1935, January through October, inclusive: 84, 74, 46, 74, 73, 87, 52, 37, 67, 63. » Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 147 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 1930 Industry and group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 88.0 88.0 88.6 87.2 87.6 88.5 89.0 90. 3 92. 6 93. 3 93. 6 94. 3 96. 0 98.2 Durable goods 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. 5 92. 0 Nondurable goods . 97. 6 98.2 97.7 96.1 95. 9 96. 7 97.3 97.6 100. 4 101.8 1.01. 5 101.1 102.9 104.8 IRON, STEEL PRODUCTS 84.0 84.4 85.1 83.4 84.0 85.8 87.7 89.4 92. 3 94. 1 95. 6 97.1 98. 1 99. 4 Blast furnaces, steel works. _ 93 93 93 91 92 94 97 99 103 100 108 109 109 1.10 Bolts, nuts, washers, rivets. 71 71 72 71 71 74 74 75 76 70 77 79 81 84 Cast-iron pipe 50 57 57 59 00 62 62 62 64 04 05 06 67 08 Cutlery, edge tools 78 80 81 78 77 75 76 76 78 79 80 82 84 87 Forgings 55 50 57 56 54 56 58 59 62 00 00 01 64 68 Hardware 64 05 05 03 02 62 62 61 63 57 00 68 73 76 Plumbers' supplies 80 87 85 83 84 86 87 84 82 85 85 85 86 91 Steam, hot-water heating ... 59 59 00 00 01 63 65 65 09 09 71 70 71 72 Stoves 90 97 97 97 97 97 97 103 103 107 104 107 107 113 Structural, ornamental 55 53 50 57 59 02 65 67 70 72 73 73 73 70 Tin cans, tinware 90 94 97 96 90 97 99 99 98 101 101 100 98 98 Tools 70 78 79 77 79 78 78 80 81 80 80 89 93 95 Wirework 132 138 139 132 135 137 140 137 130 135 141 154 164 169 MACHINERY 95. 5 90.3 95. 8 90. 8 99. 1 102.0 103. 6 105. 2 105. 1 106. 7 108.3 J10. 2 113.6 Agricultural implements 115 118 120 118 121 122 123 124 115 100 95 100 92 97 Cash registers, etc 108 110 112 114 110 118 119 112 114 100 116 119 120 121 Electrical machinery 80 84 82 81 82 80 88 90 92 92 97 10C 103 100 Engines, turbines, etc 110 115 116 118 121 124 122 117 113 113 115 120 123 Foundry, machine-shop products. 81 82 83 82 84 85 88 90 92 93 95 96 97 100 Machine tools 105 100 109 108 109 112 114 116 120 1.19 123 125 127 129 Radios, phonographs 182 170 189 186 179 185 198 209 210 209 186 170 171 188 Textile machinery 00 07 08 09 69 08 70 70 71 73 75 75 70 Typewriters 112 112 110 112 112 113 114 87 102 114 120 132 135 140 TRANSPORTATION EQUIPMENT 98. 9 100.8 99. 7 96. 8 97. 5 99. 0 100. 8 101.8 104. 5 100. 7 100. 7 104. 7 112.0 110.4 Aircraft 417 409 408 442 471 495 487 470 494 505 534 534 527 577 Automobiles 113 115 113 109 108 109 112 112 110 109 109 113 123 .131 Cars, electric, steam railroad- 43 47 40 46 50 51 50 53 52 59 59 64 67 04 Locomotives 20 24 24 26 27 28 31 34 30 35 38 41 42 44 Shipbuilding 85 83 80 85 92 99 99 101 102 102 102 98 88 RAILROAD REPAIR SHOPS. 53. 7 54. 3 55. 0 56. 4 58. 0 57. 0 57. 0 58.2 57.4 58.7 59. 1 60. 1 00. 0 01.7 Electric railroad 02 01 02 02 02 03 02 62 02 02 62 03 03 Steam railroad 53 54 54 50 58 57 57 58 57 58 59 60 60 02 NONFERROUS METALS, PRODUCTS.. 90. 1 97.4 97. 4 95. 0 93. 4 93. 4 94. 0 96. 4 97.8 101. 1 102. 5 105. 2 100.7 110.7 Aluminum 101 101 102 99 .100 100 102 109 116 110 112 115 118 .119 Brass, bronze, copper 99 100 101 99 97 97 99 100 102 100 109 110 111 115 Clocks, watches 102 103 104 104 105 104 105 100 107 113 112 114 115 110 Jewelry 81 80 79 70 75 78 78 84 88 87 88 91 91 Lighting equipment 78 78 73 71 70 70 79 84 89 94 99 Silverware, plated ware 08 08 08 05 04 03 02 01 59 00 07 70 70 71 Smelting, refining 75 77 78 78 78 70 78 79 78 79 78 78 80 Stamped, enameled ware 142 147 143 135 131 135 139 136 141 143 153 154 100 L U M B E R P R OI) U C T S 01. I 01.0 02.8 01.4 02. 8 03. 5 04.1 04. 2 05. 0 05. 1 05. 8 06. 2 66. 2 08. 0 Furniture 72 73 74 73 72 74 75 70 79 81 82 81 84 80 Lumber, mill work 47 40 40 45 40 47 47 49 48 51 52 53 54 Lumber, sawmills 48 49 50 49 50 51 51 50 51 49 50 50 49 51 STONE, CLAY, GLASS PRODUCTS. 00. 5 01.8 01.4 59. 7 00. 8 01.9 02. 5 03. 0 05. 7 60. 4 00. 1 67.2 00. 3 68.7 Brick, tile, terra cotta 39 42 43 4L 42 43 44 45 47 47 47 47 48 51 Cement 53 54 51 49 53 54 55 54 55 59 61 64 05 68 Glass 99 100 99 97 90 90 97 96 101 102 99 103 90 J01 Marble, granite, slate 35 30 34 32 37 38 39 41 42 43 42 42 42 42 Pottery 72 72 72 70 72 71 71 73 70 74 77 76 75 TEXTILES, PRODUCTS 99. 8 100. 4 99. 2 90. 5 90. 7 97. 0 97. 0 98. 1 102. 0 104. 9 102. 6 101.7 104.4 100.8 A. Fabrics 94. 4 94.0 93. 2 90. 4 90. 0 91.8 91.3 91.8 95. 5 98. 1 96. 8 95. 5 97. 3 100.2 Carpets, rugs 85 80 82 80 81 81 83 83 83 85 92 92 93 100 Cotton goods 88 88 89 88 88 88 89 90 95 99 99 97 98 99 Cotton small wares . 98 99 97 88 88 91 91 94 96 101 99 101 104 105 Dyeing, finishing textiles. 118 117 110 112 113 116 115 116 117 117 114 115 117 121 Hats, fur-felt 90 90 89 85 84 85 88 93 91 85 81 82 87 89 Knit goods 113 113 113 113 114 114 113 112 118 121 121 117 110 120 Silk, rayon goods 84 84 80 72 74 78 70 78 79 81 78 79 79 79 Woolen, worsted goods... 94 93 89 82 82 84 80 80 83 81 78 84 93 B. Wearing apparel . 109. 5 111.1 110.5 108. 2 108. 2 108. 4 109. 5 110. 3 110.0 117.0 113.6 113.4 118.4 119.9 Clothing, men's 100 109 108 105 104 104 105 107 109 100 104 105 111 114 Clothing, women's .147 .147 145 143 144 143 146 144 159 107 157 155 103 102 Corsets, allied garments.. 89 88 90 87 85 80 85 86 87 88 88 89 91 92 Men's furnishings 114 114 117 110 110 I 118 123 130 141 138 133 130 134 136 Millinery '"_ 51 52 53 50 55 55 54 00 60 57 55 53 51 Shirts, collars 109 112 109 110 109 111 109 111 115 118 116 117 119 124 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN FEBRUARY 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. LEATHER PRODUCTS 92.1 95.3 94.4 92.7 90.4 89.2 89.0 89.0 90.3 90.9 91.4 92.0 91. 9 Boots, shoes 91 96 95 93 91 89 89 89 91 91 91 92 95 100 Leather 100 99 97 95 94 94 95 94 94 96 98 96 99 98 FOOD PRODUCTS 107. 1 107.3 107.4 106. 8 107.8 107. 7 109.3 110.3 112.4 113.2 113.3 112.7 113.4 115.0 Baking 125 125 126 126 127 127 127 127 129 129 129 131 132 132 Beverages 177 176 179 177 182 178 189 183 196 195 196 187 197 196 Butter 80 81 83 83 83 84 85 86 86 85 82 82 82 84 Canning, preserving 136 140 139 133 133 131 137 147 140 141 148 146 135 146 Confectionery 75 79 77 76 76 77 77 77 78 82 78 76 80 81 Flour 70 75 76 76 76 76 74 74 77 76 74 74 73 74 Ice cream 68 68 67 67 68 71 74 72 72 70 72 69 70 72 Slaughtering, meatpacking.. 83 82 83 83 84 84 85 86 92 92 92 91 96 96 Sugar, beet 112 88 48 76 86 90 84 88 92 109 111 118 114 96 Sugar refining, cane 75 78 79 81 80 81 80 80 78 79 76 74 67 70 TOBACCO MANUFACTURES 59. 9 60. 4 59. 6 60.0 60.1 59.4 61.3 60.3 61.2 61.9 61.7 61.1 62.4 61.9 Tobacco, snuff 56 57 56 55 56 56 56 56 56 56 56 57 57 56 Cigars, cigarettes 60 61 60 61 61 60 62 61 62 63 62 62 63 63 PAPER, PRINTING 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. 6 104.0 Boxes, paper 94 94 94 93 93 93 93 94 95 97 99 100 100 103 Paper, pulp 108 109 107 108 108 109 109 109 108 109 110 111 112 113 Book, job printing 88 87 86 88 88 88 89 90 91 93 94 94 95 94 Newspaper, periodical printing 100 101 101 102 102 103 103 103 101 102 105 105 104 104 CHEMICALS, PETROLEUM PRODUCTS __ 112.9 112.4 112. 2 110.6 111.6 110.8 113. 1 113.2 115.7 115.4 118.5 117.9 118.1 118.6 A. Other than petroleum 111.8 111.2 111.2 109. 2 110.6 109. 1 112.0 112.2 114.6 114.9 118. 1 117.4 117.4 118.2 Chemicals 115 11.6 116 116 116 116 117 117 121 122 126 129 129 129 Cottonseed oil, cake, meal 81 77 76 72 73 68 71 62 61 53 78 71 77 75 Druggists' preparations 101 101 100 101 102 103 104 105 105 102 101 100 102 103 Explosives 82 80 81 82 84 82 79 84 88 89 91 90 93 91 Fertilizers 83 80 80 73 79 74 91 86 87 87 86 85 80 88 Paints, varnishes 124 123 123 121 121 123 122 124 126 127 129 129 127 130 Rayon, allied products 343 345 344 335 343 325 342 350 358 360 360 354 357 355 Soap 100 97 97 95 95 94 96 97 95 103 106 103 100 99 B. Petroleum refining 117 117 116 116 116 118 118 117 120 117 120 119 121 120 RUBBER PRODUCTS 85.7 86.6 86.4 85.2 74.9 87.1 87.4 88.8 91.4 93.9 95.8 98.3 99. 5 101.9 Rubber boots, shoes 65 67 69 69 72 78 75 73 78 75 75 75 74 75 Rubber goods, other 120 122 120 118 118 121 122 123 124 124 126 130 133 138 Rubber tires, inner tubes 77 78 78 76 57 75 76 79 82 87 89 92 93 95 NOTE.—Figures for December 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

FEBRUARY 1037 FEDERAL RESERVE BULLETIN" 149 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 1930 1935 1930 Xov. Dec. Aug. Sept. Oct. Xov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total.. .... .... . ... 88 7 88.2 93. 4 95. 3 90. 5 90. 7 97.7 75. 5 77.4 83.4 83. 4 88. 8 90. 5 94. 6 Durable goods. . 80. 1 79.7 84.4 85. 5 88.9 90. 0 92. 0 09. 0 71.2 70. 7 77.0 85. 0 88. 5 92. 3 Nondurable goods ...... 07. 9 97.3 102.9 105. 8 104. 7 103.2 103. 9 82.9 85. 3 91.9 91.5 93. 7 93.0 97.6 IRON, STEEL PRODUCTS ... ... 83 8 83.9 94.2 90. 0 97. 0 97. 8 98. 8 69. 1 73. 1 80. 0 80. 2 92.1 94.4 101.0 Blast furnaces, steel works ..... .... 91 92 100 107 108 108 109 75 81 98 98 102 105 115 Bolts, nuts, washers, rivets 71 71 70 77 79 81 84 66 72 78 t1 87 89 98 Cast-iron pipe 55 50 00 00 66 60 67 33 37 48 45 50 48 53 Cutlerv, edge tools .. . .. . 80 80 70 79 83 80 88 09 73 08 70 78 83 87 Forgings 55 .-.- 59 59 01 04 68 45 49 48 47 52 58 68 Hardware ....... 64 05 55 00 08 73 77 64 06 51 50 73 84 74 Plumbers'supplies 86 84 80 84 80 86 88 58 59 02 60 66 03 70 Steam, hot-water heating. . 61 59 09 72 73 74 73 47 47 00 58 00 06 67 Stoves 1()9 94 108 112 117 115 109 80 90 95 109 103 97 Structural, ornamental Of) 53 75 75 73 70 41 42 00 66 69 00 66 Tin cans, tinware. . . 94 91 109 112 103 96 95 88 88 109 .113 97 92 94 Tools 79 83 85 90 94 90 <o 81 82 82 94 98 104 "Wirework ... .... 132 138 135 141 154 161 109 120 129 113 lll 146 107 187 MACHINERY.. . 9(5 5 95. 9 104. 3 107. 4 109 5 111.3 113.7 83. () 84. 9 93. 8 94. 6 102. 5 105.4 1.12.7 Agricultural implements 113 118 95 93 95 91 97 117 125 90 83 101 97 111 Cash registers, etc .. 108 110 100 110 119 120 .121 93 101 90 105 117 .112 116 Electrical machinery. 80 84 92 97 100 J03 100 74 74 83 84 93 97 103 Engines, turbines, etc.. . . 107 109 113 112 112 117 121 91 94 98 91. 99 105 110 Foundry, machine-shop products 80 82 93 94 90 97 99 09 72 84 85 90 93 100 Machine tools . 1 Ofi 107 114 124 120 128 131 95 101 108 111 122 124 135 Radios, phonographs 224 190 211 210 218 211 203 172 137 105 161 178 169 108 Textile machinery...... 66 08 71 73 73 71 t / 55 62 05 63 66 67 79 Typewriters. ..... 11") 115 112 121 133 139 144 102 99 102 112 129 134 138 TRANSPORTATION EQUIPMENT 101.fi 103. 8 92 7 87. 1 101.8 114.7 119.8 91.3 91.8 80.7 75. 9 95. 4 112.9 118. 3 Aircraft ........ .... 421 405 492 499 510 532 572 315 317 353 347 372 390 452 Automobiles . .. ..... 117 120 98 90 110 128 130 .105 104 83 77 102 126 133 Cars, electric, steam railroad ... . 39 43 02 00 01 00 59 34 40 58 55 63 61 61. Locomot ives _ . 2") 24 30 38 40 41 44 14 14 25 20 27 28 31 Shipbuilding 84 85 99 102 103 97 89 78 83 98 99 103 97 90 KAII.ROAD REPAIR SHOPS. . . ... 53 7 53. S 58. 4 59. 3 00 4 00. 0 01.2 52. 0 55. 2 57. 7 59. 2 03. 9 65. 2 65. 4 Electric railroad . (52 01 02 02 03 63 03 59 02 01 01 64 66 66 Steam railroad .. 53 53 58 59 60 00 01 52 oo 58 59 60 65 60 XONFERKOUS METALS. PRODUCTS. . 99. 0 98. 2 98.4 102. 9 108 3 110.0 111.0 82. 3 83. () 82. 9 88.0 99. 7 102.0 105. 3 Aluminum .. ..... 102 101 112 117 119 119 90 89 100 99 lll 115 116 Brass, bronze, copper 101 101 103 107 111 113 110 84 81 89 95 103 104 lll Clocks, watches .. 107 107 109 113 118 121 121 102 100 95 105 110 122 117 Jewelrv... ..... .. . 90 81 85 95 102 101 93 03 02 02 72 84 78 74 Lighting equipment. . 80 80 77 85 91 97 101 71 72 Ofi 75 83 97 101 Silverware, plated ware . . 71 <0 72 74 <4 .•)9 oO Smelting, refining . . 70 78 77 78 79 79 81 59 62 02 04 08 70 70 Stamped, enameled ware 113 114 138 113 151 150 103 127 130 124 123 154 .155 166 LUMHER PRODUCTS _ 02. 5 00. 8 00. 0 OS. 2 09. 2 07.8 07. 2 50. 1 49. 0 58. 9 (JO. 3 03. 5 60. 8 60. 5 Furniture . 70 71 82 85 87 88 8S 59 58 08 71 77 78 78 Lumber, millwork . _ 47 45 52 53 53 53 54 38 37 47 47 50 50 51. Lumber, sawmills . .... ... 19 47 51 52 52 50 49 38 37 45 46 47 43 42 STONE, CLAY, (JLASS PRODUCTS 01.4 00. 1 08. 0 08. 2 09. 1 07. 3 Of). 8 48. 7 49. 3 58. 3 58. 2 02. 5 61. 1 58. 7 Brick, rile, terra colt a 41 40 51 50 50 50 49 29 29 40 39 41 41. 41 Cement . . . .. 52 47 01. 05 00 (H 02 41 38 60 01 02 63 59 (Jlass .. . . . . . 100 100 100 99 lOt 98 101 90 93 93 91 103 99 94 Marble, granite, slate... 35 35 47 45 41 43 41 24 25 40 38 38 34 33 TEXTILES, PRODUCTS .. .. . 100. 1 100.0 101.8 103. 4 104.3 104.8 100. 5 80. 7 83. 0 87. 1 83. 9 88. 5 87.2 94.8 V Fabrics 95 8 00 1 91 7 95 8 97 1 98 8 101 8 81 3 83 9 83 0 81) 5 85 1 86 7 90 ! Carpet.s, rugs ... 80 85 85 90 93 94 98 08* 71 75 83 90 90 98 Cotton goods 89 91. 95 90 98 100 101 75 79 82 82 87 88 98 Col ton small wares 98 99 94 97 102 104 105 90 90 89 88 100 98 100 Dveina, finishing textiles. ... 120 119 111 111 115 118 123 93 9S 95 93 98 101 110 Hats, fur-felt . . ........ 80 SO 90 88 83 83 SO 03 70 89 70 01 68 83 Knit goods. . . ....... 118 115 110 .120 121 121 122 120 113 118 117 121 124 127 Silk, ravon goods . . 85 87 80 82 82 80 82 07 70 00 07 64 09 "Woolen, worsted goods. . . 94 93 82 78 79 81 92 72 77 05 55 00 00 84 B. Wearing apparel . 107.3 100.3 115. 8 118.4 118.3 110.0 114.9 70 2 77 7 92. 4 87. 0 91.5 81. 0 80. 7 Clothing, men's. ... 102 102 110 .109 108 107 107 73 70 87 81. 82 79 85 Clothintr, women's .. . . 113 111 157 103 103 15S 155 91 94 119 110 119 103 105 Corsets, allied garments . . .. 88 80 SO 88 90 90 90 82 80 80 85 91 88 87 Men's furnishings 122 us 127 132 138 143 111 110 100 98 97 118 120 115 Millinerv. . 40 •15 59 03 57 IS 14 28 29 4S 51 3S 31 29 Shirts, collars . ... 115 m .117 121 121 125 123 .00 105 105 1.0 110 112 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN FEBRUARY 1937 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1933. 1923-25 average=100] Factory employment Factory pay rolls Industry and group 1936 1935 1936 Nov. Dec. Aug. Sept. Oct. Nov. Dec Nov. Dec. Aug. Sept. Oct. Nov. Dec LEATHER PRODUCTS - 86.5 90. 7 94. 4 94. 1 92. 8 89.0 93. 8 64.4 72. 9 80. 3 74. () 67. 3 Boots, shoes 84 90 95 95 93 88 94 50 00 77 71 67 58 71 Leather 100 100 90 97 97 98 98 90 98 94 90 99 101 105 FOOD PRODUCTS 107.8 103. 1 127.9 135.9 124.2 114. 1 no. 95. 0 93. 3 114.0 110.5 108. 3 105. 8 Baking 124 125 130 131 133 133 132 108 108 116 118 119 120 120 Beverages 105 102 215 210 191 183 180 108 104 237 227 199 191 187 Butter 80 78 91 80 83 82 82 59 00 71 08 05 05 03 Canning, preserving 114 92 253 305 197 113 90 92 79 231 259 179 98 90 Con fectionery 87 88 74 88 91 92 90 75 82 00 81 86 85 85 Flour 78 75 77 75 74 09 00 71 73 70 09 Ice cream (')() 58 84 00 02 01 52 52 74 08 58 50 Slaughtering, meatpacking 84 80 92 91 92 97 100 79 81 88 85 89 100 102 Sugar, beet 208 103 87 94 272 274 178 231 141 80 95 202 209 154 Sugar refining, cane 70 81 78 76 08 09 58 00 07 04 61 59 59 TOB ACCO M A N U FACTU R BS_ . 03. 2 01. 0 03. 0 63. 0 04. 5 05. 9 50. 8 51.5 53. 5 53. 3 54.7 54. 8 55. 4 Tobacco, snuff 57 57 55 55 57 57 60 58 02 61 02 65 Cigars, cigarettes 04 02 04 05 05 07 04 50 51 53 52 54 54 54 PAPER, PRINTING 99. 4 100.3 100. 1 102. Oj 104.0 105.0 100. 0 80.8 90. 0 89. 4 92. 0 96. 5 98. 0 102. 7 Boxes, paper 100 97 90 102 100 10(5 107 90 94 93 99 108 109 108 Paper, pulp 108 109 109 no ! 111 112 113 91 94 97 95 102 105 108 Book, job printing 88 90 92 93 j 94 90 98 76 82 80 82 85 88 93 Newspaper, periodical printing 101 103 100 104 I 105 105 100 92 95 92 98 101. 102 106 CHEMICALS, PETROLEUM PRODUCTS... 114.5 113.2 113.4 119.5 120. 3 119.7 119.3 101.5 103. 3 108. 1 112.0 114.4 114.8 118.7 A. Ot her t ban pet roleum .113.8 112. 3 112.2 118.8 120.2 119.4 119.2 100.4 101. I 100.8 110.6 113.9 113.4 118.4 C hem icals__ 110 110 123 127 130 130 .129 100 100 118 120 125 128 133 Cottonseed oil, cake, meal 108 100 40 97 104 104 98 84 79 38 78 85 83 82 I )ruggists' preparations 104 103 100 103 101 100 105 101 104 105 107 113 113 112 Explosives 84 81 88 91. 93 95 93 73 88 89 90 98 98 Fert il izers 73 73 01 78 70 81 59 02 55 76 70 03 Paints, varnishes 122 121 124 127 129 125 128 107 100 114 114 120 117 122 Kayon, allied products 350 352 357 300 302 304 302 278 283 300 302 308 300 323 Soap 102 90 102 107 107 103 98 90 93 101 101 105 102 104 B. Petroleum refining 117 117 118 122 121 121 120 105 111 112 116 119 120 RUBBER PRODUCTS 80.2 80. 4 92. 2 94. 3 97. 9 100.0 101.0 81.9 90. 8 92. 2 90. 8 101.2 103.8 Rubber boots, shoes 70 72 75 78 80 81 53 00 01 62 05 09 74 Rubber goods, other 123 122 119 125 133 130 13S 100 109 .110 115 128 131 139 Rubber tires, inner tubes 70 80 87 89 91. 92 73 78 92 92 94 99 C9 NOTE.—Figures for December 1936 are preliminary. For description see pages 950-953 of the BULLETIN for December 1930. Hack 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

FKBKUARY 1937 FEDERAL RESERVE BULLETIN 151 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION I Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 January '214. 22. 4 37.4 7.1 9.0 10.8 15.5 44.4 '86. 9 3.7 39.5 11.4 26.5 February... 75.0 "140. 16. 6 31. 2 7.8 13.4 9.2 12.6 27.8 r46. 6 5.8 21.1 7.9 15.5 March 122. 9 '•198. 32. 2 55. 2 6.5 18.4 12.2 17.3 46.3 62.3 10.4 19. 0 15.4 26.6 April 124. 0 234. 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. 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 ••232. 49. 8 73. 6 9.5 10. 2 15. 0 21.9 39.1 r80. 0 17.7 18.3 16.8 28.7 July 159. 3 294. 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. 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. 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. 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. 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. 1 199. 45. 1 65. 5 9.9 23. 1 12.0 23.2 94.5 61.3 62.6 13.0 40.1 13.6 Year.. 1,844.5 2, 675. 3 478.8 801. 6 108. 9 198. 0 164. 5 249.1 690. 2 920. 4 173.5 226.1 228. 7 280.0 r Revised. 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 Liabilities 1936 1935 Federal Reserve district Federal Reserve 1936 1935 1936 1935 Dec. Nov. Dec. district Dec. Nov. Dec. Dec. Nov. Dec. Boston 14,623 23,323 New York 38, 597 45, 700 Philadelphia. 14,077 17,772 Boston _ ... 78 70 100 1,148 785 1, 209 Cleveland 21,034 21,322 New York 227 205 332 6, 346 4, 550 6,194 Richmond 20, 891 29, 285 Philadelphia. 35 37 52 368 415 698 Atlanta 28,689 20,394 Cleveland . 40 50 58 757 1,309 958 Chicago 35,678 53,155 Richmond 23 44 43 250 1,201 242 St. Louis 10,864 19,484 Atlanta 24 24 29 278 376 1,198 Minneapolis.. 7, 597 10,702 Chicago 82 92 85 1, 210 1, 203 2,009 Kansas City.. 8, 591 15,072 St. Louis ... . . 32 25 33 225 553 403 Dallas. 7, 564 7, 928 Minneapolis 19 12 20 143 83 687 Kansas Citv . _ 27 32 44 207 157 362 Total (11 districts). 208. 204 264,137 Dallas 13 15 15 171 204 193 San Francisco 92 82 99 1,185 696 1,533 Total.— 692 688 910 12, 288 11,532 15, 686 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIX FKIJHUAKY 1937 MERCHANDISE EXPORTS AND IMPORTS fin millions of dollars] Merchandise exports i Merchandise imports 2 Excess of exports Month. 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 January 150 121 172 176 199 136 96 136 167 187 15 25 37 9 11 February 154 102 163 163 182 131 84 133 152 193 23 18 30 11 -11 March 155 108 191 185 195 131 95 158 177 199 24 13 33 8 -4 April 135 105 179 164 193 127 88 147 171 203 9 17 33 -6 -10 May 132 114 160 165 201 112 107 155 171 191 20 7 6 -5 10 June 114 120 171 170 "•18(5 110 122 136 157 190 4 2 34 13 -5 July 107 144 162 173 180 79 143 127 177 194 27 1 34 -3 -14 August 109 131 172 172 178 91 155 120 169 M93 17 -23 52 3 -14 September 132 160 191 199 220 98 147 132 162 216 34 13 6(1 37 4 October 153 193 206 221 205 105 151 130 1S9 -213 48 42 32 «-52 November 139 184 195 270 220 104 129 151 169 190 34 50 44 100 29 December . 132 193 171 223 />230 97 134 132 187 /'211 35 59 38 37 p-\5 Year . 1,611 1, 675 2,133 2, 2S3 /•2. 453 1, 323 1,450 1, 655 2.047 r'2, 119 288 225 478 235 v'.W p Preliminary. r Revised. 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=I00] [Index numbers based on value figures; 1923-25 average=100J 1935 . 1930 Index of sales ' Index of stocks (end of i month) i : i Dec. ! Aug. ! Sept.| Oct. : \ov. ! Doc. Month Adjusted Without, Adjusted for seasonal seasonal for seasonal A* i:)r sea^onal viria!i variation adjustment variation rolal ... .. ; 71 70 _., 73 so SO 1935 1936 1935 1936 1935 1936 Coal . _. . . 74 71 74 79 SI so Coke ._. ... , OS 7!) 85 S5 93 90 (Jrain and grain products ' 02 73 5S 02 09 73 Januarv 76 81 59 63 64 L Fo iv re e s s t t o p ck ro . duc . t s . . . \ ' 3 4 9 5 4 5 7 2 1 IS 7 I 1 S 9 5 5 1 1 45 M Fe a b r r c u h ary 7 7 7 9 8 8 4 3 6 7 1 1 6 7 6 7 6 6 4 3 Ore . . _. . i 5S S2 93 95 105 95 "Miscellaneous . Mi SO S2 91 107 April 75 84 79 85 64 Merchandise '. r>0 07 07 00 07 71 Mav 74 87 76 89 64 June 79 87 76 84 63 ! Withou seasonal adju>t merit J A u u ly gust 80 8 9 0 1 5 6 5 1 6 6 8 3 6 6 2 1 September . _ 81 88 86 94 64 I'ola C C ( l J o o ra k a . i l e n . . . . . a .. n . d . . . g . ra . in produc . t s . ! j • 0 0 7 7 2 1 9 3 O s 7 7 0 1 s S S S S 7 2 1 O 3 S 9 S 0 0 9 I 7 S 9 9 7 2 0 O 3 9 9 7 7 2 7 4 1 O N D c o e t c v o e e b m m e b r b e e r r 8 8 7 2 3 8 9 9 9 0 2 3 1 8 9 4 6 1 5 1 1 9 6 0 9 1 5 6 6 6 6 5 7 L Fo iv re e s s t t o p ck r oducts . _ : 3 3 7 9 5 1 0 0 5 5 7 0 0 }« 5 ) 4 5 9 9 4 1 5 0 Year 79 88 Ore.. 11 in 150 133 73 23 Miscellaneous 07 S5 95 97 92 S3 Merchandise . .. . . 02 07 70 09 OS 00 1 In less-than-carload lots. Based on daily average loadings. Source of basic data: Association of American Railroads. Hack figures. -See HI.'LLKTIN for February 1931, pp. 10S l()i). 5cc ec Without seasonal adjustment 1935 1936 fi8 61 62 65 67 65 66 68 05 67 64 61 62 63 57 59 07 60 05 08 67 71 09 76 71 75 SO 71 61 06 64 67 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 ell'ects upon sales of changes in the date of Kaster. Back figures.—Department store sales, see p. 631 of BULLETIN for August 1936; department store stocks, see pp. 254-255 of BULLETIN for April 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

153 FEItUUARY 1937 FEDERAL RESERVE BULLET EX WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Tnde\ of Bureau of Labor Statistics. 1920= wo] Other commodities Farm Year, month, or week p u r c o t d s - Foods | ! Hides and TextileV I F li u p e h l t i a n n jr d an M dm eta e l t s all " B " u ' i " ld V in '5 g I c C al h s e a m n i d s materials products matenal* j drugs 1929 ' 95.3 n 104.9 99.9 i 109.1 90.4 100. 5 94.2 1930 i 80.4 ! 88.3 90.5 100. 0 80. 3 92.1 89.1 1931 i 73.0 :; 64.8 I 74.0 ' 86. 1 66.3 84.5 79.3 193*> _ -1 04.8 li 48.2 61.0 I 72. 9 54.9 80. 2 73.5 1933. I 05.9 jj 51.4 I 60. 5 i 80.9 64.8 79.8 72. 0 1934 i 74.9 ''. 05.3 I 70.5 I 86. 6 72.9 80.9 75. 9 1935 i 80.0 !• 78.8 83 7 89.6 70. 9 l« * \ 80. 5 1930 . ... i 80.8 || 80. 9 S2. I ! 95. 1 87. 0 80.4 I 1935—Govern her ' 80.6'' 85.1 95. 0 80.9 j 85. 8 81.2 81.0 December j 80.9 78. 3 85.7 95. 4 86.8 ; I 85. 5 80.0 81.0 1936—January . 80.0 . 97.1 80.7 February ! 80.6 |: 96. 1 80.7 March 79.6 , 94. 9 86. 6 April 79.7 •" 94. 0 80. 0 May : 78.6 ;. 94. () 80. 3 June ! 79.2 |i 93.8 80.2 July . 80.5 93. 4 80. 9 August ! 81.0 '• 93. 6 September , 81.0 ,, 94. 6 N O o ct v o e b m er b er : - t 8 8 2 1 . . 4 5 !' ! 9 9 5 7 . . 0 0 | December ... 81.2 M 99. ~ Week ending— i 1936- Sept.. 5 , 80.9 ' 94.5 I 82. 0 Sept. 12 . 81.5 |: 95.0 I 82.8 Sept,. 19 ! 81.4 j, 95.4 | 83. 1 Sept. 20 ! 81.0 i1 95.8 I 83. 2 Oct. 3 i 81*. 3 ;, 95. 7 83. 2 Oct. 10 ! 81.2 , 90.1 I 83.2 i Oct. .17 81.2 I! 95.9 | 83.2 . Oct. 24 ! SI. 1 90.5 I 83. 2 Oct. 31 , 81.2 ': 90.0 83. 2 ! Nov. 7 ... 81.3 i' 90.2 I 83.3 | Xov. II • 82.0 90.8 | 83.4 I Nov. 21 " 82.4 •• 98.3 I 83.4 | \f)V. 2S 82.0 ,: 99.3 ! 83.0 • Dec. 5.. ' 83.0 : 99. 4 ! 84.0 Dec. 12 • 83.4 li 99.8 ! 81.3 D D e e c c . . 2 1 0 9 .' 8 8 3 1. . 7 1 j 1 10 0 1 0 . . 5 1 j I ff: S i 8 8 1 4 . . 3 3 1937 -.Inn. 2 81.7 " 101. I I SI. 3 J;m. 9 . 85.2 ;i 102. 0 I 85. 3 Jan. I'1. 85.7 101. S I 85. 1 Jan. 23 85.3 |j 102. 0 I 85. 7 J935 | 1930 Subgroups Subgroups j Dec. sept Oct. Xov. | Dec. Oct. Nov. I . FARM PRODUCTS: METALS AND METAL PRODUCTS: Graii s 102.0 102.1 102.9 109.0 Agricultural implements 93. 9 92. 9 Livestock and poultry -.V 81. 2 79. 7 85. 0 Tron and steel SS. 8 SS. 9 Other farm products.. ._ .... SO. 2 82.9 SI. 1 Motor vehicles 90. 8 92. 0 FOODS: Nonferrous metals 71.7 75. 4 Butter, cheese, and milk Plumbing and heating 70. 0 7(5. 7 Cereal products BUILDING M ATERIALS: Fruits and vegetables .__ 71. S j 75. 4 Brick and tile 88. 3 SS. 8 Meals 85. 2 S7. 2 Cement ... 95. 5 95. 5 Other foods Si.4 M.O Lumber 80. 1 80. 0 HIDES AND LEATHER PRODUCTS: Paint materials SO. 2 80. 5 Boots and shoes Plumbing and heating 7(5. 0 70. 7 Hides and skins Structural steel 97. 1 97. 1 Leather SS. 1 Other building materials 90. 4 90. 9 Other leather products 95. 9 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chemicals 89. 0 89. 2 Clothin-i 80.8 Drugs and Pharmaceuticals 70. 5 77. 9 Co11 on goods ! SO. 0 Fertilizer materials 07. 4 OS. 0 Knit goods ! (51) 8 Mixed fertilizers 09. 7 09. 0 Silk and rayon ! 30.2 IIOUSEFURXISITING GOODS: Woolen and worsted goods SO. 9 Furnishings 85. (5 85. 7 Other textile products 07. 1 07. 0 00. 5 Furniture-- 78.3 78. 8 FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: Anthracite Auto tires and tubes 47. 5 47. 5 50. 1 Bituminous coal Cattle feed 111.8 120.0 Coke Paper and pulp 80. S 81. 5 Electricity Rubber, crude 34. 4 37. 1 Gas Other miscellaneous SI. 5 81.7 Petroleum products Back figures.—For monthly and annual indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

156 FEDERAL RESERVE BULLETIN FEBRUARY 1937 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Europe End of month T c tr o o ( i 5 u e ta 2 s n ) l - * U S n ta i t t e e s d C a a d n a - E c tr u o ( i 2 r u e o 6 s n ) p - e A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i a r c o a i n e u e d a ( s n n 8 ) - - A c tr o f i r ( u e 5 ic s n a ) - 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 Qo N o W a n a n l" - a k tt l Zer B ia .I n . a S. 1935—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 L, 595 4,770 38 379 604 365 448 8 October. __ 21, 500 9,693 186 9,880 641 807 291 ,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 ,648 4,395 33 270 611 438 454 8 1936—January... 21, 598 10,182 186 9.467 646 817 300 1,652 4,324 31 8 270 600 455 454 11 February.. 21, 665 10,167 186 9.529 648 825 310 L, 653 4,362 29 270 593 463 472 10 March 21,711 10,184 184 9,547 642 830 323 ,653 4,348 29 270 586 486 493 8 April 21,469 10, 225 187 9,312 642 836 268 ,670 4,106 28 270 581 483 495 8 Mav 21, 364 10, 402 188 9,024 641 841 268 ,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 Julv 21,743 10, 648 187 9,159 635 845 269 .977 3,643 29 270 633 437 471 10 A ugust. 21,870 10,71.6 189 9, 207 642 849 269 2', 017 3,614 28 270 632 457 489 12 September- P21, 779 10, 845 191 V8,980 638 857 209 2,049 3.322 25 270 631 456 508 12 October ... "21,839 11,045 180 "8,835 058 847 209 2,049 3.194 26 270 621 388 583 13 November. "22, 030 11, 184 188 P8. 886 u050 "851 "270 2,049 3, 194 27 270 630 388 624 13 December. 11.258 p9, 300 2, 584 2. 995 27 270 632 490 055 11 Europe—Continued End of month Austria g B a u ri l a - C v z s a e l k c o h i - a o- m D a e r n k - 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 u t e h n s e - r 1935—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. 40 20 108 54 "28 23 98 7 68 113 718 238 46 75 October ... 40 20 "91 54 "28 23 98 71 08 113 718 239 47 "70 November. 46 20 "91 54 "28 25 98 72 08 108 718 239 48 "70 December. 40 20 "91 54 "28 25 98 75 "OS "108 718 240 48 "77 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 i r s d h i i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th 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— August 420 29 14 4 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 0 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 jg 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- 430 29 - 26 20 68 40 275 J3 447 60 23 24 3 55 189 25 August 441 29 17 26 20 08 41 275 15 450 59 23 24 3 55 189 25 September 437 29 17 20 20 08 42 275 19 453 00 23 24 3 55 189 25 October... 4.V) 29 7 20 20 08 42 275 0 4")0 (JO 23 24 3 55 1S9 25 November 152 29 18 20 "20 OS "13 275 ...... •1")9 00 23 2\ 3 5f) 191 25 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 Siarn; 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. 308 372; July 1930, pp. 544 547; and August 1930, p. 067. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

157 FEBRUARY 1937 FEDERAL RESERVE BULLETIN 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 R de h s o ia - A W fr e ic st a B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Japan B In ri d ti i s a h =25-8 10 grains of gold 9 10 fine; i. e., an ounce of fine gol.d = $£0.67 1929 404, 969 359,347 215, 242 11. 607 4,297 2,390 39, 862 45, 835 13, 463 2,823 683 I 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 i14. 563 8,198 6,782 1933 524,390 420,093 227, 673 13, 335 6,623 3,631 60, 968 52,842 13,169 6,165 3,009 i 16, 790 8,968 6,919 $7 = 15-5/21 grains of gold 9 '10 fine; i e., an ounce of fine gold 1933 887,845 711,260 385, 474 22, 578 11,214 6,148 103. 224 89, 467 22, 297 10,438 5,094 28, 428 15,183 11,715 1934 963,369 722, 970 366, 795 24, 264 12,153 6,549 104;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 7,159 114,971 126,325 23,858 11,517 9, 251 31,117 20,043 11, 394 1935—December.. 90, 685 70,501 31,829 2,272 1,174 542 10, 766 13, 342 2,583 834 905 3,423 1,866 966 1936—January 83, 355 65, 771 32, 275 2,320 1,221 592 9,714 10,195 2,092 1,335 770 2,690 1, 595 971 February.. 82,4.44 64, 661 31, 290 2,201 1,164 574 9,325 9,650 2,815 1,159 918 2,801 1,843 920 March 86,988 68,105 32, 709 2,359 1, 326 544 10, 469 10,969 1,627 1,040 1,147 2,882 2, 065 968 April 87,001 67,818 31,991 2,410 1, 258 543 10,474 11,062 2, 607 1,095 499 3,127 1,808 944 May 93,071 69, 388 32, 826 2,413 1.289 547 10, 797 11,894 2,075 1,086 552 3,045 1,885 979 June— 99, 578 70, 995 33, 086 2,384 1, 285 585 11.083 11,897 2, 570 1, 065 611 3,476 1,994 958 July 110,088 75. 605 33, 846 2, 354 1, 352 676 11.183 14,991 2,632 1, 235 777 3,602 1, 977 981 August v109, 470 P?3, 687 33, 830 2, 425 1,412 675 1L504 13,576 Pi, 820 1,098 1,029 3,422 1,916 981 September. 1*110,685 P74.901 33.816 2,363 1,444 61)6 11,579 14.229 P2. 345 1.236 r407 3,515 2, 246 966 October "116.087 i»70. 704 34. 199 2, 202 »'l, 540 091 11,693 15, 770 P 1,900 1, 109 798 3, 596 2.075 982 November. P 107, 985 v 72. 002 33. 042 2. 270 P\, 575 "691 11. 174 III. 1S9 "2, 100 i>\. 155 J>798 "3, 596 P'2, 030 *>982 pv P±rreeliiimmimnaarryy.. rr l.iuee vviisseedu.. 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 n o e rt 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 1936 1,116,584 174,093 573, 67.1 3, 351 71,006 7, 511 72, 648 39,966 11,911 77, 892 7,917 76, 621 1935—September 156, 719 37,114 40, 423 37,811 15,069 699 1 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 8,546 July 15, 379 -9 27 2 882 869 2,106 5,654 5.847 August 67, 493 5, 837 17,880 11,604 15,289 11 10, 688 1,890 4,234 September 171,824 8, 204 130. 071 1,463 524 0, 338 634 2,101 6, 961 442 8,487 October 218,812 72, 1.54 95, 013 799 25, 745 8 12,222 530 4 5. 782 451 6, 10; November 75, 830 41, 005 20 2, 545 3, 098 10, 600 308 0, 182 432 7, 200 December 50. 970 32,998 I) 2 3,281 4, 709 402 10, 108 951 4,451 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.07 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN FEBRL-.VUY 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 n e o p x e r t p o n o r im t r e s 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 n tl i t e t s s - Au li s a tra- A S d W R f e o h r s u e i o i c - s t a a h t , , c o t o A r th i u e l e n l s r - Africa 1934 716,269| -497,166 348,190 121,017 -13,585 32, 575 17, 568 206, 711 4,863 41, 790 335, 253 92, 737 1935 369,747 -435,502 142,137 -4, 726 -17,476 10, 796 8,832 181, 627 3,198 37,981 404, 295 22,020 1930 1, 170, 023! -276, 813 756, 204 23, 295 -15,133 -21,130 6, 06' 128, 420 831 26, 723 488, 814 39, 81L 1935—June... 118,067i -18,547 86, 926 -943 -11,601 292 7,159 429 1,969 42, 473 6,933 July 16, 289j -1,141 -5, 719 -4, 416 118 -11,888 261 5,663 405 5,375 33, 532 -8, 731 August 39,016 -12,871 -5, 697 -26 82 1,642 287 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 11,900 134 3,414 44,995 -7,644 November 18, 286 -33, 744 25,198 50 -20, 204 461 12,857 56 2,842 33, 325 -4,353 December 40,811 -22,075 910 114 -27 -6,982 14,838 54 1,995 42,442 7,265 1936—January 41,974 -12,059 3,202 78 94 -591 311 11,035 56 39,852 -1,893 February 38,649 1,136 -3, 253 173 33 -7, 569 138 5,958 11,686 63 2 If , ! 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 -1,409 145 899 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 10,860 133 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 2,089 34,552 6,474 September 151,814 -14,096 108, 666 6, 086 6, 369 -1,029 206 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 83,168 -49, 224 72, 506 -163 377 I, 480 517 14,896 -18 2,304 36, 230 4,257 December 100, 505 -63, 914 118,655 -621 -I, 13 0 1, 836 370 7, 243 45 2,126 41, 683 -5, 789 France1 Year or month Total net Net imports from or net exports (—) to: imports or net exports (-) 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 8 -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 -789 -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 2 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 5 -3,912 282 June -222,872 -185,001 -25, 671 25 -18,496 -825 -2,097 ? 9,192 July -80,182 -6, 695 -70, 681 4 190 77 2,157 765 August- -290, 371 -10,813 -266, 234 4 344 -26,896 -95 2 13,319 September -450,809 -238,402 -149,142 -4 -31, 853 -18, 727 5 -45, 378 2 32, 091 1 No figures published since September 1936. 2 $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

FEHKUARY 1U37 FEDERAL RESERVE BTJLLETIX 159 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Germany Netherlands * Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net m e o x r ( p p ) n o o e r r t t t s 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 i n tz d - S U . . R S. . c o t o A r th i u e l e n l s r - i e m o x r p p ( o n ) o r e r t t t s 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 e m l- e S r w la i n tz d - c o t o A t r h i u e l e n l 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 6,376 905-198,549 1-221, 245 18, 397-41, 260 -5,142 48,004-1,257 3,956 1936.. 1935—June.. 2,876 1,057 275 1,014 12 517 -14,797 -19,259 1,375 667 -862 3,379 -210 July.. 9, 525 4,504 4 810 4,113 94 -26,102 -29, 215 15, 702 -21,909 -462 9, 563 227 Aug__ 4, 769 33 693 17 54 -4,514 -152 -9,436 -86 2,900 2,283 Sept.. 4,355 -4 3,972 480 4,014 -276 -37, 290 -40,868 2,861 249 -160 133 488 Oct... 10, 566 -49 2,532 1,116 -13,080 -10, 373 514 -1, 339 -2,046 275 2 Nov_. 780 -17 7,058 680 67 38, 746 -3,026 20,084 10, 564 -239 11, 248 199 Dec. 2,004 -87 810 671 4,749 5,334 -149 -561 183 591 1936—Jan -2, 584 -71 -35 61 -98 16,967 1,761 170 192 14, 291 564 Feb -1,307 -2,441 801 27 -140 10,425 3,435 7,664 -40 -339 -3 181 Mar -258 -59 -2,029 -142 20 -59 35,806 574 12,842 8,489 -312 13, 693 569 April -1,201 -4,277 -19 3,077 22 -37 31,083 1,384 31,428 -1, 568 73 -166 May _ -63(] -3,935 13 3, 256 76 -28 -27,093 -10," 153 -2, 206 67 -3,010-11, 829 427 June 1,13(1 -1,720 2,821 23 4 -61, 601 -37,430 -500 86 -3,192-19,941 34 July 3, 248 -1,905 3, (XT 2, 061 24 14, 226 1,966 -167 -3,388 14, 868 974 AUR 1,580 -1,802 3,188 20 172 27,153 1, 517 29, 013-2, 793 -27 995 Sept —3,514 —6,080 2,342 20 204 16, 461 -7, 335 16,962 -2,389 8, 389 216 Oct -3.521 -3, 959 32S 110 7,436 2,628 4,464 143 201 Nov 426 244 26 62 94 Dec "I" Switzerland British India Y m e o a n r t o h r im T n o p e t o t a r l ts Net imports from or net exports (—) to: im T n p o e o t t a r l ts Net e im xp p o o r r ts ts ( f — rom ) o to r : net G d p u r o o c l - - d Change in: 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 o i i n m t g ed - France g B iu e m l- Italy N la e e n r t d - h s - 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 United U K d n i o i n t m g ed - c o t o A r th i u e l e n l s r - I t n i i o d n n ia se R r in v e- es P i I n h r n g i o v d s l d a i i a - t n e 4 1934. -46, 06; -12,784 -45,955 18,397 19,431 2,580 1,500 -230,720 -82.183-144,185-4,352 11, 222 173-219, 671 1935.. -230, 788 647 -54,858 -13,940 25, 542 342-6,795 -161,872 -36,181 -124,182—1,508 -150,472 1936. 121, 788 -9,127 -2, 205 14, 531 51, 299 4,600 23,378 1935—June.. -5, 640 49 549 2,684 -8, 651 -74 -352 -3,824 -26 254 July._. 1,417 3 1,610 2,998 -1 262-3,455 —22, 383 -1,122 -3, 392 958 Aug... 9,328 64 -38 1,273 4,080 519 3,430 -25,464 -13,378 -233 961 Sept... 5, 84f 107 3,017 -24 3,312 -766 184 -11,400 -7,019 397 949 Oct.... 1,367 163 1,085 881 1,343 241-2,344 —11,160 •-7,140 202 974 Nov... -934 -332 -3, 227 1,849 -49 825 -14, 540 -1,573 232 953 Dec... -2, 330 -2, 088 -4,166 21 4,724 -139 -682 -10,303 -1,199 139 1936— Jan.... 2,462 -195 -6, 783 47 9,496 -137 34 -13,809 -559 -362 971 Feb.... 6, 571 -518 -5, 705 1,821 9,612 1,377 -16 -9,846 -230 920 Mar... 21,413 -841 -3, 492 1,724 21, 537 567 1,917 -7, 667 -122 -287 968 ApriL. 22, 570 -131 7,292 -3 6,970 29 2 8,413 -10,351 -889 249 944 May.. 13,386 32 -4,298 284 -8 1,449 132215, 794 -11,35^ -1,894 260 979 June... 5,188 -4 -1,704 2,05' -235 2,952 2,113 9 -10,355 -2,733 378 958 July... -321 -7 820 -249 1,166 -20 -121 -1,911 -15,032 -2, 055 -436 981 Aug__ 2,829 -113 3,176 -254 -20 -21 59 -7,983 -2, 732 66 981 Sept.. 33, 506 -575 -6, 396 40, 875 -286 -641 48; 41 -8, 273 -824 203 966 Oct.__ 14,848 19 5,988 656 8,177 62 5' —n: —11,576 -4, 27 218 982 Nov... 2, 210 -3,676 2,892 1,241 1, 723 -65 97 P-9, 333 Dec... -2,87' -4,916 2, 291 -47 659 -33 20 -848 I 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 and December, 1936. 2 $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936. a Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. * Figures derived from preceding columns; net imports plus production minus increase in reserves in India. NOTE.—Qermany, 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

160 FEDERAL RESERVE BULLETIN FEBRUARY 1937 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of d m i e s e p s n a u t r e ) t ! - 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—Oct. 30.. 194.7 0.8 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 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Jan. 29.. 200.5 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 .7 63.1 6.8 98.6 445. 6 97.6 12.1 41.7 17.8 Dec. 30. 313.7 46.3 17.5 155. 6 467. 4 150. 6 12.1 39.2 18.0 Assets Liabilities Domestic bills Loans on— Deposits Bank of France | Ad- For- vances (Figures in millions of francs) i Gold* ch e e a i x g n - n ge S c p ia e- l' Other m G e t r o e o n n v - - t m G S e t o h e n v r o t e m r r s t n - e - - s O e ti c 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 - a O s t s h e e ts r c N i t r i c o o u t n e la- 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—Oct. 30 ! 71,990 1, 262 8,373 371 3,141 5,800 7,939 83, 306 2,862 10, 647 2,059 Nov. 29 66,191 1, 385 11,005 1,090 3,267 5,800 8,032 ! 82,447 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 i 65,223 1,324 9,210 3,350 5,708 8,724 .81, 503 2,798 2,119 Feb. 28 65,789 1, 309 9, 758 932 3,250 5,708 8,186 j81,239 2,854 8,706 2,134 Mar. 27 j 05,587 1,297 12,053 671 3,325 5,708 8,028 83.197 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 ' 57,022 1, 426 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 85,892 1,594 6,254 2,267 Aug. 28 54,511 1,250 7, 063 14,333 809 3,454 5,640 8,125 84, 324 1,523 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 04,359 1,471 547 7, 332 12,303 668 3,447 5,640 8,204 87.198 3,973 9,247 3,553 Nov. 27 04,359 1,466 925 8, 056 12,298 702 3,464 5,640 8,029 86,651 2,069 13,058 3,160 Dec. 30 60,359 1,460 1, 379 8,465 17,698 715 3, 583 5, 640 8,344 89, 342 2,089 13, 655 2,557 Assets Liabilities Rcichsbank Reserves Securities (Figu re re ic s h i s n m m ar il k l s io ) 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 l e s 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 a O s 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 e h i s e li r - 1935—Oct. 31. 4,058 345 316 4,159 728 911 Nov. 30. 4,096 346 315 922 4,186 806 913 Dec. 31. 4,498 349 315 853 4,285 1,032 923 1936—Jan. 31_. 3,884 349 315 4,098 679 891 Feb. 29_ 4,026 348 315 861 4,177 652 914 Mar. 31. 4,201 336 321 771 4,267 768 782 Apr. 30. 4,353 240 319 702 4,348 688 798 May 30. 4,606 219 319 648 4,430 729 807 June 30_ 4,699 220 311 704 4,389 960 815 July 31. 4,623 220 310 711 4,471 787 840 Aug. 31- 4,693 220 309 686 4,540 729 853 Sept. 30. 4,875 219 308 695 4,657 744 875 Oct. 31. 4,888 219 305 685 4,713 689 897 Nov. 30. 4,852 219 303 770 4, 674 753 911 Dec. 31. 5, 448 221 303 705 4, 980 1,012 953 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. However, by direction of the British Treasury under section 2, paragraph (2), of the Currency and Bank Notes Act, 1928 (see Bulletin for August 1928, pp.*567-569), a reduction of £60,000,000 in the amount of the fiduciary issue (and the securities held as cover) has been in effect since December 10, 1930. 2 By law of October 1, 1930, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc (see Bulletin for November 1930, pp. 878-880). Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to the stabilization fund established by the law of October 1. 3 Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1930—see BULLETIN for October 1930, pp. 785-780), and bills rediscounled for account of the Banques Populaires (law of Aug. 19, 1930—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

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 161 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Dec. Nov. Oct Dec. Dec. Nov. Oct, Dec. National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): Gold 7, 556 7, 556 7, 556 Gold 179,377 179,148 179,369 180, 509 Foreign exchan ge 23, 804 24,161 17,705 Sterling and United States Loans and discounts 3, 707 3, 603 3,207 Exchange 9,125 17, 607 8, 607 4,223 Other assets 5, 082 5, 553 5, 463 Advances: Note circulation 10,850 11,509 12, 243 Dominion Government 3,466 Demand deposits 16, 772 16,970 9, 557 Provincial Governments 1,000 Other liabilities 12, 527 12,393 12,131 Government securities: Central Bank of the Argentine 2 years or less 61,299 66,480 55,763 30,873 Republic (millions of pesos): Over 2 years 99,016 102,679 97, 657 83, 410 Gold at home 1, 224 1,224 1,224 Other assets 8,168 7,120 5.843 5,045 Gold abroad and foreign ex- Note circulation 135,735 125, 344 129,883 99,677 change 166 145 129 Total deposits 207,809 233,227 205,354 200, 319 Negotiable Government bonds.. 70 94 235 Chartered banks 186,974 214,920 182, 877 181,636 Other assets 146 141 141 Government 18,776 16,849 22,161 17,917 Note circulation .. 1,015 982 Other liabilities 13,441 14,463 13,000 7, 659 Deposits: Central Bank of Chile (millions of Member bank 385 373 482 pesos): Government 140 174 219 Gold and foreign exchange in re- Other 6 6 serve 143 143 142 Other liabilities 37 37 41 Loans and discounts 140 117 80 Commonwealth Bank of Aus- Government debt 702 702 706 tralia (thousands of pounds1): Note circulation 621 614 567 Issue department: Deposits 279 261 297 Gold and English sterling. _ 16,002 16,002 15,994 Central Bank of China2 (millions of Securities 38, 559 38,559 39,182 yuan): Banking department: Gold 22 31 Coin, bullion, and cash 1,206 1,102 689 Silver 231 120 London balances 21,803 21,780 12,938 Foreign exchange 57 123 Loans and discounts 17,569 16,859 13,428 Due from domestic banks 132 39 Securities 35, 702 36,108 35,764 Loans and discounts 461 154 Deposits 72, 485 71,934 61,997 Securities 168 253 Note circulation 47,039 47,039 51,295 Other assets 60 74 Austrian National Bank (million Note circulation 309 180 of schillings): Deposits—Government 363 267 Gold 243 213 243 242 Bank 310 213 Foreign bills 99 105 11.2 112 Other 21 56 Domestic bills 208 208 210 225 Other liabilities 129 140 Government debts. _ 620 624 624 624 Bank of the Republic of Colombia Note circulation 944 915 932 976 (thousands of pesos): Deposits 204 247 235 216 Gold at home and abroad 31, 266 29, 686 27, 637 National Bank of Belgium (mil- Foreign exchange 5,327 3,407 4,585 lions of belgas): Loans to member banks 6,979 7,622 4,375 Gold 3,728 3,717 3, 665 3, 457 Note circulation 51,108 47,864 43,189 Domestic and foreign bills 1, 390 1,367 1,345 1, 293 Deposits 33,498 31,676 29,949 Loans to State 1 157 157 157 162 National Bank of Czechoslovakia Note circulation 4, 540 4,446 4,466 4,117 (millions of koruny): Deposits 950 858 981 Gold3 2,592 2,590 2,592 2, 690 Central Bank of Bolivia (thousands Foreign exchange 439 486 464 81 of bolivianos) : Discounts and advances 2,339 1, 560 1,620 1,345 Gold at home and abroad 28,701 26, 652 1.9, 708 Government debt 2,022 2,025 2,029 2,046 Foreign exchange 1,193 1,511 9,066 Other assets 1,100 1,132 1,054 957 Loans and discounts 7, 786 7,919 7, 984 Note circulation 6, 478 5, 662 5, 652 5,761 Securities: Demand deposits 410 576 504 411 National Government 415,441 415,583 388, 727 Other liabilities 1, 605 1,555 1, 604 946 Other 4, 651 4, 646 3, 074 Bank of Danzig (thousands of Note circulation 196,913 191.772 145,946 gulden): Deposits 240, 674 232, 022 231,759 " Gold 29,661 29, 409 29,393 20,744 Bank of Brazil (millions of milreis): Foreign exchange of the reserve... 121 489 85 2,052 Cash 244 220 277 Other foreign exchange 1, 343 4, 403 3,159 7, 264 Correspondents abroad 400 381 311 Loans and discounts.. 18,263 15,282 14,695 16,945 Loans and discounts 2,448 2, 799 3,113 Note circulation 32,045 30, 646 31,557 29,208 Note circulation 10 20 Deposits 8,292 10, 964 11,215 3, 293 Deposits 2,992 3, 275 3, 299 ."National Bank of Denmark4 (mil- National Bank of Bulgaria (mil- lions of kroner): lions of leva): Gold 118 118 118 118 Gold 1, 652 1, 618 1,618 1,59J Foreign exchange 15 16 16 16 Net foreign exchange in reserve. _ -.118 Loans to Government agencies... 239 229 206 261 Total foreign exchange 772 708 545 583 Other loans and discounts 204 162 172 190 Loans and discounts 1,440 1,490 1,752 1,520 Investments 51 56 61 95 Government obligations 2, 572 2, 572 2,671 2. 671 Other assets 68 80 80 21 Note circulation 2,571 2, 584 2, 663 2,497 Note circulation 399 385 407 384 Other sight liabilities 2,317 2,216 2, 243 1,907 Deposits 139 117 86 202 Other liabilities 156 160 160 115 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 (see Bulletin for January 1937, pp. 14-15), converted into foreign exchange and carried partly in that item and partly in Other assets. 4 Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis was as of June 30, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN FEBRUARY 1937 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Dec. Nov. Oct. Dec. Dec. Nov. Oct Dec. Central Rank of Ecuador ' (thou- Bank of Japan (millions of yen): sands of sucres): Gold 544 540 504 Gold i 32, 243 36, 565 Advances and discounts 788 821 893 Foreign exchange 16,660 12, 540 Government bonds 501 454 746 Loans and discounts 38.594 43,170 Notes issued 1,491 1,453 1, 767 Note circulation 53.188 48,811 Total deposits 406 397 404 Deposits 35,384 30, 268 Bank of Java (millions of florins): National Bank of Egypt 2 (thou- Gold 89 89 80 sands of pounds): Foreign bills 3 2 2 Gold 6, 5-15 6, 545 6, 545 Loans and discounts 64 64 71 Foreign exchange 2, 946 1, 664 4,246 Note circulation 160 158 157 Loans and discounts 6, 651 6,269 7,146 Deposits 25 24 25 British, Egyptian, and other Bank of Latvia (millions of lats): Government securities 39,171 40,138 38, 935 Gold* 77 77 77 46 Other assets 4.804 4,198 5,238 Foreign exchange reserve 26 25 22 6 Note circulation 22. 850 23. 387 23, 253 Bills 1 51 51 51 52 Deposits—Go vernment 6. 931 5,809 8,765 Loans 67 66 78 60 Other 21,748 20, 948 22, 385 Note circulation 44 41 39 38 Other liabilities 8, 588 8, 670 7,709 Government deposits 56 57 46 31 Central Reserve Bank of El Salva- Other deposits 138 138 130 110 dor (thousands of colones): Bank of Lithuania (millions of litu): Gold 13,040 13,026 12, 740 Gold 73 71 36 Foreign exchange 1,686 1,479 1,237 Foreign exchange 10 10 18 Loans and discounts 1,335 943 1,107 Loans and discounts 100 92 84 95 Government securities 6, 636 6, 645 7,025 Note circulation 110 113 111 104 Other assets 1, 506 1, 380 656 Deposits 78 64 63 46 Note circulation 14,854 14,126 13,396 Netherlands Bank (millions of flor- Other sight liabilities 3 4,435 4, 303 6,028 ins): Other liabilities 3 4,913 5, 044 3,342 Gold 720 570 570 643 Bank of Estonia (thousands of Foreign bills 2 2 2 2 krooni) : Loans and discounts 343 337 272 173 Gold 34,179 34,178 34,175 34,118 Note circulation 792 806 761 809 Net foreign exchange 8, 775 6,140 4,724 1, 563 Deposits 310 141 123 50 Loans and discounts 25, 936 24,070 22, 801 22,896 Reserve Bank of New Zealand Note circulation 44,452 44,992 45,085 39, 955 (thousands of pounds): Deposits—Go vernment 19, 675 15,766 14,940 15,787 Gold 2,802 2,802 2,802 Bank 9,778 7, 715 7, 650 11,521 Sterling exchange 16, 579 16, 545 21, 399 Other 2,121 2,153 2,120 2, 689 Advances to State or State under- Bank of Finland (millions of mark- takings 5,095 3, 453 kaa): Other assets 2, 657 2,433 1,871 Gold 603 603 603 472 Note circulation 11,838 11,480 10, 721 Balances abroad and foreign Demand deposits 13, 636 12,124 13, 737 credits 1,492 1,353 1,255 1, 267 Bank 9, 565 7,692 9,679 Foreign bills 84 84 80 82 Government 3,879 4,084 3, 696 Domestic bills 778 722 771 669 Other liabilities 1, 659 1,629 1,614 Note circulation 1, 630 1, 565 1, 561 1,381 Bank of Norway (millions of Other sight liabilities 1, 082 890 854 623 kroner): Bank of Greece (millions of drach- Gold 215 215 215 185 mas) : Foreign balances and bills 96 82 75 36 Gold and foreign exchange 3,385 2, 945 2,884 3,490 Domestic credits 222 212 219 223 Loans and discounts 4,914 5, 274 5, 326 4, 834 Note circulation 429 406 409 348 Government obligations 4,162 4,162 4,162 3, 281 Foreign deposits 2 1 1 3 Note circulation-I 6, 203 5, 969 6,145 5, 988 Total deposits 105 97 93 80 Other sight liabilities 5, 715 5, 890 5, 698 4,784 Central Reserve Bank of Peru Liabilities in foreign exchange- 212 180 150 229 (thousands of soles): National Bank of Hungary (mil- Gold and foreign exchange 44, 809 47, 646 lions of pengos): Bills 86, 779 58,154 Gold..... 84 84 79 79 Note circulation. 92, 552 84,488 Foreign bills, etc 42 31 36 33 Deposits 34, 839 17, 254 Loans and discounts 549 520 520 587 Bank of Poland (millions of zlotys): Advances to Treasury 98 95 94 77 Gold 393 379 373 444 Other assets 165 158 149 96 Foreign exchange 30 25 20 27 Note circulation 436 402 427 417 Loans and discounts 856 818 846 866 Deposits 213 194 157 147 Note circulation 1,034 1, 032 1,091 1,007 Certificates of indebtedness 93 93 93 104 Other sight liabilities 292 221 187 210 Miscellaneous liabilities 164 167 167 174 Bank of Portugal (millions of es- Reserve Bank of India (millions cudos): of rupees): Gold 912 911 910 Issue department: Other reserves 542 485 459 Gold at home and abroad 444 444 444 444 Discounts and advances 353 327 352 Sterling securities 673 673 673 662 Government obligations 1,044 1,045 1,047 Indian Gov't securities 234 234 234 255 Note circulation. 2,107 2,118 2,205 Rupee coin 640 671 681 571 Other sight liabilities 1, 049 945 781 Note circulation 1, 899 1, 748 1,710 1,721 National Bank of Rumania (mil- Banking department: lions of lei): Notes of issue department __. 93 274 323 212 Gold 5 15, 494 11,192 10, 802 Balances abroad 166 111 87 180 Foreign exchange of the reserve.. 410 592 92 Loans to Government 10 10 20 Loans and discounts 6,621 6, 857 5, 417 Investments.._ 63 58 52 Special loans 6 2,442 2, 435 2,727 Other assets 14 11 7 State debt. 9, 421 11,380 10, 775 Deposits—Government 69 92 71 Bank 152 249 263 282 Other liabilities 124 124 119 120 c Corrected. The corrected figure for deposits in September 1936 is 29,685. 1 Gold in vault revalued at rate of 11.6466 sucres per gram of fine gold by decree of June 13,1936. 2 Items for issue and banking departments consolidated. 3 Due to change in statement, "Other liabilities" includes, beginning June 1936, an item formerly included in "Other sight liabilities." < By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate of about 15 lats to the pound. 5 By royal decree of Nov. 6, 1936, gold revalued at rate of 153,333.33 lei per kilogram of fine gold (see Bulletin for January 1937, p. 15). 6 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 163 CENTRAL BANKS—Continued [Figures as of last report date of month] 1930 1930 1935 Central hank Central bank Dec. Nov. Dec. Nov. Oct. Dec. National Bank of Rumania- -Con. Central Bank of the Republic of Other assets 13, 337 13,281 11,479 Turkey (millions of pounds): Note circulation. _ ....... 21,512 21, 704 23, 127 , Gold". . 32 30 30 29 Demand deposits _ . 11, 111 8. 950 7,005 \\ Foreign exchange .. 34 25 10 10 Other liabilities 12.072 12,078 H), 500 Loans and discounts 30 39 42 29 Sou I h African Reserve Bank Investments .. 188 180 180 .187 (thousands of pounds): Other assets 25 25 25 22 Gold 24. 635 23,140 22, 928 25, 723 Note circulation 179 177 172 170 Foreign bills .10,794 9. 053 5,873 11,871 Deposits 37 39 39 30 Domestic bills . . . 31 34 30 321 Other liabilities ....... 99 90 88 79 Note circulation ... 10,410 15,291 15, 502 14.133 Bank of the Republic of Uruguay Deposits—Government 1,600 2, 047 1,733 2, 430 (thousands of pesos): Bank 22, 4ol 21, 171 19.207 28, 435 Issue department: Other 3,917 4, 142 3, 309 4, 474 Gold and silver 41,001 41,091 41,091 Bank of Sweden (millions of Note circulation.. . 82, 291 75, 733 81,850 kronor): Hanking department: Gold 529 528 527 408 Cash reserves.. 35, 051 40,074 37, 204 Foreign assets 720 055 009 041 Loans and discounts 87,401 80,814 98. 455 Domestic discounts and advances 50 52 48 51 Other assets 01,793 49, (585 50,774 Government securities 29 29 29 29 Deposits- Other assets 251 247 241 150 Demand 31,572 29. 080 28, 002 Note circulation. 893 812 839 780 Time 43, 502 43.210 40, 830 Total deposits 590 599 505 394 Ministry of Finance 11, 128 12, 194 25,057 Bank 294 205 3(57 181 Other 13,092 13,094 20, 820 Government 278 315 117 180 Other liabilities 84, 954 83, 790 71,117 Other liabilities 95 101 108 97 National Bank of the Kingdom of Swiss National Bank (millions of Yugoslavia (millions of dinars): francs): Gold 1,020 1,599 1,592 1,432 Gold' 2, 709 2, 581 2, 408 1,389 Foreign exchange 552 573 574 304 Foreign balances and bills 58 50 50 8 Loans and discounts 1,717 1,716 1,725 1,781 Loans and discounts 00 05 142 295 Advances to State 2, 248 2, 202 2, 202 2, 271 Note circulat ion 1,482 1,403 1,413 1,300 Note circulation 5, 409 5, 230 5,31.1 4.890 Demand deposits 1,303 1.280 1,232 401 Other sight liabilities .1,029 1, 593 I, 508 1,380 1 Gold revalued after September 30, 1930, at rate of 215 milligrams of fine gold per franc. BANK FOR INTERNATIONAL SETTLEMENTS fin thousands of Swiss francs] 1936 1935 1936 1935 Assets Liabilities Dec. 31 Nov. 30 Dec. 31 Dec. 31 Nov. 30 Dec. 31 Gold in bars 33,135 40, 660 24, 285 Demand deposits (gold) 27, 263 27, 540 19,912 Cash on hand and on current account with banks 23, 356 19 262 3, 248 Short-term deposits (various curren- Demand funds at interest 5, 253 5,050 15,422 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 20,577 11,904 28. 286 (at cost): Time—Not exceeding 3 months 98, 669 98, 500 108,150 Commercial bills and bankers' acceptances 134.022 129.072 131,095 Total 119,240 110,409 130.442 Treasury bills __. 147,071 100,904 205, 054 Central banks for account of others: Total 281,093 290,630 337,350 Demand 6, 242 4,201 8,135 Time—Not exceeding 3 months 2. 972 Time funds at interest—Not exceeding Other depositors: 3 months 25, 042 27, 669 33,933 Demand 52 70 702 Time—Not exceeding 3 months 38 389 40 Sundry bills and investments: Maturing within 3 months: Long-term deposits: Treasury bills._ _ __ _ __ . 21.370 17,993 45. 252 Annuity trust account 153,280 153,280 154.388 Sundry investments 33,317 42, 729 32, 482 German Government deposit 76, 040 70, 040 77, 194 Between 3 and 6 months: French Government guaranty fund. 43, 490 43, 398 (51,930 Treasury bills 28.009 31.403 21,300 French Government deposit (Saar). ], 420 1,423 2,031 Sundry investments 03,074 52, 739 03,379 Over 6 months: Total 274,830 274. 74] 295. 542 Treasury bills 04. 053 41,371 33.442 Sundry investments _ 35,247 33,830 34, 391 Capital paid in 125,000 125,000 125, 000 Reserves: Total 245,730 220 131 230 3LI Legal reserve fund 3 784 3 784 3, 324 Dividend reserve fund 0,092 0 092 5. 845 Other assets: General reserve fund 12,183 12,183 11,090 Guaranty of central banks on bills Other liabilities: sold 1 383 1,372 0,144 Guaranty on commercial bills sold. 1,385 1,377 0.102 Sundry items _ _ 91 120 5,712 Sundry items __. 40,104 39,115 40, 638 Total assets 010,284 004, 907 656, 405 Total liabilities 6.16,284 004.. 907 656,405 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

164 FEDERAL RESERVE BULLETIN FKUKUARY 1937 COMMERCIAL BANKS [Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom (Figures in millions of pounds sterling) re C se a r s v h es M ca n o s l o h n l t o e i a y c r n t e d at B co il u ls n t d e i d s- Se t c ie u s ri- L cu o s a e t n r o s s m t - o a O s t s h e e ts r Total D D e e m po a s n i d ts ^ Time1 lia O b t i h li e t r ies 10London clearing banks 1936—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. 225 172 322 626 868 226 2 210 229 December. 23(5 187 316 (530 864 238 2, 238 232 11 London clearing banks J 1936—April. 227 161 268 637 868 233 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 225 158 349 639 884 227 2,244 1, 223 986 237 August 233 163 345 641 877 226 2,246 1,212 991 240 September.. 229 166 344 648 882 220 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 1,241 1,006 243 December.. 244 195 322 6(50 890 249 2,315 245 Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of Cash D b u a e n f k ro s m B co il u ls n t d e 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—April 3, 517 2, 902 16, 199 7,677 27, 410 26, 714 696 397 3,757 May 3, 513 3,032 16,014 7,542 27,199 26,523 676 424 3,812 June 3, 494 2, 768 14,972 7,328 25, 655 25,022 633 394 3,897 July 3, 206 2,410 15,410 7,215 25,334 24,761 573 359 3, 994 August 3.097 2,32(5 15, 445 7,031 24,979 24,451 528 335 4,035 September. 3,083 2, 757 14, 876 7, 398 25, 137 24,613 524 368 4,066 October. __ 3, 186 2, 766 17.070 7, 452 27, 549 27,028 521 408 4,244 November 3,173 2, 839 17, 298 7, 625 28.015 27, 467 548 454 4, 290 Assets Liabilities Germany (5 large B l e io rl n in s o b f a r n e 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 t d e i d s- Loans Se t c ie u s ri- O as t s h e e ts r Total D D e e p m os a i n ts d Time o C b b f r t a r e a o n d i m n k it s e s d l O ia t t i b h e i s e li r - 1936—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 2(53 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, (544 3, 068 58(5 1, 342 November. 137 2(59 2, 5(57 2, 729 1,112 851 5, 751 2,661 3, 090 575) 1,334 Assets Liabilities Deposits payable in Can- i Canada Entirely in Canada Se lo c a u n r s ity ada excl d ud ep in o g s it i s nterbank (10 chartered banks. Figures in mil- a a n b d r o n a e d t Securi- Other ci N rc o u t l e a- l O ia t b h i e li r lions of Canadian dollars) Other due ties assets tion ties re C se a r s v h es S l e o c a u n r s ity an lo d a d n i s s- fo fr r o ei m gn Total Demand Time counts banks 1936—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 91 113 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 4S7 115 2, 175 (572 1,503 800 September.. 226 105 807 146 1. 380 494 111 2. 2(53 7(52 1,501 785 October 232 109 81(5 146 i;363 491 112 2,261 751 1,510 784 November _ 264 116 800 179 1,316 485 10!) 2, 2(59 722 1,547 783 December. _ 240 114 791 161 1, 384 507 103 2, 303 755 1,548 790 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

FEBRUARY 1937 FEDERAL RESERVE BULLETIN 165 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective K U in n g i d te o d m France Cen m G tr a e a n l r y - ba I n t k a l o y f— N la e n th d e s r Sw la i n tz d er- b C an e k n tr of a — l R J 2 a a 9 n te . eff D ec a t t i e ve b C an e k n t o r f a — l R Ja 2 a n 9 t . e eff D ec a t t i e ve In effect Nov. 1, 1935 2 3 4 5 4K Albania 6H Jan. 2, 1937 Italy 4^ May 18, 1936 Nov 5 4 Argentina. __ 3^ Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Nov 14 Austria 3H July 10, 1935 Java.. 3 Jan. 14, 1937 Nov 15 4 Belgium 2 May 16, 1935 Latvia 5 Nov. 1, 1936 Nov 22 5 Bolivia 6 July 5, 1932 Lithuania... 5H 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 2Yi Mar. 11, 1935 land 2 June 29, 1936 Jan.16 3 Chile 3i-41 Jan. 8, 1936 Norway 4 Dec. 7, 1936 F F e e b b . . 4 7 2lA C Co z l e o c m h b o i s a l o _ - _ July 19, 1933 P P o er l u and 6 5 M Oc a t y . 2 2 0 6 , , 1 1 9 9 3 3 2 3 Mar 28 vakia 3 Jan. 1, 1936 Portugal 4# May 12, 1936 May 7 6 Danzig 4 Jan. 2, 1937 Rumania ... 4^ Dec. 15, 1934 J M M u a n a y y e 4 3 1 _ 0 8 _ __ 4j/2 3H E D E l c e u n S a m a d l a o v r r a k dor. 4 4 J N N u o o ly v v . . 3 1 5 0 9 , , , 1 1 1 9 9 9 3 3 3 6 2 4 S S S w p o a u e i t d n h e n Africa 3 5 H J M D u e a ly c y . 1 1 5 5 1 , , , 1 1 1 9 9 9 3 3 3 3 5 3 June 24 5 4>"2 Estonia 4H Oct. 1, 1935 Switzerland- 2V2 Nov. 26, 1936 June 25 4 Finland. Dec. 3, 1934 Turkey 5lA Mar. 2, 1933 June 26 4 France 4 Jan. 27, 1937 United King- June 30 Germany 4 Sept. 22, 1932 dom 2 June 30, 1932 July 7 Greece 6 Jan. 4, 1937 U. S. S. R... 8 Mar. 22, 1927 July 10 3 H ungary.__ 4 Aug. 29, 1935 Yugoslavia- 5 Feb. 1, 1935 Sept. 9 2 Sept. 25 __ 5 Oct. 2 3 Changes since Dec. 28: Albania—Jan. 2, down from 7 to <S}4 percent; Oct. 9 2V> Danzig—Jan. 2, down from 5 to 4 percent; Greece—Jan. 4, down from 7 to Oct. 16 2 fi percent; Java—Jan. 14, down from 4 to 3 percent; France—Jan. 27, up Oct. 20 _ 2lA from 2 to 4 percent. D N e o c v . . 2 3 6 9 iy2 Jan. 27 4 In effect Jan 29,1937 2 4 4 2 \y\ MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c e a m p n o t k a n e n r t c h s e 1 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 te a 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 th or 1935—December. .75 3.00 3.23 3.15 3.20 3.08 1936—January. __ .53 .75 3.00 3.09 2.81 2.37 2.29 February.. .53 .75 3.00 2.97 2.77 1.31 1.63 March .52 .75 3.00 3.07 2.99 1.20 1.68 April .52 .75 3.00 3.04 2.83 1.19 1.27 May .54 .75 2.92 2.89 2.76 2.27 1.82 June .78 .75 2.88 2.74 2.67 4.05 3.95 July .58 .75 2.88 2.73 2.96 2.04 1.73 August . 53 .75 2.88 2.84 3.01 1.37 1.20 September. .53 .75 3.00 2.89 3. 01 1.33 1.29 October... . 54 2.94 2.82 2.82 2.03 2. 51 November. 3. 00 2.84 2. 79 1.00 1.55 December. .78 P3. 00 P2.88 P3. 05 P. 78 Sweden Sw la i n tz d er- ( B B e r l u g s i s u el m s) F (P ra ar n i c s) e (M Ita il l a y n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month 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 te a 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 te a 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 o to n n s t 3 h u s p Dis b c i o l u ls nted ov m e C o rn a n l i e l g y ht 1935-December. 2.50 1.88 5.89 5.00 4 -7 5.11 1936— M A F J e p a a b r r n i r c l u u h a a r r y y . . . . . 2 2 2 2 . . . . 2 2 3 4 6 5 7 8 1 1 1 1 . . . . 3 4 5 3 8 5 2 8 4 3 3 5 . . . . 7 0 8 2 4 3 1 6 5 5 5 5 . . . . 0 0 0 0 0 0 0 0 4 4 -6 - . 66 V '' . / 22 2 2 2 2 2 % % H V4 2J/2 2 - A 4J/O 5 5 5 4 . . . . 1 1 1 9 1 1 1 7 2 2 2 3 . . . . 6 5 8 1 4 6 7 1 May 2.25 1.38 5. 60 4.78 -6,4 2% 23^4^ 4.93 2.73 June 2.25 1.38 5.60 4.50 -619 2H 4.83 2. 63 July 2.25 1.38 3. 30 4.50 2U 4.75 2.53 August 2.25 1.38 3. 00 4. 50 4.75 2.69 September. 1. 98 1.38 3.38 4. 50 8 4.75 2.81 October __ .1. 69 1. 29 2. 52 4.50 4.75 2.92 November. 1.46 1. 00 1.96 4. 50 December. 1.25 1. 99 4. 50 » 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

166 FEDERAL RESERVE BULLETIN FEBRUARY 1937 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Argen- Aus- Austria Bel- Brazil (milrois) British Bul- Colom- Year or month tina tralia (schil- gium India garia Canada Chile China bia Cuba (peso) (pound) ling) (belga) Official m F a r r e k e et (rupee) "(lev) (dollar) (peso) (yuan) (peso) (peso) 1929 95.127 480. 83 14.058 13.912 11.8078 36. 202 0.7216 99.247 12.0001 41.901 96.551 99. 905 1930 83. 505 458. 00 14.089 13.952 10.7130 36. 067 0. 7209 99. 842 12.0785 29.917 96. 493 99. 952 1931 00. 738 351. 50 14.023 13.929 7. 0290 33. 690 0.7163 90. 353 12.0009 22. 437 96. 570 99. 930 1932 58.443 279. 93 13.900 13.914 1223 26. 347 0. 7193 88. 090 7. 9079 21.736 95. 275 99.941 1933 T2.801 337. 07 15.448 17.900 7.9030 31.810 1.0039 91.959 7. 6787 28. 598 81.697 99. 940 1934 33, 579 400.95 18.793 23. 287 8. 4208 37. 879 1.2852 101.000 10.1452 34. 094 61.780 99. 930 1935 32. 059 388. 86 18. 831 18. 424 8. 2947 30. 904 1.2951 99. 493 5. 0833 36. 571 56.011 99. 920 1936 33.137 395. 94 18.792 10.917 8. 5081 37. 523 1.2958 99.913 5.1240 29. 751 57. 083 99. 909 1930—January 33. 074 394. 50 18.832 10.930 8.4107 37.401 1.3440 99.930 5. 0950 29. 659 57. 390 99. 923 February 33. 329 398. 00 18.971 17.042 8.3803 37. 734 1.3380 100.114 5. 0950 29.912 58. 268 99. 921 March 33.135 390.01 18.855 10.979 8.4871 37.510 1. 2902 99. 842 5. 0930 29. 824 57. 224 99. 903 April 32.954 393. 72 18. 724 10.915 8. 5504 37.315 1.2812 99. 502 5. 0853 29. 734 57.002 99. 903 May 33.111 390. 09 18.722 10.938 8.5755 37. 504 1.2844 99.800 5. 0775 29. 090 57. 004 99. 900 June 33.418 399. 99 18. 759 10.907 8.0310 37. 872 1.2838 99.721 5. 0659 29. 890 50. 900 99. 900 July 33. 489 400.15 18.848 10.899 8. 5349 37. 889 1.2913 99. 900 5.1243 29. 907 50. 900 99. 900 August 33. 503 400. 34 18.838 10.802 8. 5222 5. 8307 37.931 1.2988 99. 978 5.1725 30. 048 50.900 99. 904 September. _. 33.011 401.00 18.845 10. 893 8. 0445 5. 8901 38.017 1. 2978 100.017 5.1691 29. 940 50. 505 99.901 October 32. 007 390. 33 18.732 10.835 8.7011 5. 8452 36.991 1.2848 100. 022 5. 1727 29.331 50. 501 99. 924 November... 32. 583 389. 54 18.087 10. 907 8. 6602 5. 8031 36.913 1.2795 100.120 5.1688 29.466 57.097 99.916 December ___ 32. 718 390. 99 18.692 10. 901 8.6981 5. 9525 37. 088 1.2779 100. 002 5. 1719 29. 525 57. 390 99.916 Year or month C s ( l k o z o v e r c a u h k n o a ia ) - ( D m kr e a o n r n - k e) ( E p g o y u p n t d) F (m in a l r a kk n a d ) F (f r r a an n c c ) e ( m m r G e a a i e c r n r h k 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 pe u n n g - o) I ( t li a r l a y ) J ( a y p en a ) n M (p e e x s i o c ) o N ( l e f a l t n o h r d e i s n r ) - 1929 2. 9609 26.680 498.07 2. 5100 3. 9161 23.809 1.2934 47. 167 17.441 5. 2334 40.100 48. 183 40.162 1930 2. 9640 26. 765 498. 60 2.5109 3. 9249 23. 854 1.2959 33.853 17.494 5. 2374 49. 390 47. 133 40. 225 1931 2.9619 25. 058 465.11 2. 3875 3.9200 23. 630 1.2920 24.331 17.452 5. 2003 48.851 35. 492 40. 230 1932.. 2.9618 18.832 359. 54 1.5547 3. 9276 23. 749 0. 8320 23. 460 17. 446 5. 1253 28.111 31.850 40. 295 1933 3.8232 19.071 434. 39 1.8708 5.0313 30. 518 0. 7233 29.452 22. 360 0. 7094 25. 040 28.103 51.721 1934 4. 2424 22. 500 516. 85 2. 2277 6. 5088 39. 375 0. 9402 38. 716 29. 575 8.5017 29.715 27. 742 67. 383 1935 4.1642 21.883 502. 60 2.1027 0.0013 40. 258 0. 9386 48.217 29. 602 8.2471 28. 707 27. 778 67.715 1936 4.0078 22.189 509. 68 2.1903 0.1141 40. 297 . 9289 31.711 29. 558 7. 2916 29.022 27. 700 04. 481 1936—January 4.1602 22.153 508.83 2.1890 0. 0251 40. 397 0. 9424 32. 205 29. 678 8. 0276 28. 993 27. 708 08.173 February 4.1936 22. 321 512.70 2. 2063 0. 0810 40. 687 0.9509 32.796 29. 786 8.0373 29. 130 27. 769 08. 077 March 4.1637 22.190 509. 60 2.1928 6. 6338 40.439 0.9457 32. 562 29.017 7. 9830 28. 938 27. 767 08. 353 April 4.1359 22.064 500. 78 2.1807 0. 5898 40. 238 0. 9389 32. 525 29.478 7.8936 28. 809 27. 768 07. 885 May 4. 1432 22.184 509. 55 2.1901 0. 5858 40. 285 0. 9338 32. 463 29.424 7. 8500 29.075 27. 703 07. 034 June 4. 1375 22. 405 514. 02 2. 2098 0.5934 40. 273 0.9316 32. 260 29. 458 7. 8045 29. 392 27. 764 07. 080 July 4.1497 22.419 514.95 2. 2100 0. 0202 40.321 0. 9400 32.040 29. 492 7. 8845 29.320 27. 765 68.078 August 4.1318 22.434 515.32 2.2118 0. 5853 40. 221 0. 9387 31.152 19.777 7. 8673 29.404 27. 753 67. 904 September... 4.1319 22. 480 510.70 2.2173 r(). 3409 40. 083 0. 9347 31.104 19. 772 7.8514 29.414 27. 753 '66. 250 October 3. 6474 21.866 502. 24 2.1578 4. 0002 40. 196 0. 8965 30. 359 19. 774 5. 5299 28. 009 27. 747 53. 632 November... 3. 5380 21.818 501.17 2.1531 4. 6472 40. 223 0.8935 30.462 19. 770 5. 2003 28.559 27. 750 53.991 December... 3. 5200 21. 907 503. 20 2.1011 4.6675 40.230 0. 8973 30. 540 19.778 5. 2009 28.512 27. 750 54. 566 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 - ) R ( u n le m i u a ) a- S A ip o f o r u u i n t c h 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 l a a i n t n c z d ) - T 'p u o r u k n e d y ) U ( K p d n o i o u i n m t n g e d d - ) ( g U p u e r s a u o y - ) ( s Y d la i u n v g a i o r a ) - 1929 483. 21 26. 683 11.194 4.4714 0. 5961 483. 27 14. 683 50.012 20. 784 19. 279 48.411 485. 09 98. 629 1.7591 1930 468. 22 26. 700 11.205 4. 4940 . 5953 483. 79 11.007 55.904 26. 854 19. 382 47. 061 480. 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. 7080 1932 320.19 18.004 11.182 3.1960 . 5968 476. 56 8.044 40.397 18.471 19. 405 47. 285 350. 01 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 25.310 18.840 4. 6089 1.0006 498. 29 13.015 59.005 25. 982 32. 366 79. 047 503. 93 79. 956 2.2719 1935 __ 391.26 24. 027 18.882 4.4575 . 9277 484. 66 13. 078 57.173 25. 271 32. 497 80.312 490.18 80.251 2. 2837 1936 398. 92 24. 974 18.875 4.5130 .7382 485. 05 12. 850 58.258 25. 626 30.189 80. 357 497. 09 79. 874 2. 2965 1936—January 397. 53 24. 932 18.931 4.5120 . 7879 490. 83 13. 727 58.057 25. 583 32. 662 80. 085 496.27 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 13.054 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. 045 58. 240 25. 019 32. 391 80. 278 496. 97 79. 720 2. 2866 June 402. 84 25. 218 18. 800 4. 5455 . 7273 496. 53 13. 059 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 13.043 58.910 25. 910 32. 599 80. 272 502. 59 79. 719 2. 2926 September.. 403. 97 25. 304 18.824 4.5586 .7315 497. 99 13.050 59.095 25. 905 31.418 80.145 503. 63 79. 679 2.2912 October 393.25 24. 608 18. 828 4.4475 . 7309 484. 32 57. 440 25. 253 22.993 79. 834 489. 84 79.857 2. 2956 November.. 392.36 24. 555 18.825 4. 4373 . 7289 483. 43 "~8~797 57.314 25.196 22. 984 79. 883 488.80 80.045 2. 2990 December _. 393. 87 24. 050 18. 853 4.4514 . 7285 485. 33 7.727 57. 544 25. 300 22. 985 80.102 490. 78 80. 000 2. 3003 r Revised. NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina, Austria, Brazil (official rate), Bulgaria, Chile, Colombia, Hungary, and Uruguay—since April 1933; Australia, New Zealand, and South Africa—since April 1934; Czechoslovakia—Sept. 26-Oct. 10, 1936; Finland—Sept. 26-Oct. 15, 1936; Greece—since Sept, 26, 1936; Italy—Nov. 23, 1935-Apr. 1, 1936, and Oct. 2-3, 1936; Poland— Apr. 28- Aug. 4 and Sept. 26-Oct. 24, 1930; Portugal—since Sept. 20, 1930; Rumania—since Aug. 8, 1930; Spain—July 31-Sept, 21 and since Nov. 14, 1930, no quotation being available Sept, 22-Nov. 13, 1930; Turkey—since July 25, 1930; Yugoslavia—since Aug. 11, 1936. In September 1936 exchange quotations on all other countries, with the exception of Canada, Egypt, Straits Settlements, and United Kingdom, were partly nominal; and quotations were unavailable on two days for Turkey, and on one day for Colombia, Egypt, and Straits Settlements. Changes have occurred in the basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. Brazil—Free market rate quoted in addition to official rate beginning Aug. 3,1936. Average free market rate for 1936 is for Aug. 3-Dec. 31. China—Beginning Apr. 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. Hungary—Reported on new basis beginning August 3, 1936. Average for 1936 is for rates reported on old basis for Jan. 1-Aug. 2; average for rates reported on new basis for Aug. 3-Dec. 31 was 19. 538 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

167 FEBRUARY 1937 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U 9 S 2 n t 6 a i = t t e e 1 d s 00) (1 C 9 a 2 n 6= a 1 d 0 a 0) K (1 U 9 in 3 n 0 g i = t d 1 e o 0 d m 0) (1 F 9 r 1 a 3= n 1 c 0 e 0) G (19 e 1 r 3 m =1 a 0 n 0 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 1 t 6 0 n h 0 - d 3 ) e 0 s r = - - 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—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 61 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 10-4 200 68 November 82 77 98 -•492 104 204 70 December 84 80 101 519 105 215 71 1 Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) France (1913=100) (1930=100) Year or month Other Indus- Farm Indus- pr F o a d r u m cts Foods com iti m es od- Foods pro tr d ia u l cts p an ro d d f u o c o t d s pro tr d ia u l cts 1926 100 100 100 581 793 1927 . 99 97 94 599 678 1928 106 101 93 584 697 1929 105 100 92 579 669 1930 88 91 85 100 100 526 579 1931_ __ 65 75 75 89 87 542 464 1932_ 48 61 70 88 85 482 380 1933 . 51 61 71 83 87 420 380 1934. _ _ 65 71 78 85 90 393 361 1935. 79 84 78 87 90 327 348 1935—September 80 86 78 88 90 322 October _. 78 85 78 89 92 331 Novflm hfir 78 85 79 88 93 338 December _ 78 86 79 89 93 350 1936—January 78 84 79 89 93 364 February . 80 83 79 88 94 391 March _ 77 80 79 87 94 396 April 77 80 79 87 94 385 May 75 78 79 88 94 392 June 78 80 79 89 94 394 July 81 81 80 90 96 405 August 84 83 80 94 96 425 September 84 83 80 95 97 449 October _ 84 83 80 98 97 487 November 85 84 81 97 99 500 December 89 86 82 99 102 522 eococc Germany (1913 = 100) 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 p f r n I i r i n n d o a i d l d s s r u h u e a e s c m w - d ts i- p tr I r i i n o s a d d h l u e u f d i s c n - ts - 129 132 130 150 138 129 132 147 134 133 134 159 130 125 132 157 113 113 120 150 104 96 103 136 91 86 89 118 87 75 88 113 96 76 91 116 102 84 92 119 104 84 92 119 104 84 93 119 105 84 93 119 356 105 84 93 119 355 105 84 93 120 356 105 85 94 120 358 105 85 94 120 359 105 85 94 120 358 105 85 93 121 364 106 85 93 121 378 106 85 93 121 384 106 85 94 121 396 105 86 94 122 457 104 86 95 122 484 103 86 95 123 516 104 91 96 123 Sources.—See 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

168 FEDERAL RESERVE BULLETIN FEBRUARY 1937 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbersl [Index numbers] Year or month (1 U S 92 1 n t 3 a 0 i - 0 t t 2 ) e e 5 i d s = 1 E 9 n 1 ( g 4 Ju = la l 1 y n 0 d 0) 19 F 1 ( r 4 J a = u n 1 ly 0 ce 0) G 1 e 4 ( r 1 = m 9 1 1 0 a 3 0 n - ) y Year or month U 2 S 5 (1 n t = a 9 i 2 t 1 t e 3 0 e - 0 d s ) 1 E 9 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 c 0 u 0 e n ) e G 1 e ( 4 1 r = 9 m 1 1 3 a 0 - 0 n ) y 1926 161 554 146 1926 103 170 505 142 1927 , 156 557 153 1927. 102 164 514 148 1928 157 549 153 1928. 100 166 519 152 1929 .. . 105 154 611 156 1929 99 164 550 154 1930 _ 100 145 (514 146 1930 97 158 581 148 1931 .. 82 131 131 1931 89 148 509 130 1932 68 126 530 116 1932 80 144 52G 121 1933 .. 66 120 491 113 1933 76 140 520 118 1934 _ 74 122 481 118 1934 __ 78 141 510 121 1935 . 80 125 423 120 1935 81 143 4S3 123 1935—December 82 131 435 121 1935—December 147 478 123 1936—January 82 131 441 122 1936—January 81 147 124 February 81 130 44G 122 February 147 124 March_ 80 129 446 122 March 146 480 121 April 80 126 443 122 April 81 144 124 May .. 80 125 450 122 May 144 124 Juno 84 126 458 123 June 144 497 125 July.. . _ 84 129 440 124 July. 82 146 125 August. ... 84 129 400 124 August 146 125 September _ 84 131 483 122 September 82 147 504 124 October 83 132 501 122 October 148 124 November 83 130 520 121 November 151 124 December . 83 136 534 121 December 82 151 "539 124 p Preliminary. i From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of month. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistiscb.es Reichsamt; France—For retail food prices, Statistique Ge'ne'rale, and for cost of living, Commission d'e"tudes relatives au coiit 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 e a 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 r e 3 a = n 1 a 0 c v 0 e e ) r- G ( e a p v r r m e ic ra e a g ) n e 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 •83.4 94.7 78.9 132. 2 • 78.0 1932 ._. 69.5 113.2 88.6 8 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—December . 92.5 129.5 79.1 94.9 95.3 90.2 77.3 8! 9 1936—January. 95.3 130.1 78.9 95.1 100.1 93. 1 83.7 84 •> February 97.2 131.0 77.9 95.2 106.1 95.2 86.7 80 0 March 96.6 130.2 75.2 95.3 108.7 94.1 84.1 8* fi April 95 9 131.5 75.8 95.3 108.9 95.5 82 8 8N 3 May 95.5 131. 1 74.7 95.5 101.0 93.8 71.2 91 1 June _ _ 96.2 130.6 73.8 95.8 105.6 94.0 66. 1 93 2 Julv 97.1 131. 0 73.2 95.9 109. 2 94.7 59.2 94 0 August 97.7 131.6 73.2 90. 1 113.0 97.3 58.8 93. 4 September . 98. 0 132. 1 75.2 96. 1 114.1 98.2 05. 7 91. S October 99. 6 132.9 80.8 96. 2 118.7 102.1 S3. 7 97.2 Xoveinber.._ . - _ . ._ .. 99. 8 132.0 78.8 90. 3 124. 2 103. 2 89.7 97. 8 December. ... 99. 9 130.9 78.4 90. 4 123. 1 103. 5 94. 8 90.7 1 Prices derived from average yields for 00 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. Source.—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 169 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 MOKKILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE. GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) .. W.W.ALDRICII. JOSEPH A. BRODERICK District No. 3 (PHILADELPHIA) HOWARD A. LOEB, CHESTER C. DAVIS V ice-President M. J. FLEMING G. H. HAMILTON District No. 4 (CLEVELAND) L. B. WILLIAMS. JOHN K. MCKEE District No. 5 (RICHMOND) CHARLES M. GOHEN. B. A. MCKINNEY District No. 6 (ATLANTA) EDWARD BALL. RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN. GEORGE J. SCHALLER M. S. SZYMCZAK District No. 8 (ST. LOUIS) WALTER W. SMITH, President. District No. 9 (MINNEAPOLIS) .... JOHN CROSBY. CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) ... W. T. KEMPER. WALTER WYATT, General Counsel District No. 11 (DALLAS) R. E. HARDING. J. P. DREIBELBIS, Assistant General Counsel District No. 12 (SAN FRANCISCO) ... PAUL S. DICK. E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 170 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 irm es a er n v e an A d g F en ed 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. W. S. Logan. J. II. Williams. R. M. Gidney. L. W. Knoke. C. H. Coe. Philadelphia R. L. Austin J. S. Sinclair F. J. Drinnen C. A. Mcllhenny.a W. J. Davis. E. C. Hill. Cleveland E. S. Burke, Jr. M. J. Fleming F. J. Zurlinden II. 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. Ketligi Oscar Newton R. S. Parker H. F. Conniff. L. M. Clark. W. S.McLarin,Jr.a Chicago R E Wood1 G. J. Schaller H. P. Preston _. W. H. Snyder.s C. S. Young. J. H. Dillard. St. Louis _. W. T. Nardin W. McC. Martin 0. M. Attebery . J. S. Wood. J. G. McConkey. Minneapolis W. B. Geery J. N. Peyton 0. S. Powell Harry Yaeger. II. I. Ziemer.* 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 « W. J. Evans. San Francisco A. 0. Stewart W. A. Day Ira Clerk S. G. Sargent. WC . EA/.T E aFTr hQ a1 rot.2 1 Deputy chairman. * Cashier. » 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. H. Wagner Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch L__ __W. R. Milford 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. II. 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. 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS S.DAK. ! *sS i VA- MO. t«P ^ /Louisville ST.LOUIS ATLANg Birmingham BOUNDARIES OF FEDERAL RESERVE DISTRICTS .— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® 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